id	sid	tid	token	lemma	pos
dem-14954	1	1	2017	2017	NUM
dem-14954	1	2	nicolaus	nicolaus	PROPN
dem-14954	1	3	copernicus	copernicus	PROPN
dem-14954	1	4	university	university	PROPN
dem-14954	1	5	.	.	PUNCT
dem-14954	2	1	all	all	DET
dem-14954	2	2	rights	right	NOUN
dem-14954	2	3	reserved	reserve	VERB
dem-14954	2	4	.	.	PUNCT
dem-14954	3	1	http://www.dem.umk.pl/dem	http://www.dem.umk.pl/dem	PROPN
dem-14954	4	1	d	d	PUNCT
dem-14954	4	2	y	y	PROPN
dem-14954	4	3	n	n	PROPN
dem-14954	4	4	a	a	PRON
dem-14954	4	5	m	m	VERB
dem-14954	5	1	i	i	NOUN
dem-14954	5	2	c	c	NOUN
dem-14954	5	3	e	e	NOUN
dem-14954	5	4	c	c	NOUN
dem-14954	5	5	o	o	X
dem-14954	6	1	n	n	INTJ
dem-14954	6	2	o	o	NOUN
dem-14954	6	3	m	m	VERB
dem-14954	7	1	e	e	NOUN
dem-14954	7	2	t	t	NOUN
dem-14954	7	3	r	r	NOUN
dem-14954	7	4	i	i	NOUN
dem-14954	7	5	c	c	NOUN
dem-14954	7	6	m	m	VERB
dem-14954	7	7	o	o	NOUN
dem-14954	7	8	d	d	X
dem-14954	7	9	e	e	X
dem-14954	7	10	l	l	NOUN
dem-14954	7	11	s	s	X
dem-14954	7	12	doi	doi	NOUN
dem-14954	7	13	:	:	PUNCT
dem-14954	7	14	http://dx.doi.org/10.12775/dem.2017.005	http://dx.doi.org/10.12775/dem.2017.005	NOUN
dem-14954	7	15	vol	vol	NOUN
dem-14954	7	16	.	.	PROPN
dem-14954	8	1	17	17	NUM
dem-14954	8	2	(	(	PUNCT
dem-14954	8	3	2017	2017	NUM
dem-14954	8	4	)	)	PUNCT
dem-14954	8	5	81−96	81−96	NOUN
dem-14954	8	6	submitted	submit	VERB
dem-14954	8	7	november	november	PROPN
dem-14954	8	8	6	6	NUM
dem-14954	8	9	,	,	PUNCT
dem-14954	8	10	2017	2017	NUM
dem-14954	8	11	issn	issn	X
dem-14954	8	12	(	(	PUNCT
dem-14954	8	13	online	online	ADJ
dem-14954	8	14	)	)	PUNCT
dem-14954	8	15	2450	2450	NUM
dem-14954	8	16	-	-	SYM
dem-14954	8	17	7067	7067	NUM
dem-14954	8	18	accepted	accept	VERB
dem-14954	8	19	december	december	PROPN
dem-14954	8	20	26	26	NUM
dem-14954	8	21	,	,	PUNCT
dem-14954	8	22	2017	2017	NUM
dem-14954	8	23	issn	issn	PROPN
dem-14954	8	24	(	(	PUNCT
dem-14954	8	25	print	print	NOUN
dem-14954	8	26	)	)	PUNCT
dem-14954	8	27	1234	1234	NUM
dem-14954	8	28	-	-	SYM
dem-14954	8	29	3862	3862	NUM
dem-14954	8	30	alicja	alicja	ADP
dem-14954	8	31	ganczarek	ganczarek	NOUN
dem-14954	8	32	-	-	PUNCT
dem-14954	8	33	gamrot	gamrot	NOUN
dem-14954	8	34	,	,	PUNCT
dem-14954	8	35	józef	józef	ADJ
dem-14954	8	36	stawicki	stawicki	NOUN
dem-14954	8	37	*	*	PUNCT
dem-14954	8	38	comparison	comparison	NOUN
dem-14954	8	39	of	of	ADP
dem-14954	8	40	certain	certain	ADJ
dem-14954	8	41	dynamic	dynamic	ADJ
dem-14954	8	42	estimation	estimation	NOUN
dem-14954	8	43	methods	method	NOUN
dem-14954	8	44	of	of	ADP
dem-14954	8	45	value	value	NOUN
dem-14954	8	46	at	at	ADP
dem-14954	8	47	risk	risk	NOUN
dem-14954	8	48	on	on	ADP
dem-14954	8	49	polish	polish	ADJ
dem-14954	8	50	gas	gas	NOUN
dem-14954	8	51	market	market	NOUN
dem-14954	8	52	a	a	DET
dem-14954	8	53	b	b	PROPN
dem-14954	8	54	s	s	ADP
dem-14954	8	55	t	t	PROPN
dem-14954	8	56	r	r	NOUN
dem-14954	8	57	a	a	DET
dem-14954	8	58	c	c	NOUN
dem-14954	8	59	t.	t.	NOUN
dem-14954	8	60	the	the	DET
dem-14954	8	61	paper	paper	NOUN
dem-14954	8	62	compares	compare	VERB
dem-14954	8	63	the	the	DET
dem-14954	8	64	results	result	NOUN
dem-14954	8	65	of	of	ADP
dem-14954	8	66	the	the	DET
dem-14954	8	67	estimation	estimation	NOUN
dem-14954	8	68	of	of	ADP
dem-14954	8	69	var	var	NOUN
dem-14954	8	70	made	make	VERB
dem-14954	8	71	using	use	VERB
dem-14954	8	72	markov	markov	NOUN
dem-14954	8	73	chains	chain	NOUN
dem-14954	8	74	as	as	ADV
dem-14954	8	75	well	well	ADV
dem-14954	8	76	as	as	ADP
dem-14954	8	77	linear	linear	ADJ
dem-14954	8	78	and	and	CCONJ
dem-14954	8	79	non	non	ADJ
dem-14954	8	80	-	-	ADJ
dem-14954	8	81	linear	linear	ADJ
dem-14954	8	82	autoregressive	autoregressive	ADJ
dem-14954	8	83	models	model	NOUN
dem-14954	8	84	.	.	PUNCT
dem-14954	9	1	a	a	DET
dem-14954	9	2	comparative	comparative	ADJ
dem-14954	9	3	analysis	analysis	NOUN
dem-14954	9	4	was	be	AUX
dem-14954	9	5	conducted	conduct	VERB
dem-14954	9	6	for	for	ADP
dem-14954	9	7	linear	linear	ADJ
dem-14954	9	8	returns	return	NOUN
dem-14954	9	9	of	of	ADP
dem-14954	9	10	the	the	DET
dem-14954	9	11	daily	daily	ADJ
dem-14954	9	12	value	value	NOUN
dem-14954	9	13	of	of	ADP
dem-14954	9	14	the	the	DET
dem-14954	9	15	gas	gas	NOUN
dem-14954	9	16	base	base	NOUN
dem-14954	9	17	index	index	NOUN
dem-14954	9	18	quoted	quote	VERB
dem-14954	9	19	on	on	ADP
dem-14954	9	20	the	the	DET
dem-14954	9	21	day	day	NOUN
dem-14954	9	22	-	-	PUNCT
dem-14954	9	23	ahead	ahead	NOUN
dem-14954	9	24	market	market	NOUN
dem-14954	9	25	(	(	PUNCT
dem-14954	9	26	dam	dam	NOUN
dem-14954	9	27	)	)	PUNCT
dem-14954	9	28	of	of	ADP
dem-14954	9	29	the	the	DET
dem-14954	9	30	polish	polish	ADJ
dem-14954	9	31	power	power	NOUN
dem-14954	9	32	exchange	exchange	PROPN
dem-14954	9	33	(	(	PUNCT
dem-14954	9	34	ppe	ppe	PROPN
dem-14954	9	35	)	)	PUNCT
dem-14954	9	36	in	in	ADP
dem-14954	9	37	the	the	DET
dem-14954	9	38	period	period	NOUN
dem-14954	9	39	commencing	commence	VERB
dem-14954	9	40	on	on	ADP
dem-14954	9	41	january	january	PROPN
dem-14954	9	42	2	2	NUM
dem-14954	9	43	,	,	PUNCT
dem-14954	9	44	2014	2014	NUM
dem-14954	9	45	and	and	CCONJ
dem-14954	9	46	ending	end	VERB
dem-14954	9	47	on	on	ADP
dem-14954	9	48	april	april	PROPN
dem-14954	9	49	13	13	NUM
dem-14954	9	50	,	,	PUNCT
dem-14954	9	51	2017	2017	NUM
dem-14954	9	52	.	.	PUNCT
dem-14954	10	1	the	the	DET
dem-14954	10	2	consistency	consistency	NOUN
dem-14954	10	3	and	and	CCONJ
dem-14954	10	4	independence	independence	NOUN
dem-14954	10	5	of	of	ADP
dem-14954	10	6	the	the	DET
dem-14954	10	7	exceedances	exceedance	NOUN
dem-14954	10	8	of	of	ADP
dem-14954	10	9	estimated	estimate	VERB
dem-14954	10	10	var	var	NOUN
dem-14954	10	11	were	be	AUX
dem-14954	10	12	verified	verify	VERB
dem-14954	10	13	applying	apply	VERB
dem-14954	10	14	the	the	DET
dem-14954	10	15	kupiec	kupiec	NOUN
dem-14954	10	16	and	and	CCONJ
dem-14954	10	17	christoffersen	christoffersen	NOUN
dem-14954	10	18	tests	test	NOUN
dem-14954	10	19	.	.	PUNCT
dem-14954	11	1	k	k	PROPN
dem-14954	11	2	e	e	PROPN
dem-14954	11	3	y	y	PROPN
dem-14954	11	4	w	w	NOUN
dem-14954	11	5	o	o	NOUN
dem-14954	11	6	r	r	NOUN
dem-14954	11	7	d	d	PROPN
dem-14954	11	8	s	s	NOUN
dem-14954	11	9	:	:	PUNCT
dem-14954	11	10	var	var	NOUN
dem-14954	11	11	;	;	PUNCT
dem-14954	11	12	markov	markov	NOUN
dem-14954	11	13	chain	chain	NOUN
dem-14954	11	14	;	;	PUNCT
dem-14954	11	15	sarima	sarima	NOUN
dem-14954	11	16	models	model	NOUN
dem-14954	11	17	;	;	PUNCT
dem-14954	11	18	garch	garch	NOUN
dem-14954	11	19	models	model	NOUN
dem-14954	11	20	;	;	PUNCT
dem-14954	11	21	back	back	NOUN
dem-14954	11	22	testing	testing	NOUN
dem-14954	11	23	.	.	PUNCT
dem-14954	12	1	j	j	PROPN
dem-14954	12	2	e	e	PROPN
dem-14954	12	3	l	l	PROPN
dem-14954	12	4	classification	classification	NOUN
dem-14954	12	5	:	:	PUNCT
dem-14954	12	6	c12	c12	PROPN
dem-14954	12	7	,	,	PUNCT
dem-14954	12	8	c58	c58	PROPN
dem-14954	12	9	,	,	PUNCT
dem-14954	12	10	g32	g32	NOUN
dem-14954	12	11	.	.	PUNCT
dem-14954	13	1	introduction	introduction	NOUN
dem-14954	13	2	accurate	accurate	ADJ
dem-14954	13	3	risk	risk	NOUN
dem-14954	13	4	assessment	assessment	NOUN
dem-14954	13	5	in	in	ADP
dem-14954	13	6	markets	market	NOUN
dem-14954	13	7	with	with	ADP
dem-14954	13	8	dynamic	dynamic	ADJ
dem-14954	13	9	volatility	volatility	NOUN
dem-14954	13	10	requires	require	VERB
dem-14954	13	11	that	that	SCONJ
dem-14954	13	12	real	real	ADJ
dem-14954	13	13	time	time	NOUN
dem-14954	13	14	positioning	positioning	NOUN
dem-14954	13	15	be	be	AUX
dem-14954	13	16	monitored	monitor	VERB
dem-14954	13	17	according	accord	VERB
dem-14954	13	18	to	to	ADP
dem-14954	13	19	the	the	DET
dem-14954	13	20	frequency	frequency	NOUN
dem-14954	13	21	of	of	ADP
dem-14954	13	22	observations	observation	NOUN
dem-14954	13	23	.	.	PUNCT
dem-14954	14	1	it	it	PRON
dem-14954	14	2	is	be	AUX
dem-14954	14	3	difficult	difficult	ADJ
dem-14954	14	4	in	in	ADP
dem-14954	14	5	such	such	DET
dem-14954	14	6	a	a	DET
dem-14954	14	7	situation	situation	NOUN
dem-14954	14	8	to	to	PART
dem-14954	14	9	base	base	VERB
dem-14954	14	10	decisions	decision	NOUN
dem-14954	14	11	taken	take	VERB
dem-14954	14	12	in	in	ADP
dem-14954	14	13	a	a	DET
dem-14954	14	14	short	short	ADJ
dem-14954	14	15	time	time	NOUN
dem-14954	14	16	horizon	horizon	NOUN
dem-14954	14	17	on	on	ADP
dem-14954	14	18	the	the	DET
dem-14954	14	19	assumption	assumption	NOUN
dem-14954	14	20	that	that	SCONJ
dem-14954	14	21	during	during	ADP
dem-14954	14	22	the	the	DET
dem-14954	14	23	period	period	NOUN
dem-14954	14	24	under	under	ADP
dem-14954	14	25	review	review	NOUN
dem-14954	14	26	the	the	DET
dem-14954	14	27	volatility	volatility	NOUN
dem-14954	14	28	of	of	ADP
dem-14954	14	29	quotations	quotation	NOUN
dem-14954	14	30	is	be	AUX
dem-14954	14	31	a	a	DET
dem-14954	14	32	sequence	sequence	NOUN
dem-14954	14	33	of	of	ADP
dem-14954	14	34	independent	independent	ADJ
dem-14954	14	35	random	random	ADJ
dem-14954	14	36	variables	variable	NOUN
dem-14954	14	37	with	with	ADP
dem-14954	14	38	the	the	DET
dem-14954	14	39	same	same	ADJ
dem-14954	14	40	distribution	distribution	NOUN
dem-14954	14	41	.	.	PUNCT
dem-14954	15	1	in	in	ADP
dem-14954	15	2	this	this	DET
dem-14954	15	3	paper	paper	NOUN
dem-14954	15	4	,	,	PUNCT
dem-14954	15	5	to	to	PART
dem-14954	15	6	estimate	estimate	VERB
dem-14954	15	7	the	the	DET
dem-14954	15	8	volatility	volatility	NOUN
dem-14954	15	9	of	of	ADP
dem-14954	15	10	the	the	DET
dem-14954	15	11	gas	gas	NOUN
dem-14954	15	12	base	base	NOUN
dem-14954	15	13	index	index	NOUN
dem-14954	15	14	quoted	quote	VERB
dem-14954	15	15	on	on	ADP
dem-14954	15	16	the	the	DET
dem-14954	15	17	day	day	NOUN
dem-14954	15	18	-	-	PUNCT
dem-14954	15	19	ahead	ahead	NOUN
dem-14954	15	20	market	market	NOUN
dem-14954	15	21	(	(	PUNCT
dem-14954	15	22	dam	dam	NOUN
dem-14954	15	23	)	)	PUNCT
dem-14954	15	24	of	of	ADP
dem-14954	15	25	the	the	DET
dem-14954	15	26	polish	polish	ADJ
dem-14954	15	27	power	power	NOUN
dem-14954	15	28	exchange	exchange	PROPN
dem-14954	15	29	(	(	PUNCT
dem-14954	15	30	ppe	ppe	PROPN
dem-14954	15	31	)	)	PUNCT
dem-14954	15	32	in	in	ADP
dem-14954	15	33	the	the	DET
dem-14954	15	34	*	*	X
dem-14954	15	35	correspondence	correspondence	NOUN
dem-14954	15	36	to	to	ADP
dem-14954	15	37	:	:	PUNCT
dem-14954	15	38	józef	józef	PROPN
dem-14954	15	39	stawicki	stawicki	PROPN
dem-14954	15	40	,	,	PUNCT
dem-14954	15	41	nicolaus	nicolaus	PROPN
dem-14954	15	42	copernicus	copernicus	PROPN
dem-14954	15	43	university	university	PROPN
dem-14954	15	44	,	,	PUNCT
dem-14954	15	45	faculty	faculty	NOUN
dem-14954	15	46	of	of	ADP
dem-14954	15	47	economic	economic	ADJ
dem-14954	15	48	sciences	science	NOUN
dem-14954	15	49	and	and	CCONJ
dem-14954	15	50	management	management	NOUN
dem-14954	15	51	,	,	PUNCT
dem-14954	15	52	11a	11a	PROPN
dem-14954	15	53	gagarina	gagarina	PROPN
dem-14954	15	54	street	street	PROPN
dem-14954	15	55	,	,	PUNCT
dem-14954	15	56	87	87	NUM
dem-14954	15	57	-	-	SYM
dem-14954	15	58	100	100	NUM
dem-14954	15	59	toruń	toruń	NOUN
dem-14954	15	60	,	,	PUNCT
dem-14954	15	61	poland	poland	PROPN
dem-14954	15	62	,	,	PUNCT
dem-14954	15	63	e	e	NOUN
dem-14954	15	64	-	-	NOUN
dem-14954	15	65	mail	mail	NOUN
dem-14954	15	66	:	:	PUNCT
dem-14954	15	67	stawicki@umk.pl	stawicki@umk.pl	PROPN
dem-14954	15	68	;	;	PUNCT
dem-14954	15	69	alicja	alicja	ADP
dem-14954	15	70	ganczarek	ganczarek	NOUN
dem-14954	15	71	-	-	PUNCT
dem-14954	15	72	gamrot	gamrot	NOUN
dem-14954	15	73	,	,	PUNCT
dem-14954	15	74	university	university	NOUN
dem-14954	15	75	of	of	ADP
dem-14954	15	76	economics	economic	NOUN
dem-14954	15	77	in	in	ADP
dem-14954	15	78	katowice	katowice	PROPN
dem-14954	15	79	,	,	PUNCT
dem-14954	15	80	faculty	faculty	NOUN
dem-14954	15	81	of	of	ADP
dem-14954	15	82	informatics	informatic	NOUN
dem-14954	15	83	and	and	CCONJ
dem-14954	15	84	communications	communication	NOUN
dem-14954	15	85	,	,	PUNCT
dem-14954	15	86	3	3	NUM
dem-14954	15	87	bogucicka	bogucicka	NOUN
dem-14954	15	88	street	street	PROPN
dem-14954	15	89	,	,	PUNCT
dem-14954	15	90	40	40	NUM
dem-14954	15	91	-	-	SYM
dem-14954	15	92	287	287	NUM
dem-14954	15	93	katowice	katowice	NOUN
dem-14954	15	94	,	,	PUNCT
dem-14954	15	95	poland	poland	PROPN
dem-14954	15	96	,	,	PUNCT
dem-14954	15	97	e	e	NOUN
dem-14954	15	98	-	-	NOUN
dem-14954	15	99	mail	mail	NOUN
dem-14954	15	100	:	:	PUNCT
dem-14954	15	101	alicja.ganczarek-gamrot@ae.katowice.pl	alicja.ganczarek-gamrot@ae.katowice.pl	ADJ
dem-14954	15	102	.	.	PUNCT
dem-14954	16	1	alicja	alicja	ADP
dem-14954	16	2	ganczarek	ganczarek	NOUN
dem-14954	16	3	-	-	PUNCT
dem-14954	16	4	gamrot	gamrot	NOUN
dem-14954	16	5	,	,	PUNCT
dem-14954	16	6	józef	józef	ADJ
dem-14954	16	7	stawicki	stawicki	PROPN
dem-14954	16	8	dynamic	dynamic	ADJ
dem-14954	16	9	econometric	econometric	ADJ
dem-14954	16	10	models	model	NOUN
dem-14954	16	11	17	17	NUM
dem-14954	16	12	(	(	PUNCT
dem-14954	16	13	2017	2017	NUM
dem-14954	16	14	)	)	PUNCT
dem-14954	16	15	81–96	81–96	NUM
dem-14954	16	16	82	82	NUM
dem-14954	16	17	period	period	NOUN
dem-14954	16	18	from	from	ADP
dem-14954	16	19	january	january	PROPN
dem-14954	16	20	2	2	NUM
dem-14954	16	21	,	,	PUNCT
dem-14954	16	22	2014	2014	NUM
dem-14954	16	23	to	to	ADP
dem-14954	16	24	april	april	PROPN
dem-14954	16	25	13	13	NUM
dem-14954	16	26	,	,	PUNCT
dem-14954	16	27	2017	2017	NUM
dem-14954	16	28	.	.	PUNCT
dem-14954	17	1	value	value	NOUN
dem-14954	17	2	-	-	PUNCT
dem-14954	17	3	at	at	ADP
dem-14954	17	4	-	-	PUNCT
dem-14954	17	5	risk	risk	NOUN
dem-14954	17	6	was	be	AUX
dem-14954	17	7	estimated	estimate	VERB
dem-14954	17	8	using	use	VERB
dem-14954	17	9	the	the	DET
dem-14954	17	10	following	follow	VERB
dem-14954	17	11	two	two	NUM
dem-14954	17	12	dynamic	dynamic	ADJ
dem-14954	17	13	approaches	approach	NOUN
dem-14954	17	14	:	:	PUNCT
dem-14954	17	15	markov	markov	NOUN
dem-14954	17	16	chains	chain	NOUN
dem-14954	17	17	and	and	CCONJ
dem-14954	17	18	autoregressive	autoregressive	ADJ
dem-14954	17	19	models	model	NOUN
dem-14954	17	20	.	.	PUNCT
dem-14954	18	1	the	the	DET
dem-14954	18	2	aim	aim	NOUN
dem-14954	18	3	of	of	ADP
dem-14954	18	4	the	the	DET
dem-14954	18	5	study	study	NOUN
dem-14954	18	6	is	be	AUX
dem-14954	18	7	to	to	PART
dem-14954	18	8	evaluate	evaluate	VERB
dem-14954	18	9	and	and	CCONJ
dem-14954	18	10	compare	compare	VERB
dem-14954	18	11	the	the	DET
dem-14954	18	12	efficiency	efficiency	NOUN
dem-14954	18	13	of	of	ADP
dem-14954	18	14	var	var	NOUN
dem-14954	18	15	estimation	estimation	NOUN
dem-14954	18	16	methods	method	NOUN
dem-14954	18	17	using	use	VERB
dem-14954	18	18	the	the	DET
dem-14954	18	19	kupiec	kupiec	NOUN
dem-14954	18	20	and	and	CCONJ
dem-14954	18	21	christoffersen	christoffersen	VERB
dem-14954	18	22	tests	test	NOUN
dem-14954	18	23	for	for	ADP
dem-14954	18	24	compliance	compliance	NOUN
dem-14954	18	25	and	and	CCONJ
dem-14954	18	26	independence	independence	NOUN
dem-14954	18	27	of	of	ADP
dem-14954	18	28	exceedances	exceedance	NOUN
dem-14954	18	29	.	.	PUNCT
dem-14954	19	1	1	1	X
dem-14954	19	2	.	.	X
dem-14954	19	3	characteristics	characteristic	NOUN
dem-14954	19	4	of	of	ADP
dem-14954	19	5	gas	gas	NOUN
dem-14954	19	6	prices	price	NOUN
dem-14954	19	7	in	in	ADP
dem-14954	19	8	2012	2012	NUM
dem-14954	19	9	on	on	ADP
dem-14954	19	10	the	the	DET
dem-14954	19	11	commodity	commodity	NOUN
dem-14954	19	12	futures	future	NOUN
dem-14954	19	13	market	market	NOUN
dem-14954	19	14	of	of	ADP
dem-14954	19	15	the	the	DET
dem-14954	19	16	polish	polish	ADJ
dem-14954	19	17	power	power	NOUN
dem-14954	19	18	exchange	exchange	NOUN
dem-14954	19	19	(	(	PUNCT
dem-14954	19	20	ppe	ppe	PROPN
dem-14954	19	21	)	)	PUNCT
dem-14954	19	22	,	,	PUNCT
dem-14954	19	23	commodity	commodity	NOUN
dem-14954	19	24	futures	future	NOUN
dem-14954	19	25	instruments	instrument	NOUN
dem-14954	19	26	for	for	ADP
dem-14954	19	27	gas	gas	NOUN
dem-14954	19	28	appeared	appear	VERB
dem-14954	19	29	,	,	PUNCT
dem-14954	19	30	and	and	CCONJ
dem-14954	19	31	on	on	ADP
dem-14954	19	32	december	december	PROPN
dem-14954	19	33	31	31	NUM
dem-14954	19	34	,	,	PUNCT
dem-14954	19	35	2012	2012	NUM
dem-14954	19	36	a	a	DET
dem-14954	19	37	gas	gas	NOUN
dem-14954	19	38	spot	spot	NOUN
dem-14954	19	39	market	market	NOUN
dem-14954	19	40	was	be	AUX
dem-14954	19	41	launched	launch	VERB
dem-14954	19	42	,	,	PUNCT
dem-14954	19	43	where	where	SCONJ
dem-14954	19	44	since	since	SCONJ
dem-14954	19	45	march	march	PROPN
dem-14954	19	46	2013	2013	NUM
dem-14954	19	47	continuous	continuous	ADJ
dem-14954	19	48	quotations	quotation	NOUN
dem-14954	19	49	of	of	ADP
dem-14954	19	50	contracts	contract	NOUN
dem-14954	19	51	for	for	ADP
dem-14954	19	52	gas	gas	NOUN
dem-14954	19	53	supply	supply	NOUN
dem-14954	19	54	have	have	AUX
dem-14954	19	55	been	be	AUX
dem-14954	19	56	announced	announce	VERB
dem-14954	19	57	.	.	PUNCT
dem-14954	20	1	figure	figure	VERB
dem-14954	20	2	1.1	1.1	NUM
dem-14954	20	3	presents	present	NOUN
dem-14954	20	4	the	the	DET
dem-14954	20	5	time	time	NOUN
dem-14954	20	6	series	series	NOUN
dem-14954	20	7	of	of	ADP
dem-14954	20	8	the	the	DET
dem-14954	20	9	gas_base	gas_base	NOUN
dem-14954	20	10	index	index	NOUN
dem-14954	20	11	quoted	quote	VERB
dem-14954	20	12	from	from	ADP
dem-14954	20	13	january	january	PROPN
dem-14954	20	14	2013	2013	NUM
dem-14954	20	15	(	(	PUNCT
dem-14954	20	16	the	the	DET
dem-14954	20	17	beginning	beginning	NOUN
dem-14954	20	18	of	of	ADP
dem-14954	20	19	the	the	DET
dem-14954	20	20	rdn	rdn	PROPN
dem-14954	20	21	gas	gas	NOUN
dem-14954	20	22	operation	operation	NOUN
dem-14954	20	23	)	)	PUNCT
dem-14954	20	24	until	until	ADP
dem-14954	20	25	april	april	PROPN
dem-14954	20	26	2017	2017	NUM
dem-14954	20	27	.	.	PUNCT
dem-14954	21	1	the	the	DET
dem-14954	21	2	gas_base	gas_base	PROPN
dem-14954	21	3	index	index	NOUN
dem-14954	21	4	value	value	NOUN
dem-14954	21	5	corresponds	correspond	VERB
dem-14954	21	6	to	to	ADP
dem-14954	21	7	the	the	DET
dem-14954	21	8	average	average	ADJ
dem-14954	21	9	daily	daily	ADJ
dem-14954	21	10	gas	gas	NOUN
dem-14954	21	11	price	price	NOUN
dem-14954	21	12	[	[	X
dem-14954	21	13	pln	pln	X
dem-14954	21	14	/	/	SYM
dem-14954	21	15	mwh	mwh	PROPN
dem-14954	21	16	]	]	PUNCT
dem-14954	21	17	from	from	ADP
dem-14954	21	18	among	among	ADP
dem-14954	21	19	all	all	DET
dem-14954	21	20	transactions	transaction	NOUN
dem-14954	21	21	concluded	conclude	VERB
dem-14954	21	22	on	on	ADP
dem-14954	21	23	a	a	DET
dem-14954	21	24	given	give	VERB
dem-14954	21	25	day	day	NOUN
dem-14954	21	26	.	.	PUNCT
dem-14954	22	1	the	the	DET
dem-14954	22	2	index	index	NOUN
dem-14954	22	3	is	be	AUX
dem-14954	22	4	announced	announce	VERB
dem-14954	22	5	every	every	DET
dem-14954	22	6	day	day	NOUN
dem-14954	22	7	of	of	ADP
dem-14954	22	8	the	the	DET
dem-14954	22	9	week	week	NOUN
dem-14954	22	10	including	include	VERB
dem-14954	22	11	holidays	holiday	NOUN
dem-14954	22	12	.	.	PUNCT
dem-14954	23	1	at	at	ADP
dem-14954	23	2	the	the	DET
dem-14954	23	3	beginning	beginning	NOUN
dem-14954	23	4	of	of	ADP
dem-14954	23	5	the	the	DET
dem-14954	23	6	introduction	introduction	NOUN
dem-14954	23	7	of	of	ADP
dem-14954	23	8	gas	gas	NOUN
dem-14954	23	9	contracts	contract	NOUN
dem-14954	23	10	,	,	PUNCT
dem-14954	23	11	apart	apart	ADV
dem-14954	23	12	from	from	ADP
dem-14954	23	13	some	some	DET
dem-14954	23	14	exceptions	exception	NOUN
dem-14954	23	15	,	,	PUNCT
dem-14954	23	16	gas	gas	NOUN
dem-14954	23	17	prices	price	NOUN
dem-14954	23	18	remained	remain	VERB
dem-14954	23	19	stable	stable	ADJ
dem-14954	23	20	.	.	PUNCT
dem-14954	24	1	it	it	PRON
dem-14954	24	2	is	be	AUX
dem-14954	24	3	only	only	ADV
dem-14954	24	4	at	at	ADP
dem-14954	24	5	the	the	DET
dem-14954	24	6	end	end	NOUN
dem-14954	24	7	of	of	ADP
dem-14954	24	8	2013	2013	NUM
dem-14954	24	9	that	that	PRON
dem-14954	24	10	changes	change	VERB
dem-14954	24	11	in	in	ADP
dem-14954	24	12	the	the	DET
dem-14954	24	13	level	level	NOUN
dem-14954	24	14	of	of	ADP
dem-14954	24	15	gas	gas	NOUN
dem-14954	24	16	prices	price	NOUN
dem-14954	24	17	may	may	AUX
dem-14954	24	18	be	be	AUX
dem-14954	24	19	observed	observe	VERB
dem-14954	24	20	,	,	PUNCT
dem-14954	24	21	as	as	ADV
dem-14954	24	22	well	well	ADV
dem-14954	24	23	as	as	ADP
dem-14954	24	24	the	the	DET
dem-14954	24	25	trend	trend	NOUN
dem-14954	24	26	and	and	CCONJ
dem-14954	24	27	the	the	DET
dem-14954	24	28	seven	seven	NUM
dem-14954	24	29	-	-	PUNCT
dem-14954	24	30	day	day	NOUN
dem-14954	24	31	cyclicality	cyclicality	NOUN
dem-14954	24	32	.	.	PUNCT
dem-14954	25	1	figure	figure	NOUN
dem-14954	25	2	1	1	NUM
dem-14954	25	3	.	.	PUNCT
dem-14954	26	1	the	the	DET
dem-14954	26	2	gas_base	gas_base	NOUN
dem-14954	26	3	index	index	NOUN
dem-14954	26	4	[	[	X
dem-14954	26	5	pln	pln	PROPN
dem-14954	26	6	/	/	SYM
dem-14954	26	7	mwh	mwh	PROPN
dem-14954	26	8	]	]	PUNCT
dem-14954	26	9	quoted	quote	VERB
dem-14954	26	10	on	on	ADP
dem-14954	26	11	the	the	DET
dem-14954	26	12	day	day	NOUN
dem-14954	26	13	-	-	PUNCT
dem-14954	26	14	ahead	ahead	NOUN
dem-14954	26	15	market	market	NOUN
dem-14954	26	16	of	of	ADP
dem-14954	26	17	the	the	DET
dem-14954	26	18	polish	polish	ADJ
dem-14954	26	19	power	power	NOUN
dem-14954	26	20	exchange	exchange	NOUN
dem-14954	26	21	between	between	ADP
dem-14954	26	22	12	12	NUM
dem-14954	26	23	january	january	NOUN
dem-14954	26	24	2013	2013	NUM
dem-14954	26	25	and	and	CCONJ
dem-14954	26	26	13	13	NUM
dem-14954	26	27	april	april	PROPN
dem-14954	26	28	2017	2017	NUM
dem-14954	26	29	for	for	ADP
dem-14954	26	30	further	further	ADJ
dem-14954	26	31	analysis	analysis	NOUN
dem-14954	26	32	a	a	DET
dem-14954	26	33	time	time	NOUN
dem-14954	26	34	series	series	NOUN
dem-14954	26	35	of	of	ADP
dem-14954	26	36	daily	daily	ADJ
dem-14954	26	37	return	return	NOUN
dem-14954	26	38	rates	rate	NOUN
dem-14954	26	39	of	of	ADP
dem-14954	26	40	the	the	DET
dem-14954	26	41	gas_base	gas_base	NOUN
dem-14954	26	42	index	index	NOUN
dem-14954	26	43	was	be	AUX
dem-14954	26	44	taken	take	VERB
dem-14954	26	45	for	for	ADP
dem-14954	26	46	the	the	DET
dem-14954	26	47	period	period	NOUN
dem-14954	26	48	from	from	ADP
dem-14954	26	49	01	01	NUM
dem-14954	26	50	of	of	ADP
dem-14954	26	51	april	april	PROPN
dem-14954	26	52	2014	2014	NUM
dem-14954	26	53	to	to	ADP
dem-14954	26	54	13	13	NUM
dem-14954	26	55	of	of	ADP
dem-14954	26	56	april	april	PROPN
dem-14954	26	57	2017	2017	NUM
dem-14954	26	58	.	.	PUNCT
dem-14954	27	1	40,00	40,00	NOUN
dem-14954	27	2	50,00	50,00	NUM
dem-14954	27	3	60,00	60,00	NUM
dem-14954	27	4	70,00	70,00	NUM
dem-14954	27	5	80,00	80,00	NUM
dem-14954	27	6	90,00	90,00	NOUN
dem-14954	27	7	100,00	100,00	NUM
dem-14954	27	8	110,00	110,00	NUM
dem-14954	27	9	120,00	120,00	NOUN
dem-14954	27	10	130,00	130,00	NUM
dem-14954	27	11	140,00	140,00	PROPN
dem-14954	28	1	d	d	NOUN
dem-14954	28	2	at	at	ADP
dem-14954	28	3	a	a	DET
dem-14954	28	4	20	20	NUM
dem-14954	28	5	13	13	NUM
dem-14954	28	6	-0	-0	SYM
dem-14954	28	7	421	421	NUM
dem-14954	28	8	20	20	NUM
dem-14954	28	9	13	13	NUM
dem-14954	28	10	-0	-0	SYM
dem-14954	28	11	603	603	NUM
dem-14954	28	12	20	20	NUM
dem-14954	28	13	13	13	NUM
dem-14954	28	14	-0	-0	SYM
dem-14954	28	15	713	713	NUM
dem-14954	28	16	20	20	NUM
dem-14954	28	17	13	13	NUM
dem-14954	28	18	-0	-0	SYM
dem-14954	28	19	822	822	NUM
dem-14954	28	20	20	20	NUM
dem-14954	28	21	13	13	NUM
dem-14954	28	22	-1	-1	SYM
dem-14954	28	23	001	001	NUM
dem-14954	28	24	20	20	NUM
dem-14954	28	25	13	13	NUM
dem-14954	28	26	-1	-1	SYM
dem-14954	28	27	110	110	NUM
dem-14954	28	28	20	20	NUM
dem-14954	28	29	13	13	NUM
dem-14954	28	30	-1	-1	SYM
dem-14954	28	31	220	220	NUM
dem-14954	28	32	20	20	NUM
dem-14954	28	33	14	14	NUM
dem-14954	28	34	-0	-0	SYM
dem-14954	28	35	130	130	NUM
dem-14954	28	36	20	20	NUM
dem-14954	28	37	14	14	NUM
dem-14954	28	38	-0	-0	SYM
dem-14954	28	39	401	401	NUM
dem-14954	28	40	20	20	NUM
dem-14954	28	41	14	14	NUM
dem-14954	28	42	-0	-0	SYM
dem-14954	28	43	511	511	NUM
dem-14954	28	44	20	20	NUM
dem-14954	28	45	14	14	NUM
dem-14954	28	46	-0	-0	SYM
dem-14954	28	47	620	620	NUM
dem-14954	28	48	20	20	NUM
dem-14954	28	49	14	14	NUM
dem-14954	28	50	-0	-0	SYM
dem-14954	28	51	730	730	NUM
dem-14954	28	52	20	20	NUM
dem-14954	28	53	14	14	NUM
dem-14954	28	54	-0	-0	SYM
dem-14954	28	55	908	908	NUM
dem-14954	28	56	20	20	NUM
dem-14954	28	57	14	14	NUM
dem-14954	28	58	-1	-1	SYM
dem-14954	28	59	018	018	NUM
dem-14954	28	60	20	20	NUM
dem-14954	28	61	14	14	NUM
dem-14954	28	62	-1	-1	SYM
dem-14954	28	63	127	127	NUM
dem-14954	28	64	20	20	NUM
dem-14954	28	65	15	15	NUM
dem-14954	28	66	-0	-0	SYM
dem-14954	28	67	106	106	NUM
dem-14954	28	68	20	20	NUM
dem-14954	28	69	15	15	NUM
dem-14954	28	70	-0	-0	SYM
dem-14954	28	71	215	215	NUM
dem-14954	28	72	20	20	NUM
dem-14954	28	73	15	15	NUM
dem-14954	28	74	-0	-0	SYM
dem-14954	28	75	327	327	NUM
dem-14954	28	76	20	20	NUM
dem-14954	28	77	15	15	NUM
dem-14954	28	78	-0	-0	SYM
dem-14954	28	79	506	506	NUM
dem-14954	28	80	20	20	NUM
dem-14954	28	81	15	15	NUM
dem-14954	28	82	-0	-0	SYM
dem-14954	28	83	615	615	NUM
dem-14954	28	84	20	20	NUM
dem-14954	28	85	15	15	NUM
dem-14954	28	86	-0	-0	SYM
dem-14954	28	87	725	725	NUM
dem-14954	28	88	20	20	NUM
dem-14954	28	89	15	15	NUM
dem-14954	28	90	-0	-0	SYM
dem-14954	28	91	903	903	NUM
dem-14954	28	92	20	20	NUM
dem-14954	28	93	15	15	NUM
dem-14954	28	94	-1	-1	SYM
dem-14954	28	95	013	013	NUM
dem-14954	28	96	20	20	NUM
dem-14954	28	97	15	15	NUM
dem-14954	28	98	-1	-1	SYM
dem-14954	28	99	122	122	NUM
dem-14954	28	100	20	20	NUM
dem-14954	28	101	16	16	NUM
dem-14954	28	102	-0	-0	SYM
dem-14954	28	103	101	101	NUM
dem-14954	28	104	20	20	NUM
dem-14954	28	105	16	16	NUM
dem-14954	28	106	-0	-0	SYM
dem-14954	28	107	210	210	NUM
dem-14954	28	108	20	20	NUM
dem-14954	28	109	16	16	NUM
dem-14954	28	110	-0	-0	SYM
dem-14954	28	111	321	321	NUM
dem-14954	28	112	20	20	NUM
dem-14954	28	113	16	16	NUM
dem-14954	28	114	-0	-0	SYM
dem-14954	28	115	430	430	NUM
dem-14954	28	116	20	20	NUM
dem-14954	28	117	16	16	NUM
dem-14954	28	118	-0	-0	SYM
dem-14954	28	119	609	609	NUM
dem-14954	28	120	20	20	NUM
dem-14954	28	121	16	16	NUM
dem-14954	28	122	-0	-0	SYM
dem-14954	28	123	719	719	NUM
dem-14954	28	124	20	20	NUM
dem-14954	28	125	16	16	NUM
dem-14954	28	126	-0	-0	SYM
dem-14954	28	127	828	828	NUM
dem-14954	28	128	20	20	NUM
dem-14954	28	129	16	16	NUM
dem-14954	28	130	-1	-1	SYM
dem-14954	28	131	007	007	NUM
dem-14954	28	132	20	20	NUM
dem-14954	28	133	16	16	NUM
dem-14954	28	134	-1	-1	SYM
dem-14954	28	135	116	116	NUM
dem-14954	28	136	20	20	NUM
dem-14954	28	137	16	16	NUM
dem-14954	28	138	-1	-1	SYM
dem-14954	28	139	226	226	NUM
dem-14954	28	140	20	20	NUM
dem-14954	28	141	17	17	NUM
dem-14954	28	142	-0	-0	SYM
dem-14954	28	143	204	204	NUM
dem-14954	28	144	20	20	NUM
dem-14954	28	145	17	17	NUM
dem-14954	28	146	-0	-0	SYM
dem-14954	28	147	316	316	NUM
dem-14954	28	148	gas	gas	NOUN
dem-14954	28	149	base	base	NOUN
dem-14954	28	150	index	index	NOUN
dem-14954	28	151	comparison	comparison	NOUN
dem-14954	28	152	of	of	ADP
dem-14954	28	153	certain	certain	ADJ
dem-14954	28	154	dynamic	dynamic	ADJ
dem-14954	28	155	estimation	estimation	NOUN
dem-14954	28	156	methods	method	NOUN
dem-14954	28	157	of	of	ADP
dem-14954	28	158	value	value	NOUN
dem-14954	28	159	at	at	ADP
dem-14954	28	160	risk	risk	NOUN
dem-14954	28	161	…	…	PUNCT
dem-14954	28	162	dynamic	dynamic	ADJ
dem-14954	28	163	econometric	econometric	ADJ
dem-14954	28	164	models	model	NOUN
dem-14954	28	165	17	17	NUM
dem-14954	28	166	(	(	PUNCT
dem-14954	28	167	2017	2017	NUM
dem-14954	28	168	)	)	PUNCT
dem-14954	28	169	81–96	81–96	NUM
dem-14954	28	170	83	83	NUM
dem-14954	28	171	figure	figure	NOUN
dem-14954	28	172	2	2	NUM
dem-14954	28	173	presents	present	VERB
dem-14954	28	174	a	a	DET
dem-14954	28	175	series	series	NOUN
dem-14954	28	176	of	of	ADP
dem-14954	28	177	return	return	NOUN
dem-14954	28	178	rates	rate	NOUN
dem-14954	28	179	for	for	ADP
dem-14954	28	180	the	the	DET
dem-14954	28	181	gas	gas	NOUN
dem-14954	28	182	base	base	NOUN
dem-14954	28	183	index	index	NOUN
dem-14954	28	184	.	.	PUNCT
dem-14954	29	1	this	this	DET
dem-14954	29	2	series	series	NOUN
dem-14954	29	3	clearly	clearly	ADV
dem-14954	29	4	shows	show	VERB
dem-14954	29	5	periods	period	NOUN
dem-14954	29	6	of	of	ADP
dem-14954	29	7	very	very	ADV
dem-14954	29	8	low	low	ADJ
dem-14954	29	9	price	price	NOUN
dem-14954	29	10	volatility	volatility	NOUN
dem-14954	29	11	,	,	PUNCT
dem-14954	29	12	i.e.	i.e.	X
dem-14954	29	13	,	,	PUNCT
dem-14954	29	14	periods	period	NOUN
dem-14954	29	15	of	of	ADP
dem-14954	29	16	low	low	ADJ
dem-14954	29	17	risk	risk	NOUN
dem-14954	29	18	of	of	ADP
dem-14954	29	19	gas	gas	NOUN
dem-14954	29	20	price	price	NOUN
dem-14954	29	21	changes	change	NOUN
dem-14954	29	22	,	,	PUNCT
dem-14954	29	23	as	as	ADV
dem-14954	29	24	well	well	ADV
dem-14954	29	25	as	as	ADP
dem-14954	29	26	periods	period	NOUN
dem-14954	29	27	of	of	ADP
dem-14954	29	28	increased	increase	VERB
dem-14954	29	29	price	price	NOUN
dem-14954	29	30	volatility	volatility	NOUN
dem-14954	29	31	.	.	PUNCT
dem-14954	30	1	figure	figure	NOUN
dem-14954	30	2	2	2	NUM
dem-14954	30	3	.	.	NOUN
dem-14954	30	4	time	time	NOUN
dem-14954	30	5	series	series	NOUN
dem-14954	30	6	of	of	ADP
dem-14954	30	7	return	return	NOUN
dem-14954	30	8	rates	rate	NOUN
dem-14954	30	9	of	of	ADP
dem-14954	30	10	the	the	DET
dem-14954	30	11	gas_base	gas_base	NOUN
dem-14954	30	12	index	index	NOUN
dem-14954	30	13	in	in	ADP
dem-14954	30	14	the	the	DET
dem-14954	30	15	period	period	NOUN
dem-14954	30	16	from	from	ADP
dem-14954	30	17	02	02	NUM
dem-14954	30	18	of	of	ADP
dem-14954	30	19	january	january	PROPN
dem-14954	30	20	2014	2014	NUM
dem-14954	30	21	to	to	ADP
dem-14954	30	22	13	13	NUM
dem-14954	30	23	of	of	ADP
dem-14954	30	24	april	april	PROPN
dem-14954	30	25	,	,	PUNCT
dem-14954	30	26	2017	2017	NUM
dem-14954	30	27	the	the	DET
dem-14954	30	28	basic	basic	ADJ
dem-14954	30	29	statistical	statistical	ADJ
dem-14954	30	30	analysis	analysis	NOUN
dem-14954	30	31	allows	allow	VERB
dem-14954	30	32	at	at	ADP
dem-14954	30	33	the	the	DET
dem-14954	30	34	level	level	NOUN
dem-14954	30	35	of	of	ADP
dem-14954	30	36	significance	significance	NOUN
dem-14954	30	37	of	of	ADP
dem-14954	30	38	0.05	0.05	NUM
dem-14954	30	39	to	to	PART
dem-14954	30	40	reject	reject	VERB
dem-14954	30	41	the	the	DET
dem-14954	30	42	hypothesis	hypothesis	NOUN
dem-14954	30	43	that	that	SCONJ
dem-14954	30	44	the	the	DET
dem-14954	30	45	distribution	distribution	NOUN
dem-14954	30	46	of	of	ADP
dem-14954	30	47	returns	return	NOUN
dem-14954	30	48	of	of	ADP
dem-14954	30	49	gas	gas	NOUN
dem-14954	30	50	prices	price	NOUN
dem-14954	30	51	is	be	AUX
dem-14954	30	52	a	a	DET
dem-14954	30	53	normal	normal	ADJ
dem-14954	30	54	distribution	distribution	NOUN
dem-14954	30	55	.	.	PUNCT
dem-14954	31	1	the	the	DET
dem-14954	31	2	distribution	distribution	NOUN
dem-14954	31	3	assessment	assessment	NOUN
dem-14954	31	4	should	should	AUX
dem-14954	31	5	take	take	VERB
dem-14954	31	6	into	into	ADP
dem-14954	31	7	account	account	NOUN
dem-14954	31	8	such	such	ADJ
dem-14954	31	9	characteristics	characteristic	NOUN
dem-14954	31	10	as	as	ADP
dem-14954	31	11	asymmetry	asymmetry	NOUN
dem-14954	31	12	,	,	PUNCT
dem-14954	31	13	thick	thick	ADJ
dem-14954	31	14	tails	tail	NOUN
dem-14954	31	15	and	and	CCONJ
dem-14954	31	16	leptokurticity	leptokurticity	NOUN
dem-14954	31	17	.	.	PUNCT
dem-14954	32	1	2	2	X
dem-14954	32	2	.	.	X
dem-14954	32	3	risk	risk	NOUN
dem-14954	32	4	measurement	measurement	NOUN
dem-14954	32	5	–	–	PUNCT
dem-14954	32	6	var	var	VERB
dem-14954	32	7	the	the	DET
dem-14954	32	8	formal	formal	ADJ
dem-14954	32	9	definition	definition	NOUN
dem-14954	32	10	of	of	ADP
dem-14954	32	11	var	var	NOUN
dem-14954	32	12	does	do	AUX
dem-14954	32	13	not	not	PART
dem-14954	32	14	take	take	VERB
dem-14954	32	15	into	into	ADP
dem-14954	32	16	account	account	NOUN
dem-14954	32	17	the	the	DET
dem-14954	32	18	process	process	NOUN
dem-14954	32	19	nature	nature	NOUN
dem-14954	32	20	of	of	ADP
dem-14954	32	21	phenomena	phenomenon	NOUN
dem-14954	32	22	and	and	CCONJ
dem-14954	32	23	focuses	focus	VERB
dem-14954	32	24	only	only	ADV
dem-14954	32	25	on	on	ADP
dem-14954	32	26	random	random	ADJ
dem-14954	32	27	variables	variable	NOUN
dem-14954	32	28	:	:	PUNCT
dem-14954	32	29	value	value	NOUN
dem-14954	32	30	-	-	PUNCT
dem-14954	32	31	at	at	ADP
dem-14954	32	32	-	-	PUNCT
dem-14954	32	33	risk	risk	NOUN
dem-14954	32	34	(	(	PUNCT
dem-14954	32	35	var	var	NOUN
dem-14954	32	36	)	)	PUNCT
dem-14954	32	37	represents	represent	VERB
dem-14954	32	38	such	such	DET
dem-14954	32	39	a	a	DET
dem-14954	32	40	loss	loss	NOUN
dem-14954	32	41	of	of	ADP
dem-14954	32	42	value	value	NOUN
dem-14954	32	43	that	that	SCONJ
dem-14954	32	44	with	with	ADP
dem-14954	32	45	the	the	DET
dem-14954	32	46	probability	probability	NOUN
dem-14954	32	47	1	1	NOUN
dem-14954	32	48	will	will	AUX
dem-14954	32	49	not	not	PART
dem-14954	32	50	be	be	AUX
dem-14954	32	51	exceeded	exceed	VERB
dem-14954	32	52	during	during	ADP
dem-14954	32	53	a	a	DET
dem-14954	32	54	specified	specified	ADJ
dem-14954	32	55	time	time	NOUN
dem-14954	32	56	period	period	NOUN
dem-14954	32	57	(	(	PUNCT
dem-14954	32	58	jajuga	jajuga	PROPN
dem-14954	32	59	,	,	PUNCT
dem-14954	32	60	2000	2000	NUM
dem-14954	32	61	):	):	PUNCT
dem-14954	32	62			NUM
dem-14954	32	63			NUM
dem-14954	32	64	)	)	PUNCT
dem-14954	32	65	(	(	PUNCT
dem-14954	32	66	varyyp	varyyp	PROPN
dem-14954	32	67	ttt	ttt	PROPN
dem-14954	32	68	(	(	PUNCT
dem-14954	32	69	1	1	NUM
dem-14954	32	70	)	)	PUNCT
dem-14954	32	71	where	where	SCONJ
dem-14954	32	72	:	:	PUNCT
dem-14954	32	73	)	)	PUNCT
dem-14954	32	74	1,0(	1,0(	NUM
dem-14954	32	75	–	–	PUNCT
dem-14954	32	76	set	set	VERB
dem-14954	32	77	probability	probability	NOUN
dem-14954	32	78	,	,	PUNCT
dem-14954	32	79	t	t	NOUN
dem-14954	32	80	–	–	PUNCT
dem-14954	32	81	specified	specify	VERB
dem-14954	32	82	duration	duration	NOUN
dem-14954	32	83	time	time	NOUN
dem-14954	32	84	of	of	ADP
dem-14954	32	85	the	the	DET
dem-14954	32	86	investment	investment	NOUN
dem-14954	32	87	,	,	PUNCT
dem-14954	32	88	-0,2	-0,2	PROPN
dem-14954	32	89	-0,15	-0,15	PROPN
dem-14954	32	90	-0,1	-0,1	NOUN
dem-14954	32	91	-0,05	-0,05	NOUN
dem-14954	32	92	0	0	NUM
dem-14954	32	93	0,05	0,05	NUM
dem-14954	32	94	0,1	0,1	NUM
dem-14954	32	95	0,15	0,15	NUM
dem-14954	32	96	0,2	0,2	NUM
dem-14954	32	97	0,25	0,25	NUM
dem-14954	32	98	20	20	NUM
dem-14954	32	99	14	14	NUM
dem-14954	32	100	-0	-0	SYM
dem-14954	32	101	102	102	NUM
dem-14954	32	102	20	20	NUM
dem-14954	32	103	14	14	NUM
dem-14954	32	104	-0	-0	SYM
dem-14954	32	105	218	218	NUM
dem-14954	32	106	20	20	NUM
dem-14954	32	107	14	14	NUM
dem-14954	32	108	-0	-0	SYM
dem-14954	32	109	413	413	NUM
dem-14954	32	110	20	20	NUM
dem-14954	32	111	14	14	NUM
dem-14954	32	112	-0	-0	SYM
dem-14954	32	113	523	523	NUM
dem-14954	32	114	20	20	NUM
dem-14954	32	115	14	14	NUM
dem-14954	32	116	-0	-0	SYM
dem-14954	32	117	702	702	NUM
dem-14954	32	118	20	20	NUM
dem-14954	32	119	14	14	NUM
dem-14954	32	120	-0	-0	SYM
dem-14954	32	121	811	811	NUM
dem-14954	32	122	20	20	NUM
dem-14954	32	123	14	14	NUM
dem-14954	32	124	-0	-0	SYM
dem-14954	32	125	920	920	NUM
dem-14954	32	126	20	20	NUM
dem-14954	32	127	14	14	NUM
dem-14954	32	128	-1	-1	SYM
dem-14954	32	129	030	030	NUM
dem-14954	32	130	20	20	NUM
dem-14954	32	131	14	14	NUM
dem-14954	32	132	-1	-1	SYM
dem-14954	32	133	209	209	NUM
dem-14954	32	134	20	20	NUM
dem-14954	32	135	15	15	NUM
dem-14954	32	136	-0	-0	SYM
dem-14954	32	137	118	118	NUM
dem-14954	32	138	20	20	NUM
dem-14954	32	139	15	15	NUM
dem-14954	32	140	-0	-0	SYM
dem-14954	32	141	227	227	NUM
dem-14954	32	142	20	20	NUM
dem-14954	32	143	15	15	NUM
dem-14954	32	144	-0	-0	SYM
dem-14954	32	145	408	408	NUM
dem-14954	32	146	20	20	NUM
dem-14954	32	147	15	15	NUM
dem-14954	32	148	-0	-0	SYM
dem-14954	32	149	518	518	NUM
dem-14954	32	150	20	20	NUM
dem-14954	32	151	15	15	NUM
dem-14954	32	152	-0	-0	SYM
dem-14954	32	153	627	627	NUM
dem-14954	32	154	20	20	NUM
dem-14954	32	155	15	15	NUM
dem-14954	32	156	-0	-0	SYM
dem-14954	32	157	806	806	NUM
dem-14954	32	158	20	20	NUM
dem-14954	32	159	15	15	NUM
dem-14954	32	160	-0	-0	SYM
dem-14954	32	161	915	915	NUM
dem-14954	32	162	20	20	NUM
dem-14954	32	163	15	15	NUM
dem-14954	32	164	-1	-1	SYM
dem-14954	32	165	025	025	NUM
dem-14954	32	166	20	20	NUM
dem-14954	32	167	15	15	NUM
dem-14954	32	168	-1	-1	SYM
dem-14954	32	169	204	204	NUM
dem-14954	32	170	20	20	NUM
dem-14954	32	171	16	16	NUM
dem-14954	32	172	-0	-0	SYM
dem-14954	32	173	113	113	NUM
dem-14954	32	174	20	20	NUM
dem-14954	32	175	16	16	NUM
dem-14954	32	176	-0	-0	SYM
dem-14954	32	177	222	222	NUM
dem-14954	32	178	20	20	NUM
dem-14954	32	179	16	16	NUM
dem-14954	32	180	-0	-0	SYM
dem-14954	32	181	402	402	NUM
dem-14954	32	182	20	20	NUM
dem-14954	32	183	16	16	NUM
dem-14954	32	184	-0	-0	SYM
dem-14954	32	185	512	512	NUM
dem-14954	32	186	20	20	NUM
dem-14954	32	187	16	16	NUM
dem-14954	32	188	-0	-0	SYM
dem-14954	32	189	621	621	NUM
dem-14954	32	190	20	20	NUM
dem-14954	32	191	16	16	NUM
dem-14954	32	192	-0	-0	SYM
dem-14954	32	193	731	731	NUM
dem-14954	32	194	20	20	NUM
dem-14954	32	195	16	16	NUM
dem-14954	32	196	-0	-0	SYM
dem-14954	32	197	909	909	NUM
dem-14954	32	198	20	20	NUM
dem-14954	32	199	16	16	NUM
dem-14954	32	200	-1	-1	SYM
dem-14954	32	201	019	019	NUM
dem-14954	32	202	20	20	NUM
dem-14954	32	203	16	16	NUM
dem-14954	32	204	-1	-1	SYM
dem-14954	32	205	128	128	NUM
dem-14954	32	206	20	20	NUM
dem-14954	32	207	17	17	NUM
dem-14954	32	208	-0	-0	SYM
dem-14954	32	209	107	107	NUM
dem-14954	32	210	20	20	NUM
dem-14954	32	211	17	17	NUM
dem-14954	32	212	-0	-0	SYM
dem-14954	32	213	216	216	NUM
dem-14954	32	214	20	20	NUM
dem-14954	32	215	17	17	NUM
dem-14954	32	216	-0	-0	SYM
dem-14954	32	217	328	328	NUM
dem-14954	32	218	alicja	alicja	ADP
dem-14954	32	219	ganczarek	ganczarek	NOUN
dem-14954	32	220	-	-	PUNCT
dem-14954	32	221	gamrot	gamrot	NOUN
dem-14954	32	222	,	,	PUNCT
dem-14954	32	223	józef	józef	ADJ
dem-14954	32	224	stawicki	stawicki	PROPN
dem-14954	32	225	dynamic	dynamic	ADJ
dem-14954	32	226	econometric	econometric	ADJ
dem-14954	32	227	models	model	NOUN
dem-14954	32	228	17	17	NUM
dem-14954	32	229	(	(	PUNCT
dem-14954	32	230	2017	2017	NUM
dem-14954	32	231	)	)	PUNCT
dem-14954	32	232	81–96	81–96	NUM
dem-14954	32	233	84	84	NUM
dem-14954	32	234	ty	ty	INTJ
dem-14954	32	235	–	–	PUNCT
dem-14954	32	236	the	the	DET
dem-14954	32	237	present	present	ADJ
dem-14954	32	238	value	value	NOUN
dem-14954	32	239	at	at	ADP
dem-14954	32	240	the	the	DET
dem-14954	32	241	moment	moment	NOUN
dem-14954	32	242	t	t	NOUN
dem-14954	32	243	,	,	PUNCT
dem-14954	32	244	tty	tty	NOUN
dem-14954	32	245			ADP
dem-14954	32	246	–	–	PUNCT
dem-14954	32	247	random	random	ADJ
dem-14954	32	248	variable	variable	NOUN
dem-14954	32	249	,	,	PUNCT
dem-14954	32	250	the	the	DET
dem-14954	32	251	value	value	NOUN
dem-14954	32	252	at	at	ADP
dem-14954	32	253	the	the	DET
dem-14954	32	254	end	end	NOUN
dem-14954	32	255	of	of	ADP
dem-14954	32	256	the	the	DET
dem-14954	32	257	investment	investment	NOUN
dem-14954	32	258	.	.	PUNCT
dem-14954	33	1	the	the	DET
dem-14954	33	2	classical	classical	ADJ
dem-14954	33	3	var	var	NOUN
dem-14954	33	4	valuation	valuation	NOUN
dem-14954	33	5	methods	method	NOUN
dem-14954	33	6	include	include	VERB
dem-14954	33	7	the	the	DET
dem-14954	33	8	methods	method	NOUN
dem-14954	33	9	of	of	ADP
dem-14954	33	10	variance	variance	NOUN
dem-14954	33	11	–	–	PUNCT
dem-14954	33	12	covariance	covariance	NOUN
dem-14954	33	13	,	,	PUNCT
dem-14954	33	14	historical	historical	ADJ
dem-14954	33	15	simulation	simulation	NOUN
dem-14954	33	16	,	,	PUNCT
dem-14954	33	17	monte	monte	PROPN
dem-14954	33	18	carlo	carlo	PROPN
dem-14954	33	19	simulation	simulation	PROPN
dem-14954	33	20	(	(	PUNCT
dem-14954	33	21	jajuga	jajuga	PROPN
dem-14954	33	22	,	,	PUNCT
dem-14954	33	23	2000b	2000b	NUM
dem-14954	33	24	)	)	PUNCT
dem-14954	33	25	the	the	DET
dem-14954	33	26	development	development	NOUN
dem-14954	33	27	of	of	ADP
dem-14954	33	28	financial	financial	ADJ
dem-14954	33	29	markets	market	NOUN
dem-14954	33	30	is	be	AUX
dem-14954	33	31	accompanied	accompany	VERB
dem-14954	33	32	by	by	ADP
dem-14954	33	33	a	a	DET
dem-14954	33	34	rapid	rapid	ADJ
dem-14954	33	35	development	development	NOUN
dem-14954	33	36	of	of	ADP
dem-14954	33	37	the	the	DET
dem-14954	33	38	var	var	NOUN
dem-14954	33	39	measurement	measurement	NOUN
dem-14954	33	40	theory	theory	NOUN
dem-14954	33	41	.	.	PUNCT
dem-14954	34	1	at	at	ADP
dem-14954	34	2	present	present	ADJ
dem-14954	34	3	,	,	PUNCT
dem-14954	34	4	in	in	ADP
dem-14954	34	5	empirical	empirical	ADJ
dem-14954	34	6	financial	financial	ADJ
dem-14954	34	7	studies	study	NOUN
dem-14954	34	8	of	of	ADP
dem-14954	34	9	time	time	NOUN
dem-14954	34	10	series	series	NOUN
dem-14954	34	11	,	,	PUNCT
dem-14954	34	12	which	which	PRON
dem-14954	34	13	in	in	ADP
dem-14954	34	14	most	most	ADJ
dem-14954	34	15	cases	case	NOUN
dem-14954	34	16	behave	behave	VERB
dem-14954	34	17	as	as	ADP
dem-14954	34	18	non	non	ADJ
dem-14954	34	19	-	-	ADJ
dem-14954	34	20	stationary	stationary	ADJ
dem-14954	34	21	stochastic	stochastic	ADJ
dem-14954	34	22	processes	process	NOUN
dem-14954	34	23	,	,	PUNCT
dem-14954	34	24	var	var	PROPN
dem-14954	34	25	estimation	estimation	NOUN
dem-14954	34	26	uses	use	VERB
dem-14954	34	27	dynamic	dynamic	ADJ
dem-14954	34	28	methods	method	NOUN
dem-14954	34	29	based	base	VERB
dem-14954	34	30	on	on	ADP
dem-14954	34	31	garch	garch	NOUN
dem-14954	34	32	models	model	NOUN
dem-14954	34	33	of	of	ADP
dem-14954	34	34	conditional	conditional	ADJ
dem-14954	34	35	variance	variance	NOUN
dem-14954	34	36	(	(	PUNCT
dem-14954	34	37	piontek	piontek	NOUN
dem-14954	34	38	,	,	PUNCT
dem-14954	34	39	2002	2002	NUM
dem-14954	34	40	;	;	PUNCT
dem-14954	34	41	doman	doman	PROPN
dem-14954	34	42	,	,	PUNCT
dem-14954	34	43	doman	doman	PROPN
dem-14954	34	44	.	.	PROPN
dem-14954	34	45	2009	2009	NUM
dem-14954	34	46	;	;	PUNCT
dem-14954	34	47	fiszeder	fiszeder	NOUN
dem-14954	34	48	,	,	PUNCT
dem-14954	34	49	2009	2009	NUM
dem-14954	34	50	;	;	PUNCT
dem-14954	34	51	trzpiot	trzpiot	NOUN
dem-14954	34	52	,	,	PUNCT
dem-14954	34	53	2010	2010	NUM
dem-14954	34	54	;	;	PUNCT
dem-14954	34	55	pajor	pajor	NOUN
dem-14954	34	56	,	,	PUNCT
dem-14954	34	57	2010	2010	NUM
dem-14954	34	58	;	;	PUNCT
dem-14954	34	59	ganczarek	ganczarek	NOUN
dem-14954	34	60	-	-	PUNCT
dem-14954	34	61	gamrot	gamrot	NOUN
dem-14954	34	62	,	,	PUNCT
dem-14954	34	63	2006	2006	NUM
dem-14954	34	64	)	)	PUNCT
dem-14954	34	65	.	.	PUNCT
dem-14954	35	1	in	in	ADP
dem-14954	35	2	this	this	DET
dem-14954	35	3	paper	paper	NOUN
dem-14954	35	4	,	,	PUNCT
dem-14954	35	5	we	we	PRON
dem-14954	35	6	will	will	AUX
dem-14954	35	7	compare	compare	VERB
dem-14954	35	8	the	the	DET
dem-14954	35	9	results	result	NOUN
dem-14954	35	10	of	of	ADP
dem-14954	35	11	var	var	NOUN
dem-14954	35	12	estimation	estimation	NOUN
dem-14954	35	13	taking	take	VERB
dem-14954	35	14	into	into	ADP
dem-14954	35	15	account	account	NOUN
dem-14954	35	16	the	the	DET
dem-14954	35	17	methodology	methodology	NOUN
dem-14954	35	18	of	of	ADP
dem-14954	35	19	stochastic	stochastic	ADJ
dem-14954	35	20	processes	process	NOUN
dem-14954	35	21	and	and	CCONJ
dem-14954	35	22	the	the	DET
dem-14954	35	23	theory	theory	NOUN
dem-14954	35	24	of	of	ADP
dem-14954	35	25	markov	markov	NOUN
dem-14954	35	26	chains	chain	NOUN
dem-14954	35	27	.	.	PUNCT
dem-14954	36	1	if	if	SCONJ
dem-14954	36	2	ty	ty	PRON
dem-14954	36	3	represents	represent	VERB
dem-14954	36	4	the	the	DET
dem-14954	36	5	value	value	NOUN
dem-14954	36	6	at	at	ADP
dem-14954	36	7	time	time	NOUN
dem-14954	36	8	t	t	PROPN
dem-14954	36	9	,	,	PUNCT
dem-14954	36	10	then	then	ADV
dem-14954	36	11	var	var	PROPN
dem-14954	36	12	estimation	estimation	NOUN
dem-14954	36	13	is	be	AUX
dem-14954	36	14	reduced	reduce	VERB
dem-14954	36	15	to	to	ADP
dem-14954	36	16	the	the	DET
dem-14954	36	17	estimation	estimation	NOUN
dem-14954	36	18	of	of	ADP
dem-14954	36	19	the	the	DET
dem-14954	36	20	distribution	distribution	NOUN
dem-14954	36	21	quantile	quantile	NOUN
dem-14954	36	22	of	of	ADP
dem-14954	36	23	returns	return	NOUN
dem-14954	36	24	t	t	PROPN
dem-14954	36	25	ttt	ttt	PROPN
dem-14954	36	26	t	t	PROPN
dem-14954	36	27	y	y	PROPN
dem-14954	36	28	yy	yy	PROPN
dem-14954	36	29	z	z	PROPN
dem-14954	36	30			PROPN
dem-14954	36	31			PRON
dem-14954	36	32			ADP
dem-14954	36	33	.	.	PUNCT
dem-14954	37	1	assuming	assume	VERB
dem-14954	37	2	that	that	SCONJ
dem-14954	37	3	tz	tz	PROPN
dem-14954	37	4	is	be	AUX
dem-14954	37	5	a	a	DET
dem-14954	37	6	stochastic	stochastic	ADJ
dem-14954	37	7	process	process	NOUN
dem-14954	37	8	of	of	ADP
dem-14954	37	9	returns	return	NOUN
dem-14954	37	10	characterized	characterize	VERB
dem-14954	37	11	by	by	ADP
dem-14954	37	12	the	the	DET
dem-14954	37	13	effect	effect	NOUN
dem-14954	37	14	of	of	ADP
dem-14954	37	15	concentration	concentration	NOUN
dem-14954	37	16	of	of	ADP
dem-14954	37	17	volatility	volatility	NOUN
dem-14954	37	18	,	,	PUNCT
dem-14954	37	19	the	the	DET
dem-14954	37	20	quantile	quantile	NOUN
dem-14954	37	21	of	of	ADP
dem-14954	37	22	order	order	NOUN
dem-14954	37	23			X
dem-14954	37	24	can	can	AUX
dem-14954	37	25	be	be	AUX
dem-14954	37	26	estimated	estimate	VERB
dem-14954	37	27	as	as	ADP
dem-14954	37	28	follows	follow	NOUN
dem-14954	37	29	(	(	PUNCT
dem-14954	37	30	piontek	piontek	NOUN
dem-14954	37	31	,	,	PUNCT
dem-14954	37	32	2002	2002	NUM
dem-14954	37	33	;	;	PUNCT
dem-14954	37	34	doman	doman	PROPN
dem-14954	37	35	,	,	PUNCT
dem-14954	37	36	doman	doman	PROPN
dem-14954	37	37	,	,	PUNCT
dem-14954	37	38	2009	2009	NUM
dem-14954	37	39	):	):	PUNCT
dem-14954	37	40	ttt	ttt	PROPN
dem-14954	37	41	fz	fz	PROPN
dem-14954	37	42			PROPN
dem-14954	37	43			PROPN
dem-14954	37	44			PROPN
dem-14954	37	45	)	)	PUNCT
dem-14954	37	46	(	(	PUNCT
dem-14954	37	47	1	1	NUM
dem-14954	37	48	(	(	PUNCT
dem-14954	37	49	2	2	NUM
dem-14954	37	50	)	)	PUNCT
dem-14954	37	51	where	where	SCONJ
dem-14954	37	52	:	:	PUNCT
dem-14954	37	53	)	)	PUNCT
dem-14954	37	54	(	(	PUNCT
dem-14954	37	55	1	1	NUM
dem-14954	37	56	f	f	PUNCT
dem-14954	37	57	–	–	PUNCT
dem-14954	37	58	quantile	quantile	NOUN
dem-14954	37	59	of	of	ADP
dem-14954	37	60	order	order	NOUN
dem-14954	37	61			NOUN
dem-14954	37	62	of	of	ADP
dem-14954	37	63	the	the	DET
dem-14954	37	64	standardized	standardized	ADJ
dem-14954	37	65	distribution	distribution	NOUN
dem-14954	37	66	allowed	allow	VERB
dem-14954	37	67	for	for	ADP
dem-14954	37	68	in	in	ADP
dem-14954	37	69	the	the	DET
dem-14954	37	70	estimation	estimation	NOUN
dem-14954	37	71	of	of	ADP
dem-14954	37	72	conditional	conditional	ADJ
dem-14954	37	73	variance	variance	NOUN
dem-14954	37	74	2	2	NUM
dem-14954	37	75	t	t	NOUN
dem-14954	37	76	,	,	PUNCT
dem-14954	37	77	2	2	NUM
dem-14954	37	78	t	t	ADJ
dem-14954	37	79	–	–	PUNCT
dem-14954	37	80	conditional	conditional	ADJ
dem-14954	37	81	variance	variance	NOUN
dem-14954	37	82	of	of	ADP
dem-14954	37	83	the	the	DET
dem-14954	37	84	process	process	NOUN
dem-14954	37	85	,	,	PUNCT
dem-14954	37	86	t	t	PROPN
dem-14954	37	87	–	–	PUNCT
dem-14954	37	88	expected	expect	VERB
dem-14954	37	89	value	value	NOUN
dem-14954	37	90	of	of	ADP
dem-14954	37	91	the	the	DET
dem-14954	37	92	process	process	NOUN
dem-14954	37	93	tz	tz	NOUN
dem-14954	37	94	,	,	PUNCT
dem-14954	37	95	3	3	X
dem-14954	37	96	.	.	PUNCT
dem-14954	37	97	methods	method	NOUN
dem-14954	37	98	of	of	ADP
dem-14954	37	99	estimation	estimation	NOUN
dem-14954	37	100	of	of	ADP
dem-14954	37	101	value	value	NOUN
dem-14954	37	102	at	at	ADP
dem-14954	37	103	risk	risk	NOUN
dem-14954	37	104	3.1	3.1	NUM
dem-14954	37	105	markov	markov	NOUN
dem-14954	37	106	chains	chain	NOUN
dem-14954	37	107	markov	markov	NOUN
dem-14954	37	108	chains	chain	NOUN
dem-14954	37	109	are	be	AUX
dem-14954	37	110	a	a	DET
dem-14954	37	111	well	well	ADV
dem-14954	37	112	-	-	PUNCT
dem-14954	37	113	known	know	VERB
dem-14954	37	114	tool	tool	NOUN
dem-14954	37	115	used	use	VERB
dem-14954	37	116	in	in	ADP
dem-14954	37	117	economics	economic	NOUN
dem-14954	37	118	(	(	PUNCT
dem-14954	37	119	see	see	VERB
dem-14954	37	120	:	:	PUNCT
dem-14954	37	121	ching	ching	PROPN
dem-14954	37	122	,	,	PUNCT
dem-14954	37	123	ng	ng	PROPN
dem-14954	37	124	2006	2006	NUM
dem-14954	37	125	;	;	PUNCT
dem-14954	37	126	decewicz	decewicz	NOUN
dem-14954	37	127	,	,	PUNCT
dem-14954	37	128	2011	2011	NUM
dem-14954	37	129	;	;	PUNCT
dem-14954	37	130	podgórska	podgórska	PROPN
dem-14954	37	131	et	et	PROPN
dem-14954	37	132	al	al	PROPN
dem-14954	37	133	.	.	PROPN
dem-14954	37	134	,	,	PUNCT
dem-14954	37	135	2002	2002	NUM
dem-14954	37	136	;	;	PUNCT
dem-14954	37	137	stawicki	stawicki	NOUN
dem-14954	37	138	,	,	PUNCT
dem-14954	37	139	2004	2004	NUM
dem-14954	37	140	and	and	CCONJ
dem-14954	37	141	many	many	ADJ
dem-14954	37	142	others	other	NOUN
dem-14954	37	143	)	)	PUNCT
dem-14954	37	144	.	.	PUNCT
dem-14954	38	1	the	the	DET
dem-14954	38	2	markov	markov	NOUN
dem-14954	38	3	process	process	NOUN
dem-14954	38	4	with	with	ADP
dem-14954	38	5	a	a	DET
dem-14954	38	6	discrete	discrete	ADJ
dem-14954	38	7	time	time	NOUN
dem-14954	38	8	parameter	parameter	NOUN
dem-14954	38	9	and	and	CCONJ
dem-14954	38	10	a	a	DET
dem-14954	38	11	discrete	discrete	ADJ
dem-14954	38	12	phase	phase	NOUN
dem-14954	38	13	space	space	NOUN
dem-14954	38	14	is	be	AUX
dem-14954	38	15	referred	refer	VERB
dem-14954	38	16	to	to	ADP
dem-14954	38	17	as	as	ADP
dem-14954	38	18	markov	markov	NOUN
dem-14954	38	19	chain	chain	NOUN
dem-14954	38	20	.	.	PUNCT
dem-14954	39	1	it	it	PRON
dem-14954	39	2	is	be	AUX
dem-14954	39	3	defined	define	VERB
dem-14954	39	4	by	by	ADP
dem-14954	39	5	a	a	DET
dem-14954	39	6	sequence	sequence	NOUN
dem-14954	39	7	of	of	ADP
dem-14954	39	8	stochastic	stochastic	ADJ
dem-14954	39	9	matrixes	matrix	NOUN
dem-14954	39	10	of	of	ADP
dem-14954	39	11	the	the	DET
dem-14954	39	12	following	follow	VERB
dem-14954	39	13	form	form	NOUN
dem-14954	39	14	:	:	PUNCT
dem-14954	39	15			ADJ
dem-14954	39	16			NOUN
dem-14954	39	17	rrij	rrij	ADJ
dem-14954	39	18	tp	tp	PART
dem-14954	39	19			NOUN
dem-14954	39	20			PROPN
dem-14954	39	21	)	)	PUNCT
dem-14954	39	22	(	(	PUNCT
dem-14954	39	23	(	(	PUNCT
dem-14954	39	24	t)p	t)p	X
dem-14954	39	25	,	,	PUNCT
dem-14954	39	26	(	(	PUNCT
dem-14954	39	27	3	3	X
dem-14954	39	28	)	)	PUNCT
dem-14954	39	29	comparison	comparison	NOUN
dem-14954	39	30	of	of	ADP
dem-14954	39	31	certain	certain	ADJ
dem-14954	39	32	dynamic	dynamic	ADJ
dem-14954	39	33	estimation	estimation	NOUN
dem-14954	39	34	methods	method	NOUN
dem-14954	39	35	of	of	ADP
dem-14954	39	36	value	value	NOUN
dem-14954	39	37	at	at	ADP
dem-14954	39	38	risk	risk	NOUN
dem-14954	39	39	…	…	PUNCT
dem-14954	39	40	dynamic	dynamic	ADJ
dem-14954	39	41	econometric	econometric	ADJ
dem-14954	39	42	models	model	NOUN
dem-14954	39	43	17	17	NUM
dem-14954	39	44	(	(	PUNCT
dem-14954	39	45	2017	2017	NUM
dem-14954	39	46	)	)	PUNCT
dem-14954	39	47	81–96	81–96	NUM
dem-14954	39	48	85	85	NUM
dem-14954	39	49	i.e.	i.e.	X
dem-14954	39	50	,	,	PUNCT
dem-14954	39	51	matrixes	matrix	NOUN
dem-14954	39	52	with	with	ADP
dem-14954	39	53	positive	positive	ADJ
dem-14954	39	54	elements	element	NOUN
dem-14954	39	55	and	and	CCONJ
dem-14954	39	56	satisfying	satisfy	VERB
dem-14954	39	57	additional	additional	ADJ
dem-14954	39	58	conditions	condition	NOUN
dem-14954	39	59	in	in	ADP
dem-14954	39	60	the	the	DET
dem-14954	39	61	form	form	NOUN
dem-14954	39	62	:	:	PUNCT
dem-14954	39	63			X
dem-14954	39	64			VERB
dem-14954	39	65	j	j	PROPN
dem-14954	39	66	ijit	ijit	VERB
dem-14954	39	67	tp	tp	ADP
dem-14954	39	68	1	1	NUM
dem-14954	39	69	)	)	PUNCT
dem-14954	39	70	(	(	PUNCT
dem-14954	39	71	.	.	PUNCT
dem-14954	40	1	(	(	PUNCT
dem-14954	40	2	4	4	NUM
dem-14954	40	3	)	)	PUNCT
dem-14954	40	4	by	by	ADP
dem-14954	40	5	denoting	denote	VERB
dem-14954	40	6	with	with	ADP
dem-14954	40	7	td	td	NOUN
dem-14954	40	8	the	the	DET
dem-14954	40	9	vector	vector	NOUN
dem-14954	40	10	of	of	ADP
dem-14954	40	11	unconditional	unconditional	ADJ
dem-14954	40	12	distribution	distribution	NOUN
dem-14954	40	13	of	of	ADP
dem-14954	40	14	random	random	ADJ
dem-14954	40	15	variable	variable	NOUN
dem-14954	40	16	ty	ty	INTJ
dem-14954	40	17	,	,	PUNCT
dem-14954	40	18	i.e.	i.e.	X
dem-14954	40	19	,	,	PUNCT
dem-14954	40	20			ADJ
dem-14954	40	21	rtttt	rtttt	ADP
dem-14954	40	22	ddd	ddd	NOUN
dem-14954	40	23	,	,	PUNCT
dem-14954	40	24	,	,	PUNCT
dem-14954	40	25	,	,	PUNCT
dem-14954	40	26	21	21	NUM
dem-14954	40	27	d	d	NOUN
dem-14954	40	28	,	,	PUNCT
dem-14954	40	29	where	where	SCONJ
dem-14954	40	30	}	}	PUNCT
dem-14954	40	31	pr	pr	NOUN
dem-14954	40	32	{	{	PUNCT
dem-14954	40	33	iyd	iyd	NOUN
dem-14954	40	34	tit	tit	NOUN
dem-14954	40	35			NUM
dem-14954	40	36	,	,	PUNCT
dem-14954	40	37	(	(	PUNCT
dem-14954	40	38	5	5	X
dem-14954	40	39	)	)	PUNCT
dem-14954	40	40	we	we	PRON
dem-14954	40	41	determine	determine	VERB
dem-14954	40	42	the	the	DET
dem-14954	40	43	probability	probability	NOUN
dem-14954	40	44	with	with	ADP
dem-14954	40	45	which	which	PRON
dem-14954	40	46	the	the	DET
dem-14954	40	47	process	process	NOUN
dem-14954	40	48	at	at	ADP
dem-14954	40	49	time	time	NOUN
dem-14954	40	50	t	t	PROPN
dem-14954	40	51	reaches	reach	VERB
dem-14954	40	52	the	the	DET
dem-14954	40	53	phase	phase	NOUN
dem-14954	40	54	state	state	NOUN
dem-14954	40	55	i.	i.	NOUN
dem-14954	40	56	the	the	DET
dem-14954	40	57	components	component	NOUN
dem-14954	40	58	of	of	ADP
dem-14954	40	59	the	the	DET
dem-14954	40	60	vector	vector	NOUN
dem-14954	40	61	td	td	NOUN
dem-14954	40	62	satisfy	satisfy	VERB
dem-14954	40	63	the	the	DET
dem-14954	40	64	following	follow	VERB
dem-14954	40	65	conditions	condition	NOUN
dem-14954	40	66	:	:	PUNCT
dem-14954	41	1	0	0	NUM
dem-14954	41	2	itit	itit	PROPN
dem-14954	42	1	d	d	X
dem-14954	42	2	,	,	PUNCT
dem-14954	42	3	(	(	PUNCT
dem-14954	42	4	6	6	NUM
dem-14954	42	5	)	)	PUNCT
dem-14954	42	6	and	and	CCONJ
dem-14954	42	7	1	1	NUM
dem-14954	42	8			X
dem-14954	43	1	i	i	PRON
dem-14954	43	2	itt	itt	INTJ
dem-14954	44	1	d	d	X
dem-14954	44	2	.	.	PUNCT
dem-14954	45	1	(	(	PUNCT
dem-14954	45	2	7	7	X
dem-14954	45	3	)	)	PUNCT
dem-14954	45	4	the	the	DET
dem-14954	45	5	dependence	dependence	NOUN
dem-14954	45	6	between	between	ADP
dem-14954	45	7	unconditional	unconditional	ADJ
dem-14954	45	8	distributions	distribution	NOUN
dem-14954	45	9	of	of	ADP
dem-14954	45	10	random	random	ADJ
dem-14954	45	11	variables	variable	NOUN
dem-14954	45	12	ty	ty	INTJ
dem-14954	45	13	and	and	CCONJ
dem-14954	45	14	1ty	1ty	NUM
dem-14954	45	15	is	be	AUX
dem-14954	45	16	expressed	express	VERB
dem-14954	45	17	by	by	ADP
dem-14954	45	18	the	the	DET
dem-14954	45	19	formula	formula	NOUN
dem-14954	45	20	resulting	result	VERB
dem-14954	45	21	from	from	ADP
dem-14954	45	22	the	the	DET
dem-14954	45	23	theorem	theorem	NOUN
dem-14954	45	24	on	on	ADP
dem-14954	45	25	the	the	DET
dem-14954	45	26	total	total	ADJ
dem-14954	45	27	probability	probability	NOUN
dem-14954	45	28	)	)	PUNCT
dem-14954	45	29	(	(	PUNCT
dem-14954	45	30	1	1	NUM
dem-14954	45	31	ttt	ttt	PROPN
dem-14954	45	32	pdd	pdd	PROPN
dem-14954	45	33			PROPN
dem-14954	45	34			PROPN
dem-14954	45	35	.	.	PUNCT
dem-14954	46	1	(	(	PUNCT
dem-14954	46	2	8)	8)	NUM
dem-14954	46	3	matrices	matrix	NOUN
dem-14954	46	4			NOUN
dem-14954	46	5			NOUN
dem-14954	46	6	rrij	rrij	ADJ
dem-14954	46	7	tp	tp	PART
dem-14954	46	8			NOUN
dem-14954	46	9			PROPN
dem-14954	46	10	)	)	PUNCT
dem-14954	46	11	(	(	PUNCT
dem-14954	46	12	(	(	PUNCT
dem-14954	46	13	t)p	t)p	NOUN
dem-14954	46	14	reflect	reflect	VERB
dem-14954	46	15	the	the	DET
dem-14954	46	16	mechanism	mechanism	NOUN
dem-14954	46	17	of	of	ADP
dem-14954	46	18	changes	change	NOUN
dem-14954	46	19	in	in	ADP
dem-14954	46	20	the	the	DET
dem-14954	46	21	distribution	distribution	NOUN
dem-14954	46	22	of	of	ADP
dem-14954	46	23	the	the	DET
dem-14954	46	24	analysed	analyse	VERB
dem-14954	46	25	random	random	ADJ
dem-14954	46	26	variable	variable	NOUN
dem-14954	46	27	ty	ty	INTJ
dem-14954	46	28	over	over	ADP
dem-14954	46	29	time	time	NOUN
dem-14954	46	30	.	.	PUNCT
dem-14954	47	1	markov	markov	NOUN
dem-14954	47	2	chain	chain	NOUN
dem-14954	47	3	}	}	PUNCT
dem-14954	47	4	,	,	PUNCT
dem-14954	47	5	{	{	PUNCT
dem-14954	47	6	ntyt	ntyt	ADJ
dem-14954	47	7			NOUN
dem-14954	47	8	with	with	ADP
dem-14954	47	9	phase	phase	NOUN
dem-14954	47	10	space	space	NOUN
dem-14954	47	11	}	}	PUNCT
dem-14954	47	12	...	...	PUNCT
dem-14954	47	13	,	,	PUNCT
dem-14954	47	14	,	,	PUNCT
dem-14954	47	15	2,1	2,1	NUM
dem-14954	47	16	{	{	PUNCT
dem-14954	47	17	rs	rs	NOUN
dem-14954	47	18			PROPN
dem-14954	47	19	is	be	AUX
dem-14954	47	20	called	call	VERB
dem-14954	47	21	a	a	DET
dem-14954	47	22	homogeneous	homogeneous	ADJ
dem-14954	47	23	markov	markov	NOUN
dem-14954	47	24	chain	chain	NOUN
dem-14954	47	25	,	,	PUNCT
dem-14954	47	26	if	if	SCONJ
dem-14954	47	27	the	the	DET
dem-14954	47	28	conditional	conditional	ADJ
dem-14954	47	29	probabilities	probability	NOUN
dem-14954	47	30	)	)	PUNCT
dem-14954	47	31	(	(	PUNCT
dem-14954	47	32	tpij	tpij	VERB
dem-14954	47	33	of	of	ADP
dem-14954	47	34	transition	transition	NOUN
dem-14954	47	35	from	from	ADP
dem-14954	47	36	phase	phase	NOUN
dem-14954	47	37	i	i	PRON
dem-14954	47	38	to	to	ADP
dem-14954	47	39	state	state	VERB
dem-14954	47	40	j	j	PROPN
dem-14954	47	41	within	within	ADP
dem-14954	47	42	a	a	DET
dem-14954	47	43	time	time	NOUN
dem-14954	47	44	unit	unit	NOUN
dem-14954	47	45	,	,	PUNCT
dem-14954	47	46	i.e.	i.e.	X
dem-14954	47	47	,	,	PUNCT
dem-14954	47	48	in	in	ADP
dem-14954	47	49	the	the	DET
dem-14954	47	50	time	time	NOUN
dem-14954	47	51	period	period	NOUN
dem-14954	47	52	from	from	ADP
dem-14954	47	53	)	)	PUNCT
dem-14954	47	54	1	1	NUM
dem-14954	47	55	(	(	PUNCT
dem-14954	47	56	t	t	VERB
dem-14954	47	57	to	to	ADP
dem-14954	47	58	t	t	PROPN
dem-14954	47	59	,	,	PUNCT
dem-14954	47	60	do	do	AUX
dem-14954	47	61	not	not	PART
dem-14954	47	62	depend	depend	VERB
dem-14954	47	63	on	on	ADP
dem-14954	47	64	the	the	DET
dem-14954	47	65	choice	choice	NOUN
dem-14954	47	66	of	of	ADP
dem-14954	47	67	the	the	DET
dem-14954	47	68	moment	moment	NOUN
dem-14954	47	69	t	t	NOUN
dem-14954	47	70	,	,	PUNCT
dem-14954	47	71	that	that	PRON
dem-14954	47	72	is	be	AUX
dem-14954	47	73	ijijt	ijijt	NOUN
dem-14954	47	74	ptp	ptp	PROPN
dem-14954	47	75			PROPN
dem-14954	47	76	)	)	PUNCT
dem-14954	47	77	(	(	PUNCT
dem-14954	47	78	.	.	PUNCT
dem-14954	48	1	(	(	PUNCT
dem-14954	48	2	9	9	NUM
dem-14954	48	3	)	)	PUNCT
dem-14954	48	4	in	in	ADP
dem-14954	48	5	case	case	NOUN
dem-14954	48	6	of	of	ADP
dem-14954	48	7	a	a	DET
dem-14954	48	8	homogeneous	homogeneous	ADJ
dem-14954	48	9	markov	markov	NOUN
dem-14954	48	10	chain	chain	NOUN
dem-14954	48	11	the	the	DET
dem-14954	48	12	dependence	dependence	NOUN
dem-14954	48	13	(	(	PUNCT
dem-14954	48	14	8)	8)	NUM
dem-14954	48	15	and	and	CCONJ
dem-14954	48	16	(	(	PUNCT
dem-14954	48	17	9	9	X
dem-14954	48	18	)	)	PUNCT
dem-14954	48	19	take	take	VERB
dem-14954	48	20	the	the	DET
dem-14954	48	21	following	follow	VERB
dem-14954	48	22	form	form	NOUN
dem-14954	48	23	:	:	PUNCT
dem-14954	48	24	pdd	pdd	NOUN
dem-14954	48	25			PROPN
dem-14954	48	26	1tt	1tt	PROPN
dem-14954	48	27	.	.	PUNCT
dem-14954	49	1	(	(	PUNCT
dem-14954	49	2	10	10	NUM
dem-14954	49	3	)	)	PUNCT
dem-14954	49	4	due	due	ADP
dem-14954	49	5	to	to	ADP
dem-14954	49	6	the	the	DET
dem-14954	49	7	nature	nature	NOUN
dem-14954	49	8	of	of	ADP
dem-14954	49	9	the	the	DET
dem-14954	49	10	data	datum	NOUN
dem-14954	49	11	characterising	characterise	VERB
dem-14954	49	12	the	the	DET
dem-14954	49	13	phenomenon	phenomenon	NOUN
dem-14954	49	14	observed	observe	VERB
dem-14954	49	15	,	,	PUNCT
dem-14954	49	16	we	we	PRON
dem-14954	49	17	use	use	VERB
dem-14954	49	18	microdata	microdata	NOUN
dem-14954	49	19	or	or	CCONJ
dem-14954	49	20	macrodata	macrodata	ADJ
dem-14954	49	21	–	–	PUNCT
dem-14954	49	22	these	these	PRON
dem-14954	49	23	are	be	AUX
dem-14954	49	24	aggregated	aggregate	VERB
dem-14954	49	25	data	datum	NOUN
dem-14954	49	26	.	.	PUNCT
dem-14954	50	1	alicja	alicja	ADP
dem-14954	50	2	ganczarek	ganczarek	NOUN
dem-14954	50	3	-	-	PUNCT
dem-14954	50	4	gamrot	gamrot	NOUN
dem-14954	50	5	,	,	PUNCT
dem-14954	50	6	józef	józef	ADJ
dem-14954	50	7	stawicki	stawicki	PROPN
dem-14954	50	8	dynamic	dynamic	ADJ
dem-14954	50	9	econometric	econometric	ADJ
dem-14954	50	10	models	model	NOUN
dem-14954	50	11	17	17	NUM
dem-14954	50	12	(	(	PUNCT
dem-14954	50	13	2017	2017	NUM
dem-14954	50	14	)	)	PUNCT
dem-14954	50	15	81–96	81–96	NUM
dem-14954	50	16	86	86	NUM
dem-14954	50	17	microdata	microdata	NOUN
dem-14954	51	1	are	be	AUX
dem-14954	51	2	understood	understand	VERB
dem-14954	51	3	as	as	ADP
dem-14954	51	4	observations	observation	NOUN
dem-14954	51	5	of	of	ADP
dem-14954	51	6	an	an	DET
dem-14954	51	7	object	object	NOUN
dem-14954	51	8	(	(	PUNCT
dem-14954	51	9	or	or	CCONJ
dem-14954	51	10	multiple	multiple	ADJ
dem-14954	51	11	objects	object	NOUN
dem-14954	51	12	)	)	PUNCT
dem-14954	51	13	in	in	ADP
dem-14954	51	14	successive	successive	ADJ
dem-14954	51	15	time	time	NOUN
dem-14954	51	16	units	unit	NOUN
dem-14954	51	17	as	as	ADV
dem-14954	51	18	well	well	ADV
dem-14954	51	19	as	as	ADP
dem-14954	51	20	registers	register	NOUN
dem-14954	51	21	of	of	ADP
dem-14954	51	22	the	the	DET
dem-14954	51	23	state	state	NOUN
dem-14954	51	24	of	of	ADP
dem-14954	51	25	the	the	DET
dem-14954	51	26	object	object	NOUN
dem-14954	51	27	in	in	ADP
dem-14954	51	28	a	a	DET
dem-14954	51	29	given	give	VERB
dem-14954	51	30	time	time	NOUN
dem-14954	51	31	unit	unit	NOUN
dem-14954	51	32	.	.	PUNCT
dem-14954	52	1	observation	observation	NOUN
dem-14954	52	2	of	of	ADP
dem-14954	52	3	a	a	DET
dem-14954	52	4	change	change	NOUN
dem-14954	52	5	of	of	ADP
dem-14954	52	6	state	state	NOUN
dem-14954	52	7	throughout	throughout	ADP
dem-14954	52	8	the	the	DET
dem-14954	52	9	period	period	NOUN
dem-14954	52	10	t–1	t–1	X
dem-14954	52	11	to	to	ADP
dem-14954	52	12	t	t	PROPN
dem-14954	52	13	allows	allow	VERB
dem-14954	52	14	us	we	PRON
dem-14954	52	15	to	to	PART
dem-14954	52	16	apply	apply	VERB
dem-14954	52	17	the	the	DET
dem-14954	52	18	most	most	ADV
dem-14954	52	19	reliable	reliable	ADJ
dem-14954	52	20	estimator	estimator	NOUN
dem-14954	52	21	taking	take	VERB
dem-14954	52	22	the	the	DET
dem-14954	52	23	following	follow	VERB
dem-14954	52	24	form	form	NOUN
dem-14954	52	25	:	:	PUNCT
dem-14954	52	26			X
dem-14954	52	27			X
dem-14954	52	28			NUM
dem-14954	52	29			PROPN
dem-14954	52	30			PROPN
dem-14954	52	31			NUM
dem-14954	53	1	t	t	NOUN
dem-14954	53	2	t	t	NOUN
dem-14954	54	1	i	i	PRON
dem-14954	54	2	t	t	PROPN
dem-14954	54	3	t	t	X
dem-14954	54	4	ij	ij	INTJ
dem-14954	54	5	ij	ij	INTJ
dem-14954	54	6	tn	tn	PROPN
dem-14954	54	7	tn	tn	PROPN
dem-14954	54	8	p	p	NOUN
dem-14954	54	9	2	2	NUM
dem-14954	54	10	2	2	NUM
dem-14954	54	11	)	)	PUNCT
dem-14954	54	12	1	1	NUM
dem-14954	54	13	(	(	PUNCT
dem-14954	54	14	)	)	PUNCT
dem-14954	54	15	(	(	PUNCT
dem-14954	54	16	ˆ	ˆ	NOUN
dem-14954	54	17	,	,	PUNCT
dem-14954	54	18	(	(	PUNCT
dem-14954	54	19	11	11	NUM
dem-14954	54	20	)	)	PUNCT
dem-14954	55	1	where	where	SCONJ
dem-14954	55	2	:	:	PUNCT
dem-14954	55	3			NUM
dem-14954	55	4			PROPN
dem-14954	55	5			NUM
dem-14954	55	6			NUM
dem-14954	55	7			ADV
dem-14954	55	8			VERB
dem-14954	55	9			PRON
dem-14954	55	10	otherwise0	otherwise0	NOUN
dem-14954	55	11	state	state	NOUN
dem-14954	55	12	in	in	ADP
dem-14954	55	13	the	the	DET
dem-14954	55	14	wasmoment	wasmoment	NOUN
dem-14954	55	15	at	at	ADP
dem-14954	55	16	the	the	DET
dem-14954	55	17	and	and	CCONJ
dem-14954	55	18	state	state	NOUN
dem-14954	55	19	in	in	ADP
dem-14954	55	20	the	the	DET
dem-14954	55	21	was1moment	was1moment	PROPN
dem-14954	55	22	at	at	ADP
dem-14954	55	23	theobject	theobject	NOUN
dem-14954	55	24	when	when	SCONJ
dem-14954	55	25	the1	the1	ADJ
dem-14954	55	26	)	)	PUNCT
dem-14954	56	1	(	(	PUNCT
dem-14954	56	2	jt	jt	PROPN
dem-14954	56	3	it	it	PRON
dem-14954	56	4	tnij	tnij	VERB
dem-14954	56	5			VERB
dem-14954	56	6			NUM
dem-14954	56	7			ADP
dem-14954	57	1			PRON
dem-14954	57	2	otherwise0	otherwise0	ADJ
dem-14954	57	3	state	state	NOUN
dem-14954	57	4	in	in	ADP
dem-14954	57	5	themoment	themoment	NOUN
dem-14954	57	6	at	at	ADP
dem-14954	57	7	the	the	DET
dem-14954	57	8	object	object	NOUN
dem-14954	57	9	was	be	AUX
dem-14954	57	10	when	when	SCONJ
dem-14954	57	11	the1	the1	ADJ
dem-14954	57	12	)	)	PUNCT
dem-14954	57	13	(	(	PUNCT
dem-14954	57	14	it	it	PRON
dem-14954	57	15	tni	tni	VERB
dem-14954	57	16	this	this	DET
dem-14954	57	17	estimator	estimator	NOUN
dem-14954	57	18	has	have	VERB
dem-14954	57	19	desirable	desirable	ADJ
dem-14954	57	20	consistency	consistency	NOUN
dem-14954	57	21	properties	property	NOUN
dem-14954	57	22	,	,	PUNCT
dem-14954	57	23	asymptotic	asymptotic	ADJ
dem-14954	57	24	unbiasedness	unbiasedness	NOUN
dem-14954	57	25	,	,	PUNCT
dem-14954	57	26	and	and	CCONJ
dem-14954	57	27	has	have	VERB
dem-14954	57	28	an	an	DET
dem-14954	57	29	asymptotic	asymptotic	ADJ
dem-14954	57	30	normal	normal	ADJ
dem-14954	57	31	distribution	distribution	NOUN
dem-14954	57	32	of	of	ADP
dem-14954	57	33	expected	expect	VERB
dem-14954	57	34	value	value	NOUN
dem-14954	57	35	ijij	ijij	ADJ
dem-14954	57	36	ppe	ppe	PROPN
dem-14954	57	37	)ˆ	)ˆ	PROPN
dem-14954	57	38	(	(	PUNCT
dem-14954	57	39	(	(	PUNCT
dem-14954	57	40	12	12	NUM
dem-14954	57	41	)	)	PUNCT
dem-14954	57	42	and	and	CCONJ
dem-14954	57	43	variance	variance	NOUN
dem-14954	57	44			X
dem-14954	58	1			NUM
dem-14954	58	2			PROPN
dem-14954	58	3			PROPN
dem-14954	58	4			PROPN
dem-14954	59	1	t	t	NOUN
dem-14954	60	1	t	t	NOUN
dem-14954	61	1	i	i	PRON
dem-14954	61	2	ijij	ijij	ADJ
dem-14954	61	3	ij	ij	INTJ
dem-14954	61	4	tn	tn	NOUN
dem-14954	62	1	pp	pp	ADP
dem-14954	62	2	p	p	ADJ
dem-14954	62	3	2	2	NUM
dem-14954	62	4	)	)	PUNCT
dem-14954	62	5	1	1	NUM
dem-14954	62	6	(	(	PUNCT
dem-14954	62	7	)	)	PUNCT
dem-14954	62	8	1	1	NUM
dem-14954	62	9	(	(	PUNCT
dem-14954	62	10	)	)	PUNCT
dem-14954	62	11	ˆvar	ˆvar	NOUN
dem-14954	62	12	(	(	PUNCT
dem-14954	62	13	.	.	PUNCT
dem-14954	63	1	(	(	PUNCT
dem-14954	63	2	13	13	NUM
dem-14954	63	3	)	)	PUNCT
dem-14954	63	4	observation	observation	NOUN
dem-14954	63	5	of	of	ADP
dem-14954	63	6	macrodata	macrodata	NOUN
dem-14954	63	7	,	,	PUNCT
dem-14954	63	8	that	that	PRON
dem-14954	63	9	is	be	AUX
dem-14954	63	10	of	of	ADP
dem-14954	63	11	the	the	DET
dem-14954	63	12	structure	structure	NOUN
dem-14954	63	13	(	(	PUNCT
dem-14954	63	14	unconditional	unconditional	ADJ
dem-14954	63	15	decomposition	decomposition	NOUN
dem-14954	63	16	vectors	vector	NOUN
dem-14954	63	17	)	)	PUNCT
dem-14954	63	18	in	in	ADP
dem-14954	63	19	subsequent	subsequent	ADJ
dem-14954	63	20	periods	period	NOUN
dem-14954	63	21	requires	require	VERB
dem-14954	63	22	another	another	DET
dem-14954	63	23	apparatus	apparatus	NOUN
dem-14954	63	24	that	that	PRON
dem-14954	63	25	is	be	AUX
dem-14954	63	26	not	not	PART
dem-14954	63	27	used	use	VERB
dem-14954	63	28	in	in	ADP
dem-14954	63	29	this	this	DET
dem-14954	63	30	article	article	NOUN
dem-14954	63	31	.	.	PUNCT
dem-14954	64	1	the	the	DET
dem-14954	64	2	first	first	ADJ
dem-14954	64	3	proposal	proposal	NOUN
dem-14954	64	4	to	to	PART
dem-14954	64	5	apply	apply	VERB
dem-14954	64	6	markov	markov	NOUN
dem-14954	64	7	chains	chain	NOUN
dem-14954	64	8	to	to	PART
dem-14954	64	9	determine	determine	VERB
dem-14954	64	10	var	var	NOUN
dem-14954	64	11	was	be	AUX
dem-14954	64	12	presented	present	VERB
dem-14954	64	13	in	in	ADP
dem-14954	64	14	stawicki	stawicki	NOUN
dem-14954	64	15	's	's	PART
dem-14954	64	16	work	work	NOUN
dem-14954	64	17	(	(	PUNCT
dem-14954	64	18	2016	2016	NUM
dem-14954	64	19	)	)	PUNCT
dem-14954	64	20	while	while	SCONJ
dem-14954	64	21	presenting	present	VERB
dem-14954	64	22	another	another	DET
dem-14954	64	23	decision	decision	NOUN
dem-14954	64	24	problem	problem	NOUN
dem-14954	64	25	.	.	PUNCT
dem-14954	65	1	this	this	DET
dem-14954	65	2	proposal	proposal	NOUN
dem-14954	65	3	is	be	AUX
dem-14954	65	4	not	not	PART
dem-14954	65	5	fully	fully	ADV
dem-14954	65	6	satisfactory	satisfactory	ADJ
dem-14954	65	7	.	.	PUNCT
dem-14954	66	1	the	the	DET
dem-14954	66	2	article	article	NOUN
dem-14954	66	3	is	be	AUX
dem-14954	66	4	intended	intend	VERB
dem-14954	66	5	to	to	PART
dem-14954	66	6	compare	compare	VERB
dem-14954	66	7	the	the	DET
dem-14954	66	8	results	result	NOUN
dem-14954	66	9	obtained	obtain	VERB
dem-14954	66	10	by	by	ADP
dem-14954	66	11	means	mean	NOUN
dem-14954	66	12	of	of	ADP
dem-14954	66	13	the	the	DET
dem-14954	66	14	proposed	propose	VERB
dem-14954	66	15	method	method	NOUN
dem-14954	66	16	and	and	CCONJ
dem-14954	66	17	the	the	DET
dem-14954	66	18	method	method	NOUN
dem-14954	66	19	is	be	AUX
dem-14954	66	20	recognized	recognize	VERB
dem-14954	66	21	in	in	ADP
dem-14954	66	22	scientific	scientific	ADJ
dem-14954	66	23	literature	literature	NOUN
dem-14954	66	24	.	.	PUNCT
dem-14954	67	1	the	the	DET
dem-14954	67	2	idea	idea	NOUN
dem-14954	67	3	of	of	ADP
dem-14954	67	4	estimating	estimate	VERB
dem-14954	67	5	var	var	NOUN
dem-14954	67	6	at	at	ADP
dem-14954	67	7	a	a	DET
dem-14954	67	8	given	give	VERB
dem-14954	67	9	moment	moment	NOUN
dem-14954	67	10	using	use	VERB
dem-14954	67	11	the	the	DET
dem-14954	67	12	markov	markov	NOUN
dem-14954	67	13	chain	chain	NOUN
dem-14954	67	14	model	model	NOUN
dem-14954	67	15	is	be	AUX
dem-14954	67	16	based	base	VERB
dem-14954	67	17	on	on	ADP
dem-14954	67	18	the	the	DET
dem-14954	67	19	adequate	adequate	ADJ
dem-14954	67	20	construction	construction	NOUN
dem-14954	67	21	of	of	ADP
dem-14954	67	22	states	state	NOUN
dem-14954	67	23	.	.	PUNCT
dem-14954	68	1	the	the	DET
dem-14954	68	2	states	state	NOUN
dem-14954	68	3	for	for	ADP
dem-14954	68	4	the	the	DET
dem-14954	68	5	markov	markov	NOUN
dem-14954	68	6	chain	chain	NOUN
dem-14954	68	7	model	model	NOUN
dem-14954	68	8	are	be	AUX
dem-14954	68	9	suitably	suitably	ADV
dem-14954	68	10	selected	select	VERB
dem-14954	68	11	intervals	interval	NOUN
dem-14954	68	12	which	which	PRON
dem-14954	68	13	may	may	AUX
dem-14954	68	14	contain	contain	VERB
dem-14954	68	15	the	the	DET
dem-14954	68	16	return	return	NOUN
dem-14954	68	17	rate	rate	NOUN
dem-14954	68	18	.	.	PUNCT
dem-14954	69	1	comparison	comparison	NOUN
dem-14954	69	2	of	of	ADP
dem-14954	69	3	certain	certain	ADJ
dem-14954	69	4	dynamic	dynamic	ADJ
dem-14954	69	5	estimation	estimation	NOUN
dem-14954	69	6	methods	method	NOUN
dem-14954	69	7	of	of	ADP
dem-14954	69	8	value	value	NOUN
dem-14954	69	9	at	at	ADP
dem-14954	69	10	risk	risk	NOUN
dem-14954	69	11	…	…	PUNCT
dem-14954	69	12	dynamic	dynamic	ADJ
dem-14954	69	13	econometric	econometric	ADJ
dem-14954	69	14	models	model	NOUN
dem-14954	69	15	17	17	NUM
dem-14954	69	16	(	(	PUNCT
dem-14954	69	17	2017	2017	NUM
dem-14954	69	18	)	)	PUNCT
dem-14954	69	19	81–96	81–96	NUM
dem-14954	69	20	87	87	NUM
dem-14954	69	21	four	four	NUM
dem-14954	69	22	states	state	NOUN
dem-14954	69	23	are	be	AUX
dem-14954	69	24	required	require	VERB
dem-14954	69	25	for	for	ADP
dem-14954	69	26	the	the	DET
dem-14954	69	27	construction	construction	NOUN
dem-14954	69	28	of	of	ADP
dem-14954	69	29	markov	markov	NOUN
dem-14954	69	30	chain	chain	NOUN
dem-14954	69	31	.	.	PUNCT
dem-14954	70	1	two	two	NUM
dem-14954	70	2	of	of	ADP
dem-14954	70	3	them	they	PRON
dem-14954	70	4	play	play	VERB
dem-14954	70	5	a	a	DET
dem-14954	70	6	special	special	ADJ
dem-14954	70	7	role	role	NOUN
dem-14954	70	8	.	.	PUNCT
dem-14954	71	1	the	the	DET
dem-14954	71	2	first	first	ADJ
dem-14954	71	3	(	(	PUNCT
dem-14954	71	4	marked	mark	VERB
dem-14954	71	5	as	as	ADP
dem-14954	71	6	1s	1s	NUM
dem-14954	71	7	)	)	PUNCT
dem-14954	71	8	is	be	AUX
dem-14954	71	9	the	the	DET
dem-14954	71	10	state	state	NOUN
dem-14954	71	11	of	of	ADP
dem-14954	71	12	threat	threat	NOUN
dem-14954	71	13	,	,	PUNCT
dem-14954	71	14	taking	take	VERB
dem-14954	71	15	the	the	DET
dem-14954	71	16	form	form	NOUN
dem-14954	71	17	of	of	ADP
dem-14954	71	18	the	the	DET
dem-14954	71	19	following	follow	VERB
dem-14954	71	20	interval	interval	NOUN
dem-14954	71	21	:	:	PUNCT
dem-14954	71	22	)	)	PUNCT
dem-14954	71	23	,	,	PUNCT
dem-14954	71	24	(	(	PUNCT
dem-14954	71	25	1	1	NUM
dem-14954	71	26	vars	var	NOUN
dem-14954	71	27			NOUN
dem-14954	71	28	and	and	CCONJ
dem-14954	71	29	the	the	DET
dem-14954	71	30	second	second	ADJ
dem-14954	71	31	–	–	PUNCT
dem-14954	71	32	the	the	DET
dem-14954	71	33	state	state	NOUN
dem-14954	71	34	which	which	PRON
dem-14954	71	35	contains	contain	VERB
dem-14954	71	36	the	the	DET
dem-14954	71	37	return	return	NOUN
dem-14954	71	38	at	at	ADP
dem-14954	71	39	the	the	DET
dem-14954	71	40	present	present	ADJ
dem-14954	71	41	moment	moment	NOUN
dem-14954	71	42	.	.	PUNCT
dem-14954	72	1	3szt	3szt	NUM
dem-14954	72	2			NOUN
dem-14954	72	3	takes	take	VERB
dem-14954	72	4	the	the	DET
dem-14954	72	5	form	form	NOUN
dem-14954	72	6	of	of	ADP
dem-14954	72	7	the	the	DET
dem-14954	72	8	following	follow	VERB
dem-14954	72	9	interval	interval	NOUN
dem-14954	72	10	)	)	PUNCT
dem-14954	72	11	,	,	PUNCT
dem-14954	73	1	[	[	X
dem-14954	73	2	3	3	NUM
dem-14954	73	3	yxs	yxs	VERB
dem-14954	73	4			NOUN
dem-14954	73	5	.	.	PUNCT
dem-14954	74	1	the	the	DET
dem-14954	74	2	other	other	ADJ
dem-14954	74	3	two	two	NUM
dem-14954	74	4	states	state	NOUN
dem-14954	74	5	complement	complement	VERB
dem-14954	74	6	the	the	DET
dem-14954	74	7	entire	entire	ADJ
dem-14954	74	8	space	space	NOUN
dem-14954	74	9	of	of	ADP
dem-14954	74	10	the	the	DET
dem-14954	74	11	return	return	NOUN
dem-14954	74	12	.	.	PUNCT
dem-14954	75	1	the	the	DET
dem-14954	75	2	state	state	NOUN
dem-14954	75	3	2s	2s	PROPN
dem-14954	75	4	is	be	AUX
dem-14954	75	5	defined	define	VERB
dem-14954	75	6	as	as	ADP
dem-14954	75	7	one	one	NUM
dem-14954	75	8	taking	take	VERB
dem-14954	75	9	the	the	DET
dem-14954	75	10	form	form	NOUN
dem-14954	75	11	of	of	ADP
dem-14954	75	12	the	the	DET
dem-14954	75	13	interval	interval	NOUN
dem-14954	75	14	)	)	PUNCT
dem-14954	75	15	,	,	PUNCT
dem-14954	76	1	[	[	X
dem-14954	76	2	2	2	NUM
dem-14954	76	3	xvars	xvar	NOUN
dem-14954	76	4			NUM
dem-14954	76	5	,	,	PUNCT
dem-14954	76	6	and	and	CCONJ
dem-14954	76	7	the	the	DET
dem-14954	76	8	last	last	ADJ
dem-14954	76	9	state	state	NOUN
dem-14954	76	10	as	as	ADP
dem-14954	76	11	the	the	DET
dem-14954	76	12	interval	interval	NOUN
dem-14954	76	13	)	)	PUNCT
dem-14954	76	14	,	,	PUNCT
dem-14954	76	15	[	[	X
dem-14954	76	16	4	4	NUM
dem-14954	76	17			NUM
dem-14954	76	18	ys	ys	NOUN
dem-14954	76	19	value	value	NOUN
dem-14954	76	20	-	-	PUNCT
dem-14954	76	21	at	at	ADP
dem-14954	76	22	-	-	PUNCT
dem-14954	76	23	risk	risk	NOUN
dem-14954	76	24	is	be	AUX
dem-14954	76	25	determined	determine	VERB
dem-14954	76	26	in	in	ADP
dem-14954	76	27	accordance	accordance	NOUN
dem-14954	76	28	with	with	ADP
dem-14954	76	29	the	the	DET
dem-14954	76	30	accepted	accepted	ADJ
dem-14954	76	31	rule	rule	NOUN
dem-14954	76	32	,	,	PUNCT
dem-14954	76	33	according	accord	VERB
dem-14954	76	34	to	to	ADP
dem-14954	76	35	which	which	PRON
dem-14954	76	36	the	the	DET
dem-14954	76	37	interval	interval	NOUN
dem-14954	76	38	1s	1	NOUN
dem-14954	76	39	is	be	AUX
dem-14954	76	40	changed	change	VERB
dem-14954	76	41	empirically	empirically	ADV
dem-14954	76	42	and	and	CCONJ
dem-14954	76	43	thus	thus	ADV
dem-14954	76	44	the	the	DET
dem-14954	76	45	interval	interval	NOUN
dem-14954	76	46	2s	2s	NUM
dem-14954	76	47	,	,	PUNCT
dem-14954	76	48	estimating	estimate	VERB
dem-14954	76	49	at	at	ADP
dem-14954	76	50	each	each	DET
dem-14954	76	51	change	change	NOUN
dem-14954	76	52	the	the	DET
dem-14954	76	53	matrix	matrix	NOUN
dem-14954	76	54	of	of	ADP
dem-14954	76	55	the	the	DET
dem-14954	76	56	likelihood	likelihood	NOUN
dem-14954	76	57	of	of	ADP
dem-14954	76	58	transition	transition	NOUN
dem-14954	76	59	to	to	ADP
dem-14954	76	60	the	the	DET
dem-14954	76	61	moment	moment	NOUN
dem-14954	76	62	when	when	SCONJ
dem-14954	76	63	the	the	DET
dem-14954	76	64	likelihood	likelihood	NOUN
dem-14954	76	65	of	of	ADP
dem-14954	76	66	transition	transition	NOUN
dem-14954	76	67	31p	31p	NOUN
dem-14954	76	68	in	in	ADP
dem-14954	76	69	the	the	DET
dem-14954	76	70	matrix	matrix	NOUN
dem-14954	76	71	p	p	NOUN
dem-14954	76	72	is	be	AUX
dem-14954	76	73	less	less	ADJ
dem-14954	76	74	than	than	ADP
dem-14954	76	75	the	the	DET
dem-14954	76	76	assumed	assume	VERB
dem-14954	76	77	risk	risk	NOUN
dem-14954	76	78	level	level	NOUN
dem-14954	76	79	(	(	PUNCT
dem-14954	76	80	this	this	DET
dem-14954	76	81	work	work	NOUN
dem-14954	76	82	assumes	assume	VERB
dem-14954	76	83	)	)	PUNCT
dem-14954	76	84	05.031	05.031	NUM
dem-14954	76	85	p	p	NOUN
dem-14954	76	86	.	.	PUNCT
dem-14954	77	1	the	the	DET
dem-14954	77	2	construction	construction	NOUN
dem-14954	77	3	of	of	ADP
dem-14954	77	4	the	the	DET
dem-14954	77	5	markov	markov	NOUN
dem-14954	77	6	chain	chain	NOUN
dem-14954	77	7	described	describe	VERB
dem-14954	77	8	above	above	ADP
dem-14954	77	9	and	and	CCONJ
dem-14954	77	10	the	the	DET
dem-14954	77	11	estimation	estimation	NOUN
dem-14954	77	12	of	of	ADP
dem-14954	77	13	its	its	PRON
dem-14954	77	14	parameters	parameter	NOUN
dem-14954	77	15	,	,	PUNCT
dem-14954	77	16	i.e.	i.e.	X
dem-14954	77	17	,	,	PUNCT
dem-14954	77	18	the	the	DET
dem-14954	77	19	elements	element	NOUN
dem-14954	77	20	of	of	ADP
dem-14954	77	21	the	the	DET
dem-14954	77	22	transition	transition	NOUN
dem-14954	77	23	matrix	matrix	NOUN
dem-14954	77	24	,	,	PUNCT
dem-14954	77	25	is	be	AUX
dem-14954	77	26	a	a	DET
dem-14954	77	27	model	model	NOUN
dem-14954	77	28	construction	construction	NOUN
dem-14954	77	29	closely	closely	ADV
dem-14954	77	30	related	relate	VERB
dem-14954	77	31	to	to	ADP
dem-14954	77	32	the	the	DET
dem-14954	77	33	observed	observed	ADJ
dem-14954	77	34	return	return	NOUN
dem-14954	77	35	tz	tz	NOUN
dem-14954	77	36	.	.	PUNCT
dem-14954	78	1	for	for	ADP
dem-14954	78	2	this	this	DET
dem-14954	78	3	observation	observation	NOUN
dem-14954	78	4	,	,	PUNCT
dem-14954	78	5	the	the	DET
dem-14954	78	6	state	state	NOUN
dem-14954	78	7	3s	3s	PROPN
dem-14954	78	8	is	be	AUX
dem-14954	78	9	being	be	AUX
dem-14954	78	10	constructed	construct	VERB
dem-14954	78	11	and	and	CCONJ
dem-14954	78	12	an	an	DET
dem-14954	78	13	appropriate	appropriate	ADJ
dem-14954	78	14	interval	interval	NOUN
dem-14954	78	15	)	)	PUNCT
dem-14954	78	16	,	,	PUNCT
dem-14954	78	17	(	(	PUNCT
dem-14954	78	18	1	1	NUM
dem-14954	78	19	vars	var	NOUN
dem-14954	78	20			NOUN
dem-14954	78	21	is	be	AUX
dem-14954	78	22	searched	search	VERB
dem-14954	78	23	.	.	PUNCT
dem-14954	79	1	the	the	DET
dem-14954	79	2	size	size	NOUN
dem-14954	79	3	of	of	ADP
dem-14954	79	4	the	the	DET
dem-14954	79	5	interval	interval	NOUN
dem-14954	79	6	)	)	PUNCT
dem-14954	79	7	,	,	PUNCT
dem-14954	79	8	[	[	X
dem-14954	79	9	3	3	NUM
dem-14954	79	10	yxs	yxs	NOUN
dem-14954	79	11			PROPN
dem-14954	79	12	is	be	AUX
dem-14954	79	13	dictated	dictate	VERB
dem-14954	79	14	by	by	ADP
dem-14954	79	15	the	the	DET
dem-14954	79	16	amount	amount	NOUN
dem-14954	79	17	of	of	ADP
dem-14954	79	18	available	available	ADJ
dem-14954	79	19	information	information	NOUN
dem-14954	79	20	and	and	CCONJ
dem-14954	79	21	thus	thus	ADV
dem-14954	79	22	by	by	ADP
dem-14954	79	23	the	the	DET
dem-14954	79	24	possibility	possibility	NOUN
dem-14954	79	25	of	of	ADP
dem-14954	79	26	estimating	estimate	VERB
dem-14954	79	27	the	the	DET
dem-14954	79	28	parameter	parameter	NOUN
dem-14954	79	29	31p	31p	NUM
dem-14954	79	30	.	.	PUNCT
dem-14954	80	1	in	in	ADP
dem-14954	80	2	this	this	DET
dem-14954	80	3	study	study	NOUN
dem-14954	80	4	,	,	PUNCT
dem-14954	80	5	the	the	DET
dem-14954	80	6	interval	interval	NOUN
dem-14954	80	7	)	)	PUNCT
dem-14954	80	8	005,0,005,0	005,0,005,0	PROPN
dem-14954	80	9	[	[	PUNCT
dem-14954	80	10			NOUN
dem-14954	80	11	tt	tt	PROPN
dem-14954	80	12	zz	zz	PROPN
dem-14954	80	13	was	be	AUX
dem-14954	80	14	accepted	accept	VERB
dem-14954	80	15	for	for	ADP
dem-14954	80	16	each	each	DET
dem-14954	80	17	observation	observation	NOUN
dem-14954	80	18	where	where	SCONJ
dem-14954	80	19	the	the	DET
dem-14954	80	20	standard	standard	ADJ
dem-14954	80	21	deviation	deviation	NOUN
dem-14954	80	22	of	of	ADP
dem-14954	80	23	the	the	DET
dem-14954	80	24	examined	examine	VERB
dem-14954	80	25	return	return	NOUN
dem-14954	80	26	amounted	amount	VERB
dem-14954	80	27	to	to	ADP
dem-14954	80	28	.0339.0std	.0339.0std	PROPN
dem-14954	80	29	by	by	ADP
dem-14954	80	30	taking	take	VERB
dem-14954	80	31	,	,	PUNCT
dem-14954	80	32	for	for	ADP
dem-14954	80	33	example	example	NOUN
dem-14954	80	34	,	,	PUNCT
dem-14954	80	35	an	an	DET
dem-14954	80	36	observation	observation	NOUN
dem-14954	80	37	of	of	ADP
dem-14954	80	38	the	the	DET
dem-14954	80	39	return	return	NOUN
dem-14954	80	40	0tz	0tz	NOUN
dem-14954	80	41	,	,	PUNCT
dem-14954	80	42	the	the	DET
dem-14954	80	43	state	state	NOUN
dem-14954	80	44	3s	3s	PROPN
dem-14954	80	45	takes	take	VERB
dem-14954	80	46	the	the	DET
dem-14954	80	47	form	form	NOUN
dem-14954	80	48	of	of	ADP
dem-14954	80	49	the	the	DET
dem-14954	80	50	interval	interval	NOUN
dem-14954	80	51	)	)	PUNCT
dem-14954	80	52	005.0,005.0[3	005.0,005.0[3	NOUN
dem-14954	80	53	s	s	NOUN
dem-14954	80	54	.	.	PUNCT
dem-14954	81	1	the	the	DET
dem-14954	81	2	transition	transition	NOUN
dem-14954	81	3	matrix	matrix	NOUN
dem-14954	81	4	(	(	PUNCT
dem-14954	81	5	assuming	assume	VERB
dem-14954	81	6	the	the	DET
dem-14954	81	7	parameter	parameter	NOUN
dem-14954	81	8	)	)	PUNCT
dem-14954	81	9	05.031	05.031	NUM
dem-14954	82	1	p	p	PRON
dem-14954	82	2	takes	take	VERB
dem-14954	82	3	the	the	DET
dem-14954	82	4	form	form	NOUN
dem-14954	82	5	:	:	PUNCT
dem-14954	82	6	s1	s1	PROPN
dem-14954	82	7	s2	s2	PROPN
dem-14954	82	8	s3	s3	PROPN
dem-14954	82	9	s4	s4	PROPN
dem-14954	82	10	s1	s1	NOUN
dem-14954	82	11	0.1207	0.1207	NUM
dem-14954	82	12	0.2241	0.2241	NUM
dem-14954	82	13	0.0172	0.0172	NUM
dem-14954	82	14	0.6379	0.6379	NUM
dem-14954	82	15	p	p	NOUN
dem-14954	82	16	=	=	NOUN
dem-14954	82	17	s2	s2	NOUN
dem-14954	82	18	0.0622	0.0622	NUM
dem-14954	82	19	0.3710	0.3710	NUM
dem-14954	82	20	0.1866	0.1866	NUM
dem-14954	82	21	0.3802	0.3802	NUM
dem-14954	82	22	s3	s3	PROPN
dem-14954	82	23	0.0325	0.0325	NUM
dem-14954	82	24	0.3862	0.3862	NUM
dem-14954	82	25	0.2805	0.2805	NUM
dem-14954	82	26	0.3008	0.3008	NUM
dem-14954	82	27	s4	s4	NOUN
dem-14954	82	28	0.0365	0.0365	NUM
dem-14954	82	29	0.3744	0.3744	NUM
dem-14954	82	30	0.2169	0.2169	NUM
dem-14954	82	31	0.3721	0.3721	NUM
dem-14954	82	32	the	the	DET
dem-14954	82	33	state	state	NOUN
dem-14954	82	34	1s	1	NOUN
dem-14954	82	35	is	be	AUX
dem-14954	82	36	presented	present	VERB
dem-14954	82	37	as	as	ADP
dem-14954	82	38	the	the	DET
dem-14954	82	39	interval	interval	NOUN
dem-14954	82	40			PROPN
dem-14954	82	41	0526.0,1	0526.0,1	ADP
dem-14954	82	42	s	s	PROPN
dem-14954	82	43	thus	thus	ADV
dem-14954	82	44	indicating	indicate	VERB
dem-14954	82	45	the	the	DET
dem-14954	82	46	value	value	NOUN
dem-14954	82	47	-	-	PUNCT
dem-14954	82	48	at	at	ADP
dem-14954	82	49	-	-	PUNCT
dem-14954	82	50	risk	risk	NOUN
dem-14954	82	51	=	=	PUNCT
dem-14954	82	52	–	–	PUNCT
dem-14954	82	53	0.0526	0.0526	NUM
dem-14954	82	54	.	.	PUNCT
dem-14954	83	1	alicja	alicja	ADP
dem-14954	83	2	ganczarek	ganczarek	NOUN
dem-14954	83	3	-	-	PUNCT
dem-14954	83	4	gamrot	gamrot	NOUN
dem-14954	83	5	,	,	PUNCT
dem-14954	83	6	józef	józef	ADJ
dem-14954	83	7	stawicki	stawicki	PROPN
dem-14954	83	8	dynamic	dynamic	ADJ
dem-14954	83	9	econometric	econometric	ADJ
dem-14954	83	10	models	model	NOUN
dem-14954	83	11	17	17	NUM
dem-14954	83	12	(	(	PUNCT
dem-14954	83	13	2017	2017	NUM
dem-14954	83	14	)	)	PUNCT
dem-14954	83	15	81–96	81–96	NUM
dem-14954	83	16	88	88	NUM
dem-14954	83	17	by	by	ADP
dem-14954	83	18	determining	determine	VERB
dem-14954	83	19	value	value	NOUN
dem-14954	83	20	-	-	PUNCT
dem-14954	83	21	at	at	ADP
dem-14954	83	22	-	-	PUNCT
dem-14954	83	23	risk	risk	NOUN
dem-14954	83	24	in	in	ADP
dem-14954	83	25	this	this	DET
dem-14954	83	26	way	way	NOUN
dem-14954	83	27	,	,	PUNCT
dem-14954	83	28	we	we	PRON
dem-14954	83	29	obtain	obtain	VERB
dem-14954	83	30	a	a	DET
dem-14954	83	31	simple	simple	ADJ
dem-14954	83	32	way	way	NOUN
dem-14954	83	33	of	of	ADP
dem-14954	83	34	making	make	VERB
dem-14954	83	35	var	var	NOUN
dem-14954	83	36	dependent	dependent	ADJ
dem-14954	83	37	on	on	ADP
dem-14954	83	38	the	the	DET
dem-14954	83	39	value	value	NOUN
dem-14954	83	40	currently	currently	ADV
dem-14954	83	41	observed	observe	VERB
dem-14954	83	42	and	and	CCONJ
dem-14954	83	43	taking	take	VERB
dem-14954	83	44	the	the	DET
dem-14954	83	45	form	form	NOUN
dem-14954	83	46	of	of	ADP
dem-14954	83	47	the	the	DET
dem-14954	83	48	function	function	NOUN
dem-14954	83	49	)	)	PUNCT
dem-14954	83	50	(	(	PUNCT
dem-14954	83	51	zvar	zvar	NOUN
dem-14954	83	52	.	.	PUNCT
dem-14954	84	1	in	in	ADP
dem-14954	84	2	the	the	DET
dem-14954	84	3	case	case	NOUN
dem-14954	84	4	of	of	ADP
dem-14954	84	5	a	a	DET
dem-14954	84	6	white	white	ADJ
dem-14954	84	7	noise	noise	NOUN
dem-14954	84	8	process	process	NOUN
dem-14954	84	9	,	,	PUNCT
dem-14954	84	10	this	this	DET
dem-14954	84	11	function	function	NOUN
dem-14954	84	12	is	be	AUX
dem-14954	84	13	constant	constant	ADJ
dem-14954	84	14	at	at	ADP
dem-14954	84	15	the	the	DET
dem-14954	84	16	set	set	ADJ
dem-14954	84	17	quantile	quantile	ADJ
dem-14954	84	18	value	value	NOUN
dem-14954	84	19	.	.	PUNCT
dem-14954	85	1	for	for	ADP
dem-14954	85	2	the	the	DET
dem-14954	85	3	studied	study	VERB
dem-14954	85	4	process	process	NOUN
dem-14954	85	5	,	,	PUNCT
dem-14954	85	6	the	the	DET
dem-14954	85	7	function	function	NOUN
dem-14954	85	8	)	)	PUNCT
dem-14954	85	9	(	(	PUNCT
dem-14954	85	10	zvar	zvar	NOUN
dem-14954	85	11	was	be	AUX
dem-14954	85	12	evaluated	evaluate	VERB
dem-14954	85	13	in	in	ADP
dem-14954	85	14	a	a	DET
dem-14954	85	15	parabolic	parabolic	ADJ
dem-14954	85	16	form	form	NOUN
dem-14954	85	17	.	.	PUNCT
dem-14954	86	1	the	the	DET
dem-14954	86	2	question	question	NOUN
dem-14954	86	3	remains	remain	VERB
dem-14954	86	4	,	,	PUNCT
dem-14954	86	5	however	however	ADV
dem-14954	86	6	,	,	PUNCT
dem-14954	86	7	by	by	ADP
dem-14954	86	8	how	how	SCONJ
dem-14954	86	9	much	much	ADJ
dem-14954	86	10	the	the	DET
dem-14954	86	11	function	function	NOUN
dem-14954	86	12	)	)	PUNCT
dem-14954	86	13	(	(	PUNCT
dem-14954	86	14	zvar	zvar	NOUN
dem-14954	86	15	changes	change	NOUN
dem-14954	86	16	if	if	SCONJ
dem-14954	86	17	we	we	PRON
dem-14954	86	18	determine	determine	VERB
dem-14954	86	19	the	the	DET
dem-14954	86	20	interval	interval	NOUN
dem-14954	86	21	3s	3s	NOUN
dem-14954	86	22	differently	differently	ADV
dem-14954	86	23	,	,	PUNCT
dem-14954	86	24	and	and	CCONJ
dem-14954	86	25	how	how	SCONJ
dem-14954	86	26	this	this	DET
dem-14954	86	27	function	function	NOUN
dem-14954	86	28	is	be	AUX
dem-14954	86	29	related	relate	VERB
dem-14954	86	30	to	to	ADP
dem-14954	86	31	the	the	DET
dem-14954	86	32	type	type	NOUN
dem-14954	86	33	and	and	CCONJ
dem-14954	86	34	parameters	parameter	NOUN
dem-14954	86	35	of	of	ADP
dem-14954	86	36	the	the	DET
dem-14954	86	37	model	model	NOUN
dem-14954	86	38	generating	generating	NOUN
dem-14954	86	39	returns	return	NOUN
dem-14954	86	40	.	.	PUNCT
dem-14954	87	1	identification	identification	NOUN
dem-14954	87	2	of	of	ADP
dem-14954	87	3	such	such	DET
dem-14954	87	4	a	a	DET
dem-14954	87	5	function	function	NOUN
dem-14954	87	6	gives	give	VERB
dem-14954	87	7	one	one	NUM
dem-14954	87	8	a	a	DET
dem-14954	87	9	simple	simple	ADJ
dem-14954	87	10	tool	tool	NOUN
dem-14954	87	11	for	for	ADP
dem-14954	87	12	determining	determine	VERB
dem-14954	87	13	var	var	NOUN
dem-14954	87	14	on	on	ADP
dem-14954	87	15	a	a	DET
dem-14954	87	16	current	current	ADJ
dem-14954	87	17	basis	basis	NOUN
dem-14954	87	18	.	.	PUNCT
dem-14954	88	1	for	for	ADP
dem-14954	88	2	the	the	DET
dem-14954	88	3	purposes	purpose	NOUN
dem-14954	88	4	of	of	ADP
dem-14954	88	5	this	this	DET
dem-14954	88	6	article	article	NOUN
dem-14954	88	7	,	,	PUNCT
dem-14954	88	8	this	this	DET
dem-14954	88	9	function	function	NOUN
dem-14954	88	10	is	be	AUX
dem-14954	88	11	estimated	estimate	VERB
dem-14954	88	12	as	as	ADP
dem-14954	88	13	a	a	DET
dem-14954	88	14	quadratic	quadratic	ADJ
dem-14954	88	15	polynomial	polynomial	NOUN
dem-14954	88	16	.	.	PUNCT
dem-14954	89	1	5066.0	5066.0	NUM
dem-14954	89	2	0474.0221.0274.7	0474.0221.0274.7	NOUN
dem-14954	89	3	)	)	PUNCT
dem-14954	89	4	(	(	PUNCT
dem-14954	89	5	2	2	NUM
dem-14954	89	6	2	2	NUM
dem-14954	89	7			NOUN
dem-14954	89	8			ADJ
dem-14954	89	9	r	r	NOUN
dem-14954	89	10	zzzvar	zzzvar	NOUN
dem-14954	89	11	this	this	DET
dem-14954	89	12	function	function	NOUN
dem-14954	89	13	is	be	AUX
dem-14954	89	14	presented	present	VERB
dem-14954	89	15	in	in	ADP
dem-14954	89	16	fig	fig	NOUN
dem-14954	89	17	.	.	PUNCT
dem-14954	90	1	3.1	3.1	NUM
dem-14954	90	2	.	.	PUNCT
dem-14954	90	3	figure	figure	NOUN
dem-14954	90	4	3	3	NUM
dem-14954	90	5	.	.	PUNCT
dem-14954	91	1	the	the	DET
dem-14954	91	2	var	var	NOUN
dem-14954	91	3	function	function	NOUN
dem-14954	91	4	based	base	VERB
dem-14954	91	5	on	on	ADP
dem-14954	91	6	the	the	DET
dem-14954	91	7	return	return	NOUN
dem-14954	91	8	figure	figure	NOUN
dem-14954	91	9	4	4	NUM
dem-14954	91	10	presents	present	VERB
dem-14954	91	11	a	a	DET
dem-14954	91	12	selected	select	VERB
dem-14954	91	13	part	part	NOUN
dem-14954	91	14	of	of	ADP
dem-14954	91	15	a	a	DET
dem-14954	91	16	time	time	NOUN
dem-14954	91	17	series	series	NOUN
dem-14954	91	18	of	of	ADP
dem-14954	91	19	returns	return	NOUN
dem-14954	91	20	(	(	PUNCT
dem-14954	91	21	zt	zt	PROPN
dem-14954	91	22	)	)	PUNCT
dem-14954	91	23	and	and	CCONJ
dem-14954	91	24	the	the	DET
dem-14954	91	25	estimated	estimate	VERB
dem-14954	91	26	05.0var	05.0var	NOUN
dem-14954	91	27	for	for	ADP
dem-14954	91	28	the	the	DET
dem-14954	91	29	one	one	NUM
dem-14954	91	30	-	-	PUNCT
dem-14954	91	31	day	day	NOUN
dem-14954	91	32	investment	investment	NOUN
dem-14954	91	33	horizon	horizon	NOUN
dem-14954	91	34	using	use	VERB
dem-14954	91	35	the	the	DET
dem-14954	91	36	theory	theory	NOUN
dem-14954	91	37	of	of	ADP
dem-14954	91	38	markov	markov	NOUN
dem-14954	91	39	chains	chain	NOUN
dem-14954	91	40	.	.	PUNCT
dem-14954	92	1	-0,16	-0,16	PUNCT
dem-14954	92	2	-0,14	-0,14	ADP
dem-14954	92	3	-0,12	-0,12	X
dem-14954	92	4	-0,1	-0,1	INTJ
dem-14954	93	1	-0,08	-0,08	PROPN
dem-14954	93	2	-0,06	-0,06	INTJ
dem-14954	94	1	-0,04	-0,04	PROPN
dem-14954	94	2	-0,02	-0,02	PROPN
dem-14954	94	3	0	0	NUM
dem-14954	95	1	-0,1	-0,1	NOUN
dem-14954	96	1	-0,05	-0,05	NOUN
dem-14954	96	2	0	0	NUM
dem-14954	96	3	0,05	0,05	NUM
dem-14954	96	4	0,1	0,1	NUM
dem-14954	96	5	0,15	0,15	NUM
dem-14954	96	6	comparison	comparison	NOUN
dem-14954	96	7	of	of	ADP
dem-14954	96	8	certain	certain	ADJ
dem-14954	96	9	dynamic	dynamic	ADJ
dem-14954	96	10	estimation	estimation	NOUN
dem-14954	96	11	methods	method	NOUN
dem-14954	96	12	of	of	ADP
dem-14954	96	13	value	value	NOUN
dem-14954	96	14	at	at	ADP
dem-14954	96	15	risk	risk	NOUN
dem-14954	96	16	…	…	PUNCT
dem-14954	96	17	dynamic	dynamic	ADJ
dem-14954	96	18	econometric	econometric	ADJ
dem-14954	96	19	models	model	NOUN
dem-14954	96	20	17	17	NUM
dem-14954	96	21	(	(	PUNCT
dem-14954	96	22	2017	2017	NUM
dem-14954	96	23	)	)	PUNCT
dem-14954	96	24	81–96	81–96	NUM
dem-14954	96	25	89	89	NUM
dem-14954	96	26	figure	figure	NOUN
dem-14954	96	27	4	4	NUM
dem-14954	96	28	.	.	PUNCT
dem-14954	97	1	the	the	DET
dem-14954	97	2	results	result	NOUN
dem-14954	97	3	of	of	ADP
dem-14954	97	4	var	var	NOUN
dem-14954	97	5	estimation	estimation	NOUN
dem-14954	97	6	for	for	ADP
dem-14954	97	7	the	the	DET
dem-14954	97	8	selected	select	VERB
dem-14954	97	9	subperiod	subperiod	NOUN
dem-14954	97	10	of	of	ADP
dem-14954	97	11	250	250	NUM
dem-14954	97	12	observations	observation	NOUN
dem-14954	97	13	using	use	VERB
dem-14954	97	14	markov	markov	NOUN
dem-14954	97	15	chains	chain	VERB
dem-14954	97	16	3.2	3.2	NUM
dem-14954	97	17	autoregressive	autoregressive	ADJ
dem-14954	97	18	models	model	NOUN
dem-14954	97	19	in	in	ADP
dem-14954	97	20	order	order	NOUN
dem-14954	97	21	to	to	PART
dem-14954	97	22	compare	compare	VERB
dem-14954	97	23	the	the	DET
dem-14954	97	24	results	result	NOUN
dem-14954	97	25	obtained	obtain	VERB
dem-14954	97	26	using	use	VERB
dem-14954	97	27	markov	markov	NOUN
dem-14954	97	28	chains	chain	NOUN
dem-14954	97	29	,	,	PUNCT
dem-14954	97	30	the	the	DET
dem-14954	97	31	var	var	NOUN
dem-14954	97	32	was	be	AUX
dem-14954	97	33	determined	determine	VERB
dem-14954	97	34	applying	apply	VERB
dem-14954	97	35	the	the	DET
dem-14954	97	36	classical	classical	ADJ
dem-14954	97	37	method	method	NOUN
dem-14954	97	38	by	by	ADP
dem-14954	97	39	estimating	estimate	VERB
dem-14954	97	40	the	the	DET
dem-14954	97	41	function	function	NOUN
dem-14954	97	42	approximating	approximate	VERB
dem-14954	97	43	the	the	DET
dem-14954	97	44	behaviour	behaviour	NOUN
dem-14954	97	45	of	of	ADP
dem-14954	97	46	a	a	DET
dem-14954	97	47	series	series	NOUN
dem-14954	97	48	of	of	ADP
dem-14954	97	49	returns	return	NOUN
dem-14954	97	50	and	and	CCONJ
dem-14954	97	51	the	the	DET
dem-14954	97	52	use	use	NOUN
dem-14954	97	53	of	of	ADP
dem-14954	97	54	the	the	DET
dem-14954	97	55	estimated	estimate	VERB
dem-14954	97	56	model	model	NOUN
dem-14954	97	57	.	.	PUNCT
dem-14954	98	1	the	the	DET
dem-14954	98	2	sarima	sarima	NOUN
dem-14954	98	3	(	(	PUNCT
dem-14954	98	4	seasonal	seasonal	ADJ
dem-14954	98	5	auto	auto	NOUN
dem-14954	98	6	-	-	PUNCT
dem-14954	98	7	regressive	regressive	ADJ
dem-14954	98	8	integrated	integrated	ADJ
dem-14954	98	9	moving	move	VERB
dem-14954	98	10	average	average	ADJ
dem-14954	98	11	)	)	PUNCT
dem-14954	98	12	models	model	NOUN
dem-14954	98	13	(	(	PUNCT
dem-14954	98	14	p	p	X
dem-14954	98	15	,	,	PUNCT
dem-14954	98	16	d	d	PROPN
dem-14954	98	17	,	,	PUNCT
dem-14954	98	18	q)	q)	PROPN
dem-14954	98	19	(	(	PUNCT
dem-14954	98	20	p	p	X
dem-14954	98	21	,	,	PUNCT
dem-14954	98	22	d	d	NOUN
dem-14954	98	23	,	,	PUNCT
dem-14954	98	24	q	q	NOUN
dem-14954	98	25	)	)	PUNCT
dem-14954	98	26	(	(	PUNCT
dem-14954	98	27	brockwell	brockwell	PROPN
dem-14954	98	28	,	,	PUNCT
dem-14954	98	29	davis	davis	PROPN
dem-14954	98	30	,	,	PUNCT
dem-14954	98	31	1996	1996	NUM
dem-14954	98	32	)	)	PUNCT
dem-14954	98	33	are	be	AUX
dem-14954	98	34	used	use	VERB
dem-14954	98	35	to	to	PART
dem-14954	98	36	describe	describe	VERB
dem-14954	98	37	the	the	DET
dem-14954	98	38	level	level	NOUN
dem-14954	98	39	of	of	ADP
dem-14954	98	40	phenomena	phenomenon	NOUN
dem-14954	98	41	shaping	shape	VERB
dem-14954	98	42	over	over	ADP
dem-14954	98	43	time	time	NOUN
dem-14954	98	44	at	at	ADP
dem-14954	98	45	high	high	ADJ
dem-14954	98	46	frequency	frequency	NOUN
dem-14954	98	47	of	of	ADP
dem-14954	98	48	observation	observation	NOUN
dem-14954	98	49	,	,	PUNCT
dem-14954	98	50	in	in	SCONJ
dem-14954	98	51	which	which	DET
dem-14954	98	52	autocorrelation	autocorrelation	NOUN
dem-14954	98	53	and	and	CCONJ
dem-14954	98	54	seasonality	seasonality	NOUN
dem-14954	98	55	are	be	AUX
dem-14954	98	56	used	use	VERB
dem-14954	98	57	.	.	PUNCT
dem-14954	99	1	tsts	tst	NOUN
dem-14954	99	2	bqbqzbpbp	bqbqzbpbp	PROPN
dem-14954	99	3			PROPN
dem-14954	99	4	)	)	PUNCT
dem-14954	99	5	(	(	PUNCT
dem-14954	99	6	)	)	PUNCT
dem-14954	99	7	(	(	PUNCT
dem-14954	99	8	)	)	PUNCT
dem-14954	99	9	(	(	PUNCT
dem-14954	99	10	)	)	PUNCT
dem-14954	99	11	(	(	PUNCT
dem-14954	99	12	sd	sd	ADP
dem-14954	99	13	s	s	NOUN
dem-14954	99	14	s	s	NOUN
dem-14954	99	15			NOUN
dem-14954	99	16	,	,	PUNCT
dem-14954	99	17	(	(	PUNCT
dem-14954	99	18	14	14	NUM
dem-14954	99	19	)	)	PUNCT
dem-14954	99	20	where	where	SCONJ
dem-14954	99	21	:	:	PUNCT
dem-14954	99	22			DET
dem-14954	99	23			NUM
dem-14954	99	24			PROPN
dem-14954	99	25	pp	pp	ADP
dem-14954	99	26	11	11	NUM
dem-14954	99	27	1)(,1	1)(,1	NUM
dem-14954	99	28	)	)	PUNCT
dem-14954	99	29	(	(	PUNCT
dem-14954	99	30	i	i	PRON
dem-14954	99	31	i	i	PROPN
dem-14954	99	32	iss	iss	VERB
dem-14954	100	1	i	i	PRON
dem-14954	100	2	i	i	PRON
dem-14954	101	1	i	i	PROPN
dem-14954	101	2	bpbpbpbp	bpbpbpbp	NOUN
dem-14954	101	3	,	,	PUNCT
dem-14954	101	4			ADV
dem-14954	101	5			NUM
dem-14954	101	6			PROPN
dem-14954	101	7	qq	qq	PROPN
dem-14954	101	8	11	11	NUM
dem-14954	101	9	1)(,1	1)(,1	NUM
dem-14954	101	10	)	)	PUNCT
dem-14954	102	1	(	(	PUNCT
dem-14954	102	2	i	i	PRON
dem-14954	102	3	i	i	PROPN
dem-14954	102	4	iss	iss	VERB
dem-14954	102	5	i	i	PRON
dem-14954	103	1	i	i	PRON
dem-14954	104	1	i	i	PRON
dem-14954	104	2	bqbqbqbq	bqbqbqbq	VERB
dem-14954	104	3	,	,	PUNCT
dem-14954	104	4	s	s	PART
dem-14954	104	5	–	–	PUNCT
dem-14954	104	6	seasonal	seasonal	ADJ
dem-14954	104	7	lag	lag	NOUN
dem-14954	104	8	,	,	PUNCT
dem-14954	104	9	d	d	NOUN
dem-14954	104	10	–	–	PUNCT
dem-14954	104	11	order	order	NOUN
dem-14954	104	12	of	of	ADP
dem-14954	104	13	series	series	NOUN
dem-14954	104	14	integration	integration	NOUN
dem-14954	104	15	,	,	PUNCT
dem-14954	104	16	tz	tz	PROPN
dem-14954	104	17	–	–	PUNCT
dem-14954	104	18	empirical	empirical	ADJ
dem-14954	104	19	values	value	NOUN
dem-14954	104	20	of	of	ADP
dem-14954	104	21	series	series	NOUN
dem-14954	104	22	,	,	PUNCT
dem-14954	104	23	b	b	X
dem-14954	104	24	–	–	PUNCT
dem-14954	104	25	transition	transition	NOUN
dem-14954	104	26	operator	operator	NOUN
dem-14954	104	27	stt	stt	PROPN
dem-14954	104	28	s	s	PROPN
dem-14954	104	29	zzb	zzb	PROPN
dem-14954	104	30			PROPN
dem-14954	104	31	,	,	PUNCT
dem-14954	104	32			PROPN
dem-14954	104	33	–	–	PUNCT
dem-14954	104	34	differential	differential	NOUN
dem-14954	104	35	operator	operator	NOUN
dem-14954	104	36	t	t	PROPN
dem-14954	104	37	s	s	PART
dem-14954	104	38	sttt	sttt	NOUN
dem-14954	104	39	s	s	PART
dem-14954	104	40	zbzzz	zbzzz	NOUN
dem-14954	104	41	)	)	PUNCT
dem-14954	104	42	1	1	NUM
dem-14954	104	43	(	(	PUNCT
dem-14954	104	44			NUM
dem-14954	104	45			NOUN
dem-14954	104	46	,	,	PUNCT
dem-14954	104	47	t	t	PROPN
dem-14954	104	48	–	–	PUNCT
dem-14954	104	49	model	model	NOUN
dem-14954	104	50	residuals	residual	NOUN
dem-14954	104	51	.	.	PUNCT
dem-14954	105	1	-0,2	-0,2	NUM
dem-14954	106	1	-0,15	-0,15	PUNCT
dem-14954	106	2	-0,1	-0,1	INTJ
dem-14954	107	1	-0,05	-0,05	NOUN
dem-14954	107	2	0	0	NUM
dem-14954	108	1	0,05	0,05	NUM
dem-14954	108	2	0,1	0,1	NUM
dem-14954	108	3	0,15	0,15	NUM
dem-14954	108	4	0,2	0,2	NUM
dem-14954	108	5	0,25	0,25	NUM
dem-14954	108	6	1	1	NUM
dem-14954	108	7	10	10	NUM
dem-14954	108	8	19	19	NUM
dem-14954	108	9	28	28	NUM
dem-14954	108	10	37	37	NUM
dem-14954	108	11	46	46	NUM
dem-14954	108	12	55	55	NUM
dem-14954	108	13	64	64	NUM
dem-14954	108	14	73	73	NUM
dem-14954	108	15	82	82	NUM
dem-14954	108	16	91	91	NUM
dem-14954	108	17	10	10	NUM
dem-14954	108	18	0	0	NUM
dem-14954	108	19	10	10	NUM
dem-14954	108	20	9	9	NUM
dem-14954	108	21	11	11	NUM
dem-14954	108	22	8	8	NUM
dem-14954	108	23	12	12	NUM
dem-14954	108	24	7	7	NUM
dem-14954	108	25	13	13	NUM
dem-14954	108	26	6	6	NUM
dem-14954	108	27	14	14	NUM
dem-14954	108	28	5	5	NUM
dem-14954	108	29	15	15	NUM
dem-14954	108	30	4	4	NUM
dem-14954	108	31	16	16	NUM
dem-14954	108	32	3	3	NUM
dem-14954	108	33	17	17	NUM
dem-14954	108	34	2	2	NUM
dem-14954	108	35	18	18	NUM
dem-14954	108	36	1	1	NUM
dem-14954	108	37	19	19	NUM
dem-14954	108	38	0	0	NUM
dem-14954	108	39	19	19	NUM
dem-14954	108	40	9	9	NUM
dem-14954	108	41	20	20	NUM
dem-14954	108	42	8	8	NUM
dem-14954	108	43	21	21	NUM
dem-14954	108	44	7	7	NUM
dem-14954	108	45	22	22	NUM
dem-14954	108	46	6	6	NUM
dem-14954	108	47	23	23	NUM
dem-14954	108	48	5	5	NUM
dem-14954	108	49	24	24	NUM
dem-14954	108	50	4	4	NUM
dem-14954	108	51	return	return	NOUN
dem-14954	108	52	rate	rate	NOUN
dem-14954	108	53	var	var	NOUN
dem-14954	108	54	alicja	alicja	PROPN
dem-14954	108	55	ganczarek	ganczarek	NOUN
dem-14954	108	56	-	-	PUNCT
dem-14954	108	57	gamrot	gamrot	NOUN
dem-14954	108	58	,	,	PUNCT
dem-14954	108	59	józef	józef	ADJ
dem-14954	108	60	stawicki	stawicki	PROPN
dem-14954	108	61	dynamic	dynamic	ADJ
dem-14954	108	62	econometric	econometric	ADJ
dem-14954	108	63	models	model	NOUN
dem-14954	108	64	17	17	NUM
dem-14954	108	65	(	(	PUNCT
dem-14954	108	66	2017	2017	NUM
dem-14954	108	67	)	)	PUNCT
dem-14954	108	68	81–96	81–96	NUM
dem-14954	108	69	90	90	NUM
dem-14954	108	70	the	the	DET
dem-14954	108	71	residuals	residual	NOUN
dem-14954	108	72	t	t	PROPN
dem-14954	108	73			NOUN
dem-14954	108	74	of	of	ADP
dem-14954	108	75	a	a	DET
dem-14954	108	76	linear	linear	ADJ
dem-14954	108	77	autoregressive	autoregressive	ADJ
dem-14954	108	78	model	model	NOUN
dem-14954	109	1	do	do	AUX
dem-14954	109	2	not	not	PART
dem-14954	109	3	meet	meet	VERB
dem-14954	109	4	the	the	DET
dem-14954	109	5	conditions	condition	NOUN
dem-14954	109	6	of	of	ADP
dem-14954	109	7	white	white	ADJ
dem-14954	109	8	noise	noise	NOUN
dem-14954	109	9	and	and	CCONJ
dem-14954	109	10	display	display	VERB
dem-14954	109	11	a	a	DET
dem-14954	109	12	significant	significant	ADJ
dem-14954	109	13	arch	arch	ADJ
dem-14954	109	14	effect	effect	NOUN
dem-14954	109	15	,	,	PUNCT
dem-14954	109	16	therefore	therefore	ADV
dem-14954	109	17	model	model	NOUN
dem-14954	109	18	(	(	PUNCT
dem-14954	109	19	14	14	NUM
dem-14954	109	20	)	)	PUNCT
dem-14954	109	21	is	be	AUX
dem-14954	109	22	complemented	complement	VERB
dem-14954	109	23	by	by	ADP
dem-14954	109	24	a	a	DET
dem-14954	109	25	model	model	NOUN
dem-14954	109	26	allowing	allow	VERB
dem-14954	109	27	for	for	ADP
dem-14954	109	28	heteroscedasticity	heteroscedasticity	NOUN
dem-14954	109	29	of	of	ADP
dem-14954	109	30	variance	variance	NOUN
dem-14954	109	31	:	:	PUNCT
dem-14954	110	1	ttt	ttt	NOUN
dem-14954	110	2			X
dem-14954	111	1			NOUN
dem-14954	111	2	.	.	PUNCT
dem-14954	112	1	(	(	PUNCT
dem-14954	112	2	15	15	NUM
dem-14954	112	3	)	)	PUNCT
dem-14954	112	4	for	for	ADP
dem-14954	112	5	the	the	DET
dem-14954	112	6	purposes	purpose	NOUN
dem-14954	112	7	of	of	ADP
dem-14954	112	8	this	this	DET
dem-14954	112	9	work	work	NOUN
dem-14954	112	10	,	,	PUNCT
dem-14954	112	11	out	out	ADP
dem-14954	112	12	of	of	ADP
dem-14954	112	13	the	the	DET
dem-14954	112	14	numerous	numerous	ADJ
dem-14954	112	15	class	class	NOUN
dem-14954	112	16	of	of	ADP
dem-14954	112	17	conditional	conditional	ADJ
dem-14954	112	18	variance	variance	NOUN
dem-14954	112	19	models	model	NOUN
dem-14954	112	20	,	,	PUNCT
dem-14954	112	21	we	we	PRON
dem-14954	112	22	selected	select	VERB
dem-14954	112	23	a	a	DET
dem-14954	112	24	model	model	NOUN
dem-14954	112	25	proposed	propose	VERB
dem-14954	112	26	by	by	ADP
dem-14954	112	27	glosten	glosten	ADJ
dem-14954	112	28	,	,	PUNCT
dem-14954	112	29	jagannathan	jagannathan	NOUN
dem-14954	112	30	and	and	CCONJ
dem-14954	112	31	runkle	runkle	ADJ
dem-14954	112	32	(	(	PUNCT
dem-14954	112	33	gjr	gjr	NOUN
dem-14954	112	34	)	)	PUNCT
dem-14954	112	35	in	in	ADP
dem-14954	112	36	1993	1993	NUM
dem-14954	112	37	:	:	PUNCT
dem-14954	112	38	2	2	NUM
dem-14954	112	39	1	1	NUM
dem-14954	112	40	22	22	NUM
dem-14954	112	41	1	1	NUM
dem-14954	112	42	2	2	NUM
dem-14954	112	43	)	)	PUNCT
dem-14954	112	44	(	(	PUNCT
dem-14954	112	45	jt	jt	PROPN
dem-14954	112	46	j	j	PROPN
dem-14954	112	47	jititiit	jititiit	PROPN
dem-14954	113	1	i	i	PRON
dem-14954	113	2	t	t	PROPN
dem-14954	113	3	s	s	PART
dem-14954	113	4			PROPN
dem-14954	113	5			PROPN
dem-14954	113	6			PROPN
dem-14954	113	7			PROPN
dem-14954	113	8			PUNCT
dem-14954	113	9			PROPN
dem-14954	113	10			PRON
dem-14954	113	11			NOUN
dem-14954	114	1			NOUN
dem-14954	114	2	pq	pq	INTJ
dem-14954	114	3	i0	i0	PROPN
dem-14954	114	4	,	,	PUNCT
dem-14954	114	5	(	(	PUNCT
dem-14954	114	6	16	16	NUM
dem-14954	114	7	)	)	PUNCT
dem-14954	114	8	where	where	SCONJ
dem-14954	114	9	:	:	PUNCT
dem-14954	114	10	0	0	PROPN
dem-14954	114	11	–	–	PUNCT
dem-14954	114	12	the	the	DET
dem-14954	114	13	value	value	NOUN
dem-14954	114	14	of	of	ADP
dem-14954	114	15	unconditional	unconditional	ADJ
dem-14954	114	16	variance	variance	NOUN
dem-14954	114	17	of	of	ADP
dem-14954	114	18	the	the	DET
dem-14954	114	19	process	process	NOUN
dem-14954	114	20	(	(	PUNCT
dem-14954	114	21	00	00	NUM
dem-14954	114	22	a	a	NOUN
dem-14954	114	23	)	)	PUNCT
dem-14954	114	24	,	,	PUNCT
dem-14954	114	25	0pq	0pq	NUM
dem-14954	114	26	,	,	PUNCT
dem-14954	114	27			PRON
dem-14954	114	28	and	and	CCONJ
dem-14954	114	29	the	the	DET
dem-14954	114	30	remaining	remain	VERB
dem-14954	114	31	coefficients	coefficient	NOUN
dem-14954	114	32	are	be	AUX
dem-14954	114	33	non	non	ADJ
dem-14954	114	34	-	-	ADJ
dem-14954	114	35	negative	negative	ADJ
dem-14954	114	36	,	,	PUNCT
dem-14954	114	37			PROPN
dem-14954	114	38			NUM
dem-14954	114	39			ADP
dem-14954	114	40			PROPN
dem-14954	115	1			VERB
dem-14954	115	2			PROPN
dem-14954	115	3			PROPN
dem-14954	115	4	01	01	NUM
dem-14954	115	5	00	00	NUM
dem-14954	116	1	i	i	PRON
dem-14954	116	2	i	i	PRON
dem-14954	116	3	its	its	PRON
dem-14954	116	4			NUM
dem-14954	116	5			NUM
dem-14954	116	6	,	,	PUNCT
dem-14954	116	7	which	which	PRON
dem-14954	116	8	allows	allow	VERB
dem-14954	116	9	for	for	ADP
dem-14954	116	10	differences	difference	NOUN
dem-14954	116	11	in	in	ADP
dem-14954	116	12	when	when	SCONJ
dem-14954	116	13	impacting	impact	VERB
dem-14954	116	14	variances	variance	NOUN
dem-14954	116	15	,	,	PUNCT
dem-14954	116	16	past	past	ADP
dem-14954	116	17	negative	negative	ADJ
dem-14954	116	18	values	value	NOUN
dem-14954	116	19	t	t	PROPN
dem-14954	116	20			PROPN
dem-14954	116	21	.	.	PUNCT
dem-14954	117	1	among	among	ADP
dem-14954	117	2	the	the	DET
dem-14954	117	3	models	model	NOUN
dem-14954	117	4	considered	consider	VERB
dem-14954	117	5	for	for	ADP
dem-14954	117	6	the	the	DET
dem-14954	117	7	analysed	analyse	VERB
dem-14954	117	8	time	time	NOUN
dem-14954	117	9	series	series	NOUN
dem-14954	117	10	–	–	PUNCT
dem-14954	117	11	garch	garch	NOUN
dem-14954	117	12	,	,	PUNCT
dem-14954	117	13	egarch	egarch	NOUN
dem-14954	117	14	,	,	PUNCT
dem-14954	117	15	aparch	aparch	NOUN
dem-14954	117	16	,	,	PUNCT
dem-14954	117	17	igarch	igarch	NOUN
dem-14954	117	18	,	,	PUNCT
dem-14954	117	19	figarch	figarch	NOUN
dem-14954	117	20	,	,	PUNCT
dem-14954	117	21	fiegarch	fiegarch	NOUN
dem-14954	117	22	,	,	PUNCT
dem-14954	117	23	fiaparch	fiaparch	NOUN
dem-14954	117	24	,	,	PUNCT
dem-14954	117	25	gjr	gjr	NOUN
dem-14954	117	26	(	(	PUNCT
dem-14954	117	27	osińska	osińska	NOUN
dem-14954	117	28	,	,	PUNCT
dem-14954	117	29	2006	2006	NUM
dem-14954	117	30	;	;	PUNCT
dem-14954	117	31	fiszeder	fiszeder	NOUN
dem-14954	117	32	,	,	PUNCT
dem-14954	117	33	2009	2009	NUM
dem-14954	117	34	;	;	PUNCT
dem-14954	117	35	trzpiot	trzpiot	NOUN
dem-14954	117	36	,	,	PUNCT
dem-14954	117	37	2010	2010	NUM
dem-14954	117	38	)	)	PUNCT
dem-14954	117	39	the	the	DET
dem-14954	117	40	best	well	ADV
dem-14954	117	41	fit	fit	ADJ
dem-14954	117	42	to	to	ADP
dem-14954	117	43	empirical	empirical	ADJ
dem-14954	117	44	data	datum	NOUN
dem-14954	117	45	in	in	ADP
dem-14954	117	46	the	the	DET
dem-14954	117	47	sense	sense	NOUN
dem-14954	117	48	of	of	ADP
dem-14954	117	49	the	the	DET
dem-14954	117	50	schwartz	schwartz	PROPN
dem-14954	117	51	criterion	criterion	NOUN
dem-14954	117	52	(	(	PUNCT
dem-14954	117	53	bic	bic	PROPN
dem-14954	117	54	)	)	PUNCT
dem-14954	117	55	was	be	AUX
dem-14954	117	56	the	the	DET
dem-14954	117	57	gjr	gjr	NOUN
dem-14954	117	58	model	model	NOUN
dem-14954	117	59	with	with	ADP
dem-14954	117	60	generalized	generalized	ADJ
dem-14954	117	61	error	error	NOUN
dem-14954	117	62	distribution	distribution	NOUN
dem-14954	117	63	(	(	PUNCT
dem-14954	117	64	ged	ge	VERB
dem-14954	117	65	)	)	PUNCT
dem-14954	117	66	.	.	PUNCT
dem-14954	118	1	table	table	NOUN
dem-14954	118	2	1	1	NUM
dem-14954	118	3	presents	present	VERB
dem-14954	118	4	the	the	DET
dem-14954	118	5	results	result	NOUN
dem-14954	118	6	of	of	ADP
dem-14954	118	7	the	the	DET
dem-14954	118	8	sarima	sarima	NOUN
dem-14954	118	9	-	-	PUNCT
dem-14954	118	10	gjr	gjr	NOUN
dem-14954	118	11	model	model	NOUN
dem-14954	118	12	parameter	parameter	NOUN
dem-14954	118	13	estimation	estimation	NOUN
dem-14954	118	14	for	for	ADP
dem-14954	118	15	linear	linear	ADJ
dem-14954	118	16	returns	return	NOUN
dem-14954	118	17	for	for	ADP
dem-14954	118	18	the	the	DET
dem-14954	118	19	gas_base	gas_base	NOUN
dem-14954	118	20	index	index	NOUN
dem-14954	118	21	in	in	ADP
dem-14954	118	22	the	the	DET
dem-14954	118	23	time	time	NOUN
dem-14954	118	24	period	period	NOUN
dem-14954	118	25	02.01.2014–13.04.2017	02.01.2014–13.04.2017	NUM
dem-14954	118	26	.	.	PUNCT
dem-14954	118	27	table	table	NOUN
dem-14954	118	28	1	1	NUM
dem-14954	118	29	.	.	PUNCT
dem-14954	119	1	the	the	DET
dem-14954	119	2	sarima	sarima	NOUN
dem-14954	119	3	-	-	PUNCT
dem-14954	119	4	gjr	gjr	NOUN
dem-14954	119	5	model	model	NOUN
dem-14954	119	6	parameter	parameter	PROPN
dem-14954	119	7	estimation	estimation	PROPN
dem-14954	119	8	parameter	parameter	PROPN
dem-14954	119	9	parameter	parameter	PROPN
dem-14954	119	10	estimation	estimation	PROPN
dem-14954	119	11	standard	standard	NOUN
dem-14954	119	12	error	error	NOUN
dem-14954	119	13	t	t	PROPN
dem-14954	119	14	-	-	PUNCT
dem-14954	119	15	student	student	NOUN
dem-14954	119	16	statistics	statistic	NOUN
dem-14954	119	17	p	p	NOUN
dem-14954	119	18	-	-	PUNCT
dem-14954	119	19	value	value	NOUN
dem-14954	119	20	p(1	p(1	NOUN
dem-14954	119	21	)	)	PUNCT
dem-14954	119	22	0.7970	0.7970	NUM
dem-14954	119	23	0.0502	0.0502	NUM
dem-14954	119	24	15.8639	15.8639	NUM
dem-14954	119	25	0.0000	0.0000	NUM
dem-14954	119	26	q(1	q(1	CCONJ
dem-14954	119	27	)	)	PUNCT
dem-14954	119	28	0.8905	0.8905	NUM
dem-14954	120	1	0.0380	0.0380	NUM
dem-14954	120	2	23.4505	23.4505	NUM
dem-14954	120	3	0.0000	0.0000	NUM
dem-14954	120	4	ps(1	ps(1	NOUN
dem-14954	120	5	)	)	PUNCT
dem-14954	121	1	0.0697	0.0697	NUM
dem-14954	121	2	0.0344	0.0344	NUM
dem-14954	121	3	2.0229	2.0229	NUM
dem-14954	121	4	0.0433	0.0433	NUM
dem-14954	121	5	qs(1	qs(1	NOUN
dem-14954	121	6	)	)	PUNCT
dem-14954	121	7	0.9207	0.9207	NUM
dem-14954	121	8	0.0163	0.0163	NUM
dem-14954	121	9	56.4169	56.4169	NUM
dem-14954	121	10	0.0000	0.0000	NUM
dem-14954	121	11	0	0	NUM
dem-14954	122	1	1.5087	1.5087	NUM
dem-14954	122	2	0.7695	0.7695	NUM
dem-14954	122	3	1.9610	1.9610	NUM
dem-14954	122	4	0.0502	0.0502	NUM
dem-14954	122	5	1	1	NUM
dem-14954	122	6	0.1760	0.1760	NUM
dem-14954	122	7	0.0519	0.0519	NUM
dem-14954	122	8	3.3900	3.3900	NUM
dem-14954	122	9	0.0007	0.0007	NUM
dem-14954	122	10	1	1	NUM
dem-14954	122	11	0.5678	0.5678	NUM
dem-14954	122	12	0.1334	0.1334	NUM
dem-14954	122	13	4.2550	4.2550	NUM
dem-14954	122	14	0.0000	0.0000	NUM
dem-14954	122	15			NUM
dem-14954	122	16	0.2310	0.2310	NUM
dem-14954	122	17	0.0773	0.0773	NUM
dem-14954	122	18	2.9870	2.9870	NUM
dem-14954	122	19	0.0029	0.0029	NUM
dem-14954	122	20	g.e.d.(df	g.e.d.(df	PROPN
dem-14954	122	21	)	)	PUNCT
dem-14954	122	22	1.2288	1.2288	NUM
dem-14954	122	23	0.0718	0.0718	NUM
dem-14954	122	24	17.1200	17.1200	NUM
dem-14954	122	25	0.0000	0.0000	NUM
dem-14954	122	26	comparison	comparison	NOUN
dem-14954	122	27	of	of	ADP
dem-14954	122	28	certain	certain	ADJ
dem-14954	122	29	dynamic	dynamic	ADJ
dem-14954	122	30	estimation	estimation	NOUN
dem-14954	122	31	methods	method	NOUN
dem-14954	122	32	of	of	ADP
dem-14954	122	33	value	value	NOUN
dem-14954	122	34	at	at	ADP
dem-14954	122	35	risk	risk	NOUN
dem-14954	122	36	…	…	PUNCT
dem-14954	122	37	dynamic	dynamic	ADJ
dem-14954	122	38	econometric	econometric	ADJ
dem-14954	122	39	models	model	NOUN
dem-14954	122	40	17	17	NUM
dem-14954	122	41	(	(	PUNCT
dem-14954	122	42	2017	2017	NUM
dem-14954	122	43	)	)	PUNCT
dem-14954	122	44	81–96	81–96	NUM
dem-14954	122	45	91	91	NUM
dem-14954	122	46	the	the	DET
dem-14954	122	47	residuals	residual	NOUN
dem-14954	122	48	t	t	NUM
dem-14954	122	49	of	of	ADP
dem-14954	122	50	the	the	DET
dem-14954	122	51	obtained	obtain	VERB
dem-14954	122	52	model	model	NOUN
dem-14954	122	53	are	be	AUX
dem-14954	122	54	characterized	characterize	VERB
dem-14954	122	55	by	by	ADP
dem-14954	122	56	absence	absence	NOUN
dem-14954	122	57	of	of	ADP
dem-14954	122	58	autocorrelation	autocorrelation	NOUN
dem-14954	122	59	,	,	PUNCT
dem-14954	122	60	compliance	compliance	NOUN
dem-14954	122	61	with	with	ADP
dem-14954	122	62	ged	ged	ADJ
dem-14954	122	63	distribution	distribution	NOUN
dem-14954	122	64	(	(	PUNCT
dem-14954	122	65	figure	figure	NOUN
dem-14954	122	66	5	5	NUM
dem-14954	122	67	)	)	PUNCT
dem-14954	122	68	and	and	CCONJ
dem-14954	122	69	absence	absence	NOUN
dem-14954	122	70	of	of	ADP
dem-14954	122	71	the	the	DET
dem-14954	122	72	arch	arch	ADJ
dem-14954	122	73	effect	effect	NOUN
dem-14954	122	74	(	(	PUNCT
dem-14954	122	75	p	p	NOUN
dem-14954	122	76	-	-	PUNCT
dem-14954	122	77	value	value	NOUN
dem-14954	122	78	=	=	NOUN
dem-14954	122	79	0.87	0.87	NUM
dem-14954	122	80	)	)	PUNCT
dem-14954	122	81	.	.	PUNCT
dem-14954	123	1	acf	acf	PROPN
dem-14954	123	2	zt	zt	PROPN
dem-14954	123	3	:	:	PUNCT
dem-14954	123	4	arima	arima	PROPN
dem-14954	123	5	(	(	PUNCT
dem-14954	123	6	1,0,1)(1,1,1	1,0,1)(1,1,1	NUM
dem-14954	123	7	)	)	PUNCT
dem-14954	123	8	reszty	reszty	NOUN
dem-14954	123	9	;	;	PUNCT
dem-14954	123	10	p.	p.	PROPN
dem-14954	123	11	ufności	ufności	PROPN
dem-14954	124	1	-1,0	-1,0	NOUN
dem-14954	124	2	-0,5	-0,5	NUM
dem-14954	124	3	0,0	0,0	NUM
dem-14954	124	4	0,5	0,5	NUM
dem-14954	124	5	1,0	1,0	NUM
dem-14954	124	6	0	0	NUM
dem-14954	124	7	15	15	NUM
dem-14954	124	8	+	+	PROPN
dem-14954	124	9	,	,	PUNCT
dem-14954	124	10	012	012	NUM
dem-14954	124	11	,	,	PUNCT
dem-14954	124	12	0290	0290	NUM
dem-14954	124	13	14	14	NUM
dem-14954	124	14	+	+	ADJ
dem-14954	124	15	,	,	PUNCT
dem-14954	124	16	007	007	NUM
dem-14954	124	17	,	,	PUNCT
dem-14954	124	18	0290	0290	NUM
dem-14954	124	19	13	13	NUM
dem-14954	125	1	+	+	ADJ
dem-14954	125	2	,	,	PUNCT
dem-14954	125	3	045	045	NUM
dem-14954	125	4	,	,	PUNCT
dem-14954	125	5	0290	0290	NUM
dem-14954	125	6	12	12	NUM
dem-14954	125	7	-,011	-,011	NOUN
dem-14954	125	8	,	,	PUNCT
dem-14954	125	9	0291	0291	NUM
dem-14954	125	10	11	11	NUM
dem-14954	125	11	-,021	-,021	NOUN
dem-14954	125	12	,	,	PUNCT
dem-14954	125	13	0291	0291	NUM
dem-14954	125	14	10	10	NUM
dem-14954	125	15	-,024	-,024	ADJ
dem-14954	125	16	,	,	PUNCT
dem-14954	125	17	0291	0291	NUM
dem-14954	125	18	9	9	NUM
dem-14954	125	19	-,015	-,015	NOUN
dem-14954	125	20	,	,	PUNCT
dem-14954	125	21	0291	0291	NUM
dem-14954	125	22	8	8	NUM
dem-14954	125	23	-,030	-,030	NOUN
dem-14954	125	24	,	,	PUNCT
dem-14954	125	25	0291	0291	NUM
dem-14954	125	26	7	7	NUM
dem-14954	125	27	-,001	-,001	ADJ
dem-14954	125	28	,	,	PUNCT
dem-14954	125	29	0291	0291	NUM
dem-14954	125	30	6	6	NUM
dem-14954	125	31	+	+	ADJ
dem-14954	125	32	,	,	PUNCT
dem-14954	125	33	007	007	NUM
dem-14954	125	34	,	,	PUNCT
dem-14954	125	35	0291	0291	NUM
dem-14954	125	36	5	5	NUM
dem-14954	125	37	-,022	-,022	PROPN
dem-14954	125	38	,	,	PUNCT
dem-14954	125	39	0291	0291	NUM
dem-14954	125	40	4	4	NUM
dem-14954	126	1	+	+	ADJ
dem-14954	126	2	,	,	PUNCT
dem-14954	126	3	018	018	NUM
dem-14954	126	4	,	,	PUNCT
dem-14954	126	5	0292	0292	NUM
dem-14954	126	6	3	3	NUM
dem-14954	127	1	+	+	ADJ
dem-14954	127	2	,	,	PUNCT
dem-14954	127	3	019	019	NUM
dem-14954	127	4	,	,	PUNCT
dem-14954	127	5	0292	0292	NUM
dem-14954	127	6	2	2	NUM
dem-14954	127	7	+	+	ADJ
dem-14954	127	8	,	,	PUNCT
dem-14954	127	9	044	044	NUM
dem-14954	127	10	,	,	PUNCT
dem-14954	127	11	0292	0292	NUM
dem-14954	127	12	1	1	NUM
dem-14954	127	13	-,039	-,039	NOUN
dem-14954	127	14	,	,	PUNCT
dem-14954	127	15	0292	0292	NUM
dem-14954	127	16	opóźn	opóźn	VERB
dem-14954	127	17	kor	kor	PROPN
dem-14954	127	18	.	.	PUNCT
dem-14954	128	1	s.e	s.e	PROPN
dem-14954	128	2	0	0	NUM
dem-14954	128	3	10,94	10,94	NUM
dem-14954	128	4	,	,	PUNCT
dem-14954	128	5	7571	7571	NUM
dem-14954	128	6	10,76	10,76	NUM
dem-14954	128	7	,	,	PUNCT
dem-14954	128	8	7051	7051	NUM
dem-14954	128	9	10,69	10,69	NUM
dem-14954	128	10	,	,	PUNCT
dem-14954	128	11	6367	6367	NUM
dem-14954	128	12	8,25	8,25	NUM
dem-14954	128	13	,	,	PUNCT
dem-14954	128	14	7652	7652	NUM
dem-14954	128	15	8,10	8,10	NUM
dem-14954	128	16	,	,	PUNCT
dem-14954	128	17	7047	7047	NUM
dem-14954	128	18	7,55	7,55	NOUN
dem-14954	128	19	,	,	PUNCT
dem-14954	128	20	6723	6723	NUM
dem-14954	128	21	6,85	6,85	NUM
dem-14954	128	22	,	,	PUNCT
dem-14954	128	23	6531	6531	NUM
dem-14954	128	24	6,57	6,57	NOUN
dem-14954	128	25	,	,	PUNCT
dem-14954	128	26	5842	5842	NUM
dem-14954	128	27	5,49	5,49	NUM
dem-14954	128	28	,	,	PUNCT
dem-14954	128	29	5999	5999	NUM
dem-14954	128	30	5,49	5,49	NUM
dem-14954	128	31	,	,	PUNCT
dem-14954	128	32	4824	4824	NUM
dem-14954	128	33	5,44	5,44	NOUN
dem-14954	128	34	,	,	PUNCT
dem-14954	128	35	3645	3645	NUM
dem-14954	128	36	4,90	4,90	NUM
dem-14954	128	37	,	,	PUNCT
dem-14954	128	38	2982	2982	NUM
dem-14954	128	39	4,50	4,50	NUM
dem-14954	128	40	,	,	PUNCT
dem-14954	128	41	2122	2122	NUM
dem-14954	128	42	4,09	4,09	NUM
dem-14954	128	43	,	,	PUNCT
dem-14954	128	44	1293	1293	NUM
dem-14954	128	45	1,83	1,83	NUM
dem-14954	128	46	,	,	PUNCT
dem-14954	128	47	1762	1762	NUM
dem-14954	128	48	q	q	NOUN
dem-14954	128	49	p	p	NOUN
dem-14954	128	50	figure	figure	NOUN
dem-14954	128	51	5	5	NUM
dem-14954	128	52	.	.	PUNCT
dem-14954	128	53	evaluation	evaluation	NOUN
dem-14954	128	54	of	of	ADP
dem-14954	128	55	sarima	sarima	NOUN
dem-14954	128	56	-	-	PUNCT
dem-14954	128	57	gjr	gjr	NOUN
dem-14954	128	58	model	model	NOUN
dem-14954	128	59	adjustment	adjustment	NOUN
dem-14954	128	60	to	to	ADP
dem-14954	128	61	empirical	empirical	ADJ
dem-14954	128	62	series	series	NOUN
dem-14954	128	63	of	of	ADP
dem-14954	128	64	returns	return	NOUN
dem-14954	128	65	figure	figure	VERB
dem-14954	128	66	6	6	NUM
dem-14954	128	67	presents	present	NOUN
dem-14954	128	68	a	a	DET
dem-14954	128	69	selected	select	VERB
dem-14954	128	70	part	part	NOUN
dem-14954	128	71	of	of	ADP
dem-14954	128	72	a	a	DET
dem-14954	128	73	time	time	NOUN
dem-14954	128	74	series	series	NOUN
dem-14954	128	75	of	of	ADP
dem-14954	128	76	returns	return	NOUN
dem-14954	128	77	(	(	PUNCT
dem-14954	128	78	zt	zt	PROPN
dem-14954	128	79	)	)	PUNCT
dem-14954	128	80	and	and	CCONJ
dem-14954	128	81	the	the	DET
dem-14954	128	82	estimated	estimate	VERB
dem-14954	128	83	05.0var	05.0var	NOUN
dem-14954	128	84	for	for	ADP
dem-14954	128	85	the	the	DET
dem-14954	128	86	one	one	NUM
dem-14954	128	87	-	-	PUNCT
dem-14954	128	88	day	day	NOUN
dem-14954	128	89	investment	investment	NOUN
dem-14954	128	90	horizon	horizon	NOUN
dem-14954	128	91	using	use	VERB
dem-14954	128	92	the	the	DET
dem-14954	128	93	theory	theory	NOUN
dem-14954	128	94	of	of	ADP
dem-14954	128	95	stochastic	stochastic	ADJ
dem-14954	128	96	processes	process	NOUN
dem-14954	128	97	(	(	PUNCT
dem-14954	128	98	var_sgjr	var_sgjr	NOUN
dem-14954	128	99	)	)	PUNCT
dem-14954	128	100	.	.	PUNCT
dem-14954	129	1	figure	figure	VERB
dem-14954	129	2	6	6	NUM
dem-14954	129	3	.	.	PUNCT
dem-14954	130	1	the	the	DET
dem-14954	130	2	results	result	NOUN
dem-14954	130	3	of	of	ADP
dem-14954	130	4	var	var	NOUN
dem-14954	130	5	estimation	estimation	NOUN
dem-14954	130	6	for	for	ADP
dem-14954	130	7	a	a	DET
dem-14954	130	8	selected	select	VERB
dem-14954	130	9	subperiod	subperiod	NOUN
dem-14954	130	10	of	of	ADP
dem-14954	130	11	250	250	NUM
dem-14954	130	12	observations	observation	NOUN
dem-14954	130	13	using	use	VERB
dem-14954	130	14	sgjr	sgjr	NOUN
dem-14954	130	15	-0,25	-0,25	PUNCT
dem-14954	130	16	-0,2	-0,2	NUM
dem-14954	130	17	-0,15	-0,15	PROPN
dem-14954	130	18	-0,1	-0,1	NOUN
dem-14954	130	19	-0,05	-0,05	NOUN
dem-14954	130	20	0	0	NUM
dem-14954	130	21	0,05	0,05	NUM
dem-14954	130	22	0,1	0,1	NUM
dem-14954	130	23	0,15	0,15	NUM
dem-14954	130	24	0,2	0,2	NUM
dem-14954	130	25	0,25	0,25	NUM
dem-14954	130	26	1	1	NUM
dem-14954	130	27	10	10	NUM
dem-14954	130	28	19	19	NUM
dem-14954	130	29	28	28	NUM
dem-14954	130	30	37	37	NUM
dem-14954	130	31	46	46	NUM
dem-14954	130	32	55	55	NUM
dem-14954	130	33	64	64	NUM
dem-14954	130	34	73	73	NUM
dem-14954	130	35	82	82	NUM
dem-14954	130	36	91	91	NUM
dem-14954	130	37	10	10	NUM
dem-14954	130	38	0	0	NUM
dem-14954	130	39	10	10	NUM
dem-14954	130	40	9	9	NUM
dem-14954	130	41	11	11	NUM
dem-14954	130	42	8	8	NUM
dem-14954	130	43	12	12	NUM
dem-14954	130	44	7	7	NUM
dem-14954	130	45	13	13	NUM
dem-14954	130	46	6	6	NUM
dem-14954	130	47	14	14	NUM
dem-14954	130	48	5	5	NUM
dem-14954	130	49	15	15	NUM
dem-14954	130	50	4	4	NUM
dem-14954	130	51	16	16	NUM
dem-14954	130	52	3	3	NUM
dem-14954	130	53	17	17	NUM
dem-14954	130	54	2	2	NUM
dem-14954	130	55	18	18	NUM
dem-14954	130	56	1	1	NUM
dem-14954	130	57	19	19	NUM
dem-14954	130	58	0	0	NUM
dem-14954	130	59	19	19	NUM
dem-14954	130	60	9	9	NUM
dem-14954	130	61	20	20	NUM
dem-14954	130	62	8	8	NUM
dem-14954	130	63	21	21	NUM
dem-14954	130	64	7	7	NUM
dem-14954	130	65	22	22	NUM
dem-14954	130	66	6	6	NUM
dem-14954	130	67	23	23	NUM
dem-14954	130	68	5	5	NUM
dem-14954	130	69	24	24	NUM
dem-14954	130	70	4	4	NUM
dem-14954	130	71	return	return	NOUN
dem-14954	130	72	rate	rate	NOUN
dem-14954	130	73	var	var	NOUN
dem-14954	130	74	alicja	alicja	PROPN
dem-14954	130	75	ganczarek	ganczarek	NOUN
dem-14954	130	76	-	-	PUNCT
dem-14954	130	77	gamrot	gamrot	NOUN
dem-14954	130	78	,	,	PUNCT
dem-14954	130	79	józef	józef	ADJ
dem-14954	130	80	stawicki	stawicki	PROPN
dem-14954	130	81	dynamic	dynamic	ADJ
dem-14954	130	82	econometric	econometric	ADJ
dem-14954	130	83	models	model	NOUN
dem-14954	130	84	17	17	NUM
dem-14954	130	85	(	(	PUNCT
dem-14954	130	86	2017	2017	NUM
dem-14954	130	87	)	)	PUNCT
dem-14954	130	88	81–96	81–96	NUM
dem-14954	130	89	92	92	NUM
dem-14954	130	90	4	4	NUM
dem-14954	130	91	.	.	PUNCT
dem-14954	130	92	comparison	comparison	NOUN
dem-14954	130	93	the	the	DET
dem-14954	130	94	results	result	NOUN
dem-14954	130	95	in	in	ADP
dem-14954	130	96	order	order	NOUN
dem-14954	130	97	to	to	PART
dem-14954	130	98	compare	compare	VERB
dem-14954	130	99	the	the	DET
dem-14954	130	100	obtained	obtain	VERB
dem-14954	130	101	results	result	NOUN
dem-14954	130	102	of	of	ADP
dem-14954	130	103	the	the	DET
dem-14954	130	104	var	var	NOUN
dem-14954	130	105	estimation	estimation	NOUN
dem-14954	130	106	we	we	PRON
dem-14954	130	107	used	use	VERB
dem-14954	130	108	back	back	ADP
dem-14954	130	109	testing	testing	NOUN
dem-14954	130	110	for	for	ADP
dem-14954	130	111	the	the	DET
dem-14954	130	112	hit	hit	VERB
dem-14954	130	113	function	function	NOUN
dem-14954	130	114			PROPN
dem-14954	130	115			ADP
dem-14954	130	116	tt	tt	PROPN
dem-14954	130	117	tti	tti	PROPN
dem-14954	130	118			PROPN
dem-14954	130	119	1	1	ADV
dem-14954	130	120	)	)	PUNCT
dem-14954	130	121	(	(	PUNCT
dem-14954	130	122			NOUN
dem-14954	130	123			X
dem-14954	130	124			NUM
dem-14954	130	125			NOUN
dem-14954	130	126			VERB
dem-14954	130	127			PROPN
dem-14954	130	128			PROPN
dem-14954	130	129			ADP
dem-14954	130	130			NOUN
dem-14954	130	131	)	)	PUNCT
dem-14954	130	132	(	(	PUNCT
dem-14954	130	133	0	0	NUM
dem-14954	130	134	)	)	PUNCT
dem-14954	130	135	(	(	PUNCT
dem-14954	130	136	1	1	NUM
dem-14954	130	137	)	)	PUNCT
dem-14954	130	138	(	(	PUNCT
dem-14954	130	139			X
dem-14954	130	140			X
dem-14954	130	141			X
dem-14954	130	142	ttt	ttt	PROPN
dem-14954	130	143	ttt	ttt	PROPN
dem-14954	130	144	t	t	PROPN
dem-14954	130	145	varzdla	varzdla	NOUN
dem-14954	130	146	varzdla	varzdla	NOUN
dem-14954	131	1	i	i	PRON
dem-14954	131	2	,	,	PUNCT
dem-14954	131	3	(	(	PUNCT
dem-14954	131	4	17	17	NUM
dem-14954	131	5	)	)	PUNCT
dem-14954	131	6	where	where	SCONJ
dem-14954	131	7	:	:	PUNCT
dem-14954	131	8	t	t	X
dem-14954	131	9	–	–	PUNCT
dem-14954	131	10	length	length	NOUN
dem-14954	131	11	of	of	ADP
dem-14954	131	12	time	time	NOUN
dem-14954	131	13	series	series	PROPN
dem-14954	131	14	,	,	PUNCT
dem-14954	131	15	ttz	ttz	PROPN
dem-14954	131	16			ADP
dem-14954	131	17	–	–	PUNCT
dem-14954	131	18	the	the	DET
dem-14954	131	19	stochastic	stochastic	ADJ
dem-14954	131	20	process	process	NOUN
dem-14954	131	21	ttz	ttz	PROPN
dem-14954	131	22			ADP
dem-14954	131	23	.	.	PUNCT
dem-14954	132	1	by	by	ADP
dem-14954	132	2	means	mean	NOUN
dem-14954	132	3	of	of	ADP
dem-14954	132	4	the	the	DET
dem-14954	132	5	following	follow	VERB
dem-14954	132	6	test	test	NOUN
dem-14954	132	7	:	:	PUNCT
dem-14954	132	8			NOUN
dem-14954	132	9	number	number	NOUN
dem-14954	132	10	of	of	ADP
dem-14954	132	11	var	var	PROPN
dem-14954	132	12	exceedances	exceedance	NOUN
dem-14954	132	13	(	(	PUNCT
dem-14954	132	14	proportion	proportion	NOUN
dem-14954	132	15	of	of	ADP
dem-14954	132	16	failures	failure	NOUN
dem-14954	132	17	test	test	NOUN
dem-14954	132	18	–	–	PUNCT
dem-14954	132	19	pof	pof	VERB
dem-14954	132	20	)	)	PUNCT
dem-14954	132	21	(	(	PUNCT
dem-14954	132	22	kupiec	kupiec	NOUN
dem-14954	132	23	,	,	PUNCT
dem-14954	132	24	1995	1995	NUM
dem-14954	132	25	)	)	PUNCT
dem-14954	132	26	,	,	PUNCT
dem-14954	132	27			NOUN
dem-14954	132	28	independence	independence	NOUN
dem-14954	132	29	of	of	ADP
dem-14954	132	30	var	var	PROPN
dem-14954	132	31	exceedances	exceedance	NOUN
dem-14954	132	32	(	(	PUNCT
dem-14954	132	33	independence	independence	NOUN
dem-14954	132	34	test	test	NOUN
dem-14954	132	35	–	–	PUNCT
dem-14954	132	36	ind	ind	NOUN
dem-14954	132	37	)	)	PUNCT
dem-14954	132	38	(	(	PUNCT
dem-14954	132	39	christoffersen	christoffersen	VERB
dem-14954	132	40	,	,	PUNCT
dem-14954	132	41	1998	1998	NUM
dem-14954	132	42	)	)	PUNCT
dem-14954	132	43	.	.	PUNCT
dem-14954	133	1	the	the	DET
dem-14954	133	2	test	test	NOUN
dem-14954	133	3	for	for	ADP
dem-14954	133	4	the	the	DET
dem-14954	133	5	number	number	NOUN
dem-14954	133	6	of	of	ADP
dem-14954	133	7	var	var	PROPN
dem-14954	133	8	exceedances	exceedance	NOUN
dem-14954	133	9	(	(	PUNCT
dem-14954	133	10	pof	pof	PROPN
dem-14954	133	11	)	)	PUNCT
dem-14954	133	12	verifies	verifie	NOUN
dem-14954	133	13	the	the	DET
dem-14954	133	14	following	follow	VERB
dem-14954	133	15	hypothesis	hypothesis	NOUN
dem-14954	133	16	:	:	PUNCT
dem-14954	133	17			X
dem-14954	133	18			X
dem-14954	133	19	varwh	varwh	PUNCT
dem-14954	133	20	:0	:0	PUNCT
dem-14954	133	21	against	against	ADP
dem-14954	133	22	the	the	DET
dem-14954	133	23	alternative	alternative	ADJ
dem-14954	133	24	hypothesis	hypothesis	NOUN
dem-14954	133	25			NOUN
dem-14954	133	26			X
dem-14954	133	27	varwh	varwh	X
dem-14954	133	28	:1	:1	PUNCT
dem-14954	134	1	where	where	SCONJ
dem-14954	134	2	:	:	PUNCT
dem-14954	134	3			NOUN
dem-14954	134	4	–	–	PUNCT
dem-14954	134	5	the	the	DET
dem-14954	134	6	order	order	NOUN
dem-14954	134	7	of	of	ADP
dem-14954	134	8	var	var	PROPN
dem-14954	134	9	exceedances	exceedance	NOUN
dem-14954	134	10	varw	varw	NUM
dem-14954	134	11	–	–	PUNCT
dem-14954	134	12	the	the	DET
dem-14954	134	13	participation	participation	NOUN
dem-14954	134	14	of	of	ADP
dem-14954	134	15	var	var	PROPN
dem-14954	134	16	exceedances	exceedance	NOUN
dem-14954	134	17	in	in	ADP
dem-14954	134	18	the	the	DET
dem-14954	134	19	process	process	NOUN
dem-14954	134	20	of	of	ADP
dem-14954	134	21	the	the	DET
dem-14954	134	22	considered	consider	VERB
dem-14954	134	23	returns	return	NOUN
dem-14954	134	24	.	.	PUNCT
dem-14954	135	1	t	t	PROPN
dem-14954	135	2	k	k	PROPN
dem-14954	135	3	wvar	wvar	PROPN
dem-14954	136	1			PROPN
dem-14954	136	2			PROPN
dem-14954	136	3			NOUN
dem-14954	136	4	–	–	PUNCT
dem-14954	136	5	the	the	DET
dem-14954	136	6	participation	participation	NOUN
dem-14954	136	7	of	of	ADP
dem-14954	136	8	var	var	PROPN
dem-14954	136	9	exceedances	exceedance	NOUN
dem-14954	136	10	(	(	PUNCT
dem-14954	136	11	k	k	X
dem-14954	136	12	–	–	PUNCT
dem-14954	136	13	the	the	DET
dem-14954	136	14	number	number	NOUN
dem-14954	136	15	of	of	ADP
dem-14954	136	16	exceedances	exceedance	NOUN
dem-14954	136	17	)	)	PUNCT
dem-14954	136	18	,	,	PUNCT
dem-14954	136	19	in	in	ADP
dem-14954	136	20	the	the	DET
dem-14954	136	21	series	series	NOUN
dem-14954	136	22	of	of	ADP
dem-14954	136	23	the	the	DET
dem-14954	136	24	considered	consider	VERB
dem-14954	136	25	returns	return	NOUN
dem-14954	136	26	(	(	PUNCT
dem-14954	136	27	tthe	tthe	DET
dem-14954	136	28	length	length	NOUN
dem-14954	136	29	of	of	ADP
dem-14954	136	30	the	the	DET
dem-14954	136	31	series	series	NOUN
dem-14954	136	32	)	)	PUNCT
dem-14954	136	33	.	.	PUNCT
dem-14954	137	1	assuming	assume	VERB
dem-14954	137	2	the	the	DET
dem-14954	137	3	truth	truth	NOUN
dem-14954	137	4	of	of	ADP
dem-14954	137	5	null	null	ADJ
dem-14954	137	6	hypothesis	hypothesis	NOUN
dem-14954	137	7	,	,	PUNCT
dem-14954	137	8	the	the	DET
dem-14954	137	9	statistics	statistic	NOUN
dem-14954	137	10	(	(	PUNCT
dem-14954	137	11	kupiec	kupiec	NOUN
dem-14954	137	12	,	,	PUNCT
dem-14954	137	13	1995	1995	NUM
dem-14954	137	14	):	):	PUNCT
dem-14954	137	15	comparison	comparison	NOUN
dem-14954	137	16	of	of	ADP
dem-14954	137	17	certain	certain	ADJ
dem-14954	137	18	dynamic	dynamic	ADJ
dem-14954	137	19	estimation	estimation	NOUN
dem-14954	137	20	methods	method	NOUN
dem-14954	137	21	of	of	ADP
dem-14954	137	22	value	value	NOUN
dem-14954	137	23	at	at	ADP
dem-14954	137	24	risk	risk	NOUN
dem-14954	137	25	…	…	PUNCT
dem-14954	137	26	dynamic	dynamic	ADJ
dem-14954	137	27	econometric	econometric	ADJ
dem-14954	137	28	models	model	NOUN
dem-14954	137	29	17	17	NUM
dem-14954	137	30	(	(	PUNCT
dem-14954	137	31	2017	2017	NUM
dem-14954	137	32	)	)	PUNCT
dem-14954	137	33	81–96	81–96	NUM
dem-14954	137	34	93	93	NUM
dem-14954	137	35			NUM
dem-14954	137	36			NUM
dem-14954	137	37			X
dem-14954	137	38			NUM
dem-14954	137	39			NUM
dem-14954	137	40			NOUN
dem-14954	137	41			PROPN
dem-14954	137	42			NUM
dem-14954	137	43			NUM
dem-14954	137	44			PROPN
dem-14954	137	45			NUM
dem-14954	137	46			NUM
dem-14954	137	47			NUM
dem-14954	137	48			ADP
dem-14954	138	1			PROPN
dem-14954	138	2			NOUN
dem-14954	138	3			PRON
dem-14954	138	4			PROPN
dem-14954	138	5			PROPN
dem-14954	138	6			NOUN
dem-14954	138	7			NOUN
dem-14954	138	8			PROPN
dem-14954	138	9			PROPN
dem-14954	138	10			X
dem-14954	138	11			NOUN
dem-14954	138	12			X
dem-14954	138	13			VERB
dem-14954	138	14			PROPN
dem-14954	138	15			PROPN
dem-14954	138	16			NOUN
dem-14954	139	1			PRON
dem-14954	139	2			PROPN
dem-14954	139	3			PROPN
dem-14954	139	4			PROPN
dem-14954	139	5			PROPN
dem-14954	139	6			PROPN
dem-14954	139	7			ADJ
dem-14954	139	8			PROPN
dem-14954	139	9			PROPN
dem-14954	139	10	kkt	kkt	PROPN
dem-14954	139	11	kkt	kkt	PROPN
dem-14954	139	12	pof	pof	PROPN
dem-14954	139	13	t	t	PROPN
dem-14954	139	14	k	k	PROPN
dem-14954	139	15	t	t	PROPN
dem-14954	140	1	k	k	PROPN
dem-14954	140	2	lr	lr	PROPN
dem-14954	140	3	1	1	NUM
dem-14954	140	4	)	)	PUNCT
dem-14954	140	5	1	1	NUM
dem-14954	140	6	(	(	PUNCT
dem-14954	140	7	ln2	ln2	ADJ
dem-14954	140	8			NOUN
dem-14954	140	9	,	,	PUNCT
dem-14954	140	10	(	(	PUNCT
dem-14954	140	11	18	18	NUM
dem-14954	140	12	)	)	PUNCT
dem-14954	140	13	has	have	VERB
dem-14954	140	14	an	an	DET
dem-14954	140	15	asymptotic	asymptotic	ADJ
dem-14954	140	16	distribution	distribution	NOUN
dem-14954	140	17	2	2	NOUN
dem-14954	140	18	with	with	ADP
dem-14954	140	19	one	one	NUM
dem-14954	140	20	degree	degree	NOUN
dem-14954	140	21	of	of	ADP
dem-14954	140	22	freedom	freedom	NOUN
dem-14954	140	23	.	.	PUNCT
dem-14954	141	1	the	the	DET
dem-14954	141	2	test	test	NOUN
dem-14954	141	3	for	for	ADP
dem-14954	141	4	independence	independence	NOUN
dem-14954	141	5	of	of	ADP
dem-14954	141	6	var	var	PROPN
dem-14954	141	7	exceedances	exceedance	NOUN
dem-14954	141	8	(	(	PUNCT
dem-14954	141	9	ind	ind	NOUN
dem-14954	141	10	)	)	PUNCT
dem-14954	141	11	verifies	verifie	NOUN
dem-14954	141	12	the	the	DET
dem-14954	141	13	following	follow	VERB
dem-14954	141	14	hypothesis	hypothesis	NOUN
dem-14954	141	15	:	:	PUNCT
dem-14954	141	16	:	:	PUNCT
dem-14954	141	17	0h	0h	PROPN
dem-14954	141	18	var	var	PROPN
dem-14954	141	19	exceedances	exceedance	NOUN
dem-14954	141	20	are	be	AUX
dem-14954	141	21	independent	independent	ADJ
dem-14954	141	22	against	against	ADP
dem-14954	141	23	the	the	DET
dem-14954	141	24	alternative	alternative	ADJ
dem-14954	141	25	hypothesis	hypothesis	NOUN
dem-14954	141	26	:	:	PUNCT
dem-14954	141	27	1h	1h	NUM
dem-14954	141	28	var	var	PROPN
dem-14954	141	29	exceedances	exceedance	NOUN
dem-14954	141	30	are	be	AUX
dem-14954	141	31	dependent	dependent	ADJ
dem-14954	141	32	to	to	PART
dem-14954	141	33	verify	verify	VERB
dem-14954	141	34	the	the	DET
dem-14954	141	35	null	null	ADJ
dem-14954	141	36	hypothesis	hypothesis	NOUN
dem-14954	141	37	,	,	PUNCT
dem-14954	141	38	christoffersen	christoffersen	VERB
dem-14954	141	39	proposed	propose	VERB
dem-14954	141	40	statistics	statistic	NOUN
dem-14954	141	41	using	use	VERB
dem-14954	141	42	the	the	DET
dem-14954	141	43	markov	markov	NOUN
dem-14954	141	44	chain	chain	NOUN
dem-14954	141	45	idea	idea	NOUN
dem-14954	141	46	:	:	PUNCT
dem-14954	142	1			PROPN
dem-14954	142	2			INTJ
dem-14954	142	3			X
dem-14954	142	4			INTJ
dem-14954	142	5			NUM
dem-14954	142	6			ADV
dem-14954	142	7			NOUN
dem-14954	142	8			VERB
dem-14954	142	9			ADJ
dem-14954	142	10			PROPN
dem-14954	142	11	11100100	11100100	NUM
dem-14954	142	12	11011000	11011000	NUM
dem-14954	142	13	11110101	11110101	NUM
dem-14954	142	14	)	)	PUNCT
dem-14954	142	15	1()1	1()1	NUM
dem-14954	142	16	(	(	PUNCT
dem-14954	142	17	)	)	PUNCT
dem-14954	142	18	1	1	NUM
dem-14954	142	19	(	(	PUNCT
dem-14954	142	20	ln2	ln2	ADJ
dem-14954	142	21	kkkk	kkkk	PROPN
dem-14954	142	22	kkkk	kkkk	PROPN
dem-14954	142	23	ind	ind	PROPN
dem-14954	142	24	wwww	wwww	PROPN
dem-14954	142	25	ww	ww	PROPN
dem-14954	142	26	lr	lr	PROPN
dem-14954	142	27	,	,	PUNCT
dem-14954	142	28	(	(	PUNCT
dem-14954	142	29	19	19	NUM
dem-14954	142	30	)	)	PUNCT
dem-14954	142	31	where	where	SCONJ
dem-14954	142	32	:	:	PUNCT
dem-14954	142	33	ijk	ijk	PROPN
dem-14954	142	34	–	–	PUNCT
dem-14954	142	35	the	the	DET
dem-14954	142	36	number	number	NOUN
dem-14954	142	37	of	of	ADP
dem-14954	142	38	periods	period	NOUN
dem-14954	142	39	in	in	ADP
dem-14954	142	40	which	which	PRON
dem-14954	142	41	jit	jit	PROPN
dem-14954	142	42	)(	)(	PROPN
dem-14954	142	43	on	on	ADP
dem-14954	142	44	condition	condition	NOUN
dem-14954	142	45	that	that	SCONJ
dem-14954	142	46	iit	iit	PROPN
dem-14954	142	47			PROPN
dem-14954	142	48	)	)	PUNCT
dem-14954	142	49	(	(	PUNCT
dem-14954	142	50	1	1	NUM
dem-14954	142	51			NOUN
dem-14954	142	52	;	;	PUNCT
dem-14954	143	1	10	10	NUM
dem-14954	143	2	ii	ii	NUM
dem-14954	143	3	ij	ij	INTJ
dem-14954	143	4	ij	ij	INTJ
dem-14954	143	5	kk	kk	INTJ
dem-14954	143	6	k	k	PROPN
dem-14954	143	7	w	w	PROPN
dem-14954	143	8			PROPN
dem-14954	144	1			PROPN
dem-14954	145	1	;	;	PUNCT
dem-14954	145	2	varw	varw	PROPN
dem-14954	145	3	t	t	PROPN
dem-14954	145	4	k	k	PROPN
dem-14954	145	5	t	t	PROPN
dem-14954	145	6	kk	kk	PROPN
dem-14954	145	7	w	w	PROPN
dem-14954	145	8	ˆ1101	ˆ1101	PROPN
dem-14954	145	9			NUM
dem-14954	145	10			PUNCT
dem-14954	145	11			NUM
dem-14954	145	12	,	,	PUNCT
dem-14954	145	13	i	i	PRON
dem-14954	145	14	,	,	PUNCT
dem-14954	145	15	j=	j=	PROPN
dem-14954	145	16	0	0	NUM
dem-14954	145	17	,	,	PUNCT
dem-14954	145	18	1	1	NUM
dem-14954	145	19	.	.	PUNCT
dem-14954	146	1	statistics	statistic	NOUN
dem-14954	146	2	(	(	PUNCT
dem-14954	146	3	3.7	3.7	NUM
dem-14954	146	4	)	)	PUNCT
dem-14954	146	5	with	with	ADP
dem-14954	146	6	the	the	DET
dem-14954	146	7	assumption	assumption	NOUN
dem-14954	146	8	of	of	ADP
dem-14954	146	9	the	the	DET
dem-14954	146	10	truth	truth	NOUN
dem-14954	146	11	of	of	ADP
dem-14954	146	12	the	the	DET
dem-14954	146	13	null	null	ADJ
dem-14954	146	14	hypothesis	hypothesis	NOUN
dem-14954	146	15	has	have	VERB
dem-14954	146	16	an	an	DET
dem-14954	146	17	asymptotic	asymptotic	ADJ
dem-14954	146	18	distribution	distribution	NOUN
dem-14954	146	19	2	2	NOUN
dem-14954	146	20	with	with	ADP
dem-14954	146	21	one	one	NUM
dem-14954	146	22	degree	degree	NOUN
dem-14954	146	23	of	of	ADP
dem-14954	146	24	freedom	freedom	NOUN
dem-14954	146	25	.	.	PUNCT
dem-14954	147	1	table	table	NOUN
dem-14954	147	2	2	2	NUM
dem-14954	147	3	shows	show	VERB
dem-14954	147	4	the	the	DET
dem-14954	147	5	test	test	NOUN
dem-14954	147	6	results	result	NOUN
dem-14954	147	7	for	for	ADP
dem-14954	147	8	the	the	DET
dem-14954	147	9	estimated	estimate	VERB
dem-14954	147	10	var	var	NOUN
dem-14954	147	11	.	.	PUNCT
dem-14954	148	1	the	the	DET
dem-14954	148	2	number	number	NOUN
dem-14954	148	3	of	of	ADP
dem-14954	148	4	estimated	estimate	VERB
dem-14954	148	5	vars	var	NOUN
dem-14954	148	6	using	use	VERB
dem-14954	148	7	markov	markov	NOUN
dem-14954	148	8	chains	chain	NOUN
dem-14954	148	9	is	be	AUX
dem-14954	148	10	equal	equal	ADJ
dem-14954	148	11	to	to	ADP
dem-14954	148	12	the	the	DET
dem-14954	148	13	length	length	NOUN
dem-14954	148	14	of	of	ADP
dem-14954	148	15	the	the	DET
dem-14954	148	16	time	time	NOUN
dem-14954	148	17	series	series	NOUN
dem-14954	148	18	(	(	PUNCT
dem-14954	148	19	t=1177	t=1177	PROPN
dem-14954	148	20	)	)	PUNCT
dem-14954	148	21	.	.	PUNCT
dem-14954	149	1	for	for	ADP
dem-14954	149	2	the	the	DET
dem-14954	149	3	var	var	NOUN
dem-14954	149	4	obtained	obtain	VERB
dem-14954	149	5	based	base	VERB
dem-14954	149	6	on	on	ADP
dem-14954	149	7	the	the	DET
dem-14954	149	8	results	result	NOUN
dem-14954	149	9	of	of	ADP
dem-14954	149	10	the	the	DET
dem-14954	149	11	sgjr	sgjr	NOUN
dem-14954	149	12	model	model	NOUN
dem-14954	149	13	,	,	PUNCT
dem-14954	149	14	the	the	DET
dem-14954	149	15	loss	loss	NOUN
dem-14954	149	16	of	of	ADP
dem-14954	149	17	the	the	DET
dem-14954	149	18	first	first	ADJ
dem-14954	149	19	seven	seven	NUM
dem-14954	149	20	values	value	NOUN
dem-14954	149	21	(	(	PUNCT
dem-14954	149	22	t=1170	t=1170	NOUN
dem-14954	149	23	)	)	PUNCT
dem-14954	149	24	is	be	AUX
dem-14954	149	25	related	relate	VERB
dem-14954	149	26	to	to	ADP
dem-14954	149	27	the	the	DET
dem-14954	149	28	seasonal	seasonal	ADJ
dem-14954	149	29	variation	variation	NOUN
dem-14954	149	30	of	of	ADP
dem-14954	149	31	a	a	DET
dem-14954	149	32	series	series	NOUN
dem-14954	149	33	of	of	ADP
dem-14954	149	34	return	return	NOUN
dem-14954	149	35	rates	rate	NOUN
dem-14954	149	36	.	.	PUNCT
dem-14954	150	1	for	for	ADP
dem-14954	150	2	the	the	DET
dem-14954	150	3	analysed	analyse	VERB
dem-14954	150	4	time	time	NOUN
dem-14954	150	5	series	series	PROPN
dem-14954	150	6	var0.05	var0.05	PROPN
dem-14954	150	7	estimation	estimation	NOUN
dem-14954	150	8	using	use	VERB
dem-14954	150	9	markov	markov	NOUN
dem-14954	150	10	chains	chain	NOUN
dem-14954	150	11	gives	give	VERB
dem-14954	150	12	an	an	DET
dem-14954	150	13	almost	almost	ADV
dem-14954	150	14	expected	expect	VERB
dem-14954	150	15	exceedances	exceedance	NOUN
dem-14954	150	16	participation	participation	NOUN
dem-14954	150	17	of	of	ADP
dem-14954	150	18	0.0535	0.0535	NUM
dem-14954	150	19	.	.	PUNCT
dem-14954	151	1	furthermore	furthermore	ADV
dem-14954	151	2	,	,	PUNCT
dem-14954	151	3	the	the	DET
dem-14954	151	4	high	high	ADJ
dem-14954	151	5	value	value	NOUN
dem-14954	151	6	of	of	ADP
dem-14954	151	7	p	p	NOUN
dem-14954	151	8	=	=	PUNCT
dem-14954	151	9	0.0535	0.0535	NUM
dem-14954	151	10	of	of	ADP
dem-14954	151	11	the	the	DET
dem-14954	151	12	kupiec	kupiec	NOUN
dem-14954	151	13	proportion	proportion	NOUN
dem-14954	151	14	of	of	ADP
dem-14954	151	15	failures	failure	NOUN
dem-14954	151	16	test	test	NOUN
dem-14954	151	17	shows	show	VERB
dem-14954	151	18	no	no	DET
dem-14954	151	19	alicja	alicja	ADJ
dem-14954	151	20	ganczarek	ganczarek	NOUN
dem-14954	151	21	-	-	PUNCT
dem-14954	151	22	gamrot	gamrot	NOUN
dem-14954	151	23	,	,	PUNCT
dem-14954	151	24	józef	józef	ADJ
dem-14954	151	25	stawicki	stawicki	PROPN
dem-14954	151	26	dynamic	dynamic	ADJ
dem-14954	151	27	econometric	econometric	ADJ
dem-14954	151	28	models	model	NOUN
dem-14954	151	29	17	17	NUM
dem-14954	151	30	(	(	PUNCT
dem-14954	151	31	2017	2017	NUM
dem-14954	151	32	)	)	PUNCT
dem-14954	151	33	81–96	81–96	NUM
dem-14954	151	34	94	94	NUM
dem-14954	151	35	grounds	ground	NOUN
dem-14954	151	36	for	for	ADP
dem-14954	151	37	rejecting	reject	VERB
dem-14954	151	38	the	the	DET
dem-14954	151	39	null	null	ADJ
dem-14954	151	40	hypothesis	hypothesis	NOUN
dem-14954	151	41	.	.	PUNCT
dem-14954	152	1	for	for	ADP
dem-14954	152	2	a	a	DET
dem-14954	152	3	historical	historical	ADJ
dem-14954	152	4	time	time	NOUN
dem-14954	152	5	series	series	NOUN
dem-14954	152	6	of	of	ADP
dem-14954	152	7	exceedances	exceedance	NOUN
dem-14954	152	8	,	,	PUNCT
dem-14954	152	9	there	there	PRON
dem-14954	152	10	was	be	VERB
dem-14954	152	11	no	no	DET
dem-14954	152	12	single	single	ADJ
dem-14954	152	13	case	case	NOUN
dem-14954	152	14	of	of	ADP
dem-14954	152	15	day	day	NOUN
dem-14954	152	16	-	-	PUNCT
dem-14954	152	17	to	to	ADP
dem-14954	152	18	-	-	PUNCT
dem-14954	152	19	day	day	NOUN
dem-14954	152	20	var	var	NOUN
dem-14954	152	21	exceeding	exceed	VERB
dem-14954	152	22	.	.	PUNCT
dem-14954	153	1	table	table	NOUN
dem-14954	153	2	2	2	NUM
dem-14954	153	3	.	.	PUNCT
dem-14954	153	4	results	result	NOUN
dem-14954	153	5	of	of	ADP
dem-14954	153	6	var0.05	var0.05	PROPN
dem-14954	153	7	back	back	ADV
dem-14954	153	8	testing	test	VERB
dem-14954	153	9	var_m	var_m	NOUN
dem-14954	153	10	var_sgjr	var_sgjr	NOUN
dem-14954	153	11	t	t	PROPN
dem-14954	153	12	1177	1177	NUM
dem-14954	153	13	1170	1170	NUM
dem-14954	153	14	k	k	PROPN
dem-14954	153	15	63	63	NUM
dem-14954	153	16	66	66	NUM
dem-14954	153	17	w	w	ADP
dem-14954	153	18	0.0535	0.0535	NUM
dem-14954	153	19	0.0564	0.0564	NUM
dem-14954	153	20	k00	k00	NOUN
dem-14954	153	21	1051	1051	NUM
dem-14954	153	22	1045	1045	NUM
dem-14954	153	23	k10	k10	NOUN
dem-14954	153	24	63	63	NUM
dem-14954	153	25	59	59	NUM
dem-14954	153	26	k01	k01	NOUN
dem-14954	153	27	63	63	NUM
dem-14954	153	28	59	59	NUM
dem-14954	153	29	k11	k11	NOUN
dem-14954	153	30	0	0	NUM
dem-14954	153	31	7	7	NUM
dem-14954	153	32	w00	w00	PROPN
dem-14954	153	33	0.9434	0.9434	NUM
dem-14954	153	34	0.9466	0.9466	NUM
dem-14954	153	35	w10	w10	PROPN
dem-14954	153	36	1.0000	1.0000	NUM
dem-14954	153	37	0.8939	0.8939	NUM
dem-14954	153	38	w01	w01	NOUN
dem-14954	153	39	0.0566	0.0566	NUM
dem-14954	153	40	0.0534	0.0534	NUM
dem-14954	153	41	w11	w11	NOUN
dem-14954	153	42	0.0000	0.0000	NUM
dem-14954	153	43	0.1061	0.1061	NUM
dem-14954	153	44	poflr	poflr	NOUN
dem-14954	153	45	0.3014	0.3014	NUM
dem-14954	153	46	0.9736	0.9736	NUM
dem-14954	153	47	p	p	NOUN
dem-14954	153	48	-	-	PUNCT
dem-14954	153	49	value	value	NOUN
dem-14954	153	50	0.5830	0.5830	PROPN
dem-14954	153	51	0.3238	0.3238	NUM
dem-14954	153	52	indlr	indlr	NOUN
dem-14954	153	53	x	x	PUNCT
dem-14954	153	54	2.6466	2.6466	NUM
dem-14954	153	55	p	p	NOUN
dem-14954	153	56	-	-	PUNCT
dem-14954	153	57	value	value	NOUN
dem-14954	153	58	x	x	SYM
dem-14954	153	59	0.1038	0.1038	NUM
dem-14954	153	60	var0.05	var0.05	NOUN
dem-14954	153	61	estimated	estimate	VERB
dem-14954	153	62	using	use	VERB
dem-14954	153	63	the	the	DET
dem-14954	153	64	sarima	sarima	NOUN
dem-14954	153	65	-	-	PUNCT
dem-14954	153	66	gjr	gjr	NOUN
dem-14954	153	67	model	model	NOUN
dem-14954	153	68	is	be	AUX
dem-14954	153	69	slightly	slightly	ADV
dem-14954	153	70	underestimated	underestimate	VERB
dem-14954	153	71	,	,	PUNCT
dem-14954	153	72	the	the	DET
dem-14954	153	73	participation	participation	NOUN
dem-14954	153	74	of	of	ADP
dem-14954	153	75	exceedances	exceedance	NOUN
dem-14954	153	76	in	in	ADP
dem-14954	153	77	the	the	DET
dem-14954	153	78	examined	examine	VERB
dem-14954	153	79	series	series	NOUN
dem-14954	153	80	is	be	AUX
dem-14954	153	81	0.564	0.564	NUM
dem-14954	153	82	,	,	PUNCT
dem-14954	153	83	not	not	PART
dem-14954	153	84	significantly	significantly	ADV
dem-14954	153	85	different	different	ADJ
dem-14954	153	86	from	from	ADP
dem-14954	153	87	the	the	DET
dem-14954	153	88	expected	expect	VERB
dem-14954	153	89	(	(	PUNCT
dem-14954	153	90	p	p	NOUN
dem-14954	153	91	-	-	PUNCT
dem-14954	153	92	value	value	NOUN
dem-14954	153	93	=	=	NOUN
dem-14954	153	94	0.3238	0.3238	NUM
dem-14954	153	95	in	in	ADP
dem-14954	153	96	the	the	DET
dem-14954	153	97	kupiec	kupiec	NOUN
dem-14954	153	98	proportion	proportion	NOUN
dem-14954	153	99	of	of	ADP
dem-14954	153	100	failures	failure	NOUN
dem-14954	153	101	test	test	NOUN
dem-14954	153	102	)	)	PUNCT
dem-14954	153	103	.	.	PUNCT
dem-14954	154	1	exceeding	exceed	VERB
dem-14954	154	2	the	the	DET
dem-14954	154	3	so	so	ADV
dem-14954	154	4	estimated	estimate	VERB
dem-14954	154	5	var	var	NOUN
dem-14954	154	6	can	can	AUX
dem-14954	154	7	be	be	AUX
dem-14954	154	8	considered	consider	VERB
dem-14954	154	9	as	as	ADP
dem-14954	154	10	independent	independent	ADJ
dem-14954	154	11	(	(	PUNCT
dem-14954	154	12	p	p	NOUN
dem-14954	154	13	-	-	PUNCT
dem-14954	154	14	value	value	NOUN
dem-14954	154	15	=	=	NOUN
dem-14954	154	16	0.1038	0.1038	NUM
dem-14954	154	17	in	in	ADP
dem-14954	154	18	christoffersen	christoffersen	NOUN
dem-14954	154	19	test	test	NOUN
dem-14954	154	20	)	)	PUNCT
dem-14954	154	21	.	.	PUNCT
dem-14954	155	1	conclusions	conclusion	NOUN
dem-14954	155	2	the	the	DET
dem-14954	155	3	obtained	obtain	VERB
dem-14954	155	4	var	var	NOUN
dem-14954	155	5	estimation	estimation	NOUN
dem-14954	155	6	results	result	NOUN
dem-14954	155	7	are	be	AUX
dem-14954	155	8	far	far	ADV
dem-14954	155	9	better	well	ADJ
dem-14954	155	10	than	than	ADP
dem-14954	155	11	var	var	NOUN
dem-14954	155	12	estimates	estimate	NOUN
dem-14954	155	13	based	base	VERB
dem-14954	155	14	on	on	ADP
dem-14954	155	15	monte	monte	PROPN
dem-14954	155	16	carlo	carlo	PROPN
dem-14954	155	17	simulations	simulation	NOUN
dem-14954	155	18	without	without	ADP
dem-14954	155	19	taking	take	VERB
dem-14954	155	20	into	into	ADP
dem-14954	155	21	account	account	NOUN
dem-14954	155	22	the	the	DET
dem-14954	155	23	dynamics	dynamic	NOUN
dem-14954	155	24	of	of	ADP
dem-14954	155	25	the	the	DET
dem-14954	155	26	observed	observed	ADJ
dem-14954	155	27	phenomena	phenomenon	NOUN
dem-14954	155	28	and	and	CCONJ
dem-14954	155	29	the	the	DET
dem-14954	155	30	strong	strong	ADJ
dem-14954	155	31	autocorrelation	autocorrelation	NOUN
dem-14954	155	32	observed	observe	VERB
dem-14954	155	33	during	during	ADP
dem-14954	155	34	the	the	DET
dem-14954	155	35	time	time	NOUN
dem-14954	155	36	series	series	NOUN
dem-14954	155	37	(	(	PUNCT
dem-14954	155	38	cf	cf	NOUN
dem-14954	155	39	.	.	PUNCT
dem-14954	156	1	ganczarek	ganczarek	NOUN
dem-14954	156	2	-	-	PUNCT
dem-14954	156	3	gamrot	gamrot	NOUN
dem-14954	156	4	,	,	PUNCT
dem-14954	156	5	2015	2015	NUM
dem-14954	156	6	)	)	PUNCT
dem-14954	156	7	.	.	PUNCT
dem-14954	157	1	both	both	DET
dem-14954	157	2	methods	method	NOUN
dem-14954	157	3	have	have	VERB
dem-14954	157	4	a	a	DET
dem-14954	157	5	great	great	ADJ
dem-14954	157	6	advantage	advantage	NOUN
dem-14954	157	7	over	over	ADP
dem-14954	157	8	the	the	DET
dem-14954	157	9	classic	classic	ADJ
dem-14954	157	10	approach	approach	NOUN
dem-14954	157	11	to	to	ADP
dem-14954	157	12	value	value	NOUN
dem-14954	157	13	-	-	PUNCT
dem-14954	157	14	at	at	ADP
dem-14954	157	15	-	-	PUNCT
dem-14954	157	16	risk	risk	NOUN
dem-14954	157	17	estimation	estimation	NOUN
dem-14954	157	18	.	.	PUNCT
dem-14954	158	1	nevertheless	nevertheless	ADV
dem-14954	158	2	,	,	PUNCT
dem-14954	158	3	var	var	NOUN
dem-14954	158	4	estimated	estimate	VERB
dem-14954	158	5	using	use	VERB
dem-14954	158	6	markov	markov	NOUN
dem-14954	158	7	chains	chain	NOUN
dem-14954	158	8	based	base	VERB
dem-14954	158	9	on	on	ADP
dem-14954	158	10	the	the	DET
dem-14954	158	11	selected	select	VERB
dem-14954	158	12	empirical	empirical	ADJ
dem-14954	158	13	series	series	NOUN
dem-14954	158	14	is	be	AUX
dem-14954	158	15	closer	close	ADJ
dem-14954	158	16	to	to	ADP
dem-14954	158	17	the	the	DET
dem-14954	158	18	correct	correct	ADJ
dem-14954	158	19	estimation	estimation	NOUN
dem-14954	158	20	of	of	ADP
dem-14954	158	21	loss	loss	NOUN
dem-14954	158	22	measured	measure	VERB
dem-14954	158	23	by	by	ADP
dem-14954	158	24	means	mean	NOUN
dem-14954	158	25	of	of	ADP
dem-14954	158	26	var	var	NOUN
dem-14954	158	27	.	.	PUNCT
dem-14954	159	1	references	reference	NOUN
dem-14954	159	2	brockwell	brockwell	PROPN
dem-14954	159	3	,	,	PUNCT
dem-14954	159	4	p.	p.	PROPN
dem-14954	159	5	j.	j.	PROPN
dem-14954	159	6	,	,	PUNCT
dem-14954	159	7	davis	davis	PROPN
dem-14954	159	8	,	,	PUNCT
dem-14954	159	9	r.	r.	PROPN
dem-14954	159	10	a.	a.	PROPN
dem-14954	159	11	(	(	PUNCT
dem-14954	159	12	1996	1996	NUM
dem-14954	159	13	)	)	PUNCT
dem-14954	159	14	,	,	PUNCT
dem-14954	159	15	introduction	introduction	NOUN
dem-14954	159	16	to	to	ADP
dem-14954	159	17	time	time	NOUN
dem-14954	159	18	series	series	NOUN
dem-14954	159	19	and	and	CCONJ
dem-14954	159	20	forecasting	forecasting	NOUN
dem-14954	159	21	,	,	PUNCT
dem-14954	159	22	springer	springer	NOUN
dem-14954	159	23	–	–	PUNCT
dem-14954	159	24	verlag	verlag	PROPN
dem-14954	159	25	,	,	PUNCT
dem-14954	159	26	new	new	PROPN
dem-14954	159	27	york	york	PROPN
dem-14954	159	28	,	,	PUNCT
dem-14954	159	29	doi	doi	PROPN
dem-14954	159	30	:	:	PUNCT
dem-14954	159	31	http://dx.doi.org/10.1007/978-1-4757-2526-1	http://dx.doi.org/10.1007/978-1-4757-2526-1	ADV
dem-14954	159	32	.	.	PUNCT
dem-14954	160	1	ching	ching	PROPN
dem-14954	160	2	,	,	PUNCT
dem-14954	160	3	w.	w.	PROPN
dem-14954	160	4	,	,	PUNCT
dem-14954	160	5	ng	ng	PROPN
dem-14954	160	6	,	,	PUNCT
dem-14954	160	7	m.	m.	PROPN
dem-14954	160	8	k.	k.	PROPN
dem-14954	160	9	(	(	PUNCT
dem-14954	160	10	2006	2006	NUM
dem-14954	160	11	)	)	PUNCT
dem-14954	160	12	,	,	PUNCT
dem-14954	160	13	markov	markov	NOUN
dem-14954	160	14	chains	chain	NOUN
dem-14954	160	15	models	model	NOUN
dem-14954	160	16	,	,	PUNCT
dem-14954	160	17	algorithms	algorithm	NOUN
dem-14954	160	18	and	and	CCONJ
dem-14954	160	19	applications	application	NOUN
dem-14954	160	20	,	,	PUNCT
dem-14954	160	21	springer	springer	NOUN
dem-14954	160	22	science+business	science+business	NOUN
dem-14954	160	23	media	medium	NOUN
dem-14954	160	24	.	.	PUNCT
dem-14954	161	1	http://dx.doi.org/10.1007/978-1-4757-2526-1	http://dx.doi.org/10.1007/978-1-4757-2526-1	ADV
dem-14954	161	2	comparison	comparison	NOUN
dem-14954	161	3	of	of	ADP
dem-14954	161	4	certain	certain	ADJ
dem-14954	161	5	dynamic	dynamic	ADJ
dem-14954	161	6	estimation	estimation	NOUN
dem-14954	161	7	methods	method	NOUN
dem-14954	161	8	of	of	ADP
dem-14954	161	9	value	value	NOUN
dem-14954	161	10	at	at	ADP
dem-14954	161	11	risk	risk	NOUN
dem-14954	161	12	…	…	PUNCT
dem-14954	161	13	dynamic	dynamic	ADJ
dem-14954	161	14	econometric	econometric	ADJ
dem-14954	161	15	models	model	NOUN
dem-14954	161	16	17	17	NUM
dem-14954	161	17	(	(	PUNCT
dem-14954	161	18	2017	2017	NUM
dem-14954	161	19	)	)	PUNCT
dem-14954	161	20	81–96	81–96	NUM
dem-14954	161	21	95	95	NUM
dem-14954	161	22	christoffersen	christoffersen	NOUN
dem-14954	161	23	,	,	PUNCT
dem-14954	161	24	p.	p.	NOUN
dem-14954	161	25	(	(	PUNCT
dem-14954	161	26	1998	1998	NUM
dem-14954	161	27	)	)	PUNCT
dem-14954	161	28	,	,	PUNCT
dem-14954	161	29	evaluating	evaluate	VERB
dem-14954	161	30	interval	interval	NOUN
dem-14954	161	31	forecasts	forecast	NOUN
dem-14954	161	32	,	,	PUNCT
dem-14954	161	33	international	international	ADJ
dem-14954	161	34	economic	economic	ADJ
dem-14954	161	35	review	review	NOUN
dem-14954	161	36	,	,	PUNCT
dem-14954	161	37	39	39	NUM
dem-14954	161	38	,	,	PUNCT
dem-14954	161	39	841–862	841–862	NUM
dem-14954	161	40	,	,	PUNCT
dem-14954	161	41	doi	doi	NOUN
dem-14954	161	42	:	:	PUNCT
dem-14954	161	43	http://dx.doi.org/10.2307/2527341	http://dx.doi.org/10.2307/2527341	PROPN
dem-14954	161	44	.	.	PUNCT
dem-14954	162	1	decewicz	decewicz	PROPN
dem-14954	162	2	,	,	PUNCT
dem-14954	162	3	a.	a.	NOUN
dem-14954	162	4	(	(	PUNCT
dem-14954	162	5	2011	2011	NUM
dem-14954	162	6	)	)	PUNCT
dem-14954	162	7	,	,	PUNCT
dem-14954	162	8	probabilistyczne	probabilistyczne	PROPN
dem-14954	162	9	modele	modele	PROPN
dem-14954	162	10	badań	badań	PROPN
dem-14954	162	11	operacyjnych	operacyjnych	PROPN
dem-14954	162	12	,	,	PUNCT
dem-14954	162	13	oficyna	oficyna	PROPN
dem-14954	162	14	wydawnicza	wydawnicza	PROPN
dem-14954	162	15	sgh	sgh	PROPN
dem-14954	162	16	,	,	PUNCT
dem-14954	162	17	warszawa	warszawa	PROPN
dem-14954	162	18	.	.	PUNCT
dem-14954	163	1	doman	doman	PROPN
dem-14954	163	2	,	,	PUNCT
dem-14954	163	3	m.	m.	NOUN
dem-14954	163	4	,	,	PUNCT
dem-14954	163	5	doman	doman	PROPN
dem-14954	163	6	,	,	PUNCT
dem-14954	163	7	r.	r.	PROPN
dem-14954	163	8	(	(	PUNCT
dem-14954	163	9	2009	2009	NUM
dem-14954	163	10	)	)	PUNCT
dem-14954	163	11	,	,	PUNCT
dem-14954	163	12	modelowanie	modelowanie	NOUN
dem-14954	163	13	zmienności	zmienności	PROPN
dem-14954	163	14	i	i	PRON
dem-14954	163	15	ryzyka	ryzyka	VERB
dem-14954	163	16	,	,	PUNCT
dem-14954	163	17	wolter	wolter	PROPN
dem-14954	163	18	kluwer	kluwer	PROPN
dem-14954	163	19	polska	polska	PROPN
dem-14954	163	20	,	,	PUNCT
dem-14954	163	21	kraków	kraków	PROPN
dem-14954	163	22	.	.	PUNCT
dem-14954	164	1	fiszeder	fiszeder	PROPN
dem-14954	164	2	,	,	PUNCT
dem-14954	164	3	p.	p.	NOUN
dem-14954	164	4	(	(	PUNCT
dem-14954	164	5	2009	2009	NUM
dem-14954	164	6	)	)	PUNCT
dem-14954	164	7	,	,	PUNCT
dem-14954	164	8	modele	modele	PROPN
dem-14954	164	9	klasy	klasy	PROPN
dem-14954	164	10	garch	garch	PROPN
dem-14954	164	11	w	w	PROPN
dem-14954	164	12	empirycznych	empirycznych	PROPN
dem-14954	164	13	badaniach	badaniach	PROPN
dem-14954	164	14	finansowych	finansowych	PROPN
dem-14954	164	15	,	,	PUNCT
dem-14954	164	16	wydawnictwo	wydawnictwo	PROPN
dem-14954	164	17	naukowe	naukowe	NOUN
dem-14954	164	18	umk	umk	PROPN
dem-14954	164	19	,	,	PUNCT
dem-14954	164	20	toruń	toruń	NOUN
dem-14954	164	21	.	.	PUNCT
dem-14954	165	1	ganczarek	ganczarek	NOUN
dem-14954	165	2	,	,	PUNCT
dem-14954	165	3	a.	a.	NOUN
dem-14954	165	4	(	(	PUNCT
dem-14954	165	5	2006	2006	NUM
dem-14954	165	6	)	)	PUNCT
dem-14954	165	7	,	,	PUNCT
dem-14954	165	8	wykorzystanie	wykorzystanie	PROPN
dem-14954	165	9	modeli	modeli	PROPN
dem-14954	165	10	zmienności	zmienności	PROPN
dem-14954	165	11	wariancji	wariancji	PROPN
dem-14954	165	12	garch	garch	PROPN
dem-14954	165	13	w	w	PROPN
dem-14954	165	14	analizie	analizie	PROPN
dem-14954	165	15	ryzyka	ryzyka	PROPN
dem-14954	165	16	na	na	ADP
dem-14954	165	17	rdn	rdn	PROPN
dem-14954	165	18	,	,	PUNCT
dem-14954	165	19	prace	prace	PROPN
dem-14954	165	20	naukowe	naukowe	PROPN
dem-14954	165	21	ae	ae	PROPN
dem-14954	165	22	w	w	PROPN
dem-14954	165	23	katowicach	katowicach	PROPN
dem-14954	165	24	:	:	PUNCT
dem-14954	165	25	modelowanie	modelowanie	NOUN
dem-14954	165	26	preferencji	preferencji	NOUN
dem-14954	165	27	a	a	DET
dem-14954	165	28	ryzyko’06	ryzyko’06	NOUN
dem-14954	165	29	(	(	PUNCT
dem-14954	165	30	ed	ed	NOUN
dem-14954	165	31	.	.	PUNCT
dem-14954	166	1	trzaskalik	trzaskalik	PROPN
dem-14954	166	2	t.	t.	PROPN
dem-14954	166	3	)	)	PUNCT
dem-14954	166	4	,	,	PUNCT
dem-14954	167	1	357–371	357–371	NUM
dem-14954	167	2	.	.	PUNCT
dem-14954	167	3	ganczarek	ganczarek	NOUN
dem-14954	167	4	-	-	PUNCT
dem-14954	167	5	gamrot	gamrot	NOUN
dem-14954	167	6	,	,	PUNCT
dem-14954	167	7	a.	a.	NOUN
dem-14954	167	8	(	(	PUNCT
dem-14954	167	9	2015	2015	NUM
dem-14954	167	10	)	)	PUNCT
dem-14954	167	11	,	,	PUNCT
dem-14954	167	12	porównanie	porównanie	NOUN
dem-14954	167	13	metod	metod	VERB
dem-14954	167	14	estymacji	estymacji	PROPN
dem-14954	167	15	var	var	VERB
dem-14954	167	16	na	na	ADP
dem-14954	167	17	polskim	polskim	PROPN
dem-14954	167	18	rynku	rynku	ADJ
dem-14954	167	19	gazu	gazu	PROPN
dem-14954	167	20	,	,	PUNCT
dem-14954	167	21	studia	studia	NOUN
dem-14954	167	22	ekonomiczne	ekonomiczne	NOUN
dem-14954	167	23	.	.	PUNCT
dem-14954	168	1	zeszyty	zeszyty	VERB
dem-14954	168	2	naukowe	naukowe	NOUN
dem-14954	168	3	uniwersytetu	uniwersytetu	NOUN
dem-14954	168	4	ekonomicznego	ekonomicznego	PROPN
dem-14954	168	5	w	w	PROPN
dem-14954	168	6	katowicach	katowicach	PROPN
dem-14954	168	7	,	,	PUNCT
dem-14954	168	8	219	219	NUM
dem-14954	168	9	,	,	PUNCT
dem-14954	168	10	41–52	41–52	NUM
dem-14954	168	11	.	.	PUNCT
dem-14954	169	1	glosten	glosten	PROPN
dem-14954	169	2	,	,	PUNCT
dem-14954	169	3	l.	l.	PROPN
dem-14954	169	4	r.	r.	PROPN
dem-14954	169	5	,	,	PUNCT
dem-14954	169	6	jagannathan	jagannathan	PROPN
dem-14954	169	7	,	,	PUNCT
dem-14954	169	8	r.	r.	PROPN
dem-14954	169	9	,	,	PUNCT
dem-14954	169	10	runkle	runkle	INTJ
dem-14954	169	11	,	,	PUNCT
dem-14954	169	12	d.	d.	PROPN
dem-14954	169	13	e.	e.	PROPN
dem-14954	169	14	(	(	PUNCT
dem-14954	169	15	1993	1993	NUM
dem-14954	169	16	)	)	PUNCT
dem-14954	169	17	,	,	PUNCT
dem-14954	169	18	on	on	ADP
dem-14954	169	19	the	the	DET
dem-14954	169	20	relation	relation	NOUN
dem-14954	169	21	between	between	ADP
dem-14954	169	22	expected	expect	VERB
dem-14954	169	23	value	value	NOUN
dem-14954	169	24	and	and	CCONJ
dem-14954	169	25	the	the	DET
dem-14954	169	26	volatility	volatility	NOUN
dem-14954	169	27	of	of	ADP
dem-14954	169	28	the	the	DET
dem-14954	169	29	nominal	nominal	ADJ
dem-14954	169	30	excess	excess	ADJ
dem-14954	169	31	return	return	NOUN
dem-14954	169	32	on	on	ADP
dem-14954	169	33	stocks	stock	NOUN
dem-14954	169	34	,	,	PUNCT
dem-14954	169	35	journal	journal	NOUN
dem-14954	169	36	of	of	ADP
dem-14954	169	37	finance	finance	NOUN
dem-14954	169	38	,	,	PUNCT
dem-14954	169	39	48	48	NUM
dem-14954	169	40	,	,	PUNCT
dem-14954	169	41	1779–1801	1779–1801	NUM
dem-14954	169	42	,	,	PUNCT
dem-14954	169	43	doi	doi	NOUN
dem-14954	169	44	:	:	PUNCT
dem-14954	170	1	http://dx.doi.org/10.1111/j.1540-6261.1993.tb05128.x	http://dx.doi.org/10.1111/j.1540-6261.1993.tb05128.x	PROPN
dem-14954	170	2	.	.	PUNCT
dem-14954	170	3	jajuga	jajuga	PROPN
dem-14954	170	4	,	,	PUNCT
dem-14954	170	5	k	k	PROPN
dem-14954	170	6	(	(	PUNCT
dem-14954	170	7	2000	2000	NUM
dem-14954	170	8	)	)	PUNCT
dem-14954	170	9	,	,	PUNCT
dem-14954	170	10	ryzyko	ryzyko	NOUN
dem-14954	170	11	w	w	PROPN
dem-14954	170	12	finansach	finansach	PROPN
dem-14954	170	13	.	.	PUNCT
dem-14954	171	1	ujęcie	ujęcie	PROPN
dem-14954	171	2	statystyczne	statystyczne	PROPN
dem-14954	171	3	.	.	PUNCT
dem-14954	172	1	współczesne	współczesne	PROPN
dem-14954	172	2	problemy	problemy	PROPN
dem-14954	172	3	badań	badań	NOUN
dem-14954	172	4	statystycznych	statystycznych	NOUN
dem-14954	172	5	i	i	PRON
dem-14954	172	6	ekonometrycznych	ekonometrycznych	VERB
dem-14954	172	7	,	,	PUNCT
dem-14954	172	8	ae	ae	PROPN
dem-14954	172	9	,	,	PUNCT
dem-14954	172	10	kraków	kraków	PROPN
dem-14954	172	11	,	,	PUNCT
dem-14954	172	12	197–208	197–208	NUM
dem-14954	172	13	,	,	PUNCT
dem-14954	172	14	kupiec	kupiec	NOUN
dem-14954	172	15	,	,	PUNCT
dem-14954	172	16	p.	p.	NOUN
dem-14954	172	17	(	(	PUNCT
dem-14954	172	18	1995	1995	NUM
dem-14954	172	19	)	)	PUNCT
dem-14954	172	20	,	,	PUNCT
dem-14954	172	21	techniques	technique	NOUN
dem-14954	172	22	for	for	ADP
dem-14954	172	23	verifying	verify	VERB
dem-14954	172	24	the	the	DET
dem-14954	172	25	accuracy	accuracy	NOUN
dem-14954	172	26	of	of	ADP
dem-14954	172	27	risk	risk	NOUN
dem-14954	172	28	management	management	NOUN
dem-14954	172	29	models	model	NOUN
dem-14954	172	30	,	,	PUNCT
dem-14954	172	31	journal	journal	NOUN
dem-14954	172	32	of	of	ADP
dem-14954	172	33	derivatives	derivative	NOUN
dem-14954	172	34	,	,	PUNCT
dem-14954	172	35	2	2	NUM
dem-14954	172	36	,	,	PUNCT
dem-14954	172	37	173–184	173–184	NUM
dem-14954	172	38	.	.	PUNCT
dem-14954	173	1	osińska	osińska	PROPN
dem-14954	173	2	,	,	PUNCT
dem-14954	173	3	m.	m.	NOUN
dem-14954	173	4	(	(	PUNCT
dem-14954	173	5	2006	2006	NUM
dem-14954	173	6	)	)	PUNCT
dem-14954	173	7	,	,	PUNCT
dem-14954	173	8	ekonometria	ekonometria	PROPN
dem-14954	173	9	finansowa	finansowa	PROPN
dem-14954	173	10	,	,	PUNCT
dem-14954	173	11	polskie	polskie	NOUN
dem-14954	173	12	wydawnictwo	wydawnictwo	PROPN
dem-14954	173	13	ekonomiczne	ekonomiczne	PROPN
dem-14954	173	14	,	,	PUNCT
dem-14954	173	15	warszawa	warszawa	PROPN
dem-14954	173	16	pajor	pajor	PROPN
dem-14954	173	17	,	,	PUNCT
dem-14954	173	18	a.	a.	NOUN
dem-14954	173	19	(	(	PUNCT
dem-14954	173	20	2010	2010	NUM
dem-14954	173	21	)	)	PUNCT
dem-14954	173	22	,	,	PUNCT
dem-14954	173	23	wielowymiarowe	wielowymiarowe	PROPN
dem-14954	173	24	procesy	procesy	VERB
dem-14954	173	25	wariancji	wariancji	PROPN
dem-14954	173	26	stochastycznej	stochastycznej	PROPN
dem-14954	173	27	w	w	PROPN
dem-14954	173	28	ekonometrii	ekonometrii	PROPN
dem-14954	173	29	finansowej	finansowej	PROPN
dem-14954	173	30	,	,	PUNCT
dem-14954	173	31	ujęcie	ujęcie	PROPN
dem-14954	173	32	bajesowskie	bajesowskie	NOUN
dem-14954	173	33	,	,	PUNCT
dem-14954	173	34	wydawnictwo	wydawnictwo	PROPN
dem-14954	173	35	uniwersytetu	uniwersytetu	VERB
dem-14954	173	36	ekonomicznego	ekonomicznego	PROPN
dem-14954	173	37	w	w	PROPN
dem-14954	173	38	krakowie	krakowie	PROPN
dem-14954	173	39	,	,	PUNCT
dem-14954	173	40	kraków	kraków	PROPN
dem-14954	173	41	.	.	PUNCT
dem-14954	174	1	piontek	piontek	PROPN
dem-14954	174	2	,	,	PUNCT
dem-14954	174	3	k.	k.	PROPN
dem-14954	174	4	(	(	PUNCT
dem-14954	174	5	2002	2002	NUM
dem-14954	174	6	)	)	PUNCT
dem-14954	174	7	,	,	PUNCT
dem-14954	174	8	pomiar	pomiar	NOUN
dem-14954	174	9	ryzyka	ryzyka	PROPN
dem-14954	174	10	metodą	metodą	PROPN
dem-14954	174	11	var	var	PROPN
dem-14954	174	12	a	a	DET
dem-14954	174	13	modele	modele	PROPN
dem-14954	174	14	ar	ar	PROPN
dem-14954	174	15	-	-	PUNCT
dem-14954	174	16	garch	garch	NOUN
dem-14954	174	17	ze	ze	PROPN
dem-14954	174	18	składnikiem	składnikiem	NOUN
dem-14954	174	19	losowym	losowym	ADP
dem-14954	174	20	o	o	PROPN
dem-14954	174	21	warunkowym	warunkowym	PROPN
dem-14954	174	22	rozkładzie	rozkładzie	NOUN
dem-14954	174	23	z	z	PROPN
dem-14954	174	24	„	„	PUNCT
dem-14954	174	25	grubymi	grubymi	NOUN
dem-14954	174	26	ogonami	ogonami	ADJ
dem-14954	174	27	”	"	PUNCT
dem-14954	174	28	,	,	PUNCT
dem-14954	174	29	rynek	rynek	PROPN
dem-14954	174	30	kapitałowy	kapitałowy	PROPN
dem-14954	174	31	.	.	PROPN
dem-14954	174	32	skuteczne	skuteczne	PROPN
dem-14954	174	33	inwestowanie	inwestowanie	PROPN
dem-14954	174	34	,	,	PUNCT
dem-14954	174	35	467–483	467–483	NUM
dem-14954	174	36	.	.	PUNCT
dem-14954	175	1	podgórska	podgórska	PROPN
dem-14954	175	2	,	,	PUNCT
dem-14954	175	3	m.	m.	NOUN
dem-14954	175	4	,	,	PUNCT
dem-14954	175	5	śliwka	śliwka	ADJ
dem-14954	175	6	,	,	PUNCT
dem-14954	175	7	p.	p.	NOUN
dem-14954	175	8	,	,	PUNCT
dem-14954	175	9	topolewski	topolewski	NOUN
dem-14954	175	10	,	,	PUNCT
dem-14954	175	11	m.	m.	NOUN
dem-14954	175	12	,	,	PUNCT
dem-14954	175	13	wrzosek	wrzosek	NOUN
dem-14954	175	14	,	,	PUNCT
dem-14954	175	15	m.	m.	NOUN
dem-14954	175	16	(	(	PUNCT
dem-14954	175	17	2002	2002	NUM
dem-14954	175	18	)	)	PUNCT
dem-14954	175	19	,	,	PUNCT
dem-14954	176	1	łańcuchy	łańcuchy	NOUN
dem-14954	176	2	markowa	markowa	PROPN
dem-14954	177	1	w	w	PROPN
dem-14954	177	2	teorii	teorii	PROPN
dem-14954	178	1	i	i	INTJ
dem-14954	178	2	w	w	PROPN
dem-14954	178	3	zastosowaniach	zastosowaniach	PROPN
dem-14954	178	4	,	,	PUNCT
dem-14954	178	5	oficyna	oficyna	PROPN
dem-14954	178	6	wydawnicza	wydawnicza	PROPN
dem-14954	178	7	sgh	sgh	PROPN
dem-14954	178	8	,	,	PUNCT
dem-14954	178	9	warszawa	warszawa	PROPN
dem-14954	178	10	.	.	PUNCT
dem-14954	179	1	schwarz	schwarz	PROPN
dem-14954	179	2	,	,	PUNCT
dem-14954	179	3	g.	g.	PROPN
dem-14954	179	4	(	(	PUNCT
dem-14954	179	5	1978	1978	NUM
dem-14954	179	6	)	)	PUNCT
dem-14954	179	7	,	,	PUNCT
dem-14954	179	8	estimating	estimate	VERB
dem-14954	179	9	the	the	DET
dem-14954	179	10	dimension	dimension	NOUN
dem-14954	179	11	of	of	ADP
dem-14954	179	12	a	a	DET
dem-14954	179	13	model	model	NOUN
dem-14954	179	14	,	,	PUNCT
dem-14954	179	15	the	the	DET
dem-14954	179	16	annals	annal	NOUN
dem-14954	179	17	of	of	ADP
dem-14954	179	18	statistics	statistic	NOUN
dem-14954	179	19	,	,	PUNCT
dem-14954	179	20	6	6	NUM
dem-14954	179	21	,	,	PUNCT
dem-14954	179	22	461–464	461–464	NUM
dem-14954	179	23	,	,	PUNCT
dem-14954	179	24	doi	doi	NOUN
dem-14954	179	25	:	:	PUNCT
dem-14954	179	26	http://dx.doi.org/10.1214/aos/1176344136	http://dx.doi.org/10.1214/aos/1176344136	PROPN
dem-14954	179	27	.	.	PUNCT
dem-14954	179	28	stawicki	stawicki	PROPN
dem-14954	179	29	,	,	PUNCT
dem-14954	179	30	j.	j.	PROPN
dem-14954	179	31	(	(	PUNCT
dem-14954	179	32	2004	2004	NUM
dem-14954	179	33	)	)	PUNCT
dem-14954	179	34	,	,	PUNCT
dem-14954	179	35	wykorzystanie	wykorzystanie	PROPN
dem-14954	179	36	łańcuchów	łańcuchów	PROPN
dem-14954	179	37	markowa	markowa	PROPN
dem-14954	179	38	w	w	PROPN
dem-14954	179	39	analizie	analizie	PROPN
dem-14954	179	40	rynku	rynku	PROPN
dem-14954	179	41	kapitałowego	kapitałowego	PROPN
dem-14954	179	42	,	,	PUNCT
dem-14954	179	43	wydawnictwo	wydawnictwo	PROPN
dem-14954	179	44	umk	umk	NOUN
dem-14954	179	45	,	,	PUNCT
dem-14954	179	46	toruń	toruń	NOUN
dem-14954	179	47	.	.	PUNCT
dem-14954	180	1	stawicki	stawicki	PROPN
dem-14954	180	2	,	,	PUNCT
dem-14954	180	3	j.	j.	PROPN
dem-14954	180	4	(	(	PUNCT
dem-14954	180	5	2016	2016	NUM
dem-14954	180	6	)	)	PUNCT
dem-14954	180	7	,	,	PUNCT
dem-14954	180	8	using	use	VERB
dem-14954	180	9	the	the	DET
dem-14954	180	10	first	first	ADJ
dem-14954	180	11	passage	passage	NOUN
dem-14954	180	12	times	time	NOUN
dem-14954	180	13	in	in	ADP
dem-14954	180	14	markov	markov	PROPN
dem-14954	180	15	chaine	chaine	PROPN
dem-14954	180	16	model	model	NOUN
dem-14954	180	17	to	to	PART
dem-14954	180	18	support	support	VERB
dem-14954	180	19	financial	financial	ADJ
dem-14954	180	20	decisions	decision	NOUN
dem-14954	180	21	on	on	ADP
dem-14954	180	22	stock	stock	NOUN
dem-14954	180	23	exchange	exchange	NOUN
dem-14954	180	24	,	,	PUNCT
dem-14954	180	25	dynamic	dynamic	ADJ
dem-14954	180	26	econometric	econometric	ADJ
dem-14954	180	27	models	model	NOUN
dem-14954	180	28	,	,	PUNCT
dem-14954	180	29	16	16	NUM
dem-14954	180	30	,	,	PUNCT
dem-14954	180	31	37–47	37–47	NUM
dem-14954	180	32	.	.	NOUN
dem-14954	180	33	trzpiot	trzpiot	PROPN
dem-14954	180	34	g.	g.	PROPN
dem-14954	180	35	,	,	PUNCT
dem-14954	180	36	(	(	PUNCT
dem-14954	180	37	2010	2010	NUM
dem-14954	180	38	):	):	PUNCT
dem-14954	180	39	wielowymiarowe	wielowymiarowe	PROPN
dem-14954	180	40	metody	metody	PROPN
dem-14954	180	41	statystyczne	statystyczne	PROPN
dem-14954	180	42	w	w	PROPN
dem-14954	180	43	analizie	analizie	PROPN
dem-14954	180	44	ryzyka	ryzyka	PROPN
dem-14954	180	45	inwestycyjnego	inwestycyjnego	PROPN
dem-14954	180	46	,	,	PUNCT
dem-14954	180	47	pwe	pwe	PROPN
dem-14954	180	48	,	,	PUNCT
dem-14954	180	49	warszawa	warszawa	PROPN
dem-14954	180	50	.	.	PUNCT
dem-14954	181	1	[	[	X
dem-14954	181	2	www	www	NOUN
dem-14954	181	3	1	1	NUM
dem-14954	181	4	]	]	X
dem-14954	181	5	www.polpx.pl	www.polpx.pl	PROPN
dem-14954	181	6	.	.	PUNCT
dem-14954	182	1	porównanie	porównanie	NOUN
dem-14954	182	2	wybranych	wybranych	PROPN
dem-14954	182	3	dynamicznych	dynamicznych	PROPN
dem-14954	182	4	metod	metod	PROPN
dem-14954	182	5	estymacji	estymacji	PROPN
dem-14954	182	6	var	var	VERB
dem-14954	182	7	na	na	ADP
dem-14954	182	8	rynku	rynku	ADJ
dem-14954	182	9	gazu	gazu	PROPN
dem-14954	182	10	w	w	PROPN
dem-14954	182	11	polsce	polsce	PROPN
dem-14954	182	12	z	z	PROPN
dem-14954	182	13	a	a	DET
dem-14954	182	14	r	r	NOUN
dem-14954	182	15	y	y	PROPN
dem-14954	182	16	s	s	PROPN
dem-14954	182	17	t	t	NOUN
dem-14954	182	18	r	r	NOUN
dem-14954	182	19	e	e	PROPN
dem-14954	182	20	ś	ś	PROPN
dem-14954	182	21	c	c	NOUN
dem-14954	183	1	i	i	PRON
dem-14954	183	2	:	:	PUNCT
dem-14954	183	3	w	w	PROPN
dem-14954	183	4	pracy	pracy	NOUN
dem-14954	183	5	porównano	porównano	PROPN
dem-14954	183	6	wyniki	wyniki	PROPN
dem-14954	183	7	estymacji	estymacji	PROPN
dem-14954	184	1	wartości	wartości	PROPN
dem-14954	184	2	zagrożonej	zagrożonej	PROPN
dem-14954	184	3	var	var	PROPN
dem-14954	184	4	oszacowanej	oszacowanej	PROPN
dem-14954	184	5	przy	przy	PROPN
dem-14954	184	6	wykorzystaniu	wykorzystaniu	VERB
dem-14954	184	7	łańcuchów	łańcuchów	PROPN
dem-14954	184	8	markowa	markowa	PROPN
dem-14954	184	9	oraz	oraz	PROPN
dem-14954	184	10	modeli	modeli	PROPN
dem-14954	184	11	autoregresyjnych	autoregresyjnych	ADJ
dem-14954	184	12	liniowych	liniowych	PROPN
dem-14954	184	13	i	i	PRON
dem-14954	184	14	nieliniowych	nieliniowych	VERB
dem-14954	184	15	.	.	PUNCT
dem-14954	185	1	analizę	analizę	PROPN
dem-14954	185	2	porównawczą	porównawczą	PROPN
dem-14954	185	3	przeprowadzono	przeprowadzono	VERB
dem-14954	185	4	dla	dla	PROPN
dem-14954	185	5	liniowych	liniowych	PROPN
dem-14954	185	6	stóp	stóp	PROPN
dem-14954	185	7	zwrotu	zwrotu	PROPN
dem-14954	185	8	wartości	wartości	PROPN
dem-14954	185	9	dziennego	dziennego	PROPN
dem-14954	185	10	indeksu	indeksu	PROPN
dem-14954	185	11	gas_base	gas_base	PROPN
dem-14954	185	12	notowanego	notowanego	NOUN
dem-14954	185	13	na	na	ADP
dem-14954	185	14	rynku	rynku	ADJ
dem-14954	185	15	dnia	dnia	PROPN
dem-14954	186	1	następnego	następnego	ADV
dem-14954	186	2	(	(	PUNCT
dem-14954	186	3	rdn	rdn	NOUN
dem-14954	186	4	)	)	PUNCT
dem-14954	186	5	towarowej	towarowej	PROPN
dem-14954	186	6	http://dx.doi.org/10.2307/2527341	http://dx.doi.org/10.2307/2527341	PROPN
dem-14954	186	7	http://dx.doi.org/10.1111/j.1540-6261.1993.tb05128.x	http://dx.doi.org/10.1111/j.1540-6261.1993.tb05128.x	PROPN
dem-14954	186	8	http://dx.doi.org/10.1214/aos/1176344136	http://dx.doi.org/10.1214/aos/1176344136	PROPN
dem-14954	186	9	alicja	alicja	ADJ
dem-14954	186	10	ganczarek	ganczarek	NOUN
dem-14954	186	11	-	-	PUNCT
dem-14954	186	12	gamrot	gamrot	NOUN
dem-14954	186	13	,	,	PUNCT
dem-14954	186	14	józef	józef	ADJ
dem-14954	186	15	stawicki	stawicki	PROPN
dem-14954	186	16	dynamic	dynamic	ADJ
dem-14954	186	17	econometric	econometric	ADJ
dem-14954	186	18	models	model	NOUN
dem-14954	186	19	17	17	NUM
dem-14954	186	20	(	(	PUNCT
dem-14954	186	21	2017	2017	NUM
dem-14954	186	22	)	)	PUNCT
dem-14954	186	23	81–96	81–96	PROPN
dem-14954	186	24	96	96	NUM
dem-14954	186	25	giełdzie	giełdzie	ADJ
dem-14954	186	26	energii	energii	NOUN
dem-14954	186	27	(	(	PUNCT
dem-14954	186	28	tge	tge	PROPN
dem-14954	186	29	)	)	PUNCT
dem-14954	186	30	w	w	NOUN
dem-14954	186	31	okresie	okresie	ADJ
dem-14954	186	32	od	od	PROPN
dem-14954	186	33	2	2	NUM
dem-14954	186	34	stycznia	stycznia	NOUN
dem-14954	186	35	2014	2014	NUM
dem-14954	186	36	roku	roku	PROPN
dem-14954	186	37	do	do	VERB
dem-14954	186	38	13	13	NUM
dem-14954	186	39	kwietnia	kwietnia	PROPN
dem-14954	186	40	2017	2017	NUM
dem-14954	186	41	roku	roku	NOUN
dem-14954	186	42	.	.	PUNCT
dem-14954	187	1	zgodność	zgodność	PROPN
dem-14954	187	2	i	i	PRON
dem-14954	187	3	niezależność	niezależność	VERB
dem-14954	187	4	przekroczeń	przekroczeń	ADP
dem-14954	187	5	oszacowanych	oszacowanych	PROPN
dem-14954	187	6	wartości	wartości	PROPN
dem-14954	187	7	var	var	PROPN
dem-14954	187	8	zweryfikowano	zweryfikowano	PROPN
dem-14954	187	9	testem	testem	PROPN
dem-14954	187	10	kupca	kupca	PROPN
dem-14954	187	11	oraz	oraz	PROPN
dem-14954	187	12	christoffersena	christoffersena	PROPN
dem-14954	187	13	.	.	PUNCT
dem-14954	188	1	s	s	PART
dem-14954	189	1	ł	ł	PROPN
dem-14954	189	2	o	o	X
dem-14954	189	3	w	w	NOUN
dem-14954	189	4	a	a	DET
dem-14954	189	5	k	k	X
dem-14954	189	6	l	l	NOUN
dem-14954	189	7	u	u	NOUN
dem-14954	190	1	c	c	NOUN
dem-14954	190	2	z	z	NOUN
dem-14954	190	3	o	o	X
dem-14954	190	4	w	w	PROPN
dem-14954	191	1	e	e	NOUN
dem-14954	191	2	:	:	PUNCT
dem-14954	191	3	var	var	NOUN
dem-14954	191	4	,	,	PUNCT
dem-14954	191	5	łańcuch	łańcuch	ADJ
dem-14954	191	6	markowa	markowa	NOUN
dem-14954	191	7	,	,	PUNCT
dem-14954	191	8	modele	modele	PROPN
dem-14954	191	9	sarima	sarima	PROPN
dem-14954	191	10	,	,	PUNCT
dem-14954	191	11	modele	modele	PROPN
dem-14954	191	12	garch	garch	PROPN
dem-14954	191	13	,	,	PUNCT
dem-14954	191	14	analiza	analiza	NOUN
dem-14954	191	15	wsteczna	wsteczna	NOUN
dem-14954	191	16	.	.	PUNCT