id	sid	tid	token	lemma	pos
dem-15481	1	1	2017	2017	NUM
dem-15481	1	2	nicolaus	nicolaus	PROPN
dem-15481	1	3	copernicus	copernicus	PROPN
dem-15481	1	4	university	university	PROPN
dem-15481	1	5	.	.	PUNCT
dem-15481	2	1	all	all	DET
dem-15481	2	2	rights	right	NOUN
dem-15481	2	3	reserved	reserve	VERB
dem-15481	2	4	.	.	PUNCT
dem-15481	3	1	http://www.dem.umk.pl/dem	http://www.dem.umk.pl/dem	PROPN
dem-15481	4	1	d	d	PUNCT
dem-15481	4	2	y	y	PROPN
dem-15481	4	3	n	n	PROPN
dem-15481	4	4	a	a	PRON
dem-15481	4	5	m	m	VERB
dem-15481	5	1	i	i	NOUN
dem-15481	5	2	c	c	NOUN
dem-15481	5	3	e	e	NOUN
dem-15481	5	4	c	c	NOUN
dem-15481	5	5	o	o	X
dem-15481	6	1	n	n	INTJ
dem-15481	6	2	o	o	NOUN
dem-15481	6	3	m	m	VERB
dem-15481	7	1	e	e	NOUN
dem-15481	7	2	t	t	NOUN
dem-15481	7	3	r	r	NOUN
dem-15481	7	4	i	i	NOUN
dem-15481	7	5	c	c	NOUN
dem-15481	7	6	m	m	VERB
dem-15481	7	7	o	o	NOUN
dem-15481	7	8	d	d	X
dem-15481	7	9	e	e	X
dem-15481	7	10	l	l	NOUN
dem-15481	7	11	s	s	X
dem-15481	7	12	doi	doi	NOUN
dem-15481	7	13	:	:	PUNCT
dem-15481	7	14	http://dx.doi.org/10.12775/dem.2017.008	http://dx.doi.org/10.12775/dem.2017.008	NOUN
dem-15481	7	15	vol	vol	NOUN
dem-15481	7	16	.	.	PROPN
dem-15481	8	1	17	17	NUM
dem-15481	8	2	(	(	PUNCT
dem-15481	8	3	2017	2017	NUM
dem-15481	8	4	)	)	PUNCT
dem-15481	9	1	129−145	129−145	NOUN
dem-15481	9	2	submitted	submit	VERB
dem-15481	9	3	november	november	PROPN
dem-15481	9	4	28	28	NUM
dem-15481	9	5	,	,	PUNCT
dem-15481	9	6	2017	2017	NUM
dem-15481	9	7	issn	issn	X
dem-15481	9	8	(	(	PUNCT
dem-15481	9	9	online	online	ADJ
dem-15481	9	10	)	)	PUNCT
dem-15481	9	11	2450	2450	NUM
dem-15481	9	12	-	-	SYM
dem-15481	9	13	7067	7067	NUM
dem-15481	9	14	accepted	accept	VERB
dem-15481	9	15	december	december	PROPN
dem-15481	9	16	28	28	NUM
dem-15481	9	17	,	,	PUNCT
dem-15481	9	18	2017	2017	NUM
dem-15481	9	19	issn	issn	PROPN
dem-15481	9	20	(	(	PUNCT
dem-15481	9	21	print	print	NOUN
dem-15481	9	22	)	)	PUNCT
dem-15481	9	23	1234	1234	NUM
dem-15481	9	24	-	-	SYM
dem-15481	9	25	3862	3862	NUM
dem-15481	9	26	aneta	aneta	PROPN
dem-15481	9	27	włodarczyk	włodarczyk	NOUN
dem-15481	9	28	*	*	PUNCT
dem-15481	9	29	regime	regime	NOUN
dem-15481	9	30	-	-	PUNCT
dem-15481	9	31	dependent	dependent	ADJ
dem-15481	9	32	assessment	assessment	NOUN
dem-15481	9	33	of	of	ADP
dem-15481	9	34	the	the	DET
dem-15481	9	35	european	european	PROPN
dem-15481	9	36	union	union	PROPN
dem-15481	9	37	aviation	aviation	NOUN
dem-15481	9	38	allowances	allowance	NOUN
dem-15481	9	39	price	price	NOUN
dem-15481	9	40	risk	risk	PROPN
dem-15481	9	41	a	a	DET
dem-15481	9	42	b	b	PROPN
dem-15481	9	43	s	s	ADP
dem-15481	9	44	t	t	PROPN
dem-15481	9	45	r	r	NOUN
dem-15481	9	46	a	a	DET
dem-15481	9	47	c	c	NOUN
dem-15481	9	48	t.	t.	NOUN
dem-15481	9	49	in	in	ADP
dem-15481	9	50	this	this	DET
dem-15481	9	51	article	article	NOUN
dem-15481	9	52	the	the	DET
dem-15481	9	53	european	european	PROPN
dem-15481	9	54	union	union	PROPN
dem-15481	9	55	aviation	aviation	NOUN
dem-15481	9	56	allowances	allowance	NOUN
dem-15481	9	57	(	(	PUNCT
dem-15481	9	58	euaa	euaa	NOUN
dem-15481	9	59	)	)	PUNCT
dem-15481	9	60	price	price	NOUN
dem-15481	9	61	risk	risk	NOUN
dem-15481	9	62	,	,	PUNCT
dem-15481	9	63	associated	associate	VERB
dem-15481	9	64	with	with	ADP
dem-15481	9	65	the	the	DET
dem-15481	9	66	activity	activity	NOUN
dem-15481	9	67	of	of	ADP
dem-15481	9	68	aircraft	aircraft	NOUN
dem-15481	9	69	operators	operator	NOUN
dem-15481	9	70	within	within	ADP
dem-15481	9	71	the	the	DET
dem-15481	9	72	european	european	ADJ
dem-15481	9	73	economic	economic	ADJ
dem-15481	9	74	area	area	NOUN
dem-15481	9	75	(	(	PUNCT
dem-15481	9	76	eea	eea	PROPN
dem-15481	9	77	)	)	PUNCT
dem-15481	9	78	,	,	PUNCT
dem-15481	9	79	has	have	AUX
dem-15481	9	80	been	be	AUX
dem-15481	9	81	evaluated	evaluate	VERB
dem-15481	9	82	across	across	ADP
dem-15481	9	83	the	the	DET
dem-15481	9	84	low	low	ADJ
dem-15481	9	85	and	and	CCONJ
dem-15481	9	86	high	high	ADJ
dem-15481	9	87	volatility	volatility	NOUN
dem-15481	9	88	periods	period	NOUN
dem-15481	9	89	occurring	occur	VERB
dem-15481	9	90	on	on	ADP
dem-15481	9	91	the	the	DET
dem-15481	9	92	carbon	carbon	NOUN
dem-15481	9	93	permits	permit	VERB
dem-15481	9	94	market	market	NOUN
dem-15481	9	95	.	.	PUNCT
dem-15481	10	1	it	it	PRON
dem-15481	10	2	is	be	AUX
dem-15481	10	3	found	find	VERB
dem-15481	10	4	that	that	SCONJ
dem-15481	10	5	markov	markov	NOUN
dem-15481	10	6	-	-	PUNCT
dem-15481	10	7	switching	switch	VERB
dem-15481	10	8	heteroscedasticity	heteroscedasticity	NOUN
dem-15481	10	9	models	model	NOUN
dem-15481	10	10	distinguish	distinguish	VERB
dem-15481	10	11	well	well	NOUN
dem-15481	10	12	between	between	ADP
dem-15481	10	13	two	two	NUM
dem-15481	10	14	volatility	volatility	NOUN
dem-15481	10	15	regimes	regime	NOUN
dem-15481	10	16	,	,	PUNCT
dem-15481	10	17	as	as	ADV
dem-15481	10	18	well	well	ADV
dem-15481	10	19	as	as	ADP
dem-15481	10	20	three	three	NUM
dem-15481	10	21	volatility	volatility	NOUN
dem-15481	10	22	regimes	regime	NOUN
dem-15481	10	23	on	on	ADP
dem-15481	10	24	the	the	DET
dem-15481	10	25	euaa	euaa	ADJ
dem-15481	10	26	futures	future	NOUN
dem-15481	10	27	market	market	NOUN
dem-15481	10	28	,	,	PUNCT
dem-15481	10	29	and	and	CCONJ
dem-15481	10	30	that	that	SCONJ
dem-15481	10	31	the	the	DET
dem-15481	10	32	assessments	assessment	NOUN
dem-15481	10	33	of	of	ADP
dem-15481	10	34	euaa	euaa	ADJ
dem-15481	10	35	price	price	NOUN
dem-15481	10	36	risk	risk	NOUN
dem-15481	10	37	are	be	AUX
dem-15481	10	38	clearly	clearly	ADV
dem-15481	10	39	different	different	ADJ
dem-15481	10	40	in	in	ADP
dem-15481	10	41	the	the	DET
dem-15481	10	42	regimes	regime	NOUN
dem-15481	10	43	.	.	PUNCT
dem-15481	11	1	these	these	DET
dem-15481	11	2	findings	finding	NOUN
dem-15481	11	3	may	may	AUX
dem-15481	11	4	be	be	AUX
dem-15481	11	5	explained	explain	VERB
dem-15481	11	6	by	by	ADP
dem-15481	11	7	the	the	DET
dem-15481	11	8	european	european	PROPN
dem-15481	11	9	union	union	PROPN
dem-15481	11	10	emission	emission	PROPN
dem-15481	11	11	trading	trading	NOUN
dem-15481	11	12	scheme	scheme	NOUN
dem-15481	11	13	(	(	PUNCT
dem-15481	11	14	eu	eu	PROPN
dem-15481	11	15	ets	ets	PROPN
dem-15481	11	16	)	)	PUNCT
dem-15481	11	17	design	design	NOUN
dem-15481	11	18	and	and	CCONJ
dem-15481	11	19	the	the	DET
dem-15481	11	20	changes	change	NOUN
dem-15481	11	21	in	in	ADP
dem-15481	11	22	both	both	CCONJ
dem-15481	11	23	the	the	DET
dem-15481	11	24	eu	eu	PROPN
dem-15481	11	25	climate	climate	NOUN
dem-15481	11	26	policy	policy	NOUN
dem-15481	11	27	rules	rule	NOUN
dem-15481	11	28	and	and	CCONJ
dem-15481	11	29	global	global	ADJ
dem-15481	11	30	regulations	regulation	NOUN
dem-15481	11	31	in	in	ADP
dem-15481	11	32	the	the	DET
dem-15481	11	33	scope	scope	NOUN
dem-15481	11	34	of	of	ADP
dem-15481	11	35	co2	co2	NOUN
dem-15481	11	36	emissions	emission	NOUN
dem-15481	11	37	by	by	ADP
dem-15481	11	38	international	international	ADJ
dem-15481	11	39	aviation	aviation	NOUN
dem-15481	11	40	.	.	PUNCT
dem-15481	12	1	k	k	PROPN
dem-15481	12	2	e	e	PROPN
dem-15481	12	3	y	y	PROPN
dem-15481	12	4	w	w	NOUN
dem-15481	12	5	o	o	NOUN
dem-15481	12	6	r	r	NOUN
dem-15481	12	7	d	d	PROPN
dem-15481	12	8	s	s	X
dem-15481	12	9	:	:	PUNCT
dem-15481	12	10	european	european	PROPN
dem-15481	12	11	union	union	PROPN
dem-15481	12	12	aviation	aviation	NOUN
dem-15481	12	13	allowances	allowance	NOUN
dem-15481	12	14	;	;	PUNCT
dem-15481	12	15	eu	eu	PROPN
dem-15481	12	16	emission	emission	NOUN
dem-15481	12	17	trading	trading	NOUN
dem-15481	12	18	scheme	scheme	NOUN
dem-15481	12	19	;	;	PUNCT
dem-15481	12	20	markov	markov	NOUN
dem-15481	12	21	-	-	PUNCT
dem-15481	12	22	switching	switch	VERB
dem-15481	12	23	model	model	NOUN
dem-15481	12	24	;	;	PUNCT
dem-15481	12	25	risk	risk	NOUN
dem-15481	12	26	.	.	PUNCT
dem-15481	13	1	j	j	PROPN
dem-15481	13	2	e	e	PROPN
dem-15481	13	3	l	l	NOUN
dem-15481	13	4	classification	classification	NOUN
dem-15481	13	5	:	:	PUNCT
dem-15481	13	6	c40	c40	NOUN
dem-15481	13	7	;	;	PUNCT
dem-15481	13	8	g32	g32	NOUN
dem-15481	13	9	;	;	PUNCT
dem-15481	13	10	l93	l93	NOUN
dem-15481	13	11	;	;	PUNCT
dem-15481	14	1	q53	q53	PROPN
dem-15481	14	2	.	.	PUNCT
dem-15481	15	1	introduction	introduction	NOUN
dem-15481	15	2	worrying	worry	VERB
dem-15481	15	3	statistics	statistic	NOUN
dem-15481	15	4	concerning	concern	VERB
dem-15481	15	5	the	the	DET
dem-15481	15	6	over	over	ADP
dem-15481	15	7	3	3	NUM
dem-15481	15	8	%	%	NOUN
dem-15481	15	9	share	share	NOUN
dem-15481	15	10	of	of	ADP
dem-15481	15	11	co2	co2	NOUN
dem-15481	15	12	emission	emission	NOUN
dem-15481	15	13	from	from	ADP
dem-15481	15	14	international	international	ADJ
dem-15481	15	15	aviation	aviation	NOUN
dem-15481	15	16	bunkers	bunker	NOUN
dem-15481	15	17	in	in	ADP
dem-15481	15	18	the	the	DET
dem-15481	15	19	total	total	ADJ
dem-15481	15	20	carbon	carbon	NOUN
dem-15481	15	21	dioxide	dioxide	NOUN
dem-15481	15	22	emission	emission	NOUN
dem-15481	15	23	in	in	ADP
dem-15481	15	24	the	the	DET
dem-15481	15	25	eu	eu	PROPN
dem-15481	15	26	countries	country	NOUN
dem-15481	15	27	in	in	ADP
dem-15481	15	28	2004	2004	NUM
dem-15481	15	29	and	and	CCONJ
dem-15481	15	30	the	the	DET
dem-15481	15	31	forecasts	forecast	NOUN
dem-15481	15	32	concerning	concern	VERB
dem-15481	15	33	an	an	DET
dem-15481	15	34	increase	increase	NOUN
dem-15481	15	35	in	in	ADP
dem-15481	15	36	greenhouse	greenhouse	NOUN
dem-15481	15	37	gases	gas	NOUN
dem-15481	15	38	emission	emission	NOUN
dem-15481	15	39	in	in	ADP
dem-15481	15	40	international	international	ADJ
dem-15481	15	41	aviation	aviation	NOUN
dem-15481	15	42	by	by	ADP
dem-15481	15	43	about	about	ADV
dem-15481	15	44	70	70	NUM
dem-15481	15	45	%	%	NOUN
dem-15481	15	46	in	in	ADP
dem-15481	15	47	2020	2020	NUM
dem-15481	15	48	compared	compare	VERB
dem-15481	15	49	with	with	ADP
dem-15481	15	50	2005	2005	NUM
dem-15481	15	51	led	lead	VERB
dem-15481	15	52	the	the	DET
dem-15481	15	53	international	international	ADJ
dem-15481	15	54	community	community	NOUN
dem-15481	15	55	to	to	PART
dem-15481	15	56	take	take	VERB
dem-15481	15	57	interest	interest	NOUN
dem-15481	15	58	in	in	ADP
dem-15481	15	59	the	the	DET
dem-15481	15	60	issues	issue	NOUN
dem-15481	15	61	of	of	ADP
dem-15481	15	62	*	*	PUNCT
dem-15481	15	63	correspondence	correspondence	NOUN
dem-15481	15	64	to	to	ADP
dem-15481	15	65	:	:	PUNCT
dem-15481	15	66	aneta	aneta	PROPN
dem-15481	15	67	włodarczyk	włodarczyk	PROPN
dem-15481	15	68	,	,	PUNCT
dem-15481	15	69	czestochowa	czestochowa	PROPN
dem-15481	15	70	university	university	PROPN
dem-15481	15	71	of	of	ADP
dem-15481	15	72	technology	technology	NOUN
dem-15481	15	73	,	,	PUNCT
dem-15481	15	74	faculty	faculty	NOUN
dem-15481	15	75	of	of	ADP
dem-15481	15	76	management	management	NOUN
dem-15481	15	77	,	,	PUNCT
dem-15481	15	78	19b	19b	NOUN
dem-15481	15	79	armii	armii	PROPN
dem-15481	15	80	krajowej	krajowej	VERB
dem-15481	15	81	street	street	NOUN
dem-15481	15	82	,	,	PUNCT
dem-15481	15	83	42	42	NUM
dem-15481	15	84	-	-	SYM
dem-15481	15	85	200	200	NUM
dem-15481	15	86	częstochowa	częstochowa	NOUN
dem-15481	15	87	,	,	PUNCT
dem-15481	15	88	poland	poland	PROPN
dem-15481	15	89	,	,	PUNCT
dem-15481	15	90	e	e	NOUN
dem-15481	15	91	-	-	NOUN
dem-15481	15	92	mail	mail	NOUN
dem-15481	15	93	:	:	PUNCT
dem-15481	15	94	aneta.w@interia.pl	aneta.w@interia.pl	ADJ
dem-15481	15	95	.	.	PUNCT
dem-15481	16	1			NOUN
dem-15481	16	2	this	this	DET
dem-15481	16	3	work	work	NOUN
dem-15481	16	4	was	be	AUX
dem-15481	16	5	financed	finance	VERB
dem-15481	16	6	by	by	ADP
dem-15481	16	7	czestochowa	czestochowa	PROPN
dem-15481	16	8	university	university	PROPN
dem-15481	16	9	of	of	ADP
dem-15481	16	10	technology	technology	NOUN
dem-15481	16	11	.	.	PUNCT
dem-15481	17	1	aneta	aneta	PROPN
dem-15481	17	2	włodarczyk	włodarczyk	PRON
dem-15481	17	3	dynamic	dynamic	ADJ
dem-15481	17	4	econometric	econometric	ADJ
dem-15481	17	5	models	model	NOUN
dem-15481	17	6	17	17	NUM
dem-15481	17	7	(	(	PUNCT
dem-15481	17	8	2017	2017	NUM
dem-15481	17	9	)	)	PUNCT
dem-15481	17	10	129–145	129–145	NUM
dem-15481	17	11	130	130	NUM
dem-15481	17	12	limiting	limit	VERB
dem-15481	17	13	the	the	DET
dem-15481	17	14	negative	negative	ADJ
dem-15481	17	15	impact	impact	NOUN
dem-15481	17	16	of	of	ADP
dem-15481	17	17	air	air	NOUN
dem-15481	17	18	transport	transport	NOUN
dem-15481	17	19	on	on	ADP
dem-15481	17	20	the	the	DET
dem-15481	17	21	natural	natural	ADJ
dem-15481	17	22	environment	environment	NOUN
dem-15481	17	23	.	.	PUNCT
dem-15481	18	1	in	in	ADP
dem-15481	18	2	2008	2008	NUM
dem-15481	18	3	the	the	DET
dem-15481	18	4	european	european	PROPN
dem-15481	18	5	commission	commission	PROPN
dem-15481	18	6	adopted	adopt	VERB
dem-15481	18	7	the	the	DET
dem-15481	18	8	directive	directive	NOUN
dem-15481	18	9	on	on	ADP
dem-15481	18	10	including	include	VERB
dem-15481	18	11	civil	civil	ADJ
dem-15481	18	12	aviation	aviation	NOUN
dem-15481	18	13	into	into	ADP
dem-15481	18	14	the	the	DET
dem-15481	18	15	eu	eu	PROPN
dem-15481	18	16	emission	emission	NOUN
dem-15481	18	17	trading	trading	NOUN
dem-15481	18	18	scheme	scheme	NOUN
dem-15481	18	19	(	(	PUNCT
dem-15481	18	20	eu	eu	PROPN
dem-15481	18	21	ets	ets	PROPN
dem-15481	18	22	)	)	PUNCT
dem-15481	18	23	,	,	PUNCT
dem-15481	18	24	which	which	PRON
dem-15481	18	25	refers	refer	VERB
dem-15481	18	26	to	to	ADP
dem-15481	18	27	the	the	DET
dem-15481	18	28	eu	eu	PROPN
dem-15481	18	29	’s	’s	PART
dem-15481	18	30	long	long	ADJ
dem-15481	18	31	-	-	PUNCT
dem-15481	18	32	term	term	NOUN
dem-15481	18	33	policy	policy	NOUN
dem-15481	18	34	aimed	aim	VERB
dem-15481	18	35	at	at	ADP
dem-15481	18	36	limiting	limit	VERB
dem-15481	18	37	the	the	DET
dem-15481	18	38	greenhouse	greenhouse	NOUN
dem-15481	18	39	effect	effect	NOUN
dem-15481	18	40	,	,	PUNCT
dem-15481	18	41	improvement	improvement	NOUN
dem-15481	18	42	in	in	ADP
dem-15481	18	43	the	the	DET
dem-15481	18	44	environment	environment	NOUN
dem-15481	18	45	quality	quality	NOUN
dem-15481	18	46	,	,	PUNCT
dem-15481	18	47	increased	increase	VERB
dem-15481	18	48	energy	energy	NOUN
dem-15481	18	49	efficiency	efficiency	NOUN
dem-15481	18	50	and	and	CCONJ
dem-15481	18	51	growth	growth	NOUN
dem-15481	18	52	of	of	ADP
dem-15481	18	53	renewable	renewable	ADJ
dem-15481	18	54	energy	energy	NOUN
dem-15481	18	55	sources	source	NOUN
dem-15481	18	56	share	share	VERB
dem-15481	18	57	in	in	ADP
dem-15481	18	58	the	the	DET
dem-15481	18	59	energy	energy	NOUN
dem-15481	18	60	consumption	consumption	NOUN
dem-15481	18	61	structure	structure	NOUN
dem-15481	18	62	(	(	PUNCT
dem-15481	18	63	directive	directive	NOUN
dem-15481	18	64	2008/101	2008/101	NUM
dem-15481	18	65	/	/	SYM
dem-15481	18	66	we	we	PRON
dem-15481	18	67	)	)	PUNCT
dem-15481	18	68	.	.	PUNCT
dem-15481	19	1	aircraft	aircraft	NOUN
dem-15481	19	2	operators	operator	NOUN
dem-15481	19	3	that	that	SCONJ
dem-15481	19	4	in	in	ADP
dem-15481	19	5	the	the	DET
dem-15481	19	6	given	give	VERB
dem-15481	19	7	year	year	NOUN
dem-15481	19	8	carry	carry	VERB
dem-15481	19	9	out	out	ADP
dem-15481	19	10	aviation	aviation	NOUN
dem-15481	19	11	operations	operation	NOUN
dem-15481	19	12	covered	cover	VERB
dem-15481	19	13	by	by	ADP
dem-15481	19	14	the	the	DET
dem-15481	19	15	attachment	attachment	NOUN
dem-15481	19	16	1	1	NUM
dem-15481	19	17	to	to	ADP
dem-15481	19	18	the	the	DET
dem-15481	19	19	directive	directive	NOUN
dem-15481	19	20	2003/87	2003/87	NUM
dem-15481	19	21	/	/	SYM
dem-15481	19	22	we	we	PRON
dem-15481	19	23	in	in	ADP
dem-15481	19	24	the	the	DET
dem-15481	19	25	territory	territory	NOUN
dem-15481	19	26	of	of	ADP
dem-15481	19	27	european	european	PROPN
dem-15481	19	28	economic	economic	ADJ
dem-15481	19	29	area	area	NOUN
dem-15481	19	30	have	have	AUX
dem-15481	19	31	been	be	AUX
dem-15481	19	32	included	include	VERB
dem-15481	19	33	into	into	ADP
dem-15481	19	34	the	the	DET
dem-15481	19	35	eu	eu	PROPN
dem-15481	19	36	ets	ets	PROPN
dem-15481	19	37	.	.	PUNCT
dem-15481	20	1	the	the	DET
dem-15481	20	2	period	period	NOUN
dem-15481	20	3	of	of	ADP
dem-15481	20	4	civil	civil	ADJ
dem-15481	20	5	aviation	aviation	NOUN
dem-15481	20	6	participation	participation	NOUN
dem-15481	20	7	in	in	ADP
dem-15481	20	8	the	the	DET
dem-15481	20	9	eu	eu	PROPN
dem-15481	20	10	ets	ets	PROPN
dem-15481	20	11	has	have	AUX
dem-15481	20	12	been	be	AUX
dem-15481	20	13	divided	divide	VERB
dem-15481	20	14	into	into	ADP
dem-15481	20	15	the	the	DET
dem-15481	20	16	two	two	NUM
dem-15481	20	17	settlement	settlement	NOUN
dem-15481	20	18	periods	period	NOUN
dem-15481	20	19	:	:	PUNCT
dem-15481	20	20	the	the	DET
dem-15481	20	21	first	first	ADJ
dem-15481	20	22	one	one	NUM
dem-15481	20	23	of	of	ADP
dem-15481	20	24	them	they	PRON
dem-15481	20	25	comprising	comprise	VERB
dem-15481	20	26	only	only	ADV
dem-15481	20	27	the	the	DET
dem-15481	20	28	year	year	NOUN
dem-15481	20	29	2012	2012	NUM
dem-15481	20	30	,	,	PUNCT
dem-15481	20	31	the	the	DET
dem-15481	20	32	aim	aim	NOUN
dem-15481	20	33	of	of	ADP
dem-15481	20	34	which	which	PRON
dem-15481	20	35	was	be	AUX
dem-15481	20	36	to	to	PART
dem-15481	20	37	adjust	adjust	VERB
dem-15481	20	38	the	the	DET
dem-15481	20	39	aircraft	aircraft	NOUN
dem-15481	20	40	operators	operator	NOUN
dem-15481	20	41	functioning	function	VERB
dem-15481	20	42	to	to	ADP
dem-15481	20	43	the	the	DET
dem-15481	20	44	functioning	function	VERB
dem-15481	20	45	scheme	scheme	NOUN
dem-15481	20	46	of	of	ADP
dem-15481	20	47	the	the	DET
dem-15481	20	48	remaining	remain	VERB
dem-15481	20	49	sectors	sector	NOUN
dem-15481	20	50	in	in	ADP
dem-15481	20	51	the	the	DET
dem-15481	20	52	allowances	allowance	NOUN
dem-15481	20	53	trading	trading	NOUN
dem-15481	20	54	system	system	NOUN
dem-15481	20	55	,	,	PUNCT
dem-15481	20	56	and	and	CCONJ
dem-15481	20	57	the	the	DET
dem-15481	20	58	second	second	ADJ
dem-15481	20	59	one	one	NOUN
dem-15481	20	60	(	(	PUNCT
dem-15481	20	61	common	common	ADJ
dem-15481	20	62	for	for	ADP
dem-15481	20	63	all	all	DET
dem-15481	20	64	the	the	DET
dem-15481	20	65	sectors	sector	NOUN
dem-15481	20	66	covered	cover	VERB
dem-15481	20	67	by	by	ADP
dem-15481	20	68	the	the	DET
dem-15481	20	69	eu	eu	PROPN
dem-15481	20	70	ets	ets	PROPN
dem-15481	20	71	)	)	PUNCT
dem-15481	20	72	for	for	ADP
dem-15481	20	73	the	the	DET
dem-15481	20	74	years	year	NOUN
dem-15481	20	75	2013	2013	NUM
dem-15481	20	76	-	-	SYM
dem-15481	20	77	2020	2020	NUM
dem-15481	20	78	.	.	PUNCT
dem-15481	21	1	the	the	DET
dem-15481	21	2	eu	eu	PROPN
dem-15481	21	3	ets	ets	PROPN
dem-15481	21	4	system	system	NOUN
dem-15481	21	5	operates	operate	VERB
dem-15481	21	6	according	accord	VERB
dem-15481	21	7	to	to	ADP
dem-15481	21	8	the	the	DET
dem-15481	21	9	“	"	PUNCT
dem-15481	21	10	cap	cap	NOUN
dem-15481	21	11	and	and	CCONJ
dem-15481	21	12	trade	trade	NOUN
dem-15481	21	13	”	"	PUNCT
dem-15481	21	14	principle	principle	NOUN
dem-15481	21	15	.	.	PUNCT
dem-15481	22	1	a	a	DET
dem-15481	22	2	permissible	permissible	ADJ
dem-15481	22	3	limit	limit	NOUN
dem-15481	22	4	of	of	ADP
dem-15481	22	5	co2	co2	NOUN
dem-15481	22	6	emissions	emission	NOUN
dem-15481	22	7	in	in	ADP
dem-15481	22	8	the	the	DET
dem-15481	22	9	given	give	VERB
dem-15481	22	10	period	period	NOUN
dem-15481	22	11	(	(	PUNCT
dem-15481	22	12	“	"	PUNCT
dem-15481	22	13	cap	cap	NOUN
dem-15481	22	14	”	"	PUNCT
dem-15481	22	15	)	)	PUNCT
dem-15481	22	16	has	have	AUX
dem-15481	22	17	been	be	AUX
dem-15481	22	18	determined	determine	VERB
dem-15481	22	19	for	for	ADP
dem-15481	22	20	all	all	DET
dem-15481	22	21	aircraft	aircraft	NOUN
dem-15481	22	22	operators	operator	NOUN
dem-15481	22	23	included	include	VERB
dem-15481	22	24	into	into	ADP
dem-15481	22	25	the	the	DET
dem-15481	22	26	system	system	NOUN
dem-15481	22	27	,	,	PUNCT
dem-15481	22	28	which	which	PRON
dem-15481	22	29	is	be	AUX
dem-15481	22	30	gradually	gradually	ADV
dem-15481	22	31	decreased	decrease	VERB
dem-15481	22	32	over	over	ADP
dem-15481	22	33	time	time	NOUN
dem-15481	22	34	.	.	PUNCT
dem-15481	23	1	in	in	ADP
dem-15481	23	2	order	order	NOUN
dem-15481	23	3	to	to	PART
dem-15481	23	4	asses	ass	NOUN
dem-15481	23	5	this	this	DET
dem-15481	23	6	limit	limit	NOUN
dem-15481	23	7	,	,	PUNCT
dem-15481	23	8	data	datum	NOUN
dem-15481	23	9	on	on	ADP
dem-15481	23	10	average	average	ADJ
dem-15481	23	11	annual	annual	ADJ
dem-15481	23	12	co2	co2	NOUN
dem-15481	23	13	emission	emission	NOUN
dem-15481	23	14	in	in	ADP
dem-15481	23	15	aviation	aviation	NOUN
dem-15481	23	16	was	be	AUX
dem-15481	23	17	used	use	VERB
dem-15481	23	18	,	,	PUNCT
dem-15481	23	19	which	which	PRON
dem-15481	23	20	covered	cover	VERB
dem-15481	23	21	the	the	DET
dem-15481	23	22	reference	reference	NOUN
dem-15481	23	23	period	period	NOUN
dem-15481	23	24	of	of	ADP
dem-15481	23	25	2004	2004	NUM
dem-15481	23	26	-	-	SYM
dem-15481	23	27	2006	2006	NUM
dem-15481	23	28	and	and	CCONJ
dem-15481	23	29	came	come	VERB
dem-15481	23	30	from	from	ADP
dem-15481	23	31	the	the	DET
dem-15481	23	32	european	european	PROPN
dem-15481	23	33	organisation	organisation	NOUN
dem-15481	23	34	for	for	ADP
dem-15481	23	35	the	the	DET
dem-15481	23	36	safety	safety	NOUN
dem-15481	23	37	of	of	ADP
dem-15481	23	38	air	air	NOUN
dem-15481	23	39	navigation	navigation	NOUN
dem-15481	23	40	(	(	PUNCT
dem-15481	23	41	eurocontrol	eurocontrol	PROPN
dem-15481	23	42	)	)	PUNCT
dem-15481	23	43	.	.	PUNCT
dem-15481	24	1	in	in	ADP
dem-15481	24	2	the	the	DET
dem-15481	24	3	first	first	ADJ
dem-15481	24	4	settlement	settlement	NOUN
dem-15481	24	5	period	period	NOUN
dem-15481	24	6	the	the	DET
dem-15481	24	7	total	total	ADJ
dem-15481	24	8	amount	amount	NOUN
dem-15481	24	9	of	of	ADP
dem-15481	24	10	european	european	PROPN
dem-15481	24	11	union	union	PROPN
dem-15481	24	12	aviation	aviation	NOUN
dem-15481	24	13	allowances	allowance	NOUN
dem-15481	24	14	(	(	PUNCT
dem-15481	24	15	euaas	euaas	NOUN
dem-15481	24	16	)	)	PUNCT
dem-15481	24	17	to	to	PART
dem-15481	24	18	be	be	AUX
dem-15481	24	19	allocated	allocate	VERB
dem-15481	24	20	for	for	ADP
dem-15481	24	21	aircraft	aircraft	NOUN
dem-15481	24	22	operators	operator	NOUN
dem-15481	24	23	was	be	AUX
dem-15481	24	24	97	97	NUM
dem-15481	24	25	%	%	NOUN
dem-15481	24	26	of	of	ADP
dem-15481	24	27	the	the	DET
dem-15481	24	28	average	average	NOUN
dem-15481	24	29	calculated	calculate	VERB
dem-15481	24	30	from	from	ADP
dem-15481	24	31	historical	historical	ADJ
dem-15481	24	32	aviation	aviation	NOUN
dem-15481	24	33	emissions	emission	NOUN
dem-15481	24	34	in	in	ADP
dem-15481	24	35	the	the	DET
dem-15481	24	36	reference	reference	NOUN
dem-15481	24	37	period	period	NOUN
dem-15481	24	38	.	.	PUNCT
dem-15481	25	1	in	in	ADP
dem-15481	25	2	the	the	DET
dem-15481	25	3	second	second	ADJ
dem-15481	25	4	settlement	settlement	NOUN
dem-15481	25	5	period	period	NOUN
dem-15481	25	6	the	the	DET
dem-15481	25	7	joint	joint	ADJ
dem-15481	25	8	annual	annual	ADJ
dem-15481	25	9	number	number	NOUN
dem-15481	25	10	of	of	ADP
dem-15481	25	11	allowances	allowance	NOUN
dem-15481	25	12	granted	grant	VERB
dem-15481	25	13	to	to	ADP
dem-15481	25	14	the	the	DET
dem-15481	25	15	aviation	aviation	NOUN
dem-15481	25	16	sector	sector	NOUN
dem-15481	25	17	decreased	decrease	VERB
dem-15481	25	18	to	to	ADP
dem-15481	25	19	95	95	NUM
dem-15481	25	20	%	%	NOUN
dem-15481	25	21	of	of	ADP
dem-15481	25	22	the	the	DET
dem-15481	25	23	same	same	ADJ
dem-15481	25	24	average	average	ADJ
dem-15481	25	25	emission	emission	NOUN
dem-15481	25	26	.	.	PUNCT
dem-15481	26	1	within	within	ADP
dem-15481	26	2	the	the	DET
dem-15481	26	3	established	establish	VERB
dem-15481	26	4	limit	limit	NOUN
dem-15481	26	5	,	,	PUNCT
dem-15481	26	6	in	in	ADP
dem-15481	26	7	the	the	DET
dem-15481	26	8	first	first	ADJ
dem-15481	26	9	settlement	settlement	NOUN
dem-15481	26	10	period	period	NOUN
dem-15481	26	11	85	85	NUM
dem-15481	26	12	%	%	NOUN
dem-15481	26	13	of	of	ADP
dem-15481	26	14	allowances	allowance	NOUN
dem-15481	26	15	allocated	allocate	VERB
dem-15481	26	16	to	to	PART
dem-15481	26	17	cover	cover	VERB
dem-15481	26	18	the	the	DET
dem-15481	26	19	annual	annual	ADJ
dem-15481	26	20	co2	co2	NOUN
dem-15481	26	21	emission	emission	NOUN
dem-15481	26	22	of	of	ADP
dem-15481	26	23	civil	civil	ADJ
dem-15481	26	24	aviation	aviation	NOUN
dem-15481	26	25	will	will	AUX
dem-15481	26	26	be	be	AUX
dem-15481	26	27	granted	grant	VERB
dem-15481	26	28	to	to	ADP
dem-15481	26	29	aircraft	aircraft	NOUN
dem-15481	26	30	operators	operator	NOUN
dem-15481	26	31	free	free	ADJ
dem-15481	26	32	of	of	ADP
dem-15481	26	33	charge	charge	NOUN
dem-15481	26	34	,	,	PUNCT
dem-15481	26	35	and	and	CCONJ
dem-15481	26	36	15	15	NUM
dem-15481	26	37	%	%	NOUN
dem-15481	26	38	of	of	ADP
dem-15481	26	39	aviation	aviation	NOUN
dem-15481	26	40	allowances	allowance	NOUN
dem-15481	26	41	will	will	AUX
dem-15481	26	42	be	be	AUX
dem-15481	26	43	sold	sell	VERB
dem-15481	26	44	in	in	ADP
dem-15481	26	45	the	the	DET
dem-15481	26	46	auctioning	auctioning	NOUN
dem-15481	26	47	system	system	NOUN
dem-15481	26	48	.	.	PUNCT
dem-15481	27	1	in	in	ADP
dem-15481	27	2	the	the	DET
dem-15481	27	3	period	period	NOUN
dem-15481	27	4	from	from	ADP
dem-15481	27	5	1	1	NUM
dem-15481	27	6	st	st	PROPN
dem-15481	27	7	january	january	PROPN
dem-15481	27	8	2013	2013	NUM
dem-15481	27	9	to	to	ADP
dem-15481	27	10	31	31	NUM
dem-15481	27	11	st	st	PROPN
dem-15481	27	12	december	december	PROPN
dem-15481	27	13	2020	2020	NUM
dem-15481	27	14	in	in	ADP
dem-15481	27	15	turn	turn	NOUN
dem-15481	27	16	,	,	PUNCT
dem-15481	27	17	82	82	NUM
dem-15481	27	18	%	%	NOUN
dem-15481	27	19	of	of	ADP
dem-15481	27	20	aviation	aviation	NOUN
dem-15481	27	21	allowances	allowance	NOUN
dem-15481	27	22	will	will	AUX
dem-15481	27	23	be	be	AUX
dem-15481	27	24	allocated	allocate	VERB
dem-15481	27	25	free	free	ADJ
dem-15481	27	26	of	of	ADP
dem-15481	27	27	charge	charge	NOUN
dem-15481	27	28	,	,	PUNCT
dem-15481	27	29	15	15	NUM
dem-15481	27	30	%	%	NOUN
dem-15481	27	31	will	will	AUX
dem-15481	27	32	constitute	constitute	VERB
dem-15481	27	33	allowances	allowance	NOUN
dem-15481	27	34	purchased	purchase	VERB
dem-15481	27	35	at	at	ADP
dem-15481	27	36	auctions	auction	NOUN
dem-15481	27	37	,	,	PUNCT
dem-15481	27	38	and	and	CCONJ
dem-15481	27	39	3	3	NUM
dem-15481	27	40	%	%	NOUN
dem-15481	27	41	will	will	AUX
dem-15481	27	42	be	be	AUX
dem-15481	27	43	moved	move	VERB
dem-15481	27	44	to	to	ADP
dem-15481	27	45	a	a	DET
dem-15481	27	46	special	special	ADJ
dem-15481	27	47	reserve	reserve	NOUN
dem-15481	27	48	for	for	ADP
dem-15481	27	49	new	new	ADJ
dem-15481	27	50	aircraft	aircraft	NOUN
dem-15481	27	51	operators	operator	NOUN
dem-15481	27	52	.	.	PUNCT
dem-15481	28	1	chin	chin	PROPN
dem-15481	28	2	and	and	CCONJ
dem-15481	28	3	zhang	zhang	PROPN
dem-15481	28	4	(	(	PUNCT
dem-15481	28	5	2013	2013	NUM
dem-15481	28	6	)	)	PUNCT
dem-15481	28	7	presented	present	VERB
dem-15481	28	8	mathematical	mathematical	ADJ
dem-15481	28	9	formulas	formula	NOUN
dem-15481	28	10	and	and	CCONJ
dem-15481	28	11	described	describe	VERB
dem-15481	28	12	in	in	ADP
dem-15481	28	13	detail	detail	NOUN
dem-15481	28	14	the	the	DET
dem-15481	28	15	method	method	NOUN
dem-15481	28	16	of	of	ADP
dem-15481	28	17	emission	emission	NOUN
dem-15481	28	18	allowances	allowance	NOUN
dem-15481	28	19	allocation	allocation	NOUN
dem-15481	28	20	consistent	consistent	ADJ
dem-15481	28	21	with	with	ADP
dem-15481	28	22	the	the	DET
dem-15481	28	23	directive	directive	ADJ
dem-15481	28	24	2008/101	2008/101	NUM
dem-15481	28	25	/	/	SYM
dem-15481	28	26	ec	ec	PROPN
dem-15481	28	27	and	and	CCONJ
dem-15481	28	28	proposed	propose	VERB
dem-15481	28	29	an	an	DET
dem-15481	28	30	alternative	alternative	ADJ
dem-15481	28	31	method	method	NOUN
dem-15481	28	32	of	of	ADP
dem-15481	28	33	allowances	allowance	NOUN
dem-15481	28	34	allocation	allocation	NOUN
dem-15481	28	35	(	(	PUNCT
dem-15481	28	36	the	the	DET
dem-15481	28	37	augmented	augment	VERB
dem-15481	28	38	eu	eu	PROPN
dem-15481	28	39	ets	ets	PROPN
dem-15481	28	40	)	)	PUNCT
dem-15481	28	41	,	,	PUNCT
dem-15481	28	42	which	which	PRON
dem-15481	28	43	considers	consider	VERB
dem-15481	28	44	energy	energy	NOUN
dem-15481	28	45	efficiency	efficiency	NOUN
dem-15481	28	46	of	of	ADP
dem-15481	28	47	aircraft	aircraft	NOUN
dem-15481	28	48	operators	operator	NOUN
dem-15481	28	49	(	(	PUNCT
dem-15481	28	50	chin	chin	NOUN
dem-15481	28	51	and	and	CCONJ
dem-15481	28	52	zhang	zhang	PROPN
dem-15481	28	53	,	,	PUNCT
dem-15481	28	54	2013	2013	NUM
dem-15481	28	55	)	)	PUNCT
dem-15481	28	56	.	.	PUNCT
dem-15481	29	1	the	the	DET
dem-15481	29	2	european	european	PROPN
dem-15481	29	3	commission	commission	PROPN
dem-15481	29	4	regulation	regulation	NOUN
dem-15481	29	5	no	no	DET
dem-15481	29	6	601/2012	601/2012	NUM
dem-15481	29	7	imposes	impose	VERB
dem-15481	29	8	on	on	ADP
dem-15481	29	9	aircraft	aircraft	NOUN
dem-15481	29	10	operators	operator	NOUN
dem-15481	29	11	the	the	DET
dem-15481	29	12	following	follow	VERB
dem-15481	29	13	duties	duty	NOUN
dem-15481	29	14	,	,	PUNCT
dem-15481	29	15	which	which	PRON
dem-15481	29	16	result	result	VERB
dem-15481	29	17	from	from	ADP
dem-15481	29	18	their	their	PRON
dem-15481	29	19	participation	participation	NOUN
dem-15481	29	20	in	in	ADP
dem-15481	29	21	the	the	DET
dem-15481	29	22	eu	eu	PROPN
dem-15481	29	23	ets	ets	PROPN
dem-15481	29	24	sysregime	sysregime	NOUN
dem-15481	29	25	-	-	PUNCT
dem-15481	29	26	dependent	dependent	ADJ
dem-15481	29	27	assessment	assessment	NOUN
dem-15481	29	28	of	of	ADP
dem-15481	29	29	the	the	DET
dem-15481	29	30	euaa	euaa	ADJ
dem-15481	29	31	price	price	NOUN
dem-15481	29	32	risk	risk	NOUN
dem-15481	29	33	dynamic	dynamic	ADJ
dem-15481	29	34	econometric	econometric	ADJ
dem-15481	29	35	models	model	NOUN
dem-15481	29	36	17	17	NUM
dem-15481	29	37	(	(	PUNCT
dem-15481	29	38	2017	2017	NUM
dem-15481	29	39	)	)	PUNCT
dem-15481	30	1	129–145	129–145	NUM
dem-15481	30	2	131	131	NUM
dem-15481	30	3	tem	tem	PROPN
dem-15481	30	4	:	:	PUNCT
dem-15481	30	5	the	the	DET
dem-15481	30	6	necessity	necessity	NOUN
dem-15481	30	7	to	to	PART
dem-15481	30	8	monitor	monitor	VERB
dem-15481	30	9	carbon	carbon	NOUN
dem-15481	30	10	dioxide	dioxide	NOUN
dem-15481	30	11	emission	emission	NOUN
dem-15481	30	12	in	in	ADP
dem-15481	30	13	each	each	DET
dem-15481	30	14	year	year	NOUN
dem-15481	30	15	,	,	PUNCT
dem-15481	30	16	submitting	submit	VERB
dem-15481	30	17	a	a	DET
dem-15481	30	18	verified	verified	ADJ
dem-15481	30	19	report	report	NOUN
dem-15481	30	20	on	on	ADP
dem-15481	30	21	historical	historical	ADJ
dem-15481	30	22	carbon	carbon	NOUN
dem-15481	30	23	dioxide	dioxide	NOUN
dem-15481	30	24	emission	emission	NOUN
dem-15481	30	25	to	to	ADP
dem-15481	30	26	the	the	DET
dem-15481	30	27	proper	proper	ADJ
dem-15481	30	28	body	body	NOUN
dem-15481	30	29	and	and	CCONJ
dem-15481	30	30	its	its	PRON
dem-15481	30	31	settlement	settlement	NOUN
dem-15481	30	32	through	through	ADP
dem-15481	30	33	redemption	redemption	NOUN
dem-15481	30	34	of	of	ADP
dem-15481	30	35	a	a	DET
dem-15481	30	36	proper	proper	ADJ
dem-15481	30	37	amount	amount	NOUN
dem-15481	30	38	of	of	ADP
dem-15481	30	39	emission	emission	NOUN
dem-15481	30	40	allowances	allowance	NOUN
dem-15481	30	41	in	in	ADP
dem-15481	30	42	the	the	DET
dem-15481	30	43	eu	eu	PROPN
dem-15481	30	44	redemption	redemption	NOUN
dem-15481	30	45	registry	registry	NOUN
dem-15481	30	46	.	.	PUNCT
dem-15481	31	1	aircraft	aircraft	NOUN
dem-15481	31	2	operators	operator	NOUN
dem-15481	31	3	may	may	AUX
dem-15481	31	4	settle	settle	VERB
dem-15481	31	5	their	their	PRON
dem-15481	31	6	own	own	ADJ
dem-15481	31	7	co2	co2	NOUN
dem-15481	31	8	emissions	emission	NOUN
dem-15481	31	9	by	by	ADP
dem-15481	31	10	means	mean	NOUN
dem-15481	31	11	of	of	ADP
dem-15481	31	12	emission	emission	NOUN
dem-15481	31	13	allowances	allowance	NOUN
dem-15481	31	14	assigned	assign	VERB
dem-15481	31	15	to	to	ADP
dem-15481	31	16	stationary	stationary	ADJ
dem-15481	31	17	installations	installation	NOUN
dem-15481	31	18	(	(	PUNCT
dem-15481	31	19	european	european	PROPN
dem-15481	31	20	union	union	PROPN
dem-15481	31	21	allowances	allowance	NOUN
dem-15481	31	22	euas	euas	PROPN
dem-15481	31	23	)	)	PUNCT
dem-15481	31	24	or	or	CCONJ
dem-15481	31	25	aviation	aviation	NOUN
dem-15481	31	26	allowances	allowance	NOUN
dem-15481	31	27	(	(	PUNCT
dem-15481	31	28	euaas	euaas	NOUN
dem-15481	31	29	)	)	PUNCT
dem-15481	31	30	.	.	PUNCT
dem-15481	32	1	moreover	moreover	ADV
dem-15481	32	2	,	,	PUNCT
dem-15481	32	3	aircraft	aircraft	NOUN
dem-15481	32	4	operators	operator	NOUN
dem-15481	32	5	should	should	AUX
dem-15481	32	6	possess	possess	VERB
dem-15481	32	7	a	a	DET
dem-15481	32	8	plan	plan	NOUN
dem-15481	32	9	to	to	PART
dem-15481	32	10	monitor	monitor	VERB
dem-15481	32	11	annual	annual	ADJ
dem-15481	32	12	emissions	emission	NOUN
dem-15481	32	13	,	,	PUNCT
dem-15481	32	14	approved	approve	VERB
dem-15481	32	15	by	by	ADP
dem-15481	32	16	the	the	DET
dem-15481	32	17	appointed	appoint	VERB
dem-15481	32	18	in	in	ADP
dem-15481	32	19	the	the	DET
dem-15481	32	20	given	give	VERB
dem-15481	32	21	member	member	NOUN
dem-15481	32	22	country	country	NOUN
dem-15481	32	23	competent	competent	ADJ
dem-15481	32	24	body	body	NOUN
dem-15481	32	25	.	.	PUNCT
dem-15481	33	1	there	there	PRON
dem-15481	33	2	are	be	VERB
dem-15481	33	3	sanctions	sanction	NOUN
dem-15481	33	4	foreseen	foresee	VERB
dem-15481	33	5	that	that	PRON
dem-15481	33	6	can	can	AUX
dem-15481	33	7	be	be	AUX
dem-15481	33	8	applied	apply	VERB
dem-15481	33	9	to	to	ADP
dem-15481	33	10	operators	operator	NOUN
dem-15481	33	11	that	that	PRON
dem-15481	33	12	fail	fail	VERB
dem-15481	33	13	to	to	PART
dem-15481	33	14	settle	settle	VERB
dem-15481	33	15	their	their	PRON
dem-15481	33	16	co2	co2	NOUN
dem-15481	33	17	emissions	emission	NOUN
dem-15481	33	18	in	in	ADP
dem-15481	33	19	the	the	DET
dem-15481	33	20	given	give	VERB
dem-15481	33	21	year	year	NOUN
dem-15481	33	22	,	,	PUNCT
dem-15481	33	23	including	include	VERB
dem-15481	33	24	a	a	DET
dem-15481	33	25	prohibition	prohibition	NOUN
dem-15481	33	26	on	on	ADP
dem-15481	33	27	flights	flight	NOUN
dem-15481	33	28	to	to	ADP
dem-15481	33	29	the	the	DET
dem-15481	33	30	european	european	PROPN
dem-15481	33	31	union	union	PROPN
dem-15481	33	32	.	.	PUNCT
dem-15481	34	1	aircraft	aircraft	NOUN
dem-15481	34	2	operators	operator	NOUN
dem-15481	34	3	also	also	ADV
dem-15481	34	4	has	have	VERB
dem-15481	34	5	a	a	DET
dem-15481	34	6	possibility	possibility	NOUN
dem-15481	34	7	to	to	PART
dem-15481	34	8	apply	apply	VERB
dem-15481	34	9	for	for	ADP
dem-15481	34	10	allocation	allocation	NOUN
dem-15481	34	11	of	of	ADP
dem-15481	34	12	free	free	ADJ
dem-15481	34	13	co2	co2	NOUN
dem-15481	34	14	emission	emission	NOUN
dem-15481	34	15	allowances	allowance	NOUN
dem-15481	34	16	for	for	ADP
dem-15481	34	17	the	the	DET
dem-15481	34	18	years	year	NOUN
dem-15481	34	19	2013–2020	2013–2020	NUM
dem-15481	34	20	from	from	ADP
dem-15481	34	21	a	a	DET
dem-15481	34	22	special	special	ADJ
dem-15481	34	23	reserve	reserve	NOUN
dem-15481	34	24	,	,	PUNCT
dem-15481	34	25	provided	provide	VERB
dem-15481	34	26	that	that	SCONJ
dem-15481	34	27	they	they	PRON
dem-15481	34	28	complied	comply	VERB
dem-15481	34	29	with	with	ADP
dem-15481	34	30	the	the	DET
dem-15481	34	31	obligation	obligation	NOUN
dem-15481	34	32	to	to	PART
dem-15481	34	33	monitor	monitor	VERB
dem-15481	34	34	tonne	tonne	NOUN
dem-15481	34	35	-	-	PUNCT
dem-15481	34	36	kilometres	kilometre	NOUN
dem-15481	34	37	throughout	throughout	ADP
dem-15481	34	38	2014	2014	NUM
dem-15481	34	39	.	.	PUNCT
dem-15481	35	1	such	such	DET
dem-15481	35	2	a	a	DET
dem-15481	35	3	system	system	NOUN
dem-15481	35	4	of	of	ADP
dem-15481	35	5	co2	co2	NOUN
dem-15481	35	6	emission	emission	NOUN
dem-15481	35	7	allowances	allowance	NOUN
dem-15481	35	8	allocation	allocation	NOUN
dem-15481	35	9	was	be	AUX
dem-15481	35	10	supposed	suppose	VERB
dem-15481	35	11	to	to	PART
dem-15481	35	12	be	be	AUX
dem-15481	35	13	an	an	DET
dem-15481	35	14	incentive	incentive	NOUN
dem-15481	35	15	to	to	PART
dem-15481	35	16	invest	invest	VERB
dem-15481	35	17	in	in	ADP
dem-15481	35	18	environmentally	environmentally	ADV
dem-15481	35	19	-	-	PUNCT
dem-15481	35	20	friendly	friendly	ADJ
dem-15481	35	21	technologies	technology	NOUN
dem-15481	35	22	and	and	CCONJ
dem-15481	35	23	modernise	modernise	VERB
dem-15481	35	24	the	the	DET
dem-15481	35	25	air	air	NOUN
dem-15481	35	26	fleet	fleet	NOUN
dem-15481	35	27	against	against	ADP
dem-15481	35	28	an	an	DET
dem-15481	35	29	alternative	alternative	NOUN
dem-15481	35	30	to	to	PART
dem-15481	35	31	incur	incur	VERB
dem-15481	35	32	additional	additional	ADJ
dem-15481	35	33	costs	cost	NOUN
dem-15481	35	34	of	of	ADP
dem-15481	35	35	purchasing	purchase	VERB
dem-15481	35	36	allowances	allowance	NOUN
dem-15481	35	37	.	.	PUNCT
dem-15481	36	1	the	the	DET
dem-15481	36	2	emission	emission	NOUN
dem-15481	36	3	allowances	allowance	NOUN
dem-15481	36	4	trading	trading	NOUN
dem-15481	36	5	system	system	NOUN
dem-15481	36	6	was	be	AUX
dem-15481	36	7	considered	consider	VERB
dem-15481	36	8	by	by	ADP
dem-15481	36	9	the	the	DET
dem-15481	36	10	european	european	PROPN
dem-15481	36	11	commission	commission	PROPN
dem-15481	36	12	to	to	PART
dem-15481	36	13	be	be	AUX
dem-15481	36	14	the	the	DET
dem-15481	36	15	most	most	ADV
dem-15481	36	16	effective	effective	ADJ
dem-15481	36	17	and	and	CCONJ
dem-15481	36	18	least	least	ADV
dem-15481	36	19	expensive	expensive	ADJ
dem-15481	36	20	instrument	instrument	NOUN
dem-15481	36	21	to	to	PART
dem-15481	36	22	limit	limit	VERB
dem-15481	36	23	the	the	DET
dem-15481	36	24	emission	emission	NOUN
dem-15481	36	25	of	of	ADP
dem-15481	36	26	greenhouse	greenhouse	NOUN
dem-15481	36	27	gases	gas	NOUN
dem-15481	36	28	in	in	ADP
dem-15481	36	29	aviation	aviation	NOUN
dem-15481	36	30	in	in	ADP
dem-15481	36	31	the	the	DET
dem-15481	36	32	territory	territory	NOUN
dem-15481	36	33	of	of	ADP
dem-15481	36	34	the	the	DET
dem-15481	36	35	eu	eu	PROPN
dem-15481	36	36	member	member	NOUN
dem-15481	36	37	states	state	NOUN
dem-15481	36	38	,	,	PUNCT
dem-15481	36	39	yet	yet	ADV
dem-15481	36	40	,	,	PUNCT
dem-15481	36	41	it	it	PRON
dem-15481	36	42	encountered	encounter	VERB
dem-15481	36	43	criticism	criticism	NOUN
dem-15481	36	44	.	.	PUNCT
dem-15481	37	1	this	this	DET
dem-15481	37	2	concerned	concerned	ADJ
dem-15481	37	3	additional	additional	ADJ
dem-15481	37	4	costs	cost	NOUN
dem-15481	37	5	generated	generate	VERB
dem-15481	37	6	by	by	ADP
dem-15481	37	7	the	the	DET
dem-15481	37	8	eu	eu	PROPN
dem-15481	37	9	ets	et	NOUN
dem-15481	37	10	for	for	ADP
dem-15481	37	11	the	the	DET
dem-15481	37	12	aircraft	aircraft	NOUN
dem-15481	37	13	operators	operator	NOUN
dem-15481	37	14	participating	participate	VERB
dem-15481	37	15	in	in	ADP
dem-15481	37	16	it	it	PRON
dem-15481	37	17	,	,	PUNCT
dem-15481	37	18	which	which	PRON
dem-15481	37	19	was	be	AUX
dem-15481	37	20	connected	connect	VERB
dem-15481	37	21	with	with	ADP
dem-15481	37	22	,	,	PUNCT
dem-15481	37	23	among	among	ADP
dem-15481	37	24	others	other	NOUN
dem-15481	37	25	,	,	PUNCT
dem-15481	37	26	purchases	purchase	NOUN
dem-15481	37	27	of	of	ADP
dem-15481	37	28	missing	miss	VERB
dem-15481	37	29	euaas	euaas	NOUN
dem-15481	37	30	,	,	PUNCT
dem-15481	37	31	new	new	ADJ
dem-15481	37	32	environmentally	environmentally	ADV
dem-15481	37	33	-	-	PUNCT
dem-15481	37	34	friendly	friendly	ADJ
dem-15481	37	35	investments	investment	NOUN
dem-15481	37	36	,	,	PUNCT
dem-15481	37	37	administrative	administrative	ADJ
dem-15481	37	38	costs	cost	NOUN
dem-15481	37	39	.	.	PUNCT
dem-15481	38	1	the	the	DET
dem-15481	38	2	growing	grow	VERB
dem-15481	38	3	fears	fear	NOUN
dem-15481	38	4	of	of	ADP
dem-15481	38	5	aircraft	aircraft	NOUN
dem-15481	38	6	operators	operator	NOUN
dem-15481	38	7	included	include	VERB
dem-15481	38	8	into	into	ADP
dem-15481	38	9	the	the	DET
dem-15481	38	10	eu	eu	PROPN
dem-15481	38	11	ets	et	NOUN
dem-15481	38	12	concerned	concern	VERB
dem-15481	38	13	the	the	DET
dem-15481	38	14	loss	loss	NOUN
dem-15481	38	15	of	of	ADP
dem-15481	38	16	their	their	PRON
dem-15481	38	17	competitive	competitive	ADJ
dem-15481	38	18	position	position	NOUN
dem-15481	38	19	due	due	ADP
dem-15481	38	20	to	to	ADP
dem-15481	38	21	their	their	PRON
dem-15481	38	22	lower	low	ADJ
dem-15481	38	23	market	market	NOUN
dem-15481	38	24	share	share	NOUN
dem-15481	38	25	,	,	PUNCT
dem-15481	38	26	change	change	NOUN
dem-15481	38	27	of	of	ADP
dem-15481	38	28	entry	entry	NOUN
dem-15481	38	29	barriers	barrier	NOUN
dem-15481	38	30	or	or	CCONJ
dem-15481	38	31	lower	low	ADJ
dem-15481	38	32	profits	profit	NOUN
dem-15481	38	33	margin	margin	NOUN
dem-15481	38	34	(	(	PUNCT
dem-15481	38	35	meleo	meleo	PROPN
dem-15481	38	36	et	et	PROPN
dem-15481	38	37	al	al	PROPN
dem-15481	38	38	.	.	PROPN
dem-15481	38	39	,	,	PUNCT
dem-15481	38	40	2016	2016	NUM
dem-15481	38	41	)	)	PUNCT
dem-15481	38	42	.	.	PUNCT
dem-15481	39	1	the	the	DET
dem-15481	39	2	most	most	ADV
dem-15481	39	3	severe	severe	ADJ
dem-15481	39	4	objection	objection	NOUN
dem-15481	39	5	concerned	concern	VERB
dem-15481	39	6	imposing	impose	VERB
dem-15481	39	7	additional	additional	ADJ
dem-15481	39	8	charges	charge	NOUN
dem-15481	39	9	on	on	ADP
dem-15481	39	10	aircraft	aircraft	NOUN
dem-15481	39	11	operators	operator	NOUN
dem-15481	39	12	from	from	ADP
dem-15481	39	13	outside	outside	ADP
dem-15481	39	14	the	the	DET
dem-15481	39	15	eu	eu	PROPN
dem-15481	39	16	.	.	PUNCT
dem-15481	40	1	the	the	DET
dem-15481	40	2	charges	charge	NOUN
dem-15481	40	3	resulted	result	VERB
dem-15481	40	4	from	from	ADP
dem-15481	40	5	participation	participation	NOUN
dem-15481	40	6	in	in	ADP
dem-15481	40	7	the	the	DET
dem-15481	40	8	eu	eu	PROPN
dem-15481	40	9	ets	et	NOUN
dem-15481	40	10	and	and	CCONJ
dem-15481	40	11	were	be	AUX
dem-15481	40	12	imposed	impose	VERB
dem-15481	40	13	without	without	ADP
dem-15481	40	14	any	any	DET
dem-15481	40	15	prior	prior	ADJ
dem-15481	40	16	agreements	agreement	NOUN
dem-15481	40	17	,	,	PUNCT
dem-15481	40	18	which	which	PRON
dem-15481	40	19	was	be	AUX
dem-15481	40	20	treated	treat	VERB
dem-15481	40	21	as	as	ADP
dem-15481	40	22	a	a	DET
dem-15481	40	23	breach	breach	NOUN
dem-15481	40	24	of	of	ADP
dem-15481	40	25	the	the	DET
dem-15481	40	26	chicago	chicago	PROPN
dem-15481	40	27	convention	convention	NOUN
dem-15481	40	28	on	on	ADP
dem-15481	40	29	international	international	ADJ
dem-15481	40	30	civil	civil	ADJ
dem-15481	40	31	aviation	aviation	NOUN
dem-15481	40	32	(	(	PUNCT
dem-15481	40	33	1944	1944	NUM
dem-15481	40	34	)	)	PUNCT
dem-15481	40	35	.	.	PUNCT
dem-15481	41	1	in	in	ADP
dem-15481	41	2	response	response	NOUN
dem-15481	41	3	to	to	ADP
dem-15481	41	4	this	this	PRON
dem-15481	41	5	the	the	DET
dem-15481	41	6	european	european	PROPN
dem-15481	41	7	commission	commission	PROPN
dem-15481	41	8	introduced	introduce	VERB
dem-15481	41	9	derogating	derogate	VERB
dem-15481	41	10	mechanisms	mechanism	NOUN
dem-15481	41	11	:	:	PUNCT
dem-15481	41	12	„	„	PUNCT
dem-15481	41	13	stop	stop	VERB
dem-15481	41	14	the	the	DET
dem-15481	41	15	clock	clock	NOUN
dem-15481	41	16	”	"	PUNCT
dem-15481	41	17	derogation	derogation	NOUN
dem-15481	41	18	(	(	PUNCT
dem-15481	41	19	decision	decision	NOUN
dem-15481	41	20	2013/337	2013/337	NUM
dem-15481	41	21	/	/	SYM
dem-15481	41	22	eu	eu	PROPN
dem-15481	41	23	)	)	PUNCT
dem-15481	41	24	,	,	PUNCT
dem-15481	41	25	the	the	DET
dem-15481	41	26	exclusions	exclusion	NOUN
dem-15481	41	27	mechanism	mechanism	NOUN
dem-15481	41	28	in	in	ADP
dem-15481	41	29	the	the	DET
dem-15481	41	30	scope	scope	NOUN
dem-15481	41	31	of	of	ADP
dem-15481	41	32	aviation	aviation	NOUN
dem-15481	41	33	operations	operation	NOUN
dem-15481	41	34	covered	cover	VERB
dem-15481	41	35	by	by	ADP
dem-15481	41	36	the	the	DET
dem-15481	41	37	eu	eu	PROPN
dem-15481	41	38	ets	et	NOUN
dem-15481	41	39	system	system	NOUN
dem-15481	41	40	(	(	PUNCT
dem-15481	41	41	regulation	regulation	NOUN
dem-15481	41	42	2014/421	2014/421	NOUN
dem-15481	41	43	)	)	PUNCT
dem-15481	41	44	.	.	PUNCT
dem-15481	42	1	the	the	DET
dem-15481	42	2	abovementioned	abovementioned	ADJ
dem-15481	42	3	legislative	legislative	ADJ
dem-15481	42	4	regulations	regulation	NOUN
dem-15481	42	5	in	in	ADP
dem-15481	42	6	the	the	DET
dem-15481	42	7	scope	scope	NOUN
dem-15481	42	8	of	of	ADP
dem-15481	42	9	obligations	obligation	NOUN
dem-15481	42	10	concerning	concern	VERB
dem-15481	42	11	reporting	report	VERB
dem-15481	42	12	the	the	DET
dem-15481	42	13	emission	emission	NOUN
dem-15481	42	14	from	from	ADP
dem-15481	42	15	aviation	aviation	NOUN
dem-15481	42	16	operations	operation	NOUN
dem-15481	42	17	within	within	ADP
dem-15481	42	18	the	the	DET
dem-15481	42	19	eu	eu	PROPN
dem-15481	42	20	ets	et	NOUN
dem-15481	42	21	in	in	ADP
dem-15481	42	22	the	the	DET
dem-15481	42	23	years	year	NOUN
dem-15481	42	24	2013–2014	2013–2014	NUM
dem-15481	42	25	,	,	PUNCT
dem-15481	42	26	postponing	postpone	VERB
dem-15481	42	27	the	the	DET
dem-15481	42	28	deadline	deadline	NOUN
dem-15481	42	29	to	to	PART
dem-15481	42	30	settle	settle	VERB
dem-15481	42	31	these	these	DET
dem-15481	42	32	emissions	emission	NOUN
dem-15481	42	33	for	for	ADP
dem-15481	42	34	2013	2013	NUM
dem-15481	42	35	and	and	CCONJ
dem-15481	42	36	2014	2014	NUM
dem-15481	42	37	,	,	PUNCT
dem-15481	42	38	delayed	delay	VERB
dem-15481	42	39	the	the	DET
dem-15481	42	40	launch	launch	NOUN
dem-15481	42	41	of	of	ADP
dem-15481	42	42	aviation	aviation	NOUN
dem-15481	42	43	allowances	allowance	NOUN
dem-15481	42	44	aneta	aneta	PROPN
dem-15481	42	45	włodarczyk	włodarczyk	VERB
dem-15481	42	46	dynamic	dynamic	ADJ
dem-15481	42	47	econometric	econometric	ADJ
dem-15481	42	48	models	model	NOUN
dem-15481	42	49	17	17	NUM
dem-15481	42	50	(	(	PUNCT
dem-15481	42	51	2017	2017	NUM
dem-15481	42	52	)	)	PUNCT
dem-15481	42	53	129–145	129–145	NUM
dem-15481	42	54	132	132	NUM
dem-15481	42	55	trading	trading	NOUN
dem-15481	42	56	in	in	ADP
dem-15481	42	57	the	the	DET
dem-15481	42	58	auctioning	auctioning	NOUN
dem-15481	42	59	system	system	NOUN
dem-15481	42	60	.	.	PUNCT
dem-15481	43	1	1	1	NUM
dem-15481	43	2	in	in	ADP
dem-15481	43	3	addition	addition	NOUN
dem-15481	43	4	,	,	PUNCT
dem-15481	43	5	they	they	PRON
dem-15481	43	6	influenced	influence	VERB
dem-15481	43	7	the	the	DET
dem-15481	43	8	volatility	volatility	NOUN
dem-15481	43	9	of	of	ADP
dem-15481	43	10	euaas	euaas	NOUN
dem-15481	43	11	prices	price	NOUN
dem-15481	43	12	and	and	CCONJ
dem-15481	43	13	the	the	DET
dem-15481	43	14	volume	volume	NOUN
dem-15481	43	15	of	of	ADP
dem-15481	43	16	euaas	euaas	NOUN
dem-15481	43	17	derivatives	derivative	NOUN
dem-15481	43	18	trading	trading	NOUN
dem-15481	43	19	,	,	PUNCT
dem-15481	43	20	as	as	ADV
dem-15481	43	21	well	well	ADV
dem-15481	43	22	as	as	ADP
dem-15481	43	23	the	the	DET
dem-15481	43	24	interest	interest	NOUN
dem-15481	43	25	of	of	ADP
dem-15481	43	26	aircraft	aircraft	NOUN
dem-15481	43	27	operators	operator	NOUN
dem-15481	43	28	in	in	ADP
dem-15481	43	29	the	the	DET
dem-15481	43	30	use	use	NOUN
dem-15481	43	31	of	of	ADP
dem-15481	43	32	this	this	DET
dem-15481	43	33	type	type	NOUN
dem-15481	43	34	instruments	instrument	NOUN
dem-15481	43	35	to	to	PART
dem-15481	43	36	manage	manage	VERB
dem-15481	43	37	the	the	DET
dem-15481	43	38	co2	co2	NOUN
dem-15481	43	39	emission	emission	NOUN
dem-15481	43	40	risk	risk	NOUN
dem-15481	43	41	.	.	PUNCT
dem-15481	44	1	the	the	DET
dem-15481	44	2	inclusion	inclusion	NOUN
dem-15481	44	3	of	of	ADP
dem-15481	44	4	international	international	ADJ
dem-15481	44	5	aviation	aviation	NOUN
dem-15481	44	6	into	into	ADP
dem-15481	44	7	the	the	DET
dem-15481	44	8	eu	eu	PROPN
dem-15481	44	9	emission	emission	NOUN
dem-15481	44	10	trading	trading	NOUN
dem-15481	44	11	scheme	scheme	NOUN
dem-15481	44	12	causes	cause	VERB
dem-15481	44	13	that	that	SCONJ
dem-15481	44	14	the	the	DET
dem-15481	44	15	management	management	NOUN
dem-15481	44	16	of	of	ADP
dem-15481	44	17	the	the	DET
dem-15481	44	18	euaa	euaa	ADJ
dem-15481	44	19	price	price	NOUN
dem-15481	44	20	risk	risk	NOUN
dem-15481	44	21	is	be	AUX
dem-15481	44	22	becoming	become	VERB
dem-15481	44	23	increasingly	increasingly	ADV
dem-15481	44	24	important	important	ADJ
dem-15481	44	25	for	for	ADP
dem-15481	44	26	companies	company	NOUN
dem-15481	44	27	covered	cover	VERB
dem-15481	44	28	by	by	ADP
dem-15481	44	29	the	the	DET
dem-15481	44	30	eu	eu	PROPN
dem-15481	44	31	ets	ets	PROPN
dem-15481	44	32	.	.	PUNCT
dem-15481	45	1	the	the	DET
dem-15481	45	2	increase	increase	NOUN
dem-15481	45	3	in	in	ADP
dem-15481	45	4	the	the	DET
dem-15481	45	5	price	price	NOUN
dem-15481	45	6	allowances	allowance	NOUN
dem-15481	45	7	volatility	volatility	NOUN
dem-15481	45	8	in	in	ADP
dem-15481	45	9	the	the	DET
dem-15481	45	10	secondary	secondary	ADJ
dem-15481	45	11	market	market	NOUN
dem-15481	45	12	and	and	CCONJ
dem-15481	45	13	the	the	DET
dem-15481	45	14	reduction	reduction	NOUN
dem-15481	45	15	of	of	ADP
dem-15481	45	16	free	free	ADJ
dem-15481	45	17	allowances	allowance	NOUN
dem-15481	45	18	,	,	PUNCT
dem-15481	45	19	which	which	PRON
dem-15481	45	20	are	be	AUX
dem-15481	45	21	granted	grant	VERB
dem-15481	45	22	to	to	ADP
dem-15481	45	23	companies	company	NOUN
dem-15481	45	24	,	,	PUNCT
dem-15481	45	25	cause	cause	VERB
dem-15481	45	26	the	the	DET
dem-15481	45	27	increase	increase	NOUN
dem-15481	45	28	in	in	ADP
dem-15481	45	29	their	their	PRON
dem-15481	45	30	exposure	exposure	NOUN
dem-15481	45	31	to	to	ADP
dem-15481	45	32	price	price	NOUN
dem-15481	45	33	risk	risk	NOUN
dem-15481	45	34	.	.	PUNCT
dem-15481	46	1	the	the	DET
dem-15481	46	2	aim	aim	NOUN
dem-15481	46	3	of	of	ADP
dem-15481	46	4	this	this	DET
dem-15481	46	5	article	article	NOUN
dem-15481	46	6	is	be	AUX
dem-15481	46	7	to	to	PART
dem-15481	46	8	evaluate	evaluate	VERB
dem-15481	46	9	the	the	DET
dem-15481	46	10	euaa	euaa	ADJ
dem-15481	46	11	price	price	NOUN
dem-15481	46	12	risk	risk	NOUN
dem-15481	46	13	connected	connect	VERB
dem-15481	46	14	with	with	ADP
dem-15481	46	15	the	the	DET
dem-15481	46	16	activity	activity	NOUN
dem-15481	46	17	of	of	ADP
dem-15481	46	18	aircraft	aircraft	NOUN
dem-15481	46	19	operators	operator	NOUN
dem-15481	46	20	within	within	ADP
dem-15481	46	21	the	the	DET
dem-15481	46	22	european	european	ADJ
dem-15481	46	23	economic	economic	ADJ
dem-15481	46	24	area	area	NOUN
dem-15481	46	25	,	,	PUNCT
dem-15481	46	26	distinguishing	distinguish	VERB
dem-15481	46	27	between	between	ADP
dem-15481	46	28	low	low	ADJ
dem-15481	46	29	and	and	CCONJ
dem-15481	46	30	high	high	ADJ
dem-15481	46	31	volatility	volatility	NOUN
dem-15481	46	32	periods	period	NOUN
dem-15481	46	33	occurring	occur	VERB
dem-15481	46	34	on	on	ADP
dem-15481	46	35	the	the	DET
dem-15481	46	36	carbon	carbon	NOUN
dem-15481	46	37	permits	permit	VERB
dem-15481	46	38	market	market	NOUN
dem-15481	46	39	.	.	PUNCT
dem-15481	47	1	volatility	volatility	NOUN
dem-15481	47	2	and	and	CCONJ
dem-15481	47	3	downside	downside	ADJ
dem-15481	47	4	risk	risk	NOUN
dem-15481	47	5	measures	measure	NOUN
dem-15481	47	6	are	be	AUX
dem-15481	47	7	used	use	VERB
dem-15481	47	8	to	to	PART
dem-15481	47	9	assess	assess	VERB
dem-15481	47	10	this	this	DET
dem-15481	47	11	type	type	NOUN
dem-15481	47	12	of	of	ADP
dem-15481	47	13	risk	risk	NOUN
dem-15481	47	14	across	across	ADP
dem-15481	47	15	different	different	ADJ
dem-15481	47	16	regimes	regime	NOUN
dem-15481	47	17	of	of	ADP
dem-15481	47	18	the	the	DET
dem-15481	47	19	euaas	euaas	NOUN
dem-15481	47	20	'	'	PUNCT
dem-15481	47	21	future	future	ADJ
dem-15481	47	22	prices	price	NOUN
dem-15481	47	23	,	,	PUNCT
dem-15481	47	24	which	which	PRON
dem-15481	47	25	are	be	AUX
dem-15481	47	26	identified	identify	VERB
dem-15481	47	27	by	by	ADP
dem-15481	47	28	means	mean	NOUN
dem-15481	47	29	of	of	ADP
dem-15481	47	30	markov	markov	NOUN
dem-15481	47	31	-	-	PUNCT
dem-15481	47	32	switching	switch	VERB
dem-15481	47	33	models	model	NOUN
dem-15481	47	34	.	.	PUNCT
dem-15481	48	1	1	1	X
dem-15481	48	2	.	.	X
dem-15481	48	3	research	research	NOUN
dem-15481	48	4	methodology	methodology	NOUN
dem-15481	48	5	the	the	DET
dem-15481	48	6	co2	co2	NOUN
dem-15481	48	7	emission	emission	NOUN
dem-15481	48	8	allowances	allowance	NOUN
dem-15481	48	9	price	price	NOUN
dem-15481	48	10	risk	risk	NOUN
dem-15481	48	11	from	from	ADP
dem-15481	48	12	the	the	DET
dem-15481	48	13	aircraft	aircraft	NOUN
dem-15481	48	14	operators	operator	NOUN
dem-15481	48	15	point	point	NOUN
dem-15481	48	16	of	of	ADP
dem-15481	48	17	view	view	NOUN
dem-15481	48	18	may	may	AUX
dem-15481	48	19	result	result	VERB
dem-15481	48	20	in	in	ADP
dem-15481	48	21	a	a	DET
dem-15481	48	22	danger	danger	NOUN
dem-15481	48	23	of	of	ADP
dem-15481	48	24	not	not	PART
dem-15481	48	25	achieving	achieve	VERB
dem-15481	48	26	by	by	ADP
dem-15481	48	27	them	they	PRON
dem-15481	48	28	the	the	DET
dem-15481	48	29	expected	expect	VERB
dem-15481	48	30	returns	return	NOUN
dem-15481	48	31	due	due	ADJ
dem-15481	48	32	to	to	ADP
dem-15481	48	33	a	a	DET
dem-15481	48	34	sale	sale	NOUN
dem-15481	48	35	of	of	ADP
dem-15481	48	36	excessive	excessive	ADJ
dem-15481	48	37	or	or	CCONJ
dem-15481	48	38	purchase	purchase	NOUN
dem-15481	48	39	of	of	ADP
dem-15481	48	40	insufficient	insufficient	ADJ
dem-15481	48	41	aviation	aviation	NOUN
dem-15481	48	42	allowances	allowance	NOUN
dem-15481	48	43	on	on	ADP
dem-15481	48	44	the	the	DET
dem-15481	48	45	secondary	secondary	ADJ
dem-15481	48	46	market	market	NOUN
dem-15481	48	47	(	(	PUNCT
dem-15481	48	48	neutral	neutral	ADJ
dem-15481	48	49	risk	risk	NOUN
dem-15481	48	50	concept	concept	NOUN
dem-15481	48	51	)	)	PUNCT
dem-15481	48	52	.	.	PUNCT
dem-15481	49	1	the	the	DET
dem-15481	49	2	aviation	aviation	NOUN
dem-15481	49	3	allowances	allowance	NOUN
dem-15481	49	4	price	price	NOUN
dem-15481	49	5	risk	risk	NOUN
dem-15481	49	6	may	may	AUX
dem-15481	49	7	be	be	AUX
dem-15481	49	8	perceived	perceive	VERB
dem-15481	49	9	as	as	ADP
dem-15481	49	10	a	a	DET
dem-15481	49	11	danger	danger	NOUN
dem-15481	49	12	of	of	ADP
dem-15481	49	13	sustaining	sustain	VERB
dem-15481	49	14	a	a	DET
dem-15481	49	15	loss	loss	NOUN
dem-15481	49	16	,	,	PUNCT
dem-15481	49	17	which	which	PRON
dem-15481	49	18	can	can	AUX
dem-15481	49	19	have	have	VERB
dem-15481	49	20	significant	significant	ADJ
dem-15481	49	21	impact	impact	NOUN
dem-15481	49	22	on	on	ADP
dem-15481	49	23	financial	financial	ADJ
dem-15481	49	24	results	result	NOUN
dem-15481	49	25	of	of	ADP
dem-15481	49	26	the	the	DET
dem-15481	49	27	aircraft	aircraft	NOUN
dem-15481	49	28	operator	operator	NOUN
dem-15481	49	29	(	(	PUNCT
dem-15481	49	30	negative	negative	ADJ
dem-15481	49	31	risk	risk	NOUN
dem-15481	49	32	concept	concept	NOUN
dem-15481	49	33	)	)	PUNCT
dem-15481	49	34	.	.	PUNCT
dem-15481	50	1	volatility	volatility	NOUN
dem-15481	50	2	measures	measure	NOUN
dem-15481	50	3	are	be	AUX
dem-15481	50	4	the	the	DET
dem-15481	50	5	tools	tool	NOUN
dem-15481	50	6	which	which	PRON
dem-15481	50	7	are	be	AUX
dem-15481	50	8	most	most	ADV
dem-15481	50	9	frequently	frequently	ADV
dem-15481	50	10	used	use	VERB
dem-15481	50	11	to	to	PART
dem-15481	50	12	measure	measure	VERB
dem-15481	50	13	risk	risk	NOUN
dem-15481	50	14	according	accord	VERB
dem-15481	50	15	to	to	ADP
dem-15481	50	16	the	the	DET
dem-15481	50	17	neutral	neutral	ADJ
dem-15481	50	18	risk	risk	NOUN
dem-15481	50	19	concept	concept	NOUN
dem-15481	50	20	,	,	PUNCT
dem-15481	50	21	while	while	SCONJ
dem-15481	50	22	risk	risk	NOUN
dem-15481	50	23	measurement	measurement	NOUN
dem-15481	50	24	in	in	ADP
dem-15481	50	25	the	the	DET
dem-15481	50	26	negative	negative	ADJ
dem-15481	50	27	meaning	meaning	NOUN
dem-15481	50	28	are	be	AUX
dem-15481	50	29	conducted	conduct	VERB
dem-15481	50	30	according	accord	VERB
dem-15481	50	31	to	to	ADP
dem-15481	50	32	the	the	DET
dem-15481	50	33	downside	downside	ADJ
dem-15481	50	34	risk	risk	NOUN
dem-15481	50	35	measure	measure	NOUN
dem-15481	50	36	(	(	PUNCT
dem-15481	50	37	jajuga	jajuga	NOUN
dem-15481	50	38	,	,	PUNCT
dem-15481	50	39	2007	2007	NUM
dem-15481	50	40	)	)	PUNCT
dem-15481	50	41	.	.	PUNCT
dem-15481	51	1	the	the	PRON
dem-15481	51	2	most	most	ADV
dem-15481	51	3	frequently	frequently	ADV
dem-15481	51	4	determined	determine	VERB
dem-15481	51	5	by	by	ADP
dem-15481	51	6	practitioners	practitioner	NOUN
dem-15481	51	7	volatility	volatility	NOUN
dem-15481	51	8	measures	measure	NOUN
dem-15481	51	9	include	include	VERB
dem-15481	51	10	:	:	PUNCT
dem-15481	51	11	standard	standard	ADJ
dem-15481	51	12	deviation	deviation	NOUN
dem-15481	51	13	,	,	PUNCT
dem-15481	51	14	interquartile	interquartile	NOUN
dem-15481	51	15	range	range	NOUN
dem-15481	51	16	and	and	CCONJ
dem-15481	51	17	absolute	absolute	ADJ
dem-15481	51	18	median	median	ADJ
dem-15481	51	19	deviation	deviation	NOUN
dem-15481	51	20	.	.	PUNCT
dem-15481	52	1	the	the	DET
dem-15481	52	2	downside	downside	ADJ
dem-15481	52	3	risk	risk	NOUN
dem-15481	52	4	measure	measure	NOUN
dem-15481	52	5	,	,	PUNCT
dem-15481	52	6	which	which	PRON
dem-15481	52	7	exposes	expose	VERB
dem-15481	52	8	only	only	ADV
dem-15481	52	9	unfavourable	unfavourable	ADJ
dem-15481	52	10	situations	situation	NOUN
dem-15481	52	11	for	for	ADP
dem-15481	52	12	the	the	DET
dem-15481	52	13	aircraft	aircraft	NOUN
dem-15481	52	14	operator	operator	NOUN
dem-15481	52	15	when	when	SCONJ
dem-15481	52	16	the	the	DET
dem-15481	52	17	real	real	ADJ
dem-15481	52	18	returns	return	NOUN
dem-15481	52	19	on	on	ADP
dem-15481	52	20	sale	sale	NOUN
dem-15481	52	21	or	or	CCONJ
dem-15481	52	22	purchase	purchase	NOUN
dem-15481	52	23	of	of	ADP
dem-15481	52	24	aviation	aviation	NOUN
dem-15481	52	25	allowances	allowance	NOUN
dem-15481	52	26	was	be	AUX
dem-15481	52	27	below	below	ADP
dem-15481	52	28	the	the	DET
dem-15481	52	29	average	average	NOUN
dem-15481	52	30	,	,	PUNCT
dem-15481	52	31	is	be	AUX
dem-15481	52	32	semi	semi	ADJ
dem-15481	52	33	-	-	ADJ
dem-15481	52	34	standard	standard	ADJ
dem-15481	52	35	deviation	deviation	NOUN
dem-15481	52	36	.	.	PUNCT
dem-15481	53	1	the	the	DET
dem-15481	53	2	first	first	ADJ
dem-15481	53	3	volatility	volatility	NOUN
dem-15481	53	4	measures	measure	NOUN
dem-15481	53	5	,	,	PUNCT
dem-15481	53	6	which	which	PRON
dem-15481	53	7	have	have	AUX
dem-15481	53	8	been	be	AUX
dem-15481	53	9	estimated	estimate	VERB
dem-15481	53	10	on	on	ADP
dem-15481	53	11	the	the	DET
dem-15481	53	12	basis	basis	NOUN
dem-15481	53	13	of	of	ADP
dem-15481	53	14	settlement	settlement	NOUN
dem-15481	53	15	prices	price	NOUN
dem-15481	53	16	of	of	ADP
dem-15481	53	17	euaas	euaas	NOUN
dem-15481	53	18	futures	future	NOUN
dem-15481	53	19	contracts	contract	NOUN
dem-15481	53	20	,	,	PUNCT
dem-15481	53	21	is	be	AUX
dem-15481	53	22	standard	standard	ADJ
dem-15481	53	23	deviation	deviation	NOUN
dem-15481	53	24	(	(	PUNCT
dem-15481	53	25	kuziak	kuziak	PROPN
dem-15481	53	26	,	,	PUNCT
dem-15481	53	27	2011	2011	NUM
dem-15481	53	28	):	):	PUNCT
dem-15481	53	29	1	1	NUM
dem-15481	53	30	aviation	aviation	NOUN
dem-15481	53	31	auctions	auction	NOUN
dem-15481	53	32	have	have	AUX
dem-15481	53	33	been	be	AUX
dem-15481	53	34	conducted	conduct	VERB
dem-15481	53	35	since	since	SCONJ
dem-15481	53	36	1st	1st	ADJ
dem-15481	53	37	january	january	PROPN
dem-15481	53	38	2015	2015	NUM
dem-15481	53	39	.	.	PUNCT
dem-15481	54	1	regime	regime	NOUN
dem-15481	54	2	-	-	PUNCT
dem-15481	54	3	dependent	dependent	ADJ
dem-15481	54	4	assessment	assessment	NOUN
dem-15481	54	5	of	of	ADP
dem-15481	54	6	the	the	DET
dem-15481	54	7	euaa	euaa	ADJ
dem-15481	54	8	price	price	NOUN
dem-15481	54	9	risk	risk	NOUN
dem-15481	54	10	dynamic	dynamic	ADJ
dem-15481	54	11	econometric	econometric	ADJ
dem-15481	54	12	models	model	NOUN
dem-15481	54	13	17	17	NUM
dem-15481	54	14	(	(	PUNCT
dem-15481	54	15	2017	2017	NUM
dem-15481	54	16	)	)	PUNCT
dem-15481	54	17	129–145	129–145	NUM
dem-15481	54	18	133	133	NUM
dem-15481	54	19			NUM
dem-15481	54	20			NUM
dem-15481	54	21			PROPN
dem-15481	54	22			PROPN
dem-15481	54	23			PROPN
dem-15481	54	24	t	t	PROPN
dem-15481	54	25	t	t	PROPN
dem-15481	54	26	t	t	PROPN
dem-15481	54	27	rr	rr	PROPN
dem-15481	54	28	t	t	PROPN
dem-15481	54	29	2	2	NUM
dem-15481	54	30	2	2	NUM
dem-15481	54	31	)	)	PUNCT
dem-15481	54	32	(	(	PUNCT
dem-15481	54	33	1	1	NUM
dem-15481	54	34	1	1	NUM
dem-15481	54	35			PROPN
dem-15481	54	36	,	,	PUNCT
dem-15481	54	37	(	(	PUNCT
dem-15481	54	38	1	1	X
dem-15481	54	39	)	)	PUNCT
dem-15481	54	40	where	where	SCONJ
dem-15481	54	41	:	:	PUNCT
dem-15481	54	42	%	%	NOUN
dem-15481	54	43	100*)/ln	100*)/ln	NUM
dem-15481	54	44	(	(	PUNCT
dem-15481	54	45	1	1	NUM
dem-15481	54	46	ttt	ttt	NOUN
dem-15481	54	47	ppr	ppr	NOUN
dem-15481	54	48	–	–	PUNCT
dem-15481	54	49	return	return	NOUN
dem-15481	54	50	on	on	ADP
dem-15481	54	51	sale	sale	NOUN
dem-15481	54	52	/	/	SYM
dem-15481	54	53	purchase	purchase	NOUN
dem-15481	54	54	of	of	ADP
dem-15481	54	55	aviation	aviation	NOUN
dem-15481	54	56	allowance	allowance	NOUN
dem-15481	54	57	on	on	ADP
dem-15481	54	58	the	the	DET
dem-15481	54	59	secondary	secondary	ADJ
dem-15481	54	60	market	market	NOUN
dem-15481	54	61	in	in	ADP
dem-15481	54	62	t	t	PROPN
dem-15481	54	63	period	period	NOUN
dem-15481	54	64	;	;	PUNCT
dem-15481	54	65	pt	pt	X
dem-15481	54	66	–	–	PUNCT
dem-15481	54	67	settlement	settlement	NOUN
dem-15481	54	68	price	price	NOUN
dem-15481	54	69	of	of	ADP
dem-15481	54	70	euaa	euaa	NOUN
dem-15481	54	71	in	in	ADP
dem-15481	54	72	t	t	PROPN
dem-15481	54	73	period	period	NOUN
dem-15481	54	74	;	;	PUNCT
dem-15481	54	75	pt–1	pt–1	X
dem-15481	54	76	–	–	PUNCT
dem-15481	54	77	settlement	settlement	NOUN
dem-15481	54	78	price	price	NOUN
dem-15481	54	79	of	of	ADP
dem-15481	54	80	euaa	euaa	NOUN
dem-15481	54	81	in	in	ADP
dem-15481	54	82	the	the	DET
dem-15481	54	83	period	period	NOUN
dem-15481	54	84	t–1(t	t–1(t	PUNCT
dem-15481	55	1	=	=	SYM
dem-15481	55	2	2	2	NUM
dem-15481	55	3	,	,	PUNCT
dem-15481	55	4	..	..	PUNCT
dem-15481	55	5	,	,	PUNCT
dem-15481	55	6	t	t	PROPN
dem-15481	55	7	)	)	PUNCT
dem-15481	55	8	;	;	PUNCT
dem-15481	55	9			X
dem-15481	55	10	–	–	PUNCT
dem-15481	55	11	standard	standard	ADJ
dem-15481	55	12	deviation	deviation	NOUN
dem-15481	55	13	;	;	PUNCT
dem-15481	55	14	tr	tr	VERB
dem-15481	55	15	–	–	PUNCT
dem-15481	55	16	expected	expect	VERB
dem-15481	55	17	value	value	NOUN
dem-15481	55	18	of	of	ADP
dem-15481	55	19	euaa	euaa	ADJ
dem-15481	55	20	returns	return	NOUN
dem-15481	55	21	.	.	PUNCT
dem-15481	56	1	coefficient	coefficient	NOUN
dem-15481	56	2	of	of	ADP
dem-15481	56	3	variation	variation	NOUN
dem-15481	56	4	is	be	AUX
dem-15481	56	5	also	also	ADV
dem-15481	56	6	used	use	VERB
dem-15481	56	7	in	in	ADP
dem-15481	56	8	order	order	NOUN
dem-15481	56	9	to	to	PART
dem-15481	56	10	assess	assess	VERB
dem-15481	56	11	how	how	SCONJ
dem-15481	56	12	much	much	ADJ
dem-15481	56	13	risk	risk	NOUN
dem-15481	56	14	accompanies	accompany	VERB
dem-15481	56	15	one	one	NUM
dem-15481	56	16	unit	unit	NOUN
dem-15481	56	17	of	of	ADP
dem-15481	56	18	profit	profit	NOUN
dem-15481	56	19	from	from	ADP
dem-15481	56	20	the	the	DET
dem-15481	56	21	investment	investment	NOUN
dem-15481	56	22	in	in	ADP
dem-15481	56	23	the	the	DET
dem-15481	56	24	euaa	euaa	ADJ
dem-15481	56	25	futures	future	NOUN
dem-15481	56	26	market	market	NOUN
dem-15481	56	27	.	.	PUNCT
dem-15481	57	1	the	the	DET
dem-15481	57	2	lower	low	ADJ
dem-15481	57	3	the	the	DET
dem-15481	57	4	value	value	NOUN
dem-15481	57	5	of	of	ADP
dem-15481	57	6	this	this	DET
dem-15481	57	7	measure	measure	NOUN
dem-15481	57	8	is	be	AUX
dem-15481	57	9	,	,	PUNCT
dem-15481	57	10	the	the	PRON
dem-15481	57	11	higher	high	ADJ
dem-15481	57	12	the	the	DET
dem-15481	57	13	expected	expect	VERB
dem-15481	57	14	profit	profit	NOUN
dem-15481	57	15	on	on	ADP
dem-15481	57	16	sale	sale	NOUN
dem-15481	57	17	/	/	SYM
dem-15481	57	18	purchase	purchase	NOUN
dem-15481	57	19	of	of	ADP
dem-15481	57	20	aviation	aviation	NOUN
dem-15481	57	21	allowances	allowance	NOUN
dem-15481	57	22	is	be	AUX
dem-15481	57	23	at	at	ADP
dem-15481	57	24	the	the	DET
dem-15481	57	25	defined	define	VERB
dem-15481	57	26	risk	risk	NOUN
dem-15481	57	27	level	level	NOUN
dem-15481	57	28	or	or	CCONJ
dem-15481	57	29	lower	low	ADJ
dem-15481	57	30	risk	risk	NOUN
dem-15481	57	31	at	at	ADP
dem-15481	57	32	the	the	DET
dem-15481	57	33	defined	define	VERB
dem-15481	57	34	level	level	NOUN
dem-15481	57	35	of	of	ADP
dem-15481	57	36	profit	profit	NOUN
dem-15481	57	37	:	:	PUNCT
dem-15481	58	1	%	%	NOUN
dem-15481	58	2	100	100	NUM
dem-15481	58	3	r	r	NOUN
dem-15481	58	4	vs	vs	ADP
dem-15481	58	5			PROPN
dem-15481	58	6			NOUN
dem-15481	58	7	(	(	PUNCT
dem-15481	58	8	2	2	NUM
dem-15481	58	9	)	)	PUNCT
dem-15481	58	10	where	where	SCONJ
dem-15481	58	11	sv	sv	PROPN
dem-15481	58	12	is	be	AUX
dem-15481	58	13	coefficient	coefficient	NOUN
dem-15481	58	14	of	of	ADP
dem-15481	58	15	variation	variation	NOUN
dem-15481	58	16	.	.	PUNCT
dem-15481	59	1	asymmetric	asymmetric	ADJ
dem-15481	59	2	risk	risk	NOUN
dem-15481	59	3	measure	measure	NOUN
dem-15481	59	4	is	be	AUX
dem-15481	59	5	semi	semi	ADJ
dem-15481	59	6	-	-	ADJ
dem-15481	59	7	standard	standard	ADJ
dem-15481	59	8	deviation	deviation	NOUN
dem-15481	59	9	,	,	PUNCT
dem-15481	59	10	which	which	PRON
dem-15481	59	11	can	can	AUX
dem-15481	59	12	be	be	AUX
dem-15481	59	13	defined	define	VERB
dem-15481	59	14	in	in	ADP
dem-15481	59	15	the	the	DET
dem-15481	59	16	following	follow	VERB
dem-15481	59	17	way	way	NOUN
dem-15481	59	18	(	(	PUNCT
dem-15481	59	19	booth	booth	NOUN
dem-15481	59	20	et	et	NOUN
dem-15481	59	21	al	al	PROPN
dem-15481	59	22	.	.	PROPN
dem-15481	59	23	,	,	PUNCT
dem-15481	59	24	2005	2005	NUM
dem-15481	59	25	):	):	PUNCT
dem-15481	59	26			X
dem-15481	59	27			PROPN
dem-15481	59	28			PROPN
dem-15481	59	29	t	t	PROPN
dem-15481	59	30	t	t	PROPN
dem-15481	59	31	td	td	NOUN
dem-15481	59	32	t	t	PROPN
dem-15481	59	33	sv	sv	NOUN
dem-15481	59	34	2	2	NUM
dem-15481	59	35	2	2	NUM
dem-15481	59	36	1	1	NUM
dem-15481	59	37	1	1	NUM
dem-15481	59	38	,	,	PUNCT
dem-15481	59	39	(	(	PUNCT
dem-15481	59	40	3	3	X
dem-15481	59	41	)	)	PUNCT
dem-15481	59	42	for	for	ADP
dem-15481	59	43			PROPN
dem-15481	59	44			NUM
dem-15481	59	45			NOUN
dem-15481	59	46			PUNCT
dem-15481	59	47			NUM
dem-15481	59	48			NUM
dem-15481	60	1	rrr	rrr	NOUN
dem-15481	60	2	r	r	NOUN
dem-15481	60	3	d	d	NOUN
dem-15481	60	4	t	t	PROPN
dem-15481	60	5	t	t	PROPN
dem-15481	60	6	t	t	PROPN
dem-15481	60	7	t	t	PROPN
dem-15481	60	8	rfor	rfor	VERB
dem-15481	60	9	rfor	rfor	PROPN
dem-15481	60	10	0	0	NUM
dem-15481	60	11	,	,	PUNCT
dem-15481	60	12	(	(	PUNCT
dem-15481	60	13	4	4	X
dem-15481	60	14	)	)	PUNCT
dem-15481	60	15	where	where	SCONJ
dem-15481	60	16	sv	sv	INTJ
dem-15481	60	17	–	–	PUNCT
dem-15481	60	18	semi	semi	ADJ
dem-15481	60	19	-	-	ADJ
dem-15481	60	20	standard	standard	ADJ
dem-15481	60	21	deviation	deviation	NOUN
dem-15481	60	22	.	.	PUNCT
dem-15481	61	1	this	this	DET
dem-15481	61	2	measure	measure	NOUN
dem-15481	61	3	reflects	reflect	VERB
dem-15481	61	4	an	an	DET
dem-15481	61	5	unfavourable	unfavourable	ADJ
dem-15481	61	6	for	for	ADP
dem-15481	61	7	aircraft	aircraft	NOUN
dem-15481	61	8	operators	operator	NOUN
dem-15481	61	9	situation	situation	NOUN
dem-15481	61	10	,	,	PUNCT
dem-15481	61	11	where	where	SCONJ
dem-15481	61	12	the	the	DET
dem-15481	61	13	returns	return	NOUN
dem-15481	61	14	on	on	ADP
dem-15481	61	15	sale	sale	NOUN
dem-15481	61	16	/	/	SYM
dem-15481	61	17	purchase	purchase	NOUN
dem-15481	61	18	of	of	ADP
dem-15481	61	19	euaas	euaas	NOUN
dem-15481	61	20	on	on	ADP
dem-15481	61	21	the	the	DET
dem-15481	61	22	secondary	secondary	ADJ
dem-15481	61	23	market	market	NOUN
dem-15481	61	24	were	be	AUX
dem-15481	61	25	below	below	ADP
dem-15481	61	26	their	their	PRON
dem-15481	61	27	expectations	expectation	NOUN
dem-15481	61	28	.	.	PUNCT
dem-15481	62	1	robust	robust	ADJ
dem-15481	62	2	volatility	volatility	NOUN
dem-15481	62	3	estimators	estimator	NOUN
dem-15481	62	4	in	in	ADP
dem-15481	62	5	turn	turn	NOUN
dem-15481	62	6	are	be	AUX
dem-15481	62	7	characterized	characterize	VERB
dem-15481	62	8	by	by	ADP
dem-15481	62	9	the	the	DET
dem-15481	62	10	fact	fact	NOUN
dem-15481	62	11	that	that	SCONJ
dem-15481	62	12	present	present	ADJ
dem-15481	62	13	in	in	ADP
dem-15481	62	14	the	the	DET
dem-15481	62	15	sample	sample	NOUN
dem-15481	62	16	outliers	outlier	NOUN
dem-15481	62	17	have	have	AUX
dem-15481	62	18	little	little	ADJ
dem-15481	62	19	impact	impact	NOUN
dem-15481	62	20	on	on	ADP
dem-15481	62	21	the	the	DET
dem-15481	62	22	estimation	estimation	NOUN
dem-15481	62	23	results	result	NOUN
dem-15481	62	24	(	(	PUNCT
dem-15481	62	25	trzpiot	trzpiot	NOUN
dem-15481	62	26	,	,	PUNCT
dem-15481	62	27	2010	2010	NUM
dem-15481	62	28	)	)	PUNCT
dem-15481	62	29	.	.	PUNCT
dem-15481	63	1	this	this	PRON
dem-15481	63	2	is	be	AUX
dem-15481	63	3	a	a	DET
dem-15481	63	4	very	very	ADV
dem-15481	63	5	important	important	ADJ
dem-15481	63	6	property	property	NOUN
dem-15481	63	7	for	for	ADP
dem-15481	63	8	euaas	euaas	NOUN
dem-15481	63	9	return	return	NOUN
dem-15481	63	10	series	series	NOUN
dem-15481	63	11	,	,	PUNCT
dem-15481	63	12	where	where	SCONJ
dem-15481	63	13	single	single	ADJ
dem-15481	63	14	outliers	outlier	NOUN
dem-15481	63	15	occur	occur	VERB
dem-15481	63	16	,	,	PUNCT
dem-15481	63	17	which	which	PRON
dem-15481	63	18	confirms	confirm	VERB
dem-15481	63	19	extremely	extremely	ADV
dem-15481	63	20	high	high	ADJ
dem-15481	63	21	change	change	NOUN
dem-15481	63	22	of	of	ADP
dem-15481	63	23	aviation	aviation	NOUN
dem-15481	63	24	allowances	allowance	NOUN
dem-15481	63	25	price	price	NOUN
dem-15481	63	26	form	form	NOUN
dem-15481	63	27	period	period	NOUN
dem-15481	63	28	to	to	ADP
dem-15481	63	29	period	period	NOUN
dem-15481	63	30	.	.	PUNCT
dem-15481	64	1	the	the	DET
dem-15481	64	2	most	most	ADV
dem-15481	64	3	frequently	frequently	ADV
dem-15481	64	4	applied	apply	VERB
dem-15481	64	5	robust	robust	ADJ
dem-15481	64	6	volatility	volatility	NOUN
dem-15481	64	7	estimator	estimator	NOUN
dem-15481	64	8	is	be	AUX
dem-15481	64	9	absolute	absolute	ADJ
dem-15481	64	10	median	median	ADJ
dem-15481	64	11	deviation	deviation	NOUN
dem-15481	64	12	,	,	PUNCT
dem-15481	64	13	which	which	PRON
dem-15481	64	14	can	can	AUX
dem-15481	64	15	be	be	AUX
dem-15481	64	16	described	describe	VERB
dem-15481	64	17	by	by	ADP
dem-15481	64	18	means	mean	NOUN
dem-15481	64	19	of	of	ADP
dem-15481	64	20	the	the	DET
dem-15481	64	21	following	follow	VERB
dem-15481	64	22	relation	relation	NOUN
dem-15481	64	23	(	(	PUNCT
dem-15481	64	24	trzpiot	trzpiot	NOUN
dem-15481	64	25	,	,	PUNCT
dem-15481	64	26	2010	2010	NUM
dem-15481	64	27	):	):	PUNCT
dem-15481	64	28	aneta	aneta	PROPN
dem-15481	64	29	włodarczyk	włodarczyk	VERB
dem-15481	64	30	dynamic	dynamic	ADJ
dem-15481	64	31	econometric	econometric	ADJ
dem-15481	64	32	models	model	NOUN
dem-15481	64	33	17	17	NUM
dem-15481	64	34	(	(	PUNCT
dem-15481	64	35	2017	2017	NUM
dem-15481	64	36	)	)	PUNCT
dem-15481	65	1	129–145	129–145	NUM
dem-15481	65	2	134	134	NUM
dem-15481	65	3	}	}	PUNCT
dem-15481	65	4	}	}	PUNCT
dem-15481	65	5	{	{	PUNCT
dem-15481	65	6	{	{	PUNCT
dem-15481	65	7	)	)	PUNCT
dem-15481	65	8	(	(	PUNCT
dem-15481	65	9	i	i	PRON
dem-15481	66	1	i	i	PRON
dem-15481	66	2	t	t	NOUN
dem-15481	66	3	t	t	PROPN
dem-15481	66	4	t	t	PROPN
dem-15481	66	5	rmedianrmedianrmad	rmedianrmedianrmad	VERB
dem-15481	66	6			PROPN
dem-15481	66	7	,	,	PUNCT
dem-15481	66	8	(	(	PUNCT
dem-15481	66	9	5	5	NUM
dem-15481	66	10	)	)	PUNCT
dem-15481	66	11	where	where	SCONJ
dem-15481	66	12	mad(rt	mad(rt	NOUN
dem-15481	66	13	)	)	PUNCT
dem-15481	66	14	–	–	PUNCT
dem-15481	66	15	absolute	absolute	ADJ
dem-15481	66	16	median	median	ADJ
dem-15481	66	17	deviation	deviation	NOUN
dem-15481	66	18	of	of	ADP
dem-15481	66	19	euaa	euaa	ADJ
dem-15481	66	20	returns	return	NOUN
dem-15481	66	21	.	.	PUNCT
dem-15481	67	1	one	one	NUM
dem-15481	67	2	of	of	ADP
dem-15481	67	3	the	the	DET
dem-15481	67	4	simplest	simple	ADJ
dem-15481	67	5	robust	robust	ADJ
dem-15481	67	6	volatility	volatility	NOUN
dem-15481	67	7	estimators	estimator	NOUN
dem-15481	67	8	is	be	AUX
dem-15481	67	9	interquartile	interquartile	ADJ
dem-15481	67	10	range	range	NOUN
dem-15481	67	11	(	(	PUNCT
dem-15481	67	12	iqr	iqr	NOUN
dem-15481	67	13	)	)	PUNCT
dem-15481	67	14	,	,	PUNCT
dem-15481	67	15	which	which	PRON
dem-15481	67	16	ignores	ignore	VERB
dem-15481	67	17	up	up	ADP
dem-15481	67	18	to	to	PART
dem-15481	67	19	25	25	NUM
dem-15481	67	20	%	%	NOUN
dem-15481	67	21	of	of	ADP
dem-15481	67	22	lowest	low	ADJ
dem-15481	67	23	and	and	CCONJ
dem-15481	67	24	largest	large	ADJ
dem-15481	67	25	returns	return	NOUN
dem-15481	67	26	(	(	PUNCT
dem-15481	67	27	trzpiot	trzpiot	NOUN
dem-15481	67	28	,	,	PUNCT
dem-15481	67	29	2010	2010	NUM
dem-15481	67	30	):	):	PUNCT
dem-15481	67	31	)	)	PUNCT
dem-15481	67	32	(	(	PUNCT
dem-15481	67	33	)	)	PUNCT
dem-15481	67	34	(	(	PUNCT
dem-15481	67	35	13	13	NUM
dem-15481	67	36	tt	tt	PROPN
dem-15481	67	37	rqrqiqr	rqrqiqr	VERB
dem-15481	67	38			PROPN
dem-15481	67	39	,	,	PUNCT
dem-15481	67	40	(	(	PUNCT
dem-15481	67	41	6	6	NUM
dem-15481	67	42	)	)	PUNCT
dem-15481	67	43	where	where	SCONJ
dem-15481	67	44	)	)	PUNCT
dem-15481	67	45	(	(	PUNCT
dem-15481	67	46	1	1	NUM
dem-15481	67	47	trq	trq	NOUN
dem-15481	67	48	and	and	CCONJ
dem-15481	67	49	)	)	PUNCT
dem-15481	67	50	(	(	PUNCT
dem-15481	67	51	3	3	NUM
dem-15481	67	52	trq	trq	NOUN
dem-15481	67	53	–	–	PUNCT
dem-15481	67	54	respectively	respectively	ADV
dem-15481	67	55	the	the	DET
dem-15481	67	56	first	first	ADJ
dem-15481	67	57	and	and	CCONJ
dem-15481	67	58	third	third	ADJ
dem-15481	67	59	quartile	quartile	NOUN
dem-15481	67	60	of	of	ADP
dem-15481	67	61	euaa	euaa	ADJ
dem-15481	67	62	returns	return	NOUN
dem-15481	67	63	empirical	empirical	ADJ
dem-15481	67	64	distribution	distribution	NOUN
dem-15481	67	65	.	.	PUNCT
dem-15481	68	1	it	it	PRON
dem-15481	68	2	is	be	AUX
dem-15481	68	3	worth	worth	ADJ
dem-15481	68	4	stressing	stress	VERB
dem-15481	68	5	that	that	SCONJ
dem-15481	68	6	risk	risk	NOUN
dem-15481	68	7	has	have	AUX
dem-15481	68	8	been	be	AUX
dem-15481	68	9	most	most	ADV
dem-15481	68	10	often	often	ADV
dem-15481	68	11	measured	measure	VERB
dem-15481	68	12	under	under	ADP
dem-15481	68	13	the	the	DET
dem-15481	68	14	assumption	assumption	NOUN
dem-15481	68	15	of	of	ADP
dem-15481	68	16	the	the	DET
dem-15481	68	17	worstscenario	worstscenario	NOUN
dem-15481	68	18	in	in	ADP
dem-15481	68	19	the	the	DET
dem-15481	68	20	market	market	NOUN
dem-15481	68	21	,	,	PUNCT
dem-15481	68	22	what	what	PRON
dem-15481	68	23	has	have	AUX
dem-15481	68	24	been	be	AUX
dem-15481	68	25	derived	derive	VERB
dem-15481	68	26	from	from	ADP
dem-15481	68	27	the	the	DET
dem-15481	68	28	negative	negative	ADJ
dem-15481	68	29	concept	concept	NOUN
dem-15481	68	30	of	of	ADP
dem-15481	68	31	risk	risk	NOUN
dem-15481	68	32	and	and	CCONJ
dem-15481	68	33	has	have	AUX
dem-15481	68	34	contributed	contribute	VERB
dem-15481	68	35	to	to	ADP
dem-15481	68	36	the	the	DET
dem-15481	68	37	popularization	popularization	NOUN
dem-15481	68	38	of	of	ADP
dem-15481	68	39	the	the	DET
dem-15481	68	40	downside	downside	ADJ
dem-15481	68	41	risk	risk	NOUN
dem-15481	68	42	measures	measure	NOUN
dem-15481	68	43	.	.	PUNCT
dem-15481	69	1	however	however	ADV
dem-15481	69	2	,	,	PUNCT
dem-15481	69	3	this	this	DET
dem-15481	69	4	approach	approach	NOUN
dem-15481	69	5	may	may	AUX
dem-15481	69	6	not	not	PART
dem-15481	69	7	reflect	reflect	VERB
dem-15481	69	8	the	the	DET
dem-15481	69	9	change	change	NOUN
dem-15481	69	10	of	of	ADP
dem-15481	69	11	uncertainty	uncertainty	NOUN
dem-15481	69	12	sets	set	VERB
dem-15481	69	13	with	with	ADP
dem-15481	69	14	respect	respect	NOUN
dem-15481	69	15	to	to	ADP
dem-15481	69	16	different	different	ADJ
dem-15481	69	17	market	market	NOUN
dem-15481	69	18	environments	environment	NOUN
dem-15481	69	19	(	(	PUNCT
dem-15481	69	20	e.g.	e.g.	ADV
dem-15481	69	21	calm	calm	ADJ
dem-15481	69	22	and	and	CCONJ
dem-15481	69	23	turbulent	turbulent	ADJ
dem-15481	69	24	periods	period	NOUN
dem-15481	69	25	)	)	PUNCT
dem-15481	69	26	.	.	PUNCT
dem-15481	70	1	following	follow	VERB
dem-15481	70	2	liu	liu	PROPN
dem-15481	70	3	and	and	CCONJ
dem-15481	70	4	chen	chen	PROPN
dem-15481	70	5	(	(	PUNCT
dem-15481	70	6	2014	2014	NUM
dem-15481	70	7	)	)	PUNCT
dem-15481	70	8	,	,	PUNCT
dem-15481	70	9	in	in	ADP
dem-15481	70	10	this	this	DET
dem-15481	70	11	article	article	NOUN
dem-15481	70	12	markov	markov	NOUN
dem-15481	70	13	regime	regime	NOUN
dem-15481	70	14	switching	switch	VERB
dem-15481	70	15	models	model	NOUN
dem-15481	70	16	are	be	AUX
dem-15481	70	17	used	use	VERB
dem-15481	70	18	to	to	PART
dem-15481	70	19	describe	describe	VERB
dem-15481	70	20	the	the	DET
dem-15481	70	21	time	time	NOUN
dem-15481	70	22	-	-	PUNCT
dem-15481	70	23	varying	vary	VERB
dem-15481	70	24	uncertainty	uncertainty	NOUN
dem-15481	70	25	set	set	VERB
dem-15481	70	26	of	of	ADP
dem-15481	70	27	the	the	DET
dem-15481	70	28	first	first	ADJ
dem-15481	70	29	and	and	CCONJ
dem-15481	70	30	second	second	ADJ
dem-15481	70	31	order	order	NOUN
dem-15481	70	32	moments	moment	NOUN
dem-15481	70	33	,	,	PUNCT
dem-15481	70	34	which	which	PRON
dem-15481	70	35	are	be	AUX
dem-15481	70	36	related	relate	VERB
dem-15481	70	37	to	to	ADP
dem-15481	70	38	two	two	NUM
dem-15481	70	39	main	main	ADJ
dem-15481	70	40	characteristics	characteristic	NOUN
dem-15481	70	41	of	of	ADP
dem-15481	70	42	investments	investment	NOUN
dem-15481	70	43	in	in	ADP
dem-15481	70	44	the	the	DET
dem-15481	70	45	euaa	euaa	ADJ
dem-15481	70	46	futures	future	NOUN
dem-15481	70	47	,	,	PUNCT
dem-15481	70	48	namely	namely	ADV
dem-15481	70	49	expected	expect	VERB
dem-15481	70	50	profits	profit	NOUN
dem-15481	70	51	and	and	CCONJ
dem-15481	70	52	risk	risk	NOUN
dem-15481	70	53	.	.	PUNCT
dem-15481	71	1	as	as	ADP
dem-15481	71	2	a	a	DET
dem-15481	71	3	result	result	NOUN
dem-15481	71	4	,	,	PUNCT
dem-15481	71	5	markov	markov	NOUN
dem-15481	71	6	-	-	PUNCT
dem-15481	71	7	switching	switch	VERB
dem-15481	71	8	dynamic	dynamic	ADJ
dem-15481	71	9	regression	regression	NOUN
dem-15481	71	10	models	model	NOUN
dem-15481	71	11	with	with	ADP
dem-15481	71	12	nregimes	nregime	NOUN
dem-15481	71	13	(	(	PUNCT
dem-15481	71	14	ms(n)-dr(p	ms(n)-dr(p	NOUN
dem-15481	71	15	)	)	PUNCT
dem-15481	71	16	)	)	PUNCT
dem-15481	71	17	have	have	AUX
dem-15481	71	18	been	be	AUX
dem-15481	71	19	used	use	VERB
dem-15481	71	20	to	to	PART
dem-15481	71	21	describe	describe	VERB
dem-15481	71	22	the	the	DET
dem-15481	71	23	different	different	ADJ
dem-15481	71	24	dynamism	dynamism	NOUN
dem-15481	71	25	of	of	ADP
dem-15481	71	26	the	the	DET
dem-15481	71	27	euaas	euaas	NOUN
dem-15481	71	28	returns	return	NOUN
dem-15481	71	29	series	series	NOUN
dem-15481	71	30	,	,	PUNCT
dem-15481	71	31	generated	generate	VERB
dem-15481	71	32	by	by	ADP
dem-15481	71	33	changing	change	VERB
dem-15481	71	34	risk	risk	NOUN
dem-15481	71	35	factors	factor	NOUN
dem-15481	71	36	on	on	ADP
dem-15481	71	37	the	the	DET
dem-15481	71	38	market	market	NOUN
dem-15481	71	39	of	of	ADP
dem-15481	71	40	co2	co2	NOUN
dem-15481	71	41	emission	emission	NOUN
dem-15481	71	42	allowances	allowance	NOUN
dem-15481	71	43	(	(	PUNCT
dem-15481	71	44	hamilton	hamilton	PROPN
dem-15481	71	45	,	,	PUNCT
dem-15481	71	46	1990	1990	NUM
dem-15481	71	47	;	;	PUNCT
dem-15481	71	48	doornik	doornik	X
dem-15481	71	49	,	,	PUNCT
dem-15481	71	50	2013	2013	NUM
dem-15481	71	51	)	)	PUNCT
dem-15481	71	52	:	:	PUNCT
dem-15481	71	53	)	)	PUNCT
dem-15481	71	54	)	)	PUNCT
dem-15481	71	55	,	,	PUNCT
dem-15481	71	56	(	(	PUNCT
dem-15481	71	57	,	,	PUNCT
dem-15481	71	58	0(~	0(~	NUM
dem-15481	71	59	,	,	PUNCT
dem-15481	71	60	)	)	PUNCT
dem-15481	71	61	(	(	PUNCT
dem-15481	71	62	...	...	PUNCT
dem-15481	71	63	)	)	PUNCT
dem-15481	71	64	(	(	PUNCT
dem-15481	71	65	)	)	PUNCT
dem-15481	71	66	(	(	PUNCT
dem-15481	71	67	)	)	PUNCT
dem-15481	71	68	(	(	PUNCT
dem-15481	71	69	2	2	NUM
dem-15481	71	70	t	t	NOUN
dem-15481	71	71	22110	22110	NUM
dem-15481	71	72	t	t	NOUN
dem-15481	71	73	tpttptttttt	tpttptttttt	NOUN
dem-15481	71	74	sn	sn	PROPN
dem-15481	71	75	rsrsrssr	rsrsrssr	VERB
dem-15481	71	76			NOUN
dem-15481	72	1			VERB
dem-15481	72	2			ADP
dem-15481	72	3			NOUN
dem-15481	72	4	(	(	PUNCT
dem-15481	72	5	7	7	NUM
dem-15481	72	6	)	)	PUNCT
dem-15481	72	7	where	where	SCONJ
dem-15481	72	8	:	:	PUNCT
dem-15481	72	9	i(st	i(st	NOUN
dem-15481	72	10	)	)	PUNCT
dem-15481	72	11	–	–	PUNCT
dem-15481	72	12	the	the	DET
dem-15481	72	13	parameter	parameter	NOUN
dem-15481	72	14	describing	describe	VERB
dem-15481	72	15	the	the	DET
dem-15481	72	16	influence	influence	NOUN
dem-15481	72	17	of	of	ADP
dem-15481	72	18	delayed	delay	VERB
dem-15481	72	19	by	by	ADP
dem-15481	72	20	i	i	PROPN
dem-15481	72	21	-	-	PUNCT
dem-15481	72	22	periods	period	NOUN
dem-15481	72	23	euaa	euaa	VERB
dem-15481	72	24	returns	return	NOUN
dem-15481	72	25	per	per	ADP
dem-15481	72	26	the	the	DET
dem-15481	72	27	current	current	ADJ
dem-15481	72	28	returns	return	NOUN
dem-15481	72	29	(	(	PUNCT
dem-15481	72	30	i=1,2,	i=1,2,	NOUN
dem-15481	72	31	…	…	X
dem-15481	72	32	,p	,p	NUM
dem-15481	72	33	)	)	PUNCT
dem-15481	72	34	,	,	PUNCT
dem-15481	72	35	t	t	PROPN
dem-15481	72	36	–	–	PUNCT
dem-15481	72	37	the	the	DET
dem-15481	72	38	error	error	NOUN
dem-15481	72	39	term	term	NOUN
dem-15481	72	40	,	,	PUNCT
dem-15481	72	41	)	)	PUNCT
dem-15481	72	42	(	(	PUNCT
dem-15481	72	43	2	2	NUM
dem-15481	72	44	ts	ts	NUM
dem-15481	72	45	residual	residual	ADJ
dem-15481	72	46	variance	variance	NOUN
dem-15481	72	47	dependent	dependent	ADJ
dem-15481	72	48	on	on	ADP
dem-15481	72	49	the	the	DET
dem-15481	72	50	valid	valid	NOUN
dem-15481	72	51	at	at	ADP
dem-15481	72	52	the	the	DET
dem-15481	72	53	given	give	VERB
dem-15481	72	54	moment	moment	NOUN
dem-15481	72	55	regime	regime	NOUN
dem-15481	72	56	,	,	PUNCT
dem-15481	72	57	st	st	PROPN
dem-15481	72	58	–	–	PUNCT
dem-15481	72	59	non	non	ADJ
dem-15481	72	60	-	-	ADJ
dem-15481	72	61	observable	observable	ADJ
dem-15481	72	62	variable	variable	NOUN
dem-15481	72	63	modelled	model	VERB
dem-15481	72	64	as	as	ADP
dem-15481	72	65	homogeneous	homogeneous	ADJ
dem-15481	72	66	markov	markov	NOUN
dem-15481	72	67	chain	chain	NOUN
dem-15481	72	68	of	of	ADP
dem-15481	72	69	n	n	DET
dem-15481	72	70	regimes	regime	NOUN
dem-15481	72	71	and	and	CCONJ
dem-15481	72	72	the	the	DET
dem-15481	72	73	transition	transition	NOUN
dem-15481	72	74	probabilities	probability	NOUN
dem-15481	72	75	matrix	matrix	VERB
dem-15481	72	76			NOUN
dem-15481	72	77			ADP
dem-15481	72	78	}	}	SYM
dem-15481	72	79	1,	1,	NUM
dem-15481	72	80	...	...	PUNCT
dem-15481	72	81	,1,0{,|	,1,0{,|	PUNCT
dem-15481	72	82			PROPN
dem-15481	72	83			PROPN
dem-15481	72	84	njijipp	njijipp	NOUN
dem-15481	72	85	.	.	PUNCT
dem-15481	73	1	the	the	DET
dem-15481	73	2	elements	element	NOUN
dem-15481	73	3	of	of	ADP
dem-15481	73	4	stochastic	stochastic	ADJ
dem-15481	73	5	matrix	matrix	NOUN
dem-15481	73	6	p	p	NOUN
dem-15481	73	7	,	,	PUNCT
dem-15481	73	8	defining	define	VERB
dem-15481	73	9	the	the	DET
dem-15481	73	10	process	process	NOUN
dem-15481	73	11	probability	probability	NOUN
dem-15481	73	12	transition	transition	NOUN
dem-15481	73	13	from	from	ADP
dem-15481	73	14	j	j	PROPN
dem-15481	73	15	regime	regime	NOUN
dem-15481	73	16	at	at	ADP
dem-15481	73	17	t–1	t–1	X
dem-15481	73	18	moment	moment	NOUN
dem-15481	73	19	to	to	ADP
dem-15481	73	20	i	i	PRON
dem-15481	73	21	regime	regime	NOUN
dem-15481	73	22	at	at	ADP
dem-15481	73	23	the	the	DET
dem-15481	73	24	t	t	NOUN
dem-15481	73	25	moment	moment	NOUN
dem-15481	73	26	,	,	PUNCT
dem-15481	73	27	satisfy	satisfy	VERB
dem-15481	73	28	the	the	DET
dem-15481	73	29	markov	markov	NOUN
dem-15481	73	30	property	property	NOUN
dem-15481	73	31	(	(	PUNCT
dem-15481	73	32	hamilton	hamilton	PROPN
dem-15481	73	33	,	,	PUNCT
dem-15481	73	34	1990	1990	NUM
dem-15481	73	35	):	):	PUNCT
dem-15481	73	36	)	)	PUNCT
dem-15481	73	37	|	|	ADV
dem-15481	73	38	(	(	PUNCT
dem-15481	73	39	)	)	PUNCT
dem-15481	73	40	,	,	PUNCT
dem-15481	73	41	...	...	PUNCT
dem-15481	73	42	,	,	PUNCT
dem-15481	73	43	,	,	PUNCT
dem-15481	73	44	|	|	CCONJ
dem-15481	73	45	(	(	PUNCT
dem-15481	73	46	1	1	NUM
dem-15481	73	47	00221|	00221|	NUM
dem-15481	73	48	jsisp	jsisp	PROPN
dem-15481	73	49	isisjsispp	isisjsispp	NOUN
dem-15481	73	50	tt	tt	PROPN
dem-15481	73	51	ttttji	ttttji	PROPN
dem-15481	73	52			VERB
dem-15481	73	53			PROPN
dem-15481	73	54			NOUN
dem-15481	73	55			NOUN
dem-15481	73	56	,	,	PUNCT
dem-15481	73	57	(	(	PUNCT
dem-15481	73	58	8)	8)	NUM
dem-15481	73	59	regime	regime	NOUN
dem-15481	73	60	-	-	PUNCT
dem-15481	73	61	dependent	dependent	ADJ
dem-15481	73	62	assessment	assessment	NOUN
dem-15481	73	63	of	of	ADP
dem-15481	73	64	the	the	DET
dem-15481	73	65	euaa	euaa	ADJ
dem-15481	73	66	price	price	NOUN
dem-15481	73	67	risk	risk	NOUN
dem-15481	73	68	dynamic	dynamic	ADJ
dem-15481	73	69	econometric	econometric	ADJ
dem-15481	73	70	models	model	NOUN
dem-15481	73	71	17	17	NUM
dem-15481	73	72	(	(	PUNCT
dem-15481	73	73	2017	2017	NUM
dem-15481	73	74	)	)	PUNCT
dem-15481	73	75	129–145	129–145	NUM
dem-15481	73	76	135	135	NUM
dem-15481	73	77	means	mean	VERB
dem-15481	73	78	that	that	SCONJ
dem-15481	73	79	probability	probability	NOUN
dem-15481	73	80	of	of	ADP
dem-15481	73	81	moving	move	VERB
dem-15481	73	82	to	to	ADP
dem-15481	73	83	the	the	DET
dem-15481	73	84	next	next	ADJ
dem-15481	73	85	regime	regime	NOUN
dem-15481	73	86	depends	depend	VERB
dem-15481	73	87	only	only	ADV
dem-15481	73	88	on	on	ADP
dem-15481	73	89	the	the	DET
dem-15481	73	90	current	current	ADJ
dem-15481	73	91	regime	regime	NOUN
dem-15481	73	92	of	of	ADP
dem-15481	73	93	a	a	DET
dem-15481	73	94	system	system	NOUN
dem-15481	73	95	and	and	CCONJ
dem-15481	73	96	not	not	PART
dem-15481	73	97	on	on	ADP
dem-15481	73	98	the	the	DET
dem-15481	73	99	previous	previous	ADJ
dem-15481	73	100	regimes	regime	NOUN
dem-15481	73	101	.	.	PUNCT
dem-15481	74	1	therefore	therefore	ADV
dem-15481	74	2	,	,	PUNCT
dem-15481	74	3	the	the	DET
dem-15481	74	4	transition	transition	NOUN
dem-15481	74	5	probability	probability	NOUN
dem-15481	74	6	matrix	matrix	NOUN
dem-15481	74	7	can	can	AUX
dem-15481	74	8	be	be	AUX
dem-15481	74	9	defined	define	VERB
dem-15481	74	10	in	in	ADP
dem-15481	74	11	the	the	DET
dem-15481	74	12	following	follow	VERB
dem-15481	74	13	way	way	NOUN
dem-15481	74	14	(	(	PUNCT
dem-15481	74	15	doornik	doornik	X
dem-15481	74	16	,	,	PUNCT
dem-15481	74	17	2013	2013	NUM
dem-15481	74	18	):	):	PUNCT
dem-15481	74	19			PROPN
dem-15481	74	20			PROPN
dem-15481	74	21			PROPN
dem-15481	75	1			PROPN
dem-15481	76	1			PROPN
dem-15481	77	1			PROPN
dem-15481	78	1			PROPN
dem-15481	79	1			PROPN
dem-15481	79	2			NOUN
dem-15481	80	1			PROPN
dem-15481	81	1			PROPN
dem-15481	82	1			PROPN
dem-15481	83	1			PROPN
dem-15481	84	1			PROPN
dem-15481	85	1			PROPN
dem-15481	86	1			PROPN
dem-15481	87	1			PROPN
dem-15481	87	2			PROPN
dem-15481	88	1			PROPN
dem-15481	88	2			NOUN
dem-15481	88	3			PROPN
dem-15481	88	4			PROPN
dem-15481	88	5			PROPN
dem-15481	88	6			VERB
dem-15481	88	7			PROPN
dem-15481	88	8			X
dem-15481	88	9			PROPN
dem-15481	88	10			PROPN
dem-15481	88	11			PROPN
dem-15481	88	12	111	111	NUM
dem-15481	88	13	1	1	NUM
dem-15481	88	14	1	1	NUM
dem-15481	88	15	0	0	NUM
dem-15481	88	16	110	110	NUM
dem-15481	88	17	1|11|10|11	1|11|10|11	NUM
dem-15481	88	18	1|11|10|11	1|11|10|11	NUM
dem-15481	88	19	1|01|00|01	1|01|00|01	NUM
dem-15481	88	20			NUM
dem-15481	88	21			NUM
dem-15481	88	22			NOUN
dem-15481	89	1			NUM
dem-15481	89	2			NUM
dem-15481	89	3			NOUN
dem-15481	89	4	nnnnt	nnnnt	NOUN
dem-15481	89	5	nt	not	PART
dem-15481	89	6	nt	not	PART
dem-15481	89	7	ttt	ttt	PROPN
dem-15481	89	8	pppns	pppns	PROPN
dem-15481	89	9	ppps	ppps	PROPN
dem-15481	89	10	ppps	ppps	PROPN
dem-15481	89	11	nsss	nsss	PROPN
dem-15481	89	12	p	p	PROPN
dem-15481	89	13	,	,	PUNCT
dem-15481	89	14	(	(	PUNCT
dem-15481	89	15	9	9	NUM
dem-15481	89	16	)	)	PUNCT
dem-15481	89	17	at	at	ADP
dem-15481	89	18	the	the	DET
dem-15481	89	19	conditions	condition	NOUN
dem-15481	89	20	that	that	PRON
dem-15481	89	21	guarantee	guarantee	VERB
dem-15481	89	22	the	the	DET
dem-15481	89	23	stochastic	stochastic	ADJ
dem-15481	89	24	structure	structure	NOUN
dem-15481	89	25	of	of	ADP
dem-15481	89	26	this	this	DET
dem-15481	89	27	matrix	matrix	NOUN
dem-15481	89	28	:	:	PUNCT
dem-15481	89	29			X
dem-15481	89	30			VERB
dem-15481	89	31			NUM
dem-15481	89	32			NOUN
dem-15481	89	33	1	1	NUM
dem-15481	89	34	0	0	NUM
dem-15481	89	35	j|i|	j|i|	PROPN
dem-15481	89	36	.,for	.,for	PROPN
dem-15481	89	37	0p	0p	PROPN
dem-15481	89	38	,	,	PUNCT
dem-15481	89	39	1	1	NUM
dem-15481	89	40	n	n	NOUN
dem-15481	89	41	i	i	PRON
dem-15481	89	42	ji	ji	PROPN
dem-15481	89	43	n-10,1,	n-10,1,	NUM
dem-15481	89	44	...	...	PUNCT
dem-15481	90	1	i	i	PRON
dem-15481	90	2	,	,	PUNCT
dem-15481	90	3	j	j	PROPN
dem-15481	90	4	p	p	X
dem-15481	90	5	(	(	PUNCT
dem-15481	90	6	10	10	NUM
dem-15481	90	7	)	)	PUNCT
dem-15481	90	8	stawicki	stawicki	NOUN
dem-15481	90	9	(	(	PUNCT
dem-15481	90	10	2004	2004	NUM
dem-15481	90	11	)	)	PUNCT
dem-15481	90	12	describing	describe	VERB
dem-15481	90	13	this	this	DET
dem-15481	90	14	class	class	NOUN
dem-15481	90	15	of	of	ADP
dem-15481	90	16	econometric	econometric	ADJ
dem-15481	90	17	models	model	NOUN
dem-15481	90	18	introduced	introduce	VERB
dem-15481	90	19	the	the	DET
dem-15481	90	20	concept	concept	NOUN
dem-15481	90	21	of	of	ADP
dem-15481	90	22	a	a	DET
dem-15481	90	23	dual	dual	ADJ
dem-15481	90	24	stochastic	stochastic	ADJ
dem-15481	90	25	process	process	NOUN
dem-15481	90	26	to	to	PART
dem-15481	90	27	emphasize	emphasize	VERB
dem-15481	90	28	the	the	DET
dem-15481	90	29	existence	existence	NOUN
dem-15481	90	30	of	of	ADP
dem-15481	90	31	an	an	DET
dem-15481	90	32	unobservable	unobservable	ADJ
dem-15481	90	33	variable	variable	NOUN
dem-15481	90	34	that	that	PRON
dem-15481	90	35	has	have	AUX
dem-15481	90	36	controlled	control	VERB
dem-15481	90	37	the	the	DET
dem-15481	90	38	changes	change	NOUN
dem-15481	90	39	of	of	ADP
dem-15481	90	40	regimes	regime	NOUN
dem-15481	90	41	in	in	ADP
dem-15481	90	42	addition	addition	NOUN
dem-15481	90	43	to	to	ADP
dem-15481	90	44	the	the	DET
dem-15481	90	45	observable	observable	ADJ
dem-15481	90	46	economic	economic	ADJ
dem-15481	90	47	variable	variable	NOUN
dem-15481	90	48	being	be	AUX
dem-15481	90	49	the	the	DET
dem-15481	90	50	subject	subject	NOUN
dem-15481	90	51	of	of	ADP
dem-15481	90	52	modelling	modelling	NOUN
dem-15481	90	53	(	(	PUNCT
dem-15481	90	54	stawicki	stawicki	NOUN
dem-15481	90	55	,	,	PUNCT
dem-15481	90	56	2004	2004	NUM
dem-15481	90	57	)	)	PUNCT
dem-15481	90	58	.	.	PUNCT
dem-15481	91	1	moreover	moreover	ADV
dem-15481	91	2	,	,	PUNCT
dem-15481	91	3	on	on	ADP
dem-15481	91	4	the	the	DET
dem-15481	91	5	basis	basis	NOUN
dem-15481	91	6	of	of	ADP
dem-15481	91	7	estimated	estimate	VERB
dem-15481	91	8	transition	transition	NOUN
dem-15481	91	9	probabilities	probability	NOUN
dem-15481	91	10	(	(	PUNCT
dem-15481	91	11	elements	element	NOUN
dem-15481	91	12	of	of	ADP
dem-15481	91	13	stochastic	stochastic	ADJ
dem-15481	91	14	matrix	matrix	NOUN
dem-15481	91	15	p	p	NOUN
dem-15481	91	16	)	)	PUNCT
dem-15481	91	17	,	,	PUNCT
dem-15481	91	18	the	the	DET
dem-15481	91	19	further	far	ADV
dem-15481	91	20	expected	expect	VERB
dem-15481	91	21	duration	duration	NOUN
dem-15481	91	22	of	of	ADP
dem-15481	91	23	the	the	DET
dem-15481	91	24	system	system	NOUN
dem-15481	91	25	in	in	ADP
dem-15481	91	26	a	a	DET
dem-15481	91	27	given	give	VERB
dem-15481	91	28	regime	regime	NOUN
dem-15481	91	29	can	can	AUX
dem-15481	91	30	be	be	AUX
dem-15481	91	31	determined	determine	VERB
dem-15481	91	32	(	(	PUNCT
dem-15481	91	33	hamitlon	hamitlon	NOUN
dem-15481	91	34	,	,	PUNCT
dem-15481	91	35	1990	1990	NUM
dem-15481	91	36	):	):	PUNCT
dem-15481	91	37	)	)	PUNCT
dem-15481	91	38	(	(	PUNCT
dem-15481	91	39	1	1	NUM
dem-15481	91	40	1	1	NUM
dem-15481	91	41	|	|	ADV
dem-15481	91	42	n-1	n-1	NOUN
dem-15481	91	43	0	0	NUM
dem-15481	91	44	,	,	PUNCT
dem-15481	91	45	1,	1,	NUM
dem-15481	91	46	...	...	PUNCT
dem-15481	91	47	,i	,i	PUNCT
dem-15481	92	1	p	p	NOUN
dem-15481	92	2	d	d	X
dem-15481	92	3	ii	ii	X
dem-15481	93	1	i	i	PRON
dem-15481	93	2			PROPN
dem-15481	93	3			PROPN
dem-15481	93	4			NUM
dem-15481	93	5	,	,	PUNCT
dem-15481	93	6	(	(	PUNCT
dem-15481	93	7	11	11	NUM
dem-15481	93	8	)	)	PUNCT
dem-15481	93	9	where	where	SCONJ
dem-15481	93	10	:	:	PUNCT
dem-15481	93	11	di	di	X
dem-15481	93	12	–	–	PUNCT
dem-15481	93	13	average	average	ADJ
dem-15481	93	14	duration	duration	NOUN
dem-15481	93	15	of	of	ADP
dem-15481	93	16	euaas	euaas	NOUN
dem-15481	93	17	returns	return	NOUN
dem-15481	93	18	in	in	ADP
dem-15481	93	19	i	i	PROPN
dem-15481	93	20	-	-	PUNCT
dem-15481	93	21	th	th	NUM
dem-15481	93	22	regime	regime	NOUN
dem-15481	93	23	.	.	PUNCT
dem-15481	94	1	it	it	PRON
dem-15481	94	2	is	be	AUX
dem-15481	94	3	also	also	ADV
dem-15481	94	4	worth	worth	ADJ
dem-15481	94	5	stressing	stress	VERB
dem-15481	94	6	that	that	SCONJ
dem-15481	94	7	the	the	DET
dem-15481	94	8	model	model	NOUN
dem-15481	94	9	(	(	PUNCT
dem-15481	94	10	7	7	X
dem-15481	94	11	)	)	PUNCT
dem-15481	94	12	considers	consider	VERB
dem-15481	94	13	the	the	DET
dem-15481	94	14	heteroscedasticity	heteroscedasticity	NOUN
dem-15481	94	15	characteristic	characteristic	ADJ
dem-15481	94	16	for	for	ADP
dem-15481	94	17	the	the	DET
dem-15481	94	18	euaas	euaas	NOUN
dem-15481	94	19	returns	return	NOUN
dem-15481	94	20	through	through	ADP
dem-15481	94	21	introduction	introduction	NOUN
dem-15481	94	22	of	of	ADP
dem-15481	94	23	markov	markov	NOUN
dem-15481	94	24	switching	switch	VERB
dem-15481	94	25	also	also	ADV
dem-15481	94	26	in	in	ADP
dem-15481	94	27	the	the	DET
dem-15481	94	28	residual	residual	ADJ
dem-15481	94	29	variance	variance	NOUN
dem-15481	94	30	.	.	PUNCT
dem-15481	95	1	the	the	DET
dem-15481	95	2	most	most	ADV
dem-15481	95	3	frequently	frequently	ADV
dem-15481	95	4	applied	apply	VERB
dem-15481	95	5	parameter	parameter	NOUN
dem-15481	95	6	estimation	estimation	NOUN
dem-15481	95	7	method	method	NOUN
dem-15481	95	8	of	of	ADP
dem-15481	95	9	markov	markov	NOUN
dem-15481	95	10	switching	switching	NOUN
dem-15481	95	11	model	model	NOUN
dem-15481	95	12	is	be	AUX
dem-15481	95	13	the	the	DET
dem-15481	95	14	maximum	maximum	ADJ
dem-15481	95	15	likelihood	likelihood	NOUN
dem-15481	95	16	method	method	NOUN
dem-15481	95	17	(	(	PUNCT
dem-15481	95	18	ml	ml	NOUN
dem-15481	95	19	)	)	PUNCT
dem-15481	95	20	,	,	PUNCT
dem-15481	95	21	which	which	PRON
dem-15481	95	22	makes	make	VERB
dem-15481	95	23	use	use	NOUN
dem-15481	95	24	of	of	ADP
dem-15481	95	25	fsqp	fsqp	NOUN
dem-15481	95	26	algorithm	algorithm	NOUN
dem-15481	95	27	(	(	PUNCT
dem-15481	95	28	feasible	feasible	ADJ
dem-15481	95	29	sequential	sequential	ADJ
dem-15481	95	30	quadratic	quadratic	ADJ
dem-15481	95	31	programming	programming	NOUN
dem-15481	95	32	)	)	PUNCT
dem-15481	95	33	(	(	PUNCT
dem-15481	95	34	lawrence	lawrence	NOUN
dem-15481	95	35	and	and	CCONJ
dem-15481	95	36	tits	tit	NOUN
dem-15481	95	37	,	,	PUNCT
dem-15481	95	38	2001	2001	NUM
dem-15481	95	39	;	;	PUNCT
dem-15481	95	40	psaradakis	psaradaki	NOUN
dem-15481	95	41	and	and	CCONJ
dem-15481	95	42	sola	sola	PROPN
dem-15481	95	43	,	,	PUNCT
dem-15481	95	44	1998	1998	NUM
dem-15481	95	45	)	)	PUNCT
dem-15481	95	46	.	.	PUNCT
dem-15481	96	1	a	a	DET
dem-15481	96	2	by	by	ADP
dem-15481	96	3	-	-	PUNCT
dem-15481	96	4	product	product	NOUN
dem-15481	96	5	of	of	ADP
dem-15481	96	6	the	the	DET
dem-15481	96	7	markov	markov	NOUN
dem-15481	96	8	-	-	PUNCT
dem-15481	96	9	switching	switch	VERB
dem-15481	96	10	model	model	NOUN
dem-15481	96	11	parameter	parameter	NOUN
dem-15481	96	12	estimation	estimation	NOUN
dem-15481	96	13	is	be	AUX
dem-15481	96	14	a	a	DET
dem-15481	96	15	sequence	sequence	NOUN
dem-15481	96	16	of	of	ADP
dem-15481	96	17	smoothed	smooth	VERB
dem-15481	96	18	probabilities	probability	NOUN
dem-15481	96	19	)	)	PUNCT
dem-15481	96	20	|	|	ADV
dem-15481	96	21	(	(	PUNCT
dem-15481	96	22	tt	tt	PROPN
dem-15481	96	23	jsp	jsp	PROPN
dem-15481	96	24			ADP
dem-15481	96	25	which	which	PRON
dem-15481	96	26	make	make	VERB
dem-15481	96	27	it	it	PRON
dem-15481	96	28	possible	possible	ADJ
dem-15481	96	29	to	to	PART
dem-15481	96	30	identify	identify	VERB
dem-15481	96	31	the	the	DET
dem-15481	96	32	moment	moment	NOUN
dem-15481	96	33	of	of	ADP
dem-15481	96	34	process	process	NOUN
dem-15481	96	35	switching	switch	VERB
dem-15481	96	36	between	between	ADP
dem-15481	96	37	the	the	DET
dem-15481	96	38	particular	particular	ADJ
dem-15481	96	39	volatility	volatility	NOUN
dem-15481	96	40	regimes	regime	NOUN
dem-15481	96	41	.	.	PUNCT
dem-15481	97	1	these	these	DET
dem-15481	97	2	probabilaneta	probabilaneta	ADJ
dem-15481	97	3	włodarczyk	włodarczyk	PUNCT
dem-15481	97	4	dynamic	dynamic	ADJ
dem-15481	97	5	econometric	econometric	ADJ
dem-15481	97	6	models	model	NOUN
dem-15481	97	7	17	17	NUM
dem-15481	97	8	(	(	PUNCT
dem-15481	97	9	2017	2017	NUM
dem-15481	97	10	)	)	PUNCT
dem-15481	97	11	129–145	129–145	NUM
dem-15481	97	12	136	136	NUM
dem-15481	97	13	ity	ity	PROPN
dem-15481	97	14	inferences	inference	NOUN
dem-15481	97	15	allow	allow	VERB
dem-15481	97	16	to	to	PART
dem-15481	97	17	draw	draw	VERB
dem-15481	97	18	conclusions	conclusion	NOUN
dem-15481	97	19	about	about	ADP
dem-15481	97	20	the	the	DET
dem-15481	97	21	euaa	euaa	ADJ
dem-15481	97	22	returns	return	NOUN
dem-15481	97	23	process	process	NOUN
dem-15481	97	24	being	be	AUX
dem-15481	97	25	in	in	ADP
dem-15481	97	26	a	a	DET
dem-15481	97	27	particular	particular	ADJ
dem-15481	97	28	regime	regime	NOUN
dem-15481	97	29	,	,	PUNCT
dem-15481	97	30	although	although	SCONJ
dem-15481	97	31	the	the	DET
dem-15481	97	32	regime	regime	NOUN
dem-15481	97	33	variable	variable	NOUN
dem-15481	97	34	st	st	PROPN
dem-15481	97	35	is	be	AUX
dem-15481	97	36	unobserved	unobserved	ADJ
dem-15481	97	37	.	.	PUNCT
dem-15481	98	1	on	on	ADP
dem-15481	98	2	this	this	DET
dem-15481	98	3	basis	basis	NOUN
dem-15481	98	4	,	,	PUNCT
dem-15481	98	5	the	the	DET
dem-15481	98	6	time	time	NOUN
dem-15481	98	7	series	series	NOUN
dem-15481	98	8	of	of	ADP
dem-15481	98	9	the	the	DET
dem-15481	98	10	euaas	euaas	NOUN
dem-15481	98	11	returns	return	NOUN
dem-15481	98	12	have	have	AUX
dem-15481	98	13	been	be	AUX
dem-15481	98	14	divided	divide	VERB
dem-15481	98	15	into	into	ADP
dem-15481	98	16	observations	observation	NOUN
dem-15481	98	17	generated	generate	VERB
dem-15481	98	18	in	in	ADP
dem-15481	98	19	different	different	ADJ
dem-15481	98	20	volatility	volatility	NOUN
dem-15481	98	21	regimes	regime	NOUN
dem-15481	98	22	,	,	PUNCT
dem-15481	98	23	and	and	CCONJ
dem-15481	98	24	then	then	ADV
dem-15481	98	25	risk	risk	NOUN
dem-15481	98	26	measures	measure	NOUN
dem-15481	98	27	(	(	PUNCT
dem-15481	98	28	1)–(6	1)–(6	X
dem-15481	98	29	)	)	PUNCT
dem-15481	98	30	have	have	AUX
dem-15481	98	31	been	be	AUX
dem-15481	98	32	estimated	estimate	VERB
dem-15481	98	33	for	for	ADP
dem-15481	98	34	each	each	DET
dem-15481	98	35	sub	sub	NOUN
dem-15481	98	36	-	-	NOUN
dem-15481	98	37	sample	sample	NOUN
dem-15481	98	38	.	.	PUNCT
dem-15481	99	1	additionally	additionally	ADV
dem-15481	99	2	,	,	PUNCT
dem-15481	99	3	regime	regime	NOUN
dem-15481	99	4	classification	classification	NOUN
dem-15481	99	5	measure	measure	NOUN
dem-15481	99	6	(	(	PUNCT
dem-15481	99	7	rcm	rcm	PROPN
dem-15481	99	8	)	)	PUNCT
dem-15481	99	9	has	have	AUX
dem-15481	99	10	been	be	AUX
dem-15481	99	11	used	use	VERB
dem-15481	99	12	to	to	PART
dem-15481	99	13	determine	determine	VERB
dem-15481	99	14	the	the	DET
dem-15481	99	15	number	number	NOUN
dem-15481	99	16	of	of	ADP
dem-15481	99	17	regimes	regime	NOUN
dem-15481	99	18	in	in	ADP
dem-15481	99	19	markov	markov	NOUN
dem-15481	99	20	switching	switching	NOUN
dem-15481	99	21	models	model	NOUN
dem-15481	99	22	(	(	PUNCT
dem-15481	99	23	ang	ang	NOUN
dem-15481	99	24	and	and	CCONJ
dem-15481	99	25	bekaert	bekaert	NOUN
dem-15481	99	26	,	,	PUNCT
dem-15481	99	27	2002	2002	NUM
dem-15481	99	28	):	):	PUNCT
dem-15481	99	29			X
dem-15481	100	1			NUM
dem-15481	100	2			NUM
dem-15481	100	3			PROPN
dem-15481	100	4			PROPN
dem-15481	100	5			PROPN
dem-15481	100	6	t	t	PROPN
dem-15481	100	7	t	t	PROPN
dem-15481	101	1	n	n	INTJ
dem-15481	102	1	i	i	PRON
dem-15481	102	2	tt	tt	VERB
dem-15481	102	3	isp	isp	ADJ
dem-15481	102	4	t	t	PROPN
dem-15481	102	5	nnrcm	nnrcm	NOUN
dem-15481	102	6	1	1	NUM
dem-15481	102	7	1	1	NUM
dem-15481	102	8	0	0	NUM
dem-15481	102	9	1	1	NUM
dem-15481	102	10	2	2	NUM
dem-15481	102	11	)	)	PUNCT
dem-15481	102	12	)	)	PUNCT
dem-15481	103	1	|	|	ADV
dem-15481	103	2	(	(	PUNCT
dem-15481	103	3	(	(	PUNCT
dem-15481	103	4	1	1	NUM
dem-15481	103	5	100	100	NUM
dem-15481	103	6	)	)	PUNCT
dem-15481	103	7	(	(	PUNCT
dem-15481	103	8	,	,	PUNCT
dem-15481	103	9	(	(	PUNCT
dem-15481	103	10	12	12	NUM
dem-15481	103	11	)	)	PUNCT
dem-15481	103	12	where	where	SCONJ
dem-15481	103	13	:	:	PUNCT
dem-15481	103	14	)	)	PUNCT
dem-15481	103	15	|	|	ADV
dem-15481	103	16	(	(	PUNCT
dem-15481	103	17	1	1	NUM
dem-15481	103	18	tt	tt	NOUN
dem-15481	103	19	isp	isp	ADV
dem-15481	103	20	–	–	PUNCT
dem-15481	103	21	filter	filter	NOUN
dem-15481	103	22	regime	regime	NOUN
dem-15481	103	23	probabilities	probability	NOUN
dem-15481	103	24	series	series	NOUN
dem-15481	103	25	(	(	PUNCT
dem-15481	103	26	i=	i=	PROPN
dem-15481	103	27	0,1,	0,1,	NOUN
dem-15481	103	28	…	…	SYM
dem-15481	103	29	,n–1	,n–1	PUNCT
dem-15481	103	30	and	and	CCONJ
dem-15481	103	31	t=	t=	NOUN
dem-15481	103	32	1,2,	1,2,	NUM
dem-15481	103	33	…	…	SYM
dem-15481	103	34	,t	,t	X
dem-15481	103	35	)	)	PUNCT
dem-15481	103	36	,	,	PUNCT
dem-15481	103	37	1t	1t	NUM
dem-15481	103	38	–	–	PUNCT
dem-15481	103	39	information	information	NOUN
dem-15481	103	40	set	set	VERB
dem-15481	103	41	available	available	ADJ
dem-15481	103	42	up	up	ADP
dem-15481	103	43	to	to	ADP
dem-15481	103	44	time	time	NOUN
dem-15481	103	45	t–1	t–1	NOUN
dem-15481	103	46	.	.	PUNCT
dem-15481	104	1	alternatively	alternatively	ADV
dem-15481	104	2	,	,	PUNCT
dem-15481	104	3	ang	ang	NOUN
dem-15481	104	4	and	and	CCONJ
dem-15481	104	5	bekaert	bekaert	PROPN
dem-15481	104	6	(	(	PUNCT
dem-15481	104	7	2002	2002	NUM
dem-15481	104	8	)	)	PUNCT
dem-15481	104	9	suggested	suggest	VERB
dem-15481	104	10	to	to	PART
dem-15481	104	11	replace	replace	VERB
dem-15481	104	12	the	the	DET
dem-15481	104	13	filter	filter	NOUN
dem-15481	104	14	regime	regime	NOUN
dem-15481	104	15	probabilities	probability	NOUN
dem-15481	104	16	by	by	ADP
dem-15481	104	17	the	the	DET
dem-15481	104	18	smoothed	smooth	VERB
dem-15481	104	19	probabilities	probability	NOUN
dem-15481	104	20	over	over	ADP
dem-15481	104	21	the	the	DET
dem-15481	104	22	entire	entire	ADJ
dem-15481	104	23	sample	sample	NOUN
dem-15481	104	24	(	(	PUNCT
dem-15481	104	25	)	)	PUNCT
dem-15481	104	26	|	|	ADV
dem-15481	104	27	(	(	PUNCT
dem-15481	104	28	tt	tt	PROPN
dem-15481	104	29	jsp	jsp	PROPN
dem-15481	104	30			ADV
dem-15481	104	31	)	)	PUNCT
dem-15481	104	32	in	in	ADP
dem-15481	104	33	(	(	PUNCT
dem-15481	104	34	12	12	NUM
dem-15481	104	35	)	)	PUNCT
dem-15481	104	36	.	.	PUNCT
dem-15481	105	1	for	for	ADP
dem-15481	105	2	the	the	DET
dem-15481	105	3	two	two	NUM
dem-15481	105	4	-	-	PUNCT
dem-15481	105	5	regime	regime	NOUN
dem-15481	105	6	model	model	NOUN
dem-15481	105	7	the	the	DET
dem-15481	105	8	rcm	rcm	PROPN
dem-15481	105	9	statistics	statistic	NOUN
dem-15481	105	10	ranges	range	VERB
dem-15481	105	11	from	from	ADP
dem-15481	105	12	0	0	NUM
dem-15481	105	13	to	to	ADP
dem-15481	105	14	100	100	NUM
dem-15481	105	15	and	and	CCONJ
dem-15481	105	16	smaller	small	ADJ
dem-15481	105	17	value	value	NOUN
dem-15481	105	18	of	of	ADP
dem-15481	105	19	this	this	DET
dem-15481	105	20	measure	measure	NOUN
dem-15481	105	21	means	mean	VERB
dem-15481	105	22	better	well	ADJ
dem-15481	105	23	regime	regime	NOUN
dem-15481	105	24	classification	classification	NOUN
dem-15481	105	25	.	.	PUNCT
dem-15481	106	1	high	high	ADJ
dem-15481	106	2	values	value	NOUN
dem-15481	106	3	of	of	ADP
dem-15481	106	4	the	the	DET
dem-15481	106	5	rcm	rcm	PROPN
dem-15481	106	6	may	may	AUX
dem-15481	106	7	indicate	indicate	VERB
dem-15481	106	8	that	that	SCONJ
dem-15481	106	9	the	the	DET
dem-15481	106	10	markov	markov	NOUN
dem-15481	106	11	switching	switching	NOUN
dem-15481	106	12	model	model	NOUN
dem-15481	106	13	can	can	AUX
dem-15481	106	14	not	not	PART
dem-15481	106	15	successfully	successfully	ADV
dem-15481	106	16	distinguish	distinguish	VERB
dem-15481	106	17	between	between	ADP
dem-15481	106	18	regimes	regime	NOUN
dem-15481	106	19	from	from	ADP
dem-15481	106	20	the	the	DET
dem-15481	106	21	behavior	behavior	NOUN
dem-15481	106	22	of	of	ADP
dem-15481	106	23	the	the	DET
dem-15481	106	24	data	datum	NOUN
dem-15481	106	25	.	.	PUNCT
dem-15481	107	1	it	it	PRON
dem-15481	107	2	may	may	AUX
dem-15481	107	3	point	point	VERB
dem-15481	107	4	at	at	ADP
dem-15481	107	5	misspecification	misspecification	NOUN
dem-15481	107	6	of	of	ADP
dem-15481	107	7	the	the	DET
dem-15481	107	8	number	number	NOUN
dem-15481	107	9	of	of	ADP
dem-15481	107	10	regimes	regime	NOUN
dem-15481	107	11	(	(	PUNCT
dem-15481	107	12	ang	ang	NOUN
dem-15481	107	13	and	and	CCONJ
dem-15481	107	14	bekaert	bekaert	NOUN
dem-15481	107	15	,	,	PUNCT
dem-15481	107	16	2002	2002	NUM
dem-15481	107	17	)	)	PUNCT
dem-15481	107	18	.	.	PUNCT
dem-15481	108	1	2	2	X
dem-15481	108	2	.	.	X
dem-15481	108	3	data	datum	NOUN
dem-15481	108	4	and	and	CCONJ
dem-15481	108	5	empirical	empirical	ADJ
dem-15481	108	6	results	result	NOUN
dem-15481	108	7	intercontinental	intercontinental	PROPN
dem-15481	108	8	exchange	exchange	PROPN
dem-15481	108	9	futures	futures	PROPN
dem-15481	108	10	europe	europe	PROPN
dem-15481	108	11	in	in	ADP
dem-15481	108	12	london	london	PROPN
dem-15481	108	13	(	(	PUNCT
dem-15481	108	14	ice	ice	NOUN
dem-15481	108	15	futures	future	NOUN
dem-15481	108	16	europe	europe	PROPN
dem-15481	108	17	)	)	PUNCT
dem-15481	108	18	,	,	PUNCT
dem-15481	108	19	adjusting	adjust	VERB
dem-15481	108	20	itself	itself	PRON
dem-15481	108	21	to	to	ADP
dem-15481	108	22	the	the	DET
dem-15481	108	23	changing	change	VERB
dem-15481	108	24	regulations	regulation	NOUN
dem-15481	108	25	in	in	ADP
dem-15481	108	26	the	the	DET
dem-15481	108	27	scope	scope	NOUN
dem-15481	108	28	of	of	ADP
dem-15481	108	29	the	the	DET
dem-15481	108	30	eu	eu	PROPN
dem-15481	108	31	climate	climate	NOUN
dem-15481	108	32	policy	policy	NOUN
dem-15481	108	33	,	,	PUNCT
dem-15481	108	34	introduced	introduce	VERB
dem-15481	108	35	into	into	ADP
dem-15481	108	36	trade	trade	NOUN
dem-15481	108	37	the	the	DET
dem-15481	108	38	euaa	euaa	ADJ
dem-15481	108	39	futures	future	NOUN
dem-15481	108	40	contracts	contract	NOUN
dem-15481	108	41	in	in	ADP
dem-15481	108	42	february	february	PROPN
dem-15481	108	43	2012	2012	NUM
dem-15481	108	44	.	.	PUNCT
dem-15481	109	1	this	this	DET
dem-15481	109	2	product	product	NOUN
dem-15481	109	3	was	be	AUX
dem-15481	109	4	dedicated	dedicate	VERB
dem-15481	109	5	primarily	primarily	ADV
dem-15481	109	6	to	to	ADP
dem-15481	109	7	aircraft	aircraft	NOUN
dem-15481	109	8	operators	operator	NOUN
dem-15481	109	9	as	as	ADP
dem-15481	109	10	an	an	DET
dem-15481	109	11	instrument	instrument	NOUN
dem-15481	109	12	of	of	ADP
dem-15481	109	13	co2	co2	NOUN
dem-15481	109	14	emission	emission	NOUN
dem-15481	109	15	risk	risk	NOUN
dem-15481	109	16	management	management	NOUN
dem-15481	109	17	,	,	PUNCT
dem-15481	109	18	due	due	ADP
dem-15481	109	19	to	to	ADP
dem-15481	109	20	a	a	DET
dem-15481	109	21	significant	significant	ADJ
dem-15481	109	22	increase	increase	NOUN
dem-15481	109	23	in	in	ADP
dem-15481	109	24	their	their	PRON
dem-15481	109	25	exposition	exposition	NOUN
dem-15481	109	26	to	to	ADP
dem-15481	109	27	this	this	DET
dem-15481	109	28	type	type	NOUN
dem-15481	109	29	of	of	ADP
dem-15481	109	30	risk	risk	NOUN
dem-15481	109	31	after	after	SCONJ
dem-15481	109	32	civil	civil	ADJ
dem-15481	109	33	aviation	aviation	NOUN
dem-15481	109	34	had	have	AUX
dem-15481	109	35	been	be	AUX
dem-15481	109	36	included	include	VERB
dem-15481	109	37	into	into	ADP
dem-15481	109	38	the	the	DET
dem-15481	109	39	eu	eu	PROPN
dem-15481	109	40	ets	ets	PROPN
dem-15481	109	41	.	.	PUNCT
dem-15481	109	42	hedging	hedge	VERB
dem-15481	109	43	operations	operation	NOUN
dem-15481	109	44	with	with	ADP
dem-15481	109	45	the	the	DET
dem-15481	109	46	use	use	NOUN
dem-15481	109	47	of	of	ADP
dem-15481	109	48	aviation	aviation	NOUN
dem-15481	109	49	allowances	allowance	NOUN
dem-15481	109	50	futures	future	NOUN
dem-15481	109	51	should	should	AUX
dem-15481	109	52	gain	gain	VERB
dem-15481	109	53	in	in	ADP
dem-15481	109	54	popularity	popularity	NOUN
dem-15481	109	55	as	as	SCONJ
dem-15481	109	56	the	the	DET
dem-15481	109	57	international	international	ADJ
dem-15481	109	58	law	law	NOUN
dem-15481	109	59	provisions	provision	NOUN
dem-15481	109	60	are	be	AUX
dem-15481	109	61	being	be	AUX
dem-15481	109	62	tightened	tighten	VERB
dem-15481	109	63	in	in	ADP
dem-15481	109	64	the	the	DET
dem-15481	109	65	scope	scope	NOUN
dem-15481	109	66	of	of	ADP
dem-15481	109	67	carbon	carbon	NOUN
dem-15481	109	68	dioxide	dioxide	NOUN
dem-15481	109	69	emission	emission	NOUN
dem-15481	109	70	in	in	ADP
dem-15481	109	71	civil	civil	ADJ
dem-15481	109	72	aviation	aviation	NOUN
dem-15481	109	73	and	and	CCONJ
dem-15481	109	74	the	the	DET
dem-15481	109	75	principles	principle	NOUN
dem-15481	109	76	of	of	ADP
dem-15481	109	77	the	the	DET
dem-15481	109	78	eu	eu	PROPN
dem-15481	109	79	ets	et	NOUN
dem-15481	109	80	functioning	function	VERB
dem-15481	109	81	towards	towards	ADP
dem-15481	109	82	introducing	introduce	VERB
dem-15481	109	83	an	an	DET
dem-15481	109	84	auctioning	auctioning	NOUN
dem-15481	109	85	system	system	NOUN
dem-15481	109	86	as	as	ADP
dem-15481	109	87	a	a	DET
dem-15481	109	88	basic	basic	ADJ
dem-15481	109	89	form	form	NOUN
dem-15481	109	90	of	of	ADP
dem-15481	109	91	acquiring	acquire	VERB
dem-15481	109	92	emission	emission	NOUN
dem-15481	109	93	allowances	allowance	NOUN
dem-15481	109	94	by	by	ADP
dem-15481	109	95	aircraft	aircraft	NOUN
dem-15481	109	96	operators	operator	NOUN
dem-15481	109	97	.	.	PUNCT
dem-15481	110	1	an	an	DET
dem-15481	110	2	important	important	ADJ
dem-15481	110	3	stage	stage	NOUN
dem-15481	110	4	of	of	ADP
dem-15481	110	5	co2	co2	NOUN
dem-15481	110	6	emission	emission	NOUN
dem-15481	110	7	risk	risk	NOUN
dem-15481	110	8	management	management	NOUN
dem-15481	110	9	process	process	NOUN
dem-15481	110	10	in	in	ADP
dem-15481	110	11	the	the	DET
dem-15481	110	12	civil	civil	ADJ
dem-15481	110	13	aviation	aviation	NOUN
dem-15481	110	14	sector	sector	NOUN
dem-15481	110	15	is	be	AUX
dem-15481	110	16	the	the	DET
dem-15481	110	17	measuring	measure	VERB
dem-15481	110	18	price	price	NOUN
dem-15481	110	19	risk	risk	NOUN
dem-15481	110	20	of	of	ADP
dem-15481	110	21	euaa	euaa	ADJ
dem-15481	110	22	futures	future	NOUN
dem-15481	110	23	contracts	contract	NOUN
dem-15481	110	24	.	.	PUNCT
dem-15481	111	1	in	in	ADP
dem-15481	111	2	the	the	DET
dem-15481	111	3	empirical	empirical	ADJ
dem-15481	111	4	research	research	NOUN
dem-15481	111	5	two	two	NUM
dem-15481	111	6	types	type	NOUN
dem-15481	111	7	of	of	ADP
dem-15481	111	8	risk	risk	NOUN
dem-15481	111	9	measures	measure	NOUN
dem-15481	111	10	have	have	AUX
dem-15481	111	11	been	be	AUX
dem-15481	111	12	used	use	VERB
dem-15481	111	13	for	for	ADP
dem-15481	111	14	this	this	DET
dem-15481	111	15	purpose	purpose	NOUN
dem-15481	111	16	:	:	PUNCT
dem-15481	111	17	volatility	volatility	NOUN
dem-15481	111	18	risk	risk	NOUN
dem-15481	111	19	measure	measure	NOUN
dem-15481	111	20	and	and	CCONJ
dem-15481	111	21	downside	downside	ADJ
dem-15481	111	22	risk	risk	NOUN
dem-15481	111	23	measure	measure	NOUN
dem-15481	111	24	,	,	PUNCT
dem-15481	111	25	which	which	PRON
dem-15481	111	26	have	have	AUX
dem-15481	111	27	been	be	AUX
dem-15481	111	28	estiregime	estiregime	ADJ
dem-15481	111	29	-	-	PUNCT
dem-15481	111	30	dependent	dependent	ADJ
dem-15481	111	31	assessment	assessment	NOUN
dem-15481	111	32	of	of	ADP
dem-15481	111	33	the	the	DET
dem-15481	111	34	euaa	euaa	ADJ
dem-15481	111	35	price	price	NOUN
dem-15481	111	36	risk	risk	NOUN
dem-15481	111	37	dynamic	dynamic	ADJ
dem-15481	111	38	econometric	econometric	ADJ
dem-15481	111	39	models	model	NOUN
dem-15481	111	40	17	17	NUM
dem-15481	111	41	(	(	PUNCT
dem-15481	111	42	2017	2017	NUM
dem-15481	111	43	)	)	PUNCT
dem-15481	111	44	129–145	129–145	NUM
dem-15481	111	45	137	137	NUM
dem-15481	111	46	mated	mate	VERB
dem-15481	111	47	on	on	ADP
dem-15481	111	48	the	the	DET
dem-15481	111	49	basis	basis	NOUN
dem-15481	111	50	of	of	ADP
dem-15481	111	51	weekly	weekly	ADJ
dem-15481	111	52	returns	return	NOUN
dem-15481	111	53	of	of	ADP
dem-15481	111	54	euaas	euaas	NOUN
dem-15481	111	55	futures	future	NOUN
dem-15481	111	56	prices	price	NOUN
dem-15481	111	57	listed	list	VERB
dem-15481	111	58	on	on	ADP
dem-15481	111	59	the	the	DET
dem-15481	111	60	ice	ice	NOUN
dem-15481	111	61	futures	future	NOUN
dem-15481	111	62	in	in	ADP
dem-15481	111	63	the	the	DET
dem-15481	111	64	period	period	NOUN
dem-15481	111	65	from	from	ADP
dem-15481	111	66	04.03.2012	04.03.2012	NUM
dem-15481	111	67	to	to	ADP
dem-15481	111	68	01.10.2017	01.10.2017	NOUN
dem-15481	111	69	.	.	PROPN
dem-15481	111	70	2	2	NUM
dem-15481	111	71	the	the	DET
dem-15481	111	72	shaping	shaping	NOUN
dem-15481	111	73	of	of	ADP
dem-15481	111	74	weekly	weekly	ADJ
dem-15481	111	75	settlement	settlement	NOUN
dem-15481	111	76	prices	price	NOUN
dem-15481	111	77	and	and	CCONJ
dem-15481	111	78	returns	return	NOUN
dem-15481	111	79	for	for	ADP
dem-15481	111	80	constructed	construct	VERB
dem-15481	111	81	benchmark	benchmark	NOUN
dem-15481	111	82	series	series	NOUN
dem-15481	111	83	for	for	ADP
dem-15481	111	84	euaas	euaas	NOUN
dem-15481	111	85	futures	future	NOUN
dem-15481	111	86	have	have	AUX
dem-15481	111	87	been	be	AUX
dem-15481	111	88	presented	present	VERB
dem-15481	111	89	in	in	ADP
dem-15481	111	90	fig	fig	NOUN
dem-15481	111	91	.	.	PUNCT
dem-15481	112	1	1	1	X
dem-15481	112	2	.	.	X
dem-15481	112	3	figure	figure	NOUN
dem-15481	112	4	1	1	NUM
dem-15481	112	5	.	.	PUNCT
dem-15481	112	6	weekly	weekly	ADJ
dem-15481	112	7	prices	price	NOUN
dem-15481	112	8	of	of	ADP
dem-15481	112	9	the	the	DET
dem-15481	112	10	euaa	euaa	ADJ
dem-15481	112	11	futures	future	NOUN
dem-15481	112	12	[	[	X
dem-15481	112	13	eur	eur	ADJ
dem-15481	112	14	/	/	SYM
dem-15481	112	15	tco2	tco2	NOUN
dem-15481	112	16	]	]	X
dem-15481	112	17	(	(	PUNCT
dem-15481	112	18	upper	upper	ADJ
dem-15481	112	19	panel	panel	NOUN
dem-15481	112	20	)	)	PUNCT
dem-15481	112	21	and	and	CCONJ
dem-15481	112	22	their	their	PRON
dem-15481	112	23	returns	return	NOUN
dem-15481	113	1	[	[	X
dem-15481	113	2	%	%	X
dem-15481	113	3	]	]	X
dem-15481	113	4	(	(	PUNCT
dem-15481	113	5	lower	low	ADJ
dem-15481	113	6	panel	panel	NOUN
dem-15481	113	7	)	)	PUNCT
dem-15481	113	8	quoted	quote	VERB
dem-15481	113	9	in	in	ADP
dem-15481	113	10	the	the	DET
dem-15481	113	11	ice	ice	NOUN
dem-15481	113	12	futures	future	NOUN
dem-15481	113	13	europe	europe	PROPN
dem-15481	113	14	in	in	ADP
dem-15481	113	15	the	the	DET
dem-15481	113	16	period	period	NOUN
dem-15481	113	17	4.03.2012	4.03.2012	NUM
dem-15481	113	18	–	–	PUNCT
dem-15481	113	19	01.10.2017	01.10.2017	NUM
dem-15481	113	20	table	table	NOUN
dem-15481	113	21	1	1	NUM
dem-15481	113	22	.	.	PUNCT
dem-15481	114	1	ms	ms	PROPN
dem-15481	114	2	(	(	PUNCT
dem-15481	114	3	n)-ar(4	n)-ar(4	NOUN
dem-15481	114	4	)	)	PUNCT
dem-15481	114	5	models	model	NOUN
dem-15481	114	6	for	for	ADP
dem-15481	114	7	the	the	DET
dem-15481	114	8	euaas	euaas	NOUN
dem-15481	114	9	returns	return	NOUN
dem-15481	114	10	parameter	parameter	ADP
dem-15481	114	11	ms(2)-dr(4	ms(2)-dr(4	NOUN
dem-15481	114	12	)	)	PUNCT
dem-15481	114	13	ms(3)-dr(4	ms(3)-dr(4	NOUN
dem-15481	114	14	)	)	PUNCT
dem-15481	114	15	regime	regime	NOUN
dem-15481	114	16	0	0	NUM
dem-15481	114	17	regime	regime	NOUN
dem-15481	114	18	1	1	NUM
dem-15481	114	19	regime	regime	NOUN
dem-15481	114	20	0	0	NUM
dem-15481	114	21	regime	regime	NOUN
dem-15481	114	22	1	1	NUM
dem-15481	114	23	regime	regime	NOUN
dem-15481	114	24	2	2	NUM
dem-15481	114	25	constant	constant	ADJ
dem-15481	114	26	0.696	0.696	NUM
dem-15481	114	27	[	[	X
dem-15481	114	28	0.049	0.049	NUM
dem-15481	114	29	]	]	PUNCT
dem-15481	114	30	–	–	PUNCT
dem-15481	114	31	1.104	1.104	NUM
dem-15481	114	32	[	[	X
dem-15481	114	33	0.350	0.350	NUM
dem-15481	114	34	]	]	PUNCT
dem-15481	114	35	0.726	0.726	NUM
dem-15481	115	1	[	[	X
dem-15481	115	2	0.045	0.045	NUM
dem-15481	115	3	]	]	PUNCT
dem-15481	115	4	–	–	PUNCT
dem-15481	115	5	20.529	20.529	NUM
dem-15481	116	1	[	[	ADP
dem-15481	116	2	0.002	0.002	NUM
dem-15481	116	3	]	]	PUNCT
dem-15481	116	4	0.358	0.358	NUM
dem-15481	117	1	[	[	X
dem-15481	117	2	0.654	0.654	NUM
dem-15481	117	3	]	]	X
dem-15481	117	4	ar-4	ar-4	X
dem-15481	117	5	–	–	PUNCT
dem-15481	117	6	0.179	0.179	NUM
dem-15481	117	7	[	[	X
dem-15481	117	8	0.019	0.019	NUM
dem-15481	117	9	]	]	PUNCT
dem-15481	117	10	–	–	PUNCT
dem-15481	117	11	0.129	0.129	NUM
dem-15481	118	1	[	[	X
dem-15481	118	2	0.234	0.234	NUM
dem-15481	118	3	]	]	PUNCT
dem-15481	118	4	–	–	PUNCT
dem-15481	118	5	0.212	0.212	NUM
dem-15481	118	6	[	[	X
dem-15481	118	7	0.013	0.013	NUM
dem-15481	118	8	]	]	PUNCT
dem-15481	118	9	–	–	PUNCT
dem-15481	118	10	2.288	2.288	NUM
dem-15481	118	11	[	[	NOUN
dem-15481	118	12	0.001	0.001	NUM
dem-15481	118	13	]	]	PUNCT
dem-15481	118	14	–	–	PUNCT
dem-15481	118	15	0.050	0.050	NUM
dem-15481	119	1	[	[	X
dem-15481	119	2	0.546	0.546	NUM
dem-15481	119	3	]	]	PUNCT
dem-15481	119	4	sigma	sigma	PROPN
dem-15481	119	5	4.113	4.113	NUM
dem-15481	119	6	(	(	PUNCT
dem-15481	119	7	0.420	0.420	NUM
dem-15481	119	8	)	)	PUNCT
dem-15481	119	9	11.356	11.356	NUM
dem-15481	119	10	(	(	PUNCT
dem-15481	119	11	1.090	1.090	NUM
dem-15481	119	12	)	)	PUNCT
dem-15481	119	13	3.820	3.820	NUM
dem-15481	119	14	(	(	PUNCT
dem-15481	119	15	0.357	0.357	NUM
dem-15481	119	16	)	)	PUNCT
dem-15481	119	17	11.089	11.089	NUM
dem-15481	119	18	(	(	PUNCT
dem-15481	119	19	3.919	3.919	NUM
dem-15481	119	20	)	)	PUNCT
dem-15481	119	21	8.393	8.393	NUM
dem-15481	119	22	(	(	PUNCT
dem-15481	119	23	0.808	0.808	NUM
dem-15481	119	24	)	)	PUNCT
dem-15481	119	25	matrix	matrix	NOUN
dem-15481	119	26	p	p	PROPN
dem-15481	119	27	r(0	r(0	PROPN
dem-15481	119	28	,	,	PUNCT
dem-15481	119	29	t	t	PROPN
dem-15481	119	30	)	)	PUNCT
dem-15481	119	31	r(1	r(1	PROPN
dem-15481	119	32	,	,	PUNCT
dem-15481	119	33	t	t	PROPN
dem-15481	119	34	)	)	PUNCT
dem-15481	119	35	r(0	r(0	PROPN
dem-15481	119	36	,	,	PUNCT
dem-15481	119	37	t	t	PROPN
dem-15481	119	38	)	)	PUNCT
dem-15481	119	39	r(1	r(1	PROPN
dem-15481	119	40	,	,	PUNCT
dem-15481	119	41	t	t	PROPN
dem-15481	119	42	)	)	PUNCT
dem-15481	119	43	r(2	r(2	PROPN
dem-15481	119	44	,	,	PUNCT
dem-15481	119	45	t	t	PROPN
dem-15481	119	46	)	)	PUNCT
dem-15481	119	47	r(0	r(0	PROPN
dem-15481	119	48	,	,	PUNCT
dem-15481	119	49	t+1	t+1	PRON
dem-15481	119	50	)	)	PUNCT
dem-15481	119	51	0.9349	0.9349	NUM
dem-15481	119	52	0.1077	0.1077	NUM
dem-15481	119	53	0.9314	0.9314	NUM
dem-15481	119	54	0.0000	0.0000	NUM
dem-15481	119	55	0.0739	0.0739	NUM
dem-15481	119	56	r(1	r(1	PROPN
dem-15481	119	57	,	,	PUNCT
dem-15481	119	58	t+1	t+1	PROPN
dem-15481	119	59	)	)	PUNCT
dem-15481	119	60	0.0651	0.0651	NUM
dem-15481	119	61	0.8923	0.8923	NUM
dem-15481	119	62	0.0000	0.0000	NUM
dem-15481	119	63	0.2092	0.2092	NUM
dem-15481	119	64	0.0470	0.0470	NUM
dem-15481	119	65	r(2	r(2	NOUN
dem-15481	119	66	,	,	PUNCT
dem-15481	119	67	t+1	t+1	NUM
dem-15481	119	68	)	)	PUNCT
dem-15481	119	69	–	–	PUNCT
dem-15481	119	70	–	–	PUNCT
dem-15481	119	71	0.0686	0.0686	NUM
dem-15481	119	72	0.7908	0.7908	NUM
dem-15481	119	73	0.8791	0.8791	NUM
dem-15481	119	74	di	di	X
dem-15481	119	75	(	(	PUNCT
dem-15481	119	76	in	in	ADP
dem-15481	119	77	weeks	week	NOUN
dem-15481	119	78	)	)	PUNCT
dem-15481	119	79	22.38	22.38	NUM
dem-15481	119	80	15.43	15.43	NUM
dem-15481	119	81	22.43	22.43	NUM
dem-15481	119	82	1.40	1.40	NUM
dem-15481	119	83	9.46	9.46	NUM
dem-15481	119	84	returns	return	NOUN
dem-15481	119	85	assigned	assign	VERB
dem-15481	119	86	to	to	ADP
dem-15481	119	87	regime	regime	VERB
dem-15481	119	88	62.37	62.37	NUM
dem-15481	119	89	%	%	NOUN
dem-15481	119	90	(	(	PUNCT
dem-15481	119	91	179returns	179returns	PROPN
dem-15481	119	92	)	)	PUNCT
dem-15481	119	93	37.63	37.63	NUM
dem-15481	119	94	%	%	NOUN
dem-15481	119	95	(	(	PUNCT
dem-15481	119	96	108returns	108return	NOUN
dem-15481	119	97	)	)	PUNCT
dem-15481	119	98	54.70	54.70	NUM
dem-15481	119	99	%	%	NOUN
dem-15481	119	100	(	(	PUNCT
dem-15481	119	101	157returns	157returns	PROPN
dem-15481	119	102	)	)	PUNCT
dem-15481	119	103	2.44	2.44	NUM
dem-15481	119	104	%	%	NOUN
dem-15481	119	105	(	(	PUNCT
dem-15481	119	106	7	7	NUM
dem-15481	119	107	returns	return	NOUN
dem-15481	119	108	)	)	PUNCT
dem-15481	119	109	42.86	42.86	NUM
dem-15481	119	110	%	%	NOUN
dem-15481	119	111	(	(	PUNCT
dem-15481	119	112	123returns	123return	NOUN
dem-15481	119	113	)	)	PUNCT
dem-15481	119	114	note	note	NOUN
dem-15481	119	115	:	:	PUNCT
dem-15481	119	116	p	p	X
dem-15481	119	117	–	–	PUNCT
dem-15481	119	118	transition	transition	NOUN
dem-15481	119	119	probabilities	probability	NOUN
dem-15481	119	120	matrix	matrix	NOUN
dem-15481	119	121	,	,	PUNCT
dem-15481	119	122	standard	standard	ADJ
dem-15481	119	123	errors	error	NOUN
dem-15481	119	124	of	of	ADP
dem-15481	119	125	parameter	parameter	NOUN
dem-15481	119	126	estimates	estimate	NOUN
dem-15481	119	127	in	in	ADP
dem-15481	119	128	parenthesis	parenthesis	NOUN
dem-15481	119	129	,	,	PUNCT
dem-15481	119	130	p	p	NOUN
dem-15481	119	131	-	-	PUNCT
dem-15481	119	132	value	value	NOUN
dem-15481	119	133	in	in	ADP
dem-15481	119	134	brackets	bracket	NOUN
dem-15481	119	135	.	.	PUNCT
dem-15481	120	1	markov	markov	NOUN
dem-15481	120	2	switching	switch	VERB
dem-15481	120	3	heteroscedastisity	heteroscedastisity	NOUN
dem-15481	120	4	models	model	NOUN
dem-15481	120	5	(	(	PUNCT
dem-15481	120	6	ms(n)-dr(p	ms(n)-dr(p	NOUN
dem-15481	120	7	)	)	PUNCT
dem-15481	120	8	for	for	ADP
dem-15481	120	9	n	n	NOUN
dem-15481	120	10	=	=	SYM
dem-15481	120	11	2,3	2,3	NUM
dem-15481	120	12	and	and	CCONJ
dem-15481	120	13	p	p	X
dem-15481	120	14	=	=	NOUN
dem-15481	120	15	1	1	NUM
dem-15481	120	16	,	,	PUNCT
dem-15481	120	17	2	2	NUM
dem-15481	120	18	,	,	PUNCT
dem-15481	120	19	3	3	NUM
dem-15481	120	20	,	,	PUNCT
dem-15481	120	21	4	4	NUM
dem-15481	120	22	)	)	PUNCT
dem-15481	120	23	(	(	PUNCT
dem-15481	120	24	7	7	X
dem-15481	120	25	)	)	PUNCT
dem-15481	120	26	were	be	AUX
dem-15481	120	27	estimated	estimate	VERB
dem-15481	120	28	to	to	PART
dem-15481	120	29	describe	describe	VERB
dem-15481	120	30	the	the	DET
dem-15481	120	31	dynamism	dynamism	NOUN
dem-15481	120	32	of	of	ADP
dem-15481	120	33	the	the	DET
dem-15481	120	34	euaas	euaas	NOUN
dem-15481	120	35	2	2	NUM
dem-15481	120	36	the	the	DET
dem-15481	120	37	research	research	NOUN
dem-15481	120	38	uses	use	VERB
dem-15481	120	39	the	the	DET
dem-15481	120	40	december	december	PROPN
dem-15481	120	41	prices	price	NOUN
dem-15481	120	42	of	of	ADP
dem-15481	120	43	euaa	euaa	ADJ
dem-15481	120	44	futures	future	NOUN
dem-15481	120	45	quoted	quote	VERB
dem-15481	120	46	on	on	ADP
dem-15481	120	47	the	the	DET
dem-15481	120	48	ice	ice	NOUN
dem-15481	120	49	futures	future	NOUN
dem-15481	120	50	europe	europe	PROPN
dem-15481	120	51	,	,	PUNCT
dem-15481	120	52	presented	present	VERB
dem-15481	120	53	on	on	ADP
dem-15481	120	54	the	the	DET
dem-15481	120	55	website	website	NOUN
dem-15481	120	56	https://www.quandl.com	https://www.quandl.com	X
dem-15481	121	1	(	(	PUNCT
dem-15481	121	2	access	access	NOUN
dem-15481	121	3	18.10.2017	18.10.2017	NUM
dem-15481	121	4	)	)	PUNCT
dem-15481	121	5	.	.	PUNCT
dem-15481	122	1	aneta	aneta	PROPN
dem-15481	122	2	włodarczyk	włodarczyk	VERB
dem-15481	122	3	dynamic	dynamic	ADJ
dem-15481	122	4	econometric	econometric	ADJ
dem-15481	122	5	models	model	NOUN
dem-15481	122	6	17	17	NUM
dem-15481	122	7	(	(	PUNCT
dem-15481	122	8	2017	2017	NUM
dem-15481	122	9	)	)	PUNCT
dem-15481	122	10	129–145	129–145	NUM
dem-15481	122	11	138	138	NUM
dem-15481	122	12	returns	return	NOUN
dem-15481	122	13	series	series	NOUN
dem-15481	122	14	in	in	ADP
dem-15481	122	15	various	various	ADJ
dem-15481	122	16	volatility	volatility	NOUN
dem-15481	122	17	regimes	regime	NOUN
dem-15481	122	18	.	.	PUNCT
dem-15481	123	1	the	the	DET
dem-15481	123	2	best	good	ADJ
dem-15481	123	3	results	result	NOUN
dem-15481	123	4	have	have	AUX
dem-15481	123	5	been	be	AUX
dem-15481	123	6	presented	present	VERB
dem-15481	123	7	in	in	ADP
dem-15481	123	8	table	table	NOUN
dem-15481	123	9	1	1	NUM
dem-15481	123	10	.	.	SYM
dem-15481	123	11	3	3	NUM
dem-15481	123	12	two	two	NUM
dem-15481	123	13	regimes	regime	NOUN
dem-15481	123	14	have	have	AUX
dem-15481	123	15	been	be	AUX
dem-15481	123	16	distinguished	distinguish	VERB
dem-15481	123	17	in	in	ADP
dem-15481	123	18	the	the	DET
dem-15481	123	19	first	first	ADJ
dem-15481	123	20	approach	approach	NOUN
dem-15481	123	21	:	:	PUNCT
dem-15481	123	22	the	the	DET
dem-15481	123	23	low	low	ADJ
dem-15481	123	24	volatility	volatility	NOUN
dem-15481	123	25	regime	regime	NOUN
dem-15481	123	26	(	(	PUNCT
dem-15481	123	27	regime	regime	NOUN
dem-15481	123	28	0	0	NUM
dem-15481	123	29	)	)	PUNCT
dem-15481	123	30	that	that	PRON
dem-15481	123	31	describes	describe	VERB
dem-15481	123	32	the	the	DET
dem-15481	123	33	period	period	NOUN
dem-15481	123	34	of	of	ADP
dem-15481	123	35	calm	calm	NOUN
dem-15481	123	36	on	on	ADP
dem-15481	123	37	the	the	DET
dem-15481	123	38	euaas	euaas	NOUN
dem-15481	123	39	futures	future	NOUN
dem-15481	123	40	market	market	NOUN
dem-15481	123	41	and	and	CCONJ
dem-15481	123	42	the	the	DET
dem-15481	123	43	high	high	ADJ
dem-15481	123	44	volatility	volatility	NOUN
dem-15481	123	45	regime	regime	NOUN
dem-15481	123	46	(	(	PUNCT
dem-15481	123	47	regime	regime	NOUN
dem-15481	123	48	1	1	NUM
dem-15481	123	49	)	)	PUNCT
dem-15481	123	50	characterized	characterize	VERB
dem-15481	123	51	by	by	ADP
dem-15481	123	52	turbulent	turbulent	ADJ
dem-15481	123	53	changes	change	NOUN
dem-15481	123	54	on	on	ADP
dem-15481	123	55	this	this	DET
dem-15481	123	56	market	market	NOUN
dem-15481	123	57	,	,	PUNCT
dem-15481	123	58	which	which	PRON
dem-15481	123	59	are	be	AUX
dem-15481	123	60	generated	generate	VERB
dem-15481	123	61	mainly	mainly	ADV
dem-15481	123	62	by	by	ADP
dem-15481	123	63	changes	change	NOUN
dem-15481	123	64	to	to	ADP
dem-15481	123	65	the	the	DET
dem-15481	123	66	regulations	regulation	NOUN
dem-15481	123	67	concerning	concern	VERB
dem-15481	123	68	co2	co2	NOUN
dem-15481	123	69	emission	emission	NOUN
dem-15481	123	70	in	in	ADP
dem-15481	123	71	the	the	DET
dem-15481	123	72	aviation	aviation	NOUN
dem-15481	123	73	sector	sector	NOUN
dem-15481	123	74	.	.	PUNCT
dem-15481	124	1	the	the	DET
dem-15481	124	2	volatility	volatility	NOUN
dem-15481	124	3	parameter	parameter	NOUN
dem-15481	124	4	estimated	estimate	VERB
dem-15481	124	5	for	for	ADP
dem-15481	124	6	the	the	DET
dem-15481	124	7	regime	regime	NOUN
dem-15481	124	8	1	1	NUM
dem-15481	124	9	(	(	PUNCT
dem-15481	124	10	11.356	11.356	NUM
dem-15481	124	11	)	)	PUNCT
dem-15481	124	12	is	be	AUX
dem-15481	124	13	almost	almost	ADV
dem-15481	124	14	three	three	NUM
dem-15481	124	15	times	time	NOUN
dem-15481	124	16	higher	high	ADJ
dem-15481	124	17	than	than	ADP
dem-15481	124	18	the	the	DET
dem-15481	124	19	parameter	parameter	NOUN
dem-15481	124	20	describing	describe	VERB
dem-15481	124	21	the	the	DET
dem-15481	124	22	volatility	volatility	NOUN
dem-15481	124	23	in	in	ADP
dem-15481	124	24	regime	regime	NOUN
dem-15481	124	25	0	0	NUM
dem-15481	124	26	(	(	PUNCT
dem-15481	124	27	4.113	4.113	NUM
dem-15481	124	28	)	)	PUNCT
dem-15481	124	29	.	.	PUNCT
dem-15481	125	1	the	the	DET
dem-15481	125	2	differences	difference	NOUN
dem-15481	125	3	between	between	ADP
dem-15481	125	4	the	the	DET
dem-15481	125	5	regimes	regime	NOUN
dem-15481	125	6	can	can	AUX
dem-15481	125	7	be	be	AUX
dem-15481	125	8	observed	observe	VERB
dem-15481	125	9	also	also	ADV
dem-15481	125	10	for	for	ADP
dem-15481	125	11	the	the	DET
dem-15481	125	12	parameter	parameter	NOUN
dem-15481	125	13	describing	describe	VERB
dem-15481	125	14	the	the	DET
dem-15481	125	15	expected	expect	VERB
dem-15481	125	16	profit	profit	NOUN
dem-15481	125	17	from	from	ADP
dem-15481	125	18	the	the	DET
dem-15481	125	19	euaas	euaas	NOUN
dem-15481	125	20	futures	future	NOUN
dem-15481	125	21	transactions	transaction	NOUN
dem-15481	125	22	,	,	PUNCT
dem-15481	125	23	which	which	PRON
dem-15481	125	24	in	in	ADP
dem-15481	125	25	the	the	DET
dem-15481	125	26	low	low	ADJ
dem-15481	125	27	volatility	volatility	NOUN
dem-15481	125	28	regime	regime	NOUN
dem-15481	125	29	is	be	AUX
dem-15481	125	30	positive	positive	ADJ
dem-15481	125	31	and	and	CCONJ
dem-15481	125	32	in	in	ADP
dem-15481	125	33	the	the	DET
dem-15481	125	34	high	high	ADJ
dem-15481	125	35	volatility	volatility	NOUN
dem-15481	125	36	regime	regime	NOUN
dem-15481	125	37	negative	negative	ADJ
dem-15481	125	38	.	.	PUNCT
dem-15481	126	1	moreover	moreover	ADV
dem-15481	126	2	,	,	PUNCT
dem-15481	126	3	each	each	PRON
dem-15481	126	4	of	of	ADP
dem-15481	126	5	the	the	DET
dem-15481	126	6	regimes	regime	NOUN
dem-15481	126	7	is	be	AUX
dem-15481	126	8	rather	rather	ADV
dem-15481	126	9	stable	stable	ADJ
dem-15481	126	10	,	,	PUNCT
dem-15481	126	11	as	as	SCONJ
dem-15481	126	12	the	the	DET
dem-15481	126	13	estimated	estimate	VERB
dem-15481	126	14	transition	transition	NOUN
dem-15481	126	15	probabilities	probability	NOUN
dem-15481	126	16	of	of	ADP
dem-15481	126	17	indicating	indicate	VERB
dem-15481	126	18	a	a	DET
dem-15481	126	19	chance	chance	NOUN
dem-15481	126	20	of	of	ADP
dem-15481	126	21	euaas	euaas	NOUN
dem-15481	126	22	returns	return	NOUN
dem-15481	126	23	process	process	NOUN
dem-15481	126	24	to	to	PART
dem-15481	126	25	remain	remain	VERB
dem-15481	126	26	in	in	ADP
dem-15481	126	27	the	the	DET
dem-15481	126	28	given	give	VERB
dem-15481	126	29	regime	regime	NOUN
dem-15481	126	30	in	in	ADP
dem-15481	126	31	the	the	DET
dem-15481	126	32	next	next	ADJ
dem-15481	126	33	period	period	NOUN
dem-15481	126	34	are	be	AUX
dem-15481	126	35	relatively	relatively	ADV
dem-15481	126	36	high	high	ADJ
dem-15481	126	37	(	(	PUNCT
dem-15481	126	38	they	they	PRON
dem-15481	126	39	amount	amount	VERB
dem-15481	126	40	respectively	respectively	ADV
dem-15481	126	41	0.9349	0.9349	NUM
dem-15481	126	42	and	and	CCONJ
dem-15481	126	43	0.8923	0.8923	NUM
dem-15481	126	44	)	)	PUNCT
dem-15481	126	45	.	.	PUNCT
dem-15481	127	1	therefore	therefore	ADV
dem-15481	127	2	,	,	PUNCT
dem-15481	127	3	the	the	DET
dem-15481	127	4	low	low	ADJ
dem-15481	127	5	volatility	volatility	NOUN
dem-15481	127	6	regime	regime	NOUN
dem-15481	127	7	on	on	ADP
dem-15481	127	8	the	the	DET
dem-15481	127	9	euaas	euaas	NOUN
dem-15481	127	10	futures	future	NOUN
dem-15481	127	11	market	market	NOUN
dem-15481	127	12	lasts	last	VERB
dem-15481	127	13	for	for	ADP
dem-15481	127	14	about	about	ADV
dem-15481	127	15	22	22	NUM
dem-15481	127	16	weeks	week	NOUN
dem-15481	127	17	,	,	PUNCT
dem-15481	127	18	while	while	SCONJ
dem-15481	127	19	the	the	DET
dem-15481	127	20	high	high	ADJ
dem-15481	127	21	volatility	volatility	NOUN
dem-15481	127	22	regime	regime	NOUN
dem-15481	127	23	lasts	last	VERB
dem-15481	127	24	on	on	ADP
dem-15481	127	25	average	average	ADJ
dem-15481	127	26	for	for	ADP
dem-15481	127	27	over15	over15	ADJ
dem-15481	127	28	weeks	week	NOUN
dem-15481	127	29	.	.	PUNCT
dem-15481	128	1	in	in	ADP
dem-15481	128	2	the	the	DET
dem-15481	128	3	second	second	ADJ
dem-15481	128	4	approach	approach	NOUN
dem-15481	128	5	three	three	NUM
dem-15481	128	6	regimes	regime	NOUN
dem-15481	128	7	have	have	AUX
dem-15481	128	8	been	be	AUX
dem-15481	128	9	distinguished	distinguish	VERB
dem-15481	128	10	:	:	PUNCT
dem-15481	128	11	the	the	DET
dem-15481	128	12	low	low	ADJ
dem-15481	128	13	volatility	volatility	NOUN
dem-15481	128	14	regime	regime	NOUN
dem-15481	128	15	(	(	PUNCT
dem-15481	128	16	regime	regime	NOUN
dem-15481	128	17	0	0	NUM
dem-15481	128	18	)	)	PUNCT
dem-15481	128	19	,	,	PUNCT
dem-15481	128	20	the	the	DET
dem-15481	128	21	high	high	ADJ
dem-15481	128	22	volatility	volatility	NOUN
dem-15481	128	23	regime	regime	NOUN
dem-15481	128	24	(	(	PUNCT
dem-15481	128	25	regime	regime	NOUN
dem-15481	128	26	2	2	NUM
dem-15481	128	27	)	)	PUNCT
dem-15481	128	28	and	and	CCONJ
dem-15481	128	29	„	„	PUNCT
dem-15481	128	30	spiky	spiky	NOUN
dem-15481	128	31	”	"	PUNCT
dem-15481	128	32	regime	regime	NOUN
dem-15481	128	33	(	(	PUNCT
dem-15481	128	34	regime	regime	NOUN
dem-15481	128	35	1	1	NUM
dem-15481	128	36	)	)	PUNCT
dem-15481	128	37	for	for	ADP
dem-15481	128	38	which	which	PRON
dem-15481	128	39	the	the	DET
dem-15481	128	40	standard	standard	ADJ
dem-15481	128	41	deviation	deviation	NOUN
dem-15481	128	42	of	of	ADP
dem-15481	128	43	the	the	DET
dem-15481	128	44	error	error	NOUN
dem-15481	128	45	term	term	NOUN
dem-15481	128	46	took	take	VERB
dem-15481	128	47	the	the	DET
dem-15481	128	48	highest	high	ADJ
dem-15481	128	49	value	value	NOUN
dem-15481	128	50	(	(	PUNCT
dem-15481	128	51	11.089	11.089	NUM
dem-15481	128	52	)	)	PUNCT
dem-15481	128	53	compared	compare	VERB
dem-15481	128	54	to	to	ADP
dem-15481	128	55	the	the	DET
dem-15481	128	56	low	low	ADJ
dem-15481	128	57	and	and	CCONJ
dem-15481	128	58	high	high	ADJ
dem-15481	128	59	volatility	volatility	NOUN
dem-15481	128	60	regimes	regime	NOUN
dem-15481	128	61	(	(	PUNCT
dem-15481	128	62	respectively	respectively	ADV
dem-15481	128	63	3.82	3.82	NUM
dem-15481	128	64	and	and	CCONJ
dem-15481	128	65	8.393	8.393	NUM
dem-15481	128	66	)	)	PUNCT
dem-15481	128	67	.	.	PUNCT
dem-15481	129	1	the	the	DET
dem-15481	129	2	average	average	ADJ
dem-15481	129	3	profit	profit	NOUN
dem-15481	129	4	from	from	ADP
dem-15481	129	5	euaas	euaas	NOUN
dem-15481	129	6	futures	future	NOUN
dem-15481	129	7	transaction	transaction	NOUN
dem-15481	129	8	is	be	AUX
dem-15481	129	9	highest	high	ADJ
dem-15481	129	10	in	in	ADP
dem-15481	129	11	the	the	DET
dem-15481	129	12	low	low	ADJ
dem-15481	129	13	volatility	volatility	NOUN
dem-15481	129	14	regime	regime	NOUN
dem-15481	129	15	.	.	PUNCT
dem-15481	130	1	the	the	DET
dem-15481	130	2	spiky	spiky	NOUN
dem-15481	130	3	regime	regime	NOUN
dem-15481	130	4	is	be	AUX
dem-15481	130	5	a	a	DET
dem-15481	130	6	transitional	transitional	ADJ
dem-15481	130	7	one	one	NOUN
dem-15481	130	8	,	,	PUNCT
dem-15481	130	9	which	which	PRON
dem-15481	130	10	means	mean	VERB
dem-15481	130	11	that	that	SCONJ
dem-15481	130	12	there	there	PRON
dem-15481	130	13	is	be	VERB
dem-15481	130	14	a	a	DET
dem-15481	130	15	great	great	ADJ
dem-15481	130	16	chance	chance	NOUN
dem-15481	130	17	(	(	PUNCT
dem-15481	130	18	0.7908	0.7908	NUM
dem-15481	130	19	)	)	PUNCT
dem-15481	130	20	that	that	SCONJ
dem-15481	130	21	in	in	ADP
dem-15481	130	22	the	the	DET
dem-15481	130	23	next	next	ADJ
dem-15481	130	24	period	period	NOUN
dem-15481	130	25	it	it	PRON
dem-15481	130	26	will	will	AUX
dem-15481	130	27	be	be	AUX
dem-15481	130	28	replaced	replace	VERB
dem-15481	130	29	by	by	ADP
dem-15481	130	30	the	the	DET
dem-15481	130	31	high	high	ADJ
dem-15481	130	32	volatility	volatility	NOUN
dem-15481	130	33	regime	regime	NOUN
dem-15481	130	34	.	.	PUNCT
dem-15481	131	1	only	only	ADV
dem-15481	131	2	single	single	ADJ
dem-15481	131	3	euaas	euaas	NOUN
dem-15481	131	4	returns	return	NOUN
dem-15481	131	5	have	have	AUX
dem-15481	131	6	been	be	AUX
dem-15481	131	7	assigned	assign	VERB
dem-15481	131	8	to	to	ADP
dem-15481	131	9	this	this	DET
dem-15481	131	10	regime	regime	NOUN
dem-15481	131	11	,	,	PUNCT
dem-15481	131	12	which	which	PRON
dem-15481	131	13	indicate	indicate	VERB
dem-15481	131	14	extreme	extreme	ADJ
dem-15481	131	15	changes	change	NOUN
dem-15481	131	16	of	of	ADP
dem-15481	131	17	euaas	euaas	NOUN
dem-15481	131	18	futures	future	NOUN
dem-15481	131	19	prices	price	NOUN
dem-15481	131	20	connected	connect	VERB
dem-15481	131	21	with	with	ADP
dem-15481	131	22	the	the	DET
dem-15481	131	23	structural	structural	ADJ
dem-15481	131	24	changes	change	NOUN
dem-15481	131	25	in	in	ADP
dem-15481	131	26	the	the	DET
dem-15481	131	27	system	system	NOUN
dem-15481	131	28	of	of	ADP
dem-15481	131	29	aviation	aviation	NOUN
dem-15481	131	30	allowances	allowance	NOUN
dem-15481	131	31	trade	trade	NOUN
dem-15481	131	32	.	.	PUNCT
dem-15481	132	1	table	table	NOUN
dem-15481	132	2	2	2	NUM
dem-15481	132	3	shows	show	VERB
dem-15481	132	4	the	the	DET
dem-15481	132	5	results	result	NOUN
dem-15481	132	6	of	of	ADP
dem-15481	132	7	diagnostic	diagnostic	ADJ
dem-15481	132	8	tests	test	NOUN
dem-15481	132	9	on	on	ADP
dem-15481	132	10	standardised	standardised	ADJ
dem-15481	132	11	residuals	residual	NOUN
dem-15481	132	12	from	from	ADP
dem-15481	132	13	each	each	DET
dem-15481	132	14	model	model	NOUN
dem-15481	132	15	,	,	PUNCT
dem-15481	132	16	which	which	PRON
dem-15481	132	17	allow	allow	VERB
dem-15481	132	18	for	for	ADP
dem-15481	132	19	positive	positive	ADJ
dem-15481	132	20	verification	verification	NOUN
dem-15481	132	21	of	of	ADP
dem-15481	132	22	white	white	ADJ
dem-15481	132	23	noise	noise	NOUN
dem-15481	132	24	properties	property	NOUN
dem-15481	132	25	for	for	ADP
dem-15481	132	26	residuals	residual	NOUN
dem-15481	132	27	series	series	NOUN
dem-15481	132	28	.	.	PUNCT
dem-15481	133	1	the	the	DET
dem-15481	133	2	akaike	akaike	ADJ
dem-15481	133	3	information	information	NOUN
dem-15481	133	4	criterion	criterion	NOUN
dem-15481	133	5	demonstrates	demonstrate	VERB
dem-15481	133	6	the	the	DET
dem-15481	133	7	model	model	NOUN
dem-15481	133	8	of	of	ADP
dem-15481	133	9	three	three	NUM
dem-15481	133	10	regimes	regime	NOUN
dem-15481	133	11	to	to	PART
dem-15481	133	12	be	be	AUX
dem-15481	133	13	better	well	ADV
dem-15481	133	14	adjusted	adjust	VERB
dem-15481	133	15	to	to	ADP
dem-15481	133	16	the	the	DET
dem-15481	133	17	euaas	euaas	NOUN
dem-15481	133	18	returns	return	NOUN
dem-15481	133	19	series	series	NOUN
dem-15481	133	20	,	,	PUNCT
dem-15481	133	21	3	3	NUM
dem-15481	133	22	basic	basic	ADJ
dem-15481	133	23	descriptive	descriptive	ADJ
dem-15481	133	24	statistics	statistic	NOUN
dem-15481	133	25	and	and	CCONJ
dem-15481	133	26	diagnostic	diagnostic	ADJ
dem-15481	133	27	tests	test	NOUN
dem-15481	133	28	verifying	verify	VERB
dem-15481	133	29	the	the	DET
dem-15481	133	30	presence	presence	NOUN
dem-15481	133	31	of	of	ADP
dem-15481	133	32	structural	structural	ADJ
dem-15481	133	33	break	break	NOUN
dem-15481	133	34	occurrence	occurrence	NOUN
dem-15481	133	35	,	,	PUNCT
dem-15481	133	36	autocorrelation	autocorrelation	NOUN
dem-15481	133	37	,	,	PUNCT
dem-15481	133	38	volatility	volatility	NOUN
dem-15481	133	39	clustering	clustering	NOUN
dem-15481	133	40	,	,	PUNCT
dem-15481	133	41	leptokurtosis	leptokurtosis	NOUN
dem-15481	133	42	effects	effect	NOUN
dem-15481	133	43	have	have	AUX
dem-15481	133	44	been	be	AUX
dem-15481	133	45	determined	determine	VERB
dem-15481	133	46	for	for	ADP
dem-15481	133	47	both	both	PRON
dem-15481	133	48	presented	present	VERB
dem-15481	133	49	in	in	ADP
dem-15481	133	50	figure	figure	NOUN
dem-15481	133	51	1	1	NUM
dem-15481	133	52	variables	variable	NOUN
dem-15481	133	53	.	.	PUNCT
dem-15481	134	1	the	the	DET
dem-15481	134	2	results	result	NOUN
dem-15481	134	3	of	of	ADP
dem-15481	134	4	conducted	conduct	VERB
dem-15481	134	5	diagnostic	diagnostic	ADJ
dem-15481	134	6	tests	test	NOUN
dem-15481	134	7	justify	justify	VERB
dem-15481	134	8	the	the	DET
dem-15481	134	9	use	use	NOUN
dem-15481	134	10	of	of	ADP
dem-15481	134	11	markov	markov	NOUN
dem-15481	134	12	switching	switch	VERB
dem-15481	134	13	heteroscedastisity	heteroscedastisity	NOUN
dem-15481	134	14	models	model	NOUN
dem-15481	134	15	(	(	PUNCT
dem-15481	134	16	7	7	NUM
dem-15481	134	17	)	)	PUNCT
dem-15481	134	18	to	to	PART
dem-15481	134	19	describe	describe	VERB
dem-15481	134	20	the	the	DET
dem-15481	134	21	dynamism	dynamism	NOUN
dem-15481	134	22	of	of	ADP
dem-15481	134	23	the	the	DET
dem-15481	134	24	euaas	euaas	NOUN
dem-15481	134	25	returns	return	NOUN
dem-15481	134	26	series	series	NOUN
dem-15481	134	27	in	in	ADP
dem-15481	134	28	various	various	ADJ
dem-15481	134	29	volatility	volatility	NOUN
dem-15481	134	30	regimes	regime	NOUN
dem-15481	134	31	.	.	PUNCT
dem-15481	135	1	their	their	PRON
dem-15481	135	2	results	result	NOUN
dem-15481	135	3	are	be	AUX
dem-15481	135	4	available	available	ADJ
dem-15481	135	5	upon	upon	SCONJ
dem-15481	135	6	request	request	NOUN
dem-15481	135	7	from	from	ADP
dem-15481	135	8	author	author	NOUN
dem-15481	135	9	.	.	PUNCT
dem-15481	136	1	regime	regime	NOUN
dem-15481	136	2	-	-	PUNCT
dem-15481	136	3	dependent	dependent	ADJ
dem-15481	136	4	assessment	assessment	NOUN
dem-15481	136	5	of	of	ADP
dem-15481	136	6	the	the	DET
dem-15481	136	7	euaa	euaa	ADJ
dem-15481	136	8	price	price	NOUN
dem-15481	136	9	risk	risk	NOUN
dem-15481	136	10	dynamic	dynamic	ADJ
dem-15481	136	11	econometric	econometric	ADJ
dem-15481	136	12	models	model	NOUN
dem-15481	136	13	17	17	NUM
dem-15481	136	14	(	(	PUNCT
dem-15481	136	15	2017	2017	NUM
dem-15481	136	16	)	)	PUNCT
dem-15481	136	17	129–145	129–145	NUM
dem-15481	136	18	139	139	NUM
dem-15481	136	19	while	while	SCONJ
dem-15481	136	20	the	the	DET
dem-15481	136	21	schwarz	schwarz	PROPN
dem-15481	136	22	criterion	criterion	NOUN
dem-15481	136	23	reaches	reach	VERB
dem-15481	136	24	the	the	DET
dem-15481	136	25	lowest	low	ADJ
dem-15481	136	26	value	value	NOUN
dem-15481	136	27	for	for	ADP
dem-15481	136	28	models	model	NOUN
dem-15481	136	29	of	of	ADP
dem-15481	136	30	two	two	NUM
dem-15481	136	31	regimes	regime	NOUN
dem-15481	136	32	.	.	PUNCT
dem-15481	136	33	table	table	NOUN
dem-15481	136	34	2	2	NUM
dem-15481	136	35	.	.	PUNCT
dem-15481	137	1	diagnostic	diagnostic	ADJ
dem-15481	137	2	tests	test	NOUN
dem-15481	137	3	for	for	ADP
dem-15481	137	4	scaled	scale	VERB
dem-15481	137	5	residuals	residual	NOUN
dem-15481	137	6	from	from	ADP
dem-15481	137	7	ms	ms	PROPN
dem-15481	137	8	(	(	PUNCT
dem-15481	137	9	n)-ar(4	n)-ar(4	NOUN
dem-15481	137	10	)	)	PUNCT
dem-15481	137	11	models	model	NOUN
dem-15481	137	12	test	test	VERB
dem-15481	137	13	ms(2)-dr(4	ms(2)-dr(4	NOUN
dem-15481	137	14	)	)	PUNCT
dem-15481	137	15	ms(3)-dr(4	ms(3)-dr(4	NOUN
dem-15481	137	16	)	)	PUNCT
dem-15481	138	1	aic	aic	PROPN
dem-15481	138	2	sc	sc	PROPN
dem-15481	138	3	6.707	6.707	NUM
dem-15481	138	4	6.809	6.809	NUM
dem-15481	138	5	6.675	6.675	NUM
dem-15481	138	6	6.841	6.841	NUM
dem-15481	138	7	b	b	X
dem-15481	138	8	-	-	PUNCT
dem-15481	138	9	p(20	p(20	ADJ
dem-15481	138	10	)	)	PUNCT
dem-15481	138	11	21.120	21.120	NUM
dem-15481	139	1	[	[	X
dem-15481	139	2	0.390	0.390	NUM
dem-15481	139	3	]	]	PUNCT
dem-15481	139	4	18.492	18.492	NUM
dem-15481	139	5	[	[	X
dem-15481	139	6	0.555	0.555	NUM
dem-15481	139	7	]	]	PUNCT
dem-15481	139	8	arch(1–5	arch(1–5	PROPN
dem-15481	139	9	)	)	PUNCT
dem-15481	139	10	0.970	0.970	NUM
dem-15481	140	1	[	[	X
dem-15481	140	2	0.437	0.437	NUM
dem-15481	140	3	]	]	PUNCT
dem-15481	140	4	1.695	1.695	NUM
dem-15481	140	5	[	[	ADP
dem-15481	140	6	0.136	0.136	NUM
dem-15481	140	7	]	]	X
dem-15481	140	8	j	j	PROPN
dem-15481	140	9	-	-	PUNCT
dem-15481	140	10	b	b	PROPN
dem-15481	140	11	5.614	5.614	NUM
dem-15481	140	12	[	[	X
dem-15481	140	13	0.061	0.061	NUM
dem-15481	140	14	]	]	PUNCT
dem-15481	140	15	4.009	4.009	NUM
dem-15481	140	16	[	[	X
dem-15481	140	17	0.135	0.135	NUM
dem-15481	140	18	]	]	X
dem-15481	140	19	lr	lr	X
dem-15481	140	20	80.132	80.132	NUM
dem-15481	140	21	[	[	X
dem-15481	140	22	0.000	0.000	NUM
dem-15481	140	23	]	]	X
dem-15481	140	24	99.299	99.299	NUM
dem-15481	141	1	[	[	X
dem-15481	141	2	0.000	0.000	X
dem-15481	141	3	]	]	X
dem-15481	141	4	rcm	rcm	PROPN
dem-15481	141	5	33.547	33.547	NUM
dem-15481	141	6	0.350	0.350	NUM
dem-15481	141	7	note	note	NOUN
dem-15481	141	8	:	:	PUNCT
dem-15481	141	9	b	b	X
dem-15481	141	10	-	-	PUNCT
dem-15481	141	11	p(k	p(k	NOUN
dem-15481	141	12	)	)	PUNCT
dem-15481	141	13	–	–	PUNCT
dem-15481	141	14	box	box	NOUN
dem-15481	141	15	-	-	PUNCT
dem-15481	141	16	pierce	pierce	PROPN
dem-15481	141	17	test	test	NOUN
dem-15481	141	18	of	of	ADP
dem-15481	141	19	serial	serial	ADJ
dem-15481	141	20	correlation	correlation	NOUN
dem-15481	141	21	up	up	ADP
dem-15481	141	22	to	to	PART
dem-15481	141	23	order	order	VERB
dem-15481	141	24	k	k	NOUN
dem-15481	141	25	,	,	PUNCT
dem-15481	141	26	arch(1	arch(1	NOUN
dem-15481	141	27	-	-	PUNCT
dem-15481	141	28	q	q	NOUN
dem-15481	141	29	)	)	PUNCT
dem-15481	141	30	–	–	PUNCT
dem-15481	141	31	engle	engle	PROPN
dem-15481	141	32	’s	’s	PART
dem-15481	141	33	arch	arch	ADJ
dem-15481	141	34	test	test	NOUN
dem-15481	141	35	for	for	ADP
dem-15481	141	36	heteroscedasticity	heteroscedasticity	NOUN
dem-15481	141	37	up	up	ADP
dem-15481	141	38	to	to	PART
dem-15481	141	39	lag	lag	VERB
dem-15481	141	40	q	q	PROPN
dem-15481	141	41	,	,	PUNCT
dem-15481	141	42	j	j	PROPN
dem-15481	141	43	-	-	PUNCT
dem-15481	141	44	b	b	PROPN
dem-15481	141	45	–	–	PUNCT
dem-15481	141	46	jarque	jarque	NOUN
dem-15481	141	47	-	-	PUNCT
dem-15481	141	48	bera	bera	NOUN
dem-15481	141	49	test	test	NOUN
dem-15481	141	50	for	for	ADP
dem-15481	141	51	normality	normality	NOUN
dem-15481	141	52	,	,	PUNCT
dem-15481	141	53	lr	lr	INTJ
dem-15481	141	54	–	–	PUNCT
dem-15481	141	55	likelihood	likelihood	NOUN
dem-15481	141	56	ratio	ratio	NOUN
dem-15481	141	57	test	test	NOUN
dem-15481	141	58	for	for	ADP
dem-15481	141	59	nonlinearity	nonlinearity	NOUN
dem-15481	141	60	,	,	PUNCT
dem-15481	141	61	rcm	rcm	PROPN
dem-15481	141	62	–	–	PUNCT
dem-15481	141	63	regime	regime	NOUN
dem-15481	141	64	classification	classification	NOUN
dem-15481	141	65	measure	measure	NOUN
dem-15481	141	66	,	,	PUNCT
dem-15481	141	67	aic	aic	PROPN
dem-15481	141	68	–	–	PUNCT
dem-15481	141	69	akaike	akaike	ADJ
dem-15481	141	70	information	information	NOUN
dem-15481	141	71	criterion	criterion	NOUN
dem-15481	141	72	,	,	PUNCT
dem-15481	141	73	sc	sc	PROPN
dem-15481	141	74	–	–	PUNCT
dem-15481	141	75	schwarz	schwarz	PROPN
dem-15481	141	76	information	information	NOUN
dem-15481	141	77	criterion	criterion	NOUN
dem-15481	141	78	,	,	PUNCT
dem-15481	141	79	p	p	NOUN
dem-15481	141	80	-	-	PUNCT
dem-15481	141	81	value	value	NOUN
dem-15481	141	82	in	in	ADP
dem-15481	141	83	brackets	bracket	NOUN
dem-15481	141	84	.	.	PUNCT
dem-15481	142	1	it	it	PRON
dem-15481	142	2	is	be	AUX
dem-15481	142	3	worth	worth	ADJ
dem-15481	142	4	stressing	stress	VERB
dem-15481	142	5	that	that	SCONJ
dem-15481	142	6	for	for	ADP
dem-15481	142	7	both	both	CCONJ
dem-15481	142	8	markov	markov	NOUN
dem-15481	142	9	-	-	PUNCT
dem-15481	142	10	switching	switch	VERB
dem-15481	142	11	heteroscedasticity	heteroscedasticity	NOUN
dem-15481	142	12	models	model	NOUN
dem-15481	142	13	,	,	PUNCT
dem-15481	142	14	the	the	DET
dem-15481	142	15	davies	davy	NOUN
dem-15481	142	16	(	(	PUNCT
dem-15481	142	17	1987	1987	NUM
dem-15481	142	18	)	)	PUNCT
dem-15481	142	19	upperbound	upperbound	NOUN
dem-15481	142	20	for	for	ADP
dem-15481	142	21	the	the	DET
dem-15481	142	22	p	p	NOUN
dem-15481	142	23	-	-	PUNCT
dem-15481	142	24	value	value	NOUN
dem-15481	142	25	of	of	ADP
dem-15481	142	26	the	the	DET
dem-15481	142	27	lr	lr	NOUN
dem-15481	142	28	test	test	NOUN
dem-15481	142	29	of	of	ADP
dem-15481	142	30	linearity	linearity	NOUN
dem-15481	142	31	strongly	strongly	ADV
dem-15481	142	32	rejects	reject	VERB
dem-15481	142	33	the	the	DET
dem-15481	142	34	linear	linear	ADJ
dem-15481	142	35	model	model	NOUN
dem-15481	142	36	(	(	PUNCT
dem-15481	142	37	doornik	doornik	PROPN
dem-15481	142	38	,	,	PUNCT
dem-15481	142	39	2013	2013	NUM
dem-15481	142	40	)	)	PUNCT
dem-15481	142	41	.	.	PUNCT
dem-15481	143	1	the	the	DET
dem-15481	143	2	calculated	calculate	VERB
dem-15481	143	3	values	value	NOUN
dem-15481	143	4	of	of	ADP
dem-15481	143	5	the	the	DET
dem-15481	143	6	rcm	rcm	PROPN
dem-15481	143	7	statistics	statistic	NOUN
dem-15481	143	8	are	be	AUX
dem-15481	143	9	rather	rather	ADV
dem-15481	143	10	low	low	ADJ
dem-15481	143	11	in	in	ADP
dem-15481	143	12	the	the	DET
dem-15481	143	13	case	case	NOUN
dem-15481	143	14	of	of	ADP
dem-15481	143	15	each	each	DET
dem-15481	143	16	specification	specification	NOUN
dem-15481	143	17	of	of	ADP
dem-15481	143	18	markov	markov	NOUN
dem-15481	143	19	switching	switching	NOUN
dem-15481	143	20	model	model	NOUN
dem-15481	143	21	,	,	PUNCT
dem-15481	143	22	what	what	PRON
dem-15481	143	23	indicates	indicate	VERB
dem-15481	143	24	the	the	DET
dem-15481	143	25	correct	correct	ADJ
dem-15481	143	26	classification	classification	NOUN
dem-15481	143	27	of	of	ADP
dem-15481	143	28	regimes	regime	NOUN
dem-15481	143	29	in	in	ADP
dem-15481	143	30	the	the	DET
dem-15481	143	31	estimated	estimate	VERB
dem-15481	143	32	models	model	NOUN
dem-15481	143	33	.	.	PUNCT
dem-15481	144	1	figure	figure	NOUN
dem-15481	144	2	2	2	NUM
dem-15481	144	3	.	.	NOUN
dem-15481	144	4	weekly	weekly	ADJ
dem-15481	144	5	euaas	euaas	NOUN
dem-15481	144	6	returns	return	NOUN
dem-15481	144	7	(	(	PUNCT
dem-15481	144	8	upper	upper	ADJ
dem-15481	144	9	panel	panel	NOUN
dem-15481	144	10	)	)	PUNCT
dem-15481	144	11	,	,	PUNCT
dem-15481	144	12	smoothed	smooth	VERB
dem-15481	144	13	probabilities	probability	NOUN
dem-15481	144	14	for	for	ADP
dem-15481	144	15	regime	regime	NOUN
dem-15481	144	16	0	0	NUM
dem-15481	145	1	(	(	PUNCT
dem-15481	145	2	middle	middle	ADJ
dem-15481	145	3	panel	panel	NOUN
dem-15481	145	4	)	)	PUNCT
dem-15481	145	5	and	and	CCONJ
dem-15481	145	6	smoothed	smooth	VERB
dem-15481	145	7	probabilities	probability	NOUN
dem-15481	145	8	for	for	ADP
dem-15481	145	9	regime	regime	NOUN
dem-15481	145	10	1	1	NUM
dem-15481	145	11	(	(	PUNCT
dem-15481	145	12	lower	low	ADJ
dem-15481	145	13	panel	panel	NOUN
dem-15481	145	14	)	)	PUNCT
dem-15481	145	15	in	in	ADP
dem-15481	145	16	the	the	DET
dem-15481	145	17	period	period	NOUN
dem-15481	145	18	4.03.2012	4.03.2012	NUM
dem-15481	145	19	–	–	PUNCT
dem-15481	145	20	01.10.2017	01.10.2017	CCONJ
dem-15481	146	1	aneta	aneta	NOUN
dem-15481	146	2	włodarczyk	włodarczyk	PRON
dem-15481	146	3	dynamic	dynamic	ADJ
dem-15481	146	4	econometric	econometric	ADJ
dem-15481	146	5	models	model	NOUN
dem-15481	146	6	17	17	NUM
dem-15481	146	7	(	(	PUNCT
dem-15481	146	8	2017	2017	NUM
dem-15481	146	9	)	)	PUNCT
dem-15481	146	10	129–145	129–145	NUM
dem-15481	146	11	140	140	NUM
dem-15481	146	12	figure	figure	NOUN
dem-15481	146	13	3	3	NUM
dem-15481	146	14	.	.	NOUN
dem-15481	146	15	weekly	weekly	ADJ
dem-15481	146	16	euaas	euaas	NOUN
dem-15481	146	17	returns	return	NOUN
dem-15481	146	18	and	and	CCONJ
dem-15481	146	19	smoothed	smooth	VERB
dem-15481	146	20	probabilities	probability	NOUN
dem-15481	146	21	for	for	ADP
dem-15481	146	22	regime	regime	NOUN
dem-15481	146	23	0	0	NUM
dem-15481	146	24	(	(	PUNCT
dem-15481	146	25	upper	upper	ADJ
dem-15481	146	26	panel	panel	NOUN
dem-15481	146	27	)	)	PUNCT
dem-15481	146	28	,	,	PUNCT
dem-15481	146	29	smoothed	smooth	VERB
dem-15481	146	30	probabilities	probability	NOUN
dem-15481	146	31	for	for	ADP
dem-15481	146	32	regime	regime	NOUN
dem-15481	146	33	1	1	NUM
dem-15481	146	34	and	and	CCONJ
dem-15481	146	35	regime	regime	NOUN
dem-15481	146	36	2	2	NUM
dem-15481	146	37	(	(	PUNCT
dem-15481	146	38	lower	low	ADJ
dem-15481	146	39	panel	panel	NOUN
dem-15481	146	40	)	)	PUNCT
dem-15481	146	41	in	in	ADP
dem-15481	146	42	the	the	DET
dem-15481	146	43	period	period	NOUN
dem-15481	146	44	4.03.2012	4.03.2012	NUM
dem-15481	146	45	–	–	PUNCT
dem-15481	146	46	01.10.2017	01.10.2017	CCONJ
dem-15481	146	47	on	on	ADP
dem-15481	146	48	the	the	DET
dem-15481	146	49	basis	basis	NOUN
dem-15481	146	50	of	of	ADP
dem-15481	146	51	obtained	obtain	VERB
dem-15481	146	52	in	in	ADP
dem-15481	146	53	the	the	DET
dem-15481	146	54	estimation	estimation	NOUN
dem-15481	146	55	procedure	procedure	NOUN
dem-15481	146	56	values	value	NOUN
dem-15481	146	57	of	of	ADP
dem-15481	146	58	smoothed	smooth	VERB
dem-15481	146	59	probabilities	probability	NOUN
dem-15481	146	60	,	,	PUNCT
dem-15481	146	61	the	the	DET
dem-15481	146	62	moments	moment	NOUN
dem-15481	146	63	of	of	ADP
dem-15481	146	64	process	process	NOUN
dem-15481	146	65	switching	switch	VERB
dem-15481	146	66	between	between	ADP
dem-15481	146	67	particular	particular	ADJ
dem-15481	146	68	volatility	volatility	NOUN
dem-15481	146	69	regimes	regime	NOUN
dem-15481	146	70	were	be	AUX
dem-15481	146	71	estimated	estimate	VERB
dem-15481	146	72	.	.	PUNCT
dem-15481	147	1	then	then	ADV
dem-15481	147	2	,	,	PUNCT
dem-15481	147	3	the	the	DET
dem-15481	147	4	euaas	euaas	NOUN
dem-15481	147	5	returns	return	NOUN
dem-15481	147	6	series	series	NOUN
dem-15481	147	7	was	be	AUX
dem-15481	147	8	divided	divide	VERB
dem-15481	147	9	into	into	ADP
dem-15481	147	10	two	two	NUM
dem-15481	147	11	sub	sub	NOUN
dem-15481	147	12	-	-	NOUN
dem-15481	147	13	samples	sample	NOUN
dem-15481	147	14	generated	generate	VERB
dem-15481	147	15	by	by	ADP
dem-15481	147	16	the	the	DET
dem-15481	147	17	low	low	ADJ
dem-15481	147	18	and	and	CCONJ
dem-15481	147	19	high	high	ADJ
dem-15481	147	20	volatility	volatility	NOUN
dem-15481	147	21	regimes	regime	NOUN
dem-15481	147	22	(	(	PUNCT
dem-15481	147	23	see	see	VERB
dem-15481	147	24	fig	fig	NOUN
dem-15481	147	25	.	.	PUNCT
dem-15481	148	1	2	2	NUM
dem-15481	148	2	)	)	PUNCT
dem-15481	148	3	or	or	CCONJ
dem-15481	148	4	three	three	NUM
dem-15481	148	5	sub	sub	NOUN
dem-15481	148	6	-	-	NOUN
dem-15481	148	7	samples	sample	NOUN
dem-15481	148	8	generated	generate	VERB
dem-15481	148	9	by	by	ADP
dem-15481	148	10	the	the	DET
dem-15481	148	11	regimes	regime	NOUN
dem-15481	148	12	of	of	ADP
dem-15481	148	13	low	low	ADJ
dem-15481	148	14	and	and	CCONJ
dem-15481	148	15	high	high	ADJ
dem-15481	148	16	volatility	volatility	NOUN
dem-15481	148	17	and	and	CCONJ
dem-15481	148	18	the	the	DET
dem-15481	148	19	spiky	spiky	NOUN
dem-15481	148	20	regime	regime	NOUN
dem-15481	148	21	(	(	PUNCT
dem-15481	148	22	see	see	VERB
dem-15481	148	23	fig	fig	NOUN
dem-15481	148	24	.	.	PUNCT
dem-15481	149	1	3	3	NUM
dem-15481	149	2	)	)	PUNCT
dem-15481	149	3	.	.	PUNCT
dem-15481	150	1	one	one	PRON
dem-15481	150	2	can	can	AUX
dem-15481	150	3	observe	observe	VERB
dem-15481	150	4	that	that	SCONJ
dem-15481	150	5	in	in	ADP
dem-15481	150	6	each	each	DET
dem-15481	150	7	case	case	NOUN
dem-15481	150	8	the	the	DET
dem-15481	150	9	majority	majority	NOUN
dem-15481	150	10	of	of	ADP
dem-15481	150	11	euaas	euaas	NOUN
dem-15481	150	12	returns	return	NOUN
dem-15481	150	13	have	have	AUX
dem-15481	150	14	been	be	AUX
dem-15481	150	15	assigned	assign	VERB
dem-15481	150	16	to	to	ADP
dem-15481	150	17	the	the	DET
dem-15481	150	18	low	low	ADJ
dem-15481	150	19	volatility	volatility	NOUN
dem-15481	150	20	regime	regime	NOUN
dem-15481	150	21	(	(	PUNCT
dem-15481	150	22	respectively	respectively	ADV
dem-15481	150	23	:	:	PUNCT
dem-15481	150	24	62.37	62.37	NUM
dem-15481	150	25	%	%	NOUN
dem-15481	150	26	and	and	CCONJ
dem-15481	150	27	54.70	54.70	NUM
dem-15481	150	28	%	%	NOUN
dem-15481	150	29	)	)	PUNCT
dem-15481	150	30	.	.	PUNCT
dem-15481	151	1	however	however	ADV
dem-15481	151	2	,	,	PUNCT
dem-15481	151	3	the	the	DET
dem-15481	151	4	sub	sub	NOUN
dem-15481	151	5	-	-	NOUN
dem-15481	151	6	sample	sample	NOUN
dem-15481	151	7	connected	connect	VERB
dem-15481	151	8	with	with	ADP
dem-15481	151	9	the	the	DET
dem-15481	151	10	high	high	ADJ
dem-15481	151	11	volatility	volatility	NOUN
dem-15481	151	12	regime	regime	NOUN
dem-15481	151	13	is	be	AUX
dem-15481	151	14	relatively	relatively	ADV
dem-15481	151	15	numerous	numerous	ADJ
dem-15481	151	16	,	,	PUNCT
dem-15481	151	17	which	which	PRON
dem-15481	151	18	is	be	AUX
dem-15481	151	19	a	a	DET
dem-15481	151	20	characteristic	characteristic	ADJ
dem-15481	151	21	phenomenon	phenomenon	NOUN
dem-15481	151	22	on	on	ADP
dem-15481	151	23	the	the	DET
dem-15481	151	24	co2	co2	NOUN
dem-15481	151	25	emission	emission	NOUN
dem-15481	151	26	allowance	allowance	NOUN
dem-15481	151	27	market	market	NOUN
dem-15481	151	28	(	(	PUNCT
dem-15481	151	29	sanin	sanin	PROPN
dem-15481	151	30	et	et	PROPN
dem-15481	151	31	al	al	PROPN
dem-15481	151	32	.	.	PROPN
dem-15481	151	33	,	,	PUNCT
dem-15481	151	34	2015	2015	NUM
dem-15481	151	35	)	)	PUNCT
dem-15481	151	36	.	.	PUNCT
dem-15481	152	1	in	in	ADP
dem-15481	152	2	each	each	DET
dem-15481	152	3	sub	sub	NOUN
dem-15481	152	4	-	-	NOUN
dem-15481	152	5	sample	sample	NOUN
dem-15481	152	6	associated	associate	VERB
dem-15481	152	7	with	with	ADP
dem-15481	152	8	the	the	DET
dem-15481	152	9	given	give	VERB
dem-15481	152	10	volatility	volatility	NOUN
dem-15481	152	11	regime	regime	NOUN
dem-15481	152	12	measures	measure	NOUN
dem-15481	152	13	of	of	ADP
dem-15481	152	14	profit	profit	NOUN
dem-15481	152	15	and	and	CCONJ
dem-15481	152	16	risk	risk	NOUN
dem-15481	152	17	have	have	AUX
dem-15481	152	18	been	be	AUX
dem-15481	152	19	determined	determine	VERB
dem-15481	152	20	(	(	PUNCT
dem-15481	152	21	1)–(6	1)–(6	NUM
dem-15481	152	22	)	)	PUNCT
dem-15481	152	23	(	(	PUNCT
dem-15481	152	24	see	see	VERB
dem-15481	152	25	table	table	NOUN
dem-15481	152	26	3	3	NUM
dem-15481	152	27	)	)	PUNCT
dem-15481	152	28	.	.	PUNCT
dem-15481	153	1	the	the	DET
dem-15481	153	2	regime	regime	NOUN
dem-15481	153	3	comprising	comprise	VERB
dem-15481	153	4	turbulent	turbulent	ADJ
dem-15481	153	5	changes	change	NOUN
dem-15481	153	6	occurring	occur	VERB
dem-15481	153	7	on	on	ADP
dem-15481	153	8	the	the	DET
dem-15481	153	9	market	market	NOUN
dem-15481	153	10	of	of	ADP
dem-15481	153	11	co2	co2	NOUN
dem-15481	153	12	emission	emission	NOUN
dem-15481	153	13	allowances	allowance	NOUN
dem-15481	153	14	in	in	ADP
dem-15481	153	15	aviation	aviation	NOUN
dem-15481	153	16	,	,	PUNCT
dem-15481	153	17	the	the	DET
dem-15481	153	18	source	source	NOUN
dem-15481	153	19	of	of	ADP
dem-15481	153	20	which	which	PRON
dem-15481	153	21	is	be	AUX
dem-15481	153	22	primarily	primarily	ADV
dem-15481	153	23	uncertainty	uncertainty	NOUN
dem-15481	153	24	accompanying	accompany	VERB
dem-15481	153	25	the	the	DET
dem-15481	153	26	changes	change	NOUN
dem-15481	153	27	of	of	ADP
dem-15481	153	28	the	the	DET
dem-15481	153	29	eu	eu	PROPN
dem-15481	153	30	climate	climate	NOUN
dem-15481	153	31	policy	policy	NOUN
dem-15481	153	32	and	and	CCONJ
dem-15481	153	33	global	global	ADJ
dem-15481	153	34	regulations	regulation	NOUN
dem-15481	153	35	in	in	ADP
dem-15481	153	36	the	the	DET
dem-15481	153	37	scope	scope	NOUN
dem-15481	153	38	of	of	ADP
dem-15481	153	39	pollutant	pollutant	ADJ
dem-15481	153	40	emission	emission	NOUN
dem-15481	153	41	by	by	ADP
dem-15481	153	42	this	this	DET
dem-15481	153	43	sector	sector	NOUN
dem-15481	153	44	,	,	PUNCT
dem-15481	153	45	is	be	AUX
dem-15481	153	46	characterized	characterize	VERB
dem-15481	153	47	by	by	ADP
dem-15481	153	48	much	much	ADV
dem-15481	153	49	higher	high	ADJ
dem-15481	153	50	values	value	NOUN
dem-15481	153	51	of	of	ADP
dem-15481	153	52	volatility	volatility	NOUN
dem-15481	153	53	and	and	CCONJ
dem-15481	153	54	downside	downside	ADJ
dem-15481	153	55	risk	risk	NOUN
dem-15481	153	56	measures	measure	NOUN
dem-15481	153	57	compared	compare	VERB
dem-15481	153	58	to	to	ADP
dem-15481	153	59	regime	regime	NOUN
dem-15481	153	60	0	0	NUM
dem-15481	153	61	.	.	PUNCT
dem-15481	153	62	focusing	focus	VERB
dem-15481	153	63	on	on	ADP
dem-15481	153	64	the	the	DET
dem-15481	153	65	neutral	neutral	ADJ
dem-15481	153	66	concept	concept	NOUN
dem-15481	153	67	of	of	ADP
dem-15481	153	68	risk	risk	NOUN
dem-15481	153	69	,	,	PUNCT
dem-15481	153	70	one	one	PRON
dem-15481	153	71	can	can	AUX
dem-15481	153	72	see	see	VERB
dem-15481	153	73	that	that	SCONJ
dem-15481	153	74	the	the	DET
dem-15481	153	75	ratio	ratio	NOUN
dem-15481	153	76	between	between	ADP
dem-15481	153	77	standard	standard	ADJ
dem-15481	153	78	deviations	deviation	NOUN
dem-15481	153	79	estimated	estimate	VERB
dem-15481	153	80	in	in	ADP
dem-15481	153	81	regime	regime	NOUN
dem-15481	153	82	1	1	NUM
dem-15481	153	83	and	and	CCONJ
dem-15481	153	84	0	0	NUM
dem-15481	153	85	amounts	amount	NOUN
dem-15481	153	86	to	to	ADP
dem-15481	153	87	almost	almost	ADV
dem-15481	153	88	three	three	NUM
dem-15481	153	89	.	.	PUNCT
dem-15481	154	1	having	having	AUX
dem-15481	154	2	rejected	reject	VERB
dem-15481	154	3	the	the	DET
dem-15481	154	4	outliers	outlier	NOUN
dem-15481	154	5	in	in	ADP
dem-15481	154	6	the	the	DET
dem-15481	154	7	process	process	NOUN
dem-15481	154	8	of	of	ADP
dem-15481	154	9	risk	risk	NOUN
dem-15481	154	10	measurement	measurement	NOUN
dem-15481	154	11	,	,	PUNCT
dem-15481	154	12	the	the	DET
dem-15481	154	13	absolute	absolute	ADJ
dem-15481	154	14	median	median	ADJ
dem-15481	154	15	deviation	deviation	NOUN
dem-15481	154	16	in	in	ADP
dem-15481	154	17	regime	regime	NOUN
dem-15481	154	18	1	1	NUM
dem-15481	154	19	is	be	AUX
dem-15481	154	20	near	near	ADP
dem-15481	154	21	three	three	NUM
dem-15481	154	22	times	time	NOUN
dem-15481	154	23	higher	high	ADJ
dem-15481	154	24	than	than	ADP
dem-15481	154	25	in	in	ADP
dem-15481	154	26	regime	regime	NOUN
dem-15481	154	27	0	0	NUM
dem-15481	154	28	.	.	PUNCT
dem-15481	155	1	the	the	DET
dem-15481	155	2	same	same	ADJ
dem-15481	155	3	ratio	ratio	NOUN
dem-15481	155	4	is	be	AUX
dem-15481	155	5	obtained	obtain	VERB
dem-15481	155	6	when	when	SCONJ
dem-15481	155	7	semi	semi	ADJ
dem-15481	155	8	-	-	ADJ
dem-15481	155	9	standard	standard	ADJ
dem-15481	155	10	deviations	deviation	NOUN
dem-15481	155	11	in	in	ADP
dem-15481	155	12	high	high	ADJ
dem-15481	155	13	and	and	CCONJ
dem-15481	155	14	low	low	ADJ
dem-15481	155	15	volatility	volatility	NOUN
dem-15481	155	16	regimes	regime	NOUN
dem-15481	155	17	are	be	AUX
dem-15481	155	18	compared	compare	VERB
dem-15481	155	19	,	,	PUNCT
dem-15481	155	20	according	accord	VERB
dem-15481	155	21	to	to	ADP
dem-15481	155	22	negative	negative	ADJ
dem-15481	155	23	concept	concept	NOUN
dem-15481	155	24	of	of	ADP
dem-15481	155	25	risk	risk	NOUN
dem-15481	155	26	.	.	PUNCT
dem-15481	156	1	aircraft	aircraft	NOUN
dem-15481	156	2	operators	operator	NOUN
dem-15481	156	3	securing	secure	VERB
dem-15481	156	4	themselves	themselves	PRON
dem-15481	156	5	against	against	ADP
dem-15481	156	6	the	the	DET
dem-15481	156	7	euaas	euaas	NOUN
dem-15481	156	8	price	price	NOUN
dem-15481	156	9	risk	risk	NOUN
dem-15481	156	10	by	by	ADP
dem-15481	156	11	means	mean	NOUN
dem-15481	156	12	of	of	ADP
dem-15481	156	13	futures	future	NOUN
dem-15481	156	14	regime	regime	NOUN
dem-15481	156	15	-	-	PUNCT
dem-15481	156	16	dependent	dependent	ADJ
dem-15481	156	17	assessment	assessment	NOUN
dem-15481	156	18	of	of	ADP
dem-15481	156	19	the	the	DET
dem-15481	156	20	euaa	euaa	ADJ
dem-15481	156	21	price	price	NOUN
dem-15481	156	22	risk	risk	NOUN
dem-15481	156	23	dynamic	dynamic	ADJ
dem-15481	156	24	econometric	econometric	ADJ
dem-15481	156	25	models	model	NOUN
dem-15481	156	26	17	17	NUM
dem-15481	156	27	(	(	PUNCT
dem-15481	156	28	2017	2017	NUM
dem-15481	156	29	)	)	PUNCT
dem-15481	156	30	129–145	129–145	NUM
dem-15481	156	31	141	141	NUM
dem-15481	156	32	contracts	contract	NOUN
dem-15481	156	33	in	in	ADP
dem-15481	156	34	the	the	DET
dem-15481	156	35	high	high	ADJ
dem-15481	156	36	volatility	volatility	NOUN
dem-15481	156	37	periods	period	NOUN
dem-15481	156	38	could	could	AUX
dem-15481	156	39	on	on	ADP
dem-15481	156	40	average	average	ADJ
dem-15481	156	41	lose	lose	VERB
dem-15481	156	42	0.995	0.995	NUM
dem-15481	156	43	%	%	NOUN
dem-15481	156	44	per	per	ADP
dem-15481	156	45	week	week	NOUN
dem-15481	156	46	,	,	PUNCT
dem-15481	156	47	and	and	CCONJ
dem-15481	156	48	in	in	ADP
dem-15481	156	49	the	the	DET
dem-15481	156	50	low	low	ADJ
dem-15481	156	51	volatility	volatility	NOUN
dem-15481	156	52	periods	period	NOUN
dem-15481	156	53	they	they	PRON
dem-15481	156	54	could	could	AUX
dem-15481	156	55	on	on	ADP
dem-15481	156	56	average	average	ADJ
dem-15481	156	57	earn	earn	VERB
dem-15481	156	58	0.621	0.621	NUM
dem-15481	156	59	%	%	NOUN
dem-15481	156	60	.	.	PUNCT
dem-15481	157	1	table	table	NOUN
dem-15481	157	2	3	3	NUM
dem-15481	157	3	.	.	PUNCT
dem-15481	157	4	risk	risk	NOUN
dem-15481	157	5	measurement	measurement	NOUN
dem-15481	157	6	for	for	ADP
dem-15481	157	7	the	the	DET
dem-15481	157	8	euaas	euaas	NOUN
dem-15481	157	9	futures	future	NOUN
dem-15481	157	10	transactions	transaction	NOUN
dem-15481	157	11	in	in	ADP
dem-15481	157	12	particular	particular	ADJ
dem-15481	157	13	regimes	regime	NOUN
dem-15481	157	14	statistic	statistic	ADJ
dem-15481	157	15	ms(2)-dr(4	ms(2)-dr(4	NOUN
dem-15481	157	16	)	)	PUNCT
dem-15481	157	17	ms(3)-dr(4	ms(3)-dr(4	NOUN
dem-15481	157	18	)	)	PUNCT
dem-15481	157	19	regime	regime	NOUN
dem-15481	157	20	0	0	NUM
dem-15481	157	21	regime	regime	NOUN
dem-15481	157	22	1	1	NUM
dem-15481	157	23	regime	regime	NOUN
dem-15481	157	24	0	0	NUM
dem-15481	157	25	regime	regime	NOUN
dem-15481	157	26	1	1	NUM
dem-15481	157	27	regime	regime	NOUN
dem-15481	157	28	2	2	NUM
dem-15481	157	29	minimum	minimum	NOUN
dem-15481	157	30	–	–	PUNCT
dem-15481	157	31	13.246	13.246	NUM
dem-15481	157	32	–	–	PUNCT
dem-15481	157	33	48.791	48.791	NUM
dem-15481	157	34	–	–	PUNCT
dem-15481	157	35	8.049	8.049	NUM
dem-15481	157	36	–	–	PUNCT
dem-15481	157	37	48.791	48.791	NUM
dem-15481	157	38	–	–	PUNCT
dem-15481	157	39	15.214	15.214	NUM
dem-15481	157	40	mean	mean	NOUN
dem-15481	157	41	0.621	0.621	NUM
dem-15481	157	42	–	–	PUNCT
dem-15481	157	43	0.995	0.995	NUM
dem-15481	157	44	0.710	0.710	NUM
dem-15481	157	45	–	–	PUNCT
dem-15481	157	46	22.166	22.166	NUM
dem-15481	157	47	0.421	0.421	NUM
dem-15481	157	48	median	median	NOUN
dem-15481	157	49	0.589	0.589	NUM
dem-15481	157	50	–	–	PUNCT
dem-15481	157	51	1.017	1.017	NUM
dem-15481	157	52	0.692	0.692	NUM
dem-15481	157	53	–	–	PUNCT
dem-15481	157	54	22.816	22.816	NUM
dem-15481	157	55	0.248	0.248	NUM
dem-15481	157	56	maximum	maximum	ADJ
dem-15481	157	57	10.828	10.828	NUM
dem-15481	157	58	23.660	23.660	NUM
dem-15481	157	59	8.701	8.701	NUM
dem-15481	157	60	20.516	20.516	NUM
dem-15481	157	61	23.660	23.660	NUM
dem-15481	157	62	standard	standard	ADJ
dem-15481	157	63	deviation	deviation	NOUN
dem-15481	157	64	4.189	4.189	NUM
dem-15481	157	65	11.708	11.708	NUM
dem-15481	157	66	3.995	3.995	NUM
dem-15481	157	67	21.907	21.907	NUM
dem-15481	157	68	8.573	8.573	NUM
dem-15481	157	69	absolute	absolute	ADJ
dem-15481	157	70	median	median	ADJ
dem-15481	157	71	deviation	deviation	NOUN
dem-15481	157	72	2.701	2.701	NUM
dem-15481	157	73	7.835	7.835	NUM
dem-15481	157	74	2.556	2.556	NUM
dem-15481	157	75	5.776	5.776	NUM
dem-15481	157	76	6.322	6.322	NUM
dem-15481	157	77	iqr	iqr	NOUN
dem-15481	157	78	5.291	5.291	NUM
dem-15481	157	79	15.572	15.572	NUM
dem-15481	157	80	4.905	4.905	NUM
dem-15481	157	81	13.684	13.684	NUM
dem-15481	157	82	12.262	12.262	NUM
dem-15481	157	83	semi	semi	ADV
dem-15481	157	84	standard	standard	ADJ
dem-15481	157	85	deviation	deviation	NOUN
dem-15481	157	86	2.982	2.982	NUM
dem-15481	157	87	8.874	8.874	NUM
dem-15481	157	88	2.734	2.734	NUM
dem-15481	157	89	12.134	12.134	NUM
dem-15481	157	90	5.835	5.835	NUM
dem-15481	157	91	note	note	NOUN
dem-15481	157	92	:	:	PUNCT
dem-15481	157	93	iqr	iqr	ADJ
dem-15481	157	94	–	–	PUNCT
dem-15481	157	95	interquartile	interquartile	ADJ
dem-15481	157	96	range	range	NOUN
dem-15481	157	97	,	,	PUNCT
dem-15481	157	98	the	the	DET
dem-15481	157	99	coefficient	coefficient	NOUN
dem-15481	157	100	of	of	ADP
dem-15481	157	101	variation	variation	NOUN
dem-15481	157	102	is	be	AUX
dem-15481	157	103	not	not	PART
dem-15481	157	104	calculated	calculate	VERB
dem-15481	157	105	because	because	SCONJ
dem-15481	157	106	of	of	ADP
dem-15481	157	107	negative	negative	ADJ
dem-15481	157	108	values	value	NOUN
dem-15481	157	109	of	of	ADP
dem-15481	157	110	expected	expect	VERB
dem-15481	157	111	return	return	NOUN
dem-15481	157	112	in	in	ADP
dem-15481	157	113	some	some	DET
dem-15481	157	114	regimes	regime	NOUN
dem-15481	157	115	.	.	PUNCT
dem-15481	158	1	in	in	ADP
dem-15481	158	2	the	the	DET
dem-15481	158	3	half	half	NOUN
dem-15481	158	4	of	of	ADP
dem-15481	158	5	the	the	DET
dem-15481	158	6	weeks	week	NOUN
dem-15481	158	7	corresponding	correspond	VERB
dem-15481	158	8	with	with	ADP
dem-15481	158	9	the	the	DET
dem-15481	158	10	high	high	ADJ
dem-15481	158	11	volatility	volatility	NOUN
dem-15481	158	12	regime	regime	NOUN
dem-15481	158	13	on	on	ADP
dem-15481	158	14	the	the	DET
dem-15481	158	15	futures	future	NOUN
dem-15481	158	16	market	market	NOUN
dem-15481	158	17	,	,	PUNCT
dem-15481	158	18	it	it	PRON
dem-15481	158	19	was	be	AUX
dem-15481	158	20	possible	possible	ADJ
dem-15481	158	21	to	to	PART
dem-15481	158	22	lose	lose	VERB
dem-15481	158	23	at	at	ADV
dem-15481	158	24	least	least	ADV
dem-15481	158	25	1.017	1.017	NUM
dem-15481	158	26	%	%	NOUN
dem-15481	158	27	.	.	PUNCT
dem-15481	159	1	in	in	ADP
dem-15481	159	2	the	the	DET
dem-15481	159	3	half	half	NOUN
dem-15481	159	4	of	of	ADP
dem-15481	159	5	the	the	DET
dem-15481	159	6	weeks	week	NOUN
dem-15481	159	7	assigned	assign	VERB
dem-15481	159	8	to	to	ADP
dem-15481	159	9	the	the	DET
dem-15481	159	10	low	low	ADJ
dem-15481	159	11	volatility	volatility	NOUN
dem-15481	159	12	regime	regime	NOUN
dem-15481	159	13	,	,	PUNCT
dem-15481	159	14	euaas	euaas	NOUN
dem-15481	159	15	returns	return	NOUN
dem-15481	159	16	were	be	AUX
dem-15481	159	17	not	not	PART
dem-15481	159	18	lower	low	ADJ
dem-15481	159	19	than	than	ADP
dem-15481	159	20	0.589	0.589	NUM
dem-15481	159	21	%	%	NOUN
dem-15481	159	22	.	.	PUNCT
dem-15481	160	1	similar	similar	ADJ
dem-15481	160	2	conclusions	conclusion	NOUN
dem-15481	160	3	can	can	AUX
dem-15481	160	4	be	be	AUX
dem-15481	160	5	formulated	formulate	VERB
dem-15481	160	6	for	for	ADP
dem-15481	160	7	the	the	DET
dem-15481	160	8	3	3	NUM
dem-15481	160	9	-	-	PUNCT
dem-15481	160	10	regime	regime	NOUN
dem-15481	160	11	markov	markov	NOUN
dem-15481	160	12	switching	switching	NOUN
dem-15481	160	13	model	model	NOUN
dem-15481	160	14	,	,	PUNCT
dem-15481	160	15	when	when	SCONJ
dem-15481	160	16	the	the	DET
dem-15481	160	17	estimated	estimate	VERB
dem-15481	160	18	risk	risk	NOUN
dem-15481	160	19	measures	measure	NOUN
dem-15481	160	20	were	be	AUX
dem-15481	160	21	compared	compare	VERB
dem-15481	160	22	for	for	ADP
dem-15481	160	23	the	the	DET
dem-15481	160	24	high	high	ADJ
dem-15481	160	25	and	and	CCONJ
dem-15481	160	26	low	low	ADJ
dem-15481	160	27	volatility	volatility	NOUN
dem-15481	160	28	regime	regime	NOUN
dem-15481	160	29	.	.	PUNCT
dem-15481	161	1	the	the	DET
dem-15481	161	2	risk	risk	NOUN
dem-15481	161	3	accompanying	accompany	VERB
dem-15481	161	4	the	the	DET
dem-15481	161	5	transactions	transaction	NOUN
dem-15481	161	6	concluded	conclude	VERB
dem-15481	161	7	on	on	ADP
dem-15481	161	8	the	the	DET
dem-15481	161	9	derivatives	derivative	NOUN
dem-15481	161	10	market	market	NOUN
dem-15481	161	11	was	be	AUX
dem-15481	161	12	very	very	ADV
dem-15481	161	13	high	high	ADJ
dem-15481	161	14	in	in	ADP
dem-15481	161	15	regime	regime	NOUN
dem-15481	161	16	1	1	NUM
dem-15481	161	17	(	(	PUNCT
dem-15481	161	18	21.907	21.907	NUM
dem-15481	161	19	%	%	NOUN
dem-15481	161	20	according	accord	VERB
dem-15481	161	21	to	to	ADP
dem-15481	161	22	the	the	DET
dem-15481	161	23	neutral	neutral	ADJ
dem-15481	161	24	risk	risk	NOUN
dem-15481	161	25	concept	concept	NOUN
dem-15481	161	26	,	,	PUNCT
dem-15481	161	27	12.134	12.134	NUM
dem-15481	161	28	%	%	NOUN
dem-15481	161	29	according	accord	VERB
dem-15481	161	30	to	to	ADP
dem-15481	161	31	the	the	DET
dem-15481	161	32	negative	negative	ADJ
dem-15481	161	33	concept	concept	NOUN
dem-15481	161	34	)	)	PUNCT
dem-15481	161	35	.	.	PUNCT
dem-15481	162	1	in	in	ADP
dem-15481	162	2	the	the	DET
dem-15481	162	3	spiky	spiky	NOUN
dem-15481	162	4	regime	regime	NOUN
dem-15481	162	5	the	the	DET
dem-15481	162	6	volatility	volatility	NOUN
dem-15481	162	7	estimated	estimate	VERB
dem-15481	162	8	with	with	ADP
dem-15481	162	9	the	the	DET
dem-15481	162	10	means	mean	NOUN
dem-15481	162	11	of	of	ADP
dem-15481	162	12	the	the	DET
dem-15481	162	13	robust	robust	ADJ
dem-15481	162	14	estimator	estimator	NOUN
dem-15481	162	15	which	which	PRON
dem-15481	162	16	is	be	AUX
dem-15481	162	17	absolute	absolute	ADJ
dem-15481	162	18	median	median	ADJ
dem-15481	162	19	deviation	deviation	NOUN
dem-15481	162	20	,	,	PUNCT
dem-15481	162	21	amounts	amount	VERB
dem-15481	162	22	5.776	5.776	NUM
dem-15481	162	23	%	%	NOUN
dem-15481	162	24	and	and	CCONJ
dem-15481	162	25	is	be	AUX
dem-15481	162	26	significantly	significantly	ADV
dem-15481	162	27	lower	low	ADJ
dem-15481	162	28	than	than	ADP
dem-15481	162	29	other	other	ADJ
dem-15481	162	30	volatility	volatility	NOUN
dem-15481	162	31	measures	measure	NOUN
dem-15481	162	32	.	.	PUNCT
dem-15481	163	1	considering	consider	VERB
dem-15481	163	2	also	also	ADV
dem-15481	163	3	the	the	DET
dem-15481	163	4	average	average	ADJ
dem-15481	163	5	value	value	NOUN
dem-15481	163	6	(	(	PUNCT
dem-15481	163	7	–	–	PUNCT
dem-15481	163	8	22.166	22.166	NUM
dem-15481	163	9	%	%	NOUN
dem-15481	163	10	)	)	PUNCT
dem-15481	163	11	and	and	CCONJ
dem-15481	163	12	median	median	ADJ
dem-15481	163	13	(	(	PUNCT
dem-15481	163	14	–	–	PUNCT
dem-15481	163	15	22.816	22.816	NUM
dem-15481	163	16	%	%	NOUN
dem-15481	163	17	)	)	PUNCT
dem-15481	163	18	one	one	PRON
dem-15481	163	19	can	can	AUX
dem-15481	163	20	assume	assume	VERB
dem-15481	163	21	that	that	SCONJ
dem-15481	163	22	the	the	DET
dem-15481	163	23	majority	majority	NOUN
dem-15481	163	24	of	of	ADP
dem-15481	163	25	observations	observation	NOUN
dem-15481	163	26	assigned	assign	VERB
dem-15481	163	27	to	to	PART
dem-15481	163	28	regime	regime	NOUN
dem-15481	163	29	1	1	NUM
dem-15481	163	30	constitute	constitute	VERB
dem-15481	163	31	extremely	extremely	ADV
dem-15481	163	32	large	large	ADJ
dem-15481	163	33	,	,	PUNCT
dem-15481	163	34	negative	negative	ADJ
dem-15481	163	35	euaas	euaas	NOUN
dem-15481	163	36	returns	return	NOUN
dem-15481	163	37	.	.	PUNCT
dem-15481	164	1	the	the	DET
dem-15481	164	2	results	result	NOUN
dem-15481	164	3	presented	present	VERB
dem-15481	164	4	in	in	ADP
dem-15481	164	5	table	table	NOUN
dem-15481	164	6	3	3	NUM
dem-15481	164	7	indicate	indicate	VERB
dem-15481	164	8	significant	significant	ADJ
dem-15481	164	9	differences	difference	NOUN
dem-15481	164	10	in	in	ADP
dem-15481	164	11	the	the	DET
dem-15481	164	12	level	level	NOUN
dem-15481	164	13	of	of	ADP
dem-15481	164	14	risk	risk	NOUN
dem-15481	164	15	accompanying	accompany	VERB
dem-15481	164	16	the	the	DET
dem-15481	164	17	transactions	transaction	NOUN
dem-15481	164	18	concluded	conclude	VERB
dem-15481	164	19	on	on	ADP
dem-15481	164	20	the	the	DET
dem-15481	164	21	euaas	euaas	NOUN
dem-15481	164	22	futures	future	NOUN
dem-15481	164	23	market	market	NOUN
dem-15481	164	24	,	,	PUNCT
dem-15481	164	25	depending	depend	VERB
dem-15481	164	26	on	on	ADP
dem-15481	164	27	the	the	DET
dem-15481	164	28	presence	presence	NOUN
dem-15481	164	29	of	of	ADP
dem-15481	164	30	the	the	DET
dem-15481	164	31	volatility	volatility	NOUN
dem-15481	164	32	regime	regime	NOUN
dem-15481	164	33	in	in	ADP
dem-15481	164	34	the	the	DET
dem-15481	164	35	given	give	VERB
dem-15481	164	36	period	period	NOUN
dem-15481	164	37	.	.	PUNCT
dem-15481	165	1	therefore	therefore	ADV
dem-15481	165	2	,	,	PUNCT
dem-15481	165	3	markov	markov	NOUN
dem-15481	165	4	switching	switching	NOUN
dem-15481	165	5	models	model	NOUN
dem-15481	165	6	may	may	AUX
dem-15481	165	7	constitute	constitute	VERB
dem-15481	165	8	a	a	DET
dem-15481	165	9	useful	useful	ADJ
dem-15481	165	10	tool	tool	NOUN
dem-15481	165	11	that	that	PRON
dem-15481	165	12	allows	allow	VERB
dem-15481	165	13	to	to	PART
dem-15481	165	14	identify	identify	VERB
dem-15481	165	15	the	the	DET
dem-15481	165	16	moment	moment	NOUN
dem-15481	165	17	of	of	ADP
dem-15481	165	18	switching	switch	VERB
dem-15481	165	19	between	between	ADP
dem-15481	165	20	regimes	regime	NOUN
dem-15481	165	21	or	or	CCONJ
dem-15481	165	22	determine	determine	VERB
dem-15481	165	23	the	the	DET
dem-15481	165	24	average	average	ADJ
dem-15481	165	25	lasting	lasting	ADJ
dem-15481	165	26	time	time	NOUN
dem-15481	165	27	of	of	ADP
dem-15481	165	28	particular	particular	ADJ
dem-15481	165	29	volatility	volatility	NOUN
dem-15481	165	30	regimes	regime	NOUN
dem-15481	165	31	on	on	ADP
dem-15481	165	32	the	the	DET
dem-15481	165	33	aviation	aviation	NOUN
dem-15481	165	34	allowances	allowance	VERB
dem-15481	165	35	secondary	secondary	ADJ
dem-15481	165	36	market	market	NOUN
dem-15481	165	37	.	.	PUNCT
dem-15481	166	1	conclusions	conclusion	NOUN
dem-15481	166	2	decisions	decision	NOUN
dem-15481	166	3	concerning	concern	VERB
dem-15481	166	4	tightening	tighten	VERB
dem-15481	166	5	the	the	DET
dem-15481	166	6	eu	eu	PROPN
dem-15481	166	7	climate	climate	NOUN
dem-15481	166	8	policy	policy	NOUN
dem-15481	166	9	in	in	ADP
dem-15481	166	10	the	the	DET
dem-15481	166	11	scope	scope	NOUN
dem-15481	166	12	of	of	ADP
dem-15481	166	13	greenhouse	greenhouse	NOUN
dem-15481	166	14	gases	gas	NOUN
dem-15481	166	15	emission	emission	VERB
dem-15481	166	16	from	from	ADP
dem-15481	166	17	aviation	aviation	NOUN
dem-15481	166	18	and	and	CCONJ
dem-15481	166	19	modifying	modify	VERB
dem-15481	166	20	the	the	DET
dem-15481	166	21	principles	principle	NOUN
dem-15481	166	22	of	of	ADP
dem-15481	166	23	the	the	DET
dem-15481	166	24	aneta	aneta	PROPN
dem-15481	166	25	włodarczyk	włodarczyk	AUX
dem-15481	166	26	dynamic	dynamic	ADJ
dem-15481	166	27	econometric	econometric	ADJ
dem-15481	166	28	models	model	NOUN
dem-15481	166	29	17	17	NUM
dem-15481	166	30	(	(	PUNCT
dem-15481	166	31	2017	2017	NUM
dem-15481	166	32	)	)	PUNCT
dem-15481	166	33	129–145	129–145	NUM
dem-15481	166	34	142	142	NUM
dem-15481	166	35	eu	eu	PROPN
dem-15481	166	36	ets	et	NOUN
dem-15481	166	37	functioning	function	VERB
dem-15481	166	38	will	will	AUX
dem-15481	166	39	affect	affect	VERB
dem-15481	166	40	competitiveness	competitiveness	NOUN
dem-15481	166	41	of	of	ADP
dem-15481	166	42	aircraft	aircraft	NOUN
dem-15481	166	43	operators	operator	NOUN
dem-15481	166	44	performing	perform	VERB
dem-15481	166	45	flights	flight	NOUN
dem-15481	166	46	within	within	ADP
dem-15481	166	47	the	the	DET
dem-15481	166	48	european	european	ADJ
dem-15481	166	49	economic	economic	ADJ
dem-15481	166	50	area	area	NOUN
dem-15481	166	51	in	in	ADP
dem-15481	166	52	the	the	DET
dem-15481	166	53	years	year	NOUN
dem-15481	166	54	2012–2020	2012–2020	NUM
dem-15481	166	55	.	.	PUNCT
dem-15481	167	1	therefore	therefore	ADV
dem-15481	167	2	,	,	PUNCT
dem-15481	167	3	it	it	PRON
dem-15481	167	4	is	be	AUX
dem-15481	167	5	important	important	ADJ
dem-15481	167	6	that	that	SCONJ
dem-15481	167	7	the	the	DET
dem-15481	167	8	system	system	NOUN
dem-15481	167	9	of	of	ADP
dem-15481	167	10	co2	co2	NOUN
dem-15481	167	11	emission	emission	NOUN
dem-15481	167	12	risk	risk	NOUN
dem-15481	167	13	management	management	NOUN
dem-15481	167	14	is	be	AUX
dem-15481	167	15	adjusted	adjust	VERB
dem-15481	167	16	to	to	ADP
dem-15481	167	17	individual	individual	ADJ
dem-15481	167	18	needs	need	NOUN
dem-15481	167	19	of	of	ADP
dem-15481	167	20	a	a	DET
dem-15481	167	21	given	give	VERB
dem-15481	167	22	aircraft	aircraft	NOUN
dem-15481	167	23	operator	operator	NOUN
dem-15481	167	24	and	and	CCONJ
dem-15481	167	25	targeted	target	VERB
dem-15481	167	26	to	to	PART
dem-15481	167	27	implement	implement	VERB
dem-15481	167	28	eco	eco	NOUN
dem-15481	167	29	-	-	PUNCT
dem-15481	167	30	innovations	innovation	NOUN
dem-15481	167	31	,	,	PUNCT
dem-15481	167	32	making	make	VERB
dem-15481	167	33	it	it	PRON
dem-15481	167	34	possible	possible	ADJ
dem-15481	167	35	not	not	PART
dem-15481	167	36	only	only	ADV
dem-15481	167	37	to	to	PART
dem-15481	167	38	comply	comply	VERB
dem-15481	167	39	with	with	ADP
dem-15481	167	40	legal	legal	ADJ
dem-15481	167	41	regulations	regulation	NOUN
dem-15481	167	42	concerning	concern	VERB
dem-15481	167	43	the	the	DET
dem-15481	167	44	size	size	NOUN
dem-15481	167	45	of	of	ADP
dem-15481	167	46	co2	co2	NOUN
dem-15481	167	47	emission	emission	NOUN
dem-15481	167	48	but	but	CCONJ
dem-15481	167	49	also	also	ADV
dem-15481	167	50	to	to	PART
dem-15481	167	51	earn	earn	VERB
dem-15481	167	52	on	on	ADP
dem-15481	167	53	the	the	DET
dem-15481	167	54	growth	growth	NOUN
dem-15481	167	55	of	of	ADP
dem-15481	167	56	fuel	fuel	NOUN
dem-15481	167	57	efficiency	efficiency	NOUN
dem-15481	167	58	and	and	CCONJ
dem-15481	167	59	transportation	transportation	NOUN
dem-15481	167	60	process	process	NOUN
dem-15481	167	61	optimization	optimization	NOUN
dem-15481	167	62	by	by	ADP
dem-15481	167	63	the	the	DET
dem-15481	167	64	operator	operator	NOUN
dem-15481	167	65	(	(	PUNCT
dem-15481	167	66	ko	ko	PROPN
dem-15481	167	67	et	et	PROPN
dem-15481	167	68	al	al	PROPN
dem-15481	167	69	.	.	PROPN
dem-15481	167	70	,	,	PUNCT
dem-15481	167	71	2017	2017	NUM
dem-15481	167	72	)	)	PUNCT
dem-15481	167	73	.	.	PUNCT
dem-15481	168	1	moreover	moreover	ADV
dem-15481	168	2	,	,	PUNCT
dem-15481	168	3	the	the	DET
dem-15481	168	4	constant	constant	ADJ
dem-15481	168	5	control	control	NOUN
dem-15481	168	6	over	over	ADP
dem-15481	168	7	the	the	DET
dem-15481	168	8	co2	co2	NOUN
dem-15481	168	9	emissions	emission	NOUN
dem-15481	168	10	in	in	ADP
dem-15481	168	11	order	order	NOUN
dem-15481	168	12	to	to	ADP
dem-15481	168	13	the	the	DET
dem-15481	168	14	maintenance	maintenance	NOUN
dem-15481	168	15	it	it	PRON
dem-15481	168	16	below	below	ADP
dem-15481	168	17	the	the	DET
dem-15481	168	18	upper	upper	ADJ
dem-15481	168	19	allowed	allow	VERB
dem-15481	168	20	threshold	threshold	NOUN
dem-15481	168	21	and	and	CCONJ
dem-15481	168	22	sale	sale	NOUN
dem-15481	168	23	at	at	ADP
dem-15481	168	24	an	an	DET
dem-15481	168	25	attractive	attractive	ADJ
dem-15481	168	26	price	price	NOUN
dem-15481	168	27	the	the	DET
dem-15481	168	28	surplus	surplus	NOUN
dem-15481	168	29	of	of	ADP
dem-15481	168	30	co2	co2	NOUN
dem-15481	168	31	emission	emission	NOUN
dem-15481	168	32	allowances	allowance	NOUN
dem-15481	168	33	leads	lead	VERB
dem-15481	168	34	to	to	ADP
dem-15481	168	35	strengthening	strengthen	VERB
dem-15481	168	36	the	the	DET
dem-15481	168	37	competitive	competitive	ADJ
dem-15481	168	38	advantage	advantage	NOUN
dem-15481	168	39	of	of	ADP
dem-15481	168	40	aircraft	aircraft	NOUN
dem-15481	168	41	operators	operator	NOUN
dem-15481	168	42	.	.	PUNCT
dem-15481	169	1	by	by	ADP
dem-15481	169	2	including	include	VERB
dem-15481	169	3	civil	civil	ADJ
dem-15481	169	4	aviation	aviation	NOUN
dem-15481	169	5	to	to	ADP
dem-15481	169	6	the	the	DET
dem-15481	169	7	eu	eu	PROPN
dem-15481	169	8	ets	ets	PROPN
dem-15481	169	9	system	system	NOUN
dem-15481	169	10	the	the	DET
dem-15481	169	11	legislators	legislator	NOUN
dem-15481	169	12	wanted	want	VERB
dem-15481	169	13	to	to	PART
dem-15481	169	14	implement	implement	VERB
dem-15481	169	15	the	the	DET
dem-15481	169	16	principle	principle	ADJ
dem-15481	169	17	“	"	PUNCT
dem-15481	169	18	polluter	polluter	NOUN
dem-15481	169	19	pays	pay	NOUN
dem-15481	169	20	”	"	PUNCT
dem-15481	169	21	,	,	PUNCT
dem-15481	169	22	yet	yet	ADV
dem-15481	169	23	,	,	PUNCT
dem-15481	169	24	the	the	DET
dem-15481	169	25	economic	economic	ADJ
dem-15481	169	26	practice	practice	NOUN
dem-15481	169	27	has	have	AUX
dem-15481	169	28	shown	show	VERB
dem-15481	169	29	that	that	SCONJ
dem-15481	169	30	similarly	similarly	ADV
dem-15481	169	31	to	to	ADP
dem-15481	169	32	the	the	DET
dem-15481	169	33	energy	energy	NOUN
dem-15481	169	34	sector	sector	NOUN
dem-15481	169	35	,	,	PUNCT
dem-15481	169	36	aircraft	aircraft	NOUN
dem-15481	169	37	operators	operator	NOUN
dem-15481	169	38	started	start	VERB
dem-15481	169	39	gradually	gradually	ADV
dem-15481	169	40	transfer	transfer	VERB
dem-15481	169	41	the	the	DET
dem-15481	169	42	cost	cost	NOUN
dem-15481	169	43	of	of	ADP
dem-15481	169	44	participation	participation	NOUN
dem-15481	169	45	in	in	ADP
dem-15481	169	46	the	the	DET
dem-15481	169	47	eu	eu	PROPN
dem-15481	169	48	ets	et	NOUN
dem-15481	169	49	on	on	ADP
dem-15481	169	50	the	the	DET
dem-15481	169	51	customers	customer	NOUN
dem-15481	169	52	.	.	PUNCT
dem-15481	170	1	thanks	thank	NOUN
dem-15481	170	2	to	to	ADP
dem-15481	170	3	including	include	VERB
dem-15481	170	4	the	the	DET
dem-15481	170	5	cost	cost	NOUN
dem-15481	170	6	of	of	ADP
dem-15481	170	7	co2	co2	NOUN
dem-15481	170	8	emission	emission	NOUN
dem-15481	170	9	into	into	ADP
dem-15481	170	10	the	the	DET
dem-15481	170	11	price	price	NOUN
dem-15481	170	12	of	of	ADP
dem-15481	170	13	tickets	ticket	NOUN
dem-15481	170	14	,	,	PUNCT
dem-15481	170	15	despite	despite	SCONJ
dem-15481	170	16	received	receive	VERB
dem-15481	170	17	free	free	ADJ
dem-15481	170	18	of	of	ADP
dem-15481	170	19	charge	charge	NOUN
dem-15481	170	20	share	share	NOUN
dem-15481	170	21	of	of	ADP
dem-15481	170	22	aviation	aviation	NOUN
dem-15481	170	23	allowances	allowance	NOUN
dem-15481	170	24	,	,	PUNCT
dem-15481	170	25	the	the	DET
dem-15481	170	26	operators	operator	NOUN
dem-15481	170	27	recorded	record	VERB
dem-15481	170	28	windfall	windfall	NOUN
dem-15481	170	29	profit	profit	NOUN
dem-15481	170	30	.	.	PUNCT
dem-15481	171	1	making	make	VERB
dem-15481	171	2	use	use	NOUN
dem-15481	171	3	of	of	ADP
dem-15481	171	4	this	this	DET
dem-15481	171	5	option	option	NOUN
dem-15481	171	6	depends	depend	VERB
dem-15481	171	7	on	on	ADP
dem-15481	171	8	the	the	DET
dem-15481	171	9	elasticity	elasticity	NOUN
dem-15481	171	10	of	of	ADP
dem-15481	171	11	the	the	DET
dem-15481	171	12	demand	demand	NOUN
dem-15481	171	13	for	for	ADP
dem-15481	171	14	aviation	aviation	NOUN
dem-15481	171	15	services	service	NOUN
dem-15481	171	16	,	,	PUNCT
dem-15481	171	17	offers	offer	NOUN
dem-15481	171	18	of	of	ADP
dem-15481	171	19	competitive	competitive	ADJ
dem-15481	171	20	air	air	NOUN
dem-15481	171	21	carriers	carrier	NOUN
dem-15481	171	22	,	,	PUNCT
dem-15481	171	23	state	state	NOUN
dem-15481	171	24	regulations	regulation	NOUN
dem-15481	171	25	of	of	ADP
dem-15481	171	26	air	air	NOUN
dem-15481	171	27	transport	transport	NOUN
dem-15481	171	28	market	market	NOUN
dem-15481	171	29	in	in	ADP
dem-15481	171	30	the	the	DET
dem-15481	171	31	scope	scope	NOUN
dem-15481	171	32	of	of	ADP
dem-15481	171	33	access	access	NOUN
dem-15481	171	34	to	to	ADP
dem-15481	171	35	both	both	DET
dem-15481	171	36	domestic	domestic	ADJ
dem-15481	171	37	transports	transport	NOUN
dem-15481	171	38	as	as	ADV
dem-15481	171	39	well	well	ADV
dem-15481	171	40	as	as	ADP
dem-15481	171	41	on	on	ADP
dem-15481	171	42	international	international	ADJ
dem-15481	171	43	markets	market	NOUN
dem-15481	171	44	(	(	PUNCT
dem-15481	171	45	concessions	concession	NOUN
dem-15481	171	46	,	,	PUNCT
dem-15481	171	47	certificates	certificate	NOUN
dem-15481	171	48	)	)	PUNCT
dem-15481	171	49	(	(	PUNCT
dem-15481	171	50	tłoczyński	tłoczyński	NOUN
dem-15481	171	51	,	,	PUNCT
dem-15481	171	52	2015	2015	NUM
dem-15481	171	53	;	;	PUNCT
dem-15481	171	54	dyduch	dyduch	NOUN
dem-15481	171	55	,	,	PUNCT
dem-15481	171	56	2013	2013	NUM
dem-15481	171	57	)	)	PUNCT
dem-15481	171	58	.	.	PUNCT
dem-15481	172	1	due	due	ADP
dem-15481	172	2	to	to	ADP
dem-15481	172	3	the	the	DET
dem-15481	172	4	fact	fact	NOUN
dem-15481	172	5	that	that	SCONJ
dem-15481	172	6	aircraft	aircraft	NOUN
dem-15481	172	7	operators	operator	NOUN
dem-15481	172	8	have	have	AUX
dem-15481	172	9	to	to	PART
dem-15481	172	10	make	make	VERB
dem-15481	172	11	decisions	decision	NOUN
dem-15481	172	12	on	on	ADP
dem-15481	172	13	the	the	DET
dem-15481	172	14	way	way	NOUN
dem-15481	172	15	they	they	PRON
dem-15481	172	16	use	use	VERB
dem-15481	172	17	aviation	aviation	NOUN
dem-15481	172	18	allowances	allowance	NOUN
dem-15481	172	19	,	,	PUNCT
dem-15481	172	20	the	the	DET
dem-15481	172	21	measurement	measurement	NOUN
dem-15481	172	22	of	of	ADP
dem-15481	172	23	euaas	euaas	NOUN
dem-15481	172	24	price	price	NOUN
dem-15481	172	25	risk	risk	NOUN
dem-15481	172	26	on	on	ADP
dem-15481	172	27	the	the	DET
dem-15481	172	28	secondary	secondary	ADJ
dem-15481	172	29	market	market	NOUN
dem-15481	172	30	is	be	AUX
dem-15481	172	31	of	of	ADP
dem-15481	172	32	vital	vital	ADJ
dem-15481	172	33	importance	importance	NOUN
dem-15481	172	34	in	in	ADP
dem-15481	172	35	this	this	DET
dem-15481	172	36	decision	decision	NOUN
dem-15481	172	37	-	-	PUNCT
dem-15481	172	38	making	make	VERB
dem-15481	172	39	process	process	NOUN
dem-15481	172	40	.	.	PUNCT
dem-15481	173	1	if	if	SCONJ
dem-15481	173	2	the	the	DET
dem-15481	173	3	marginal	marginal	ADJ
dem-15481	173	4	profit	profit	NOUN
dem-15481	173	5	from	from	ADP
dem-15481	173	6	the	the	DET
dem-15481	173	7	sale	sale	NOUN
dem-15481	173	8	of	of	ADP
dem-15481	173	9	aviation	aviation	NOUN
dem-15481	173	10	service	service	NOUN
dem-15481	173	11	is	be	AUX
dem-15481	173	12	higher	high	ADJ
dem-15481	173	13	than	than	ADP
dem-15481	173	14	the	the	DET
dem-15481	173	15	market	market	NOUN
dem-15481	173	16	value	value	NOUN
dem-15481	173	17	of	of	ADP
dem-15481	173	18	euaa	euaa	ADJ
dem-15481	173	19	allowances	allowance	NOUN
dem-15481	173	20	,	,	PUNCT
dem-15481	173	21	the	the	DET
dem-15481	173	22	aviation	aviation	NOUN
dem-15481	173	23	allowances	allowance	NOUN
dem-15481	173	24	will	will	AUX
dem-15481	173	25	be	be	AUX
dem-15481	173	26	used	use	VERB
dem-15481	173	27	to	to	PART
dem-15481	173	28	cover	cover	VERB
dem-15481	173	29	co2	co2	NOUN
dem-15481	173	30	emissions	emission	NOUN
dem-15481	173	31	derived	derive	VERB
dem-15481	173	32	from	from	ADP
dem-15481	173	33	the	the	DET
dem-15481	173	34	air	air	NOUN
dem-15481	173	35	operations	operation	NOUN
dem-15481	173	36	(	(	PUNCT
dem-15481	173	37	dyduch	dyduch	NOUN
dem-15481	173	38	,	,	PUNCT
dem-15481	173	39	2013	2013	NUM
dem-15481	173	40	)	)	PUNCT
dem-15481	173	41	.	.	PUNCT
dem-15481	174	1	the	the	DET
dem-15481	174	2	paper	paper	NOUN
dem-15481	174	3	shows	show	VERB
dem-15481	174	4	the	the	DET
dem-15481	174	5	changes	change	NOUN
dem-15481	174	6	in	in	ADP
dem-15481	174	7	the	the	DET
dem-15481	174	8	euaas	euaas	NOUN
dem-15481	174	9	price	price	NOUN
dem-15481	174	10	risk	risk	NOUN
dem-15481	174	11	level	level	NOUN
dem-15481	174	12	depending	depend	VERB
dem-15481	174	13	on	on	ADP
dem-15481	174	14	the	the	DET
dem-15481	174	15	volatility	volatility	NOUN
dem-15481	174	16	regime	regime	NOUN
dem-15481	174	17	in	in	ADP
dem-15481	174	18	force	force	NOUN
dem-15481	174	19	on	on	ADP
dem-15481	174	20	the	the	DET
dem-15481	174	21	aviation	aviation	NOUN
dem-15481	174	22	allowances	allowance	VERB
dem-15481	174	23	secondary	secondary	ADJ
dem-15481	174	24	market	market	NOUN
dem-15481	174	25	.	.	PUNCT
dem-15481	175	1	on	on	ADP
dem-15481	175	2	the	the	DET
dem-15481	175	3	basis	basis	NOUN
dem-15481	175	4	of	of	ADP
dem-15481	175	5	estimated	estimate	VERB
dem-15481	175	6	markov	markov	NOUN
dem-15481	175	7	switching	switching	NOUN
dem-15481	175	8	models	model	NOUN
dem-15481	175	9	the	the	DET
dem-15481	175	10	author	author	NOUN
dem-15481	175	11	has	have	AUX
dem-15481	175	12	identified	identify	VERB
dem-15481	175	13	two	two	NUM
dem-15481	175	14	or	or	CCONJ
dem-15481	175	15	three	three	NUM
dem-15481	175	16	volatility	volatility	NOUN
dem-15481	175	17	regimes	regime	NOUN
dem-15481	175	18	,	,	PUNCT
dem-15481	175	19	for	for	SCONJ
dem-15481	175	20	each	each	DET
dem-15481	175	21	different	different	ADJ
dem-15481	175	22	risk	risk	NOUN
dem-15481	175	23	measures	measure	NOUN
dem-15481	175	24	have	have	AUX
dem-15481	175	25	been	be	AUX
dem-15481	175	26	determined	determine	VERB
dem-15481	175	27	.	.	PUNCT
dem-15481	176	1	the	the	DET
dem-15481	176	2	high	high	ADJ
dem-15481	176	3	volatility	volatility	NOUN
dem-15481	176	4	regime	regime	NOUN
dem-15481	176	5	,	,	PUNCT
dem-15481	176	6	in	in	ADP
dem-15481	176	7	which	which	PRON
dem-15481	176	8	the	the	DET
dem-15481	176	9	risk	risk	NOUN
dem-15481	176	10	accompanying	accompany	VERB
dem-15481	176	11	the	the	DET
dem-15481	176	12	sale	sale	NOUN
dem-15481	176	13	and	and	CCONJ
dem-15481	176	14	purchase	purchase	NOUN
dem-15481	176	15	transactions	transaction	NOUN
dem-15481	176	16	of	of	ADP
dem-15481	176	17	euaas	euaas	NOUN
dem-15481	176	18	futures	future	NOUN
dem-15481	176	19	was	be	AUX
dem-15481	176	20	several	several	ADJ
dem-15481	176	21	time	time	NOUN
dem-15481	176	22	higher	high	ADJ
dem-15481	176	23	than	than	ADP
dem-15481	176	24	in	in	ADP
dem-15481	176	25	the	the	DET
dem-15481	176	26	low	low	ADJ
dem-15481	176	27	volatility	volatility	NOUN
dem-15481	176	28	regime	regime	NOUN
dem-15481	176	29	,	,	PUNCT
dem-15481	176	30	has	have	AUX
dem-15481	176	31	been	be	AUX
dem-15481	176	32	assigned	assign	VERB
dem-15481	176	33	to	to	ADP
dem-15481	176	34	the	the	DET
dem-15481	176	35	periods	period	NOUN
dem-15481	176	36	when	when	SCONJ
dem-15481	176	37	important	important	ADJ
dem-15481	176	38	regulations	regulation	NOUN
dem-15481	176	39	in	in	ADP
dem-15481	176	40	the	the	DET
dem-15481	176	41	aviation	aviation	NOUN
dem-15481	176	42	sector	sector	NOUN
dem-15481	176	43	were	be	AUX
dem-15481	176	44	introduced	introduce	VERB
dem-15481	176	45	.	.	PUNCT
dem-15481	177	1	the	the	DET
dem-15481	177	2	periods	period	NOUN
dem-15481	177	3	assigned	assign	VERB
dem-15481	177	4	to	to	ADP
dem-15481	177	5	the	the	DET
dem-15481	177	6	high	high	ADJ
dem-15481	177	7	volatility	volatility	NOUN
dem-15481	177	8	regime	regime	NOUN
dem-15481	177	9	corresponded	correspond	VERB
dem-15481	177	10	with	with	ADP
dem-15481	177	11	such	such	ADJ
dem-15481	177	12	events	event	NOUN
dem-15481	177	13	as	as	ADP
dem-15481	177	14	:	:	PUNCT
dem-15481	177	15	the	the	DET
dem-15481	177	16	end	end	NOUN
dem-15481	177	17	of	of	ADP
dem-15481	177	18	the	the	DET
dem-15481	177	19	first	first	ADJ
dem-15481	177	20	settlement	settlement	NOUN
dem-15481	177	21	period	period	NOUN
dem-15481	177	22	for	for	ADP
dem-15481	177	23	the	the	DET
dem-15481	177	24	aviation	aviation	NOUN
dem-15481	177	25	sector	sector	NOUN
dem-15481	177	26	in	in	ADP
dem-15481	177	27	the	the	DET
dem-15481	177	28	eu	eu	PROPN
dem-15481	177	29	ets	ets	PROPN
dem-15481	177	30	(	(	PUNCT
dem-15481	177	31	2012	2012	NUM
dem-15481	177	32	-	-	SYM
dem-15481	177	33	11	11	NUM
dem-15481	177	34	-	-	PUNCT
dem-15481	177	35	25–2013	25–2013	NUM
dem-15481	177	36	-	-	PUNCT
dem-15481	177	37	01	01	NUM
dem-15481	177	38	-	-	PUNCT
dem-15481	177	39	13	13	NUM
dem-15481	177	40	)	)	PUNCT
dem-15481	177	41	,	,	PUNCT
dem-15481	177	42	conducting	conduct	VERB
dem-15481	177	43	the	the	DET
dem-15481	177	44	first	first	ADJ
dem-15481	177	45	settlement	settlement	NOUN
dem-15481	177	46	of	of	ADP
dem-15481	177	47	historical	historical	ADJ
dem-15481	177	48	co2	co2	NOUN
dem-15481	177	49	emissions	emission	NOUN
dem-15481	177	50	in	in	ADP
dem-15481	177	51	civil	civil	ADJ
dem-15481	177	52	aviation	aviation	NOUN
dem-15481	177	53	for	for	ADP
dem-15481	177	54	the	the	DET
dem-15481	177	55	year	year	NOUN
dem-15481	177	56	2012	2012	NUM
dem-15481	177	57	and	and	CCONJ
dem-15481	177	58	publishing	publish	VERB
dem-15481	177	59	the	the	DET
dem-15481	177	60	decision	decision	NOUN
dem-15481	177	61	of	of	ADP
dem-15481	177	62	the	the	DET
dem-15481	177	63	european	european	ADJ
dem-15481	177	64	parliament	parliament	NOUN
dem-15481	177	65	and	and	CCONJ
dem-15481	177	66	council	council	PROPN
dem-15481	177	67	on	on	ADP
dem-15481	177	68	implementing	implement	VERB
dem-15481	177	69	the	the	DET
dem-15481	177	70	„	„	PUNCT
dem-15481	177	71	stop	stop	VERB
dem-15481	177	72	the	the	DET
dem-15481	177	73	regime	regime	NOUN
dem-15481	177	74	-	-	PUNCT
dem-15481	177	75	dependent	dependent	ADJ
dem-15481	177	76	assessment	assessment	NOUN
dem-15481	177	77	of	of	ADP
dem-15481	177	78	the	the	DET
dem-15481	177	79	euaa	euaa	ADJ
dem-15481	177	80	price	price	NOUN
dem-15481	177	81	risk	risk	NOUN
dem-15481	177	82	dynamic	dynamic	ADJ
dem-15481	177	83	econometric	econometric	ADJ
dem-15481	177	84	models	model	NOUN
dem-15481	177	85	17	17	NUM
dem-15481	177	86	(	(	PUNCT
dem-15481	177	87	2017	2017	NUM
dem-15481	177	88	)	)	PUNCT
dem-15481	177	89	129–145	129–145	NUM
dem-15481	177	90	143	143	DET
dem-15481	177	91	clock	clock	NOUN
dem-15481	177	92	”	"	PUNCT
dem-15481	177	93	mechanism	mechanism	NOUN
dem-15481	177	94	(	(	PUNCT
dem-15481	177	95	2013	2013	NUM
dem-15481	177	96	-	-	PUNCT
dem-15481	177	97	04	04	NUM
dem-15481	177	98	-	-	PUNCT
dem-15481	177	99	21	21	NUM
dem-15481	177	100	,	,	PUNCT
dem-15481	177	101	2013	2013	NUM
dem-15481	177	102	-	-	PUNCT
dem-15481	177	103	04	04	NUM
dem-15481	177	104	-	-	PUNCT
dem-15481	177	105	28–2013	28–2013	NUM
dem-15481	177	106	-	-	PUNCT
dem-15481	177	107	06	06	NUM
dem-15481	177	108	-	-	PUNCT
dem-15481	177	109	23	23	NUM
dem-15481	177	110	)	)	PUNCT
dem-15481	177	111	,	,	PUNCT
dem-15481	177	112	publishing	publish	VERB
dem-15481	177	113	the	the	DET
dem-15481	177	114	regulation	regulation	NOUN
dem-15481	177	115	421/2014	421/2014	NUM
dem-15481	177	116	on	on	ADP
dem-15481	177	117	further	further	ADJ
dem-15481	177	118	derogation	derogation	NOUN
dem-15481	177	119	in	in	ADP
dem-15481	177	120	aviation	aviation	NOUN
dem-15481	177	121	(	(	PUNCT
dem-15481	177	122	2014	2014	NUM
dem-15481	177	123	-	-	PUNCT
dem-15481	177	124	04	04	NUM
dem-15481	177	125	-	-	PUNCT
dem-15481	177	126	06–201405	06–201405	NOUN
dem-15481	177	127	-	-	PUNCT
dem-15481	177	128	25	25	NUM
dem-15481	177	129	)	)	PUNCT
dem-15481	177	130	,	,	PUNCT
dem-15481	177	131	works	work	VERB
dem-15481	177	132	on	on	ADP
dem-15481	177	133	concluding	conclude	VERB
dem-15481	177	134	a	a	DET
dem-15481	177	135	global	global	ADJ
dem-15481	177	136	agreement	agreement	NOUN
dem-15481	177	137	regarding	regard	VERB
dem-15481	177	138	implementation	implementation	NOUN
dem-15481	177	139	of	of	ADP
dem-15481	177	140	the	the	DET
dem-15481	177	141	carbon	carbon	NOUN
dem-15481	177	142	offset	offset	NOUN
dem-15481	177	143	and	and	CCONJ
dem-15481	177	144	reduction	reduction	NOUN
dem-15481	177	145	scheme	scheme	NOUN
dem-15481	177	146	for	for	ADP
dem-15481	177	147	international	international	ADJ
dem-15481	177	148	aviation	aviation	NOUN
dem-15481	177	149	,	,	PUNCT
dem-15481	177	150	corsia	corsia	PROPN
dem-15481	177	151	)	)	PUNCT
dem-15481	177	152	(	(	PUNCT
dem-15481	177	153	2016	2016	NUM
dem-15481	177	154	-	-	SYM
dem-15481	177	155	06	06	NUM
dem-15481	177	156	-	-	PUNCT
dem-15481	177	157	19–2016	19–2016	NUM
dem-15481	177	158	-	-	PUNCT
dem-15481	177	159	12	12	NUM
dem-15481	177	160	-	-	SYM
dem-15481	177	161	25	25	NUM
dem-15481	177	162	)	)	PUNCT
dem-15481	177	163	.	.	PUNCT
dem-15481	178	1	such	such	DET
dem-15481	178	2	an	an	DET
dem-15481	178	3	approach	approach	NOUN
dem-15481	178	4	makes	make	VERB
dem-15481	178	5	it	it	PRON
dem-15481	178	6	possible	possible	ADJ
dem-15481	178	7	to	to	PART
dem-15481	178	8	measure	measure	VERB
dem-15481	178	9	more	more	ADJ
dem-15481	178	10	precisely	precisely	ADV
dem-15481	178	11	the	the	DET
dem-15481	178	12	risk	risk	NOUN
dem-15481	178	13	that	that	PRON
dem-15481	178	14	accompanies	accompany	VERB
dem-15481	178	15	the	the	DET
dem-15481	178	16	sale	sale	NOUN
dem-15481	178	17	/	/	SYM
dem-15481	178	18	purchase	purchase	NOUN
dem-15481	178	19	transactions	transaction	NOUN
dem-15481	178	20	of	of	ADP
dem-15481	178	21	aviation	aviation	NOUN
dem-15481	178	22	allowances	allowance	NOUN
dem-15481	178	23	on	on	ADP
dem-15481	178	24	the	the	DET
dem-15481	178	25	secondary	secondary	ADJ
dem-15481	178	26	market	market	NOUN
dem-15481	178	27	.	.	PUNCT
dem-15481	179	1	it	it	PRON
dem-15481	179	2	also	also	ADV
dem-15481	179	3	allows	allow	VERB
dem-15481	179	4	diversification	diversification	NOUN
dem-15481	179	5	of	of	ADP
dem-15481	179	6	the	the	DET
dem-15481	179	7	adopted	adopt	VERB
dem-15481	179	8	by	by	ADP
dem-15481	179	9	aircraft	aircraft	NOUN
dem-15481	179	10	operators	operator	NOUN
dem-15481	179	11	strategies	strategy	NOUN
dem-15481	179	12	of	of	ADP
dem-15481	179	13	securing	secure	VERB
dem-15481	179	14	themselves	themselves	PRON
dem-15481	179	15	against	against	ADP
dem-15481	179	16	the	the	DET
dem-15481	179	17	risk	risk	NOUN
dem-15481	179	18	of	of	ADP
dem-15481	179	19	co2	co2	NOUN
dem-15481	179	20	emission	emission	NOUN
dem-15481	179	21	allowances	allowance	NOUN
dem-15481	179	22	price	price	NOUN
dem-15481	179	23	depending	depend	VERB
dem-15481	179	24	on	on	ADP
dem-15481	179	25	the	the	DET
dem-15481	179	26	price	price	NOUN
dem-15481	179	27	volatility	volatility	NOUN
dem-15481	179	28	regime	regime	NOUN
dem-15481	179	29	in	in	ADP
dem-15481	179	30	force	force	NOUN
dem-15481	179	31	.	.	PUNCT
dem-15481	180	1	references	reference	NOUN
dem-15481	180	2	ang	ang	PROPN
dem-15481	180	3	,	,	PUNCT
dem-15481	180	4	a.	a.	NOUN
dem-15481	180	5	,	,	PUNCT
dem-15481	180	6	bekaert	bekaert	NOUN
dem-15481	180	7	,	,	PUNCT
dem-15481	180	8	g.	g.	PROPN
dem-15481	180	9	(	(	PUNCT
dem-15481	180	10	2002	2002	NUM
dem-15481	180	11	)	)	PUNCT
dem-15481	180	12	,	,	PUNCT
dem-15481	180	13	regime	regime	NOUN
dem-15481	180	14	switches	switch	NOUN
dem-15481	180	15	in	in	ADP
dem-15481	180	16	interest	interest	NOUN
dem-15481	180	17	rates	rate	NOUN
dem-15481	180	18	,	,	PUNCT
dem-15481	180	19	journal	journal	NOUN
dem-15481	180	20	of	of	ADP
dem-15481	180	21	business	business	PROPN
dem-15481	180	22	&	&	CCONJ
dem-15481	180	23	economic	economic	ADJ
dem-15481	180	24	statistics	statistic	NOUN
dem-15481	180	25	,	,	PUNCT
dem-15481	180	26	20(2	20(2	NUM
dem-15481	180	27	)	)	PUNCT
dem-15481	180	28	,	,	PUNCT
dem-15481	180	29	163–182	163–182	NUM
dem-15481	180	30	,	,	PUNCT
dem-15481	180	31	doi	doi	NOUN
dem-15481	180	32	:	:	PUNCT
dem-15481	180	33	http://dx.doi.org/10.1198/073500102317351930	http://dx.doi.org/10.1198/073500102317351930	PROPN
dem-15481	180	34	.	.	PUNCT
dem-15481	181	1	booth	booth	NOUN
dem-15481	181	2	,	,	PUNCT
dem-15481	181	3	p.	p.	NOUN
dem-15481	181	4	,	,	PUNCT
dem-15481	181	5	chadburn	chadburn	PROPN
dem-15481	181	6	,	,	PUNCT
dem-15481	181	7	r.	r.	PROPN
dem-15481	181	8	,	,	PUNCT
dem-15481	181	9	haberman	haberman	PROPN
dem-15481	181	10	,	,	PUNCT
dem-15481	181	11	s.	s.	PROPN
dem-15481	181	12	,	,	PUNCT
dem-15481	181	13	james	james	PROPN
dem-15481	181	14	,	,	PUNCT
dem-15481	181	15	d.	d.	PROPN
dem-15481	181	16	,	,	PUNCT
dem-15481	181	17	khorasanee	khorasanee	PROPN
dem-15481	181	18	,	,	PUNCT
dem-15481	181	19	z.	z.	PROPN
dem-15481	181	20	,	,	PUNCT
dem-15481	181	21	plumb	plumb	PROPN
dem-15481	181	22	,	,	PUNCT
dem-15481	181	23	r.	r.	PROPN
dem-15481	181	24	,	,	PUNCT
dem-15481	181	25	rickayzen	rickayzen	PROPN
dem-15481	181	26	,	,	PUNCT
dem-15481	181	27	b.	b.	PROPN
dem-15481	181	28	(	(	PUNCT
dem-15481	181	29	2005	2005	NUM
dem-15481	181	30	)	)	PUNCT
dem-15481	181	31	,	,	PUNCT
dem-15481	181	32	modern	modern	ADJ
dem-15481	181	33	actuarial	actuarial	ADJ
dem-15481	181	34	theory	theory	NOUN
dem-15481	181	35	and	and	CCONJ
dem-15481	181	36	practice	practice	NOUN
dem-15481	181	37	,	,	PUNCT
dem-15481	181	38	crc	crc	NOUN
dem-15481	181	39	press	press	PROPN
dem-15481	181	40	,	,	PUNCT
dem-15481	181	41	boca	boca	PROPN
dem-15481	181	42	raton	raton	PROPN
dem-15481	181	43	.	.	PUNCT
dem-15481	182	1	chin	chin	PROPN
dem-15481	182	2	,	,	PUNCT
dem-15481	182	3	a.	a.	PROPN
dem-15481	182	4	t.	t.	PROPN
dem-15481	182	5	h.	h.	PROPN
dem-15481	182	6	,	,	PUNCT
dem-15481	182	7	zhang	zhang	PROPN
dem-15481	182	8	,	,	PUNCT
dem-15481	182	9	p.	p.	PROPN
dem-15481	182	10	(	(	PUNCT
dem-15481	182	11	2013	2013	NUM
dem-15481	182	12	)	)	PUNCT
dem-15481	182	13	,	,	PUNCT
dem-15481	182	14	carbon	carbon	NOUN
dem-15481	182	15	emission	emission	NOUN
dem-15481	182	16	allocation	allocation	NOUN
dem-15481	182	17	methods	method	NOUN
dem-15481	182	18	for	for	ADP
dem-15481	182	19	aviation	aviation	NOUN
dem-15481	182	20	sector	sector	NOUN
dem-15481	182	21	,	,	PUNCT
dem-15481	182	22	journal	journal	NOUN
dem-15481	182	23	of	of	ADP
dem-15481	182	24	air	air	PROPN
dem-15481	182	25	transport	transport	PROPN
dem-15481	182	26	management	management	NOUN
dem-15481	182	27	,	,	PUNCT
dem-15481	182	28	28	28	NUM
dem-15481	182	29	,	,	PUNCT
dem-15481	182	30	70–76	70–76	NUM
dem-15481	182	31	,	,	PUNCT
dem-15481	182	32	doi	doi	NOUN
dem-15481	182	33	:	:	PUNCT
dem-15481	182	34	http://dx.doi.org/10.1016/j.jairtraman.2012.12.013	http://dx.doi.org/10.1016/j.jairtraman.2012.12.013	PROPN
dem-15481	182	35	.	.	PUNCT
dem-15481	182	36	commission	commission	PROPN
dem-15481	182	37	regulation	regulation	NOUN
dem-15481	182	38	(	(	PUNCT
dem-15481	182	39	eu	eu	NOUN
dem-15481	182	40	)	)	PUNCT
dem-15481	182	41	no	no	DET
dem-15481	182	42	601/2012	601/2012	NUM
dem-15481	182	43	of	of	ADP
dem-15481	182	44	21	21	NUM
dem-15481	182	45	june	june	PROPN
dem-15481	182	46	2012	2012	NUM
dem-15481	182	47	on	on	ADP
dem-15481	182	48	the	the	DET
dem-15481	182	49	monitoring	monitoring	NOUN
dem-15481	182	50	and	and	CCONJ
dem-15481	182	51	reporting	reporting	NOUN
dem-15481	182	52	of	of	ADP
dem-15481	182	53	greenhouse	greenhouse	NOUN
dem-15481	182	54	gas	gas	NOUN
dem-15481	182	55	emissions	emission	NOUN
dem-15481	182	56	pursuant	pursuant	ADJ
dem-15481	182	57	to	to	ADP
dem-15481	182	58	directive	directive	NOUN
dem-15481	182	59	2003/87	2003/87	NUM
dem-15481	182	60	/	/	SYM
dem-15481	182	61	ec	ec	PROPN
dem-15481	182	62	of	of	ADP
dem-15481	182	63	the	the	DET
dem-15481	182	64	european	european	ADJ
dem-15481	182	65	parliament	parliament	NOUN
dem-15481	182	66	and	and	CCONJ
dem-15481	182	67	of	of	ADP
dem-15481	182	68	the	the	DET
dem-15481	182	69	council	council	NOUN
dem-15481	182	70	,	,	PUNCT
dem-15481	182	71	http://eur-lex.europa.eu/eli/reg/2012/601/oj	http://eur-lex.europa.eu/eli/reg/2012/601/oj	PROPN
dem-15481	182	72	(	(	PUNCT
dem-15481	182	73	12.09.2017	12.09.2017	NUM
dem-15481	182	74	)	)	PUNCT
dem-15481	182	75	.	.	PUNCT
dem-15481	183	1	decision	decision	NOUN
dem-15481	183	2	no	no	DET
dem-15481	183	3	377/2013	377/2013	NUM
dem-15481	183	4	/	/	SYM
dem-15481	183	5	eu	eu	PROPN
dem-15481	183	6	of	of	ADP
dem-15481	183	7	the	the	DET
dem-15481	183	8	european	european	ADJ
dem-15481	183	9	parliament	parliament	NOUN
dem-15481	183	10	and	and	CCONJ
dem-15481	183	11	of	of	ADP
dem-15481	183	12	the	the	DET
dem-15481	183	13	council	council	NOUN
dem-15481	183	14	of	of	ADP
dem-15481	183	15	24	24	NUM
dem-15481	183	16	april	april	PROPN
dem-15481	183	17	2013	2013	NUM
dem-15481	183	18	derogating	derogate	VERB
dem-15481	183	19	temporarily	temporarily	ADV
dem-15481	183	20	from	from	ADP
dem-15481	183	21	directive	directive	NOUN
dem-15481	183	22	2003/87	2003/87	NUM
dem-15481	183	23	/	/	SYM
dem-15481	183	24	ec	ec	PROPN
dem-15481	183	25	establishing	establish	VERB
dem-15481	183	26	a	a	DET
dem-15481	183	27	scheme	scheme	NOUN
dem-15481	183	28	for	for	ADP
dem-15481	183	29	greenhouse	greenhouse	NOUN
dem-15481	183	30	gas	gas	NOUN
dem-15481	183	31	emission	emission	NOUN
dem-15481	183	32	allowance	allowance	NOUN
dem-15481	183	33	trading	trading	NOUN
dem-15481	183	34	within	within	ADP
dem-15481	183	35	the	the	DET
dem-15481	183	36	community	community	NOUN
dem-15481	183	37	,	,	PUNCT
dem-15481	183	38	http://eurlex.europa.eu/eli/dec/2013/377(1)/oj	http://eurlex.europa.eu/eli/dec/2013/377(1)/oj	X
dem-15481	183	39	(	(	PUNCT
dem-15481	183	40	12.09.2017	12.09.2017	NUM
dem-15481	183	41	)	)	PUNCT
dem-15481	183	42	.	.	PUNCT
dem-15481	184	1	directive	directive	NOUN
dem-15481	184	2	2008/101	2008/101	NUM
dem-15481	184	3	/	/	SYM
dem-15481	184	4	ec	ec	PROPN
dem-15481	184	5	of	of	ADP
dem-15481	184	6	the	the	DET
dem-15481	184	7	european	european	ADJ
dem-15481	184	8	parliament	parliament	NOUN
dem-15481	184	9	and	and	CCONJ
dem-15481	184	10	of	of	ADP
dem-15481	184	11	the	the	DET
dem-15481	184	12	council	council	NOUN
dem-15481	184	13	of	of	ADP
dem-15481	184	14	19	19	NUM
dem-15481	184	15	november	november	PROPN
dem-15481	184	16	2008	2008	NUM
dem-15481	184	17	amending	amend	VERB
dem-15481	184	18	directive	directive	NOUN
dem-15481	184	19	2003/87	2003/87	NUM
dem-15481	184	20	/	/	SYM
dem-15481	184	21	ec	ec	PROPN
dem-15481	184	22	so	so	SCONJ
dem-15481	184	23	as	as	SCONJ
dem-15481	184	24	to	to	PART
dem-15481	184	25	include	include	VERB
dem-15481	184	26	aviation	aviation	NOUN
dem-15481	184	27	activities	activity	NOUN
dem-15481	184	28	in	in	ADP
dem-15481	184	29	the	the	DET
dem-15481	184	30	scheme	scheme	NOUN
dem-15481	184	31	for	for	ADP
dem-15481	184	32	greenhouse	greenhouse	NOUN
dem-15481	184	33	gas	gas	NOUN
dem-15481	184	34	emission	emission	NOUN
dem-15481	184	35	allowance	allowance	NOUN
dem-15481	184	36	trading	trading	NOUN
dem-15481	184	37	within	within	ADP
dem-15481	184	38	the	the	DET
dem-15481	184	39	community	community	NOUN
dem-15481	184	40	,	,	PUNCT
dem-15481	184	41	http://eurlex.europa.eu/eli/dir/2008/101/oj	http://eurlex.europa.eu/eli/dir/2008/101/oj	NOUN
dem-15481	184	42	(	(	PUNCT
dem-15481	184	43	12.09.2017	12.09.2017	NUM
dem-15481	184	44	)	)	PUNCT
dem-15481	184	45	.	.	PUNCT
dem-15481	185	1	doornik	doornik	PROPN
dem-15481	185	2	,	,	PUNCT
dem-15481	185	3	j.	j.	PROPN
dem-15481	185	4	a.	a.	PROPN
dem-15481	185	5	(	(	PUNCT
dem-15481	185	6	2013	2013	NUM
dem-15481	185	7	)	)	PUNCT
dem-15481	185	8	,	,	PUNCT
dem-15481	185	9	econometric	econometric	VERB
dem-15481	185	10	analysis	analysis	NOUN
dem-15481	185	11	with	with	ADP
dem-15481	185	12	markov	markov	NOUN
dem-15481	185	13	switching	switching	NOUN
dem-15481	185	14	models	model	NOUN
dem-15481	185	15	.	.	PUNCT
dem-15481	186	1	pcgivetm14	pcgivetm14	NOUN
dem-15481	186	2	,	,	PUNCT
dem-15481	186	3	vol	vol	NOUN
dem-15481	186	4	.	.	PROPN
dem-15481	186	5	4	4	NUM
dem-15481	186	6	,	,	PUNCT
dem-15481	186	7	timberlake	timberlake	PROPN
dem-15481	186	8	consultants	consultants	PROPN
dem-15481	186	9	ltd	ltd	PROPN
dem-15481	186	10	.	.	PROPN
dem-15481	186	11	,	,	PUNCT
dem-15481	186	12	london	london	PROPN
dem-15481	186	13	.	.	PUNCT
dem-15481	186	14	dyduch	dyduch	PROPN
dem-15481	186	15	,	,	PUNCT
dem-15481	186	16	j.	j.	PROPN
dem-15481	186	17	(	(	PUNCT
dem-15481	186	18	2013	2013	NUM
dem-15481	186	19	)	)	PUNCT
dem-15481	186	20	,	,	PUNCT
dem-15481	186	21	handel	handel	PROPN
dem-15481	186	22	uprawnieniami	uprawnieniami	PROPN
dem-15481	186	23	do	do	AUX
dem-15481	186	24	emisji	emisji	VERB
dem-15481	186	25	zanieczyszczeń	zanieczyszczeń	PROPN
dem-15481	186	26	powietrza	powietrza	PROPN
dem-15481	186	27	(	(	PUNCT
dem-15481	186	28	trading	trading	NOUN
dem-15481	186	29	of	of	ADP
dem-15481	186	30	air	air	NOUN
dem-15481	186	31	pollution	pollution	NOUN
dem-15481	186	32	emission	emission	NOUN
dem-15481	186	33	allowances	allowance	NOUN
dem-15481	186	34	)	)	PUNCT
dem-15481	186	35	,	,	PUNCT
dem-15481	186	36	pwe	pwe	PROPN
dem-15481	186	37	,	,	PUNCT
dem-15481	186	38	warszawa	warszawa	PROPN
dem-15481	186	39	.	.	PUNCT
dem-15481	187	1	hamilton	hamilton	PROPN
dem-15481	187	2	,	,	PUNCT
dem-15481	187	3	j.	j.	PROPN
dem-15481	187	4	d.	d.	PROPN
dem-15481	187	5	(	(	PUNCT
dem-15481	187	6	1990	1990	NUM
dem-15481	187	7	)	)	PUNCT
dem-15481	187	8	,	,	PUNCT
dem-15481	187	9	analysis	analysis	NOUN
dem-15481	187	10	of	of	ADP
dem-15481	187	11	time	time	NOUN
dem-15481	187	12	series	series	PROPN
dem-15481	187	13	subject	subject	ADJ
dem-15481	187	14	to	to	ADP
dem-15481	187	15	changes	change	NOUN
dem-15481	187	16	in	in	ADP
dem-15481	187	17	regime	regime	NOUN
dem-15481	187	18	,	,	PUNCT
dem-15481	187	19	journal	journal	NOUN
dem-15481	187	20	of	of	ADP
dem-15481	187	21	econometrics	econometric	NOUN
dem-15481	187	22	,	,	PUNCT
dem-15481	187	23	45(1–2	45(1–2	PROPN
dem-15481	187	24	)	)	PUNCT
dem-15481	187	25	,	,	PUNCT
dem-15481	187	26	39–70	39–70	NUM
dem-15481	187	27	,	,	PUNCT
dem-15481	187	28	doi	doi	NOUN
dem-15481	187	29	:	:	PUNCT
dem-15481	187	30	http://dx.doi.org/10.1016/0304-4076(90)90093-9	http://dx.doi.org/10.1016/0304-4076(90)90093-9	PROPN
dem-15481	187	31	.	.	PUNCT
dem-15481	187	32	jajuga	jajuga	PROPN
dem-15481	187	33	,	,	PUNCT
dem-15481	187	34	k.	k.	PROPN
dem-15481	187	35	(	(	PUNCT
dem-15481	187	36	2007	2007	NUM
dem-15481	187	37	)	)	PUNCT
dem-15481	187	38	,	,	PUNCT
dem-15481	187	39	teoretyczne	teoretyczne	NOUN
dem-15481	187	40	podstawy	podstawy	PROPN
dem-15481	187	41	zarządzania	zarządzania	PROPN
dem-15481	187	42	ryzykiem	ryzykiem	NOUN
dem-15481	187	43	(	(	PUNCT
dem-15481	187	44	theoretical	theoretical	ADJ
dem-15481	187	45	foundations	foundation	NOUN
dem-15481	187	46	of	of	ADP
dem-15481	187	47	risk	risk	NOUN
dem-15481	187	48	management	management	NOUN
dem-15481	187	49	)	)	PUNCT
dem-15481	187	50	,	,	PUNCT
dem-15481	187	51	in	in	ADP
dem-15481	187	52	jajuga	jajuga	PROPN
dem-15481	187	53	k.	k.	PROPN
dem-15481	188	1	(	(	PUNCT
dem-15481	188	2	ed	ed	NOUN
dem-15481	188	3	.	.	PUNCT
dem-15481	188	4	)	)	PUNCT
dem-15481	188	5	,	,	PUNCT
dem-15481	188	6	zarządzanie	zarządzanie	PROPN
dem-15481	188	7	ryzykiem	ryzykiem	NOUN
dem-15481	188	8	(	(	PUNCT
dem-15481	188	9	risk	risk	NOUN
dem-15481	188	10	management	management	NOUN
dem-15481	188	11	)	)	PUNCT
dem-15481	188	12	,	,	PUNCT
dem-15481	188	13	pwn	pwn	PROPN
dem-15481	188	14	,	,	PUNCT
dem-15481	188	15	warszawa	warszawa	PROPN
dem-15481	188	16	.	.	PUNCT
dem-15481	189	1	ko	ko	PROPN
dem-15481	189	2	,	,	PUNCT
dem-15481	189	3	y.	y.	PROPN
dem-15481	189	4	d.	d.	PROPN
dem-15481	189	5	,	,	PUNCT
dem-15481	189	6	jang	jang	PROPN
dem-15481	189	7	,	,	PUNCT
dem-15481	189	8	y.	y.	PROPN
dem-15481	189	9	j.	j.	PROPN
dem-15481	189	10	,	,	PUNCT
dem-15481	189	11	kim	kim	PROPN
dem-15481	189	12	,	,	PUNCT
dem-15481	189	13	d.	d.	PROPN
dem-15481	189	14	y.	y.	PROPN
dem-15481	189	15	(	(	PUNCT
dem-15481	189	16	2017	2017	NUM
dem-15481	189	17	)	)	PUNCT
dem-15481	189	18	,	,	PUNCT
dem-15481	189	19	strategic	strategic	ADJ
dem-15481	189	20	airline	airline	NOUN
dem-15481	189	21	operation	operation	NOUN
dem-15481	189	22	considering	consider	VERB
dem-15481	189	23	the	the	DET
dem-15481	189	24	carbon	carbon	NOUN
dem-15481	189	25	constrained	constrain	VERB
dem-15481	189	26	air	air	NOUN
dem-15481	189	27	transport	transport	NOUN
dem-15481	189	28	industry	industry	NOUN
dem-15481	189	29	,	,	PUNCT
dem-15481	189	30	journal	journal	NOUN
dem-15481	189	31	of	of	ADP
dem-15481	189	32	air	air	PROPN
dem-15481	189	33	transport	transport	PROPN
dem-15481	189	34	management	management	NOUN
dem-15481	189	35	,	,	PUNCT
dem-15481	189	36	62	62	NUM
dem-15481	189	37	,	,	PUNCT
dem-15481	189	38	1–9	1–9	NUM
dem-15481	189	39	,	,	PUNCT
dem-15481	189	40	doi	doi	NOUN
dem-15481	189	41	:	:	PUNCT
dem-15481	189	42	http://dx.doi.org/10.1016/j.jairtraman.2017.02.004	http://dx.doi.org/10.1016/j.jairtraman.2017.02.004	PROPN
dem-15481	189	43	.	.	PUNCT
dem-15481	189	44	http://dx.doi.org/10.1198/073500102317351930	http://dx.doi.org/10.1198/073500102317351930	PROPN
dem-15481	189	45	http://dx.doi.org/10.1016/j.jairtraman.2012.12.013	http://dx.doi.org/10.1016/j.jairtraman.2012.12.013	PRON
dem-15481	189	46	http://dx.doi.org/10.1016/0304-4076(90)90093-9	http://dx.doi.org/10.1016/0304-4076(90)90093-9	PRON
dem-15481	189	47	http://dx.doi.org/10.1016/j.jairtraman.2017.02.004	http://dx.doi.org/10.1016/j.jairtraman.2017.02.004	PROPN
dem-15481	189	48	aneta	aneta	PROPN
dem-15481	189	49	włodarczyk	włodarczyk	VERB
dem-15481	189	50	dynamic	dynamic	ADJ
dem-15481	189	51	econometric	econometric	ADJ
dem-15481	189	52	models	model	NOUN
dem-15481	189	53	17	17	NUM
dem-15481	189	54	(	(	PUNCT
dem-15481	189	55	2017	2017	NUM
dem-15481	189	56	)	)	PUNCT
dem-15481	190	1	129–145	129–145	NUM
dem-15481	190	2	144	144	NUM
dem-15481	190	3	kuziak	kuziak	PROPN
dem-15481	190	4	,	,	PUNCT
dem-15481	190	5	k.	k.	PROPN
dem-15481	190	6	(	(	PUNCT
dem-15481	190	7	2011	2011	NUM
dem-15481	190	8	)	)	PUNCT
dem-15481	190	9	,	,	PUNCT
dem-15481	190	10	pomiar	pomiar	NOUN
dem-15481	190	11	ryzyka	ryzyka	ADJ
dem-15481	190	12	przedsiębiorstwa	przedsiębiorstwa	PROPN
dem-15481	190	13	:	:	PUNCT
dem-15481	190	14	modele	modele	PROPN
dem-15481	190	15	pomiaru	pomiaru	NOUN
dem-15481	190	16	i	i	PROPN
dem-15481	190	17	ich	ich	PROPN
dem-15481	190	18	ryzyko	ryzyko	NOUN
dem-15481	190	19	(	(	PUNCT
dem-15481	190	20	measurement	measurement	NOUN
dem-15481	190	21	of	of	ADP
dem-15481	190	22	enterprise	enterprise	NOUN
dem-15481	190	23	risk	risk	NOUN
dem-15481	190	24	–	–	PUNCT
dem-15481	190	25	measurement	measurement	NOUN
dem-15481	190	26	models	model	NOUN
dem-15481	190	27	and	and	CCONJ
dem-15481	190	28	their	their	PRON
dem-15481	190	29	risk	risk	NOUN
dem-15481	190	30	)	)	PUNCT
dem-15481	190	31	,	,	PUNCT
dem-15481	190	32	prace	prace	PROPN
dem-15481	190	33	naukowe	naukowe	PROPN
dem-15481	190	34	uniwersytetu	uniwersytetu	PROPN
dem-15481	190	35	ekonomicznego	ekonomicznego	NOUN
dem-15481	190	36	we	we	PRON
dem-15481	190	37	wrocławiu	wrocławiu	VERB
dem-15481	190	38	,	,	PUNCT
dem-15481	190	39	160	160	NUM
dem-15481	190	40	,	,	PUNCT
dem-15481	190	41	seria	seria	PROPN
dem-15481	190	42	:	:	PUNCT
dem-15481	190	43	monografie	monografie	PROPN
dem-15481	190	44	i	i	PRON
dem-15481	190	45	opracowania	opracowania	NOUN
dem-15481	190	46	,	,	PUNCT
dem-15481	190	47	187	187	NUM
dem-15481	190	48	,	,	PUNCT
dem-15481	190	49	wrocław	wrocław	ADJ
dem-15481	190	50	.	.	PUNCT
dem-15481	191	1	lawrence	lawrence	PROPN
dem-15481	191	2	,	,	PUNCT
dem-15481	191	3	c.	c.	PROPN
dem-15481	191	4	t.	t.	PROPN
dem-15481	191	5	,	,	PUNCT
dem-15481	191	6	tits	tit	NOUN
dem-15481	191	7	,	,	PUNCT
dem-15481	191	8	a.	a.	NOUN
dem-15481	191	9	l.	l.	PROPN
dem-15481	191	10	(	(	PUNCT
dem-15481	191	11	2001	2001	NUM
dem-15481	191	12	)	)	PUNCT
dem-15481	191	13	,	,	PUNCT
dem-15481	191	14	a	a	DET
dem-15481	191	15	computationally	computationally	ADV
dem-15481	191	16	efficient	efficient	ADJ
dem-15481	191	17	feasible	feasible	ADJ
dem-15481	191	18	sequential	sequential	ADJ
dem-15481	191	19	quadratic	quadratic	ADJ
dem-15481	191	20	programming	programming	NOUN
dem-15481	191	21	algorithm	algorithm	NOUN
dem-15481	191	22	,	,	PUNCT
dem-15481	191	23	siam	siam	ADJ
dem-15481	191	24	journal	journal	NOUN
dem-15481	191	25	of	of	ADP
dem-15481	191	26	optimization	optimization	NOUN
dem-15481	191	27	,	,	PUNCT
dem-15481	191	28	11(4	11(4	NUM
dem-15481	191	29	)	)	PUNCT
dem-15481	191	30	,	,	PUNCT
dem-15481	191	31	1092–1118	1092–1118	NUM
dem-15481	191	32	,	,	PUNCT
dem-15481	191	33	doi	doi	NOUN
dem-15481	191	34	:	:	PUNCT
dem-15481	191	35	http://dx.doi.org/10.1137/s1052623498344562	http://dx.doi.org/10.1137/s1052623498344562	PROPN
dem-15481	191	36	.	.	PUNCT
dem-15481	192	1	liu	liu	PROPN
dem-15481	192	2	,	,	PUNCT
dem-15481	192	3	j.	j.	PROPN
dem-15481	192	4	,	,	PUNCT
dem-15481	192	5	chen	chen	PROPN
dem-15481	192	6	,	,	PUNCT
dem-15481	192	7	z.	z.	PROPN
dem-15481	192	8	(	(	PUNCT
dem-15481	192	9	2014	2014	NUM
dem-15481	192	10	)	)	PUNCT
dem-15481	192	11	,	,	PUNCT
dem-15481	192	12	regime	regime	NOUN
dem-15481	192	13	-	-	PUNCT
dem-15481	192	14	dependent	dependent	ADJ
dem-15481	192	15	robust	robust	ADJ
dem-15481	192	16	risk	risk	NOUN
dem-15481	192	17	measures	measure	NOUN
dem-15481	192	18	with	with	ADP
dem-15481	192	19	application	application	NOUN
dem-15481	192	20	in	in	ADP
dem-15481	192	21	portfolio	portfolio	NOUN
dem-15481	192	22	selection	selection	NOUN
dem-15481	192	23	,	,	PUNCT
dem-15481	192	24	procedia	procedia	NOUN
dem-15481	192	25	computer	computer	NOUN
dem-15481	192	26	science	science	NOUN
dem-15481	192	27	,	,	PUNCT
dem-15481	192	28	31	31	NUM
dem-15481	192	29	,	,	PUNCT
dem-15481	192	30	344	344	NUM
dem-15481	192	31	–	–	PUNCT
dem-15481	192	32	350	350	NUM
dem-15481	192	33	,	,	PUNCT
dem-15481	192	34	doi	doi	NOUN
dem-15481	192	35	:	:	PUNCT
dem-15481	192	36	http://dx.doi.org/10.1016/j.procs.2014.05.277	http://dx.doi.org/10.1016/j.procs.2014.05.277	PROPN
dem-15481	192	37	.	.	PUNCT
dem-15481	193	1	meleo	meleo	PROPN
dem-15481	193	2	,	,	PUNCT
dem-15481	193	3	l.	l.	PROPN
dem-15481	193	4	,	,	PUNCT
dem-15481	193	5	nava	nava	PROPN
dem-15481	193	6	,	,	PUNCT
dem-15481	193	7	c.	c.	PROPN
dem-15481	193	8	r.	r.	PROPN
dem-15481	193	9	,	,	PUNCT
dem-15481	193	10	pozzi	pozzi	PROPN
dem-15481	193	11	,	,	PUNCT
dem-15481	193	12	c.	c.	NOUN
dem-15481	193	13	(	(	PUNCT
dem-15481	193	14	2016	2016	NUM
dem-15481	193	15	)	)	PUNCT
dem-15481	193	16	,	,	PUNCT
dem-15481	193	17	aviation	aviation	NOUN
dem-15481	193	18	and	and	CCONJ
dem-15481	193	19	the	the	DET
dem-15481	193	20	costs	cost	NOUN
dem-15481	193	21	of	of	ADP
dem-15481	193	22	the	the	DET
dem-15481	193	23	european	european	ADJ
dem-15481	193	24	emission	emission	PROPN
dem-15481	193	25	trading	trading	NOUN
dem-15481	193	26	scheme	scheme	NOUN
dem-15481	193	27	:	:	PUNCT
dem-15481	193	28	the	the	DET
dem-15481	193	29	case	case	NOUN
dem-15481	193	30	of	of	ADP
dem-15481	193	31	italy	italy	PROPN
dem-15481	193	32	,	,	PUNCT
dem-15481	193	33	energy	energy	NOUN
dem-15481	193	34	policy	policy	NOUN
dem-15481	193	35	,	,	PUNCT
dem-15481	193	36	88	88	NUM
dem-15481	193	37	,	,	PUNCT
dem-15481	193	38	138–147	138–147	NUM
dem-15481	193	39	,	,	PUNCT
dem-15481	193	40	doi	doi	NOUN
dem-15481	193	41	:	:	PUNCT
dem-15481	193	42	http://dx.doi.org/10.1016/j.enpol.2015.10.008	http://dx.doi.org/10.1016/j.enpol.2015.10.008	NOUN
dem-15481	193	43	.	.	PUNCT
dem-15481	194	1	psaradakis	psaradakis	PROPN
dem-15481	194	2	,	,	PUNCT
dem-15481	194	3	z.	z.	PROPN
dem-15481	194	4	,	,	PUNCT
dem-15481	194	5	sola	sola	PROPN
dem-15481	194	6	,	,	PUNCT
dem-15481	194	7	m.	m.	NOUN
dem-15481	194	8	(	(	PUNCT
dem-15481	194	9	1998	1998	NUM
dem-15481	194	10	)	)	PUNCT
dem-15481	194	11	,	,	PUNCT
dem-15481	194	12	finite	finite	ADJ
dem-15481	194	13	-	-	ADJ
dem-15481	194	14	sample	sample	NOUN
dem-15481	194	15	properties	property	NOUN
dem-15481	194	16	of	of	ADP
dem-15481	194	17	the	the	DET
dem-15481	194	18	maximum	maximum	ADJ
dem-15481	194	19	likelihood	likelihood	NOUN
dem-15481	194	20	estimator	estimator	NOUN
dem-15481	194	21	in	in	ADP
dem-15481	194	22	autoregressive	autoregressive	ADJ
dem-15481	194	23	models	model	NOUN
dem-15481	194	24	with	with	ADP
dem-15481	194	25	markov	markov	NOUN
dem-15481	194	26	switching	switching	NOUN
dem-15481	194	27	,	,	PUNCT
dem-15481	194	28	journal	journal	NOUN
dem-15481	194	29	of	of	ADP
dem-15481	194	30	econometrics	econometric	NOUN
dem-15481	194	31	,	,	PUNCT
dem-15481	194	32	86(2	86(2	NOUN
dem-15481	194	33	)	)	PUNCT
dem-15481	194	34	,	,	PUNCT
dem-15481	194	35	369	369	NUM
dem-15481	194	36	–	–	PUNCT
dem-15481	194	37	386	386	NUM
dem-15481	194	38	,	,	PUNCT
dem-15481	194	39	doi	doi	NOUN
dem-15481	194	40	:	:	PUNCT
dem-15481	194	41	http://dx.doi.org/10.1016/s0304-4076(98)00010-4	http://dx.doi.org/10.1016/s0304-4076(98)00010-4	PROPN
dem-15481	194	42	.	.	PROPN
dem-15481	194	43	regulation	regulation	NOUN
dem-15481	194	44	(	(	PUNCT
dem-15481	194	45	eu	eu	NOUN
dem-15481	194	46	)	)	PUNCT
dem-15481	194	47	no	no	DET
dem-15481	194	48	421/2014	421/2014	NUM
dem-15481	194	49	of	of	ADP
dem-15481	194	50	the	the	DET
dem-15481	194	51	european	european	ADJ
dem-15481	194	52	parliament	parliament	NOUN
dem-15481	194	53	and	and	CCONJ
dem-15481	194	54	of	of	ADP
dem-15481	194	55	the	the	DET
dem-15481	194	56	council	council	NOUN
dem-15481	194	57	of	of	ADP
dem-15481	194	58	16	16	NUM
dem-15481	194	59	april	april	PROPN
dem-15481	194	60	2014	2014	NUM
dem-15481	194	61	amending	amend	VERB
dem-15481	194	62	directive	directive	NOUN
dem-15481	194	63	2003/87	2003/87	NUM
dem-15481	194	64	/	/	SYM
dem-15481	194	65	ec	ec	PROPN
dem-15481	194	66	establishing	establish	VERB
dem-15481	194	67	a	a	DET
dem-15481	194	68	scheme	scheme	NOUN
dem-15481	194	69	for	for	ADP
dem-15481	194	70	greenhouse	greenhouse	NOUN
dem-15481	194	71	gas	gas	NOUN
dem-15481	194	72	emission	emission	NOUN
dem-15481	194	73	allowance	allowance	NOUN
dem-15481	194	74	trading	trading	NOUN
dem-15481	194	75	within	within	ADP
dem-15481	194	76	the	the	DET
dem-15481	194	77	community	community	NOUN
dem-15481	194	78	,	,	PUNCT
dem-15481	194	79	in	in	ADP
dem-15481	194	80	view	view	NOUN
dem-15481	194	81	of	of	ADP
dem-15481	194	82	the	the	DET
dem-15481	194	83	implementation	implementation	NOUN
dem-15481	194	84	by	by	ADP
dem-15481	194	85	2020	2020	NUM
dem-15481	194	86	of	of	ADP
dem-15481	194	87	an	an	DET
dem-15481	194	88	international	international	ADJ
dem-15481	194	89	agreement	agreement	NOUN
dem-15481	194	90	applying	apply	VERB
dem-15481	194	91	a	a	DET
dem-15481	194	92	single	single	ADJ
dem-15481	194	93	global	global	ADJ
dem-15481	194	94	market	market	NOUN
dem-15481	194	95	-	-	PUNCT
dem-15481	194	96	based	base	VERB
dem-15481	194	97	measure	measure	NOUN
dem-15481	194	98	to	to	ADP
dem-15481	194	99	international	international	ADJ
dem-15481	194	100	aviation	aviation	NOUN
dem-15481	194	101	emissions	emission	NOUN
dem-15481	194	102	,	,	PUNCT
dem-15481	194	103	http://eur-lex.europa.eu/eli/reg/2014/421/oj	http://eur-lex.europa.eu/eli/reg/2014/421/oj	NOUN
dem-15481	194	104	(	(	PUNCT
dem-15481	194	105	12.09.2017	12.09.2017	NUM
dem-15481	194	106	)	)	PUNCT
dem-15481	194	107	.	.	PUNCT
dem-15481	195	1	sanin	sanin	PROPN
dem-15481	195	2	,	,	PUNCT
dem-15481	195	3	m.	m.	PROPN
dem-15481	195	4	e.	e.	PROPN
dem-15481	195	5	,	,	PUNCT
dem-15481	195	6	mansanet	mansanet	NOUN
dem-15481	195	7	-	-	PUNCT
dem-15481	195	8	bataller	bataller	NOUN
dem-15481	195	9	,	,	PUNCT
dem-15481	195	10	m.	m.	NOUN
dem-15481	195	11	,	,	PUNCT
dem-15481	195	12	violante	violante	NOUN
dem-15481	195	13	,	,	PUNCT
dem-15481	195	14	f.	f.	PROPN
dem-15481	195	15	(	(	PUNCT
dem-15481	195	16	2015	2015	NUM
dem-15481	195	17	)	)	PUNCT
dem-15481	195	18	,	,	PUNCT
dem-15481	195	19	understanding	understand	VERB
dem-15481	195	20	volatility	volatility	NOUN
dem-15481	195	21	dynamics	dynamic	NOUN
dem-15481	195	22	in	in	ADP
dem-15481	195	23	the	the	DET
dem-15481	195	24	eu	eu	PROPN
dem-15481	195	25	-	-	ADJ
dem-15481	195	26	ets	et	NOUN
dem-15481	195	27	market	market	NOUN
dem-15481	195	28	,	,	PUNCT
dem-15481	195	29	energy	energy	NOUN
dem-15481	195	30	policy	policy	NOUN
dem-15481	195	31	,	,	PUNCT
dem-15481	195	32	82	82	NUM
dem-15481	195	33	,	,	PUNCT
dem-15481	195	34	321–331	321–331	NUM
dem-15481	195	35	,	,	PUNCT
dem-15481	195	36	doi	doi	NOUN
dem-15481	195	37	:	:	PUNCT
dem-15481	195	38	https://doi.org/10.1016/j.enpol.2015.02.024	https://doi.org/10.1016/j.enpol.2015.02.024	PROPN
dem-15481	195	39	.	.	PUNCT
dem-15481	195	40	stawicki	stawicki	PROPN
dem-15481	195	41	,	,	PUNCT
dem-15481	195	42	j.	j.	PROPN
dem-15481	195	43	(	(	PUNCT
dem-15481	195	44	2004	2004	NUM
dem-15481	195	45	)	)	PUNCT
dem-15481	195	46	,	,	PUNCT
dem-15481	195	47	wykorzystanie	wykorzystanie	PROPN
dem-15481	195	48	łańcuchów	łańcuchów	PROPN
dem-15481	195	49	markowa	markowa	PROPN
dem-15481	195	50	w	w	PROPN
dem-15481	195	51	analizie	analizie	PROPN
dem-15481	195	52	rynku	rynku	ADJ
dem-15481	195	53	kapitałowego	kapitałowego	PROPN
dem-15481	195	54	(	(	PUNCT
dem-15481	195	55	the	the	DET
dem-15481	195	56	use	use	NOUN
dem-15481	195	57	of	of	ADP
dem-15481	195	58	markov	markov	NOUN
dem-15481	195	59	chains	chain	NOUN
dem-15481	195	60	in	in	ADP
dem-15481	195	61	the	the	DET
dem-15481	195	62	analysis	analysis	NOUN
dem-15481	195	63	of	of	ADP
dem-15481	195	64	the	the	DET
dem-15481	195	65	capital	capital	NOUN
dem-15481	195	66	market	market	NOUN
dem-15481	195	67	)	)	PUNCT
dem-15481	195	68	,	,	PUNCT
dem-15481	195	69	wydawnictwo	wydawnictwo	PROPN
dem-15481	195	70	umk	umk	NOUN
dem-15481	195	71	,	,	PUNCT
dem-15481	195	72	toruń	toruń	NOUN
dem-15481	195	73	.	.	PUNCT
dem-15481	196	1	tłoczyński	tłoczyński	PROPN
dem-15481	196	2	,	,	PUNCT
dem-15481	196	3	d.	d.	PROPN
dem-15481	196	4	(	(	PUNCT
dem-15481	196	5	2015	2015	NUM
dem-15481	196	6	)	)	PUNCT
dem-15481	196	7	,	,	PUNCT
dem-15481	196	8	rola	rola	ADJ
dem-15481	196	9	państwa	państwa	PROPN
dem-15481	196	10	w	w	PROPN
dem-15481	196	11	kształtowaniu	kształtowaniu	PROPN
dem-15481	196	12	konkurencji	konkurencji	PROPN
dem-15481	196	13	na	na	PROPN
dem-15481	196	14	polskim	polskim	PROPN
dem-15481	196	15	rynku	rynku	ADJ
dem-15481	196	16	transportu	transportu	PROPN
dem-15481	196	17	lotniczego	lotniczego	PROPN
dem-15481	196	18	(	(	PUNCT
dem-15481	196	19	the	the	DET
dem-15481	196	20	role	role	NOUN
dem-15481	196	21	of	of	ADP
dem-15481	196	22	state	state	NOUN
dem-15481	196	23	in	in	ADP
dem-15481	196	24	shaping	shape	VERB
dem-15481	196	25	the	the	DET
dem-15481	196	26	competition	competition	NOUN
dem-15481	196	27	in	in	ADP
dem-15481	196	28	the	the	DET
dem-15481	196	29	polish	polish	ADJ
dem-15481	196	30	air	air	NOUN
dem-15481	196	31	transport	transport	NOUN
dem-15481	196	32	market	market	NOUN
dem-15481	196	33	)	)	PUNCT
dem-15481	196	34	,	,	PUNCT
dem-15481	196	35	research	research	NOUN
dem-15481	196	36	papers	paper	NOUN
dem-15481	196	37	of	of	ADP
dem-15481	196	38	wrocław	wrocław	PROPN
dem-15481	196	39	university	university	NOUN
dem-15481	196	40	of	of	ADP
dem-15481	196	41	economics	economic	NOUN
dem-15481	196	42	,	,	PUNCT
dem-15481	196	43	401	401	NUM
dem-15481	196	44	,	,	PUNCT
dem-15481	196	45	525–534	525–534	NUM
dem-15481	196	46	.	.	PUNCT
dem-15481	197	1	trzp	trzp	NOUN
dem-15481	197	2	io	io	PROPN
dem-15481	197	3	t	t	PROPN
dem-15481	197	4	,	,	PUNCT
dem-15481	197	5	g.	g.	PROPN
dem-15481	197	6	(	(	PUNCT
dem-15481	197	7	ed	ed	NOUN
dem-15481	197	8	.	.	PUNCT
dem-15481	197	9	)	)	PUNCT
dem-15481	198	1	(	(	PUNCT
dem-15481	198	2	2010	2010	NUM
dem-15481	198	3	)	)	PUNCT
dem-15481	198	4	,	,	PUNCT
dem-15481	198	5	wielowymiarowe	wielowymiarowe	VERB
dem-15481	198	6	metody	metody	ADJ
dem-15481	198	7	statystyczne	statystyczne	PROPN
dem-15481	198	8	w	w	PROPN
dem-15481	198	9	analizie	analizie	PROPN
dem-15481	198	10	ryzyka	ryzyka	PROPN
dem-15481	198	11	inwestycyjnego	inwestycyjnego	NOUN
dem-15481	198	12	(	(	PUNCT
dem-15481	198	13	multidimensional	multidimensional	ADJ
dem-15481	198	14	statistical	statistical	ADJ
dem-15481	198	15	methods	method	NOUN
dem-15481	198	16	in	in	ADP
dem-15481	198	17	investment	investment	NOUN
dem-15481	198	18	risk	risk	NOUN
dem-15481	198	19	analysis	analysis	NOUN
dem-15481	198	20	)	)	PUNCT
dem-15481	198	21	,	,	PUNCT
dem-15481	198	22	pwe	pwe	PROPN
dem-15481	198	23	,	,	PUNCT
dem-15481	198	24	warszawa	warszawa	PROPN
dem-15481	198	25	.	.	PUNCT
dem-15481	199	1	http://dx.doi.org/10.1137/s1052623498344562	http://dx.doi.org/10.1137/s1052623498344562	VERB
dem-15481	199	2	http://dx.doi.org/10.1016/j.procs.2014.05.277	http://dx.doi.org/10.1016/j.procs.2014.05.277	PROPN
dem-15481	199	3	http://dx.doi.org/10.1016/j.enpol.2015.10.008	http://dx.doi.org/10.1016/j.enpol.2015.10.008	NOUN
dem-15481	199	4	http://dx.doi.org/10.1016/s0304-4076(98)00010-4	http://dx.doi.org/10.1016/s0304-4076(98)00010-4	PROPN
dem-15481	199	5	https://doi.org/10.1016/j.enpol.2015.02.024	https://doi.org/10.1016/j.enpol.2015.02.024	PROPN
dem-15481	199	6	regime	regime	NOUN
dem-15481	199	7	-	-	PUNCT
dem-15481	199	8	dependent	dependent	ADJ
dem-15481	199	9	assessment	assessment	NOUN
dem-15481	199	10	of	of	ADP
dem-15481	199	11	the	the	DET
dem-15481	199	12	euaa	euaa	ADJ
dem-15481	199	13	price	price	NOUN
dem-15481	199	14	risk	risk	NOUN
dem-15481	199	15	dynamic	dynamic	ADJ
dem-15481	199	16	econometric	econometric	ADJ
dem-15481	199	17	models	model	NOUN
dem-15481	199	18	17	17	NUM
dem-15481	199	19	(	(	PUNCT
dem-15481	199	20	2017	2017	NUM
dem-15481	199	21	)	)	PUNCT
dem-15481	199	22	129–145	129–145	NUM
dem-15481	199	23	145	145	NUM
dem-15481	199	24	reżimowo	reżimowo	NOUN
dem-15481	199	25	-	-	PUNCT
dem-15481	199	26	zależna	zależna	NOUN
dem-15481	199	27	ocena	ocena	ADJ
dem-15481	199	28	ryzyka	ryzyka	PROPN
dem-15481	199	29	zmian	zmian	PROPN
dem-15481	199	30	cen	cen	PROPN
dem-15481	199	31	unijnych	unijnych	VERB
dem-15481	199	32	uprawnień	uprawnień	ADJ
dem-15481	199	33	lotniczych	lotniczych	NOUN
dem-15481	199	34	do	do	VERB
dem-15481	199	35	emisji	emisji	NOUN
dem-15481	199	36	co2	co2	VERB
dem-15481	199	37	z	z	NOUN
dem-15481	200	1	a	a	DET
dem-15481	200	2	r	r	NOUN
dem-15481	200	3	y	y	PROPN
dem-15481	200	4	s	s	PROPN
dem-15481	200	5	t	t	NOUN
dem-15481	200	6	r	r	NOUN
dem-15481	200	7	e	e	PROPN
dem-15481	200	8	ś	ś	PROPN
dem-15481	200	9	c	c	PROPN
dem-15481	200	10	i.	i.	PROPN
dem-15481	200	11	w	w	PROPN
dem-15481	200	12	artykule	artykule	PROPN
dem-15481	200	13	oszacowano	oszacowano	NOUN
dem-15481	200	14	ryzyko	ryzyko	PROPN
dem-15481	200	15	zmian	zmian	PROPN
dem-15481	200	16	cen	cen	PROPN
dem-15481	200	17	unijnych	unijnych	VERB
dem-15481	200	18	uprawnień	uprawnień	ADJ
dem-15481	200	19	lotniczych	lotniczych	NOUN
dem-15481	200	20	do	do	VERB
dem-15481	200	21	emisji	emisji	NOUN
dem-15481	200	22	co2	co2	PROPN
dem-15481	200	23	,	,	PUNCT
dem-15481	200	24	które	które	PROPN
dem-15481	200	25	towarzyszy	towarzyszy	PROPN
dem-15481	200	26	działalności	działalności	PROPN
dem-15481	200	27	operatorów	operatorów	PROPN
dem-15481	200	28	statków	statków	PROPN
dem-15481	200	29	powietrznych	powietrznych	VERB
dem-15481	200	30	wykonywanej	wykonywanej	PROPN
dem-15481	200	31	w	w	PROPN
dem-15481	200	32	ramach	ramach	PROPN
dem-15481	200	33	europejskiego	europejskiego	PROPN
dem-15481	200	34	obszaru	obszaru	NOUN
dem-15481	200	35	gospodarczego	gospodarczego	NOUN
dem-15481	200	36	,	,	PUNCT
dem-15481	200	37	w	w	PROPN
dem-15481	200	38	okresach	okresach	NOUN
dem-15481	200	39	niskiej	niskiej	NOUN
dem-15481	200	40	i	i	PRON
dem-15481	200	41	wysokiej	wysokiej	VERB
dem-15481	200	42	zmienności	zmienności	PROPN
dem-15481	200	43	występujących	występujących	PROPN
dem-15481	200	44	na	na	NOUN
dem-15481	200	45	tym	tym	NOUN
dem-15481	200	46	rynku	rynku	ADJ
dem-15481	200	47	.	.	PUNCT
dem-15481	201	1	pokazano	pokazano	PROPN
dem-15481	201	2	,	,	PUNCT
dem-15481	201	3	że	że	PROPN
dem-15481	201	4	reżimy	reżimy	PROPN
dem-15481	201	5	zmienności	zmienności	PROPN
dem-15481	201	6	na	na	ADP
dem-15481	201	7	rynku	rynku	ADJ
dem-15481	201	8	kontraktów	kontraktów	NOUN
dem-15481	201	9	futures	future	NOUN
dem-15481	201	10	na	na	ADP
dem-15481	201	11	uprawnienia	uprawnienia	PROPN
dem-15481	201	12	lotnicze	lotnicze	PROPN
dem-15481	201	13	zostały	zostały	PROPN
dem-15481	201	14	prawidłowo	prawidłowo	PROPN
dem-15481	201	15	zidentyfikowane	zidentyfikowane	PROPN
dem-15481	201	16	,	,	PUNCT
dem-15481	201	17	zarówno	zarówno	PROPN
dem-15481	201	18	dla	dla	PROPN
dem-15481	201	19	dwustanowego	dwustanowego	PROPN
dem-15481	201	20	,	,	PUNCT
dem-15481	201	21	jak	jak	PROPN
dem-15481	202	1	i	i	PROPN
dem-15481	202	2	trzystanowego	trzystanowego	PROPN
dem-15481	202	3	przełącznikowego	przełącznikowego	PROPN
dem-15481	202	4	modelu	modelu	PROPN
dem-15481	202	5	markowa	markowa	PROPN
dem-15481	202	6	,	,	PUNCT
dem-15481	202	7	a	a	DET
dem-15481	202	8	oszacowane	oszacowane	ADJ
dem-15481	202	9	miary	miary	NOUN
dem-15481	202	10	ryzyka	ryzyka	NOUN
dem-15481	202	11	różnią	różnią	VERB
dem-15481	202	12	się	się	PROPN
dem-15481	202	13	w	w	PROPN
dem-15481	202	14	reżimach	reżimach	PROPN
dem-15481	202	15	.	.	PUNCT
dem-15481	203	1	występowanie	występowanie	PROPN
dem-15481	203	2	różnych	różnych	PROPN
dem-15481	203	3	reżimów	reżimów	PROPN
dem-15481	203	4	zmienności	zmienności	PROPN
dem-15481	203	5	na	na	ADP
dem-15481	203	6	tym	tym	NOUN
dem-15481	203	7	rynku	rynku	PROPN
dem-15481	203	8	można	można	PROPN
dem-15481	203	9	wyjaśnić	wyjaśnić	PROPN
dem-15481	203	10	modyfikowaniem	modyfikowaniem	PROPN
dem-15481	203	11	zasad	zasad	PROPN
dem-15481	203	12	funkcjonowania	funkcjonowania	PROPN
dem-15481	203	13	europejskiego	europejskiego	PROPN
dem-15481	203	14	systemu	systemu	PROPN
dem-15481	203	15	handlu	handlu	PROPN
dem-15481	203	16	emisjami	emisjami	PROPN
dem-15481	203	17	oraz	oraz	PROPN
dem-15481	203	18	wprowadzaniem	wprowadzaniem	PROPN
dem-15481	203	19	zmian	zmian	PROPN
dem-15481	203	20	zarówno	zarówno	PROPN
dem-15481	203	21	w	w	PROPN
dem-15481	203	22	polityce	polityce	PROPN
dem-15481	203	23	klimatycznej	klimatycznej	PROPN
dem-15481	203	24	ue	ue	PROPN
dem-15481	203	25	,	,	PUNCT
dem-15481	203	26	jak	jak	PROPN
dem-15481	204	1	i	i	PROPN
dem-15481	204	2	w	w	PROPN
dem-15481	204	3	globalnych	globalnych	PROPN
dem-15481	204	4	regulacjach	regulacjach	PROPN
dem-15481	204	5	dotyczących	dotyczących	PROPN
dem-15481	205	1	emisji	emisji	NOUN
dem-15481	205	2	co2	co2	NOUN
dem-15481	205	3	przez	przez	NOUN
dem-15481	205	4	lotnictwo	lotnictwo	ADJ
dem-15481	205	5	międzynarodowe	międzynarodowe	NOUN
dem-15481	205	6	.	.	PUNCT
dem-15481	206	1	s	s	PART
dem-15481	206	2	ł	ł	PROPN
dem-15481	206	3	o	o	X
dem-15481	206	4	w	w	NOUN
dem-15481	206	5	a	a	DET
dem-15481	206	6	k	k	X
dem-15481	206	7	l	l	NOUN
dem-15481	206	8	u	u	NOUN
dem-15481	207	1	c	c	NOUN
dem-15481	207	2	z	z	NOUN
dem-15481	207	3	o	o	X
dem-15481	207	4	w	w	PROPN
dem-15481	208	1	e	e	NOUN
dem-15481	208	2	:	:	PUNCT
dem-15481	208	3	europejski	europejski	ADJ
dem-15481	208	4	system	system	NOUN
dem-15481	208	5	handlu	handlu	VERB
dem-15481	208	6	emisjami	emisjami	NOUN
dem-15481	208	7	;	;	PUNCT
dem-15481	208	8	przełącznikowe	przełącznikowe	PROPN
dem-15481	208	9	modele	modele	PROPN
dem-15481	208	10	markowa	markowa	PROPN
dem-15481	208	11	;	;	PUNCT
dem-15481	208	12	ryzyko	ryzyko	NOUN
dem-15481	208	13	;	;	PUNCT
dem-15481	208	14	unijne	unijne	VERB
dem-15481	208	15	uprawnienia	uprawnienia	PROPN
dem-15481	208	16	lotnicze	lotnicze	PROPN
dem-15481	208	17	do	do	VERB
dem-15481	208	18	emisji	emisji	NOUN
dem-15481	208	19	co2	co2	NOUN
dem-15481	208	20	.	.	PUNCT