id	sid	tid	token	lemma	pos
dem-18579	1	1	microsoft	microsoft	PROPN
dem-18579	1	2	word	word	NOUN
dem-18579	1	3	dem_2018_67to79.docx	dem_2018_67to79.docx	VERB
dem-18579	1	4	©	©	PROPN
dem-18579	1	5	2018	2018	NUM
dem-18579	1	6	nicolaus	nicolaus	PROPN
dem-18579	1	7	copernicus	copernicus	PROPN
dem-18579	1	8	university	university	PROPN
dem-18579	1	9	.	.	PUNCT
dem-18579	2	1	all	all	DET
dem-18579	2	2	rights	right	NOUN
dem-18579	2	3	reserved	reserve	VERB
dem-18579	2	4	.	.	PUNCT
dem-18579	3	1	http://www.dem.umk.pl/dem	http://www.dem.umk.pl/dem	PROPN
dem-18579	4	1	d	d	PUNCT
dem-18579	4	2	y	y	PROPN
dem-18579	4	3	n	n	PROPN
dem-18579	4	4	a	a	PRON
dem-18579	4	5	m	m	VERB
dem-18579	5	1	i	i	NOUN
dem-18579	5	2	c	c	NOUN
dem-18579	5	3	e	e	NOUN
dem-18579	5	4	c	c	NOUN
dem-18579	5	5	o	o	X
dem-18579	6	1	n	n	INTJ
dem-18579	6	2	o	o	NOUN
dem-18579	6	3	m	m	VERB
dem-18579	7	1	e	e	NOUN
dem-18579	7	2	t	t	NOUN
dem-18579	7	3	r	r	NOUN
dem-18579	7	4	i	i	NOUN
dem-18579	7	5	c	c	NOUN
dem-18579	7	6	m	m	VERB
dem-18579	7	7	o	o	NOUN
dem-18579	7	8	d	d	X
dem-18579	7	9	e	e	X
dem-18579	7	10	l	l	NOUN
dem-18579	7	11	s	s	X
dem-18579	7	12	doi	doi	NOUN
dem-18579	7	13	:	:	PUNCT
dem-18579	7	14	http://dx.doi.org/10.12775/dem.2018.004	http://dx.doi.org/10.12775/dem.2018.004	NOUN
dem-18579	7	15	vol	vol	NOUN
dem-18579	7	16	.	.	PROPN
dem-18579	8	1	18	18	NUM
dem-18579	8	2	(	(	PUNCT
dem-18579	8	3	2018	2018	NUM
dem-18579	8	4	)	)	PUNCT
dem-18579	8	5	67−79	67−79	NOUN
dem-18579	8	6	submitted	submit	VERB
dem-18579	8	7	november	november	PROPN
dem-18579	8	8	23	23	NUM
dem-18579	8	9	,	,	PUNCT
dem-18579	8	10	2018	2018	NUM
dem-18579	8	11	issn	issn	PROPN
dem-18579	8	12	(	(	PUNCT
dem-18579	8	13	online	online	ADJ
dem-18579	8	14	)	)	PUNCT
dem-18579	8	15	2450	2450	NUM
dem-18579	8	16	-	-	SYM
dem-18579	8	17	7067	7067	NUM
dem-18579	8	18	accepted	accept	VERB
dem-18579	8	19	december	december	PROPN
dem-18579	8	20	19	19	NUM
dem-18579	8	21	,	,	PUNCT
dem-18579	8	22	2018	2018	NUM
dem-18579	8	23	issn	issn	PROPN
dem-18579	8	24	(	(	PUNCT
dem-18579	8	25	print	print	NOUN
dem-18579	8	26	)	)	PUNCT
dem-18579	8	27	1234	1234	NUM
dem-18579	8	28	-	-	SYM
dem-18579	8	29	3862	3862	NUM
dem-18579	8	30	joanna	joanna	NOUN
dem-18579	8	31	olbryś	olbryś	PROPN
dem-18579	8	32	*	*	PUNCT
dem-18579	8	33	the	the	DET
dem-18579	8	34	non	non	ADJ
dem-18579	8	35	-	-	ADJ
dem-18579	8	36	trading	trading	ADJ
dem-18579	8	37	problem	problem	NOUN
dem-18579	8	38	in	in	ADP
dem-18579	8	39	assessing	assess	VERB
dem-18579	8	40	commonality	commonality	NOUN
dem-18579	8	41	in	in	ADP
dem-18579	8	42	liquidity	liquidity	NOUN
dem-18579	8	43	on	on	ADP
dem-18579	8	44	emerging	emerge	VERB
dem-18579	8	45	stock	stock	NOUN
dem-18579	8	46	markets	market	NOUN
dem-18579	8	47	*	*	PUNCT
dem-18579	8	48	*	*	PUNCT
dem-18579	8	49	a	a	DET
dem-18579	8	50	b	b	PROPN
dem-18579	8	51	s	s	ADP
dem-18579	8	52	t	t	PROPN
dem-18579	8	53	r	r	NOUN
dem-18579	8	54	a	a	DET
dem-18579	8	55	c	c	NOUN
dem-18579	8	56	t.	t.	NOUN
dem-18579	8	57	the	the	DET
dem-18579	8	58	purpose	purpose	NOUN
dem-18579	8	59	of	of	ADP
dem-18579	8	60	this	this	DET
dem-18579	8	61	study	study	NOUN
dem-18579	8	62	is	be	AUX
dem-18579	8	63	to	to	PART
dem-18579	8	64	explore	explore	VERB
dem-18579	8	65	commonality	commonality	NOUN
dem-18579	8	66	in	in	ADP
dem-18579	8	67	liquidity	liquidity	NOUN
dem-18579	8	68	on	on	ADP
dem-18579	8	69	seven	seven	NUM
dem-18579	8	70	small	small	ADJ
dem-18579	8	71	emerging	emerge	VERB
dem-18579	8	72	cee	cee	NOUN
dem-18579	8	73	stock	stock	NOUN
dem-18579	8	74	markets	market	NOUN
dem-18579	8	75	in	in	ADP
dem-18579	8	76	the	the	DET
dem-18579	8	77	czech	czech	PROPN
dem-18579	8	78	republic	republic	NOUN
dem-18579	8	79	,	,	PUNCT
dem-18579	8	80	hungary	hungary	PROPN
dem-18579	8	81	,	,	PUNCT
dem-18579	8	82	slovakia	slovakia	PROPN
dem-18579	8	83	,	,	PUNCT
dem-18579	8	84	slovenia	slovenia	PROPN
dem-18579	8	85	,	,	PUNCT
dem-18579	8	86	lithuania	lithuania	PROPN
dem-18579	8	87	,	,	PUNCT
dem-18579	8	88	estonia	estonia	PROPN
dem-18579	8	89	,	,	PUNCT
dem-18579	8	90	and	and	CCONJ
dem-18579	8	91	latvia	latvia	PROPN
dem-18579	8	92	,	,	PUNCT
dem-18579	8	93	in	in	ADP
dem-18579	8	94	the	the	DET
dem-18579	8	95	context	context	NOUN
dem-18579	8	96	of	of	ADP
dem-18579	8	97	serious	serious	ADJ
dem-18579	8	98	problems	problem	NOUN
dem-18579	8	99	with	with	ADP
dem-18579	8	100	stock	stock	NOUN
dem-18579	8	101	illiquidity	illiquidity	NOUN
dem-18579	8	102	.	.	PUNCT
dem-18579	9	1	the	the	DET
dem-18579	9	2	number	number	NOUN
dem-18579	9	3	of	of	ADP
dem-18579	9	4	companies	company	NOUN
dem-18579	9	5	that	that	PRON
dem-18579	9	6	reveal	reveal	VERB
dem-18579	9	7	a	a	DET
dem-18579	9	8	substantial	substantial	ADJ
dem-18579	9	9	non	non	ADJ
dem-18579	9	10	-	-	ADJ
dem-18579	9	11	trading	trading	ADJ
dem-18579	9	12	problem	problem	NOUN
dem-18579	9	13	is	be	AUX
dem-18579	9	14	large	large	ADJ
dem-18579	9	15	.	.	PUNCT
dem-18579	10	1	a	a	DET
dem-18579	10	2	modified	modify	VERB
dem-18579	10	3	version	version	NOUN
dem-18579	10	4	of	of	ADP
dem-18579	10	5	the	the	DET
dem-18579	10	6	amihud	amihud	PROPN
dem-18579	10	7	measure	measure	NOUN
dem-18579	10	8	is	be	AUX
dem-18579	10	9	utilized	utilize	VERB
dem-18579	10	10	as	as	ADP
dem-18579	10	11	daily	daily	ADJ
dem-18579	10	12	liquidity	liquidity	NOUN
dem-18579	10	13	proxy	proxy	NOUN
dem-18579	10	14	for	for	ADP
dem-18579	10	15	stocks	stock	NOUN
dem-18579	10	16	.	.	PUNCT
dem-18579	11	1	the	the	DET
dem-18579	11	2	ols	ols	PROPN
dem-18579	11	3	-	-	PUNCT
dem-18579	11	4	hac	hac	NOUN
dem-18579	11	5	method	method	NOUN
dem-18579	11	6	and	and	CCONJ
dem-18579	11	7	the	the	DET
dem-18579	11	8	garch	garch	NOUN
dem-18579	11	9	-	-	PUNCT
dem-18579	11	10	type	type	NOUN
dem-18579	11	11	models	model	NOUN
dem-18579	11	12	are	be	AUX
dem-18579	11	13	employed	employ	VERB
dem-18579	11	14	to	to	PART
dem-18579	11	15	infer	infer	VERB
dem-18579	11	16	the	the	DET
dem-18579	11	17	patterns	pattern	NOUN
dem-18579	11	18	of	of	ADP
dem-18579	11	19	commonality	commonality	NOUN
dem-18579	11	20	in	in	ADP
dem-18579	11	21	liquidity	liquidity	NOUN
dem-18579	11	22	.	.	PUNCT
dem-18579	12	1	no	no	DET
dem-18579	12	2	reason	reason	NOUN
dem-18579	12	3	has	have	AUX
dem-18579	12	4	been	be	AUX
dem-18579	12	5	found	find	VERB
dem-18579	12	6	to	to	PART
dem-18579	12	7	support	support	VERB
dem-18579	12	8	intra	intra	ADJ
dem-18579	12	9	-	-	ADJ
dem-18579	12	10	market	market	ADJ
dem-18579	12	11	commonality	commonality	NOUN
dem-18579	12	12	in	in	ADP
dem-18579	12	13	liquidity	liquidity	NOUN
dem-18579	12	14	on	on	ADP
dem-18579	12	15	each	each	DET
dem-18579	12	16	investigated	investigate	VERB
dem-18579	12	17	stock	stock	NOUN
dem-18579	12	18	exchange	exchange	NOUN
dem-18579	12	19	.	.	PUNCT
dem-18579	13	1	k	k	PROPN
dem-18579	13	2	e	e	PROPN
dem-18579	13	3	y	y	PROPN
dem-18579	13	4	w	w	NOUN
dem-18579	13	5	o	o	NOUN
dem-18579	13	6	r	r	NOUN
dem-18579	13	7	d	d	PROPN
dem-18579	13	8	s	s	PROPN
dem-18579	13	9	:	:	PUNCT
dem-18579	13	10	cee	cee	NOUN
dem-18579	13	11	;	;	PUNCT
dem-18579	13	12	commonality	commonality	NOUN
dem-18579	13	13	in	in	ADP
dem-18579	13	14	liquidity	liquidity	NOUN
dem-18579	13	15	;	;	PUNCT
dem-18579	13	16	garch	garch	NOUN
dem-18579	13	17	;	;	PUNCT
dem-18579	13	18	hac	hac	X
dem-18579	13	19	;	;	PUNCT
dem-18579	13	20	non	non	ADJ
dem-18579	13	21	-	-	ADJ
dem-18579	13	22	trading	trading	ADJ
dem-18579	13	23	problem	problem	NOUN
dem-18579	13	24	.	.	PUNCT
dem-18579	14	1	j	j	PROPN
dem-18579	14	2	e	e	PROPN
dem-18579	14	3	l	l	PROPN
dem-18579	14	4	classification	classification	NOUN
dem-18579	14	5	:	:	PUNCT
dem-18579	14	6	c32	c32	NOUN
dem-18579	14	7	;	;	PUNCT
dem-18579	14	8	c58	c58	PROPN
dem-18579	14	9	;	;	PUNCT
dem-18579	14	10	g15	g15	PROPN
dem-18579	14	11	;	;	PUNCT
dem-18579	14	12	o57	o57	ADJ
dem-18579	14	13	.	.	PUNCT
dem-18579	15	1	introduction	introduction	NOUN
dem-18579	15	2	investors	investor	NOUN
dem-18579	15	3	prefer	prefer	VERB
dem-18579	15	4	assets	asset	NOUN
dem-18579	15	5	that	that	PRON
dem-18579	15	6	are	be	AUX
dem-18579	15	7	liquid	liquid	ADJ
dem-18579	15	8	,	,	PUNCT
dem-18579	15	9	therefore	therefore	ADV
dem-18579	15	10	stock	stock	NOUN
dem-18579	15	11	market	market	NOUN
dem-18579	15	12	liquidity	liquidity	NOUN
dem-18579	15	13	is	be	AUX
dem-18579	15	14	of	of	ADP
dem-18579	15	15	important	important	ADJ
dem-18579	15	16	concern	concern	NOUN
dem-18579	15	17	to	to	ADP
dem-18579	15	18	many	many	ADJ
dem-18579	15	19	investors	investor	NOUN
dem-18579	15	20	.	.	PUNCT
dem-18579	16	1	commonality	commonality	NOUN
dem-18579	16	2	in	in	ADP
dem-18579	16	3	liquidity	liquidity	NOUN
dem-18579	16	4	means	mean	VERB
dem-18579	16	5	that	that	SCONJ
dem-18579	16	6	financial	financial	ADJ
dem-18579	16	7	asset	asset	NOUN
dem-18579	16	8	liquidity	liquidity	NOUN
dem-18579	16	9	changes	change	NOUN
dem-18579	16	10	over	over	ADP
dem-18579	16	11	time	time	NOUN
dem-18579	16	12	,	,	PUNCT
dem-18579	16	13	and	and	CCONJ
dem-18579	16	14	that	that	SCONJ
dem-18579	16	15	these	these	DET
dem-18579	16	16	time	time	NOUN
dem-18579	16	17	variations	variation	NOUN
dem-18579	16	18	are	be	AUX
dem-18579	16	19	ruled	rule	VERB
dem-18579	16	20	by	by	ADP
dem-18579	16	21	a	a	DET
dem-18579	16	22	significant	significant	ADJ
dem-18579	16	23	common	common	ADJ
dem-18579	16	24	component	component	NOUN
dem-18579	16	25	in	in	ADP
dem-18579	16	26	the	the	DET
dem-18579	16	27	liquidity	liquidity	NOUN
dem-18579	16	28	across	across	ADP
dem-18579	16	29	assets	asset	NOUN
dem-18579	16	30	or	or	CCONJ
dem-18579	16	31	market	market	NOUN
dem-18579	16	32	liquidity	liquidity	NOUN
dem-18579	16	33	.	.	PUNCT
dem-18579	17	1	the	the	DET
dem-18579	17	2	existence	existence	NOUN
dem-18579	17	3	of	of	ADP
dem-18579	17	4	commonality	commonality	NOUN
dem-18579	17	5	suggests	suggest	VERB
dem-18579	17	6	the	the	DET
dem-18579	17	7	assumption	assumption	NOUN
dem-18579	17	8	that	that	SCONJ
dem-18579	17	9	there	there	PRON
dem-18579	17	10	exists	exist	VERB
dem-18579	17	11	at	at	ADP
dem-18579	17	12	least	least	ADV
dem-18579	17	13	one	one	NUM
dem-18579	17	14	common	common	ADJ
dem-18579	17	15	factor	factor	NOUN
dem-18579	17	16	that	that	PRON
dem-18579	17	17	simultaneously	simultaneously	ADV
dem-18579	17	18	influences	influence	VERB
dem-18579	17	19	liquidity	liquidity	NOUN
dem-18579	17	20	of	of	ADP
dem-18579	17	21	all	all	DET
dem-18579	17	22	stocks	stock	NOUN
dem-18579	17	23	in	in	ADP
dem-18579	17	24	a	a	DET
dem-18579	17	25	market	market	NOUN
dem-18579	17	26	.	.	PUNCT
dem-18579	18	1	*	*	PUNCT
dem-18579	18	2	correspondence	correspondence	NOUN
dem-18579	18	3	to	to	ADP
dem-18579	18	4	:	:	PUNCT
dem-18579	18	5	joanna	joanna	PROPN
dem-18579	18	6	olbryś	olbryś	PROPN
dem-18579	18	7	,	,	PUNCT
dem-18579	18	8	bialystok	bialystok	ADJ
dem-18579	18	9	university	university	NOUN
dem-18579	18	10	of	of	ADP
dem-18579	18	11	technology	technology	NOUN
dem-18579	18	12	,	,	PUNCT
dem-18579	18	13	faculty	faculty	NOUN
dem-18579	18	14	of	of	ADP
dem-18579	18	15	computer	computer	NOUN
dem-18579	18	16	science	science	NOUN
dem-18579	18	17	,	,	PUNCT
dem-18579	18	18	45a	45a	PROPN
dem-18579	18	19	wiejska	wiejska	PROPN
dem-18579	18	20	street	street	PROPN
dem-18579	18	21	,	,	PUNCT
dem-18579	18	22	15	15	NUM
dem-18579	18	23	-	-	SYM
dem-18579	18	24	351	351	NUM
dem-18579	18	25	białystok	białystok	NOUN
dem-18579	18	26	,	,	PUNCT
dem-18579	18	27	poland	poland	PROPN
dem-18579	18	28	,	,	PUNCT
dem-18579	18	29	e	e	NOUN
dem-18579	18	30	-	-	NOUN
dem-18579	18	31	mail	mail	NOUN
dem-18579	18	32	:	:	PUNCT
dem-18579	18	33	j.olbrys@pb.edu.pl	j.olbrys@pb.edu.pl	PROPN
dem-18579	18	34	.	.	PUNCT
dem-18579	19	1	*	*	PUNCT
dem-18579	19	2	*	*	NOUN
dem-18579	19	3	this	this	DET
dem-18579	19	4	work	work	NOUN
dem-18579	19	5	was	be	AUX
dem-18579	19	6	financed	finance	VERB
dem-18579	19	7	by	by	ADP
dem-18579	19	8	the	the	DET
dem-18579	19	9	grant	grant	NOUN
dem-18579	19	10	from	from	ADP
dem-18579	19	11	the	the	DET
dem-18579	19	12	national	national	PROPN
dem-18579	19	13	science	science	PROPN
dem-18579	19	14	centre	centre	PROPN
dem-18579	19	15	,	,	PUNCT
dem-18579	19	16	poland	poland	PROPN
dem-18579	19	17	,	,	PUNCT
dem-18579	19	18	no	no	INTJ
dem-18579	19	19	.	.	PUNCT
dem-18579	20	1	2016/21	2016/21	NUM
dem-18579	20	2	/	/	SYM
dem-18579	20	3	b	b	PROPN
dem-18579	20	4	/	/	SYM
dem-18579	20	5	hs4/02004	hs4/02004	PROPN
dem-18579	20	6	.	.	PUNCT
dem-18579	21	1	joanna	joanna	PROPN
dem-18579	21	2	olbryś	olbryś	PROPN
dem-18579	21	3	dynamic	dynamic	ADJ
dem-18579	21	4	econometric	econometric	ADJ
dem-18579	21	5	models	model	NOUN
dem-18579	21	6	18	18	NUM
dem-18579	21	7	(	(	PUNCT
dem-18579	21	8	2018	2018	NUM
dem-18579	21	9	)	)	PUNCT
dem-18579	21	10	67–79	67–79	ADV
dem-18579	21	11	68	68	NUM
dem-18579	21	12	chordia	chordia	NOUN
dem-18579	21	13	et	et	NOUN
dem-18579	21	14	al	al	PROPN
dem-18579	21	15	.	.	PROPN
dem-18579	22	1	(	(	PUNCT
dem-18579	22	2	2000	2000	NUM
dem-18579	22	3	)	)	PUNCT
dem-18579	22	4	have	have	AUX
dem-18579	22	5	been	be	AUX
dem-18579	22	6	the	the	DET
dem-18579	22	7	first	first	ADJ
dem-18579	22	8	that	that	PRON
dem-18579	22	9	analysed	analyse	VERB
dem-18579	22	10	commonality	commonality	NOUN
dem-18579	22	11	in	in	ADP
dem-18579	22	12	liquidity	liquidity	NOUN
dem-18579	22	13	on	on	ADP
dem-18579	22	14	a	a	DET
dem-18579	22	15	stock	stock	NOUN
dem-18579	22	16	exchange	exchange	NOUN
dem-18579	22	17	.	.	PUNCT
dem-18579	23	1	the	the	DET
dem-18579	23	2	authors	author	NOUN
dem-18579	23	3	explored	explore	VERB
dem-18579	23	4	the	the	DET
dem-18579	23	5	u.s	u.s	PROPN
dem-18579	23	6	.	.	PROPN
dem-18579	23	7	market	market	NOUN
dem-18579	23	8	and	and	CCONJ
dem-18579	23	9	the	the	DET
dem-18579	23	10	literature	literature	NOUN
dem-18579	23	11	concerning	concern	VERB
dem-18579	23	12	commonality	commonality	NOUN
dem-18579	23	13	in	in	ADP
dem-18579	23	14	liquidity	liquidity	NOUN
dem-18579	23	15	for	for	ADP
dem-18579	23	16	the	the	DET
dem-18579	23	17	u.s	u.s	PROPN
dem-18579	23	18	.	.	PROPN
dem-18579	23	19	stock	stock	NOUN
dem-18579	23	20	market	market	NOUN
dem-18579	23	21	has	have	AUX
dem-18579	23	22	emerged	emerge	VERB
dem-18579	23	23	in	in	ADP
dem-18579	23	24	the	the	DET
dem-18579	23	25	last	last	ADJ
dem-18579	23	26	years	year	NOUN
dem-18579	23	27	,	,	PUNCT
dem-18579	23	28	e.g	e.g	PROPN
dem-18579	23	29	(	(	PUNCT
dem-18579	23	30	kamara	kamara	PROPN
dem-18579	23	31	et	et	PROPN
dem-18579	23	32	al	al	PROPN
dem-18579	23	33	.	.	PROPN
dem-18579	23	34	,	,	PUNCT
dem-18579	23	35	2008	2008	NUM
dem-18579	23	36	;	;	PUNCT
dem-18579	23	37	korajczyk	korajczyk	NOUN
dem-18579	23	38	and	and	CCONJ
dem-18579	23	39	sadka	sadka	NOUN
dem-18579	23	40	,	,	PUNCT
dem-18579	23	41	2008	2008	NUM
dem-18579	23	42	;	;	PUNCT
dem-18579	23	43	kang	kang	PROPN
dem-18579	23	44	and	and	CCONJ
dem-18579	23	45	zhang	zhang	PROPN
dem-18579	23	46	,	,	PUNCT
dem-18579	23	47	2013	2013	NUM
dem-18579	23	48	)	)	PUNCT
dem-18579	23	49	.	.	PUNCT
dem-18579	24	1	commonality	commonality	NOUN
dem-18579	24	2	in	in	ADP
dem-18579	24	3	liquidity	liquidity	NOUN
dem-18579	24	4	has	have	AUX
dem-18579	24	5	been	be	AUX
dem-18579	24	6	investigated	investigate	VERB
dem-18579	24	7	for	for	ADP
dem-18579	24	8	other	other	ADJ
dem-18579	24	9	individual	individual	ADJ
dem-18579	24	10	equity	equity	NOUN
dem-18579	24	11	markets	market	NOUN
dem-18579	24	12	in	in	ADP
dem-18579	24	13	the	the	DET
dem-18579	24	14	world	world	NOUN
dem-18579	24	15	.	.	PUNCT
dem-18579	25	1	among	among	ADP
dem-18579	25	2	others	other	NOUN
dem-18579	25	3	,	,	PUNCT
dem-18579	25	4	brockman	brockman	PROPN
dem-18579	25	5	and	and	CCONJ
dem-18579	25	6	chung	chung	PROPN
dem-18579	25	7	(	(	PUNCT
dem-18579	25	8	2006	2006	NUM
dem-18579	25	9	)	)	PUNCT
dem-18579	25	10	explored	explore	VERB
dem-18579	25	11	the	the	DET
dem-18579	25	12	stock	stock	NOUN
dem-18579	25	13	exchange	exchange	NOUN
dem-18579	25	14	of	of	ADP
dem-18579	25	15	hong	hong	PROPN
dem-18579	25	16	kong	kong	PROPN
dem-18579	25	17	,	,	PUNCT
dem-18579	25	18	fabre	fabre	PROPN
dem-18579	25	19	and	and	CCONJ
dem-18579	25	20	frino	frino	PROPN
dem-18579	25	21	(	(	PUNCT
dem-18579	25	22	2004	2004	NUM
dem-18579	25	23	)	)	PUNCT
dem-18579	25	24	studied	study	VERB
dem-18579	25	25	the	the	DET
dem-18579	25	26	australian	australian	ADJ
dem-18579	25	27	stock	stock	NOUN
dem-18579	25	28	exchange	exchange	NOUN
dem-18579	25	29	,	,	PUNCT
dem-18579	25	30	kempf	kempf	PROPN
dem-18579	25	31	and	and	CCONJ
dem-18579	25	32	mayston	mayston	PROPN
dem-18579	25	33	(	(	PUNCT
dem-18579	25	34	2008	2008	NUM
dem-18579	25	35	)	)	PUNCT
dem-18579	25	36	analysed	analyse	VERB
dem-18579	25	37	the	the	DET
dem-18579	25	38	frankfurt	frankfurt	PROPN
dem-18579	25	39	stock	stock	PROPN
dem-18579	25	40	exchange	exchange	PROPN
dem-18579	25	41	,	,	PUNCT
dem-18579	25	42	pukthuanthong	pukthuanthong	NOUN
dem-18579	25	43	-	-	PUNCT
dem-18579	25	44	le	le	NOUN
dem-18579	25	45	and	and	CCONJ
dem-18579	25	46	visaltanachoti	visaltanachoti	PROPN
dem-18579	25	47	(	(	PUNCT
dem-18579	25	48	2009	2009	NUM
dem-18579	25	49	)	)	PUNCT
dem-18579	25	50	assessed	assess	VERB
dem-18579	25	51	the	the	DET
dem-18579	25	52	stock	stock	NOUN
dem-18579	25	53	exchange	exchange	NOUN
dem-18579	25	54	in	in	ADP
dem-18579	25	55	thailand	thailand	PROPN
dem-18579	25	56	,	,	PUNCT
dem-18579	25	57	foran	foran	PROPN
dem-18579	25	58	et	et	PROPN
dem-18579	25	59	al	al	PROPN
dem-18579	25	60	.	.	PROPN
dem-18579	26	1	(	(	PUNCT
dem-18579	26	2	2015	2015	NUM
dem-18579	26	3	)	)	PUNCT
dem-18579	26	4	examined	examine	VERB
dem-18579	26	5	the	the	DET
dem-18579	26	6	london	london	PROPN
dem-18579	26	7	stock	stock	NOUN
dem-18579	26	8	exchange	exchange	PROPN
dem-18579	26	9	,	,	PUNCT
dem-18579	26	10	narayan	narayan	PROPN
dem-18579	26	11	et	et	PROPN
dem-18579	26	12	al	al	PROPN
dem-18579	26	13	.	.	PROPN
dem-18579	27	1	(	(	PUNCT
dem-18579	27	2	2015	2015	NUM
dem-18579	27	3	)	)	PUNCT
dem-18579	27	4	tested	test	VERB
dem-18579	27	5	the	the	DET
dem-18579	27	6	chinese	chinese	ADJ
dem-18579	27	7	stock	stock	NOUN
dem-18579	27	8	exchanges	exchange	NOUN
dem-18579	27	9	(	(	PUNCT
dem-18579	27	10	in	in	ADP
dem-18579	27	11	shanghai	shanghai	PROPN
dem-18579	27	12	and	and	CCONJ
dem-18579	27	13	shenzhen	shenzhen	PROPN
dem-18579	27	14	)	)	PUNCT
dem-18579	27	15	,	,	PUNCT
dem-18579	27	16	miralles	miralle	VERB
dem-18579	27	17	marcelo	marcelo	PROPN
dem-18579	27	18	et	et	PROPN
dem-18579	27	19	al	al	PROPN
dem-18579	27	20	.	.	PROPN
dem-18579	28	1	(	(	PUNCT
dem-18579	28	2	2015	2015	NUM
dem-18579	28	3	)	)	PUNCT
dem-18579	28	4	studied	study	VERB
dem-18579	28	5	the	the	DET
dem-18579	28	6	euronext	euronext	PROPN
dem-18579	28	7	lisbon	lisbon	PROPN
dem-18579	28	8	stock	stock	PROPN
dem-18579	28	9	exchange	exchange	PROPN
dem-18579	28	10	,	,	PUNCT
dem-18579	28	11	sensoy	sensoy	ADJ
dem-18579	28	12	(	(	PUNCT
dem-18579	28	13	2016	2016	NUM
dem-18579	28	14	)	)	PUNCT
dem-18579	28	15	investigated	investigate	VERB
dem-18579	28	16	the	the	DET
dem-18579	28	17	turkish	turkish	ADJ
dem-18579	28	18	stock	stock	NOUN
dem-18579	28	19	market	market	NOUN
dem-18579	28	20	,	,	PUNCT
dem-18579	28	21	syamala	syamala	NOUN
dem-18579	28	22	et	et	PROPN
dem-18579	28	23	al	al	PROPN
dem-18579	28	24	.	.	PROPN
dem-18579	29	1	(	(	PUNCT
dem-18579	29	2	2017	2017	NUM
dem-18579	29	3	)	)	PUNCT
dem-18579	29	4	analysed	analyse	VERB
dem-18579	29	5	the	the	DET
dem-18579	29	6	indian	indian	ADJ
dem-18579	29	7	stock	stock	NOUN
dem-18579	29	8	market	market	NOUN
dem-18579	29	9	,	,	PUNCT
dem-18579	29	10	and	and	CCONJ
dem-18579	29	11	olbryś	olbryś	ADJ
dem-18579	29	12	(	(	PUNCT
dem-18579	29	13	2018	2018	NUM
dem-18579	29	14	)	)	PUNCT
dem-18579	29	15	explored	explore	VERB
dem-18579	29	16	the	the	DET
dem-18579	29	17	polish	polish	ADJ
dem-18579	29	18	stock	stock	NOUN
dem-18579	29	19	exchange	exchange	NOUN
dem-18579	29	20	in	in	ADP
dem-18579	29	21	warsaw	warsaw	PROPN
dem-18579	29	22	.	.	PUNCT
dem-18579	30	1	in	in	ADP
dem-18579	30	2	general	general	ADJ
dem-18579	30	3	,	,	PUNCT
dem-18579	30	4	the	the	DET
dem-18579	30	5	empirical	empirical	ADJ
dem-18579	30	6	results	result	NOUN
dem-18579	30	7	on	on	ADP
dem-18579	30	8	different	different	ADJ
dem-18579	30	9	stock	stock	NOUN
dem-18579	30	10	markets	market	NOUN
dem-18579	30	11	in	in	ADP
dem-18579	30	12	the	the	DET
dem-18579	30	13	world	world	NOUN
dem-18579	30	14	are	be	AUX
dem-18579	30	15	not	not	PART
dem-18579	30	16	homogeneous	homogeneous	ADJ
dem-18579	30	17	.	.	PUNCT
dem-18579	31	1	a	a	DET
dem-18579	31	2	number	number	NOUN
dem-18579	31	3	of	of	ADP
dem-18579	31	4	studies	study	NOUN
dem-18579	31	5	that	that	PRON
dem-18579	31	6	concern	concern	VERB
dem-18579	31	7	commonality	commonality	NOUN
dem-18579	31	8	in	in	ADP
dem-18579	31	9	liquidity	liquidity	NOUN
dem-18579	31	10	for	for	ADP
dem-18579	31	11	a	a	DET
dem-18579	31	12	group	group	NOUN
dem-18579	31	13	of	of	ADP
dem-18579	31	14	international	international	ADJ
dem-18579	31	15	financial	financial	ADJ
dem-18579	31	16	markets	market	NOUN
dem-18579	31	17	is	be	AUX
dem-18579	31	18	rather	rather	ADV
dem-18579	31	19	limited	limited	ADJ
dem-18579	31	20	.	.	PUNCT
dem-18579	32	1	for	for	ADP
dem-18579	32	2	example	example	NOUN
dem-18579	32	3	,	,	PUNCT
dem-18579	32	4	brockman	brockman	PROPN
dem-18579	32	5	et	et	PROPN
dem-18579	32	6	al	al	PROPN
dem-18579	32	7	.	.	PROPN
dem-18579	33	1	(	(	PUNCT
dem-18579	33	2	2009	2009	NUM
dem-18579	33	3	)	)	PUNCT
dem-18579	33	4	applied	apply	VERB
dem-18579	33	5	methodology	methodology	NOUN
dem-18579	33	6	of	of	ADP
dem-18579	33	7	chordia	chordia	NOUN
dem-18579	33	8	et	et	PROPN
dem-18579	33	9	al	al	PROPN
dem-18579	33	10	.	.	PROPN
dem-18579	34	1	(	(	PUNCT
dem-18579	34	2	2000	2000	NUM
dem-18579	34	3	)	)	PUNCT
dem-18579	35	1	to	to	PART
dem-18579	35	2	examine	examine	VERB
dem-18579	35	3	commonality	commonality	NOUN
dem-18579	35	4	in	in	ADP
dem-18579	35	5	liquidity	liquidity	NOUN
dem-18579	35	6	on	on	ADP
dem-18579	35	7	47	47	NUM
dem-18579	35	8	stock	stock	NOUN
dem-18579	35	9	exchanges	exchange	NOUN
dem-18579	36	1	.	.	PUNCT
dem-18579	37	1	they	they	PRON
dem-18579	37	2	documented	document	VERB
dem-18579	37	3	the	the	DET
dem-18579	37	4	pervasive	pervasive	ADJ
dem-18579	37	5	role	role	NOUN
dem-18579	37	6	of	of	ADP
dem-18579	37	7	commonality	commonality	NOUN
dem-18579	37	8	in	in	ADP
dem-18579	37	9	liquidity	liquidity	NOUN
dem-18579	37	10	within	within	ADP
dem-18579	37	11	individual	individual	ADJ
dem-18579	37	12	exchanges	exchange	NOUN
dem-18579	37	13	and	and	CCONJ
dem-18579	37	14	they	they	PRON
dem-18579	37	15	found	find	VERB
dem-18579	37	16	evidence	evidence	NOUN
dem-18579	37	17	of	of	ADP
dem-18579	37	18	a	a	DET
dem-18579	37	19	distinct	distinct	ADJ
dem-18579	37	20	,	,	PUNCT
dem-18579	37	21	global	global	ADJ
dem-18579	37	22	component	component	NOUN
dem-18579	37	23	in	in	ADP
dem-18579	37	24	bid	bid	NOUN
dem-18579	37	25	/	/	SYM
dem-18579	37	26	ask	ask	VERB
dem-18579	37	27	spreads	spread	NOUN
dem-18579	37	28	and	and	CCONJ
dem-18579	37	29	depths	depth	NOUN
dem-18579	37	30	across	across	ADP
dem-18579	37	31	exchanges	exchange	NOUN
dem-18579	37	32	.	.	PUNCT
dem-18579	38	1	karolyi	karolyi	PROPN
dem-18579	38	2	et	et	PROPN
dem-18579	38	3	al	al	PROPN
dem-18579	38	4	.	.	PROPN
dem-18579	38	5	(	(	PUNCT
dem-18579	38	6	2012	2012	NUM
dem-18579	38	7	)	)	PUNCT
dem-18579	38	8	explored	explore	VERB
dem-18579	38	9	cross	cross	ADJ
dem-18579	38	10	-	-	ADJ
dem-18579	38	11	country	country	ADJ
dem-18579	38	12	commonality	commonality	NOUN
dem-18579	38	13	in	in	ADP
dem-18579	38	14	liquidity	liquidity	NOUN
dem-18579	38	15	using	use	VERB
dem-18579	38	16	daily	daily	ADJ
dem-18579	38	17	data	datum	NOUN
dem-18579	38	18	for	for	ADP
dem-18579	38	19	individual	individual	ADJ
dem-18579	38	20	stocks	stock	NOUN
dem-18579	38	21	from	from	ADP
dem-18579	38	22	40	40	NUM
dem-18579	38	23	developed	developed	ADJ
dem-18579	38	24	and	and	CCONJ
dem-18579	38	25	emerging	emerge	VERB
dem-18579	38	26	countries	country	NOUN
dem-18579	38	27	.	.	PUNCT
dem-18579	39	1	wang	wang	PROPN
dem-18579	39	2	(	(	PUNCT
dem-18579	39	3	2013	2013	NUM
dem-18579	39	4	)	)	PUNCT
dem-18579	39	5	investigated	investigate	VERB
dem-18579	39	6	the	the	DET
dem-18579	39	7	impact	impact	NOUN
dem-18579	39	8	of	of	ADP
dem-18579	39	9	a	a	DET
dem-18579	39	10	set	set	NOUN
dem-18579	39	11	of	of	ADP
dem-18579	39	12	common	common	ADJ
dem-18579	39	13	factors	factor	NOUN
dem-18579	39	14	on	on	ADP
dem-18579	39	15	liquidity	liquidity	NOUN
dem-18579	39	16	variations	variation	NOUN
dem-18579	39	17	in	in	ADP
dem-18579	39	18	12	12	NUM
dem-18579	39	19	asian	asian	ADJ
dem-18579	39	20	equity	equity	NOUN
dem-18579	39	21	markets	market	NOUN
dem-18579	39	22	.	.	PUNCT
dem-18579	40	1	bai	bai	PROPN
dem-18579	40	2	and	and	CCONJ
dem-18579	40	3	qin	qin	PROPN
dem-18579	40	4	(	(	PUNCT
dem-18579	40	5	2015	2015	NUM
dem-18579	40	6	)	)	PUNCT
dem-18579	40	7	analysed	analyse	VERB
dem-18579	40	8	commonality	commonality	NOUN
dem-18579	40	9	in	in	ADP
dem-18579	40	10	liquidity	liquidity	NOUN
dem-18579	40	11	on	on	ADP
dem-18579	40	12	18	18	NUM
dem-18579	40	13	emerging	emerge	VERB
dem-18579	40	14	markets	market	NOUN
dem-18579	40	15	.	.	PUNCT
dem-18579	41	1	the	the	DET
dem-18579	41	2	authors	author	NOUN
dem-18579	41	3	pointed	point	VERB
dem-18579	41	4	out	out	ADP
dem-18579	41	5	that	that	SCONJ
dem-18579	41	6	liquidity	liquidity	NOUN
dem-18579	41	7	co	co	NOUN
dem-18579	41	8	-	-	NOUN
dem-18579	41	9	movements	movement	NOUN
dem-18579	41	10	across	across	ADP
dem-18579	41	11	emerging	emerge	VERB
dem-18579	41	12	markets	market	NOUN
dem-18579	41	13	have	have	VERB
dem-18579	41	14	a	a	DET
dem-18579	41	15	strong	strong	ADJ
dem-18579	41	16	geographic	geographic	ADJ
dem-18579	41	17	component	component	NOUN
dem-18579	41	18	.	.	PUNCT
dem-18579	42	1	among	among	ADP
dem-18579	42	2	others	other	NOUN
dem-18579	42	3	,	,	PUNCT
dem-18579	42	4	bekaert	bekaert	VERB
dem-18579	42	5	et	et	PROPN
dem-18579	42	6	al	al	PROPN
dem-18579	42	7	.	.	PUNCT
dem-18579	43	1	(	(	PUNCT
dem-18579	43	2	2007	2007	NUM
dem-18579	43	3	)	)	PUNCT
dem-18579	43	4	stress	stress	NOUN
dem-18579	43	5	that	that	SCONJ
dem-18579	43	6	liquidity	liquidity	NOUN
dem-18579	43	7	is	be	AUX
dem-18579	43	8	more	more	ADV
dem-18579	43	9	critical	critical	ADJ
dem-18579	43	10	for	for	ADP
dem-18579	43	11	emerging	emerge	VERB
dem-18579	43	12	than	than	ADP
dem-18579	43	13	developed	developed	ADJ
dem-18579	43	14	markets	market	NOUN
dem-18579	43	15	.	.	PUNCT
dem-18579	44	1	moreover	moreover	ADV
dem-18579	44	2	,	,	PUNCT
dem-18579	44	3	it	it	PRON
dem-18579	44	4	is	be	AUX
dem-18579	44	5	a	a	DET
dem-18579	44	6	well	well	ADV
dem-18579	44	7	–	–	PUNCT
dem-18579	44	8	known	know	VERB
dem-18579	44	9	fact	fact	NOUN
dem-18579	44	10	that	that	SCONJ
dem-18579	44	11	a	a	DET
dem-18579	44	12	non	non	ADJ
dem-18579	44	13	–	–	PUNCT
dem-18579	44	14	trading	trading	ADJ
dem-18579	44	15	effect	effect	NOUN
dem-18579	44	16	induces	induce	VERB
dem-18579	44	17	potentially	potentially	ADV
dem-18579	44	18	serious	serious	ADJ
dem-18579	44	19	biases	bias	NOUN
dem-18579	44	20	in	in	ADP
dem-18579	44	21	various	various	ADJ
dem-18579	44	22	statistical	statistical	ADJ
dem-18579	44	23	measures	measure	NOUN
dem-18579	44	24	of	of	ADP
dem-18579	44	25	asset	asset	NOUN
dem-18579	44	26	returns	return	NOUN
dem-18579	44	27	(	(	PUNCT
dem-18579	44	28	e.g.	e.g.	ADV
dem-18579	44	29	nowak	nowak	PROPN
dem-18579	44	30	and	and	CCONJ
dem-18579	44	31	olbryś	olbryś	ADJ
dem-18579	44	32	,	,	PUNCT
dem-18579	44	33	2016	2016	NUM
dem-18579	44	34	)	)	PUNCT
dem-18579	44	35	.	.	PUNCT
dem-18579	45	1	we	we	PRON
dem-18579	45	2	refer	refer	VERB
dem-18579	45	3	to	to	ADP
dem-18579	45	4	non	non	ADJ
dem-18579	45	5	–	–	PUNCT
dem-18579	45	6	trading	trading	NOUN
dem-18579	45	7	as	as	ADP
dem-18579	45	8	a	a	DET
dem-18579	45	9	lack	lack	NOUN
dem-18579	45	10	of	of	ADP
dem-18579	45	11	transactions	transaction	NOUN
dem-18579	45	12	over	over	ADP
dem-18579	45	13	a	a	DET
dem-18579	45	14	particular	particular	ADJ
dem-18579	45	15	period	period	NOUN
dem-18579	45	16	when	when	SCONJ
dem-18579	45	17	a	a	DET
dem-18579	45	18	stock	stock	NOUN
dem-18579	45	19	exchange	exchange	NOUN
dem-18579	45	20	is	be	AUX
dem-18579	45	21	open	open	ADJ
dem-18579	45	22	for	for	ADP
dem-18579	45	23	trading	trading	NOUN
dem-18579	45	24	.	.	PUNCT
dem-18579	46	1	the	the	DET
dem-18579	46	2	lack	lack	NOUN
dem-18579	46	3	of	of	ADP
dem-18579	46	4	transactions	transaction	NOUN
dem-18579	46	5	means	mean	VERB
dem-18579	46	6	that	that	SCONJ
dem-18579	46	7	the	the	DET
dem-18579	46	8	volume	volume	NOUN
dem-18579	46	9	(	(	PUNCT
dem-18579	46	10	in	in	ADP
dem-18579	46	11	items	item	NOUN
dem-18579	46	12	)	)	PUNCT
dem-18579	46	13	is	be	AUX
dem-18579	46	14	equal	equal	ADJ
dem-18579	46	15	to	to	ADP
dem-18579	46	16	zero	zero	NUM
dem-18579	46	17	.	.	PUNCT
dem-18579	47	1	empirical	empirical	ADJ
dem-18579	47	2	analyses	analysis	NOUN
dem-18579	47	3	of	of	ADP
dem-18579	47	4	a	a	DET
dem-18579	47	5	number	number	NOUN
dem-18579	47	6	of	of	ADP
dem-18579	47	7	zeros	zero	NOUN
dem-18579	47	8	in	in	ADP
dem-18579	47	9	daily	daily	ADJ
dem-18579	47	10	volume	volume	NOUN
dem-18579	47	11	for	for	ADP
dem-18579	47	12	companies	company	NOUN
dem-18579	47	13	listed	list	VERB
dem-18579	47	14	on	on	ADP
dem-18579	47	15	seven	seven	NUM
dem-18579	47	16	small	small	ADJ
dem-18579	47	17	cee	cee	NOUN
dem-18579	47	18	stock	stock	NOUN
dem-18579	47	19	exchanges	exchange	NOUN
dem-18579	47	20	in	in	ADP
dem-18579	47	21	the	the	DET
dem-18579	47	22	czech	czech	PROPN
dem-18579	47	23	republic	republic	NOUN
dem-18579	47	24	,	,	PUNCT
dem-18579	47	25	hungary	hungary	PROPN
dem-18579	47	26	,	,	PUNCT
dem-18579	47	27	slovakia	slovakia	PROPN
dem-18579	47	28	,	,	PUNCT
dem-18579	47	29	slovenia	slovenia	PROPN
dem-18579	47	30	,	,	PUNCT
dem-18579	47	31	lithuania	lithuania	PROPN
dem-18579	47	32	,	,	PUNCT
dem-18579	47	33	estonia	estonia	PROPN
dem-18579	47	34	,	,	PUNCT
dem-18579	47	35	and	and	CCONJ
dem-18579	47	36	latvia	latvia	PROPN
dem-18579	47	37	reveal	reveal	VERB
dem-18579	47	38	that	that	SCONJ
dem-18579	47	39	the	the	DET
dem-18579	47	40	non	non	ADJ
dem-18579	47	41	-	-	ADJ
dem-18579	47	42	trading	trading	ADJ
dem-18579	47	43	problem	problem	NOUN
dem-18579	47	44	is	be	AUX
dem-18579	47	45	crucial	crucial	ADJ
dem-18579	47	46	on	on	ADP
dem-18579	47	47	these	these	DET
dem-18579	47	48	markets	market	NOUN
dem-18579	47	49	.	.	PUNCT
dem-18579	48	1	therefore	therefore	ADV
dem-18579	48	2	,	,	PUNCT
dem-18579	48	3	in	in	ADP
dem-18579	48	4	this	this	DET
dem-18579	48	5	paper	paper	NOUN
dem-18579	48	6	we	we	PRON
dem-18579	48	7	analyse	analyse	VERB
dem-18579	48	8	intra	intra	ADJ
dem-18579	48	9	-	-	ADJ
dem-18579	48	10	market	market	ADJ
dem-18579	48	11	liquidity	liquidity	NOUN
dem-18579	48	12	co	co	NOUN
dem-18579	48	13	-	-	NOUN
dem-18579	48	14	movements	movement	NOUN
dem-18579	48	15	in	in	ADP
dem-18579	48	16	the	the	DET
dem-18579	48	17	context	context	NOUN
dem-18579	48	18	of	of	ADP
dem-18579	48	19	the	the	DET
dem-18579	48	20	non	non	ADJ
dem-18579	48	21	-	-	ADJ
dem-18579	48	22	trading	trading	ADJ
dem-18579	48	23	problem	problem	NOUN
dem-18579	48	24	in	in	ADP
dem-18579	48	25	assessing	assess	VERB
dem-18579	48	26	commonality	commonality	NOUN
dem-18579	48	27	in	in	ADP
dem-18579	48	28	liquidity	liquidity	NOUN
dem-18579	48	29	…	…	PUNCT
dem-18579	48	30	dynamic	dynamic	ADJ
dem-18579	48	31	econometric	econometric	ADJ
dem-18579	48	32	models	model	NOUN
dem-18579	48	33	18	18	NUM
dem-18579	48	34	(	(	PUNCT
dem-18579	48	35	2018	2018	NUM
dem-18579	48	36	)	)	PUNCT
dem-18579	48	37	67–79	67–79	ADV
dem-18579	48	38	69	69	NUM
dem-18579	48	39	problems	problem	NOUN
dem-18579	48	40	with	with	ADP
dem-18579	48	41	asset	asset	NOUN
dem-18579	48	42	illiquidity	illiquidity	NOUN
dem-18579	48	43	.	.	PUNCT
dem-18579	49	1	the	the	DET
dem-18579	49	2	research	research	NOUN
dem-18579	49	3	hypothesis	hypothesis	NOUN
dem-18579	49	4	that	that	SCONJ
dem-18579	49	5	there	there	PRON
dem-18579	49	6	is	be	VERB
dem-18579	49	7	no	no	DET
dem-18579	49	8	commonality	commonality	NOUN
dem-18579	49	9	in	in	ADP
dem-18579	49	10	liquidity	liquidity	NOUN
dem-18579	49	11	on	on	ADP
dem-18579	49	12	each	each	DET
dem-18579	49	13	investigated	investigate	VERB
dem-18579	49	14	cee	cee	PROPN
dem-18579	49	15	stock	stock	NOUN
dem-18579	49	16	market	market	NOUN
dem-18579	49	17	,	,	PUNCT
dem-18579	49	18	taken	take	VERB
dem-18579	49	19	separately	separately	ADV
dem-18579	49	20	,	,	PUNCT
dem-18579	49	21	is	be	AUX
dem-18579	49	22	tested	test	VERB
dem-18579	49	23	.	.	PUNCT
dem-18579	50	1	a	a	DET
dem-18579	50	2	modified	modify	VERB
dem-18579	50	3	version	version	NOUN
dem-18579	50	4	of	of	ADP
dem-18579	50	5	the	the	DET
dem-18579	50	6	amihud	amihud	PROPN
dem-18579	50	7	(	(	PUNCT
dem-18579	50	8	2002	2002	NUM
dem-18579	50	9	)	)	PUNCT
dem-18579	50	10	measure	measure	NOUN
dem-18579	50	11	is	be	AUX
dem-18579	50	12	used	use	VERB
dem-18579	50	13	as	as	ADP
dem-18579	50	14	daily	daily	ADJ
dem-18579	50	15	liquidity	liquidity	NOUN
dem-18579	50	16	proxy	proxy	NOUN
dem-18579	50	17	,	,	PUNCT
dem-18579	50	18	in	in	ADP
dem-18579	50	19	the	the	DET
dem-18579	50	20	period	period	NOUN
dem-18579	50	21	from	from	ADP
dem-18579	50	22	january	january	PROPN
dem-18579	50	23	2	2	NUM
dem-18579	50	24	,	,	PUNCT
dem-18579	50	25	2012	2012	NUM
dem-18579	50	26	to	to	ADP
dem-18579	50	27	december	december	PROPN
dem-18579	50	28	30	30	NUM
dem-18579	50	29	,	,	PUNCT
dem-18579	50	30	2016	2016	NUM
dem-18579	50	31	.	.	PUNCT
dem-18579	51	1	we	we	PRON
dem-18579	51	2	utilize	utilize	VERB
dem-18579	51	3	the	the	DET
dem-18579	51	4	research	research	NOUN
dem-18579	51	5	design	design	NOUN
dem-18579	51	6	of	of	ADP
dem-18579	51	7	chordia	chordia	NOUN
dem-18579	51	8	et	et	PROPN
dem-18579	51	9	al	al	PROPN
dem-18579	51	10	.	.	PUNCT
dem-18579	52	1	(	(	PUNCT
dem-18579	52	2	2000	2000	NUM
dem-18579	52	3	)	)	PUNCT
dem-18579	52	4	,	,	PUNCT
dem-18579	52	5	but	but	CCONJ
dem-18579	52	6	we	we	PRON
dem-18579	52	7	employ	employ	VERB
dem-18579	52	8	the	the	DET
dem-18579	52	9	olshac	olshac	NOUN
dem-18579	52	10	method	method	NOUN
dem-18579	52	11	(	(	PUNCT
dem-18579	52	12	newey	newey	PROPN
dem-18579	52	13	and	and	CCONJ
dem-18579	52	14	west	west	NOUN
dem-18579	52	15	,	,	PUNCT
dem-18579	52	16	1987	1987	NUM
dem-18579	52	17	)	)	PUNCT
dem-18579	52	18	and	and	CCONJ
dem-18579	52	19	the	the	DET
dem-18579	52	20	garch	garch	NOUN
dem-18579	52	21	-	-	PUNCT
dem-18579	52	22	type	type	NOUN
dem-18579	52	23	models	model	NOUN
dem-18579	52	24	(	(	PUNCT
dem-18579	52	25	if	if	SCONJ
dem-18579	52	26	necessary	necessary	ADJ
dem-18579	52	27	)	)	PUNCT
dem-18579	52	28	to	to	PART
dem-18579	52	29	infer	infer	VERB
dem-18579	52	30	the	the	DET
dem-18579	52	31	patterns	pattern	NOUN
dem-18579	52	32	of	of	ADP
dem-18579	52	33	commonality	commonality	NOUN
dem-18579	52	34	in	in	ADP
dem-18579	52	35	liquidity	liquidity	NOUN
dem-18579	52	36	.	.	PUNCT
dem-18579	53	1	in	in	ADP
dem-18579	53	2	the	the	DET
dem-18579	53	3	market	market	NOUN
dem-18579	53	4	models	model	NOUN
dem-18579	53	5	of	of	ADP
dem-18579	53	6	liquidity	liquidity	NOUN
dem-18579	53	7	,	,	PUNCT
dem-18579	53	8	positive	positive	ADJ
dem-18579	53	9	and	and	CCONJ
dem-18579	53	10	statistically	statistically	ADV
dem-18579	53	11	significant	significant	ADJ
dem-18579	53	12	slope	slope	NOUN
dem-18579	53	13	coefficients	coefficient	NOUN
dem-18579	53	14	are	be	AUX
dem-18579	53	15	especially	especially	ADV
dem-18579	53	16	desired	desire	VERB
dem-18579	53	17	,	,	PUNCT
dem-18579	53	18	because	because	SCONJ
dem-18579	53	19	they	they	PRON
dem-18579	53	20	indicate	indicate	VERB
dem-18579	53	21	intra	intra	ADJ
dem-18579	53	22	-	-	ADJ
dem-18579	53	23	market	market	ADJ
dem-18579	53	24	co	co	NOUN
dem-18579	53	25	-	-	NOUN
dem-18579	53	26	movements	movement	NOUN
dem-18579	53	27	in	in	ADP
dem-18579	53	28	liquidity	liquidity	NOUN
dem-18579	53	29	in	in	ADP
dem-18579	53	30	the	the	DET
dem-18579	53	31	same	same	ADJ
dem-18579	53	32	direction	direction	NOUN
dem-18579	53	33	,	,	PUNCT
dem-18579	53	34	and	and	CCONJ
dem-18579	53	35	therefore	therefore	ADV
dem-18579	53	36	confirm	confirm	VERB
dem-18579	53	37	commonality	commonality	NOUN
dem-18579	53	38	in	in	ADP
dem-18579	53	39	liquidity	liquidity	NOUN
dem-18579	53	40	.	.	PUNCT
dem-18579	54	1	however	however	ADV
dem-18579	54	2	,	,	PUNCT
dem-18579	54	3	the	the	DET
dem-18579	54	4	regressions	regression	NOUN
dem-18579	54	5	provide	provide	VERB
dem-18579	54	6	no	no	DET
dem-18579	54	7	evidence	evidence	NOUN
dem-18579	54	8	of	of	ADP
dem-18579	54	9	commonality	commonality	NOUN
dem-18579	54	10	in	in	ADP
dem-18579	54	11	liquidity	liquidity	NOUN
dem-18579	54	12	on	on	ADP
dem-18579	54	13	the	the	DET
dem-18579	54	14	cee	cee	NOUN
dem-18579	54	15	stock	stock	NOUN
dem-18579	54	16	markets	market	NOUN
dem-18579	54	17	because	because	SCONJ
dem-18579	54	18	positive	positive	ADJ
dem-18579	54	19	and	and	CCONJ
dem-18579	54	20	statistically	statistically	ADV
dem-18579	54	21	significant	significant	ADJ
dem-18579	54	22	coefficients	coefficient	NOUN
dem-18579	54	23	are	be	AUX
dem-18579	54	24	scarce	scarce	ADJ
dem-18579	54	25	.	.	PUNCT
dem-18579	55	1	therefore	therefore	ADV
dem-18579	55	2	,	,	PUNCT
dem-18579	55	3	no	no	DET
dem-18579	55	4	reason	reason	NOUN
dem-18579	55	5	has	have	AUX
dem-18579	55	6	been	be	AUX
dem-18579	55	7	found	find	VERB
dem-18579	55	8	to	to	PART
dem-18579	55	9	support	support	VERB
dem-18579	55	10	commonality	commonality	NOUN
dem-18579	55	11	in	in	ADP
dem-18579	55	12	liquidity	liquidity	NOUN
dem-18579	55	13	on	on	ADP
dem-18579	55	14	each	each	DET
dem-18579	55	15	investigated	investigate	VERB
dem-18579	55	16	stock	stock	NOUN
dem-18579	55	17	exchange	exchange	NOUN
dem-18579	55	18	.	.	PUNCT
dem-18579	56	1	the	the	DET
dem-18579	56	2	empirical	empirical	ADJ
dem-18579	56	3	findings	finding	NOUN
dem-18579	56	4	are	be	AUX
dem-18579	56	5	homogeneous	homogeneous	ADJ
dem-18579	56	6	for	for	ADP
dem-18579	56	7	all	all	DET
dem-18579	56	8	investigated	investigate	VERB
dem-18579	56	9	markets	market	NOUN
dem-18579	56	10	.	.	PUNCT
dem-18579	57	1	to	to	ADP
dem-18579	57	2	the	the	DET
dem-18579	57	3	best	good	ADJ
dem-18579	57	4	of	of	ADP
dem-18579	57	5	the	the	DET
dem-18579	57	6	author	author	NOUN
dem-18579	57	7	’s	’s	PART
dem-18579	57	8	knowledge	knowledge	NOUN
dem-18579	57	9	,	,	PUNCT
dem-18579	57	10	the	the	DET
dem-18579	57	11	results	result	NOUN
dem-18579	57	12	concerning	concern	VERB
dem-18579	57	13	commonality	commonality	NOUN
dem-18579	57	14	in	in	ADP
dem-18579	57	15	liquidity	liquidity	NOUN
dem-18579	57	16	on	on	ADP
dem-18579	57	17	the	the	DET
dem-18579	57	18	cee	cee	NOUN
dem-18579	57	19	stock	stock	NOUN
dem-18579	57	20	exchanges	exchange	NOUN
dem-18579	57	21	in	in	ADP
dem-18579	57	22	the	the	DET
dem-18579	57	23	context	context	NOUN
dem-18579	57	24	of	of	ADP
dem-18579	57	25	non	non	ADJ
dem-18579	57	26	-	-	ADJ
dem-18579	57	27	trading	trading	ADJ
dem-18579	57	28	problems	problem	NOUN
dem-18579	57	29	are	be	AUX
dem-18579	57	30	novel	novel	ADJ
dem-18579	57	31	and	and	CCONJ
dem-18579	57	32	have	have	AUX
dem-18579	57	33	not	not	PART
dem-18579	57	34	been	be	AUX
dem-18579	57	35	presented	present	VERB
dem-18579	57	36	in	in	ADP
dem-18579	57	37	the	the	DET
dem-18579	57	38	literature	literature	NOUN
dem-18579	57	39	thus	thus	ADV
dem-18579	57	40	far	far	ADV
dem-18579	57	41	.	.	PUNCT
dem-18579	58	1	the	the	DET
dem-18579	58	2	remainder	remainder	NOUN
dem-18579	58	3	of	of	ADP
dem-18579	58	4	the	the	DET
dem-18579	58	5	study	study	NOUN
dem-18579	58	6	is	be	AUX
dem-18579	58	7	organized	organize	VERB
dem-18579	58	8	as	as	SCONJ
dem-18579	58	9	follows	follow	VERB
dem-18579	58	10	.	.	PUNCT
dem-18579	59	1	section	section	NOUN
dem-18579	59	2	1	1	NUM
dem-18579	59	3	specifies	specify	VERB
dem-18579	59	4	the	the	DET
dem-18579	59	5	methodological	methodological	ADJ
dem-18579	59	6	background	background	NOUN
dem-18579	59	7	concerning	concern	VERB
dem-18579	59	8	the	the	DET
dem-18579	59	9	measurement	measurement	NOUN
dem-18579	59	10	of	of	ADP
dem-18579	59	11	commonality	commonality	NOUN
dem-18579	59	12	in	in	ADP
dem-18579	59	13	liquidity	liquidity	NOUN
dem-18579	59	14	.	.	PUNCT
dem-18579	60	1	section	section	NOUN
dem-18579	60	2	2	2	NUM
dem-18579	60	3	describes	describe	VERB
dem-18579	60	4	the	the	DET
dem-18579	60	5	data	datum	NOUN
dem-18579	60	6	and	and	CCONJ
dem-18579	60	7	discusses	discuss	VERB
dem-18579	60	8	serious	serious	ADJ
dem-18579	60	9	problems	problem	NOUN
dem-18579	60	10	in	in	ADP
dem-18579	60	11	illiquidity	illiquidity	NOUN
dem-18579	60	12	on	on	ADP
dem-18579	60	13	the	the	DET
dem-18579	60	14	cee	cee	NOUN
dem-18579	60	15	emerging	emerge	VERB
dem-18579	60	16	stock	stock	NOUN
dem-18579	60	17	markets	market	NOUN
dem-18579	60	18	.	.	PUNCT
dem-18579	61	1	section	section	NOUN
dem-18579	61	2	3	3	NUM
dem-18579	61	3	presents	present	VERB
dem-18579	61	4	some	some	DET
dem-18579	61	5	empirical	empirical	ADJ
dem-18579	61	6	results	result	NOUN
dem-18579	61	7	of	of	ADP
dem-18579	61	8	testing	test	VERB
dem-18579	61	9	for	for	ADP
dem-18579	61	10	commonality	commonality	NOUN
dem-18579	61	11	in	in	ADP
dem-18579	61	12	liquidity	liquidity	NOUN
dem-18579	61	13	on	on	ADP
dem-18579	61	14	the	the	DET
dem-18579	61	15	investigated	investigate	VERB
dem-18579	61	16	markets	market	NOUN
dem-18579	61	17	.	.	PUNCT
dem-18579	62	1	conclusion	conclusion	NOUN
dem-18579	62	2	covers	cover	VERB
dem-18579	62	3	the	the	DET
dem-18579	62	4	main	main	ADJ
dem-18579	62	5	findings	finding	NOUN
dem-18579	62	6	.	.	PUNCT
dem-18579	63	1	table	table	NOUN
dem-18579	63	2	1	1	NUM
dem-18579	63	3	.	.	PUNCT
dem-18579	64	1	nomenclature	nomenclature	ADJ
dem-18579	64	2	pse	pse	NOUN
dem-18579	64	3	prague	prague	PROPN
dem-18579	64	4	stock	stock	PROPN
dem-18579	64	5	exchange	exchange	PROPN
dem-18579	64	6	(	(	PUNCT
dem-18579	64	7	the	the	DET
dem-18579	64	8	czech	czech	PROPN
dem-18579	64	9	republic	republic	PROPN
dem-18579	64	10	)	)	PUNCT
dem-18579	64	11	bse	bse	PROPN
dem-18579	64	12	budapest	budapest	PROPN
dem-18579	64	13	stock	stock	PROPN
dem-18579	64	14	exchange	exchange	PROPN
dem-18579	64	15	(	(	PUNCT
dem-18579	64	16	hungary	hungary	PROPN
dem-18579	64	17	)	)	PUNCT
dem-18579	64	18	bsse	bsse	PROPN
dem-18579	64	19	bratislava	bratislava	PROPN
dem-18579	64	20	stock	stock	PROPN
dem-18579	64	21	exchange	exchange	PROPN
dem-18579	64	22	(	(	PUNCT
dem-18579	64	23	slovakia	slovakia	PROPN
dem-18579	64	24	)	)	PUNCT
dem-18579	64	25	ljse	ljse	PROPN
dem-18579	64	26	ljubljana	ljubljana	PROPN
dem-18579	64	27	stock	stock	PROPN
dem-18579	64	28	exchange	exchange	PROPN
dem-18579	64	29	(	(	PUNCT
dem-18579	64	30	slovenia	slovenia	PROPN
dem-18579	64	31	)	)	PUNCT
dem-18579	64	32	nasdaq	nasdaq	PROPN
dem-18579	64	33	vilnius	vilnius	PROPN
dem-18579	64	34	stock	stock	PROPN
dem-18579	64	35	exchange	exchange	NOUN
dem-18579	64	36	in	in	ADP
dem-18579	64	37	vilnius	vilnius	PROPN
dem-18579	64	38	(	(	PUNCT
dem-18579	64	39	lithuania	lithuania	PROPN
dem-18579	64	40	)	)	PUNCT
dem-18579	64	41	nasdaq	nasdaq	PROPN
dem-18579	64	42	tallinn	tallinn	PROPN
dem-18579	64	43	stock	stock	PROPN
dem-18579	64	44	exchange	exchange	PROPN
dem-18579	64	45	in	in	ADP
dem-18579	64	46	tallinn	tallinn	PROPN
dem-18579	64	47	(	(	PUNCT
dem-18579	64	48	estonia	estonia	PROPN
dem-18579	64	49	)	)	PUNCT
dem-18579	64	50	nasdaq	nasdaq	PROPN
dem-18579	64	51	riga	riga	PROPN
dem-18579	64	52	stock	stock	NOUN
dem-18579	64	53	exchange	exchange	NOUN
dem-18579	64	54	in	in	ADP
dem-18579	64	55	riga	riga	PROPN
dem-18579	64	56	(	(	PUNCT
dem-18579	64	57	latvia	latvia	PROPN
dem-18579	64	58	)	)	PUNCT
dem-18579	64	59	1	1	NUM
dem-18579	64	60	.	.	X
dem-18579	65	1	assessing	assess	VERB
dem-18579	65	2	commonality	commonality	NOUN
dem-18579	65	3	in	in	ADP
dem-18579	65	4	liquidity	liquidity	NOUN
dem-18579	65	5	the	the	DET
dem-18579	65	6	literature	literature	NOUN
dem-18579	65	7	contains	contain	VERB
dem-18579	65	8	a	a	DET
dem-18579	65	9	number	number	NOUN
dem-18579	65	10	of	of	ADP
dem-18579	65	11	methods	method	NOUN
dem-18579	65	12	for	for	ADP
dem-18579	65	13	assessing	assess	VERB
dem-18579	65	14	commonality	commonality	NOUN
dem-18579	65	15	in	in	ADP
dem-18579	65	16	liquidity	liquidity	NOUN
dem-18579	65	17	.	.	PUNCT
dem-18579	66	1	to	to	PART
dem-18579	66	2	identify	identify	VERB
dem-18579	66	3	common	common	ADJ
dem-18579	66	4	determinants	determinant	NOUN
dem-18579	66	5	of	of	ADP
dem-18579	66	6	liquidity	liquidity	NOUN
dem-18579	66	7	,	,	PUNCT
dem-18579	66	8	the	the	DET
dem-18579	66	9	classical	classical	ADJ
dem-18579	66	10	market	market	NOUN
dem-18579	66	11	model	model	NOUN
dem-18579	66	12	of	of	ADP
dem-18579	66	13	liquidity	liquidity	NOUN
dem-18579	66	14	,	,	PUNCT
dem-18579	66	15	introduced	introduce	VERB
dem-18579	66	16	by	by	ADP
dem-18579	66	17	chordia	chordia	NOUN
dem-18579	66	18	et	et	PROPN
dem-18579	66	19	al	al	PROPN
dem-18579	66	20	.	.	PROPN
dem-18579	67	1	(	(	PUNCT
dem-18579	67	2	2000	2000	NUM
dem-18579	67	3	)	)	PUNCT
dem-18579	67	4	has	have	AUX
dem-18579	67	5	been	be	AUX
dem-18579	67	6	most	most	ADV
dem-18579	67	7	frequently	frequently	ADV
dem-18579	67	8	used	use	VERB
dem-18579	67	9	.	.	PUNCT
dem-18579	68	1	in	in	ADP
dem-18579	68	2	this	this	DET
dem-18579	68	3	research	research	NOUN
dem-18579	68	4	,	,	PUNCT
dem-18579	68	5	the	the	DET
dem-18579	68	6	modified	modify	VERB
dem-18579	68	7	version	version	NOUN
dem-18579	68	8	of	of	ADP
dem-18579	68	9	classical	classical	ADJ
dem-18579	68	10	market	market	NOUN
dem-18579	68	11	model	model	NOUN
dem-18579	68	12	of	of	ADP
dem-18579	68	13	liquidity	liquidity	NOUN
dem-18579	68	14	,	,	PUNCT
dem-18579	68	15	including	include	VERB
dem-18579	68	16	the	the	DET
dem-18579	68	17	dimson	dimson	NOUN
dem-18579	68	18	(	(	PUNCT
dem-18579	68	19	1979	1979	NUM
dem-18579	68	20	)	)	PUNCT
dem-18579	68	21	correction	correction	NOUN
dem-18579	68	22	for	for	ADP
dem-18579	68	23	daily	daily	ADJ
dem-18579	68	24	data	datum	NOUN
dem-18579	68	25	is	be	AUX
dem-18579	68	26	applied	apply	VERB
dem-18579	68	27	:	:	PUNCT
dem-18579	68	28	𝐷𝐿#,%	𝐷𝐿#,%	VERB
dem-18579	68	29	=	=	PUNCT
dem-18579	69	1	𝛼	𝛼	NOUN
dem-18579	69	2	#	#	NOUN
dem-18579	69	3	+	+	NOUN
dem-18579	69	4	𝛽#,*+𝐷𝐿,,%*+	𝛽#,*+𝐷𝐿,,%*+	PROPN
dem-18579	69	5	+	+	NOUN
dem-18579	69	6	𝛽#,-𝐷𝐿,,%	𝛽#,-𝐷𝐿,,%	ADJ
dem-18579	69	7	+	+	CCONJ
dem-18579	69	8	𝛽#,.+𝐷𝐿,,%.+	𝛽#,.+𝐷𝐿,,%.+	PROPN
dem-18579	69	9	+	+	CCONJ
dem-18579	69	10	𝜀#,%	𝜀#,%	PROPN
dem-18579	69	11	,	,	PUNCT
dem-18579	69	12	(	(	PUNCT
dem-18579	69	13	1	1	X
dem-18579	69	14	)	)	PUNCT
dem-18579	69	15	joanna	joanna	NOUN
dem-18579	69	16	olbryś	olbryś	PROPN
dem-18579	69	17	dynamic	dynamic	ADJ
dem-18579	69	18	econometric	econometric	ADJ
dem-18579	69	19	models	model	NOUN
dem-18579	69	20	18	18	NUM
dem-18579	69	21	(	(	PUNCT
dem-18579	69	22	2018	2018	NUM
dem-18579	69	23	)	)	PUNCT
dem-18579	69	24	67–79	67–79	ADV
dem-18579	69	25	70	70	NUM
dem-18579	69	26	where	where	SCONJ
dem-18579	69	27	𝐷𝐿#,%	𝐷𝐿#,%	VERB
dem-18579	69	28	for	for	ADP
dem-18579	69	29	stock	stock	NOUN
dem-18579	69	30	i	i	PRON
dem-18579	69	31	is	be	AUX
dem-18579	69	32	the	the	DET
dem-18579	69	33	change	change	NOUN
dem-18579	69	34	in	in	ADP
dem-18579	69	35	liquidity	liquidity	NOUN
dem-18579	69	36	variable	variable	ADJ
dem-18579	69	37	l	l	NOUN
dem-18579	69	38	from	from	ADP
dem-18579	69	39	trading	trading	NOUN
dem-18579	69	40	day	day	NOUN
dem-18579	69	41	t–1	t–1	ADP
dem-18579	69	42	to	to	ADP
dem-18579	69	43	t	t	PROPN
dem-18579	69	44	,	,	PUNCT
dem-18579	69	45	i.e.	i.e.	X
dem-18579	69	46	𝐷𝐿%	𝐷𝐿%	PROPN
dem-18579	69	47	=	=	SYM
dem-18579	69	48	01	01	PROPN
dem-18579	69	49	*	*	SYM
dem-18579	69	50	0123	0123	NUM
dem-18579	69	51	0123	0123	NUM
dem-18579	69	52	.	.	PUNCT
dem-18579	70	1	according	accord	VERB
dem-18579	70	2	to	to	ADP
dem-18579	70	3	the	the	DET
dem-18579	70	4	dimson	dimson	NOUN
dem-18579	70	5	procedure	procedure	NOUN
dem-18579	70	6	,	,	PUNCT
dem-18579	70	7	the	the	DET
dem-18579	70	8	𝐷𝐿,,%*+	𝐷𝐿,,%*+	PROPN
dem-18579	70	9	,	,	PUNCT
dem-18579	70	10	𝐷𝐿,,%	𝐷𝐿,,%	NOUN
dem-18579	70	11	,	,	PUNCT
dem-18579	70	12	and	and	CCONJ
dem-18579	70	13	𝐷𝐿,,%.+	𝐷𝐿,,%.+	NUM
dem-18579	70	14	are	be	AUX
dem-18579	70	15	the	the	DET
dem-18579	70	16	lagged	lag	VERB
dem-18579	70	17	,	,	PUNCT
dem-18579	70	18	concurrent	concurrent	ADJ
dem-18579	70	19	,	,	PUNCT
dem-18579	70	20	and	and	CCONJ
dem-18579	70	21	leading	lead	VERB
dem-18579	70	22	changes	change	NOUN
dem-18579	70	23	is	be	AUX
dem-18579	70	24	a	a	DET
dem-18579	70	25	cross	cross	ADJ
dem-18579	70	26	-	-	ADJ
dem-18579	70	27	sectional	sectional	ADJ
dem-18579	70	28	average	average	NOUN
dem-18579	70	29	of	of	ADP
dem-18579	70	30	the	the	DET
dem-18579	70	31	liquidity	liquidity	NOUN
dem-18579	70	32	variable	variable	NOUN
dem-18579	70	33	l	l	NOUN
dem-18579	70	34	,	,	PUNCT
dem-18579	70	35	respectively	respectively	ADV
dem-18579	70	36	.	.	PUNCT
dem-18579	71	1	the	the	DET
dem-18579	71	2	dimson	dimson	NOUN
dem-18579	71	3	correction	correction	NOUN
dem-18579	71	4	enables	enable	VERB
dem-18579	71	5	us	we	PRON
dem-18579	71	6	to	to	PART
dem-18579	71	7	accommodate	accommodate	VERB
dem-18579	71	8	the	the	DET
dem-18579	71	9	problem	problem	NOUN
dem-18579	71	10	of	of	ADP
dem-18579	71	11	nonsynchronous	nonsynchronous	ADJ
dem-18579	71	12	trading	trading	NOUN
dem-18579	71	13	effects	effect	NOUN
dem-18579	71	14	(	(	PUNCT
dem-18579	71	15	campbell	campbell	PROPN
dem-18579	71	16	et	et	PROPN
dem-18579	71	17	al	al	PROPN
dem-18579	71	18	.	.	PROPN
dem-18579	71	19	,	,	PUNCT
dem-18579	71	20	1997	1997	NUM
dem-18579	71	21	)	)	PUNCT
dem-18579	71	22	.	.	PUNCT
dem-18579	72	1	in	in	ADP
dem-18579	72	2	computing	compute	VERB
dem-18579	72	3	the	the	DET
dem-18579	72	4	‘	'	PUNCT
dem-18579	72	5	market	market	NOUN
dem-18579	72	6	’	'	PUNCT
dem-18579	72	7	liquidity	liquidity	NOUN
dem-18579	72	8	proxy	proxy	PROPN
dem-18579	72	9	𝐿	𝐿	PROPN
dem-18579	72	10	,	,	PUNCT
dem-18579	72	11	,	,	PUNCT
dem-18579	72	12	stock	stock	NOUN
dem-18579	72	13	i	i	PRON
dem-18579	72	14	is	be	AUX
dem-18579	72	15	excluded	exclude	VERB
dem-18579	72	16	,	,	PUNCT
dem-18579	72	17	so	so	CCONJ
dem-18579	72	18	the	the	DET
dem-18579	72	19	explanatory	explanatory	ADJ
dem-18579	72	20	variables	variable	NOUN
dem-18579	72	21	in	in	ADP
dem-18579	72	22	model	model	NOUN
dem-18579	72	23	(	(	PUNCT
dem-18579	72	24	1	1	X
dem-18579	72	25	)	)	PUNCT
dem-18579	72	26	are	be	AUX
dem-18579	72	27	slightly	slightly	ADV
dem-18579	72	28	different	different	ADJ
dem-18579	72	29	for	for	ADP
dem-18579	72	30	each	each	DET
dem-18579	72	31	stock	stock	NOUN
dem-18579	72	32	’s	’s	PART
dem-18579	72	33	time	time	NOUN
dem-18579	72	34	series	series	PROPN
dem-18579	72	35	regression	regression	PROPN
dem-18579	72	36	.	.	PUNCT
dem-18579	73	1	chordia	chordia	VERB
dem-18579	73	2	et	et	PROPN
dem-18579	73	3	al	al	PROPN
dem-18579	73	4	.	.	PROPN
dem-18579	74	1	(	(	PUNCT
dem-18579	74	2	2000	2000	NUM
dem-18579	74	3	)	)	PUNCT
dem-18579	74	4	stress	stress	NOUN
dem-18579	74	5	that	that	SCONJ
dem-18579	74	6	changes	change	NOUN
dem-18579	74	7	are	be	AUX
dem-18579	74	8	examined	examine	VERB
dem-18579	74	9	rather	rather	ADV
dem-18579	74	10	than	than	ADP
dem-18579	74	11	levels	level	NOUN
dem-18579	74	12	because	because	SCONJ
dem-18579	74	13	the	the	DET
dem-18579	74	14	interest	interest	NOUN
dem-18579	74	15	is	be	AUX
dem-18579	74	16	fundamentally	fundamentally	ADV
dem-18579	74	17	in	in	ADP
dem-18579	74	18	discovering	discover	VERB
dem-18579	74	19	whether	whether	SCONJ
dem-18579	74	20	liquidity	liquidity	NOUN
dem-18579	74	21	moves	move	NOUN
dem-18579	74	22	.	.	PUNCT
dem-18579	75	1	based	base	VERB
dem-18579	75	2	on	on	ADP
dem-18579	75	3	model	model	NOUN
dem-18579	75	4	(	(	PUNCT
dem-18579	75	5	1	1	NUM
dem-18579	75	6	)	)	PUNCT
dem-18579	75	7	,	,	PUNCT
dem-18579	75	8	positive	positive	ADJ
dem-18579	75	9	and	and	CCONJ
dem-18579	75	10	statistically	statistically	ADV
dem-18579	75	11	significant	significant	ADJ
dem-18579	75	12	slope	slope	NOUN
dem-18579	75	13	coefficients	coefficient	NOUN
dem-18579	75	14	are	be	AUX
dem-18579	75	15	especially	especially	ADV
dem-18579	75	16	desired	desire	VERB
dem-18579	75	17	,	,	PUNCT
dem-18579	75	18	as	as	SCONJ
dem-18579	75	19	they	they	PRON
dem-18579	75	20	indicate	indicate	VERB
dem-18579	75	21	intra	intra	ADJ
dem-18579	75	22	-	-	ADJ
dem-18579	75	23	market	market	ADJ
dem-18579	75	24	co	co	NOUN
dem-18579	75	25	-	-	NOUN
dem-18579	75	26	movements	movement	NOUN
dem-18579	75	27	in	in	ADP
dem-18579	75	28	liquidity	liquidity	NOUN
dem-18579	75	29	and	and	CCONJ
dem-18579	75	30	therefore	therefore	ADV
dem-18579	75	31	confirm	confirm	VERB
dem-18579	75	32	commonality	commonality	NOUN
dem-18579	75	33	in	in	ADP
dem-18579	75	34	liquidity	liquidity	NOUN
dem-18579	75	35	.	.	PUNCT
dem-18579	76	1	in	in	ADP
dem-18579	76	2	other	other	ADJ
dem-18579	76	3	words	word	NOUN
dem-18579	76	4	,	,	PUNCT
dem-18579	76	5	they	they	PRON
dem-18579	76	6	inform	inform	VERB
dem-18579	76	7	about	about	ADP
dem-18579	76	8	liquidity	liquidity	NOUN
dem-18579	76	9	co	co	NOUN
dem-18579	76	10	-	-	NOUN
dem-18579	76	11	movements	movement	NOUN
dem-18579	76	12	in	in	ADP
dem-18579	76	13	the	the	DET
dem-18579	76	14	same	same	ADJ
dem-18579	76	15	direction	direction	NOUN
dem-18579	76	16	.	.	PUNCT
dem-18579	77	1	in	in	ADP
dem-18579	77	2	this	this	DET
dem-18579	77	3	study	study	NOUN
dem-18579	77	4	,	,	PUNCT
dem-18579	77	5	a	a	DET
dem-18579	77	6	modified	modify	VERB
dem-18579	77	7	version	version	NOUN
dem-18579	77	8	of	of	ADP
dem-18579	77	9	the	the	DET
dem-18579	77	10	amihud	amihud	PROPN
dem-18579	77	11	(	(	PUNCT
dem-18579	77	12	2002	2002	NUM
dem-18579	77	13	)	)	PUNCT
dem-18579	77	14	measure	measure	NOUN
dem-18579	77	15	,	,	PUNCT
dem-18579	77	16	𝑀𝐴𝑚𝑖ℎ#,9	𝑀𝐴𝑚𝑖ℎ#,9	PROPN
dem-18579	77	17	given	give	VERB
dem-18579	77	18	by	by	ADP
dem-18579	77	19	eq	eq	PROPN
dem-18579	77	20	.	.	PUNCT
dem-18579	78	1	(	(	PUNCT
dem-18579	78	2	2	2	NUM
dem-18579	78	3	)	)	PUNCT
dem-18579	78	4	,	,	PUNCT
dem-18579	78	5	is	be	AUX
dem-18579	78	6	utilized	utilize	VERB
dem-18579	78	7	as	as	ADP
dem-18579	78	8	liquidity	liquidity	NOUN
dem-18579	78	9	/	/	SYM
dem-18579	78	10	illiquidity	illiquidity	NOUN
dem-18579	78	11	proxy	proxy	NOUN
dem-18579	78	12	:	:	PUNCT
dem-18579	78	13	𝑀𝐴𝑚𝑖ℎ#,9	𝑀𝐴𝑚𝑖ℎ#,9	PROPN
dem-18579	78	14	=	=	PUNCT
dem-18579	78	15	:	:	PUNCT
dem-18579	78	16	𝑙𝑜𝑔	𝑙𝑜𝑔	X
dem-18579	78	17	>	>	SYM
dem-18579	78	18	1	1	NUM
dem-18579	78	19	+	+	CCONJ
dem-18579	78	20	@ab	@ab	PROPN
dem-18579	78	21	,	,	PUNCT
dem-18579	78	22	c@	c@	NOUN
dem-18579	78	23	db	db	PROPN
dem-18579	78	24	,	,	PUNCT
dem-18579	78	25	c	c	PROPN
dem-18579	78	26	e	e	NOUN
dem-18579	78	27	,	,	PUNCT
dem-18579	78	28	𝑤ℎ𝑒𝑛	𝑤ℎ𝑒𝑛	VERB
dem-18579	78	29	𝑉#,9	𝑉#,9	PROPN
dem-18579	78	30	≠	≠	PROPN
dem-18579	78	31	0	0	NUM
dem-18579	78	32	0	0	NUM
dem-18579	78	33	,	,	PUNCT
dem-18579	78	34	𝑤ℎ𝑒𝑛	𝑤ℎ𝑒𝑛	VERB
dem-18579	78	35	𝑉#,9	𝑉#,9	PROPN
dem-18579	78	36	=	=	SYM
dem-18579	78	37	0	0	NUM
dem-18579	78	38	,	,	PUNCT
dem-18579	78	39	(	(	PUNCT
dem-18579	78	40	2	2	NUM
dem-18579	78	41	)	)	PUNCT
dem-18579	78	42	where	where	SCONJ
dem-18579	78	43	:	:	PUNCT
dem-18579	78	44	𝑟#,9	𝑟#,9	PROPN
dem-18579	78	45	is	be	AUX
dem-18579	78	46	the	the	DET
dem-18579	78	47	simple	simple	ADJ
dem-18579	78	48	rate	rate	NOUN
dem-18579	78	49	of	of	ADP
dem-18579	78	50	return	return	NOUN
dem-18579	78	51	of	of	ADP
dem-18579	78	52	stock	stock	NOUN
dem-18579	78	53	i	i	PRON
dem-18579	78	54	on	on	ADP
dem-18579	78	55	day	day	NOUN
dem-18579	78	56	d	d	PROPN
dem-18579	78	57	,	,	PUNCT
dem-18579	78	58	𝑉#,9	𝑉#,9	PROPN
dem-18579	78	59	is	be	AUX
dem-18579	78	60	the	the	DET
dem-18579	78	61	trading	trading	NOUN
dem-18579	78	62	volume	volume	NOUN
dem-18579	78	63	of	of	ADP
dem-18579	78	64	stock	stock	NOUN
dem-18579	78	65	i	i	PRON
dem-18579	78	66	on	on	ADP
dem-18579	78	67	day	day	NOUN
dem-18579	78	68	d.	d.	PROPN
dem-18579	78	69	we	we	PRON
dem-18579	78	70	follow	follow	VERB
dem-18579	78	71	karolyi	karolyi	PROPN
dem-18579	78	72	et	et	PROPN
dem-18579	78	73	al	al	PROPN
dem-18579	78	74	.	.	PROPN
dem-18579	79	1	(	(	PUNCT
dem-18579	79	2	2012	2012	NUM
dem-18579	79	3	)	)	PUNCT
dem-18579	79	4	,	,	PUNCT
dem-18579	79	5	but	but	CCONJ
dem-18579	79	6	our	our	PRON
dem-18579	79	7	method	method	NOUN
dem-18579	79	8	is	be	AUX
dem-18579	79	9	slightly	slightly	ADV
dem-18579	79	10	different	different	ADJ
dem-18579	79	11	,	,	PUNCT
dem-18579	79	12	because	because	SCONJ
dem-18579	79	13	they	they	PRON
dem-18579	79	14	use	use	VERB
dem-18579	79	15	return	return	NOUN
dem-18579	79	16	and	and	CCONJ
dem-18579	79	17	volume	volume	NOUN
dem-18579	79	18	in	in	ADP
dem-18579	79	19	local	local	ADJ
dem-18579	79	20	currency	currency	NOUN
dem-18579	79	21	,	,	PUNCT
dem-18579	79	22	and	and	CCONJ
dem-18579	79	23	finally	finally	ADV
dem-18579	79	24	multiply	multiply	VERB
dem-18579	79	25	the	the	DET
dem-18579	79	26	result	result	NOUN
dem-18579	79	27	by	by	ADP
dem-18579	79	28	negative	negative	ADJ
dem-18579	79	29	one	one	NUM
dem-18579	79	30	to	to	PART
dem-18579	79	31	obtain	obtain	VERB
dem-18579	79	32	a	a	DET
dem-18579	79	33	variable	variable	NOUN
dem-18579	79	34	that	that	PRON
dem-18579	79	35	is	be	AUX
dem-18579	79	36	increasing	increase	VERB
dem-18579	79	37	alongside	alongside	ADV
dem-18579	79	38	with	with	ADP
dem-18579	79	39	liquidity	liquidity	NOUN
dem-18579	79	40	of	of	ADP
dem-18579	79	41	individual	individual	ADJ
dem-18579	79	42	stock	stock	NOUN
dem-18579	79	43	.	.	PUNCT
dem-18579	80	1	moreover	moreover	ADV
dem-18579	80	2	,	,	PUNCT
dem-18579	80	3	the	the	DET
dem-18579	80	4	value	value	NOUN
dem-18579	80	5	of	of	ADP
dem-18579	80	6	daily	daily	ADJ
dem-18579	80	7	amihud	amihud	PROPN
dem-18579	80	8	measure	measure	NOUN
dem-18579	80	9	(	(	PUNCT
dem-18579	80	10	2	2	NUM
dem-18579	80	11	)	)	PUNCT
dem-18579	80	12	is	be	AUX
dem-18579	80	13	defined	define	VERB
dem-18579	80	14	to	to	PART
dem-18579	80	15	be	be	AUX
dem-18579	80	16	equal	equal	ADJ
dem-18579	80	17	to	to	ADP
dem-18579	80	18	zero	zero	NUM
dem-18579	80	19	when	when	SCONJ
dem-18579	80	20	the	the	DET
dem-18579	80	21	total	total	ADJ
dem-18579	80	22	volume	volume	NOUN
dem-18579	80	23	of	of	ADP
dem-18579	80	24	daily	daily	ADJ
dem-18579	80	25	trading	trading	NOUN
dem-18579	80	26	,	,	PUNCT
dem-18579	80	27	in	in	ADP
dem-18579	80	28	the	the	DET
dem-18579	80	29	denominator	denominator	NOUN
dem-18579	80	30	,	,	PUNCT
dem-18579	80	31	is	be	AUX
dem-18579	80	32	equal	equal	ADJ
dem-18579	80	33	to	to	ADP
dem-18579	80	34	zero	zero	NUM
dem-18579	80	35	.	.	PUNCT
dem-18579	81	1	the	the	DET
dem-18579	81	2	second	second	ADJ
dem-18579	81	3	condition	condition	NOUN
dem-18579	81	4	in	in	ADP
dem-18579	81	5	definition	definition	NOUN
dem-18579	81	6	(	(	PUNCT
dem-18579	81	7	2	2	NUM
dem-18579	81	8	)	)	PUNCT
dem-18579	81	9	is	be	AUX
dem-18579	81	10	consistent	consistent	ADJ
dem-18579	81	11	with	with	ADP
dem-18579	81	12	analogous	analogous	ADJ
dem-18579	81	13	conditions	condition	NOUN
dem-18579	81	14	for	for	ADP
dem-18579	81	15	other	other	ADJ
dem-18579	81	16	daily	daily	ADJ
dem-18579	81	17	liquidity	liquidity	NOUN
dem-18579	81	18	/	/	SYM
dem-18579	81	19	illiquidity	illiquidity	NOUN
dem-18579	81	20	proxies	proxy	NOUN
dem-18579	81	21	(	(	PUNCT
dem-18579	81	22	olbrys	olbrys	X
dem-18579	81	23	and	and	CCONJ
dem-18579	81	24	mursztyn	mursztyn	NOUN
dem-18579	81	25	,	,	PUNCT
dem-18579	81	26	2018	2018	NUM
dem-18579	81	27	)	)	PUNCT
dem-18579	81	28	.	.	PUNCT
dem-18579	82	1	furthermore	furthermore	ADV
dem-18579	82	2	,	,	PUNCT
dem-18579	82	3	to	to	PART
dem-18579	82	4	avoid	avoid	VERB
dem-18579	82	5	numerical	numerical	ADJ
dem-18579	82	6	problems	problem	NOUN
dem-18579	82	7	,	,	PUNCT
dem-18579	82	8	the	the	DET
dem-18579	82	9	daily	daily	ADJ
dem-18579	82	10	values	value	NOUN
dem-18579	82	11	of	of	ADP
dem-18579	82	12	the	the	DET
dem-18579	82	13	estimator	estimator	NOUN
dem-18579	82	14	(	(	PUNCT
dem-18579	82	15	2	2	NUM
dem-18579	82	16	)	)	PUNCT
dem-18579	82	17	are	be	AUX
dem-18579	82	18	rescaled	rescale	VERB
dem-18579	82	19	by	by	ADP
dem-18579	82	20	multiplying	multiply	VERB
dem-18579	82	21	by	by	ADP
dem-18579	82	22	102	102	NUM
dem-18579	82	23	.	.	PUNCT
dem-18579	83	1	in	in	ADP
dem-18579	83	2	the	the	DET
dem-18579	83	3	literature	literature	NOUN
dem-18579	83	4	,	,	PUNCT
dem-18579	83	5	the	the	DET
dem-18579	83	6	amihud	amihud	PROPN
dem-18579	83	7	measure	measure	NOUN
dem-18579	83	8	is	be	AUX
dem-18579	83	9	usually	usually	ADV
dem-18579	83	10	calculated	calculate	VERB
dem-18579	83	11	for	for	ADP
dem-18579	83	12	stock	stock	NOUN
dem-18579	83	13	i	i	PRON
dem-18579	83	14	for	for	ADP
dem-18579	83	15	each	each	DET
dem-18579	83	16	month	month	NOUN
dem-18579	83	17	,	,	PUNCT
dem-18579	83	18	e.g.	e.g.	ADV
dem-18579	83	19	(	(	PUNCT
dem-18579	83	20	goyenko	goyenko	NOUN
dem-18579	83	21	et	et	PROPN
dem-18579	83	22	al	al	PROPN
dem-18579	83	23	.	.	PROPN
dem-18579	83	24	,	,	PUNCT
dem-18579	83	25	2009	2009	NUM
dem-18579	83	26	;	;	PUNCT
dem-18579	83	27	olbryś	olbryś	ADJ
dem-18579	83	28	,	,	PUNCT
dem-18579	83	29	2014	2014	NUM
dem-18579	83	30	;	;	PUNCT
dem-18579	83	31	foran	foran	PROPN
dem-18579	83	32	et	et	PROPN
dem-18579	83	33	al	al	PROPN
dem-18579	83	34	.	.	PROPN
dem-18579	83	35	,	,	PUNCT
dem-18579	83	36	2015	2015	NUM
dem-18579	83	37	;	;	PUNCT
dem-18579	83	38	fong	fong	PROPN
dem-18579	83	39	et	et	PROPN
dem-18579	83	40	al	al	PROPN
dem-18579	83	41	.	.	PROPN
dem-18579	83	42	,	,	PUNCT
dem-18579	83	43	2017	2017	NUM
dem-18579	83	44	;	;	PUNCT
dem-18579	83	45	będowska	będowska	NOUN
dem-18579	83	46	-	-	PUNCT
dem-18579	83	47	sójka	sójka	ADJ
dem-18579	83	48	,	,	PUNCT
dem-18579	83	49	2018	2018	NUM
dem-18579	83	50	)	)	PUNCT
dem-18579	83	51	.	.	PUNCT
dem-18579	84	1	in	in	ADP
dem-18579	84	2	this	this	DET
dem-18579	84	3	paper	paper	NOUN
dem-18579	84	4	,	,	PUNCT
dem-18579	84	5	we	we	PRON
dem-18579	84	6	estimate	estimate	VERB
dem-18579	84	7	daily	daily	ADJ
dem-18579	84	8	time	time	NOUN
dem-18579	84	9	series	series	NOUN
dem-18579	84	10	of	of	ADP
dem-18579	84	11	the	the	DET
dem-18579	84	12	amihud	amihud	PROPN
dem-18579	84	13	proxy	proxy	NOUN
dem-18579	84	14	(	(	PUNCT
dem-18579	84	15	2	2	NUM
dem-18579	84	16	)	)	PUNCT
dem-18579	84	17	.	.	PUNCT
dem-18579	85	1	for	for	ADP
dem-18579	85	2	each	each	DET
dem-18579	85	3	stock	stock	NOUN
dem-18579	85	4	,	,	PUNCT
dem-18579	85	5	the	the	DET
dem-18579	85	6	model	model	NOUN
dem-18579	85	7	(	(	PUNCT
dem-18579	85	8	1	1	X
dem-18579	85	9	)	)	PUNCT
dem-18579	85	10	is	be	AUX
dem-18579	85	11	initially	initially	ADV
dem-18579	85	12	estimated	estimate	VERB
dem-18579	85	13	by	by	ADP
dem-18579	85	14	using	use	VERB
dem-18579	85	15	the	the	DET
dem-18579	85	16	ols	ol	NOUN
dem-18579	85	17	method	method	NOUN
dem-18579	85	18	and	and	CCONJ
dem-18579	85	19	the	the	DET
dem-18579	85	20	robust	robust	ADJ
dem-18579	85	21	hac	hac	NOUN
dem-18579	85	22	estimates	estimate	NOUN
dem-18579	85	23	(	(	PUNCT
dem-18579	85	24	newey	newey	NOUN
dem-18579	85	25	and	and	CCONJ
dem-18579	85	26	west	west	NOUN
dem-18579	85	27	,	,	PUNCT
dem-18579	85	28	1997	1997	NUM
dem-18579	85	29	)	)	PUNCT
dem-18579	85	30	.	.	PUNCT
dem-18579	86	1	however	however	ADV
dem-18579	86	2	,	,	PUNCT
dem-18579	86	3	the	the	DET
dem-18579	86	4	newey	newey	PROPN
dem-18579	86	5	and	and	CCONJ
dem-18579	86	6	west	west	PROPN
dem-18579	86	7	method	method	NOUN
dem-18579	86	8	may	may	AUX
dem-18579	86	9	not	not	PART
dem-18579	86	10	fully	fully	ADV
dem-18579	86	11	correct	correct	ADJ
dem-18579	86	12	for	for	ADP
dem-18579	86	13	the	the	DET
dem-18579	86	14	influence	influence	NOUN
dem-18579	86	15	problems	problem	VERB
dem-18579	86	16	the	the	DET
dem-18579	86	17	non	non	ADJ
dem-18579	86	18	-	-	ADJ
dem-18579	86	19	trading	trading	ADJ
dem-18579	86	20	problem	problem	NOUN
dem-18579	86	21	in	in	ADP
dem-18579	86	22	assessing	assess	VERB
dem-18579	86	23	commonality	commonality	NOUN
dem-18579	86	24	in	in	ADP
dem-18579	86	25	liquidity	liquidity	NOUN
dem-18579	86	26	…	…	PUNCT
dem-18579	86	27	dynamic	dynamic	ADJ
dem-18579	86	28	econometric	econometric	ADJ
dem-18579	86	29	models	model	NOUN
dem-18579	86	30	18	18	NUM
dem-18579	86	31	(	(	PUNCT
dem-18579	86	32	2018	2018	NUM
dem-18579	86	33	)	)	PUNCT
dem-18579	86	34	67–79	67–79	ADV
dem-18579	86	35	71	71	NUM
dem-18579	86	36	introduced	introduce	VERB
dem-18579	86	37	by	by	ADP
dem-18579	86	38	the	the	DET
dem-18579	86	39	arch	arch	ADJ
dem-18579	86	40	effect	effect	NOUN
dem-18579	86	41	.	.	PUNCT
dem-18579	87	1	for	for	ADP
dem-18579	87	2	this	this	DET
dem-18579	87	3	reason	reason	NOUN
dem-18579	87	4	,	,	PUNCT
dem-18579	87	5	the	the	DET
dem-18579	87	6	estimation	estimation	NOUN
dem-18579	87	7	of	of	ADP
dem-18579	87	8	the	the	DET
dem-18579	87	9	model	model	NOUN
dem-18579	87	10	(	(	PUNCT
dem-18579	87	11	1	1	NUM
dem-18579	87	12	)	)	PUNCT
dem-18579	87	13	as	as	ADP
dem-18579	87	14	a	a	DET
dem-18579	87	15	garch	garch	NOUN
dem-18579	87	16	-	-	PUNCT
dem-18579	87	17	type	type	NOUN
dem-18579	87	18	model	model	NOUN
dem-18579	87	19	is	be	AUX
dem-18579	87	20	appropriate	appropriate	ADJ
dem-18579	87	21	.	.	PUNCT
dem-18579	88	1	to	to	PART
dem-18579	88	2	test	test	VERB
dem-18579	88	3	for	for	ADP
dem-18579	88	4	the	the	DET
dem-18579	88	5	arch	arch	ADJ
dem-18579	88	6	effect	effect	NOUN
dem-18579	88	7	,	,	PUNCT
dem-18579	88	8	the	the	DET
dem-18579	88	9	test	test	NOUN
dem-18579	88	10	of	of	ADP
dem-18579	88	11	engle	engle	PROPN
dem-18579	88	12	(	(	PUNCT
dem-18579	88	13	1982	1982	NUM
dem-18579	88	14	)	)	PUNCT
dem-18579	88	15	with	with	ADP
dem-18579	88	16	the	the	DET
dem-18579	88	17	lagrange	lagrange	NOUN
dem-18579	88	18	multiplier	multiplier	ADV
dem-18579	88	19	(	(	PUNCT
dem-18579	88	20	lm	lm	INTJ
dem-18579	88	21	)	)	PUNCT
dem-18579	88	22	statistic	statistic	NOUN
dem-18579	88	23	is	be	AUX
dem-18579	88	24	employed	employ	VERB
dem-18579	88	25	.	.	PUNCT
dem-18579	89	1	in	in	ADP
dem-18579	89	2	this	this	DET
dem-18579	89	3	research	research	NOUN
dem-18579	89	4	,	,	PUNCT
dem-18579	89	5	the	the	DET
dem-18579	89	6	garch(p	garch(p	PROPN
dem-18579	89	7	,	,	PUNCT
dem-18579	89	8	q	q	NOUN
dem-18579	89	9	)	)	PUNCT
dem-18579	89	10	model	model	NOUN
dem-18579	89	11	is	be	AUX
dem-18579	89	12	utilized	utilize	VERB
dem-18579	89	13	.	.	PUNCT
dem-18579	90	1	according	accord	VERB
dem-18579	90	2	to	to	ADP
dem-18579	90	3	the	the	DET
dem-18579	90	4	literature	literature	NOUN
dem-18579	90	5	,	,	PUNCT
dem-18579	90	6	the	the	DET
dem-18579	90	7	lower	low	ADJ
dem-18579	90	8	order	order	NOUN
dem-18579	90	9	garch(p	garch(p	NOUN
dem-18579	90	10	,	,	PUNCT
dem-18579	90	11	q	q	NOUN
dem-18579	90	12	)	)	PUNCT
dem-18579	90	13	,	,	PUNCT
dem-18579	90	14	p	p	X
dem-18579	90	15	,	,	PUNCT
dem-18579	90	16	q	q	NOUN
dem-18579	90	17	=	=	SYM
dem-18579	90	18	1	1	NUM
dem-18579	90	19	,	,	PUNCT
dem-18579	90	20	2	2	NUM
dem-18579	90	21	,	,	PUNCT
dem-18579	90	22	models	model	NOUN
dem-18579	90	23	are	be	AUX
dem-18579	90	24	used	use	VERB
dem-18579	90	25	in	in	ADP
dem-18579	90	26	most	most	ADJ
dem-18579	90	27	applications	application	NOUN
dem-18579	90	28	(	(	PUNCT
dem-18579	90	29	tsay	tsay	PROPN
dem-18579	90	30	,	,	PUNCT
dem-18579	90	31	2010	2010	NUM
dem-18579	90	32	)	)	PUNCT
dem-18579	90	33	.	.	PUNCT
dem-18579	91	1	the	the	DET
dem-18579	91	2	garch(p	garch(p	PROPN
dem-18579	91	3	,	,	PUNCT
dem-18579	91	4	q	q	NOUN
dem-18579	91	5	)	)	PUNCT
dem-18579	91	6	models	model	NOUN
dem-18579	91	7	are	be	AUX
dem-18579	91	8	compared	compare	VERB
dem-18579	91	9	and	and	CCONJ
dem-18579	91	10	selected	select	VERB
dem-18579	91	11	by	by	ADP
dem-18579	91	12	the	the	DET
dem-18579	91	13	akaike	akaike	ADJ
dem-18579	91	14	(	(	PUNCT
dem-18579	91	15	aic	aic	PROPN
dem-18579	91	16	)	)	PUNCT
dem-18579	91	17	and	and	CCONJ
dem-18579	91	18	schwarz	schwarz	PROPN
dem-18579	91	19	(	(	PUNCT
dem-18579	91	20	sc	sc	PROPN
dem-18579	91	21	)	)	PUNCT
dem-18579	91	22	information	information	NOUN
dem-18579	91	23	criteria	criterion	NOUN
dem-18579	91	24	.	.	PUNCT
dem-18579	92	1	the	the	DET
dem-18579	92	2	garch(p	garch(p	PROPN
dem-18579	92	3	,	,	PUNCT
dem-18579	92	4	q	q	NOUN
dem-18579	92	5	)	)	PUNCT
dem-18579	92	6	model	model	NOUN
dem-18579	92	7	is	be	AUX
dem-18579	92	8	given	give	VERB
dem-18579	92	9	by	by	ADP
dem-18579	92	10	eq	eq	PROPN
dem-18579	92	11	.	.	PUNCT
dem-18579	93	1	(	(	PUNCT
dem-18579	93	2	3	3	NUM
dem-18579	93	3	):	):	PUNCT
dem-18579	93	4	𝐷𝐿#,%	𝐷𝐿#,%	VERB
dem-18579	93	5	=	=	PUNCT
dem-18579	94	1	𝛼	𝛼	NOUN
dem-18579	94	2	#	#	NOUN
dem-18579	94	3	+	+	NOUN
dem-18579	94	4	𝛽#,*+𝐷𝐿,,%*+	𝛽#,*+𝐷𝐿,,%*+	PROPN
dem-18579	94	5	+	+	NOUN
dem-18579	94	6	𝛽#,-𝐷𝐿,,%	𝛽#,-𝐷𝐿,,%	ADJ
dem-18579	94	7	+	+	CCONJ
dem-18579	94	8	𝛽#,.+𝐷𝐿,,%.+	𝛽#,.+𝐷𝐿,,%.+	PROPN
dem-18579	94	9	+	+	CCONJ
dem-18579	94	10	𝜀#,%	𝜀#,%	PROPN
dem-18579	94	11	,	,	PUNCT
dem-18579	94	12	𝜀#,%	𝜀#,%	X
dem-18579	94	13	=	=	SYM
dem-18579	94	14	𝑧#,%ohi	𝑧#,%ohi	PROPN
dem-18579	94	15	,	,	PUNCT
dem-18579	94	16	t	t	PROPN
dem-18579	94	17	,	,	PUNCT
dem-18579	94	18	𝑧#,%~𝑁(0,1	𝑧#,%~𝑁(0,1	NOUN
dem-18579	94	19	)	)	PUNCT
dem-18579	94	20	,	,	PUNCT
dem-18579	94	21	hi	hi	INTJ
dem-18579	94	22	,	,	PUNCT
dem-18579	94	23	t	t	PROPN
dem-18579	94	24	=	=	PUNCT
dem-18579	94	25	𝑎#,+	𝑎#,+	PROPN
dem-18579	94	26	∑	∑	PUNCT
dem-18579	94	27	𝑎#,v𝜀#,%*vwx	𝑎#,v𝜀#,%*vwx	NOUN
dem-18579	94	28	vy+	vy+	NOUN
dem-18579	94	29	+	+	CCONJ
dem-18579	94	30	∑	∑	PROPN
dem-18579	94	31	𝑏#,[hi	𝑏#,[hi	PROPN
dem-18579	94	32	,	,	PUNCT
dem-18579	94	33	t	t	PROPN
dem-18579	94	34	-	-	PUNCT
dem-18579	94	35	l	l	NOUN
dem-18579	94	36	,	,	PUNCT
dem-18579	94	37	\	\	PUNCT
dem-18579	95	1	[	[	X
dem-18579	95	2	y+	y+	NUM
dem-18579	95	3	(	(	PUNCT
dem-18579	95	4	3	3	NUM
dem-18579	95	5	)	)	PUNCT
dem-18579	95	6	where	where	SCONJ
dem-18579	95	7	:	:	PUNCT
dem-18579	95	8	𝑎	𝑎	NOUN
dem-18579	95	9	#	#	NOUN
dem-18579	95	10	,	,	PUNCT
dem-18579	95	11	>	>	X
dem-18579	95	12	0	0	NUM
dem-18579	95	13	,	,	PUNCT
dem-18579	95	14	𝑎#,v	𝑎#,v	VERB
dem-18579	95	15	≥	≥	NOUN
dem-18579	95	16	0	0	NUM
dem-18579	95	17	,	,	PUNCT
dem-18579	95	18	𝑘	𝑘	X
dem-18579	95	19	=	=	NOUN
dem-18579	95	20	1	1	NUM
dem-18579	95	21	,	,	PUNCT
dem-18579	95	22	…	…	PUNCT
dem-18579	95	23	,	,	PUNCT
dem-18579	95	24	𝑞	𝑞	X
dem-18579	95	25	,	,	PUNCT
dem-18579	95	26	𝑞	𝑞	X
dem-18579	95	27	>	>	X
dem-18579	95	28	0	0	PROPN
dem-18579	95	29	,	,	PUNCT
dem-18579	95	30	𝑏	𝑏	NOUN
dem-18579	95	31	#	#	ADV
dem-18579	95	32	,	,	PUNCT
dem-18579	95	33	[	[	PUNCT
dem-18579	95	34	≥	≥	NOUN
dem-18579	95	35	0	0	NUM
dem-18579	95	36	,	,	PUNCT
dem-18579	95	37	𝑙	𝑙	PROPN
dem-18579	95	38	=	=	NOUN
dem-18579	95	39	,	,	PUNCT
dem-18579	95	40	…	…	PUNCT
dem-18579	95	41	,	,	PUNCT
dem-18579	95	42	𝑝	𝑝	NOUN
dem-18579	95	43	,	,	PUNCT
dem-18579	95	44	𝑝	𝑝	NOUN
dem-18579	95	45	≥	≥	NOUN
dem-18579	95	46	0	0	NUM
dem-18579	95	47	,	,	PUNCT
dem-18579	95	48	𝜀#,%	𝜀#,%	X
dem-18579	95	49	is	be	AUX
dem-18579	95	50	the	the	DET
dem-18579	95	51	innovation	innovation	NOUN
dem-18579	95	52	in	in	ADP
dem-18579	95	53	a	a	DET
dem-18579	95	54	linear	linear	ADJ
dem-18579	95	55	regression	regression	NOUN
dem-18579	95	56	with	with	ADP
dem-18579	95	57	𝑉(𝜀	𝑉(𝜀	NOUN
dem-18579	95	58	)	)	PUNCT
dem-18579	95	59	=	=	PUNCT
dem-18579	95	60	𝜎w	𝜎w	PROPN
dem-18579	95	61	,	,	PUNCT
dem-18579	95	62	ℎ#,%	ℎ#,%	PUNCT
dem-18579	95	63	is	be	AUX
dem-18579	95	64	the	the	DET
dem-18579	95	65	variance	variance	NOUN
dem-18579	95	66	function	function	NOUN
dem-18579	95	67	,	,	PUNCT
dem-18579	95	68	and	and	CCONJ
dem-18579	95	69	remaining	remain	VERB
dem-18579	95	70	notation	notation	NOUN
dem-18579	95	71	like	like	ADP
dem-18579	95	72	in	in	ADP
dem-18579	95	73	eq	eq	ADP
dem-18579	95	74	.	.	PUNCT
dem-18579	96	1	(	(	PUNCT
dem-18579	96	2	1	1	NUM
dem-18579	96	3	)	)	PUNCT
dem-18579	96	4	.	.	PUNCT
dem-18579	97	1	the	the	DET
dem-18579	97	2	parameters	parameter	NOUN
dem-18579	97	3	of	of	ADP
dem-18579	97	4	garch(p	garch(p	PROPN
dem-18579	97	5	,	,	PUNCT
dem-18579	97	6	q	q	NOUN
dem-18579	97	7	)	)	PUNCT
dem-18579	97	8	models	model	NOUN
dem-18579	97	9	are	be	AUX
dem-18579	97	10	almost	almost	ADV
dem-18579	97	11	invariably	invariably	ADV
dem-18579	97	12	estimated	estimate	VERB
dem-18579	97	13	via	via	ADP
dem-18579	97	14	maximum	maximum	ADJ
dem-18579	97	15	likelihood	likelihood	NOUN
dem-18579	97	16	(	(	PUNCT
dem-18579	97	17	ml	ml	NOUN
dem-18579	97	18	)	)	PUNCT
dem-18579	97	19	or	or	CCONJ
dem-18579	97	20	quasi	quasi	ADJ
dem-18579	97	21	-	-	ADJ
dem-18579	97	22	maximum	maximum	ADJ
dem-18579	97	23	likelihood	likelihood	NOUN
dem-18579	97	24	(	(	PUNCT
dem-18579	97	25	qml	qml	NOUN
dem-18579	97	26	)	)	PUNCT
dem-18579	97	27	(	(	PUNCT
dem-18579	97	28	bollerslev	bollerslev	NOUN
dem-18579	97	29	and	and	CCONJ
dem-18579	97	30	wooldridge	wooldridge	PROPN
dem-18579	97	31	,	,	PUNCT
dem-18579	97	32	1992	1992	NUM
dem-18579	97	33	)	)	PUNCT
dem-18579	97	34	methods	method	NOUN
dem-18579	97	35	,	,	PUNCT
dem-18579	97	36	which	which	PRON
dem-18579	97	37	bring	bring	VERB
dem-18579	97	38	up	up	ADP
dem-18579	97	39	the	the	DET
dem-18579	97	40	subject	subject	NOUN
dem-18579	97	41	of	of	ADP
dem-18579	97	42	a	a	DET
dem-18579	97	43	suitable	suitable	ADJ
dem-18579	97	44	choice	choice	NOUN
dem-18579	97	45	for	for	ADP
dem-18579	97	46	the	the	DET
dem-18579	97	47	conditional	conditional	ADJ
dem-18579	97	48	distribution	distribution	NOUN
dem-18579	97	49	of	of	ADP
dem-18579	97	50	innovation	innovation	NOUN
dem-18579	97	51	.	.	PUNCT
dem-18579	98	1	our	our	PRON
dem-18579	98	2	primary	primary	ADJ
dem-18579	98	3	interest	interest	NOUN
dem-18579	98	4	is	be	AUX
dem-18579	98	5	the	the	DET
dem-18579	98	6	estimating	estimate	VERB
dem-18579	98	7	the	the	DET
dem-18579	98	8	conditional	conditional	ADJ
dem-18579	98	9	mean	mean	NOUN
dem-18579	98	10	equation	equation	NOUN
dem-18579	98	11	,	,	PUNCT
dem-18579	98	12	but	but	CCONJ
dem-18579	98	13	hamilton	hamilton	PROPN
dem-18579	98	14	(	(	PUNCT
dem-18579	98	15	2008	2008	NUM
dem-18579	98	16	)	)	PUNCT
dem-18579	98	17	stresses	stress	VERB
dem-18579	98	18	that	that	SCONJ
dem-18579	98	19	having	have	VERB
dem-18579	98	20	a	a	DET
dem-18579	98	21	correct	correct	ADJ
dem-18579	98	22	description	description	NOUN
dem-18579	98	23	of	of	ADP
dem-18579	98	24	the	the	DET
dem-18579	98	25	conditional	conditional	ADJ
dem-18579	98	26	variance	variance	NOUN
dem-18579	98	27	can	can	AUX
dem-18579	98	28	still	still	ADV
dem-18579	98	29	be	be	AUX
dem-18579	98	30	quite	quite	ADV
dem-18579	98	31	important	important	ADJ
dem-18579	98	32	.	.	PUNCT
dem-18579	99	1	by	by	ADP
dem-18579	99	2	incorporating	incorporate	VERB
dem-18579	99	3	the	the	DET
dem-18579	99	4	observed	observed	ADJ
dem-18579	99	5	features	feature	NOUN
dem-18579	99	6	of	of	ADP
dem-18579	99	7	the	the	DET
dem-18579	99	8	heteroskedasticity	heteroskedasticity	NOUN
dem-18579	99	9	into	into	ADP
dem-18579	99	10	the	the	DET
dem-18579	99	11	estimation	estimation	NOUN
dem-18579	99	12	of	of	ADP
dem-18579	99	13	the	the	DET
dem-18579	99	14	conditional	conditional	ADJ
dem-18579	99	15	mean	mean	NOUN
dem-18579	99	16	,	,	PUNCT
dem-18579	99	17	substantially	substantially	ADV
dem-18579	99	18	more	more	ADV
dem-18579	99	19	efficient	efficient	ADJ
dem-18579	99	20	estimates	estimate	NOUN
dem-18579	99	21	of	of	ADP
dem-18579	99	22	the	the	DET
dem-18579	99	23	conditional	conditional	ADJ
dem-18579	99	24	mean	mean	NOUN
dem-18579	99	25	can	can	AUX
dem-18579	99	26	be	be	AUX
dem-18579	99	27	obtained	obtain	VERB
dem-18579	99	28	.	.	PUNCT
dem-18579	100	1	2	2	X
dem-18579	100	2	.	.	X
dem-18579	100	3	data	datum	NOUN
dem-18579	100	4	description	description	NOUN
dem-18579	100	5	and	and	CCONJ
dem-18579	100	6	serious	serious	ADJ
dem-18579	100	7	problems	problem	NOUN
dem-18579	100	8	with	with	ADP
dem-18579	100	9	asset	asset	NOUN
dem-18579	100	10	illiquidity	illiquidity	NOUN
dem-18579	100	11	in	in	ADP
dem-18579	100	12	this	this	DET
dem-18579	100	13	research	research	NOUN
dem-18579	100	14	,	,	PUNCT
dem-18579	100	15	daily	daily	ADJ
dem-18579	100	16	data	datum	NOUN
dem-18579	100	17	for	for	ADP
dem-18579	100	18	seven	seven	NUM
dem-18579	100	19	small	small	ADJ
dem-18579	100	20	emerging	emerge	VERB
dem-18579	100	21	stock	stock	NOUN
dem-18579	100	22	markets	market	NOUN
dem-18579	100	23	from	from	ADP
dem-18579	100	24	the	the	DET
dem-18579	100	25	central	central	ADJ
dem-18579	100	26	and	and	CCONJ
dem-18579	100	27	eastern	eastern	ADJ
dem-18579	100	28	european	european	ADJ
dem-18579	100	29	countries	country	NOUN
dem-18579	100	30	,	,	PUNCT
dem-18579	100	31	namely	namely	ADV
dem-18579	100	32	the	the	DET
dem-18579	100	33	czech	czech	PROPN
dem-18579	100	34	republic	republic	NOUN
dem-18579	100	35	,	,	PUNCT
dem-18579	100	36	hungary	hungary	PROPN
dem-18579	100	37	,	,	PUNCT
dem-18579	100	38	slovakia	slovakia	PROPN
dem-18579	100	39	,	,	PUNCT
dem-18579	100	40	slovenia	slovenia	PROPN
dem-18579	100	41	,	,	PUNCT
dem-18579	100	42	lithuania	lithuania	PROPN
dem-18579	100	43	,	,	PUNCT
dem-18579	100	44	estonia	estonia	PROPN
dem-18579	100	45	,	,	PUNCT
dem-18579	100	46	and	and	CCONJ
dem-18579	100	47	latvia	latvia	PROPN
dem-18579	100	48	,	,	PUNCT
dem-18579	100	49	are	be	AUX
dem-18579	100	50	used	use	VERB
dem-18579	100	51	.	.	PUNCT
dem-18579	101	1	data	datum	NOUN
dem-18579	101	2	is	be	AUX
dem-18579	101	3	coming	come	VERB
dem-18579	101	4	from	from	ADP
dem-18579	101	5	bloomberg	bloomberg	PROPN
dem-18579	101	6	under	under	ADP
dem-18579	101	7	the	the	DET
dem-18579	101	8	license	license	NOUN
dem-18579	101	9	agreement	agreement	NOUN
dem-18579	101	10	between	between	ADP
dem-18579	101	11	bloomberg	bloomberg	PROPN
dem-18579	101	12	and	and	CCONJ
dem-18579	101	13	bialystok	bialystok	ADJ
dem-18579	101	14	university	university	NOUN
dem-18579	101	15	of	of	ADP
dem-18579	101	16	technology	technology	NOUN
dem-18579	101	17	(	(	PUNCT
dem-18579	101	18	the	the	DET
dem-18579	101	19	grant	grant	NOUN
dem-18579	101	20	no	no	INTJ
dem-18579	101	21	.	.	PUNCT
dem-18579	102	1	2016/21	2016/21	NUM
dem-18579	102	2	/	/	SYM
dem-18579	102	3	b	b	PROPN
dem-18579	102	4	/	/	SYM
dem-18579	102	5	hs4/	hs4/	PROPN
dem-18579	102	6	02004	02004	NUM
dem-18579	102	7	)	)	PUNCT
dem-18579	102	8	.	.	PUNCT
dem-18579	103	1	the	the	DET
dem-18579	103	2	data	datum	NOUN
dem-18579	103	3	set	set	NOUN
dem-18579	103	4	contains	contain	VERB
dem-18579	103	5	the	the	DET
dem-18579	103	6	opening	opening	NOUN
dem-18579	103	7	,	,	PUNCT
dem-18579	103	8	high	high	ADJ
dem-18579	103	9	,	,	PUNCT
dem-18579	103	10	low	low	ADJ
dem-18579	103	11	,	,	PUNCT
dem-18579	103	12	and	and	CCONJ
dem-18579	103	13	closing	closing	NOUN
dem-18579	103	14	prices	price	NOUN
dem-18579	103	15	,	,	PUNCT
dem-18579	103	16	as	as	ADV
dem-18579	103	17	well	well	ADV
dem-18579	103	18	as	as	ADP
dem-18579	103	19	volume	volume	NOUN
dem-18579	103	20	for	for	ADP
dem-18579	103	21	a	a	DET
dem-18579	103	22	security	security	NOUN
dem-18579	103	23	over	over	ADP
dem-18579	103	24	each	each	DET
dem-18579	103	25	trading	trading	NOUN
dem-18579	103	26	day	day	NOUN
dem-18579	103	27	,	,	PUNCT
dem-18579	103	28	in	in	ADP
dem-18579	103	29	the	the	DET
dem-18579	103	30	period	period	NOUN
dem-18579	103	31	from	from	ADP
dem-18579	103	32	january	january	PROPN
dem-18579	103	33	2	2	NUM
dem-18579	103	34	,	,	PUNCT
dem-18579	103	35	2012	2012	NUM
dem-18579	103	36	to	to	ADP
dem-18579	103	37	december	december	PROPN
dem-18579	103	38	30	30	NUM
dem-18579	103	39	,	,	PUNCT
dem-18579	103	40	2016	2016	NUM
dem-18579	103	41	.	.	PUNCT
dem-18579	104	1	specifically	specifically	ADV
dem-18579	104	2	,	,	PUNCT
dem-18579	104	3	the	the	DET
dem-18579	104	4	database	database	NOUN
dem-18579	104	5	holds	hold	VERB
dem-18579	104	6	1252	1252	NUM
dem-18579	104	7	(	(	PUNCT
dem-18579	104	8	for	for	ADP
dem-18579	104	9	the	the	DET
dem-18579	104	10	pse	pse	NOUN
dem-18579	104	11	)	)	PUNCT
dem-18579	104	12	,	,	PUNCT
dem-18579	104	13	1240	1240	NUM
dem-18579	104	14	(	(	PUNCT
dem-18579	104	15	for	for	ADP
dem-18579	104	16	the	the	DET
dem-18579	104	17	bse	bse	NOUN
dem-18579	104	18	)	)	PUNCT
dem-18579	104	19	,	,	PUNCT
dem-18579	104	20	1244	1244	NUM
dem-18579	104	21	(	(	PUNCT
dem-18579	104	22	for	for	ADP
dem-18579	104	23	the	the	DET
dem-18579	104	24	bsse	bsse	NOUN
dem-18579	104	25	)	)	PUNCT
dem-18579	104	26	,	,	PUNCT
dem-18579	104	27	1245	1245	NUM
dem-18579	104	28	(	(	PUNCT
dem-18579	104	29	for	for	ADP
dem-18579	104	30	the	the	DET
dem-18579	104	31	ljse	ljse	NOUN
dem-18579	104	32	)	)	PUNCT
dem-18579	104	33	,	,	PUNCT
dem-18579	104	34	1245	1245	NUM
dem-18579	104	35	(	(	PUNCT
dem-18579	104	36	for	for	ADP
dem-18579	104	37	the	the	DET
dem-18579	104	38	nasdaq	nasdaq	PROPN
dem-18579	104	39	vilnius	vilnius	PROPN
dem-18579	104	40	)	)	PUNCT
dem-18579	104	41	,	,	PUNCT
dem-18579	104	42	1251	1251	NUM
dem-18579	104	43	(	(	PUNCT
dem-18579	104	44	for	for	ADP
dem-18579	104	45	the	the	DET
dem-18579	104	46	nasdaq	nasdaq	PROPN
dem-18579	104	47	tallinn	tallinn	PROPN
dem-18579	104	48	)	)	PUNCT
dem-18579	104	49	,	,	PUNCT
dem-18579	104	50	and	and	CCONJ
dem-18579	104	51	1242	1242	NUM
dem-18579	104	52	(	(	PUNCT
dem-18579	104	53	for	for	ADP
dem-18579	104	54	the	the	DET
dem-18579	104	55	nasdaq	nasdaq	PROPN
dem-18579	104	56	riga	riga	PROPN
dem-18579	104	57	)	)	PUNCT
dem-18579	104	58	trading	trading	NOUN
dem-18579	104	59	days	day	NOUN
dem-18579	104	60	,	,	PUNCT
dem-18579	104	61	respectively	respectively	ADV
dem-18579	104	62	.	.	PUNCT
dem-18579	105	1	the	the	DET
dem-18579	105	2	warsaw	warsaw	PROPN
dem-18579	105	3	stock	stock	PROPN
dem-18579	105	4	exchange	exchange	PROPN
dem-18579	105	5	(	(	PUNCT
dem-18579	105	6	wse	wse	PROPN
dem-18579	105	7	)	)	PUNCT
dem-18579	105	8	is	be	AUX
dem-18579	105	9	not	not	PART
dem-18579	105	10	included	include	VERB
dem-18579	105	11	in	in	ADP
dem-18579	105	12	the	the	DET
dem-18579	105	13	research	research	NOUN
dem-18579	105	14	because	because	SCONJ
dem-18579	105	15	it	it	PRON
dem-18579	105	16	is	be	AUX
dem-18579	105	17	large	large	ADJ
dem-18579	105	18	compared	compare	VERB
dem-18579	105	19	to	to	ADP
dem-18579	105	20	the	the	DET
dem-18579	105	21	other	other	ADJ
dem-18579	105	22	joanna	joanna	PROPN
dem-18579	105	23	olbryś	olbryś	PROPN
dem-18579	105	24	dynamic	dynamic	ADJ
dem-18579	105	25	econometric	econometric	ADJ
dem-18579	105	26	models	model	NOUN
dem-18579	105	27	18	18	NUM
dem-18579	105	28	(	(	PUNCT
dem-18579	105	29	2018	2018	NUM
dem-18579	105	30	)	)	PUNCT
dem-18579	105	31	67–79	67–79	ADV
dem-18579	105	32	72	72	NUM
dem-18579	105	33	cee	cee	NOUN
dem-18579	105	34	stock	stock	NOUN
dem-18579	105	35	exchanges	exchange	NOUN
dem-18579	105	36	.	.	PUNCT
dem-18579	106	1	for	for	ADP
dem-18579	106	2	comparison	comparison	NOUN
dem-18579	106	3	,	,	PUNCT
dem-18579	106	4	at	at	ADP
dem-18579	106	5	the	the	DET
dem-18579	106	6	end	end	NOUN
dem-18579	106	7	of	of	ADP
dem-18579	106	8	2016	2016	NUM
dem-18579	106	9	the	the	DET
dem-18579	106	10	total	total	ADJ
dem-18579	106	11	number	number	NOUN
dem-18579	106	12	of	of	ADP
dem-18579	106	13	listed	list	VERB
dem-18579	106	14	stocks	stock	NOUN
dem-18579	106	15	was	be	AUX
dem-18579	106	16	equal	equal	ADJ
dem-18579	106	17	to	to	PART
dem-18579	106	18	:	:	PUNCT
dem-18579	106	19	881	881	NUM
dem-18579	106	20	(	(	PUNCT
dem-18579	106	21	wse	wse	PROPN
dem-18579	106	22	)	)	PUNCT
dem-18579	106	23	,	,	PUNCT
dem-18579	106	24	23	23	NUM
dem-18579	106	25	(	(	PUNCT
dem-18579	106	26	pse	pse	NOUN
dem-18579	106	27	)	)	PUNCT
dem-18579	106	28	,	,	PUNCT
dem-18579	106	29	41	41	NUM
dem-18579	106	30	(	(	PUNCT
dem-18579	106	31	bse	bse	NOUN
dem-18579	106	32	)	)	PUNCT
dem-18579	106	33	,	,	PUNCT
dem-18579	106	34	71	71	NUM
dem-18579	106	35	(	(	PUNCT
dem-18579	106	36	bsse	bsse	NOUN
dem-18579	106	37	)	)	PUNCT
dem-18579	106	38	,	,	PUNCT
dem-18579	106	39	37	37	NUM
dem-18579	106	40	(	(	PUNCT
dem-18579	106	41	ljse	ljse	PROPN
dem-18579	106	42	)	)	PUNCT
dem-18579	106	43	,	,	PUNCT
dem-18579	106	44	34	34	NUM
dem-18579	106	45	(	(	PUNCT
dem-18579	106	46	nasdaq	nasdaq	PROPN
dem-18579	106	47	vilnius	vilnius	PROPN
dem-18579	106	48	)	)	PUNCT
dem-18579	106	49	,	,	PUNCT
dem-18579	106	50	17	17	NUM
dem-18579	106	51	(	(	PUNCT
dem-18579	106	52	nasdaq	nasdaq	PROPN
dem-18579	106	53	tallinn	tallinn	PROPN
dem-18579	106	54	)	)	PUNCT
dem-18579	106	55	,	,	PUNCT
dem-18579	106	56	and	and	CCONJ
dem-18579	106	57	32	32	NUM
dem-18579	106	58	(	(	PUNCT
dem-18579	106	59	nasdaq	nasdaq	PROPN
dem-18579	106	60	riga	riga	PROPN
dem-18579	106	61	)	)	PUNCT
dem-18579	106	62	.	.	PUNCT
dem-18579	107	1	it	it	PRON
dem-18579	107	2	is	be	AUX
dem-18579	107	3	commonly	commonly	ADV
dem-18579	107	4	known	know	VERB
dem-18579	107	5	fact	fact	NOUN
dem-18579	107	6	that	that	SCONJ
dem-18579	107	7	a	a	DET
dem-18579	107	8	large	large	ADJ
dem-18579	107	9	number	number	NOUN
dem-18579	107	10	of	of	ADP
dem-18579	107	11	the	the	DET
dem-18579	107	12	cee	cee	NOUN
dem-18579	107	13	stock	stock	NOUN
dem-18579	107	14	markets	market	NOUN
dem-18579	107	15	listed	list	VERB
dem-18579	107	16	companies	company	NOUN
dem-18579	107	17	reveal	reveal	VERB
dem-18579	107	18	a	a	DET
dem-18579	107	19	substantial	substantial	ADJ
dem-18579	107	20	non	non	ADJ
dem-18579	107	21	-	-	ADJ
dem-18579	107	22	trading	trading	ADJ
dem-18579	107	23	problem	problem	NOUN
dem-18579	107	24	.	.	PUNCT
dem-18579	108	1	therefore	therefore	ADV
dem-18579	108	2	,	,	PUNCT
dem-18579	108	3	to	to	PART
dem-18579	108	4	mitigate	mitigate	VERB
dem-18579	108	5	this	this	DET
dem-18579	108	6	problem	problem	NOUN
dem-18579	108	7	,	,	PUNCT
dem-18579	108	8	we	we	PRON
dem-18579	108	9	excluded	exclude	VERB
dem-18579	108	10	the	the	DET
dem-18579	108	11	stocks	stock	NOUN
dem-18579	108	12	that	that	PRON
dem-18579	108	13	exhibited	exhibit	VERB
dem-18579	108	14	extraordinarily	extraordinarily	ADV
dem-18579	108	15	many	many	ADJ
dem-18579	108	16	non	non	ADJ
dem-18579	108	17	-	-	ADJ
dem-18579	108	18	traded	traded	ADJ
dem-18579	108	19	days	day	NOUN
dem-18579	108	20	during	during	ADP
dem-18579	108	21	the	the	DET
dem-18579	108	22	whole	whole	ADJ
dem-18579	108	23	sample	sample	NOUN
dem-18579	108	24	period	period	NOUN
dem-18579	108	25	.	.	PUNCT
dem-18579	109	1	specifically	specifically	ADV
dem-18579	109	2	,	,	PUNCT
dem-18579	109	3	because	because	SCONJ
dem-18579	109	4	the	the	DET
dem-18579	109	5	analysed	analyse	VERB
dem-18579	109	6	cee	cee	NOUN
dem-18579	109	7	stock	stock	NOUN
dem-18579	109	8	markets	market	NOUN
dem-18579	109	9	were	be	AUX
dem-18579	109	10	extremely	extremely	ADV
dem-18579	109	11	illiquid	illiquid	ADJ
dem-18579	109	12	,	,	PUNCT
dem-18579	109	13	the	the	DET
dem-18579	109	14	basic	basic	ADJ
dem-18579	109	15	condition	condition	NOUN
dem-18579	109	16	concerning	concern	VERB
dem-18579	109	17	the	the	DET
dem-18579	109	18	maximum	maximum	ADJ
dem-18579	109	19	number	number	NOUN
dem-18579	109	20	of	of	ADP
dem-18579	109	21	non	non	ADJ
dem-18579	109	22	-	-	ADJ
dem-18579	109	23	traded	traded	ADJ
dem-18579	109	24	days	day	NOUN
dem-18579	109	25	for	for	ADP
dem-18579	109	26	these	these	DET
dem-18579	109	27	markets	market	NOUN
dem-18579	109	28	was	be	AUX
dem-18579	109	29	equal	equal	ADJ
dem-18579	109	30	to	to	ADP
dem-18579	109	31	373	373	NUM
dem-18579	109	32	,	,	PUNCT
dem-18579	109	33	which	which	PRON
dem-18579	109	34	constituted	constitute	VERB
dem-18579	109	35	about	about	ADV
dem-18579	109	36	30	30	NUM
dem-18579	109	37	%	%	NOUN
dem-18579	109	38	of	of	ADP
dem-18579	109	39	all	all	DET
dem-18579	109	40	trading	trading	NOUN
dem-18579	109	41	days	day	NOUN
dem-18579	109	42	.	.	PUNCT
dem-18579	110	1	table	table	NOUN
dem-18579	110	2	2	2	NUM
dem-18579	110	3	.	.	PUNCT
dem-18579	110	4	serious	serious	ADJ
dem-18579	110	5	problems	problem	NOUN
dem-18579	110	6	with	with	ADP
dem-18579	110	7	stock	stock	NOUN
dem-18579	110	8	illiquidity	illiquidity	NOUN
dem-18579	110	9	on	on	ADP
dem-18579	110	10	the	the	DET
dem-18579	110	11	cee	cee	NOUN
dem-18579	110	12	stock	stock	NOUN
dem-18579	110	13	markets	market	NOUN
dem-18579	110	14	–	–	PUNCT
dem-18579	110	15	the	the	DET
dem-18579	110	16	reduction	reduction	NOUN
dem-18579	110	17	of	of	ADP
dem-18579	110	18	the	the	DET
dem-18579	110	19	number	number	NOUN
dem-18579	110	20	of	of	ADP
dem-18579	110	21	companies	company	NOUN
dem-18579	110	22	(	(	PUNCT
dem-18579	110	23	january	january	PROPN
dem-18579	110	24	2012	2012	NUM
dem-18579	110	25	–	–	PUNCT
dem-18579	110	26	december	december	PROPN
dem-18579	110	27	2016	2016	NUM
dem-18579	110	28	)	)	PUNCT
dem-18579	110	29	stock	stock	NOUN
dem-18579	110	30	exchange	exchange	NOUN
dem-18579	110	31	index	index	NOUN
dem-18579	110	32	market	market	NOUN
dem-18579	110	33	cap	cap	NOUN
dem-18579	110	34	.	.	PUNCT
dem-18579	111	1	eur	eur	PROPN
dem-18579	111	2	billion	billion	NUM
dem-18579	111	3	,	,	PUNCT
dem-18579	111	4	dec	dec	PROPN
dem-18579	111	5	2016	2016	NUM
dem-18579	111	6	the	the	DET
dem-18579	111	7	initial	initial	ADJ
dem-18579	111	8	number	number	NOUN
dem-18579	111	9	of	of	ADP
dem-18579	111	10	companies	company	NOUN
dem-18579	111	11	the	the	DET
dem-18579	111	12	number	number	NOUN
dem-18579	111	13	of	of	ADP
dem-18579	111	14	companies	company	NOUN
dem-18579	111	15	after	after	ADP
dem-18579	111	16	the	the	DET
dem-18579	111	17	reduction	reduction	NOUN
dem-18579	111	18	due	due	ADP
dem-18579	111	19	to	to	ADP
dem-18579	111	20	a	a	DET
dem-18579	111	21	stock	stock	NOUN
dem-18579	111	22	illiquidity	illiquidity	NOUN
dem-18579	111	23	(	(	PUNCT
dem-18579	111	24	<	<	X
dem-18579	111	25	10	10	NUM
dem-18579	111	26	%	%	NOUN
dem-18579	111	27	zeros	zero	NOUN
dem-18579	111	28	in	in	ADP
dem-18579	111	29	daily	daily	ADJ
dem-18579	111	30	volume	volume	NOUN
dem-18579	111	31	)	)	PUNCT
dem-18579	111	32	the	the	DET
dem-18579	111	33	number	number	NOUN
dem-18579	111	34	of	of	ADP
dem-18579	111	35	companies	company	NOUN
dem-18579	111	36	after	after	ADP
dem-18579	111	37	the	the	DET
dem-18579	111	38	reduction	reduction	NOUN
dem-18579	111	39	due	due	ADP
dem-18579	111	40	to	to	ADP
dem-18579	111	41	a	a	DET
dem-18579	111	42	stock	stock	NOUN
dem-18579	111	43	illiquidity	illiquidity	NOUN
dem-18579	111	44	(	(	PUNCT
dem-18579	111	45	≈	≈	PROPN
dem-18579	111	46	30	30	NUM
dem-18579	111	47	%	%	NOUN
dem-18579	111	48	zeros	zero	NOUN
dem-18579	111	49	in	in	ADP
dem-18579	111	50	daily	daily	ADJ
dem-18579	111	51	volume	volume	NOUN
dem-18579	111	52	)	)	PUNCT
dem-18579	111	53	pse	pse	NOUN
dem-18579	111	54	px	px	VERB
dem-18579	111	55	22.19	22.19	NUM
dem-18579	111	56	23	23	NUM
dem-18579	111	57	10	10	NUM
dem-18579	111	58	10	10	NUM
dem-18579	111	59	bse	bse	NOUN
dem-18579	111	60	bux	bux	NOUN
dem-18579	111	61	21.27	21.27	NUM
dem-18579	111	62	41	41	NUM
dem-18579	111	63	13	13	NUM
dem-18579	111	64	18	18	NUM
dem-18579	111	65	bsse	bsse	NOUN
dem-18579	111	66	sax	sax	NOUN
dem-18579	111	67	5.28	5.28	NUM
dem-18579	111	68	71	71	NUM
dem-18579	111	69	0	0	NUM
dem-18579	111	70	3	3	NUM
dem-18579	111	71	ljse	ljse	NOUN
dem-18579	111	72	sbitop	sbitop	VERB
dem-18579	111	73	5.00	5.00	NUM
dem-18579	111	74	37	37	NUM
dem-18579	111	75	6	6	NUM
dem-18579	111	76	10	10	NUM
dem-18579	111	77	nasdaq	nasdaq	PROPN
dem-18579	111	78	vilnius	vilnius	PROPN
dem-18579	111	79	omxv	omxv	PROPN
dem-18579	111	80	3.50	3.50	NUM
dem-18579	111	81	34	34	NUM
dem-18579	111	82	7	7	NUM
dem-18579	111	83	15	15	NUM
dem-18579	111	84	nasdaq	nasdaq	PROPN
dem-18579	111	85	tallinn	tallinn	PROPN
dem-18579	111	86	omxt	omxt	VERB
dem-18579	111	87	2.29	2.29	NUM
dem-18579	111	88	17	17	NUM
dem-18579	111	89	8	8	NUM
dem-18579	111	90	12	12	NUM
dem-18579	111	91	nasdaq	nasdaq	PROPN
dem-18579	111	92	riga	riga	PROPN
dem-18579	111	93	omxr	omxr	PROPN
dem-18579	111	94	0.80	0.80	NUM
dem-18579	111	95	32	32	NUM
dem-18579	111	96	3	3	NUM
dem-18579	111	97	7	7	NUM
dem-18579	111	98	note	note	NOUN
dem-18579	111	99	:	:	PUNCT
dem-18579	111	100	the	the	DET
dem-18579	111	101	fourth	fourth	ADJ
dem-18579	111	102	column	column	NOUN
dem-18579	111	103	presents	present	VERB
dem-18579	111	104	the	the	DET
dem-18579	111	105	number	number	NOUN
dem-18579	111	106	of	of	ADP
dem-18579	111	107	all	all	DET
dem-18579	111	108	companies	company	NOUN
dem-18579	111	109	listed	list	VERB
dem-18579	111	110	on	on	ADP
dem-18579	111	111	each	each	DET
dem-18579	111	112	stock	stock	NOUN
dem-18579	111	113	exchange	exchange	NOUN
dem-18579	111	114	.	.	PUNCT
dem-18579	112	1	the	the	DET
dem-18579	112	2	fifth	fifth	ADJ
dem-18579	112	3	column	column	NOUN
dem-18579	112	4	reports	report	VERB
dem-18579	112	5	the	the	DET
dem-18579	112	6	number	number	NOUN
dem-18579	112	7	of	of	ADP
dem-18579	112	8	companies	company	NOUN
dem-18579	112	9	that	that	PRON
dem-18579	112	10	exhibited	exhibit	VERB
dem-18579	112	11	less	less	ADJ
dem-18579	112	12	than	than	ADP
dem-18579	112	13	125	125	NUM
dem-18579	112	14	zeros	zero	NOUN
dem-18579	112	15	in	in	ADP
dem-18579	112	16	daily	daily	ADJ
dem-18579	112	17	volume	volume	NOUN
dem-18579	112	18	,	,	PUNCT
dem-18579	112	19	which	which	PRON
dem-18579	112	20	constituted	constitute	VERB
dem-18579	112	21	about	about	ADV
dem-18579	112	22	10	10	NUM
dem-18579	112	23	%	%	NOUN
dem-18579	112	24	of	of	ADP
dem-18579	112	25	all	all	DET
dem-18579	112	26	trading	trading	NOUN
dem-18579	112	27	days	day	NOUN
dem-18579	112	28	.	.	PUNCT
dem-18579	113	1	the	the	DET
dem-18579	113	2	last	last	ADJ
dem-18579	113	3	column	column	NOUN
dem-18579	113	4	contains	contain	VERB
dem-18579	113	5	final	final	ADJ
dem-18579	113	6	number	number	NOUN
dem-18579	113	7	of	of	ADP
dem-18579	113	8	companies	company	NOUN
dem-18579	113	9	(	(	PUNCT
dem-18579	113	10	less	less	ADJ
dem-18579	113	11	than	than	ADP
dem-18579	113	12	373	373	NUM
dem-18579	113	13	zeros	zero	NOUN
dem-18579	113	14	in	in	ADP
dem-18579	113	15	daily	daily	ADJ
dem-18579	113	16	volume	volume	NOUN
dem-18579	113	17	,	,	PUNCT
dem-18579	113	18	which	which	PRON
dem-18579	113	19	constituted	constitute	VERB
dem-18579	113	20	about	about	ADV
dem-18579	113	21	30	30	NUM
dem-18579	113	22	%	%	NOUN
dem-18579	113	23	of	of	ADP
dem-18579	113	24	all	all	DET
dem-18579	113	25	trading	trading	NOUN
dem-18579	113	26	days	day	NOUN
dem-18579	113	27	during	during	ADP
dem-18579	113	28	the	the	DET
dem-18579	113	29	whole	whole	ADJ
dem-18579	113	30	sample	sample	NOUN
dem-18579	113	31	period	period	NOUN
dem-18579	113	32	)	)	PUNCT
dem-18579	113	33	.	.	PUNCT
dem-18579	114	1	table	table	NOUN
dem-18579	114	2	2	2	NUM
dem-18579	114	3	reports	report	NOUN
dem-18579	114	4	brief	brief	ADJ
dem-18579	114	5	information	information	NOUN
dem-18579	114	6	about	about	ADP
dem-18579	114	7	the	the	DET
dem-18579	114	8	reduction	reduction	NOUN
dem-18579	114	9	of	of	ADP
dem-18579	114	10	the	the	DET
dem-18579	114	11	number	number	NOUN
dem-18579	114	12	of	of	ADP
dem-18579	114	13	companies	company	NOUN
dem-18579	114	14	on	on	ADP
dem-18579	114	15	the	the	DET
dem-18579	114	16	investigated	investigate	VERB
dem-18579	114	17	markets	market	NOUN
dem-18579	114	18	that	that	PRON
dem-18579	114	19	was	be	AUX
dem-18579	114	20	caused	cause	VERB
dem-18579	114	21	by	by	ADP
dem-18579	114	22	serious	serious	ADJ
dem-18579	114	23	non	non	ADJ
dem-18579	114	24	-	-	ADJ
dem-18579	114	25	trading	trading	ADJ
dem-18579	114	26	problems	problem	NOUN
dem-18579	114	27	.	.	PUNCT
dem-18579	115	1	the	the	DET
dem-18579	115	2	cee	cee	PROPN
dem-18579	115	3	stock	stock	NOUN
dem-18579	115	4	exchanges	exchange	NOUN
dem-18579	115	5	are	be	AUX
dem-18579	115	6	presented	present	VERB
dem-18579	115	7	in	in	ADP
dem-18579	115	8	order	order	NOUN
dem-18579	115	9	of	of	ADP
dem-18579	115	10	decreasing	decrease	VERB
dem-18579	115	11	value	value	NOUN
dem-18579	115	12	of	of	ADP
dem-18579	115	13	the	the	DET
dem-18579	115	14	market	market	NOUN
dem-18579	115	15	index	index	NOUN
dem-18579	115	16	capitalization	capitalization	NOUN
dem-18579	115	17	(	(	PUNCT
dem-18579	115	18	in	in	ADP
dem-18579	115	19	eur	eur	PROPN
dem-18579	115	20	billion	billion	NUM
dem-18579	115	21	)	)	PUNCT
dem-18579	115	22	at	at	ADP
dem-18579	115	23	the	the	DET
dem-18579	115	24	end	end	NOUN
dem-18579	115	25	of	of	ADP
dem-18579	115	26	2016	2016	NUM
dem-18579	115	27	.	.	PUNCT
dem-18579	116	1	for	for	ADP
dem-18579	116	2	comparison	comparison	NOUN
dem-18579	116	3	,	,	PUNCT
dem-18579	116	4	the	the	DET
dem-18579	116	5	wig20	wig20	PROPN
dem-18579	116	6	index	index	NOUN
dem-18579	116	7	market	market	NOUN
dem-18579	116	8	capitalization	capitalization	NOUN
dem-18579	116	9	at	at	ADP
dem-18579	116	10	the	the	DET
dem-18579	116	11	end	end	NOUN
dem-18579	116	12	of	of	ADP
dem-18579	116	13	december	december	PROPN
dem-18579	116	14	2016	2016	NUM
dem-18579	116	15	was	be	AUX
dem-18579	116	16	equal	equal	ADJ
dem-18579	116	17	to	to	ADP
dem-18579	116	18	130.99	130.99	NUM
dem-18579	116	19	(	(	PUNCT
dem-18579	116	20	eur	eur	NOUN
dem-18579	116	21	billion	billion	NUM
dem-18579	116	22	)	)	PUNCT
dem-18579	116	23	.	.	PUNCT
dem-18579	117	1	the	the	DET
dem-18579	117	2	wig20	wig20	PROPN
dem-18579	117	3	index	index	NOUN
dem-18579	117	4	consists	consist	VERB
dem-18579	117	5	of	of	ADP
dem-18579	117	6	20	20	NUM
dem-18579	117	7	major	major	ADJ
dem-18579	117	8	and	and	CCONJ
dem-18579	117	9	most	most	ADJ
dem-18579	117	10	liquid	liquid	ADJ
dem-18579	117	11	companies	company	NOUN
dem-18579	117	12	in	in	ADP
dem-18579	117	13	the	the	DET
dem-18579	117	14	warsaw	warsaw	PROPN
dem-18579	117	15	stock	stock	PROPN
dem-18579	117	16	exchange	exchange	PROPN
dem-18579	117	17	main	main	ADJ
dem-18579	117	18	list	list	NOUN
dem-18579	117	19	.	.	PUNCT
dem-18579	118	1	therefore	therefore	ADV
dem-18579	118	2	,	,	PUNCT
dem-18579	118	3	as	as	SCONJ
dem-18579	118	4	mentioned	mention	VERB
dem-18579	118	5	above	above	ADV
dem-18579	118	6	,	,	PUNCT
dem-18579	118	7	the	the	DET
dem-18579	118	8	wse	wse	NOUN
dem-18579	118	9	is	be	AUX
dem-18579	118	10	not	not	PART
dem-18579	118	11	included	include	VERB
dem-18579	118	12	in	in	ADP
dem-18579	118	13	the	the	DET
dem-18579	118	14	study	study	NOUN
dem-18579	118	15	because	because	SCONJ
dem-18579	118	16	it	it	PRON
dem-18579	118	17	is	be	AUX
dem-18579	118	18	not	not	PART
dem-18579	118	19	a	a	DET
dem-18579	118	20	small	small	ADJ
dem-18579	118	21	stock	stock	NOUN
dem-18579	118	22	market	market	NOUN
dem-18579	118	23	.	.	PUNCT
dem-18579	119	1	the	the	DET
dem-18579	119	2	non	non	ADJ
dem-18579	119	3	-	-	ADJ
dem-18579	119	4	trading	trading	ADJ
dem-18579	119	5	problem	problem	NOUN
dem-18579	119	6	in	in	ADP
dem-18579	119	7	assessing	assess	VERB
dem-18579	119	8	commonality	commonality	NOUN
dem-18579	119	9	in	in	ADP
dem-18579	119	10	liquidity	liquidity	NOUN
dem-18579	119	11	…	…	PUNCT
dem-18579	119	12	dynamic	dynamic	ADJ
dem-18579	119	13	econometric	econometric	ADJ
dem-18579	119	14	models	model	NOUN
dem-18579	119	15	18	18	NUM
dem-18579	119	16	(	(	PUNCT
dem-18579	119	17	2018	2018	NUM
dem-18579	119	18	)	)	PUNCT
dem-18579	119	19	67–79	67–79	ADV
dem-18579	119	20	73	73	NUM
dem-18579	119	21	as	as	SCONJ
dem-18579	119	22	one	one	PRON
dem-18579	119	23	can	can	AUX
dem-18579	119	24	observe	observe	VERB
dem-18579	119	25	in	in	ADP
dem-18579	119	26	table	table	NOUN
dem-18579	119	27	2	2	NUM
dem-18579	119	28	,	,	PUNCT
dem-18579	119	29	the	the	DET
dem-18579	119	30	number	number	NOUN
dem-18579	119	31	of	of	ADP
dem-18579	119	32	zeros	zero	NOUN
dem-18579	119	33	in	in	ADP
dem-18579	119	34	daily	daily	ADJ
dem-18579	119	35	volume	volume	NOUN
dem-18579	119	36	was	be	AUX
dem-18579	119	37	tremendously	tremendously	ADV
dem-18579	119	38	high	high	ADJ
dem-18579	119	39	for	for	ADP
dem-18579	119	40	the	the	DET
dem-18579	119	41	bsse	bsse	NOUN
dem-18579	119	42	-	-	PUNCT
dem-18579	119	43	traded	trade	VERB
dem-18579	119	44	companies	company	NOUN
dem-18579	119	45	.	.	PUNCT
dem-18579	120	1	the	the	DET
dem-18579	120	2	total	total	ADJ
dem-18579	120	3	number	number	NOUN
dem-18579	120	4	of	of	ADP
dem-18579	120	5	stocks	stock	NOUN
dem-18579	120	6	on	on	ADP
dem-18579	120	7	the	the	DET
dem-18579	120	8	bsse	bsse	NOUN
dem-18579	120	9	was	be	AUX
dem-18579	120	10	equal	equal	ADJ
dem-18579	120	11	to	to	ADP
dem-18579	120	12	71	71	NUM
dem-18579	120	13	,	,	PUNCT
dem-18579	120	14	while	while	SCONJ
dem-18579	120	15	only	only	ADV
dem-18579	120	16	3	3	NUM
dem-18579	120	17	out	out	ADP
dem-18579	120	18	of	of	ADP
dem-18579	120	19	them	they	PRON
dem-18579	120	20	met	meet	VERB
dem-18579	120	21	basic	basic	ADJ
dem-18579	120	22	condition	condition	NOUN
dem-18579	120	23	.	.	PUNCT
dem-18579	121	1	finally	finally	ADV
dem-18579	121	2	,	,	PUNCT
dem-18579	121	3	10	10	NUM
dem-18579	121	4	(	(	PUNCT
dem-18579	121	5	prague	prague	PROPN
dem-18579	121	6	)	)	PUNCT
dem-18579	121	7	,	,	PUNCT
dem-18579	121	8	18	18	NUM
dem-18579	121	9	(	(	PUNCT
dem-18579	121	10	budapest	budapest	NOUN
dem-18579	121	11	)	)	PUNCT
dem-18579	121	12	,	,	PUNCT
dem-18579	121	13	3	3	NUM
dem-18579	121	14	(	(	PUNCT
dem-18579	121	15	bratislava	bratislava	NOUN
dem-18579	121	16	)	)	PUNCT
dem-18579	121	17	,	,	PUNCT
dem-18579	121	18	10	10	NUM
dem-18579	121	19	(	(	PUNCT
dem-18579	121	20	ljubljana	ljubljana	PROPN
dem-18579	121	21	)	)	PUNCT
dem-18579	121	22	,	,	PUNCT
dem-18579	121	23	15	15	NUM
dem-18579	121	24	(	(	PUNCT
dem-18579	121	25	vilnius	vilnius	NOUN
dem-18579	121	26	)	)	PUNCT
dem-18579	121	27	,	,	PUNCT
dem-18579	121	28	12	12	NUM
dem-18579	121	29	(	(	PUNCT
dem-18579	121	30	tallinn	tallinn	PROPN
dem-18579	121	31	)	)	PUNCT
dem-18579	121	32	,	,	PUNCT
dem-18579	121	33	and	and	CCONJ
dem-18579	121	34	7	7	NUM
dem-18579	121	35	(	(	PUNCT
dem-18579	121	36	riga	riga	ADJ
dem-18579	121	37	)	)	PUNCT
dem-18579	121	38	companies	company	NOUN
dem-18579	121	39	were	be	AUX
dem-18579	121	40	contained	contain	VERB
dem-18579	121	41	in	in	ADP
dem-18579	121	42	the	the	DET
dem-18579	121	43	data	datum	NOUN
dem-18579	121	44	set	set	VERB
dem-18579	121	45	.	.	PUNCT
dem-18579	122	1	table	table	NOUN
dem-18579	122	2	3	3	NUM
dem-18579	122	3	presents	present	VERB
dem-18579	122	4	information	information	NOUN
dem-18579	122	5	about	about	ADP
dem-18579	122	6	all	all	DET
dem-18579	122	7	companies	company	NOUN
dem-18579	122	8	in	in	ADP
dem-18579	122	9	an	an	DET
dem-18579	122	10	alphabetical	alphabetical	ADJ
dem-18579	122	11	order	order	NOUN
dem-18579	122	12	according	accord	VERB
dem-18579	122	13	to	to	ADP
dem-18579	122	14	the	the	DET
dem-18579	122	15	company	company	NOUN
dem-18579	122	16	’s	’s	PART
dem-18579	122	17	full	full	ADJ
dem-18579	122	18	name	name	NOUN
dem-18579	122	19	.	.	PUNCT
dem-18579	123	1	table	table	NOUN
dem-18579	123	2	3	3	NUM
dem-18579	123	3	.	.	PUNCT
dem-18579	124	1	companies	company	NOUN
dem-18579	124	2	contained	contain	VERB
dem-18579	124	3	in	in	ADP
dem-18579	124	4	the	the	DET
dem-18579	124	5	database	database	NOUN
dem-18579	124	6	(	(	PUNCT
dem-18579	124	7	january	january	PROPN
dem-18579	124	8	2012	2012	NUM
dem-18579	124	9	–	–	PUNCT
dem-18579	124	10	december	december	PROPN
dem-18579	124	11	2016	2016	NUM
dem-18579	124	12	)	)	PUNCT
dem-18579	124	13	stock	stock	NOUN
dem-18579	124	14	exchange	exchange	NOUN
dem-18579	124	15	companies	company	NOUN
dem-18579	124	16	1	1	NUM
dem-18579	124	17	prague	prague	NOUN
dem-18579	124	18	stock	stock	NOUN
dem-18579	124	19	exchange	exchange	PROPN
dem-18579	124	20	(	(	PUNCT
dem-18579	124	21	the	the	DET
dem-18579	124	22	czech	czech	PROPN
dem-18579	124	23	republic	republic	PROPN
dem-18579	124	24	)	)	PUNCT
dem-18579	124	25	cetv	cetv	PROPN
dem-18579	124	26	,	,	PUNCT
dem-18579	124	27	cez	cez	PROPN
dem-18579	124	28	,	,	PUNCT
dem-18579	124	29	foreg	foreg	NOUN
dem-18579	124	30	,	,	PUNCT
dem-18579	124	31	komb	komb	PROPN
dem-18579	124	32	,	,	PUNCT
dem-18579	124	33	pegas	pegas	PROPN
dem-18579	124	34	,	,	PUNCT
dem-18579	124	35	rbag	rbag	NOUN
dem-18579	124	36	,	,	PUNCT
dem-18579	124	37	tabak	tabak	NOUN
dem-18579	124	38	,	,	PUNCT
dem-18579	124	39	telec	telec	INTJ
dem-18579	124	40	,	,	PUNCT
dem-18579	124	41	unipe	unipe	NOUN
dem-18579	124	42	,	,	PUNCT
dem-18579	124	43	vig	vig	PROPN
dem-18579	124	44	2	2	NUM
dem-18579	124	45	budapest	budapest	NOUN
dem-18579	124	46	stock	stock	NOUN
dem-18579	124	47	exchange	exchange	PROPN
dem-18579	124	48	(	(	PUNCT
dem-18579	124	49	hungary	hungary	PROPN
dem-18579	124	50	)	)	PUNCT
dem-18579	124	51	any	any	PROPN
dem-18579	124	52	,	,	PUNCT
dem-18579	124	53	appeninn	appeninn	PROPN
dem-18579	124	54	,	,	PUNCT
dem-18579	124	55	pannonia	pannonia	PROPN
dem-18579	124	56	,	,	PUNCT
dem-18579	124	57	elmu	elmu	PROPN
dem-18579	124	58	,	,	PUNCT
dem-18579	124	59	emasz	emasz	NOUN
dem-18579	124	60	,	,	PUNCT
dem-18579	124	61	estmedia	estmedia	PROPN
dem-18579	124	62	,	,	PUNCT
dem-18579	124	63	fhb	fhb	NOUN
dem-18579	124	64	,	,	PUNCT
dem-18579	124	65	gspark	gspark	NOUN
dem-18579	124	66	,	,	PUNCT
dem-18579	124	67	mtelekom	mtelekom	PROPN
dem-18579	124	68	,	,	PUNCT
dem-18579	124	69	mol	mol	PROPN
dem-18579	124	70	,	,	PUNCT
dem-18579	124	71	nutex	nutex	NOUN
dem-18579	124	72	,	,	PUNCT
dem-18579	124	73	opimus	opimus	PROPN
dem-18579	124	74	,	,	PUNCT
dem-18579	124	75	otp	otp	INTJ
dem-18579	124	76	,	,	PUNCT
dem-18579	124	77	pannergy	pannergy	NOUN
dem-18579	124	78	,	,	PUNCT
dem-18579	124	79	plotinus	plotinus	PROPN
dem-18579	124	80	,	,	PUNCT
dem-18579	124	81	raba	raba	PROPN
dem-18579	124	82	,	,	PUNCT
dem-18579	124	83	richt	richt	NOUN
dem-18579	124	84	,	,	PUNCT
dem-18579	124	85	zwack	zwack	NOUN
dem-18579	124	86	3	3	NUM
dem-18579	124	87	bratislava	bratislava	PROPN
dem-18579	124	88	stock	stock	PROPN
dem-18579	124	89	exchange	exchange	PROPN
dem-18579	124	90	(	(	PUNCT
dem-18579	124	91	slovakia	slovakia	PROPN
dem-18579	124	92	)	)	PUNCT
dem-18579	124	93	sln1	sln1	PROPN
dem-18579	124	94	,	,	PUNCT
dem-18579	124	95	tmr	tmr	PROPN
dem-18579	124	96	,	,	PUNCT
dem-18579	124	97	vub	vub	PROPN
dem-18579	124	98	4	4	NUM
dem-18579	124	99	ljubljana	ljubljana	PROPN
dem-18579	124	100	stock	stock	PROPN
dem-18579	124	101	exchange	exchange	PROPN
dem-18579	124	102	(	(	PUNCT
dem-18579	124	103	slovenia	slovenia	PROPN
dem-18579	124	104	)	)	PUNCT
dem-18579	124	105	cicg	cicg	PROPN
dem-18579	124	106	,	,	PUNCT
dem-18579	124	107	grvg	grvg	ADJ
dem-18579	124	108	,	,	PUNCT
dem-18579	124	109	iekg	iekg	NOUN
dem-18579	124	110	,	,	PUNCT
dem-18579	124	111	krkg	krkg	PROPN
dem-18579	124	112	,	,	PUNCT
dem-18579	124	113	lkpg	lkpg	PROPN
dem-18579	124	114	,	,	PUNCT
dem-18579	124	115	melr	melr	NOUN
dem-18579	124	116	,	,	PUNCT
dem-18579	124	117	petg	petg	NOUN
dem-18579	124	118	,	,	PUNCT
dem-18579	124	119	posr	posr	VERB
dem-18579	124	120	,	,	PUNCT
dem-18579	124	121	tlsg	tlsg	NOUN
dem-18579	124	122	,	,	PUNCT
dem-18579	124	123	zvtg	zvtg	NOUN
dem-18579	124	124	5	5	NUM
dem-18579	124	125	nasdaq	nasdaq	PROPN
dem-18579	124	126	vilnius	vilnius	PROPN
dem-18579	124	127	(	(	PUNCT
dem-18579	124	128	lithuania	lithuania	PROPN
dem-18579	124	129	)	)	PUNCT
dem-18579	124	130	avg1l	avg1l	PROPN
dem-18579	124	131	,	,	PUNCT
dem-18579	124	132	apg1l	apg1l	PROPN
dem-18579	124	133	,	,	PUNCT
dem-18579	124	134	grg1l	grg1l	PROPN
dem-18579	124	135	,	,	PUNCT
dem-18579	124	136	knf1l	knf1l	PROPN
dem-18579	124	137	,	,	PUNCT
dem-18579	124	138	lnr1l	lnr1l	PROPN
dem-18579	124	139	,	,	PUNCT
dem-18579	124	140	lna1l	lna1l	PROPN
dem-18579	124	141	,	,	PUNCT
dem-18579	124	142	lgd1l	lgd1l	PROPN
dem-18579	124	143	,	,	PUNCT
dem-18579	124	144	ptr1l	ptr1l	PROPN
dem-18579	124	145	,	,	PUNCT
dem-18579	124	146	pzv1l	pzv1l	PROPN
dem-18579	124	147	,	,	PUNCT
dem-18579	124	148	rsu1l	rsu1l	PROPN
dem-18579	124	149	,	,	PUNCT
dem-18579	124	150	sab1l	sab1l	NUM
dem-18579	124	151	,	,	PUNCT
dem-18579	124	152	teo1l	teo1l	PROPN
dem-18579	124	153	,	,	PUNCT
dem-18579	124	154	vlp1l	vlp1l	PROPN
dem-18579	124	155	,	,	PUNCT
dem-18579	124	156	vbl1l	vbl1l	PROPN
dem-18579	124	157	,	,	PUNCT
dem-18579	124	158	zmp1l	zmp1l	PROPN
dem-18579	124	159	6	6	NUM
dem-18579	124	160	nasdaq	nasdaq	PROPN
dem-18579	124	161	tallinn	tallinn	PROPN
dem-18579	124	162	(	(	PUNCT
dem-18579	124	163	estonia	estonia	PROPN
dem-18579	124	164	)	)	PUNCT
dem-18579	124	165	arc1	arc1	PROPN
dem-18579	124	166	t	t	PROPN
dem-18579	124	167	,	,	PUNCT
dem-18579	124	168	mrk1	mrk1	PROPN
dem-18579	124	169	t	t	PROPN
dem-18579	124	170	,	,	PUNCT
dem-18579	124	171	tveat	tveat	NOUN
dem-18579	124	172	,	,	PUNCT
dem-18579	124	173	blt1	blt1	PROPN
dem-18579	124	174	t	t	PROPN
dem-18579	124	175	,	,	PUNCT
dem-18579	124	176	eeg1	eeg1	PROPN
dem-18579	124	177	t	t	PROPN
dem-18579	124	178	,	,	PUNCT
dem-18579	124	179	hae1	hae1	PROPN
dem-18579	124	180	t	t	PROPN
dem-18579	124	181	,	,	PUNCT
dem-18579	124	182	ncn1	ncn1	PROPN
dem-18579	124	183	t	t	PROPN
dem-18579	124	184	,	,	PUNCT
dem-18579	124	185	oeg1	oeg1	PROPN
dem-18579	124	186	t	t	PROPN
dem-18579	124	187	,	,	PUNCT
dem-18579	124	188	prf1	prf1	PROPN
dem-18579	124	189	t	t	PROPN
dem-18579	124	190	,	,	PUNCT
dem-18579	124	191	sfg1	sfg1	PROPN
dem-18579	124	192	t	t	PROPN
dem-18579	124	193	,	,	PUNCT
dem-18579	124	194	tal1	tal1	PROPN
dem-18579	124	195	t	t	PROPN
dem-18579	124	196	,	,	PUNCT
dem-18579	124	197	tkm1	tkm1	PROPN
dem-18579	124	198	t	t	PROPN
dem-18579	124	199	7	7	NUM
dem-18579	124	200	nasdaq	nasdaq	PROPN
dem-18579	124	201	riga	riga	PROPN
dem-18579	124	202	(	(	PUNCT
dem-18579	124	203	latvia	latvia	PROPN
dem-18579	124	204	)	)	PUNCT
dem-18579	124	205	grd1r	grd1r	PROPN
dem-18579	124	206	,	,	PUNCT
dem-18579	124	207	bal1r	bal1r	PROPN
dem-18579	124	208	,	,	PUNCT
dem-18579	124	209	gze1r	gze1r	PROPN
dem-18579	124	210	,	,	PUNCT
dem-18579	124	211	lsc1r	lsc1r	PROPN
dem-18579	124	212	,	,	PUNCT
dem-18579	124	213	olf1r	olf1r	PROPN
dem-18579	124	214	,	,	PUNCT
dem-18579	124	215	saf1r	saf1r	PROPN
dem-18579	124	216	,	,	PUNCT
dem-18579	124	217	vss1r	vss1r	PROPN
dem-18579	125	1	note	note	NOUN
dem-18579	125	2	:	:	PUNCT
dem-18579	125	3	the	the	DET
dem-18579	125	4	companies	company	NOUN
dem-18579	125	5	are	be	AUX
dem-18579	125	6	presented	present	VERB
dem-18579	125	7	in	in	ADP
dem-18579	125	8	an	an	DET
dem-18579	125	9	alphabetical	alphabetical	ADJ
dem-18579	125	10	order	order	NOUN
dem-18579	125	11	according	accord	VERB
dem-18579	125	12	to	to	ADP
dem-18579	125	13	the	the	DET
dem-18579	125	14	company	company	NOUN
dem-18579	125	15	’s	’s	PART
dem-18579	125	16	full	full	ADJ
dem-18579	125	17	name	name	NOUN
dem-18579	125	18	.	.	PUNCT
dem-18579	126	1	3	3	X
dem-18579	126	2	.	.	X
dem-18579	127	1	some	some	DET
dem-18579	127	2	empirical	empirical	ADJ
dem-18579	127	3	results	result	NOUN
dem-18579	127	4	of	of	ADP
dem-18579	127	5	commonality	commonality	NOUN
dem-18579	127	6	in	in	ADP
dem-18579	127	7	liquidity	liquidity	NOUN
dem-18579	127	8	on	on	ADP
dem-18579	127	9	the	the	DET
dem-18579	127	10	cee	cee	NOUN
dem-18579	127	11	stock	stock	NOUN
dem-18579	127	12	markets	market	NOUN
dem-18579	127	13	in	in	ADP
dem-18579	127	14	the	the	DET
dem-18579	127	15	first	first	ADJ
dem-18579	127	16	step	step	NOUN
dem-18579	127	17	,	,	PUNCT
dem-18579	127	18	we	we	PRON
dem-18579	127	19	detected	detect	VERB
dem-18579	127	20	with	with	ADP
dem-18579	127	21	the	the	DET
dem-18579	127	22	adf	adf	NOUN
dem-18579	127	23	-	-	PUNCT
dem-18579	127	24	gls	gls	NOUN
dem-18579	127	25	test	test	NOUN
dem-18579	127	26	(	(	PUNCT
dem-18579	127	27	elliott	elliott	PROPN
dem-18579	127	28	et	et	PROPN
dem-18579	127	29	al	al	PROPN
dem-18579	127	30	.	.	PROPN
dem-18579	127	31	,	,	PUNCT
dem-18579	127	32	1996	1996	NUM
dem-18579	127	33	)	)	PUNCT
dem-18579	127	34	or	or	CCONJ
dem-18579	127	35	adf	adf	PROPN
dem-18579	127	36	test	test	NOUN
dem-18579	127	37	(	(	PUNCT
dem-18579	127	38	dickey	dickey	NOUN
dem-18579	127	39	and	and	CCONJ
dem-18579	127	40	fuller	full	ADJ
dem-18579	127	41	,	,	PUNCT
dem-18579	127	42	1981	1981	NUM
dem-18579	127	43	)	)	PUNCT
dem-18579	127	44	whether	whether	SCONJ
dem-18579	127	45	the	the	DET
dem-18579	127	46	analysed	analyse	VERB
dem-18579	127	47	daily	daily	ADJ
dem-18579	127	48	time	time	NOUN
dem-18579	127	49	series	series	PROPN
dem-18579	127	50	are	be	AUX
dem-18579	127	51	stationary	stationary	ADJ
dem-18579	127	52	.	.	PUNCT
dem-18579	128	1	using	use	VERB
dem-18579	128	2	daily	daily	ADJ
dem-18579	128	3	data	datum	NOUN
dem-18579	128	4	,	,	PUNCT
dem-18579	128	5	we	we	PRON
dem-18579	128	6	utilized	utilize	VERB
dem-18579	128	7	a	a	DET
dem-18579	128	8	maximum	maximum	ADJ
dem-18579	128	9	lag	lag	NOUN
dem-18579	128	10	equal	equal	ADJ
dem-18579	128	11	to	to	ADP
dem-18579	128	12	five	five	NUM
dem-18579	128	13	and	and	CCONJ
dem-18579	128	14	then	then	ADV
dem-18579	128	15	removed	remove	VERB
dem-18579	128	16	lags	lag	NOUN
dem-18579	128	17	until	until	SCONJ
dem-18579	128	18	the	the	DET
dem-18579	128	19	last	last	ADJ
dem-18579	128	20	one	one	NOUN
dem-18579	128	21	was	be	AUX
dem-18579	128	22	statistically	statistically	ADV
dem-18579	128	23	significant	significant	ADJ
dem-18579	128	24	(	(	PUNCT
dem-18579	128	25	adkins	adkin	NOUN
dem-18579	128	26	,	,	PUNCT
dem-18579	128	27	2014	2014	NUM
dem-18579	128	28	)	)	PUNCT
dem-18579	128	29	.	.	PUNCT
dem-18579	129	1	we	we	PRON
dem-18579	129	2	proved	prove	VERB
dem-18579	129	3	that	that	SCONJ
dem-18579	129	4	the	the	DET
dem-18579	129	5	unit	unit	NOUN
dem-18579	129	6	-	-	PUNCT
dem-18579	129	7	root	root	NOUN
dem-18579	129	8	hypothesis	hypothesis	NOUN
dem-18579	129	9	can	can	AUX
dem-18579	129	10	be	be	AUX
dem-18579	129	11	rejected	reject	VERB
dem-18579	129	12	at	at	ADP
dem-18579	129	13	the	the	DET
dem-18579	129	14	5	5	NUM
dem-18579	129	15	%	%	NOUN
dem-18579	129	16	significance	significance	NOUN
dem-18579	129	17	level	level	NOUN
dem-18579	129	18	for	for	ADP
dem-18579	129	19	all	all	DET
dem-18579	129	20	time	time	NOUN
dem-18579	129	21	series	series	NOUN
dem-18579	129	22	used	use	VERB
dem-18579	129	23	in	in	ADP
dem-18579	129	24	the	the	DET
dem-18579	129	25	study	study	NOUN
dem-18579	129	26	.	.	PUNCT
dem-18579	130	1	in	in	ADP
dem-18579	130	2	order	order	NOUN
dem-18579	130	3	to	to	PART
dem-18579	130	4	reduce	reduce	VERB
dem-18579	130	5	the	the	DET
dem-18579	130	6	effects	effect	NOUN
dem-18579	130	7	of	of	ADP
dem-18579	130	8	possibly	possibly	ADV
dem-18579	130	9	spurious	spurious	ADJ
dem-18579	130	10	outliers	outlier	NOUN
dem-18579	130	11	,	,	PUNCT
dem-18579	130	12	we	we	PRON
dem-18579	130	13	‘	'	PUNCT
dem-18579	130	14	winsorized	winsorize	VERB
dem-18579	130	15	’	'	PUNCT
dem-18579	130	16	the	the	DET
dem-18579	130	17	data	datum	NOUN
dem-18579	130	18	by	by	ADP
dem-18579	130	19	using	use	VERB
dem-18579	130	20	the	the	DET
dem-18579	130	21	1st	1st	ADJ
dem-18579	130	22	and	and	CCONJ
dem-18579	130	23	99th	99th	ADJ
dem-18579	130	24	percentiles	percentile	NOUN
dem-18579	130	25	for	for	ADP
dem-18579	130	26	each	each	DET
dem-18579	130	27	time	time	NOUN
dem-18579	130	28	series	series	NOUN
dem-18579	130	29	,	,	PUNCT
dem-18579	130	30	e.g.	e.g.	ADV
dem-18579	130	31	(	(	PUNCT
dem-18579	130	32	korajczyk	korajczyk	NOUN
dem-18579	130	33	and	and	CCONJ
dem-18579	130	34	sadka	sadka	NOUN
dem-18579	130	35	,	,	PUNCT
dem-18579	130	36	2008	2008	NUM
dem-18579	130	37	;	;	PUNCT
dem-18579	130	38	kamara	kamara	PROPN
dem-18579	130	39	et	et	PROPN
dem-18579	130	40	al	al	PROPN
dem-18579	130	41	.	.	PROPN
dem-18579	130	42	,	,	PUNCT
dem-18579	130	43	2008	2008	NUM
dem-18579	130	44	)	)	PUNCT
dem-18579	130	45	.	.	PUNCT
dem-18579	131	1	in	in	ADP
dem-18579	131	2	the	the	DET
dem-18579	131	3	next	next	ADJ
dem-18579	131	4	step	step	NOUN
dem-18579	131	5	,	,	PUNCT
dem-18579	131	6	we	we	PRON
dem-18579	131	7	employed	employ	VERB
dem-18579	131	8	the	the	DET
dem-18579	131	9	ols	ol	NOUN
dem-18579	131	10	method	method	NOUN
dem-18579	131	11	with	with	ADP
dem-18579	131	12	the	the	DET
dem-18579	131	13	hac	hac	X
dem-18579	131	14	covariance	covariance	NOUN
dem-18579	131	15	matrix	matrix	NOUN
dem-18579	131	16	estimator	estimator	NOUN
dem-18579	131	17	to	to	PART
dem-18579	131	18	estimate	estimate	VERB
dem-18579	131	19	the	the	DET
dem-18579	131	20	parameters	parameter	NOUN
dem-18579	131	21	of	of	ADP
dem-18579	131	22	the	the	DET
dem-18579	131	23	model	model	NOUN
dem-18579	131	24	(	(	PUNCT
dem-18579	131	25	1	1	NUM
dem-18579	131	26	)	)	PUNCT
dem-18579	131	27	.	.	PUNCT
dem-18579	132	1	in	in	ADP
dem-18579	132	2	total	total	ADJ
dem-18579	132	3	,	,	PUNCT
dem-18579	132	4	75	75	NUM
dem-18579	132	5	models	model	NOUN
dem-18579	132	6	for	for	ADP
dem-18579	132	7	seven	seven	NUM
dem-18579	132	8	stock	stock	NOUN
dem-18579	132	9	markets	market	NOUN
dem-18579	132	10	were	be	AUX
dem-18579	132	11	estimated	estimate	VERB
dem-18579	132	12	,	,	PUNCT
dem-18579	132	13	comprising	comprise	VERB
dem-18579	132	14	10	10	NUM
dem-18579	132	15	models	model	NOUN
dem-18579	132	16	for	for	ADP
dem-18579	132	17	the	the	DET
dem-18579	132	18	pse	pse	NOUN
dem-18579	132	19	,	,	PUNCT
dem-18579	132	20	18	18	NUM
dem-18579	132	21	models	model	NOUN
dem-18579	132	22	for	for	ADP
dem-18579	132	23	the	the	DET
dem-18579	132	24	bse	bse	NOUN
dem-18579	132	25	,	,	PUNCT
dem-18579	132	26	3	3	NUM
dem-18579	132	27	models	model	NOUN
dem-18579	132	28	for	for	ADP
dem-18579	132	29	the	the	DET
dem-18579	132	30	bsse	bsse	NOUN
dem-18579	132	31	,	,	PUNCT
dem-18579	132	32	10	10	NUM
dem-18579	132	33	models	model	NOUN
dem-18579	132	34	for	for	ADP
dem-18579	132	35	the	the	DET
dem-18579	132	36	ljse	ljse	PROPN
dem-18579	132	37	,	,	PUNCT
dem-18579	132	38	15	15	NUM
dem-18579	132	39	joanna	joanna	NOUN
dem-18579	132	40	olbryś	olbryś	PROPN
dem-18579	132	41	dynamic	dynamic	ADJ
dem-18579	132	42	econometric	econometric	ADJ
dem-18579	132	43	models	model	NOUN
dem-18579	132	44	18	18	NUM
dem-18579	132	45	(	(	PUNCT
dem-18579	132	46	2018	2018	NUM
dem-18579	132	47	)	)	PUNCT
dem-18579	132	48	67–79	67–79	ADV
dem-18579	132	49	74	74	NUM
dem-18579	132	50	for	for	ADP
dem-18579	132	51	the	the	DET
dem-18579	132	52	nasdaq	nasdaq	PROPN
dem-18579	132	53	vilnius	vilnius	PROPN
dem-18579	132	54	,	,	PUNCT
dem-18579	132	55	12	12	NUM
dem-18579	132	56	for	for	ADP
dem-18579	132	57	the	the	DET
dem-18579	132	58	nasdaq	nasdaq	PROPN
dem-18579	132	59	tallinn	tallinn	PROPN
dem-18579	132	60	,	,	PUNCT
dem-18579	132	61	and	and	CCONJ
dem-18579	132	62	7	7	NUM
dem-18579	132	63	for	for	ADP
dem-18579	132	64	the	the	DET
dem-18579	132	65	nasdaq	nasdaq	PROPN
dem-18579	132	66	riga	riga	PROPN
dem-18579	132	67	.	.	PUNCT
dem-18579	132	68	table	table	NOUN
dem-18579	132	69	4a	4a	NOUN
dem-18579	132	70	.	.	PUNCT
dem-18579	133	1	testing	test	VERB
dem-18579	133	2	for	for	ADP
dem-18579	133	3	market	market	NOUN
dem-18579	133	4	-	-	PUNCT
dem-18579	133	5	wide	wide	ADJ
dem-18579	133	6	commonality	commonality	NOUN
dem-18579	133	7	in	in	ADP
dem-18579	133	8	liquidity	liquidity	NOUN
dem-18579	133	9	on	on	ADP
dem-18579	133	10	four	four	NUM
dem-18579	133	11	cee	cee	NOUN
dem-18579	133	12	stock	stock	NOUN
dem-18579	133	13	markets	market	NOUN
dem-18579	133	14	(	(	PUNCT
dem-18579	133	15	the	the	DET
dem-18579	133	16	pse	pse	NOUN
dem-18579	133	17	,	,	PUNCT
dem-18579	133	18	bse	bse	PROPN
dem-18579	133	19	,	,	PUNCT
dem-18579	133	20	bsse	bsse	PROPN
dem-18579	133	21	,	,	PUNCT
dem-18579	133	22	and	and	CCONJ
dem-18579	133	23	ljse	ljse	PROPN
dem-18579	133	24	)	)	PUNCT
dem-18579	133	25	in	in	ADP
dem-18579	133	26	the	the	DET
dem-18579	133	27	whole	whole	ADJ
dem-18579	133	28	sample	sample	NOUN
dem-18579	133	29	period	period	NOUN
dem-18579	133	30	from	from	ADP
dem-18579	133	31	january	january	PROPN
dem-18579	133	32	2	2	NUM
dem-18579	133	33	,	,	PUNCT
dem-18579	133	34	2012	2012	NUM
dem-18579	133	35	to	to	ADP
dem-18579	133	36	december	december	PROPN
dem-18579	133	37	30	30	NUM
dem-18579	133	38	,	,	PUNCT
dem-18579	133	39	2016	2016	NUM
dem-18579	133	40	pse	pse	NOUN
dem-18579	133	41	(	(	PUNCT
dem-18579	133	42	10	10	NUM
dem-18579	133	43	models	model	NOUN
dem-18579	133	44	)	)	PUNCT
dem-18579	133	45	bse	bse	NOUN
dem-18579	133	46	(	(	PUNCT
dem-18579	133	47	18	18	NUM
dem-18579	133	48	models	model	NOUN
dem-18579	133	49	)	)	PUNCT
dem-18579	133	50	bsse	bsse	NOUN
dem-18579	133	51	(	(	PUNCT
dem-18579	133	52	3	3	NUM
dem-18579	133	53	models	model	NOUN
dem-18579	133	54	)	)	PUNCT
dem-18579	133	55	ljse	ljse	PROPN
dem-18579	133	56	(	(	PUNCT
dem-18579	133	57	10	10	NUM
dem-18579	133	58	models	model	NOUN
dem-18579	133	59	)	)	PUNCT
dem-18579	133	60	ol	ol	PROPN
dem-18579	133	61	sha	sha	PROPN
dem-18579	133	62	c	c	PROPN
dem-18579	133	63	9	9	NUM
dem-18579	133	64	m	m	PROPN
dem-18579	133	65	od	od	PROPN
dem-18579	133	66	els	els	PROPN
dem-18579	133	67	ga	ga	PROPN
dem-18579	133	68	rc	rc	PROPN
dem-18579	133	69	h	h	PROPN
dem-18579	133	70	1	1	NUM
dem-18579	133	71	m	m	PROPN
dem-18579	133	72	od	od	PROPN
dem-18579	133	73	el	el	PROPN
dem-18579	133	74	ol	ol	PROPN
dem-18579	133	75	sha	sha	PROPN
dem-18579	133	76	c	c	PROPN
dem-18579	133	77	14	14	NUM
dem-18579	133	78	m	m	NOUN
dem-18579	133	79	od	od	PROPN
dem-18579	133	80	els	els	PROPN
dem-18579	133	81	ga	ga	PROPN
dem-18579	133	82	rc	rc	PROPN
dem-18579	133	83	h	h	PROPN
dem-18579	133	84	4	4	NUM
dem-18579	133	85	m	m	NOUN
dem-18579	133	86	od	od	NOUN
dem-18579	133	87	els	el	NOUN
dem-18579	133	88	ol	ol	PROPN
dem-18579	133	89	sha	sha	PROPN
dem-18579	133	90	c	c	PROPN
dem-18579	133	91	3	3	NUM
dem-18579	133	92	m	m	PROPN
dem-18579	133	93	od	od	PROPN
dem-18579	133	94	els	els	PROPN
dem-18579	133	95	ga	ga	PROPN
dem-18579	133	96	rc	rc	PROPN
dem-18579	133	97	h	h	PROPN
dem-18579	133	98	0	0	NUM
dem-18579	134	1	m	m	VERB
dem-18579	134	2	od	od	PROPN
dem-18579	134	3	els	el	NOUN
dem-18579	134	4	ol	ol	PROPN
dem-18579	134	5	sha	sha	PROPN
dem-18579	134	6	c	c	PROPN
dem-18579	134	7	10	10	NUM
dem-18579	134	8	m	m	NOUN
dem-18579	134	9	od	od	PROPN
dem-18579	134	10	els	els	PROPN
dem-18579	134	11	ga	ga	PROPN
dem-18579	134	12	rc	rc	PROPN
dem-18579	134	13	h	h	PROPN
dem-18579	134	14	0	0	NUM
dem-18579	135	1	m	m	VERB
dem-18579	135	2	od	od	PROPN
dem-18579	135	3	els	els	X
dem-18579	135	4	intercept	intercept	VERB
dem-18579	135	5	𝛼	𝛼	NOUN
dem-18579	135	6	#	#	NOUN
dem-18579	135	7	significant	significant	ADJ
dem-18579	135	8	all	all	DET
dem-18579	135	9	all	all	DET
dem-18579	135	10	all	all	PRON
dem-18579	135	11	all	all	PRON
dem-18579	135	12	all	all	PRON
dem-18579	135	13	–	–	PUNCT
dem-18579	135	14	all	all	ADV
dem-18579	135	15	–	–	PUNCT
dem-18579	135	16	mean	mean	NOUN
dem-18579	135	17	2.424	2.424	NUM
dem-18579	135	18	2.333	2.333	NUM
dem-18579	135	19	3.843	3.843	NUM
dem-18579	135	20	5.310	5.310	NUM
dem-18579	135	21	median	median	NOUN
dem-18579	135	22	2.129	2.129	NUM
dem-18579	135	23	1.604	1.604	NUM
dem-18579	135	24	1.287	1.287	NUM
dem-18579	135	25	5.059	5.059	NUM
dem-18579	135	26	concurrent	concurrent	ADJ
dem-18579	135	27	𝛽	𝛽	NOUN
dem-18579	135	28	#	#	NOUN
dem-18579	135	29	,	,	PUNCT
dem-18579	135	30	mean	mean	NOUN
dem-18579	135	31	0.043	0.043	NUM
dem-18579	135	32	–	–	PUNCT
dem-18579	135	33	0.002	0.002	NUM
dem-18579	135	34	0.0002	0.0002	NUM
dem-18579	135	35	0.023	0.023	NUM
dem-18579	135	36	median	median	NOUN
dem-18579	135	37	0.011	0.011	NUM
dem-18579	135	38	–	–	PUNCT
dem-18579	135	39	0.002	0.002	NUM
dem-18579	135	40	0.0002	0.0002	NUM
dem-18579	135	41	0.028	0.028	NUM
dem-18579	135	42	positive	positive	ADJ
dem-18579	135	43	significant	significant	ADJ
dem-18579	135	44	2/9	2/9	NUM
dem-18579	135	45	0/1	0/1	NUM
dem-18579	135	46	0/14	0/14	NUM
dem-18579	135	47	0/4	0/4	NUM
dem-18579	135	48	0/3	0/3	NUM
dem-18579	135	49	–	–	PUNCT
dem-18579	135	50	0/10	0/10	NUM
dem-18579	135	51	–	–	PUNCT
dem-18579	135	52	positive	positive	ADJ
dem-18579	135	53	insignificant	insignificant	ADJ
dem-18579	135	54	3/9	3/9	NUM
dem-18579	135	55	0/1	0/1	NUM
dem-18579	135	56	5/14	5/14	NUM
dem-18579	135	57	0/4	0/4	NUM
dem-18579	135	58	3/3	3/3	NUM
dem-18579	135	59	–	–	PUNCT
dem-18579	135	60	7/10	7/10	NUM
dem-18579	135	61	–	–	PUNCT
dem-18579	135	62	negative	negative	ADJ
dem-18579	135	63	significant	significant	ADJ
dem-18579	135	64	2/9	2/9	NUM
dem-18579	135	65	0/1	0/1	NUM
dem-18579	135	66	3/14	3/14	NUM
dem-18579	135	67	1/4	1/4	NUM
dem-18579	135	68	0/3	0/3	NUM
dem-18579	135	69	–	–	PUNCT
dem-18579	135	70	1/10	1/10	NUM
dem-18579	135	71	–	–	PUNCT
dem-18579	135	72	negative	negative	ADJ
dem-18579	135	73	insignificant	insignificant	ADJ
dem-18579	135	74	2/9	2/9	NUM
dem-18579	135	75	1/1	1/1	NUM
dem-18579	135	76	6/14	6/14	NUM
dem-18579	135	77	3/4	3/4	NUM
dem-18579	135	78	0/3	0/3	NUM
dem-18579	135	79	–	–	PUNCT
dem-18579	135	80	2/10	2/10	NUM
dem-18579	135	81	–	–	PUNCT
dem-18579	135	82	lag	lag	NOUN
dem-18579	135	83	𝛽#,*+	𝛽#,*+	ADJ
dem-18579	135	84	mean	mean	NOUN
dem-18579	135	85	–	–	PUNCT
dem-18579	135	86	0.007	0.007	NUM
dem-18579	135	87	–	–	PUNCT
dem-18579	135	88	0.002	0.002	NUM
dem-18579	135	89	0.0001	0.0001	NUM
dem-18579	135	90	–	–	PUNCT
dem-18579	135	91	0.005	0.005	NUM
dem-18579	135	92	median	median	NOUN
dem-18579	135	93	–	–	PUNCT
dem-18579	135	94	0.020	0.020	NUM
dem-18579	135	95	–	–	PUNCT
dem-18579	135	96	0.002	0.002	NUM
dem-18579	135	97	0	0	NUM
dem-18579	135	98	0.001	0.001	NUM
dem-18579	135	99	positive	positive	ADJ
dem-18579	135	100	significant	significant	ADJ
dem-18579	135	101	0/9	0/9	NUM
dem-18579	135	102	0/1	0/1	ADP
dem-18579	135	103	1/14	1/14	NUM
dem-18579	135	104	0/4	0/4	NUM
dem-18579	135	105	0/3	0/3	NUM
dem-18579	135	106	–	–	PUNCT
dem-18579	135	107	0/10	0/10	NUM
dem-18579	135	108	–	–	PUNCT
dem-18579	135	109	positive	positive	ADJ
dem-18579	135	110	insignificant	insignificant	ADJ
dem-18579	135	111	4/9	4/9	NUM
dem-18579	135	112	0/1	0/1	PROPN
dem-18579	135	113	1/14	1/14	NUM
dem-18579	135	114	3/4	3/4	NUM
dem-18579	135	115	1/3	1/3	NUM
dem-18579	135	116	–	–	PUNCT
dem-18579	135	117	5/10	5/10	NUM
dem-18579	135	118	–	–	PUNCT
dem-18579	135	119	negative	negative	ADJ
dem-18579	135	120	significant	significant	ADJ
dem-18579	135	121	2/9	2/9	NUM
dem-18579	135	122	0/1	0/1	NUM
dem-18579	135	123	6/14	6/14	NUM
dem-18579	135	124	0/4	0/4	NUM
dem-18579	135	125	1/3	1/3	NUM
dem-18579	135	126	–	–	PUNCT
dem-18579	135	127	2/10	2/10	NUM
dem-18579	135	128	–	–	PUNCT
dem-18579	135	129	negative	negative	ADJ
dem-18579	135	130	insignificant	insignificant	ADJ
dem-18579	135	131	3/9	3/9	NUM
dem-18579	135	132	1/1	1/1	NUM
dem-18579	135	133	6/14	6/14	NUM
dem-18579	135	134	1/4	1/4	NUM
dem-18579	135	135	1/3	1/3	NUM
dem-18579	135	136	–	–	PUNCT
dem-18579	135	137	3/10	3/10	NUM
dem-18579	135	138	–	–	PUNCT
dem-18579	135	139	lead	lead	VERB
dem-18579	135	140	𝛽#,.+	𝛽#,.+	ADJ
dem-18579	135	141	mean	mean	NOUN
dem-18579	135	142	–	–	PUNCT
dem-18579	135	143	0.019	0.019	NUM
dem-18579	135	144	0.002	0.002	NUM
dem-18579	135	145	–	–	PUNCT
dem-18579	135	146	0.0004	0.0004	NUM
dem-18579	135	147	–	–	PUNCT
dem-18579	135	148	0.001	0.001	NUM
dem-18579	135	149	median	median	NOUN
dem-18579	135	150	–	–	PUNCT
dem-18579	135	151	0.032	0.032	NUM
dem-18579	135	152	–	–	SYM
dem-18579	135	153	0.001	0.001	NUM
dem-18579	135	154	–	–	PUNCT
dem-18579	135	155	0.0003	0.0003	NUM
dem-18579	135	156	–	–	PUNCT
dem-18579	135	157	0.016	0.016	NUM
dem-18579	135	158	positive	positive	ADJ
dem-18579	135	159	significant	significant	ADJ
dem-18579	135	160	0/9	0/9	NUM
dem-18579	135	161	1/1	1/1	NUM
dem-18579	135	162	1/14	1/14	NUM
dem-18579	135	163	0/4	0/4	NUM
dem-18579	135	164	0/3	0/3	NUM
dem-18579	135	165	–	–	PUNCT
dem-18579	135	166	0/10	0/10	NUM
dem-18579	135	167	–	–	PUNCT
dem-18579	135	168	positive	positive	ADJ
dem-18579	135	169	insignificant	insignificant	ADJ
dem-18579	135	170	2/9	2/9	NUM
dem-18579	135	171	0/1	0/1	NUM
dem-18579	135	172	6/14	6/14	NUM
dem-18579	135	173	1/4	1/4	NUM
dem-18579	135	174	1/3	1/3	NUM
dem-18579	135	175	–	–	PUNCT
dem-18579	135	176	4/10	4/10	NUM
dem-18579	135	177	–	–	PUNCT
dem-18579	135	178	negative	negative	ADJ
dem-18579	135	179	significant	significant	ADJ
dem-18579	135	180	2/9	2/9	NUM
dem-18579	135	181	0/1	0/1	NUM
dem-18579	135	182	4/14	4/14	NUM
dem-18579	135	183	1/4	1/4	NUM
dem-18579	135	184	1/3	1/3	NUM
dem-18579	135	185	–	–	PUNCT
dem-18579	135	186	4/10	4/10	NUM
dem-18579	135	187	–	–	PUNCT
dem-18579	135	188	negative	negative	ADJ
dem-18579	135	189	insignificant	insignificant	ADJ
dem-18579	135	190	5/9	5/9	NUM
dem-18579	135	191	0/1	0/1	ADP
dem-18579	135	192	3/14	3/14	NUM
dem-18579	135	193	2/4	2/4	NUM
dem-18579	135	194	1/3	1/3	NUM
dem-18579	135	195	–	–	PUNCT
dem-18579	135	196	2/10	2/10	NUM
dem-18579	135	197	–	–	PUNCT
dem-18579	135	198	note	note	NOUN
dem-18579	135	199	:	:	PUNCT
dem-18579	135	200	notation	notation	NOUN
dem-18579	135	201	like	like	ADP
dem-18579	135	202	in	in	ADP
dem-18579	135	203	table	table	NOUN
dem-18579	135	204	1	1	NUM
dem-18579	135	205	.	.	PUNCT
dem-18579	136	1	for	for	ADP
dem-18579	136	2	each	each	DET
dem-18579	136	3	stock	stock	NOUN
dem-18579	136	4	,	,	PUNCT
dem-18579	136	5	daily	daily	ADJ
dem-18579	136	6	proportional	proportional	ADJ
dem-18579	136	7	changes	change	NOUN
dem-18579	136	8	in	in	ADP
dem-18579	136	9	individual	individual	ADJ
dem-18579	136	10	stock	stock	NOUN
dem-18579	136	11	liquidity	liquidity	NOUN
dem-18579	136	12	variables	variable	NOUN
dem-18579	136	13	were	be	AUX
dem-18579	136	14	regressed	regress	VERB
dem-18579	136	15	in	in	ADP
dem-18579	136	16	time	time	NOUN
dem-18579	136	17	-	-	PUNCT
dem-18579	136	18	series	series	NOUN
dem-18579	136	19	on	on	ADP
dem-18579	136	20	the	the	DET
dem-18579	136	21	changes	change	NOUN
dem-18579	136	22	of	of	ADP
dem-18579	136	23	an	an	DET
dem-18579	136	24	equally	equally	ADV
dem-18579	136	25	weighted	weight	VERB
dem-18579	136	26	cross	cross	ADJ
dem-18579	136	27	-	-	ADJ
dem-18579	136	28	sectional	sectional	ADJ
dem-18579	136	29	average	average	NOUN
dem-18579	136	30	of	of	ADP
dem-18579	136	31	the	the	DET
dem-18579	136	32	liquidity	liquidity	NOUN
dem-18579	136	33	variable	variable	NOUN
dem-18579	136	34	for	for	ADP
dem-18579	136	35	all	all	DET
dem-18579	136	36	stocks	stock	NOUN
dem-18579	136	37	in	in	ADP
dem-18579	136	38	the	the	DET
dem-18579	136	39	sample	sample	NOUN
dem-18579	136	40	,	,	PUNCT
dem-18579	136	41	excluding	exclude	VERB
dem-18579	136	42	the	the	DET
dem-18579	136	43	dependent	dependent	ADJ
dem-18579	136	44	variable	variable	ADJ
dem-18579	136	45	stock	stock	NOUN
dem-18579	136	46	.	.	PUNCT
dem-18579	137	1	empirical	empirical	ADJ
dem-18579	137	2	results	result	NOUN
dem-18579	137	3	revealed	reveal	VERB
dem-18579	137	4	that	that	SCONJ
dem-18579	137	5	the	the	DET
dem-18579	137	6	ols	ols	PROPN
dem-18579	137	7	-	-	PUNCT
dem-18579	137	8	hac	hac	NOUN
dem-18579	137	9	method	method	NOUN
dem-18579	137	10	turned	turn	VERB
dem-18579	137	11	out	out	ADP
dem-18579	137	12	to	to	PART
dem-18579	137	13	be	be	AUX
dem-18579	137	14	appropriate	appropriate	ADJ
dem-18579	137	15	for	for	ADP
dem-18579	137	16	the	the	DET
dem-18579	137	17	estimation	estimation	NOUN
dem-18579	137	18	of	of	ADP
dem-18579	137	19	model	model	NOUN
dem-18579	137	20	(	(	PUNCT
dem-18579	137	21	1	1	NUM
dem-18579	137	22	)	)	PUNCT
dem-18579	137	23	in	in	ADP
dem-18579	137	24	the	the	DET
dem-18579	137	25	case	case	NOUN
dem-18579	137	26	of	of	ADP
dem-18579	137	27	all	all	DET
dem-18579	137	28	companies	company	NOUN
dem-18579	137	29	from	from	ADP
dem-18579	137	30	the	the	DET
dem-18579	137	31	bsse	bsse	NOUN
dem-18579	137	32	,	,	PUNCT
dem-18579	137	33	ljse	ljse	PROPN
dem-18579	137	34	,	,	PUNCT
dem-18579	137	35	and	and	CCONJ
dem-18579	137	36	nasdaq	nasdaq	PROPN
dem-18579	137	37	riga	riga	PROPN
dem-18579	137	38	exchanges	exchange	NOUN
dem-18579	137	39	.	.	PUNCT
dem-18579	138	1	in	in	ADP
dem-18579	138	2	other	other	ADJ
dem-18579	138	3	cases	case	NOUN
dem-18579	138	4	,	,	PUNCT
dem-18579	138	5	the	the	DET
dem-18579	138	6	garch(p	garch(p	PROPN
dem-18579	138	7	,	,	PUNCT
dem-18579	138	8	q	q	NOUN
dem-18579	138	9	)	)	PUNCT
dem-18579	138	10	,	,	PUNCT
dem-18579	138	11	p	p	X
dem-18579	138	12	,	,	PUNCT
dem-18579	138	13	q	q	NOUN
dem-18579	138	14	=	=	SYM
dem-18579	138	15	1	1	NUM
dem-18579	138	16	,	,	PUNCT
dem-18579	138	17	2	2	NUM
dem-18579	138	18	,	,	PUNCT
dem-18579	138	19	models	model	NOUN
dem-18579	138	20	(	(	PUNCT
dem-18579	138	21	3	3	X
dem-18579	138	22	)	)	PUNCT
dem-18579	138	23	were	be	AUX
dem-18579	138	24	the	the	DET
dem-18579	138	25	non	non	ADJ
dem-18579	138	26	-	-	ADJ
dem-18579	138	27	trading	trading	ADJ
dem-18579	138	28	problem	problem	NOUN
dem-18579	138	29	in	in	ADP
dem-18579	138	30	assessing	assess	VERB
dem-18579	138	31	commonality	commonality	NOUN
dem-18579	138	32	in	in	ADP
dem-18579	138	33	liquidity	liquidity	NOUN
dem-18579	138	34	…	…	PUNCT
dem-18579	138	35	dynamic	dynamic	ADJ
dem-18579	138	36	econometric	econometric	ADJ
dem-18579	138	37	models	model	NOUN
dem-18579	138	38	18	18	NUM
dem-18579	138	39	(	(	PUNCT
dem-18579	138	40	2018	2018	NUM
dem-18579	138	41	)	)	PUNCT
dem-18579	138	42	67–79	67–79	ADV
dem-18579	138	43	75	75	NUM
dem-18579	138	44	estimated	estimate	VERB
dem-18579	138	45	.	.	PUNCT
dem-18579	139	1	the	the	DET
dem-18579	139	2	number	number	NOUN
dem-18579	139	3	of	of	ADP
dem-18579	139	4	lags	lag	NOUN
dem-18579	139	5	p	p	NOUN
dem-18579	139	6	,	,	PUNCT
dem-18579	139	7	q	q	PROPN
dem-18579	139	8	was	be	AUX
dem-18579	139	9	selected	select	VERB
dem-18579	139	10	on	on	ADP
dem-18579	139	11	the	the	DET
dem-18579	139	12	basis	basis	NOUN
dem-18579	139	13	of	of	ADP
dem-18579	139	14	the	the	DET
dem-18579	139	15	aic	aic	PROPN
dem-18579	139	16	and	and	CCONJ
dem-18579	139	17	sc	sc	PROPN
dem-18579	139	18	information	information	NOUN
dem-18579	139	19	criteria	criterion	NOUN
dem-18579	139	20	.	.	PUNCT
dem-18579	140	1	the	the	DET
dem-18579	140	2	summarized	summarize	VERB
dem-18579	140	3	cross	cross	ADJ
dem-18579	140	4	-	-	ADJ
dem-18579	140	5	sectional	sectional	ADJ
dem-18579	140	6	estimation	estimation	NOUN
dem-18579	140	7	results	result	NOUN
dem-18579	140	8	of	of	ADP
dem-18579	140	9	the	the	DET
dem-18579	140	10	models	model	NOUN
dem-18579	140	11	(	(	PUNCT
dem-18579	140	12	1	1	NUM
dem-18579	140	13	)	)	PUNCT
dem-18579	140	14	and	and	CCONJ
dem-18579	140	15	(	(	PUNCT
dem-18579	140	16	3	3	X
dem-18579	140	17	)	)	PUNCT
dem-18579	140	18	are	be	AUX
dem-18579	140	19	presented	present	VERB
dem-18579	140	20	in	in	ADP
dem-18579	140	21	tables	table	NOUN
dem-18579	140	22	4a–4b	4a–4b	NOUN
dem-18579	140	23	.	.	PUNCT
dem-18579	141	1	these	these	DET
dem-18579	141	2	tables	table	NOUN
dem-18579	141	3	report	report	VERB
dem-18579	141	4	basic	basic	ADJ
dem-18579	141	5	statistics	statistic	NOUN
dem-18579	141	6	and	and	CCONJ
dem-18579	141	7	the	the	DET
dem-18579	141	8	proportion	proportion	NOUN
dem-18579	141	9	of	of	ADP
dem-18579	141	10	positive	positive	ADJ
dem-18579	141	11	significant	significant	ADJ
dem-18579	141	12	,	,	PUNCT
dem-18579	141	13	positive	positive	ADJ
dem-18579	141	14	insignificant	insignificant	ADJ
dem-18579	141	15	,	,	PUNCT
dem-18579	141	16	negative	negative	ADJ
dem-18579	141	17	significant	significant	ADJ
dem-18579	141	18	,	,	PUNCT
dem-18579	141	19	and	and	CCONJ
dem-18579	141	20	negative	negative	ADJ
dem-18579	141	21	insignificant	insignificant	ADJ
dem-18579	141	22	coefficients	coefficient	NOUN
dem-18579	141	23	(	(	PUNCT
dem-18579	141	24	at	at	ADP
dem-18579	141	25	10	10	NUM
dem-18579	141	26	%	%	NOUN
dem-18579	141	27	significance	significance	NOUN
dem-18579	141	28	level	level	NOUN
dem-18579	141	29	)	)	PUNCT
dem-18579	141	30	,	,	PUNCT
dem-18579	141	31	for	for	ADP
dem-18579	141	32	each	each	DET
dem-18579	141	33	stock	stock	NOUN
dem-18579	141	34	market	market	NOUN
dem-18579	141	35	,	,	PUNCT
dem-18579	141	36	separately	separately	ADV
dem-18579	141	37	.	.	PUNCT
dem-18579	142	1	the	the	DET
dem-18579	142	2	empirical	empirical	ADJ
dem-18579	142	3	findings	finding	NOUN
dem-18579	142	4	are	be	AUX
dem-18579	142	5	worth	worth	ADJ
dem-18579	142	6	comments	comment	NOUN
dem-18579	142	7	.	.	PUNCT
dem-18579	143	1	the	the	DET
dem-18579	143	2	regressions	regression	NOUN
dem-18579	143	3	provide	provide	VERB
dem-18579	143	4	weak	weak	ADJ
dem-18579	143	5	evidence	evidence	NOUN
dem-18579	143	6	of	of	ADP
dem-18579	143	7	commonality	commonality	NOUN
dem-18579	143	8	in	in	ADP
dem-18579	143	9	liquidity	liquidity	NOUN
dem-18579	143	10	on	on	ADP
dem-18579	143	11	the	the	DET
dem-18579	143	12	investigated	investigate	VERB
dem-18579	143	13	markets	market	NOUN
dem-18579	143	14	because	because	SCONJ
dem-18579	143	15	positive	positive	ADJ
dem-18579	143	16	and	and	CCONJ
dem-18579	143	17	statistically	statistically	ADV
dem-18579	143	18	significant	significant	ADJ
dem-18579	143	19	coefficients	coefficient	NOUN
dem-18579	143	20	are	be	AUX
dem-18579	143	21	scarce	scarce	ADJ
dem-18579	143	22	or	or	CCONJ
dem-18579	143	23	not	not	PART
dem-18579	143	24	present	present	ADJ
dem-18579	143	25	at	at	ADV
dem-18579	143	26	all	all	ADV
dem-18579	143	27	.	.	PUNCT
dem-18579	144	1	for	for	ADP
dem-18579	144	2	example	example	NOUN
dem-18579	144	3	,	,	PUNCT
dem-18579	144	4	positive	positive	ADJ
dem-18579	144	5	and	and	CCONJ
dem-18579	144	6	statistically	statistically	ADV
dem-18579	144	7	significant	significant	ADJ
dem-18579	144	8	concurrent	concurrent	ADJ
dem-18579	144	9	coefficients	coefficient	NOUN
dem-18579	144	10	constitute	constitute	VERB
dem-18579	144	11	2/10	2/10	NUM
dem-18579	144	12	(	(	PUNCT
dem-18579	144	13	pse	pse	NOUN
dem-18579	144	14	)	)	PUNCT
dem-18579	144	15	,	,	PUNCT
dem-18579	144	16	0/18	0/18	NUM
dem-18579	144	17	(	(	PUNCT
dem-18579	144	18	bse	bse	NOUN
dem-18579	144	19	)	)	PUNCT
dem-18579	144	20	,	,	PUNCT
dem-18579	144	21	0/3	0/3	NUM
dem-18579	144	22	(	(	PUNCT
dem-18579	144	23	bsse	bsse	NOUN
dem-18579	144	24	)	)	PUNCT
dem-18579	144	25	,	,	PUNCT
dem-18579	144	26	0/10	0/10	NUM
dem-18579	144	27	(	(	PUNCT
dem-18579	144	28	ljse	ljse	PROPN
dem-18579	144	29	)	)	PUNCT
dem-18579	144	30	,	,	PUNCT
dem-18579	144	31	0/15	0/15	NUM
dem-18579	144	32	(	(	PUNCT
dem-18579	144	33	nasdaq	nasdaq	PROPN
dem-18579	144	34	vilnius	vilnius	PROPN
dem-18579	144	35	)	)	PUNCT
dem-18579	144	36	,	,	PUNCT
dem-18579	144	37	0/12	0/12	NUM
dem-18579	144	38	(	(	PUNCT
dem-18579	144	39	nasdaq	nasdaq	PROPN
dem-18579	144	40	tallinn	tallinn	PROPN
dem-18579	144	41	)	)	PUNCT
dem-18579	144	42	,	,	PUNCT
dem-18579	144	43	and	and	CCONJ
dem-18579	144	44	0/7	0/7	NUM
dem-18579	144	45	(	(	PUNCT
dem-18579	144	46	nasdaq	nasdaq	PROPN
dem-18579	144	47	riga	riga	PROPN
dem-18579	144	48	)	)	PUNCT
dem-18579	144	49	,	,	PUNCT
dem-18579	144	50	respectively	respectively	ADV
dem-18579	144	51	.	.	PUNCT
dem-18579	145	1	the	the	DET
dem-18579	145	2	evidence	evidence	NOUN
dem-18579	145	3	concerning	concern	VERB
dem-18579	145	4	lag	lag	NOUN
dem-18579	145	5	and	and	CCONJ
dem-18579	145	6	lead	lead	ADJ
dem-18579	145	7	coefficients	coefficient	NOUN
dem-18579	145	8	is	be	AUX
dem-18579	145	9	very	very	ADV
dem-18579	145	10	similar	similar	ADJ
dem-18579	145	11	.	.	PUNCT
dem-18579	146	1	moreover	moreover	ADV
dem-18579	146	2	,	,	PUNCT
dem-18579	146	3	the	the	DET
dem-18579	146	4	proportions	proportion	NOUN
dem-18579	146	5	of	of	ADP
dem-18579	146	6	negative	negative	ADJ
dem-18579	146	7	and	and	CCONJ
dem-18579	146	8	statistically	statistically	ADV
dem-18579	146	9	significant	significant	ADJ
dem-18579	146	10	concurrent	concurrent	NOUN
dem-18579	146	11	,	,	PUNCT
dem-18579	146	12	lag	lag	NOUN
dem-18579	146	13	,	,	PUNCT
dem-18579	146	14	and	and	CCONJ
dem-18579	146	15	lead	lead	ADJ
dem-18579	146	16	coefficients	coefficient	NOUN
dem-18579	146	17	are	be	AUX
dem-18579	146	18	even	even	ADV
dem-18579	146	19	greater	great	ADJ
dem-18579	146	20	for	for	ADP
dem-18579	146	21	all	all	DET
dem-18579	146	22	markets	market	NOUN
dem-18579	146	23	,	,	PUNCT
dem-18579	146	24	which	which	PRON
dem-18579	146	25	informs	inform	VERB
dem-18579	146	26	about	about	ADP
dem-18579	146	27	liquidity	liquidity	NOUN
dem-18579	146	28	co	co	NOUN
dem-18579	146	29	-	-	NOUN
dem-18579	146	30	movements	movement	NOUN
dem-18579	146	31	in	in	ADP
dem-18579	146	32	the	the	DET
dem-18579	146	33	opposite	opposite	ADJ
dem-18579	146	34	direction	direction	NOUN
dem-18579	146	35	.	.	PUNCT
dem-18579	147	1	conclusion	conclusion	VERB
dem-18579	147	2	the	the	DET
dem-18579	147	3	main	main	ADJ
dem-18579	147	4	goal	goal	NOUN
dem-18579	147	5	of	of	ADP
dem-18579	147	6	this	this	DET
dem-18579	147	7	paper	paper	NOUN
dem-18579	147	8	was	be	AUX
dem-18579	147	9	to	to	PART
dem-18579	147	10	explore	explore	VERB
dem-18579	147	11	the	the	DET
dem-18579	147	12	existence	existence	NOUN
dem-18579	147	13	of	of	ADP
dem-18579	147	14	commonality	commonality	NOUN
dem-18579	147	15	in	in	ADP
dem-18579	147	16	liquidity	liquidity	NOUN
dem-18579	147	17	patterns	pattern	NOUN
dem-18579	147	18	on	on	ADP
dem-18579	147	19	seven	seven	NUM
dem-18579	147	20	small	small	ADJ
dem-18579	147	21	cee	cee	NOUN
dem-18579	147	22	emerging	emerge	VERB
dem-18579	147	23	stock	stock	NOUN
dem-18579	147	24	markets	market	NOUN
dem-18579	147	25	in	in	ADP
dem-18579	147	26	the	the	DET
dem-18579	147	27	czech	czech	PROPN
dem-18579	147	28	republic	republic	NOUN
dem-18579	147	29	,	,	PUNCT
dem-18579	147	30	hungary	hungary	PROPN
dem-18579	147	31	,	,	PUNCT
dem-18579	147	32	slovakia	slovakia	PROPN
dem-18579	147	33	,	,	PUNCT
dem-18579	147	34	slovenia	slovenia	PROPN
dem-18579	147	35	,	,	PUNCT
dem-18579	147	36	lithuania	lithuania	PROPN
dem-18579	147	37	,	,	PUNCT
dem-18579	147	38	estonia	estonia	PROPN
dem-18579	147	39	,	,	PUNCT
dem-18579	147	40	and	and	CCONJ
dem-18579	147	41	latvia	latvia	PROPN
dem-18579	147	42	,	,	PUNCT
dem-18579	147	43	in	in	ADP
dem-18579	147	44	the	the	DET
dem-18579	147	45	context	context	NOUN
dem-18579	147	46	of	of	ADP
dem-18579	147	47	serious	serious	ADJ
dem-18579	147	48	problems	problem	NOUN
dem-18579	147	49	with	with	ADP
dem-18579	147	50	stock	stock	NOUN
dem-18579	147	51	liquidity	liquidity	NOUN
dem-18579	147	52	.	.	PUNCT
dem-18579	148	1	due	due	ADP
dem-18579	148	2	to	to	ADP
dem-18579	148	3	the	the	DET
dem-18579	148	4	non	non	ADJ
dem-18579	148	5	-	-	ADJ
dem-18579	148	6	trading	trading	ADJ
dem-18579	148	7	effect	effect	NOUN
dem-18579	148	8	,	,	PUNCT
dem-18579	148	9	the	the	DET
dem-18579	148	10	data	datum	NOUN
dem-18579	148	11	was	be	AUX
dem-18579	148	12	filtered	filter	VERB
dem-18579	148	13	out	out	ADP
dem-18579	148	14	,	,	PUNCT
dem-18579	148	15	and	and	CCONJ
dem-18579	148	16	the	the	DET
dem-18579	148	17	reduction	reduction	NOUN
dem-18579	148	18	of	of	ADP
dem-18579	148	19	the	the	DET
dem-18579	148	20	number	number	NOUN
dem-18579	148	21	of	of	ADP
dem-18579	148	22	companies	company	NOUN
dem-18579	148	23	on	on	ADP
dem-18579	148	24	the	the	DET
dem-18579	148	25	investigated	investigate	VERB
dem-18579	148	26	markets	market	NOUN
dem-18579	148	27	was	be	AUX
dem-18579	148	28	crucial	crucial	ADJ
dem-18579	148	29	.	.	PUNCT
dem-18579	149	1	the	the	DET
dem-18579	149	2	reduction	reduction	NOUN
dem-18579	149	3	was	be	AUX
dem-18579	149	4	tremendously	tremendously	ADV
dem-18579	149	5	high	high	ADJ
dem-18579	149	6	for	for	ADP
dem-18579	149	7	the	the	DET
dem-18579	149	8	bsse	bsse	NOUN
dem-18579	149	9	-	-	PUNCT
dem-18579	149	10	traded	trade	VERB
dem-18579	149	11	companies	company	NOUN
dem-18579	149	12	.	.	PUNCT
dem-18579	150	1	the	the	DET
dem-18579	150	2	total	total	ADJ
dem-18579	150	3	number	number	NOUN
dem-18579	150	4	of	of	ADP
dem-18579	150	5	stocks	stock	NOUN
dem-18579	150	6	on	on	ADP
dem-18579	150	7	the	the	DET
dem-18579	150	8	bsse	bsse	NOUN
dem-18579	150	9	was	be	AUX
dem-18579	150	10	equal	equal	ADJ
dem-18579	150	11	to	to	ADP
dem-18579	150	12	71	71	NUM
dem-18579	150	13	,	,	PUNCT
dem-18579	150	14	while	while	SCONJ
dem-18579	150	15	only	only	ADV
dem-18579	150	16	3	3	NUM
dem-18579	150	17	out	out	ADP
dem-18579	150	18	of	of	ADP
dem-18579	150	19	them	they	PRON
dem-18579	150	20	were	be	AUX
dem-18579	150	21	contained	contain	VERB
dem-18579	150	22	in	in	ADP
dem-18579	150	23	the	the	DET
dem-18579	150	24	database	database	NOUN
dem-18579	150	25	.	.	PUNCT
dem-18579	151	1	the	the	DET
dem-18579	151	2	most	most	ADV
dem-18579	151	3	liquid	liquid	ADJ
dem-18579	151	4	bsse	bsse	NOUN
dem-18579	151	5	-	-	PUNCT
dem-18579	151	6	company	company	NOUN
dem-18579	151	7	(	(	PUNCT
dem-18579	151	8	vub	vub	PROPN
dem-18579	151	9	)	)	PUNCT
dem-18579	151	10	exhibited	exhibit	VERB
dem-18579	151	11	295	295	NUM
dem-18579	151	12	non	non	ADJ
dem-18579	151	13	-	-	ADJ
dem-18579	151	14	traded	traded	ADJ
dem-18579	151	15	days	day	NOUN
dem-18579	151	16	during	during	ADP
dem-18579	151	17	the	the	DET
dem-18579	151	18	whole	whole	ADJ
dem-18579	151	19	sample	sample	NOUN
dem-18579	151	20	period	period	NOUN
dem-18579	151	21	,	,	PUNCT
dem-18579	151	22	which	which	PRON
dem-18579	151	23	constituted	constitute	VERB
dem-18579	151	24	about	about	ADV
dem-18579	151	25	24	24	NUM
dem-18579	151	26	%	%	NOUN
dem-18579	151	27	of	of	ADP
dem-18579	151	28	all	all	DET
dem-18579	151	29	trading	trading	NOUN
dem-18579	151	30	days	day	NOUN
dem-18579	151	31	.	.	PUNCT
dem-18579	152	1	the	the	DET
dem-18579	152	2	sample	sample	NOUN
dem-18579	152	3	covered	cover	VERB
dem-18579	152	4	a	a	DET
dem-18579	152	5	period	period	NOUN
dem-18579	152	6	from	from	ADP
dem-18579	152	7	january	january	PROPN
dem-18579	152	8	2	2	NUM
dem-18579	152	9	,	,	PUNCT
dem-18579	152	10	2012	2012	NUM
dem-18579	152	11	to	to	ADP
dem-18579	152	12	december	december	PROPN
dem-18579	152	13	30	30	NUM
dem-18579	152	14	,	,	PUNCT
dem-18579	152	15	2016	2016	NUM
dem-18579	152	16	.	.	PUNCT
dem-18579	153	1	a	a	DET
dem-18579	153	2	modified	modify	VERB
dem-18579	153	3	version	version	NOUN
dem-18579	153	4	of	of	ADP
dem-18579	153	5	the	the	DET
dem-18579	153	6	amihud	amihud	PROPN
dem-18579	153	7	(	(	PUNCT
dem-18579	153	8	2002	2002	NUM
dem-18579	153	9	)	)	PUNCT
dem-18579	153	10	measure	measure	NOUN
dem-18579	153	11	was	be	AUX
dem-18579	153	12	used	use	VERB
dem-18579	153	13	as	as	ADP
dem-18579	153	14	daily	daily	ADJ
dem-18579	153	15	liquidity	liquidity	NOUN
dem-18579	153	16	proxy	proxy	NOUN
dem-18579	153	17	for	for	ADP
dem-18579	153	18	stocks	stock	NOUN
dem-18579	153	19	.	.	PUNCT
dem-18579	154	1	we	we	PRON
dem-18579	154	2	followed	follow	VERB
dem-18579	154	3	the	the	DET
dem-18579	154	4	research	research	NOUN
dem-18579	154	5	design	design	NOUN
dem-18579	154	6	of	of	ADP
dem-18579	154	7	chordia	chordia	NOUN
dem-18579	154	8	et	et	PROPN
dem-18579	154	9	al	al	PROPN
dem-18579	154	10	.	.	PUNCT
dem-18579	155	1	(	(	PUNCT
dem-18579	155	2	2000	2000	NUM
dem-18579	155	3	)	)	PUNCT
dem-18579	155	4	,	,	PUNCT
dem-18579	155	5	but	but	CCONJ
dem-18579	155	6	we	we	PRON
dem-18579	155	7	employed	employ	VERB
dem-18579	155	8	the	the	DET
dem-18579	155	9	ols	ol	NOUN
dem-18579	155	10	method	method	NOUN
dem-18579	155	11	with	with	ADP
dem-18579	155	12	the	the	DET
dem-18579	155	13	hac	hac	X
dem-18579	155	14	covariance	covariance	NOUN
dem-18579	155	15	matrix	matrix	NOUN
dem-18579	155	16	estimation	estimation	NOUN
dem-18579	155	17	and	and	CCONJ
dem-18579	155	18	the	the	DET
dem-18579	155	19	garch	garch	NOUN
dem-18579	155	20	-	-	PUNCT
dem-18579	155	21	type	type	NOUN
dem-18579	155	22	models	model	NOUN
dem-18579	155	23	to	to	PART
dem-18579	155	24	infer	infer	VERB
dem-18579	155	25	the	the	DET
dem-18579	155	26	patterns	pattern	NOUN
dem-18579	155	27	of	of	ADP
dem-18579	155	28	intra	intra	ADJ
dem-18579	155	29	-	-	ADJ
dem-18579	155	30	market	market	ADJ
dem-18579	155	31	commonality	commonality	NOUN
dem-18579	155	32	in	in	ADP
dem-18579	155	33	liquidity	liquidity	NOUN
dem-18579	155	34	on	on	ADP
dem-18579	155	35	the	the	DET
dem-18579	155	36	cee	cee	NOUN
dem-18579	155	37	stock	stock	NOUN
dem-18579	155	38	markets	market	NOUN
dem-18579	155	39	.	.	PUNCT
dem-18579	156	1	according	accord	VERB
dem-18579	156	2	to	to	ADP
dem-18579	156	3	the	the	DET
dem-18579	156	4	literature	literature	NOUN
dem-18579	156	5	,	,	PUNCT
dem-18579	156	6	positive	positive	ADJ
dem-18579	156	7	and	and	CCONJ
dem-18579	156	8	statistically	statistically	ADV
dem-18579	156	9	significant	significant	ADJ
dem-18579	156	10	slope	slope	NOUN
dem-18579	156	11	coefficients	coefficient	NOUN
dem-18579	156	12	in	in	ADP
dem-18579	156	13	the	the	DET
dem-18579	156	14	estimated	estimate	VERB
dem-18579	156	15	models	model	NOUN
dem-18579	156	16	are	be	AUX
dem-18579	156	17	especially	especially	ADV
dem-18579	156	18	desired	desire	VERB
dem-18579	156	19	,	,	PUNCT
dem-18579	156	20	as	as	SCONJ
dem-18579	156	21	they	they	PRON
dem-18579	156	22	indicate	indicate	VERB
dem-18579	156	23	intra	intra	ADJ
dem-18579	156	24	-	-	ADJ
dem-18579	156	25	market	market	ADJ
dem-18579	156	26	co	co	NOUN
dem-18579	156	27	-	-	NOUN
dem-18579	156	28	movements	movement	NOUN
dem-18579	156	29	in	in	ADP
dem-18579	156	30	liquidity	liquidity	NOUN
dem-18579	156	31	in	in	ADP
dem-18579	156	32	the	the	DET
dem-18579	156	33	same	same	ADJ
dem-18579	156	34	direction	direction	NOUN
dem-18579	156	35	,	,	PUNCT
dem-18579	156	36	and	and	CCONJ
dem-18579	156	37	therefore	therefore	ADV
dem-18579	156	38	confirm	confirm	VERB
dem-18579	156	39	commonality	commonality	NOUN
dem-18579	156	40	in	in	ADP
dem-18579	156	41	liquidity	liquidity	NOUN
dem-18579	156	42	.	.	PUNCT
dem-18579	157	1	joanna	joanna	PROPN
dem-18579	157	2	olbryś	olbryś	PROPN
dem-18579	157	3	dynamic	dynamic	ADJ
dem-18579	157	4	econometric	econometric	ADJ
dem-18579	157	5	models	model	NOUN
dem-18579	157	6	18	18	NUM
dem-18579	157	7	(	(	PUNCT
dem-18579	157	8	2018	2018	NUM
dem-18579	157	9	)	)	PUNCT
dem-18579	157	10	67–79	67–79	ADV
dem-18579	157	11	76	76	NUM
dem-18579	157	12	table	table	NOUN
dem-18579	157	13	4b	4b	X
dem-18579	157	14	.	.	PUNCT
dem-18579	158	1	testing	test	VERB
dem-18579	158	2	for	for	ADP
dem-18579	158	3	market	market	NOUN
dem-18579	158	4	-	-	PUNCT
dem-18579	158	5	wide	wide	ADJ
dem-18579	158	6	commonality	commonality	NOUN
dem-18579	158	7	in	in	ADP
dem-18579	158	8	liquidity	liquidity	NOUN
dem-18579	158	9	on	on	ADP
dem-18579	158	10	three	three	NUM
dem-18579	158	11	cee	cee	NOUN
dem-18579	158	12	stock	stock	NOUN
dem-18579	158	13	markets	market	NOUN
dem-18579	158	14	(	(	PUNCT
dem-18579	158	15	the	the	DET
dem-18579	158	16	nasdaq	nasdaq	PROPN
dem-18579	158	17	-	-	PUNCT
dem-18579	158	18	omx	omx	PROPN
dem-18579	158	19	group	group	NOUN
dem-18579	158	20	)	)	PUNCT
dem-18579	158	21	in	in	ADP
dem-18579	158	22	the	the	DET
dem-18579	158	23	whole	whole	ADJ
dem-18579	158	24	sample	sample	NOUN
dem-18579	158	25	period	period	NOUN
dem-18579	158	26	from	from	ADP
dem-18579	158	27	january	january	PROPN
dem-18579	158	28	2	2	NUM
dem-18579	158	29	,	,	PUNCT
dem-18579	158	30	2012	2012	NUM
dem-18579	158	31	to	to	ADP
dem-18579	158	32	december	december	PROPN
dem-18579	158	33	30	30	NUM
dem-18579	158	34	,	,	PUNCT
dem-18579	158	35	2016	2016	NUM
dem-18579	158	36	nasdaq	nasdaq	PROPN
dem-18579	158	37	vilnius	vilnius	PROPN
dem-18579	158	38	(	(	PUNCT
dem-18579	158	39	15	15	NUM
dem-18579	158	40	models	model	NOUN
dem-18579	158	41	)	)	PUNCT
dem-18579	158	42	nasdaq	nasdaq	PROPN
dem-18579	158	43	tallinn	tallinn	PROPN
dem-18579	158	44	(	(	PUNCT
dem-18579	158	45	12	12	NUM
dem-18579	158	46	models	model	NOUN
dem-18579	158	47	)	)	PUNCT
dem-18579	158	48	nasdaq	nasdaq	PROPN
dem-18579	158	49	riga	riga	PROPN
dem-18579	158	50	(	(	PUNCT
dem-18579	158	51	7	7	NUM
dem-18579	158	52	models	model	NOUN
dem-18579	158	53	)	)	PUNCT
dem-18579	158	54	ol	ol	PROPN
dem-18579	158	55	sha	sha	PROPN
dem-18579	158	56	c	c	PROPN
dem-18579	158	57	14	14	NUM
dem-18579	158	58	m	m	NOUN
dem-18579	158	59	od	od	PROPN
dem-18579	158	60	els	els	PROPN
dem-18579	158	61	ga	ga	PROPN
dem-18579	158	62	rc	rc	PROPN
dem-18579	158	63	h	h	PROPN
dem-18579	158	64	1	1	NUM
dem-18579	158	65	m	m	PROPN
dem-18579	158	66	od	od	PROPN
dem-18579	158	67	el	el	PROPN
dem-18579	158	68	ol	ol	PROPN
dem-18579	158	69	sha	sha	PROPN
dem-18579	158	70	c	c	PROPN
dem-18579	158	71	11	11	NUM
dem-18579	158	72	m	m	NOUN
dem-18579	158	73	od	od	PROPN
dem-18579	158	74	els	els	PROPN
dem-18579	158	75	ga	ga	PROPN
dem-18579	158	76	rc	rc	PROPN
dem-18579	158	77	h	h	PROPN
dem-18579	158	78	1	1	NUM
dem-18579	158	79	m	m	PROPN
dem-18579	158	80	od	od	PROPN
dem-18579	158	81	el	el	PROPN
dem-18579	158	82	ol	ol	PROPN
dem-18579	158	83	sha	sha	PROPN
dem-18579	158	84	c	c	PROPN
dem-18579	158	85	7	7	NUM
dem-18579	158	86	m	m	NOUN
dem-18579	158	87	od	od	PROPN
dem-18579	158	88	els	els	PROPN
dem-18579	158	89	ga	ga	PROPN
dem-18579	158	90	rc	rc	PROPN
dem-18579	158	91	h	h	PROPN
dem-18579	158	92	0	0	NUM
dem-18579	159	1	m	m	VERB
dem-18579	159	2	od	od	PROPN
dem-18579	159	3	els	els	X
dem-18579	159	4	intercept	intercept	VERB
dem-18579	159	5	𝛼	𝛼	NOUN
dem-18579	159	6	#	#	NOUN
dem-18579	159	7	significant	significant	ADJ
dem-18579	159	8	all	all	DET
dem-18579	159	9	all	all	DET
dem-18579	159	10	all	all	PRON
dem-18579	159	11	all	all	PRON
dem-18579	159	12	all	all	PRON
dem-18579	159	13	–	–	PUNCT
dem-18579	159	14	mean	mean	VERB
dem-18579	160	1	1.334	1.334	NUM
dem-18579	160	2	2.078	2.078	NUM
dem-18579	160	3	2.332	2.332	NUM
dem-18579	160	4	median	median	NOUN
dem-18579	160	5	0.996	0.996	NUM
dem-18579	160	6	2.001	2.001	NUM
dem-18579	160	7	2.029	2.029	NUM
dem-18579	160	8	concurrent	concurrent	NOUN
dem-18579	160	9	𝛽	𝛽	NOUN
dem-18579	160	10	#	#	NOUN
dem-18579	160	11	,	,	PUNCT
dem-18579	160	12	mean	mean	VERB
dem-18579	160	13	0.003	0.003	NUM
dem-18579	160	14	0.009	0.009	NUM
dem-18579	160	15	0.009	0.009	NUM
dem-18579	160	16	median	median	NOUN
dem-18579	161	1	0.003	0.003	NUM
dem-18579	161	2	0.006	0.006	NUM
dem-18579	161	3	0.001	0.001	NUM
dem-18579	161	4	positive	positive	ADJ
dem-18579	161	5	significant	significant	ADJ
dem-18579	161	6	0/14	0/14	NUM
dem-18579	161	7	0/1	0/1	NUM
dem-18579	161	8	0/11	0/11	NUM
dem-18579	161	9	0/1	0/1	NUM
dem-18579	161	10	0/7	0/7	NUM
dem-18579	161	11	–	–	PUNCT
dem-18579	161	12	positive	positive	ADJ
dem-18579	161	13	insignificant	insignificant	ADJ
dem-18579	161	14	9/14	9/14	NUM
dem-18579	161	15	1/1	1/1	NUM
dem-18579	161	16	6/11	6/11	NUM
dem-18579	161	17	1/1	1/1	NUM
dem-18579	161	18	4/7	4/7	NUM
dem-18579	161	19	–	–	PUNCT
dem-18579	161	20	negative	negative	ADJ
dem-18579	161	21	significant	significant	ADJ
dem-18579	161	22	1/14	1/14	NUM
dem-18579	161	23	0/1	0/1	NUM
dem-18579	161	24	2/11	2/11	NUM
dem-18579	161	25	0/1	0/1	NUM
dem-18579	161	26	1/7	1/7	NUM
dem-18579	161	27	–	–	PUNCT
dem-18579	161	28	negative	negative	ADJ
dem-18579	161	29	insignificant	insignificant	ADJ
dem-18579	161	30	4/14	4/14	NUM
dem-18579	161	31	0/1	0/1	NUM
dem-18579	161	32	3/11	3/11	NUM
dem-18579	161	33	0/1	0/1	NUM
dem-18579	161	34	2/7	2/7	NUM
dem-18579	161	35	–	–	PUNCT
dem-18579	161	36	lag	lag	NOUN
dem-18579	161	37	𝛽#,*+	𝛽#,*+	ADJ
dem-18579	161	38	mean	mean	NOUN
dem-18579	161	39	–	–	PUNCT
dem-18579	161	40	0.007	0.007	NUM
dem-18579	161	41	–	–	PUNCT
dem-18579	161	42	0.012	0.012	NUM
dem-18579	161	43	–	–	PUNCT
dem-18579	161	44	0.006	0.006	NUM
dem-18579	161	45	median	median	NOUN
dem-18579	161	46	–	–	PUNCT
dem-18579	161	47	0.009	0.009	NUM
dem-18579	161	48	–	–	PUNCT
dem-18579	161	49	0.011	0.011	NUM
dem-18579	161	50	–	–	PUNCT
dem-18579	161	51	0.007	0.007	NUM
dem-18579	161	52	positive	positive	ADJ
dem-18579	161	53	significant	significant	ADJ
dem-18579	161	54	0/14	0/14	NUM
dem-18579	161	55	0/1	0/1	NUM
dem-18579	161	56	0/11	0/11	NUM
dem-18579	161	57	0/1	0/1	NUM
dem-18579	161	58	0/7	0/7	NUM
dem-18579	161	59	–	–	PUNCT
dem-18579	161	60	positive	positive	ADJ
dem-18579	161	61	insignificant	insignificant	ADJ
dem-18579	161	62	3/14	3/14	NUM
dem-18579	161	63	0/1	0/1	NUM
dem-18579	161	64	2/11	2/11	NUM
dem-18579	161	65	0/1	0/1	NUM
dem-18579	161	66	3/7	3/7	NUM
dem-18579	161	67	–	–	PUNCT
dem-18579	161	68	negative	negative	ADJ
dem-18579	161	69	significant	significant	ADJ
dem-18579	161	70	5/14	5/14	NUM
dem-18579	161	71	0/1	0/1	NUM
dem-18579	161	72	5/11	5/11	NUM
dem-18579	161	73	0/1	0/1	NUM
dem-18579	161	74	2/7	2/7	NUM
dem-18579	161	75	–	–	PUNCT
dem-18579	161	76	negative	negative	ADJ
dem-18579	161	77	insignificant	insignificant	ADJ
dem-18579	161	78	6/14	6/14	NUM
dem-18579	161	79	1/1	1/1	NUM
dem-18579	161	80	4/11	4/11	NUM
dem-18579	161	81	1/1	1/1	NUM
dem-18579	161	82	2/7	2/7	NUM
dem-18579	161	83	–	–	PUNCT
dem-18579	161	84	lead	lead	VERB
dem-18579	161	85	𝛽#,.+	𝛽#,.+	ADJ
dem-18579	161	86	mean	mean	NOUN
dem-18579	161	87	0.000	0.000	NUM
dem-18579	161	88	–	–	PUNCT
dem-18579	161	89	0.012	0.012	NUM
dem-18579	161	90	–	–	PUNCT
dem-18579	161	91	0.010	0.010	NUM
dem-18579	161	92	median	median	NOUN
dem-18579	161	93	0.004	0.004	NUM
dem-18579	161	94	–	–	PUNCT
dem-18579	161	95	0.009	0.009	NUM
dem-18579	161	96	–	–	PUNCT
dem-18579	161	97	0.015	0.015	NUM
dem-18579	161	98	positive	positive	ADJ
dem-18579	161	99	significant	significant	ADJ
dem-18579	161	100	0/14	0/14	NUM
dem-18579	161	101	0/1	0/1	NUM
dem-18579	161	102	0/11	0/11	NUM
dem-18579	161	103	0/1	0/1	NUM
dem-18579	161	104	0/7	0/7	NUM
dem-18579	161	105	–	–	PUNCT
dem-18579	161	106	positive	positive	ADJ
dem-18579	161	107	insignificant	insignificant	ADJ
dem-18579	161	108	9/14	9/14	NUM
dem-18579	161	109	0/1	0/1	NUM
dem-18579	161	110	1/11	1/11	NUM
dem-18579	161	111	0/1	0/1	NUM
dem-18579	161	112	2/7	2/7	NUM
dem-18579	161	113	–	–	PUNCT
dem-18579	161	114	negative	negative	ADJ
dem-18579	161	115	significant	significant	ADJ
dem-18579	161	116	2/14	2/14	NUM
dem-18579	161	117	0/1	0/1	NUM
dem-18579	161	118	3/11	3/11	NUM
dem-18579	161	119	0/1	0/1	NUM
dem-18579	161	120	1/7	1/7	NUM
dem-18579	161	121	–	–	PUNCT
dem-18579	161	122	negative	negative	ADJ
dem-18579	161	123	insignificant	insignificant	ADJ
dem-18579	161	124	3/14	3/14	NUM
dem-18579	161	125	1/1	1/1	NUM
dem-18579	161	126	7/11	7/11	NUM
dem-18579	161	127	1/1	1/1	NUM
dem-18579	161	128	4/7	4/7	NUM
dem-18579	161	129	–	–	PUNCT
dem-18579	161	130	note	note	NOUN
dem-18579	161	131	:	:	PUNCT
dem-18579	161	132	notation	notation	NOUN
dem-18579	161	133	like	like	ADP
dem-18579	161	134	in	in	ADP
dem-18579	161	135	table	table	NOUN
dem-18579	161	136	1	1	NUM
dem-18579	161	137	.	.	PUNCT
dem-18579	162	1	in	in	ADP
dem-18579	162	2	general	general	ADJ
dem-18579	162	3	,	,	PUNCT
dem-18579	162	4	our	our	PRON
dem-18579	162	5	estimation	estimation	NOUN
dem-18579	162	6	results	result	NOUN
dem-18579	162	7	do	do	AUX
dem-18579	162	8	not	not	PART
dem-18579	162	9	support	support	VERB
dem-18579	162	10	the	the	DET
dem-18579	162	11	existence	existence	NOUN
dem-18579	162	12	of	of	ADP
dem-18579	162	13	commonality	commonality	NOUN
dem-18579	162	14	in	in	ADP
dem-18579	162	15	liquidity	liquidity	NOUN
dem-18579	162	16	effects	effect	NOUN
dem-18579	162	17	on	on	ADP
dem-18579	162	18	all	all	DET
dem-18579	162	19	investigated	investigate	VERB
dem-18579	162	20	markets	market	NOUN
dem-18579	162	21	,	,	PUNCT
dem-18579	162	22	because	because	SCONJ
dem-18579	162	23	positive	positive	ADJ
dem-18579	162	24	and	and	CCONJ
dem-18579	162	25	statistically	statistically	ADV
dem-18579	162	26	significant	significant	ADJ
dem-18579	162	27	coefficients	coefficient	NOUN
dem-18579	162	28	are	be	AUX
dem-18579	162	29	scarce	scarce	ADJ
dem-18579	162	30	or	or	CCONJ
dem-18579	162	31	not	not	PART
dem-18579	162	32	present	present	ADJ
dem-18579	162	33	at	at	ADV
dem-18579	162	34	all	all	ADV
dem-18579	162	35	.	.	PUNCT
dem-18579	163	1	the	the	DET
dem-18579	163	2	results	result	NOUN
dem-18579	163	3	are	be	AUX
dem-18579	163	4	consistent	consistent	ADJ
dem-18579	163	5	with	with	ADP
dem-18579	163	6	the	the	DET
dem-18579	163	7	literature	literature	NOUN
dem-18579	163	8	regarding	regard	VERB
dem-18579	163	9	other	other	ADJ
dem-18579	163	10	emerging	emerge	VERB
dem-18579	163	11	small	small	ADJ
dem-18579	163	12	markets	market	NOUN
dem-18579	163	13	in	in	ADP
dem-18579	163	14	the	the	DET
dem-18579	163	15	world	world	NOUN
dem-18579	163	16	.	.	PUNCT
dem-18579	164	1	a	a	DET
dem-18579	164	2	possible	possible	ADJ
dem-18579	164	3	direction	direction	NOUN
dem-18579	164	4	for	for	ADP
dem-18579	164	5	further	further	ADJ
dem-18579	164	6	investigation	investigation	NOUN
dem-18579	164	7	could	could	AUX
dem-18579	164	8	be	be	AUX
dem-18579	164	9	to	to	PART
dem-18579	164	10	study	study	VERB
dem-18579	164	11	marketwide	marketwide	NOUN
dem-18579	164	12	co	co	NOUN
dem-18579	164	13	-	-	NOUN
dem-18579	164	14	movements	movement	NOUN
dem-18579	164	15	in	in	ADP
dem-18579	164	16	liquidity	liquidity	NOUN
dem-18579	164	17	on	on	ADP
dem-18579	164	18	the	the	DET
dem-18579	164	19	cee	cee	NOUN
dem-18579	164	20	stock	stock	NOUN
dem-18579	164	21	exchanges	exchange	NOUN
dem-18579	164	22	by	by	ADP
dem-18579	164	23	utilizing	utilize	VERB
dem-18579	164	24	different	different	ADJ
dem-18579	164	25	daily	daily	ADJ
dem-18579	164	26	liquidity	liquidity	NOUN
dem-18579	164	27	proxy	proxy	NOUN
dem-18579	164	28	.	.	PUNCT
dem-18579	165	1	moreover	moreover	ADV
dem-18579	165	2	,	,	PUNCT
dem-18579	165	3	another	another	DET
dem-18579	165	4	possible	possible	ADJ
dem-18579	165	5	direction	direction	NOUN
dem-18579	165	6	could	could	AUX
dem-18579	165	7	be	be	AUX
dem-18579	165	8	to	to	PART
dem-18579	165	9	identify	identify	VERB
dem-18579	165	10	components	component	NOUN
dem-18579	165	11	of	of	ADP
dem-18579	165	12	liquidity	liquidity	NOUN
dem-18579	165	13	on	on	ADP
dem-18579	165	14	the	the	DET
dem-18579	165	15	cee	cee	NOUN
dem-18579	165	16	stock	stock	NOUN
dem-18579	165	17	markets	market	NOUN
dem-18579	165	18	by	by	ADP
dem-18579	165	19	using	use	VERB
dem-18579	165	20	methods	method	NOUN
dem-18579	165	21	based	base	VERB
dem-18579	165	22	on	on	ADP
dem-18579	165	23	principal	principal	ADJ
dem-18579	165	24	component	component	NOUN
dem-18579	165	25	analysis	analysis	NOUN
dem-18579	165	26	.	.	PUNCT
dem-18579	166	1	the	the	DET
dem-18579	166	2	non	non	ADJ
dem-18579	166	3	-	-	ADJ
dem-18579	166	4	trading	trading	ADJ
dem-18579	166	5	problem	problem	NOUN
dem-18579	166	6	in	in	ADP
dem-18579	166	7	assessing	assess	VERB
dem-18579	166	8	commonality	commonality	NOUN
dem-18579	166	9	in	in	ADP
dem-18579	166	10	liquidity	liquidity	NOUN
dem-18579	166	11	…	…	PUNCT
dem-18579	166	12	dynamic	dynamic	ADJ
dem-18579	166	13	econometric	econometric	ADJ
dem-18579	166	14	models	model	NOUN
dem-18579	166	15	18	18	NUM
dem-18579	166	16	(	(	PUNCT
dem-18579	166	17	2018	2018	NUM
dem-18579	166	18	)	)	PUNCT
dem-18579	166	19	67–79	67–79	ADV
dem-18579	166	20	77	77	NUM
dem-18579	166	21	references	reference	NOUN
dem-18579	166	22	adkins	adkin	NOUN
dem-18579	166	23	,	,	PUNCT
dem-18579	166	24	l.c	l.c	PROPN
dem-18579	166	25	.	.	PROPN
dem-18579	166	26	(	(	PUNCT
dem-18579	166	27	2014	2014	NUM
dem-18579	166	28	)	)	PUNCT
dem-18579	166	29	,	,	PUNCT
dem-18579	166	30	using	use	VERB
dem-18579	166	31	gretl	gretl	NOUN
dem-18579	166	32	for	for	ADP
dem-18579	166	33	principles	principle	NOUN
dem-18579	166	34	of	of	ADP
dem-18579	166	35	econometrics	econometric	NOUN
dem-18579	166	36	.	.	PUNCT
dem-18579	167	1	4th	4th	ADJ
dem-18579	167	2	ed.version	ed.version	NOUN
dem-18579	167	3	1.041	1.041	NUM
dem-18579	167	4	.	.	PUNCT
dem-18579	168	1	amihud	amihud	PROPN
dem-18579	168	2	,	,	PUNCT
dem-18579	168	3	y.	y.	PROPN
dem-18579	168	4	(	(	PUNCT
dem-18579	168	5	2002	2002	NUM
dem-18579	168	6	)	)	PUNCT
dem-18579	168	7	,	,	PUNCT
dem-18579	168	8	illiquidity	illiquidity	NOUN
dem-18579	168	9	and	and	CCONJ
dem-18579	168	10	stock	stock	NOUN
dem-18579	168	11	returns	return	NOUN
dem-18579	168	12	:	:	PUNCT
dem-18579	168	13	cross	cross	NOUN
dem-18579	168	14	-	-	NOUN
dem-18579	168	15	section	section	NOUN
dem-18579	168	16	and	and	CCONJ
dem-18579	168	17	time	time	NOUN
dem-18579	168	18	-	-	PUNCT
dem-18579	168	19	series	series	NOUN
dem-18579	168	20	effects	effect	NOUN
dem-18579	168	21	,	,	PUNCT
dem-18579	168	22	journal	journal	NOUN
dem-18579	168	23	of	of	ADP
dem-18579	168	24	financial	financial	ADJ
dem-18579	168	25	markets	market	NOUN
dem-18579	168	26	,	,	PUNCT
dem-18579	168	27	5(1	5(1	NUM
dem-18579	168	28	)	)	PUNCT
dem-18579	168	29	,	,	PUNCT
dem-18579	168	30	31–56	31–56	NUM
dem-18579	168	31	,	,	PUNCT
dem-18579	168	32	doi	doi	NOUN
dem-18579	168	33	:	:	PUNCT
dem-18579	168	34	http://dx.doi.org/10.1016/s1386-4181(01)00024-6	http://dx.doi.org/10.1016/s1386-4181(01)00024-6	PROPN
dem-18579	168	35	.	.	PUNCT
dem-18579	169	1	bai	bai	PROPN
dem-18579	169	2	,	,	PUNCT
dem-18579	169	3	m.	m.	NOUN
dem-18579	169	4	,	,	PUNCT
dem-18579	169	5	qin	qin	PROPN
dem-18579	169	6	,	,	PUNCT
dem-18579	169	7	y.	y.	PROPN
dem-18579	169	8	(	(	PUNCT
dem-18579	169	9	2015	2015	NUM
dem-18579	169	10	)	)	PUNCT
dem-18579	169	11	,	,	PUNCT
dem-18579	169	12	commonality	commonality	NOUN
dem-18579	169	13	in	in	ADP
dem-18579	169	14	liquidity	liquidity	NOUN
dem-18579	169	15	in	in	ADP
dem-18579	169	16	emerging	emerge	VERB
dem-18579	169	17	markets	market	NOUN
dem-18579	169	18	:	:	PUNCT
dem-18579	169	19	another	another	DET
dem-18579	169	20	supply	supply	NOUN
dem-18579	169	21	-	-	PUNCT
dem-18579	169	22	side	side	NOUN
dem-18579	169	23	explanation	explanation	NOUN
dem-18579	169	24	,	,	PUNCT
dem-18579	169	25	international	international	ADJ
dem-18579	169	26	review	review	NOUN
dem-18579	169	27	of	of	ADP
dem-18579	169	28	economics	economics	PROPN
dem-18579	169	29	&	&	CCONJ
dem-18579	169	30	finance	finance	PROPN
dem-18579	169	31	,	,	PUNCT
dem-18579	169	32	39	39	NUM
dem-18579	169	33	,	,	PUNCT
dem-18579	169	34	90–106	90–106	NUM
dem-18579	169	35	,	,	PUNCT
dem-18579	169	36	doi	doi	NOUN
dem-18579	169	37	:	:	PUNCT
dem-18579	169	38	http://dx.doi.org/10.1016/j.iref.2015.06.005	http://dx.doi.org/10.1016/j.iref.2015.06.005	PROPN
dem-18579	169	39	.	.	PUNCT
dem-18579	169	40	bekaert	bekaert	PROPN
dem-18579	169	41	,	,	PUNCT
dem-18579	169	42	g.	g.	PROPN
dem-18579	169	43	,	,	PUNCT
dem-18579	169	44	harvey	harvey	PROPN
dem-18579	169	45	,	,	PUNCT
dem-18579	169	46	c.r	c.r	PROPN
dem-18579	169	47	.	.	PROPN
dem-18579	169	48	,	,	PUNCT
dem-18579	169	49	lundblad	lundblad	NOUN
dem-18579	169	50	,	,	PUNCT
dem-18579	169	51	c.	c.	PROPN
dem-18579	169	52	(	(	PUNCT
dem-18579	169	53	2007	2007	NUM
dem-18579	169	54	)	)	PUNCT
dem-18579	169	55	,	,	PUNCT
dem-18579	169	56	liquidity	liquidity	NOUN
dem-18579	169	57	and	and	CCONJ
dem-18579	169	58	expected	expect	VERB
dem-18579	169	59	returns	return	NOUN
dem-18579	169	60	:	:	PUNCT
dem-18579	169	61	lessons	lesson	NOUN
dem-18579	169	62	from	from	ADP
dem-18579	169	63	emerging	emerge	VERB
dem-18579	169	64	markets	market	NOUN
dem-18579	169	65	,	,	PUNCT
dem-18579	169	66	review	review	NOUN
dem-18579	169	67	of	of	ADP
dem-18579	169	68	financial	financial	ADJ
dem-18579	169	69	studies	study	NOUN
dem-18579	169	70	,	,	PUNCT
dem-18579	169	71	20(6	20(6	NOUN
dem-18579	169	72	)	)	PUNCT
dem-18579	169	73	,	,	PUNCT
dem-18579	169	74	1783–1831	1783–1831	NUM
dem-18579	169	75	,	,	PUNCT
dem-18579	169	76	doi	doi	NOUN
dem-18579	169	77	:	:	PUNCT
dem-18579	169	78	http://dx.doi.org/10.1093/rfs/hhm030	http://dx.doi.org/10.1093/rfs/hhm030	PROPN
dem-18579	169	79	.	.	PUNCT
dem-18579	170	1	będowska	będowska	PROPN
dem-18579	170	2	-	-	PUNCT
dem-18579	170	3	sójka	sójka	PROPN
dem-18579	170	4	,	,	PUNCT
dem-18579	170	5	b.	b.	PROPN
dem-18579	170	6	(	(	PUNCT
dem-18579	170	7	2018	2018	NUM
dem-18579	170	8	)	)	PUNCT
dem-18579	170	9	,	,	PUNCT
dem-18579	170	10	the	the	DET
dem-18579	170	11	coherence	coherence	NOUN
dem-18579	170	12	of	of	ADP
dem-18579	170	13	liquidity	liquidity	NOUN
dem-18579	170	14	measures	measure	NOUN
dem-18579	170	15	.	.	PUNCT
dem-18579	171	1	the	the	DET
dem-18579	171	2	evidence	evidence	NOUN
dem-18579	171	3	from	from	ADP
dem-18579	171	4	the	the	DET
dem-18579	171	5	emerging	emerge	VERB
dem-18579	171	6	market	market	NOUN
dem-18579	171	7	,	,	PUNCT
dem-18579	171	8	finance	finance	NOUN
dem-18579	171	9	research	research	NOUN
dem-18579	171	10	letters	letter	NOUN
dem-18579	171	11	,	,	PUNCT
dem-18579	171	12	27	27	NUM
dem-18579	171	13	,	,	PUNCT
dem-18579	171	14	118–123	118–123	NUM
dem-18579	171	15	,	,	PUNCT
dem-18579	171	16	doi	doi	NOUN
dem-18579	171	17	:	:	PUNCT
dem-18579	171	18	https://doi.org/10.1016/j.frl.2018.02.014	https://doi.org/10.1016/j.frl.2018.02.014	ADJ
dem-18579	171	19	.	.	PROPN
dem-18579	171	20	bollerslev	bollerslev	PROPN
dem-18579	171	21	,	,	PUNCT
dem-18579	171	22	t.	t.	PROPN
dem-18579	171	23	,	,	PUNCT
dem-18579	171	24	wooldridge	wooldridge	PROPN
dem-18579	171	25	,	,	PUNCT
dem-18579	171	26	j.m	j.m	PROPN
dem-18579	171	27	.	.	PROPN
dem-18579	171	28	(	(	PUNCT
dem-18579	171	29	1992	1992	NUM
dem-18579	171	30	)	)	PUNCT
dem-18579	171	31	,	,	PUNCT
dem-18579	171	32	quasi	quasi	ADJ
dem-18579	171	33	-	-	ADJ
dem-18579	171	34	maximum	maximum	ADJ
dem-18579	171	35	likelihood	likelihood	NOUN
dem-18579	171	36	estimation	estimation	NOUN
dem-18579	171	37	and	and	CCONJ
dem-18579	171	38	inference	inference	NOUN
dem-18579	171	39	in	in	ADP
dem-18579	171	40	dynamic	dynamic	ADJ
dem-18579	171	41	models	model	NOUN
dem-18579	171	42	with	with	ADP
dem-18579	171	43	time	time	NOUN
dem-18579	171	44	-	-	PUNCT
dem-18579	171	45	varying	vary	VERB
dem-18579	171	46	covariances	covariance	NOUN
dem-18579	171	47	,	,	PUNCT
dem-18579	171	48	econometric	econometric	ADJ
dem-18579	171	49	reviews	review	NOUN
dem-18579	171	50	,	,	PUNCT
dem-18579	171	51	11	11	NUM
dem-18579	171	52	,	,	PUNCT
dem-18579	171	53	143–179	143–179	NUM
dem-18579	171	54	,	,	PUNCT
dem-18579	171	55	doi	doi	NOUN
dem-18579	171	56	:	:	PUNCT
dem-18579	171	57	http://dx.doi.org/10.1080/07474939208800229	http://dx.doi.org/10.1080/07474939208800229	PROPN
dem-18579	171	58	.	.	PUNCT
dem-18579	172	1	brockman	brockman	PROPN
dem-18579	172	2	,	,	PUNCT
dem-18579	172	3	p.	p.	PROPN
dem-18579	172	4	,	,	PUNCT
dem-18579	172	5	chung	chung	PROPN
dem-18579	172	6	,	,	PUNCT
dem-18579	172	7	d.y	d.y	PROPN
dem-18579	172	8	.	.	PUNCT
dem-18579	172	9	(	(	PUNCT
dem-18579	172	10	2006	2006	NUM
dem-18579	172	11	)	)	PUNCT
dem-18579	172	12	,	,	PUNCT
dem-18579	172	13	index	index	NOUN
dem-18579	172	14	inclusion	inclusion	NOUN
dem-18579	172	15	and	and	CCONJ
dem-18579	172	16	commonality	commonality	NOUN
dem-18579	172	17	in	in	ADP
dem-18579	172	18	liquidity	liquidity	NOUN
dem-18579	172	19	:	:	PUNCT
dem-18579	172	20	evidence	evidence	NOUN
dem-18579	172	21	from	from	ADP
dem-18579	172	22	the	the	DET
dem-18579	172	23	stock	stock	NOUN
dem-18579	172	24	exchange	exchange	NOUN
dem-18579	172	25	of	of	ADP
dem-18579	172	26	hong	hong	PROPN
dem-18579	172	27	kong	kong	PROPN
dem-18579	172	28	,	,	PUNCT
dem-18579	172	29	international	international	ADJ
dem-18579	172	30	review	review	NOUN
dem-18579	172	31	of	of	ADP
dem-18579	172	32	financial	financial	ADJ
dem-18579	172	33	analysis	analysis	NOUN
dem-18579	172	34	,	,	PUNCT
dem-18579	172	35	15(4–5	15(4–5	NUM
dem-18579	172	36	)	)	PUNCT
dem-18579	172	37	,	,	PUNCT
dem-18579	172	38	291–305	291–305	NUM
dem-18579	172	39	,	,	PUNCT
dem-18579	172	40	doi	doi	NOUN
dem-18579	172	41	:	:	PUNCT
dem-18579	172	42	http://dx.doi.org/10.1016/j.irfa.2005.09.003	http://dx.doi.org/10.1016/j.irfa.2005.09.003	PROPN
dem-18579	172	43	.	.	PROPN
dem-18579	172	44	brockman	brockman	PROPN
dem-18579	172	45	,	,	PUNCT
dem-18579	172	46	p.	p.	PROPN
dem-18579	172	47	,	,	PUNCT
dem-18579	172	48	chung	chung	PROPN
dem-18579	172	49	,	,	PUNCT
dem-18579	172	50	d.y	d.y	PROPN
dem-18579	172	51	.	.	PROPN
dem-18579	172	52	,	,	PUNCT
dem-18579	172	53	perignon	perignon	PROPN
dem-18579	172	54	,	,	PUNCT
dem-18579	172	55	c.	c.	PROPN
dem-18579	172	56	(	(	PUNCT
dem-18579	172	57	2009	2009	NUM
dem-18579	172	58	)	)	PUNCT
dem-18579	172	59	,	,	PUNCT
dem-18579	172	60	commonality	commonality	NOUN
dem-18579	172	61	in	in	ADP
dem-18579	172	62	liquidity	liquidity	NOUN
dem-18579	172	63	:	:	PUNCT
dem-18579	172	64	a	a	DET
dem-18579	172	65	global	global	ADJ
dem-18579	172	66	perspective	perspective	NOUN
dem-18579	172	67	,	,	PUNCT
dem-18579	172	68	journal	journal	NOUN
dem-18579	172	69	of	of	ADP
dem-18579	172	70	financial	financial	ADJ
dem-18579	172	71	and	and	CCONJ
dem-18579	172	72	quantitative	quantitative	ADJ
dem-18579	172	73	analysis	analysis	NOUN
dem-18579	172	74	,	,	PUNCT
dem-18579	172	75	44(4	44(4	NOUN
dem-18579	172	76	)	)	PUNCT
dem-18579	172	77	,	,	PUNCT
dem-18579	172	78	851–882	851–882	NUM
dem-18579	172	79	,	,	PUNCT
dem-18579	172	80	doi	doi	NOUN
dem-18579	172	81	:	:	PUNCT
dem-18579	172	82	http://dx.doi.org/10.1017/s0022109009990123	http://dx.doi.org/10.1017/s0022109009990123	NOUN
dem-18579	172	83	.	.	PUNCT
dem-18579	173	1	campbell	campbell	PROPN
dem-18579	173	2	,	,	PUNCT
dem-18579	173	3	j.y	j.y	PROPN
dem-18579	173	4	.	.	PROPN
dem-18579	173	5	,	,	PUNCT
dem-18579	173	6	lo	lo	PROPN
dem-18579	173	7	,	,	PUNCT
dem-18579	173	8	a.w	a.w	PROPN
dem-18579	173	9	.	.	PROPN
dem-18579	173	10	,	,	PUNCT
dem-18579	173	11	mackinlay	mackinlay	PROPN
dem-18579	173	12	,	,	PUNCT
dem-18579	173	13	a.c	a.c	PROPN
dem-18579	173	14	.	.	PROPN
dem-18579	173	15	(	(	PUNCT
dem-18579	173	16	1997	1997	NUM
dem-18579	173	17	)	)	PUNCT
dem-18579	173	18	,	,	PUNCT
dem-18579	173	19	the	the	DET
dem-18579	173	20	econometrics	econometrics	NOUN
dem-18579	173	21	of	of	ADP
dem-18579	173	22	financial	financial	ADJ
dem-18579	173	23	markets	market	NOUN
dem-18579	173	24	,	,	PUNCT
dem-18579	173	25	princeton	princeton	PROPN
dem-18579	173	26	university	university	PROPN
dem-18579	173	27	press	press	NOUN
dem-18579	173	28	,	,	PUNCT
dem-18579	173	29	new	new	PROPN
dem-18579	173	30	jersey	jersey	PROPN
dem-18579	173	31	.	.	PUNCT
dem-18579	174	1	chordia	chordia	PROPN
dem-18579	174	2	,	,	PUNCT
dem-18579	174	3	t.	t.	PROPN
dem-18579	174	4	,	,	PUNCT
dem-18579	174	5	roll	roll	PROPN
dem-18579	174	6	,	,	PUNCT
dem-18579	174	7	r.	r.	PROPN
dem-18579	174	8	,	,	PUNCT
dem-18579	174	9	subrahmanyam	subrahmanyam	NOUN
dem-18579	174	10	,	,	PUNCT
dem-18579	174	11	a.	a.	NOUN
dem-18579	174	12	(	(	PUNCT
dem-18579	174	13	2000	2000	NUM
dem-18579	174	14	)	)	PUNCT
dem-18579	174	15	,	,	PUNCT
dem-18579	174	16	commonality	commonality	NOUN
dem-18579	174	17	in	in	ADP
dem-18579	174	18	liquidity	liquidity	NOUN
dem-18579	174	19	,	,	PUNCT
dem-18579	174	20	journal	journal	NOUN
dem-18579	174	21	of	of	ADP
dem-18579	174	22	financial	financial	ADJ
dem-18579	174	23	economics	economic	NOUN
dem-18579	174	24	,	,	PUNCT
dem-18579	174	25	56	56	NUM
dem-18579	174	26	,	,	PUNCT
dem-18579	174	27	3–28	3–28	PROPN
dem-18579	174	28	,	,	PUNCT
dem-18579	174	29	doi	doi	NOUN
dem-18579	174	30	:	:	PUNCT
dem-18579	174	31	http://dx.doi.org/10.1016/s0304-405x(99)00057-4	http://dx.doi.org/10.1016/s0304-405x(99)00057-4	PROPN
dem-18579	174	32	.	.	PUNCT
dem-18579	174	33	dickey	dickey	PROPN
dem-18579	174	34	,	,	PUNCT
dem-18579	174	35	d.a	d.a	PROPN
dem-18579	174	36	.	.	PROPN
dem-18579	174	37	,	,	PUNCT
dem-18579	174	38	fuller	full	ADJ
dem-18579	174	39	,	,	PUNCT
dem-18579	174	40	w.a	w.a	PROPN
dem-18579	174	41	.	.	PROPN
dem-18579	174	42	(	(	PUNCT
dem-18579	174	43	1981	1981	NUM
dem-18579	174	44	)	)	PUNCT
dem-18579	174	45	,	,	PUNCT
dem-18579	174	46	likelihood	likelihood	NOUN
dem-18579	174	47	ratio	ratio	NOUN
dem-18579	174	48	statistics	statistic	NOUN
dem-18579	174	49	for	for	ADP
dem-18579	174	50	autoregressive	autoregressive	ADJ
dem-18579	174	51	time	time	NOUN
dem-18579	174	52	series	series	NOUN
dem-18579	174	53	with	with	ADP
dem-18579	174	54	a	a	DET
dem-18579	174	55	unit	unit	NOUN
dem-18579	174	56	root	root	NOUN
dem-18579	174	57	,	,	PUNCT
dem-18579	174	58	econometrica	econometrica	PROPN
dem-18579	174	59	,	,	PUNCT
dem-18579	174	60	49(4	49(4	NOUN
dem-18579	174	61	)	)	PUNCT
dem-18579	174	62	,	,	PUNCT
dem-18579	174	63	1057–1072	1057–1072	NUM
dem-18579	174	64	,	,	PUNCT
dem-18579	174	65	doi	doi	NOUN
dem-18579	174	66	:	:	PUNCT
dem-18579	174	67	http://dx.doi.org/10.2307/1912517	http://dx.doi.org/10.2307/1912517	PROPN
dem-18579	174	68	.	.	PUNCT
dem-18579	175	1	dimson	dimson	PROPN
dem-18579	175	2	,	,	PUNCT
dem-18579	175	3	e.	e.	PROPN
dem-18579	175	4	(	(	PUNCT
dem-18579	175	5	1979	1979	NUM
dem-18579	175	6	)	)	PUNCT
dem-18579	175	7	,	,	PUNCT
dem-18579	175	8	risk	risk	NOUN
dem-18579	175	9	measurement	measurement	NOUN
dem-18579	175	10	when	when	SCONJ
dem-18579	175	11	shares	share	NOUN
dem-18579	175	12	are	be	AUX
dem-18579	175	13	subject	subject	ADJ
dem-18579	175	14	to	to	ADP
dem-18579	175	15	infrequent	infrequent	ADJ
dem-18579	175	16	trading	trading	NOUN
dem-18579	175	17	,	,	PUNCT
dem-18579	175	18	journal	journal	NOUN
dem-18579	175	19	of	of	ADP
dem-18579	175	20	financial	financial	ADJ
dem-18579	175	21	economics	economic	NOUN
dem-18579	175	22	,	,	PUNCT
dem-18579	175	23	7	7	NUM
dem-18579	175	24	,	,	PUNCT
dem-18579	175	25	197–226	197–226	NUM
dem-18579	175	26	,	,	PUNCT
dem-18579	175	27	doi	doi	NOUN
dem-18579	175	28	:	:	PUNCT
dem-18579	175	29	http://dx.doi.org/10.1016/0304-405x(79)90013-8	http://dx.doi.org/10.1016/0304-405x(79)90013-8	PROPN
dem-18579	175	30	.	.	PUNCT
dem-18579	176	1	elliott	elliott	PROPN
dem-18579	176	2	,	,	PUNCT
dem-18579	176	3	g.	g.	PROPN
dem-18579	176	4	,	,	PUNCT
dem-18579	176	5	rothenberg	rothenberg	PROPN
dem-18579	176	6	,	,	PUNCT
dem-18579	176	7	t.j	t.j	PROPN
dem-18579	176	8	.	.	PROPN
dem-18579	176	9	,	,	PUNCT
dem-18579	176	10	stock	stock	NOUN
dem-18579	176	11	,	,	PUNCT
dem-18579	176	12	j.h	j.h	PROPN
dem-18579	176	13	.	.	PROPN
dem-18579	176	14	(	(	PUNCT
dem-18579	176	15	1996	1996	NUM
dem-18579	176	16	)	)	PUNCT
dem-18579	176	17	,	,	PUNCT
dem-18579	176	18	efficient	efficient	ADJ
dem-18579	176	19	tests	test	NOUN
dem-18579	176	20	for	for	ADP
dem-18579	176	21	an	an	DET
dem-18579	176	22	autoregressive	autoregressive	ADJ
dem-18579	176	23	unit	unit	NOUN
dem-18579	176	24	root	root	NOUN
dem-18579	176	25	,	,	PUNCT
dem-18579	176	26	econometrica	econometrica	PROPN
dem-18579	176	27	,	,	PUNCT
dem-18579	176	28	64(4	64(4	NUM
dem-18579	176	29	)	)	PUNCT
dem-18579	176	30	,	,	PUNCT
dem-18579	176	31	813–836	813–836	NUM
dem-18579	176	32	,	,	PUNCT
dem-18579	176	33	doi	doi	NOUN
dem-18579	176	34	:	:	PUNCT
dem-18579	176	35	http://dx.doi.org/10.2307/2171846	http://dx.doi.org/10.2307/2171846	PROPN
dem-18579	176	36	.	.	PUNCT
dem-18579	177	1	engle	engle	PROPN
dem-18579	177	2	,	,	PUNCT
dem-18579	177	3	r.f	r.f	PROPN
dem-18579	177	4	.	.	PROPN
dem-18579	177	5	(	(	PUNCT
dem-18579	177	6	1982	1982	NUM
dem-18579	177	7	)	)	PUNCT
dem-18579	177	8	,	,	PUNCT
dem-18579	177	9	autoregressive	autoregressive	ADJ
dem-18579	177	10	conditional	conditional	ADJ
dem-18579	177	11	heteroscedasticity	heteroscedasticity	NOUN
dem-18579	177	12	with	with	ADP
dem-18579	177	13	estimates	estimate	NOUN
dem-18579	177	14	of	of	ADP
dem-18579	177	15	the	the	DET
dem-18579	177	16	variance	variance	NOUN
dem-18579	177	17	of	of	ADP
dem-18579	177	18	united	united	PROPN
dem-18579	177	19	kingdom	kingdom	PROPN
dem-18579	177	20	inflations	inflation	NOUN
dem-18579	177	21	,	,	PUNCT
dem-18579	177	22	econometrica	econometrica	PROPN
dem-18579	177	23	,	,	PUNCT
dem-18579	177	24	50	50	NUM
dem-18579	177	25	,	,	PUNCT
dem-18579	177	26	987–1007	987–1007	NUM
dem-18579	177	27	,	,	PUNCT
dem-18579	177	28	doi	doi	NOUN
dem-18579	177	29	:	:	PUNCT
dem-18579	177	30	http://dx.doi.org/10.2307/1912773	http://dx.doi.org/10.2307/1912773	PROPN
dem-18579	177	31	.	.	PUNCT
dem-18579	178	1	fabre	fabre	PROPN
dem-18579	178	2	,	,	PUNCT
dem-18579	178	3	j.	j.	PROPN
dem-18579	178	4	,	,	PUNCT
dem-18579	178	5	frino	frino	PROPN
dem-18579	178	6	,	,	PUNCT
dem-18579	178	7	a.	a.	NOUN
dem-18579	178	8	(	(	PUNCT
dem-18579	178	9	2004	2004	NUM
dem-18579	178	10	)	)	PUNCT
dem-18579	178	11	,	,	PUNCT
dem-18579	178	12	commonality	commonality	NOUN
dem-18579	178	13	in	in	ADP
dem-18579	178	14	liquidity	liquidity	NOUN
dem-18579	178	15	:	:	PUNCT
dem-18579	178	16	evidence	evidence	NOUN
dem-18579	178	17	from	from	ADP
dem-18579	178	18	the	the	DET
dem-18579	178	19	australian	australian	ADJ
dem-18579	178	20	stock	stock	NOUN
dem-18579	178	21	exchange	exchange	NOUN
dem-18579	178	22	,	,	PUNCT
dem-18579	178	23	accounting	accounting	NOUN
dem-18579	178	24	and	and	CCONJ
dem-18579	178	25	finance	finance	NOUN
dem-18579	178	26	,	,	PUNCT
dem-18579	178	27	44	44	NUM
dem-18579	178	28	,	,	PUNCT
dem-18579	178	29	357–368	357–368	NUM
dem-18579	178	30	,	,	PUNCT
dem-18579	178	31	doi	doi	NOUN
dem-18579	178	32	:	:	PUNCT
dem-18579	178	33	http://dx.doi.org/10.1111/j.1467-629x.2004.00117.x	http://dx.doi.org/10.1111/j.1467-629x.2004.00117.x	PROPN
dem-18579	178	34	.	.	PUNCT
dem-18579	178	35	fong	fong	PROPN
dem-18579	178	36	,	,	PUNCT
dem-18579	178	37	k.y.l	k.y.l	PROPN
dem-18579	178	38	.	.	PROPN
dem-18579	178	39	,	,	PUNCT
dem-18579	178	40	holden	holden	PROPN
dem-18579	178	41	,	,	PUNCT
dem-18579	178	42	c.w	c.w	PROPN
dem-18579	178	43	.	.	PROPN
dem-18579	178	44	,	,	PUNCT
dem-18579	178	45	trzcinka	trzcinka	PROPN
dem-18579	178	46	,	,	PUNCT
dem-18579	178	47	c.	c.	NOUN
dem-18579	178	48	(	(	PUNCT
dem-18579	178	49	2017	2017	NUM
dem-18579	178	50	)	)	PUNCT
dem-18579	178	51	,	,	PUNCT
dem-18579	178	52	what	what	PRON
dem-18579	178	53	are	be	AUX
dem-18579	178	54	the	the	DET
dem-18579	178	55	best	good	ADJ
dem-18579	178	56	liquidity	liquidity	NOUN
dem-18579	178	57	proxies	proxy	NOUN
dem-18579	178	58	for	for	ADP
dem-18579	178	59	global	global	ADJ
dem-18579	178	60	research	research	NOUN
dem-18579	178	61	?	?	PUNCT
dem-18579	178	62	,	,	PUNCT
dem-18579	178	63	review	review	NOUN
dem-18579	178	64	of	of	ADP
dem-18579	178	65	finance	finance	NOUN
dem-18579	178	66	,	,	PUNCT
dem-18579	178	67	21	21	NUM
dem-18579	178	68	,	,	PUNCT
dem-18579	178	69	1355–1401	1355–1401	NUM
dem-18579	178	70	,	,	PUNCT
dem-18579	178	71	doi	doi	NOUN
dem-18579	178	72	:	:	PUNCT
dem-18579	178	73	http://dx.doi.org/10.1093/rof/rfx003	http://dx.doi.org/10.1093/rof/rfx003	PROPN
dem-18579	178	74	.	.	PUNCT
dem-18579	178	75	foran	foran	PROPN
dem-18579	178	76	,	,	PUNCT
dem-18579	178	77	j.	j.	PROPN
dem-18579	178	78	,	,	PUNCT
dem-18579	178	79	hutchinson	hutchinson	PROPN
dem-18579	178	80	,	,	PUNCT
dem-18579	178	81	m.c	m.c	PROPN
dem-18579	178	82	.	.	PROPN
dem-18579	178	83	,	,	PUNCT
dem-18579	178	84	o’sullivan	o’sullivan	PROPN
dem-18579	178	85	,	,	PUNCT
dem-18579	178	86	n.	n.	NOUN
dem-18579	178	87	(	(	PUNCT
dem-18579	178	88	2015	2015	NUM
dem-18579	178	89	)	)	PUNCT
dem-18579	178	90	,	,	PUNCT
dem-18579	178	91	liquidity	liquidity	NOUN
dem-18579	178	92	commonality	commonality	NOUN
dem-18579	178	93	and	and	CCONJ
dem-18579	178	94	pricing	pricing	NOUN
dem-18579	178	95	in	in	ADP
dem-18579	178	96	uk	uk	PROPN
dem-18579	178	97	equities	equity	NOUN
dem-18579	178	98	,	,	PUNCT
dem-18579	178	99	research	research	NOUN
dem-18579	178	100	in	in	ADP
dem-18579	178	101	international	international	ADJ
dem-18579	178	102	business	business	NOUN
dem-18579	178	103	and	and	CCONJ
dem-18579	178	104	finance	finance	NOUN
dem-18579	178	105	,	,	PUNCT
dem-18579	178	106	34	34	NUM
dem-18579	178	107	,	,	PUNCT
dem-18579	178	108	281–293	281–293	NUM
dem-18579	178	109	,	,	PUNCT
dem-18579	178	110	doi	doi	NOUN
dem-18579	178	111	:	:	PUNCT
dem-18579	178	112	http://dx.doi.org/10.1016/j.ribaf.2015.02.006	http://dx.doi.org/10.1016/j.ribaf.2015.02.006	PROPN
dem-18579	178	113	.	.	PUNCT
dem-18579	179	1	joanna	joanna	PROPN
dem-18579	179	2	olbryś	olbryś	PROPN
dem-18579	179	3	dynamic	dynamic	ADJ
dem-18579	179	4	econometric	econometric	ADJ
dem-18579	179	5	models	model	NOUN
dem-18579	179	6	18	18	NUM
dem-18579	179	7	(	(	PUNCT
dem-18579	179	8	2018	2018	NUM
dem-18579	179	9	)	)	PUNCT
dem-18579	179	10	67–79	67–79	ADV
dem-18579	179	11	78	78	NUM
dem-18579	179	12	goyenko	goyenko	ADJ
dem-18579	179	13	,	,	PUNCT
dem-18579	179	14	r.y	r.y	PROPN
dem-18579	179	15	.	.	PROPN
dem-18579	179	16	,	,	PUNCT
dem-18579	179	17	holden	holden	PROPN
dem-18579	179	18	,	,	PUNCT
dem-18579	179	19	c.w	c.w	PROPN
dem-18579	179	20	.	.	PROPN
dem-18579	179	21	,	,	PUNCT
dem-18579	179	22	trzcinka	trzcinka	PROPN
dem-18579	179	23	,	,	PUNCT
dem-18579	179	24	c.a	c.a	PROPN
dem-18579	179	25	.	.	PROPN
dem-18579	179	26	(	(	PUNCT
dem-18579	179	27	2009	2009	NUM
dem-18579	179	28	)	)	PUNCT
dem-18579	179	29	,	,	PUNCT
dem-18579	179	30	do	do	VERB
dem-18579	179	31	liquidity	liquidity	NOUN
dem-18579	179	32	measures	measure	NOUN
dem-18579	179	33	measure	measure	VERB
dem-18579	179	34	liquidity	liquidity	NOUN
dem-18579	179	35	?	?	PUNCT
dem-18579	179	36	,	,	PUNCT
dem-18579	179	37	journal	journal	NOUN
dem-18579	179	38	of	of	ADP
dem-18579	179	39	financial	financial	ADJ
dem-18579	179	40	economics	economic	NOUN
dem-18579	179	41	,	,	PUNCT
dem-18579	179	42	92	92	NUM
dem-18579	179	43	,	,	PUNCT
dem-18579	179	44	153–181	153–181	NUM
dem-18579	179	45	,	,	PUNCT
dem-18579	179	46	doi	doi	NOUN
dem-18579	179	47	:	:	PUNCT
dem-18579	179	48	http://dx.doi.org/10.1016/j.jfineco.2008.06.002	http://dx.doi.org/10.1016/j.jfineco.2008.06.002	PROPN
dem-18579	179	49	.	.	PUNCT
dem-18579	180	1	hamilton	hamilton	PROPN
dem-18579	180	2	,	,	PUNCT
dem-18579	180	3	j.d	j.d	PROPN
dem-18579	180	4	.	.	PROPN
dem-18579	180	5	(	(	PUNCT
dem-18579	180	6	2008	2008	NUM
dem-18579	180	7	)	)	PUNCT
dem-18579	180	8	,	,	PUNCT
dem-18579	180	9	macroeconomics	macroeconomic	NOUN
dem-18579	180	10	and	and	CCONJ
dem-18579	180	11	arch	arch	NOUN
dem-18579	180	12	.	.	PUNCT
dem-18579	181	1	working	work	VERB
dem-18579	181	2	paper	paper	NOUN
dem-18579	181	3	14151	14151	NUM
dem-18579	181	4	nber	nber	PROPN
dem-18579	181	5	working	working	PROPN
dem-18579	181	6	paper	paper	PROPN
dem-18579	181	7	series	series	PROPN
dem-18579	181	8	,	,	PUNCT
dem-18579	181	9	cambridge	cambridge	PROPN
dem-18579	181	10	.	.	PUNCT
dem-18579	182	1	kamara	kamara	PROPN
dem-18579	182	2	,	,	PUNCT
dem-18579	182	3	a.	a.	PROPN
dem-18579	182	4	,	,	PUNCT
dem-18579	182	5	lou	lou	PROPN
dem-18579	182	6	,	,	PUNCT
dem-18579	182	7	x.	x.	PROPN
dem-18579	182	8	,	,	PUNCT
dem-18579	182	9	sadka	sadka	PROPN
dem-18579	182	10	,	,	PUNCT
dem-18579	182	11	r.	r.	PROPN
dem-18579	182	12	(	(	PUNCT
dem-18579	182	13	2008	2008	NUM
dem-18579	182	14	)	)	PUNCT
dem-18579	182	15	,	,	PUNCT
dem-18579	182	16	the	the	DET
dem-18579	182	17	divergence	divergence	NOUN
dem-18579	182	18	of	of	ADP
dem-18579	182	19	liquidity	liquidity	NOUN
dem-18579	182	20	commonality	commonality	NOUN
dem-18579	182	21	in	in	ADP
dem-18579	182	22	the	the	DET
dem-18579	182	23	crosssection	crosssection	NOUN
dem-18579	182	24	of	of	ADP
dem-18579	182	25	stocks	stock	NOUN
dem-18579	182	26	,	,	PUNCT
dem-18579	182	27	journal	journal	NOUN
dem-18579	182	28	of	of	ADP
dem-18579	182	29	financial	financial	ADJ
dem-18579	182	30	economics	economic	NOUN
dem-18579	182	31	,	,	PUNCT
dem-18579	182	32	89(3	89(3	NUM
dem-18579	182	33	)	)	PUNCT
dem-18579	182	34	,	,	PUNCT
dem-18579	182	35	444–466	444–466	NUM
dem-18579	182	36	,	,	PUNCT
dem-18579	182	37	doi	doi	NOUN
dem-18579	182	38	:	:	PUNCT
dem-18579	182	39	http://dx.doi.org/10.1016/j.jfineco.2007.10.004	http://dx.doi.org/10.1016/j.jfineco.2007.10.004	PROPN
dem-18579	182	40	.	.	PUNCT
dem-18579	183	1	kang	kang	PROPN
dem-18579	183	2	,	,	PUNCT
dem-18579	183	3	w.	w.	PROPN
dem-18579	183	4	,	,	PUNCT
dem-18579	183	5	zhang	zhang	PROPN
dem-18579	183	6	,	,	PUNCT
dem-18579	183	7	h.	h.	PROPN
dem-18579	183	8	(	(	PUNCT
dem-18579	183	9	2013	2013	NUM
dem-18579	183	10	)	)	PUNCT
dem-18579	183	11	,	,	PUNCT
dem-18579	183	12	limit	limit	VERB
dem-18579	183	13	order	order	NOUN
dem-18579	183	14	book	book	NOUN
dem-18579	183	15	and	and	CCONJ
dem-18579	183	16	commonality	commonality	NOUN
dem-18579	183	17	in	in	ADP
dem-18579	183	18	liquidity	liquidity	NOUN
dem-18579	183	19	,	,	PUNCT
dem-18579	183	20	financial	financial	ADJ
dem-18579	183	21	review	review	NOUN
dem-18579	183	22	,	,	PUNCT
dem-18579	183	23	48(1	48(1	NOUN
dem-18579	183	24	)	)	PUNCT
dem-18579	183	25	,	,	PUNCT
dem-18579	183	26	97–122	97–122	NUM
dem-18579	183	27	,	,	PUNCT
dem-18579	183	28	doi	doi	NOUN
dem-18579	183	29	:	:	PUNCT
dem-18579	183	30	http://dx.doi.org/10.1111/j.1540-6288.2012.00348.x	http://dx.doi.org/10.1111/j.1540-6288.2012.00348.x	ADJ
dem-18579	183	31	.	.	PUNCT
dem-18579	183	32	karolyi	karolyi	PROPN
dem-18579	183	33	,	,	PUNCT
dem-18579	183	34	g.a	g.a	PROPN
dem-18579	183	35	.	.	PROPN
dem-18579	183	36	,	,	PUNCT
dem-18579	183	37	lee	lee	PROPN
dem-18579	183	38	,	,	PUNCT
dem-18579	183	39	k.-h	k.-h	PROPN
dem-18579	183	40	.	.	PUNCT
dem-18579	183	41	,	,	PUNCT
dem-18579	183	42	van	van	PROPN
dem-18579	183	43	dijk	dijk	PROPN
dem-18579	183	44	,	,	PUNCT
dem-18579	183	45	m.a	m.a	PROPN
dem-18579	183	46	.	.	PROPN
dem-18579	183	47	(	(	PUNCT
dem-18579	183	48	2012	2012	NUM
dem-18579	183	49	)	)	PUNCT
dem-18579	183	50	,	,	PUNCT
dem-18579	183	51	understanding	understand	VERB
dem-18579	183	52	commonality	commonality	NOUN
dem-18579	183	53	in	in	ADP
dem-18579	183	54	liquidity	liquidity	NOUN
dem-18579	183	55	around	around	ADP
dem-18579	183	56	the	the	DET
dem-18579	183	57	world	world	NOUN
dem-18579	183	58	,	,	PUNCT
dem-18579	183	59	journal	journal	NOUN
dem-18579	183	60	of	of	ADP
dem-18579	183	61	financial	financial	ADJ
dem-18579	183	62	economics	economic	NOUN
dem-18579	183	63	,	,	PUNCT
dem-18579	183	64	105(1	105(1	NUM
dem-18579	183	65	)	)	PUNCT
dem-18579	183	66	,	,	PUNCT
dem-18579	183	67	82–112	82–112	NUM
dem-18579	183	68	,	,	PUNCT
dem-18579	183	69	doi	doi	NOUN
dem-18579	183	70	:	:	PUNCT
dem-18579	183	71	http://dx.doi.org/10.1016/j.jfineco.2011.12.008	http://dx.doi.org/10.1016/j.jfineco.2011.12.008	NOUN
dem-18579	183	72	.	.	PUNCT
dem-18579	184	1	kempf	kempf	PROPN
dem-18579	184	2	,	,	PUNCT
dem-18579	184	3	a.	a.	PROPN
dem-18579	184	4	,	,	PUNCT
dem-18579	184	5	mayston	mayston	PROPN
dem-18579	184	6	,	,	PUNCT
dem-18579	184	7	d.	d.	PROPN
dem-18579	184	8	(	(	PUNCT
dem-18579	184	9	2008	2008	NUM
dem-18579	184	10	)	)	PUNCT
dem-18579	184	11	,	,	PUNCT
dem-18579	184	12	liquidity	liquidity	NOUN
dem-18579	184	13	commonality	commonality	NOUN
dem-18579	184	14	beyond	beyond	ADP
dem-18579	184	15	best	good	ADJ
dem-18579	184	16	prices	price	NOUN
dem-18579	184	17	,	,	PUNCT
dem-18579	184	18	journal	journal	NOUN
dem-18579	184	19	of	of	ADP
dem-18579	184	20	financial	financial	ADJ
dem-18579	184	21	research	research	NOUN
dem-18579	184	22	,	,	PUNCT
dem-18579	184	23	31(1	31(1	NUM
dem-18579	184	24	)	)	PUNCT
dem-18579	184	25	,	,	PUNCT
dem-18579	184	26	25–40	25–40	NUM
dem-18579	184	27	,	,	PUNCT
dem-18579	184	28	doi	doi	NOUN
dem-18579	184	29	:	:	PUNCT
dem-18579	184	30	http://dx.doi.org/10.1111/j.1475-6803.2008.00230.x	http://dx.doi.org/10.1111/j.1475-6803.2008.00230.x	NOUN
dem-18579	184	31	.	.	PUNCT
dem-18579	185	1	korajczyk	korajczyk	PROPN
dem-18579	185	2	,	,	PUNCT
dem-18579	185	3	r.	r.	PROPN
dem-18579	185	4	,	,	PUNCT
dem-18579	185	5	sadka	sadka	PROPN
dem-18579	185	6	,	,	PUNCT
dem-18579	185	7	r.	r.	PROPN
dem-18579	185	8	(	(	PUNCT
dem-18579	185	9	2008	2008	NUM
dem-18579	185	10	)	)	PUNCT
dem-18579	185	11	,	,	PUNCT
dem-18579	185	12	pricing	price	VERB
dem-18579	185	13	the	the	DET
dem-18579	185	14	commonality	commonality	NOUN
dem-18579	185	15	across	across	ADP
dem-18579	185	16	alternative	alternative	ADJ
dem-18579	185	17	measures	measure	NOUN
dem-18579	185	18	of	of	ADP
dem-18579	185	19	liquidity	liquidity	NOUN
dem-18579	185	20	,	,	PUNCT
dem-18579	185	21	journal	journal	NOUN
dem-18579	185	22	of	of	ADP
dem-18579	185	23	financial	financial	ADJ
dem-18579	185	24	economics	economic	NOUN
dem-18579	185	25	,	,	PUNCT
dem-18579	185	26	87(1	87(1	NUM
dem-18579	185	27	)	)	PUNCT
dem-18579	185	28	,	,	PUNCT
dem-18579	185	29	45–72	45–72	NUM
dem-18579	185	30	,	,	PUNCT
dem-18579	185	31	doi	doi	NOUN
dem-18579	185	32	:	:	PUNCT
dem-18579	185	33	http://dx.doi.org/10.1016/j.jfineco.2006.12.003	http://dx.doi.org/10.1016/j.jfineco.2006.12.003	PROPN
dem-18579	185	34	.	.	PROPN
dem-18579	185	35	miralles	miralle	VERB
dem-18579	185	36	marcelo	marcelo	PROPN
dem-18579	185	37	,	,	PUNCT
dem-18579	185	38	j.l	j.l	PROPN
dem-18579	185	39	.	.	PROPN
dem-18579	185	40	,	,	PUNCT
dem-18579	185	41	miralles	miralle	NOUN
dem-18579	185	42	quirós	quirós	VERB
dem-18579	185	43	,	,	PUNCT
dem-18579	185	44	m.	m.	NOUN
dem-18579	185	45	,	,	PUNCT
dem-18579	185	46	oliveira	oliveira	PROPN
dem-18579	185	47	,	,	PUNCT
dem-18579	185	48	c.	c.	PROPN
dem-18579	185	49	(	(	PUNCT
dem-18579	185	50	2015	2015	NUM
dem-18579	185	51	)	)	PUNCT
dem-18579	185	52	,	,	PUNCT
dem-18579	185	53	systematic	systematic	ADJ
dem-18579	185	54	liquidity	liquidity	NOUN
dem-18579	185	55	:	:	PUNCT
dem-18579	185	56	commonality	commonality	NOUN
dem-18579	185	57	and	and	CCONJ
dem-18579	185	58	intertemporal	intertemporal	ADJ
dem-18579	185	59	variation	variation	NOUN
dem-18579	185	60	in	in	ADP
dem-18579	185	61	the	the	DET
dem-18579	185	62	portuguese	portuguese	ADJ
dem-18579	185	63	stock	stock	NOUN
dem-18579	185	64	market	market	NOUN
dem-18579	185	65	,	,	PUNCT
dem-18579	185	66	cuadernos	cuaderno	NOUN
dem-18579	185	67	de	de	X
dem-18579	185	68	gestion	gestion	PROPN
dem-18579	185	69	,	,	PUNCT
dem-18579	185	70	15(2	15(2	NUM
dem-18579	185	71	)	)	PUNCT
dem-18579	185	72	,	,	PUNCT
dem-18579	185	73	39–64	39–64	PROPN
dem-18579	185	74	.	.	PUNCT
dem-18579	186	1	doi	doi	PROPN
dem-18579	186	2	:	:	PUNCT
dem-18579	186	3	http://dx.doi.org/10.5295/cdg.140472	http://dx.doi.org/10.5295/cdg.140472	PROPN
dem-18579	186	4	mm	mm	PROPN
dem-18579	186	5	.	.	PUNCT
dem-18579	186	6	narayan	narayan	PROPN
dem-18579	186	7	,	,	PUNCT
dem-18579	186	8	p.k	p.k	PROPN
dem-18579	186	9	.	.	PROPN
dem-18579	186	10	,	,	PUNCT
dem-18579	186	11	zhang	zhang	PROPN
dem-18579	186	12	,	,	PUNCT
dem-18579	186	13	z.	z.	PROPN
dem-18579	186	14	,	,	PUNCT
dem-18579	186	15	zheng	zheng	PROPN
dem-18579	186	16	,	,	PUNCT
dem-18579	186	17	x.	x.	NOUN
dem-18579	186	18	(	(	PUNCT
dem-18579	186	19	2015	2015	NUM
dem-18579	186	20	)	)	PUNCT
dem-18579	186	21	,	,	PUNCT
dem-18579	186	22	some	some	DET
dem-18579	186	23	hypotheses	hypothesis	NOUN
dem-18579	186	24	on	on	ADP
dem-18579	186	25	commonality	commonality	NOUN
dem-18579	186	26	in	in	ADP
dem-18579	186	27	liquidity	liquidity	NOUN
dem-18579	186	28	:	:	PUNCT
dem-18579	186	29	new	new	ADJ
dem-18579	186	30	evidence	evidence	NOUN
dem-18579	186	31	from	from	ADP
dem-18579	186	32	the	the	DET
dem-18579	186	33	chinese	chinese	ADJ
dem-18579	186	34	stock	stock	NOUN
dem-18579	186	35	market	market	NOUN
dem-18579	186	36	,	,	PUNCT
dem-18579	186	37	emerging	emerge	VERB
dem-18579	186	38	markets	market	NOUN
dem-18579	186	39	finance	finance	NOUN
dem-18579	186	40	&	&	CCONJ
dem-18579	186	41	trade	trade	PROPN
dem-18579	186	42	,	,	PUNCT
dem-18579	186	43	51	51	NUM
dem-18579	186	44	,	,	PUNCT
dem-18579	186	45	915–944	915–944	NUM
dem-18579	186	46	,	,	PUNCT
dem-18579	186	47	doi	doi	NOUN
dem-18579	186	48	:	:	PUNCT
dem-18579	186	49	http://dx.doi.org/10.1080/1540496x.2015.1061799	http://dx.doi.org/10.1080/1540496x.2015.1061799	PROPN
dem-18579	186	50	.	.	PUNCT
dem-18579	187	1	newey	newey	PROPN
dem-18579	187	2	,	,	PUNCT
dem-18579	187	3	w.k	w.k	PROPN
dem-18579	187	4	.	.	PROPN
dem-18579	187	5	,	,	PUNCT
dem-18579	187	6	west	west	PROPN
dem-18579	187	7	,	,	PUNCT
dem-18579	187	8	k.d	k.d	PROPN
dem-18579	187	9	.	.	PROPN
dem-18579	187	10	(	(	PUNCT
dem-18579	187	11	1987	1987	NUM
dem-18579	187	12	)	)	PUNCT
dem-18579	187	13	,	,	PUNCT
dem-18579	187	14	a	a	DET
dem-18579	187	15	simple	simple	ADJ
dem-18579	187	16	,	,	PUNCT
dem-18579	187	17	positive	positive	ADJ
dem-18579	187	18	semi	semi	NOUN
dem-18579	187	19	-	-	ADJ
dem-18579	187	20	define	define	ADJ
dem-18579	187	21	,	,	PUNCT
dem-18579	187	22	heteroskesticity	heteroskesticity	NOUN
dem-18579	187	23	and	and	CCONJ
dem-18579	187	24	autocorrelation	autocorrelation	NOUN
dem-18579	187	25	consistent	consistent	ADJ
dem-18579	187	26	covariance	covariance	NOUN
dem-18579	187	27	matrix	matrix	NOUN
dem-18579	187	28	,	,	PUNCT
dem-18579	187	29	econometrica	econometrica	PROPN
dem-18579	187	30	,	,	PUNCT
dem-18579	187	31	55(3	55(3	NUM
dem-18579	187	32	)	)	PUNCT
dem-18579	187	33	,	,	PUNCT
dem-18579	187	34	703–708	703–708	NUM
dem-18579	187	35	,	,	PUNCT
dem-18579	187	36	doi	doi	NOUN
dem-18579	187	37	:	:	PUNCT
dem-18579	187	38	http://dx.doi.org/10.2307/1913610	http://dx.doi.org/10.2307/1913610	PROPN
dem-18579	187	39	.	.	PUNCT
dem-18579	188	1	nowak	nowak	PROPN
dem-18579	188	2	,	,	PUNCT
dem-18579	188	3	s.	s.	PROPN
dem-18579	188	4	,	,	PUNCT
dem-18579	188	5	olbryś	olbryś	PROPN
dem-18579	188	6	,	,	PUNCT
dem-18579	188	7	j.	j.	PROPN
dem-18579	188	8	(	(	PUNCT
dem-18579	188	9	2016	2016	NUM
dem-18579	188	10	)	)	PUNCT
dem-18579	188	11	,	,	PUNCT
dem-18579	188	12	direct	direct	ADJ
dem-18579	188	13	evidence	evidence	NOUN
dem-18579	188	14	of	of	ADP
dem-18579	188	15	non	non	ADJ
dem-18579	188	16	-	-	NOUN
dem-18579	188	17	trading	trading	NOUN
dem-18579	188	18	on	on	ADP
dem-18579	188	19	the	the	DET
dem-18579	188	20	warsaw	warsaw	PROPN
dem-18579	188	21	stock	stock	PROPN
dem-18579	188	22	exchange	exchange	PROPN
dem-18579	188	23	,	,	PUNCT
dem-18579	188	24	research	research	NOUN
dem-18579	188	25	papers	paper	NOUN
dem-18579	188	26	of	of	ADP
dem-18579	188	27	wroclaw	wroclaw	PROPN
dem-18579	188	28	university	university	PROPN
dem-18579	188	29	of	of	ADP
dem-18579	188	30	economics	economic	NOUN
dem-18579	188	31	,	,	PUNCT
dem-18579	188	32	428	428	NUM
dem-18579	188	33	,	,	PUNCT
dem-18579	188	34	184–194	184–194	NUM
dem-18579	188	35	.	.	PUNCT
dem-18579	189	1	olbryś	olbryś	PROPN
dem-18579	189	2	,	,	PUNCT
dem-18579	189	3	j.	j.	PROPN
dem-18579	189	4	(	(	PUNCT
dem-18579	189	5	2014	2014	NUM
dem-18579	189	6	)	)	PUNCT
dem-18579	189	7	,	,	PUNCT
dem-18579	189	8	is	be	AUX
dem-18579	189	9	illiquidity	illiquidity	NOUN
dem-18579	189	10	risk	risk	NOUN
dem-18579	189	11	priced	price	VERB
dem-18579	189	12	?	?	PUNCT
dem-18579	190	1	the	the	DET
dem-18579	190	2	case	case	NOUN
dem-18579	190	3	of	of	ADP
dem-18579	190	4	the	the	DET
dem-18579	190	5	polish	polish	ADJ
dem-18579	190	6	medium	medium	ADJ
dem-18579	190	7	-	-	PUNCT
dem-18579	190	8	size	size	NOUN
dem-18579	190	9	emerging	emerge	VERB
dem-18579	190	10	stock	stock	NOUN
dem-18579	190	11	market	market	NOUN
dem-18579	190	12	,	,	PUNCT
dem-18579	190	13	bank	bank	NOUN
dem-18579	190	14	i	i	PRON
dem-18579	190	15	kredyt	kredyt	NOUN
dem-18579	190	16	,	,	PUNCT
dem-18579	190	17	45(6	45(6	NOUN
dem-18579	190	18	)	)	PUNCT
dem-18579	190	19	,	,	PUNCT
dem-18579	190	20	513–536	513–536	NUM
dem-18579	190	21	.	.	PUNCT
dem-18579	191	1	olbryś	olbryś	ADJ
dem-18579	191	2	,	,	PUNCT
dem-18579	191	3	j.	j.	PROPN
dem-18579	191	4	(	(	PUNCT
dem-18579	191	5	2018	2018	NUM
dem-18579	191	6	)	)	PUNCT
dem-18579	191	7	,	,	PUNCT
dem-18579	191	8	intra	intra	ADJ
dem-18579	191	9	-	-	ADJ
dem-18579	191	10	market	market	ADJ
dem-18579	191	11	commonality	commonality	NOUN
dem-18579	191	12	in	in	ADP
dem-18579	191	13	liquidity	liquidity	NOUN
dem-18579	191	14	.	.	PUNCT
dem-18579	192	1	new	new	ADJ
dem-18579	192	2	evidence	evidence	NOUN
dem-18579	192	3	from	from	ADP
dem-18579	192	4	the	the	DET
dem-18579	192	5	polish	polish	ADJ
dem-18579	192	6	emerging	emerge	VERB
dem-18579	192	7	stock	stock	NOUN
dem-18579	192	8	market	market	NOUN
dem-18579	192	9	,	,	PUNCT
dem-18579	192	10	ssem	ssem	ADJ
dem-18579	192	11	euroconference	euroconference	NOUN
dem-18579	192	12	2018	2018	NUM
dem-18579	192	13	:	:	PUNCT
dem-18579	192	14	emerging	emerge	VERB
dem-18579	192	15	market	market	NOUN
dem-18579	192	16	economies	economy	NOUN
dem-18579	192	17	,	,	PUNCT
dem-18579	192	18	june	june	PROPN
dem-18579	192	19	7–8	7–8	NUM
dem-18579	192	20	,	,	PUNCT
dem-18579	192	21	2018	2018	NUM
dem-18579	192	22	,	,	PUNCT
dem-18579	192	23	lodz	lodz	PROPN
dem-18579	192	24	,	,	PUNCT
dem-18579	192	25	poland	poland	PROPN
dem-18579	192	26	.	.	PUNCT
dem-18579	193	1	olbryś	olbryś	PROPN
dem-18579	193	2	,	,	PUNCT
dem-18579	193	3	j.	j.	PROPN
dem-18579	193	4	,	,	PUNCT
dem-18579	193	5	mursztyn	mursztyn	PROPN
dem-18579	193	6	,	,	PUNCT
dem-18579	193	7	m.	m.	NOUN
dem-18579	193	8	(	(	PUNCT
dem-18579	193	9	2018	2018	NUM
dem-18579	193	10	)	)	PUNCT
dem-18579	193	11	,	,	PUNCT
dem-18579	193	12	on	on	ADP
dem-18579	193	13	some	some	DET
dem-18579	193	14	characteristics	characteristic	NOUN
dem-18579	193	15	of	of	ADP
dem-18579	193	16	liquidity	liquidity	NOUN
dem-18579	193	17	proxy	proxy	NOUN
dem-18579	193	18	time	time	NOUN
dem-18579	193	19	series	series	PROPN
dem-18579	193	20	.	.	PUNCT
dem-18579	194	1	evidence	evidence	NOUN
dem-18579	194	2	from	from	ADP
dem-18579	194	3	the	the	DET
dem-18579	194	4	polish	polish	ADJ
dem-18579	194	5	stock	stock	NOUN
dem-18579	194	6	market	market	NOUN
dem-18579	194	7	,	,	PUNCT
dem-18579	194	8	in	in	ADP
dem-18579	194	9	:	:	PUNCT
dem-18579	194	10	tsounis	tsounis	NOUN
dem-18579	194	11	n.	n.	NOUN
dem-18579	194	12	,	,	PUNCT
dem-18579	194	13	vlachvei	vlachvei	NOUN
dem-18579	194	14	a.	a.	NOUN
dem-18579	194	15	(	(	PUNCT
dem-18579	194	16	eds	eds	PROPN
dem-18579	194	17	)	)	PUNCT
dem-18579	194	18	advances	advance	NOUN
dem-18579	194	19	in	in	ADP
dem-18579	194	20	time	time	NOUN
dem-18579	194	21	series	series	PROPN
dem-18579	194	22	data	data	NOUN
dem-18579	194	23	methods	method	NOUN
dem-18579	194	24	in	in	ADP
dem-18579	194	25	applied	apply	VERB
dem-18579	194	26	economic	economic	ADJ
dem-18579	194	27	research	research	NOUN
dem-18579	194	28	.	.	PUNCT
dem-18579	195	1	springer	springer	NOUN
dem-18579	195	2	proceedings	proceeding	NOUN
dem-18579	195	3	in	in	ADP
dem-18579	195	4	business	business	NOUN
dem-18579	195	5	and	and	CCONJ
dem-18579	195	6	economics	economic	NOUN
dem-18579	195	7	,	,	PUNCT
dem-18579	195	8	springer	springer	NOUN
dem-18579	195	9	,	,	PUNCT
dem-18579	195	10	cham	cham	PROPN
dem-18579	195	11	,	,	PUNCT
dem-18579	195	12	177–189	177–189	NUM
dem-18579	195	13	,	,	PUNCT
dem-18579	195	14	doi	doi	NOUN
dem-18579	195	15	:	:	PUNCT
dem-18579	195	16	http://dx.doi.org/10.1007/978-3-030-02194-8_13	http://dx.doi.org/10.1007/978-3-030-02194-8_13	NOUN
dem-18579	195	17	.	.	PUNCT
dem-18579	195	18	pukthuanthong	pukthuanthong	NOUN
dem-18579	195	19	-	-	PUNCT
dem-18579	195	20	le	le	X
dem-18579	195	21	,	,	PUNCT
dem-18579	195	22	k.	k.	PROPN
dem-18579	195	23	,	,	PUNCT
dem-18579	195	24	visaltanachoti	visaltanachoti	PROPN
dem-18579	195	25	,	,	PUNCT
dem-18579	195	26	n.	n.	PROPN
dem-18579	195	27	(	(	PUNCT
dem-18579	195	28	2009	2009	NUM
dem-18579	195	29	)	)	PUNCT
dem-18579	195	30	,	,	PUNCT
dem-18579	195	31	commonality	commonality	NOUN
dem-18579	195	32	in	in	ADP
dem-18579	195	33	liquidity	liquidity	NOUN
dem-18579	195	34	:	:	PUNCT
dem-18579	195	35	evidence	evidence	NOUN
dem-18579	195	36	from	from	ADP
dem-18579	195	37	the	the	DET
dem-18579	195	38	stock	stock	NOUN
dem-18579	195	39	exchange	exchange	NOUN
dem-18579	195	40	of	of	ADP
dem-18579	195	41	thailand	thailand	PROPN
dem-18579	195	42	,	,	PUNCT
dem-18579	195	43	pacific	pacific	ADJ
dem-18579	195	44	-	-	PUNCT
dem-18579	195	45	basin	basin	NOUN
dem-18579	195	46	finance	finance	NOUN
dem-18579	195	47	journal	journal	NOUN
dem-18579	195	48	,	,	PUNCT
dem-18579	195	49	17(1	17(1	NUM
dem-18579	195	50	)	)	PUNCT
dem-18579	195	51	,	,	PUNCT
dem-18579	195	52	80–99	80–99	NUM
dem-18579	195	53	,	,	PUNCT
dem-18579	195	54	doi	doi	NOUN
dem-18579	195	55	:	:	PUNCT
dem-18579	195	56	http://dx.doi.org/10.1016/j.pacfin.2007.12.004	http://dx.doi.org/10.1016/j.pacfin.2007.12.004	PROPN
dem-18579	195	57	.	.	PUNCT
dem-18579	195	58	sensoy	sensoy	PROPN
dem-18579	195	59	,	,	PUNCT
dem-18579	195	60	a.	a.	NOUN
dem-18579	195	61	(	(	PUNCT
dem-18579	195	62	2016	2016	NUM
dem-18579	195	63	)	)	PUNCT
dem-18579	195	64	,	,	PUNCT
dem-18579	195	65	commonality	commonality	NOUN
dem-18579	195	66	in	in	ADP
dem-18579	195	67	liquidity	liquidity	NOUN
dem-18579	195	68	:	:	PUNCT
dem-18579	195	69	effects	effect	NOUN
dem-18579	195	70	of	of	ADP
dem-18579	195	71	monetary	monetary	ADJ
dem-18579	195	72	policy	policy	NOUN
dem-18579	195	73	and	and	CCONJ
dem-18579	195	74	macroeconomic	macroeconomic	ADJ
dem-18579	195	75	announcements	announcement	NOUN
dem-18579	195	76	.	.	PUNCT
dem-18579	195	77	,	,	PUNCT
dem-18579	195	78	finance	finance	NOUN
dem-18579	195	79	research	research	NOUN
dem-18579	195	80	letters	letter	NOUN
dem-18579	195	81	,	,	PUNCT
dem-18579	195	82	16	16	NUM
dem-18579	195	83	,	,	PUNCT
dem-18579	195	84	125–131	125–131	NUM
dem-18579	195	85	,	,	PUNCT
dem-18579	195	86	doi	doi	NOUN
dem-18579	195	87	:	:	PUNCT
dem-18579	195	88	http://dx.doi.org/10.1016/j.frl.2015.10.021	http://dx.doi.org/10.1016/j.frl.2015.10.021	PROPN
dem-18579	195	89	.	.	PUNCT
dem-18579	196	1	syamala	syamala	PROPN
dem-18579	196	2	,	,	PUNCT
dem-18579	196	3	s.r	s.r	PROPN
dem-18579	196	4	.	.	PROPN
dem-18579	196	5	,	,	PUNCT
dem-18579	196	6	wadhwa	wadhwa	PROPN
dem-18579	196	7	,	,	PUNCT
dem-18579	196	8	k.	k.	PROPN
dem-18579	196	9	,	,	PUNCT
dem-18579	196	10	goyal	goyal	PROPN
dem-18579	196	11	,	,	PUNCT
dem-18579	196	12	a.	a.	NOUN
dem-18579	196	13	(	(	PUNCT
dem-18579	196	14	2017	2017	NUM
dem-18579	196	15	)	)	PUNCT
dem-18579	196	16	,	,	PUNCT
dem-18579	196	17	determinants	determinant	NOUN
dem-18579	196	18	of	of	ADP
dem-18579	196	19	commonality	commonality	NOUN
dem-18579	196	20	in	in	ADP
dem-18579	196	21	liquidity	liquidity	NOUN
dem-18579	196	22	:	:	PUNCT
dem-18579	196	23	evidence	evidence	NOUN
dem-18579	196	24	from	from	ADP
dem-18579	196	25	an	an	DET
dem-18579	196	26	order	order	NOUN
dem-18579	196	27	-	-	PUNCT
dem-18579	196	28	driven	drive	VERB
dem-18579	196	29	emerging	emerge	VERB
dem-18579	196	30	market	market	NOUN
dem-18579	196	31	,	,	PUNCT
dem-18579	196	32	north	north	ADJ
dem-18579	196	33	american	american	ADJ
dem-18579	196	34	journal	journal	PROPN
dem-18579	196	35	of	of	ADP
dem-18579	196	36	economics	economic	NOUN
dem-18579	196	37	and	and	CCONJ
dem-18579	196	38	finance	finance	NOUN
dem-18579	196	39	,	,	PUNCT
dem-18579	196	40	42	42	NUM
dem-18579	196	41	,	,	PUNCT
dem-18579	196	42	38–52	38–52	NUM
dem-18579	196	43	,	,	PUNCT
dem-18579	196	44	doi	doi	NOUN
dem-18579	196	45	:	:	PUNCT
dem-18579	196	46	http://dx.doi.org/10.1016/j.najef.2017.07.003	http://dx.doi.org/10.1016/j.najef.2017.07.003	PROPN
dem-18579	196	47	.	.	PROPN
dem-18579	197	1	tsay	tsay	PROPN
dem-18579	197	2	,	,	PUNCT
dem-18579	197	3	r.s	r.s	PROPN
dem-18579	197	4	.	.	PROPN
dem-18579	198	1	(	(	PUNCT
dem-18579	198	2	2010	2010	NUM
dem-18579	198	3	)	)	PUNCT
dem-18579	198	4	,	,	PUNCT
dem-18579	198	5	analysis	analysis	NOUN
dem-18579	198	6	of	of	ADP
dem-18579	198	7	financial	financial	ADJ
dem-18579	198	8	time	time	NOUN
dem-18579	198	9	series	series	PROPN
dem-18579	198	10	,	,	PUNCT
dem-18579	198	11	john	john	PROPN
dem-18579	198	12	wiley	wiley	PROPN
dem-18579	198	13	,	,	PUNCT
dem-18579	198	14	new	new	PROPN
dem-18579	198	15	york	york	PROPN
dem-18579	198	16	.	.	PUNCT
dem-18579	199	1	the	the	DET
dem-18579	199	2	non	non	ADJ
dem-18579	199	3	-	-	ADJ
dem-18579	199	4	trading	trading	ADJ
dem-18579	199	5	problem	problem	NOUN
dem-18579	199	6	in	in	ADP
dem-18579	199	7	assessing	assess	VERB
dem-18579	199	8	commonality	commonality	NOUN
dem-18579	199	9	in	in	ADP
dem-18579	199	10	liquidity	liquidity	NOUN
dem-18579	199	11	…	…	PUNCT
dem-18579	199	12	dynamic	dynamic	ADJ
dem-18579	199	13	econometric	econometric	ADJ
dem-18579	199	14	models	model	NOUN
dem-18579	199	15	18	18	NUM
dem-18579	199	16	(	(	PUNCT
dem-18579	199	17	2018	2018	NUM
dem-18579	199	18	)	)	PUNCT
dem-18579	199	19	67–79	67–79	ADV
dem-18579	199	20	79	79	NUM
dem-18579	199	21	wang	wang	PROPN
dem-18579	199	22	,	,	PUNCT
dem-18579	199	23	j.	j.	PROPN
dem-18579	199	24	(	(	PUNCT
dem-18579	199	25	2013	2013	NUM
dem-18579	199	26	)	)	PUNCT
dem-18579	199	27	,	,	PUNCT
dem-18579	199	28	liquidity	liquidity	NOUN
dem-18579	199	29	commonality	commonality	NOUN
dem-18579	199	30	among	among	ADP
dem-18579	199	31	asian	asian	ADJ
dem-18579	199	32	equity	equity	NOUN
dem-18579	199	33	markets	market	NOUN
dem-18579	199	34	,	,	PUNCT
dem-18579	199	35	pacific	pacific	ADJ
dem-18579	199	36	-	-	PUNCT
dem-18579	199	37	basin	basin	NOUN
dem-18579	199	38	finance	finance	NOUN
dem-18579	199	39	journal	journal	NOUN
dem-18579	199	40	,	,	PUNCT
dem-18579	199	41	21(1	21(1	NUM
dem-18579	199	42	)	)	PUNCT
dem-18579	199	43	,	,	PUNCT
dem-18579	199	44	1209–1231	1209–1231	NUM
dem-18579	199	45	,	,	PUNCT
dem-18579	199	46	doi	doi	NOUN
dem-18579	199	47	:	:	PUNCT
dem-18579	199	48	http://dx.doi.org/10.1016/j.pacfin.2012.06.003	http://dx.doi.org/10.1016/j.pacfin.2012.06.003	NOUN
dem-18579	199	49	.	.	PUNCT
dem-18579	199	50	wpływ	wpływ	PROPN
dem-18579	199	51	problem	problem	PROPN
dem-18579	199	52	braku	braku	VERB
dem-18579	199	53	transakcji	transakcji	ADV
dem-18579	199	54	na	na	AUX
dem-18579	199	55	badanie	badanie	VERB
dem-18579	199	56	wspólności	wspólności	PRON
dem-18579	199	57	w	w	INTJ
dem-18579	199	58	płynności	płynności	ADJ
dem-18579	199	59	na	na	AUX
dem-18579	199	60	małych	małych	ADJ
dem-18579	199	61	rynkach	rynkach	NOUN
dem-18579	199	62	giełdowych	giełdowych	VERB
dem-18579	199	63	z	z	NOUN
dem-18579	199	64	a	a	DET
dem-18579	199	65	r	r	NOUN
dem-18579	199	66	y	y	PROPN
dem-18579	199	67	s	s	PROPN
dem-18579	199	68	t	t	NOUN
dem-18579	199	69	r	r	NOUN
dem-18579	199	70	e	e	PROPN
dem-18579	199	71	ś	ś	PROPN
dem-18579	199	72	c	c	PROPN
dem-18579	199	73	i.	i.	PROPN
dem-18579	199	74	artykuł	artykuł	PROPN
dem-18579	200	1	przedstawia	przedstawia	PROPN
dem-18579	201	1	badanie	badanie	PROPN
dem-18579	202	1	wspólności	wspólności	INTJ
dem-18579	202	2	w	w	INTJ
dem-18579	202	3	płynności	płynności	PROPN
dem-18579	202	4	na	na	AUX
dem-18579	202	5	siedmiu	siedmiu	PROPN
dem-18579	202	6	małych	małych	PROPN
dem-18579	202	7	giełdach	giełdach	PROPN
dem-18579	202	8	europy	europy	VERB
dem-18579	202	9	środkowo	środkowo	PROPN
dem-18579	202	10	-	-	PUNCT
dem-18579	202	11	wschodniej	wschodniej	PROPN
dem-18579	202	12	w	w	PROPN
dem-18579	202	13	kontekście	kontekście	PROPN
dem-18579	202	14	problemu	problemu	ADV
dem-18579	202	15	braku	braku	VERB
dem-18579	202	16	transakcji	transakcji	ADV
dem-18579	202	17	,	,	PUNCT
dem-18579	202	18	czyli	czyli	PROPN
dem-18579	202	19	bardzo	bardzo	X
dem-18579	202	20	dużej	dużej	PROPN
dem-18579	202	21	liczby	liczby	PROPN
dem-18579	202	22	dni	dni	PROPN
dem-18579	202	23	z	z	PROPN
dem-18579	202	24	zerowym	zerowym	PROPN
dem-18579	202	25	wolumenem	wolumenem	PROPN
dem-18579	202	26	.	.	PUNCT
dem-18579	203	1	przeprowadzono	przeprowadzono	AUX
dem-18579	203	2	konieczną	konieczną	PROPN
dem-18579	203	3	redukcję	redukcję	PROPN
dem-18579	203	4	niepłynnych	niepłynnych	PROPN
dem-18579	203	5	spółek	spółek	VERB
dem-18579	203	6	na	na	PROPN
dem-18579	203	7	badanych	badanych	NOUN
dem-18579	203	8	rynkach	rynkach	NOUN
dem-18579	203	9	,	,	PUNCT
dem-18579	203	10	co	co	X
dem-18579	203	11	spowodowało	spowodowało	VERB
dem-18579	203	12	znaczny	znaczny	PROPN
dem-18579	203	13	spadek	spadek	PROPN
dem-18579	203	14	liczby	liczby	PROPN
dem-18579	203	15	firm	firm	PROPN
dem-18579	203	16	uczestniczących	uczestniczących	VERB
dem-18579	203	17	w	w	PROPN
dem-18579	203	18	badaniu	badaniu	PROPN
dem-18579	203	19	.	.	PUNCT
dem-18579	204	1	jako	jako	PROPN
dem-18579	204	2	estymator	estymator	PROPN
dem-18579	204	3	dziennej	dziennej	VERB
dem-18579	204	4	płynności	płynności	PROPN
dem-18579	204	5	zastosowano	zastosowano	PROPN
dem-18579	204	6	zmodyfikowaną	zmodyfikowaną	PROPN
dem-18579	204	7	miarę	miarę	PROPN
dem-18579	204	8	amihuda	amihuda	NOUN
dem-18579	204	9	.	.	PUNCT
dem-18579	205	1	w	w	PROPN
dem-18579	205	2	celu	celu	PROPN
dem-18579	205	3	identyfikacji	identyfikacji	PROPN
dem-18579	205	4	wzorców	wzorców	PROPN
dem-18579	205	5	w	w	PROPN
dem-18579	205	6	płynności	płynności	PROPN
dem-18579	205	7	wykorzystano	wykorzystano	PROPN
dem-18579	205	8	modele	modele	PROPN
dem-18579	205	9	ols	ols	PROPN
dem-18579	205	10	-	-	PUNCT
dem-18579	205	11	hac	hac	PROPN
dem-18579	205	12	oraz	oraz	PROPN
dem-18579	205	13	garch	garch	NOUN
dem-18579	205	14	.	.	PUNCT
dem-18579	206	1	nie	nie	PROPN
dem-18579	206	2	stwierdzono	stwierdzono	PROPN
dem-18579	206	3	efektu	efektu	PROPN
dem-18579	207	1	wspólności	wspólności	NOUN
dem-18579	207	2	w	w	NOUN
dem-18579	207	3	płynności	płynności	ADJ
dem-18579	207	4	na	na	INTJ
dem-18579	208	1	żadnym	żadnym	PROPN
dem-18579	208	2	z	z	PROPN
dem-18579	208	3	badanych	badanych	PROPN
dem-18579	208	4	rynków	rynków	PROPN
dem-18579	208	5	giełdowych	giełdowych	PROPN
dem-18579	208	6	.	.	PUNCT
dem-18579	209	1	s	s	PART
dem-18579	209	2	ł	ł	PROPN
dem-18579	209	3	o	o	X
dem-18579	209	4	w	w	NOUN
dem-18579	209	5	a	a	DET
dem-18579	209	6	k	k	X
dem-18579	209	7	l	l	NOUN
dem-18579	209	8	u	u	NOUN
dem-18579	210	1	c	c	NOUN
dem-18579	210	2	z	z	NOUN
dem-18579	210	3	o	o	X
dem-18579	210	4	w	w	PROPN
dem-18579	211	1	e	e	NOUN
dem-18579	211	2	:	:	PUNCT
dem-18579	211	3	europa	europa	PROPN
dem-18579	211	4	środkowo	środkowo	PROPN
dem-18579	211	5	-	-	PUNCT
dem-18579	211	6	wschodnia	wschodnia	PROPN
dem-18579	211	7	;	;	PUNCT
dem-18579	211	8	wspólność	wspólność	PROPN
dem-18579	211	9	w	w	PROPN
dem-18579	211	10	płynności	płynności	PROPN
dem-18579	211	11	;	;	PUNCT
dem-18579	211	12	garch	garch	NOUN
dem-18579	211	13	;	;	PUNCT
dem-18579	211	14	hac	hac	X
dem-18579	211	15	;	;	PUNCT
dem-18579	211	16	problem	problem	NOUN
dem-18579	211	17	braku	braku	VERB
dem-18579	211	18	transakcji	transakcji	ADV
dem-18579	211	19	.	.	PUNCT