id	sid	tid	token	lemma	pos
dem-2902	1	1	microsoft	microsoft	PROPN
dem-2902	1	2	word	word	NOUN
dem-2902	1	3	00_tresc.docx	00_tresc.docx	X
dem-2902	1	4	©	©	PROPN
dem-2902	1	5	2013	2013	NUM
dem-2902	1	6	nicolaus	nicolaus	PROPN
dem-2902	1	7	copernicus	copernicus	PROPN
dem-2902	1	8	university	university	PROPN
dem-2902	1	9	.	.	PUNCT
dem-2902	2	1	all	all	DET
dem-2902	2	2	rights	right	NOUN
dem-2902	2	3	reserved	reserve	VERB
dem-2902	2	4	.	.	PUNCT
dem-2902	3	1	http://www.dem.umk.pl/dem	http://www.dem.umk.pl/dem	PROPN
dem-2902	4	1	d	d	PUNCT
dem-2902	4	2	y	y	PROPN
dem-2902	4	3	n	n	PROPN
dem-2902	4	4	a	a	PRON
dem-2902	4	5	m	m	VERB
dem-2902	5	1	i	i	NOUN
dem-2902	5	2	c	c	NOUN
dem-2902	5	3	e	e	NOUN
dem-2902	5	4	c	c	NOUN
dem-2902	5	5	o	o	X
dem-2902	6	1	n	n	INTJ
dem-2902	6	2	o	o	NOUN
dem-2902	6	3	m	m	VERB
dem-2902	7	1	e	e	NOUN
dem-2902	7	2	t	t	NOUN
dem-2902	7	3	r	r	NOUN
dem-2902	7	4	i	i	NOUN
dem-2902	7	5	c	c	NOUN
dem-2902	7	6	m	m	VERB
dem-2902	7	7	o	o	NOUN
dem-2902	7	8	d	d	X
dem-2902	7	9	e	e	X
dem-2902	7	10	l	l	NOUN
dem-2902	7	11	s	s	X
dem-2902	7	12	doi	doi	NOUN
dem-2902	7	13	:	:	PUNCT
dem-2902	7	14	http://dx.doi.org/10.12775/dem.2013.008	http://dx.doi.org/10.12775/dem.2013.008	NOUN
dem-2902	7	15	vol	vol	NOUN
dem-2902	7	16	.	.	PROPN
dem-2902	7	17	13	13	NUM
dem-2902	7	18	(	(	PUNCT
dem-2902	7	19	2013	2013	NUM
dem-2902	7	20	)	)	PUNCT
dem-2902	8	1	145−162	145−162	CCONJ
dem-2902	8	2	submitted	submit	VERB
dem-2902	8	3	october	october	PROPN
dem-2902	8	4	17	17	NUM
dem-2902	8	5	,	,	PUNCT
dem-2902	8	6	2013	2013	NUM
dem-2902	8	7	issn	issn	PROPN
dem-2902	8	8	accepted	accept	VERB
dem-2902	8	9	december	december	PROPN
dem-2902	8	10	30	30	NUM
dem-2902	8	11	,	,	PUNCT
dem-2902	8	12	2013	2013	NUM
dem-2902	8	13	1234	1234	NUM
dem-2902	8	14	-	-	SYM
dem-2902	8	15	3862	3862	NUM
dem-2902	8	16	anna	anna	NOUN
dem-2902	8	17	czapkiewicz	czapkiewicz	NOUN
dem-2902	8	18	,	,	PUNCT
dem-2902	8	19	artur	artur	PROPN
dem-2902	8	20	machno	machno	PROPN
dem-2902	8	21	*	*	PROPN
dem-2902	8	22	empirical	empirical	ADJ
dem-2902	8	23	verification	verification	NOUN
dem-2902	8	24	of	of	ADP
dem-2902	8	25	world	world	NOUN
dem-2902	8	26	’s	’s	PART
dem-2902	8	27	regions	region	NOUN
dem-2902	8	28	profitability	profitability	NOUN
dem-2902	8	29	in	in	ADP
dem-2902	8	30	dynamic	dynamic	ADJ
dem-2902	8	31	international	international	ADJ
dem-2902	8	32	investment	investment	NOUN
dem-2902	8	33	strategy	strategy	NOUN
dem-2902	8	34	a	a	DET
dem-2902	8	35	b	b	PROPN
dem-2902	8	36	s	s	ADP
dem-2902	8	37	t	t	PROPN
dem-2902	8	38	r	r	NOUN
dem-2902	8	39	a	a	DET
dem-2902	8	40	c	c	NOUN
dem-2902	8	41	t.	t.	NOUN
dem-2902	8	42	the	the	DET
dem-2902	8	43	main	main	ADJ
dem-2902	8	44	goal	goal	NOUN
dem-2902	8	45	of	of	ADP
dem-2902	8	46	the	the	DET
dem-2902	8	47	work	work	NOUN
dem-2902	8	48	is	be	AUX
dem-2902	8	49	to	to	PART
dem-2902	8	50	present	present	VERB
dem-2902	8	51	the	the	DET
dem-2902	8	52	empirical	empirical	ADJ
dem-2902	8	53	verification	verification	NOUN
dem-2902	8	54	of	of	ADP
dem-2902	8	55	the	the	DET
dem-2902	8	56	investment	investment	NOUN
dem-2902	8	57	attractiveness	attractiveness	NOUN
dem-2902	8	58	in	in	ADP
dem-2902	8	59	a	a	DET
dem-2902	8	60	given	give	VERB
dem-2902	8	61	world	world	NOUN
dem-2902	8	62	financial	financial	ADJ
dem-2902	8	63	region	region	NOUN
dem-2902	8	64	.	.	PUNCT
dem-2902	9	1	the	the	DET
dem-2902	9	2	attractiveness	attractiveness	NOUN
dem-2902	9	3	of	of	ADP
dem-2902	9	4	a	a	DET
dem-2902	9	5	region	region	NOUN
dem-2902	9	6	is	be	AUX
dem-2902	9	7	represented	represent	VERB
dem-2902	9	8	by	by	ADP
dem-2902	9	9	the	the	DET
dem-2902	9	10	share	share	NOUN
dem-2902	9	11	of	of	ADP
dem-2902	9	12	assets	asset	NOUN
dem-2902	9	13	from	from	ADP
dem-2902	9	14	this	this	DET
dem-2902	9	15	region	region	NOUN
dem-2902	9	16	in	in	ADP
dem-2902	9	17	the	the	DET
dem-2902	9	18	optimal	optimal	ADJ
dem-2902	9	19	portfolio	portfolio	NOUN
dem-2902	9	20	.	.	PUNCT
dem-2902	10	1	the	the	DET
dem-2902	10	2	multivariate	multivariate	NOUN
dem-2902	10	3	garch	garch	NOUN
dem-2902	10	4	model	model	NOUN
dem-2902	10	5	has	have	AUX
dem-2902	10	6	been	be	AUX
dem-2902	10	7	used	use	VERB
dem-2902	10	8	to	to	PART
dem-2902	10	9	describe	describe	VERB
dem-2902	10	10	international	international	ADJ
dem-2902	10	11	dependencies	dependency	NOUN
dem-2902	10	12	.	.	PUNCT
dem-2902	11	1	optimal	optimal	ADJ
dem-2902	11	2	portfolios	portfolio	NOUN
dem-2902	11	3	based	base	VERB
dem-2902	11	4	on	on	ADP
dem-2902	11	5	value	value	NOUN
dem-2902	11	6	at	at	ADP
dem-2902	11	7	risk	risk	NOUN
dem-2902	11	8	and	and	CCONJ
dem-2902	11	9	expected	expect	VERB
dem-2902	11	10	shortfall	shortfall	NOUN
dem-2902	11	11	minimization	minimization	NOUN
dem-2902	11	12	have	have	AUX
dem-2902	11	13	been	be	AUX
dem-2902	11	14	compared	compare	VERB
dem-2902	11	15	to	to	ADP
dem-2902	11	16	the	the	DET
dem-2902	11	17	markowitz	markowitz	PROPN
dem-2902	11	18	portfolio	portfolio	PROPN
dem-2902	11	19	.	.	PUNCT
dem-2902	12	1	indications	indication	NOUN
dem-2902	12	2	,	,	PUNCT
dem-2902	12	3	which	which	PRON
dem-2902	12	4	should	should	AUX
dem-2902	12	5	be	be	AUX
dem-2902	12	6	taken	take	VERB
dem-2902	12	7	into	into	ADP
dem-2902	12	8	account	account	NOUN
dem-2902	12	9	by	by	ADP
dem-2902	12	10	investors	investor	NOUN
dem-2902	12	11	willing	willing	ADJ
dem-2902	12	12	to	to	PART
dem-2902	12	13	invest	invest	VERB
dem-2902	12	14	in	in	ADP
dem-2902	12	15	different	different	ADJ
dem-2902	12	16	world	world	NOUN
dem-2902	12	17	regions	region	NOUN
dem-2902	12	18	,	,	PUNCT
dem-2902	12	19	have	have	AUX
dem-2902	12	20	been	be	AUX
dem-2902	12	21	presented	present	VERB
dem-2902	12	22	as	as	ADP
dem-2902	12	23	the	the	DET
dem-2902	12	24	result	result	NOUN
dem-2902	12	25	.	.	PUNCT
dem-2902	13	1	k	k	PROPN
dem-2902	13	2	e	e	PROPN
dem-2902	13	3	y	y	PROPN
dem-2902	13	4	w	w	NOUN
dem-2902	14	1	o	o	NOUN
dem-2902	14	2	r	r	NOUN
dem-2902	14	3	d	d	X
dem-2902	14	4	s	s	NOUN
dem-2902	14	5	:	:	PUNCT
dem-2902	14	6	optimal	optimal	ADJ
dem-2902	14	7	portfolio	portfolio	NOUN
dem-2902	14	8	,	,	PUNCT
dem-2902	14	9	value	value	NOUN
dem-2902	14	10	at	at	ADP
dem-2902	14	11	risk	risk	NOUN
dem-2902	14	12	,	,	PUNCT
dem-2902	14	13	expected	expect	VERB
dem-2902	14	14	shortfall	shortfall	NOUN
dem-2902	14	15	,	,	PUNCT
dem-2902	14	16	international	international	ADJ
dem-2902	14	17	dependency	dependency	NOUN
dem-2902	14	18	.	.	PUNCT
dem-2902	15	1	j	j	PROPN
dem-2902	15	2	e	e	PROPN
dem-2902	15	3	l	l	PROPN
dem-2902	15	4	classification	classification	NOUN
dem-2902	15	5	:	:	PUNCT
dem-2902	15	6	c52	c52	PROPN
dem-2902	15	7	,	,	PUNCT
dem-2902	15	8	g11	g11	PROPN
dem-2902	15	9	,	,	PUNCT
dem-2902	15	10	g15	g15	PROPN
dem-2902	15	11	,	,	PUNCT
dem-2902	15	12	g32	g32	NOUN
dem-2902	15	13	.	.	PUNCT
dem-2902	16	1	introduction	introduction	NOUN
dem-2902	16	2	the	the	DET
dem-2902	16	3	trading	trading	NOUN
dem-2902	16	4	digitization	digitization	NOUN
dem-2902	16	5	of	of	ADP
dem-2902	16	6	the	the	DET
dem-2902	16	7	last	last	ADJ
dem-2902	16	8	two	two	NUM
dem-2902	16	9	decades	decade	NOUN
dem-2902	16	10	has	have	AUX
dem-2902	16	11	allowed	allow	VERB
dem-2902	16	12	investors	investor	NOUN
dem-2902	16	13	to	to	PART
dem-2902	16	14	invest	invest	VERB
dem-2902	16	15	their	their	PRON
dem-2902	16	16	money	money	NOUN
dem-2902	16	17	into	into	ADP
dem-2902	16	18	financial	financial	ADJ
dem-2902	16	19	markets	market	NOUN
dem-2902	16	20	of	of	ADP
dem-2902	16	21	a	a	DET
dem-2902	16	22	given	give	VERB
dem-2902	16	23	region	region	NOUN
dem-2902	16	24	of	of	ADP
dem-2902	16	25	the	the	DET
dem-2902	16	26	world	world	NOUN
dem-2902	16	27	with	with	ADP
dem-2902	16	28	no	no	DET
dem-2902	16	29	impediments	impediment	NOUN
dem-2902	16	30	.	.	PUNCT
dem-2902	17	1	the	the	DET
dem-2902	17	2	easy	easy	ADJ
dem-2902	17	3	access	access	NOUN
dem-2902	17	4	to	to	ADP
dem-2902	17	5	the	the	DET
dem-2902	17	6	knowledge	knowledge	NOUN
dem-2902	17	7	about	about	ADP
dem-2902	17	8	the	the	DET
dem-2902	17	9	economic	economic	ADJ
dem-2902	17	10	situation	situation	NOUN
dem-2902	17	11	of	of	ADP
dem-2902	17	12	a	a	DET
dem-2902	17	13	given	give	VERB
dem-2902	17	14	region	region	NOUN
dem-2902	17	15	helps	help	VERB
dem-2902	17	16	to	to	PART
dem-2902	17	17	decide	decide	VERB
dem-2902	17	18	if	if	SCONJ
dem-2902	17	19	it	it	PRON
dem-2902	17	20	is	be	AUX
dem-2902	17	21	worthy	worthy	ADJ
dem-2902	17	22	to	to	PART
dem-2902	17	23	invest	invest	VERB
dem-2902	17	24	in	in	ADP
dem-2902	17	25	it	it	PRON
dem-2902	17	26	.	.	PUNCT
dem-2902	18	1	moreover	moreover	ADV
dem-2902	18	2	,	,	PUNCT
dem-2902	18	3	the	the	DET
dem-2902	18	4	capital	capital	NOUN
dem-2902	18	5	flow	flow	NOUN
dem-2902	18	6	between	between	ADP
dem-2902	18	7	markets	market	NOUN
dem-2902	18	8	from	from	ADP
dem-2902	18	9	different	different	ADJ
dem-2902	18	10	parts	part	NOUN
dem-2902	18	11	of	of	ADP
dem-2902	18	12	the	the	DET
dem-2902	18	13	word	word	NOUN
dem-2902	18	14	leads	lead	VERB
dem-2902	18	15	to	to	ADP
dem-2902	18	16	evaluation	evaluation	NOUN
dem-2902	18	17	of	of	ADP
dem-2902	18	18	the	the	DET
dem-2902	18	19	attractiveness	attractiveness	NOUN
dem-2902	18	20	of	of	ADP
dem-2902	18	21	an	an	DET
dem-2902	18	22	investing	investing	NOUN
dem-2902	18	23	on	on	ADP
dem-2902	18	24	a	a	DET
dem-2902	18	25	global	global	ADJ
dem-2902	18	26	scale	scale	NOUN
dem-2902	18	27	.	.	PUNCT
dem-2902	19	1	there	there	PRON
dem-2902	19	2	are	be	VERB
dem-2902	19	3	questions	question	NOUN
dem-2902	19	4	to	to	PART
dem-2902	19	5	be	be	AUX
dem-2902	19	6	answered	answer	VERB
dem-2902	19	7	:	:	PUNCT
dem-2902	19	8	how	how	SCONJ
dem-2902	19	9	to	to	PART
dem-2902	19	10	define	define	VERB
dem-2902	19	11	the	the	DET
dem-2902	19	12	attractiveness	attractiveness	NOUN
dem-2902	19	13	of	of	ADP
dem-2902	19	14	a	a	DET
dem-2902	19	15	region	region	NOUN
dem-2902	19	16	and	and	CCONJ
dem-2902	19	17	*	*	PUNCT
dem-2902	19	18	correspondence	correspondence	NOUN
dem-2902	19	19	to	to	PART
dem-2902	19	20	:	:	PUNCT
dem-2902	19	21	artur	artur	PROPN
dem-2902	19	22	machno	machno	PROPN
dem-2902	19	23	,	,	PUNCT
dem-2902	19	24	agh	agh	PROPN
dem-2902	19	25	university	university	PROPN
dem-2902	19	26	of	of	ADP
dem-2902	19	27	science	science	NOUN
dem-2902	19	28	and	and	CCONJ
dem-2902	19	29	technology	technology	NOUN
dem-2902	19	30	,	,	PUNCT
dem-2902	19	31	faculty	faculty	NOUN
dem-2902	19	32	of	of	ADP
dem-2902	19	33	management	management	NOUN
dem-2902	19	34	,	,	PUNCT
dem-2902	19	35	10	10	NUM
dem-2902	19	36	gramatyka	gramatyka	ADP
dem-2902	19	37	street	street	NOUN
dem-2902	19	38	,	,	PUNCT
dem-2902	19	39	30	30	NUM
dem-2902	19	40	-	-	SYM
dem-2902	19	41	067	067	NUM
dem-2902	19	42	kraków	kraków	PROPN
dem-2902	19	43	,	,	PUNCT
dem-2902	19	44	poland	poland	PROPN
dem-2902	19	45	,	,	PUNCT
dem-2902	19	46	e	e	NOUN
dem-2902	19	47	-	-	NOUN
dem-2902	19	48	mail	mail	NOUN
dem-2902	19	49	:	:	PUNCT
dem-2902	19	50	artur.machno@gmail.com	artur.machno@gmail.com	PROPN
dem-2902	19	51	.	.	PROPN
dem-2902	19	52	anna	anna	PROPN
dem-2902	19	53	czapkiewicz	czapkiewicz	PROPN
dem-2902	19	54	,	,	PUNCT
dem-2902	19	55	artur	artur	PROPN
dem-2902	19	56	machno	machno	ADV
dem-2902	19	57	dynamic	dynamic	ADJ
dem-2902	19	58	econometric	econometric	ADJ
dem-2902	19	59	models	model	NOUN
dem-2902	19	60	13	13	NUM
dem-2902	19	61	(	(	PUNCT
dem-2902	19	62	2013	2013	NUM
dem-2902	19	63	)	)	PUNCT
dem-2902	20	1	145–162	145–162	NUM
dem-2902	20	2	146	146	NUM
dem-2902	20	3	how	how	SCONJ
dem-2902	20	4	to	to	PART
dem-2902	20	5	measure	measure	VERB
dem-2902	20	6	it	it	PRON
dem-2902	20	7	.	.	PUNCT
dem-2902	21	1	the	the	DET
dem-2902	21	2	attractiveness	attractiveness	NOUN
dem-2902	21	3	of	of	ADP
dem-2902	21	4	a	a	DET
dem-2902	21	5	region	region	NOUN
dem-2902	21	6	could	could	AUX
dem-2902	21	7	be	be	AUX
dem-2902	21	8	understood	understand	VERB
dem-2902	21	9	as	as	ADP
dem-2902	21	10	an	an	DET
dem-2902	21	11	amount	amount	NOUN
dem-2902	21	12	of	of	ADP
dem-2902	21	13	invested	invest	VERB
dem-2902	21	14	assets	asset	NOUN
dem-2902	21	15	of	of	ADP
dem-2902	21	16	this	this	DET
dem-2902	21	17	region	region	NOUN
dem-2902	21	18	in	in	ADP
dem-2902	21	19	profitable	profitable	ADJ
dem-2902	21	20	investments	investment	NOUN
dem-2902	21	21	.	.	PUNCT
dem-2902	22	1	however	however	ADV
dem-2902	22	2	,	,	PUNCT
dem-2902	22	3	accepting	accept	VERB
dem-2902	22	4	this	this	DET
dem-2902	22	5	definition	definition	NOUN
dem-2902	22	6	of	of	ADP
dem-2902	22	7	the	the	DET
dem-2902	22	8	attractiveness	attractiveness	NOUN
dem-2902	22	9	of	of	ADP
dem-2902	22	10	a	a	DET
dem-2902	22	11	region	region	NOUN
dem-2902	22	12	makes	make	VERB
dem-2902	22	13	its	its	PRON
dem-2902	22	14	empirical	empirical	ADJ
dem-2902	22	15	verification	verification	NOUN
dem-2902	22	16	difficult	difficult	ADJ
dem-2902	22	17	because	because	SCONJ
dem-2902	22	18	of	of	ADP
dem-2902	22	19	numerous	numerous	ADJ
dem-2902	22	20	possibilities	possibility	NOUN
dem-2902	22	21	of	of	ADP
dem-2902	22	22	asset	asset	NOUN
dem-2902	22	23	investing	invest	VERB
dem-2902	22	24	in	in	ADP
dem-2902	22	25	this	this	DET
dem-2902	22	26	region	region	NOUN
dem-2902	22	27	.	.	PUNCT
dem-2902	23	1	thus	thus	ADV
dem-2902	23	2	,	,	PUNCT
dem-2902	23	3	we	we	PRON
dem-2902	23	4	suggest	suggest	AUX
dem-2902	23	5	building	build	VERB
dem-2902	23	6	a	a	DET
dem-2902	23	7	global	global	ADJ
dem-2902	23	8	index	index	NOUN
dem-2902	23	9	characterizing	characterize	VERB
dem-2902	23	10	financial	financial	ADJ
dem-2902	23	11	conditions	condition	NOUN
dem-2902	23	12	of	of	ADP
dem-2902	23	13	a	a	DET
dem-2902	23	14	region	region	NOUN
dem-2902	23	15	and	and	CCONJ
dem-2902	23	16	then	then	ADV
dem-2902	23	17	the	the	DET
dem-2902	23	18	attractiveness	attractiveness	NOUN
dem-2902	23	19	of	of	ADP
dem-2902	23	20	this	this	DET
dem-2902	23	21	region	region	NOUN
dem-2902	23	22	could	could	AUX
dem-2902	23	23	be	be	AUX
dem-2902	23	24	understood	understand	VERB
dem-2902	23	25	as	as	ADP
dem-2902	23	26	a	a	DET
dem-2902	23	27	share	share	NOUN
dem-2902	23	28	of	of	ADP
dem-2902	23	29	the	the	DET
dem-2902	23	30	corresponding	corresponding	ADJ
dem-2902	23	31	global	global	ADJ
dem-2902	23	32	index	index	NOUN
dem-2902	23	33	in	in	ADP
dem-2902	23	34	the	the	DET
dem-2902	23	35	optimal	optimal	ADJ
dem-2902	23	36	portfolio	portfolio	NOUN
dem-2902	23	37	of	of	ADP
dem-2902	23	38	all	all	DET
dem-2902	23	39	global	global	ADJ
dem-2902	23	40	indices	index	NOUN
dem-2902	23	41	.	.	PUNCT
dem-2902	24	1	the	the	DET
dem-2902	24	2	optimal	optimal	ADJ
dem-2902	24	3	portfolio	portfolio	NOUN
dem-2902	24	4	is	be	AUX
dem-2902	24	5	assumed	assume	VERB
dem-2902	24	6	to	to	PART
dem-2902	24	7	be	be	AUX
dem-2902	24	8	the	the	DET
dem-2902	24	9	least	least	ADV
dem-2902	24	10	risky	risky	ADJ
dem-2902	24	11	one	one	NUM
dem-2902	24	12	in	in	ADP
dem-2902	24	13	the	the	DET
dem-2902	24	14	class	class	NOUN
dem-2902	24	15	of	of	ADP
dem-2902	24	16	portfolios	portfolio	NOUN
dem-2902	24	17	with	with	ADP
dem-2902	24	18	the	the	DET
dem-2902	24	19	assumed	assumed	ADJ
dem-2902	24	20	return	return	NOUN
dem-2902	24	21	.	.	PUNCT
dem-2902	25	1	the	the	DET
dem-2902	25	2	first	first	ADJ
dem-2902	25	3	attempt	attempt	NOUN
dem-2902	25	4	to	to	PART
dem-2902	25	5	build	build	VERB
dem-2902	25	6	the	the	DET
dem-2902	25	7	optimal	optimal	ADJ
dem-2902	25	8	portfolio	portfolio	NOUN
dem-2902	25	9	was	be	AUX
dem-2902	25	10	undertaken	undertake	VERB
dem-2902	25	11	by	by	ADP
dem-2902	25	12	markowitz	markowitz	PROPN
dem-2902	25	13	(	(	PUNCT
dem-2902	25	14	1959	1959	NUM
dem-2902	25	15	)	)	PUNCT
dem-2902	25	16	.	.	PUNCT
dem-2902	26	1	this	this	DET
dem-2902	26	2	method	method	NOUN
dem-2902	26	3	is	be	AUX
dem-2902	26	4	based	base	VERB
dem-2902	26	5	on	on	ADP
dem-2902	26	6	a	a	DET
dem-2902	26	7	historical	historical	ADJ
dem-2902	26	8	data	datum	NOUN
dem-2902	26	9	and	and	CCONJ
dem-2902	26	10	it	it	PRON
dem-2902	26	11	assumes	assume	VERB
dem-2902	26	12	the	the	DET
dem-2902	26	13	multivariate	multivariate	NOUN
dem-2902	26	14	normal	normal	ADJ
dem-2902	26	15	distribution	distribution	NOUN
dem-2902	26	16	of	of	ADP
dem-2902	26	17	variables	variable	NOUN
dem-2902	26	18	.	.	PUNCT
dem-2902	27	1	the	the	DET
dem-2902	27	2	risk	risk	NOUN
dem-2902	27	3	of	of	ADP
dem-2902	27	4	a	a	DET
dem-2902	27	5	financial	financial	ADJ
dem-2902	27	6	position	position	NOUN
dem-2902	27	7	is	be	AUX
dem-2902	27	8	described	describe	VERB
dem-2902	27	9	by	by	ADP
dem-2902	27	10	the	the	DET
dem-2902	27	11	variance	variance	NOUN
dem-2902	27	12	.	.	PUNCT
dem-2902	28	1	despite	despite	SCONJ
dem-2902	28	2	of	of	ADP
dem-2902	28	3	the	the	DET
dem-2902	28	4	serious	serious	ADJ
dem-2902	28	5	simplification	simplification	NOUN
dem-2902	28	6	,	,	PUNCT
dem-2902	28	7	the	the	DET
dem-2902	28	8	model	model	NOUN
dem-2902	28	9	is	be	AUX
dem-2902	28	10	commonly	commonly	ADV
dem-2902	28	11	in	in	ADP
dem-2902	28	12	use	use	NOUN
dem-2902	28	13	.	.	PUNCT
dem-2902	29	1	some	some	DET
dem-2902	29	2	approaches	approach	NOUN
dem-2902	29	3	to	to	ADP
dem-2902	29	4	a	a	DET
dem-2902	29	5	construction	construction	NOUN
dem-2902	29	6	of	of	ADP
dem-2902	29	7	optimal	optimal	ADJ
dem-2902	29	8	portfolios	portfolio	NOUN
dem-2902	29	9	discussed	discuss	VERB
dem-2902	29	10	in	in	ADP
dem-2902	29	11	the	the	DET
dem-2902	29	12	literature	literature	NOUN
dem-2902	29	13	are	be	AUX
dem-2902	29	14	based	base	VERB
dem-2902	29	15	on	on	ADP
dem-2902	29	16	other	other	ADJ
dem-2902	29	17	measures	measure	NOUN
dem-2902	29	18	of	of	ADP
dem-2902	29	19	risk	risk	NOUN
dem-2902	29	20	.	.	PUNCT
dem-2902	30	1	the	the	DET
dem-2902	30	2	optimal	optimal	ADJ
dem-2902	30	3	portfolios	portfolio	NOUN
dem-2902	30	4	based	base	VERB
dem-2902	30	5	on	on	ADP
dem-2902	30	6	value	value	NOUN
dem-2902	30	7	-	-	PUNCT
dem-2902	30	8	at	at	ADP
dem-2902	30	9	-	-	PUNCT
dem-2902	30	10	risk	risk	NOUN
dem-2902	30	11	(	(	PUNCT
dem-2902	30	12	var	var	NOUN
dem-2902	30	13	)	)	PUNCT
dem-2902	30	14	or	or	CCONJ
dem-2902	30	15	expected	expect	VERB
dem-2902	30	16	shortfall	shortfall	NOUN
dem-2902	30	17	(	(	PUNCT
dem-2902	30	18	es	es	NOUN
dem-2902	30	19	)	)	PUNCT
dem-2902	30	20	values	value	NOUN
dem-2902	30	21	were	be	AUX
dem-2902	30	22	discussed	discuss	VERB
dem-2902	30	23	by	by	ADP
dem-2902	30	24	rockafellar	rockafellar	ADJ
dem-2902	30	25	and	and	CCONJ
dem-2902	30	26	uryasev	uryasev	ADJ
dem-2902	30	27	(	(	PUNCT
dem-2902	30	28	2000	2000	NUM
dem-2902	30	29	,	,	PUNCT
dem-2902	30	30	2002	2002	NUM
dem-2902	30	31	)	)	PUNCT
dem-2902	30	32	.	.	PUNCT
dem-2902	31	1	the	the	DET
dem-2902	31	2	var	var	NOUN
dem-2902	31	3	is	be	AUX
dem-2902	31	4	the	the	DET
dem-2902	31	5	most	most	ADV
dem-2902	31	6	popular	popular	ADJ
dem-2902	31	7	measure	measure	NOUN
dem-2902	31	8	of	of	ADP
dem-2902	31	9	risk	risk	NOUN
dem-2902	31	10	and	and	CCONJ
dem-2902	31	11	it	it	PRON
dem-2902	31	12	achieved	achieve	VERB
dem-2902	31	13	the	the	DET
dem-2902	31	14	high	high	ADJ
dem-2902	31	15	status	status	NOUN
dem-2902	31	16	of	of	ADP
dem-2902	31	17	being	be	AUX
dem-2902	31	18	written	write	VERB
dem-2902	31	19	into	into	ADP
dem-2902	31	20	industry	industry	NOUN
dem-2902	31	21	regulations	regulation	NOUN
dem-2902	31	22	(	(	PUNCT
dem-2902	31	23	see	see	VERB
dem-2902	31	24	,	,	PUNCT
dem-2902	31	25	for	for	ADP
dem-2902	31	26	instance	instance	NOUN
dem-2902	31	27	,	,	PUNCT
dem-2902	31	28	jorion	jorion	NOUN
dem-2902	31	29	(	(	PUNCT
dem-2902	31	30	1996	1996	NUM
dem-2902	31	31	)	)	PUNCT
dem-2902	31	32	)	)	PUNCT
dem-2902	31	33	.	.	PUNCT
dem-2902	32	1	however	however	ADV
dem-2902	32	2	,	,	PUNCT
dem-2902	32	3	var	var	PROPN
dem-2902	32	4	is	be	AUX
dem-2902	32	5	unstable	unstable	ADJ
dem-2902	32	6	and	and	CCONJ
dem-2902	32	7	it	it	PRON
dem-2902	32	8	is	be	AUX
dem-2902	32	9	difficult	difficult	ADJ
dem-2902	32	10	to	to	PART
dem-2902	32	11	determine	determine	VERB
dem-2902	32	12	even	even	ADV
dem-2902	32	13	numerically	numerically	ADV
dem-2902	32	14	when	when	SCONJ
dem-2902	32	15	variables	variable	NOUN
dem-2902	32	16	have	have	VERB
dem-2902	32	17	non	non	ADJ
dem-2902	32	18	-	-	ADJ
dem-2902	32	19	normal	normal	ADJ
dem-2902	32	20	distributions	distribution	NOUN
dem-2902	32	21	.	.	PUNCT
dem-2902	33	1	moreover	moreover	ADV
dem-2902	33	2	,	,	PUNCT
dem-2902	33	3	var	var	NOUN
dem-2902	33	4	fails	fail	VERB
dem-2902	33	5	to	to	PART
dem-2902	33	6	be	be	AUX
dem-2902	33	7	coherent	coherent	ADJ
dem-2902	33	8	in	in	ADP
dem-2902	33	9	the	the	DET
dem-2902	33	10	sense	sense	NOUN
dem-2902	33	11	of	of	ADP
dem-2902	33	12	artzner	artzner	NOUN
dem-2902	33	13	et	et	PROPN
dem-2902	33	14	al	al	PROPN
dem-2902	33	15	.	.	PUNCT
dem-2902	34	1	(	(	PUNCT
dem-2902	34	2	1999	1999	NUM
dem-2902	34	3	)	)	PUNCT
dem-2902	34	4	.	.	PUNCT
dem-2902	35	1	the	the	DET
dem-2902	35	2	expected	expect	VERB
dem-2902	35	3	shortfall	shortfall	NOUN
dem-2902	35	4	(	(	PUNCT
dem-2902	35	5	es	es	NOUN
dem-2902	35	6	)	)	PUNCT
dem-2902	35	7	is	be	AUX
dem-2902	35	8	another	another	DET
dem-2902	35	9	risk	risk	NOUN
dem-2902	35	10	measure	measure	NOUN
dem-2902	35	11	,	,	PUNCT
dem-2902	35	12	with	with	ADP
dem-2902	35	13	an	an	DET
dem-2902	35	14	economic	economic	ADJ
dem-2902	35	15	interpretation	interpretation	NOUN
dem-2902	35	16	similar	similar	ADJ
dem-2902	35	17	to	to	ADP
dem-2902	35	18	var	var	NOUN
dem-2902	35	19	,	,	PUNCT
dem-2902	35	20	which	which	PRON
dem-2902	35	21	avoids	avoid	VERB
dem-2902	35	22	most	most	ADJ
dem-2902	35	23	of	of	ADP
dem-2902	35	24	the	the	DET
dem-2902	35	25	var	var	NOUN
dem-2902	35	26	’s	’s	PART
dem-2902	35	27	drawbacks	drawback	NOUN
dem-2902	35	28	.	.	PUNCT
dem-2902	36	1	it	it	PRON
dem-2902	36	2	seems	seem	VERB
dem-2902	36	3	that	that	SCONJ
dem-2902	36	4	the	the	DET
dem-2902	36	5	construction	construction	NOUN
dem-2902	36	6	of	of	ADP
dem-2902	36	7	optimal	optimal	ADJ
dem-2902	36	8	portfolios	portfolio	NOUN
dem-2902	36	9	based	base	VERB
dem-2902	36	10	on	on	ADP
dem-2902	36	11	var	var	NOUN
dem-2902	36	12	or	or	CCONJ
dem-2902	36	13	es	es	VERB
dem-2902	36	14	values	value	NOUN
dem-2902	36	15	is	be	AUX
dem-2902	36	16	more	more	ADV
dem-2902	36	17	reasonable	reasonable	ADJ
dem-2902	36	18	than	than	ADP
dem-2902	36	19	markowitz	markowitz	PROPN
dem-2902	36	20	portfolio	portfolio	PROPN
dem-2902	36	21	as	as	SCONJ
dem-2902	36	22	it	it	PRON
dem-2902	36	23	takes	take	VERB
dem-2902	36	24	into	into	ADP
dem-2902	36	25	consideration	consideration	NOUN
dem-2902	36	26	time	time	NOUN
dem-2902	36	27	series	series	PROPN
dem-2902	36	28	distributions	distribution	NOUN
dem-2902	36	29	which	which	PRON
dem-2902	36	30	usually	usually	ADV
dem-2902	36	31	differ	differ	VERB
dem-2902	36	32	from	from	ADP
dem-2902	36	33	normal	normal	ADJ
dem-2902	36	34	distributions	distribution	NOUN
dem-2902	36	35	.	.	PUNCT
dem-2902	37	1	that	that	PRON
dem-2902	37	2	is	be	AUX
dem-2902	37	3	why	why	SCONJ
dem-2902	37	4	in	in	ADP
dem-2902	37	5	the	the	DET
dem-2902	37	6	case	case	NOUN
dem-2902	37	7	of	of	ADP
dem-2902	37	8	constructing	construct	VERB
dem-2902	37	9	optimal	optimal	ADJ
dem-2902	37	10	portfolio	portfolio	NOUN
dem-2902	37	11	based	base	VERB
dem-2902	37	12	on	on	ADP
dem-2902	37	13	var	var	NOUN
dem-2902	37	14	or	or	CCONJ
dem-2902	37	15	es	es	VERB
dem-2902	37	16	values	value	NOUN
dem-2902	37	17	it	it	PRON
dem-2902	37	18	is	be	AUX
dem-2902	37	19	necessary	necessary	ADJ
dem-2902	37	20	to	to	PART
dem-2902	37	21	know	know	VERB
dem-2902	37	22	the	the	DET
dem-2902	37	23	distribution	distribution	NOUN
dem-2902	37	24	of	of	ADP
dem-2902	37	25	time	time	NOUN
dem-2902	37	26	series	series	PROPN
dem-2902	37	27	being	be	AUX
dem-2902	37	28	a	a	DET
dem-2902	37	29	multivariate	multivariate	ADJ
dem-2902	37	30	financial	financial	ADJ
dem-2902	37	31	data	datum	NOUN
dem-2902	37	32	.	.	PUNCT
dem-2902	38	1	researchers	researcher	NOUN
dem-2902	38	2	have	have	AUX
dem-2902	38	3	proposed	propose	VERB
dem-2902	38	4	numerous	numerous	ADJ
dem-2902	38	5	models	model	NOUN
dem-2902	38	6	in	in	ADP
dem-2902	38	7	order	order	NOUN
dem-2902	38	8	to	to	PART
dem-2902	38	9	describe	describe	VERB
dem-2902	38	10	a	a	DET
dem-2902	38	11	multivariate	multivariate	ADJ
dem-2902	38	12	financial	financial	ADJ
dem-2902	38	13	data	datum	NOUN
dem-2902	38	14	.	.	PUNCT
dem-2902	39	1	the	the	DET
dem-2902	39	2	empirical	empirical	ADJ
dem-2902	39	3	research	research	NOUN
dem-2902	39	4	suggests	suggest	VERB
dem-2902	39	5	using	use	VERB
dem-2902	39	6	a	a	DET
dem-2902	39	7	dynamic	dynamic	ADJ
dem-2902	39	8	multidimensional	multidimensional	ADJ
dem-2902	39	9	model	model	NOUN
dem-2902	39	10	to	to	PART
dem-2902	39	11	describe	describe	VERB
dem-2902	39	12	the	the	DET
dem-2902	39	13	relationship	relationship	NOUN
dem-2902	39	14	among	among	ADP
dem-2902	39	15	financial	financial	ADJ
dem-2902	39	16	time	time	NOUN
dem-2902	39	17	series	series	NOUN
dem-2902	39	18	.	.	PUNCT
dem-2902	40	1	the	the	DET
dem-2902	40	2	multivariate	multivariate	NOUN
dem-2902	40	3	garch	garch	NOUN
dem-2902	40	4	model	model	NOUN
dem-2902	40	5	was	be	AUX
dem-2902	40	6	proposed	propose	VERB
dem-2902	40	7	by	by	ADP
dem-2902	40	8	bollerslev	bollerslev	ADJ
dem-2902	40	9	(	(	PUNCT
dem-2902	40	10	1990	1990	NUM
dem-2902	40	11	)	)	PUNCT
dem-2902	40	12	,	,	PUNCT
dem-2902	40	13	where	where	SCONJ
dem-2902	40	14	the	the	DET
dem-2902	40	15	conditional	conditional	ADJ
dem-2902	40	16	correlation	correlation	NOUN
dem-2902	40	17	was	be	AUX
dem-2902	40	18	assumed	assume	VERB
dem-2902	40	19	to	to	PART
dem-2902	40	20	be	be	AUX
dem-2902	40	21	constant	constant	ADJ
dem-2902	40	22	(	(	PUNCT
dem-2902	40	23	ccc	ccc	PROPN
dem-2902	40	24	model	model	PROPN
dem-2902	40	25	)	)	PUNCT
dem-2902	40	26	.	.	PUNCT
dem-2902	41	1	in	in	ADP
dem-2902	41	2	the	the	DET
dem-2902	41	3	literature	literature	NOUN
dem-2902	41	4	there	there	PRON
dem-2902	41	5	are	be	VERB
dem-2902	41	6	proposed	propose	VERB
dem-2902	41	7	models	model	NOUN
dem-2902	41	8	where	where	SCONJ
dem-2902	41	9	the	the	DET
dem-2902	41	10	conditional	conditional	ADJ
dem-2902	41	11	correlation	correlation	NOUN
dem-2902	41	12	is	be	AUX
dem-2902	41	13	dynamic	dynamic	ADJ
dem-2902	41	14	,	,	PUNCT
dem-2902	41	15	such	such	ADJ
dem-2902	41	16	as	as	ADP
dem-2902	41	17	the	the	DET
dem-2902	41	18	dcc	dcc	PROPN
dem-2902	41	19	model	model	NOUN
dem-2902	41	20	of	of	ADP
dem-2902	41	21	engle	engle	PROPN
dem-2902	41	22	(	(	PUNCT
dem-2902	41	23	2002	2002	NUM
dem-2902	41	24	)	)	PUNCT
dem-2902	41	25	and	and	CCONJ
dem-2902	41	26	tse	tse	PROPN
dem-2902	41	27	and	and	CCONJ
dem-2902	41	28	tsui	tsui	PROPN
dem-2902	41	29	(	(	PUNCT
dem-2902	41	30	2002	2002	NUM
dem-2902	41	31	)	)	PUNCT
dem-2902	41	32	where	where	SCONJ
dem-2902	41	33	the	the	DET
dem-2902	41	34	correlation	correlation	NOUN
dem-2902	41	35	matrix	matrix	NOUN
dem-2902	41	36	changes	change	NOUN
dem-2902	41	37	at	at	ADP
dem-2902	41	38	every	every	DET
dem-2902	41	39	point	point	NOUN
dem-2902	41	40	of	of	ADP
dem-2902	41	41	the	the	DET
dem-2902	41	42	time	time	NOUN
dem-2902	41	43	.	.	PUNCT
dem-2902	42	1	pelletier	pelletier	NOUN
dem-2902	42	2	(	(	PUNCT
dem-2902	42	3	2006	2006	NUM
dem-2902	42	4	)	)	PUNCT
dem-2902	42	5	proposed	propose	VERB
dem-2902	42	6	the	the	DET
dem-2902	42	7	regime	regime	NOUN
dem-2902	42	8	switching	switch	VERB
dem-2902	42	9	dynamic	dynamic	ADJ
dem-2902	42	10	correlation	correlation	NOUN
dem-2902	42	11	(	(	PUNCT
dem-2902	42	12	rsdc	rsdc	NOUN
dem-2902	42	13	)	)	PUNCT
dem-2902	42	14	model	model	NOUN
dem-2902	42	15	where	where	SCONJ
dem-2902	42	16	the	the	DET
dem-2902	42	17	covariance	covariance	NOUN
dem-2902	42	18	was	be	AUX
dem-2902	42	19	decomposed	decompose	VERB
dem-2902	42	20	into	into	ADP
dem-2902	42	21	correlations	correlation	NOUN
dem-2902	42	22	and	and	CCONJ
dem-2902	42	23	standard	standard	ADJ
dem-2902	42	24	deviations	deviation	NOUN
dem-2902	42	25	and	and	CCONJ
dem-2902	42	26	both	both	CCONJ
dem-2902	42	27	the	the	DET
dem-2902	42	28	correlations	correlation	NOUN
dem-2902	42	29	and	and	CCONJ
dem-2902	42	30	the	the	DET
dem-2902	42	31	standard	standard	ADJ
dem-2902	42	32	deviations	deviation	NOUN
dem-2902	42	33	were	be	AUX
dem-2902	42	34	dynamic	dynamic	ADJ
dem-2902	42	35	.	.	PUNCT
dem-2902	43	1	empirical	empirical	ADJ
dem-2902	43	2	verification	verification	NOUN
dem-2902	43	3	of	of	ADP
dem-2902	43	4	world	world	NOUN
dem-2902	43	5	’s	’s	PART
dem-2902	43	6	regions	region	NOUN
dem-2902	43	7	profitability	profitability	NOUN
dem-2902	43	8	…	…	PUNCT
dem-2902	43	9	dynamic	dynamic	ADJ
dem-2902	43	10	econometric	econometric	ADJ
dem-2902	43	11	models	model	NOUN
dem-2902	43	12	13	13	NUM
dem-2902	43	13	(	(	PUNCT
dem-2902	43	14	2013	2013	NUM
dem-2902	43	15	)	)	PUNCT
dem-2902	44	1	145–162	145–162	NUM
dem-2902	44	2	147	147	NUM
dem-2902	44	3	capiello	capiello	NOUN
dem-2902	44	4	et	et	PROPN
dem-2902	44	5	al	al	PROPN
dem-2902	44	6	.	.	PROPN
dem-2902	45	1	(	(	PUNCT
dem-2902	45	2	2006	2006	NUM
dem-2902	45	3	)	)	PUNCT
dem-2902	45	4	described	describe	VERB
dem-2902	45	5	the	the	DET
dem-2902	45	6	model	model	NOUN
dem-2902	45	7	with	with	ADP
dem-2902	45	8	asymmetric	asymmetric	ADJ
dem-2902	45	9	dynamics	dynamic	NOUN
dem-2902	45	10	of	of	ADP
dem-2902	45	11	dependences	dependence	NOUN
dem-2902	45	12	among	among	ADP
dem-2902	45	13	considered	consider	VERB
dem-2902	45	14	financial	financial	ADJ
dem-2902	45	15	time	time	NOUN
dem-2902	45	16	series	series	NOUN
dem-2902	45	17	.	.	PUNCT
dem-2902	46	1	the	the	DET
dem-2902	46	2	multivariate	multivariate	NOUN
dem-2902	46	3	garch	garch	NOUN
dem-2902	46	4	model	model	NOUN
dem-2902	46	5	has	have	AUX
dem-2902	46	6	been	be	AUX
dem-2902	46	7	used	use	VERB
dem-2902	46	8	in	in	ADP
dem-2902	46	9	the	the	DET
dem-2902	46	10	construction	construction	NOUN
dem-2902	46	11	of	of	ADP
dem-2902	46	12	optimal	optimal	ADJ
dem-2902	46	13	portfolios	portfolio	NOUN
dem-2902	46	14	by	by	ADP
dem-2902	46	15	e.g.	e.g.	ADV
dem-2902	46	16	billio	billio	NOUN
dem-2902	46	17	et	et	PROPN
dem-2902	46	18	al	al	PROPN
dem-2902	46	19	.	.	PROPN
dem-2902	47	1	(	(	PUNCT
dem-2902	47	2	2006	2006	NUM
dem-2902	47	3	)	)	PUNCT
dem-2902	47	4	and	and	CCONJ
dem-2902	47	5	palomba	palomba	NOUN
dem-2902	47	6	(	(	PUNCT
dem-2902	47	7	2008	2008	NUM
dem-2902	47	8	)	)	PUNCT
dem-2902	47	9	.	.	PUNCT
dem-2902	48	1	the	the	DET
dem-2902	48	2	main	main	ADJ
dem-2902	48	3	goal	goal	NOUN
dem-2902	48	4	of	of	ADP
dem-2902	48	5	this	this	DET
dem-2902	48	6	article	article	NOUN
dem-2902	48	7	is	be	AUX
dem-2902	48	8	to	to	PART
dem-2902	48	9	carry	carry	VERB
dem-2902	48	10	out	out	ADP
dem-2902	48	11	empirical	empirical	ADJ
dem-2902	48	12	verification	verification	NOUN
dem-2902	48	13	of	of	ADP
dem-2902	48	14	the	the	DET
dem-2902	48	15	attractiveness	attractiveness	NOUN
dem-2902	48	16	of	of	ADP
dem-2902	48	17	regions	region	NOUN
dem-2902	48	18	understood	understand	VERB
dem-2902	48	19	as	as	ADP
dem-2902	48	20	a	a	DET
dem-2902	48	21	share	share	NOUN
dem-2902	48	22	of	of	ADP
dem-2902	48	23	the	the	DET
dem-2902	48	24	corresponding	corresponding	ADJ
dem-2902	48	25	global	global	ADJ
dem-2902	48	26	index	index	NOUN
dem-2902	48	27	in	in	ADP
dem-2902	48	28	the	the	DET
dem-2902	48	29	optimal	optimal	ADJ
dem-2902	48	30	portfolio	portfolio	NOUN
dem-2902	48	31	of	of	ADP
dem-2902	48	32	all	all	DET
dem-2902	48	33	global	global	ADJ
dem-2902	48	34	indices	index	NOUN
dem-2902	48	35	.	.	PUNCT
dem-2902	49	1	the	the	DET
dem-2902	49	2	following	follow	VERB
dem-2902	49	3	five	five	NUM
dem-2902	49	4	regions	region	NOUN
dem-2902	49	5	were	be	AUX
dem-2902	49	6	taken	take	VERB
dem-2902	49	7	into	into	ADP
dem-2902	49	8	consideration	consideration	NOUN
dem-2902	49	9	:	:	PUNCT
dem-2902	49	10	northern	northern	PROPN
dem-2902	49	11	america	america	PROPN
dem-2902	49	12	,	,	PUNCT
dem-2902	49	13	pacific	pacific	PROPN
dem-2902	49	14	asia	asia	PROPN
dem-2902	49	15	,	,	PUNCT
dem-2902	49	16	japan	japan	PROPN
dem-2902	49	17	,	,	PUNCT
dem-2902	49	18	western	western	ADJ
dem-2902	49	19	and	and	CCONJ
dem-2902	49	20	eastern	eastern	ADJ
dem-2902	49	21	europe	europe	PROPN
dem-2902	49	22	.	.	PUNCT
dem-2902	50	1	the	the	DET
dem-2902	50	2	index	index	NOUN
dem-2902	50	3	characterizing	characterize	VERB
dem-2902	50	4	the	the	DET
dem-2902	50	5	financial	financial	ADJ
dem-2902	50	6	condition	condition	NOUN
dem-2902	50	7	of	of	ADP
dem-2902	50	8	each	each	DET
dem-2902	50	9	region	region	NOUN
dem-2902	50	10	has	have	AUX
dem-2902	50	11	been	be	AUX
dem-2902	50	12	constructed	construct	VERB
dem-2902	50	13	as	as	SCONJ
dem-2902	50	14	the	the	DET
dem-2902	50	15	capitalization	capitalization	NOUN
dem-2902	50	16	weighted	weight	VERB
dem-2902	50	17	rate	rate	NOUN
dem-2902	50	18	of	of	ADP
dem-2902	50	19	regional	regional	ADJ
dem-2902	50	20	stock	stock	NOUN
dem-2902	50	21	market	market	NOUN
dem-2902	50	22	indices	index	NOUN
dem-2902	50	23	.	.	PUNCT
dem-2902	51	1	to	to	PART
dem-2902	51	2	build	build	VERB
dem-2902	51	3	the	the	DET
dem-2902	51	4	optimal	optimal	ADJ
dem-2902	51	5	portfolio	portfolio	NOUN
dem-2902	51	6	three	three	NUM
dem-2902	51	7	approaches	approach	NOUN
dem-2902	51	8	have	have	AUX
dem-2902	51	9	been	be	AUX
dem-2902	51	10	implemented	implement	VERB
dem-2902	51	11	:	:	PUNCT
dem-2902	51	12	the	the	DET
dem-2902	51	13	minimization	minimization	NOUN
dem-2902	51	14	of	of	ADP
dem-2902	51	15	var	var	NOUN
dem-2902	51	16	,	,	PUNCT
dem-2902	51	17	the	the	DET
dem-2902	51	18	minimization	minimization	NOUN
dem-2902	51	19	of	of	ADP
dem-2902	51	20	es	es	NOUN
dem-2902	51	21	and	and	CCONJ
dem-2902	51	22	the	the	DET
dem-2902	51	23	standard	standard	ADJ
dem-2902	51	24	markowitz	markowitz	PROPN
dem-2902	51	25	procedure	procedure	NOUN
dem-2902	51	26	,	,	PUNCT
dem-2902	51	27	all	all	PRON
dem-2902	51	28	of	of	ADP
dem-2902	51	29	them	they	PRON
dem-2902	51	30	under	under	ADP
dem-2902	51	31	the	the	DET
dem-2902	51	32	fixed	fix	VERB
dem-2902	51	33	expected	expect	VERB
dem-2902	51	34	return	return	NOUN
dem-2902	51	35	assumption	assumption	NOUN
dem-2902	51	36	.	.	PUNCT
dem-2902	52	1	in	in	ADP
dem-2902	52	2	the	the	DET
dem-2902	52	3	empirical	empirical	ADJ
dem-2902	52	4	study	study	NOUN
dem-2902	52	5	,	,	PUNCT
dem-2902	52	6	the	the	DET
dem-2902	52	7	short	short	ADJ
dem-2902	52	8	selling	selling	NOUN
dem-2902	52	9	has	have	AUX
dem-2902	52	10	been	be	AUX
dem-2902	52	11	permitted	permit	VERB
dem-2902	52	12	.	.	PUNCT
dem-2902	53	1	the	the	DET
dem-2902	53	2	multivariate	multivariate	NOUN
dem-2902	53	3	garch	garch	NOUN
dem-2902	53	4	(	(	PUNCT
dem-2902	53	5	dcc	dcc	PROPN
dem-2902	53	6	)	)	PUNCT
dem-2902	53	7	model	model	NOUN
dem-2902	53	8	with	with	ADP
dem-2902	53	9	a	a	DET
dem-2902	53	10	vector	vector	NOUN
dem-2902	53	11	autoregressive	autoregressive	ADJ
dem-2902	53	12	mean	mean	NOUN
dem-2902	53	13	has	have	AUX
dem-2902	53	14	been	be	AUX
dem-2902	53	15	chosen	choose	VERB
dem-2902	53	16	to	to	PART
dem-2902	53	17	model	model	VERB
dem-2902	53	18	the	the	DET
dem-2902	53	19	multidimensional	multidimensional	ADJ
dem-2902	53	20	time	time	NOUN
dem-2902	53	21	series	series	NOUN
dem-2902	53	22	.	.	PUNCT
dem-2902	54	1	as	as	ADP
dem-2902	54	2	an	an	DET
dem-2902	54	3	additional	additional	ADJ
dem-2902	54	4	result	result	NOUN
dem-2902	54	5	of	of	ADP
dem-2902	54	6	this	this	DET
dem-2902	54	7	empirical	empirical	ADJ
dem-2902	54	8	work	work	NOUN
dem-2902	54	9	the	the	DET
dem-2902	54	10	comparison	comparison	NOUN
dem-2902	54	11	of	of	ADP
dem-2902	54	12	the	the	DET
dem-2902	54	13	properties	property	NOUN
dem-2902	54	14	of	of	ADP
dem-2902	54	15	the	the	DET
dem-2902	54	16	three	three	NUM
dem-2902	54	17	optimal	optimal	ADJ
dem-2902	54	18	portfolios	portfolio	NOUN
dem-2902	54	19	has	have	AUX
dem-2902	54	20	been	be	AUX
dem-2902	54	21	obtained	obtain	VERB
dem-2902	54	22	.	.	PUNCT
dem-2902	55	1	according	accord	VERB
dem-2902	55	2	to	to	ADP
dem-2902	55	3	our	our	PRON
dem-2902	55	4	knowledge	knowledge	NOUN
dem-2902	55	5	,	,	PUNCT
dem-2902	55	6	this	this	PRON
dem-2902	55	7	is	be	AUX
dem-2902	55	8	the	the	DET
dem-2902	55	9	first	first	ADJ
dem-2902	55	10	analysis	analysis	NOUN
dem-2902	55	11	of	of	ADP
dem-2902	55	12	this	this	DET
dem-2902	55	13	type	type	NOUN
dem-2902	55	14	.	.	PUNCT
dem-2902	56	1	the	the	DET
dem-2902	56	2	paper	paper	NOUN
dem-2902	56	3	is	be	AUX
dem-2902	56	4	organized	organize	VERB
dem-2902	56	5	as	as	SCONJ
dem-2902	56	6	follows	follow	VERB
dem-2902	56	7	:	:	PUNCT
dem-2902	56	8	in	in	ADP
dem-2902	56	9	section	section	NOUN
dem-2902	56	10	1	1	NUM
dem-2902	56	11	,	,	PUNCT
dem-2902	56	12	the	the	DET
dem-2902	56	13	model	model	NOUN
dem-2902	56	14	is	be	AUX
dem-2902	56	15	presented	present	VERB
dem-2902	56	16	(	(	PUNCT
dem-2902	56	17	section	section	NOUN
dem-2902	56	18	1.1	1.1	NUM
dem-2902	56	19	)	)	PUNCT
dem-2902	56	20	,	,	PUNCT
dem-2902	56	21	the	the	DET
dem-2902	56	22	risk	risk	NOUN
dem-2902	56	23	measure	measure	NOUN
dem-2902	56	24	theory	theory	NOUN
dem-2902	56	25	is	be	AUX
dem-2902	56	26	briefly	briefly	ADV
dem-2902	56	27	depicted	depict	VERB
dem-2902	56	28	(	(	PUNCT
dem-2902	56	29	section	section	NOUN
dem-2902	56	30	1.2	1.2	NUM
dem-2902	56	31	)	)	PUNCT
dem-2902	56	32	and	and	CCONJ
dem-2902	56	33	the	the	DET
dem-2902	56	34	portfolio	portfolio	NOUN
dem-2902	56	35	optimization	optimization	NOUN
dem-2902	56	36	methods	method	NOUN
dem-2902	56	37	used	use	VERB
dem-2902	56	38	in	in	ADP
dem-2902	56	39	further	further	ADJ
dem-2902	56	40	analysis	analysis	NOUN
dem-2902	56	41	are	be	AUX
dem-2902	56	42	described	describe	VERB
dem-2902	56	43	in	in	ADP
dem-2902	56	44	section	section	NOUN
dem-2902	56	45	1.3	1.3	NUM
dem-2902	56	46	.	.	PUNCT
dem-2902	57	1	the	the	DET
dem-2902	57	2	empirical	empirical	ADJ
dem-2902	57	3	study	study	NOUN
dem-2902	57	4	is	be	AUX
dem-2902	57	5	presented	present	VERB
dem-2902	57	6	in	in	ADP
dem-2902	57	7	section	section	NOUN
dem-2902	57	8	2	2	NUM
dem-2902	57	9	,	,	PUNCT
dem-2902	57	10	the	the	DET
dem-2902	57	11	data	datum	NOUN
dem-2902	57	12	set	set	VERB
dem-2902	57	13	is	be	AUX
dem-2902	57	14	described	describe	VERB
dem-2902	57	15	in	in	ADP
dem-2902	57	16	section	section	NOUN
dem-2902	57	17	2.1	2.1	NUM
dem-2902	57	18	,	,	PUNCT
dem-2902	57	19	the	the	DET
dem-2902	57	20	estimated	estimate	VERB
dem-2902	57	21	parameters	parameter	NOUN
dem-2902	57	22	of	of	ADP
dem-2902	57	23	the	the	DET
dem-2902	57	24	model	model	NOUN
dem-2902	57	25	are	be	AUX
dem-2902	57	26	shown	show	VERB
dem-2902	57	27	in	in	ADP
dem-2902	57	28	section	section	NOUN
dem-2902	57	29	2.2	2.2	NUM
dem-2902	57	30	and	and	CCONJ
dem-2902	57	31	the	the	DET
dem-2902	57	32	outcome	outcome	NOUN
dem-2902	57	33	of	of	ADP
dem-2902	57	34	the	the	DET
dem-2902	57	35	optimal	optimal	ADJ
dem-2902	57	36	investment	investment	NOUN
dem-2902	57	37	strategy	strategy	NOUN
dem-2902	57	38	is	be	AUX
dem-2902	57	39	discussed	discuss	VERB
dem-2902	57	40	in	in	ADP
dem-2902	57	41	section	section	NOUN
dem-2902	57	42	2.3	2.3	NUM
dem-2902	57	43	.	.	PUNCT
dem-2902	58	1	the	the	DET
dem-2902	58	2	obtained	obtain	VERB
dem-2902	58	3	results	result	NOUN
dem-2902	58	4	are	be	AUX
dem-2902	58	5	summarized	summarize	VERB
dem-2902	58	6	and	and	CCONJ
dem-2902	58	7	interpreted	interpret	VERB
dem-2902	58	8	in	in	ADP
dem-2902	58	9	conclusions	conclusion	NOUN
dem-2902	58	10	.	.	PUNCT
dem-2902	59	1	1	1	X
dem-2902	59	2	.	.	X
dem-2902	59	3	methodology	methodology	NOUN
dem-2902	59	4	1.1	1.1	NUM
dem-2902	59	5	.	.	PUNCT
dem-2902	60	1	multivariate	multivariate	NOUN
dem-2902	60	2	model	model	NOUN
dem-2902	60	3	consider	consider	VERB
dem-2902	60	4	the	the	DET
dem-2902	60	5	dimensional	dimensional	ADJ
dem-2902	60	6	stochastic	stochastic	ADJ
dem-2902	60	7	vector	vector	NOUN
dem-2902	60	8	process	process	NOUN
dem-2902	60	9	satisfying	satisfy	VERB
dem-2902	60	10	the	the	DET
dem-2902	60	11	following	follow	VERB
dem-2902	60	12	vector	vector	NOUN
dem-2902	60	13	autoregressive	autoregressive	ADJ
dem-2902	60	14	formula	formula	NOUN
dem-2902	60	15	:	:	PUNCT
dem-2902	60	16	,	,	PUNCT
dem-2902	60	17	(	(	PUNCT
dem-2902	60	18	1	1	X
dem-2902	60	19	)	)	PUNCT
dem-2902	60	20	where	where	SCONJ
dem-2902	60	21	and	and	CCONJ
dem-2902	60	22	denote	denote	VERB
dem-2902	60	23	the	the	DET
dem-2902	60	24	constant	constant	ADJ
dem-2902	60	25	vector	vector	NOUN
dem-2902	60	26	and	and	CCONJ
dem-2902	60	27	the	the	DET
dem-2902	60	28	autoregression	autoregression	NOUN
dem-2902	60	29	matrix	matrix	NOUN
dem-2902	60	30	,	,	PUNCT
dem-2902	60	31	respectively	respectively	ADV
dem-2902	60	32	,	,	PUNCT
dem-2902	60	33	and	and	CCONJ
dem-2902	60	34	denotes	denote	VERB
dem-2902	60	35	the	the	DET
dem-2902	60	36	error	error	NOUN
dem-2902	60	37	term	term	NOUN
dem-2902	60	38	.	.	PUNCT
dem-2902	61	1	let	let	VERB
dem-2902	61	2	ω	ω	NUM
dem-2902	61	3	denotes	denote	NOUN
dem-2902	61	4	the	the	DET
dem-2902	61	5	information	information	NOUN
dem-2902	61	6	set	set	VERB
dem-2902	61	7	generated	generate	VERB
dem-2902	61	8	by	by	ADP
dem-2902	61	9	the	the	DET
dem-2902	61	10	observed	observe	VERB
dem-2902	61	11	series	series	NOUN
dem-2902	61	12	up	up	ADP
dem-2902	61	13	to	to	ADP
dem-2902	61	14	the	the	DET
dem-2902	61	15	time	time	NOUN
dem-2902	61	16	1	1	NUM
dem-2902	61	17	.	.	PUNCT
dem-2902	62	1	we	we	PRON
dem-2902	62	2	assume	assume	VERB
dem-2902	62	3	that	that	SCONJ
dem-2902	62	4	the	the	DET
dem-2902	62	5	process	process	NOUN
dem-2902	62	6	is	be	AUX
dem-2902	62	7	conditionally	conditionally	ADV
dem-2902	62	8	heteroscedastic	heteroscedastic	ADJ
dem-2902	62	9	,	,	PUNCT
dem-2902	62	10	represented	represent	VERB
dem-2902	62	11	by	by	ADP
dem-2902	62	12	:	:	PUNCT
dem-2902	62	13	anna	anna	PROPN
dem-2902	62	14	czapkiewicz	czapkiewicz	PROPN
dem-2902	62	15	,	,	PUNCT
dem-2902	62	16	artur	artur	PROPN
dem-2902	62	17	machno	machno	ADV
dem-2902	62	18	dynamic	dynamic	ADJ
dem-2902	62	19	econometric	econometric	ADJ
dem-2902	62	20	models	model	NOUN
dem-2902	62	21	13	13	NUM
dem-2902	62	22	(	(	PUNCT
dem-2902	62	23	2013	2013	NUM
dem-2902	62	24	)	)	PUNCT
dem-2902	63	1	145–162	145–162	NUM
dem-2902	63	2	148	148	NUM
dem-2902	63	3	/	/	SYM
dem-2902	63	4	,	,	PUNCT
dem-2902	63	5	(	(	PUNCT
dem-2902	63	6	2	2	X
dem-2902	63	7	)	)	PUNCT
dem-2902	63	8	where	where	SCONJ
dem-2902	63	9	is	be	AUX
dem-2902	63	10	the	the	DET
dem-2902	63	11	dynamic	dynamic	ADJ
dem-2902	63	12	covariance	covariance	NOUN
dem-2902	63	13	matrix	matrix	NOUN
dem-2902	63	14	at	at	ADP
dem-2902	63	15	the	the	DET
dem-2902	63	16	time	time	NOUN
dem-2902	63	17	,	,	PUNCT
dem-2902	63	18	and	and	CCONJ
dem-2902	63	19	is	be	AUX
dem-2902	63	20	a	a	DET
dem-2902	63	21	sequence	sequence	NOUN
dem-2902	63	22	of	of	ADP
dem-2902	63	23	dimensional	dimensional	ADJ
dem-2902	63	24	i.i.d	i.i.d	NOUN
dem-2902	63	25	.	.	PUNCT
dem-2902	63	26	random	random	ADJ
dem-2902	63	27	vector	vector	NOUN
dem-2902	63	28	,	,	PUNCT
dem-2902	63	29	such	such	ADJ
dem-2902	63	30	that	that	PRON
dem-2902	63	31	and	and	CCONJ
dem-2902	63	32	.	.	PUNCT
dem-2902	64	1	therefore	therefore	ADV
dem-2902	64	2	|ω	|ω	NOUN
dem-2902	64	3	and	and	CCONJ
dem-2902	64	4	|ω	|ω	NOUN
dem-2902	64	5	.	.	PUNCT
dem-2902	65	1	furthermore	furthermore	ADV
dem-2902	65	2	,	,	PUNCT
dem-2902	65	3	let	let	VERB
dem-2902	65	4	us	we	PRON
dem-2902	65	5	assume	assume	VERB
dem-2902	65	6	that	that	SCONJ
dem-2902	65	7	~	~	PUNCT
dem-2902	65	8	0	0	NUM
dem-2902	65	9	,	,	PUNCT
dem-2902	65	10	,	,	PUNCT
dem-2902	65	11	where	where	SCONJ
dem-2902	65	12	is	be	AUX
dem-2902	65	13	a	a	DET
dem-2902	65	14	continuous	continuous	ADJ
dem-2902	65	15	density	density	NOUN
dem-2902	65	16	function	function	NOUN
dem-2902	65	17	.	.	PUNCT
dem-2902	66	1	there	there	PRON
dem-2902	66	2	are	be	VERB
dem-2902	66	3	various	various	ADJ
dem-2902	66	4	parametric	parametric	ADJ
dem-2902	66	5	formulations	formulation	NOUN
dem-2902	66	6	to	to	PART
dem-2902	66	7	specify	specify	VERB
dem-2902	66	8	the	the	DET
dem-2902	66	9	covariance	covariance	NOUN
dem-2902	66	10	matrix	matrix	NOUN
dem-2902	66	11	introduced	introduce	VERB
dem-2902	66	12	.	.	PUNCT
dem-2902	67	1	in	in	ADP
dem-2902	67	2	this	this	DET
dem-2902	67	3	paper	paper	NOUN
dem-2902	67	4	,	,	PUNCT
dem-2902	67	5	the	the	DET
dem-2902	67	6	dynamic	dynamic	ADJ
dem-2902	67	7	conditional	conditional	ADJ
dem-2902	67	8	correlation	correlation	NOUN
dem-2902	67	9	(	(	PUNCT
dem-2902	67	10	dcc	dcc	PROPN
dem-2902	67	11	)	)	PUNCT
dem-2902	67	12	specification	specification	NOUN
dem-2902	67	13	,	,	PUNCT
dem-2902	67	14	introduced	introduce	VERB
dem-2902	67	15	by	by	ADP
dem-2902	67	16	engle	engle	PROPN
dem-2902	67	17	(	(	PUNCT
dem-2902	67	18	2002	2002	NUM
dem-2902	67	19	)	)	PUNCT
dem-2902	67	20	and	and	CCONJ
dem-2902	67	21	tse	tse	PROPN
dem-2902	67	22	,	,	PUNCT
dem-2902	67	23	tsui	tsui	PROPN
dem-2902	67	24	(	(	PUNCT
dem-2902	67	25	2002	2002	NUM
dem-2902	67	26	)	)	PUNCT
dem-2902	67	27	,	,	PUNCT
dem-2902	67	28	is	be	AUX
dem-2902	67	29	considered	consider	VERB
dem-2902	67	30	.	.	PUNCT
dem-2902	68	1	hence	hence	ADV
dem-2902	68	2	,	,	PUNCT
dem-2902	68	3	the	the	DET
dem-2902	68	4	covariance	covariance	NOUN
dem-2902	68	5	matrix	matrix	NOUN
dem-2902	68	6	is	be	AUX
dem-2902	68	7	decomposed	decompose	VERB
dem-2902	68	8	as	as	SCONJ
dem-2902	68	9	follows	follow	VERB
dem-2902	68	10	:	:	PUNCT
dem-2902	68	11	,	,	PUNCT
dem-2902	68	12	(	(	PUNCT
dem-2902	68	13	3	3	X
dem-2902	68	14	)	)	PUNCT
dem-2902	68	15	where	where	SCONJ
dem-2902	68	16	is	be	AUX
dem-2902	68	17	the	the	DET
dem-2902	68	18	time	time	NOUN
dem-2902	68	19	varying	vary	VERB
dem-2902	68	20	conditional	conditional	ADJ
dem-2902	68	21	correlation	correlation	NOUN
dem-2902	68	22	matrix	matrix	NOUN
dem-2902	68	23	of	of	ADP
dem-2902	68	24	the	the	DET
dem-2902	68	25	vector	vector	NOUN
dem-2902	68	26	and	and	CCONJ
dem-2902	68	27	/	/	SYM
dem-2902	68	28	is	be	AUX
dem-2902	68	29	the	the	DET
dem-2902	68	30	diagonal	diagonal	ADJ
dem-2902	68	31	matrix	matrix	NOUN
dem-2902	68	32	whose	whose	DET
dem-2902	68	33	i	i	PRON
dem-2902	68	34	-	-	PUNCT
dem-2902	68	35	th	th	X
dem-2902	68	36	diagonal	diagonal	ADJ
dem-2902	68	37	entry	entry	NOUN
dem-2902	68	38	is	be	AUX
dem-2902	68	39	given	give	VERB
dem-2902	68	40	by	by	ADP
dem-2902	68	41	the	the	DET
dem-2902	68	42	conditional	conditional	ADJ
dem-2902	68	43	standard	standard	ADJ
dem-2902	68	44	deviation	deviation	NOUN
dem-2902	68	45	,	,	PUNCT
dem-2902	68	46	of	of	ADP
dem-2902	68	47	,	,	PUNCT
dem-2902	68	48	.	.	PUNCT
dem-2902	69	1	conditional	conditional	ADJ
dem-2902	69	2	variances	variance	NOUN
dem-2902	69	3	,	,	PUNCT
dem-2902	69	4	can	can	AUX
dem-2902	69	5	be	be	AUX
dem-2902	69	6	estimated	estimate	VERB
dem-2902	69	7	separately	separately	ADV
dem-2902	69	8	and	and	CCONJ
dem-2902	69	9	written	write	VERB
dem-2902	69	10	in	in	ADP
dem-2902	69	11	the	the	DET
dem-2902	69	12	following	follow	VERB
dem-2902	69	13	vector	vector	NOUN
dem-2902	69	14	form	form	NOUN
dem-2902	69	15	based	base	VERB
dem-2902	69	16	on	on	ADP
dem-2902	69	17	garch	garch	NOUN
dem-2902	69	18	1,1	1,1	NUM
dem-2902	69	19	model	model	NOUN
dem-2902	69	20	:	:	PUNCT
dem-2902	69	21	,	,	PUNCT
dem-2902	69	22	,	,	PUNCT
dem-2902	69	23	,	,	PUNCT
dem-2902	69	24	,	,	PUNCT
dem-2902	69	25	1,2	1,2	NUM
dem-2902	69	26	,	,	PUNCT
dem-2902	69	27	…	…	PUNCT
dem-2902	69	28	,	,	PUNCT
dem-2902	69	29	.	.	PUNCT
dem-2902	70	1	(	(	PUNCT
dem-2902	70	2	4	4	X
dem-2902	70	3	)	)	PUNCT
dem-2902	70	4	in	in	ADP
dem-2902	70	5	order	order	NOUN
dem-2902	70	6	to	to	PART
dem-2902	70	7	model	model	VERB
dem-2902	70	8	the	the	DET
dem-2902	70	9	joint	joint	ADJ
dem-2902	70	10	distribution	distribution	NOUN
dem-2902	70	11	,	,	PUNCT
dem-2902	70	12	the	the	DET
dem-2902	70	13	most	most	ADV
dem-2902	70	14	popular	popular	ADJ
dem-2902	70	15	of	of	ADP
dem-2902	70	16	dcc	dcc	PROPN
dem-2902	70	17	models	model	NOUN
dem-2902	70	18	has	have	AUX
dem-2902	70	19	been	be	AUX
dem-2902	70	20	used	use	VERB
dem-2902	70	21	,	,	PUNCT
dem-2902	70	22	due	due	ADP
dem-2902	70	23	to	to	ADP
dem-2902	70	24	engle	engle	PROPN
dem-2902	70	25	(	(	PUNCT
dem-2902	70	26	2002	2002	NUM
dem-2902	70	27	)	)	PUNCT
dem-2902	70	28	,	,	PUNCT
dem-2902	70	29	where	where	SCONJ
dem-2902	70	30	the	the	DET
dem-2902	70	31	correlation	correlation	NOUN
dem-2902	70	32	matrix	matrix	NOUN
dem-2902	70	33	is	be	AUX
dem-2902	70	34	presented	present	VERB
dem-2902	70	35	as	as	SCONJ
dem-2902	70	36	follows	follow	VERB
dem-2902	70	37	:	:	PUNCT
dem-2902	70	38	/	/	SYM
dem-2902	70	39	/	/	SYM
dem-2902	70	40	,	,	PUNCT
dem-2902	70	41	(	(	PUNCT
dem-2902	70	42	5	5	X
dem-2902	70	43	)	)	PUNCT
dem-2902	70	44	where	where	SCONJ
dem-2902	70	45	the	the	DET
dem-2902	70	46	proxy	proxy	NOUN
dem-2902	70	47	process	process	NOUN
dem-2902	70	48	is	be	AUX
dem-2902	70	49	defined	define	VERB
dem-2902	70	50	by	by	ADP
dem-2902	70	51	:	:	PUNCT
dem-2902	70	52	1	1	NUM
dem-2902	70	53	,	,	PUNCT
dem-2902	70	54	,	,	PUNCT
dem-2902	70	55	0	0	NUM
dem-2902	70	56	,	,	PUNCT
dem-2902	70	57	1	1	NUM
dem-2902	70	58	,	,	PUNCT
dem-2902	70	59	(	(	PUNCT
dem-2902	70	60	6	6	NUM
dem-2902	70	61	)	)	PUNCT
dem-2902	70	62	where	where	SCONJ
dem-2902	70	63	,	,	PUNCT
dem-2902	70	64	and	and	CCONJ
dem-2902	70	65	denotes	denote	VERB
dem-2902	70	66	the	the	DET
dem-2902	70	67	unconditional	unconditional	ADJ
dem-2902	70	68	matrix	matrix	NOUN
dem-2902	70	69	of	of	ADP
dem-2902	70	70	the	the	DET
dem-2902	70	71	standardized	standardized	ADJ
dem-2902	70	72	errors	error	NOUN
dem-2902	70	73	.	.	PUNCT
dem-2902	71	1	in	in	ADP
dem-2902	71	2	this	this	DET
dem-2902	71	3	paper	paper	NOUN
dem-2902	71	4	,	,	PUNCT
dem-2902	71	5	the	the	DET
dem-2902	71	6	density	density	NOUN
dem-2902	71	7	function	function	NOUN
dem-2902	71	8	is	be	AUX
dem-2902	71	9	assumed	assume	VERB
dem-2902	71	10	to	to	PART
dem-2902	71	11	be	be	AUX
dem-2902	71	12	the	the	DET
dem-2902	71	13	multidimensional	multidimensional	ADJ
dem-2902	71	14	student’s	student’s	NOUN
dem-2902	71	15	-	-	PUNCT
dem-2902	71	16	t	t	NOUN
dem-2902	71	17	distribution	distribution	NOUN
dem-2902	71	18	.	.	PUNCT
dem-2902	72	1	the	the	DET
dem-2902	72	2	model	model	NOUN
dem-2902	72	3	parameters	parameter	NOUN
dem-2902	72	4	are	be	AUX
dem-2902	72	5	estimated	estimate	VERB
dem-2902	72	6	by	by	ADP
dem-2902	72	7	maximum	maximum	ADJ
dem-2902	72	8	likelihood	likelihood	NOUN
dem-2902	72	9	method	method	NOUN
dem-2902	72	10	according	accord	VERB
dem-2902	72	11	to	to	ADP
dem-2902	72	12	the	the	DET
dem-2902	72	13	procedure	procedure	NOUN
dem-2902	72	14	described	describe	VERB
dem-2902	72	15	by	by	ADP
dem-2902	72	16	ghalanos	ghalano	NOUN
dem-2902	72	17	(	(	PUNCT
dem-2902	72	18	2013	2013	NUM
dem-2902	72	19	)	)	PUNCT
dem-2902	72	20	and	and	CCONJ
dem-2902	72	21	implemented	implement	VERB
dem-2902	72	22	in	in	ADP
dem-2902	72	23	the	the	DET
dem-2902	72	24	r	r	NOUN
dem-2902	72	25	environment	environment	NOUN
dem-2902	72	26	.	.	PUNCT
dem-2902	73	1	the	the	DET
dem-2902	73	2	estimation	estimation	NOUN
dem-2902	73	3	of	of	ADP
dem-2902	73	4	the	the	DET
dem-2902	73	5	realized	realize	VERB
dem-2902	73	6	correlation	correlation	NOUN
dem-2902	73	7	is	be	AUX
dem-2902	73	8	conducted	conduct	VERB
dem-2902	73	9	by	by	ADP
dem-2902	73	10	the	the	DET
dem-2902	73	11	recursive	recursive	ADJ
dem-2902	73	12	procedure	procedure	NOUN
dem-2902	73	13	.	.	PUNCT
dem-2902	74	1	1.2	1.2	NUM
dem-2902	74	2	.	.	PUNCT
dem-2902	74	3	risk	risk	NOUN
dem-2902	74	4	measures	measure	NOUN
dem-2902	74	5	in	in	ADP
dem-2902	74	6	this	this	DET
dem-2902	74	7	paper	paper	NOUN
dem-2902	74	8	two	two	NUM
dem-2902	74	9	measures	measure	NOUN
dem-2902	74	10	of	of	ADP
dem-2902	74	11	risk	risk	NOUN
dem-2902	74	12	are	be	AUX
dem-2902	74	13	discussed	discuss	VERB
dem-2902	74	14	:	:	PUNCT
dem-2902	74	15	value	value	NOUN
dem-2902	74	16	at	at	ADP
dem-2902	74	17	risk	risk	NOUN
dem-2902	74	18	(	(	PUNCT
dem-2902	74	19	var	var	NOUN
dem-2902	74	20	)	)	PUNCT
dem-2902	74	21	and	and	CCONJ
dem-2902	74	22	expected	expect	VERB
dem-2902	74	23	shortfall	shortfall	NOUN
dem-2902	74	24	(	(	PUNCT
dem-2902	74	25	es	es	NOUN
dem-2902	74	26	)	)	PUNCT
dem-2902	74	27	.	.	PUNCT
dem-2902	75	1	we	we	PRON
dem-2902	75	2	follow	follow	VERB
dem-2902	75	3	the	the	DET
dem-2902	75	4	notation	notation	NOUN
dem-2902	75	5	presented	present	VERB
dem-2902	75	6	by	by	ADP
dem-2902	75	7	föllmer	föllmer	ADJ
dem-2902	75	8	empirical	empirical	ADJ
dem-2902	75	9	verification	verification	NOUN
dem-2902	75	10	of	of	ADP
dem-2902	75	11	world	world	NOUN
dem-2902	75	12	’s	’s	PART
dem-2902	75	13	regions	region	NOUN
dem-2902	75	14	profitability	profitability	NOUN
dem-2902	75	15	…	…	PUNCT
dem-2902	75	16	dynamic	dynamic	ADJ
dem-2902	75	17	econometric	econometric	ADJ
dem-2902	75	18	models	model	NOUN
dem-2902	75	19	13	13	NUM
dem-2902	75	20	(	(	PUNCT
dem-2902	75	21	2013	2013	NUM
dem-2902	75	22	)	)	PUNCT
dem-2902	75	23	145–162	145–162	NUM
dem-2902	75	24	149	149	NUM
dem-2902	75	25	and	and	CCONJ
dem-2902	75	26	schied	schie	VERB
dem-2902	75	27	(	(	PUNCT
dem-2902	75	28	2011	2011	NUM
dem-2902	75	29	)	)	PUNCT
dem-2902	75	30	.	.	PUNCT
dem-2902	76	1	for	for	ADP
dem-2902	76	2	the	the	DET
dem-2902	76	3	financial	financial	ADJ
dem-2902	76	4	position	position	NOUN
dem-2902	76	5	and	and	CCONJ
dem-2902	76	6	0,1	0,1	NUM
dem-2902	76	7	,	,	PUNCT
dem-2902	76	8	value	value	NOUN
dem-2902	76	9	at	at	ADP
dem-2902	76	10	risk	risk	NOUN
dem-2902	76	11	at	at	ADP
dem-2902	76	12	level	level	NOUN
dem-2902	76	13	λ	λ	NOUN
dem-2902	76	14	is	be	AUX
dem-2902	76	15	defined	define	VERB
dem-2902	76	16	as	as	ADP
dem-2902	76	17	:	:	PUNCT
dem-2902	76	18	inf	inf	PROPN
dem-2902	76	19	|p	|p	PROPN
dem-2902	76	20	0	0	NUM
dem-2902	76	21	.	.	PUNCT
dem-2902	77	1	(	(	PUNCT
dem-2902	77	2	7	7	X
dem-2902	77	3	)	)	PUNCT
dem-2902	77	4	value	value	NOUN
dem-2902	77	5	at	at	ADP
dem-2902	77	6	risk	risk	NOUN
dem-2902	77	7	is	be	AUX
dem-2902	77	8	the	the	DET
dem-2902	77	9	smallest	small	ADJ
dem-2902	77	10	amount	amount	NOUN
dem-2902	77	11	of	of	ADP
dem-2902	77	12	capital	capital	NOUN
dem-2902	77	13	which	which	PRON
dem-2902	77	14	,	,	PUNCT
dem-2902	77	15	if	if	SCONJ
dem-2902	77	16	added	add	VERB
dem-2902	77	17	to	to	ADP
dem-2902	77	18	and	and	CCONJ
dem-2902	77	19	invested	invest	VERB
dem-2902	77	20	in	in	ADP
dem-2902	77	21	the	the	DET
dem-2902	77	22	risk	risk	NOUN
dem-2902	77	23	-	-	PUNCT
dem-2902	77	24	free	free	ADJ
dem-2902	77	25	asset	asset	NOUN
dem-2902	77	26	,	,	PUNCT
dem-2902	77	27	keeps	keep	VERB
dem-2902	77	28	the	the	DET
dem-2902	77	29	probability	probability	NOUN
dem-2902	77	30	of	of	ADP
dem-2902	77	31	a	a	DET
dem-2902	77	32	negative	negative	ADJ
dem-2902	77	33	outcome	outcome	NOUN
dem-2902	77	34	below	below	ADP
dem-2902	77	35	some	some	DET
dem-2902	77	36	fixed	fix	VERB
dem-2902	77	37	level	level	NOUN
dem-2902	77	38	.	.	PUNCT
dem-2902	78	1	generally	generally	ADV
dem-2902	78	2	,	,	PUNCT
dem-2902	78	3	value	value	NOUN
dem-2902	78	4	at	at	ADP
dem-2902	78	5	risk	risk	NOUN
dem-2902	78	6	is	be	AUX
dem-2902	78	7	not	not	PART
dem-2902	78	8	a	a	DET
dem-2902	78	9	convex	convex	ADJ
dem-2902	78	10	risk	risk	NOUN
dem-2902	78	11	measure	measure	NOUN
dem-2902	78	12	excluding	exclude	VERB
dem-2902	78	13	the	the	DET
dem-2902	78	14	case	case	NOUN
dem-2902	78	15	when	when	SCONJ
dem-2902	78	16	the	the	DET
dem-2902	78	17	set	set	NOUN
dem-2902	78	18	of	of	ADP
dem-2902	78	19	all	all	DET
dem-2902	78	20	attainable	attainable	ADJ
dem-2902	78	21	positions	position	NOUN
dem-2902	78	22	consists	consist	VERB
dem-2902	78	23	of	of	ADP
dem-2902	78	24	normally	normally	ADV
dem-2902	78	25	distributed	distribute	VERB
dem-2902	78	26	financial	financial	ADJ
dem-2902	78	27	positions	position	NOUN
dem-2902	78	28	.	.	PUNCT
dem-2902	79	1	the	the	DET
dem-2902	79	2	absence	absence	NOUN
dem-2902	79	3	of	of	ADP
dem-2902	79	4	the	the	DET
dem-2902	79	5	convexity	convexity	NOUN
dem-2902	79	6	in	in	ADP
dem-2902	79	7	the	the	DET
dem-2902	79	8	case	case	NOUN
dem-2902	79	9	of	of	ADP
dem-2902	79	10	non	non	ADJ
dem-2902	79	11	-	-	ADJ
dem-2902	79	12	normal	normal	ADJ
dem-2902	79	13	distributions	distribution	NOUN
dem-2902	79	14	is	be	AUX
dem-2902	79	15	a	a	DET
dem-2902	79	16	substantial	substantial	ADJ
dem-2902	79	17	objection	objection	NOUN
dem-2902	79	18	.	.	PUNCT
dem-2902	80	1	it	it	PRON
dem-2902	80	2	appears	appear	VERB
dem-2902	80	3	that	that	SCONJ
dem-2902	80	4	,	,	PUNCT
dem-2902	80	5	so	so	ADV
dem-2902	80	6	called	call	VERB
dem-2902	80	7	expected	expected	ADJ
dem-2902	80	8	shortfall	shortfall	NOUN
dem-2902	80	9	(	(	PUNCT
dem-2902	80	10	es	es	NOUN
dem-2902	80	11	)	)	PUNCT
dem-2902	80	12	,	,	PUNCT
dem-2902	80	13	is	be	AUX
dem-2902	80	14	a	a	DET
dem-2902	80	15	convex	convex	ADJ
dem-2902	80	16	risk	risk	NOUN
dem-2902	80	17	measure	measure	NOUN
dem-2902	80	18	.	.	PUNCT
dem-2902	81	1	this	this	DET
dem-2902	81	2	measure	measure	NOUN
dem-2902	81	3	has	have	VERB
dem-2902	81	4	similar	similar	ADJ
dem-2902	81	5	interpretation	interpretation	NOUN
dem-2902	81	6	to	to	ADP
dem-2902	81	7	var	var	PROPN
dem-2902	81	8	.	.	PUNCT
dem-2902	82	1	for	for	ADP
dem-2902	82	2	the	the	DET
dem-2902	82	3	financial	financial	ADJ
dem-2902	82	4	position	position	NOUN
dem-2902	82	5	and	and	CCONJ
dem-2902	82	6	0,1	0,1	NUM
dem-2902	82	7	,	,	PUNCT
dem-2902	82	8	es	es	X
dem-2902	82	9	at	at	ADP
dem-2902	82	10	level	level	NOUN
dem-2902	82	11	is	be	AUX
dem-2902	82	12	defined	define	VERB
dem-2902	82	13	as	as	ADP
dem-2902	82	14	:	:	PUNCT
dem-2902	82	15	:	:	PUNCT
dem-2902	83	1	e	e	X
dem-2902	83	2	|	|	ADV
dem-2902	83	3	.	.	PUNCT
dem-2902	84	1	(	(	PUNCT
dem-2902	84	2	8)	8)	NUM
dem-2902	84	3	for	for	ADP
dem-2902	84	4	a	a	DET
dem-2902	84	5	portfolio	portfolio	NOUN
dem-2902	84	6	,	,	PUNCT
dem-2902	84	7	…	…	PUNCT
dem-2902	84	8	,	,	PUNCT
dem-2902	84	9	of	of	ADP
dem-2902	84	10	financial	financial	ADJ
dem-2902	84	11	n	n	CCONJ
dem-2902	84	12	dimensional	dimensional	ADJ
dem-2902	84	13	vector	vector	NOUN
dem-2902	84	14	,	,	PUNCT
dem-2902	84	15	representations	representation	NOUN
dem-2902	84	16	of	of	ADP
dem-2902	84	17	var	var	NOUN
dem-2902	84	18	and	and	CCONJ
dem-2902	84	19	es	es	X
dem-2902	84	20	at	at	ADP
dem-2902	84	21	the	the	DET
dem-2902	84	22	time	time	NOUN
dem-2902	84	23	are	be	AUX
dem-2902	84	24	defines	define	NOUN
dem-2902	84	25	as	as	SCONJ
dem-2902	84	26	follows	follow	VERB
dem-2902	84	27	:	:	PUNCT
dem-2902	84	28	inf	inf	PROPN
dem-2902	84	29	|p	|p	PROPN
dem-2902	84	30	·	·	PUNCT
dem-2902	84	31	0|ω	0|ω	NUM
dem-2902	84	32	,	,	PUNCT
dem-2902	84	33	(	(	PUNCT
dem-2902	84	34	9	9	NUM
dem-2902	84	35	)	)	PUNCT
dem-2902	84	36	and	and	CCONJ
dem-2902	84	37	e	e	X
dem-2902	85	1	|	|	ADV
dem-2902	85	2	,	,	PUNCT
dem-2902	85	3	(	(	PUNCT
dem-2902	85	4	10	10	NUM
dem-2902	85	5	)	)	PUNCT
dem-2902	85	6	where	where	SCONJ
dem-2902	85	7	ω	ω	PROPN
dem-2902	85	8	denotes	denote	VERB
dem-2902	85	9	the	the	DET
dem-2902	85	10	information	information	NOUN
dem-2902	85	11	set	set	VERB
dem-2902	85	12	up	up	ADP
dem-2902	85	13	to	to	ADP
dem-2902	85	14	the	the	DET
dem-2902	85	15	time	time	NOUN
dem-2902	85	16	.	.	PUNCT
dem-2902	86	1	since	since	SCONJ
dem-2902	86	2	the	the	DET
dem-2902	86	3	conditional	conditional	ADJ
dem-2902	86	4	distribution	distribution	NOUN
dem-2902	86	5	in	in	ADP
dem-2902	86	6	the	the	DET
dem-2902	86	7	var(1)-dcc	var(1)-dcc	NOUN
dem-2902	86	8	-	-	PUNCT
dem-2902	86	9	garch(1,1	garch(1,1	NOUN
dem-2902	86	10	)	)	PUNCT
dem-2902	86	11	model	model	NOUN
dem-2902	86	12	described	describe	VERB
dem-2902	86	13	in	in	ADP
dem-2902	86	14	the	the	DET
dem-2902	86	15	section	section	NOUN
dem-2902	86	16	1.1	1.1	NUM
dem-2902	86	17	is	be	AUX
dem-2902	86	18	assumed	assume	VERB
dem-2902	86	19	to	to	PART
dem-2902	86	20	be	be	AUX
dem-2902	86	21	t	t	NOUN
dem-2902	86	22	-	-	PUNCT
dem-2902	86	23	student	student	NOUN
dem-2902	86	24	,	,	PUNCT
dem-2902	86	25	and	and	CCONJ
dem-2902	86	26	are	be	AUX
dem-2902	86	27	estimated	estimate	VERB
dem-2902	86	28	using	use	VERB
dem-2902	86	29	monte	monte	PROPN
dem-2902	86	30	carlo	carlo	PROPN
dem-2902	86	31	method	method	NOUN
dem-2902	86	32	.	.	PUNCT
dem-2902	87	1	1.3	1.3	NUM
dem-2902	87	2	.	.	PUNCT
dem-2902	88	1	portfolio	portfolio	NOUN
dem-2902	88	2	optimization	optimization	NOUN
dem-2902	88	3	the	the	DET
dem-2902	88	4	portfolio	portfolio	NOUN
dem-2902	88	5	optimization	optimization	NOUN
dem-2902	88	6	problem	problem	NOUN
dem-2902	88	7	is	be	AUX
dem-2902	88	8	the	the	DET
dem-2902	88	9	procedure	procedure	NOUN
dem-2902	88	10	providing	provide	VERB
dem-2902	88	11	us	we	PRON
dem-2902	88	12	with	with	ADP
dem-2902	88	13	the	the	DET
dem-2902	88	14	portfolio	portfolio	NOUN
dem-2902	88	15	with	with	ADP
dem-2902	88	16	the	the	DET
dem-2902	88	17	minimal	minimal	ADJ
dem-2902	88	18	risk	risk	NOUN
dem-2902	88	19	in	in	ADP
dem-2902	88	20	the	the	DET
dem-2902	88	21	class	class	NOUN
dem-2902	88	22	of	of	ADP
dem-2902	88	23	portfolios	portfolio	NOUN
dem-2902	88	24	with	with	ADP
dem-2902	88	25	a	a	DET
dem-2902	88	26	given	give	VERB
dem-2902	88	27	expected	expect	VERB
dem-2902	88	28	return	return	NOUN
dem-2902	88	29	.	.	PUNCT
dem-2902	89	1	in	in	ADP
dem-2902	89	2	this	this	DET
dem-2902	89	3	article	article	NOUN
dem-2902	89	4	,	,	PUNCT
dem-2902	89	5	we	we	PRON
dem-2902	89	6	construct	construct	VERB
dem-2902	89	7	three	three	NUM
dem-2902	89	8	different	different	ADJ
dem-2902	89	9	optimal	optimal	ADJ
dem-2902	89	10	portfolios	portfolio	NOUN
dem-2902	89	11	:	:	PUNCT
dem-2902	89	12	the	the	DET
dem-2902	89	13	portfolio	portfolio	NOUN
dem-2902	89	14	with	with	ADP
dem-2902	89	15	the	the	DET
dem-2902	89	16	minimal	minimal	ADJ
dem-2902	89	17	var	var	NOUN
dem-2902	89	18	,	,	PUNCT
dem-2902	89	19	the	the	DET
dem-2902	89	20	portfolio	portfolio	NOUN
dem-2902	89	21	with	with	ADP
dem-2902	89	22	the	the	DET
dem-2902	89	23	minimal	minimal	ADJ
dem-2902	89	24	es	es	NOUN
dem-2902	89	25	,	,	PUNCT
dem-2902	89	26	both	both	CCONJ
dem-2902	89	27	under	under	ADP
dem-2902	89	28	the	the	DET
dem-2902	89	29	var(1)-dcc	var(1)-dcc	NOUN
dem-2902	89	30	-	-	PUNCT
dem-2902	89	31	garch(1,1	garch(1,1	NOUN
dem-2902	89	32	)	)	PUNCT
dem-2902	89	33	model	model	NOUN
dem-2902	89	34	assumption	assumption	NOUN
dem-2902	89	35	,	,	PUNCT
dem-2902	89	36	and	and	CCONJ
dem-2902	89	37	classical	classical	ADJ
dem-2902	89	38	markowitz	markowitz	PROPN
dem-2902	89	39	portfolio	portfolio	PROPN
dem-2902	89	40	.	.	PUNCT
dem-2902	90	1	let	let	VERB
dem-2902	90	2	the	the	DET
dem-2902	90	3	n	n	ADV
dem-2902	90	4	-	-	PUNCT
dem-2902	90	5	dimensional	dimensional	ADJ
dem-2902	90	6	stochastic	stochastic	ADJ
dem-2902	90	7	vector	vector	NOUN
dem-2902	90	8	process	process	NOUN
dem-2902	90	9	be	be	AUX
dem-2902	90	10	represented	represent	VERB
dem-2902	90	11	by	by	ADP
dem-2902	90	12	the	the	DET
dem-2902	90	13	model	model	NOUN
dem-2902	90	14	presented	present	VERB
dem-2902	90	15	in	in	ADP
dem-2902	90	16	the	the	DET
dem-2902	90	17	section	section	NOUN
dem-2902	90	18	2.1	2.1	NUM
dem-2902	90	19	.	.	PUNCT
dem-2902	91	1	the	the	DET
dem-2902	91	2	portfolio	portfolio	NOUN
dem-2902	91	3	is	be	AUX
dem-2902	91	4	obtained	obtain	VERB
dem-2902	91	5	as	as	ADP
dem-2902	91	6	the	the	DET
dem-2902	91	7	result	result	NOUN
dem-2902	91	8	of	of	ADP
dem-2902	91	9	the	the	DET
dem-2902	91	10	following	follow	VERB
dem-2902	91	11	optimization	optimization	NOUN
dem-2902	91	12	problem	problem	NOUN
dem-2902	91	13	:	:	PUNCT
dem-2902	91	14	∑	∑	INTJ
dem-2902	91	15	,	,	PUNCT
dem-2902	91	16	1	1	NUM
dem-2902	91	17	,	,	PUNCT
dem-2902	91	18	e	e	X
dem-2902	91	19	∑	∑	PUNCT
dem-2902	91	20	,	,	PUNCT
dem-2902	91	21	·	·	PUNCT
dem-2902	91	22	,	,	PUNCT
dem-2902	91	23	|	|	ADV
dem-2902	91	24	,	,	PUNCT
dem-2902	91	25	(	(	PUNCT
dem-2902	91	26	11	11	NUM
dem-2902	91	27	)	)	PUNCT
dem-2902	91	28	anna	anna	NOUN
dem-2902	91	29	czapkiewicz	czapkiewicz	NOUN
dem-2902	91	30	,	,	PUNCT
dem-2902	91	31	artur	artur	PROPN
dem-2902	91	32	machno	machno	ADV
dem-2902	91	33	dynamic	dynamic	ADJ
dem-2902	91	34	econometric	econometric	ADJ
dem-2902	91	35	models	model	NOUN
dem-2902	91	36	13	13	NUM
dem-2902	91	37	(	(	PUNCT
dem-2902	91	38	2013	2013	NUM
dem-2902	91	39	)	)	PUNCT
dem-2902	92	1	145–162	145–162	NUM
dem-2902	92	2	150	150	NUM
dem-2902	92	3	∑	∑	PROPN
dem-2902	92	4	,	,	PUNCT
dem-2902	92	5	·	·	PUNCT
dem-2902	92	6	,	,	PUNCT
dem-2902	92	7	|	|	ADV
dem-2902	92	8	min	min	NOUN
dem-2902	92	9	!	!	PROPN
dem-2902	92	10	,	,	PUNCT
dem-2902	92	11	where	where	SCONJ
dem-2902	92	12	,	,	PUNCT
dem-2902	92	13	are	be	AUX
dem-2902	92	14	coordinates	coordinate	NOUN
dem-2902	92	15	of	of	ADP
dem-2902	92	16	the	the	DET
dem-2902	92	17	vector	vector	NOUN
dem-2902	92	18	,	,	PUNCT
dem-2902	92	19	and	and	CCONJ
dem-2902	92	20	,	,	PUNCT
dem-2902	92	21	|	|	ADV
dem-2902	92	22	denotes	denote	VERB
dem-2902	92	23	the	the	DET
dem-2902	92	24	conditional	conditional	ADJ
dem-2902	92	25	distribution	distribution	NOUN
dem-2902	92	26	of	of	ADP
dem-2902	92	27	the	the	DET
dem-2902	92	28	i	i	PROPN
dem-2902	92	29	-	-	PUNCT
dem-2902	92	30	th	th	X
dem-2902	92	31	asset	asset	NOUN
dem-2902	92	32	return	return	NOUN
dem-2902	92	33	,	,	PUNCT
dem-2902	92	34	for	for	ADP
dem-2902	92	35	1	1	NUM
dem-2902	92	36	,	,	PUNCT
dem-2902	92	37	…	…	PUNCT
dem-2902	92	38	,	,	PUNCT
dem-2902	92	39	.	.	PUNCT
dem-2902	93	1	the	the	DET
dem-2902	93	2	vector	vector	NOUN
dem-2902	93	3	is	be	AUX
dem-2902	93	4	the	the	DET
dem-2902	93	5	n	n	ADV
dem-2902	93	6	-	-	PUNCT
dem-2902	93	7	dimensional	dimensional	ADJ
dem-2902	93	8	time	time	NOUN
dem-2902	93	9	series	series	NOUN
dem-2902	93	10	,	,	PUNCT
dem-2902	93	11	which	which	PRON
dem-2902	93	12	represents	represent	VERB
dem-2902	93	13	the	the	DET
dem-2902	93	14	investment	investment	NOUN
dem-2902	93	15	with	with	ADP
dem-2902	93	16	the	the	DET
dem-2902	93	17	expected	expect	VERB
dem-2902	93	18	return	return	NOUN
dem-2902	93	19	at	at	ADP
dem-2902	93	20	the	the	DET
dem-2902	93	21	time	time	NOUN
dem-2902	93	22	1	1	NUM
dem-2902	93	23	and	and	CCONJ
dem-2902	93	24	the	the	DET
dem-2902	93	25	minimal	minimal	ADJ
dem-2902	93	26	var	var	NOUN
dem-2902	93	27	.	.	PUNCT
dem-2902	94	1	analogously	analogously	ADV
dem-2902	94	2	,	,	PUNCT
dem-2902	94	3	the	the	DET
dem-2902	94	4	portfolio	portfolio	NOUN
dem-2902	94	5	is	be	AUX
dem-2902	94	6	built	build	VERB
dem-2902	94	7	as	as	ADP
dem-2902	94	8	the	the	DET
dem-2902	94	9	result	result	NOUN
dem-2902	94	10	of	of	ADP
dem-2902	94	11	the	the	DET
dem-2902	94	12	following	follow	VERB
dem-2902	94	13	optimization	optimization	NOUN
dem-2902	94	14	problem	problem	NOUN
dem-2902	94	15	:	:	PUNCT
dem-2902	94	16	∑	∑	INTJ
dem-2902	94	17	,	,	PUNCT
dem-2902	94	18	1	1	NUM
dem-2902	94	19	,	,	PUNCT
dem-2902	94	20	e	e	X
dem-2902	94	21	∑	∑	PUNCT
dem-2902	94	22	,	,	PUNCT
dem-2902	94	23	·	·	PUNCT
dem-2902	94	24	,	,	PUNCT
dem-2902	94	25	|	|	ADV
dem-2902	94	26	,	,	PUNCT
dem-2902	94	27	(	(	PUNCT
dem-2902	94	28	12	12	NUM
dem-2902	94	29	)	)	PUNCT
dem-2902	94	30	∑	∑	PUNCT
dem-2902	94	31	,	,	PUNCT
dem-2902	94	32	·	·	PUNCT
dem-2902	94	33	,	,	PUNCT
dem-2902	94	34	|	|	ADV
dem-2902	94	35	min	min	NOUN
dem-2902	94	36	!	!	PROPN
dem-2902	94	37	,	,	PUNCT
dem-2902	94	38	where	where	SCONJ
dem-2902	94	39	,	,	PUNCT
dem-2902	94	40	are	be	AUX
dem-2902	94	41	coordinates	coordinate	NOUN
dem-2902	94	42	of	of	ADP
dem-2902	94	43	the	the	DET
dem-2902	94	44	vector	vector	NOUN
dem-2902	94	45	.	.	PUNCT
dem-2902	95	1	the	the	DET
dem-2902	95	2	vector	vector	NOUN
dem-2902	95	3	is	be	AUX
dem-2902	95	4	the	the	DET
dem-2902	95	5	n	n	ADV
dem-2902	95	6	-	-	PUNCT
dem-2902	95	7	dimensional	dimensional	ADJ
dem-2902	95	8	time	time	NOUN
dem-2902	95	9	series	series	NOUN
dem-2902	95	10	,	,	PUNCT
dem-2902	95	11	which	which	PRON
dem-2902	95	12	represents	represent	VERB
dem-2902	95	13	the	the	DET
dem-2902	95	14	investment	investment	NOUN
dem-2902	95	15	at	at	ADP
dem-2902	95	16	the	the	DET
dem-2902	95	17	time	time	NOUN
dem-2902	95	18	with	with	ADP
dem-2902	95	19	the	the	DET
dem-2902	95	20	expected	expect	VERB
dem-2902	95	21	return	return	NOUN
dem-2902	95	22	at	at	ADP
dem-2902	95	23	the	the	DET
dem-2902	95	24	time	time	NOUN
dem-2902	95	25	1	1	NUM
dem-2902	95	26	,	,	PUNCT
dem-2902	95	27	and	and	CCONJ
dem-2902	95	28	the	the	DET
dem-2902	95	29	minimal	minimal	ADJ
dem-2902	95	30	es	es	NOUN
dem-2902	95	31	.	.	PUNCT
dem-2902	96	1	the	the	DET
dem-2902	96	2	third	third	ADJ
dem-2902	96	3	constructed	construct	VERB
dem-2902	96	4	optimal	optimal	ADJ
dem-2902	96	5	portfolio	portfolio	NOUN
dem-2902	96	6	–	–	PUNCT
dem-2902	96	7	is	be	AUX
dem-2902	96	8	obtained	obtain	VERB
dem-2902	96	9	using	use	VERB
dem-2902	96	10	the	the	DET
dem-2902	96	11	standard	standard	PROPN
dem-2902	96	12	markowitz	markowitz	PROPN
dem-2902	96	13	’s	’s	PART
dem-2902	96	14	mean	mean	ADJ
dem-2902	96	15	-	-	PUNCT
dem-2902	96	16	variance	variance	NOUN
dem-2902	96	17	model	model	NOUN
dem-2902	96	18	:	:	PUNCT
dem-2902	96	19	∑	∑	PROPN
dem-2902	96	20	,	,	PUNCT
dem-2902	96	21	1	1	NUM
dem-2902	96	22	,	,	PUNCT
dem-2902	96	23	e	e	X
dem-2902	96	24	∑	∑	PUNCT
dem-2902	96	25	,	,	PUNCT
dem-2902	96	26	·	·	PUNCT
dem-2902	97	1	̂	̂	NUM
dem-2902	97	2	,	,	PUNCT
dem-2902	97	3	|	|	ADV
dem-2902	97	4	,	,	PUNCT
dem-2902	97	5	(	(	PUNCT
dem-2902	97	6	13	13	NUM
dem-2902	97	7	)	)	PUNCT
dem-2902	97	8	var	var	NOUN
dem-2902	97	9	∑	∑	PROPN
dem-2902	97	10	,	,	PUNCT
dem-2902	97	11	·	·	PUNCT
dem-2902	98	1	̂	̂	NUM
dem-2902	98	2	,	,	PUNCT
dem-2902	98	3	|	|	ADV
dem-2902	98	4	min	min	NOUN
dem-2902	98	5	!	!	PROPN
dem-2902	98	6	,	,	PUNCT
dem-2902	98	7	where	where	SCONJ
dem-2902	98	8	,	,	PUNCT
dem-2902	98	9	are	be	AUX
dem-2902	98	10	coordinates	coordinate	NOUN
dem-2902	98	11	of	of	ADP
dem-2902	98	12	the	the	DET
dem-2902	98	13	vector	vector	NOUN
dem-2902	98	14	.	.	PUNCT
dem-2902	99	1	the	the	DET
dem-2902	99	2	vector	vector	NOUN
dem-2902	99	3	is	be	AUX
dem-2902	99	4	the	the	DET
dem-2902	99	5	n	n	ADV
dem-2902	99	6	-	-	PUNCT
dem-2902	99	7	dimensional	dimensional	ADJ
dem-2902	99	8	time	time	NOUN
dem-2902	99	9	series	series	NOUN
dem-2902	99	10	,	,	PUNCT
dem-2902	99	11	which	which	PRON
dem-2902	99	12	represents	represent	VERB
dem-2902	99	13	the	the	DET
dem-2902	99	14	investment	investment	NOUN
dem-2902	99	15	at	at	ADP
dem-2902	99	16	the	the	DET
dem-2902	99	17	time	time	NOUN
dem-2902	99	18	with	with	ADP
dem-2902	99	19	the	the	DET
dem-2902	99	20	expected	expect	VERB
dem-2902	99	21	return	return	NOUN
dem-2902	99	22	at	at	ADP
dem-2902	99	23	the	the	DET
dem-2902	99	24	time	time	NOUN
dem-2902	99	25	1	1	NUM
dem-2902	99	26	,	,	PUNCT
dem-2902	99	27	and	and	CCONJ
dem-2902	99	28	the	the	DET
dem-2902	99	29	minimal	minimal	ADJ
dem-2902	99	30	variance	variance	NOUN
dem-2902	99	31	.	.	PUNCT
dem-2902	100	1	it	it	PRON
dem-2902	100	2	is	be	AUX
dem-2902	100	3	assumed	assume	VERB
dem-2902	100	4	that	that	SCONJ
dem-2902	100	5	the	the	DET
dem-2902	100	6	vector	vector	NOUN
dem-2902	100	7	|	|	ADV
dem-2902	100	8	with	with	ADP
dem-2902	100	9	coordinates	coordinate	NOUN
dem-2902	100	10	̂	̂	PUNCT
dem-2902	100	11	,	,	PUNCT
dem-2902	100	12	|	|	ADV
dem-2902	100	13	is	be	AUX
dem-2902	100	14	normally	normally	ADV
dem-2902	100	15	distributed	distribute	VERB
dem-2902	100	16	with	with	ADP
dem-2902	100	17	the	the	DET
dem-2902	100	18	mean	mean	ADJ
dem-2902	100	19	vector	vector	NOUN
dem-2902	100	20	and	and	CCONJ
dem-2902	100	21	the	the	DET
dem-2902	100	22	covariance	covariance	NOUN
dem-2902	100	23	matrix	matrix	NOUN
dem-2902	100	24	obtained	obtain	VERB
dem-2902	100	25	from	from	ADP
dem-2902	100	26	the	the	DET
dem-2902	100	27	preceding	precede	VERB
dem-2902	100	28	observations	observation	NOUN
dem-2902	100	29	.	.	PUNCT
dem-2902	101	1	2	2	X
dem-2902	101	2	.	.	X
dem-2902	101	3	empirical	empirical	ADJ
dem-2902	101	4	study	study	NOUN
dem-2902	101	5	2.1	2.1	NUM
dem-2902	101	6	.	.	PUNCT
dem-2902	102	1	data	datum	NOUN
dem-2902	102	2	the	the	DET
dem-2902	102	3	investigation	investigation	NOUN
dem-2902	102	4	covers	cover	VERB
dem-2902	102	5	five	five	NUM
dem-2902	102	6	global	global	ADJ
dem-2902	102	7	indices	index	NOUN
dem-2902	102	8	constructed	construct	VERB
dem-2902	102	9	using	use	VERB
dem-2902	102	10	market	market	NOUN
dem-2902	102	11	indices	index	NOUN
dem-2902	102	12	from	from	ADP
dem-2902	102	13	all	all	ADV
dem-2902	102	14	over	over	ADP
dem-2902	102	15	the	the	DET
dem-2902	102	16	world	world	NOUN
dem-2902	102	17	.	.	PUNCT
dem-2902	103	1	a	a	DET
dem-2902	103	2	random	random	ADJ
dem-2902	103	3	sample	sample	NOUN
dem-2902	103	4	,	,	PUNCT
dem-2902	103	5	diversified	diversify	VERB
dem-2902	103	6	enough	enough	ADV
dem-2902	103	7	to	to	PART
dem-2902	103	8	capture	capture	VERB
dem-2902	103	9	all	all	DET
dem-2902	103	10	specific	specific	ADJ
dem-2902	103	11	properties	property	NOUN
dem-2902	103	12	in	in	ADP
dem-2902	103	13	terms	term	NOUN
dem-2902	103	14	of	of	ADP
dem-2902	103	15	both	both	CCONJ
dem-2902	103	16	geographical	geographical	ADJ
dem-2902	103	17	and	and	CCONJ
dem-2902	103	18	economical	economical	ADJ
dem-2902	103	19	dimensions	dimension	NOUN
dem-2902	103	20	are	be	AUX
dem-2902	103	21	selected	select	VERB
dem-2902	103	22	to	to	PART
dem-2902	103	23	study	study	VERB
dem-2902	103	24	.	.	PUNCT
dem-2902	104	1	these	these	DET
dem-2902	104	2	markets	market	NOUN
dem-2902	104	3	are	be	AUX
dem-2902	104	4	combined	combine	VERB
dem-2902	104	5	into	into	ADP
dem-2902	104	6	five	five	NUM
dem-2902	104	7	regions	region	NOUN
dem-2902	104	8	:	:	PUNCT
dem-2902	104	9	(	(	PUNCT
dem-2902	104	10	i	i	NOUN
dem-2902	104	11	)	)	PUNCT
dem-2902	104	12	north	north	PROPN
dem-2902	104	13	america	america	PROPN
dem-2902	104	14	,	,	PUNCT
dem-2902	104	15	(	(	PUNCT
dem-2902	104	16	ii	ii	NOUN
dem-2902	104	17	)	)	PUNCT
dem-2902	104	18	japan	japan	PROPN
dem-2902	104	19	(	(	PUNCT
dem-2902	104	20	iii	iii	PROPN
dem-2902	104	21	)	)	PUNCT
dem-2902	104	22	pacific	pacific	PROPN
dem-2902	104	23	asia	asia	PROPN
dem-2902	104	24	,	,	PUNCT
dem-2902	104	25	(	(	PUNCT
dem-2902	104	26	iv	iv	X
dem-2902	104	27	)	)	PUNCT
dem-2902	104	28	western	western	ADJ
dem-2902	104	29	europe	europe	PROPN
dem-2902	104	30	and	and	CCONJ
dem-2902	104	31	(	(	PUNCT
dem-2902	104	32	v	v	NOUN
dem-2902	104	33	)	)	PUNCT
dem-2902	104	34	eastern	eastern	PROPN
dem-2902	104	35	europe	europe	PROPN
dem-2902	104	36	.	.	PUNCT
dem-2902	105	1	the	the	DET
dem-2902	105	2	global	global	ADJ
dem-2902	105	3	index	index	NOUN
dem-2902	105	4	of	of	ADP
dem-2902	105	5	northern	northern	ADJ
dem-2902	105	6	american	american	PROPN
dem-2902	105	7	includes	include	VERB
dem-2902	105	8	the	the	DET
dem-2902	105	9	empirical	empirical	ADJ
dem-2902	105	10	verification	verification	NOUN
dem-2902	105	11	of	of	ADP
dem-2902	105	12	world	world	NOUN
dem-2902	105	13	’s	’s	PART
dem-2902	105	14	regions	region	NOUN
dem-2902	105	15	profitability	profitability	NOUN
dem-2902	105	16	…	…	PUNCT
dem-2902	105	17	dynamic	dynamic	ADJ
dem-2902	105	18	econometric	econometric	ADJ
dem-2902	105	19	models	model	NOUN
dem-2902	105	20	13	13	NUM
dem-2902	105	21	(	(	PUNCT
dem-2902	105	22	2013	2013	NUM
dem-2902	105	23	)	)	PUNCT
dem-2902	106	1	145–162	145–162	NUM
dem-2902	106	2	151	151	NUM
dem-2902	106	3	usa	usa	PROPN
dem-2902	106	4	(	(	PUNCT
dem-2902	106	5	djia	djia	PROPN
dem-2902	106	6	,	,	PUNCT
dem-2902	106	7	nasdaq	nasdaq	PROPN
dem-2902	106	8	)	)	PUNCT
dem-2902	106	9	and	and	CCONJ
dem-2902	106	10	canadian	canadian	PROPN
dem-2902	106	11	(	(	PUNCT
dem-2902	106	12	tse300	tse300	PROPN
dem-2902	106	13	)	)	PUNCT
dem-2902	106	14	indices	index	NOUN
dem-2902	106	15	.	.	PUNCT
dem-2902	107	1	the	the	DET
dem-2902	107	2	global	global	ADJ
dem-2902	107	3	asian	asian	ADJ
dem-2902	107	4	index	index	NOUN
dem-2902	107	5	includes	include	VERB
dem-2902	107	6	indices	index	NOUN
dem-2902	107	7	of	of	ADP
dem-2902	107	8	india	india	PROPN
dem-2902	107	9	(	(	PUNCT
dem-2902	107	10	bse	bse	PROPN
dem-2902	107	11	)	)	PUNCT
dem-2902	107	12	,	,	PUNCT
dem-2902	107	13	hong	hong	PROPN
dem-2902	107	14	kong	kong	PROPN
dem-2902	107	15	(	(	PUNCT
dem-2902	107	16	hsi	hsi	PROPN
dem-2902	107	17	)	)	PUNCT
dem-2902	107	18	,	,	PUNCT
dem-2902	107	19	indonesia	indonesia	PROPN
dem-2902	107	20	(	(	PUNCT
dem-2902	107	21	jci	jci	PROPN
dem-2902	107	22	)	)	PUNCT
dem-2902	107	23	,	,	PUNCT
dem-2902	107	24	malaysia	malaysia	PROPN
dem-2902	107	25	(	(	PUNCT
dem-2902	107	26	klci	klci	NOUN
dem-2902	107	27	)	)	PUNCT
dem-2902	107	28	,	,	PUNCT
dem-2902	107	29	south	south	PROPN
dem-2902	107	30	korea	korea	PROPN
dem-2902	107	31	(	(	PUNCT
dem-2902	107	32	kospi	kospi	PROPN
dem-2902	107	33	)	)	PUNCT
dem-2902	107	34	,	,	PUNCT
dem-2902	107	35	china	china	PROPN
dem-2902	107	36	(	(	PUNCT
dem-2902	107	37	shbs	shbs	PROPN
dem-2902	107	38	)	)	PUNCT
dem-2902	107	39	and	and	CCONJ
dem-2902	107	40	singapore	singapore	PROPN
dem-2902	107	41	(	(	PUNCT
dem-2902	107	42	sti	sti	PROPN
dem-2902	107	43	)	)	PUNCT
dem-2902	107	44	.	.	PUNCT
dem-2902	108	1	the	the	DET
dem-2902	108	2	global	global	ADJ
dem-2902	108	3	index	index	NOUN
dem-2902	108	4	of	of	ADP
dem-2902	108	5	western	western	ADJ
dem-2902	108	6	europe	europe	PROPN
dem-2902	108	7	includes	include	VERB
dem-2902	108	8	indices	index	NOUN
dem-2902	108	9	of	of	ADP
dem-2902	108	10	germany	germany	PROPN
dem-2902	108	11	(	(	PUNCT
dem-2902	108	12	dax	dax	PROPN
dem-2902	108	13	)	)	PUNCT
dem-2902	108	14	,	,	PUNCT
dem-2902	108	15	the	the	DET
dem-2902	108	16	netherlands	netherlands	PROPN
dem-2902	108	17	(	(	PUNCT
dem-2902	108	18	aex	aex	PROPN
dem-2902	108	19	)	)	PUNCT
dem-2902	108	20	,	,	PUNCT
dem-2902	108	21	austria	austria	PROPN
dem-2902	108	22	(	(	PUNCT
dem-2902	108	23	atx	atx	PROPN
dem-2902	108	24	)	)	PUNCT
dem-2902	108	25	,	,	PUNCT
dem-2902	108	26	france	france	PROPN
dem-2902	108	27	(	(	PUNCT
dem-2902	108	28	cac40	cac40	PROPN
dem-2902	108	29	)	)	PUNCT
dem-2902	108	30	,	,	PUNCT
dem-2902	108	31	the	the	DET
dem-2902	108	32	uk	uk	PROPN
dem-2902	108	33	(	(	PUNCT
dem-2902	108	34	ftse	ftse	PROPN
dem-2902	108	35	)	)	PUNCT
dem-2902	108	36	,	,	PUNCT
dem-2902	108	37	switzerland	switzerland	PROPN
dem-2902	108	38	(	(	PUNCT
dem-2902	108	39	smi	smi	PROPN
dem-2902	108	40	)	)	PUNCT
dem-2902	108	41	and	and	CCONJ
dem-2902	108	42	spain	spain	PROPN
dem-2902	108	43	(	(	PUNCT
dem-2902	108	44	ibex).the	ibex).the	DET
dem-2902	108	45	index	index	NOUN
dem-2902	108	46	of	of	ADP
dem-2902	108	47	eastern	eastern	PROPN
dem-2902	108	48	europe	europe	PROPN
dem-2902	108	49	includes	include	VERB
dem-2902	108	50	indices	index	NOUN
dem-2902	108	51	of	of	ADP
dem-2902	108	52	poland	poland	PROPN
dem-2902	108	53	(	(	PUNCT
dem-2902	108	54	wig	wig	NOUN
dem-2902	108	55	)	)	PUNCT
dem-2902	108	56	,	,	PUNCT
dem-2902	108	57	czech	czech	PROPN
dem-2902	108	58	republic	republic	NOUN
dem-2902	108	59	(	(	PUNCT
dem-2902	108	60	px	px	PROPN
dem-2902	108	61	)	)	PUNCT
dem-2902	108	62	,	,	PUNCT
dem-2902	108	63	hungary	hungary	PROPN
dem-2902	108	64	(	(	PUNCT
dem-2902	108	65	bux	bux	PROPN
dem-2902	108	66	)	)	PUNCT
dem-2902	108	67	and	and	CCONJ
dem-2902	108	68	turkey	turkey	NOUN
dem-2902	108	69	(	(	PUNCT
dem-2902	108	70	xu100	xu100	PROPN
dem-2902	108	71	)	)	PUNCT
dem-2902	108	72	.	.	PUNCT
dem-2902	109	1	the	the	DET
dem-2902	109	2	japanese	japanese	ADJ
dem-2902	109	3	market	market	NOUN
dem-2902	109	4	is	be	AUX
dem-2902	109	5	represented	represent	VERB
dem-2902	109	6	by	by	ADP
dem-2902	109	7	the	the	DET
dem-2902	109	8	nikkei	nikkei	PROPN
dem-2902	109	9	index	index	PROPN
dem-2902	109	10	.	.	PUNCT
dem-2902	110	1	the	the	DET
dem-2902	110	2	data	datum	NOUN
dem-2902	110	3	set	set	VERB
dem-2902	110	4	used	use	VERB
dem-2902	110	5	in	in	ADP
dem-2902	110	6	the	the	DET
dem-2902	110	7	study	study	NOUN
dem-2902	110	8	has	have	AUX
dem-2902	110	9	been	be	AUX
dem-2902	110	10	taken	take	VERB
dem-2902	110	11	from	from	ADP
dem-2902	110	12	the	the	DET
dem-2902	110	13	stooq	stooq	PROPN
dem-2902	110	14	database	database	NOUN
dem-2902	110	15	(	(	PUNCT
dem-2902	110	16	http://www.stooq.com	http://www.stooq.com	X
dem-2902	110	17	)	)	PUNCT
dem-2902	110	18	.	.	PUNCT
dem-2902	111	1	all	all	DET
dem-2902	111	2	considered	consider	VERB
dem-2902	111	3	indices	index	NOUN
dem-2902	111	4	have	have	AUX
dem-2902	111	5	been	be	AUX
dem-2902	111	6	denominated	denominate	VERB
dem-2902	111	7	in	in	ADP
dem-2902	111	8	the	the	DET
dem-2902	111	9	us	us	PROPN
dem-2902	111	10	dollar	dollar	NOUN
dem-2902	111	11	.	.	PUNCT
dem-2902	112	1	daily	daily	ADJ
dem-2902	112	2	returns	return	NOUN
dem-2902	112	3	come	come	VERB
dem-2902	112	4	from	from	ADP
dem-2902	112	5	the	the	DET
dem-2902	112	6	period	period	NOUN
dem-2902	112	7	from	from	ADP
dem-2902	112	8	october	october	PROPN
dem-2902	112	9	2002	2002	NUM
dem-2902	112	10	to	to	ADP
dem-2902	112	11	april	april	PROPN
dem-2902	112	12	2012	2012	NUM
dem-2902	112	13	.	.	PUNCT
dem-2902	113	1	to	to	PART
dem-2902	113	2	deal	deal	VERB
dem-2902	113	3	with	with	ADP
dem-2902	113	4	the	the	DET
dem-2902	113	5	missing	miss	VERB
dem-2902	113	6	data	datum	NOUN
dem-2902	113	7	in	in	ADP
dem-2902	113	8	the	the	DET
dem-2902	113	9	sample	sample	NOUN
dem-2902	113	10	,	,	PUNCT
dem-2902	113	11	the	the	DET
dem-2902	113	12	linear	linear	ADJ
dem-2902	113	13	approximation	approximation	NOUN
dem-2902	113	14	has	have	AUX
dem-2902	113	15	been	be	AUX
dem-2902	113	16	performed	perform	VERB
dem-2902	113	17	.	.	PUNCT
dem-2902	114	1	daily	daily	ADJ
dem-2902	114	2	returns	return	NOUN
dem-2902	114	3	are	be	AUX
dem-2902	114	4	computed	compute	VERB
dem-2902	114	5	as	as	ADP
dem-2902	114	6	the	the	DET
dem-2902	114	7	difference	difference	NOUN
dem-2902	114	8	between	between	ADP
dem-2902	114	9	the	the	DET
dem-2902	114	10	logarithm	logarithm	NOUN
dem-2902	114	11	of	of	ADP
dem-2902	114	12	the	the	DET
dem-2902	114	13	closing	closing	NOUN
dem-2902	114	14	price	price	NOUN
dem-2902	114	15	on	on	ADP
dem-2902	114	16	the	the	DET
dem-2902	114	17	day	day	NOUN
dem-2902	114	18	and	and	CCONJ
dem-2902	114	19	the	the	DET
dem-2902	114	20	logarithm	logarithm	NOUN
dem-2902	114	21	of	of	ADP
dem-2902	114	22	the	the	DET
dem-2902	114	23	closing	closing	NOUN
dem-2902	114	24	price	price	NOUN
dem-2902	114	25	on	on	ADP
dem-2902	114	26	the	the	DET
dem-2902	114	27	day	day	NOUN
dem-2902	114	28	–	–	PUNCT
dem-2902	114	29	1	1	X
dem-2902	114	30	.	.	PUNCT
dem-2902	115	1	the	the	DET
dem-2902	115	2	global	global	ADJ
dem-2902	115	3	indices	index	NOUN
dem-2902	115	4	’	'	PUNCT
dem-2902	115	5	returns	return	NOUN
dem-2902	115	6	are	be	AUX
dem-2902	115	7	constructed	construct	VERB
dem-2902	115	8	as	as	ADP
dem-2902	115	9	the	the	DET
dem-2902	115	10	mean	mean	NOUN
dem-2902	115	11	of	of	ADP
dem-2902	115	12	component	component	NOUN
dem-2902	115	13	indices	index	NOUN
dem-2902	115	14	’	'	PUNCT
dem-2902	115	15	returns	return	NOUN
dem-2902	115	16	weighted	weight	VERB
dem-2902	115	17	by	by	ADP
dem-2902	115	18	the	the	DET
dem-2902	115	19	corresponding	correspond	VERB
dem-2902	115	20	market	market	NOUN
dem-2902	115	21	capitalization	capitalization	NOUN
dem-2902	115	22	.	.	PUNCT
dem-2902	116	1	therefore	therefore	ADV
dem-2902	116	2	,	,	PUNCT
dem-2902	116	3	the	the	DET
dem-2902	116	4	return	return	NOUN
dem-2902	116	5	of	of	ADP
dem-2902	116	6	a	a	DET
dem-2902	116	7	global	global	ADJ
dem-2902	116	8	index	index	NOUN
dem-2902	116	9	at	at	ADP
dem-2902	116	10	the	the	DET
dem-2902	116	11	time	time	NOUN
dem-2902	116	12	is	be	AUX
dem-2902	116	13	given	give	VERB
dem-2902	116	14	by	by	ADP
dem-2902	116	15	:	:	PUNCT
dem-2902	116	16	∑	∑	ADP
dem-2902	116	17	,	,	PUNCT
dem-2902	116	18	,	,	PUNCT
dem-2902	116	19	,	,	PUNCT
dem-2902	116	20	(	(	PUNCT
dem-2902	116	21	14	14	NUM
dem-2902	116	22	)	)	PUNCT
dem-2902	116	23	where	where	SCONJ
dem-2902	116	24	,	,	PUNCT
dem-2902	116	25	is	be	AUX
dem-2902	116	26	the	the	DET
dem-2902	116	27	return	return	NOUN
dem-2902	116	28	of	of	ADP
dem-2902	116	29	the	the	DET
dem-2902	116	30	j	j	PROPN
dem-2902	116	31	-	-	PUNCT
dem-2902	116	32	th	th	VERB
dem-2902	116	33	component	component	NOUN
dem-2902	116	34	index	index	NOUN
dem-2902	116	35	at	at	ADP
dem-2902	116	36	the	the	DET
dem-2902	116	37	time	time	NOUN
dem-2902	116	38	,	,	PUNCT
dem-2902	116	39	and	and	CCONJ
dem-2902	116	40	the	the	DET
dem-2902	116	41	weight	weight	NOUN
dem-2902	116	42	factor	factor	NOUN
dem-2902	116	43	,	,	PUNCT
dem-2902	116	44	,	,	PUNCT
dem-2902	116	45	for	for	ADP
dem-2902	116	46	1	1	NUM
dem-2902	116	47	,	,	PUNCT
dem-2902	116	48	…	…	PUNCT
dem-2902	116	49	,	,	PUNCT
dem-2902	116	50	,	,	PUNCT
dem-2902	116	51	is	be	AUX
dem-2902	116	52	defined	define	VERB
dem-2902	116	53	by	by	ADP
dem-2902	116	54	:	:	PUNCT
dem-2902	116	55	,	,	PUNCT
dem-2902	116	56	,	,	PUNCT
dem-2902	116	57	∑	∑	ADP
dem-2902	116	58	,	,	PUNCT
dem-2902	116	59	,	,	PUNCT
dem-2902	116	60	(	(	PUNCT
dem-2902	116	61	15	15	NUM
dem-2902	116	62	)	)	PUNCT
dem-2902	116	63	where	where	SCONJ
dem-2902	116	64	,	,	PUNCT
dem-2902	116	65	is	be	AUX
dem-2902	116	66	the	the	DET
dem-2902	116	67	capitalization	capitalization	NOUN
dem-2902	116	68	of	of	ADP
dem-2902	116	69	the	the	DET
dem-2902	116	70	market	market	NOUN
dem-2902	116	71	corresponding	correspond	VERB
dem-2902	116	72	to	to	ADP
dem-2902	116	73	the	the	DET
dem-2902	116	74	j	j	PROPN
dem-2902	116	75	-	-	PUNCT
dem-2902	116	76	th	th	VERB
dem-2902	116	77	index	index	NOUN
dem-2902	116	78	at	at	ADP
dem-2902	116	79	the	the	DET
dem-2902	116	80	time	time	NOUN
dem-2902	116	81	.	.	PUNCT
dem-2902	117	1	in	in	ADP
dem-2902	117	2	this	this	DET
dem-2902	117	3	article	article	NOUN
dem-2902	117	4	we	we	PRON
dem-2902	117	5	have	have	AUX
dem-2902	117	6	used	use	VERB
dem-2902	117	7	the	the	DET
dem-2902	117	8	annual	annual	ADJ
dem-2902	117	9	data	datum	NOUN
dem-2902	117	10	of	of	ADP
dem-2902	117	11	capitalization	capitalization	NOUN
dem-2902	117	12	.	.	PUNCT
dem-2902	118	1	therefore	therefore	ADV
dem-2902	118	2	,	,	PUNCT
dem-2902	118	3	every	every	DET
dem-2902	118	4	weight	weight	NOUN
dem-2902	118	5	factor	factor	NOUN
dem-2902	118	6	is	be	AUX
dem-2902	118	7	constant	constant	ADJ
dem-2902	118	8	in	in	ADP
dem-2902	118	9	the	the	DET
dem-2902	118	10	period	period	NOUN
dem-2902	118	11	of	of	ADP
dem-2902	118	12	a	a	DET
dem-2902	118	13	particular	particular	ADJ
dem-2902	118	14	year	year	NOUN
dem-2902	118	15	.	.	PUNCT
dem-2902	119	1	table	table	NOUN
dem-2902	119	2	1	1	NUM
dem-2902	119	3	presents	present	NOUN
dem-2902	119	4	summary	summary	NOUN
dem-2902	119	5	statistic	statistic	NOUN
dem-2902	119	6	for	for	ADP
dem-2902	119	7	the	the	DET
dem-2902	119	8	five	five	NUM
dem-2902	119	9	discussed	discuss	VERB
dem-2902	119	10	percent	percent	NOUN
dem-2902	119	11	(	(	PUNCT
dem-2902	119	12	multiplied	multiply	VERB
dem-2902	119	13	by	by	ADP
dem-2902	119	14	100	100	NUM
dem-2902	119	15	)	)	PUNCT
dem-2902	119	16	logarithmic	logarithmic	ADJ
dem-2902	119	17	returns	return	NOUN
dem-2902	119	18	of	of	ADP
dem-2902	119	19	the	the	DET
dem-2902	119	20	global	global	ADJ
dem-2902	119	21	indices	index	NOUN
dem-2902	119	22	.	.	PUNCT
dem-2902	120	1	table	table	NOUN
dem-2902	120	2	1	1	NUM
dem-2902	120	3	.	.	PUNCT
dem-2902	120	4	descriptive	descriptive	ADJ
dem-2902	120	5	statistics	statistic	NOUN
dem-2902	120	6	of	of	ADP
dem-2902	120	7	the	the	DET
dem-2902	120	8	data	datum	NOUN
dem-2902	120	9	(	(	PUNCT
dem-2902	120	10	october	october	PROPN
dem-2902	120	11	2002	2002	NUM
dem-2902	120	12	to	to	ADP
dem-2902	120	13	april	april	PROPN
dem-2902	120	14	2012	2012	NUM
dem-2902	120	15	)	)	PUNCT
dem-2902	120	16	average	average	ADJ
dem-2902	120	17	median	median	ADJ
dem-2902	120	18	std	std	PROPN
dem-2902	120	19	dev	dev	PROPN
dem-2902	120	20	.	.	PUNCT
dem-2902	121	1	skewness	skewness	PROPN
dem-2902	121	2	kurtosis	kurtosis	VERB
dem-2902	121	3	p	p	NOUN
dem-2902	121	4	-	-	PUNCT
dem-2902	121	5	value	value	NOUN
dem-2902	121	6	of	of	ADP
dem-2902	121	7	engle	engle	NOUN
dem-2902	121	8	test	test	NOUN
dem-2902	121	9	p	p	NOUN
dem-2902	121	10	-	-	PUNCT
dem-2902	121	11	value	value	NOUN
dem-2902	121	12	of	of	ADP
dem-2902	121	13	ljung	ljung	ADJ
dem-2902	121	14	–	–	PUNCT
dem-2902	121	15	box	box	NOUN
dem-2902	121	16	test	test	NOUN
dem-2902	121	17	northern	northern	PROPN
dem-2902	121	18	american	american	PROPN
dem-2902	121	19	0.0629	0.0629	NUM
dem-2902	121	20	0.1774	0.1774	NUM
dem-2902	121	21	1.8628	1.8628	NUM
dem-2902	121	22	–	–	PUNCT
dem-2902	121	23	0.5225	0.5225	NUM
dem-2902	121	24	7.8354	7.8354	NUM
dem-2902	121	25	0.0000	0.0000	NUM
dem-2902	121	26	0.0000	0.0000	NUM
dem-2902	121	27	western	western	ADJ
dem-2902	121	28	europe	europe	PROPN
dem-2902	121	29	0.0163	0.0163	NUM
dem-2902	121	30	0.0463	0.0463	NUM
dem-2902	121	31	1.6036	1.6036	NUM
dem-2902	121	32	–	–	PUNCT
dem-2902	121	33	0.0715	0.0715	NUM
dem-2902	121	34	9.9381	9.9381	NUM
dem-2902	121	35	0.0000	0.0000	NUM
dem-2902	121	36	0.8772	0.8772	NUM
dem-2902	121	37	eastern	eastern	ADJ
dem-2902	121	38	europe	europe	PROPN
dem-2902	121	39	0.0279	0.0279	NUM
dem-2902	121	40	0.0776	0.0776	NUM
dem-2902	121	41	1.2675	1.2675	NUM
dem-2902	121	42	–	–	PUNCT
dem-2902	121	43	0.1971	0.1971	NUM
dem-2902	121	44	11.2966	11.2966	NUM
dem-2902	121	45	0.0000	0.0000	NUM
dem-2902	121	46	0.0012	0.0012	NUM
dem-2902	121	47	asian	asian	ADJ
dem-2902	121	48	0.0565	0.0565	NUM
dem-2902	121	49	0.1082	0.1082	NUM
dem-2902	121	50	1.2586	1.2586	NUM
dem-2902	121	51	–	–	PUNCT
dem-2902	121	52	0.3713	0.3713	NUM
dem-2902	121	53	7.4732	7.4732	NUM
dem-2902	121	54	0.0000	0.0000	NUM
dem-2902	121	55	0.0256	0.0256	NUM
dem-2902	121	56	japan	japan	PROPN
dem-2902	121	57	0.0207	0.0207	NUM
dem-2902	121	58	0.0842	0.0842	NUM
dem-2902	121	59	1.5479	1.5479	NUM
dem-2902	121	60	–	–	PUNCT
dem-2902	121	61	0.7544	0.7544	NUM
dem-2902	121	62	10.0213	10.0213	NUM
dem-2902	121	63	0.0000	0.0000	NUM
dem-2902	121	64	0.0000	0.0000	NUM
dem-2902	121	65	note	note	NOUN
dem-2902	121	66	:	:	PUNCT
dem-2902	121	67	presented	present	VERB
dem-2902	121	68	values	value	NOUN
dem-2902	121	69	are	be	AUX
dem-2902	121	70	calculated	calculate	VERB
dem-2902	121	71	for	for	ADP
dem-2902	121	72	corresponding	correspond	VERB
dem-2902	121	73	global	global	ADJ
dem-2902	121	74	indices	index	NOUN
dem-2902	121	75	defined	define	VERB
dem-2902	121	76	in	in	ADP
dem-2902	121	77	(	(	PUNCT
dem-2902	121	78	14	14	NUM
dem-2902	121	79	)	)	PUNCT
dem-2902	121	80	anna	anna	NOUN
dem-2902	121	81	czapkiewicz	czapkiewicz	NOUN
dem-2902	121	82	,	,	PUNCT
dem-2902	121	83	artur	artur	PROPN
dem-2902	121	84	machno	machno	ADV
dem-2902	121	85	dynamic	dynamic	ADJ
dem-2902	121	86	econometric	econometric	ADJ
dem-2902	121	87	models	model	NOUN
dem-2902	121	88	13	13	NUM
dem-2902	121	89	(	(	PUNCT
dem-2902	121	90	2013	2013	NUM
dem-2902	121	91	)	)	PUNCT
dem-2902	122	1	145–162	145–162	NUM
dem-2902	122	2	152	152	NUM
dem-2902	122	3	averages	average	NOUN
dem-2902	122	4	of	of	ADP
dem-2902	122	5	returns	return	NOUN
dem-2902	122	6	are	be	AUX
dem-2902	122	7	close	close	ADJ
dem-2902	122	8	to	to	ADP
dem-2902	122	9	zero	zero	NUM
dem-2902	122	10	.	.	PUNCT
dem-2902	123	1	an	an	DET
dem-2902	123	2	asymmetry	asymmetry	NOUN
dem-2902	123	3	is	be	AUX
dem-2902	123	4	suggested	suggest	VERB
dem-2902	123	5	by	by	ADP
dem-2902	123	6	the	the	DET
dem-2902	123	7	higher	high	ADJ
dem-2902	123	8	value	value	NOUN
dem-2902	123	9	of	of	ADP
dem-2902	123	10	the	the	DET
dem-2902	123	11	median	median	NOUN
dem-2902	123	12	than	than	ADP
dem-2902	123	13	the	the	DET
dem-2902	123	14	average	average	NOUN
dem-2902	123	15	,	,	PUNCT
dem-2902	123	16	for	for	ADP
dem-2902	123	17	all	all	DET
dem-2902	123	18	global	global	ADJ
dem-2902	123	19	indices	index	NOUN
dem-2902	123	20	.	.	PUNCT
dem-2902	124	1	this	this	PRON
dem-2902	124	2	is	be	AUX
dem-2902	124	3	confirmed	confirm	VERB
dem-2902	124	4	by	by	ADP
dem-2902	124	5	the	the	DET
dem-2902	124	6	negative	negative	ADJ
dem-2902	124	7	skewness	skewness	NOUN
dem-2902	124	8	for	for	ADP
dem-2902	124	9	all	all	DET
dem-2902	124	10	series	series	NOUN
dem-2902	124	11	under	under	ADP
dem-2902	124	12	study	study	NOUN
dem-2902	124	13	.	.	PUNCT
dem-2902	125	1	however	however	ADV
dem-2902	125	2	,	,	PUNCT
dem-2902	125	3	this	this	DET
dem-2902	125	4	skewness	skewness	NOUN
dem-2902	125	5	seems	seem	VERB
dem-2902	125	6	to	to	PART
dem-2902	125	7	be	be	AUX
dem-2902	125	8	relatively	relatively	ADV
dem-2902	125	9	small	small	ADJ
dem-2902	125	10	so	so	SCONJ
dem-2902	125	11	it	it	PRON
dem-2902	125	12	is	be	AUX
dem-2902	125	13	not	not	PART
dem-2902	125	14	included	include	VERB
dem-2902	125	15	in	in	ADP
dem-2902	125	16	the	the	DET
dem-2902	125	17	model	model	NOUN
dem-2902	125	18	.	.	PUNCT
dem-2902	126	1	the	the	DET
dem-2902	126	2	kurtosis	kurtosis	NOUN
dem-2902	126	3	is	be	AUX
dem-2902	126	4	high	high	ADJ
dem-2902	126	5	,	,	PUNCT
dem-2902	126	6	taking	take	VERB
dem-2902	126	7	values	value	NOUN
dem-2902	126	8	from	from	ADP
dem-2902	126	9	7.47	7.47	NUM
dem-2902	126	10	to	to	ADP
dem-2902	126	11	11.30	11.30	NUM
dem-2902	126	12	,	,	PUNCT
dem-2902	126	13	which	which	PRON
dem-2902	126	14	suggests	suggest	VERB
dem-2902	126	15	the	the	DET
dem-2902	126	16	fattailedness	fattailedness	NOUN
dem-2902	126	17	of	of	ADP
dem-2902	126	18	analyzed	analyze	VERB
dem-2902	126	19	time	time	NOUN
dem-2902	126	20	series	series	NOUN
dem-2902	126	21	.	.	PUNCT
dem-2902	127	1	in	in	ADP
dem-2902	127	2	order	order	NOUN
dem-2902	127	3	to	to	PART
dem-2902	127	4	examine	examine	VERB
dem-2902	127	5	the	the	DET
dem-2902	127	6	properties	property	NOUN
dem-2902	127	7	of	of	ADP
dem-2902	127	8	the	the	DET
dem-2902	127	9	time	time	NOUN
dem-2902	127	10	series	series	NOUN
dem-2902	127	11	,	,	PUNCT
dem-2902	127	12	especially	especially	ADV
dem-2902	127	13	,	,	PUNCT
dem-2902	127	14	autocorrelation	autocorrelation	NOUN
dem-2902	127	15	and	and	CCONJ
dem-2902	127	16	heteroscedasticity	heteroscedasticity	NOUN
dem-2902	127	17	,	,	PUNCT
dem-2902	127	18	the	the	DET
dem-2902	127	19	ljung	ljung	PROPN
dem-2902	127	20	-	-	PUNCT
dem-2902	127	21	box	box	NOUN
dem-2902	127	22	and	and	CCONJ
dem-2902	127	23	engle	engle	NOUN
dem-2902	127	24	tests	test	NOUN
dem-2902	127	25	were	be	AUX
dem-2902	127	26	performed	perform	VERB
dem-2902	127	27	.	.	PUNCT
dem-2902	128	1	the	the	DET
dem-2902	128	2	test	test	NOUN
dem-2902	128	3	results	result	NOUN
dem-2902	128	4	indicated	indicate	VERB
dem-2902	128	5	existence	existence	NOUN
dem-2902	128	6	of	of	ADP
dem-2902	128	7	autocorrelation	autocorrelation	NOUN
dem-2902	128	8	for	for	ADP
dem-2902	128	9	all	all	DET
dem-2902	128	10	indices	index	NOUN
dem-2902	128	11	,	,	PUNCT
dem-2902	128	12	except	except	SCONJ
dem-2902	128	13	for	for	ADP
dem-2902	128	14	western	western	ADJ
dem-2902	128	15	europe	europe	PROPN
dem-2902	128	16	,	,	PUNCT
dem-2902	128	17	and	and	CCONJ
dem-2902	128	18	the	the	DET
dem-2902	128	19	garch	garch	NOUN
dem-2902	128	20	effect	effect	NOUN
dem-2902	128	21	for	for	ADP
dem-2902	128	22	all	all	DET
dem-2902	128	23	considered	consider	VERB
dem-2902	128	24	returns	return	NOUN
dem-2902	128	25	.	.	PUNCT
dem-2902	129	1	the	the	DET
dem-2902	129	2	presented	present	VERB
dem-2902	129	3	properties	property	NOUN
dem-2902	129	4	of	of	ADP
dem-2902	129	5	the	the	DET
dem-2902	129	6	5	5	NUM
dem-2902	129	7	-	-	PUNCT
dem-2902	129	8	dimensional	dimensional	ADJ
dem-2902	129	9	time	time	NOUN
dem-2902	129	10	series	series	NOUN
dem-2902	129	11	justify	justify	VERB
dem-2902	129	12	the	the	DET
dem-2902	129	13	use	use	NOUN
dem-2902	129	14	of	of	ADP
dem-2902	129	15	the	the	DET
dem-2902	129	16	multivariate	multivariate	NOUN
dem-2902	129	17	dcc	dcc	PROPN
dem-2902	129	18	-	-	PUNCT
dem-2902	129	19	garch	garch	NOUN
dem-2902	129	20	model	model	NOUN
dem-2902	129	21	with	with	ADP
dem-2902	129	22	the	the	DET
dem-2902	129	23	vector	vector	NOUN
dem-2902	129	24	autoregressive	autoregressive	ADJ
dem-2902	129	25	mean	mean	NOUN
dem-2902	129	26	described	describe	VERB
dem-2902	129	27	in	in	ADP
dem-2902	129	28	section	section	NOUN
dem-2902	129	29	1.1	1.1	NUM
dem-2902	129	30	by	by	ADP
dem-2902	129	31	formulas	formula	NOUN
dem-2902	129	32	(	(	PUNCT
dem-2902	129	33	1)–(6	1)–(6	NUM
dem-2902	129	34	)	)	PUNCT
dem-2902	129	35	.	.	PUNCT
dem-2902	130	1	2.2	2.2	NUM
dem-2902	130	2	.	.	PUNCT
dem-2902	131	1	estimation	estimation	NOUN
dem-2902	131	2	results	result	NOUN
dem-2902	131	3	for	for	ADP
dem-2902	131	4	model	model	NOUN
dem-2902	131	5	estimating	estimate	VERB
dem-2902	131	6	purposes	purpose	NOUN
dem-2902	131	7	,	,	PUNCT
dem-2902	131	8	the	the	DET
dem-2902	131	9	time	time	NOUN
dem-2902	131	10	zone	zone	NOUN
dem-2902	131	11	difference	difference	NOUN
dem-2902	131	12	between	between	ADP
dem-2902	131	13	studied	study	VERB
dem-2902	131	14	regions	region	NOUN
dem-2902	131	15	has	have	AUX
dem-2902	131	16	been	be	AUX
dem-2902	131	17	taken	take	VERB
dem-2902	131	18	into	into	ADP
dem-2902	131	19	account	account	NOUN
dem-2902	131	20	.	.	PUNCT
dem-2902	132	1	the	the	DET
dem-2902	132	2	non	non	ADJ
dem-2902	132	3	-	-	ADJ
dem-2902	132	4	synchronous	synchronous	ADJ
dem-2902	132	5	trading	trading	NOUN
dem-2902	132	6	can	can	AUX
dem-2902	132	7	cause	cause	VERB
dem-2902	132	8	a	a	DET
dem-2902	132	9	bias	bias	NOUN
dem-2902	132	10	in	in	ADP
dem-2902	132	11	the	the	DET
dem-2902	132	12	estimation	estimation	NOUN
dem-2902	132	13	.	.	PUNCT
dem-2902	133	1	several	several	ADJ
dem-2902	133	2	transformations	transformation	NOUN
dem-2902	133	3	of	of	ADP
dem-2902	133	4	the	the	DET
dem-2902	133	5	indices	index	NOUN
dem-2902	133	6	returns	return	NOUN
dem-2902	133	7	were	be	AUX
dem-2902	133	8	considered	consider	VERB
dem-2902	133	9	to	to	PART
dem-2902	133	10	omit	omit	VERB
dem-2902	133	11	this	this	DET
dem-2902	133	12	problem	problem	NOUN
dem-2902	133	13	.	.	PUNCT
dem-2902	134	1	lagging	lag	VERB
dem-2902	134	2	american	american	ADJ
dem-2902	134	3	index	index	NOUN
dem-2902	134	4	return	return	NOUN
dem-2902	134	5	or	or	CCONJ
dem-2902	134	6	accelerating	accelerate	VERB
dem-2902	134	7	the	the	DET
dem-2902	134	8	asian	asian	NOUN
dem-2902	134	9	seems	seem	VERB
dem-2902	134	10	adequate	adequate	ADJ
dem-2902	134	11	.	.	PUNCT
dem-2902	135	1	however	however	ADV
dem-2902	135	2	,	,	PUNCT
dem-2902	135	3	there	there	PRON
dem-2902	135	4	is	be	VERB
dem-2902	135	5	the	the	DET
dem-2902	135	6	period	period	NOUN
dem-2902	135	7	during	during	ADP
dem-2902	135	8	a	a	DET
dem-2902	135	9	day	day	NOUN
dem-2902	135	10	,	,	PUNCT
dem-2902	135	11	when	when	SCONJ
dem-2902	135	12	american	american	ADJ
dem-2902	135	13	and	and	CCONJ
dem-2902	135	14	european	european	ADJ
dem-2902	135	15	stock	stock	NOUN
dem-2902	135	16	exchanges	exchange	NOUN
dem-2902	135	17	are	be	AUX
dem-2902	135	18	working	work	VERB
dem-2902	135	19	at	at	ADP
dem-2902	135	20	the	the	DET
dem-2902	135	21	same	same	ADJ
dem-2902	135	22	time	time	NOUN
dem-2902	135	23	.	.	PUNCT
dem-2902	136	1	therefore	therefore	ADV
dem-2902	136	2	,	,	PUNCT
dem-2902	136	3	in	in	ADP
dem-2902	136	4	the	the	DET
dem-2902	136	5	analysis	analysis	NOUN
dem-2902	136	6	we	we	PRON
dem-2902	136	7	have	have	AUX
dem-2902	136	8	used	use	VERB
dem-2902	136	9	only	only	ADV
dem-2902	136	10	the	the	DET
dem-2902	136	11	accelerated	accelerate	VERB
dem-2902	136	12	asian	asian	ADJ
dem-2902	136	13	index	index	NOUN
dem-2902	136	14	return	return	NOUN
dem-2902	136	15	.	.	PUNCT
dem-2902	137	1	in	in	ADP
dem-2902	137	2	the	the	DET
dem-2902	137	3	preliminary	preliminary	ADJ
dem-2902	137	4	step	step	NOUN
dem-2902	137	5	,	,	PUNCT
dem-2902	137	6	the	the	DET
dem-2902	137	7	structure	structure	NOUN
dem-2902	137	8	of	of	ADP
dem-2902	137	9	the	the	DET
dem-2902	137	10	multivariate	multivariate	NOUN
dem-2902	137	11	model	model	NOUN
dem-2902	137	12	has	have	AUX
dem-2902	137	13	been	be	AUX
dem-2902	137	14	investigated	investigate	VERB
dem-2902	137	15	.	.	PUNCT
dem-2902	138	1	the	the	DET
dem-2902	138	2	five	five	NUM
dem-2902	138	3	dimensional	dimensional	ADJ
dem-2902	138	4	var(1)-dcc	var(1)-dcc	NOUN
dem-2902	138	5	-	-	PUNCT
dem-2902	138	6	garch(1,1	garch(1,1	NOUN
dem-2902	138	7	)	)	PUNCT
dem-2902	138	8	model	model	NOUN
dem-2902	138	9	with	with	ADP
dem-2902	138	10	the	the	DET
dem-2902	138	11	student’s	student’s	NOUN
dem-2902	138	12	-	-	PUNCT
dem-2902	138	13	t	t	NOUN
dem-2902	138	14	conditional	conditional	ADJ
dem-2902	138	15	distribution	distribution	NOUN
dem-2902	138	16	and	and	CCONJ
dem-2902	138	17	dynamic	dynamic	ADJ
dem-2902	138	18	conditional	conditional	ADJ
dem-2902	138	19	correlations	correlation	NOUN
dem-2902	138	20	(	(	PUNCT
dem-2902	138	21	dcc	dcc	PROPN
dem-2902	138	22	)	)	PUNCT
dem-2902	138	23	has	have	AUX
dem-2902	138	24	been	be	AUX
dem-2902	138	25	considered	consider	VERB
dem-2902	138	26	to	to	PART
dem-2902	138	27	describe	describe	VERB
dem-2902	138	28	the	the	DET
dem-2902	138	29	returns	return	NOUN
dem-2902	138	30	’	'	PUNCT
dem-2902	138	31	process	process	NOUN
dem-2902	138	32	.	.	PUNCT
dem-2902	139	1	in	in	ADP
dem-2902	139	2	order	order	NOUN
dem-2902	139	3	to	to	PART
dem-2902	139	4	determine	determine	VERB
dem-2902	139	5	whether	whether	SCONJ
dem-2902	139	6	the	the	DET
dem-2902	139	7	chosen	choose	VERB
dem-2902	139	8	lags	lag	NOUN
dem-2902	139	9	in	in	ADP
dem-2902	139	10	the	the	DET
dem-2902	139	11	model	model	NOUN
dem-2902	139	12	are	be	AUX
dem-2902	139	13	proper	proper	ADJ
dem-2902	139	14	,	,	PUNCT
dem-2902	139	15	ljung	ljung	ADJ
dem-2902	139	16	-	-	PUNCT
dem-2902	139	17	box	box	NOUN
dem-2902	139	18	and	and	CCONJ
dem-2902	139	19	engle	engle	NOUN
dem-2902	139	20	tests	test	NOUN
dem-2902	139	21	on	on	ADP
dem-2902	139	22	the	the	DET
dem-2902	139	23	obtained	obtain	VERB
dem-2902	139	24	residual	residual	ADJ
dem-2902	139	25	were	be	AUX
dem-2902	139	26	conducted	conduct	VERB
dem-2902	139	27	.	.	PUNCT
dem-2902	140	1	the	the	DET
dem-2902	140	2	results	result	NOUN
dem-2902	140	3	of	of	ADP
dem-2902	140	4	the	the	DET
dem-2902	140	5	tests	test	NOUN
dem-2902	140	6	showed	show	VERB
dem-2902	140	7	clearly	clearly	ADV
dem-2902	140	8	that	that	SCONJ
dem-2902	140	9	there	there	PRON
dem-2902	140	10	is	be	VERB
dem-2902	140	11	no	no	DET
dem-2902	140	12	autocorrelation	autocorrelation	NOUN
dem-2902	140	13	,	,	PUNCT
dem-2902	140	14	nor	nor	CCONJ
dem-2902	140	15	garch	garch	NOUN
dem-2902	140	16	effect	effect	NOUN
dem-2902	140	17	in	in	ADP
dem-2902	140	18	the	the	DET
dem-2902	140	19	residual	residual	ADJ
dem-2902	140	20	series	series	NOUN
dem-2902	140	21	.	.	PUNCT
dem-2902	141	1	table	table	NOUN
dem-2902	141	2	2	2	NUM
dem-2902	141	3	.	.	X
dem-2902	141	4	vector	vector	NOUN
dem-2902	141	5	autoregressive	autoregressive	ADJ
dem-2902	141	6	parameters	parameter	NOUN
dem-2902	141	7	eastern	eastern	PROPN
dem-2902	141	8	europe	europe	PROPN
dem-2902	141	9	western	western	PROPN
dem-2902	141	10	europe	europe	PROPN
dem-2902	141	11	northern	northern	PROPN
dem-2902	141	12	america	america	PROPN
dem-2902	141	13	asia	asia	PROPN
dem-2902	141	14	japan	japan	PROPN
dem-2902	141	15	eastern	eastern	PROPN
dem-2902	141	16	europe	europe	PROPN
dem-2902	141	17	–	–	PUNCT
dem-2902	141	18	0.0621	0.0621	NUM
dem-2902	141	19	*	*	PUNCT
dem-2902	141	20	*	*	NOUN
dem-2902	141	21	0.0193	0.0193	NUM
dem-2902	141	22	0.3062	0.3062	NUM
dem-2902	141	23	*	*	PUNCT
dem-2902	141	24	*	*	PUNCT
dem-2902	141	25	*	*	PUNCT
dem-2902	141	26	0.5204	0.5204	NUM
dem-2902	141	27	*	*	PUNCT
dem-2902	141	28	*	*	PUNCT
dem-2902	141	29	*	*	PUNCT
dem-2902	141	30	0.1173	0.1173	NUM
dem-2902	141	31	*	*	PUNCT
dem-2902	141	32	*	*	PUNCT
dem-2902	141	33	*	*	PUNCT
dem-2902	141	34	western	western	ADJ
dem-2902	141	35	europe	europe	PROPN
dem-2902	141	36	–	–	PUNCT
dem-2902	141	37	0.0031	0.0031	NUM
dem-2902	141	38	–	–	PUNCT
dem-2902	141	39	0.2267	0.2267	NUM
dem-2902	141	40	*	*	PUNCT
dem-2902	141	41	*	*	PUNCT
dem-2902	141	42	*	*	PUNCT
dem-2902	141	43	0.2442	0.2442	NUM
dem-2902	141	44	*	*	PUNCT
dem-2902	141	45	*	*	PUNCT
dem-2902	141	46	*	*	PUNCT
dem-2902	141	47	0.4951	0.4951	NUM
dem-2902	141	48	*	*	PUNCT
dem-2902	141	49	*	*	PUNCT
dem-2902	141	50	*	*	PUNCT
dem-2902	141	51	0.0857	0.0857	PUNCT
dem-2902	141	52	*	*	PUNCT
dem-2902	141	53	*	*	PUNCT
dem-2902	141	54	*	*	PUNCT
dem-2902	141	55	northern	northern	PROPN
dem-2902	141	56	america	america	PROPN
dem-2902	141	57	–	–	PUNCT
dem-2902	141	58	0.0165	0.0165	NUM
dem-2902	141	59	0.0294	0.0294	NUM
dem-2902	141	60	–	–	PUNCT
dem-2902	141	61	0.1637	0.1637	NUM
dem-2902	141	62	*	*	PUNCT
dem-2902	141	63	*	*	PUNCT
dem-2902	141	64	*	*	PUNCT
dem-2902	141	65	0.3344	0.3344	NUM
dem-2902	141	66	*	*	PUNCT
dem-2902	141	67	*	*	PUNCT
dem-2902	141	68	*	*	PUNCT
dem-2902	141	69	–	–	PUNCT
dem-2902	141	70	0.0304	0.0304	NUM
dem-2902	141	71	asia	asia	PROPN
dem-2902	141	72	0.0188	0.0188	NUM
dem-2902	141	73	–	–	PUNCT
dem-2902	141	74	0.0287	0.0287	NUM
dem-2902	141	75	0.1103	0.1103	NUM
dem-2902	141	76	*	*	PUNCT
dem-2902	141	77	*	*	PUNCT
dem-2902	141	78	*	*	NOUN
dem-2902	141	79	0.0679	0.0679	NUM
dem-2902	141	80	*	*	SYM
dem-2902	141	81	*	*	PUNCT
dem-2902	141	82	–	–	PUNCT
dem-2902	141	83	0.1026	0.1026	NUM
dem-2902	141	84	*	*	PUNCT
dem-2902	141	85	*	*	PUNCT
dem-2902	141	86	*	*	PUNCT
dem-2902	141	87	japan	japan	PROPN
dem-2902	141	88	0.0059	0.0059	NUM
dem-2902	141	89	–	–	PUNCT
dem-2902	141	90	0.0225	0.0225	NUM
dem-2902	141	91	0.1102	0.1102	NUM
dem-2902	141	92	*	*	PUNCT
dem-2902	141	93	*	*	PUNCT
dem-2902	141	94	0.2430	0.2430	NUM
dem-2902	141	95	*	*	PUNCT
dem-2902	141	96	*	*	PUNCT
dem-2902	141	97	*	*	PUNCT
dem-2902	141	98	–	–	PUNCT
dem-2902	141	99	0.2338	0.2338	NUM
dem-2902	141	100	*	*	PUNCT
dem-2902	141	101	*	*	PUNCT
dem-2902	141	102	*	*	PUNCT
dem-2902	141	103	note	note	NOUN
dem-2902	141	104	:	:	PUNCT
dem-2902	141	105	the	the	DET
dem-2902	141	106	significance	significance	NOUN
dem-2902	141	107	levels	level	NOUN
dem-2902	141	108	are	be	AUX
dem-2902	141	109	used	use	VERB
dem-2902	141	110	:	:	PUNCT
dem-2902	141	111	*	*	PUNCT
dem-2902	141	112	*	*	PUNCT
dem-2902	141	113	*	*	PUNCT
dem-2902	141	114	for	for	ADP
dem-2902	141	115	0.001	0.001	NUM
dem-2902	141	116	,	,	PUNCT
dem-2902	141	117	*	*	PUNCT
dem-2902	141	118	*	*	PUNCT
dem-2902	141	119	for	for	ADP
dem-2902	141	120	0.01	0.01	NUM
dem-2902	141	121	and	and	CCONJ
dem-2902	141	122	*	*	NOUN
dem-2902	141	123	for	for	ADP
dem-2902	141	124	0.05	0.05	NUM
dem-2902	141	125	.	.	PUNCT
dem-2902	142	1	empirical	empirical	ADJ
dem-2902	142	2	verification	verification	NOUN
dem-2902	142	3	of	of	ADP
dem-2902	142	4	world	world	NOUN
dem-2902	142	5	’s	’s	PART
dem-2902	142	6	regions	region	NOUN
dem-2902	142	7	profitability	profitability	NOUN
dem-2902	142	8	…	…	PUNCT
dem-2902	142	9	dynamic	dynamic	ADJ
dem-2902	142	10	econometric	econometric	ADJ
dem-2902	142	11	models	model	NOUN
dem-2902	142	12	13	13	NUM
dem-2902	142	13	(	(	PUNCT
dem-2902	142	14	2013	2013	NUM
dem-2902	142	15	)	)	PUNCT
dem-2902	143	1	145–162	145–162	NUM
dem-2902	143	2	153	153	NUM
dem-2902	143	3	table	table	NOUN
dem-2902	143	4	2	2	NUM
dem-2902	143	5	presents	present	VERB
dem-2902	143	6	the	the	DET
dem-2902	143	7	estimation	estimation	NOUN
dem-2902	143	8	result	result	NOUN
dem-2902	143	9	of	of	ADP
dem-2902	143	10	the	the	DET
dem-2902	143	11	var(1	var(1	PROPN
dem-2902	143	12	)	)	PUNCT
dem-2902	143	13	part	part	NOUN
dem-2902	143	14	of	of	ADP
dem-2902	143	15	the	the	DET
dem-2902	143	16	considered	consider	VERB
dem-2902	143	17	model	model	NOUN
dem-2902	143	18	.	.	PUNCT
dem-2902	144	1	table	table	NOUN
dem-2902	144	2	2	2	NUM
dem-2902	144	3	presents	present	NOUN
dem-2902	144	4	elements	element	NOUN
dem-2902	144	5	of	of	ADP
dem-2902	144	6	the	the	DET
dem-2902	144	7	matrix	matrix	NOUN
dem-2902	144	8	from	from	ADP
dem-2902	144	9	equation	equation	NOUN
dem-2902	144	10	(	(	PUNCT
dem-2902	144	11	1	1	X
dem-2902	144	12	)	)	PUNCT
dem-2902	144	13	calculated	calculate	VERB
dem-2902	144	14	for	for	ADP
dem-2902	144	15	the	the	DET
dem-2902	144	16	entire	entire	ADJ
dem-2902	144	17	sample	sample	NOUN
dem-2902	144	18	.	.	PUNCT
dem-2902	145	1	estimates	estimate	NOUN
dem-2902	145	2	presented	present	VERB
dem-2902	145	3	in	in	ADP
dem-2902	145	4	table	table	NOUN
dem-2902	145	5	2	2	NUM
dem-2902	145	6	show	show	VERB
dem-2902	145	7	that	that	SCONJ
dem-2902	145	8	the	the	DET
dem-2902	145	9	current	current	ADJ
dem-2902	145	10	returns	return	NOUN
dem-2902	145	11	of	of	ADP
dem-2902	145	12	the	the	DET
dem-2902	145	13	index	index	NOUN
dem-2902	145	14	data	datum	NOUN
dem-2902	145	15	are	be	AUX
dem-2902	145	16	strongly	strongly	ADV
dem-2902	145	17	affected	affect	VERB
dem-2902	145	18	by	by	ADP
dem-2902	145	19	lagged	lag	VERB
dem-2902	145	20	returns	return	NOUN
dem-2902	145	21	of	of	ADP
dem-2902	145	22	themselves	themselves	PRON
dem-2902	145	23	.	.	PUNCT
dem-2902	146	1	the	the	DET
dem-2902	146	2	eastern	eastern	ADJ
dem-2902	146	3	european	european	PROPN
dem-2902	146	4	region	region	PROPN
dem-2902	146	5	is	be	AUX
dem-2902	146	6	significantly	significantly	ADV
dem-2902	146	7	dependent	dependent	ADJ
dem-2902	146	8	on	on	ADP
dem-2902	146	9	the	the	DET
dem-2902	146	10	others	other	NOUN
dem-2902	146	11	,	,	PUNCT
dem-2902	146	12	apart	apart	ADV
dem-2902	146	13	from	from	ADP
dem-2902	146	14	the	the	DET
dem-2902	146	15	western	western	PROPN
dem-2902	146	16	europe	europe	PROPN
dem-2902	146	17	region	region	NOUN
dem-2902	146	18	.	.	PUNCT
dem-2902	147	1	on	on	ADP
dem-2902	147	2	the	the	DET
dem-2902	147	3	other	other	ADJ
dem-2902	147	4	hand	hand	NOUN
dem-2902	147	5	,	,	PUNCT
dem-2902	147	6	the	the	DET
dem-2902	147	7	western	western	ADJ
dem-2902	147	8	european	european	ADJ
dem-2902	147	9	region	region	NOUN
dem-2902	147	10	is	be	AUX
dem-2902	147	11	also	also	ADV
dem-2902	147	12	dependent	dependent	ADJ
dem-2902	147	13	on	on	ADP
dem-2902	147	14	the	the	DET
dem-2902	147	15	others	other	NOUN
dem-2902	147	16	and	and	CCONJ
dem-2902	147	17	it	it	PRON
dem-2902	147	18	is	be	AUX
dem-2902	147	19	not	not	PART
dem-2902	147	20	dependent	dependent	ADJ
dem-2902	147	21	only	only	ADV
dem-2902	147	22	on	on	ADP
dem-2902	147	23	the	the	DET
dem-2902	147	24	preceding	precede	VERB
dem-2902	147	25	state	state	NOUN
dem-2902	147	26	of	of	ADP
dem-2902	147	27	markets	market	NOUN
dem-2902	147	28	of	of	ADP
dem-2902	147	29	eastern	eastern	PROPN
dem-2902	147	30	europe	europe	PROPN
dem-2902	147	31	.	.	PUNCT
dem-2902	148	1	northern	northern	ADJ
dem-2902	148	2	american	american	ADJ
dem-2902	148	3	markets	market	NOUN
dem-2902	148	4	are	be	AUX
dem-2902	148	5	affected	affect	VERB
dem-2902	148	6	only	only	ADV
dem-2902	148	7	by	by	ADP
dem-2902	148	8	the	the	DET
dem-2902	148	9	asian	asian	ADJ
dem-2902	148	10	region	region	NOUN
dem-2902	148	11	.	.	PUNCT
dem-2902	149	1	pacific	pacific	ADJ
dem-2902	149	2	asian	asian	ADJ
dem-2902	149	3	and	and	CCONJ
dem-2902	149	4	japanese	japanese	ADJ
dem-2902	149	5	regions	region	NOUN
dem-2902	149	6	are	be	AUX
dem-2902	149	7	dependent	dependent	ADJ
dem-2902	149	8	on	on	ADP
dem-2902	149	9	northern	northern	PROPN
dem-2902	149	10	america	america	PROPN
dem-2902	149	11	and	and	CCONJ
dem-2902	149	12	on	on	ADP
dem-2902	149	13	each	each	DET
dem-2902	149	14	other	other	ADJ
dem-2902	149	15	.	.	PUNCT
dem-2902	150	1	it	it	PRON
dem-2902	150	2	can	can	AUX
dem-2902	150	3	be	be	AUX
dem-2902	150	4	noticed	notice	VERB
dem-2902	150	5	that	that	SCONJ
dem-2902	150	6	asian	asian	ADJ
dem-2902	150	7	and	and	CCONJ
dem-2902	150	8	northern	northern	ADJ
dem-2902	150	9	american	american	ADJ
dem-2902	150	10	markets	market	NOUN
dem-2902	150	11	affect	affect	VERB
dem-2902	150	12	all	all	DET
dem-2902	150	13	the	the	DET
dem-2902	150	14	other	other	ADJ
dem-2902	150	15	regions	region	NOUN
dem-2902	150	16	strongly	strongly	ADV
dem-2902	150	17	and	and	CCONJ
dem-2902	150	18	positively	positively	ADV
dem-2902	150	19	.	.	PUNCT
dem-2902	151	1	the	the	DET
dem-2902	151	2	japanese	japanese	ADJ
dem-2902	151	3	market	market	NOUN
dem-2902	151	4	impacts	impact	VERB
dem-2902	151	5	european	european	ADJ
dem-2902	151	6	markets	market	NOUN
dem-2902	151	7	also	also	ADV
dem-2902	151	8	positively	positively	ADV
dem-2902	151	9	but	but	CCONJ
dem-2902	151	10	weaker	weak	ADJ
dem-2902	151	11	than	than	ADP
dem-2902	151	12	american	american	ADJ
dem-2902	151	13	or	or	CCONJ
dem-2902	151	14	asian	asian	ADJ
dem-2902	151	15	markets	market	NOUN
dem-2902	151	16	.	.	PUNCT
dem-2902	152	1	the	the	DET
dem-2902	152	2	only	only	ADJ
dem-2902	152	3	negative	negative	ADJ
dem-2902	152	4	impact	impact	NOUN
dem-2902	152	5	is	be	AUX
dem-2902	152	6	observed	observe	VERB
dem-2902	152	7	in	in	ADP
dem-2902	152	8	the	the	DET
dem-2902	152	9	case	case	NOUN
dem-2902	152	10	of	of	ADP
dem-2902	152	11	japan	japan	PROPN
dem-2902	152	12	market	market	PROPN
dem-2902	152	13	influencing	influence	VERB
dem-2902	152	14	the	the	DET
dem-2902	152	15	asian	asian	ADJ
dem-2902	152	16	one	one	NOUN
dem-2902	152	17	.	.	PUNCT
dem-2902	153	1	it	it	PRON
dem-2902	153	2	indicates	indicate	VERB
dem-2902	153	3	that	that	SCONJ
dem-2902	153	4	a	a	DET
dem-2902	153	5	growth	growth	NOUN
dem-2902	153	6	on	on	ADP
dem-2902	153	7	japanese	japanese	ADJ
dem-2902	153	8	markets	market	NOUN
dem-2902	153	9	results	result	NOUN
dem-2902	153	10	in	in	ADP
dem-2902	153	11	decreases	decrease	NOUN
dem-2902	153	12	on	on	ADP
dem-2902	153	13	asian	asian	ADJ
dem-2902	153	14	markets	market	NOUN
dem-2902	153	15	.	.	PUNCT
dem-2902	154	1	note	note	VERB
dem-2902	154	2	that	that	SCONJ
dem-2902	154	3	,	,	PUNCT
dem-2902	154	4	described	describe	VERB
dem-2902	154	5	relations	relation	NOUN
dem-2902	154	6	are	be	AUX
dem-2902	154	7	irrespective	irrespective	ADJ
dem-2902	154	8	to	to	ADP
dem-2902	154	9	correlations	correlation	NOUN
dem-2902	154	10	among	among	ADP
dem-2902	154	11	the	the	DET
dem-2902	154	12	series	series	NOUN
dem-2902	154	13	itself	itself	PRON
dem-2902	154	14	.	.	PUNCT
dem-2902	155	1	in	in	ADP
dem-2902	155	2	particular	particular	ADJ
dem-2902	155	3	,	,	PUNCT
dem-2902	155	4	both	both	CCONJ
dem-2902	155	5	european	european	ADJ
dem-2902	155	6	regions	region	NOUN
dem-2902	155	7	are	be	AUX
dem-2902	155	8	strongly	strongly	ADV
dem-2902	155	9	correlated	correlate	VERB
dem-2902	155	10	,	,	PUNCT
dem-2902	155	11	however	however	ADV
dem-2902	155	12	,	,	PUNCT
dem-2902	155	13	ones	one	NOUN
dem-2902	155	14	current	current	ADJ
dem-2902	155	15	value	value	NOUN
dem-2902	155	16	does	do	AUX
dem-2902	155	17	not	not	PART
dem-2902	155	18	depend	depend	VERB
dem-2902	155	19	on	on	ADP
dem-2902	155	20	the	the	DET
dem-2902	155	21	preceding	precede	VERB
dem-2902	155	22	value	value	NOUN
dem-2902	155	23	of	of	ADP
dem-2902	155	24	the	the	DET
dem-2902	155	25	other	other	ADJ
dem-2902	155	26	.	.	PUNCT
dem-2902	156	1	furthermore	furthermore	ADV
dem-2902	156	2	,	,	PUNCT
dem-2902	156	3	considered	consider	VERB
dem-2902	156	4	regions	region	NOUN
dem-2902	156	5	(	(	PUNCT
dem-2902	156	6	all	all	PRON
dem-2902	156	7	except	except	SCONJ
dem-2902	156	8	the	the	DET
dem-2902	156	9	pacific	pacific	ADJ
dem-2902	156	10	asian	asian	PROPN
dem-2902	156	11	)	)	PUNCT
dem-2902	156	12	tend	tend	VERB
dem-2902	156	13	to	to	PART
dem-2902	156	14	correct	correct	VERB
dem-2902	156	15	daily	daily	ADJ
dem-2902	156	16	returns	return	NOUN
dem-2902	156	17	,	,	PUNCT
dem-2902	156	18	because	because	SCONJ
dem-2902	156	19	of	of	ADP
dem-2902	156	20	significant	significant	ADJ
dem-2902	156	21	negative	negative	ADJ
dem-2902	156	22	values	value	NOUN
dem-2902	156	23	on	on	ADP
dem-2902	156	24	the	the	DET
dem-2902	156	25	diagonal	diagonal	NOUN
dem-2902	156	26	of	of	ADP
dem-2902	156	27	the	the	DET
dem-2902	156	28	autoregressive	autoregressive	ADJ
dem-2902	156	29	matrix	matrix	NOUN
dem-2902	156	30	.	.	PUNCT
dem-2902	157	1	table	table	NOUN
dem-2902	157	2	3	3	NUM
dem-2902	157	3	.	.	PUNCT
dem-2902	158	1	the	the	DET
dem-2902	158	2	dcc	dcc	PROPN
dem-2902	158	3	model	model	NOUN
dem-2902	158	4	parameters	parameter	NOUN
dem-2902	158	5	eastern	eastern	PROPN
dem-2902	158	6	europe	europe	PROPN
dem-2902	158	7	western	western	PROPN
dem-2902	158	8	europe	europe	PROPN
dem-2902	158	9	northern	northern	PROPN
dem-2902	158	10	america	america	PROPN
dem-2902	158	11	asia	asia	PROPN
dem-2902	158	12	japan	japan	PROPN
dem-2902	158	13	joint	joint	PROPN
dem-2902	158	14	0.0796	0.0796	NUM
dem-2902	158	15	*	*	PUNCT
dem-2902	158	16	*	*	PUNCT
dem-2902	158	17	0.0101	0.0101	NUM
dem-2902	158	18	0.0122	0.0122	NUM
dem-2902	158	19	0.0098	0.0098	NUM
dem-2902	158	20	0.0577	0.0577	NUM
dem-2902	158	21	*	*	PUNCT
dem-2902	158	22	0.0096	0.0096	NUM
dem-2902	158	23	*	*	SYM
dem-2902	158	24	0.0981	0.0981	NUM
dem-2902	158	25	*	*	X
dem-2902	158	26	*	*	NOUN
dem-2902	158	27	0.0923	0.0923	PRON
dem-2902	158	28	*	*	PUNCT
dem-2902	158	29	*	*	PUNCT
dem-2902	158	30	*	*	PUNCT
dem-2902	158	31	0.0795	0.0795	NUM
dem-2902	158	32	*	*	PUNCT
dem-2902	158	33	*	*	NOUN
dem-2902	158	34	0.0664	0.0664	NUM
dem-2902	158	35	*	*	PUNCT
dem-2902	158	36	*	*	PUNCT
dem-2902	158	37	0.0989	0.0989	PUNCT
dem-2902	158	38	*	*	PUNCT
dem-2902	158	39	*	*	PUNCT
dem-2902	158	40	*	*	PUNCT
dem-2902	158	41	0.9853	0.9853	NUM
dem-2902	158	42	*	*	PUNCT
dem-2902	158	43	*	*	PUNCT
dem-2902	158	44	*	*	PUNCT
dem-2902	158	45	0.8710	0.8710	PUNCT
dem-2902	158	46	*	*	PUNCT
dem-2902	158	47	*	*	PUNCT
dem-2902	158	48	*	*	PUNCT
dem-2902	158	49	0.9063	0.9063	NUM
dem-2902	158	50	*	*	PUNCT
dem-2902	158	51	*	*	PUNCT
dem-2902	158	52	*	*	PUNCT
dem-2902	158	53	0.9103	0.9103	NUM
dem-2902	158	54	*	*	PUNCT
dem-2902	158	55	*	*	PUNCT
dem-2902	158	56	*	*	PUNCT
dem-2902	158	57	0.9280	0.9280	NUM
dem-2902	158	58	*	*	PUNCT
dem-2902	158	59	*	*	PUNCT
dem-2902	158	60	*	*	PUNCT
dem-2902	158	61	0.8748	0.8748	NUM
dem-2902	158	62	*	*	PUNCT
dem-2902	158	63	*	*	PUNCT
dem-2902	158	64	*	*	PROPN
dem-2902	158	65	df	df	PROPN
dem-2902	158	66	11.786	11.786	NUM
dem-2902	158	67	note	note	NOUN
dem-2902	158	68	:	:	PUNCT
dem-2902	158	69	the	the	DET
dem-2902	158	70	significance	significance	NOUN
dem-2902	158	71	levels	level	NOUN
dem-2902	158	72	are	be	AUX
dem-2902	158	73	used	use	VERB
dem-2902	158	74	:	:	PUNCT
dem-2902	158	75	*	*	PUNCT
dem-2902	158	76	*	*	PUNCT
dem-2902	158	77	*	*	PUNCT
dem-2902	158	78	for	for	ADP
dem-2902	158	79	0.001	0.001	NUM
dem-2902	158	80	,	,	PUNCT
dem-2902	158	81	*	*	PUNCT
dem-2902	158	82	*	*	PUNCT
dem-2902	158	83	for	for	ADP
dem-2902	158	84	0.01	0.01	NUM
dem-2902	158	85	and	and	CCONJ
dem-2902	158	86	*	*	NOUN
dem-2902	158	87	for	for	ADP
dem-2902	158	88	0.05	0.05	NUM
dem-2902	158	89	.	.	PUNCT
dem-2902	158	90	table	table	NOUN
dem-2902	158	91	3	3	NUM
dem-2902	158	92	summarize	summarize	VERB
dem-2902	158	93	results	result	NOUN
dem-2902	158	94	of	of	ADP
dem-2902	158	95	the	the	DET
dem-2902	158	96	dcc	dcc	PROPN
dem-2902	158	97	model	model	NOUN
dem-2902	158	98	estimation	estimation	PROPN
dem-2902	158	99	.	.	PUNCT
dem-2902	159	1	the	the	PRON
dem-2902	159	2	and	and	CCONJ
dem-2902	159	3	the	the	DET
dem-2902	159	4	parameters	parameter	NOUN
dem-2902	159	5	are	be	AUX
dem-2902	159	6	similarly	similarly	ADV
dem-2902	159	7	framed	frame	VERB
dem-2902	159	8	in	in	ADP
dem-2902	159	9	each	each	DET
dem-2902	159	10	series	series	NOUN
dem-2902	159	11	,	,	PUNCT
dem-2902	159	12	about	about	ADV
dem-2902	159	13	90	90	NUM
dem-2902	159	14	%	%	NOUN
dem-2902	159	15	of	of	ADP
dem-2902	159	16	the	the	DET
dem-2902	159	17	standard	standard	ADJ
dem-2902	159	18	deviation	deviation	NOUN
dem-2902	159	19	value	value	NOUN
dem-2902	159	20	comes	come	VERB
dem-2902	159	21	from	from	ADP
dem-2902	159	22	the	the	DET
dem-2902	159	23	previous	previous	ADJ
dem-2902	159	24	value	value	NOUN
dem-2902	159	25	and	and	CCONJ
dem-2902	159	26	about	about	ADV
dem-2902	159	27	10	10	NUM
dem-2902	159	28	%	%	NOUN
dem-2902	159	29	comes	come	VERB
dem-2902	159	30	from	from	ADP
dem-2902	159	31	the	the	DET
dem-2902	159	32	realization	realization	NOUN
dem-2902	159	33	of	of	ADP
dem-2902	159	34	the	the	DET
dem-2902	159	35	previous	previous	ADJ
dem-2902	159	36	error	error	NOUN
dem-2902	159	37	term	term	NOUN
dem-2902	159	38	.	.	PUNCT
dem-2902	160	1	the	the	DET
dem-2902	160	2	conditional	conditional	ADJ
dem-2902	160	3	correlation	correlation	NOUN
dem-2902	160	4	matrix	matrix	NOUN
dem-2902	160	5	is	be	AUX
dem-2902	160	6	more	more	ADV
dem-2902	160	7	persistent	persistent	ADJ
dem-2902	160	8	.	.	PUNCT
dem-2902	161	1	figure	figure	NOUN
dem-2902	161	2	1	1	NUM
dem-2902	161	3	presents	present	VERB
dem-2902	161	4	the	the	DET
dem-2902	161	5	estimated	estimate	VERB
dem-2902	161	6	correlations	correlation	NOUN
dem-2902	161	7	between	between	ADP
dem-2902	161	8	considered	consider	VERB
dem-2902	161	9	global	global	ADJ
dem-2902	161	10	indices	index	NOUN
dem-2902	161	11	.	.	PUNCT
dem-2902	162	1	there	there	PRON
dem-2902	162	2	are	be	VERB
dem-2902	162	3	presented	present	VERB
dem-2902	162	4	the	the	DET
dem-2902	162	5	correlation	correlation	NOUN
dem-2902	162	6	between	between	ADP
dem-2902	162	7	eastern	eastern	PROPN
dem-2902	162	8	europe	europe	PROPN
dem-2902	162	9	to	to	ADP
dem-2902	162	10	other	other	ADJ
dem-2902	162	11	discussed	discuss	VERB
dem-2902	162	12	regions	region	NOUN
dem-2902	162	13	(	(	PUNCT
dem-2902	162	14	1a	1a	NUM
dem-2902	162	15	)	)	PUNCT
dem-2902	162	16	,	,	PUNCT
dem-2902	162	17	the	the	DET
dem-2902	162	18	correlation	correlation	NOUN
dem-2902	162	19	between	between	ADP
dem-2902	162	20	western	western	PROPN
dem-2902	162	21	europe	europe	PROPN
dem-2902	162	22	and	and	CCONJ
dem-2902	162	23	the	the	DET
dem-2902	162	24	others	other	NOUN
dem-2902	162	25	(	(	PUNCT
dem-2902	162	26	1b	1b	NUM
dem-2902	162	27	)	)	PUNCT
dem-2902	162	28	,	,	PUNCT
dem-2902	162	29	the	the	DET
dem-2902	162	30	correlations	correlation	NOUN
dem-2902	162	31	between	between	ADP
dem-2902	162	32	northern	northern	PROPN
dem-2902	162	33	america	america	PROPN
dem-2902	162	34	and	and	CCONJ
dem-2902	162	35	the	the	DET
dem-2902	162	36	others	other	NOUN
dem-2902	162	37	(	(	PUNCT
dem-2902	162	38	1c	1c	NUM
dem-2902	162	39	)	)	PUNCT
dem-2902	162	40	,	,	PUNCT
dem-2902	162	41	the	the	DET
dem-2902	162	42	correlation	correlation	NOUN
dem-2902	162	43	between	between	ADP
dem-2902	162	44	asian	asian	ADJ
dem-2902	162	45	index	index	NOUN
dem-2902	162	46	and	and	CCONJ
dem-2902	162	47	the	the	DET
dem-2902	162	48	others	other	NOUN
dem-2902	162	49	(	(	PUNCT
dem-2902	162	50	1d	1d	NUM
dem-2902	162	51	)	)	PUNCT
dem-2902	162	52	and	and	CCONJ
dem-2902	162	53	the	the	DET
dem-2902	162	54	correlations	correlation	NOUN
dem-2902	162	55	of	of	ADP
dem-2902	162	56	japan	japan	PROPN
dem-2902	162	57	(	(	PUNCT
dem-2902	162	58	1e	1e	PROPN
dem-2902	162	59	)	)	PUNCT
dem-2902	162	60	.	.	PUNCT
dem-2902	163	1	anna	anna	PROPN
dem-2902	163	2	czapkiewicz	czapkiewicz	PROPN
dem-2902	163	3	,	,	PUNCT
dem-2902	163	4	artur	artur	PROPN
dem-2902	163	5	machno	machno	ADV
dem-2902	163	6	dynamic	dynamic	ADJ
dem-2902	163	7	econometric	econometric	ADJ
dem-2902	163	8	models	model	NOUN
dem-2902	163	9	13	13	NUM
dem-2902	163	10	(	(	PUNCT
dem-2902	163	11	2013	2013	NUM
dem-2902	163	12	)	)	PUNCT
dem-2902	164	1	145–162	145–162	NUM
dem-2902	164	2	154	154	NUM
dem-2902	164	3	figure	figure	NOUN
dem-2902	164	4	1a	1a	NOUN
dem-2902	164	5	.	.	PUNCT
dem-2902	165	1	the	the	DET
dem-2902	165	2	estimated	estimate	VERB
dem-2902	165	3	realized	realize	VERB
dem-2902	165	4	correlations	correlation	NOUN
dem-2902	165	5	between	between	ADP
dem-2902	165	6	eastern	eastern	PROPN
dem-2902	165	7	europe	europe	PROPN
dem-2902	165	8	and	and	CCONJ
dem-2902	165	9	the	the	DET
dem-2902	165	10	others	other	NOUN
dem-2902	165	11	figure	figure	VERB
dem-2902	165	12	1b	1b	NUM
dem-2902	165	13	.	.	PUNCT
dem-2902	166	1	the	the	DET
dem-2902	166	2	estimated	estimate	VERB
dem-2902	166	3	realized	realize	VERB
dem-2902	166	4	correlations	correlation	NOUN
dem-2902	166	5	between	between	ADP
dem-2902	166	6	western	western	PROPN
dem-2902	166	7	europe	europe	PROPN
dem-2902	166	8	and	and	CCONJ
dem-2902	166	9	the	the	DET
dem-2902	166	10	others	other	NOUN
dem-2902	166	11	figure	figure	VERB
dem-2902	166	12	1	1	NUM
dem-2902	166	13	shows	show	VERB
dem-2902	166	14	that	that	SCONJ
dem-2902	166	15	the	the	DET
dem-2902	166	16	global	global	ADJ
dem-2902	166	17	index	index	NOUN
dem-2902	166	18	of	of	ADP
dem-2902	166	19	the	the	DET
dem-2902	166	20	eastern	eastern	PROPN
dem-2902	166	21	europe	europe	PROPN
dem-2902	166	22	region	region	NOUN
dem-2902	166	23	is	be	AUX
dem-2902	166	24	the	the	DET
dem-2902	166	25	most	most	ADV
dem-2902	166	26	correlated	correlate	VERB
dem-2902	166	27	with	with	ADP
dem-2902	166	28	the	the	DET
dem-2902	166	29	global	global	ADJ
dem-2902	166	30	index	index	NOUN
dem-2902	166	31	of	of	ADP
dem-2902	166	32	western	western	PROPN
dem-2902	166	33	europe	europe	PROPN
dem-2902	166	34	region	region	NOUN
dem-2902	166	35	,	,	PUNCT
dem-2902	166	36	similar	similar	ADJ
dem-2902	166	37	to	to	ADP
dem-2902	166	38	western	western	ADJ
dem-2902	166	39	europe	europe	PROPN
dem-2902	166	40	,	,	PUNCT
dem-2902	166	41	it	it	PRON
dem-2902	166	42	is	be	AUX
dem-2902	166	43	the	the	DET
dem-2902	166	44	least	least	ADV
dem-2902	166	45	correlated	correlate	VERB
dem-2902	166	46	with	with	ADP
dem-2902	166	47	the	the	DET
dem-2902	166	48	global	global	ADJ
dem-2902	166	49	index	index	NOUN
dem-2902	166	50	of	of	ADP
dem-2902	166	51	pacific	pacific	ADJ
dem-2902	166	52	asian	asian	ADJ
dem-2902	166	53	region	region	NOUN
dem-2902	166	54	.	.	PUNCT
dem-2902	167	1	on	on	ADP
dem-2902	167	2	the	the	DET
dem-2902	167	3	other	other	ADJ
dem-2902	167	4	hand	hand	NOUN
dem-2902	167	5	,	,	PUNCT
dem-2902	167	6	the	the	DET
dem-2902	167	7	western	western	PROPN
dem-2902	167	8	europe	europe	PROPN
dem-2902	167	9	region	region	NOUN
dem-2902	167	10	is	be	AUX
dem-2902	167	11	the	the	DET
dem-2902	167	12	most	most	ADV
dem-2902	167	13	correlated	correlate	VERB
dem-2902	167	14	with	with	ADP
dem-2902	167	15	northern	northern	ADJ
dem-2902	167	16	american	american	PROPN
dem-2902	167	17	,	,	PUNCT
dem-2902	167	18	except	except	SCONJ
dem-2902	167	19	for	for	ADP
dem-2902	167	20	the	the	DET
dem-2902	167	21	beginning	beginning	NOUN
dem-2902	167	22	of	of	ADP
dem-2902	167	23	the	the	DET
dem-2902	167	24	financial	financial	ADJ
dem-2902	167	25	crisis	crisis	NOUN
dem-2902	167	26	(	(	PUNCT
dem-2902	167	27	october	october	PROPN
dem-2902	167	28	2007	2007	NUM
dem-2902	167	29	to	to	ADP
dem-2902	167	30	july	july	PROPN
dem-2902	167	31	2008	2008	NUM
dem-2902	167	32	)	)	PUNCT
dem-2902	167	33	,	,	PUNCT
dem-2902	167	34	when	when	SCONJ
dem-2902	167	35	it	it	PRON
dem-2902	167	36	was	be	AUX
dem-2902	167	37	the	the	DET
dem-2902	167	38	most	most	ADV
dem-2902	167	39	correlated	correlate	VERB
dem-2902	167	40	with	with	ADP
dem-2902	167	41	eastern	eastern	PROPN
dem-2902	167	42	europe	europe	PROPN
dem-2902	167	43	.	.	PUNCT
dem-2902	168	1	the	the	DET
dem-2902	168	2	northern	northern	ADJ
dem-2902	168	3	american	american	ADJ
dem-2902	168	4	region	region	NOUN
dem-2902	168	5	is	be	AUX
dem-2902	168	6	the	the	DET
dem-2902	168	7	most	most	ADV
dem-2902	168	8	correlated	correlate	VERB
dem-2902	168	9	with	with	ADP
dem-2902	168	10	empirical	empirical	ADJ
dem-2902	168	11	verification	verification	NOUN
dem-2902	168	12	of	of	ADP
dem-2902	168	13	world	world	NOUN
dem-2902	168	14	’s	’s	PART
dem-2902	168	15	regions	region	NOUN
dem-2902	168	16	profitability	profitability	NOUN
dem-2902	168	17	…	…	PUNCT
dem-2902	168	18	dynamic	dynamic	ADJ
dem-2902	168	19	econometric	econometric	ADJ
dem-2902	168	20	models	model	NOUN
dem-2902	168	21	13	13	NUM
dem-2902	168	22	(	(	PUNCT
dem-2902	168	23	2013	2013	NUM
dem-2902	168	24	)	)	PUNCT
dem-2902	169	1	145–162	145–162	NUM
dem-2902	169	2	155	155	NUM
dem-2902	169	3	western	western	ADJ
dem-2902	169	4	europe	europe	PROPN
dem-2902	169	5	markets	market	NOUN
dem-2902	169	6	,	,	PUNCT
dem-2902	169	7	partially	partially	ADV
dem-2902	169	8	with	with	ADP
dem-2902	169	9	the	the	DET
dem-2902	169	10	japanese	japanese	ADJ
dem-2902	169	11	market	market	NOUN
dem-2902	169	12	and	and	CCONJ
dem-2902	169	13	it	it	PRON
dem-2902	169	14	is	be	AUX
dem-2902	169	15	the	the	DET
dem-2902	169	16	least	least	ADV
dem-2902	169	17	correlated	correlate	VERB
dem-2902	169	18	with	with	ADP
dem-2902	169	19	eastern	eastern	PROPN
dem-2902	169	20	europe	europe	PROPN
dem-2902	169	21	(	(	PUNCT
dem-2902	169	22	up	up	ADP
dem-2902	169	23	to	to	ADP
dem-2902	169	24	the	the	DET
dem-2902	169	25	middle	middle	NOUN
dem-2902	169	26	of	of	ADP
dem-2902	169	27	the	the	DET
dem-2902	169	28	year	year	NOUN
dem-2902	169	29	2005	2005	NUM
dem-2902	169	30	)	)	PUNCT
dem-2902	169	31	and	and	CCONJ
dem-2902	169	32	the	the	DET
dem-2902	169	33	pacific	pacific	ADJ
dem-2902	169	34	asian	asian	ADJ
dem-2902	169	35	region	region	NOUN
dem-2902	169	36	(	(	PUNCT
dem-2902	169	37	after	after	ADP
dem-2902	169	38	the	the	DET
dem-2902	169	39	year	year	NOUN
dem-2902	169	40	2006	2006	NUM
dem-2902	169	41	)	)	PUNCT
dem-2902	169	42	.	.	PUNCT
dem-2902	170	1	the	the	DET
dem-2902	170	2	noted	note	VERB
dem-2902	170	3	region	region	NOUN
dem-2902	170	4	(	(	PUNCT
dem-2902	170	5	pacific	pacific	PROPN
dem-2902	170	6	asian	asian	PROPN
dem-2902	170	7	)	)	PUNCT
dem-2902	170	8	is	be	AUX
dem-2902	170	9	the	the	DET
dem-2902	170	10	most	most	ADV
dem-2902	170	11	correlated	correlate	VERB
dem-2902	170	12	with	with	ADP
dem-2902	170	13	japan	japan	PROPN
dem-2902	170	14	.	.	PUNCT
dem-2902	171	1	the	the	DET
dem-2902	171	2	intensity	intensity	NOUN
dem-2902	171	3	of	of	ADP
dem-2902	171	4	the	the	DET
dem-2902	171	5	relationships	relationship	NOUN
dem-2902	171	6	between	between	ADP
dem-2902	171	7	region	region	NOUN
dem-2902	171	8	global	global	ADJ
dem-2902	171	9	indices	index	NOUN
dem-2902	171	10	are	be	AUX
dem-2902	171	11	time	time	NOUN
dem-2902	171	12	varying	vary	VERB
dem-2902	171	13	.	.	PUNCT
dem-2902	172	1	for	for	ADP
dem-2902	172	2	example	example	NOUN
dem-2902	172	3	,	,	PUNCT
dem-2902	172	4	until	until	ADP
dem-2902	172	5	september	september	PROPN
dem-2902	172	6	2006	2006	NUM
dem-2902	172	7	,	,	PUNCT
dem-2902	172	8	eastern	eastern	ADJ
dem-2902	172	9	european	european	PROPN
dem-2902	172	10	was	be	AUX
dem-2902	172	11	correlated	correlate	VERB
dem-2902	172	12	with	with	ADP
dem-2902	172	13	northern	northern	PROPN
dem-2902	172	14	america	america	PROPN
dem-2902	172	15	,	,	PUNCT
dem-2902	172	16	pacific	pacific	ADJ
dem-2902	172	17	figure	figure	NOUN
dem-2902	172	18	1c	1c	NOUN
dem-2902	172	19	.	.	PUNCT
dem-2902	173	1	the	the	DET
dem-2902	173	2	estimated	estimate	VERB
dem-2902	173	3	realized	realize	VERB
dem-2902	173	4	correlations	correlation	NOUN
dem-2902	173	5	between	between	ADP
dem-2902	173	6	northern	northern	PROPN
dem-2902	173	7	america	america	PROPN
dem-2902	173	8	and	and	CCONJ
dem-2902	173	9	the	the	DET
dem-2902	173	10	others	other	NOUN
dem-2902	173	11	figure	figure	VERB
dem-2902	173	12	1d	1d	NUM
dem-2902	173	13	.	.	PUNCT
dem-2902	174	1	the	the	DET
dem-2902	174	2	estimated	estimate	VERB
dem-2902	174	3	realized	realize	VERB
dem-2902	174	4	correlations	correlation	NOUN
dem-2902	174	5	between	between	ADP
dem-2902	174	6	pacific	pacific	PROPN
dem-2902	174	7	asia	asia	PROPN
dem-2902	174	8	and	and	CCONJ
dem-2902	174	9	the	the	DET
dem-2902	174	10	others	other	NOUN
dem-2902	174	11	anna	anna	PROPN
dem-2902	174	12	czapkiewicz	czapkiewicz	PROPN
dem-2902	174	13	,	,	PUNCT
dem-2902	174	14	artur	artur	PROPN
dem-2902	174	15	machno	machno	ADV
dem-2902	174	16	dynamic	dynamic	ADJ
dem-2902	174	17	econometric	econometric	ADJ
dem-2902	174	18	models	model	NOUN
dem-2902	174	19	13	13	NUM
dem-2902	174	20	(	(	PUNCT
dem-2902	174	21	2013	2013	NUM
dem-2902	174	22	)	)	PUNCT
dem-2902	174	23	145–162	145–162	NUM
dem-2902	174	24	156	156	NUM
dem-2902	174	25	figure	figure	NOUN
dem-2902	174	26	1e	1e	NOUN
dem-2902	174	27	.	.	PUNCT
dem-2902	175	1	the	the	DET
dem-2902	175	2	estimated	estimate	VERB
dem-2902	175	3	realized	realize	VERB
dem-2902	175	4	correlations	correlation	NOUN
dem-2902	175	5	between	between	ADP
dem-2902	175	6	japan	japan	PROPN
dem-2902	175	7	and	and	CCONJ
dem-2902	175	8	the	the	DET
dem-2902	175	9	others	other	NOUN
dem-2902	175	10	asia	asia	PROPN
dem-2902	175	11	and	and	CCONJ
dem-2902	175	12	japan	japan	PROPN
dem-2902	175	13	at	at	ADP
dem-2902	175	14	similar	similar	ADJ
dem-2902	175	15	levels	level	NOUN
dem-2902	175	16	,	,	PUNCT
dem-2902	175	17	after	after	ADP
dem-2902	175	18	that	that	SCONJ
dem-2902	175	19	it	it	PRON
dem-2902	175	20	was	be	AUX
dem-2902	175	21	correlated	correlate	VERB
dem-2902	175	22	more	more	ADV
dem-2902	175	23	strongly	strongly	ADV
dem-2902	175	24	with	with	ADP
dem-2902	175	25	japan	japan	PROPN
dem-2902	175	26	and	and	CCONJ
dem-2902	175	27	northern	northern	PROPN
dem-2902	175	28	america	america	PROPN
dem-2902	175	29	.	.	PUNCT
dem-2902	176	1	the	the	DET
dem-2902	176	2	american	american	PROPN
dem-2902	176	3	region	region	PROPN
dem-2902	176	4	appeared	appear	VERB
dem-2902	176	5	to	to	PART
dem-2902	176	6	be	be	AUX
dem-2902	176	7	correlated	correlate	VERB
dem-2902	176	8	at	at	ADP
dem-2902	176	9	the	the	DET
dem-2902	176	10	same	same	ADJ
dem-2902	176	11	level	level	NOUN
dem-2902	176	12	with	with	ADP
dem-2902	176	13	japan	japan	PROPN
dem-2902	176	14	and	and	CCONJ
dem-2902	176	15	western	western	PROPN
dem-2902	176	16	europe	europe	PROPN
dem-2902	176	17	until	until	ADP
dem-2902	176	18	march	march	PROPN
dem-2902	176	19	2009	2009	NUM
dem-2902	176	20	,	,	PUNCT
dem-2902	176	21	after	after	ADP
dem-2902	176	22	that	that	SCONJ
dem-2902	176	23	it	it	PRON
dem-2902	176	24	was	be	AUX
dem-2902	176	25	correlated	correlate	VERB
dem-2902	176	26	more	more	ADV
dem-2902	176	27	strongly	strongly	ADV
dem-2902	176	28	to	to	ADP
dem-2902	176	29	western	western	PROPN
dem-2902	176	30	europe	europe	PROPN
dem-2902	176	31	.	.	PUNCT
dem-2902	177	1	until	until	ADP
dem-2902	177	2	the	the	DET
dem-2902	177	3	turn	turn	NOUN
dem-2902	177	4	of	of	ADP
dem-2902	177	5	the	the	DET
dem-2902	177	6	years	year	NOUN
dem-2902	177	7	2009/2010	2009/2010	PROPN
dem-2902	177	8	america	america	PROPN
dem-2902	177	9	was	be	AUX
dem-2902	177	10	the	the	DET
dem-2902	177	11	least	least	ADV
dem-2902	177	12	correlated	correlate	VERB
dem-2902	177	13	to	to	ADP
dem-2902	177	14	eastern	eastern	PROPN
dem-2902	177	15	europe	europe	PROPN
dem-2902	177	16	,	,	PUNCT
dem-2902	177	17	from	from	ADP
dem-2902	177	18	the	the	DET
dem-2902	177	19	beginning	beginning	NOUN
dem-2902	177	20	of	of	ADP
dem-2902	177	21	2010	2010	NUM
dem-2902	177	22	to	to	ADP
dem-2902	177	23	march	march	PROPN
dem-2902	177	24	2011	2011	NUM
dem-2902	177	25	it	it	PRON
dem-2902	177	26	was	be	AUX
dem-2902	177	27	the	the	DET
dem-2902	177	28	least	least	ADJ
dem-2902	177	29	correlated	correlate	VERB
dem-2902	177	30	to	to	ADP
dem-2902	177	31	pacific	pacific	PROPN
dem-2902	177	32	asia	asia	PROPN
dem-2902	177	33	,	,	PUNCT
dem-2902	177	34	after	after	ADP
dem-2902	177	35	that	that	SCONJ
dem-2902	177	36	it	it	PRON
dem-2902	177	37	was	be	AUX
dem-2902	177	38	correlated	correlate	VERB
dem-2902	177	39	to	to	ADP
dem-2902	177	40	pacific	pacific	PROPN
dem-2902	177	41	asia	asia	PROPN
dem-2902	177	42	and	and	CCONJ
dem-2902	177	43	eastern	eastern	PROPN
dem-2902	177	44	europe	europe	PROPN
dem-2902	177	45	at	at	ADP
dem-2902	177	46	similar	similar	ADJ
dem-2902	177	47	levels	level	NOUN
dem-2902	177	48	.	.	PUNCT
dem-2902	178	1	2.3	2.3	NUM
dem-2902	178	2	.	.	PUNCT
dem-2902	178	3	properties	property	NOUN
dem-2902	178	4	of	of	ADP
dem-2902	178	5	optimal	optimal	ADJ
dem-2902	178	6	portfolios	portfolio	NOUN
dem-2902	178	7	dynamic	dynamic	ADJ
dem-2902	178	8	dependences	dependence	NOUN
dem-2902	178	9	which	which	PRON
dem-2902	178	10	derive	derive	VERB
dem-2902	178	11	from	from	ADP
dem-2902	178	12	the	the	DET
dem-2902	178	13	analysis	analysis	NOUN
dem-2902	178	14	presented	present	VERB
dem-2902	178	15	in	in	ADP
dem-2902	178	16	the	the	DET
dem-2902	178	17	paragraph	paragraph	NOUN
dem-2902	178	18	2.2	2.2	NUM
dem-2902	178	19	should	should	AUX
dem-2902	178	20	be	be	AUX
dem-2902	178	21	taken	take	VERB
dem-2902	178	22	into	into	ADP
dem-2902	178	23	consideration	consideration	NOUN
dem-2902	178	24	in	in	ADP
dem-2902	178	25	the	the	DET
dem-2902	178	26	process	process	NOUN
dem-2902	178	27	of	of	ADP
dem-2902	178	28	building	build	VERB
dem-2902	178	29	optimal	optimal	ADJ
dem-2902	178	30	portfolios	portfolio	NOUN
dem-2902	178	31	.	.	PUNCT
dem-2902	179	1	that	that	PRON
dem-2902	179	2	is	be	AUX
dem-2902	179	3	why	why	SCONJ
dem-2902	179	4	two	two	NUM
dem-2902	179	5	dynamic	dynamic	ADJ
dem-2902	179	6	portfolios	portfolio	NOUN
dem-2902	179	7	are	be	AUX
dem-2902	179	8	constructed	construct	VERB
dem-2902	179	9	:	:	PUNCT
dem-2902	179	10	the	the	DET
dem-2902	179	11	portfolio	portfolio	NOUN
dem-2902	179	12	of	of	ADP
dem-2902	179	13	the	the	DET
dem-2902	179	14	minimal	minimal	ADJ
dem-2902	179	15	var	var	NOUN
dem-2902	179	16	and	and	CCONJ
dem-2902	179	17	portfolio	portfolio	NOUN
dem-2902	179	18	of	of	ADP
dem-2902	179	19	the	the	DET
dem-2902	179	20	minimal	minimal	ADJ
dem-2902	179	21	es	es	NOUN
dem-2902	179	22	.	.	PUNCT
dem-2902	179	23	to	to	PART
dem-2902	179	24	show	show	VERB
dem-2902	179	25	properties	property	NOUN
dem-2902	179	26	of	of	ADP
dem-2902	179	27	these	these	DET
dem-2902	179	28	procedures	procedure	NOUN
dem-2902	179	29	,	,	PUNCT
dem-2902	179	30	results	result	NOUN
dem-2902	179	31	of	of	ADP
dem-2902	179	32	the	the	DET
dem-2902	179	33	markowitz	markowitz	PROPN
dem-2902	179	34	portfolio	portfolio	PROPN
dem-2902	179	35	optimization	optimization	NOUN
dem-2902	179	36	is	be	AUX
dem-2902	179	37	presented	present	VERB
dem-2902	179	38	.	.	PUNCT
dem-2902	180	1	for	for	ADP
dem-2902	180	2	this	this	DET
dem-2902	180	3	purpose	purpose	NOUN
dem-2902	180	4	,	,	PUNCT
dem-2902	180	5	at	at	ADP
dem-2902	180	6	every	every	DET
dem-2902	180	7	time	time	NOUN
dem-2902	180	8	,	,	PUNCT
dem-2902	180	9	starting	start	VERB
dem-2902	180	10	from	from	ADP
dem-2902	180	11	january	january	PROPN
dem-2902	180	12	2009	2009	NUM
dem-2902	180	13	,	,	PUNCT
dem-2902	180	14	parameters	parameter	NOUN
dem-2902	180	15	of	of	ADP
dem-2902	180	16	var(1)-dcc	var(1)-dcc	NOUN
dem-2902	180	17	-	-	PUNCT
dem-2902	180	18	garch(1,1	garch(1,1	NOUN
dem-2902	180	19	)	)	PUNCT
dem-2902	180	20	model	model	NOUN
dem-2902	180	21	,	,	PUNCT
dem-2902	180	22	described	describe	VERB
dem-2902	180	23	in	in	ADP
dem-2902	180	24	section	section	NOUN
dem-2902	180	25	2.1	2.1	NUM
dem-2902	180	26	have	have	AUX
dem-2902	180	27	been	be	AUX
dem-2902	180	28	estimated	estimate	VERB
dem-2902	180	29	using	use	VERB
dem-2902	180	30	preceding	precede	VERB
dem-2902	180	31	7	7	NUM
dem-2902	180	32	years	year	NOUN
dem-2902	180	33	(	(	PUNCT
dem-2902	180	34	1601	1601	NUM
dem-2902	180	35	observations	observation	NOUN
dem-2902	180	36	)	)	PUNCT
dem-2902	180	37	.	.	PUNCT
dem-2902	181	1	the	the	DET
dem-2902	181	2	estimation	estimation	NOUN
dem-2902	181	3	has	have	AUX
dem-2902	181	4	been	be	AUX
dem-2902	181	5	conducted	conduct	VERB
dem-2902	181	6	using	use	VERB
dem-2902	181	7	the	the	DET
dem-2902	181	8	data	datum	NOUN
dem-2902	181	9	of	of	ADP
dem-2902	181	10	the	the	DET
dem-2902	181	11	same	same	ADJ
dem-2902	181	12	length	length	NOUN
dem-2902	181	13	at	at	ADP
dem-2902	181	14	every	every	DET
dem-2902	181	15	time	time	NOUN
dem-2902	181	16	point	point	NOUN
dem-2902	181	17	and	and	CCONJ
dem-2902	181	18	reestimated	reestimate	VERB
dem-2902	181	19	every	every	DET
dem-2902	181	20	50	50	NUM
dem-2902	181	21	observations	observation	NOUN
dem-2902	181	22	.	.	PUNCT
dem-2902	182	1	it	it	PRON
dem-2902	182	2	provides	provide	VERB
dem-2902	182	3	us	we	PRON
dem-2902	182	4	with	with	ADP
dem-2902	182	5	the	the	DET
dem-2902	182	6	27	27	NUM
dem-2902	182	7	-	-	PUNCT
dem-2902	182	8	month	month	NOUN
dem-2902	182	9	series	series	NOUN
dem-2902	182	10	(	(	PUNCT
dem-2902	182	11	863	863	NUM
dem-2902	182	12	moments	moment	NOUN
dem-2902	182	13	)	)	PUNCT
dem-2902	182	14	in	in	ADP
dem-2902	182	15	the	the	DET
dem-2902	182	16	ex	ex	ADJ
dem-2902	182	17	post	post	NOUN
dem-2902	182	18	analysis	analysis	NOUN
dem-2902	182	19	.	.	PUNCT
dem-2902	183	1	for	for	ADP
dem-2902	183	2	each	each	PRON
dem-2902	183	3	,	,	PUNCT
dem-2902	183	4	the	the	DET
dem-2902	183	5	distribution	distribution	NOUN
dem-2902	183	6	of	of	ADP
dem-2902	183	7	the	the	DET
dem-2902	183	8	random	random	ADJ
dem-2902	183	9	vector	vector	NOUN
dem-2902	183	10	of	of	ADP
dem-2902	183	11	returns	return	NOUN
dem-2902	183	12	|	|	ADV
dem-2902	183	13	,	,	PUNCT
dem-2902	183	14	with	with	ADP
dem-2902	183	15	coordinates	coordinate	NOUN
dem-2902	183	16	,	,	PUNCT
dem-2902	183	17	|	|	ADV
dem-2902	183	18	,	,	PUNCT
dem-2902	183	19	for	for	ADP
dem-2902	183	20	1	1	NUM
dem-2902	183	21	,	,	PUNCT
dem-2902	183	22	…	…	PUNCT
dem-2902	183	23	,	,	PUNCT
dem-2902	183	24	5	5	NUM
dem-2902	183	25	,	,	PUNCT
dem-2902	183	26	is	be	AUX
dem-2902	183	27	approximated	approximate	VERB
dem-2902	183	28	using	use	VERB
dem-2902	183	29	monte	monte	PROPN
dem-2902	183	30	carlo	carlo	PROPN
dem-2902	183	31	method	method	NOUN
dem-2902	183	32	.	.	PUNCT
dem-2902	184	1	we	we	PRON
dem-2902	184	2	simulate	simulate	VERB
dem-2902	184	3	100,000	100,000	NUM
dem-2902	184	4	realizaempirical	realizaempirical	ADJ
dem-2902	184	5	verification	verification	NOUN
dem-2902	184	6	of	of	ADP
dem-2902	184	7	world	world	NOUN
dem-2902	184	8	’s	’s	PART
dem-2902	184	9	regions	region	NOUN
dem-2902	184	10	profitability	profitability	NOUN
dem-2902	184	11	…	…	PUNCT
dem-2902	184	12	dynamic	dynamic	ADJ
dem-2902	184	13	econometric	econometric	ADJ
dem-2902	184	14	models	model	NOUN
dem-2902	184	15	13	13	NUM
dem-2902	184	16	(	(	PUNCT
dem-2902	184	17	2013	2013	NUM
dem-2902	184	18	)	)	PUNCT
dem-2902	185	1	145–162	145–162	NUM
dem-2902	185	2	157	157	NUM
dem-2902	185	3	tions	tion	NOUN
dem-2902	185	4	at	at	ADP
dem-2902	185	5	each	each	DET
dem-2902	185	6	time	time	NOUN
dem-2902	185	7	point	point	NOUN
dem-2902	185	8	.	.	PUNCT
dem-2902	186	1	technically	technically	ADV
dem-2902	186	2	,	,	PUNCT
dem-2902	186	3	the	the	DET
dem-2902	186	4	analysis	analysis	NOUN
dem-2902	186	5	has	have	AUX
dem-2902	186	6	been	be	AUX
dem-2902	186	7	performed	perform	VERB
dem-2902	186	8	as	as	SCONJ
dem-2902	186	9	if	if	SCONJ
dem-2902	186	10	we	we	PRON
dem-2902	186	11	have	have	AUX
dem-2902	186	12	not	not	PART
dem-2902	186	13	known	know	VERB
dem-2902	186	14	the	the	DET
dem-2902	186	15	future	future	NOUN
dem-2902	186	16	and	and	CCONJ
dem-2902	186	17	been	be	AUX
dem-2902	186	18	doing	do	VERB
dem-2902	186	19	it	it	PRON
dem-2902	186	20	for	for	ADP
dem-2902	186	21	27	27	NUM
dem-2902	186	22	months	month	NOUN
dem-2902	186	23	.	.	PUNCT
dem-2902	187	1	the	the	DET
dem-2902	187	2	estimates	estimate	NOUN
dem-2902	187	3	in	in	ADP
dem-2902	187	4	tables	table	NOUN
dem-2902	187	5	2	2	NUM
dem-2902	187	6	and	and	CCONJ
dem-2902	187	7	3	3	NUM
dem-2902	187	8	have	have	AUX
dem-2902	187	9	been	be	AUX
dem-2902	187	10	presented	present	VERB
dem-2902	187	11	in	in	ADP
dem-2902	187	12	order	order	NOUN
dem-2902	187	13	to	to	PART
dem-2902	187	14	visualize	visualize	VERB
dem-2902	187	15	additional	additional	ADJ
dem-2902	187	16	properties	property	NOUN
dem-2902	187	17	of	of	ADP
dem-2902	187	18	the	the	DET
dem-2902	187	19	series	series	NOUN
dem-2902	187	20	.	.	PUNCT
dem-2902	188	1	these	these	DET
dem-2902	188	2	results	result	NOUN
dem-2902	188	3	differ	differ	VERB
dem-2902	188	4	from	from	ADP
dem-2902	188	5	the	the	DET
dem-2902	188	6	estimates	estimate	NOUN
dem-2902	188	7	obtained	obtain	VERB
dem-2902	188	8	during	during	ADP
dem-2902	188	9	the	the	DET
dem-2902	188	10	procedures	procedure	NOUN
dem-2902	188	11	.	.	PUNCT
dem-2902	189	1	in	in	ADP
dem-2902	189	2	the	the	DET
dem-2902	189	3	analysis	analysis	NOUN
dem-2902	189	4	,	,	PUNCT
dem-2902	189	5	we	we	PRON
dem-2902	189	6	reestimate	reestimate	VERB
dem-2902	189	7	the	the	DET
dem-2902	189	8	model	model	NOUN
dem-2902	189	9	repeatedly	repeatedly	ADV
dem-2902	189	10	,	,	PUNCT
dem-2902	189	11	therefore	therefore	ADV
dem-2902	189	12	we	we	PRON
dem-2902	189	13	do	do	AUX
dem-2902	189	14	not	not	PART
dem-2902	189	15	omit	omit	VERB
dem-2902	189	16	parameters	parameter	NOUN
dem-2902	189	17	which	which	PRON
dem-2902	189	18	occurred	occur	VERB
dem-2902	189	19	to	to	PART
dem-2902	189	20	be	be	AUX
dem-2902	189	21	insignificant	insignificant	ADJ
dem-2902	189	22	in	in	ADP
dem-2902	189	23	tables	table	NOUN
dem-2902	189	24	2	2	NUM
dem-2902	189	25	and	and	CCONJ
dem-2902	189	26	3	3	NUM
dem-2902	189	27	.	.	PUNCT
dem-2902	190	1	it	it	PRON
dem-2902	190	2	would	would	AUX
dem-2902	190	3	be	be	AUX
dem-2902	190	4	difficult	difficult	ADJ
dem-2902	190	5	to	to	PART
dem-2902	190	6	control	control	VERB
dem-2902	190	7	significance	significance	NOUN
dem-2902	190	8	of	of	ADP
dem-2902	190	9	parameters	parameter	NOUN
dem-2902	190	10	at	at	ADP
dem-2902	190	11	every	every	DET
dem-2902	190	12	step	step	NOUN
dem-2902	190	13	and	and	CCONJ
dem-2902	190	14	would	would	AUX
dem-2902	190	15	not	not	PART
dem-2902	190	16	change	change	VERB
dem-2902	190	17	results	result	NOUN
dem-2902	190	18	of	of	ADP
dem-2902	190	19	the	the	DET
dem-2902	190	20	analysis	analysis	NOUN
dem-2902	190	21	substantially	substantially	ADV
dem-2902	190	22	.	.	PUNCT
dem-2902	191	1	figure	figure	VERB
dem-2902	191	2	2	2	NUM
dem-2902	191	3	.	.	PUNCT
dem-2902	192	1	the	the	DET
dem-2902	192	2	portfolio	portfolio	NOUN
dem-2902	192	3	shares	share	NOUN
dem-2902	192	4	obtained	obtain	VERB
dem-2902	192	5	by	by	ADP
dem-2902	192	6	the	the	DET
dem-2902	192	7	es	es	X
dem-2902	192	8	(	(	PUNCT
dem-2902	192	9	dynamic	dynamic	ADJ
dem-2902	192	10	)	)	PUNCT
dem-2902	192	11	and	and	CCONJ
dem-2902	192	12	the	the	DET
dem-2902	192	13	markowitz	markowitz	PROPN
dem-2902	192	14	(	(	PUNCT
dem-2902	192	15	static	static	ADJ
dem-2902	192	16	)	)	PUNCT
dem-2902	192	17	models	model	NOUN
dem-2902	192	18	,	,	PUNCT
dem-2902	192	19	of	of	ADP
dem-2902	192	20	:	:	PUNCT
dem-2902	192	21	2a	2a	NUM
dem-2902	192	22	)	)	PUNCT
dem-2902	192	23	eastern	eastern	PROPN
dem-2902	192	24	europe	europe	PROPN
dem-2902	192	25	2b	2b	NOUN
dem-2902	192	26	)	)	PUNCT
dem-2902	192	27	western	western	PROPN
dem-2902	192	28	europe	europe	PROPN
dem-2902	192	29	2c	2c	NUM
dem-2902	192	30	)	)	PUNCT
dem-2902	192	31	northern	northern	PROPN
dem-2902	192	32	america	america	PROPN
dem-2902	192	33	index	index	PROPN
dem-2902	192	34	2d	2d	PROPN
dem-2902	192	35	)	)	PUNCT
dem-2902	192	36	pacific	pacific	PROPN
dem-2902	192	37	2e	2e	PROPN
dem-2902	192	38	)	)	PUNCT
dem-2902	192	39	japan	japan	PROPN
dem-2902	192	40	the	the	DET
dem-2902	192	41	results	result	NOUN
dem-2902	192	42	are	be	AUX
dem-2902	192	43	discussed	discuss	VERB
dem-2902	192	44	for	for	ADP
dem-2902	192	45	0.1	0.1	NUM
dem-2902	192	46	,	,	PUNCT
dem-2902	192	47	the	the	DET
dem-2902	192	48	similar	similar	ADJ
dem-2902	192	49	results	result	NOUN
dem-2902	192	50	are	be	AUX
dem-2902	192	51	obtained	obtain	VERB
dem-2902	192	52	by	by	ADP
dem-2902	192	53	taking	take	VERB
dem-2902	192	54	0.05	0.05	NUM
dem-2902	192	55	,	,	PUNCT
dem-2902	192	56	which	which	PRON
dem-2902	192	57	are	be	AUX
dem-2902	192	58	standard	standard	ADJ
dem-2902	192	59	levels	level	NOUN
dem-2902	192	60	for	for	ADP
dem-2902	192	61	var	var	NOUN
dem-2902	192	62	.	.	PUNCT
dem-2902	193	1	in	in	ADP
dem-2902	193	2	the	the	DET
dem-2902	193	3	regulations	regulation	NOUN
dem-2902	193	4	such	such	ADJ
dem-2902	193	5	as	as	ADP
dem-2902	193	6	the	the	DET
dem-2902	193	7	basel	basel	PROPN
dem-2902	193	8	regulations	regulation	NOUN
dem-2902	193	9	,	,	PUNCT
dem-2902	193	10	var	var	PROPN
dem-2902	193	11	levels	level	NOUN
dem-2902	193	12	are	be	AUX
dem-2902	193	13	0.01	0.01	NUM
dem-2902	193	14	or	or	CCONJ
dem-2902	193	15	even	even	ADV
dem-2902	193	16	0.005	0.005	NUM
dem-2902	193	17	.	.	PUNCT
dem-2902	194	1	the	the	DET
dem-2902	194	2	presented	present	VERB
dem-2902	194	3	procedures	procedure	NOUN
dem-2902	194	4	have	have	VERB
dem-2902	194	5	no	no	DET
dem-2902	194	6	relation	relation	NOUN
dem-2902	194	7	to	to	ADP
dem-2902	194	8	these	these	DET
dem-2902	194	9	regulations	regulation	NOUN
dem-2902	194	10	.	.	PUNCT
dem-2902	195	1	according	accord	VERB
dem-2902	195	2	to	to	ADP
dem-2902	195	3	these	these	DET
dem-2902	195	4	regulations	regulation	NOUN
dem-2902	195	5	,	,	PUNCT
dem-2902	195	6	an	an	DET
dem-2902	195	7	investor	investor	NOUN
dem-2902	195	8	is	be	AUX
dem-2902	195	9	obliged	oblige	VERB
dem-2902	195	10	to	to	PART
dem-2902	195	11	keep	keep	VERB
dem-2902	195	12	the	the	DET
dem-2902	195	13	var	var	NOUN
dem-2902	195	14	at	at	ADP
dem-2902	195	15	the	the	DET
dem-2902	195	16	level	level	NOUN
dem-2902	195	17	0.01	0.01	NUM
dem-2902	195	18	(	(	PUNCT
dem-2902	195	19	or	or	CCONJ
dem-2902	195	20	0.005	0.005	NUM
dem-2902	195	21	)	)	PUNCT
dem-2902	195	22	below	below	ADP
dem-2902	195	23	some	some	DET
dem-2902	195	24	value	value	NOUN
dem-2902	195	25	.	.	PUNCT
dem-2902	196	1	it	it	PRON
dem-2902	196	2	does	do	AUX
dem-2902	196	3	not	not	PART
dem-2902	196	4	mean	mean	VERB
dem-2902	196	5	,	,	PUNCT
dem-2902	196	6	that	that	SCONJ
dem-2902	196	7	one	one	NOUN
dem-2902	196	8	do	do	AUX
dem-2902	196	9	not	not	PART
dem-2902	196	10	fulfill	fulfill	VERB
dem-2902	196	11	this	this	DET
dem-2902	196	12	condition	condition	NOUN
dem-2902	196	13	using	use	VERB
dem-2902	196	14	presented	present	VERB
dem-2902	196	15	method	method	NOUN
dem-2902	196	16	.	.	PUNCT
dem-2902	197	1	moreover	moreover	ADV
dem-2902	197	2	,	,	PUNCT
dem-2902	197	3	conducting	conduct	VERB
dem-2902	197	4	the	the	DET
dem-2902	197	5	same	same	ADJ
dem-2902	197	6	procedure	procedure	NOUN
dem-2902	197	7	for	for	ADP
dem-2902	197	8	0.01	0.01	NUM
dem-2902	197	9	does	do	AUX
dem-2902	197	10	not	not	PART
dem-2902	197	11	assure	assure	VERB
dem-2902	197	12	investor	investor	NOUN
dem-2902	197	13	that	that	SCONJ
dem-2902	197	14	he	he	PRON
dem-2902	197	15	fulfills	fulfill	VERB
dem-2902	197	16	the	the	DET
dem-2902	197	17	regulations	regulation	NOUN
dem-2902	197	18	.	.	PUNCT
dem-2902	198	1	for	for	ADP
dem-2902	198	2	lower	low	ADJ
dem-2902	198	3	levels	level	NOUN
dem-2902	198	4	,	,	PUNCT
dem-2902	198	5	such	such	ADJ
dem-2902	198	6	as	as	ADP
dem-2902	198	7	0.01	0.01	NUM
dem-2902	198	8	,	,	PUNCT
dem-2902	198	9	the	the	DET
dem-2902	198	10	analysis	analysis	NOUN
dem-2902	198	11	is	be	AUX
dem-2902	198	12	not	not	PART
dem-2902	198	13	stable	stable	ADJ
dem-2902	198	14	.	.	PUNCT
dem-2902	199	1	we	we	PRON
dem-2902	199	2	fixed	fix	VERB
dem-2902	199	3	the	the	DET
dem-2902	199	4	expected	expect	VERB
dem-2902	199	5	interest	interest	NOUN
dem-2902	199	6	anna	anna	NOUN
dem-2902	199	7	czapkiewicz	czapkiewicz	NOUN
dem-2902	199	8	,	,	PUNCT
dem-2902	199	9	artur	artur	PROPN
dem-2902	199	10	machno	machno	ADV
dem-2902	199	11	dynamic	dynamic	ADJ
dem-2902	199	12	econometric	econometric	ADJ
dem-2902	199	13	models	model	NOUN
dem-2902	199	14	13	13	NUM
dem-2902	199	15	(	(	PUNCT
dem-2902	199	16	2013	2013	NUM
dem-2902	199	17	)	)	PUNCT
dem-2902	200	1	145–162	145–162	NUM
dem-2902	200	2	158	158	NUM
dem-2902	200	3	rate	rate	NOUN
dem-2902	200	4	on	on	ADP
dem-2902	200	5	the	the	DET
dem-2902	200	6	level	level	NOUN
dem-2902	200	7	1	1	NUM
dem-2902	200	8	%	%	NOUN
dem-2902	200	9	,	,	PUNCT
dem-2902	200	10	which	which	PRON
dem-2902	200	11	is	be	AUX
dem-2902	200	12	much	much	ADV
dem-2902	200	13	higher	high	ADJ
dem-2902	200	14	than	than	ADP
dem-2902	200	15	the	the	DET
dem-2902	200	16	average	average	NOUN
dem-2902	200	17	of	of	ADP
dem-2902	200	18	any	any	DET
dem-2902	200	19	analyzed	analyze	VERB
dem-2902	200	20	variable	variable	NOUN
dem-2902	200	21	(	(	PUNCT
dem-2902	200	22	see	see	VERB
dem-2902	200	23	table	table	NOUN
dem-2902	200	24	1	1	NUM
dem-2902	200	25	)	)	PUNCT
dem-2902	200	26	.	.	PUNCT
dem-2902	201	1	the	the	DET
dem-2902	201	2	realized	realize	VERB
dem-2902	201	3	interest	interest	NOUN
dem-2902	201	4	rates	rate	NOUN
dem-2902	201	5	of	of	ADP
dem-2902	201	6	the	the	DET
dem-2902	201	7	constructed	construct	VERB
dem-2902	201	8	portfolios	portfolio	NOUN
dem-2902	201	9	are	be	AUX
dem-2902	201	10	computed	compute	VERB
dem-2902	201	11	and	and	CCONJ
dem-2902	201	12	analyzed	analyze	VERB
dem-2902	201	13	.	.	PUNCT
dem-2902	202	1	the	the	DET
dem-2902	202	2	realizations	realization	NOUN
dem-2902	202	3	in	in	ADP
dem-2902	202	4	the	the	DET
dem-2902	202	5	1	1	NUM
dem-2902	202	6	time	time	NOUN
dem-2902	202	7	point	point	NOUN
dem-2902	202	8	of	of	ADP
dem-2902	202	9	portfolios	portfolio	NOUN
dem-2902	202	10	constructed	construct	VERB
dem-2902	202	11	in	in	ADP
dem-2902	202	12	the	the	DET
dem-2902	202	13	time	time	NOUN
dem-2902	202	14	are	be	AUX
dem-2902	202	15	considered	consider	VERB
dem-2902	202	16	.	.	PUNCT
dem-2902	203	1	the	the	DET
dem-2902	203	2	compositions	composition	NOUN
dem-2902	203	3	of	of	ADP
dem-2902	203	4	both	both	CCONJ
dem-2902	203	5	dynamic	dynamic	ADJ
dem-2902	203	6	portfolios	portfolio	NOUN
dem-2902	203	7	(	(	PUNCT
dem-2902	203	8	var	var	NOUN
dem-2902	203	9	and	and	CCONJ
dem-2902	203	10	es	es	NOUN
dem-2902	203	11	)	)	PUNCT
dem-2902	203	12	are	be	AUX
dem-2902	203	13	similar	similar	ADJ
dem-2902	203	14	,	,	PUNCT
dem-2902	203	15	therefore	therefore	ADV
dem-2902	203	16	,	,	PUNCT
dem-2902	203	17	corresponding	correspond	VERB
dem-2902	203	18	portfolios	portfolio	NOUN
dem-2902	203	19	have	have	VERB
dem-2902	203	20	similar	similar	ADJ
dem-2902	203	21	interest	interest	NOUN
dem-2902	203	22	rate	rate	NOUN
dem-2902	203	23	.	.	PUNCT
dem-2902	204	1	thus	thus	ADV
dem-2902	204	2	,	,	PUNCT
dem-2902	204	3	we	we	PRON
dem-2902	204	4	present	present	VERB
dem-2902	204	5	only	only	ADV
dem-2902	204	6	returns	return	NOUN
dem-2902	204	7	of	of	ADP
dem-2902	204	8	the	the	DET
dem-2902	204	9	portfolio	portfolio	NOUN
dem-2902	204	10	obtained	obtain	VERB
dem-2902	204	11	by	by	ADP
dem-2902	204	12	minimizing	minimize	VERB
dem-2902	204	13	es	es	NOUN
dem-2902	204	14	under	under	ADP
dem-2902	204	15	the	the	DET
dem-2902	204	16	dynamic	dynamic	ADJ
dem-2902	204	17	var(1)-dcc	var(1)-dcc	NOUN
dem-2902	204	18	-	-	PUNCT
dem-2902	204	19	garch(1,1	garch(1,1	NOUN
dem-2902	204	20	)	)	PUNCT
dem-2902	204	21	model	model	NOUN
dem-2902	204	22	assumption	assumption	NOUN
dem-2902	204	23	(	(	PUNCT
dem-2902	204	24	dynamic	dynamic	ADJ
dem-2902	204	25	portfolio	portfolio	NOUN
dem-2902	204	26	)	)	PUNCT
dem-2902	204	27	and	and	CCONJ
dem-2902	204	28	portfolio	portfolio	NOUN
dem-2902	204	29	under	under	ADP
dem-2902	204	30	the	the	DET
dem-2902	204	31	markowitz	markowitz	PROPN
dem-2902	204	32	’s	’s	PART
dem-2902	204	33	mean	mean	ADJ
dem-2902	204	34	-	-	PUNCT
dem-2902	204	35	variance	variance	NOUN
dem-2902	204	36	model	model	NOUN
dem-2902	204	37	(	(	PUNCT
dem-2902	204	38	static	static	NOUN
dem-2902	204	39	portfolio	portfolio	NOUN
dem-2902	204	40	)	)	PUNCT
dem-2902	204	41	in	in	ADP
dem-2902	204	42	figure	figure	NOUN
dem-2902	204	43	1	1	NUM
dem-2902	204	44	.	.	PUNCT
dem-2902	204	45	figure	figure	VERB
dem-2902	204	46	2	2	NUM
dem-2902	204	47	presents	present	NOUN
dem-2902	204	48	shares	share	NOUN
dem-2902	204	49	of	of	ADP
dem-2902	204	50	the	the	DET
dem-2902	204	51	static	static	NOUN
dem-2902	204	52	and	and	CCONJ
dem-2902	204	53	the	the	DET
dem-2902	204	54	dynamic	dynamic	ADJ
dem-2902	204	55	portfolios	portfolio	NOUN
dem-2902	204	56	.	.	PUNCT
dem-2902	205	1	firstly	firstly	ADV
dem-2902	205	2	,	,	PUNCT
dem-2902	205	3	we	we	PRON
dem-2902	205	4	have	have	AUX
dem-2902	205	5	noticed	notice	VERB
dem-2902	205	6	the	the	DET
dem-2902	205	7	differences	difference	NOUN
dem-2902	205	8	in	in	ADP
dem-2902	205	9	the	the	DET
dem-2902	205	10	scale	scale	NOUN
dem-2902	205	11	of	of	ADP
dem-2902	205	12	the	the	DET
dem-2902	205	13	portfolio	portfolio	NOUN
dem-2902	205	14	shares	share	NOUN
dem-2902	205	15	.	.	PUNCT
dem-2902	206	1	large	large	ADJ
dem-2902	206	2	absolute	absolute	ADJ
dem-2902	206	3	values	value	NOUN
dem-2902	206	4	of	of	ADP
dem-2902	206	5	shares	share	NOUN
dem-2902	206	6	in	in	ADP
dem-2902	206	7	the	the	DET
dem-2902	206	8	markowitz	markowitz	NOUN
dem-2902	206	9	portfolios	portfolio	NOUN
dem-2902	206	10	are	be	AUX
dem-2902	206	11	caused	cause	VERB
dem-2902	206	12	by	by	ADP
dem-2902	206	13	the	the	DET
dem-2902	206	14	height	height	NOUN
dem-2902	206	15	of	of	ADP
dem-2902	206	16	the	the	DET
dem-2902	206	17	assumed	assumed	ADJ
dem-2902	206	18	expected	expect	VERB
dem-2902	206	19	return	return	NOUN
dem-2902	206	20	.	.	PUNCT
dem-2902	207	1	if	if	SCONJ
dem-2902	207	2	the	the	DET
dem-2902	207	3	expected	expect	VERB
dem-2902	207	4	return	return	NOUN
dem-2902	207	5	had	have	AUX
dem-2902	207	6	been	be	AUX
dem-2902	207	7	assumed	assume	VERB
dem-2902	207	8	to	to	PART
dem-2902	207	9	be	be	AUX
dem-2902	207	10	lower	low	ADJ
dem-2902	207	11	,	,	PUNCT
dem-2902	207	12	the	the	DET
dem-2902	207	13	absolute	absolute	ADJ
dem-2902	207	14	values	value	NOUN
dem-2902	207	15	of	of	ADP
dem-2902	207	16	shares	share	NOUN
dem-2902	207	17	in	in	ADP
dem-2902	207	18	the	the	DET
dem-2902	207	19	markowitz	markowitz	PROPN
dem-2902	207	20	portfolio	portfolio	PROPN
dem-2902	207	21	would	would	AUX
dem-2902	207	22	have	have	AUX
dem-2902	207	23	decreased	decrease	VERB
dem-2902	207	24	,	,	PUNCT
dem-2902	207	25	however	however	ADV
dem-2902	207	26	,	,	PUNCT
dem-2902	207	27	it	it	PRON
dem-2902	207	28	would	would	AUX
dem-2902	207	29	not	not	PART
dem-2902	207	30	have	have	AUX
dem-2902	207	31	changed	change	VERB
dem-2902	207	32	the	the	DET
dem-2902	207	33	preferences	preference	NOUN
dem-2902	207	34	essentially	essentially	ADV
dem-2902	207	35	.	.	PUNCT
dem-2902	208	1	despite	despite	SCONJ
dem-2902	208	2	the	the	DET
dem-2902	208	3	assumption	assumption	NOUN
dem-2902	208	4	about	about	ADP
dem-2902	208	5	height	height	NOUN
dem-2902	208	6	of	of	ADP
dem-2902	208	7	the	the	DET
dem-2902	208	8	expected	expect	VERB
dem-2902	208	9	return	return	NOUN
dem-2902	208	10	,	,	PUNCT
dem-2902	208	11	the	the	DET
dem-2902	208	12	shares	share	NOUN
dem-2902	208	13	of	of	ADP
dem-2902	208	14	the	the	DET
dem-2902	208	15	es	es	NOUN
dem-2902	208	16	and	and	CCONJ
dem-2902	208	17	var	var	NOUN
dem-2902	208	18	optimal	optimal	ADJ
dem-2902	208	19	portfolios	portfolio	NOUN
dem-2902	208	20	remain	remain	VERB
dem-2902	208	21	relatively	relatively	ADV
dem-2902	208	22	small	small	ADJ
dem-2902	208	23	.	.	PUNCT
dem-2902	209	1	additionally	additionally	ADV
dem-2902	209	2	,	,	PUNCT
dem-2902	209	3	we	we	PRON
dem-2902	209	4	have	have	AUX
dem-2902	209	5	noticed	notice	VERB
dem-2902	209	6	differences	difference	NOUN
dem-2902	209	7	of	of	ADP
dem-2902	209	8	biases	bias	NOUN
dem-2902	209	9	of	of	ADP
dem-2902	209	10	estimation	estimation	NOUN
dem-2902	209	11	of	of	ADP
dem-2902	209	12	the	the	DET
dem-2902	209	13	expected	expect	VERB
dem-2902	209	14	interest	interest	NOUN
dem-2902	209	15	rate	rate	NOUN
dem-2902	209	16	.	.	PUNCT
dem-2902	210	1	it	it	PRON
dem-2902	210	2	turns	turn	VERB
dem-2902	210	3	out	out	ADP
dem-2902	210	4	that	that	SCONJ
dem-2902	210	5	the	the	DET
dem-2902	210	6	average	average	NOUN
dem-2902	210	7	of	of	ADP
dem-2902	210	8	the	the	DET
dem-2902	210	9	realized	realize	VERB
dem-2902	210	10	returns	return	NOUN
dem-2902	210	11	of	of	ADP
dem-2902	210	12	the	the	DET
dem-2902	210	13	markowitz	markowitz	NOUN
dem-2902	210	14	portfolios	portfolio	NOUN
dem-2902	210	15	is	be	AUX
dem-2902	210	16	equal	equal	ADJ
dem-2902	210	17	to	to	ADP
dem-2902	210	18	0.605	0.605	NUM
dem-2902	210	19	%	%	NOUN
dem-2902	210	20	,	,	PUNCT
dem-2902	210	21	which	which	PRON
dem-2902	210	22	is	be	AUX
dem-2902	210	23	far	far	ADV
dem-2902	210	24	from	from	ADP
dem-2902	210	25	the	the	DET
dem-2902	210	26	assumed	assumed	ADJ
dem-2902	210	27	1	1	NUM
dem-2902	210	28	%	%	NOUN
dem-2902	210	29	,	,	PUNCT
dem-2902	210	30	whereas	whereas	SCONJ
dem-2902	210	31	the	the	DET
dem-2902	210	32	return	return	NOUN
dem-2902	210	33	average	average	NOUN
dem-2902	210	34	of	of	ADP
dem-2902	210	35	the	the	DET
dem-2902	210	36	es	es	NOUN
dem-2902	210	37	and	and	CCONJ
dem-2902	210	38	the	the	DET
dem-2902	210	39	var	var	NOUN
dem-2902	210	40	optimal	optimal	ADJ
dem-2902	210	41	portfolios	portfolio	NOUN
dem-2902	210	42	are	be	AUX
dem-2902	210	43	very	very	ADV
dem-2902	210	44	close	close	ADJ
dem-2902	210	45	to	to	PART
dem-2902	210	46	1	1	NUM
dem-2902	210	47	%	%	NOUN
dem-2902	210	48	(	(	PUNCT
dem-2902	210	49	0.98	0.98	NUM
dem-2902	210	50	%	%	NOUN
dem-2902	210	51	and	and	CCONJ
dem-2902	210	52	1.14	1.14	NUM
dem-2902	210	53	%	%	NOUN
dem-2902	210	54	,	,	PUNCT
dem-2902	210	55	respectively	respectively	ADV
dem-2902	210	56	)	)	PUNCT
dem-2902	210	57	.	.	PUNCT
dem-2902	211	1	secondly	secondly	ADV
dem-2902	211	2	,	,	PUNCT
dem-2902	211	3	vivid	vivid	ADJ
dem-2902	211	4	differences	difference	NOUN
dem-2902	211	5	in	in	ADP
dem-2902	211	6	shares	share	NOUN
dem-2902	211	7	of	of	ADP
dem-2902	211	8	the	the	DET
dem-2902	211	9	static	static	ADJ
dem-2902	211	10	and	and	CCONJ
dem-2902	211	11	dynamic	dynamic	ADJ
dem-2902	211	12	portfolios	portfolio	NOUN
dem-2902	211	13	can	can	AUX
dem-2902	211	14	be	be	AUX
dem-2902	211	15	observed	observe	VERB
dem-2902	211	16	.	.	PUNCT
dem-2902	212	1	comparing	compare	VERB
dem-2902	212	2	the	the	DET
dem-2902	212	3	two	two	NUM
dem-2902	212	4	portfolios	portfolio	NOUN
dem-2902	212	5	we	we	PRON
dem-2902	212	6	notice	notice	VERB
dem-2902	212	7	that	that	SCONJ
dem-2902	212	8	markowitz	markowitz	PROPN
dem-2902	212	9	portfolio	portfolio	PROPN
dem-2902	212	10	gives	give	VERB
dem-2902	212	11	clear	clear	ADJ
dem-2902	212	12	verification	verification	NOUN
dem-2902	212	13	of	of	ADP
dem-2902	212	14	the	the	DET
dem-2902	212	15	attractiveness	attractiveness	NOUN
dem-2902	212	16	of	of	ADP
dem-2902	212	17	regions	region	NOUN
dem-2902	212	18	while	while	SCONJ
dem-2902	212	19	shares	share	NOUN
dem-2902	212	20	obtained	obtain	VERB
dem-2902	212	21	by	by	ADP
dem-2902	212	22	minimizing	minimize	VERB
dem-2902	212	23	the	the	DET
dem-2902	212	24	var	var	NOUN
dem-2902	212	25	or	or	CCONJ
dem-2902	212	26	the	the	DET
dem-2902	212	27	es	es	NOUN
dem-2902	212	28	portfolios	portfolio	NOUN
dem-2902	212	29	under	under	ADP
dem-2902	212	30	the	the	DET
dem-2902	212	31	dynamic	dynamic	ADJ
dem-2902	212	32	model	model	NOUN
dem-2902	212	33	assumption	assumption	NOUN
dem-2902	212	34	are	be	AUX
dem-2902	212	35	highly	highly	ADV
dem-2902	212	36	variable	variable	ADJ
dem-2902	212	37	and	and	CCONJ
dem-2902	212	38	it	it	PRON
dem-2902	212	39	is	be	AUX
dem-2902	212	40	hard	hard	ADJ
dem-2902	212	41	to	to	PART
dem-2902	212	42	notice	notice	VERB
dem-2902	212	43	any	any	DET
dem-2902	212	44	tendencies	tendency	NOUN
dem-2902	212	45	.	.	PUNCT
dem-2902	213	1	in	in	ADP
dem-2902	213	2	the	the	DET
dem-2902	213	3	case	case	NOUN
dem-2902	213	4	of	of	ADP
dem-2902	213	5	markowitz	markowitz	PROPN
dem-2902	213	6	model	model	PROPN
dem-2902	213	7	,	,	PUNCT
dem-2902	213	8	it	it	PRON
dem-2902	213	9	can	can	AUX
dem-2902	213	10	easily	easily	ADV
dem-2902	213	11	be	be	AUX
dem-2902	213	12	noticed	notice	VERB
dem-2902	213	13	that	that	SCONJ
dem-2902	213	14	the	the	DET
dem-2902	213	15	pacific	pacific	ADJ
dem-2902	213	16	asian	asian	ADJ
dem-2902	213	17	region	region	NOUN
dem-2902	213	18	is	be	AUX
dem-2902	213	19	the	the	DET
dem-2902	213	20	most	most	ADV
dem-2902	213	21	attractive	attractive	ADJ
dem-2902	213	22	for	for	ADP
dem-2902	213	23	investors	investor	NOUN
dem-2902	213	24	during	during	ADP
dem-2902	213	25	the	the	DET
dem-2902	213	26	period	period	NOUN
dem-2902	213	27	under	under	ADP
dem-2902	213	28	study	study	NOUN
dem-2902	213	29	.	.	PUNCT
dem-2902	214	1	at	at	ADP
dem-2902	214	2	the	the	DET
dem-2902	214	3	beginning	beginning	NOUN
dem-2902	214	4	of	of	ADP
dem-2902	214	5	the	the	DET
dem-2902	214	6	period	period	NOUN
dem-2902	214	7	the	the	DET
dem-2902	214	8	eastern	eastern	PROPN
dem-2902	214	9	europe	europe	PROPN
dem-2902	214	10	region	region	NOUN
dem-2902	214	11	was	be	AUX
dem-2902	214	12	also	also	ADV
dem-2902	214	13	attractive	attractive	ADJ
dem-2902	214	14	but	but	CCONJ
dem-2902	214	15	in	in	ADP
dem-2902	214	16	the	the	DET
dem-2902	214	17	last	last	ADJ
dem-2902	214	18	year	year	NOUN
dem-2902	214	19	its	its	PRON
dem-2902	214	20	attractiveness	attractiveness	NOUN
dem-2902	214	21	decreased	decrease	VERB
dem-2902	214	22	radically	radically	ADV
dem-2902	214	23	.	.	PUNCT
dem-2902	215	1	the	the	DET
dem-2902	215	2	regions	region	NOUN
dem-2902	215	3	of	of	ADP
dem-2902	215	4	western	western	ADJ
dem-2902	215	5	europe	europe	PROPN
dem-2902	215	6	and	and	CCONJ
dem-2902	215	7	japan	japan	PROPN
dem-2902	215	8	are	be	AUX
dem-2902	215	9	unattractive	unattractive	ADJ
dem-2902	215	10	for	for	ADP
dem-2902	215	11	investors	investor	NOUN
dem-2902	215	12	during	during	ADP
dem-2902	215	13	the	the	DET
dem-2902	215	14	whole	whole	ADJ
dem-2902	215	15	period	period	NOUN
dem-2902	215	16	,	,	PUNCT
dem-2902	215	17	while	while	SCONJ
dem-2902	215	18	the	the	DET
dem-2902	215	19	american	american	ADJ
dem-2902	215	20	region	region	NOUN
dem-2902	215	21	after	after	ADP
dem-2902	215	22	an	an	DET
dem-2902	215	23	initial	initial	ADJ
dem-2902	215	24	phase	phase	NOUN
dem-2902	215	25	of	of	ADP
dem-2902	215	26	selling	sell	VERB
dem-2902	215	27	tendency	tendency	NOUN
dem-2902	215	28	proved	prove	VERB
dem-2902	215	29	to	to	PART
dem-2902	215	30	be	be	AUX
dem-2902	215	31	quite	quite	ADV
dem-2902	215	32	attractive	attractive	ADJ
dem-2902	215	33	for	for	ADP
dem-2902	215	34	investors	investor	NOUN
dem-2902	215	35	.	.	PUNCT
dem-2902	216	1	figure	figure	VERB
dem-2902	216	2	3	3	NUM
dem-2902	216	3	illustrates	illustrate	VERB
dem-2902	216	4	that	that	SCONJ
dem-2902	216	5	returns	return	NOUN
dem-2902	216	6	of	of	ADP
dem-2902	216	7	the	the	DET
dem-2902	216	8	static	static	ADJ
dem-2902	216	9	portfolio	portfolio	NOUN
dem-2902	216	10	are	be	AUX
dem-2902	216	11	much	much	ADV
dem-2902	216	12	more	more	ADV
dem-2902	216	13	volatile	volatile	ADJ
dem-2902	216	14	than	than	ADP
dem-2902	216	15	returns	return	NOUN
dem-2902	216	16	of	of	ADP
dem-2902	216	17	the	the	DET
dem-2902	216	18	dynamic	dynamic	ADJ
dem-2902	216	19	portfolio	portfolio	NOUN
dem-2902	216	20	.	.	PUNCT
dem-2902	217	1	without	without	ADP
dem-2902	217	2	a	a	DET
dem-2902	217	3	doubt	doubt	NOUN
dem-2902	217	4	,	,	PUNCT
dem-2902	217	5	markowitz	markowitz	NOUN
dem-2902	217	6	procedure	procedure	NOUN
dem-2902	217	7	provides	provide	VERB
dem-2902	217	8	us	we	PRON
dem-2902	217	9	with	with	ADP
dem-2902	217	10	the	the	DET
dem-2902	217	11	much	much	ADV
dem-2902	217	12	more	more	ADV
dem-2902	217	13	risky	risky	ADJ
dem-2902	217	14	portfolio	portfolio	NOUN
dem-2902	217	15	than	than	ADP
dem-2902	217	16	the	the	DET
dem-2902	217	17	two	two	NUM
dem-2902	217	18	other	other	ADJ
dem-2902	217	19	proposed	propose	VERB
dem-2902	217	20	.	.	PUNCT
dem-2902	218	1	empirical	empirical	ADJ
dem-2902	218	2	verification	verification	NOUN
dem-2902	218	3	of	of	ADP
dem-2902	218	4	world	world	NOUN
dem-2902	218	5	’s	’s	PART
dem-2902	218	6	regions	region	NOUN
dem-2902	218	7	profitability	profitability	NOUN
dem-2902	218	8	…	…	PUNCT
dem-2902	218	9	dynamic	dynamic	ADJ
dem-2902	218	10	econometric	econometric	ADJ
dem-2902	218	11	models	model	NOUN
dem-2902	218	12	13	13	NUM
dem-2902	218	13	(	(	PUNCT
dem-2902	218	14	2013	2013	NUM
dem-2902	218	15	)	)	PUNCT
dem-2902	219	1	145–162	145–162	NUM
dem-2902	219	2	159	159	NUM
dem-2902	219	3	figure	figure	NOUN
dem-2902	219	4	3	3	NUM
dem-2902	219	5	.	.	PUNCT
dem-2902	220	1	the	the	DET
dem-2902	220	2	realized	realize	VERB
dem-2902	220	3	optimal	optimal	ADJ
dem-2902	220	4	portfolio	portfolio	NOUN
dem-2902	220	5	returns	return	NOUN
dem-2902	220	6	of	of	ADP
dem-2902	220	7	the	the	DET
dem-2902	220	8	es	es	X
dem-2902	220	9	(	(	PUNCT
dem-2902	220	10	dynamic	dynamic	ADJ
dem-2902	220	11	)	)	PUNCT
dem-2902	220	12	and	and	CCONJ
dem-2902	220	13	the	the	DET
dem-2902	220	14	markowitz	markowitz	PROPN
dem-2902	220	15	(	(	PUNCT
dem-2902	220	16	static	static	ADJ
dem-2902	220	17	)	)	PUNCT
dem-2902	220	18	portfolios	portfolio	NOUN
dem-2902	220	19	in	in	ADP
dem-2902	220	20	order	order	NOUN
dem-2902	220	21	to	to	PART
dem-2902	220	22	illustrate	illustrate	VERB
dem-2902	220	23	investment	investment	NOUN
dem-2902	220	24	regions	region	NOUN
dem-2902	220	25	preferred	prefer	VERB
dem-2902	220	26	by	by	ADP
dem-2902	220	27	the	the	DET
dem-2902	220	28	dynamic	dynamic	ADJ
dem-2902	220	29	portfolio	portfolio	NOUN
dem-2902	220	30	,	,	PUNCT
dem-2902	220	31	the	the	DET
dem-2902	220	32	figure	figure	NOUN
dem-2902	220	33	4	4	NUM
dem-2902	220	34	shows	show	VERB
dem-2902	220	35	the	the	DET
dem-2902	220	36	monthly	monthly	ADJ
dem-2902	220	37	moving	move	VERB
dem-2902	220	38	average	average	ADJ
dem-2902	220	39	shares	share	NOUN
dem-2902	220	40	for	for	ADP
dem-2902	220	41	the	the	DET
dem-2902	220	42	es	es	NOUN
dem-2902	220	43	strategy	strategy	NOUN
dem-2902	220	44	.	.	PUNCT
dem-2902	221	1	figure	figure	VERB
dem-2902	221	2	4	4	NUM
dem-2902	221	3	.	.	PUNCT
dem-2902	222	1	the	the	DET
dem-2902	222	2	moving	move	VERB
dem-2902	222	3	average	average	NOUN
dem-2902	222	4	for	for	ADP
dem-2902	222	5	the	the	DET
dem-2902	222	6	dynamic	dynamic	ADJ
dem-2902	222	7	strategy	strategy	NOUN
dem-2902	222	8	the	the	DET
dem-2902	222	9	optimal	optimal	ADJ
dem-2902	222	10	investment	investment	NOUN
dem-2902	222	11	strategy	strategy	NOUN
dem-2902	222	12	strongly	strongly	ADV
dem-2902	222	13	suggests	suggest	VERB
dem-2902	222	14	buying	buy	VERB
dem-2902	222	15	pacific	pacific	ADJ
dem-2902	222	16	asian	asian	ADJ
dem-2902	222	17	assets	asset	NOUN
dem-2902	222	18	most	most	ADJ
dem-2902	222	19	of	of	ADP
dem-2902	222	20	the	the	DET
dem-2902	222	21	time	time	NOUN
dem-2902	222	22	.	.	PUNCT
dem-2902	223	1	the	the	DET
dem-2902	223	2	eastern	eastern	PROPN
dem-2902	223	3	europe	europe	PROPN
dem-2902	223	4	region	region	PROPN
dem-2902	223	5	is	be	AUX
dem-2902	223	6	also	also	ADV
dem-2902	223	7	regarded	regard	VERB
dem-2902	223	8	to	to	PART
dem-2902	223	9	be	be	AUX
dem-2902	223	10	attractive	attractive	ADJ
dem-2902	223	11	for	for	ADP
dem-2902	223	12	investors	investor	NOUN
dem-2902	223	13	but	but	CCONJ
dem-2902	223	14	it	it	PRON
dem-2902	223	15	is	be	AUX
dem-2902	223	16	less	less	ADV
dem-2902	223	17	preferred	preferred	ADJ
dem-2902	223	18	than	than	ADP
dem-2902	223	19	the	the	DET
dem-2902	223	20	pacific	pacific	ADJ
dem-2902	223	21	asian	asian	PROPN
dem-2902	223	22	region	region	NOUN
dem-2902	223	23	.	.	PUNCT
dem-2902	224	1	anna	anna	PROPN
dem-2902	224	2	czapkiewicz	czapkiewicz	PROPN
dem-2902	224	3	,	,	PUNCT
dem-2902	224	4	artur	artur	PROPN
dem-2902	224	5	machno	machno	ADV
dem-2902	224	6	dynamic	dynamic	ADJ
dem-2902	224	7	econometric	econometric	ADJ
dem-2902	224	8	models	model	NOUN
dem-2902	224	9	13	13	NUM
dem-2902	224	10	(	(	PUNCT
dem-2902	224	11	2013	2013	NUM
dem-2902	224	12	)	)	PUNCT
dem-2902	225	1	145–162	145–162	NUM
dem-2902	225	2	160	160	NUM
dem-2902	225	3	optimal	optimal	ADJ
dem-2902	225	4	shares	share	NOUN
dem-2902	225	5	of	of	ADP
dem-2902	225	6	northern	northern	ADJ
dem-2902	225	7	american	american	ADJ
dem-2902	225	8	,	,	PUNCT
dem-2902	225	9	western	western	ADJ
dem-2902	225	10	europe	europe	PROPN
dem-2902	225	11	and	and	CCONJ
dem-2902	225	12	japan	japan	PROPN
dem-2902	225	13	assets	asset	NOUN
dem-2902	225	14	are	be	AUX
dem-2902	225	15	mostly	mostly	ADV
dem-2902	225	16	negative	negative	ADJ
dem-2902	225	17	.	.	PUNCT
dem-2902	226	1	the	the	DET
dem-2902	226	2	meaning	meaning	NOUN
dem-2902	226	3	of	of	ADP
dem-2902	226	4	these	these	DET
dem-2902	226	5	findings	finding	NOUN
dem-2902	226	6	is	be	AUX
dem-2902	226	7	not	not	PART
dem-2902	226	8	apparent	apparent	ADJ
dem-2902	226	9	.	.	PUNCT
dem-2902	227	1	the	the	DET
dem-2902	227	2	attractiveness	attractiveness	NOUN
dem-2902	227	3	read	read	VERB
dem-2902	227	4	from	from	ADP
dem-2902	227	5	the	the	DET
dem-2902	227	6	figure	figure	NOUN
dem-2902	227	7	4	4	NUM
dem-2902	227	8	should	should	AUX
dem-2902	227	9	be	be	AUX
dem-2902	227	10	interpreted	interpret	VERB
dem-2902	227	11	correctly	correctly	ADV
dem-2902	227	12	.	.	PUNCT
dem-2902	228	1	it	it	PRON
dem-2902	228	2	does	do	AUX
dem-2902	228	3	not	not	PART
dem-2902	228	4	mean	mean	VERB
dem-2902	228	5	that	that	SCONJ
dem-2902	228	6	optimal	optimal	ADJ
dem-2902	228	7	portfolios	portfolio	NOUN
dem-2902	228	8	had	have	AUX
dem-2902	228	9	been	be	AUX
dem-2902	228	10	containing	contain	VERB
dem-2902	228	11	a	a	DET
dem-2902	228	12	positive	positive	ADJ
dem-2902	228	13	value	value	NOUN
dem-2902	228	14	of	of	ADP
dem-2902	228	15	pacific	pacific	ADJ
dem-2902	228	16	asian	asian	ADJ
dem-2902	228	17	assets	asset	NOUN
dem-2902	228	18	during	during	ADP
dem-2902	228	19	the	the	DET
dem-2902	228	20	analyzed	analyze	VERB
dem-2902	228	21	period	period	NOUN
dem-2902	228	22	,	,	PUNCT
dem-2902	228	23	it	it	PRON
dem-2902	228	24	means	mean	VERB
dem-2902	228	25	that	that	SCONJ
dem-2902	228	26	it	it	PRON
dem-2902	228	27	had	have	AUX
dem-2902	228	28	been	be	AUX
dem-2902	228	29	containing	contain	VERB
dem-2902	228	30	a	a	DET
dem-2902	228	31	positive	positive	ADJ
dem-2902	228	32	value	value	NOUN
dem-2902	228	33	of	of	ADP
dem-2902	228	34	the	the	DET
dem-2902	228	35	assets	asset	NOUN
dem-2902	228	36	in	in	ADP
dem-2902	228	37	average	average	ADJ
dem-2902	228	38	.	.	PUNCT
dem-2902	229	1	however	however	ADV
dem-2902	229	2	,	,	PUNCT
dem-2902	229	3	the	the	DET
dem-2902	229	4	change	change	NOUN
dem-2902	229	5	of	of	ADP
dem-2902	229	6	the	the	DET
dem-2902	229	7	composition	composition	NOUN
dem-2902	229	8	of	of	ADP
dem-2902	229	9	the	the	DET
dem-2902	229	10	optimal	optimal	ADJ
dem-2902	229	11	portfolio	portfolio	NOUN
dem-2902	229	12	is	be	AUX
dem-2902	229	13	intense	intense	ADJ
dem-2902	229	14	,	,	PUNCT
dem-2902	229	15	an	an	DET
dem-2902	229	16	investor	investor	NOUN
dem-2902	229	17	has	have	VERB
dem-2902	229	18	to	to	PART
dem-2902	229	19	rebuild	rebuild	VERB
dem-2902	229	20	the	the	DET
dem-2902	229	21	portfolio	portfolio	NOUN
dem-2902	229	22	completely	completely	ADV
dem-2902	229	23	every	every	DET
dem-2902	229	24	day	day	NOUN
dem-2902	229	25	in	in	ADP
dem-2902	229	26	order	order	NOUN
dem-2902	229	27	to	to	PART
dem-2902	229	28	keep	keep	VERB
dem-2902	229	29	it	it	PRON
dem-2902	229	30	optimal	optimal	ADJ
dem-2902	229	31	.	.	PUNCT
dem-2902	230	1	conclusions	conclusion	NOUN
dem-2902	230	2	we	we	PRON
dem-2902	230	3	have	have	AUX
dem-2902	230	4	constructed	construct	VERB
dem-2902	230	5	,	,	PUNCT
dem-2902	230	6	for	for	ADP
dem-2902	230	7	the	the	DET
dem-2902	230	8	region	region	NOUN
dem-2902	230	9	attractiveness	attractiveness	NOUN
dem-2902	230	10	study	study	NOUN
dem-2902	230	11	purposes	purpose	NOUN
dem-2902	230	12	,	,	PUNCT
dem-2902	230	13	global	global	ADJ
dem-2902	230	14	indices	index	NOUN
dem-2902	230	15	which	which	PRON
dem-2902	230	16	represent	represent	VERB
dem-2902	230	17	five	five	NUM
dem-2902	230	18	regions	region	NOUN
dem-2902	230	19	:	:	PUNCT
dem-2902	230	20	northern	northern	PROPN
dem-2902	230	21	america	america	PROPN
dem-2902	230	22	,	,	PUNCT
dem-2902	230	23	pacific	pacific	PROPN
dem-2902	230	24	asia	asia	PROPN
dem-2902	230	25	,	,	PUNCT
dem-2902	230	26	japan	japan	PROPN
dem-2902	230	27	,	,	PUNCT
dem-2902	230	28	eastern	eastern	PROPN
dem-2902	230	29	europe	europe	PROPN
dem-2902	230	30	and	and	CCONJ
dem-2902	230	31	western	western	PROPN
dem-2902	230	32	europe	europe	PROPN
dem-2902	230	33	.	.	PUNCT
dem-2902	231	1	the	the	DET
dem-2902	231	2	study	study	NOUN
dem-2902	231	3	covers	cover	VERB
dem-2902	231	4	the	the	DET
dem-2902	231	5	period	period	NOUN
dem-2902	231	6	of	of	ADP
dem-2902	231	7	january	january	PROPN
dem-2902	231	8	2009	2009	NUM
dem-2902	231	9	to	to	ADP
dem-2902	231	10	april	april	PROPN
dem-2902	231	11	2012	2012	NUM
dem-2902	231	12	.	.	PUNCT
dem-2902	232	1	the	the	DET
dem-2902	232	2	period	period	NOUN
dem-2902	232	3	of	of	ADP
dem-2902	232	4	october	october	PROPN
dem-2902	232	5	2002	2002	NUM
dem-2902	232	6	to	to	ADP
dem-2902	232	7	january	january	PROPN
dem-2902	232	8	2009	2009	NUM
dem-2902	232	9	has	have	AUX
dem-2902	232	10	been	be	AUX
dem-2902	232	11	used	use	VERB
dem-2902	232	12	only	only	ADV
dem-2902	232	13	for	for	ADP
dem-2902	232	14	the	the	DET
dem-2902	232	15	model	model	NOUN
dem-2902	232	16	estimation	estimation	NOUN
dem-2902	232	17	.	.	PUNCT
dem-2902	233	1	the	the	DET
dem-2902	233	2	five	five	NUM
dem-2902	233	3	-	-	PUNCT
dem-2902	233	4	dimensional	dimensional	ADJ
dem-2902	233	5	time	time	NOUN
dem-2902	233	6	series	series	NOUN
dem-2902	233	7	’	'	PUNCT
dem-2902	233	8	mean	mean	PROPN
dem-2902	233	9	has	have	AUX
dem-2902	233	10	been	be	AUX
dem-2902	233	11	modeled	model	VERB
dem-2902	233	12	by	by	ADP
dem-2902	233	13	the	the	DET
dem-2902	233	14	vector	vector	NOUN
dem-2902	233	15	autoregressive	autoregressive	ADJ
dem-2902	233	16	term	term	NOUN
dem-2902	233	17	and	and	CCONJ
dem-2902	233	18	the	the	DET
dem-2902	233	19	variance	variance	NOUN
dem-2902	233	20	’s	’s	PART
dem-2902	233	21	dynamics	dynamic	NOUN
dem-2902	233	22	have	have	AUX
dem-2902	233	23	been	be	AUX
dem-2902	233	24	described	describe	VERB
dem-2902	233	25	by	by	ADP
dem-2902	233	26	the	the	DET
dem-2902	233	27	generalized	generalize	VERB
dem-2902	233	28	autoregressive	autoregressive	ADJ
dem-2902	233	29	conditional	conditional	ADJ
dem-2902	233	30	heteroscedastic	heteroscedastic	ADJ
dem-2902	233	31	model	model	NOUN
dem-2902	233	32	with	with	ADP
dem-2902	233	33	dynamic	dynamic	ADJ
dem-2902	233	34	conditional	conditional	ADJ
dem-2902	233	35	correlation	correlation	NOUN
dem-2902	233	36	.	.	PUNCT
dem-2902	234	1	the	the	DET
dem-2902	234	2	estimated	estimate	VERB
dem-2902	234	3	correlations	correlation	NOUN
dem-2902	234	4	between	between	ADP
dem-2902	234	5	considered	consider	VERB
dem-2902	234	6	regions	region	NOUN
dem-2902	234	7	have	have	AUX
dem-2902	234	8	been	be	AUX
dem-2902	234	9	computed	compute	VERB
dem-2902	234	10	due	due	ADP
dem-2902	234	11	to	to	ADP
dem-2902	234	12	the	the	DET
dem-2902	234	13	var(1)-dcc	var(1)-dcc	NOUN
dem-2902	234	14	-	-	PUNCT
dem-2902	234	15	garch(1,1	garch(1,1	NOUN
dem-2902	234	16	)	)	PUNCT
dem-2902	234	17	model	model	NOUN
dem-2902	234	18	,	,	PUNCT
dem-2902	234	19	they	they	PRON
dem-2902	234	20	illustrate	illustrate	VERB
dem-2902	234	21	relations	relation	NOUN
dem-2902	234	22	among	among	ADP
dem-2902	234	23	the	the	DET
dem-2902	234	24	investigated	investigate	VERB
dem-2902	234	25	regions	region	NOUN
dem-2902	234	26	.	.	PUNCT
dem-2902	235	1	the	the	DET
dem-2902	235	2	analysis	analysis	NOUN
dem-2902	235	3	confirms	confirm	VERB
dem-2902	235	4	the	the	DET
dem-2902	235	5	claim	claim	NOUN
dem-2902	235	6	that	that	SCONJ
dem-2902	235	7	dependences	dependence	NOUN
dem-2902	235	8	between	between	ADP
dem-2902	235	9	financial	financial	ADJ
dem-2902	235	10	markets	market	NOUN
dem-2902	235	11	are	be	AUX
dem-2902	235	12	higher	high	ADJ
dem-2902	235	13	in	in	ADP
dem-2902	235	14	a	a	DET
dem-2902	235	15	period	period	NOUN
dem-2902	235	16	of	of	ADP
dem-2902	235	17	crisis	crisis	NOUN
dem-2902	235	18	than	than	ADP
dem-2902	235	19	during	during	ADP
dem-2902	235	20	a	a	DET
dem-2902	235	21	prosperity	prosperity	NOUN
dem-2902	235	22	time	time	NOUN
dem-2902	235	23	.	.	PUNCT
dem-2902	236	1	dynamic	dynamic	ADJ
dem-2902	236	2	dependences	dependence	NOUN
dem-2902	236	3	were	be	AUX
dem-2902	236	4	included	include	VERB
dem-2902	236	5	in	in	ADP
dem-2902	236	6	the	the	DET
dem-2902	236	7	construction	construction	NOUN
dem-2902	236	8	of	of	ADP
dem-2902	236	9	the	the	DET
dem-2902	236	10	optimal	optimal	ADJ
dem-2902	236	11	portfolio	portfolio	NOUN
dem-2902	236	12	.	.	PUNCT
dem-2902	237	1	that	that	PRON
dem-2902	237	2	is	be	AUX
dem-2902	237	3	why	why	SCONJ
dem-2902	237	4	two	two	NUM
dem-2902	237	5	dynamic	dynamic	ADJ
dem-2902	237	6	optimal	optimal	ADJ
dem-2902	237	7	portfolios	portfolio	NOUN
dem-2902	237	8	have	have	AUX
dem-2902	237	9	been	be	AUX
dem-2902	237	10	built	build	VERB
dem-2902	237	11	:	:	PUNCT
dem-2902	237	12	the	the	DET
dem-2902	237	13	portfolio	portfolio	NOUN
dem-2902	237	14	of	of	ADP
dem-2902	237	15	the	the	DET
dem-2902	237	16	minimal	minimal	ADJ
dem-2902	237	17	var	var	NOUN
dem-2902	237	18	and	and	CCONJ
dem-2902	237	19	the	the	DET
dem-2902	237	20	portfolio	portfolio	NOUN
dem-2902	237	21	of	of	ADP
dem-2902	237	22	the	the	DET
dem-2902	237	23	minimal	minimal	ADJ
dem-2902	237	24	es	es	NOUN
dem-2902	237	25	.	.	PUNCT
dem-2902	238	1	in	in	ADP
dem-2902	238	2	order	order	NOUN
dem-2902	238	3	to	to	PART
dem-2902	238	4	show	show	VERB
dem-2902	238	5	the	the	DET
dem-2902	238	6	properties	property	NOUN
dem-2902	238	7	of	of	ADP
dem-2902	238	8	these	these	DET
dem-2902	238	9	portfolios	portfolio	NOUN
dem-2902	238	10	,	,	PUNCT
dem-2902	238	11	the	the	DET
dem-2902	238	12	result	result	NOUN
dem-2902	238	13	of	of	ADP
dem-2902	238	14	the	the	DET
dem-2902	238	15	implementation	implementation	NOUN
dem-2902	238	16	of	of	ADP
dem-2902	238	17	the	the	DET
dem-2902	238	18	markowitz	markowitz	PROPN
dem-2902	238	19	model	model	PROPN
dem-2902	238	20	,	,	PUNCT
dem-2902	238	21	still	still	ADV
dem-2902	238	22	very	very	ADV
dem-2902	238	23	commonly	commonly	ADV
dem-2902	238	24	used	use	VERB
dem-2902	238	25	in	in	ADP
dem-2902	238	26	practice	practice	NOUN
dem-2902	238	27	,	,	PUNCT
dem-2902	238	28	has	have	AUX
dem-2902	238	29	been	be	AUX
dem-2902	238	30	presented	present	VERB
dem-2902	238	31	.	.	PUNCT
dem-2902	239	1	the	the	DET
dem-2902	239	2	share	share	NOUN
dem-2902	239	3	of	of	ADP
dem-2902	239	4	the	the	DET
dem-2902	239	5	index	index	NOUN
dem-2902	239	6	corresponding	correspond	VERB
dem-2902	239	7	with	with	ADP
dem-2902	239	8	a	a	DET
dem-2902	239	9	given	give	VERB
dem-2902	239	10	region	region	NOUN
dem-2902	239	11	in	in	ADP
dem-2902	239	12	the	the	DET
dem-2902	239	13	optimal	optimal	ADJ
dem-2902	239	14	portfolio	portfolio	NOUN
dem-2902	239	15	have	have	AUX
dem-2902	239	16	determined	determine	VERB
dem-2902	239	17	the	the	DET
dem-2902	239	18	region	region	NOUN
dem-2902	239	19	’s	’s	PART
dem-2902	239	20	daily	daily	ADJ
dem-2902	239	21	attractiveness	attractiveness	NOUN
dem-2902	239	22	.	.	PUNCT
dem-2902	240	1	the	the	DET
dem-2902	240	2	markowitz	markowitz	PROPN
dem-2902	240	3	portfolio	portfolio	PROPN
dem-2902	240	4	composition	composition	NOUN
dem-2902	240	5	gives	give	VERB
dem-2902	240	6	clear	clear	ADJ
dem-2902	240	7	results	result	NOUN
dem-2902	240	8	of	of	ADP
dem-2902	240	9	the	the	DET
dem-2902	240	10	attractiveness	attractiveness	NOUN
dem-2902	240	11	of	of	ADP
dem-2902	240	12	a	a	DET
dem-2902	240	13	region	region	NOUN
dem-2902	240	14	,	,	PUNCT
dem-2902	240	15	however	however	ADV
dem-2902	240	16	,	,	PUNCT
dem-2902	240	17	properties	property	NOUN
dem-2902	240	18	of	of	ADP
dem-2902	240	19	this	this	DET
dem-2902	240	20	portfolio	portfolio	NOUN
dem-2902	240	21	have	have	AUX
dem-2902	240	22	been	be	AUX
dem-2902	240	23	interior	interior	ADJ
dem-2902	240	24	to	to	ADP
dem-2902	240	25	properties	property	NOUN
dem-2902	240	26	of	of	ADP
dem-2902	240	27	the	the	DET
dem-2902	240	28	dynamic	dynamic	ADJ
dem-2902	240	29	portfolio	portfolio	NOUN
dem-2902	240	30	.	.	PUNCT
dem-2902	241	1	the	the	DET
dem-2902	241	2	markowitz	markowitz	PROPN
dem-2902	241	3	procedure	procedure	NOUN
dem-2902	241	4	estimates	estimate	VERB
dem-2902	241	5	the	the	DET
dem-2902	241	6	mean	mean	NOUN
dem-2902	241	7	of	of	ADP
dem-2902	241	8	a	a	DET
dem-2902	241	9	portfolio	portfolio	NOUN
dem-2902	241	10	incorrectly	incorrectly	ADV
dem-2902	241	11	.	.	PUNCT
dem-2902	242	1	moreover	moreover	ADV
dem-2902	242	2	,	,	PUNCT
dem-2902	242	3	the	the	DET
dem-2902	242	4	risk	risk	NOUN
dem-2902	242	5	of	of	ADP
dem-2902	242	6	the	the	DET
dem-2902	242	7	portfolio	portfolio	NOUN
dem-2902	242	8	obtained	obtain	VERB
dem-2902	242	9	using	use	VERB
dem-2902	242	10	this	this	DET
dem-2902	242	11	method	method	NOUN
dem-2902	242	12	is	be	AUX
dem-2902	242	13	much	much	ADV
dem-2902	242	14	higher	high	ADJ
dem-2902	242	15	than	than	ADP
dem-2902	242	16	the	the	DET
dem-2902	242	17	risk	risk	NOUN
dem-2902	242	18	of	of	ADP
dem-2902	242	19	the	the	DET
dem-2902	242	20	portfolio	portfolio	NOUN
dem-2902	242	21	obtained	obtain	VERB
dem-2902	242	22	under	under	ADP
dem-2902	242	23	the	the	DET
dem-2902	242	24	dynamic	dynamic	ADJ
dem-2902	242	25	model	model	NOUN
dem-2902	242	26	assumption	assumption	NOUN
dem-2902	242	27	.	.	PUNCT
dem-2902	243	1	the	the	DET
dem-2902	243	2	optimal	optimal	ADJ
dem-2902	243	3	portfolio	portfolio	NOUN
dem-2902	243	4	obtained	obtain	VERB
dem-2902	243	5	using	use	VERB
dem-2902	243	6	the	the	DET
dem-2902	243	7	dynamic	dynamic	ADJ
dem-2902	243	8	model	model	NOUN
dem-2902	243	9	have	have	AUX
dem-2902	243	10	attained	attain	VERB
dem-2902	243	11	the	the	DET
dem-2902	243	12	assumed	assumed	ADJ
dem-2902	243	13	return	return	NOUN
dem-2902	243	14	with	with	ADP
dem-2902	243	15	relatively	relatively	ADV
dem-2902	243	16	small	small	ADJ
dem-2902	243	17	risk	risk	NOUN
dem-2902	243	18	.	.	PUNCT
dem-2902	244	1	the	the	DET
dem-2902	244	2	diversification	diversification	NOUN
dem-2902	244	3	of	of	ADP
dem-2902	244	4	the	the	DET
dem-2902	244	5	optimal	optimal	ADJ
dem-2902	244	6	dynamic	dynamic	ADJ
dem-2902	244	7	portfolio	portfolio	NOUN
dem-2902	244	8	is	be	AUX
dem-2902	244	9	highly	highly	ADV
dem-2902	244	10	volatile	volatile	ADJ
dem-2902	244	11	and	and	CCONJ
dem-2902	244	12	it	it	PRON
dem-2902	244	13	has	have	VERB
dem-2902	244	14	hardly	hardly	ADV
dem-2902	244	15	any	any	DET
dem-2902	244	16	connection	connection	NOUN
dem-2902	244	17	to	to	ADP
dem-2902	244	18	a	a	DET
dem-2902	244	19	global	global	ADJ
dem-2902	244	20	financial	financial	ADJ
dem-2902	244	21	situation	situation	NOUN
dem-2902	244	22	.	.	PUNCT
dem-2902	245	1	the	the	DET
dem-2902	245	2	cost	cost	NOUN
dem-2902	245	3	of	of	ADP
dem-2902	245	4	empirical	empirical	ADJ
dem-2902	245	5	verification	verification	NOUN
dem-2902	245	6	of	of	ADP
dem-2902	245	7	world	world	NOUN
dem-2902	245	8	’s	’s	PART
dem-2902	245	9	regions	region	NOUN
dem-2902	245	10	profitability	profitability	NOUN
dem-2902	245	11	…	…	PUNCT
dem-2902	245	12	dynamic	dynamic	ADJ
dem-2902	245	13	econometric	econometric	ADJ
dem-2902	245	14	models	model	NOUN
dem-2902	245	15	13	13	NUM
dem-2902	245	16	(	(	PUNCT
dem-2902	245	17	2013	2013	NUM
dem-2902	245	18	)	)	PUNCT
dem-2902	245	19	145–162	145–162	NUM
dem-2902	245	20	161	161	NUM
dem-2902	245	21	such	such	DET
dem-2902	245	22	an	an	DET
dem-2902	245	23	investment	investment	NOUN
dem-2902	245	24	strategy	strategy	NOUN
dem-2902	245	25	is	be	AUX
dem-2902	245	26	a	a	DET
dem-2902	245	27	daily	daily	ADJ
dem-2902	245	28	rebuilding	rebuilding	NOUN
dem-2902	245	29	of	of	ADP
dem-2902	245	30	the	the	DET
dem-2902	245	31	portfolio	portfolio	NOUN
dem-2902	245	32	.	.	PUNCT
dem-2902	246	1	it	it	PRON
dem-2902	246	2	requires	require	VERB
dem-2902	246	3	almost	almost	ADV
dem-2902	246	4	complete	complete	ADJ
dem-2902	246	5	decomposition	decomposition	NOUN
dem-2902	246	6	of	of	ADP
dem-2902	246	7	the	the	DET
dem-2902	246	8	portfolio	portfolio	NOUN
dem-2902	246	9	every	every	DET
dem-2902	246	10	day	day	NOUN
dem-2902	246	11	.	.	PUNCT
dem-2902	247	1	therefore	therefore	ADV
dem-2902	247	2	it	it	PRON
dem-2902	247	3	is	be	AUX
dem-2902	247	4	not	not	PART
dem-2902	247	5	possible	possible	ADJ
dem-2902	247	6	to	to	PART
dem-2902	247	7	summarize	summarize	VERB
dem-2902	247	8	the	the	DET
dem-2902	247	9	profitability	profitability	NOUN
dem-2902	247	10	of	of	ADP
dem-2902	247	11	the	the	DET
dem-2902	247	12	regions	region	NOUN
dem-2902	247	13	in	in	ADP
dem-2902	247	14	general	general	ADJ
dem-2902	247	15	.	.	PUNCT
dem-2902	248	1	the	the	DET
dem-2902	248	2	daily	daily	ADJ
dem-2902	248	3	attractiveness	attractiveness	NOUN
dem-2902	248	4	is	be	AUX
dem-2902	248	5	dynamical	dynamical	ADJ
dem-2902	248	6	and	and	CCONJ
dem-2902	248	7	it	it	PRON
dem-2902	248	8	should	should	AUX
dem-2902	248	9	be	be	AUX
dem-2902	248	10	taken	take	VERB
dem-2902	248	11	into	into	ADP
dem-2902	248	12	account	account	NOUN
dem-2902	248	13	by	by	ADP
dem-2902	248	14	international	international	ADJ
dem-2902	248	15	investors	investor	NOUN
dem-2902	248	16	.	.	PUNCT
dem-2902	249	1	as	as	ADP
dem-2902	249	2	a	a	DET
dem-2902	249	3	illustration	illustration	NOUN
dem-2902	249	4	of	of	ADP
dem-2902	249	5	the	the	DET
dem-2902	249	6	result	result	NOUN
dem-2902	249	7	,	,	PUNCT
dem-2902	249	8	monthly	monthly	ADJ
dem-2902	249	9	moving	move	VERB
dem-2902	249	10	averages	average	NOUN
dem-2902	249	11	of	of	ADP
dem-2902	249	12	the	the	DET
dem-2902	249	13	daily	daily	ADJ
dem-2902	249	14	attractiveness	attractiveness	NOUN
dem-2902	249	15	(	(	PUNCT
dem-2902	249	16	measured	measure	VERB
dem-2902	249	17	by	by	ADP
dem-2902	249	18	the	the	DET
dem-2902	249	19	share	share	NOUN
dem-2902	249	20	of	of	ADP
dem-2902	249	21	assets	asset	NOUN
dem-2902	249	22	from	from	ADP
dem-2902	249	23	the	the	DET
dem-2902	249	24	region	region	NOUN
dem-2902	249	25	in	in	ADP
dem-2902	249	26	the	the	DET
dem-2902	249	27	optimal	optimal	ADJ
dem-2902	249	28	portfolio	portfolio	NOUN
dem-2902	249	29	)	)	PUNCT
dem-2902	249	30	have	have	AUX
dem-2902	249	31	shown	show	VERB
dem-2902	249	32	pacific	pacific	ADJ
dem-2902	249	33	asian	asian	ADJ
dem-2902	249	34	region	region	NOUN
dem-2902	249	35	as	as	ADP
dem-2902	249	36	the	the	DET
dem-2902	249	37	most	most	ADV
dem-2902	249	38	attractive	attractive	ADJ
dem-2902	249	39	during	during	ADP
dem-2902	249	40	the	the	DET
dem-2902	249	41	period	period	NOUN
dem-2902	249	42	under	under	ADP
dem-2902	249	43	study	study	NOUN
dem-2902	249	44	.	.	PUNCT
dem-2902	250	1	eastern	eastern	ADJ
dem-2902	250	2	european	european	ADJ
dem-2902	250	3	markets	market	NOUN
dem-2902	250	4	also	also	ADV
dem-2902	250	5	have	have	AUX
dem-2902	250	6	appeared	appear	VERB
dem-2902	250	7	to	to	PART
dem-2902	250	8	be	be	AUX
dem-2902	250	9	profitable	profitable	ADJ
dem-2902	250	10	.	.	PUNCT
dem-2902	251	1	western	western	ADJ
dem-2902	251	2	european	european	PROPN
dem-2902	251	3	,	,	PUNCT
dem-2902	251	4	american	american	ADJ
dem-2902	251	5	and	and	CCONJ
dem-2902	251	6	especially	especially	ADV
dem-2902	251	7	japanese	japanese	ADJ
dem-2902	251	8	markets	market	NOUN
dem-2902	251	9	have	have	AUX
dem-2902	251	10	appeared	appear	VERB
dem-2902	251	11	to	to	PART
dem-2902	251	12	be	be	AUX
dem-2902	251	13	unattractive	unattractive	ADJ
dem-2902	251	14	.	.	PUNCT
dem-2902	252	1	references	reference	NOUN
dem-2902	252	2	aas	aas	PROPN
dem-2902	252	3	,	,	PUNCT
dem-2902	252	4	k.	k.	PROPN
dem-2902	252	5	,	,	PUNCT
dem-2902	252	6	czado	czado	PROPN
dem-2902	252	7	,	,	PUNCT
dem-2902	252	8	c.	c.	PROPN
dem-2902	252	9	,	,	PUNCT
dem-2902	252	10	frigessi	frigessi	PROPN
dem-2902	252	11	,	,	PUNCT
dem-2902	252	12	a.	a.	PROPN
dem-2902	252	13	,	,	PUNCT
dem-2902	252	14	bakken	bakken	PROPN
dem-2902	252	15	,	,	PUNCT
dem-2902	252	16	h.	h.	PROPN
dem-2902	252	17	(	(	PUNCT
dem-2902	252	18	2009	2009	NUM
dem-2902	252	19	)	)	PUNCT
dem-2902	252	20	,	,	PUNCT
dem-2902	252	21	pair	pair	NOUN
dem-2902	252	22	-	-	PUNCT
dem-2902	252	23	copula	copula	NOUN
dem-2902	252	24	constructions	construction	NOUN
dem-2902	252	25	of	of	ADP
dem-2902	252	26	multiple	multiple	ADJ
dem-2902	252	27	dependence	dependence	NOUN
dem-2902	252	28	.	.	PUNCT
dem-2902	253	1	insurance	insurance	NOUN
dem-2902	253	2	,	,	PUNCT
dem-2902	253	3	mathematics	mathematic	NOUN
dem-2902	253	4	and	and	CCONJ
dem-2902	253	5	economics	economic	NOUN
dem-2902	253	6	,	,	PUNCT
dem-2902	253	7	44(2	44(2	NOUN
dem-2902	253	8	)	)	PUNCT
dem-2902	253	9	,	,	PUNCT
dem-2902	253	10	182–198	182–198	NUM
dem-2902	253	11	,	,	PUNCT
dem-2902	253	12	doi	doi	NOUN
dem-2902	253	13	:	:	PUNCT
dem-2902	253	14	http://dx.doi.org/10.1016/j.insmatheco.2007.02.001	http://dx.doi.org/10.1016/j.insmatheco.2007.02.001	PROPN
dem-2902	253	15	.	.	PUNCT
dem-2902	253	16	artzner	artzner	NOUN
dem-2902	253	17	,	,	PUNCT
dem-2902	253	18	p.	p.	PROPN
dem-2902	253	19	,	,	PUNCT
dem-2902	253	20	delbaen	delbaen	PROPN
dem-2902	253	21	,	,	PUNCT
dem-2902	253	22	f.	f.	PROPN
dem-2902	253	23	,	,	PUNCT
dem-2902	253	24	eber	eber	PROPN
dem-2902	253	25	,	,	PUNCT
dem-2902	253	26	j.	j.	PROPN
dem-2902	253	27	,	,	PUNCT
dem-2902	253	28	heath	heath	PROPN
dem-2902	253	29	,	,	PUNCT
dem-2902	253	30	d.	d.	PROPN
dem-2902	253	31	(	(	PUNCT
dem-2902	253	32	1999	1999	NUM
dem-2902	253	33	)	)	PUNCT
dem-2902	253	34	,	,	PUNCT
dem-2902	253	35	coherent	coherent	ADJ
dem-2902	253	36	measures	measure	NOUN
dem-2902	253	37	of	of	ADP
dem-2902	253	38	risk	risk	NOUN
dem-2902	253	39	.	.	PUNCT
dem-2902	254	1	mathematical	mathematical	ADJ
dem-2902	254	2	finance	finance	NOUN
dem-2902	254	3	,	,	PUNCT
dem-2902	254	4	9	9	NUM
dem-2902	254	5	,	,	PUNCT
dem-2902	254	6	203–228	203–228	NUM
dem-2902	254	7	,	,	PUNCT
dem-2902	254	8	doi	doi	NOUN
dem-2902	254	9	:	:	PUNCT
dem-2902	254	10	http://dx.doi.org/10.1111/1467-9965.00068	http://dx.doi.org/10.1111/1467-9965.00068	ADJ
dem-2902	254	11	.	.	PUNCT
dem-2902	255	1	billio	billio	PROPN
dem-2902	255	2	,	,	PUNCT
dem-2902	255	3	m.	m.	NOUN
dem-2902	255	4	,	,	PUNCT
dem-2902	255	5	caporin	caporin	NOUN
dem-2902	255	6	,	,	PUNCT
dem-2902	255	7	m	m	PROPN
dem-2902	255	8	,	,	PUNCT
dem-2902	255	9	gobbo	gobbo	PROPN
dem-2902	255	10	,	,	PUNCT
dem-2902	255	11	m.	m.	NOUN
dem-2902	255	12	,	,	PUNCT
dem-2902	255	13	flexible	flexible	ADJ
dem-2902	255	14	dynamic	dynamic	ADJ
dem-2902	255	15	conditional	conditional	ADJ
dem-2902	255	16	correlation	correlation	NOUN
dem-2902	255	17	multivariate	multivariate	NOUN
dem-2902	255	18	garch	garch	NOUN
dem-2902	255	19	models	model	NOUN
dem-2902	255	20	for	for	ADP
dem-2902	255	21	asset	asset	NOUN
dem-2902	255	22	allocation	allocation	NOUN
dem-2902	255	23	,	,	PUNCT
dem-2902	255	24	applied	apply	VERB
dem-2902	255	25	financial	financial	ADJ
dem-2902	255	26	economics	economic	NOUN
dem-2902	255	27	letters	letter	NOUN
dem-2902	255	28	,	,	PUNCT
dem-2902	255	29	2(2	2(2	NUM
dem-2902	255	30	)	)	PUNCT
dem-2902	255	31	,	,	PUNCT
dem-2902	255	32	123–130	123–130	NUM
dem-2902	255	33	,	,	PUNCT
dem-2902	255	34	doi	doi	NOUN
dem-2902	255	35	:	:	PUNCT
dem-2902	255	36	http://dx.doi.org/10.1080/17446540500428843	http://dx.doi.org/10.1080/17446540500428843	PROPN
dem-2902	255	37	.	.	PUNCT
dem-2902	256	1	bollerslev	bollerslev	PROPN
dem-2902	256	2	,	,	PUNCT
dem-2902	256	3	t.	t.	PROPN
dem-2902	256	4	(	(	PUNCT
dem-2902	256	5	1990	1990	NUM
dem-2902	256	6	)	)	PUNCT
dem-2902	256	7	,	,	PUNCT
dem-2902	256	8	modeling	model	VERB
dem-2902	256	9	the	the	DET
dem-2902	256	10	coherence	coherence	NOUN
dem-2902	256	11	in	in	ADP
dem-2902	256	12	short	short	ADJ
dem-2902	256	13	-	-	PUNCT
dem-2902	256	14	run	run	VERB
dem-2902	256	15	nominal	nominal	ADJ
dem-2902	256	16	exchange	exchange	NOUN
dem-2902	256	17	rates	rate	NOUN
dem-2902	256	18	:	:	PUNCT
dem-2902	256	19	a	a	DET
dem-2902	256	20	multivariate	multivariate	NOUN
dem-2902	256	21	generalized	generalize	VERB
dem-2902	256	22	arch	arch	ADJ
dem-2902	256	23	model	model	NOUN
dem-2902	256	24	,	,	PUNCT
dem-2902	256	25	review	review	NOUN
dem-2902	256	26	of	of	ADP
dem-2902	256	27	economics	economic	NOUN
dem-2902	256	28	and	and	CCONJ
dem-2902	256	29	statistics	statistic	NOUN
dem-2902	256	30	,	,	PUNCT
dem-2902	256	31	72	72	NUM
dem-2902	256	32	,	,	PUNCT
dem-2902	256	33	498–505	498–505	NUM
dem-2902	256	34	,	,	PUNCT
dem-2902	256	35	doi	doi	NOUN
dem-2902	256	36	:	:	PUNCT
dem-2902	256	37	http://dx.doi.org/10.2307/2109358	http://dx.doi.org/10.2307/2109358	NOUN
dem-2902	256	38	.	.	PUNCT
dem-2902	257	1	cappiello	cappiello	PROPN
dem-2902	257	2	,	,	PUNCT
dem-2902	257	3	l.	l.	PROPN
dem-2902	257	4	,	,	PUNCT
dem-2902	257	5	engle	engle	PROPN
dem-2902	257	6	,	,	PUNCT
dem-2902	257	7	r.	r.	PROPN
dem-2902	257	8	,	,	PUNCT
dem-2902	257	9	sheppard	sheppard	PROPN
dem-2902	257	10	,	,	PUNCT
dem-2902	257	11	k.	k.	PROPN
dem-2902	257	12	(	(	PUNCT
dem-2902	257	13	2006	2006	NUM
dem-2902	257	14	)	)	PUNCT
dem-2902	257	15	,	,	PUNCT
dem-2902	257	16	asymmetric	asymmetric	ADJ
dem-2902	257	17	dynamics	dynamic	NOUN
dem-2902	257	18	in	in	ADP
dem-2902	257	19	the	the	DET
dem-2902	257	20	correlations	correlation	NOUN
dem-2902	257	21	of	of	ADP
dem-2902	257	22	global	global	ADJ
dem-2902	257	23	equity	equity	NOUN
dem-2902	257	24	and	and	CCONJ
dem-2902	257	25	bond	bond	NOUN
dem-2902	257	26	returns	return	NOUN
dem-2902	257	27	,	,	PUNCT
dem-2902	257	28	journal	journal	NOUN
dem-2902	257	29	of	of	ADP
dem-2902	257	30	financial	financial	ADJ
dem-2902	257	31	econometrics	econometric	NOUN
dem-2902	257	32	,	,	PUNCT
dem-2902	257	33	4	4	NUM
dem-2902	257	34	,	,	PUNCT
dem-2902	257	35	537–572	537–572	NUM
dem-2902	257	36	,	,	PUNCT
dem-2902	257	37	doi	doi	NOUN
dem-2902	257	38	:	:	PUNCT
dem-2902	257	39	http://dx.doi.org/10.1093/jjfinec/nbl005	http://dx.doi.org/10.1093/jjfinec/nbl005	PROPN
dem-2902	257	40	.	.	PUNCT
dem-2902	258	1	engle	engle	PROPN
dem-2902	258	2	,	,	PUNCT
dem-2902	258	3	r.	r.	PROPN
dem-2902	258	4	f.	f.	PROPN
dem-2902	258	5	(	(	PUNCT
dem-2902	258	6	2002	2002	NUM
dem-2902	258	7	)	)	PUNCT
dem-2902	258	8	,	,	PUNCT
dem-2902	258	9	dynamic	dynamic	ADJ
dem-2902	258	10	conditional	conditional	ADJ
dem-2902	258	11	correlation	correlation	NOUN
dem-2902	258	12	:	:	PUNCT
dem-2902	258	13	a	a	DET
dem-2902	258	14	simple	simple	ADJ
dem-2902	258	15	class	class	NOUN
dem-2902	258	16	of	of	ADP
dem-2902	258	17	multivariate	multivariate	NOUN
dem-2902	258	18	generalized	generalize	VERB
dem-2902	258	19	autoregressive	autoregressive	ADJ
dem-2902	258	20	conditional	conditional	ADJ
dem-2902	258	21	heteroskedasticity	heteroskedasticity	NOUN
dem-2902	258	22	models	model	NOUN
dem-2902	258	23	,	,	PUNCT
dem-2902	258	24	journal	journal	NOUN
dem-2902	258	25	of	of	ADP
dem-2902	258	26	business	business	NOUN
dem-2902	258	27	and	and	CCONJ
dem-2902	258	28	economic	economic	ADJ
dem-2902	258	29	statistics	statistic	NOUN
dem-2902	258	30	,	,	PUNCT
dem-2902	258	31	20	20	NUM
dem-2902	258	32	,	,	PUNCT
dem-2902	258	33	339–350	339–350	NUM
dem-2902	258	34	,	,	PUNCT
dem-2902	258	35	doi	doi	NOUN
dem-2902	258	36	:	:	PUNCT
dem-2902	258	37	http://dx.doi.org/10.1198/073500102288618487	http://dx.doi.org/10.1198/073500102288618487	PROPN
dem-2902	258	38	.	.	PUNCT
dem-2902	258	39	föllmer	föllmer	PROPN
dem-2902	258	40	,	,	PUNCT
dem-2902	258	41	h.	h.	PROPN
dem-2902	258	42	,	,	PUNCT
dem-2902	258	43	schied	schie	VERB
dem-2902	258	44	,	,	PUNCT
dem-2902	258	45	a.	a.	NOUN
dem-2902	258	46	(	(	PUNCT
dem-2902	258	47	2011	2011	NUM
dem-2902	258	48	)	)	PUNCT
dem-2902	258	49	,	,	PUNCT
dem-2902	258	50	stochastic	stochastic	ADJ
dem-2902	258	51	finance	finance	NOUN
dem-2902	258	52	:	:	PUNCT
dem-2902	258	53	an	an	DET
dem-2902	258	54	introduction	introduction	NOUN
dem-2902	258	55	in	in	ADP
dem-2902	258	56	discrete	discrete	ADJ
dem-2902	258	57	time	time	NOUN
dem-2902	258	58	,	,	PUNCT
dem-2902	258	59	walter	walter	PROPN
dem-2902	258	60	de	de	PROPN
dem-2902	258	61	gruyter	gruyter	PROPN
dem-2902	258	62	berlin	berlin	PROPN
dem-2902	258	63	,	,	PUNCT
dem-2902	258	64	new	new	PROPN
dem-2902	258	65	york	york	PROPN
dem-2902	258	66	,	,	PUNCT
dem-2902	258	67	doi	doi	PROPN
dem-2902	258	68	:	:	PUNCT
dem-2902	258	69	http://dx.doi.org/10.1515/9783110212075	http://dx.doi.org/10.1515/9783110212075	PROPN
dem-2902	258	70	.	.	PUNCT
dem-2902	259	1	ghalanos	ghalano	NOUN
dem-2902	259	2	,	,	PUNCT
dem-2902	259	3	a.	a.	NOUN
dem-2902	259	4	(	(	PUNCT
dem-2902	259	5	2013	2013	NUM
dem-2902	259	6	)	)	PUNCT
dem-2902	259	7	,	,	PUNCT
dem-2902	259	8	the	the	DET
dem-2902	259	9	rmgarch	rmgarch	NOUN
dem-2902	259	10	models	model	NOUN
dem-2902	259	11	:	:	PUNCT
dem-2902	259	12	background	background	NOUN
dem-2902	259	13	and	and	CCONJ
dem-2902	259	14	properties	property	NOUN
dem-2902	259	15	,	,	PUNCT
dem-2902	259	16	cran	cran	PROPN
dem-2902	259	17	,	,	PUNCT
dem-2902	259	18	http://cran.r-project.org/web/packages/rmgarch/vignettes/the_rmgarch_models.pdf	http://cran.r-project.org/web/packages/rmgarch/vignettes/the_rmgarch_models.pdf	PROPN
dem-2902	259	19	(	(	PUNCT
dem-2902	259	20	9.04.2013	9.04.2013	NUM
dem-2902	259	21	)	)	PUNCT
dem-2902	259	22	.	.	PUNCT
dem-2902	260	1	markowitz	markowitz	PROPN
dem-2902	260	2	,	,	PUNCT
dem-2902	260	3	h.	h.	PROPN
dem-2902	260	4	m.	m.	PROPN
dem-2902	260	5	(	(	PUNCT
dem-2902	260	6	1959	1959	NUM
dem-2902	260	7	)	)	PUNCT
dem-2902	260	8	,	,	PUNCT
dem-2902	260	9	portfolio	portfolio	NOUN
dem-2902	260	10	selection	selection	NOUN
dem-2902	260	11	:	:	PUNCT
dem-2902	260	12	efficient	efficient	ADJ
dem-2902	260	13	diversification	diversification	NOUN
dem-2902	260	14	of	of	ADP
dem-2902	260	15	investments	investment	NOUN
dem-2902	260	16	,	,	PUNCT
dem-2902	260	17	new	new	PROPN
dem-2902	260	18	york	york	PROPN
dem-2902	260	19	:	:	PUNCT
dem-2902	260	20	john	john	PROPN
dem-2902	260	21	wiley	wiley	PROPN
dem-2902	260	22	&	&	CCONJ
dem-2902	260	23	sons	son	NOUN
dem-2902	260	24	.	.	PUNCT
dem-2902	261	1	palomba	palomba	PROPN
dem-2902	261	2	,	,	PUNCT
dem-2902	261	3	g.	g.	PROPN
dem-2902	261	4	(	(	PUNCT
dem-2902	261	5	2008	2008	NUM
dem-2902	261	6	)	)	PUNCT
dem-2902	261	7	,	,	PUNCT
dem-2902	261	8	multivariate	multivariate	NOUN
dem-2902	261	9	garch	garch	NOUN
dem-2902	261	10	models	model	NOUN
dem-2902	261	11	and	and	CCONJ
dem-2902	261	12	the	the	DET
dem-2902	261	13	black	black	ADJ
dem-2902	261	14	-	-	PUNCT
dem-2902	261	15	litterman	litterman	NOUN
dem-2902	261	16	approach	approach	NOUN
dem-2902	261	17	for	for	ADP
dem-2902	261	18	tracking	track	VERB
dem-2902	261	19	error	error	NOUN
dem-2902	261	20	constrained	constrain	VERB
dem-2902	261	21	portfolios	portfolio	NOUN
dem-2902	261	22	:	:	PUNCT
dem-2902	261	23	an	an	DET
dem-2902	261	24	empirical	empirical	ADJ
dem-2902	261	25	analysis	analysis	NOUN
dem-2902	261	26	,	,	PUNCT
dem-2902	261	27	global	global	ADJ
dem-2902	261	28	business	business	NOUN
dem-2902	261	29	and	and	CCONJ
dem-2902	261	30	economics	economic	NOUN
dem-2902	261	31	review	review	PROPN
dem-2902	261	32	,	,	PUNCT
dem-2902	261	33	10(4	10(4	NUM
dem-2902	261	34	)	)	PUNCT
dem-2902	261	35	,	,	PUNCT
dem-2902	261	36	379–413	379–413	NUM
dem-2902	261	37	,	,	PUNCT
dem-2902	261	38	doi	doi	NOUN
dem-2902	261	39	:	:	PUNCT
dem-2902	261	40	http://dx.doi.org/10.1504/gber.2008.020592	http://dx.doi.org/10.1504/gber.2008.020592	PROPN
dem-2902	261	41	.	.	PUNCT
dem-2902	262	1	pelletier	pelletier	PROPN
dem-2902	262	2	,	,	PUNCT
dem-2902	262	3	d.	d.	PROPN
dem-2902	262	4	(	(	PUNCT
dem-2902	262	5	2006	2006	NUM
dem-2902	262	6	)	)	PUNCT
dem-2902	262	7	,	,	PUNCT
dem-2902	262	8	regime	regime	NOUN
dem-2902	262	9	-	-	PUNCT
dem-2902	262	10	switching	switching	NOUN
dem-2902	262	11	for	for	ADP
dem-2902	262	12	dynamic	dynamic	ADJ
dem-2902	262	13	correlation	correlation	NOUN
dem-2902	262	14	,	,	PUNCT
dem-2902	262	15	journal	journal	NOUN
dem-2902	262	16	of	of	ADP
dem-2902	262	17	econometrics	econometric	NOUN
dem-2902	262	18	,	,	PUNCT
dem-2902	262	19	131	131	NUM
dem-2902	262	20	,	,	PUNCT
dem-2902	262	21	445	445	NUM
dem-2902	262	22	-	-	SYM
dem-2902	262	23	473	473	NUM
dem-2902	262	24	,	,	PUNCT
dem-2902	262	25	doi	doi	NOUN
dem-2902	262	26	:	:	PUNCT
dem-2902	262	27	http://dx.doi.org/10.1016/j.jeconom.2005.01.013	http://dx.doi.org/10.1016/j.jeconom.2005.01.013	NOUN
dem-2902	262	28	.	.	PUNCT
dem-2902	263	1	rockafellar	rockafellar	PROPN
dem-2902	263	2	,	,	PUNCT
dem-2902	263	3	r.	r.	PROPN
dem-2902	263	4	t.	t.	PROPN
dem-2902	263	5	,	,	PUNCT
dem-2902	263	6	uryasev	uryasev	PROPN
dem-2902	263	7	,	,	PUNCT
dem-2902	263	8	s.	s.	PROPN
dem-2902	263	9	(	(	PUNCT
dem-2902	263	10	2000	2000	NUM
dem-2902	263	11	)	)	PUNCT
dem-2902	263	12	,	,	PUNCT
dem-2902	263	13	optimization	optimization	NOUN
dem-2902	263	14	of	of	ADP
dem-2902	263	15	conditional	conditional	ADJ
dem-2902	263	16	value	value	NOUN
dem-2902	263	17	-	-	PUNCT
dem-2902	263	18	at	at	ADP
dem-2902	263	19	-	-	PUNCT
dem-2902	263	20	risk	risk	NOUN
dem-2902	263	21	,	,	PUNCT
dem-2902	263	22	journal	journal	NOUN
dem-2902	263	23	of	of	ADP
dem-2902	263	24	risk	risk	NOUN
dem-2902	263	25	,	,	PUNCT
dem-2902	263	26	2	2	NUM
dem-2902	263	27	,	,	PUNCT
dem-2902	263	28	21–41	21–41	PROPN
dem-2902	263	29	.	.	PUNCT
dem-2902	264	1	anna	anna	PROPN
dem-2902	264	2	czapkiewicz	czapkiewicz	PROPN
dem-2902	264	3	,	,	PUNCT
dem-2902	264	4	artur	artur	PROPN
dem-2902	264	5	machno	machno	ADV
dem-2902	264	6	dynamic	dynamic	ADJ
dem-2902	264	7	econometric	econometric	ADJ
dem-2902	264	8	models	model	NOUN
dem-2902	264	9	13	13	NUM
dem-2902	264	10	(	(	PUNCT
dem-2902	264	11	2013	2013	NUM
dem-2902	264	12	)	)	PUNCT
dem-2902	265	1	145–162	145–162	NUM
dem-2902	265	2	162	162	NUM
dem-2902	265	3	rockafellar	rockafellar	ADJ
dem-2902	265	4	,	,	PUNCT
dem-2902	265	5	r.	r.	PROPN
dem-2902	265	6	t.	t.	PROPN
dem-2902	265	7	,	,	PUNCT
dem-2902	265	8	uryasev	uryasev	PROPN
dem-2902	265	9	,	,	PUNCT
dem-2902	265	10	s.	s.	PROPN
dem-2902	265	11	(	(	PUNCT
dem-2902	265	12	2002	2002	NUM
dem-2902	265	13	)	)	PUNCT
dem-2902	265	14	,	,	PUNCT
dem-2902	265	15	conditional	conditional	ADJ
dem-2902	265	16	value	value	NOUN
dem-2902	265	17	-	-	PUNCT
dem-2902	265	18	at	at	ADP
dem-2902	265	19	-	-	PUNCT
dem-2902	265	20	risk	risk	NOUN
dem-2902	265	21	for	for	ADP
dem-2902	265	22	general	general	ADJ
dem-2902	265	23	loss	loss	NOUN
dem-2902	265	24	distributions	distribution	NOUN
dem-2902	265	25	,	,	PUNCT
dem-2902	265	26	journal	journal	NOUN
dem-2902	265	27	of	of	ADP
dem-2902	265	28	banking	banking	NOUN
dem-2902	265	29	and	and	CCONJ
dem-2902	265	30	finance	finance	NOUN
dem-2902	265	31	,	,	PUNCT
dem-2902	265	32	26	26	NUM
dem-2902	265	33	,	,	PUNCT
dem-2902	265	34	1443–1471	1443–1471	NUM
dem-2902	265	35	,	,	PUNCT
dem-2902	265	36	doi	doi	NOUN
dem-2902	265	37	:	:	PUNCT
dem-2902	265	38	http://dx.doi.org/10.1016/s0378-4266(02)00271-6	http://dx.doi.org/10.1016/s0378-4266(02)00271-6	PROPN
dem-2902	265	39	.	.	PUNCT
dem-2902	265	40	tse	tse	PROPN
dem-2902	265	41	,	,	PUNCT
dem-2902	265	42	y.	y.	PROPN
dem-2902	265	43	k.	k.	PROPN
dem-2902	265	44	,	,	PUNCT
dem-2902	265	45	tsui	tsui	PROPN
dem-2902	265	46	,	,	PUNCT
dem-2902	265	47	a.	a.	PROPN
dem-2902	265	48	k.	k.	PROPN
dem-2902	265	49	c.	c.	PROPN
dem-2902	265	50	(	(	PUNCT
dem-2902	265	51	2002	2002	NUM
dem-2902	265	52	)	)	PUNCT
dem-2902	265	53	,	,	PUNCT
dem-2902	265	54	a	a	DET
dem-2902	265	55	multivariate	multivariate	NOUN
dem-2902	265	56	generalized	generalize	VERB
dem-2902	265	57	autoregressive	autoregressive	ADJ
dem-2902	265	58	conditional	conditional	ADJ
dem-2902	265	59	heteroscedasticity	heteroscedasticity	NOUN
dem-2902	265	60	model	model	NOUN
dem-2902	265	61	with	with	ADP
dem-2902	265	62	time	time	NOUN
dem-2902	265	63	-	-	PUNCT
dem-2902	265	64	varying	vary	VERB
dem-2902	265	65	correlations	correlation	NOUN
dem-2902	265	66	,	,	PUNCT
dem-2902	265	67	journal	journal	NOUN
dem-2902	265	68	of	of	ADP
dem-2902	265	69	business	business	NOUN
dem-2902	265	70	and	and	CCONJ
dem-2902	265	71	economic	economic	ADJ
dem-2902	265	72	statistics	statistic	NOUN
dem-2902	265	73	,	,	PUNCT
dem-2902	265	74	20	20	NUM
dem-2902	265	75	,	,	PUNCT
dem-2902	265	76	351–362	351–362	NUM
dem-2902	265	77	,	,	PUNCT
dem-2902	265	78	doi	doi	NOUN
dem-2902	265	79	:	:	PUNCT
dem-2902	265	80	http://dx.doi.org/10.1198/073500102288618496	http://dx.doi.org/10.1198/073500102288618496	ADJ
dem-2902	265	81	.	.	PUNCT
dem-2902	266	1	badanie	badanie	PROPN
dem-2902	266	2	zyskowności	zyskowności	PROPN
dem-2902	266	3	wybranych	wybranych	NOUN
dem-2902	266	4	regionów	regionów	PROPN
dem-2902	266	5	świata	świata	PROPN
dem-2902	266	6	w	w	PROPN
dem-2902	266	7	międzynarodowej	międzynarodowej	PROPN
dem-2902	266	8	dynamicznej	dynamicznej	VERB
dem-2902	266	9	strategii	strategii	NOUN
dem-2902	266	10	inwestycyjnej	inwestycyjnej	ADJ
dem-2902	266	11	z	z	NOUN
dem-2902	266	12	a	a	DET
dem-2902	266	13	r	r	NOUN
dem-2902	266	14	y	y	PROPN
dem-2902	266	15	s	s	PROPN
dem-2902	266	16	t	t	NOUN
dem-2902	266	17	r	r	NOUN
dem-2902	266	18	e	e	PROPN
dem-2902	266	19	ś	ś	PROPN
dem-2902	266	20	c	c	PROPN
dem-2902	266	21	i.	i.	PROPN
dem-2902	266	22	artykuł	artykuł	PROPN
dem-2902	266	23	przedstawia	przedstawia	VERB
dem-2902	266	24	empiryczną	empiryczną	PROPN
dem-2902	266	25	weryfikacji	weryfikacji	PROPN
dem-2902	266	26	przydatności	przydatności	PROPN
dem-2902	266	27	wybranych	wybranych	PROPN
dem-2902	266	28	regionów	regionów	PROPN
dem-2902	266	29	świata	świata	PROPN
dem-2902	266	30	do	do	VERB
dem-2902	266	31	inwestowania	inwestowania	PROPN
dem-2902	266	32	na	na	INTJ
dem-2902	266	33	ich	ich	PROPN
dem-2902	266	34	rynkach	rynkach	NOUN
dem-2902	266	35	finansowych	finansowych	ADV
dem-2902	266	36	.	.	PUNCT
dem-2902	267	1	do	do	AUX
dem-2902	267	2	badania	badania	NOUN
dem-2902	267	3	wybrano	wybrano	PROPN
dem-2902	267	4	pięć	pięć	PROPN
dem-2902	267	5	regionów	regionów	NOUN
dem-2902	267	6	świata	świata	NOUN
dem-2902	267	7	:	:	PUNCT
dem-2902	267	8	region	region	NOUN
dem-2902	267	9	ameryki	ameryki	PROPN
dem-2902	267	10	północnej	północnej	ADJ
dem-2902	267	11	,	,	PUNCT
dem-2902	267	12	region	region	NOUN
dem-2902	267	13	europy	europy	PROPN
dem-2902	267	14	zachodniej	zachodniej	NOUN
dem-2902	267	15	,	,	PUNCT
dem-2902	267	16	region	region	NOUN
dem-2902	267	17	europy	europy	NOUN
dem-2902	267	18	wschodniej	wschodniej	NOUN
dem-2902	267	19	,	,	PUNCT
dem-2902	267	20	region	region	NOUN
dem-2902	267	21	azji	azji	NOUN
dem-2902	267	22	i	i	PRON
dem-2902	267	23	pacyfiku	pacyfiku	PROPN
dem-2902	267	24	oraz	oraz	PROPN
dem-2902	267	25	japonię	japonię	PROPN
dem-2902	267	26	.	.	PUNCT
dem-2902	268	1	jako	jako	PROPN
dem-2902	268	2	reprezentant	reprezentant	PROPN
dem-2902	268	3	nastrojów	nastrojów	PROPN
dem-2902	268	4	finansowych	finansowych	PROPN
dem-2902	268	5	danego	danego	VERB
dem-2902	268	6	regionu	regionu	NOUN
dem-2902	268	7	zdefiniowano	zdefiniowano	PROPN
dem-2902	268	8	globalne	globalne	NOUN
dem-2902	268	9	wskaźniki	wskaźniki	PROPN
dem-2902	268	10	będące	będące	NOUN
dem-2902	268	11	ważoną	ważoną	NOUN
dem-2902	268	12	kapitalizacją	kapitalizacją	PROPN
dem-2902	268	13	stopą	stopą	PROPN
dem-2902	268	14	zwrotu	zwrotu	PROPN
dem-2902	268	15	głównych	głównych	PROPN
dem-2902	268	16	indeksów	indeksów	PROPN
dem-2902	268	17	rynków	rynków	PROPN
dem-2902	268	18	wchodzących	wchodzących	PROPN
dem-2902	268	19	w	w	PROPN
dem-2902	268	20	skład	skład	PROPN
dem-2902	268	21	rozważanych	rozważanych	NOUN
dem-2902	268	22	regionów	regionów	NOUN
dem-2902	268	23	.	.	PUNCT
dem-2902	269	1	do	do	AUX
dem-2902	269	2	modelowania	modelowania	PROPN
dem-2902	269	3	zależności	zależności	PROPN
dem-2902	269	4	pomiędzy	pomiędzy	VERB
dem-2902	269	5	tak	tak	NOUN
dem-2902	269	6	utworzonymi	utworzonymi	ADJ
dem-2902	269	7	globalnymi	globalnymi	NOUN
dem-2902	269	8	wskaźnikami	wskaźnikami	PROPN
dem-2902	269	9	zastosowano	zastosowano	PROPN
dem-2902	269	10	wielowymiarowy	wielowymiarowy	PROPN
dem-2902	269	11	model	model	PROPN
dem-2902	269	12	var(1)-dcc	var(1)-dcc	NOUN
dem-2902	269	13	-	-	PUNCT
dem-2902	269	14	garch(1,1	garch(1,1	NOUN
dem-2902	269	15	)	)	PUNCT
dem-2902	269	16	z	z	PROPN
dem-2902	269	17	warunkowym	warunkowym	VERB
dem-2902	269	18	wielowymiarowym	wielowymiarowym	PROPN
dem-2902	269	19	rozkładem	rozkładem	PROPN
dem-2902	269	20	t	t	PROPN
dem-2902	269	21	-	-	PUNCT
dem-2902	269	22	studenta	studenta	NOUN
dem-2902	269	23	.	.	PUNCT
dem-2902	270	1	atrakcyjność	atrakcyjność	PROPN
dem-2902	270	2	regionu	regionu	PROPN
dem-2902	270	3	jest	jest	PROPN
dem-2902	270	4	definiowana	definiowana	PROPN
dem-2902	270	5	jako	jako	PROPN
dem-2902	270	6	udział	udział	PROPN
dem-2902	270	7	globalnego	globalnego	PROPN
dem-2902	270	8	wskaźnika	wskaźnika	PROPN
dem-2902	270	9	związanego	związanego	PROPN
dem-2902	270	10	z	z	PROPN
dem-2902	270	11	danym	danym	PROPN
dem-2902	270	12	regionem	regionem	PROPN
dem-2902	270	13	w	w	PROPN
dem-2902	270	14	optymalnym	optymalnym	ADJ
dem-2902	270	15	portfelu	portfelu	NOUN
dem-2902	270	16	.	.	PUNCT
dem-2902	271	1	rozważono	rozważono	PROPN
dem-2902	271	2	trzy	trzy	NOUN
dem-2902	271	3	typy	typy	PROPN
dem-2902	271	4	konstrukcji	konstrukcji	PROPN
dem-2902	271	5	optymalnych	optymalnych	PROPN
dem-2902	271	6	portfeli	portfeli	PROPN
dem-2902	271	7	.	.	PUNCT
dem-2902	272	1	własności	własności	PROPN
dem-2902	272	2	optymalnych	optymalnych	ADJ
dem-2902	272	3	portfeli	portfeli	PROPN
dem-2902	272	4	opartych	opartych	NOUN
dem-2902	272	5	na	na	PART
dem-2902	272	6	minimalizacji	minimalizacji	NOUN
dem-2902	272	7	value	value	NOUN
dem-2902	272	8	at	at	ADP
dem-2902	272	9	risk	risk	NOUN
dem-2902	272	10	oraz	oraz	NOUN
dem-2902	272	11	na	na	PROPN
dem-2902	272	12	minimalizacji	minimalizacji	NOUN
dem-2902	272	13	expected	expect	VERB
dem-2902	272	14	shortfall	shortfall	NOUN
dem-2902	272	15	zostały	zostały	PROPN
dem-2902	272	16	porównane	porównane	PROPN
dem-2902	272	17	do	do	VERB
dem-2902	272	18	własności	własności	PROPN
dem-2902	273	1	standardowego	standardowego	PROPN
dem-2902	273	2	portfela	portfela	ADV
dem-2902	273	3	markowitza	markowitza	ADV
dem-2902	273	4	.	.	PUNCT
dem-2902	274	1	s	s	PART
dem-2902	274	2	ł	ł	PROPN
dem-2902	274	3	o	o	X
dem-2902	274	4	w	w	NOUN
dem-2902	274	5	a	a	DET
dem-2902	274	6	k	k	X
dem-2902	274	7	l	l	NOUN
dem-2902	274	8	u	u	NOUN
dem-2902	275	1	c	c	NOUN
dem-2902	275	2	z	z	NOUN
dem-2902	275	3	o	o	X
dem-2902	275	4	w	w	PROPN
dem-2902	276	1	e	e	NOUN
dem-2902	276	2	:	:	PUNCT
dem-2902	276	3	portfel	portfel	PROPN
dem-2902	276	4	optymalny	optymalny	PROPN
dem-2902	276	5	,	,	PUNCT
dem-2902	276	6	wielowymiarowe	wielowymiarowe	PROPN
dem-2902	276	7	modele	modele	PROPN
dem-2902	276	8	dynamiczne	dynamiczne	PROPN
dem-2902	276	9	,	,	PUNCT
dem-2902	276	10	miary	miary	ADJ
dem-2902	276	11	ryzyka	ryzyka	NOUN
dem-2902	276	12	.	.	PUNCT
dem-2902	277	1	acknowledgements	acknowledgement	NOUN
dem-2902	277	2	we	we	PRON
dem-2902	277	3	would	would	AUX
dem-2902	277	4	like	like	VERB
dem-2902	277	5	to	to	PART
dem-2902	277	6	thank	thank	VERB
dem-2902	277	7	two	two	NUM
dem-2902	277	8	anonymous	anonymous	ADJ
dem-2902	277	9	referees	referee	NOUN
dem-2902	277	10	for	for	ADP
dem-2902	277	11	the	the	DET
dem-2902	277	12	valuable	valuable	ADJ
dem-2902	277	13	comments	comment	NOUN
dem-2902	277	14	on	on	ADP
dem-2902	277	15	an	an	DET
dem-2902	277	16	earlier	early	ADJ
dem-2902	277	17	version	version	NOUN
dem-2902	277	18	of	of	ADP
dem-2902	277	19	the	the	DET
dem-2902	277	20	paper	paper	NOUN
dem-2902	277	21	.	.	PUNCT