id	sid	tid	token	lemma	pos
dem-30524	1	1	2019	2019	NUM
dem-30524	1	2	nicolaus	nicolaus	PROPN
dem-30524	1	3	copernicus	copernicus	PROPN
dem-30524	1	4	university	university	PROPN
dem-30524	1	5	.	.	PUNCT
dem-30524	2	1	all	all	DET
dem-30524	2	2	rights	right	NOUN
dem-30524	2	3	reserved	reserve	VERB
dem-30524	2	4	.	.	PUNCT
dem-30524	3	1	http://www.dem.umk.pl/dem	http://www.dem.umk.pl/dem	PROPN
dem-30524	4	1	d	d	PUNCT
dem-30524	4	2	y	y	PROPN
dem-30524	4	3	n	n	PROPN
dem-30524	4	4	a	a	PRON
dem-30524	4	5	m	m	VERB
dem-30524	5	1	i	i	NOUN
dem-30524	5	2	c	c	NOUN
dem-30524	5	3	e	e	NOUN
dem-30524	5	4	c	c	NOUN
dem-30524	5	5	o	o	X
dem-30524	6	1	n	n	INTJ
dem-30524	6	2	o	o	NOUN
dem-30524	6	3	m	m	VERB
dem-30524	7	1	e	e	NOUN
dem-30524	7	2	t	t	NOUN
dem-30524	7	3	r	r	NOUN
dem-30524	7	4	i	i	NOUN
dem-30524	7	5	c	c	NOUN
dem-30524	7	6	m	m	VERB
dem-30524	7	7	o	o	NOUN
dem-30524	7	8	d	d	X
dem-30524	7	9	e	e	X
dem-30524	7	10	l	l	NOUN
dem-30524	7	11	s	s	X
dem-30524	7	12	doi	doi	NOUN
dem-30524	7	13	:	:	PUNCT
dem-30524	7	14	http://dx.doi.org/10.12775/dem.2019.005	http://dx.doi.org/10.12775/dem.2019.005	NOUN
dem-30524	7	15	vol	vol	NOUN
dem-30524	7	16	.	.	PROPN
dem-30524	8	1	19	19	NUM
dem-30524	8	2	(	(	PUNCT
dem-30524	8	3	2019	2019	NUM
dem-30524	8	4	)	)	PUNCT
dem-30524	8	5	85−96	85−96	NOUN
dem-30524	8	6	submitted	submit	VERB
dem-30524	8	7	december	december	PROPN
dem-30524	8	8	7	7	NUM
dem-30524	8	9	,	,	PUNCT
dem-30524	8	10	2019	2019	NUM
dem-30524	8	11	issn	issn	PROPN
dem-30524	8	12	(	(	PUNCT
dem-30524	8	13	online	online	ADJ
dem-30524	8	14	)	)	PUNCT
dem-30524	8	15	2450	2450	NUM
dem-30524	8	16	-	-	SYM
dem-30524	8	17	7067	7067	NUM
dem-30524	8	18	accepted	accept	VERB
dem-30524	8	19	december	december	PROPN
dem-30524	8	20	28	28	NUM
dem-30524	8	21	,	,	PUNCT
dem-30524	8	22	2019	2019	NUM
dem-30524	8	23	issn	issn	PROPN
dem-30524	8	24	(	(	PUNCT
dem-30524	8	25	print	print	NOUN
dem-30524	8	26	)	)	PUNCT
dem-30524	8	27	1234	1234	NUM
dem-30524	8	28	-	-	SYM
dem-30524	8	29	3862	3862	NUM
dem-30524	8	30	dorota	dorota	PROPN
dem-30524	8	31	witkowska	witkowska	PROPN
dem-30524	8	32	,	,	PUNCT
dem-30524	8	33	piotr	piotr	PROPN
dem-30524	8	34	kuźnik	kuźnik	PROPN
dem-30524	8	35			PROPN
dem-30524	8	36	does	do	AUX
dem-30524	8	37	fundamental	fundamental	ADJ
dem-30524	8	38	strength	strength	NOUN
dem-30524	8	39	of	of	ADP
dem-30524	8	40	the	the	DET
dem-30524	8	41	company	company	NOUN
dem-30524	8	42	influence	influence	VERB
dem-30524	8	43	its	its	PRON
dem-30524	8	44	investment	investment	NOUN
dem-30524	8	45	performance	performance	NOUN
dem-30524	8	46	?	?	PUNCT
dem-30524	9	1	a	a	DET
dem-30524	9	2	b	b	NOUN
dem-30524	9	3	s	s	ADP
dem-30524	9	4	t	t	PROPN
dem-30524	9	5	r	r	NOUN
dem-30524	9	6	a	a	DET
dem-30524	9	7	c	c	NOUN
dem-30524	9	8	t.	t.	NOUN
dem-30524	9	9	the	the	DET
dem-30524	9	10	aim	aim	NOUN
dem-30524	9	11	of	of	ADP
dem-30524	9	12	our	our	PRON
dem-30524	9	13	research	research	NOUN
dem-30524	9	14	is	be	AUX
dem-30524	9	15	to	to	PART
dem-30524	9	16	find	find	VERB
dem-30524	9	17	out	out	ADP
dem-30524	9	18	whether	whether	SCONJ
dem-30524	9	19	the	the	DET
dem-30524	9	20	fundamental	fundamental	ADJ
dem-30524	9	21	strength	strength	NOUN
dem-30524	9	22	of	of	ADP
dem-30524	9	23	the	the	DET
dem-30524	9	24	company	company	NOUN
dem-30524	9	25	affects	affect	VERB
dem-30524	9	26	its	its	PRON
dem-30524	9	27	investment	investment	NOUN
dem-30524	9	28	performance	performance	NOUN
dem-30524	9	29	.	.	PUNCT
dem-30524	10	1	the	the	DET
dem-30524	10	2	research	research	NOUN
dem-30524	10	3	is	be	AUX
dem-30524	10	4	provided	provide	VERB
dem-30524	10	5	for	for	ADP
dem-30524	10	6	27	27	NUM
dem-30524	10	7	non	non	ADJ
dem-30524	10	8	-	-	ADJ
dem-30524	10	9	financial	financial	ADJ
dem-30524	10	10	companies	company	NOUN
dem-30524	10	11	listed	list	VERB
dem-30524	10	12	on	on	ADP
dem-30524	10	13	the	the	DET
dem-30524	10	14	warsaw	warsaw	PROPN
dem-30524	10	15	stock	stock	PROPN
dem-30524	10	16	exchange	exchange	NOUN
dem-30524	10	17	in	in	ADP
dem-30524	10	18	the	the	DET
dem-30524	10	19	years	year	NOUN
dem-30524	10	20	2012–2017	2012–2017	NUM
dem-30524	10	21	.	.	PUNCT
dem-30524	11	1	these	these	DET
dem-30524	11	2	companies	company	NOUN
dem-30524	11	3	belong	belong	VERB
dem-30524	11	4	to	to	ADP
dem-30524	11	5	the	the	DET
dem-30524	11	6	stock	stock	NOUN
dem-30524	11	7	indexes	index	NOUN
dem-30524	11	8	wig20	wig20	PROPN
dem-30524	11	9	and	and	CCONJ
dem-30524	11	10	mwig40	mwig40	NOUN
dem-30524	11	11	portfolios	portfolio	NOUN
dem-30524	11	12	.	.	PUNCT
dem-30524	12	1	the	the	DET
dem-30524	12	2	obtained	obtain	VERB
dem-30524	12	3	results	result	NOUN
dem-30524	12	4	show	show	VERB
dem-30524	12	5	that	that	SCONJ
dem-30524	12	6	the	the	DET
dem-30524	12	7	proposed	propose	VERB
dem-30524	12	8	synthetic	synthetic	ADJ
dem-30524	12	9	measure	measure	NOUN
dem-30524	12	10	makes	make	VERB
dem-30524	12	11	it	it	PRON
dem-30524	12	12	possible	possible	ADJ
dem-30524	12	13	to	to	PART
dem-30524	12	14	estimate	estimate	VERB
dem-30524	12	15	the	the	DET
dem-30524	12	16	fundamental	fundamental	ADJ
dem-30524	12	17	strength	strength	NOUN
dem-30524	12	18	of	of	ADP
dem-30524	12	19	listed	list	VERB
dem-30524	12	20	companies	company	NOUN
dem-30524	12	21	,	,	PUNCT
dem-30524	12	22	and	and	CCONJ
dem-30524	12	23	the	the	DET
dem-30524	12	24	correlation	correlation	NOUN
dem-30524	12	25	between	between	ADP
dem-30524	12	26	values	value	NOUN
dem-30524	12	27	of	of	ADP
dem-30524	12	28	the	the	DET
dem-30524	12	29	constructed	construct	VERB
dem-30524	12	30	measure	measure	NOUN
dem-30524	12	31	and	and	CCONJ
dem-30524	12	32	rates	rate	NOUN
dem-30524	12	33	of	of	ADP
dem-30524	12	34	return	return	NOUN
dem-30524	12	35	is	be	AUX
dem-30524	12	36	positive	positive	ADJ
dem-30524	12	37	but	but	CCONJ
dem-30524	12	38	usually	usually	ADV
dem-30524	12	39	statistically	statistically	ADV
dem-30524	12	40	insignificant	insignificant	ADJ
dem-30524	12	41	.	.	PUNCT
dem-30524	13	1	k	k	PROPN
dem-30524	13	2	e	e	PROPN
dem-30524	13	3	y	y	PROPN
dem-30524	13	4	w	w	NOUN
dem-30524	13	5	o	o	NOUN
dem-30524	13	6	r	r	NOUN
dem-30524	13	7	d	d	PROPN
dem-30524	13	8	s	s	NOUN
dem-30524	13	9	:	:	PUNCT
dem-30524	13	10	capital	capital	NOUN
dem-30524	13	11	market	market	NOUN
dem-30524	13	12	;	;	PUNCT
dem-30524	13	13	fundamental	fundamental	ADJ
dem-30524	13	14	analysis	analysis	NOUN
dem-30524	13	15	;	;	PUNCT
dem-30524	13	16	taxonomic	taxonomic	ADJ
dem-30524	13	17	measure	measure	NOUN
dem-30524	13	18	;	;	PUNCT
dem-30524	13	19	investment	investment	NOUN
dem-30524	13	20	performance	performance	NOUN
dem-30524	13	21	.	.	PUNCT
dem-30524	14	1	j	j	PROPN
dem-30524	14	2	e	e	NOUN
dem-30524	14	3	l	l	NOUN
dem-30524	14	4	classification	classification	NOUN
dem-30524	14	5	:	:	PUNCT
dem-30524	14	6	:	:	PUNCT
dem-30524	14	7	c1	c1	NOUN
dem-30524	14	8	,	,	PUNCT
dem-30524	14	9	g11	g11	NOUN
dem-30524	14	10	introduction	introduction	NOUN
dem-30524	14	11	in	in	ADP
dem-30524	14	12	the	the	DET
dem-30524	14	13	process	process	NOUN
dem-30524	14	14	of	of	ADP
dem-30524	14	15	making	make	VERB
dem-30524	14	16	investment	investment	NOUN
dem-30524	14	17	decisions	decision	NOUN
dem-30524	14	18	,	,	PUNCT
dem-30524	14	19	investors	investor	NOUN
dem-30524	14	20	use	use	VERB
dem-30524	14	21	different	different	ADJ
dem-30524	14	22	supporting	support	VERB
dem-30524	14	23	tools	tool	NOUN
dem-30524	14	24	such	such	ADJ
dem-30524	14	25	as	as	ADP
dem-30524	14	26	fundamental	fundamental	ADJ
dem-30524	14	27	and	and	CCONJ
dem-30524	14	28	technical	technical	ADJ
dem-30524	14	29	analysis	analysis	NOUN
dem-30524	14	30	.	.	PUNCT
dem-30524	15	1	the	the	DET
dem-30524	15	2	former	former	ADJ
dem-30524	15	3	requires	require	VERB
dem-30524	15	4	taking	take	VERB
dem-30524	15	5	into	into	ADP
dem-30524	15	6	account	account	NOUN
dem-30524	15	7	a	a	DET
dem-30524	15	8	number	number	NOUN
dem-30524	15	9	of	of	ADP
dem-30524	15	10	factors	factor	NOUN
dem-30524	15	11	that	that	PRON
dem-30524	15	12	are	be	AUX
dem-30524	15	13	particularly	particularly	ADV
dem-30524	15	14	important	important	ADJ
dem-30524	15	15	in	in	ADP
dem-30524	15	16	assessing	assess	VERB
dem-30524	15	17	the	the	DET
dem-30524	15	18	current	current	ADJ
dem-30524	15	19	economic	economic	ADJ
dem-30524	15	20	and	and	CCONJ
dem-30524	15	21	financial	financial	ADJ
dem-30524	15	22	condition	condition	NOUN
dem-30524	15	23	of	of	ADP
dem-30524	15	24	the	the	DET
dem-30524	15	25	company	company	NOUN
dem-30524	15	26	and	and	CCONJ
dem-30524	15	27	to	to	PART
dem-30524	15	28	consider	consider	VERB
dem-30524	15	29	the	the	DET
dem-30524	15	30	environment	environment	NOUN
dem-30524	15	31	in	in	ADP
dem-30524	15	32	which	which	PRON
dem-30524	15	33	analyzed	analyze	VERB
dem-30524	15	34	firm	firm	ADJ
dem-30524	15	35	operates	operate	NOUN
dem-30524	15	36	.	.	PUNCT
dem-30524	16	1	fundamental	fundamental	ADJ
dem-30524	16	2	analysis	analysis	NOUN
dem-30524	16	3	involves	involve	VERB
dem-30524	16	4	assessing	assess	VERB
dem-30524	16	5	a	a	DET
dem-30524	16	6	firm	firm	NOUN
dem-30524	16	7	’s	’s	PART
dem-30524	16	8	equity	equity	NOUN
dem-30524	16	9	value	value	NOUN
dem-30524	16	10	based	base	VERB
dem-30524	16	11	on	on	ADP
dem-30524	16	12	the	the	DET
dem-30524	16	13	analysis	analysis	NOUN
dem-30524	16	14	of	of	ADP
dem-30524	16	15	published	publish	VERB
dem-30524	16	16	financial	financial	ADJ
dem-30524	16	17	statements	statement	NOUN
dem-30524	16	18	and	and	CCONJ
dem-30524	16	19	other	other	ADJ
dem-30524	16	20	information	information	NOUN
dem-30524	16	21	without	without	ADP
dem-30524	16	22			PROPN
dem-30524	16	23	correspondence	correspondence	NOUN
dem-30524	16	24	to	to	ADP
dem-30524	16	25	:	:	PUNCT
dem-30524	16	26	dorota	dorota	PROPN
dem-30524	16	27	witkowska	witkowska	PROPN
dem-30524	16	28	,	,	PUNCT
dem-30524	16	29	university	university	PROPN
dem-30524	16	30	of	of	ADP
dem-30524	16	31	johannesburg	johannesburg	PROPN
dem-30524	16	32	,	,	PUNCT
dem-30524	16	33	college	college	NOUN
dem-30524	16	34	of	of	ADP
dem-30524	16	35	business	business	NOUN
dem-30524	16	36	and	and	CCONJ
dem-30524	16	37	economics	economic	NOUN
dem-30524	16	38	,	,	PUNCT
dem-30524	16	39	d	d	PRON
dem-30524	16	40	ring	re	VERB
dem-30524	16	41	414	414	NUM
dem-30524	16	42	,	,	PUNCT
dem-30524	16	43	apk	apk	PROPN
dem-30524	16	44	,	,	PUNCT
dem-30524	16	45	johannesburg	johannesburg	PROPN
dem-30524	16	46	,	,	PUNCT
dem-30524	16	47	south	south	PROPN
dem-30524	16	48	africa	africa	PROPN
dem-30524	16	49	,	,	PUNCT
dem-30524	16	50	e	e	NOUN
dem-30524	16	51	-	-	NOUN
dem-30524	16	52	mail	mail	NOUN
dem-30524	16	53	:	:	PUNCT
dem-30524	16	54	mariaw@uj.ac.za	mariaw@uj.ac.za	ADJ
dem-30524	16	55	.	.	PUNCT
dem-30524	17	1	dorota	dorota	PROPN
dem-30524	17	2	witkowska	witkowska	PROPN
dem-30524	17	3	,	,	PUNCT
dem-30524	17	4	piotr	piotr	PROPN
dem-30524	17	5	kuźnik	kuźnik	PROPN
dem-30524	17	6	dynamic	dynamic	ADJ
dem-30524	17	7	econometric	econometric	ADJ
dem-30524	17	8	models	model	NOUN
dem-30524	17	9	19	19	NUM
dem-30524	17	10	(	(	PUNCT
dem-30524	17	11	2019	2019	NUM
dem-30524	17	12	)	)	PUNCT
dem-30524	17	13	85–96	85–96	NUM
dem-30524	17	14	86	86	NUM
dem-30524	17	15	reference	reference	NOUN
dem-30524	17	16	to	to	ADP
dem-30524	17	17	the	the	DET
dem-30524	17	18	prices	price	NOUN
dem-30524	17	19	at	at	ADP
dem-30524	17	20	which	which	PRON
dem-30524	17	21	a	a	DET
dem-30524	17	22	company	company	NOUN
dem-30524	17	23	’s	’s	PART
dem-30524	17	24	securities	security	NOUN
dem-30524	17	25	trade	trade	NOUN
dem-30524	17	26	in	in	ADP
dem-30524	17	27	the	the	DET
dem-30524	17	28	capital	capital	NOUN
dem-30524	17	29	markets	market	NOUN
dem-30524	17	30	(	(	PUNCT
dem-30524	17	31	bauman	bauman	NOUN
dem-30524	17	32	,	,	PUNCT
dem-30524	17	33	1996	1996	NUM
dem-30524	17	34	,	,	PUNCT
dem-30524	17	35	p.1	p.1	NOUN
dem-30524	17	36	)	)	PUNCT
dem-30524	17	37	.	.	PUNCT
dem-30524	18	1	this	this	DET
dem-30524	18	2	analysis	analysis	NOUN
dem-30524	18	3	attempts	attempt	VERB
dem-30524	18	4	to	to	PART
dem-30524	18	5	measure	measure	VERB
dem-30524	18	6	a	a	DET
dem-30524	18	7	security	security	NOUN
dem-30524	18	8	's	's	PART
dem-30524	18	9	intrinsic	intrinsic	ADJ
dem-30524	18	10	value	value	NOUN
dem-30524	18	11	by	by	ADP
dem-30524	18	12	examining	examine	VERB
dem-30524	18	13	related	relate	VERB
dem-30524	18	14	economic	economic	ADJ
dem-30524	18	15	and	and	CCONJ
dem-30524	18	16	financial	financial	ADJ
dem-30524	18	17	factors	factor	NOUN
dem-30524	18	18	including	include	VERB
dem-30524	18	19	the	the	DET
dem-30524	18	20	balance	balance	NOUN
dem-30524	18	21	sheet	sheet	NOUN
dem-30524	18	22	,	,	PUNCT
dem-30524	18	23	strategic	strategic	ADJ
dem-30524	18	24	initiatives	initiative	NOUN
dem-30524	18	25	,	,	PUNCT
dem-30524	18	26	microeconomic	microeconomic	ADJ
dem-30524	18	27	and	and	CCONJ
dem-30524	18	28	macroeconomic	macroeconomic	ADJ
dem-30524	18	29	indicators	indicator	NOUN
dem-30524	18	30	,	,	PUNCT
dem-30524	18	31	together	together	ADV
dem-30524	18	32	with	with	ADP
dem-30524	18	33	consumer	consumer	NOUN
dem-30524	18	34	behavior	behavior	NOUN
dem-30524	18	35	.	.	PUNCT
dem-30524	19	1	fundamental	fundamental	ADJ
dem-30524	19	2	analysis	analysis	NOUN
dem-30524	19	3	is	be	AUX
dem-30524	19	4	usually	usually	ADV
dem-30524	19	5	used	use	VERB
dem-30524	19	6	to	to	PART
dem-30524	19	7	find	find	VERB
dem-30524	19	8	long	long	ADJ
dem-30524	19	9	-	-	PUNCT
dem-30524	19	10	term	term	NOUN
dem-30524	19	11	opportunities	opportunity	NOUN
dem-30524	19	12	to	to	PART
dem-30524	19	13	invest	invest	VERB
dem-30524	19	14	.	.	PUNCT
dem-30524	20	1	studies	study	NOUN
dem-30524	20	2	that	that	PRON
dem-30524	20	3	employ	employ	VERB
dem-30524	20	4	fundamental	fundamental	ADJ
dem-30524	20	5	analysis	analysis	NOUN
dem-30524	20	6	to	to	PART
dem-30524	20	7	forecast	forecast	VERB
dem-30524	20	8	earnings	earning	NOUN
dem-30524	20	9	and	and	CCONJ
dem-30524	20	10	future	future	ADJ
dem-30524	20	11	stock	stock	NOUN
dem-30524	20	12	returns	return	NOUN
dem-30524	20	13	include	include	VERB
dem-30524	20	14	ou	ou	NOUN
dem-30524	20	15	and	and	CCONJ
dem-30524	20	16	penman	penman	PROPN
dem-30524	20	17	(	(	PUNCT
dem-30524	20	18	1989a	1989a	NUM
dem-30524	20	19	,	,	PUNCT
dem-30524	20	20	b	b	NOUN
dem-30524	20	21	)	)	PUNCT
dem-30524	20	22	,	,	PUNCT
dem-30524	20	23	ou	ou	X
dem-30524	20	24	(	(	PUNCT
dem-30524	20	25	1990	1990	NUM
dem-30524	20	26	)	)	PUNCT
dem-30524	20	27	,	,	PUNCT
dem-30524	20	28	greig	greig	PROPN
dem-30524	20	29	(	(	PUNCT
dem-30524	20	30	1992	1992	NUM
dem-30524	20	31	)	)	PUNCT
dem-30524	20	32	,	,	PUNCT
dem-30524	20	33	stober	stober	PROPN
dem-30524	20	34	(	(	PUNCT
dem-30524	20	35	1993	1993	NUM
dem-30524	20	36	)	)	PUNCT
dem-30524	20	37	,	,	PUNCT
dem-30524	20	38	kerstein	kerstein	PROPN
dem-30524	20	39	,	,	PUNCT
dem-30524	20	40	kim	kim	PROPN
dem-30524	20	41	(	(	PUNCT
dem-30524	20	42	1995	1995	NUM
dem-30524	20	43	)	)	PUNCT
dem-30524	20	44	seng	seng	PROPN
dem-30524	20	45	,	,	PUNCT
dem-30524	20	46	hancock	hancock	PROPN
dem-30524	20	47	(	(	PUNCT
dem-30524	20	48	2012	2012	NUM
dem-30524	20	49	)	)	PUNCT
dem-30524	20	50	,	,	PUNCT
dem-30524	20	51	muhammad	muhammad	PROPN
dem-30524	20	52	,	,	PUNCT
dem-30524	20	53	gohar	gohar	PROPN
dem-30524	20	54	(	(	PUNCT
dem-30524	20	55	2018	2018	NUM
dem-30524	20	56	)	)	PUNCT
dem-30524	20	57	and	and	CCONJ
dem-30524	20	58	bintara	bintara	PROPN
dem-30524	20	59	,	,	PUNCT
dem-30524	20	60	tanjung	tanjung	PROPN
dem-30524	20	61	(	(	PUNCT
dem-30524	20	62	2019	2019	NUM
dem-30524	20	63	)	)	PUNCT
dem-30524	20	64	,	,	PUNCT
dem-30524	20	65	among	among	ADP
dem-30524	20	66	others	other	NOUN
dem-30524	20	67	.	.	PUNCT
dem-30524	21	1	a	a	DET
dem-30524	21	2	modern	modern	ADJ
dem-30524	21	3	approach	approach	NOUN
dem-30524	21	4	to	to	ADP
dem-30524	21	5	assessing	assess	VERB
dem-30524	21	6	the	the	DET
dem-30524	21	7	economic	economic	ADJ
dem-30524	21	8	and	and	CCONJ
dem-30524	21	9	financial	financial	ADJ
dem-30524	21	10	condition	condition	NOUN
dem-30524	21	11	of	of	ADP
dem-30524	21	12	enterprises	enterprise	NOUN
dem-30524	21	13	is	be	AUX
dem-30524	21	14	applying	apply	VERB
dem-30524	21	15	the	the	DET
dem-30524	21	16	concept	concept	NOUN
dem-30524	21	17	of	of	ADP
dem-30524	21	18	fundamental	fundamental	ADJ
dem-30524	21	19	strength	strength	NOUN
dem-30524	21	20	of	of	ADP
dem-30524	21	21	a	a	DET
dem-30524	21	22	company	company	NOUN
dem-30524	21	23	which	which	PRON
dem-30524	21	24	bases	base	VERB
dem-30524	21	25	on	on	ADP
dem-30524	21	26	multidimensional	multidimensional	ADJ
dem-30524	21	27	comparative	comparative	ADJ
dem-30524	21	28	analysis	analysis	NOUN
dem-30524	21	29	methods	method	NOUN
dem-30524	21	30	.	.	PUNCT
dem-30524	22	1	these	these	DET
dem-30524	22	2	methods	method	NOUN
dem-30524	22	3	allow	allow	VERB
dem-30524	22	4	to	to	PART
dem-30524	22	5	construct	construct	VERB
dem-30524	22	6	aggregated	aggregate	VERB
dem-30524	22	7	measures	measure	NOUN
dem-30524	22	8	on	on	ADP
dem-30524	22	9	the	the	DET
dem-30524	22	10	basis	basis	NOUN
dem-30524	22	11	of	of	ADP
dem-30524	22	12	many	many	ADJ
dem-30524	22	13	different	different	ADJ
dem-30524	22	14	variables	variable	NOUN
dem-30524	22	15	,	,	PUNCT
dem-30524	22	16	describing	describe	VERB
dem-30524	22	17	the	the	DET
dem-30524	22	18	condition	condition	NOUN
dem-30524	22	19	of	of	ADP
dem-30524	22	20	the	the	DET
dem-30524	22	21	company	company	NOUN
dem-30524	22	22	.	.	PUNCT
dem-30524	23	1	in	in	ADP
dem-30524	23	2	other	other	ADJ
dem-30524	23	3	words	word	NOUN
dem-30524	23	4	,	,	PUNCT
dem-30524	23	5	to	to	PART
dem-30524	23	6	examine	examine	VERB
dem-30524	23	7	the	the	DET
dem-30524	23	8	state	state	NOUN
dem-30524	23	9	of	of	ADP
dem-30524	23	10	the	the	DET
dem-30524	23	11	enterprise	enterprise	NOUN
dem-30524	23	12	,	,	PUNCT
dem-30524	23	13	its	its	PRON
dem-30524	23	14	major	major	ADJ
dem-30524	23	15	economic	economic	ADJ
dem-30524	23	16	and	and	CCONJ
dem-30524	23	17	financial	financial	ADJ
dem-30524	23	18	factors	factor	NOUN
dem-30524	23	19	such	such	ADJ
dem-30524	23	20	as	as	ADP
dem-30524	23	21	financial	financial	ADJ
dem-30524	23	22	liquidity	liquidity	NOUN
dem-30524	23	23	,	,	PUNCT
dem-30524	23	24	level	level	NOUN
dem-30524	23	25	of	of	ADP
dem-30524	23	26	debt	debt	NOUN
dem-30524	23	27	,	,	PUNCT
dem-30524	23	28	management	management	NOUN
dem-30524	23	29	efficiency	efficiency	NOUN
dem-30524	23	30	,	,	PUNCT
dem-30524	23	31	profitability	profitability	NOUN
dem-30524	23	32	,	,	PUNCT
dem-30524	23	33	etc	etc	X
dem-30524	23	34	.	.	X
dem-30524	23	35	are	be	AUX
dem-30524	23	36	taken	take	VERB
dem-30524	23	37	into	into	ADP
dem-30524	23	38	account	account	NOUN
dem-30524	23	39	.	.	PUNCT
dem-30524	24	1	the	the	DET
dem-30524	24	2	first	first	ADJ
dem-30524	24	3	proposal	proposal	NOUN
dem-30524	24	4	to	to	PART
dem-30524	24	5	measure	measure	VERB
dem-30524	24	6	the	the	DET
dem-30524	24	7	fundamental	fundamental	ADJ
dem-30524	24	8	power	power	NOUN
dem-30524	24	9	of	of	ADP
dem-30524	24	10	the	the	DET
dem-30524	24	11	enterprise	enterprise	NOUN
dem-30524	24	12	was	be	AUX
dem-30524	24	13	so	so	ADV
dem-30524	24	14	-	-	PUNCT
dem-30524	24	15	called	call	VERB
dem-30524	24	16	taxonomic	taxonomic	ADJ
dem-30524	24	17	measure	measure	NOUN
dem-30524	24	18	of	of	ADP
dem-30524	24	19	investment	investment	NOUN
dem-30524	24	20	attractiveness	attractiveness	NOUN
dem-30524	24	21	(	(	PUNCT
dem-30524	24	22	tmai	tmai	PROPN
dem-30524	24	23	)	)	PUNCT
dem-30524	24	24	proposed	propose	VERB
dem-30524	24	25	by	by	ADP
dem-30524	24	26	tarczyński	tarczyński	PROPN
dem-30524	24	27	(	(	PUNCT
dem-30524	24	28	1994	1994	NUM
dem-30524	24	29	)	)	PUNCT
dem-30524	24	30	,	,	PUNCT
dem-30524	24	31	and	and	CCONJ
dem-30524	24	32	further	far	ADV
dem-30524	24	33	developed	develop	VERB
dem-30524	24	34	by	by	ADP
dem-30524	24	35	tarczyński	tarczyński	PROPN
dem-30524	24	36	(	(	PUNCT
dem-30524	24	37	2002	2002	NUM
dem-30524	24	38	)	)	PUNCT
dem-30524	24	39	and	and	CCONJ
dem-30524	24	40	tarczyńska	tarczyńska	PRON
dem-30524	24	41	-	-	PUNCT
dem-30524	24	42	łuniewska	łuniewska	NOUN
dem-30524	24	43	(	(	PUNCT
dem-30524	24	44	2013	2013	NUM
dem-30524	24	45	)	)	PUNCT
dem-30524	24	46	.	.	PUNCT
dem-30524	25	1	tmai	tmai	PROPN
dem-30524	25	2	is	be	AUX
dem-30524	25	3	an	an	DET
dem-30524	25	4	application	application	NOUN
dem-30524	25	5	of	of	ADP
dem-30524	25	6	a	a	DET
dem-30524	25	7	synthetic	synthetic	ADJ
dem-30524	25	8	measure	measure	NOUN
dem-30524	25	9	of	of	ADP
dem-30524	25	10	development	development	NOUN
dem-30524	25	11	constructed	construct	VERB
dem-30524	25	12	by	by	ADP
dem-30524	25	13	hellwig	hellwig	PROPN
dem-30524	25	14	(	(	PUNCT
dem-30524	25	15	1968	1968	NUM
dem-30524	25	16	)	)	PUNCT
dem-30524	25	17	,	,	PUNCT
dem-30524	25	18	which	which	PRON
dem-30524	25	19	contains	contain	VERB
dem-30524	25	20	diagnostic	diagnostic	ADJ
dem-30524	25	21	variables	variable	NOUN
dem-30524	25	22	describing	describe	VERB
dem-30524	25	23	financial	financial	ADJ
dem-30524	25	24	situation	situation	NOUN
dem-30524	25	25	of	of	ADP
dem-30524	25	26	the	the	DET
dem-30524	25	27	company	company	NOUN
dem-30524	25	28	.	.	PUNCT
dem-30524	26	1	there	there	PRON
dem-30524	26	2	have	have	AUX
dem-30524	26	3	been	be	AUX
dem-30524	26	4	many	many	ADJ
dem-30524	26	5	attempts	attempt	NOUN
dem-30524	26	6	to	to	PART
dem-30524	26	7	construct	construct	VERB
dem-30524	26	8	taxonomic	taxonomic	ADJ
dem-30524	26	9	measures	measure	NOUN
dem-30524	26	10	which	which	PRON
dem-30524	26	11	have	have	AUX
dem-30524	26	12	been	be	AUX
dem-30524	26	13	used	use	VERB
dem-30524	26	14	:	:	PUNCT
dem-30524	26	15	(	(	PUNCT
dem-30524	26	16	1	1	X
dem-30524	26	17	)	)	PUNCT
dem-30524	26	18	to	to	PART
dem-30524	26	19	evaluate	evaluate	VERB
dem-30524	26	20	the	the	DET
dem-30524	26	21	state	state	NOUN
dem-30524	26	22	of	of	ADP
dem-30524	26	23	enterprises	enterprise	NOUN
dem-30524	26	24	,	,	PUNCT
dem-30524	26	25	e.g.	e.g.	ADV
dem-30524	26	26	kompa	kompa	NOUN
dem-30524	26	27	(	(	PUNCT
dem-30524	26	28	2019	2019	NUM
dem-30524	26	29	)	)	PUNCT
dem-30524	26	30	,	,	PUNCT
dem-30524	26	31	(	(	PUNCT
dem-30524	26	32	2	2	X
dem-30524	26	33	)	)	PUNCT
dem-30524	26	34	to	to	PART
dem-30524	26	35	select	select	VERB
dem-30524	26	36	companies	company	NOUN
dem-30524	26	37	for	for	ADP
dem-30524	26	38	the	the	DET
dem-30524	26	39	investment	investment	NOUN
dem-30524	26	40	portfolio	portfolio	NOUN
dem-30524	26	41	construction	construction	NOUN
dem-30524	26	42	,	,	PUNCT
dem-30524	26	43	e.g.	e.g.	ADV
dem-30524	26	44	staszak	staszak	NOUN
dem-30524	26	45	(	(	PUNCT
dem-30524	26	46	2017	2017	NUM
dem-30524	26	47	)	)	PUNCT
dem-30524	26	48	,	,	PUNCT
dem-30524	26	49	(	(	PUNCT
dem-30524	26	50	3	3	X
dem-30524	26	51	)	)	PUNCT
dem-30524	26	52	to	to	PART
dem-30524	26	53	find	find	VERB
dem-30524	26	54	relation	relation	NOUN
dem-30524	26	55	between	between	ADP
dem-30524	26	56	financial	financial	ADJ
dem-30524	26	57	condition	condition	NOUN
dem-30524	26	58	of	of	ADP
dem-30524	26	59	companies	company	NOUN
dem-30524	26	60	and	and	CCONJ
dem-30524	26	61	their	their	PRON
dem-30524	26	62	performance	performance	NOUN
dem-30524	26	63	,	,	PUNCT
dem-30524	26	64	e.g.	e.g.	ADV
dem-30524	26	65	juszczyk	juszczyk	NOUN
dem-30524	26	66	(	(	PUNCT
dem-30524	26	67	2015	2015	NUM
dem-30524	26	68	)	)	PUNCT
dem-30524	26	69	.	.	PUNCT
dem-30524	27	1	application	application	NOUN
dem-30524	27	2	of	of	ADP
dem-30524	27	3	taxonomic	taxonomic	ADJ
dem-30524	27	4	measures	measure	NOUN
dem-30524	27	5	to	to	ADP
dem-30524	27	6	different	different	ADJ
dem-30524	27	7	purposes	purpose	NOUN
dem-30524	27	8	requires	require	VERB
dem-30524	27	9	usage	usage	NOUN
dem-30524	27	10	of	of	ADP
dem-30524	27	11	different	different	ADJ
dem-30524	27	12	variables	variable	NOUN
dem-30524	27	13	to	to	ADP
dem-30524	27	14	their	their	PRON
dem-30524	27	15	construction	construction	NOUN
dem-30524	27	16	.	.	PUNCT
dem-30524	28	1	this	this	DET
dem-30524	28	2	study	study	NOUN
dem-30524	28	3	aims	aim	VERB
dem-30524	28	4	to	to	PART
dem-30524	28	5	find	find	VERB
dem-30524	28	6	our	our	PRON
dem-30524	28	7	if	if	SCONJ
dem-30524	28	8	the	the	DET
dem-30524	28	9	fundamental	fundamental	ADJ
dem-30524	28	10	strength	strength	NOUN
dem-30524	28	11	of	of	ADP
dem-30524	28	12	the	the	DET
dem-30524	28	13	company	company	NOUN
dem-30524	28	14	affects	affect	VERB
dem-30524	28	15	its	its	PRON
dem-30524	28	16	investment	investment	NOUN
dem-30524	28	17	performance	performance	NOUN
dem-30524	28	18	.	.	PUNCT
dem-30524	29	1	fundamental	fundamental	ADJ
dem-30524	29	2	strength	strength	NOUN
dem-30524	29	3	of	of	ADP
dem-30524	29	4	the	the	DET
dem-30524	29	5	company	company	NOUN
dem-30524	29	6	is	be	AUX
dem-30524	29	7	measured	measure	VERB
dem-30524	29	8	by	by	ADP
dem-30524	29	9	taxonomic	taxonomic	ADJ
dem-30524	29	10	measure	measure	NOUN
dem-30524	29	11	which	which	PRON
dem-30524	29	12	is	be	AUX
dem-30524	29	13	constructed	construct	VERB
dem-30524	29	14	using	use	VERB
dem-30524	29	15	15	15	NUM
dem-30524	29	16	financial	financial	ADJ
dem-30524	29	17	indicators	indicator	NOUN
dem-30524	29	18	evaluated	evaluate	VERB
dem-30524	29	19	for	for	ADP
dem-30524	29	20	27	27	NUM
dem-30524	29	21	non	non	ADJ
dem-30524	29	22	-	-	ADJ
dem-30524	29	23	financial	financial	ADJ
dem-30524	29	24	companies	company	NOUN
dem-30524	29	25	listed	list	VERB
dem-30524	29	26	on	on	ADP
dem-30524	29	27	the	the	DET
dem-30524	29	28	warsaw	warsaw	PROPN
dem-30524	29	29	stock	stock	PROPN
dem-30524	29	30	exchange	exchange	NOUN
dem-30524	29	31	in	in	ADP
dem-30524	29	32	the	the	DET
dem-30524	29	33	years	year	NOUN
dem-30524	29	34	2012–2017	2012–2017	NUM
dem-30524	29	35	.	.	PUNCT
dem-30524	30	1	these	these	DET
dem-30524	30	2	companies	company	NOUN
dem-30524	30	3	are	be	AUX
dem-30524	30	4	classified	classify	VERB
dem-30524	30	5	as	as	ADP
dem-30524	30	6	big	big	ADJ
dem-30524	30	7	and	and	CCONJ
dem-30524	30	8	medium	medium	ADJ
dem-30524	30	9	size	size	NOUN
dem-30524	30	10	firms	firm	NOUN
dem-30524	30	11	since	since	SCONJ
dem-30524	30	12	they	they	PRON
dem-30524	30	13	have	have	AUX
dem-30524	30	14	been	be	AUX
dem-30524	30	15	included	include	VERB
dem-30524	30	16	in	in	ADP
dem-30524	30	17	the	the	DET
dem-30524	30	18	stock	stock	NOUN
dem-30524	30	19	indexes	index	NOUN
dem-30524	30	20	wig20	wig20	PROPN
dem-30524	30	21	and	and	CCONJ
dem-30524	30	22	mwig40	mwig40	NOUN
dem-30524	30	23	portfolios	portfolio	NOUN
dem-30524	30	24	.	.	PUNCT
dem-30524	31	1	investment	investment	NOUN
dem-30524	31	2	efficiency	efficiency	NOUN
dem-30524	31	3	is	be	AUX
dem-30524	31	4	measured	measure	VERB
dem-30524	31	5	by	by	ADP
dem-30524	31	6	annual	annual	ADJ
dem-30524	31	7	logarithmic	logarithmic	ADJ
dem-30524	31	8	rates	rate	NOUN
dem-30524	31	9	of	of	ADP
dem-30524	31	10	return	return	NOUN
dem-30524	31	11	.	.	PUNCT
dem-30524	32	1	does	do	AUX
dem-30524	32	2	fundamental	fundamental	ADJ
dem-30524	32	3	strength	strength	NOUN
dem-30524	32	4	of	of	ADP
dem-30524	32	5	the	the	DET
dem-30524	32	6	company	company	NOUN
dem-30524	32	7	influence	influence	VERB
dem-30524	32	8	its	its	PRON
dem-30524	32	9	investment	investment	NOUN
dem-30524	32	10	performance	performance	NOUN
dem-30524	32	11	?	?	PUNCT
dem-30524	33	1	dynamic	dynamic	ADJ
dem-30524	33	2	econometric	econometric	ADJ
dem-30524	33	3	models	model	NOUN
dem-30524	33	4	19	19	NUM
dem-30524	33	5	(	(	PUNCT
dem-30524	33	6	2019	2019	NUM
dem-30524	33	7	)	)	PUNCT
dem-30524	33	8	85–96	85–96	NOUN
dem-30524	33	9	87	87	NUM
dem-30524	33	10	investigation	investigation	NOUN
dem-30524	33	11	consists	consist	VERB
dem-30524	33	12	of	of	ADP
dem-30524	33	13	several	several	ADJ
dem-30524	33	14	stages	stage	NOUN
dem-30524	33	15	.	.	PUNCT
dem-30524	34	1	in	in	ADP
dem-30524	34	2	the	the	DET
dem-30524	34	3	first	first	ADJ
dem-30524	34	4	one	one	NUM
dem-30524	34	5	synthetic	synthetic	ADJ
dem-30524	34	6	measures	measure	NOUN
dem-30524	34	7	of	of	ADP
dem-30524	34	8	development	development	NOUN
dem-30524	34	9	are	be	AUX
dem-30524	34	10	evaluated	evaluate	VERB
dem-30524	34	11	for	for	ADP
dem-30524	34	12	all	all	DET
dem-30524	34	13	analyzed	analyze	VERB
dem-30524	34	14	companies	company	NOUN
dem-30524	34	15	and	and	CCONJ
dem-30524	34	16	years	year	NOUN
dem-30524	34	17	.	.	PUNCT
dem-30524	35	1	in	in	ADP
dem-30524	35	2	the	the	DET
dem-30524	35	3	second	second	ADJ
dem-30524	35	4	stage	stage	NOUN
dem-30524	35	5	,	,	PUNCT
dem-30524	35	6	annual	annual	ADJ
dem-30524	35	7	rates	rate	NOUN
dem-30524	35	8	of	of	ADP
dem-30524	35	9	return	return	NOUN
dem-30524	35	10	for	for	ADP
dem-30524	35	11	each	each	DET
dem-30524	35	12	company	company	NOUN
dem-30524	35	13	and	and	CCONJ
dem-30524	35	14	the	the	DET
dem-30524	35	15	years	year	NOUN
dem-30524	35	16	2012	2012	NUM
dem-30524	35	17	–	–	PUNCT
dem-30524	35	18	2017	2017	NUM
dem-30524	35	19	are	be	AUX
dem-30524	35	20	calculated	calculate	VERB
dem-30524	35	21	.	.	PUNCT
dem-30524	36	1	in	in	ADP
dem-30524	36	2	the	the	DET
dem-30524	36	3	third	third	ADJ
dem-30524	36	4	stage	stage	NOUN
dem-30524	36	5	,	,	PUNCT
dem-30524	36	6	the	the	DET
dem-30524	36	7	hypothesis	hypothesis	NOUN
dem-30524	36	8	that	that	PRON
dem-30524	36	9	fundamental	fundamental	ADJ
dem-30524	36	10	strength	strength	NOUN
dem-30524	36	11	of	of	ADP
dem-30524	36	12	companies	company	NOUN
dem-30524	36	13	influences	influence	VERB
dem-30524	36	14	their	their	PRON
dem-30524	36	15	investment	investment	NOUN
dem-30524	36	16	performance	performance	NOUN
dem-30524	36	17	is	be	AUX
dem-30524	36	18	verified	verify	VERB
dem-30524	36	19	applying	apply	VERB
dem-30524	36	20	regression	regression	NOUN
dem-30524	36	21	functions	function	NOUN
dem-30524	36	22	.	.	PUNCT
dem-30524	37	1	1	1	X
dem-30524	37	2	.	.	X
dem-30524	37	3	data	datum	NOUN
dem-30524	37	4	and	and	CCONJ
dem-30524	37	5	methodology	methodology	NOUN
dem-30524	37	6	the	the	DET
dem-30524	37	7	research	research	NOUN
dem-30524	37	8	concerns	concern	NOUN
dem-30524	37	9	companies	company	NOUN
dem-30524	37	10	listed	list	VERB
dem-30524	37	11	on	on	ADP
dem-30524	37	12	the	the	DET
dem-30524	37	13	warsaw	warsaw	PROPN
dem-30524	37	14	stock	stock	PROPN
dem-30524	37	15	exchange	exchange	NOUN
dem-30524	37	16	which	which	PRON
dem-30524	37	17	constantly	constantly	ADV
dem-30524	37	18	belonged	belong	VERB
dem-30524	37	19	to	to	ADP
dem-30524	37	20	the	the	DET
dem-30524	37	21	stock	stock	NOUN
dem-30524	37	22	indexes	index	NOUN
dem-30524	37	23	wig20	wig20	PROPN
dem-30524	37	24	and	and	CCONJ
dem-30524	37	25	mwig40	mwig40	NOUN
dem-30524	37	26	in	in	ADP
dem-30524	37	27	the	the	DET
dem-30524	37	28	period	period	NOUN
dem-30524	37	29	from	from	ADP
dem-30524	37	30	31.12.2012	31.12.2012	NUM
dem-30524	37	31	to	to	ADP
dem-30524	37	32	31.12.2017	31.12.2017	NUM
dem-30524	37	33	.	.	PUNCT
dem-30524	38	1	however	however	ADV
dem-30524	38	2	,	,	PUNCT
dem-30524	38	3	companies	company	NOUN
dem-30524	38	4	:	:	PUNCT
dem-30524	38	5	−	−	PROPN
dem-30524	38	6	without	without	ADP
dem-30524	38	7	financial	financial	ADJ
dem-30524	38	8	statements	statement	NOUN
dem-30524	38	9	in	in	ADP
dem-30524	38	10	the	the	DET
dem-30524	38	11	analyzed	analyze	VERB
dem-30524	38	12	period	period	NOUN
dem-30524	38	13	,	,	PUNCT
dem-30524	38	14	−	−	PROPN
dem-30524	38	15	with	with	ADP
dem-30524	38	16	negative	negative	ADJ
dem-30524	38	17	equity	equity	NOUN
dem-30524	38	18	or	or	CCONJ
dem-30524	38	19	zero	zero	NUM
dem-30524	38	20	sales	sale	NOUN
dem-30524	38	21	revenues	revenue	NOUN
dem-30524	38	22	,	,	PUNCT
dem-30524	38	23	−	−	PROPN
dem-30524	38	24	excluded	exclude	VERB
dem-30524	38	25	from	from	ADP
dem-30524	38	26	trading	trading	NOUN
dem-30524	38	27	on	on	ADP
dem-30524	38	28	the	the	DET
dem-30524	38	29	warsaw	warsaw	PROPN
dem-30524	38	30	stock	stock	PROPN
dem-30524	38	31	exchange	exchange	PROPN
dem-30524	38	32	since	since	SCONJ
dem-30524	38	33	2017	2017	NUM
dem-30524	38	34	,	,	PUNCT
dem-30524	38	35	−	−	PROPN
dem-30524	38	36	from	from	ADP
dem-30524	38	37	the	the	DET
dem-30524	38	38	sectors	sector	NOUN
dem-30524	38	39	defined	define	VERB
dem-30524	38	40	as	as	ADP
dem-30524	38	41	:	:	PUNCT
dem-30524	38	42	banks	bank	NOUN
dem-30524	38	43	,	,	PUNCT
dem-30524	38	44	insurance	insurance	NOUN
dem-30524	38	45	and	and	CCONJ
dem-30524	38	46	finance	finance	NOUN
dem-30524	38	47	were	be	AUX
dem-30524	38	48	excluded	exclude	VERB
dem-30524	38	49	from	from	ADP
dem-30524	38	50	investigation	investigation	NOUN
dem-30524	38	51	.	.	PUNCT
dem-30524	39	1	therefore	therefore	ADV
dem-30524	39	2	,	,	PUNCT
dem-30524	39	3	an	an	DET
dem-30524	39	4	analysis	analysis	NOUN
dem-30524	39	5	(	(	PUNCT
dem-30524	39	6	that	that	PRON
dem-30524	39	7	is	be	AUX
dem-30524	39	8	carried	carry	VERB
dem-30524	39	9	out	out	ADP
dem-30524	39	10	according	accord	VERB
dem-30524	39	11	to	to	ADP
dem-30524	39	12	the	the	DET
dem-30524	39	13	above	above	ADJ
dem-30524	39	14	assumptions	assumption	NOUN
dem-30524	39	15	)	)	PUNCT
dem-30524	39	16	made	make	VERB
dem-30524	39	17	it	it	PRON
dem-30524	39	18	possible	possible	ADJ
dem-30524	39	19	to	to	PART
dem-30524	39	20	qualify	qualify	VERB
dem-30524	39	21	to	to	PART
dem-30524	39	22	research	research	VERB
dem-30524	39	23	27	27	NUM
dem-30524	39	24	non	non	ADJ
dem-30524	39	25	-	-	ADJ
dem-30524	39	26	financial	financial	ADJ
dem-30524	39	27	companies	company	NOUN
dem-30524	39	28	.	.	PUNCT
dem-30524	40	1	as	as	SCONJ
dem-30524	40	2	it	it	PRON
dem-30524	40	3	was	be	AUX
dem-30524	40	4	already	already	ADV
dem-30524	40	5	mentioned	mention	VERB
dem-30524	40	6	,	,	PUNCT
dem-30524	40	7	investigation	investigation	NOUN
dem-30524	40	8	is	be	AUX
dem-30524	40	9	provided	provide	VERB
dem-30524	40	10	in	in	ADP
dem-30524	40	11	several	several	ADJ
dem-30524	40	12	steps	step	NOUN
dem-30524	40	13	.	.	PUNCT
dem-30524	41	1	in	in	ADP
dem-30524	41	2	the	the	DET
dem-30524	41	3	first	first	ADJ
dem-30524	41	4	one	one	NUM
dem-30524	41	5	synthetic	synthetic	ADJ
dem-30524	41	6	measures	measure	NOUN
dem-30524	41	7	of	of	ADP
dem-30524	41	8	development	development	NOUN
dem-30524	41	9	are	be	AUX
dem-30524	41	10	evaluated	evaluate	VERB
dem-30524	41	11	for	for	ADP
dem-30524	41	12	all	all	DET
dem-30524	41	13	analyzed	analyze	VERB
dem-30524	41	14	companies	company	NOUN
dem-30524	41	15	and	and	CCONJ
dem-30524	41	16	years	year	NOUN
dem-30524	41	17	.	.	PUNCT
dem-30524	42	1	these	these	DET
dem-30524	42	2	measures	measure	NOUN
dem-30524	42	3	base	base	NOUN
dem-30524	42	4	on	on	ADP
dem-30524	42	5	financial	financial	ADJ
dem-30524	42	6	coefficients	coefficient	NOUN
dem-30524	42	7	which	which	PRON
dem-30524	42	8	are	be	AUX
dem-30524	42	9	evaluated	evaluate	VERB
dem-30524	42	10	for	for	ADP
dem-30524	42	11	the	the	DET
dem-30524	42	12	end	end	NOUN
dem-30524	42	13	of	of	ADP
dem-30524	42	14	each	each	DET
dem-30524	42	15	year	year	NOUN
dem-30524	42	16	under	under	ADP
dem-30524	42	17	consideration	consideration	NOUN
dem-30524	42	18	,	,	PUNCT
dem-30524	42	19	using	use	VERB
dem-30524	42	20	data	datum	NOUN
dem-30524	42	21	from	from	ADP
dem-30524	42	22	balance	balance	NOUN
dem-30524	42	23	sheets	sheet	NOUN
dem-30524	42	24	and	and	CCONJ
dem-30524	42	25	annual	annual	ADJ
dem-30524	42	26	financial	financial	ADJ
dem-30524	42	27	reports	report	NOUN
dem-30524	42	28	provided	provide	VERB
dem-30524	42	29	by	by	ADP
dem-30524	42	30	selected	select	VERB
dem-30524	42	31	companies	company	NOUN
dem-30524	42	32	.	.	PUNCT
dem-30524	43	1	taxonomic	taxonomic	ADJ
dem-30524	43	2	measure	measure	NOUN
dem-30524	43	3	of	of	ADP
dem-30524	43	4	investment	investment	NOUN
dem-30524	43	5	attractiveness	attractiveness	NOUN
dem-30524	43	6	(	(	PUNCT
dem-30524	43	7	tmaiit	tmaiit	NOUN
dem-30524	43	8	)	)	PUNCT
dem-30524	43	9	is	be	AUX
dem-30524	43	10	calculated	calculate	VERB
dem-30524	43	11	for	for	ADP
dem-30524	43	12	the	the	DET
dem-30524	43	13	i	i	PROPN
dem-30524	43	14	-	-	PUNCT
dem-30524	43	15	th	th	VERB
dem-30524	43	16	company	company	NOUN
dem-30524	43	17	in	in	ADP
dem-30524	43	18	the	the	DET
dem-30524	43	19	t	t	PROPN
dem-30524	43	20	-	-	PUNCT
dem-30524	43	21	th	th	NOUN
dem-30524	43	22	year	year	NOUN
dem-30524	43	23	as	as	ADP
dem-30524	43	24	(	(	PUNCT
dem-30524	43	25	łuniewska	łuniewska	NOUN
dem-30524	43	26	and	and	CCONJ
dem-30524	43	27	tarczyński	tarczyński	ADJ
dem-30524	43	28	,	,	PUNCT
dem-30524	43	29	2004	2004	NUM
dem-30524	43	30	,	,	PUNCT
dem-30524	43	31	p.	p.	NOUN
dem-30524	43	32	43	43	NUM
dem-30524	43	33	):	):	PUNCT
dem-30524	44	1	𝑇𝑀𝐴𝐼𝑖𝑡	𝑇𝑀𝐴𝐼𝑖𝑡	PROPN
dem-30524	44	2	=	=	SYM
dem-30524	44	3	1	1	NUM
dem-30524	44	4	−	−	NOUN
dem-30524	44	5	𝑑𝑖𝑡	𝑑𝑖𝑡	NOUN
dem-30524	44	6	𝑑𝑡̅̅	𝑑𝑡̅̅	VERB
dem-30524	44	7	̅+2𝑆𝑑𝑡	̅+2𝑆𝑑𝑡	ADJ
dem-30524	44	8	(	(	PUNCT
dem-30524	44	9	1	1	NUM
dem-30524	44	10	)	)	PUNCT
dem-30524	44	11	where	where	SCONJ
dem-30524	44	12	:	:	PUNCT
dem-30524	44	13	𝑑𝑖𝑡	𝑑𝑖𝑡	X
dem-30524	44	14	–	–	PUNCT
dem-30524	44	15	the	the	DET
dem-30524	44	16	distance	distance	NOUN
dem-30524	44	17	(	(	PUNCT
dem-30524	44	18	from	from	ADP
dem-30524	44	19	the	the	DET
dem-30524	44	20	benchmark	benchmark	NOUN
dem-30524	44	21	)	)	PUNCT
dem-30524	44	22	of	of	ADP
dem-30524	44	23	the	the	DET
dem-30524	44	24	i	i	PROPN
dem-30524	44	25	-	-	PUNCT
dem-30524	44	26	th	th	VERB
dem-30524	44	27	company	company	NOUN
dem-30524	44	28	(	(	PUNCT
dem-30524	44	29	i	i	NOUN
dem-30524	44	30	=	=	NOUN
dem-30524	44	31	1	1	NUM
dem-30524	44	32	,	,	PUNCT
dem-30524	44	33	2	2	NUM
dem-30524	44	34	,	,	PUNCT
dem-30524	44	35	…	…	PUNCT
dem-30524	44	36	,	,	PUNCT
dem-30524	44	37	n	n	CCONJ
dem-30524	44	38	)	)	PUNCT
dem-30524	44	39	in	in	ADP
dem-30524	44	40	the	the	DET
dem-30524	44	41	t	t	PROPN
dem-30524	44	42	-	-	PUNCT
dem-30524	44	43	th	th	NUM
dem-30524	44	44	period	period	NOUN
dem-30524	44	45	of	of	ADP
dem-30524	44	46	time	time	NOUN
dem-30524	44	47	(	(	PUNCT
dem-30524	44	48	t	t	NOUN
dem-30524	44	49	=	=	SYM
dem-30524	44	50	1	1	NUM
dem-30524	44	51	,	,	PUNCT
dem-30524	44	52	2	2	NUM
dem-30524	44	53	,	,	PUNCT
dem-30524	44	54	…	…	NUM
dem-30524	44	55	,	,	PUNCT
dem-30524	44	56	t	t	PROPN
dem-30524	44	57	)	)	PUNCT
dem-30524	44	58	,	,	PUNCT
dem-30524	44	59	𝑑𝑡	𝑑𝑡	ADP
dem-30524	44	60	̅̅̅	̅̅̅	PROPN
dem-30524	44	61	–	–	PUNCT
dem-30524	44	62	the	the	DET
dem-30524	44	63	average	average	NOUN
dem-30524	44	64	of	of	ADP
dem-30524	44	65	distances	distance	NOUN
dem-30524	44	66	𝑑𝑖𝑡	𝑑𝑖𝑡	PROPN
dem-30524	44	67	in	in	ADP
dem-30524	44	68	time	time	NOUN
dem-30524	44	69	t	t	PROPN
dem-30524	44	70	,	,	PUNCT
dem-30524	44	71	𝑆𝑑𝑡	𝑆𝑑𝑡	PROPN
dem-30524	44	72	–	–	PUNCT
dem-30524	44	73	the	the	DET
dem-30524	44	74	standard	standard	ADJ
dem-30524	44	75	deviation	deviation	NOUN
dem-30524	44	76	of	of	ADP
dem-30524	44	77	distances	distance	NOUN
dem-30524	44	78	𝑑𝑖𝑡	𝑑𝑖𝑡	PROPN
dem-30524	44	79	in	in	ADP
dem-30524	44	80	time	time	NOUN
dem-30524	44	81	t.	t.	PROPN
dem-30524	44	82	euclidean	euclidean	PROPN
dem-30524	44	83	distance	distance	NOUN
dem-30524	44	84	in	in	ADP
dem-30524	44	85	m	m	ADJ
dem-30524	44	86	-	-	ADJ
dem-30524	44	87	dimensional	dimensional	ADJ
dem-30524	44	88	space	space	NOUN
dem-30524	44	89	is	be	AUX
dem-30524	44	90	defined	define	VERB
dem-30524	44	91	as	as	ADP
dem-30524	44	92	:	:	PUNCT
dem-30524	44	93	𝑑𝑖𝑡	𝑑𝑖𝑡	X
dem-30524	44	94	=	=	SYM
dem-30524	44	95	√	√	ADP
dem-30524	44	96	∑	∑	INTJ
dem-30524	44	97	(	(	PUNCT
dem-30524	44	98	𝑧𝑗𝑡	𝑧𝑗𝑡	PROPN
dem-30524	44	99	𝑖	𝑖	SYM
dem-30524	44	100	−𝑧𝑗𝑡	−𝑧𝑗𝑡	NOUN
dem-30524	44	101	0	0	NUM
dem-30524	44	102	)	)	PUNCT
dem-30524	44	103	2𝑚	2𝑚	NOUN
dem-30524	45	1	𝑗=1	𝑗=1	PROPN
dem-30524	45	2	𝑚	𝑚	X
dem-30524	45	3	(	(	PUNCT
dem-30524	45	4	2	2	NUM
dem-30524	45	5	)	)	PUNCT
dem-30524	45	6	where	where	SCONJ
dem-30524	45	7	:	:	PUNCT
dem-30524	45	8	𝑧𝑗𝑡	𝑧𝑗𝑡	PROPN
dem-30524	45	9	𝑖	𝑖	X
dem-30524	45	10	–	–	PUNCT
dem-30524	45	11	is	be	AUX
dem-30524	45	12	the	the	DET
dem-30524	45	13	standardized	standardized	ADJ
dem-30524	45	14	variable	variable	NOUN
dem-30524	45	15	describing	describe	VERB
dem-30524	45	16	the	the	DET
dem-30524	45	17	j	j	PROPN
dem-30524	45	18	-	-	PUNCT
dem-30524	45	19	th	th	VERB
dem-30524	45	20	feature	feature	NOUN
dem-30524	45	21	(	(	PUNCT
dem-30524	45	22	j	j	NOUN
dem-30524	45	23	=	=	SYM
dem-30524	45	24	1	1	NUM
dem-30524	45	25	,	,	PUNCT
dem-30524	45	26	2	2	NUM
dem-30524	45	27	,	,	PUNCT
dem-30524	45	28	…	…	PUNCT
dem-30524	45	29	,	,	PUNCT
dem-30524	45	30	m	m	VERB
dem-30524	45	31	)	)	PUNCT
dem-30524	45	32	in	in	ADP
dem-30524	45	33	the	the	DET
dem-30524	45	34	i	i	PROPN
dem-30524	45	35	-	-	PUNCT
dem-30524	45	36	th	th	VERB
dem-30524	45	37	company	company	NOUN
dem-30524	45	38	in	in	ADP
dem-30524	45	39	time	time	NOUN
dem-30524	45	40	t	t	PROPN
dem-30524	45	41	,	,	PUNCT
dem-30524	45	42	𝑧𝑗𝑡	𝑧𝑗𝑡	NOUN
dem-30524	45	43	0	0	NUM
dem-30524	45	44	–	–	PUNCT
dem-30524	45	45	is	be	AUX
dem-30524	45	46	the	the	DET
dem-30524	45	47	value	value	NOUN
dem-30524	45	48	of	of	ADP
dem-30524	45	49	the	the	DET
dem-30524	45	50	j	j	PROPN
dem-30524	45	51	-	-	PUNCT
dem-30524	45	52	th	th	VERB
dem-30524	45	53	variable	variable	NOUN
dem-30524	45	54	of	of	ADP
dem-30524	45	55	the	the	DET
dem-30524	45	56	benchmark	benchmark	NOUN
dem-30524	45	57	in	in	ADP
dem-30524	45	58	time	time	NOUN
dem-30524	45	59	t	t	PROPN
dem-30524	45	60	,	,	PUNCT
dem-30524	45	61	the	the	DET
dem-30524	45	62	benchmark	benchmark	NOUN
dem-30524	45	63	is	be	AUX
dem-30524	45	64	defined	define	VERB
dem-30524	45	65	for	for	ADP
dem-30524	45	66	each	each	DET
dem-30524	45	67	year	year	NOUN
dem-30524	45	68	and	and	CCONJ
dem-30524	45	69	described	describe	VERB
dem-30524	45	70	by	by	ADP
dem-30524	45	71	dorota	dorota	PROPN
dem-30524	45	72	witkowska	witkowska	PROPN
dem-30524	45	73	,	,	PUNCT
dem-30524	45	74	piotr	piotr	PROPN
dem-30524	45	75	kuźnik	kuźnik	PROPN
dem-30524	45	76	dynamic	dynamic	ADJ
dem-30524	45	77	econometric	econometric	ADJ
dem-30524	45	78	models	model	NOUN
dem-30524	45	79	19	19	NUM
dem-30524	45	80	(	(	PUNCT
dem-30524	45	81	2019	2019	NUM
dem-30524	45	82	)	)	PUNCT
dem-30524	45	83	85–96	85–96	NUM
dem-30524	45	84	88	88	NUM
dem-30524	45	85	m	m	NOUN
dem-30524	45	86	variables	variable	NOUN
dem-30524	45	87	.	.	PUNCT
dem-30524	46	1	standardization	standardization	NOUN
dem-30524	46	2	of	of	ADP
dem-30524	46	3	all	all	DET
dem-30524	46	4	variables	variable	NOUN
dem-30524	46	5	used	use	VERB
dem-30524	46	6	for	for	ADP
dem-30524	46	7	the	the	DET
dem-30524	46	8	measure	measure	NOUN
dem-30524	46	9	construction	construction	NOUN
dem-30524	46	10	is	be	AUX
dem-30524	46	11	provided	provide	VERB
dem-30524	46	12	according	accord	VERB
dem-30524	46	13	to	to	ADP
dem-30524	46	14	the	the	DET
dem-30524	46	15	formula	formula	NOUN
dem-30524	46	16	:	:	PUNCT
dem-30524	46	17	𝑧𝑗𝑡	𝑧𝑗𝑡	NOUN
dem-30524	46	18	𝑖	𝑖	X
dem-30524	46	19	=	=	PUNCT
dem-30524	46	20	𝑥𝑗𝑡	𝑥𝑗𝑡	NOUN
dem-30524	46	21	𝑖	𝑖	SYM
dem-30524	46	22	−	−	PROPN
dem-30524	46	23	�	�	NOUN
dem-30524	46	24	̅	̅	NOUN
dem-30524	46	25	�	�	NOUN
dem-30524	46	26	𝑗𝑡	𝑗𝑡	NOUN
dem-30524	46	27	𝑆(𝑥𝑗𝑡	𝑆(𝑥𝑗𝑡	NOUN
dem-30524	46	28	)	)	PUNCT
dem-30524	46	29	(	(	PUNCT
dem-30524	46	30	3	3	X
dem-30524	46	31	)	)	PUNCT
dem-30524	46	32	where	where	SCONJ
dem-30524	46	33	:	:	PUNCT
dem-30524	46	34	𝑥𝑗𝑡	𝑥𝑗𝑡	NOUN
dem-30524	46	35	𝑖	𝑖	NOUN
dem-30524	46	36	–	–	PUNCT
dem-30524	46	37	observation	observation	NOUN
dem-30524	46	38	of	of	ADP
dem-30524	46	39	the	the	DET
dem-30524	46	40	j	j	PROPN
dem-30524	46	41	-	-	PUNCT
dem-30524	46	42	th	th	VERB
dem-30524	46	43	variable	variable	NOUN
dem-30524	46	44	in	in	ADP
dem-30524	46	45	the	the	DET
dem-30524	46	46	i	i	PROPN
dem-30524	46	47	-	-	PUNCT
dem-30524	46	48	th	th	VERB
dem-30524	46	49	company	company	NOUN
dem-30524	46	50	in	in	ADP
dem-30524	46	51	the	the	DET
dem-30524	46	52	t	t	PROPN
dem-30524	46	53	-	-	PUNCT
dem-30524	46	54	th	th	NUM
dem-30524	46	55	year	year	NOUN
dem-30524	46	56	,	,	PUNCT
dem-30524	46	57	�	�	PROPN
dem-30524	46	58	̅	̅	NOUN
dem-30524	46	59	�	�	NOUN
dem-30524	46	60	𝑗𝑡	𝑗𝑡	NOUN
dem-30524	46	61	,	,	PUNCT
dem-30524	46	62	𝑆(𝑥𝑗𝑡	𝑆(𝑥𝑗𝑡	PROPN
dem-30524	46	63	)	)	PUNCT
dem-30524	46	64	–	–	PUNCT
dem-30524	46	65	average	average	ADJ
dem-30524	46	66	and	and	CCONJ
dem-30524	46	67	standard	standard	ADJ
dem-30524	46	68	deviation	deviation	NOUN
dem-30524	46	69	of	of	ADP
dem-30524	46	70	the	the	DET
dem-30524	46	71	j	j	PROPN
dem-30524	46	72	-	-	PUNCT
dem-30524	46	73	th	th	VERB
dem-30524	46	74	variable	variable	NOUN
dem-30524	46	75	in	in	ADP
dem-30524	46	76	the	the	DET
dem-30524	46	77	tth	tth	PROPN
dem-30524	46	78	year	year	NOUN
dem-30524	46	79	,	,	PUNCT
dem-30524	46	80	respectively	respectively	ADV
dem-30524	46	81	.	.	PUNCT
dem-30524	47	1	the	the	DET
dem-30524	47	2	benchmark	benchmark	NOUN
dem-30524	47	3	used	use	VERB
dem-30524	47	4	in	in	ADP
dem-30524	47	5	the	the	DET
dem-30524	47	6	formula	formula	NOUN
dem-30524	47	7	(	(	PUNCT
dem-30524	47	8	2	2	X
dem-30524	47	9	)	)	PUNCT
dem-30524	47	10	might	might	AUX
dem-30524	47	11	be	be	AUX
dem-30524	47	12	either	either	CCONJ
dem-30524	47	13	real	real	ADJ
dem-30524	47	14	or	or	CCONJ
dem-30524	47	15	hypothetical	hypothetical	ADJ
dem-30524	47	16	object	object	NOUN
dem-30524	47	17	.	.	PUNCT
dem-30524	48	1	since	since	SCONJ
dem-30524	48	2	it	it	PRON
dem-30524	48	3	is	be	AUX
dem-30524	48	4	difficult	difficult	ADJ
dem-30524	48	5	to	to	PART
dem-30524	48	6	determine	determine	VERB
dem-30524	48	7	a	a	DET
dem-30524	48	8	company	company	NOUN
dem-30524	48	9	which	which	PRON
dem-30524	48	10	will	will	AUX
dem-30524	48	11	be	be	AUX
dem-30524	48	12	the	the	DET
dem-30524	48	13	pattern	pattern	NOUN
dem-30524	48	14	for	for	ADP
dem-30524	48	15	others	other	NOUN
dem-30524	48	16	,	,	PUNCT
dem-30524	48	17	the	the	DET
dem-30524	48	18	hypothetical	hypothetical	ADJ
dem-30524	48	19	object	object	NOUN
dem-30524	48	20	is	be	AUX
dem-30524	48	21	usually	usually	ADV
dem-30524	48	22	used	use	VERB
dem-30524	48	23	.	.	PUNCT
dem-30524	49	1	such	such	ADJ
dem-30524	49	2	benchmark	benchmark	NOUN
dem-30524	49	3	is	be	AUX
dem-30524	49	4	constructed	construct	VERB
dem-30524	49	5	from	from	ADP
dem-30524	49	6	m	m	PROPN
dem-30524	49	7	variables	variable	NOUN
dem-30524	49	8	as	as	ADP
dem-30524	49	9	maximal	maximal	ADJ
dem-30524	49	10	value	value	NOUN
dem-30524	49	11	of	of	ADP
dem-30524	49	12	stimulants	stimulant	NOUN
dem-30524	49	13	and	and	CCONJ
dem-30524	49	14	minimal	minimal	ADJ
dem-30524	49	15	values	value	NOUN
dem-30524	49	16	of	of	ADP
dem-30524	49	17	de	de	NOUN
dem-30524	49	18	-	-	NOUN
dem-30524	49	19	stimulants	stimulant	NOUN
dem-30524	49	20	i.e.	i.e.	X
dem-30524	49	21	:	:	PUNCT
dem-30524	49	22	𝑧𝑗𝑡	𝑧𝑗𝑡	NOUN
dem-30524	49	23	0	0	PUNCT
dem-30524	50	1	=	=	SYM
dem-30524	50	2	{	{	PUNCT
dem-30524	50	3	min	min	PROPN
dem-30524	50	4	𝑧𝑗𝑡	𝑧𝑗𝑡	VERB
dem-30524	50	5	𝑖	𝑖	NOUN
dem-30524	50	6	𝑖𝑓	𝑖𝑓	ADP
dem-30524	50	7	𝑥𝑗𝑡	𝑥𝑗𝑡	PROPN
dem-30524	50	8	𝑖	𝑖	PROPN
dem-30524	50	9	𝜖𝐷	𝜖𝐷	NOUN
dem-30524	50	10	max	max	PROPN
dem-30524	50	11	𝑧𝑗𝑡	𝑧𝑗𝑡	NOUN
dem-30524	50	12	𝑖	𝑖	X
dem-30524	50	13	𝑖𝑓	𝑖𝑓	ADP
dem-30524	50	14	𝑥𝑗𝑡	𝑥𝑗𝑡	PROPN
dem-30524	50	15	𝑖	𝑖	X
dem-30524	50	16	𝜖𝑆	𝜖𝑆	X
dem-30524	50	17	(	(	PUNCT
dem-30524	50	18	4	4	NUM
dem-30524	50	19	)	)	PUNCT
dem-30524	51	1	where	where	SCONJ
dem-30524	51	2	:	:	PUNCT
dem-30524	52	1	d	d	X
dem-30524	52	2	,	,	PUNCT
dem-30524	52	3	s	s	PART
dem-30524	52	4	,	,	PUNCT
dem-30524	52	5	–	–	PUNCT
dem-30524	52	6	are	be	AUX
dem-30524	52	7	sets	set	NOUN
dem-30524	52	8	of	of	ADP
dem-30524	52	9	de	de	NOUN
dem-30524	52	10	-	-	NOUN
dem-30524	52	11	stimulants	stimulant	NOUN
dem-30524	52	12	and	and	CCONJ
dem-30524	52	13	stimulants	stimulant	NOUN
dem-30524	52	14	,	,	PUNCT
dem-30524	52	15	respectively	respectively	ADV
dem-30524	52	16	.	.	PUNCT
dem-30524	53	1	stimulants	stimulant	NOUN
dem-30524	53	2	are	be	AUX
dem-30524	53	3	variables	variable	NOUN
dem-30524	53	4	whose	whose	DET
dem-30524	53	5	rise	rise	NOUN
dem-30524	53	6	in	in	ADP
dem-30524	53	7	quantity	quantity	NOUN
dem-30524	53	8	indicates	indicate	VERB
dem-30524	53	9	an	an	DET
dem-30524	53	10	increase	increase	NOUN
dem-30524	53	11	of	of	ADP
dem-30524	53	12	economic	economic	ADJ
dem-30524	53	13	and	and	CCONJ
dem-30524	53	14	financial	financial	ADJ
dem-30524	53	15	standing	standing	NOUN
dem-30524	53	16	of	of	ADP
dem-30524	53	17	the	the	DET
dem-30524	53	18	enterprise	enterprise	NOUN
dem-30524	53	19	whereas	whereas	SCONJ
dem-30524	53	20	de	de	NOUN
dem-30524	53	21	-	-	NOUN
dem-30524	53	22	stimulants	stimulant	NOUN
dem-30524	53	23	are	be	AUX
dem-30524	53	24	variables	variable	NOUN
dem-30524	53	25	with	with	ADP
dem-30524	53	26	the	the	DET
dem-30524	53	27	opposite	opposite	ADJ
dem-30524	53	28	direction	direction	NOUN
dem-30524	53	29	of	of	ADP
dem-30524	53	30	influence	influence	NOUN
dem-30524	53	31	.	.	PUNCT
dem-30524	54	1	in	in	ADP
dem-30524	54	2	the	the	DET
dem-30524	54	3	second	second	ADJ
dem-30524	54	4	stage	stage	NOUN
dem-30524	54	5	,	,	PUNCT
dem-30524	54	6	annual	annual	ADJ
dem-30524	54	7	logarithmic	logarithmic	ADJ
dem-30524	54	8	rates	rate	NOUN
dem-30524	54	9	of	of	ADP
dem-30524	54	10	return	return	NOUN
dem-30524	54	11	are	be	AUX
dem-30524	54	12	calculated	calculate	VERB
dem-30524	54	13	,	,	PUNCT
dem-30524	54	14	according	accord	VERB
dem-30524	54	15	to	to	ADP
dem-30524	54	16	the	the	DET
dem-30524	54	17	formula	formula	NOUN
dem-30524	54	18	:	:	PUNCT
dem-30524	54	19	𝑅𝑖𝑡	𝑅𝑖𝑡	PROPN
dem-30524	54	20	=	=	SYM
dem-30524	54	21	𝑙𝑛	𝑙𝑛	NOUN
dem-30524	54	22	(	(	PUNCT
dem-30524	54	23	𝑦𝑖𝑡	𝑦𝑖𝑡	NOUN
dem-30524	54	24	𝑦𝑖𝑡0	𝑦𝑖𝑡0	PROPN
dem-30524	54	25	)	)	PUNCT
dem-30524	54	26	(	(	PUNCT
dem-30524	54	27	5	5	X
dem-30524	54	28	)	)	PUNCT
dem-30524	54	29	where	where	SCONJ
dem-30524	54	30	𝑦𝑖𝑡	𝑦𝑖𝑡	NOUN
dem-30524	54	31	,	,	PUNCT
dem-30524	54	32	𝑦𝑖𝑡0	𝑦𝑖𝑡0	PROPN
dem-30524	54	33	–	–	PUNCT
dem-30524	54	34	quotations	quotation	NOUN
dem-30524	54	35	of	of	ADP
dem-30524	54	36	share	share	NOUN
dem-30524	54	37	price	price	NOUN
dem-30524	54	38	of	of	ADP
dem-30524	54	39	the	the	DET
dem-30524	54	40	i	i	PROPN
dem-30524	54	41	-	-	PUNCT
dem-30524	54	42	the	the	DET
dem-30524	54	43	company	company	NOUN
dem-30524	54	44	on	on	ADP
dem-30524	54	45	the	the	DET
dem-30524	54	46	last	last	ADJ
dem-30524	54	47	and	and	CCONJ
dem-30524	54	48	the	the	DET
dem-30524	54	49	first	first	ADJ
dem-30524	54	50	day	day	NOUN
dem-30524	54	51	of	of	ADP
dem-30524	54	52	warsaw	warsaw	PROPN
dem-30524	54	53	stock	stock	PROPN
dem-30524	54	54	exchange	exchange	PROPN
dem-30524	54	55	quotation	quotation	NOUN
dem-30524	54	56	in	in	ADP
dem-30524	54	57	the	the	DET
dem-30524	54	58	t	t	PROPN
dem-30524	54	59	-	-	PUNCT
dem-30524	54	60	the	the	DET
dem-30524	54	61	year	year	NOUN
dem-30524	54	62	(	(	PUNCT
dem-30524	54	63	t	t	NOUN
dem-30524	54	64	=	=	SYM
dem-30524	54	65	2012	2012	NUM
dem-30524	54	66	,	,	PUNCT
dem-30524	54	67	2013,	2013,	NOUN
dem-30524	54	68	…	…	PUNCT
dem-30524	54	69	,2017	,2017	X
dem-30524	54	70	)	)	PUNCT
dem-30524	54	71	,	,	PUNCT
dem-30524	54	72	respectively	respectively	ADV
dem-30524	54	73	.	.	PUNCT
dem-30524	55	1	in	in	ADP
dem-30524	55	2	the	the	DET
dem-30524	55	3	third	third	ADJ
dem-30524	55	4	stage	stage	NOUN
dem-30524	55	5	,	,	PUNCT
dem-30524	55	6	the	the	DET
dem-30524	55	7	hypothesis	hypothesis	NOUN
dem-30524	55	8	that	that	PRON
dem-30524	55	9	fundamental	fundamental	ADJ
dem-30524	55	10	strength	strength	NOUN
dem-30524	55	11	of	of	ADP
dem-30524	55	12	companies	company	NOUN
dem-30524	55	13	influences	influence	VERB
dem-30524	55	14	their	their	PRON
dem-30524	55	15	investment	investment	NOUN
dem-30524	55	16	performance	performance	NOUN
dem-30524	55	17	is	be	AUX
dem-30524	55	18	verified	verify	VERB
dem-30524	55	19	,	,	PUNCT
dem-30524	55	20	applying	apply	VERB
dem-30524	55	21	pearson	pearson	NOUN
dem-30524	55	22	correlation	correlation	NOUN
dem-30524	55	23	coefficients	coefficient	NOUN
dem-30524	55	24	and	and	CCONJ
dem-30524	55	25	regression	regression	NOUN
dem-30524	55	26	functions	function	NOUN
dem-30524	55	27	.	.	PUNCT
dem-30524	56	1	in	in	ADP
dem-30524	56	2	other	other	ADJ
dem-30524	56	3	words	word	NOUN
dem-30524	56	4	,	,	PUNCT
dem-30524	56	5	the	the	DET
dem-30524	56	6	relations	relation	NOUN
dem-30524	56	7	between	between	ADP
dem-30524	56	8	logarithmic	logarithmic	ADJ
dem-30524	56	9	annual	annual	ADJ
dem-30524	56	10	rates	rate	NOUN
dem-30524	56	11	of	of	ADP
dem-30524	56	12	return	return	NOUN
dem-30524	56	13	from	from	ADP
dem-30524	56	14	shares	share	NOUN
dem-30524	56	15	of	of	ADP
dem-30524	56	16	considered	consider	VERB
dem-30524	56	17	companies	company	NOUN
dem-30524	56	18	and	and	CCONJ
dem-30524	56	19	values	value	NOUN
dem-30524	56	20	of	of	ADP
dem-30524	56	21	synthetic	synthetic	ADJ
dem-30524	56	22	measure	measure	NOUN
dem-30524	56	23	tmai	tmai	PROPN
dem-30524	56	24	(	(	PUNCT
dem-30524	56	25	for	for	ADP
dem-30524	56	26	current	current	ADJ
dem-30524	56	27	and	and	CCONJ
dem-30524	56	28	lagged	lag	VERB
dem-30524	56	29	dependencies	dependency	NOUN
dem-30524	56	30	)	)	PUNCT
dem-30524	56	31	are	be	AUX
dem-30524	56	32	estimated	estimate	VERB
dem-30524	56	33	.	.	PUNCT
dem-30524	57	1	2	2	X
dem-30524	57	2	.	.	X
dem-30524	57	3	evaluation	evaluation	NOUN
dem-30524	57	4	of	of	ADP
dem-30524	57	5	companies	company	NOUN
dem-30524	57	6	based	base	VERB
dem-30524	57	7	on	on	ADP
dem-30524	57	8	taxonomic	taxonomic	ADJ
dem-30524	57	9	measure	measure	NOUN
dem-30524	57	10	to	to	PART
dem-30524	57	11	evaluate	evaluate	VERB
dem-30524	57	12	the	the	DET
dem-30524	57	13	fundamental	fundamental	ADJ
dem-30524	57	14	strength	strength	NOUN
dem-30524	57	15	of	of	ADP
dem-30524	57	16	companies	company	NOUN
dem-30524	57	17	,	,	PUNCT
dem-30524	57	18	it	it	PRON
dem-30524	57	19	is	be	AUX
dem-30524	57	20	necessary	necessary	ADJ
dem-30524	57	21	to	to	PART
dem-30524	57	22	apply	apply	VERB
dem-30524	57	23	numerous	numerous	ADJ
dem-30524	57	24	indicators	indicator	NOUN
dem-30524	57	25	that	that	PRON
dem-30524	57	26	are	be	AUX
dem-30524	57	27	of	of	ADP
dem-30524	57	28	particular	particular	ADJ
dem-30524	57	29	importance	importance	NOUN
dem-30524	57	30	when	when	SCONJ
dem-30524	57	31	assessing	assess	VERB
dem-30524	57	32	the	the	DET
dem-30524	57	33	current	current	ADJ
dem-30524	57	34	state	state	NOUN
dem-30524	57	35	of	of	ADP
dem-30524	57	36	the	the	DET
dem-30524	57	37	enterprise	enterprise	NOUN
dem-30524	57	38	and	and	CCONJ
dem-30524	57	39	its	its	PRON
dem-30524	57	40	further	further	ADJ
dem-30524	57	41	development	development	NOUN
dem-30524	57	42	prospects	prospect	NOUN
dem-30524	57	43	.	.	PUNCT
dem-30524	58	1	in	in	ADP
dem-30524	58	2	the	the	PRON
dem-30524	58	3	does	doe	NOUN
dem-30524	58	4	fundamental	fundamental	ADJ
dem-30524	58	5	strength	strength	NOUN
dem-30524	58	6	of	of	ADP
dem-30524	58	7	the	the	DET
dem-30524	58	8	company	company	NOUN
dem-30524	58	9	influence	influence	VERB
dem-30524	58	10	its	its	PRON
dem-30524	58	11	investment	investment	NOUN
dem-30524	58	12	performance	performance	NOUN
dem-30524	58	13	?	?	PUNCT
dem-30524	59	1	dynamic	dynamic	ADJ
dem-30524	59	2	econometric	econometric	ADJ
dem-30524	59	3	models	model	NOUN
dem-30524	59	4	19	19	NUM
dem-30524	59	5	(	(	PUNCT
dem-30524	59	6	2019	2019	NUM
dem-30524	59	7	)	)	PUNCT
dem-30524	59	8	85–96	85–96	NUM
dem-30524	59	9	89	89	NUM
dem-30524	59	10	construction	construction	NOUN
dem-30524	59	11	of	of	ADP
dem-30524	59	12	the	the	DET
dem-30524	59	13	aggregated	aggregate	VERB
dem-30524	59	14	measures	measure	NOUN
dem-30524	59	15	,	,	PUNCT
dem-30524	59	16	the	the	DET
dem-30524	59	17	selection	selection	NOUN
dem-30524	59	18	of	of	ADP
dem-30524	59	19	diagnostic	diagnostic	ADJ
dem-30524	59	20	variables	variable	NOUN
dem-30524	59	21	is	be	AUX
dem-30524	59	22	extremely	extremely	ADV
dem-30524	59	23	important	important	ADJ
dem-30524	59	24	since	since	SCONJ
dem-30524	59	25	it	it	PRON
dem-30524	59	26	determines	determine	VERB
dem-30524	59	27	the	the	DET
dem-30524	59	28	quality	quality	NOUN
dem-30524	59	29	of	of	ADP
dem-30524	59	30	evaluation	evaluation	NOUN
dem-30524	59	31	and	and	CCONJ
dem-30524	59	32	signals	signal	VERB
dem-30524	59	33	the	the	DET
dem-30524	59	34	proper	proper	ADJ
dem-30524	59	35	functioning	functioning	NOUN
dem-30524	59	36	of	of	ADP
dem-30524	59	37	companies	company	NOUN
dem-30524	59	38	,	,	PUNCT
dem-30524	59	39	taking	take	VERB
dem-30524	59	40	into	into	ADP
dem-30524	59	41	account	account	NOUN
dem-30524	59	42	their	their	PRON
dem-30524	59	43	economic	economic	ADJ
dem-30524	59	44	and	and	CCONJ
dem-30524	59	45	financial	financial	ADJ
dem-30524	59	46	situation	situation	NOUN
dem-30524	59	47	(	(	PUNCT
dem-30524	59	48	tarczyński	tarczyński	NOUN
dem-30524	59	49	and	and	CCONJ
dem-30524	59	50	łuniewska	łuniewska	NOUN
dem-30524	59	51	,	,	PUNCT
dem-30524	59	52	2004	2004	NUM
dem-30524	59	53	)	)	PUNCT
dem-30524	59	54	.	.	PUNCT
dem-30524	60	1	table	table	NOUN
dem-30524	60	2	1	1	NUM
dem-30524	60	3	.	.	PUNCT
dem-30524	61	1	tmai	tmai	PROPN
dem-30524	61	2	values	value	NOUN
dem-30524	61	3	of	of	ADP
dem-30524	61	4	selected	select	VERB
dem-30524	61	5	companies	company	NOUN
dem-30524	61	6	for	for	ADP
dem-30524	61	7	the	the	DET
dem-30524	61	8	years	year	NOUN
dem-30524	61	9	2012–2017	2012–2017	NUM
dem-30524	61	10	company	company	NOUN
dem-30524	61	11	tmai	tmai	NOUN
dem-30524	61	12	value	value	NOUN
dem-30524	61	13	2012	2012	NUM
dem-30524	61	14	2013	2013	NUM
dem-30524	61	15	2014	2014	NUM
dem-30524	61	16	2015	2015	NUM
dem-30524	61	17	2016	2016	NUM
dem-30524	61	18	2017	2017	NUM
dem-30524	61	19	average	average	NOUN
dem-30524	61	20	amrest	amrest	ADV
dem-30524	61	21	0.15	0.15	NUM
dem-30524	61	22	0.13	0.13	NUM
dem-30524	61	23	0.18	0.18	NUM
dem-30524	61	24	0.11	0.11	NUM
dem-30524	61	25	0.11	0.11	NUM
dem-30524	61	26	0.08	0.08	NUM
dem-30524	61	27	0.13	0.13	NUM
dem-30524	61	28	assecopol	assecopol	NOUN
dem-30524	61	29	0.36	0.36	NUM
dem-30524	61	30	0.39	0.39	NUM
dem-30524	61	31	0.36	0.36	NUM
dem-30524	61	32	0.19	0.19	NUM
dem-30524	61	33	0.24	0.24	NUM
dem-30524	61	34	0.20	0.20	NUM
dem-30524	61	35	0.29	0.29	NUM
dem-30524	61	36	bogdanka	bogdanka	NOUN
dem-30524	61	37	0.30	0.30	NUM
dem-30524	61	38	0.31	0.31	NUM
dem-30524	61	39	0.27	0.27	NUM
dem-30524	61	40	0.11	0.11	NUM
dem-30524	61	41	0.27	0.27	NUM
dem-30524	61	42	0.38	0.38	NUM
dem-30524	61	43	0.27	0.27	NUM
dem-30524	61	44	boryszew	boryszew	NOUN
dem-30524	61	45	0.14	0.14	NUM
dem-30524	61	46	0.15	0.15	NUM
dem-30524	61	47	0.18	0.18	NUM
dem-30524	61	48	0.10	0.10	NUM
dem-30524	61	49	0.16	0.16	NUM
dem-30524	61	50	0.15	0.15	NUM
dem-30524	61	51	0.15	0.15	NUM
dem-30524	61	52	budimex	budimex	NOUN
dem-30524	61	53	0.23	0.23	NUM
dem-30524	61	54	0.35	0.35	NUM
dem-30524	61	55	0.12	0.12	NUM
dem-30524	61	56	0.19	0.19	NUM
dem-30524	61	57	0.27	0.27	NUM
dem-30524	61	58	0.29	0.29	NUM
dem-30524	61	59	0.24	0.24	NUM
dem-30524	61	60	ccc	ccc	NOUN
dem-30524	61	61	0.27	0.27	NUM
dem-30524	61	62	0.32	0.32	NUM
dem-30524	61	63	0.20	0.20	NUM
dem-30524	61	64	0.15	0.15	NUM
dem-30524	61	65	0.11	0.11	NUM
dem-30524	61	66	0.19	0.19	NUM
dem-30524	61	67	0.21	0.21	NUM
dem-30524	61	68	cdproject	cdproject	NOUN
dem-30524	61	69	0.45	0.45	NUM
dem-30524	61	70	0.32	0.32	NUM
dem-30524	61	71	0.35	0.35	NUM
dem-30524	61	72	0.28	0.28	NUM
dem-30524	61	73	0.41	0.41	NUM
dem-30524	61	74	0.34	0.34	NUM
dem-30524	61	75	0.36	0.36	NUM
dem-30524	61	76	ciech	ciech	NOUN
dem-30524	61	77	–	–	PUNCT
dem-30524	61	78	0.04	0.04	NUM
dem-30524	61	79	0.18	0.18	NUM
dem-30524	61	80	0.19	0.19	NUM
dem-30524	61	81	0.15	0.15	NUM
dem-30524	61	82	0.24	0.24	NUM
dem-30524	61	83	0.25	0.25	NUM
dem-30524	61	84	0.16	0.16	NUM
dem-30524	61	85	cyfrplsat	cyfrplsat	NOUN
dem-30524	61	86	0.27	0.27	NUM
dem-30524	61	87	0.35	0.35	NUM
dem-30524	61	88	0.18	0.18	NUM
dem-30524	61	89	0.14	0.14	NUM
dem-30524	61	90	0.16	0.16	NUM
dem-30524	61	91	0.16	0.16	NUM
dem-30524	61	92	0.21	0.21	NUM
dem-30524	61	93	echo	echo	NOUN
dem-30524	62	1	0.21	0.21	NUM
dem-30524	62	2	0.29	0.29	NUM
dem-30524	62	3	0.36	0.36	NUM
dem-30524	62	4	0.35	0.35	NUM
dem-30524	62	5	0.33	0.33	NUM
dem-30524	62	6	0.23	0.23	NUM
dem-30524	62	7	0.29	0.29	NUM
dem-30524	62	8	enea	enea	NOUN
dem-30524	62	9	0.24	0.24	NUM
dem-30524	62	10	0.42	0.42	NUM
dem-30524	62	11	0.36	0.36	NUM
dem-30524	62	12	0.14	0.14	NUM
dem-30524	62	13	0.23	0.23	NUM
dem-30524	62	14	0.21	0.21	NUM
dem-30524	62	15	0.27	0.27	NUM
dem-30524	62	16	eurocash	eurocash	NOUN
dem-30524	62	17	0.07	0.07	NUM
dem-30524	62	18	0.12	0.12	NUM
dem-30524	62	19	0.08	0.08	NUM
dem-30524	62	20	0.05	0.05	NUM
dem-30524	62	21	0.05	0.05	NUM
dem-30524	62	22	–	–	PUNCT
dem-30524	62	23	0.06	0.06	NUM
dem-30524	62	24	0.05	0.05	NUM
dem-30524	62	25	gtc	gtc	PROPN
dem-30524	62	26	0.09	0.09	NUM
dem-30524	62	27	–	–	PUNCT
dem-30524	62	28	0.10	0.10	NUM
dem-30524	62	29	–	–	PUNCT
dem-30524	62	30	0.04	0.04	NUM
dem-30524	62	31	0.18	0.18	NUM
dem-30524	62	32	0.16	0.16	NUM
dem-30524	62	33	0.27	0.27	NUM
dem-30524	62	34	0.09	0.09	NUM
dem-30524	62	35	intercars	intercar	NOUN
dem-30524	62	36	0.16	0.16	NUM
dem-30524	62	37	0.21	0.21	NUM
dem-30524	62	38	0.20	0.20	NUM
dem-30524	62	39	0.11	0.11	NUM
dem-30524	62	40	0.14	0.14	NUM
dem-30524	62	41	0.11	0.11	NUM
dem-30524	62	42	0.15	0.15	NUM
dem-30524	62	43	kernel	kernel	NOUN
dem-30524	62	44	0.32	0.32	NUM
dem-30524	62	45	0.26	0.26	NUM
dem-30524	62	46	0.12	0.12	NUM
dem-30524	62	47	0.11	0.11	NUM
dem-30524	62	48	0.22	0.22	NUM
dem-30524	62	49	0.22	0.22	NUM
dem-30524	62	50	0.21	0.21	NUM
dem-30524	62	51	kety	kety	NOUN
dem-30524	62	52	0.28	0.28	NUM
dem-30524	62	53	0.34	0.34	NUM
dem-30524	62	54	0.29	0.29	NUM
dem-30524	62	55	0.18	0.18	NUM
dem-30524	62	56	0.25	0.25	NUM
dem-30524	62	57	0.22	0.22	NUM
dem-30524	62	58	0.26	0.26	NUM
dem-30524	62	59	kghm	kghm	NOUN
dem-30524	62	60	0.42	0.42	NUM
dem-30524	62	61	0.37	0.37	NUM
dem-30524	62	62	0.23	0.23	NUM
dem-30524	62	63	0.01	0.01	NUM
dem-30524	62	64	0.06	0.06	NUM
dem-30524	62	65	0.13	0.13	NUM
dem-30524	62	66	0.20	0.20	NUM
dem-30524	62	67	kruk	kruk	PROPN
dem-30524	62	68	0.22	0.22	NUM
dem-30524	62	69	0.06	0.06	NUM
dem-30524	62	70	0.10	0.10	NUM
dem-30524	62	71	0.13	0.13	NUM
dem-30524	62	72	0.16	0.16	NUM
dem-30524	62	73	0.18	0.18	NUM
dem-30524	62	74	0.14	0.14	NUM
dem-30524	62	75	lotos	lotos	NOUN
dem-30524	62	76	0.09	0.09	NUM
dem-30524	62	77	0.10	0.10	NUM
dem-30524	62	78	0.14	0.14	NUM
dem-30524	62	79	0.05	0.05	NUM
dem-30524	62	80	0.15	0.15	NUM
dem-30524	62	81	0.20	0.20	NUM
dem-30524	62	82	0.12	0.12	NUM
dem-30524	62	83	lpp	lpp	PROPN
dem-30524	62	84	0.28	0.28	NUM
dem-30524	62	85	0.32	0.32	NUM
dem-30524	62	86	0.24	0.24	NUM
dem-30524	62	87	0.14	0.14	NUM
dem-30524	62	88	0.17	0.17	NUM
dem-30524	62	89	0.23	0.23	NUM
dem-30524	62	90	0.23	0.23	NUM
dem-30524	62	91	netia	netia	NOUN
dem-30524	62	92	0.08	0.08	NUM
dem-30524	62	93	0.15	0.15	NUM
dem-30524	62	94	0.18	0.18	NUM
dem-30524	62	95	0.08	0.08	NUM
dem-30524	62	96	0.09	0.09	NUM
dem-30524	62	97	0.04	0.04	NUM
dem-30524	62	98	0.10	0.10	NUM
dem-30524	62	99	orangepl	orangepl	ADP
dem-30524	62	100	0.16	0.16	NUM
dem-30524	62	101	0.17	0.17	NUM
dem-30524	62	102	0.18	0.18	NUM
dem-30524	62	103	0.11	0.11	NUM
dem-30524	62	104	0.06	0.06	NUM
dem-30524	62	105	0.07	0.07	NUM
dem-30524	62	106	0.13	0.13	NUM
dem-30524	62	107	oribs	orib	NOUN
dem-30524	62	108	0.34	0.34	NUM
dem-30524	62	109	0.44	0.44	NUM
dem-30524	62	110	0.46	0.46	NUM
dem-30524	62	111	0.23	0.23	NUM
dem-30524	62	112	0.38	0.38	NUM
dem-30524	62	113	0.31	0.31	NUM
dem-30524	62	114	0.36	0.36	NUM
dem-30524	62	115	pge	pge	NOUN
dem-30524	62	116	0.28	0.28	NUM
dem-30524	62	117	0.31	0.31	NUM
dem-30524	62	118	0.37	0.37	NUM
dem-30524	62	119	0.11	0.11	NUM
dem-30524	62	120	0.23	0.23	NUM
dem-30524	62	121	0.18	0.18	NUM
dem-30524	62	122	0.25	0.25	NUM
dem-30524	62	123	pgnig	pgnig	NOUN
dem-30524	62	124	0.25	0.25	NUM
dem-30524	62	125	0.32	0.32	NUM
dem-30524	62	126	0.33	0.33	NUM
dem-30524	62	127	0.21	0.21	NUM
dem-30524	62	128	0.25	0.25	NUM
dem-30524	62	129	0.25	0.25	NUM
dem-30524	62	130	0.27	0.27	NUM
dem-30524	62	131	pknorlen	pknorlen	VERB
dem-30524	62	132	0.18	0.18	NUM
dem-30524	62	133	0.18	0.18	NUM
dem-30524	62	134	0.13	0.13	NUM
dem-30524	62	135	0.14	0.14	NUM
dem-30524	62	136	0.24	0.24	NUM
dem-30524	62	137	0.27	0.27	NUM
dem-30524	62	138	0.19	0.19	NUM
dem-30524	62	139	tauronpe	tauronpe	NOUN
dem-30524	62	140	0.23	0.23	NUM
dem-30524	62	141	0.25	0.25	NUM
dem-30524	62	142	0.23	0.23	NUM
dem-30524	62	143	0.09	0.09	NUM
dem-30524	62	144	0.05	0.05	NUM
dem-30524	62	145	0.09	0.09	NUM
dem-30524	62	146	0.16	0.16	NUM
dem-30524	62	147	note	note	NOUN
dem-30524	62	148	:	:	PUNCT
dem-30524	62	149	bold	bold	ADJ
dem-30524	62	150	letters	letter	NOUN
dem-30524	62	151	denote	denote	VERB
dem-30524	62	152	the	the	DET
dem-30524	62	153	state	state	NOUN
dem-30524	62	154	treasury	treasury	NOUN
dem-30524	62	155	companies	company	NOUN
dem-30524	62	156	.	.	PUNCT
dem-30524	63	1	synthetic	synthetic	ADJ
dem-30524	63	2	measures	measure	NOUN
dem-30524	63	3	of	of	ADP
dem-30524	63	4	development	development	NOUN
dem-30524	63	5	(	(	PUNCT
dem-30524	63	6	tmai	tmai	PROPN
dem-30524	63	7	)	)	PUNCT
dem-30524	63	8	are	be	AUX
dem-30524	63	9	constructed	construct	VERB
dem-30524	63	10	employing	employ	VERB
dem-30524	63	11	15	15	NUM
dem-30524	63	12	financial	financial	ADJ
dem-30524	63	13	indicators	indicator	NOUN
dem-30524	63	14	belonging	belong	VERB
dem-30524	63	15	to	to	ADP
dem-30524	63	16	four	four	NUM
dem-30524	63	17	groups	group	NOUN
dem-30524	63	18	:	:	PUNCT
dem-30524	63	19	1	1	X
dem-30524	63	20	.	.	X
dem-30524	63	21	profitability	profitability	NOUN
dem-30524	63	22	ratios	ratio	NOUN
dem-30524	63	23	:	:	PUNCT
dem-30524	63	24	return	return	VERB
dem-30524	63	25	on	on	ADP
dem-30524	63	26	assets	asset	NOUN
dem-30524	63	27	ratio	ratio	NOUN
dem-30524	63	28	(	(	PUNCT
dem-30524	63	29	roa	roa	PROPN
dem-30524	63	30	)	)	PUNCT
dem-30524	63	31	,	,	PUNCT
dem-30524	63	32	return	return	VERB
dem-30524	63	33	on	on	ADP
dem-30524	63	34	equity	equity	NOUN
dem-30524	63	35	ratio	ratio	NOUN
dem-30524	63	36	(	(	PUNCT
dem-30524	63	37	roe	roe	NOUN
dem-30524	63	38	)	)	PUNCT
dem-30524	63	39	and	and	CCONJ
dem-30524	63	40	return	return	VERB
dem-30524	63	41	on	on	ADP
dem-30524	63	42	sales	sale	NOUN
dem-30524	63	43	ratio	ratio	NOUN
dem-30524	63	44	(	(	PUNCT
dem-30524	63	45	ros	ros	PROPN
dem-30524	63	46	)	)	PUNCT
dem-30524	63	47	;	;	PUNCT
dem-30524	63	48	2	2	X
dem-30524	63	49	.	.	X
dem-30524	63	50	liquidity	liquidity	NOUN
dem-30524	63	51	ratios	ratio	NOUN
dem-30524	63	52	:	:	PUNCT
dem-30524	63	53	current	current	ADJ
dem-30524	63	54	ratio	ratio	NOUN
dem-30524	63	55	,	,	PUNCT
dem-30524	63	56	acid	acid	NOUN
dem-30524	63	57	-	-	PUNCT
dem-30524	63	58	test	test	NOUN
dem-30524	63	59	ratio	ratio	NOUN
dem-30524	63	60	(	(	PUNCT
dem-30524	63	61	quick	quick	ADJ
dem-30524	63	62	ratio	ratio	NOUN
dem-30524	63	63	)	)	PUNCT
dem-30524	63	64	and	and	CCONJ
dem-30524	63	65	cash	cash	NOUN
dem-30524	63	66	ratio	ratio	NOUN
dem-30524	63	67	;	;	PUNCT
dem-30524	63	68	dorota	dorota	PROPN
dem-30524	63	69	witkowska	witkowska	PROPN
dem-30524	63	70	,	,	PUNCT
dem-30524	63	71	piotr	piotr	PROPN
dem-30524	63	72	kuźnik	kuźnik	PROPN
dem-30524	63	73	dynamic	dynamic	ADJ
dem-30524	63	74	econometric	econometric	ADJ
dem-30524	63	75	models	model	NOUN
dem-30524	63	76	19	19	NUM
dem-30524	63	77	(	(	PUNCT
dem-30524	63	78	2019	2019	NUM
dem-30524	63	79	)	)	PUNCT
dem-30524	63	80	85–96	85–96	NOUN
dem-30524	63	81	90	90	NUM
dem-30524	63	82	3	3	NUM
dem-30524	63	83	.	.	PUNCT
dem-30524	64	1	efficiency	efficiency	NOUN
dem-30524	64	2	(	(	PUNCT
dem-30524	64	3	activity	activity	NOUN
dem-30524	64	4	)	)	PUNCT
dem-30524	64	5	ratios	ratio	NOUN
dem-30524	64	6	:	:	PUNCT
dem-30524	64	7	average	average	ADJ
dem-30524	64	8	collection	collection	NOUN
dem-30524	64	9	period	period	NOUN
dem-30524	64	10	,	,	PUNCT
dem-30524	64	11	average	average	ADJ
dem-30524	64	12	payment	payment	NOUN
dem-30524	64	13	period	period	NOUN
dem-30524	64	14	,	,	PUNCT
dem-30524	64	15	fixed	fix	VERB
dem-30524	64	16	asset	asset	NOUN
dem-30524	64	17	turnover	turnover	NOUN
dem-30524	64	18	ratio	ratio	NOUN
dem-30524	64	19	,	,	PUNCT
dem-30524	64	20	asset	asset	NOUN
dem-30524	64	21	turnover	turnover	NOUN
dem-30524	64	22	ratio	ratio	NOUN
dem-30524	64	23	and	and	CCONJ
dem-30524	64	24	inventory	inventory	NOUN
dem-30524	64	25	turnover	turnover	NOUN
dem-30524	64	26	ratio	ratio	NOUN
dem-30524	64	27	;	;	PUNCT
dem-30524	64	28	4	4	X
dem-30524	64	29	.	.	X
dem-30524	64	30	leverage	leverage	NOUN
dem-30524	64	31	(	(	PUNCT
dem-30524	64	32	debt	debt	NOUN
dem-30524	64	33	)	)	PUNCT
dem-30524	64	34	ratios	ratio	NOUN
dem-30524	64	35	:	:	PUNCT
dem-30524	64	36	debt	debt	NOUN
dem-30524	64	37	ratio	ratio	NOUN
dem-30524	64	38	,	,	PUNCT
dem-30524	64	39	debt	debt	NOUN
dem-30524	64	40	to	to	ADP
dem-30524	64	41	ebitda	ebitda	NOUN
dem-30524	64	42	ratio	ratio	NOUN
dem-30524	64	43	,	,	PUNCT
dem-30524	64	44	interest	interest	NOUN
dem-30524	64	45	coverage	coverage	NOUN
dem-30524	64	46	ratio	ratio	NOUN
dem-30524	64	47	and	and	CCONJ
dem-30524	64	48	long	long	ADJ
dem-30524	64	49	-	-	PUNCT
dem-30524	64	50	term	term	NOUN
dem-30524	64	51	debt	debt	NOUN
dem-30524	64	52	to	to	ADP
dem-30524	64	53	equity	equity	NOUN
dem-30524	64	54	ratio	ratio	NOUN
dem-30524	64	55	.	.	PUNCT
dem-30524	64	56	obtained	obtain	VERB
dem-30524	64	57	tmai	tmai	NOUN
dem-30524	64	58	values	value	NOUN
dem-30524	64	59	for	for	ADP
dem-30524	64	60	considered	consider	VERB
dem-30524	64	61	companies	company	NOUN
dem-30524	64	62	in	in	ADP
dem-30524	64	63	the	the	DET
dem-30524	64	64	years	year	NOUN
dem-30524	64	65	2012–2017	2012–2017	NUM
dem-30524	64	66	are	be	AUX
dem-30524	64	67	presented	present	VERB
dem-30524	64	68	in	in	ADP
dem-30524	64	69	table	table	NOUN
dem-30524	64	70	1	1	NUM
dem-30524	64	71	.	.	PUNCT
dem-30524	65	1	according	accord	VERB
dem-30524	65	2	to	to	ADP
dem-30524	65	3	(	(	PUNCT
dem-30524	65	4	łuniewska	łuniewska	NOUN
dem-30524	65	5	and	and	CCONJ
dem-30524	65	6	tarczyński	tarczyński	ADJ
dem-30524	65	7	,	,	PUNCT
dem-30524	65	8	2006	2006	NUM
dem-30524	65	9	,	,	PUNCT
dem-30524	65	10	p.	p.	NOUN
dem-30524	65	11	95	95	NUM
dem-30524	65	12	)	)	PUNCT
dem-30524	65	13	,	,	PUNCT
dem-30524	65	14	the	the	DET
dem-30524	65	15	level	level	NOUN
dem-30524	65	16	of	of	ADP
dem-30524	65	17	synthetic	synthetic	ADJ
dem-30524	65	18	measures	measure	NOUN
dem-30524	65	19	for	for	ADP
dem-30524	65	20	companies	company	NOUN
dem-30524	65	21	with	with	ADP
dem-30524	65	22	strong	strong	ADJ
dem-30524	65	23	foundational	foundational	ADJ
dem-30524	65	24	and	and	CCONJ
dem-30524	65	25	being	be	AUX
dem-30524	65	26	attractive	attractive	ADJ
dem-30524	65	27	in	in	ADP
dem-30524	65	28	terms	term	NOUN
dem-30524	65	29	of	of	ADP
dem-30524	65	30	investment	investment	NOUN
dem-30524	65	31	is	be	AUX
dem-30524	65	32	determined	determine	VERB
dem-30524	65	33	by	by	ADP
dem-30524	65	34	tmai	tmai	NOUN
dem-30524	65	35	in	in	ADP
dem-30524	65	36	the	the	DET
dem-30524	65	37	range	range	NOUN
dem-30524	65	38	of	of	ADP
dem-30524	65	39	0.3	0.3	NUM
dem-30524	65	40	–	–	PUNCT
dem-30524	65	41	0.5	0.5	NUM
dem-30524	65	42	.	.	PUNCT
dem-30524	65	43	analysing	analyse	VERB
dem-30524	65	44	values	value	NOUN
dem-30524	65	45	of	of	ADP
dem-30524	65	46	constructed	construct	VERB
dem-30524	65	47	measure	measure	NOUN
dem-30524	65	48	in	in	ADP
dem-30524	65	49	table	table	NOUN
dem-30524	65	50	1	1	NUM
dem-30524	65	51	,	,	PUNCT
dem-30524	65	52	it	it	PRON
dem-30524	65	53	may	may	AUX
dem-30524	65	54	be	be	AUX
dem-30524	65	55	noticed	notice	VERB
dem-30524	65	56	that	that	SCONJ
dem-30524	65	57	in	in	ADP
dem-30524	65	58	each	each	PRON
dem-30524	65	59	of	of	ADP
dem-30524	65	60	the	the	DET
dem-30524	65	61	audited	audit	VERB
dem-30524	65	62	periods	period	NOUN
dem-30524	65	63	there	there	PRON
dem-30524	65	64	are	be	VERB
dem-30524	65	65	several	several	ADJ
dem-30524	65	66	companies	company	NOUN
dem-30524	65	67	in	in	ADP
dem-30524	65	68	good	good	ADJ
dem-30524	65	69	economic	economic	ADJ
dem-30524	65	70	and	and	CCONJ
dem-30524	65	71	financial	financial	ADJ
dem-30524	65	72	condition	condition	NOUN
dem-30524	65	73	,	,	PUNCT
dem-30524	65	74	for	for	ADP
dem-30524	65	75	which	which	PRON
dem-30524	65	76	tmai	tmai	PROPN
dem-30524	65	77	values	value	NOUN
dem-30524	65	78	equal	equal	VERB
dem-30524	65	79	0.3	0.3	NUM
dem-30524	65	80	and	and	CCONJ
dem-30524	65	81	above	above	ADV
dem-30524	65	82	.	.	PUNCT
dem-30524	66	1	namely	namely	ADV
dem-30524	66	2	for	for	ADP
dem-30524	66	3	rounded	rounded	ADJ
dem-30524	66	4	measure	measure	NOUN
dem-30524	66	5	values	value	NOUN
dem-30524	66	6	,	,	PUNCT
dem-30524	66	7	there	there	PRON
dem-30524	66	8	are	be	VERB
dem-30524	66	9	15	15	NUM
dem-30524	66	10	such	such	ADJ
dem-30524	66	11	firms	firm	NOUN
dem-30524	66	12	in	in	ADP
dem-30524	66	13	2013	2013	NUM
dem-30524	66	14	,	,	PUNCT
dem-30524	66	15	11	11	NUM
dem-30524	66	16	companies	company	NOUN
dem-30524	66	17	in	in	ADP
dem-30524	66	18	2012	2012	NUM
dem-30524	66	19	,	,	PUNCT
dem-30524	66	20	9	9	NUM
dem-30524	66	21	enterprises	enterprise	NOUN
dem-30524	66	22	in	in	ADP
dem-30524	66	23	2014	2014	NUM
dem-30524	66	24	,	,	PUNCT
dem-30524	66	25	6	6	NUM
dem-30524	66	26	companies	company	NOUN
dem-30524	66	27	in	in	ADP
dem-30524	66	28	2017	2017	NUM
dem-30524	66	29	,	,	PUNCT
dem-30524	66	30	5	5	NUM
dem-30524	66	31	enterprises	enterprise	NOUN
dem-30524	66	32	in	in	ADP
dem-30524	66	33	2016	2016	NUM
dem-30524	66	34	,	,	PUNCT
dem-30524	66	35	and	and	CCONJ
dem-30524	66	36	2	2	NUM
dem-30524	66	37	firms	firm	NOUN
dem-30524	66	38	in	in	ADP
dem-30524	66	39	2015	2015	NUM
dem-30524	66	40	(	(	PUNCT
dem-30524	66	41	i.e.	i.e.	X
dem-30524	66	42	there	there	PRON
dem-30524	66	43	are	be	VERB
dem-30524	66	44	only	only	ADV
dem-30524	66	45	48	48	NUM
dem-30524	66	46	such	such	ADJ
dem-30524	66	47	cases	case	NOUN
dem-30524	66	48	,	,	PUNCT
dem-30524	66	49	and	and	CCONJ
dem-30524	66	50	among	among	ADP
dem-30524	66	51	them	they	PRON
dem-30524	66	52	only	only	ADV
dem-30524	66	53	in	in	ADP
dem-30524	66	54	33	33	NUM
dem-30524	66	55	cases	case	NOUN
dem-30524	66	56	tmai	tmai	NOUN
dem-30524	66	57	is	be	AUX
dem-30524	66	58	bigger	big	ADJ
dem-30524	66	59	than	than	ADP
dem-30524	66	60	0.3	0.3	NUM
dem-30524	66	61	)	)	PUNCT
dem-30524	66	62	.	.	PUNCT
dem-30524	67	1	it	it	PRON
dem-30524	67	2	means	mean	VERB
dem-30524	67	3	that	that	SCONJ
dem-30524	67	4	the	the	DET
dem-30524	67	5	majority	majority	NOUN
dem-30524	67	6	of	of	ADP
dem-30524	67	7	companies	company	NOUN
dem-30524	67	8	under	under	ADP
dem-30524	67	9	study	study	NOUN
dem-30524	67	10	are	be	AUX
dem-30524	67	11	characterized	characterize	VERB
dem-30524	67	12	by	by	ADP
dem-30524	67	13	weak	weak	ADJ
dem-30524	67	14	economic	economic	ADJ
dem-30524	67	15	and	and	CCONJ
dem-30524	67	16	financial	financial	ADJ
dem-30524	67	17	results	result	NOUN
dem-30524	67	18	in	in	ADP
dem-30524	67	19	the	the	DET
dem-30524	67	20	years	year	NOUN
dem-30524	67	21	2015–2017	2015–2017	NUM
dem-30524	67	22	(	(	PUNCT
dem-30524	67	23	i.e.	i.e.	X
dem-30524	67	24	in	in	ADP
dem-30524	67	25	more	more	ADJ
dem-30524	67	26	than	than	ADP
dem-30524	67	27	70	70	NUM
dem-30524	67	28	%	%	NOUN
dem-30524	67	29	of	of	ADP
dem-30524	67	30	all	all	DET
dem-30524	67	31	analysed	analyse	VERB
dem-30524	67	32	cases	case	NOUN
dem-30524	67	33	)	)	PUNCT
dem-30524	67	34	.	.	PUNCT
dem-30524	68	1	among	among	ADP
dem-30524	68	2	analysed	analyse	VERB
dem-30524	68	3	companies	company	NOUN
dem-30524	68	4	only	only	ADV
dem-30524	68	5	four	four	NUM
dem-30524	68	6	of	of	ADP
dem-30524	68	7	them	they	PRON
dem-30524	68	8	can	can	AUX
dem-30524	68	9	be	be	AUX
dem-30524	68	10	classified	classify	VERB
dem-30524	68	11	into	into	ADP
dem-30524	68	12	the	the	DET
dem-30524	68	13	group	group	NOUN
dem-30524	68	14	of	of	ADP
dem-30524	68	15	the	the	DET
dem-30524	68	16	best	good	ADJ
dem-30524	68	17	companies	company	NOUN
dem-30524	68	18	,	,	PUNCT
dem-30524	68	19	i.e.	i.e.	X
dem-30524	68	20	cdprojekt	cdprojekt	NOUN
dem-30524	68	21	in	in	ADP
dem-30524	68	22	all	all	DET
dem-30524	68	23	analysed	analyse	VERB
dem-30524	68	24	years	year	NOUN
dem-30524	68	25	,	,	PUNCT
dem-30524	68	26	orbis	orbi	VERB
dem-30524	68	27	together	together	ADV
dem-30524	68	28	with	with	ADP
dem-30524	68	29	bogdanka	bogdanka	NOUN
dem-30524	68	30	in	in	ADP
dem-30524	68	31	five	five	NUM
dem-30524	68	32	years	year	NOUN
dem-30524	68	33	and	and	CCONJ
dem-30524	68	34	echo	echo	VERB
dem-30524	68	35	in	in	ADP
dem-30524	68	36	four	four	NUM
dem-30524	68	37	years	year	NOUN
dem-30524	68	38	.	.	PUNCT
dem-30524	69	1	ten	ten	NUM
dem-30524	69	2	enterprises	enterprise	NOUN
dem-30524	69	3	are	be	AUX
dem-30524	69	4	characterized	characterize	VERB
dem-30524	69	5	by	by	ADP
dem-30524	69	6	values	value	NOUN
dem-30524	69	7	of	of	ADP
dem-30524	69	8	the	the	DET
dem-30524	69	9	synthetic	synthetic	ADJ
dem-30524	69	10	measure	measure	NOUN
dem-30524	69	11	below	below	ADP
dem-30524	69	12	0.3	0.3	NUM
dem-30524	69	13	in	in	ADP
dem-30524	69	14	all	all	DET
dem-30524	69	15	years	year	NOUN
dem-30524	69	16	of	of	ADP
dem-30524	69	17	investigation	investigation	NOUN
dem-30524	69	18	,	,	PUNCT
dem-30524	69	19	which	which	PRON
dem-30524	69	20	means	mean	VERB
dem-30524	69	21	low	low	ADJ
dem-30524	69	22	investment	investment	NOUN
dem-30524	69	23	attractiveness	attractiveness	NOUN
dem-30524	69	24	and	and	CCONJ
dem-30524	69	25	fundamental	fundamental	ADJ
dem-30524	69	26	strength	strength	NOUN
dem-30524	69	27	.	.	PUNCT
dem-30524	70	1	other	other	ADJ
dem-30524	70	2	companies	company	NOUN
dem-30524	70	3	show	show	VERB
dem-30524	70	4	low	low	ADJ
dem-30524	70	5	values	value	NOUN
dem-30524	70	6	of	of	ADP
dem-30524	70	7	tmai	tmai	NOUN
dem-30524	70	8	in	in	ADP
dem-30524	70	9	three	three	NUM
dem-30524	70	10	and	and	CCONJ
dem-30524	70	11	more	more	ADJ
dem-30524	70	12	years	year	NOUN
dem-30524	70	13	(	(	PUNCT
dem-30524	70	14	among	among	ADP
dem-30524	70	15	six	six	NUM
dem-30524	70	16	considered	consider	VERB
dem-30524	70	17	years	year	NOUN
dem-30524	70	18	)	)	PUNCT
dem-30524	70	19	.	.	PUNCT
dem-30524	71	1	cdprojekt	cdprojekt	PROPN
dem-30524	71	2	obtains	obtain	VERB
dem-30524	71	3	the	the	DET
dem-30524	71	4	highest	high	ADJ
dem-30524	71	5	value	value	NOUN
dem-30524	71	6	of	of	ADP
dem-30524	71	7	taxonomic	taxonomic	ADJ
dem-30524	71	8	measure	measure	NOUN
dem-30524	71	9	of	of	ADP
dem-30524	71	10	investment	investment	NOUN
dem-30524	71	11	attractiveness	attractiveness	NOUN
dem-30524	71	12	in	in	ADP
dem-30524	71	13	2012	2012	NUM
dem-30524	71	14	(	(	PUNCT
dem-30524	71	15	tmai=	tmai=	NUM
dem-30524	71	16	0.45	0.45	NUM
dem-30524	71	17	)	)	PUNCT
dem-30524	71	18	and	and	CCONJ
dem-30524	71	19	keeps	keep	VERB
dem-30524	71	20	the	the	DET
dem-30524	71	21	tmai	tmai	NOUN
dem-30524	71	22	value	value	NOUN
dem-30524	71	23	above	above	ADP
dem-30524	71	24	0.3	0.3	NUM
dem-30524	71	25	in	in	ADP
dem-30524	71	26	five	five	NUM
dem-30524	71	27	following	follow	VERB
dem-30524	71	28	years	year	NOUN
dem-30524	71	29	,	,	PUNCT
dem-30524	71	30	that	that	PRON
dem-30524	71	31	proves	prove	VERB
dem-30524	71	32	its	its	PRON
dem-30524	71	33	strong	strong	ADJ
dem-30524	71	34	financial	financial	ADJ
dem-30524	71	35	situation	situation	NOUN
dem-30524	71	36	and	and	CCONJ
dem-30524	71	37	proper	proper	ADJ
dem-30524	71	38	management	management	NOUN
dem-30524	71	39	.	.	PUNCT
dem-30524	72	1	the	the	DET
dem-30524	72	2	second	second	ADJ
dem-30524	72	3	place	place	NOUN
dem-30524	72	4	in	in	ADP
dem-30524	72	5	2012	2012	NUM
dem-30524	72	6	,	,	PUNCT
dem-30524	72	7	in	in	ADP
dem-30524	72	8	terms	term	NOUN
dem-30524	72	9	of	of	ADP
dem-30524	72	10	investment	investment	NOUN
dem-30524	72	11	attractiveness	attractiveness	NOUN
dem-30524	72	12	,	,	PUNCT
dem-30524	72	13	belongs	belong	VERB
dem-30524	72	14	to	to	ADP
dem-30524	72	15	kghm	kghm	PROPN
dem-30524	72	16	company	company	PROPN
dem-30524	72	17	,	,	PUNCT
dem-30524	72	18	which	which	PRON
dem-30524	72	19	in	in	ADP
dem-30524	72	20	the	the	DET
dem-30524	72	21	following	follow	VERB
dem-30524	72	22	years	year	NOUN
dem-30524	72	23	does	do	AUX
dem-30524	72	24	not	not	PART
dem-30524	72	25	perform	perform	VERB
dem-30524	72	26	well	well	ADV
dem-30524	72	27	,	,	PUNCT
dem-30524	72	28	and	and	CCONJ
dem-30524	72	29	keeps	keep	VERB
dem-30524	72	30	the	the	DET
dem-30524	72	31	last	last	ADJ
dem-30524	72	32	place	place	NOUN
dem-30524	72	33	in	in	ADP
dem-30524	72	34	the	the	DET
dem-30524	72	35	constructed	construct	VERB
dem-30524	72	36	ranking	ranking	NOUN
dem-30524	72	37	for	for	ADP
dem-30524	72	38	2015	2015	NUM
dem-30524	72	39	.	.	PUNCT
dem-30524	73	1	the	the	DET
dem-30524	73	2	years	year	NOUN
dem-30524	73	3	2013	2013	NUM
dem-30524	73	4	and	and	CCONJ
dem-30524	73	5	2014	2014	NUM
dem-30524	73	6	are	be	AUX
dem-30524	73	7	favourable	favourable	ADJ
dem-30524	73	8	for	for	ADP
dem-30524	73	9	orbis	orbis	PROPN
dem-30524	73	10	,	,	PUNCT
dem-30524	73	11	which	which	PRON
dem-30524	73	12	seems	seem	VERB
dem-30524	73	13	to	to	PART
dem-30524	73	14	be	be	AUX
dem-30524	73	15	of	of	ADP
dem-30524	73	16	the	the	DET
dem-30524	73	17	best	good	ADJ
dem-30524	73	18	financial	financial	ADJ
dem-30524	73	19	standing	standing	NOUN
dem-30524	73	20	,	,	PUNCT
dem-30524	73	21	and	and	CCONJ
dem-30524	73	22	the	the	DET
dem-30524	73	23	values	value	NOUN
dem-30524	73	24	of	of	ADP
dem-30524	73	25	aggregate	aggregate	ADJ
dem-30524	73	26	measures	measure	NOUN
dem-30524	73	27	equal	equal	ADJ
dem-30524	73	28	0.44	0.44	NUM
dem-30524	73	29	and	and	CCONJ
dem-30524	73	30	0.46	0.46	NUM
dem-30524	73	31	,	,	PUNCT
dem-30524	73	32	respectively	respectively	ADV
dem-30524	73	33	.	.	PUNCT
dem-30524	74	1	tmai	tmai	PROPN
dem-30524	74	2	values	value	NOUN
dem-30524	74	3	for	for	ADP
dem-30524	74	4	orbis	orbi	NOUN
dem-30524	74	5	in	in	ADP
dem-30524	74	6	the	the	DET
dem-30524	74	7	considered	consider	VERB
dem-30524	74	8	period	period	NOUN
dem-30524	74	9	2012	2012	NUM
dem-30524	74	10	–	–	PUNCT
dem-30524	74	11	2017	2017	NUM
dem-30524	74	12	,	,	PUNCT
dem-30524	74	13	are	be	AUX
dem-30524	74	14	regularly	regularly	ADV
dem-30524	74	15	in	in	ADP
dem-30524	74	16	the	the	DET
dem-30524	74	17	range	range	NOUN
dem-30524	74	18	between	between	ADP
dem-30524	74	19	0.3	0.3	NUM
dem-30524	74	20	and	and	CCONJ
dem-30524	74	21	0.5	0.5	NUM
dem-30524	74	22	,	,	PUNCT
dem-30524	74	23	with	with	ADP
dem-30524	74	24	the	the	DET
dem-30524	74	25	exception	exception	NOUN
dem-30524	74	26	of	of	ADP
dem-30524	74	27	2015	2015	NUM
dem-30524	74	28	,	,	PUNCT
dem-30524	74	29	when	when	SCONJ
dem-30524	74	30	the	the	DET
dem-30524	74	31	measure	measure	NOUN
dem-30524	74	32	decreases	decrease	VERB
dem-30524	74	33	to	to	ADP
dem-30524	74	34	0.23	0.23	NUM
dem-30524	74	35	.	.	PUNCT
dem-30524	75	1	definitely	definitely	ADV
dem-30524	75	2	unfavourable	unfavourable	ADJ
dem-30524	75	3	results	result	NOUN
dem-30524	75	4	in	in	ADP
dem-30524	75	5	2013	2013	NUM
dem-30524	75	6	and	and	CCONJ
dem-30524	75	7	2014	2014	NUM
dem-30524	75	8	,	,	PUNCT
dem-30524	75	9	in	in	ADP
dem-30524	75	10	terms	term	NOUN
dem-30524	75	11	of	of	ADP
dem-30524	75	12	tmai	tmai	NOUN
dem-30524	75	13	,	,	PUNCT
dem-30524	75	14	belong	belong	VERB
dem-30524	75	15	to	to	ADP
dem-30524	75	16	gtc	gtc	PROPN
dem-30524	75	17	,	,	PUNCT
dem-30524	75	18	which	which	PRON
dem-30524	75	19	is	be	AUX
dem-30524	75	20	the	the	DET
dem-30524	75	21	weakest	weak	ADJ
dem-30524	75	22	among	among	ADP
dem-30524	75	23	all	all	DET
dem-30524	75	24	companies	company	NOUN
dem-30524	75	25	in	in	ADP
dem-30524	75	26	both	both	DET
dem-30524	75	27	years	year	NOUN
dem-30524	75	28	.	.	PUNCT
dem-30524	76	1	in	in	SCONJ
dem-30524	76	2	does	do	AUX
dem-30524	76	3	fundamental	fundamental	ADJ
dem-30524	76	4	strength	strength	NOUN
dem-30524	76	5	of	of	ADP
dem-30524	76	6	the	the	DET
dem-30524	76	7	company	company	NOUN
dem-30524	76	8	influence	influence	VERB
dem-30524	76	9	its	its	PRON
dem-30524	76	10	investment	investment	NOUN
dem-30524	76	11	performance	performance	NOUN
dem-30524	76	12	?	?	PUNCT
dem-30524	77	1	dynamic	dynamic	ADJ
dem-30524	77	2	econometric	econometric	ADJ
dem-30524	77	3	models	model	NOUN
dem-30524	77	4	19	19	NUM
dem-30524	77	5	(	(	PUNCT
dem-30524	77	6	2019	2019	NUM
dem-30524	77	7	)	)	PUNCT
dem-30524	77	8	85–96	85–96	NUM
dem-30524	77	9	91	91	NUM
dem-30524	77	10	2015	2015	NUM
dem-30524	77	11	,	,	PUNCT
dem-30524	77	12	echo	echo	NOUN
dem-30524	77	13	reaches	reach	VERB
dem-30524	77	14	the	the	DET
dem-30524	77	15	highest	high	ADJ
dem-30524	77	16	tmai	tmai	NOUN
dem-30524	77	17	level	level	NOUN
dem-30524	77	18	,	,	PUNCT
dem-30524	77	19	while	while	SCONJ
dem-30524	77	20	in	in	ADP
dem-30524	77	21	the	the	DET
dem-30524	77	22	following	following	ADJ
dem-30524	77	23	year	year	NOUN
dem-30524	77	24	the	the	DET
dem-30524	77	25	first	first	ADJ
dem-30524	77	26	place	place	NOUN
dem-30524	77	27	is	be	AUX
dem-30524	77	28	taken	take	VERB
dem-30524	77	29	by	by	ADP
dem-30524	77	30	cdprojekt	cdprojekt	NOUN
dem-30524	77	31	again	again	ADV
dem-30524	77	32	,	,	PUNCT
dem-30524	77	33	whereas	whereas	SCONJ
dem-30524	77	34	tauronpe	tauronpe	NOUN
dem-30524	77	35	turns	turn	VERB
dem-30524	77	36	out	out	ADP
dem-30524	77	37	to	to	PART
dem-30524	77	38	be	be	AUX
dem-30524	77	39	the	the	DET
dem-30524	77	40	least	least	ADV
dem-30524	77	41	attractive	attractive	ADJ
dem-30524	77	42	investment	investment	NOUN
dem-30524	77	43	.	.	PUNCT
dem-30524	78	1	bogdanka	bogdanka	PROPN
dem-30524	78	2	is	be	AUX
dem-30524	78	3	the	the	DET
dem-30524	78	4	highest	high	ADJ
dem-30524	78	5	ranked	rank	VERB
dem-30524	78	6	company	company	NOUN
dem-30524	78	7	in	in	ADP
dem-30524	78	8	the	the	DET
dem-30524	78	9	ranking	ranking	NOUN
dem-30524	78	10	in	in	ADP
dem-30524	78	11	2017	2017	NUM
dem-30524	78	12	,	,	PUNCT
dem-30524	78	13	while	while	SCONJ
dem-30524	78	14	eurocash	eurocash	NOUN
dem-30524	78	15	characterizes	characterize	VERB
dem-30524	78	16	by	by	ADP
dem-30524	78	17	the	the	DET
dem-30524	78	18	lowest	low	ADJ
dem-30524	78	19	tmai	tmai	NOUN
dem-30524	78	20	level	level	NOUN
dem-30524	78	21	among	among	ADP
dem-30524	78	22	all	all	DET
dem-30524	78	23	companies	company	NOUN
dem-30524	78	24	.	.	PUNCT
dem-30524	79	1	orbis	orbis	PROPN
dem-30524	79	2	and	and	CCONJ
dem-30524	79	3	cdprojekt	cdprojekt	NOUN
dem-30524	79	4	have	have	VERB
dem-30524	79	5	the	the	DET
dem-30524	79	6	highest	high	ADJ
dem-30524	79	7	average	average	ADJ
dem-30524	79	8	values	value	NOUN
dem-30524	79	9	of	of	ADP
dem-30524	79	10	tmai	tmai	NOUN
dem-30524	79	11	which	which	PRON
dem-30524	79	12	for	for	ADP
dem-30524	79	13	both	both	DET
dem-30524	79	14	companies	company	NOUN
dem-30524	79	15	over	over	ADP
dem-30524	79	16	the	the	DET
dem-30524	79	17	six	six	NUM
dem-30524	79	18	examined	examine	VERB
dem-30524	79	19	years	year	NOUN
dem-30524	79	20	are	be	AUX
dem-30524	79	21	above	above	ADP
dem-30524	79	22	0.36	0.36	NUM
dem-30524	79	23	.	.	PUNCT
dem-30524	80	1	these	these	DET
dem-30524	80	2	two	two	NUM
dem-30524	80	3	firms	firm	NOUN
dem-30524	80	4	should	should	AUX
dem-30524	80	5	be	be	AUX
dem-30524	80	6	classified	classify	VERB
dem-30524	80	7	as	as	ADP
dem-30524	80	8	companies	company	NOUN
dem-30524	80	9	with	with	ADP
dem-30524	80	10	strong	strong	ADJ
dem-30524	80	11	fundamental	fundamental	ADJ
dem-30524	80	12	and	and	CCONJ
dem-30524	80	13	being	be	AUX
dem-30524	80	14	attractive	attractive	ADJ
dem-30524	80	15	for	for	ADP
dem-30524	80	16	investment	investment	NOUN
dem-30524	80	17	.	.	PUNCT
dem-30524	81	1	other	other	ADJ
dem-30524	81	2	companies	company	NOUN
dem-30524	81	3	achieve	achieve	VERB
dem-30524	81	4	much	much	ADV
dem-30524	81	5	worse	bad	ADJ
dem-30524	81	6	results	result	NOUN
dem-30524	81	7	thus	thus	ADV
dem-30524	81	8	their	their	PRON
dem-30524	81	9	investment	investment	NOUN
dem-30524	81	10	attractiveness	attractiveness	NOUN
dem-30524	81	11	is	be	AUX
dem-30524	81	12	at	at	ADP
dem-30524	81	13	an	an	DET
dem-30524	81	14	average	average	ADJ
dem-30524	81	15	level	level	NOUN
dem-30524	81	16	.	.	PUNCT
dem-30524	82	1	it	it	PRON
dem-30524	82	2	is	be	AUX
dem-30524	82	3	worth	worth	ADJ
dem-30524	82	4	mentioning	mention	VERB
dem-30524	82	5	that	that	SCONJ
dem-30524	82	6	among	among	ADP
dem-30524	82	7	the	the	DET
dem-30524	82	8	state	state	NOUN
dem-30524	82	9	treasury	treasury	NOUN
dem-30524	82	10	companies	company	NOUN
dem-30524	82	11	,	,	PUNCT
dem-30524	82	12	enea	enea	ADJ
dem-30524	82	13	from	from	ADP
dem-30524	82	14	the	the	DET
dem-30524	82	15	energy	energy	NOUN
dem-30524	82	16	sector	sector	NOUN
dem-30524	82	17	and	and	CCONJ
dem-30524	82	18	pgnig	pgnig	NOUN
dem-30524	82	19	,	,	PUNCT
dem-30524	82	20	belonging	belong	VERB
dem-30524	82	21	to	to	ADP
dem-30524	82	22	the	the	DET
dem-30524	82	23	wig	wig	NOUN
dem-30524	82	24	-	-	PUNCT
dem-30524	82	25	oil&gas	oil&gas	PROPN
dem-30524	82	26	industry	industry	NOUN
dem-30524	82	27	index	index	NOUN
dem-30524	82	28	,	,	PUNCT
dem-30524	82	29	keep	keep	VERB
dem-30524	82	30	the	the	DET
dem-30524	82	31	highest	high	ADJ
dem-30524	82	32	place	place	NOUN
dem-30524	82	33	in	in	ADP
dem-30524	82	34	the	the	DET
dem-30524	82	35	created	create	VERB
dem-30524	82	36	ranking	ranking	NOUN
dem-30524	82	37	of	of	ADP
dem-30524	82	38	companies	company	NOUN
dem-30524	82	39	.	.	PUNCT
dem-30524	83	1	the	the	DET
dem-30524	83	2	least	least	ADJ
dem-30524	83	3	level	level	NOUN
dem-30524	83	4	of	of	ADP
dem-30524	83	5	taxonomic	taxonomic	ADJ
dem-30524	83	6	measure	measure	NOUN
dem-30524	83	7	of	of	ADP
dem-30524	83	8	investment	investment	NOUN
dem-30524	83	9	attractiveness	attractiveness	NOUN
dem-30524	83	10	is	be	AUX
dem-30524	83	11	observed	observe	VERB
dem-30524	83	12	for	for	ADP
dem-30524	83	13	eurocash	eurocash	NOUN
dem-30524	83	14	.	.	PUNCT
dem-30524	84	1	the	the	DET
dem-30524	84	2	company	company	NOUN
dem-30524	84	3	fares	fare	VERB
dem-30524	84	4	by	by	ADP
dem-30524	84	5	far	far	ADV
dem-30524	84	6	the	the	DET
dem-30524	84	7	worst	bad	ADJ
dem-30524	84	8	in	in	ADP
dem-30524	84	9	the	the	DET
dem-30524	84	10	period	period	NOUN
dem-30524	84	11	under	under	ADP
dem-30524	84	12	review	review	NOUN
dem-30524	84	13	,	,	PUNCT
dem-30524	84	14	reaching	reach	VERB
dem-30524	84	15	an	an	DET
dem-30524	84	16	average	average	ADJ
dem-30524	84	17	tmai	tmai	NOUN
dem-30524	84	18	of	of	ADP
dem-30524	84	19	0.05	0.05	NUM
dem-30524	84	20	.	.	PUNCT
dem-30524	85	1	it	it	PRON
dem-30524	85	2	is	be	AUX
dem-30524	85	3	worth	worth	ADJ
dem-30524	85	4	mentioning	mention	VERB
dem-30524	85	5	that	that	SCONJ
dem-30524	85	6	the	the	DET
dem-30524	85	7	tmai	tmai	ADJ
dem-30524	85	8	negative	negative	ADJ
dem-30524	85	9	values	value	NOUN
dem-30524	85	10	presented	present	VERB
dem-30524	85	11	in	in	ADP
dem-30524	85	12	table	table	NOUN
dem-30524	85	13	1	1	NUM
dem-30524	85	14	are	be	AUX
dem-30524	85	15	irrelevant	irrelevant	ADJ
dem-30524	85	16	since	since	SCONJ
dem-30524	85	17	values	value	NOUN
dem-30524	85	18	of	of	ADP
dem-30524	85	19	the	the	DET
dem-30524	85	20	measure	measure	NOUN
dem-30524	85	21	depend	depend	VERB
dem-30524	85	22	on	on	ADP
dem-30524	85	23	the	the	DET
dem-30524	85	24	normalization	normalization	NOUN
dem-30524	85	25	formula	formula	NOUN
dem-30524	85	26	(	(	PUNCT
dem-30524	85	27	1	1	NUM
dem-30524	85	28	)	)	PUNCT
dem-30524	85	29	,	,	PUNCT
dem-30524	85	30	which	which	PRON
dem-30524	85	31	is	be	AUX
dem-30524	85	32	the	the	DET
dem-30524	85	33	special	special	ADJ
dem-30524	85	34	case	case	NOUN
dem-30524	85	35	of	of	ADP
dem-30524	85	36	the	the	DET
dem-30524	85	37	formula	formula	NOUN
dem-30524	85	38	presented	present	VERB
dem-30524	85	39	by	by	ADP
dem-30524	85	40	tarczyński	tarczyński	PROPN
dem-30524	85	41	(	(	PUNCT
dem-30524	85	42	1994	1994	NUM
dem-30524	85	43	,	,	PUNCT
dem-30524	85	44	p.	p.	NOUN
dem-30524	85	45	177	177	NUM
dem-30524	85	46	)	)	PUNCT
dem-30524	85	47	.	.	PUNCT
dem-30524	86	1	3	3	X
dem-30524	86	2	.	.	X
dem-30524	86	3	rates	rate	NOUN
dem-30524	86	4	of	of	ADP
dem-30524	86	5	return	return	NOUN
dem-30524	86	6	of	of	ADP
dem-30524	86	7	analyzed	analyze	VERB
dem-30524	86	8	listed	list	VERB
dem-30524	86	9	companies	company	NOUN
dem-30524	86	10	annual	annual	ADJ
dem-30524	86	11	logarithmic	logarithmic	ADJ
dem-30524	86	12	rates	rate	NOUN
dem-30524	86	13	of	of	ADP
dem-30524	86	14	return	return	NOUN
dem-30524	86	15	,	,	PUNCT
dem-30524	86	16	calculated	calculate	VERB
dem-30524	86	17	for	for	ADP
dem-30524	86	18	all	all	DET
dem-30524	86	19	companies	company	NOUN
dem-30524	86	20	,	,	PUNCT
dem-30524	86	21	are	be	AUX
dem-30524	86	22	presented	present	VERB
dem-30524	86	23	in	in	ADP
dem-30524	86	24	table	table	NOUN
dem-30524	86	25	2	2	NUM
dem-30524	86	26	.	.	PUNCT
dem-30524	87	1	it	it	PRON
dem-30524	87	2	is	be	AUX
dem-30524	87	3	visible	visible	ADJ
dem-30524	87	4	,	,	PUNCT
dem-30524	87	5	that	that	SCONJ
dem-30524	87	6	average	average	ADJ
dem-30524	87	7	annual	annual	ADJ
dem-30524	87	8	rates	rate	NOUN
dem-30524	87	9	of	of	ADP
dem-30524	87	10	return	return	NOUN
dem-30524	87	11	in	in	ADP
dem-30524	87	12	the	the	DET
dem-30524	87	13	years	year	NOUN
dem-30524	87	14	2015–2017	2015–2017	NUM
dem-30524	87	15	are	be	AUX
dem-30524	87	16	below	below	ADP
dem-30524	87	17	20	20	NUM
dem-30524	87	18	%	%	NOUN
dem-30524	87	19	(	(	PUNCT
dem-30524	87	20	only	only	ADV
dem-30524	87	21	14	14	NUM
dem-30524	87	22	%	%	NOUN
dem-30524	87	23	in	in	ADP
dem-30524	87	24	2015	2015	NUM
dem-30524	87	25	)	)	PUNCT
dem-30524	87	26	whereas	whereas	SCONJ
dem-30524	87	27	they	they	PRON
dem-30524	87	28	are	be	AUX
dem-30524	87	29	over	over	ADP
dem-30524	87	30	20	20	NUM
dem-30524	87	31	%	%	NOUN
dem-30524	87	32	in	in	ADP
dem-30524	87	33	three	three	NUM
dem-30524	87	34	first	first	ADJ
dem-30524	87	35	years	year	NOUN
dem-30524	87	36	of	of	ADP
dem-30524	87	37	investigation	investigation	NOUN
dem-30524	87	38	(	(	PUNCT
dem-30524	87	39	25	25	NUM
dem-30524	87	40	%	%	NOUN
dem-30524	87	41	in	in	ADP
dem-30524	87	42	2014	2014	NUM
dem-30524	87	43	)	)	PUNCT
dem-30524	87	44	.	.	PUNCT
dem-30524	88	1	the	the	DET
dem-30524	88	2	rates	rate	NOUN
dem-30524	88	3	of	of	ADP
dem-30524	88	4	return	return	NOUN
dem-30524	88	5	of	of	ADP
dem-30524	88	6	companies	company	NOUN
dem-30524	88	7	listed	list	VERB
dem-30524	88	8	on	on	ADP
dem-30524	88	9	the	the	DET
dem-30524	88	10	warsaw	warsaw	PROPN
dem-30524	88	11	stock	stock	PROPN
dem-30524	88	12	exchange	exchange	PROPN
dem-30524	88	13	were	be	AUX
dem-30524	88	14	characterized	characterize	VERB
dem-30524	88	15	by	by	ADP
dem-30524	88	16	high	high	ADJ
dem-30524	88	17	volatility	volatility	NOUN
dem-30524	88	18	in	in	ADP
dem-30524	88	19	the	the	DET
dem-30524	88	20	period	period	NOUN
dem-30524	88	21	2012–2017	2012–2017	NUM
dem-30524	88	22	.	.	PUNCT
dem-30524	89	1	among	among	ADP
dem-30524	89	2	the	the	DET
dem-30524	89	3	selected	select	VERB
dem-30524	89	4	companies	company	NOUN
dem-30524	89	5	,	,	PUNCT
dem-30524	89	6	there	there	PRON
dem-30524	89	7	are	be	VERB
dem-30524	89	8	those	those	PRON
dem-30524	89	9	that	that	PRON
dem-30524	89	10	systematically	systematically	ADV
dem-30524	89	11	generated	generate	VERB
dem-30524	89	12	positive	positive	ADJ
dem-30524	89	13	returns	return	NOUN
dem-30524	89	14	on	on	ADP
dem-30524	89	15	the	the	DET
dem-30524	89	16	capital	capital	NOUN
dem-30524	89	17	employed	employ	VERB
dem-30524	89	18	by	by	ADP
dem-30524	89	19	investors	investor	NOUN
dem-30524	89	20	,	,	PUNCT
dem-30524	89	21	e.g.	e.g.	ADV
dem-30524	89	22	budimex	budimex	NOUN
dem-30524	89	23	,	,	PUNCT
dem-30524	89	24	intercars	intercar	NOUN
dem-30524	89	25	,	,	PUNCT
dem-30524	89	26	ccc	ccc	PROPN
dem-30524	89	27	,	,	PUNCT
dem-30524	89	28	kęty	kęty	PROPN
dem-30524	89	29	,	,	PUNCT
dem-30524	89	30	kruk	kruk	PROPN
dem-30524	89	31	,	,	PUNCT
dem-30524	89	32	orbis	orbis	PROPN
dem-30524	89	33	.	.	PUNCT
dem-30524	90	1	the	the	DET
dem-30524	90	2	shares	share	NOUN
dem-30524	90	3	of	of	ADP
dem-30524	90	4	ccc	ccc	PROPN
dem-30524	90	5	brought	bring	VERB
dem-30524	90	6	on	on	ADP
dem-30524	90	7	average	average	ADJ
dem-30524	90	8	31.66	31.66	NUM
dem-30524	90	9	%	%	NOUN
dem-30524	90	10	of	of	ADP
dem-30524	90	11	profit	profit	NOUN
dem-30524	90	12	per	per	ADP
dem-30524	90	13	year	year	NOUN
dem-30524	90	14	.	.	PUNCT
dem-30524	91	1	in	in	ADP
dem-30524	91	2	the	the	DET
dem-30524	91	3	case	case	NOUN
dem-30524	91	4	of	of	ADP
dem-30524	91	5	kruk	kruk	PROPN
dem-30524	91	6	,	,	PUNCT
dem-30524	91	7	the	the	DET
dem-30524	91	8	return	return	NOUN
dem-30524	91	9	was	be	AUX
dem-30524	91	10	30.43	30.43	NUM
dem-30524	91	11	%	%	NOUN
dem-30524	91	12	,	,	PUNCT
dem-30524	91	13	while	while	SCONJ
dem-30524	91	14	investors	investor	NOUN
dem-30524	91	15	obtained	obtain	VERB
dem-30524	91	16	17.92	17.92	NUM
dem-30524	91	17	%	%	NOUN
dem-30524	91	18	on	on	ADP
dem-30524	91	19	shares	share	NOUN
dem-30524	91	20	of	of	ADP
dem-30524	91	21	orbis	orbis	NOUN
dem-30524	91	22	.	.	PUNCT
dem-30524	92	1	the	the	DET
dem-30524	92	2	highest	high	ADJ
dem-30524	92	3	rate	rate	NOUN
dem-30524	92	4	of	of	ADP
dem-30524	92	5	return	return	NOUN
dem-30524	92	6	in	in	ADP
dem-30524	92	7	2012	2012	NUM
dem-30524	92	8	is	be	AUX
dem-30524	92	9	recorded	record	VERB
dem-30524	92	10	by	by	ADP
dem-30524	92	11	lpp	lpp	PROPN
dem-30524	92	12	(	(	PUNCT
dem-30524	92	13	83.76	83.76	NUM
dem-30524	92	14	%	%	NOUN
dem-30524	92	15	)	)	PUNCT
dem-30524	92	16	,	,	PUNCT
dem-30524	92	17	while	while	SCONJ
dem-30524	92	18	orangepl	orangepl	ADP
dem-30524	92	19	generated	generate	VERB
dem-30524	92	20	the	the	DET
dem-30524	92	21	lowest	low	ADJ
dem-30524	92	22	value	value	NOUN
dem-30524	92	23	i.e.	i.e.	X
dem-30524	92	24	25.01	25.01	NUM
dem-30524	92	25	%	%	NOUN
dem-30524	92	26	losses	loss	NOUN
dem-30524	92	27	.	.	PUNCT
dem-30524	93	1	cdprojekt	cdprojekt	NOUN
dem-30524	93	2	achieved	achieve	VERB
dem-30524	93	3	the	the	DET
dem-30524	93	4	highest	high	ADJ
dem-30524	93	5	rate	rate	NOUN
dem-30524	93	6	of	of	ADP
dem-30524	93	7	return	return	NOUN
dem-30524	93	8	among	among	ADP
dem-30524	93	9	all	all	DET
dem-30524	93	10	selected	select	VERB
dem-30524	93	11	enterprises	enterprise	NOUN
dem-30524	93	12	in	in	ADP
dem-30524	93	13	2013	2013	NUM
dem-30524	93	14	(	(	PUNCT
dem-30524	93	15	104	104	NUM
dem-30524	93	16	%	%	NOUN
dem-30524	93	17	)	)	PUNCT
dem-30524	93	18	.	.	PUNCT
dem-30524	94	1	the	the	DET
dem-30524	94	2	main	main	ADJ
dem-30524	94	3	factor	factor	NOUN
dem-30524	94	4	was	be	AUX
dem-30524	94	5	the	the	DET
dem-30524	94	6	high	high	ADJ
dem-30524	94	7	sales	sale	NOUN
dem-30524	94	8	of	of	ADP
dem-30524	94	9	the	the	DET
dem-30524	94	10	popular	popular	ADJ
dem-30524	94	11	game	game	NOUN
dem-30524	94	12	series	series	NOUN
dem-30524	94	13	translating	translate	VERB
dem-30524	94	14	into	into	ADP
dem-30524	94	15	high	high	ADJ
dem-30524	94	16	and	and	CCONJ
dem-30524	94	17	positive	positive	ADJ
dem-30524	94	18	financial	financial	ADJ
dem-30524	94	19	flows	flow	NOUN
dem-30524	94	20	of	of	ADP
dem-30524	94	21	the	the	DET
dem-30524	94	22	company	company	NOUN
dem-30524	94	23	.	.	PUNCT
dem-30524	95	1	cdprojekt	cdprojekt	PROPN
dem-30524	95	2	was	be	AUX
dem-30524	95	3	keeping	keep	VERB
dem-30524	95	4	the	the	DET
dem-30524	95	5	leader	leader	NOUN
dem-30524	95	6	position	position	NOUN
dem-30524	95	7	in	in	ADP
dem-30524	95	8	2016	2016	NUM
dem-30524	95	9	and	and	CCONJ
dem-30524	95	10	2017	2017	NUM
dem-30524	95	11	,	,	PUNCT
dem-30524	95	12	and	and	CCONJ
dem-30524	95	13	also	also	ADV
dem-30524	95	14	achieved	achieve	VERB
dem-30524	95	15	the	the	DET
dem-30524	95	16	highest	high	ADJ
dem-30524	95	17	average	average	ADJ
dem-30524	95	18	rate	rate	NOUN
dem-30524	95	19	of	of	ADP
dem-30524	95	20	return	return	NOUN
dem-30524	95	21	over	over	ADP
dem-30524	95	22	the	the	DET
dem-30524	95	23	entire	entire	ADJ
dem-30524	95	24	period	period	NOUN
dem-30524	95	25	(	(	PUNCT
dem-30524	95	26	48.75	48.75	NUM
dem-30524	95	27	%	%	NOUN
dem-30524	95	28	)	)	PUNCT
dem-30524	95	29	.	.	PUNCT
dem-30524	96	1	dorota	dorota	PROPN
dem-30524	96	2	witkowska	witkowska	PROPN
dem-30524	96	3	,	,	PUNCT
dem-30524	96	4	piotr	piotr	PROPN
dem-30524	96	5	kuźnik	kuźnik	PROPN
dem-30524	96	6	dynamic	dynamic	ADJ
dem-30524	96	7	econometric	econometric	ADJ
dem-30524	96	8	models	model	NOUN
dem-30524	96	9	19	19	NUM
dem-30524	96	10	(	(	PUNCT
dem-30524	96	11	2019	2019	NUM
dem-30524	96	12	)	)	PUNCT
dem-30524	96	13	85–96	85–96	NUM
dem-30524	96	14	92	92	NUM
dem-30524	96	15	ciech	ciech	NOUN
dem-30524	96	16	company	company	NOUN
dem-30524	96	17	was	be	AUX
dem-30524	96	18	successful	successful	ADJ
dem-30524	96	19	in	in	ADP
dem-30524	96	20	2014	2014	NUM
dem-30524	96	21	and	and	CCONJ
dem-30524	96	22	2015	2015	NUM
dem-30524	96	23	(	(	PUNCT
dem-30524	96	24	70.23	70.23	NUM
dem-30524	96	25	%	%	NOUN
dem-30524	96	26	)	)	PUNCT
dem-30524	96	27	.	.	PUNCT
dem-30524	97	1	the	the	DET
dem-30524	97	2	highest	high	ADJ
dem-30524	97	3	losses	loss	NOUN
dem-30524	97	4	were	be	AUX
dem-30524	97	5	generated	generate	VERB
dem-30524	97	6	by	by	ADP
dem-30524	97	7	gtc	gtc	PROPN
dem-30524	97	8	(	(	PUNCT
dem-30524	97	9	i.e.	i.e.	X
dem-30524	97	10	32.37	32.37	NUM
dem-30524	97	11	%	%	NOUN
dem-30524	97	12	in	in	ADP
dem-30524	97	13	2014	2014	NUM
dem-30524	97	14	)	)	PUNCT
dem-30524	97	15	and	and	CCONJ
dem-30524	97	16	bogdanka	bogdanka	NOUN
dem-30524	97	17	(	(	PUNCT
dem-30524	97	18	i.e.	i.e.	X
dem-30524	97	19	101.18	101.18	NUM
dem-30524	97	20	%	%	NOUN
dem-30524	97	21	in	in	ADP
dem-30524	97	22	2015	2015	NUM
dem-30524	97	23	)	)	PUNCT
dem-30524	97	24	.	.	PUNCT
dem-30524	98	1	other	other	ADJ
dem-30524	98	2	raw	raw	ADJ
dem-30524	98	3	material	material	NOUN
dem-30524	98	4	and	and	CCONJ
dem-30524	98	5	energy	energy	NOUN
dem-30524	98	6	companies	company	NOUN
dem-30524	98	7	,	,	PUNCT
dem-30524	98	8	e.g.	e.g.	ADV
dem-30524	98	9	kghm	kghm	PROPN
dem-30524	98	10	,	,	PUNCT
dem-30524	98	11	enea	enea	ADJ
dem-30524	98	12	,	,	PUNCT
dem-30524	98	13	pge	pge	NOUN
dem-30524	98	14	and	and	CCONJ
dem-30524	98	15	tauronpe	tauronpe	NOUN
dem-30524	98	16	,	,	PUNCT
dem-30524	98	17	did	do	AUX
dem-30524	98	18	not	not	PART
dem-30524	98	19	avoid	avoid	VERB
dem-30524	98	20	losses	loss	NOUN
dem-30524	98	21	in	in	ADP
dem-30524	98	22	2015	2015	NUM
dem-30524	98	23	.	.	PUNCT
dem-30524	99	1	taking	take	VERB
dem-30524	99	2	into	into	ADP
dem-30524	99	3	consideration	consideration	NOUN
dem-30524	99	4	average	average	ADJ
dem-30524	99	5	returns	return	NOUN
dem-30524	99	6	obtained	obtain	VERB
dem-30524	99	7	by	by	ADP
dem-30524	99	8	analyzed	analyze	VERB
dem-30524	99	9	companies	company	NOUN
dem-30524	99	10	,	,	PUNCT
dem-30524	99	11	it	it	PRON
dem-30524	99	12	is	be	AUX
dem-30524	99	13	visible	visible	ADJ
dem-30524	99	14	that	that	SCONJ
dem-30524	99	15	cdproject	cdproject	NOUN
dem-30524	99	16	keeps	keep	VERB
dem-30524	99	17	the	the	DET
dem-30524	99	18	first	first	ADJ
dem-30524	99	19	place	place	NOUN
dem-30524	99	20	(	(	PUNCT
dem-30524	99	21	48.75	48.75	NUM
dem-30524	99	22	%	%	NOUN
dem-30524	99	23	average	average	ADJ
dem-30524	99	24	annual	annual	ADJ
dem-30524	99	25	rate	rate	NOUN
dem-30524	99	26	of	of	ADP
dem-30524	99	27	return	return	NOUN
dem-30524	99	28	)	)	PUNCT
dem-30524	99	29	and	and	CCONJ
dem-30524	99	30	is	be	AUX
dem-30524	99	31	followed	follow	VERB
dem-30524	99	32	by	by	ADP
dem-30524	99	33	ccc	ccc	PROPN
dem-30524	99	34	(	(	PUNCT
dem-30524	99	35	31.66	31.66	NUM
dem-30524	99	36	%	%	NOUN
dem-30524	99	37	)	)	PUNCT
dem-30524	99	38	,	,	PUNCT
dem-30524	99	39	amrest	amr	ADJ
dem-30524	99	40	(	(	PUNCT
dem-30524	99	41	30.97	30.97	NUM
dem-30524	99	42	%	%	NOUN
dem-30524	99	43	)	)	PUNCT
dem-30524	99	44	and	and	CCONJ
dem-30524	99	45	kruk	kruk	PROPN
dem-30524	99	46	(	(	PUNCT
dem-30524	99	47	30.42	30.42	NUM
dem-30524	99	48	%	%	NOUN
dem-30524	99	49	)	)	PUNCT
dem-30524	99	50	.	.	PUNCT
dem-30524	100	1	orbis	orbis	PROPN
dem-30524	100	2	,	,	PUNCT
dem-30524	100	3	which	which	PRON
dem-30524	100	4	is	be	AUX
dem-30524	100	5	a	a	DET
dem-30524	100	6	leader	leader	NOUN
dem-30524	100	7	in	in	ADP
dem-30524	100	8	the	the	DET
dem-30524	100	9	tmai	tmai	PROPN
dem-30524	100	10	classification	classification	NOUN
dem-30524	100	11	,	,	PUNCT
dem-30524	100	12	achieved	achieve	VERB
dem-30524	100	13	average	average	ADJ
dem-30524	100	14	returns	return	NOUN
dem-30524	100	15	of	of	ADP
dem-30524	100	16	17.92	17.92	NUM
dem-30524	100	17	%	%	NOUN
dem-30524	100	18	over	over	ADP
dem-30524	100	19	the	the	DET
dem-30524	100	20	entire	entire	ADJ
dem-30524	100	21	period	period	NOUN
dem-30524	100	22	but	but	CCONJ
dem-30524	100	23	it	it	PRON
dem-30524	100	24	did	do	AUX
dem-30524	100	25	not	not	PART
dem-30524	100	26	generate	generate	VERB
dem-30524	100	27	losses	loss	NOUN
dem-30524	100	28	in	in	ADP
dem-30524	100	29	any	any	DET
dem-30524	100	30	year	year	NOUN
dem-30524	100	31	.	.	PUNCT
dem-30524	101	1	there	there	PRON
dem-30524	101	2	are	be	VERB
dem-30524	101	3	7	7	NUM
dem-30524	101	4	companies	company	NOUN
dem-30524	101	5	which	which	PRON
dem-30524	101	6	generated	generate	VERB
dem-30524	101	7	negative	negative	ADJ
dem-30524	101	8	average	average	ADJ
dem-30524	101	9	annual	annual	ADJ
dem-30524	101	10	rates	rate	NOUN
dem-30524	101	11	of	of	ADP
dem-30524	101	12	returns	return	NOUN
dem-30524	101	13	.	.	PUNCT
dem-30524	102	1	among	among	ADP
dem-30524	102	2	them	they	PRON
dem-30524	102	3	orangepl	orangepl	ADP
dem-30524	102	4	had	have	VERB
dem-30524	102	5	the	the	DET
dem-30524	102	6	lowest	low	ADJ
dem-30524	102	7	average	average	ADJ
dem-30524	102	8	rate	rate	NOUN
dem-30524	102	9	of	of	ADP
dem-30524	102	10	return	return	NOUN
dem-30524	102	11	from	from	ADP
dem-30524	102	12	shares	share	NOUN
dem-30524	102	13	in	in	ADP
dem-30524	102	14	all	all	DET
dem-30524	102	15	years	year	NOUN
dem-30524	102	16	2012–2017	2012–2017	NUM
dem-30524	102	17	.	.	PUNCT
dem-30524	103	1	on	on	ADP
dem-30524	103	2	average	average	ADJ
dem-30524	103	3	,	,	PUNCT
dem-30524	103	4	it	it	PRON
dem-30524	103	5	generated	generate	VERB
dem-30524	103	6	losses	loss	NOUN
dem-30524	103	7	of	of	ADP
dem-30524	103	8	12.96	12.96	NUM
dem-30524	103	9	%	%	NOUN
dem-30524	103	10	per	per	ADP
dem-30524	103	11	year	year	NOUN
dem-30524	103	12	.	.	PUNCT
dem-30524	104	1	table	table	NOUN
dem-30524	104	2	2	2	NUM
dem-30524	104	3	.	.	PUNCT
dem-30524	104	4	logarithmic	logarithmic	ADJ
dem-30524	104	5	rate	rate	NOUN
dem-30524	104	6	of	of	ADP
dem-30524	104	7	return	return	NOUN
dem-30524	104	8	for	for	ADP
dem-30524	104	9	the	the	DET
dem-30524	104	10	years	year	NOUN
dem-30524	104	11	2012–2017	2012–2017	NUM
dem-30524	104	12	company	company	NOUN
dem-30524	104	13	annual	annual	ADJ
dem-30524	104	14	rate	rate	NOUN
dem-30524	104	15	of	of	ADP
dem-30524	104	16	return	return	NOUN
dem-30524	104	17	(	(	PUNCT
dem-30524	104	18	%	%	INTJ
dem-30524	104	19	)	)	PUNCT
dem-30524	104	20	2012	2012	NUM
dem-30524	104	21	2013	2013	NUM
dem-30524	104	22	2014	2014	NUM
dem-30524	104	23	2015	2015	NUM
dem-30524	104	24	2016	2016	NUM
dem-30524	104	25	2017	2017	NUM
dem-30524	104	26	average	average	ADJ
dem-30524	104	27	amrest	amrest	ADV
dem-30524	104	28	40.83	40.83	NUM
dem-30524	104	29	–	–	PUNCT
dem-30524	104	30	6.66	6.66	NUM
dem-30524	104	31	10.54	10.54	NUM
dem-30524	104	32	63.23	63.23	NUM
dem-30524	104	33	45.29	45.29	NUM
dem-30524	104	34	32.58	32.58	NUM
dem-30524	104	35	30.97	30.97	NUM
dem-30524	104	36	assecopol	assecopol	ADJ
dem-30524	104	37	–	–	PUNCT
dem-30524	104	38	1.96	1.96	NUM
dem-30524	104	39	6.55	6.55	NUM
dem-30524	104	40	16.45	16.45	NUM
dem-30524	104	41	15.74	15.74	NUM
dem-30524	104	42	0.44	0.44	NUM
dem-30524	104	43	–	–	PUNCT
dem-30524	104	44	14.86	14.86	NUM
dem-30524	104	45	3.73	3.73	NUM
dem-30524	104	46	bogdanka	bogdanka	NOUN
dem-30524	104	47	29.06	29.06	NUM
dem-30524	104	48	–	–	PUNCT
dem-30524	104	49	3.32	3.32	NUM
dem-30524	104	50	–	–	PUNCT
dem-30524	104	51	21.56	21.56	NUM
dem-30524	104	52	–	–	PUNCT
dem-30524	104	53	101.18	101.18	NUM
dem-30524	104	54	73.85	73.85	NUM
dem-30524	104	55	–	–	PUNCT
dem-30524	104	56	2.18	2.18	NUM
dem-30524	104	57	–	–	PUNCT
dem-30524	104	58	4.22	4.22	NUM
dem-30524	104	59	boryszew	boryszew	NOUN
dem-30524	104	60	–	–	PUNCT
dem-30524	104	61	4.73	4.73	NUM
dem-30524	104	62	–	–	PUNCT
dem-30524	104	63	21.51	21.51	NUM
dem-30524	104	64	13.63	13.63	NUM
dem-30524	104	65	–	–	PUNCT
dem-30524	104	66	18.10	18.10	NUM
dem-30524	104	67	53.31	53.31	NUM
dem-30524	104	68	14.07	14.07	NUM
dem-30524	104	69	6.11	6.11	NUM
dem-30524	104	70	budimex	budimex	NOUN
dem-30524	104	71	5.51	5.51	NUM
dem-30524	104	72	69.28	69.28	NUM
dem-30524	104	73	15.74	15.74	NUM
dem-30524	104	74	35.08	35.08	NUM
dem-30524	104	75	6.40	6.40	NUM
dem-30524	104	76	12.63	12.63	NUM
dem-30524	104	77	24.11	24.11	NUM
dem-30524	104	78	ccc	ccc	NOUN
dem-30524	104	79	47.23	47.23	NUM
dem-30524	104	80	48.27	48.27	NUM
dem-30524	104	81	14.72	14.72	NUM
dem-30524	104	82	5.49	5.49	NUM
dem-30524	104	83	39.66	39.66	NUM
dem-30524	104	84	34.57	34.57	NUM
dem-30524	104	85	31.66	31.66	NUM
dem-30524	104	86	cdproject	cdproject	VERB
dem-30524	104	87	16.06	16.06	NUM
dem-30524	104	88	104.00	104.00	NUM
dem-30524	104	89	–	–	PUNCT
dem-30524	104	90	4.91	4.91	NUM
dem-30524	104	91	28.24	28.24	NUM
dem-30524	104	92	85.73	85.73	NUM
dem-30524	104	93	63.41	63.41	NUM
dem-30524	104	94	48.75	48.75	NUM
dem-30524	104	95	ciech	ciech	NOUN
dem-30524	104	96	24.43	24.43	NUM
dem-30524	104	97	33.55	33.55	NUM
dem-30524	104	98	35.27	35.27	NUM
dem-30524	104	99	70.23	70.23	NUM
dem-30524	104	100	–	–	PUNCT
dem-30524	104	101	33.54	33.54	NUM
dem-30524	104	102	–	–	PUNCT
dem-30524	104	103	1.40	1.40	NUM
dem-30524	104	104	21.42	21.42	NUM
dem-30524	104	105	cyfrplsat	cyfrplsat	VERB
dem-30524	104	106	19.60	19.60	NUM
dem-30524	104	107	18.78	18.78	NUM
dem-30524	104	108	18.37	18.37	NUM
dem-30524	104	109	–	–	PUNCT
dem-30524	104	110	11.82	11.82	NUM
dem-30524	104	111	16.40	16.40	NUM
dem-30524	104	112	2.31	2.31	NUM
dem-30524	104	113	10.61	10.61	NUM
dem-30524	104	114	echo	echo	NOUN
dem-30524	104	115	40.15	40.15	NUM
dem-30524	104	116	28.27	28.27	NUM
dem-30524	104	117	4.95	4.95	NUM
dem-30524	104	118	–	–	PUNCT
dem-30524	104	119	2.01	2.01	NUM
dem-30524	104	120	74.11	74.11	NUM
dem-30524	104	121	–	–	PUNCT
dem-30524	104	122	4.83	4.83	NUM
dem-30524	104	123	23.44	23.44	NUM
dem-30524	104	124	enea	enea	NOUN
dem-30524	104	125	–	–	PUNCT
dem-30524	104	126	11.57	11.57	NUM
dem-30524	104	127	–	–	PUNCT
dem-30524	104	128	12.03	12.03	NUM
dem-30524	104	129	14.98	14.98	NUM
dem-30524	104	130	–	–	PUNCT
dem-30524	104	131	26.48	26.48	NUM
dem-30524	104	132	–	–	PUNCT
dem-30524	104	133	17.35	17.35	NUM
dem-30524	104	134	20.79	20.79	NUM
dem-30524	104	135	–	–	PUNCT
dem-30524	104	136	5.28	5.28	NUM
dem-30524	104	137	eurocash	eurocash	NOUN
dem-30524	104	138	39.92	39.92	NUM
dem-30524	104	139	10.14	10.14	NUM
dem-30524	104	140	–	–	PUNCT
dem-30524	104	141	20.72	20.72	NUM
dem-30524	104	142	26.53	26.53	NUM
dem-30524	104	143	–	–	PUNCT
dem-30524	104	144	18.88	18.88	NUM
dem-30524	104	145	–	–	SYM
dem-30524	104	146	37.26	37.26	NUM
dem-30524	104	147	–	–	PUNCT
dem-30524	104	148	0.05	0.05	NUM
dem-30524	104	149	gtc	gtc	PROPN
dem-30524	104	150	15.43	15.43	NUM
dem-30524	104	151	–	–	PUNCT
dem-30524	104	152	28.43	28.43	NUM
dem-30524	104	153	–	–	PUNCT
dem-30524	104	154	32.37	32.37	NUM
dem-30524	104	155	29.97	29.97	NUM
dem-30524	104	156	13.70	13.70	NUM
dem-30524	104	157	20.78	20.78	NUM
dem-30524	104	158	3.18	3.18	NUM
dem-30524	104	159	intercars	intercar	NOUN
dem-30524	104	160	6.48	6.48	NUM
dem-30524	104	161	79.09	79.09	NUM
dem-30524	104	162	17.25	17.25	NUM
dem-30524	104	163	6.15	6.15	NUM
dem-30524	104	164	15.64	15.64	NUM
dem-30524	104	165	11.29	11.29	NUM
dem-30524	104	166	22.65	22.65	NUM
dem-30524	104	167	kernel	kernel	NOUN
dem-30524	104	168	–	–	PUNCT
dem-30524	104	169	2.88	2.88	NUM
dem-30524	104	170	–	–	PUNCT
dem-30524	104	171	56.15	56.15	NUM
dem-30524	104	172	–	–	PUNCT
dem-30524	104	173	29.10	29.10	NUM
dem-30524	104	174	54.98	54.98	NUM
dem-30524	104	175	30.20	30.20	NUM
dem-30524	104	176	–	–	PUNCT
dem-30524	104	177	28.09	28.09	NUM
dem-30524	104	178	–	–	SYM
dem-30524	104	179	5.17	5.17	NUM
dem-30524	104	180	kety	kety	NOUN
dem-30524	104	181	37.53	37.53	NUM
dem-30524	104	182	45.30	45.30	NUM
dem-30524	104	183	30.72	30.72	NUM
dem-30524	104	184	14.22	14.22	NUM
dem-30524	104	185	27.23	27.23	NUM
dem-30524	104	186	12.59	12.59	NUM
dem-30524	104	187	27.93	27.93	NUM
dem-30524	104	188	kghm	kghm	X
dem-30524	104	189	69.46	69.46	NUM
dem-30524	104	190	–	–	PUNCT
dem-30524	104	191	39.28	39.28	NUM
dem-30524	104	192	–	–	PUNCT
dem-30524	104	193	4.04	4.04	NUM
dem-30524	104	194	–	–	PUNCT
dem-30524	104	195	50.67	50.67	NUM
dem-30524	104	196	39.68	39.68	NUM
dem-30524	104	197	19.32	19.32	NUM
dem-30524	104	198	5.75	5.75	NUM
dem-30524	104	199	kruk	kruk	PROPN
dem-30524	104	200	1.78	1.78	NUM
dem-30524	104	201	63.04	63.04	NUM
dem-30524	104	202	28.45	28.45	NUM
dem-30524	104	203	46.83	46.83	NUM
dem-30524	104	204	31.93	31.93	NUM
dem-30524	104	205	10.48	10.48	NUM
dem-30524	104	206	30.42	30.42	NUM
dem-30524	104	207	lotos	loto	NOUN
dem-30524	104	208	54.04	54.04	NUM
dem-30524	104	209	–	–	PUNCT
dem-30524	104	210	15.04	15.04	NUM
dem-30524	104	211	–	–	PUNCT
dem-30524	104	212	22.13	22.13	NUM
dem-30524	104	213	5.72	5.72	NUM
dem-30524	104	214	34.84	34.84	NUM
dem-30524	104	215	42.85	42.85	NUM
dem-30524	104	216	16.71	16.71	NUM
dem-30524	104	217	lpp	lpp	PROPN
dem-30524	104	218	83.76	83.76	NUM
dem-30524	104	219	69.27	69.27	NUM
dem-30524	104	220	–	–	PUNCT
dem-30524	104	221	20.80	20.80	NUM
dem-30524	104	222	–	–	PUNCT
dem-30524	104	223	25.99	25.99	NUM
dem-30524	104	224	2.88	2.88	NUM
dem-30524	104	225	45.55	45.55	NUM
dem-30524	104	226	25.78	25.78	NUM
dem-30524	104	227	netia	netia	NOUN
dem-30524	104	228	–	–	PUNCT
dem-30524	104	229	20.04	20.04	NUM
dem-30524	104	230	20.81	20.81	NUM
dem-30524	104	231	13.56	13.56	NUM
dem-30524	104	232	6.47	6.47	NUM
dem-30524	104	233	–	–	PUNCT
dem-30524	104	234	7.37	7.37	NUM
dem-30524	104	235	24.27	24.27	NUM
dem-30524	104	236	6.28	6.28	NUM
dem-30524	104	237	orangepl	orangepl	ADP
dem-30524	104	238	–	–	PUNCT
dem-30524	104	239	25.01	25.01	NUM
dem-30524	104	240	–	–	PUNCT
dem-30524	104	241	15.46	15.46	NUM
dem-30524	104	242	–	–	PUNCT
dem-30524	104	243	11.49	11.49	NUM
dem-30524	104	244	–	–	PUNCT
dem-30524	104	245	17.98	17.98	NUM
dem-30524	104	246	–	–	PUNCT
dem-30524	104	247	12.79	12.79	NUM
dem-30524	104	248	4.96	4.96	NUM
dem-30524	104	249	–	–	PUNCT
dem-30524	104	250	12.96	12.96	NUM
dem-30524	104	251	oribs	orib	NOUN
dem-30524	104	252	3.63	3.63	NUM
dem-30524	104	253	9.87	9.87	NUM
dem-30524	104	254	12.16	12.16	NUM
dem-30524	104	255	36.50	36.50	NUM
dem-30524	104	256	19.80	19.80	NUM
dem-30524	104	257	25.55	25.55	NUM
dem-30524	104	258	17.92	17.92	NUM
dem-30524	104	259	pge	pge	NOUN
dem-30524	104	260	–	–	PUNCT
dem-30524	104	261	0.78	0.78	NUM
dem-30524	104	262	–	–	PUNCT
dem-30524	104	263	7.22	7.22	NUM
dem-30524	104	264	17.19	17.19	NUM
dem-30524	104	265	–	–	PUNCT
dem-30524	104	266	27.97	27.97	NUM
dem-30524	104	267	–	–	PUNCT
dem-30524	104	268	21.41	21.41	NUM
dem-30524	104	269	13.08	13.08	NUM
dem-30524	104	270	–	–	PUNCT
dem-30524	104	271	4.52	4.52	NUM
dem-30524	104	272	pgnig	pgnig	NOUN
dem-30524	104	273	24.45	24.45	NUM
dem-30524	104	274	0.94	0.94	NUM
dem-30524	104	275	–	–	PUNCT
dem-30524	104	276	11.49	11.49	NUM
dem-30524	104	277	17.48	17.48	NUM
dem-30524	104	278	12.35	12.35	NUM
dem-30524	104	279	14.08	14.08	NUM
dem-30524	104	280	9.63	9.63	NUM
dem-30524	104	281	pknorlen	pknorlen	ADJ
dem-30524	104	282	33.25	33.25	NUM
dem-30524	104	283	–	–	PUNCT
dem-30524	104	284	15.58	15.58	NUM
dem-30524	104	285	21.06	21.06	NUM
dem-30524	104	286	35.14	35.14	NUM
dem-30524	104	287	26.01	26.01	NUM
dem-30524	104	288	24.42	24.42	NUM
dem-30524	104	289	20.72	20.72	NUM
dem-30524	104	290	tauronpe	tauronpe	NOUN
dem-30524	104	291	–	–	PUNCT
dem-30524	104	292	5.23	5.23	NUM
dem-30524	104	293	–	–	PUNCT
dem-30524	104	294	3.62	3.62	NUM
dem-30524	104	295	18.35	18.35	NUM
dem-30524	104	296	–	–	PUNCT
dem-30524	104	297	52.41	52.41	NUM
dem-30524	104	298	–	–	PUNCT
dem-30524	104	299	1.05	1.05	NUM
dem-30524	104	300	6.78	6.78	NUM
dem-30524	104	301	–	–	PUNCT
dem-30524	104	302	6.19	6.19	NUM
dem-30524	104	303	note	note	NOUN
dem-30524	104	304	:	:	PUNCT
dem-30524	104	305	bold	bold	ADJ
dem-30524	104	306	letters	letter	NOUN
dem-30524	104	307	denote	denote	VERB
dem-30524	104	308	the	the	DET
dem-30524	104	309	state	state	NOUN
dem-30524	104	310	treasury	treasury	NOUN
dem-30524	104	311	companies	company	NOUN
dem-30524	104	312	.	.	PUNCT
dem-30524	105	1	does	do	AUX
dem-30524	105	2	fundamental	fundamental	ADJ
dem-30524	105	3	strength	strength	NOUN
dem-30524	105	4	of	of	ADP
dem-30524	105	5	the	the	DET
dem-30524	105	6	company	company	NOUN
dem-30524	105	7	influence	influence	VERB
dem-30524	105	8	its	its	PRON
dem-30524	105	9	investment	investment	NOUN
dem-30524	105	10	performance	performance	NOUN
dem-30524	105	11	?	?	PUNCT
dem-30524	106	1	dynamic	dynamic	ADJ
dem-30524	106	2	econometric	econometric	ADJ
dem-30524	106	3	models	model	NOUN
dem-30524	106	4	19	19	NUM
dem-30524	106	5	(	(	PUNCT
dem-30524	106	6	2019	2019	NUM
dem-30524	106	7	)	)	PUNCT
dem-30524	106	8	85–96	85–96	NOUN
dem-30524	106	9	93	93	NUM
dem-30524	106	10	4	4	NUM
dem-30524	106	11	.	.	PUNCT
dem-30524	106	12	relationship	relationship	NOUN
dem-30524	106	13	between	between	ADP
dem-30524	106	14	fundamental	fundamental	ADJ
dem-30524	106	15	strength	strength	NOUN
dem-30524	106	16	of	of	ADP
dem-30524	106	17	companies	company	NOUN
dem-30524	106	18	and	and	CCONJ
dem-30524	106	19	their	their	PRON
dem-30524	106	20	investment	investment	NOUN
dem-30524	106	21	performance	performance	NOUN
dem-30524	106	22	supporters	supporter	NOUN
dem-30524	106	23	of	of	ADP
dem-30524	106	24	fundamental	fundamental	ADJ
dem-30524	106	25	analysis	analysis	NOUN
dem-30524	106	26	claim	claim	NOUN
dem-30524	106	27	that	that	SCONJ
dem-30524	106	28	profits	profit	NOUN
dem-30524	106	29	from	from	ADP
dem-30524	106	30	capital	capital	NOUN
dem-30524	106	31	investments	investment	NOUN
dem-30524	106	32	can	can	AUX
dem-30524	106	33	be	be	AUX
dem-30524	106	34	achieved	achieve	VERB
dem-30524	106	35	by	by	ADP
dem-30524	106	36	investing	invest	VERB
dem-30524	106	37	in	in	ADP
dem-30524	106	38	companies	company	NOUN
dem-30524	106	39	characterized	characterize	VERB
dem-30524	106	40	by	by	ADP
dem-30524	106	41	good	good	ADJ
dem-30524	106	42	economic	economic	ADJ
dem-30524	106	43	and	and	CCONJ
dem-30524	106	44	financial	financial	ADJ
dem-30524	106	45	conditions	condition	NOUN
dem-30524	106	46	.	.	PUNCT
dem-30524	107	1	assuming	assume	VERB
dem-30524	107	2	that	that	SCONJ
dem-30524	107	3	the	the	DET
dem-30524	107	4	taxonomic	taxonomic	ADJ
dem-30524	107	5	measure	measure	NOUN
dem-30524	107	6	of	of	ADP
dem-30524	107	7	investment	investment	NOUN
dem-30524	107	8	attractiveness	attractiveness	NOUN
dem-30524	107	9	(	(	PUNCT
dem-30524	107	10	1	1	X
dem-30524	107	11	)	)	PUNCT
dem-30524	107	12	properly	properly	ADV
dem-30524	107	13	describes	describe	VERB
dem-30524	107	14	financial	financial	ADJ
dem-30524	107	15	standing	standing	NOUN
dem-30524	107	16	of	of	ADP
dem-30524	107	17	companies	company	NOUN
dem-30524	107	18	and	and	CCONJ
dem-30524	107	19	annual	annual	ADJ
dem-30524	107	20	rate	rate	NOUN
dem-30524	107	21	of	of	ADP
dem-30524	107	22	return	return	NOUN
dem-30524	107	23	(	(	PUNCT
dem-30524	107	24	5	5	NUM
dem-30524	107	25	)	)	PUNCT
dem-30524	107	26	is	be	AUX
dem-30524	107	27	a	a	DET
dem-30524	107	28	good	good	ADJ
dem-30524	107	29	measure	measure	NOUN
dem-30524	107	30	of	of	ADP
dem-30524	107	31	firm	firm	ADJ
dem-30524	107	32	performance	performance	NOUN
dem-30524	107	33	,	,	PUNCT
dem-30524	107	34	we	we	PRON
dem-30524	107	35	apply	apply	VERB
dem-30524	107	36	pearson	pearson	NOUN
dem-30524	107	37	correlation	correlation	NOUN
dem-30524	107	38	coefficients	coefficient	NOUN
dem-30524	107	39	and	and	CCONJ
dem-30524	107	40	linear	linear	PROPN
dem-30524	107	41	regression	regression	NOUN
dem-30524	107	42	functions	function	NOUN
dem-30524	107	43	to	to	PART
dem-30524	107	44	verify	verify	VERB
dem-30524	107	45	the	the	DET
dem-30524	107	46	existence	existence	NOUN
dem-30524	107	47	of	of	ADP
dem-30524	107	48	positive	positive	ADJ
dem-30524	107	49	relationship	relationship	NOUN
dem-30524	107	50	between	between	ADP
dem-30524	107	51	both	both	DET
dem-30524	107	52	phenomena	phenomenon	NOUN
dem-30524	107	53	.	.	PUNCT
dem-30524	108	1	the	the	DET
dem-30524	108	2	research	research	NOUN
dem-30524	108	3	is	be	AUX
dem-30524	108	4	conducted	conduct	VERB
dem-30524	108	5	for	for	ADP
dem-30524	108	6	the	the	DET
dem-30524	108	7	following	follow	VERB
dem-30524	108	8	16	16	NUM
dem-30524	108	9	relations	relation	NOUN
dem-30524	108	10	between	between	ADP
dem-30524	108	11	:	:	PUNCT
dem-30524	108	12	(	(	PUNCT
dem-30524	108	13	1	1	X
dem-30524	108	14	)	)	PUNCT
dem-30524	108	15	values	value	NOUN
dem-30524	108	16	of	of	ADP
dem-30524	108	17	average	average	ADJ
dem-30524	108	18	returns	return	NOUN
dem-30524	108	19	and	and	CCONJ
dem-30524	108	20	average	average	ADJ
dem-30524	108	21	values	value	NOUN
dem-30524	108	22	of	of	ADP
dem-30524	108	23	synthetic	synthetic	ADJ
dem-30524	108	24	measures	measure	NOUN
dem-30524	108	25	,	,	PUNCT
dem-30524	108	26	(	(	PUNCT
dem-30524	108	27	2)–(7	2)–(7	ADJ
dem-30524	108	28	)	)	PUNCT
dem-30524	108	29	values	value	NOUN
dem-30524	108	30	of	of	ADP
dem-30524	108	31	rates	rate	NOUN
dem-30524	108	32	of	of	ADP
dem-30524	108	33	return	return	NOUN
dem-30524	108	34	in	in	ADP
dem-30524	108	35	the	the	DET
dem-30524	108	36	years	year	NOUN
dem-30524	108	37	:	:	PUNCT
dem-30524	108	38	2012	2012	NUM
dem-30524	108	39	,	,	PUNCT
dem-30524	108	40	2013	2013	NUM
dem-30524	108	41	,	,	PUNCT
dem-30524	108	42	2014	2014	NUM
dem-30524	108	43	,	,	PUNCT
dem-30524	108	44	2015	2015	NUM
dem-30524	108	45	,	,	PUNCT
dem-30524	108	46	2016	2016	NUM
dem-30524	108	47	,	,	PUNCT
dem-30524	108	48	2017	2017	NUM
dem-30524	108	49	and	and	CCONJ
dem-30524	108	50	values	value	NOUN
dem-30524	108	51	of	of	ADP
dem-30524	108	52	synthetic	synthetic	ADJ
dem-30524	108	53	measures	measure	NOUN
dem-30524	108	54	in	in	ADP
dem-30524	108	55	the	the	DET
dem-30524	108	56	same	same	ADJ
dem-30524	108	57	years	year	NOUN
dem-30524	108	58	,	,	PUNCT
dem-30524	108	59	(	(	PUNCT
dem-30524	108	60	8)	8)	NUM
dem-30524	108	61	values	value	NOUN
dem-30524	108	62	of	of	ADP
dem-30524	108	63	rates	rate	NOUN
dem-30524	108	64	of	of	ADP
dem-30524	108	65	return	return	NOUN
dem-30524	108	66	in	in	ADP
dem-30524	108	67	the	the	DET
dem-30524	108	68	whole	whole	ADJ
dem-30524	108	69	period	period	NOUN
dem-30524	108	70	2012–2017	2012–2017	NUM
dem-30524	108	71	and	and	CCONJ
dem-30524	108	72	values	value	NOUN
dem-30524	108	73	of	of	ADP
dem-30524	108	74	synthetic	synthetic	ADJ
dem-30524	108	75	measures	measure	NOUN
dem-30524	108	76	in	in	ADP
dem-30524	108	77	the	the	DET
dem-30524	108	78	six	six	NUM
dem-30524	108	79	-	-	PUNCT
dem-30524	108	80	years	year	NOUN
dem-30524	108	81	period	period	NOUN
dem-30524	108	82	,	,	PUNCT
dem-30524	108	83	(	(	PUNCT
dem-30524	108	84	9	9	X
dem-30524	108	85	)	)	PUNCT
dem-30524	108	86	values	value	NOUN
dem-30524	108	87	of	of	ADP
dem-30524	108	88	rates	rate	NOUN
dem-30524	108	89	of	of	ADP
dem-30524	108	90	return	return	NOUN
dem-30524	108	91	in	in	ADP
dem-30524	108	92	the	the	DET
dem-30524	108	93	five	five	NUM
dem-30524	108	94	-	-	PUNCT
dem-30524	108	95	years	year	NOUN
dem-30524	108	96	period	period	NOUN
dem-30524	108	97	2013–2017	2013–2017	NUM
dem-30524	108	98	and	and	CCONJ
dem-30524	108	99	values	value	NOUN
dem-30524	108	100	of	of	ADP
dem-30524	108	101	tmai	tmai	NOUN
dem-30524	108	102	in	in	ADP
dem-30524	108	103	the	the	DET
dem-30524	108	104	period	period	NOUN
dem-30524	108	105	2012–2016	2012–2016	NUM
dem-30524	108	106	(	(	PUNCT
dem-30524	108	107	i.e.	i.e.	X
dem-30524	108	108	tmai	tmai	PROPN
dem-30524	108	109	is	be	AUX
dem-30524	108	110	lagged	lag	VERB
dem-30524	108	111	by	by	ADP
dem-30524	108	112	one	one	NUM
dem-30524	108	113	year	year	NOUN
dem-30524	108	114	)	)	PUNCT
dem-30524	108	115	,	,	PUNCT
dem-30524	108	116	(	(	PUNCT
dem-30524	108	117	10)–(14	10)–(14	NUM
dem-30524	108	118	)	)	PUNCT
dem-30524	108	119	values	value	NOUN
dem-30524	108	120	of	of	ADP
dem-30524	108	121	rates	rate	NOUN
dem-30524	108	122	of	of	ADP
dem-30524	108	123	return	return	NOUN
dem-30524	108	124	in	in	ADP
dem-30524	108	125	the	the	DET
dem-30524	108	126	period	period	NOUN
dem-30524	108	127	2013	2013	NUM
dem-30524	108	128	,	,	PUNCT
dem-30524	108	129	2014	2014	NUM
dem-30524	108	130	,	,	PUNCT
dem-30524	108	131	2015	2015	NUM
dem-30524	108	132	,	,	PUNCT
dem-30524	108	133	2016	2016	NUM
dem-30524	108	134	,	,	PUNCT
dem-30524	108	135	2017	2017	NUM
dem-30524	108	136	and	and	CCONJ
dem-30524	108	137	values	value	NOUN
dem-30524	108	138	of	of	ADP
dem-30524	108	139	synthetic	synthetic	ADJ
dem-30524	108	140	measures	measure	NOUN
dem-30524	108	141	lagged	lag	VERB
dem-30524	108	142	by	by	ADP
dem-30524	108	143	one	one	NUM
dem-30524	108	144	,	,	PUNCT
dem-30524	108	145	(	(	PUNCT
dem-30524	108	146	15	15	X
dem-30524	108	147	)	)	PUNCT
dem-30524	108	148	values	value	NOUN
dem-30524	108	149	of	of	ADP
dem-30524	108	150	rates	rate	NOUN
dem-30524	108	151	of	of	ADP
dem-30524	108	152	return	return	NOUN
dem-30524	108	153	in	in	ADP
dem-30524	108	154	2012–2017	2012–2017	NUM
dem-30524	108	155	and	and	CCONJ
dem-30524	108	156	values	value	NOUN
dem-30524	108	157	of	of	ADP
dem-30524	108	158	tmai	tmai	NOUN
dem-30524	108	159	in	in	ADP
dem-30524	108	160	the	the	DET
dem-30524	108	161	sixyears	sixyear	NOUN
dem-30524	108	162	period	period	NOUN
dem-30524	108	163	for	for	ADP
dem-30524	108	164	the	the	DET
dem-30524	108	165	companies	company	NOUN
dem-30524	108	166	with	with	ADP
dem-30524	108	167	the	the	DET
dem-30524	108	168	highest	high	ADJ
dem-30524	108	169	average	average	ADJ
dem-30524	108	170	annual	annual	ADJ
dem-30524	108	171	returns	return	NOUN
dem-30524	108	172	i.e.	i.e.	X
dem-30524	108	173	cdproject	cdproject	NOUN
dem-30524	108	174	,	,	PUNCT
dem-30524	108	175	ccc	ccc	PROPN
dem-30524	108	176	,	,	PUNCT
dem-30524	108	177	amrest	amr	ADJ
dem-30524	108	178	and	and	CCONJ
dem-30524	108	179	kruk	kruk	PROPN
dem-30524	108	180	,	,	PUNCT
dem-30524	108	181	(	(	PUNCT
dem-30524	108	182	16	16	NUM
dem-30524	108	183	)	)	PUNCT
dem-30524	108	184	values	value	NOUN
dem-30524	108	185	of	of	ADP
dem-30524	108	186	rates	rate	NOUN
dem-30524	108	187	of	of	ADP
dem-30524	108	188	return	return	NOUN
dem-30524	108	189	in	in	ADP
dem-30524	108	190	2012–2017	2012–2017	NUM
dem-30524	108	191	and	and	CCONJ
dem-30524	108	192	values	value	NOUN
dem-30524	108	193	of	of	ADP
dem-30524	108	194	tmai	tmai	NOUN
dem-30524	108	195	in	in	ADP
dem-30524	108	196	the	the	DET
dem-30524	108	197	sixyears	sixyear	NOUN
dem-30524	108	198	period	period	NOUN
dem-30524	108	199	for	for	ADP
dem-30524	108	200	companies	company	NOUN
dem-30524	108	201	with	with	ADP
dem-30524	108	202	the	the	DET
dem-30524	108	203	highest	high	ADJ
dem-30524	108	204	values	value	NOUN
dem-30524	108	205	of	of	ADP
dem-30524	108	206	taxonomic	taxonomic	ADJ
dem-30524	108	207	measure	measure	NOUN
dem-30524	108	208	i.e.	i.e.	X
dem-30524	108	209	cdproject	cdproject	NOUN
dem-30524	108	210	,	,	PUNCT
dem-30524	108	211	bogdanka	bogdanka	PROPN
dem-30524	108	212	,	,	PUNCT
dem-30524	108	213	orbis	orbis	VERB
dem-30524	108	214	and	and	CCONJ
dem-30524	108	215	echo	echo	VERB
dem-30524	108	216	.	.	PUNCT
dem-30524	109	1	values	value	NOUN
dem-30524	109	2	of	of	ADP
dem-30524	109	3	pearson	pearson	PROPN
dem-30524	109	4	correlation	correlation	NOUN
dem-30524	109	5	coefficients	coefficient	NOUN
dem-30524	109	6	and	and	CCONJ
dem-30524	109	7	characteristics	characteristic	NOUN
dem-30524	109	8	of	of	ADP
dem-30524	109	9	the	the	DET
dem-30524	109	10	regression	regression	NOUN
dem-30524	109	11	models	model	NOUN
dem-30524	109	12	are	be	AUX
dem-30524	109	13	presented	present	VERB
dem-30524	109	14	in	in	ADP
dem-30524	109	15	table	table	NOUN
dem-30524	109	16	3	3	NUM
dem-30524	109	17	.	.	PUNCT
dem-30524	109	18	based	base	VERB
dem-30524	109	19	on	on	ADP
dem-30524	109	20	the	the	DET
dem-30524	109	21	results	result	NOUN
dem-30524	109	22	in	in	ADP
dem-30524	109	23	table	table	NOUN
dem-30524	109	24	3	3	NUM
dem-30524	109	25	,	,	PUNCT
dem-30524	109	26	it	it	PRON
dem-30524	109	27	is	be	AUX
dem-30524	109	28	visible	visible	ADJ
dem-30524	109	29	that	that	SCONJ
dem-30524	109	30	the	the	DET
dem-30524	109	31	relation	relation	NOUN
dem-30524	109	32	between	between	ADP
dem-30524	109	33	fundamental	fundamental	ADJ
dem-30524	109	34	strength	strength	NOUN
dem-30524	109	35	of	of	ADP
dem-30524	109	36	the	the	DET
dem-30524	109	37	company	company	NOUN
dem-30524	109	38	and	and	CCONJ
dem-30524	109	39	its	its	PRON
dem-30524	109	40	performance	performance	NOUN
dem-30524	109	41	is	be	AUX
dem-30524	109	42	positive	positive	ADJ
dem-30524	109	43	(	(	PUNCT
dem-30524	109	44	except	except	SCONJ
dem-30524	109	45	for	for	ADP
dem-30524	109	46	the	the	DET
dem-30524	109	47	lagged	lag	VERB
dem-30524	109	48	tmai	tmai	NOUN
dem-30524	109	49	in	in	ADP
dem-30524	109	50	2015	2015	NUM
dem-30524	109	51	)	)	PUNCT
dem-30524	109	52	but	but	CCONJ
dem-30524	109	53	usually	usually	ADV
dem-30524	109	54	statistically	statistically	ADV
dem-30524	109	55	insignificant	insignificant	ADJ
dem-30524	109	56	.	.	PUNCT
dem-30524	110	1	only	only	ADV
dem-30524	110	2	correlations	correlation	NOUN
dem-30524	110	3	between	between	ADP
dem-30524	110	4	both	both	DET
dem-30524	110	5	phenomena	phenomenon	NOUN
dem-30524	110	6	,	,	PUNCT
dem-30524	110	7	observed	observe	VERB
dem-30524	110	8	for	for	ADP
dem-30524	110	9	the	the	DET
dem-30524	110	10	whole	whole	ADJ
dem-30524	110	11	period	period	NOUN
dem-30524	110	12	of	of	ADP
dem-30524	110	13	analysis	analysis	NOUN
dem-30524	110	14	and	and	CCONJ
dem-30524	110	15	rates	rate	NOUN
dem-30524	110	16	of	of	ADP
dem-30524	110	17	return	return	NOUN
dem-30524	110	18	from	from	ADP
dem-30524	110	19	2016	2016	NUM
dem-30524	110	20	for	for	ADP
dem-30524	110	21	both	both	CCONJ
dem-30524	110	22	current	current	ADJ
dem-30524	110	23	and	and	CCONJ
dem-30524	110	24	lagged	lag	VERB
dem-30524	110	25	values	value	NOUN
dem-30524	110	26	of	of	ADP
dem-30524	110	27	tmai	tmai	PROPN
dem-30524	110	28	,	,	PUNCT
dem-30524	110	29	are	be	AUX
dem-30524	110	30	statistically	statistically	ADV
dem-30524	110	31	significant	significant	ADJ
dem-30524	110	32	.	.	PUNCT
dem-30524	111	1	pearson	pearson	PROPN
dem-30524	111	2	correlation	correlation	PROPN
dem-30524	111	3	coefficient	coefficient	NOUN
dem-30524	111	4	obtained	obtain	VERB
dem-30524	111	5	for	for	ADP
dem-30524	111	6	four	four	NUM
dem-30524	111	7	companies	company	NOUN
dem-30524	111	8	which	which	PRON
dem-30524	111	9	were	be	AUX
dem-30524	111	10	selected	select	VERB
dem-30524	111	11	as	as	ADP
dem-30524	111	12	the	the	DET
dem-30524	111	13	ones	one	NOUN
dem-30524	111	14	with	with	ADP
dem-30524	111	15	the	the	DET
dem-30524	111	16	highest	high	ADJ
dem-30524	111	17	values	value	NOUN
dem-30524	111	18	of	of	ADP
dem-30524	111	19	taxonomic	taxonomic	ADJ
dem-30524	111	20	measure	measure	NOUN
dem-30524	111	21	is	be	AUX
dem-30524	111	22	quite	quite	ADV
dem-30524	111	23	high	high	ADJ
dem-30524	111	24	i.e.	i.e.	ADV
dem-30524	111	25	0.31	0.31	NUM
dem-30524	112	1	but	but	CCONJ
dem-30524	112	2	it	it	PRON
dem-30524	112	3	is	be	AUX
dem-30524	112	4	not	not	PART
dem-30524	112	5	statistically	statistically	ADV
dem-30524	112	6	significant	significant	ADJ
dem-30524	112	7	.	.	PUNCT
dem-30524	113	1	in	in	ADP
dem-30524	113	2	general	general	ADJ
dem-30524	113	3	,	,	PUNCT
dem-30524	113	4	values	value	NOUN
dem-30524	113	5	of	of	ADP
dem-30524	113	6	pearson	pearson	PROPN
dem-30524	113	7	coefficient	coefficient	NOUN
dem-30524	113	8	are	be	AUX
dem-30524	113	9	low	low	ADJ
dem-30524	113	10	and	and	CCONJ
dem-30524	113	11	do	do	AUX
dem-30524	113	12	not	not	PART
dem-30524	113	13	excide	excide	VERB
dem-30524	113	14	0.36	0.36	NUM
dem-30524	113	15	,	,	PUNCT
dem-30524	113	16	therefore	therefore	ADV
dem-30524	113	17	also	also	ADV
dem-30524	113	18	determination	determination	NOUN
dem-30524	113	19	coefficients	coefficient	NOUN
dem-30524	113	20	of	of	ADP
dem-30524	113	21	regression	regression	NOUN
dem-30524	113	22	functions	function	NOUN
dem-30524	113	23	are	be	AUX
dem-30524	113	24	not	not	PART
dem-30524	113	25	bigger	big	ADJ
dem-30524	113	26	than	than	ADP
dem-30524	113	27	0.13	0.13	NUM
dem-30524	113	28	.	.	PUNCT
dem-30524	114	1	dorota	dorota	PROPN
dem-30524	114	2	witkowska	witkowska	PROPN
dem-30524	114	3	,	,	PUNCT
dem-30524	114	4	piotr	piotr	PROPN
dem-30524	114	5	kuźnik	kuźnik	PROPN
dem-30524	114	6	dynamic	dynamic	ADJ
dem-30524	114	7	econometric	econometric	ADJ
dem-30524	114	8	models	model	NOUN
dem-30524	114	9	19	19	NUM
dem-30524	114	10	(	(	PUNCT
dem-30524	114	11	2019	2019	NUM
dem-30524	114	12	)	)	PUNCT
dem-30524	114	13	85–96	85–96	NOUN
dem-30524	114	14	94	94	NUM
dem-30524	114	15	does	do	AUX
dem-30524	114	16	fundamental	fundamental	ADJ
dem-30524	114	17	strength	strength	NOUN
dem-30524	114	18	of	of	ADP
dem-30524	114	19	the	the	DET
dem-30524	114	20	company	company	NOUN
dem-30524	114	21	influence	influence	VERB
dem-30524	114	22	its	its	PRON
dem-30524	114	23	investment	investment	NOUN
dem-30524	114	24	performance	performance	NOUN
dem-30524	114	25	?	?	PUNCT
dem-30524	115	1	dynamic	dynamic	ADJ
dem-30524	115	2	econometric	econometric	ADJ
dem-30524	115	3	models	model	NOUN
dem-30524	115	4	19	19	NUM
dem-30524	115	5	(	(	PUNCT
dem-30524	115	6	2019	2019	NUM
dem-30524	115	7	)	)	PUNCT
dem-30524	115	8	85–96	85–96	NUM
dem-30524	115	9	95	95	NUM
dem-30524	115	10	table	table	NOUN
dem-30524	115	11	3	3	NUM
dem-30524	115	12	.	.	PUNCT
dem-30524	116	1	relations	relation	NOUN
dem-30524	116	2	between	between	ADP
dem-30524	116	3	tmai	tmai	NOUN
dem-30524	116	4	and	and	CCONJ
dem-30524	116	5	rates	rate	NOUN
dem-30524	116	6	of	of	ADP
dem-30524	116	7	return	return	NOUN
dem-30524	116	8	.	.	PUNCT
dem-30524	117	1	number	number	NOUN
dem-30524	117	2	of	of	ADP
dem-30524	117	3	the	the	DET
dem-30524	117	4	relation	relation	NOUN
dem-30524	117	5	1	1	NUM
dem-30524	117	6	2	2	NUM
dem-30524	117	7	3	3	NUM
dem-30524	117	8	4	4	NUM
dem-30524	117	9	5	5	NUM
dem-30524	117	10	6	6	NUM
dem-30524	117	11	7	7	NUM
dem-30524	117	12	8	8	NUM
dem-30524	117	13	constant	constant	ADJ
dem-30524	117	14	number	number	NOUN
dem-30524	117	15	of	of	ADP
dem-30524	117	16	observations	observation	NOUN
dem-30524	117	17	27	27	NUM
dem-30524	117	18	27	27	NUM
dem-30524	117	19	27	27	NUM
dem-30524	117	20	27	27	NUM
dem-30524	117	21	27	27	NUM
dem-30524	117	22	27	27	NUM
dem-30524	117	23	27	27	NUM
dem-30524	117	24	162	162	NUM
dem-30524	117	25	correlation	correlation	NOUN
dem-30524	117	26	pearson	pearson	NOUN
dem-30524	117	27	coefficients	coefficient	VERB
dem-30524	117	28	0.26	0.26	NUM
dem-30524	117	29	0.09	0.09	NUM
dem-30524	117	30	0.17	0.17	NUM
dem-30524	117	31	0.27	0.27	NUM
dem-30524	117	32	0.28	0.28	NUM
dem-30524	117	33	0.36	0.36	NUM
dem-30524	117	34	0.31	0.31	NUM
dem-30524	117	35	0.22	0.22	NUM
dem-30524	117	36	regression	regression	NOUN
dem-30524	117	37	functions	function	NOUN
dem-30524	117	38	constant	constant	VERB
dem-30524	117	39	a	a	DET
dem-30524	117	40	0.03	0.03	NUM
dem-30524	117	41	0.14	0.14	NUM
dem-30524	117	42	0.01	0.01	NUM
dem-30524	117	43	–	–	PUNCT
dem-30524	117	44	0.06	0.06	NUM
dem-30524	117	45	–	–	PUNCT
dem-30524	117	46	0.16	0.16	NUM
dem-30524	117	47	–	–	PUNCT
dem-30524	117	48	0.02	0.02	NUM
dem-30524	117	49	0.00	0.00	NUM
dem-30524	117	50	0.00	0.00	NUM
dem-30524	117	51	slope	slope	NOUN
dem-30524	117	52	factor	factor	NOUN
dem-30524	117	53	b	b	PROPN
dem-30524	117	54	0.50	0.50	NUM
dem-30524	117	55	0.21	0.21	NUM
dem-30524	117	56	0.53	0.53	NUM
dem-30524	117	57	0.46	0.46	NUM
dem-30524	117	58	1.53	1.53	NUM
dem-30524	117	59	1.15	1.15	NUM
dem-30524	117	60	0.69	0.69	NUM
dem-30524	117	61	0.63	0.63	NUM
dem-30524	117	62	t	t	PROPN
dem-30524	117	63	-	-	PUNCT
dem-30524	117	64	statistics	statistic	NOUN
dem-30524	117	65	ta	ta	ADP
dem-30524	117	66	0.34	0.34	NUM
dem-30524	117	67	1.22	1.22	NUM
dem-30524	117	68	0.05	0.05	NUM
dem-30524	117	69	–	–	PUNCT
dem-30524	117	70	0.69	0.69	NUM
dem-30524	117	71	–	–	PUNCT
dem-30524	117	72	0.95	0.95	NUM
dem-30524	117	73	–	–	PUNCT
dem-30524	117	74	0.17	0.17	NUM
dem-30524	117	75	0.03	0.03	NUM
dem-30524	117	76	0.00	0.00	NUM
dem-30524	117	77	t	t	PROPN
dem-30524	117	78	-	-	PUNCT
dem-30524	117	79	statistics	statistic	NOUN
dem-30524	117	80	tb	tb	ADP
dem-30524	117	81	1.35	1.35	NUM
dem-30524	117	82	0.45	0.45	NUM
dem-30524	117	83	0.86	0.86	NUM
dem-30524	117	84	1.38	1.38	NUM
dem-30524	117	85	1.46	1.46	NUM
dem-30524	117	86	1.94	1.94	NUM
dem-30524	117	87	1.64	1.64	NUM
dem-30524	117	88	2.91	2.91	NUM
dem-30524	117	89	𝑅2	𝑅2	NOUN
dem-30524	117	90	0.07	0.07	NUM
dem-30524	117	91	0.01	0.01	NUM
dem-30524	117	92	0.03	0.03	NUM
dem-30524	117	93	0.07	0.07	NUM
dem-30524	117	94	0.08	0.08	NUM
dem-30524	117	95	0.13	0.13	NUM
dem-30524	117	96	0.10	0.10	NUM
dem-30524	117	97	0.05	0.05	NUM
dem-30524	117	98	number	number	NOUN
dem-30524	117	99	of	of	ADP
dem-30524	117	100	the	the	DET
dem-30524	117	101	relation	relation	NOUN
dem-30524	117	102	9	9	NUM
dem-30524	117	103	10	10	NUM
dem-30524	117	104	11	11	NUM
dem-30524	117	105	12	12	NUM
dem-30524	117	106	13	13	NUM
dem-30524	117	107	14	14	NUM
dem-30524	117	108	15	15	NUM
dem-30524	117	109	16	16	NUM
dem-30524	117	110	number	number	NOUN
dem-30524	117	111	of	of	ADP
dem-30524	117	112	observations	observation	NOUN
dem-30524	117	113	135	135	NUM
dem-30524	117	114	27	27	NUM
dem-30524	117	115	27	27	NUM
dem-30524	117	116	27	27	NUM
dem-30524	117	117	27	27	NUM
dem-30524	117	118	27	27	NUM
dem-30524	117	119	24	24	NUM
dem-30524	117	120	24	24	NUM
dem-30524	117	121	correlation	correlation	NOUN
dem-30524	117	122	pearson	pearson	NOUN
dem-30524	117	123	coefficients	coefficient	VERB
dem-30524	117	124	0.00	0.00	NUM
dem-30524	117	125	0.11	0.11	NUM
dem-30524	117	126	0.24	0.24	NUM
dem-30524	117	127	–	–	PUNCT
dem-30524	117	128	0.27	0.27	NUM
dem-30524	117	129	0.33	0.33	NUM
dem-30524	117	130	0.18	0.18	NUM
dem-30524	117	131	0.15	0.15	NUM
dem-30524	117	132	0.31	0.31	NUM
dem-30524	117	133	regression	regression	NOUN
dem-30524	117	134	functions	function	NOUN
dem-30524	117	135	constant	constant	VERB
dem-30524	117	136	a	a	DET
dem-30524	117	137	0.12	0.12	NUM
dem-30524	117	138	0.06	0.06	NUM
dem-30524	117	139	–	–	PUNCT
dem-30524	117	140	0.05	0.05	NUM
dem-30524	117	141	0.27	0.27	NUM
dem-30524	117	142	0.00	0.00	NUM
dem-30524	117	143	0.06	0.06	NUM
dem-30524	117	144	0.28	0.28	NUM
dem-30524	117	145	–	–	PUNCT
dem-30524	117	146	0.29	0.29	NUM
dem-30524	117	147	slope	slope	NOUN
dem-30524	117	148	factor	factor	NOUN
dem-30524	117	149	b	b	PROPN
dem-30524	117	150	0.00	0.00	NUM
dem-30524	117	151	0.37	0.37	NUM
dem-30524	117	152	0.38	0.38	NUM
dem-30524	117	153	–	–	PUNCT
dem-30524	117	154	0.94	0.94	NUM
dem-30524	117	155	1.41	1.41	NUM
dem-30524	117	156	0.39	0.39	NUM
dem-30524	117	157	0.38	0.38	NUM
dem-30524	117	158	1.56	1.56	NUM
dem-30524	117	159	t	t	PROPN
dem-30524	117	160	-	-	PUNCT
dem-30524	117	161	statistics	statistic	NOUN
dem-30524	117	162	ta	ta	ADP
dem-30524	117	163	2.03	2.03	NUM
dem-30524	117	164	0.34	0.34	NUM
dem-30524	117	165	–	–	PUNCT
dem-30524	117	166	0.57	0.57	NUM
dem-30524	117	167	1.62	1.62	NUM
dem-30524	117	168	0.01	0.01	NUM
dem-30524	117	169	0.65	0.65	NUM
dem-30524	117	170	1.73	1.73	NUM
dem-30524	117	171	–	–	PUNCT
dem-30524	117	172	0.84	0.84	NUM
dem-30524	117	173	t	t	PROPN
dem-30524	117	174	-	-	PUNCT
dem-30524	117	175	statistics	statistic	NOUN
dem-30524	117	176	tb	tb	ADP
dem-30524	117	177	0.01	0.01	NUM
dem-30524	117	178	0.54	0.54	NUM
dem-30524	117	179	1.25	1.25	NUM
dem-30524	117	180	–	–	PUNCT
dem-30524	117	181	1.40	1.40	NUM
dem-30524	117	182	1.74	1.74	NUM
dem-30524	117	183	0.89	0.89	NUM
dem-30524	117	184	0.71	0.71	NUM
dem-30524	117	185	1.52	1.52	NUM
dem-30524	117	186	𝑅2	𝑅2	NOUN
dem-30524	117	187	0.00	0.00	NUM
dem-30524	117	188	0.01	0.01	NUM
dem-30524	117	189	0.06	0.06	NUM
dem-30524	117	190	0.07	0.07	NUM
dem-30524	117	191	0.11	0.11	NUM
dem-30524	117	192	0.03	0.03	NUM
dem-30524	117	193	0.02	0.02	NUM
dem-30524	117	194	0.09	0.09	NUM
dem-30524	117	195	note	note	NOUN
dem-30524	117	196	:	:	PUNCT
dem-30524	117	197	bold	bold	ADJ
dem-30524	117	198	numbers	number	NOUN
dem-30524	117	199	denote	denote	VERB
dem-30524	117	200	significant	significant	ADJ
dem-30524	117	201	relations	relation	NOUN
dem-30524	117	202	at	at	ADP
dem-30524	117	203	the	the	DET
dem-30524	117	204	significance	significance	NOUN
dem-30524	117	205	level	level	NOUN
dem-30524	117	206	0.05	0.05	NUM
dem-30524	117	207	.	.	PUNCT
dem-30524	118	1	conclusions	conclusion	NOUN
dem-30524	118	2	an	an	DET
dem-30524	118	3	ongoing	ongoing	ADJ
dem-30524	118	4	assessment	assessment	NOUN
dem-30524	118	5	of	of	ADP
dem-30524	118	6	the	the	DET
dem-30524	118	7	company	company	NOUN
dem-30524	118	8	's	's	PART
dem-30524	118	9	operations	operation	NOUN
dem-30524	118	10	is	be	AUX
dem-30524	118	11	necessary	necessary	ADJ
dem-30524	118	12	to	to	ADP
dem-30524	118	13	company	company	NOUN
dem-30524	118	14	management	management	NOUN
dem-30524	118	15	and	and	CCONJ
dem-30524	118	16	providing	provide	VERB
dem-30524	118	17	development	development	NOUN
dem-30524	118	18	perspectives	perspective	NOUN
dem-30524	118	19	.	.	PUNCT
dem-30524	119	1	for	for	ADP
dem-30524	119	2	this	this	DET
dem-30524	119	3	purpose	purpose	NOUN
dem-30524	119	4	,	,	PUNCT
dem-30524	119	5	the	the	DET
dem-30524	119	6	state	state	NOUN
dem-30524	119	7	of	of	ADP
dem-30524	119	8	the	the	DET
dem-30524	119	9	enterprise	enterprise	NOUN
dem-30524	119	10	is	be	AUX
dem-30524	119	11	examined	examine	VERB
dem-30524	119	12	in	in	ADP
dem-30524	119	13	terms	term	NOUN
dem-30524	119	14	of	of	ADP
dem-30524	119	15	its	its	PRON
dem-30524	119	16	economic	economic	ADJ
dem-30524	119	17	and	and	CCONJ
dem-30524	119	18	financial	financial	ADJ
dem-30524	119	19	condition	condition	NOUN
dem-30524	119	20	.	.	PUNCT
dem-30524	120	1	in	in	ADP
dem-30524	120	2	our	our	PRON
dem-30524	120	3	research	research	NOUN
dem-30524	120	4	we	we	PRON
dem-30524	120	5	applied	apply	VERB
dem-30524	120	6	linear	linear	PROPN
dem-30524	120	7	ordering	ordering	NOUN
dem-30524	120	8	method	method	NOUN
dem-30524	120	9	to	to	PART
dem-30524	120	10	evaluate	evaluate	VERB
dem-30524	120	11	the	the	DET
dem-30524	120	12	fundamental	fundamental	ADJ
dem-30524	120	13	strength	strength	NOUN
dem-30524	120	14	of	of	ADP
dem-30524	120	15	the	the	DET
dem-30524	120	16	company	company	NOUN
dem-30524	120	17	.	.	PUNCT
dem-30524	121	1	in	in	ADP
dem-30524	121	2	majority	majority	NOUN
dem-30524	121	3	of	of	ADP
dem-30524	121	4	research	research	NOUN
dem-30524	121	5	,	,	PUNCT
dem-30524	121	6	ratios	ratio	NOUN
dem-30524	121	7	describing	describe	VERB
dem-30524	121	8	financial	financial	ADJ
dem-30524	121	9	liquidity	liquidity	NOUN
dem-30524	121	10	,	,	PUNCT
dem-30524	121	11	level	level	NOUN
dem-30524	121	12	of	of	ADP
dem-30524	121	13	debt	debt	NOUN
dem-30524	121	14	,	,	PUNCT
dem-30524	121	15	management	management	NOUN
dem-30524	121	16	efficiency	efficiency	NOUN
dem-30524	121	17	and	and	CCONJ
dem-30524	121	18	profitability	profitability	NOUN
dem-30524	121	19	are	be	AUX
dem-30524	121	20	taken	take	VERB
dem-30524	121	21	into	into	ADP
dem-30524	121	22	account	account	NOUN
dem-30524	121	23	to	to	PART
dem-30524	121	24	construct	construct	VERB
dem-30524	121	25	taxonomic	taxonomic	ADJ
dem-30524	121	26	measure	measure	NOUN
dem-30524	121	27	of	of	ADP
dem-30524	121	28	investment	investment	NOUN
dem-30524	121	29	attractiveness	attractiveness	NOUN
dem-30524	121	30	,	,	PUNCT
dem-30524	121	31	and	and	CCONJ
dem-30524	121	32	such	such	ADJ
dem-30524	121	33	financial	financial	ADJ
dem-30524	121	34	indicators	indicator	NOUN
dem-30524	121	35	were	be	AUX
dem-30524	121	36	used	use	VERB
dem-30524	121	37	in	in	ADP
dem-30524	121	38	this	this	DET
dem-30524	121	39	study	study	NOUN
dem-30524	121	40	.	.	PUNCT
dem-30524	122	1	the	the	DET
dem-30524	122	2	aim	aim	NOUN
dem-30524	122	3	of	of	ADP
dem-30524	122	4	our	our	PRON
dem-30524	122	5	research	research	NOUN
dem-30524	122	6	was	be	AUX
dem-30524	122	7	to	to	PART
dem-30524	122	8	find	find	VERB
dem-30524	122	9	out	out	ADP
dem-30524	122	10	if	if	SCONJ
dem-30524	122	11	the	the	DET
dem-30524	122	12	fundamental	fundamental	ADJ
dem-30524	122	13	strength	strength	NOUN
dem-30524	122	14	of	of	ADP
dem-30524	122	15	the	the	DET
dem-30524	122	16	company	company	NOUN
dem-30524	122	17	affects	affect	VERB
dem-30524	122	18	its	its	PRON
dem-30524	122	19	investment	investment	NOUN
dem-30524	122	20	performance	performance	NOUN
dem-30524	122	21	.	.	PUNCT
dem-30524	123	1	in	in	ADP
dem-30524	123	2	order	order	NOUN
dem-30524	123	3	to	to	PART
dem-30524	123	4	achieve	achieve	VERB
dem-30524	123	5	that	that	DET
dem-30524	123	6	goal	goal	NOUN
dem-30524	123	7	,	,	PUNCT
dem-30524	123	8	we	we	PRON
dem-30524	123	9	constructed	construct	VERB
dem-30524	123	10	the	the	DET
dem-30524	123	11	synthetic	synthetic	ADJ
dem-30524	123	12	measure	measure	NOUN
dem-30524	123	13	determining	determine	VERB
dem-30524	123	14	the	the	DET
dem-30524	123	15	fundamental	fundamental	ADJ
dem-30524	123	16	strength	strength	NOUN
dem-30524	123	17	of	of	ADP
dem-30524	123	18	public	public	ADJ
dem-30524	123	19	companies	company	NOUN
dem-30524	123	20	that	that	PRON
dem-30524	123	21	are	be	AUX
dem-30524	123	22	characterized	characterize	VERB
dem-30524	123	23	by	by	ADP
dem-30524	123	24	good	good	ADJ
dem-30524	123	25	economic	economic	ADJ
dem-30524	123	26	and	and	CCONJ
dem-30524	123	27	financial	financial	ADJ
dem-30524	123	28	condition	condition	NOUN
dem-30524	123	29	and	and	CCONJ
dem-30524	123	30	market	market	NOUN
dem-30524	123	31	value	value	NOUN
dem-30524	123	32	.	.	PUNCT
dem-30524	124	1	then	then	ADV
dem-30524	124	2	we	we	PRON
dem-30524	124	3	checked	check	VERB
dem-30524	124	4	if	if	SCONJ
dem-30524	124	5	the	the	DET
dem-30524	124	6	statistically	statistically	ADV
dem-30524	124	7	significant	significant	ADJ
dem-30524	124	8	relation	relation	NOUN
dem-30524	124	9	between	between	ADP
dem-30524	124	10	values	value	NOUN
dem-30524	124	11	of	of	ADP
dem-30524	124	12	aggregated	aggregate	VERB
dem-30524	124	13	measure	measure	NOUN
dem-30524	124	14	and	and	CCONJ
dem-30524	124	15	annual	annual	ADJ
dem-30524	124	16	rates	rate	NOUN
dem-30524	124	17	of	of	ADP
dem-30524	124	18	return	return	NOUN
dem-30524	124	19	exists	exist	VERB
dem-30524	124	20	.	.	PUNCT
dem-30524	125	1	dorota	dorota	PROPN
dem-30524	125	2	witkowska	witkowska	PROPN
dem-30524	125	3	,	,	PUNCT
dem-30524	125	4	piotr	piotr	PROPN
dem-30524	125	5	kuźnik	kuźnik	PROPN
dem-30524	125	6	dynamic	dynamic	ADJ
dem-30524	125	7	econometric	econometric	ADJ
dem-30524	125	8	models	model	NOUN
dem-30524	125	9	19	19	NUM
dem-30524	125	10	(	(	PUNCT
dem-30524	125	11	2019	2019	NUM
dem-30524	125	12	)	)	PUNCT
dem-30524	125	13	85–96	85–96	NOUN
dem-30524	125	14	96	96	NUM
dem-30524	126	1	the	the	DET
dem-30524	126	2	obtained	obtain	VERB
dem-30524	126	3	results	result	NOUN
dem-30524	126	4	show	show	VERB
dem-30524	126	5	that	that	SCONJ
dem-30524	126	6	in	in	ADP
dem-30524	126	7	all	all	DET
dem-30524	126	8	cases	case	NOUN
dem-30524	126	9	(	(	PUNCT
dem-30524	126	10	but	but	CCONJ
dem-30524	126	11	one	one	NUM
dem-30524	126	12	)	)	PUNCT
dem-30524	126	13	correlation	correlation	NOUN
dem-30524	126	14	between	between	ADP
dem-30524	126	15	taxonomic	taxonomic	ADJ
dem-30524	126	16	measures	measure	NOUN
dem-30524	126	17	and	and	CCONJ
dem-30524	126	18	logarithmic	logarithmic	ADJ
dem-30524	126	19	rates	rate	NOUN
dem-30524	126	20	of	of	ADP
dem-30524	126	21	return	return	NOUN
dem-30524	126	22	is	be	AUX
dem-30524	126	23	positive	positive	ADJ
dem-30524	126	24	.	.	PUNCT
dem-30524	127	1	however	however	ADV
dem-30524	127	2	,	,	PUNCT
dem-30524	127	3	statistically	statistically	ADV
dem-30524	127	4	significant	significant	ADJ
dem-30524	127	5	relationship	relationship	NOUN
dem-30524	127	6	between	between	ADP
dem-30524	127	7	tmai	tmai	NOUN
dem-30524	127	8	values	value	NOUN
dem-30524	127	9	and	and	CCONJ
dem-30524	127	10	the	the	DET
dem-30524	127	11	rates	rate	NOUN
dem-30524	127	12	of	of	ADP
dem-30524	127	13	return	return	NOUN
dem-30524	127	14	from	from	ADP
dem-30524	127	15	the	the	DET
dem-30524	127	16	shares	share	NOUN
dem-30524	127	17	of	of	ADP
dem-30524	127	18	the	the	DET
dem-30524	127	19	analyzed	analyze	VERB
dem-30524	127	20	public	public	ADJ
dem-30524	127	21	companies	company	NOUN
dem-30524	127	22	is	be	AUX
dem-30524	127	23	observed	observe	VERB
dem-30524	127	24	only	only	ADV
dem-30524	127	25	for	for	ADP
dem-30524	127	26	the	the	DET
dem-30524	127	27	whole	whole	ADJ
dem-30524	127	28	period	period	NOUN
dem-30524	127	29	of	of	ADP
dem-30524	127	30	investigation	investigation	NOUN
dem-30524	127	31	2012–2017	2012–2017	NUM
dem-30524	127	32	and	and	CCONJ
dem-30524	127	33	for	for	ADP
dem-30524	127	34	2016	2016	NUM
dem-30524	127	35	for	for	ADP
dem-30524	127	36	both	both	CCONJ
dem-30524	127	37	current	current	ADJ
dem-30524	127	38	and	and	CCONJ
dem-30524	127	39	lagged	lag	VERB
dem-30524	127	40	relations	relation	NOUN
dem-30524	127	41	.	.	PUNCT
dem-30524	128	1	in	in	ADP
dem-30524	128	2	other	other	ADJ
dem-30524	128	3	words	word	NOUN
dem-30524	128	4	,	,	PUNCT
dem-30524	128	5	the	the	DET
dem-30524	128	6	statement	statement	NOUN
dem-30524	128	7	,	,	PUNCT
dem-30524	128	8	that	that	DET
dem-30524	128	9	fundamental	fundamental	ADJ
dem-30524	128	10	strength	strength	NOUN
dem-30524	128	11	of	of	ADP
dem-30524	128	12	companies	company	NOUN
dem-30524	128	13	affects	affect	VERB
dem-30524	128	14	their	their	PRON
dem-30524	128	15	investment	investment	NOUN
dem-30524	128	16	performance	performance	NOUN
dem-30524	128	17	,	,	PUNCT
dem-30524	128	18	seems	seem	VERB
dem-30524	128	19	to	to	PART
dem-30524	128	20	be	be	AUX
dem-30524	128	21	confirmed	confirm	VERB
dem-30524	128	22	although	although	SCONJ
dem-30524	128	23	our	our	PRON
dem-30524	128	24	study	study	NOUN
dem-30524	128	25	also	also	ADV
dem-30524	128	26	shows	show	VERB
dem-30524	128	27	that	that	SCONJ
dem-30524	128	28	there	there	PRON
dem-30524	128	29	are	be	VERB
dem-30524	128	30	other	other	ADJ
dem-30524	128	31	factors	factor	NOUN
dem-30524	128	32	influencing	influence	VERB
dem-30524	128	33	rates	rate	NOUN
dem-30524	128	34	of	of	ADP
dem-30524	128	35	returns	return	NOUN
dem-30524	128	36	and	and	CCONJ
dem-30524	128	37	correlation	correlation	NOUN
dem-30524	128	38	between	between	ADP
dem-30524	128	39	both	both	DET
dem-30524	128	40	phenomena	phenomenon	NOUN
dem-30524	128	41	is	be	AUX
dem-30524	128	42	usually	usually	ADV
dem-30524	128	43	not	not	PART
dem-30524	128	44	strong	strong	ADJ
dem-30524	128	45	.	.	PUNCT
dem-30524	129	1	these	these	DET
dem-30524	129	2	results	result	NOUN
dem-30524	129	3	are	be	AUX
dem-30524	129	4	consistent	consistent	ADJ
dem-30524	129	5	with	with	ADP
dem-30524	129	6	study	study	NOUN
dem-30524	129	7	(	(	PUNCT
dem-30524	129	8	juszczyk	juszczyk	PROPN
dem-30524	129	9	,	,	PUNCT
dem-30524	129	10	2015	2015	NUM
dem-30524	129	11	)	)	PUNCT
dem-30524	129	12	although	although	SCONJ
dem-30524	129	13	in	in	ADP
dem-30524	129	14	this	this	DET
dem-30524	129	15	research	research	NOUN
dem-30524	129	16	different	different	ADJ
dem-30524	129	17	set	set	NOUN
dem-30524	129	18	of	of	ADP
dem-30524	129	19	companies	company	NOUN
dem-30524	129	20	,	,	PUNCT
dem-30524	129	21	considered	consider	VERB
dem-30524	129	22	periods	period	NOUN
dem-30524	129	23	and	and	CCONJ
dem-30524	129	24	variables	variable	NOUN
dem-30524	129	25	were	be	AUX
dem-30524	129	26	applied	apply	VERB
dem-30524	129	27	for	for	ADP
dem-30524	129	28	the	the	DET
dem-30524	129	29	taxonomic	taxonomic	ADJ
dem-30524	129	30	measure	measure	NOUN
dem-30524	129	31	construction	construction	NOUN
dem-30524	129	32	.	.	PUNCT
dem-30524	130	1	however	however	ADV
dem-30524	130	2	,	,	PUNCT
dem-30524	130	3	lack	lack	NOUN
dem-30524	130	4	of	of	ADP
dem-30524	130	5	significant	significant	ADJ
dem-30524	130	6	relations	relation	NOUN
dem-30524	130	7	for	for	ADP
dem-30524	130	8	lagged	lag	VERB
dem-30524	130	9	tmai	tmai	PROPN
dem-30524	130	10	values	value	NOUN
dem-30524	130	11	(	(	PUNCT
dem-30524	130	12	except	except	SCONJ
dem-30524	130	13	one	one	NUM
dem-30524	130	14	year	year	NOUN
dem-30524	130	15	)	)	PUNCT
dem-30524	130	16	shows	show	VERB
dem-30524	130	17	weak	weak	ADJ
dem-30524	130	18	forecasting	forecasting	NOUN
dem-30524	130	19	properties	property	NOUN
dem-30524	130	20	of	of	ADP
dem-30524	130	21	constructed	construct	VERB
dem-30524	130	22	synthetic	synthetic	ADJ
dem-30524	130	23	measure	measure	NOUN
dem-30524	130	24	which	which	PRON
dem-30524	130	25	can	can	AUX
dem-30524	130	26	not	not	PART
dem-30524	130	27	be	be	AUX
dem-30524	130	28	used	use	VERB
dem-30524	130	29	in	in	ADP
dem-30524	130	30	the	the	DET
dem-30524	130	31	initial	initial	ADJ
dem-30524	130	32	selection	selection	NOUN
dem-30524	130	33	of	of	ADP
dem-30524	130	34	companies	company	NOUN
dem-30524	130	35	for	for	ADP
dem-30524	130	36	the	the	DET
dem-30524	130	37	investment	investment	NOUN
dem-30524	130	38	portfolio	portfolio	NOUN
dem-30524	130	39	.	.	PUNCT
dem-30524	131	1	our	our	PRON
dem-30524	131	2	results	result	NOUN
dem-30524	131	3	contradict	contradict	VERB
dem-30524	131	4	(	(	PUNCT
dem-30524	131	5	staszak	staszak	NOUN
dem-30524	131	6	,	,	PUNCT
dem-30524	131	7	2017	2017	NUM
dem-30524	131	8	)	)	PUNCT
dem-30524	131	9	who	who	PRON
dem-30524	131	10	obtained	obtain	VERB
dem-30524	131	11	promising	promising	ADJ
dem-30524	131	12	results	result	NOUN
dem-30524	131	13	applying	apply	VERB
dem-30524	131	14	constructed	construct	VERB
dem-30524	131	15	by	by	ADP
dem-30524	131	16	him	he	PRON
dem-30524	131	17	tmai	tmai	NOUN
dem-30524	131	18	to	to	ADP
dem-30524	131	19	investment	investment	NOUN
dem-30524	131	20	portfolio	portfolio	NOUN
dem-30524	131	21	determination	determination	NOUN
dem-30524	131	22	.	.	PUNCT
dem-30524	132	1	but	but	CCONJ
dem-30524	132	2	in	in	ADP
dem-30524	132	3	his	his	PRON
dem-30524	132	4	research	research	NOUN
dem-30524	132	5	,	,	PUNCT
dem-30524	132	6	portfolios	portfolio	NOUN
dem-30524	132	7	were	be	AUX
dem-30524	132	8	built	build	VERB
dem-30524	132	9	using	use	VERB
dem-30524	132	10	only	only	ADV
dem-30524	132	11	companies	company	NOUN
dem-30524	132	12	being	be	AUX
dem-30524	132	13	leaders	leader	NOUN
dem-30524	132	14	in	in	ADP
dem-30524	132	15	the	the	DET
dem-30524	132	16	rankings	ranking	NOUN
dem-30524	132	17	of	of	ADP
dem-30524	132	18	considered	consider	VERB
dem-30524	132	19	companies	company	NOUN
dem-30524	132	20	.	.	PUNCT
dem-30524	133	1	taking	take	VERB
dem-30524	133	2	that	that	DET
dem-30524	133	3	fact	fact	NOUN
dem-30524	133	4	in	in	ADP
dem-30524	133	5	consideration	consideration	NOUN
dem-30524	133	6	,	,	PUNCT
dem-30524	133	7	we	we	PRON
dem-30524	133	8	notice	notice	VERB
dem-30524	133	9	the	the	DET
dem-30524	133	10	similarity	similarity	NOUN
dem-30524	133	11	to	to	ADP
dem-30524	133	12	our	our	PRON
dem-30524	133	13	results	result	NOUN
dem-30524	133	14	since	since	SCONJ
dem-30524	133	15	correlation	correlation	NOUN
dem-30524	133	16	between	between	ADP
dem-30524	133	17	fundamental	fundamental	ADJ
dem-30524	133	18	strength	strength	NOUN
dem-30524	133	19	and	and	CCONJ
dem-30524	133	20	returns	return	NOUN
dem-30524	133	21	evaluated	evaluate	VERB
dem-30524	133	22	for	for	ADP
dem-30524	133	23	four	four	NUM
dem-30524	133	24	companies	company	NOUN
dem-30524	133	25	,	,	PUNCT
dem-30524	133	26	selected	select	VERB
dem-30524	133	27	as	as	ADP
dem-30524	133	28	the	the	DET
dem-30524	133	29	most	most	ADV
dem-30524	133	30	attractive	attractive	ADJ
dem-30524	133	31	for	for	ADP
dem-30524	133	32	investors	investor	NOUN
dem-30524	133	33	,	,	PUNCT
dem-30524	133	34	is	be	AUX
dem-30524	133	35	relatively	relatively	ADV
dem-30524	133	36	high	high	ADJ
dem-30524	133	37	.	.	PUNCT
dem-30524	134	1	references	reference	NOUN
dem-30524	134	2	bauman	bauman	PROPN
dem-30524	134	3	,	,	PUNCT
dem-30524	134	4	m.p	m.p	PROPN
dem-30524	134	5	.	.	PROPN
dem-30524	134	6	(	(	PUNCT
dem-30524	134	7	1996	1996	NUM
dem-30524	134	8	)	)	PUNCT
dem-30524	134	9	.	.	PUNCT
dem-30524	135	1	a	a	DET
dem-30524	135	2	review	review	NOUN
dem-30524	135	3	of	of	ADP
dem-30524	135	4	fundamental	fundamental	ADJ
dem-30524	135	5	analysis	analysis	NOUN
dem-30524	135	6	research	research	NOUN
dem-30524	135	7	in	in	ADP
dem-30524	135	8	accounting	accounting	NOUN
dem-30524	135	9	.	.	PUNCT
dem-30524	136	1	journal	journal	NOUN
dem-30524	136	2	of	of	ADP
dem-30524	136	3	accounting	accounting	NOUN
dem-30524	136	4	literature	literature	NOUN
dem-30524	136	5	,	,	PUNCT
dem-30524	136	6	15	15	NUM
dem-30524	136	7	,	,	PUNCT
dem-30524	136	8	1–33	1–33	NOUN
dem-30524	136	9	.	.	PUNCT
dem-30524	137	1	bintara	bintara	PROPN
dem-30524	137	2	,	,	PUNCT
dem-30524	137	3	r.	r.	PROPN
dem-30524	137	4	,	,	PUNCT
dem-30524	137	5	tanjung	tanjung	PROPN
dem-30524	137	6	p.	p.	PROPN
dem-30524	137	7	r.	r.	PROPN
dem-30524	137	8	s.	s.	PROPN
dem-30524	137	9	(	(	PUNCT
dem-30524	137	10	2019	2019	NUM
dem-30524	137	11	)	)	PUNCT
dem-30524	137	12	.	.	PUNCT
dem-30524	138	1	analysis	analysis	NOUN
dem-30524	138	2	of	of	ADP
dem-30524	138	3	fundamental	fundamental	ADJ
dem-30524	138	4	factors	factor	NOUN
dem-30524	138	5	on	on	ADP
dem-30524	138	6	stock	stock	NOUN
dem-30524	138	7	return	return	NOUN
dem-30524	138	8	,	,	PUNCT
dem-30524	138	9	international	international	ADJ
dem-30524	138	10	journal	journal	NOUN
dem-30524	138	11	of	of	ADP
dem-30524	138	12	academic	academic	ADJ
dem-30524	138	13	research	research	NOUN
dem-30524	138	14	in	in	ADP
dem-30524	138	15	accounting	accounting	NOUN
dem-30524	138	16	,	,	PUNCT
dem-30524	138	17	finance	finance	NOUN
dem-30524	138	18	and	and	CCONJ
dem-30524	138	19	management	management	NOUN
dem-30524	138	20	sciences	science	NOUN
dem-30524	138	21	,	,	PUNCT
dem-30524	138	22	9(2	9(2	NUM
dem-30524	138	23	)	)	PUNCT
dem-30524	138	24	,	,	PUNCT
dem-30524	138	25	49–64	49–64	PROPN
dem-30524	138	26	.	.	PUNCT
dem-30524	139	1	http://dx.doi.org/10.6007/ijarafms/v9-i2/6029	http://dx.doi.org/10.6007/ijarafms/v9-i2/6029	PROPN
dem-30524	139	2	greig	greig	PROPN
dem-30524	139	3	,	,	PUNCT
dem-30524	139	4	a.	a.	NOUN
dem-30524	139	5	(	(	PUNCT
dem-30524	139	6	1992	1992	NUM
dem-30524	139	7	)	)	PUNCT
dem-30524	139	8	.	.	PUNCT
dem-30524	140	1	fundamental	fundamental	ADJ
dem-30524	140	2	analysis	analysis	NOUN
dem-30524	140	3	and	and	CCONJ
dem-30524	140	4	subsequent	subsequent	ADJ
dem-30524	140	5	stock	stock	NOUN
dem-30524	140	6	returns	return	NOUN
dem-30524	140	7	.	.	PUNCT
dem-30524	141	1	journal	journal	NOUN
dem-30524	141	2	of	of	ADP
dem-30524	141	3	accounting	accounting	NOUN
dem-30524	141	4	and	and	CCONJ
dem-30524	141	5	economics	economic	NOUN
dem-30524	141	6	,	,	PUNCT
dem-30524	141	7	15	15	NUM
dem-30524	141	8	,	,	PUNCT
dem-30524	141	9	413	413	NUM
dem-30524	141	10	-	-	SYM
dem-30524	141	11	442	442	NUM
dem-30524	141	12	.	.	PUNCT
dem-30524	142	1	http://dx.doi.org/10.1016/0165-4101(92)90026-x	http://dx.doi.org/10.1016/0165-4101(92)90026-x	PROPN
dem-30524	142	2	hellwig	hellwig	PROPN
dem-30524	142	3	,	,	PUNCT
dem-30524	142	4	z.	z.	PROPN
dem-30524	142	5	(	(	PUNCT
dem-30524	142	6	1968	1968	NUM
dem-30524	142	7	)	)	PUNCT
dem-30524	142	8	.	.	PUNCT
dem-30524	143	1	zastosowanie	zastosowanie	PROPN
dem-30524	143	2	metody	metody	PROPN
dem-30524	143	3	taksonomicznej	taksonomicznej	PROPN
dem-30524	143	4	do	do	AUX
dem-30524	143	5	typologicznego	typologicznego	VERB
dem-30524	143	6	podziału	podziału	PROPN
dem-30524	143	7	krajów	krajów	PROPN
dem-30524	143	8	ze	ze	PROPN
dem-30524	143	9	względu	względu	NOUN
dem-30524	143	10	na	na	PROPN
dem-30524	143	11	poziom	poziom	PROPN
dem-30524	143	12	ich	ich	PROPN
dem-30524	143	13	rozwoju	rozwoju	NOUN
dem-30524	144	1	oraz	oraz	PROPN
dem-30524	144	2	zasoby	zasoby	PROPN
dem-30524	145	1	i	i	PRON
dem-30524	145	2	strukturę	strukturę	NOUN
dem-30524	145	3	wykwalifikowanych	wykwalifikowanych	PROPN
dem-30524	145	4	kadr	kadr	PROPN
dem-30524	145	5	,	,	PUNCT
dem-30524	145	6	przegląd	przegląd	PROPN
dem-30524	145	7	statystyczny	statystyczny	PROPN
dem-30524	145	8	,	,	PUNCT
dem-30524	145	9	4	4	NUM
dem-30524	145	10	.	.	X
dem-30524	146	1	juszczyk	juszczyk	NOUN
dem-30524	146	2	,	,	PUNCT
dem-30524	146	3	m.	m.	NOUN
dem-30524	146	4	(	(	PUNCT
dem-30524	146	5	2015	2015	NUM
dem-30524	146	6	)	)	PUNCT
dem-30524	146	7	.	.	PUNCT
dem-30524	147	1	powiązanie	powiązanie	PROPN
dem-30524	147	2	kondycji	kondycji	PROPN
dem-30524	147	3	finansowej	finansowej	PROPN
dem-30524	147	4	spółek	spółek	PROPN
dem-30524	147	5	giełdowych	giełdowych	PROPN
dem-30524	147	6	określonej	określonej	VERB
dem-30524	147	7	syntetycznym	syntetycznym	NOUN
dem-30524	147	8	miernikiem	miernikiem	NOUN
dem-30524	148	1	atrakcyjności	atrakcyjności	ADV
dem-30524	148	2	inwestowania	inwestowania	PROPN
dem-30524	148	3	(	(	PUNCT
dem-30524	148	4	tmai	tmai	PROPN
dem-30524	148	5	)	)	PUNCT
dem-30524	148	6	z	z	NOUN
dem-30524	148	7	kształtowaniem	kształtowaniem	PROPN
dem-30524	148	8	się	się	PROPN
dem-30524	148	9	kursów	kursów	PROPN
dem-30524	148	10	ich	ich	PROPN
dem-30524	148	11	akcji	akcji	ADV
dem-30524	148	12	,	,	PUNCT
dem-30524	148	13	zeszyty	zeszyty	VERB
dem-30524	148	14	naukowe	naukowe	NOUN
dem-30524	148	15	szkoły	szkoły	NOUN
dem-30524	148	16	głównej	głównej	NOUN
dem-30524	148	17	gospodarstwa	gospodarstwa	PROPN
dem-30524	148	18	wiejskiego	wiejskiego	NOUN
dem-30524	148	19	,	,	PUNCT
dem-30524	149	1	ekonomika	ekonomika	X
dem-30524	149	2	i	i	PROPN
dem-30524	149	3	organizacja	organizacja	ADJ
dem-30524	149	4	gospodarki	gospodarki	NOUN
dem-30524	149	5	żywnościowej	żywnościowej	PROPN
dem-30524	149	6	nr	nr	PROPN
dem-30524	149	7	111	111	NUM
dem-30524	149	8	,	,	PUNCT
dem-30524	149	9	81–95	81–95	NUM
dem-30524	149	10	.	.	PUNCT
dem-30524	150	1	http://dx.doi.org/10.22630/eiogz.2015.111.36	http://dx.doi.org/10.22630/eiogz.2015.111.36	PROPN
dem-30524	150	2	kerstein	kerstein	PROPN
dem-30524	150	3	,	,	PUNCT
dem-30524	150	4	j.	j.	PROPN
dem-30524	150	5	,	,	PUNCT
dem-30524	150	6	&	&	CCONJ
dem-30524	150	7	kim	kim	PROPN
dem-30524	150	8	,	,	PUNCT
dem-30524	150	9	s.	s.	PROPN
dem-30524	150	10	(	(	PUNCT
dem-30524	150	11	1995	1995	NUM
dem-30524	150	12	)	)	PUNCT
dem-30524	150	13	.	.	PUNCT
dem-30524	151	1	the	the	DET
dem-30524	151	2	incremental	incremental	ADJ
dem-30524	151	3	information	information	NOUN
dem-30524	151	4	content	content	NOUN
dem-30524	151	5	of	of	ADP
dem-30524	151	6	capital	capital	NOUN
dem-30524	151	7	expenditures	expenditure	NOUN
dem-30524	151	8	.	.	PUNCT
dem-30524	152	1	the	the	DET
dem-30524	152	2	accounting	accounting	NOUN
dem-30524	152	3	review	review	NOUN
dem-30524	152	4	,	,	PUNCT
dem-30524	152	5	70(3	70(3	NOUN
dem-30524	152	6	)	)	PUNCT
dem-30524	152	7	,	,	PUNCT
dem-30524	152	8	513–526	513–526	NUM
dem-30524	152	9	.	.	PUNCT
dem-30524	153	1	http://dx.doi.org/10.22630/eiogz.2015.111.36	http://dx.doi.org/10.22630/eiogz.2015.111.36	NOUN
dem-30524	153	2	does	do	AUX
dem-30524	153	3	fundamental	fundamental	ADJ
dem-30524	153	4	strength	strength	NOUN
dem-30524	153	5	of	of	ADP
dem-30524	153	6	the	the	DET
dem-30524	153	7	company	company	NOUN
dem-30524	153	8	influence	influence	VERB
dem-30524	153	9	its	its	PRON
dem-30524	153	10	investment	investment	NOUN
dem-30524	153	11	performance	performance	NOUN
dem-30524	153	12	?	?	PUNCT
dem-30524	154	1	dynamic	dynamic	ADJ
dem-30524	154	2	econometric	econometric	ADJ
dem-30524	154	3	models	model	NOUN
dem-30524	154	4	19	19	NUM
dem-30524	154	5	(	(	PUNCT
dem-30524	154	6	2019	2019	NUM
dem-30524	154	7	)	)	PUNCT
dem-30524	154	8	85–96	85–96	NUM
dem-30524	154	9	97	97	NUM
dem-30524	154	10	kompa	kompa	NOUN
dem-30524	154	11	,	,	PUNCT
dem-30524	154	12	k.	k.	PROPN
dem-30524	154	13	(	(	PUNCT
dem-30524	154	14	2019	2019	NUM
dem-30524	154	15	)	)	PUNCT
dem-30524	154	16	.	.	PUNCT
dem-30524	155	1	zmiany	zmiany	PROPN
dem-30524	155	2	w	w	PROPN
dem-30524	155	3	kierownictwie	kierownictwie	PROPN
dem-30524	155	4	spółek	spółek	PROPN
dem-30524	155	5	giełdowych	giełdowych	VERB
dem-30524	155	6	a	a	DET
dem-30524	155	7	zmiany	zmiany	NOUN
dem-30524	155	8	sytuacji	sytuacji	NOUN
dem-30524	155	9	finansowej	finansowej	PROPN
dem-30524	155	10	,	,	PUNCT
dem-30524	155	11	w	w	PROPN
dem-30524	155	12	:	:	PUNCT
dem-30524	155	13	śliwicki	śliwicki	ADJ
dem-30524	155	14	a.	a.	PROPN
dem-30524	155	15	(	(	PUNCT
dem-30524	155	16	ed	ed	NOUN
dem-30524	155	17	.	.	PUNCT
dem-30524	155	18	)	)	PUNCT
dem-30524	156	1	zarządzanie	zarządzanie	PROPN
dem-30524	156	2	w	w	PROPN
dem-30524	156	3	warunkach	warunkach	PROPN
dem-30524	156	4	ryzyka	ryzyka	PROPN
dem-30524	156	5	,	,	PUNCT
dem-30524	156	6	oficyna	oficyna	PROPN
dem-30524	156	7	wydawnicza	wydawnicza	PROPN
dem-30524	156	8	sgh	sgh	PROPN
dem-30524	156	9	,	,	PUNCT
dem-30524	156	10	warszawa	warszawa	PROPN
dem-30524	156	11	,	,	PUNCT
dem-30524	156	12	187–206	187–206	NUM
dem-30524	156	13	.	.	PUNCT
dem-30524	156	14	łuniewska	łuniewska	PROPN
dem-30524	156	15	,	,	PUNCT
dem-30524	156	16	m.	m.	NOUN
dem-30524	156	17	,	,	PUNCT
dem-30524	156	18	tarczyński	tarczyński	PROPN
dem-30524	156	19	,	,	PUNCT
dem-30524	156	20	w.	w.	NOUN
dem-30524	156	21	(	(	PUNCT
dem-30524	156	22	2006	2006	NUM
dem-30524	156	23	)	)	PUNCT
dem-30524	156	24	.	.	PUNCT
dem-30524	157	1	metody	metody	ADJ
dem-30524	157	2	wielowymiarowej	wielowymiarowej	PROPN
dem-30524	157	3	analizy	analizy	PROPN
dem-30524	157	4	porównawczej	porównawczej	PROPN
dem-30524	157	5	na	na	ADP
dem-30524	157	6	rynku	rynku	ADJ
dem-30524	157	7	kapitałowym	kapitałowym	PROPN
dem-30524	157	8	,	,	PUNCT
dem-30524	157	9	wydawnictwo	wydawnictwo	ADJ
dem-30524	157	10	naukowe	naukowe	NOUN
dem-30524	157	11	pwn	pwn	PROPN
dem-30524	157	12	.	.	PUNCT
dem-30524	158	1	muhammad	muhammad	PROPN
dem-30524	158	2	,	,	PUNCT
dem-30524	158	3	s.	s.	PROPN
dem-30524	158	4	,	,	PUNCT
dem-30524	158	5	&	&	CCONJ
dem-30524	158	6	gohar	gohar	PROPN
dem-30524	158	7	,	,	PUNCT
dem-30524	158	8	a.	a.	NOUN
dem-30524	158	9	(	(	PUNCT
dem-30524	158	10	2018	2018	NUM
dem-30524	158	11	)	)	PUNCT
dem-30524	158	12	.	.	PUNCT
dem-30524	159	1	the	the	DET
dem-30524	159	2	relationship	relationship	NOUN
dem-30524	159	3	between	between	ADP
dem-30524	159	4	fundamental	fundamental	ADJ
dem-30524	159	5	analysis	analysis	NOUN
dem-30524	159	6	and	and	CCONJ
dem-30524	159	7	stock	stock	NOUN
dem-30524	159	8	returns	return	NOUN
dem-30524	159	9	based	base	VERB
dem-30524	159	10	on	on	ADP
dem-30524	159	11	the	the	DET
dem-30524	159	12	panel	panel	NOUN
dem-30524	159	13	data	data	VERB
dem-30524	159	14	analysis	analysis	NOUN
dem-30524	159	15	;	;	PUNCT
dem-30524	159	16	evidence	evidence	NOUN
dem-30524	159	17	from	from	ADP
dem-30524	159	18	karachi	karachi	PROPN
dem-30524	159	19	stock	stock	PROPN
dem-30524	159	20	exchange	exchange	PROPN
dem-30524	159	21	(	(	PUNCT
dem-30524	159	22	kse	kse	PROPN
dem-30524	159	23	)	)	PUNCT
dem-30524	159	24	,	,	PUNCT
dem-30524	159	25	research	research	NOUN
dem-30524	159	26	journal	journal	NOUN
dem-30524	159	27	of	of	ADP
dem-30524	159	28	finance	finance	NOUN
dem-30524	159	29	and	and	CCONJ
dem-30524	159	30	accounting	accounting	NOUN
dem-30524	159	31	,	,	PUNCT
dem-30524	159	32	9(3	9(3	NUM
dem-30524	159	33	)	)	PUNCT
dem-30524	159	34	,	,	PUNCT
dem-30524	159	35	84–96	84–96	NUM
dem-30524	159	36	.	.	PUNCT
dem-30524	159	37	ou	ou	PROPN
dem-30524	159	38	,	,	PUNCT
dem-30524	159	39	j.a	j.a	PROPN
dem-30524	159	40	.	.	PROPN
dem-30524	159	41	(	(	PUNCT
dem-30524	159	42	1990	1990	NUM
dem-30524	159	43	)	)	PUNCT
dem-30524	159	44	.	.	PUNCT
dem-30524	160	1	the	the	DET
dem-30524	160	2	information	information	NOUN
dem-30524	160	3	content	content	NOUN
dem-30524	160	4	of	of	ADP
dem-30524	160	5	nonearnings	nonearning	NOUN
dem-30524	160	6	accounting	accounting	NOUN
dem-30524	160	7	numbers	number	NOUN
dem-30524	160	8	as	as	ADP
dem-30524	160	9	earnings	earning	NOUN
dem-30524	160	10	predictors	predictor	NOUN
dem-30524	160	11	.	.	PUNCT
dem-30524	161	1	journal	journal	NOUN
dem-30524	161	2	of	of	ADP
dem-30524	161	3	accounting	accounting	NOUN
dem-30524	161	4	research	research	NOUN
dem-30524	161	5	,	,	PUNCT
dem-30524	161	6	28(1	28(1	NOUN
dem-30524	161	7	)	)	PUNCT
dem-30524	161	8	,	,	PUNCT
dem-30524	161	9	144–163	144–163	NUM
dem-30524	161	10	.	.	PUNCT
dem-30524	161	11	http://dx.doi.org/10.2307/2491220	http://dx.doi.org/10.2307/2491220	PROPN
dem-30524	161	12	ou	ou	PROPN
dem-30524	161	13	,	,	PUNCT
dem-30524	161	14	j.a	j.a	PROPN
dem-30524	161	15	.	.	PROPN
dem-30524	161	16	,	,	PUNCT
dem-30524	161	17	&	&	CCONJ
dem-30524	161	18	penman	penman	PROPN
dem-30524	161	19	,	,	PUNCT
dem-30524	161	20	s.h	s.h	PROPN
dem-30524	161	21	.	.	PROPN
dem-30524	161	22	(	(	PUNCT
dem-30524	161	23	1989a	1989a	NUM
dem-30524	161	24	)	)	PUNCT
dem-30524	161	25	.	.	PUNCT
dem-30524	162	1	financial	financial	ADJ
dem-30524	162	2	statement	statement	NOUN
dem-30524	162	3	analysis	analysis	NOUN
dem-30524	162	4	and	and	CCONJ
dem-30524	162	5	the	the	DET
dem-30524	162	6	prediction	prediction	NOUN
dem-30524	162	7	of	of	ADP
dem-30524	162	8	stock	stock	NOUN
dem-30524	162	9	returns	return	NOUN
dem-30524	162	10	.	.	PUNCT
dem-30524	163	1	journal	journal	NOUN
dem-30524	163	2	of	of	ADP
dem-30524	163	3	accounting	accounting	NOUN
dem-30524	163	4	and	and	CCONJ
dem-30524	163	5	economics	economic	NOUN
dem-30524	163	6	,	,	PUNCT
dem-30524	163	7	11	11	NUM
dem-30524	163	8	,	,	PUNCT
dem-30524	163	9	295–329	295–329	NUM
dem-30524	163	10	.	.	PUNCT
dem-30524	164	1	http://dx.doi.org/10.1016/0165-4101(89)90017-7	http://dx.doi.org/10.1016/0165-4101(89)90017-7	PROPN
dem-30524	164	2	ou	ou	PROPN
dem-30524	164	3	,	,	PUNCT
dem-30524	164	4	j.a	j.a	PROPN
dem-30524	164	5	.	.	PROPN
dem-30524	164	6	,	,	PUNCT
dem-30524	164	7	&	&	CCONJ
dem-30524	164	8	penman	penman	PROPN
dem-30524	164	9	,	,	PUNCT
dem-30524	164	10	s.h	s.h	PROPN
dem-30524	164	11	.	.	PROPN
dem-30524	164	12	(	(	PUNCT
dem-30524	164	13	1989b	1989b	NUM
dem-30524	164	14	)	)	PUNCT
dem-30524	164	15	.	.	PUNCT
dem-30524	165	1	accounting	accounting	NOUN
dem-30524	165	2	measurement	measurement	PROPN
dem-30524	165	3	,	,	PUNCT
dem-30524	165	4	price	price	NOUN
dem-30524	165	5	-	-	PUNCT
dem-30524	165	6	earnings	earning	NOUN
dem-30524	165	7	ratio	ratio	NOUN
dem-30524	165	8	,	,	PUNCT
dem-30524	165	9	and	and	CCONJ
dem-30524	165	10	the	the	DET
dem-30524	165	11	information	information	NOUN
dem-30524	165	12	content	content	NOUN
dem-30524	165	13	of	of	ADP
dem-30524	165	14	security	security	NOUN
dem-30524	165	15	prices	price	NOUN
dem-30524	165	16	.	.	PUNCT
dem-30524	166	1	journal	journal	NOUN
dem-30524	166	2	of	of	ADP
dem-30524	166	3	accounting	accounting	NOUN
dem-30524	166	4	research	research	NOUN
dem-30524	166	5	,	,	PUNCT
dem-30524	166	6	27	27	NUM
dem-30524	166	7	,	,	PUNCT
dem-30524	166	8	supplement	supplement	NOUN
dem-30524	166	9	,	,	PUNCT
dem-30524	166	10	111–144	111–144	NUM
dem-30524	166	11	.	.	PUNCT
dem-30524	167	1	http://dx.doi.org/10.2307/2491068	http://dx.doi.org/10.2307/2491068	PROPN
dem-30524	167	2	seng	seng	PROPN
dem-30524	167	3	,	,	PUNCT
dem-30524	167	4	d.	d.	PROPN
dem-30524	167	5	,	,	PUNCT
dem-30524	167	6	&	&	CCONJ
dem-30524	167	7	hancock	hancock	PROPN
dem-30524	167	8	,	,	PUNCT
dem-30524	167	9	j.	j.	PROPN
dem-30524	167	10	r.	r.	PROPN
dem-30524	167	11	(	(	PUNCT
dem-30524	167	12	2012	2012	NUM
dem-30524	167	13	)	)	PUNCT
dem-30524	167	14	.	.	PUNCT
dem-30524	168	1	fundamental	fundamental	ADJ
dem-30524	168	2	analysis	analysis	NOUN
dem-30524	168	3	and	and	CCONJ
dem-30524	168	4	the	the	DET
dem-30524	168	5	prediction	prediction	NOUN
dem-30524	168	6	of	of	ADP
dem-30524	168	7	earnings	earning	NOUN
dem-30524	168	8	,	,	PUNCT
dem-30524	168	9	international	international	ADJ
dem-30524	168	10	journal	journal	NOUN
dem-30524	168	11	of	of	ADP
dem-30524	168	12	business	business	NOUN
dem-30524	168	13	and	and	CCONJ
dem-30524	168	14	management	management	NOUN
dem-30524	168	15	,	,	PUNCT
dem-30524	168	16	7(3	7(3	NUM
dem-30524	168	17	)	)	PUNCT
dem-30524	168	18	,	,	PUNCT
dem-30524	168	19	32–46	32–46	NUM
dem-30524	168	20	.	.	PUNCT
dem-30524	169	1	http://dx.doi.org/10.5539/ijbm.v7n3p32	http://dx.doi.org/10.5539/ijbm.v7n3p32	ADJ
dem-30524	169	2	staszak	staszak	NOUN
dem-30524	169	3	,	,	PUNCT
dem-30524	169	4	m.	m.	NOUN
dem-30524	169	5	(	(	PUNCT
dem-30524	169	6	2017	2017	NUM
dem-30524	169	7	)	)	PUNCT
dem-30524	169	8	.	.	PUNCT
dem-30524	170	1	eksperymentalna	eksperymentalna	PROPN
dem-30524	170	2	ocena	ocena	PROPN
dem-30524	170	3	efektywności	efektywności	PROPN
dem-30524	171	1	portfela	portfela	SCONJ
dem-30524	171	2	fundamentalnego	fundamentalnego	PROPN
dem-30524	171	3	dla	dla	NOUN
dem-30524	171	4	spółek	spółek	PROPN
dem-30524	171	5	z	z	PROPN
dem-30524	171	6	indeksu	indeksu	PROPN
dem-30524	171	7	wig20	wig20	PROPN
dem-30524	171	8	za	za	PROPN
dem-30524	171	9	lata	lata	PROPN
dem-30524	171	10	2004	2004	NUM
dem-30524	171	11	–	–	PUNCT
dem-30524	171	12	2016	2016	NUM
dem-30524	171	13	,	,	PUNCT
dem-30524	171	14	metody	metody	ADJ
dem-30524	171	15	ilościowe	ilościowe	PROPN
dem-30524	171	16	w	w	PROPN
dem-30524	171	17	badaniach	badaniach	NOUN
dem-30524	171	18	,	,	PUNCT
dem-30524	171	19	tom	tom	PROPN
dem-30524	171	20	xviii/4	xviii/4	PROPN
dem-30524	171	21	,	,	PUNCT
dem-30524	171	22	672–678	672–678	NUM
dem-30524	171	23	.	.	PUNCT
dem-30524	172	1	http://dx.doi.org/10.22630/mibe.2017.18.4.62	http://dx.doi.org/10.22630/mibe.2017.18.4.62	NOUN
dem-30524	172	2	stober	stober	PROPN
dem-30524	172	3	,	,	PUNCT
dem-30524	172	4	t.l	t.l	PROPN
dem-30524	172	5	.	.	PUNCT
dem-30524	172	6	(	(	PUNCT
dem-30524	172	7	1993	1993	NUM
dem-30524	172	8	)	)	PUNCT
dem-30524	172	9	.	.	PUNCT
dem-30524	173	1	the	the	DET
dem-30524	173	2	incremental	incremental	ADJ
dem-30524	173	3	information	information	NOUN
dem-30524	173	4	content	content	NOUN
dem-30524	173	5	of	of	ADP
dem-30524	173	6	receivables	receivables	NOUN
dem-30524	173	7	in	in	ADP
dem-30524	173	8	predicting	predict	VERB
dem-30524	173	9	sales	sale	NOUN
dem-30524	173	10	,	,	PUNCT
dem-30524	173	11	earnings	earning	NOUN
dem-30524	173	12	,	,	PUNCT
dem-30524	173	13	and	and	CCONJ
dem-30524	173	14	profit	profit	NOUN
dem-30524	173	15	margins	margin	NOUN
dem-30524	173	16	.	.	PUNCT
dem-30524	174	1	journal	journal	NOUN
dem-30524	174	2	of	of	ADP
dem-30524	174	3	accounting	accounting	NOUN
dem-30524	174	4	,	,	PUNCT
dem-30524	174	5	auditing	auditing	NOUN
dem-30524	174	6	and	and	CCONJ
dem-30524	174	7	finance	finance	NOUN
dem-30524	174	8	,	,	PUNCT
dem-30524	174	9	8	8	NUM
dem-30524	174	10	,	,	PUNCT
dem-30524	174	11	447–473	447–473	NUM
dem-30524	174	12	.	.	PUNCT
dem-30524	175	1	http://dx.doi.org/10.1170/0148558x9300800406	http://dx.doi.org/10.1170/0148558x9300800406	VERB
dem-30524	175	2	tarczyńska	tarczyńska	PROPN
dem-30524	175	3	–	–	PUNCT
dem-30524	175	4	łuniewska	łuniewska	NOUN
dem-30524	175	5	,	,	PUNCT
dem-30524	175	6	m.	m.	NOUN
dem-30524	175	7	(	(	PUNCT
dem-30524	175	8	2013	2013	NUM
dem-30524	175	9	)	)	PUNCT
dem-30524	175	10	.	.	PUNCT
dem-30524	176	1	definition	definition	NOUN
dem-30524	176	2	and	and	CCONJ
dem-30524	176	3	nature	nature	NOUN
dem-30524	176	4	of	of	ADP
dem-30524	176	5	fundamental	fundamental	ADJ
dem-30524	176	6	strengths	strength	NOUN
dem-30524	176	7	.	.	PUNCT
dem-30524	177	1	actual	actual	ADJ
dem-30524	177	2	problems	problem	NOUN
dem-30524	177	3	of	of	ADP
dem-30524	177	4	economics	economic	NOUN
dem-30524	177	5	,	,	PUNCT
dem-30524	177	6	2(1	2(1	NUM
dem-30524	177	7	)	)	PUNCT
dem-30524	177	8	,	,	PUNCT
dem-30524	177	9	15–23	15–23	NUM
dem-30524	177	10	.	.	PUNCT
dem-30524	177	11	tarczyński	tarczyński	PROPN
dem-30524	177	12	,	,	PUNCT
dem-30524	177	13	w.	w.	NOUN
dem-30524	177	14	(	(	PUNCT
dem-30524	177	15	1994	1994	NUM
dem-30524	177	16	)	)	PUNCT
dem-30524	177	17	.	.	PUNCT
dem-30524	178	1	taksonomiczna	taksonomiczna	PROPN
dem-30524	178	2	miara	miara	PROPN
dem-30524	178	3	atrakcyjności	atrakcyjności	ADJ
dem-30524	178	4	inwestycji	inwestycji	PROPN
dem-30524	178	5	w	w	PROPN
dem-30524	178	6	papiery	papiery	PROPN
dem-30524	178	7	wartościowe	wartościowe	NOUN
dem-30524	178	8	.	.	PUNCT
dem-30524	179	1	przegląd	przegląd	PROPN
dem-30524	179	2	statystyczny	statystyczny	PROPN
dem-30524	179	3	,	,	PUNCT
dem-30524	179	4	3	3	NUM
dem-30524	179	5	,	,	PUNCT
dem-30524	179	6	275–300	275–300	NUM
dem-30524	179	7	.	.	PUNCT
dem-30524	179	8	tarczyński	tarczyński	PROPN
dem-30524	179	9	,	,	PUNCT
dem-30524	179	10	w.	w.	PROPN
dem-30524	179	11	(	(	PUNCT
dem-30524	179	12	2002	2002	NUM
dem-30524	179	13	)	)	PUNCT
dem-30524	179	14	.	.	PUNCT
dem-30524	180	1	fundamentalny	fundamentalny	PROPN
dem-30524	180	2	portfel	portfel	PROPN
dem-30524	180	3	papierów	papierów	PROPN
dem-30524	180	4	wartościowych	wartościowych	PROPN
dem-30524	180	5	,	,	PUNCT
dem-30524	180	6	polskie	polskie	NOUN
dem-30524	180	7	wydawnictwo	wydawnictwo	PROPN
dem-30524	180	8	ekonomiczne	ekonomiczne	PROPN
dem-30524	180	9	,	,	PUNCT
dem-30524	180	10	warszawa	warszawa	PROPN
dem-30524	180	11	.	.	PUNCT
dem-30524	181	1	tarczyński	tarczyński	PROPN
dem-30524	181	2	,	,	PUNCT
dem-30524	181	3	w.	w.	PROPN
dem-30524	181	4	,	,	PUNCT
dem-30524	181	5	&	&	CCONJ
dem-30524	181	6	łuniewska	łuniewska	PROPN
dem-30524	181	7	,	,	PUNCT
dem-30524	181	8	m.	m.	NOUN
dem-30524	181	9	(	(	PUNCT
dem-30524	181	10	2004	2004	NUM
dem-30524	181	11	)	)	PUNCT
dem-30524	181	12	.	.	PUNCT
dem-30524	182	1	dywersyfikacja	dywersyfikacja	PROPN
dem-30524	182	2	ryzyka	ryzyka	NOUN
dem-30524	182	3	na	na	VERB
dem-30524	182	4	polskim	polskim	PROPN
dem-30524	182	5	rynku	rynku	ADJ
dem-30524	182	6	kapitałowym	kapitałowym	PROPN
dem-30524	182	7	,	,	PUNCT
dem-30524	182	8	wydawnictwo	wydawnictwo	PROPN
dem-30524	182	9	placet	placet	PROPN
dem-30524	182	10	,	,	PUNCT
dem-30524	182	11	warszawa	warszawa	PROPN
dem-30524	182	12	.	.	PUNCT
dem-30524	183	1	http://dx.doi.org/10.2307/2491220	http://dx.doi.org/10.2307/2491220	PROPN
dem-30524	183	2	http://dx.doi.org/10.1016/0165-4101(89)90017-7	http://dx.doi.org/10.1016/0165-4101(89)90017-7	PROPN
dem-30524	183	3	http://dx.doi.org/10.2307/2491068	http://dx.doi.org/10.2307/2491068	NOUN
dem-30524	183	4	http://dx.doi.org/10.5539/ijbm.v7n3p32	http://dx.doi.org/10.5539/ijbm.v7n3p32	ADJ
dem-30524	183	5	http://dx.doi.org/10.22630/mibe.2017.18.4.62	http://dx.doi.org/10.22630/mibe.2017.18.4.62	NOUN
dem-30524	183	6	introduction	introduction	NOUN
dem-30524	183	7	1	1	NUM
dem-30524	183	8	.	.	PUNCT
dem-30524	183	9	data	datum	NOUN
dem-30524	183	10	and	and	CCONJ
dem-30524	183	11	methodology	methodology	NOUN
dem-30524	183	12	2	2	NUM
dem-30524	183	13	.	.	PUNCT
dem-30524	183	14	evaluation	evaluation	NOUN
dem-30524	183	15	of	of	ADP
dem-30524	183	16	companies	company	NOUN
dem-30524	183	17	based	base	VERB
dem-30524	183	18	on	on	ADP
dem-30524	183	19	taxonomic	taxonomic	ADJ
dem-30524	183	20	measure	measure	NOUN
dem-30524	183	21	3	3	NUM
dem-30524	183	22	.	.	PUNCT
dem-30524	183	23	rates	rate	NOUN
dem-30524	183	24	of	of	ADP
dem-30524	183	25	return	return	NOUN
dem-30524	183	26	of	of	ADP
dem-30524	183	27	analyzed	analyze	VERB
dem-30524	183	28	listed	list	VERB
dem-30524	183	29	companies	company	NOUN
dem-30524	183	30	4	4	NUM
dem-30524	183	31	.	.	X
dem-30524	183	32	relationship	relationship	NOUN
dem-30524	183	33	between	between	ADP
dem-30524	183	34	fundamental	fundamental	ADJ
dem-30524	183	35	strength	strength	NOUN
dem-30524	183	36	of	of	ADP
dem-30524	183	37	companies	company	NOUN
dem-30524	183	38	and	and	CCONJ
dem-30524	183	39	their	their	PRON
dem-30524	183	40	investment	investment	NOUN
dem-30524	183	41	performance	performance	NOUN
dem-30524	183	42	conclusions	conclusion	NOUN
dem-30524	183	43	references	reference	NOUN