id	sid	tid	token	lemma	pos
dem-5671	1	1	microsoft	microsoft	PROPN
dem-5671	1	2	word	word	NOUN
dem-5671	1	3	dem_2014_5to28.docx	dem_2014_5to28.docx	VERB
dem-5671	1	4	©	©	PROPN
dem-5671	1	5	2014	2014	NUM
dem-5671	1	6	nicolaus	nicolaus	PROPN
dem-5671	1	7	copernicus	copernicus	PROPN
dem-5671	1	8	university	university	PROPN
dem-5671	1	9	.	.	PUNCT
dem-5671	2	1	all	all	DET
dem-5671	2	2	rights	right	NOUN
dem-5671	2	3	reserved	reserve	VERB
dem-5671	2	4	.	.	PUNCT
dem-5671	3	1	http://www.dem.umk.pl/dem	http://www.dem.umk.pl/dem	PROPN
dem-5671	4	1	d	d	PUNCT
dem-5671	4	2	y	y	PROPN
dem-5671	4	3	n	n	PROPN
dem-5671	4	4	a	a	PRON
dem-5671	4	5	m	m	VERB
dem-5671	5	1	i	i	NOUN
dem-5671	5	2	c	c	NOUN
dem-5671	5	3	e	e	NOUN
dem-5671	5	4	c	c	NOUN
dem-5671	5	5	o	o	X
dem-5671	6	1	n	n	INTJ
dem-5671	6	2	o	o	NOUN
dem-5671	6	3	m	m	VERB
dem-5671	7	1	e	e	NOUN
dem-5671	7	2	t	t	NOUN
dem-5671	7	3	r	r	NOUN
dem-5671	7	4	i	i	NOUN
dem-5671	7	5	c	c	NOUN
dem-5671	7	6	m	m	VERB
dem-5671	7	7	o	o	NOUN
dem-5671	7	8	d	d	X
dem-5671	7	9	e	e	X
dem-5671	7	10	l	l	NOUN
dem-5671	7	11	s	s	X
dem-5671	7	12	doi	doi	NOUN
dem-5671	7	13	:	:	PUNCT
dem-5671	7	14	http://dx.doi.org/10.12775/dem.2014.001	http://dx.doi.org/10.12775/dem.2014.001	NOUN
dem-5671	7	15	vol	vol	NOUN
dem-5671	7	16	.	.	PROPN
dem-5671	8	1	14	14	NUM
dem-5671	8	2	(	(	PUNCT
dem-5671	8	3	2014	2014	NUM
dem-5671	8	4	)	)	PUNCT
dem-5671	9	1	5−28	5−28	PROPN
dem-5671	9	2	submitted	submit	VERB
dem-5671	9	3	may	may	AUX
dem-5671	9	4	5	5	NUM
dem-5671	9	5	,	,	PUNCT
dem-5671	9	6	2014	2014	NUM
dem-5671	9	7	issn	issn	PROPN
dem-5671	9	8	accepted	accept	VERB
dem-5671	9	9	december	december	PROPN
dem-5671	9	10	12	12	NUM
dem-5671	9	11	,	,	PUNCT
dem-5671	9	12	2014	2014	NUM
dem-5671	9	13	1234	1234	NUM
dem-5671	9	14	-	-	SYM
dem-5671	9	15	3862	3862	NUM
dem-5671	9	16	juliusz	juliusz	PROPN
dem-5671	9	17	jabłecki	jabłecki	PROPN
dem-5671	9	18	*	*	PROPN
dem-5671	9	19	,	,	PUNCT
dem-5671	9	20	ryszard	ryszard	PROPN
dem-5671	9	21	kokoszczyński	kokoszczyński	PROPN
dem-5671	9	22	*	*	PROPN
dem-5671	9	23	,	,	PUNCT
dem-5671	9	24	paweł	paweł	VERB
dem-5671	9	25	sakowski	sakowski	PROPN
dem-5671	9	26	,	,	PUNCT
dem-5671	9	27	robert	robert	PROPN
dem-5671	9	28	ślepaczuk	ślepaczuk	PROPN
dem-5671	9	29	*	*	PROPN
dem-5671	9	30	,	,	PUNCT
dem-5671	9	31	piotr	piotr	PROPN
dem-5671	9	32	wójcik	wójcik	PROPN
dem-5671	9	33	does	do	AUX
dem-5671	9	34	historical	historical	ADJ
dem-5671	9	35	vix	vix	PROPN
dem-5671	9	36	term	term	NOUN
dem-5671	9	37	structure	structure	NOUN
dem-5671	9	38	contain	contain	VERB
dem-5671	9	39	valuable	valuable	ADJ
dem-5671	9	40	information	information	NOUN
dem-5671	9	41	for	for	ADP
dem-5671	9	42	predicting	predict	VERB
dem-5671	9	43	vix	vix	PROPN
dem-5671	9	44	futures?	futures?	PUNCT
dem-5671	9	45	a	a	DET
dem-5671	9	46	b	b	PROPN
dem-5671	9	47	s	s	ADP
dem-5671	9	48	t	t	PROPN
dem-5671	9	49	r	r	NOUN
dem-5671	9	50	a	a	DET
dem-5671	9	51	c	c	NOUN
dem-5671	9	52	t.	t.	NOUN
dem-5671	9	53	we	we	PRON
dem-5671	9	54	suggest	suggest	VERB
dem-5671	9	55	that	that	SCONJ
dem-5671	9	56	the	the	DET
dem-5671	9	57	term	term	NOUN
dem-5671	9	58	structure	structure	NOUN
dem-5671	9	59	of	of	ADP
dem-5671	9	60	vix	vix	PROPN
dem-5671	9	61	futures	future	NOUN
dem-5671	9	62	shows	show	VERB
dem-5671	9	63	a	a	DET
dem-5671	9	64	clear	clear	ADJ
dem-5671	9	65	pattern	pattern	NOUN
dem-5671	9	66	of	of	ADP
dem-5671	9	67	dependence	dependence	NOUN
dem-5671	9	68	on	on	ADP
dem-5671	9	69	the	the	DET
dem-5671	9	70	current	current	ADJ
dem-5671	9	71	level	level	NOUN
dem-5671	9	72	of	of	ADP
dem-5671	9	73	vix	vix	PROPN
dem-5671	9	74	index	index	NOUN
dem-5671	9	75	.	.	PUNCT
dem-5671	10	1	at	at	ADP
dem-5671	10	2	the	the	DET
dem-5671	10	3	low	low	ADJ
dem-5671	10	4	levels	level	NOUN
dem-5671	10	5	of	of	ADP
dem-5671	10	6	vix	vix	PROPN
dem-5671	10	7	(	(	PUNCT
dem-5671	10	8	below	below	ADP
dem-5671	10	9	20	20	NUM
dem-5671	10	10	)	)	PUNCT
dem-5671	10	11	,	,	PUNCT
dem-5671	10	12	the	the	DET
dem-5671	10	13	term	term	NOUN
dem-5671	10	14	structure	structure	NOUN
dem-5671	10	15	is	be	AUX
dem-5671	10	16	highly	highly	ADV
dem-5671	10	17	upward	upward	ADJ
dem-5671	10	18	sloping	sloping	NOUN
dem-5671	10	19	,	,	PUNCT
dem-5671	10	20	while	while	SCONJ
dem-5671	10	21	at	at	ADP
dem-5671	10	22	the	the	DET
dem-5671	10	23	high	high	ADJ
dem-5671	10	24	vix	vix	PROPN
dem-5671	10	25	levels	level	NOUN
dem-5671	10	26	(	(	PUNCT
dem-5671	10	27	over	over	ADP
dem-5671	10	28	30	30	NUM
dem-5671	10	29	)	)	PUNCT
dem-5671	10	30	it	it	PRON
dem-5671	10	31	is	be	AUX
dem-5671	10	32	strongly	strongly	ADV
dem-5671	10	33	downward	downward	ADJ
dem-5671	10	34	sloping	sloping	NOUN
dem-5671	10	35	.	.	PUNCT
dem-5671	11	1	we	we	PRON
dem-5671	11	2	use	use	VERB
dem-5671	11	3	these	these	DET
dem-5671	11	4	features	feature	NOUN
dem-5671	11	5	to	to	PART
dem-5671	11	6	predict	predict	VERB
dem-5671	11	7	future	future	ADJ
dem-5671	11	8	vix	vix	PROPN
dem-5671	11	9	futures	future	NOUN
dem-5671	11	10	prices	price	NOUN
dem-5671	11	11	more	more	ADV
dem-5671	11	12	precisely	precisely	ADV
dem-5671	11	13	.	.	PUNCT
dem-5671	12	1	we	we	PRON
dem-5671	12	2	begin	begin	VERB
dem-5671	12	3	by	by	ADP
dem-5671	12	4	introducing	introduce	VERB
dem-5671	12	5	some	some	DET
dem-5671	12	6	quantitative	quantitative	ADJ
dem-5671	12	7	measures	measure	NOUN
dem-5671	12	8	of	of	ADP
dem-5671	12	9	volatility	volatility	NOUN
dem-5671	12	10	term	term	NOUN
dem-5671	12	11	structure	structure	NOUN
dem-5671	12	12	(	(	PUNCT
dem-5671	12	13	vts	vts	NOUN
dem-5671	12	14	)	)	PUNCT
dem-5671	12	15	and	and	CCONJ
dem-5671	12	16	volatility	volatility	NOUN
dem-5671	12	17	risk	risk	NOUN
dem-5671	12	18	premium	premium	NOUN
dem-5671	12	19	(	(	PUNCT
dem-5671	12	20	vrp	vrp	NOUN
dem-5671	12	21	)	)	PUNCT
dem-5671	12	22	.	.	PUNCT
dem-5671	13	1	we	we	PRON
dem-5671	13	2	use	use	VERB
dem-5671	13	3	them	they	PRON
dem-5671	13	4	further	far	ADV
dem-5671	13	5	to	to	PART
dem-5671	13	6	estimate	estimate	VERB
dem-5671	13	7	the	the	DET
dem-5671	13	8	distance	distance	NOUN
dem-5671	13	9	between	between	ADP
dem-5671	13	10	the	the	DET
dem-5671	13	11	actual	actual	ADJ
dem-5671	13	12	value	value	NOUN
dem-5671	13	13	and	and	CCONJ
dem-5671	13	14	the	the	DET
dem-5671	13	15	fair	fair	ADJ
dem-5671	13	16	(	(	PUNCT
dem-5671	13	17	model	model	NOUN
dem-5671	13	18	)	)	PUNCT
dem-5671	13	19	value	value	NOUN
dem-5671	13	20	of	of	ADP
dem-5671	13	21	the	the	DET
dem-5671	13	22	vts	vts	NOUN
dem-5671	13	23	.	.	PUNCT
dem-5671	14	1	we	we	PRON
dem-5671	14	2	find	find	VERB
dem-5671	14	3	that	that	SCONJ
dem-5671	14	4	this	this	DET
dem-5671	14	5	distance	distance	NOUN
dem-5671	14	6	has	have	VERB
dem-5671	14	7	significant	significant	ADJ
dem-5671	14	8	predictive	predictive	ADJ
dem-5671	14	9	power	power	NOUN
dem-5671	14	10	for	for	ADP
dem-5671	14	11	volatility	volatility	NOUN
dem-5671	14	12	futures	future	NOUN
dem-5671	14	13	and	and	CCONJ
dem-5671	14	14	index	index	NOUN
dem-5671	14	15	futures	future	NOUN
dem-5671	14	16	and	and	CCONJ
dem-5671	14	17	we	we	PRON
dem-5671	14	18	use	use	VERB
dem-5671	14	19	this	this	DET
dem-5671	14	20	feature	feature	NOUN
dem-5671	14	21	to	to	PART
dem-5671	14	22	design	design	VERB
dem-5671	14	23	simple	simple	ADJ
dem-5671	14	24	strategies	strategy	NOUN
dem-5671	14	25	to	to	PART
dem-5671	14	26	invest	invest	VERB
dem-5671	14	27	in	in	ADP
dem-5671	14	28	vix	vix	PROPN
dem-5671	14	29	futures	future	NOUN
dem-5671	14	30	.	.	PUNCT
dem-5671	15	1	k	k	PROPN
dem-5671	15	2	e	e	PROPN
dem-5671	15	3	y	y	PROPN
dem-5671	15	4	w	w	NOUN
dem-5671	15	5	o	o	NOUN
dem-5671	15	6	r	r	NOUN
dem-5671	15	7	d	d	NOUN
dem-5671	15	8	s	s	X
dem-5671	15	9	:	:	PUNCT
dem-5671	15	10	volatility	volatility	NOUN
dem-5671	15	11	term	term	NOUN
dem-5671	15	12	structure	structure	NOUN
dem-5671	15	13	,	,	PUNCT
dem-5671	15	14	volatility	volatility	NOUN
dem-5671	15	15	risk	risk	NOUN
dem-5671	15	16	premium	premium	NOUN
dem-5671	15	17	,	,	PUNCT
dem-5671	15	18	vix	vix	PROPN
dem-5671	15	19	,	,	PUNCT
dem-5671	15	20	vix	vix	PROPN
dem-5671	15	21	futures	future	NOUN
dem-5671	15	22	,	,	PUNCT
dem-5671	15	23	volatility	volatility	NOUN
dem-5671	15	24	futures	future	NOUN
dem-5671	15	25	,	,	PUNCT
dem-5671	15	26	realized	realize	VERB
dem-5671	15	27	volatility	volatility	NOUN
dem-5671	15	28	,	,	PUNCT
dem-5671	15	29	implied	imply	VERB
dem-5671	15	30	volatility	volatility	NOUN
dem-5671	15	31	,	,	PUNCT
dem-5671	15	32	investment	investment	NOUN
dem-5671	15	33	strategies	strategy	NOUN
dem-5671	15	34	,	,	PUNCT
dem-5671	15	35	returns	return	NOUN
dem-5671	15	36	forecasting	forecasting	NOUN
dem-5671	15	37	,	,	PUNCT
dem-5671	15	38	efficient	efficient	ADJ
dem-5671	15	39	risk	risk	NOUN
dem-5671	15	40	and	and	CCONJ
dem-5671	15	41	return	return	VERB
dem-5671	15	42	measures	measure	NOUN
dem-5671	15	43	j	j	PROPN
dem-5671	15	44	e	e	NOUN
dem-5671	15	45	l	l	NOUN
dem-5671	15	46	classification	classification	NOUN
dem-5671	15	47	:	:	PUNCT
dem-5671	15	48	g11	g11	PROPN
dem-5671	15	49	,	,	PUNCT
dem-5671	15	50	g14	g14	NOUN
dem-5671	15	51	,	,	PUNCT
dem-5671	15	52	g15	g15	PROPN
dem-5671	15	53	,	,	PUNCT
dem-5671	15	54	g23	g23	PROPN
dem-5671	15	55	,	,	PUNCT
dem-5671	15	56	c61	c61	PROPN
dem-5671	15	57	,	,	PUNCT
dem-5671	15	58	c22	c22	NOUN
dem-5671	15	59	*	*	PUNCT
dem-5671	15	60	the	the	DET
dem-5671	15	61	views	view	NOUN
dem-5671	15	62	presented	present	VERB
dem-5671	15	63	in	in	ADP
dem-5671	15	64	this	this	DET
dem-5671	15	65	text	text	NOUN
dem-5671	15	66	are	be	AUX
dem-5671	15	67	those	those	PRON
dem-5671	15	68	of	of	ADP
dem-5671	15	69	the	the	DET
dem-5671	15	70	authors	author	NOUN
dem-5671	15	71	and	and	CCONJ
dem-5671	15	72	do	do	AUX
dem-5671	15	73	not	not	PART
dem-5671	15	74	necessarily	necessarily	ADV
dem-5671	15	75	represent	represent	VERB
dem-5671	15	76	those	those	PRON
dem-5671	15	77	of	of	ADP
dem-5671	15	78	the	the	DET
dem-5671	15	79	national	national	PROPN
dem-5671	15	80	bank	bank	PROPN
dem-5671	15	81	of	of	ADP
dem-5671	15	82	poland	poland	PROPN
dem-5671	15	83	or	or	CCONJ
dem-5671	15	84	union	union	NOUN
dem-5671	15	85	investment	investment	NOUN
dem-5671	15	86	tfi	tfi	PROPN
dem-5671	15	87	s.a	s.a	PROPN
dem-5671	15	88	.	.	PROPN
dem-5671	15	89	correspondence	correspondence	NOUN
dem-5671	15	90	to	to	ADP
dem-5671	15	91	:	:	PUNCT
dem-5671	15	92	robert	robert	PROPN
dem-5671	15	93	ślepaczuk	ślepaczuk	PROPN
dem-5671	15	94	,	,	PUNCT
dem-5671	15	95	university	university	NOUN
dem-5671	15	96	of	of	ADP
dem-5671	15	97	warsaw	warsaw	PROPN
dem-5671	15	98	,	,	PUNCT
dem-5671	15	99	faculty	faculty	NOUN
dem-5671	15	100	of	of	ADP
dem-5671	15	101	economic	economic	ADJ
dem-5671	15	102	sciences	science	NOUN
dem-5671	15	103	,	,	PUNCT
dem-5671	15	104	ul	ul	INTJ
dem-5671	15	105	.	.	PUNCT
dem-5671	15	106	długa	długa	PROPN
dem-5671	15	107	44/50	44/50	NUM
dem-5671	15	108	,	,	PUNCT
dem-5671	15	109	00	00	NUM
dem-5671	15	110	-	-	SYM
dem-5671	15	111	241	241	NUM
dem-5671	15	112	warsaw	warsaw	PROPN
dem-5671	15	113	,	,	PUNCT
dem-5671	15	114	poland	poland	PROPN
dem-5671	15	115	,	,	PUNCT
dem-5671	15	116	tel	tel	ADP
dem-5671	15	117	:	:	PUNCT
dem-5671	15	118	+48	+48	NUM
dem-5671	15	119	22	22	NUM
dem-5671	15	120	55	55	NUM
dem-5671	15	121	49	49	NUM
dem-5671	15	122	174	174	NUM
dem-5671	15	123	,	,	PUNCT
dem-5671	15	124	fax	fax	NOUN
dem-5671	15	125	:	:	PUNCT
dem-5671	15	126	+48	+48	NUM
dem-5671	15	127	22	22	NUM
dem-5671	15	128	831	831	NUM
dem-5671	15	129	28	28	NUM
dem-5671	15	130	46	46	NUM
dem-5671	15	131	,	,	PUNCT
dem-5671	15	132	e	e	NOUN
dem-5671	15	133	-	-	NOUN
dem-5671	15	134	mail	mail	NOUN
dem-5671	15	135	:	:	PUNCT
dem-5671	16	1	rslepaczuk@wne.uw.edu.pl	rslepaczuk@wne.uw.edu.pl	X
dem-5671	16	2	.	.	PUNCT
dem-5671	17	1			NOUN
dem-5671	17	2	we	we	PRON
dem-5671	17	3	gratefully	gratefully	ADV
dem-5671	17	4	acknowledge	acknowledge	VERB
dem-5671	17	5	government	government	NOUN
dem-5671	17	6	financial	financial	ADJ
dem-5671	17	7	support	support	NOUN
dem-5671	17	8	via	via	ADP
dem-5671	17	9	grant	grant	PROPN
dem-5671	17	10	no	no	NOUN
dem-5671	17	11	.	.	PUNCT
dem-5671	18	1	umo-2011/	umo-2011/	PROPN
dem-5671	18	2	03	03	NUM
dem-5671	18	3	/	/	SYM
dem-5671	18	4	b	b	NOUN
dem-5671	18	5	/	/	SYM
dem-5671	18	6	hs4/02298	hs4/02298	PROPN
dem-5671	18	7	.	.	PUNCT
dem-5671	19	1	j.	j.	PROPN
dem-5671	19	2	jabłecki	jabłecki	PROPN
dem-5671	19	3	,	,	PUNCT
dem-5671	19	4	r.	r.	PROPN
dem-5671	19	5	kokoszczyński	kokoszczyński	PROPN
dem-5671	19	6	,	,	PUNCT
dem-5671	19	7	p.	p.	PROPN
dem-5671	19	8	sakowski	sakowski	PROPN
dem-5671	19	9	,	,	PUNCT
dem-5671	19	10	r.	r.	PROPN
dem-5671	19	11	ślepaczuk	ślepaczuk	PROPN
dem-5671	19	12	,	,	PUNCT
dem-5671	19	13	p.	p.	PROPN
dem-5671	19	14	wójcik	wójcik	VERB
dem-5671	19	15	dynamic	dynamic	ADJ
dem-5671	19	16	econometric	econometric	ADJ
dem-5671	19	17	models	model	NOUN
dem-5671	19	18	14	14	NUM
dem-5671	19	19	(	(	PUNCT
dem-5671	19	20	2014	2014	NUM
dem-5671	19	21	)	)	PUNCT
dem-5671	19	22	5–28	5–28	NOUN
dem-5671	19	23	6	6	NUM
dem-5671	19	24	introduction	introduction	NOUN
dem-5671	19	25	we	we	PRON
dem-5671	19	26	observe	observe	VERB
dem-5671	19	27	that	that	DET
dem-5671	19	28	term	term	NOUN
dem-5671	19	29	structure	structure	NOUN
dem-5671	19	30	of	of	ADP
dem-5671	19	31	vix	vix	PROPN
dem-5671	19	32	futures	future	NOUN
dem-5671	19	33	shows	show	VERB
dem-5671	19	34	a	a	DET
dem-5671	19	35	clear	clear	ADJ
dem-5671	19	36	pattern	pattern	NOUN
dem-5671	19	37	of	of	ADP
dem-5671	19	38	dependence	dependence	NOUN
dem-5671	19	39	on	on	ADP
dem-5671	19	40	the	the	DET
dem-5671	19	41	current	current	ADJ
dem-5671	19	42	level	level	NOUN
dem-5671	19	43	of	of	ADP
dem-5671	19	44	the	the	DET
dem-5671	19	45	vix1	vix1	NOUN
dem-5671	19	46	.	.	PUNCT
dem-5671	20	1	figure	figure	NOUN
dem-5671	20	2	1	1	NUM
dem-5671	20	3	shows	show	VERB
dem-5671	20	4	that	that	SCONJ
dem-5671	20	5	the	the	DET
dem-5671	20	6	term	term	NOUN
dem-5671	20	7	structure	structure	NOUN
dem-5671	20	8	is	be	AUX
dem-5671	20	9	highly	highly	ADV
dem-5671	20	10	upward	upward	ADJ
dem-5671	20	11	sloping	slope	VERB
dem-5671	20	12	when	when	SCONJ
dem-5671	20	13	the	the	DET
dem-5671	20	14	level	level	NOUN
dem-5671	20	15	of	of	ADP
dem-5671	20	16	vix	vix	PROPN
dem-5671	20	17	is	be	AUX
dem-5671	20	18	relatively	relatively	ADV
dem-5671	20	19	low	low	ADJ
dem-5671	20	20	(	(	PUNCT
dem-5671	20	21	below	below	ADP
dem-5671	20	22	20	20	NUM
dem-5671	20	23	)	)	PUNCT
dem-5671	20	24	and	and	CCONJ
dem-5671	20	25	it	it	PRON
dem-5671	20	26	is	be	AUX
dem-5671	20	27	significantly	significantly	ADV
dem-5671	20	28	downward	downward	ADJ
dem-5671	20	29	sloping	sloping	NOUN
dem-5671	20	30	when	when	SCONJ
dem-5671	20	31	the	the	DET
dem-5671	20	32	level	level	NOUN
dem-5671	20	33	of	of	ADP
dem-5671	20	34	vix	vix	PROPN
dem-5671	20	35	is	be	AUX
dem-5671	20	36	high	high	ADJ
dem-5671	20	37	(	(	PUNCT
dem-5671	20	38	over	over	ADP
dem-5671	20	39	30	30	NUM
dem-5671	20	40	)	)	PUNCT
dem-5671	20	41	.	.	PUNCT
dem-5671	21	1	we	we	PRON
dem-5671	21	2	assume	assume	VERB
dem-5671	21	3	that	that	SCONJ
dem-5671	21	4	this	this	PRON
dem-5671	21	5	is	be	AUX
dem-5671	21	6	mostly	mostly	ADV
dem-5671	21	7	due	due	ADJ
dem-5671	21	8	to	to	ADP
dem-5671	21	9	the	the	DET
dem-5671	21	10	market	market	NOUN
dem-5671	21	11	perception	perception	NOUN
dem-5671	21	12	of	of	ADP
dem-5671	21	13	risk	risk	NOUN
dem-5671	21	14	in	in	ADP
dem-5671	21	15	the	the	DET
dem-5671	21	16	short	short	ADJ
dem-5671	21	17	and	and	CCONJ
dem-5671	21	18	the	the	DET
dem-5671	21	19	long	long	ADJ
dem-5671	21	20	-	-	PUNCT
dem-5671	21	21	term	term	NOUN
dem-5671	21	22	.	.	PUNCT
dem-5671	22	1	that	that	DET
dem-5671	22	2	perception	perception	NOUN
dem-5671	22	3	reflects	reflect	VERB
dem-5671	22	4	strong	strong	ADJ
dem-5671	22	5	mean	mean	ADJ
dem-5671	22	6	reversion	reversion	NOUN
dem-5671	22	7	effects	effect	NOUN
dem-5671	22	8	and	and	CCONJ
dem-5671	22	9	long	long	ADJ
dem-5671	22	10	memory	memory	NOUN
dem-5671	22	11	–	–	PUNCT
dem-5671	22	12	both	both	CCONJ
dem-5671	22	13	visible	visible	ADJ
dem-5671	22	14	in	in	ADP
dem-5671	22	15	volatility	volatility	NOUN
dem-5671	22	16	time	time	NOUN
dem-5671	22	17	series	series	PROPN
dem-5671	22	18	.	.	PUNCT
dem-5671	23	1	figure	figure	NOUN
dem-5671	23	2	1	1	NUM
dem-5671	23	3	.	.	PUNCT
dem-5671	23	4	vix	vix	PROPN
dem-5671	23	5	and	and	CCONJ
dem-5671	23	6	s&p500	s&p500	NOUN
dem-5671	23	7	index	index	NOUN
dem-5671	23	8	quotations	quotation	NOUN
dem-5671	23	9	from	from	ADP
dem-5671	23	10	01/01/2006	01/01/2006	NUM
dem-5671	23	11	until	until	ADP
dem-5671	23	12	01/07/2013	01/07/2013	NUM
dem-5671	23	13	in	in	ADP
dem-5671	23	14	order	order	NOUN
dem-5671	23	15	to	to	PART
dem-5671	23	16	investigate	investigate	VERB
dem-5671	23	17	the	the	DET
dem-5671	23	18	term	term	NOUN
dem-5671	23	19	structure	structure	NOUN
dem-5671	23	20	of	of	ADP
dem-5671	23	21	vix	vix	PROPN
dem-5671	23	22	futures	future	NOUN
dem-5671	23	23	phenomenon	phenomenon	NOUN
dem-5671	23	24	more	more	ADV
dem-5671	23	25	deeply	deeply	ADV
dem-5671	23	26	,	,	PUNCT
dem-5671	23	27	we	we	PRON
dem-5671	23	28	introduce	introduce	VERB
dem-5671	23	29	two	two	NUM
dem-5671	23	30	quantitative	quantitative	ADJ
dem-5671	23	31	characteristics	characteristic	NOUN
dem-5671	23	32	of	of	ADP
dem-5671	23	33	volatility	volatility	NOUN
dem-5671	23	34	term	term	NOUN
dem-5671	23	35	structure	structure	NOUN
dem-5671	23	36	derived	derive	VERB
dem-5671	23	37	directly	directly	ADV
dem-5671	23	38	from	from	ADP
dem-5671	23	39	the	the	DET
dem-5671	23	40	levels	level	NOUN
dem-5671	23	41	of	of	ADP
dem-5671	23	42	the	the	DET
dem-5671	23	43	consecutive	consecutive	ADJ
dem-5671	23	44	vix	vix	PROPN
dem-5671	23	45	futures	future	NOUN
dem-5671	23	46	maturities	maturity	NOUN
dem-5671	23	47	.	.	PUNCT
dem-5671	24	1	these	these	DET
dem-5671	24	2	measures	measure	NOUN
dem-5671	24	3	are	be	AUX
dem-5671	24	4	calculated	calculate	VERB
dem-5671	24	5	independently	independently	ADV
dem-5671	24	6	for	for	ADP
dem-5671	24	7	different	different	ADJ
dem-5671	24	8	quintile	quintile	NOUN
dem-5671	24	9	groups2	groups2	NOUN
dem-5671	24	10	of	of	ADP
dem-5671	24	11	vix	vix	PROPN
dem-5671	24	12	and	and	CCONJ
dem-5671	24	13	various	various	ADJ
dem-5671	24	14	times	time	NOUN
dem-5671	24	15	to	to	ADP
dem-5671	24	16	expirations	expiration	NOUN
dem-5671	24	17	of	of	ADP
dem-5671	24	18	vix	vix	PROPN
dem-5671	24	19	futures	future	NOUN
dem-5671	24	20	.	.	PUNCT
dem-5671	25	1	further	far	ADV
dem-5671	25	2	,	,	PUNCT
dem-5671	25	3	we	we	PRON
dem-5671	25	4	use	use	VERB
dem-5671	25	5	these	these	DET
dem-5671	25	6	measures	measure	NOUN
dem-5671	25	7	in	in	ADP
dem-5671	25	8	order	order	NOUN
dem-5671	25	9	to	to	PART
dem-5671	25	10	estimate	estimate	VERB
dem-5671	25	11	the	the	DET
dem-5671	25	12	distance	distance	NOUN
dem-5671	25	13	between	between	ADP
dem-5671	25	14	the	the	DET
dem-5671	25	15	actual	actual	ADJ
dem-5671	25	16	and	and	CCONJ
dem-5671	25	17	the	the	DET
dem-5671	25	18	fair	fair	ADJ
dem-5671	25	19	(	(	PUNCT
dem-5671	25	20	or	or	CCONJ
dem-5671	25	21	“	"	PUNCT
dem-5671	25	22	theoretical	theoretical	ADJ
dem-5671	25	23	”	"	PUNCT
dem-5671	25	24	)	)	PUNCT
dem-5671	25	25	value	value	NOUN
dem-5671	25	26	of	of	ADP
dem-5671	25	27	volatility	volatility	NOUN
dem-5671	25	28	term	term	NOUN
dem-5671	25	29	structure	structure	NOUN
dem-5671	25	30	for	for	ADP
dem-5671	25	31	particular	particular	ADJ
dem-5671	25	32	maturity	maturity	NOUN
dem-5671	25	33	of	of	ADP
dem-5671	25	34	vix	vix	PROPN
dem-5671	25	35	futures	future	NOUN
dem-5671	25	36	.	.	PUNCT
dem-5671	26	1	subsequently	subsequently	ADV
dem-5671	26	2	,	,	PUNCT
dem-5671	26	3	we	we	PRON
dem-5671	26	4	include	include	VERB
dem-5671	26	5	this	this	DET
dem-5671	26	6	information	information	NOUN
dem-5671	26	7	in	in	ADP
dem-5671	26	8	the	the	DET
dem-5671	26	9	1	1	NUM
dem-5671	26	10	vix	vix	NOUN
dem-5671	26	11	–	–	PUNCT
dem-5671	26	12	volatility	volatility	NOUN
dem-5671	26	13	index	index	NOUN
dem-5671	26	14	quoted	quote	VERB
dem-5671	26	15	on	on	ADP
dem-5671	26	16	cboe	cboe	PROPN
dem-5671	26	17	,	,	PUNCT
dem-5671	26	18	based	base	VERB
dem-5671	26	19	on	on	ADP
dem-5671	26	20	implied	imply	VERB
dem-5671	26	21	volatility	volatility	NOUN
dem-5671	26	22	of	of	ADP
dem-5671	26	23	s&p500	s&p500	NOUN
dem-5671	26	24	index	index	NOUN
dem-5671	26	25	options	option	NOUN
dem-5671	26	26	.	.	PUNCT
dem-5671	27	1	it	it	PRON
dem-5671	27	2	reflects	reflect	VERB
dem-5671	27	3	market	market	NOUN
dem-5671	27	4	’s	’s	PART
dem-5671	27	5	expectation	expectation	NOUN
dem-5671	27	6	of	of	ADP
dem-5671	27	7	stock	stock	NOUN
dem-5671	27	8	market	market	NOUN
dem-5671	27	9	volatility	volatility	NOUN
dem-5671	27	10	in	in	ADP
dem-5671	27	11	30	30	NUM
dem-5671	27	12	days	day	NOUN
dem-5671	27	13	horizon	horizon	NOUN
dem-5671	27	14	.	.	PUNCT
dem-5671	28	1	more	more	ADJ
dem-5671	28	2	information	information	NOUN
dem-5671	28	3	could	could	AUX
dem-5671	28	4	be	be	AUX
dem-5671	28	5	found	find	VERB
dem-5671	28	6	in	in	ADP
dem-5671	28	7	whaley	whaley	NOUN
dem-5671	28	8	(	(	PUNCT
dem-5671	28	9	1993	1993	NUM
dem-5671	28	10	)	)	PUNCT
dem-5671	28	11	,	,	PUNCT
dem-5671	28	12	cboe	cboe	PROPN
dem-5671	28	13	(	(	PUNCT
dem-5671	28	14	2003	2003	NUM
dem-5671	28	15	)	)	PUNCT
dem-5671	28	16	and	and	CCONJ
dem-5671	28	17	cboe	cboe	PROPN
dem-5671	28	18	(	(	PUNCT
dem-5671	28	19	2009	2009	NUM
dem-5671	28	20	)	)	PUNCT
dem-5671	28	21	.	.	PUNCT
dem-5671	29	1	2	2	NUM
dem-5671	29	2	as	as	SCONJ
dem-5671	29	3	those	those	DET
dem-5671	29	4	dependence	dependence	NOUN
dem-5671	29	5	patterns	pattern	NOUN
dem-5671	29	6	are	be	AUX
dem-5671	29	7	not	not	PART
dem-5671	29	8	homogenous	homogenous	ADJ
dem-5671	29	9	in	in	ADP
dem-5671	29	10	the	the	DET
dem-5671	29	11	whole	whole	ADJ
dem-5671	29	12	sample	sample	NOUN
dem-5671	29	13	,	,	PUNCT
dem-5671	29	14	we	we	PRON
dem-5671	29	15	divide	divide	VERB
dem-5671	29	16	our	our	PRON
dem-5671	29	17	data	datum	NOUN
dem-5671	29	18	into	into	ADP
dem-5671	29	19	vix	vix	PROPN
dem-5671	29	20	levels	level	NOUN
dem-5671	29	21	quintile	quintile	NOUN
dem-5671	29	22	groups	group	NOUN
dem-5671	29	23	.	.	PUNCT
dem-5671	30	1	the	the	DET
dem-5671	30	2	rest	rest	NOUN
dem-5671	30	3	of	of	ADP
dem-5671	30	4	the	the	DET
dem-5671	30	5	study	study	NOUN
dem-5671	30	6	is	be	AUX
dem-5671	30	7	conducted	conduct	VERB
dem-5671	30	8	consistently	consistently	ADV
dem-5671	30	9	on	on	ADP
dem-5671	30	10	this	this	DET
dem-5671	30	11	basis	basis	NOUN
dem-5671	30	12	.	.	PUNCT
dem-5671	31	1	does	do	AUX
dem-5671	31	2	historical	historical	ADJ
dem-5671	31	3	volatility	volatility	NOUN
dem-5671	31	4	term	term	NOUN
dem-5671	31	5	structure	structure	NOUN
dem-5671	31	6	contain	contain	VERB
dem-5671	31	7	valuable	valuable	ADJ
dem-5671	31	8	information	information	NOUN
dem-5671	31	9	…	…	PUNCT
dem-5671	31	10	dynamic	dynamic	ADJ
dem-5671	31	11	econometric	econometric	ADJ
dem-5671	31	12	models	model	NOUN
dem-5671	31	13	14	14	NUM
dem-5671	31	14	(	(	PUNCT
dem-5671	31	15	2014	2014	NUM
dem-5671	31	16	)	)	PUNCT
dem-5671	31	17	5–28	5–28	NOUN
dem-5671	31	18	7	7	NUM
dem-5671	31	19	process	process	NOUN
dem-5671	31	20	of	of	ADP
dem-5671	31	21	forecasting	forecasting	NOUN
dem-5671	31	22	vix	vix	PROPN
dem-5671	31	23	levels	level	NOUN
dem-5671	31	24	and	and	CCONJ
dem-5671	31	25	vix	vix	PROPN
dem-5671	31	26	futures	future	NOUN
dem-5671	31	27	and	and	CCONJ
dem-5671	31	28	we	we	PRON
dem-5671	31	29	find	find	VERB
dem-5671	31	30	that	that	SCONJ
dem-5671	31	31	this	this	DET
dem-5671	31	32	distance	distance	NOUN
dem-5671	31	33	has	have	VERB
dem-5671	31	34	significant	significant	ADJ
dem-5671	31	35	predictive	predictive	ADJ
dem-5671	31	36	power	power	NOUN
dem-5671	31	37	.	.	PUNCT
dem-5671	32	1	in	in	ADP
dem-5671	32	2	the	the	DET
dem-5671	32	3	last	last	ADJ
dem-5671	32	4	section	section	NOUN
dem-5671	32	5	,	,	PUNCT
dem-5671	32	6	we	we	PRON
dem-5671	32	7	propose	propose	VERB
dem-5671	32	8	a	a	DET
dem-5671	32	9	simple	simple	ADJ
dem-5671	32	10	investment	investment	NOUN
dem-5671	32	11	strategy	strategy	NOUN
dem-5671	32	12	that	that	PRON
dem-5671	32	13	uses	use	VERB
dem-5671	32	14	vts	vts	NOUN
dem-5671	32	15	in	in	ADP
dem-5671	32	16	order	order	NOUN
dem-5671	32	17	to	to	PART
dem-5671	32	18	predict	predict	VERB
dem-5671	32	19	vix	vix	PROPN
dem-5671	32	20	futures	future	NOUN
dem-5671	32	21	prices	price	NOUN
dem-5671	32	22	.	.	PUNCT
dem-5671	33	1	volatility	volatility	NOUN
dem-5671	33	2	research	research	NOUN
dem-5671	33	3	and	and	CCONJ
dem-5671	33	4	,	,	PUNCT
dem-5671	33	5	in	in	ADP
dem-5671	33	6	particular	particular	ADJ
dem-5671	33	7	,	,	PUNCT
dem-5671	33	8	volatility	volatility	NOUN
dem-5671	33	9	forecasting	forecasting	NOUN
dem-5671	33	10	seems	seem	VERB
dem-5671	33	11	to	to	PART
dem-5671	33	12	be	be	AUX
dem-5671	33	13	one	one	NUM
dem-5671	33	14	of	of	ADP
dem-5671	33	15	the	the	DET
dem-5671	33	16	most	most	ADV
dem-5671	33	17	active	active	ADJ
dem-5671	33	18	and	and	CCONJ
dem-5671	33	19	successful	successful	ADJ
dem-5671	33	20	areas	area	NOUN
dem-5671	33	21	in	in	ADP
dem-5671	33	22	financial	financial	ADJ
dem-5671	33	23	econometrics	econometric	NOUN
dem-5671	33	24	in	in	ADP
dem-5671	33	25	recent	recent	ADJ
dem-5671	33	26	decades	decade	NOUN
dem-5671	33	27	(	(	PUNCT
dem-5671	33	28	andersen	andersen	PROPN
dem-5671	33	29	et	et	PROPN
dem-5671	33	30	al	al	PROPN
dem-5671	33	31	.	.	PROPN
dem-5671	33	32	,	,	PUNCT
dem-5671	33	33	2005	2005	NUM
dem-5671	33	34	)	)	PUNCT
dem-5671	33	35	.	.	PUNCT
dem-5671	34	1	the	the	DET
dem-5671	34	2	literature	literature	NOUN
dem-5671	34	3	on	on	ADP
dem-5671	34	4	the	the	DET
dem-5671	34	5	vix	vix	PROPN
dem-5671	34	6	and	and	CCONJ
dem-5671	34	7	its	its	PRON
dem-5671	34	8	derivatives	derivative	NOUN
dem-5671	34	9	is	be	AUX
dem-5671	34	10	growing	grow	VERB
dem-5671	34	11	very	very	ADV
dem-5671	34	12	fast	fast	ADV
dem-5671	34	13	,	,	PUNCT
dem-5671	34	14	but	but	CCONJ
dem-5671	34	15	the	the	DET
dem-5671	34	16	number	number	NOUN
dem-5671	34	17	of	of	ADP
dem-5671	34	18	studies	study	NOUN
dem-5671	34	19	testing	test	VERB
dem-5671	34	20	the	the	DET
dem-5671	34	21	predictability	predictability	NOUN
dem-5671	34	22	of	of	ADP
dem-5671	34	23	vix	vix	PROPN
dem-5671	34	24	futures	future	NOUN
dem-5671	34	25	prices	price	NOUN
dem-5671	34	26	is	be	AUX
dem-5671	34	27	–	–	PUNCT
dem-5671	34	28	according	accord	VERB
dem-5671	34	29	to	to	ADP
dem-5671	34	30	our	our	PRON
dem-5671	34	31	best	good	ADJ
dem-5671	34	32	knowledge	knowledge	NOUN
dem-5671	34	33	–	–	PUNCT
dem-5671	34	34	still	still	ADV
dem-5671	34	35	very	very	ADV
dem-5671	34	36	low	low	ADJ
dem-5671	34	37	.	.	PUNCT
dem-5671	35	1	konstantinidi	konstantinidi	NOUN
dem-5671	35	2	and	and	CCONJ
dem-5671	35	3	skiadopoulos	skiadopoulo	NOUN
dem-5671	35	4	(	(	PUNCT
dem-5671	35	5	2011	2011	NUM
dem-5671	35	6	)	)	PUNCT
dem-5671	35	7	show	show	VERB
dem-5671	35	8	only	only	ADV
dem-5671	35	9	weak	weak	ADJ
dem-5671	35	10	evidence	evidence	NOUN
dem-5671	35	11	of	of	ADP
dem-5671	35	12	statistically	statistically	ADV
dem-5671	35	13	predictable	predictable	ADJ
dem-5671	35	14	patterns	pattern	NOUN
dem-5671	35	15	in	in	ADP
dem-5671	35	16	the	the	DET
dem-5671	35	17	evolution	evolution	NOUN
dem-5671	35	18	of	of	ADP
dem-5671	35	19	volatility	volatility	NOUN
dem-5671	35	20	futures	future	NOUN
dem-5671	35	21	prices	price	NOUN
dem-5671	35	22	.	.	PUNCT
dem-5671	36	1	they	they	PRON
dem-5671	36	2	also	also	ADV
dem-5671	36	3	can	can	AUX
dem-5671	36	4	not	not	PART
dem-5671	36	5	find	find	VERB
dem-5671	36	6	a	a	DET
dem-5671	36	7	trading	trading	NOUN
dem-5671	36	8	strategy	strategy	NOUN
dem-5671	36	9	with	with	ADP
dem-5671	36	10	economically	economically	ADV
dem-5671	36	11	significant	significant	ADJ
dem-5671	36	12	profits	profit	NOUN
dem-5671	36	13	.	.	PUNCT
dem-5671	37	1	some	some	DET
dem-5671	37	2	papers	paper	NOUN
dem-5671	37	3	suggest	suggest	VERB
dem-5671	37	4	strongly	strongly	ADV
dem-5671	37	5	that	that	SCONJ
dem-5671	37	6	the	the	DET
dem-5671	37	7	use	use	NOUN
dem-5671	37	8	of	of	ADP
dem-5671	37	9	the	the	DET
dem-5671	37	10	information	information	NOUN
dem-5671	37	11	content	content	NOUN
dem-5671	37	12	of	of	ADP
dem-5671	37	13	the	the	DET
dem-5671	37	14	volatility	volatility	NOUN
dem-5671	37	15	term	term	NOUN
dem-5671	37	16	structure	structure	NOUN
dem-5671	37	17	may	may	AUX
dem-5671	37	18	improve	improve	VERB
dem-5671	37	19	this	this	DET
dem-5671	37	20	situation	situation	NOUN
dem-5671	37	21	,	,	PUNCT
dem-5671	37	22	but	but	CCONJ
dem-5671	37	23	the	the	DET
dem-5671	37	24	number	number	NOUN
dem-5671	37	25	of	of	ADP
dem-5671	37	26	studies	study	NOUN
dem-5671	37	27	attempting	attempt	VERB
dem-5671	37	28	to	to	PART
dem-5671	37	29	examine	examine	VERB
dem-5671	37	30	directly	directly	ADV
dem-5671	37	31	the	the	DET
dem-5671	37	32	relationship	relationship	NOUN
dem-5671	37	33	between	between	ADP
dem-5671	37	34	the	the	DET
dem-5671	37	35	term	term	NOUN
dem-5671	37	36	structure	structure	NOUN
dem-5671	37	37	of	of	ADP
dem-5671	37	38	vix	vix	PROPN
dem-5671	37	39	futures	future	NOUN
dem-5671	37	40	and	and	CCONJ
dem-5671	37	41	their	their	PRON
dem-5671	37	42	future	future	ADJ
dem-5671	37	43	returns	return	NOUN
dem-5671	37	44	or	or	CCONJ
dem-5671	37	45	the	the	DET
dem-5671	37	46	underlying	underlie	VERB
dem-5671	37	47	equity	equity	NOUN
dem-5671	37	48	returns	return	NOUN
dem-5671	37	49	is	be	AUX
dem-5671	37	50	still	still	ADV
dem-5671	37	51	very	very	ADV
dem-5671	37	52	limited	limited	ADJ
dem-5671	37	53	(	(	PUNCT
dem-5671	37	54	fassas	fassa	NOUN
dem-5671	37	55	,	,	PUNCT
dem-5671	37	56	2012	2012	NUM
dem-5671	37	57	;	;	PUNCT
dem-5671	37	58	asensio	asensio	PROPN
dem-5671	37	59	,	,	PUNCT
dem-5671	37	60	2013	2013	NUM
dem-5671	37	61	;	;	PUNCT
dem-5671	38	1	huskaj	huskaj	NOUN
dem-5671	38	2	and	and	CCONJ
dem-5671	38	3	nossman	nossman	ADJ
dem-5671	38	4	,	,	PUNCT
dem-5671	38	5	2013	2013	NUM
dem-5671	38	6	and	and	CCONJ
dem-5671	38	7	the	the	DET
dem-5671	38	8	references	reference	NOUN
dem-5671	38	9	therein	therein	ADV
dem-5671	38	10	)	)	PUNCT
dem-5671	38	11	.	.	PUNCT
dem-5671	39	1	in	in	ADP
dem-5671	39	2	our	our	PRON
dem-5671	39	3	previous	previous	ADJ
dem-5671	39	4	research	research	NOUN
dem-5671	39	5	(	(	PUNCT
dem-5671	39	6	jabłecki	jabłecki	PROPN
dem-5671	39	7	et	et	PROPN
dem-5671	39	8	al	al	PROPN
dem-5671	39	9	.	.	PROPN
dem-5671	39	10	2013a	2013a	NUM
dem-5671	39	11	)	)	PUNCT
dem-5671	40	1	we	we	PRON
dem-5671	40	2	found	find	VERB
dem-5671	40	3	significant	significant	ADJ
dem-5671	40	4	relationship	relationship	NOUN
dem-5671	40	5	between	between	ADP
dem-5671	40	6	lagged	lag	VERB
dem-5671	40	7	term	term	NOUN
dem-5671	40	8	structure	structure	NOUN
dem-5671	40	9	of	of	ADP
dem-5671	40	10	vix	vix	PROPN
dem-5671	40	11	futures	future	NOUN
dem-5671	40	12	and	and	CCONJ
dem-5671	40	13	current	current	ADJ
dem-5671	40	14	level	level	NOUN
dem-5671	40	15	of	of	ADP
dem-5671	40	16	vix	vix	NOUN
dem-5671	40	17	,	,	PUNCT
dem-5671	40	18	yet	yet	CCONJ
dem-5671	40	19	this	this	PRON
dem-5671	40	20	did	do	AUX
dem-5671	40	21	n’t	not	PART
dem-5671	40	22	translate	translate	VERB
dem-5671	40	23	into	into	ADP
dem-5671	40	24	better	well	ADJ
dem-5671	40	25	predictions	prediction	NOUN
dem-5671	40	26	of	of	ADP
dem-5671	40	27	vix	vix	PROPN
dem-5671	40	28	level	level	NOUN
dem-5671	40	29	.	.	PUNCT
dem-5671	41	1	the	the	DET
dem-5671	41	2	paper	paper	NOUN
dem-5671	41	3	is	be	AUX
dem-5671	41	4	thus	thus	ADV
dem-5671	41	5	organized	organize	VERB
dem-5671	41	6	as	as	SCONJ
dem-5671	41	7	follows	follow	VERB
dem-5671	41	8	.	.	PUNCT
dem-5671	42	1	the	the	DET
dem-5671	42	2	next	next	ADJ
dem-5671	42	3	section	section	NOUN
dem-5671	42	4	describes	describe	VERB
dem-5671	42	5	the	the	DET
dem-5671	42	6	data	datum	NOUN
dem-5671	42	7	.	.	PUNCT
dem-5671	43	1	methodology	methodology	NOUN
dem-5671	43	2	of	of	ADP
dem-5671	43	3	this	this	DET
dem-5671	43	4	research	research	NOUN
dem-5671	43	5	is	be	AUX
dem-5671	43	6	presented	present	VERB
dem-5671	43	7	in	in	ADP
dem-5671	43	8	the	the	DET
dem-5671	43	9	second	second	ADJ
dem-5671	43	10	section	section	NOUN
dem-5671	43	11	.	.	PUNCT
dem-5671	44	1	the	the	DET
dem-5671	44	2	third	third	ADJ
dem-5671	44	3	section	section	NOUN
dem-5671	44	4	presents	present	VERB
dem-5671	44	5	the	the	DET
dem-5671	44	6	description	description	NOUN
dem-5671	44	7	of	of	ADP
dem-5671	44	8	simple	simple	ADJ
dem-5671	44	9	measures	measure	NOUN
dem-5671	44	10	of	of	ADP
dem-5671	44	11	volatility	volatility	NOUN
dem-5671	44	12	term	term	NOUN
dem-5671	44	13	structure	structure	NOUN
dem-5671	44	14	(	(	PUNCT
dem-5671	44	15	vts	vts	NOUN
dem-5671	44	16	)	)	PUNCT
dem-5671	44	17	.	.	PUNCT
dem-5671	45	1	next	next	ADJ
dem-5671	45	2	section	section	NOUN
dem-5671	45	3	describes	describe	VERB
dem-5671	45	4	the	the	DET
dem-5671	45	5	dependence	dependence	NOUN
dem-5671	45	6	between	between	ADP
dem-5671	45	7	vix	vix	PROPN
dem-5671	45	8	and	and	CCONJ
dem-5671	45	9	s&p500	s&p500	NOUN
dem-5671	45	10	index	index	NOUN
dem-5671	45	11	and	and	CCONJ
dem-5671	45	12	measures	measure	NOUN
dem-5671	45	13	of	of	ADP
dem-5671	45	14	vts	vts	NOUN
dem-5671	45	15	.	.	PUNCT
dem-5671	46	1	forecasting	forecasting	NOUN
dem-5671	46	2	properties	property	NOUN
dem-5671	46	3	of	of	ADP
dem-5671	46	4	vts	vts	NOUN
dem-5671	46	5	are	be	AUX
dem-5671	46	6	presented	present	VERB
dem-5671	46	7	in	in	ADP
dem-5671	46	8	the	the	DET
dem-5671	46	9	same	same	ADJ
dem-5671	46	10	section	section	NOUN
dem-5671	46	11	.	.	PUNCT
dem-5671	47	1	the	the	DET
dem-5671	47	2	investment	investment	NOUN
dem-5671	47	3	strategies	strategy	NOUN
dem-5671	47	4	based	base	VERB
dem-5671	47	5	on	on	ADP
dem-5671	47	6	these	these	DET
dem-5671	47	7	results	result	NOUN
dem-5671	47	8	are	be	AUX
dem-5671	47	9	presented	present	VERB
dem-5671	47	10	in	in	ADP
dem-5671	47	11	the	the	DET
dem-5671	47	12	fifth	fifth	ADJ
dem-5671	47	13	section	section	NOUN
dem-5671	47	14	.	.	PUNCT
dem-5671	48	1	the	the	DET
dem-5671	48	2	last	last	ADJ
dem-5671	48	3	section	section	NOUN
dem-5671	48	4	concludes	conclude	VERB
dem-5671	48	5	and	and	CCONJ
dem-5671	48	6	presents	present	VERB
dem-5671	48	7	possible	possible	ADJ
dem-5671	48	8	extensions	extension	NOUN
dem-5671	48	9	of	of	ADP
dem-5671	48	10	this	this	DET
dem-5671	48	11	research	research	NOUN
dem-5671	48	12	.	.	PUNCT
dem-5671	49	1	1	1	X
dem-5671	49	2	.	.	X
dem-5671	49	3	data	datum	NOUN
dem-5671	49	4	description	description	NOUN
dem-5671	49	5	for	for	ADP
dem-5671	49	6	each	each	DET
dem-5671	49	7	trading	trading	NOUN
dem-5671	49	8	day	day	NOUN
dem-5671	49	9	we	we	PRON
dem-5671	49	10	gathered	gather	VERB
dem-5671	49	11	close	close	ADJ
dem-5671	49	12	prices	price	NOUN
dem-5671	49	13	for	for	ADP
dem-5671	49	14	vix	vix	PROPN
dem-5671	49	15	,	,	PUNCT
dem-5671	49	16	vix	vix	PROPN
dem-5671	49	17	futures	future	NOUN
dem-5671	49	18	and	and	CCONJ
dem-5671	49	19	s&p500	s&p500	NOUN
dem-5671	49	20	index3	index3	PROPN
dem-5671	49	21	.	.	PUNCT
dem-5671	50	1	initially	initially	ADV
dem-5671	50	2	,	,	PUNCT
dem-5671	50	3	the	the	DET
dem-5671	50	4	data	datum	NOUN
dem-5671	50	5	set	set	VERB
dem-5671	50	6	included	include	VERB
dem-5671	50	7	24	24	NUM
dem-5671	50	8	expiration	expiration	NOUN
dem-5671	50	9	months	month	NOUN
dem-5671	50	10	(	(	PUNCT
dem-5671	50	11	from	from	ADP
dem-5671	50	12	january	january	PROPN
dem-5671	50	13	2006	2006	NUM
dem-5671	50	14	until	until	ADP
dem-5671	50	15	july	july	PROPN
dem-5671	50	16	2013	2013	NUM
dem-5671	50	17	)	)	PUNCT
dem-5671	50	18	,	,	PUNCT
dem-5671	50	19	but	but	CCONJ
dem-5671	50	20	we	we	PRON
dem-5671	50	21	had	have	VERB
dem-5671	50	22	to	to	PART
dem-5671	50	23	limit	limit	VERB
dem-5671	50	24	their	their	PRON
dem-5671	50	25	number	number	NOUN
dem-5671	50	26	to	to	ADP
dem-5671	50	27	7	7	NUM
dem-5671	50	28	because	because	SCONJ
dem-5671	50	29	3	3	NUM
dem-5671	50	30	data	datum	NOUN
dem-5671	50	31	are	be	AUX
dem-5671	50	32	from	from	ADP
dem-5671	50	33	the	the	DET
dem-5671	50	34	following	follow	VERB
dem-5671	50	35	sources	source	NOUN
dem-5671	50	36	:	:	PUNCT
dem-5671	50	37			NOUN
dem-5671	50	38	vix	vix	PROPN
dem-5671	50	39	http://cfe.cboe.com/products/historicalvix.aspx	http://cfe.cboe.com/products/historicalvix.aspx	PRON
dem-5671	50	40			PROPN
dem-5671	50	41	vix	vix	PROPN
dem-5671	50	42	futures	future	NOUN
dem-5671	50	43	http://cfe.cboe.com/products/historicalvix.aspx	http://cfe.cboe.com/products/historicalvix.aspx	PRON
dem-5671	50	44			PROPN
dem-5671	50	45	s&p500	s&p500	NOUN
dem-5671	50	46	www.stooq.pl	www.stooq.pl	PROPN
dem-5671	50	47	j.	j.	PROPN
dem-5671	50	48	jabłecki	jabłecki	PROPN
dem-5671	50	49	,	,	PUNCT
dem-5671	50	50	r.	r.	PROPN
dem-5671	50	51	kokoszczyński	kokoszczyński	PROPN
dem-5671	50	52	,	,	PUNCT
dem-5671	50	53	p.	p.	PROPN
dem-5671	50	54	sakowski	sakowski	PROPN
dem-5671	50	55	,	,	PUNCT
dem-5671	50	56	r.	r.	PROPN
dem-5671	50	57	ślepaczuk	ślepaczuk	PROPN
dem-5671	50	58	,	,	PUNCT
dem-5671	50	59	p.	p.	PROPN
dem-5671	50	60	wójcik	wójcik	VERB
dem-5671	50	61	dynamic	dynamic	ADJ
dem-5671	50	62	econometric	econometric	ADJ
dem-5671	50	63	models	model	NOUN
dem-5671	50	64	14	14	NUM
dem-5671	50	65	(	(	PUNCT
dem-5671	50	66	2014	2014	NUM
dem-5671	50	67	)	)	PUNCT
dem-5671	51	1	5–28	5–28	NOUN
dem-5671	51	2	8	8	NUM
dem-5671	51	3	of	of	ADP
dem-5671	51	4	liquidity	liquidity	NOUN
dem-5671	51	5	problems	problem	NOUN
dem-5671	51	6	for	for	ADP
dem-5671	51	7	longer	long	ADJ
dem-5671	51	8	maturities	maturity	NOUN
dem-5671	51	9	.	.	PUNCT
dem-5671	52	1	data	datum	NOUN
dem-5671	52	2	preparation	preparation	NOUN
dem-5671	52	3	for	for	ADP
dem-5671	52	4	vix	vix	NOUN
dem-5671	52	5	returns	return	NOUN
dem-5671	52	6	also	also	ADV
dem-5671	52	7	included	include	VERB
dem-5671	52	8	the	the	DET
dem-5671	52	9	process	process	NOUN
dem-5671	52	10	of	of	ADP
dem-5671	52	11	gap	gap	NOUN
dem-5671	52	12	correction	correction	NOUN
dem-5671	52	13	in	in	ADP
dem-5671	52	14	order	order	NOUN
dem-5671	52	15	to	to	PART
dem-5671	52	16	omit	omit	VERB
dem-5671	52	17	the	the	DET
dem-5671	52	18	problem	problem	NOUN
dem-5671	52	19	of	of	ADP
dem-5671	52	20	very	very	ADV
dem-5671	52	21	high	high	ADJ
dem-5671	52	22	positive	positive	ADJ
dem-5671	52	23	returns	return	NOUN
dem-5671	52	24	at	at	ADP
dem-5671	52	25	the	the	DET
dem-5671	52	26	moment	moment	NOUN
dem-5671	52	27	of	of	ADP
dem-5671	52	28	series	series	NOUN
dem-5671	52	29	change	change	NOUN
dem-5671	52	30	.	.	PUNCT
dem-5671	53	1	figure	figure	NOUN
dem-5671	53	2	1	1	NUM
dem-5671	53	3	and	and	CCONJ
dem-5671	53	4	table	table	NOUN
dem-5671	53	5	1	1	NUM
dem-5671	53	6	present	present	ADJ
dem-5671	53	7	time	time	NOUN
dem-5671	53	8	series	series	NOUN
dem-5671	53	9	for	for	ADP
dem-5671	53	10	vix	vix	PROPN
dem-5671	53	11	and	and	CCONJ
dem-5671	53	12	s&p500	s&p500	NOUN
dem-5671	53	13	.	.	PUNCT
dem-5671	54	1	it	it	PRON
dem-5671	54	2	is	be	AUX
dem-5671	54	3	worth	worth	ADJ
dem-5671	54	4	noticing	notice	VERB
dem-5671	54	5	that	that	PRON
dem-5671	54	6	s&p500	s&p500	NOUN
dem-5671	54	7	returns	return	NOUN
dem-5671	54	8	are	be	AUX
dem-5671	54	9	leptokurtic	leptokurtic	ADJ
dem-5671	54	10	and	and	CCONJ
dem-5671	54	11	negatively	negatively	ADV
dem-5671	54	12	skewed	skew	VERB
dem-5671	54	13	while	while	SCONJ
dem-5671	54	14	vix	vix	NOUN
dem-5671	54	15	returns	return	NOUN
dem-5671	54	16	are	be	AUX
dem-5671	54	17	also	also	ADV
dem-5671	54	18	leptokurtic	leptokurtic	ADJ
dem-5671	54	19	and	and	CCONJ
dem-5671	54	20	positively	positively	ADV
dem-5671	54	21	skewed	skew	VERB
dem-5671	54	22	.	.	PUNCT
dem-5671	55	1	additionally	additionally	ADV
dem-5671	55	2	,	,	PUNCT
dem-5671	55	3	both	both	DET
dem-5671	55	4	returns	return	NOUN
dem-5671	55	5	series	serie	NOUN
dem-5671	55	6	are	be	AUX
dem-5671	55	7	negatively	negatively	ADV
dem-5671	55	8	correlated	correlate	VERB
dem-5671	55	9	.	.	PUNCT
dem-5671	56	1	table	table	NOUN
dem-5671	56	2	1	1	NUM
dem-5671	56	3	.	.	PUNCT
dem-5671	57	1	the	the	DET
dem-5671	57	2	descriptive	descriptive	ADJ
dem-5671	57	3	statistics	statistic	NOUN
dem-5671	57	4	for	for	ADP
dem-5671	57	5	daily	daily	ADJ
dem-5671	57	6	returns	return	NOUN
dem-5671	57	7	of	of	ADP
dem-5671	57	8	vix	vix	PROPN
dem-5671	57	9	and	and	CCONJ
dem-5671	57	10	s&p500	s&p500	NOUN
dem-5671	57	11	index	index	NOUN
dem-5671	57	12	vix	vix	PROPN
dem-5671	57	13	returns	return	NOUN
dem-5671	57	14	s&p500	s&p500	NOUN
dem-5671	57	15	returns	return	NOUN
dem-5671	57	16	number	number	NOUN
dem-5671	57	17	of	of	ADP
dem-5671	57	18	obs	obs	PROPN
dem-5671	57	19	.	.	PUNCT
dem-5671	58	1	1872	1872	NUM
dem-5671	58	2	1872	1872	NUM
dem-5671	58	3	minimum	minimum	NOUN
dem-5671	58	4	–	–	PUNCT
dem-5671	58	5	0.3505	0.3505	NUM
dem-5671	58	6	–	–	PUNCT
dem-5671	58	7	0.0946	0.0946	NUM
dem-5671	58	8	maximum	maximum	ADJ
dem-5671	58	9	0.4960	0.4960	NUM
dem-5671	58	10	0.1095	0.1095	NUM
dem-5671	58	11	1st	1st	ADJ
dem-5671	58	12	quartile	quartile	NOUN
dem-5671	58	13	–	–	PUNCT
dem-5671	58	14	0.0401	0.0401	NUM
dem-5671	58	15	–	–	PUNCT
dem-5671	58	16	0.0049	0.0049	NUM
dem-5671	58	17	3rd	3rd	ADJ
dem-5671	58	18	quartile	quartile	NOUN
dem-5671	58	19	0.0325	0.0325	NUM
dem-5671	58	20	0.0061	0.0061	NUM
dem-5671	58	21	mean	mean	NOUN
dem-5671	58	22	0.0001	0.0001	NUM
dem-5671	58	23	0.0001	0.0001	NUM
dem-5671	58	24	median	median	NOUN
dem-5671	58	25	–	–	PUNCT
dem-5671	58	26	0.0052	0.0052	NUM
dem-5671	58	27	0.0008	0.0008	NUM
dem-5671	58	28	se	se	X
dem-5671	58	29	mean	mean	PROPN
dem-5671	58	30	0.0016	0.0016	NUM
dem-5671	58	31	0.0003	0.0003	NUM
dem-5671	58	32	lcl	lcl	PROPN
dem-5671	58	33	mean	mean	VERB
dem-5671	58	34	–	–	PUNCT
dem-5671	58	35	0.0030	0.0030	NUM
dem-5671	58	36	–	–	PUNCT
dem-5671	58	37	0.0005	0.0005	NUM
dem-5671	58	38	ucl	ucl	NOUN
dem-5671	58	39	mean	mean	VERB
dem-5671	58	40	0.0034	0.0034	NUM
dem-5671	58	41	0.0007	0.0007	NUM
dem-5671	58	42	std	std	NOUN
dem-5671	58	43	.	.	PUNCT
dem-5671	59	1	deviation	deviation	NOUN
dem-5671	59	2	0.0719	0.0719	NUM
dem-5671	59	3	0.0144	0.0144	NUM
dem-5671	59	4	skewness	skewness	NOUN
dem-5671	59	5	0.7022	0.7022	NUM
dem-5671	59	6	–	–	PUNCT
dem-5671	59	7	0.2994	0.2994	NUM
dem-5671	59	8	kurtosis	kurtosis	VERB
dem-5671	59	9	4.1499	4.1499	NUM
dem-5671	59	10	8.9920	8.9920	NUM
dem-5671	59	11	correlation	correlation	NOUN
dem-5671	59	12	–	–	PUNCT
dem-5671	59	13	0.7550	0.7550	NUM
dem-5671	59	14	note	note	NOUN
dem-5671	59	15	:	:	PUNCT
dem-5671	59	16	all	all	DET
dem-5671	59	17	calculations	calculation	NOUN
dem-5671	59	18	were	be	AUX
dem-5671	59	19	made	make	VERB
dem-5671	59	20	on	on	ADP
dem-5671	59	21	the	the	DET
dem-5671	59	22	data	datum	NOUN
dem-5671	59	23	from	from	ADP
dem-5671	59	24	01/01/2006	01/01/2006	NUM
dem-5671	59	25	until	until	ADP
dem-5671	59	26	01/07/2013	01/07/2013	NUM
dem-5671	59	27	.	.	PROPN
dem-5671	60	1	2	2	NUM
dem-5671	60	2	.	.	X
dem-5671	60	3	methodology	methodology	NOUN
dem-5671	60	4	to	to	PART
dem-5671	60	5	answer	answer	VERB
dem-5671	60	6	research	research	NOUN
dem-5671	60	7	questions	question	NOUN
dem-5671	60	8	and	and	CCONJ
dem-5671	60	9	verify	verify	VERB
dem-5671	60	10	hypotheses	hypothesis	NOUN
dem-5671	60	11	we	we	PRON
dem-5671	60	12	decided	decide	VERB
dem-5671	60	13	to	to	PART
dem-5671	60	14	undertake	undertake	VERB
dem-5671	60	15	the	the	DET
dem-5671	60	16	following	follow	VERB
dem-5671	60	17	steps	step	NOUN
dem-5671	60	18	.	.	PUNCT
dem-5671	61	1	as	as	SCONJ
dem-5671	61	2	some	some	DET
dem-5671	61	3	earlier	early	ADJ
dem-5671	61	4	studies	study	NOUN
dem-5671	61	5	suggest	suggest	VERB
dem-5671	61	6	(	(	PUNCT
dem-5671	61	7	i.e.	i.e.	X
dem-5671	61	8	giot	giot	NOUN
dem-5671	61	9	,	,	PUNCT
dem-5671	61	10	2005	2005	NUM
dem-5671	61	11	;	;	PUNCT
dem-5671	61	12	simon	simon	PROPN
dem-5671	61	13	and	and	CCONJ
dem-5671	61	14	wiggins	wiggins	PROPN
dem-5671	61	15	,	,	PUNCT
dem-5671	61	16	2001	2001	NUM
dem-5671	61	17	)	)	PUNCT
dem-5671	61	18	,	,	PUNCT
dem-5671	61	19	we	we	PRON
dem-5671	61	20	investigate	investigate	VERB
dem-5671	61	21	the	the	DET
dem-5671	61	22	relationship	relationship	NOUN
dem-5671	61	23	we	we	PRON
dem-5671	61	24	are	be	AUX
dem-5671	61	25	interested	interested	ADJ
dem-5671	61	26	in	in	ADP
dem-5671	61	27	having	have	VERB
dem-5671	61	28	classified	classify	VERB
dem-5671	61	29	daily	daily	ADJ
dem-5671	61	30	vix	vix	PROPN
dem-5671	61	31	closing	closing	NOUN
dem-5671	61	32	prices	price	NOUN
dem-5671	61	33	into	into	ADP
dem-5671	61	34	five	five	NUM
dem-5671	61	35	quintile	quintile	NOUN
dem-5671	61	36	groups4	groups4	NOUN
dem-5671	61	37	.	.	PUNCT
dem-5671	62	1	as	as	SCONJ
dem-5671	62	2	we	we	PRON
dem-5671	62	3	observe	observe	VERB
dem-5671	62	4	very	very	ADV
dem-5671	62	5	low	low	ADJ
dem-5671	62	6	liquidity	liquidity	NOUN
dem-5671	62	7	for	for	ADP
dem-5671	62	8	longer	long	ADJ
dem-5671	62	9	vix	vix	PROPN
dem-5671	62	10	futures	future	NOUN
dem-5671	62	11	maturities	maturity	NOUN
dem-5671	62	12	,	,	PUNCT
dem-5671	62	13	we	we	PRON
dem-5671	62	14	withdraw	withdraw	VERB
dem-5671	62	15	from	from	ADP
dem-5671	62	16	the	the	DET
dem-5671	62	17	sample	sample	NOUN
dem-5671	62	18	all	all	DET
dem-5671	62	19	futures	future	NOUN
dem-5671	62	20	prices	price	NOUN
dem-5671	62	21	for	for	ADP
dem-5671	62	22	contracts	contract	NOUN
dem-5671	62	23	with	with	ADP
dem-5671	62	24	expiration	expiration	NOUN
dem-5671	62	25	longer	long	ADV
dem-5671	62	26	than	than	ADP
dem-5671	62	27	seven	seven	NUM
dem-5671	62	28	months5	months5	NOUN
dem-5671	62	29	.	.	PUNCT
dem-5671	63	1	then	then	ADV
dem-5671	63	2	,	,	PUNCT
dem-5671	63	3	we	we	PRON
dem-5671	63	4	use	use	VERB
dem-5671	63	5	ols	ol	NOUN
dem-5671	63	6	to	to	PART
dem-5671	63	7	estimate	estimate	VERB
dem-5671	63	8	quadratic	quadratic	ADJ
dem-5671	63	9	regressions	regression	NOUN
dem-5671	63	10	for	for	ADP
dem-5671	63	11	closing	closing	NOUN
dem-5671	63	12	prices	price	NOUN
dem-5671	63	13	of	of	ADP
dem-5671	63	14	vix	vix	PROPN
dem-5671	63	15	and	and	CCONJ
dem-5671	63	16	vix	vix	PROPN
dem-5671	63	17	futures	future	NOUN
dem-5671	63	18	,	,	PUNCT
dem-5671	63	19	independently	independently	ADV
dem-5671	63	20	for	for	ADP
dem-5671	63	21	each	each	DET
dem-5671	63	22	quintile	quintile	NOUN
dem-5671	63	23	group	group	NOUN
dem-5671	63	24	:	:	PUNCT
dem-5671	63	25	,	,	PUNCT
dem-5671	63	26	(	(	PUNCT
dem-5671	63	27	1	1	X
dem-5671	63	28	)	)	PUNCT
dem-5671	63	29	4	4	NUM
dem-5671	63	30	the	the	DET
dem-5671	63	31	selection	selection	NOUN
dem-5671	63	32	of	of	ADP
dem-5671	63	33	quintile	quintile	NOUN
dem-5671	63	34	groups	group	NOUN
dem-5671	63	35	is	be	AUX
dem-5671	63	36	somewhat	somewhat	ADV
dem-5671	63	37	arbitrary	arbitrary	ADJ
dem-5671	63	38	,	,	PUNCT
dem-5671	63	39	nevertheless	nevertheless	ADV
dem-5671	63	40	it	it	PRON
dem-5671	63	41	was	be	AUX
dem-5671	63	42	dictated	dictate	VERB
dem-5671	63	43	by	by	ADP
dem-5671	63	44	very	very	ADV
dem-5671	63	45	heterogeneous	heterogeneous	ADJ
dem-5671	63	46	shapes	shape	NOUN
dem-5671	63	47	of	of	ADP
dem-5671	63	48	volatility	volatility	NOUN
dem-5671	63	49	term	term	NOUN
dem-5671	63	50	structure	structure	NOUN
dem-5671	63	51	of	of	ADP
dem-5671	63	52	vts	vts	NOUN
dem-5671	63	53	in	in	ADP
dem-5671	63	54	different	different	ADJ
dem-5671	63	55	market	market	NOUN
dem-5671	63	56	conditions	condition	NOUN
dem-5671	63	57	.	.	PUNCT
dem-5671	64	1	it	it	PRON
dem-5671	64	2	is	be	AUX
dem-5671	64	3	important	important	ADJ
dem-5671	64	4	to	to	PART
dem-5671	64	5	add	add	VERB
dem-5671	64	6	that	that	SCONJ
dem-5671	64	7	it	it	PRON
dem-5671	64	8	really	really	ADV
dem-5671	64	9	does	do	AUX
dem-5671	64	10	not	not	PART
dem-5671	64	11	matter	matter	VERB
dem-5671	64	12	if	if	SCONJ
dem-5671	64	13	we	we	PRON
dem-5671	64	14	choose	choose	VERB
dem-5671	64	15	quintile	quintile	NOUN
dem-5671	64	16	or	or	CCONJ
dem-5671	64	17	quartile	quartile	NOUN
dem-5671	64	18	groups	group	NOUN
dem-5671	64	19	.	.	PUNCT
dem-5671	65	1	5	5	NUM
dem-5671	65	2	this	this	PRON
dem-5671	65	3	amounted	amount	VERB
dem-5671	65	4	to	to	PART
dem-5671	65	5	be	be	AUX
dem-5671	65	6	less	less	ADJ
dem-5671	65	7	than	than	ADP
dem-5671	65	8	25	25	NUM
dem-5671	65	9	%	%	NOUN
dem-5671	65	10	of	of	ADP
dem-5671	65	11	initial	initial	ADJ
dem-5671	65	12	sample	sample	NOUN
dem-5671	65	13	size	size	NOUN
dem-5671	65	14	.	.	PUNCT
dem-5671	66	1	does	do	AUX
dem-5671	66	2	historical	historical	ADJ
dem-5671	66	3	volatility	volatility	NOUN
dem-5671	66	4	term	term	NOUN
dem-5671	66	5	structure	structure	NOUN
dem-5671	66	6	contain	contain	VERB
dem-5671	66	7	valuable	valuable	ADJ
dem-5671	66	8	information	information	NOUN
dem-5671	66	9	…	…	PUNCT
dem-5671	66	10	dynamic	dynamic	ADJ
dem-5671	66	11	econometric	econometric	ADJ
dem-5671	66	12	models	model	NOUN
dem-5671	66	13	14	14	NUM
dem-5671	66	14	(	(	PUNCT
dem-5671	66	15	2014	2014	NUM
dem-5671	66	16	)	)	PUNCT
dem-5671	66	17	5–28	5–28	NOUN
dem-5671	66	18	9	9	NUM
dem-5671	66	19	where	where	SCONJ
dem-5671	66	20	–	–	PUNCT
dem-5671	66	21	daily	daily	ADJ
dem-5671	66	22	closing	closing	NOUN
dem-5671	66	23	price	price	NOUN
dem-5671	66	24	of	of	ADP
dem-5671	66	25	vix	vix	PROPN
dem-5671	66	26	or	or	CCONJ
dem-5671	66	27	vix	vix	PROPN
dem-5671	66	28	futures	future	NOUN
dem-5671	66	29	,	,	PUNCT
dem-5671	66	30	–	–	PUNCT
dem-5671	66	31	time	time	NOUN
dem-5671	66	32	to	to	ADP
dem-5671	66	33	maturity	maturity	NOUN
dem-5671	66	34	of	of	ADP
dem-5671	66	35	-th	-th	NOUN
dem-5671	66	36	vix	vix	PROPN
dem-5671	66	37	futures	future	NOUN
dem-5671	66	38	(	(	PUNCT
dem-5671	66	39	1	1	NUM
dem-5671	66	40	,	,	PUNCT
dem-5671	66	41	…	…	PUNCT
dem-5671	66	42	,	,	PUNCT
dem-5671	66	43	,	,	PUNCT
dem-5671	66	44	for	for	ADP
dem-5671	66	45	vix	vix	PROPN
dem-5671	66	46	0	0	NUM
dem-5671	66	47	)	)	PUNCT
dem-5671	66	48	,	,	PUNCT
dem-5671	66	49	–	–	PUNCT
dem-5671	66	50	size	size	NOUN
dem-5671	66	51	of	of	ADP
dem-5671	66	52	the	the	DET
dem-5671	66	53	vix	vix	PROPN
dem-5671	66	54	-th	-th	PUNCT
dem-5671	66	55	quintile	quintile	PROPN
dem-5671	66	56	group	group	NOUN
dem-5671	66	57	(	(	PUNCT
dem-5671	66	58	1	1	NUM
dem-5671	66	59	,	,	PUNCT
dem-5671	66	60	…	…	PUNCT
dem-5671	66	61	,	,	PUNCT
dem-5671	66	62	5	5	NUM
dem-5671	66	63	)	)	PUNCT
dem-5671	66	64	.	.	PUNCT
dem-5671	67	1	as	as	ADP
dem-5671	67	2	a	a	DET
dem-5671	67	3	result	result	NOUN
dem-5671	67	4	,	,	PUNCT
dem-5671	67	5	we	we	PRON
dem-5671	67	6	are	be	AUX
dem-5671	67	7	able	able	ADJ
dem-5671	67	8	to	to	PART
dem-5671	67	9	define	define	VERB
dem-5671	67	10	the	the	DET
dem-5671	67	11	shape	shape	NOUN
dem-5671	67	12	of	of	ADP
dem-5671	67	13	relationship	relationship	NOUN
dem-5671	67	14	between	between	ADP
dem-5671	67	15	prices	price	NOUN
dem-5671	67	16	of	of	ADP
dem-5671	67	17	vix	vix	NOUN
dem-5671	67	18	contracts	contract	NOUN
dem-5671	67	19	and	and	CCONJ
dem-5671	67	20	their	their	PRON
dem-5671	67	21	times	time	NOUN
dem-5671	67	22	to	to	ADP
dem-5671	67	23	expiry	expiry	NOUN
dem-5671	67	24	.	.	PUNCT
dem-5671	68	1	we	we	PRON
dem-5671	68	2	refer	refer	VERB
dem-5671	68	3	to	to	ADP
dem-5671	68	4	this	this	DET
dem-5671	68	5	relationship	relationship	NOUN
dem-5671	68	6	as	as	ADP
dem-5671	68	7	volatility	volatility	NOUN
dem-5671	68	8	term	term	NOUN
dem-5671	68	9	structure	structure	NOUN
dem-5671	68	10	(	(	PUNCT
dem-5671	68	11	vts	vts	NOUN
dem-5671	68	12	)	)	PUNCT
dem-5671	68	13	.	.	PUNCT
dem-5671	69	1	on	on	ADP
dem-5671	69	2	figure	figure	NOUN
dem-5671	69	3	2	2	NUM
dem-5671	69	4	,	,	PUNCT
dem-5671	69	5	we	we	PRON
dem-5671	69	6	draw	draw	VERB
dem-5671	69	7	all	all	DET
dem-5671	69	8	observations	observation	NOUN
dem-5671	69	9	and	and	CCONJ
dem-5671	69	10	shapes	shape	NOUN
dem-5671	69	11	of	of	ADP
dem-5671	69	12	volatility	volatility	NOUN
dem-5671	69	13	term	term	NOUN
dem-5671	69	14	structure	structure	NOUN
dem-5671	69	15	,	,	PUNCT
dem-5671	69	16	separately	separately	ADV
dem-5671	69	17	for	for	ADP
dem-5671	69	18	five	five	NUM
dem-5671	69	19	vix	vix	PROPN
dem-5671	69	20	quintile	quintile	NOUN
dem-5671	69	21	groups	group	NOUN
dem-5671	69	22	.	.	PUNCT
dem-5671	70	1	it	it	PRON
dem-5671	70	2	confirms	confirm	VERB
dem-5671	70	3	our	our	PRON
dem-5671	70	4	initial	initial	ADJ
dem-5671	70	5	presumption	presumption	NOUN
dem-5671	70	6	that	that	SCONJ
dem-5671	70	7	volatility	volatility	NOUN
dem-5671	70	8	term	term	NOUN
dem-5671	70	9	structure	structure	NOUN
dem-5671	70	10	is	be	AUX
dem-5671	70	11	dependent	dependent	ADJ
dem-5671	70	12	on	on	ADP
dem-5671	70	13	vix	vix	PROPN
dem-5671	70	14	level	level	NOUN
dem-5671	70	15	.	.	PUNCT
dem-5671	71	1	it	it	PRON
dem-5671	71	2	is	be	AUX
dem-5671	71	3	upward	upward	ADV
dem-5671	71	4	sloping	slope	VERB
dem-5671	71	5	for	for	ADP
dem-5671	71	6	initial	initial	ADJ
dem-5671	71	7	four	four	NUM
dem-5671	71	8	quintile	quintile	NOUN
dem-5671	71	9	groups	group	NOUN
dem-5671	71	10	where	where	SCONJ
dem-5671	71	11	parameter	parameter	NOUN
dem-5671	71	12	is	be	AUX
dem-5671	71	13	negative	negative	ADJ
dem-5671	71	14	.	.	PUNCT
dem-5671	72	1	on	on	ADP
dem-5671	72	2	the	the	DET
dem-5671	72	3	other	other	ADJ
dem-5671	72	4	hand	hand	NOUN
dem-5671	72	5	,	,	PUNCT
dem-5671	72	6	it	it	PRON
dem-5671	72	7	is	be	AUX
dem-5671	72	8	downward	downward	ADV
dem-5671	72	9	sloping	slope	VERB
dem-5671	72	10	for	for	ADP
dem-5671	72	11	the	the	DET
dem-5671	72	12	fifth	fifth	ADJ
dem-5671	72	13	vix	vix	PROPN
dem-5671	72	14	quintile	quintile	NOUN
dem-5671	72	15	group	group	NOUN
dem-5671	72	16	where	where	SCONJ
dem-5671	72	17	parameter	parameter	NOUN
dem-5671	72	18	has	have	VERB
dem-5671	72	19	positive	positive	ADJ
dem-5671	72	20	value	value	NOUN
dem-5671	72	21	.	.	PUNCT
dem-5671	73	1	figure	figure	NOUN
dem-5671	73	2	2	2	NUM
dem-5671	73	3	.	.	PUNCT
dem-5671	73	4	quadratic	quadratic	ADJ
dem-5671	73	5	regressions	regression	NOUN
dem-5671	73	6	for	for	ADP
dem-5671	73	7	term	term	NOUN
dem-5671	73	8	structure	structure	NOUN
dem-5671	73	9	of	of	ADP
dem-5671	73	10	vix	vix	PROPN
dem-5671	73	11	futures	future	NOUN
dem-5671	73	12	in	in	ADP
dem-5671	73	13	five	five	NUM
dem-5671	73	14	different	different	ADJ
dem-5671	73	15	vix	vix	NOUN
dem-5671	73	16	quintile	quintile	NOUN
dem-5671	73	17	groups	group	NOUN
dem-5671	73	18	.	.	PUNCT
dem-5671	74	1	all	all	DET
dem-5671	74	2	calculations	calculation	NOUN
dem-5671	74	3	were	be	AUX
dem-5671	74	4	made	make	VERB
dem-5671	74	5	on	on	ADP
dem-5671	74	6	the	the	DET
dem-5671	74	7	data	datum	NOUN
dem-5671	74	8	from	from	ADP
dem-5671	74	9	01/01/2006	01/01/2006	NUM
dem-5671	74	10	until	until	ADP
dem-5671	74	11	01/07/2013	01/07/2013	NUM
dem-5671	74	12	on	on	ADP
dem-5671	74	13	the	the	DET
dem-5671	74	14	basis	basis	NOUN
dem-5671	74	15	of	of	ADP
dem-5671	74	16	vix	vix	PROPN
dem-5671	74	17	futures	future	NOUN
dem-5671	74	18	with	with	ADP
dem-5671	74	19	up	up	ADP
dem-5671	74	20	to	to	PART
dem-5671	74	21	7	7	NUM
dem-5671	74	22	months	month	NOUN
dem-5671	74	23	to	to	ADP
dem-5671	74	24	expiration	expiration	NOUN
dem-5671	74	25	.	.	PUNCT
dem-5671	75	1	vix	vix	PROPN
dem-5671	75	2	futures	future	NOUN
dem-5671	75	3	are	be	AUX
dem-5671	75	4	quoted	quote	VERB
dem-5671	75	5	on	on	ADP
dem-5671	75	6	cfe	cfe	NOUN
dem-5671	75	7	based	base	VERB
dem-5671	75	8	on	on	ADP
dem-5671	75	9	this	this	DET
dem-5671	75	10	initial	initial	ADJ
dem-5671	75	11	intuition	intuition	NOUN
dem-5671	75	12	that	that	SCONJ
dem-5671	75	13	volatility	volatility	NOUN
dem-5671	75	14	term	term	NOUN
dem-5671	75	15	structure	structure	NOUN
dem-5671	75	16	is	be	AUX
dem-5671	75	17	dependent	dependent	ADJ
dem-5671	75	18	on	on	ADP
dem-5671	75	19	vix	vix	PROPN
dem-5671	75	20	level	level	NOUN
dem-5671	75	21	and	and	CCONJ
dem-5671	75	22	that	that	SCONJ
dem-5671	75	23	the	the	DET
dem-5671	75	24	slope	slope	NOUN
dem-5671	75	25	of	of	ADP
dem-5671	75	26	vts	vts	NOUN
dem-5671	75	27	depends	depend	VERB
dem-5671	75	28	on	on	ADP
dem-5671	75	29	the	the	DET
dem-5671	75	30	current	current	ADJ
dem-5671	75	31	level	level	NOUN
dem-5671	75	32	of	of	ADP
dem-5671	75	33	vix	vix	NOUN
dem-5671	75	34	,	,	PUNCT
dem-5671	75	35	we	we	PRON
dem-5671	75	36	propose	propose	VERB
dem-5671	75	37	two	two	NUM
dem-5671	75	38	different	different	ADJ
dem-5671	75	39	measures	measure	NOUN
dem-5671	75	40	of	of	ADP
dem-5671	75	41	vts	vts	NOUN
dem-5671	75	42	and	and	CCONJ
dem-5671	75	43	three	three	NUM
dem-5671	75	44	different	different	ADJ
dem-5671	75	45	measures	measure	NOUN
dem-5671	75	46	of	of	ADP
dem-5671	75	47	volatility	volatility	NOUN
dem-5671	75	48	risk	risk	NOUN
dem-5671	75	49	premium	premium	NOUN
dem-5671	75	50	(	(	PUNCT
dem-5671	75	51	vrp	vrp	NOUN
dem-5671	75	52	)	)	PUNCT
dem-5671	75	53	in	in	ADP
dem-5671	75	54	order	order	NOUN
dem-5671	75	55	to	to	PART
dem-5671	75	56	quantify	quantify	VERB
dem-5671	75	57	vts	vts	NOUN
dem-5671	75	58	and	and	CCONJ
dem-5671	75	59	risk	risk	NOUN
dem-5671	75	60	associated	associate	VERB
dem-5671	75	61	with	with	ADP
dem-5671	75	62	it	it	PRON
dem-5671	75	63	.	.	PUNCT
dem-5671	76	1	we	we	PRON
dem-5671	76	2	use	use	VERB
dem-5671	76	3	the	the	DET
dem-5671	76	4	results	result	NOUN
dem-5671	76	5	of	of	ADP
dem-5671	76	6	regression	regression	NOUN
dem-5671	76	7	(	(	PUNCT
dem-5671	76	8	1	1	NUM
dem-5671	76	9	)	)	PUNCT
dem-5671	76	10	to	to	PART
dem-5671	76	11	construct	construct	VERB
dem-5671	76	12	a	a	DET
dem-5671	76	13	reference	reference	NOUN
dem-5671	76	14	(	(	PUNCT
dem-5671	76	15	theoretical	theoretical	ADJ
dem-5671	76	16	)	)	PUNCT
dem-5671	76	17	price	price	NOUN
dem-5671	76	18	of	of	ADP
dem-5671	76	19	volatility	volatility	NOUN
dem-5671	76	20	futures	future	NOUN
dem-5671	76	21	as	as	ADP
dem-5671	76	22	a	a	DET
dem-5671	76	23	function	function	NOUN
dem-5671	76	24	of	of	ADP
dem-5671	76	25	the	the	DET
dem-5671	76	26	vix	vix	PROPN
dem-5671	76	27	level	level	NOUN
dem-5671	76	28	(	(	PUNCT
dem-5671	76	29	quintile	quintile	NOUN
dem-5671	76	30	)	)	PUNCT
dem-5671	76	31	and	and	CCONJ
dem-5671	76	32	time	time	NOUN
dem-5671	76	33	to	to	ADP
dem-5671	76	34	expiration	expiration	NOUN
dem-5671	76	35	.	.	PUNCT
dem-5671	77	1	the	the	DET
dem-5671	77	2	distance	distance	NOUN
dem-5671	77	3	between	between	ADP
dem-5671	77	4	the	the	DET
dem-5671	77	5	actual	actual	ADJ
dem-5671	77	6	price	price	NOUN
dem-5671	77	7	and	and	CCONJ
dem-5671	77	8	the	the	DET
dem-5671	77	9	reference	reference	NOUN
dem-5671	77	10	price	price	NOUN
dem-5671	77	11	allows	allow	VERB
dem-5671	77	12	us	we	PRON
dem-5671	77	13	to	to	PART
dem-5671	77	14	estimate	estimate	VERB
dem-5671	77	15	the	the	DET
dem-5671	77	16	vrp	vrp	NOUN
dem-5671	77	17	.	.	PUNCT
dem-5671	78	1	then	then	ADV
dem-5671	78	2	,	,	PUNCT
dem-5671	78	3	we	we	PRON
dem-5671	78	4	show	show	VERB
dem-5671	78	5	that	that	SCONJ
dem-5671	78	6	future	future	ADJ
dem-5671	78	7	returns	return	NOUN
dem-5671	78	8	of	of	ADP
dem-5671	78	9	vix	vix	PROPN
dem-5671	78	10	and	and	CCONJ
dem-5671	78	11	s&p500	s&p500	NOUN
dem-5671	78	12	index	index	NOUN
dem-5671	78	13	are	be	AUX
dem-5671	78	14	dependent	dependent	ADJ
dem-5671	78	15	on	on	ADP
dem-5671	78	16	the	the	DET
dem-5671	78	17	actual	actual	ADJ
dem-5671	78	18	level	level	NOUN
dem-5671	78	19	of	of	ADP
dem-5671	78	20	vix	vix	PROPN
dem-5671	78	21	and	and	CCONJ
dem-5671	78	22	the	the	DET
dem-5671	78	23	shape	shape	NOUN
dem-5671	78	24	of	of	ADP
dem-5671	78	25	volatility	volatility	NOUN
dem-5671	78	26	term	term	NOUN
dem-5671	78	27	structure	structure	NOUN
dem-5671	78	28	.	.	PUNCT
dem-5671	79	1	this	this	PRON
dem-5671	79	2	is	be	AUX
dem-5671	79	3	confirmed	confirm	VERB
dem-5671	79	4	with	with	ADP
dem-5671	79	5	simple	simple	ADJ
dem-5671	79	6	regressions	regression	NOUN
dem-5671	79	7	j.	j.	PROPN
dem-5671	79	8	jabłecki	jabłecki	PROPN
dem-5671	79	9	,	,	PUNCT
dem-5671	79	10	r.	r.	PROPN
dem-5671	79	11	kokoszczyński	kokoszczyński	PROPN
dem-5671	79	12	,	,	PUNCT
dem-5671	79	13	p.	p.	PROPN
dem-5671	79	14	sakowski	sakowski	PROPN
dem-5671	79	15	,	,	PUNCT
dem-5671	79	16	r.	r.	PROPN
dem-5671	79	17	ślepaczuk	ślepaczuk	PROPN
dem-5671	79	18	,	,	PUNCT
dem-5671	79	19	p.	p.	PROPN
dem-5671	79	20	wójcik	wójcik	VERB
dem-5671	79	21	dynamic	dynamic	ADJ
dem-5671	79	22	econometric	econometric	ADJ
dem-5671	79	23	models	model	NOUN
dem-5671	79	24	14	14	NUM
dem-5671	79	25	(	(	PUNCT
dem-5671	79	26	2014	2014	NUM
dem-5671	79	27	)	)	PUNCT
dem-5671	79	28	5–28	5–28	NOUN
dem-5671	79	29	10	10	NUM
dem-5671	79	30	trying	try	VERB
dem-5671	79	31	to	to	PART
dem-5671	79	32	find	find	VERB
dem-5671	79	33	some	some	DET
dem-5671	79	34	robust	robust	ADJ
dem-5671	79	35	patterns	pattern	NOUN
dem-5671	79	36	which	which	PRON
dem-5671	79	37	are	be	AUX
dem-5671	79	38	used	use	VERB
dem-5671	79	39	later	later	ADV
dem-5671	79	40	on	on	ADV
dem-5671	79	41	to	to	PART
dem-5671	79	42	construct	construct	VERB
dem-5671	79	43	investment	investment	NOUN
dem-5671	79	44	strategy	strategy	NOUN
dem-5671	79	45	,	,	PUNCT
dem-5671	79	46	where	where	SCONJ
dem-5671	79	47	the	the	DET
dem-5671	79	48	investment	investment	NOUN
dem-5671	79	49	algorithms	algorithm	NOUN
dem-5671	79	50	are	be	AUX
dem-5671	79	51	based	base	VERB
dem-5671	79	52	on	on	ADP
dem-5671	79	53	vts	vts	NOUN
dem-5671	79	54	.	.	PUNCT
dem-5671	80	1	3	3	X
dem-5671	80	2	.	.	PUNCT
dem-5671	80	3	measures	measure	NOUN
dem-5671	80	4	of	of	ADP
dem-5671	80	5	volatility	volatility	NOUN
dem-5671	80	6	term	term	NOUN
dem-5671	80	7	structure	structure	NOUN
dem-5671	80	8	we	we	PRON
dem-5671	80	9	propose	propose	VERB
dem-5671	80	10	two	two	NUM
dem-5671	80	11	measures	measure	NOUN
dem-5671	80	12	of	of	ADP
dem-5671	80	13	vts	vts	NOUN
dem-5671	80	14	and	and	CCONJ
dem-5671	80	15	two	two	NUM
dem-5671	80	16	measures	measure	NOUN
dem-5671	80	17	of	of	ADP
dem-5671	80	18	vrp	vrp	NOUN
dem-5671	80	19	.	.	PUNCT
dem-5671	81	1	the	the	DET
dem-5671	81	2	detailed	detailed	ADJ
dem-5671	81	3	formulas	formula	NOUN
dem-5671	81	4	are	be	AUX
dem-5671	81	5	presented	present	VERB
dem-5671	81	6	below	below	ADV
dem-5671	81	7	.	.	PUNCT
dem-5671	82	1	slope1	slope1	NOUN
dem-5671	82	2	is	be	AUX
dem-5671	82	3	a	a	DET
dem-5671	82	4	sum	sum	NOUN
dem-5671	82	5	of	of	ADP
dem-5671	82	6	differences	difference	NOUN
dem-5671	82	7	of	of	ADP
dem-5671	82	8	vix	vix	NOUN
dem-5671	82	9	futures	future	NOUN
dem-5671	82	10	prices	price	NOUN
dem-5671	82	11	with	with	ADP
dem-5671	82	12	consecutive	consecutive	ADJ
dem-5671	82	13	maturities	maturity	NOUN
dem-5671	82	14	divided	divide	VERB
dem-5671	82	15	by	by	ADP
dem-5671	82	16	actual	actual	ADJ
dem-5671	82	17	vix	vix	NOUN
dem-5671	82	18	level	level	NOUN
dem-5671	82	19	,	,	PUNCT
dem-5671	82	20	calculated	calculate	VERB
dem-5671	82	21	separately	separately	ADV
dem-5671	82	22	within	within	ADP
dem-5671	82	23	each	each	DET
dem-5671	82	24	vix	vix	PROPN
dem-5671	82	25	quintile	quintile	NOUN
dem-5671	82	26	group	group	NOUN
dem-5671	82	27	:	:	PUNCT
dem-5671	82	28	slope1	slope1	NOUN
dem-5671	82	29	,	,	PUNCT
dem-5671	82	30	(	(	PUNCT
dem-5671	82	31	2	2	X
dem-5671	82	32	)	)	PUNCT
dem-5671	82	33	where	where	SCONJ
dem-5671	82	34	–	–	PUNCT
dem-5671	82	35	close	close	ADJ
dem-5671	82	36	price	price	NOUN
dem-5671	82	37	of	of	ADP
dem-5671	82	38	7	7	NUM
dem-5671	82	39	-	-	PUNCT
dem-5671	82	40	th	th	VERB
dem-5671	82	41	vix	vix	NOUN
dem-5671	82	42	futures	future	NOUN
dem-5671	82	43	within	within	ADP
dem-5671	82	44	-th	-th	ADJ
dem-5671	82	45	vix	vix	PROPN
dem-5671	82	46	quintile	quintile	NOUN
dem-5671	82	47	group	group	NOUN
dem-5671	82	48	.	.	PUNCT
dem-5671	83	1	actual	actual	ADJ
dem-5671	83	2	values	value	NOUN
dem-5671	83	3	of	of	ADP
dem-5671	83	4	slope1	slope1	NOUN
dem-5671	83	5	confirm	confirm	VERB
dem-5671	83	6	our	our	PRON
dem-5671	83	7	observations	observation	NOUN
dem-5671	83	8	from	from	ADP
dem-5671	83	9	the	the	DET
dem-5671	83	10	previous	previous	ADJ
dem-5671	83	11	section	section	NOUN
dem-5671	83	12	concerning	concern	VERB
dem-5671	83	13	volatility	volatility	NOUN
dem-5671	83	14	term	term	NOUN
dem-5671	83	15	structure	structure	NOUN
dem-5671	83	16	.	.	PUNCT
dem-5671	84	1	we	we	PRON
dem-5671	84	2	see	see	VERB
dem-5671	84	3	substantial	substantial	ADJ
dem-5671	84	4	positive	positive	ADJ
dem-5671	84	5	differences	difference	NOUN
dem-5671	84	6	between	between	ADP
dem-5671	84	7	last	last	ADJ
dem-5671	84	8	and	and	CCONJ
dem-5671	84	9	first	first	ADJ
dem-5671	84	10	contract	contract	NOUN
dem-5671	84	11	levels	level	NOUN
dem-5671	84	12	for	for	ADP
dem-5671	84	13	first	first	ADJ
dem-5671	84	14	four	four	NUM
dem-5671	84	15	quintile	quintile	NOUN
dem-5671	84	16	groups	group	NOUN
dem-5671	84	17	and	and	CCONJ
dem-5671	84	18	significant	significant	ADJ
dem-5671	84	19	negative	negative	ADJ
dem-5671	84	20	differences	difference	NOUN
dem-5671	84	21	for	for	ADP
dem-5671	84	22	the	the	DET
dem-5671	84	23	last	last	ADJ
dem-5671	84	24	quintile	quintile	NOUN
dem-5671	84	25	group	group	NOUN
dem-5671	84	26	(	(	PUNCT
dem-5671	84	27	figure	figure	NOUN
dem-5671	84	28	3	3	NUM
dem-5671	84	29	)	)	PUNCT
dem-5671	84	30	.	.	PUNCT
dem-5671	85	1	figure	figure	VERB
dem-5671	85	2	3	3	NUM
dem-5671	85	3	.	.	X
dem-5671	85	4	boxplot	boxplot	NOUN
dem-5671	85	5	for	for	ADP
dem-5671	85	6	slope1	slope1	NOUN
dem-5671	85	7	with	with	ADP
dem-5671	85	8	respect	respect	NOUN
dem-5671	85	9	to	to	ADP
dem-5671	85	10	vix	vix	PROPN
dem-5671	85	11	quintile	quintile	NOUN
dem-5671	85	12	groups	group	NOUN
dem-5671	85	13	.	.	PUNCT
dem-5671	86	1	all	all	DET
dem-5671	86	2	calculations	calculation	NOUN
dem-5671	86	3	were	be	AUX
dem-5671	86	4	made	make	VERB
dem-5671	86	5	on	on	ADP
dem-5671	86	6	the	the	DET
dem-5671	86	7	data	datum	NOUN
dem-5671	86	8	from	from	ADP
dem-5671	86	9	01/01/2006	01/01/2006	NUM
dem-5671	86	10	until	until	ADP
dem-5671	86	11	01/07/2013	01/07/2013	NUM
dem-5671	86	12	on	on	ADP
dem-5671	86	13	the	the	DET
dem-5671	86	14	basis	basis	NOUN
dem-5671	86	15	of	of	ADP
dem-5671	86	16	vix	vix	PROPN
dem-5671	86	17	futures	future	NOUN
dem-5671	86	18	with	with	ADP
dem-5671	86	19	up	up	ADP
dem-5671	86	20	to	to	PART
dem-5671	86	21	7	7	NUM
dem-5671	86	22	months	month	NOUN
dem-5671	86	23	to	to	ADP
dem-5671	86	24	expiration	expiration	NOUN
dem-5671	86	25	.	.	PUNCT
dem-5671	87	1	diamonds	diamond	NOUN
dem-5671	87	2	denote	denote	NOUN
dem-5671	87	3	group	group	NOUN
dem-5671	87	4	mean	mean	VERB
dem-5671	87	5	values	value	NOUN
dem-5671	87	6	,	,	PUNCT
dem-5671	87	7	while	while	SCONJ
dem-5671	87	8	black	black	ADJ
dem-5671	87	9	dots	dot	NOUN
dem-5671	87	10	denote	denote	VERB
dem-5671	87	11	outliers	outlier	NOUN
dem-5671	87	12	which	which	PRON
dem-5671	87	13	are	be	AUX
dem-5671	87	14	outside	outside	ADP
dem-5671	87	15	150	150	NUM
dem-5671	87	16	%	%	NOUN
dem-5671	87	17	of	of	ADP
dem-5671	87	18	interquartile	interquartile	NOUN
dem-5671	87	19	range	range	NOUN
dem-5671	87	20	the	the	DET
dem-5671	87	21	second	second	ADJ
dem-5671	87	22	vts	vts	NOUN
dem-5671	87	23	measure	measure	NOUN
dem-5671	87	24	,	,	PUNCT
dem-5671	87	25	slope2	slope2	PROPN
dem-5671	87	26	,	,	PUNCT
dem-5671	87	27	is	be	AUX
dem-5671	87	28	the	the	DET
dem-5671	87	29	slope	slope	NOUN
dem-5671	87	30	coefficient	coefficient	NOUN
dem-5671	87	31	of	of	ADP
dem-5671	87	32	the	the	DET
dem-5671	87	33	simple	simple	ADJ
dem-5671	87	34	linear	linear	PROPN
dem-5671	87	35	regression	regression	NOUN
dem-5671	87	36	,	,	PUNCT
dem-5671	87	37	estimated	estimate	VERB
dem-5671	87	38	using	use	VERB
dem-5671	87	39	ols	ol	NOUN
dem-5671	87	40	separately	separately	ADV
dem-5671	87	41	for	for	ADP
dem-5671	87	42	every	every	DET
dem-5671	87	43	quintile	quintile	NOUN
dem-5671	87	44	group	group	NOUN
dem-5671	87	45	of	of	ADP
dem-5671	87	46	vix	vix	PROPN
dem-5671	87	47	levels	level	NOUN
dem-5671	87	48	:	:	PUNCT
dem-5671	87	49	does	do	AUX
dem-5671	87	50	historical	historical	ADJ
dem-5671	87	51	volatility	volatility	NOUN
dem-5671	87	52	term	term	NOUN
dem-5671	87	53	structure	structure	NOUN
dem-5671	87	54	contain	contain	VERB
dem-5671	87	55	valuable	valuable	ADJ
dem-5671	87	56	information	information	NOUN
dem-5671	87	57	…	…	PUNCT
dem-5671	87	58	dynamic	dynamic	ADJ
dem-5671	87	59	econometric	econometric	ADJ
dem-5671	87	60	models	model	NOUN
dem-5671	87	61	14	14	NUM
dem-5671	87	62	(	(	PUNCT
dem-5671	87	63	2014	2014	NUM
dem-5671	87	64	)	)	PUNCT
dem-5671	87	65	5–28	5–28	NOUN
dem-5671	87	66	11	11	NUM
dem-5671	87	67	β	β	X
dem-5671	87	68	β	β	X
dem-5671	87	69	,	,	PUNCT
dem-5671	87	70	3	3	NUM
dem-5671	87	71	where	where	SCONJ
dem-5671	87	72	–	–	PUNCT
dem-5671	87	73	daily	daily	ADJ
dem-5671	87	74	closing	closing	NOUN
dem-5671	87	75	price	price	NOUN
dem-5671	87	76	of	of	ADP
dem-5671	87	77	vix	vix	PROPN
dem-5671	87	78	and	and	CCONJ
dem-5671	87	79	vix	vix	PROPN
dem-5671	87	80	futures	future	NOUN
dem-5671	87	81	,	,	PUNCT
dem-5671	87	82	–	–	PUNCT
dem-5671	87	83	time	time	NOUN
dem-5671	87	84	to	to	ADP
dem-5671	87	85	maturity	maturity	NOUN
dem-5671	87	86	of	of	ADP
dem-5671	87	87	-th	-th	NOUN
dem-5671	87	88	vix	vix	PROPN
dem-5671	87	89	futures	future	NOUN
dem-5671	87	90	(	(	PUNCT
dem-5671	87	91	for	for	ADP
dem-5671	87	92	vix	vix	NOUN
dem-5671	87	93	=	=	SYM
dem-5671	87	94	0	0	NUM
dem-5671	87	95	,	,	PUNCT
dem-5671	87	96	1	1	NUM
dem-5671	87	97	,	,	PUNCT
dem-5671	87	98	…	…	PUNCT
dem-5671	87	99	,	,	PUNCT
dem-5671	87	100	)	)	PUNCT
dem-5671	87	101	,	,	PUNCT
dem-5671	87	102	–	–	PUNCT
dem-5671	87	103	size	size	NOUN
dem-5671	87	104	of	of	ADP
dem-5671	87	105	the	the	DET
dem-5671	87	106	vix	vix	PROPN
dem-5671	87	107	-th	-th	PUNCT
dem-5671	87	108	quintile	quintile	PROPN
dem-5671	87	109	group	group	NOUN
dem-5671	87	110	(	(	PUNCT
dem-5671	87	111	1	1	NUM
dem-5671	87	112	,	,	PUNCT
dem-5671	87	113	…	…	PUNCT
dem-5671	87	114	,	,	PUNCT
dem-5671	87	115	5	5	NUM
dem-5671	87	116	)	)	PUNCT
dem-5671	87	117	.	.	PUNCT
dem-5671	88	1	slope2	slope2	PROPN
dem-5671	88	2	results	result	NOUN
dem-5671	88	3	give	give	VERB
dem-5671	88	4	support	support	NOUN
dem-5671	88	5	to	to	ADP
dem-5671	88	6	very	very	ADV
dem-5671	88	7	similar	similar	ADJ
dem-5671	88	8	conclusions	conclusion	NOUN
dem-5671	88	9	as	as	ADP
dem-5671	88	10	those	those	PRON
dem-5671	88	11	inferred	infer	VERB
dem-5671	88	12	from	from	ADP
dem-5671	88	13	slope1	slope1	NOUN
dem-5671	88	14	values	value	NOUN
dem-5671	88	15	(	(	PUNCT
dem-5671	88	16	table	table	NOUN
dem-5671	88	17	2	2	NUM
dem-5671	88	18	)	)	PUNCT
dem-5671	88	19	.	.	PUNCT
dem-5671	89	1	table	table	NOUN
dem-5671	89	2	2	2	NUM
dem-5671	89	3	.	.	PUNCT
dem-5671	90	1	the	the	DET
dem-5671	90	2	descriptive	descriptive	ADJ
dem-5671	90	3	statistics	statistic	NOUN
dem-5671	90	4	of	of	ADP
dem-5671	90	5	slope2	slope2	PROPN
dem-5671	90	6	for	for	ADP
dem-5671	90	7	vix	vix	PROPN
dem-5671	90	8	quintile	quintile	NOUN
dem-5671	90	9	groups	group	NOUN
dem-5671	90	10	vix	vix	PROPN
dem-5671	90	11	quintile	quintile	PROPN
dem-5671	90	12	group	group	NOUN
dem-5671	90	13	size	size	NOUN
dem-5671	90	14	parameters	parameter	NOUN
dem-5671	90	15	min	min	PROPN
dem-5671	90	16	max	max	PROPN
dem-5671	90	17	avg	avg	PROPN
dem-5671	90	18	med	med	PROPN
dem-5671	90	19	sd	sd	PROPN
dem-5671	90	20	vix	vix	PROPN
dem-5671	90	21	levels	level	NOUN
dem-5671	90	22	1	1	NUM
dem-5671	90	23	374	374	NUM
dem-5671	90	24	(	(	PUNCT
dem-5671	90	25	0;13.14	0;13.14	PROPN
dem-5671	90	26	]	]	X
dem-5671	90	27	0.9	0.9	NUM
dem-5671	90	28	20.3	20.3	NUM
dem-5671	90	29	5.7	5.7	NUM
dem-5671	90	30	5.4	5.4	NUM
dem-5671	90	31	3.1	3.1	NUM
dem-5671	90	32	2	2	NUM
dem-5671	90	33	374	374	NUM
dem-5671	90	34	(	(	PUNCT
dem-5671	90	35	13.14;16.03	13.14;16.03	NUM
dem-5671	90	36	]	]	PUNCT
dem-5671	90	37	–	–	PUNCT
dem-5671	90	38	5.4	5.4	NUM
dem-5671	90	39	20.1	20.1	NUM
dem-5671	90	40	9.4	9.4	NUM
dem-5671	90	41	10.6	10.6	NUM
dem-5671	90	42	5.6	5.6	NUM
dem-5671	90	43	3	3	NUM
dem-5671	90	44	375	375	NUM
dem-5671	90	45	(	(	PUNCT
dem-5671	90	46	16.03;19.55	16.03;19.55	NUM
dem-5671	90	47	]	]	PUNCT
dem-5671	90	48	–	–	PUNCT
dem-5671	90	49	2.2	2.2	NUM
dem-5671	90	50	19.0	19.0	NUM
dem-5671	90	51	8.0	8.0	NUM
dem-5671	90	52	8.7	8.7	NUM
dem-5671	90	53	4.9	4.9	NUM
dem-5671	90	54	4	4	NUM
dem-5671	90	55	373	373	NUM
dem-5671	90	56	(	(	PUNCT
dem-5671	90	57	19.55:25.41	19.55:25.41	NUM
dem-5671	90	58	]	]	PUNCT
dem-5671	90	59	–	–	PUNCT
dem-5671	90	60	10.5	10.5	NUM
dem-5671	90	61	16.1	16.1	NUM
dem-5671	90	62	4.3	4.3	NUM
dem-5671	90	63	4.6	4.6	NUM
dem-5671	90	64	5.1	5.1	NUM
dem-5671	90	65	5	5	NUM
dem-5671	90	66	374	374	NUM
dem-5671	90	67	(	(	PUNCT
dem-5671	90	68	25.41;80.86	25.41;80.86	NOUN
dem-5671	90	69	]	]	PUNCT
dem-5671	90	70	–	–	PUNCT
dem-5671	90	71	71.8	71.8	NUM
dem-5671	90	72	8.4	8.4	NUM
dem-5671	90	73	–	–	PUNCT
dem-5671	90	74	9.9	9.9	NUM
dem-5671	90	75	–	–	PUNCT
dem-5671	90	76	5.6	5.6	NUM
dem-5671	90	77	13.9	13.9	NUM
dem-5671	90	78	all	all	DET
dem-5671	90	79	1870	1870	NUM
dem-5671	90	80	(	(	PUNCT
dem-5671	90	81	0:80.86	0:80.86	NOUN
dem-5671	90	82	]	]	PUNCT
dem-5671	90	83	–	–	PUNCT
dem-5671	90	84	71.8	71.8	NUM
dem-5671	90	85	20.3	20.3	NUM
dem-5671	90	86	3.5	3.5	NUM
dem-5671	90	87	4.8	4.8	NUM
dem-5671	90	88	10.3	10.3	NUM
dem-5671	90	89	note	note	NOUN
dem-5671	90	90	:	:	PUNCT
dem-5671	90	91	all	all	DET
dem-5671	90	92	calculations	calculation	NOUN
dem-5671	90	93	were	be	AUX
dem-5671	90	94	made	make	VERB
dem-5671	90	95	on	on	ADP
dem-5671	90	96	the	the	DET
dem-5671	90	97	data	datum	NOUN
dem-5671	90	98	from	from	ADP
dem-5671	90	99	01/01/2006	01/01/2006	NUM
dem-5671	90	100	until	until	ADP
dem-5671	90	101	01/07/2013	01/07/2013	NUM
dem-5671	90	102	on	on	ADP
dem-5671	90	103	the	the	DET
dem-5671	90	104	basis	basis	NOUN
dem-5671	90	105	of	of	ADP
dem-5671	90	106	vix	vix	PROPN
dem-5671	90	107	futures	future	NOUN
dem-5671	90	108	with	with	ADP
dem-5671	90	109	up	up	ADP
dem-5671	90	110	to	to	PART
dem-5671	90	111	7	7	NUM
dem-5671	90	112	months	month	NOUN
dem-5671	90	113	to	to	ADP
dem-5671	90	114	expiration	expiration	NOUN
dem-5671	90	115	.	.	PUNCT
dem-5671	91	1	as	as	ADP
dem-5671	91	2	the	the	DET
dem-5671	91	3	next	next	ADJ
dem-5671	91	4	step	step	NOUN
dem-5671	91	5	we	we	PRON
dem-5671	91	6	calculate	calculate	VERB
dem-5671	91	7	individual	individual	ADJ
dem-5671	91	8	volatility	volatility	NOUN
dem-5671	91	9	risk	risk	NOUN
dem-5671	91	10	premium	premium	NOUN
dem-5671	91	11	(	(	PUNCT
dem-5671	91	12	vrp	vrp	NOUN
dem-5671	91	13	)	)	PUNCT
dem-5671	91	14	by	by	ADP
dem-5671	91	15	comparing	compare	VERB
dem-5671	91	16	actual	actual	ADJ
dem-5671	91	17	vix	vix	NOUN
dem-5671	91	18	futures	future	NOUN
dem-5671	91	19	prices	price	NOUN
dem-5671	91	20	with	with	ADP
dem-5671	91	21	their	their	PRON
dem-5671	91	22	„	„	PUNCT
dem-5671	91	23	theoretical	theoretical	ADJ
dem-5671	91	24	”	"	PUNCT
dem-5671	91	25	values	value	NOUN
dem-5671	91	26	given	give	VERB
dem-5671	91	27	by	by	ADP
dem-5671	91	28	formula	formula	NOUN
dem-5671	91	29	(	(	PUNCT
dem-5671	91	30	1	1	NUM
dem-5671	91	31	)	)	PUNCT
dem-5671	91	32	,	,	PUNCT
dem-5671	91	33	for	for	ADP
dem-5671	91	34	each	each	DET
dem-5671	91	35	quintile	quintile	NOUN
dem-5671	91	36	group	group	NOUN
dem-5671	91	37	separately	separately	ADV
dem-5671	91	38	.	.	PUNCT
dem-5671	92	1	,	,	PUNCT
dem-5671	92	2	is	be	AUX
dem-5671	92	3	defined	define	VERB
dem-5671	92	4	as	as	ADP
dem-5671	92	5	a	a	DET
dem-5671	92	6	percentage	percentage	NOUN
dem-5671	92	7	deviation	deviation	NOUN
dem-5671	92	8	of	of	ADP
dem-5671	92	9	-th	-th	ADJ
dem-5671	92	10	futures	future	NOUN
dem-5671	92	11	current	current	ADJ
dem-5671	92	12	price	price	NOUN
dem-5671	92	13	from	from	ADP
dem-5671	92	14	its	its	PRON
dem-5671	92	15	„	„	PUNCT
dem-5671	92	16	theoretical	theoretical	ADJ
dem-5671	92	17	”	"	PUNCT
dem-5671	92	18	price	price	NOUN
dem-5671	92	19	:	:	PUNCT
dem-5671	92	20	,	,	PUNCT
dem-5671	92	21	,	,	PUNCT
dem-5671	92	22	,	,	PUNCT
dem-5671	92	23	,	,	PUNCT
dem-5671	92	24	(	(	PUNCT
dem-5671	92	25	4	4	X
dem-5671	92	26	)	)	PUNCT
dem-5671	92	27	where	where	SCONJ
dem-5671	92	28	:	:	PUNCT
dem-5671	92	29	–	–	PUNCT
dem-5671	92	30	the	the	DET
dem-5671	92	31	number	number	NOUN
dem-5671	92	32	of	of	ADP
dem-5671	92	33	the	the	DET
dem-5671	92	34	quintile	quintile	NOUN
dem-5671	92	35	group	group	NOUN
dem-5671	92	36	(	(	PUNCT
dem-5671	92	37	∈	∈	PROPN
dem-5671	92	38	1,2,3,4,5	1,2,3,4,5	NUM
dem-5671	92	39	,	,	PUNCT
dem-5671	92	40	–	–	PUNCT
dem-5671	92	41	reference	reference	NOUN
dem-5671	92	42	to	to	ADP
dem-5671	92	43	consecutive	consecutive	ADJ
dem-5671	92	44	vix	vix	NOUN
dem-5671	92	45	futures	future	NOUN
dem-5671	92	46	contracts	contract	NOUN
dem-5671	92	47	with	with	ADP
dem-5671	92	48	ascending	ascend	VERB
dem-5671	92	49	time	time	NOUN
dem-5671	92	50	to	to	ADP
dem-5671	92	51	maturity	maturity	NOUN
dem-5671	92	52	(	(	PUNCT
dem-5671	92	53	∈	∈	PROPN
dem-5671	92	54	1,2,3,4,5,6,7	1,2,3,4,5,6,7	NOUN
dem-5671	92	55	)	)	PUNCT
dem-5671	92	56	,	,	PUNCT
dem-5671	92	57	–	–	PUNCT
dem-5671	92	58	size	size	NOUN
dem-5671	92	59	of	of	ADP
dem-5671	92	60	the	the	DET
dem-5671	92	61	vix	vix	PROPN
dem-5671	92	62	-th	-th	PUNCT
dem-5671	92	63	quintile	quintile	PROPN
dem-5671	92	64	group	group	NOUN
dem-5671	92	65	(	(	PUNCT
dem-5671	92	66	1	1	NUM
dem-5671	92	67	,	,	PUNCT
dem-5671	92	68	…	…	PUNCT
dem-5671	92	69	,	,	PUNCT
dem-5671	92	70	5	5	NUM
dem-5671	92	71	)	)	PUNCT
dem-5671	92	72	,	,	PUNCT
dem-5671	92	73	,	,	PUNCT
dem-5671	92	74	–	–	PUNCT
dem-5671	92	75	closing	close	VERB
dem-5671	92	76	price	price	NOUN
dem-5671	92	77	of	of	ADP
dem-5671	92	78	-th	-th	NOUN
dem-5671	92	79	vix	vix	PROPN
dem-5671	92	80	futures	future	NOUN
dem-5671	92	81	contract	contract	NOUN
dem-5671	92	82	within	within	ADP
dem-5671	92	83	-th	-th	NOUN
dem-5671	92	84	quintile	quintile	NOUN
dem-5671	92	85	group	group	NOUN
dem-5671	92	86	,	,	PUNCT
dem-5671	92	87	,	,	PUNCT
dem-5671	92	88	–	–	PUNCT
dem-5671	92	89	theoretical	theoretical	ADJ
dem-5671	92	90	value	value	NOUN
dem-5671	92	91	of	of	ADP
dem-5671	92	92	-th	-th	NOUN
dem-5671	92	93	vix	vix	PROPN
dem-5671	92	94	futures	future	NOUN
dem-5671	92	95	index	index	NOUN
dem-5671	92	96	future	future	NOUN
dem-5671	92	97	,	,	PUNCT
dem-5671	92	98	calculated	calculate	VERB
dem-5671	92	99	from	from	ADP
dem-5671	92	100	eq	eq	PROPN
dem-5671	92	101	.	.	PUNCT
dem-5671	93	1	(	(	PUNCT
dem-5671	93	2	1	1	NUM
dem-5671	93	3	)	)	PUNCT
dem-5671	93	4	,	,	PUNCT
dem-5671	93	5	within	within	ADP
dem-5671	93	6	vix	vix	PROPN
dem-5671	93	7	-th	-th	PUNCT
dem-5671	93	8	quintile	quintile	PROPN
dem-5671	93	9	group	group	NOUN
dem-5671	93	10	.	.	PUNCT
dem-5671	94	1	shows	show	VERB
dem-5671	94	2	that	that	SCONJ
dem-5671	94	3	inside	inside	ADP
dem-5671	94	4	first	first	ADJ
dem-5671	94	5	four	four	NUM
dem-5671	94	6	vix	vix	NOUN
dem-5671	94	7	quintile	quintile	NOUN
dem-5671	94	8	groups	group	NOUN
dem-5671	94	9	we	we	PRON
dem-5671	94	10	observe	observe	VERB
dem-5671	94	11	on	on	ADP
dem-5671	94	12	average	average	ADJ
dem-5671	94	13	quite	quite	ADV
dem-5671	94	14	substantial	substantial	ADJ
dem-5671	94	15	departures	departure	NOUN
dem-5671	94	16	from	from	ADP
dem-5671	94	17	„	„	PUNCT
dem-5671	94	18	theoretical	theoretical	ADJ
dem-5671	94	19	”	"	PUNCT
dem-5671	94	20	volatility	volatility	NOUN
dem-5671	94	21	term	term	NOUN
dem-5671	94	22	structure	structure	NOUN
dem-5671	94	23	.	.	PUNCT
dem-5671	95	1	they	they	PRON
dem-5671	95	2	range	range	VERB
dem-5671	95	3	between	between	ADP
dem-5671	95	4	–	–	PUNCT
dem-5671	95	5	20	20	NUM
dem-5671	95	6	%	%	NOUN
dem-5671	95	7	and	and	CCONJ
dem-5671	95	8	20	20	NUM
dem-5671	95	9	%	%	NOUN
dem-5671	95	10	.	.	PUNCT
dem-5671	96	1	what	what	PRON
dem-5671	96	2	is	be	AUX
dem-5671	96	3	more	more	ADJ
dem-5671	96	4	,	,	PUNCT
dem-5671	96	5	these	these	DET
dem-5671	96	6	deviations	deviation	NOUN
dem-5671	96	7	are	be	AUX
dem-5671	96	8	neither	neither	ADV
dem-5671	96	9	skewed	skewed	ADJ
dem-5671	96	10	towards	towards	ADP
dem-5671	96	11	positive	positive	ADJ
dem-5671	96	12	nor	nor	CCONJ
dem-5671	96	13	negative	negative	ADJ
dem-5671	96	14	direction	direction	NOUN
dem-5671	96	15	,	,	PUNCT
dem-5671	96	16	which	which	PRON
dem-5671	96	17	means	mean	VERB
dem-5671	96	18	that	that	SCONJ
dem-5671	96	19	on	on	ADP
dem-5671	96	20	average	average	ADJ
dem-5671	96	21	they	they	PRON
dem-5671	96	22	are	be	AUX
dem-5671	96	23	equal	equal	ADJ
dem-5671	96	24	to	to	ADP
dem-5671	96	25	zero	zero	NUM
dem-5671	96	26	.	.	PUNCT
dem-5671	97	1	the	the	DET
dem-5671	97	2	fifth	fifth	PROPN
dem-5671	97	3	vix	vix	PROPN
dem-5671	97	4	quintile	quintile	NOUN
dem-5671	97	5	group	group	NOUN
dem-5671	97	6	shows	show	VERB
dem-5671	97	7	much	much	ADJ
dem-5671	97	8	different	different	ADJ
dem-5671	97	9	picture	picture	NOUN
dem-5671	97	10	.	.	PUNCT
dem-5671	98	1	deviations	deviation	NOUN
dem-5671	98	2	here	here	ADV
dem-5671	98	3	are	be	AUX
dem-5671	98	4	much	much	ADV
dem-5671	98	5	more	more	ADV
dem-5671	98	6	volatile	volatile	ADJ
dem-5671	98	7	and	and	CCONJ
dem-5671	98	8	they	they	PRON
dem-5671	98	9	are	be	AUX
dem-5671	98	10	heavily	heavily	ADV
dem-5671	98	11	skewed	skewed	ADJ
dem-5671	98	12	towards	towards	ADP
dem-5671	98	13	positive	positive	ADJ
dem-5671	98	14	values	value	NOUN
dem-5671	98	15	(	(	PUNCT
dem-5671	98	16	figure	figure	NOUN
dem-5671	98	17	4	4	NUM
dem-5671	98	18	)	)	PUNCT
dem-5671	98	19	.	.	PUNCT
dem-5671	99	1	at	at	ADP
dem-5671	99	2	the	the	DET
dem-5671	99	3	same	same	ADJ
dem-5671	99	4	time	time	NOUN
dem-5671	99	5	,	,	PUNCT
dem-5671	99	6	much	much	ADV
dem-5671	99	7	more	more	ADJ
dem-5671	99	8	j.	j.	PROPN
dem-5671	99	9	jabłecki	jabłecki	PROPN
dem-5671	99	10	,	,	PUNCT
dem-5671	99	11	r.	r.	PROPN
dem-5671	99	12	kokoszczyński	kokoszczyński	PROPN
dem-5671	99	13	,	,	PUNCT
dem-5671	99	14	p.	p.	PROPN
dem-5671	99	15	sakowski	sakowski	PROPN
dem-5671	99	16	,	,	PUNCT
dem-5671	99	17	r.	r.	PROPN
dem-5671	99	18	ślepaczuk	ślepaczuk	PROPN
dem-5671	99	19	,	,	PUNCT
dem-5671	99	20	p.	p.	PROPN
dem-5671	99	21	wójcik	wójcik	AUX
dem-5671	99	22	dynamic	dynamic	ADJ
dem-5671	99	23	econometric	econometric	ADJ
dem-5671	99	24	models	model	NOUN
dem-5671	99	25	14	14	NUM
dem-5671	99	26	(	(	PUNCT
dem-5671	99	27	2014	2014	NUM
dem-5671	99	28	)	)	PUNCT
dem-5671	99	29	5–28	5–28	NOUN
dem-5671	99	30	12	12	NUM
dem-5671	99	31	than	than	ADP
dem-5671	99	32	half	half	NOUN
dem-5671	99	33	of	of	ADP
dem-5671	99	34	observations	observation	NOUN
dem-5671	99	35	from	from	ADP
dem-5671	99	36	this	this	DET
dem-5671	99	37	group	group	NOUN
dem-5671	99	38	have	have	VERB
dem-5671	99	39	values	value	NOUN
dem-5671	99	40	below	below	ADP
dem-5671	99	41	zero	zero	NUM
dem-5671	99	42	(	(	PUNCT
dem-5671	99	43	median	median	NOUN
dem-5671	99	44	is	be	AUX
dem-5671	99	45	on	on	ADP
dem-5671	99	46	the	the	DET
dem-5671	99	47	level	level	NOUN
dem-5671	99	48	of	of	ADP
dem-5671	99	49	10	10	NUM
dem-5671	99	50	%	%	NOUN
dem-5671	99	51	)	)	PUNCT
dem-5671	99	52	.	.	PUNCT
dem-5671	100	1	figure	figure	VERB
dem-5671	100	2	4	4	NUM
dem-5671	100	3	.	.	X
dem-5671	100	4	boxplot	boxplot	NOUN
dem-5671	100	5	for	for	ADP
dem-5671	100	6	with	with	ADP
dem-5671	100	7	respect	respect	NOUN
dem-5671	100	8	to	to	ADP
dem-5671	100	9	vix	vix	PROPN
dem-5671	100	10	quintile	quintile	NOUN
dem-5671	100	11	groups	group	NOUN
dem-5671	100	12	.	.	PUNCT
dem-5671	101	1	all	all	DET
dem-5671	101	2	calculations	calculation	NOUN
dem-5671	101	3	were	be	AUX
dem-5671	101	4	made	make	VERB
dem-5671	101	5	on	on	ADP
dem-5671	101	6	the	the	DET
dem-5671	101	7	data	datum	NOUN
dem-5671	101	8	from	from	ADP
dem-5671	101	9	01/01/2006	01/01/2006	NUM
dem-5671	101	10	until	until	ADP
dem-5671	101	11	01/07/2013	01/07/2013	NUM
dem-5671	101	12	on	on	ADP
dem-5671	101	13	the	the	DET
dem-5671	101	14	basis	basis	NOUN
dem-5671	101	15	of	of	ADP
dem-5671	101	16	vix	vix	PROPN
dem-5671	101	17	futures	future	NOUN
dem-5671	101	18	with	with	ADP
dem-5671	101	19	up	up	ADP
dem-5671	101	20	to	to	PART
dem-5671	101	21	7	7	NUM
dem-5671	101	22	months	month	NOUN
dem-5671	101	23	to	to	ADP
dem-5671	101	24	expiration	expiration	NOUN
dem-5671	101	25	.	.	PUNCT
dem-5671	102	1	diamonds	diamond	NOUN
dem-5671	102	2	denote	denote	NOUN
dem-5671	102	3	group	group	NOUN
dem-5671	102	4	mean	mean	VERB
dem-5671	102	5	values	value	NOUN
dem-5671	102	6	,	,	PUNCT
dem-5671	102	7	while	while	SCONJ
dem-5671	102	8	black	black	ADJ
dem-5671	102	9	dots	dot	NOUN
dem-5671	102	10	denote	denote	VERB
dem-5671	102	11	outliers	outlier	NOUN
dem-5671	102	12	which	which	PRON
dem-5671	102	13	are	be	AUX
dem-5671	102	14	outside	outside	ADP
dem-5671	102	15	150	150	NUM
dem-5671	102	16	%	%	NOUN
dem-5671	102	17	of	of	ADP
dem-5671	102	18	interquartile	interquartile	ADJ
dem-5671	102	19	range	range	NOUN
dem-5671	102	20	in	in	ADP
dem-5671	102	21	the	the	DET
dem-5671	102	22	next	next	ADJ
dem-5671	102	23	step	step	NOUN
dem-5671	102	24	,	,	PUNCT
dem-5671	102	25	we	we	PRON
dem-5671	102	26	estimate	estimate	VERB
dem-5671	102	27	the	the	DET
dem-5671	102	28	aggregated	aggregated	ADJ
dem-5671	102	29	volatility	volatility	NOUN
dem-5671	102	30	risk	risk	NOUN
dem-5671	102	31	premium	premium	NOUN
dem-5671	102	32	for	for	ADP
dem-5671	102	33	all	all	DET
dem-5671	102	34	maturities	maturity	NOUN
dem-5671	102	35	and	and	CCONJ
dem-5671	102	36	for	for	ADP
dem-5671	102	37	each	each	DET
dem-5671	102	38	quintile	quintile	NOUN
dem-5671	102	39	group	group	NOUN
dem-5671	102	40	.	.	PUNCT
dem-5671	103	1	this	this	DET
dem-5671	103	2	measure	measure	NOUN
dem-5671	103	3	is	be	AUX
dem-5671	103	4	proposed	propose	VERB
dem-5671	103	5	in	in	ADP
dem-5671	103	6	two	two	NUM
dem-5671	103	7	versions	version	NOUN
dem-5671	103	8	in	in	ADP
dem-5671	103	9	order	order	NOUN
dem-5671	103	10	to	to	PART
dem-5671	103	11	correctly	correctly	ADV
dem-5671	103	12	present	present	VERB
dem-5671	103	13	the	the	DET
dem-5671	103	14	direction	direction	NOUN
dem-5671	103	15	and	and	CCONJ
dem-5671	103	16	the	the	DET
dem-5671	103	17	magnitude	magnitude	NOUN
dem-5671	103	18	of	of	ADP
dem-5671	103	19	deviations	deviation	NOUN
dem-5671	103	20	from	from	ADP
dem-5671	103	21	the	the	DET
dem-5671	103	22	“	"	PUNCT
dem-5671	103	23	theoretical	theoretical	ADJ
dem-5671	103	24	”	"	PUNCT
dem-5671	103	25	shape	shape	NOUN
dem-5671	103	26	:	:	PUNCT
dem-5671	103	27			NOUN
dem-5671	103	28	aggregated	aggregate	VERB
dem-5671	103	29	volatility	volatility	NOUN
dem-5671	103	30	risk	risk	NOUN
dem-5671	103	31	premium	premium	NOUN
dem-5671	103	32	is	be	AUX
dem-5671	103	33	the	the	DET
dem-5671	103	34	sum	sum	NOUN
dem-5671	103	35	of	of	ADP
dem-5671	103	36	individual	individual	ADJ
dem-5671	103	37	volatility	volatility	NOUN
dem-5671	103	38	risk	risk	NOUN
dem-5671	103	39	premiums	premium	NOUN
dem-5671	103	40	for	for	ADP
dem-5671	103	41	all	all	DET
dem-5671	103	42	vix	vix	PROPN
dem-5671	103	43	futures	future	NOUN
dem-5671	103	44	maturities	maturity	NOUN
dem-5671	103	45	,	,	PUNCT
dem-5671	103	46	separately	separately	ADV
dem-5671	103	47	for	for	ADP
dem-5671	103	48	each	each	DET
dem-5671	103	49	vix	vix	PROPN
dem-5671	103	50	quintile	quintile	NOUN
dem-5671	103	51	group	group	NOUN
dem-5671	103	52	:	:	PUNCT
dem-5671	103	53	,	,	PUNCT
dem-5671	103	54	∑	∑	PUNCT
dem-5671	103	55	,	,	PUNCT
dem-5671	103	56	,	,	PUNCT
dem-5671	103	57	(	(	PUNCT
dem-5671	103	58	5	5	X
dem-5671	103	59	)	)	PUNCT
dem-5671	103	60			NOUN
dem-5671	103	61	absolute	absolute	ADJ
dem-5671	103	62	aggregated	aggregated	ADJ
dem-5671	103	63	volatility	volatility	NOUN
dem-5671	103	64	risk	risk	NOUN
dem-5671	103	65	premium	premium	NOUN
dem-5671	103	66	is	be	AUX
dem-5671	103	67	the	the	DET
dem-5671	103	68	sum	sum	NOUN
dem-5671	103	69	of	of	ADP
dem-5671	103	70	absolute	absolute	ADJ
dem-5671	103	71	individual	individual	ADJ
dem-5671	103	72	volatility	volatility	NOUN
dem-5671	103	73	risk	risk	NOUN
dem-5671	103	74	premium	premium	NOUN
dem-5671	103	75	for	for	ADP
dem-5671	103	76	all	all	DET
dem-5671	103	77	vix	vix	PROPN
dem-5671	103	78	futures	future	NOUN
dem-5671	103	79	maturities	maturity	NOUN
dem-5671	103	80	separately	separately	ADV
dem-5671	103	81	for	for	ADP
dem-5671	103	82	each	each	DET
dem-5671	103	83	vix	vix	PROPN
dem-5671	103	84	quintile	quintile	NOUN
dem-5671	103	85	group	group	NOUN
dem-5671	103	86	:	:	PUNCT
dem-5671	103	87	,	,	PUNCT
dem-5671	103	88	|	|	ADV
dem-5671	103	89	|	|	ADV
dem-5671	103	90	∑	∑	VERB
dem-5671	103	91	,	,	PUNCT
dem-5671	103	92	,	,	PUNCT
dem-5671	103	93	(	(	PUNCT
dem-5671	103	94	6	6	NUM
dem-5671	103	95	)	)	PUNCT
dem-5671	103	96	where	where	SCONJ
dem-5671	103	97	:	:	PUNCT
dem-5671	103	98	–	–	PUNCT
dem-5671	103	99	the	the	DET
dem-5671	103	100	number	number	NOUN
dem-5671	103	101	of	of	ADP
dem-5671	103	102	the	the	DET
dem-5671	103	103	quintile	quintile	NOUN
dem-5671	103	104	group	group	NOUN
dem-5671	103	105	(	(	PUNCT
dem-5671	103	106	∈	∈	PROPN
dem-5671	103	107	1,2,3,4,5	1,2,3,4,5	NUM
dem-5671	103	108	)	)	PUNCT
dem-5671	103	109	,	,	PUNCT
dem-5671	103	110	–	–	PUNCT
dem-5671	103	111	reference	reference	NOUN
dem-5671	103	112	to	to	ADP
dem-5671	103	113	consecutive	consecutive	ADJ
dem-5671	103	114	vix	vix	NOUN
dem-5671	103	115	futures	future	NOUN
dem-5671	103	116	contracts	contract	NOUN
dem-5671	103	117	with	with	ADP
dem-5671	103	118	ascending	ascend	VERB
dem-5671	103	119	time	time	NOUN
dem-5671	103	120	to	to	ADP
dem-5671	103	121	maturity	maturity	NOUN
dem-5671	103	122	(	(	PUNCT
dem-5671	103	123	∈	∈	PROPN
dem-5671	103	124	1,2,3,4,5,6,7	1,2,3,4,5,6,7	NUM
dem-5671	103	125	)	)	PUNCT
dem-5671	103	126	.	.	PUNCT
dem-5671	104	1	does	do	AUX
dem-5671	104	2	historical	historical	ADJ
dem-5671	104	3	volatility	volatility	NOUN
dem-5671	104	4	term	term	NOUN
dem-5671	104	5	structure	structure	NOUN
dem-5671	104	6	contain	contain	VERB
dem-5671	104	7	valuable	valuable	ADJ
dem-5671	104	8	information	information	NOUN
dem-5671	104	9	…	…	PUNCT
dem-5671	104	10	dynamic	dynamic	ADJ
dem-5671	104	11	econometric	econometric	ADJ
dem-5671	104	12	models	model	NOUN
dem-5671	104	13	14	14	NUM
dem-5671	104	14	(	(	PUNCT
dem-5671	104	15	2014	2014	NUM
dem-5671	104	16	)	)	PUNCT
dem-5671	104	17	5–28	5–28	NOUN
dem-5671	104	18	13	13	NUM
dem-5671	104	19	,	,	PUNCT
dem-5671	104	20	contains	contain	VERB
dem-5671	104	21	information	information	NOUN
dem-5671	104	22	about	about	ADP
dem-5671	104	23	the	the	DET
dem-5671	104	24	magnitude	magnitude	NOUN
dem-5671	104	25	of	of	ADP
dem-5671	104	26	departures	departure	NOUN
dem-5671	104	27	for	for	ADP
dem-5671	104	28	all	all	DET
dem-5671	104	29	maturities	maturity	NOUN
dem-5671	104	30	taken	take	VERB
dem-5671	104	31	together	together	ADV
dem-5671	104	32	.	.	PUNCT
dem-5671	105	1	this	this	PRON
dem-5671	105	2	could	could	AUX
dem-5671	105	3	be	be	AUX
dem-5671	105	4	an	an	DET
dem-5671	105	5	important	important	ADJ
dem-5671	105	6	factor	factor	NOUN
dem-5671	105	7	for	for	ADP
dem-5671	105	8	estimating	estimate	VERB
dem-5671	105	9	the	the	DET
dem-5671	105	10	value	value	NOUN
dem-5671	105	11	of	of	ADP
dem-5671	105	12	overall	overall	ADJ
dem-5671	105	13	shift	shift	NOUN
dem-5671	105	14	of	of	ADP
dem-5671	105	15	vts	vts	NOUN
dem-5671	105	16	.	.	PUNCT
dem-5671	106	1	on	on	ADP
dem-5671	106	2	the	the	DET
dem-5671	106	3	other	other	ADJ
dem-5671	106	4	hand	hand	NOUN
dem-5671	106	5	,	,	PUNCT
dem-5671	106	6	,	,	PUNCT
dem-5671	106	7	|	|	CCONJ
dem-5671	106	8	|	|	ADV
dem-5671	106	9	contains	contain	VERB
dem-5671	106	10	information	information	NOUN
dem-5671	106	11	about	about	ADP
dem-5671	106	12	the	the	DET
dem-5671	106	13	direction	direction	NOUN
dem-5671	106	14	of	of	ADP
dem-5671	106	15	departures	departure	NOUN
dem-5671	106	16	for	for	ADP
dem-5671	106	17	all	all	DET
dem-5671	106	18	maturities	maturity	NOUN
dem-5671	106	19	together	together	ADV
dem-5671	106	20	.	.	PUNCT
dem-5671	107	1	similarly	similarly	ADV
dem-5671	107	2	,	,	PUNCT
dem-5671	107	3	this	this	PRON
dem-5671	107	4	could	could	AUX
dem-5671	107	5	helpful	helpful	ADJ
dem-5671	107	6	to	to	PART
dem-5671	107	7	estimate	estimate	VERB
dem-5671	107	8	the	the	DET
dem-5671	107	9	direction	direction	NOUN
dem-5671	107	10	of	of	ADP
dem-5671	107	11	overall	overall	ADJ
dem-5671	107	12	shift	shift	NOUN
dem-5671	107	13	of	of	ADP
dem-5671	107	14	vts	vts	NOUN
dem-5671	107	15	.	.	PUNCT
dem-5671	108	1	figure	figure	NOUN
dem-5671	108	2	5	5	NUM
dem-5671	108	3	shows	show	VERB
dem-5671	108	4	the	the	DET
dem-5671	108	5	direction	direction	NOUN
dem-5671	108	6	of	of	ADP
dem-5671	108	7	deviation	deviation	NOUN
dem-5671	108	8	(	(	PUNCT
dem-5671	108	9	,	,	PUNCT
dem-5671	108	10	)	)	PUNCT
dem-5671	108	11	,	,	PUNCT
dem-5671	108	12	while	while	SCONJ
dem-5671	108	13	figure	figure	VERB
dem-5671	108	14	6	6	NUM
dem-5671	108	15	presents	present	VERB
dem-5671	108	16	their	their	PRON
dem-5671	108	17	aggregated	aggregate	VERB
dem-5671	108	18	values	value	NOUN
dem-5671	108	19	(	(	PUNCT
dem-5671	108	20	,	,	PUNCT
dem-5671	108	21	|	|	ADV
dem-5671	108	22	|	|	ADV
dem-5671	108	23	)	)	PUNCT
dem-5671	108	24	.	.	PUNCT
dem-5671	109	1	figure	figure	NOUN
dem-5671	109	2	5	5	NUM
dem-5671	109	3	.	.	X
dem-5671	109	4	boxplot	boxplot	NOUN
dem-5671	109	5	for	for	ADP
dem-5671	109	6	,	,	PUNCT
dem-5671	109	7	with	with	ADP
dem-5671	109	8	respect	respect	NOUN
dem-5671	109	9	to	to	ADP
dem-5671	109	10	vix	vix	PROPN
dem-5671	109	11	quintile	quintile	NOUN
dem-5671	109	12	groups	group	NOUN
dem-5671	109	13	.	.	PUNCT
dem-5671	110	1	all	all	DET
dem-5671	110	2	calculations	calculation	NOUN
dem-5671	110	3	were	be	AUX
dem-5671	110	4	made	make	VERB
dem-5671	110	5	on	on	ADP
dem-5671	110	6	the	the	DET
dem-5671	110	7	data	datum	NOUN
dem-5671	110	8	from	from	ADP
dem-5671	110	9	01/01/2006	01/01/2006	NUM
dem-5671	110	10	until	until	ADP
dem-5671	110	11	01/07/2013	01/07/2013	NUM
dem-5671	110	12	on	on	ADP
dem-5671	110	13	the	the	DET
dem-5671	110	14	basis	basis	NOUN
dem-5671	110	15	of	of	ADP
dem-5671	110	16	vix	vix	PROPN
dem-5671	110	17	futures	future	NOUN
dem-5671	110	18	with	with	ADP
dem-5671	110	19	up	up	ADP
dem-5671	110	20	to	to	PART
dem-5671	110	21	7	7	NUM
dem-5671	110	22	months	month	NOUN
dem-5671	110	23	to	to	ADP
dem-5671	110	24	expiration	expiration	NOUN
dem-5671	110	25	.	.	PUNCT
dem-5671	111	1	diamonds	diamond	NOUN
dem-5671	111	2	denote	denote	NOUN
dem-5671	111	3	group	group	NOUN
dem-5671	111	4	mean	mean	VERB
dem-5671	111	5	values	value	NOUN
dem-5671	111	6	,	,	PUNCT
dem-5671	111	7	while	while	SCONJ
dem-5671	111	8	black	black	ADJ
dem-5671	111	9	dots	dot	NOUN
dem-5671	111	10	denote	denote	VERB
dem-5671	111	11	outliers	outlier	NOUN
dem-5671	111	12	which	which	PRON
dem-5671	111	13	are	be	AUX
dem-5671	111	14	outside	outside	ADP
dem-5671	111	15	150	150	NUM
dem-5671	111	16	%	%	NOUN
dem-5671	111	17	of	of	ADP
dem-5671	111	18	interquartile	interquartile	ADJ
dem-5671	111	19	range	range	NOUN
dem-5671	111	20	figure	figure	NOUN
dem-5671	111	21	5	5	NUM
dem-5671	111	22	allows	allow	VERB
dem-5671	111	23	for	for	ADP
dem-5671	111	24	similar	similar	ADJ
dem-5671	111	25	conclusions	conclusion	NOUN
dem-5671	111	26	as	as	ADP
dem-5671	111	27	figure	figure	NOUN
dem-5671	111	28	4	4	NUM
dem-5671	111	29	but	but	CCONJ
dem-5671	111	30	the	the	DET
dem-5671	111	31	range	range	NOUN
dem-5671	111	32	of	of	ADP
dem-5671	111	33	fluctuations	fluctuation	NOUN
dem-5671	111	34	inside	inside	ADP
dem-5671	111	35	each	each	DET
dem-5671	111	36	quintile	quintile	NOUN
dem-5671	111	37	group	group	NOUN
dem-5671	111	38	is	be	AUX
dem-5671	111	39	now	now	ADV
dem-5671	111	40	much	much	ADV
dem-5671	111	41	wider	wide	ADJ
dem-5671	111	42	–	–	PUNCT
dem-5671	111	43	the	the	DET
dem-5671	111	44	reason	reason	NOUN
dem-5671	111	45	for	for	ADP
dem-5671	111	46	that	that	PRON
dem-5671	111	47	being	be	AUX
dem-5671	111	48	quite	quite	ADV
dem-5671	111	49	trivial	trivial	ADJ
dem-5671	111	50	because	because	SCONJ
dem-5671	111	51	this	this	PRON
dem-5671	111	52	is	be	AUX
dem-5671	111	53	the	the	DET
dem-5671	111	54	sum	sum	NOUN
dem-5671	111	55	of	of	ADP
dem-5671	111	56	individual	individual	ADJ
dem-5671	111	57	volatility	volatility	NOUN
dem-5671	111	58	risk	risk	NOUN
dem-5671	111	59	premiums	premium	NOUN
dem-5671	111	60	.	.	PUNCT
dem-5671	112	1	moreover	moreover	ADV
dem-5671	112	2	,	,	PUNCT
dem-5671	112	3	we	we	PRON
dem-5671	112	4	observe	observe	VERB
dem-5671	112	5	a	a	DET
dem-5671	112	6	large	large	ADJ
dem-5671	112	7	number	number	NOUN
dem-5671	112	8	of	of	ADP
dem-5671	112	9	outliers	outlier	NOUN
dem-5671	112	10	inside	inside	ADP
dem-5671	112	11	the	the	DET
dem-5671	112	12	first	first	ADJ
dem-5671	112	13	quintile	quintile	NOUN
dem-5671	112	14	group	group	NOUN
dem-5671	112	15	.	.	PUNCT
dem-5671	113	1	they	they	PRON
dem-5671	113	2	signal	signal	VERB
dem-5671	113	3	quite	quite	ADV
dem-5671	113	4	substantial	substantial	ADJ
dem-5671	113	5	deviations	deviation	NOUN
dem-5671	113	6	of	of	ADP
dem-5671	113	7	the	the	DET
dem-5671	113	8	vix	vix	PROPN
dem-5671	113	9	futures	future	NOUN
dem-5671	113	10	from	from	ADP
dem-5671	113	11	their	their	PRON
dem-5671	113	12	theoretical	theoretical	ADJ
dem-5671	113	13	shape	shape	NOUN
dem-5671	113	14	,	,	PUNCT
dem-5671	113	15	most	most	ADV
dem-5671	113	16	often	often	ADV
dem-5671	113	17	for	for	ADP
dem-5671	113	18	maturities	maturity	NOUN
dem-5671	113	19	from	from	ADP
dem-5671	113	20	the	the	DET
dem-5671	113	21	second	second	ADJ
dem-5671	113	22	one	one	NUM
dem-5671	113	23	up	up	ADV
dem-5671	113	24	–	–	PUNCT
dem-5671	113	25	the	the	DET
dem-5671	113	26	result	result	NOUN
dem-5671	113	27	thereof	thereof	ADV
dem-5671	113	28	is	be	AUX
dem-5671	113	29	the	the	DET
dem-5671	113	30	highly	highly	ADV
dem-5671	113	31	upward	upward	ADJ
dem-5671	113	32	sloping	slope	VERB
dem-5671	113	33	vts	vts	NOUN
dem-5671	113	34	for	for	ADP
dem-5671	113	35	days	day	NOUN
dem-5671	113	36	with	with	ADP
dem-5671	113	37	very	very	ADV
dem-5671	113	38	high	high	ADJ
dem-5671	113	39	values	value	NOUN
dem-5671	113	40	of	of	ADP
dem-5671	113	41	,	,	PUNCT
dem-5671	113	42	or	or	CCONJ
dem-5671	113	43	,	,	PUNCT
dem-5671	113	44	|	|	ADV
dem-5671	113	45	|	|	ADV
dem-5671	113	46	.	.	PUNCT
dem-5671	114	1	furthermore	furthermore	ADV
dem-5671	114	2	,	,	PUNCT
dem-5671	114	3	we	we	PRON
dem-5671	114	4	observe	observe	VERB
dem-5671	114	5	a	a	DET
dem-5671	114	6	positive	positive	ADJ
dem-5671	114	7	skewness	skewness	NOUN
dem-5671	114	8	for	for	ADP
dem-5671	114	9	the	the	DET
dem-5671	114	10	fifth	fifth	ADJ
dem-5671	114	11	vix	vix	PROPN
dem-5671	114	12	quintile	quintile	NOUN
dem-5671	114	13	group	group	NOUN
dem-5671	114	14	,	,	PUNCT
dem-5671	114	15	as	as	SCONJ
dem-5671	114	16	is	be	AUX
dem-5671	114	17	the	the	DET
dem-5671	114	18	case	case	NOUN
dem-5671	114	19	for	for	ADP
dem-5671	114	20	.	.	PUNCT
dem-5671	115	1	j.	j.	PROPN
dem-5671	115	2	jabłecki	jabłecki	PROPN
dem-5671	115	3	,	,	PUNCT
dem-5671	115	4	r.	r.	PROPN
dem-5671	115	5	kokoszczyński	kokoszczyński	PROPN
dem-5671	115	6	,	,	PUNCT
dem-5671	115	7	p.	p.	PROPN
dem-5671	115	8	sakowski	sakowski	PROPN
dem-5671	115	9	,	,	PUNCT
dem-5671	115	10	r.	r.	PROPN
dem-5671	115	11	ślepaczuk	ślepaczuk	PROPN
dem-5671	115	12	,	,	PUNCT
dem-5671	115	13	p.	p.	PROPN
dem-5671	115	14	wójcik	wójcik	VERB
dem-5671	115	15	dynamic	dynamic	ADJ
dem-5671	115	16	econometric	econometric	ADJ
dem-5671	115	17	models	model	NOUN
dem-5671	115	18	14	14	NUM
dem-5671	115	19	(	(	PUNCT
dem-5671	115	20	2014	2014	NUM
dem-5671	115	21	)	)	PUNCT
dem-5671	116	1	5–28	5–28	NOUN
dem-5671	116	2	14	14	NUM
dem-5671	116	3	the	the	DET
dem-5671	116	4	situation	situation	NOUN
dem-5671	116	5	is	be	AUX
dem-5671	116	6	quite	quite	ADV
dem-5671	116	7	similar	similar	ADJ
dem-5671	116	8	when	when	SCONJ
dem-5671	116	9	we	we	PRON
dem-5671	116	10	analyze	analyze	AUX
dem-5671	116	11	figure	figure	VERB
dem-5671	116	12	6	6	NUM
dem-5671	116	13	.	.	PUNCT
dem-5671	117	1	once	once	ADV
dem-5671	117	2	again	again	ADV
dem-5671	117	3	we	we	PRON
dem-5671	117	4	observe	observe	VERB
dem-5671	117	5	much	much	ADV
dem-5671	117	6	wider	wide	ADJ
dem-5671	117	7	fluctuations	fluctuation	NOUN
dem-5671	117	8	in	in	ADP
dem-5671	117	9	each	each	DET
dem-5671	117	10	quintile	quintile	NOUN
dem-5671	117	11	group	group	NOUN
dem-5671	117	12	than	than	ADP
dem-5671	117	13	in	in	ADP
dem-5671	117	14	the	the	DET
dem-5671	117	15	case	case	NOUN
dem-5671	117	16	of	of	ADP
dem-5671	117	17	figure	figure	NOUN
dem-5671	117	18	4	4	NUM
dem-5671	117	19	.	.	PUNCT
dem-5671	118	1	moreover	moreover	ADV
dem-5671	118	2	,	,	PUNCT
dem-5671	118	3	we	we	PRON
dem-5671	118	4	identify	identify	VERB
dem-5671	118	5	much	much	ADV
dem-5671	118	6	more	more	ADJ
dem-5671	118	7	outliers	outlier	NOUN
dem-5671	118	8	in	in	ADP
dem-5671	118	9	each	each	DET
dem-5671	118	10	quintile	quintile	NOUN
dem-5671	118	11	group	group	NOUN
dem-5671	118	12	than	than	ADP
dem-5671	118	13	in	in	ADP
dem-5671	118	14	figure	figure	NOUN
dem-5671	118	15	5	5	NUM
dem-5671	118	16	.	.	PUNCT
dem-5671	118	17	observations	observation	NOUN
dem-5671	118	18	in	in	ADP
dem-5671	118	19	each	each	DET
dem-5671	118	20	quintile	quintile	NOUN
dem-5671	118	21	group	group	NOUN
dem-5671	118	22	are	be	AUX
dem-5671	118	23	more	more	ADV
dem-5671	118	24	or	or	CCONJ
dem-5671	118	25	less	less	ADV
dem-5671	118	26	positively	positively	ADV
dem-5671	118	27	skewed	skew	VERB
dem-5671	118	28	with	with	ADP
dem-5671	118	29	the	the	DET
dem-5671	118	30	highest	high	ADJ
dem-5671	118	31	skewness	skewness	NOUN
dem-5671	118	32	in	in	ADP
dem-5671	118	33	the	the	DET
dem-5671	118	34	fifth	fifth	ADJ
dem-5671	118	35	quintile	quintile	NOUN
dem-5671	118	36	group	group	NOUN
dem-5671	118	37	.	.	PUNCT
dem-5671	119	1	additionally	additionally	ADV
dem-5671	119	2	,	,	PUNCT
dem-5671	119	3	median	median	NOUN
dem-5671	119	4	and	and	CCONJ
dem-5671	119	5	mean	mean	VERB
dem-5671	119	6	in	in	ADP
dem-5671	119	7	fifth	fifth	ADJ
dem-5671	119	8	quintile	quintile	NOUN
dem-5671	119	9	group	group	NOUN
dem-5671	119	10	are	be	AUX
dem-5671	119	11	much	much	ADV
dem-5671	119	12	higher	high	ADJ
dem-5671	119	13	than	than	ADP
dem-5671	119	14	in	in	ADP
dem-5671	119	15	other	other	ADJ
dem-5671	119	16	four	four	NUM
dem-5671	119	17	quintile	quintile	NOUN
dem-5671	119	18	groups	group	NOUN
dem-5671	119	19	what	what	PRON
dem-5671	119	20	is	be	AUX
dem-5671	119	21	partly	partly	ADV
dem-5671	119	22	the	the	DET
dem-5671	119	23	result	result	NOUN
dem-5671	119	24	of	of	ADP
dem-5671	119	25	the	the	DET
dem-5671	119	26	highest	high	ADJ
dem-5671	119	27	fluctuations	fluctuation	NOUN
dem-5671	119	28	in	in	ADP
dem-5671	119	29	case	case	NOUN
dem-5671	119	30	of	of	ADP
dem-5671	119	31	this	this	DET
dem-5671	119	32	group	group	NOUN
dem-5671	119	33	on	on	ADP
dem-5671	119	34	figure	figure	NOUN
dem-5671	119	35	5	5	NUM
dem-5671	119	36	.	.	PUNCT
dem-5671	119	37	figure	figure	VERB
dem-5671	119	38	6	6	NUM
dem-5671	119	39	.	.	PUNCT
dem-5671	120	1	boxplot	boxplot	NOUN
dem-5671	120	2	for	for	ADP
dem-5671	120	3	,	,	PUNCT
dem-5671	120	4	|	|	ADV
dem-5671	120	5	|	|	ADV
dem-5671	120	6	with	with	ADP
dem-5671	120	7	respect	respect	NOUN
dem-5671	120	8	to	to	ADP
dem-5671	120	9	vix	vix	PROPN
dem-5671	120	10	quintile	quintile	NOUN
dem-5671	120	11	groups	group	NOUN
dem-5671	120	12	.	.	PUNCT
dem-5671	121	1	all	all	DET
dem-5671	121	2	calculations	calculation	NOUN
dem-5671	121	3	were	be	AUX
dem-5671	121	4	made	make	VERB
dem-5671	121	5	on	on	ADP
dem-5671	121	6	the	the	DET
dem-5671	121	7	data	datum	NOUN
dem-5671	121	8	from	from	ADP
dem-5671	121	9	01/01/2006	01/01/2006	NUM
dem-5671	121	10	until	until	ADP
dem-5671	121	11	01/07/2013	01/07/2013	NUM
dem-5671	121	12	on	on	ADP
dem-5671	121	13	the	the	DET
dem-5671	121	14	basis	basis	NOUN
dem-5671	121	15	of	of	ADP
dem-5671	121	16	vix	vix	PROPN
dem-5671	121	17	futures	future	NOUN
dem-5671	121	18	with	with	ADP
dem-5671	121	19	up	up	ADP
dem-5671	121	20	to	to	PART
dem-5671	121	21	7	7	NUM
dem-5671	121	22	months	month	NOUN
dem-5671	121	23	to	to	ADP
dem-5671	121	24	expiration	expiration	NOUN
dem-5671	121	25	.	.	PUNCT
dem-5671	122	1	diamonds	diamond	NOUN
dem-5671	122	2	denote	denote	NOUN
dem-5671	122	3	group	group	NOUN
dem-5671	122	4	mean	mean	VERB
dem-5671	122	5	values	value	NOUN
dem-5671	122	6	,	,	PUNCT
dem-5671	122	7	while	while	SCONJ
dem-5671	122	8	black	black	ADJ
dem-5671	122	9	dots	dot	NOUN
dem-5671	122	10	denote	denote	VERB
dem-5671	122	11	outliers	outlier	NOUN
dem-5671	122	12	which	which	PRON
dem-5671	122	13	are	be	AUX
dem-5671	122	14	outside	outside	ADP
dem-5671	122	15	150	150	NUM
dem-5671	122	16	%	%	NOUN
dem-5671	122	17	of	of	ADP
dem-5671	122	18	interquartile	interquartile	NOUN
dem-5671	122	19	range	range	NOUN
dem-5671	122	20	4	4	NUM
dem-5671	122	21	.	.	PUNCT
dem-5671	123	1	forecasting	forecasting	NOUN
dem-5671	123	2	properties	property	NOUN
dem-5671	123	3	of	of	ADP
dem-5671	123	4	volatility	volatility	NOUN
dem-5671	123	5	term	term	NOUN
dem-5671	123	6	structure	structure	NOUN
dem-5671	123	7	in	in	ADP
dem-5671	123	8	order	order	NOUN
dem-5671	123	9	to	to	PART
dem-5671	123	10	check	check	VERB
dem-5671	123	11	predictive	predictive	ADJ
dem-5671	123	12	power	power	NOUN
dem-5671	123	13	of	of	ADP
dem-5671	123	14	proposed	propose	VERB
dem-5671	123	15	measures	measure	NOUN
dem-5671	123	16	of	of	ADP
dem-5671	123	17	vts	vts	NOUN
dem-5671	123	18	and	and	CCONJ
dem-5671	123	19	vrp	vrp	NOUN
dem-5671	123	20	we	we	PRON
dem-5671	123	21	present	present	VERB
dem-5671	123	22	below	below	ADP
dem-5671	123	23	tables	table	NOUN
dem-5671	123	24	with	with	ADP
dem-5671	123	25	median	median	ADJ
dem-5671	123	26	1	1	NUM
dem-5671	123	27	-	-	PUNCT
dem-5671	123	28	month	month	NOUN
dem-5671	123	29	returns	return	NOUN
dem-5671	123	30	of	of	ADP
dem-5671	123	31	s&p500	s&p500	NOUN
dem-5671	123	32	index	index	NOUN
dem-5671	123	33	and	and	CCONJ
dem-5671	123	34	vix	vix	PROPN
dem-5671	123	35	conditional	conditional	ADJ
dem-5671	123	36	on	on	ADP
dem-5671	123	37	five	five	NUM
dem-5671	123	38	quintile	quintile	NOUN
dem-5671	123	39	groups	group	NOUN
dem-5671	123	40	of	of	ADP
dem-5671	123	41	vix	vix	PROPN
dem-5671	123	42	and	and	CCONJ
dem-5671	123	43	:	:	PUNCT
dem-5671	123	44			VERB
dem-5671	123	45	five	five	NUM
dem-5671	123	46	quintile	quintile	NOUN
dem-5671	123	47	groups	group	NOUN
dem-5671	123	48	for	for	ADP
dem-5671	123	49	slope1	slope1	NOUN
dem-5671	123	50	(	(	PUNCT
dem-5671	123	51	table	table	NOUN
dem-5671	123	52	3	3	NUM
dem-5671	123	53	and	and	CCONJ
dem-5671	123	54	table	table	NOUN
dem-5671	123	55	4	4	NUM
dem-5671	123	56	)	)	PUNCT
dem-5671	123	57	,	,	PUNCT
dem-5671	123	58			VERB
dem-5671	123	59	five	five	NUM
dem-5671	123	60	quintile	quintile	NOUN
dem-5671	123	61	groups	group	NOUN
dem-5671	123	62	for	for	ADP
dem-5671	123	63	slope2	slope2	PROPN
dem-5671	123	64	(	(	PUNCT
dem-5671	123	65	table	table	NOUN
dem-5671	123	66	5	5	NUM
dem-5671	123	67	and	and	CCONJ
dem-5671	123	68	table	table	NOUN
dem-5671	123	69	6	6	NUM
dem-5671	123	70	)	)	PUNCT
dem-5671	123	71	,	,	PUNCT
dem-5671	123	72	does	do	AUX
dem-5671	123	73	historical	historical	ADJ
dem-5671	123	74	volatility	volatility	NOUN
dem-5671	123	75	term	term	NOUN
dem-5671	123	76	structure	structure	NOUN
dem-5671	123	77	contain	contain	VERB
dem-5671	123	78	valuable	valuable	ADJ
dem-5671	123	79	information	information	NOUN
dem-5671	123	80	…	…	PUNCT
dem-5671	123	81	dynamic	dynamic	ADJ
dem-5671	123	82	econometric	econometric	ADJ
dem-5671	123	83	models	model	NOUN
dem-5671	123	84	14	14	NUM
dem-5671	123	85	(	(	PUNCT
dem-5671	123	86	2014	2014	NUM
dem-5671	123	87	)	)	PUNCT
dem-5671	124	1	5–28	5–28	NOUN
dem-5671	124	2	15	15	NUM
dem-5671	124	3			PROPN
dem-5671	124	4	four	four	NUM
dem-5671	124	5	quintile	quintile	NOUN
dem-5671	124	6	groups6	groups6	NOUN
dem-5671	124	7	for	for	ADP
dem-5671	124	8	(	(	PUNCT
dem-5671	124	9	table	table	NOUN
dem-5671	124	10	7	7	NUM
dem-5671	124	11	and	and	CCONJ
dem-5671	124	12	table	table	NOUN
dem-5671	124	13	8)	8)	NUM
dem-5671	124	14	,	,	PUNCT
dem-5671	124	15			NOUN
dem-5671	124	16	four	four	NUM
dem-5671	124	17	quintile	quintile	NOUN
dem-5671	124	18	groups	group	NOUN
dem-5671	124	19	for	for	ADP
dem-5671	124	20	,	,	PUNCT
dem-5671	124	21	(	(	PUNCT
dem-5671	124	22	table	table	NOUN
dem-5671	124	23	9	9	NUM
dem-5671	124	24	and	and	CCONJ
dem-5671	124	25	table	table	NOUN
dem-5671	124	26	10	10	NUM
dem-5671	124	27	)	)	PUNCT
dem-5671	124	28	,	,	PUNCT
dem-5671	124	29			VERB
dem-5671	124	30	four	four	NUM
dem-5671	124	31	quintile	quintile	NOUN
dem-5671	124	32	groups	group	NOUN
dem-5671	124	33	for	for	ADP
dem-5671	124	34	,	,	PUNCT
dem-5671	124	35	|	|	ADV
dem-5671	124	36	|	|	ADV
dem-5671	124	37	(	(	PUNCT
dem-5671	124	38	table	table	NOUN
dem-5671	124	39	11	11	NUM
dem-5671	124	40	and	and	CCONJ
dem-5671	124	41	table	table	NOUN
dem-5671	124	42	12	12	NUM
dem-5671	124	43	)	)	PUNCT
dem-5671	124	44	.	.	PUNCT
dem-5671	125	1	table	table	NOUN
dem-5671	125	2	3	3	NUM
dem-5671	125	3	.	.	PUNCT
dem-5671	126	1	median	median	ADJ
dem-5671	126	2	1	1	NUM
dem-5671	126	3	-	-	PUNCT
dem-5671	126	4	month	month	NOUN
dem-5671	126	5	s&p500	s&p500	NOUN
dem-5671	126	6	returns	return	NOUN
dem-5671	126	7	(	(	PUNCT
dem-5671	126	8	in	in	ADP
dem-5671	126	9	%	%	NOUN
dem-5671	126	10	)	)	PUNCT
dem-5671	126	11	conditional	conditional	ADJ
dem-5671	126	12	on	on	ADP
dem-5671	126	13	vix	vix	PROPN
dem-5671	126	14	and	and	CCONJ
dem-5671	126	15	slope1	slope1	NOUN
dem-5671	126	16	quintile	quintile	NOUN
dem-5671	126	17	groups	group	NOUN
dem-5671	126	18	vix	vix	PROPN
dem-5671	126	19	quintile	quintile	PROPN
dem-5671	126	20	group	group	PROPN
dem-5671	126	21	slope1	slope1	PROPN
dem-5671	127	1	i	i	PROPN
dem-5671	127	2	quintile	quintile	PROPN
dem-5671	127	3	group	group	PROPN
dem-5671	127	4	ii	ii	PROPN
dem-5671	127	5	quintile	quintile	PROPN
dem-5671	127	6	group	group	PROPN
dem-5671	127	7	iii	iii	PROPN
dem-5671	127	8	quintile	quintile	PROPN
dem-5671	127	9	group	group	NOUN
dem-5671	127	10	iv	iv	NUM
dem-5671	127	11	quintile	quintile	NOUN
dem-5671	127	12	group	group	NOUN
dem-5671	127	13	v	v	PROPN
dem-5671	127	14	quintile	quintile	NOUN
dem-5671	127	15	group	group	NOUN
dem-5671	127	16	all	all	DET
dem-5671	127	17	vix	vix	NOUN
dem-5671	127	18	level	level	NOUN
dem-5671	127	19	[	[	X
dem-5671	127	20	–	–	PUNCT
dem-5671	127	21	0.53	0.53	NUM
dem-5671	127	22	:	:	PUNCT
dem-5671	127	23	–	–	PUNCT
dem-5671	127	24	0.02	0.02	NUM
dem-5671	127	25	]	]	PUNCT
dem-5671	127	26	(	(	PUNCT
dem-5671	127	27	–	–	PUNCT
dem-5671	127	28	0.02	0.02	NUM
dem-5671	127	29	:	:	PUNCT
dem-5671	127	30	0.1	0.1	NUM
dem-5671	127	31	]	]	PUNCT
dem-5671	127	32	(	(	PUNCT
dem-5671	127	33	0.1	0.1	NUM
dem-5671	127	34	:	:	PUNCT
dem-5671	127	35	0.25	0.25	NUM
dem-5671	127	36	]	]	PUNCT
dem-5671	127	37	(	(	PUNCT
dem-5671	127	38	0.25	0.25	NUM
dem-5671	127	39	:	:	SYM
dem-5671	127	40	0.39	0.39	NUM
dem-5671	127	41	]	]	PUNCT
dem-5671	127	42	(	(	PUNCT
dem-5671	127	43	0.39	0.39	NUM
dem-5671	127	44	:	:	PUNCT
dem-5671	127	45	0.92	0.92	NUM
dem-5671	127	46	]	]	PUNCT
dem-5671	128	1	[	[	X
dem-5671	128	2	–	–	PUNCT
dem-5671	128	3	0.53	0.53	NUM
dem-5671	128	4	:	:	PUNCT
dem-5671	128	5	0.92	0.92	NUM
dem-5671	128	6	]	]	PUNCT
dem-5671	128	7	1	1	NUM
dem-5671	129	1	[	[	X
dem-5671	129	2	9.89:14.18	9.89:14.18	NUM
dem-5671	129	3	]	]	X
dem-5671	129	4	na	na	ADP
dem-5671	129	5	3.03	3.03	NUM
dem-5671	129	6	1.22	1.22	NUM
dem-5671	129	7	1.74	1.74	NUM
dem-5671	129	8	1.14	1.14	NUM
dem-5671	129	9	1.27	1.27	NUM
dem-5671	129	10	2	2	NUM
dem-5671	129	11	(	(	PUNCT
dem-5671	129	12	14.18:17.74	14.18:17.74	NUM
dem-5671	129	13	]	]	PUNCT
dem-5671	129	14	5.46	5.46	NUM
dem-5671	129	15	0.81	0.81	NUM
dem-5671	129	16	2.17	2.17	NUM
dem-5671	129	17	–	–	PUNCT
dem-5671	129	18	0.18	0.18	NUM
dem-5671	129	19	0.72	0.72	NUM
dem-5671	129	20	0.86	0.86	NUM
dem-5671	129	21	3	3	NUM
dem-5671	129	22	(	(	PUNCT
dem-5671	129	23	17.74:21.68	17.74:21.68	NUM
dem-5671	129	24	]	]	PUNCT
dem-5671	129	25	0.31	0.31	NUM
dem-5671	129	26	–	–	PUNCT
dem-5671	129	27	3.13	3.13	NUM
dem-5671	129	28	0.11	0.11	NUM
dem-5671	129	29	2.34	2.34	NUM
dem-5671	129	30	3.14	3.14	NUM
dem-5671	129	31	1.19	1.19	NUM
dem-5671	129	32	4	4	NUM
dem-5671	129	33	(	(	PUNCT
dem-5671	129	34	21.68:26.85	21.68:26.85	NUM
dem-5671	129	35	]	]	X
dem-5671	129	36	1.98	1.98	NUM
dem-5671	129	37	1.39	1.39	NUM
dem-5671	129	38	2.84	2.84	NUM
dem-5671	129	39	3.2	3.2	NUM
dem-5671	129	40	4.12	4.12	NUM
dem-5671	129	41	2.48	2.48	NUM
dem-5671	129	42	5	5	NUM
dem-5671	129	43	(	(	PUNCT
dem-5671	129	44	26.85:80.86	26.85:80.86	NUM
dem-5671	129	45	]	]	PUNCT
dem-5671	129	46	0.52	0.52	NUM
dem-5671	129	47	2.94	2.94	NUM
dem-5671	129	48	8.00	8.00	NUM
dem-5671	129	49	na	na	NOUN
dem-5671	129	50	na	na	SYM
dem-5671	129	51	1.23	1.23	NUM
dem-5671	129	52	all	all	DET
dem-5671	130	1	[	[	X
dem-5671	130	2	9.89:80.86	9.89:80.86	X
dem-5671	130	3	]	]	X
dem-5671	130	4	0.91	0.91	NUM
dem-5671	130	5	0.87	0.87	NUM
dem-5671	130	6	1.55	1.55	NUM
dem-5671	130	7	1.74	1.74	NUM
dem-5671	130	8	1.4	1.4	NUM
dem-5671	130	9	1.33	1.33	NUM
dem-5671	130	10	note	note	NOUN
dem-5671	130	11	:	:	PUNCT
dem-5671	130	12	all	all	DET
dem-5671	130	13	calculations	calculation	NOUN
dem-5671	130	14	were	be	AUX
dem-5671	130	15	made	make	VERB
dem-5671	130	16	on	on	ADP
dem-5671	130	17	the	the	DET
dem-5671	130	18	data	datum	NOUN
dem-5671	130	19	from	from	ADP
dem-5671	130	20	01/01/2006	01/01/2006	NUM
dem-5671	130	21	until	until	ADP
dem-5671	130	22	01/07/2013	01/07/2013	NUM
dem-5671	130	23	on	on	ADP
dem-5671	130	24	the	the	DET
dem-5671	130	25	basis	basis	NOUN
dem-5671	130	26	of	of	ADP
dem-5671	130	27	vix	vix	PROPN
dem-5671	130	28	futures	future	NOUN
dem-5671	130	29	with	with	ADP
dem-5671	130	30	up	up	ADP
dem-5671	130	31	to	to	PART
dem-5671	130	32	7	7	NUM
dem-5671	130	33	months	month	NOUN
dem-5671	130	34	to	to	ADP
dem-5671	130	35	expiration	expiration	NOUN
dem-5671	130	36	.	.	PUNCT
dem-5671	131	1	table	table	NOUN
dem-5671	131	2	4	4	NUM
dem-5671	131	3	.	.	PUNCT
dem-5671	132	1	median	median	ADJ
dem-5671	132	2	1	1	NUM
dem-5671	132	3	-	-	PUNCT
dem-5671	132	4	month	month	NOUN
dem-5671	132	5	vix	vix	NOUN
dem-5671	132	6	returns	return	NOUN
dem-5671	132	7	(	(	PUNCT
dem-5671	132	8	in	in	ADP
dem-5671	132	9	%	%	NOUN
dem-5671	132	10	)	)	PUNCT
dem-5671	132	11	conditional	conditional	ADJ
dem-5671	132	12	on	on	ADP
dem-5671	132	13	vix	vix	PROPN
dem-5671	132	14	and	and	CCONJ
dem-5671	132	15	slope1	slope1	NOUN
dem-5671	132	16	quintile	quintile	NOUN
dem-5671	132	17	groups	group	NOUN
dem-5671	132	18	vix	vix	PROPN
dem-5671	132	19	quintile	quintile	PROPN
dem-5671	132	20	group	group	PROPN
dem-5671	132	21	slope1	slope1	PROPN
dem-5671	133	1	i	i	PROPN
dem-5671	133	2	quintile	quintile	PROPN
dem-5671	133	3	group	group	PROPN
dem-5671	133	4	ii	ii	PROPN
dem-5671	133	5	quintile	quintile	PROPN
dem-5671	133	6	group	group	PROPN
dem-5671	133	7	iii	iii	PROPN
dem-5671	133	8	quintile	quintile	PROPN
dem-5671	133	9	group	group	NOUN
dem-5671	133	10	iv	iv	NUM
dem-5671	133	11	quintile	quintile	NOUN
dem-5671	133	12	group	group	NOUN
dem-5671	133	13	v	v	PROPN
dem-5671	133	14	quintile	quintile	NOUN
dem-5671	133	15	group	group	NOUN
dem-5671	133	16	all	all	DET
dem-5671	133	17	vix	vix	NOUN
dem-5671	133	18	level	level	NOUN
dem-5671	133	19	[	[	X
dem-5671	133	20	–	–	PUNCT
dem-5671	133	21	0.53	0.53	NUM
dem-5671	133	22	:	:	PUNCT
dem-5671	133	23	–	–	PUNCT
dem-5671	133	24	0.02	0.02	NUM
dem-5671	133	25	]	]	PUNCT
dem-5671	133	26	(	(	PUNCT
dem-5671	133	27	–	–	PUNCT
dem-5671	133	28	0.02	0.02	NUM
dem-5671	133	29	:	:	PUNCT
dem-5671	133	30	0.1	0.1	NUM
dem-5671	133	31	]	]	PUNCT
dem-5671	133	32	(	(	PUNCT
dem-5671	133	33	0.1	0.1	NUM
dem-5671	133	34	:	:	PUNCT
dem-5671	133	35	0.25	0.25	NUM
dem-5671	133	36	]	]	PUNCT
dem-5671	133	37	(	(	PUNCT
dem-5671	133	38	0.25	0.25	NUM
dem-5671	133	39	:	:	SYM
dem-5671	133	40	0.39	0.39	NUM
dem-5671	133	41	]	]	PUNCT
dem-5671	133	42	(	(	PUNCT
dem-5671	133	43	0.39	0.39	NUM
dem-5671	133	44	:	:	PUNCT
dem-5671	133	45	0.92	0.92	NUM
dem-5671	133	46	]	]	PUNCT
dem-5671	134	1	[	[	X
dem-5671	134	2	–	–	PUNCT
dem-5671	134	3	0.53	0.53	NUM
dem-5671	134	4	:	:	PUNCT
dem-5671	134	5	0.92	0.92	NUM
dem-5671	134	6	]	]	PUNCT
dem-5671	134	7	1	1	NUM
dem-5671	135	1	[	[	X
dem-5671	135	2	9.89:14.18	9.89:14.18	NUM
dem-5671	135	3	]	]	X
dem-5671	135	4	na	na	X
dem-5671	135	5	–	–	PUNCT
dem-5671	135	6	0.04	0.04	NUM
dem-5671	135	7	0.91	0.91	NUM
dem-5671	135	8	1.43	1.43	NUM
dem-5671	135	9	5.01	5.01	NUM
dem-5671	135	10	2.52	2.52	NUM
dem-5671	135	11	2	2	NUM
dem-5671	135	12	(	(	PUNCT
dem-5671	135	13	14.18:17.74	14.18:17.74	NUM
dem-5671	135	14	]	]	PUNCT
dem-5671	135	15	–	–	PUNCT
dem-5671	135	16	27.7	27.7	NUM
dem-5671	135	17	–	–	PUNCT
dem-5671	135	18	2.88	2.88	NUM
dem-5671	135	19	–	–	PUNCT
dem-5671	135	20	8.46	8.46	NUM
dem-5671	135	21	9.84	9.84	NUM
dem-5671	135	22	6.54	6.54	NUM
dem-5671	135	23	5.36	5.36	NUM
dem-5671	135	24	3	3	NUM
dem-5671	135	25	(	(	PUNCT
dem-5671	135	26	17.74:21.68	17.74:21.68	NUM
dem-5671	135	27	]	]	PUNCT
dem-5671	135	28	1.27	1.27	NUM
dem-5671	135	29	14.95	14.95	NUM
dem-5671	135	30	–	–	PUNCT
dem-5671	135	31	0.92	0.92	NUM
dem-5671	135	32	–	–	PUNCT
dem-5671	135	33	7.27	7.27	NUM
dem-5671	135	34	–	–	PUNCT
dem-5671	135	35	8.53	8.53	NUM
dem-5671	135	36	–	–	PUNCT
dem-5671	135	37	3.39	3.39	NUM
dem-5671	135	38	4	4	NUM
dem-5671	135	39	(	(	PUNCT
dem-5671	135	40	21.68:26.85	21.68:26.85	NUM
dem-5671	135	41	]	]	PUNCT
dem-5671	135	42	–	–	PUNCT
dem-5671	135	43	14.99	14.99	NUM
dem-5671	135	44	–	–	PUNCT
dem-5671	135	45	1.34	1.34	NUM
dem-5671	135	46	–	–	PUNCT
dem-5671	135	47	7.70	7.70	NUM
dem-5671	135	48	–	–	PUNCT
dem-5671	135	49	8.50	8.50	NUM
dem-5671	135	50	–	–	PUNCT
dem-5671	135	51	11.94	11.94	NUM
dem-5671	135	52	–	–	PUNCT
dem-5671	135	53	7.62	7.62	NUM
dem-5671	135	54	5	5	NUM
dem-5671	135	55	(	(	PUNCT
dem-5671	135	56	26.85:80.86	26.85:80.86	NUM
dem-5671	135	57	]	]	PUNCT
dem-5671	135	58	–	–	PUNCT
dem-5671	135	59	11.44	11.44	NUM
dem-5671	135	60	–	–	PUNCT
dem-5671	135	61	12.78	12.78	NUM
dem-5671	135	62	–	–	PUNCT
dem-5671	135	63	16.01	16.01	NUM
dem-5671	135	64	na	na	NOUN
dem-5671	135	65	na	na	NOUN
dem-5671	135	66	–	–	PUNCT
dem-5671	135	67	12.06	12.06	NUM
dem-5671	135	68	all	all	PRON
dem-5671	136	1	[	[	X
dem-5671	136	2	9.89:80.86	9.89:80.86	NUM
dem-5671	136	3	]	]	X
dem-5671	136	4	–	–	PUNCT
dem-5671	136	5	11.95	11.95	NUM
dem-5671	136	6	–	–	PUNCT
dem-5671	136	7	1.9	1.9	NUM
dem-5671	136	8	–	–	SYM
dem-5671	136	9	3.07	3.07	NUM
dem-5671	136	10	–	–	PUNCT
dem-5671	136	11	1.12	1.12	NUM
dem-5671	136	12	2.92	2.92	NUM
dem-5671	136	13	–	–	PUNCT
dem-5671	136	14	2.68	2.68	NUM
dem-5671	136	15	note	note	NOUN
dem-5671	136	16	:	:	PUNCT
dem-5671	136	17	all	all	DET
dem-5671	136	18	calculations	calculation	NOUN
dem-5671	136	19	were	be	AUX
dem-5671	136	20	made	make	VERB
dem-5671	136	21	on	on	ADP
dem-5671	136	22	the	the	DET
dem-5671	136	23	data	datum	NOUN
dem-5671	136	24	from	from	ADP
dem-5671	136	25	01/01/2006	01/01/2006	NUM
dem-5671	136	26	until	until	ADP
dem-5671	136	27	01/07/2013	01/07/2013	NUM
dem-5671	136	28	on	on	ADP
dem-5671	136	29	the	the	DET
dem-5671	136	30	basis	basis	NOUN
dem-5671	136	31	of	of	ADP
dem-5671	136	32	vix	vix	PROPN
dem-5671	136	33	futures	future	NOUN
dem-5671	136	34	with	with	ADP
dem-5671	136	35	up	up	ADP
dem-5671	136	36	to	to	PART
dem-5671	136	37	7	7	NUM
dem-5671	136	38	months	month	NOUN
dem-5671	136	39	to	to	ADP
dem-5671	136	40	expiration	expiration	NOUN
dem-5671	136	41	.	.	PUNCT
dem-5671	137	1	bold	bold	ADJ
dem-5671	137	2	fonts	font	NOUN
dem-5671	137	3	denote	denote	VERB
dem-5671	137	4	values	value	NOUN
dem-5671	137	5	significantly	significantly	ADV
dem-5671	137	6	different	different	ADJ
dem-5671	137	7	from	from	ADP
dem-5671	137	8	zero	zero	NUM
dem-5671	137	9	.	.	PUNCT
dem-5671	138	1	we	we	PRON
dem-5671	138	2	try	try	VERB
dem-5671	138	3	further	far	ADV
dem-5671	138	4	to	to	PART
dem-5671	138	5	find	find	VERB
dem-5671	138	6	with	with	ADP
dem-5671	138	7	various	various	ADJ
dem-5671	138	8	vts	vts	NOUN
dem-5671	138	9	and	and	CCONJ
dem-5671	138	10	vrp	vrp	NOUN
dem-5671	138	11	measures	measure	VERB
dem-5671	138	12	any	any	DET
dem-5671	138	13	patterns	pattern	NOUN
dem-5671	138	14	of	of	ADP
dem-5671	138	15	relationship	relationship	NOUN
dem-5671	138	16	between	between	ADP
dem-5671	138	17	s&p500	s&p500	NOUN
dem-5671	138	18	index	index	NOUN
dem-5671	138	19	and	and	CCONJ
dem-5671	138	20	vix	vix	NOUN
dem-5671	138	21	returns	return	NOUN
dem-5671	138	22	.	.	PUNCT
dem-5671	139	1	table	table	NOUN
dem-5671	139	2	3	3	NUM
dem-5671	139	3	.	.	PUNCT
dem-5671	139	4	shows	show	VERB
dem-5671	139	5	that	that	SCONJ
dem-5671	139	6	we	we	PRON
dem-5671	139	7	can	can	AUX
dem-5671	139	8	not	not	PART
dem-5671	139	9	find	find	VERB
dem-5671	139	10	any	any	DET
dem-5671	139	11	clear	clear	ADJ
dem-5671	139	12	dependence	dependence	NOUN
dem-5671	139	13	between	between	ADP
dem-5671	139	14	s&p500	s&p500	NOUN
dem-5671	139	15	return	return	NOUN
dem-5671	139	16	and	and	CCONJ
dem-5671	139	17	vix	vix	NOUN
dem-5671	139	18	quintile	quintile	NOUN
dem-5671	139	19	groups	group	NOUN
dem-5671	139	20	and	and	CCONJ
dem-5671	139	21	this	this	DET
dem-5671	139	22	observation	observation	NOUN
dem-5671	139	23	does	do	AUX
dem-5671	139	24	not	not	PART
dem-5671	139	25	change	change	VERB
dem-5671	139	26	for	for	ADP
dem-5671	139	27	all	all	DET
dem-5671	139	28	other	other	ADJ
dem-5671	139	29	tables	table	NOUN
dem-5671	139	30	describ	describ	PROPN
dem-5671	139	31	6	6	NUM
dem-5671	139	32	we	we	PRON
dem-5671	139	33	divide	divide	VERB
dem-5671	139	34	vrp	vrp	NOUN
dem-5671	139	35	measures	measure	NOUN
dem-5671	139	36	into	into	ADP
dem-5671	139	37	quartile	quartile	ADJ
dem-5671	139	38	groups	group	NOUN
dem-5671	139	39	because	because	SCONJ
dem-5671	139	40	their	their	PRON
dem-5671	139	41	fluctuations	fluctuation	NOUN
dem-5671	139	42	are	be	AUX
dem-5671	139	43	not	not	PART
dem-5671	139	44	homogenous	homogenous	ADJ
dem-5671	139	45	.	.	PUNCT
dem-5671	140	1	we	we	PRON
dem-5671	140	2	choose	choose	VERB
dem-5671	140	3	quartile	quartile	ADJ
dem-5671	140	4	groups	group	NOUN
dem-5671	140	5	for	for	ADP
dem-5671	140	6	vrp	vrp	PROPN
dem-5671	140	7	instead	instead	ADV
dem-5671	140	8	of	of	ADP
dem-5671	140	9	quintile	quintile	NOUN
dem-5671	140	10	groups	group	NOUN
dem-5671	140	11	selected	select	VERB
dem-5671	140	12	for	for	ADP
dem-5671	140	13	vix	vix	PROPN
dem-5671	140	14	to	to	PART
dem-5671	140	15	make	make	VERB
dem-5671	140	16	results	result	NOUN
dem-5671	140	17	and	and	CCONJ
dem-5671	140	18	then	then	ADV
dem-5671	140	19	definitions	definition	NOUN
dem-5671	140	20	of	of	ADP
dem-5671	140	21	investment	investment	NOUN
dem-5671	140	22	strategies	strategy	NOUN
dem-5671	140	23	more	more	ADV
dem-5671	140	24	transparent	transparent	ADJ
dem-5671	140	25	.	.	PUNCT
dem-5671	141	1	j.	j.	PROPN
dem-5671	141	2	jabłecki	jabłecki	PROPN
dem-5671	141	3	,	,	PUNCT
dem-5671	141	4	r.	r.	PROPN
dem-5671	141	5	kokoszczyński	kokoszczyński	PROPN
dem-5671	141	6	,	,	PUNCT
dem-5671	141	7	p.	p.	PROPN
dem-5671	141	8	sakowski	sakowski	PROPN
dem-5671	141	9	,	,	PUNCT
dem-5671	141	10	r.	r.	PROPN
dem-5671	141	11	ślepaczuk	ślepaczuk	PROPN
dem-5671	141	12	,	,	PUNCT
dem-5671	141	13	p.	p.	PROPN
dem-5671	141	14	wójcik	wójcik	VERB
dem-5671	141	15	dynamic	dynamic	ADJ
dem-5671	141	16	econometric	econometric	ADJ
dem-5671	141	17	models	model	NOUN
dem-5671	141	18	14	14	NUM
dem-5671	141	19	(	(	PUNCT
dem-5671	141	20	2014	2014	NUM
dem-5671	141	21	)	)	PUNCT
dem-5671	141	22	5–28	5–28	NOUN
dem-5671	141	23	16	16	NUM
dem-5671	141	24	ing	ing	ADJ
dem-5671	141	25	s&p500	s&p500	NOUN
dem-5671	141	26	returns	return	NOUN
dem-5671	141	27	(	(	PUNCT
dem-5671	141	28	table	table	NOUN
dem-5671	141	29	3	3	NUM
dem-5671	141	30	,	,	PUNCT
dem-5671	141	31	table	table	NOUN
dem-5671	141	32	5	5	NUM
dem-5671	141	33	,	,	PUNCT
dem-5671	141	34	table	table	NOUN
dem-5671	141	35	7	7	NUM
dem-5671	141	36	,	,	PUNCT
dem-5671	141	37	table	table	NOUN
dem-5671	141	38	9	9	NUM
dem-5671	141	39	,	,	PUNCT
dem-5671	141	40	table	table	NOUN
dem-5671	141	41	11	11	NUM
dem-5671	141	42	)	)	PUNCT
dem-5671	141	43	.	.	PUNCT
dem-5671	142	1	additionally	additionally	ADV
dem-5671	142	2	,	,	PUNCT
dem-5671	142	3	we	we	PRON
dem-5671	142	4	can	can	AUX
dem-5671	142	5	see	see	VERB
dem-5671	142	6	that	that	DET
dem-5671	142	7	s&p500	s&p500	NOUN
dem-5671	142	8	returns	return	NOUN
dem-5671	142	9	do	do	AUX
dem-5671	142	10	not	not	PART
dem-5671	142	11	depend	depend	VERB
dem-5671	142	12	on	on	ADP
dem-5671	142	13	slope1	slope1	NOUN
dem-5671	142	14	levels	level	NOUN
dem-5671	142	15	.	.	PUNCT
dem-5671	143	1	table	table	NOUN
dem-5671	143	2	5	5	NUM
dem-5671	143	3	.	.	PUNCT
dem-5671	144	1	median	median	ADJ
dem-5671	144	2	1	1	NUM
dem-5671	144	3	-	-	PUNCT
dem-5671	144	4	month	month	NOUN
dem-5671	144	5	s&p500	s&p500	NOUN
dem-5671	144	6	returns	return	NOUN
dem-5671	144	7	(	(	PUNCT
dem-5671	144	8	in	in	ADP
dem-5671	144	9	%	%	NOUN
dem-5671	144	10	)	)	PUNCT
dem-5671	144	11	conditional	conditional	ADJ
dem-5671	144	12	on	on	ADP
dem-5671	144	13	vix	vix	PROPN
dem-5671	144	14	and	and	CCONJ
dem-5671	144	15	slope2	slope2	PROPN
dem-5671	144	16	quintile	quintile	NOUN
dem-5671	144	17	groups	group	NOUN
dem-5671	144	18	vix	vix	PROPN
dem-5671	144	19	quintile	quintile	PROPN
dem-5671	144	20	group	group	PROPN
dem-5671	144	21	slope2	slope2	PROPN
dem-5671	145	1	i	i	PRON
dem-5671	145	2	quintile	quintile	PROPN
dem-5671	145	3	group	group	PROPN
dem-5671	145	4	ii	ii	PROPN
dem-5671	145	5	quintile	quintile	PROPN
dem-5671	145	6	group	group	PROPN
dem-5671	145	7	iii	iii	PROPN
dem-5671	145	8	quintile	quintile	PROPN
dem-5671	145	9	group	group	NOUN
dem-5671	145	10	iv	iv	NUM
dem-5671	145	11	quintile	quintile	NOUN
dem-5671	145	12	group	group	NOUN
dem-5671	145	13	v	v	PROPN
dem-5671	145	14	quintile	quintile	NOUN
dem-5671	145	15	group	group	NOUN
dem-5671	145	16	all	all	DET
dem-5671	145	17	vix	vix	NOUN
dem-5671	145	18	level	level	NOUN
dem-5671	145	19	[	[	X
dem-5671	145	20	–	–	PUNCT
dem-5671	145	21	71.83	71.83	NUM
dem-5671	145	22	:	:	PUNCT
dem-5671	145	23	–	–	PUNCT
dem-5671	145	24	0.72	0.72	NUM
dem-5671	145	25	]	]	PUNCT
dem-5671	145	26	(	(	PUNCT
dem-5671	145	27	–	–	PUNCT
dem-5671	145	28	0.72	0.72	NUM
dem-5671	145	29	:	:	PUNCT
dem-5671	145	30	2.87	2.87	NUM
dem-5671	145	31	]	]	PUNCT
dem-5671	145	32	(	(	PUNCT
dem-5671	145	33	2.87	2.87	NUM
dem-5671	145	34	:	:	PUNCT
dem-5671	145	35	6.88	6.88	NUM
dem-5671	145	36	]	]	PUNCT
dem-5671	145	37	(	(	PUNCT
dem-5671	145	38	6.88	6.88	NUM
dem-5671	145	39	:	:	SYM
dem-5671	145	40	10.54	10.54	NUM
dem-5671	145	41	]	]	PUNCT
dem-5671	145	42	(	(	PUNCT
dem-5671	145	43	10.54	10.54	NUM
dem-5671	145	44	:	:	PUNCT
dem-5671	145	45	20.36	20.36	NUM
dem-5671	145	46	]	]	PUNCT
dem-5671	146	1	[	[	X
dem-5671	146	2	–	–	PUNCT
dem-5671	146	3	71.83	71.83	NUM
dem-5671	146	4	:	:	PUNCT
dem-5671	146	5	20.36	20.36	NUM
dem-5671	146	6	]	]	SYM
dem-5671	146	7	1	1	NUM
dem-5671	147	1	[	[	X
dem-5671	147	2	9.89:14.18	9.89:14.18	NUM
dem-5671	147	3	]	]	X
dem-5671	147	4	na	na	ADP
dem-5671	147	5	1.07	1.07	NUM
dem-5671	147	6	1.34	1.34	NUM
dem-5671	147	7	1.23	1.23	NUM
dem-5671	147	8	2.61	2.61	NUM
dem-5671	147	9	1.27	1.27	NUM
dem-5671	147	10	2	2	NUM
dem-5671	147	11	(	(	PUNCT
dem-5671	147	12	14.18:17.74	14.18:17.74	NUM
dem-5671	147	13	]	]	PUNCT
dem-5671	147	14	5.46	5.46	NUM
dem-5671	147	15	0.81	0.81	NUM
dem-5671	147	16	1.76	1.76	NUM
dem-5671	147	17	1.67	1.67	NUM
dem-5671	147	18	0.07	0.07	NUM
dem-5671	147	19	0.86	0.86	NUM
dem-5671	147	20	3	3	NUM
dem-5671	147	21	(	(	PUNCT
dem-5671	147	22	17.74:21.68	17.74:21.68	NUM
dem-5671	147	23	]	]	PUNCT
dem-5671	147	24	1.04	1.04	NUM
dem-5671	147	25	–	–	PUNCT
dem-5671	147	26	2.57	2.57	NUM
dem-5671	147	27	–	–	PUNCT
dem-5671	147	28	2.29	2.29	NUM
dem-5671	147	29	1.63	1.63	NUM
dem-5671	147	30	2.99	2.99	NUM
dem-5671	147	31	1.19	1.19	NUM
dem-5671	147	32	4	4	NUM
dem-5671	147	33	(	(	PUNCT
dem-5671	147	34	21.68:26.85	21.68:26.85	NUM
dem-5671	147	35	]	]	X
dem-5671	147	36	1.98	1.98	NUM
dem-5671	147	37	–	–	PUNCT
dem-5671	147	38	2.72	2.72	NUM
dem-5671	147	39	2.79	2.79	NUM
dem-5671	147	40	3.27	3.27	NUM
dem-5671	147	41	3.21	3.21	NUM
dem-5671	147	42	2.48	2.48	NUM
dem-5671	147	43	5	5	NUM
dem-5671	147	44	(	(	PUNCT
dem-5671	147	45	26.85:80.86	26.85:80.86	NUM
dem-5671	147	46	]	]	PUNCT
dem-5671	147	47	0.59	0.59	NUM
dem-5671	147	48	2.88	2.88	NUM
dem-5671	147	49	1.97	1.97	NUM
dem-5671	147	50	9.10	9.10	NUM
dem-5671	147	51	na	na	NOUN
dem-5671	147	52	1.23	1.23	NUM
dem-5671	147	53	all	all	PRON
dem-5671	147	54	[	[	X
dem-5671	147	55	9.89:80.86	9.89:80.86	X
dem-5671	147	56	]	]	X
dem-5671	147	57	0.98	0.98	NUM
dem-5671	147	58	0.55	0.55	NUM
dem-5671	147	59	1.44	1.44	NUM
dem-5671	147	60	1.75	1.75	NUM
dem-5671	147	61	1.83	1.83	NUM
dem-5671	147	62	1.33	1.33	NUM
dem-5671	147	63	note	note	NOUN
dem-5671	147	64	:	:	PUNCT
dem-5671	147	65	all	all	DET
dem-5671	147	66	calculations	calculation	NOUN
dem-5671	147	67	were	be	AUX
dem-5671	147	68	made	make	VERB
dem-5671	147	69	on	on	ADP
dem-5671	147	70	the	the	DET
dem-5671	147	71	data	datum	NOUN
dem-5671	147	72	from	from	ADP
dem-5671	147	73	01/01/2006	01/01/2006	NUM
dem-5671	147	74	until	until	ADP
dem-5671	147	75	01/07/2013	01/07/2013	NUM
dem-5671	147	76	on	on	ADP
dem-5671	147	77	the	the	DET
dem-5671	147	78	basis	basis	NOUN
dem-5671	147	79	of	of	ADP
dem-5671	147	80	vix	vix	PROPN
dem-5671	147	81	futures	future	NOUN
dem-5671	147	82	with	with	ADP
dem-5671	147	83	up	up	ADP
dem-5671	147	84	to	to	PART
dem-5671	147	85	7	7	NUM
dem-5671	147	86	months	month	NOUN
dem-5671	147	87	to	to	ADP
dem-5671	147	88	expiration	expiration	NOUN
dem-5671	147	89	.	.	PUNCT
dem-5671	148	1	table	table	NOUN
dem-5671	148	2	6	6	NUM
dem-5671	148	3	.	.	PUNCT
dem-5671	149	1	median	median	ADJ
dem-5671	149	2	1	1	NUM
dem-5671	149	3	-	-	PUNCT
dem-5671	149	4	month	month	NOUN
dem-5671	149	5	vix	vix	NOUN
dem-5671	149	6	returns	return	NOUN
dem-5671	149	7	(	(	PUNCT
dem-5671	149	8	in	in	ADP
dem-5671	149	9	%	%	NOUN
dem-5671	149	10	)	)	PUNCT
dem-5671	149	11	conditional	conditional	ADJ
dem-5671	149	12	on	on	ADP
dem-5671	149	13	vix	vix	PROPN
dem-5671	149	14	and	and	CCONJ
dem-5671	149	15	slope2	slope2	PROPN
dem-5671	149	16	quintile	quintile	NOUN
dem-5671	149	17	groups	group	NOUN
dem-5671	149	18	vix	vix	PROPN
dem-5671	149	19	quintile	quintile	PROPN
dem-5671	149	20	group	group	PROPN
dem-5671	149	21	slope2	slope2	PROPN
dem-5671	150	1	i	i	PRON
dem-5671	150	2	quintile	quintile	PROPN
dem-5671	150	3	group	group	PROPN
dem-5671	150	4	ii	ii	PROPN
dem-5671	150	5	quintile	quintile	PROPN
dem-5671	150	6	group	group	PROPN
dem-5671	150	7	iii	iii	PROPN
dem-5671	150	8	quintile	quintile	PROPN
dem-5671	150	9	group	group	NOUN
dem-5671	150	10	iv	iv	NUM
dem-5671	150	11	quintile	quintile	NOUN
dem-5671	150	12	group	group	NOUN
dem-5671	150	13	v	v	PROPN
dem-5671	150	14	quintile	quintile	NOUN
dem-5671	150	15	group	group	NOUN
dem-5671	150	16	all	all	DET
dem-5671	150	17	vix	vix	NOUN
dem-5671	150	18	level	level	NOUN
dem-5671	150	19	[	[	X
dem-5671	150	20	–	–	PUNCT
dem-5671	150	21	71.83	71.83	NUM
dem-5671	150	22	:	:	PUNCT
dem-5671	150	23	–	–	PUNCT
dem-5671	150	24	0.72	0.72	NUM
dem-5671	150	25	]	]	PUNCT
dem-5671	150	26	(	(	PUNCT
dem-5671	150	27	–	–	PUNCT
dem-5671	150	28	0.72	0.72	NUM
dem-5671	150	29	:	:	PUNCT
dem-5671	150	30	2.87	2.87	NUM
dem-5671	150	31	]	]	PUNCT
dem-5671	150	32	(	(	PUNCT
dem-5671	150	33	2.87	2.87	NUM
dem-5671	150	34	:	:	PUNCT
dem-5671	150	35	6.88	6.88	NUM
dem-5671	150	36	]	]	PUNCT
dem-5671	150	37	(	(	PUNCT
dem-5671	150	38	6.88	6.88	NUM
dem-5671	150	39	:	:	SYM
dem-5671	150	40	10.54	10.54	NUM
dem-5671	150	41	]	]	PUNCT
dem-5671	150	42	(	(	PUNCT
dem-5671	150	43	10.54	10.54	NUM
dem-5671	150	44	:	:	PUNCT
dem-5671	150	45	20.36	20.36	NUM
dem-5671	150	46	]	]	PUNCT
dem-5671	151	1	[	[	X
dem-5671	151	2	–	–	PUNCT
dem-5671	151	3	71.83	71.83	NUM
dem-5671	151	4	:	:	PUNCT
dem-5671	151	5	20.36	20.36	NUM
dem-5671	151	6	]	]	SYM
dem-5671	151	7	1	1	NUM
dem-5671	152	1	[	[	X
dem-5671	152	2	9.89:14.18	9.89:14.18	NUM
dem-5671	152	3	]	]	X
dem-5671	152	4	na	na	ADP
dem-5671	152	5	8.63	8.63	NUM
dem-5671	152	6	0.85	0.85	NUM
dem-5671	152	7	3.04	3.04	NUM
dem-5671	152	8	–	–	PUNCT
dem-5671	152	9	0.84	0.84	NUM
dem-5671	152	10	2.52	2.52	NUM
dem-5671	152	11	2	2	NUM
dem-5671	152	12	(	(	PUNCT
dem-5671	152	13	14.18:17.74	14.18:17.74	NUM
dem-5671	152	14	]	]	PUNCT
dem-5671	152	15	–	–	PUNCT
dem-5671	152	16	27.7	27.7	NUM
dem-5671	152	17	–	–	PUNCT
dem-5671	152	18	2.88	2.88	NUM
dem-5671	152	19	–	–	PUNCT
dem-5671	152	20	11.78	11.78	NUM
dem-5671	152	21	2.53	2.53	NUM
dem-5671	152	22	10.79	10.79	NUM
dem-5671	152	23	5.36	5.36	NUM
dem-5671	152	24	3	3	NUM
dem-5671	152	25	(	(	PUNCT
dem-5671	152	26	17.74:21.68	17.74:21.68	NUM
dem-5671	152	27	]	]	PUNCT
dem-5671	152	28	–	–	PUNCT
dem-5671	152	29	14.21	14.21	NUM
dem-5671	152	30	13.89	13.89	NUM
dem-5671	152	31	13.99	13.99	NUM
dem-5671	152	32	–	–	PUNCT
dem-5671	152	33	5.05	5.05	NUM
dem-5671	152	34	–	–	PUNCT
dem-5671	152	35	8.47	8.47	NUM
dem-5671	152	36	–	–	PUNCT
dem-5671	152	37	3.39	3.39	NUM
dem-5671	152	38	4	4	NUM
dem-5671	152	39	(	(	PUNCT
dem-5671	152	40	21.68:26.85	21.68:26.85	NUM
dem-5671	152	41	]	]	PUNCT
dem-5671	152	42	–	–	PUNCT
dem-5671	152	43	14.99	14.99	NUM
dem-5671	152	44	0.63	0.63	NUM
dem-5671	152	45	–	–	PUNCT
dem-5671	152	46	3.38	3.38	NUM
dem-5671	152	47	–	–	PUNCT
dem-5671	152	48	11.93	11.93	NUM
dem-5671	152	49	–	–	PUNCT
dem-5671	152	50	8.33	8.33	NUM
dem-5671	152	51	–	–	PUNCT
dem-5671	152	52	7.62	7.62	NUM
dem-5671	152	53	5	5	NUM
dem-5671	152	54	(	(	PUNCT
dem-5671	152	55	26.85:80.86	26.85:80.86	NUM
dem-5671	152	56	]	]	PUNCT
dem-5671	152	57	–	–	PUNCT
dem-5671	152	58	11.91	11.91	NUM
dem-5671	152	59	–	–	PUNCT
dem-5671	152	60	11.24	11.24	NUM
dem-5671	152	61	–	–	PUNCT
dem-5671	152	62	14.69	14.69	NUM
dem-5671	152	63	–	–	PUNCT
dem-5671	152	64	16.10	16.10	NUM
dem-5671	152	65	na	na	NOUN
dem-5671	152	66	–	–	PUNCT
dem-5671	152	67	12.06	12.06	NUM
dem-5671	152	68	all	all	PRON
dem-5671	152	69	[	[	X
dem-5671	152	70	9.89:80.86	9.89:80.86	NUM
dem-5671	152	71	]	]	X
dem-5671	152	72	–	–	PUNCT
dem-5671	152	73	12.64	12.64	NUM
dem-5671	152	74	0.87	0.87	NUM
dem-5671	152	75	–	–	PUNCT
dem-5671	152	76	1.71	1.71	NUM
dem-5671	152	77	–	–	SYM
dem-5671	152	78	0.99	0.99	NUM
dem-5671	152	79	–	–	PUNCT
dem-5671	152	80	0.57	0.57	NUM
dem-5671	152	81	–	–	PUNCT
dem-5671	152	82	2.68	2.68	NUM
dem-5671	152	83	note	note	NOUN
dem-5671	152	84	:	:	PUNCT
dem-5671	152	85	all	all	DET
dem-5671	152	86	calculations	calculation	NOUN
dem-5671	152	87	were	be	AUX
dem-5671	152	88	made	make	VERB
dem-5671	152	89	on	on	ADP
dem-5671	152	90	the	the	DET
dem-5671	152	91	data	datum	NOUN
dem-5671	152	92	from	from	ADP
dem-5671	152	93	01/01/2006	01/01/2006	NUM
dem-5671	152	94	until	until	ADP
dem-5671	152	95	01/07/2013	01/07/2013	NUM
dem-5671	152	96	on	on	ADP
dem-5671	152	97	the	the	DET
dem-5671	152	98	basis	basis	NOUN
dem-5671	152	99	of	of	ADP
dem-5671	152	100	vix	vix	PROPN
dem-5671	152	101	futures	future	NOUN
dem-5671	152	102	with	with	ADP
dem-5671	152	103	up	up	ADP
dem-5671	152	104	to	to	PART
dem-5671	152	105	7	7	NUM
dem-5671	152	106	months	month	NOUN
dem-5671	152	107	to	to	ADP
dem-5671	152	108	expiration	expiration	NOUN
dem-5671	152	109	.	.	PUNCT
dem-5671	153	1	bold	bold	ADJ
dem-5671	153	2	fonts	font	NOUN
dem-5671	153	3	denote	denote	VERB
dem-5671	153	4	values	value	NOUN
dem-5671	153	5	significantly	significantly	ADV
dem-5671	153	6	different	different	ADJ
dem-5671	153	7	from	from	ADP
dem-5671	153	8	zero	zero	NUM
dem-5671	153	9	.	.	PUNCT
dem-5671	154	1	on	on	ADP
dem-5671	154	2	the	the	DET
dem-5671	154	3	other	other	ADJ
dem-5671	154	4	hand	hand	NOUN
dem-5671	154	5	,	,	PUNCT
dem-5671	154	6	we	we	PRON
dem-5671	154	7	can	can	AUX
dem-5671	154	8	observe	observe	VERB
dem-5671	154	9	–	–	PUNCT
dem-5671	154	10	in	in	ADP
dem-5671	154	11	all	all	DET
dem-5671	154	12	relevant	relevant	ADJ
dem-5671	154	13	tables	table	NOUN
dem-5671	154	14	describing	describe	VERB
dem-5671	154	15	vix	vix	NOUN
dem-5671	154	16	returns	return	NOUN
dem-5671	154	17	(	(	PUNCT
dem-5671	154	18	table	table	NOUN
dem-5671	154	19	4	4	NUM
dem-5671	154	20	,	,	PUNCT
dem-5671	154	21	table	table	NOUN
dem-5671	154	22	6	6	NUM
dem-5671	154	23	,	,	PUNCT
dem-5671	154	24	table	table	NOUN
dem-5671	154	25	8	8	NUM
dem-5671	154	26	,	,	PUNCT
dem-5671	154	27	table	table	NOUN
dem-5671	154	28	10	10	NUM
dem-5671	154	29	and	and	CCONJ
dem-5671	154	30	table	table	NOUN
dem-5671	154	31	12	12	NUM
dem-5671	154	32	)	)	PUNCT
dem-5671	154	33	–	–	PUNCT
dem-5671	154	34	that	that	SCONJ
dem-5671	154	35	vix	vix	NOUN
dem-5671	154	36	returns	return	NOUN
dem-5671	154	37	decrease	decrease	VERB
dem-5671	154	38	almost	almost	ADV
dem-5671	154	39	monotonically	monotonically	ADV
dem-5671	154	40	,	,	PUNCT
dem-5671	154	41	while	while	SCONJ
dem-5671	154	42	vix	vix	NOUN
dem-5671	154	43	level	level	NOUN
dem-5671	154	44	moves	move	VERB
dem-5671	154	45	from	from	ADP
dem-5671	154	46	the	the	DET
dem-5671	154	47	first	first	ADJ
dem-5671	154	48	to	to	ADP
dem-5671	154	49	the	the	DET
dem-5671	154	50	fifth	fifth	ADJ
dem-5671	154	51	quintile	quintile	NOUN
dem-5671	154	52	group	group	NOUN
dem-5671	154	53	.	.	PUNCT
dem-5671	155	1	at	at	ADP
dem-5671	155	2	the	the	DET
dem-5671	155	3	same	same	ADJ
dem-5671	155	4	table	table	NOUN
dem-5671	155	5	,	,	PUNCT
dem-5671	155	6	we	we	PRON
dem-5671	155	7	can	can	AUX
dem-5671	155	8	see	see	VERB
dem-5671	155	9	that	that	SCONJ
dem-5671	155	10	vix	vix	NOUN
dem-5671	155	11	returns	return	NOUN
dem-5671	155	12	increase	increase	VERB
dem-5671	155	13	almost	almost	ADV
dem-5671	155	14	monotonically	monotonically	ADV
dem-5671	155	15	while	while	SCONJ
dem-5671	155	16	slope1	slope1	NOUN
dem-5671	155	17	moves	move	NOUN
dem-5671	155	18	from	from	ADP
dem-5671	155	19	the	the	DET
dem-5671	155	20	first	first	ADJ
dem-5671	155	21	to	to	ADP
dem-5671	155	22	the	the	DET
dem-5671	155	23	fifth	fifth	ADJ
dem-5671	155	24	quintile	quintile	NOUN
dem-5671	155	25	group	group	NOUN
dem-5671	155	26	.	.	PUNCT
dem-5671	156	1	generally	generally	ADV
dem-5671	156	2	,	,	PUNCT
dem-5671	156	3	table	table	NOUN
dem-5671	156	4	4	4	NUM
dem-5671	156	5	informs	inform	VERB
dem-5671	156	6	us	we	PRON
dem-5671	156	7	about	about	ADP
dem-5671	156	8	very	very	ADV
dem-5671	156	9	high	high	ADJ
dem-5671	156	10	positive	positive	ADJ
dem-5671	156	11	vix	vix	NOUN
dem-5671	156	12	returns	return	NOUN
dem-5671	156	13	for	for	ADP
dem-5671	156	14	the	the	DET
dem-5671	156	15	first	first	ADJ
dem-5671	156	16	and	and	CCONJ
dem-5671	156	17	the	the	DET
dem-5671	156	18	second	second	ADJ
dem-5671	156	19	vix	vix	PROPN
dem-5671	156	20	quintile	quintile	NOUN
dem-5671	156	21	groups	group	NOUN
dem-5671	156	22	and	and	CCONJ
dem-5671	156	23	for	for	ADP
dem-5671	156	24	the	the	DET
dem-5671	156	25	fourth	fourth	ADJ
dem-5671	156	26	and	and	CCONJ
dem-5671	156	27	the	the	DET
dem-5671	156	28	fifth	fifth	ADJ
dem-5671	156	29	slope1	slope1	NOUN
dem-5671	156	30	quintile	quintile	NOUN
dem-5671	156	31	groups	group	NOUN
dem-5671	156	32	.	.	PUNCT
dem-5671	157	1	on	on	ADP
dem-5671	157	2	the	the	DET
dem-5671	157	3	other	other	ADJ
dem-5671	157	4	hand	hand	NOUN
dem-5671	157	5	,	,	PUNCT
dem-5671	157	6	we	we	PRON
dem-5671	157	7	observe	observe	VERB
dem-5671	157	8	very	very	ADV
dem-5671	157	9	high	high	ADJ
dem-5671	157	10	negative	negative	ADJ
dem-5671	157	11	vix	vix	NOUN
dem-5671	157	12	returns	return	NOUN
dem-5671	157	13	for	for	ADP
dem-5671	157	14	the	the	DET
dem-5671	157	15	fourth	fourth	ADJ
dem-5671	157	16	and	and	CCONJ
dem-5671	157	17	the	the	DET
dem-5671	157	18	fifth	fifth	ADJ
dem-5671	157	19	vix	vix	NOUN
dem-5671	157	20	quintile	quintile	NOUN
dem-5671	157	21	groups	group	NOUN
dem-5671	157	22	and	and	CCONJ
dem-5671	157	23	for	for	ADP
dem-5671	157	24	the	the	DET
dem-5671	157	25	first	first	ADJ
dem-5671	157	26	and	and	CCONJ
dem-5671	157	27	for	for	ADP
dem-5671	157	28	the	the	DET
dem-5671	157	29	second	second	ADJ
dem-5671	157	30	slope1	slope1	NOUN
dem-5671	157	31	quintile	quintile	NOUN
dem-5671	157	32	groups	group	NOUN
dem-5671	157	33	.	.	PUNCT
dem-5671	158	1	does	do	AUX
dem-5671	158	2	historical	historical	ADJ
dem-5671	158	3	volatility	volatility	NOUN
dem-5671	158	4	term	term	NOUN
dem-5671	158	5	structure	structure	NOUN
dem-5671	158	6	contain	contain	VERB
dem-5671	158	7	valuable	valuable	ADJ
dem-5671	158	8	information	information	NOUN
dem-5671	158	9	…	…	PUNCT
dem-5671	158	10	dynamic	dynamic	ADJ
dem-5671	158	11	econometric	econometric	ADJ
dem-5671	158	12	models	model	NOUN
dem-5671	158	13	14	14	NUM
dem-5671	158	14	(	(	PUNCT
dem-5671	158	15	2014	2014	NUM
dem-5671	158	16	)	)	PUNCT
dem-5671	158	17	5–28	5–28	NOUN
dem-5671	158	18	17	17	NUM
dem-5671	158	19	slope2	slope2	NOUN
dem-5671	158	20	discloses	disclose	VERB
dem-5671	158	21	additional	additional	ADJ
dem-5671	158	22	information	information	NOUN
dem-5671	158	23	.	.	PUNCT
dem-5671	159	1	table	table	NOUN
dem-5671	159	2	5	5	NUM
dem-5671	159	3	shows	show	VERB
dem-5671	159	4	that	that	SCONJ
dem-5671	159	5	s&p500	s&p500	NOUN
dem-5671	159	6	index	index	NOUN
dem-5671	159	7	returns	return	NOUN
dem-5671	159	8	increase	increase	VERB
dem-5671	159	9	monotonically	monotonically	ADV
dem-5671	159	10	while	while	SCONJ
dem-5671	159	11	slope2	slope2	PROPN
dem-5671	159	12	moves	move	VERB
dem-5671	159	13	from	from	ADP
dem-5671	159	14	the	the	DET
dem-5671	159	15	first	first	ADJ
dem-5671	159	16	to	to	ADP
dem-5671	159	17	the	the	DET
dem-5671	159	18	fifth	fifth	ADJ
dem-5671	159	19	quintile	quintile	NOUN
dem-5671	159	20	group	group	NOUN
dem-5671	159	21	.	.	PUNCT
dem-5671	160	1	table	table	NOUN
dem-5671	160	2	6	6	NUM
dem-5671	160	3	,	,	PUNCT
dem-5671	160	4	describing	describe	VERB
dem-5671	160	5	the	the	DET
dem-5671	160	6	dependence	dependence	NOUN
dem-5671	160	7	of	of	ADP
dem-5671	160	8	vix	vix	NOUN
dem-5671	160	9	returns	return	NOUN
dem-5671	160	10	on	on	ADP
dem-5671	160	11	the	the	DET
dem-5671	160	12	slope2	slope2	PROPN
dem-5671	160	13	values	value	NOUN
dem-5671	160	14	,	,	PUNCT
dem-5671	160	15	allows	allow	VERB
dem-5671	160	16	for	for	ADP
dem-5671	160	17	almost	almost	ADV
dem-5671	160	18	the	the	DET
dem-5671	160	19	same	same	ADJ
dem-5671	160	20	conclusions	conclusion	NOUN
dem-5671	160	21	as	as	ADP
dem-5671	160	22	in	in	ADP
dem-5671	160	23	the	the	DET
dem-5671	160	24	case	case	NOUN
dem-5671	160	25	of	of	ADP
dem-5671	160	26	table	table	NOUN
dem-5671	160	27	4	4	NUM
dem-5671	160	28	.	.	PUNCT
dem-5671	161	1	the	the	DET
dem-5671	161	2	general	general	ADJ
dem-5671	161	3	conclusion	conclusion	NOUN
dem-5671	161	4	concerning	concern	VERB
dem-5671	161	5	the	the	DET
dem-5671	161	6	part	part	NOUN
dem-5671	161	7	of	of	ADP
dem-5671	161	8	the	the	DET
dem-5671	161	9	table	table	NOUN
dem-5671	161	10	with	with	ADP
dem-5671	161	11	high	high	ADJ
dem-5671	161	12	positive	positive	ADJ
dem-5671	161	13	and	and	CCONJ
dem-5671	161	14	high	high	ADJ
dem-5671	161	15	negative	negative	ADJ
dem-5671	161	16	returns	return	NOUN
dem-5671	161	17	is	be	AUX
dem-5671	161	18	once	once	ADV
dem-5671	161	19	again	again	ADV
dem-5671	161	20	the	the	DET
dem-5671	161	21	same	same	ADJ
dem-5671	161	22	as	as	ADP
dem-5671	161	23	in	in	ADP
dem-5671	161	24	the	the	DET
dem-5671	161	25	case	case	NOUN
dem-5671	161	26	of	of	ADP
dem-5671	161	27	table	table	NOUN
dem-5671	161	28	4	4	NUM
dem-5671	161	29	.	.	PUNCT
dem-5671	161	30	table	table	NOUN
dem-5671	161	31	7	7	NUM
dem-5671	161	32	.	.	PUNCT
dem-5671	162	1	median	median	ADJ
dem-5671	162	2	1	1	NUM
dem-5671	162	3	-	-	PUNCT
dem-5671	162	4	month	month	NOUN
dem-5671	162	5	s&p500	s&p500	NOUN
dem-5671	162	6	returns	return	NOUN
dem-5671	162	7	(	(	PUNCT
dem-5671	162	8	in	in	ADP
dem-5671	162	9	%	%	NOUN
dem-5671	162	10	)	)	PUNCT
dem-5671	162	11	conditional	conditional	ADJ
dem-5671	162	12	on	on	ADP
dem-5671	162	13	vix	vix	PROPN
dem-5671	162	14	quintile	quintile	NOUN
dem-5671	162	15	groups	group	NOUN
dem-5671	162	16	and	and	CCONJ
dem-5671	162	17	quartile	quartile	NOUN
dem-5671	162	18	groups	group	NOUN
dem-5671	162	19	vix	vix	PROPN
dem-5671	162	20	quintile	quintile	NOUN
dem-5671	162	21	group	group	NOUN
dem-5671	162	22	i	i	PRON
dem-5671	162	23	quartile	quartile	PROPN
dem-5671	162	24	group	group	PROPN
dem-5671	162	25	ii	ii	PROPN
dem-5671	162	26	quartile	quartile	PROPN
dem-5671	162	27	group	group	PROPN
dem-5671	162	28	iii	iii	NUM
dem-5671	162	29	quartile	quartile	NOUN
dem-5671	162	30	group	group	NOUN
dem-5671	162	31	iv	iv	NUM
dem-5671	162	32	quartile	quartile	NOUN
dem-5671	162	33	group	group	NOUN
dem-5671	162	34	all	all	DET
dem-5671	162	35	vix	vix	NOUN
dem-5671	162	36	level	level	NOUN
dem-5671	162	37	[	[	X
dem-5671	162	38	–	–	PUNCT
dem-5671	162	39	0.34	0.34	NUM
dem-5671	162	40	:	:	PUNCT
dem-5671	162	41	–	–	PUNCT
dem-5671	162	42	0.08	0.08	NUM
dem-5671	162	43	]	]	PUNCT
dem-5671	162	44	(	(	PUNCT
dem-5671	162	45	–	–	PUNCT
dem-5671	162	46	0.08	0.08	NUM
dem-5671	162	47	:	:	PUNCT
dem-5671	162	48	–	–	PUNCT
dem-5671	162	49	0.01	0.01	NUM
dem-5671	162	50	]	]	PUNCT
dem-5671	162	51	(	(	PUNCT
dem-5671	162	52	–	–	PUNCT
dem-5671	162	53	0.01	0.01	NUM
dem-5671	162	54	:	:	PUNCT
dem-5671	162	55	0.06	0.06	NUM
dem-5671	162	56	]	]	PUNCT
dem-5671	162	57	(	(	PUNCT
dem-5671	162	58	0.06	0.06	NUM
dem-5671	162	59	:	:	PUNCT
dem-5671	162	60	0.79	0.79	NUM
dem-5671	162	61	]	]	PUNCT
dem-5671	163	1	[	[	X
dem-5671	163	2	–	–	PUNCT
dem-5671	163	3	0.34	0.34	NUM
dem-5671	163	4	:	:	PUNCT
dem-5671	163	5	0.79	0.79	NUM
dem-5671	163	6	]	]	SYM
dem-5671	163	7	1	1	NUM
dem-5671	163	8	[	[	X
dem-5671	163	9	9.89:14.18	9.89:14.18	NUM
dem-5671	163	10	]	]	X
dem-5671	163	11	0.68	0.68	NUM
dem-5671	163	12	0.95	0.95	NUM
dem-5671	163	13	1.83	1.83	NUM
dem-5671	163	14	1.56	1.56	NUM
dem-5671	163	15	1.27	1.27	NUM
dem-5671	163	16	2	2	NUM
dem-5671	163	17	(	(	PUNCT
dem-5671	163	18	14.18:17.74	14.18:17.74	NUM
dem-5671	163	19	]	]	PUNCT
dem-5671	163	20	1.77	1.77	NUM
dem-5671	163	21	0.44	0.44	NUM
dem-5671	163	22	–	–	PUNCT
dem-5671	163	23	1.74	1.74	NUM
dem-5671	163	24	2.18	2.18	NUM
dem-5671	163	25	0.86	0.86	NUM
dem-5671	163	26	3	3	NUM
dem-5671	163	27	(	(	PUNCT
dem-5671	163	28	17.74:21.68	17.74:21.68	NUM
dem-5671	163	29	]	]	PUNCT
dem-5671	163	30	1.84	1.84	NUM
dem-5671	163	31	1.19	1.19	NUM
dem-5671	163	32	0.19	0.19	NUM
dem-5671	163	33	1.78	1.78	NUM
dem-5671	163	34	1.19	1.19	NUM
dem-5671	163	35	4	4	NUM
dem-5671	163	36	(	(	PUNCT
dem-5671	163	37	21.68:26.85	21.68:26.85	NUM
dem-5671	163	38	]	]	PUNCT
dem-5671	163	39	0.56	0.56	NUM
dem-5671	163	40	1.23	1.23	NUM
dem-5671	163	41	2.6	2.6	NUM
dem-5671	163	42	4.78	4.78	NUM
dem-5671	163	43	2.48	2.48	NUM
dem-5671	163	44	5	5	NUM
dem-5671	163	45	(	(	PUNCT
dem-5671	163	46	26.85:80.86	26.85:80.86	NUM
dem-5671	163	47	]	]	PUNCT
dem-5671	163	48	1.08	1.08	NUM
dem-5671	163	49	2.99	2.99	NUM
dem-5671	163	50	5.68	5.68	NUM
dem-5671	163	51	–	–	PUNCT
dem-5671	163	52	1.60	1.60	NUM
dem-5671	163	53	1.23	1.23	NUM
dem-5671	163	54	all	all	PRON
dem-5671	164	1	[	[	X
dem-5671	164	2	9.89:80.86	9.89:80.86	X
dem-5671	164	3	]	]	X
dem-5671	164	4	1.15	1.15	NUM
dem-5671	164	5	1.1	1.1	NUM
dem-5671	164	6	1.28	1.28	NUM
dem-5671	164	7	1.92	1.92	NUM
dem-5671	164	8	1.33	1.33	NUM
dem-5671	164	9	note	note	NOUN
dem-5671	164	10	:	:	PUNCT
dem-5671	164	11	all	all	DET
dem-5671	164	12	calculations	calculation	NOUN
dem-5671	164	13	were	be	AUX
dem-5671	164	14	made	make	VERB
dem-5671	164	15	on	on	ADP
dem-5671	164	16	the	the	DET
dem-5671	164	17	data	datum	NOUN
dem-5671	164	18	from	from	ADP
dem-5671	164	19	01/01/2006	01/01/2006	NUM
dem-5671	164	20	until	until	ADP
dem-5671	164	21	01/07/2013	01/07/2013	NUM
dem-5671	164	22	on	on	ADP
dem-5671	164	23	the	the	DET
dem-5671	164	24	basis	basis	NOUN
dem-5671	164	25	of	of	ADP
dem-5671	164	26	vix	vix	PROPN
dem-5671	164	27	futures	future	NOUN
dem-5671	164	28	with	with	ADP
dem-5671	164	29	up	up	ADP
dem-5671	164	30	to	to	PART
dem-5671	164	31	7	7	NUM
dem-5671	164	32	months	month	NOUN
dem-5671	164	33	to	to	ADP
dem-5671	164	34	expiration	expiration	NOUN
dem-5671	164	35	.	.	PUNCT
dem-5671	165	1	table	table	NOUN
dem-5671	165	2	8	8	NUM
dem-5671	165	3	.	.	PUNCT
dem-5671	166	1	median	median	ADJ
dem-5671	166	2	1	1	NUM
dem-5671	166	3	-	-	PUNCT
dem-5671	166	4	month	month	NOUN
dem-5671	166	5	vix	vix	NOUN
dem-5671	166	6	returns	return	NOUN
dem-5671	166	7	(	(	PUNCT
dem-5671	166	8	in	in	ADP
dem-5671	166	9	%	%	NOUN
dem-5671	166	10	)	)	PUNCT
dem-5671	166	11	conditional	conditional	ADJ
dem-5671	166	12	on	on	ADP
dem-5671	166	13	vix	vix	PROPN
dem-5671	166	14	quintile	quintile	NOUN
dem-5671	166	15	groups	group	NOUN
dem-5671	166	16	and	and	CCONJ
dem-5671	166	17	quartile	quartile	NOUN
dem-5671	166	18	groups	group	NOUN
dem-5671	166	19	vix	vix	PROPN
dem-5671	166	20	quintile	quintile	NOUN
dem-5671	166	21	group	group	NOUN
dem-5671	166	22	i	i	PRON
dem-5671	166	23	quartile	quartile	PROPN
dem-5671	166	24	group	group	PROPN
dem-5671	166	25	ii	ii	PROPN
dem-5671	166	26	quartile	quartile	PROPN
dem-5671	166	27	group	group	PROPN
dem-5671	166	28	iii	iii	NUM
dem-5671	166	29	quartile	quartile	NOUN
dem-5671	166	30	group	group	NOUN
dem-5671	166	31	iv	iv	NUM
dem-5671	166	32	quartile	quartile	NOUN
dem-5671	166	33	group	group	NOUN
dem-5671	166	34	all	all	DET
dem-5671	166	35	vix	vix	NOUN
dem-5671	166	36	level	level	NOUN
dem-5671	166	37	[	[	X
dem-5671	166	38	–	–	PUNCT
dem-5671	166	39	0.34	0.34	NUM
dem-5671	166	40	:	:	PUNCT
dem-5671	166	41	–	–	PUNCT
dem-5671	166	42	0.08	0.08	NUM
dem-5671	166	43	]	]	PUNCT
dem-5671	166	44	(	(	PUNCT
dem-5671	166	45	–	–	PUNCT
dem-5671	166	46	0.08	0.08	NUM
dem-5671	166	47	:	:	PUNCT
dem-5671	166	48	–	–	PUNCT
dem-5671	166	49	0.01	0.01	NUM
dem-5671	166	50	]	]	PUNCT
dem-5671	166	51	(	(	PUNCT
dem-5671	166	52	–	–	PUNCT
dem-5671	166	53	0.01	0.01	NUM
dem-5671	166	54	:	:	PUNCT
dem-5671	166	55	0.06	0.06	NUM
dem-5671	166	56	]	]	PUNCT
dem-5671	166	57	(	(	PUNCT
dem-5671	166	58	0.06	0.06	NUM
dem-5671	166	59	:	:	PUNCT
dem-5671	166	60	0.79	0.79	NUM
dem-5671	166	61	]	]	PUNCT
dem-5671	167	1	[	[	X
dem-5671	167	2	–	–	PUNCT
dem-5671	167	3	0.34	0.34	NUM
dem-5671	167	4	:	:	PUNCT
dem-5671	167	5	0.79	0.79	NUM
dem-5671	167	6	]	]	SYM
dem-5671	167	7	1	1	NUM
dem-5671	168	1	[	[	X
dem-5671	168	2	9.89:14.18	9.89:14.18	NUM
dem-5671	168	3	]	]	X
dem-5671	168	4	5.74	5.74	NUM
dem-5671	168	5	0.26	0.26	NUM
dem-5671	168	6	0.49	0.49	NUM
dem-5671	168	7	5.43	5.43	NUM
dem-5671	168	8	2.52	2.52	NUM
dem-5671	168	9	2	2	NUM
dem-5671	168	10	(	(	PUNCT
dem-5671	168	11	14.18:17.74	14.18:17.74	NUM
dem-5671	168	12	]	]	PUNCT
dem-5671	168	13	–	–	PUNCT
dem-5671	168	14	6.32	6.32	NUM
dem-5671	168	15	2.10	2.10	NUM
dem-5671	168	16	15.27	15.27	NUM
dem-5671	168	17	1.69	1.69	NUM
dem-5671	168	18	5.36	5.36	NUM
dem-5671	168	19	3	3	NUM
dem-5671	168	20	(	(	PUNCT
dem-5671	168	21	17.74:21.68	17.74:21.68	NUM
dem-5671	168	22	]	]	PUNCT
dem-5671	168	23	–	–	PUNCT
dem-5671	168	24	12.00	12.00	NUM
dem-5671	168	25	0.31	0.31	NUM
dem-5671	168	26	3.52	3.52	NUM
dem-5671	168	27	–	–	PUNCT
dem-5671	168	28	6.55	6.55	NUM
dem-5671	168	29	–	–	PUNCT
dem-5671	168	30	3.39	3.39	NUM
dem-5671	168	31	4	4	NUM
dem-5671	168	32	(	(	PUNCT
dem-5671	168	33	21.68:26.85	21.68:26.85	NUM
dem-5671	168	34	]	]	PUNCT
dem-5671	168	35	–	–	PUNCT
dem-5671	168	36	3.67	3.67	NUM
dem-5671	168	37	–	–	PUNCT
dem-5671	168	38	8.01	8.01	NUM
dem-5671	168	39	–	–	PUNCT
dem-5671	168	40	8.59	8.59	NUM
dem-5671	168	41	–	–	PUNCT
dem-5671	168	42	6.31	6.31	NUM
dem-5671	168	43	–	–	PUNCT
dem-5671	168	44	7.62	7.62	NUM
dem-5671	168	45	5	5	NUM
dem-5671	168	46	(	(	PUNCT
dem-5671	168	47	26.85:80.86	26.85:80.86	NUM
dem-5671	168	48	]	]	PUNCT
dem-5671	168	49	–	–	PUNCT
dem-5671	168	50	11.79	11.79	NUM
dem-5671	168	51	–	–	PUNCT
dem-5671	168	52	15.9	15.9	NUM
dem-5671	168	53	–	–	PUNCT
dem-5671	168	54	16.55	16.55	NUM
dem-5671	168	55	–	–	PUNCT
dem-5671	168	56	9.76	9.76	NUM
dem-5671	168	57	–	–	PUNCT
dem-5671	168	58	12.06	12.06	NUM
dem-5671	168	59	all	all	PRON
dem-5671	168	60	[	[	X
dem-5671	168	61	9.89:80.86	9.89:80.86	NUM
dem-5671	168	62	]	]	X
dem-5671	168	63	–	–	PUNCT
dem-5671	168	64	5.37	5.37	NUM
dem-5671	168	65	–	–	PUNCT
dem-5671	168	66	2.28	2.28	NUM
dem-5671	168	67	0.15	0.15	NUM
dem-5671	168	68	–	–	PUNCT
dem-5671	168	69	3.03	3.03	NUM
dem-5671	168	70	–	–	PUNCT
dem-5671	168	71	2.68	2.68	NUM
dem-5671	168	72	note	note	NOUN
dem-5671	168	73	:	:	PUNCT
dem-5671	168	74	all	all	DET
dem-5671	168	75	calculations	calculation	NOUN
dem-5671	168	76	were	be	AUX
dem-5671	168	77	made	make	VERB
dem-5671	168	78	on	on	ADP
dem-5671	168	79	the	the	DET
dem-5671	168	80	data	datum	NOUN
dem-5671	168	81	from	from	ADP
dem-5671	168	82	01/01/2006	01/01/2006	NUM
dem-5671	168	83	until	until	ADP
dem-5671	168	84	01/07/2013	01/07/2013	NUM
dem-5671	168	85	on	on	ADP
dem-5671	168	86	the	the	DET
dem-5671	168	87	basis	basis	NOUN
dem-5671	168	88	of	of	ADP
dem-5671	168	89	vix	vix	PROPN
dem-5671	168	90	futures	future	NOUN
dem-5671	168	91	with	with	ADP
dem-5671	168	92	up	up	ADP
dem-5671	168	93	to	to	PART
dem-5671	168	94	7	7	NUM
dem-5671	168	95	months	month	NOUN
dem-5671	168	96	to	to	ADP
dem-5671	168	97	expiration	expiration	NOUN
dem-5671	168	98	.	.	PUNCT
dem-5671	169	1	bold	bold	ADJ
dem-5671	169	2	fonts	font	NOUN
dem-5671	169	3	denote	denote	VERB
dem-5671	169	4	values	value	NOUN
dem-5671	169	5	significantly	significantly	ADV
dem-5671	169	6	different	different	ADJ
dem-5671	169	7	from	from	ADP
dem-5671	169	8	zero	zero	NUM
dem-5671	169	9	.	.	PUNCT
dem-5671	170	1	table	table	NOUN
dem-5671	170	2	7	7	NUM
dem-5671	170	3	shows	show	VERB
dem-5671	170	4	that	that	SCONJ
dem-5671	170	5	s&p500	s&p500	NOUN
dem-5671	170	6	returns	return	NOUN
dem-5671	170	7	increase	increase	VERB
dem-5671	170	8	monotonically	monotonically	ADV
dem-5671	170	9	with	with	ADP
dem-5671	170	10	the	the	DET
dem-5671	170	11	increase	increase	NOUN
dem-5671	170	12	of	of	ADP
dem-5671	170	13	values	value	NOUN
dem-5671	170	14	.	.	PUNCT
dem-5671	171	1	on	on	ADP
dem-5671	171	2	the	the	DET
dem-5671	171	3	other	other	ADJ
dem-5671	171	4	hand	hand	NOUN
dem-5671	171	5	,	,	PUNCT
dem-5671	171	6	we	we	PRON
dem-5671	171	7	can	can	AUX
dem-5671	171	8	not	not	PART
dem-5671	171	9	see	see	VERB
dem-5671	171	10	any	any	DET
dem-5671	171	11	clear	clear	ADJ
dem-5671	171	12	dependence	dependence	NOUN
dem-5671	171	13	between	between	ADP
dem-5671	171	14	vix	vix	NOUN
dem-5671	171	15	returns	return	NOUN
dem-5671	171	16	and	and	CCONJ
dem-5671	171	17	values	value	NOUN
dem-5671	171	18	(	(	PUNCT
dem-5671	171	19	table	table	NOUN
dem-5671	171	20	8)	8)	NUM
dem-5671	171	21	.	.	PUNCT
dem-5671	172	1	contrary	contrary	ADJ
dem-5671	172	2	to	to	ADP
dem-5671	172	3	the	the	DET
dem-5671	172	4	j.	j.	PROPN
dem-5671	172	5	jabłecki	jabłecki	PROPN
dem-5671	172	6	,	,	PUNCT
dem-5671	172	7	r.	r.	PROPN
dem-5671	172	8	kokoszczyński	kokoszczyński	PROPN
dem-5671	172	9	,	,	PUNCT
dem-5671	172	10	p.	p.	PROPN
dem-5671	172	11	sakowski	sakowski	PROPN
dem-5671	172	12	,	,	PUNCT
dem-5671	172	13	r.	r.	PROPN
dem-5671	172	14	ślepaczuk	ślepaczuk	PROPN
dem-5671	172	15	,	,	PUNCT
dem-5671	172	16	p.	p.	PROPN
dem-5671	172	17	wójcik	wójcik	VERB
dem-5671	172	18	dynamic	dynamic	ADJ
dem-5671	172	19	econometric	econometric	ADJ
dem-5671	172	20	models	model	NOUN
dem-5671	172	21	14	14	NUM
dem-5671	172	22	(	(	PUNCT
dem-5671	172	23	2014	2014	NUM
dem-5671	172	24	)	)	PUNCT
dem-5671	172	25	5–28	5–28	NOUN
dem-5671	172	26	18	18	NUM
dem-5671	172	27	latter	latter	ADJ
dem-5671	172	28	,	,	PUNCT
dem-5671	172	29	the	the	DET
dem-5671	172	30	general	general	ADJ
dem-5671	172	31	conclusion	conclusion	NOUN
dem-5671	172	32	concerning	concern	VERB
dem-5671	172	33	the	the	DET
dem-5671	172	34	part	part	NOUN
dem-5671	172	35	of	of	ADP
dem-5671	172	36	the	the	DET
dem-5671	172	37	table	table	NOUN
dem-5671	172	38	with	with	ADP
dem-5671	172	39	high	high	ADJ
dem-5671	172	40	positive	positive	ADJ
dem-5671	172	41	and	and	CCONJ
dem-5671	172	42	high	high	ADJ
dem-5671	172	43	negative	negative	ADJ
dem-5671	172	44	returns	return	NOUN
dem-5671	172	45	still	still	ADV
dem-5671	172	46	holds	hold	VERB
dem-5671	172	47	.	.	PUNCT
dem-5671	173	1	in	in	ADP
dem-5671	173	2	table	table	NOUN
dem-5671	173	3	9	9	NUM
dem-5671	173	4	we	we	PRON
dem-5671	173	5	find	find	VERB
dem-5671	173	6	the	the	DET
dem-5671	173	7	most	most	ADV
dem-5671	173	8	ideal	ideal	ADJ
dem-5671	173	9	dependence	dependence	NOUN
dem-5671	173	10	of	of	ADP
dem-5671	173	11	s&p500	s&p500	NOUN
dem-5671	173	12	returns	return	NOUN
dem-5671	173	13	.	.	PUNCT
dem-5671	174	1	they	they	PRON
dem-5671	174	2	increase	increase	VERB
dem-5671	174	3	monotonically	monotonically	ADV
dem-5671	174	4	with	with	ADP
dem-5671	174	5	the	the	DET
dem-5671	174	6	increase	increase	NOUN
dem-5671	174	7	of	of	ADP
dem-5671	174	8	,	,	PUNCT
dem-5671	174	9	values	value	NOUN
dem-5671	174	10	.	.	PUNCT
dem-5671	175	1	there	there	PRON
dem-5671	175	2	is	be	VERB
dem-5671	175	3	no	no	DET
dem-5671	175	4	clear	clear	ADJ
dem-5671	175	5	dependence	dependence	NOUN
dem-5671	175	6	between	between	ADP
dem-5671	175	7	vix	vix	NOUN
dem-5671	175	8	returns	return	NOUN
dem-5671	175	9	and	and	CCONJ
dem-5671	175	10	,	,	PUNCT
dem-5671	175	11	values	value	NOUN
dem-5671	175	12	(	(	PUNCT
dem-5671	175	13	table	table	NOUN
dem-5671	175	14	10	10	NUM
dem-5671	175	15	)	)	PUNCT
dem-5671	175	16	.	.	PUNCT
dem-5671	176	1	once	once	ADV
dem-5671	176	2	again	again	ADV
dem-5671	176	3	,	,	PUNCT
dem-5671	176	4	the	the	DET
dem-5671	176	5	general	general	ADJ
dem-5671	176	6	conclusion	conclusion	NOUN
dem-5671	176	7	concerning	concern	VERB
dem-5671	176	8	the	the	DET
dem-5671	176	9	part	part	NOUN
dem-5671	176	10	of	of	ADP
dem-5671	176	11	the	the	DET
dem-5671	176	12	table	table	NOUN
dem-5671	176	13	with	with	ADP
dem-5671	176	14	high	high	ADJ
dem-5671	176	15	positive	positive	ADJ
dem-5671	176	16	and	and	CCONJ
dem-5671	176	17	high	high	ADJ
dem-5671	176	18	negative	negative	ADJ
dem-5671	176	19	returns	return	NOUN
dem-5671	176	20	still	still	ADV
dem-5671	176	21	holds	hold	VERB
dem-5671	176	22	.	.	PUNCT
dem-5671	177	1	table	table	NOUN
dem-5671	177	2	9	9	NUM
dem-5671	177	3	.	.	PUNCT
dem-5671	178	1	median	median	ADJ
dem-5671	178	2	1	1	NUM
dem-5671	178	3	-	-	PUNCT
dem-5671	178	4	month	month	NOUN
dem-5671	178	5	s&p500	s&p500	NOUN
dem-5671	178	6	returns	return	NOUN
dem-5671	178	7	(	(	PUNCT
dem-5671	178	8	in	in	ADP
dem-5671	178	9	%	%	NOUN
dem-5671	178	10	)	)	PUNCT
dem-5671	178	11	conditional	conditional	ADJ
dem-5671	178	12	on	on	ADP
dem-5671	178	13	vix	vix	PROPN
dem-5671	178	14	quintile	quintile	NOUN
dem-5671	178	15	groups	group	NOUN
dem-5671	178	16	and	and	CCONJ
dem-5671	178	17	,	,	PUNCT
dem-5671	178	18	quartile	quartile	NOUN
dem-5671	178	19	groups	group	NOUN
dem-5671	178	20	vix	vix	PROPN
dem-5671	178	21	quintile	quintile	NOUN
dem-5671	178	22	group	group	NOUN
dem-5671	178	23	.	.	PUNCT
dem-5671	179	1	i	i	PRON
dem-5671	179	2	quartile	quartile	PROPN
dem-5671	179	3	group	group	PROPN
dem-5671	179	4	ii	ii	PROPN
dem-5671	179	5	quartile	quartile	PROPN
dem-5671	179	6	group	group	PROPN
dem-5671	179	7	iii	iii	NUM
dem-5671	179	8	quartile	quartile	NOUN
dem-5671	179	9	group	group	NOUN
dem-5671	179	10	iv	iv	NUM
dem-5671	179	11	quartile	quartile	NOUN
dem-5671	179	12	group	group	NOUN
dem-5671	179	13	all	all	DET
dem-5671	179	14	vix	vix	NOUN
dem-5671	179	15	level	level	NOUN
dem-5671	179	16	[	[	X
dem-5671	179	17	–	–	PUNCT
dem-5671	179	18	2.19	2.19	NUM
dem-5671	179	19	:	:	PUNCT
dem-5671	179	20	–	–	PUNCT
dem-5671	179	21	0.55	0.55	NUM
dem-5671	179	22	]	]	PUNCT
dem-5671	179	23	(	(	PUNCT
dem-5671	179	24	–	–	PUNCT
dem-5671	179	25	0.55	0.55	NUM
dem-5671	179	26	:	:	PUNCT
dem-5671	179	27	–	–	PUNCT
dem-5671	179	28	0.11	0.11	NUM
dem-5671	179	29	]	]	PUNCT
dem-5671	179	30	(	(	PUNCT
dem-5671	179	31	–	–	PUNCT
dem-5671	179	32	0.11	0.11	NUM
dem-5671	179	33	:	:	PUNCT
dem-5671	179	34	0.58	0.58	NUM
dem-5671	179	35	]	]	PUNCT
dem-5671	179	36	(	(	PUNCT
dem-5671	179	37	0.58	0.58	NUM
dem-5671	179	38	:	:	PUNCT
dem-5671	179	39	3.68	3.68	NUM
dem-5671	179	40	]	]	PUNCT
dem-5671	180	1	[	[	X
dem-5671	180	2	–	–	PUNCT
dem-5671	180	3	2.19	2.19	NUM
dem-5671	180	4	:	:	PUNCT
dem-5671	180	5	3.68	3.68	NUM
dem-5671	180	6	]	]	SYM
dem-5671	180	7	1	1	NUM
dem-5671	181	1	[	[	X
dem-5671	181	2	9.89:14.18	9.89:14.18	NUM
dem-5671	181	3	]	]	X
dem-5671	181	4	0.77	0.77	NUM
dem-5671	181	5	0.82	0.82	NUM
dem-5671	181	6	2.11	2.11	NUM
dem-5671	181	7	2.02	2.02	NUM
dem-5671	181	8	1.27	1.27	NUM
dem-5671	181	9	2	2	NUM
dem-5671	181	10	(	(	PUNCT
dem-5671	181	11	14.18:17.74	14.18:17.74	NUM
dem-5671	181	12	]	]	PUNCT
dem-5671	181	13	1.41	1.41	NUM
dem-5671	181	14	1.40	1.40	NUM
dem-5671	181	15	–	–	PUNCT
dem-5671	181	16	1.93	1.93	NUM
dem-5671	181	17	2.16	2.16	NUM
dem-5671	181	18	0.86	0.86	NUM
dem-5671	181	19	3	3	NUM
dem-5671	181	20	(	(	PUNCT
dem-5671	181	21	17.74:21.68	17.74:21.68	NUM
dem-5671	181	22	]	]	PUNCT
dem-5671	181	23	0.28	0.28	NUM
dem-5671	181	24	–	–	PUNCT
dem-5671	181	25	0.40	0.40	NUM
dem-5671	181	26	–	–	PUNCT
dem-5671	181	27	0.17	0.17	NUM
dem-5671	181	28	2.75	2.75	NUM
dem-5671	181	29	1.19	1.19	NUM
dem-5671	181	30	4	4	NUM
dem-5671	181	31	(	(	PUNCT
dem-5671	181	32	21.68:26.85	21.68:26.85	NUM
dem-5671	181	33	]	]	PUNCT
dem-5671	181	34	–	–	PUNCT
dem-5671	181	35	0.56	0.56	NUM
dem-5671	181	36	1.88	1.88	NUM
dem-5671	181	37	2.60	2.60	NUM
dem-5671	181	38	4.21	4.21	NUM
dem-5671	181	39	2.48	2.48	NUM
dem-5671	181	40	5	5	NUM
dem-5671	181	41	(	(	PUNCT
dem-5671	181	42	26.85:80.86	26.85:80.86	NUM
dem-5671	181	43	]	]	PUNCT
dem-5671	181	44	0.42	0.42	NUM
dem-5671	181	45	2.90	2.90	NUM
dem-5671	181	46	5.50	5.50	NUM
dem-5671	181	47	0.28	0.28	NUM
dem-5671	181	48	1.23	1.23	NUM
dem-5671	181	49	all	all	PRON
dem-5671	181	50	[	[	X
dem-5671	181	51	9.89:80.86	9.89:80.86	X
dem-5671	181	52	]	]	X
dem-5671	181	53	0.6	0.6	NUM
dem-5671	181	54	1.05	1.05	NUM
dem-5671	181	55	1.4	1.4	NUM
dem-5671	181	56	2.58	2.58	NUM
dem-5671	181	57	1.33	1.33	NUM
dem-5671	181	58	note	note	NOUN
dem-5671	181	59	:	:	PUNCT
dem-5671	181	60	all	all	DET
dem-5671	181	61	calculations	calculation	NOUN
dem-5671	181	62	were	be	AUX
dem-5671	181	63	made	make	VERB
dem-5671	181	64	on	on	ADP
dem-5671	181	65	the	the	DET
dem-5671	181	66	data	datum	NOUN
dem-5671	181	67	from	from	ADP
dem-5671	181	68	01/01/2006	01/01/2006	NUM
dem-5671	181	69	until	until	ADP
dem-5671	181	70	01/07/2013	01/07/2013	NUM
dem-5671	181	71	on	on	ADP
dem-5671	181	72	the	the	DET
dem-5671	181	73	basis	basis	NOUN
dem-5671	181	74	of	of	ADP
dem-5671	181	75	vix	vix	PROPN
dem-5671	181	76	futures	future	NOUN
dem-5671	181	77	with	with	ADP
dem-5671	181	78	up	up	ADP
dem-5671	181	79	to	to	PART
dem-5671	181	80	7	7	NUM
dem-5671	181	81	months	month	NOUN
dem-5671	181	82	to	to	ADP
dem-5671	181	83	expiration	expiration	NOUN
dem-5671	181	84	.	.	PUNCT
dem-5671	182	1	table	table	NOUN
dem-5671	182	2	10	10	NUM
dem-5671	182	3	.	.	PUNCT
dem-5671	183	1	median	median	ADJ
dem-5671	183	2	1	1	NUM
dem-5671	183	3	-	-	PUNCT
dem-5671	183	4	month	month	NOUN
dem-5671	183	5	vix	vix	NOUN
dem-5671	183	6	returns	return	NOUN
dem-5671	183	7	(	(	PUNCT
dem-5671	183	8	in	in	ADP
dem-5671	183	9	%	%	NOUN
dem-5671	183	10	)	)	PUNCT
dem-5671	183	11	conditional	conditional	ADJ
dem-5671	183	12	on	on	ADP
dem-5671	183	13	vix	vix	PROPN
dem-5671	183	14	quintile	quintile	NOUN
dem-5671	183	15	groups	group	NOUN
dem-5671	183	16	and	and	CCONJ
dem-5671	183	17	,	,	PUNCT
dem-5671	183	18	quartile	quartile	NOUN
dem-5671	183	19	groups	group	NOUN
dem-5671	183	20	vix	vix	PROPN
dem-5671	183	21	quintile	quintile	NOUN
dem-5671	183	22	group	group	NOUN
dem-5671	183	23	.	.	PUNCT
dem-5671	184	1	i	i	PRON
dem-5671	184	2	quartile	quartile	PROPN
dem-5671	184	3	group	group	PROPN
dem-5671	184	4	ii	ii	PROPN
dem-5671	184	5	quartile	quartile	PROPN
dem-5671	184	6	group	group	PROPN
dem-5671	184	7	iii	iii	NUM
dem-5671	184	8	quartile	quartile	NOUN
dem-5671	184	9	group	group	NOUN
dem-5671	184	10	iv	iv	NUM
dem-5671	184	11	quartile	quartile	NOUN
dem-5671	184	12	group	group	NOUN
dem-5671	184	13	all	all	DET
dem-5671	184	14	vix	vix	NOUN
dem-5671	184	15	level	level	NOUN
dem-5671	184	16	[	[	X
dem-5671	184	17	–	–	PUNCT
dem-5671	184	18	2.19	2.19	NUM
dem-5671	184	19	:	:	PUNCT
dem-5671	184	20	–	–	PUNCT
dem-5671	184	21	0.55	0.55	NUM
dem-5671	184	22	]	]	PUNCT
dem-5671	184	23	(	(	PUNCT
dem-5671	184	24	–	–	PUNCT
dem-5671	184	25	0.55	0.55	NUM
dem-5671	184	26	:	:	PUNCT
dem-5671	184	27	–	–	PUNCT
dem-5671	184	28	0.11	0.11	NUM
dem-5671	184	29	]	]	PUNCT
dem-5671	184	30	(	(	PUNCT
dem-5671	184	31	–	–	PUNCT
dem-5671	184	32	0.11	0.11	NUM
dem-5671	184	33	:	:	PUNCT
dem-5671	184	34	0.58	0.58	NUM
dem-5671	184	35	]	]	PUNCT
dem-5671	184	36	(	(	PUNCT
dem-5671	184	37	0.58	0.58	NUM
dem-5671	184	38	:	:	PUNCT
dem-5671	184	39	3.68	3.68	NUM
dem-5671	184	40	]	]	PUNCT
dem-5671	185	1	[	[	X
dem-5671	185	2	–	–	PUNCT
dem-5671	185	3	2.19	2.19	NUM
dem-5671	185	4	:	:	PUNCT
dem-5671	185	5	3.68	3.68	NUM
dem-5671	185	6	]	]	SYM
dem-5671	185	7	1	1	NUM
dem-5671	186	1	[	[	X
dem-5671	186	2	9.89:14.18	9.89:14.18	NUM
dem-5671	186	3	]	]	X
dem-5671	186	4	7.59	7.59	NUM
dem-5671	186	5	3.01	3.01	NUM
dem-5671	186	6	–	–	PUNCT
dem-5671	186	7	2.64	2.64	NUM
dem-5671	186	8	2.96	2.96	NUM
dem-5671	186	9	2.52	2.52	NUM
dem-5671	186	10	2	2	NUM
dem-5671	186	11	(	(	PUNCT
dem-5671	186	12	14.18:17.74	14.18:17.74	NUM
dem-5671	186	13	]	]	PUNCT
dem-5671	186	14	–	–	PUNCT
dem-5671	186	15	7.72	7.72	NUM
dem-5671	186	16	0.06	0.06	NUM
dem-5671	186	17	12.13	12.13	NUM
dem-5671	186	18	2.17	2.17	NUM
dem-5671	186	19	5.36	5.36	NUM
dem-5671	186	20	3	3	NUM
dem-5671	186	21	(	(	PUNCT
dem-5671	186	22	17.74:21.68	17.74:21.68	NUM
dem-5671	186	23	]	]	PUNCT
dem-5671	186	24	–	–	PUNCT
dem-5671	186	25	10.23	10.23	NUM
dem-5671	186	26	5.36	5.36	NUM
dem-5671	186	27	–	–	PUNCT
dem-5671	186	28	1.48	1.48	NUM
dem-5671	186	29	–	–	PUNCT
dem-5671	186	30	9.96	9.96	NUM
dem-5671	186	31	–	–	PUNCT
dem-5671	186	32	3.39	3.39	NUM
dem-5671	186	33	4	4	NUM
dem-5671	186	34	(	(	PUNCT
dem-5671	186	35	21.68:26.85	21.68:26.85	NUM
dem-5671	186	36	]	]	PUNCT
dem-5671	186	37	–	–	PUNCT
dem-5671	186	38	5.87	5.87	NUM
dem-5671	186	39	–	–	SYM
dem-5671	186	40	12.34	12.34	NUM
dem-5671	186	41	–	–	PUNCT
dem-5671	186	42	5.21	5.21	NUM
dem-5671	186	43	–	–	PUNCT
dem-5671	186	44	7.42	7.42	NUM
dem-5671	186	45	–	–	PUNCT
dem-5671	186	46	7.62	7.62	NUM
dem-5671	186	47	5	5	NUM
dem-5671	186	48	(	(	PUNCT
dem-5671	186	49	26.85:80.86	26.85:80.86	NUM
dem-5671	186	50	]	]	PUNCT
dem-5671	186	51	–	–	PUNCT
dem-5671	186	52	8.72	8.72	NUM
dem-5671	186	53	–	–	PUNCT
dem-5671	186	54	16.39	16.39	NUM
dem-5671	186	55	–	–	PUNCT
dem-5671	186	56	18.52	18.52	NUM
dem-5671	186	57	–	–	PUNCT
dem-5671	186	58	11.68	11.68	NUM
dem-5671	186	59	–	–	PUNCT
dem-5671	186	60	12.06	12.06	NUM
dem-5671	186	61	all	all	PRON
dem-5671	187	1	[	[	X
dem-5671	187	2	9.89:80.86	9.89:80.86	NUM
dem-5671	187	3	]	]	X
dem-5671	187	4	–	–	PUNCT
dem-5671	187	5	5.13	5.13	NUM
dem-5671	187	6	–	–	PUNCT
dem-5671	187	7	0.59	0.59	NUM
dem-5671	187	8	–	–	PUNCT
dem-5671	187	9	0.56	0.56	NUM
dem-5671	187	10	–	–	PUNCT
dem-5671	187	11	4.63	4.63	NUM
dem-5671	187	12	–	–	SYM
dem-5671	187	13	2.68	2.68	NUM
dem-5671	187	14	note	note	NOUN
dem-5671	187	15	:	:	PUNCT
dem-5671	187	16	all	all	DET
dem-5671	187	17	calculations	calculation	NOUN
dem-5671	187	18	were	be	AUX
dem-5671	187	19	made	make	VERB
dem-5671	187	20	on	on	ADP
dem-5671	187	21	the	the	DET
dem-5671	187	22	data	datum	NOUN
dem-5671	187	23	from	from	ADP
dem-5671	187	24	01/01/2006	01/01/2006	NUM
dem-5671	187	25	until	until	ADP
dem-5671	187	26	01/07/2013	01/07/2013	NUM
dem-5671	187	27	on	on	ADP
dem-5671	187	28	the	the	DET
dem-5671	187	29	basis	basis	NOUN
dem-5671	187	30	of	of	ADP
dem-5671	187	31	vix	vix	PROPN
dem-5671	187	32	futures	future	NOUN
dem-5671	187	33	with	with	ADP
dem-5671	187	34	up	up	ADP
dem-5671	187	35	to	to	PART
dem-5671	187	36	7	7	NUM
dem-5671	187	37	months	month	NOUN
dem-5671	187	38	to	to	ADP
dem-5671	187	39	expiration	expiration	NOUN
dem-5671	187	40	.	.	PUNCT
dem-5671	188	1	red	red	ADJ
dem-5671	188	2	font	font	NOUN
dem-5671	188	3	denotes	denote	NOUN
dem-5671	188	4	significantly	significantly	ADV
dem-5671	188	5	negative	negative	ADJ
dem-5671	188	6	returns	return	NOUN
dem-5671	188	7	while	while	SCONJ
dem-5671	188	8	green	green	ADJ
dem-5671	188	9	font	font	NOUN
dem-5671	188	10	denotes	denote	VERB
dem-5671	188	11	significantly	significantly	ADV
dem-5671	188	12	positive	positive	ADJ
dem-5671	188	13	returns	return	NOUN
dem-5671	188	14	.	.	PUNCT
dem-5671	189	1	table	table	NOUN
dem-5671	189	2	11	11	NUM
dem-5671	189	3	and	and	CCONJ
dem-5671	189	4	table	table	NOUN
dem-5671	189	5	12	12	NUM
dem-5671	189	6	do	do	AUX
dem-5671	189	7	not	not	PART
dem-5671	189	8	add	add	VERB
dem-5671	189	9	any	any	DET
dem-5671	189	10	new	new	ADJ
dem-5671	189	11	information	information	NOUN
dem-5671	189	12	.	.	PUNCT
dem-5671	190	1	there	there	PRON
dem-5671	190	2	is	be	VERB
dem-5671	190	3	no	no	DET
dem-5671	190	4	any	any	DET
dem-5671	190	5	clear	clear	ADJ
dem-5671	190	6	dependence	dependence	NOUN
dem-5671	190	7	between	between	ADP
dem-5671	190	8	,	,	PUNCT
dem-5671	190	9	|	|	ADV
dem-5671	190	10	|	|	ADV
dem-5671	190	11	and	and	CCONJ
dem-5671	190	12	s&p500	s&p500	NOUN
dem-5671	190	13	return	return	NOUN
dem-5671	190	14	.	.	PUNCT
dem-5671	191	1	the	the	DET
dem-5671	191	2	same	same	ADJ
dem-5671	191	3	concludoes	concludoe	NOUN
dem-5671	191	4	historical	historical	ADJ
dem-5671	191	5	volatility	volatility	NOUN
dem-5671	191	6	term	term	NOUN
dem-5671	191	7	structure	structure	NOUN
dem-5671	191	8	contain	contain	VERB
dem-5671	191	9	valuable	valuable	ADJ
dem-5671	191	10	information	information	NOUN
dem-5671	191	11	…	…	PUNCT
dem-5671	191	12	dynamic	dynamic	ADJ
dem-5671	191	13	econometric	econometric	ADJ
dem-5671	191	14	models	model	NOUN
dem-5671	191	15	14	14	NUM
dem-5671	191	16	(	(	PUNCT
dem-5671	191	17	2014	2014	NUM
dem-5671	191	18	)	)	PUNCT
dem-5671	192	1	5–28	5–28	NOUN
dem-5671	192	2	19	19	NUM
dem-5671	192	3	sion	sion	NOUN
dem-5671	192	4	we	we	PRON
dem-5671	192	5	can	can	AUX
dem-5671	192	6	drawn	draw	VERB
dem-5671	192	7	in	in	ADP
dem-5671	192	8	the	the	DET
dem-5671	192	9	case	case	NOUN
dem-5671	192	10	of	of	ADP
dem-5671	192	11	vix	vix	NOUN
dem-5671	192	12	returns	return	NOUN
dem-5671	192	13	and	and	CCONJ
dem-5671	192	14	,	,	PUNCT
dem-5671	192	15	values	value	NOUN
dem-5671	192	16	(	(	PUNCT
dem-5671	192	17	table	table	NOUN
dem-5671	192	18	12	12	NUM
dem-5671	192	19	)	)	PUNCT
dem-5671	192	20	.	.	PUNCT
dem-5671	193	1	the	the	DET
dem-5671	193	2	general	general	ADJ
dem-5671	193	3	conclusion	conclusion	NOUN
dem-5671	193	4	concerning	concern	VERB
dem-5671	193	5	the	the	DET
dem-5671	193	6	part	part	NOUN
dem-5671	193	7	of	of	ADP
dem-5671	193	8	the	the	DET
dem-5671	193	9	table	table	NOUN
dem-5671	193	10	with	with	ADP
dem-5671	193	11	high	high	ADJ
dem-5671	193	12	positive	positive	ADJ
dem-5671	193	13	and	and	CCONJ
dem-5671	193	14	high	high	ADJ
dem-5671	193	15	negative	negative	ADJ
dem-5671	193	16	vix	vix	NOUN
dem-5671	193	17	returns	return	NOUN
dem-5671	193	18	holds	hold	VERB
dem-5671	193	19	only	only	ADV
dem-5671	193	20	in	in	ADP
dem-5671	193	21	case	case	NOUN
dem-5671	193	22	of	of	ADP
dem-5671	193	23	the	the	DET
dem-5671	193	24	negative	negative	ADJ
dem-5671	193	25	returns	return	NOUN
dem-5671	193	26	.	.	PUNCT
dem-5671	194	1	table	table	NOUN
dem-5671	194	2	11	11	NUM
dem-5671	194	3	.	.	PUNCT
dem-5671	195	1	median	median	ADJ
dem-5671	195	2	1	1	NUM
dem-5671	195	3	-	-	PUNCT
dem-5671	195	4	month	month	NOUN
dem-5671	195	5	s&p500	s&p500	NOUN
dem-5671	195	6	returns	return	NOUN
dem-5671	195	7	(	(	PUNCT
dem-5671	195	8	in	in	ADP
dem-5671	195	9	%	%	NOUN
dem-5671	195	10	)	)	PUNCT
dem-5671	195	11	conditional	conditional	ADJ
dem-5671	195	12	on	on	ADP
dem-5671	195	13	vix	vix	PROPN
dem-5671	195	14	quintile	quintile	NOUN
dem-5671	195	15	groups	group	NOUN
dem-5671	195	16	and	and	CCONJ
dem-5671	195	17	,	,	PUNCT
dem-5671	195	18	|	|	ADV
dem-5671	195	19	|	|	ADV
dem-5671	195	20	quartile	quartile	ADJ
dem-5671	195	21	groups	group	NOUN
dem-5671	195	22	vix	vix	PROPN
dem-5671	195	23	quintile	quintile	NOUN
dem-5671	195	24	group	group	NOUN
dem-5671	195	25	.	.	PUNCT
dem-5671	196	1	|	|	ADV
dem-5671	196	2	|	|	ADV
dem-5671	196	3	i	i	PRON
dem-5671	196	4	quartile	quartile	VERB
dem-5671	196	5	group	group	PROPN
dem-5671	196	6	ii	ii	PROPN
dem-5671	196	7	quartile	quartile	PROPN
dem-5671	196	8	group	group	PROPN
dem-5671	196	9	iii	iii	NUM
dem-5671	196	10	quartile	quartile	NOUN
dem-5671	196	11	group	group	NOUN
dem-5671	196	12	iv	iv	NUM
dem-5671	196	13	quartile	quartile	NOUN
dem-5671	196	14	group	group	NOUN
dem-5671	196	15	all	all	DET
dem-5671	196	16	vix	vix	NOUN
dem-5671	196	17	level	level	NOUN
dem-5671	196	18	[	[	X
dem-5671	196	19	0.03	0.03	NUM
dem-5671	196	20	:	:	PUNCT
dem-5671	196	21	0.33	0.33	NUM
dem-5671	196	22	]	]	PUNCT
dem-5671	196	23	(	(	PUNCT
dem-5671	196	24	0.33	0.33	NUM
dem-5671	196	25	:	:	PUNCT
dem-5671	196	26	0.58	0.58	NUM
dem-5671	196	27	]	]	PUNCT
dem-5671	196	28	(	(	PUNCT
dem-5671	196	29	0.58	0.58	NUM
dem-5671	196	30	:	:	PUNCT
dem-5671	196	31	0.87	0.87	NUM
dem-5671	196	32	]	]	PUNCT
dem-5671	196	33	(	(	PUNCT
dem-5671	196	34	0.87	0.87	NUM
dem-5671	196	35	:	:	PUNCT
dem-5671	196	36	3.68	3.68	NUM
dem-5671	196	37	]	]	PUNCT
dem-5671	197	1	[	[	X
dem-5671	197	2	0.03	0.03	NUM
dem-5671	197	3	:	:	PUNCT
dem-5671	197	4	3.68	3.68	NUM
dem-5671	197	5	]	]	SYM
dem-5671	197	6	1	1	NUM
dem-5671	198	1	[	[	X
dem-5671	198	2	9.89:14.18	9.89:14.18	NUM
dem-5671	198	3	]	]	X
dem-5671	198	4	1.69	1.69	NUM
dem-5671	198	5	0.75	0.75	NUM
dem-5671	198	6	1.31	1.31	NUM
dem-5671	198	7	2.24	2.24	NUM
dem-5671	198	8	1.27	1.27	NUM
dem-5671	198	9	2	2	NUM
dem-5671	198	10	(	(	PUNCT
dem-5671	198	11	14.18:17.74	14.18:17.74	NUM
dem-5671	198	12	]	]	PUNCT
dem-5671	198	13	–	–	PUNCT
dem-5671	198	14	2.28	2.28	NUM
dem-5671	198	15	0.87	0.87	NUM
dem-5671	198	16	1.63	1.63	NUM
dem-5671	198	17	2.16	2.16	NUM
dem-5671	198	18	0.86	0.86	NUM
dem-5671	198	19	3	3	NUM
dem-5671	198	20	(	(	PUNCT
dem-5671	198	21	17.74:21.68	17.74:21.68	NUM
dem-5671	198	22	]	]	PUNCT
dem-5671	198	23	0.95	0.95	NUM
dem-5671	198	24	–	–	PUNCT
dem-5671	198	25	0.76	0.76	NUM
dem-5671	198	26	1.66	1.66	NUM
dem-5671	198	27	2.01	2.01	NUM
dem-5671	198	28	1.19	1.19	NUM
dem-5671	198	29	4	4	NUM
dem-5671	198	30	(	(	PUNCT
dem-5671	198	31	21.68:26.85	21.68:26.85	NUM
dem-5671	198	32	]	]	X
dem-5671	198	33	2.74	2.74	NUM
dem-5671	198	34	1.12	1.12	NUM
dem-5671	198	35	2.22	2.22	NUM
dem-5671	198	36	3.83	3.83	NUM
dem-5671	198	37	2.48	2.48	NUM
dem-5671	198	38	5	5	NUM
dem-5671	198	39	(	(	PUNCT
dem-5671	198	40	26.85:80.86	26.85:80.86	NUM
dem-5671	198	41	]	]	X
dem-5671	198	42	4.25	4.25	NUM
dem-5671	198	43	3.27	3.27	NUM
dem-5671	198	44	0.38	0.38	NUM
dem-5671	198	45	0.22	0.22	NUM
dem-5671	198	46	1.23	1.23	NUM
dem-5671	198	47	all	all	PRON
dem-5671	199	1	[	[	X
dem-5671	199	2	9.89:80.86	9.89:80.86	X
dem-5671	199	3	]	]	X
dem-5671	199	4	1.47	1.47	NUM
dem-5671	199	5	0.86	0.86	NUM
dem-5671	199	6	1.36	1.36	NUM
dem-5671	199	7	1.82	1.82	NUM
dem-5671	199	8	1.33	1.33	NUM
dem-5671	199	9	note	note	NOUN
dem-5671	199	10	:	:	PUNCT
dem-5671	199	11	all	all	DET
dem-5671	199	12	calculations	calculation	NOUN
dem-5671	199	13	were	be	AUX
dem-5671	199	14	made	make	VERB
dem-5671	199	15	on	on	ADP
dem-5671	199	16	the	the	DET
dem-5671	199	17	data	datum	NOUN
dem-5671	199	18	from	from	ADP
dem-5671	199	19	01/01/2006	01/01/2006	NUM
dem-5671	199	20	until	until	ADP
dem-5671	199	21	01/07/2013	01/07/2013	NUM
dem-5671	199	22	on	on	ADP
dem-5671	199	23	the	the	DET
dem-5671	199	24	basis	basis	NOUN
dem-5671	199	25	of	of	ADP
dem-5671	199	26	vix	vix	PROPN
dem-5671	199	27	futures	future	NOUN
dem-5671	199	28	with	with	ADP
dem-5671	199	29	up	up	ADP
dem-5671	199	30	to	to	PART
dem-5671	199	31	7	7	NUM
dem-5671	199	32	months	month	NOUN
dem-5671	199	33	to	to	ADP
dem-5671	199	34	expiration	expiration	NOUN
dem-5671	199	35	.	.	PUNCT
dem-5671	200	1	table	table	NOUN
dem-5671	200	2	12	12	NUM
dem-5671	200	3	.	.	PUNCT
dem-5671	201	1	median	median	ADJ
dem-5671	201	2	1	1	NUM
dem-5671	201	3	-	-	PUNCT
dem-5671	201	4	month	month	NOUN
dem-5671	201	5	vix	vix	NOUN
dem-5671	201	6	returns	return	NOUN
dem-5671	201	7	(	(	PUNCT
dem-5671	201	8	in	in	ADP
dem-5671	201	9	%	%	NOUN
dem-5671	201	10	)	)	PUNCT
dem-5671	201	11	conditional	conditional	ADJ
dem-5671	201	12	on	on	ADP
dem-5671	201	13	vix	vix	PROPN
dem-5671	201	14	quintile	quintile	NOUN
dem-5671	201	15	groups	group	NOUN
dem-5671	201	16	and	and	CCONJ
dem-5671	201	17	,	,	PUNCT
dem-5671	201	18	|	|	ADV
dem-5671	201	19	|	|	ADV
dem-5671	201	20	quartile	quartile	ADJ
dem-5671	201	21	groups	group	NOUN
dem-5671	201	22	vix	vix	PROPN
dem-5671	201	23	quintile	quintile	NOUN
dem-5671	201	24	group	group	NOUN
dem-5671	201	25	.	.	PUNCT
dem-5671	202	1	|	|	ADV
dem-5671	202	2	|	|	ADV
dem-5671	202	3	i	i	PRON
dem-5671	202	4	quartile	quartile	VERB
dem-5671	202	5	group	group	PROPN
dem-5671	202	6	ii	ii	PROPN
dem-5671	202	7	quartile	quartile	PROPN
dem-5671	202	8	group	group	PROPN
dem-5671	202	9	iii	iii	NUM
dem-5671	202	10	quartile	quartile	NOUN
dem-5671	202	11	group	group	NOUN
dem-5671	202	12	iv	iv	NUM
dem-5671	202	13	quartile	quartile	NOUN
dem-5671	202	14	group	group	NOUN
dem-5671	202	15	all	all	DET
dem-5671	202	16	vix	vix	NOUN
dem-5671	202	17	level	level	NOUN
dem-5671	202	18	[	[	X
dem-5671	202	19	0.03	0.03	NUM
dem-5671	202	20	:	:	PUNCT
dem-5671	202	21	0.33	0.33	NUM
dem-5671	202	22	]	]	PUNCT
dem-5671	202	23	(	(	PUNCT
dem-5671	202	24	0.33	0.33	NUM
dem-5671	202	25	:	:	PUNCT
dem-5671	202	26	0.58	0.58	NUM
dem-5671	202	27	]	]	PUNCT
dem-5671	202	28	(	(	PUNCT
dem-5671	202	29	0.58	0.58	NUM
dem-5671	202	30	:	:	PUNCT
dem-5671	202	31	0.87	0.87	NUM
dem-5671	202	32	]	]	PUNCT
dem-5671	202	33	(	(	PUNCT
dem-5671	202	34	0.87	0.87	NUM
dem-5671	202	35	:	:	PUNCT
dem-5671	202	36	3.68	3.68	NUM
dem-5671	202	37	]	]	PUNCT
dem-5671	203	1	[	[	X
dem-5671	203	2	0.03	0.03	NUM
dem-5671	203	3	:	:	PUNCT
dem-5671	203	4	3.68	3.68	NUM
dem-5671	203	5	]	]	SYM
dem-5671	203	6	1	1	NUM
dem-5671	203	7	[	[	X
dem-5671	203	8	9.89:14.18	9.89:14.18	NUM
dem-5671	203	9	]	]	X
dem-5671	203	10	–	–	PUNCT
dem-5671	203	11	2.49	2.49	NUM
dem-5671	203	12	7.54	7.54	NUM
dem-5671	203	13	6.39	6.39	NUM
dem-5671	203	14	–	–	PUNCT
dem-5671	203	15	0.44	0.44	NUM
dem-5671	203	16	2.52	2.52	NUM
dem-5671	203	17	2	2	NUM
dem-5671	203	18	(	(	PUNCT
dem-5671	203	19	14.18:17.74	14.18:17.74	NUM
dem-5671	203	20	]	]	PUNCT
dem-5671	203	21	13.68	13.68	NUM
dem-5671	203	22	5.89	5.89	NUM
dem-5671	203	23	–	–	PUNCT
dem-5671	203	24	3.32	3.32	NUM
dem-5671	203	25	–	–	PUNCT
dem-5671	203	26	0.57	0.57	NUM
dem-5671	203	27	5.36	5.36	NUM
dem-5671	203	28	3	3	NUM
dem-5671	203	29	(	(	PUNCT
dem-5671	203	30	17.74:21.68	17.74:21.68	NUM
dem-5671	203	31	]	]	PUNCT
dem-5671	203	32	0.35	0.35	NUM
dem-5671	203	33	1.56	1.56	NUM
dem-5671	203	34	–	–	PUNCT
dem-5671	203	35	10.17	10.17	NUM
dem-5671	203	36	–	–	PUNCT
dem-5671	203	37	8.34	8.34	NUM
dem-5671	203	38	–	–	PUNCT
dem-5671	203	39	3.39	3.39	NUM
dem-5671	203	40	4	4	NUM
dem-5671	203	41	(	(	PUNCT
dem-5671	203	42	21.68:26.85	21.68:26.85	NUM
dem-5671	203	43	]	]	PUNCT
dem-5671	203	44	–	–	PUNCT
dem-5671	203	45	13.8	13.8	NUM
dem-5671	203	46	–	–	SYM
dem-5671	203	47	3.5	3.5	NUM
dem-5671	203	48	–	–	SYM
dem-5671	203	49	3.67	3.67	NUM
dem-5671	203	50	–	–	PUNCT
dem-5671	203	51	9.24	9.24	NUM
dem-5671	203	52	–	–	PUNCT
dem-5671	203	53	7.62	7.62	NUM
dem-5671	203	54	5	5	NUM
dem-5671	203	55	(	(	PUNCT
dem-5671	203	56	26.85:80.86	26.85:80.86	NUM
dem-5671	203	57	]	]	PUNCT
dem-5671	203	58	–	–	PUNCT
dem-5671	203	59	26.61	26.61	NUM
dem-5671	203	60	–	–	PUNCT
dem-5671	203	61	15.39	15.39	NUM
dem-5671	203	62	–	–	PUNCT
dem-5671	203	63	8.24	8.24	NUM
dem-5671	203	64	–	–	PUNCT
dem-5671	203	65	10.27	10.27	NUM
dem-5671	203	66	–	–	PUNCT
dem-5671	203	67	12.06	12.06	NUM
dem-5671	203	68	all	all	PRON
dem-5671	203	69	[	[	X
dem-5671	203	70	9.89:80.86	9.89:80.86	NUM
dem-5671	203	71	]	]	X
dem-5671	203	72	–	–	PUNCT
dem-5671	203	73	3.24	3.24	NUM
dem-5671	203	74	1.45	1.45	NUM
dem-5671	203	75	–	–	PUNCT
dem-5671	203	76	2.73	2.73	NUM
dem-5671	203	77	–	–	PUNCT
dem-5671	203	78	6.42	6.42	NUM
dem-5671	203	79	–	–	PUNCT
dem-5671	203	80	2.68	2.68	NUM
dem-5671	203	81	note	note	NOUN
dem-5671	203	82	:	:	PUNCT
dem-5671	203	83	all	all	DET
dem-5671	203	84	calculations	calculation	NOUN
dem-5671	203	85	were	be	AUX
dem-5671	203	86	made	make	VERB
dem-5671	203	87	on	on	ADP
dem-5671	203	88	the	the	DET
dem-5671	203	89	data	datum	NOUN
dem-5671	203	90	from	from	ADP
dem-5671	203	91	01/01/2006	01/01/2006	NUM
dem-5671	203	92	until	until	ADP
dem-5671	203	93	01/07/2013	01/07/2013	NUM
dem-5671	203	94	on	on	ADP
dem-5671	203	95	the	the	DET
dem-5671	203	96	basis	basis	NOUN
dem-5671	203	97	of	of	ADP
dem-5671	203	98	vix	vix	PROPN
dem-5671	203	99	futures	future	NOUN
dem-5671	203	100	with	with	ADP
dem-5671	203	101	up	up	ADP
dem-5671	203	102	to	to	PART
dem-5671	203	103	7	7	NUM
dem-5671	203	104	months	month	NOUN
dem-5671	203	105	to	to	ADP
dem-5671	203	106	expiration	expiration	NOUN
dem-5671	203	107	.	.	PUNCT
dem-5671	204	1	bold	bold	ADJ
dem-5671	204	2	fonts	font	NOUN
dem-5671	204	3	denote	denote	VERB
dem-5671	204	4	values	value	NOUN
dem-5671	204	5	significantly	significantly	ADV
dem-5671	204	6	different	different	ADJ
dem-5671	204	7	from	from	ADP
dem-5671	204	8	zero	zero	NUM
dem-5671	204	9	.	.	PUNCT
dem-5671	205	1	having	having	AUX
dem-5671	205	2	found	find	VERB
dem-5671	205	3	strong	strong	ADJ
dem-5671	205	4	dependence	dependence	NOUN
dem-5671	205	5	patterns	pattern	NOUN
dem-5671	205	6	we	we	PRON
dem-5671	205	7	will	will	AUX
dem-5671	205	8	try	try	VERB
dem-5671	205	9	to	to	PART
dem-5671	205	10	use	use	VERB
dem-5671	205	11	them	they	PRON
dem-5671	205	12	to	to	PART
dem-5671	205	13	design	design	VERB
dem-5671	205	14	a	a	DET
dem-5671	205	15	simple	simple	ADJ
dem-5671	205	16	investment	investment	NOUN
dem-5671	205	17	strategy	strategy	NOUN
dem-5671	205	18	which	which	PRON
dem-5671	205	19	is	be	AUX
dem-5671	205	20	supposed	suppose	VERB
dem-5671	205	21	to	to	PART
dem-5671	205	22	beat	beat	VERB
dem-5671	205	23	the	the	DET
dem-5671	205	24	market	market	NOUN
dem-5671	205	25	(	(	PUNCT
dem-5671	205	26	s&p500	s&p500	NOUN
dem-5671	205	27	buy&hold	buy&hold	ADJ
dem-5671	205	28	strategy	strategy	NOUN
dem-5671	205	29	)	)	PUNCT
dem-5671	205	30	.	.	PUNCT
dem-5671	206	1	j.	j.	PROPN
dem-5671	206	2	jabłecki	jabłecki	PROPN
dem-5671	206	3	,	,	PUNCT
dem-5671	206	4	r.	r.	PROPN
dem-5671	206	5	kokoszczyński	kokoszczyński	PROPN
dem-5671	206	6	,	,	PUNCT
dem-5671	206	7	p.	p.	PROPN
dem-5671	206	8	sakowski	sakowski	PROPN
dem-5671	206	9	,	,	PUNCT
dem-5671	206	10	r.	r.	PROPN
dem-5671	206	11	ślepaczuk	ślepaczuk	PROPN
dem-5671	206	12	,	,	PUNCT
dem-5671	206	13	p.	p.	PROPN
dem-5671	206	14	wójcik	wójcik	VERB
dem-5671	206	15	dynamic	dynamic	ADJ
dem-5671	206	16	econometric	econometric	ADJ
dem-5671	206	17	models	model	NOUN
dem-5671	206	18	14	14	NUM
dem-5671	206	19	(	(	PUNCT
dem-5671	206	20	2014	2014	NUM
dem-5671	206	21	)	)	PUNCT
dem-5671	206	22	5–28	5–28	NOUN
dem-5671	206	23	20	20	NUM
dem-5671	206	24	5	5	NUM
dem-5671	206	25	.	.	PUNCT
dem-5671	207	1	the	the	DET
dem-5671	207	2	investment	investment	NOUN
dem-5671	207	3	model	model	NOUN
dem-5671	207	4	the	the	DET
dem-5671	207	5	main	main	ADJ
dem-5671	207	6	objective	objective	NOUN
dem-5671	207	7	of	of	ADP
dem-5671	207	8	this	this	DET
dem-5671	207	9	section	section	NOUN
dem-5671	207	10	is	be	AUX
dem-5671	207	11	to	to	PART
dem-5671	207	12	design	design	VERB
dem-5671	207	13	investment	investment	NOUN
dem-5671	207	14	strategies	strategy	NOUN
dem-5671	207	15	which	which	PRON
dem-5671	207	16	will	will	AUX
dem-5671	207	17	implement	implement	VERB
dem-5671	207	18	the	the	DET
dem-5671	207	19	dependence	dependence	NOUN
dem-5671	207	20	of	of	ADP
dem-5671	207	21	vix	vix	PROPN
dem-5671	207	22	and	and	CCONJ
dem-5671	207	23	vix	vix	PROPN
dem-5671	207	24	futures	future	NOUN
dem-5671	207	25	returns	return	NOUN
dem-5671	207	26	on	on	ADP
dem-5671	207	27	various	various	ADJ
dem-5671	207	28	vts	vts	NOUN
dem-5671	207	29	and	and	CCONJ
dem-5671	207	30	vrp	vrp	NOUN
dem-5671	207	31	measures	measure	NOUN
dem-5671	207	32	.	.	PUNCT
dem-5671	208	1	this	this	DET
dem-5671	208	2	idea	idea	NOUN
dem-5671	208	3	has	have	AUX
dem-5671	208	4	been	be	AUX
dem-5671	208	5	directly	directly	ADV
dem-5671	208	6	motivated	motivate	VERB
dem-5671	208	7	by	by	ADP
dem-5671	208	8	our	our	PRON
dem-5671	208	9	previous	previous	ADJ
dem-5671	208	10	study	study	NOUN
dem-5671	208	11	(	(	PUNCT
dem-5671	208	12	jabłecki	jabłecki	PROPN
dem-5671	208	13	et	et	PROPN
dem-5671	208	14	.	.	PUNCT
dem-5671	209	1	al	al	PROPN
dem-5671	209	2	.	.	PROPN
dem-5671	209	3	2013a	2013a	NUM
dem-5671	209	4	)	)	PUNCT
dem-5671	209	5	,	,	PUNCT
dem-5671	209	6	where	where	SCONJ
dem-5671	209	7	we	we	PRON
dem-5671	209	8	found	find	VERB
dem-5671	209	9	evidence	evidence	NOUN
dem-5671	209	10	of	of	ADP
dem-5671	209	11	significant	significant	ADJ
dem-5671	209	12	relationship	relationship	NOUN
dem-5671	209	13	between	between	ADP
dem-5671	209	14	lagged	lag	VERB
dem-5671	209	15	slope	slope	NOUN
dem-5671	209	16	of	of	ADP
dem-5671	209	17	vix	vix	PROPN
dem-5671	209	18	futures	future	NOUN
dem-5671	209	19	term	term	NOUN
dem-5671	209	20	structure	structure	NOUN
dem-5671	209	21	and	and	CCONJ
dem-5671	209	22	current	current	ADJ
dem-5671	209	23	level	level	NOUN
dem-5671	209	24	of	of	ADP
dem-5671	209	25	vix	vix	NOUN
dem-5671	209	26	.	.	PUNCT
dem-5671	210	1	this	this	DET
dem-5671	210	2	finding	find	VERB
dem-5671	210	3	however	however	ADV
dem-5671	210	4	,	,	PUNCT
dem-5671	210	5	could	could	AUX
dem-5671	210	6	n’t	not	PART
dem-5671	210	7	help	help	VERB
dem-5671	210	8	us	we	PRON
dem-5671	210	9	to	to	PART
dem-5671	210	10	get	get	VERB
dem-5671	210	11	significantly	significantly	ADV
dem-5671	210	12	lower	low	ADJ
dem-5671	210	13	average	average	ADJ
dem-5671	210	14	prediction	prediction	NOUN
dem-5671	210	15	errors	error	NOUN
dem-5671	210	16	of	of	ADP
dem-5671	210	17	futures	future	NOUN
dem-5671	210	18	vix	vix	NOUN
dem-5671	210	19	level	level	NOUN
dem-5671	210	20	,	,	PUNCT
dem-5671	210	21	when	when	SCONJ
dem-5671	210	22	compared	compare	VERB
dem-5671	210	23	with	with	ADP
dem-5671	210	24	naïve	naïve	ADJ
dem-5671	210	25	forecasts	forecast	NOUN
dem-5671	210	26	.	.	PUNCT
dem-5671	211	1	we	we	PRON
dem-5671	211	2	decided	decide	VERB
dem-5671	211	3	therefore	therefore	ADV
dem-5671	211	4	to	to	PART
dem-5671	211	5	try	try	VERB
dem-5671	211	6	to	to	PART
dem-5671	211	7	translate	translate	VERB
dem-5671	211	8	apparent	apparent	ADJ
dem-5671	211	9	connection	connection	NOUN
dem-5671	211	10	between	between	ADP
dem-5671	211	11	term	term	NOUN
dem-5671	211	12	structure	structure	NOUN
dem-5671	211	13	of	of	ADP
dem-5671	211	14	vix	vix	PROPN
dem-5671	211	15	futures	future	NOUN
dem-5671	211	16	and	and	CCONJ
dem-5671	211	17	vix	vix	PROPN
dem-5671	211	18	level	level	NOUN
dem-5671	211	19	into	into	ADP
dem-5671	211	20	a	a	DET
dem-5671	211	21	profitable	profitable	ADJ
dem-5671	211	22	investment	investment	NOUN
dem-5671	211	23	strategy	strategy	NOUN
dem-5671	211	24	.	.	PUNCT
dem-5671	212	1	our	our	PRON
dem-5671	212	2	investment	investment	NOUN
dem-5671	212	3	algorithms	algorithm	NOUN
dem-5671	212	4	use	use	VERB
dem-5671	212	5	the	the	DET
dem-5671	212	6	idea	idea	NOUN
dem-5671	212	7	of	of	ADP
dem-5671	212	8	mean	mean	ADJ
dem-5671	212	9	reversion	reversion	NOUN
dem-5671	212	10	characteristics	characteristic	NOUN
dem-5671	212	11	of	of	ADP
dem-5671	212	12	vix	vix	NOUN
dem-5671	212	13	fluctuations	fluctuation	NOUN
dem-5671	212	14	and	and	CCONJ
dem-5671	212	15	additionally	additionally	ADV
dem-5671	212	16	,	,	PUNCT
dem-5671	212	17	the	the	DET
dem-5671	212	18	information	information	NOUN
dem-5671	212	19	hidden	hide	VERB
dem-5671	212	20	in	in	ADP
dem-5671	212	21	term	term	NOUN
dem-5671	212	22	structure	structure	NOUN
dem-5671	212	23	of	of	ADP
dem-5671	212	24	vix	vix	PROPN
dem-5671	212	25	futures	future	NOUN
dem-5671	212	26	shape	shape	NOUN
dem-5671	212	27	and	and	CCONJ
dem-5671	212	28	vrp	vrp	NOUN
dem-5671	212	29	values	value	NOUN
dem-5671	212	30	.	.	PUNCT
dem-5671	213	1	tables	table	NOUN
dem-5671	213	2	and	and	CCONJ
dem-5671	213	3	figures	figure	NOUN
dem-5671	213	4	presented	present	VERB
dem-5671	213	5	earlier	early	ADV
dem-5671	213	6	confirmed	confirm	VERB
dem-5671	213	7	our	our	PRON
dem-5671	213	8	initial	initial	ADJ
dem-5671	213	9	intuition	intuition	NOUN
dem-5671	213	10	that	that	SCONJ
dem-5671	213	11	vix	vix	NOUN
dem-5671	213	12	returns	return	NOUN
dem-5671	213	13	(	(	PUNCT
dem-5671	213	14	and	and	CCONJ
dem-5671	213	15	partly	partly	ADV
dem-5671	213	16	s&p500	s&p500	NOUN
dem-5671	213	17	returns7	returns7	NOUN
dem-5671	213	18	)	)	PUNCT
dem-5671	213	19	depend	depend	VERB
dem-5671	213	20	on	on	ADP
dem-5671	213	21	the	the	DET
dem-5671	213	22	current	current	ADJ
dem-5671	213	23	level	level	NOUN
dem-5671	213	24	of	of	ADP
dem-5671	213	25	vix	vix	PROPN
dem-5671	213	26	,	,	PUNCT
dem-5671	213	27	vts	vts	NOUN
dem-5671	213	28	shape	shape	NOUN
dem-5671	213	29	and	and	CCONJ
dem-5671	213	30	vrp	vrp	NOUN
dem-5671	213	31	values	value	NOUN
dem-5671	213	32	.	.	PUNCT
dem-5671	214	1	higher	high	ADJ
dem-5671	214	2	slope	slope	NOUN
dem-5671	214	3	of	of	ADP
dem-5671	214	4	vts	vts	NOUN
dem-5671	214	5	(	(	PUNCT
dem-5671	214	6	or	or	CCONJ
dem-5671	214	7	high	high	ADJ
dem-5671	214	8	vrp	vrp	NOUN
dem-5671	214	9	value	value	NOUN
dem-5671	214	10	)	)	PUNCT
dem-5671	214	11	together	together	ADV
dem-5671	214	12	with	with	ADP
dem-5671	214	13	lower	low	ADJ
dem-5671	214	14	vix	vix	PROPN
dem-5671	214	15	quintile	quintile	NOUN
dem-5671	214	16	group	group	NOUN
dem-5671	214	17	generally	generally	ADV
dem-5671	214	18	implicates	implicate	VERB
dem-5671	214	19	high	high	ADJ
dem-5671	214	20	vix	vix	NOUN
dem-5671	214	21	returns	return	NOUN
dem-5671	214	22	,	,	PUNCT
dem-5671	214	23	while	while	SCONJ
dem-5671	214	24	lower	low	ADJ
dem-5671	214	25	slope	slope	NOUN
dem-5671	214	26	of	of	ADP
dem-5671	214	27	vts	vts	NOUN
dem-5671	214	28	(	(	PUNCT
dem-5671	214	29	or	or	CCONJ
dem-5671	214	30	low	low	ADJ
dem-5671	214	31	vrp	vrp	NOUN
dem-5671	214	32	value	value	NOUN
dem-5671	214	33	)	)	PUNCT
dem-5671	214	34	together	together	ADV
dem-5671	214	35	with	with	ADP
dem-5671	214	36	higher	high	ADJ
dem-5671	214	37	vix	vix	PROPN
dem-5671	214	38	quintile	quintile	NOUN
dem-5671	214	39	group	group	NOUN
dem-5671	214	40	generally	generally	ADV
dem-5671	214	41	implicates	implicate	VERB
dem-5671	214	42	very	very	ADV
dem-5671	214	43	low	low	ADJ
dem-5671	214	44	vix	vix	NOUN
dem-5671	214	45	returns	return	NOUN
dem-5671	214	46	.	.	PUNCT
dem-5671	215	1	additionally	additionally	ADV
dem-5671	215	2	,	,	PUNCT
dem-5671	215	3	we	we	PRON
dem-5671	215	4	observed	observe	VERB
dem-5671	215	5	that	that	SCONJ
dem-5671	215	6	average	average	ADJ
dem-5671	215	7	s&p500	s&p500	NOUN
dem-5671	215	8	index	index	NOUN
dem-5671	215	9	returns	return	NOUN
dem-5671	215	10	rise	rise	VERB
dem-5671	215	11	almost	almost	ADV
dem-5671	215	12	monotonically	monotonically	ADV
dem-5671	215	13	with	with	ADP
dem-5671	215	14	the	the	DET
dem-5671	215	15	increase	increase	NOUN
dem-5671	215	16	of	of	ADP
dem-5671	215	17	both	both	DET
dem-5671	215	18	vrp	vrp	NOUN
dem-5671	215	19	values	value	NOUN
dem-5671	215	20	and	and	CCONJ
dem-5671	215	21	slope2	slope2	PROPN
dem-5671	215	22	,	,	PUNCT
dem-5671	215	23	revealing	reveal	VERB
dem-5671	215	24	strong	strong	ADJ
dem-5671	215	25	dependence	dependence	NOUN
dem-5671	215	26	between	between	ADP
dem-5671	215	27	index	index	NOUN
dem-5671	215	28	future	future	ADJ
dem-5671	215	29	returns	return	NOUN
dem-5671	215	30	and	and	CCONJ
dem-5671	215	31	the	the	DET
dem-5671	215	32	current	current	ADJ
dem-5671	215	33	level	level	NOUN
dem-5671	215	34	of	of	ADP
dem-5671	215	35	risk	risk	NOUN
dem-5671	215	36	perceived	perceive	VERB
dem-5671	215	37	by	by	ADP
dem-5671	215	38	market	market	NOUN
dem-5671	215	39	participants	participant	NOUN
dem-5671	215	40	.	.	PUNCT
dem-5671	216	1	we	we	PRON
dem-5671	216	2	propose	propose	VERB
dem-5671	216	3	five	five	NUM
dem-5671	216	4	simple	simple	ADJ
dem-5671	216	5	strategies	strategy	NOUN
dem-5671	216	6	which	which	PRON
dem-5671	216	7	invests	invest	VERB
dem-5671	216	8	in	in	ADP
dem-5671	216	9	vix	vix	PROPN
dem-5671	216	10	futures	future	NOUN
dem-5671	216	11	contracts	contract	NOUN
dem-5671	216	12	.	.	PUNCT
dem-5671	217	1	for	for	ADP
dem-5671	217	2	comparison	comparison	NOUN
dem-5671	217	3	purposes	purpose	NOUN
dem-5671	217	4	we	we	PRON
dem-5671	217	5	use	use	VERB
dem-5671	217	6	s&p500	s&p500	NOUN
dem-5671	217	7	buy&hold	buy&hold	ADJ
dem-5671	217	8	strategy	strategy	NOUN
dem-5671	217	9	results	result	NOUN
dem-5671	217	10	.	.	PUNCT
dem-5671	218	1	the	the	DET
dem-5671	218	2	general	general	ADJ
dem-5671	218	3	assumptions	assumption	VERB
dem-5671	218	4	for	for	ADP
dem-5671	218	5	all	all	DET
dem-5671	218	6	strategies	strategy	NOUN
dem-5671	218	7	are	be	AUX
dem-5671	218	8	as	as	SCONJ
dem-5671	218	9	follows	follow	VERB
dem-5671	218	10	:	:	PUNCT
dem-5671	218	11			NOUN
dem-5671	218	12	transaction	transaction	NOUN
dem-5671	218	13	costs	cost	VERB
dem-5671	218	14	=	=	NOUN
dem-5671	218	15	0.1	0.1	NUM
dem-5671	218	16	%	%	NOUN
dem-5671	218	17	,	,	PUNCT
dem-5671	218	18			NOUN
dem-5671	218	19	data	datum	NOUN
dem-5671	218	20	gathering	gathering	NOUN
dem-5671	218	21	window	window	NOUN
dem-5671	218	22	:	:	PUNCT
dem-5671	218	23	minimum	minimum	NOUN
dem-5671	218	24	one	one	NUM
dem-5671	218	25	year	year	NOUN
dem-5671	218	26	,	,	PUNCT
dem-5671	218	27			NOUN
dem-5671	218	28	first	first	ADJ
dem-5671	218	29	signals	signal	NOUN
dem-5671	218	30	:	:	PUNCT
dem-5671	218	31	2008	2008	NUM
dem-5671	218	32	-	-	SYM
dem-5671	218	33	01	01	NUM
dem-5671	218	34	-	-	PUNCT
dem-5671	218	35	01	01	NUM
dem-5671	218	36	,	,	PUNCT
dem-5671	218	37	then	then	ADV
dem-5671	218	38	the	the	DET
dem-5671	218	39	current	current	ADJ
dem-5671	218	40	closing	closing	NOUN
dem-5671	218	41	price	price	NOUN
dem-5671	218	42	is	be	AUX
dem-5671	218	43	used	use	VERB
dem-5671	218	44	to	to	PART
dem-5671	218	45	generate	generate	VERB
dem-5671	218	46	a	a	DET
dem-5671	218	47	new	new	ADJ
dem-5671	218	48	signal	signal	NOUN
dem-5671	218	49	for	for	ADP
dem-5671	218	50	each	each	DET
dem-5671	218	51	consecutive	consecutive	ADJ
dem-5671	218	52	day	day	NOUN
dem-5671	218	53	,	,	PUNCT
dem-5671	218	54			NOUN
dem-5671	218	55	trade	trade	NOUN
dem-5671	218	56	price	price	NOUN
dem-5671	218	57	:	:	PUNCT
dem-5671	218	58	closing	close	VERB
dem-5671	218	59	price	price	NOUN
dem-5671	218	60	of	of	ADP
dem-5671	218	61	vix	vix	PROPN
dem-5671	218	62	futures	future	NOUN
dem-5671	218	63	with	with	ADP
dem-5671	218	64	nearest	near	ADJ
dem-5671	218	65	maturity	maturity	NOUN
dem-5671	218	66	,	,	PUNCT
dem-5671	218	67			NOUN
dem-5671	218	68	switch	switch	NOUN
dem-5671	218	69	to	to	ADP
dem-5671	218	70	the	the	DET
dem-5671	218	71	2nd	2nd	ADJ
dem-5671	218	72	contract	contract	NOUN
dem-5671	218	73	on	on	ADP
dem-5671	218	74	the	the	DET
dem-5671	218	75	last	last	ADJ
dem-5671	218	76	trading	trading	NOUN
dem-5671	218	77	day	day	NOUN
dem-5671	218	78	(	(	PUNCT
dem-5671	218	79	rolling	rolling	ADJ
dem-5671	218	80	yields	yield	NOUN
dem-5671	218	81	included	include	VERB
dem-5671	218	82	)	)	PUNCT
dem-5671	218	83	,	,	PUNCT
dem-5671	218	84			NOUN
dem-5671	218	85	leverage	leverage	NOUN
dem-5671	218	86	:	:	PUNCT
dem-5671	218	87	100	100	NUM
dem-5671	218	88	%	%	NOUN
dem-5671	218	89	,	,	PUNCT
dem-5671	218	90			NOUN
dem-5671	218	91	margin	margin	NOUN
dem-5671	218	92	:	:	PUNCT
dem-5671	218	93	we	we	PRON
dem-5671	218	94	do	do	AUX
dem-5671	218	95	not	not	PART
dem-5671	218	96	receive	receive	VERB
dem-5671	218	97	any	any	DET
dem-5671	218	98	additional	additional	ADJ
dem-5671	218	99	interests	interest	NOUN
dem-5671	218	100	from	from	ADP
dem-5671	218	101	cash	cash	NOUN
dem-5671	218	102	above	above	ADP
dem-5671	218	103	margin	margin	NOUN
dem-5671	218	104	.	.	PUNCT
dem-5671	219	1	7	7	NUM
dem-5671	219	2	we	we	PRON
dem-5671	219	3	admit	admit	VERB
dem-5671	219	4	that	that	SCONJ
dem-5671	219	5	dependence	dependence	NOUN
dem-5671	219	6	in	in	ADP
dem-5671	219	7	case	case	NOUN
dem-5671	219	8	of	of	ADP
dem-5671	219	9	s&p500	s&p500	NOUN
dem-5671	219	10	returns	return	NOUN
dem-5671	219	11	is	be	AUX
dem-5671	219	12	much	much	ADV
dem-5671	219	13	weaker	weak	ADJ
dem-5671	219	14	than	than	ADP
dem-5671	219	15	in	in	ADP
dem-5671	219	16	case	case	NOUN
dem-5671	219	17	of	of	ADP
dem-5671	219	18	vix	vix	NOUN
dem-5671	219	19	returns	return	NOUN
dem-5671	219	20	.	.	PUNCT
dem-5671	220	1	does	do	AUX
dem-5671	220	2	historical	historical	ADJ
dem-5671	220	3	volatility	volatility	NOUN
dem-5671	220	4	term	term	NOUN
dem-5671	220	5	structure	structure	NOUN
dem-5671	220	6	contain	contain	VERB
dem-5671	220	7	valuable	valuable	ADJ
dem-5671	220	8	information	information	NOUN
dem-5671	220	9	…	…	PUNCT
dem-5671	220	10	dynamic	dynamic	ADJ
dem-5671	220	11	econometric	econometric	ADJ
dem-5671	220	12	models	model	NOUN
dem-5671	220	13	14	14	NUM
dem-5671	220	14	(	(	PUNCT
dem-5671	220	15	2014	2014	NUM
dem-5671	220	16	)	)	PUNCT
dem-5671	220	17	5–28	5–28	NOUN
dem-5671	220	18	21	21	NUM
dem-5671	220	19	the	the	DET
dem-5671	220	20	detailed	detailed	ADJ
dem-5671	220	21	assumptions	assumption	NOUN
dem-5671	220	22	for	for	ADP
dem-5671	220	23	each	each	DET
dem-5671	220	24	strategy	strategy	NOUN
dem-5671	220	25	and	and	CCONJ
dem-5671	220	26	theirs	theirs	PRON
dem-5671	220	27	results	result	NOUN
dem-5671	220	28	are	be	AUX
dem-5671	220	29	presented	present	VERB
dem-5671	220	30	below	below	ADV
dem-5671	220	31	.	.	PUNCT
dem-5671	221	1	5.1	5.1	NUM
dem-5671	221	2	.	.	PUNCT
dem-5671	221	3	strategy	strategy	NOUN
dem-5671	221	4	i	i	PRON
dem-5671	221	5	positions	position	NOUN
dem-5671	221	6	are	be	AUX
dem-5671	221	7	determined	determine	VERB
dem-5671	221	8	by	by	ADP
dem-5671	221	9	following	follow	VERB
dem-5671	221	10	conditions	condition	NOUN
dem-5671	221	11	:	:	PUNCT
dem-5671	221	12			NOUN
dem-5671	221	13	buy	buy	VERB
dem-5671	221	14	:	:	PUNCT
dem-5671	221	15	if	if	SCONJ
dem-5671	221	16	is	be	AUX
dem-5671	221	17	in	in	ADP
dem-5671	221	18	1st	1st	ADJ
dem-5671	221	19	quartile	quartile	NOUN
dem-5671	221	20	group	group	NOUN
dem-5671	221	21	,	,	PUNCT
dem-5671	221	22			NOUN
dem-5671	221	23	sell	sell	VERB
dem-5671	221	24	:	:	PUNCT
dem-5671	221	25	if	if	SCONJ
dem-5671	221	26	in	in	ADP
dem-5671	221	27	4th	4th	ADJ
dem-5671	221	28	quartile	quartile	NOUN
dem-5671	221	29	group	group	NOUN
dem-5671	221	30	,	,	PUNCT
dem-5671	221	31			PROPN
dem-5671	221	32	close	close	ADV
dem-5671	221	33	:	:	PUNCT
dem-5671	221	34	if	if	SCONJ
dem-5671	221	35	in	in	ADP
dem-5671	221	36	2nd	2nd	PROPN
dem-5671	221	37	quartile	quartile	ADJ
dem-5671	221	38	group	group	NOUN
dem-5671	221	39	after	after	ADP
dem-5671	221	40	sell	sell	NOUN
dem-5671	221	41	signal	signal	NOUN
dem-5671	221	42	or	or	CCONJ
dem-5671	221	43	in	in	ADP
dem-5671	221	44	3rd	3rd	NOUN
dem-5671	221	45	after	after	ADP
dem-5671	221	46	buy	buy	NOUN
dem-5671	221	47	signal	signal	NOUN
dem-5671	221	48	,	,	PUNCT
dem-5671	221	49			NOUN
dem-5671	221	50	hold	hold	VERB
dem-5671	221	51	:	:	PUNCT
dem-5671	221	52	if	if	SCONJ
dem-5671	221	53	in	in	ADP
dem-5671	221	54	2nd	2nd	PROPN
dem-5671	221	55	quartile	quartile	ADJ
dem-5671	221	56	group	group	NOUN
dem-5671	221	57	after	after	SCONJ
dem-5671	221	58	buy	buy	VERB
dem-5671	221	59	signal	signal	NOUN
dem-5671	221	60	or	or	CCONJ
dem-5671	221	61	in	in	ADP
dem-5671	221	62	3rd	3rd	NOUN
dem-5671	221	63	after	after	ADP
dem-5671	221	64	sell	sell	NOUN
dem-5671	221	65	signal	signal	NOUN
dem-5671	221	66	.	.	PUNCT
dem-5671	222	1	strategy	strategy	NOUN
dem-5671	222	2	i	i	PRON
dem-5671	222	3	utilizes	utilize	VERB
dem-5671	222	4	the	the	DET
dem-5671	222	5	assumption	assumption	NOUN
dem-5671	222	6	that	that	SCONJ
dem-5671	222	7	vrp	vrp	NOUN
dem-5671	222	8	is	be	AUX
dem-5671	222	9	mean	mean	VERB
dem-5671	222	10	reverting	revert	VERB
dem-5671	222	11	process	process	NOUN
dem-5671	222	12	and	and	CCONJ
dem-5671	222	13	every	every	DET
dem-5671	222	14	departure	departure	NOUN
dem-5671	222	15	from	from	ADP
dem-5671	222	16	„	„	PUNCT
dem-5671	222	17	theoretical	theoretical	ADJ
dem-5671	222	18	”	"	PUNCT
dem-5671	222	19	volatility	volatility	NOUN
dem-5671	222	20	term	term	NOUN
dem-5671	222	21	structure	structure	NOUN
dem-5671	222	22	should	should	AUX
dem-5671	222	23	be	be	AUX
dem-5671	222	24	reverted	revert	VERB
dem-5671	222	25	and	and	CCONJ
dem-5671	222	26	should	should	AUX
dem-5671	222	27	go	go	VERB
dem-5671	222	28	back	back	ADV
dem-5671	222	29	to	to	ADP
dem-5671	222	30	zero	zero	NUM
dem-5671	222	31	.	.	PUNCT
dem-5671	223	1	the	the	DET
dem-5671	223	2	problem	problem	NOUN
dem-5671	223	3	is	be	AUX
dem-5671	223	4	that	that	SCONJ
dem-5671	223	5	while	while	SCONJ
dem-5671	223	6	it	it	PRON
dem-5671	223	7	is	be	AUX
dem-5671	223	8	true	true	ADJ
dem-5671	223	9	inside	inside	ADP
dem-5671	223	10	vix	vix	PROPN
dem-5671	223	11	quintile	quintile	NOUN
dem-5671	223	12	groups	group	NOUN
dem-5671	223	13	,	,	PUNCT
dem-5671	223	14	the	the	DET
dem-5671	223	15	logic	logic	NOUN
dem-5671	223	16	of	of	ADP
dem-5671	223	17	the	the	DET
dem-5671	223	18	signal	signal	NOUN
dem-5671	223	19	can	can	AUX
dem-5671	223	20	be	be	AUX
dem-5671	223	21	weakened	weaken	VERB
dem-5671	223	22	by	by	ADP
dem-5671	223	23	switches	switch	NOUN
dem-5671	223	24	between	between	ADP
dem-5671	223	25	vix	vix	PROPN
dem-5671	223	26	quintile	quintile	NOUN
dem-5671	223	27	groups	group	NOUN
dem-5671	223	28	.	.	PUNCT
dem-5671	224	1	this	this	PRON
dem-5671	224	2	could	could	AUX
dem-5671	224	3	be	be	AUX
dem-5671	224	4	the	the	DET
dem-5671	224	5	reason	reason	NOUN
dem-5671	224	6	of	of	ADP
dem-5671	224	7	rather	rather	ADV
dem-5671	224	8	poor	poor	ADJ
dem-5671	224	9	results	result	NOUN
dem-5671	224	10	of	of	ADP
dem-5671	224	11	this	this	DET
dem-5671	224	12	strategy	strategy	NOUN
dem-5671	224	13	,	,	PUNCT
dem-5671	224	14	which	which	PRON
dem-5671	224	15	are	be	AUX
dem-5671	224	16	presented	present	VERB
dem-5671	224	17	in	in	ADP
dem-5671	224	18	detail	detail	NOUN
dem-5671	224	19	on	on	ADP
dem-5671	224	20	figure	figure	NOUN
dem-5671	224	21	7	7	NUM
dem-5671	224	22	and	and	CCONJ
dem-5671	224	23	in	in	ADP
dem-5671	224	24	table	table	NOUN
dem-5671	224	25	13	13	NUM
dem-5671	224	26	.	.	PUNCT
dem-5671	225	1	5.2	5.2	NUM
dem-5671	225	2	.	.	PUNCT
dem-5671	226	1	strategy	strategy	PROPN
dem-5671	226	2	ii	ii	PROPN
dem-5671	226	3	positions	position	NOUN
dem-5671	226	4	are	be	AUX
dem-5671	226	5	determined	determine	VERB
dem-5671	226	6	by	by	ADP
dem-5671	226	7	following	follow	VERB
dem-5671	226	8	conditions	condition	NOUN
dem-5671	226	9	:	:	PUNCT
dem-5671	226	10			NOUN
dem-5671	226	11	buy	buy	VERB
dem-5671	226	12	:	:	PUNCT
dem-5671	226	13	if	if	SCONJ
dem-5671	226	14	`	`	PUNCT
dem-5671	226	15	in	in	ADP
dem-5671	226	16	1st	1st	ADJ
dem-5671	226	17	quartile	quartile	NOUN
dem-5671	226	18	group	group	NOUN
dem-5671	226	19	,	,	PUNCT
dem-5671	226	20			NOUN
dem-5671	226	21	sell	sell	VERB
dem-5671	226	22	:	:	PUNCT
dem-5671	226	23	if	if	SCONJ
dem-5671	226	24	in	in	ADP
dem-5671	226	25	4th	4th	ADJ
dem-5671	226	26	quartile	quartile	NOUN
dem-5671	226	27	group	group	NOUN
dem-5671	226	28	,	,	PUNCT
dem-5671	226	29			PROPN
dem-5671	226	30	hold	hold	VERB
dem-5671	226	31	:	:	PUNCT
dem-5671	226	32	if	if	SCONJ
dem-5671	226	33	in	in	ADP
dem-5671	226	34	2nd	2nd	ADJ
dem-5671	226	35	or	or	CCONJ
dem-5671	226	36	3rd	3rd	ADJ
dem-5671	226	37	quartile	quartile	NOUN
dem-5671	226	38	group	group	NOUN
dem-5671	226	39	.	.	PUNCT
dem-5671	227	1	strategy	strategy	PROPN
dem-5671	227	2	ii	ii	PROPN
dem-5671	227	3	is	be	AUX
dem-5671	227	4	very	very	ADV
dem-5671	227	5	similar	similar	ADJ
dem-5671	227	6	to	to	ADP
dem-5671	227	7	strategy	strategy	NOUN
dem-5671	227	8	i	i	PRON
dem-5671	228	1	but	but	CCONJ
dem-5671	228	2	it	it	PRON
dem-5671	228	3	has	have	VERB
dem-5671	228	4	less	less	ADV
dem-5671	228	5	strict	strict	ADJ
dem-5671	228	6	rules	rule	NOUN
dem-5671	228	7	concerning	concern	VERB
dem-5671	228	8	the	the	DET
dem-5671	228	9	moment	moment	NOUN
dem-5671	228	10	when	when	SCONJ
dem-5671	228	11	we	we	PRON
dem-5671	228	12	close	close	VERB
dem-5671	228	13	the	the	DET
dem-5671	228	14	position	position	NOUN
dem-5671	228	15	.	.	PUNCT
dem-5671	229	1	the	the	DET
dem-5671	229	2	problem	problem	NOUN
dem-5671	229	3	with	with	ADP
dem-5671	229	4	switches	switch	NOUN
dem-5671	229	5	between	between	ADP
dem-5671	229	6	vix	vix	PROPN
dem-5671	229	7	quintile	quintile	NOUN
dem-5671	229	8	groups	group	NOUN
dem-5671	229	9	still	still	ADV
dem-5671	229	10	exists	exist	VERB
dem-5671	229	11	but	but	CCONJ
dem-5671	229	12	due	due	ADP
dem-5671	229	13	to	to	ADP
dem-5671	229	14	less	less	ADV
dem-5671	229	15	frequent	frequent	ADJ
dem-5671	229	16	close	close	ADJ
dem-5671	229	17	signals	signal	NOUN
dem-5671	229	18	the	the	DET
dem-5671	229	19	results	result	NOUN
dem-5671	229	20	of	of	ADP
dem-5671	229	21	this	this	DET
dem-5671	229	22	strategy	strategy	NOUN
dem-5671	229	23	are	be	AUX
dem-5671	229	24	most	most	ADV
dem-5671	229	25	striking	striking	ADJ
dem-5671	229	26	among	among	ADP
dem-5671	229	27	all	all	DET
dem-5671	229	28	strategies	strategy	NOUN
dem-5671	229	29	(	(	PUNCT
dem-5671	229	30	figure	figure	NOUN
dem-5671	229	31	8	8	NUM
dem-5671	229	32	and	and	CCONJ
dem-5671	229	33	table	table	NOUN
dem-5671	229	34	13	13	NUM
dem-5671	229	35	)	)	PUNCT
dem-5671	229	36	.	.	PUNCT
dem-5671	230	1	5.3	5.3	NUM
dem-5671	230	2	.	.	PUNCT
dem-5671	230	3	strategy	strategy	NOUN
dem-5671	230	4	iii	iii	PROPN
dem-5671	230	5	positions	position	NOUN
dem-5671	230	6	are	be	AUX
dem-5671	230	7	determined	determine	VERB
dem-5671	230	8	by	by	ADP
dem-5671	230	9	following	follow	VERB
dem-5671	230	10	conditions	condition	NOUN
dem-5671	230	11	:	:	PUNCT
dem-5671	230	12			NOUN
dem-5671	230	13	buy	buy	VERB
dem-5671	230	14	:	:	PUNCT
dem-5671	230	15	if	if	SCONJ
dem-5671	230	16	in	in	ADP
dem-5671	230	17	1st	1st	ADJ
dem-5671	230	18	or	or	CCONJ
dem-5671	230	19	2nd	2nd	ADJ
dem-5671	230	20	quartile	quartile	NOUN
dem-5671	230	21	group	group	NOUN
dem-5671	230	22	,	,	PUNCT
dem-5671	230	23			NOUN
dem-5671	230	24	sell	sell	VERB
dem-5671	230	25	:	:	PUNCT
dem-5671	230	26	if	if	SCONJ
dem-5671	230	27	in	in	ADP
dem-5671	230	28	3rd	3rd	ADJ
dem-5671	230	29	or	or	CCONJ
dem-5671	230	30	4th	4th	ADJ
dem-5671	230	31	quartile	quartile	NOUN
dem-5671	230	32	group	group	NOUN
dem-5671	230	33	.	.	PUNCT
dem-5671	231	1	strategy	strategy	NOUN
dem-5671	231	2	iii	iii	PROPN
dem-5671	231	3	is	be	AUX
dem-5671	231	4	characterized	characterize	VERB
dem-5671	231	5	by	by	ADP
dem-5671	231	6	most	most	ADJ
dem-5671	231	7	frequent	frequent	ADJ
dem-5671	231	8	switches	switch	NOUN
dem-5671	231	9	between	between	ADP
dem-5671	231	10	short	short	ADJ
dem-5671	231	11	and	and	CCONJ
dem-5671	231	12	long	long	ADJ
dem-5671	231	13	positions	position	NOUN
dem-5671	231	14	.	.	PUNCT
dem-5671	232	1	nevertheless	nevertheless	ADV
dem-5671	232	2	,	,	PUNCT
dem-5671	232	3	this	this	DET
dem-5671	232	4	modification	modification	NOUN
dem-5671	232	5	does	do	AUX
dem-5671	232	6	not	not	PART
dem-5671	232	7	enhance	enhance	VERB
dem-5671	232	8	the	the	DET
dem-5671	232	9	results	result	NOUN
dem-5671	232	10	(	(	PUNCT
dem-5671	232	11	figure	figure	NOUN
dem-5671	232	12	9	9	NUM
dem-5671	232	13	and	and	CCONJ
dem-5671	232	14	table	table	NOUN
dem-5671	232	15	13	13	NUM
dem-5671	232	16	)	)	PUNCT
dem-5671	232	17	.	.	PUNCT
dem-5671	233	1	j.	j.	PROPN
dem-5671	233	2	jabłecki	jabłecki	PROPN
dem-5671	233	3	,	,	PUNCT
dem-5671	233	4	r.	r.	PROPN
dem-5671	233	5	kokoszczyński	kokoszczyński	PROPN
dem-5671	233	6	,	,	PUNCT
dem-5671	233	7	p.	p.	PROPN
dem-5671	233	8	sakowski	sakowski	PROPN
dem-5671	233	9	,	,	PUNCT
dem-5671	233	10	r.	r.	PROPN
dem-5671	233	11	ślepaczuk	ślepaczuk	PROPN
dem-5671	233	12	,	,	PUNCT
dem-5671	233	13	p.	p.	PROPN
dem-5671	233	14	wójcik	wójcik	VERB
dem-5671	233	15	dynamic	dynamic	ADJ
dem-5671	233	16	econometric	econometric	ADJ
dem-5671	233	17	models	model	NOUN
dem-5671	233	18	14	14	NUM
dem-5671	233	19	(	(	PUNCT
dem-5671	233	20	2014	2014	NUM
dem-5671	233	21	)	)	PUNCT
dem-5671	233	22	5–28	5–28	NOUN
dem-5671	233	23	22	22	NUM
dem-5671	233	24	figure	figure	NOUN
dem-5671	233	25	7	7	NUM
dem-5671	233	26	.	.	PUNCT
dem-5671	233	27	equity	equity	NOUN
dem-5671	233	28	line	line	NOUN
dem-5671	233	29	and	and	CCONJ
dem-5671	233	30	signal	signal	NOUN
dem-5671	233	31	of	of	ADP
dem-5671	233	32	strategy	strategy	NOUN
dem-5671	233	33	i	i	PRON
dem-5671	233	34	for	for	ADP
dem-5671	233	35	vix	vix	PROPN
dem-5671	233	36	futures	future	NOUN
dem-5671	233	37	and	and	CCONJ
dem-5671	233	38	s&p500	s&p500	NOUN
dem-5671	233	39	index	index	NOUN
dem-5671	233	40	.	.	PUNCT
dem-5671	234	1	all	all	DET
dem-5671	234	2	calculations	calculation	NOUN
dem-5671	234	3	were	be	AUX
dem-5671	234	4	made	make	VERB
dem-5671	234	5	on	on	ADP
dem-5671	234	6	the	the	DET
dem-5671	234	7	data	datum	NOUN
dem-5671	234	8	from	from	ADP
dem-5671	234	9	01/01/2006	01/01/2006	NUM
dem-5671	234	10	until	until	ADP
dem-5671	234	11	01/07/2013	01/07/2013	NUM
dem-5671	234	12	on	on	ADP
dem-5671	234	13	the	the	DET
dem-5671	234	14	basis	basis	NOUN
dem-5671	234	15	of	of	ADP
dem-5671	234	16	vix	vix	PROPN
dem-5671	234	17	futures	future	NOUN
dem-5671	234	18	with	with	ADP
dem-5671	234	19	up	up	ADP
dem-5671	234	20	to	to	PART
dem-5671	234	21	7	7	NUM
dem-5671	234	22	months	month	NOUN
dem-5671	234	23	to	to	ADP
dem-5671	234	24	expiration	expiration	NOUN
dem-5671	234	25	figure	figure	NOUN
dem-5671	234	26	8	8	NUM
dem-5671	234	27	.	.	PUNCT
dem-5671	235	1	equity	equity	NOUN
dem-5671	235	2	line	line	NOUN
dem-5671	235	3	and	and	CCONJ
dem-5671	235	4	signal	signal	NOUN
dem-5671	235	5	of	of	ADP
dem-5671	235	6	strategy	strategy	PROPN
dem-5671	235	7	ii	ii	PROPN
dem-5671	235	8	for	for	ADP
dem-5671	235	9	vix	vix	PROPN
dem-5671	235	10	futures	future	NOUN
dem-5671	235	11	and	and	CCONJ
dem-5671	235	12	s&p500	s&p500	NOUN
dem-5671	235	13	index	index	NOUN
dem-5671	235	14	.	.	PUNCT
dem-5671	236	1	all	all	DET
dem-5671	236	2	calculations	calculation	NOUN
dem-5671	236	3	were	be	AUX
dem-5671	236	4	made	make	VERB
dem-5671	236	5	on	on	ADP
dem-5671	236	6	the	the	DET
dem-5671	236	7	data	datum	NOUN
dem-5671	236	8	from	from	ADP
dem-5671	236	9	01/01/2006	01/01/2006	NUM
dem-5671	236	10	until	until	ADP
dem-5671	236	11	01/07/2013	01/07/2013	NUM
dem-5671	236	12	on	on	ADP
dem-5671	236	13	the	the	DET
dem-5671	236	14	basis	basis	NOUN
dem-5671	236	15	of	of	ADP
dem-5671	236	16	vix	vix	PROPN
dem-5671	236	17	futures	future	NOUN
dem-5671	236	18	with	with	ADP
dem-5671	236	19	up	up	ADP
dem-5671	236	20	to	to	PART
dem-5671	236	21	7	7	NUM
dem-5671	236	22	months	month	NOUN
dem-5671	236	23	to	to	ADP
dem-5671	236	24	expiration	expiration	NOUN
dem-5671	236	25	does	do	AUX
dem-5671	236	26	historical	historical	ADJ
dem-5671	236	27	volatility	volatility	NOUN
dem-5671	236	28	term	term	NOUN
dem-5671	236	29	structure	structure	NOUN
dem-5671	236	30	contain	contain	VERB
dem-5671	236	31	valuable	valuable	ADJ
dem-5671	236	32	information	information	NOUN
dem-5671	236	33	…	…	PUNCT
dem-5671	236	34	dynamic	dynamic	ADJ
dem-5671	236	35	econometric	econometric	ADJ
dem-5671	236	36	models	model	NOUN
dem-5671	236	37	14	14	NUM
dem-5671	236	38	(	(	PUNCT
dem-5671	236	39	2014	2014	NUM
dem-5671	236	40	)	)	PUNCT
dem-5671	237	1	5–28	5–28	NOUN
dem-5671	237	2	23	23	NUM
dem-5671	237	3	figure	figure	NOUN
dem-5671	237	4	9	9	NUM
dem-5671	237	5	.	.	PUNCT
dem-5671	237	6	equity	equity	NOUN
dem-5671	237	7	line	line	NOUN
dem-5671	237	8	and	and	CCONJ
dem-5671	237	9	signal	signal	NOUN
dem-5671	237	10	of	of	ADP
dem-5671	237	11	strategy	strategy	NOUN
dem-5671	237	12	iii	iii	PROPN
dem-5671	237	13	for	for	ADP
dem-5671	237	14	vix	vix	PROPN
dem-5671	237	15	futures	future	NOUN
dem-5671	237	16	and	and	CCONJ
dem-5671	237	17	s&p500	s&p500	NOUN
dem-5671	237	18	index	index	NOUN
dem-5671	237	19	.	.	PUNCT
dem-5671	238	1	all	all	DET
dem-5671	238	2	calculations	calculation	NOUN
dem-5671	238	3	were	be	AUX
dem-5671	238	4	made	make	VERB
dem-5671	238	5	on	on	ADP
dem-5671	238	6	the	the	DET
dem-5671	238	7	data	datum	NOUN
dem-5671	238	8	from	from	ADP
dem-5671	238	9	01/01/2006	01/01/2006	NUM
dem-5671	238	10	until	until	ADP
dem-5671	238	11	01/07/2013	01/07/2013	NUM
dem-5671	238	12	on	on	ADP
dem-5671	238	13	the	the	DET
dem-5671	238	14	basis	basis	NOUN
dem-5671	238	15	of	of	ADP
dem-5671	238	16	vix	vix	PROPN
dem-5671	238	17	futures	future	NOUN
dem-5671	238	18	with	with	ADP
dem-5671	238	19	up	up	ADP
dem-5671	238	20	to	to	PART
dem-5671	238	21	7	7	NUM
dem-5671	238	22	months	month	NOUN
dem-5671	238	23	to	to	ADP
dem-5671	238	24	expiration	expiration	NOUN
dem-5671	238	25	figure	figure	NOUN
dem-5671	238	26	10	10	NUM
dem-5671	238	27	.	.	PUNCT
dem-5671	239	1	equity	equity	NOUN
dem-5671	239	2	line	line	NOUN
dem-5671	239	3	and	and	CCONJ
dem-5671	239	4	signal	signal	NOUN
dem-5671	239	5	of	of	ADP
dem-5671	239	6	strategy	strategy	NOUN
dem-5671	239	7	iv	iv	NUM
dem-5671	239	8	for	for	ADP
dem-5671	239	9	vix	vix	PROPN
dem-5671	239	10	futures	future	NOUN
dem-5671	239	11	and	and	CCONJ
dem-5671	239	12	s&p500	s&p500	NOUN
dem-5671	239	13	index	index	NOUN
dem-5671	239	14	.	.	PUNCT
dem-5671	240	1	all	all	DET
dem-5671	240	2	calculations	calculation	NOUN
dem-5671	240	3	were	be	AUX
dem-5671	240	4	made	make	VERB
dem-5671	240	5	on	on	ADP
dem-5671	240	6	the	the	DET
dem-5671	240	7	data	datum	NOUN
dem-5671	240	8	from	from	ADP
dem-5671	240	9	01/01/2006	01/01/2006	NUM
dem-5671	240	10	until	until	ADP
dem-5671	240	11	01/07/2013	01/07/2013	NUM
dem-5671	240	12	on	on	ADP
dem-5671	240	13	the	the	DET
dem-5671	240	14	basis	basis	NOUN
dem-5671	240	15	of	of	ADP
dem-5671	240	16	vix	vix	PROPN
dem-5671	240	17	futures	future	NOUN
dem-5671	240	18	with	with	ADP
dem-5671	240	19	up	up	ADP
dem-5671	240	20	to	to	PART
dem-5671	240	21	7	7	NUM
dem-5671	240	22	months	month	NOUN
dem-5671	240	23	to	to	ADP
dem-5671	240	24	expiration	expiration	NOUN
dem-5671	240	25	5.4	5.4	NUM
dem-5671	240	26	.	.	PUNCT
dem-5671	241	1	strategy	strategy	NOUN
dem-5671	241	2	iv	iv	NUM
dem-5671	241	3	positions	position	NOUN
dem-5671	241	4	are	be	AUX
dem-5671	241	5	determined	determine	VERB
dem-5671	241	6	by	by	ADP
dem-5671	241	7	following	follow	VERB
dem-5671	241	8	conditions	condition	NOUN
dem-5671	241	9	:	:	PUNCT
dem-5671	241	10			NOUN
dem-5671	241	11	buy	buy	VERB
dem-5671	241	12	:	:	PUNCT
dem-5671	241	13	if	if	SCONJ
dem-5671	241	14	vix	vix	NOUN
dem-5671	241	15	in	in	ADP
dem-5671	241	16	1st	1st	ADJ
dem-5671	241	17	or	or	CCONJ
dem-5671	241	18	2nd	2nd	ADJ
dem-5671	241	19	quintile	quintile	NOUN
dem-5671	241	20	group	group	NOUN
dem-5671	241	21	,	,	PUNCT
dem-5671	241	22	j.	j.	PROPN
dem-5671	241	23	jabłecki	jabłecki	PROPN
dem-5671	241	24	,	,	PUNCT
dem-5671	241	25	r.	r.	PROPN
dem-5671	241	26	kokoszczyński	kokoszczyński	PROPN
dem-5671	241	27	,	,	PUNCT
dem-5671	241	28	p.	p.	PROPN
dem-5671	241	29	sakowski	sakowski	PROPN
dem-5671	241	30	,	,	PUNCT
dem-5671	241	31	r.	r.	PROPN
dem-5671	241	32	ślepaczuk	ślepaczuk	PROPN
dem-5671	241	33	,	,	PUNCT
dem-5671	241	34	p.	p.	PROPN
dem-5671	241	35	wójcik	wójcik	VERB
dem-5671	241	36	dynamic	dynamic	ADJ
dem-5671	241	37	econometric	econometric	ADJ
dem-5671	241	38	models	model	NOUN
dem-5671	241	39	14	14	NUM
dem-5671	241	40	(	(	PUNCT
dem-5671	241	41	2014	2014	NUM
dem-5671	241	42	)	)	PUNCT
dem-5671	241	43	5–28	5–28	NOUN
dem-5671	241	44	24	24	NUM
dem-5671	241	45			NOUN
dem-5671	241	46	sell	sell	VERB
dem-5671	241	47	:	:	PUNCT
dem-5671	241	48	if	if	SCONJ
dem-5671	241	49	vix	vix	PROPN
dem-5671	241	50	in	in	ADP
dem-5671	241	51	4th	4th	ADJ
dem-5671	241	52	or	or	CCONJ
dem-5671	241	53	5th	5th	ADJ
dem-5671	241	54	quintile	quintile	NOUN
dem-5671	241	55	group	group	NOUN
dem-5671	241	56	,	,	PUNCT
dem-5671	241	57			PROPN
dem-5671	241	58	hold	hold	VERB
dem-5671	241	59	:	:	PUNCT
dem-5671	241	60	otherwise	otherwise	ADV
dem-5671	241	61	.	.	PUNCT
dem-5671	242	1	strategy	strategy	NOUN
dem-5671	242	2	iv	iv	NUM
dem-5671	242	3	signals	signal	NOUN
dem-5671	242	4	depend	depend	VERB
dem-5671	242	5	only	only	ADV
dem-5671	242	6	on	on	ADP
dem-5671	242	7	vix	vix	NOUN
dem-5671	242	8	level	level	NOUN
dem-5671	242	9	.	.	PUNCT
dem-5671	243	1	it	it	PRON
dem-5671	243	2	uses	use	VERB
dem-5671	243	3	extreme	extreme	ADJ
dem-5671	243	4	quintiles	quintile	NOUN
dem-5671	243	5	of	of	ADP
dem-5671	243	6	vix	vix	PROPN
dem-5671	243	7	in	in	ADP
dem-5671	243	8	order	order	NOUN
dem-5671	243	9	to	to	PART
dem-5671	243	10	generate	generate	VERB
dem-5671	243	11	buy	buy	VERB
dem-5671	243	12	and	and	CCONJ
dem-5671	243	13	sell	sell	VERB
dem-5671	243	14	signals	signal	NOUN
dem-5671	243	15	for	for	ADP
dem-5671	243	16	vix	vix	NOUN
dem-5671	243	17	futures	future	NOUN
dem-5671	243	18	.	.	PUNCT
dem-5671	244	1	the	the	DET
dem-5671	244	2	position	position	NOUN
dem-5671	244	3	is	be	AUX
dem-5671	244	4	hold	hold	NOUN
dem-5671	244	5	until	until	SCONJ
dem-5671	244	6	the	the	DET
dem-5671	244	7	opposite	opposite	ADJ
dem-5671	244	8	signal	signal	NOUN
dem-5671	244	9	is	be	AUX
dem-5671	244	10	generated	generate	VERB
dem-5671	244	11	.	.	PUNCT
dem-5671	245	1	the	the	DET
dem-5671	245	2	results	result	NOUN
dem-5671	245	3	of	of	ADP
dem-5671	245	4	this	this	DET
dem-5671	245	5	approach	approach	NOUN
dem-5671	245	6	are	be	AUX
dem-5671	245	7	rather	rather	ADV
dem-5671	245	8	poor	poor	ADJ
dem-5671	245	9	(	(	PUNCT
dem-5671	245	10	figure	figure	NOUN
dem-5671	245	11	10	10	NUM
dem-5671	245	12	and	and	CCONJ
dem-5671	245	13	table	table	NOUN
dem-5671	245	14	13	13	NUM
dem-5671	245	15	)	)	PUNCT
dem-5671	245	16	.	.	PUNCT
dem-5671	246	1	figure	figure	VERB
dem-5671	246	2	11	11	NUM
dem-5671	246	3	.	.	PUNCT
dem-5671	247	1	equity	equity	NOUN
dem-5671	247	2	line	line	NOUN
dem-5671	247	3	and	and	CCONJ
dem-5671	247	4	signal	signal	NOUN
dem-5671	247	5	of	of	ADP
dem-5671	247	6	strategy	strategy	NOUN
dem-5671	247	7	v	v	NOUN
dem-5671	247	8	for	for	ADP
dem-5671	247	9	vix	vix	PROPN
dem-5671	247	10	futures	future	NOUN
dem-5671	247	11	and	and	CCONJ
dem-5671	247	12	s&p500	s&p500	NOUN
dem-5671	247	13	index	index	NOUN
dem-5671	247	14	.	.	PUNCT
dem-5671	248	1	all	all	DET
dem-5671	248	2	calculations	calculation	NOUN
dem-5671	248	3	were	be	AUX
dem-5671	248	4	made	make	VERB
dem-5671	248	5	on	on	ADP
dem-5671	248	6	the	the	DET
dem-5671	248	7	data	datum	NOUN
dem-5671	248	8	from	from	ADP
dem-5671	248	9	01/01/2006	01/01/2006	NUM
dem-5671	248	10	until	until	ADP
dem-5671	248	11	01/07/2013	01/07/2013	NUM
dem-5671	248	12	on	on	ADP
dem-5671	248	13	the	the	DET
dem-5671	248	14	basis	basis	NOUN
dem-5671	248	15	of	of	ADP
dem-5671	248	16	vix	vix	PROPN
dem-5671	248	17	futures	future	NOUN
dem-5671	248	18	with	with	ADP
dem-5671	248	19	up	up	ADP
dem-5671	248	20	to	to	PART
dem-5671	248	21	7	7	NUM
dem-5671	248	22	months	month	NOUN
dem-5671	248	23	to	to	ADP
dem-5671	248	24	expiration	expiration	NOUN
dem-5671	248	25	5.5	5.5	NUM
dem-5671	248	26	.	.	PUNCT
dem-5671	249	1	strategy	strategy	NOUN
dem-5671	249	2	v	v	NOUN
dem-5671	249	3	positions	position	NOUN
dem-5671	249	4	are	be	AUX
dem-5671	249	5	determined	determine	VERB
dem-5671	249	6	by	by	ADP
dem-5671	249	7	following	follow	VERB
dem-5671	249	8	conditions	condition	NOUN
dem-5671	249	9	:	:	PUNCT
dem-5671	249	10			NOUN
dem-5671	249	11	buy	buy	VERB
dem-5671	249	12	:	:	PUNCT
dem-5671	249	13	if	if	SCONJ
dem-5671	249	14	vix	vix	NOUN
dem-5671	249	15	in	in	ADP
dem-5671	249	16	1st	1st	ADJ
dem-5671	249	17	or	or	CCONJ
dem-5671	249	18	2nd	2nd	ADJ
dem-5671	249	19	quintile	quintile	NOUN
dem-5671	249	20	group	group	NOUN
dem-5671	249	21	,	,	PUNCT
dem-5671	249	22			PROPN
dem-5671	249	23	sell	sell	VERB
dem-5671	249	24	:	:	PUNCT
dem-5671	249	25	if	if	SCONJ
dem-5671	249	26	vix	vix	PROPN
dem-5671	249	27	in	in	ADP
dem-5671	249	28	4th	4th	ADJ
dem-5671	249	29	or	or	CCONJ
dem-5671	249	30	5th	5th	ADJ
dem-5671	249	31	quintile	quintile	NOUN
dem-5671	249	32	group	group	NOUN
dem-5671	249	33	,	,	PUNCT
dem-5671	249	34			PROPN
dem-5671	249	35	close	close	ADV
dem-5671	249	36	:	:	PUNCT
dem-5671	249	37	otherwise	otherwise	ADV
dem-5671	249	38	.	.	PUNCT
dem-5671	250	1	strategy	strategy	NOUN
dem-5671	250	2	v	v	PROPN
dem-5671	250	3	uses	use	VERB
dem-5671	250	4	the	the	DET
dem-5671	250	5	same	same	ADJ
dem-5671	250	6	logic	logic	NOUN
dem-5671	250	7	as	as	ADP
dem-5671	250	8	strategy	strategy	NOUN
dem-5671	250	9	iv	iv	NUM
dem-5671	250	10	but	but	CCONJ
dem-5671	250	11	closes	close	VERB
dem-5671	250	12	its	its	PRON
dem-5671	250	13	positions	position	NOUN
dem-5671	250	14	more	more	ADV
dem-5671	250	15	often	often	ADV
dem-5671	250	16	what	what	PRON
dem-5671	250	17	in	in	ADP
dem-5671	250	18	fact	fact	NOUN
dem-5671	250	19	is	be	AUX
dem-5671	250	20	once	once	ADV
dem-5671	250	21	again	again	ADV
dem-5671	250	22	not	not	PART
dem-5671	250	23	the	the	DET
dem-5671	250	24	best	good	ADJ
dem-5671	250	25	option	option	NOUN
dem-5671	250	26	(	(	PUNCT
dem-5671	250	27	figure	figure	NOUN
dem-5671	250	28	11	11	NUM
dem-5671	250	29	and	and	CCONJ
dem-5671	250	30	table	table	NOUN
dem-5671	250	31	13	13	NUM
dem-5671	250	32	)	)	PUNCT
dem-5671	250	33	.	.	PUNCT
dem-5671	251	1	5.6	5.6	NUM
dem-5671	251	2	.	.	PUNCT
dem-5671	251	3	comparison	comparison	NOUN
dem-5671	251	4	of	of	ADP
dem-5671	251	5	all	all	DET
dem-5671	251	6	strategies	strategy	NOUN
dem-5671	251	7	results	result	NOUN
dem-5671	251	8	are	be	AUX
dem-5671	251	9	summarized	summarize	VERB
dem-5671	251	10	in	in	ADP
dem-5671	251	11	table	table	NOUN
dem-5671	251	12	13	13	NUM
dem-5671	251	13	.	.	PUNCT
dem-5671	252	1	to	to	PART
dem-5671	252	2	compare	compare	VERB
dem-5671	252	3	the	the	DET
dem-5671	252	4	strategies	strategy	NOUN
dem-5671	252	5	under	under	ADP
dem-5671	252	6	consideration	consideration	NOUN
dem-5671	252	7	,	,	PUNCT
dem-5671	252	8	we	we	PRON
dem-5671	252	9	use	use	VERB
dem-5671	252	10	several	several	ADJ
dem-5671	252	11	popular	popular	ADJ
dem-5671	252	12	risk	risk	NOUN
dem-5671	252	13	-	-	PUNCT
dem-5671	252	14	return	return	NOUN
dem-5671	252	15	measures	measure	NOUN
dem-5671	252	16	.	.	PUNCT
dem-5671	253	1	after	after	ADP
dem-5671	253	2	detailed	detailed	ADJ
dem-5671	253	3	analysis	analysis	NOUN
dem-5671	253	4	of	of	ADP
dem-5671	253	5	presented	present	VERB
dem-5671	253	6	results	result	NOUN
dem-5671	253	7	we	we	PRON
dem-5671	253	8	can	can	AUX
dem-5671	253	9	notice	notice	VERB
dem-5671	253	10	that	that	SCONJ
dem-5671	253	11	only	only	ADV
dem-5671	253	12	strategy	strategy	NOUN
dem-5671	253	13	ii	ii	PROPN
dem-5671	253	14	can	can	AUX
dem-5671	253	15	beat	beat	VERB
dem-5671	253	16	the	the	DET
dem-5671	253	17	market	market	NOUN
dem-5671	253	18	represented	represent	VERB
dem-5671	253	19	by	by	ADP
dem-5671	253	20	s&p500	s&p500	NOUN
dem-5671	253	21	buy&hold	buy&hold	ADJ
dem-5671	253	22	(	(	PUNCT
dem-5671	253	23	strategy	strategy	NOUN
dem-5671	253	24	vi	vi	PROPN
dem-5671	253	25	)	)	PUNCT
dem-5671	253	26	.	.	PUNCT
dem-5671	254	1	return	return	NOUN
dem-5671	254	2	(	(	PUNCT
dem-5671	254	3	arc	arc	NOUN
dem-5671	254	4	)	)	PUNCT
dem-5671	254	5	and	and	CCONJ
dem-5671	254	6	return	return	NOUN
dem-5671	254	7	-	-	PUNCT
dem-5671	254	8	risk	risk	NOUN
dem-5671	254	9	statistics	statistic	NOUN
dem-5671	254	10	(	(	PUNCT
dem-5671	254	11	information	information	NOUN
dem-5671	254	12	ratio	ratio	NOUN
dem-5671	254	13	,	,	PUNCT
dem-5671	254	14	sharpe	sharpe	PROPN
dem-5671	254	15	and	and	CCONJ
dem-5671	254	16	treynor	treynor	NOUN
dem-5671	254	17	coefficients	coefficient	NOUN
dem-5671	254	18	)	)	PUNCT
dem-5671	254	19	are	be	AUX
dem-5671	254	20	much	much	ADV
dem-5671	254	21	better	well	ADJ
dem-5671	254	22	for	for	ADP
dem-5671	254	23	this	this	DET
dem-5671	254	24	strategy	strategy	NOUN
dem-5671	254	25	.	.	PUNCT
dem-5671	255	1	on	on	ADP
dem-5671	255	2	the	the	DET
dem-5671	255	3	other	other	ADJ
dem-5671	255	4	hand	hand	NOUN
dem-5671	255	5	,	,	PUNCT
dem-5671	255	6	risk	risk	NOUN
dem-5671	255	7	does	do	AUX
dem-5671	255	8	historical	historical	ADJ
dem-5671	255	9	volatility	volatility	NOUN
dem-5671	255	10	term	term	NOUN
dem-5671	255	11	structure	structure	NOUN
dem-5671	255	12	contain	contain	VERB
dem-5671	255	13	valuable	valuable	ADJ
dem-5671	255	14	information	information	NOUN
dem-5671	255	15	…	…	PUNCT
dem-5671	255	16	dynamic	dynamic	ADJ
dem-5671	255	17	econometric	econometric	ADJ
dem-5671	255	18	models	model	NOUN
dem-5671	255	19	14	14	NUM
dem-5671	255	20	(	(	PUNCT
dem-5671	255	21	2014	2014	NUM
dem-5671	255	22	)	)	PUNCT
dem-5671	255	23	5–28	5–28	NOUN
dem-5671	255	24	25	25	NUM
dem-5671	255	25	statistics	statistic	NOUN
dem-5671	255	26	show	show	VERB
dem-5671	255	27	that	that	SCONJ
dem-5671	255	28	strategy	strategy	NOUN
dem-5671	255	29	ii	ii	PROPN
dem-5671	255	30	is	be	AUX
dem-5671	255	31	characterized	characterize	VERB
dem-5671	255	32	by	by	ADP
dem-5671	255	33	relatively	relatively	ADV
dem-5671	255	34	high	high	ADJ
dem-5671	255	35	beta	beta	ADJ
dem-5671	255	36	coefficient	coefficient	NOUN
dem-5671	255	37	,	,	PUNCT
dem-5671	255	38	and	and	CCONJ
dem-5671	255	39	what	what	PRON
dem-5671	255	40	is	be	AUX
dem-5671	255	41	more	more	ADJ
dem-5671	255	42	,	,	PUNCT
dem-5671	255	43	by	by	ADP
dem-5671	255	44	much	much	ADV
dem-5671	255	45	higher	high	ADJ
dem-5671	255	46	level	level	NOUN
dem-5671	255	47	of	of	ADP
dem-5671	255	48	standard	standard	ADJ
dem-5671	255	49	deviation	deviation	NOUN
dem-5671	255	50	(	(	PUNCT
dem-5671	255	51	asd	asd	NOUN
dem-5671	255	52	)	)	PUNCT
dem-5671	255	53	and	and	CCONJ
dem-5671	255	54	maximum	maximum	ADJ
dem-5671	255	55	drawdown	drawdown	NOUN
dem-5671	255	56	(	(	PUNCT
dem-5671	255	57	maxd	maxd	PROPN
dem-5671	255	58	)	)	PUNCT
dem-5671	255	59	when	when	SCONJ
dem-5671	255	60	compared	compare	VERB
dem-5671	255	61	with	with	ADP
dem-5671	255	62	the	the	DET
dem-5671	255	63	benchmark	benchmark	NOUN
dem-5671	255	64	strategy	strategy	NOUN
dem-5671	255	65	.	.	PUNCT
dem-5671	256	1	table	table	NOUN
dem-5671	256	2	13	13	NUM
dem-5671	256	3	.	.	PUNCT
dem-5671	257	1	return	return	VERB
dem-5671	257	2	and	and	CCONJ
dem-5671	257	3	risk	risk	NOUN
dem-5671	257	4	statistics	statistic	NOUN
dem-5671	257	5	for	for	ADP
dem-5671	257	6	all	all	DET
dem-5671	257	7	investment	investment	NOUN
dem-5671	257	8	strategies	strategy	NOUN
dem-5671	257	9	strategy	strategy	NOUN
dem-5671	257	10	i	i	PRON
dem-5671	257	11	strategy	strategy	NOUN
dem-5671	257	12	ii	ii	PROPN
dem-5671	257	13	strategy	strategy	PROPN
dem-5671	257	14	iii	iii	NUM
dem-5671	257	15	strategy	strategy	NOUN
dem-5671	257	16	iv	iv	NUM
dem-5671	257	17	strategy	strategy	NOUN
dem-5671	257	18	v	v	ADP
dem-5671	257	19	strategy	strategy	NOUN
dem-5671	257	20	vi	vi	PROPN
dem-5671	257	21	buy&hold	buy&hold	PROPN
dem-5671	257	22	arc	arc	NOUN
dem-5671	257	23	(	(	PUNCT
dem-5671	257	24	%	%	INTJ
dem-5671	257	25	)	)	PUNCT
dem-5671	257	26	6.56	6.56	NUM
dem-5671	257	27	30.81	30.81	NUM
dem-5671	257	28	–	–	PUNCT
dem-5671	257	29	36.84	36.84	NUM
dem-5671	257	30	–	–	PUNCT
dem-5671	257	31	17.80	17.80	NUM
dem-5671	257	32	–	–	PUNCT
dem-5671	257	33	29.24	29.24	NUM
dem-5671	257	34	2.28	2.28	NUM
dem-5671	257	35	asd	asd	NOUN
dem-5671	257	36	(	(	PUNCT
dem-5671	257	37	%	%	NOUN
dem-5671	257	38	)	)	PUNCT
dem-5671	257	39	71.48	71.48	NUM
dem-5671	257	40	81.02	81.02	NUM
dem-5671	257	41	81.17	81.17	NUM
dem-5671	257	42	54.97	54.97	NUM
dem-5671	257	43	81.09	81.09	NUM
dem-5671	257	44	25.43	25.43	NUM
dem-5671	257	45	ir	ir	NOUN
dem-5671	257	46	0.09	0.09	NUM
dem-5671	257	47	0.38	0.38	NUM
dem-5671	257	48	–	–	PUNCT
dem-5671	257	49	0.45	0.45	NUM
dem-5671	257	50	–	–	PUNCT
dem-5671	257	51	0.32	0.32	NUM
dem-5671	257	52	–	–	PUNCT
dem-5671	257	53	0.36	0.36	NUM
dem-5671	257	54	0.09	0.09	NUM
dem-5671	257	55	sharpe	sharpe	PROPN
dem-5671	257	56	0.08	0.08	NUM
dem-5671	257	57	0.37	0.37	NUM
dem-5671	257	58	–	–	PUNCT
dem-5671	257	59	0.46	0.46	NUM
dem-5671	257	60	–	–	SYM
dem-5671	257	61	0.34	0.34	NUM
dem-5671	257	62	–	–	PUNCT
dem-5671	257	63	0.37	0.37	NUM
dem-5671	257	64	0.06	0.06	NUM
dem-5671	257	65	treynor	treynor	NOUN
dem-5671	257	66	0.03	0.03	NUM
dem-5671	257	67	0.18	0.18	NUM
dem-5671	257	68	–	–	PUNCT
dem-5671	257	69	0.21	0.21	NUM
dem-5671	257	70	–	–	PUNCT
dem-5671	257	71	0.14	0.14	NUM
dem-5671	257	72	–	–	PUNCT
dem-5671	257	73	0.20	0.20	NUM
dem-5671	257	74	0.02	0.02	NUM
dem-5671	257	75	beta	beta	NOUN
dem-5671	257	76	1.67	1.67	NUM
dem-5671	257	77	1.67	1.67	NUM
dem-5671	257	78	1.80	1.80	NUM
dem-5671	257	79	1.32	1.32	NUM
dem-5671	257	80	1.47	1.47	NUM
dem-5671	257	81	1.00	1.00	NUM
dem-5671	257	82	maxd	maxd	NOUN
dem-5671	257	83	(	(	PUNCT
dem-5671	257	84	%	%	NOUN
dem-5671	257	85	)	)	PUNCT
dem-5671	257	86	–	–	PUNCT
dem-5671	257	87	69.58	69.58	NUM
dem-5671	257	88	–	–	SYM
dem-5671	257	89	71.57	71.57	NUM
dem-5671	257	90	–	–	PUNCT
dem-5671	257	91	95.04	95.04	NUM
dem-5671	257	92	–	–	SYM
dem-5671	257	93	89.55	89.55	NUM
dem-5671	257	94	–	–	PUNCT
dem-5671	257	95	90.82	90.82	NUM
dem-5671	257	96	–	–	PUNCT
dem-5671	257	97	53.25	53.25	NUM
dem-5671	257	98	note	note	NOUN
dem-5671	257	99	:	:	PUNCT
dem-5671	257	100	all	all	DET
dem-5671	257	101	calculations	calculation	NOUN
dem-5671	257	102	were	be	AUX
dem-5671	257	103	made	make	VERB
dem-5671	257	104	on	on	ADP
dem-5671	257	105	the	the	DET
dem-5671	257	106	data	datum	NOUN
dem-5671	257	107	from	from	ADP
dem-5671	257	108	01/01/2006	01/01/2006	NUM
dem-5671	257	109	until	until	ADP
dem-5671	257	110	01/07/2013	01/07/2013	NUM
dem-5671	257	111	on	on	ADP
dem-5671	257	112	the	the	DET
dem-5671	257	113	basis	basis	NOUN
dem-5671	257	114	of	of	ADP
dem-5671	257	115	vix	vix	PROPN
dem-5671	257	116	futures	future	NOUN
dem-5671	257	117	with	with	ADP
dem-5671	257	118	up	up	ADP
dem-5671	257	119	to	to	PART
dem-5671	257	120	7	7	NUM
dem-5671	257	121	months	month	NOUN
dem-5671	257	122	to	to	ADP
dem-5671	257	123	expiration	expiration	NOUN
dem-5671	257	124	.	.	PUNCT
dem-5671	258	1	arc	arc	NOUN
dem-5671	258	2	–	–	PUNCT
dem-5671	258	3	annualized	annualize	VERB
dem-5671	258	4	return	return	NOUN
dem-5671	258	5	compounded	compound	VERB
dem-5671	258	6	,	,	PUNCT
dem-5671	258	7	asd	asd	NOUN
dem-5671	258	8	,	,	PUNCT
dem-5671	258	9	annualized	annualize	VERB
dem-5671	258	10	standard	standard	ADJ
dem-5671	258	11	deviation	deviation	NOUN
dem-5671	258	12	,	,	PUNCT
dem-5671	258	13	ir	ir	X
dem-5671	258	14	–	–	PUNCT
dem-5671	258	15	information	information	NOUN
dem-5671	258	16	ratio	ratio	NOUN
dem-5671	258	17	,	,	PUNCT
dem-5671	258	18	sharpe	sharpe	PROPN
dem-5671	258	19	–	–	PUNCT
dem-5671	258	20	sharpe	sharpe	NOUN
dem-5671	258	21	ration	ration	NOUN
dem-5671	258	22	,	,	PUNCT
dem-5671	258	23	treynor	treynor	NOUN
dem-5671	258	24	–	–	PUNCT
dem-5671	258	25	treynor	treynor	NOUN
dem-5671	258	26	ratio	ratio	NOUN
dem-5671	258	27	,	,	PUNCT
dem-5671	258	28	beta	beta	NOUN
dem-5671	258	29	–	–	PUNCT
dem-5671	258	30	slope	slope	NOUN
dem-5671	258	31	of	of	ADP
dem-5671	258	32	regression	regression	NOUN
dem-5671	258	33	of	of	ADP
dem-5671	258	34	a	a	DET
dem-5671	258	35	given	give	VERB
dem-5671	258	36	strategy	strategy	NOUN
dem-5671	258	37	on	on	ADP
dem-5671	258	38	buy&hold	buy&hold	ADJ
dem-5671	258	39	strategy	strategy	NOUN
dem-5671	258	40	,	,	PUNCT
dem-5671	258	41	maxd	maxd	PROPN
dem-5671	258	42	–	–	PUNCT
dem-5671	258	43	maximum	maximum	ADJ
dem-5671	258	44	drawdown	drawdown	NOUN
dem-5671	258	45	.	.	PUNCT
dem-5671	259	1	conclusions	conclusion	NOUN
dem-5671	259	2	based	base	VERB
dem-5671	259	3	on	on	ADP
dem-5671	259	4	the	the	DET
dem-5671	259	5	presented	present	VERB
dem-5671	259	6	results	result	NOUN
dem-5671	259	7	we	we	PRON
dem-5671	259	8	can	can	AUX
dem-5671	259	9	conclude	conclude	VERB
dem-5671	259	10	that	that	PRON
dem-5671	259	11	:	:	PUNCT
dem-5671	259	12	1	1	X
dem-5671	259	13	.	.	X
dem-5671	259	14	volatility	volatility	NOUN
dem-5671	259	15	time	time	NOUN
dem-5671	259	16	structure	structure	NOUN
dem-5671	259	17	(	(	PUNCT
dem-5671	259	18	vts	vts	NOUN
dem-5671	259	19	)	)	PUNCT
dem-5671	259	20	shape	shape	NOUN
dem-5671	259	21	and	and	CCONJ
dem-5671	259	22	volatility	volatility	NOUN
dem-5671	259	23	risk	risk	NOUN
dem-5671	259	24	premium	premium	NOUN
dem-5671	259	25	(	(	PUNCT
dem-5671	259	26	vrp	vrp	NOUN
dem-5671	259	27	)	)	PUNCT
dem-5671	259	28	values	value	NOUN
dem-5671	259	29	are	be	AUX
dem-5671	259	30	important	important	ADJ
dem-5671	259	31	in	in	ADP
dem-5671	259	32	order	order	NOUN
dem-5671	259	33	to	to	PART
dem-5671	259	34	predict	predict	VERB
dem-5671	259	35	vix	vix	PROPN
dem-5671	259	36	and	and	CCONJ
dem-5671	259	37	partly	partly	ADV
dem-5671	259	38	s&p500	s&p500	NOUN
dem-5671	259	39	index	index	NOUN
dem-5671	259	40	futures	future	NOUN
dem-5671	259	41	.	.	PUNCT
dem-5671	260	1	2	2	X
dem-5671	260	2	.	.	X
dem-5671	260	3	we	we	PRON
dem-5671	260	4	observe	observe	VERB
dem-5671	260	5	very	very	ADV
dem-5671	260	6	high	high	ADJ
dem-5671	260	7	positive	positive	ADJ
dem-5671	260	8	vix	vix	NOUN
dem-5671	260	9	returns	return	NOUN
dem-5671	260	10	for	for	ADP
dem-5671	260	11	the	the	DET
dem-5671	260	12	first	first	ADJ
dem-5671	260	13	and	and	CCONJ
dem-5671	260	14	the	the	DET
dem-5671	260	15	second	second	ADJ
dem-5671	260	16	vix	vix	PROPN
dem-5671	260	17	quintile	quintile	NOUN
dem-5671	260	18	groups	group	NOUN
dem-5671	260	19	and	and	CCONJ
dem-5671	260	20	for	for	ADP
dem-5671	260	21	the	the	DET
dem-5671	260	22	fourth	fourth	ADJ
dem-5671	260	23	and	and	CCONJ
dem-5671	260	24	the	the	DET
dem-5671	260	25	fifth	fifth	ADJ
dem-5671	260	26	slope1	slope1	NOUN
dem-5671	260	27	(	(	PUNCT
dem-5671	260	28	slope2	slope2	PROPN
dem-5671	260	29	,	,	PUNCT
dem-5671	260	30	,	,	PUNCT
dem-5671	260	31	,	,	PUNCT
dem-5671	260	32	,	,	PUNCT
dem-5671	260	33	,	,	PUNCT
dem-5671	260	34	|	|	ADV
dem-5671	260	35	|	|	ADV
dem-5671	260	36	quintile	quintile	NOUN
dem-5671	260	37	groups	group	NOUN
dem-5671	260	38	.	.	PUNCT
dem-5671	261	1	on	on	ADP
dem-5671	261	2	the	the	DET
dem-5671	261	3	other	other	ADJ
dem-5671	261	4	hand	hand	NOUN
dem-5671	261	5	,	,	PUNCT
dem-5671	261	6	we	we	PRON
dem-5671	261	7	observe	observe	VERB
dem-5671	261	8	very	very	ADV
dem-5671	261	9	high	high	ADJ
dem-5671	261	10	negative	negative	ADJ
dem-5671	261	11	vix	vix	NOUN
dem-5671	261	12	returns	return	NOUN
dem-5671	261	13	for	for	ADP
dem-5671	261	14	the	the	DET
dem-5671	261	15	fourth	fourth	ADJ
dem-5671	261	16	and	and	CCONJ
dem-5671	261	17	the	the	DET
dem-5671	261	18	fifth	fifth	ADJ
dem-5671	261	19	vix	vix	PROPN
dem-5671	261	20	quintile	quintile	NOUN
dem-5671	261	21	groups	group	NOUN
dem-5671	261	22	.	.	PUNCT
dem-5671	262	1	3	3	X
dem-5671	262	2	.	.	X
dem-5671	262	3	it	it	PRON
dem-5671	262	4	is	be	AUX
dem-5671	262	5	possible	possible	ADJ
dem-5671	262	6	to	to	PART
dem-5671	262	7	use	use	VERB
dem-5671	262	8	information	information	NOUN
dem-5671	262	9	from	from	ADP
dem-5671	262	10	term	term	NOUN
dem-5671	262	11	structure	structure	NOUN
dem-5671	262	12	of	of	ADP
dem-5671	262	13	vix	vix	PROPN
dem-5671	262	14	futures	future	NOUN
dem-5671	262	15	to	to	PART
dem-5671	262	16	construct	construct	VERB
dem-5671	262	17	profitable	profitable	ADJ
dem-5671	262	18	strategies	strategy	NOUN
dem-5671	262	19	(	(	PUNCT
dem-5671	262	20	strategy	strategy	NOUN
dem-5671	262	21	ii	ii	PROPN
dem-5671	262	22	)	)	PUNCT
dem-5671	262	23	which	which	PRON
dem-5671	262	24	enhance	enhance	VERB
dem-5671	262	25	our	our	PRON
dem-5671	262	26	returnrisk	returnrisk	NOUN
dem-5671	262	27	ratio	ratio	NOUN
dem-5671	262	28	when	when	SCONJ
dem-5671	262	29	compared	compare	VERB
dem-5671	262	30	with	with	ADP
dem-5671	262	31	s&p500	s&p500	NOUN
dem-5671	262	32	buy&hold	buy&hold	ADJ
dem-5671	262	33	strategy	strategy	NOUN
dem-5671	262	34	vi	vi	NOUN
dem-5671	262	35	.	.	PUNCT
dem-5671	263	1	it	it	PRON
dem-5671	263	2	seems	seem	VERB
dem-5671	263	3	that	that	SCONJ
dem-5671	263	4	it	it	PRON
dem-5671	263	5	would	would	AUX
dem-5671	263	6	be	be	AUX
dem-5671	263	7	important	important	ADJ
dem-5671	263	8	to	to	PART
dem-5671	263	9	extend	extend	VERB
dem-5671	263	10	these	these	DET
dem-5671	263	11	conclusions	conclusion	NOUN
dem-5671	263	12	of	of	ADP
dem-5671	263	13	this	this	DET
dem-5671	263	14	research	research	NOUN
dem-5671	263	15	on	on	ADP
dem-5671	263	16	other	other	ADJ
dem-5671	263	17	volatility	volatility	NOUN
dem-5671	263	18	and	and	CCONJ
dem-5671	263	19	equity	equity	NOUN
dem-5671	263	20	index	index	NOUN
dem-5671	263	21	futures	future	NOUN
dem-5671	263	22	(	(	PUNCT
dem-5671	263	23	e.g.	e.g.	ADV
dem-5671	263	24	vstoxx	vstoxx	NOUN
dem-5671	263	25	and	and	CCONJ
dem-5671	263	26	eurostoxx50	eurostoxx50	VERB
dem-5671	263	27	,	,	PUNCT
dem-5671	263	28	vnky	vnky	ADJ
dem-5671	263	29	and	and	CCONJ
dem-5671	263	30	nikkei	nikkei	PROPN
dem-5671	263	31	225	225	NUM
dem-5671	263	32	and	and	CCONJ
dem-5671	263	33	other	other	ADJ
dem-5671	263	34	volatility	volatility	NOUN
dem-5671	263	35	futures	future	NOUN
dem-5671	263	36	quoted	quote	VERB
dem-5671	263	37	on	on	ADP
dem-5671	263	38	cboe	cboe	PROPN
dem-5671	263	39	/	/	SYM
dem-5671	263	40	cfe	cfe	PROPN
dem-5671	263	41	)	)	PUNCT
dem-5671	263	42	.	.	PUNCT
dem-5671	264	1	additionally	additionally	ADV
dem-5671	264	2	,	,	PUNCT
dem-5671	264	3	we	we	PRON
dem-5671	264	4	would	would	AUX
dem-5671	264	5	like	like	VERB
dem-5671	264	6	to	to	PART
dem-5671	264	7	test	test	VERB
dem-5671	264	8	investment	investment	NOUN
dem-5671	264	9	strategies	strategy	NOUN
dem-5671	264	10	where	where	SCONJ
dem-5671	264	11	each	each	DET
dem-5671	264	12	characteristics	characteristic	NOUN
dem-5671	264	13	will	will	AUX
dem-5671	264	14	be	be	AUX
dem-5671	264	15	calculated	calculate	VERB
dem-5671	264	16	on	on	ADP
dem-5671	264	17	rolling	roll	VERB
dem-5671	264	18	two	two	NUM
dem-5671	264	19	years	year	NOUN
dem-5671	264	20	window	window	NOUN
dem-5671	264	21	instead	instead	ADV
dem-5671	264	22	of	of	ADP
dem-5671	264	23	anchored	anchored	ADJ
dem-5671	264	24	window	window	NOUN
dem-5671	264	25	used	use	VERB
dem-5671	264	26	in	in	ADP
dem-5671	264	27	this	this	DET
dem-5671	264	28	study	study	NOUN
dem-5671	264	29	.	.	PUNCT
dem-5671	265	1	further	further	ADJ
dem-5671	265	2	research	research	NOUN
dem-5671	265	3	on	on	ADP
dem-5671	265	4	various	various	ADJ
dem-5671	265	5	definition	definition	NOUN
dem-5671	265	6	of	of	ADP
dem-5671	265	7	volatility	volatility	NOUN
dem-5671	265	8	term	term	NOUN
dem-5671	265	9	structure	structure	NOUN
dem-5671	265	10	are	be	AUX
dem-5671	265	11	even	even	ADV
dem-5671	265	12	more	more	ADV
dem-5671	265	13	important	important	ADJ
dem-5671	265	14	because	because	SCONJ
dem-5671	265	15	more	more	ADV
dem-5671	265	16	adej	adej	ADJ
dem-5671	265	17	.	.	PUNCT
dem-5671	266	1	jabłecki	jabłecki	PROPN
dem-5671	266	2	,	,	PUNCT
dem-5671	266	3	r.	r.	PROPN
dem-5671	266	4	kokoszczyński	kokoszczyński	PROPN
dem-5671	266	5	,	,	PUNCT
dem-5671	266	6	p.	p.	PROPN
dem-5671	266	7	sakowski	sakowski	PROPN
dem-5671	266	8	,	,	PUNCT
dem-5671	266	9	r.	r.	PROPN
dem-5671	266	10	ślepaczuk	ślepaczuk	PROPN
dem-5671	266	11	,	,	PUNCT
dem-5671	266	12	p.	p.	PROPN
dem-5671	266	13	wójcik	wójcik	VERB
dem-5671	266	14	dynamic	dynamic	ADJ
dem-5671	266	15	econometric	econometric	ADJ
dem-5671	266	16	models	model	NOUN
dem-5671	266	17	14	14	NUM
dem-5671	266	18	(	(	PUNCT
dem-5671	266	19	2014	2014	NUM
dem-5671	266	20	)	)	PUNCT
dem-5671	266	21	5–28	5–28	NOUN
dem-5671	266	22	26	26	NUM
dem-5671	266	23	quate	quate	PROPN
dem-5671	266	24	reference	reference	NOUN
dem-5671	266	25	to	to	ADP
dem-5671	266	26	so	so	ADV
dem-5671	266	27	called	call	VERB
dem-5671	266	28	“	"	PUNCT
dem-5671	266	29	normal	normal	ADJ
dem-5671	266	30	”	"	PUNCT
dem-5671	266	31	or	or	CCONJ
dem-5671	266	32	equilibrium	equilibrium	NOUN
dem-5671	266	33	level	level	NOUN
dem-5671	266	34	of	of	ADP
dem-5671	266	35	vts	vts	NOUN
dem-5671	266	36	is	be	AUX
dem-5671	266	37	the	the	DET
dem-5671	266	38	crucial	crucial	ADJ
dem-5671	266	39	point	point	NOUN
dem-5671	266	40	in	in	ADP
dem-5671	266	41	defining	define	VERB
dem-5671	266	42	diverse	diverse	ADJ
dem-5671	266	43	volatility	volatility	NOUN
dem-5671	266	44	arbitrage	arbitrage	NOUN
dem-5671	266	45	strategies	strategy	NOUN
dem-5671	266	46	.	.	PUNCT
dem-5671	267	1	references	reference	NOUN
dem-5671	267	2	alexander	alexander	PROPN
dem-5671	267	3	,	,	PUNCT
dem-5671	267	4	c.	c.	PROPN
dem-5671	267	5	,	,	PUNCT
dem-5671	267	6	korovilas	korovilas	PROPN
dem-5671	267	7	d.	d.	PROPN
dem-5671	267	8	(	(	PUNCT
dem-5671	267	9	2011	2011	NUM
dem-5671	267	10	)	)	PUNCT
dem-5671	267	11	,	,	PUNCT
dem-5671	267	12	the	the	DET
dem-5671	267	13	hazards	hazard	NOUN
dem-5671	267	14	of	of	ADP
dem-5671	267	15	volatility	volatility	NOUN
dem-5671	267	16	diversification	diversification	NOUN
dem-5671	267	17	,	,	PUNCT
dem-5671	267	18	icma	icma	NOUN
dem-5671	267	19	centre	centre	NOUN
dem-5671	267	20	discussion	discussion	NOUN
dem-5671	267	21	papers	paper	NOUN
dem-5671	267	22	in	in	ADP
dem-5671	267	23	finance	finance	NOUN
dem-5671	267	24	dp2011	dp2011	PROPN
dem-5671	267	25	-	-	PUNCT
dem-5671	267	26	04	04	NUM
dem-5671	267	27	,	,	PUNCT
dem-5671	267	28	icma	icma	NOUN
dem-5671	267	29	,	,	PUNCT
dem-5671	267	30	doi	doi	NOUN
dem-5671	267	31	:	:	PUNCT
dem-5671	267	32	http://dx.doi.org/10.2139/ssrn.1752389	http://dx.doi.org/10.2139/ssrn.1752389	PROPN
dem-5671	267	33	.	.	PROPN
dem-5671	267	34	andersen	andersen	PROPN
dem-5671	267	35	,	,	PUNCT
dem-5671	267	36	t.	t.	PROPN
dem-5671	267	37	g.	g.	PROPN
dem-5671	267	38	,	,	PUNCT
dem-5671	267	39	bollerslev	bollerslev	NOUN
dem-5671	267	40	,	,	PUNCT
dem-5671	267	41	t.	t.	PROPN
dem-5671	267	42	,	,	PUNCT
dem-5671	267	43	christoffersen	christoffersen	VERB
dem-5671	267	44	,	,	PUNCT
dem-5671	267	45	p.	p.	PROPN
dem-5671	267	46	f.	f.	PROPN
dem-5671	267	47	,	,	PUNCT
dem-5671	267	48	diebold	diebold	VERB
dem-5671	267	49	,	,	PUNCT
dem-5671	267	50	f.	f.	PROPN
dem-5671	267	51	x.	x.	PROPN
dem-5671	268	1	(	(	PUNCT
dem-5671	268	2	2005	2005	NUM
dem-5671	268	3	)	)	PUNCT
dem-5671	268	4	,	,	PUNCT
dem-5671	268	5	volatility	volatility	NOUN
dem-5671	268	6	forecasting	forecasting	NOUN
dem-5671	268	7	,	,	PUNCT
dem-5671	268	8	nber	nber	PROPN
dem-5671	268	9	working	working	PROPN
dem-5671	268	10	paper	paper	PROPN
dem-5671	268	11	11188	11188	NUM
dem-5671	268	12	,	,	PUNCT
dem-5671	268	13	doi	doi	NOUN
dem-5671	268	14	:	:	PUNCT
dem-5671	268	15	http://dx.doi.org/10.2139/ssrn.673405	http://dx.doi.org/10.2139/ssrn.673405	NOUN
dem-5671	268	16	.	.	PROPN
dem-5671	269	1	asensio	asensio	PROPN
dem-5671	269	2	,	,	PUNCT
dem-5671	269	3	i.	i.	PROPN
dem-5671	269	4	o.	o.	PROPN
dem-5671	269	5	(	(	PUNCT
dem-5671	269	6	2013	2013	NUM
dem-5671	269	7	)	)	PUNCT
dem-5671	269	8	,	,	PUNCT
dem-5671	269	9	the	the	DET
dem-5671	269	10	vix	vix	PROPN
dem-5671	269	11	-	-	PUNCT
dem-5671	269	12	vix	vix	PROPN
dem-5671	269	13	futures	future	NOUN
dem-5671	269	14	puzzle	puzzle	NOUN
dem-5671	269	15	,	,	PUNCT
dem-5671	269	16	mimeo	mimeo	NOUN
dem-5671	269	17	.	.	PUNCT
dem-5671	270	1	bakshi	bakshi	PROPN
dem-5671	270	2	,	,	PUNCT
dem-5671	270	3	g.	g.	PROPN
dem-5671	270	4	,	,	PUNCT
dem-5671	270	5	kapadia	kapadia	PROPN
dem-5671	270	6	,	,	PUNCT
dem-5671	270	7	n.	n.	PROPN
dem-5671	270	8	(	(	PUNCT
dem-5671	270	9	2003	2003	NUM
dem-5671	270	10	)	)	PUNCT
dem-5671	270	11	,	,	PUNCT
dem-5671	270	12	delta	delta	NOUN
dem-5671	270	13	-	-	PUNCT
dem-5671	270	14	hedged	hedge	VERB
dem-5671	270	15	gains	gain	NOUN
dem-5671	270	16	and	and	CCONJ
dem-5671	270	17	the	the	DET
dem-5671	270	18	negative	negative	ADJ
dem-5671	270	19	market	market	NOUN
dem-5671	270	20	volatility	volatility	NOUN
dem-5671	270	21	risk	risk	NOUN
dem-5671	270	22	premium	premium	NOUN
dem-5671	270	23	,	,	PUNCT
dem-5671	270	24	review	review	NOUN
dem-5671	270	25	of	of	ADP
dem-5671	270	26	financial	financial	ADJ
dem-5671	270	27	studies	study	NOUN
dem-5671	270	28	,	,	PUNCT
dem-5671	270	29	16(2	16(2	NUM
dem-5671	270	30	)	)	PUNCT
dem-5671	270	31	,	,	PUNCT
dem-5671	270	32	527–566	527–566	NUM
dem-5671	270	33	.	.	PUNCT
dem-5671	271	1	black	black	ADJ
dem-5671	271	2	,	,	PUNCT
dem-5671	271	3	f.	f.	PROPN
dem-5671	271	4	,	,	PUNCT
dem-5671	271	5	scholes	schole	NOUN
dem-5671	271	6	,	,	PUNCT
dem-5671	271	7	m.	m.	NOUN
dem-5671	271	8	(	(	PUNCT
dem-5671	271	9	1973	1973	NUM
dem-5671	271	10	)	)	PUNCT
dem-5671	271	11	,	,	PUNCT
dem-5671	271	12	the	the	DET
dem-5671	271	13	pricing	pricing	NOUN
dem-5671	271	14	of	of	ADP
dem-5671	271	15	options	option	NOUN
dem-5671	271	16	and	and	CCONJ
dem-5671	271	17	corporate	corporate	ADJ
dem-5671	271	18	liabilities	liability	NOUN
dem-5671	271	19	,	,	PUNCT
dem-5671	271	20	journal	journal	NOUN
dem-5671	271	21	of	of	ADP
dem-5671	271	22	political	political	ADJ
dem-5671	271	23	economy	economy	NOUN
dem-5671	271	24	,	,	PUNCT
dem-5671	271	25	81(3	81(3	NUM
dem-5671	271	26	)	)	PUNCT
dem-5671	271	27	,	,	PUNCT
dem-5671	271	28	637–54	637–54	NUM
dem-5671	271	29	,	,	PUNCT
dem-5671	271	30	doi	doi	NOUN
dem-5671	271	31	:	:	PUNCT
dem-5671	271	32	http://dx.doi.org/10.1086/260062	http://dx.doi.org/10.1086/260062	PROPN
dem-5671	271	33	.	.	PUNCT
dem-5671	272	1	bollen	bollen	PROPN
dem-5671	272	2	,	,	PUNCT
dem-5671	272	3	n.	n.	PROPN
dem-5671	272	4	p.	p.	PROPN
dem-5671	272	5	b.	b.	PROPN
dem-5671	272	6	,	,	PUNCT
dem-5671	272	7	whaley	whaley	PROPN
dem-5671	272	8	,	,	PUNCT
dem-5671	272	9	r.	r.	PROPN
dem-5671	272	10	e.	e.	PROPN
dem-5671	272	11	(	(	PUNCT
dem-5671	272	12	2004	2004	NUM
dem-5671	272	13	)	)	PUNCT
dem-5671	272	14	,	,	PUNCT
dem-5671	272	15	does	do	AUX
dem-5671	272	16	net	net	ADJ
dem-5671	272	17	buying	buying	NOUN
dem-5671	272	18	pressure	pressure	NOUN
dem-5671	272	19	affect	affect	VERB
dem-5671	272	20	the	the	DET
dem-5671	272	21	shape	shape	NOUN
dem-5671	272	22	of	of	ADP
dem-5671	272	23	implied	imply	VERB
dem-5671	272	24	volatility	volatility	NOUN
dem-5671	272	25	functions	function	NOUN
dem-5671	272	26	?	?	PUNCT
dem-5671	272	27	,	,	PUNCT
dem-5671	272	28	journal	journal	NOUN
dem-5671	272	29	of	of	ADP
dem-5671	272	30	finance	finance	NOUN
dem-5671	272	31	,	,	PUNCT
dem-5671	272	32	59(2	59(2	NUM
dem-5671	272	33	)	)	PUNCT
dem-5671	272	34	,	,	PUNCT
dem-5671	272	35	711–753	711–753	NUM
dem-5671	272	36	.	.	PUNCT
dem-5671	273	1	doi	doi	NOUN
dem-5671	273	2	:	:	PUNCT
dem-5671	273	3	http://dx.doi.org/10.2139/ssrn.319261	http://dx.doi.org/10.2139/ssrn.319261	PROPN
dem-5671	273	4	.	.	PUNCT
dem-5671	273	5	bondarenko	bondarenko	PROPN
dem-5671	273	6	,	,	PUNCT
dem-5671	273	7	o.	o.	PROPN
dem-5671	273	8	(	(	PUNCT
dem-5671	273	9	2004	2004	NUM
dem-5671	273	10	)	)	PUNCT
dem-5671	273	11	,	,	PUNCT
dem-5671	273	12	market	market	NOUN
dem-5671	273	13	price	price	NOUN
dem-5671	273	14	of	of	ADP
dem-5671	273	15	variance	variance	NOUN
dem-5671	273	16	risk	risk	NOUN
dem-5671	273	17	and	and	CCONJ
dem-5671	273	18	performance	performance	NOUN
dem-5671	273	19	of	of	ADP
dem-5671	273	20	hedge	hedge	NOUN
dem-5671	273	21	funds	fund	NOUN
dem-5671	273	22	,	,	PUNCT
dem-5671	273	23	university	university	PROPN
dem-5671	273	24	of	of	ADP
dem-5671	273	25	illinois	illinois	PROPN
dem-5671	273	26	chicago	chicago	PROPN
dem-5671	273	27	working	working	PROPN
dem-5671	273	28	paper	paper	NOUN
dem-5671	273	29	.	.	PUNCT
dem-5671	274	1	bossu	bossu	PROPN
dem-5671	274	2	,	,	PUNCT
dem-5671	274	3	s.	s.	PROPN
dem-5671	274	4	(	(	PUNCT
dem-5671	274	5	2006	2006	NUM
dem-5671	274	6	)	)	PUNCT
dem-5671	274	7	,	,	PUNCT
dem-5671	274	8	introduction	introduction	NOUN
dem-5671	274	9	to	to	PART
dem-5671	274	10	variance	variance	NOUN
dem-5671	274	11	swaps	swap	NOUN
dem-5671	274	12	,	,	PUNCT
dem-5671	274	13	wilmott	wilmott	NOUN
dem-5671	274	14	magazine	magazine	NOUN
dem-5671	274	15	,	,	PUNCT
dem-5671	274	16	50–55	50–55	NUM
dem-5671	274	17	.	.	PUNCT
dem-5671	275	1	brenner	brenner	NOUN
dem-5671	275	2	,	,	PUNCT
dem-5671	275	3	m.	m.	NOUN
dem-5671	275	4	,	,	PUNCT
dem-5671	275	5	galai	galai	PROPN
dem-5671	275	6	,	,	PUNCT
dem-5671	275	7	d.	d.	PROPN
dem-5671	275	8	(	(	PUNCT
dem-5671	275	9	1989	1989	NUM
dem-5671	275	10	)	)	PUNCT
dem-5671	275	11	,	,	PUNCT
dem-5671	275	12	new	new	ADJ
dem-5671	275	13	financial	financial	ADJ
dem-5671	275	14	instruments	instrument	NOUN
dem-5671	275	15	for	for	ADP
dem-5671	275	16	hedging	hedging	NOUN
dem-5671	275	17	changes	change	NOUN
dem-5671	275	18	in	in	ADP
dem-5671	275	19	volatility	volatility	NOUN
dem-5671	275	20	,	,	PUNCT
dem-5671	275	21	financial	financial	ADJ
dem-5671	275	22	analysts	analyst	NOUN
dem-5671	275	23	journal	journal	NOUN
dem-5671	275	24	,	,	PUNCT
dem-5671	275	25	45(4	45(4	NUM
dem-5671	275	26	)	)	PUNCT
dem-5671	275	27	,	,	PUNCT
dem-5671	275	28	61–65	61–65	NUM
dem-5671	275	29	,	,	PUNCT
dem-5671	275	30	doi	doi	NOUN
dem-5671	275	31	:	:	PUNCT
dem-5671	275	32	http://dx.doi.org/10.2469/faj.v45.n4.61	http://dx.doi.org/10.2469/faj.v45.n4.61	PROPN
dem-5671	275	33	.	.	PUNCT
dem-5671	275	34	briere	briere	PROPN
dem-5671	275	35	,	,	PUNCT
dem-5671	275	36	m.	m.	NOUN
dem-5671	275	37	,	,	PUNCT
dem-5671	275	38	fermanian	fermanian	PROPN
dem-5671	275	39	,	,	PUNCT
dem-5671	275	40	j.-d	j.-d	PROPN
dem-5671	275	41	.	.	PROPN
dem-5671	275	42	,	,	PUNCT
dem-5671	275	43	malongo	malongo	PROPN
dem-5671	275	44	,	,	PUNCT
dem-5671	275	45	h.	h.	PROPN
dem-5671	275	46	,	,	PUNCT
dem-5671	275	47	signori	signori	PROPN
dem-5671	275	48	,	,	PUNCT
dem-5671	275	49	o.	o.	PROPN
dem-5671	275	50	(	(	PUNCT
dem-5671	275	51	2011	2011	NUM
dem-5671	275	52	)	)	PUNCT
dem-5671	275	53	,	,	PUNCT
dem-5671	275	54	volatility	volatility	NOUN
dem-5671	275	55	strategies	strategy	NOUN
dem-5671	275	56	for	for	ADP
dem-5671	275	57	global	global	ADJ
dem-5671	275	58	and	and	CCONJ
dem-5671	275	59	country	country	NOUN
dem-5671	275	60	specific	specific	ADJ
dem-5671	275	61	european	european	ADJ
dem-5671	275	62	investors	investor	NOUN
dem-5671	275	63	,	,	PUNCT
dem-5671	275	64	doi	doi	NOUN
dem-5671	275	65	:	:	PUNCT
dem-5671	275	66	http://dx.doi.org/10.2139/ssrn.1945703	http://dx.doi.org/10.2139/ssrn.1945703	X
dem-5671	275	67	.	.	PUNCT
dem-5671	275	68	carr	carr	PROPN
dem-5671	275	69	,	,	PUNCT
dem-5671	275	70	p.	p.	PROPN
dem-5671	275	71	,	,	PUNCT
dem-5671	275	72	lee	lee	PROPN
dem-5671	275	73	,	,	PUNCT
dem-5671	275	74	r.	r.	PROPN
dem-5671	275	75	(	(	PUNCT
dem-5671	275	76	2007	2007	NUM
dem-5671	275	77	)	)	PUNCT
dem-5671	275	78	,	,	PUNCT
dem-5671	275	79	realised	realise	VERB
dem-5671	275	80	volatility	volatility	NOUN
dem-5671	275	81	and	and	CCONJ
dem-5671	275	82	variance	variance	NOUN
dem-5671	275	83	:	:	PUNCT
dem-5671	275	84	options	option	NOUN
dem-5671	275	85	via	via	ADP
dem-5671	275	86	swaps	swap	NOUN
dem-5671	275	87	,	,	PUNCT
dem-5671	275	88	risk	risk	NOUN
dem-5671	275	89	,	,	PUNCT
dem-5671	275	90	20	20	NUM
dem-5671	275	91	,	,	PUNCT
dem-5671	275	92	76–83	76–83	NUM
dem-5671	275	93	.	.	PUNCT
dem-5671	275	94	carr	carr	PROPN
dem-5671	275	95	,	,	PUNCT
dem-5671	275	96	p.	p.	PROPN
dem-5671	275	97	,	,	PUNCT
dem-5671	275	98	lee	lee	PROPN
dem-5671	275	99	,	,	PUNCT
dem-5671	275	100	r.	r.	PROPN
dem-5671	275	101	(	(	PUNCT
dem-5671	275	102	2009	2009	NUM
dem-5671	275	103	)	)	PUNCT
dem-5671	275	104	,	,	PUNCT
dem-5671	275	105	volatility	volatility	NOUN
dem-5671	275	106	derivatives	derivative	NOUN
dem-5671	275	107	,	,	PUNCT
dem-5671	275	108	annual	annual	ADJ
dem-5671	275	109	review	review	NOUN
dem-5671	275	110	of	of	ADP
dem-5671	275	111	financial	financial	ADJ
dem-5671	275	112	economics	economic	NOUN
dem-5671	275	113	,	,	PUNCT
dem-5671	275	114	1(1	1(1	NUM
dem-5671	275	115	)	)	PUNCT
dem-5671	275	116	,	,	PUNCT
dem-5671	275	117	319–339	319–339	NUM
dem-5671	275	118	,	,	PUNCT
dem-5671	275	119	doi	doi	NOUN
dem-5671	275	120	:	:	PUNCT
dem-5671	275	121	http://dx.doi.org/10.1146/annurev.financial.050808.114304	http://dx.doi.org/10.1146/annurev.financial.050808.114304	PROPN
dem-5671	275	122	.	.	PUNCT
dem-5671	276	1	carr	carr	PROPN
dem-5671	276	2	,	,	PUNCT
dem-5671	276	3	p.	p.	PROPN
dem-5671	276	4	,	,	PUNCT
dem-5671	276	5	lewis	lewis	PROPN
dem-5671	276	6	,	,	PUNCT
dem-5671	276	7	k.	k.	PROPN
dem-5671	276	8	(	(	PUNCT
dem-5671	276	9	2004	2004	NUM
dem-5671	276	10	)	)	PUNCT
dem-5671	276	11	,	,	PUNCT
dem-5671	276	12	corridor	corridor	ADJ
dem-5671	276	13	variance	variance	NOUN
dem-5671	276	14	swaps	swap	NOUN
dem-5671	276	15	,	,	PUNCT
dem-5671	276	16	risk	risk	NOUN
dem-5671	276	17	,	,	PUNCT
dem-5671	276	18	17	17	NUM
dem-5671	276	19	,	,	PUNCT
dem-5671	276	20	67–72	67–72	NUM
dem-5671	276	21	.	.	PUNCT
dem-5671	277	1	carr	carr	PROPN
dem-5671	277	2	,	,	PUNCT
dem-5671	277	3	p.	p.	PROPN
dem-5671	277	4	,	,	PUNCT
dem-5671	277	5	madan	madan	PROPN
dem-5671	277	6	,	,	PUNCT
dem-5671	277	7	d.	d.	PROPN
dem-5671	277	8	(	(	PUNCT
dem-5671	277	9	2001	2001	NUM
dem-5671	277	10	)	)	PUNCT
dem-5671	277	11	,	,	PUNCT
dem-5671	277	12	towards	towards	ADP
dem-5671	277	13	a	a	DET
dem-5671	277	14	theory	theory	NOUN
dem-5671	277	15	of	of	ADP
dem-5671	277	16	volatility	volatility	NOUN
dem-5671	277	17	trading	trading	NOUN
dem-5671	277	18	,	,	PUNCT
dem-5671	277	19	[	[	X
dem-5671	277	20	in	in	ADP
dem-5671	277	21	:]	:]	PROPN
dem-5671	277	22	jarrow	jarrow	PROPN
dem-5671	277	23	,	,	PUNCT
dem-5671	277	24	r.	r.	PROPN
dem-5671	277	25	(	(	PUNCT
dem-5671	277	26	ed	ed	NOUN
dem-5671	277	27	.	.	PUNCT
dem-5671	277	28	)	)	PUNCT
dem-5671	277	29	,	,	PUNCT
dem-5671	277	30	volatility	volatility	NOUN
dem-5671	277	31	.	.	PUNCT
dem-5671	278	1	new	new	ADJ
dem-5671	278	2	estimation	estimation	NOUN
dem-5671	278	3	techniques	technique	NOUN
dem-5671	278	4	for	for	ADP
dem-5671	278	5	pricing	price	VERB
dem-5671	278	6	derivatives	derivative	NOUN
dem-5671	278	7	,	,	PUNCT
dem-5671	278	8	in	in	ADP
dem-5671	278	9	jouini	jouini	PROPN
dem-5671	278	10	,	,	PUNCT
dem-5671	278	11	e.	e.	PROPN
dem-5671	278	12	,	,	PUNCT
dem-5671	278	13	cvitanic	cvitanic	PROPN
dem-5671	278	14	,	,	PUNCT
dem-5671	278	15	j.	j.	PROPN
dem-5671	278	16	,	,	PUNCT
dem-5671	278	17	musiela	musiela	PROPN
dem-5671	278	18	,	,	PUNCT
dem-5671	278	19	m.	m.	NOUN
dem-5671	278	20	(	(	PUNCT
dem-5671	278	21	ed	ed	NOUN
dem-5671	278	22	.	.	PUNCT
dem-5671	278	23	)	)	PUNCT
dem-5671	278	24	,	,	PUNCT
dem-5671	278	25	option	option	NOUN
dem-5671	278	26	pricing	pricing	NOUN
dem-5671	278	27	,	,	PUNCT
dem-5671	278	28	interest	interest	NOUN
dem-5671	278	29	rates	rate	NOUN
dem-5671	278	30	and	and	CCONJ
dem-5671	278	31	risk	risk	NOUN
dem-5671	278	32	management	management	NOUN
dem-5671	278	33	,	,	PUNCT
dem-5671	278	34	cambridge	cambridge	PROPN
dem-5671	278	35	university	university	PROPN
dem-5671	278	36	press	press	PROPN
dem-5671	278	37	,	,	PUNCT
dem-5671	278	38	cambridge	cambridge	PROPN
dem-5671	278	39	,	,	PUNCT
dem-5671	278	40	458–476	458–476	NUM
dem-5671	278	41	.	.	PUNCT
dem-5671	278	42	carr	carr	PROPN
dem-5671	278	43	,	,	PUNCT
dem-5671	278	44	p.	p.	PROPN
dem-5671	278	45	,	,	PUNCT
dem-5671	278	46	wu	wu	PROPN
dem-5671	278	47	,	,	PUNCT
dem-5671	278	48	l.	l.	PROPN
dem-5671	278	49	(	(	PUNCT
dem-5671	278	50	2009	2009	NUM
dem-5671	278	51	)	)	PUNCT
dem-5671	278	52	,	,	PUNCT
dem-5671	278	53	variance	variance	NOUN
dem-5671	278	54	risk	risk	NOUN
dem-5671	278	55	premiums	premium	NOUN
dem-5671	278	56	,	,	PUNCT
dem-5671	278	57	review	review	NOUN
dem-5671	278	58	of	of	ADP
dem-5671	278	59	financial	financial	ADJ
dem-5671	278	60	studies	study	NOUN
dem-5671	278	61	,	,	PUNCT
dem-5671	278	62	22(3	22(3	NUM
dem-5671	278	63	)	)	PUNCT
dem-5671	278	64	,	,	PUNCT
dem-5671	278	65	1311	1311	NUM
dem-5671	278	66	–	–	PUNCT
dem-5671	278	67	–	–	PUNCT
dem-5671	278	68	1341	1341	NUM
dem-5671	278	69	,	,	PUNCT
dem-5671	278	70	doi	doi	NOUN
dem-5671	278	71	:	:	PUNCT
dem-5671	279	1	http://dx.doi.org/10.1093/rfs/hhn038	http://dx.doi.org/10.1093/rfs/hhn038	PROPN
dem-5671	279	2	.	.	PUNCT
dem-5671	279	3	cboe	cboe	PROPN
dem-5671	279	4	(	(	PUNCT
dem-5671	279	5	2003	2003	NUM
dem-5671	279	6	)	)	PUNCT
dem-5671	279	7	,	,	PUNCT
dem-5671	279	8	the	the	DET
dem-5671	279	9	cboe	cboe	PROPN
dem-5671	279	10	volatility	volatility	NOUN
dem-5671	279	11	index	index	NOUN
dem-5671	279	12	–	–	PUNCT
dem-5671	279	13	vix	vix	NOUN
dem-5671	279	14	,	,	PUNCT
dem-5671	279	15	http://www.cboe.com/micro/vix/vixwhite.pdf	http://www.cboe.com/micro/vix/vixwhite.pdf	PROPN
dem-5671	279	16	.	.	PUNCT
dem-5671	280	1	cboe	cboe	PROPN
dem-5671	280	2	(	(	PUNCT
dem-5671	280	3	2009	2009	NUM
dem-5671	280	4	)	)	PUNCT
dem-5671	280	5	,	,	PUNCT
dem-5671	280	6	the	the	DET
dem-5671	280	7	cboe	cboe	PROPN
dem-5671	280	8	volatility	volatility	NOUN
dem-5671	280	9	index	index	NOUN
dem-5671	280	10	–	–	PUNCT
dem-5671	280	11	vix	vix	PROPN
dem-5671	280	12	,	,	PUNCT
dem-5671	280	13	chicago	chicago	PROPN
dem-5671	280	14	board	board	PROPN
dem-5671	280	15	options	option	NOUN
dem-5671	280	16	exchange	exchange	PROPN
dem-5671	280	17	.	.	PUNCT
dem-5671	281	1	chen	chen	PROPN
dem-5671	281	2	,	,	PUNCT
dem-5671	281	3	k.	k.	PROPN
dem-5671	281	4	,	,	PUNCT
dem-5671	281	5	he	he	PRON
dem-5671	281	6	,	,	PUNCT
dem-5671	281	7	x.	x.	NOUN
dem-5671	281	8	,	,	PUNCT
dem-5671	281	9	poon	poon	NOUN
dem-5671	281	10	,	,	PUNCT
dem-5671	281	11	s.-h	s.-h	NOUN
dem-5671	281	12	.	.	PUNCT
dem-5671	281	13	(	(	PUNCT
dem-5671	281	14	2010	2010	NUM
dem-5671	281	15	)	)	PUNCT
dem-5671	281	16	,	,	PUNCT
dem-5671	281	17	the	the	DET
dem-5671	281	18	art	art	NOUN
dem-5671	281	19	of	of	ADP
dem-5671	281	20	volatility	volatility	NOUN
dem-5671	281	21	modelling	modelling	NOUN
dem-5671	281	22	.	.	PUNCT
dem-5671	282	1	a	a	DET
dem-5671	282	2	case	case	NOUN
dem-5671	282	3	study	study	NOUN
dem-5671	282	4	based	base	VERB
dem-5671	282	5	on	on	ADP
dem-5671	282	6	dbs	dbs	PROPN
dem-5671	282	7	,	,	PUNCT
dem-5671	282	8	mimeo	mimeo	NOUN
dem-5671	282	9	.	.	PUNCT
dem-5671	283	1	cox	cox	PROPN
dem-5671	283	2	,	,	PUNCT
dem-5671	283	3	j.	j.	PROPN
dem-5671	283	4	c.	c.	PROPN
dem-5671	283	5	,	,	PUNCT
dem-5671	283	6	rubinstein	rubinstein	PROPN
dem-5671	283	7	,	,	PUNCT
dem-5671	283	8	m.	m.	NOUN
dem-5671	283	9	(	(	PUNCT
dem-5671	283	10	1985	1985	NUM
dem-5671	283	11	)	)	PUNCT
dem-5671	283	12	,	,	PUNCT
dem-5671	283	13	options	option	NOUN
dem-5671	283	14	markets	market	NOUN
dem-5671	283	15	.	.	PUNCT
dem-5671	284	1	prentice	prentice	PROPN
dem-5671	284	2	hall	hall	PROPN
dem-5671	284	3	.	.	PUNCT
dem-5671	285	1	daigler	daigler	PROPN
dem-5671	285	2	,	,	PUNCT
dem-5671	285	3	r.	r.	PROPN
dem-5671	285	4	t.	t.	PROPN
dem-5671	285	5	,	,	PUNCT
dem-5671	285	6	rossi	rossi	PROPN
dem-5671	285	7	,	,	PUNCT
dem-5671	285	8	l.	l.	PROPN
dem-5671	285	9	(	(	PUNCT
dem-5671	285	10	2006	2006	NUM
dem-5671	285	11	)	)	PUNCT
dem-5671	285	12	,	,	PUNCT
dem-5671	285	13	a	a	DET
dem-5671	285	14	portfolio	portfolio	NOUN
dem-5671	285	15	of	of	ADP
dem-5671	285	16	stocks	stock	NOUN
dem-5671	285	17	and	and	CCONJ
dem-5671	285	18	volatility	volatility	NOUN
dem-5671	285	19	,	,	PUNCT
dem-5671	285	20	the	the	DET
dem-5671	285	21	journal	journal	NOUN
dem-5671	285	22	of	of	ADP
dem-5671	285	23	investing	investing	NOUN
dem-5671	285	24	,	,	PUNCT
dem-5671	285	25	15(2	15(2	NUM
dem-5671	285	26	)	)	PUNCT
dem-5671	285	27	,	,	PUNCT
dem-5671	285	28	99–106	99–106	NUM
dem-5671	285	29	,	,	PUNCT
dem-5671	285	30	doi	doi	NOUN
dem-5671	285	31	:	:	PUNCT
dem-5671	285	32	http://dx.doi.org/10.3905/joi.2006.635636	http://dx.doi.org/10.3905/joi.2006.635636	NOUN
dem-5671	285	33	.	.	NOUN
dem-5671	285	34	dash	dash	NOUN
dem-5671	285	35	,	,	PUNCT
dem-5671	285	36	s.	s.	PROPN
dem-5671	285	37	,	,	PUNCT
dem-5671	285	38	moran	moran	PROPN
dem-5671	285	39	,	,	PUNCT
dem-5671	285	40	m.	m.	NOUN
dem-5671	285	41	t.	t.	PROPN
dem-5671	285	42	(	(	PUNCT
dem-5671	285	43	2005	2005	NUM
dem-5671	285	44	)	)	PUNCT
dem-5671	285	45	,	,	PUNCT
dem-5671	285	46	vix	vix	PROPN
dem-5671	285	47	as	as	ADP
dem-5671	285	48	a	a	DET
dem-5671	285	49	companion	companion	NOUN
dem-5671	285	50	for	for	ADP
dem-5671	285	51	hedge	hedge	NOUN
dem-5671	285	52	fund	fund	NOUN
dem-5671	285	53	portfolios	portfolio	NOUN
dem-5671	285	54	,	,	PUNCT
dem-5671	285	55	the	the	DET
dem-5671	285	56	journal	journal	NOUN
dem-5671	285	57	of	of	ADP
dem-5671	285	58	alternative	alternative	ADJ
dem-5671	285	59	investments	investment	NOUN
dem-5671	285	60	,	,	PUNCT
dem-5671	285	61	8(3	8(3	NUM
dem-5671	285	62	)	)	PUNCT
dem-5671	285	63	,	,	PUNCT
dem-5671	285	64	75–80	75–80	PROPN
dem-5671	285	65	,	,	PUNCT
dem-5671	285	66	does	do	AUX
dem-5671	285	67	historical	historical	ADJ
dem-5671	285	68	volatility	volatility	NOUN
dem-5671	285	69	term	term	NOUN
dem-5671	285	70	structure	structure	NOUN
dem-5671	285	71	contain	contain	VERB
dem-5671	285	72	valuable	valuable	ADJ
dem-5671	285	73	information	information	NOUN
dem-5671	285	74	…	…	PUNCT
dem-5671	285	75	dynamic	dynamic	ADJ
dem-5671	285	76	econometric	econometric	ADJ
dem-5671	285	77	models	model	NOUN
dem-5671	285	78	14	14	NUM
dem-5671	285	79	(	(	PUNCT
dem-5671	285	80	2014	2014	NUM
dem-5671	285	81	)	)	PUNCT
dem-5671	286	1	5–28	5–28	NOUN
dem-5671	286	2	27	27	NUM
dem-5671	286	3	doi	doi	NOUN
dem-5671	286	4	:	:	PUNCT
dem-5671	286	5	http://dx.doi.org/10.3905/jai.2005.608034	http://dx.doi.org/10.3905/jai.2005.608034	PROPN
dem-5671	286	6	.	.	PUNCT
dem-5671	287	1	demeterfi	demeterfi	PROPN
dem-5671	287	2	,	,	PUNCT
dem-5671	287	3	k.	k.	PROPN
dem-5671	287	4	,	,	PUNCT
dem-5671	287	5	derman	derman	NOUN
dem-5671	287	6	,	,	PUNCT
dem-5671	287	7	e.	e.	PROPN
dem-5671	287	8	,	,	PUNCT
dem-5671	287	9	kamal	kamal	PROPN
dem-5671	287	10	,	,	PUNCT
dem-5671	287	11	m.	m.	NOUN
dem-5671	287	12	,	,	PUNCT
dem-5671	287	13	zou	zou	PROPN
dem-5671	287	14	,	,	PUNCT
dem-5671	287	15	j.	j.	PROPN
dem-5671	287	16	(	(	PUNCT
dem-5671	287	17	1999	1999	NUM
dem-5671	287	18	)	)	PUNCT
dem-5671	287	19	,	,	PUNCT
dem-5671	287	20	a	a	DET
dem-5671	287	21	guide	guide	NOUN
dem-5671	287	22	to	to	ADP
dem-5671	287	23	volatility	volatility	NOUN
dem-5671	287	24	and	and	CCONJ
dem-5671	287	25	variance	variance	NOUN
dem-5671	287	26	swaps	swap	NOUN
dem-5671	287	27	,	,	PUNCT
dem-5671	287	28	the	the	DET
dem-5671	287	29	journal	journal	NOUN
dem-5671	287	30	of	of	ADP
dem-5671	287	31	derivatives	derivative	NOUN
dem-5671	287	32	,	,	PUNCT
dem-5671	287	33	6(4	6(4	NOUN
dem-5671	287	34	)	)	PUNCT
dem-5671	287	35	,	,	PUNCT
dem-5671	287	36	9–32	9–32	PROPN
dem-5671	287	37	,	,	PUNCT
dem-5671	287	38	doi	doi	PROPN
dem-5671	287	39	:	:	PUNCT
dem-5671	287	40	http://dx.doi.org/10.3905/jod.1999.319129	http://dx.doi.org/10.3905/jod.1999.319129	PROPN
dem-5671	287	41	.	.	PUNCT
dem-5671	287	42	derman	derman	NOUN
dem-5671	287	43	,	,	PUNCT
dem-5671	287	44	e.	e.	PROPN
dem-5671	287	45	,	,	PUNCT
dem-5671	287	46	demeterfi	demeterfi	PROPN
dem-5671	287	47	,	,	PUNCT
dem-5671	287	48	k.	k.	PROPN
dem-5671	287	49	,	,	PUNCT
dem-5671	287	50	kamal	kamal	PROPN
dem-5671	287	51	,	,	PUNCT
dem-5671	287	52	m.	m.	NOUN
dem-5671	287	53	,	,	PUNCT
dem-5671	287	54	zou	zou	PROPN
dem-5671	287	55	,	,	PUNCT
dem-5671	287	56	j.	j.	PROPN
dem-5671	287	57	(	(	PUNCT
dem-5671	287	58	1999	1999	NUM
dem-5671	287	59	)	)	PUNCT
dem-5671	287	60	,	,	PUNCT
dem-5671	287	61	more	more	ADJ
dem-5671	287	62	than	than	SCONJ
dem-5671	287	63	you	you	PRON
dem-5671	287	64	ever	ever	ADV
dem-5671	287	65	wanted	want	VERB
dem-5671	287	66	to	to	PART
dem-5671	287	67	know	know	VERB
dem-5671	287	68	about	about	ADP
dem-5671	287	69	volatility	volatility	NOUN
dem-5671	287	70	swaps	swap	NOUN
dem-5671	287	71	,	,	PUNCT
dem-5671	287	72	quantitative	quantitative	ADJ
dem-5671	287	73	strategies	strategy	NOUN
dem-5671	287	74	research	research	NOUN
dem-5671	287	75	notes	note	NOUN
dem-5671	287	76	,	,	PUNCT
dem-5671	287	77	goldman	goldman	NOUN
dem-5671	287	78	sachs	sachs	PROPN
dem-5671	287	79	.	.	PUNCT
dem-5671	288	1	derman	derman	PROPN
dem-5671	288	2	,	,	PUNCT
dem-5671	288	3	e.	e.	PROPN
dem-5671	288	4	,	,	PUNCT
dem-5671	288	5	kamal	kamal	PROPN
dem-5671	288	6	,	,	PUNCT
dem-5671	288	7	m.	m.	NOUN
dem-5671	288	8	,	,	PUNCT
dem-5671	288	9	kani	kani	PROPN
dem-5671	288	10	,	,	PUNCT
dem-5671	288	11	i.	i.	PROPN
dem-5671	288	12	,	,	PUNCT
dem-5671	288	13	mcclure	mcclure	PROPN
dem-5671	288	14	,	,	PUNCT
dem-5671	288	15	j.	j.	PROPN
dem-5671	288	16	,	,	PUNCT
dem-5671	288	17	pirasteh	pirasteh	PROPN
dem-5671	288	18	,	,	PUNCT
dem-5671	288	19	c.	c.	PROPN
dem-5671	288	20	,	,	PUNCT
dem-5671	288	21	zou	zou	PROPN
dem-5671	288	22	,	,	PUNCT
dem-5671	288	23	j.	j.	PROPN
dem-5671	288	24	z.	z.	PROPN
dem-5671	288	25	(	(	PUNCT
dem-5671	288	26	1998	1998	NUM
dem-5671	288	27	)	)	PUNCT
dem-5671	288	28	,	,	PUNCT
dem-5671	288	29	investing	invest	VERB
dem-5671	288	30	in	in	ADP
dem-5671	288	31	volatility	volatility	NOUN
dem-5671	288	32	,	,	PUNCT
dem-5671	288	33	[	[	X
dem-5671	288	34	in	in	ADP
dem-5671	288	35	:]	:]	PROPN
dem-5671	288	36	futures	future	NOUN
dem-5671	288	37	and	and	CCONJ
dem-5671	288	38	options	option	NOUN
dem-5671	288	39	world	world	NOUN
dem-5671	288	40	,	,	PUNCT
dem-5671	288	41	special	special	ADJ
dem-5671	288	42	supplement	supplement	NOUN
dem-5671	288	43	on	on	ADP
dem-5671	288	44	the	the	DET
dem-5671	288	45	25th	25th	ADJ
dem-5671	288	46	anniversary	anniversary	NOUN
dem-5671	288	47	of	of	ADP
dem-5671	288	48	the	the	DET
dem-5671	288	49	publication	publication	NOUN
dem-5671	288	50	of	of	ADP
dem-5671	288	51	the	the	DET
dem-5671	288	52	black	black	ADJ
dem-5671	288	53	-	-	PUNCT
dem-5671	288	54	scholes	schole	NOUN
dem-5671	288	55	model	model	NOUN
dem-5671	288	56	.	.	PUNCT
dem-5671	289	1	derman	derman	NOUN
dem-5671	289	2	,	,	PUNCT
dem-5671	289	3	e.	e.	PROPN
dem-5671	289	4	,	,	PUNCT
dem-5671	289	5	taleb	taleb	PROPN
dem-5671	289	6	,	,	PUNCT
dem-5671	289	7	n.	n.	PROPN
dem-5671	289	8	n.	n.	PROPN
dem-5671	289	9	(	(	PUNCT
dem-5671	289	10	2005	2005	NUM
dem-5671	289	11	)	)	PUNCT
dem-5671	289	12	,	,	PUNCT
dem-5671	289	13	the	the	DET
dem-5671	289	14	illusions	illusion	NOUN
dem-5671	289	15	of	of	ADP
dem-5671	289	16	dynamic	dynamic	ADJ
dem-5671	289	17	replication	replication	NOUN
dem-5671	289	18	,	,	PUNCT
dem-5671	289	19	quantitative	quantitative	ADJ
dem-5671	289	20	finance	finance	NOUN
dem-5671	289	21	,	,	PUNCT
dem-5671	289	22	5(4	5(4	NUM
dem-5671	289	23	)	)	PUNCT
dem-5671	289	24	,	,	PUNCT
dem-5671	289	25	323–326	323–326	NUM
dem-5671	289	26	,	,	PUNCT
dem-5671	289	27	doi	doi	NOUN
dem-5671	289	28	:	:	PUNCT
dem-5671	289	29	http://dx.doi.org/10.1080/14697680500305105	http://dx.doi.org/10.1080/14697680500305105	NOUN
dem-5671	289	30	.	.	PUNCT
dem-5671	290	1	dupire	dupire	PROPN
dem-5671	290	2	,	,	PUNCT
dem-5671	290	3	b.	b.	PROPN
dem-5671	290	4	(	(	PUNCT
dem-5671	290	5	1993	1993	NUM
dem-5671	290	6	)	)	PUNCT
dem-5671	290	7	,	,	PUNCT
dem-5671	290	8	model	model	NOUN
dem-5671	290	9	art	art	NOUN
dem-5671	290	10	,	,	PUNCT
dem-5671	290	11	risk	risk	NOUN
dem-5671	290	12	,	,	PUNCT
dem-5671	290	13	6	6	NUM
dem-5671	290	14	,	,	PUNCT
dem-5671	290	15	118–120	118–120	NUM
dem-5671	290	16	.	.	PUNCT
dem-5671	291	1	dupire	dupire	PROPN
dem-5671	291	2	,	,	PUNCT
dem-5671	291	3	b.	b.	PROPN
dem-5671	291	4	(	(	PUNCT
dem-5671	291	5	2004	2004	NUM
dem-5671	291	6	)	)	PUNCT
dem-5671	291	7	,	,	PUNCT
dem-5671	291	8	a	a	DET
dem-5671	291	9	unified	unified	ADJ
dem-5671	291	10	theory	theory	NOUN
dem-5671	291	11	of	of	ADP
dem-5671	291	12	volatility	volatility	NOUN
dem-5671	291	13	,	,	PUNCT
dem-5671	291	14	working	working	NOUN
dem-5671	291	15	paper	paper	NOUN
dem-5671	291	16	,	,	PUNCT
dem-5671	291	17	paribas	paribas	PROPN
dem-5671	291	18	capital	capital	PROPN
dem-5671	291	19	markets	market	NOUN
dem-5671	291	20	.	.	PUNCT
dem-5671	292	1	egloff	egloff	NOUN
dem-5671	292	2	,	,	PUNCT
dem-5671	292	3	d.	d.	PROPN
dem-5671	292	4	,	,	PUNCT
dem-5671	292	5	leippold	leippold	PROPN
dem-5671	292	6	,	,	PUNCT
dem-5671	292	7	m.	m.	NOUN
dem-5671	292	8	,	,	PUNCT
dem-5671	292	9	wu	wu	PROPN
dem-5671	292	10	,	,	PUNCT
dem-5671	292	11	l.	l.	PROPN
dem-5671	292	12	(	(	PUNCT
dem-5671	292	13	2010	2010	NUM
dem-5671	292	14	)	)	PUNCT
dem-5671	292	15	,	,	PUNCT
dem-5671	292	16	the	the	DET
dem-5671	292	17	term	term	NOUN
dem-5671	292	18	structure	structure	NOUN
dem-5671	292	19	of	of	ADP
dem-5671	292	20	variance	variance	NOUN
dem-5671	292	21	swap	swap	NOUN
dem-5671	292	22	rates	rate	NOUN
dem-5671	292	23	and	and	CCONJ
dem-5671	292	24	optimal	optimal	ADJ
dem-5671	292	25	variance	variance	NOUN
dem-5671	292	26	swap	swap	NOUN
dem-5671	292	27	investments	investment	NOUN
dem-5671	292	28	,	,	PUNCT
dem-5671	292	29	journal	journal	NOUN
dem-5671	292	30	of	of	ADP
dem-5671	292	31	financial	financial	ADJ
dem-5671	292	32	and	and	CCONJ
dem-5671	292	33	quantitative	quantitative	ADJ
dem-5671	292	34	analysis	analysis	NOUN
dem-5671	292	35	,	,	PUNCT
dem-5671	292	36	45(5	45(5	NOUN
dem-5671	292	37	)	)	PUNCT
dem-5671	292	38	,	,	PUNCT
dem-5671	292	39	doi	doi	NOUN
dem-5671	292	40	:	:	PUNCT
dem-5671	292	41	http://dx.doi.org/10.1017/s0022109010000463	http://dx.doi.org/10.1017/s0022109010000463	PROPN
dem-5671	292	42	.	.	PROPN
dem-5671	292	43	fassas	fassas	PROPN
dem-5671	292	44	,	,	PUNCT
dem-5671	292	45	a.	a.	NOUN
dem-5671	292	46	p.	p.	NOUN
dem-5671	292	47	(	(	PUNCT
dem-5671	292	48	2012	2012	NUM
dem-5671	292	49	)	)	PUNCT
dem-5671	292	50	,	,	PUNCT
dem-5671	292	51	the	the	DET
dem-5671	292	52	relationship	relationship	NOUN
dem-5671	292	53	between	between	ADP
dem-5671	292	54	vix	vix	PROPN
dem-5671	292	55	futures	future	NOUN
dem-5671	292	56	term	term	NOUN
dem-5671	292	57	structure	structure	NOUN
dem-5671	292	58	and	and	CCONJ
dem-5671	292	59	s&p500	s&p500	NOUN
dem-5671	292	60	returns	return	NOUN
dem-5671	292	61	,	,	PUNCT
dem-5671	292	62	review	review	NOUN
dem-5671	292	63	of	of	ADP
dem-5671	292	64	futures	future	NOUN
dem-5671	292	65	markets	market	NOUN
dem-5671	292	66	,	,	PUNCT
dem-5671	292	67	20	20	NUM
dem-5671	292	68	,	,	PUNCT
dem-5671	292	69	293–313	293–313	NUM
dem-5671	292	70	.	.	PUNCT
dem-5671	293	1	fleming	fleming	PROPN
dem-5671	293	2	,	,	PUNCT
dem-5671	293	3	j.	j.	PROPN
dem-5671	293	4	,	,	PUNCT
dem-5671	293	5	ostdiek	ostdiek	PROPN
dem-5671	293	6	,	,	PUNCT
dem-5671	293	7	b.	b.	PROPN
dem-5671	293	8	,	,	PUNCT
dem-5671	293	9	whaley	whaley	PROPN
dem-5671	293	10	,	,	PUNCT
dem-5671	293	11	r.	r.	PROPN
dem-5671	293	12	e.	e.	PROPN
dem-5671	293	13	(	(	PUNCT
dem-5671	293	14	1995	1995	NUM
dem-5671	293	15	)	)	PUNCT
dem-5671	293	16	,	,	PUNCT
dem-5671	293	17	predicting	predict	VERB
dem-5671	293	18	stock	stock	NOUN
dem-5671	293	19	market	market	NOUN
dem-5671	293	20	volatility	volatility	NOUN
dem-5671	293	21	:	:	PUNCT
dem-5671	293	22	a	a	DET
dem-5671	293	23	new	new	ADJ
dem-5671	293	24	measure	measure	NOUN
dem-5671	293	25	,	,	PUNCT
dem-5671	293	26	journal	journal	NOUN
dem-5671	293	27	of	of	ADP
dem-5671	293	28	futures	future	NOUN
dem-5671	293	29	markets	market	NOUN
dem-5671	293	30	,	,	PUNCT
dem-5671	293	31	15(3	15(3	NUM
dem-5671	293	32	)	)	PUNCT
dem-5671	293	33	,	,	PUNCT
dem-5671	293	34	265–302	265–302	NUM
dem-5671	293	35	.	.	PUNCT
dem-5671	294	1	galai	galai	PROPN
dem-5671	294	2	,	,	PUNCT
dem-5671	294	3	d.	d.	PROPN
dem-5671	294	4	(	(	PUNCT
dem-5671	294	5	1979	1979	NUM
dem-5671	294	6	)	)	PUNCT
dem-5671	294	7	,	,	PUNCT
dem-5671	294	8	a	a	DET
dem-5671	294	9	proposal	proposal	NOUN
dem-5671	294	10	for	for	ADP
dem-5671	294	11	indexes	index	NOUN
dem-5671	294	12	for	for	ADP
dem-5671	294	13	traded	trade	VERB
dem-5671	294	14	call	call	NOUN
dem-5671	294	15	options	option	NOUN
dem-5671	294	16	,	,	PUNCT
dem-5671	294	17	the	the	DET
dem-5671	294	18	journal	journal	NOUN
dem-5671	294	19	of	of	ADP
dem-5671	294	20	finance	finance	NOUN
dem-5671	294	21	,	,	PUNCT
dem-5671	294	22	34(5	34(5	PROPN
dem-5671	294	23	)	)	PUNCT
dem-5671	294	24	,	,	PUNCT
dem-5671	294	25	1157–1172	1157–1172	NUM
dem-5671	294	26	,	,	PUNCT
dem-5671	294	27	doi	doi	NOUN
dem-5671	294	28	:	:	PUNCT
dem-5671	294	29	http://dx.doi.org/10.2307/2327241	http://dx.doi.org/10.2307/2327241	PROPN
dem-5671	294	30	.	.	PUNCT
dem-5671	295	1	gastineau	gastineau	PROPN
dem-5671	295	2	,	,	PUNCT
dem-5671	295	3	g.	g.	PROPN
dem-5671	295	4	l.	l.	PROPN
dem-5671	295	5	(	(	PUNCT
dem-5671	295	6	1977	1977	NUM
dem-5671	295	7	)	)	PUNCT
dem-5671	295	8	,	,	PUNCT
dem-5671	295	9	an	an	DET
dem-5671	295	10	index	index	NOUN
dem-5671	295	11	of	of	ADP
dem-5671	295	12	listed	list	VERB
dem-5671	295	13	option	option	NOUN
dem-5671	295	14	premiums	premium	NOUN
dem-5671	295	15	,	,	PUNCT
dem-5671	295	16	financial	financial	ADJ
dem-5671	295	17	analysts	analyst	NOUN
dem-5671	295	18	journal	journal	NOUN
dem-5671	295	19	,	,	PUNCT
dem-5671	295	20	33(3	33(3	NOUN
dem-5671	295	21	)	)	PUNCT
dem-5671	295	22	,	,	PUNCT
dem-5671	295	23	70–75	70–75	NUM
dem-5671	295	24	,	,	PUNCT
dem-5671	295	25	doi	doi	NOUN
dem-5671	295	26	:	:	PUNCT
dem-5671	295	27	http://dx.doi.org/10.2469/faj.v33.n3.70	http://dx.doi.org/10.2469/faj.v33.n3.70	PROPN
dem-5671	295	28	.	.	PUNCT
dem-5671	295	29	giot	giot	NOUN
dem-5671	295	30	,	,	PUNCT
dem-5671	295	31	p.	p.	NOUN
dem-5671	295	32	(	(	PUNCT
dem-5671	295	33	2005	2005	NUM
dem-5671	295	34	)	)	PUNCT
dem-5671	295	35	,	,	PUNCT
dem-5671	295	36	relationship	relationship	NOUN
dem-5671	295	37	between	between	ADP
dem-5671	295	38	implied	imply	VERB
dem-5671	295	39	volatility	volatility	NOUN
dem-5671	295	40	index	index	NOUN
dem-5671	295	41	and	and	CCONJ
dem-5671	295	42	stock	stock	NOUN
dem-5671	295	43	index	index	NOUN
dem-5671	295	44	returns	return	NOUN
dem-5671	295	45	,	,	PUNCT
dem-5671	295	46	journal	journal	NOUN
dem-5671	295	47	of	of	ADP
dem-5671	295	48	portfolio	portfolio	NOUN
dem-5671	295	49	management	management	NOUN
dem-5671	295	50	,	,	PUNCT
dem-5671	295	51	31	31	NUM
dem-5671	295	52	,	,	PUNCT
dem-5671	295	53	92–100	92–100	NUM
dem-5671	295	54	.	.	PUNCT
dem-5671	296	1	guobuzaite	guobuzaite	PROPN
dem-5671	296	2	,	,	PUNCT
dem-5671	296	3	r.	r.	PROPN
dem-5671	296	4	,	,	PUNCT
dem-5671	296	5	martellini	martellini	PROPN
dem-5671	296	6	,	,	PUNCT
dem-5671	296	7	l.	l.	PROPN
dem-5671	296	8	(	(	PUNCT
dem-5671	296	9	2012	2012	NUM
dem-5671	296	10	)	)	PUNCT
dem-5671	296	11	,	,	PUNCT
dem-5671	296	12	the	the	DET
dem-5671	296	13	benefits	benefit	NOUN
dem-5671	296	14	of	of	ADP
dem-5671	296	15	volatility	volatility	NOUN
dem-5671	296	16	derivatives	derivative	NOUN
dem-5671	296	17	in	in	ADP
dem-5671	296	18	equity	equity	NOUN
dem-5671	296	19	portfolio	portfolio	NOUN
dem-5671	296	20	management	management	NOUN
dem-5671	296	21	,	,	PUNCT
dem-5671	296	22	edhec	edhec	VERB
dem-5671	296	23	–	–	PUNCT
dem-5671	296	24	risk	risk	NOUN
dem-5671	296	25	institute	institute	NOUN
dem-5671	296	26	.	.	PUNCT
dem-5671	297	1	hafner	hafner	PROPN
dem-5671	297	2	,	,	PUNCT
dem-5671	297	3	r.	r.	PROPN
dem-5671	297	4	,	,	PUNCT
dem-5671	297	5	wallmeier	wallmeier	NOUN
dem-5671	297	6	,	,	PUNCT
dem-5671	297	7	m.	m.	NOUN
dem-5671	297	8	(	(	PUNCT
dem-5671	297	9	2008	2008	NUM
dem-5671	297	10	)	)	PUNCT
dem-5671	297	11	,	,	PUNCT
dem-5671	297	12	optimal	optimal	ADJ
dem-5671	297	13	investments	investment	NOUN
dem-5671	297	14	in	in	ADP
dem-5671	297	15	volatility	volatility	NOUN
dem-5671	297	16	,	,	PUNCT
dem-5671	297	17	financial	financial	ADJ
dem-5671	297	18	markets	market	NOUN
dem-5671	297	19	and	and	CCONJ
dem-5671	297	20	portfolio	portfolio	NOUN
dem-5671	297	21	management	management	NOUN
dem-5671	297	22	,	,	PUNCT
dem-5671	297	23	22(2	22(2	NUM
dem-5671	297	24	)	)	PUNCT
dem-5671	297	25	,	,	PUNCT
dem-5671	297	26	147–167	147–167	NUM
dem-5671	297	27	,	,	PUNCT
dem-5671	297	28	doi	doi	NOUN
dem-5671	297	29	:	:	PUNCT
dem-5671	297	30	http://dx.doi.org/10.1007/s11408-008-0076-8	http://dx.doi.org/10.1007/s11408-008-0076-8	PROPN
dem-5671	297	31	.	.	PUNCT
dem-5671	298	1	herrmann	herrmann	PROPN
dem-5671	298	2	,	,	PUNCT
dem-5671	298	3	r.	r.	PROPN
dem-5671	298	4	,	,	PUNCT
dem-5671	298	5	luedecke	luedecke	NOUN
dem-5671	298	6	,	,	PUNCT
dem-5671	298	7	t.	t.	PROPN
dem-5671	298	8	(	(	PUNCT
dem-5671	298	9	2002	2002	NUM
dem-5671	298	10	)	)	PUNCT
dem-5671	298	11	,	,	PUNCT
dem-5671	298	12	why	why	SCONJ
dem-5671	298	13	the	the	DET
dem-5671	298	14	volax	volax	PROPN
dem-5671	298	15	future	future	NOUN
dem-5671	298	16	has	have	AUX
dem-5671	298	17	failed	fail	VERB
dem-5671	298	18	,	,	PUNCT
dem-5671	298	19	[	[	X
dem-5671	298	20	in	in	ADP
dem-5671	298	21	:]	:]	PRON
dem-5671	298	22	9thsymposium	9thsymposium	NUM
dem-5671	298	23	on	on	ADP
dem-5671	298	24	finance	finance	NOUN
dem-5671	298	25	,	,	PUNCT
dem-5671	298	26	banking	banking	NOUN
dem-5671	298	27	,	,	PUNCT
dem-5671	298	28	and	and	CCONJ
dem-5671	298	29	insurance	insurance	NOUN
dem-5671	298	30	,	,	PUNCT
dem-5671	298	31	universitaet	universitaet	PROPN
dem-5671	298	32	karlsruhe	karlsruhe	X
dem-5671	298	33	(	(	PUNCT
dem-5671	298	34	th	th	NOUN
dem-5671	298	35	)	)	PUNCT
dem-5671	298	36	,	,	PUNCT
dem-5671	298	37	germany	germany	PROPN
dem-5671	298	38	.	.	PUNCT
dem-5671	299	1	huskaj	huskaj	PROPN
dem-5671	299	2	,	,	PUNCT
dem-5671	299	3	b.	b.	PROPN
dem-5671	299	4	,	,	PUNCT
dem-5671	299	5	nossman	nossman	NOUN
dem-5671	299	6	,	,	PUNCT
dem-5671	299	7	m.	m.	NOUN
dem-5671	299	8	(	(	PUNCT
dem-5671	299	9	2012	2012	NUM
dem-5671	299	10	)	)	PUNCT
dem-5671	299	11	,	,	PUNCT
dem-5671	299	12	a	a	DET
dem-5671	299	13	term	term	NOUN
dem-5671	299	14	structure	structure	NOUN
dem-5671	299	15	model	model	NOUN
dem-5671	299	16	for	for	ADP
dem-5671	299	17	vix	vix	PROPN
dem-5671	299	18	futures	future	NOUN
dem-5671	299	19	,	,	PUNCT
dem-5671	299	20	journal	journal	NOUN
dem-5671	299	21	of	of	ADP
dem-5671	299	22	futures	future	NOUN
dem-5671	299	23	markets	market	NOUN
dem-5671	299	24	,	,	PUNCT
dem-5671	299	25	33(5	33(5	NUM
dem-5671	299	26	)	)	PUNCT
dem-5671	299	27	,	,	PUNCT
dem-5671	299	28	421–442	421–442	NUM
dem-5671	299	29	,	,	PUNCT
dem-5671	299	30	doi	doi	NOUN
dem-5671	299	31	:	:	PUNCT
dem-5671	299	32	http://dx.doi.org/10.1002/fut.21550	http://dx.doi.org/10.1002/fut.21550	PROPN
dem-5671	299	33	.	.	PUNCT
dem-5671	300	1	jabłecki	jabłecki	PROPN
dem-5671	300	2	,	,	PUNCT
dem-5671	300	3	j.	j.	PROPN
dem-5671	300	4	,	,	PUNCT
dem-5671	300	5	kokoszczyński	kokoszczyński	PROPN
dem-5671	300	6	,	,	PUNCT
dem-5671	300	7	r.	r.	PROPN
dem-5671	300	8	,	,	PUNCT
dem-5671	300	9	sakowski	sakowski	NOUN
dem-5671	300	10	,	,	PUNCT
dem-5671	300	11	p.	p.	PROPN
dem-5671	300	12	,	,	PUNCT
dem-5671	300	13	ślepaczuk	ślepaczuk	PROPN
dem-5671	300	14	,	,	PUNCT
dem-5671	300	15	r.	r.	PROPN
dem-5671	300	16	,	,	PUNCT
dem-5671	300	17	wójcik	wójcik	PROPN
dem-5671	300	18	,	,	PUNCT
dem-5671	300	19	p.	p.	PROPN
dem-5671	300	20	(	(	PUNCT
dem-5671	300	21	2012	2012	NUM
dem-5671	300	22	)	)	PUNCT
dem-5671	300	23	,	,	PUNCT
dem-5671	300	24	pomiar	pomiar	NOUN
dem-5671	300	25	i	i	PRON
dem-5671	300	26	modelowanie	modelowanie	PROPN
dem-5671	300	27	zmienności	zmienności	PROPN
dem-5671	300	28	–	–	PUNCT
dem-5671	300	29	przegląd	przegląd	NOUN
dem-5671	300	30	literatury	literatury	NOUN
dem-5671	300	31	,	,	PUNCT
dem-5671	300	32	ekonomia	ekonomia	NOUN
dem-5671	300	33	,	,	PUNCT
dem-5671	300	34	31	31	NUM
dem-5671	300	35	,	,	PUNCT
dem-5671	300	36	22–55	22–55	NUM
dem-5671	300	37	.	.	PUNCT
dem-5671	301	1	jabłecki	jabłecki	PROPN
dem-5671	301	2	,	,	PUNCT
dem-5671	301	3	j.	j.	PROPN
dem-5671	301	4	,	,	PUNCT
dem-5671	301	5	kokoszczyński	kokoszczyński	PROPN
dem-5671	301	6	,	,	PUNCT
dem-5671	301	7	r.	r.	PROPN
dem-5671	301	8	,	,	PUNCT
dem-5671	301	9	sakowski	sakowski	NOUN
dem-5671	301	10	,	,	PUNCT
dem-5671	301	11	p.	p.	PROPN
dem-5671	301	12	,	,	PUNCT
dem-5671	301	13	ślepaczuk	ślepaczuk	PROPN
dem-5671	301	14	,	,	PUNCT
dem-5671	301	15	r.	r.	PROPN
dem-5671	301	16	,	,	PUNCT
dem-5671	301	17	wójcik	wójcik	PROPN
dem-5671	301	18	,	,	PUNCT
dem-5671	301	19	p.	p.	NOUN
dem-5671	301	20	(	(	PUNCT
dem-5671	301	21	2013a	2013a	NUM
dem-5671	301	22	)	)	PUNCT
dem-5671	301	23	,	,	PUNCT
dem-5671	301	24	struktura	struktura	VERB
dem-5671	301	25	czasowa	czasowa	PROPN
dem-5671	301	26	zmienności	zmienności	PROPN
dem-5671	301	27	kontraktów	kontraktów	PROPN
dem-5671	301	28	terminowych	terminowych	PROPN
dem-5671	301	29	na	na	ADP
dem-5671	301	30	vix	vix	PROPN
dem-5671	301	31	–	–	PUNCT
dem-5671	301	32	modelowanie	modelowanie	NOUN
dem-5671	301	33	i	i	PRON
dem-5671	301	34	własności	własności	PROPN
dem-5671	301	35	prognostyczne	prognostyczne	PROPN
dem-5671	301	36	,	,	PUNCT
dem-5671	301	37	zarządzanie	zarządzanie	PROPN
dem-5671	301	38	i	i	PRON
dem-5671	301	39	finanse	finanse	VERB
dem-5671	301	40	,	,	PUNCT
dem-5671	301	41	11(2	11(2	NOUN
dem-5671	301	42	)	)	PUNCT
dem-5671	301	43	,	,	PUNCT
dem-5671	301	44	181–192	181–192	NUM
dem-5671	301	45	.	.	PUNCT
dem-5671	302	1	jabłecki	jabłecki	PROPN
dem-5671	302	2	,	,	PUNCT
dem-5671	302	3	j.	j.	PROPN
dem-5671	302	4	,	,	PUNCT
dem-5671	302	5	kokoszczyński	kokoszczyński	PROPN
dem-5671	302	6	,	,	PUNCT
dem-5671	302	7	r.	r.	PROPN
dem-5671	302	8	,	,	PUNCT
dem-5671	302	9	sakowski	sakowski	NOUN
dem-5671	302	10	,	,	PUNCT
dem-5671	302	11	p.	p.	PROPN
dem-5671	302	12	,	,	PUNCT
dem-5671	302	13	ślepaczuk	ślepaczuk	PROPN
dem-5671	302	14	,	,	PUNCT
dem-5671	302	15	r.	r.	PROPN
dem-5671	302	16	,	,	PUNCT
dem-5671	302	17	wójcik	wójcik	PROPN
dem-5671	302	18	,	,	PUNCT
dem-5671	302	19	p.	p.	PROPN
dem-5671	302	20	(	(	PUNCT
dem-5671	302	21	2013b	2013b	NUM
dem-5671	302	22	)	)	PUNCT
dem-5671	303	1	,	,	PUNCT
dem-5671	303	2	instrumenty	instrumenty	PROPN
dem-5671	303	3	pochodne	pochodne	VERB
dem-5671	303	4	na	na	PROPN
dem-5671	303	5	zmienność	zmienność	NOUN
dem-5671	303	6	–	–	PUNCT
dem-5671	303	7	nowa	nowa	PROPN
dem-5671	303	8	klasa	klasa	PROPN
dem-5671	303	9	aktywów	aktywów	PROPN
dem-5671	303	10	?	?	PUNCT
dem-5671	303	11	,	,	PUNCT
dem-5671	303	12	wne	wne	PROPN
dem-5671	303	13	uw	uw	PROPN
dem-5671	303	14	.	.	PROPN
dem-5671	303	15	kitces	kitce	NOUN
dem-5671	303	16	,	,	PUNCT
dem-5671	303	17	m.	m.	PROPN
dem-5671	303	18	e.	e.	PROPN
dem-5671	303	19	(	(	PUNCT
dem-5671	303	20	2012	2012	NUM
dem-5671	303	21	)	)	PUNCT
dem-5671	303	22	,	,	PUNCT
dem-5671	303	23	what	what	PRON
dem-5671	303	24	makes	make	VERB
dem-5671	303	25	something	something	PRON
dem-5671	303	26	an	an	DET
dem-5671	303	27	alternative	alternative	ADJ
dem-5671	303	28	asset	asset	NOUN
dem-5671	303	29	class	class	NOUN
dem-5671	303	30	,	,	PUNCT
dem-5671	303	31	anyway	anyway	ADV
dem-5671	303	32	?	?	PUNCT
dem-5671	303	33	,	,	PUNCT
dem-5671	303	34	journal	journal	NOUN
dem-5671	303	35	of	of	ADP
dem-5671	303	36	financial	financial	ADJ
dem-5671	303	37	planning	planning	NOUN
dem-5671	303	38	,	,	PUNCT
dem-5671	303	39	22–23	22–23	PROPN
dem-5671	304	1	.	.	PUNCT
dem-5671	304	2	kolanovic	kolanovic	PROPN
dem-5671	304	3	,	,	PUNCT
dem-5671	304	4	m.	m.	NOUN
dem-5671	304	5	(	(	PUNCT
dem-5671	304	6	2012	2012	NUM
dem-5671	304	7	)	)	PUNCT
dem-5671	304	8	,	,	PUNCT
dem-5671	304	9	the	the	DET
dem-5671	304	10	vix	vix	NOUN
dem-5671	304	11	:	:	PUNCT
dem-5671	304	12	rewards	reward	NOUN
dem-5671	304	13	and	and	CCONJ
dem-5671	304	14	risks	risk	NOUN
dem-5671	304	15	of	of	ADP
dem-5671	304	16	a	a	DET
dem-5671	304	17	rapidly	rapidly	ADV
dem-5671	304	18	growing	grow	VERB
dem-5671	304	19	market	market	NOUN
dem-5671	304	20	,	,	PUNCT
dem-5671	304	21	discussion	discussion	NOUN
dem-5671	304	22	paper	paper	NOUN
dem-5671	304	23	,	,	PUNCT
dem-5671	304	24	columbia	columbia	PROPN
dem-5671	304	25	university	university	PROPN
dem-5671	304	26	financial	financial	ADJ
dem-5671	304	27	engineering	engineering	NOUN
dem-5671	304	28	practitioners	practitioner	NOUN
dem-5671	304	29	seminar	seminar	NOUN
dem-5671	304	30	,	,	PUNCT
dem-5671	304	31	http://ieor.columbia.edu/financial-engineering-practitioners-seminar	http://ieor.columbia.edu/financial-engineering-practitioners-seminar	PROPN
dem-5671	304	32	.	.	PUNCT
dem-5671	305	1	konstantinidi	konstantinidi	PROPN
dem-5671	305	2	,	,	PUNCT
dem-5671	305	3	e.	e.	PROPN
dem-5671	305	4	,	,	PUNCT
dem-5671	305	5	skiadopoulos	skiadopoulo	NOUN
dem-5671	305	6	,	,	PUNCT
dem-5671	305	7	g.	g.	PROPN
dem-5671	305	8	(	(	PUNCT
dem-5671	305	9	2011	2011	NUM
dem-5671	305	10	)	)	PUNCT
dem-5671	305	11	,	,	PUNCT
dem-5671	305	12	are	be	AUX
dem-5671	305	13	vix	vix	PROPN
dem-5671	305	14	futures	future	NOUN
dem-5671	305	15	prices	price	NOUN
dem-5671	305	16	predictable	predictable	ADJ
dem-5671	305	17	?	?	PUNCT
dem-5671	306	1	an	an	DET
dem-5671	306	2	empirical	empirical	ADJ
dem-5671	306	3	investigation	investigation	NOUN
dem-5671	306	4	,	,	PUNCT
dem-5671	306	5	international	international	ADJ
dem-5671	306	6	journal	journal	NOUN
dem-5671	306	7	of	of	ADP
dem-5671	306	8	forecasting	forecasting	NOUN
dem-5671	306	9	,	,	PUNCT
dem-5671	306	10	27	27	NUM
dem-5671	306	11	,	,	PUNCT
dem-5671	306	12	543–560	543–560	NUM
dem-5671	306	13	,	,	PUNCT
dem-5671	306	14	j.	j.	PROPN
dem-5671	306	15	jabłecki	jabłecki	PROPN
dem-5671	306	16	,	,	PUNCT
dem-5671	306	17	r.	r.	PROPN
dem-5671	306	18	kokoszczyński	kokoszczyński	PROPN
dem-5671	306	19	,	,	PUNCT
dem-5671	306	20	p.	p.	PROPN
dem-5671	306	21	sakowski	sakowski	PROPN
dem-5671	306	22	,	,	PUNCT
dem-5671	306	23	r.	r.	PROPN
dem-5671	306	24	ślepaczuk	ślepaczuk	PROPN
dem-5671	306	25	,	,	PUNCT
dem-5671	306	26	p.	p.	PROPN
dem-5671	306	27	wójcik	wójcik	VERB
dem-5671	306	28	dynamic	dynamic	ADJ
dem-5671	306	29	econometric	econometric	ADJ
dem-5671	306	30	models	model	NOUN
dem-5671	306	31	14	14	NUM
dem-5671	306	32	(	(	PUNCT
dem-5671	306	33	2014	2014	NUM
dem-5671	306	34	)	)	PUNCT
dem-5671	306	35	5–28	5–28	NOUN
dem-5671	306	36	28	28	NUM
dem-5671	306	37	doi	doi	NOUN
dem-5671	306	38	:	:	PUNCT
dem-5671	306	39	http://dx.doi.org/10.1016/j.ijforecast.2009.11.004	http://dx.doi.org/10.1016/j.ijforecast.2009.11.004	PROPN
dem-5671	306	40	.	.	PUNCT
dem-5671	306	41	merton	merton	PROPN
dem-5671	306	42	,	,	PUNCT
dem-5671	306	43	r.	r.	PROPN
dem-5671	306	44	c.	c.	PROPN
dem-5671	306	45	(	(	PUNCT
dem-5671	306	46	1973	1973	NUM
dem-5671	306	47	)	)	PUNCT
dem-5671	306	48	,	,	PUNCT
dem-5671	306	49	theory	theory	NOUN
dem-5671	306	50	of	of	ADP
dem-5671	306	51	rational	rational	ADJ
dem-5671	306	52	option	option	NOUN
dem-5671	306	53	pricing	pricing	NOUN
dem-5671	306	54	,	,	PUNCT
dem-5671	306	55	bell	bell	PROPN
dem-5671	306	56	journal	journal	NOUN
dem-5671	306	57	of	of	ADP
dem-5671	306	58	economics	economic	NOUN
dem-5671	306	59	,	,	PUNCT
dem-5671	306	60	4(1	4(1	NOUN
dem-5671	306	61	)	)	PUNCT
dem-5671	306	62	,	,	PUNCT
dem-5671	306	63	141–183	141–183	NUM
dem-5671	306	64	,	,	PUNCT
dem-5671	306	65	doi	doi	NOUN
dem-5671	306	66	:	:	PUNCT
dem-5671	306	67	http://dx.doi.org/10.2307/3003143	http://dx.doi.org/10.2307/3003143	PROPN
dem-5671	306	68	.	.	PUNCT
dem-5671	307	1	moran	moran	PROPN
dem-5671	307	2	,	,	PUNCT
dem-5671	307	3	m.	m.	NOUN
dem-5671	307	4	t.	t.	PROPN
dem-5671	307	5	,	,	PUNCT
dem-5671	307	6	dash	dash	NOUN
dem-5671	307	7	,	,	PUNCT
dem-5671	307	8	s.	s.	PROPN
dem-5671	307	9	(	(	PUNCT
dem-5671	307	10	2007	2007	NUM
dem-5671	307	11	)	)	PUNCT
dem-5671	307	12	,	,	PUNCT
dem-5671	307	13	vix	vix	PROPN
dem-5671	307	14	futures	future	NOUN
dem-5671	307	15	and	and	CCONJ
dem-5671	307	16	options	option	NOUN
dem-5671	307	17	:	:	PUNCT
dem-5671	307	18	pricing	pricing	NOUN
dem-5671	307	19	and	and	CCONJ
dem-5671	307	20	using	use	VERB
dem-5671	307	21	volatility	volatility	NOUN
dem-5671	307	22	products	product	NOUN
dem-5671	307	23	to	to	PART
dem-5671	307	24	manage	manage	VERB
dem-5671	307	25	downside	downside	ADJ
dem-5671	307	26	risk	risk	NOUN
dem-5671	307	27	and	and	CCONJ
dem-5671	307	28	improve	improve	VERB
dem-5671	307	29	efficiency	efficiency	NOUN
dem-5671	307	30	in	in	ADP
dem-5671	307	31	equity	equity	NOUN
dem-5671	307	32	portfolios	portfolio	NOUN
dem-5671	307	33	,	,	PUNCT
dem-5671	307	34	the	the	DET
dem-5671	307	35	journal	journal	NOUN
dem-5671	307	36	of	of	ADP
dem-5671	307	37	trading	trading	NOUN
dem-5671	307	38	,	,	PUNCT
dem-5671	307	39	2(3	2(3	NUM
dem-5671	307	40	)	)	PUNCT
dem-5671	307	41	,	,	PUNCT
dem-5671	307	42	96–105	96–105	NUM
dem-5671	307	43	,	,	PUNCT
dem-5671	307	44	doi	doi	NOUN
dem-5671	307	45	:	:	PUNCT
dem-5671	307	46	http://dx.doi.org/10.3905/jot.2007.688954	http://dx.doi.org/10.3905/jot.2007.688954	NOUN
dem-5671	307	47	.	.	PUNCT
dem-5671	308	1	neuberger	neuberger	NOUN
dem-5671	308	2	,	,	PUNCT
dem-5671	308	3	a.	a.	NOUN
dem-5671	308	4	(	(	PUNCT
dem-5671	308	5	1994	1994	NUM
dem-5671	308	6	)	)	PUNCT
dem-5671	308	7	,	,	PUNCT
dem-5671	308	8	the	the	DET
dem-5671	308	9	log	log	NOUN
dem-5671	308	10	contract	contract	NOUN
dem-5671	308	11	,	,	PUNCT
dem-5671	308	12	the	the	DET
dem-5671	308	13	journal	journal	NOUN
dem-5671	308	14	of	of	ADP
dem-5671	308	15	portfolio	portfolio	NOUN
dem-5671	308	16	management	management	NOUN
dem-5671	308	17	,	,	PUNCT
dem-5671	308	18	20(2	20(2	NUM
dem-5671	308	19	)	)	PUNCT
dem-5671	308	20	,	,	PUNCT
dem-5671	308	21	74	74	NUM
dem-5671	308	22	–	–	PUNCT
dem-5671	308	23	–	–	PUNCT
dem-5671	308	24	80	80	NUM
dem-5671	308	25	,	,	PUNCT
dem-5671	308	26	doi	doi	NOUN
dem-5671	308	27	:	:	PUNCT
dem-5671	308	28	http://dx.doi.org/10.3905/jpm.1994.409478	http://dx.doi.org/10.3905/jpm.1994.409478	PROPN
dem-5671	308	29	.	.	PROPN
dem-5671	308	30	nieto	nieto	PROPN
dem-5671	308	31	,	,	PUNCT
dem-5671	308	32	b.	b.	PROPN
dem-5671	308	33	,	,	PUNCT
dem-5671	308	34	novales	novale	NOUN
dem-5671	308	35	,	,	PUNCT
dem-5671	308	36	a.	a.	NOUN
dem-5671	308	37	,	,	PUNCT
dem-5671	308	38	rubio	rubio	NOUN
dem-5671	308	39	,	,	PUNCT
dem-5671	308	40	g.	g.	PROPN
dem-5671	308	41	(	(	PUNCT
dem-5671	308	42	2012	2012	NUM
dem-5671	308	43	)	)	PUNCT
dem-5671	308	44	,	,	PUNCT
dem-5671	308	45	variance	variance	NOUN
dem-5671	308	46	swaps	swap	NOUN
dem-5671	308	47	,	,	PUNCT
dem-5671	308	48	non	non	ADJ
dem-5671	308	49	-	-	ADJ
dem-5671	308	50	normality	normality	ADJ
dem-5671	308	51	and	and	CCONJ
dem-5671	308	52	macroeconomic	macroeconomic	ADJ
dem-5671	308	53	and	and	CCONJ
dem-5671	308	54	financial	financial	ADJ
dem-5671	308	55	risks	risk	NOUN
dem-5671	308	56	,	,	PUNCT
dem-5671	308	57	the	the	DET
dem-5671	308	58	quarterly	quarterly	ADJ
dem-5671	308	59	review	review	NOUN
dem-5671	308	60	of	of	ADP
dem-5671	308	61	economics	economic	NOUN
dem-5671	308	62	and	and	CCONJ
dem-5671	308	63	finance	finance	NOUN
dem-5671	308	64	,	,	PUNCT
dem-5671	308	65	54(2	54(2	NUM
dem-5671	308	66	)	)	PUNCT
dem-5671	308	67	,	,	PUNCT
dem-5671	308	68	257	257	NUM
dem-5671	308	69	–	–	PUNCT
dem-5671	308	70	–	–	PUNCT
dem-5671	308	71	270	270	NUM
dem-5671	308	72	,	,	PUNCT
dem-5671	308	73	doi	doi	NOUN
dem-5671	308	74	:	:	PUNCT
dem-5671	308	75	http://dx.doi.org/10.1016/j.qref.2013.12.002	http://dx.doi.org/10.1016/j.qref.2013.12.002	NOUN
dem-5671	308	76	.	.	PUNCT
dem-5671	309	1	signori	signori	PROPN
dem-5671	309	2	,	,	PUNCT
dem-5671	309	3	o.	o.	PROPN
dem-5671	309	4	,	,	PUNCT
dem-5671	309	5	briere	briere	PROPN
dem-5671	309	6	,	,	PUNCT
dem-5671	309	7	m.	m.	NOUN
dem-5671	309	8	,	,	PUNCT
dem-5671	309	9	burgues	burgue	NOUN
dem-5671	309	10	,	,	PUNCT
dem-5671	309	11	a.	a.	NOUN
dem-5671	309	12	(	(	PUNCT
dem-5671	309	13	2010	2010	NUM
dem-5671	309	14	)	)	PUNCT
dem-5671	309	15	,	,	PUNCT
dem-5671	309	16	volatility	volatility	NOUN
dem-5671	309	17	exposure	exposure	NOUN
dem-5671	309	18	for	for	ADP
dem-5671	309	19	strategic	strategic	ADJ
dem-5671	309	20	asset	asset	NOUN
dem-5671	309	21	allocation	allocation	NOUN
dem-5671	309	22	,	,	PUNCT
dem-5671	309	23	journal	journal	NOUN
dem-5671	309	24	of	of	ADP
dem-5671	309	25	portfolio	portfolio	NOUN
dem-5671	309	26	management	management	PROPN
dem-5671	309	27	,	,	PUNCT
dem-5671	309	28	36(3	36(3	NUM
dem-5671	309	29	)	)	PUNCT
dem-5671	309	30	,	,	PUNCT
dem-5671	309	31	105–116	105–116	NUM
dem-5671	309	32	,	,	PUNCT
dem-5671	309	33	doi	doi	NOUN
dem-5671	309	34	:	:	PUNCT
dem-5671	309	35	http://dx.doi.org/10.3905/jpm.2010.36.3.105	http://dx.doi.org/10.3905/jpm.2010.36.3.105	PROPN
dem-5671	309	36	.	.	PUNCT
dem-5671	310	1	simon	simon	PROPN
dem-5671	310	2	,	,	PUNCT
dem-5671	310	3	d.	d.	PROPN
dem-5671	310	4	,	,	PUNCT
dem-5671	310	5	wiggins	wiggins	PROPN
dem-5671	310	6	,	,	PUNCT
dem-5671	310	7	r.	r.	PROPN
dem-5671	310	8	(	(	PUNCT
dem-5671	310	9	2001	2001	NUM
dem-5671	310	10	)	)	PUNCT
dem-5671	310	11	,	,	PUNCT
dem-5671	310	12	s&p	s&p	PROPN
dem-5671	310	13	futures	future	NOUN
dem-5671	310	14	returns	return	NOUN
dem-5671	310	15	and	and	CCONJ
dem-5671	310	16	contrary	contrary	ADJ
dem-5671	310	17	sentiment	sentiment	NOUN
dem-5671	310	18	indicators	indicator	NOUN
dem-5671	310	19	,	,	PUNCT
dem-5671	310	20	journal	journal	NOUN
dem-5671	310	21	of	of	ADP
dem-5671	310	22	futures	future	NOUN
dem-5671	310	23	markets	market	NOUN
dem-5671	310	24	,	,	PUNCT
dem-5671	310	25	21	21	NUM
dem-5671	310	26	,	,	PUNCT
dem-5671	310	27	447–462	447–462	NUM
dem-5671	310	28	,	,	PUNCT
dem-5671	310	29	doi	doi	NOUN
dem-5671	310	30	:	:	PUNCT
dem-5671	310	31	http://dx.doi.org/10.1002/fut.4	http://dx.doi.org/10.1002/fut.4	PROPN
dem-5671	310	32	.	.	PUNCT
dem-5671	311	1	szado	szado	PROPN
dem-5671	311	2	,	,	PUNCT
dem-5671	311	3	e.	e.	PROPN
dem-5671	311	4	(	(	PUNCT
dem-5671	311	5	2009	2009	NUM
dem-5671	311	6	)	)	PUNCT
dem-5671	311	7	,	,	PUNCT
dem-5671	311	8	vix	vix	PROPN
dem-5671	311	9	futures	future	NOUN
dem-5671	311	10	and	and	CCONJ
dem-5671	311	11	options	option	NOUN
dem-5671	311	12	:	:	PUNCT
dem-5671	311	13	a	a	DET
dem-5671	311	14	case	case	NOUN
dem-5671	311	15	study	study	NOUN
dem-5671	311	16	of	of	ADP
dem-5671	311	17	portfolio	portfolio	NOUN
dem-5671	311	18	diversification	diversification	NOUN
dem-5671	311	19	during	during	ADP
dem-5671	311	20	the	the	DET
dem-5671	311	21	2008	2008	NUM
dem-5671	311	22	financial	financial	ADJ
dem-5671	311	23	crisis	crisis	NOUN
dem-5671	311	24	,	,	PUNCT
dem-5671	311	25	the	the	DET
dem-5671	311	26	journal	journal	NOUN
dem-5671	311	27	of	of	ADP
dem-5671	311	28	alternative	alternative	ADJ
dem-5671	311	29	investments	investment	NOUN
dem-5671	311	30	,	,	PUNCT
dem-5671	311	31	12(2	12(2	NUM
dem-5671	311	32	)	)	PUNCT
dem-5671	311	33	,	,	PUNCT
dem-5671	311	34	68–85	68–85	NOUN
dem-5671	311	35	.	.	PUNCT
dem-5671	311	36	whaley	whaley	PROPN
dem-5671	311	37	,	,	PUNCT
dem-5671	311	38	r.	r.	PROPN
dem-5671	311	39	e.	e.	PROPN
dem-5671	311	40	(	(	PUNCT
dem-5671	311	41	1993	1993	NUM
dem-5671	311	42	)	)	PUNCT
dem-5671	311	43	,	,	PUNCT
dem-5671	311	44	derivatives	derivative	NOUN
dem-5671	311	45	on	on	ADP
dem-5671	311	46	market	market	NOUN
dem-5671	311	47	volatility	volatility	NOUN
dem-5671	311	48	:	:	PUNCT
dem-5671	311	49	hedging	hedging	NOUN
dem-5671	311	50	tools	tool	NOUN
dem-5671	311	51	long	long	ADV
dem-5671	311	52	overdue	overdue	ADJ
dem-5671	311	53	,	,	PUNCT
dem-5671	311	54	journal	journal	NOUN
dem-5671	311	55	of	of	ADP
dem-5671	311	56	derivatives	derivative	NOUN
dem-5671	311	57	,	,	PUNCT
dem-5671	311	58	1	1	NUM
dem-5671	311	59	,	,	PUNCT
dem-5671	311	60	71–84	71–84	NOUN
dem-5671	311	61	,	,	PUNCT
dem-5671	311	62	doi	doi	NOUN
dem-5671	311	63	:	:	PUNCT
dem-5671	311	64	http://dx.doi.org/10.3905/jod.1993.407868	http://dx.doi.org/10.3905/jod.1993.407868	NOUN
dem-5671	311	65	.	.	NOUN
dem-5671	312	1	yamai	yamai	ADJ
dem-5671	312	2	,	,	PUNCT
dem-5671	312	3	y.	y.	PROPN
dem-5671	312	4	,	,	PUNCT
dem-5671	312	5	yoshiba	yoshiba	PROPN
dem-5671	312	6	,	,	PUNCT
dem-5671	312	7	t.	t.	PROPN
dem-5671	312	8	(	(	PUNCT
dem-5671	312	9	2005	2005	NUM
dem-5671	312	10	)	)	PUNCT
dem-5671	312	11	,	,	PUNCT
dem-5671	312	12	value	value	NOUN
dem-5671	312	13	-	-	PUNCT
dem-5671	312	14	at	at	ADP
dem-5671	312	15	-	-	PUNCT
dem-5671	312	16	risk	risk	NOUN
dem-5671	312	17	versus	versus	ADP
dem-5671	312	18	expected	expected	ADJ
dem-5671	312	19	shortfall	shortfall	NOUN
dem-5671	312	20	:	:	PUNCT
dem-5671	312	21	a	a	DET
dem-5671	312	22	practical	practical	ADJ
dem-5671	312	23	perspective	perspective	NOUN
dem-5671	312	24	,	,	PUNCT
dem-5671	312	25	journal	journal	NOUN
dem-5671	312	26	of	of	ADP
dem-5671	312	27	banking	banking	NOUN
dem-5671	312	28	&	&	CCONJ
dem-5671	312	29	finance	finance	NOUN
dem-5671	312	30	,	,	PUNCT
dem-5671	312	31	29(4	29(4	NOUN
dem-5671	312	32	)	)	PUNCT
dem-5671	312	33	,	,	PUNCT
dem-5671	312	34	997–1015	997–1015	NUM
dem-5671	312	35	,	,	PUNCT
dem-5671	312	36	doi	doi	NOUN
dem-5671	312	37	:	:	PUNCT
dem-5671	312	38	http://dx.doi.org/10.1016/j.jbankfin.2004.08.010	http://dx.doi.org/10.1016/j.jbankfin.2004.08.010	PROPN
dem-5671	312	39	.	.	PUNCT
dem-5671	313	1	czy	czy	PROPN
dem-5671	313	2	struktura	struktura	PROPN
dem-5671	313	3	terminowa	terminowa	PROPN
dem-5671	313	4	zmienności	zmienności	PROPN
dem-5671	313	5	zawiera	zawiera	PROPN
dem-5671	313	6	istotne	istotne	PROPN
dem-5671	313	7	informacje	informacje	PROPN
dem-5671	313	8	w	w	PROPN
dem-5671	313	9	celu	celu	PROPN
dem-5671	313	10	prognozowania	prognozowania	PROPN
dem-5671	313	11	zachowania	zachowania	PROPN
dem-5671	313	12	się	się	PROPN
dem-5671	313	13	kontraktów	kontraktów	PROPN
dem-5671	313	14	terminowych	terminowych	PROPN
dem-5671	313	15	na	na	ADP
dem-5671	313	16	zmienność	zmienność	NOUN
dem-5671	313	17	i	i	PRON
dem-5671	313	18	indeksy	indeksy	VERB
dem-5671	313	19	giełdowe	giełdowe	NOUN
dem-5671	313	20	?	?	PUNCT
dem-5671	314	1	z	z	NOUN
dem-5671	315	1	a	a	DET
dem-5671	315	2	r	r	NOUN
dem-5671	315	3	y	y	PROPN
dem-5671	315	4	s	s	PROPN
dem-5671	315	5	t	t	NOUN
dem-5671	315	6	r	r	NOUN
dem-5671	315	7	e	e	PROPN
dem-5671	315	8	ś	ś	PROPN
dem-5671	315	9	c	c	PROPN
dem-5671	315	10	i.	i.	PROPN
dem-5671	315	11	badanie	badanie	PROPN
dem-5671	315	12	pozwoliło	pozwoliło	PROPN
dem-5671	315	13	nam	nam	PROPN
dem-5671	315	14	stwierdzić	stwierdzić	PROPN
dem-5671	315	15	,	,	PUNCT
dem-5671	315	16	że	że	X
dem-5671	315	17	struktura	struktura	AUX
dem-5671	315	18	terminowa	terminowa	PROPN
dem-5671	315	19	kontraktów	kontraktów	VERB
dem-5671	315	20	na	na	ADP
dem-5671	315	21	zmienność	zmienność	NOUN
dem-5671	315	22	(	(	PUNCT
dem-5671	315	23	indeks	indek	NOUN
dem-5671	315	24	vix	vix	PROPN
dem-5671	315	25	)	)	PUNCT
dem-5671	315	26	,	,	PUNCT
dem-5671	315	27	a	a	DET
dem-5671	315	28	konkretniej	konkretniej	PROPN
dem-5671	315	29	jej	jej	PROPN
dem-5671	315	30	nachylenie	nachylenie	PROPN
dem-5671	315	31	,	,	PUNCT
dem-5671	315	32	jest	jest	NOUN
dem-5671	315	33	zależna	zależna	NOUN
dem-5671	315	34	od	od	ADP
dem-5671	315	35	aktualnego	aktualnego	PROPN
dem-5671	315	36	poziomu	poziomu	PROPN
dem-5671	315	37	indeksu	indeksu	PROPN
dem-5671	315	38	vix	vix	PROPN
dem-5671	315	39	.	.	PUNCT
dem-5671	316	1	w	w	PROPN
dem-5671	316	2	momencie	momencie	NOUN
dem-5671	316	3	,	,	PUNCT
dem-5671	316	4	w	w	PROPN
dem-5671	316	5	którym	którym	PROPN
dem-5671	316	6	indeks	indeks	PROPN
dem-5671	316	7	vix	vix	PROPN
dem-5671	316	8	jest	jest	NOUN
dem-5671	316	9	na	na	ADP
dem-5671	316	10	niskim	niskim	ADJ
dem-5671	316	11	poziomie	poziomie	NOUN
dem-5671	316	12	(	(	PUNCT
dem-5671	316	13	poniżej	poniżej	NOUN
dem-5671	316	14	20	20	NUM
dem-5671	316	15	)	)	PUNCT
dem-5671	316	16	struktura	struktura	NOUN
dem-5671	316	17	terminowa	terminowa	PROPN
dem-5671	316	18	ma	ma	PROPN
dem-5671	316	19	wysokie	wysokie	PROPN
dem-5671	316	20	dodatnie	dodatnie	PROPN
dem-5671	316	21	nachylenie	nachylenie	PROPN
dem-5671	316	22	,	,	PUNCT
dem-5671	316	23	natomiast	natomiast	ADJ
dem-5671	316	24	w	w	PROPN
dem-5671	316	25	momencie	momencie	NOUN
dem-5671	316	26	,	,	PUNCT
dem-5671	316	27	w	w	PROPN
dem-5671	316	28	którym	którym	PROPN
dem-5671	316	29	indeks	indeks	PROPN
dem-5671	316	30	vix	vix	PROPN
dem-5671	316	31	jest	jest	NOUN
dem-5671	316	32	na	na	PART
dem-5671	316	33	wysokim	wysokim	PROPN
dem-5671	316	34	poziomie	poziomie	PROPN
dem-5671	316	35	(	(	PUNCT
dem-5671	316	36	powyżej	powyżej	NOUN
dem-5671	316	37	30	30	NUM
dem-5671	316	38	)	)	PUNCT
dem-5671	316	39	to	to	ADP
dem-5671	316	40	wtedy	wtedy	PROPN
dem-5671	316	41	struktura	struktura	PROPN
dem-5671	316	42	ma	ma	PROPN
dem-5671	316	43	ujemne	ujemne	PROPN
dem-5671	316	44	nachylenie	nachylenie	PROPN
dem-5671	316	45	.	.	PUNCT
dem-5671	317	1	wykorzystujemy	wykorzystujemy	PROPN
dem-5671	317	2	te	te	PROPN
dem-5671	317	3	obserwacje	obserwacje	PROPN
dem-5671	317	4	,	,	PUNCT
dem-5671	317	5	aby	aby	PROPN
dem-5671	317	6	lepiej	lepiej	PROPN
dem-5671	317	7	przewidywać	przewidywać	PROPN
dem-5671	317	8	zachowanie	zachowanie	PROPN
dem-5671	317	9	się	się	PROPN
dem-5671	317	10	stóp	stóp	PROPN
dem-5671	317	11	zwrotu	zwrotu	PROPN
dem-5671	317	12	kontraktów	kontraktów	PROPN
dem-5671	317	13	terminowych	terminowych	PROPN
dem-5671	317	14	na	na	ADP
dem-5671	317	15	zmienność	zmienność	NOUN
dem-5671	317	16	.	.	PUNCT
dem-5671	318	1	na	na	AUX
dem-5671	318	2	początek	początek	VERB
dem-5671	318	3	wprowadzamy	wprowadzamy	NOUN
dem-5671	318	4	miary	miary	ADJ
dem-5671	318	5	ilościowe	ilościowe	NOUN
dem-5671	318	6	struktury	struktury	NOUN
dem-5671	318	7	terminowej	terminowej	PROPN
dem-5671	318	8	zmienności	zmienności	PROPN
dem-5671	318	9	(	(	PUNCT
dem-5671	318	10	vts	vts	NOUN
dem-5671	318	11	)	)	PUNCT
dem-5671	318	12	oraz	oraz	PROPN
dem-5671	318	13	premii	premii	PROPN
dem-5671	318	14	za	za	PROPN
dem-5671	318	15	ryzyko	ryzyko	PROPN
dem-5671	318	16	zmienności	zmienności	PROPN
dem-5671	318	17	(	(	PUNCT
dem-5671	318	18	vrp	vrp	NOUN
dem-5671	318	19	)	)	PUNCT
dem-5671	318	20	.	.	PUNCT
dem-5671	319	1	vrp	vrp	PROPN
dem-5671	319	2	pozwala	pozwala	PROPN
dem-5671	319	3	nam	nam	PROPN
dem-5671	319	4	określić	określić	PROPN
dem-5671	319	5	stopień	stopień	PROPN
dem-5671	319	6	odchylenia	odchylenia	PROPN
dem-5671	319	7	obecnej	obecnej	PROPN
dem-5671	319	8	struktury	struktury	PROPN
dem-5671	319	9	terminowej	terminowej	PROPN
dem-5671	319	10	od	od	PROPN
dem-5671	319	11	tzw	tzw	PROPN
dem-5671	319	12	.	.	PUNCT
dem-5671	320	1	modelowej	modelowej	PROPN
dem-5671	320	2	dla	dla	PROPN
dem-5671	320	3	danego	danego	PROPN
dem-5671	320	4	poziomu	poziomu	PROPN
dem-5671	320	5	indeksu	indeksu	PROPN
dem-5671	320	6	vix	vix	PROPN
dem-5671	320	7	.	.	PUNCT
dem-5671	321	1	zauważamy	zauważamy	PROPN
dem-5671	321	2	,	,	PUNCT
dem-5671	321	3	że	że	PROPN
dem-5671	321	4	wielkość	wielkość	PROPN
dem-5671	321	5	odchylenia	odchylenia	PROPN
dem-5671	321	6	ma	ma	PROPN
dem-5671	321	7	istotne	istotne	PROPN
dem-5671	321	8	własności	własności	PROPN
dem-5671	321	9	predykcyjne	predykcyjne	NOUN
dem-5671	321	10	i	i	PRON
dem-5671	321	11	dlatego	dlatego	PROPN
dem-5671	321	12	w	w	PROPN
dem-5671	321	13	końcowej	końcowej	PROPN
dem-5671	321	14	części	części	PROPN
dem-5671	321	15	artykułu	artykułu	PROPN
dem-5671	321	16	proponujemy	proponujemy	PROPN
dem-5671	321	17	strategie	strategie	PROPN
dem-5671	321	18	inwestycyjne	inwestycyjne	PROPN
dem-5671	321	19	wykorzystujące	wykorzystujące	VERB
dem-5671	321	20	tę	tę	PROPN
dem-5671	321	21	koncepcję	koncepcję	PROPN
dem-5671	321	22	przy	przy	PROPN
dem-5671	321	23	budowie	budowie	PROPN
dem-5671	321	24	algorytmów	algorytmów	PROPN
dem-5671	321	25	inwestycyjnych	inwestycyjnych	PROPN
dem-5671	321	26	generujących	generujących	NOUN
dem-5671	321	27	sygnały	sygnały	VERB
dem-5671	321	28	na	na	ADP
dem-5671	321	29	rynku	rynku	ADJ
dem-5671	321	30	kontraktów	kontraktów	PROPN
dem-5671	321	31	terminowych	terminowych	PROPN
dem-5671	321	32	na	na	ADP
dem-5671	321	33	indeks	indek	NOUN
dem-5671	321	34	vix	vix	PROPN
dem-5671	321	35	.	.	PUNCT
dem-5671	322	1	s	s	PART
dem-5671	322	2	ł	ł	PROPN
dem-5671	322	3	o	o	X
dem-5671	322	4	w	w	NOUN
dem-5671	322	5	a	a	DET
dem-5671	322	6	k	k	X
dem-5671	322	7	l	l	NOUN
dem-5671	322	8	u	u	NOUN
dem-5671	323	1	c	c	NOUN
dem-5671	323	2	z	z	NOUN
dem-5671	323	3	o	o	X
dem-5671	323	4	w	w	PROPN
dem-5671	324	1	e	e	NOUN
dem-5671	324	2	:	:	PUNCT
dem-5671	324	3	struktura	struktura	VERB
dem-5671	324	4	terminowa	terminowa	PROPN
dem-5671	324	5	zmienności	zmienności	PROPN
dem-5671	324	6	,	,	PUNCT
dem-5671	324	7	premia	premia	PROPN
dem-5671	324	8	za	za	PROPN
dem-5671	324	9	ryzyko	ryzyko	PROPN
dem-5671	324	10	zmienności	zmienności	PROPN
dem-5671	324	11	,	,	PUNCT
dem-5671	324	12	kontrakty	kontrakty	PROPN
dem-5671	324	13	terminowe	terminowe	VERB
dem-5671	324	14	na	na	NOUN
dem-5671	324	15	zmienność	zmienność	NOUN
dem-5671	324	16	i	i	PRON
dem-5671	324	17	indeksy	indeksy	ADJ
dem-5671	324	18	giełdowe	giełdowe	NOUN
dem-5671	324	19	,	,	PUNCT
dem-5671	324	20	zmienność	zmienność	NOUN
dem-5671	324	21	zrealizowana	zrealizowana	PROPN
dem-5671	324	22	,	,	PUNCT
dem-5671	324	23	zmienność	zmienność	NOUN
dem-5671	324	24	implikowana	implikowana	PROPN
dem-5671	324	25	,	,	PUNCT
dem-5671	324	26	strategia	strategia	PROPN
dem-5671	324	27	inwestycyjna	inwestycyjna	ADJ
dem-5671	324	28	,	,	PUNCT
dem-5671	324	29	prognozowanie	prognozowanie	NOUN
dem-5671	324	30	stóp	stóp	NOUN
dem-5671	324	31	zwrotu	zwrotu	PROPN
dem-5671	324	32	,	,	PUNCT
dem-5671	325	1	efektywne	efektywne	ADJ
dem-5671	325	2	miary	miary	NOUN
dem-5671	325	3	ryzyka	ryzyka	NOUN
dem-5671	325	4	i	i	PRON
dem-5671	325	5	stóp	stóp	ADV
dem-5671	325	6	zwrotu	zwrotu	PROPN