id	sid	tid	token	lemma	pos
dem-5676	1	1	microsoft	microsoft	PROPN
dem-5676	1	2	word	word	NOUN
dem-5676	1	3	dem_2014_105to124.docx	dem_2014_105to124.docx	PROPN
dem-5676	1	4	©	©	PROPN
dem-5676	1	5	2014	2014	NUM
dem-5676	1	6	nicolaus	nicolaus	PROPN
dem-5676	1	7	copernicus	copernicus	PROPN
dem-5676	1	8	university	university	PROPN
dem-5676	1	9	.	.	PUNCT
dem-5676	2	1	all	all	DET
dem-5676	2	2	rights	right	NOUN
dem-5676	2	3	reserved	reserve	VERB
dem-5676	2	4	.	.	PUNCT
dem-5676	3	1	http://www.dem.umk.pl/dem	http://www.dem.umk.pl/dem	PROPN
dem-5676	4	1	d	d	PUNCT
dem-5676	4	2	y	y	PROPN
dem-5676	4	3	n	n	PROPN
dem-5676	4	4	a	a	PRON
dem-5676	4	5	m	m	VERB
dem-5676	5	1	i	i	NOUN
dem-5676	5	2	c	c	NOUN
dem-5676	5	3	e	e	NOUN
dem-5676	5	4	c	c	NOUN
dem-5676	5	5	o	o	X
dem-5676	6	1	n	n	INTJ
dem-5676	6	2	o	o	NOUN
dem-5676	6	3	m	m	VERB
dem-5676	7	1	e	e	NOUN
dem-5676	7	2	t	t	NOUN
dem-5676	7	3	r	r	NOUN
dem-5676	7	4	i	i	NOUN
dem-5676	7	5	c	c	NOUN
dem-5676	7	6	m	m	VERB
dem-5676	7	7	o	o	NOUN
dem-5676	7	8	d	d	X
dem-5676	7	9	e	e	X
dem-5676	7	10	l	l	NOUN
dem-5676	7	11	s	s	X
dem-5676	7	12	doi	doi	NOUN
dem-5676	7	13	:	:	PUNCT
dem-5676	7	14	http://dx.doi.org/10.12775/dem.2014.006	http://dx.doi.org/10.12775/dem.2014.006	ADJ
dem-5676	7	15	vol	vol	NOUN
dem-5676	7	16	.	.	PUNCT
dem-5676	8	1	14	14	NUM
dem-5676	8	2	(	(	PUNCT
dem-5676	8	3	2014	2014	NUM
dem-5676	8	4	)	)	PUNCT
dem-5676	9	1	105−124	105−124	NUM
dem-5676	9	2	submitted	submit	VERB
dem-5676	9	3	october	october	PROPN
dem-5676	9	4	20	20	NUM
dem-5676	9	5	,	,	PUNCT
dem-5676	9	6	2014	2014	NUM
dem-5676	9	7	issn	issn	PROPN
dem-5676	9	8	accepted	accept	VERB
dem-5676	9	9	december	december	PROPN
dem-5676	9	10	23	23	NUM
dem-5676	9	11	,	,	PUNCT
dem-5676	9	12	2014	2014	NUM
dem-5676	9	13	1234	1234	NUM
dem-5676	9	14	-	-	SYM
dem-5676	9	15	3862	3862	NUM
dem-5676	9	16	krzysztof	krzysztof	PROPN
dem-5676	9	17	kompa	kompa	PROPN
dem-5676	9	18	,	,	PUNCT
dem-5676	9	19	dorota	dorota	PROPN
dem-5676	9	20	witkowska	witkowska	PROPN
dem-5676	9	21	*	*	PROPN
dem-5676	9	22	pension	pension	NOUN
dem-5676	9	23	funds	fund	NOUN
dem-5676	9	24	in	in	ADP
dem-5676	9	25	poland	poland	PROPN
dem-5676	9	26	:	:	PUNCT
dem-5676	9	27	efficiency	efficiency	NOUN
dem-5676	9	28	analysis	analysis	NOUN
dem-5676	9	29	for	for	ADP
dem-5676	9	30	years	year	NOUN
dem-5676	9	31	1999–2013	1999–2013	NUM
dem-5676	9	32	a	a	DET
dem-5676	9	33	b	b	PROPN
dem-5676	9	34	s	s	ADP
dem-5676	9	35	t	t	PROPN
dem-5676	9	36	r	r	NOUN
dem-5676	9	37	a	a	DET
dem-5676	9	38	c	c	NOUN
dem-5676	9	39	t.	t.	NOUN
dem-5676	9	40	the	the	DET
dem-5676	9	41	reform	reform	NOUN
dem-5676	9	42	of	of	ADP
dem-5676	9	43	the	the	DET
dem-5676	9	44	pension	pension	NOUN
dem-5676	9	45	system	system	NOUN
dem-5676	9	46	in	in	ADP
dem-5676	9	47	poland	poland	PROPN
dem-5676	9	48	took	take	VERB
dem-5676	9	49	place	place	NOUN
dem-5676	9	50	in	in	ADP
dem-5676	9	51	1999	1999	NUM
dem-5676	9	52	,	,	PUNCT
dem-5676	9	53	when	when	SCONJ
dem-5676	9	54	the	the	DET
dem-5676	9	55	onepillar	onepillar	ADJ
dem-5676	9	56	pay	pay	NOUN
dem-5676	9	57	-	-	PUNCT
dem-5676	9	58	as	as	ADP
dem-5676	9	59	-	-	PUNCT
dem-5676	9	60	you	you	PRON
dem-5676	9	61	-	-	PUNCT
dem-5676	9	62	go	go	NOUN
dem-5676	9	63	system	system	NOUN
dem-5676	9	64	(	(	PUNCT
dem-5676	9	65	payg	payg	NOUN
dem-5676	9	66	)	)	PUNCT
dem-5676	9	67	was	be	AUX
dem-5676	9	68	replaced	replace	VERB
dem-5676	9	69	by	by	ADP
dem-5676	9	70	the	the	DET
dem-5676	9	71	three	three	NUM
dem-5676	9	72	-	-	PUNCT
dem-5676	9	73	pillars	pillar	NOUN
dem-5676	9	74	system	system	NOUN
dem-5676	9	75	consisting	consist	VERB
dem-5676	9	76	of	of	ADP
dem-5676	9	77	two	two	NUM
dem-5676	9	78	mandatory	mandatory	ADJ
dem-5676	9	79	(	(	PUNCT
dem-5676	9	80	payg	payg	NOUN
dem-5676	9	81	and	and	CCONJ
dem-5676	9	82	fully	fully	ADV
dem-5676	9	83	funded	fund	VERB
dem-5676	9	84	)	)	PUNCT
dem-5676	9	85	pillars	pillar	NOUN
dem-5676	9	86	and	and	CCONJ
dem-5676	9	87	voluntary	voluntary	ADJ
dem-5676	9	88	(	(	PUNCT
dem-5676	9	89	funded	funded	ADJ
dem-5676	9	90	)	)	PUNCT
dem-5676	9	91	one	one	NUM
dem-5676	9	92	.	.	PUNCT
dem-5676	10	1	however	however	ADV
dem-5676	10	2	problems	problem	NOUN
dem-5676	10	3	concerning	concern	VERB
dem-5676	10	4	budget	budget	NOUN
dem-5676	10	5	deficit	deficit	NOUN
dem-5676	10	6	in	in	ADP
dem-5676	10	7	poland	poland	PROPN
dem-5676	10	8	caused	cause	VERB
dem-5676	10	9	that	that	SCONJ
dem-5676	10	10	the	the	DET
dem-5676	10	11	polish	polish	ADJ
dem-5676	10	12	government	government	NOUN
dem-5676	10	13	introduced	introduce	VERB
dem-5676	10	14	significant	significant	ADJ
dem-5676	10	15	changes	change	NOUN
dem-5676	10	16	in	in	ADP
dem-5676	10	17	distribution	distribution	NOUN
dem-5676	10	18	of	of	ADP
dem-5676	10	19	the	the	DET
dem-5676	10	20	pension	pension	NOUN
dem-5676	10	21	contribution	contribution	NOUN
dem-5676	10	22	between	between	ADP
dem-5676	10	23	both	both	DET
dem-5676	10	24	mandatory	mandatory	ADJ
dem-5676	10	25	pillars	pillar	NOUN
dem-5676	10	26	and	and	CCONJ
dem-5676	10	27	in	in	ADP
dem-5676	10	28	the	the	DET
dem-5676	10	29	pension	pension	NOUN
dem-5676	10	30	funds	fund	NOUN
dem-5676	10	31	’	'	PUNCT
dem-5676	10	32	portfolio	portfolio	NOUN
dem-5676	10	33	composition	composition	NOUN
dem-5676	10	34	in	in	ADP
dem-5676	10	35	2011	2011	NUM
dem-5676	10	36	and	and	CCONJ
dem-5676	10	37	2013	2013	NUM
dem-5676	10	38	.	.	PUNCT
dem-5676	11	1	the	the	DET
dem-5676	11	2	aim	aim	NOUN
dem-5676	11	3	of	of	ADP
dem-5676	11	4	this	this	DET
dem-5676	11	5	study	study	NOUN
dem-5676	11	6	is	be	AUX
dem-5676	11	7	to	to	PART
dem-5676	11	8	analyze	analyze	VERB
dem-5676	11	9	the	the	DET
dem-5676	11	10	performance	performance	NOUN
dem-5676	11	11	of	of	ADP
dem-5676	11	12	the	the	DET
dem-5676	11	13	pension	pension	NOUN
dem-5676	11	14	funds	fund	NOUN
dem-5676	11	15	operating	operate	VERB
dem-5676	11	16	in	in	ADP
dem-5676	11	17	poland	poland	PROPN
dem-5676	11	18	in	in	ADP
dem-5676	11	19	the	the	DET
dem-5676	11	20	years	year	NOUN
dem-5676	11	21	1999–2013	1999–2013	NUM
dem-5676	11	22	.	.	PUNCT
dem-5676	12	1	applying	apply	VERB
dem-5676	12	2	sharpe	sharpe	PROPN
dem-5676	12	3	and	and	CCONJ
dem-5676	12	4	treynor	treynor	NOUN
dem-5676	12	5	ratios	ratio	NOUN
dem-5676	12	6	the	the	DET
dem-5676	12	7	study	study	NOUN
dem-5676	12	8	provides	provide	VERB
dem-5676	12	9	evidence	evidence	NOUN
dem-5676	12	10	that	that	SCONJ
dem-5676	12	11	well	well	ADV
dem-5676	12	12	diversified	diversify	VERB
dem-5676	12	13	portfolio	portfolio	NOUN
dem-5676	12	14	protects	protect	VERB
dem-5676	12	15	pensioners	pensioner	NOUN
dem-5676	12	16	’	’	PART
dem-5676	12	17	interest	interest	NOUN
dem-5676	12	18	better	well	ADV
dem-5676	12	19	than	than	ADP
dem-5676	12	20	portfolios	portfolio	NOUN
dem-5676	12	21	constructed	construct	VERB
dem-5676	12	22	due	due	ADP
dem-5676	12	23	to	to	ADP
dem-5676	12	24	the	the	DET
dem-5676	12	25	new	new	ADJ
dem-5676	12	26	rules	rule	NOUN
dem-5676	12	27	.	.	PUNCT
dem-5676	13	1	k	k	PROPN
dem-5676	13	2	e	e	PROPN
dem-5676	13	3	y	y	PROPN
dem-5676	13	4	w	w	NOUN
dem-5676	13	5	o	o	NOUN
dem-5676	13	6	r	r	NOUN
dem-5676	13	7	d	d	PROPN
dem-5676	13	8	s	s	NOUN
dem-5676	13	9	:	:	PUNCT
dem-5676	13	10	pension	pension	NOUN
dem-5676	13	11	system	system	NOUN
dem-5676	13	12	,	,	PUNCT
dem-5676	13	13	pension	pension	NOUN
dem-5676	13	14	funds	fund	NOUN
dem-5676	13	15	,	,	PUNCT
dem-5676	13	16	sharpe	sharpe	NOUN
dem-5676	13	17	and	and	CCONJ
dem-5676	13	18	treynor	treynor	NOUN
dem-5676	13	19	efficiency	efficiency	NOUN
dem-5676	13	20	ratios	ratio	NOUN
dem-5676	13	21	.	.	PUNCT
dem-5676	14	1	j	j	PROPN
dem-5676	14	2	e	e	PROPN
dem-5676	14	3	l	l	PROPN
dem-5676	14	4	classification	classification	NOUN
dem-5676	14	5	:	:	PUNCT
dem-5676	14	6	g11	g11	PROPN
dem-5676	14	7	,	,	PUNCT
dem-5676	14	8	g23	g23	PROPN
dem-5676	14	9	,	,	PUNCT
dem-5676	14	10	h55	h55	PROPN
dem-5676	14	11	,	,	PUNCT
dem-5676	14	12	j26	j26	NOUN
dem-5676	14	13	,	,	PUNCT
dem-5676	14	14	j32	j32	PROPN
dem-5676	14	15	.	.	PUNCT
dem-5676	15	1	introduction	introduction	NOUN
dem-5676	15	2	the	the	DET
dem-5676	15	3	main	main	ADJ
dem-5676	15	4	ideas	idea	NOUN
dem-5676	15	5	of	of	ADP
dem-5676	15	6	changes	change	NOUN
dem-5676	15	7	in	in	ADP
dem-5676	15	8	the	the	DET
dem-5676	15	9	retirement	retirement	NOUN
dem-5676	15	10	system	system	NOUN
dem-5676	15	11	consist	consist	VERB
dem-5676	15	12	in	in	ADP
dem-5676	15	13	heightening	heighten	VERB
dem-5676	15	14	the	the	DET
dem-5676	15	15	pension	pension	NOUN
dem-5676	15	16	age	age	NOUN
dem-5676	15	17	and	and	CCONJ
dem-5676	15	18	introducing	introduce	VERB
dem-5676	15	19	funded	fund	VERB
dem-5676	15	20	system	system	NOUN
dem-5676	15	21	instead	instead	ADV
dem-5676	15	22	of	of	ADP
dem-5676	15	23	pay	pay	VERB
dem-5676	15	24	-	-	PUNCT
dem-5676	15	25	as	as	ADP
dem-5676	15	26	-	-	PUNCT
dem-5676	15	27	yougo	yougo	ADJ
dem-5676	15	28	system	system	NOUN
dem-5676	15	29	(	(	PUNCT
dem-5676	15	30	payg	payg	NOUN
dem-5676	15	31	)	)	PUNCT
dem-5676	15	32	.	.	PUNCT
dem-5676	16	1	the	the	DET
dem-5676	16	2	most	most	ADV
dem-5676	16	3	frequent	frequent	ADJ
dem-5676	16	4	reason	reason	NOUN
dem-5676	16	5	given	give	VERB
dem-5676	16	6	in	in	ADP
dem-5676	16	7	the	the	DET
dem-5676	16	8	public	public	ADJ
dem-5676	16	9	policy	policy	NOUN
dem-5676	16	10	debate	debate	NOUN
dem-5676	16	11	for	for	ADP
dem-5676	16	12	a	a	DET
dem-5676	16	13	funded	fund	VERB
dem-5676	16	14	system	system	NOUN
dem-5676	16	15	is	be	AUX
dem-5676	16	16	the	the	DET
dem-5676	16	17	apparently	apparently	ADV
dem-5676	16	18	superior	superior	ADJ
dem-5676	16	19	performance	performance	NOUN
dem-5676	16	20	of	of	ADP
dem-5676	16	21	the	the	DET
dem-5676	16	22	capital	capital	NOUN
dem-5676	16	23	market	market	NOUN
dem-5676	16	24	(	(	PUNCT
dem-5676	16	25	in	in	ADP
dem-5676	16	26	terms	term	NOUN
dem-5676	16	27	of	of	ADP
dem-5676	16	28	the	the	DET
dem-5676	16	29	rate	rate	NOUN
dem-5676	16	30	of	of	ADP
dem-5676	16	31	return	return	NOUN
dem-5676	16	32	on	on	ADP
dem-5676	16	33	investment	investment	NOUN
dem-5676	16	34	it	it	PRON
dem-5676	16	35	can	can	AUX
dem-5676	16	36	offer	offer	VERB
dem-5676	16	37	)	)	PUNCT
dem-5676	16	38	in	in	ADP
dem-5676	16	39	comparison	comparison	NOUN
dem-5676	16	40	to	to	ADP
dem-5676	16	41	the	the	DET
dem-5676	16	42	returns	return	NOUN
dem-5676	16	43	on	on	ADP
dem-5676	16	44	payg	payg	NOUN
dem-5676	16	45	pension	pension	NOUN
dem-5676	16	46	contributions	contribution	NOUN
dem-5676	16	47	(	(	PUNCT
dem-5676	16	48	sinn	sinn	PROPN
dem-5676	16	49	,	,	PUNCT
dem-5676	16	50	2000	2000	NUM
dem-5676	16	51	;	;	PUNCT
dem-5676	16	52	feld	feld	NOUN
dem-5676	16	53	*	*	PUNCT
dem-5676	16	54	correspondence	correspondence	NOUN
dem-5676	16	55	to	to	ADP
dem-5676	16	56	:	:	PUNCT
dem-5676	16	57	krzysztof	krzysztof	PROPN
dem-5676	16	58	kompa	kompa	PROPN
dem-5676	16	59	,	,	PUNCT
dem-5676	16	60	wuls	wuls	ADJ
dem-5676	16	61	in	in	ADP
dem-5676	16	62	warsaw	warsaw	PROPN
dem-5676	16	63	,	,	PUNCT
dem-5676	16	64	department	department	NOUN
dem-5676	16	65	of	of	ADP
dem-5676	16	66	econometrics	econometric	NOUN
dem-5676	16	67	and	and	CCONJ
dem-5676	16	68	statistics	statistic	NOUN
dem-5676	16	69	,	,	PUNCT
dem-5676	16	70	166	166	NUM
dem-5676	16	71	nowoursynowska	nowoursynowska	PROPN
dem-5676	16	72	st	st	PROPN
dem-5676	16	73	.	.	PROPN
dem-5676	16	74	,	,	PUNCT
dem-5676	16	75	02	02	NUM
dem-5676	16	76	-	-	SYM
dem-5676	16	77	787	787	NUM
dem-5676	16	78	warsaw	warsaw	NOUN
dem-5676	16	79	,	,	PUNCT
dem-5676	16	80	e	e	NOUN
dem-5676	16	81	-	-	NOUN
dem-5676	16	82	mail	mail	NOUN
dem-5676	16	83	:	:	PUNCT
dem-5676	16	84	krzysztof_kompa@sggw.pl	krzysztof_kompa@sggw.pl	ADV
dem-5676	16	85	;	;	PUNCT
dem-5676	16	86	dorota	dorota	PROPN
dem-5676	16	87	witkowska	witkowska	PROPN
dem-5676	16	88	,	,	PUNCT
dem-5676	16	89	university	university	PROPN
dem-5676	16	90	of	of	ADP
dem-5676	16	91	lodz	lodz	PROPN
dem-5676	16	92	,	,	PUNCT
dem-5676	16	93	department	department	NOUN
dem-5676	16	94	of	of	ADP
dem-5676	16	95	finance	finance	NOUN
dem-5676	16	96	and	and	CCONJ
dem-5676	16	97	strategic	strategic	ADJ
dem-5676	16	98	management	management	NOUN
dem-5676	16	99	,	,	PUNCT
dem-5676	16	100	e	e	NOUN
dem-5676	16	101	-	-	NOUN
dem-5676	16	102	mail	mail	NOUN
dem-5676	16	103	:	:	PUNCT
dem-5676	16	104	dorota.witkowska@uni.lodz.pl	dorota.witkowska@uni.lodz.pl	PROPN
dem-5676	16	105	.	.	PUNCT
dem-5676	17	1	krzysztof	krzysztof	PROPN
dem-5676	17	2	kompa	kompa	PROPN
dem-5676	17	3	,	,	PUNCT
dem-5676	17	4	dorota	dorota	PROPN
dem-5676	17	5	witkowska	witkowska	PROPN
dem-5676	17	6	dynamic	dynamic	ADJ
dem-5676	17	7	econometric	econometric	ADJ
dem-5676	17	8	models	model	NOUN
dem-5676	17	9	14	14	NUM
dem-5676	17	10	(	(	PUNCT
dem-5676	17	11	2014	2014	NUM
dem-5676	17	12	)	)	PUNCT
dem-5676	18	1	105–124	105–124	NUM
dem-5676	18	2	106	106	NUM
dem-5676	18	3	stein	stein	PROPN
dem-5676	18	4	,	,	PUNCT
dem-5676	18	5	1997	1997	NUM
dem-5676	18	6	)	)	PUNCT
dem-5676	18	7	.	.	PUNCT
dem-5676	19	1	however	however	ADV
dem-5676	19	2	risk	risk	NOUN
dem-5676	19	3	of	of	ADP
dem-5676	19	4	equity	equity	NOUN
dem-5676	19	5	instruments	instrument	NOUN
dem-5676	19	6	must	must	AUX
dem-5676	19	7	be	be	AUX
dem-5676	19	8	also	also	ADV
dem-5676	19	9	taken	take	VERB
dem-5676	19	10	into	into	ADP
dem-5676	19	11	account	account	NOUN
dem-5676	19	12	.	.	PUNCT
dem-5676	20	1	by	by	ADP
dem-5676	20	2	now	now	ADV
dem-5676	20	3	it	it	PRON
dem-5676	20	4	is	be	AUX
dem-5676	20	5	widely	widely	ADV
dem-5676	20	6	accepted	accept	VERB
dem-5676	20	7	in	in	ADP
dem-5676	20	8	most	most	ADJ
dem-5676	20	9	oecd	oecd	PROPN
dem-5676	20	10	countries	country	NOUN
dem-5676	20	11	that	that	SCONJ
dem-5676	20	12	pension	pension	NOUN
dem-5676	20	13	systems	system	NOUN
dem-5676	20	14	and	and	CCONJ
dem-5676	20	15	rules	rule	NOUN
dem-5676	20	16	need	need	VERB
dem-5676	20	17	to	to	PART
dem-5676	20	18	be	be	AUX
dem-5676	20	19	changed	change	VERB
dem-5676	20	20	over	over	ADP
dem-5676	20	21	time	time	NOUN
dem-5676	20	22	,	,	PUNCT
dem-5676	20	23	although	although	SCONJ
dem-5676	20	24	these	these	DET
dem-5676	20	25	changes	change	NOUN
dem-5676	20	26	vary	vary	VERB
dem-5676	20	27	from	from	ADP
dem-5676	20	28	country	country	NOUN
dem-5676	20	29	to	to	ADP
dem-5676	20	30	country	country	NOUN
dem-5676	20	31	.	.	PUNCT
dem-5676	21	1	ensuring	ensure	VERB
dem-5676	21	2	coverage	coverage	NOUN
dem-5676	21	3	of	of	ADP
dem-5676	21	4	employees	employee	NOUN
dem-5676	21	5	through	through	ADP
dem-5676	21	6	one	one	NUM
dem-5676	21	7	or	or	CCONJ
dem-5676	21	8	more	more	ADJ
dem-5676	21	9	pension	pension	NOUN
dem-5676	21	10	plans	plan	NOUN
dem-5676	21	11	is	be	AUX
dem-5676	21	12	fundamental	fundamental	ADJ
dem-5676	21	13	to	to	ADP
dem-5676	21	14	fighting	fight	VERB
dem-5676	21	15	income	income	NOUN
dem-5676	21	16	poverty	poverty	NOUN
dem-5676	21	17	in	in	ADP
dem-5676	21	18	old	old	ADJ
dem-5676	21	19	age	age	NOUN
dem-5676	21	20	.	.	PUNCT
dem-5676	22	1	all	all	DET
dem-5676	22	2	oecd	oecd	PROPN
dem-5676	22	3	countries	country	NOUN
dem-5676	22	4	have	have	AUX
dem-5676	22	5	set	set	VERB
dem-5676	22	6	up	up	ADP
dem-5676	22	7	mandatory	mandatory	ADJ
dem-5676	22	8	or	or	CCONJ
dem-5676	22	9	quasi	quasi	ADJ
dem-5676	22	10	-	-	ADJ
dem-5676	22	11	mandatory	mandatory	ADJ
dem-5676	22	12	pension	pension	NOUN
dem-5676	22	13	plans	plan	NOUN
dem-5676	22	14	,	,	PUNCT
dem-5676	22	15	either	either	CCONJ
dem-5676	22	16	public	public	ADJ
dem-5676	22	17	or	or	CCONJ
dem-5676	22	18	private	private	ADJ
dem-5676	22	19	,	,	PUNCT
dem-5676	22	20	to	to	PART
dem-5676	22	21	achieve	achieve	VERB
dem-5676	22	22	quasi	quasi	ADJ
dem-5676	22	23	-	-	ADJ
dem-5676	22	24	universal	universal	ADJ
dem-5676	22	25	coverage	coverage	NOUN
dem-5676	22	26	.	.	PUNCT
dem-5676	23	1	however	however	ADV
dem-5676	23	2	,	,	PUNCT
dem-5676	23	3	mostly	mostly	ADV
dem-5676	23	4	in	in	ADP
dem-5676	23	5	lowincome	lowincome	NOUN
dem-5676	23	6	countries	country	NOUN
dem-5676	23	7	,	,	PUNCT
dem-5676	23	8	there	there	PRON
dem-5676	23	9	is	be	VERB
dem-5676	23	10	still	still	ADV
dem-5676	23	11	a	a	DET
dem-5676	23	12	significant	significant	ADJ
dem-5676	23	13	share	share	NOUN
dem-5676	23	14	of	of	ADP
dem-5676	23	15	population	population	NOUN
dem-5676	23	16	not	not	PART
dem-5676	23	17	covered	cover	VERB
dem-5676	23	18	by	by	ADP
dem-5676	23	19	public	public	ADJ
dem-5676	23	20	or	or	CCONJ
dem-5676	23	21	national	national	ADJ
dem-5676	23	22	plans	plan	NOUN
dem-5676	23	23	.	.	PUNCT
dem-5676	24	1	the	the	DET
dem-5676	24	2	age	age	NOUN
dem-5676	24	3	at	at	ADP
dem-5676	24	4	which	which	PRON
dem-5676	24	5	workers	worker	NOUN
dem-5676	24	6	can	can	AUX
dem-5676	24	7	retire	retire	VERB
dem-5676	24	8	is	be	AUX
dem-5676	24	9	the	the	DET
dem-5676	24	10	most	most	ADV
dem-5676	24	11	often	often	ADV
dem-5676	24	12	discussed	discuss	VERB
dem-5676	24	13	component	component	NOUN
dem-5676	24	14	of	of	ADP
dem-5676	24	15	a	a	DET
dem-5676	24	16	pension	pension	NOUN
dem-5676	24	17	system	system	NOUN
dem-5676	24	18	.	.	PUNCT
dem-5676	25	1	people	people	NOUN
dem-5676	25	2	now	now	ADV
dem-5676	25	3	live	live	VERB
dem-5676	25	4	longer	long	ADV
dem-5676	25	5	thus	thus	ADV
dem-5676	25	6	it	it	PRON
dem-5676	25	7	is	be	AUX
dem-5676	25	8	necessary	necessary	ADJ
dem-5676	25	9	to	to	PART
dem-5676	25	10	increase	increase	VERB
dem-5676	25	11	the	the	DET
dem-5676	25	12	pension	pension	NOUN
dem-5676	25	13	age	age	NOUN
dem-5676	25	14	,	,	PUNCT
dem-5676	25	15	and	and	CCONJ
dem-5676	25	16	to	to	PART
dem-5676	25	17	adjust	adjust	VERB
dem-5676	25	18	women	woman	NOUN
dem-5676	25	19	’s	’s	PART
dem-5676	25	20	retirement	retirement	NOUN
dem-5676	25	21	age	age	NOUN
dem-5676	25	22	upwards	upwards	ADV
dem-5676	25	23	in	in	ADP
dem-5676	25	24	line	line	NOUN
dem-5676	25	25	with	with	ADP
dem-5676	25	26	men	man	NOUN
dem-5676	25	27	’s	’s	PART
dem-5676	25	28	age	age	NOUN
dem-5676	25	29	.	.	PUNCT
dem-5676	26	1	many	many	ADJ
dem-5676	26	2	oecd	oecd	PROPN
dem-5676	26	3	countries	country	NOUN
dem-5676	26	4	have	have	AUX
dem-5676	26	5	recently	recently	ADV
dem-5676	26	6	done	do	VERB
dem-5676	26	7	precisely	precisely	ADV
dem-5676	26	8	that	that	SCONJ
dem-5676	26	9	since	since	SCONJ
dem-5676	26	10	it	it	PRON
dem-5676	26	11	requires	require	VERB
dem-5676	26	12	an	an	DET
dem-5676	26	13	administrative	administrative	ADJ
dem-5676	26	14	decision	decision	NOUN
dem-5676	26	15	thus	thus	ADV
dem-5676	26	16	it	it	PRON
dem-5676	26	17	is	be	AUX
dem-5676	26	18	the	the	DET
dem-5676	26	19	easiest	easy	ADJ
dem-5676	26	20	element	element	NOUN
dem-5676	26	21	of	of	ADP
dem-5676	26	22	the	the	DET
dem-5676	26	23	pension	pension	NOUN
dem-5676	26	24	scheme	scheme	NOUN
dem-5676	26	25	to	to	PART
dem-5676	26	26	change	change	VERB
dem-5676	26	27	.	.	PUNCT
dem-5676	27	1	in	in	ADP
dem-5676	27	2	effect	effect	NOUN
dem-5676	27	3	,	,	PUNCT
dem-5676	27	4	the	the	DET
dem-5676	27	5	majority	majority	NOUN
dem-5676	27	6	of	of	ADP
dem-5676	27	7	oecd	oecd	PROPN
dem-5676	27	8	countries	country	NOUN
dem-5676	27	9	will	will	AUX
dem-5676	27	10	have	have	VERB
dem-5676	27	11	a	a	DET
dem-5676	27	12	retirement	retirement	NOUN
dem-5676	27	13	age	age	NOUN
dem-5676	27	14	of	of	ADP
dem-5676	27	15	at	at	ADV
dem-5676	27	16	least	least	ADV
dem-5676	27	17	67	67	NUM
dem-5676	27	18	years	year	NOUN
dem-5676	27	19	by	by	ADP
dem-5676	27	20	the	the	DET
dem-5676	27	21	middle	middle	NOUN
dem-5676	27	22	of	of	ADP
dem-5676	27	23	this	this	DET
dem-5676	27	24	century	century	NOUN
dem-5676	27	25	.	.	PUNCT
dem-5676	28	1	the	the	DET
dem-5676	28	2	high	high	ADJ
dem-5676	28	3	costs	cost	NOUN
dem-5676	28	4	of	of	ADP
dem-5676	28	5	administering	administer	VERB
dem-5676	28	6	private	private	ADJ
dem-5676	28	7	pension	pension	NOUN
dem-5676	28	8	plans	plan	NOUN
dem-5676	28	9	that	that	PRON
dem-5676	28	10	are	be	AUX
dem-5676	28	11	passed	pass	VERB
dem-5676	28	12	on	on	ADP
dem-5676	28	13	to	to	ADP
dem-5676	28	14	members	member	NOUN
dem-5676	28	15	have	have	AUX
dem-5676	28	16	been	be	AUX
dem-5676	28	17	a	a	DET
dem-5676	28	18	policy	policy	NOUN
dem-5676	28	19	concern	concern	NOUN
dem-5676	28	20	for	for	ADP
dem-5676	28	21	many	many	ADJ
dem-5676	28	22	oecd	oecd	NOUN
dem-5676	28	23	countries	country	NOUN
dem-5676	28	24	in	in	ADP
dem-5676	28	25	recent	recent	ADJ
dem-5676	28	26	years	year	NOUN
dem-5676	28	27	,	,	PUNCT
dem-5676	28	28	especially	especially	ADV
dem-5676	28	29	in	in	ADP
dem-5676	28	30	the	the	DET
dem-5676	28	31	states	state	NOUN
dem-5676	28	32	where	where	SCONJ
dem-5676	28	33	systems	system	NOUN
dem-5676	28	34	are	be	AUX
dem-5676	28	35	mandatory	mandatory	ADJ
dem-5676	28	36	or	or	CCONJ
dem-5676	28	37	quasimandatory	quasimandatory	ADJ
dem-5676	28	38	.	.	PUNCT
dem-5676	29	1	however	however	ADV
dem-5676	29	2	,	,	PUNCT
dem-5676	29	3	administrative	administrative	ADJ
dem-5676	29	4	efficiency	efficiency	NOUN
dem-5676	29	5	is	be	AUX
dem-5676	29	6	also	also	ADV
dem-5676	29	7	a	a	DET
dem-5676	29	8	policy	policy	NOUN
dem-5676	29	9	priority	priority	NOUN
dem-5676	29	10	in	in	ADP
dem-5676	29	11	voluntary	voluntary	ADJ
dem-5676	29	12	plans	plan	NOUN
dem-5676	29	13	.	.	PUNCT
dem-5676	30	1	high	high	ADJ
dem-5676	30	2	fees	fee	NOUN
dem-5676	30	3	discourage	discourage	VERB
dem-5676	30	4	workers	worker	NOUN
dem-5676	30	5	from	from	ADP
dem-5676	30	6	joining	join	VERB
dem-5676	30	7	voluntary	voluntary	ADJ
dem-5676	30	8	plans	plan	NOUN
dem-5676	30	9	and	and	CCONJ
dem-5676	30	10	make	make	VERB
dem-5676	30	11	mandatory	mandatory	ADJ
dem-5676	30	12	ones	one	NOUN
dem-5676	30	13	very	very	ADV
dem-5676	30	14	costly	costly	ADJ
dem-5676	30	15	.	.	PUNCT
dem-5676	31	1	in	in	ADP
dem-5676	31	2	fact	fact	NOUN
dem-5676	31	3	,	,	PUNCT
dem-5676	31	4	cost	cost	NOUN
dem-5676	31	5	inefficiencies	inefficiency	NOUN
dem-5676	31	6	are	be	AUX
dem-5676	31	7	a	a	DET
dem-5676	31	8	threat	threat	NOUN
dem-5676	31	9	to	to	ADP
dem-5676	31	10	the	the	DET
dem-5676	31	11	sustainability	sustainability	NOUN
dem-5676	31	12	and	and	CCONJ
dem-5676	31	13	suitability	suitability	NOUN
dem-5676	31	14	of	of	ADP
dem-5676	31	15	plans	plan	NOUN
dem-5676	31	16	themselves	themselves	PRON
dem-5676	31	17	.	.	PUNCT
dem-5676	32	1	changes	change	NOUN
dem-5676	32	2	in	in	ADP
dem-5676	32	3	the	the	DET
dem-5676	32	4	demographic	demographic	ADJ
dem-5676	32	5	structure	structure	NOUN
dem-5676	32	6	,	,	PUNCT
dem-5676	32	7	caused	cause	VERB
dem-5676	32	8	by	by	ADP
dem-5676	32	9	declining	decline	VERB
dem-5676	32	10	fertility	fertility	NOUN
dem-5676	32	11	rates	rate	NOUN
dem-5676	32	12	and	and	CCONJ
dem-5676	32	13	the	the	DET
dem-5676	32	14	rise	rise	NOUN
dem-5676	32	15	in	in	ADP
dem-5676	32	16	life	life	NOUN
dem-5676	32	17	expectancy	expectancy	NOUN
dem-5676	32	18	,	,	PUNCT
dem-5676	32	19	lead	lead	VERB
dem-5676	32	20	to	to	ADP
dem-5676	32	21	significant	significant	ADJ
dem-5676	32	22	increase	increase	NOUN
dem-5676	32	23	of	of	ADP
dem-5676	32	24	the	the	DET
dem-5676	32	25	old	old	ADJ
dem-5676	32	26	-	-	PUNCT
dem-5676	32	27	agedependency	agedependency	NOUN
dem-5676	32	28	ratios1	ratios1	NOUN
dem-5676	32	29	in	in	ADP
dem-5676	32	30	poland	poland	PROPN
dem-5676	32	31	,	,	PUNCT
dem-5676	32	32	which	which	PRON
dem-5676	32	33	required	require	VERB
dem-5676	32	34	a	a	DET
dem-5676	32	35	transformation	transformation	NOUN
dem-5676	32	36	of	of	ADP
dem-5676	32	37	the	the	DET
dem-5676	32	38	pension	pension	NOUN
dem-5676	32	39	system	system	NOUN
dem-5676	32	40	.	.	PUNCT
dem-5676	33	1	the	the	DET
dem-5676	33	2	main	main	ADJ
dem-5676	33	3	reform2	reform2	NOUN
dem-5676	33	4	was	be	AUX
dem-5676	33	5	implemented	implement	VERB
dem-5676	33	6	in	in	ADP
dem-5676	33	7	1999	1999	NUM
dem-5676	33	8	,	,	PUNCT
dem-5676	33	9	introduced	introduce	VERB
dem-5676	33	10	a	a	DET
dem-5676	33	11	new	new	ADJ
dem-5676	33	12	system	system	NOUN
dem-5676	33	13	consisted	consist	VERB
dem-5676	33	14	of	of	ADP
dem-5676	33	15	three	three	NUM
dem-5676	33	16	pillars	pillar	NOUN
dem-5676	33	17	:	:	PUNCT
dem-5676	33	18	two	two	NUM
dem-5676	33	19	mandatory	mandatory	ADJ
dem-5676	33	20	ones	one	NOUN
dem-5676	33	21	:	:	PUNCT
dem-5676	33	22	pay	pay	VERB
dem-5676	33	23	-	-	PUNCT
dem-5676	33	24	as	as	ADP
dem-5676	33	25	-	-	PUNCT
dem-5676	33	26	you	you	PRON
dem-5676	33	27	-	-	PUNCT
dem-5676	33	28	go	go	VERB
dem-5676	33	29	pillar	pillar	NOUN
dem-5676	33	30	(	(	PUNCT
dem-5676	33	31	social	social	ADJ
dem-5676	33	32	insurance	insurance	NOUN
dem-5676	33	33	institution	institution	NOUN
dem-5676	33	34	–	–	PUNCT
dem-5676	33	35	zus	zus	NOUN
dem-5676	33	36	)	)	PUNCT
dem-5676	33	37	and	and	CCONJ
dem-5676	33	38	fully	fully	ADV
dem-5676	33	39	funded	fund	VERB
dem-5676	33	40	pillar	pillar	NOUN
dem-5676	33	41	(	(	PUNCT
dem-5676	33	42	open	open	ADJ
dem-5676	33	43	pension	pension	NOUN
dem-5676	33	44	funds	fund	NOUN
dem-5676	33	45	–	–	PUNCT
dem-5676	33	46	ofe	ofe	NOUN
dem-5676	33	47	)	)	PUNCT
dem-5676	33	48	,	,	PUNCT
dem-5676	33	49	and	and	CCONJ
dem-5676	33	50	a	a	DET
dem-5676	33	51	voluntary	voluntary	ADJ
dem-5676	33	52	,	,	PUNCT
dem-5676	33	53	funded	funded	ADJ
dem-5676	33	54	pillar	pillar	NOUN
dem-5676	33	55	.	.	PUNCT
dem-5676	34	1	the	the	DET
dem-5676	34	2	aim	aim	NOUN
dem-5676	34	3	of	of	ADP
dem-5676	34	4	our	our	PRON
dem-5676	34	5	research3	research3	NOUN
dem-5676	34	6	is	be	AUX
dem-5676	34	7	to	to	PART
dem-5676	34	8	analyze	analyze	VERB
dem-5676	34	9	efficiency	efficiency	NOUN
dem-5676	34	10	of	of	ADP
dem-5676	34	11	the	the	DET
dem-5676	34	12	private	private	ADJ
dem-5676	34	13	pension	pension	NOUN
dem-5676	34	14	funds	fund	NOUN
dem-5676	34	15	,	,	PUNCT
dem-5676	34	16	which	which	PRON
dem-5676	34	17	were	be	AUX
dem-5676	34	18	operating	operate	VERB
dem-5676	34	19	in	in	ADP
dem-5676	34	20	poland	poland	PROPN
dem-5676	34	21	in	in	ADP
dem-5676	34	22	the	the	DET
dem-5676	34	23	years	year	NOUN
dem-5676	34	24	1999–2013	1999–2013	NUM
dem-5676	34	25	and	and	CCONJ
dem-5676	34	26	compare	compare	VERB
dem-5676	34	27	1	1	NUM
dem-5676	34	28	old	old	ADJ
dem-5676	34	29	-	-	PUNCT
dem-5676	34	30	age	age	NOUN
dem-5676	34	31	-	-	PUNCT
dem-5676	34	32	dependency	dependency	NOUN
dem-5676	34	33	ratio	ratio	NOUN
dem-5676	34	34	is	be	AUX
dem-5676	34	35	the	the	DET
dem-5676	34	36	population	population	NOUN
dem-5676	34	37	age	age	NOUN
dem-5676	34	38	65	65	NUM
dem-5676	34	39	and	and	CCONJ
dem-5676	34	40	over	over	ADP
dem-5676	34	41	divided	divide	VERB
dem-5676	34	42	by	by	ADP
dem-5676	34	43	population	population	NOUN
dem-5676	34	44	age	age	NOUN
dem-5676	34	45	15	15	NUM
dem-5676	34	46	-	-	SYM
dem-5676	34	47	64	64	NUM
dem-5676	34	48	(	(	PUNCT
dem-5676	34	49	eurostat	eurostat	PROPN
dem-5676	34	50	)	)	PUNCT
dem-5676	34	51	.	.	PUNCT
dem-5676	35	1	2	2	NUM
dem-5676	35	2	detailed	detailed	ADJ
dem-5676	35	3	description	description	NOUN
dem-5676	35	4	of	of	ADP
dem-5676	35	5	the	the	DET
dem-5676	35	6	pension	pension	NOUN
dem-5676	35	7	reform	reform	NOUN
dem-5676	35	8	can	can	AUX
dem-5676	35	9	be	be	AUX
dem-5676	35	10	found	find	VERB
dem-5676	35	11	in	in	ADP
dem-5676	35	12	góra	góra	PROPN
dem-5676	35	13	and	and	CCONJ
dem-5676	35	14	rutkowski	rutkowski	PROPN
dem-5676	35	15	(	(	PUNCT
dem-5676	35	16	2000	2000	NUM
dem-5676	35	17	)	)	PUNCT
dem-5676	35	18	,	,	PUNCT
dem-5676	35	19	hausner	hausner	NOUN
dem-5676	35	20	(	(	PUNCT
dem-5676	35	21	2002	2002	NUM
dem-5676	35	22	)	)	PUNCT
dem-5676	35	23	among	among	ADP
dem-5676	35	24	others	other	NOUN
dem-5676	35	25	.	.	PUNCT
dem-5676	36	1	3	3	NUM
dem-5676	36	2	research	research	NOUN
dem-5676	36	3	is	be	AUX
dem-5676	36	4	founded	found	VERB
dem-5676	36	5	by	by	ADP
dem-5676	36	6	the	the	DET
dem-5676	36	7	grant	grant	NOUN
dem-5676	36	8	“	"	PUNCT
dem-5676	36	9	analysis	analysis	NOUN
dem-5676	36	10	of	of	ADP
dem-5676	36	11	open	open	ADJ
dem-5676	36	12	pension	pension	NOUN
dem-5676	36	13	funds	fund	NOUN
dem-5676	36	14	market	market	NOUN
dem-5676	36	15	as	as	SCONJ
dem-5676	36	16	compared	compare	VERB
dem-5676	36	17	to	to	ADP
dem-5676	36	18	the	the	DET
dem-5676	36	19	open	open	ADJ
dem-5676	36	20	investment	investment	NOUN
dem-5676	36	21	funds	fund	NOUN
dem-5676	36	22	market	market	NOUN
dem-5676	36	23	functioning	function	VERB
dem-5676	36	24	in	in	ADP
dem-5676	36	25	poland	poland	PROPN
dem-5676	36	26	”	"	PUNCT
dem-5676	36	27	2013/09	2013/09	NUM
dem-5676	36	28	/	/	SYM
dem-5676	36	29	b	b	NOUN
dem-5676	36	30	/	/	SYM
dem-5676	36	31	hs4/00493	hs4/00493	VERB
dem-5676	36	32	financed	finance	VERB
dem-5676	36	33	by	by	ADP
dem-5676	36	34	national	national	ADJ
dem-5676	36	35	science	science	PROPN
dem-5676	36	36	center	center	NOUN
dem-5676	36	37	.	.	PUNCT
dem-5676	37	1	pension	pension	NOUN
dem-5676	37	2	funds	fund	NOUN
dem-5676	37	3	in	in	ADP
dem-5676	37	4	poland	poland	PROPN
dem-5676	37	5	:	:	PUNCT
dem-5676	37	6	efficiency	efficiency	NOUN
dem-5676	37	7	analysis	analysis	NOUN
dem-5676	37	8	for	for	ADP
dem-5676	37	9	years	year	NOUN
dem-5676	37	10	1999–2013	1999–2013	NUM
dem-5676	37	11	dynamic	dynamic	ADJ
dem-5676	37	12	econometric	econometric	ADJ
dem-5676	37	13	models	model	NOUN
dem-5676	37	14	14	14	NUM
dem-5676	37	15	(	(	PUNCT
dem-5676	37	16	2014	2014	NUM
dem-5676	37	17	)	)	PUNCT
dem-5676	38	1	105–124	105–124	NUM
dem-5676	38	2	107	107	NUM
dem-5676	39	1	their	their	PRON
dem-5676	39	2	performance	performance	NOUN
dem-5676	39	3	to	to	ADP
dem-5676	39	4	the	the	DET
dem-5676	39	5	efficiency	efficiency	NOUN
dem-5676	39	6	of	of	ADP
dem-5676	39	7	constructed	construct	VERB
dem-5676	39	8	benchmarks	benchmark	NOUN
dem-5676	39	9	.	.	PUNCT
dem-5676	40	1	we	we	PRON
dem-5676	40	2	use	use	VERB
dem-5676	40	3	sharpe	sharpe	PROPN
dem-5676	40	4	and	and	CCONJ
dem-5676	40	5	treynor	treynor	NOUN
dem-5676	40	6	ratios	ratio	NOUN
dem-5676	40	7	evaluated	evaluate	VERB
dem-5676	40	8	on	on	ADP
dem-5676	40	9	the	the	DET
dem-5676	40	10	basis	basis	NOUN
dem-5676	40	11	of	of	ADP
dem-5676	40	12	monthly	monthly	ADJ
dem-5676	40	13	returns	return	NOUN
dem-5676	40	14	from	from	ADP
dem-5676	40	15	the	the	DET
dem-5676	40	16	accounting	accounting	NOUN
dem-5676	40	17	units	unit	NOUN
dem-5676	40	18	in	in	ADP
dem-5676	40	19	the	the	DET
dem-5676	40	20	period	period	NOUN
dem-5676	40	21	from	from	ADP
dem-5676	40	22	august	august	PROPN
dem-5676	40	23	17	17	NUM
dem-5676	40	24	,	,	PUNCT
dem-5676	40	25	1999	1999	NUM
dem-5676	40	26	to	to	ADP
dem-5676	40	27	october	october	PROPN
dem-5676	40	28	17	17	NUM
dem-5676	40	29	,	,	PUNCT
dem-5676	40	30	2013	2013	NUM
dem-5676	40	31	.	.	PUNCT
dem-5676	41	1	the	the	DET
dem-5676	41	2	analysis	analysis	NOUN
dem-5676	41	3	is	be	AUX
dem-5676	41	4	provided	provide	VERB
dem-5676	41	5	for	for	ADP
dem-5676	41	6	the	the	DET
dem-5676	41	7	entire	entire	ADJ
dem-5676	41	8	period	period	NOUN
dem-5676	41	9	and	and	CCONJ
dem-5676	41	10	separately	separately	ADV
dem-5676	41	11	for	for	ADP
dem-5676	41	12	the	the	DET
dem-5676	41	13	subperiods	subperiod	NOUN
dem-5676	41	14	when	when	SCONJ
dem-5676	41	15	certain	certain	ADJ
dem-5676	41	16	market	market	NOUN
dem-5676	41	17	tendency	tendency	NOUN
dem-5676	41	18	is	be	AUX
dem-5676	41	19	observed	observe	VERB
dem-5676	41	20	(	(	PUNCT
dem-5676	41	21	i.e.	i.e.	X
dem-5676	41	22	bull	bull	NOUN
dem-5676	41	23	,	,	PUNCT
dem-5676	41	24	bear	bear	NOUN
dem-5676	41	25	and	and	CCONJ
dem-5676	41	26	neutral	neutral	ADJ
dem-5676	41	27	market	market	NOUN
dem-5676	41	28	)	)	PUNCT
dem-5676	41	29	.	.	PUNCT
dem-5676	42	1	1	1	X
dem-5676	42	2	.	.	X
dem-5676	42	3	changes	change	NOUN
dem-5676	42	4	concerning	concern	VERB
dem-5676	42	5	pension	pension	NOUN
dem-5676	42	6	funds	fund	NOUN
dem-5676	42	7	open	open	ADJ
dem-5676	42	8	pension	pension	NOUN
dem-5676	42	9	funds	fund	NOUN
dem-5676	42	10	started	start	VERB
dem-5676	42	11	to	to	PART
dem-5676	42	12	operate	operate	VERB
dem-5676	42	13	in	in	ADP
dem-5676	42	14	poland	poland	PROPN
dem-5676	42	15	in	in	ADP
dem-5676	42	16	1999	1999	NUM
dem-5676	42	17	creating	create	VERB
dem-5676	42	18	the	the	DET
dem-5676	42	19	second	second	ADJ
dem-5676	42	20	mandatory	mandatory	ADJ
dem-5676	42	21	pillar	pillar	NOUN
dem-5676	42	22	of	of	ADP
dem-5676	42	23	the	the	DET
dem-5676	42	24	“	"	PUNCT
dem-5676	42	25	new	new	ADJ
dem-5676	42	26	”	"	PUNCT
dem-5676	42	27	pension	pension	NOUN
dem-5676	42	28	system	system	NOUN
dem-5676	42	29	.	.	PUNCT
dem-5676	43	1	each	each	DET
dem-5676	43	2	person	person	NOUN
dem-5676	43	3	could	could	AUX
dem-5676	43	4	select	select	VERB
dem-5676	43	5	only	only	ADV
dem-5676	43	6	one	one	NUM
dem-5676	43	7	fund	fund	NOUN
dem-5676	43	8	and	and	CCONJ
dem-5676	43	9	participants	participant	NOUN
dem-5676	43	10	were	be	AUX
dem-5676	43	11	able	able	ADJ
dem-5676	43	12	to	to	PART
dem-5676	43	13	change	change	VERB
dem-5676	43	14	funds	fund	NOUN
dem-5676	43	15	with	with	ADP
dem-5676	43	16	no	no	DET
dem-5676	43	17	charge	charge	NOUN
dem-5676	43	18	or	or	CCONJ
dem-5676	43	19	penalty	penalty	NOUN
dem-5676	43	20	after	after	ADP
dem-5676	43	21	a	a	DET
dem-5676	43	22	statutory	statutory	ADJ
dem-5676	43	23	minimum	minimum	NOUN
dem-5676	43	24	12	12	NUM
dem-5676	43	25	months	month	NOUN
dem-5676	43	26	period	period	NOUN
dem-5676	43	27	of	of	ADP
dem-5676	43	28	contribution	contribution	NOUN
dem-5676	43	29	to	to	ADP
dem-5676	43	30	a	a	DET
dem-5676	43	31	fund	fund	NOUN
dem-5676	43	32	.	.	PUNCT
dem-5676	44	1	pension	pension	NOUN
dem-5676	44	2	funds	fund	NOUN
dem-5676	44	3	operate	operate	VERB
dem-5676	44	4	like	like	ADP
dem-5676	44	5	other	other	ADJ
dem-5676	44	6	open	open	ADJ
dem-5676	44	7	-	-	PUNCT
dem-5676	44	8	end	end	NOUN
dem-5676	44	9	mutual	mutual	ADJ
dem-5676	44	10	funds	fund	NOUN
dem-5676	44	11	i.e.	i.e.	X
dem-5676	44	12	they	they	PRON
dem-5676	44	13	collect	collect	VERB
dem-5676	44	14	retirement	retirement	NOUN
dem-5676	44	15	savings	saving	NOUN
dem-5676	44	16	from	from	ADP
dem-5676	44	17	employees	employee	NOUN
dem-5676	44	18	and	and	CCONJ
dem-5676	44	19	their	their	PRON
dem-5676	44	20	employers	employer	NOUN
dem-5676	44	21	,	,	PUNCT
dem-5676	44	22	and	and	CCONJ
dem-5676	44	23	invest	invest	VERB
dem-5676	44	24	this	this	DET
dem-5676	44	25	money	money	NOUN
dem-5676	44	26	in	in	ADP
dem-5676	44	27	a	a	DET
dem-5676	44	28	wide	wide	ADJ
dem-5676	44	29	range	range	NOUN
dem-5676	44	30	of	of	ADP
dem-5676	44	31	assets	asset	NOUN
dem-5676	44	32	.	.	PUNCT
dem-5676	45	1	at	at	ADP
dem-5676	45	2	the	the	DET
dem-5676	45	3	beginning	beginning	NOUN
dem-5676	45	4	,	,	PUNCT
dem-5676	45	5	there	there	PRON
dem-5676	45	6	were	be	VERB
dem-5676	45	7	21	21	NUM
dem-5676	45	8	ofes	ofes	ADV
dem-5676	45	9	but	but	CCONJ
dem-5676	45	10	at	at	ADP
dem-5676	45	11	the	the	DET
dem-5676	45	12	end	end	NOUN
dem-5676	45	13	of	of	ADP
dem-5676	45	14	2013	2013	NUM
dem-5676	45	15	only	only	ADV
dem-5676	45	16	13	13	NUM
dem-5676	45	17	open	open	ADJ
dem-5676	45	18	pension	pension	NOUN
dem-5676	45	19	funds	fund	NOUN
dem-5676	45	20	were	be	AUX
dem-5676	45	21	operating	operate	VERB
dem-5676	45	22	on	on	ADP
dem-5676	45	23	the	the	DET
dem-5676	45	24	polish	polish	ADJ
dem-5676	45	25	market	market	NOUN
dem-5676	45	26	,	,	PUNCT
dem-5676	45	27	and	and	CCONJ
dem-5676	45	28	one	one	NUM
dem-5676	45	29	more	more	ADJ
dem-5676	45	30	pension	pension	NOUN
dem-5676	45	31	fund	fund	NOUN
dem-5676	45	32	diapered	diapere	VERB
dem-5676	45	33	from	from	ADP
dem-5676	45	34	the	the	DET
dem-5676	45	35	market	market	NOUN
dem-5676	45	36	after	after	ADP
dem-5676	45	37	last	last	ADJ
dem-5676	45	38	regulations	regulation	NOUN
dem-5676	45	39	introduced	introduce	VERB
dem-5676	45	40	by	by	ADP
dem-5676	45	41	the	the	DET
dem-5676	45	42	polish	polish	ADJ
dem-5676	45	43	government	government	NOUN
dem-5676	45	44	in	in	ADP
dem-5676	45	45	2014	2014	NUM
dem-5676	45	46	.	.	PUNCT
dem-5676	46	1	in	in	ADP
dem-5676	46	2	the	the	DET
dem-5676	46	3	years	year	NOUN
dem-5676	46	4	1999–2013	1999–2013	NUM
dem-5676	46	5	number	number	NOUN
dem-5676	46	6	of	of	ADP
dem-5676	46	7	participants	participant	NOUN
dem-5676	46	8	as	as	ADV
dem-5676	46	9	well	well	ADV
dem-5676	46	10	as	as	ADP
dem-5676	46	11	value	value	NOUN
dem-5676	46	12	of	of	ADP
dem-5676	46	13	assets	asset	NOUN
dem-5676	46	14	were	be	AUX
dem-5676	46	15	steadily	steadily	ADV
dem-5676	46	16	growing	grow	VERB
dem-5676	46	17	,	,	PUNCT
dem-5676	46	18	at	at	ADP
dem-5676	46	19	the	the	DET
dem-5676	46	20	end	end	NOUN
dem-5676	46	21	of	of	ADP
dem-5676	46	22	december	december	PROPN
dem-5676	46	23	,	,	PUNCT
dem-5676	46	24	2013	2013	NUM
dem-5676	46	25	there	there	PRON
dem-5676	46	26	were	be	VERB
dem-5676	46	27	more	more	ADJ
dem-5676	46	28	than	than	ADP
dem-5676	46	29	16.3	16.3	NUM
dem-5676	46	30	millions	million	NOUN
dem-5676	46	31	of	of	ADP
dem-5676	46	32	participants	participant	NOUN
dem-5676	46	33	and	and	CCONJ
dem-5676	46	34	value	value	NOUN
dem-5676	46	35	of	of	ADP
dem-5676	46	36	ofes	ofe	NOUN
dem-5676	46	37	’	'	PUNCT
dem-5676	46	38	assets	asset	NOUN
dem-5676	46	39	exceeded	exceed	VERB
dem-5676	46	40	299	299	NUM
dem-5676	46	41	billions	billion	NOUN
dem-5676	46	42	pln4	pln4	NOUN
dem-5676	46	43	.	.	PUNCT
dem-5676	47	1	the	the	DET
dem-5676	47	2	summary	summary	NOUN
dem-5676	47	3	of	of	ADP
dem-5676	47	4	evolution	evolution	NOUN
dem-5676	47	5	of	of	ADP
dem-5676	47	6	ofes	ofes	NOUN
dem-5676	47	7	’	'	PUNCT
dem-5676	47	8	in	in	ADP
dem-5676	47	9	poland	poland	PROPN
dem-5676	47	10	is	be	AUX
dem-5676	47	11	presented	present	VERB
dem-5676	47	12	in	in	ADP
dem-5676	47	13	table	table	NOUN
dem-5676	47	14	1	1	NUM
dem-5676	47	15	.	.	PUNCT
dem-5676	47	16	retirement	retirement	NOUN
dem-5676	47	17	savings	saving	NOUN
dem-5676	47	18	have	have	AUX
dem-5676	47	19	been	be	AUX
dem-5676	47	20	created	create	VERB
dem-5676	47	21	by	by	ADP
dem-5676	47	22	a	a	DET
dem-5676	47	23	contribution	contribution	NOUN
dem-5676	47	24	of	of	ADP
dem-5676	47	25	12.22	12.22	NUM
dem-5676	47	26	%	%	NOUN
dem-5676	47	27	of	of	ADP
dem-5676	47	28	earnings	earning	NOUN
dem-5676	47	29	(	(	PUNCT
dem-5676	47	30	or	or	CCONJ
dem-5676	47	31	19.52	19.52	NUM
dem-5676	47	32	%	%	NOUN
dem-5676	47	33	for	for	ADP
dem-5676	47	34	employees	employee	NOUN
dem-5676	47	35	born	bear	VERB
dem-5676	47	36	between	between	ADP
dem-5676	47	37	1949	1949	NUM
dem-5676	47	38	and	and	CCONJ
dem-5676	47	39	1968	1968	NUM
dem-5676	47	40	who	who	PRON
dem-5676	47	41	did	do	AUX
dem-5676	47	42	not	not	PART
dem-5676	47	43	choose	choose	VERB
dem-5676	47	44	funded	fund	VERB
dem-5676	47	45	tier	tier	NOUN
dem-5676	47	46	)	)	PUNCT
dem-5676	47	47	.	.	PUNCT
dem-5676	48	1	the	the	DET
dem-5676	48	2	contribution	contribution	NOUN
dem-5676	48	3	was	be	AUX
dem-5676	48	4	credited	credit	VERB
dem-5676	48	5	to	to	ADP
dem-5676	48	6	individuals	individual	NOUN
dem-5676	48	7	’	'	PUNCT
dem-5676	48	8	notional	notional	ADJ
dem-5676	48	9	accounts	account	NOUN
dem-5676	48	10	,	,	PUNCT
dem-5676	48	11	while	while	SCONJ
dem-5676	48	12	7.3	7.3	NUM
dem-5676	48	13	%	%	NOUN
dem-5676	48	14	of	of	ADP
dem-5676	48	15	earnings	earning	NOUN
dem-5676	48	16	were	be	AUX
dem-5676	48	17	to	to	PART
dem-5676	48	18	be	be	AUX
dem-5676	48	19	transferred	transfer	VERB
dem-5676	48	20	to	to	ADP
dem-5676	48	21	the	the	DET
dem-5676	48	22	pension	pension	NOUN
dem-5676	48	23	funds	fund	NOUN
dem-5676	48	24	,	,	PUNCT
dem-5676	48	25	which	which	PRON
dem-5676	48	26	created	create	VERB
dem-5676	48	27	the	the	DET
dem-5676	48	28	second	second	ADJ
dem-5676	48	29	mandatory	mandatory	ADJ
dem-5676	48	30	pillar5	pillar5	NOUN
dem-5676	48	31	.	.	PUNCT
dem-5676	49	1	there	there	PRON
dem-5676	49	2	were	be	VERB
dem-5676	49	3	strict	strict	ADJ
dem-5676	49	4	regulations	regulation	NOUN
dem-5676	49	5	concerning	concern	VERB
dem-5676	49	6	open	open	ADJ
dem-5676	49	7	pension	pension	NOUN
dem-5676	49	8	funds	fund	NOUN
dem-5676	49	9	investment	investment	NOUN
dem-5676	49	10	in	in	ADP
dem-5676	49	11	risky	risky	ADJ
dem-5676	49	12	assets	asset	NOUN
dem-5676	49	13	(	(	PUNCT
dem-5676	49	14	in	in	ADP
dem-5676	49	15	order	order	NOUN
dem-5676	49	16	to	to	PART
dem-5676	49	17	protect	protect	VERB
dem-5676	49	18	pension	pension	NOUN
dem-5676	49	19	plans	plan	NOUN
dem-5676	49	20	’	'	PUNCT
dem-5676	49	21	participants	participant	NOUN
dem-5676	49	22	)	)	PUNCT
dem-5676	49	23	.	.	PUNCT
dem-5676	50	1	thus	thus	ADV
dem-5676	50	2	during	during	ADP
dem-5676	50	3	the	the	DET
dem-5676	50	4	worldwide	worldwide	ADJ
dem-5676	50	5	financial	financial	ADJ
dem-5676	50	6	crisis	crisis	NOUN
dem-5676	50	7	the	the	DET
dem-5676	50	8	losses	loss	NOUN
dem-5676	50	9	of	of	ADP
dem-5676	50	10	ofe	ofe	ADJ
dem-5676	50	11	were	be	AUX
dem-5676	50	12	not	not	PART
dem-5676	50	13	as	as	ADV
dem-5676	50	14	substantial	substantial	ADJ
dem-5676	50	15	as	as	ADP
dem-5676	50	16	the	the	DET
dem-5676	50	17	ones	one	NOUN
dem-5676	50	18	reported	report	VERB
dem-5676	50	19	by	by	ADP
dem-5676	50	20	pension	pension	NOUN
dem-5676	50	21	funds	fund	NOUN
dem-5676	50	22	in	in	ADP
dem-5676	50	23	developed	develop	VERB
dem-5676	50	24	countries	country	NOUN
dem-5676	50	25	.	.	PUNCT
dem-5676	51	1	however	however	ADV
dem-5676	51	2	the	the	DET
dem-5676	51	3	crisis	crisis	NOUN
dem-5676	51	4	of	of	ADP
dem-5676	51	5	2007–2009	2007–2009	NUM
dem-5676	51	6	caused	cause	VERB
dem-5676	51	7	some	some	DET
dem-5676	51	8	serious	serious	ADJ
dem-5676	51	9	problems	problem	NOUN
dem-5676	51	10	also	also	ADV
dem-5676	51	11	in	in	ADP
dem-5676	51	12	polish	polish	ADJ
dem-5676	51	13	economy	economy	NOUN
dem-5676	51	14	.	.	PUNCT
dem-5676	52	1	firstly	firstly	ADV
dem-5676	52	2	,	,	PUNCT
dem-5676	52	3	open	open	ADJ
dem-5676	52	4	pension	pension	NOUN
dem-5676	52	5	funds	fund	NOUN
dem-5676	52	6	lost	lose	VERB
dem-5676	52	7	a	a	DET
dem-5676	52	8	major	major	ADJ
dem-5676	52	9	part	part	NOUN
dem-5676	52	10	of	of	ADP
dem-5676	52	11	the	the	DET
dem-5676	52	12	profits	profit	NOUN
dem-5676	52	13	earned	earn	VERB
dem-5676	52	14	for	for	ADP
dem-5676	52	15	their	their	PRON
dem-5676	52	16	members	member	NOUN
dem-5676	52	17	before	before	ADP
dem-5676	52	18	the	the	DET
dem-5676	52	19	crisis	crisis	NOUN
dem-5676	52	20	.	.	PUNCT
dem-5676	53	1	secondly	secondly	ADV
dem-5676	53	2	,	,	PUNCT
dem-5676	53	3	slower	slow	ADJ
dem-5676	53	4	gdp	gdp	NOUN
dem-5676	53	5	growth	growth	NOUN
dem-5676	53	6	caused	cause	VERB
dem-5676	53	7	the	the	DET
dem-5676	53	8	increase	increase	NOUN
dem-5676	53	9	of	of	ADP
dem-5676	53	10	the	the	DET
dem-5676	53	11	public	public	ADJ
dem-5676	53	12	deficit	deficit	NOUN
dem-5676	53	13	and	and	CCONJ
dem-5676	53	14	the	the	DET
dem-5676	53	15	public	public	ADJ
dem-5676	53	16	debenture	debenture	NOUN
dem-5676	53	17	in	in	ADP
dem-5676	53	18	relation	relation	NOUN
dem-5676	53	19	to	to	ADP
dem-5676	53	20	gdp	gdp	PROPN
dem-5676	53	21	.	.	PROPN
dem-5676	53	22	4	4	NUM
dem-5676	53	23	http://www.igte.com.pl/files/notowania/dane_ofe_12_2013.pdf	http://www.igte.com.pl/files/notowania/dane_ofe_12_2013.pdf	NOUN
dem-5676	53	24	5	5	NUM
dem-5676	53	25	the	the	DET
dem-5676	53	26	ceiling	ceiling	NOUN
dem-5676	53	27	to	to	ADP
dem-5676	53	28	contributions	contribution	NOUN
dem-5676	53	29	and	and	CCONJ
dem-5676	53	30	pensionable	pensionable	ADJ
dem-5676	53	31	earnings	earning	NOUN
dem-5676	53	32	was	be	AUX
dem-5676	53	33	set	set	VERB
dem-5676	53	34	at	at	ADP
dem-5676	53	35	2.5	2.5	NUM
dem-5676	53	36	times	time	NOUN
dem-5676	53	37	average	average	ADJ
dem-5676	53	38	monthly	monthly	ADJ
dem-5676	53	39	earnings	earning	NOUN
dem-5676	53	40	projected	project	VERB
dem-5676	53	41	for	for	ADP
dem-5676	53	42	a	a	DET
dem-5676	53	43	given	give	VERB
dem-5676	53	44	year	year	NOUN
dem-5676	53	45	in	in	ADP
dem-5676	53	46	the	the	DET
dem-5676	53	47	state	state	NOUN
dem-5676	53	48	budget	budget	NOUN
dem-5676	53	49	law	law	NOUN
dem-5676	53	50	.	.	PUNCT
dem-5676	54	1	krzysztof	krzysztof	PROPN
dem-5676	54	2	kompa	kompa	PROPN
dem-5676	54	3	,	,	PUNCT
dem-5676	54	4	dorota	dorota	PROPN
dem-5676	54	5	witkowska	witkowska	PROPN
dem-5676	54	6	dynamic	dynamic	ADJ
dem-5676	54	7	econometric	econometric	ADJ
dem-5676	54	8	models	model	NOUN
dem-5676	54	9	14	14	NUM
dem-5676	54	10	(	(	PUNCT
dem-5676	54	11	2014	2014	NUM
dem-5676	54	12	)	)	PUNCT
dem-5676	54	13	105–124	105–124	NUM
dem-5676	54	14	108	108	NUM
dem-5676	54	15	as	as	ADP
dem-5676	54	16	a	a	DET
dem-5676	54	17	result	result	NOUN
dem-5676	54	18	,	,	PUNCT
dem-5676	54	19	poland	poland	PROPN
dem-5676	54	20	has	have	AUX
dem-5676	54	21	been	be	AUX
dem-5676	54	22	no	no	ADV
dem-5676	54	23	longer	long	ADV
dem-5676	54	24	in	in	ADP
dem-5676	54	25	line	line	NOUN
dem-5676	54	26	with	with	ADP
dem-5676	54	27	the	the	DET
dem-5676	54	28	maastricht	maastricht	PROPN
dem-5676	54	29	criteria	criterion	NOUN
dem-5676	54	30	.	.	PUNCT
dem-5676	55	1	therefore	therefore	ADV
dem-5676	55	2	,	,	PUNCT
dem-5676	55	3	in	in	ADP
dem-5676	55	4	the	the	DET
dem-5676	55	5	years	year	NOUN
dem-5676	55	6	2011–2013	2011–2013	NUM
dem-5676	55	7	the	the	DET
dem-5676	55	8	polish	polish	ADJ
dem-5676	55	9	government	government	NOUN
dem-5676	55	10	introduced	introduce	VERB
dem-5676	55	11	several	several	ADJ
dem-5676	55	12	changes	change	NOUN
dem-5676	55	13	in	in	ADP
dem-5676	55	14	the	the	DET
dem-5676	55	15	pension	pension	NOUN
dem-5676	55	16	system	system	NOUN
dem-5676	55	17	.	.	PUNCT
dem-5676	56	1	table	table	NOUN
dem-5676	56	2	1	1	NUM
dem-5676	56	3	.	.	PUNCT
dem-5676	56	4	basic	basic	ADJ
dem-5676	56	5	characteristics	characteristic	NOUN
dem-5676	56	6	of	of	ADP
dem-5676	56	7	ofe	ofe	NOUN
dem-5676	56	8	in	in	ADP
dem-5676	56	9	years	year	NOUN
dem-5676	56	10	1999–2014	1999–2014	NUM
dem-5676	56	11	year	year	NOUN
dem-5676	56	12	net	net	ADJ
dem-5676	56	13	assets	asset	NOUN
dem-5676	56	14	[	[	X
dem-5676	56	15	billion	billion	NUM
dem-5676	56	16	pln	pln	NOUN
dem-5676	56	17	]	]	PUNCT
dem-5676	56	18	contributions	contribution	NOUN
dem-5676	56	19	[	[	X
dem-5676	56	20	billion	billion	NUM
dem-5676	56	21	pln	pln	NOUN
dem-5676	56	22	]	]	X
dem-5676	56	23	members	member	NOUN
dem-5676	56	24	[	[	X
dem-5676	56	25	million	million	NUM
dem-5676	56	26	]	]	PUNCT
dem-5676	56	27	accounting	accounting	NOUN
dem-5676	56	28	unit	unit	NOUN
dem-5676	56	29	weighting	weight	VERB
dem-5676	56	30	average	average	NOUN
dem-5676	57	1	[	[	X
dem-5676	57	2	pln	pln	X
dem-5676	57	3	]	]	X
dem-5676	57	4	1999	1999	NUM
dem-5676	57	5	2.3	2.3	NUM
dem-5676	57	6	2.3	2.3	NUM
dem-5676	57	7	7.0	7.0	NUM
dem-5676	57	8	n.a	n.a	PROPN
dem-5676	57	9	.	.	PROPN
dem-5676	57	10	2000	2000	NUM
dem-5676	57	11	9.9	9.9	NUM
dem-5676	57	12	7.6	7.6	NUM
dem-5676	57	13	10.3	10.3	NUM
dem-5676	57	14	n.a	n.a	PROPN
dem-5676	57	15	.	.	PROPN
dem-5676	57	16	2001	2001	NUM
dem-5676	57	17	19.4	19.4	NUM
dem-5676	57	18	8.7	8.7	NUM
dem-5676	57	19	10.6	10.6	NUM
dem-5676	57	20	n.a	n.a	PROPN
dem-5676	57	21	.	.	PROPN
dem-5676	57	22	2002	2002	NUM
dem-5676	57	23	31.6	31.6	NUM
dem-5676	57	24	9.5	9.5	NUM
dem-5676	57	25	11.0	11.0	NUM
dem-5676	57	26	15.80	15.80	NUM
dem-5676	57	27	2003	2003	NUM
dem-5676	57	28	44.8	44.8	NUM
dem-5676	57	29	10.3	10.3	NUM
dem-5676	57	30	11.5	11.5	NUM
dem-5676	57	31	17.58	17.58	NUM
dem-5676	57	32	2004	2004	NUM
dem-5676	57	33	62.6	62.6	NUM
dem-5676	57	34	11.4	11.4	NUM
dem-5676	57	35	12.0	12.0	NUM
dem-5676	57	36	20.08	20.08	NUM
dem-5676	57	37	2005	2005	NUM
dem-5676	57	38	86.1	86.1	NUM
dem-5676	57	39	14.0	14.0	NUM
dem-5676	57	40	11.7	11.7	NUM
dem-5676	57	41	23.09	23.09	NUM
dem-5676	57	42	2006	2006	NUM
dem-5676	57	43	116.6	116.6	NUM
dem-5676	57	44	16.2	16.2	NUM
dem-5676	57	45	12.4	12.4	NUM
dem-5676	57	46	26.88	26.88	NUM
dem-5676	57	47	2007	2007	NUM
dem-5676	57	48	140.0	140.0	NUM
dem-5676	57	49	17.7	17.7	NUM
dem-5676	57	50	13.1	13.1	NUM
dem-5676	57	51	28.55	28.55	NUM
dem-5676	57	52	2008	2008	NUM
dem-5676	57	53	138.3	138.3	NUM
dem-5676	57	54	20.5	20.5	NUM
dem-5676	57	55	13.8	13.8	NUM
dem-5676	57	56	24.51	24.51	NUM
dem-5676	57	57	2009	2009	NUM
dem-5676	57	58	178.6	178.6	NUM
dem-5676	57	59	21.0	21.0	NUM
dem-5676	57	60	14.3	14.3	NUM
dem-5676	57	61	27.88	27.88	NUM
dem-5676	57	62	2010	2010	NUM
dem-5676	57	63	221.3	221.3	NUM
dem-5676	57	64	22.4	22.4	NUM
dem-5676	57	65	14.9	14.9	NUM
dem-5676	57	66	31.10	31.10	NUM
dem-5676	57	67	2011	2011	NUM
dem-5676	57	68	224.7	224.7	NUM
dem-5676	57	69	15.1	15.1	NUM
dem-5676	57	70	15.5	15.5	NUM
dem-5676	57	71	29.56	29.56	NUM
dem-5676	57	72	2012	2012	NUM
dem-5676	57	73	269.6	269.6	NUM
dem-5676	57	74	8.0	8.0	NUM
dem-5676	57	75	15.9	15.9	NUM
dem-5676	57	76	34.39	34.39	NUM
dem-5676	57	77	2013	2013	NUM
dem-5676	57	78	299.3	299.3	NUM
dem-5676	57	79	10.5	10.5	NUM
dem-5676	57	80	16.4	16.4	NUM
dem-5676	57	81	36.88	36.88	NUM
dem-5676	57	82	2014	2014	NUM
dem-5676	57	83	153.1	153.1	NUM
dem-5676	57	84	7.7	7.7	NUM
dem-5676	57	85	16.6	16.6	NUM
dem-5676	57	86	38.08	38.08	NUM
dem-5676	57	87	note	note	NOUN
dem-5676	57	88	:	:	PUNCT
dem-5676	57	89	all	all	DET
dem-5676	57	90	data	datum	NOUN
dem-5676	57	91	are	be	AUX
dem-5676	57	92	registered	register	VERB
dem-5676	57	93	in	in	ADP
dem-5676	57	94	december	december	PROPN
dem-5676	57	95	but	but	CCONJ
dem-5676	57	96	from	from	ADP
dem-5676	57	97	2014	2014	NUM
dem-5676	57	98	concerns	concern	NOUN
dem-5676	57	99	november	november	PROPN
dem-5676	57	100	;	;	PUNCT
dem-5676	57	101	http://www.mpips.gov.pl/	http://www.mpips.gov.pl/	PROPN
dem-5676	57	102	ubezpieczenia	ubezpieczenia	PROPN
dem-5676	57	103	-	-	PUNCT
dem-5676	57	104	spoleczne	spoleczne	PROPN
dem-5676	57	105	/	/	SYM
dem-5676	57	106	ubezpieczenie	ubezpieczenie	NOUN
dem-5676	57	107	-	-	PUNCT
dem-5676	57	108	emerytalne	emerytalne	NOUN
dem-5676	57	109	/	/	SYM
dem-5676	57	110	skladka	skladka	NOUN
dem-5676	57	111	-	-	PUNCT
dem-5676	57	112	na	na	NOUN
dem-5676	57	113	-	-	PUNCT
dem-5676	57	114	ubezpieczenie	ubezpieczenie	NOUN
dem-5676	57	115	-	-	PUNCT
dem-5676	57	116	emerytalne/	emerytalne/	NUM
dem-5676	57	117	,	,	PUNCT
dem-5676	57	118	http://www.zus.pl/default.asp?p=2&id=1319&name=of141105.xls	http://www.zus.pl/default.asp?p=2&id=1319&name=of141105.xls	NOUN
dem-5676	57	119	.	.	PUNCT
dem-5676	58	1	the	the	DET
dem-5676	58	2	first	first	ADJ
dem-5676	58	3	manipulation	manipulation	NOUN
dem-5676	58	4	in	in	ADP
dem-5676	58	5	the	the	DET
dem-5676	58	6	original	original	ADJ
dem-5676	58	7	pension	pension	NOUN
dem-5676	58	8	system	system	NOUN
dem-5676	58	9	was	be	AUX
dem-5676	58	10	made	make	VERB
dem-5676	58	11	in	in	ADP
dem-5676	58	12	2011	2011	NUM
dem-5676	58	13	,	,	PUNCT
dem-5676	58	14	when	when	SCONJ
dem-5676	58	15	the	the	DET
dem-5676	58	16	contribution	contribution	NOUN
dem-5676	58	17	transferred	transfer	VERB
dem-5676	58	18	to	to	ADP
dem-5676	58	19	pension	pension	NOUN
dem-5676	58	20	funds	fund	NOUN
dem-5676	58	21	was	be	AUX
dem-5676	58	22	diminished	diminish	VERB
dem-5676	58	23	from	from	ADP
dem-5676	58	24	7.3	7.3	NUM
dem-5676	58	25	%	%	NOUN
dem-5676	58	26	to	to	ADP
dem-5676	58	27	2.3	2.3	NUM
dem-5676	58	28	%	%	NOUN
dem-5676	58	29	.	.	PUNCT
dem-5676	59	1	the	the	DET
dem-5676	59	2	remaining	remain	VERB
dem-5676	59	3	5	5	NUM
dem-5676	59	4	%	%	NOUN
dem-5676	59	5	was	be	AUX
dem-5676	59	6	placed	place	VERB
dem-5676	59	7	in	in	ADP
dem-5676	59	8	a	a	DET
dem-5676	59	9	special	special	ADJ
dem-5676	59	10	individual	individual	ADJ
dem-5676	59	11	subaccount	subaccount	NOUN
dem-5676	59	12	.	.	PUNCT
dem-5676	60	1	the	the	DET
dem-5676	60	2	share	share	NOUN
dem-5676	60	3	of	of	ADP
dem-5676	60	4	contributions	contribution	NOUN
dem-5676	60	5	allocated	allocate	VERB
dem-5676	60	6	in	in	ADP
dem-5676	60	7	the	the	DET
dem-5676	60	8	sub	sub	NOUN
dem-5676	60	9	-	-	NOUN
dem-5676	60	10	accounts	account	NOUN
dem-5676	60	11	within	within	ADP
dem-5676	60	12	the	the	DET
dem-5676	60	13	social	social	ADJ
dem-5676	60	14	security	security	NOUN
dem-5676	60	15	fund	fund	NOUN
dem-5676	60	16	and	and	CCONJ
dem-5676	60	17	in	in	ADP
dem-5676	60	18	the	the	DET
dem-5676	60	19	funded	fund	VERB
dem-5676	60	20	scheme	scheme	NOUN
dem-5676	60	21	was	be	AUX
dem-5676	60	22	to	to	PART
dem-5676	60	23	be	be	AUX
dem-5676	60	24	changing	change	VERB
dem-5676	60	25	until	until	ADP
dem-5676	60	26	2017	2017	NUM
dem-5676	60	27	,	,	PUNCT
dem-5676	60	28	when	when	SCONJ
dem-5676	60	29	it	it	PRON
dem-5676	60	30	was	be	AUX
dem-5676	60	31	to	to	PART
dem-5676	60	32	reach	reach	VERB
dem-5676	60	33	3.8	3.8	NUM
dem-5676	60	34	%	%	NOUN
dem-5676	60	35	and	and	CCONJ
dem-5676	60	36	3.5	3.5	NUM
dem-5676	60	37	%	%	NOUN
dem-5676	60	38	(	(	PUNCT
dem-5676	60	39	for	for	ADP
dem-5676	60	40	zus	zus	NOUN
dem-5676	60	41	and	and	CCONJ
dem-5676	60	42	ofe	ofe	ADJ
dem-5676	60	43	accounts	account	NOUN
dem-5676	60	44	,	,	PUNCT
dem-5676	60	45	respectively	respectively	ADV
dem-5676	60	46	)	)	PUNCT
dem-5676	60	47	.	.	PUNCT
dem-5676	61	1	however	however	ADV
dem-5676	61	2	,	,	PUNCT
dem-5676	61	3	regulation	regulation	NOUN
dem-5676	61	4	introduced	introduce	VERB
dem-5676	61	5	in	in	ADP
dem-5676	61	6	2013	2013	NUM
dem-5676	61	7	affected	affect	VERB
dem-5676	61	8	this	this	DET
dem-5676	61	9	scheme	scheme	NOUN
dem-5676	61	10	transferring	transfer	VERB
dem-5676	61	11	4.38	4.38	NUM
dem-5676	61	12	%	%	NOUN
dem-5676	61	13	and	and	CCONJ
dem-5676	61	14	2.92	2.92	NUM
dem-5676	61	15	%	%	NOUN
dem-5676	61	16	of	of	ADP
dem-5676	61	17	earnings	earning	NOUN
dem-5676	61	18	to	to	ADP
dem-5676	61	19	zus	zus	VERB
dem-5676	61	20	and	and	CCONJ
dem-5676	61	21	ofe	ofe	ADJ
dem-5676	61	22	accounts	account	NOUN
dem-5676	61	23	,	,	PUNCT
dem-5676	61	24	respectively	respectively	ADV
dem-5676	61	25	(	(	PUNCT
dem-5676	61	26	affected	affect	VERB
dem-5676	61	27	from	from	ADP
dem-5676	61	28	2014	2014	NUM
dem-5676	61	29	)	)	PUNCT
dem-5676	61	30	.	.	PUNCT
dem-5676	62	1	the	the	DET
dem-5676	62	2	new	new	ADJ
dem-5676	62	3	law	law	NOUN
dem-5676	62	4	,	,	PUNCT
dem-5676	62	5	which	which	PRON
dem-5676	62	6	went	go	VERB
dem-5676	62	7	into	into	ADP
dem-5676	62	8	affect	affect	NOUN
dem-5676	62	9	in	in	ADP
dem-5676	62	10	february	february	PROPN
dem-5676	62	11	2014	2014	NUM
dem-5676	62	12	,	,	PUNCT
dem-5676	62	13	shifted	shift	VERB
dem-5676	62	14	51.5	51.5	NUM
dem-5676	62	15	%	%	NOUN
dem-5676	62	16	of	of	ADP
dem-5676	62	17	the	the	DET
dem-5676	62	18	assets	asset	NOUN
dem-5676	62	19	,	,	PUNCT
dem-5676	62	20	held	hold	VERB
dem-5676	62	21	by	by	ADP
dem-5676	62	22	the	the	DET
dem-5676	62	23	ofes	ofe	NOUN
dem-5676	62	24	(	(	PUNCT
dem-5676	62	25	about	about	ADV
dem-5676	62	26	150	150	NUM
dem-5676	62	27	billion	billion	NUM
dem-5676	62	28	pln	pln	NOUN
dem-5676	62	29	)	)	PUNCT
dem-5676	62	30	to	to	ADP
dem-5676	62	31	the	the	DET
dem-5676	62	32	social	social	ADJ
dem-5676	62	33	insurance	insurance	NOUN
dem-5676	62	34	institution	institution	NOUN
dem-5676	62	35	,	,	PUNCT
dem-5676	62	36	including	include	VERB
dem-5676	62	37	all	all	DET
dem-5676	62	38	debt	debt	NOUN
dem-5676	62	39	securities	security	NOUN
dem-5676	62	40	issued	issue	VERB
dem-5676	62	41	and	and	CCONJ
dem-5676	62	42	guaranteed	guarantee	VERB
dem-5676	62	43	by	by	ADP
dem-5676	62	44	the	the	DET
dem-5676	62	45	state	state	NOUN
dem-5676	62	46	treasury	treasury	PROPN
dem-5676	62	47	.	.	PUNCT
dem-5676	63	1	according	accord	VERB
dem-5676	63	2	to	to	ADP
dem-5676	63	3	the	the	DET
dem-5676	63	4	new	new	ADJ
dem-5676	63	5	regulation	regulation	NOUN
dem-5676	63	6	,	,	PUNCT
dem-5676	63	7	pension	pension	NOUN
dem-5676	63	8	funds	fund	NOUN
dem-5676	63	9	are	be	AUX
dem-5676	63	10	no	no	ADV
dem-5676	63	11	longer	long	ADV
dem-5676	63	12	obligatory	obligatory	ADJ
dem-5676	63	13	and	and	CCONJ
dem-5676	63	14	each	each	DET
dem-5676	63	15	employee	employee	NOUN
dem-5676	63	16	will	will	AUX
dem-5676	63	17	have	have	VERB
dem-5676	63	18	four	four	NUM
dem-5676	63	19	months	month	NOUN
dem-5676	63	20	every	every	DET
dem-5676	63	21	four	four	NUM
dem-5676	63	22	years	year	NOUN
dem-5676	63	23	to	to	PART
dem-5676	63	24	decide	decide	VERB
dem-5676	63	25	whether	whether	SCONJ
dem-5676	63	26	2.92	2.92	NUM
dem-5676	63	27	percent	percent	NOUN
dem-5676	63	28	of	of	ADP
dem-5676	63	29	their	their	PRON
dem-5676	63	30	income	income	NOUN
dem-5676	63	31	goes	go	VERB
dem-5676	63	32	to	to	ADP
dem-5676	63	33	a	a	DET
dem-5676	63	34	chosen	choose	VERB
dem-5676	63	35	private	private	ADJ
dem-5676	63	36	fund	fund	NOUN
dem-5676	63	37	or	or	CCONJ
dem-5676	63	38	to	to	ADP
dem-5676	63	39	pension	pension	NOUN
dem-5676	63	40	funds	fund	NOUN
dem-5676	63	41	in	in	ADP
dem-5676	63	42	poland	poland	PROPN
dem-5676	63	43	:	:	PUNCT
dem-5676	63	44	efficiency	efficiency	NOUN
dem-5676	63	45	analysis	analysis	NOUN
dem-5676	63	46	for	for	ADP
dem-5676	63	47	years	year	NOUN
dem-5676	63	48	1999–2013	1999–2013	NUM
dem-5676	63	49	dynamic	dynamic	ADJ
dem-5676	63	50	econometric	econometric	ADJ
dem-5676	63	51	models	model	NOUN
dem-5676	63	52	14	14	NUM
dem-5676	63	53	(	(	PUNCT
dem-5676	63	54	2014	2014	NUM
dem-5676	63	55	)	)	PUNCT
dem-5676	64	1	105–124	105–124	NUM
dem-5676	64	2	109	109	NUM
dem-5676	64	3	zus6	zus6	PROPN
dem-5676	64	4	.	.	PUNCT
dem-5676	65	1	overhaul	overhaul	NOUN
dem-5676	65	2	of	of	ADP
dem-5676	65	3	the	the	DET
dem-5676	65	4	pension	pension	NOUN
dem-5676	65	5	system	system	NOUN
dem-5676	65	6	also	also	ADV
dem-5676	65	7	concerned	concern	VERB
dem-5676	65	8	changes	change	NOUN
dem-5676	65	9	in	in	ADP
dem-5676	65	10	the	the	DET
dem-5676	65	11	ofes	ofes	NOUN
dem-5676	65	12	’	'	PUNCT
dem-5676	65	13	investment	investment	NOUN
dem-5676	65	14	portfolio	portfolio	NOUN
dem-5676	65	15	,	,	PUNCT
dem-5676	65	16	since	since	SCONJ
dem-5676	65	17	private	private	ADJ
dem-5676	65	18	pension	pension	NOUN
dem-5676	65	19	funds	fund	NOUN
dem-5676	65	20	are	be	AUX
dem-5676	65	21	no	no	ADV
dem-5676	65	22	longer	long	ADV
dem-5676	65	23	allowed	allow	VERB
dem-5676	65	24	to	to	PART
dem-5676	65	25	invest	invest	VERB
dem-5676	65	26	in	in	ADP
dem-5676	65	27	government	government	NOUN
dem-5676	65	28	bonds	bond	NOUN
dem-5676	65	29	.	.	PUNCT
dem-5676	66	1	that	that	PRON
dem-5676	66	2	will	will	AUX
dem-5676	66	3	leave	leave	VERB
dem-5676	66	4	the	the	DET
dem-5676	66	5	pension	pension	NOUN
dem-5676	66	6	funds	fund	NOUN
dem-5676	66	7	with	with	ADP
dem-5676	66	8	most	most	ADJ
dem-5676	66	9	of	of	ADP
dem-5676	66	10	their	their	PRON
dem-5676	66	11	assets	asset	NOUN
dem-5676	66	12	held	hold	VERB
dem-5676	66	13	in	in	ADP
dem-5676	66	14	shares	share	NOUN
dem-5676	66	15	of	of	ADP
dem-5676	66	16	companies	company	NOUN
dem-5676	66	17	listed	list	VERB
dem-5676	66	18	on	on	ADP
dem-5676	66	19	the	the	DET
dem-5676	66	20	warsaw	warsaw	PROPN
dem-5676	66	21	stock	stock	PROPN
dem-5676	66	22	exchange	exchange	PROPN
dem-5676	66	23	or	or	CCONJ
dem-5676	66	24	abroad	abroad	ADV
dem-5676	66	25	,	,	PUNCT
dem-5676	66	26	and	and	CCONJ
dem-5676	66	27	give	give	VERB
dem-5676	66	28	them	they	PRON
dem-5676	66	29	an	an	DET
dem-5676	66	30	increasingly	increasingly	ADV
dem-5676	66	31	peripheral	peripheral	ADJ
dem-5676	66	32	role	role	NOUN
dem-5676	66	33	in	in	ADP
dem-5676	66	34	the	the	DET
dem-5676	66	35	future	future	ADJ
dem-5676	66	36	retirement	retirement	NOUN
dem-5676	66	37	benefits	benefit	NOUN
dem-5676	66	38	of	of	ADP
dem-5676	66	39	poles	pole	NOUN
dem-5676	66	40	.	.	PUNCT
dem-5676	67	1	the	the	DET
dem-5676	67	2	government	government	NOUN
dem-5676	67	3	considered	consider	VERB
dem-5676	67	4	the	the	DET
dem-5676	67	5	changes	change	NOUN
dem-5676	67	6	(	(	PUNCT
dem-5676	67	7	which	which	PRON
dem-5676	67	8	took	take	VERB
dem-5676	67	9	place	place	NOUN
dem-5676	67	10	in	in	ADP
dem-5676	67	11	the	the	DET
dem-5676	67	12	years	year	NOUN
dem-5676	67	13	2011	2011	NUM
dem-5676	67	14	and	and	CCONJ
dem-5676	67	15	2014	2014	NUM
dem-5676	67	16	)	)	PUNCT
dem-5676	67	17	necessary	necessary	ADJ
dem-5676	67	18	to	to	PART
dem-5676	67	19	lower	lower	VERB
dem-5676	67	20	poland	poland	PROPN
dem-5676	67	21	’s	’s	PART
dem-5676	67	22	budget	budget	NOUN
dem-5676	67	23	deficit	deficit	NOUN
dem-5676	67	24	.	.	PUNCT
dem-5676	68	1	many	many	ADJ
dem-5676	68	2	specialists	specialist	NOUN
dem-5676	68	3	called	call	VERB
dem-5676	68	4	these	these	DET
dem-5676	68	5	changes	change	NOUN
dem-5676	68	6	“	"	PUNCT
dem-5676	68	7	significant	significant	ADJ
dem-5676	68	8	step	step	NOUN
dem-5676	68	9	backward”7	backward”7	ADJ
dem-5676	68	10	,	,	PUNCT
dem-5676	68	11	“	"	PUNCT
dem-5676	68	12	un	un	ADJ
dem-5676	68	13	-	-	ADJ
dem-5676	68	14	privatizing	privatize	VERB
dem-5676	68	15	the	the	DET
dem-5676	68	16	pension	pension	NOUN
dem-5676	68	17	system	system	NOUN
dem-5676	68	18	”	"	PUNCT
dem-5676	68	19	(	(	PUNCT
dem-5676	68	20	hagemejer	hagemejer	NOUN
dem-5676	68	21	,	,	PUNCT
dem-5676	68	22	2013	2013	NUM
dem-5676	68	23	)	)	PUNCT
dem-5676	68	24	or	or	CCONJ
dem-5676	68	25	even	even	ADV
dem-5676	68	26	“	"	PUNCT
dem-5676	68	27	the	the	DET
dem-5676	68	28	most	most	ADV
dem-5676	68	29	drastic	drastic	ADJ
dem-5676	68	30	nationalization	nationalization	NOUN
dem-5676	68	31	of	of	ADP
dem-5676	68	32	private	private	ADJ
dem-5676	68	33	assets	asset	NOUN
dem-5676	68	34	since	since	SCONJ
dem-5676	68	35	soviet	soviet	PROPN
dem-5676	68	36	times	time	NOUN
dem-5676	68	37	”	"	PUNCT
dem-5676	68	38	,	,	PUNCT
dem-5676	68	39	although	although	SCONJ
dem-5676	68	40	polish	polish	ADJ
dem-5676	68	41	prime	prime	PROPN
dem-5676	68	42	minister	minister	PROPN
dem-5676	68	43	donald	donald	PROPN
dem-5676	68	44	tusk	tusk	PROPN
dem-5676	68	45	asserted	assert	VERB
dem-5676	68	46	that	that	SCONJ
dem-5676	68	47	“	"	PUNCT
dem-5676	68	48	it	it	PRON
dem-5676	68	49	is	be	AUX
dem-5676	68	50	no	no	PRON
dem-5676	68	51	more	more	ADJ
dem-5676	68	52	than	than	ADP
dem-5676	68	53	a	a	DET
dem-5676	68	54	bookkeeping	bookkeeping	NOUN
dem-5676	68	55	change	change	NOUN
dem-5676	68	56	in	in	ADP
dem-5676	68	57	the	the	DET
dem-5676	68	58	way	way	NOUN
dem-5676	68	59	to	to	PART
dem-5676	68	60	handle	handle	VERB
dem-5676	68	61	the	the	DET
dem-5676	68	62	public	public	NOUN
dem-5676	68	63	’s	’s	PART
dem-5676	68	64	retirement	retirement	NOUN
dem-5676	68	65	money	money	NOUN
dem-5676	68	66	”	"	PUNCT
dem-5676	68	67	(	(	PUNCT
dem-5676	68	68	bilefsky	bilefsky	NOUN
dem-5676	68	69	and	and	CCONJ
dem-5676	68	70	zurawik	zurawik	PROPN
dem-5676	68	71	,	,	PUNCT
dem-5676	68	72	2013	2013	NUM
dem-5676	68	73	)	)	PUNCT
dem-5676	68	74	.	.	PUNCT
dem-5676	69	1	after	after	ADP
dem-5676	69	2	new	new	ADJ
dem-5676	69	3	regulations	regulation	NOUN
dem-5676	69	4	,	,	PUNCT
dem-5676	69	5	at	at	ADP
dem-5676	69	6	the	the	DET
dem-5676	69	7	end	end	NOUN
dem-5676	69	8	of	of	ADP
dem-5676	69	9	november	november	PROPN
dem-5676	69	10	2014	2014	NUM
dem-5676	69	11	the	the	DET
dem-5676	69	12	private	private	ADJ
dem-5676	69	13	pension	pension	NOUN
dem-5676	69	14	funds	fund	NOUN
dem-5676	69	15	equaled	equal	VERB
dem-5676	69	16	only	only	ADV
dem-5676	69	17	153.1	153.1	NUM
dem-5676	69	18	billion	billion	NUM
dem-5676	69	19	pln	pln	NOUN
dem-5676	69	20	(	(	PUNCT
dem-5676	69	21	in	in	ADP
dem-5676	69	22	september	september	PROPN
dem-5676	69	23	2014	2014	NUM
dem-5676	69	24	it	it	PRON
dem-5676	69	25	was	be	AUX
dem-5676	69	26	159	159	NUM
dem-5676	69	27	billion	billion	NUM
dem-5676	69	28	pln8	pln8	NOUN
dem-5676	69	29	)	)	PUNCT
dem-5676	69	30	and	and	CCONJ
dem-5676	69	31	it	it	PRON
dem-5676	69	32	was	be	AUX
dem-5676	69	33	reported	report	VERB
dem-5676	69	34	that	that	SCONJ
dem-5676	69	35	2.5	2.5	NUM
dem-5676	69	36	millions	million	NOUN
dem-5676	69	37	of	of	ADP
dem-5676	69	38	ofe	ofe	ADJ
dem-5676	69	39	members	member	NOUN
dem-5676	69	40	(	(	PUNCT
dem-5676	69	41	only	only	ADV
dem-5676	69	42	15.2	15.2	NUM
dem-5676	69	43	%	%	NOUN
dem-5676	69	44	of	of	ADP
dem-5676	69	45	employees	employee	NOUN
dem-5676	69	46	)	)	PUNCT
dem-5676	69	47	decided	decide	VERB
dem-5676	69	48	to	to	PART
dem-5676	69	49	stay	stay	VERB
dem-5676	69	50	in	in	ADP
dem-5676	69	51	pension	pension	NOUN
dem-5676	69	52	funds9	funds9	PROPN
dem-5676	69	53	.	.	PUNCT
dem-5676	70	1	due	due	ADP
dem-5676	70	2	to	to	ADP
dem-5676	70	3	polish	polish	VERB
dem-5676	70	4	financial	financial	ADJ
dem-5676	70	5	supervision	supervision	NOUN
dem-5676	70	6	authority	authority	NOUN
dem-5676	70	7	,	,	PUNCT
dem-5676	70	8	the	the	DET
dem-5676	70	9	value	value	NOUN
dem-5676	70	10	of	of	ADP
dem-5676	70	11	total	total	ADJ
dem-5676	70	12	contribution	contribution	NOUN
dem-5676	70	13	transferred	transfer	VERB
dem-5676	70	14	to	to	ADP
dem-5676	70	15	the	the	DET
dem-5676	70	16	pension	pension	NOUN
dem-5676	70	17	funds	fund	NOUN
dem-5676	70	18	in	in	ADP
dem-5676	70	19	september	september	PROPN
dem-5676	70	20	2013	2013	NUM
dem-5676	70	21	was	be	AUX
dem-5676	70	22	1050.8	1050.8	NUM
dem-5676	70	23	millions	million	NOUN
dem-5676	70	24	pln	pln	NOUN
dem-5676	70	25	compared	compare	VERB
dem-5676	70	26	to	to	ADP
dem-5676	70	27	254.3	254.3	NUM
dem-5676	70	28	millions	million	NOUN
dem-5676	70	29	pln10	pln10	NOUN
dem-5676	70	30	in	in	ADP
dem-5676	70	31	september	september	PROPN
dem-5676	70	32	2014	2014	NUM
dem-5676	70	33	.	.	PUNCT
dem-5676	71	1	the	the	DET
dem-5676	71	2	new	new	ADJ
dem-5676	71	3	regulations	regulation	NOUN
dem-5676	71	4	introduced	introduce	VERB
dem-5676	71	5	in	in	ADP
dem-5676	71	6	2014	2014	NUM
dem-5676	71	7	lead11	lead11	NOUN
dem-5676	71	8	to	to	ADP
dem-5676	71	9	a	a	DET
dem-5676	71	10	change	change	NOUN
dem-5676	71	11	in	in	ADP
dem-5676	71	12	the	the	DET
dem-5676	71	13	composition	composition	NOUN
dem-5676	71	14	of	of	ADP
dem-5676	71	15	assets	asset	NOUN
dem-5676	71	16	’	'	PUNCT
dem-5676	71	17	portfolios	portfolio	NOUN
dem-5676	71	18	managed	manage	VERB
dem-5676	71	19	by	by	ADP
dem-5676	71	20	ofes	ofes	ADP
dem-5676	71	21	6	6	NUM
dem-5676	71	22	for	for	ADP
dem-5676	71	23	the	the	DET
dem-5676	71	24	first	first	ADJ
dem-5676	71	25	time	time	NOUN
dem-5676	71	26	,	,	PUNCT
dem-5676	71	27	employees	employee	NOUN
dem-5676	71	28	had	have	VERB
dem-5676	71	29	to	to	PART
dem-5676	71	30	decide	decide	VERB
dem-5676	71	31	till	till	SCONJ
dem-5676	71	32	the	the	DET
dem-5676	71	33	end	end	NOUN
dem-5676	71	34	of	of	ADP
dem-5676	71	35	july	july	PROPN
dem-5676	71	36	,	,	PUNCT
dem-5676	71	37	2014	2014	NUM
dem-5676	71	38	if	if	SCONJ
dem-5676	71	39	they	they	PRON
dem-5676	71	40	stay	stay	VERB
dem-5676	71	41	in	in	ADP
dem-5676	71	42	the	the	DET
dem-5676	71	43	private	private	ADJ
dem-5676	71	44	pension	pension	NOUN
dem-5676	71	45	fund	fund	NOUN
dem-5676	71	46	by	by	ADP
dem-5676	71	47	filling	fill	VERB
dem-5676	71	48	and	and	CCONJ
dem-5676	71	49	sending	send	VERB
dem-5676	71	50	to	to	PART
dem-5676	71	51	zus	zus	VERB
dem-5676	71	52	special	special	ADJ
dem-5676	71	53	form	form	NOUN
dem-5676	71	54	,	,	PUNCT
dem-5676	71	55	when	when	SCONJ
dem-5676	71	56	the	the	DET
dem-5676	71	57	form	form	NOUN
dem-5676	71	58	was	be	AUX
dem-5676	71	59	not	not	PART
dem-5676	71	60	sent	send	VERB
dem-5676	71	61	the	the	DET
dem-5676	71	62	employee	employee	NOUN
dem-5676	71	63	was	be	AUX
dem-5676	71	64	automatically	automatically	ADV
dem-5676	71	65	excluded	exclude	VERB
dem-5676	71	66	from	from	ADP
dem-5676	71	67	ofe	ofe	NOUN
dem-5676	71	68	.	.	PUNCT
dem-5676	71	69	7	7	NUM
dem-5676	71	70	david	david	PROPN
dem-5676	71	71	mcmillan	mcmillan	PROPN
dem-5676	71	72	,	,	PUNCT
dem-5676	71	73	chief	chief	ADJ
dem-5676	71	74	executive	executive	NOUN
dem-5676	71	75	of	of	ADP
dem-5676	71	76	aviva	aviva	PROPN
dem-5676	71	77	europe	europe	PROPN
dem-5676	71	78	in	in	ADP
dem-5676	71	79	london	london	PROPN
dem-5676	71	80	,	,	PUNCT
dem-5676	71	81	which	which	PRON
dem-5676	71	82	manages	manage	VERB
dem-5676	71	83	a	a	DET
dem-5676	71	84	private	private	ADJ
dem-5676	71	85	pension	pension	NOUN
dem-5676	71	86	fund	fund	NOUN
dem-5676	71	87	in	in	ADP
dem-5676	71	88	poland	poland	PROPN
dem-5676	71	89	with	with	ADP
dem-5676	71	90	17.5	17.5	NUM
dem-5676	71	91	billion	billion	NUM
dem-5676	71	92	euros	euro	NOUN
dem-5676	71	93	in	in	ADP
dem-5676	71	94	assets	asset	NOUN
dem-5676	71	95	(	(	PUNCT
dem-5676	71	96	bilefsky	bilefsky	NOUN
dem-5676	71	97	and	and	CCONJ
dem-5676	71	98	zurawik	zurawik	PROPN
dem-5676	71	99	,	,	PUNCT
dem-5676	71	100	2013	2013	NUM
dem-5676	71	101	)	)	PUNCT
dem-5676	71	102	.	.	PUNCT
dem-5676	72	1	8	8	NUM
dem-5676	72	2	http://www.analizy.pl/fundusze/wiadomosci/17222/aktywa-funduszy-emerytalnych-%28	http://www.analizy.pl/fundusze/wiadomosci/17222/aktywa-funduszy-emerytalnych-%28	NUM
dem-5676	72	3	wrzesien-2014%29.html	wrzesien-2014%29.html	NUM
dem-5676	72	4	9	9	NUM
dem-5676	72	5	it	it	PRON
dem-5676	72	6	is	be	AUX
dem-5676	72	7	considered	consider	VERB
dem-5676	72	8	as	as	ADP
dem-5676	72	9	a	a	DET
dem-5676	72	10	very	very	ADV
dem-5676	72	11	good	good	ADJ
dem-5676	72	12	result	result	NOUN
dem-5676	72	13	for	for	ADP
dem-5676	72	14	ofe	ofe	INTJ
dem-5676	72	15	since	since	SCONJ
dem-5676	72	16	the	the	DET
dem-5676	72	17	previous	previous	ADJ
dem-5676	72	18	forecasts	forecast	NOUN
dem-5676	72	19	evaluated	evaluate	VERB
dem-5676	72	20	that	that	SCONJ
dem-5676	72	21	only	only	ADV
dem-5676	72	22	5	5	NUM
dem-5676	72	23	%	%	NOUN
dem-5676	72	24	of	of	ADP
dem-5676	72	25	employed	employ	VERB
dem-5676	72	26	stay	stay	NOUN
dem-5676	72	27	in	in	ADP
dem-5676	72	28	ofe	ofe	NOUN
dem-5676	72	29	.	.	PUNCT
dem-5676	73	1	10	10	NUM
dem-5676	73	2	http://www.knf.gov.pl/opracowania/rynek_emerytalny/dane_o_rynku/rynek_ofe/dane	http://www.knf.gov.pl/opracowania/rynek_emerytalny/dane_o_rynku/rynek_ofe/dane	NUM
dem-5676	73	3	_	_	PRON
dem-5676	73	4	miesieczne	miesieczne	NOUN
dem-5676	73	5	/	/	SYM
dem-5676	73	6	dane_miesieczne_ofe.html	dane_miesieczne_ofe.html	PROPN
dem-5676	73	7	.	.	PUNCT
dem-5676	74	1	11	11	NUM
dem-5676	74	2	new	new	ADJ
dem-5676	74	3	regulations	regulation	NOUN
dem-5676	74	4	also	also	ADV
dem-5676	74	5	include	include	VERB
dem-5676	74	6	the	the	DET
dem-5676	74	7	following	follow	VERB
dem-5676	74	8	changes	change	NOUN
dem-5676	74	9	:	:	PUNCT
dem-5676	74	10	(	(	PUNCT
dem-5676	74	11	1	1	X
dem-5676	74	12	)	)	PUNCT
dem-5676	74	13	gradual	gradual	ADJ
dem-5676	74	14	transfer	transfer	NOUN
dem-5676	74	15	of	of	ADP
dem-5676	74	16	each	each	DET
dem-5676	74	17	person	person	NOUN
dem-5676	74	18	’s	’s	PART
dem-5676	74	19	retirement	retirement	NOUN
dem-5676	74	20	funds	fund	NOUN
dem-5676	74	21	managed	manage	VERB
dem-5676	74	22	by	by	ADP
dem-5676	74	23	ofe	ofe	INTJ
dem-5676	74	24	to	to	PART
dem-5676	74	25	zus	zus	VERB
dem-5676	74	26	,	,	PUNCT
dem-5676	74	27	which	which	PRON
dem-5676	74	28	will	will	AUX
dem-5676	74	29	start	start	VERB
dem-5676	74	30	ten	ten	NUM
dem-5676	74	31	years	year	NOUN
dem-5676	74	32	before	before	ADP
dem-5676	74	33	reaching	reach	VERB
dem-5676	74	34	retirement	retirement	NOUN
dem-5676	74	35	age	age	NOUN
dem-5676	74	36	;	;	PUNCT
dem-5676	74	37	(	(	PUNCT
dem-5676	74	38	2	2	X
dem-5676	74	39	)	)	PUNCT
dem-5676	74	40	automatic	automatic	ADJ
dem-5676	74	41	transfer	transfer	NOUN
dem-5676	74	42	of	of	ADP
dem-5676	74	43	retirement	retirement	NOUN
dem-5676	74	44	contributions	contribution	NOUN
dem-5676	74	45	to	to	ADP
dem-5676	74	46	zus	zus	VERB
dem-5676	74	47	,	,	PUNCT
dem-5676	74	48	instead	instead	ADV
dem-5676	74	49	of	of	ADP
dem-5676	74	50	ofe	ofe	INTJ
dem-5676	74	51	,	,	PUNCT
dem-5676	74	52	unless	unless	SCONJ
dem-5676	74	53	an	an	DET
dem-5676	74	54	individual	individual	ADJ
dem-5676	74	55	ofe	ofe	INTJ
dem-5676	74	56	member	member	NOUN
dem-5676	74	57	files	file	VERB
dem-5676	74	58	a	a	DET
dem-5676	74	59	declaration	declaration	NOUN
dem-5676	74	60	(	(	PUNCT
dem-5676	74	61	first	first	ADJ
dem-5676	74	62	time	time	NOUN
dem-5676	74	63	-	-	PUNCT
dem-5676	74	64	slot	slot	NOUN
dem-5676	74	65	will	will	AUX
dem-5676	74	66	be	be	AUX
dem-5676	74	67	between	between	ADP
dem-5676	74	68	1	1	NUM
dem-5676	74	69	april	april	PROPN
dem-5676	74	70	and	and	CCONJ
dem-5676	74	71	31	31	NUM
dem-5676	74	72	july	july	NOUN
dem-5676	74	73	2014	2014	NUM
dem-5676	74	74	)	)	PUNCT
dem-5676	74	75	requesting	request	VERB
dem-5676	74	76	his	his	PRON
dem-5676	74	77	/	/	SYM
dem-5676	74	78	her	her	PRON
dem-5676	74	79	contributions	contribution	NOUN
dem-5676	74	80	be	be	AUX
dem-5676	74	81	transferred	transfer	VERB
dem-5676	74	82	to	to	PART
dem-5676	74	83	ofe	ofe	VERB
dem-5676	74	84	;	;	PUNCT
dem-5676	74	85	(	(	PUNCT
dem-5676	74	86	3	3	X
dem-5676	74	87	)	)	PUNCT
dem-5676	74	88	decrease	decrease	NOUN
dem-5676	74	89	of	of	ADP
dem-5676	74	90	the	the	DET
dem-5676	74	91	maximum	maximum	ADJ
dem-5676	74	92	fee	fee	NOUN
dem-5676	74	93	ofe	ofe	NOUN
dem-5676	74	94	can	can	AUX
dem-5676	74	95	charge	charge	VERB
dem-5676	74	96	from	from	ADP
dem-5676	74	97	contributions	contribution	NOUN
dem-5676	74	98	from	from	ADP
dem-5676	74	99	3.5	3.5	NUM
dem-5676	74	100	%	%	NOUN
dem-5676	74	101	to	to	PART
dem-5676	74	102	1.75	1.75	NUM
dem-5676	74	103	%	%	NOUN
dem-5676	74	104	;	;	PUNCT
dem-5676	74	105	(	(	PUNCT
dem-5676	74	106	4	4	X
dem-5676	74	107	)	)	PUNCT
dem-5676	74	108	value	value	NOUN
dem-5676	74	109	of	of	ADP
dem-5676	74	110	certain	certain	ADJ
dem-5676	74	111	categories	category	NOUN
dem-5676	74	112	of	of	ADP
dem-5676	74	113	assets	asset	NOUN
dem-5676	74	114	in	in	ADP
dem-5676	74	115	ofes	ofes	ADP
dem-5676	74	116	portfolio	portfolio	NOUN
dem-5676	74	117	(	(	PUNCT
dem-5676	74	118	i.e.	i.e.	X
dem-5676	74	119	investment	investment	NOUN
dem-5676	74	120	certificates	certificate	NOUN
dem-5676	74	121	issued	issue	VERB
dem-5676	74	122	by	by	ADP
dem-5676	74	123	closed	close	VERB
dem-5676	74	124	-	-	PUNCT
dem-5676	74	125	end	end	NOUN
dem-5676	74	126	funds	fund	NOUN
dem-5676	74	127	,	,	PUNCT
dem-5676	74	128	units	unit	NOUN
dem-5676	74	129	of	of	ADP
dem-5676	74	130	open	open	ADV
dem-5676	74	131	-	-	PUNCT
dem-5676	74	132	ended	end	VERB
dem-5676	74	133	funds	fund	NOUN
dem-5676	74	134	or	or	CCONJ
dem-5676	74	135	specialized	specialized	ADJ
dem-5676	74	136	open	open	ADV
dem-5676	74	137	-	-	PUNCT
dem-5676	74	138	ended	end	VERB
dem-5676	74	139	funds	fund	NOUN
dem-5676	74	140	,	,	PUNCT
dem-5676	74	141	or	or	CCONJ
dem-5676	74	142	units	unit	NOUN
dem-5676	74	143	issued	issue	VERB
dem-5676	74	144	by	by	ADP
dem-5676	74	145	foreign	foreign	ADJ
dem-5676	74	146	collective	collective	ADJ
dem-5676	74	147	investment	investment	NOUN
dem-5676	74	148	undertakings	undertaking	NOUN
dem-5676	74	149	of	of	ADP
dem-5676	74	150	the	the	DET
dem-5676	74	151	closed	closed	ADJ
dem-5676	74	152	or	or	CCONJ
dem-5676	74	153	open	open	ADV
dem-5676	74	154	-	-	PUNCT
dem-5676	74	155	ended	end	VERB
dem-5676	74	156	type	type	NOUN
dem-5676	74	157	)	)	PUNCT
dem-5676	74	158	will	will	AUX
dem-5676	74	159	not	not	PART
dem-5676	74	160	be	be	AUX
dem-5676	74	161	included	include	VERB
dem-5676	74	162	in	in	ADP
dem-5676	74	163	the	the	DET
dem-5676	74	164	krzysztof	krzysztof	PROPN
dem-5676	74	165	kompa	kompa	PROPN
dem-5676	74	166	,	,	PUNCT
dem-5676	74	167	dorota	dorota	PROPN
dem-5676	74	168	witkowska	witkowska	PROPN
dem-5676	74	169	dynamic	dynamic	ADJ
dem-5676	74	170	econometric	econometric	ADJ
dem-5676	74	171	models	model	NOUN
dem-5676	74	172	14	14	NUM
dem-5676	74	173	(	(	PUNCT
dem-5676	74	174	2014	2014	NUM
dem-5676	74	175	)	)	PUNCT
dem-5676	75	1	105–124	105–124	NUM
dem-5676	75	2	110	110	NUM
dem-5676	75	3	not	not	PART
dem-5676	75	4	only	only	ADV
dem-5676	75	5	due	due	ADJ
dem-5676	75	6	to	to	ADP
dem-5676	75	7	the	the	DET
dem-5676	75	8	forced	force	VERB
dem-5676	75	9	transfer	transfer	NOUN
dem-5676	75	10	of	of	ADP
dem-5676	75	11	assets	asset	NOUN
dem-5676	75	12	to	to	PART
dem-5676	75	13	zus	zus	VERB
dem-5676	75	14	but	but	CCONJ
dem-5676	75	15	also	also	ADV
dem-5676	75	16	due	due	ADP
dem-5676	75	17	to	to	ADP
dem-5676	75	18	new	new	ADJ
dem-5676	75	19	rules	rule	NOUN
dem-5676	75	20	applicable	applicable	ADJ
dem-5676	75	21	to	to	AUX
dem-5676	75	22	ofe	ofe	VERB
dem-5676	75	23	investment	investment	NOUN
dem-5676	75	24	activities	activity	NOUN
dem-5676	75	25	.	.	PUNCT
dem-5676	76	1	according	accord	VERB
dem-5676	76	2	to	to	ADP
dem-5676	76	3	the	the	DET
dem-5676	76	4	polish	polish	ADJ
dem-5676	76	5	financial	financial	ADJ
dem-5676	76	6	supervision	supervision	NOUN
dem-5676	76	7	authority	authority	NOUN
dem-5676	76	8	,	,	PUNCT
dem-5676	76	9	shares	share	NOUN
dem-5676	76	10	of	of	ADP
dem-5676	76	11	treasury	treasury	NOUN
dem-5676	76	12	bonds	bond	NOUN
dem-5676	76	13	and	and	CCONJ
dem-5676	76	14	equity	equity	NOUN
dem-5676	76	15	instruments	instrument	NOUN
dem-5676	76	16	in	in	ADP
dem-5676	76	17	the	the	DET
dem-5676	76	18	ofes	ofes	NOUN
dem-5676	76	19	’	'	PUNCT
dem-5676	76	20	portfolios	portfolio	NOUN
dem-5676	76	21	in	in	ADP
dem-5676	76	22	2013	2013	NUM
dem-5676	76	23	were	be	AUX
dem-5676	76	24	the	the	DET
dem-5676	76	25	biggest	big	ADJ
dem-5676	76	26	among	among	ADP
dem-5676	76	27	all	all	DET
dem-5676	76	28	instruments	instrument	NOUN
dem-5676	76	29	and	and	CCONJ
dem-5676	76	30	nearly	nearly	ADV
dem-5676	76	31	equal	equal	ADJ
dem-5676	76	32	(	(	PUNCT
dem-5676	76	33	42	42	NUM
dem-5676	76	34	%	%	NOUN
dem-5676	76	35	and	and	CCONJ
dem-5676	76	36	43	43	NUM
dem-5676	76	37	%	%	NOUN
dem-5676	76	38	,	,	PUNCT
dem-5676	76	39	respectively	respectively	ADV
dem-5676	76	40	)	)	PUNCT
dem-5676	76	41	.	.	PUNCT
dem-5676	77	1	in	in	ADP
dem-5676	77	2	addition	addition	NOUN
dem-5676	77	3	to	to	ADP
dem-5676	77	4	the	the	DET
dem-5676	77	5	management	management	NOUN
dem-5676	77	6	of	of	ADP
dem-5676	77	7	the	the	DET
dem-5676	77	8	fund	fund	NOUN
dem-5676	77	9	,	,	PUNCT
dem-5676	77	10	the	the	DET
dem-5676	77	11	market	market	NOUN
dem-5676	77	12	conditions	condition	NOUN
dem-5676	77	13	determine	determine	VERB
dem-5676	77	14	the	the	DET
dem-5676	77	15	performance	performance	NOUN
dem-5676	77	16	of	of	ADP
dem-5676	77	17	the	the	DET
dem-5676	77	18	investment	investment	NOUN
dem-5676	77	19	portfolio	portfolio	NOUN
dem-5676	77	20	.	.	PUNCT
dem-5676	78	1	in	in	ADP
dem-5676	78	2	the	the	DET
dem-5676	78	3	analyzed	analyze	VERB
dem-5676	78	4	period	period	NOUN
dem-5676	78	5	(	(	PUNCT
dem-5676	78	6	i.e.	i.e.	X
dem-5676	78	7	the	the	DET
dem-5676	78	8	years	year	NOUN
dem-5676	78	9	1999–2013	1999–2013	NUM
dem-5676	78	10	)	)	PUNCT
dem-5676	78	11	the	the	DET
dem-5676	78	12	situation	situation	NOUN
dem-5676	78	13	of	of	ADP
dem-5676	78	14	the	the	DET
dem-5676	78	15	polish	polish	ADJ
dem-5676	78	16	economy	economy	NOUN
dem-5676	78	17	(	(	PUNCT
dem-5676	78	18	and	and	CCONJ
dem-5676	78	19	the	the	DET
dem-5676	78	20	financial	financial	ADJ
dem-5676	78	21	market	market	NOUN
dem-5676	78	22	)	)	PUNCT
dem-5676	78	23	was	be	AUX
dem-5676	78	24	changing	change	VERB
dem-5676	78	25	from	from	ADP
dem-5676	78	26	high	high	ADJ
dem-5676	78	27	rate	rate	NOUN
dem-5676	78	28	of	of	ADP
dem-5676	78	29	the	the	DET
dem-5676	78	30	polish	polish	ADJ
dem-5676	78	31	gdp	gdp	NOUN
dem-5676	78	32	growth	growth	NOUN
dem-5676	78	33	and	and	CCONJ
dem-5676	78	34	bull	bull	NOUN
dem-5676	78	35	market	market	NOUN
dem-5676	78	36	to	to	ADP
dem-5676	78	37	recession	recession	NOUN
dem-5676	78	38	and	and	CCONJ
dem-5676	78	39	bear	bear	VERB
dem-5676	78	40	market	market	NOUN
dem-5676	78	41	in	in	ADP
dem-5676	78	42	warsaw	warsaw	PROPN
dem-5676	78	43	stock	stock	PROPN
dem-5676	78	44	exchange	exchange	PROPN
dem-5676	78	45	(	(	PUNCT
dem-5676	78	46	see	see	VERB
dem-5676	78	47	figure	figure	NOUN
dem-5676	78	48	1	1	NUM
dem-5676	78	49	,	,	PUNCT
dem-5676	78	50	which	which	PRON
dem-5676	78	51	contains	contain	VERB
dem-5676	78	52	comparison	comparison	NOUN
dem-5676	78	53	of	of	ADP
dem-5676	78	54	rates	rate	NOUN
dem-5676	78	55	of	of	ADP
dem-5676	78	56	return	return	NOUN
dem-5676	78	57	generated	generate	VERB
dem-5676	78	58	by	by	ADP
dem-5676	78	59	equity	equity	NOUN
dem-5676	78	60	market	market	NOUN
dem-5676	78	61	,	,	PUNCT
dem-5676	78	62	represented	represent	VERB
dem-5676	78	63	by	by	ADP
dem-5676	78	64	the	the	DET
dem-5676	78	65	warsaw	warsaw	PROPN
dem-5676	78	66	stock	stock	PROPN
dem-5676	78	67	exchange	exchange	PROPN
dem-5676	78	68	index	index	NOUN
dem-5676	78	69	wig	wig	NOUN
dem-5676	78	70	and	and	CCONJ
dem-5676	78	71	ofe	ofe	VERB
dem-5676	78	72	in	in	ADP
dem-5676	78	73	investigated	investigate	VERB
dem-5676	78	74	years	year	NOUN
dem-5676	78	75	)	)	PUNCT
dem-5676	78	76	.	.	PUNCT
dem-5676	79	1	figure	figure	NOUN
dem-5676	79	2	1	1	NUM
dem-5676	79	3	.	.	PUNCT
dem-5676	79	4	cumulative	cumulative	ADJ
dem-5676	79	5	annual	annual	ADJ
dem-5676	79	6	returns	return	NOUN
dem-5676	79	7	from	from	ADP
dem-5676	79	8	ofe	ofe	ADJ
dem-5676	79	9	and	and	CCONJ
dem-5676	79	10	wig	wig	NOUN
dem-5676	79	11	in	in	ADP
dem-5676	79	12	years	year	NOUN
dem-5676	79	13	1999–2007	1999–2007	NUM
dem-5676	79	14	note	note	NOUN
dem-5676	79	15	:	:	PUNCT
dem-5676	79	16	to	to	PART
dem-5676	79	17	figure	figure	VERB
dem-5676	79	18	1	1	NUM
dem-5676	79	19	.	.	PUNCT
dem-5676	79	20	own	own	ADJ
dem-5676	79	21	evaluation	evaluation	NOUN
dem-5676	79	22	on	on	ADP
dem-5676	79	23	the	the	DET
dem-5676	79	24	basis	basis	NOUN
dem-5676	79	25	of	of	ADP
dem-5676	79	26	http://www.nbp.pl/publikacje/operacje_or/2012/	http://www.nbp.pl/publikacje/operacje_or/2012/	NOUN
dem-5676	79	27	raport2012.pdf	raport2012.pdf	NOUN
dem-5676	79	28	and	and	CCONJ
dem-5676	79	29	http://www.gpw.pl/analizy_i_statystyki_pelna_wersja	http://www.gpw.pl/analizy_i_statystyki_pelna_wersja	NOUN
dem-5676	79	30	.	.	PUNCT
dem-5676	80	1	another	another	DET
dem-5676	80	2	important	important	ADJ
dem-5676	80	3	aspect	aspect	NOUN
dem-5676	80	4	of	of	ADP
dem-5676	80	5	the	the	DET
dem-5676	80	6	introduced	introduce	VERB
dem-5676	80	7	changes	change	NOUN
dem-5676	80	8	is	be	AUX
dem-5676	80	9	how	how	SCONJ
dem-5676	80	10	the	the	DET
dem-5676	80	11	pension	pension	NOUN
dem-5676	80	12	fund	fund	NOUN
dem-5676	80	13	reform	reform	NOUN
dem-5676	80	14	will	will	AUX
dem-5676	80	15	affect	affect	VERB
dem-5676	80	16	the	the	DET
dem-5676	80	17	polish	polish	ADJ
dem-5676	80	18	capital	capital	NOUN
dem-5676	80	19	market	market	NOUN
dem-5676	80	20	since	since	SCONJ
dem-5676	80	21	the	the	DET
dem-5676	80	22	increasing	increase	VERB
dem-5676	80	23	capitalization	capitalization	NOUN
dem-5676	80	24	of	of	ADP
dem-5676	80	25	pension	pension	NOUN
dem-5676	80	26	funds	fund	NOUN
dem-5676	80	27	made	make	VERB
dem-5676	80	28	them	they	PRON
dem-5676	80	29	one	one	NUM
dem-5676	80	30	of	of	ADP
dem-5676	80	31	the	the	DET
dem-5676	80	32	most	most	ADV
dem-5676	80	33	important	important	ADJ
dem-5676	80	34	institutional	institutional	ADJ
dem-5676	80	35	investors	investor	NOUN
dem-5676	80	36	generated	generate	VERB
dem-5676	80	37	from	from	ADP
dem-5676	80	38	16	16	NUM
dem-5676	80	39	%	%	NOUN
dem-5676	80	40	to	to	ADP
dem-5676	80	41	22	22	NUM
dem-5676	80	42	%	%	NOUN
dem-5676	80	43	of	of	ADP
dem-5676	80	44	the	the	DET
dem-5676	80	45	warsaw	warsaw	PROPN
dem-5676	80	46	stock	stock	PROPN
dem-5676	80	47	exchange	exchange	PROPN
dem-5676	80	48	turnover	turnover	NOUN
dem-5676	80	49	among	among	ADP
dem-5676	80	50	all	all	DET
dem-5676	80	51	institutional	institutional	ADJ
dem-5676	80	52	investors	investor	NOUN
dem-5676	80	53	in	in	ADP
dem-5676	80	54	the	the	DET
dem-5676	80	55	years	year	NOUN
dem-5676	80	56	2005–2010	2005–2010	NUM
dem-5676	80	57	(	(	PUNCT
dem-5676	80	58	marcinkiewicz	marcinkiewicz	ADJ
dem-5676	80	59	,	,	PUNCT
dem-5676	80	60	overall	overall	ADJ
dem-5676	80	61	value	value	NOUN
dem-5676	80	62	of	of	ADP
dem-5676	80	63	total	total	ADJ
dem-5676	80	64	net	net	ADJ
dem-5676	80	65	assets	asset	NOUN
dem-5676	80	66	managed	manage	VERB
dem-5676	80	67	by	by	ADP
dem-5676	80	68	ofe	ofe	INTJ
dem-5676	80	69	,	,	PUNCT
dem-5676	80	70	which	which	PRON
dem-5676	80	71	means	mean	VERB
dem-5676	80	72	that	that	SCONJ
dem-5676	80	73	ofes	ofes	ADP
dem-5676	80	74	may	may	AUX
dem-5676	80	75	not	not	PART
dem-5676	80	76	charge	charge	VERB
dem-5676	80	77	a	a	DET
dem-5676	80	78	management	management	NOUN
dem-5676	80	79	fee	fee	NOUN
dem-5676	80	80	from	from	ADP
dem-5676	80	81	these	these	DET
dem-5676	80	82	assets	asset	NOUN
dem-5676	80	83	.	.	PUNCT
dem-5676	81	1	50	50	NUM
dem-5676	81	2	100	100	NUM
dem-5676	81	3	150	150	NUM
dem-5676	81	4	200	200	NUM
dem-5676	81	5	250	250	NUM
dem-5676	81	6	300	300	NUM
dem-5676	81	7	350	350	NUM
dem-5676	81	8	ofe	ofe	ADJ
dem-5676	81	9	wig	wig	NOUN
dem-5676	81	10	pension	pension	NOUN
dem-5676	81	11	funds	fund	NOUN
dem-5676	81	12	in	in	ADP
dem-5676	81	13	poland	poland	PROPN
dem-5676	81	14	:	:	PUNCT
dem-5676	81	15	efficiency	efficiency	NOUN
dem-5676	81	16	analysis	analysis	NOUN
dem-5676	81	17	for	for	ADP
dem-5676	81	18	years	year	NOUN
dem-5676	81	19	1999–2013	1999–2013	NUM
dem-5676	81	20	dynamic	dynamic	ADJ
dem-5676	81	21	econometric	econometric	ADJ
dem-5676	81	22	models	model	NOUN
dem-5676	81	23	14	14	NUM
dem-5676	81	24	(	(	PUNCT
dem-5676	81	25	2014	2014	NUM
dem-5676	81	26	)	)	PUNCT
dem-5676	81	27	105–124	105–124	NUM
dem-5676	81	28	111	111	NUM
dem-5676	81	29	2011	2011	NUM
dem-5676	81	30	)	)	PUNCT
dem-5676	81	31	.	.	PUNCT
dem-5676	82	1	smaller	small	ADJ
dem-5676	82	2	contribution	contribution	NOUN
dem-5676	82	3	to	to	ADP
dem-5676	82	4	the	the	DET
dem-5676	82	5	pension	pension	NOUN
dem-5676	82	6	funds	fund	NOUN
dem-5676	82	7	will	will	AUX
dem-5676	82	8	cause	cause	VERB
dem-5676	82	9	the	the	DET
dem-5676	82	10	decrease	decrease	NOUN
dem-5676	82	11	of	of	ADP
dem-5676	82	12	the	the	DET
dem-5676	82	13	investment	investment	NOUN
dem-5676	82	14	level	level	NOUN
dem-5676	82	15	.	.	PUNCT
dem-5676	83	1	there	there	PRON
dem-5676	83	2	is	be	VERB
dem-5676	83	3	also	also	ADV
dem-5676	83	4	a	a	DET
dem-5676	83	5	danger	danger	NOUN
dem-5676	83	6	associated	associate	VERB
dem-5676	83	7	with	with	ADP
dem-5676	83	8	the	the	DET
dem-5676	83	9	changes	change	NOUN
dem-5676	83	10	that	that	PRON
dem-5676	83	11	the	the	DET
dem-5676	83	12	risk	risk	NOUN
dem-5676	83	13	of	of	ADP
dem-5676	83	14	investing	invest	VERB
dem-5676	83	15	in	in	ADP
dem-5676	83	16	poland	poland	PROPN
dem-5676	83	17	has	have	AUX
dem-5676	83	18	increased	increase	VERB
dem-5676	83	19	.	.	PUNCT
dem-5676	84	1	the	the	DET
dem-5676	84	2	private	private	ADJ
dem-5676	84	3	funds	fund	NOUN
dem-5676	84	4	hold	hold	VERB
dem-5676	84	5	assets	asset	NOUN
dem-5676	84	6	worth	worth	ADJ
dem-5676	84	7	about	about	ADP
dem-5676	84	8	$	$	SYM
dem-5676	84	9	92	92	NUM
dem-5676	84	10	billion	billion	NUM
dem-5676	84	11	,	,	PUNCT
dem-5676	84	12	i.e.	i.e.	X
dem-5676	84	13	more	more	ADJ
dem-5676	84	14	than	than	ADP
dem-5676	84	15	onefifth	onefifth	ADJ
dem-5676	84	16	of	of	ADP
dem-5676	84	17	poland	poland	PROPN
dem-5676	84	18	’s	’s	PART
dem-5676	84	19	gross	gross	ADJ
dem-5676	84	20	domestic	domestic	ADJ
dem-5676	84	21	product	product	NOUN
dem-5676	84	22	,	,	PUNCT
dem-5676	84	23	and	and	CCONJ
dem-5676	84	24	are	be	AUX
dem-5676	84	25	among	among	ADP
dem-5676	84	26	the	the	DET
dem-5676	84	27	biggest	big	ADJ
dem-5676	84	28	investors	investor	NOUN
dem-5676	84	29	on	on	ADP
dem-5676	84	30	the	the	DET
dem-5676	84	31	warsaw	warsaw	PROPN
dem-5676	84	32	stock	stock	PROPN
dem-5676	84	33	exchange	exchange	PROPN
dem-5676	84	34	(	(	PUNCT
dem-5676	84	35	bilefsky	bilefsky	PROPN
dem-5676	84	36	and	and	CCONJ
dem-5676	84	37	zurawik	zurawik	PROPN
dem-5676	84	38	,	,	PUNCT
dem-5676	84	39	2013	2013	NUM
dem-5676	84	40	)	)	PUNCT
dem-5676	84	41	.	.	PUNCT
dem-5676	85	1	also	also	ADV
dem-5676	85	2	,	,	PUNCT
dem-5676	85	3	due	due	ADP
dem-5676	85	4	to	to	ADP
dem-5676	85	5	high	high	ADJ
dem-5676	85	6	market	market	NOUN
dem-5676	85	7	concentration	concentration	NOUN
dem-5676	85	8	,	,	PUNCT
dem-5676	85	9	there	there	PRON
dem-5676	85	10	is	be	VERB
dem-5676	85	11	a	a	DET
dem-5676	85	12	lack	lack	NOUN
dem-5676	85	13	of	of	ADP
dem-5676	85	14	price	price	NOUN
dem-5676	85	15	and	and	CCONJ
dem-5676	85	16	investment	investment	NOUN
dem-5676	85	17	competition	competition	NOUN
dem-5676	85	18	between	between	ADP
dem-5676	85	19	open	open	ADJ
dem-5676	85	20	pension	pension	NOUN
dem-5676	85	21	funds	fund	NOUN
dem-5676	85	22	.	.	PUNCT
dem-5676	86	1	in	in	ADP
dem-5676	86	2	2011	2011	NUM
dem-5676	86	3	,	,	PUNCT
dem-5676	86	4	the	the	DET
dem-5676	86	5	ofes	ofes	NOUN
dem-5676	86	6	’	'	PUNCT
dem-5676	86	7	commission	commission	NOUN
dem-5676	86	8	equaled	equal	VERB
dem-5676	86	9	553	553	NUM
dem-5676	86	10	millions	million	NOUN
dem-5676	86	11	pln	pln	NOUN
dem-5676	86	12	while	while	SCONJ
dem-5676	86	13	wages	wage	NOUN
dem-5676	86	14	for	for	ADP
dem-5676	86	15	management	management	NOUN
dem-5676	86	16	totaled	total	VERB
dem-5676	86	17	981	981	NUM
dem-5676	86	18	millions	million	NOUN
dem-5676	86	19	pln12	pln12	NOUN
dem-5676	86	20	.	.	PUNCT
dem-5676	87	1	such	such	ADJ
dem-5676	87	2	situation	situation	NOUN
dem-5676	87	3	created	create	VERB
dem-5676	87	4	broadly	broadly	ADV
dem-5676	87	5	critique	critique	NOUN
dem-5676	87	6	of	of	ADP
dem-5676	87	7	pension	pension	NOUN
dem-5676	87	8	funds	fund	NOUN
dem-5676	87	9	in	in	ADP
dem-5676	87	10	poland	poland	PROPN
dem-5676	87	11	.	.	PUNCT
dem-5676	88	1	as	as	ADP
dem-5676	88	2	a	a	DET
dem-5676	88	3	result	result	NOUN
dem-5676	88	4	of	of	ADP
dem-5676	88	5	the	the	DET
dem-5676	88	6	widespread	widespread	ADJ
dem-5676	88	7	resentment	resentment	NOUN
dem-5676	88	8	,	,	PUNCT
dem-5676	88	9	polish	polish	ADJ
dem-5676	88	10	government	government	NOUN
dem-5676	88	11	introduced	introduce	VERB
dem-5676	88	12	the	the	DET
dem-5676	88	13	new	new	ADJ
dem-5676	88	14	pension	pension	NOUN
dem-5676	88	15	law	law	NOUN
dem-5676	88	16	.	.	PUNCT
dem-5676	89	1	it	it	PRON
dem-5676	89	2	was	be	AUX
dem-5676	89	3	estimated	estimate	VERB
dem-5676	89	4	that	that	SCONJ
dem-5676	89	5	the	the	DET
dem-5676	89	6	transfer	transfer	NOUN
dem-5676	89	7	of	of	ADP
dem-5676	89	8	51.5	51.5	NUM
dem-5676	89	9	%	%	NOUN
dem-5676	89	10	of	of	ADP
dem-5676	89	11	ofes	ofes	ADP
dem-5676	89	12	‘	'	PUNCT
dem-5676	89	13	assets	asset	NOUN
dem-5676	89	14	would	would	AUX
dem-5676	89	15	lead	lead	VERB
dem-5676	89	16	to	to	ADP
dem-5676	89	17	a	a	DET
dem-5676	89	18	decrease	decrease	NOUN
dem-5676	89	19	of	of	ADP
dem-5676	89	20	public	public	ADJ
dem-5676	89	21	debt	debt	NOUN
dem-5676	89	22	in	in	ADP
dem-5676	89	23	poland	poland	PROPN
dem-5676	89	24	from	from	ADP
dem-5676	89	25	around	around	ADP
dem-5676	89	26	55	55	NUM
dem-5676	89	27	%	%	NOUN
dem-5676	89	28	gdp	gdp	NOUN
dem-5676	89	29	to	to	ADP
dem-5676	89	30	47	47	NUM
dem-5676	89	31	%	%	NOUN
dem-5676	89	32	gdp	gdp	NOUN
dem-5676	89	33	.	.	PUNCT
dem-5676	90	1	this	this	PRON
dem-5676	90	2	is	be	AUX
dem-5676	90	3	the	the	DET
dem-5676	90	4	main	main	ADJ
dem-5676	90	5	short	short	ADJ
dem-5676	90	6	-	-	PUNCT
dem-5676	90	7	term	term	NOUN
dem-5676	90	8	purpose	purpose	NOUN
dem-5676	90	9	of	of	ADP
dem-5676	90	10	the	the	DET
dem-5676	90	11	reform	reform	NOUN
dem-5676	90	12	,	,	PUNCT
dem-5676	90	13	rather	rather	ADV
dem-5676	90	14	than	than	ADP
dem-5676	90	15	providing	provide	VERB
dem-5676	90	16	improved	improved	ADJ
dem-5676	90	17	financial	financial	ADJ
dem-5676	90	18	security	security	NOUN
dem-5676	90	19	for	for	ADP
dem-5676	90	20	retirees	retiree	NOUN
dem-5676	90	21	(	(	PUNCT
dem-5676	90	22	mrowiec	mrowiec	NOUN
dem-5676	90	23	and	and	CCONJ
dem-5676	90	24	mrukzawirski	mrukzawirski	NOUN
dem-5676	90	25	,	,	PUNCT
dem-5676	90	26	2014	2014	NUM
dem-5676	90	27	)	)	PUNCT
dem-5676	90	28	.	.	PUNCT
dem-5676	91	1	2	2	X
dem-5676	91	2	.	.	X
dem-5676	91	3	methodology	methodology	NOUN
dem-5676	91	4	and	and	CCONJ
dem-5676	91	5	data	datum	NOUN
dem-5676	91	6	applied	apply	VERB
dem-5676	91	7	in	in	ADP
dem-5676	91	8	research	research	NOUN
dem-5676	91	9	the	the	DET
dem-5676	91	10	aim	aim	NOUN
dem-5676	91	11	of	of	ADP
dem-5676	91	12	the	the	DET
dem-5676	91	13	research	research	NOUN
dem-5676	91	14	is	be	AUX
dem-5676	91	15	to	to	PART
dem-5676	91	16	analyze	analyze	VERB
dem-5676	91	17	performance	performance	NOUN
dem-5676	91	18	of	of	ADP
dem-5676	91	19	the	the	DET
dem-5676	91	20	private	private	ADJ
dem-5676	91	21	pension	pension	NOUN
dem-5676	91	22	funds	fund	NOUN
dem-5676	91	23	.	.	PUNCT
dem-5676	92	1	the	the	DET
dem-5676	92	2	investigation	investigation	NOUN
dem-5676	92	3	is	be	AUX
dem-5676	92	4	provided	provide	VERB
dem-5676	92	5	for	for	ADP
dem-5676	92	6	the	the	DET
dem-5676	92	7	accounting	accounting	NOUN
dem-5676	92	8	units	unit	NOUN
dem-5676	92	9	of	of	ADP
dem-5676	92	10	eleven	eleven	NUM
dem-5676	92	11	private	private	ADJ
dem-5676	92	12	pension	pension	NOUN
dem-5676	92	13	funds	fund	NOUN
dem-5676	92	14	that	that	PRON
dem-5676	92	15	have	have	AUX
dem-5676	92	16	been	be	AUX
dem-5676	92	17	operating	operate	VERB
dem-5676	92	18	in	in	ADP
dem-5676	92	19	poland	poland	PROPN
dem-5676	92	20	from	from	ADP
dem-5676	92	21	august	august	PROPN
dem-5676	92	22	17	17	NUM
dem-5676	92	23	,	,	PUNCT
dem-5676	92	24	1999	1999	NUM
dem-5676	92	25	to	to	ADP
dem-5676	92	26	october	october	PROPN
dem-5676	92	27	17	17	NUM
dem-5676	92	28	,	,	PUNCT
dem-5676	92	29	2013	2013	NUM
dem-5676	92	30	.	.	PUNCT
dem-5676	93	1	these	these	DET
dem-5676	93	2	open	open	ADJ
dem-5676	93	3	pension	pension	NOUN
dem-5676	93	4	funds	fund	NOUN
dem-5676	93	5	contain	contain	VERB
dem-5676	93	6	85	85	NUM
dem-5676	93	7	%	%	NOUN
dem-5676	93	8	of	of	ADP
dem-5676	93	9	all	all	DET
dem-5676	93	10	pension	pension	NOUN
dem-5676	93	11	funds	fund	NOUN
dem-5676	93	12	’	'	PUNCT
dem-5676	93	13	members	member	NOUN
dem-5676	93	14	and	and	CCONJ
dem-5676	93	15	88	88	NUM
dem-5676	93	16	%	%	NOUN
dem-5676	93	17	net	net	ADJ
dem-5676	93	18	assets	asset	NOUN
dem-5676	93	19	(	(	PUNCT
dem-5676	93	20	table	table	NOUN
dem-5676	93	21	2	2	NUM
dem-5676	93	22	)	)	PUNCT
dem-5676	93	23	.	.	PUNCT
dem-5676	94	1	comparison	comparison	NOUN
dem-5676	94	2	of	of	ADP
dem-5676	94	3	analyzed	analyze	VERB
dem-5676	94	4	funds	fund	NOUN
dem-5676	94	5	at	at	ADP
dem-5676	94	6	the	the	DET
dem-5676	94	7	end	end	NOUN
dem-5676	94	8	of	of	ADP
dem-5676	94	9	july	july	PROPN
dem-5676	94	10	in	in	ADP
dem-5676	94	11	the	the	DET
dem-5676	94	12	years	year	NOUN
dem-5676	94	13	2013	2013	NUM
dem-5676	94	14	and	and	CCONJ
dem-5676	94	15	2014	2014	NUM
dem-5676	94	16	shows	show	VERB
dem-5676	94	17	that	that	SCONJ
dem-5676	94	18	position	position	NOUN
dem-5676	94	19	of	of	ADP
dem-5676	94	20	particular	particular	ADJ
dem-5676	94	21	pension	pension	NOUN
dem-5676	94	22	funds	fund	NOUN
dem-5676	94	23	on	on	ADP
dem-5676	94	24	the	the	DET
dem-5676	94	25	market	market	NOUN
dem-5676	94	26	did	do	AUX
dem-5676	94	27	not	not	PART
dem-5676	94	28	change	change	VERB
dem-5676	94	29	however	however	ADV
dem-5676	94	30	the	the	DET
dem-5676	94	31	values	value	NOUN
dem-5676	94	32	of	of	ADP
dem-5676	94	33	accounting	accounting	NOUN
dem-5676	94	34	units	unit	NOUN
dem-5676	94	35	and	and	CCONJ
dem-5676	94	36	3	3	NUM
dem-5676	94	37	-	-	PUNCT
dem-5676	94	38	year	year	NOUN
dem-5676	94	39	returns	return	NOUN
dem-5676	94	40	increased	increase	VERB
dem-5676	94	41	in	in	ADP
dem-5676	94	42	2014	2014	NUM
dem-5676	94	43	in	in	ADP
dem-5676	94	44	comparison	comparison	NOUN
dem-5676	94	45	to	to	ADP
dem-5676	94	46	the	the	DET
dem-5676	94	47	previous	previous	ADJ
dem-5676	94	48	year	year	NOUN
dem-5676	94	49	.	.	PUNCT
dem-5676	95	1	values	value	NOUN
dem-5676	95	2	of	of	ADP
dem-5676	95	3	the	the	DET
dem-5676	95	4	accounting	accounting	NOUN
dem-5676	95	5	units	unit	NOUN
dem-5676	95	6	are	be	AUX
dem-5676	95	7	quite	quite	ADV
dem-5676	95	8	similar	similar	ADJ
dem-5676	95	9	and	and	CCONJ
dem-5676	95	10	the	the	DET
dem-5676	95	11	range	range	NOUN
dem-5676	95	12	is	be	AUX
dem-5676	95	13	only	only	ADV
dem-5676	95	14	5.8	5.8	NUM
dem-5676	95	15	and	and	CCONJ
dem-5676	95	16	6.4	6.4	NUM
dem-5676	95	17	pln	pln	NOUN
dem-5676	95	18	in	in	ADP
dem-5676	95	19	2013	2013	NUM
dem-5676	95	20	and	and	CCONJ
dem-5676	95	21	2014	2014	NUM
dem-5676	95	22	(	(	PUNCT
dem-5676	95	23	i.e.	i.e.	X
dem-5676	95	24	16.5	16.5	NUM
dem-5676	95	25	%	%	NOUN
dem-5676	95	26	and	and	CCONJ
dem-5676	95	27	17.8	17.8	NUM
dem-5676	95	28	%	%	NOUN
dem-5676	95	29	of	of	ADP
dem-5676	95	30	average	average	ADJ
dem-5676	95	31	,	,	PUNCT
dem-5676	95	32	respectively	respectively	ADV
dem-5676	95	33	)	)	PUNCT
dem-5676	95	34	.	.	PUNCT
dem-5676	96	1	the	the	DET
dem-5676	96	2	weighted	weight	VERB
dem-5676	96	3	average	average	NOUN
dem-5676	96	4	of	of	ADP
dem-5676	96	5	accounting	accounting	NOUN
dem-5676	96	6	units	unit	NOUN
dem-5676	96	7	increased	increase	VERB
dem-5676	96	8	by	by	ADP
dem-5676	96	9	2.3	2.3	NUM
dem-5676	96	10	%	%	NOUN
dem-5676	96	11	in	in	ADP
dem-5676	96	12	2014	2014	NUM
dem-5676	96	13	in	in	ADP
dem-5676	96	14	comparison	comparison	NOUN
dem-5676	96	15	to	to	ADP
dem-5676	96	16	2013	2013	NUM
dem-5676	96	17	.	.	PUNCT
dem-5676	97	1	rates	rate	NOUN
dem-5676	97	2	of	of	ADP
dem-5676	97	3	return	return	NOUN
dem-5676	97	4	exhibit	exhibit	VERB
dem-5676	97	5	more	more	ADJ
dem-5676	97	6	variation	variation	NOUN
dem-5676	97	7	since	since	SCONJ
dem-5676	97	8	the	the	DET
dem-5676	97	9	range	range	NOUN
dem-5676	97	10	is	be	AUX
dem-5676	97	11	about	about	ADV
dem-5676	97	12	32	32	NUM
dem-5676	97	13	%	%	NOUN
dem-5676	97	14	of	of	ADP
dem-5676	97	15	the	the	DET
dem-5676	97	16	weighted	weight	VERB
dem-5676	97	17	average	average	NOUN
dem-5676	97	18	in	in	ADP
dem-5676	97	19	both	both	DET
dem-5676	97	20	years	year	NOUN
dem-5676	97	21	and	and	CCONJ
dem-5676	97	22	they	they	PRON
dem-5676	97	23	increased	increase	VERB
dem-5676	97	24	in	in	ADP
dem-5676	97	25	average	average	NOUN
dem-5676	97	26	by	by	ADP
dem-5676	97	27	23.8	23.8	NUM
dem-5676	97	28	%	%	NOUN
dem-5676	97	29	in	in	ADP
dem-5676	97	30	2014	2014	NUM
dem-5676	97	31	in	in	ADP
dem-5676	97	32	comparison	comparison	NOUN
dem-5676	97	33	to	to	ADP
dem-5676	97	34	returns	return	NOUN
dem-5676	97	35	obtained	obtain	VERB
dem-5676	97	36	in	in	ADP
dem-5676	97	37	the	the	DET
dem-5676	97	38	previous	previous	ADJ
dem-5676	97	39	year	year	NOUN
dem-5676	97	40	.	.	PUNCT
dem-5676	98	1	12	12	NUM
dem-5676	98	2	see	see	VERB
dem-5676	98	3	forbes	forbes	PROPN
dem-5676	98	4	(	(	PUNCT
dem-5676	98	5	2012	2012	NUM
dem-5676	98	6	)	)	PUNCT
dem-5676	98	7	.	.	PUNCT
dem-5676	99	1	krzysztof	krzysztof	PROPN
dem-5676	99	2	kompa	kompa	PROPN
dem-5676	99	3	,	,	PUNCT
dem-5676	99	4	dorota	dorota	PROPN
dem-5676	99	5	witkowska	witkowska	PROPN
dem-5676	99	6	dynamic	dynamic	ADJ
dem-5676	99	7	econometric	econometric	ADJ
dem-5676	99	8	models	model	NOUN
dem-5676	99	9	14	14	NUM
dem-5676	99	10	(	(	PUNCT
dem-5676	99	11	2014	2014	NUM
dem-5676	99	12	)	)	PUNCT
dem-5676	100	1	105–124	105–124	NUM
dem-5676	100	2	112	112	NUM
dem-5676	100	3	table	table	NOUN
dem-5676	100	4	2	2	NUM
dem-5676	100	5	.	.	PUNCT
dem-5676	100	6	main	main	ADJ
dem-5676	100	7	characteristics	characteristic	NOUN
dem-5676	100	8	of	of	ADP
dem-5676	100	9	the	the	DET
dem-5676	100	10	analyzed	analyze	VERB
dem-5676	100	11	pension	pension	NOUN
dem-5676	100	12	funds	fund	NOUN
dem-5676	100	13	measured	measure	VERB
dem-5676	100	14	on	on	ADP
dem-5676	100	15	july	july	PROPN
dem-5676	100	16	,	,	PUNCT
dem-5676	100	17	31	31	NUM
dem-5676	100	18	,	,	PUNCT
dem-5676	100	19	2013	2013	NUM
dem-5676	100	20	and	and	CCONJ
dem-5676	100	21	2014	2014	NUM
dem-5676	100	22	pension	pension	NOUN
dem-5676	100	23	funds	fund	NOUN
dem-5676	100	24	names	name	NOUN
dem-5676	100	25	percentage	percentage	NOUN
dem-5676	100	26	share	share	NOUN
dem-5676	100	27	of	of	ADP
dem-5676	100	28	the	the	DET
dem-5676	100	29	market	market	NOUN
dem-5676	100	30	accounting	accounting	NOUN
dem-5676	100	31	unit	unit	NOUN
dem-5676	100	32	[	[	X
dem-5676	100	33	pln	pln	X
dem-5676	100	34	]	]	X
dem-5676	100	35	3	3	NUM
dem-5676	100	36	-	-	PUNCT
dem-5676	100	37	year	year	NOUN
dem-5676	100	38	rates	rate	NOUN
dem-5676	100	39	of	of	ADP
dem-5676	100	40	return	return	NOUN
dem-5676	101	1	[	[	X
dem-5676	101	2	%	%	X
dem-5676	101	3	]	]	X
dem-5676	101	4	total	total	ADJ
dem-5676	101	5	returns	return	NOUN
dem-5676	101	6	[	[	X
dem-5676	101	7	%	%	X
dem-5676	101	8	]	]	X
dem-5676	101	9	members	member	NOUN
dem-5676	101	10	net	net	ADJ
dem-5676	101	11	assets	asset	NOUN
dem-5676	101	12	2013	2013	NUM
dem-5676	101	13	2014	2014	NUM
dem-5676	101	14	2013	2013	NUM
dem-5676	101	15	2014	2014	NUM
dem-5676	101	16	2013	2013	NUM
dem-5676	101	17	2014	2014	NUM
dem-5676	101	18	2013	2013	NUM
dem-5676	101	19	2014	2014	NUM
dem-5676	101	20	2015	2015	NUM
dem-5676	101	21	aegon	aegon	PROPN
dem-5676	102	1	5.81	5.81	NUM
dem-5676	102	2	5.62	5.62	NUM
dem-5676	102	3	4.24	4.24	NUM
dem-5676	102	4	4.26	4.26	NUM
dem-5676	102	5	33.56	33.56	NUM
dem-5676	102	6	34.56	34.56	NUM
dem-5676	102	7	15.27	15.27	NUM
dem-5676	102	8	18.68	18.68	NUM
dem-5676	102	9	260.1	260.1	NUM
dem-5676	102	10	allianz	allianz	PROPN
dem-5676	102	11	3.43	3.43	NUM
dem-5676	102	12	4.01	4.01	NUM
dem-5676	102	13	3.04	3.04	NUM
dem-5676	102	14	3.08	3.08	NUM
dem-5676	102	15	33.18	33.18	NUM
dem-5676	102	16	33.99	33.99	NUM
dem-5676	102	17	19.13	19.13	NUM
dem-5676	102	18	21.22	21.22	NUM
dem-5676	102	19	254.9	254.9	NUM
dem-5676	102	20	aviva	aviva	NOUN
dem-5676	102	21	16.49	16.49	NUM
dem-5676	102	22	16.05	16.05	NUM
dem-5676	102	23	22.38	22.38	NUM
dem-5676	102	24	22.29	22.29	NUM
dem-5676	102	25	34.25	34.25	NUM
dem-5676	102	26	35.16	35.16	NUM
dem-5676	102	27	17.23	17.23	NUM
dem-5676	102	28	19.95	19.95	NUM
dem-5676	102	29	266.6	266.6	NUM
dem-5676	102	30	axa	axa	NOUN
dem-5676	102	31	7.17	7.17	NUM
dem-5676	102	32	6.97	6.97	NUM
dem-5676	102	33	6.27	6.27	NUM
dem-5676	102	34	6.32	6.32	NUM
dem-5676	102	35	34.40	34.40	NUM
dem-5676	102	36	35.32	35.32	NUM
dem-5676	102	37	16.29	16.29	NUM
dem-5676	102	38	19.62	19.62	NUM
dem-5676	102	39	270.1	270.1	NUM
dem-5676	102	40	generali	generali	NOUN
dem-5676	102	41	6.23	6.23	NUM
dem-5676	102	42	6.05	6.05	NUM
dem-5676	102	43	5.03	5.03	NUM
dem-5676	102	44	5.02	5.02	NUM
dem-5676	102	45	35.90	35.90	NUM
dem-5676	102	46	36.39	36.39	NUM
dem-5676	102	47	14.76	14.76	NUM
dem-5676	102	48	19.45	19.45	NUM
dem-5676	102	49	279.9	279.9	NUM
dem-5676	102	50	ing	e	VERB
dem-5676	102	51	18.83	18.83	NUM
dem-5676	102	52	18.45	18.45	NUM
dem-5676	102	53	23.99	23.99	NUM
dem-5676	102	54	23.98	23.98	NUM
dem-5676	102	55	37.63	37.63	NUM
dem-5676	102	56	38.31	38.31	NUM
dem-5676	102	57	17.98	17.98	NUM
dem-5676	102	58	21.79	21.79	NUM
dem-5676	102	59	295.1	295.1	NUM
dem-5676	102	60	nordea	nordea	NOUN
dem-5676	102	61	5.48	5.48	NUM
dem-5676	102	62	5.98	5.98	NUM
dem-5676	102	63	4.52	4.52	NUM
dem-5676	102	64	4.55	4.55	NUM
dem-5676	102	65	36.39	36.39	NUM
dem-5676	102	66	37.32	37.32	NUM
dem-5676	102	67	19.05	19.05	NUM
dem-5676	102	68	24.28	24.28	NUM
dem-5676	102	69	291.1	291.1	NUM
dem-5676	102	70	pekao	pekao	NOUN
dem-5676	102	71	2.11	2.11	NUM
dem-5676	102	72	2.05	2.05	NUM
dem-5676	102	73	1.50	1.50	NUM
dem-5676	102	74	1.51	1.51	NUM
dem-5676	102	75	32.74	32.74	NUM
dem-5676	102	76	33.47	33.47	NUM
dem-5676	102	77	14.64	14.64	NUM
dem-5676	102	78	18.71	18.71	NUM
dem-5676	102	79	244.6	244.6	NUM
dem-5676	102	80	pocztylion	pocztylion	NOUN
dem-5676	102	81	3.67	3.67	NUM
dem-5676	102	82	3.56	3.56	NUM
dem-5676	102	83	1.90	1.90	NUM
dem-5676	102	84	1.88	1.88	NUM
dem-5676	102	85	31.83	31.83	NUM
dem-5676	102	86	31.91	31.91	NUM
dem-5676	102	87	13.77	13.77	NUM
dem-5676	102	88	17.53	17.53	NUM
dem-5676	102	89	234.4	234.4	NUM
dem-5676	102	90	pzu	pzu	VERB
dem-5676	102	91	13.73	13.73	NUM
dem-5676	102	92	13.40	13.40	NUM
dem-5676	102	93	13.42	13.42	NUM
dem-5676	102	94	13.40	13.40	NUM
dem-5676	102	95	34.74	34.74	NUM
dem-5676	102	96	35.68	35.68	NUM
dem-5676	102	97	15.38	15.38	NUM
dem-5676	102	98	19.61	19.61	NUM
dem-5676	102	99	265.6	265.6	NUM
dem-5676	102	100	warta	warta	NOUN
dem-5676	102	101	1.92	1.92	NUM
dem-5676	102	102	2.50	2.50	NUM
dem-5676	102	103	1.34	1.34	NUM
dem-5676	102	104	1.35	1.35	NUM
dem-5676	102	105	35.33	35.33	NUM
dem-5676	102	106	36.04	36.04	NUM
dem-5676	102	107	16.82	16.82	NUM
dem-5676	102	108	20.34	20.34	NUM
dem-5676	102	109	292.3	292.3	NUM
dem-5676	102	110	total	total	NOUN
dem-5676	102	111	84.87	84.87	NUM
dem-5676	102	112	84.64	84.64	NUM
dem-5676	102	113	87.63	87.63	NUM
dem-5676	102	114	87.64	87.64	NUM
dem-5676	102	115	35.15	35.15	NUM
dem-5676	102	116	*	*	SYM
dem-5676	102	117	35.95	35.95	NUM
dem-5676	102	118	*	*	PUNCT
dem-5676	102	119	16.64	16.64	NUM
dem-5676	102	120	*	*	X
dem-5676	102	121	*	*	PUNCT
dem-5676	103	1	20.60	20.60	NUM
dem-5676	103	2	*	*	NOUN
dem-5676	103	3	*	*	PUNCT
dem-5676	103	4	note	note	NOUN
dem-5676	103	5	:	:	PUNCT
dem-5676	103	6	total	total	ADJ
dem-5676	103	7	returns	return	NOUN
dem-5676	103	8	denotes	denote	VERB
dem-5676	103	9	rate	rate	NOUN
dem-5676	103	10	of	of	ADP
dem-5676	103	11	return	return	NOUN
dem-5676	103	12	from	from	ADP
dem-5676	103	13	the	the	DET
dem-5676	103	14	whole	whole	ADJ
dem-5676	103	15	period	period	NOUN
dem-5676	103	16	i.e.	i.e.	X
dem-5676	103	17	from	from	ADP
dem-5676	103	18	the	the	DET
dem-5676	103	19	first	first	ADJ
dem-5676	103	20	day	day	NOUN
dem-5676	103	21	of	of	ADP
dem-5676	103	22	the	the	DET
dem-5676	103	23	pension	pension	NOUN
dem-5676	103	24	fund	fund	NOUN
dem-5676	103	25	operating	operate	VERB
dem-5676	103	26	till	till	SCONJ
dem-5676	103	27	jan	jan	PROPN
dem-5676	103	28	.	.	PROPN
dem-5676	103	29	29	29	NUM
dem-5676	103	30	,	,	PUNCT
dem-5676	103	31	2015	2015	NUM
dem-5676	103	32	;	;	PUNCT
dem-5676	103	33	*	*	PUNCT
dem-5676	103	34	denotes	denote	NOUN
dem-5676	103	35	weighted	weight	VERB
dem-5676	103	36	averages	average	NOUN
dem-5676	103	37	in	in	ADP
dem-5676	103	38	considered	consider	VERB
dem-5676	103	39	period	period	NOUN
dem-5676	103	40	,	,	PUNCT
dem-5676	103	41	*	*	PUNCT
dem-5676	103	42	*	*	PUNCT
dem-5676	103	43	weighted	weight	VERB
dem-5676	103	44	averages	average	NOUN
dem-5676	103	45	evaluated	evaluate	VERB
dem-5676	103	46	for	for	ADP
dem-5676	103	47	the	the	DET
dem-5676	103	48	period	period	NOUN
dem-5676	103	49	31.03.2010–29.03.2013	31.03.2010–29.03.2013	NUM
dem-5676	103	50	,	,	PUNCT
dem-5676	103	51	and	and	CCONJ
dem-5676	103	52	31.03.2011–31.03.2014	31.03.2011–31.03.2014	NUM
dem-5676	103	53	,	,	PUNCT
dem-5676	103	54	respectively	respectively	ADV
dem-5676	103	55	(	(	PUNCT
dem-5676	103	56	http://www.igte.com.pl/files/notowania/dane_ofe_07_2013.pdf	http://www.igte.com.pl/files/notowania/dane_ofe_07_2013.pdf	PROPN
dem-5676	103	57	)	)	PUNCT
dem-5676	103	58	.	.	PUNCT
dem-5676	104	1	the	the	DET
dem-5676	104	2	first	first	ADJ
dem-5676	104	3	stage	stage	NOUN
dem-5676	104	4	of	of	ADP
dem-5676	104	5	the	the	DET
dem-5676	104	6	research	research	NOUN
dem-5676	104	7	is	be	AUX
dem-5676	104	8	statistical	statistical	ADJ
dem-5676	104	9	analysis	analysis	NOUN
dem-5676	104	10	of	of	ADP
dem-5676	104	11	6	6	NUM
dem-5676	104	12	-	-	PUNCT
dem-5676	104	13	months	month	NOUN
dem-5676	104	14	subperiods	subperiod	NOUN
dem-5676	104	15	.	.	PUNCT
dem-5676	105	1	in	in	ADP
dem-5676	105	2	the	the	DET
dem-5676	105	3	second	second	ADJ
dem-5676	105	4	stage	stage	NOUN
dem-5676	105	5	,	,	PUNCT
dem-5676	105	6	we	we	PRON
dem-5676	105	7	consider	consider	VERB
dem-5676	105	8	daily	daily	ADV
dem-5676	105	9	registered	register	VERB
dem-5676	105	10	monthly	monthly	ADJ
dem-5676	105	11	logarithmic	logarithmic	ADJ
dem-5676	105	12	rates	rate	NOUN
dem-5676	105	13	of	of	ADP
dem-5676	105	14	return	return	NOUN
dem-5676	105	15	from	from	ADP
dem-5676	105	16	the	the	DET
dem-5676	105	17	accounting	accounting	NOUN
dem-5676	105	18	units	unit	NOUN
dem-5676	105	19	in	in	ADP
dem-5676	105	20	the	the	DET
dem-5676	105	21	entire	entire	ADJ
dem-5676	105	22	period	period	NOUN
dem-5676	105	23	of	of	ADP
dem-5676	105	24	analysis	analysis	NOUN
dem-5676	105	25	and	and	CCONJ
dem-5676	105	26	five	five	NUM
dem-5676	105	27	sub	sub	NOUN
dem-5676	105	28	-	-	ADJ
dem-5676	105	29	periods	period	NOUN
dem-5676	105	30	due	due	ADJ
dem-5676	105	31	to	to	ADP
dem-5676	105	32	the	the	DET
dem-5676	105	33	situation	situation	NOUN
dem-5676	105	34	on	on	ADP
dem-5676	105	35	the	the	DET
dem-5676	105	36	warsaw	warsaw	PROPN
dem-5676	105	37	stock	stock	PROPN
dem-5676	105	38	exchange	exchange	PROPN
dem-5676	105	39	i.e.	i.e.	X
dem-5676	105	40	stock	stock	NOUN
dem-5676	105	41	index	index	NOUN
dem-5676	105	42	wig	wig	NOUN
dem-5676	105	43	daily	daily	ADJ
dem-5676	105	44	quotations	quotation	NOUN
dem-5676	105	45	:	:	PUNCT
dem-5676	105	46	17.09.1999–20.11.2003	17.09.1999–20.11.2003	NUM
dem-5676	105	47	stagnation	stagnation	NOUN
dem-5676	105	48	1	1	NUM
dem-5676	105	49	(	(	PUNCT
dem-5676	105	50	1055	1055	NUM
dem-5676	105	51	observations	observation	NOUN
dem-5676	105	52	)	)	PUNCT
dem-5676	105	53	,	,	PUNCT
dem-5676	105	54	21.11.2003–06.07.2007	21.11.2003–06.07.2007	NUM
dem-5676	105	55	bull	bull	NOUN
dem-5676	105	56	market	market	NOUN
dem-5676	105	57	1	1	NUM
dem-5676	105	58	(	(	PUNCT
dem-5676	105	59	912	912	NUM
dem-5676	105	60	observations	observation	NOUN
dem-5676	105	61	)	)	PUNCT
dem-5676	105	62	,	,	PUNCT
dem-5676	105	63	07.07.2007–17.02.2009	07.07.2007–17.02.2009	NUM
dem-5676	105	64	bear	bear	NOUN
dem-5676	105	65	market	market	NOUN
dem-5676	105	66	(	(	PUNCT
dem-5676	105	67	403	403	NUM
dem-5676	105	68	observations	observation	NOUN
dem-5676	105	69	)	)	PUNCT
dem-5676	105	70	,	,	PUNCT
dem-5676	105	71	18.02.2009–18.07.2011	18.02.2009–18.07.2011	NUM
dem-5676	105	72	bull	bull	NOUN
dem-5676	105	73	market	market	NOUN
dem-5676	105	74	2	2	NUM
dem-5676	105	75	(	(	PUNCT
dem-5676	105	76	609	609	NUM
dem-5676	105	77	observations	observation	NOUN
dem-5676	105	78	)	)	PUNCT
dem-5676	105	79	,	,	PUNCT
dem-5676	105	80	19.07.2011–17.10.2013	19.07.2011–17.10.2013	NUM
dem-5676	105	81	stagnation	stagnation	NOUN
dem-5676	105	82	2	2	NUM
dem-5676	105	83	(	(	PUNCT
dem-5676	105	84	564	564	NUM
dem-5676	105	85	observations	observation	NOUN
dem-5676	105	86	)	)	PUNCT
dem-5676	105	87	.	.	PUNCT
dem-5676	106	1	sharpe	sharpe	PROPN
dem-5676	106	2	and	and	CCONJ
dem-5676	106	3	treynor	treynor	NOUN
dem-5676	106	4	ratios	ratio	NOUN
dem-5676	106	5	are	be	AUX
dem-5676	106	6	evaluated	evaluate	VERB
dem-5676	106	7	for	for	ADP
dem-5676	106	8	all	all	DET
dem-5676	106	9	pension	pension	NOUN
dem-5676	106	10	funds	fund	NOUN
dem-5676	106	11	and	and	CCONJ
dem-5676	106	12	their	their	PRON
dem-5676	106	13	performance	performance	NOUN
dem-5676	106	14	is	be	AUX
dem-5676	106	15	compared	compare	VERB
dem-5676	106	16	to	to	ADP
dem-5676	106	17	the	the	DET
dem-5676	106	18	efficiency	efficiency	NOUN
dem-5676	106	19	of	of	ADP
dem-5676	106	20	constructed	construct	VERB
dem-5676	106	21	benchmarks	benchmark	NOUN
dem-5676	106	22	.	.	PUNCT
dem-5676	107	1	treasury	treasury	NOUN
dem-5676	107	2	bonds	bond	NOUN
dem-5676	107	3	represent	represent	VERB
dem-5676	107	4	the	the	DET
dem-5676	107	5	risk	risk	NOUN
dem-5676	107	6	free	free	ADJ
dem-5676	107	7	instrument	instrument	NOUN
dem-5676	107	8	.	.	PUNCT
dem-5676	108	1	portfolios	portfolio	NOUN
dem-5676	108	2	performance	performance	NOUN
dem-5676	108	3	usually	usually	ADV
dem-5676	108	4	is	be	AUX
dem-5676	108	5	measured	measure	VERB
dem-5676	108	6	by	by	ADP
dem-5676	108	7	comparing	compare	VERB
dem-5676	108	8	their	their	PRON
dem-5676	108	9	rates	rate	NOUN
dem-5676	108	10	of	of	ADP
dem-5676	108	11	return	return	NOUN
dem-5676	108	12	and	and	CCONJ
dem-5676	108	13	risk	risk	NOUN
dem-5676	108	14	measures	measure	NOUN
dem-5676	108	15	.	.	PUNCT
dem-5676	109	1	the	the	DET
dem-5676	109	2	former	former	ADJ
dem-5676	109	3	seem	seem	VERB
dem-5676	109	4	to	to	PART
dem-5676	109	5	be	be	AUX
dem-5676	109	6	the	the	DET
dem-5676	109	7	most	most	ADV
dem-5676	109	8	important	important	ADJ
dem-5676	109	9	for	for	ADP
dem-5676	109	10	the	the	DET
dem-5676	109	11	pension	pension	NOUN
dem-5676	109	12	funds	fund	NOUN
dem-5676	109	13	participants	participant	NOUN
dem-5676	109	14	when	when	SCONJ
dem-5676	109	15	they	they	PRON
dem-5676	109	16	select	select	VERB
dem-5676	109	17	the	the	DET
dem-5676	109	18	pension	pension	NOUN
dem-5676	109	19	funds	fund	NOUN
dem-5676	109	20	.	.	PUNCT
dem-5676	110	1	our	our	PRON
dem-5676	110	2	study	study	NOUN
dem-5676	110	3	tests	test	VERB
dem-5676	110	4	several	several	ADJ
dem-5676	110	5	hypotheses	hypothesis	NOUN
dem-5676	110	6	in	in	ADP
dem-5676	110	7	order	order	NOUN
dem-5676	110	8	to	to	PART
dem-5676	110	9	find	find	VERB
dem-5676	110	10	out	out	ADP
dem-5676	110	11	if	if	SCONJ
dem-5676	110	12	the	the	DET
dem-5676	110	13	expected	expect	VERB
dem-5676	110	14	value	value	NOUN
dem-5676	110	15	of	of	ADP
dem-5676	110	16	the	the	DET
dem-5676	110	17	analyzed	analyze	VERB
dem-5676	110	18	rates	rate	NOUN
dem-5676	110	19	of	of	ADP
dem-5676	110	20	return	return	NOUN
dem-5676	110	21	and	and	CCONJ
dem-5676	110	22	their	their	PRON
dem-5676	110	23	variances	variance	NOUN
dem-5676	110	24	significantly	significantly	ADV
dem-5676	110	25	differ	differ	VERB
dem-5676	110	26	from	from	ADP
dem-5676	110	27	the	the	DET
dem-5676	110	28	benchmarks	benchmark	NOUN
dem-5676	110	29	.	.	PUNCT
dem-5676	111	1	we	we	PRON
dem-5676	111	2	start	start	VERB
dem-5676	111	3	from	from	ADP
dem-5676	111	4	verifying	verify	VERB
dem-5676	111	5	the	the	DET
dem-5676	111	6	hypothesis	hypothesis	NOUN
dem-5676	111	7	if	if	SCONJ
dem-5676	111	8	expected	expect	VERB
dem-5676	111	9	returns	return	NOUN
dem-5676	111	10	differ	differ	VERB
dem-5676	111	11	from	from	ADP
dem-5676	111	12	zero	zero	NUM
dem-5676	111	13	:	:	PUNCT
dem-5676	111	14	pension	pension	NOUN
dem-5676	111	15	funds	fund	NOUN
dem-5676	111	16	in	in	ADP
dem-5676	111	17	poland	poland	PROPN
dem-5676	111	18	:	:	PUNCT
dem-5676	111	19	efficiency	efficiency	NOUN
dem-5676	111	20	analysis	analysis	NOUN
dem-5676	111	21	for	for	ADP
dem-5676	111	22	years	year	NOUN
dem-5676	111	23	1999–2013	1999–2013	NUM
dem-5676	111	24	dynamic	dynamic	ADJ
dem-5676	111	25	econometric	econometric	ADJ
dem-5676	111	26	models	model	NOUN
dem-5676	111	27	14	14	NUM
dem-5676	111	28	(	(	PUNCT
dem-5676	111	29	2014	2014	NUM
dem-5676	111	30	)	)	PUNCT
dem-5676	111	31	105–124	105–124	NUM
dem-5676	111	32	113	113	NUM
dem-5676	111	33	0)(:0	0)(:0	NUM
dem-5676	111	34	preh	preh	PUNCT
dem-5676	111	35	(	(	PUNCT
dem-5676	111	36	1	1	X
dem-5676	111	37	)	)	PUNCT
dem-5676	111	38	using	use	VERB
dem-5676	111	39	well	well	ADV
dem-5676	111	40	-	-	PUNCT
dem-5676	111	41	known	know	VERB
dem-5676	111	42	test	test	NOUN
dem-5676	111	43	statistics	statistic	NOUN
dem-5676	111	44	:	:	PUNCT
dem-5676	111	45	.t	.t	PROPN
dem-5676	111	46	s	s	PART
dem-5676	111	47	r	r	NOUN
dem-5676	111	48	u	u	NOUN
dem-5676	111	49	p	p	NOUN
dem-5676	111	50	p	p	NOUN
dem-5676	111	51	(	(	PUNCT
dem-5676	111	52	2	2	NUM
dem-5676	111	53	)	)	PUNCT
dem-5676	111	54	to	to	PART
dem-5676	111	55	test	test	VERB
dem-5676	111	56	the	the	DET
dem-5676	111	57	significance	significance	NOUN
dem-5676	111	58	of	of	ADP
dem-5676	111	59	differences	difference	NOUN
dem-5676	111	60	between	between	ADP
dem-5676	111	61	expected	expect	VERB
dem-5676	111	62	rates	rate	NOUN
dem-5676	111	63	of	of	ADP
dem-5676	111	64	return	return	NOUN
dem-5676	111	65	generating	generate	VERB
dem-5676	111	66	by	by	ADP
dem-5676	111	67	pension	pension	NOUN
dem-5676	111	68	funds	fund	NOUN
dem-5676	111	69	and	and	CCONJ
dem-5676	111	70	the	the	DET
dem-5676	111	71	benchmarks	benchmark	NOUN
dem-5676	111	72	:	:	PUNCT
dem-5676	111	73	bp	bp	PROPN
dem-5676	111	74	rreh	rreh	PROPN
dem-5676	111	75	)(:0	)(:0	ADP
dem-5676	111	76	(	(	PUNCT
dem-5676	111	77	3	3	X
dem-5676	111	78	)	)	PUNCT
dem-5676	111	79	we	we	PRON
dem-5676	111	80	employ	employ	VERB
dem-5676	111	81	the	the	DET
dem-5676	111	82	following	follow	VERB
dem-5676	111	83	test	test	NOUN
dem-5676	111	84	statistics	statistic	NOUN
dem-5676	111	85	:	:	PUNCT
dem-5676	111	86	,	,	PUNCT
dem-5676	112	1	t	t	PROPN
dem-5676	112	2	s	s	VERB
dem-5676	112	3	rr	rr	NOUN
dem-5676	112	4	u	u	PROPN
dem-5676	112	5	p	p	PROPN
dem-5676	112	6	bp	bp	PROPN
dem-5676	112	7			X
dem-5676	112	8	(	(	PUNCT
dem-5676	112	9	4	4	NUM
dem-5676	112	10	)	)	PUNCT
dem-5676	112	11	where	where	SCONJ
dem-5676	112	12	:	:	PUNCT
dem-5676	112	13	)	)	PUNCT
dem-5676	112	14	(	(	PUNCT
dem-5676	112	15	pre	pre	X
dem-5676	112	16	–	–	PUNCT
dem-5676	112	17	expected	expect	VERB
dem-5676	112	18	rate	rate	NOUN
dem-5676	112	19	of	of	ADP
dem-5676	112	20	return	return	NOUN
dem-5676	112	21	of	of	ADP
dem-5676	112	22	the	the	DET
dem-5676	112	23	analyzed	analyze	VERB
dem-5676	112	24	open	open	ADJ
dem-5676	112	25	pension	pension	NOUN
dem-5676	112	26	fund	fund	NOUN
dem-5676	112	27	,	,	PUNCT
dem-5676	112	28	,	,	PUNCT
dem-5676	112	29	pr	pr	NOUN
dem-5676	112	30	br	br	NOUN
dem-5676	112	31	–	–	PUNCT
dem-5676	112	32	average	average	ADJ
dem-5676	112	33	rates	rate	NOUN
dem-5676	112	34	of	of	ADP
dem-5676	112	35	return	return	NOUN
dem-5676	112	36	of	of	ADP
dem-5676	112	37	the	the	DET
dem-5676	112	38	analyzed	analyze	VERB
dem-5676	112	39	portfolio	portfolio	NOUN
dem-5676	112	40	and	and	CCONJ
dem-5676	112	41	the	the	DET
dem-5676	112	42	benchmark	benchmark	NOUN
dem-5676	112	43	,	,	PUNCT
dem-5676	112	44	ps	ps	PROPN
dem-5676	112	45	–	–	PUNCT
dem-5676	112	46	standard	standard	ADJ
dem-5676	112	47	deviation	deviation	NOUN
dem-5676	112	48	of	of	ADP
dem-5676	112	49	rates	rate	NOUN
dem-5676	112	50	of	of	ADP
dem-5676	112	51	return	return	NOUN
dem-5676	112	52	generated	generate	VERB
dem-5676	112	53	by	by	ADP
dem-5676	112	54	the	the	DET
dem-5676	112	55	pension	pension	NOUN
dem-5676	112	56	fund	fund	NOUN
dem-5676	112	57	,	,	PUNCT
dem-5676	112	58	t	t	PROPN
dem-5676	112	59	–	–	PUNCT
dem-5676	112	60	number	number	NOUN
dem-5676	112	61	of	of	ADP
dem-5676	112	62	observations	observation	NOUN
dem-5676	112	63	,	,	PUNCT
dem-5676	112	64	u	u	NOUN
dem-5676	112	65	is	be	AUX
dem-5676	112	66	normally	normally	ADV
dem-5676	112	67	distributed	distribute	VERB
dem-5676	112	68	statistics	statistic	NOUN
dem-5676	112	69	.	.	PUNCT
dem-5676	113	1	in	in	ADP
dem-5676	113	2	the	the	DET
dem-5676	113	3	next	next	ADJ
dem-5676	113	4	step	step	NOUN
dem-5676	113	5	we	we	PRON
dem-5676	113	6	test	test	VERB
dem-5676	113	7	equality	equality	NOUN
dem-5676	113	8	of	of	ADP
dem-5676	113	9	the	the	DET
dem-5676	113	10	pension	pension	NOUN
dem-5676	113	11	fund	fund	NOUN
dem-5676	113	12	’s	’s	PART
dem-5676	113	13	and	and	CCONJ
dem-5676	113	14	benchmark	benchmark	NOUN
dem-5676	113	15	’s	’s	PART
dem-5676	113	16	variances	variance	NOUN
dem-5676	113	17	.	.	PUNCT
dem-5676	114	1	the	the	DET
dem-5676	114	2	null	null	ADJ
dem-5676	114	3	hypothesis	hypothesis	NOUN
dem-5676	114	4	is	be	AUX
dem-5676	114	5	:	:	PUNCT
dem-5676	114	6	22	22	NUM
dem-5676	114	7	0	0	NUM
dem-5676	114	8	)	)	PUNCT
dem-5676	114	9	(:	(:	VERB
dem-5676	114	10	bp	bp	PROPN
dem-5676	114	11	srdh	srdh	VERB
dem-5676	114	12			PROPN
dem-5676	114	13	(	(	PUNCT
dem-5676	114	14	5	5	NUM
dem-5676	114	15	)	)	PUNCT
dem-5676	114	16	and	and	CCONJ
dem-5676	114	17	the	the	DET
dem-5676	114	18	test	test	NOUN
dem-5676	114	19	statistics	statistic	NOUN
dem-5676	114	20	is	be	AUX
dem-5676	114	21	defined	define	VERB
dem-5676	114	22	as	as	ADP
dem-5676	114	23	:	:	PUNCT
dem-5676	114	24	,	,	PUNCT
dem-5676	114	25	2	2	NUM
dem-5676	114	26	2	2	NUM
dem-5676	114	27	2	2	NUM
dem-5676	114	28	b	b	NOUN
dem-5676	114	29	p	p	X
dem-5676	114	30	s	s	PROPN
dem-5676	114	31	st	st	PROPN
dem-5676	114	32			PROPN
dem-5676	114	33			NOUN
dem-5676	114	34	(	(	PUNCT
dem-5676	114	35	6	6	NUM
dem-5676	114	36	)	)	PUNCT
dem-5676	114	37	,	,	PUNCT
dem-5676	114	38	1)1(22	1)1(22	NUM
dem-5676	114	39	2	2	NUM
dem-5676	114	40			NUM
dem-5676	114	41	tu	tu	PROPN
dem-5676	114	42			NOUN
dem-5676	114	43	(	(	PUNCT
dem-5676	114	44	7	7	NUM
dem-5676	114	45	)	)	PUNCT
dem-5676	114	46	where	where	SCONJ
dem-5676	114	47	:	:	PUNCT
dem-5676	114	48	)	)	PUNCT
dem-5676	114	49	(	(	PUNCT
dem-5676	114	50	2	2	NUM
dem-5676	114	51	prd	prd	NOUN
dem-5676	114	52	–	–	PUNCT
dem-5676	114	53	variance	variance	NOUN
dem-5676	114	54	of	of	ADP
dem-5676	114	55	the	the	DET
dem-5676	114	56	portfolio	portfolio	NOUN
dem-5676	114	57	,	,	PUNCT
dem-5676	114	58	bs	bs	INTJ
dem-5676	114	59	–	–	PUNCT
dem-5676	114	60	standard	standard	ADJ
dem-5676	114	61	deviation	deviation	NOUN
dem-5676	114	62	of	of	ADP
dem-5676	114	63	rates	rate	NOUN
dem-5676	114	64	of	of	ADP
dem-5676	114	65	return	return	NOUN
dem-5676	114	66	generated	generate	VERB
dem-5676	114	67	by	by	ADP
dem-5676	114	68	the	the	DET
dem-5676	114	69	benchmark	benchmark	NOUN
dem-5676	114	70	,	,	PUNCT
dem-5676	114	71	other	other	ADJ
dem-5676	114	72	symbols	symbol	NOUN
dem-5676	114	73	are	be	AUX
dem-5676	114	74	described	describe	VERB
dem-5676	114	75	above	above	ADV
dem-5676	114	76	.	.	PUNCT
dem-5676	115	1	various	various	ADJ
dem-5676	115	2	researchers	researcher	NOUN
dem-5676	115	3	who	who	PRON
dem-5676	115	4	have	have	AUX
dem-5676	115	5	highlighted	highlight	VERB
dem-5676	115	6	numerous	numerous	ADJ
dem-5676	115	7	factors	factor	NOUN
dem-5676	115	8	influencing	influence	VERB
dem-5676	115	9	the	the	DET
dem-5676	115	10	portfolio	portfolio	NOUN
dem-5676	115	11	performance	performance	NOUN
dem-5676	115	12	have	have	AUX
dem-5676	115	13	documented	document	VERB
dem-5676	115	14	investment	investment	NOUN
dem-5676	115	15	efficiency	efficiency	NOUN
dem-5676	115	16	.	.	PUNCT
dem-5676	116	1	the	the	DET
dem-5676	116	2	two	two	NUM
dem-5676	116	3	krzysztof	krzysztof	PROPN
dem-5676	116	4	kompa	kompa	PROPN
dem-5676	116	5	,	,	PUNCT
dem-5676	116	6	dorota	dorota	PROPN
dem-5676	116	7	witkowska	witkowska	PROPN
dem-5676	116	8	dynamic	dynamic	ADJ
dem-5676	116	9	econometric	econometric	ADJ
dem-5676	116	10	models	model	NOUN
dem-5676	116	11	14	14	NUM
dem-5676	116	12	(	(	PUNCT
dem-5676	116	13	2014	2014	NUM
dem-5676	116	14	)	)	PUNCT
dem-5676	116	15	105–124	105–124	NUM
dem-5676	116	16	114	114	NUM
dem-5676	116	17	traditional	traditional	ADJ
dem-5676	116	18	measures	measure	NOUN
dem-5676	116	19	of	of	ADP
dem-5676	116	20	the	the	DET
dem-5676	116	21	portfolio	portfolio	NOUN
dem-5676	116	22	performance	performance	NOUN
dem-5676	116	23	are	be	AUX
dem-5676	116	24	the	the	DET
dem-5676	116	25	treynor	treynor	NOUN
dem-5676	116	26	and	and	CCONJ
dem-5676	116	27	the	the	DET
dem-5676	116	28	sharpe	sharpe	PROPN
dem-5676	116	29	indexes13	indexes13	PROPN
dem-5676	116	30	:	:	PUNCT
dem-5676	116	31	,	,	PUNCT
dem-5676	116	32	p	p	X
dem-5676	116	33	fp	fp	X
dem-5676	116	34	p	p	X
dem-5676	116	35	s	s	PROPN
dem-5676	116	36	rr	rr	PROPN
dem-5676	116	37	ws	ws	PROPN
dem-5676	116	38			PROPN
dem-5676	116	39			PROPN
dem-5676	116	40	(	(	PUNCT
dem-5676	116	41	8)	8)	NUM
dem-5676	116	42	,	,	PUNCT
dem-5676	116	43	p	p	NOUN
dem-5676	116	44	fp	fp	PROPN
dem-5676	116	45	p	p	X
dem-5676	116	46	rr	rr	NOUN
dem-5676	116	47	wt	wt	PROPN
dem-5676	116	48			PROPN
dem-5676	116	49			PROPN
dem-5676	116	50			NUM
dem-5676	116	51	(	(	PUNCT
dem-5676	116	52	9	9	NUM
dem-5676	116	53	)	)	PUNCT
dem-5676	117	1	where	where	SCONJ
dem-5676	117	2	:	:	PUNCT
dem-5676	117	3	pws	pws	NOUN
dem-5676	117	4	and	and	CCONJ
dem-5676	117	5	pwt	pwt	PROPN
dem-5676	117	6	–	–	PUNCT
dem-5676	117	7	sharpe	sharpe	NOUN
dem-5676	117	8	and	and	CCONJ
dem-5676	117	9	treynor	treynor	NOUN
dem-5676	117	10	ratios	ratio	NOUN
dem-5676	117	11	,	,	PUNCT
dem-5676	117	12	respectively	respectively	ADV
dem-5676	117	13	,	,	PUNCT
dem-5676	117	14	,	,	PUNCT
dem-5676	117	15	pr	pr	NOUN
dem-5676	117	16	fr	fr	ADV
dem-5676	117	17	–	–	PUNCT
dem-5676	117	18	average	average	ADJ
dem-5676	117	19	returns	return	NOUN
dem-5676	117	20	from	from	ADP
dem-5676	117	21	the	the	DET
dem-5676	117	22	analyzed	analyze	VERB
dem-5676	117	23	portfolio	portfolio	NOUN
dem-5676	117	24	and	and	CCONJ
dem-5676	117	25	the	the	DET
dem-5676	117	26	risk	risk	NOUN
dem-5676	117	27	free	free	ADJ
dem-5676	117	28	instrument	instrument	NOUN
dem-5676	117	29	,	,	PUNCT
dem-5676	117	30	respectively	respectively	ADV
dem-5676	117	31	,	,	PUNCT
dem-5676	117	32	p	p	INTJ
dem-5676	117	33	–	–	PUNCT
dem-5676	117	34	beta	beta	ADJ
dem-5676	117	35	coefficient	coefficient	NOUN
dem-5676	117	36	from	from	ADP
dem-5676	117	37	the	the	DET
dem-5676	117	38	single	single	ADJ
dem-5676	117	39	-	-	PUNCT
dem-5676	117	40	index	index	NOUN
dem-5676	117	41	model	model	NOUN
dem-5676	117	42	(	(	PUNCT
dem-5676	117	43	also	also	ADV
dem-5676	117	44	called	call	VERB
dem-5676	117	45	sharpe	sharpe	PROPN
dem-5676	117	46	’s	’s	PART
dem-5676	117	47	model14	model14	NOUN
dem-5676	117	48	)	)	PUNCT
dem-5676	117	49	estimated	estimate	VERB
dem-5676	117	50	separately	separately	ADV
dem-5676	117	51	for	for	ADP
dem-5676	117	52	each	each	DET
dem-5676	117	53	pension	pension	NOUN
dem-5676	117	54	fund	fund	NOUN
dem-5676	117	55	:	:	PUNCT
dem-5676	117	56	,	,	PUNCT
dem-5676	117	57	tbtppt	tbtppt	PROPN
dem-5676	117	58	err	err	PROPN
dem-5676	117	59			PART
dem-5676	117	60			NUM
dem-5676	117	61	(	(	PUNCT
dem-5676	117	62	10	10	NUM
dem-5676	117	63	)	)	PUNCT
dem-5676	117	64	where	where	SCONJ
dem-5676	117	65	:	:	PUNCT
dem-5676	117	66	,	,	PUNCT
dem-5676	117	67	ptr	ptr	PROPN
dem-5676	117	68	btr	btr	PROPN
dem-5676	117	69	–	–	PUNCT
dem-5676	117	70	returns	return	NOUN
dem-5676	117	71	from	from	ADP
dem-5676	117	72	pension	pension	NOUN
dem-5676	117	73	funds	fund	NOUN
dem-5676	117	74	and	and	CCONJ
dem-5676	117	75	benchmark	benchmark	NOUN
dem-5676	117	76	observed	observe	VERB
dem-5676	117	77	in	in	ADP
dem-5676	117	78	the	the	DET
dem-5676	117	79	period	period	NOUN
dem-5676	117	80	t.	t.	NOUN
dem-5676	117	81	significance	significance	NOUN
dem-5676	117	82	of	of	ADP
dem-5676	117	83	beta	beta	ADJ
dem-5676	117	84	coefficient	coefficient	NOUN
dem-5676	117	85	,	,	PUNCT
dem-5676	117	86	i.e.	i.e.	X
dem-5676	117	87	*	*	X
dem-5676	117	88	0	0	NUM
dem-5676	117	89	:	:	PUNCT
dem-5676	117	90			NOUN
dem-5676	117	91	ph	ph	NUM
dem-5676	117	92	(	(	PUNCT
dem-5676	117	93	11	11	NUM
dem-5676	117	94	)	)	PUNCT
dem-5676	117	95	can	can	AUX
dem-5676	117	96	be	be	AUX
dem-5676	117	97	tested	test	VERB
dem-5676	117	98	using	use	VERB
dem-5676	117	99	the	the	DET
dem-5676	117	100	test	test	NOUN
dem-5676	117	101	statistics	statistic	NOUN
dem-5676	117	102	:	:	PUNCT
dem-5676	117	103	,	,	PUNCT
dem-5676	117	104	*	*	PUNCT
dem-5676	118	1	p	p	X
dem-5676	118	2	s	s	PROPN
dem-5676	118	3	b	b	X
dem-5676	118	4	t	t	PROPN
dem-5676	118	5	p	p	PROPN
dem-5676	118	6			PROPN
dem-5676	118	7			PROPN
dem-5676	118	8			PROPN
dem-5676	118	9	(	(	PUNCT
dem-5676	118	10	12	12	NUM
dem-5676	118	11	)	)	PUNCT
dem-5676	118	12	where	where	SCONJ
dem-5676	118	13	:	:	PUNCT
dem-5676	118	14	t	t	PROPN
dem-5676	118	15	–	–	PUNCT
dem-5676	118	16	t	t	PROPN
dem-5676	118	17	-	-	PUNCT
dem-5676	118	18	student	student	NOUN
dem-5676	118	19	statistics	statistic	NOUN
dem-5676	118	20	,	,	PUNCT
dem-5676	118	21	pb	pb	ADV
dem-5676	118	22	–	–	PUNCT
dem-5676	118	23	parameter	parameter	NOUN
dem-5676	118	24	estimates	estimate	NOUN
dem-5676	118	25	of	of	ADP
dem-5676	118	26	,	,	PUNCT
dem-5676	118	27			PROPN
dem-5676	118	28	p	p	PROPN
dem-5676	118	29	s	s	PROPN
dem-5676	118	30	–	–	PUNCT
dem-5676	118	31	standard	standard	ADJ
dem-5676	118	32	error	error	NOUN
dem-5676	118	33	,	,	PUNCT
dem-5676	118	34	0	0	NUM
dem-5676	118	35	*	*	SYM
dem-5676	118	36			PROPN
dem-5676	118	37	or	or	CCONJ
dem-5676	118	38	1	1	NUM
dem-5676	118	39	.	.	PUNCT
dem-5676	118	40	ratios	ratio	NOUN
dem-5676	118	41	(	(	PUNCT
dem-5676	118	42	8)	8)	NUM
dem-5676	118	43	and	and	CCONJ
dem-5676	118	44	(	(	PUNCT
dem-5676	118	45	9	9	NUM
dem-5676	118	46	)	)	PUNCT
dem-5676	118	47	are	be	AUX
dem-5676	118	48	compared	compare	VERB
dem-5676	118	49	to	to	ADP
dem-5676	118	50	the	the	DET
dem-5676	118	51	efficiency	efficiency	NOUN
dem-5676	118	52	measures	measure	NOUN
dem-5676	118	53	evaluated	evaluate	VERB
dem-5676	118	54	for	for	ADP
dem-5676	118	55	the	the	DET
dem-5676	118	56	constructed	construct	VERB
dem-5676	118	57	benchmarks	benchmark	NOUN
dem-5676	118	58	,	,	PUNCT
dem-5676	118	59	bws	bws	PROPN
dem-5676	118	60	and	and	CCONJ
dem-5676	118	61	.bwt	.bwt	PUNCT
dem-5676	118	62	application	application	NOUN
dem-5676	118	63	of	of	ADP
dem-5676	118	64	these	these	DET
dem-5676	118	65	traditional	traditional	ADJ
dem-5676	118	66	efficiency	efficiency	NOUN
dem-5676	118	67	measures	measure	NOUN
dem-5676	118	68	requires	require	VERB
dem-5676	118	69	selection	selection	NOUN
dem-5676	118	70	of	of	ADP
dem-5676	118	71	the	the	DET
dem-5676	118	72	representative	representative	ADJ
dem-5676	118	73	market	market	NOUN
dem-5676	118	74	index	index	NOUN
dem-5676	118	75	and	and	CCONJ
dem-5676	118	76	risk	risk	NOUN
dem-5676	118	77	-	-	PUNCT
dem-5676	118	78	free	free	ADJ
dem-5676	118	79	instrument	instrument	NOUN
dem-5676	118	80	.	.	PUNCT
dem-5676	119	1	we	we	PRON
dem-5676	119	2	assumed	assume	VERB
dem-5676	119	3	the	the	DET
dem-5676	119	4	significance	significance	NOUN
dem-5676	119	5	level	level	NOUN
dem-5676	119	6	of	of	ADP
dem-5676	119	7	0.05	0.05	NUM
dem-5676	119	8	for	for	ADP
dem-5676	119	9	all	all	DET
dem-5676	119	10	tests	test	NOUN
dem-5676	119	11	.	.	PUNCT
dem-5676	120	1	13	13	NUM
dem-5676	120	2	sharpe	sharpe	PROPN
dem-5676	120	3	and	and	CCONJ
dem-5676	120	4	treynor	treynor	NOUN
dem-5676	120	5	ratios	ratio	NOUN
dem-5676	120	6	are	be	AUX
dem-5676	120	7	composite	composite	ADJ
dem-5676	120	8	measure	measure	NOUN
dem-5676	120	9	of	of	ADP
dem-5676	120	10	portfolio	portfolio	NOUN
dem-5676	120	11	performance	performance	NOUN
dem-5676	120	12	that	that	PRON
dem-5676	120	13	also	also	ADV
dem-5676	120	14	included	include	VERB
dem-5676	120	15	risk	risk	NOUN
dem-5676	120	16	,	,	PUNCT
dem-5676	120	17	for	for	SCONJ
dem-5676	120	18	details	detail	NOUN
dem-5676	120	19	see	see	VERB
dem-5676	120	20	:	:	PUNCT
dem-5676	120	21	treynor	treynor	NOUN
dem-5676	120	22	(	(	PUNCT
dem-5676	120	23	1965	1965	NUM
dem-5676	120	24	)	)	PUNCT
dem-5676	120	25	,	,	PUNCT
dem-5676	120	26	sharpe	sharpe	NOUN
dem-5676	120	27	(	(	PUNCT
dem-5676	120	28	1966	1966	NUM
dem-5676	120	29	)	)	PUNCT
dem-5676	120	30	.	.	PUNCT
dem-5676	121	1	application	application	NOUN
dem-5676	121	2	of	of	ADP
dem-5676	121	3	sharpe	sharpe	PROPN
dem-5676	121	4	index	index	PROPN
dem-5676	121	5	to	to	PART
dem-5676	121	6	evaluate	evaluate	VERB
dem-5676	121	7	the	the	DET
dem-5676	121	8	private	private	ADJ
dem-5676	121	9	pension	pension	NOUN
dem-5676	121	10	funds	fund	NOUN
dem-5676	121	11	efficiency	efficiency	NOUN
dem-5676	121	12	is	be	AUX
dem-5676	121	13	presented	present	VERB
dem-5676	121	14	in	in	ADP
dem-5676	121	15	antolin	antolin	NOUN
dem-5676	121	16	(	(	PUNCT
dem-5676	121	17	2008	2008	NUM
dem-5676	121	18	)	)	PUNCT
dem-5676	121	19	.	.	PUNCT
dem-5676	122	1	14	14	NUM
dem-5676	122	2	discussion	discussion	NOUN
dem-5676	122	3	about	about	ADP
dem-5676	122	4	sharpe	sharpe	PROPN
dem-5676	122	5	’s	’s	PART
dem-5676	122	6	model	model	NOUN
dem-5676	122	7	estimated	estimate	VERB
dem-5676	122	8	for	for	ADP
dem-5676	122	9	polish	polish	ADJ
dem-5676	122	10	capital	capital	NOUN
dem-5676	122	11	market	market	NOUN
dem-5676	122	12	can	can	AUX
dem-5676	122	13	be	be	AUX
dem-5676	122	14	found	find	VERB
dem-5676	122	15	in	in	ADP
dem-5676	122	16	tarczyński	tarczyński	PROPN
dem-5676	122	17	et	et	PROPN
dem-5676	122	18	al	al	PROPN
dem-5676	122	19	.	.	PROPN
dem-5676	123	1	(	(	PUNCT
dem-5676	123	2	2013	2013	NUM
dem-5676	123	3	)	)	PUNCT
dem-5676	123	4	among	among	ADP
dem-5676	123	5	others	other	NOUN
dem-5676	123	6	.	.	PUNCT
dem-5676	124	1	pension	pension	NOUN
dem-5676	124	2	funds	fund	NOUN
dem-5676	124	3	in	in	ADP
dem-5676	124	4	poland	poland	PROPN
dem-5676	124	5	:	:	PUNCT
dem-5676	124	6	efficiency	efficiency	NOUN
dem-5676	124	7	analysis	analysis	NOUN
dem-5676	124	8	for	for	ADP
dem-5676	124	9	years	year	NOUN
dem-5676	124	10	1999–2013	1999–2013	NUM
dem-5676	124	11	dynamic	dynamic	ADJ
dem-5676	124	12	econometric	econometric	ADJ
dem-5676	124	13	models	model	NOUN
dem-5676	124	14	14	14	NUM
dem-5676	124	15	(	(	PUNCT
dem-5676	124	16	2014	2014	NUM
dem-5676	124	17	)	)	PUNCT
dem-5676	124	18	105–124	105–124	NUM
dem-5676	124	19	115	115	NUM
dem-5676	124	20	3	3	NUM
dem-5676	124	21	.	.	PUNCT
dem-5676	125	1	empirical	empirical	ADJ
dem-5676	125	2	analysis	analysis	NOUN
dem-5676	125	3	in	in	ADP
dem-5676	125	4	the	the	DET
dem-5676	125	5	first	first	ADJ
dem-5676	125	6	stage	stage	NOUN
dem-5676	125	7	of	of	ADP
dem-5676	125	8	research	research	NOUN
dem-5676	125	9	the	the	DET
dem-5676	125	10	logarithmic	logarithmic	ADJ
dem-5676	125	11	rates	rate	NOUN
dem-5676	125	12	of	of	ADP
dem-5676	125	13	return	return	NOUN
dem-5676	125	14	from	from	ADP
dem-5676	125	15	of	of	ADP
dem-5676	125	16	6months	6months	NUM
dem-5676	125	17	sub	sub	NOUN
dem-5676	125	18	-	-	ADJ
dem-5676	125	19	periods	period	NOUN
dem-5676	125	20	are	be	AUX
dem-5676	125	21	analyzed	analyze	VERB
dem-5676	125	22	.	.	PUNCT
dem-5676	126	1	we	we	PRON
dem-5676	126	2	distinguish	distinguish	VERB
dem-5676	126	3	27	27	NUM
dem-5676	126	4	such	such	ADJ
dem-5676	126	5	time	time	NOUN
dem-5676	126	6	spans	span	NOUN
dem-5676	126	7	from	from	ADP
dem-5676	126	8	january	january	PROPN
dem-5676	126	9	1	1	NUM
dem-5676	126	10	,	,	PUNCT
dem-5676	126	11	2000	2000	NUM
dem-5676	126	12	to	to	ADP
dem-5676	126	13	june	june	PROPN
dem-5676	126	14	30	30	NUM
dem-5676	126	15	,	,	PUNCT
dem-5676	126	16	2013	2013	NUM
dem-5676	126	17	(	(	PUNCT
dem-5676	126	18	denoted	denote	VERB
dem-5676	126	19	as	as	ADP
dem-5676	126	20	p2	p2	NOUN
dem-5676	126	21	–	–	PUNCT
dem-5676	126	22	p28	p28	NOUN
dem-5676	126	23	)	)	PUNCT
dem-5676	126	24	and	and	CCONJ
dem-5676	126	25	two	two	NUM
dem-5676	126	26	shorter	short	ADJ
dem-5676	126	27	periods	period	NOUN
dem-5676	126	28	(	(	PUNCT
dem-5676	126	29	p1	p1	NOUN
dem-5676	126	30	:	:	PUNCT
dem-5676	126	31	17.09.1999–31.12.1999	17.09.1999–31.12.1999	NUM
dem-5676	126	32	and	and	CCONJ
dem-5676	126	33	p29	p29	NOUN
dem-5676	126	34	:	:	PUNCT
dem-5676	126	35	1.07.2013–17.10.2013	1.07.2013–17.10.2013	NUM
dem-5676	126	36	)	)	PUNCT
dem-5676	126	37	.	.	PUNCT
dem-5676	127	1	p30	p30	NOUN
dem-5676	127	2	denotes	denote	VERB
dem-5676	127	3	the	the	DET
dem-5676	127	4	entire	entire	ADJ
dem-5676	127	5	period	period	NOUN
dem-5676	127	6	of	of	ADP
dem-5676	127	7	investigation	investigation	NOUN
dem-5676	127	8	.	.	PUNCT
dem-5676	128	1	for	for	ADP
dem-5676	128	2	all	all	DET
dem-5676	128	3	analyzed	analyze	VERB
dem-5676	128	4	pension	pension	NOUN
dem-5676	128	5	funds	fund	NOUN
dem-5676	128	6	and	and	CCONJ
dem-5676	128	7	for	for	ADP
dem-5676	128	8	hypothetical	hypothetical	ADJ
dem-5676	128	9	portfolios	portfolio	NOUN
dem-5676	128	10	rates	rate	NOUN
dem-5676	128	11	of	of	ADP
dem-5676	128	12	return	return	NOUN
dem-5676	128	13	are	be	AUX
dem-5676	128	14	evaluated	evaluate	VERB
dem-5676	128	15	.	.	PUNCT
dem-5676	129	1	table	table	NOUN
dem-5676	129	2	3a	3a	NUM
dem-5676	129	3	.	.	PUNCT
dem-5676	130	1	rates	rate	NOUN
dem-5676	130	2	of	of	ADP
dem-5676	130	3	returns	return	NOUN
dem-5676	130	4	no	no	INTJ
dem-5676	130	5	.	.	NOUN
dem-5676	130	6	end	end	NOUN
dem-5676	130	7	of	of	ADP
dem-5676	130	8	the	the	DET
dem-5676	130	9	period	period	NOUN
dem-5676	130	10	aegon	aegon	PROPN
dem-5676	130	11	all	all	DET
dem-5676	130	12	aviva	aviva	PROPN
dem-5676	130	13	axa	axa	PROPN
dem-5676	130	14	gen	gen	PROPN
dem-5676	130	15	ing	ing	NOUN
dem-5676	130	16	norea	norea	ADP
dem-5676	130	17	poc	poc	PROPN
dem-5676	130	18	p1	p1	PROPN
dem-5676	130	19	31.12.1999	31.12.1999	NUM
dem-5676	130	20	0.0903	0.0903	NUM
dem-5676	130	21	0.0764	0.0764	NUM
dem-5676	130	22	0.1058	0.1058	NUM
dem-5676	130	23	0.0591	0.0591	NUM
dem-5676	130	24	0.0628	0.0628	NUM
dem-5676	130	25	0.0777	0.0777	NUM
dem-5676	130	26	0.0909	0.0909	NUM
dem-5676	130	27	0.0796	0.0796	NUM
dem-5676	130	28	p2	p2	PROPN
dem-5676	130	29	30.06.2000	30.06.2000	NUM
dem-5676	130	30	0.0755	0.0755	NUM
dem-5676	130	31	0.1026	0.1026	NUM
dem-5676	130	32	0.0531	0.0531	NUM
dem-5676	130	33	0.0981	0.0981	NUM
dem-5676	130	34	0.0796	0.0796	NUM
dem-5676	130	35	0.0874	0.0874	NUM
dem-5676	130	36	0.0502	0.0502	NUM
dem-5676	130	37	0.0888	0.0888	NUM
dem-5676	130	38	p3	p3	PROPN
dem-5676	130	39	29.12.2000	29.12.2000	NUM
dem-5676	130	40	0.0337	0.0337	NUM
dem-5676	130	41	0.0194	0.0194	NUM
dem-5676	130	42	0.0471	0.0471	NUM
dem-5676	130	43	0.0281	0.0281	NUM
dem-5676	130	44	0.0555	0.0555	NUM
dem-5676	131	1	0.0591	0.0591	NUM
dem-5676	131	2	0.0438	0.0438	NUM
dem-5676	131	3	0.0483	0.0483	NUM
dem-5676	131	4	p4	p4	ADJ
dem-5676	131	5	29.06.2001	29.06.2001	NUM
dem-5676	131	6	–	–	PUNCT
dem-5676	131	7	0.0452	0.0452	NUM
dem-5676	131	8	–	–	PUNCT
dem-5676	131	9	0.0350	0.0350	NUM
dem-5676	131	10	–	–	PUNCT
dem-5676	131	11	0.0170	0.0170	NUM
dem-5676	131	12	–	–	PUNCT
dem-5676	131	13	0.0187	0.0187	NUM
dem-5676	131	14	–	–	PUNCT
dem-5676	131	15	0.0433	0.0433	NUM
dem-5676	131	16	–	–	PUNCT
dem-5676	131	17	0.0336	0.0336	NUM
dem-5676	131	18	–	–	PUNCT
dem-5676	131	19	0.0177	0.0177	NUM
dem-5676	131	20	–	–	PUNCT
dem-5676	131	21	0.0476	0.0476	NUM
dem-5676	131	22	p5	p5	ADJ
dem-5676	131	23	31.12.2001	31.12.2001	NUM
dem-5676	131	24	0.0809	0.0809	NUM
dem-5676	131	25	0.1064	0.1064	NUM
dem-5676	131	26	0.1131	0.1131	NUM
dem-5676	131	27	0.0951	0.0951	NUM
dem-5676	131	28	0.1003	0.1003	NUM
dem-5676	131	29	0.1072	0.1072	NUM
dem-5676	131	30	0.1126	0.1126	NUM
dem-5676	131	31	0.0722	0.0722	NUM
dem-5676	131	32	p6	p6	ADJ
dem-5676	131	33	28.06.2002	28.06.2002	NUM
dem-5676	131	34	0.0535	0.0535	NUM
dem-5676	131	35	0.0643	0.0643	NUM
dem-5676	131	36	0.0562	0.0562	NUM
dem-5676	131	37	0.0473	0.0473	NUM
dem-5676	131	38	0.0543	0.0543	NUM
dem-5676	131	39	0.0786	0.0786	NUM
dem-5676	131	40	0.0717	0.0717	NUM
dem-5676	131	41	0.0388	0.0388	NUM
dem-5676	131	42	p7	p7	ADJ
dem-5676	131	43	31.12.2002	31.12.2002	NUM
dem-5676	131	44	0.0693	0.0693	NUM
dem-5676	131	45	0.0662	0.0662	NUM
dem-5676	131	46	0.0513	0.0513	NUM
dem-5676	131	47	0.0485	0.0485	NUM
dem-5676	131	48	0.0617	0.0617	NUM
dem-5676	131	49	0.0829	0.0829	NUM
dem-5676	131	50	0.0669	0.0669	NUM
dem-5676	131	51	0.0539	0.0539	NUM
dem-5676	131	52	p8	p8	ADJ
dem-5676	131	53	30.06.2003	30.06.2003	NUM
dem-5676	131	54	0.0504	0.0504	NUM
dem-5676	131	55	0.0510	0.0510	NUM
dem-5676	131	56	0.0428	0.0428	NUM
dem-5676	131	57	0.0456	0.0456	NUM
dem-5676	131	58	0.0545	0.0545	NUM
dem-5676	131	59	0.0547	0.0547	NUM
dem-5676	131	60	0.0495	0.0495	NUM
dem-5676	131	61	0.0446	0.0446	NUM
dem-5676	131	62	p9	p9	NOUN
dem-5676	131	63	31.12.2003	31.12.2003	NUM
dem-5676	131	64	0.0488	0.0488	NUM
dem-5676	131	65	0.0545	0.0545	NUM
dem-5676	131	66	0.0561	0.0561	NUM
dem-5676	131	67	0.0509	0.0509	NUM
dem-5676	131	68	0.0591	0.0591	NUM
dem-5676	131	69	0.0552	0.0552	NUM
dem-5676	131	70	0.0600	0.0600	NUM
dem-5676	131	71	0.0578	0.0578	NUM
dem-5676	131	72	p10	p10	NOUN
dem-5676	131	73	30.06.2004	30.06.2004	PROPN
dem-5676	131	74	0.0423	0.0423	NUM
dem-5676	131	75	0.0452	0.0452	NUM
dem-5676	131	76	0.0399	0.0399	NUM
dem-5676	131	77	0.0553	0.0553	NUM
dem-5676	131	78	0.0506	0.0506	NUM
dem-5676	131	79	0.0351	0.0351	NUM
dem-5676	131	80	0.0361	0.0361	NUM
dem-5676	131	81	0.0455	0.0455	NUM
dem-5676	131	82	p11	p11	ADJ
dem-5676	131	83	31.12.2004	31.12.2004	NUM
dem-5676	131	84	0.0848	0.0848	NUM
dem-5676	131	85	0.0608	0.0608	NUM
dem-5676	131	86	0.0814	0.0814	NUM
dem-5676	131	87	0.0865	0.0865	NUM
dem-5676	131	88	0.0859	0.0859	NUM
dem-5676	131	89	0.0863	0.0863	NUM
dem-5676	131	90	0.0779	0.0779	NUM
dem-5676	131	91	0.0816	0.0816	PRON
dem-5676	131	92	p12	p12	ADJ
dem-5676	131	93	30.06.2005	30.06.2005	NUM
dem-5676	131	94	0.0536	0.0536	NUM
dem-5676	131	95	0.0487	0.0487	NUM
dem-5676	131	96	0.0655	0.0655	NUM
dem-5676	131	97	0.0572	0.0572	NUM
dem-5676	131	98	0.0580	0.0580	NUM
dem-5676	131	99	0.0702	0.0702	NUM
dem-5676	131	100	0.0540	0.0540	NUM
dem-5676	131	101	0.0520	0.0520	NUM
dem-5676	131	102	p13	p13	NOUN
dem-5676	131	103	31.12.2005	31.12.2005	NUM
dem-5676	131	104	0.0663	0.0663	NUM
dem-5676	131	105	0.0525	0.0525	NUM
dem-5676	131	106	0.0738	0.0738	NUM
dem-5676	131	107	0.0701	0.0701	NUM
dem-5676	131	108	0.0763	0.0763	NUM
dem-5676	131	109	0.0764	0.0764	NUM
dem-5676	131	110	0.0678	0.0678	NUM
dem-5676	131	111	0.0789	0.0789	NUM
dem-5676	131	112	p14	p14	ADJ
dem-5676	131	113	30.06.2006	30.06.2006	NUM
dem-5676	131	114	0.0374	0.0374	NUM
dem-5676	131	115	0.0580	0.0580	NUM
dem-5676	131	116	0.0441	0.0441	NUM
dem-5676	131	117	0.0410	0.0410	NUM
dem-5676	131	118	0.0568	0.0568	NUM
dem-5676	131	119	0.0453	0.0453	NUM
dem-5676	131	120	0.0454	0.0454	NUM
dem-5676	131	121	0.0599	0.0599	NUM
dem-5676	131	122	p15	p15	ADJ
dem-5676	131	123	29.12.2006	29.12.2006	NUM
dem-5676	131	124	0.0995	0.0995	NUM
dem-5676	131	125	0.0900	0.0900	NUM
dem-5676	131	126	0.0971	0.0971	NUM
dem-5676	131	127	0.1049	0.1049	NUM
dem-5676	131	128	0.1086	0.1086	NUM
dem-5676	131	129	0.1066	0.1066	NUM
dem-5676	131	130	0.0964	0.0964	NUM
dem-5676	131	131	0.0979	0.0979	NUM
dem-5676	131	132	p16	p16	NOUN
dem-5676	131	133	29.06.2007	29.06.2007	NUM
dem-5676	131	134	0.1018	0.1018	NUM
dem-5676	131	135	0.1102	0.1102	NUM
dem-5676	131	136	0.1076	0.1076	NUM
dem-5676	131	137	0.1062	0.1062	NUM
dem-5676	131	138	0.0918	0.0918	NUM
dem-5676	131	139	0.0951	0.0951	NUM
dem-5676	131	140	0.1047	0.1047	NUM
dem-5676	131	141	0.0967	0.0967	NUM
dem-5676	131	142	p17	p17	NOUN
dem-5676	131	143	28.12.2007	28.12.2007	NUM
dem-5676	131	144	–	–	PUNCT
dem-5676	131	145	0.0484	0.0484	NUM
dem-5676	131	146	–	–	PUNCT
dem-5676	131	147	0.0479	0.0479	NUM
dem-5676	131	148	–	–	PUNCT
dem-5676	131	149	0.0429	0.0429	NUM
dem-5676	131	150	–	–	PUNCT
dem-5676	131	151	0.0480	0.0480	NUM
dem-5676	131	152	–	–	PUNCT
dem-5676	131	153	0.0381	0.0381	NUM
dem-5676	131	154	–	–	PUNCT
dem-5676	131	155	0.0475	0.0475	NUM
dem-5676	131	156	–	–	PUNCT
dem-5676	131	157	0.0548	0.0548	NUM
dem-5676	131	158	–	–	PUNCT
dem-5676	131	159	0.0579	0.0579	NUM
dem-5676	131	160	p18	p18	NOUN
dem-5676	131	161	30.06.2008	30.06.2008	NUM
dem-5676	131	162	–	–	PUNCT
dem-5676	131	163	0.0904	0.0904	NUM
dem-5676	131	164	–	–	PUNCT
dem-5676	131	165	0.0841	0.0841	NUM
dem-5676	131	166	–	–	PUNCT
dem-5676	131	167	0.0936	0.0936	NUM
dem-5676	131	168	–	–	PUNCT
dem-5676	131	169	0.0823	0.0823	NUM
dem-5676	131	170	–	–	PUNCT
dem-5676	131	171	0.0855	0.0855	NUM
dem-5676	131	172	–	–	PUNCT
dem-5676	131	173	0.0932	0.0932	NUM
dem-5676	131	174	–	–	PUNCT
dem-5676	131	175	0.0807	0.0807	NUM
dem-5676	131	176	–	–	PUNCT
dem-5676	131	177	0.0810	0.0810	NUM
dem-5676	131	178	p19	p19	NOUN
dem-5676	131	179	31.12.2008	31.12.2008	PROPN
dem-5676	131	180	–	–	PUNCT
dem-5676	131	181	0.0449	0.0449	NUM
dem-5676	131	182	–	–	PUNCT
dem-5676	131	183	0.0363	0.0363	NUM
dem-5676	131	184	–	–	PUNCT
dem-5676	131	185	0.0642	0.0642	NUM
dem-5676	131	186	–	–	PUNCT
dem-5676	131	187	0.0445	0.0445	NUM
dem-5676	131	188	–	–	PUNCT
dem-5676	131	189	0.0510	0.0510	NUM
dem-5676	131	190	–	–	PUNCT
dem-5676	131	191	0.0565	0.0565	NUM
dem-5676	131	192	–	–	PUNCT
dem-5676	131	193	0.0498	0.0498	NUM
dem-5676	131	194	–	–	PUNCT
dem-5676	131	195	0.0468	0.0468	NUM
dem-5676	131	196	p20	p20	VERB
dem-5676	131	197	30.06.2009	30.06.2009	NUM
dem-5676	131	198	0.0294	0.0294	NUM
dem-5676	132	1	0.0226	0.0226	NUM
dem-5676	132	2	0.0147	0.0147	NUM
dem-5676	132	3	0.0283	0.0283	NUM
dem-5676	132	4	0.0377	0.0377	NUM
dem-5676	132	5	0.0213	0.0213	NUM
dem-5676	132	6	0.0252	0.0252	NUM
dem-5676	132	7	0.0292	0.0292	NUM
dem-5676	132	8	p21	p21	NOUN
dem-5676	132	9	31.12.2009	31.12.2009	NUM
dem-5676	132	10	0.0932	0.0932	NUM
dem-5676	132	11	0.0953	0.0953	NUM
dem-5676	132	12	0.0990	0.0990	NUM
dem-5676	132	13	0.0922	0.0922	NUM
dem-5676	132	14	0.0961	0.0961	NUM
dem-5676	132	15	0.0994	0.0994	NUM
dem-5676	132	16	0.0865	0.0865	NUM
dem-5676	132	17	0.0879	0.0879	NUM
dem-5676	132	18	p22	p22	NOUN
dem-5676	132	19	30.06.2010	30.06.2010	NUM
dem-5676	132	20	0.0138	0.0138	NUM
dem-5676	132	21	0.0174	0.0174	NUM
dem-5676	132	22	0.0206	0.0206	NUM
dem-5676	132	23	0.0201	0.0201	NUM
dem-5676	132	24	0.0173	0.0173	NUM
dem-5676	132	25	0.0221	0.0221	NUM
dem-5676	132	26	0.0271	0.0271	NUM
dem-5676	132	27	0.0210	0.0210	NUM
dem-5676	132	28	p23	p23	NOUN
dem-5676	132	29	31.12.2010	31.12.2010	NUM
dem-5676	132	30	0.0779	0.0779	NUM
dem-5676	132	31	0.0843	0.0843	NUM
dem-5676	132	32	0.0846	0.0846	NUM
dem-5676	132	33	0.0750	0.0750	NUM
dem-5676	132	34	0.0692	0.0692	NUM
dem-5676	132	35	0.0877	0.0877	NUM
dem-5676	132	36	0.0842	0.0842	NUM
dem-5676	132	37	0.0822	0.0822	NUM
dem-5676	132	38	p24	p24	NOUN
dem-5676	132	39	30.06.2011	30.06.2011	NUM
dem-5676	132	40	0.0185	0.0185	NUM
dem-5676	132	41	0.0266	0.0266	NUM
dem-5676	132	42	0.0212	0.0212	NUM
dem-5676	132	43	0.0205	0.0205	NUM
dem-5676	132	44	0.0196	0.0196	NUM
dem-5676	132	45	0.0261	0.0261	NUM
dem-5676	132	46	0.0256	0.0256	NUM
dem-5676	132	47	0.0183	0.0183	NUM
dem-5676	132	48	p25	p25	PROPN
dem-5676	132	49	30.12.2011	30.12.2011	NUM
dem-5676	132	50	–	–	PUNCT
dem-5676	132	51	0.0689	0.0689	NUM
dem-5676	132	52	–	–	PUNCT
dem-5676	132	53	0.0742	0.0742	NUM
dem-5676	132	54	–	–	PUNCT
dem-5676	132	55	0.0704	0.0704	NUM
dem-5676	132	56	–	–	PUNCT
dem-5676	132	57	0.0560	0.0560	NUM
dem-5676	132	58	–	–	PUNCT
dem-5676	132	59	0.0618	0.0618	NUM
dem-5676	132	60	–	–	PUNCT
dem-5676	132	61	0.0734	0.0734	NUM
dem-5676	132	62	–	–	PUNCT
dem-5676	132	63	0.0671	0.0671	NUM
dem-5676	132	64	–	–	PUNCT
dem-5676	132	65	0.0824	0.0824	NUM
dem-5676	132	66	p26	p26	NOUN
dem-5676	132	67	29.06.2012	29.06.2012	NUM
dem-5676	132	68	0.0466	0.0466	NUM
dem-5676	132	69	0.0547	0.0547	NUM
dem-5676	132	70	0.0533	0.0533	NUM
dem-5676	132	71	0.0439	0.0439	NUM
dem-5676	132	72	0.0459	0.0459	NUM
dem-5676	132	73	0.0550	0.0550	NUM
dem-5676	132	74	0.0596	0.0596	NUM
dem-5676	132	75	0.0471	0.0471	NUM
dem-5676	132	76	p27	p27	NOUN
dem-5676	132	77	28.12.2012	28.12.2012	NUM
dem-5676	132	78	0.1011	0.1011	NUM
dem-5676	132	79	0.1059	0.1059	NUM
dem-5676	132	80	0.0955	0.0955	NUM
dem-5676	132	81	0.0906	0.0906	NUM
dem-5676	132	82	0.0901	0.0901	NUM
dem-5676	132	83	0.0934	0.0934	NUM
dem-5676	132	84	0.1025	0.1025	NUM
dem-5676	132	85	0.0912	0.0912	NUM
dem-5676	132	86	p28	p28	NOUN
dem-5676	132	87	28.06.2013	28.06.2013	NUM
dem-5676	132	88	–	–	PUNCT
dem-5676	132	89	0.0206	0.0206	NUM
dem-5676	132	90	–	–	PUNCT
dem-5676	132	91	0.0123	0.0123	NUM
dem-5676	132	92	–	–	PUNCT
dem-5676	132	93	0.0110	0.0110	NUM
dem-5676	132	94	–	–	PUNCT
dem-5676	132	95	0.0083	0.0083	NUM
dem-5676	132	96	–	–	PUNCT
dem-5676	132	97	0.0123	0.0123	NUM
dem-5676	132	98	–	–	PUNCT
dem-5676	132	99	0.0052	0.0052	NUM
dem-5676	132	100	0.0008	0.0008	NUM
dem-5676	132	101	–	–	PUNCT
dem-5676	132	102	0.0039	0.0039	NUM
dem-5676	132	103	p29	p29	NOUN
dem-5676	132	104	17.10.2013	17.10.2013	NUM
dem-5676	132	105	0.0760	0.0760	NUM
dem-5676	132	106	0.0765	0.0765	NUM
dem-5676	132	107	0.0803	0.0803	NUM
dem-5676	132	108	0.0737	0.0737	NUM
dem-5676	132	109	0.0789	0.0789	NUM
dem-5676	132	110	0.0850	0.0850	NUM
dem-5676	132	111	0.0796	0.0796	NUM
dem-5676	132	112	0.0813	0.0813	NUM
dem-5676	132	113	p30	p30	NOUN
dem-5676	132	114	17.10.2013	17.10.2013	NUM
dem-5676	132	115	1.1671	1.1671	NUM
dem-5676	132	116	1.2454	1.2454	NUM
dem-5676	132	117	1.2501	1.2501	NUM
dem-5676	132	118	1.2213	1.2213	NUM
dem-5676	132	119	1.2681	1.2681	NUM
dem-5676	132	120	1.3210	1.3210	NUM
dem-5676	132	121	1.2669	1.2669	NUM
dem-5676	132	122	1.1773	1.1773	NUM
dem-5676	132	123	note	note	NOUN
dem-5676	132	124	:	:	PUNCT
dem-5676	132	125	description	description	NOUN
dem-5676	132	126	of	of	ADP
dem-5676	132	127	abbreviations	abbreviation	NOUN
dem-5676	132	128	:	:	PUNCT
dem-5676	132	129	all	all	PRON
dem-5676	132	130	means	mean	VERB
dem-5676	132	131	allianz	allianz	PROPN
dem-5676	132	132	,	,	PUNCT
dem-5676	132	133	gen	gen	PROPN
dem-5676	132	134	–	–	PUNCT
dem-5676	132	135	generali	generali	PROPN
dem-5676	132	136	,	,	PUNCT
dem-5676	132	137	poc	poc	NOUN
dem-5676	132	138	–	–	PUNCT
dem-5676	132	139	pocztylion	pocztylion	NOUN
dem-5676	132	140	.	.	PUNCT
dem-5676	133	1	considered	consider	VERB
dem-5676	133	2	returns	return	NOUN
dem-5676	133	3	generated	generate	VERB
dem-5676	133	4	by	by	ADP
dem-5676	133	5	pension	pension	NOUN
dem-5676	133	6	funds	fund	NOUN
dem-5676	133	7	in	in	ADP
dem-5676	133	8	analyzed	analyze	VERB
dem-5676	133	9	intervals	interval	NOUN
dem-5676	133	10	(	(	PUNCT
dem-5676	133	11	tables	table	NOUN
dem-5676	133	12	3a	3a	NUM
dem-5676	133	13	and	and	CCONJ
dem-5676	133	14	3b	3b	NUM
dem-5676	133	15	)	)	PUNCT
dem-5676	133	16	we	we	PRON
dem-5676	133	17	notice	notice	VERB
dem-5676	133	18	that	that	SCONJ
dem-5676	133	19	in	in	ADP
dem-5676	133	20	general	general	ADJ
dem-5676	133	21	all	all	PRON
dem-5676	133	22	of	of	ADP
dem-5676	133	23	them	they	PRON
dem-5676	133	24	show	show	VERB
dem-5676	133	25	similar	similar	ADJ
dem-5676	133	26	perkrzysztof	perkrzysztof	NOUN
dem-5676	133	27	kompa	kompa	PROPN
dem-5676	133	28	,	,	PUNCT
dem-5676	133	29	dorota	dorota	PROPN
dem-5676	133	30	witkowska	witkowska	PROPN
dem-5676	133	31	dynamic	dynamic	ADJ
dem-5676	133	32	econometric	econometric	ADJ
dem-5676	133	33	models	model	NOUN
dem-5676	133	34	14	14	NUM
dem-5676	133	35	(	(	PUNCT
dem-5676	133	36	2014	2014	NUM
dem-5676	133	37	)	)	PUNCT
dem-5676	134	1	105–124	105–124	NUM
dem-5676	134	2	116	116	NUM
dem-5676	134	3	formance	formance	NOUN
dem-5676	134	4	.	.	PUNCT
dem-5676	135	1	negative	negative	ADJ
dem-5676	135	2	returns	return	NOUN
dem-5676	135	3	are	be	AUX
dem-5676	135	4	observed	observe	VERB
dem-5676	135	5	only	only	ADV
dem-5676	135	6	in	in	ADP
dem-5676	135	7	the	the	DET
dem-5676	135	8	following	following	ADJ
dem-5676	135	9	periods	period	NOUN
dem-5676	135	10	:	:	PUNCT
dem-5676	135	11	02.01.2001–29.06.2001	02.01.2001–29.06.2001	NUM
dem-5676	135	12	,	,	PUNCT
dem-5676	135	13	29.06.2007–31.12.2008	29.06.2007–31.12.2008	NUM
dem-5676	135	14	,	,	PUNCT
dem-5676	135	15	01.07.2011–30.12.2011	01.07.2011–30.12.2011	NUM
dem-5676	135	16	,	,	PUNCT
dem-5676	135	17	and	and	CCONJ
dem-5676	135	18	02.01.2013–28.06.2013	02.01.2013–28.06.2013	NUM
dem-5676	135	19	(	(	PUNCT
dem-5676	135	20	except	except	SCONJ
dem-5676	135	21	nordea	nordea	NOUN
dem-5676	135	22	in	in	ADP
dem-5676	135	23	the	the	DET
dem-5676	135	24	period	period	NOUN
dem-5676	135	25	p28	p28	NOUN
dem-5676	135	26	)	)	PUNCT
dem-5676	135	27	.	.	PUNCT
dem-5676	136	1	table	table	NOUN
dem-5676	136	2	3b	3b	NOUN
dem-5676	136	3	.	.	PUNCT
dem-5676	137	1	rates	rate	NOUN
dem-5676	137	2	of	of	ADP
dem-5676	137	3	returns	return	NOUN
dem-5676	137	4	no	no	INTJ
dem-5676	137	5	.	.	NOUN
dem-5676	137	6	end	end	NOUN
dem-5676	137	7	of	of	ADP
dem-5676	137	8	the	the	DET
dem-5676	137	9	period	period	NOUN
dem-5676	137	10	pekao	pekao	NOUN
dem-5676	137	11	pzu	pzu	VERB
dem-5676	137	12	warta	warta	PROPN
dem-5676	137	13	average	average	ADJ
dem-5676	137	14	bond	bond	NOUN
dem-5676	137	15	wig	wig	NOUN
dem-5676	137	16	wibor	wibor	NOUN
dem-5676	137	17	p1	p1	PROPN
dem-5676	137	18	31.12.1999	31.12.1999	NUM
dem-5676	137	19	0.0669	0.0669	NUM
dem-5676	137	20	0.0738	0.0738	NUM
dem-5676	137	21	0.1101	0.1101	NUM
dem-5676	137	22	0.0814	0.0814	NUM
dem-5676	137	23	–	–	PUNCT
dem-5676	137	24	0.0071	0.0071	NUM
dem-5676	137	25	0.0921	0.0921	NUM
dem-5676	137	26	0.4291	0.4291	NUM
dem-5676	137	27	p2	p2	NOUN
dem-5676	137	28	30.06.2000	30.06.2000	NUM
dem-5676	137	29	0.0611	0.0611	NUM
dem-5676	137	30	0.0663	0.0663	NUM
dem-5676	137	31	0.0648	0.0648	NUM
dem-5676	137	32	0.0751	0.0751	NUM
dem-5676	137	33	0.0112	0.0112	NUM
dem-5676	137	34	0.0342	0.0342	NUM
dem-5676	137	35	–	–	PUNCT
dem-5676	137	36	0.1283	0.1283	NUM
dem-5676	137	37	p3	p3	NOUN
dem-5676	137	38	29.12.2000	29.12.2000	NUM
dem-5676	137	39	0.0187	0.0187	NUM
dem-5676	137	40	0.0300	0.0300	NUM
dem-5676	137	41	0.0793	0.0793	NUM
dem-5676	137	42	0.0425	0.0425	NUM
dem-5676	137	43	–	–	PUNCT
dem-5676	137	44	0.0102	0.0102	NUM
dem-5676	137	45	–	–	PUNCT
dem-5676	137	46	0.0904	0.0904	NUM
dem-5676	137	47	0.0793	0.0793	NUM
dem-5676	137	48	p4	p4	ADJ
dem-5676	137	49	29.06.2001	29.06.2001	NUM
dem-5676	137	50	–	–	PUNCT
dem-5676	137	51	0.0228	0.0228	NUM
dem-5676	137	52	–	–	PUNCT
dem-5676	137	53	0.0291	0.0291	NUM
dem-5676	137	54	–	–	PUNCT
dem-5676	137	55	0.0575	0.0575	NUM
dem-5676	137	56	–	–	PUNCT
dem-5676	137	57	0.0336	0.0336	NUM
dem-5676	137	58	–	–	PUNCT
dem-5676	137	59	0.0196	0.0196	NUM
dem-5676	137	60	–	–	PUNCT
dem-5676	137	61	0.2369	0.2369	NUM
dem-5676	137	62	–	–	PUNCT
dem-5676	137	63	0.1942	0.1942	NUM
dem-5676	138	1	p5	p5	ADJ
dem-5676	138	2	31.12.2001	31.12.2001	NUM
dem-5676	138	3	0.1131	0.1131	NUM
dem-5676	138	4	0.1223	0.1223	NUM
dem-5676	138	5	0.0774	0.0774	NUM
dem-5676	138	6	0.0999	0.0999	NUM
dem-5676	138	7	–	–	PUNCT
dem-5676	138	8	0.0265	0.0265	NUM
dem-5676	138	9	0.0072	0.0072	NUM
dem-5676	138	10	–	–	PUNCT
dem-5676	138	11	0.2891	0.2891	NUM
dem-5676	138	12	p6	p6	ADJ
dem-5676	138	13	28.06.2002	28.06.2002	NUM
dem-5676	138	14	0.0312	0.0312	NUM
dem-5676	138	15	0.0648	0.0648	NUM
dem-5676	138	16	0.0536	0.0536	NUM
dem-5676	138	17	0.0561	0.0561	NUM
dem-5676	138	18	0.0000	0.0000	NUM
dem-5676	138	19	0.0140	0.0140	NUM
dem-5676	138	20	–	–	PUNCT
dem-5676	138	21	0.2609	0.2609	NUM
dem-5676	138	22	p7	p7	VERB
dem-5676	138	23	31.12.2002	31.12.2002	NUM
dem-5676	138	24	0.0379	0.0379	NUM
dem-5676	138	25	0.0752	0.0752	NUM
dem-5676	138	26	0.0433	0.0433	NUM
dem-5676	138	27	0.0600	0.0600	NUM
dem-5676	138	28	0.0324	0.0324	NUM
dem-5676	138	29	0.0138	0.0138	NUM
dem-5676	138	30	–	–	PUNCT
dem-5676	138	31	0.2663	0.2663	NUM
dem-5676	138	32	p8	p8	VERB
dem-5676	138	33	30.06.2003	30.06.2003	NUM
dem-5676	138	34	0.0471	0.0471	NUM
dem-5676	138	35	0.0532	0.0532	NUM
dem-5676	138	36	0.0524	0.0524	NUM
dem-5676	138	37	0.0497	0.0497	NUM
dem-5676	138	38	0.0359	0.0359	NUM
dem-5676	138	39	0.1061	0.1061	NUM
dem-5676	138	40	–	–	PUNCT
dem-5676	138	41	0.2586	0.2586	NUM
dem-5676	138	42	p9	p9	NOUN
dem-5676	138	43	31.12.2003	31.12.2003	NUM
dem-5676	138	44	0.0538	0.0538	NUM
dem-5676	138	45	0.0604	0.0604	NUM
dem-5676	138	46	0.0664	0.0664	NUM
dem-5676	138	47	0.0567	0.0567	NUM
dem-5676	138	48	–	–	PUNCT
dem-5676	138	49	0.1041	0.1041	NUM
dem-5676	138	50	0.2790	0.2790	NUM
dem-5676	138	51	0.0187	0.0187	NUM
dem-5676	138	52	p10	p10	NOUN
dem-5676	138	53	30.06.2004	30.06.2004	PROPN
dem-5676	138	54	0.0673	0.0673	NUM
dem-5676	138	55	0.0486	0.0486	NUM
dem-5676	138	56	0.0635	0.0635	NUM
dem-5676	138	57	0.0479	0.0479	NUM
dem-5676	138	58	–	–	PUNCT
dem-5676	138	59	0.0505	0.0505	NUM
dem-5676	138	60	0.1173	0.1173	NUM
dem-5676	138	61	0.0721	0.0721	NUM
dem-5676	138	62	p11	p11	ADJ
dem-5676	138	63	31.12.2004	31.12.2004	NUM
dem-5676	138	64	0.0836	0.0836	NUM
dem-5676	138	65	0.0814	0.0814	NUM
dem-5676	138	66	0.0788	0.0788	NUM
dem-5676	138	67	0.0809	0.0809	NUM
dem-5676	138	68	0.1059	0.1059	NUM
dem-5676	138	69	0.1086	0.1086	NUM
dem-5676	138	70	0.1144	0.1144	NUM
dem-5676	138	71	p12	p12	NOUN
dem-5676	138	72	30.06.2005	30.06.2005	NUM
dem-5676	138	73	0.0495	0.0495	NUM
dem-5676	138	74	0.0570	0.0570	NUM
dem-5676	138	75	0.0548	0.0548	NUM
dem-5676	138	76	0.0566	0.0566	NUM
dem-5676	138	77	0.0800	0.0800	NUM
dem-5676	138	78	0.0590	0.0590	NUM
dem-5676	138	79	–	–	PUNCT
dem-5676	138	80	0.2648	0.2648	NUM
dem-5676	138	81	p13	p13	PROPN
dem-5676	138	82	31.12.2005	31.12.2005	NUM
dem-5676	138	83	0.0604	0.0604	NUM
dem-5676	139	1	0.0670	0.0670	NUM
dem-5676	139	2	0.0750	0.0750	NUM
dem-5676	139	3	0.0697	0.0697	NUM
dem-5676	139	4	–	–	PUNCT
dem-5676	139	5	0.0267	0.0267	NUM
dem-5676	139	6	0.2183	0.2183	NUM
dem-5676	139	7	–	–	PUNCT
dem-5676	139	8	0.0933	0.0933	NUM
dem-5676	139	9	p14	p14	VERB
dem-5676	139	10	30.06.2006	30.06.2006	NUM
dem-5676	139	11	0.0708	0.0708	NUM
dem-5676	139	12	0.0479	0.0479	NUM
dem-5676	139	13	0.0598	0.0598	NUM
dem-5676	139	14	0.0513	0.0513	NUM
dem-5676	139	15	–	–	PUNCT
dem-5676	139	16	0.0284	0.0284	NUM
dem-5676	139	17	0.1201	0.1201	NUM
dem-5676	139	18	–	–	PUNCT
dem-5676	139	19	0.1102	0.1102	NUM
dem-5676	139	20	p15	p15	ADJ
dem-5676	139	21	29.12.2006	29.12.2006	NUM
dem-5676	139	22	0.1174	0.1174	NUM
dem-5676	139	23	0.1092	0.1092	NUM
dem-5676	139	24	0.0992	0.0992	NUM
dem-5676	139	25	0.1025	0.1025	NUM
dem-5676	139	26	0.0276	0.0276	NUM
dem-5676	139	27	0.2125	0.2125	NUM
dem-5676	139	28	0.0000	0.0000	NUM
dem-5676	139	29	p16	p16	NOUN
dem-5676	139	30	29.06.2007	29.06.2007	NUM
dem-5676	139	31	0.1423	0.1423	NUM
dem-5676	139	32	0.1097	0.1097	NUM
dem-5676	139	33	0.0966	0.0966	NUM
dem-5676	139	34	0.1055	0.1055	NUM
dem-5676	139	35	–	–	PUNCT
dem-5676	139	36	0.0249	0.0249	NUM
dem-5676	139	37	0.2550	0.2550	NUM
dem-5676	139	38	0.1189	0.1189	NUM
dem-5676	139	39	p17	p17	NOUN
dem-5676	139	40	28.12.2007	28.12.2007	NUM
dem-5676	139	41	–	–	PUNCT
dem-5676	139	42	0.0759	0.0759	NUM
dem-5676	139	43	–	–	PUNCT
dem-5676	139	44	0.0457	0.0457	NUM
dem-5676	139	45	–	–	PUNCT
dem-5676	139	46	0.0630	0.0630	NUM
dem-5676	139	47	–	–	PUNCT
dem-5676	139	48	0.0517	0.0517	NUM
dem-5676	139	49	–	–	PUNCT
dem-5676	139	50	0.0188	0.0188	NUM
dem-5676	139	51	–	–	PUNCT
dem-5676	139	52	0.1651	0.1651	NUM
dem-5676	139	53	0.1805	0.1805	NUM
dem-5676	139	54	p18	p18	NOUN
dem-5676	139	55	30.06.2008	30.06.2008	NUM
dem-5676	139	56	–	–	PUNCT
dem-5676	139	57	0.0963	0.0963	NUM
dem-5676	139	58	–	–	PUNCT
dem-5676	139	59	0.1033	0.1033	NUM
dem-5676	139	60	–	–	PUNCT
dem-5676	139	61	0.0904	0.0904	NUM
dem-5676	139	62	–	–	PUNCT
dem-5676	139	63	0.0893	0.0893	NUM
dem-5676	139	64	–	–	PUNCT
dem-5676	139	65	0.0267	0.0267	NUM
dem-5676	139	66	–	–	PUNCT
dem-5676	139	67	0.2996	0.2996	NUM
dem-5676	139	68	0.1507	0.1507	NUM
dem-5676	139	69	p19	p19	NOUN
dem-5676	139	70	31.12.2008	31.12.2008	PROPN
dem-5676	139	71	–	–	PUNCT
dem-5676	139	72	0.0553	0.0553	NUM
dem-5676	139	73	–	–	PUNCT
dem-5676	139	74	0.0403	0.0403	NUM
dem-5676	139	75	–	–	PUNCT
dem-5676	139	76	0.0560	0.0560	NUM
dem-5676	139	77	–	–	PUNCT
dem-5676	139	78	0.0497	0.0497	NUM
dem-5676	139	79	0.0608	0.0608	NUM
dem-5676	139	80	–	–	PUNCT
dem-5676	139	81	0.3968	0.3968	NUM
dem-5676	139	82	–	–	PUNCT
dem-5676	139	83	0.1176	0.1176	NUM
dem-5676	139	84	p20	p20	VERB
dem-5676	139	85	30.06.2009	30.06.2009	NUM
dem-5676	139	86	0.0236	0.0236	NUM
dem-5676	139	87	0.0136	0.0136	NUM
dem-5676	139	88	0.0211	0.0211	NUM
dem-5676	139	89	0.0243	0.0243	NUM
dem-5676	139	90	–	–	PUNCT
dem-5676	139	91	0.0183	0.0183	NUM
dem-5676	139	92	0.0711	0.0711	NUM
dem-5676	139	93	–	–	PUNCT
dem-5676	139	94	0.3913	0.3913	NUM
dem-5676	139	95	p21	p21	NOUN
dem-5676	139	96	31.12.2009	31.12.2009	NUM
dem-5676	139	97	0.0997	0.0997	NUM
dem-5676	139	98	0.1038	0.1038	NUM
dem-5676	139	99	0.0960	0.0960	NUM
dem-5676	139	100	0.0954	0.0954	NUM
dem-5676	139	101	0.0061	0.0061	NUM
dem-5676	139	102	0.2646	0.2646	NUM
dem-5676	139	103	–	–	PUNCT
dem-5676	139	104	0.0053	0.0053	NUM
dem-5676	139	105	p22	p22	NOUN
dem-5676	139	106	30.06.2010	30.06.2010	NUM
dem-5676	139	107	0.0201	0.0201	NUM
dem-5676	139	108	0.0195	0.0195	NUM
dem-5676	139	109	0.0253	0.0253	NUM
dem-5676	139	110	0.0204	0.0204	NUM
dem-5676	139	111	0.0192	0.0192	NUM
dem-5676	139	112	–	–	PUNCT
dem-5676	139	113	0.0345	0.0345	NUM
dem-5676	139	114	–	–	PUNCT
dem-5676	139	115	0.0190	0.0190	NUM
dem-5676	139	116	p23	p23	NOUN
dem-5676	139	117	31.12.2010	31.12.2010	NUM
dem-5676	139	118	0.0775	0.0775	NUM
dem-5676	139	119	0.0854	0.0854	VERB
dem-5676	140	1	0.0766	0.0766	NUM
dem-5676	140	2	0.0804	0.0804	NUM
dem-5676	140	3	0.0010	0.0010	NUM
dem-5676	140	4	0.1876	0.1876	NUM
dem-5676	140	5	0.0055	0.0055	NUM
dem-5676	140	6	p24	p24	NOUN
dem-5676	140	7	30.06.2011	30.06.2011	NUM
dem-5676	140	8	0.0219	0.0219	NUM
dem-5676	140	9	0.0185	0.0185	NUM
dem-5676	140	10	0.0235	0.0235	NUM
dem-5676	140	11	0.0219	0.0219	NUM
dem-5676	140	12	0.0000	0.0000	NUM
dem-5676	140	13	0.0085	0.0085	NUM
dem-5676	140	14	0.2357	0.2357	NUM
dem-5676	140	15	p25	p25	NOUN
dem-5676	140	16	30.12.2011	30.12.2011	NUM
dem-5676	140	17	–	–	PUNCT
dem-5676	140	18	0.0788	0.0788	NUM
dem-5676	140	19	–	–	PUNCT
dem-5676	140	20	0.0748	0.0748	NUM
dem-5676	140	21	–	–	PUNCT
dem-5676	140	22	0.0685	0.0685	NUM
dem-5676	140	23	–	–	PUNCT
dem-5676	140	24	0.0704	0.0704	NUM
dem-5676	140	25	0.0035	0.0035	NUM
dem-5676	140	26	–	–	PUNCT
dem-5676	140	27	0.2557	0.2557	NUM
dem-5676	140	28	0.0320	0.0320	NUM
dem-5676	140	29	p26	p26	NOUN
dem-5676	140	30	29.06.2012	29.06.2012	NUM
dem-5676	140	31	0.0488	0.0488	NUM
dem-5676	141	1	0.0474	0.0474	NUM
dem-5676	141	2	0.0510	0.0510	NUM
dem-5676	141	3	0.0503	0.0503	NUM
dem-5676	141	4	0.0050	0.0050	NUM
dem-5676	141	5	0.0630	0.0630	NUM
dem-5676	141	6	0.0289	0.0289	NUM
dem-5676	141	7	p27	p27	NOUN
dem-5676	141	8	28.12.2012	28.12.2012	NUM
dem-5676	141	9	0.0953	0.0953	NUM
dem-5676	141	10	0.0937	0.0937	NUM
dem-5676	141	11	0.0950	0.0950	NUM
dem-5676	141	12	0.0958	0.0958	NUM
dem-5676	141	13	0.0082	0.0082	NUM
dem-5676	141	14	0.1565	0.1565	NUM
dem-5676	141	15	–	–	PUNCT
dem-5676	141	16	0.1514	0.1514	NUM
dem-5676	141	17	p28	p28	NOUN
dem-5676	141	18	28.06.2013	28.06.2013	NUM
dem-5676	141	19	–	–	PUNCT
dem-5676	141	20	0.0109	0.0109	NUM
dem-5676	141	21	–	–	PUNCT
dem-5676	141	22	0.0047	0.0047	NUM
dem-5676	141	23	–	–	PUNCT
dem-5676	141	24	0.0093	0.0093	NUM
dem-5676	141	25	–	–	PUNCT
dem-5676	141	26	0.0088	0.0088	NUM
dem-5676	141	27	–	–	PUNCT
dem-5676	141	28	0.0084	0.0084	NUM
dem-5676	141	29	–	–	PUNCT
dem-5676	141	30	0.0724	0.0724	NUM
dem-5676	141	31	–	–	PUNCT
dem-5676	141	32	0.4126	0.4126	NUM
dem-5676	141	33	p29	p29	NOUN
dem-5676	141	34	17.10.2013	17.10.2013	NUM
dem-5676	141	35	0.0845	0.0845	NUM
dem-5676	141	36	0.0814	0.0814	NUM
dem-5676	141	37	0.0824	0.0824	NUM
dem-5676	141	38	0.0800	0.0800	NUM
dem-5676	141	39	–	–	PUNCT
dem-5676	141	40	0.0047	0.0047	NUM
dem-5676	141	41	0.1607	0.1607	NUM
dem-5676	141	42	–	–	PUNCT
dem-5676	141	43	0.0561	0.0561	NUM
dem-5676	141	44	p30	p30	NOUN
dem-5676	141	45	17.10.2013	17.10.2013	NUM
dem-5676	141	46	1.1941	1.1941	NUM
dem-5676	141	47	1.2483	1.2483	NUM
dem-5676	141	48	1.2485	1.2485	NUM
dem-5676	141	49	1.2379	1.2379	NUM
dem-5676	141	50	0.0244	0.0244	NUM
dem-5676	141	51	1.1593	1.1593	NUM
dem-5676	141	52	–	–	PUNCT
dem-5676	141	53	1.6368	1.6368	NUM
dem-5676	141	54	similar	similar	ADJ
dem-5676	141	55	,	,	PUNCT
dem-5676	141	56	to	to	ADP
dem-5676	141	57	some	some	DET
dem-5676	141	58	extend	extend	NOUN
dem-5676	141	59	,	,	PUNCT
dem-5676	141	60	tendencies	tendency	NOUN
dem-5676	141	61	can	can	AUX
dem-5676	141	62	be	be	AUX
dem-5676	141	63	observed	observe	VERB
dem-5676	141	64	in	in	ADP
dem-5676	141	65	the	the	DET
dem-5676	141	66	bond	bond	NOUN
dem-5676	141	67	,	,	PUNCT
dem-5676	141	68	equity	equity	NOUN
dem-5676	141	69	and	and	CCONJ
dem-5676	141	70	money	money	NOUN
dem-5676	141	71	market	market	NOUN
dem-5676	141	72	(	(	PUNCT
dem-5676	141	73	table	table	NOUN
dem-5676	141	74	3b	3b	NUM
dem-5676	141	75	)	)	PUNCT
dem-5676	141	76	.	.	PUNCT
dem-5676	142	1	negative	negative	ADJ
dem-5676	142	2	returns	return	NOUN
dem-5676	142	3	appear	appear	VERB
dem-5676	142	4	in	in	ADP
dem-5676	142	5	the	the	DET
dem-5676	142	6	mentioned	mention	VERB
dem-5676	142	7	above	above	ADP
dem-5676	142	8	periods	period	NOUN
dem-5676	142	9	(	(	PUNCT
dem-5676	142	10	except	except	SCONJ
dem-5676	142	11	wibor	wibor	NOUN
dem-5676	142	12	in	in	ADP
dem-5676	142	13	p17	p17	NOUN
dem-5676	142	14	,	,	PUNCT
dem-5676	142	15	p18	p18	NOUN
dem-5676	142	16	,	,	PUNCT
dem-5676	142	17	and	and	CCONJ
dem-5676	142	18	p25	p25	NOUN
dem-5676	142	19	and	and	CCONJ
dem-5676	142	20	bonds	bond	NOUN
dem-5676	142	21	in	in	ADP
dem-5676	142	22	p19	p19	NOUN
dem-5676	142	23	and	and	CCONJ
dem-5676	142	24	p25	p25	NUM
dem-5676	142	25	)	)	PUNCT
dem-5676	142	26	.	.	PUNCT
dem-5676	143	1	however	however	ADV
dem-5676	143	2	negative	negative	ADJ
dem-5676	143	3	rates	rate	NOUN
dem-5676	143	4	of	of	ADP
dem-5676	143	5	return	return	NOUN
dem-5676	143	6	are	be	AUX
dem-5676	143	7	observed	observe	VERB
dem-5676	143	8	additionally	additionally	ADV
dem-5676	143	9	in	in	ADP
dem-5676	143	10	following	follow	VERB
dem-5676	143	11	periods	period	NOUN
dem-5676	143	12	:	:	PUNCT
dem-5676	143	13	for	for	ADP
dem-5676	143	14	bond	bond	NOUN
dem-5676	143	15	market	market	NOUN
dem-5676	143	16	:	:	PUNCT
dem-5676	143	17	p1	p1	NOUN
dem-5676	143	18	,	,	PUNCT
dem-5676	143	19	p3	p3	PROPN
dem-5676	143	20	,	,	PUNCT
dem-5676	143	21	p5	p5	PROPN
dem-5676	143	22	,	,	PUNCT
dem-5676	143	23	p9	p9	PROPN
dem-5676	143	24	,	,	PUNCT
dem-5676	143	25	p10	p10	PROPN
dem-5676	143	26	,	,	PUNCT
dem-5676	143	27	p13	p13	NOUN
dem-5676	143	28	,	,	PUNCT
dem-5676	143	29	p14	p14	NOUN
dem-5676	143	30	,	,	PUNCT
dem-5676	143	31	p16	p16	NOUN
dem-5676	143	32	,	,	PUNCT
dem-5676	143	33	p20	p20	NOUN
dem-5676	143	34	,	,	PUNCT
dem-5676	143	35	p29	p29	NOUN
dem-5676	143	36	;	;	PUNCT
dem-5676	143	37	for	for	ADP
dem-5676	143	38	wibor	wibor	NOUN
dem-5676	143	39	:	:	PUNCT
dem-5676	143	40	p2	p2	NOUN
dem-5676	143	41	,	,	PUNCT
dem-5676	143	42	p5	p5	ADJ
dem-5676	143	43	–	–	PUNCT
dem-5676	143	44	p8	p8	ADJ
dem-5676	143	45	,	,	PUNCT
dem-5676	143	46	p12	p12	ADJ
dem-5676	143	47	–	–	PUNCT
dem-5676	143	48	p14	p14	ADJ
dem-5676	143	49	,	,	PUNCT
dem-5676	143	50	p20	p20	NOUN
dem-5676	143	51	–	–	PUNCT
dem-5676	143	52	p22	p22	NOUN
dem-5676	143	53	,	,	PUNCT
dem-5676	143	54	p27	p27	NOUN
dem-5676	143	55	,	,	PUNCT
dem-5676	143	56	p29	p29	NOUN
dem-5676	143	57	and	and	CCONJ
dem-5676	143	58	the	the	DET
dem-5676	143	59	entire	entire	ADJ
dem-5676	143	60	period	period	NOUN
dem-5676	143	61	of	of	ADP
dem-5676	143	62	analysis	analysis	NOUN
dem-5676	143	63	p30	p30	NOUN
dem-5676	143	64	.	.	PUNCT
dem-5676	144	1	wig	wig	NOUN
dem-5676	144	2	generates	generate	VERB
dem-5676	144	3	negative	negative	ADJ
dem-5676	144	4	returns	return	NOUN
dem-5676	144	5	in	in	ADP
dem-5676	144	6	p22	p22	NOUN
dem-5676	144	7	.	.	PUNCT
dem-5676	145	1	to	to	PART
dem-5676	145	2	summarize	summarize	VERB
dem-5676	145	3	,	,	PUNCT
dem-5676	145	4	pension	pension	NOUN
dem-5676	145	5	funds	fund	NOUN
dem-5676	145	6	in	in	ADP
dem-5676	145	7	poland	poland	PROPN
dem-5676	145	8	:	:	PUNCT
dem-5676	145	9	efficiency	efficiency	NOUN
dem-5676	145	10	analysis	analysis	NOUN
dem-5676	145	11	for	for	ADP
dem-5676	145	12	years	year	NOUN
dem-5676	145	13	1999–2013	1999–2013	NUM
dem-5676	145	14	dynamic	dynamic	ADJ
dem-5676	145	15	econometric	econometric	ADJ
dem-5676	145	16	models	model	NOUN
dem-5676	145	17	14	14	NUM
dem-5676	145	18	(	(	PUNCT
dem-5676	145	19	2014	2014	NUM
dem-5676	145	20	)	)	PUNCT
dem-5676	145	21	105–124	105–124	NUM
dem-5676	145	22	117	117	NUM
dem-5676	145	23	among	among	ADP
dem-5676	145	24	29	29	NUM
dem-5676	145	25	considered	consider	VERB
dem-5676	145	26	sub	sub	NOUN
dem-5676	145	27	-	-	ADJ
dem-5676	145	28	periods	periods	ADJ
dem-5676	145	29	,	,	PUNCT
dem-5676	145	30	pension	pension	NOUN
dem-5676	145	31	funds	fund	NOUN
dem-5676	145	32	generated	generate	VERB
dem-5676	145	33	negative	negative	ADJ
dem-5676	145	34	returns	return	NOUN
dem-5676	145	35	in	in	ADP
dem-5676	145	36	6	6	NUM
dem-5676	145	37	periods	period	NOUN
dem-5676	145	38	,	,	PUNCT
dem-5676	145	39	wig	wig	NOUN
dem-5676	145	40	in	in	ADP
dem-5676	145	41	8	8	NUM
dem-5676	145	42	,	,	PUNCT
dem-5676	145	43	bonds	bond	NOUN
dem-5676	145	44	in	in	ADP
dem-5676	145	45	14	14	NUM
dem-5676	145	46	and	and	CCONJ
dem-5676	145	47	wibor	wibor	NOUN
dem-5676	145	48	in	in	ADP
dem-5676	145	49	16	16	NUM
dem-5676	145	50	periods	period	NOUN
dem-5676	145	51	.	.	PUNCT
dem-5676	145	52	table	table	NOUN
dem-5676	145	53	4	4	NUM
dem-5676	145	54	.	.	PUNCT
dem-5676	146	1	the	the	DET
dem-5676	146	2	structure	structure	NOUN
dem-5676	146	3	of	of	ADP
dem-5676	146	4	the	the	DET
dem-5676	146	5	hypothetical	hypothetical	ADJ
dem-5676	146	6	portfolios	portfolio	NOUN
dem-5676	146	7	asset	asset	NOUN
dem-5676	146	8	representative	representative	ADJ
dem-5676	146	9	structure	structure	NOUN
dem-5676	146	10	of	of	ADP
dem-5676	146	11	the	the	DET
dem-5676	146	12	portfolios	portfolio	NOUN
dem-5676	146	13	ofe	ofe	VERB
dem-5676	146	14	due	due	ADP
dem-5676	146	15	to	to	ADP
dem-5676	146	16	the	the	DET
dem-5676	146	17	regulation	regulation	NOUN
dem-5676	146	18	from	from	ADP
dem-5676	146	19	kompa	kompa	PROPN
dem-5676	146	20	&	&	CCONJ
dem-5676	146	21	wiśniewski	wiśniewski	PROPN
dem-5676	146	22	(	(	PUNCT
dem-5676	146	23	2014	2014	NUM
dem-5676	146	24	)	)	PUNCT
dem-5676	146	25	1997	1997	NUM
dem-5676	146	26	dec	dec	PROPN
dem-5676	146	27	.	.	PROPN
dem-5676	146	28	,	,	PUNCT
dem-5676	146	29	6	6	NUM
dem-5676	146	30	,	,	PUNCT
dem-5676	146	31	2013	2013	NUM
dem-5676	146	32	portfolio	portfolio	NOUN
dem-5676	146	33	1	1	NUM
dem-5676	146	34	portfolio	portfolio	NOUN
dem-5676	146	35	2	2	NUM
dem-5676	146	36	portfolio	portfolio	NOUN
dem-5676	146	37	3	3	NUM
dem-5676	146	38	bond	bond	NOUN
dem-5676	146	39	market	market	NOUN
dem-5676	146	40	:	:	PUNCT
dem-5676	146	41	treasury	treasury	NOUN
dem-5676	146	42	bonds	bond	NOUN
dem-5676	146	43	42	42	NUM
dem-5676	146	44	%	%	NOUN
dem-5676	146	45	–	–	PUNCT
dem-5676	146	46	30	30	NUM
dem-5676	146	47	%	%	NOUN
dem-5676	146	48	equity	equity	NOUN
dem-5676	146	49	market	market	NOUN
dem-5676	146	50	:	:	PUNCT
dem-5676	146	51	wig	wig	NOUN
dem-5676	146	52	46	46	NUM
dem-5676	146	53	%	%	NOUN
dem-5676	146	54	79	79	NUM
dem-5676	146	55	%	%	NOUN
dem-5676	146	56	70	70	NUM
dem-5676	146	57	%	%	NOUN
dem-5676	146	58	monetary	monetary	ADJ
dem-5676	146	59	market	market	NOUN
dem-5676	146	60	:	:	PUNCT
dem-5676	146	61	wibor	wibor	NOUN
dem-5676	146	62	12	12	NUM
dem-5676	146	63	%	%	NOUN
dem-5676	146	64	21	21	NUM
dem-5676	146	65	%	%	NOUN
dem-5676	146	66	–	–	PUNCT
dem-5676	146	67	to	to	PART
dem-5676	146	68	analyze	analyze	VERB
dem-5676	146	69	efficiency	efficiency	NOUN
dem-5676	146	70	of	of	ADP
dem-5676	146	71	the	the	DET
dem-5676	146	72	pension	pension	NOUN
dem-5676	146	73	funds	fund	NOUN
dem-5676	146	74	we	we	PRON
dem-5676	146	75	construct	construct	VERB
dem-5676	146	76	three	three	NUM
dem-5676	146	77	hypothetical	hypothetical	ADJ
dem-5676	146	78	portfolios	portfolio	NOUN
dem-5676	146	79	employing	employ	VERB
dem-5676	146	80	aggregate	aggregate	ADJ
dem-5676	146	81	measures	measure	NOUN
dem-5676	146	82	of	of	ADP
dem-5676	146	83	equity	equity	NOUN
dem-5676	146	84	,	,	PUNCT
dem-5676	146	85	money	money	NOUN
dem-5676	146	86	and	and	CCONJ
dem-5676	146	87	bond	bond	NOUN
dem-5676	146	88	markets	market	NOUN
dem-5676	146	89	.	.	PUNCT
dem-5676	147	1	they	they	PRON
dem-5676	147	2	are	be	AUX
dem-5676	147	3	represented	represent	VERB
dem-5676	147	4	by	by	ADP
dem-5676	147	5	wig	wig	NOUN
dem-5676	147	6	(	(	PUNCT
dem-5676	147	7	warsaw	warsaw	PROPN
dem-5676	147	8	stock	stock	PROPN
dem-5676	147	9	exchange	exchange	PROPN
dem-5676	147	10	index	index	PROPN
dem-5676	147	11	)	)	PUNCT
dem-5676	147	12	,	,	PUNCT
dem-5676	147	13	wibor	wibor	NOUN
dem-5676	147	14	(	(	PUNCT
dem-5676	147	15	warsaw	warsaw	PROPN
dem-5676	147	16	interbank	interbank	ADV
dem-5676	147	17	offered	offer	VERB
dem-5676	147	18	rate	rate	NOUN
dem-5676	147	19	)	)	PUNCT
dem-5676	147	20	and	and	CCONJ
dem-5676	147	21	treasury	treasury	PROPN
dem-5676	147	22	bonds	bond	NOUN
dem-5676	147	23	,	,	PUNCT
dem-5676	147	24	respectively	respectively	ADV
dem-5676	147	25	.	.	PUNCT
dem-5676	148	1	these	these	DET
dem-5676	148	2	portfolios	portfolio	NOUN
dem-5676	148	3	,	,	PUNCT
dem-5676	148	4	are	be	AUX
dem-5676	148	5	treated	treat	VERB
dem-5676	148	6	as	as	ADP
dem-5676	148	7	market	market	NOUN
dem-5676	148	8	benchmarks	benchmark	NOUN
dem-5676	148	9	in	in	ADP
dem-5676	148	10	evaluation	evaluation	NOUN
dem-5676	148	11	of	of	ADP
dem-5676	148	12	the	the	DET
dem-5676	148	13	pension	pension	NOUN
dem-5676	148	14	funds	fund	NOUN
dem-5676	148	15	performance	performance	NOUN
dem-5676	148	16	.	.	PUNCT
dem-5676	149	1	the	the	DET
dem-5676	149	2	idea	idea	NOUN
dem-5676	149	3	of	of	ADP
dem-5676	149	4	the	the	DET
dem-5676	149	5	portfolio	portfolio	NOUN
dem-5676	149	6	structures	structure	NOUN
dem-5676	149	7	(	(	PUNCT
dem-5676	149	8	presented	present	VERB
dem-5676	149	9	in	in	ADP
dem-5676	149	10	table	table	NOUN
dem-5676	149	11	4	4	NUM
dem-5676	149	12	)	)	PUNCT
dem-5676	149	13	is	be	AUX
dem-5676	149	14	to	to	PART
dem-5676	149	15	illustrate	illustrate	VERB
dem-5676	149	16	changes	change	NOUN
dem-5676	149	17	concerning	concern	VERB
dem-5676	149	18	the	the	DET
dem-5676	149	19	structure	structure	NOUN
dem-5676	149	20	of	of	ADP
dem-5676	149	21	the	the	DET
dem-5676	149	22	pension	pension	NOUN
dem-5676	149	23	fund	fund	NOUN
dem-5676	149	24	portfolios	portfolio	NOUN
dem-5676	149	25	due	due	ADJ
dem-5676	149	26	to	to	ADP
dem-5676	149	27	regulations	regulation	NOUN
dem-5676	149	28	from	from	ADP
dem-5676	149	29	1997	1997	NUM
dem-5676	149	30	and	and	CCONJ
dem-5676	149	31	2013	2013	NUM
dem-5676	149	32	.	.	PUNCT
dem-5676	150	1	the	the	DET
dem-5676	150	2	first	first	ADJ
dem-5676	150	3	portfolio	portfolio	NOUN
dem-5676	150	4	is	be	AUX
dem-5676	150	5	constructed	construct	VERB
dem-5676	150	6	due	due	ADP
dem-5676	150	7	to	to	ADP
dem-5676	150	8	the	the	DET
dem-5676	150	9	regulation	regulation	NOUN
dem-5676	150	10	from	from	ADP
dem-5676	150	11	199715	199715	NUM
dem-5676	150	12	,	,	PUNCT
dem-5676	150	13	the	the	DET
dem-5676	150	14	second	second	ADJ
dem-5676	150	15	one	one	NUM
dem-5676	150	16	–	–	PUNCT
dem-5676	150	17	due	due	ADP
dem-5676	150	18	to	to	ADP
dem-5676	150	19	the	the	DET
dem-5676	150	20	regulation	regulation	NOUN
dem-5676	150	21	from	from	ADP
dem-5676	150	22	dec	dec	PROPN
dem-5676	150	23	.	.	PROPN
dem-5676	150	24	6	6	NUM
dem-5676	150	25	,	,	PUNCT
dem-5676	150	26	201316	201316	NUM
dem-5676	150	27	while	while	SCONJ
dem-5676	150	28	the	the	DET
dem-5676	150	29	third	third	ADJ
dem-5676	150	30	one	one	NOUN
dem-5676	150	31	is	be	AUX
dem-5676	150	32	the	the	DET
dem-5676	150	33	optimal	optimal	ADJ
dem-5676	150	34	portfolio	portfolio	NOUN
dem-5676	150	35	structure	structure	NOUN
dem-5676	150	36	,	,	PUNCT
dem-5676	150	37	which	which	PRON
dem-5676	150	38	was	be	AUX
dem-5676	150	39	simulated	simulate	VERB
dem-5676	150	40	by	by	ADP
dem-5676	150	41	kompa	kompa	NOUN
dem-5676	150	42	,	,	PUNCT
dem-5676	150	43	wiśniewski	wiśniewski	ADJ
dem-5676	150	44	,	,	PUNCT
dem-5676	150	45	(	(	PUNCT
dem-5676	150	46	2014	2014	NUM
dem-5676	150	47	)	)	PUNCT
dem-5676	150	48	,	,	PUNCT
dem-5676	150	49	kompa	kompa	VERB
dem-5676	150	50	,	,	PUNCT
dem-5676	150	51	(	(	PUNCT
dem-5676	150	52	2014	2014	NUM
dem-5676	150	53	)	)	PUNCT
dem-5676	150	54	assuming	assume	VERB
dem-5676	150	55	that	that	SCONJ
dem-5676	150	56	the	the	DET
dem-5676	150	57	portfolio	portfolio	NOUN
dem-5676	150	58	contains	contain	VERB
dem-5676	150	59	only	only	ADV
dem-5676	150	60	two	two	NUM
dem-5676	150	61	types	type	NOUN
dem-5676	150	62	of	of	ADP
dem-5676	150	63	assets	asset	NOUN
dem-5676	150	64	.	.	PUNCT
dem-5676	151	1	next	next	ADV
dem-5676	151	2	we	we	PRON
dem-5676	151	3	test	test	VERB
dem-5676	151	4	hypotheses	hypothesis	NOUN
dem-5676	151	5	that	that	PRON
dem-5676	151	6	expected	expect	VERB
dem-5676	151	7	returns	return	NOUN
dem-5676	151	8	obtained	obtain	VERB
dem-5676	151	9	in	in	ADP
dem-5676	151	10	6	6	NUM
dem-5676	151	11	months	month	NOUN
dem-5676	151	12	periods	period	NOUN
dem-5676	151	13	are	be	AUX
dem-5676	151	14	significantly	significantly	ADV
dem-5676	151	15	different	different	ADJ
dem-5676	151	16	from	from	ADP
dem-5676	151	17	zero	zero	NUM
dem-5676	151	18	(	(	PUNCT
dem-5676	151	19	table	table	NOUN
dem-5676	151	20	5	5	NUM
dem-5676	151	21	)	)	PUNCT
dem-5676	151	22	.	.	PUNCT
dem-5676	152	1	the	the	DET
dem-5676	152	2	analysis	analysis	NOUN
dem-5676	152	3	is	be	AUX
dem-5676	152	4	provided	provide	VERB
dem-5676	152	5	for	for	ADP
dem-5676	152	6	selected	select	VERB
dem-5676	152	7	pension	pension	NOUN
dem-5676	152	8	funds	fund	NOUN
dem-5676	152	9	and	and	CCONJ
dem-5676	152	10	three	three	NUM
dem-5676	152	11	benchmarks	benchmark	NOUN
dem-5676	152	12	.	.	PUNCT
dem-5676	153	1	the	the	DET
dem-5676	153	2	positive	positive	ADJ
dem-5676	153	3	expected	expect	VERB
dem-5676	153	4	rates	rate	NOUN
dem-5676	153	5	of	of	ADP
dem-5676	153	6	return	return	NOUN
dem-5676	153	7	are	be	AUX
dem-5676	153	8	denoted	denote	VERB
dem-5676	153	9	by	by	ADP
dem-5676	153	10	“	"	PUNCT
dem-5676	153	11	+	+	ADJ
dem-5676	153	12	”	"	PUNCT
dem-5676	153	13	,	,	PUNCT
dem-5676	153	14	negative	negative	ADJ
dem-5676	153	15	by	by	ADP
dem-5676	153	16	“	"	PUNCT
dem-5676	153	17	–	–	PUNCT
dem-5676	153	18	“	"	PUNCT
dem-5676	153	19	,	,	PUNCT
dem-5676	153	20	and	and	CCONJ
dem-5676	153	21	blank	blank	ADJ
dem-5676	153	22	cells	cell	NOUN
dem-5676	153	23	denote	denote	VERB
dem-5676	153	24	the	the	DET
dem-5676	153	25	situation	situation	NOUN
dem-5676	153	26	when	when	SCONJ
dem-5676	153	27	the	the	DET
dem-5676	153	28	null	null	ADJ
dem-5676	153	29	hypothesis	hypothesis	NOUN
dem-5676	153	30	could	could	AUX
dem-5676	153	31	not	not	PART
dem-5676	153	32	be	be	AUX
dem-5676	153	33	rejected	reject	VERB
dem-5676	153	34	at	at	ADP
dem-5676	153	35	the	the	DET
dem-5676	153	36	significance	significance	NOUN
dem-5676	153	37	level	level	NOUN
dem-5676	153	38	0.05	0.05	NUM
dem-5676	153	39	.	.	PUNCT
dem-5676	154	1	as	as	SCONJ
dem-5676	154	2	one	one	PRON
dem-5676	154	3	can	can	AUX
dem-5676	154	4	notice	notice	VERB
dem-5676	154	5	most	most	ADJ
dem-5676	154	6	funds	fund	NOUN
dem-5676	154	7	generated	generate	VERB
dem-5676	154	8	positive	positive	ADJ
dem-5676	154	9	returns	return	NOUN
dem-5676	154	10	in	in	ADP
dem-5676	154	11	the	the	DET
dem-5676	154	12	majority	majority	NOUN
dem-5676	154	13	of	of	ADP
dem-5676	154	14	periods	period	NOUN
dem-5676	154	15	.	.	PUNCT
dem-5676	155	1	there	there	PRON
dem-5676	155	2	are	be	VERB
dem-5676	155	3	only	only	ADV
dem-5676	155	4	4	4	NUM
dem-5676	155	5	periods	period	NOUN
dem-5676	155	6	when	when	SCONJ
dem-5676	155	7	all	all	DET
dem-5676	155	8	pension	pension	NOUN
dem-5676	155	9	funds	fund	NOUN
dem-5676	155	10	and	and	CCONJ
dem-5676	155	11	created	create	VERB
dem-5676	155	12	portfolios	portfolio	NOUN
dem-5676	155	13	generated	generate	VERB
dem-5676	155	14	loses	lose	VERB
dem-5676	155	15	,	,	PUNCT
dem-5676	155	16	i.e.	i.e.	X
dem-5676	155	17	from	from	ADP
dem-5676	155	18	july	july	PROPN
dem-5676	155	19	1	1	NUM
dem-5676	155	20	,	,	PUNCT
dem-5676	155	21	2007	2007	NUM
dem-5676	155	22	to	to	ADP
dem-5676	155	23	december	december	PROPN
dem-5676	155	24	31	31	NUM
dem-5676	155	25	,	,	PUNCT
dem-5676	155	26	2008	2008	NUM
dem-5676	155	27	and	and	CCONJ
dem-5676	155	28	from	from	ADP
dem-5676	155	29	july	july	PROPN
dem-5676	155	30	1	1	NUM
dem-5676	155	31	,	,	PUNCT
dem-5676	155	32	to	to	ADP
dem-5676	155	33	december	december	PROPN
dem-5676	155	34	31	31	NUM
dem-5676	155	35	,	,	PUNCT
dem-5676	155	36	2011	2011	NUM
dem-5676	155	37	.	.	PUNCT
dem-5676	156	1	in	in	ADP
dem-5676	156	2	fact	fact	NOUN
dem-5676	156	3	,	,	PUNCT
dem-5676	156	4	pension	pension	NOUN
dem-5676	156	5	funds	fund	NOUN
dem-5676	156	6	performed	perform	VERB
dem-5676	156	7	better	well	ADV
dem-5676	156	8	than	than	ADP
dem-5676	156	9	constructed	construct	VERB
dem-5676	156	10	benchmarks	benchmark	NOUN
dem-5676	156	11	.	.	PUNCT
dem-5676	157	1	15	15	NUM
dem-5676	157	2	file:///d:/katalogi%20robocze	file:///d:/katalogi%20robocze	NOUN
dem-5676	157	3	/	/	SYM
dem-5676	157	4	archiwum%20dorota	archiwum%20dorota	PROPN
dem-5676	157	5	/	/	SYM
dem-5676	157	6	rok%202014	rok%202014	PROPN
dem-5676	157	7	/	/	SYM
dem-5676	157	8	ofe	ofe	NOUN
dem-5676	157	9	/	/	SYM
dem-5676	157	10	ustawa%20o	ustawa%20o	NUM
dem-5676	157	11	%	%	NOUN
dem-5676	157	12	20ofe.pdf	20ofe.pdf	NOUN
dem-5676	157	13	.	.	PUNCT
dem-5676	158	1	16	16	NUM
dem-5676	158	2	http://orka.sejm.gov.pl/opinie7.nsf/nazwa/1946_u/$file/1946_u.pdf	http://orka.sejm.gov.pl/opinie7.nsf/nazwa/1946_u/$file/1946_u.pdf	NOUN
dem-5676	158	3	.	.	PUNCT
dem-5676	159	1	krzysztof	krzysztof	PROPN
dem-5676	159	2	kompa	kompa	PROPN
dem-5676	159	3	,	,	PUNCT
dem-5676	159	4	dorota	dorota	PROPN
dem-5676	159	5	witkowska	witkowska	PROPN
dem-5676	159	6	dynamic	dynamic	ADJ
dem-5676	159	7	econometric	econometric	ADJ
dem-5676	159	8	models	model	NOUN
dem-5676	159	9	14	14	NUM
dem-5676	159	10	(	(	PUNCT
dem-5676	159	11	2014	2014	NUM
dem-5676	159	12	)	)	PUNCT
dem-5676	159	13	105–124	105–124	NUM
dem-5676	159	14	118	118	NUM
dem-5676	159	15	table	table	NOUN
dem-5676	159	16	5	5	NUM
dem-5676	159	17	.	.	PUNCT
dem-5676	159	18	verification	verification	NOUN
dem-5676	159	19	hypothesis	hypothesis	NOUN
dem-5676	159	20	of	of	ADP
dem-5676	159	21	expected	expect	VERB
dem-5676	159	22	returns	return	NOUN
dem-5676	159	23	(	(	PUNCT
dem-5676	159	24	1)–(2	1)–(2	NUM
dem-5676	159	25	)	)	PUNCT
dem-5676	159	26	no	no	NOUN
dem-5676	159	27	.	.	PUNCT
dem-5676	160	1	port.1	port.1	ADJ
dem-5676	160	2	port.2	port.2	PROPN
dem-5676	160	3	port.3	port.3	PROPN
dem-5676	160	4	aeg	aeg	NOUN
dem-5676	160	5	all	all	PRON
dem-5676	160	6	avi	avi	NOUN
dem-5676	160	7	axa	axa	PROPN
dem-5676	160	8	gen	gen	PROPN
dem-5676	160	9	ing	ing	NOUN
dem-5676	160	10	nor	nor	CCONJ
dem-5676	160	11	pek	pek	PROPN
dem-5676	160	12	poc	poc	PROPN
dem-5676	160	13	pzu	pzu	VERB
dem-5676	160	14	war	war	NOUN
dem-5676	160	15	p1	p1	NOUN
dem-5676	160	16	+	+	CCONJ
dem-5676	161	1	+	+	PUNCT
dem-5676	162	1	+	+	PUNCT
dem-5676	162	2	+	+	PUNCT
dem-5676	162	3	+	+	PUNCT
dem-5676	162	4	+	+	PUNCT
dem-5676	162	5	+	+	PUNCT
dem-5676	162	6	+	+	PUNCT
dem-5676	162	7	+	+	PUNCT
dem-5676	162	8	+	+	PUNCT
dem-5676	162	9	+	+	PUNCT
dem-5676	162	10	+	+	CCONJ
dem-5676	162	11	+	+	CCONJ
dem-5676	162	12	p2	p2	NOUN
dem-5676	162	13	+	+	X
dem-5676	162	14	+	+	PUNCT
dem-5676	162	15	+	+	PUNCT
dem-5676	162	16	+	+	PUNCT
dem-5676	162	17	+	+	PUNCT
dem-5676	162	18	+	+	PUNCT
dem-5676	162	19	+	+	PUNCT
dem-5676	162	20	+	+	PUNCT
dem-5676	162	21	+	+	PUNCT
dem-5676	162	22	+	+	PUNCT
dem-5676	162	23	+	+	PUNCT
dem-5676	162	24	+	+	PUNCT
dem-5676	162	25	+	+	CCONJ
dem-5676	162	26	+	+	CCONJ
dem-5676	162	27	p3	p3	PROPN
dem-5676	162	28	–	–	PUNCT
dem-5676	162	29	–	–	PUNCT
dem-5676	162	30	–	–	PUNCT
dem-5676	162	31	+	+	PUNCT
dem-5676	162	32	–	–	PUNCT
dem-5676	162	33	+	+	PUNCT
dem-5676	162	34	+	+	CCONJ
dem-5676	162	35	p4	p4	ADJ
dem-5676	162	36	–	–	PUNCT
dem-5676	162	37	–	–	PUNCT
dem-5676	162	38	–	–	PUNCT
dem-5676	162	39	+	+	PUNCT
dem-5676	162	40	+	+	CCONJ
dem-5676	162	41	p5	p5	ADJ
dem-5676	162	42	–	–	PUNCT
dem-5676	162	43	–	–	PUNCT
dem-5676	162	44	+	+	PUNCT
dem-5676	162	45	+	+	PUNCT
dem-5676	163	1	+	+	PUNCT
dem-5676	163	2	+	+	PUNCT
dem-5676	163	3	+	+	PUNCT
dem-5676	163	4	+	+	PUNCT
dem-5676	163	5	+	+	PUNCT
dem-5676	163	6	+	+	PUNCT
dem-5676	163	7	+	+	PUNCT
dem-5676	163	8	+	+	CCONJ
dem-5676	163	9	+	+	CCONJ
dem-5676	163	10	p6	p6	ADJ
dem-5676	163	11	+	+	X
dem-5676	163	12	+	+	PUNCT
dem-5676	163	13	+	+	PUNCT
dem-5676	163	14	+	+	PUNCT
dem-5676	163	15	+	+	PUNCT
dem-5676	163	16	+	+	PUNCT
dem-5676	163	17	+	+	PUNCT
dem-5676	163	18	+	+	PUNCT
dem-5676	163	19	+	+	PUNCT
dem-5676	163	20	+	+	PUNCT
dem-5676	163	21	+	+	CCONJ
dem-5676	163	22	+	+	CCONJ
dem-5676	163	23	p7	p7	ADJ
dem-5676	163	24	–	–	PUNCT
dem-5676	163	25	–	–	PUNCT
dem-5676	163	26	+	+	PUNCT
dem-5676	163	27	+	+	PUNCT
dem-5676	163	28	+	+	PUNCT
dem-5676	163	29	+	+	PUNCT
dem-5676	163	30	+	+	PUNCT
dem-5676	163	31	+	+	PUNCT
dem-5676	163	32	+	+	PUNCT
dem-5676	163	33	+	+	PUNCT
dem-5676	163	34	+	+	PUNCT
dem-5676	163	35	+	+	CCONJ
dem-5676	163	36	+	+	CCONJ
dem-5676	163	37	p8	p8	ADJ
dem-5676	163	38	+	+	X
dem-5676	163	39	+	+	PUNCT
dem-5676	163	40	+	+	PUNCT
dem-5676	163	41	+	+	PUNCT
dem-5676	163	42	+	+	PUNCT
dem-5676	163	43	+	+	PUNCT
dem-5676	163	44	+	+	PUNCT
dem-5676	163	45	+	+	PUNCT
dem-5676	163	46	+	+	PUNCT
dem-5676	163	47	+	+	PUNCT
dem-5676	163	48	+	+	PUNCT
dem-5676	163	49	+	+	CCONJ
dem-5676	163	50	+	+	CCONJ
dem-5676	163	51	p9	p9	ADJ
dem-5676	163	52	+	+	X
dem-5676	163	53	+	+	PUNCT
dem-5676	163	54	+	+	PUNCT
dem-5676	163	55	+	+	PUNCT
dem-5676	163	56	+	+	PUNCT
dem-5676	163	57	+	+	PUNCT
dem-5676	163	58	+	+	PUNCT
dem-5676	163	59	+	+	PUNCT
dem-5676	163	60	+	+	PUNCT
dem-5676	163	61	+	+	PUNCT
dem-5676	163	62	+	+	PUNCT
dem-5676	163	63	+	+	PUNCT
dem-5676	163	64	+	+	CCONJ
dem-5676	163	65	+	+	CCONJ
dem-5676	163	66	p10	p10	NOUN
dem-5676	163	67	+	+	CCONJ
dem-5676	163	68	+	+	PUNCT
dem-5676	163	69	+	+	PUNCT
dem-5676	163	70	+	+	PUNCT
dem-5676	163	71	+	+	PUNCT
dem-5676	163	72	+	+	PUNCT
dem-5676	163	73	+	+	PUNCT
dem-5676	163	74	+	+	PUNCT
dem-5676	163	75	+	+	PUNCT
dem-5676	163	76	+	+	PUNCT
dem-5676	163	77	+	+	PUNCT
dem-5676	163	78	+	+	PUNCT
dem-5676	163	79	+	+	CCONJ
dem-5676	163	80	+	+	CCONJ
dem-5676	163	81	p11	p11	NOUN
dem-5676	163	82	+	+	CCONJ
dem-5676	163	83	+	+	PUNCT
dem-5676	163	84	+	+	PUNCT
dem-5676	163	85	+	+	PUNCT
dem-5676	163	86	+	+	PUNCT
dem-5676	163	87	+	+	PUNCT
dem-5676	163	88	+	+	PUNCT
dem-5676	163	89	+	+	PUNCT
dem-5676	163	90	+	+	PUNCT
dem-5676	163	91	+	+	PUNCT
dem-5676	163	92	+	+	PUNCT
dem-5676	163	93	+	+	PUNCT
dem-5676	163	94	+	+	CCONJ
dem-5676	163	95	+	+	CCONJ
dem-5676	163	96	p12	p12	ADJ
dem-5676	164	1	+	+	CCONJ
dem-5676	165	1	+	+	PUNCT
dem-5676	166	1	+	+	PUNCT
dem-5676	166	2	+	+	PUNCT
dem-5676	166	3	+	+	PUNCT
dem-5676	166	4	+	+	PUNCT
dem-5676	166	5	+	+	PUNCT
dem-5676	166	6	+	+	PUNCT
dem-5676	166	7	+	+	PUNCT
dem-5676	166	8	+	+	PUNCT
dem-5676	166	9	+	+	ADJ
dem-5676	166	10	+	+	NUM
dem-5676	166	11	p13	p13	NOUN
dem-5676	166	12	+	+	X
dem-5676	166	13	+	+	PUNCT
dem-5676	166	14	+	+	PUNCT
dem-5676	166	15	+	+	PUNCT
dem-5676	166	16	+	+	PUNCT
dem-5676	166	17	+	+	PUNCT
dem-5676	166	18	+	+	PUNCT
dem-5676	166	19	+	+	PUNCT
dem-5676	166	20	+	+	PUNCT
dem-5676	166	21	+	+	PUNCT
dem-5676	166	22	+	+	PUNCT
dem-5676	166	23	+	+	PUNCT
dem-5676	166	24	+	+	CCONJ
dem-5676	166	25	+	+	CCONJ
dem-5676	166	26	p14	p14	ADJ
dem-5676	166	27	+	+	CCONJ
dem-5676	166	28	+	+	PUNCT
dem-5676	166	29	+	+	PUNCT
dem-5676	166	30	+	+	PUNCT
dem-5676	166	31	+	+	PUNCT
dem-5676	166	32	+	+	PUNCT
dem-5676	166	33	+	+	PUNCT
dem-5676	166	34	+	+	PUNCT
dem-5676	166	35	+	+	PUNCT
dem-5676	166	36	+	+	PUNCT
dem-5676	166	37	+	+	PUNCT
dem-5676	166	38	+	+	CCONJ
dem-5676	166	39	+	+	CCONJ
dem-5676	166	40	p15	p15	ADJ
dem-5676	166	41	+	+	X
dem-5676	166	42	+	+	PUNCT
dem-5676	166	43	+	+	PUNCT
dem-5676	166	44	+	+	PUNCT
dem-5676	166	45	+	+	PUNCT
dem-5676	166	46	+	+	PUNCT
dem-5676	166	47	+	+	PUNCT
dem-5676	166	48	+	+	PUNCT
dem-5676	166	49	+	+	PUNCT
dem-5676	166	50	+	+	PUNCT
dem-5676	166	51	+	+	PUNCT
dem-5676	166	52	+	+	PUNCT
dem-5676	166	53	+	+	CCONJ
dem-5676	166	54	+	+	NUM
dem-5676	166	55	p16	p16	NOUN
dem-5676	166	56	+	+	X
dem-5676	166	57	+	+	PUNCT
dem-5676	166	58	+	+	PUNCT
dem-5676	166	59	+	+	PUNCT
dem-5676	166	60	+	+	PUNCT
dem-5676	166	61	+	+	PUNCT
dem-5676	166	62	+	+	PUNCT
dem-5676	166	63	+	+	PUNCT
dem-5676	166	64	+	+	PUNCT
dem-5676	166	65	+	+	PUNCT
dem-5676	166	66	+	+	PUNCT
dem-5676	166	67	+	+	PUNCT
dem-5676	166	68	+	+	CCONJ
dem-5676	166	69	+	+	CCONJ
dem-5676	166	70	p17	p17	ADJ
dem-5676	166	71	–	–	PUNCT
dem-5676	166	72	–	–	PUNCT
dem-5676	166	73	–	–	PUNCT
dem-5676	166	74	–	–	PUNCT
dem-5676	166	75	–	–	PUNCT
dem-5676	166	76	–	–	PUNCT
dem-5676	166	77	–	–	PUNCT
dem-5676	166	78	–	–	PUNCT
dem-5676	166	79	–	–	PUNCT
dem-5676	166	80	–	–	PUNCT
dem-5676	166	81	–	–	PUNCT
dem-5676	166	82	–	–	PUNCT
dem-5676	166	83	–	–	PUNCT
dem-5676	166	84	–	–	PUNCT
dem-5676	166	85	p18	p18	NOUN
dem-5676	166	86	–	–	PUNCT
dem-5676	166	87	–	–	PUNCT
dem-5676	166	88	–	–	PUNCT
dem-5676	166	89	–	–	PUNCT
dem-5676	166	90	–	–	PUNCT
dem-5676	166	91	–	–	PUNCT
dem-5676	166	92	–	–	PUNCT
dem-5676	166	93	–	–	PUNCT
dem-5676	166	94	–	–	PUNCT
dem-5676	166	95	–	–	PUNCT
dem-5676	166	96	–	–	PUNCT
dem-5676	166	97	–	–	PUNCT
dem-5676	166	98	–	–	PUNCT
dem-5676	166	99	–	–	PUNCT
dem-5676	166	100	p19	p19	NOUN
dem-5676	166	101	–	–	PUNCT
dem-5676	166	102	–	–	PUNCT
dem-5676	166	103	–	–	PUNCT
dem-5676	166	104	–	–	PUNCT
dem-5676	166	105	–	–	PUNCT
dem-5676	166	106	–	–	PUNCT
dem-5676	166	107	–	–	PUNCT
dem-5676	166	108	–	–	PUNCT
dem-5676	166	109	–	–	PUNCT
dem-5676	166	110	–	–	PUNCT
dem-5676	166	111	–	–	PUNCT
dem-5676	166	112	–	–	PUNCT
dem-5676	166	113	–	–	PUNCT
dem-5676	166	114	–	–	PUNCT
dem-5676	166	115	p20	p20	NOUN
dem-5676	166	116	+	+	X
dem-5676	167	1	+	+	PUNCT
dem-5676	168	1	+	+	PUNCT
dem-5676	168	2	+	+	PUNCT
dem-5676	168	3	+	+	PUNCT
dem-5676	168	4	+	+	PUNCT
dem-5676	168	5	+	+	PUNCT
dem-5676	168	6	+	+	PUNCT
dem-5676	168	7	+	+	PUNCT
dem-5676	168	8	+	+	PUNCT
dem-5676	168	9	+	+	CCONJ
dem-5676	168	10	+	+	CCONJ
dem-5676	168	11	p21	p21	NOUN
dem-5676	168	12	+	+	CCONJ
dem-5676	168	13	+	+	PUNCT
dem-5676	168	14	+	+	PUNCT
dem-5676	168	15	+	+	PUNCT
dem-5676	168	16	+	+	PUNCT
dem-5676	168	17	+	+	PUNCT
dem-5676	168	18	+	+	PUNCT
dem-5676	168	19	+	+	PUNCT
dem-5676	168	20	+	+	PUNCT
dem-5676	168	21	+	+	PUNCT
dem-5676	168	22	+	+	PUNCT
dem-5676	168	23	+	+	PUNCT
dem-5676	168	24	+	+	CCONJ
dem-5676	168	25	+	+	CCONJ
dem-5676	168	26	p22	p22	NOUN
dem-5676	168	27	+	+	CCONJ
dem-5676	168	28	+	+	PUNCT
dem-5676	168	29	+	+	PUNCT
dem-5676	168	30	+	+	PUNCT
dem-5676	168	31	+	+	PUNCT
dem-5676	168	32	+	+	PUNCT
dem-5676	168	33	+	+	PUNCT
dem-5676	168	34	+	+	PUNCT
dem-5676	168	35	+	+	PUNCT
dem-5676	168	36	+	+	PUNCT
dem-5676	168	37	+	+	CCONJ
dem-5676	168	38	+	+	CCONJ
dem-5676	168	39	p23	p23	NOUN
dem-5676	168	40	+	+	CCONJ
dem-5676	168	41	+	+	PUNCT
dem-5676	169	1	+	+	PUNCT
dem-5676	169	2	+	+	PUNCT
dem-5676	169	3	+	+	PUNCT
dem-5676	169	4	+	+	PUNCT
dem-5676	169	5	+	+	PUNCT
dem-5676	169	6	+	+	PUNCT
dem-5676	169	7	+	+	PUNCT
dem-5676	169	8	+	+	PUNCT
dem-5676	169	9	+	+	PUNCT
dem-5676	169	10	+	+	PUNCT
dem-5676	169	11	+	+	CCONJ
dem-5676	169	12	+	+	CCONJ
dem-5676	169	13	p24	p24	NOUN
dem-5676	169	14	+	+	X
dem-5676	169	15	+	+	PUNCT
dem-5676	170	1	+	+	PUNCT
dem-5676	170	2	+	+	PUNCT
dem-5676	170	3	+	+	PUNCT
dem-5676	170	4	+	+	PUNCT
dem-5676	170	5	+	+	PUNCT
dem-5676	170	6	+	+	PUNCT
dem-5676	170	7	+	+	PUNCT
dem-5676	170	8	+	+	PUNCT
dem-5676	170	9	+	+	PUNCT
dem-5676	170	10	+	+	PUNCT
dem-5676	170	11	+	+	CCONJ
dem-5676	170	12	+	+	NUM
dem-5676	170	13	p25	p25	NOUN
dem-5676	170	14	–	–	PUNCT
dem-5676	170	15	–	–	PUNCT
dem-5676	170	16	–	–	PUNCT
dem-5676	170	17	–	–	PUNCT
dem-5676	170	18	–	–	PUNCT
dem-5676	170	19	–	–	PUNCT
dem-5676	170	20	–	–	PUNCT
dem-5676	170	21	–	–	PUNCT
dem-5676	170	22	–	–	PUNCT
dem-5676	170	23	–	–	PUNCT
dem-5676	170	24	–	–	PUNCT
dem-5676	170	25	–	–	PUNCT
dem-5676	170	26	–	–	PUNCT
dem-5676	170	27	–	–	PUNCT
dem-5676	170	28	p26	p26	NOUN
dem-5676	170	29	+	+	X
dem-5676	170	30	+	+	PUNCT
dem-5676	171	1	+	+	PUNCT
dem-5676	171	2	+	+	PUNCT
dem-5676	171	3	+	+	PUNCT
dem-5676	171	4	+	+	PUNCT
dem-5676	171	5	+	+	PUNCT
dem-5676	171	6	+	+	PUNCT
dem-5676	171	7	+	+	PUNCT
dem-5676	171	8	+	+	CCONJ
dem-5676	171	9	+	+	NUM
dem-5676	171	10	p27	p27	NOUN
dem-5676	171	11	+	+	X
dem-5676	171	12	+	+	PUNCT
dem-5676	171	13	+	+	PUNCT
dem-5676	171	14	+	+	PUNCT
dem-5676	171	15	+	+	PUNCT
dem-5676	171	16	+	+	PUNCT
dem-5676	171	17	+	+	PUNCT
dem-5676	171	18	+	+	PUNCT
dem-5676	171	19	+	+	PUNCT
dem-5676	171	20	+	+	PUNCT
dem-5676	171	21	+	+	PUNCT
dem-5676	171	22	+	+	PUNCT
dem-5676	171	23	+	+	CCONJ
dem-5676	171	24	+	+	CCONJ
dem-5676	171	25	p28	p28	NOUN
dem-5676	171	26	–	–	PUNCT
dem-5676	171	27	–	–	PUNCT
dem-5676	171	28	+	+	PUNCT
dem-5676	172	1	+	+	PUNCT
dem-5676	172	2	+	+	PUNCT
dem-5676	172	3	+	+	PUNCT
dem-5676	172	4	+	+	PUNCT
dem-5676	172	5	+	+	PUNCT
dem-5676	172	6	+	+	PUNCT
dem-5676	172	7	+	+	PUNCT
dem-5676	172	8	+	+	PUNCT
dem-5676	172	9	+	+	CCONJ
dem-5676	172	10	+	+	CCONJ
dem-5676	172	11	p29	p29	NOUN
dem-5676	172	12	+	+	CCONJ
dem-5676	172	13	+	+	PUNCT
dem-5676	172	14	+	+	PUNCT
dem-5676	172	15	+	+	PUNCT
dem-5676	172	16	+	+	PUNCT
dem-5676	172	17	+	+	PUNCT
dem-5676	172	18	+	+	PUNCT
dem-5676	172	19	+	+	PUNCT
dem-5676	172	20	+	+	PUNCT
dem-5676	172	21	+	+	PUNCT
dem-5676	172	22	+	+	PUNCT
dem-5676	172	23	+	+	PUNCT
dem-5676	172	24	+	+	CCONJ
dem-5676	172	25	+	+	CCONJ
dem-5676	172	26	note	note	NOUN
dem-5676	172	27	:	:	PUNCT
dem-5676	172	28	description	description	NOUN
dem-5676	172	29	of	of	ADP
dem-5676	172	30	abbreviations	abbreviation	NOUN
dem-5676	172	31	:	:	PUNCT
dem-5676	172	32	port.1	port.1	ADJ
dem-5676	172	33	–	–	PUNCT
dem-5676	172	34	portfolio1	portfolio1	NOUN
dem-5676	172	35	,	,	PUNCT
dem-5676	172	36	port.2	port.2	PROPN
dem-5676	172	37	–	–	PUNCT
dem-5676	172	38	portfolio2	portfolio2	NOUN
dem-5676	172	39	,	,	PUNCT
dem-5676	172	40	port.3	port.3	PROPN
dem-5676	172	41	–	–	PUNCT
dem-5676	172	42	portfolio3	portfolio3	ADJ
dem-5676	172	43	,	,	PUNCT
dem-5676	172	44	aeg	aeg	PROPN
dem-5676	172	45	–	–	PUNCT
dem-5676	172	46	aegon	aegon	PROPN
dem-5676	172	47	,	,	PUNCT
dem-5676	172	48	all	all	PRON
dem-5676	172	49	–	–	PUNCT
dem-5676	172	50	allianz	allianz	NOUN
dem-5676	172	51	,	,	PUNCT
dem-5676	172	52	avi	avi	VERB
dem-5676	172	53	–	–	PUNCT
dem-5676	172	54	aviva	aviva	NOUN
dem-5676	172	55	,	,	PUNCT
dem-5676	172	56	gen	gen	PROPN
dem-5676	172	57	–	–	PUNCT
dem-5676	172	58	generali	generali	X
dem-5676	172	59	,	,	PUNCT
dem-5676	172	60	nor	nor	CCONJ
dem-5676	172	61	–	–	PUNCT
dem-5676	172	62	nordea	nordea	NOUN
dem-5676	172	63	,	,	PUNCT
dem-5676	172	64	pek	pek	PROPN
dem-5676	172	65	–	–	PUNCT
dem-5676	172	66	pekao	pekao	NOUN
dem-5676	172	67	,	,	PUNCT
dem-5676	172	68	poc	poc	NOUN
dem-5676	172	69	–	–	PUNCT
dem-5676	172	70	pocztylion	pocztylion	NOUN
dem-5676	172	71	,	,	PUNCT
dem-5676	172	72	war	war	NOUN
dem-5676	172	73	–	–	PUNCT
dem-5676	172	74	warta	warta	PROPN
dem-5676	172	75	.	.	PUNCT
dem-5676	173	1	the	the	DET
dem-5676	173	2	conclusion	conclusion	NOUN
dem-5676	173	3	is	be	AUX
dem-5676	173	4	supported	support	VERB
dem-5676	173	5	by	by	ADP
dem-5676	173	6	the	the	DET
dem-5676	173	7	tests	test	NOUN
dem-5676	173	8	(	(	PUNCT
dem-5676	173	9	3)–(4	3)–(4	NUM
dem-5676	173	10	)	)	PUNCT
dem-5676	173	11	and	and	CCONJ
dem-5676	173	12	(	(	PUNCT
dem-5676	173	13	5)–(7	5)–(7	NUM
dem-5676	173	14	)	)	PUNCT
dem-5676	173	15	in	in	ADP
dem-5676	173	16	the	the	DET
dem-5676	173	17	whole	whole	ADJ
dem-5676	173	18	analyzed	analyze	VERB
dem-5676	173	19	period	period	NOUN
dem-5676	173	20	(	(	PUNCT
dem-5676	173	21	i.e.	i.e.	X
dem-5676	173	22	for	for	ADP
dem-5676	173	23	p30	p30	NOUN
dem-5676	173	24	)	)	PUNCT
dem-5676	173	25	.	.	PUNCT
dem-5676	174	1	table	table	NOUN
dem-5676	174	2	6	6	NUM
dem-5676	174	3	demonstrates	demonstrate	VERB
dem-5676	174	4	that	that	SCONJ
dem-5676	174	5	returns	return	NOUN
dem-5676	174	6	from	from	ADP
dem-5676	174	7	the	the	DET
dem-5676	174	8	pension	pension	NOUN
dem-5676	174	9	portfolios	portfolio	NOUN
dem-5676	174	10	exceed	exceed	VERB
dem-5676	174	11	benchmarks	benchmark	NOUN
dem-5676	174	12	,	,	PUNCT
dem-5676	174	13	and	and	CCONJ
dem-5676	174	14	variances	variance	NOUN
dem-5676	174	15	of	of	ADP
dem-5676	174	16	all	all	DET
dem-5676	174	17	portfolios	portfolio	NOUN
dem-5676	174	18	are	be	AUX
dem-5676	174	19	smaller	small	ADJ
dem-5676	174	20	than	than	ADP
dem-5676	174	21	the	the	DET
dem-5676	174	22	benchmarks	benchmark	NOUN
dem-5676	174	23	’	'	PUNCT
dem-5676	174	24	ones	one	NOUN
dem-5676	174	25	.	.	PUNCT
dem-5676	175	1	therefore	therefore	ADV
dem-5676	175	2	,	,	PUNCT
dem-5676	175	3	it	it	PRON
dem-5676	175	4	can	can	AUX
dem-5676	175	5	be	be	AUX
dem-5676	175	6	concluded	conclude	VERB
dem-5676	175	7	that	that	SCONJ
dem-5676	175	8	the	the	DET
dem-5676	175	9	open	open	ADJ
dem-5676	175	10	pension	pension	NOUN
dem-5676	175	11	funds	fund	NOUN
dem-5676	175	12	investment	investment	NOUN
dem-5676	175	13	policy	policy	NOUN
dem-5676	175	14	was	be	AUX
dem-5676	175	15	relatively	relatively	ADV
dem-5676	175	16	well	well	ADV
dem-5676	175	17	established	establish	VERB
dem-5676	175	18	.	.	PUNCT
dem-5676	176	1	that	that	DET
dem-5676	176	2	type	type	NOUN
dem-5676	176	3	of	of	ADP
dem-5676	176	4	analysis	analysis	NOUN
dem-5676	176	5	is	be	AUX
dem-5676	176	6	also	also	ADV
dem-5676	176	7	provided	provide	VERB
dem-5676	176	8	for	for	ADP
dem-5676	176	9	the	the	DET
dem-5676	176	10	all	all	DET
dem-5676	176	11	sub	sub	ADJ
dem-5676	176	12	-	-	ADJ
dem-5676	176	13	periods	periods	ADJ
dem-5676	176	14	p1	p1	NOUN
dem-5676	176	15	–	–	PUNCT
dem-5676	176	16	p29	p29	NOUN
dem-5676	176	17	.	.	PUNCT
dem-5676	177	1	results	result	NOUN
dem-5676	177	2	presented	present	VERB
dem-5676	177	3	in	in	ADP
dem-5676	177	4	table	table	NOUN
dem-5676	177	5	7	7	NUM
dem-5676	177	6	indicate	indicate	VERB
dem-5676	177	7	“	"	PUNCT
dem-5676	177	8	+	+	ADJ
dem-5676	177	9	”	"	PUNCT
dem-5676	177	10	if	if	SCONJ
dem-5676	177	11	value	value	NOUN
dem-5676	177	12	of	of	ADP
dem-5676	177	13	expected	expect	VERB
dem-5676	177	14	returns	return	NOUN
dem-5676	177	15	or	or	CCONJ
dem-5676	177	16	variance	variance	NOUN
dem-5676	177	17	generated	generate	VERB
dem-5676	177	18	by	by	ADP
dem-5676	177	19	pension	pension	NOUN
dem-5676	177	20	funds	fund	NOUN
dem-5676	177	21	is	be	AUX
dem-5676	177	22	higher	high	ADJ
dem-5676	177	23	than	than	ADP
dem-5676	177	24	the	the	DET
dem-5676	177	25	ones	one	NOUN
dem-5676	177	26	obtained	obtain	VERB
dem-5676	177	27	from	from	ADP
dem-5676	177	28	benchmarks	benchmark	NOUN
dem-5676	177	29	;	;	PUNCT
dem-5676	177	30	“	"	PUNCT
dem-5676	177	31	–	–	PUNCT
dem-5676	177	32	“	"	PUNCT
dem-5676	177	33	the	the	DET
dem-5676	177	34	opposite	opposite	ADJ
dem-5676	177	35	situation	situation	NOUN
dem-5676	177	36	and	and	CCONJ
dem-5676	177	37	“	"	PUNCT
dem-5676	177	38	0	0	NUM
dem-5676	177	39	”	"	PUNCT
dem-5676	177	40	–	–	PUNCT
dem-5676	177	41	when	when	SCONJ
dem-5676	177	42	null	null	ADJ
dem-5676	177	43	hypotheses	hypothesis	NOUN
dem-5676	177	44	can	can	AUX
dem-5676	177	45	not	not	PART
dem-5676	177	46	be	be	AUX
dem-5676	177	47	rejected	reject	VERB
dem-5676	177	48	.	.	PUNCT
dem-5676	178	1	in	in	ADP
dem-5676	178	2	general	general	ADJ
dem-5676	178	3	,	,	PUNCT
dem-5676	178	4	majority	majority	NOUN
dem-5676	178	5	of	of	ADP
dem-5676	178	6	the	the	DET
dem-5676	178	7	ofes	ofes	NOUN
dem-5676	178	8	’	'	PUNCT
dem-5676	178	9	performance	performance	NOUN
dem-5676	178	10	was	be	AUX
dem-5676	178	11	not	not	PART
dem-5676	178	12	worse	bad	ADJ
dem-5676	178	13	than	than	ADP
dem-5676	178	14	constructed	construct	VERB
dem-5676	178	15	portfolios	portfolio	NOUN
dem-5676	178	16	.	.	PUNCT
dem-5676	179	1	expected	expect	VERB
dem-5676	179	2	returns	return	NOUN
dem-5676	179	3	of	of	ADP
dem-5676	179	4	pension	pension	NOUN
dem-5676	179	5	funds	fund	NOUN
dem-5676	179	6	are	be	AUX
dem-5676	179	7	significantly	significantly	ADV
dem-5676	179	8	higher	high	ADJ
dem-5676	179	9	than	than	ADP
dem-5676	179	10	pension	pension	NOUN
dem-5676	179	11	funds	fund	NOUN
dem-5676	179	12	in	in	ADP
dem-5676	179	13	poland	poland	PROPN
dem-5676	179	14	:	:	PUNCT
dem-5676	179	15	efficiency	efficiency	NOUN
dem-5676	179	16	analysis	analysis	NOUN
dem-5676	179	17	for	for	ADP
dem-5676	179	18	years	year	NOUN
dem-5676	179	19	1999–2013	1999–2013	NUM
dem-5676	179	20	dynamic	dynamic	ADJ
dem-5676	179	21	econometric	econometric	ADJ
dem-5676	179	22	models	model	NOUN
dem-5676	179	23	14	14	NUM
dem-5676	179	24	(	(	PUNCT
dem-5676	179	25	2014	2014	NUM
dem-5676	179	26	)	)	PUNCT
dem-5676	179	27	105–124	105–124	NUM
dem-5676	179	28	119	119	NUM
dem-5676	179	29	returns	return	NOUN
dem-5676	179	30	generated	generate	VERB
dem-5676	179	31	by	by	ADP
dem-5676	179	32	considered	consider	VERB
dem-5676	179	33	benchmarks	benchmark	NOUN
dem-5676	179	34	in	in	ADP
dem-5676	179	35	59	59	NUM
dem-5676	179	36	%	%	NOUN
dem-5676	179	37	of	of	ADP
dem-5676	179	38	cases	case	NOUN
dem-5676	179	39	for	for	ADP
dem-5676	179	40	the	the	DET
dem-5676	179	41	portfolio	portfolio	NOUN
dem-5676	179	42	1	1	NUM
dem-5676	179	43	,	,	PUNCT
dem-5676	179	44	in	in	ADP
dem-5676	179	45	47	47	NUM
dem-5676	179	46	%	%	NOUN
dem-5676	179	47	of	of	ADP
dem-5676	179	48	cases	case	NOUN
dem-5676	179	49	for	for	ADP
dem-5676	179	50	the	the	DET
dem-5676	179	51	portfolio	portfolio	NOUN
dem-5676	179	52	2	2	NUM
dem-5676	179	53	,	,	PUNCT
dem-5676	179	54	and	and	CCONJ
dem-5676	179	55	in	in	ADP
dem-5676	179	56	42	42	NUM
dem-5676	179	57	%	%	NOUN
dem-5676	179	58	of	of	ADP
dem-5676	179	59	cases	case	NOUN
dem-5676	179	60	in	in	ADP
dem-5676	179	61	comparison	comparison	NOUN
dem-5676	179	62	to	to	ADP
dem-5676	179	63	the	the	DET
dem-5676	179	64	last	last	ADJ
dem-5676	179	65	benchmark	benchmark	NOUN
dem-5676	179	66	.	.	PUNCT
dem-5676	180	1	for	for	ADP
dem-5676	180	2	all	all	DET
dem-5676	180	3	pension	pension	NOUN
dem-5676	180	4	funds	fund	NOUN
dem-5676	180	5	,	,	PUNCT
dem-5676	180	6	variance	variance	NOUN
dem-5676	180	7	of	of	ADP
dem-5676	180	8	returns	return	NOUN
dem-5676	180	9	(	(	PUNCT
dem-5676	180	10	that	that	PRON
dem-5676	180	11	describe	describe	VERB
dem-5676	180	12	risk	risk	NOUN
dem-5676	180	13	)	)	PUNCT
dem-5676	180	14	is	be	AUX
dem-5676	180	15	significantly	significantly	ADV
dem-5676	180	16	smaller	small	ADJ
dem-5676	180	17	than	than	ADP
dem-5676	180	18	the	the	DET
dem-5676	180	19	one	one	NOUN
dem-5676	180	20	estimated	estimate	VERB
dem-5676	180	21	for	for	ADP
dem-5676	180	22	the	the	DET
dem-5676	180	23	portfolios	portfolio	NOUN
dem-5676	180	24	2	2	NUM
dem-5676	180	25	and	and	CCONJ
dem-5676	180	26	3	3	NUM
dem-5676	180	27	while	while	SCONJ
dem-5676	180	28	in	in	ADP
dem-5676	180	29	comparison	comparison	NOUN
dem-5676	180	30	with	with	ADP
dem-5676	180	31	variability	variability	NOUN
dem-5676	180	32	of	of	ADP
dem-5676	180	33	returns	return	NOUN
dem-5676	180	34	of	of	ADP
dem-5676	180	35	the	the	DET
dem-5676	180	36	portfolio	portfolio	NOUN
dem-5676	180	37	1	1	NUM
dem-5676	180	38	it	it	PRON
dem-5676	180	39	is	be	AUX
dem-5676	180	40	usually	usually	ADV
dem-5676	180	41	smaller	small	ADJ
dem-5676	180	42	.	.	PUNCT
dem-5676	181	1	table	table	NOUN
dem-5676	181	2	6	6	NUM
dem-5676	181	3	.	.	PUNCT
dem-5676	182	1	values	value	NOUN
dem-5676	182	2	of	of	ADP
dem-5676	182	3	the	the	DET
dem-5676	182	4	test	test	NOUN
dem-5676	182	5	statistics	statistic	NOUN
dem-5676	182	6	hypotheses	hypothesis	NOUN
dem-5676	182	7	)	)	PUNCT
dem-5676	182	8	(	(	PUNCT
dem-5676	182	9	)	)	PUNCT
dem-5676	182	10	(	(	PUNCT
dem-5676	182	11	:0	:0	PUNCT
dem-5676	182	12	bp	bp	PROPN
dem-5676	182	13	rereh	rereh	NOUN
dem-5676	182	14			NOUN
dem-5676	183	1	2	2	NUM
dem-5676	183	2	0	0	NUM
dem-5676	183	3	2	2	NUM
dem-5676	183	4	0	0	NUM
dem-5676	183	5	)	)	PUNCT
dem-5676	183	6	(:	(:	NOUN
dem-5676	183	7	prdh	prdh	NOUN
dem-5676	183	8	portfolio	portfolio	NOUN
dem-5676	183	9	no	no	NOUN
dem-5676	183	10	.	.	PUNCT
dem-5676	184	1	portfolio	portfolio	NOUN
dem-5676	184	2	no	no	INTJ
dem-5676	184	3	.	.	NOUN
dem-5676	184	4	1	1	NUM
dem-5676	184	5	2	2	NUM
dem-5676	184	6	3	3	NUM
dem-5676	184	7	1	1	NUM
dem-5676	184	8	2	2	NUM
dem-5676	184	9	3	3	NUM
dem-5676	184	10	aegon	aegon	PROPN
dem-5676	184	11	13.58	13.58	NUM
dem-5676	184	12	10.06	10.06	NUM
dem-5676	184	13	5.87	5.87	NUM
dem-5676	184	14	–	–	PUNCT
dem-5676	184	15	29.86	29.86	NUM
dem-5676	184	16	–	–	PUNCT
dem-5676	184	17	51.17	51.17	NUM
dem-5676	184	18	–	–	SYM
dem-5676	184	19	46.86	46.86	NUM
dem-5676	184	20	allianz	allianz	PROPN
dem-5676	184	21	14.96	14.96	NUM
dem-5676	184	22	11.43	11.43	NUM
dem-5676	184	23	7.22	7.22	NUM
dem-5676	184	24	–	–	PUNCT
dem-5676	184	25	30.01	30.01	NUM
dem-5676	184	26	–	–	SYM
dem-5676	184	27	51.27	51.27	NUM
dem-5676	184	28	–	–	SYM
dem-5676	184	29	46.97	46.97	NUM
dem-5676	184	30	aviva	aviva	NOUN
dem-5676	184	31	13.73	13.73	NUM
dem-5676	184	32	10.50	10.50	NUM
dem-5676	184	33	6.65	6.65	NUM
dem-5676	184	34	–	–	PUNCT
dem-5676	184	35	24.98	24.98	NUM
dem-5676	184	36	–	–	PUNCT
dem-5676	184	37	48.21	48.21	NUM
dem-5676	184	38	–	–	SYM
dem-5676	184	39	43.51	43.51	NUM
dem-5676	184	40	axa	axa	NOUN
dem-5676	184	41	14.60	14.60	NUM
dem-5676	184	42	11.10	11.10	NUM
dem-5676	184	43	6.87	6.87	NUM
dem-5676	184	44	–	–	PUNCT
dem-5676	184	45	29.96	29.96	NUM
dem-5676	184	46	–	–	PUNCT
dem-5676	184	47	51.24	51.24	NUM
dem-5676	184	48	–	–	PUNCT
dem-5676	184	49	46.93	46.93	NUM
dem-5676	184	50	generali	generali	PROPN
dem-5676	184	51	14.65	14.65	NUM
dem-5676	184	52	11.30	11.30	NUM
dem-5676	184	53	7.30	7.30	NUM
dem-5676	184	54	–	–	PUNCT
dem-5676	184	55	27.27	27.27	NUM
dem-5676	184	56	–	–	PUNCT
dem-5676	184	57	49.60	49.60	NUM
dem-5676	184	58	–	–	PUNCT
dem-5676	184	59	45.08	45.08	NUM
dem-5676	184	60	ing	e	VERB
dem-5676	184	61	13.82	13.82	NUM
dem-5676	184	62	10.81	10.81	NUM
dem-5676	184	63	7.22	7.22	NUM
dem-5676	184	64	–	–	PUNCT
dem-5676	184	65	20.70	20.70	NUM
dem-5676	184	66	–	–	SYM
dem-5676	184	67	45.6	45.6	NUM
dem-5676	184	68	–	–	SYM
dem-5676	184	69	40.57	40.57	NUM
dem-5676	184	70	nordea	nordea	NOUN
dem-5676	184	71	15.12	15.12	NUM
dem-5676	184	72	11.62	11.62	NUM
dem-5676	184	73	7.46	7.46	NUM
dem-5676	184	74	–	–	PUNCT
dem-5676	184	75	29.47	29.47	NUM
dem-5676	184	76	–	–	PUNCT
dem-5676	184	77	50.94	50.94	NUM
dem-5676	184	78	–	–	PUNCT
dem-5676	184	79	46.59	46.59	NUM
dem-5676	184	80	pocztylion	pocztylion	NOUN
dem-5676	184	81	12.78	12.78	NUM
dem-5676	184	82	9.52	9.52	NUM
dem-5676	184	83	5.62	5.62	NUM
dem-5676	184	84	–	–	PUNCT
dem-5676	184	85	25.69	25.69	NUM
dem-5676	184	86	–	–	SYM
dem-5676	184	87	48.65	48.65	NUM
dem-5676	184	88	–	–	PUNCT
dem-5676	184	89	44.00	44.00	NUM
dem-5676	184	90	pekao	pekao	NOUN
dem-5676	184	91	13.28	13.28	NUM
dem-5676	184	92	9.97	9.97	NUM
dem-5676	184	93	6.02	6.02	NUM
dem-5676	184	94	–	–	PUNCT
dem-5676	184	95	26.51	26.51	NUM
dem-5676	184	96	–	–	PUNCT
dem-5676	184	97	49.14	49.14	NUM
dem-5676	184	98	–	–	PUNCT
dem-5676	184	99	44.56	44.56	NUM
dem-5676	184	100	pzu	pzu	VERB
dem-5676	184	101	14.07	14.07	NUM
dem-5676	184	102	10.76	10.76	NUM
dem-5676	184	103	6.81	6.81	NUM
dem-5676	184	104	–	–	PUNCT
dem-5676	184	105	26.44	26.44	NUM
dem-5676	184	106	–	–	PUNCT
dem-5676	184	107	49.10	49.10	NUM
dem-5676	184	108	–	–	PUNCT
dem-5676	184	109	44.51	44.51	NUM
dem-5676	184	110	warta	warta	PROPN
dem-5676	184	111	13.57	13.57	NUM
dem-5676	184	112	10.38	10.38	NUM
dem-5676	184	113	6.57	6.57	NUM
dem-5676	184	114	–	–	SYM
dem-5676	184	115	24.29	24.29	NUM
dem-5676	184	116	–	–	PUNCT
dem-5676	184	117	47.79	47.79	NUM
dem-5676	184	118	–	–	PUNCT
dem-5676	184	119	43.04	43.04	NUM
dem-5676	184	120	table	table	NOUN
dem-5676	184	121	7	7	NUM
dem-5676	184	122	.	.	PUNCT
dem-5676	184	123	comparison	comparison	NOUN
dem-5676	184	124	of	of	ADP
dem-5676	184	125	expected	expect	VERB
dem-5676	184	126	returns	return	NOUN
dem-5676	184	127	and	and	CCONJ
dem-5676	184	128	risk	risk	NOUN
dem-5676	184	129	in	in	ADP
dem-5676	184	130	analyzed	analyze	VERB
dem-5676	184	131	periods	period	NOUN
dem-5676	184	132	p1	p1	PROPN
dem-5676	184	133	–	–	PUNCT
dem-5676	184	134	p29	p29	NOUN
dem-5676	184	135	hypotheses	hypothesis	NOUN
dem-5676	184	136	)	)	PUNCT
dem-5676	184	137	(	(	PUNCT
dem-5676	184	138	)	)	PUNCT
dem-5676	184	139	(	(	PUNCT
dem-5676	184	140	:0	:0	PUNCT
dem-5676	184	141	bp	bp	PROPN
dem-5676	184	142	rereh	rereh	NOUN
dem-5676	184	143			NOUN
dem-5676	185	1	2	2	NUM
dem-5676	185	2	0	0	NUM
dem-5676	185	3	2	2	NUM
dem-5676	185	4	0	0	NUM
dem-5676	185	5	)	)	PUNCT
dem-5676	185	6	(:	(:	NOUN
dem-5676	185	7	prdh	prdh	NOUN
dem-5676	185	8	portfolio	portfolio	NOUN
dem-5676	185	9	no	no	NOUN
dem-5676	185	10	.	.	PUNCT
dem-5676	186	1	portfolio	portfolio	NOUN
dem-5676	186	2	no	no	INTJ
dem-5676	186	3	.	.	NOUN
dem-5676	186	4	1	1	NUM
dem-5676	186	5	2	2	NUM
dem-5676	186	6	3	3	NUM
dem-5676	186	7	1	1	NUM
dem-5676	186	8	2	2	NUM
dem-5676	186	9	3	3	NUM
dem-5676	186	10	+	+	CCONJ
dem-5676	186	11	–	–	PUNCT
dem-5676	186	12	0	0	PUNCT
dem-5676	187	1	+	+	CCONJ
dem-5676	187	2	–	–	PUNCT
dem-5676	187	3	0	0	PUNCT
dem-5676	188	1	+	+	CCONJ
dem-5676	188	2	–	–	PUNCT
dem-5676	188	3	0	0	PUNCT
dem-5676	189	1	+	+	CCONJ
dem-5676	189	2	–	–	PUNCT
dem-5676	189	3	0	0	PUNCT
dem-5676	190	1	+	+	CCONJ
dem-5676	190	2	–	–	PUNCT
dem-5676	190	3	0	0	PUNCT
dem-5676	191	1	+	+	CCONJ
dem-5676	191	2	–	–	PUNCT
dem-5676	191	3	0	0	NUM
dem-5676	191	4	aegon	aegon	PROPN
dem-5676	191	5	16	16	NUM
dem-5676	191	6	6	6	NUM
dem-5676	191	7	7	7	NUM
dem-5676	191	8	14	14	NUM
dem-5676	191	9	11	11	NUM
dem-5676	191	10	4	4	NUM
dem-5676	191	11	11	11	NUM
dem-5676	191	12	13	13	NUM
dem-5676	191	13	5	5	NUM
dem-5676	191	14	0	0	NUM
dem-5676	191	15	28	28	NUM
dem-5676	191	16	1	1	NUM
dem-5676	191	17	0	0	NUM
dem-5676	191	18	29	29	NUM
dem-5676	191	19	0	0	NUM
dem-5676	191	20	0	0	NUM
dem-5676	191	21	29	29	NUM
dem-5676	191	22	0	0	NUM
dem-5676	192	1	allianz	allianz	PROPN
dem-5676	192	2	17	17	NUM
dem-5676	192	3	7	7	NUM
dem-5676	192	4	5	5	NUM
dem-5676	192	5	14	14	NUM
dem-5676	192	6	10	10	NUM
dem-5676	192	7	5	5	NUM
dem-5676	192	8	14	14	NUM
dem-5676	192	9	13	13	NUM
dem-5676	192	10	2	2	NUM
dem-5676	192	11	0	0	NUM
dem-5676	192	12	26	26	NUM
dem-5676	192	13	3	3	NUM
dem-5676	192	14	0	0	NUM
dem-5676	192	15	29	29	NUM
dem-5676	192	16	0	0	NUM
dem-5676	192	17	0	0	NUM
dem-5676	192	18	29	29	NUM
dem-5676	192	19	0	0	NUM
dem-5676	192	20	aviva	aviva	NOUN
dem-5676	192	21	15	15	NUM
dem-5676	192	22	5	5	NUM
dem-5676	192	23	9	9	NUM
dem-5676	192	24	14	14	NUM
dem-5676	192	25	11	11	NUM
dem-5676	192	26	4	4	NUM
dem-5676	192	27	12	12	NUM
dem-5676	192	28	13	13	NUM
dem-5676	192	29	4	4	NUM
dem-5676	192	30	0	0	NUM
dem-5676	192	31	25	25	NUM
dem-5676	192	32	4	4	NUM
dem-5676	192	33	0	0	NUM
dem-5676	192	34	29	29	NUM
dem-5676	192	35	0	0	NUM
dem-5676	192	36	0	0	NUM
dem-5676	192	37	29	29	NUM
dem-5676	192	38	0	0	NUM
dem-5676	192	39	axa	axa	NOUN
dem-5676	192	40	16	16	NUM
dem-5676	192	41	7	7	NUM
dem-5676	192	42	6	6	NUM
dem-5676	192	43	14	14	NUM
dem-5676	192	44	11	11	NUM
dem-5676	192	45	4	4	NUM
dem-5676	192	46	11	11	NUM
dem-5676	192	47	13	13	NUM
dem-5676	192	48	5	5	NUM
dem-5676	192	49	0	0	NUM
dem-5676	192	50	28	28	NUM
dem-5676	192	51	1	1	NUM
dem-5676	192	52	0	0	NUM
dem-5676	192	53	29	29	NUM
dem-5676	192	54	0	0	NUM
dem-5676	192	55	0	0	NUM
dem-5676	192	56	29	29	NUM
dem-5676	192	57	0	0	NUM
dem-5676	193	1	generali	generali	X
dem-5676	193	2	17	17	NUM
dem-5676	193	3	6	6	NUM
dem-5676	193	4	6	6	NUM
dem-5676	193	5	15	15	NUM
dem-5676	193	6	11	11	NUM
dem-5676	193	7	3	3	NUM
dem-5676	193	8	11	11	NUM
dem-5676	193	9	12	12	NUM
dem-5676	193	10	6	6	NUM
dem-5676	193	11	0	0	NUM
dem-5676	193	12	26	26	NUM
dem-5676	193	13	3	3	NUM
dem-5676	193	14	0	0	NUM
dem-5676	193	15	29	29	NUM
dem-5676	193	16	0	0	NUM
dem-5676	193	17	0	0	NUM
dem-5676	193	18	29	29	NUM
dem-5676	193	19	0	0	NUM
dem-5676	193	20	ing	e	VERB
dem-5676	193	21	17	17	NUM
dem-5676	193	22	5	5	NUM
dem-5676	193	23	7	7	NUM
dem-5676	193	24	13	13	NUM
dem-5676	193	25	11	11	NUM
dem-5676	193	26	5	5	NUM
dem-5676	193	27	14	14	NUM
dem-5676	193	28	13	13	NUM
dem-5676	193	29	2	2	NUM
dem-5676	193	30	2	2	NUM
dem-5676	193	31	23	23	NUM
dem-5676	193	32	4	4	NUM
dem-5676	193	33	0	0	NUM
dem-5676	193	34	29	29	NUM
dem-5676	193	35	0	0	NUM
dem-5676	193	36	0	0	NUM
dem-5676	193	37	29	29	NUM
dem-5676	193	38	0	0	NUM
dem-5676	193	39	nordea	nordea	NOUN
dem-5676	193	40	17	17	NUM
dem-5676	193	41	4	4	NUM
dem-5676	193	42	8	8	NUM
dem-5676	193	43	13	13	NUM
dem-5676	193	44	10	10	NUM
dem-5676	193	45	6	6	NUM
dem-5676	193	46	13	13	NUM
dem-5676	193	47	14	14	NUM
dem-5676	193	48	2	2	NUM
dem-5676	193	49	0	0	NUM
dem-5676	193	50	28	28	NUM
dem-5676	193	51	1	1	NUM
dem-5676	193	52	0	0	NUM
dem-5676	193	53	29	29	NUM
dem-5676	193	54	0	0	NUM
dem-5676	193	55	0	0	NUM
dem-5676	193	56	29	29	NUM
dem-5676	193	57	0	0	NUM
dem-5676	193	58	pocztylion	pocztylion	NOUN
dem-5676	193	59	18	18	NUM
dem-5676	193	60	6	6	NUM
dem-5676	193	61	5	5	NUM
dem-5676	193	62	14	14	NUM
dem-5676	193	63	11	11	NUM
dem-5676	193	64	4	4	NUM
dem-5676	193	65	11	11	NUM
dem-5676	193	66	12	12	NUM
dem-5676	193	67	6	6	NUM
dem-5676	193	68	1	1	NUM
dem-5676	193	69	26	26	NUM
dem-5676	193	70	2	2	NUM
dem-5676	193	71	0	0	NUM
dem-5676	193	72	29	29	NUM
dem-5676	193	73	0	0	NUM
dem-5676	193	74	0	0	NUM
dem-5676	193	75	29	29	NUM
dem-5676	193	76	0	0	NUM
dem-5676	193	77	pekao	pekao	NOUN
dem-5676	193	78	20	20	NUM
dem-5676	193	79	7	7	NUM
dem-5676	193	80	2	2	NUM
dem-5676	193	81	13	13	NUM
dem-5676	193	82	11	11	NUM
dem-5676	193	83	5	5	NUM
dem-5676	193	84	12	12	NUM
dem-5676	193	85	13	13	NUM
dem-5676	193	86	4	4	NUM
dem-5676	193	87	0	0	NUM
dem-5676	193	88	26	26	NUM
dem-5676	193	89	3	3	NUM
dem-5676	193	90	0	0	NUM
dem-5676	193	91	29	29	NUM
dem-5676	193	92	0	0	NUM
dem-5676	193	93	0	0	NUM
dem-5676	193	94	29	29	NUM
dem-5676	193	95	0	0	NUM
dem-5676	193	96	pzu	pzu	VERB
dem-5676	193	97	17	17	NUM
dem-5676	193	98	3	3	NUM
dem-5676	193	99	9	9	NUM
dem-5676	193	100	13	13	NUM
dem-5676	193	101	11	11	NUM
dem-5676	193	102	5	5	NUM
dem-5676	193	103	13	13	NUM
dem-5676	193	104	13	13	NUM
dem-5676	193	105	3	3	NUM
dem-5676	193	106	0	0	NUM
dem-5676	193	107	28	28	NUM
dem-5676	193	108	1	1	NUM
dem-5676	193	109	0	0	NUM
dem-5676	193	110	29	29	NUM
dem-5676	193	111	0	0	NUM
dem-5676	193	112	0	0	NUM
dem-5676	193	113	29	29	NUM
dem-5676	193	114	0	0	NUM
dem-5676	193	115	warta	warta	NOUN
dem-5676	193	116	19	19	NUM
dem-5676	193	117	5	5	NUM
dem-5676	193	118	5	5	NUM
dem-5676	193	119	13	13	NUM
dem-5676	193	120	11	11	NUM
dem-5676	193	121	5	5	NUM
dem-5676	193	122	13	13	NUM
dem-5676	193	123	12	12	NUM
dem-5676	193	124	4	4	NUM
dem-5676	193	125	1	1	NUM
dem-5676	193	126	25	25	NUM
dem-5676	193	127	3	3	NUM
dem-5676	193	128	0	0	NUM
dem-5676	193	129	29	29	NUM
dem-5676	193	130	0	0	NUM
dem-5676	193	131	0	0	NUM
dem-5676	193	132	29	29	NUM
dem-5676	193	133	0	0	NUM
dem-5676	193	134	percentage	percentage	NOUN
dem-5676	193	135	share	share	NOUN
dem-5676	193	136	59	59	NUM
dem-5676	193	137	19	19	NUM
dem-5676	193	138	22	22	NUM
dem-5676	193	139	47	47	NUM
dem-5676	193	140	37	37	NUM
dem-5676	193	141	16	16	NUM
dem-5676	193	142	42	42	NUM
dem-5676	193	143	44	44	NUM
dem-5676	193	144	13	13	NUM
dem-5676	193	145	1	1	NUM
dem-5676	193	146	91	91	NUM
dem-5676	193	147	8	8	NUM
dem-5676	193	148	0	0	NUM
dem-5676	193	149	100	100	NUM
dem-5676	193	150	0	0	NUM
dem-5676	193	151	0	0	NUM
dem-5676	193	152	100	100	NUM
dem-5676	193	153	0	0	NUM
dem-5676	193	154	in	in	ADP
dem-5676	193	155	the	the	DET
dem-5676	193	156	second	second	ADJ
dem-5676	193	157	stage	stage	NOUN
dem-5676	193	158	of	of	ADP
dem-5676	193	159	our	our	PRON
dem-5676	193	160	research	research	NOUN
dem-5676	193	161	we	we	PRON
dem-5676	193	162	investigate	investigate	VERB
dem-5676	193	163	daily	daily	ADV
dem-5676	193	164	registered	register	VERB
dem-5676	193	165	monthly	monthly	ADJ
dem-5676	193	166	logarithmic	logarithmic	ADJ
dem-5676	193	167	rates	rate	NOUN
dem-5676	193	168	of	of	ADP
dem-5676	193	169	return	return	NOUN
dem-5676	193	170	from	from	ADP
dem-5676	193	171	the	the	DET
dem-5676	193	172	accounting	accounting	NOUN
dem-5676	193	173	units	unit	NOUN
dem-5676	193	174	in	in	ADP
dem-5676	193	175	the	the	DET
dem-5676	193	176	entire	entire	ADJ
dem-5676	193	177	period	period	NOUN
dem-5676	193	178	of	of	ADP
dem-5676	193	179	analysis	analysis	NOUN
dem-5676	193	180	and	and	CCONJ
dem-5676	193	181	five	five	NUM
dem-5676	193	182	sub	sub	NOUN
dem-5676	193	183	-	-	ADJ
dem-5676	193	184	periods	period	NOUN
dem-5676	193	185	.	.	PUNCT
dem-5676	194	1	krzysztof	krzysztof	NOUN
dem-5676	194	2	kompa	kompa	PROPN
dem-5676	194	3	,	,	PUNCT
dem-5676	194	4	dorota	dorota	PROPN
dem-5676	194	5	witkowska	witkowska	PROPN
dem-5676	194	6	dynamic	dynamic	ADJ
dem-5676	194	7	econometric	econometric	ADJ
dem-5676	194	8	models	model	NOUN
dem-5676	194	9	14	14	NUM
dem-5676	194	10	(	(	PUNCT
dem-5676	194	11	2014	2014	NUM
dem-5676	194	12	)	)	PUNCT
dem-5676	194	13	105–124	105–124	NUM
dem-5676	194	14	120	120	NUM
dem-5676	194	15	table	table	NOUN
dem-5676	194	16	8	8	NUM
dem-5676	194	17	.	.	PUNCT
dem-5676	195	1	beta	beta	NOUN
dem-5676	195	2	estimates	estimate	VERB
dem-5676	195	3	pension	pension	NOUN
dem-5676	195	4	funds	fund	NOUN
dem-5676	195	5	aeg	aeg	AUX
dem-5676	195	6	all	all	PRON
dem-5676	195	7	avi	avi	VERB
dem-5676	195	8	axa	axa	PROPN
dem-5676	195	9	gen	gen	PROPN
dem-5676	195	10	ing	ing	NOUN
dem-5676	195	11	nor	nor	CCONJ
dem-5676	195	12	poc	poc	PROPN
dem-5676	195	13	pek	pek	PROPN
dem-5676	195	14	pzu	pzu	PROPN
dem-5676	195	15	war	war	PROPN
dem-5676	195	16	period	period	NOUN
dem-5676	195	17	portfolio	portfolio	NOUN
dem-5676	196	1	no	no	INTJ
dem-5676	196	2	.	.	NOUN
dem-5676	196	3	1	1	NUM
dem-5676	196	4	s1	s1	NOUN
dem-5676	196	5	0.483	0.483	NUM
dem-5676	196	6	0.483	0.483	NUM
dem-5676	196	7	0.589	0.589	NUM
dem-5676	196	8	0.507	0.507	NUM
dem-5676	196	9	0.578	0.578	NUM
dem-5676	196	10	0.610	0.610	NUM
dem-5676	196	11	0.456	0.456	NUM
dem-5676	196	12	0.595	0.595	NUM
dem-5676	196	13	0.525	0.525	NUM
dem-5676	196	14	0.463	0.463	NUM
dem-5676	196	15	0.610	0.610	NUM
dem-5676	196	16	bull1	bull1	NOUN
dem-5676	196	17	0.645	0.645	NUM
dem-5676	196	18	0.585	0.585	NUM
dem-5676	196	19	0.641	0.641	NUM
dem-5676	196	20	0.626	0.626	NUM
dem-5676	196	21	0.633	0.633	NUM
dem-5676	196	22	0.698	0.698	NUM
dem-5676	196	23	0.651	0.651	NUM
dem-5676	196	24	0.634	0.634	NUM
dem-5676	196	25	0.631	0.631	NUM
dem-5676	196	26	0.671	0.671	NUM
dem-5676	196	27	0.628	0.628	NUM
dem-5676	196	28	bear	bear	VERB
dem-5676	196	29	0.600	0.600	NUM
dem-5676	196	30	0.546	0.546	NUM
dem-5676	196	31	0.660	0.660	NUM
dem-5676	196	32	0.585	0.585	NUM
dem-5676	196	33	0.574	0.574	NUM
dem-5676	196	34	0.674	0.674	NUM
dem-5676	196	35	0.607	0.607	NUM
dem-5676	196	36	0.591	0.591	NUM
dem-5676	196	37	0.585	0.585	NUM
dem-5676	196	38	0.660	0.660	NUM
dem-5676	196	39	0.607	0.607	NUM
dem-5676	196	40	bull	bull	NOUN
dem-5676	196	41	2	2	NUM
dem-5676	196	42	0.542	0.542	NUM
dem-5676	196	43	0.539	0.539	NUM
dem-5676	196	44	0.588	0.588	NUM
dem-5676	196	45	0.546	0.546	NUM
dem-5676	196	46	0.584	0.584	NUM
dem-5676	196	47	0.617	0.617	NUM
dem-5676	196	48	0.544	0.544	NUM
dem-5676	196	49	0.555	0.555	NUM
dem-5676	196	50	0.571	0.571	NUM
dem-5676	196	51	0.636	0.636	NUM
dem-5676	196	52	0.578	0.578	NUM
dem-5676	196	53	s2	s2	NOUN
dem-5676	196	54	0.762	0.762	NUM
dem-5676	196	55	0.773	0.773	NUM
dem-5676	196	56	0.765	0.765	NUM
dem-5676	196	57	0.671	0.671	NUM
dem-5676	196	58	0.742	0.742	NUM
dem-5676	196	59	0.783	0.783	NUM
dem-5676	196	60	0.759	0.759	NUM
dem-5676	196	61	0.778	0.778	NUM
dem-5676	196	62	0.797	0.797	NUM
dem-5676	196	63	0.784	0.784	NUM
dem-5676	196	64	0.748	0.748	NUM
dem-5676	196	65	period	period	NOUN
dem-5676	196	66	portfolio	portfolio	NOUN
dem-5676	197	1	no	no	INTJ
dem-5676	197	2	.	.	NOUN
dem-5676	197	3	2	2	NUM
dem-5676	197	4	s1	s1	NOUN
dem-5676	197	5	0.312	0.312	NUM
dem-5676	197	6	0.315	0.315	NUM
dem-5676	197	7	0.380	0.380	NUM
dem-5676	197	8	0.326	0.326	NUM
dem-5676	197	9	0.375	0.375	NUM
dem-5676	197	10	0.402	0.402	NUM
dem-5676	197	11	0.298	0.298	NUM
dem-5676	197	12	0.386	0.386	NUM
dem-5676	197	13	0.339	0.339	NUM
dem-5676	197	14	0.300	0.300	NUM
dem-5676	197	15	0.390	0.390	NUM
dem-5676	197	16	bull1	bull1	PROPN
dem-5676	197	17	0.405	0.405	NUM
dem-5676	197	18	0.379	0.379	NUM
dem-5676	197	19	0.404	0.404	NUM
dem-5676	197	20	0.395	0.395	NUM
dem-5676	197	21	0.400	0.400	NUM
dem-5676	197	22	0.436	0.436	NUM
dem-5676	197	23	0.415	0.415	NUM
dem-5676	197	24	0.401	0.401	NUM
dem-5676	197	25	0.408	0.408	NUM
dem-5676	197	26	0.426	0.426	NUM
dem-5676	197	27	0.403	0.403	NUM
dem-5676	197	28	bear	bear	VERB
dem-5676	197	29	0.359	0.359	NUM
dem-5676	197	30	0.326	0.326	NUM
dem-5676	197	31	0.399	0.399	NUM
dem-5676	197	32	0.350	0.350	NUM
dem-5676	197	33	0.346	0.346	NUM
dem-5676	197	34	0.403	0.403	NUM
dem-5676	197	35	0.365	0.365	NUM
dem-5676	197	36	0.353	0.353	NUM
dem-5676	197	37	0.352	0.352	NUM
dem-5676	197	38	0.396	0.396	NUM
dem-5676	197	39	0.365	0.365	NUM
dem-5676	197	40	bull	bull	VERB
dem-5676	197	41	2	2	NUM
dem-5676	197	42	0.339	0.339	NUM
dem-5676	197	43	0.335	0.335	NUM
dem-5676	197	44	0.365	0.365	NUM
dem-5676	197	45	0.337	0.337	NUM
dem-5676	197	46	0.363	0.363	NUM
dem-5676	197	47	0.382	0.382	NUM
dem-5676	197	48	0.338	0.338	NUM
dem-5676	197	49	0.344	0.344	NUM
dem-5676	197	50	0.354	0.354	NUM
dem-5676	197	51	0.393	0.393	NUM
dem-5676	197	52	0.359	0.359	NUM
dem-5676	197	53	s2	s2	NOUN
dem-5676	197	54	0.441	0.441	NUM
dem-5676	197	55	0.447	0.447	NUM
dem-5676	197	56	0.443	0.443	NUM
dem-5676	197	57	0.389	0.389	NUM
dem-5676	198	1	0.429	0.429	NUM
dem-5676	198	2	0.453	0.453	NUM
dem-5676	198	3	0.440	0.440	NUM
dem-5676	198	4	0.452	0.452	NUM
dem-5676	198	5	0.462	0.462	NUM
dem-5676	198	6	0.454	0.454	NUM
dem-5676	198	7	0.434	0.434	NUM
dem-5676	198	8	period	period	NOUN
dem-5676	198	9	portfolio	portfolio	NOUN
dem-5676	199	1	no	no	INTJ
dem-5676	199	2	.	.	NOUN
dem-5676	199	3	3	3	NUM
dem-5676	199	4	s1	s1	NOUN
dem-5676	199	5	0.368	0.368	NUM
dem-5676	199	6	0.371	0.371	NUM
dem-5676	199	7	0.442	0.442	NUM
dem-5676	199	8	0.387	0.387	NUM
dem-5676	199	9	0.438	0.438	NUM
dem-5676	199	10	0.471	0.471	NUM
dem-5676	199	11	0.348	0.348	NUM
dem-5676	199	12	0.454	0.454	NUM
dem-5676	199	13	0.398	0.398	NUM
dem-5676	199	14	0.361	0.361	NUM
dem-5676	199	15	0.456	0.456	NUM
dem-5676	199	16	bull1	bull1	NOUN
dem-5676	199	17	0.465	0.465	NUM
dem-5676	199	18	0.426	0.426	NUM
dem-5676	199	19	0.465	0.465	NUM
dem-5676	199	20	0.450	0.450	NUM
dem-5676	199	21	0.457	0.457	NUM
dem-5676	199	22	0.506	0.506	NUM
dem-5676	199	23	0.472	0.472	NUM
dem-5676	199	24	0.460	0.460	NUM
dem-5676	199	25	0.454	0.454	NUM
dem-5676	199	26	0.484	0.484	NUM
dem-5676	199	27	0.458	0.458	NUM
dem-5676	199	28	bear	bear	NOUN
dem-5676	199	29	0.435	0.435	NUM
dem-5676	199	30	0.396	0.396	NUM
dem-5676	199	31	0.476	0.476	NUM
dem-5676	199	32	0.424	0.424	NUM
dem-5676	199	33	0.416	0.416	NUM
dem-5676	199	34	0.489	0.489	NUM
dem-5676	199	35	0.439	0.439	NUM
dem-5676	199	36	0.428	0.428	NUM
dem-5676	199	37	0.427	0.427	NUM
dem-5676	199	38	0.476	0.476	NUM
dem-5676	199	39	0.439	0.439	NUM
dem-5676	199	40	bull	bull	NOUN
dem-5676	199	41	2	2	NUM
dem-5676	199	42	0.380	0.380	NUM
dem-5676	199	43	0.372	0.372	NUM
dem-5676	199	44	0.405	0.405	NUM
dem-5676	199	45	0.379	0.379	NUM
dem-5676	199	46	0.405	0.405	NUM
dem-5676	199	47	0.425	0.425	NUM
dem-5676	199	48	0.376	0.376	NUM
dem-5676	199	49	0.387	0.387	NUM
dem-5676	199	50	0.395	0.395	NUM
dem-5676	199	51	0.439	0.439	NUM
dem-5676	199	52	0.400	0.400	NUM
dem-5676	199	53	s2	s2	NOUN
dem-5676	199	54	0.506	0.506	NUM
dem-5676	199	55	0.514	0.514	NUM
dem-5676	199	56	0.507	0.507	NUM
dem-5676	199	57	0.446	0.446	NUM
dem-5676	199	58	0.492	0.492	NUM
dem-5676	199	59	0.523	0.523	NUM
dem-5676	199	60	0.506	0.506	NUM
dem-5676	199	61	0.521	0.521	NUM
dem-5676	199	62	0.532	0.532	NUM
dem-5676	199	63	0.523	0.523	NUM
dem-5676	199	64	0.498	0.498	NUM
dem-5676	199	65	note	note	NOUN
dem-5676	199	66	:	:	PUNCT
dem-5676	199	67	description	description	NOUN
dem-5676	199	68	of	of	ADP
dem-5676	199	69	abbreviations	abbreviation	NOUN
dem-5676	199	70	:	:	PUNCT
dem-5676	199	71	s	s	X
dem-5676	199	72	–	–	PUNCT
dem-5676	199	73	stagnation	stagnation	NOUN
dem-5676	199	74	,	,	PUNCT
dem-5676	199	75	bull	bull	NOUN
dem-5676	199	76	–	–	PUNCT
dem-5676	199	77	bullish	bullish	ADJ
dem-5676	199	78	market	market	NOUN
dem-5676	199	79	,	,	PUNCT
dem-5676	199	80	bear	bear	NOUN
dem-5676	199	81	–	–	PUNCT
dem-5676	199	82	bearish	bearish	ADJ
dem-5676	199	83	market	market	NOUN
dem-5676	199	84	,	,	PUNCT
dem-5676	199	85	aeg	aeg	PROPN
dem-5676	199	86	–	–	PUNCT
dem-5676	199	87	aegon	aegon	PROPN
dem-5676	199	88	,	,	PUNCT
dem-5676	199	89	all	all	PRON
dem-5676	199	90	–	–	PUNCT
dem-5676	199	91	allianz	allianz	NOUN
dem-5676	199	92	,	,	PUNCT
dem-5676	199	93	avi	avi	VERB
dem-5676	199	94	–	–	PUNCT
dem-5676	199	95	aviva	aviva	NOUN
dem-5676	199	96	,	,	PUNCT
dem-5676	199	97	gen	gen	PROPN
dem-5676	199	98	–	–	PUNCT
dem-5676	199	99	generali	generali	X
dem-5676	199	100	,	,	PUNCT
dem-5676	199	101	nor	nor	CCONJ
dem-5676	199	102	–	–	PUNCT
dem-5676	199	103	nordea	nordea	NOUN
dem-5676	199	104	,	,	PUNCT
dem-5676	199	105	pek	pek	PROPN
dem-5676	199	106	–	–	PUNCT
dem-5676	199	107	pekao	pekao	NOUN
dem-5676	199	108	,	,	PUNCT
dem-5676	199	109	poc	poc	NOUN
dem-5676	199	110	–	–	PUNCT
dem-5676	199	111	pocztylion	pocztylion	NOUN
dem-5676	199	112	,	,	PUNCT
dem-5676	199	113	war	war	NOUN
dem-5676	199	114	–	–	PUNCT
dem-5676	199	115	warta	warta	PROPN
dem-5676	199	116	.	.	PUNCT
dem-5676	199	117	table	table	NOUN
dem-5676	199	118	9	9	NUM
dem-5676	199	119	.	.	PUNCT
dem-5676	199	120	sharpe	sharpe	PROPN
dem-5676	199	121	and	and	CCONJ
dem-5676	199	122	treynor	treynor	NOUN
dem-5676	199	123	ratios	ratio	NOUN
dem-5676	199	124	:	:	PUNCT
dem-5676	199	125	hypothetical	hypothetical	ADJ
dem-5676	199	126	portfolios	portfolio	NOUN
dem-5676	199	127	portfolio	portfolio	NOUN
dem-5676	199	128	1	1	NUM
dem-5676	199	129	ratios	ratio	NOUN
dem-5676	199	130	portfolio	portfolio	NOUN
dem-5676	199	131	2	2	NUM
dem-5676	199	132	ratios	ratio	NOUN
dem-5676	199	133	portfolio	portfolio	NOUN
dem-5676	199	134	3	3	NUM
dem-5676	199	135	ratios	ratio	NOUN
dem-5676	199	136	period	period	NOUN
dem-5676	199	137	sharpe	sharpe	PROPN
dem-5676	199	138	treynor	treynor	PROPN
dem-5676	199	139	sharpe	sharpe	PROPN
dem-5676	199	140	treynor	treynor	PROPN
dem-5676	199	141	sharpe	sharpe	PROPN
dem-5676	199	142	treynor	treynor	PROPN
dem-5676	199	143	s	s	PART
dem-5676	199	144	1	1	NUM
dem-5676	199	145	0.027	0.027	NUM
dem-5676	199	146	0.001	0.001	NUM
dem-5676	199	147	0.026	0.026	NUM
dem-5676	199	148	0.002	0.002	NUM
dem-5676	199	149	0.085	0.085	NUM
dem-5676	199	150	0.005	0.005	NUM
dem-5676	199	151	bull	bull	NOUN
dem-5676	199	152	1	1	NUM
dem-5676	199	153	0.400	0.400	NUM
dem-5676	199	154	0.011	0.011	NUM
dem-5676	199	155	0.456	0.456	NUM
dem-5676	199	156	0.020	0.020	NUM
dem-5676	199	157	0.472	0.472	NUM
dem-5676	199	158	0.019	0.019	NUM
dem-5676	199	159	bear	bear	NOUN
dem-5676	199	160	–	–	PUNCT
dem-5676	199	161	0.565	0.565	NUM
dem-5676	199	162	–	–	PUNCT
dem-5676	199	163	0.026	0.026	NUM
dem-5676	199	164	–	–	PUNCT
dem-5676	199	165	0.607	0.607	NUM
dem-5676	199	166	–	–	PUNCT
dem-5676	199	167	0.045	0.045	NUM
dem-5676	199	168	–	–	PUNCT
dem-5676	199	169	0.614	0.614	NUM
dem-5676	199	170	–	–	PUNCT
dem-5676	199	171	0.040	0.040	NUM
dem-5676	199	172	bull	bull	NOUN
dem-5676	199	173	2	2	NUM
dem-5676	199	174	0.390	0.390	NUM
dem-5676	199	175	0.012	0.012	NUM
dem-5676	199	176	0.419	0.419	NUM
dem-5676	199	177	0.020	0.020	NUM
dem-5676	199	178	0.413	0.413	NUM
dem-5676	199	179	0.018	0.018	NUM
dem-5676	199	180	s	s	PART
dem-5676	199	181	2	2	NUM
dem-5676	199	182	–	–	PUNCT
dem-5676	199	183	0.067	0.067	NUM
dem-5676	199	184	–	–	PUNCT
dem-5676	199	185	0.002	0.002	NUM
dem-5676	199	186	–	–	PUNCT
dem-5676	199	187	0.069	0.069	NUM
dem-5676	199	188	–	–	PUNCT
dem-5676	199	189	0.003	0.003	NUM
dem-5676	199	190	0.034	0.034	NUM
dem-5676	199	191	0.001	0.001	NUM
dem-5676	199	192	note	note	NOUN
dem-5676	199	193	:	:	PUNCT
dem-5676	199	194	description	description	NOUN
dem-5676	199	195	of	of	ADP
dem-5676	199	196	abbreviations	abbreviation	NOUN
dem-5676	199	197	:	:	PUNCT
dem-5676	199	198	s	s	X
dem-5676	199	199	–	–	PUNCT
dem-5676	199	200	stagnation	stagnation	NOUN
dem-5676	199	201	,	,	PUNCT
dem-5676	199	202	bull	bull	NOUN
dem-5676	199	203	–	–	PUNCT
dem-5676	199	204	bullish	bullish	ADJ
dem-5676	199	205	market	market	NOUN
dem-5676	199	206	,	,	PUNCT
dem-5676	199	207	bear	bear	NOUN
dem-5676	199	208	–	–	PUNCT
dem-5676	199	209	bearish	bearish	ADJ
dem-5676	199	210	market	market	NOUN
dem-5676	199	211	.	.	PUNCT
dem-5676	200	1	applying	apply	VERB
dem-5676	200	2	tests	test	NOUN
dem-5676	200	3	(	(	PUNCT
dem-5676	200	4	3)–(7	3)–(7	NUM
dem-5676	200	5	)	)	PUNCT
dem-5676	200	6	for	for	ADP
dem-5676	200	7	the	the	DET
dem-5676	200	8	time	time	NOUN
dem-5676	200	9	series	series	PROPN
dem-5676	200	10	representing	represent	VERB
dem-5676	200	11	logarithmic	logarithmic	ADJ
dem-5676	200	12	returns	return	NOUN
dem-5676	200	13	in	in	ADP
dem-5676	200	14	distinguished	distinguished	ADJ
dem-5676	200	15	sub	sub	NOUN
dem-5676	200	16	-	-	ADJ
dem-5676	200	17	periods	periods	ADJ
dem-5676	200	18	:	:	PUNCT
dem-5676	200	19	s1	s1	NOUN
dem-5676	200	20	–	–	PUNCT
dem-5676	200	21	stagnation	stagnation	NOUN
dem-5676	200	22	1	1	NUM
dem-5676	200	23	,	,	PUNCT
dem-5676	200	24	bull1	bull1	PROPN
dem-5676	200	25	–	–	PUNCT
dem-5676	200	26	bull	bull	NOUN
dem-5676	200	27	market	market	NOUN
dem-5676	200	28	1	1	NUM
dem-5676	200	29	,	,	PUNCT
dem-5676	200	30	bear	bear	NOUN
dem-5676	200	31	–	–	PUNCT
dem-5676	200	32	bear	bear	NOUN
dem-5676	200	33	market	market	NOUN
dem-5676	200	34	,	,	PUNCT
dem-5676	200	35	bull2	bull2	NOUN
dem-5676	200	36	–	–	PUNCT
dem-5676	200	37	bull	bull	NOUN
dem-5676	200	38	market	market	NOUN
dem-5676	200	39	2	2	NUM
dem-5676	200	40	and	and	CCONJ
dem-5676	200	41	s2	s2	PROPN
dem-5676	200	42	–	–	PUNCT
dem-5676	200	43	stagnation	stagnation	NOUN
dem-5676	200	44	2	2	NUM
dem-5676	200	45	,	,	PUNCT
dem-5676	200	46	we	we	PRON
dem-5676	200	47	found	find	VERB
dem-5676	200	48	out	out	ADP
dem-5676	200	49	that	that	SCONJ
dem-5676	200	50	pension	pension	NOUN
dem-5676	200	51	funds	fund	NOUN
dem-5676	200	52	are	be	AUX
dem-5676	200	53	characterized	characterize	VERB
dem-5676	200	54	by	by	ADP
dem-5676	200	55	smaller	small	ADJ
dem-5676	200	56	risk	risk	NOUN
dem-5676	200	57	in	in	ADP
dem-5676	200	58	all	all	PRON
dem-5676	200	59	considered	consider	VERB
dem-5676	200	60	sub	sub	NOUN
dem-5676	200	61	-	-	NOUN
dem-5676	200	62	periods	period	NOUN
dem-5676	200	63	.	.	PUNCT
dem-5676	201	1	while	while	SCONJ
dem-5676	201	2	expected	expect	VERB
dem-5676	201	3	returns	return	NOUN
dem-5676	201	4	are	be	AUX
dem-5676	201	5	significantly	significantly	ADV
dem-5676	201	6	smaller	small	ADJ
dem-5676	201	7	than	than	ADP
dem-5676	201	8	the	the	DET
dem-5676	201	9	ones	one	NOUN
dem-5676	201	10	generated	generate	VERB
dem-5676	201	11	by	by	ADP
dem-5676	201	12	benchmarks	benchmark	NOUN
dem-5676	201	13	only	only	ADV
dem-5676	201	14	during	during	ADP
dem-5676	201	15	two	two	NUM
dem-5676	201	16	bull	bull	NOUN
dem-5676	201	17	market	market	NOUN
dem-5676	201	18	periods	period	NOUN
dem-5676	201	19	,	,	PUNCT
dem-5676	201	20	although	although	SCONJ
dem-5676	201	21	if	if	SCONJ
dem-5676	201	22	the	the	DET
dem-5676	201	23	portfolio	portfolio	NOUN
dem-5676	201	24	1	1	NUM
dem-5676	201	25	is	be	AUX
dem-5676	201	26	taken	take	VERB
dem-5676	201	27	into	into	ADP
dem-5676	201	28	account	account	NOUN
dem-5676	201	29	also	also	ADV
dem-5676	201	30	in	in	ADP
dem-5676	201	31	these	these	DET
dem-5676	201	32	sub	sub	NOUN
dem-5676	201	33	-	-	NOUN
dem-5676	201	34	periods	periods	ADP
dem-5676	201	35	some	some	PRON
dem-5676	201	36	of	of	ADP
dem-5676	201	37	pension	pension	NOUN
dem-5676	201	38	funds	fund	NOUN
dem-5676	201	39	generated	generate	VERB
dem-5676	201	40	returns	return	NOUN
dem-5676	201	41	insignificantly	insignificantly	ADV
dem-5676	201	42	smaller	small	ADJ
dem-5676	201	43	than	than	ADP
dem-5676	201	44	the	the	DET
dem-5676	201	45	benchmark	benchmark	NOUN
dem-5676	201	46	(	(	PUNCT
dem-5676	201	47	aegon	aegon	PROPN
dem-5676	201	48	,	,	PUNCT
dem-5676	201	49	aviva	aviva	PROPN
dem-5676	201	50	,	,	PUNCT
dem-5676	201	51	axa	axa	PROPN
dem-5676	201	52	,	,	PUNCT
dem-5676	201	53	generali	generali	PROPN
dem-5676	201	54	,	,	PUNCT
dem-5676	201	55	ing	ing	ADJ
dem-5676	201	56	,	,	PUNCT
dem-5676	201	57	pocztylion	pocztylion	NOUN
dem-5676	201	58	,	,	PUNCT
dem-5676	201	59	pzu	pzu	NOUN
dem-5676	201	60	,	,	PUNCT
dem-5676	201	61	warta	warta	PROPN
dem-5676	201	62	in	in	ADP
dem-5676	201	63	bull	bull	NOUN
dem-5676	201	64	market	market	NOUN
dem-5676	201	65	1	1	NUM
dem-5676	201	66	period	period	NOUN
dem-5676	201	67	,	,	PUNCT
dem-5676	201	68	ing	ing	NOUN
dem-5676	201	69	and	and	CCONJ
dem-5676	201	70	pzu	pzu	NOUN
dem-5676	201	71	in	in	ADP
dem-5676	201	72	bull	bull	NOUN
dem-5676	201	73	market	market	NOUN
dem-5676	201	74	2	2	NUM
dem-5676	201	75	period	period	NOUN
dem-5676	201	76	)	)	PUNCT
dem-5676	201	77	,	,	PUNCT
dem-5676	201	78	while	while	SCONJ
dem-5676	201	79	pension	pension	NOUN
dem-5676	201	80	funds	fund	NOUN
dem-5676	201	81	in	in	ADP
dem-5676	201	82	poland	poland	PROPN
dem-5676	201	83	:	:	PUNCT
dem-5676	201	84	efficiency	efficiency	NOUN
dem-5676	201	85	analysis	analysis	NOUN
dem-5676	201	86	for	for	ADP
dem-5676	201	87	years	year	NOUN
dem-5676	201	88	1999–2013	1999–2013	NUM
dem-5676	201	89	dynamic	dynamic	ADJ
dem-5676	201	90	econometric	econometric	ADJ
dem-5676	201	91	models	model	NOUN
dem-5676	201	92	14	14	NUM
dem-5676	201	93	(	(	PUNCT
dem-5676	201	94	2014	2014	NUM
dem-5676	201	95	)	)	PUNCT
dem-5676	201	96	105–124	105–124	NUM
dem-5676	201	97	121	121	NUM
dem-5676	201	98	pekao	pekao	NOUN
dem-5676	201	99	’s	’s	PART
dem-5676	201	100	returns	return	NOUN
dem-5676	201	101	were	be	AUX
dem-5676	201	102	significantly	significantly	ADV
dem-5676	201	103	higher	high	ADJ
dem-5676	201	104	than	than	ADP
dem-5676	201	105	portfolio	portfolio	NOUN
dem-5676	201	106	1	1	NUM
dem-5676	201	107	in	in	ADP
dem-5676	201	108	the	the	DET
dem-5676	201	109	bull	bull	NOUN
dem-5676	201	110	market	market	NOUN
dem-5676	201	111	1	1	NUM
dem-5676	201	112	period	period	NOUN
dem-5676	201	113	.	.	PUNCT
dem-5676	202	1	table	table	NOUN
dem-5676	202	2	10	10	NUM
dem-5676	202	3	.	.	PUNCT
dem-5676	203	1	sharpe	sharpe	PROPN
dem-5676	203	2	ratios	ratio	NOUN
dem-5676	203	3	:	:	PUNCT
dem-5676	203	4	pension	pension	NOUN
dem-5676	203	5	funds	fund	NOUN
dem-5676	203	6	period	period	NOUN
dem-5676	203	7	aeg	aeg	NOUN
dem-5676	203	8	all	all	PRON
dem-5676	203	9	avi	avi	VERB
dem-5676	203	10	axa	axa	PROPN
dem-5676	203	11	gen	gen	PROPN
dem-5676	203	12	ing	ing	NOUN
dem-5676	203	13	nor	nor	CCONJ
dem-5676	203	14	poc	poc	PROPN
dem-5676	203	15	pek	pek	PROPN
dem-5676	203	16	pzu	pzu	VERB
dem-5676	203	17	war	war	PROPN
dem-5676	203	18	s	s	PART
dem-5676	203	19	1	1	NUM
dem-5676	203	20	0.522	0.522	NUM
dem-5676	203	21	0.531	0.531	NUM
dem-5676	203	22	0.494	0.494	NUM
dem-5676	203	23	0.487	0.487	NUM
dem-5676	203	24	0.476	0.476	NUM
dem-5676	203	25	0.463	0.463	NUM
dem-5676	203	26	0.587	0.587	NUM
dem-5676	203	27	0.413	0.413	NUM
dem-5676	203	28	0.394	0.394	NUM
dem-5676	203	29	0.551	0.551	NUM
dem-5676	203	30	0.434	0.434	NUM
dem-5676	203	31	bull	bull	NOUN
dem-5676	203	32	1	1	NUM
dem-5676	203	33	0.548	0.548	NUM
dem-5676	203	34	0.562	0.562	NUM
dem-5676	203	35	0.569	0.569	NUM
dem-5676	203	36	0.607	0.607	NUM
dem-5676	203	37	0.607	0.607	NUM
dem-5676	203	38	0.529	0.529	NUM
dem-5676	203	39	0.527	0.527	NUM
dem-5676	203	40	0.579	0.579	NUM
dem-5676	203	41	0.676	0.676	NUM
dem-5676	203	42	0.561	0.561	NUM
dem-5676	203	43	0.608	0.608	NUM
dem-5676	203	44	bear	bear	NOUN
dem-5676	203	45	–	–	PUNCT
dem-5676	203	46	0.454	0.454	NUM
dem-5676	203	47	–	–	PUNCT
dem-5676	203	48	0.460	0.460	NUM
dem-5676	203	49	–	–	PUNCT
dem-5676	203	50	0.468	0.468	NUM
dem-5676	203	51	–	–	PUNCT
dem-5676	203	52	0.445	0.445	NUM
dem-5676	203	53	–	–	PUNCT
dem-5676	203	54	0.457	0.457	NUM
dem-5676	203	55	–	–	PUNCT
dem-5676	203	56	0.434	0.434	NUM
dem-5676	203	57	–	–	PUNCT
dem-5676	203	58	0.463	0.463	NUM
dem-5676	203	59	–	–	PUNCT
dem-5676	203	60	0.461	0.461	NUM
dem-5676	203	61	–	–	PUNCT
dem-5676	203	62	0.538	0.538	NUM
dem-5676	203	63	–	–	PUNCT
dem-5676	203	64	0.435	0.435	NUM
dem-5676	203	65	–	–	PUNCT
dem-5676	203	66	0.497	0.497	NUM
dem-5676	203	67	bull	bull	NOUN
dem-5676	203	68	2	2	NUM
dem-5676	203	69	0.577	0.577	NUM
dem-5676	203	70	0.599	0.599	NUM
dem-5676	203	71	0.565	0.565	NUM
dem-5676	203	72	0.580	0.580	NUM
dem-5676	203	73	0.559	0.559	NUM
dem-5676	203	74	0.561	0.561	NUM
dem-5676	203	75	0.596	0.596	NUM
dem-5676	203	76	0.571	0.571	NUM
dem-5676	203	77	0.579	0.579	NUM
dem-5676	203	78	0.521	0.521	NUM
dem-5676	203	79	0.571	0.571	NUM
dem-5676	203	80	s	s	PART
dem-5676	203	81	2	2	NUM
dem-5676	203	82	0.230	0.230	NUM
dem-5676	203	83	0.259	0.259	NUM
dem-5676	203	84	0.249	0.249	NUM
dem-5676	203	85	0.282	0.282	NUM
dem-5676	203	86	0.253	0.253	NUM
dem-5676	203	87	0.260	0.260	NUM
dem-5676	203	88	0.298	0.298	NUM
dem-5676	203	89	0.221	0.221	NUM
dem-5676	203	90	0.236	0.236	NUM
dem-5676	203	91	0.236	0.236	NUM
dem-5676	203	92	0.266	0.266	NUM
dem-5676	203	93	note	note	NOUN
dem-5676	203	94	:	:	PUNCT
dem-5676	203	95	description	description	NOUN
dem-5676	203	96	of	of	ADP
dem-5676	203	97	abbreviations	abbreviation	NOUN
dem-5676	203	98	:	:	PUNCT
dem-5676	203	99	s	s	X
dem-5676	203	100	–	–	PUNCT
dem-5676	203	101	stagnation	stagnation	NOUN
dem-5676	203	102	,	,	PUNCT
dem-5676	203	103	bull	bull	NOUN
dem-5676	203	104	–	–	PUNCT
dem-5676	203	105	bullish	bullish	ADJ
dem-5676	203	106	market	market	NOUN
dem-5676	203	107	,	,	PUNCT
dem-5676	203	108	bear	bear	NOUN
dem-5676	203	109	–	–	PUNCT
dem-5676	203	110	bearish	bearish	ADJ
dem-5676	203	111	market	market	NOUN
dem-5676	203	112	,	,	PUNCT
dem-5676	203	113	aeg	aeg	PROPN
dem-5676	203	114	–	–	PUNCT
dem-5676	203	115	aegon	aegon	PROPN
dem-5676	203	116	,	,	PUNCT
dem-5676	203	117	all	all	PRON
dem-5676	203	118	–	–	PUNCT
dem-5676	203	119	allianz	allianz	NOUN
dem-5676	203	120	,	,	PUNCT
dem-5676	203	121	avi	avi	VERB
dem-5676	203	122	–	–	PUNCT
dem-5676	203	123	aviva	aviva	NOUN
dem-5676	203	124	,	,	PUNCT
dem-5676	203	125	gen	gen	PROPN
dem-5676	203	126	–	–	PUNCT
dem-5676	203	127	generali	generali	X
dem-5676	203	128	,	,	PUNCT
dem-5676	203	129	nor	nor	CCONJ
dem-5676	203	130	–	–	PUNCT
dem-5676	203	131	nordea	nordea	NOUN
dem-5676	203	132	,	,	PUNCT
dem-5676	203	133	pek	pek	PROPN
dem-5676	203	134	–	–	PUNCT
dem-5676	203	135	pekao	pekao	NOUN
dem-5676	203	136	,	,	PUNCT
dem-5676	203	137	poc	poc	NOUN
dem-5676	203	138	–	–	PUNCT
dem-5676	203	139	pocztylion	pocztylion	NOUN
dem-5676	203	140	,	,	PUNCT
dem-5676	203	141	war	war	NOUN
dem-5676	203	142	–	–	PUNCT
dem-5676	203	143	warta	warta	PROPN
dem-5676	203	144	.	.	PUNCT
dem-5676	203	145	table	table	NOUN
dem-5676	203	146	11	11	NUM
dem-5676	203	147	.	.	PUNCT
dem-5676	204	1	treynor	treynor	NOUN
dem-5676	204	2	ratios	ratio	NOUN
dem-5676	204	3	for	for	ADP
dem-5676	204	4	pension	pension	NOUN
dem-5676	204	5	funds	fund	NOUN
dem-5676	204	6	portfolio	portfolio	NOUN
dem-5676	204	7	1	1	NUM
dem-5676	204	8	is	be	AUX
dem-5676	204	9	the	the	DET
dem-5676	204	10	market	market	NOUN
dem-5676	204	11	benchmark	benchmark	NOUN
dem-5676	204	12	in	in	ADP
dem-5676	204	13	the	the	DET
dem-5676	204	14	sharpe	sharpe	PROPN
dem-5676	204	15	model	model	PROPN
dem-5676	204	16	period	period	PROPN
dem-5676	204	17	aeg	aeg	NOUN
dem-5676	204	18	all	all	PRON
dem-5676	204	19	avi	avi	VERB
dem-5676	204	20	axa	axa	PROPN
dem-5676	204	21	gen	gen	PROPN
dem-5676	204	22	ing	ing	NOUN
dem-5676	204	23	nor	nor	CCONJ
dem-5676	204	24	poc	poc	PROPN
dem-5676	204	25	pek	pek	PROPN
dem-5676	204	26	pzu	pzu	VERB
dem-5676	204	27	war	war	PROPN
dem-5676	204	28	s	s	PART
dem-5676	204	29	1	1	NUM
dem-5676	204	30	0.025	0.025	NUM
dem-5676	204	31	0.027	0.027	NUM
dem-5676	204	32	0.023	0.023	NUM
dem-5676	204	33	0.024	0.024	NUM
dem-5676	204	34	0.022	0.022	NUM
dem-5676	204	35	0.023	0.023	NUM
dem-5676	204	36	0.029	0.029	NUM
dem-5676	204	37	0.020	0.020	NUM
dem-5676	204	38	0.021	0.021	NUM
dem-5676	204	39	0.028	0.028	NUM
dem-5676	204	40	0.021	0.021	NUM
dem-5676	204	41	bull	bull	PROPN
dem-5676	204	42	1	1	NUM
dem-5676	204	43	0.016	0.016	NUM
dem-5676	204	44	0.017	0.017	NUM
dem-5676	204	45	0.017	0.017	NUM
dem-5676	204	46	0.018	0.018	NUM
dem-5676	204	47	0.018	0.018	NUM
dem-5676	204	48	0.016	0.016	NUM
dem-5676	204	49	0.016	0.016	NUM
dem-5676	204	50	0.017	0.017	NUM
dem-5676	204	51	0.020	0.020	NUM
dem-5676	204	52	0.017	0.017	NUM
dem-5676	204	53	0.018	0.018	NUM
dem-5676	204	54	bear	bear	NOUN
dem-5676	204	55	–	–	PUNCT
dem-5676	204	56	0.022	0.022	NUM
dem-5676	204	57	–	–	PUNCT
dem-5676	204	58	0.023	0.023	NUM
dem-5676	204	59	–	–	PUNCT
dem-5676	204	60	0.023	0.023	NUM
dem-5676	204	61	–	–	PUNCT
dem-5676	204	62	0.022	0.022	NUM
dem-5676	204	63	–	–	PUNCT
dem-5676	204	64	0.022	0.022	NUM
dem-5676	204	65	–	–	PUNCT
dem-5676	204	66	0.021	0.021	NUM
dem-5676	204	67	–	–	PUNCT
dem-5676	204	68	0.023	0.023	NUM
dem-5676	204	69	–	–	PUNCT
dem-5676	204	70	0.023	0.023	NUM
dem-5676	204	71	–	–	PUNCT
dem-5676	204	72	0.027	0.027	NUM
dem-5676	204	73	–	–	PUNCT
dem-5676	204	74	0.022	0.022	NUM
dem-5676	204	75	–	–	PUNCT
dem-5676	204	76	0.025	0.025	NUM
dem-5676	204	77	bull	bull	NOUN
dem-5676	204	78	2	2	NUM
dem-5676	204	79	0.018	0.018	NUM
dem-5676	204	80	0.019	0.019	NUM
dem-5676	204	81	0.018	0.018	NUM
dem-5676	204	82	0.018	0.018	NUM
dem-5676	204	83	0.018	0.018	NUM
dem-5676	204	84	0.018	0.018	NUM
dem-5676	204	85	0.019	0.019	NUM
dem-5676	204	86	0.018	0.018	NUM
dem-5676	204	87	0.018	0.018	NUM
dem-5676	204	88	0.016	0.016	NUM
dem-5676	204	89	0.018	0.018	NUM
dem-5676	204	90	s	s	PART
dem-5676	204	91	2	2	NUM
dem-5676	204	92	0.007	0.007	NUM
dem-5676	204	93	0.008	0.008	NUM
dem-5676	204	94	0.007	0.007	NUM
dem-5676	204	95	0.008	0.008	NUM
dem-5676	204	96	0.007	0.007	NUM
dem-5676	204	97	0.008	0.008	NUM
dem-5676	204	98	0.009	0.009	NUM
dem-5676	204	99	0.006	0.006	NUM
dem-5676	204	100	0.007	0.007	NUM
dem-5676	204	101	0.007	0.007	NUM
dem-5676	204	102	0.008	0.008	NUM
dem-5676	204	103	portfolio	portfolio	NOUN
dem-5676	204	104	2	2	NUM
dem-5676	204	105	is	be	AUX
dem-5676	204	106	the	the	DET
dem-5676	204	107	market	market	NOUN
dem-5676	204	108	benchmark	benchmark	NOUN
dem-5676	204	109	in	in	ADP
dem-5676	204	110	the	the	DET
dem-5676	204	111	sharpe	sharpe	PROPN
dem-5676	204	112	model	model	PROPN
dem-5676	204	113	period	period	PROPN
dem-5676	204	114	aeg	aeg	NOUN
dem-5676	204	115	all	all	PRON
dem-5676	204	116	avi	avi	VERB
dem-5676	204	117	axa	axa	PROPN
dem-5676	204	118	gen	gen	PROPN
dem-5676	204	119	ing	ing	NOUN
dem-5676	204	120	nor	nor	CCONJ
dem-5676	204	121	poc	poc	PROPN
dem-5676	204	122	pek	pek	PROPN
dem-5676	204	123	pzu	pzu	VERB
dem-5676	204	124	war	war	PROPN
dem-5676	204	125	s	s	PART
dem-5676	204	126	1	1	NUM
dem-5676	204	127	0.038	0.038	NUM
dem-5676	204	128	0.042	0.042	NUM
dem-5676	204	129	0.035	0.035	NUM
dem-5676	204	130	0.037	0.037	NUM
dem-5676	204	131	0.034	0.034	NUM
dem-5676	204	132	0.035	0.035	NUM
dem-5676	204	133	0.045	0.045	NUM
dem-5676	204	134	0.030	0.030	NUM
dem-5676	204	135	0.033	0.033	NUM
dem-5676	204	136	0.043	0.043	NUM
dem-5676	204	137	0.032	0.032	NUM
dem-5676	204	138	bull	bull	NOUN
dem-5676	204	139	1	1	NUM
dem-5676	204	140	0.026	0.026	NUM
dem-5676	204	141	0.026	0.026	NUM
dem-5676	204	142	0.027	0.027	NUM
dem-5676	204	143	0.028	0.028	NUM
dem-5676	204	144	0.028	0.028	NUM
dem-5676	204	145	0.025	0.025	NUM
dem-5676	204	146	0.024	0.024	NUM
dem-5676	204	147	0.027	0.027	NUM
dem-5676	204	148	0.031	0.031	NUM
dem-5676	204	149	0.026	0.026	NUM
dem-5676	204	150	0.029	0.029	NUM
dem-5676	204	151	bear	bear	NOUN
dem-5676	204	152	–	–	PUNCT
dem-5676	204	153	0.037	0.037	NUM
dem-5676	204	154	–	–	PUNCT
dem-5676	204	155	0.038	0.038	NUM
dem-5676	204	156	–	–	PUNCT
dem-5676	204	157	0.038	0.038	NUM
dem-5676	204	158	–	–	PUNCT
dem-5676	204	159	0.037	0.037	NUM
dem-5676	204	160	–	–	PUNCT
dem-5676	204	161	0.037	0.037	NUM
dem-5676	204	162	–	–	PUNCT
dem-5676	204	163	0.036	0.036	NUM
dem-5676	204	164	–	–	PUNCT
dem-5676	204	165	0.038	0.038	NUM
dem-5676	204	166	–	–	PUNCT
dem-5676	204	167	0.038	0.038	NUM
dem-5676	204	168	–	–	PUNCT
dem-5676	204	169	0.045	0.045	NUM
dem-5676	204	170	–	–	PUNCT
dem-5676	204	171	0.036	0.036	NUM
dem-5676	204	172	–	–	PUNCT
dem-5676	204	173	0.041	0.041	NUM
dem-5676	204	174	bull	bull	NOUN
dem-5676	204	175	2	2	NUM
dem-5676	204	176	0.030	0.030	NUM
dem-5676	204	177	0.031	0.031	NUM
dem-5676	204	178	0.029	0.029	NUM
dem-5676	204	179	0.030	0.030	NUM
dem-5676	204	180	0.028	0.028	NUM
dem-5676	204	181	0.029	0.029	NUM
dem-5676	204	182	0.031	0.031	NUM
dem-5676	204	183	0.029	0.029	NUM
dem-5676	204	184	0.029	0.029	NUM
dem-5676	204	185	0.027	0.027	NUM
dem-5676	204	186	0.029	0.029	NUM
dem-5676	204	187	s	s	PART
dem-5676	204	188	2	2	NUM
dem-5676	204	189	0.012	0.012	NUM
dem-5676	204	190	0.013	0.013	NUM
dem-5676	204	191	0.012	0.012	NUM
dem-5676	204	192	0.014	0.014	NUM
dem-5676	204	193	0.013	0.013	NUM
dem-5676	204	194	0.013	0.013	NUM
dem-5676	204	195	0.015	0.015	NUM
dem-5676	204	196	0.011	0.011	NUM
dem-5676	204	197	0.012	0.012	NUM
dem-5676	204	198	0.012	0.012	NUM
dem-5676	204	199	0.013	0.013	NUM
dem-5676	204	200	portfolio	portfolio	NOUN
dem-5676	204	201	3	3	NUM
dem-5676	204	202	is	be	AUX
dem-5676	204	203	market	market	NOUN
dem-5676	204	204	benchmark	benchmark	NOUN
dem-5676	204	205	in	in	ADP
dem-5676	204	206	the	the	DET
dem-5676	204	207	sharpe	sharpe	PROPN
dem-5676	204	208	model	model	PROPN
dem-5676	204	209	period	period	PROPN
dem-5676	204	210	aeg	aeg	NOUN
dem-5676	204	211	all	all	PRON
dem-5676	204	212	avi	avi	VERB
dem-5676	204	213	axa	axa	PROPN
dem-5676	204	214	gen	gen	PROPN
dem-5676	204	215	ing	ing	NOUN
dem-5676	204	216	nor	nor	CCONJ
dem-5676	204	217	poc	poc	PROPN
dem-5676	204	218	pek	pek	PROPN
dem-5676	204	219	pzu	pzu	VERB
dem-5676	204	220	war	war	PROPN
dem-5676	204	221	s	s	PART
dem-5676	204	222	1	1	NUM
dem-5676	204	223	0.032	0.032	NUM
dem-5676	204	224	0.036	0.036	NUM
dem-5676	204	225	0.030	0.030	NUM
dem-5676	204	226	0.031	0.031	NUM
dem-5676	204	227	0.029	0.029	NUM
dem-5676	204	228	0.030	0.030	NUM
dem-5676	204	229	0.039	0.039	NUM
dem-5676	204	230	0.026	0.026	NUM
dem-5676	204	231	0.028	0.028	NUM
dem-5676	204	232	0.036	0.036	NUM
dem-5676	204	233	0.028	0.028	NUM
dem-5676	204	234	bull	bull	NOUN
dem-5676	204	235	1	1	NUM
dem-5676	204	236	0.022	0.022	NUM
dem-5676	204	237	0.023	0.023	NUM
dem-5676	204	238	0.023	0.023	NUM
dem-5676	204	239	0.025	0.025	NUM
dem-5676	204	240	0.025	0.025	NUM
dem-5676	204	241	0.022	0.022	NUM
dem-5676	204	242	0.021	0.021	NUM
dem-5676	204	243	0.024	0.024	NUM
dem-5676	204	244	0.028	0.028	NUM
dem-5676	204	245	0.023	0.023	NUM
dem-5676	204	246	0.025	0.025	NUM
dem-5676	204	247	bear	bear	NOUN
dem-5676	204	248	–	–	PUNCT
dem-5676	204	249	0.031	0.031	NUM
dem-5676	204	250	–	–	PUNCT
dem-5676	204	251	0.032	0.032	NUM
dem-5676	204	252	–	–	PUNCT
dem-5676	204	253	0.032	0.032	NUM
dem-5676	204	254	–	–	PUNCT
dem-5676	204	255	0.030	0.030	NUM
dem-5676	204	256	–	–	PUNCT
dem-5676	204	257	0.031	0.031	NUM
dem-5676	204	258	–	–	PUNCT
dem-5676	204	259	0.030	0.030	NUM
dem-5676	204	260	–	–	PUNCT
dem-5676	204	261	0.032	0.032	NUM
dem-5676	204	262	–	–	PUNCT
dem-5676	204	263	0.031	0.031	NUM
dem-5676	204	264	–	–	PUNCT
dem-5676	204	265	0.037	0.037	NUM
dem-5676	204	266	–	–	PUNCT
dem-5676	204	267	0.030	0.030	NUM
dem-5676	204	268	–	–	PUNCT
dem-5676	204	269	0.034	0.034	NUM
dem-5676	204	270	bull	bull	NOUN
dem-5676	204	271	2	2	NUM
dem-5676	204	272	0.026	0.026	NUM
dem-5676	204	273	0.028	0.028	NUM
dem-5676	204	274	0.026	0.026	NUM
dem-5676	204	275	0.027	0.027	NUM
dem-5676	204	276	0.025	0.025	NUM
dem-5676	204	277	0.026	0.026	NUM
dem-5676	204	278	0.028	0.028	NUM
dem-5676	204	279	0.026	0.026	NUM
dem-5676	204	280	0.026	0.026	NUM
dem-5676	204	281	0.024	0.024	NUM
dem-5676	204	282	0.026	0.026	NUM
dem-5676	204	283	s	s	PART
dem-5676	204	284	2	2	NUM
dem-5676	204	285	0.010	0.010	NUM
dem-5676	204	286	0.011	0.011	NUM
dem-5676	204	287	0.011	0.011	NUM
dem-5676	204	288	0.012	0.012	NUM
dem-5676	204	289	0.011	0.011	NUM
dem-5676	204	290	0.011	0.011	NUM
dem-5676	204	291	0.013	0.013	NUM
dem-5676	204	292	0.010	0.010	NUM
dem-5676	204	293	0.010	0.010	NUM
dem-5676	204	294	0.010	0.010	NUM
dem-5676	204	295	0.012	0.012	NUM
dem-5676	204	296	note	note	NOUN
dem-5676	204	297	:	:	PUNCT
dem-5676	204	298	description	description	NOUN
dem-5676	204	299	of	of	ADP
dem-5676	204	300	abbreviations	abbreviation	NOUN
dem-5676	204	301	:	:	PUNCT
dem-5676	204	302	s	s	X
dem-5676	204	303	–	–	PUNCT
dem-5676	204	304	stagnation	stagnation	NOUN
dem-5676	204	305	,	,	PUNCT
dem-5676	204	306	bull	bull	NOUN
dem-5676	204	307	–	–	PUNCT
dem-5676	204	308	bullish	bullish	ADJ
dem-5676	204	309	market	market	NOUN
dem-5676	204	310	,	,	PUNCT
dem-5676	204	311	bear	bear	NOUN
dem-5676	204	312	–	–	PUNCT
dem-5676	204	313	bearish	bearish	ADJ
dem-5676	204	314	market	market	NOUN
dem-5676	204	315	,	,	PUNCT
dem-5676	204	316	aeg	aeg	PROPN
dem-5676	204	317	–	–	PUNCT
dem-5676	204	318	aegon	aegon	PROPN
dem-5676	204	319	,	,	PUNCT
dem-5676	204	320	all	all	PRON
dem-5676	204	321	–	–	PUNCT
dem-5676	204	322	allianz	allianz	NOUN
dem-5676	204	323	,	,	PUNCT
dem-5676	204	324	avi	avi	VERB
dem-5676	204	325	–	–	PUNCT
dem-5676	204	326	aviva	aviva	NOUN
dem-5676	204	327	,	,	PUNCT
dem-5676	204	328	gen	gen	PROPN
dem-5676	204	329	–	–	PUNCT
dem-5676	204	330	generali	generali	X
dem-5676	204	331	,	,	PUNCT
dem-5676	204	332	nor	nor	CCONJ
dem-5676	204	333	–	–	PUNCT
dem-5676	204	334	nordea	nordea	NOUN
dem-5676	204	335	,	,	PUNCT
dem-5676	204	336	pek	pek	PROPN
dem-5676	204	337	–	–	PUNCT
dem-5676	204	338	pekao	pekao	NOUN
dem-5676	204	339	,	,	PUNCT
dem-5676	204	340	poc	poc	NOUN
dem-5676	204	341	–	–	PUNCT
dem-5676	204	342	pocztylion	pocztylion	NOUN
dem-5676	204	343	,	,	PUNCT
dem-5676	204	344	war	war	NOUN
dem-5676	204	345	–	–	PUNCT
dem-5676	204	346	warta	warta	PROPN
dem-5676	204	347	.	.	PUNCT
dem-5676	205	1	the	the	DET
dem-5676	205	2	efficiency	efficiency	NOUN
dem-5676	205	3	of	of	ADP
dem-5676	205	4	the	the	DET
dem-5676	205	5	pension	pension	NOUN
dem-5676	205	6	funds	fund	NOUN
dem-5676	205	7	is	be	AUX
dem-5676	205	8	measured	measure	VERB
dem-5676	205	9	using	use	VERB
dem-5676	205	10	sharpe	sharpe	PROPN
dem-5676	205	11	and	and	CCONJ
dem-5676	205	12	treynor	treynor	NOUN
dem-5676	205	13	ratios	ratio	NOUN
dem-5676	205	14	(	(	PUNCT
dem-5676	205	15	8)	8)	NUM
dem-5676	205	16	and	and	CCONJ
dem-5676	205	17	(	(	PUNCT
dem-5676	205	18	9	9	NUM
dem-5676	205	19	)	)	PUNCT
dem-5676	205	20	.	.	PUNCT
dem-5676	206	1	to	to	PART
dem-5676	206	2	evaluate	evaluate	VERB
dem-5676	206	3	treynor	treynor	NOUN
dem-5676	206	4	ratios	ratio	NOUN
dem-5676	206	5	three	three	NUM
dem-5676	206	6	versions	version	NOUN
dem-5676	206	7	of	of	ADP
dem-5676	206	8	singleindex	singleindex	NOUN
dem-5676	206	9	models	model	NOUN
dem-5676	206	10	(	(	PUNCT
dem-5676	206	11	10	10	NUM
dem-5676	206	12	)	)	PUNCT
dem-5676	206	13	for	for	ADP
dem-5676	206	14	each	each	DET
dem-5676	206	15	pension	pension	NOUN
dem-5676	206	16	fund	fund	NOUN
dem-5676	206	17	and	and	CCONJ
dem-5676	206	18	every	every	PRON
dem-5676	206	19	considered	consider	VERB
dem-5676	206	20	sub	sub	NOUN
dem-5676	206	21	-	-	NOUN
dem-5676	206	22	period	period	NOUN
dem-5676	206	23	are	be	AUX
dem-5676	206	24	estimated	estimate	VERB
dem-5676	206	25	.	.	PUNCT
dem-5676	207	1	these	these	DET
dem-5676	207	2	models	model	NOUN
dem-5676	207	3	differ	differ	VERB
dem-5676	207	4	by	by	ADP
dem-5676	207	5	the	the	DET
dem-5676	207	6	market	market	NOUN
dem-5676	207	7	indexes	index	NOUN
dem-5676	207	8	,	,	PUNCT
dem-5676	207	9	which	which	PRON
dem-5676	207	10	are	be	AUX
dem-5676	207	11	reprekrzysztof	reprekrzysztof	PROPN
dem-5676	207	12	kompa	kompa	NOUN
dem-5676	207	13	,	,	PUNCT
dem-5676	207	14	dorota	dorota	PROPN
dem-5676	207	15	witkowska	witkowska	PROPN
dem-5676	207	16	dynamic	dynamic	ADJ
dem-5676	207	17	econometric	econometric	ADJ
dem-5676	207	18	models	model	NOUN
dem-5676	207	19	14	14	NUM
dem-5676	207	20	(	(	PUNCT
dem-5676	207	21	2014	2014	NUM
dem-5676	207	22	)	)	PUNCT
dem-5676	207	23	105–124	105–124	NUM
dem-5676	207	24	122	122	NUM
dem-5676	207	25	sented	sente	VERB
dem-5676	207	26	by	by	ADP
dem-5676	207	27	constructed	construct	VERB
dem-5676	207	28	portfolios	portfolio	NOUN
dem-5676	207	29	.	.	PUNCT
dem-5676	208	1	in	in	ADP
dem-5676	208	2	our	our	PRON
dem-5676	208	3	research	research	NOUN
dem-5676	208	4	we	we	PRON
dem-5676	208	5	employ	employ	VERB
dem-5676	208	6	ols	ol	NOUN
dem-5676	208	7	method17	method17	NOUN
dem-5676	208	8	.	.	PUNCT
dem-5676	209	1	the	the	DET
dem-5676	209	2	parameter	parameter	NOUN
dem-5676	209	3	estimates	estimate	NOUN
dem-5676	209	4	obtained	obtain	VERB
dem-5676	209	5	for	for	ADP
dem-5676	209	6	three	three	NUM
dem-5676	209	7	hypothetical	hypothetical	ADJ
dem-5676	209	8	benchmarks	benchmark	NOUN
dem-5676	209	9	are	be	AUX
dem-5676	209	10	presented	present	VERB
dem-5676	209	11	in	in	ADP
dem-5676	209	12	table	table	NOUN
dem-5676	209	13	8	8	NUM
dem-5676	209	14	,	,	PUNCT
dem-5676	209	15	all	all	DET
dem-5676	209	16	betas	beta	NOUN
dem-5676	209	17	are	be	AUX
dem-5676	209	18	significantly	significantly	ADV
dem-5676	209	19	higher	high	ADJ
dem-5676	209	20	than	than	ADP
dem-5676	209	21	zero	zero	NUM
dem-5676	209	22	and	and	CCONJ
dem-5676	209	23	smaller	small	ADJ
dem-5676	209	24	than	than	ADP
dem-5676	209	25	one	one	NUM
dem-5676	209	26	.	.	PUNCT
dem-5676	210	1	tables	table	NOUN
dem-5676	210	2	9	9	NUM
dem-5676	210	3	and	and	CCONJ
dem-5676	210	4	10	10	NUM
dem-5676	210	5	present	present	ADJ
dem-5676	210	6	results	result	NOUN
dem-5676	210	7	that	that	PRON
dem-5676	210	8	all	all	DET
dem-5676	210	9	pension	pension	NOUN
dem-5676	210	10	funds	fund	NOUN
dem-5676	210	11	are	be	AUX
dem-5676	210	12	more	more	ADV
dem-5676	210	13	effective	effective	ADJ
dem-5676	210	14	than	than	ADP
dem-5676	210	15	constructed	construct	VERB
dem-5676	210	16	benchmarks	benchmark	NOUN
dem-5676	210	17	in	in	ADP
dem-5676	210	18	terms	term	NOUN
dem-5676	210	19	of	of	ADP
dem-5676	210	20	sharpe	sharpe	PROPN
dem-5676	210	21	ratios	ratio	NOUN
dem-5676	210	22	.	.	PUNCT
dem-5676	211	1	treynor	treynor	NOUN
dem-5676	211	2	measures	measure	NOUN
dem-5676	211	3	evaluated	evaluate	VERB
dem-5676	211	4	for	for	ADP
dem-5676	211	5	pension	pension	NOUN
dem-5676	211	6	funds	fund	NOUN
dem-5676	211	7	are	be	AUX
dem-5676	211	8	higher	high	ADJ
dem-5676	211	9	than	than	ADP
dem-5676	211	10	the	the	DET
dem-5676	211	11	ones	one	NOUN
dem-5676	211	12	calculated	calculate	VERB
dem-5676	211	13	for	for	ADP
dem-5676	211	14	the	the	DET
dem-5676	211	15	market	market	NOUN
dem-5676	211	16	benchmarks	benchmark	NOUN
dem-5676	211	17	in	in	ADP
dem-5676	211	18	all	all	DET
dem-5676	211	19	analyzed	analyze	VERB
dem-5676	211	20	sub	sub	NOUN
dem-5676	211	21	-	-	ADJ
dem-5676	211	22	periods	period	NOUN
dem-5676	211	23	,	,	PUNCT
dem-5676	211	24	except	except	SCONJ
dem-5676	211	25	bear	bear	NOUN
dem-5676	211	26	market	market	NOUN
dem-5676	211	27	for	for	ADP
dem-5676	211	28	the	the	DET
dem-5676	211	29	pension	pension	NOUN
dem-5676	211	30	fund	fund	NOUN
dem-5676	211	31	pekao	pekao	NOUN
dem-5676	211	32	and	and	CCONJ
dem-5676	211	33	portfolios	portfolio	NOUN
dem-5676	211	34	1	1	NUM
dem-5676	211	35	and	and	CCONJ
dem-5676	211	36	2	2	NUM
dem-5676	211	37	(	(	PUNCT
dem-5676	211	38	tables	table	NOUN
dem-5676	211	39	11	11	NUM
dem-5676	211	40	)	)	PUNCT
dem-5676	211	41	.	.	PUNCT
dem-5676	212	1	in	in	ADP
dem-5676	212	2	other	other	ADJ
dem-5676	212	3	words	word	NOUN
dem-5676	212	4	,	,	PUNCT
dem-5676	212	5	analyses	analysis	NOUN
dem-5676	212	6	of	of	ADP
dem-5676	212	7	efficiency	efficiency	NOUN
dem-5676	212	8	measures	measure	NOUN
dem-5676	212	9	calculated	calculate	VERB
dem-5676	212	10	for	for	ADP
dem-5676	212	11	the	the	DET
dem-5676	212	12	hypothetical	hypothetical	ADJ
dem-5676	212	13	portfolios	portfolio	NOUN
dem-5676	212	14	shows	show	VERB
dem-5676	212	15	that	that	SCONJ
dem-5676	212	16	portfolio	portfolio	NOUN
dem-5676	212	17	3	3	NUM
dem-5676	212	18	seems	seem	VERB
dem-5676	212	19	to	to	PART
dem-5676	212	20	be	be	AUX
dem-5676	212	21	the	the	DET
dem-5676	212	22	most	most	ADV
dem-5676	212	23	effective	effective	ADJ
dem-5676	212	24	especially	especially	ADV
dem-5676	212	25	in	in	ADP
dem-5676	212	26	terms	term	NOUN
dem-5676	212	27	of	of	ADP
dem-5676	212	28	sharpe	sharpe	PROPN
dem-5676	212	29	ratio	ratio	NOUN
dem-5676	212	30	.	.	PUNCT
dem-5676	213	1	conclusions	conclusion	NOUN
dem-5676	213	2	demographic	demographic	ADJ
dem-5676	213	3	structure	structure	NOUN
dem-5676	213	4	of	of	ADP
dem-5676	213	5	the	the	DET
dem-5676	213	6	polish	polish	ADJ
dem-5676	213	7	population	population	NOUN
dem-5676	213	8	has	have	AUX
dem-5676	213	9	been	be	AUX
dem-5676	213	10	changing	change	VERB
dem-5676	213	11	that	that	PRON
dem-5676	213	12	causes	cause	VERB
dem-5676	213	13	the	the	DET
dem-5676	213	14	increase	increase	NOUN
dem-5676	213	15	of	of	ADP
dem-5676	213	16	old	old	ADJ
dem-5676	213	17	age	age	NOUN
dem-5676	213	18	dependency	dependency	NOUN
dem-5676	213	19	ratio	ratio	NOUN
dem-5676	213	20	from	from	ADP
dem-5676	213	21	15.26	15.26	NUM
dem-5676	213	22	in	in	ADP
dem-5676	213	23	1989	1989	NUM
dem-5676	213	24	to	to	ADP
dem-5676	213	25	17.75	17.75	NUM
dem-5676	213	26	in	in	ADP
dem-5676	213	27	1999	1999	NUM
dem-5676	213	28	,	,	PUNCT
dem-5676	213	29	and	and	CCONJ
dem-5676	213	30	19.32	19.32	NUM
dem-5676	213	31	in	in	ADP
dem-5676	213	32	2011	2011	NUM
dem-5676	213	33	.	.	PUNCT
dem-5676	214	1	therefore	therefore	ADV
dem-5676	214	2	,	,	PUNCT
dem-5676	214	3	general	general	ADJ
dem-5676	214	4	reform	reform	NOUN
dem-5676	214	5	of	of	ADP
dem-5676	214	6	the	the	DET
dem-5676	214	7	pension	pension	NOUN
dem-5676	214	8	system	system	NOUN
dem-5676	214	9	was	be	AUX
dem-5676	214	10	necessary	necessary	ADJ
dem-5676	214	11	and	and	CCONJ
dem-5676	214	12	it	it	PRON
dem-5676	214	13	took	take	VERB
dem-5676	214	14	place	place	NOUN
dem-5676	214	15	in	in	ADP
dem-5676	214	16	poland	poland	PROPN
dem-5676	214	17	in	in	ADP
dem-5676	214	18	the	the	DET
dem-5676	214	19	year	year	NOUN
dem-5676	214	20	1999	1999	NUM
dem-5676	214	21	,	,	PUNCT
dem-5676	214	22	replacing	replace	VERB
dem-5676	214	23	the	the	DET
dem-5676	214	24	pay	pay	NOUN
dem-5676	214	25	-	-	PUNCT
dem-5676	214	26	as	as	ADP
dem-5676	214	27	-	-	PUNCT
dem-5676	214	28	you	you	PRON
dem-5676	214	29	-	-	PUNCT
dem-5676	214	30	go	go	NOUN
dem-5676	214	31	system	system	NOUN
dem-5676	214	32	,	,	PUNCT
dem-5676	214	33	by	by	ADP
dem-5676	214	34	the	the	DET
dem-5676	214	35	three	three	NUM
dem-5676	214	36	-	-	PUNCT
dem-5676	214	37	pillars	pillar	NOUN
dem-5676	214	38	partly	partly	ADV
dem-5676	214	39	funded	fund	VERB
dem-5676	214	40	system	system	NOUN
dem-5676	214	41	.	.	PUNCT
dem-5676	215	1	under	under	ADP
dem-5676	215	2	the	the	DET
dem-5676	215	3	system	system	NOUN
dem-5676	215	4	introduced	introduce	VERB
dem-5676	215	5	in	in	ADP
dem-5676	215	6	poland	poland	PROPN
dem-5676	215	7	in	in	ADP
dem-5676	215	8	1999	1999	NUM
dem-5676	215	9	,	,	PUNCT
dem-5676	215	10	two	two	NUM
dem-5676	215	11	pillars	pillar	NOUN
dem-5676	215	12	were	be	AUX
dem-5676	215	13	universal	universal	ADJ
dem-5676	215	14	and	and	CCONJ
dem-5676	215	15	mandatory	mandatory	ADJ
dem-5676	215	16	,	,	PUNCT
dem-5676	215	17	and	and	CCONJ
dem-5676	215	18	the	the	DET
dem-5676	215	19	third	third	ADJ
dem-5676	215	20	one	one	NUM
dem-5676	215	21	–	–	PUNCT
dem-5676	215	22	voluntary	voluntary	ADJ
dem-5676	215	23	.	.	PUNCT
dem-5676	216	1	the	the	DET
dem-5676	216	2	first	first	ADJ
dem-5676	216	3	pillar	pillar	NOUN
dem-5676	216	4	remained	remain	VERB
dem-5676	216	5	to	to	PART
dem-5676	216	6	be	be	AUX
dem-5676	216	7	pay	pay	NOUN
dem-5676	216	8	-	-	PUNCT
dem-5676	216	9	asyou	asyou	NOUN
dem-5676	216	10	-	-	PUNCT
dem-5676	216	11	go	go	NOUN
dem-5676	216	12	financed	finance	VERB
dem-5676	216	13	,	,	PUNCT
dem-5676	216	14	whereas	whereas	SCONJ
dem-5676	216	15	the	the	DET
dem-5676	216	16	second	second	ADJ
dem-5676	216	17	and	and	CCONJ
dem-5676	216	18	third	third	ADJ
dem-5676	216	19	pillars	pillar	NOUN
dem-5676	216	20	were	be	AUX
dem-5676	216	21	to	to	PART
dem-5676	216	22	be	be	AUX
dem-5676	216	23	funded	fund	VERB
dem-5676	216	24	.	.	PUNCT
dem-5676	217	1	in	in	ADP
dem-5676	217	2	fact	fact	NOUN
dem-5676	217	3	,	,	PUNCT
dem-5676	217	4	the	the	DET
dem-5676	217	5	“	"	PUNCT
dem-5676	217	6	old	old	ADJ
dem-5676	217	7	”	"	PUNCT
dem-5676	217	8	payg	payg	NOUN
dem-5676	217	9	system	system	NOUN
dem-5676	217	10	was	be	AUX
dem-5676	217	11	downsized	downsize	VERB
dem-5676	217	12	and	and	CCONJ
dem-5676	217	13	converted	convert	VERB
dem-5676	217	14	to	to	ADP
dem-5676	217	15	a	a	DET
dem-5676	217	16	“	"	PUNCT
dem-5676	217	17	notional	notional	ADJ
dem-5676	217	18	defined	define	VERB
dem-5676	217	19	-	-	PUNCT
dem-5676	217	20	contribution	contribution	NOUN
dem-5676	217	21	”	"	PUNCT
dem-5676	217	22	system	system	NOUN
dem-5676	217	23	,	,	PUNCT
dem-5676	217	24	forming	form	VERB
dem-5676	217	25	the	the	DET
dem-5676	217	26	new	new	ADJ
dem-5676	217	27	first	first	ADJ
dem-5676	217	28	pillar	pillar	NOUN
dem-5676	217	29	governed	govern	VERB
dem-5676	217	30	by	by	ADP
dem-5676	217	31	the	the	DET
dem-5676	217	32	social	social	ADJ
dem-5676	217	33	insurance	insurance	NOUN
dem-5676	217	34	institution	institution	NOUN
dem-5676	217	35	.	.	PUNCT
dem-5676	218	1	in	in	ADP
dem-5676	218	2	both	both	DET
dem-5676	218	3	mandatory	mandatory	ADJ
dem-5676	218	4	pillars	pillar	NOUN
dem-5676	218	5	,	,	PUNCT
dem-5676	218	6	contributions	contribution	NOUN
dem-5676	218	7	were	be	AUX
dem-5676	218	8	registered	register	VERB
dem-5676	218	9	in	in	ADP
dem-5676	218	10	individual	individual	ADJ
dem-5676	218	11	accounts	account	NOUN
dem-5676	218	12	,	,	PUNCT
dem-5676	218	13	and	and	CCONJ
dem-5676	218	14	the	the	DET
dem-5676	218	15	pension	pension	NOUN
dem-5676	218	16	benefits	benefit	NOUN
dem-5676	218	17	depended	depend	VERB
dem-5676	218	18	on	on	ADP
dem-5676	218	19	contributions	contribution	NOUN
dem-5676	218	20	paid	pay	VERB
dem-5676	218	21	,	,	PUNCT
dem-5676	218	22	not	not	PART
dem-5676	218	23	contributions	contribution	NOUN
dem-5676	218	24	that	that	PRON
dem-5676	218	25	were	be	AUX
dem-5676	218	26	due	due	ADJ
dem-5676	218	27	.	.	PUNCT
dem-5676	219	1	after	after	ADP
dem-5676	219	2	the	the	DET
dem-5676	219	3	subprime	subprime	ADJ
dem-5676	219	4	crisis	crisis	NOUN
dem-5676	219	5	,	,	PUNCT
dem-5676	219	6	because	because	SCONJ
dem-5676	219	7	of	of	ADP
dem-5676	219	8	the	the	DET
dem-5676	219	9	increase	increase	NOUN
dem-5676	219	10	of	of	ADP
dem-5676	219	11	the	the	DET
dem-5676	219	12	budget	budget	NOUN
dem-5676	219	13	deficit	deficit	NOUN
dem-5676	219	14	,	,	PUNCT
dem-5676	219	15	polish	polish	ADJ
dem-5676	219	16	government	government	NOUN
dem-5676	219	17	introduced	introduce	VERB
dem-5676	219	18	the	the	DET
dem-5676	219	19	new	new	ADJ
dem-5676	219	20	regulations	regulation	NOUN
dem-5676	219	21	in	in	ADP
dem-5676	219	22	the	the	DET
dem-5676	219	23	pension	pension	NOUN
dem-5676	219	24	system	system	NOUN
dem-5676	219	25	in	in	ADP
dem-5676	219	26	2011	2011	NUM
dem-5676	219	27	and	and	CCONJ
dem-5676	219	28	2013	2013	NUM
dem-5676	219	29	.	.	PUNCT
dem-5676	220	1	the	the	DET
dem-5676	220	2	most	most	ADV
dem-5676	220	3	important	important	ADJ
dem-5676	220	4	move	move	NOUN
dem-5676	220	5	was	be	AUX
dem-5676	220	6	shifting	shift	VERB
dem-5676	220	7	51.5	51.5	NUM
dem-5676	220	8	%	%	NOUN
dem-5676	220	9	of	of	ADP
dem-5676	220	10	the	the	DET
dem-5676	220	11	assets	asset	NOUN
dem-5676	220	12	held	hold	VERB
dem-5676	220	13	by	by	ADP
dem-5676	220	14	the	the	DET
dem-5676	220	15	ofes	ofe	NOUN
dem-5676	220	16	to	to	ADP
dem-5676	220	17	the	the	DET
dem-5676	220	18	state	state	NOUN
dem-5676	220	19	-	-	PUNCT
dem-5676	220	20	run	run	VERB
dem-5676	220	21	payg	payg	NOUN
dem-5676	220	22	pension	pension	NOUN
dem-5676	220	23	system	system	NOUN
dem-5676	220	24	–	–	PUNCT
dem-5676	220	25	zus	zus	NOUN
dem-5676	220	26	(	(	PUNCT
dem-5676	220	27	affected	affect	VERB
dem-5676	220	28	from	from	ADP
dem-5676	220	29	february	february	PROPN
dem-5676	220	30	2014	2014	NUM
dem-5676	220	31	)	)	PUNCT
dem-5676	220	32	.	.	PUNCT
dem-5676	221	1	other	other	ADJ
dem-5676	221	2	changes	change	NOUN
dem-5676	221	3	consisted	consist	VERB
dem-5676	221	4	in	in	ADP
dem-5676	221	5	changes	change	NOUN
dem-5676	221	6	in	in	ADP
dem-5676	221	7	:	:	PUNCT
dem-5676	221	8			VERB
dem-5676	221	9	the	the	DET
dem-5676	221	10	retirement	retirement	NOUN
dem-5676	221	11	age	age	NOUN
dem-5676	221	12	(	(	PUNCT
dem-5676	221	13	it	it	PRON
dem-5676	221	14	has	have	AUX
dem-5676	221	15	been	be	AUX
dem-5676	221	16	increasing	increase	VERB
dem-5676	221	17	by	by	ADP
dem-5676	221	18	a	a	DET
dem-5676	221	19	month	month	NOUN
dem-5676	221	20	each	each	DET
dem-5676	221	21	quarter	quarter	NOUN
dem-5676	221	22	beginning	begin	VERB
dem-5676	221	23	from	from	ADP
dem-5676	221	24	the	the	DET
dem-5676	221	25	first	first	ADJ
dem-5676	221	26	quarter	quarter	NOUN
dem-5676	221	27	of	of	ADP
dem-5676	221	28	year	year	NOUN
dem-5676	221	29	2013	2013	NUM
dem-5676	221	30	)	)	PUNCT
dem-5676	221	31	,	,	PUNCT
dem-5676	221	32	17	17	NUM
dem-5676	221	33	discussion	discussion	NOUN
dem-5676	221	34	of	of	ADP
dem-5676	221	35	beta	beta	NOUN
dem-5676	221	36	estimation	estimation	NOUN
dem-5676	221	37	has	have	AUX
dem-5676	221	38	been	be	AUX
dem-5676	221	39	provided	provide	VERB
dem-5676	221	40	by	by	ADP
dem-5676	221	41	many	many	ADJ
dem-5676	221	42	researches	research	NOUN
dem-5676	221	43	all	all	ADV
dem-5676	221	44	around	around	ADP
dem-5676	221	45	the	the	DET
dem-5676	221	46	world	world	NOUN
dem-5676	221	47	however	however	ADV
dem-5676	221	48	our	our	PRON
dem-5676	221	49	previous	previous	ADJ
dem-5676	221	50	research	research	NOUN
dem-5676	221	51	shows	show	VERB
dem-5676	221	52	that	that	SCONJ
dem-5676	221	53	ols	ol	NOUN
dem-5676	221	54	method	method	NOUN
dem-5676	221	55	is	be	AUX
dem-5676	221	56	appropriate	appropriate	ADJ
dem-5676	221	57	to	to	ADP
dem-5676	221	58	this	this	DET
dem-5676	221	59	purpose	purpose	NOUN
dem-5676	221	60	(	(	PUNCT
dem-5676	221	61	see	see	VERB
dem-5676	221	62	:	:	PUNCT
dem-5676	221	63	tarczyński	tarczyński	ADJ
dem-5676	221	64	,	,	PUNCT
dem-5676	221	65	witkowska	witkowska	PROPN
dem-5676	221	66	,	,	PUNCT
dem-5676	221	67	kompa	kompa	NOUN
dem-5676	221	68	,	,	PUNCT
dem-5676	221	69	2013	2013	NUM
dem-5676	221	70	)	)	PUNCT
dem-5676	221	71	.	.	PUNCT
dem-5676	222	1	pension	pension	NOUN
dem-5676	222	2	funds	fund	NOUN
dem-5676	222	3	in	in	ADP
dem-5676	222	4	poland	poland	PROPN
dem-5676	222	5	:	:	PUNCT
dem-5676	222	6	efficiency	efficiency	NOUN
dem-5676	222	7	analysis	analysis	NOUN
dem-5676	222	8	for	for	ADP
dem-5676	222	9	years	year	NOUN
dem-5676	222	10	1999–2013	1999–2013	NUM
dem-5676	222	11	dynamic	dynamic	ADJ
dem-5676	222	12	econometric	econometric	ADJ
dem-5676	222	13	models	model	NOUN
dem-5676	222	14	14	14	NUM
dem-5676	222	15	(	(	PUNCT
dem-5676	222	16	2014	2014	NUM
dem-5676	222	17	)	)	PUNCT
dem-5676	223	1	105–124	105–124	NUM
dem-5676	223	2	123	123	NUM
dem-5676	223	3			NOUN
dem-5676	223	4	the	the	DET
dem-5676	223	5	share	share	NOUN
dem-5676	223	6	of	of	ADP
dem-5676	223	7	the	the	DET
dem-5676	223	8	contribution	contribution	NOUN
dem-5676	223	9	of	of	ADP
dem-5676	223	10	earnings	earning	NOUN
dem-5676	223	11	that	that	PRON
dem-5676	223	12	is	be	AUX
dem-5676	223	13	saved	save	VERB
dem-5676	223	14	in	in	ADP
dem-5676	223	15	both	both	DET
dem-5676	223	16	mandatory	mandatory	ADJ
dem-5676	223	17	pillars	pillar	NOUN
dem-5676	223	18	(	(	PUNCT
dem-5676	223	19	affected	affect	VERB
dem-5676	223	20	from	from	ADP
dem-5676	223	21	may	may	PROPN
dem-5676	223	22	2011	2011	NUM
dem-5676	223	23	)	)	PUNCT
dem-5676	223	24	,	,	PUNCT
dem-5676	223	25			VERB
dem-5676	223	26	the	the	DET
dem-5676	223	27	role	role	NOUN
dem-5676	223	28	of	of	ADP
dem-5676	223	29	the	the	DET
dem-5676	223	30	mandatory	mandatory	ADJ
dem-5676	223	31	funded	fund	VERB
dem-5676	223	32	pillar	pillar	NOUN
dem-5676	223	33	that	that	PRON
dem-5676	223	34	became	become	VERB
dem-5676	223	35	voluntary	voluntary	ADJ
dem-5676	223	36	(	(	PUNCT
dem-5676	223	37	affected	affect	VERB
dem-5676	223	38	from	from	ADP
dem-5676	223	39	august	august	PROPN
dem-5676	223	40	2014	2014	NUM
dem-5676	223	41	)	)	PUNCT
dem-5676	223	42	,	,	PUNCT
dem-5676	223	43			VERB
dem-5676	223	44	the	the	DET
dem-5676	223	45	scheme	scheme	NOUN
dem-5676	223	46	of	of	ADP
dem-5676	223	47	investments	investment	NOUN
dem-5676	223	48	i.e.	i.e.	X
dem-5676	223	49	the	the	DET
dem-5676	223	50	pension	pension	NOUN
dem-5676	223	51	funds	fund	NOUN
dem-5676	223	52	’	'	PUNCT
dem-5676	223	53	portfolio	portfolio	NOUN
dem-5676	223	54	composition	composition	NOUN
dem-5676	223	55	,	,	PUNCT
dem-5676	223	56	especially	especially	ADV
dem-5676	223	57	prohibition	prohibition	NOUN
dem-5676	223	58	of	of	ADP
dem-5676	223	59	investing	invest	VERB
dem-5676	223	60	in	in	ADP
dem-5676	223	61	debt	debt	NOUN
dem-5676	223	62	securities	security	NOUN
dem-5676	223	63	issued	issue	VERB
dem-5676	223	64	and	and	CCONJ
dem-5676	223	65	guaranteed	guarantee	VERB
dem-5676	223	66	by	by	ADP
dem-5676	223	67	the	the	DET
dem-5676	223	68	state	state	NOUN
dem-5676	223	69	treasury	treasury	PROPN
dem-5676	223	70	(	(	PUNCT
dem-5676	223	71	beginning	begin	VERB
dem-5676	223	72	from	from	ADP
dem-5676	223	73	2014	2014	NUM
dem-5676	223	74	)	)	PUNCT
dem-5676	223	75	.	.	PUNCT
dem-5676	224	1	the	the	DET
dem-5676	224	2	research	research	NOUN
dem-5676	224	3	,	,	PUNCT
dem-5676	224	4	presented	present	VERB
dem-5676	224	5	in	in	ADP
dem-5676	224	6	the	the	DET
dem-5676	224	7	paper	paper	NOUN
dem-5676	224	8	,	,	PUNCT
dem-5676	224	9	shows	show	VERB
dem-5676	224	10	that	that	SCONJ
dem-5676	224	11	the	the	DET
dem-5676	224	12	performance	performance	NOUN
dem-5676	224	13	of	of	ADP
dem-5676	224	14	pension	pension	NOUN
dem-5676	224	15	funds	fund	NOUN
dem-5676	224	16	was	be	AUX
dem-5676	224	17	better	well	ADJ
dem-5676	224	18	than	than	ADP
dem-5676	224	19	the	the	DET
dem-5676	224	20	constructed	construct	VERB
dem-5676	224	21	benchmarks	benchmark	NOUN
dem-5676	224	22	,	,	PUNCT
dem-5676	224	23	regardless	regardless	ADV
dem-5676	224	24	the	the	DET
dem-5676	224	25	general	general	ADJ
dem-5676	224	26	situation	situation	NOUN
dem-5676	224	27	in	in	ADP
dem-5676	224	28	the	the	DET
dem-5676	224	29	capital	capital	NOUN
dem-5676	224	30	market	market	NOUN
dem-5676	224	31	.	.	PUNCT
dem-5676	225	1	it	it	PRON
dem-5676	225	2	proves	prove	VERB
dem-5676	225	3	that	that	SCONJ
dem-5676	225	4	diversified	diversified	ADJ
dem-5676	225	5	(	(	PUNCT
dem-5676	225	6	as	as	SCONJ
dem-5676	225	7	it	it	PRON
dem-5676	225	8	was	be	AUX
dem-5676	225	9	stated	state	VERB
dem-5676	225	10	in	in	ADP
dem-5676	225	11	1999	1999	NUM
dem-5676	225	12	)	)	PUNCT
dem-5676	225	13	portfolio	portfolio	NOUN
dem-5676	225	14	better	well	ADJ
dem-5676	225	15	protects	protect	VERB
dem-5676	225	16	pensioner	pensioner	NOUN
dem-5676	225	17	’s	’s	PART
dem-5676	225	18	interest	interest	NOUN
dem-5676	225	19	than	than	ADP
dem-5676	225	20	portfolios	portfolio	NOUN
dem-5676	225	21	with	with	ADP
dem-5676	225	22	limited	limited	ADJ
dem-5676	225	23	types	type	NOUN
dem-5676	225	24	of	of	ADP
dem-5676	225	25	financial	financial	ADJ
dem-5676	225	26	instruments	instrument	NOUN
dem-5676	225	27	.	.	PUNCT
dem-5676	226	1	it	it	PRON
dem-5676	226	2	can	can	AUX
dem-5676	226	3	be	be	AUX
dem-5676	226	4	noticed	notice	VERB
dem-5676	226	5	also	also	ADV
dem-5676	226	6	by	by	ADP
dem-5676	226	7	analyzing	analyze	VERB
dem-5676	226	8	accounting	accounting	NOUN
dem-5676	226	9	units	unit	NOUN
dem-5676	226	10	(	(	PUNCT
dem-5676	226	11	table	table	NOUN
dem-5676	226	12	1	1	NUM
dem-5676	226	13	)	)	PUNCT
dem-5676	226	14	,	,	PUNCT
dem-5676	226	15	which	which	PRON
dem-5676	226	16	have	have	AUX
dem-5676	226	17	been	be	AUX
dem-5676	226	18	systematically	systematically	ADV
dem-5676	226	19	increasing	increase	VERB
dem-5676	226	20	.	.	PUNCT
dem-5676	227	1	it	it	PRON
dem-5676	227	2	proves	prove	VERB
dem-5676	227	3	that	that	SCONJ
dem-5676	227	4	new	new	ADJ
dem-5676	227	5	regulations	regulation	NOUN
dem-5676	227	6	,	,	PUNCT
dem-5676	227	7	especially	especially	ADV
dem-5676	227	8	the	the	DET
dem-5676	227	9	one	one	NUM
dem-5676	227	10	concerning	concern	VERB
dem-5676	227	11	structure	structure	NOUN
dem-5676	227	12	of	of	ADP
dem-5676	227	13	the	the	DET
dem-5676	227	14	pension	pension	NOUN
dem-5676	227	15	funds	fund	NOUN
dem-5676	227	16	’	'	PUNCT
dem-5676	227	17	portfolios	portfolio	NOUN
dem-5676	227	18	,	,	PUNCT
dem-5676	227	19	does	do	AUX
dem-5676	227	20	not	not	PART
dem-5676	227	21	improve	improve	VERB
dem-5676	227	22	the	the	DET
dem-5676	227	23	performance	performance	NOUN
dem-5676	227	24	of	of	ADP
dem-5676	227	25	pension	pension	NOUN
dem-5676	227	26	funds	fund	NOUN
dem-5676	227	27	.	.	PUNCT
dem-5676	228	1	in	in	ADP
dem-5676	228	2	addition	addition	NOUN
dem-5676	228	3	lack	lack	NOUN
dem-5676	228	4	of	of	ADP
dem-5676	228	5	debt	debt	NOUN
dem-5676	228	6	securities	security	NOUN
dem-5676	228	7	issued	issue	VERB
dem-5676	228	8	and	and	CCONJ
dem-5676	228	9	guaranteed	guarantee	VERB
dem-5676	228	10	by	by	ADP
dem-5676	228	11	the	the	DET
dem-5676	228	12	state	state	NOUN
dem-5676	228	13	treasury	treasury	PROPN
dem-5676	228	14	in	in	ADP
dem-5676	228	15	ofe	ofe	PROPN
dem-5676	228	16	’s	’s	PART
dem-5676	228	17	investments	investment	NOUN
dem-5676	228	18	will	will	AUX
dem-5676	228	19	increase	increase	VERB
dem-5676	228	20	the	the	DET
dem-5676	228	21	risk	risk	NOUN
dem-5676	228	22	exposure	exposure	NOUN
dem-5676	228	23	of	of	ADP
dem-5676	228	24	retirement	retirement	NOUN
dem-5676	228	25	savings	saving	NOUN
dem-5676	228	26	.	.	PUNCT
dem-5676	229	1	new	new	ADJ
dem-5676	229	2	regulations	regulation	NOUN
dem-5676	229	3	significantly	significantly	ADV
dem-5676	229	4	limited	limit	VERB
dem-5676	229	5	the	the	DET
dem-5676	229	6	role	role	NOUN
dem-5676	229	7	of	of	ADP
dem-5676	229	8	the	the	DET
dem-5676	229	9	funded	funded	ADJ
dem-5676	229	10	pillar	pillar	NOUN
dem-5676	229	11	in	in	ADP
dem-5676	229	12	the	the	DET
dem-5676	229	13	pension	pension	NOUN
dem-5676	229	14	system	system	NOUN
dem-5676	229	15	.	.	PUNCT
dem-5676	230	1	there	there	PRON
dem-5676	230	2	is	be	VERB
dem-5676	230	3	also	also	ADV
dem-5676	230	4	a	a	DET
dem-5676	230	5	danger	danger	NOUN
dem-5676	230	6	that	that	SCONJ
dem-5676	230	7	declining	decline	VERB
dem-5676	230	8	of	of	ADP
dem-5676	230	9	the	the	DET
dem-5676	230	10	pension	pension	NOUN
dem-5676	230	11	funds	fund	NOUN
dem-5676	230	12	assets	asset	NOUN
dem-5676	230	13	will	will	AUX
dem-5676	230	14	significantly	significantly	ADV
dem-5676	230	15	influence	influence	VERB
dem-5676	230	16	polish	polish	ADJ
dem-5676	230	17	capital	capital	NOUN
dem-5676	230	18	market	market	NOUN
dem-5676	230	19	and	and	CCONJ
dem-5676	230	20	the	the	DET
dem-5676	230	21	whole	whole	ADJ
dem-5676	230	22	economy	economy	NOUN
dem-5676	230	23	.	.	PUNCT
dem-5676	231	1	references	reference	NOUN
dem-5676	231	2	antolin	antolin	PROPN
dem-5676	231	3	,	,	PUNCT
dem-5676	231	4	p.	p.	NOUN
dem-5676	231	5	(	(	PUNCT
dem-5676	231	6	2008	2008	NUM
dem-5676	231	7	)	)	PUNCT
dem-5676	231	8	,	,	PUNCT
dem-5676	231	9	pension	pension	NOUN
dem-5676	231	10	fund	fund	NOUN
dem-5676	231	11	performance	performance	NOUN
dem-5676	231	12	,	,	PUNCT
dem-5676	231	13	oecd	oecd	PROPN
dem-5676	231	14	working	work	VERB
dem-5676	231	15	papers	paper	NOUN
dem-5676	231	16	on	on	ADP
dem-5676	231	17	insurance	insurance	NOUN
dem-5676	231	18	and	and	CCONJ
dem-5676	231	19	private	private	ADJ
dem-5676	231	20	pensions	pension	NOUN
dem-5676	231	21	,	,	PUNCT
dem-5676	231	22	20	20	NUM
dem-5676	231	23	,	,	PUNCT
dem-5676	231	24	doi	doi	NOUN
dem-5676	231	25	:	:	PUNCT
dem-5676	231	26	http://dx.doi.org/10.1787/240401404057	http://dx.doi.org/10.1787/240401404057	ADJ
dem-5676	231	27	.	.	PUNCT
dem-5676	232	1	bilefsky	bilefsky	PROPN
dem-5676	232	2	,	,	PUNCT
dem-5676	232	3	d.	d.	PROPN
dem-5676	232	4	,	,	PUNCT
dem-5676	232	5	zurawik	zurawik	PROPN
dem-5676	232	6	,	,	PUNCT
dem-5676	232	7	m.	m.	NOUN
dem-5676	232	8	(	(	PUNCT
dem-5676	232	9	2013	2013	NUM
dem-5676	232	10	)	)	PUNCT
dem-5676	232	11	,	,	PUNCT
dem-5676	232	12	polish	polish	ADJ
dem-5676	232	13	plan	plan	NOUN
dem-5676	232	14	on	on	ADP
dem-5676	232	15	pensions	pension	NOUN
dem-5676	232	16	arouses	arouse	VERB
dem-5676	232	17	sharp	sharp	ADJ
dem-5676	232	18	criticism	criticism	NOUN
dem-5676	232	19	,	,	PUNCT
dem-5676	232	20	the	the	DET
dem-5676	232	21	new	new	PROPN
dem-5676	232	22	york	york	PROPN
dem-5676	232	23	times	times	PROPN
dem-5676	232	24	.	.	PUNCT
dem-5676	233	1	october	october	PROPN
dem-5676	233	2	,	,	PUNCT
dem-5676	233	3	9	9	NUM
dem-5676	233	4	,	,	PUNCT
dem-5676	233	5	2013	2013	NUM
dem-5676	233	6	,	,	PUNCT
dem-5676	233	7	http://www.nytimes.com/2013/10/10/business/in	http://www.nytimes.com/2013/10/10/business/in	NOUN
dem-5676	233	8	ternational	ternational	ADJ
dem-5676	233	9	/	/	SYM
dem-5676	233	10	polish	polish	ADJ
dem-5676	233	11	-	-	PUNCT
dem-5676	233	12	plan	plan	NOUN
dem-5676	233	13	-	-	PUNCT
dem-5676	233	14	on	on	ADP
dem-5676	233	15	-	-	PUNCT
dem-5676	233	16	pensions	pension	NOUN
dem-5676	233	17	-	-	PUNCT
dem-5676	233	18	arouses	arouse	VERB
dem-5676	233	19	-	-	PUNCT
dem-5676	233	20	sharp	sharp	ADJ
dem-5676	233	21	-	-	PUNCT
dem-5676	233	22	criticism.html?_r=0	criticism.html?_r=0	ADJ
dem-5676	233	23	.	.	PUNCT
dem-5676	233	24	feldstein	feldstein	NOUN
dem-5676	233	25	,	,	PUNCT
dem-5676	233	26	m.	m.	NOUN
dem-5676	233	27	(	(	PUNCT
dem-5676	233	28	1997	1997	NUM
dem-5676	233	29	)	)	PUNCT
dem-5676	233	30	,	,	PUNCT
dem-5676	233	31	transition	transition	NOUN
dem-5676	233	32	to	to	ADP
dem-5676	233	33	a	a	DET
dem-5676	233	34	fully	fully	ADV
dem-5676	233	35	funded	fund	VERB
dem-5676	233	36	pension	pension	NOUN
dem-5676	233	37	system	system	NOUN
dem-5676	233	38	:	:	PUNCT
dem-5676	233	39	five	five	NUM
dem-5676	233	40	economic	economic	ADJ
dem-5676	233	41	issues	issue	NOUN
dem-5676	233	42	,	,	PUNCT
dem-5676	233	43	nber	nber	PROPN
dem-5676	233	44	working	working	PROPN
dem-5676	233	45	paper	paper	NOUN
dem-5676	233	46	,	,	PUNCT
dem-5676	233	47	6149	6149	NUM
dem-5676	233	48	,	,	PUNCT
dem-5676	233	49	http://www.nber.org/papers/w6149.pdf	http://www.nber.org/papers/w6149.pdf	PROPN
dem-5676	233	50	.	.	PUNCT
dem-5676	234	1	góra	góra	PROPN
dem-5676	234	2	,	,	PUNCT
dem-5676	234	3	m.	m.	NOUN
dem-5676	234	4	,	,	PUNCT
dem-5676	234	5	rutkowski	rutkowski	PROPN
dem-5676	234	6	,	,	PUNCT
dem-5676	234	7	m.	m.	NOUN
dem-5676	234	8	(	(	PUNCT
dem-5676	234	9	2000	2000	NUM
dem-5676	234	10	)	)	PUNCT
dem-5676	234	11	,	,	PUNCT
dem-5676	234	12	the	the	DET
dem-5676	234	13	quest	quest	NOUN
dem-5676	234	14	for	for	ADP
dem-5676	234	15	pension	pension	NOUN
dem-5676	234	16	reform	reform	NOUN
dem-5676	234	17	:	:	PUNCT
dem-5676	234	18	poland	poland	PROPN
dem-5676	234	19	's	's	PART
dem-5676	234	20	security	security	NOUN
dem-5676	234	21	through	through	ADP
dem-5676	234	22	diversity	diversity	NOUN
dem-5676	234	23	,	,	PUNCT
dem-5676	234	24	,	,	PUNCT
dem-5676	234	25	william	william	PROPN
dem-5676	234	26	davidson	davidson	PROPN
dem-5676	234	27	institute	institute	PROPN
dem-5676	234	28	at	at	ADP
dem-5676	234	29	the	the	DET
dem-5676	234	30	university	university	PROPN
dem-5676	234	31	of	of	ADP
dem-5676	234	32	michigan	michigan	PROPN
dem-5676	234	33	,	,	PUNCT
dem-5676	234	34	working	working	NOUN
dem-5676	234	35	papers	paper	NOUN
dem-5676	234	36	,	,	PUNCT
dem-5676	234	37	286	286	NUM
dem-5676	234	38	,	,	PUNCT
dem-5676	234	39	http://deepblue.lib.umich.edu/bitstream/handle/2027.42/39670/wp286.pdf?seque	http://deepblue.lib.umich.edu/bitstream/handle/2027.42/39670/wp286.pdf?seque	PROPN
dem-5676	234	40	nce=3	nce=3	NOUN
dem-5676	234	41	.	.	PROPN
dem-5676	234	42	hagemejer	hagemejer	PROPN
dem-5676	234	43	,	,	PUNCT
dem-5676	234	44	j.	j.	PROPN
dem-5676	234	45	,	,	PUNCT
dem-5676	234	46	makarski	makarski	PROPN
dem-5676	234	47	,	,	PUNCT
dem-5676	234	48	k.	k.	PROPN
dem-5676	234	49	,	,	PUNCT
dem-5676	234	50	tyrowicz	tyrowicz	PROPN
dem-5676	234	51	,	,	PUNCT
dem-5676	234	52	j.	j.	PROPN
dem-5676	234	53	(	(	PUNCT
dem-5676	234	54	2013	2013	NUM
dem-5676	234	55	)	)	PUNCT
dem-5676	234	56	,	,	PUNCT
dem-5676	234	57	unprivatizing	unprivatize	VERB
dem-5676	234	58	the	the	DET
dem-5676	234	59	pension	pension	NOUN
dem-5676	234	60	system	system	NOUN
dem-5676	234	61	:	:	PUNCT
dem-5676	234	62	the	the	DET
dem-5676	234	63	case	case	NOUN
dem-5676	234	64	of	of	ADP
dem-5676	234	65	poland	poland	PROPN
dem-5676	234	66	,	,	PUNCT
dem-5676	234	67	university	university	PROPN
dem-5676	234	68	of	of	ADP
dem-5676	234	69	warsaw	warsaw	PROPN
dem-5676	234	70	,	,	PUNCT
dem-5676	234	71	faculty	faculty	NOUN
dem-5676	234	72	of	of	ADP
dem-5676	234	73	economic	economic	ADJ
dem-5676	234	74	sciences	science	NOUN
dem-5676	234	75	,	,	PUNCT
dem-5676	234	76	working	working	NOUN
dem-5676	234	77	papers	paper	NOUN
dem-5676	234	78	,	,	PUNCT
dem-5676	234	79	26	26	NUM
dem-5676	234	80	(	(	PUNCT
dem-5676	234	81	111	111	NUM
dem-5676	234	82	)	)	PUNCT
dem-5676	234	83	.	.	PUNCT
dem-5676	235	1	hausmer	hausmer	PROPN
dem-5676	235	2	,	,	PUNCT
dem-5676	235	3	j.	j.	PROPN
dem-5676	235	4	(	(	PUNCT
dem-5676	235	5	2002	2002	NUM
dem-5676	235	6	)	)	PUNCT
dem-5676	235	7	,	,	PUNCT
dem-5676	235	8	poland	poland	PROPN
dem-5676	235	9	security	security	NOUN
dem-5676	235	10	through	through	ADP
dem-5676	235	11	diversity	diversity	NOUN
dem-5676	235	12	,	,	PUNCT
dem-5676	235	13	in	in	ADP
dem-5676	235	14	feldstein	feldstein	ADJ
dem-5676	235	15	m.	m.	NOUN
dem-5676	235	16	and	and	CCONJ
dem-5676	235	17	siebert	siebert	PROPN
dem-5676	235	18	h.	h.	PROPN
dem-5676	235	19	(	(	PUNCT
dem-5676	235	20	ed	ed	NOUN
dem-5676	235	21	.	.	PUNCT
dem-5676	235	22	)	)	PUNCT
dem-5676	235	23	,	,	PUNCT
dem-5676	235	24	social	social	ADJ
dem-5676	235	25	security	security	NOUN
dem-5676	235	26	pension	pension	NOUN
dem-5676	235	27	reform	reform	NOUN
dem-5676	235	28	in	in	ADP
dem-5676	235	29	europe	europe	PROPN
dem-5676	235	30	,	,	PUNCT
dem-5676	235	31	university	university	PROPN
dem-5676	235	32	of	of	ADP
dem-5676	235	33	chicago	chicago	PROPN
dem-5676	235	34	press	press	NOUN
dem-5676	235	35	,	,	PUNCT
dem-5676	235	36	349–364	349–364	NUM
dem-5676	235	37	,	,	PUNCT
dem-5676	235	38	available	available	ADJ
dem-5676	235	39	at	at	ADP
dem-5676	235	40	:	:	PUNCT
dem-5676	235	41	http://www.nber.org/chapters/c10678.pdf	http://www.nber.org/chapters/c10678.pdf	X
dem-5676	236	1	.	.	PUNCT
dem-5676	236	2	kompa	kompa	PROPN
dem-5676	236	3	,	,	PUNCT
dem-5676	236	4	k.	k.	PROPN
dem-5676	236	5	(	(	PUNCT
dem-5676	236	6	2014	2014	NUM
dem-5676	236	7	)	)	PUNCT
dem-5676	236	8	,	,	PUNCT
dem-5676	236	9	polish	polish	ADJ
dem-5676	236	10	pension	pension	NOUN
dem-5676	236	11	system	system	NOUN
dem-5676	236	12	in	in	ADP
dem-5676	236	13	transition	transition	NOUN
dem-5676	236	14	:	:	PUNCT
dem-5676	236	15	impact	impact	NOUN
dem-5676	236	16	on	on	ADP
dem-5676	236	17	the	the	DET
dem-5676	236	18	investment	investment	NOUN
dem-5676	236	19	portfolio	portfolio	NOUN
dem-5676	236	20	construction	construction	NOUN
dem-5676	236	21	,	,	PUNCT
dem-5676	236	22	indian	indian	ADJ
dem-5676	236	23	journal	journal	NOUN
dem-5676	236	24	of	of	ADP
dem-5676	236	25	fundamental	fundamental	ADJ
dem-5676	236	26	and	and	CCONJ
dem-5676	236	27	applied	apply	VERB
dem-5676	236	28	life	life	NOUN
dem-5676	236	29	sciences	science	NOUN
dem-5676	236	30	,	,	PUNCT
dem-5676	236	31	http://	http://	PROPN
dem-5676	236	32	http://www.cibtech.org/sp.ed/jls/2014/01/jls.htm	http://www.cibtech.org/sp.ed/jls/2014/01/jls.htm	PROPN
dem-5676	236	33	,	,	PUNCT
dem-5676	236	34	4(s1	4(s1	NUM
dem-5676	236	35	)	)	PUNCT
dem-5676	236	36	,	,	PUNCT
dem-5676	236	37	2102–2110	2102–2110	NUM
dem-5676	236	38	.	.	PUNCT
dem-5676	237	1	krzysztof	krzysztof	PROPN
dem-5676	237	2	kompa	kompa	PROPN
dem-5676	237	3	,	,	PUNCT
dem-5676	237	4	dorota	dorota	PROPN
dem-5676	237	5	witkowska	witkowska	PROPN
dem-5676	237	6	dynamic	dynamic	ADJ
dem-5676	237	7	econometric	econometric	ADJ
dem-5676	237	8	models	model	NOUN
dem-5676	237	9	14	14	NUM
dem-5676	237	10	(	(	PUNCT
dem-5676	237	11	2014	2014	NUM
dem-5676	237	12	)	)	PUNCT
dem-5676	237	13	105–124	105–124	NUM
dem-5676	237	14	124	124	NUM
dem-5676	237	15	kompa	kompa	NOUN
dem-5676	237	16	,	,	PUNCT
dem-5676	237	17	k.	k.	PROPN
dem-5676	237	18	,	,	PUNCT
dem-5676	237	19	wiśniewski	wiśniewski	ADJ
dem-5676	237	20	,	,	PUNCT
dem-5676	237	21	t.	t.	PROPN
dem-5676	237	22	(	(	PUNCT
dem-5676	237	23	2014	2014	NUM
dem-5676	237	24	)	)	PUNCT
dem-5676	237	25	,	,	PUNCT
dem-5676	237	26	“	"	PUNCT
dem-5676	237	27	security	security	NOUN
dem-5676	237	28	through	through	ADP
dem-5676	237	29	diversity	diversity	NOUN
dem-5676	237	30	”	"	PUNCT
dem-5676	237	31	:	:	PUNCT
dem-5676	237	32	portfolio	portfolio	NOUN
dem-5676	237	33	diversification	diversification	NOUN
dem-5676	237	34	of	of	ADP
dem-5676	237	35	private	private	ADJ
dem-5676	237	36	pension	pension	NOUN
dem-5676	237	37	funds	fund	NOUN
dem-5676	237	38	,	,	PUNCT
dem-5676	237	39	quantitative	quantitative	ADJ
dem-5676	237	40	methods	method	NOUN
dem-5676	237	41	in	in	ADP
dem-5676	237	42	economic	economic	ADJ
dem-5676	237	43	research	research	NOUN
dem-5676	237	44	,	,	PUNCT
dem-5676	237	45	15(1	15(1	NUM
dem-5676	237	46	)	)	PUNCT
dem-5676	237	47	,	,	PUNCT
dem-5676	237	48	58–65	58–65	NUM
dem-5676	237	49	.	.	PUNCT
dem-5676	238	1	lewicka	lewicka	NOUN
dem-5676	238	2	-	-	PUNCT
dem-5676	238	3	banaszak	banaszak	NOUN
dem-5676	238	4	,	,	PUNCT
dem-5676	238	5	e.	e.	PROPN
dem-5676	238	6	(	(	PUNCT
dem-5676	238	7	2014	2014	NUM
dem-5676	238	8	)	)	PUNCT
dem-5676	238	9	,	,	PUNCT
dem-5676	238	10	against	against	ADP
dem-5676	238	11	the	the	DET
dem-5676	238	12	grain	grain	NOUN
dem-5676	238	13	.	.	PUNCT
dem-5676	239	1	pension	pension	NOUN
dem-5676	239	2	systems	system	NOUN
dem-5676	239	3	in	in	ADP
dem-5676	239	4	the	the	DET
dem-5676	239	5	european	european	PROPN
dem-5676	239	6	union	union	PROPN
dem-5676	239	7	and	and	CCONJ
dem-5676	239	8	selected	select	VERB
dem-5676	239	9	oecd	oecd	PROPN
dem-5676	239	10	countries	country	NOUN
dem-5676	239	11	,	,	PUNCT
dem-5676	239	12	and	and	CCONJ
dem-5676	239	13	the	the	DET
dem-5676	239	14	direction	direction	NOUN
dem-5676	239	15	of	of	ADP
dem-5676	239	16	changes	change	NOUN
dem-5676	239	17	in	in	ADP
dem-5676	239	18	the	the	DET
dem-5676	239	19	polish	polish	ADJ
dem-5676	239	20	open	open	ADJ
dem-5676	239	21	pension	pension	NOUN
dem-5676	239	22	funds	fund	NOUN
dem-5676	239	23	(	(	PUNCT
dem-5676	239	24	pod	pod	NOUN
dem-5676	239	25	prąd	prąd	NOUN
dem-5676	239	26	.	.	PUNCT
dem-5676	240	1	systemy	systemy	PROPN
dem-5676	240	2	emerytalne	emerytalne	PROPN
dem-5676	240	3	w	w	PROPN
dem-5676	240	4	unii	unii	PROPN
dem-5676	240	5	europejskiej	europejskiej	NOUN
dem-5676	241	1	i	i	PRON
dem-5676	241	2	wybranych	wybranych	VERB
dem-5676	241	3	krajach	krajach	PROPN
dem-5676	241	4	oecd	oecd	PROPN
dem-5676	241	5	,	,	PUNCT
dem-5676	241	6	a	a	DET
dem-5676	241	7	kierunek	kierunek	ADJ
dem-5676	241	8	zmian	zmian	PROPN
dem-5676	241	9	w	w	PROPN
dem-5676	241	10	polskich	polskich	PROPN
dem-5676	241	11	ofe	ofe	PROPN
dem-5676	241	12	)	)	PUNCT
dem-5676	241	13	,	,	PUNCT
dem-5676	241	14	in	in	ADP
dem-5676	241	15	biuletyn	biuletyn	PROPN
dem-5676	241	16	igte	igte	NOUN
dem-5676	241	17	,	,	PUNCT
dem-5676	241	18	1(1	1(1	NUM
dem-5676	241	19	)	)	PUNCT
dem-5676	241	20	,	,	PUNCT
dem-5676	241	21	12–20	12–20	NUM
dem-5676	241	22	,	,	PUNCT
dem-5676	241	23	http://www.igte.com.pl/files/biuletyn/1_biuletyn_14.pdf	http://www.igte.com.pl/files/biuletyn/1_biuletyn_14.pdf	NOUN
dem-5676	241	24	(	(	PUNCT
dem-5676	241	25	in	in	ADP
dem-5676	241	26	polish	polish	NOUN
dem-5676	241	27	)	)	PUNCT
dem-5676	241	28	.	.	PUNCT
dem-5676	242	1	marcinkiewicz	marcinkiewicz	PROPN
dem-5676	242	2	,	,	PUNCT
dem-5676	242	3	e.	e.	PROPN
dem-5676	242	4	,	,	PUNCT
dem-5676	242	5	(	(	PUNCT
dem-5676	242	6	2011	2011	NUM
dem-5676	242	7	)	)	PUNCT
dem-5676	242	8	,	,	PUNCT
dem-5676	242	9	changing	change	VERB
dem-5676	242	10	the	the	DET
dem-5676	242	11	rules	rule	NOUN
dem-5676	242	12	for	for	ADP
dem-5676	242	13	distribution	distribution	NOUN
dem-5676	242	14	of	of	ADP
dem-5676	242	15	pension	pension	NOUN
dem-5676	242	16	contributions	contribution	NOUN
dem-5676	242	17	and	and	CCONJ
dem-5676	242	18	the	the	DET
dem-5676	242	19	importance	importance	NOUN
dem-5676	242	20	of	of	ADP
dem-5676	242	21	pension	pension	NOUN
dem-5676	242	22	funds	fund	NOUN
dem-5676	242	23	in	in	ADP
dem-5676	242	24	the	the	DET
dem-5676	242	25	financial	financial	ADJ
dem-5676	242	26	market	market	NOUN
dem-5676	242	27	(	(	PUNCT
dem-5676	242	28	zmiana	zmiana	X
dem-5676	242	29	zasad	zasad	PROPN
dem-5676	242	30	dystrybucji	dystrybucji	PROPN
dem-5676	242	31	składki	składki	PROPN
dem-5676	242	32	emerytalnej	emerytalnej	ADJ
dem-5676	243	1	a	a	DET
dem-5676	243	2	znaczenie	znaczenie	NOUN
dem-5676	243	3	ofe	ofe	NOUN
dem-5676	243	4	na	na	ADP
dem-5676	243	5	rynku	rynku	ADJ
dem-5676	243	6	finansowym	finansowym	NOUN
dem-5676	243	7	)	)	PUNCT
dem-5676	243	8	,	,	PUNCT
dem-5676	243	9	polityka	polityka	ADJ
dem-5676	243	10	społeczna	społeczna	NOUN
dem-5676	243	11	.	.	PUNCT
dem-5676	244	1	numer	numer	PROPN
dem-5676	244	2	specjalny	specjalny	PROPN
dem-5676	244	3	,	,	PUNCT
dem-5676	244	4	warszawa	warszawa	X
dem-5676	244	5	,	,	PUNCT
dem-5676	244	6	16–19	16–19	NUM
dem-5676	244	7	,	,	PUNCT
dem-5676	244	8	(	(	PUNCT
dem-5676	244	9	in	in	ADP
dem-5676	244	10	polish	polish	NOUN
dem-5676	244	11	)	)	PUNCT
dem-5676	244	12	.	.	PUNCT
dem-5676	245	1	pelc	pelc	NOUN
dem-5676	245	2	,	,	PUNCT
dem-5676	245	3	p.	p.	NOUN
dem-5676	245	4	(	(	PUNCT
dem-5676	245	5	2010	2010	NUM
dem-5676	245	6	)	)	PUNCT
dem-5676	245	7	,	,	PUNCT
dem-5676	245	8	polish	polish	ADJ
dem-5676	245	9	pension	pension	NOUN
dem-5676	245	10	reform	reform	NOUN
dem-5676	245	11	–	–	PUNCT
dem-5676	245	12	lost	lose	VERB
dem-5676	245	13	decade	decade	NOUN
dem-5676	245	14	?	?	PUNCT
dem-5676	245	15	,	,	PUNCT
dem-5676	245	16	http://www.pawelpelc.pl/index.php	http://www.pawelpelc.pl/index.php	X
dem-5676	245	17	?	?	PUNCT
dem-5676	245	18	display=5&artykul=167	display=5&artykul=167	NOUN
dem-5676	245	19	.	.	PUNCT
dem-5676	246	1	pensions	pension	NOUN
dem-5676	246	2	at	at	ADP
dem-5676	246	3	a	a	DET
dem-5676	246	4	glance	glance	NOUN
dem-5676	246	5	2013	2013	NUM
dem-5676	246	6	:	:	PUNCT
dem-5676	246	7	oecd	oecd	PROPN
dem-5676	246	8	and	and	CCONJ
dem-5676	246	9	g20	g20	NOUN
dem-5676	246	10	indicators	indicator	NOUN
dem-5676	246	11	©	©	PROPN
dem-5676	246	12	oecd	oecd	PROPN
dem-5676	246	13	2013	2013	NUM
dem-5676	246	14	.	.	PUNCT
dem-5676	247	1	president	president	PROPN
dem-5676	247	2	signs	sign	VERB
dem-5676	247	3	pension	pension	NOUN
dem-5676	247	4	reform	reform	NOUN
dem-5676	247	5	(	(	PUNCT
dem-5676	247	6	2013	2013	NUM
dem-5676	247	7	)	)	PUNCT
dem-5676	247	8	,	,	PUNCT
dem-5676	247	9	warsaw	warsaw	PROPN
dem-5676	247	10	bussiness	bussiness	PROPN
dem-5676	247	11	journal	journal	PROPN
dem-5676	247	12	,	,	PUNCT
dem-5676	247	13	december	december	PROPN
dem-5676	247	14	,	,	PUNCT
dem-5676	247	15	30	30	NUM
dem-5676	247	16	,	,	PUNCT
dem-5676	247	17	2013	2013	NUM
dem-5676	247	18	,	,	PUNCT
dem-5676	247	19	http://www.wbj.pl/article-64697-president-signs-pension-reform.html	http://www.wbj.pl/article-64697-president-signs-pension-reform.html	PROPN
dem-5676	247	20	rozłucki	rozłucki	PROPN
dem-5676	247	21	,	,	PUNCT
dem-5676	247	22	w.	w.	PROPN
dem-5676	247	23	(	(	PUNCT
dem-5676	247	24	2001	2001	NUM
dem-5676	247	25	)	)	PUNCT
dem-5676	247	26	,	,	PUNCT
dem-5676	247	27	the	the	DET
dem-5676	247	28	importance	importance	NOUN
dem-5676	247	29	of	of	ADP
dem-5676	247	30	pension	pension	NOUN
dem-5676	247	31	funds	fund	NOUN
dem-5676	247	32	for	for	ADP
dem-5676	247	33	the	the	DET
dem-5676	247	34	development	development	NOUN
dem-5676	247	35	of	of	ADP
dem-5676	247	36	the	the	DET
dem-5676	247	37	warsaw	warsaw	PROPN
dem-5676	247	38	stock	stock	PROPN
dem-5676	247	39	exchange	exchange	PROPN
dem-5676	247	40	(	(	PUNCT
dem-5676	247	41	znaczenie	znaczenie	PROPN
dem-5676	247	42	funduszy	funduszy	PROPN
dem-5676	247	43	emerytalnych	emerytalnych	ADJ
dem-5676	247	44	dla	dla	NOUN
dem-5676	247	45	rozwoju	rozwoju	NOUN
dem-5676	247	46	warszawskiej	warszawskiej	VERB
dem-5676	247	47	giełdy	giełdy	PROPN
dem-5676	247	48	papierów	papierów	PROPN
dem-5676	247	49	wartościowych	wartościowych	PROPN
dem-5676	247	50	)	)	PUNCT
dem-5676	247	51	,	,	PUNCT
dem-5676	247	52	bre	bre	PROPN
dem-5676	247	53	bank	bank	PROPN
dem-5676	247	54	–	–	PUNCT
dem-5676	247	55	case	case	NOUN
dem-5676	247	56	,	,	PUNCT
dem-5676	247	57	57	57	NUM
dem-5676	247	58	,	,	PUNCT
dem-5676	247	59	37–41	37–41	NUM
dem-5676	247	60	(	(	PUNCT
dem-5676	247	61	in	in	ADP
dem-5676	247	62	polish	polish	NOUN
dem-5676	247	63	)	)	PUNCT
dem-5676	247	64	.	.	PUNCT
dem-5676	248	1	security	security	NOUN
dem-5676	248	2	(	(	PUNCT
dem-5676	248	3	1997	1997	NUM
dem-5676	248	4	)	)	PUNCT
dem-5676	248	5	,	,	PUNCT
dem-5676	248	6	security	security	NOUN
dem-5676	248	7	through	through	ADP
dem-5676	248	8	diversity	diversity	NOUN
dem-5676	248	9	:	:	PUNCT
dem-5676	248	10	reform	reform	NOUN
dem-5676	248	11	of	of	ADP
dem-5676	248	12	the	the	DET
dem-5676	248	13	pension	pension	NOUN
dem-5676	248	14	system	system	NOUN
dem-5676	248	15	in	in	ADP
dem-5676	248	16	poland	poland	PROPN
dem-5676	248	17	.	.	PUNCT
dem-5676	249	1	warsaw	warsaw	PROPN
dem-5676	249	2	:	:	PUNCT
dem-5676	249	3	office	office	NOUN
dem-5676	249	4	of	of	ADP
dem-5676	249	5	the	the	DET
dem-5676	249	6	government	government	NOUN
dem-5676	249	7	plenipotentiary	plenipotentiary	NOUN
dem-5676	249	8	for	for	ADP
dem-5676	249	9	social	social	ADJ
dem-5676	249	10	insurance	insurance	NOUN
dem-5676	249	11	reform	reform	NOUN
dem-5676	249	12	.	.	PUNCT
dem-5676	250	1	sharpe	sharpe	PROPN
dem-5676	250	2	,	,	PUNCT
dem-5676	250	3	w.f	w.f	PROPN
dem-5676	250	4	.	.	PROPN
dem-5676	250	5	(	(	PUNCT
dem-5676	250	6	1966	1966	NUM
dem-5676	250	7	)	)	PUNCT
dem-5676	250	8	,	,	PUNCT
dem-5676	250	9	mutual	mutual	ADJ
dem-5676	250	10	fund	fund	NOUN
dem-5676	250	11	performance	performance	NOUN
dem-5676	250	12	,	,	PUNCT
dem-5676	250	13	journal	journal	NOUN
dem-5676	250	14	of	of	ADP
dem-5676	250	15	business	business	NOUN
dem-5676	250	16	,	,	PUNCT
dem-5676	250	17	39(1	39(1	NUM
dem-5676	250	18	)	)	PUNCT
dem-5676	250	19	,	,	PUNCT
dem-5676	250	20	119–138	119–138	NUM
dem-5676	250	21	.	.	PUNCT
dem-5676	251	1	sinn	sinn	PROPN
dem-5676	251	2	,	,	PUNCT
dem-5676	251	3	h.w	h.w	PROPN
dem-5676	251	4	.	.	PUNCT
dem-5676	251	5	(	(	PUNCT
dem-5676	251	6	2000	2000	NUM
dem-5676	251	7	)	)	PUNCT
dem-5676	251	8	,	,	PUNCT
dem-5676	251	9	why	why	SCONJ
dem-5676	251	10	a	a	DET
dem-5676	251	11	funded	funded	ADJ
dem-5676	251	12	pension	pension	NOUN
dem-5676	251	13	system	system	NOUN
dem-5676	251	14	is	be	AUX
dem-5676	251	15	useful	useful	ADJ
dem-5676	251	16	and	and	CCONJ
dem-5676	251	17	why	why	SCONJ
dem-5676	251	18	it	it	PRON
dem-5676	251	19	is	be	AUX
dem-5676	251	20	not	not	PART
dem-5676	251	21	useful	useful	ADJ
dem-5676	251	22	,	,	PUNCT
dem-5676	251	23	national	national	ADJ
dem-5676	251	24	bureau	bureau	NOUN
dem-5676	251	25	of	of	ADP
dem-5676	251	26	economic	economic	ADJ
dem-5676	251	27	research	research	NOUN
dem-5676	251	28	,	,	PUNCT
dem-5676	251	29	working	working	NOUN
dem-5676	251	30	paper	paper	NOUN
dem-5676	251	31	,	,	PUNCT
dem-5676	251	32	7592	7592	NUM
dem-5676	251	33	,	,	PUNCT
dem-5676	251	34	http://www.nber.org/pa	http://www.nber.org/pa	PROPN
dem-5676	251	35	pers	per	NOUN
dem-5676	251	36	/	/	SYM
dem-5676	252	1	w7592	w7592	NOUN
dem-5676	252	2	tarczyński	tarczyński	ADV
dem-5676	252	3	,	,	PUNCT
dem-5676	252	4	w.	w.	PROPN
dem-5676	252	5	,	,	PUNCT
dem-5676	252	6	witkowska	witkowska	PROPN
dem-5676	252	7	d.	d.	PROPN
dem-5676	252	8	,	,	PUNCT
dem-5676	252	9	kompa	kompa	PROPN
dem-5676	252	10	k.	k.	PROPN
dem-5676	252	11	(	(	PUNCT
dem-5676	252	12	2013	2013	NUM
dem-5676	252	13	)	)	PUNCT
dem-5676	252	14	,	,	PUNCT
dem-5676	252	15	the	the	DET
dem-5676	252	16	beta	beta	NOUN
dem-5676	252	17	ratio	ratio	NOUN
dem-5676	252	18	theory	theory	NOUN
dem-5676	252	19	and	and	CCONJ
dem-5676	252	20	practice	practice	NOUN
dem-5676	252	21	(	(	PUNCT
dem-5676	252	22	współczynnik	współczynnik	VERB
dem-5676	252	23	beta	beta	NOUN
dem-5676	252	24	teoria	teoria	PROPN
dem-5676	253	1	i	i	PRON
dem-5676	253	2	praktyka	praktyka	VERB
dem-5676	253	3	)	)	PUNCT
dem-5676	253	4	,	,	PUNCT
dem-5676	253	5	warszawa	warszawa	PROPN
dem-5676	253	6	:	:	PUNCT
dem-5676	253	7	pielaszek	pielaszek	PROPN
dem-5676	253	8	research	research	NOUN
dem-5676	253	9	,	,	PUNCT
dem-5676	253	10	(	(	PUNCT
dem-5676	253	11	in	in	ADP
dem-5676	253	12	polish	polish	NOUN
dem-5676	253	13	)	)	PUNCT
dem-5676	253	14	.	.	PUNCT
dem-5676	254	1	treynor	treynor	PROPN
dem-5676	254	2	,	,	PUNCT
dem-5676	254	3	j.l	j.l	PROPN
dem-5676	254	4	.	.	PROPN
dem-5676	254	5	(	(	PUNCT
dem-5676	254	6	1965	1965	NUM
dem-5676	254	7	)	)	PUNCT
dem-5676	254	8	,	,	PUNCT
dem-5676	254	9	how	how	SCONJ
dem-5676	254	10	to	to	PART
dem-5676	254	11	rate	rate	VERB
dem-5676	254	12	management	management	NOUN
dem-5676	254	13	of	of	ADP
dem-5676	254	14	investment	investment	NOUN
dem-5676	254	15	funds	fund	NOUN
dem-5676	254	16	,	,	PUNCT
dem-5676	254	17	harvard	harvard	PROPN
dem-5676	254	18	business	business	PROPN
dem-5676	254	19	review	review	PROPN
dem-5676	254	20	,	,	PUNCT
dem-5676	254	21	43(1	43(1	NOUN
dem-5676	254	22	)	)	PUNCT
dem-5676	254	23	,	,	PUNCT
dem-5676	254	24	63–75	63–75	NUM
dem-5676	254	25	.	.	PUNCT
dem-5676	255	1	fundusze	fundusze	PROPN
dem-5676	255	2	emerytalne	emerytalne	PROPN
dem-5676	255	3	w	w	PROPN
dem-5676	255	4	polsce	polsce	NOUN
dem-5676	255	5	:	:	PUNCT
dem-5676	255	6	analiza	analiza	NOUN
dem-5676	255	7	efektywności	efektywności	PROPN
dem-5676	255	8	za	za	PROPN
dem-5676	255	9	lata	lata	VERB
dem-5676	255	10	1999–2013	1999–2013	NUM
dem-5676	255	11	z	z	NOUN
dem-5676	255	12	a	a	DET
dem-5676	255	13	r	r	NOUN
dem-5676	255	14	y	y	PROPN
dem-5676	255	15	s	s	PROPN
dem-5676	255	16	t	t	NOUN
dem-5676	255	17	r	r	NOUN
dem-5676	255	18	e	e	PROPN
dem-5676	255	19	ś	ś	PROPN
dem-5676	255	20	c	c	PROPN
dem-5676	255	21	i.	i.	PROPN
dem-5676	255	22	reforma	reforma	PROPN
dem-5676	255	23	systemu	systemu	PROPN
dem-5676	255	24	emerytalnego	emerytalnego	PROPN
dem-5676	255	25	została	została	PROPN
dem-5676	255	26	wprowadzona	wprowadzona	PROPN
dem-5676	255	27	w	w	PROPN
dem-5676	255	28	polsce	polsce	PROPN
dem-5676	255	29	w	w	PROPN
dem-5676	255	30	1999r	1999r	NUM
dem-5676	255	31	.	.	PUNCT
dem-5676	255	32	,	,	PUNCT
dem-5676	256	1	kiedy	kiedy	PROPN
dem-5676	256	2	repartycyjny	repartycyjny	NOUN
dem-5676	256	3	system	system	NOUN
dem-5676	256	4	zdefiniowanego	zdefiniowanego	PROPN
dem-5676	256	5	świadczenia	świadczenia	PROPN
dem-5676	256	6	zastąpiono	zastąpiono	PROPN
dem-5676	256	7	systemem	systemem	PROPN
dem-5676	256	8	zdefiniowanej	zdefiniowanej	PROPN
dem-5676	256	9	składki	składki	PROPN
dem-5676	256	10	,	,	PUNCT
dem-5676	256	11	opartym	opartym	NOUN
dem-5676	256	12	na	na	ADP
dem-5676	256	13	3	3	NUM
dem-5676	256	14	filarach	filarach	ADV
dem-5676	256	15	.	.	PUNCT
dem-5676	257	1	dwa	dwa	PROPN
dem-5676	257	2	pierwsze	pierwsze	PROPN
dem-5676	257	3	filary	filary	PROPN
dem-5676	257	4	–	–	PUNCT
dem-5676	257	5	repartycyjny	repartycyjny	NOUN
dem-5676	257	6	i	i	PRON
dem-5676	257	7	kapitałowy	kapitałowy	PROPN
dem-5676	257	8	stały	stały	PROPN
dem-5676	258	1	się	się	PROPN
dem-5676	259	1	publiczne	publiczne	NOUN
dem-5676	260	1	i	i	PRON
dem-5676	260	2	obowiązkowe	obowiązkowe	VERB
dem-5676	260	3	,	,	PUNCT
dem-5676	260	4	a	a	DET
dem-5676	260	5	trzeci	trzeci	PROPN
dem-5676	260	6	dobrowolny	dobrowolny	PROPN
dem-5676	260	7	kapitałowy	kapitałowy	PROPN
dem-5676	260	8	.	.	PROPN
dem-5676	261	1	jednakże	jednakże	PROPN
dem-5676	261	2	problemy	problemy	PROPN
dem-5676	261	3	związane	związane	PROPN
dem-5676	261	4	ze	ze	PROPN
dem-5676	261	5	wzrostem	wzrostem	PROPN
dem-5676	261	6	deficytu	deficytu	PROPN
dem-5676	261	7	budżetowego	budżetowego	PROPN
dem-5676	261	8	spowodowały	spowodowały	NOUN
dem-5676	261	9	wprowadzenie	wprowadzenie	PROPN
dem-5676	261	10	przez	przez	PROPN
dem-5676	261	11	rząd	rząd	PROPN
dem-5676	261	12	istotnych	istotnych	PROPN
dem-5676	261	13	zmian	zmian	PROPN
dem-5676	261	14	systemu	systemu	PROPN
dem-5676	261	15	emerytalnego	emerytalnego	PROPN
dem-5676	261	16	w	w	PROPN
dem-5676	261	17	latach	latach	NOUN
dem-5676	261	18	2011	2011	NUM
dem-5676	261	19	i	i	PRON
dem-5676	261	20	2013	2013	NUM
dem-5676	261	21	.	.	PUNCT
dem-5676	262	1	regulacje	regulacje	PROPN
dem-5676	262	2	te	te	PROPN
dem-5676	262	3	nie	nie	PROPN
dem-5676	262	4	tylko	tylko	PROPN
dem-5676	262	5	w	w	PROPN
dem-5676	262	6	istotny	istotny	PROPN
dem-5676	262	7	sposób	sposób	PROPN
dem-5676	262	8	wpłynęły	wpłynęły	PROPN
dem-5676	262	9	na	na	PROPN
dem-5676	262	10	podział	podział	PROPN
dem-5676	262	11	składek	składek	PROPN
dem-5676	262	12	przekazywanych	przekazywanych	NOUN
dem-5676	262	13	do	do	AUX
dem-5676	262	14	obu	obu	PROPN
dem-5676	262	15	obowiązkowych	obowiązkowych	PROPN
dem-5676	262	16	filarów	filarów	PROPN
dem-5676	262	17	,	,	PUNCT
dem-5676	262	18	ale	ale	NOUN
dem-5676	262	19	spowodowały	spowodowały	NOUN
dem-5676	262	20	zmiany	zmiany	PROPN
dem-5676	262	21	w	w	PROPN
dem-5676	262	22	strukturze	strukturze	PROPN
dem-5676	262	23	portfeli	portfeli	PROPN
dem-5676	262	24	inwestycyjnych	inwestycyjnych	PROPN
dem-5676	262	25	otwartych	otwartych	VERB
dem-5676	262	26	funduszy	funduszy	ADJ
dem-5676	262	27	emerytalnych	emerytalnych	ADJ
dem-5676	262	28	(	(	PUNCT
dem-5676	262	29	ofe	ofe	NOUN
dem-5676	262	30	)	)	PUNCT
dem-5676	262	31	.	.	PUNCT
dem-5676	263	1	celem	celem	PROPN
dem-5676	263	2	realizowanych	realizowanych	PROPN
dem-5676	263	3	badań	badań	PROPN
dem-5676	263	4	jest	jest	PROPN
dem-5676	263	5	analiza	analiza	PROPN
dem-5676	263	6	wyników	wyników	PROPN
dem-5676	263	7	finansowych	finansowych	VERB
dem-5676	263	8	ofe	ofe	INTJ
dem-5676	263	9	funkcjonujących	funkcjonujących	PROPN
dem-5676	263	10	w	w	PROPN
dem-5676	263	11	polsce	polsce	PROPN
dem-5676	263	12	w	w	PROPN
dem-5676	263	13	latach	latach	PROPN
dem-5676	263	14	1999–2013	1999–2013	NUM
dem-5676	263	15	.	.	PUNCT
dem-5676	264	1	na	na	AUX
dem-5676	264	2	podstawie	podstawie	PROPN
dem-5676	264	3	mierników	mierników	VERB
dem-5676	264	4	efektywności	efektywności	ADJ
dem-5676	264	5	sharpe’a	sharpe’a	VERB
dem-5676	265	1	i	i	PRON
dem-5676	265	2	treynora	treynora	VERB
dem-5676	265	3	pokazano	pokazano	PROPN
dem-5676	265	4	,	,	PUNCT
dem-5676	265	5	że	że	PROPN
dem-5676	265	6	dobrze	dobrze	PROPN
dem-5676	265	7	zdywersyfikowane	zdywersyfikowane	PROPN
dem-5676	265	8	portfele	portfele	NOUN
dem-5676	265	9	ofe	ofe	INTJ
dem-5676	265	10	lepiej	lepiej	PROPN
dem-5676	265	11	chronią	chronią	PROPN
dem-5676	265	12	interesy	interesy	PROPN
dem-5676	265	13	emerytów	emerytów	NOUN
dem-5676	265	14	niż	niż	PROPN
dem-5676	265	15	portfele	portfele	PROPN
dem-5676	265	16	hipotetyczne	hipotetyczne	PROPN
dem-5676	265	17	,	,	PUNCT
dem-5676	265	18	skonstruowane	skonstruowane	PROPN
dem-5676	265	19	zgodnie	zgodnie	PROPN
dem-5676	265	20	z	z	PROPN
dem-5676	265	21	nowymi	nowymi	PROPN
dem-5676	265	22	zasadami	zasadami	PROPN
dem-5676	265	23	.	.	PUNCT
dem-5676	266	1	s	s	PROPN
dem-5676	266	2	ł	ł	PROPN
dem-5676	266	3	o	o	X
dem-5676	266	4	w	w	NOUN
dem-5676	266	5	a	a	DET
dem-5676	266	6	k	k	X
dem-5676	266	7	l	l	NOUN
dem-5676	266	8	u	u	NOUN
dem-5676	267	1	c	c	NOUN
dem-5676	267	2	z	z	NOUN
dem-5676	267	3	o	o	X
dem-5676	267	4	w	w	PROPN
dem-5676	268	1	e	e	NOUN
dem-5676	268	2	:	:	PUNCT
dem-5676	268	3	system	system	NOUN
dem-5676	268	4	emerytalny	emerytalny	PROPN
dem-5676	268	5	,	,	PUNCT
dem-5676	268	6	fundusze	fundusze	PROPN
dem-5676	268	7	ofe	ofe	PROPN
dem-5676	268	8	,	,	PUNCT
dem-5676	268	9	wskaźniki	wskaźniki	PROPN
dem-5676	268	10	sharpe	sharpe	PROPN
dem-5676	268	11	i	i	PROPN
dem-5676	268	12	treynora	treynora	PROPN
dem-5676	268	13	.	.	PUNCT