id	sid	tid	token	lemma	pos
easat-5628	1	1	edelweiss	edelweiss	PROPN
easat-5628	1	2	applied	apply	VERB
easat-5628	1	3	science	science	NOUN
easat-5628	1	4	and	and	CCONJ
easat-5628	1	5	technology	technology	NOUN
easat-5628	1	6	issn	issn	PROPN
easat-5628	1	7	:	:	PUNCT
easat-5628	1	8	2576	2576	NUM
easat-5628	1	9	-	-	SYM
easat-5628	1	10	8484	8484	NUM
easat-5628	1	11	vol	vol	NOUN
easat-5628	1	12	.	.	PROPN
easat-5628	2	1	9	9	NUM
easat-5628	2	2	,	,	PUNCT
easat-5628	2	3	no	no	INTJ
easat-5628	2	4	.	.	NOUN
easat-5628	2	5	3	3	NUM
easat-5628	2	6	,	,	PUNCT
easat-5628	2	7	1577	1577	NUM
easat-5628	2	8	-	-	SYM
easat-5628	2	9	1592	1592	NUM
easat-5628	2	10	2025	2025	NUM
easat-5628	2	11	publisher	publisher	NOUN
easat-5628	2	12	:	:	PUNCT
easat-5628	2	13	learning	learn	VERB
easat-5628	2	14	gate	gate	NOUN
easat-5628	2	15	doi	doi	PROPN
easat-5628	2	16	:	:	PUNCT
easat-5628	2	17	10.55214/25768484.v9i3.5628	10.55214/25768484.v9i3.5628	NUM
easat-5628	2	18	©	©	PROPN
easat-5628	2	19	2025	2025	NUM
easat-5628	2	20	by	by	ADP
easat-5628	2	21	the	the	DET
easat-5628	2	22	author	author	NOUN
easat-5628	2	23	;	;	PUNCT
easat-5628	2	24	licensee	licensee	PROPN
easat-5628	2	25	learning	learning	NOUN
easat-5628	2	26	gate	gate	NOUN
easat-5628	2	27	©	©	PROPN
easat-5628	2	28	2025	2025	NUM
easat-5628	2	29	by	by	ADP
easat-5628	2	30	the	the	DET
easat-5628	2	31	author	author	NOUN
easat-5628	2	32	;	;	PUNCT
easat-5628	2	33	licensee	licensee	PROPN
easat-5628	2	34	learning	learning	NOUN
easat-5628	2	35	gate	gate	NOUN
easat-5628	2	36	history	history	NOUN
easat-5628	2	37	:	:	PUNCT
easat-5628	2	38	received	receive	VERB
easat-5628	2	39	:	:	PUNCT
easat-5628	2	40	13	13	NUM
easat-5628	2	41	january	january	NOUN
easat-5628	2	42	2025	2025	NUM
easat-5628	2	43	;	;	PUNCT
easat-5628	2	44	revised	revise	VERB
easat-5628	2	45	:	:	PUNCT
easat-5628	2	46	14	14	NUM
easat-5628	2	47	march	march	NOUN
easat-5628	2	48	2025	2025	NUM
easat-5628	2	49	;	;	PUNCT
easat-5628	2	50	accepted	accept	VERB
easat-5628	2	51	:	:	PUNCT
easat-5628	2	52	17	17	NUM
easat-5628	2	53	march	march	NOUN
easat-5628	2	54	2025	2025	NUM
easat-5628	2	55	;	;	PUNCT
easat-5628	2	56	published	publish	VERB
easat-5628	2	57	:	:	PUNCT
easat-5628	3	1	20	20	NUM
easat-5628	3	2	march	march	NOUN
easat-5628	3	3	2025	2025	NUM
easat-5628	3	4	*	*	PUNCT
easat-5628	3	5	correspondence	correspondence	NOUN
easat-5628	3	6	:	:	PUNCT
easat-5628	3	7	leekangil@changwon.ac.kr	leekangil@changwon.ac.kr	DET
easat-5628	3	8	carbon	carbon	NOUN
easat-5628	3	9	premium	premium	NOUN
easat-5628	3	10	versus	versus	ADP
easat-5628	3	11	non	non	ADJ
easat-5628	3	12	-	-	ADJ
easat-5628	3	13	carbon	carbon	ADJ
easat-5628	3	14	premium	premium	NOUN
easat-5628	3	15	:	:	PUNCT
easat-5628	3	16	case	case	NOUN
easat-5628	3	17	of	of	ADP
easat-5628	3	18	the	the	DET
easat-5628	3	19	korean	korean	ADJ
easat-5628	3	20	stock	stock	NOUN
easat-5628	3	21	market	market	NOUN
easat-5628	3	22	kangil	kangil	PROPN
easat-5628	3	23	lee1	lee1	PROPN
easat-5628	4	1	*	*	PROPN
easat-5628	5	1	1department	1department	NUM
easat-5628	5	2	of	of	ADP
easat-5628	5	3	global	global	ADJ
easat-5628	5	4	business	business	NOUN
easat-5628	5	5	,	,	PUNCT
easat-5628	5	6	changwon	changwon	PROPN
easat-5628	5	7	national	national	PROPN
easat-5628	5	8	university	university	PROPN
easat-5628	5	9	,	,	PUNCT
easat-5628	5	10	changwon	changwon	NOUN
easat-5628	5	11	51140	51140	NUM
easat-5628	5	12	,	,	PUNCT
easat-5628	5	13	republic	republic	NOUN
easat-5628	5	14	of	of	ADP
easat-5628	5	15	korea	korea	PROPN
easat-5628	5	16	;	;	PUNCT
easat-5628	5	17	leekangil@changwon.ac.kr	leekangil@changwon.ac.kr	X
easat-5628	5	18	(	(	PUNCT
easat-5628	5	19	k.l	k.l	PROPN
easat-5628	5	20	.	.	PROPN
easat-5628	5	21	)	)	PUNCT
easat-5628	5	22	.	.	PUNCT
easat-5628	6	1	abstract	abstract	ADV
easat-5628	6	2	:	:	PUNCT
easat-5628	6	3	this	this	DET
easat-5628	6	4	study	study	NOUN
easat-5628	6	5	analyzes	analyze	VERB
easat-5628	6	6	how	how	SCONJ
easat-5628	6	7	the	the	DET
easat-5628	6	8	implementation	implementation	NOUN
easat-5628	6	9	of	of	ADP
easat-5628	6	10	emissions	emission	NOUN
easat-5628	6	11	trading	trading	NOUN
easat-5628	6	12	affects	affect	VERB
easat-5628	6	13	the	the	DET
easat-5628	6	14	korean	korean	ADJ
easat-5628	6	15	stock	stock	NOUN
easat-5628	6	16	market	market	NOUN
easat-5628	6	17	.	.	PUNCT
easat-5628	7	1	the	the	DET
easat-5628	7	2	south	south	ADJ
easat-5628	7	3	korean	korean	ADJ
easat-5628	7	4	government	government	NOUN
easat-5628	7	5	initiated	initiate	VERB
easat-5628	7	6	greenhouse	greenhouse	NOUN
easat-5628	7	7	gas	gas	NOUN
easat-5628	7	8	(	(	PUNCT
easat-5628	7	9	ghg	ghg	PROPN
easat-5628	7	10	)	)	PUNCT
easat-5628	7	11	emissions	emission	NOUN
easat-5628	7	12	trading	trading	NOUN
easat-5628	7	13	in	in	ADP
easat-5628	7	14	2015	2015	NUM
easat-5628	7	15	.	.	PUNCT
easat-5628	8	1	primarily	primarily	ADV
easat-5628	8	2	,	,	PUNCT
easat-5628	8	3	the	the	DET
easat-5628	8	4	scheme	scheme	NOUN
easat-5628	8	5	increases	increase	VERB
easat-5628	8	6	the	the	DET
easat-5628	8	7	cost	cost	NOUN
easat-5628	8	8	for	for	ADP
easat-5628	8	9	carbon	carbon	NOUN
easat-5628	8	10	emitters	emitter	NOUN
easat-5628	8	11	.	.	PUNCT
easat-5628	9	1	hence	hence	ADV
easat-5628	9	2	,	,	PUNCT
easat-5628	9	3	a	a	DET
easat-5628	9	4	stock	stock	NOUN
easat-5628	9	5	market	market	NOUN
easat-5628	9	6	investor	investor	NOUN
easat-5628	9	7	may	may	AUX
easat-5628	9	8	be	be	AUX
easat-5628	9	9	disinclined	disinclined	ADJ
easat-5628	9	10	to	to	PART
easat-5628	9	11	invest	invest	VERB
easat-5628	9	12	in	in	ADP
easat-5628	9	13	the	the	DET
easat-5628	9	14	stocks	stock	NOUN
easat-5628	9	15	of	of	ADP
easat-5628	9	16	carbon	carbon	NOUN
easat-5628	9	17	polluters	polluter	NOUN
easat-5628	9	18	.	.	PUNCT
easat-5628	10	1	however	however	ADV
easat-5628	10	2	,	,	PUNCT
easat-5628	10	3	over	over	ADP
easat-5628	10	4	-	-	PUNCT
easat-5628	10	5	allocation	allocation	NOUN
easat-5628	10	6	caused	cause	VERB
easat-5628	10	7	a	a	DET
easat-5628	10	8	‘	'	PUNCT
easat-5628	10	9	windfall	windfall	DET
easat-5628	10	10	profits	profit	NOUN
easat-5628	10	11	’	'	PUNCT
easat-5628	10	12	problem	problem	NOUN
easat-5628	10	13	in	in	ADP
easat-5628	10	14	the	the	DET
easat-5628	10	15	early	early	ADJ
easat-5628	10	16	period	period	NOUN
easat-5628	10	17	of	of	ADP
easat-5628	10	18	the	the	DET
easat-5628	10	19	eu	eu	PROPN
easat-5628	10	20	-	-	PUNCT
easat-5628	10	21	ets	et	NOUN
easat-5628	10	22	.	.	PUNCT
easat-5628	11	1	higher	high	ADJ
easat-5628	11	2	cash	cash	NOUN
easat-5628	11	3	flows	flow	NOUN
easat-5628	11	4	from	from	ADP
easat-5628	11	5	windfall	windfall	NOUN
easat-5628	11	6	profits	profit	NOUN
easat-5628	11	7	and	and	CCONJ
easat-5628	11	8	carbon	carbon	NOUN
easat-5628	11	9	risk	risk	NOUN
easat-5628	11	10	would	would	AUX
easat-5628	11	11	bring	bring	VERB
easat-5628	11	12	a	a	DET
easat-5628	11	13	‘	'	PUNCT
easat-5628	11	14	carbon	carbon	NOUN
easat-5628	11	15	premium	premium	NOUN
easat-5628	11	16	.	.	PUNCT
easat-5628	11	17	’	'	PUNCT
easat-5628	12	1	that	that	PRON
easat-5628	12	2	is	be	AUX
easat-5628	12	3	,	,	PUNCT
easat-5628	12	4	carbon	carbon	NOUN
easat-5628	12	5	risk	risk	NOUN
easat-5628	12	6	has	have	VERB
easat-5628	12	7	an	an	DET
easat-5628	12	8	ambivalent	ambivalent	ADJ
easat-5628	12	9	impact	impact	NOUN
easat-5628	12	10	on	on	ADP
easat-5628	12	11	the	the	DET
easat-5628	12	12	stock	stock	NOUN
easat-5628	12	13	market	market	NOUN
easat-5628	12	14	.	.	PUNCT
easat-5628	13	1	consequently	consequently	ADV
easat-5628	13	2	,	,	PUNCT
easat-5628	13	3	we	we	PRON
easat-5628	13	4	can	can	AUX
easat-5628	13	5	not	not	PART
easat-5628	13	6	ascertain	ascertain	VERB
easat-5628	13	7	which	which	DET
easat-5628	13	8	effect	effect	NOUN
easat-5628	13	9	has	have	VERB
easat-5628	13	10	a	a	DET
easat-5628	13	11	greater	great	ADJ
easat-5628	13	12	influence	influence	NOUN
easat-5628	13	13	on	on	ADP
easat-5628	13	14	the	the	DET
easat-5628	13	15	financial	financial	ADJ
easat-5628	13	16	market	market	NOUN
easat-5628	13	17	unless	unless	SCONJ
easat-5628	13	18	we	we	PRON
easat-5628	13	19	comprehensively	comprehensively	ADV
easat-5628	13	20	analyze	analyze	VERB
easat-5628	13	21	the	the	DET
easat-5628	13	22	korean	korean	ADJ
easat-5628	13	23	situation	situation	NOUN
easat-5628	13	24	.	.	PUNCT
easat-5628	14	1	we	we	PRON
easat-5628	14	2	used	use	VERB
easat-5628	14	3	panel	panel	NOUN
easat-5628	14	4	fixed	fix	VERB
easat-5628	14	5	-	-	PUNCT
easat-5628	14	6	effects	effect	NOUN
easat-5628	14	7	models	model	NOUN
easat-5628	14	8	and	and	CCONJ
easat-5628	14	9	quasiexperimental	quasiexperimental	ADJ
easat-5628	14	10	methods	method	NOUN
easat-5628	14	11	to	to	PART
easat-5628	14	12	examine	examine	VERB
easat-5628	14	13	the	the	DET
easat-5628	14	14	impact	impact	NOUN
easat-5628	14	15	of	of	ADP
easat-5628	14	16	emissions	emission	NOUN
easat-5628	14	17	trading	trading	NOUN
easat-5628	14	18	on	on	ADP
easat-5628	14	19	the	the	DET
easat-5628	14	20	stock	stock	NOUN
easat-5628	14	21	market	market	NOUN
easat-5628	14	22	,	,	PUNCT
easat-5628	14	23	using	use	VERB
easat-5628	14	24	monthly	monthly	ADJ
easat-5628	14	25	data	datum	NOUN
easat-5628	14	26	from	from	ADP
easat-5628	14	27	south	south	ADJ
easat-5628	14	28	korean	korean	ADJ
easat-5628	14	29	companies	company	NOUN
easat-5628	14	30	listed	list	VERB
easat-5628	14	31	on	on	ADP
easat-5628	14	32	the	the	DET
easat-5628	14	33	krx300	krx300	PROPN
easat-5628	14	34	.	.	PUNCT
easat-5628	15	1	the	the	DET
easat-5628	15	2	results	result	NOUN
easat-5628	15	3	indicate	indicate	VERB
easat-5628	15	4	that	that	SCONJ
easat-5628	15	5	introducing	introduce	VERB
easat-5628	15	6	carbon	carbon	NOUN
easat-5628	15	7	regulations	regulation	NOUN
easat-5628	15	8	rendered	render	VERB
easat-5628	15	9	carbon	carbon	NOUN
easat-5628	15	10	-	-	PUNCT
easat-5628	15	11	emitting	emit	VERB
easat-5628	15	12	firms	firm	NOUN
easat-5628	15	13	less	less	ADV
easat-5628	15	14	attractive	attractive	ADJ
easat-5628	15	15	to	to	ADP
easat-5628	15	16	south	south	ADJ
easat-5628	15	17	korean	korean	ADJ
easat-5628	15	18	stock	stock	NOUN
easat-5628	15	19	market	market	NOUN
easat-5628	15	20	investors	investor	NOUN
easat-5628	15	21	.	.	PUNCT
easat-5628	16	1	reversal	reversal	NOUN
easat-5628	16	2	consequences	consequence	NOUN
easat-5628	16	3	in	in	ADP
easat-5628	16	4	several	several	ADJ
easat-5628	16	5	periods	period	NOUN
easat-5628	16	6	were	be	AUX
easat-5628	16	7	represented	represent	VERB
easat-5628	16	8	due	due	ADP
easat-5628	16	9	to	to	ADP
easat-5628	16	10	institutional	institutional	ADJ
easat-5628	16	11	issues	issue	NOUN
easat-5628	16	12	,	,	PUNCT
easat-5628	16	13	which	which	PRON
easat-5628	16	14	were	be	AUX
easat-5628	16	15	mainly	mainly	ADV
easat-5628	16	16	allocation	allocation	NOUN
easat-5628	16	17	matters	matter	NOUN
easat-5628	16	18	and	and	CCONJ
easat-5628	16	19	banking	banking	NOUN
easat-5628	16	20	restrictions	restriction	NOUN
easat-5628	16	21	in	in	ADP
easat-5628	16	22	korean	korean	ADJ
easat-5628	16	23	emissions	emission	NOUN
easat-5628	16	24	trading	trading	NOUN
easat-5628	16	25	.	.	PUNCT
easat-5628	17	1	this	this	DET
easat-5628	17	2	finding	finding	NOUN
easat-5628	17	3	suggests	suggest	VERB
easat-5628	17	4	that	that	SCONJ
easat-5628	17	5	the	the	DET
easat-5628	17	6	korean	korean	ADJ
easat-5628	17	7	asset	asset	NOUN
easat-5628	17	8	market	market	NOUN
easat-5628	17	9	reacts	react	VERB
easat-5628	17	10	effectively	effectively	ADV
easat-5628	17	11	to	to	ADP
easat-5628	17	12	ghg	ghg	PROPN
easat-5628	17	13	regulation	regulation	PROPN
easat-5628	17	14	.	.	PUNCT
easat-5628	18	1	keywords	keyword	NOUN
easat-5628	18	2	:	:	PUNCT
easat-5628	18	3	banking	banking	NOUN
easat-5628	18	4	restriction	restriction	NOUN
easat-5628	18	5	,	,	PUNCT
easat-5628	18	6	carbon	carbon	NOUN
easat-5628	18	7	premium	premium	NOUN
easat-5628	18	8	,	,	PUNCT
easat-5628	18	9	emissions	emission	NOUN
easat-5628	18	10	trading	trading	NOUN
easat-5628	18	11	,	,	PUNCT
easat-5628	18	12	synthetic	synthetic	ADJ
easat-5628	18	13	control	control	NOUN
easat-5628	18	14	method	method	NOUN
easat-5628	18	15	,	,	PUNCT
easat-5628	18	16	windfall	windfall	NOUN
easat-5628	18	17	profit	profit	NOUN
easat-5628	18	18	.	.	PUNCT
easat-5628	19	1	1	1	X
easat-5628	19	2	.	.	X
easat-5628	19	3	introduction	introduction	NOUN
easat-5628	19	4	currently	currently	ADV
easat-5628	19	5	,	,	PUNCT
easat-5628	19	6	many	many	ADJ
easat-5628	19	7	countries	country	NOUN
easat-5628	19	8	and	and	CCONJ
easat-5628	19	9	regions	region	NOUN
easat-5628	19	10	accept	accept	VERB
easat-5628	19	11	greenhouse	greenhouse	NOUN
easat-5628	19	12	gas	gas	NOUN
easat-5628	19	13	(	(	PUNCT
easat-5628	19	14	ghg	ghg	PROPN
easat-5628	19	15	)	)	PUNCT
easat-5628	19	16	emissions	emission	NOUN
easat-5628	19	17	trading	trading	NOUN
easat-5628	19	18	schemes	scheme	NOUN
easat-5628	19	19	(	(	PUNCT
easat-5628	19	20	ets	et	NOUN
easat-5628	19	21	)	)	PUNCT
easat-5628	19	22	to	to	PART
easat-5628	19	23	achieve	achieve	VERB
easat-5628	19	24	their	their	PRON
easat-5628	19	25	carbon	carbon	NOUN
easat-5628	19	26	reduction	reduction	NOUN
easat-5628	19	27	targets	target	NOUN
easat-5628	19	28	.	.	PUNCT
easat-5628	20	1	in	in	ADP
easat-5628	20	2	2015	2015	NUM
easat-5628	20	3	,	,	PUNCT
easat-5628	20	4	approximately	approximately	ADV
easat-5628	20	5	10	10	NUM
easat-5628	20	6	years	year	NOUN
easat-5628	20	7	after	after	ADP
easat-5628	20	8	launching	launch	VERB
easat-5628	20	9	the	the	DET
easat-5628	20	10	european	european	PROPN
easat-5628	20	11	union	union	PROPN
easat-5628	20	12	emissions	emissions	PROPN
easat-5628	20	13	trading	trading	NOUN
easat-5628	20	14	scheme	scheme	NOUN
easat-5628	20	15	(	(	PUNCT
easat-5628	20	16	eu	eu	NOUN
easat-5628	20	17	-	-	NOUN
easat-5628	20	18	ets	et	NOUN
easat-5628	20	19	)	)	PUNCT
easat-5628	20	20	,	,	PUNCT
easat-5628	20	21	the	the	DET
easat-5628	20	22	south	south	ADJ
easat-5628	20	23	korean	korean	ADJ
easat-5628	20	24	government	government	NOUN
easat-5628	20	25	introduced	introduce	VERB
easat-5628	20	26	this	this	DET
easat-5628	20	27	system	system	NOUN
easat-5628	20	28	.	.	PUNCT
easat-5628	21	1	this	this	DET
easat-5628	21	2	market	market	NOUN
easat-5628	21	3	mechanism	mechanism	NOUN
easat-5628	21	4	provides	provide	VERB
easat-5628	21	5	regulated	regulated	ADJ
easat-5628	21	6	companies	company	NOUN
easat-5628	21	7	a	a	DET
easat-5628	21	8	flexible	flexible	ADJ
easat-5628	21	9	reduction	reduction	NOUN
easat-5628	21	10	option	option	NOUN
easat-5628	21	11	,	,	PUNCT
easat-5628	21	12	thereby	thereby	ADV
easat-5628	21	13	rendering	render	VERB
easat-5628	21	14	it	it	PRON
easat-5628	21	15	an	an	DET
easat-5628	21	16	efficient	efficient	ADJ
easat-5628	21	17	policy	policy	NOUN
easat-5628	21	18	instrument	instrument	NOUN
easat-5628	21	19	for	for	ADP
easat-5628	21	20	addressing	address	VERB
easat-5628	21	21	climate	climate	NOUN
easat-5628	21	22	change	change	NOUN
easat-5628	21	23	.	.	PUNCT
easat-5628	22	1	in	in	ADP
easat-5628	22	2	addition	addition	NOUN
easat-5628	22	3	,	,	PUNCT
easat-5628	22	4	new	new	ADJ
easat-5628	22	5	regulations	regulation	NOUN
easat-5628	22	6	on	on	ADP
easat-5628	22	7	carbon	carbon	NOUN
easat-5628	22	8	emissions	emission	NOUN
easat-5628	22	9	have	have	AUX
easat-5628	22	10	affected	affect	VERB
easat-5628	22	11	industrial	industrial	ADJ
easat-5628	22	12	sector	sector	NOUN
easat-5628	22	13	.	.	PUNCT
easat-5628	23	1	from	from	ADP
easat-5628	23	2	a	a	DET
easat-5628	23	3	regulated	regulated	ADJ
easat-5628	23	4	firm	firm	NOUN
easat-5628	23	5	’s	’s	PART
easat-5628	23	6	perspective	perspective	NOUN
easat-5628	23	7	,	,	PUNCT
easat-5628	23	8	this	this	PRON
easat-5628	23	9	increases	increase	VERB
easat-5628	23	10	costs	cost	NOUN
easat-5628	23	11	.	.	PUNCT
easat-5628	24	1	however	however	ADV
easat-5628	24	2	,	,	PUNCT
easat-5628	24	3	the	the	DET
easat-5628	24	4	ordinance	ordinance	NOUN
easat-5628	24	5	does	do	AUX
easat-5628	24	6	not	not	PART
easat-5628	24	7	have	have	VERB
easat-5628	24	8	a	a	DET
easat-5628	24	9	negative	negative	ADJ
easat-5628	24	10	impact	impact	NOUN
easat-5628	24	11	on	on	ADP
easat-5628	24	12	the	the	DET
easat-5628	24	13	costs	cost	NOUN
easat-5628	24	14	of	of	ADP
easat-5628	24	15	non	non	ADJ
easat-5628	24	16	-	-	ADJ
easat-5628	24	17	carbon	carbon	NOUN
easat-5628	24	18	emitters	emitter	NOUN
easat-5628	24	19	.	.	PUNCT
easat-5628	25	1	therefore	therefore	ADV
easat-5628	25	2	,	,	PUNCT
easat-5628	25	3	it	it	PRON
easat-5628	25	4	is	be	AUX
easat-5628	25	5	reasonable	reasonable	ADJ
easat-5628	25	6	to	to	PART
easat-5628	25	7	expect	expect	VERB
easat-5628	25	8	that	that	SCONJ
easat-5628	25	9	implementing	implement	VERB
easat-5628	25	10	emissions	emission	NOUN
easat-5628	25	11	trading	trading	NOUN
easat-5628	25	12	could	could	AUX
easat-5628	25	13	decrease	decrease	VERB
easat-5628	25	14	carbonemitting	carbonemitte	VERB
easat-5628	25	15	companies	company	NOUN
easat-5628	25	16	’	’	PART
easat-5628	25	17	stock	stock	NOUN
easat-5628	25	18	prices	price	NOUN
easat-5628	25	19	,	,	PUNCT
easat-5628	25	20	while	while	SCONJ
easat-5628	25	21	having	have	VERB
easat-5628	25	22	no	no	DET
easat-5628	25	23	effect	effect	NOUN
easat-5628	25	24	on	on	ADP
easat-5628	25	25	non	non	ADJ
easat-5628	25	26	-	-	NOUN
easat-5628	25	27	polluters	polluter	NOUN
easat-5628	25	28	’	'	PUNCT
easat-5628	25	29	stock	stock	NOUN
easat-5628	25	30	prices	price	NOUN
easat-5628	25	31	.	.	PUNCT
easat-5628	26	1	consequently	consequently	ADV
easat-5628	26	2	,	,	PUNCT
easat-5628	26	3	we	we	PRON
easat-5628	26	4	can	can	AUX
easat-5628	26	5	anticipate	anticipate	VERB
easat-5628	26	6	that	that	SCONJ
easat-5628	26	7	the	the	DET
easat-5628	26	8	stock	stock	NOUN
easat-5628	26	9	returns	return	NOUN
easat-5628	26	10	of	of	ADP
easat-5628	26	11	non	non	ADJ
easat-5628	26	12	-	-	ADJ
easat-5628	26	13	carbon	carbon	NOUN
easat-5628	26	14	emitters	emitter	NOUN
easat-5628	26	15	will	will	AUX
easat-5628	26	16	surpass	surpass	VERB
easat-5628	26	17	those	those	PRON
easat-5628	26	18	of	of	ADP
easat-5628	26	19	their	their	PRON
easat-5628	26	20	counterparts	counterpart	NOUN
easat-5628	26	21	after	after	ADP
easat-5628	26	22	implementing	implement	VERB
easat-5628	26	23	an	an	DET
easat-5628	26	24	ets	et	NOUN
easat-5628	26	25	.	.	PUNCT
easat-5628	27	1	however	however	ADV
easat-5628	27	2	,	,	PUNCT
easat-5628	27	3	considering	consider	VERB
easat-5628	27	4	the	the	DET
easat-5628	27	5	burden	burden	NOUN
easat-5628	27	6	and	and	CCONJ
easat-5628	27	7	backlash	backlash	NOUN
easat-5628	27	8	from	from	ADP
easat-5628	27	9	the	the	DET
easat-5628	27	10	industrial	industrial	ADJ
easat-5628	27	11	sector	sector	NOUN
easat-5628	27	12	,	,	PUNCT
easat-5628	27	13	most	most	ADJ
easat-5628	27	14	emissions	emission	NOUN
easat-5628	27	15	initially	initially	ADV
easat-5628	27	16	allocate	allocate	VERB
easat-5628	27	17	a	a	DET
easat-5628	27	18	free	free	ADJ
easat-5628	27	19	allowance	allowance	NOUN
easat-5628	27	20	.	.	PUNCT
easat-5628	28	1	moreover	moreover	ADV
easat-5628	28	2	,	,	PUNCT
easat-5628	28	3	over	over	ADP
easat-5628	28	4	-	-	PUNCT
easat-5628	28	5	allocation	allocation	NOUN
easat-5628	28	6	frequently	frequently	ADV
easat-5628	28	7	occurs	occur	VERB
easat-5628	28	8	during	during	ADP
easat-5628	28	9	the	the	DET
easat-5628	28	10	initial	initial	ADJ
easat-5628	28	11	stages	stage	NOUN
easat-5628	28	12	.	.	PUNCT
easat-5628	29	1	the	the	DET
easat-5628	29	2	loose	loose	ADJ
easat-5628	29	3	and	and	CCONJ
easat-5628	29	4	free	free	ADJ
easat-5628	29	5	allocation	allocation	NOUN
easat-5628	29	6	leads	lead	VERB
easat-5628	29	7	to	to	ADP
easat-5628	29	8	“	"	PUNCT
easat-5628	29	9	windfall	windfall	NOUN
easat-5628	29	10	profits	profit	NOUN
easat-5628	29	11	”	"	PUNCT
easat-5628	29	12	because	because	SCONJ
easat-5628	29	13	they	they	PRON
easat-5628	29	14	earn	earn	VERB
easat-5628	29	15	more	more	ADJ
easat-5628	29	16	money	money	NOUN
easat-5628	29	17	when	when	SCONJ
easat-5628	29	18	they	they	PRON
easat-5628	29	19	sell	sell	VERB
easat-5628	29	20	their	their	PRON
easat-5628	29	21	affluent	affluent	ADJ
easat-5628	29	22	allowance	allowance	NOUN
easat-5628	29	23	to	to	ADP
easat-5628	29	24	the	the	DET
easat-5628	29	25	market	market	NOUN
easat-5628	29	26	.	.	PUNCT
easat-5628	30	1	the	the	PRON
easat-5628	30	2	eu	eu	PROPN
easat-5628	30	3	-	-	ADJ
easat-5628	30	4	ets	et	NOUN
easat-5628	30	5	has	have	AUX
easat-5628	30	6	encountered	encounter	VERB
easat-5628	30	7	a	a	DET
easat-5628	30	8	windfall	windfall	NOUN
easat-5628	30	9	profit	profit	NOUN
easat-5628	30	10	issue	issue	NOUN
easat-5628	30	11	[	[	X
easat-5628	30	12	1	1	NUM
easat-5628	30	13	-	-	SYM
easat-5628	30	14	4	4	NUM
easat-5628	30	15	]	]	PUNCT
easat-5628	30	16	.	.	PUNCT
easat-5628	31	1	the	the	DET
easat-5628	31	2	korean	korean	ADJ
easat-5628	31	3	ets	et	NOUN
easat-5628	31	4	experienced	experience	VERB
easat-5628	31	5	similar	similar	ADJ
easat-5628	31	6	concerns	concern	NOUN
easat-5628	31	7	in	in	ADP
easat-5628	31	8	the	the	DET
easat-5628	31	9	early	early	ADJ
easat-5628	31	10	period	period	NOUN
easat-5628	31	11	[	[	X
easat-5628	31	12	5	5	NUM
easat-5628	31	13	]	]	PUNCT
easat-5628	31	14	.	.	PUNCT
easat-5628	32	1	this	this	DET
easat-5628	32	2	unexpected	unexpected	ADJ
easat-5628	32	3	profit	profit	NOUN
easat-5628	32	4	could	could	AUX
easat-5628	32	5	positively	positively	ADV
easat-5628	32	6	impact	impact	VERB
easat-5628	32	7	the	the	DET
easat-5628	32	8	stock	stock	NOUN
easat-5628	32	9	prices	price	NOUN
easat-5628	32	10	of	of	ADP
easat-5628	32	11	carbon	carbon	NOUN
easat-5628	32	12	emission	emission	NOUN
easat-5628	32	13	sources	source	NOUN
easat-5628	32	14	.	.	PUNCT
easat-5628	33	1	in	in	ADP
easat-5628	33	2	this	this	DET
easat-5628	33	3	case	case	NOUN
easat-5628	33	4	,	,	PUNCT
easat-5628	33	5	a	a	DET
easat-5628	33	6	carbon	carbon	NOUN
easat-5628	33	7	premium	premium	NOUN
easat-5628	33	8	is	be	AUX
easat-5628	33	9	expected	expect	VERB
easat-5628	33	10	in	in	ADP
easat-5628	33	11	the	the	DET
easat-5628	33	12	stock	stock	NOUN
easat-5628	33	13	market	market	NOUN
easat-5628	33	14	.	.	PUNCT
easat-5628	34	1	mailto:leekangil@changwon.ac.kr	mailto:leekangil@changwon.ac.kr	X
easat-5628	34	2	1578	1578	NUM
easat-5628	34	3	edelweiss	edelweiss	PROPN
easat-5628	34	4	applied	apply	VERB
easat-5628	34	5	science	science	NOUN
easat-5628	34	6	and	and	CCONJ
easat-5628	34	7	technology	technology	NOUN
easat-5628	34	8	issn	issn	PROPN
easat-5628	34	9	:	:	PUNCT
easat-5628	34	10	2576	2576	NUM
easat-5628	34	11	-	-	SYM
easat-5628	34	12	8484	8484	NUM
easat-5628	34	13	vol	vol	NOUN
easat-5628	34	14	.	.	PROPN
easat-5628	35	1	9	9	NUM
easat-5628	35	2	,	,	PUNCT
easat-5628	35	3	no	no	INTJ
easat-5628	35	4	.	.	NOUN
easat-5628	36	1	3	3	NUM
easat-5628	36	2	:	:	PUNCT
easat-5628	36	3	1577	1577	NUM
easat-5628	36	4	-	-	SYM
easat-5628	36	5	1592	1592	NUM
easat-5628	36	6	,	,	PUNCT
easat-5628	36	7	2025	2025	NUM
easat-5628	36	8	doi	doi	NOUN
easat-5628	36	9	:	:	PUNCT
easat-5628	36	10	10.55214/25768484.v9i3.5628	10.55214/25768484.v9i3.5628	NUM
easat-5628	36	11	©	©	PROPN
easat-5628	36	12	2025	2025	NUM
easat-5628	36	13	by	by	ADP
easat-5628	36	14	the	the	DET
easat-5628	36	15	author	author	NOUN
easat-5628	36	16	;	;	PUNCT
easat-5628	36	17	licensee	licensee	PROPN
easat-5628	36	18	learning	learning	NOUN
easat-5628	36	19	gate	gate	VERB
easat-5628	36	20	previous	previous	ADJ
easat-5628	36	21	literature	literature	NOUN
easat-5628	36	22	reveals	reveal	VERB
easat-5628	36	23	that	that	SCONJ
easat-5628	36	24	an	an	DET
easat-5628	36	25	ets	et	NOUN
easat-5628	36	26	has	have	VERB
easat-5628	36	27	a	a	DET
easat-5628	36	28	bidirectional	bidirectional	ADJ
easat-5628	36	29	impact	impact	NOUN
easat-5628	36	30	on	on	ADP
easat-5628	36	31	the	the	DET
easat-5628	36	32	financial	financial	ADJ
easat-5628	36	33	market	market	NOUN
easat-5628	36	34	.	.	PUNCT
easat-5628	37	1	oestreich	oestreich	NOUN
easat-5628	37	2	and	and	CCONJ
easat-5628	37	3	tsiakas	tsiakas	NOUN
easat-5628	38	1	[	[	X
easat-5628	38	2	6	6	NUM
easat-5628	38	3	]	]	PUNCT
easat-5628	38	4	and	and	CCONJ
easat-5628	38	5	wen	wen	PROPN
easat-5628	38	6	,	,	PUNCT
easat-5628	38	7	et	et	PROPN
easat-5628	38	8	al	al	PROPN
easat-5628	38	9	.	.	PUNCT
easat-5628	39	1	[	[	X
easat-5628	39	2	7	7	X
easat-5628	39	3	]	]	PUNCT
easat-5628	39	4	demonstrated	demonstrate	VERB
easat-5628	39	5	a	a	DET
easat-5628	39	6	“	"	PUNCT
easat-5628	39	7	carbon	carbon	NOUN
easat-5628	39	8	premium	premium	NOUN
easat-5628	39	9	”	"	PUNCT
easat-5628	39	10	in	in	ADP
easat-5628	39	11	the	the	DET
easat-5628	39	12	stock	stock	NOUN
easat-5628	39	13	market	market	NOUN
easat-5628	39	14	after	after	ADP
easat-5628	39	15	introducing	introduce	VERB
easat-5628	39	16	carbon	carbon	NOUN
easat-5628	39	17	emissions	emission	NOUN
easat-5628	39	18	trading	trading	NOUN
easat-5628	39	19	.	.	PUNCT
easat-5628	40	1	those	those	DET
easat-5628	40	2	studies	study	NOUN
easat-5628	40	3	pay	pay	VERB
easat-5628	40	4	attention	attention	NOUN
easat-5628	40	5	to	to	ADP
easat-5628	40	6	the	the	DET
easat-5628	40	7	workings	working	NOUN
easat-5628	40	8	of	of	ADP
easat-5628	40	9	windfall	windfall	NOUN
easat-5628	40	10	profits	profit	NOUN
easat-5628	40	11	and	and	CCONJ
easat-5628	40	12	increased	increase	VERB
easat-5628	40	13	carbon	carbon	NOUN
easat-5628	40	14	risk	risk	NOUN
easat-5628	40	15	that	that	PRON
easat-5628	40	16	would	would	AUX
easat-5628	40	17	cause	cause	VERB
easat-5628	40	18	such	such	DET
easat-5628	40	19	a	a	DET
easat-5628	40	20	“	"	PUNCT
easat-5628	40	21	carbon	carbon	NOUN
easat-5628	40	22	premium	premium	NOUN
easat-5628	40	23	.	.	PUNCT
easat-5628	40	24	”	"	PUNCT
easat-5628	41	1	however	however	ADV
easat-5628	41	2	,	,	PUNCT
easat-5628	41	3	a	a	DET
easat-5628	41	4	carbon	carbon	NOUN
easat-5628	41	5	emitter	emitter	NOUN
easat-5628	41	6	would	would	AUX
easat-5628	41	7	experience	experience	VERB
easat-5628	41	8	increased	increase	VERB
easat-5628	41	9	costs	cost	NOUN
easat-5628	41	10	to	to	PART
easat-5628	41	11	comply	comply	VERB
easat-5628	41	12	with	with	ADP
easat-5628	41	13	regulations	regulation	NOUN
easat-5628	41	14	;	;	PUNCT
easat-5628	41	15	consequently	consequently	ADV
easat-5628	41	16	,	,	PUNCT
easat-5628	41	17	a	a	DET
easat-5628	41	18	stock	stock	NOUN
easat-5628	41	19	market	market	NOUN
easat-5628	41	20	investor	investor	NOUN
easat-5628	41	21	may	may	AUX
easat-5628	41	22	not	not	PART
easat-5628	41	23	prefer	prefer	VERB
easat-5628	41	24	to	to	PART
easat-5628	41	25	invest	invest	VERB
easat-5628	41	26	in	in	ADP
easat-5628	41	27	stocks	stock	NOUN
easat-5628	41	28	of	of	ADP
easat-5628	41	29	carbon	carbon	NOUN
easat-5628	41	30	emitters	emitter	NOUN
easat-5628	41	31	.	.	PUNCT
easat-5628	42	1	furthermore	furthermore	ADV
easat-5628	42	2	,	,	PUNCT
easat-5628	42	3	a	a	DET
easat-5628	42	4	carbon	carbon	NOUN
easat-5628	42	5	risk	risk	NOUN
easat-5628	42	6	has	have	VERB
easat-5628	42	7	an	an	DET
easat-5628	42	8	ambivalent	ambivalent	ADJ
easat-5628	42	9	impact	impact	NOUN
easat-5628	42	10	.	.	PUNCT
easat-5628	43	1	carbon	carbon	NOUN
easat-5628	43	2	risk	risk	NOUN
easat-5628	43	3	such	such	ADJ
easat-5628	43	4	as	as	ADP
easat-5628	43	5	institutional	institutional	ADJ
easat-5628	43	6	uncertainty	uncertainty	NOUN
easat-5628	43	7	,	,	PUNCT
easat-5628	43	8	contributes	contribute	VERB
easat-5628	43	9	to	to	ADP
easat-5628	43	10	investors	investor	NOUN
easat-5628	43	11	’	'	PUNCT
easat-5628	43	12	reluctance	reluctance	NOUN
easat-5628	43	13	to	to	PART
easat-5628	43	14	invest	invest	VERB
easat-5628	43	15	in	in	ADP
easat-5628	43	16	carbonemitting	carbonemitte	VERB
easat-5628	43	17	stocks	stock	NOUN
easat-5628	43	18	.	.	PUNCT
easat-5628	44	1	pástor	pástor	NOUN
easat-5628	44	2	,	,	PUNCT
easat-5628	44	3	et	et	PROPN
easat-5628	44	4	al	al	PROPN
easat-5628	44	5	.	.	PUNCT
easat-5628	45	1	[	[	X
easat-5628	45	2	8	8	NUM
easat-5628	45	3	]	]	PUNCT
easat-5628	45	4	and	and	CCONJ
easat-5628	45	5	ardia	ardia	PROPN
easat-5628	45	6	,	,	PUNCT
easat-5628	45	7	et	et	PROPN
easat-5628	45	8	al	al	PROPN
easat-5628	45	9	.	.	PUNCT
easat-5628	46	1	[	[	X
easat-5628	46	2	9	9	NUM
easat-5628	46	3	]	]	PUNCT
easat-5628	46	4	supported	support	VERB
easat-5628	46	5	this	this	DET
easat-5628	46	6	noncarbon	noncarbon	NOUN
easat-5628	46	7	premium	premium	NOUN
easat-5628	46	8	.	.	PUNCT
easat-5628	47	1	consequently	consequently	ADV
easat-5628	47	2	,	,	PUNCT
easat-5628	47	3	we	we	PRON
easat-5628	47	4	can	can	AUX
easat-5628	47	5	not	not	PART
easat-5628	47	6	determine	determine	VERB
easat-5628	47	7	the	the	DET
easat-5628	47	8	results	result	NOUN
easat-5628	47	9	without	without	ADP
easat-5628	47	10	a	a	DET
easat-5628	47	11	comprehensive	comprehensive	ADJ
easat-5628	47	12	analysis	analysis	NOUN
easat-5628	47	13	.	.	PUNCT
easat-5628	48	1	this	this	DET
easat-5628	48	2	study	study	NOUN
easat-5628	48	3	aimed	aim	VERB
easat-5628	48	4	to	to	PART
easat-5628	48	5	ascertain	ascertain	VERB
easat-5628	48	6	which	which	PRON
easat-5628	48	7	“	"	PUNCT
easat-5628	48	8	non	non	ADJ
easat-5628	48	9	-	-	NOUN
easat-5628	48	10	carbon	carbon	NOUN
easat-5628	48	11	”	"	PUNCT
easat-5628	48	12	or	or	CCONJ
easat-5628	48	13	“	"	PUNCT
easat-5628	48	14	carbon	carbon	NOUN
easat-5628	48	15	”	"	PUNCT
easat-5628	48	16	premium	premium	NOUN
easat-5628	48	17	the	the	DET
easat-5628	48	18	korean	korean	ADJ
easat-5628	48	19	stock	stock	NOUN
easat-5628	48	20	market	market	NOUN
easat-5628	48	21	can	can	AUX
easat-5628	48	22	delineate	delineate	VERB
easat-5628	48	23	when	when	SCONJ
easat-5628	48	24	considering	consider	VERB
easat-5628	48	25	implementation	implementation	NOUN
easat-5628	48	26	of	of	ADP
easat-5628	48	27	the	the	DET
easat-5628	48	28	emissions	emission	NOUN
easat-5628	48	29	trading	trading	NOUN
easat-5628	48	30	.	.	PUNCT
easat-5628	49	1	free	free	ADJ
easat-5628	49	2	allocation	allocation	NOUN
easat-5628	49	3	and	and	CCONJ
easat-5628	49	4	overallocation	overallocation	NOUN
easat-5628	49	5	concerns	concern	NOUN
easat-5628	49	6	were	be	AUX
easat-5628	49	7	experienced	experience	VERB
easat-5628	49	8	during	during	ADP
easat-5628	49	9	the	the	DET
easat-5628	49	10	initial	initial	ADJ
easat-5628	49	11	phase	phase	NOUN
easat-5628	49	12	of	of	ADP
easat-5628	49	13	the	the	DET
easat-5628	49	14	korean	korean	ADJ
easat-5628	49	15	carbon	carbon	NOUN
easat-5628	49	16	-	-	PUNCT
easat-5628	49	17	trading	trading	NOUN
easat-5628	49	18	scheme	scheme	NOUN
easat-5628	49	19	.	.	PUNCT
easat-5628	50	1	thus	thus	ADV
easat-5628	50	2	,	,	PUNCT
easat-5628	50	3	we	we	PRON
easat-5628	50	4	anticipated	anticipate	VERB
easat-5628	50	5	that	that	SCONJ
easat-5628	50	6	the	the	DET
easat-5628	50	7	stock	stock	NOUN
easat-5628	50	8	returns	return	NOUN
easat-5628	50	9	of	of	ADP
easat-5628	50	10	carbon	carbon	NOUN
easat-5628	50	11	-	-	PUNCT
easat-5628	50	12	emitting	emit	VERB
easat-5628	50	13	portfolios	portfolio	NOUN
easat-5628	50	14	will	will	AUX
easat-5628	50	15	surpass	surpass	VERB
easat-5628	50	16	those	those	PRON
easat-5628	50	17	of	of	ADP
easat-5628	50	18	noncarbon	noncarbon	NOUN
easat-5628	50	19	-	-	PUNCT
easat-5628	50	20	polluting	pollute	VERB
easat-5628	50	21	portfolios	portfolio	NOUN
easat-5628	50	22	.	.	PUNCT
easat-5628	51	1	the	the	DET
easat-5628	51	2	korean	korean	ADJ
easat-5628	51	3	government	government	NOUN
easat-5628	51	4	is	be	AUX
easat-5628	51	5	committed	commit	VERB
easat-5628	51	6	to	to	PART
easat-5628	51	7	decrease	decrease	VERB
easat-5628	51	8	ghg	ghg	PROPN
easat-5628	51	9	emissions	emission	NOUN
easat-5628	51	10	and	and	CCONJ
easat-5628	51	11	attain	attain	VERB
easat-5628	51	12	a	a	DET
easat-5628	51	13	carbon	carbon	NOUN
easat-5628	51	14	-	-	PUNCT
easat-5628	51	15	neutral	neutral	ADJ
easat-5628	51	16	society	society	NOUN
easat-5628	51	17	by	by	ADP
easat-5628	51	18	2050	2050	NUM
easat-5628	51	19	by	by	ADP
easat-5628	51	20	enacting	enact	VERB
easat-5628	51	21	relevant	relevant	ADJ
easat-5628	51	22	legislation	legislation	NOUN
easat-5628	51	23	.	.	PUNCT
easat-5628	52	1	these	these	DET
easat-5628	52	2	resolute	resolute	ADJ
easat-5628	52	3	signals	signal	NOUN
easat-5628	52	4	would	would	AUX
easat-5628	52	5	impact	impact	VERB
easat-5628	52	6	the	the	DET
easat-5628	52	7	korean	korean	ADJ
easat-5628	52	8	stock	stock	NOUN
easat-5628	52	9	market	market	NOUN
easat-5628	52	10	,	,	PUNCT
easat-5628	52	11	as	as	SCONJ
easat-5628	52	12	investors	investor	NOUN
easat-5628	52	13	would	would	AUX
easat-5628	52	14	eschew	eschew	VERB
easat-5628	52	15	the	the	DET
easat-5628	52	16	stocks	stock	NOUN
easat-5628	52	17	of	of	ADP
easat-5628	52	18	carbon	carbon	NOUN
easat-5628	52	19	-	-	PUNCT
easat-5628	52	20	emitting	emit	VERB
easat-5628	52	21	companies	company	NOUN
easat-5628	52	22	.	.	PUNCT
easat-5628	53	1	as	as	ADP
easat-5628	53	2	a	a	DET
easat-5628	53	3	result	result	NOUN
easat-5628	53	4	,	,	PUNCT
easat-5628	53	5	we	we	PRON
easat-5628	53	6	can	can	AUX
easat-5628	53	7	not	not	PART
easat-5628	53	8	ascertain	ascertain	VERB
easat-5628	53	9	which	which	DET
easat-5628	53	10	effect	effect	NOUN
easat-5628	53	11	has	have	VERB
easat-5628	53	12	a	a	DET
easat-5628	53	13	greater	great	ADJ
easat-5628	53	14	influence	influence	NOUN
easat-5628	53	15	on	on	ADP
easat-5628	53	16	the	the	DET
easat-5628	53	17	stock	stock	NOUN
easat-5628	53	18	market	market	NOUN
easat-5628	53	19	unless	unless	SCONJ
easat-5628	53	20	we	we	PRON
easat-5628	53	21	comprehensively	comprehensively	ADV
easat-5628	53	22	analyze	analyze	VERB
easat-5628	53	23	the	the	DET
easat-5628	53	24	korean	korean	ADJ
easat-5628	53	25	situation	situation	NOUN
easat-5628	53	26	.	.	PUNCT
easat-5628	54	1	to	to	PART
easat-5628	54	2	address	address	VERB
easat-5628	54	3	this	this	DET
easat-5628	54	4	research	research	NOUN
easat-5628	54	5	gap	gap	NOUN
easat-5628	54	6	,	,	PUNCT
easat-5628	54	7	we	we	PRON
easat-5628	54	8	initially	initially	ADV
easat-5628	54	9	estimated	estimate	VERB
easat-5628	54	10	the	the	DET
easat-5628	54	11	effect	effect	NOUN
easat-5628	54	12	of	of	ADP
easat-5628	54	13	introducing	introduce	VERB
easat-5628	54	14	emissions	emission	NOUN
easat-5628	54	15	trading	trading	NOUN
easat-5628	54	16	into	into	ADP
easat-5628	54	17	the	the	DET
easat-5628	54	18	stock	stock	NOUN
easat-5628	54	19	market	market	NOUN
easat-5628	54	20	by	by	ADP
easat-5628	54	21	applying	apply	VERB
easat-5628	54	22	a	a	DET
easat-5628	54	23	panel	panel	NOUN
easat-5628	54	24	fixed	fix	VERB
easat-5628	54	25	-	-	PUNCT
easat-5628	54	26	effect	effect	NOUN
easat-5628	54	27	model	model	NOUN
easat-5628	54	28	.	.	PUNCT
easat-5628	55	1	subsequently	subsequently	ADV
easat-5628	55	2	,	,	PUNCT
easat-5628	55	3	we	we	PRON
easat-5628	55	4	verified	verify	VERB
easat-5628	55	5	the	the	DET
easat-5628	55	6	results	result	NOUN
easat-5628	55	7	using	use	VERB
easat-5628	55	8	comparative	comparative	ADJ
easat-5628	55	9	empirical	empirical	ADJ
easat-5628	55	10	methodologies	methodology	NOUN
easat-5628	55	11	,	,	PUNCT
easat-5628	55	12	such	such	ADJ
easat-5628	55	13	as	as	ADP
easat-5628	55	14	comparing	compare	VERB
easat-5628	55	15	portfolio	portfolio	NOUN
easat-5628	55	16	cumulative	cumulative	ADJ
easat-5628	55	17	returns	return	NOUN
easat-5628	55	18	and	and	CCONJ
easat-5628	55	19	the	the	DET
easat-5628	55	20	synthetic	synthetic	ADJ
easat-5628	55	21	control	control	NOUN
easat-5628	55	22	method	method	NOUN
easat-5628	55	23	.	.	PUNCT
easat-5628	56	1	2	2	X
easat-5628	56	2	.	.	X
easat-5628	56	3	literature	literature	NOUN
easat-5628	56	4	review	review	PROPN
easat-5628	56	5	previous	previous	ADJ
easat-5628	56	6	studies	study	NOUN
easat-5628	56	7	have	have	AUX
easat-5628	56	8	indicated	indicate	VERB
easat-5628	56	9	that	that	SCONJ
easat-5628	56	10	“	"	PUNCT
easat-5628	56	11	non	non	ADJ
easat-5628	56	12	-	-	ADJ
easat-5628	56	13	carbon	carbon	ADJ
easat-5628	56	14	premium	premium	NOUN
easat-5628	56	15	”	"	PUNCT
easat-5628	56	16	and	and	CCONJ
easat-5628	56	17	“	"	PUNCT
easat-5628	56	18	carbon	carbon	NOUN
easat-5628	56	19	premium	premium	NOUN
easat-5628	56	20	”	"	PUNCT
easat-5628	56	21	are	be	AUX
easat-5628	56	22	represented	represent	VERB
easat-5628	56	23	depending	depend	VERB
easat-5628	56	24	on	on	ADP
easat-5628	56	25	market	market	NOUN
easat-5628	56	26	circumstances	circumstance	NOUN
easat-5628	56	27	.	.	PUNCT
easat-5628	57	1	oestreich	oestreich	NOUN
easat-5628	57	2	and	and	CCONJ
easat-5628	57	3	tsiakas	tsiakas	NOUN
easat-5628	58	1	[	[	X
easat-5628	58	2	6	6	NUM
easat-5628	58	3	]	]	PUNCT
easat-5628	58	4	and	and	CCONJ
easat-5628	58	5	wen	wen	PROPN
easat-5628	58	6	,	,	PUNCT
easat-5628	58	7	et	et	PROPN
easat-5628	58	8	al	al	PROPN
easat-5628	58	9	.	.	PUNCT
easat-5628	59	1	[	[	X
easat-5628	59	2	7	7	X
easat-5628	59	3	]	]	PUNCT
easat-5628	59	4	demonstrated	demonstrate	VERB
easat-5628	59	5	that	that	SCONJ
easat-5628	59	6	a	a	DET
easat-5628	59	7	“	"	PUNCT
easat-5628	59	8	carbon	carbon	NOUN
easat-5628	59	9	premium	premium	NOUN
easat-5628	59	10	”	"	PUNCT
easat-5628	59	11	is	be	AUX
easat-5628	59	12	observed	observe	VERB
easat-5628	59	13	in	in	ADP
easat-5628	59	14	the	the	DET
easat-5628	59	15	early	early	ADJ
easat-5628	59	16	stage	stage	NOUN
easat-5628	59	17	of	of	ADP
easat-5628	59	18	the	the	DET
easat-5628	59	19	ets	et	NOUN
easat-5628	59	20	.	.	PUNCT
easat-5628	60	1	their	their	PRON
easat-5628	60	2	hypothesis	hypothesis	NOUN
easat-5628	60	3	was	be	AUX
easat-5628	60	4	based	base	VERB
easat-5628	60	5	on	on	ADP
easat-5628	60	6	the	the	DET
easat-5628	60	7	following	follow	VERB
easat-5628	60	8	logic	logic	NOUN
easat-5628	60	9	.	.	PUNCT
easat-5628	61	1	a	a	DET
easat-5628	61	2	company	company	NOUN
easat-5628	61	3	with	with	ADP
easat-5628	61	4	free	free	ADJ
easat-5628	61	5	carbon	carbon	NOUN
easat-5628	61	6	allocation	allocation	NOUN
easat-5628	61	7	may	may	AUX
easat-5628	61	8	experience	experience	VERB
easat-5628	61	9	higher	high	ADJ
easat-5628	61	10	cash	cash	NOUN
easat-5628	61	11	flows	flow	NOUN
easat-5628	61	12	;	;	PUNCT
easat-5628	61	13	thus	thus	ADV
easat-5628	61	14	,	,	PUNCT
easat-5628	61	15	there	there	PRON
easat-5628	61	16	is	be	VERB
easat-5628	61	17	a	a	DET
easat-5628	61	18	high	high	ADJ
easat-5628	61	19	chance	chance	NOUN
easat-5628	61	20	of	of	ADP
easat-5628	61	21	a	a	DET
easat-5628	61	22	carbon	carbon	NOUN
easat-5628	61	23	premium	premium	NOUN
easat-5628	61	24	in	in	ADP
easat-5628	61	25	stock	stock	NOUN
easat-5628	61	26	returns	return	NOUN
easat-5628	61	27	for	for	ADP
easat-5628	61	28	a	a	DET
easat-5628	61	29	company	company	NOUN
easat-5628	61	30	that	that	PRON
easat-5628	61	31	does	do	AUX
easat-5628	61	32	not	not	PART
easat-5628	61	33	receive	receive	VERB
easat-5628	61	34	a	a	DET
easat-5628	61	35	free	free	ADJ
easat-5628	61	36	allowance	allowance	NOUN
easat-5628	61	37	.	.	PUNCT
easat-5628	62	1	furthermore	furthermore	ADV
easat-5628	62	2	,	,	PUNCT
easat-5628	62	3	considering	consider	VERB
easat-5628	62	4	that	that	SCONJ
easat-5628	62	5	carbon	carbon	NOUN
easat-5628	62	6	emitters	emitter	NOUN
easat-5628	62	7	are	be	AUX
easat-5628	62	8	exposed	expose	VERB
easat-5628	62	9	to	to	ADP
easat-5628	62	10	carbon	carbon	NOUN
easat-5628	62	11	risk1	risk1	NOUN
easat-5628	62	12	,	,	PUNCT
easat-5628	62	13	they	they	PRON
easat-5628	62	14	may	may	AUX
easat-5628	62	15	aim	aim	VERB
easat-5628	62	16	for	for	ADP
easat-5628	62	17	higher	high	ADJ
easat-5628	62	18	expected	expect	VERB
easat-5628	62	19	returns	return	NOUN
easat-5628	62	20	than	than	ADP
easat-5628	62	21	companies	company	NOUN
easat-5628	62	22	that	that	PRON
easat-5628	62	23	do	do	AUX
easat-5628	62	24	not	not	PART
easat-5628	62	25	emit	emit	VERB
easat-5628	62	26	carbon	carbon	NOUN
easat-5628	62	27	,	,	PUNCT
easat-5628	62	28	ceteris	ceteris	NOUN
easat-5628	62	29	paribus	paribus	NOUN
easat-5628	62	30	.	.	PUNCT
easat-5628	63	1	oestreich	oestreich	NOUN
easat-5628	63	2	and	and	CCONJ
easat-5628	63	3	tsiakas	tsiakas	NOUN
easat-5628	64	1	[	[	X
easat-5628	64	2	6	6	NUM
easat-5628	64	3	]	]	PUNCT
easat-5628	64	4	used	use	VERB
easat-5628	64	5	the	the	DET
easat-5628	64	6	fama	fama	NOUN
easat-5628	64	7	-	-	PUNCT
easat-5628	64	8	french	french	ADJ
easat-5628	64	9	multifactor	multifactor	NOUN
easat-5628	64	10	model	model	NOUN
easat-5628	64	11	to	to	PART
easat-5628	64	12	examine	examine	VERB
easat-5628	64	13	how	how	SCONJ
easat-5628	64	14	the	the	DET
easat-5628	64	15	eu	eu	ADJ
easat-5628	64	16	-	-	ADJ
easat-5628	64	17	ets	et	NOUN
easat-5628	64	18	affected	affect	VERB
easat-5628	64	19	german	german	ADJ
easat-5628	64	20	stock	stock	NOUN
easat-5628	64	21	returns	return	NOUN
easat-5628	64	22	based	base	VERB
easat-5628	64	23	on	on	ADP
easat-5628	64	24	these	these	DET
easat-5628	64	25	arguments	argument	NOUN
easat-5628	64	26	.	.	PUNCT
easat-5628	65	1	their	their	PRON
easat-5628	65	2	empirical	empirical	ADJ
easat-5628	65	3	results	result	NOUN
easat-5628	65	4	showed	show	VERB
easat-5628	65	5	that	that	SCONJ
easat-5628	65	6	a	a	DET
easat-5628	65	7	significant	significant	ADJ
easat-5628	65	8	financial	financial	ADJ
easat-5628	65	9	alpha	alpha	NOUN
easat-5628	65	10	exists	exist	VERB
easat-5628	65	11	in	in	ADP
easat-5628	65	12	a	a	DET
easat-5628	65	13	portfolio	portfolio	NOUN
easat-5628	65	14	of	of	ADP
easat-5628	65	15	companies	company	NOUN
easat-5628	65	16	that	that	PRON
easat-5628	65	17	receive	receive	VERB
easat-5628	65	18	free	free	ADJ
easat-5628	65	19	allocations	allocation	NOUN
easat-5628	65	20	.	.	PUNCT
easat-5628	66	1	using	use	VERB
easat-5628	66	2	the	the	DET
easat-5628	66	3	difference	difference	NOUN
easat-5628	66	4	-	-	PUNCT
easat-5628	66	5	in	in	ADP
easat-5628	66	6	-	-	PUNCT
easat-5628	66	7	differences	difference	NOUN
easat-5628	66	8	method	method	NOUN
easat-5628	66	9	,	,	PUNCT
easat-5628	66	10	wen	wen	PROPN
easat-5628	66	11	,	,	PUNCT
easat-5628	66	12	et	et	PROPN
easat-5628	66	13	al	al	PROPN
easat-5628	66	14	.	.	PUNCT
easat-5628	67	1	[	[	X
easat-5628	67	2	7	7	X
easat-5628	67	3	]	]	PUNCT
easat-5628	67	4	studied	study	VERB
easat-5628	67	5	the	the	DET
easat-5628	67	6	same	same	ADJ
easat-5628	67	7	topic	topic	NOUN
easat-5628	67	8	for	for	ADP
easat-5628	67	9	shenzhen	shenzhen	PROPN
easat-5628	67	10	’s	’s	PART
easat-5628	67	11	emissions	emissions	PROPN
easat-5628	67	12	trading	trading	NOUN
easat-5628	67	13	system	system	NOUN
easat-5628	67	14	,	,	PUNCT
easat-5628	67	15	and	and	CCONJ
easat-5628	67	16	the	the	DET
easat-5628	67	17	results	result	NOUN
easat-5628	67	18	confirmed	confirm	VERB
easat-5628	67	19	the	the	DET
easat-5628	67	20	“	"	PUNCT
easat-5628	67	21	carbon	carbon	NOUN
easat-5628	67	22	premium	premium	NOUN
easat-5628	67	23	”	"	PUNCT
easat-5628	67	24	in	in	ADP
easat-5628	67	25	china	china	PROPN
easat-5628	67	26	’s	’s	PART
easat-5628	67	27	early	early	ADJ
easat-5628	67	28	ets	et	NOUN
easat-5628	67	29	.	.	PUNCT
easat-5628	68	1	bolton	bolton	PROPN
easat-5628	68	2	and	and	CCONJ
easat-5628	68	3	kacperczyk	kacperczyk	VERB
easat-5628	69	1	[	[	X
easat-5628	69	2	10	10	NUM
easat-5628	69	3	]	]	PUNCT
easat-5628	69	4	analyzed	analyze	VERB
easat-5628	69	5	the	the	DET
easat-5628	69	6	carbon	carbon	NOUN
easat-5628	69	7	premium	premium	NOUN
easat-5628	69	8	issue	issue	NOUN
easat-5628	69	9	in	in	ADP
easat-5628	69	10	more	more	ADV
easat-5628	69	11	extensive	extensive	ADJ
easat-5628	69	12	study	study	NOUN
easat-5628	69	13	regions	region	NOUN
easat-5628	69	14	by	by	ADP
easat-5628	69	15	applying	apply	VERB
easat-5628	69	16	a	a	DET
easat-5628	69	17	panel	panel	NOUN
easat-5628	69	18	regression	regression	NOUN
easat-5628	69	19	model	model	NOUN
easat-5628	69	20	.	.	PUNCT
easat-5628	70	1	an	an	DET
easat-5628	70	2	analysis	analysis	NOUN
easat-5628	70	3	of	of	ADP
easat-5628	70	4	more	more	ADJ
easat-5628	70	5	than	than	ADP
easat-5628	70	6	14,400	14,400	NUM
easat-5628	70	7	firms	firm	NOUN
easat-5628	70	8	in	in	ADP
easat-5628	70	9	77	77	NUM
easat-5628	70	10	countries	country	NOUN
easat-5628	70	11	revealed	reveal	VERB
easat-5628	70	12	a	a	DET
easat-5628	70	13	widespread	widespread	ADJ
easat-5628	70	14	carbon	carbon	NOUN
easat-5628	70	15	premium	premium	NOUN
easat-5628	70	16	in	in	ADP
easat-5628	70	17	terms	term	NOUN
easat-5628	70	18	of	of	ADP
easat-5628	70	19	emission	emission	NOUN
easat-5628	70	20	levels	level	NOUN
easat-5628	70	21	rather	rather	ADV
easat-5628	70	22	than	than	ADP
easat-5628	70	23	emission	emission	NOUN
easat-5628	70	24	intensity	intensity	NOUN
easat-5628	70	25	.	.	PUNCT
easat-5628	71	1	this	this	DET
easat-5628	71	2	premium	premium	NOUN
easat-5628	71	3	is	be	AUX
easat-5628	71	4	more	more	ADV
easat-5628	71	5	significant	significant	ADJ
easat-5628	71	6	in	in	ADP
easat-5628	71	7	countries	country	NOUN
easat-5628	71	8	with	with	ADP
easat-5628	71	9	inadequate	inadequate	ADJ
easat-5628	71	10	economic	economic	ADJ
easat-5628	71	11	development	development	NOUN
easat-5628	71	12	,	,	PUNCT
easat-5628	71	13	fossil	fossil	NOUN
easat-5628	71	14	fuel	fuel	NOUN
easat-5628	71	15	reliance	reliance	NOUN
easat-5628	71	16	,	,	PUNCT
easat-5628	71	17	and	and	CCONJ
easat-5628	71	18	less	less	ADV
easat-5628	71	19	inclusive	inclusive	ADJ
easat-5628	71	20	political	political	ADJ
easat-5628	71	21	systems	system	NOUN
easat-5628	71	22	.	.	PUNCT
easat-5628	72	1	sankar	sankar	PROPN
easat-5628	72	2	,	,	PUNCT
easat-5628	72	3	et	et	PROPN
easat-5628	72	4	al	al	PROPN
easat-5628	72	5	.	.	PUNCT
easat-5628	73	1	[	[	X
easat-5628	73	2	11	11	NUM
easat-5628	73	3	]	]	PUNCT
easat-5628	73	4	examined	examine	VERB
easat-5628	73	5	the	the	DET
easat-5628	73	6	causal	causal	ADJ
easat-5628	73	7	relationship	relationship	NOUN
easat-5628	73	8	between	between	ADP
easat-5628	73	9	firms	firm	NOUN
easat-5628	73	10	’	’	PART
easat-5628	73	11	emissions	emission	NOUN
easat-5628	73	12	and	and	CCONJ
easat-5628	73	13	a	a	DET
easat-5628	73	14	carbon	carbon	NOUN
easat-5628	73	15	premium	premium	NOUN
easat-5628	73	16	for	for	ADP
easat-5628	73	17	the	the	DET
easat-5628	73	18	141	141	NUM
easat-5628	73	19	companies	company	NOUN
easat-5628	73	20	among	among	ADP
easat-5628	73	21	the	the	DET
easat-5628	73	22	s&p	s&p	PROPN
easat-5628	73	23	500	500	NUM
easat-5628	73	24	index	index	NOUN
easat-5628	73	25	.	.	PUNCT
easat-5628	74	1	they	they	PRON
easat-5628	74	2	demonstrated	demonstrate	VERB
easat-5628	74	3	that	that	SCONJ
easat-5628	74	4	scope	scope	NOUN
easat-5628	74	5	1	1	NUM
easat-5628	74	6	emissions	emission	NOUN
easat-5628	74	7	exhibit	exhibit	VERB
easat-5628	74	8	a	a	DET
easat-5628	74	9	notable	notable	ADJ
easat-5628	74	10	carbon	carbon	NOUN
easat-5628	74	11	premium	premium	NOUN
easat-5628	74	12	.	.	PUNCT
easat-5628	75	1	in	in	ADP
easat-5628	75	2	contrast	contrast	NOUN
easat-5628	75	3	,	,	PUNCT
easat-5628	75	4	other	other	ADJ
easat-5628	75	5	studies	study	NOUN
easat-5628	75	6	have	have	AUX
easat-5628	75	7	documented	document	VERB
easat-5628	75	8	positive	positive	ADJ
easat-5628	75	9	returns	return	NOUN
easat-5628	75	10	for	for	ADP
easat-5628	75	11	portfolios	portfolio	NOUN
easat-5628	75	12	that	that	PRON
easat-5628	75	13	take	take	VERB
easat-5628	75	14	long	long	ADJ
easat-5628	75	15	and	and	CCONJ
easat-5628	75	16	short	short	ADJ
easat-5628	75	17	positions	position	NOUN
easat-5628	75	18	in	in	ADP
easat-5628	75	19	non	non	ADJ
easat-5628	75	20	-	-	ADJ
easat-5628	75	21	carbon	carbon	NOUN
easat-5628	75	22	-	-	PUNCT
easat-5628	75	23	emitting	emit	VERB
easat-5628	75	24	firms	firm	NOUN
easat-5628	75	25	and	and	CCONJ
easat-5628	75	26	stocks	stock	NOUN
easat-5628	75	27	of	of	ADP
easat-5628	75	28	carbon	carbon	NOUN
easat-5628	75	29	emitters	emitter	NOUN
easat-5628	75	30	,	,	PUNCT
easat-5628	75	31	respectively	respectively	ADV
easat-5628	75	32	.	.	PUNCT
easat-5628	76	1	pástor	pástor	NOUN
easat-5628	76	2	,	,	PUNCT
easat-5628	76	3	et	et	PROPN
easat-5628	76	4	al	al	PROPN
easat-5628	76	5	.	.	PUNCT
easat-5628	77	1	[	[	X
easat-5628	77	2	8	8	NUM
easat-5628	77	3	]	]	PUNCT
easat-5628	77	4	and	and	CCONJ
easat-5628	77	5	ardia	ardia	PROPN
easat-5628	77	6	,	,	PUNCT
easat-5628	77	7	et	et	PROPN
easat-5628	77	8	al	al	PROPN
easat-5628	77	9	.	.	PUNCT
easat-5628	78	1	[	[	X
easat-5628	78	2	9	9	NUM
easat-5628	78	3	]	]	PUNCT
easat-5628	78	4	suggested	suggest	VERB
easat-5628	78	5	that	that	SCONJ
easat-5628	78	6	the	the	DET
easat-5628	78	7	stocks	stock	NOUN
easat-5628	78	8	of	of	ADP
easat-5628	78	9	non	non	ADJ
easat-5628	78	10	-	-	ADJ
easat-5628	78	11	carbon	carbon	NOUN
easat-5628	78	12	emitters	emitter	NOUN
easat-5628	78	13	may	may	AUX
easat-5628	78	14	yield	yield	VERB
easat-5628	78	15	higher	high	ADJ
easat-5628	78	16	returns	return	NOUN
easat-5628	78	17	than	than	ADP
easat-5628	78	18	those	those	PRON
easat-5628	78	19	of	of	ADP
easat-5628	78	20	polluters	polluter	NOUN
easat-5628	78	21	because	because	SCONJ
easat-5628	78	22	of	of	ADP
easat-5628	78	23	increased	increase	VERB
easat-5628	78	24	concerns	concern	NOUN
easat-5628	78	25	regarding	regard	VERB
easat-5628	78	26	climate	climate	NOUN
easat-5628	78	27	change	change	NOUN
easat-5628	78	28	.	.	PUNCT
easat-5628	79	1	pástor	pástor	NOUN
easat-5628	79	2	,	,	PUNCT
easat-5628	79	3	et	et	PROPN
easat-5628	79	4	al	al	PROPN
easat-5628	79	5	.	.	PUNCT
easat-5628	80	1	[	[	X
easat-5628	80	2	8	8	NUM
easat-5628	80	3	]	]	PUNCT
easat-5628	80	4	developed	develop	VERB
easat-5628	80	5	a	a	DET
easat-5628	80	6	theoretical	theoretical	ADJ
easat-5628	80	7	model	model	NOUN
easat-5628	80	8	to	to	PART
easat-5628	80	9	discuss	discuss	VERB
easat-5628	80	10	the	the	DET
easat-5628	80	11	role	role	NOUN
easat-5628	80	12	of	of	ADP
easat-5628	80	13	sustainability	sustainability	NOUN
easat-5628	80	14	preferences	preference	NOUN
easat-5628	80	15	in	in	ADP
easat-5628	80	16	asset	asset	NOUN
easat-5628	80	17	markets	market	NOUN
easat-5628	80	18	.	.	PUNCT
easat-5628	81	1	it	it	PRON
easat-5628	81	2	assumes	assume	VERB
easat-5628	81	3	that	that	SCONJ
easat-5628	81	4	investors	investor	NOUN
easat-5628	81	5	’	’	PART
easat-5628	81	6	expectations	expectation	NOUN
easat-5628	81	7	of	of	ADP
easat-5628	81	8	the	the	DET
easat-5628	81	9	cash	cash	NOUN
easat-5628	81	10	flows	flow	NOUN
easat-5628	81	11	of	of	ADP
easat-5628	81	12	green	green	ADJ
easat-5628	81	13	versus	versus	ADP
easat-5628	81	14	brown	brown	ADJ
easat-5628	81	15	firms	firm	NOUN
easat-5628	81	16	can	can	AUX
easat-5628	81	17	change	change	VERB
easat-5628	81	18	because	because	SCONJ
easat-5628	81	19	of	of	ADP
easat-5628	81	20	customers	customer	NOUN
easat-5628	81	21	’	'	PUNCT
easat-5628	81	22	and	and	CCONJ
easat-5628	81	23	regulators	regulator	NOUN
easat-5628	81	24	’	’	PART
easat-5628	81	25	preferences	preference	NOUN
easat-5628	81	26	for	for	ADP
easat-5628	81	27	sustainability	sustainability	NOUN
easat-5628	81	28	solutions	solution	NOUN
easat-5628	81	29	.	.	PUNCT
easat-5628	82	1	in	in	ADP
easat-5628	82	2	addition	addition	NOUN
easat-5628	82	3	,	,	PUNCT
easat-5628	82	4	climate	climate	NOUN
easat-5628	82	5	change	change	NOUN
easat-5628	82	6	concerns	concern	NOUN
easat-5628	82	7	increase	increase	VERB
easat-5628	82	8	1they	1they	PRON
easat-5628	82	9	experienced	experience	VERB
easat-5628	82	10	uncertain	uncertain	ADJ
easat-5628	82	11	carbon	carbon	NOUN
easat-5628	82	12	prices	price	NOUN
easat-5628	82	13	since	since	SCONJ
easat-5628	82	14	carbon	carbon	NOUN
easat-5628	82	15	allowance	allowance	NOUN
easat-5628	82	16	prices	price	NOUN
easat-5628	82	17	fluctuate	fluctuate	NOUN
easat-5628	82	18	in	in	ADP
easat-5628	82	19	an	an	DET
easat-5628	82	20	emissions	emission	NOUN
easat-5628	82	21	market	market	NOUN
easat-5628	82	22	.	.	PUNCT
easat-5628	83	1	1579	1579	NUM
easat-5628	83	2	edelweiss	edelweiss	PROPN
easat-5628	83	3	applied	apply	VERB
easat-5628	83	4	science	science	NOUN
easat-5628	83	5	and	and	CCONJ
easat-5628	83	6	technology	technology	NOUN
easat-5628	83	7	issn	issn	PROPN
easat-5628	83	8	:	:	PUNCT
easat-5628	83	9	2576	2576	NUM
easat-5628	83	10	-	-	SYM
easat-5628	83	11	8484	8484	NUM
easat-5628	83	12	vol	vol	NOUN
easat-5628	83	13	.	.	PROPN
easat-5628	84	1	9	9	NUM
easat-5628	84	2	,	,	PUNCT
easat-5628	84	3	no	no	INTJ
easat-5628	84	4	.	.	NOUN
easat-5628	85	1	3	3	NUM
easat-5628	85	2	:	:	PUNCT
easat-5628	85	3	1577	1577	NUM
easat-5628	85	4	-	-	SYM
easat-5628	85	5	1592	1592	NUM
easat-5628	85	6	,	,	PUNCT
easat-5628	85	7	2025	2025	NUM
easat-5628	85	8	doi	doi	NOUN
easat-5628	85	9	:	:	PUNCT
easat-5628	85	10	10.55214/25768484.v9i3.5628	10.55214/25768484.v9i3.5628	NUM
easat-5628	85	11	©	©	PROPN
easat-5628	85	12	2025	2025	NUM
easat-5628	85	13	by	by	ADP
easat-5628	85	14	the	the	DET
easat-5628	85	15	author	author	NOUN
easat-5628	85	16	;	;	PUNCT
easat-5628	85	17	licensee	licensee	PROPN
easat-5628	85	18	learning	learning	NOUN
easat-5628	85	19	gate	gate	NOUN
easat-5628	85	20	legislation	legislation	NOUN
easat-5628	85	21	,	,	PUNCT
easat-5628	85	22	thereby	thereby	ADV
easat-5628	85	23	harming	harm	VERB
easat-5628	85	24	brown	brown	ADJ
easat-5628	85	25	firms	firm	NOUN
easat-5628	85	26	,	,	PUNCT
easat-5628	85	27	whereas	whereas	SCONJ
easat-5628	85	28	customers	customer	NOUN
easat-5628	85	29	prefer	prefer	VERB
easat-5628	85	30	sustainable	sustainable	ADJ
easat-5628	85	31	products	product	NOUN
easat-5628	85	32	.	.	PUNCT
easat-5628	86	1	thus	thus	ADV
easat-5628	86	2	,	,	PUNCT
easat-5628	86	3	high	high	ADJ
easat-5628	86	4	sustainability	sustainability	NOUN
easat-5628	86	5	preferences	preference	NOUN
easat-5628	86	6	lead	lead	VERB
easat-5628	86	7	investors	investor	NOUN
easat-5628	86	8	to	to	PART
easat-5628	86	9	own	own	VERB
easat-5628	86	10	green	green	ADJ
easat-5628	86	11	firms	firm	NOUN
easat-5628	86	12	.	.	PUNCT
easat-5628	87	1	consequently	consequently	ADV
easat-5628	87	2	,	,	PUNCT
easat-5628	87	3	an	an	DET
easat-5628	87	4	increase	increase	NOUN
easat-5628	87	5	in	in	ADP
easat-5628	87	6	investor	investor	NOUN
easat-5628	87	7	preference	preference	NOUN
easat-5628	87	8	for	for	ADP
easat-5628	87	9	non	non	ADJ
easat-5628	87	10	-	-	ADJ
easat-5628	87	11	polluting	polluting	ADJ
easat-5628	87	12	firms	firm	NOUN
easat-5628	87	13	directly	directly	ADV
easat-5628	87	14	influences	influence	VERB
easat-5628	87	15	stock	stock	NOUN
easat-5628	87	16	value	value	NOUN
easat-5628	87	17	.	.	PUNCT
easat-5628	88	1	based	base	VERB
easat-5628	88	2	on	on	ADP
easat-5628	88	3	this	this	DET
easat-5628	88	4	support	support	NOUN
easat-5628	88	5	,	,	PUNCT
easat-5628	88	6	their	their	PRON
easat-5628	88	7	model	model	NOUN
easat-5628	88	8	predicts	predict	VERB
easat-5628	88	9	that	that	SCONJ
easat-5628	88	10	green	green	ADJ
easat-5628	88	11	stocks	stock	NOUN
easat-5628	88	12	will	will	AUX
easat-5628	88	13	surpass	surpass	VERB
easat-5628	88	14	brown	brown	ADJ
easat-5628	88	15	stocks	stock	NOUN
easat-5628	88	16	when	when	SCONJ
easat-5628	88	17	apprehensions	apprehension	NOUN
easat-5628	88	18	regarding	regard	VERB
easat-5628	88	19	climate	climate	NOUN
easat-5628	88	20	change	change	NOUN
easat-5628	88	21	increase	increase	NOUN
easat-5628	88	22	.	.	PUNCT
easat-5628	89	1	ardia	ardia	PROPN
easat-5628	89	2	,	,	PUNCT
easat-5628	89	3	et	et	PROPN
easat-5628	89	4	al	al	PROPN
easat-5628	89	5	.	.	PUNCT
easat-5628	90	1	[	[	X
easat-5628	90	2	9	9	NUM
easat-5628	90	3	]	]	PUNCT
easat-5628	90	4	provided	provide	VERB
easat-5628	90	5	empirical	empirical	ADJ
easat-5628	90	6	evidence	evidence	NOUN
easat-5628	90	7	for	for	ADP
easat-5628	90	8	the	the	DET
easat-5628	90	9	theoretical	theoretical	ADJ
easat-5628	90	10	model	model	NOUN
easat-5628	90	11	proposed	propose	VERB
easat-5628	90	12	by	by	ADP
easat-5628	90	13	pástor	pástor	NOUN
easat-5628	90	14	,	,	PUNCT
easat-5628	90	15	et	et	PROPN
easat-5628	90	16	al	al	PROPN
easat-5628	90	17	.	.	PUNCT
easat-5628	91	1	[	[	X
easat-5628	91	2	8	8	NUM
easat-5628	91	3	]	]	PUNCT
easat-5628	91	4	.	.	PUNCT
easat-5628	92	1	data	datum	NOUN
easat-5628	92	2	from	from	ADP
easat-5628	92	3	s&p	s&p	PROPN
easat-5628	92	4	500	500	NUM
easat-5628	92	5	companies	company	NOUN
easat-5628	92	6	between	between	ADP
easat-5628	92	7	january	january	PROPN
easat-5628	92	8	2010	2010	NUM
easat-5628	92	9	and	and	CCONJ
easat-5628	92	10	june	june	PROPN
easat-5628	92	11	2018	2018	NUM
easat-5628	92	12	,	,	PUNCT
easat-5628	92	13	shows	show	VERB
easat-5628	92	14	that	that	SCONJ
easat-5628	92	15	green	green	ADJ
easat-5628	92	16	stocks	stock	NOUN
easat-5628	92	17	outperformed	outperform	VERB
easat-5628	92	18	brown	brown	ADJ
easat-5628	92	19	stocks	stock	NOUN
easat-5628	92	20	in	in	ADP
easat-5628	92	21	response	response	NOUN
easat-5628	92	22	to	to	ADP
easat-5628	92	23	an	an	DET
easat-5628	92	24	increase	increase	NOUN
easat-5628	92	25	in	in	ADP
easat-5628	92	26	climate	climate	NOUN
easat-5628	92	27	change	change	NOUN
easat-5628	92	28	concerns	concern	NOUN
easat-5628	92	29	,	,	PUNCT
easat-5628	92	30	as	as	SCONJ
easat-5628	92	31	indicated	indicate	VERB
easat-5628	92	32	by	by	ADP
easat-5628	92	33	newspaper	newspaper	NOUN
easat-5628	92	34	articles	article	NOUN
easat-5628	92	35	.	.	PUNCT
easat-5628	93	1	further	further	ADJ
easat-5628	93	2	studies	study	NOUN
easat-5628	93	3	have	have	AUX
easat-5628	93	4	reported	report	VERB
easat-5628	93	5	similar	similar	ADJ
easat-5628	93	6	results	result	NOUN
easat-5628	93	7	.	.	PUNCT
easat-5628	94	1	soh	soh	INTJ
easat-5628	94	2	,	,	PUNCT
easat-5628	94	3	et	et	PROPN
easat-5628	94	4	al	al	PROPN
easat-5628	94	5	.	.	PUNCT
easat-5628	95	1	[	[	X
easat-5628	95	2	12	12	NUM
easat-5628	95	3	]	]	PUNCT
easat-5628	95	4	examined	examine	VERB
easat-5628	95	5	the	the	DET
easat-5628	95	6	relative	relative	ADJ
easat-5628	95	7	financial	financial	ADJ
easat-5628	95	8	performance	performance	NOUN
easat-5628	95	9	between	between	ADP
easat-5628	95	10	carbon	carbon	NOUN
easat-5628	95	11	-	-	PUNCT
easat-5628	95	12	efficient	efficient	ADJ
easat-5628	95	13	and	and	CCONJ
easat-5628	95	14	carbon	carbon	NOUN
easat-5628	95	15	-	-	PUNCT
easat-5628	95	16	inefficient	inefficient	ADJ
easat-5628	95	17	companies	company	NOUN
easat-5628	95	18	.	.	PUNCT
easat-5628	96	1	based	base	VERB
easat-5628	96	2	on	on	ADP
easat-5628	96	3	u.s	u.s	PROPN
easat-5628	96	4	.	.	PROPN
easat-5628	96	5	firm	firm	PROPN
easat-5628	96	6	data	datum	NOUN
easat-5628	96	7	from	from	ADP
easat-5628	96	8	january	january	PROPN
easat-5628	96	9	2005	2005	NUM
easat-5628	96	10	to	to	ADP
easat-5628	96	11	december	december	PROPN
easat-5628	96	12	2015	2015	NUM
easat-5628	96	13	,	,	PUNCT
easat-5628	96	14	this	this	DET
easat-5628	96	15	study	study	NOUN
easat-5628	96	16	found	find	VERB
easat-5628	96	17	positive	positive	ADJ
easat-5628	96	18	abnormal	abnormal	ADJ
easat-5628	96	19	returns	return	NOUN
easat-5628	96	20	since	since	SCONJ
easat-5628	96	21	2010	2010	NUM
easat-5628	96	22	,	,	PUNCT
easat-5628	96	23	indicating	indicate	VERB
easat-5628	96	24	that	that	SCONJ
easat-5628	96	25	the	the	DET
easat-5628	96	26	investment	investment	NOUN
easat-5628	96	27	strategy	strategy	NOUN
easat-5628	96	28	of	of	ADP
easat-5628	96	29	long	long	ADJ
easat-5628	96	30	carbon	carbon	NOUN
easat-5628	96	31	-	-	PUNCT
easat-5628	96	32	efficient	efficient	ADJ
easat-5628	96	33	firms	firm	NOUN
easat-5628	96	34	and	and	CCONJ
easat-5628	96	35	short	short	ADJ
easat-5628	96	36	carbon	carbon	NOUN
easat-5628	96	37	-	-	PUNCT
easat-5628	96	38	inefficient	inefficient	ADJ
easat-5628	96	39	firms	firm	NOUN
easat-5628	96	40	may	may	AUX
easat-5628	96	41	yield	yield	VERB
easat-5628	96	42	excess	excess	ADJ
easat-5628	96	43	returns	return	NOUN
easat-5628	96	44	of	of	ADP
easat-5628	96	45	3.5	3.5	NUM
easat-5628	96	46	to	to	PART
easat-5628	96	47	5.4	5.4	NUM
easat-5628	96	48	%	%	NOUN
easat-5628	96	49	annually	annually	ADV
easat-5628	96	50	.	.	PUNCT
easat-5628	97	1	zhang	zhang	X
easat-5628	98	1	[	[	X
easat-5628	98	2	13	13	NUM
easat-5628	98	3	]	]	PUNCT
easat-5628	98	4	examined	examine	VERB
easat-5628	98	5	u.s	u.s	PROPN
easat-5628	98	6	.	.	PROPN
easat-5628	98	7	firms	firm	NOUN
easat-5628	98	8	and	and	CCONJ
easat-5628	98	9	found	find	VERB
easat-5628	98	10	negative	negative	ADJ
easat-5628	98	11	excess	excess	ADJ
easat-5628	98	12	returns	return	NOUN
easat-5628	98	13	associated	associate	VERB
easat-5628	98	14	with	with	ADP
easat-5628	98	15	carbon	carbon	NOUN
easat-5628	98	16	intensity	intensity	NOUN
easat-5628	98	17	,	,	PUNCT
easat-5628	98	18	suggesting	suggest	VERB
easat-5628	98	19	that	that	SCONJ
easat-5628	98	20	higher	high	ADJ
easat-5628	98	21	carbon	carbon	NOUN
easat-5628	98	22	emissions	emission	NOUN
easat-5628	98	23	may	may	AUX
easat-5628	98	24	lead	lead	VERB
easat-5628	98	25	to	to	ADP
easat-5628	98	26	lower	low	ADJ
easat-5628	98	27	stock	stock	NOUN
easat-5628	98	28	returns	return	NOUN
easat-5628	98	29	.	.	PUNCT
easat-5628	99	1	huij	huij	PROPN
easat-5628	99	2	,	,	PUNCT
easat-5628	99	3	et	et	PROPN
easat-5628	99	4	al	al	PROPN
easat-5628	99	5	.	.	PUNCT
easat-5628	100	1	[	[	X
easat-5628	100	2	14	14	NUM
easat-5628	100	3	]	]	PUNCT
easat-5628	100	4	empirically	empirically	ADV
easat-5628	100	5	showed	show	VERB
easat-5628	100	6	a	a	DET
easat-5628	100	7	negative	negative	ADJ
easat-5628	100	8	correlation	correlation	NOUN
easat-5628	100	9	between	between	ADP
easat-5628	100	10	financial	financial	ADJ
easat-5628	100	11	returns	return	NOUN
easat-5628	100	12	and	and	CCONJ
easat-5628	100	13	carbon	carbon	NOUN
easat-5628	100	14	emissions	emission	NOUN
easat-5628	100	15	in	in	ADP
easat-5628	100	16	the	the	DET
easat-5628	100	17	u.s	u.s	PROPN
easat-5628	100	18	.	.	PROPN
easat-5628	100	19	stock	stock	NOUN
easat-5628	100	20	market	market	NOUN
easat-5628	100	21	.	.	PUNCT
easat-5628	101	1	ding	ding	NOUN
easat-5628	101	2	,	,	PUNCT
easat-5628	101	3	et	et	PROPN
easat-5628	101	4	al	al	PROPN
easat-5628	101	5	.	.	PUNCT
easat-5628	102	1	[	[	X
easat-5628	102	2	15	15	NUM
easat-5628	102	3	]	]	PUNCT
easat-5628	102	4	examined	examine	VERB
easat-5628	102	5	the	the	DET
easat-5628	102	6	effects	effect	NOUN
easat-5628	102	7	of	of	ADP
easat-5628	102	8	company	company	NOUN
easat-5628	102	9	carbon	carbon	NOUN
easat-5628	102	10	emissions	emission	NOUN
easat-5628	102	11	on	on	ADP
easat-5628	102	12	corporate	corporate	ADJ
easat-5628	102	13	financial	financial	ADJ
easat-5628	102	14	distress	distress	NOUN
easat-5628	102	15	using	use	VERB
easat-5628	102	16	data	datum	NOUN
easat-5628	102	17	from	from	ADP
easat-5628	102	18	shenzhen	shenzhen	PROPN
easat-5628	102	19	and	and	CCONJ
easat-5628	102	20	shanghai	shanghai	PROPN
easat-5628	102	21	firms	firm	NOUN
easat-5628	102	22	from	from	ADP
easat-5628	102	23	2008	2008	NUM
easat-5628	102	24	to	to	ADP
easat-5628	102	25	2018	2018	NUM
easat-5628	102	26	in	in	ADP
easat-5628	102	27	the	the	DET
easat-5628	102	28	context	context	NOUN
easat-5628	102	29	of	of	ADP
easat-5628	102	30	china	china	PROPN
easat-5628	102	31	’s	’s	PART
easat-5628	102	32	carbon	carbon	NOUN
easat-5628	102	33	regulation	regulation	NOUN
easat-5628	102	34	policy	policy	NOUN
easat-5628	102	35	.	.	PUNCT
easat-5628	103	1	their	their	PRON
easat-5628	103	2	results	result	NOUN
easat-5628	103	3	indicated	indicate	VERB
easat-5628	103	4	that	that	SCONJ
easat-5628	103	5	increased	increase	VERB
easat-5628	103	6	carbon	carbon	NOUN
easat-5628	103	7	emissions	emission	NOUN
easat-5628	103	8	are	be	AUX
easat-5628	103	9	correlated	correlate	VERB
easat-5628	103	10	with	with	ADP
easat-5628	103	11	elevated	elevated	ADJ
easat-5628	103	12	financial	financial	ADJ
easat-5628	103	13	crisis	crisis	NOUN
easat-5628	103	14	risk	risk	NOUN
easat-5628	103	15	.	.	PUNCT
easat-5628	104	1	bauer	bauer	PROPN
easat-5628	104	2	,	,	PUNCT
easat-5628	104	3	et	et	PROPN
easat-5628	104	4	al	al	PROPN
easat-5628	104	5	.	.	PUNCT
easat-5628	105	1	[	[	X
easat-5628	105	2	16	16	NUM
easat-5628	105	3	]	]	PUNCT
easat-5628	105	4	extensively	extensively	ADV
easat-5628	105	5	explored	explore	VERB
easat-5628	105	6	this	this	DET
easat-5628	105	7	topic	topic	NOUN
easat-5628	105	8	.	.	PUNCT
easat-5628	106	1	they	they	PRON
easat-5628	106	2	showed	show	VERB
easat-5628	106	3	that	that	SCONJ
easat-5628	106	4	green	green	ADJ
easat-5628	106	5	stocks	stock	NOUN
easat-5628	106	6	in	in	ADP
easat-5628	106	7	g7	g7	PROPN
easat-5628	106	8	countries	country	NOUN
easat-5628	106	9	have	have	AUX
easat-5628	106	10	consistently	consistently	ADV
easat-5628	106	11	yielded	yield	VERB
easat-5628	106	12	higher	high	ADJ
easat-5628	106	13	returns	return	NOUN
easat-5628	106	14	than	than	ADP
easat-5628	106	15	brown	brown	ADJ
easat-5628	106	16	stocks	stock	NOUN
easat-5628	106	17	in	in	ADP
easat-5628	106	18	the	the	DET
easat-5628	106	19	last	last	ADJ
easat-5628	106	20	10	10	NUM
easat-5628	106	21	years	year	NOUN
easat-5628	106	22	.	.	PUNCT
easat-5628	107	1	hambel	hambel	PROPN
easat-5628	107	2	and	and	CCONJ
easat-5628	107	3	van	van	PROPN
easat-5628	107	4	der	der	PROPN
easat-5628	107	5	sanden	sanden	PROPN
easat-5628	107	6	[	[	X
easat-5628	107	7	17	17	NUM
easat-5628	107	8	]	]	PUNCT
easat-5628	107	9	reported	report	VERB
easat-5628	107	10	similar	similar	ADJ
easat-5628	107	11	results	result	NOUN
easat-5628	107	12	.	.	PUNCT
easat-5628	108	1	they	they	PRON
easat-5628	108	2	demonstrated	demonstrate	VERB
easat-5628	108	3	the	the	DET
easat-5628	108	4	outperformance	outperformance	NOUN
easat-5628	108	5	of	of	ADP
easat-5628	108	6	the	the	DET
easat-5628	108	7	green	green	ADJ
easat-5628	108	8	firm	firm	NOUN
easat-5628	108	9	among	among	ADP
easat-5628	108	10	3,500	3,500	NUM
easat-5628	108	11	us	us	PROPN
easat-5628	108	12	companies	company	NOUN
easat-5628	108	13	and	and	CCONJ
easat-5628	108	14	10,000	10,000	NUM
easat-5628	108	15	companies	company	NOUN
easat-5628	108	16	across	across	ADP
easat-5628	108	17	90	90	NUM
easat-5628	108	18	countries	country	NOUN
easat-5628	108	19	.	.	PUNCT
easat-5628	109	1	in	in	ADP
easat-5628	109	2	summary	summary	NOUN
easat-5628	109	3	,	,	PUNCT
easat-5628	109	4	previous	previous	ADJ
easat-5628	109	5	studies	study	NOUN
easat-5628	109	6	have	have	AUX
easat-5628	109	7	shown	show	VERB
easat-5628	109	8	contradicting	contradict	VERB
easat-5628	109	9	findings	finding	NOUN
easat-5628	109	10	,	,	PUNCT
easat-5628	109	11	showing	show	VERB
easat-5628	109	12	either	either	CCONJ
easat-5628	109	13	a	a	DET
easat-5628	109	14	“	"	PUNCT
easat-5628	109	15	carbon	carbon	NOUN
easat-5628	109	16	premium	premium	NOUN
easat-5628	109	17	”	"	PUNCT
easat-5628	109	18	with	with	ADP
easat-5628	109	19	brown	brown	ADJ
easat-5628	109	20	stocks	stock	NOUN
easat-5628	109	21	producing	produce	VERB
easat-5628	109	22	greater	great	ADJ
easat-5628	109	23	returns	return	NOUN
easat-5628	109	24	or	or	CCONJ
easat-5628	109	25	the	the	DET
easat-5628	109	26	inverse	inverse	NOUN
easat-5628	109	27	(	(	PUNCT
easat-5628	109	28	“	"	PUNCT
easat-5628	109	29	non	non	ADJ
easat-5628	109	30	-	-	ADJ
easat-5628	109	31	carbon	carbon	ADJ
easat-5628	109	32	premium	premium	NOUN
easat-5628	109	33	”	"	PUNCT
easat-5628	109	34	)	)	PUNCT
easat-5628	109	35	,	,	PUNCT
easat-5628	109	36	with	with	ADP
easat-5628	109	37	green	green	ADJ
easat-5628	109	38	stocks	stock	NOUN
easat-5628	109	39	producing	produce	VERB
easat-5628	109	40	higher	high	ADJ
easat-5628	109	41	returns	return	NOUN
easat-5628	109	42	than	than	ADP
easat-5628	109	43	brown	brown	ADJ
easat-5628	109	44	stocks	stock	NOUN
easat-5628	109	45	.	.	PUNCT
easat-5628	110	1	therefore	therefore	ADV
easat-5628	110	2	,	,	PUNCT
easat-5628	110	3	we	we	PRON
easat-5628	110	4	can	can	AUX
easat-5628	110	5	not	not	PART
easat-5628	110	6	determine	determine	VERB
easat-5628	110	7	which	which	DET
easat-5628	110	8	effects	effect	NOUN
easat-5628	110	9	affect	affect	VERB
easat-5628	110	10	the	the	DET
easat-5628	110	11	stock	stock	NOUN
easat-5628	110	12	market	market	NOUN
easat-5628	110	13	unless	unless	SCONJ
easat-5628	110	14	we	we	PRON
easat-5628	110	15	conduct	conduct	VERB
easat-5628	110	16	a	a	DET
easat-5628	110	17	comprehensive	comprehensive	ADJ
easat-5628	110	18	analysis	analysis	NOUN
easat-5628	110	19	of	of	ADP
easat-5628	110	20	the	the	DET
easat-5628	110	21	korean	korean	ADJ
easat-5628	110	22	market	market	NOUN
easat-5628	110	23	.	.	PUNCT
easat-5628	111	1	this	this	DET
easat-5628	111	2	study	study	NOUN
easat-5628	111	3	aimed	aim	VERB
easat-5628	111	4	to	to	PART
easat-5628	111	5	address	address	VERB
easat-5628	111	6	this	this	DET
easat-5628	111	7	research	research	NOUN
easat-5628	111	8	gap	gap	NOUN
easat-5628	111	9	using	use	VERB
easat-5628	111	10	a	a	DET
easat-5628	111	11	dataset	dataset	NOUN
easat-5628	111	12	of	of	ADP
easat-5628	111	13	south	south	ADJ
easat-5628	111	14	korean	korean	ADJ
easat-5628	111	15	stocks	stock	NOUN
easat-5628	111	16	from	from	ADP
easat-5628	111	17	exclusive	exclusive	ADJ
easat-5628	111	18	industrial	industrial	ADJ
easat-5628	111	19	sectors	sector	NOUN
easat-5628	111	20	over	over	ADP
easat-5628	111	21	a	a	DET
easat-5628	111	22	long	long	ADJ
easat-5628	111	23	period	period	NOUN
easat-5628	111	24	.	.	PUNCT
easat-5628	112	1	furthermore	furthermore	ADV
easat-5628	112	2	,	,	PUNCT
easat-5628	112	3	compared	compare	VERB
easat-5628	112	4	to	to	ADP
easat-5628	112	5	the	the	DET
easat-5628	112	6	literature	literature	NOUN
easat-5628	112	7	,	,	PUNCT
easat-5628	112	8	we	we	PRON
easat-5628	112	9	adopted	adopt	VERB
easat-5628	112	10	a	a	DET
easat-5628	112	11	different	different	ADJ
easat-5628	112	12	approach	approach	NOUN
easat-5628	112	13	known	know	VERB
easat-5628	112	14	as	as	ADP
easat-5628	112	15	a	a	DET
easat-5628	112	16	synthetic	synthetic	ADJ
easat-5628	112	17	control	control	NOUN
easat-5628	112	18	method	method	NOUN
easat-5628	112	19	that	that	PRON
easat-5628	112	20	can	can	AUX
easat-5628	112	21	produce	produce	VERB
easat-5628	112	22	intuitive	intuitive	ADJ
easat-5628	112	23	and	and	CCONJ
easat-5628	112	24	comprehensive	comprehensive	ADJ
easat-5628	112	25	results	result	NOUN
easat-5628	112	26	.	.	PUNCT
easat-5628	113	1	3	3	X
easat-5628	113	2	.	.	X
easat-5628	113	3	emissions	emission	NOUN
easat-5628	113	4	trading	trading	NOUN
easat-5628	113	5	in	in	ADP
easat-5628	113	6	south	south	PROPN
easat-5628	113	7	korea	korea	PROPN
easat-5628	113	8	the	the	DET
easat-5628	113	9	korean	korean	ADJ
easat-5628	113	10	emissions	emission	NOUN
easat-5628	113	11	trading	trading	NOUN
easat-5628	113	12	scheme	scheme	NOUN
easat-5628	113	13	(	(	PUNCT
easat-5628	113	14	k	k	NOUN
easat-5628	113	15	-	-	PUNCT
easat-5628	113	16	ets	et	NOUN
easat-5628	113	17	)	)	PUNCT
easat-5628	113	18	is	be	AUX
easat-5628	113	19	the	the	DET
easat-5628	113	20	primary	primary	ADJ
easat-5628	113	21	policy	policy	NOUN
easat-5628	113	22	measure	measure	NOUN
easat-5628	113	23	for	for	ADP
easat-5628	113	24	reducing	reduce	VERB
easat-5628	113	25	ghg	ghg	PROPN
easat-5628	113	26	emissions	emission	NOUN
easat-5628	113	27	in	in	ADP
easat-5628	113	28	south	south	PROPN
easat-5628	113	29	korea	korea	PROPN
easat-5628	113	30	.	.	PUNCT
easat-5628	114	1	on	on	ADP
easat-5628	114	2	august	august	PROPN
easat-5628	114	3	15	15	NUM
easat-5628	114	4	,	,	PUNCT
easat-5628	114	5	2008	2008	NUM
easat-5628	114	6	,	,	PUNCT
easat-5628	114	7	the	the	DET
easat-5628	114	8	korean	korean	ADJ
easat-5628	114	9	government	government	NOUN
easat-5628	114	10	declared	declare	VERB
easat-5628	114	11	that	that	SCONJ
easat-5628	114	12	two	two	NUM
easat-5628	114	13	keywords	keyword	NOUN
easat-5628	114	14	,	,	PUNCT
easat-5628	114	15	“	"	PUNCT
easat-5628	114	16	low	low	ADJ
easat-5628	114	17	-	-	PUNCT
easat-5628	114	18	carbon	carbon	NOUN
easat-5628	114	19	”	"	PUNCT
easat-5628	114	20	and	and	CCONJ
easat-5628	114	21	“	"	PUNCT
easat-5628	114	22	green	green	ADJ
easat-5628	114	23	growth	growth	NOUN
easat-5628	114	24	,	,	PUNCT
easat-5628	114	25	”	"	PUNCT
easat-5628	114	26	would	would	AUX
easat-5628	114	27	be	be	AUX
easat-5628	114	28	the	the	DET
easat-5628	114	29	new	new	ADJ
easat-5628	114	30	national	national	ADJ
easat-5628	114	31	vision	vision	NOUN
easat-5628	114	32	for	for	ADP
easat-5628	114	33	the	the	DET
easat-5628	114	34	next	next	ADJ
easat-5628	114	35	60	60	NUM
easat-5628	114	36	years	year	NOUN
easat-5628	114	37	.	.	PUNCT
easat-5628	115	1	considering	consider	VERB
easat-5628	115	2	this	this	DET
easat-5628	115	3	pronouncement	pronouncement	NOUN
easat-5628	115	4	,	,	PUNCT
easat-5628	115	5	the	the	DET
easat-5628	115	6	korean	korean	ADJ
easat-5628	115	7	government	government	NOUN
easat-5628	115	8	drafted	draft	VERB
easat-5628	115	9	laws	law	NOUN
easat-5628	115	10	to	to	PART
easat-5628	115	11	enhance	enhance	VERB
easat-5628	115	12	its	its	PRON
easat-5628	115	13	implementation	implementation	NOUN
easat-5628	115	14	.	.	PUNCT
easat-5628	116	1	the	the	DET
easat-5628	116	2	basic	basic	ADJ
easat-5628	116	3	act	act	NOUN
easat-5628	116	4	on	on	ADP
easat-5628	116	5	low	low	ADJ
easat-5628	116	6	-	-	PUNCT
easat-5628	116	7	carbon	carbon	NOUN
easat-5628	116	8	green	green	ADJ
easat-5628	116	9	growth	growth	NOUN
easat-5628	116	10	was	be	AUX
easat-5628	116	11	enacted	enact	VERB
easat-5628	116	12	in	in	ADP
easat-5628	116	13	january	january	PROPN
easat-5628	116	14	2010	2010	NUM
easat-5628	116	15	.	.	PUNCT
easat-5628	117	1	on	on	ADP
easat-5628	117	2	march	march	PROPN
easat-5628	117	3	31	31	NUM
easat-5628	117	4	,	,	PUNCT
easat-5628	117	5	2011	2011	NUM
easat-5628	117	6	,	,	PUNCT
easat-5628	117	7	the	the	DET
easat-5628	117	8	ministry	ministry	PROPN
easat-5628	117	9	of	of	ADP
easat-5628	117	10	government	government	NOUN
easat-5628	117	11	legislation	legislation	NOUN
easat-5628	117	12	(	(	PUNCT
easat-5628	117	13	moleg	moleg	NOUN
easat-5628	117	14	)	)	PUNCT
easat-5628	117	15	established	establish	VERB
easat-5628	117	16	and	and	CCONJ
easat-5628	117	17	finalized	finalize	VERB
easat-5628	117	18	a	a	DET
easat-5628	117	19	legislative	legislative	ADJ
easat-5628	117	20	plan	plan	NOUN
easat-5628	117	21	known	know	VERB
easat-5628	117	22	as	as	ADP
easat-5628	117	23	the	the	DET
easat-5628	117	24	“	"	PUNCT
easat-5628	117	25	2011	2011	NUM
easat-5628	117	26	laws	law	NOUN
easat-5628	117	27	on	on	ADP
easat-5628	117	28	green	green	ADJ
easat-5628	117	29	growth	growth	NOUN
easat-5628	117	30	in	in	ADP
easat-5628	117	31	korea2	korea2	PROPN
easat-5628	117	32	.	.	PUNCT
easat-5628	117	33	”	"	PUNCT
easat-5628	118	1	this	this	DET
easat-5628	118	2	legislative	legislative	ADJ
easat-5628	118	3	plan	plan	NOUN
easat-5628	118	4	contains	contain	VERB
easat-5628	118	5	the	the	DET
easat-5628	118	6	“	"	PUNCT
easat-5628	118	7	act	act	NOUN
easat-5628	118	8	on	on	ADP
easat-5628	118	9	the	the	DET
easat-5628	118	10	allocation	allocation	NOUN
easat-5628	118	11	and	and	CCONJ
easat-5628	118	12	trading	trading	NOUN
easat-5628	118	13	of	of	ADP
easat-5628	118	14	greenhouse	greenhouse	NOUN
easat-5628	118	15	-	-	PUNCT
easat-5628	118	16	gas	gas	NOUN
easat-5628	118	17	emission	emission	NOUN
easat-5628	118	18	permits	permit	NOUN
easat-5628	118	19	,	,	PUNCT
easat-5628	118	20	”	"	PUNCT
easat-5628	118	21	approved	approve	VERB
easat-5628	118	22	by	by	ADP
easat-5628	118	23	the	the	DET
easat-5628	118	24	national	national	PROPN
easat-5628	118	25	assembly	assembly	PROPN
easat-5628	118	26	and	and	CCONJ
easat-5628	118	27	promulgated	promulgate	VERB
easat-5628	118	28	on	on	ADP
easat-5628	118	29	the	the	DET
easat-5628	118	30	may	may	NOUN
easat-5628	118	31	,	,	PUNCT
easat-5628	118	32	14	14	NUM
easat-5628	118	33	,	,	PUNCT
easat-5628	118	34	2011	2011	NUM
easat-5628	118	35	[	[	X
easat-5628	118	36	18	18	NUM
easat-5628	118	37	]	]	PUNCT
easat-5628	118	38	.	.	PUNCT
easat-5628	119	1	in	in	ADP
easat-5628	119	2	2015	2015	NUM
easat-5628	119	3	,	,	PUNCT
easat-5628	119	4	the	the	DET
easat-5628	119	5	korean	korean	ADJ
easat-5628	119	6	government	government	NOUN
easat-5628	119	7	launched	launch	VERB
easat-5628	119	8	the	the	DET
easat-5628	119	9	ets	et	NOUN
easat-5628	119	10	,	,	PUNCT
easat-5628	119	11	the	the	DET
easat-5628	119	12	first	first	ADJ
easat-5628	119	13	mandatory	mandatory	ADJ
easat-5628	119	14	nationwide	nationwide	ADJ
easat-5628	119	15	carbon	carbon	NOUN
easat-5628	119	16	market	market	NOUN
easat-5628	119	17	in	in	ADP
easat-5628	119	18	asia	asia	PROPN
easat-5628	119	19	.	.	PUNCT
easat-5628	120	1	the	the	DET
easat-5628	120	2	principal	principal	ADJ
easat-5628	120	3	features	feature	NOUN
easat-5628	120	4	and	and	CCONJ
easat-5628	120	5	components	component	NOUN
easat-5628	120	6	are	be	AUX
easat-5628	120	7	as	as	SCONJ
easat-5628	120	8	follows	follow	VERB
easat-5628	120	9	:	:	PUNCT
easat-5628	120	10	first	first	ADV
easat-5628	120	11	,	,	PUNCT
easat-5628	120	12	the	the	DET
easat-5628	120	13	k	k	NOUN
easat-5628	120	14	-	-	PUNCT
easat-5628	120	15	ets	et	NOUN
easat-5628	120	16	was	be	AUX
easat-5628	120	17	implemented	implement	VERB
easat-5628	120	18	in	in	ADP
easat-5628	120	19	several	several	ADJ
easat-5628	120	20	phases	phase	NOUN
easat-5628	120	21	.	.	PUNCT
easat-5628	121	1	coverage	coverage	NOUN
easat-5628	121	2	increased	increase	VERB
easat-5628	121	3	in	in	ADP
easat-5628	121	4	these	these	DET
easat-5628	121	5	phases	phase	NOUN
easat-5628	121	6	.	.	PUNCT
easat-5628	122	1	the	the	DET
easat-5628	122	2	first	first	ADJ
easat-5628	122	3	phase	phase	NOUN
easat-5628	122	4	,	,	PUNCT
easat-5628	122	5	the	the	DET
easat-5628	122	6	pilot	pilot	NOUN
easat-5628	122	7	period	period	NOUN
easat-5628	122	8	,	,	PUNCT
easat-5628	122	9	was	be	AUX
easat-5628	122	10	conducted	conduct	VERB
easat-5628	122	11	between	between	ADP
easat-5628	122	12	2015	2015	NUM
easat-5628	122	13	and	and	CCONJ
easat-5628	122	14	2017	2017	NUM
easat-5628	122	15	.	.	PUNCT
easat-5628	123	1	a	a	DET
easat-5628	123	2	total	total	NOUN
easat-5628	123	3	of	of	ADP
easat-5628	123	4	525	525	NUM
easat-5628	123	5	entities	entity	NOUN
easat-5628	123	6	are	be	AUX
easat-5628	123	7	under	under	ADP
easat-5628	123	8	the	the	DET
easat-5628	123	9	k	k	NOUN
easat-5628	123	10	-	-	PUNCT
easat-5628	123	11	ets	et	NOUN
easat-5628	123	12	,	,	PUNCT
easat-5628	123	13	and	and	CCONJ
easat-5628	123	14	the	the	DET
easat-5628	123	15	aggregated	aggregate	VERB
easat-5628	123	16	emissions	emission	NOUN
easat-5628	123	17	of	of	ADP
easat-5628	123	18	these	these	DET
easat-5628	123	19	companies	company	NOUN
easat-5628	123	20	account	account	VERB
easat-5628	123	21	for	for	ADP
easat-5628	123	22	66	66	NUM
easat-5628	123	23	%	%	NOUN
easat-5628	123	24	of	of	ADP
easat-5628	123	25	the	the	DET
easat-5628	123	26	national	national	PROPN
easat-5628	123	27	ghg	ghg	PROPN
easat-5628	123	28	emissions	emission	NOUN
easat-5628	123	29	.	.	PUNCT
easat-5628	124	1	subsequently	subsequently	ADV
easat-5628	124	2	,	,	PUNCT
easat-5628	124	3	the	the	DET
easat-5628	124	4	second	second	ADJ
easat-5628	124	5	(	(	PUNCT
easat-5628	124	6	2018	2018	NUM
easat-5628	124	7	to	to	ADP
easat-5628	124	8	2020	2020	NUM
easat-5628	124	9	)	)	PUNCT
easat-5628	124	10	and	and	CCONJ
easat-5628	124	11	third	third	ADJ
easat-5628	124	12	(	(	PUNCT
easat-5628	124	13	2021	2021	NUM
easat-5628	124	14	to	to	ADP
easat-5628	124	15	2025	2025	NUM
easat-5628	124	16	)	)	PUNCT
easat-5628	124	17	phases	phase	NOUN
easat-5628	124	18	followed	follow	VERB
easat-5628	124	19	.	.	PUNCT
easat-5628	125	1	in	in	ADP
easat-5628	125	2	phase	phase	NOUN
easat-5628	125	3	2	2	NUM
easat-5628	125	4	,	,	PUNCT
easat-5628	125	5	591	591	NUM
easat-5628	125	6	entities	entity	NOUN
easat-5628	125	7	were	be	AUX
easat-5628	125	8	under	under	ADP
easat-5628	125	9	regulation	regulation	NOUN
easat-5628	125	10	,	,	PUNCT
easat-5628	125	11	and	and	CCONJ
easat-5628	125	12	the	the	DET
easat-5628	125	13	share	share	NOUN
easat-5628	125	14	of	of	ADP
easat-5628	125	15	2this	2this	NUM
easat-5628	125	16	plan	plan	NOUN
easat-5628	125	17	includes	include	VERB
easat-5628	125	18	more	more	ADV
easat-5628	125	19	diverse	diverse	ADJ
easat-5628	125	20	green	green	ADJ
easat-5628	125	21	growth	growth	NOUN
easat-5628	125	22	policy	policy	NOUN
easat-5628	125	23	measures	measure	NOUN
easat-5628	125	24	in	in	ADP
easat-5628	125	25	various	various	ADJ
easat-5628	125	26	sectors	sector	NOUN
easat-5628	125	27	,	,	PUNCT
easat-5628	125	28	such	such	ADJ
easat-5628	125	29	as	as	ADP
easat-5628	125	30	energy	energy	NOUN
easat-5628	125	31	,	,	PUNCT
easat-5628	125	32	transportation	transportation	NOUN
easat-5628	125	33	,	,	PUNCT
easat-5628	125	34	construction	construction	NOUN
easat-5628	125	35	,	,	PUNCT
easat-5628	125	36	agriculture	agriculture	NOUN
easat-5628	125	37	,	,	PUNCT
easat-5628	125	38	and	and	CCONJ
easat-5628	125	39	waste	waste	NOUN
easat-5628	125	40	.	.	PUNCT
easat-5628	126	1	however	however	ADV
easat-5628	126	2	,	,	PUNCT
easat-5628	126	3	we	we	PRON
easat-5628	126	4	discussed	discuss	VERB
easat-5628	126	5	the	the	DET
easat-5628	126	6	emissions	emission	NOUN
easat-5628	126	7	trading	trading	NOUN
easat-5628	126	8	system	system	NOUN
easat-5628	126	9	in	in	ADP
easat-5628	126	10	this	this	DET
easat-5628	126	11	study	study	NOUN
easat-5628	126	12	.	.	PUNCT
easat-5628	127	1	1580	1580	NUM
easat-5628	127	2	edelweiss	edelweiss	PROPN
easat-5628	127	3	applied	apply	VERB
easat-5628	127	4	science	science	NOUN
easat-5628	127	5	and	and	CCONJ
easat-5628	127	6	technology	technology	NOUN
easat-5628	127	7	issn	issn	PROPN
easat-5628	127	8	:	:	PUNCT
easat-5628	127	9	2576	2576	NUM
easat-5628	127	10	-	-	SYM
easat-5628	127	11	8484	8484	NUM
easat-5628	127	12	vol	vol	NOUN
easat-5628	127	13	.	.	PROPN
easat-5628	128	1	9	9	NUM
easat-5628	128	2	,	,	PUNCT
easat-5628	128	3	no	no	INTJ
easat-5628	128	4	.	.	NOUN
easat-5628	129	1	3	3	NUM
easat-5628	129	2	:	:	PUNCT
easat-5628	129	3	1577	1577	NUM
easat-5628	129	4	-	-	SYM
easat-5628	129	5	1592	1592	NUM
easat-5628	129	6	,	,	PUNCT
easat-5628	129	7	2025	2025	NUM
easat-5628	129	8	doi	doi	NOUN
easat-5628	129	9	:	:	PUNCT
easat-5628	129	10	10.55214/25768484.v9i3.5628	10.55214/25768484.v9i3.5628	NUM
easat-5628	129	11	©	©	PROPN
easat-5628	129	12	2025	2025	NUM
easat-5628	129	13	by	by	ADP
easat-5628	129	14	the	the	DET
easat-5628	129	15	author	author	NOUN
easat-5628	129	16	;	;	PUNCT
easat-5628	129	17	licensee	licensee	PROPN
easat-5628	129	18	learning	learning	NOUN
easat-5628	129	19	gate	gate	VERB
easat-5628	129	20	their	their	PRON
easat-5628	129	21	aggregated	aggregate	VERB
easat-5628	129	22	emissions	emission	NOUN
easat-5628	129	23	accounted	account	VERB
easat-5628	129	24	for	for	ADP
easat-5628	129	25	70.2	70.2	NUM
easat-5628	129	26	%	%	NOUN
easat-5628	129	27	of	of	ADP
easat-5628	129	28	the	the	DET
easat-5628	129	29	national	national	ADJ
easat-5628	129	30	emissions	emission	NOUN
easat-5628	129	31	.	.	PUNCT
easat-5628	130	1	from	from	ADP
easat-5628	130	2	2021	2021	NUM
easat-5628	130	3	,	,	PUNCT
easat-5628	130	4	93	93	NUM
easat-5628	130	5	more	more	ADJ
easat-5628	130	6	entities	entity	NOUN
easat-5628	130	7	were	be	AUX
easat-5628	130	8	expected	expect	VERB
easat-5628	130	9	,	,	PUNCT
easat-5628	130	10	for	for	ADP
easat-5628	130	11	a	a	DET
easat-5628	130	12	total	total	NOUN
easat-5628	130	13	of	of	ADP
easat-5628	130	14	684	684	NUM
easat-5628	130	15	entities	entity	NOUN
easat-5628	130	16	,	,	PUNCT
easat-5628	130	17	and	and	CCONJ
easat-5628	130	18	their	their	PRON
easat-5628	130	19	aggregated	aggregate	VERB
easat-5628	130	20	emissions	emission	NOUN
easat-5628	130	21	level	level	NOUN
easat-5628	130	22	was	be	AUX
easat-5628	130	23	73.5	73.5	NUM
easat-5628	130	24	%	%	NOUN
easat-5628	130	25	of	of	ADP
easat-5628	130	26	the	the	DET
easat-5628	130	27	national	national	ADJ
easat-5628	130	28	emissions	emission	NOUN
easat-5628	130	29	.	.	PUNCT
easat-5628	131	1	heavy	heavy	ADJ
easat-5628	131	2	ghg	ghg	PROPN
easat-5628	131	3	-	-	PUNCT
easat-5628	131	4	emitting	emit	VERB
easat-5628	131	5	industries	industry	NOUN
easat-5628	131	6	,	,	PUNCT
easat-5628	131	7	such	such	ADJ
easat-5628	131	8	as	as	ADP
easat-5628	131	9	electricity	electricity	NOUN
easat-5628	131	10	generation	generation	NOUN
easat-5628	131	11	,	,	PUNCT
easat-5628	131	12	cement	cement	NOUN
easat-5628	131	13	production	production	NOUN
easat-5628	131	14	,	,	PUNCT
easat-5628	131	15	steel	steel	NOUN
easat-5628	131	16	manufacturing	manufacturing	NOUN
easat-5628	131	17	,	,	PUNCT
easat-5628	131	18	oil	oil	NOUN
easat-5628	131	19	refining	refining	NOUN
easat-5628	131	20	,	,	PUNCT
easat-5628	131	21	and	and	CCONJ
easat-5628	131	22	petrochemicals	petrochemical	NOUN
easat-5628	131	23	,	,	PUNCT
easat-5628	131	24	are	be	AUX
easat-5628	131	25	subject	subject	ADJ
easat-5628	131	26	to	to	ADP
easat-5628	131	27	regulations	regulation	NOUN
easat-5628	131	28	.	.	PUNCT
easat-5628	132	1	specifically	specifically	ADV
easat-5628	132	2	,	,	PUNCT
easat-5628	132	3	companies	company	NOUN
easat-5628	132	4	that	that	PRON
easat-5628	132	5	emit	emit	VERB
easat-5628	132	6	more	more	ADJ
easat-5628	132	7	than	than	ADP
easat-5628	132	8	125,000	125,000	NUM
easat-5628	132	9	co2	co2	NOUN
easat-5628	132	10	tons	ton	NOUN
easat-5628	132	11	annually	annually	ADV
easat-5628	132	12	are	be	AUX
easat-5628	132	13	regulated	regulate	VERB
easat-5628	132	14	.	.	PUNCT
easat-5628	133	1	some	some	DET
easat-5628	133	2	sectors	sector	NOUN
easat-5628	133	3	,	,	PUNCT
easat-5628	133	4	such	such	ADJ
easat-5628	133	5	as	as	ADP
easat-5628	133	6	agriculture	agriculture	NOUN
easat-5628	133	7	and	and	CCONJ
easat-5628	133	8	small	small	ADJ
easat-5628	133	9	emitters	emitter	NOUN
easat-5628	133	10	,	,	PUNCT
easat-5628	133	11	are	be	AUX
easat-5628	133	12	exempt	exempt	ADJ
easat-5628	133	13	from	from	ADP
easat-5628	133	14	the	the	DET
easat-5628	133	15	system	system	NOUN
easat-5628	133	16	because	because	SCONJ
easat-5628	133	17	of	of	ADP
easat-5628	133	18	challenges	challenge	NOUN
easat-5628	133	19	in	in	ADP
easat-5628	133	20	monitoring	monitor	VERB
easat-5628	133	21	emissions	emission	NOUN
easat-5628	133	22	.	.	PUNCT
easat-5628	134	1	the	the	DET
easat-5628	134	2	cap	cap	NOUN
easat-5628	134	3	of	of	ADP
easat-5628	134	4	the	the	DET
easat-5628	134	5	kets	ket	NOUN
easat-5628	134	6	is	be	AUX
easat-5628	134	7	expected	expect	VERB
easat-5628	134	8	to	to	PART
easat-5628	134	9	be	be	AUX
easat-5628	134	10	stricter	strict	ADJ
easat-5628	134	11	in	in	ADP
easat-5628	134	12	future	future	ADJ
easat-5628	134	13	phases	phase	NOUN
easat-5628	134	14	to	to	PART
easat-5628	134	15	achieve	achieve	VERB
easat-5628	134	16	carbon	carbon	NOUN
easat-5628	134	17	neutrality	neutrality	NOUN
easat-5628	134	18	by	by	ADP
easat-5628	134	19	2050	2050	NUM
easat-5628	134	20	.	.	PUNCT
easat-5628	135	1	discussions	discussion	NOUN
easat-5628	135	2	are	be	AUX
easat-5628	135	3	underway	underway	ADJ
easat-5628	135	4	to	to	PART
easat-5628	135	5	broaden	broaden	VERB
easat-5628	135	6	the	the	DET
easat-5628	135	7	scope	scope	NOUN
easat-5628	135	8	of	of	ADP
easat-5628	135	9	the	the	DET
easat-5628	135	10	scheme	scheme	NOUN
easat-5628	135	11	to	to	PART
easat-5628	135	12	include	include	VERB
easat-5628	135	13	more	more	ADJ
easat-5628	135	14	industries	industry	NOUN
easat-5628	135	15	,	,	PUNCT
easat-5628	135	16	such	such	ADJ
easat-5628	135	17	as	as	ADP
easat-5628	135	18	construction	construction	NOUN
easat-5628	135	19	.	.	PUNCT
easat-5628	136	1	the	the	DET
easat-5628	136	2	k	k	NOUN
easat-5628	136	3	-	-	PUNCT
easat-5628	136	4	ets	et	NOUN
easat-5628	136	5	allows	allow	VERB
easat-5628	136	6	flexibility	flexibility	NOUN
easat-5628	136	7	mechanisms	mechanism	NOUN
easat-5628	136	8	such	such	ADJ
easat-5628	136	9	as	as	ADP
easat-5628	136	10	offsets	offset	NOUN
easat-5628	136	11	,	,	PUNCT
easat-5628	136	12	banking	banking	NOUN
easat-5628	136	13	,	,	PUNCT
easat-5628	136	14	and	and	CCONJ
easat-5628	136	15	borrowing	borrowing	NOUN
easat-5628	136	16	.	.	PUNCT
easat-5628	137	1	carbon	carbon	NOUN
easat-5628	137	2	emitters	emitter	NOUN
easat-5628	137	3	can	can	AUX
easat-5628	137	4	use	use	VERB
easat-5628	137	5	offset	offset	NOUN
easat-5628	137	6	credits	credit	NOUN
easat-5628	137	7	,	,	PUNCT
easat-5628	137	8	such	such	ADJ
easat-5628	137	9	as	as	ADP
easat-5628	137	10	,	,	PUNCT
easat-5628	137	11	korean	korean	ADJ
easat-5628	137	12	offset	offset	NOUN
easat-5628	137	13	credits	credit	NOUN
easat-5628	137	14	(	(	PUNCT
easat-5628	137	15	kocs	kocs	PROPN
easat-5628	137	16	)	)	PUNCT
easat-5628	137	17	,	,	PUNCT
easat-5628	137	18	since	since	SCONJ
easat-5628	137	19	phase	phase	NOUN
easat-5628	137	20	1	1	NUM
easat-5628	137	21	.	.	PUNCT
easat-5628	137	22	international	international	ADJ
easat-5628	137	23	credits	credit	NOUN
easat-5628	137	24	,	,	PUNCT
easat-5628	137	25	such	such	ADJ
easat-5628	137	26	as	as	ADP
easat-5628	137	27	certified	certify	VERB
easat-5628	137	28	emission	emission	NOUN
easat-5628	137	29	reduction	reduction	NOUN
easat-5628	137	30	(	(	PUNCT
easat-5628	137	31	cers	cer	NOUN
easat-5628	137	32	)	)	PUNCT
easat-5628	137	33	from	from	ADP
easat-5628	137	34	the	the	DET
easat-5628	137	35	clean	clean	ADJ
easat-5628	137	36	development	development	NOUN
easat-5628	137	37	mechanism	mechanism	NOUN
easat-5628	137	38	were	be	AUX
easat-5628	137	39	available	available	ADJ
easat-5628	137	40	for	for	ADP
easat-5628	137	41	compliance	compliance	NOUN
easat-5628	137	42	from	from	ADP
easat-5628	137	43	phase	phase	NOUN
easat-5628	137	44	2	2	NUM
easat-5628	137	45	.	.	PUNCT
easat-5628	138	1	companies	company	NOUN
easat-5628	138	2	may	may	AUX
easat-5628	138	3	“	"	PUNCT
easat-5628	138	4	bank	bank	VERB
easat-5628	138	5	”	"	PUNCT
easat-5628	138	6	unused	unused	ADJ
easat-5628	138	7	allowances	allowance	NOUN
easat-5628	138	8	for	for	ADP
easat-5628	138	9	future	future	ADJ
easat-5628	138	10	application	application	NOUN
easat-5628	138	11	.	.	PUNCT
easat-5628	139	1	in	in	ADP
easat-5628	139	2	addition	addition	NOUN
easat-5628	139	3	,	,	PUNCT
easat-5628	139	4	they	they	PRON
easat-5628	139	5	borrowed	borrow	VERB
easat-5628	139	6	insufficient	insufficient	ADJ
easat-5628	139	7	allowances	allowance	NOUN
easat-5628	139	8	within	within	ADP
easat-5628	139	9	a	a	DET
easat-5628	139	10	single	single	ADJ
easat-5628	139	11	trading	trading	NOUN
easat-5628	139	12	phase	phase	NOUN
easat-5628	139	13	.	.	PUNCT
easat-5628	140	1	however	however	ADV
easat-5628	140	2	,	,	PUNCT
easat-5628	140	3	banking	banking	NOUN
easat-5628	140	4	has	have	VERB
easat-5628	140	5	some	some	DET
easat-5628	140	6	adverse	adverse	ADJ
easat-5628	140	7	effects	effect	NOUN
easat-5628	140	8	.	.	PUNCT
easat-5628	141	1	participants	participant	NOUN
easat-5628	141	2	often	often	ADV
easat-5628	141	3	retained	retain	VERB
easat-5628	141	4	their	their	PRON
easat-5628	141	5	allowances	allowance	NOUN
easat-5628	141	6	as	as	ADP
easat-5628	141	7	a	a	DET
easat-5628	141	8	risk	risk	NOUN
easat-5628	141	9	mitigation	mitigation	NOUN
easat-5628	141	10	strategy	strategy	NOUN
easat-5628	141	11	.	.	PUNCT
easat-5628	142	1	this	this	PRON
easat-5628	142	2	caused	cause	VERB
easat-5628	142	3	less	less	ADJ
easat-5628	142	4	trading	trading	NOUN
easat-5628	142	5	activity	activity	NOUN
easat-5628	142	6	,	,	PUNCT
easat-5628	142	7	ultimately	ultimately	ADV
easat-5628	142	8	causing	cause	VERB
easat-5628	142	9	low	low	ADJ
easat-5628	142	10	market	market	NOUN
easat-5628	142	11	liquidity	liquidity	NOUN
easat-5628	142	12	.	.	PUNCT
easat-5628	143	1	discussions	discussion	NOUN
easat-5628	143	2	on	on	ADP
easat-5628	143	3	banking	banking	NOUN
easat-5628	143	4	restrictions	restriction	NOUN
easat-5628	143	5	began	begin	VERB
easat-5628	143	6	in	in	ADP
easat-5628	143	7	2017	2017	NUM
easat-5628	143	8	to	to	PART
easat-5628	143	9	mitigate	mitigate	VERB
easat-5628	143	10	the	the	DET
easat-5628	143	11	adverse	adverse	ADJ
easat-5628	143	12	consequences	consequence	NOUN
easat-5628	143	13	and	and	CCONJ
easat-5628	143	14	stabilize	stabilize	VERB
easat-5628	143	15	the	the	DET
easat-5628	143	16	market	market	NOUN
easat-5628	143	17	.	.	PUNCT
easat-5628	144	1	in	in	ADP
easat-5628	144	2	june	june	PROPN
easat-5628	144	3	2018	2018	NUM
easat-5628	144	4	and	and	CCONJ
easat-5628	144	5	june	june	PROPN
easat-5628	144	6	2019	2019	NUM
easat-5628	144	7	,	,	PUNCT
easat-5628	144	8	the	the	DET
easat-5628	144	9	market	market	NOUN
easat-5628	144	10	adopted	adopt	VERB
easat-5628	144	11	a	a	DET
easat-5628	144	12	stricter	strict	ADJ
easat-5628	144	13	approach	approach	NOUN
easat-5628	144	14	,	,	PUNCT
easat-5628	144	15	restricting	restrict	VERB
easat-5628	144	16	the	the	DET
easat-5628	144	17	permissible	permissible	ADJ
easat-5628	144	18	banking	banking	NOUN
easat-5628	144	19	quantities	quantity	NOUN
easat-5628	144	20	depending	depend	VERB
easat-5628	144	21	on	on	ADP
easat-5628	144	22	the	the	DET
easat-5628	144	23	volume	volume	NOUN
easat-5628	144	24	of	of	ADP
easat-5628	144	25	allowances	allowance	NOUN
easat-5628	144	26	traded	trade	VERB
easat-5628	144	27	[	[	X
easat-5628	144	28	19	19	NUM
easat-5628	144	29	]	]	PUNCT
easat-5628	144	30	.	.	PUNCT
easat-5628	145	1	this	this	DET
easat-5628	145	2	restriction	restriction	NOUN
easat-5628	145	3	affected	affect	VERB
easat-5628	145	4	prices	price	NOUN
easat-5628	145	5	in	in	ADP
easat-5628	145	6	the	the	DET
easat-5628	145	7	k	k	NOUN
easat-5628	145	8	-	-	PUNCT
easat-5628	145	9	ets	et	NOUN
easat-5628	145	10	.	.	PUNCT
easat-5628	146	1	in	in	ADP
easat-5628	146	2	late	late	ADJ
easat-5628	146	3	2019	2019	NUM
easat-5628	146	4	and	and	CCONJ
easat-5628	146	5	early	early	ADJ
easat-5628	146	6	2020	2020	NUM
easat-5628	146	7	,	,	PUNCT
easat-5628	146	8	the	the	DET
easat-5628	146	9	price	price	NOUN
easat-5628	146	10	of	of	ADP
easat-5628	146	11	the	the	DET
easat-5628	146	12	korean	korean	ADJ
easat-5628	146	13	allowance	allowance	NOUN
easat-5628	146	14	unit	unit	NOUN
easat-5628	146	15	(	(	PUNCT
easat-5628	146	16	kau	kau	PROPN
easat-5628	146	17	)	)	PUNCT
easat-5628	146	18	exceeded	exceed	VERB
easat-5628	146	19	that	that	PRON
easat-5628	146	20	of	of	ADP
easat-5628	146	21	european	european	PROPN
easat-5628	146	22	union	union	PROPN
easat-5628	146	23	allowances	allowance	NOUN
easat-5628	146	24	(	(	PUNCT
easat-5628	146	25	eua	eua	PROPN
easat-5628	146	26	)	)	PUNCT
easat-5628	146	27	.	.	PUNCT
easat-5628	147	1	south	south	PROPN
easat-5628	147	2	korea	korea	PROPN
easat-5628	147	3	and	and	CCONJ
easat-5628	147	4	the	the	DET
easat-5628	147	5	european	european	PROPN
easat-5628	147	6	union	union	PROPN
easat-5628	147	7	(	(	PUNCT
easat-5628	147	8	eu	eu	PROPN
easat-5628	147	9	)	)	PUNCT
easat-5628	147	10	aspire	aspire	NOUN
easat-5628	147	11	to	to	PART
easat-5628	147	12	achieve	achieve	VERB
easat-5628	147	13	carbon	carbon	NOUN
easat-5628	147	14	neutrality	neutrality	NOUN
easat-5628	147	15	by	by	ADP
easat-5628	147	16	2050	2050	NUM
easat-5628	147	17	.	.	PUNCT
easat-5628	148	1	consequently	consequently	ADV
easat-5628	148	2	,	,	PUNCT
easat-5628	148	3	they	they	PRON
easat-5628	148	4	significantly	significantly	ADV
easat-5628	148	5	elevated	elevate	VERB
easat-5628	148	6	their	their	PRON
easat-5628	148	7	ghg	ghg	PROPN
easat-5628	148	8	reduction	reduction	NOUN
easat-5628	148	9	targets	target	NOUN
easat-5628	148	10	in	in	ADP
easat-5628	148	11	response	response	NOUN
easat-5628	148	12	to	to	ADP
easat-5628	148	13	ambitious	ambitious	ADJ
easat-5628	148	14	reduction	reduction	NOUN
easat-5628	148	15	goals	goal	NOUN
easat-5628	148	16	in	in	ADP
easat-5628	148	17	2020	2020	NUM
easat-5628	148	18	and	and	CCONJ
easat-5628	148	19	2021	2021	NUM
easat-5628	148	20	.	.	PUNCT
easat-5628	149	1	consequently	consequently	ADV
easat-5628	149	2	,	,	PUNCT
easat-5628	149	3	we	we	PRON
easat-5628	149	4	anticipated	anticipate	VERB
easat-5628	149	5	an	an	DET
easat-5628	149	6	increase	increase	NOUN
easat-5628	149	7	in	in	ADP
easat-5628	149	8	allowance	allowance	NOUN
easat-5628	149	9	demand	demand	NOUN
easat-5628	149	10	,	,	PUNCT
easat-5628	149	11	which	which	PRON
easat-5628	149	12	would	would	AUX
easat-5628	149	13	lead	lead	VERB
easat-5628	149	14	to	to	ADP
easat-5628	149	15	price	price	NOUN
easat-5628	149	16	escalations	escalation	NOUN
easat-5628	149	17	.	.	PUNCT
easat-5628	150	1	the	the	DET
easat-5628	150	2	eua	eua	PROPN
easat-5628	150	3	price	price	NOUN
easat-5628	150	4	increased	increase	VERB
easat-5628	150	5	significantly	significantly	ADV
easat-5628	150	6	,	,	PUNCT
easat-5628	150	7	thereby	thereby	ADV
easat-5628	150	8	exceeding	exceed	VERB
easat-5628	150	9	expectations	expectation	NOUN
easat-5628	150	10	by	by	ADP
easat-5628	150	11	two	two	NUM
easat-5628	150	12	to	to	PART
easat-5628	150	13	three	three	NUM
easat-5628	150	14	times	time	NOUN
easat-5628	150	15	;	;	PUNCT
easat-5628	150	16	however	however	ADV
easat-5628	150	17	,	,	PUNCT
easat-5628	150	18	the	the	DET
easat-5628	150	19	kau	kau	PROPN
easat-5628	150	20	price	price	NOUN
easat-5628	150	21	exhibited	exhibit	VERB
easat-5628	150	22	a	a	DET
easat-5628	150	23	different	different	ADJ
easat-5628	150	24	trend	trend	NOUN
easat-5628	150	25	.	.	PUNCT
easat-5628	151	1	the	the	DET
easat-5628	151	2	price	price	NOUN
easat-5628	151	3	of	of	ADP
easat-5628	151	4	kau	kau	PROPN
easat-5628	151	5	declined	decline	VERB
easat-5628	151	6	by	by	ADP
easat-5628	151	7	approximately	approximately	ADV
easat-5628	151	8	one	one	NUM
easat-5628	151	9	-	-	PUNCT
easat-5628	151	10	third	third	NOUN
easat-5628	151	11	during	during	ADP
easat-5628	151	12	this	this	DET
easat-5628	151	13	comparable	comparable	ADJ
easat-5628	151	14	period	period	NOUN
easat-5628	151	15	.	.	PUNCT
easat-5628	152	1	previous	previous	ADJ
easat-5628	152	2	literatureyu	literatureyu	NOUN
easat-5628	152	3	and	and	CCONJ
easat-5628	152	4	lee	lee	PROPN
easat-5628	153	1	[	[	X
easat-5628	153	2	19	19	NUM
easat-5628	153	3	]	]	PUNCT
easat-5628	153	4	and	and	CCONJ
easat-5628	153	5	yoon	yoon	PROPN
easat-5628	154	1	[	[	X
easat-5628	154	2	20	20	NUM
easat-5628	154	3	]	]	PUNCT
easat-5628	154	4	indicates	indicate	VERB
easat-5628	154	5	that	that	SCONJ
easat-5628	154	6	banking	banking	NOUN
easat-5628	154	7	restrictions	restriction	NOUN
easat-5628	154	8	cause	cause	VERB
easat-5628	154	9	a	a	DET
easat-5628	154	10	decline	decline	NOUN
easat-5628	154	11	in	in	ADP
easat-5628	154	12	kau	kau	PROPN
easat-5628	154	13	prices	price	NOUN
easat-5628	154	14	.	.	PUNCT
easat-5628	155	1	figure	figure	NOUN
easat-5628	155	2	1	1	NUM
easat-5628	155	3	illustrates	illustrate	VERB
easat-5628	155	4	historical	historical	ADJ
easat-5628	155	5	allowance	allowance	NOUN
easat-5628	155	6	prices	price	NOUN
easat-5628	155	7	.	.	PUNCT
easat-5628	156	1	figure	figure	NOUN
easat-5628	156	2	1	1	NUM
easat-5628	156	3	.	.	PUNCT
easat-5628	156	4	historical	historical	ADJ
easat-5628	156	5	allowance	allowance	NOUN
easat-5628	156	6	prices	price	NOUN
easat-5628	156	7	in	in	ADP
easat-5628	156	8	k	k	PROPN
easat-5628	156	9	-	-	PUNCT
easat-5628	156	10	ets	et	NOUN
easat-5628	156	11	and	and	CCONJ
easat-5628	156	12	eu	eu	PROPN
easat-5628	156	13	-	-	PUNCT
easat-5628	156	14	ets	et	NOUN
easat-5628	156	15	.	.	PUNCT
easat-5628	157	1	note	note	NOUN
easat-5628	157	2	:	:	PUNCT
easat-5628	157	3	this	this	DET
easat-5628	157	4	graph	graph	NOUN
easat-5628	157	5	was	be	AUX
easat-5628	157	6	drawn	draw	VERB
easat-5628	157	7	by	by	ADP
easat-5628	157	8	the	the	DET
easat-5628	157	9	author	author	NOUN
easat-5628	157	10	.	.	PUNCT
easat-5628	158	1	price	price	NOUN
easat-5628	158	2	data	datum	NOUN
easat-5628	158	3	were	be	AUX
easat-5628	158	4	obtained	obtain	VERB
easat-5628	158	5	from	from	ADP
easat-5628	158	6	investing.com	investing.com	X
easat-5628	158	7	(	(	PUNCT
easat-5628	158	8	eua	eua	PROPN
easat-5628	158	9	)	)	PUNCT
easat-5628	158	10	and	and	CCONJ
easat-5628	158	11	krx	krx	PROPN
easat-5628	158	12	(	(	PUNCT
easat-5628	158	13	kau	kau	PROPN
easat-5628	158	14	)	)	PUNCT
easat-5628	158	15	.	.	PUNCT
easat-5628	159	1	1581	1581	NUM
easat-5628	159	2	edelweiss	edelweiss	PROPN
easat-5628	159	3	applied	apply	VERB
easat-5628	159	4	science	science	NOUN
easat-5628	159	5	and	and	CCONJ
easat-5628	159	6	technology	technology	NOUN
easat-5628	159	7	issn	issn	PROPN
easat-5628	159	8	:	:	PUNCT
easat-5628	159	9	2576	2576	NUM
easat-5628	159	10	-	-	SYM
easat-5628	159	11	8484	8484	NUM
easat-5628	159	12	vol	vol	NOUN
easat-5628	159	13	.	.	PROPN
easat-5628	160	1	9	9	NUM
easat-5628	160	2	,	,	PUNCT
easat-5628	160	3	no	no	INTJ
easat-5628	160	4	.	.	NOUN
easat-5628	161	1	3	3	NUM
easat-5628	161	2	:	:	PUNCT
easat-5628	161	3	1577	1577	NUM
easat-5628	161	4	-	-	SYM
easat-5628	161	5	1592	1592	NUM
easat-5628	161	6	,	,	PUNCT
easat-5628	161	7	2025	2025	NUM
easat-5628	161	8	doi	doi	NOUN
easat-5628	161	9	:	:	PUNCT
easat-5628	161	10	10.55214/25768484.v9i3.5628	10.55214/25768484.v9i3.5628	NUM
easat-5628	161	11	©	©	PROPN
easat-5628	161	12	2025	2025	NUM
easat-5628	161	13	by	by	ADP
easat-5628	161	14	the	the	DET
easat-5628	161	15	author	author	NOUN
easat-5628	161	16	;	;	PUNCT
easat-5628	161	17	licensee	licensee	PROPN
easat-5628	161	18	learning	learning	NOUN
easat-5628	161	19	gate	gate	VERB
easat-5628	161	20	the	the	DET
easat-5628	161	21	korean	korean	ADJ
easat-5628	161	22	government	government	NOUN
easat-5628	161	23	allocates	allocate	VERB
easat-5628	161	24	emissions	emission	NOUN
easat-5628	161	25	allowances	allowance	NOUN
easat-5628	161	26	to	to	ADP
easat-5628	161	27	participating	participate	VERB
easat-5628	161	28	companies	company	NOUN
easat-5628	161	29	,	,	PUNCT
easat-5628	161	30	considering	consider	VERB
easat-5628	161	31	the	the	DET
easat-5628	161	32	burden	burden	NOUN
easat-5628	161	33	on	on	ADP
easat-5628	161	34	the	the	DET
easat-5628	161	35	industrial	industrial	ADJ
easat-5628	161	36	sector	sector	NOUN
easat-5628	161	37	,	,	PUNCT
easat-5628	161	38	and	and	CCONJ
easat-5628	161	39	allowing	allow	VERB
easat-5628	161	40	them	they	PRON
easat-5628	161	41	an	an	DET
easat-5628	161	42	adaptation	adaptation	NOUN
easat-5628	161	43	period	period	NOUN
easat-5628	161	44	.	.	PUNCT
easat-5628	162	1	during	during	ADP
easat-5628	162	2	the	the	DET
easat-5628	162	3	first	first	ADJ
easat-5628	162	4	phase	phase	NOUN
easat-5628	162	5	,	,	PUNCT
easat-5628	162	6	the	the	DET
easat-5628	162	7	“	"	PUNCT
easat-5628	162	8	grandfathering	grandfathering	NOUN
easat-5628	162	9	”	"	PUNCT
easat-5628	162	10	method	method	NOUN
easat-5628	162	11	granted	grant	VERB
easat-5628	162	12	regulated	regulated	ADJ
easat-5628	162	13	firms	firm	NOUN
easat-5628	162	14	a	a	DET
easat-5628	162	15	free	free	ADJ
easat-5628	162	16	carbon	carbon	NOUN
easat-5628	162	17	emission	emission	NOUN
easat-5628	162	18	permit	permit	NOUN
easat-5628	162	19	based	base	VERB
easat-5628	162	20	on	on	ADP
easat-5628	162	21	their	their	PRON
easat-5628	162	22	previous	previous	ADJ
easat-5628	162	23	ghg	ghg	PROPN
easat-5628	162	24	emission	emission	NOUN
easat-5628	162	25	record	record	NOUN
easat-5628	162	26	.	.	PUNCT
easat-5628	163	1	in	in	ADP
easat-5628	163	2	the	the	DET
easat-5628	163	3	second	second	ADJ
easat-5628	163	4	phase	phase	NOUN
easat-5628	163	5	,	,	PUNCT
easat-5628	163	6	the	the	DET
easat-5628	163	7	“	"	PUNCT
easat-5628	163	8	benchmarking	benchmarke	VERB
easat-5628	163	9	”	"	PUNCT
easat-5628	163	10	method	method	NOUN
easat-5628	163	11	distributed	distribute	VERB
easat-5628	163	12	a	a	DET
easat-5628	163	13	free	free	ADJ
easat-5628	163	14	allowance	allowance	NOUN
easat-5628	163	15	to	to	ADP
easat-5628	163	16	regulated	regulated	ADJ
easat-5628	163	17	firms	firm	NOUN
easat-5628	163	18	based	base	VERB
easat-5628	163	19	on	on	ADP
easat-5628	163	20	their	their	PRON
easat-5628	163	21	prior	prior	ADJ
easat-5628	163	22	production	production	NOUN
easat-5628	163	23	levels	level	NOUN
easat-5628	163	24	.	.	PUNCT
easat-5628	164	1	the	the	DET
easat-5628	164	2	regulatory	regulatory	ADJ
easat-5628	164	3	authority	authority	NOUN
easat-5628	164	4	initiated	initiate	VERB
easat-5628	164	5	an	an	DET
easat-5628	164	6	auction	auction	NOUN
easat-5628	164	7	to	to	PART
easat-5628	164	8	allocate	allocate	VERB
easat-5628	164	9	allowances	allowance	NOUN
easat-5628	164	10	;	;	PUNCT
easat-5628	164	11	however	however	ADV
easat-5628	164	12	,	,	PUNCT
easat-5628	164	13	3	3	NUM
easat-5628	164	14	%	%	NOUN
easat-5628	164	15	of	of	ADP
easat-5628	164	16	the	the	DET
easat-5628	164	17	total	total	ADJ
easat-5628	164	18	allocation	allocation	NOUN
easat-5628	164	19	was	be	AUX
easat-5628	164	20	allocated	allocate	VERB
easat-5628	164	21	in	in	ADP
easat-5628	164	22	the	the	DET
easat-5628	164	23	phase	phase	NOUN
easat-5628	164	24	2	2	NUM
easat-5628	164	25	.	.	PUNCT
easat-5628	165	1	in	in	ADP
easat-5628	165	2	the	the	DET
easat-5628	165	3	phase	phase	NOUN
easat-5628	165	4	3	3	NUM
easat-5628	165	5	,	,	PUNCT
easat-5628	165	6	the	the	DET
easat-5628	165	7	percentage	percentage	NOUN
easat-5628	165	8	of	of	ADP
easat-5628	165	9	auctions	auction	NOUN
easat-5628	165	10	increases	increase	NOUN
easat-5628	165	11	by	by	ADP
easat-5628	165	12	10	10	NUM
easat-5628	165	13	%	%	NOUN
easat-5628	165	14	.	.	PUNCT
easat-5628	166	1	table	table	NOUN
easat-5628	166	2	1	1	NUM
easat-5628	166	3	summarizes	summarize	VERB
easat-5628	166	4	the	the	DET
easat-5628	166	5	characteristics	characteristic	NOUN
easat-5628	166	6	of	of	ADP
easat-5628	166	7	korea	korea	PROPN
easat-5628	166	8	’s	’s	PART
easat-5628	166	9	ets	ets	PROPN
easat-5628	166	10	.	.	PROPN
easat-5628	166	11	table	table	NOUN
easat-5628	166	12	1	1	NUM
easat-5628	166	13	.	.	PUNCT
easat-5628	167	1	overview	overview	NOUN
easat-5628	167	2	of	of	ADP
easat-5628	167	3	the	the	DET
easat-5628	167	4	korean	korean	ADJ
easat-5628	167	5	ets	et	NOUN
easat-5628	167	6	.	.	PUNCT
easat-5628	167	7	trading	trading	NOUN
easat-5628	167	8	period	period	NOUN
easat-5628	167	9	phase	phase	NOUN
easat-5628	167	10	1	1	NUM
easat-5628	167	11	(	(	PUNCT
easat-5628	167	12	2015	2015	NUM
easat-5628	167	13	~	~	SYM
easat-5628	167	14	2017	2017	NUM
easat-5628	167	15	)	)	PUNCT
easat-5628	167	16	phase	phase	NOUN
easat-5628	167	17	2	2	NUM
easat-5628	167	18	(	(	PUNCT
easat-5628	167	19	2018	2018	NUM
easat-5628	167	20	~	~	SYM
easat-5628	167	21	2020	2020	NUM
easat-5628	167	22	)	)	PUNCT
easat-5628	167	23	phase	phase	NOUN
easat-5628	167	24	3	3	NUM
easat-5628	167	25	(	(	PUNCT
easat-5628	167	26	2021	2021	NUM
easat-5628	167	27	~	~	SYM
easat-5628	167	28	2025	2025	NUM
easat-5628	167	29	)	)	PUNCT
easat-5628	167	30	liable	liable	ADJ
easat-5628	167	31	entities	entity	NOUN
easat-5628	167	32	525	525	NUM
easat-5628	167	33	entities	entity	NOUN
easat-5628	167	34	591	591	NUM
easat-5628	167	35	entities	entity	NOUN
easat-5628	167	36	684	684	NUM
easat-5628	167	37	entities	entity	NOUN
easat-5628	167	38	emissions	emission	NOUN
easat-5628	167	39	coverage	coverage	NOUN
easat-5628	167	40	66	66	NUM
easat-5628	167	41	%	%	NOUN
easat-5628	167	42	among	among	ADP
easat-5628	167	43	national	national	ADJ
easat-5628	167	44	emissions	emission	NOUN
easat-5628	167	45	70.2	70.2	NUM
easat-5628	167	46	%	%	NOUN
easat-5628	167	47	among	among	ADP
easat-5628	167	48	national	national	ADJ
easat-5628	167	49	emissions	emission	NOUN
easat-5628	167	50	73.5	73.5	NUM
easat-5628	167	51	%	%	NOUN
easat-5628	167	52	among	among	ADP
easat-5628	167	53	national	national	ADJ
easat-5628	167	54	emissions	emission	NOUN
easat-5628	167	55	amount	amount	NOUN
easat-5628	167	56	of	of	ADP
easat-5628	167	57	allocation	allocation	NOUN
easat-5628	167	58	1,686	1,686	NUM
easat-5628	167	59	million	million	NUM
easat-5628	167	60	co2	co2	NOUN
easat-5628	167	61	ton	ton	NOUN
easat-5628	167	62	(	(	PUNCT
easat-5628	167	63	3	3	NUM
easat-5628	167	64	year	year	NOUN
easat-5628	167	65	total	total	NOUN
easat-5628	167	66	)	)	PUNCT
easat-5628	167	67	1,796	1,796	NUM
easat-5628	167	68	million	million	NUM
easat-5628	167	69	co2	co2	NOUN
easat-5628	167	70	ton	ton	NOUN
easat-5628	167	71	(	(	PUNCT
easat-5628	167	72	3	3	NUM
easat-5628	167	73	year	year	NOUN
easat-5628	167	74	total	total	NOUN
easat-5628	167	75	)	)	PUNCT
easat-5628	167	76	3,082	3,082	NUM
easat-5628	167	77	million	million	NUM
easat-5628	167	78	co2	co2	NOUN
easat-5628	167	79	ton	ton	NOUN
easat-5628	167	80	(	(	PUNCT
easat-5628	167	81	5	5	NUM
easat-5628	167	82	year	year	NOUN
easat-5628	167	83	total	total	ADJ
easat-5628	167	84	)	)	PUNCT
easat-5628	167	85	allocation	allocation	NOUN
easat-5628	167	86	method	method	NOUN
easat-5628	167	87	100	100	NUM
easat-5628	167	88	%	%	NOUN
easat-5628	167	89	free	free	ADJ
easat-5628	167	90	allocation	allocation	NOUN
easat-5628	167	91	(	(	PUNCT
easat-5628	167	92	grandfathering	grandfathere	VERB
easat-5628	167	93	)	)	PUNCT
easat-5628	167	94	97	97	NUM
easat-5628	167	95	%	%	NOUN
easat-5628	167	96	free	free	ADJ
easat-5628	167	97	allocation	allocation	NOUN
easat-5628	167	98	(	(	PUNCT
easat-5628	167	99	benchmarking	benchmarking	NOUN
easat-5628	167	100	)	)	PUNCT
easat-5628	167	101	and	and	CCONJ
easat-5628	167	102	3	3	NUM
easat-5628	167	103	%	%	NOUN
easat-5628	167	104	auctioning	auction	VERB
easat-5628	167	105	90	90	NUM
easat-5628	167	106	%	%	NOUN
easat-5628	167	107	free	free	ADJ
easat-5628	167	108	allocation	allocation	NOUN
easat-5628	167	109	(	(	PUNCT
easat-5628	167	110	benchmarking	benchmarking	NOUN
easat-5628	167	111	)	)	PUNCT
easat-5628	167	112	and	and	CCONJ
easat-5628	167	113	10	10	NUM
easat-5628	167	114	%	%	NOUN
easat-5628	167	115	auctioning	auctioning	NOUN
easat-5628	167	116	industry	industry	NOUN
easat-5628	167	117	coverage	coverage	NOUN
easat-5628	167	118	energy	energy	NOUN
easat-5628	167	119	,	,	PUNCT
easat-5628	167	120	industrial	industrial	ADJ
easat-5628	167	121	processes	process	NOUN
easat-5628	167	122	and	and	CCONJ
easat-5628	167	123	product	product	NOUN
easat-5628	167	124	use	use	NOUN
easat-5628	167	125	,	,	PUNCT
easat-5628	167	126	building	building	NOUN
easat-5628	167	127	,	,	PUNCT
easat-5628	167	128	waste	waste	NOUN
easat-5628	167	129	,	,	PUNCT
easat-5628	167	130	transport	transport	NOUN
easat-5628	167	131	(	(	PUNCT
easat-5628	167	132	aviation	aviation	NOUN
easat-5628	167	133	)	)	PUNCT
easat-5628	167	134	flexible	flexible	ADJ
easat-5628	167	135	mechanism	mechanism	NOUN
easat-5628	167	136	offset	offset	NOUN
easat-5628	167	137	(	(	PUNCT
easat-5628	167	138	kocs	koc	NOUN
easat-5628	167	139	&	&	CCONJ
easat-5628	167	140	cers	cer	NOUN
easat-5628	167	141	)	)	PUNCT
easat-5628	167	142	,	,	PUNCT
easat-5628	167	143	banking	banking	NOUN
easat-5628	167	144	,	,	PUNCT
easat-5628	167	145	borrowing	borrowing	NOUN
easat-5628	167	146	note	note	NOUN
easat-5628	167	147	:	:	PUNCT
easat-5628	167	148	this	this	DET
easat-5628	167	149	table	table	NOUN
easat-5628	167	150	was	be	AUX
easat-5628	167	151	prepared	prepare	VERB
easat-5628	167	152	by	by	ADP
easat-5628	167	153	the	the	DET
easat-5628	167	154	author	author	NOUN
easat-5628	167	155	and	and	CCONJ
easat-5628	167	156	refers	refer	VERB
easat-5628	167	157	from	from	ADP
easat-5628	167	158	.	.	PUNCT
easat-5628	168	1	source	source	NOUN
easat-5628	168	2	:	:	PUNCT
easat-5628	168	3	greenhouse	greenhouse	NOUN
easat-5628	168	4	gas	gas	NOUN
easat-5628	168	5	inventory	inventory	NOUN
easat-5628	168	6	&	&	CCONJ
easat-5628	168	7	research	research	PROPN
easat-5628	168	8	center	center	NOUN
easat-5628	169	1	[	[	X
easat-5628	169	2	21	21	NUM
easat-5628	169	3	]	]	X
easat-5628	169	4	;	;	PUNCT
easat-5628	169	5	greenhouse	greenhouse	NOUN
easat-5628	169	6	gas	gas	NOUN
easat-5628	169	7	inventory	inventory	NOUN
easat-5628	169	8	&	&	CCONJ
easat-5628	169	9	research	research	PROPN
easat-5628	169	10	center	center	NOUN
easat-5628	170	1	[	[	X
easat-5628	170	2	22	22	NUM
easat-5628	170	3	]	]	PUNCT
easat-5628	170	4	and	and	CCONJ
easat-5628	170	5	greenhouse	greenhouse	NOUN
easat-5628	170	6	gas	gas	NOUN
easat-5628	170	7	inventory	inventory	NOUN
easat-5628	170	8	&	&	CCONJ
easat-5628	170	9	research	research	PROPN
easat-5628	170	10	center	center	NOUN
easat-5628	170	11	[	[	X
easat-5628	170	12	23	23	NUM
easat-5628	170	13	]	]	SYM
easat-5628	170	14	4	4	NUM
easat-5628	170	15	.	.	X
easat-5628	170	16	data	datum	NOUN
easat-5628	170	17	4.1	4.1	NUM
easat-5628	170	18	.	.	PUNCT
easat-5628	171	1	sample	sample	NOUN
easat-5628	171	2	period	period	NOUN
easat-5628	171	3	this	this	DET
easat-5628	171	4	study	study	NOUN
easat-5628	171	5	analyzes	analyze	VERB
easat-5628	171	6	south	south	ADJ
easat-5628	171	7	korean	korean	ADJ
easat-5628	171	8	companies	company	NOUN
easat-5628	171	9	using	use	VERB
easat-5628	171	10	monthly	monthly	ADJ
easat-5628	171	11	data	datum	NOUN
easat-5628	171	12	from	from	ADP
easat-5628	171	13	january	january	PROPN
easat-5628	171	14	2010	2010	NUM
easat-5628	171	15	to	to	ADP
easat-5628	171	16	december	december	PROPN
easat-5628	171	17	2022	2022	NUM
easat-5628	171	18	(	(	PUNCT
easat-5628	171	19	156	156	NUM
easat-5628	171	20	months	month	NOUN
easat-5628	171	21	)	)	PUNCT
easat-5628	171	22	.	.	PUNCT
easat-5628	172	1	on	on	ADP
easat-5628	172	2	march	march	PROPN
easat-5628	172	3	31	31	NUM
easat-5628	172	4	,	,	PUNCT
easat-5628	172	5	2011	2011	NUM
easat-5628	172	6	,	,	PUNCT
easat-5628	172	7	the	the	DET
easat-5628	172	8	moleg	moleg	NOUN
easat-5628	172	9	announced	announce	VERB
easat-5628	172	10	a	a	DET
easat-5628	172	11	legislative	legislative	ADJ
easat-5628	172	12	plan	plan	NOUN
easat-5628	172	13	that	that	PRON
easat-5628	172	14	included	include	VERB
easat-5628	172	15	eta	eta	PROPN
easat-5628	172	16	.	.	PUNCT
easat-5628	173	1	the	the	DET
easat-5628	173	2	national	national	PROPN
easat-5628	173	3	assembly	assembly	PROPN
easat-5628	173	4	passed	pass	VERB
easat-5628	173	5	the	the	DET
easat-5628	173	6	eta	eta	NOUN
easat-5628	173	7	and	and	CCONJ
easat-5628	173	8	promulgated	promulgate	VERB
easat-5628	173	9	it	it	PRON
easat-5628	173	10	on	on	ADP
easat-5628	173	11	may	may	PROPN
easat-5628	173	12	14	14	NUM
easat-5628	173	13	,	,	PUNCT
easat-5628	173	14	2011	2011	NUM
easat-5628	173	15	.	.	PUNCT
easat-5628	174	1	finally	finally	ADV
easat-5628	174	2	,	,	PUNCT
easat-5628	174	3	k	k	X
easat-5628	174	4	-	-	PUNCT
easat-5628	174	5	ets	et	NOUN
easat-5628	174	6	commenced	commence	VERB
easat-5628	174	7	operations	operation	NOUN
easat-5628	174	8	in	in	ADP
easat-5628	174	9	january	january	PROPN
easat-5628	174	10	2015	2015	NUM
easat-5628	174	11	.	.	PUNCT
easat-5628	175	1	a	a	DET
easat-5628	175	2	discussion	discussion	NOUN
easat-5628	175	3	on	on	ADP
easat-5628	175	4	banking	banking	NOUN
easat-5628	175	5	restrictions	restriction	NOUN
easat-5628	175	6	commenced	commence	VERB
easat-5628	175	7	in	in	ADP
easat-5628	175	8	2017	2017	NUM
easat-5628	175	9	to	to	PART
easat-5628	175	10	address	address	VERB
easat-5628	175	11	the	the	DET
easat-5628	175	12	ets	et	NOUN
easat-5628	175	13	market	market	NOUN
easat-5628	175	14	liquidity	liquidity	NOUN
easat-5628	175	15	issue	issue	NOUN
easat-5628	175	16	.	.	PUNCT
easat-5628	176	1	the	the	DET
easat-5628	176	2	market	market	NOUN
easat-5628	176	3	imposed	impose	VERB
easat-5628	176	4	stricter	strict	ADJ
easat-5628	176	5	banking	banking	NOUN
easat-5628	176	6	restrictions	restriction	NOUN
easat-5628	176	7	in	in	ADP
easat-5628	176	8	june	june	PROPN
easat-5628	176	9	2018	2018	NUM
easat-5628	176	10	and	and	CCONJ
easat-5628	176	11	june	june	PROPN
easat-5628	176	12	2019	2019	NUM
easat-5628	176	13	,	,	PUNCT
easat-5628	176	14	which	which	PRON
easat-5628	176	15	continued	continue	VERB
easat-5628	176	16	throughout	throughout	ADP
easat-5628	176	17	phase	phase	NOUN
easat-5628	176	18	3	3	NUM
easat-5628	176	19	.	.	PUNCT
easat-5628	177	1	therefore	therefore	ADV
easat-5628	177	2	,	,	PUNCT
easat-5628	177	3	the	the	DET
easat-5628	177	4	time	time	NOUN
easat-5628	177	5	span	span	NOUN
easat-5628	177	6	of	of	ADP
easat-5628	177	7	the	the	DET
easat-5628	177	8	dataset	dataset	NOUN
easat-5628	177	9	encompassed	encompass	VERB
easat-5628	177	10	the	the	DET
easat-5628	177	11	period	period	NOUN
easat-5628	177	12	before	before	ADP
easat-5628	177	13	the	the	DET
easat-5628	177	14	k	k	ADJ
easat-5628	177	15	-	-	PUNCT
easat-5628	177	16	ets	et	NOUN
easat-5628	177	17	implementation	implementation	NOUN
easat-5628	177	18	and	and	CCONJ
easat-5628	177	19	external	external	ADJ
easat-5628	177	20	shocks	shock	NOUN
easat-5628	177	21	in	in	ADP
easat-5628	177	22	the	the	DET
easat-5628	177	23	regulation	regulation	NOUN
easat-5628	177	24	.	.	PUNCT
easat-5628	178	1	4.2	4.2	NUM
easat-5628	178	2	.	.	PUNCT
easat-5628	179	1	firm	firm	ADJ
easat-5628	179	2	data	datum	NOUN
easat-5628	179	3	we	we	PRON
easat-5628	179	4	considered	consider	VERB
easat-5628	179	5	krx300	krx300	PROPN
easat-5628	179	6	-	-	PUNCT
easat-5628	179	7	listed	list	VERB
easat-5628	179	8	companies	company	NOUN
easat-5628	179	9	in	in	ADP
easat-5628	179	10	this	this	DET
easat-5628	179	11	analysis	analysis	NOUN
easat-5628	179	12	.	.	PUNCT
easat-5628	180	1	the	the	DET
easat-5628	180	2	krx300	krx300	PROPN
easat-5628	180	3	is	be	AUX
easat-5628	180	4	a	a	DET
easat-5628	180	5	benchmark	benchmark	ADJ
easat-5628	180	6	stock	stock	NOUN
easat-5628	180	7	price	price	NOUN
easat-5628	180	8	index	index	NOUN
easat-5628	180	9	representing	represent	VERB
easat-5628	180	10	the	the	DET
easat-5628	180	11	south	south	ADJ
easat-5628	180	12	korean	korean	ADJ
easat-5628	180	13	stock	stock	NOUN
easat-5628	180	14	market	market	NOUN
easat-5628	180	15	consisting	consist	VERB
easat-5628	180	16	of	of	ADP
easat-5628	180	17	300	300	NUM
easat-5628	180	18	stocks	stock	NOUN
easat-5628	180	19	selected	select	VERB
easat-5628	180	20	from	from	ADP
easat-5628	180	21	those	those	PRON
easat-5628	180	22	listed	list	VERB
easat-5628	180	23	on	on	ADP
easat-5628	180	24	the	the	DET
easat-5628	180	25	korea	korea	PROPN
easat-5628	180	26	composite	composite	ADJ
easat-5628	180	27	stock	stock	NOUN
easat-5628	180	28	price	price	NOUN
easat-5628	180	29	index	index	NOUN
easat-5628	180	30	(	(	PUNCT
easat-5628	180	31	kospi3	kospi3	PROPN
easat-5628	180	32	)	)	PUNCT
easat-5628	180	33	(	(	PUNCT
easat-5628	180	34	213	213	NUM
easat-5628	180	35	companies	company	NOUN
easat-5628	180	36	)	)	PUNCT
easat-5628	180	37	and	and	CCONJ
easat-5628	180	38	kosdaq4	kosdaq4	NOUN
easat-5628	180	39	(	(	PUNCT
easat-5628	180	40	87	87	NUM
easat-5628	180	41	companies	company	NOUN
easat-5628	180	42	)	)	PUNCT
easat-5628	180	43	markets	market	NOUN
easat-5628	180	44	.	.	PUNCT
easat-5628	181	1	due	due	ADP
easat-5628	181	2	to	to	ADP
easat-5628	181	3	the	the	DET
easat-5628	181	4	split	split	ADJ
easat-5628	181	5	listings	listing	NOUN
easat-5628	181	6	of	of	ADP
easat-5628	181	7	some	some	DET
easat-5628	181	8	stocks	stock	NOUN
easat-5628	181	9	,	,	PUNCT
easat-5628	181	10	the	the	DET
easat-5628	181	11	total	total	ADJ
easat-5628	181	12	number	number	NOUN
easat-5628	181	13	of	of	ADP
easat-5628	181	14	stocks	stock	NOUN
easat-5628	181	15	in	in	ADP
easat-5628	181	16	our	our	PRON
easat-5628	181	17	dataset	dataset	NOUN
easat-5628	181	18	included	include	VERB
easat-5628	181	19	302	302	NUM
easat-5628	181	20	companies	company	NOUN
easat-5628	181	21	.	.	PUNCT
easat-5628	182	1	this	this	PRON
easat-5628	182	2	accounts	account	VERB
easat-5628	182	3	for	for	ADP
easat-5628	182	4	84.7	84.7	NUM
easat-5628	182	5	%	%	NOUN
easat-5628	182	6	of	of	ADP
easat-5628	182	7	the	the	DET
easat-5628	182	8	total	total	ADJ
easat-5628	182	9	market	market	NOUN
easat-5628	182	10	capitalization	capitalization	NOUN
easat-5628	182	11	of	of	ADP
easat-5628	182	12	the	the	DET
easat-5628	182	13	korean	korean	ADJ
easat-5628	182	14	stock	stock	NOUN
easat-5628	182	15	market	market	NOUN
easat-5628	182	16	.	.	PUNCT
easat-5628	183	1	although	although	SCONJ
easat-5628	183	2	the	the	DET
easat-5628	183	3	kospi200	kospi200	PROPN
easat-5628	183	4	concentrates	concentrate	VERB
easat-5628	183	5	on	on	ADP
easat-5628	183	6	large	large	ADJ
easat-5628	183	7	manufacturing	manufacturing	NOUN
easat-5628	183	8	companies	company	NOUN
easat-5628	183	9	such	such	ADJ
easat-5628	183	10	as	as	ADP
easat-5628	183	11	samsung	samsung	PROPN
easat-5628	183	12	electronics	electronics	PROPN
easat-5628	183	13	,	,	PUNCT
easat-5628	183	14	hyundai	hyundai	PROPN
easat-5628	183	15	motors	motors	PROPN
easat-5628	183	16	,	,	PUNCT
easat-5628	183	17	and	and	CCONJ
easat-5628	183	18	posco	posco	PROPN
easat-5628	183	19	,	,	PUNCT
easat-5628	183	20	the	the	DET
easat-5628	183	21	krx300	krx300	PROPN
easat-5628	183	22	includes	include	VERB
easat-5628	183	23	various	various	ADJ
easat-5628	183	24	industries	industry	NOUN
easat-5628	183	25	,	,	PUNCT
easat-5628	183	26	such	such	ADJ
easat-5628	183	27	as	as	ADP
easat-5628	183	28	bio	bio	NOUN
easat-5628	183	29	and	and	CCONJ
easat-5628	183	30	cultural	cultural	ADJ
easat-5628	183	31	content	content	NOUN
easat-5628	183	32	,	,	PUNCT
easat-5628	183	33	and	and	CCONJ
easat-5628	183	34	the	the	DET
easat-5628	183	35	share	share	NOUN
easat-5628	183	36	of	of	ADP
easat-5628	183	37	the	the	DET
easat-5628	183	38	industrial	industrial	ADJ
easat-5628	183	39	sector	sector	NOUN
easat-5628	183	40	in	in	ADP
easat-5628	183	41	the	the	DET
easat-5628	183	42	krx300	krx300	PROPN
easat-5628	183	43	is	be	AUX
easat-5628	183	44	as	as	SCONJ
easat-5628	183	45	follows	follow	VERB
easat-5628	183	46	;	;	PUNCT
easat-5628	183	47	information	information	NOUN
easat-5628	183	48	technology	technology	NOUN
easat-5628	183	49	,	,	PUNCT
easat-5628	183	50	financials	financial	NOUN
easat-5628	183	51	and	and	CCONJ
easat-5628	183	52	real	real	ADJ
easat-5628	183	53	estate	estate	NOUN
easat-5628	183	54	,	,	PUNCT
easat-5628	183	55	consumer	consumer	NOUN
easat-5628	183	56	discretionary	discretionary	NOUN
easat-5628	183	57	,	,	PUNCT
easat-5628	183	58	and	and	CCONJ
easat-5628	183	59	industry	industry	NOUN
easat-5628	183	60	34.2	34.2	NUM
easat-5628	183	61	%	%	NOUN
easat-5628	183	62	,	,	PUNCT
easat-5628	183	63	12.4	12.4	NUM
easat-5628	183	64	%	%	NOUN
easat-5628	183	65	,	,	PUNCT
easat-5628	183	66	11.6	11.6	NUM
easat-5628	183	67	%	%	NOUN
easat-5628	183	68	,	,	PUNCT
easat-5628	183	69	and	and	CCONJ
easat-5628	183	70	11.1	11.1	NUM
easat-5628	183	71	%	%	NOUN
easat-5628	183	72	,	,	PUNCT
easat-5628	183	73	respectively	respectively	ADV
easat-5628	183	74	.	.	PUNCT
easat-5628	184	1	monthly	monthly	ADJ
easat-5628	184	2	stock	stock	NOUN
easat-5628	184	3	prices	price	NOUN
easat-5628	184	4	and	and	CCONJ
easat-5628	184	5	pertinent	pertinent	ADJ
easat-5628	184	6	accounting	accounting	NOUN
easat-5628	184	7	data	datum	NOUN
easat-5628	184	8	,	,	PUNCT
easat-5628	184	9	including	include	VERB
easat-5628	184	10	roe	roe	NOUN
easat-5628	184	11	(	(	PUNCT
easat-5628	184	12	return	return	VERB
easat-5628	184	13	on	on	ADP
easat-5628	184	14	equity	equity	NOUN
easat-5628	184	15	)	)	PUNCT
easat-5628	184	16	,	,	PUNCT
easat-5628	184	17	sales	sale	NOUN
easat-5628	184	18	growth	growth	NOUN
easat-5628	184	19	,	,	PUNCT
easat-5628	184	20	leverage	leverage	NOUN
easat-5628	184	21	,	,	PUNCT
easat-5628	184	22	and	and	CCONJ
easat-5628	184	23	investment	investment	NOUN
easat-5628	184	24	,	,	PUNCT
easat-5628	184	25	were	be	AUX
easat-5628	184	26	obtained	obtain	VERB
easat-5628	184	27	from	from	ADP
easat-5628	184	28	fnguide	fnguide	NOUN
easat-5628	184	29	.	.	PUNCT
easat-5628	185	1	monthly	monthly	ADJ
easat-5628	185	2	stock	stock	NOUN
easat-5628	185	3	returns	return	NOUN
easat-5628	185	4	were	be	AUX
easat-5628	185	5	calculated	calculate	VERB
easat-5628	185	6	as	as	ADP
easat-5628	185	7	𝑅𝑡	𝑅𝑡	PROPN
easat-5628	185	8	=	=	SYM
easat-5628	185	9	ln(𝑃𝑡	ln(𝑃𝑡	NOUN
easat-5628	185	10	)	)	PUNCT
easat-5628	185	11	−	−	PROPN
easat-5628	185	12	ln⁡(𝑃𝑡−1	ln⁡(𝑃𝑡−1	NUM
easat-5628	185	13	)	)	PUNCT
easat-5628	185	14	.	.	PUNCT
easat-5628	186	1	3the	3the	DET
easat-5628	186	2	‘	'	PUNCT
easat-5628	186	3	korea	korea	X
easat-5628	186	4	composite	composite	ADJ
easat-5628	186	5	stock	stock	NOUN
easat-5628	186	6	price	price	NOUN
easat-5628	186	7	index	index	NOUN
easat-5628	186	8	,	,	PUNCT
easat-5628	186	9	’	'	PUNCT
easat-5628	186	10	or	or	CCONJ
easat-5628	186	11	kospi	kospi	NOUN
easat-5628	186	12	,	,	PUNCT
easat-5628	186	13	is	be	AUX
easat-5628	186	14	an	an	DET
easat-5628	186	15	index	index	NOUN
easat-5628	186	16	that	that	PRON
easat-5628	186	17	primarily	primarily	ADV
easat-5628	186	18	consists	consist	VERB
easat-5628	186	19	of	of	ADP
easat-5628	186	20	large	large	ADJ
easat-5628	186	21	-	-	PUNCT
easat-5628	186	22	cap	cap	NOUN
easat-5628	186	23	stocks	stock	NOUN
easat-5628	186	24	.	.	PUNCT
easat-5628	187	1	4kosdaq	4kosdaq	PRON
easat-5628	187	2	stands	stand	VERB
easat-5628	187	3	for	for	SCONJ
easat-5628	187	4	‘	'	PUNCT
easat-5628	187	5	korea	korea	PROPN
easat-5628	187	6	securities	security	NOUN
easat-5628	187	7	dealers	dealer	NOUN
easat-5628	187	8	automated	automate	VERB
easat-5628	187	9	quotations	quotation	NOUN
easat-5628	187	10	,	,	PUNCT
easat-5628	187	11	’	'	PUNCT
easat-5628	187	12	representing	represent	VERB
easat-5628	187	13	a	a	DET
easat-5628	187	14	stock	stock	NOUN
easat-5628	187	15	market	market	NOUN
easat-5628	187	16	composed	compose	VERB
easat-5628	187	17	of	of	ADP
easat-5628	187	18	small	small	ADJ
easat-5628	187	19	and	and	CCONJ
easat-5628	187	20	medium	medium	ADJ
easat-5628	187	21	-	-	PUNCT
easat-5628	187	22	sized	sized	ADJ
easat-5628	187	23	venture	venture	NOUN
easat-5628	187	24	companies	company	NOUN
easat-5628	187	25	.	.	PUNCT
easat-5628	188	1	1582	1582	NUM
easat-5628	188	2	edelweiss	edelweiss	PROPN
easat-5628	188	3	applied	apply	VERB
easat-5628	188	4	science	science	NOUN
easat-5628	188	5	and	and	CCONJ
easat-5628	188	6	technology	technology	NOUN
easat-5628	188	7	issn	issn	PROPN
easat-5628	188	8	:	:	PUNCT
easat-5628	188	9	2576	2576	NUM
easat-5628	188	10	-	-	SYM
easat-5628	188	11	8484	8484	NUM
easat-5628	188	12	vol	vol	NOUN
easat-5628	188	13	.	.	PROPN
easat-5628	189	1	9	9	NUM
easat-5628	189	2	,	,	PUNCT
easat-5628	189	3	no	no	INTJ
easat-5628	189	4	.	.	NOUN
easat-5628	190	1	3	3	NUM
easat-5628	190	2	:	:	PUNCT
easat-5628	190	3	1577	1577	NUM
easat-5628	190	4	-	-	SYM
easat-5628	190	5	1592	1592	NUM
easat-5628	190	6	,	,	PUNCT
easat-5628	190	7	2025	2025	NUM
easat-5628	190	8	doi	doi	NOUN
easat-5628	190	9	:	:	PUNCT
easat-5628	190	10	10.55214/25768484.v9i3.5628	10.55214/25768484.v9i3.5628	NUM
easat-5628	190	11	©	©	PROPN
easat-5628	190	12	2025	2025	NUM
easat-5628	190	13	by	by	ADP
easat-5628	190	14	the	the	DET
easat-5628	190	15	author	author	NOUN
easat-5628	190	16	;	;	PUNCT
easat-5628	190	17	licensee	licensee	PROPN
easat-5628	190	18	learning	learning	NOUN
easat-5628	190	19	gate	gate	NOUN
easat-5628	190	20	4.3	4.3	NUM
easat-5628	190	21	.	.	PUNCT
easat-5628	191	1	carbon	carbon	NOUN
easat-5628	191	2	emission	emission	NOUN
easat-5628	191	3	allowance	allowance	NOUN
easat-5628	191	4	data	datum	NOUN
easat-5628	191	5	all	all	DET
easat-5628	191	6	the	the	DET
easat-5628	191	7	allowances	allowance	NOUN
easat-5628	191	8	were	be	AUX
easat-5628	191	9	freely	freely	ADV
easat-5628	191	10	distributed	distribute	VERB
easat-5628	191	11	during	during	ADP
easat-5628	191	12	the	the	DET
easat-5628	191	13	pilot	pilot	NOUN
easat-5628	191	14	period	period	NOUN
easat-5628	191	15	.	.	PUNCT
easat-5628	192	1	despite	despite	SCONJ
easat-5628	192	2	the	the	DET
easat-5628	192	3	auction	auction	NOUN
easat-5628	192	4	for	for	ADP
easat-5628	192	5	allocation	allocation	NOUN
easat-5628	192	6	adopted	adopt	VERB
easat-5628	192	7	in	in	ADP
easat-5628	192	8	phase	phase	NOUN
easat-5628	192	9	2	2	NUM
easat-5628	192	10	,	,	PUNCT
easat-5628	192	11	its	its	PRON
easat-5628	192	12	share	share	NOUN
easat-5628	192	13	was	be	AUX
easat-5628	192	14	relatively	relatively	ADV
easat-5628	192	15	small	small	ADJ
easat-5628	192	16	.	.	PUNCT
easat-5628	193	1	the	the	DET
easat-5628	193	2	official	official	ADJ
easat-5628	193	3	government	government	NOUN
easat-5628	193	4	database	database	NOUN
easat-5628	193	5	does	do	AUX
easat-5628	193	6	not	not	PART
easat-5628	193	7	publicly	publicly	ADV
easat-5628	193	8	release	release	VERB
easat-5628	193	9	free	free	ADJ
easat-5628	193	10	allocation	allocation	NOUN
easat-5628	193	11	data	datum	NOUN
easat-5628	193	12	at	at	ADP
easat-5628	193	13	the	the	DET
easat-5628	193	14	installation	installation	NOUN
easat-5628	193	15	level	level	NOUN
easat-5628	193	16	but	but	CCONJ
easat-5628	193	17	identifies	identify	VERB
easat-5628	193	18	the	the	DET
easat-5628	193	19	list	list	NOUN
easat-5628	193	20	of	of	ADP
easat-5628	193	21	regulated	regulated	ADJ
easat-5628	193	22	firms	firm	NOUN
easat-5628	193	23	.	.	PUNCT
easat-5628	194	1	the	the	DET
easat-5628	194	2	national	national	PROPN
easat-5628	194	3	assembly	assembly	NOUN
easat-5628	194	4	and	and	CCONJ
easat-5628	194	5	a	a	DET
easat-5628	194	6	media	media	NOUN
easat-5628	194	7	outlet	outlet	NOUN
easat-5628	194	8	(	(	PUNCT
easat-5628	194	9	newspaper	newspaper	NOUN
easat-5628	194	10	)	)	PUNCT
easat-5628	194	11	requested	request	VERB
easat-5628	194	12	the	the	DET
easat-5628	194	13	government	government	NOUN
easat-5628	194	14	to	to	PART
easat-5628	194	15	release	release	VERB
easat-5628	194	16	allocation	allocation	NOUN
easat-5628	194	17	datasets	dataset	NOUN
easat-5628	194	18	.	.	PUNCT
easat-5628	195	1	currently	currently	ADV
easat-5628	195	2	,	,	PUNCT
easat-5628	195	3	it	it	PRON
easat-5628	195	4	is	be	AUX
easat-5628	195	5	available	available	ADJ
easat-5628	195	6	on	on	ADP
easat-5628	195	7	web	web	NOUN
easat-5628	195	8	media	medium	NOUN
easat-5628	195	9	sources5	sources5	PROPN
easat-5628	195	10	.	.	PUNCT
easat-5628	196	1	it	it	PRON
easat-5628	196	2	contains	contain	VERB
easat-5628	196	3	complete	complete	ADJ
easat-5628	196	4	information	information	NOUN
easat-5628	196	5	on	on	ADP
easat-5628	196	6	the	the	DET
easat-5628	196	7	ghg	ghg	PROPN
easat-5628	196	8	allowance	allowance	NOUN
easat-5628	196	9	in	in	ADP
easat-5628	196	10	the	the	DET
easat-5628	196	11	k	k	NOUN
easat-5628	196	12	-	-	PUNCT
easat-5628	196	13	ets	et	NOUN
easat-5628	196	14	.	.	PUNCT
easat-5628	197	1	after	after	SCONJ
easat-5628	197	2	the	the	DET
easat-5628	197	3	public	public	ADJ
easat-5628	197	4	sector	sector	NOUN
easat-5628	197	5	was	be	AUX
easat-5628	197	6	excluded	exclude	VERB
easat-5628	197	7	from	from	ADP
easat-5628	197	8	the	the	DET
easat-5628	197	9	complete	complete	ADJ
easat-5628	197	10	dataset6	dataset6	NOUN
easat-5628	197	11	,	,	PUNCT
easat-5628	197	12	683	683	NUM
easat-5628	197	13	installations	installation	NOUN
easat-5628	197	14	remained	remain	VERB
easat-5628	197	15	.	.	PUNCT
easat-5628	198	1	after	after	ADP
easat-5628	198	2	manually	manually	ADV
easat-5628	198	3	matching	match	VERB
easat-5628	198	4	each	each	DET
easat-5628	198	5	installation	installation	NOUN
easat-5628	198	6	to	to	ADP
easat-5628	198	7	a	a	DET
easat-5628	198	8	krx300	krx300	PROPN
easat-5628	198	9	-	-	PUNCT
easat-5628	198	10	listed	list	VERB
easat-5628	198	11	firm	firm	NOUN
easat-5628	198	12	,	,	PUNCT
easat-5628	198	13	80	80	NUM
easat-5628	198	14	companies	company	NOUN
easat-5628	198	15	were	be	AUX
easat-5628	198	16	identified	identify	VERB
easat-5628	198	17	as	as	ADP
easat-5628	198	18	participating	participate	VERB
easat-5628	198	19	in	in	ADP
easat-5628	198	20	carbon	carbon	NOUN
easat-5628	198	21	emissions	emission	NOUN
easat-5628	198	22	trading	trading	NOUN
easat-5628	198	23	and	and	CCONJ
easat-5628	198	24	fulfilling	fulfil	VERB
easat-5628	198	25	their	their	PRON
easat-5628	198	26	obligations	obligation	NOUN
easat-5628	198	27	.	.	PUNCT
easat-5628	199	1	the	the	DET
easat-5628	199	2	companies	company	NOUN
easat-5628	199	3	included	include	VERB
easat-5628	199	4	in	in	ADP
easat-5628	199	5	this	this	DET
easat-5628	199	6	analysis	analysis	NOUN
easat-5628	199	7	account	account	VERB
easat-5628	199	8	for	for	ADP
easat-5628	199	9	approximately	approximately	ADV
easat-5628	199	10	32.19	32.19	NUM
easat-5628	199	11	%	%	NOUN
easat-5628	199	12	of	of	ADP
easat-5628	199	13	south	south	PROPN
easat-5628	199	14	korea	korea	PROPN
easat-5628	199	15	’s	’s	PART
easat-5628	199	16	total	total	ADJ
easat-5628	199	17	allocation7	allocation7	PROPN
easat-5628	199	18	.	.	PUNCT
easat-5628	200	1	table	table	NOUN
easat-5628	200	2	2	2	NUM
easat-5628	200	3	lists	list	VERB
easat-5628	200	4	the	the	DET
easat-5628	200	5	companies	company	NOUN
easat-5628	200	6	that	that	PRON
easat-5628	200	7	received	receive	VERB
easat-5628	200	8	more	more	ADJ
easat-5628	200	9	than	than	ADP
easat-5628	200	10	500,000	500,000	NUM
easat-5628	200	11	co2	co2	NOUN
easat-5628	200	12	tons	ton	NOUN
easat-5628	200	13	of	of	ADP
easat-5628	200	14	free	free	ADJ
easat-5628	200	15	allowances	allowance	NOUN
easat-5628	200	16	annually	annually	ADV
easat-5628	200	17	.	.	PUNCT
easat-5628	201	1	table	table	NOUN
easat-5628	201	2	2	2	NUM
easat-5628	201	3	.	.	X
easat-5628	201	4	list	list	NOUN
easat-5628	201	5	of	of	ADP
easat-5628	201	6	companies	company	NOUN
easat-5628	201	7	with	with	ADP
easat-5628	201	8	annual	annual	ADJ
easat-5628	201	9	free	free	ADJ
easat-5628	201	10	allocation	allocation	NOUN
easat-5628	201	11	over	over	ADP
easat-5628	201	12	500,000	500,000	NUM
easat-5628	201	13	co2	co2	NOUN
easat-5628	201	14	ton	ton	NOUN
easat-5628	201	15	.	.	PUNCT
easat-5628	202	1	company	company	NOUN
easat-5628	202	2	industry	industry	NOUN
easat-5628	202	3	allowances	allowance	NOUN
easat-5628	202	4	granted	grant	VERB
easat-5628	202	5	company	company	NOUN
easat-5628	202	6	industry	industry	NOUN
easat-5628	202	7	allowances	allowance	NOUN
easat-5628	202	8	granted	grant	VERB
easat-5628	202	9	daesang	daesang	NOUN
easat-5628	202	10	food	food	NOUN
easat-5628	202	11	627,923	627,923	NUM
easat-5628	202	12	lg	lg	NOUN
easat-5628	202	13	electronics	electronic	NOUN
easat-5628	202	14	electric	electric	PROPN
easat-5628	202	15	1,026,844	1,026,844	NUM
easat-5628	202	16	dongkuk	dongkuk	PROPN
easat-5628	202	17	holdings	holding	NOUN
easat-5628	202	18	iron/	iron/	NUM
easat-5628	202	19	steel	steel	NOUN
easat-5628	202	20	1,985,866	1,985,866	NUM
easat-5628	202	21	lg	lg	NOUN
easat-5628	202	22	uplus	uplus	PROPN
easat-5628	202	23	telecommunications	telecommunications	PROPN
easat-5628	202	24	1,076,508	1,076,508	NUM
easat-5628	202	25	hanwha	hanwha	NOUN
easat-5628	202	26	solutions	solution	NOUN
easat-5628	202	27	chemical	chemical	VERB
easat-5628	202	28	2,076,574	2,076,574	NUM
easat-5628	202	29	lotte	lotte	NOUN
easat-5628	202	30	chemical	chemical	NOUN
easat-5628	202	31	chemical	chemical	NOUN
easat-5628	202	32	5,797,874	5,797,874	NUM
easat-5628	202	33	hyosung	hyosung	NOUN
easat-5628	202	34	heavy	heavy	ADJ
easat-5628	202	35	industry	industry	NOUN
easat-5628	202	36	1,268,513	1,268,513	NUM
easat-5628	202	37	lotte	lotte	NOUN
easat-5628	202	38	shopping	shopping	NOUN
easat-5628	202	39	retail	retail	ADJ
easat-5628	202	40	distribution	distribution	NOUN
easat-5628	202	41	926,745	926,745	NUM
easat-5628	202	42	hyundai	hyundai	PROPN
easat-5628	202	43	motor	motor	NOUN
easat-5628	202	44	auto	auto	NOUN
easat-5628	202	45	manufacturer	manufacturer	NOUN
easat-5628	202	46	1,547,504	1,547,504	NUM
easat-5628	202	47	oci	oci	NOUN
easat-5628	202	48	holdings	holding	NOUN
easat-5628	202	49	chemical	chemical	PROPN
easat-5628	202	50	2,542,099	2,542,099	NUM
easat-5628	202	51	hyundai	hyundai	PROPN
easat-5628	202	52	steel	steel	NOUN
easat-5628	202	53	iron/	iron/	NUM
easat-5628	202	54	steel	steel	NOUN
easat-5628	202	55	19,835,373	19,835,373	NUM
easat-5628	202	56	posco	posco	PROPN
easat-5628	202	57	future	future	PROPN
easat-5628	202	58	m	m	VERB
easat-5628	202	59	electric/	electric/	NUM
easat-5628	202	60	chemical	chemical	NOUN
easat-5628	202	61	1,741,885	1,741,885	NUM
easat-5628	202	62	kcc	kcc	PROPN
easat-5628	202	63	chemical	chemical	PROPN
easat-5628	202	64	1,440,533	1,440,533	NUM
easat-5628	202	65	posco	posco	PROPN
easat-5628	202	66	holdings	holding	NOUN
easat-5628	202	67	iron/	iron/	NUM
easat-5628	202	68	steel	steel	NOUN
easat-5628	202	69	75,113,206	75,113,206	NUM
easat-5628	202	70	kia	kia	PROPN
easat-5628	202	71	corp	corp	PROPN
easat-5628	202	72	.	.	PROPN
easat-5628	202	73	auto	auto	NOUN
easat-5628	202	74	manufacturer	manufacturer	NOUN
easat-5628	202	75	850,434	850,434	NUM
easat-5628	202	76	samsung	samsung	PROPN
easat-5628	202	77	electronics	electronics	PROPN
easat-5628	202	78	semiconductors	semiconductor	NOUN
easat-5628	202	79	/electric	/electric	PUNCT
easat-5628	202	80	8,903,097	8,903,097	NUM
easat-5628	202	81	korea	korea	PROPN
easat-5628	202	82	electric	electric	PROPN
easat-5628	202	83	power	power	PROPN
easat-5628	202	84	corp	corp	PROPN
easat-5628	202	85	.	.	PROPN
easat-5628	202	86	utilities	utilities	PROPN
easat-5628	202	87	1,268,258	1,268,258	NUM
easat-5628	202	88	samsung	samsung	PROPN
easat-5628	202	89	heavy	heavy	PROPN
easat-5628	202	90	industry	industry	NOUN
easat-5628	202	91	heavy	heavy	ADJ
easat-5628	202	92	industry	industry	NOUN
easat-5628	202	93	502,287	502,287	NUM
easat-5628	202	94	korea	korea	PROPN
easat-5628	202	95	gas	gas	PROPN
easat-5628	202	96	corp	corp	PROPN
easat-5628	202	97	.	.	PROPN
easat-5628	202	98	utilities	utilities	PROPN
easat-5628	202	99	641,775	641,775	NUM
easat-5628	202	100	samsung	samsung	PROPN
easat-5628	202	101	sdi	sdi	PROPN
easat-5628	202	102	secondary	secondary	ADJ
easat-5628	202	103	battery/	battery/	NUM
easat-5628	202	104	electric	electric	PROPN
easat-5628	202	105	722,305	722,305	NUM
easat-5628	202	106	korea	korea	PROPN
easat-5628	202	107	petrochemical	petrochemical	PROPN
easat-5628	202	108	ind	ind	PROPN
easat-5628	202	109	.	.	PUNCT
easat-5628	203	1	chemical	chemical	NOUN
easat-5628	203	2	1,257,442	1,257,442	NUM
easat-5628	203	3	seah	seah	PROPN
easat-5628	203	4	besteel	besteel	PROPN
easat-5628	203	5	holdings	holding	NOUN
easat-5628	203	6	iron	iron	NOUN
easat-5628	203	7	/	/	SYM
easat-5628	203	8	steel	steel	PROPN
easat-5628	203	9	1,272,619	1,272,619	NUM
easat-5628	203	10	korea	korea	PROPN
easat-5628	203	11	zinc	zinc	NOUN
easat-5628	203	12	iron	iron	NOUN
easat-5628	203	13	/	/	SYM
easat-5628	203	14	steel	steel	NOUN
easat-5628	203	15	3,149,614	3,149,614	NUM
easat-5628	203	16	sk	sk	ADP
easat-5628	203	17	hynix	hynix	NOUN
easat-5628	203	18	semiconductors	semiconductor	NOUN
easat-5628	203	19	2,869,722	2,869,722	NUM
easat-5628	203	20	korean	korean	ADJ
easat-5628	203	21	air	air	NOUN
easat-5628	203	22	airline	airline	NOUN
easat-5628	203	23	552,913	552,913	NUM
easat-5628	203	24	sk	sk	PROPN
easat-5628	203	25	telecom	telecom	NOUN
easat-5628	203	26	telecommunications	telecommunication	NOUN
easat-5628	203	27	762,510	762,510	NUM
easat-5628	203	28	kt	kt	PROPN
easat-5628	203	29	telecommunications	telecommunications	PROPN
easat-5628	203	30	1,132,159	1,132,159	NUM
easat-5628	203	31	skc	skc	NOUN
easat-5628	203	32	chemical	chemical	PROPN
easat-5628	203	33	790,910	790,910	NUM
easat-5628	203	34	kumho	kumho	NOUN
easat-5628	203	35	petrochemical	petrochemical	NOUN
easat-5628	203	36	chemical	chemical	NOUN
easat-5628	203	37	3,066,655	3,066,655	NUM
easat-5628	203	38	s	s	NOUN
easat-5628	203	39	-	-	PUNCT
easat-5628	203	40	oil	oil	NOUN
easat-5628	203	41	chemical	chemical	NOUN
easat-5628	203	42	6,331,744	6,331,744	NUM
easat-5628	203	43	lg	lg	NOUN
easat-5628	203	44	chemical	chemical	ADJ
easat-5628	203	45	chemical	chemical	NOUN
easat-5628	203	46	7,354,068	7,354,068	NUM
easat-5628	203	47	ssangyong	ssangyong	PROPN
easat-5628	203	48	cne	cne	PROPN
easat-5628	203	49	building	building	NOUN
easat-5628	203	50	materials	material	NOUN
easat-5628	203	51	11,601,822	11,601,822	NUM
easat-5628	203	52	lg	lg	NOUN
easat-5628	203	53	display	display	NOUN
easat-5628	203	54	electric	electric	PROPN
easat-5628	203	55	5,208,838	5,208,838	NUM
easat-5628	203	56	youngpoong	youngpoong	ADJ
easat-5628	203	57	non	non	ADJ
easat-5628	203	58	-	-	ADJ
easat-5628	203	59	ferrous	ferrous	ADJ
easat-5628	203	60	metals	metal	NOUN
easat-5628	203	61	1,153,581	1,153,581	NUM
easat-5628	203	62	5	5	NUM
easat-5628	203	63	.	.	PUNCT
easat-5628	204	1	empirical	empirical	ADJ
easat-5628	204	2	strategy	strategy	NOUN
easat-5628	204	3	we	we	PRON
easat-5628	204	4	used	use	VERB
easat-5628	204	5	three	three	NUM
easat-5628	204	6	empirical	empirical	ADJ
easat-5628	204	7	specifications	specification	NOUN
easat-5628	204	8	to	to	PART
easat-5628	204	9	examine	examine	VERB
easat-5628	204	10	the	the	DET
easat-5628	204	11	existence	existence	NOUN
easat-5628	204	12	of	of	ADP
easat-5628	204	13	a	a	DET
easat-5628	204	14	carbon	carbon	NOUN
easat-5628	204	15	premium	premium	NOUN
easat-5628	204	16	in	in	ADP
easat-5628	204	17	the	the	DET
easat-5628	204	18	korean	korean	ADJ
easat-5628	204	19	stock	stock	NOUN
easat-5628	204	20	market	market	NOUN
easat-5628	204	21	.	.	PUNCT
easat-5628	205	1	we	we	PRON
easat-5628	205	2	estimated	estimate	VERB
easat-5628	205	3	the	the	DET
easat-5628	205	4	treatment	treatment	NOUN
easat-5628	205	5	effect	effect	NOUN
easat-5628	205	6	using	use	VERB
easat-5628	205	7	a	a	DET
easat-5628	205	8	panel	panel	NOUN
easat-5628	205	9	fixed	fix	VERB
easat-5628	205	10	-	-	PUNCT
easat-5628	205	11	effects	effect	NOUN
easat-5628	205	12	model	model	NOUN
easat-5628	205	13	in	in	ADP
easat-5628	205	14	the	the	DET
easat-5628	205	15	first	first	ADJ
easat-5628	205	16	stage	stage	NOUN
easat-5628	205	17	.	.	PUNCT
easat-5628	206	1	subsequently	subsequently	ADV
easat-5628	206	2	,	,	PUNCT
easat-5628	206	3	we	we	PRON
easat-5628	206	4	confirmed	confirm	VERB
easat-5628	206	5	the	the	DET
easat-5628	206	6	results	result	NOUN
easat-5628	206	7	using	use	VERB
easat-5628	206	8	a	a	DET
easat-5628	206	9	portfolio	portfolio	NOUN
easat-5628	206	10	approach	approach	NOUN
easat-5628	206	11	.	.	PUNCT
easat-5628	207	1	according	accord	VERB
easat-5628	207	2	to	to	ADP
easat-5628	207	3	bauer	bauer	PROPN
easat-5628	207	4	,	,	PUNCT
easat-5628	207	5	et	et	PROPN
easat-5628	207	6	al	al	PROPN
easat-5628	207	7	.	.	PUNCT
easat-5628	208	1	[	[	X
easat-5628	208	2	16	16	NUM
easat-5628	208	3	]	]	PUNCT
easat-5628	208	4	and	and	CCONJ
easat-5628	208	5	huij	huij	PROPN
easat-5628	208	6	,	,	PUNCT
easat-5628	208	7	et	et	PROPN
easat-5628	208	8	al	al	PROPN
easat-5628	208	9	.	.	PUNCT
easat-5628	209	1	[	[	X
easat-5628	209	2	14	14	NUM
easat-5628	209	3	]	]	PUNCT
easat-5628	209	4	we	we	PRON
easat-5628	209	5	compared	compare	VERB
easat-5628	209	6	the	the	DET
easat-5628	209	7	stock	stock	NOUN
easat-5628	209	8	returns	return	NOUN
easat-5628	209	9	on	on	ADP
easat-5628	209	10	brown	brown	ADJ
easat-5628	209	11	and	and	CCONJ
easat-5628	209	12	green	green	ADJ
easat-5628	209	13	portfolios	portfolio	NOUN
easat-5628	209	14	.	.	PUNCT
easat-5628	210	1	we	we	PRON
easat-5628	210	2	verified	verify	VERB
easat-5628	210	3	the	the	DET
easat-5628	210	4	results	result	NOUN
easat-5628	210	5	using	use	VERB
easat-5628	210	6	the	the	DET
easat-5628	210	7	synthetic	synthetic	ADJ
easat-5628	210	8	control	control	NOUN
easat-5628	210	9	method	method	NOUN
easat-5628	210	10	in	in	ADP
easat-5628	210	11	the	the	DET
easat-5628	210	12	final	final	ADJ
easat-5628	210	13	stage	stage	NOUN
easat-5628	210	14	.	.	PUNCT
easat-5628	211	1	these	these	DET
easat-5628	211	2	comparative	comparative	ADJ
easat-5628	211	3	approaches	approach	NOUN
easat-5628	211	4	provide	provide	VERB
easat-5628	211	5	intuitive	intuitive	ADJ
easat-5628	211	6	and	and	CCONJ
easat-5628	211	7	comprehensive	comprehensive	ADJ
easat-5628	211	8	results	result	NOUN
easat-5628	211	9	.	.	PUNCT
easat-5628	212	1	moreover	moreover	ADV
easat-5628	212	2	,	,	PUNCT
easat-5628	212	3	they	they	PRON
easat-5628	212	4	enable	enable	VERB
easat-5628	212	5	us	we	PRON
easat-5628	212	6	to	to	PART
easat-5628	212	7	better	well	ADV
easat-5628	212	8	understand	understand	VERB
easat-5628	212	9	the	the	DET
easat-5628	212	10	treatment	treatment	NOUN
easat-5628	212	11	effect	effect	NOUN
easat-5628	212	12	because	because	SCONJ
easat-5628	212	13	5this	5this	NUM
easat-5628	212	14	dataset	dataset	NOUN
easat-5628	212	15	is	be	AUX
easat-5628	212	16	available	available	ADJ
easat-5628	212	17	at	at	ADP
easat-5628	212	18	https://data.newstapa.org/datasets	https://data.newstapa.org/dataset	NOUN
easat-5628	212	19	.	.	PUNCT
easat-5628	213	1	6the	6the	NUM
easat-5628	213	2	dataset	dataset	NOUN
easat-5628	213	3	includes	include	VERB
easat-5628	213	4	the	the	DET
easat-5628	213	5	public	public	ADJ
easat-5628	213	6	sector	sector	NOUN
easat-5628	213	7	,	,	PUNCT
easat-5628	213	8	such	such	ADJ
easat-5628	213	9	as	as	ADP
easat-5628	213	10	local	local	ADJ
easat-5628	213	11	governments	government	NOUN
easat-5628	213	12	,	,	PUNCT
easat-5628	213	13	educational	educational	ADJ
easat-5628	213	14	institutions	institution	NOUN
easat-5628	213	15	(	(	PUNCT
easat-5628	213	16	a	a	DET
easat-5628	213	17	university	university	NOUN
easat-5628	213	18	and	and	CCONJ
easat-5628	213	19	educational	educational	ADJ
easat-5628	213	20	foundations	foundation	NOUN
easat-5628	213	21	)	)	PUNCT
easat-5628	213	22	,	,	PUNCT
easat-5628	213	23	and	and	CCONJ
easat-5628	213	24	some	some	DET
easat-5628	213	25	public	public	ADJ
easat-5628	213	26	welfare	welfare	NOUN
easat-5628	213	27	foundations	foundation	NOUN
easat-5628	213	28	,	,	PUNCT
easat-5628	213	29	in	in	ADP
easat-5628	213	30	addition	addition	NOUN
easat-5628	213	31	to	to	ADP
easat-5628	213	32	a	a	DET
easat-5628	213	33	private	private	ADJ
easat-5628	213	34	company	company	NOUN
easat-5628	213	35	.	.	PUNCT
easat-5628	214	1	7it	7it	ADJ
easat-5628	214	2	makes	make	VERB
easat-5628	214	3	sense	sense	NOUN
easat-5628	214	4	since	since	SCONJ
easat-5628	214	5	government	government	NOUN
easat-5628	214	6	-	-	PUNCT
easat-5628	214	7	owned	own	VERB
easat-5628	214	8	utilities	utility	NOUN
easat-5628	214	9	and	and	CCONJ
easat-5628	214	10	local	local	ADJ
easat-5628	214	11	governments	government	NOUN
easat-5628	214	12	received	receive	VERB
easat-5628	214	13	a	a	DET
easat-5628	214	14	substantial	substantial	ADJ
easat-5628	214	15	share	share	NOUN
easat-5628	214	16	of	of	ADP
easat-5628	214	17	the	the	DET
easat-5628	214	18	kau	kau	PROPN
easat-5628	214	19	.	.	PROPN
easat-5628	214	20	1583	1583	PROPN
easat-5628	214	21	edelweiss	edelweiss	PROPN
easat-5628	214	22	applied	apply	VERB
easat-5628	214	23	science	science	NOUN
easat-5628	214	24	and	and	CCONJ
easat-5628	214	25	technology	technology	NOUN
easat-5628	214	26	issn	issn	PROPN
easat-5628	214	27	:	:	PUNCT
easat-5628	214	28	2576	2576	NUM
easat-5628	214	29	-	-	SYM
easat-5628	214	30	8484	8484	NUM
easat-5628	214	31	vol	vol	NOUN
easat-5628	214	32	.	.	PROPN
easat-5628	215	1	9	9	NUM
easat-5628	215	2	,	,	PUNCT
easat-5628	215	3	no	no	INTJ
easat-5628	215	4	.	.	NOUN
easat-5628	216	1	3	3	NUM
easat-5628	216	2	:	:	PUNCT
easat-5628	216	3	1577	1577	NUM
easat-5628	216	4	-	-	SYM
easat-5628	216	5	1592	1592	NUM
easat-5628	216	6	,	,	PUNCT
easat-5628	216	7	2025	2025	NUM
easat-5628	216	8	doi	doi	NOUN
easat-5628	216	9	:	:	PUNCT
easat-5628	216	10	10.55214/25768484.v9i3.5628	10.55214/25768484.v9i3.5628	NUM
easat-5628	216	11	©	©	PROPN
easat-5628	216	12	2025	2025	NUM
easat-5628	216	13	by	by	ADP
easat-5628	216	14	the	the	DET
easat-5628	216	15	author	author	NOUN
easat-5628	216	16	;	;	PUNCT
easat-5628	216	17	licensee	licensee	PROPN
easat-5628	216	18	learning	learning	NOUN
easat-5628	216	19	gate	gate	NOUN
easat-5628	216	20	they	they	PRON
easat-5628	216	21	show	show	VERB
easat-5628	216	22	the	the	DET
easat-5628	216	23	variation	variation	NOUN
easat-5628	216	24	in	in	ADP
easat-5628	216	25	treatment	treatment	NOUN
easat-5628	216	26	effects	effect	NOUN
easat-5628	216	27	for	for	ADP
easat-5628	216	28	the	the	DET
easat-5628	216	29	entire	entire	ADJ
easat-5628	216	30	analysis	analysis	NOUN
easat-5628	216	31	period	period	NOUN
easat-5628	216	32	.	.	PUNCT
easat-5628	217	1	the	the	DET
easat-5628	217	2	following	follow	VERB
easat-5628	217	3	sections	section	NOUN
easat-5628	217	4	discuss	discuss	VERB
easat-5628	217	5	these	these	DET
easat-5628	217	6	three	three	NUM
easat-5628	217	7	methodologies	methodology	NOUN
easat-5628	217	8	in	in	ADP
easat-5628	217	9	detail	detail	NOUN
easat-5628	217	10	.	.	PUNCT
easat-5628	218	1	5.1	5.1	NUM
easat-5628	218	2	.	.	PUNCT
easat-5628	219	1	panel	panel	NOUN
easat-5628	219	2	regression	regression	NOUN
easat-5628	219	3	model	model	NOUN
easat-5628	219	4	considering	consider	VERB
easat-5628	219	5	the	the	DET
easat-5628	219	6	favorable	favorable	ADJ
easat-5628	219	7	allocation	allocation	NOUN
easat-5628	219	8	to	to	ADP
easat-5628	219	9	the	the	DET
easat-5628	219	10	regulated	regulated	ADJ
easat-5628	219	11	industry	industry	NOUN
easat-5628	219	12	and	and	CCONJ
easat-5628	219	13	windfall	windfall	NOUN
easat-5628	219	14	profit	profit	NOUN
easat-5628	219	15	issue	issue	NOUN
easat-5628	219	16	,	,	PUNCT
easat-5628	219	17	this	this	DET
easat-5628	219	18	empirical	empirical	ADJ
easat-5628	219	19	analysis	analysis	NOUN
easat-5628	219	20	hypothesizes	hypothesize	VERB
easat-5628	219	21	that	that	SCONJ
easat-5628	219	22	a	a	DET
easat-5628	219	23	carbon	carbon	NOUN
easat-5628	219	24	-	-	PUNCT
easat-5628	219	25	emitting	emit	VERB
easat-5628	219	26	firm	firm	NOUN
easat-5628	219	27	will	will	AUX
easat-5628	219	28	outperform	outperform	VERB
easat-5628	219	29	a	a	DET
easat-5628	219	30	non	non	ADJ
easat-5628	219	31	-	-	ADJ
easat-5628	219	32	carbon	carbon	NOUN
easat-5628	219	33	emitter	emitter	NOUN
easat-5628	219	34	after	after	ADP
easat-5628	219	35	introducing	introduce	VERB
easat-5628	219	36	the	the	DET
easat-5628	219	37	k	k	NOUN
easat-5628	219	38	-	-	PUNCT
easat-5628	219	39	ets	et	NOUN
easat-5628	219	40	,	,	PUNCT
easat-5628	219	41	ceteris	ceteris	NOUN
easat-5628	219	42	paribus	paribus	NOUN
easat-5628	219	43	.	.	PUNCT
easat-5628	220	1	we	we	PRON
easat-5628	220	2	used	use	VERB
easat-5628	220	3	a	a	DET
easat-5628	220	4	panel	panel	NOUN
easat-5628	220	5	fixed	fix	VERB
easat-5628	220	6	-	-	PUNCT
easat-5628	220	7	effects	effect	NOUN
easat-5628	220	8	model	model	NOUN
easat-5628	220	9	to	to	PART
easat-5628	220	10	test	test	VERB
easat-5628	220	11	this	this	DET
easat-5628	220	12	hypothesis	hypothesis	NOUN
easat-5628	220	13	.	.	PUNCT
easat-5628	221	1	first	first	ADV
easat-5628	221	2	,	,	PUNCT
easat-5628	221	3	we	we	PRON
easat-5628	221	4	classified	classify	VERB
easat-5628	221	5	a	a	DET
easat-5628	221	6	firm	firm	NOUN
easat-5628	221	7	’s	’s	PART
easat-5628	221	8	category	category	NOUN
easat-5628	221	9	,	,	PUNCT
easat-5628	221	10	such	such	ADJ
easat-5628	221	11	as	as	ADP
easat-5628	221	12	brown	brown	ADJ
easat-5628	221	13	(	(	PUNCT
easat-5628	221	14	carbon	carbon	NOUN
easat-5628	221	15	emitter	emitter	NOUN
easat-5628	221	16	)	)	PUNCT
easat-5628	221	17	or	or	CCONJ
easat-5628	221	18	green	green	ADJ
easat-5628	221	19	(	(	PUNCT
easat-5628	221	20	non	non	ADJ
easat-5628	221	21	-	-	ADJ
easat-5628	221	22	polluter	polluter	ADJ
easat-5628	221	23	)	)	PUNCT
easat-5628	221	24	,	,	PUNCT
easat-5628	221	25	to	to	PART
easat-5628	221	26	specify	specify	VERB
easat-5628	221	27	the	the	DET
easat-5628	221	28	effect	effect	NOUN
easat-5628	221	29	of	of	ADP
easat-5628	221	30	carbon	carbon	NOUN
easat-5628	221	31	emissions	emission	NOUN
easat-5628	221	32	regulations	regulation	NOUN
easat-5628	221	33	.	.	PUNCT
easat-5628	222	1	previous	previous	ADJ
easat-5628	222	2	studies	study	NOUN
easat-5628	222	3	considered	consider	VERB
easat-5628	222	4	carbon	carbon	NOUN
easat-5628	222	5	emission	emission	NOUN
easat-5628	222	6	levels	level	NOUN
easat-5628	222	7	[	[	X
easat-5628	222	8	14	14	NUM
easat-5628	222	9	-	-	SYM
easat-5628	222	10	16	16	NUM
easat-5628	222	11	]	]	PUNCT
easat-5628	222	12	.	.	PUNCT
easat-5628	223	1	other	other	ADJ
easat-5628	223	2	studies	study	NOUN
easat-5628	223	3	,	,	PUNCT
easat-5628	223	4	such	such	ADJ
easat-5628	223	5	as	as	ADP
easat-5628	223	6	oestreich	oestreich	NOUN
easat-5628	223	7	and	and	CCONJ
easat-5628	223	8	tsiakas	tsiakas	NOUN
easat-5628	223	9	[	[	X
easat-5628	223	10	6	6	NUM
easat-5628	223	11	]	]	PUNCT
easat-5628	223	12	and	and	CCONJ
easat-5628	223	13	wen	wen	PROPN
easat-5628	223	14	,	,	PUNCT
easat-5628	223	15	et	et	PROPN
easat-5628	223	16	al	al	PROPN
easat-5628	223	17	.	.	PUNCT
easat-5628	224	1	[	[	X
easat-5628	224	2	7	7	X
easat-5628	224	3	]	]	PUNCT
easat-5628	224	4	used	use	VERB
easat-5628	224	5	carbon	carbon	NOUN
easat-5628	224	6	allowance	allowance	NOUN
easat-5628	224	7	allocation	allocation	NOUN
easat-5628	224	8	as	as	ADP
easat-5628	224	9	their	their	PRON
easat-5628	224	10	criterion	criterion	NOUN
easat-5628	224	11	.	.	PUNCT
easat-5628	225	1	we	we	PRON
easat-5628	225	2	separated	separate	VERB
easat-5628	225	3	brown	brown	ADJ
easat-5628	225	4	and	and	CCONJ
easat-5628	225	5	green	green	ADJ
easat-5628	225	6	firms	firm	NOUN
easat-5628	225	7	by	by	ADP
easat-5628	225	8	carbon	carbon	NOUN
easat-5628	225	9	allowance	allowance	NOUN
easat-5628	225	10	allocation	allocation	NOUN
easat-5628	225	11	because	because	SCONJ
easat-5628	225	12	this	this	DET
easat-5628	225	13	study	study	NOUN
easat-5628	225	14	examines	examine	VERB
easat-5628	225	15	the	the	DET
easat-5628	225	16	impact	impact	NOUN
easat-5628	225	17	of	of	ADP
easat-5628	225	18	emissions	emission	NOUN
easat-5628	225	19	trading	trading	NOUN
easat-5628	225	20	on	on	ADP
easat-5628	225	21	the	the	DET
easat-5628	225	22	korean	korean	ADJ
easat-5628	225	23	stock	stock	NOUN
easat-5628	225	24	market	market	NOUN
easat-5628	225	25	.	.	PUNCT
easat-5628	226	1	we	we	PRON
easat-5628	226	2	designated	designate	VERB
easat-5628	226	3	companies	company	NOUN
easat-5628	226	4	that	that	PRON
easat-5628	226	5	receive	receive	VERB
easat-5628	226	6	free	free	ADJ
easat-5628	226	7	allowances	allowance	NOUN
easat-5628	226	8	and	and	CCONJ
easat-5628	226	9	those	those	PRON
easat-5628	226	10	that	that	PRON
easat-5628	226	11	do	do	VERB
easat-5628	226	12	not	not	PART
easat-5628	226	13	as	as	ADV
easat-5628	226	14	brown	brown	ADJ
easat-5628	226	15	and	and	CCONJ
easat-5628	226	16	green	green	ADJ
easat-5628	226	17	portfolios	portfolio	NOUN
easat-5628	226	18	,	,	PUNCT
easat-5628	226	19	respectively	respectively	ADV
easat-5628	226	20	.	.	PUNCT
easat-5628	227	1	the	the	DET
easat-5628	227	2	panel	panel	NOUN
easat-5628	227	3	-	-	PUNCT
easat-5628	227	4	fixed	fix	VERB
easat-5628	227	5	effects	effect	NOUN
easat-5628	227	6	model	model	NOUN
easat-5628	227	7	takes	take	VERB
easat-5628	227	8	the	the	DET
easat-5628	227	9	following	follow	VERB
easat-5628	227	10	form	form	NOUN
easat-5628	227	11	.	.	PUNCT
easat-5628	228	1	ln(𝑆𝑡𝑜𝑐𝑘⁡𝑅𝑒𝑡𝑟𝑢𝑛𝑖𝑡	ln(𝑆𝑡𝑜𝑐𝑘⁡𝑅𝑒𝑡𝑟𝑢𝑛𝑖𝑡	ADJ
easat-5628	228	2	)	)	PUNCT
easat-5628	228	3	=	=	PUNCT
easat-5628	229	1	𝛼𝐵𝑟𝑜𝑤𝑛𝑖𝑡	𝛼𝐵𝑟𝑜𝑤𝑛𝑖𝑡	PROPN
easat-5628	229	2	+	+	NOUN
easat-5628	229	3	∑𝛽𝑗	∑𝛽𝑗	NOUN
easat-5628	229	4	𝑗	𝑗	PROPN
easat-5628	229	5	𝑋𝑖𝑡𝑗	𝑋𝑖𝑡𝑗	PROPN
easat-5628	229	6	+	+	CCONJ
easat-5628	229	7	𝛾𝑡	𝛾𝑡	ADP
easat-5628	229	8	+	+	NUM
easat-5628	229	9	𝛿𝑖	𝛿𝑖	NOUN
easat-5628	229	10	+	+	CCONJ
easat-5628	229	11	휀𝑖𝑡	휀𝑖𝑡	PROPN
easat-5628	229	12	(	(	PUNCT
easat-5628	229	13	1	1	NUM
easat-5628	229	14	)	)	PUNCT
easat-5628	229	15	where	where	SCONJ
easat-5628	229	16	the	the	DET
easat-5628	229	17	dependent	dependent	ADJ
easat-5628	229	18	variable	variable	NOUN
easat-5628	229	19	is	be	AUX
easat-5628	229	20	the	the	DET
easat-5628	229	21	logarithmic	logarithmic	ADJ
easat-5628	229	22	stock	stock	NOUN
easat-5628	229	23	return	return	NOUN
easat-5628	229	24	and	and	CCONJ
easat-5628	229	25	𝐵𝑟𝑜𝑤𝑛𝑖𝑡	𝐵𝑟𝑜𝑤𝑛𝑖𝑡	PROPN
easat-5628	229	26	,	,	PUNCT
easat-5628	229	27	is	be	AUX
easat-5628	229	28	a	a	DET
easat-5628	229	29	dummy	dummy	ADJ
easat-5628	229	30	variable	variable	NOUN
easat-5628	229	31	.	.	PUNCT
easat-5628	230	1	specifically	specifically	ADV
easat-5628	230	2	,	,	PUNCT
easat-5628	230	3	carbon	carbon	NOUN
easat-5628	230	4	emitters	emitter	NOUN
easat-5628	230	5	(	(	PUNCT
easat-5628	230	6	brown	brown	ADJ
easat-5628	230	7	firms	firm	NOUN
easat-5628	230	8	)	)	PUNCT
easat-5628	230	9	are	be	AUX
easat-5628	230	10	designated	designate	VERB
easat-5628	230	11	as	as	ADP
easat-5628	230	12	1	1	NUM
easat-5628	230	13	,	,	PUNCT
easat-5628	230	14	whereas	whereas	SCONJ
easat-5628	230	15	non	non	ADJ
easat-5628	230	16	-	-	ADJ
easat-5628	230	17	carbon	carbon	ADJ
easat-5628	230	18	emitters	emitter	NOUN
easat-5628	230	19	(	(	PUNCT
easat-5628	230	20	green	green	ADJ
easat-5628	230	21	firms	firm	NOUN
easat-5628	230	22	)	)	PUNCT
easat-5628	230	23	take	take	VERB
easat-5628	230	24	the	the	DET
easat-5628	230	25	value	value	NOUN
easat-5628	230	26	of	of	ADP
easat-5628	230	27	0	0	NUM
easat-5628	230	28	.	.	PUNCT
easat-5628	231	1	this	this	PRON
easat-5628	231	2	implies	imply	VERB
easat-5628	231	3	that	that	SCONJ
easat-5628	231	4	the	the	DET
easat-5628	231	5	brown	brown	ADJ
easat-5628	231	6	portfolio	portfolio	NOUN
easat-5628	231	7	outperforms	outperform	VERB
easat-5628	231	8	the	the	DET
easat-5628	231	9	green	green	ADJ
easat-5628	231	10	portfolio	portfolio	NOUN
easat-5628	231	11	when	when	SCONJ
easat-5628	231	12	we	we	PRON
easat-5628	231	13	have	have	VERB
easat-5628	231	14	a	a	DET
easat-5628	231	15	positive	positive	ADJ
easat-5628	231	16	estimate	estimate	NOUN
easat-5628	231	17	and	and	CCONJ
easat-5628	231	18	vice	vice	ADV
easat-5628	231	19	versa	versa	ADV
easat-5628	231	20	.	.	PUNCT
easat-5628	232	1	variable	variable	ADJ
easat-5628	232	2	𝑋𝑖𝑡	𝑋𝑖𝑡	PROPN
easat-5628	232	3	includes	include	VERB
easat-5628	232	4	control	control	NOUN
easat-5628	232	5	variables	variable	NOUN
easat-5628	232	6	for	for	ADP
easat-5628	232	7	accounting	accounting	NOUN
easat-5628	232	8	information	information	NOUN
easat-5628	232	9	,	,	PUNCT
easat-5628	232	10	such	such	ADJ
easat-5628	232	11	as	as	ADP
easat-5628	232	12	roe	roe	NOUN
easat-5628	232	13	,	,	PUNCT
easat-5628	232	14	sales	sale	NOUN
easat-5628	232	15	growth	growth	NOUN
easat-5628	232	16	,	,	PUNCT
easat-5628	232	17	log	log	VERB
easat-5628	232	18	market	market	NOUN
easat-5628	232	19	capitalization	capitalization	NOUN
easat-5628	232	20	,	,	PUNCT
easat-5628	232	21	leverage	leverage	NOUN
easat-5628	232	22	,	,	PUNCT
easat-5628	232	23	and	and	CCONJ
easat-5628	232	24	investment	investment	NOUN
easat-5628	232	25	.	.	PUNCT
easat-5628	233	1	the	the	DET
easat-5628	233	2	𝛾𝑡	𝛾𝑡	NOUN
easat-5628	233	3	are	be	AUX
easat-5628	233	4	time	time	NOUN
easat-5628	233	5	dummies	dummy	NOUN
easat-5628	233	6	specifically	specifically	ADV
easat-5628	233	7	,	,	PUNCT
easat-5628	233	8	year	year	NOUN
easat-5628	233	9	fixed	fix	VERB
easat-5628	233	10	effects	effect	NOUN
easat-5628	233	11	.	.	PUNCT
easat-5628	234	1	industry	industry	NOUN
easat-5628	234	2	fixed	fix	VERB
easat-5628	234	3	effects	effect	NOUN
easat-5628	234	4	have	have	AUX
easat-5628	234	5	been	be	AUX
easat-5628	234	6	captured	capture	VERB
easat-5628	234	7	in	in	ADP
easat-5628	234	8	𝛿𝑖	𝛿𝑖	PROPN
easat-5628	234	9	.	.	PUNCT
easat-5628	235	1	we	we	PRON
easat-5628	235	2	used	use	VERB
easat-5628	235	3	21	21	NUM
easat-5628	235	4	industry	industry	NOUN
easat-5628	235	5	classifications8	classifications8	NOUN
easat-5628	235	6	in	in	ADP
easat-5628	235	7	the	the	DET
easat-5628	235	8	empirical	empirical	ADJ
easat-5628	235	9	model	model	NOUN
easat-5628	235	10	.	.	PUNCT
easat-5628	236	1	the	the	DET
easat-5628	236	2	휀𝑖𝑡	휀𝑖𝑡	NOUN
easat-5628	236	3	is	be	AUX
easat-5628	236	4	the	the	DET
easat-5628	236	5	error	error	NOUN
easat-5628	236	6	term	term	NOUN
easat-5628	236	7	.	.	PUNCT
easat-5628	237	1	5.2	5.2	NUM
easat-5628	237	2	.	.	PUNCT
easat-5628	238	1	portfolio	portfolio	NOUN
easat-5628	238	2	approach	approach	PROPN
easat-5628	238	3	bauer	bauer	PROPN
easat-5628	238	4	,	,	PUNCT
easat-5628	238	5	et	et	PROPN
easat-5628	238	6	al	al	PROPN
easat-5628	238	7	.	.	PUNCT
easat-5628	239	1	[	[	X
easat-5628	239	2	16	16	NUM
easat-5628	239	3	]	]	PUNCT
easat-5628	239	4	has	have	AUX
easat-5628	239	5	shown	show	VERB
easat-5628	239	6	that	that	SCONJ
easat-5628	239	7	a	a	DET
easat-5628	239	8	non	non	ADJ
easat-5628	239	9	-	-	ADJ
easat-5628	239	10	carbon	carbon	NOUN
easat-5628	239	11	premium	premium	NOUN
easat-5628	239	12	generally	generally	ADV
easat-5628	239	13	exists	exist	VERB
easat-5628	239	14	in	in	ADP
easat-5628	239	15	g7	g7	PROPN
easat-5628	239	16	countries	country	NOUN
easat-5628	239	17	;	;	PUNCT
easat-5628	239	18	however	however	ADV
easat-5628	239	19	,	,	PUNCT
easat-5628	239	20	there	there	PRON
easat-5628	239	21	are	be	VERB
easat-5628	239	22	periods	period	NOUN
easat-5628	239	23	in	in	ADP
easat-5628	239	24	which	which	PRON
easat-5628	239	25	the	the	DET
easat-5628	239	26	opposite	opposite	ADJ
easat-5628	239	27	result	result	NOUN
easat-5628	239	28	is	be	AUX
easat-5628	239	29	observed	observe	VERB
easat-5628	239	30	at	at	ADP
easat-5628	239	31	specific	specific	ADJ
easat-5628	239	32	points	point	NOUN
easat-5628	239	33	in	in	ADP
easat-5628	239	34	time	time	NOUN
easat-5628	239	35	.	.	PUNCT
easat-5628	240	1	the	the	DET
easat-5628	240	2	stock	stock	NOUN
easat-5628	240	3	returns	return	NOUN
easat-5628	240	4	of	of	ADP
easat-5628	240	5	portfolio	portfolio	NOUN
easat-5628	240	6	results	result	NOUN
easat-5628	240	7	may	may	AUX
easat-5628	240	8	vary	vary	VERB
easat-5628	240	9	by	by	ADP
easat-5628	240	10	period	period	NOUN
easat-5628	240	11	owing	owe	VERB
easat-5628	240	12	to	to	ADP
easat-5628	240	13	policy	policy	NOUN
easat-5628	240	14	issues	issue	NOUN
easat-5628	240	15	in	in	ADP
easat-5628	240	16	the	the	DET
easat-5628	240	17	k	k	NOUN
easat-5628	240	18	-	-	PUNCT
easat-5628	240	19	ets	et	NOUN
easat-5628	240	20	and	and	CCONJ
easat-5628	240	21	other	other	ADJ
easat-5628	240	22	external	external	ADJ
easat-5628	240	23	shocks	shock	NOUN
easat-5628	240	24	in	in	ADP
easat-5628	240	25	the	the	DET
easat-5628	240	26	korean	korean	ADJ
easat-5628	240	27	financial	financial	ADJ
easat-5628	240	28	market	market	NOUN
easat-5628	240	29	.	.	PUNCT
easat-5628	241	1	the	the	DET
easat-5628	241	2	portfolio	portfolio	NOUN
easat-5628	241	3	approach	approach	NOUN
easat-5628	241	4	can	can	AUX
easat-5628	241	5	be	be	AUX
easat-5628	241	6	used	use	VERB
easat-5628	241	7	as	as	ADP
easat-5628	241	8	an	an	DET
easat-5628	241	9	alternative	alternative	NOUN
easat-5628	241	10	for	for	ADP
easat-5628	241	11	observing	observe	VERB
easat-5628	241	12	fluctuating	fluctuate	VERB
easat-5628	241	13	returns	return	NOUN
easat-5628	241	14	throughout	throughout	ADP
easat-5628	241	15	a	a	DET
easat-5628	241	16	time	time	NOUN
easat-5628	241	17	series	series	NOUN
easat-5628	241	18	.	.	PUNCT
easat-5628	242	1	comparing	compare	VERB
easat-5628	242	2	stock	stock	NOUN
easat-5628	242	3	returns	return	NOUN
easat-5628	242	4	among	among	ADP
easat-5628	242	5	portfolios	portfolio	NOUN
easat-5628	242	6	with	with	ADP
easat-5628	242	7	heterogeneous	heterogeneous	ADJ
easat-5628	242	8	characteristics	characteristic	NOUN
easat-5628	242	9	is	be	AUX
easat-5628	242	10	a	a	DET
easat-5628	242	11	widely	widely	ADV
easat-5628	242	12	applied	apply	VERB
easat-5628	242	13	method	method	NOUN
easat-5628	242	14	in	in	ADP
easat-5628	242	15	empirical	empirical	ADJ
easat-5628	242	16	finance	finance	NOUN
easat-5628	242	17	,	,	PUNCT
easat-5628	242	18	especially	especially	ADV
easat-5628	242	19	in	in	ADP
easat-5628	242	20	asset	asset	NOUN
easat-5628	242	21	pricing	pricing	NOUN
easat-5628	242	22	.	.	PUNCT
easat-5628	243	1	to	to	PART
easat-5628	243	2	implement	implement	VERB
easat-5628	243	3	this	this	DET
easat-5628	243	4	approach	approach	NOUN
easat-5628	243	5	,	,	PUNCT
easat-5628	243	6	we	we	PRON
easat-5628	243	7	calculated	calculate	VERB
easat-5628	243	8	the	the	DET
easat-5628	243	9	average	average	ADJ
easat-5628	243	10	stock	stock	NOUN
easat-5628	243	11	returns	return	NOUN
easat-5628	243	12	for	for	ADP
easat-5628	243	13	each	each	DET
easat-5628	243	14	portfolio	portfolio	NOUN
easat-5628	243	15	.	.	PUNCT
easat-5628	244	1	the	the	DET
easat-5628	244	2	simple	simple	ADJ
easat-5628	244	3	spread	spread	NOUN
easat-5628	244	4	between	between	ADP
easat-5628	244	5	these	these	DET
easat-5628	244	6	portfolios	portfolio	NOUN
easat-5628	244	7	represents	represent	VERB
easat-5628	244	8	the	the	DET
easat-5628	244	9	carbon	carbon	NOUN
easat-5628	244	10	(	(	PUNCT
easat-5628	244	11	or	or	CCONJ
easat-5628	244	12	non	non	ADJ
easat-5628	244	13	-	-	ADJ
easat-5628	244	14	carbon	carbon	NOUN
easat-5628	244	15	)	)	PUNCT
easat-5628	244	16	premium	premium	NOUN
easat-5628	244	17	.	.	PUNCT
easat-5628	245	1	to	to	PART
easat-5628	245	2	verify	verify	VERB
easat-5628	245	3	the	the	DET
easat-5628	245	4	robustness	robustness	NOUN
easat-5628	245	5	of	of	ADP
easat-5628	245	6	the	the	DET
easat-5628	245	7	results	result	NOUN
easat-5628	245	8	,	,	PUNCT
easat-5628	245	9	we	we	PRON
easat-5628	245	10	used	use	VERB
easat-5628	245	11	five	five	NUM
easat-5628	245	12	different	different	ADJ
easat-5628	245	13	groups	group	NOUN
easat-5628	245	14	to	to	PART
easat-5628	245	15	establish	establish	VERB
easat-5628	245	16	a	a	DET
easat-5628	245	17	brown	brown	ADJ
easat-5628	245	18	portfolio	portfolio	NOUN
easat-5628	245	19	in	in	ADP
easat-5628	245	20	terms	term	NOUN
easat-5628	245	21	of	of	ADP
easat-5628	245	22	allocation	allocation	NOUN
easat-5628	245	23	amounts	amount	NOUN
easat-5628	245	24	.	.	PUNCT
easat-5628	246	1	the	the	DET
easat-5628	246	2	first	first	ADJ
easat-5628	246	3	brown	brown	ADJ
easat-5628	246	4	portfolio	portfolio	NOUN
easat-5628	246	5	,	,	PUNCT
easat-5628	246	6	which	which	PRON
easat-5628	246	7	is	be	AUX
easat-5628	246	8	the	the	DET
easat-5628	246	9	largest	large	ADJ
easat-5628	246	10	emitter	emitter	NOUN
easat-5628	246	11	group	group	NOUN
easat-5628	246	12	,	,	PUNCT
easat-5628	246	13	comprised	comprise	VERB
easat-5628	246	14	eight	eight	NUM
easat-5628	246	15	companies	company	NOUN
easat-5628	246	16	that	that	PRON
easat-5628	246	17	receive	receive	VERB
easat-5628	246	18	an	an	DET
easat-5628	246	19	annual	annual	ADJ
easat-5628	246	20	allowance	allowance	NOUN
easat-5628	246	21	of	of	ADP
easat-5628	246	22	over	over	ADP
easat-5628	246	23	five	five	NUM
easat-5628	246	24	million	million	NUM
easat-5628	246	25	co2	co2	NOUN
easat-5628	246	26	tons	ton	NOUN
easat-5628	246	27	on	on	ADP
easat-5628	246	28	average	average	ADJ
easat-5628	246	29	.	.	PUNCT
easat-5628	247	1	the	the	DET
easat-5628	247	2	second	second	ADJ
easat-5628	247	3	group	group	NOUN
easat-5628	247	4	consisted	consist	VERB
easat-5628	247	5	of	of	ADP
easat-5628	247	6	25	25	NUM
easat-5628	247	7	carbon	carbon	NOUN
easat-5628	247	8	-	-	PUNCT
easat-5628	247	9	emitting	emit	VERB
easat-5628	247	10	firms	firm	NOUN
easat-5628	247	11	that	that	PRON
easat-5628	247	12	receive	receive	VERB
easat-5628	247	13	over	over	ADP
easat-5628	247	14	one	one	NUM
easat-5628	247	15	million	million	NUM
easat-5628	247	16	co2	co2	NOUN
easat-5628	247	17	tons	ton	NOUN
easat-5628	247	18	annually	annually	ADV
easat-5628	247	19	.	.	PUNCT
easat-5628	248	1	the	the	DET
easat-5628	248	2	third	third	ADJ
easat-5628	248	3	group	group	NOUN
easat-5628	248	4	included	include	VERB
easat-5628	248	5	34	34	NUM
easat-5628	248	6	companies	company	NOUN
easat-5628	248	7	that	that	PRON
easat-5628	248	8	received	receive	VERB
easat-5628	248	9	more	more	ADJ
easat-5628	248	10	than	than	ADP
easat-5628	248	11	500,000	500,000	NUM
easat-5628	248	12	co2	co2	NOUN
easat-5628	248	13	tons	ton	NOUN
easat-5628	248	14	annually	annually	ADV
easat-5628	248	15	.	.	PUNCT
easat-5628	249	1	the	the	DET
easat-5628	249	2	fourth	fourth	PROPN
easat-5628	249	3	brown	brown	PROPN
easat-5628	249	4	portfolio	portfolio	NOUN
easat-5628	249	5	comprised	comprise	VERB
easat-5628	249	6	52	52	NUM
easat-5628	249	7	firms	firm	NOUN
easat-5628	249	8	that	that	PRON
easat-5628	249	9	receive	receive	VERB
easat-5628	249	10	over	over	ADP
easat-5628	249	11	100,000	100,000	NUM
easat-5628	249	12	tons	ton	NOUN
easat-5628	249	13	of	of	ADP
easat-5628	249	14	co2	co2	NOUN
easat-5628	249	15	annually	annually	ADV
easat-5628	249	16	,	,	PUNCT
easat-5628	249	17	on	on	ADP
easat-5628	249	18	average	average	ADJ
easat-5628	249	19	.	.	PUNCT
easat-5628	250	1	finally	finally	ADV
easat-5628	250	2	,	,	PUNCT
easat-5628	250	3	the	the	DET
easat-5628	250	4	fifth	fifth	ADJ
easat-5628	250	5	brown	brown	ADJ
easat-5628	250	6	portfolio	portfolio	NOUN
easat-5628	250	7	included	include	VERB
easat-5628	250	8	all	all	DET
easat-5628	250	9	80	80	NUM
easat-5628	250	10	companies	company	NOUN
easat-5628	250	11	that	that	PRON
easat-5628	250	12	receive	receive	VERB
easat-5628	250	13	carbon	carbon	NOUN
easat-5628	250	14	allocations	allocation	NOUN
easat-5628	250	15	.	.	PUNCT
easat-5628	251	1	in	in	ADP
easat-5628	251	2	contrast	contrast	NOUN
easat-5628	251	3	,	,	PUNCT
easat-5628	251	4	we	we	PRON
easat-5628	251	5	considered	consider	VERB
easat-5628	251	6	one	one	NUM
easat-5628	251	7	identical	identical	ADJ
easat-5628	251	8	green	green	ADJ
easat-5628	251	9	portfolio	portfolio	NOUN
easat-5628	251	10	that	that	PRON
easat-5628	251	11	includes	include	VERB
easat-5628	251	12	all	all	DET
easat-5628	251	13	krx300	krx300	PROPN
easat-5628	251	14	-	-	PUNCT
easat-5628	251	15	listed	list	VERB
easat-5628	251	16	companies	company	NOUN
easat-5628	251	17	that	that	PRON
easat-5628	251	18	do	do	AUX
easat-5628	251	19	not	not	PART
easat-5628	251	20	receive	receive	VERB
easat-5628	251	21	allowances	allowance	NOUN
easat-5628	251	22	.	.	PUNCT
easat-5628	252	1	we	we	PRON
easat-5628	252	2	calculated	calculate	VERB
easat-5628	252	3	all	all	DET
easat-5628	252	4	portfolio	portfolio	NOUN
easat-5628	252	5	returns	return	NOUN
easat-5628	252	6	for	for	ADP
easat-5628	252	7	the	the	DET
easat-5628	252	8	five	five	NUM
easat-5628	252	9	cases	case	NOUN
easat-5628	252	10	by	by	ADP
easat-5628	252	11	considering	consider	VERB
easat-5628	252	12	them	they	PRON
easat-5628	252	13	equally	equally	ADV
easat-5628	252	14	.	.	PUNCT
easat-5628	253	1	we	we	PRON
easat-5628	253	2	considered	consider	VERB
easat-5628	253	3	an	an	DET
easat-5628	253	4	additional	additional	ADJ
easat-5628	253	5	case	case	NOUN
easat-5628	253	6	;	;	PUNCT
easat-5628	253	7	the	the	DET
easat-5628	253	8	size	size	NOUN
easat-5628	253	9	-	-	PUNCT
easat-5628	253	10	adjusted	adjust	VERB
easat-5628	253	11	method	method	NOUN
easat-5628	253	12	adopted	adopt	VERB
easat-5628	253	13	by	by	ADP
easat-5628	253	14	huij	huij	NOUN
easat-5628	253	15	,	,	PUNCT
easat-5628	253	16	et	et	PROPN
easat-5628	253	17	al	al	PROPN
easat-5628	253	18	.	.	PUNCT
easat-5628	254	1	[	[	X
easat-5628	254	2	14	14	NUM
easat-5628	254	3	]	]	PUNCT
easat-5628	254	4	.	.	PUNCT
easat-5628	255	1	this	this	DET
easat-5628	255	2	practice	practice	NOUN
easat-5628	255	3	is	be	AUX
easat-5628	255	4	a	a	DET
easat-5628	255	5	variation	variation	NOUN
easat-5628	255	6	of	of	ADP
easat-5628	255	7	the	the	DET
easat-5628	255	8	smb	smb	NOUN
easat-5628	255	9	in	in	ADP
easat-5628	255	10	the	the	DET
easat-5628	255	11	fama	fama	PROPN
easat-5628	255	12	-	-	PUNCT
easat-5628	255	13	french	french	ADJ
easat-5628	255	14	multi	multi	NOUN
easat-5628	255	15	-	-	NOUN
easat-5628	255	16	model	model	NOUN
easat-5628	255	17	.	.	PUNCT
easat-5628	256	1	we	we	PRON
easat-5628	256	2	used	use	VERB
easat-5628	256	3	market	market	NOUN
easat-5628	256	4	capitalization	capitalization	NOUN
easat-5628	256	5	as	as	ADP
easat-5628	256	6	the	the	DET
easat-5628	256	7	standard	standard	NOUN
easat-5628	256	8	of	of	ADP
easat-5628	256	9	company	company	NOUN
easat-5628	256	10	scale	scale	NOUN
easat-5628	256	11	to	to	PART
easat-5628	256	12	establish	establish	VERB
easat-5628	256	13	a	a	DET
easat-5628	256	14	return	return	NOUN
easat-5628	256	15	series	series	NOUN
easat-5628	256	16	,	,	PUNCT
easat-5628	256	17	as	as	ADP
easat-5628	256	18	in	in	ADP
easat-5628	256	19	the	the	DET
easat-5628	256	20	fama	fama	NOUN
easat-5628	256	21	-	-	PUNCT
easat-5628	256	22	french	french	ADJ
easat-5628	256	23	model	model	NOUN
easat-5628	256	24	;	;	PUNCT
easat-5628	256	25	however	however	ADV
easat-5628	256	26	,	,	PUNCT
easat-5628	256	27	we	we	PRON
easat-5628	256	28	used	use	VERB
easat-5628	256	29	carbon	carbon	NOUN
easat-5628	256	30	allocation	allocation	NOUN
easat-5628	256	31	in	in	ADP
easat-5628	256	32	this	this	DET
easat-5628	256	33	model	model	NOUN
easat-5628	256	34	instead	instead	ADV
easat-5628	256	35	of	of	ADP
easat-5628	256	36	book	book	NOUN
easat-5628	256	37	-	-	PUNCT
easat-5628	256	38	to	to	ADP
easat-5628	256	39	-	-	PUNCT
easat-5628	256	40	market	market	NOUN
easat-5628	256	41	.	.	PUNCT
easat-5628	257	1	the	the	DET
easat-5628	257	2	specific	specific	ADJ
easat-5628	257	3	form	form	NOUN
easat-5628	257	4	is	be	AUX
easat-5628	257	5	as	as	SCONJ
easat-5628	257	6	follows	follow	VERB
easat-5628	257	7	;	;	PUNCT
easat-5628	257	8	8there	8there	NUM
easat-5628	257	9	are	be	AUX
easat-5628	257	10	44	44	NUM
easat-5628	257	11	industry	industry	NOUN
easat-5628	257	12	categories	category	NOUN
easat-5628	257	13	for	for	ADP
easat-5628	257	14	the	the	DET
easat-5628	257	15	firms	firm	NOUN
easat-5628	257	16	listed	list	VERB
easat-5628	257	17	on	on	ADP
easat-5628	257	18	the	the	DET
easat-5628	257	19	krx300	krx300	PROPN
easat-5628	257	20	index	index	NOUN
easat-5628	257	21	among	among	ADP
easat-5628	257	22	77	77	NUM
easat-5628	257	23	ksic	ksic	NOUN
easat-5628	257	24	(	(	PUNCT
easat-5628	257	25	korea	korea	PROPN
easat-5628	257	26	standard	standard	PROPN
easat-5628	257	27	industry	industry	PROPN
easat-5628	257	28	code	code	PROPN
easat-5628	257	29	)	)	PUNCT
easat-5628	257	30	two	two	NUM
easat-5628	257	31	-	-	PUNCT
easat-5628	257	32	digit	digit	NOUN
easat-5628	257	33	level	level	NOUN
easat-5628	257	34	industry	industry	NOUN
easat-5628	257	35	classifications	classification	NOUN
easat-5628	257	36	.	.	PUNCT
easat-5628	258	1	i	i	PRON
easat-5628	258	2	reclassified	reclassify	VERB
easat-5628	258	3	those	those	DET
easat-5628	258	4	44	44	NUM
easat-5628	258	5	into	into	ADP
easat-5628	258	6	21	21	NUM
easat-5628	258	7	industry	industry	NOUN
easat-5628	258	8	categories	category	NOUN
easat-5628	258	9	,	,	PUNCT
easat-5628	258	10	which	which	PRON
easat-5628	258	11	are	be	AUX
easat-5628	258	12	metal	metal	NOUN
easat-5628	258	13	and	and	CCONJ
easat-5628	258	14	non	non	ADJ
easat-5628	258	15	-	-	ADJ
easat-5628	258	16	ferrous	ferrous	ADJ
easat-5628	258	17	manufacturing	manufacturing	NOUN
easat-5628	258	18	,	,	PUNCT
easat-5628	258	19	plastic	plastic	NOUN
easat-5628	258	20	and	and	CCONJ
easat-5628	258	21	rubber	rubber	NOUN
easat-5628	258	22	product	product	NOUN
easat-5628	258	23	manufacturing	manufacturing	NOUN
easat-5628	258	24	,	,	PUNCT
easat-5628	258	25	chemical	chemical	NOUN
easat-5628	258	26	manufacturing	manufacturing	NOUN
easat-5628	258	27	,	,	PUNCT
easat-5628	258	28	etc	etc	X
easat-5628	258	29	.	.	X
easat-5628	258	30	1584	1584	NUM
easat-5628	258	31	edelweiss	edelweiss	PROPN
easat-5628	258	32	applied	apply	VERB
easat-5628	258	33	science	science	NOUN
easat-5628	258	34	and	and	CCONJ
easat-5628	258	35	technology	technology	NOUN
easat-5628	258	36	issn	issn	PROPN
easat-5628	258	37	:	:	PUNCT
easat-5628	258	38	2576	2576	NUM
easat-5628	258	39	-	-	SYM
easat-5628	258	40	8484	8484	NUM
easat-5628	258	41	vol	vol	NOUN
easat-5628	258	42	.	.	PROPN
easat-5628	259	1	9	9	NUM
easat-5628	259	2	,	,	PUNCT
easat-5628	259	3	no	no	INTJ
easat-5628	259	4	.	.	NOUN
easat-5628	260	1	3	3	NUM
easat-5628	260	2	:	:	PUNCT
easat-5628	260	3	1577	1577	NUM
easat-5628	260	4	-	-	SYM
easat-5628	260	5	1592	1592	NUM
easat-5628	260	6	,	,	PUNCT
easat-5628	260	7	2025	2025	NUM
easat-5628	260	8	doi	doi	NOUN
easat-5628	260	9	:	:	PUNCT
easat-5628	260	10	10.55214/25768484.v9i3.5628	10.55214/25768484.v9i3.5628	NUM
easat-5628	260	11	©	©	PROPN
easat-5628	260	12	2025	2025	NUM
easat-5628	260	13	by	by	ADP
easat-5628	260	14	the	the	DET
easat-5628	260	15	author	author	NOUN
easat-5628	260	16	;	;	PUNCT
easat-5628	260	17	licensee	licensee	PROPN
easat-5628	260	18	learning	learn	VERB
easat-5628	260	19	gate	gate	NOUN
easat-5628	260	20	𝐵𝑚𝐺𝑡	𝐵𝑚𝐺𝑡	ADP
easat-5628	260	21	𝐻𝑢𝑖𝑗	𝐻𝑢𝑖𝑗	PROPN
easat-5628	260	22	=	=	SYM
easat-5628	260	23	𝑅𝐵𝑖𝑔,𝑡	𝑅𝐵𝑖𝑔,𝑡	PROPN
easat-5628	260	24	𝐵	𝐵	NOUN
easat-5628	260	25	+	+	CCONJ
easat-5628	260	26	𝑅𝑆𝑚𝑎𝑙𝑙,𝑡	𝑅𝑆𝑚𝑎𝑙𝑙,𝑡	PROPN
easat-5628	260	27	𝐵	𝐵	NOUN
easat-5628	260	28	2	2	NUM
easat-5628	260	29	−	−	NOUN
easat-5628	260	30	𝑅𝐵𝑖𝑔,𝑡	𝑅𝐵𝑖𝑔,𝑡	PROPN
easat-5628	260	31	𝐺	𝐺	PROPN
easat-5628	260	32	+	+	CCONJ
easat-5628	260	33	𝑅𝑆𝑚𝑎𝑙𝑙,𝑡	𝑅𝑆𝑚𝑎𝑙𝑙,𝑡	PROPN
easat-5628	260	34	𝐺	𝐺	NOUN
easat-5628	260	35	2	2	NUM
easat-5628	260	36	(	(	PUNCT
easat-5628	260	37	2	2	NUM
easat-5628	260	38	)	)	PUNCT
easat-5628	260	39	where	where	SCONJ
easat-5628	260	40	𝑅𝐵𝑖𝑔,𝑡	𝑅𝐵𝑖𝑔,𝑡	PROPN
easat-5628	260	41	𝐵	𝐵	PROPN
easat-5628	260	42	denotes	denote	VERB
easat-5628	260	43	portfolio	portfolio	NOUN
easat-5628	260	44	stock	stock	NOUN
easat-5628	260	45	returns	return	NOUN
easat-5628	260	46	of	of	ADP
easat-5628	260	47	large	large	ADJ
easat-5628	260	48	-	-	PUNCT
easat-5628	260	49	cap	cap	NOUN
easat-5628	260	50	firms	firm	NOUN
easat-5628	260	51	and	and	CCONJ
easat-5628	260	52	carbon	carbon	NOUN
easat-5628	260	53	emitters	emitter	NOUN
easat-5628	260	54	.	.	PUNCT
easat-5628	261	1	𝑅𝑆𝑚𝑎𝑙𝑙,𝑡	𝑅𝑆𝑚𝑎𝑙𝑙,𝑡	PROPN
easat-5628	261	2	𝐵	𝐵	PROPN
easat-5628	261	3	refers	refer	VERB
easat-5628	261	4	to	to	ADP
easat-5628	261	5	the	the	DET
easat-5628	261	6	stock	stock	NOUN
easat-5628	261	7	returns	return	NOUN
easat-5628	261	8	of	of	ADP
easat-5628	261	9	small	small	ADJ
easat-5628	261	10	-	-	PUNCT
easat-5628	261	11	cap	cap	NOUN
easat-5628	261	12	firms	firm	NOUN
easat-5628	261	13	receiving	receive	VERB
easat-5628	261	14	a	a	DET
easat-5628	261	15	carbon	carbon	NOUN
easat-5628	261	16	allowance	allowance	NOUN
easat-5628	261	17	.	.	PUNCT
easat-5628	262	1	we	we	PRON
easat-5628	262	2	classified	classify	VERB
easat-5628	262	3	small	small	ADJ
easat-5628	262	4	and	and	CCONJ
easat-5628	262	5	large	large	ADJ
easat-5628	262	6	firms	firm	NOUN
easat-5628	262	7	based	base	VERB
easat-5628	262	8	on	on	ADP
easat-5628	262	9	their	their	PRON
easat-5628	262	10	market	market	NOUN
easat-5628	262	11	capitalization	capitalization	NOUN
easat-5628	262	12	.	.	PUNCT
easat-5628	263	1	if	if	SCONJ
easat-5628	263	2	their	their	PRON
easat-5628	263	3	market	market	NOUN
easat-5628	263	4	capitalization	capitalization	NOUN
easat-5628	263	5	is	be	AUX
easat-5628	263	6	larger	large	ADJ
easat-5628	263	7	than	than	ADP
easat-5628	263	8	the	the	DET
easat-5628	263	9	median	median	NOUN
easat-5628	263	10	,	,	PUNCT
easat-5628	263	11	they	they	PRON
easat-5628	263	12	were	be	AUX
easat-5628	263	13	designated	designate	VERB
easat-5628	263	14	as	as	ADP
easat-5628	263	15	”	"	PUNCT
easat-5628	263	16	big	big	ADJ
easat-5628	263	17	,	,	PUNCT
easat-5628	263	18	”	"	PUNCT
easat-5628	263	19	and	and	CCONJ
easat-5628	263	20	vice	vice	ADV
easat-5628	263	21	versa	versa	ADV
easat-5628	263	22	.	.	PUNCT
easat-5628	264	1	the	the	DET
easat-5628	264	2	allocation	allocation	NOUN
easat-5628	264	3	of	of	ADP
easat-5628	264	4	carbon	carbon	NOUN
easat-5628	264	5	allowances	allowance	NOUN
easat-5628	264	6	distinguishes	distinguish	VERB
easat-5628	264	7	between	between	ADP
easat-5628	264	8	the	the	DET
easat-5628	264	9	brown	brown	ADJ
easat-5628	264	10	and	and	CCONJ
easat-5628	264	11	green	green	ADJ
easat-5628	264	12	groups	group	NOUN
easat-5628	264	13	,	,	PUNCT
easat-5628	264	14	similar	similar	ADJ
easat-5628	264	15	to	to	ADP
easat-5628	264	16	the	the	DET
easat-5628	264	17	other	other	ADJ
easat-5628	264	18	groups	group	NOUN
easat-5628	264	19	.	.	PUNCT
easat-5628	265	1	the	the	DET
easat-5628	265	2	two	two	NUM
easat-5628	265	3	variables	variable	NOUN
easat-5628	265	4	in	in	ADP
easat-5628	265	5	the	the	DET
easat-5628	265	6	numerator	numerator	NOUN
easat-5628	265	7	of	of	ADP
easat-5628	265	8	the	the	DET
easat-5628	265	9	second	second	ADJ
easat-5628	265	10	term	term	NOUN
easat-5628	265	11	on	on	ADP
easat-5628	265	12	the	the	DET
easat-5628	265	13	right	right	ADJ
easat-5628	265	14	side	side	NOUN
easat-5628	265	15	(	(	PUNCT
easat-5628	265	16	𝑅𝐵𝑖𝑔,𝑡	𝑅𝐵𝑖𝑔,𝑡	PROPN
easat-5628	265	17	𝐺	𝐺	PROPN
easat-5628	265	18	and	and	CCONJ
easat-5628	265	19	𝑅𝑆𝑚𝑎𝑙𝑙,𝑡	𝑅𝑆𝑚𝑎𝑙𝑙,𝑡	PROPN
easat-5628	265	20	𝐺	𝐺	PROPN
easat-5628	265	21	)	)	PUNCT
easat-5628	265	22	are	be	AUX
easat-5628	265	23	the	the	DET
easat-5628	265	24	green	green	PROPN
easat-5628	265	25	portfolio	portfolio	NOUN
easat-5628	265	26	counterparts	counterpart	NOUN
easat-5628	265	27	of	of	ADP
easat-5628	265	28	the	the	DET
easat-5628	265	29	first	first	ADJ
easat-5628	265	30	term	term	NOUN
easat-5628	265	31	.	.	PUNCT
easat-5628	266	1	5.3	5.3	NUM
easat-5628	266	2	.	.	PUNCT
easat-5628	266	3	synthetic	synthetic	ADJ
easat-5628	266	4	control	control	NOUN
easat-5628	266	5	method	method	NOUN
easat-5628	266	6	we	we	PRON
easat-5628	266	7	turned	turn	VERB
easat-5628	266	8	to	to	ADP
easat-5628	266	9	the	the	DET
easat-5628	266	10	synthetic	synthetic	ADJ
easat-5628	266	11	control	control	NOUN
easat-5628	266	12	method	method	NOUN
easat-5628	266	13	(	(	PUNCT
easat-5628	266	14	scm	scm	PROPN
easat-5628	266	15	)	)	PUNCT
easat-5628	266	16	.	.	PUNCT
easat-5628	267	1	abadie	abadie	PROPN
easat-5628	267	2	and	and	CCONJ
easat-5628	267	3	gardeazabal	gardeazabal	ADJ
easat-5628	267	4	[	[	X
easat-5628	267	5	24	24	NUM
easat-5628	267	6	]	]	PUNCT
easat-5628	267	7	analyzed	analyze	VERB
easat-5628	267	8	the	the	DET
easat-5628	267	9	economic	economic	ADJ
easat-5628	267	10	impact	impact	NOUN
easat-5628	267	11	of	of	ADP
easat-5628	267	12	terrorism	terrorism	NOUN
easat-5628	267	13	and	and	CCONJ
easat-5628	267	14	political	political	ADJ
easat-5628	267	15	conflicts	conflict	NOUN
easat-5628	267	16	in	in	ADP
easat-5628	267	17	basque	basque	NOUN
easat-5628	267	18	,	,	PUNCT
easat-5628	267	19	a	a	DET
easat-5628	267	20	region	region	NOUN
easat-5628	267	21	in	in	ADP
easat-5628	267	22	spain	spain	PROPN
easat-5628	267	23	.	.	PUNCT
easat-5628	268	1	they	they	PRON
easat-5628	268	2	introduced	introduce	VERB
easat-5628	268	3	the	the	DET
easat-5628	268	4	scm	scm	PROPN
easat-5628	268	5	to	to	PART
easat-5628	268	6	estimate	estimate	VERB
easat-5628	268	7	the	the	DET
easat-5628	268	8	effect	effect	NOUN
easat-5628	268	9	of	of	ADP
easat-5628	268	10	conflict	conflict	NOUN
easat-5628	268	11	on	on	ADP
easat-5628	268	12	economic	economic	ADJ
easat-5628	268	13	development	development	NOUN
easat-5628	268	14	.	.	PUNCT
easat-5628	269	1	since	since	SCONJ
easat-5628	269	2	abadie	abadie	PROPN
easat-5628	269	3	,	,	PUNCT
easat-5628	269	4	et	et	PROPN
easat-5628	269	5	al	al	PROPN
easat-5628	269	6	.	.	PUNCT
easat-5628	270	1	[	[	X
easat-5628	270	2	25	25	NUM
easat-5628	270	3	]	]	PUNCT
easat-5628	270	4	improved	improve	VERB
easat-5628	270	5	the	the	DET
easat-5628	270	6	method	method	NOUN
easat-5628	270	7	,	,	PUNCT
easat-5628	270	8	the	the	DET
easat-5628	270	9	scm	scm	PROPN
easat-5628	270	10	has	have	AUX
easat-5628	270	11	been	be	AUX
easat-5628	270	12	used	use	VERB
easat-5628	270	13	in	in	ADP
easat-5628	270	14	many	many	ADJ
easat-5628	270	15	quasi	quasi	ADJ
easat-5628	270	16	-	-	ADJ
easat-5628	270	17	experimental	experimental	ADJ
easat-5628	270	18	studies	study	NOUN
easat-5628	270	19	[	[	X
easat-5628	270	20	26	26	NUM
easat-5628	270	21	-	-	SYM
easat-5628	270	22	32	32	NUM
easat-5628	270	23	]	]	PUNCT
easat-5628	270	24	.	.	PUNCT
easat-5628	271	1	the	the	DET
easat-5628	271	2	premise	premise	NOUN
easat-5628	271	3	of	of	ADP
easat-5628	271	4	the	the	DET
easat-5628	271	5	scm	scm	PROPN
easat-5628	271	6	is	be	AUX
easat-5628	271	7	that	that	SCONJ
easat-5628	271	8	a	a	DET
easat-5628	271	9	weighted	weight	VERB
easat-5628	271	10	composite	composite	NOUN
easat-5628	271	11	of	of	ADP
easat-5628	271	12	possible	possible	ADJ
easat-5628	271	13	controls	control	NOUN
easat-5628	271	14	can	can	AUX
easat-5628	271	15	be	be	AUX
easat-5628	271	16	a	a	DET
easat-5628	271	17	proper	proper	ADJ
easat-5628	271	18	counterfactual	counterfactual	ADJ
easat-5628	271	19	group	group	NOUN
easat-5628	271	20	.	.	PUNCT
easat-5628	272	1	we	we	PRON
easat-5628	272	2	established	establish	VERB
easat-5628	272	3	a	a	DET
easat-5628	272	4	weighted	weighted	ADJ
easat-5628	272	5	average	average	NOUN
easat-5628	272	6	of	of	ADP
easat-5628	272	7	a	a	DET
easat-5628	272	8	green	green	ADJ
easat-5628	272	9	portfolio	portfolio	NOUN
easat-5628	272	10	that	that	PRON
easat-5628	272	11	replicates	replicate	VERB
easat-5628	272	12	the	the	DET
easat-5628	272	13	characteristics	characteristic	NOUN
easat-5628	272	14	of	of	ADP
easat-5628	272	15	brown	brown	ADJ
easat-5628	272	16	firms	firm	NOUN
easat-5628	272	17	before	before	ADP
easat-5628	272	18	the	the	DET
easat-5628	272	19	introduction	introduction	NOUN
easat-5628	272	20	of	of	ADP
easat-5628	272	21	emissions	emission	NOUN
easat-5628	272	22	trading	trading	NOUN
easat-5628	272	23	.	.	PUNCT
easat-5628	273	1	the	the	DET
easat-5628	273	2	composite	composite	ADJ
easat-5628	273	3	synthetic	synthetic	ADJ
easat-5628	273	4	green	green	ADJ
easat-5628	273	5	portfolio	portfolio	NOUN
easat-5628	273	6	provides	provide	VERB
easat-5628	273	7	an	an	DET
easat-5628	273	8	unbiased	unbiased	ADJ
easat-5628	273	9	estimate	estimate	NOUN
easat-5628	273	10	of	of	ADP
easat-5628	273	11	the	the	DET
easat-5628	273	12	counterfactual	counterfactual	ADJ
easat-5628	273	13	if	if	SCONJ
easat-5628	273	14	the	the	DET
easat-5628	273	15	trend	trend	NOUN
easat-5628	273	16	in	in	ADP
easat-5628	273	17	stock	stock	NOUN
easat-5628	273	18	returns	return	NOUN
easat-5628	273	19	of	of	ADP
easat-5628	273	20	the	the	DET
easat-5628	273	21	synthetic	synthetic	ADJ
easat-5628	273	22	control	control	NOUN
easat-5628	273	23	is	be	AUX
easat-5628	273	24	similar	similar	ADJ
easat-5628	273	25	to	to	ADP
easat-5628	273	26	the	the	DET
easat-5628	273	27	trend	trend	NOUN
easat-5628	273	28	in	in	ADP
easat-5628	273	29	stock	stock	NOUN
easat-5628	273	30	returns	return	NOUN
easat-5628	273	31	in	in	ADP
easat-5628	273	32	the	the	DET
easat-5628	273	33	brown	brown	ADJ
easat-5628	273	34	portfolio	portfolio	NOUN
easat-5628	273	35	for	for	ADP
easat-5628	273	36	the	the	DET
easat-5628	273	37	pre	pre	ADJ
easat-5628	273	38	-	-	ADJ
easat-5628	273	39	intervention	intervention	ADJ
easat-5628	273	40	period	period	NOUN
easat-5628	273	41	.	.	PUNCT
easat-5628	274	1	adopting	adopt	VERB
easat-5628	274	2	the	the	DET
easat-5628	274	3	empirical	empirical	ADJ
easat-5628	274	4	strategy	strategy	NOUN
easat-5628	274	5	of	of	ADP
easat-5628	274	6	abadie	abadie	PROPN
easat-5628	274	7	,	,	PUNCT
easat-5628	274	8	et	et	PROPN
easat-5628	274	9	al	al	PROPN
easat-5628	274	10	.	.	PUNCT
easat-5628	275	1	[	[	X
easat-5628	275	2	25	25	NUM
easat-5628	275	3	]	]	X
easat-5628	275	4	we	we	PRON
easat-5628	275	5	defined	define	VERB
easat-5628	275	6	the	the	DET
easat-5628	275	7	effect	effect	NOUN
easat-5628	275	8	of	of	ADP
easat-5628	275	9	carbon	carbon	NOUN
easat-5628	275	10	regulations	regulation	NOUN
easat-5628	275	11	on	on	ADP
easat-5628	275	12	the	the	DET
easat-5628	275	13	stock	stock	NOUN
easat-5628	275	14	market	market	NOUN
easat-5628	275	15	as	as	SCONJ
easat-5628	275	16	follows	follow	VERB
easat-5628	275	17	.	.	PUNCT
easat-5628	276	1	𝛼𝑗𝑡	𝛼𝑗𝑡	NOUN
easat-5628	276	2	=	=	PUNCT
easat-5628	277	1	𝑅𝑗𝑡	𝑅𝑗𝑡	ADJ
easat-5628	277	2	𝐵	𝐵	NOUN
easat-5628	277	3	−	−	NOUN
easat-5628	278	1	𝑅𝑗𝑡	𝑅𝑗𝑡	PROPN
easat-5628	278	2	𝐺	𝐺	PROPN
easat-5628	278	3	(	(	PUNCT
easat-5628	278	4	3	3	NUM
easat-5628	278	5	)	)	PUNCT
easat-5628	278	6	where	where	SCONJ
easat-5628	278	7	𝛼𝑗𝑡	𝛼𝑗𝑡	NOUN
easat-5628	278	8	is	be	AUX
easat-5628	278	9	the	the	DET
easat-5628	278	10	treatment	treatment	NOUN
easat-5628	278	11	effect	effect	NOUN
easat-5628	278	12	of	of	ADP
easat-5628	278	13	the	the	DET
easat-5628	278	14	carbon	carbon	NOUN
easat-5628	278	15	regulation	regulation	NOUN
easat-5628	278	16	policy	policy	NOUN
easat-5628	278	17	for	for	ADP
easat-5628	278	18	firm	firm	ADJ
easat-5628	278	19	j	j	PROPN
easat-5628	278	20	at	at	ADP
easat-5628	278	21	time	time	NOUN
easat-5628	278	22	t.	t.	X
easat-5628	278	23	𝑅𝑗𝑡	𝑅𝑗𝑡	PROPN
easat-5628	278	24	𝐵	𝐵	NOUN
easat-5628	278	25	,	,	PUNCT
easat-5628	278	26	and	and	CCONJ
easat-5628	278	27	𝑅𝑗,𝑡	𝑅𝑗,𝑡	PROPN
easat-5628	278	28	𝐺	𝐺	PROPN
easat-5628	278	29	are	be	AUX
easat-5628	278	30	stock	stock	NOUN
easat-5628	278	31	return	return	NOUN
easat-5628	278	32	of	of	ADP
easat-5628	278	33	the	the	DET
easat-5628	278	34	brown	brown	ADJ
easat-5628	278	35	portfolio	portfolio	NOUN
easat-5628	278	36	(	(	PUNCT
easat-5628	278	37	treatment	treatment	NOUN
easat-5628	278	38	group	group	NOUN
easat-5628	278	39	)	)	PUNCT
easat-5628	278	40	,	,	PUNCT
easat-5628	278	41	and	and	CCONJ
easat-5628	278	42	that	that	PRON
easat-5628	278	43	of	of	ADP
easat-5628	278	44	the	the	DET
easat-5628	278	45	green	green	PROPN
easat-5628	278	46	portfolio	portfolio	NOUN
easat-5628	278	47	(	(	PUNCT
easat-5628	278	48	counterfactual	counterfactual	ADJ
easat-5628	278	49	group	group	NOUN
easat-5628	278	50	)	)	PUNCT
easat-5628	278	51	,	,	PUNCT
easat-5628	278	52	respectively	respectively	ADV
easat-5628	278	53	.	.	PUNCT
easat-5628	279	1	𝑅𝑗𝑡	𝑅𝑗𝑡	DET
easat-5628	279	2	𝐵	𝐵	NOUN
easat-5628	279	3	represents	represent	VERB
easat-5628	279	4	the	the	DET
easat-5628	279	5	observed	observe	VERB
easat-5628	279	6	stock	stock	NOUN
easat-5628	279	7	returns	return	NOUN
easat-5628	279	8	of	of	ADP
easat-5628	279	9	brown	brown	ADJ
easat-5628	279	10	firms	firm	NOUN
easat-5628	279	11	(	(	PUNCT
easat-5628	279	12	carbon	carbon	NOUN
easat-5628	279	13	emitters	emitter	NOUN
easat-5628	279	14	)	)	PUNCT
easat-5628	279	15	.	.	PUNCT
easat-5628	280	1	the	the	DET
easat-5628	280	2	stock	stock	NOUN
easat-5628	280	3	return	return	NOUN
easat-5628	280	4	from	from	ADP
easat-5628	280	5	the	the	DET
easat-5628	280	6	green	green	PROPN
easat-5628	280	7	portfolio	portfolio	NOUN
easat-5628	280	8	(	(	PUNCT
easat-5628	280	9	treatment	treatment	NOUN
easat-5628	280	10	group	group	NOUN
easat-5628	280	11	)	)	PUNCT
easat-5628	280	12	is	be	AUX
easat-5628	280	13	the	the	DET
easat-5628	280	14	stock	stock	NOUN
easat-5628	280	15	return	return	NOUN
easat-5628	280	16	from	from	ADP
easat-5628	280	17	non	non	ADJ
easat-5628	280	18	-	-	ADJ
easat-5628	280	19	carbon	carbon	ADJ
easat-5628	280	20	emitters	emitter	NOUN
easat-5628	280	21	,	,	PUNCT
easat-5628	280	22	which	which	PRON
easat-5628	280	23	is	be	AUX
easat-5628	280	24	a	a	DET
easat-5628	280	25	synthetic	synthetic	ADJ
easat-5628	280	26	outcome	outcome	NOUN
easat-5628	280	27	that	that	PRON
easat-5628	280	28	would	would	AUX
easat-5628	280	29	have	have	AUX
easat-5628	280	30	occurred	occur	VERB
easat-5628	280	31	if	if	SCONJ
easat-5628	280	32	carbon	carbon	NOUN
easat-5628	280	33	regulations	regulation	NOUN
easat-5628	280	34	had	have	AUX
easat-5628	280	35	not	not	PART
easat-5628	280	36	been	be	AUX
easat-5628	280	37	implemented	implement	VERB
easat-5628	280	38	.	.	PUNCT
easat-5628	281	1	to	to	PART
easat-5628	281	2	satisfy	satisfy	VERB
easat-5628	281	3	the	the	DET
easat-5628	281	4	quasi	quasi	ADJ
easat-5628	281	5	-	-	ADJ
easat-5628	281	6	experimental	experimental	ADJ
easat-5628	281	7	conditions	condition	NOUN
easat-5628	281	8	,	,	PUNCT
easat-5628	281	9	the	the	DET
easat-5628	281	10	two	two	NUM
easat-5628	281	11	groups	group	NOUN
easat-5628	281	12	had	have	VERB
easat-5628	281	13	similar	similar	ADJ
easat-5628	281	14	characteristics	characteristic	NOUN
easat-5628	281	15	before	before	ADP
easat-5628	281	16	the	the	DET
easat-5628	281	17	launch	launch	NOUN
easat-5628	281	18	of	of	ADP
easat-5628	281	19	the	the	DET
easat-5628	281	20	k	k	NOUN
easat-5628	281	21	-	-	PUNCT
easat-5628	281	22	ets	et	NOUN
easat-5628	281	23	.	.	PUNCT
easat-5628	282	1	let	let	VERB
easat-5628	282	2	carbon	carbon	NOUN
easat-5628	282	3	regulation	regulation	NOUN
easat-5628	282	4	occur	occur	VERB
easat-5628	282	5	in	in	ADP
easat-5628	282	6	period	period	NOUN
easat-5628	282	7	t0	t0	PROPN
easat-5628	282	8	,	,	PUNCT
easat-5628	282	9	and	and	CCONJ
easat-5628	282	10	sample	sample	NOUN
easat-5628	282	11	firm	firm	NOUN
easat-5628	282	12	be	be	AUX
easat-5628	282	13	represented	represent	VERB
easat-5628	282	14	as	as	ADP
easat-5628	282	15	j	j	PROPN
easat-5628	282	16	=	=	SYM
easat-5628	282	17	1	1	NUM
easat-5628	282	18	,	,	PUNCT
easat-5628	282	19	2	2	NUM
easat-5628	282	20	,	,	PUNCT
easat-5628	282	21	3	3	NUM
easat-5628	282	22	,	,	PUNCT
easat-5628	282	23	…	…	PUNCT
easat-5628	282	24	,	,	PUNCT
easat-5628	282	25	j	j	PROPN
easat-5628	283	1	+	+	NOUN
easat-5628	283	2	1	1	X
easat-5628	283	3	.	.	PUNCT
easat-5628	283	4	the	the	DET
easat-5628	283	5	first	first	ADJ
easat-5628	283	6	sample	sample	NOUN
easat-5628	283	7	(	(	PUNCT
easat-5628	283	8	j	j	NOUN
easat-5628	283	9	=	=	SYM
easat-5628	283	10	1	1	NUM
easat-5628	283	11	)	)	PUNCT
easat-5628	283	12	is	be	AUX
easat-5628	283	13	the	the	DET
easat-5628	283	14	portfolio	portfolio	NOUN
easat-5628	283	15	comprising	comprise	VERB
easat-5628	283	16	carbon	carbon	NOUN
easat-5628	283	17	emitters	emitter	NOUN
easat-5628	283	18	;	;	PUNCT
easat-5628	283	19	j	j	PROPN
easat-5628	283	20	represents	represent	VERB
easat-5628	283	21	the	the	DET
easat-5628	283	22	“	"	PUNCT
easat-5628	283	23	donor	donor	NOUN
easat-5628	283	24	pool	pool	NOUN
easat-5628	283	25	”	"	PUNCT
easat-5628	283	26	of	of	ADP
easat-5628	283	27	non	non	ADJ
easat-5628	283	28	-	-	ADJ
easat-5628	283	29	carbon	carbon	ADJ
easat-5628	283	30	emitters	emitter	NOUN
easat-5628	283	31	that	that	PRON
easat-5628	283	32	could	could	AUX
easat-5628	283	33	be	be	AUX
easat-5628	283	34	used	use	VERB
easat-5628	283	35	to	to	PART
easat-5628	283	36	estimate	estimate	VERB
easat-5628	283	37	the	the	DET
easat-5628	283	38	counterfactual	counterfactual	NOUN
easat-5628	283	39	.	.	PUNCT
easat-5628	284	1	suppose	suppose	VERB
easat-5628	284	2	𝑅𝑗𝑡	𝑅𝑗𝑡	PROPN
easat-5628	284	3	𝐺	𝐺	PROPN
easat-5628	284	4	is	be	AUX
easat-5628	284	5	expressed	express	VERB
easat-5628	284	6	as	as	SCONJ
easat-5628	284	7	follows	follow	VERB
easat-5628	284	8	.	.	PUNCT
easat-5628	285	1	𝑅𝑗𝑡	𝑅𝑗𝑡	DET
easat-5628	285	2	𝐺	𝐺	NOUN
easat-5628	285	3	=	=	PUNCT
easat-5628	285	4	𝑍𝑗𝜃𝑡	𝑍𝑗𝜃𝑡	PROPN
easat-5628	285	5	+	+	CCONJ
easat-5628	285	6	𝜆𝑡𝜇𝑗	𝜆𝑡𝜇𝑗	NOUN
easat-5628	285	7	+	+	CCONJ
easat-5628	285	8	𝜖𝑗𝑡	𝜖𝑗𝑡	NOUN
easat-5628	285	9	(	(	PUNCT
easat-5628	285	10	4	4	NUM
easat-5628	285	11	)	)	PUNCT
easat-5628	285	12	where	where	SCONJ
easat-5628	285	13	zj	zj	PROPN
easat-5628	285	14	includes	include	VERB
easat-5628	285	15	relevant	relevant	ADJ
easat-5628	285	16	covariates	covariate	NOUN
easat-5628	285	17	unaffected	unaffected	ADJ
easat-5628	285	18	by	by	ADP
easat-5628	285	19	the	the	DET
easat-5628	285	20	intervention9	intervention9	NOUN
easat-5628	285	21	,	,	PUNCT
easat-5628	285	22	θt	θt	PROPN
easat-5628	285	23	are	be	AUX
easat-5628	285	24	time	time	NOUN
easat-5628	285	25	-	-	PUNCT
easat-5628	285	26	specific	specific	ADJ
easat-5628	285	27	parameters	parameter	NOUN
easat-5628	285	28	,	,	PUNCT
easat-5628	285	29	λt	λt	ADP
easat-5628	285	30	are	be	AUX
easat-5628	285	31	unknown	unknown	ADJ
easat-5628	285	32	common	common	ADJ
easat-5628	285	33	factors	factor	NOUN
easat-5628	285	34	,	,	PUNCT
easat-5628	285	35	and	and	CCONJ
easat-5628	285	36	μj	μj	PROPN
easat-5628	285	37	are	be	AUX
easat-5628	285	38	firm	firm	ADJ
easat-5628	285	39	-	-	PUNCT
easat-5628	285	40	specific	specific	ADJ
easat-5628	285	41	unobservables	unobservable	NOUN
easat-5628	285	42	.	.	PUNCT
easat-5628	286	1	define	define	VERB
easat-5628	286	2	𝐰	𝐰	PROPN
easat-5628	286	3	as	as	ADP
easat-5628	286	4	a	a	DET
easat-5628	286	5	𝐽	𝐽	PROPN
easat-5628	286	6	×	×	NOUN
easat-5628	286	7	1	1	NUM
easat-5628	286	8	vector	vector	NOUN
easat-5628	286	9	of	of	ADP
easat-5628	286	10	weights	weight	NOUN
easat-5628	286	11	such	such	ADJ
easat-5628	286	12	that	that	SCONJ
easat-5628	286	13	0	0	NUM
easat-5628	286	14	≤	≤	NUM
easat-5628	286	15	𝑤𝑗	𝑤𝑗	ADP
easat-5628	286	16	≤	≤	ADJ
easat-5628	286	17	1	1	NUM
easat-5628	286	18	and	and	CCONJ
easat-5628	286	19	∑	∑	ADV
easat-5628	286	20	𝑤𝑗	𝑤𝑗	PROPN
easat-5628	286	21	=	=	PROPN
easat-5628	286	22	1𝐽	1𝐽	PROPN
easat-5628	286	23	𝑗=2	𝑗=2	PROPN
easat-5628	286	24	.	.	PUNCT
easat-5628	287	1	suppose	suppose	VERB
easat-5628	287	2	that	that	SCONJ
easat-5628	287	3	there	there	PRON
easat-5628	287	4	is	be	VERB
easat-5628	287	5	a	a	DET
easat-5628	287	6	𝑤𝑗	𝑤𝑗	ADP
easat-5628	287	7	∗	∗	NOUN
easat-5628	287	8	such	such	ADJ
easat-5628	287	9	that	that	SCONJ
easat-5628	288	1	∑	∑	PUNCT
easat-5628	288	2	𝑤𝑗	𝑤𝑗	ADP
easat-5628	288	3	∗𝑅𝑗𝑡	∗𝑅𝑗𝑡	ADJ
easat-5628	288	4	=	=	SYM
easat-5628	289	1	𝑅𝑗𝑡	𝑅𝑗𝑡	DET
easat-5628	289	2	𝐵𝐽	𝐵𝐽	NOUN
easat-5628	289	3	𝑗=2	𝑗=2	NOUN
easat-5628	289	4	⁡for⁡𝑡	⁡for⁡𝑡	NOUN
easat-5628	289	5	=	=	PUNCT
easat-5628	289	6	1	1	NUM
easat-5628	289	7	,	,	PUNCT
easat-5628	289	8	…	…	PUNCT
easat-5628	289	9	,	,	PUNCT
easat-5628	289	10	𝑇0	𝑇0	NOUN
easat-5628	289	11	and	and	CCONJ
easat-5628	289	12	∑	∑	ADV
easat-5628	289	13	𝑤𝑗	𝑤𝑗	X
easat-5628	289	14	∗𝑍𝑗	∗𝑍𝑗	NOUN
easat-5628	289	15	=	=	PUNCT
easat-5628	289	16	𝑍1	𝑍1	PROPN
easat-5628	289	17	𝐽	𝐽	PROPN
easat-5628	289	18	𝑗=2	𝑗=2	PROPN
easat-5628	289	19	(	(	PUNCT
easat-5628	289	20	5	5	NUM
easat-5628	289	21	)	)	PUNCT
easat-5628	289	22	then	then	ADV
easat-5628	289	23	abadie	abadie	VERB
easat-5628	289	24	and	and	CCONJ
easat-5628	289	25	gardeazabal	gardeazabal	ADJ
easat-5628	290	1	[	[	X
easat-5628	290	2	24	24	NUM
easat-5628	290	3	]	]	PUNCT
easat-5628	290	4	and	and	CCONJ
easat-5628	290	5	abadie	abadie	VERB
easat-5628	290	6	,	,	PUNCT
easat-5628	290	7	et	et	PROPN
easat-5628	290	8	al	al	PROPN
easat-5628	290	9	.	.	PUNCT
easat-5628	291	1	[	[	X
easat-5628	291	2	25	25	NUM
easat-5628	291	3	]	]	PUNCT
easat-5628	291	4	showed	show	VERB
easat-5628	291	5	that	that	SCONJ
easat-5628	291	6	the	the	DET
easat-5628	291	7	effect	effect	NOUN
easat-5628	291	8	of	of	ADP
easat-5628	291	9	interest	interest	NOUN
easat-5628	291	10	,	,	PUNCT
easat-5628	291	11	𝛼1𝑡	𝛼1𝑡	PROPN
easat-5628	291	12	for	for	ADP
easat-5628	291	13	t	t	PROPN
easat-5628	291	14	>	>	X
easat-5628	291	15	t0	t0	PROPN
easat-5628	291	16	,	,	PUNCT
easat-5628	291	17	can	can	AUX
easat-5628	291	18	be	be	AUX
easat-5628	291	19	estimated	estimate	VERB
easat-5628	291	20	by	by	ADP
easat-5628	291	21	the	the	DET
easat-5628	291	22	equation	equation	NOUN
easat-5628	291	23	𝛼1	𝛼1	NOUN
easat-5628	291	24	�	�	NOUN
easat-5628	291	25	̂	̂	NUM
easat-5628	291	26	�	�	NOUN
easat-5628	291	27	=	=	SYM
easat-5628	291	28	𝑅1𝑡	𝑅1𝑡	PROPN
easat-5628	291	29	𝐵	𝐵	NOUN
easat-5628	291	30	−∑𝑤𝑗	−∑𝑤𝑗	VERB
easat-5628	291	31	∗𝑅𝑗𝑡	∗𝑅𝑗𝑡	PROPN
easat-5628	291	32	𝐽	𝐽	PROPN
easat-5628	291	33	𝑗=2	𝑗=2	PROPN
easat-5628	291	34	⁡.	⁡.	NOUN
easat-5628	291	35	(	(	PUNCT
easat-5628	291	36	6	6	NUM
easat-5628	291	37	)	)	PUNCT
easat-5628	291	38	9this	9this	NUM
easat-5628	291	39	model	model	NOUN
easat-5628	291	40	includes	include	VERB
easat-5628	291	41	total	total	ADJ
easat-5628	291	42	assets	asset	NOUN
easat-5628	291	43	and	and	CCONJ
easat-5628	291	44	cumulative	cumulative	ADJ
easat-5628	291	45	stock	stock	NOUN
easat-5628	291	46	return	return	NOUN
easat-5628	291	47	.	.	PUNCT
easat-5628	292	1	1585	1585	NUM
easat-5628	292	2	edelweiss	edelweiss	PROPN
easat-5628	292	3	applied	apply	VERB
easat-5628	292	4	science	science	NOUN
easat-5628	292	5	and	and	CCONJ
easat-5628	292	6	technology	technology	NOUN
easat-5628	292	7	issn	issn	PROPN
easat-5628	292	8	:	:	PUNCT
easat-5628	292	9	2576	2576	NUM
easat-5628	292	10	-	-	SYM
easat-5628	292	11	8484	8484	NUM
easat-5628	292	12	vol	vol	NOUN
easat-5628	292	13	.	.	PROPN
easat-5628	293	1	9	9	NUM
easat-5628	293	2	,	,	PUNCT
easat-5628	293	3	no	no	INTJ
easat-5628	293	4	.	.	NOUN
easat-5628	294	1	3	3	NUM
easat-5628	294	2	:	:	PUNCT
easat-5628	294	3	1577	1577	NUM
easat-5628	294	4	-	-	SYM
easat-5628	294	5	1592	1592	NUM
easat-5628	294	6	,	,	PUNCT
easat-5628	294	7	2025	2025	NUM
easat-5628	294	8	doi	doi	NOUN
easat-5628	294	9	:	:	PUNCT
easat-5628	294	10	10.55214/25768484.v9i3.5628	10.55214/25768484.v9i3.5628	NUM
easat-5628	294	11	©	©	PROPN
easat-5628	294	12	2025	2025	NUM
easat-5628	294	13	by	by	ADP
easat-5628	294	14	the	the	DET
easat-5628	294	15	author	author	NOUN
easat-5628	294	16	;	;	PUNCT
easat-5628	294	17	licensee	licensee	PROPN
easat-5628	294	18	learning	learning	NOUN
easat-5628	294	19	gate	gate	VERB
easat-5628	294	20	a	a	DET
easat-5628	294	21	specific	specific	ADJ
easat-5628	294	22	metric	metric	NOUN
easat-5628	294	23	was	be	AUX
easat-5628	294	24	used	use	VERB
easat-5628	294	25	to	to	PART
easat-5628	294	26	estimate	estimate	VERB
easat-5628	294	27	w	w	PROPN
easat-5628	294	28	,	,	PUNCT
easat-5628	294	29	which	which	PRON
easat-5628	294	30	is	be	AUX
easat-5628	294	31	a	a	DET
easat-5628	294	32	vector	vector	NOUN
easat-5628	294	33	of	of	ADP
easat-5628	294	34	weights	weight	NOUN
easat-5628	294	35	.	.	PUNCT
easat-5628	295	1	let	let	VERB
easat-5628	295	2	ω1	ω1	PROPN
easat-5628	295	3	be	be	AUX
easat-5628	295	4	the	the	DET
easat-5628	295	5	vector	vector	NOUN
easat-5628	295	6	of	of	ADP
easat-5628	295	7	preintervention	preintervention	NOUN
easat-5628	295	8	characteristics	characteristic	NOUN
easat-5628	295	9	in	in	ADP
easat-5628	295	10	the	the	DET
easat-5628	295	11	treated	treat	VERB
easat-5628	295	12	unit	unit	NOUN
easat-5628	295	13	and	and	CCONJ
easat-5628	295	14	ω0	ω0	PROPN
easat-5628	295	15	matrix	matrix	NOUN
easat-5628	295	16	of	of	ADP
easat-5628	295	17	pre	pre	ADJ
easat-5628	295	18	-	-	ADJ
easat-5628	295	19	intervention	intervention	ADJ
easat-5628	295	20	characteristics	characteristic	NOUN
easat-5628	295	21	in	in	ADP
easat-5628	295	22	the	the	DET
easat-5628	295	23	counterfactual	counterfactual	ADJ
easat-5628	295	24	units	unit	NOUN
easat-5628	295	25	.	.	PUNCT
easat-5628	296	1	the	the	DET
easat-5628	296	2	vector	vector	PROPN
easat-5628	296	3	w	w	PROPN
easat-5628	296	4	was	be	AUX
easat-5628	296	5	selected	select	VERB
easat-5628	296	6	to	to	PART
easat-5628	296	7	minimize	minimize	VERB
easat-5628	296	8	the	the	DET
easat-5628	296	9	distance	distance	NOUN
easat-5628	296	10	√(ω1	√(ω1	PROPN
easat-5628	296	11	−	−	PROPN
easat-5628	296	12	ω0w	ω0w	SYM
easat-5628	296	13	)	)	PUNCT
easat-5628	296	14	′v(ω1	′v(ω1	NUM
easat-5628	296	15	−	−	PROPN
easat-5628	296	16	ω0w	ω0w	NUM
easat-5628	296	17	)	)	PUNCT
easat-5628	296	18	(	(	PUNCT
easat-5628	296	19	7	7	X
easat-5628	296	20	)	)	PUNCT
easat-5628	296	21	where	where	SCONJ
easat-5628	296	22	v	v	NOUN
easat-5628	296	23	is	be	AUX
easat-5628	296	24	a	a	DET
easat-5628	296	25	symmetric	symmetric	ADJ
easat-5628	296	26	and	and	CCONJ
easat-5628	296	27	positive	positive	ADJ
easat-5628	296	28	semidefinite	semidefinite	NOUN
easat-5628	296	29	matrix	matrix	NOUN
easat-5628	296	30	.	.	PUNCT
easat-5628	297	1	in	in	ADP
easat-5628	297	2	this	this	DET
easat-5628	297	3	application	application	NOUN
easat-5628	297	4	,	,	PUNCT
easat-5628	297	5	v	v	NOUN
easat-5628	297	6	is	be	AUX
easat-5628	297	7	a	a	DET
easat-5628	297	8	diagonal	diagonal	ADJ
easat-5628	297	9	matrix	matrix	NOUN
easat-5628	297	10	that	that	PRON
easat-5628	297	11	assigns	assign	VERB
easat-5628	297	12	weights	weight	NOUN
easat-5628	297	13	to	to	PART
easat-5628	297	14	minimize	minimize	VERB
easat-5628	297	15	the	the	DET
easat-5628	297	16	mean	mean	ADJ
easat-5628	297	17	squared	square	VERB
easat-5628	297	18	error	error	NOUN
easat-5628	297	19	of	of	ADP
easat-5628	297	20	the	the	DET
easat-5628	297	21	synthetic	synthetic	ADJ
easat-5628	297	22	control	control	NOUN
easat-5628	297	23	estimator	estimator	NOUN
easat-5628	297	24	.	.	PUNCT
easat-5628	298	1	by	by	ADP
easat-5628	298	2	applying	apply	VERB
easat-5628	298	3	the	the	DET
easat-5628	298	4	estimated	estimate	VERB
easat-5628	298	5	w	w	PROPN
easat-5628	298	6	,	,	PUNCT
easat-5628	298	7	the	the	DET
easat-5628	298	8	synthetic	synthetic	ADJ
easat-5628	298	9	outcome	outcome	NOUN
easat-5628	298	10	can	can	AUX
easat-5628	298	11	be	be	AUX
easat-5628	298	12	estimated	estimate	VERB
easat-5628	298	13	as	as	ADP
easat-5628	298	14	∑	∑	PUNCT
easat-5628	298	15	𝑤𝑗	𝑤𝑗	ADP
easat-5628	298	16	∗𝑅𝑗𝑡	∗𝑅𝑗𝑡	PROPN
easat-5628	298	17	𝐽	𝐽	PROPN
easat-5628	298	18	𝑗=2	𝑗=2	X
easat-5628	298	19	.	.	PUNCT
easat-5628	299	1	this	this	DET
easat-5628	299	2	composite	composite	ADJ
easat-5628	299	3	outcome	outcome	NOUN
easat-5628	299	4	which	which	PRON
easat-5628	299	5	uses	use	VERB
easat-5628	299	6	weight	weight	NOUN
easat-5628	299	7	vector	vector	NOUN
easat-5628	299	8	w	w	PROPN
easat-5628	299	9	and	and	CCONJ
easat-5628	299	10	non	non	ADJ
easat-5628	299	11	-	-	ADJ
easat-5628	299	12	carbon	carbon	NOUN
easat-5628	299	13	-	-	PUNCT
easat-5628	299	14	emitting	emit	VERB
easat-5628	299	15	firms	firm	NOUN
easat-5628	299	16	as	as	ADP
easat-5628	299	17	the	the	DET
easat-5628	299	18	synthetic	synthetic	ADJ
easat-5628	299	19	control	control	NOUN
easat-5628	299	20	group	group	NOUN
easat-5628	299	21	,	,	PUNCT
easat-5628	299	22	indicates	indicate	VERB
easat-5628	299	23	what	what	PRON
easat-5628	299	24	the	the	DET
easat-5628	299	25	counterfactual	counterfactual	ADJ
easat-5628	299	26	group	group	NOUN
easat-5628	299	27	would	would	AUX
easat-5628	299	28	have	have	AUX
easat-5628	299	29	been	be	AUX
easat-5628	299	30	if	if	SCONJ
easat-5628	299	31	the	the	DET
easat-5628	299	32	carbon	carbon	NOUN
easat-5628	299	33	regulation	regulation	NOUN
easat-5628	299	34	had	have	AUX
easat-5628	299	35	not	not	PART
easat-5628	299	36	been	be	AUX
easat-5628	299	37	implemented	implement	VERB
easat-5628	299	38	.	.	PUNCT
easat-5628	300	1	finally	finally	ADV
easat-5628	300	2	,	,	PUNCT
easat-5628	300	3	the	the	DET
easat-5628	300	4	treatment	treatment	NOUN
easat-5628	300	5	effect	effect	NOUN
easat-5628	300	6	can	can	AUX
easat-5628	300	7	be	be	AUX
easat-5628	300	8	achieved	achieve	VERB
easat-5628	300	9	by	by	ADP
easat-5628	300	10	contrasting	contrast	VERB
easat-5628	300	11	the	the	DET
easat-5628	300	12	composite	composite	ADJ
easat-5628	300	13	outcome	outcome	NOUN
easat-5628	300	14	with	with	ADP
easat-5628	300	15	the	the	DET
easat-5628	300	16	actual	actual	ADJ
easat-5628	300	17	outcome	outcome	NOUN
easat-5628	300	18	of	of	ADP
easat-5628	300	19	the	the	DET
easat-5628	300	20	carbon	carbon	NOUN
easat-5628	300	21	emitters.10	emitters.10	NOUN
easat-5628	300	22	6	6	NUM
easat-5628	300	23	.	.	PUNCT
easat-5628	300	24	results	result	NOUN
easat-5628	300	25	and	and	CCONJ
easat-5628	300	26	discussion	discussion	VERB
easat-5628	300	27	the	the	DET
easat-5628	300	28	empirical	empirical	ADJ
easat-5628	300	29	results	result	NOUN
easat-5628	300	30	of	of	ADP
easat-5628	300	31	the	the	DET
easat-5628	300	32	panel	panel	NOUN
easat-5628	300	33	analysis	analysis	NOUN
easat-5628	300	34	are	be	AUX
easat-5628	300	35	as	as	SCONJ
easat-5628	300	36	follows	follow	VERB
easat-5628	300	37	.	.	PUNCT
easat-5628	301	1	most	most	ADV
easat-5628	301	2	importantly	importantly	ADV
easat-5628	301	3	,	,	PUNCT
easat-5628	301	4	the	the	DET
easat-5628	301	5	estimation	estimation	NOUN
easat-5628	301	6	results	result	NOUN
easat-5628	301	7	suggest	suggest	VERB
easat-5628	301	8	that	that	SCONJ
easat-5628	301	9	carbon	carbon	NOUN
easat-5628	301	10	-	-	PUNCT
easat-5628	301	11	emitting	emit	VERB
easat-5628	301	12	firms	firm	NOUN
easat-5628	301	13	underperform	underperform	VERB
easat-5628	301	14	in	in	ADP
easat-5628	301	15	the	the	DET
easat-5628	301	16	korean	korean	ADJ
easat-5628	301	17	stock	stock	NOUN
easat-5628	301	18	market	market	NOUN
easat-5628	301	19	(	(	PUNCT
easat-5628	301	20	table	table	NOUN
easat-5628	301	21	3	3	NUM
easat-5628	301	22	)	)	PUNCT
easat-5628	301	23	.	.	PUNCT
easat-5628	302	1	particularly	particularly	ADV
easat-5628	302	2	,	,	PUNCT
easat-5628	302	3	the	the	DET
easat-5628	302	4	estimates	estimate	NOUN
easat-5628	302	5	for	for	ADP
easat-5628	302	6	the	the	DET
easat-5628	302	7	brown	brown	ADJ
easat-5628	302	8	dummy	dummy	NOUN
easat-5628	302	9	show	show	VERB
easat-5628	302	10	consistent	consistent	ADJ
easat-5628	302	11	and	and	CCONJ
easat-5628	302	12	statistically	statistically	ADV
easat-5628	302	13	significant	significant	ADJ
easat-5628	302	14	results	result	NOUN
easat-5628	302	15	in	in	ADP
easat-5628	302	16	all	all	DET
easat-5628	302	17	the	the	DET
easat-5628	302	18	models	model	NOUN
easat-5628	302	19	.	.	PUNCT
easat-5628	303	1	the	the	DET
easat-5628	303	2	estimation	estimation	NOUN
easat-5628	303	3	results	result	VERB
easat-5628	303	4	for	for	ADP
easat-5628	303	5	the	the	DET
easat-5628	303	6	control	control	NOUN
easat-5628	303	7	variables	variable	NOUN
easat-5628	303	8	that	that	PRON
easat-5628	303	9	may	may	AUX
easat-5628	303	10	affect	affect	VERB
easat-5628	303	11	investors	investor	NOUN
easat-5628	303	12	’	’	PART
easat-5628	303	13	decisions	decision	NOUN
easat-5628	303	14	,	,	PUNCT
easat-5628	303	15	such	such	ADJ
easat-5628	303	16	as	as	ADP
easat-5628	303	17	roe	roe	NOUN
easat-5628	303	18	,	,	PUNCT
easat-5628	303	19	sales	sale	NOUN
easat-5628	303	20	growth	growth	NOUN
easat-5628	303	21	,	,	PUNCT
easat-5628	303	22	firm	firm	ADJ
easat-5628	303	23	size	size	NOUN
easat-5628	303	24	,	,	PUNCT
easat-5628	303	25	leverage	leverage	NOUN
easat-5628	303	26	,	,	PUNCT
easat-5628	303	27	and	and	CCONJ
easat-5628	303	28	investment	investment	NOUN
easat-5628	303	29	,	,	PUNCT
easat-5628	303	30	are	be	AUX
easat-5628	303	31	generally	generally	ADV
easat-5628	303	32	consistent	consistent	ADJ
easat-5628	303	33	with	with	ADP
easat-5628	303	34	theoretical	theoretical	ADJ
easat-5628	303	35	expectations	expectation	NOUN
easat-5628	303	36	.	.	PUNCT
easat-5628	304	1	in	in	ADP
easat-5628	304	2	general	general	ADJ
easat-5628	304	3	,	,	PUNCT
easat-5628	304	4	higher	high	ADJ
easat-5628	304	5	roe	roe	NOUN
easat-5628	304	6	and	and	CCONJ
easat-5628	304	7	sales	sale	NOUN
easat-5628	304	8	growth	growth	NOUN
easat-5628	304	9	translate	translate	VERB
easat-5628	304	10	into	into	ADP
easat-5628	304	11	higher	high	ADJ
easat-5628	304	12	stock	stock	NOUN
easat-5628	304	13	returns	return	NOUN
easat-5628	304	14	,	,	PUNCT
easat-5628	304	15	other	other	ADJ
easat-5628	304	16	things	thing	NOUN
easat-5628	304	17	being	be	AUX
easat-5628	304	18	equal	equal	ADJ
easat-5628	304	19	.	.	PUNCT
easat-5628	305	1	we	we	PRON
easat-5628	305	2	used	use	VERB
easat-5628	305	3	the	the	DET
easat-5628	305	4	logarithmic	logarithmic	ADJ
easat-5628	305	5	value	value	NOUN
easat-5628	305	6	of	of	ADP
easat-5628	305	7	market	market	NOUN
easat-5628	305	8	cap	cap	NOUN
easat-5628	305	9	to	to	PART
easat-5628	305	10	explain	explain	VERB
easat-5628	305	11	the	the	DET
easat-5628	305	12	effect	effect	NOUN
easat-5628	305	13	of	of	ADP
easat-5628	305	14	firm	firm	ADJ
easat-5628	305	15	size	size	NOUN
easat-5628	305	16	,	,	PUNCT
easat-5628	305	17	and	and	CCONJ
easat-5628	305	18	the	the	DET
easat-5628	305	19	estimation	estimation	NOUN
easat-5628	305	20	results	result	VERB
easat-5628	305	21	for	for	ADP
easat-5628	305	22	this	this	DET
easat-5628	305	23	variable	variable	NOUN
easat-5628	305	24	showed	show	VERB
easat-5628	305	25	that	that	SCONJ
easat-5628	305	26	the	the	DET
easat-5628	305	27	larger	large	ADJ
easat-5628	305	28	the	the	DET
easat-5628	305	29	firm	firm	ADJ
easat-5628	305	30	size	size	NOUN
easat-5628	305	31	,	,	PUNCT
easat-5628	305	32	the	the	PRON
easat-5628	305	33	higher	high	ADJ
easat-5628	305	34	the	the	DET
easat-5628	305	35	stock	stock	NOUN
easat-5628	305	36	returns	return	NOUN
easat-5628	305	37	.	.	PUNCT
easat-5628	306	1	large	large	ADJ
easat-5628	306	2	-	-	PUNCT
easat-5628	306	3	cap	cap	NOUN
easat-5628	306	4	stocks	stock	NOUN
easat-5628	306	5	outperformed	outperform	VERB
easat-5628	306	6	small	small	ADJ
easat-5628	306	7	-	-	PUNCT
easat-5628	306	8	cap	cap	NOUN
easat-5628	306	9	stocks	stock	NOUN
easat-5628	306	10	in	in	ADP
easat-5628	306	11	the	the	DET
easat-5628	306	12	2010s	2010s	NUM
easat-5628	306	13	in	in	ADP
easat-5628	306	14	the	the	DET
easat-5628	306	15	south	south	ADJ
easat-5628	306	16	korean	korean	ADJ
easat-5628	306	17	stock	stock	NOUN
easat-5628	306	18	market	market	NOUN
easat-5628	306	19	.	.	PUNCT
easat-5628	307	1	the	the	DET
easat-5628	307	2	results	result	NOUN
easat-5628	307	3	for	for	ADP
easat-5628	307	4	the	the	DET
easat-5628	307	5	investment	investment	NOUN
easat-5628	307	6	variable	variable	NOUN
easat-5628	307	7	imply	imply	VERB
easat-5628	307	8	that	that	SCONJ
easat-5628	307	9	a	a	DET
easat-5628	307	10	firm	firm	NOUN
easat-5628	307	11	with	with	ADP
easat-5628	307	12	more	more	ADJ
easat-5628	307	13	investments	investment	NOUN
easat-5628	307	14	has	have	VERB
easat-5628	307	15	better	well	ADJ
easat-5628	307	16	stock	stock	NOUN
easat-5628	307	17	market	market	NOUN
easat-5628	307	18	performance	performance	NOUN
easat-5628	307	19	.	.	PUNCT
easat-5628	308	1	and	and	CCONJ
easat-5628	308	2	the	the	DET
easat-5628	308	3	leverage	leverage	NOUN
easat-5628	308	4	effect	effect	NOUN
easat-5628	308	5	is	be	AUX
easat-5628	308	6	not	not	PART
easat-5628	308	7	statistically	statistically	ADV
easat-5628	308	8	significant	significant	ADJ
easat-5628	308	9	.	.	PUNCT
easat-5628	309	1	table	table	NOUN
easat-5628	309	2	3	3	NUM
easat-5628	309	3	.	.	X
easat-5628	309	4	estimation	estimation	NOUN
easat-5628	309	5	results	result	NOUN
easat-5628	309	6	for	for	ADP
easat-5628	309	7	the	the	DET
easat-5628	309	8	panel	panel	NOUN
easat-5628	309	9	regression	regression	NOUN
easat-5628	309	10	.	.	PUNCT
easat-5628	310	1	(	(	PUNCT
easat-5628	310	2	1	1	X
easat-5628	310	3	)	)	PUNCT
easat-5628	310	4	(	(	PUNCT
easat-5628	310	5	2	2	NUM
easat-5628	310	6	)	)	PUNCT
easat-5628	310	7	(	(	PUNCT
easat-5628	310	8	3	3	X
easat-5628	310	9	)	)	PUNCT
easat-5628	310	10	(	(	PUNCT
easat-5628	310	11	4	4	NUM
easat-5628	310	12	)	)	PUNCT
easat-5628	310	13	(	(	PUNCT
easat-5628	310	14	5	5	X
easat-5628	310	15	)	)	PUNCT
easat-5628	310	16	brown	brown	ADJ
easat-5628	310	17	dummy	dummy	NOUN
easat-5628	310	18	-0.006	-0.006	PROPN
easat-5628	310	19	*	*	PUNCT
easat-5628	310	20	*	*	PUNCT
easat-5628	310	21	*	*	PUNCT
easat-5628	310	22	-0.006	-0.006	PROPN
easat-5628	310	23	*	*	PUNCT
easat-5628	310	24	*	*	PUNCT
easat-5628	310	25	*	*	PUNCT
easat-5628	310	26	-0.010	-0.010	PUNCT
easat-5628	310	27	*	*	PUNCT
easat-5628	310	28	*	*	PUNCT
easat-5628	310	29	*	*	PUNCT
easat-5628	310	30	-0.009	-0.009	PUNCT
easat-5628	310	31	*	*	PUNCT
easat-5628	310	32	*	*	PUNCT
easat-5628	310	33	*	*	PUNCT
easat-5628	310	34	-0.009	-0.009	PUNCT
easat-5628	310	35	*	*	PUNCT
easat-5628	310	36	*	*	PUNCT
easat-5628	310	37	*	*	PUNCT
easat-5628	310	38	(	(	PUNCT
easat-5628	310	39	0.002	0.002	NUM
easat-5628	310	40	)	)	PUNCT
easat-5628	310	41	(	(	PUNCT
easat-5628	310	42	0.002	0.002	NUM
easat-5628	310	43	)	)	PUNCT
easat-5628	310	44	(	(	PUNCT
easat-5628	310	45	0.002	0.002	NUM
easat-5628	310	46	)	)	PUNCT
easat-5628	310	47	(	(	PUNCT
easat-5628	310	48	0.002	0.002	NUM
easat-5628	310	49	)	)	PUNCT
easat-5628	310	50	(	(	PUNCT
easat-5628	310	51	0.002	0.002	NUM
easat-5628	310	52	)	)	PUNCT
easat-5628	310	53	roe	roe	NOUN
easat-5628	311	1	0.000	0.000	NUM
easat-5628	311	2	*	*	PUNCT
easat-5628	311	3	*	*	PUNCT
easat-5628	311	4	*	*	PUNCT
easat-5628	312	1	0.000	0.000	NUM
easat-5628	312	2	*	*	PUNCT
easat-5628	312	3	*	*	PUNCT
easat-5628	312	4	*	*	PUNCT
easat-5628	313	1	0.000	0.000	NUM
easat-5628	313	2	*	*	PUNCT
easat-5628	313	3	*	*	PUNCT
easat-5628	313	4	*	*	PUNCT
easat-5628	314	1	0.000	0.000	NUM
easat-5628	314	2	*	*	PUNCT
easat-5628	314	3	*	*	PUNCT
easat-5628	314	4	*	*	PUNCT
easat-5628	315	1	0.000	0.000	NUM
easat-5628	315	2	*	*	PUNCT
easat-5628	315	3	*	*	PUNCT
easat-5628	315	4	*	*	PUNCT
easat-5628	315	5	(	(	PUNCT
easat-5628	315	6	0.000	0.000	NUM
easat-5628	315	7	)	)	PUNCT
easat-5628	315	8	(	(	PUNCT
easat-5628	315	9	0.000	0.000	NUM
easat-5628	315	10	)	)	PUNCT
easat-5628	315	11	(	(	PUNCT
easat-5628	315	12	0.000	0.000	NUM
easat-5628	315	13	)	)	PUNCT
easat-5628	315	14	(	(	PUNCT
easat-5628	315	15	0.000	0.000	NUM
easat-5628	315	16	)	)	PUNCT
easat-5628	315	17	(	(	PUNCT
easat-5628	315	18	0.000	0.000	X
easat-5628	315	19	)	)	PUNCT
easat-5628	315	20	sales	sale	NOUN
easat-5628	315	21	growth	growth	NOUN
easat-5628	315	22	0.000	0.000	NUM
easat-5628	315	23	*	*	PUNCT
easat-5628	316	1	*	*	PUNCT
easat-5628	316	2	*	*	PUNCT
easat-5628	316	3	0.000	0.000	NUM
easat-5628	316	4	*	*	PUNCT
easat-5628	316	5	*	*	PUNCT
easat-5628	316	6	*	*	PUNCT
easat-5628	316	7	0.000	0.000	NUM
easat-5628	316	8	*	*	PUNCT
easat-5628	316	9	*	*	PUNCT
easat-5628	316	10	*	*	PUNCT
easat-5628	317	1	0.000	0.000	NUM
easat-5628	317	2	*	*	PUNCT
easat-5628	317	3	*	*	PUNCT
easat-5628	317	4	*	*	PUNCT
easat-5628	317	5	(	(	PUNCT
easat-5628	317	6	0.000	0.000	NUM
easat-5628	317	7	)	)	PUNCT
easat-5628	317	8	(	(	PUNCT
easat-5628	317	9	0.000	0.000	NUM
easat-5628	317	10	)	)	PUNCT
easat-5628	317	11	(	(	PUNCT
easat-5628	317	12	0.000	0.000	NUM
easat-5628	317	13	)	)	PUNCT
easat-5628	317	14	(	(	PUNCT
easat-5628	317	15	0.000	0.000	X
easat-5628	317	16	)	)	PUNCT
easat-5628	317	17	ln(market	ln(market	NOUN
easat-5628	317	18	cap	cap	NOUN
easat-5628	317	19	)	)	PUNCT
easat-5628	317	20	0.003	0.003	NUM
easat-5628	317	21	*	*	PUNCT
easat-5628	317	22	*	*	PUNCT
easat-5628	317	23	*	*	PUNCT
easat-5628	317	24	0.003	0.003	NUM
easat-5628	317	25	*	*	PUNCT
easat-5628	317	26	*	*	PUNCT
easat-5628	317	27	*	*	PUNCT
easat-5628	317	28	0.003	0.003	NUM
easat-5628	317	29	*	*	PUNCT
easat-5628	317	30	*	*	PUNCT
easat-5628	317	31	*	*	PUNCT
easat-5628	317	32	(	(	PUNCT
easat-5628	317	33	0.001	0.001	NUM
easat-5628	317	34	)	)	PUNCT
easat-5628	317	35	(	(	PUNCT
easat-5628	317	36	0.001	0.001	NUM
easat-5628	317	37	)	)	PUNCT
easat-5628	317	38	(	(	PUNCT
easat-5628	317	39	0.001	0.001	NUM
easat-5628	317	40	)	)	PUNCT
easat-5628	317	41	leverage	leverage	NOUN
easat-5628	317	42	-0.003	-0.003	NOUN
easat-5628	317	43	-0.003	-0.003	PROPN
easat-5628	317	44	(	(	PUNCT
easat-5628	317	45	0.004	0.004	NUM
easat-5628	317	46	)	)	PUNCT
easat-5628	317	47	(	(	PUNCT
easat-5628	317	48	0.004	0.004	NUM
easat-5628	317	49	)	)	PUNCT
easat-5628	317	50	investment	investment	NOUN
easat-5628	317	51	0.003	0.003	NUM
easat-5628	317	52	*	*	SYM
easat-5628	317	53	(	(	PUNCT
easat-5628	317	54	0.002	0.002	NUM
easat-5628	317	55	)	)	PUNCT
easat-5628	317	56	constant	constant	ADJ
easat-5628	318	1	-0.022	-0.022	NOUN
easat-5628	318	2	-0.023	-0.023	NUM
easat-5628	318	3	-0.062	-0.062	SYM
easat-5628	318	4	-0.060	-0.060	NOUN
easat-5628	318	5	-0.060	-0.060	NOUN
easat-5628	318	6	(	(	PUNCT
easat-5628	318	7	0.041	0.041	NUM
easat-5628	318	8	)	)	PUNCT
easat-5628	318	9	(	(	PUNCT
easat-5628	318	10	0.041	0.041	NUM
easat-5628	318	11	)	)	PUNCT
easat-5628	318	12	(	(	PUNCT
easat-5628	318	13	0.046	0.046	NUM
easat-5628	318	14	)	)	PUNCT
easat-5628	318	15	(	(	PUNCT
easat-5628	318	16	0.047	0.047	NUM
easat-5628	318	17	)	)	PUNCT
easat-5628	318	18	(	(	PUNCT
easat-5628	318	19	0.047	0.047	NUM
easat-5628	318	20	)	)	PUNCT
easat-5628	318	21	r	r	NOUN
easat-5628	318	22	-	-	PUNCT
easat-5628	318	23	sq	sq	INTJ
easat-5628	318	24	0.013	0.013	NUM
easat-5628	318	25	0.013	0.013	NUM
easat-5628	318	26	0.014	0.014	NUM
easat-5628	318	27	0.014	0.014	NUM
easat-5628	318	28	0.014	0.014	NUM
easat-5628	318	29	n	n	PRON
easat-5628	318	30	31866	31866	NUM
easat-5628	318	31	31853	31853	NUM
easat-5628	318	32	31853	31853	NUM
easat-5628	318	33	31853	31853	NUM
easat-5628	318	34	31853	31853	NUM
easat-5628	318	35	time	time	NOUN
easat-5628	318	36	fe	fe	INTJ
easat-5628	319	1	yes	yes	INTJ
easat-5628	319	2	yes	yes	INTJ
easat-5628	320	1	yes	yes	INTJ
easat-5628	321	1	yes	yes	INTJ
easat-5628	322	1	yes	yes	INTJ
easat-5628	322	2	industry	industry	NOUN
easat-5628	322	3	fe	fe	INTJ
easat-5628	323	1	yes	yes	INTJ
easat-5628	323	2	yes	yes	INTJ
easat-5628	324	1	yes	yes	INTJ
easat-5628	325	1	yes	yes	INTJ
easat-5628	325	2	yes	yes	INTJ
easat-5628	325	3	note	note	NOUN
easat-5628	325	4	:	:	PUNCT
easat-5628	325	5	robust	robust	ADJ
easat-5628	325	6	standard	standard	ADJ
easat-5628	325	7	errors	error	NOUN
easat-5628	325	8	are	be	AUX
easat-5628	325	9	indicated	indicate	VERB
easat-5628	325	10	in	in	ADP
easat-5628	325	11	parentheses	parenthesis	NOUN
easat-5628	325	12	.	.	PUNCT
easat-5628	326	1	*	*	PUNCT
easat-5628	327	1	*	*	PUNCT
easat-5628	327	2	*	*	PUNCT
easat-5628	327	3	,	,	PUNCT
easat-5628	327	4	*	*	PUNCT
easat-5628	327	5	*	*	PUNCT
easat-5628	327	6	,	,	PUNCT
easat-5628	327	7	and	and	CCONJ
easat-5628	327	8	*	*	PUNCT
easat-5628	327	9	indicate	indicate	VERB
easat-5628	327	10	statistical	statistical	ADJ
easat-5628	327	11	significance	significance	NOUN
easat-5628	327	12	at	at	ADP
easat-5628	327	13	the	the	DET
easat-5628	327	14	1	1	NUM
easat-5628	327	15	%	%	NOUN
easat-5628	327	16	,	,	PUNCT
easat-5628	327	17	5	5	NUM
easat-5628	327	18	%	%	NOUN
easat-5628	327	19	,	,	PUNCT
easat-5628	327	20	and	and	CCONJ
easat-5628	327	21	10	10	NUM
easat-5628	327	22	%	%	NOUN
easat-5628	327	23	levels	level	NOUN
easat-5628	327	24	,	,	PUNCT
easat-5628	327	25	respectively	respectively	ADV
easat-5628	327	26	.	.	PUNCT
easat-5628	328	1	10this	10this	PRON
easat-5628	328	2	is	be	AUX
easat-5628	328	3	exactly	exactly	ADV
easat-5628	328	4	how	how	SCONJ
easat-5628	328	5	we	we	PRON
easat-5628	328	6	defined	define	VERB
easat-5628	328	7	the	the	DET
easat-5628	328	8	effect	effect	NOUN
easat-5628	328	9	of	of	ADP
easat-5628	328	10	a	a	DET
easat-5628	328	11	carbon	carbon	NOUN
easat-5628	328	12	regulation	regulation	NOUN
easat-5628	328	13	on	on	ADP
easat-5628	328	14	stock	stock	NOUN
easat-5628	328	15	market	market	NOUN
easat-5628	328	16	as	as	SCONJ
easat-5628	328	17	represented	represent	VERB
easat-5628	328	18	in	in	ADP
easat-5628	328	19	equation	equation	NOUN
easat-5628	328	20	(	(	PUNCT
easat-5628	328	21	3	3	NUM
easat-5628	328	22	)	)	PUNCT
easat-5628	328	23	.	.	PUNCT
easat-5628	329	1	1586	1586	NUM
easat-5628	329	2	edelweiss	edelweiss	PROPN
easat-5628	329	3	applied	apply	VERB
easat-5628	329	4	science	science	NOUN
easat-5628	329	5	and	and	CCONJ
easat-5628	329	6	technology	technology	NOUN
easat-5628	329	7	issn	issn	PROPN
easat-5628	329	8	:	:	PUNCT
easat-5628	329	9	2576	2576	NUM
easat-5628	329	10	-	-	SYM
easat-5628	329	11	8484	8484	NUM
easat-5628	329	12	vol	vol	NOUN
easat-5628	329	13	.	.	PROPN
easat-5628	330	1	9	9	NUM
easat-5628	330	2	,	,	PUNCT
easat-5628	330	3	no	no	INTJ
easat-5628	330	4	.	.	NOUN
easat-5628	331	1	3	3	NUM
easat-5628	331	2	:	:	PUNCT
easat-5628	331	3	1577	1577	NUM
easat-5628	331	4	-	-	SYM
easat-5628	331	5	1592	1592	NUM
easat-5628	331	6	,	,	PUNCT
easat-5628	331	7	2025	2025	NUM
easat-5628	331	8	doi	doi	NOUN
easat-5628	331	9	:	:	PUNCT
easat-5628	331	10	10.55214/25768484.v9i3.5628	10.55214/25768484.v9i3.5628	NUM
easat-5628	331	11	©	©	PROPN
easat-5628	331	12	2025	2025	NUM
easat-5628	331	13	by	by	ADP
easat-5628	331	14	the	the	DET
easat-5628	331	15	author	author	NOUN
easat-5628	331	16	;	;	PUNCT
easat-5628	331	17	licensee	licensee	NOUN
easat-5628	331	18	learning	learning	NOUN
easat-5628	331	19	gate	gate	NOUN
easat-5628	331	20	as	as	SCONJ
easat-5628	331	21	discussed	discuss	VERB
easat-5628	331	22	in	in	ADP
easat-5628	331	23	section	section	NOUN
easat-5628	331	24	3	3	NUM
easat-5628	331	25	,	,	PUNCT
easat-5628	331	26	loose	loose	ADJ
easat-5628	331	27	reduction	reduction	NOUN
easat-5628	331	28	targets	target	NOUN
easat-5628	331	29	in	in	ADP
easat-5628	331	30	the	the	DET
easat-5628	331	31	early	early	ADJ
easat-5628	331	32	period	period	NOUN
easat-5628	331	33	and	and	CCONJ
easat-5628	331	34	banking	banking	NOUN
easat-5628	331	35	restrictions	restriction	NOUN
easat-5628	331	36	influenced	influence	VERB
easat-5628	331	37	the	the	DET
easat-5628	331	38	k	k	ADJ
easat-5628	331	39	-	-	PUNCT
easat-5628	331	40	ets	et	NOUN
easat-5628	331	41	participants	participant	NOUN
easat-5628	331	42	and	and	CCONJ
easat-5628	331	43	stakeholders	stakeholder	NOUN
easat-5628	331	44	.	.	PUNCT
easat-5628	332	1	in	in	ADP
easat-5628	332	2	addition	addition	NOUN
easat-5628	332	3	,	,	PUNCT
easat-5628	332	4	other	other	ADJ
easat-5628	332	5	external	external	ADJ
easat-5628	332	6	shocks	shock	NOUN
easat-5628	332	7	to	to	ADP
easat-5628	332	8	financial	financial	ADJ
easat-5628	332	9	markets	market	NOUN
easat-5628	332	10	exist	exist	VERB
easat-5628	332	11	.	.	PUNCT
easat-5628	333	1	these	these	DET
easat-5628	333	2	shifters	shifter	NOUN
easat-5628	333	3	may	may	AUX
easat-5628	333	4	contribute	contribute	VERB
easat-5628	333	5	to	to	ADP
easat-5628	333	6	market	market	NOUN
easat-5628	333	7	fluctuations	fluctuation	NOUN
easat-5628	333	8	over	over	ADP
easat-5628	333	9	time	time	NOUN
easat-5628	333	10	,	,	PUNCT
easat-5628	333	11	which	which	PRON
easat-5628	333	12	we	we	PRON
easat-5628	333	13	discussed	discuss	VERB
easat-5628	333	14	using	use	VERB
easat-5628	333	15	the	the	DET
easat-5628	333	16	portfolio	portfolio	NOUN
easat-5628	333	17	approach	approach	NOUN
easat-5628	333	18	results	result	NOUN
easat-5628	333	19	.	.	PUNCT
easat-5628	334	1	the	the	DET
easat-5628	334	2	results	result	NOUN
easat-5628	334	3	of	of	ADP
easat-5628	334	4	assessing	assess	VERB
easat-5628	334	5	the	the	DET
easat-5628	334	6	relative	relative	ADJ
easat-5628	334	7	performances	performance	NOUN
easat-5628	334	8	of	of	ADP
easat-5628	334	9	green	green	ADJ
easat-5628	334	10	and	and	CCONJ
easat-5628	334	11	brown	brown	ADJ
easat-5628	334	12	stock	stock	NOUN
easat-5628	334	13	portfolios	portfolio	NOUN
easat-5628	334	14	in	in	ADP
easat-5628	334	15	the	the	DET
easat-5628	334	16	korean	korean	ADJ
easat-5628	334	17	stock	stock	NOUN
easat-5628	334	18	market	market	NOUN
easat-5628	334	19	are	be	AUX
easat-5628	334	20	as	as	SCONJ
easat-5628	334	21	follows	follow	VERB
easat-5628	334	22	.	.	PUNCT
easat-5628	335	1	a	a	DET
easat-5628	335	2	comparison	comparison	NOUN
easat-5628	335	3	of	of	ADP
easat-5628	335	4	brown	brown	ADJ
easat-5628	335	5	and	and	CCONJ
easat-5628	335	6	green	green	ADJ
easat-5628	335	7	portfolios	portfolio	NOUN
easat-5628	335	8	indicate	indicate	VERB
easat-5628	335	9	the	the	DET
easat-5628	335	10	effect	effect	NOUN
easat-5628	335	11	of	of	ADP
easat-5628	335	12	introducing	introduce	VERB
easat-5628	335	13	emissions	emission	NOUN
easat-5628	335	14	trading	trading	NOUN
easat-5628	335	15	into	into	ADP
easat-5628	335	16	the	the	DET
easat-5628	335	17	korean	korean	ADJ
easat-5628	335	18	stock	stock	NOUN
easat-5628	335	19	market	market	NOUN
easat-5628	335	20	.	.	PUNCT
easat-5628	336	1	briefly	briefly	ADV
easat-5628	336	2	,	,	PUNCT
easat-5628	336	3	the	the	DET
easat-5628	336	4	portfolio	portfolio	NOUN
easat-5628	336	5	spreads	spread	VERB
easat-5628	336	6	revealed	reveal	VERB
easat-5628	336	7	that	that	SCONJ
easat-5628	336	8	stock	stock	NOUN
easat-5628	336	9	returns	return	NOUN
easat-5628	336	10	of	of	ADP
easat-5628	336	11	green	green	ADJ
easat-5628	336	12	companies	company	NOUN
easat-5628	336	13	consistently	consistently	ADV
easat-5628	336	14	outperformed	outperform	VERB
easat-5628	336	15	those	those	PRON
easat-5628	336	16	of	of	ADP
easat-5628	336	17	brown	brown	ADJ
easat-5628	336	18	companies	company	NOUN
easat-5628	336	19	after	after	ADP
easat-5628	336	20	2011	2011	NUM
easat-5628	336	21	(	(	PUNCT
easat-5628	336	22	see	see	VERB
easat-5628	336	23	figure	figure	NOUN
easat-5628	336	24	2	2	NUM
easat-5628	336	25	)	)	PUNCT
easat-5628	336	26	.	.	PUNCT
easat-5628	337	1	this	this	DET
easat-5628	337	2	finding	finding	NOUN
easat-5628	337	3	supports	support	VERB
easat-5628	337	4	the	the	DET
easat-5628	337	5	panel	panel	NOUN
easat-5628	337	6	analysis	analysis	NOUN
easat-5628	337	7	results	result	NOUN
easat-5628	337	8	discussed	discuss	VERB
easat-5628	337	9	above	above	ADV
easat-5628	337	10	.	.	PUNCT
easat-5628	338	1	the	the	DET
easat-5628	338	2	overall	overall	ADJ
easat-5628	338	3	results	result	NOUN
easat-5628	338	4	show	show	VERB
easat-5628	338	5	a	a	DET
easat-5628	338	6	similar	similar	ADJ
easat-5628	338	7	trend	trend	NOUN
easat-5628	338	8	to	to	ADP
easat-5628	338	9	those	those	PRON
easat-5628	338	10	of	of	ADP
easat-5628	338	11	bauer	bauer	PROPN
easat-5628	338	12	,	,	PUNCT
easat-5628	338	13	et	et	PROPN
easat-5628	338	14	al	al	PROPN
easat-5628	338	15	.	.	PUNCT
easat-5628	339	1	[	[	X
easat-5628	339	2	16	16	NUM
easat-5628	339	3	]	]	PUNCT
easat-5628	339	4	.	.	PUNCT
easat-5628	340	1	according	accord	VERB
easat-5628	340	2	to	to	ADP
easat-5628	340	3	the	the	DET
easat-5628	340	4	portfolio	portfolio	NOUN
easat-5628	340	5	groups	group	NOUN
easat-5628	340	6	the	the	DET
easat-5628	340	7	return	return	NOUN
easat-5628	340	8	on	on	ADP
easat-5628	340	9	the	the	DET
easat-5628	340	10	green	green	PROPN
easat-5628	340	11	portfolio	portfolio	NOUN
easat-5628	340	12	was	be	AUX
easat-5628	340	13	approximately	approximately	ADV
easat-5628	340	14	50	50	NUM
easat-5628	340	15	%	%	NOUN
easat-5628	340	16	to	to	PART
easat-5628	340	17	90	90	NUM
easat-5628	340	18	%	%	NOUN
easat-5628	340	19	higher	high	ADJ
easat-5628	340	20	than	than	ADP
easat-5628	340	21	its	its	PRON
easat-5628	340	22	counterfactuals	counterfactual	NOUN
easat-5628	340	23	during	during	ADP
easat-5628	340	24	the	the	DET
easat-5628	340	25	study	study	NOUN
easat-5628	340	26	period	period	NOUN
easat-5628	340	27	.	.	PUNCT
easat-5628	341	1	there	there	PRON
easat-5628	341	2	have	have	AUX
easat-5628	341	3	been	be	AUX
easat-5628	341	4	a	a	DET
easat-5628	341	5	few	few	ADJ
easat-5628	341	6	temporary	temporary	ADJ
easat-5628	341	7	partial	partial	ADJ
easat-5628	341	8	reversals	reversal	NOUN
easat-5628	341	9	of	of	ADP
easat-5628	341	10	this	this	DET
easat-5628	341	11	experience	experience	NOUN
easat-5628	341	12	before	before	ADP
easat-5628	341	13	april	april	PROPN
easat-5628	341	14	2011	2011	NUM
easat-5628	341	15	and	and	CCONJ
easat-5628	341	16	between	between	ADP
easat-5628	341	17	2015	2015	NUM
easat-5628	341	18	and	and	CCONJ
easat-5628	341	19	2016	2016	NUM
easat-5628	341	20	.	.	PUNCT
easat-5628	342	1	we	we	PRON
easat-5628	342	2	will	will	AUX
easat-5628	342	3	concurrently	concurrently	ADV
easat-5628	342	4	discuss	discuss	VERB
easat-5628	342	5	the	the	DET
easat-5628	342	6	analysis	analysis	NOUN
easat-5628	342	7	of	of	ADP
easat-5628	342	8	the	the	DET
easat-5628	342	9	fluctuations	fluctuation	NOUN
easat-5628	342	10	by	by	ADP
easat-5628	342	11	period	period	NOUN
easat-5628	342	12	with	with	ADP
easat-5628	342	13	the	the	DET
easat-5628	342	14	subsequent	subsequent	ADJ
easat-5628	342	15	scm	scm	PROPN
easat-5628	342	16	results	result	NOUN
easat-5628	342	17	.	.	PUNCT
easat-5628	343	1	figure	figure	VERB
easat-5628	343	2	2	2	NUM
easat-5628	343	3	.	.	X
easat-5628	344	1	portfolio	portfolio	NOUN
easat-5628	344	2	spread	spread	VERB
easat-5628	344	3	results	result	NOUN
easat-5628	344	4	.	.	PUNCT
easat-5628	345	1	we	we	PRON
easat-5628	345	2	implemented	implement	VERB
easat-5628	345	3	two	two	NUM
easat-5628	345	4	case	case	NOUN
easat-5628	345	5	studies	study	NOUN
easat-5628	345	6	for	for	ADP
easat-5628	345	7	the	the	DET
easat-5628	345	8	scm	scm	PROPN
easat-5628	345	9	analysis	analysis	NOUN
easat-5628	345	10	.	.	PUNCT
easat-5628	346	1	first	first	ADV
easat-5628	346	2	,	,	PUNCT
easat-5628	346	3	the	the	DET
easat-5628	346	4	public	public	ADJ
easat-5628	346	5	announcement	announcement	NOUN
easat-5628	346	6	of	of	ADP
easat-5628	346	7	the	the	DET
easat-5628	346	8	relative	relative	ADJ
easat-5628	346	9	legislative	legislative	ADJ
easat-5628	346	10	plan	plan	NOUN
easat-5628	346	11	for	for	ADP
easat-5628	346	12	eta	eta	PROPN
easat-5628	346	13	was	be	AUX
easat-5628	346	14	a	a	DET
easat-5628	346	15	crucial	crucial	ADJ
easat-5628	346	16	juncture	juncture	NOUN
easat-5628	346	17	for	for	ADP
easat-5628	346	18	the	the	DET
easat-5628	346	19	financial	financial	ADJ
easat-5628	346	20	market	market	NOUN
easat-5628	346	21	.	.	PUNCT
easat-5628	347	1	the	the	DET
easat-5628	347	2	government	government	NOUN
easat-5628	347	3	’s	’s	PART
easat-5628	347	4	declaration	declaration	NOUN
easat-5628	347	5	informs	inform	VERB
easat-5628	347	6	investors	investor	NOUN
easat-5628	347	7	that	that	SCONJ
easat-5628	347	8	the	the	DET
easat-5628	347	9	adoption	adoption	NOUN
easat-5628	347	10	of	of	ADP
easat-5628	347	11	new	new	ADJ
easat-5628	347	12	climate	climate	NOUN
easat-5628	347	13	regulations	regulation	NOUN
easat-5628	347	14	is	be	AUX
easat-5628	347	15	imminent	imminent	ADJ
easat-5628	347	16	.	.	PUNCT
easat-5628	348	1	considering	consider	VERB
easat-5628	348	2	this	this	PRON
easat-5628	348	3	,	,	PUNCT
easat-5628	348	4	we	we	PRON
easat-5628	348	5	used	use	VERB
easat-5628	348	6	the	the	DET
easat-5628	348	7	public	public	ADJ
easat-5628	348	8	announcement	announcement	NOUN
easat-5628	348	9	release	release	NOUN
easat-5628	348	10	period	period	NOUN
easat-5628	348	11	as	as	ADP
easat-5628	348	12	the	the	DET
easat-5628	348	13	intervention	intervention	NOUN
easat-5628	348	14	period	period	NOUN
easat-5628	348	15	for	for	ADP
easat-5628	348	16	the	the	DET
easat-5628	348	17	first	first	ADJ
easat-5628	348	18	case	case	NOUN
easat-5628	348	19	study	study	NOUN
easat-5628	348	20	(	(	PUNCT
easat-5628	348	21	case	case	NOUN
easat-5628	348	22	1	1	NUM
easat-5628	348	23	)	)	PUNCT
easat-5628	348	24	.	.	PUNCT
easat-5628	349	1	when	when	SCONJ
easat-5628	349	2	the	the	DET
easat-5628	349	3	eta	eta	PROPN
easat-5628	349	4	passed	pass	VERB
easat-5628	349	5	through	through	ADP
easat-5628	349	6	the	the	DET
easat-5628	349	7	national	national	PROPN
easat-5628	349	8	assembly	assembly	NOUN
easat-5628	349	9	the	the	DET
easat-5628	349	10	public	public	NOUN
easat-5628	349	11	was	be	AUX
easat-5628	349	12	convinced	convince	VERB
easat-5628	349	13	that	that	SCONJ
easat-5628	349	14	the	the	DET
easat-5628	349	15	ets	et	NOUN
easat-5628	349	16	will	will	AUX
easat-5628	349	17	be	be	AUX
easat-5628	349	18	launched	launch	VERB
easat-5628	349	19	.	.	PUNCT
easat-5628	350	1	considering	consider	VERB
easat-5628	350	2	this	this	PRON
easat-5628	350	3	,	,	PUNCT
easat-5628	350	4	we	we	PRON
easat-5628	350	5	analyzed	analyze	VERB
easat-5628	350	6	a	a	DET
easat-5628	350	7	separate	separate	ADJ
easat-5628	350	8	case	case	NOUN
easat-5628	350	9	with	with	ADP
easat-5628	350	10	this	this	DET
easat-5628	350	11	aspect	aspect	NOUN
easat-5628	350	12	in	in	ADP
easat-5628	350	13	time	time	NOUN
easat-5628	350	14	serving	serve	VERB
easat-5628	350	15	as	as	ADP
easat-5628	350	16	the	the	DET
easat-5628	350	17	intervention	intervention	NOUN
easat-5628	350	18	point	point	NOUN
easat-5628	350	19	(	(	PUNCT
easat-5628	350	20	case	case	NOUN
easat-5628	350	21	2	2	NUM
easat-5628	350	22	)	)	PUNCT
easat-5628	350	23	.	.	PUNCT
easat-5628	351	1	prior	prior	ADV
easat-5628	351	2	to	to	ADP
easat-5628	351	3	discussing	discuss	VERB
easat-5628	351	4	the	the	DET
easat-5628	351	5	scm	scm	PROPN
easat-5628	351	6	results	result	NOUN
easat-5628	351	7	,	,	PUNCT
easat-5628	351	8	we	we	PRON
easat-5628	351	9	assessed	assess	VERB
easat-5628	351	10	whether	whether	SCONJ
easat-5628	351	11	the	the	DET
easat-5628	351	12	synthetic	synthetic	ADJ
easat-5628	351	13	counterfactual	counterfactual	ADJ
easat-5628	351	14	group	group	NOUN
easat-5628	351	15	(	(	PUNCT
easat-5628	351	16	green	green	ADJ
easat-5628	351	17	portfolio	portfolio	NOUN
easat-5628	351	18	)	)	PUNCT
easat-5628	351	19	is	be	AUX
easat-5628	351	20	well	well	ADV
easat-5628	351	21	matched	match	VERB
easat-5628	351	22	to	to	ADP
easat-5628	351	23	the	the	DET
easat-5628	351	24	treatment	treatment	NOUN
easat-5628	351	25	group	group	NOUN
easat-5628	351	26	(	(	PUNCT
easat-5628	351	27	brown	brown	ADJ
easat-5628	351	28	portfolio	portfolio	NOUN
easat-5628	351	29	)	)	PUNCT
easat-5628	351	30	during	during	ADP
easat-5628	351	31	the	the	DET
easat-5628	351	32	pretreatment	pretreatment	NOUN
easat-5628	351	33	period	period	NOUN
easat-5628	351	34	.	.	PUNCT
easat-5628	352	1	table	table	NOUN
easat-5628	352	2	4	4	NUM
easat-5628	352	3	shows	show	VERB
easat-5628	352	4	the	the	DET
easat-5628	352	5	means	mean	NOUN
easat-5628	352	6	of	of	ADP
easat-5628	352	7	the	the	DET
easat-5628	352	8	predictive	predictive	ADJ
easat-5628	352	9	variables	variable	NOUN
easat-5628	352	10	used	use	VERB
easat-5628	352	11	to	to	PART
easat-5628	352	12	generate	generate	VERB
easat-5628	352	13	the	the	DET
easat-5628	352	14	synthetic	synthetic	ADJ
easat-5628	352	15	control	control	NOUN
easat-5628	352	16	for	for	ADP
easat-5628	352	17	case	case	NOUN
easat-5628	352	18	1.11	1.11	NUM
easat-5628	352	19	between	between	ADP
easat-5628	352	20	the	the	DET
easat-5628	352	21	brown	brown	ADJ
easat-5628	352	22	portfolio	portfolio	NOUN
easat-5628	352	23	and	and	CCONJ
easat-5628	352	24	its	its	PRON
easat-5628	352	25	synthetic	synthetic	ADJ
easat-5628	352	26	counterpart	counterpart	NOUN
easat-5628	352	27	,	,	PUNCT
easat-5628	352	28	the	the	DET
easat-5628	352	29	match	match	NOUN
easat-5628	352	30	is	be	AUX
easat-5628	352	31	good	good	ADJ
easat-5628	352	32	in	in	ADP
easat-5628	352	33	terms	term	NOUN
easat-5628	352	34	of	of	ADP
easat-5628	352	35	the	the	DET
easat-5628	352	36	total	total	ADJ
easat-5628	352	37	assets	asset	NOUN
easat-5628	352	38	11case	11case	NUM
easat-5628	352	39	2	2	NUM
easat-5628	352	40	had	have	VERB
easat-5628	352	41	similar	similar	ADJ
easat-5628	352	42	results	result	NOUN
easat-5628	352	43	.	.	PUNCT
easat-5628	353	1	we	we	PRON
easat-5628	353	2	skipped	skip	VERB
easat-5628	353	3	the	the	DET
easat-5628	353	4	discussion	discussion	NOUN
easat-5628	353	5	on	on	ADP
easat-5628	353	6	case	case	NOUN
easat-5628	353	7	2	2	NUM
easat-5628	353	8	however	however	ADV
easat-5628	353	9	,	,	PUNCT
easat-5628	353	10	the	the	DET
easat-5628	353	11	results	result	NOUN
easat-5628	353	12	are	be	AUX
easat-5628	353	13	available	available	ADJ
easat-5628	353	14	upon	upon	SCONJ
easat-5628	353	15	request	request	NOUN
easat-5628	353	16	.	.	PUNCT
easat-5628	354	1	1587	1587	NUM
easat-5628	354	2	edelweiss	edelweiss	PROPN
easat-5628	354	3	applied	apply	VERB
easat-5628	354	4	science	science	NOUN
easat-5628	354	5	and	and	CCONJ
easat-5628	354	6	technology	technology	NOUN
easat-5628	354	7	issn	issn	PROPN
easat-5628	354	8	:	:	PUNCT
easat-5628	354	9	2576	2576	NUM
easat-5628	354	10	-	-	SYM
easat-5628	354	11	8484	8484	NUM
easat-5628	354	12	vol	vol	NOUN
easat-5628	354	13	.	.	PROPN
easat-5628	355	1	9	9	NUM
easat-5628	355	2	,	,	PUNCT
easat-5628	355	3	no	no	INTJ
easat-5628	355	4	.	.	NOUN
easat-5628	356	1	3	3	NUM
easat-5628	356	2	:	:	PUNCT
easat-5628	356	3	1577	1577	NUM
easat-5628	356	4	-	-	SYM
easat-5628	356	5	1592	1592	NUM
easat-5628	356	6	,	,	PUNCT
easat-5628	356	7	2025	2025	NUM
easat-5628	356	8	doi	doi	NOUN
easat-5628	356	9	:	:	PUNCT
easat-5628	356	10	10.55214/25768484.v9i3.5628	10.55214/25768484.v9i3.5628	NUM
easat-5628	356	11	©	©	PROPN
easat-5628	356	12	2025	2025	NUM
easat-5628	356	13	by	by	ADP
easat-5628	356	14	the	the	DET
easat-5628	356	15	author	author	NOUN
easat-5628	356	16	;	;	PUNCT
easat-5628	356	17	licensee	licensee	NOUN
easat-5628	356	18	learning	learn	VERB
easat-5628	356	19	gate	gate	NOUN
easat-5628	356	20	and	and	CCONJ
easat-5628	356	21	cumulative	cumulative	ADJ
easat-5628	356	22	returns	return	NOUN
easat-5628	356	23	.	.	PUNCT
easat-5628	357	1	panel	panel	NOUN
easat-5628	357	2	(	(	PUNCT
easat-5628	357	3	a	a	NOUN
easat-5628	357	4	)	)	PUNCT
easat-5628	357	5	of	of	ADP
easat-5628	357	6	figure	figure	NOUN
easat-5628	357	7	3	3	NUM
easat-5628	357	8	depicts	depict	VERB
easat-5628	357	9	the	the	DET
easat-5628	357	10	brown	brown	ADJ
easat-5628	357	11	and	and	CCONJ
easat-5628	357	12	green	green	ADJ
easat-5628	357	13	portfolio	portfolio	NOUN
easat-5628	357	14	returns	return	NOUN
easat-5628	357	15	and	and	CCONJ
easat-5628	357	16	spreads	spread	NOUN
easat-5628	357	17	between	between	ADP
easat-5628	357	18	portfolios	portfolio	NOUN
easat-5628	357	19	.	.	PUNCT
easat-5628	358	1	these	these	DET
easat-5628	358	2	two	two	NUM
easat-5628	358	3	portfolios	portfolio	NOUN
easat-5628	358	4	return	return	VERB
easat-5628	358	5	show	show	VERB
easat-5628	358	6	a	a	DET
easat-5628	358	7	similar	similar	ADJ
easat-5628	358	8	pattern	pattern	NOUN
easat-5628	358	9	;	;	PUNCT
easat-5628	358	10	therefore	therefore	ADV
easat-5628	358	11	,	,	PUNCT
easat-5628	358	12	the	the	DET
easat-5628	358	13	spreads	spread	NOUN
easat-5628	358	14	fluctuated	fluctuate	VERB
easat-5628	358	15	at	at	ADP
easat-5628	358	16	zero	zero	NUM
easat-5628	358	17	.	.	PUNCT
easat-5628	359	1	based	base	VERB
easat-5628	359	2	on	on	ADP
easat-5628	359	3	the	the	DET
easat-5628	359	4	above	above	ADJ
easat-5628	359	5	discussion	discussion	NOUN
easat-5628	359	6	,	,	PUNCT
easat-5628	359	7	the	the	DET
easat-5628	359	8	synthetic	synthetic	ADJ
easat-5628	359	9	green	green	ADJ
easat-5628	359	10	and	and	CCONJ
easat-5628	359	11	brown	brown	ADJ
easat-5628	359	12	portfolios	portfolio	NOUN
easat-5628	359	13	had	have	VERB
easat-5628	359	14	similar	similar	ADJ
easat-5628	359	15	characteristics	characteristic	NOUN
easat-5628	359	16	before	before	ADP
easat-5628	359	17	the	the	DET
easat-5628	359	18	eta	eta	ADJ
easat-5628	359	19	announcement	announcement	NOUN
easat-5628	359	20	.	.	PUNCT
easat-5628	360	1	in	in	ADP
easat-5628	360	2	other	other	ADJ
easat-5628	360	3	words	word	NOUN
easat-5628	360	4	,	,	PUNCT
easat-5628	360	5	the	the	DET
easat-5628	360	6	treatment	treatment	NOUN
easat-5628	360	7	and	and	CCONJ
easat-5628	360	8	synthetic	synthetic	ADJ
easat-5628	360	9	counterfactual	counterfactual	ADJ
easat-5628	360	10	groups	group	NOUN
easat-5628	360	11	had	have	VERB
easat-5628	360	12	similar	similar	ADJ
easat-5628	360	13	asset	asset	NOUN
easat-5628	360	14	size	size	NOUN
easat-5628	360	15	and	and	CCONJ
easat-5628	360	16	cumulative	cumulative	ADJ
easat-5628	360	17	returns	return	NOUN
easat-5628	360	18	before	before	ADP
easat-5628	360	19	the	the	DET
easat-5628	360	20	intervention	intervention	NOUN
easat-5628	360	21	.	.	PUNCT
easat-5628	361	1	the	the	DET
easat-5628	361	2	only	only	ADJ
easat-5628	361	3	difference	difference	NOUN
easat-5628	361	4	is	be	AUX
easat-5628	361	5	whether	whether	SCONJ
easat-5628	361	6	or	or	CCONJ
easat-5628	361	7	not	not	PART
easat-5628	361	8	they	they	PRON
easat-5628	361	9	had	have	VERB
easat-5628	361	10	to	to	PART
easat-5628	361	11	follow	follow	VERB
easat-5628	361	12	the	the	DET
easat-5628	361	13	carbon	carbon	NOUN
easat-5628	361	14	regulatory	regulatory	ADJ
easat-5628	361	15	policy	policy	NOUN
easat-5628	361	16	.	.	PUNCT
easat-5628	362	1	table	table	NOUN
easat-5628	362	2	4	4	NUM
easat-5628	362	3	.	.	PUNCT
easat-5628	362	4	comparing	compare	VERB
easat-5628	362	5	predictor	predictor	NOUN
easat-5628	362	6	means	mean	NOUN
easat-5628	362	7	between	between	ADP
easat-5628	362	8	treated	treat	VERB
easat-5628	362	9	and	and	CCONJ
easat-5628	362	10	synthetic	synthetic	ADJ
easat-5628	362	11	control	control	NOUN
easat-5628	362	12	groups	group	NOUN
easat-5628	362	13	(	(	PUNCT
easat-5628	362	14	case	case	NOUN
easat-5628	362	15	1	1	NUM
easat-5628	362	16	)	)	PUNCT
easat-5628	362	17	.	.	PUNCT
easat-5628	363	1	treated	treat	VERB
easat-5628	363	2	group	group	NOUN
easat-5628	363	3	(	(	PUNCT
easat-5628	363	4	brown	brown	ADJ
easat-5628	363	5	portfolio	portfolio	NOUN
easat-5628	363	6	)	)	PUNCT
easat-5628	363	7	synthetic	synthetic	ADJ
easat-5628	363	8	counterfactual	counterfactual	ADJ
easat-5628	363	9	group	group	NOUN
easat-5628	363	10	(	(	PUNCT
easat-5628	363	11	green	green	ADJ
easat-5628	363	12	portfolio	portfolio	NOUN
easat-5628	363	13	)	)	PUNCT
easat-5628	363	14	total	total	ADJ
easat-5628	363	15	asset	asset	NOUN
easat-5628	363	16	(	(	PUNCT
easat-5628	363	17	unit	unit	NOUN
easat-5628	363	18	:	:	PUNCT
easat-5628	363	19	billion	billion	NUM
easat-5628	363	20	krw	krw	PROPN
easat-5628	363	21	)	)	PUNCT
easat-5628	363	22	15,045	15,045	NUM
easat-5628	363	23	14,944	14,944	NUM
easat-5628	363	24	cumulative	cumulative	ADJ
easat-5628	363	25	return	return	NOUN
easat-5628	363	26	0.208	0.208	NUM
easat-5628	363	27	0.207	0.207	NUM
easat-5628	363	28	panel	panel	NOUN
easat-5628	363	29	(	(	PUNCT
easat-5628	363	30	b	b	NOUN
easat-5628	363	31	)	)	PUNCT
easat-5628	363	32	of	of	ADP
easat-5628	363	33	figure	figure	NOUN
easat-5628	363	34	3	3	NUM
easat-5628	363	35	shows	show	VERB
easat-5628	363	36	the	the	DET
easat-5628	363	37	scm	scm	PROPN
easat-5628	363	38	results	result	VERB
easat-5628	363	39	for	for	ADP
easat-5628	363	40	the	the	DET
easat-5628	363	41	entire	entire	ADJ
easat-5628	363	42	period	period	NOUN
easat-5628	363	43	in	in	ADP
easat-5628	363	44	case	case	NOUN
easat-5628	363	45	1	1	NUM
easat-5628	363	46	.	.	PUNCT
easat-5628	364	1	it	it	PRON
easat-5628	364	2	contains	contain	VERB
easat-5628	364	3	the	the	DET
easat-5628	364	4	cumulative	cumulative	ADJ
easat-5628	364	5	returns	return	NOUN
easat-5628	364	6	and	and	CCONJ
easat-5628	364	7	spreads	spread	VERB
easat-5628	364	8	for	for	ADP
easat-5628	364	9	brown	brown	ADJ
easat-5628	364	10	and	and	CCONJ
easat-5628	364	11	synthetic	synthetic	ADJ
easat-5628	364	12	green	green	ADJ
easat-5628	364	13	portfolios	portfolio	NOUN
easat-5628	364	14	(	(	PUNCT
easat-5628	364	15	brown	brown	ADJ
easat-5628	364	16	minus	minus	CCONJ
easat-5628	364	17	green	green	ADJ
easat-5628	364	18	,	,	PUNCT
easat-5628	364	19	or	or	CCONJ
easat-5628	364	20	bmg	bmg	NOUN
easat-5628	364	21	)	)	PUNCT
easat-5628	364	22	.	.	PUNCT
easat-5628	365	1	the	the	DET
easat-5628	365	2	bmg	bmg	NOUN
easat-5628	365	3	moved	move	VERB
easat-5628	365	4	concurrently	concurrently	ADV
easat-5628	365	5	before	before	ADP
easat-5628	365	6	the	the	DET
easat-5628	365	7	government	government	NOUN
easat-5628	365	8	’s	’s	PART
easat-5628	365	9	announcement	announcement	NOUN
easat-5628	365	10	;	;	PUNCT
easat-5628	365	11	however	however	ADV
easat-5628	365	12	,	,	PUNCT
easat-5628	365	13	it	it	PRON
easat-5628	365	14	diverged	diverge	VERB
easat-5628	365	15	after	after	ADP
easat-5628	365	16	an	an	DET
easat-5628	365	17	external	external	ADJ
easat-5628	365	18	shock	shock	NOUN
easat-5628	365	19	(	(	PUNCT
easat-5628	365	20	announcement	announcement	NOUN
easat-5628	365	21	of	of	ADP
easat-5628	365	22	the	the	DET
easat-5628	365	23	legislative	legislative	ADJ
easat-5628	365	24	plan	plan	NOUN
easat-5628	365	25	)	)	PUNCT
easat-5628	365	26	.	.	PUNCT
easat-5628	366	1	for	for	ADP
easat-5628	366	2	the	the	DET
easat-5628	366	3	remaining	remain	VERB
easat-5628	366	4	period	period	NOUN
easat-5628	366	5	,	,	PUNCT
easat-5628	366	6	the	the	DET
easat-5628	366	7	green	green	PROPN
easat-5628	366	8	portfolio	portfolio	PROPN
easat-5628	366	9	consistently	consistently	ADV
easat-5628	366	10	outperformed	outperform	VERB
easat-5628	366	11	the	the	DET
easat-5628	366	12	other	other	ADJ
easat-5628	366	13	portfolios	portfolio	NOUN
easat-5628	366	14	,	,	PUNCT
easat-5628	366	15	with	with	ADP
easat-5628	366	16	the	the	DET
easat-5628	366	17	spreads	spread	NOUN
easat-5628	366	18	reaching	reach	VERB
easat-5628	366	19	approximately	approximately	ADV
easat-5628	366	20	70	70	NUM
easat-5628	366	21	%	%	NOUN
easat-5628	366	22	.	.	PUNCT
easat-5628	367	1	this	this	DET
easat-5628	367	2	finding	finding	NOUN
easat-5628	367	3	suggests	suggest	VERB
easat-5628	367	4	that	that	SCONJ
easat-5628	367	5	the	the	DET
easat-5628	367	6	k	k	NOUN
easat-5628	367	7	-	-	PUNCT
easat-5628	367	8	ets	ets	PROPN
easat-5628	367	9	renders	render	VERB
easat-5628	367	10	carbon	carbon	NOUN
easat-5628	367	11	-	-	PUNCT
easat-5628	367	12	emitting	emit	VERB
easat-5628	367	13	firms	firm	NOUN
easat-5628	367	14	less	less	ADV
easat-5628	367	15	attractive	attractive	ADJ
easat-5628	367	16	stocks	stock	NOUN
easat-5628	367	17	for	for	ADP
easat-5628	367	18	investors	investor	NOUN
easat-5628	367	19	.	.	PUNCT
easat-5628	368	1	the	the	DET
easat-5628	368	2	results	result	NOUN
easat-5628	368	3	of	of	ADP
easat-5628	368	4	the	the	DET
easat-5628	368	5	second	second	ADJ
easat-5628	368	6	case	case	NOUN
easat-5628	368	7	study	study	NOUN
easat-5628	368	8	(	(	PUNCT
easat-5628	368	9	case	case	NOUN
easat-5628	368	10	2	2	NUM
easat-5628	368	11	)	)	PUNCT
easat-5628	368	12	are	be	AUX
easat-5628	368	13	similar	similar	ADJ
easat-5628	368	14	.	.	PUNCT
easat-5628	369	1	panel	panel	NOUN
easat-5628	369	2	(	(	PUNCT
easat-5628	369	3	a	a	NOUN
easat-5628	369	4	)	)	PUNCT
easat-5628	369	5	of	of	ADP
easat-5628	369	6	figure	figure	NOUN
easat-5628	369	7	4	4	NUM
easat-5628	369	8	reports	report	NOUN
easat-5628	369	9	the	the	DET
easat-5628	369	10	spread	spread	NOUN
easat-5628	369	11	of	of	ADP
easat-5628	369	12	case	case	NOUN
easat-5628	369	13	2	2	X
easat-5628	369	14	.	.	PUNCT
easat-5628	370	1	we	we	PRON
easat-5628	370	2	combined	combine	VERB
easat-5628	370	3	all	all	DET
easat-5628	370	4	bmg	bmg	NOUN
easat-5628	370	5	trends	trend	NOUN
easat-5628	370	6	into	into	ADP
easat-5628	370	7	a	a	DET
easat-5628	370	8	single	single	ADJ
easat-5628	370	9	graph	graph	NOUN
easat-5628	370	10	(	(	PUNCT
easat-5628	370	11	panel	panel	NOUN
easat-5628	370	12	b	b	PROPN
easat-5628	370	13	of	of	ADP
easat-5628	370	14	figure	figure	NOUN
easat-5628	370	15	4	4	NUM
easat-5628	370	16	)	)	PUNCT
easat-5628	370	17	to	to	PART
easat-5628	370	18	compare	compare	VERB
easat-5628	370	19	the	the	DET
easat-5628	370	20	scm	scm	PROPN
easat-5628	370	21	results	result	NOUN
easat-5628	370	22	with	with	ADP
easat-5628	370	23	those	those	PRON
easat-5628	370	24	of	of	ADP
easat-5628	370	25	the	the	DET
easat-5628	370	26	previous	previous	ADJ
easat-5628	370	27	simple	simple	ADJ
easat-5628	370	28	portfolio	portfolio	NOUN
easat-5628	370	29	approach	approach	NOUN
easat-5628	370	30	.	.	PUNCT
easat-5628	371	1	the	the	DET
easat-5628	371	2	scm	scm	PROPN
easat-5628	371	3	results	result	NOUN
easat-5628	371	4	are	be	AUX
easat-5628	371	5	consistent	consistent	ADJ
easat-5628	371	6	with	with	ADP
easat-5628	371	7	the	the	DET
easat-5628	371	8	previous	previous	ADJ
easat-5628	371	9	results	result	NOUN
easat-5628	371	10	.	.	PUNCT
easat-5628	372	1	figure	figure	VERB
easat-5628	372	2	3	3	NUM
easat-5628	372	3	and	and	CCONJ
easat-5628	372	4	figure	figure	VERB
easat-5628	372	5	4	4	NUM
easat-5628	372	6	show	show	VERB
easat-5628	372	7	how	how	SCONJ
easat-5628	372	8	the	the	DET
easat-5628	372	9	non	non	ADJ
easat-5628	372	10	-	-	ADJ
easat-5628	372	11	carbon	carbon	NOUN
easat-5628	372	12	firms	firm	NOUN
easat-5628	372	13	outperformed	outperform	VERB
easat-5628	372	14	when	when	SCONJ
easat-5628	372	15	the	the	DET
easat-5628	372	16	k	k	NOUN
easat-5628	372	17	-	-	PUNCT
easat-5628	372	18	ets	et	NOUN
easat-5628	372	19	was	be	AUX
easat-5628	372	20	implemented	implement	VERB
easat-5628	372	21	.	.	PUNCT
easat-5628	373	1	this	this	DET
easat-5628	373	2	finding	finding	NOUN
easat-5628	373	3	is	be	AUX
easat-5628	373	4	consistent	consistent	ADJ
easat-5628	373	5	with	with	ADP
easat-5628	373	6	the	the	DET
easat-5628	373	7	results	result	NOUN
easat-5628	373	8	of	of	ADP
easat-5628	373	9	the	the	DET
easat-5628	373	10	panel	panel	NOUN
easat-5628	373	11	model	model	NOUN
easat-5628	373	12	.	.	PUNCT
easat-5628	374	1	as	as	SCONJ
easat-5628	374	2	discussed	discuss	VERB
easat-5628	374	3	,	,	PUNCT
easat-5628	374	4	all	all	DET
easat-5628	374	5	the	the	DET
easat-5628	374	6	empirical	empirical	ADJ
easat-5628	374	7	results	result	NOUN
easat-5628	374	8	show	show	VERB
easat-5628	374	9	that	that	SCONJ
easat-5628	374	10	the	the	DET
easat-5628	374	11	brown	brown	ADJ
easat-5628	374	12	portfolio	portfolio	NOUN
easat-5628	374	13	underperformed	underperform	VERB
easat-5628	374	14	compared	compare	VERB
easat-5628	374	15	to	to	ADP
easat-5628	374	16	the	the	DET
easat-5628	374	17	green	green	ADJ
easat-5628	374	18	portfolio	portfolio	NOUN
easat-5628	374	19	;	;	PUNCT
easat-5628	374	20	however	however	ADV
easat-5628	374	21	,	,	PUNCT
easat-5628	374	22	opposite	opposite	ADJ
easat-5628	374	23	trends	trend	NOUN
easat-5628	374	24	were	be	AUX
easat-5628	374	25	observed	observe	VERB
easat-5628	374	26	in	in	ADP
easat-5628	374	27	some	some	DET
easat-5628	374	28	periods	period	NOUN
easat-5628	374	29	.	.	PUNCT
easat-5628	375	1	the	the	DET
easat-5628	375	2	bmg	bmg	NOUN
easat-5628	375	3	results	result	NOUN
easat-5628	375	4	at	at	ADP
easat-5628	375	5	intervals	interval	NOUN
easat-5628	375	6	explain	explain	VERB
easat-5628	375	7	these	these	DET
easat-5628	375	8	reversal	reversal	NOUN
easat-5628	375	9	outcomes	outcome	NOUN
easat-5628	375	10	.	.	PUNCT
easat-5628	376	1	variations	variation	NOUN
easat-5628	376	2	in	in	ADP
easat-5628	376	3	the	the	DET
easat-5628	376	4	return	return	NOUN
easat-5628	376	5	spread	spread	VERB
easat-5628	376	6	by	by	ADP
easat-5628	376	7	timeframe	timeframe	NOUN
easat-5628	376	8	revealed	reveal	VERB
easat-5628	376	9	that	that	SCONJ
easat-5628	376	10	several	several	ADJ
easat-5628	376	11	shocks	shock	NOUN
easat-5628	376	12	related	relate	VERB
easat-5628	376	13	to	to	ADP
easat-5628	376	14	emissions	emission	NOUN
easat-5628	376	15	trading	trading	NOUN
easat-5628	376	16	affect	affect	VERB
easat-5628	376	17	stock	stock	NOUN
easat-5628	376	18	markets	market	NOUN
easat-5628	376	19	.	.	PUNCT
easat-5628	377	1	initially	initially	ADV
easat-5628	377	2	,	,	PUNCT
easat-5628	377	3	before	before	ADP
easat-5628	377	4	march	march	PROPN
easat-5628	377	5	2011	2011	NUM
easat-5628	377	6	,	,	PUNCT
easat-5628	377	7	brown	brown	ADJ
easat-5628	377	8	firms	firm	NOUN
easat-5628	377	9	’	’	PART
easat-5628	377	10	performance	performance	NOUN
easat-5628	377	11	was	be	AUX
easat-5628	377	12	superior	superior	ADJ
easat-5628	377	13	to	to	ADP
easat-5628	377	14	that	that	PRON
easat-5628	377	15	of	of	ADP
easat-5628	377	16	the	the	DET
easat-5628	377	17	green	green	ADJ
easat-5628	377	18	firms	firm	NOUN
easat-5628	377	19	.	.	PUNCT
easat-5628	378	1	as	as	SCONJ
easat-5628	378	2	previously	previously	ADV
easat-5628	378	3	discussed	discuss	VERB
easat-5628	378	4	,	,	PUNCT
easat-5628	378	5	the	the	DET
easat-5628	378	6	moleg	moleg	NOUN
easat-5628	378	7	announced	announce	VERB
easat-5628	378	8	the	the	DET
easat-5628	378	9	establishment	establishment	NOUN
easat-5628	378	10	of	of	ADP
easat-5628	378	11	the	the	DET
easat-5628	378	12	“	"	PUNCT
easat-5628	378	13	2011	2011	NUM
easat-5628	378	14	laws	law	NOUN
easat-5628	378	15	on	on	ADP
easat-5628	378	16	green	green	ADJ
easat-5628	378	17	growth	growth	NOUN
easat-5628	378	18	in	in	ADP
easat-5628	378	19	korea	korea	PROPN
easat-5628	378	20	”	"	PUNCT
easat-5628	378	21	on	on	ADP
easat-5628	378	22	march	march	PROPN
easat-5628	378	23	31	31	NUM
easat-5628	378	24	,	,	PUNCT
easat-5628	378	25	2011	2011	NUM
easat-5628	378	26	.	.	PUNCT
easat-5628	379	1	this	this	DET
easat-5628	379	2	legislative	legislative	ADJ
easat-5628	379	3	plan	plan	NOUN
easat-5628	379	4	contains	contain	VERB
easat-5628	379	5	the	the	DET
easat-5628	379	6	“	"	PUNCT
easat-5628	379	7	act	act	NOUN
easat-5628	379	8	on	on	ADP
easat-5628	379	9	the	the	DET
easat-5628	379	10	allocation	allocation	NOUN
easat-5628	379	11	and	and	CCONJ
easat-5628	379	12	trading	trading	NOUN
easat-5628	379	13	of	of	ADP
easat-5628	379	14	greenhouse	greenhouse	NOUN
easat-5628	379	15	-	-	PUNCT
easat-5628	379	16	gas	gas	NOUN
easat-5628	379	17	emission	emission	NOUN
easat-5628	379	18	permits	permit	NOUN
easat-5628	379	19	,	,	PUNCT
easat-5628	379	20	”	"	PUNCT
easat-5628	379	21	and	and	CCONJ
easat-5628	379	22	implies	imply	VERB
easat-5628	379	23	launching	launch	VERB
easat-5628	379	24	the	the	DET
easat-5628	379	25	ghg	ghg	PROPN
easat-5628	379	26	emissions	emissions	PROPN
easat-5628	379	27	trading	trading	NOUN
easat-5628	379	28	to	to	ADP
easat-5628	379	29	the	the	DET
easat-5628	379	30	market	market	NOUN
easat-5628	379	31	.	.	PUNCT
easat-5628	380	1	indeed	indeed	ADV
easat-5628	380	2	,	,	PUNCT
easat-5628	380	3	the	the	DET
easat-5628	380	4	2011	2011	NUM
easat-5628	380	5	declaration	declaration	NOUN
easat-5628	380	6	upended	upend	VERB
easat-5628	380	7	the	the	DET
easat-5628	380	8	direction	direction	NOUN
easat-5628	380	9	of	of	ADP
easat-5628	380	10	the	the	DET
easat-5628	380	11	spread	spread	NOUN
easat-5628	380	12	between	between	ADP
easat-5628	380	13	brown	brown	ADJ
easat-5628	380	14	and	and	CCONJ
easat-5628	380	15	green	green	ADJ
easat-5628	380	16	portfolios	portfolio	NOUN
easat-5628	380	17	.	.	PUNCT
easat-5628	381	1	the	the	DET
easat-5628	381	2	effect	effect	NOUN
easat-5628	381	3	of	of	ADP
easat-5628	381	4	the	the	DET
easat-5628	381	5	shock	shock	NOUN
easat-5628	381	6	is	be	AUX
easat-5628	381	7	evident	evident	ADJ
easat-5628	381	8	,	,	PUNCT
easat-5628	381	9	and	and	CCONJ
easat-5628	381	10	predominance	predominance	NOUN
easat-5628	381	11	of	of	ADP
easat-5628	381	12	green	green	ADJ
easat-5628	381	13	portfolio	portfolio	NOUN
easat-5628	381	14	returns	return	NOUN
easat-5628	381	15	continued	continue	VERB
easat-5628	381	16	until	until	ADP
easat-5628	381	17	june	june	PROPN
easat-5628	381	18	2015	2015	NUM
easat-5628	381	19	.	.	PUNCT
easat-5628	382	1	if	if	SCONJ
easat-5628	382	2	a	a	DET
easat-5628	382	3	carbon	carbon	NOUN
easat-5628	382	4	-	-	PUNCT
easat-5628	382	5	emitting	emit	VERB
easat-5628	382	6	company	company	NOUN
easat-5628	382	7	is	be	AUX
easat-5628	382	8	listed	list	VERB
easat-5628	382	9	under	under	ADP
easat-5628	382	10	ghg	ghg	PROPN
easat-5628	382	11	regulations	regulation	NOUN
easat-5628	382	12	,	,	PUNCT
easat-5628	382	13	it	it	PRON
easat-5628	382	14	has	have	VERB
easat-5628	382	15	a	a	DET
easat-5628	382	16	stigma	stigma	NOUN
easat-5628	382	17	effect	effect	NOUN
easat-5628	382	18	,	,	PUNCT
easat-5628	382	19	and	and	CCONJ
easat-5628	382	20	less	less	ADV
easat-5628	382	21	attractive	attractive	ADJ
easat-5628	382	22	to	to	ADP
easat-5628	382	23	stock	stock	NOUN
easat-5628	382	24	investors	investor	NOUN
easat-5628	382	25	.	.	PUNCT
easat-5628	383	1	1588	1588	NUM
easat-5628	383	2	edelweiss	edelweiss	PROPN
easat-5628	383	3	applied	apply	VERB
easat-5628	383	4	science	science	NOUN
easat-5628	383	5	and	and	CCONJ
easat-5628	383	6	technology	technology	NOUN
easat-5628	383	7	issn	issn	PROPN
easat-5628	383	8	:	:	PUNCT
easat-5628	383	9	2576	2576	NUM
easat-5628	383	10	-	-	SYM
easat-5628	383	11	8484	8484	NUM
easat-5628	383	12	vol	vol	NOUN
easat-5628	383	13	.	.	PROPN
easat-5628	384	1	9	9	NUM
easat-5628	384	2	,	,	PUNCT
easat-5628	384	3	no	no	INTJ
easat-5628	384	4	.	.	NOUN
easat-5628	385	1	3	3	NUM
easat-5628	385	2	:	:	PUNCT
easat-5628	385	3	1577	1577	NUM
easat-5628	385	4	-	-	SYM
easat-5628	385	5	1592	1592	NUM
easat-5628	385	6	,	,	PUNCT
easat-5628	385	7	2025	2025	NUM
easat-5628	385	8	doi	doi	NOUN
easat-5628	385	9	:	:	PUNCT
easat-5628	385	10	10.55214/25768484.v9i3.5628	10.55214/25768484.v9i3.5628	NUM
easat-5628	385	11	©	©	PROPN
easat-5628	385	12	2025	2025	NUM
easat-5628	385	13	by	by	ADP
easat-5628	385	14	the	the	DET
easat-5628	385	15	author	author	NOUN
easat-5628	385	16	;	;	PUNCT
easat-5628	385	17	licensee	licensee	PROPN
easat-5628	385	18	learning	learn	VERB
easat-5628	385	19	gate	gate	PROPN
easat-5628	385	20	figure	figure	NOUN
easat-5628	385	21	3	3	NUM
easat-5628	385	22	.	.	PUNCT
easat-5628	386	1	scm	scm	PROPN
easat-5628	386	2	results	result	VERB
easat-5628	386	3	for	for	ADP
easat-5628	386	4	case	case	NOUN
easat-5628	386	5	1	1	NUM
easat-5628	386	6	.	.	PUNCT
easat-5628	386	7	figure	figure	NOUN
easat-5628	386	8	4	4	NUM
easat-5628	386	9	.	.	PUNCT
easat-5628	386	10	spreads	spread	VERB
easat-5628	386	11	trends	trend	NOUN
easat-5628	386	12	from	from	ADP
easat-5628	386	13	scm	scm	PROPN
easat-5628	386	14	results	result	NOUN
easat-5628	386	15	.	.	PUNCT
easat-5628	387	1	a	a	DET
easat-5628	387	2	few	few	ADJ
easat-5628	387	3	months	month	NOUN
easat-5628	387	4	after	after	ADP
easat-5628	387	5	the	the	DET
easat-5628	387	6	introduction	introduction	NOUN
easat-5628	387	7	of	of	ADP
easat-5628	387	8	the	the	DET
easat-5628	387	9	k	k	PROPN
easat-5628	387	10	-	-	PUNCT
easat-5628	387	11	ets	et	NOUN
easat-5628	387	12	,	,	PUNCT
easat-5628	387	13	the	the	DET
easat-5628	387	14	green	green	PROPN
easat-5628	387	15	portfolio	portfolio	NOUN
easat-5628	387	16	’s	’s	PART
easat-5628	387	17	outperformance	outperformance	NOUN
easat-5628	387	18	trend	trend	NOUN
easat-5628	387	19	reversed	reverse	VERB
easat-5628	387	20	.	.	PUNCT
easat-5628	388	1	allocation	allocation	NOUN
easat-5628	388	2	matters	matter	NOUN
easat-5628	388	3	in	in	ADP
easat-5628	388	4	korean	korean	ADJ
easat-5628	388	5	emissions	emission	NOUN
easat-5628	388	6	trading	trading	NOUN
easat-5628	388	7	and	and	CCONJ
easat-5628	388	8	external	external	ADJ
easat-5628	388	9	issues	issue	NOUN
easat-5628	388	10	in	in	ADP
easat-5628	388	11	the	the	DET
easat-5628	388	12	industrial	industrial	ADJ
easat-5628	388	13	context	context	NOUN
easat-5628	388	14	may	may	AUX
easat-5628	388	15	lead	lead	VERB
easat-5628	388	16	to	to	ADP
easat-5628	388	17	this	this	DET
easat-5628	388	18	reversal	reversal	NOUN
easat-5628	388	19	.	.	PUNCT
easat-5628	389	1	the	the	DET
easat-5628	389	2	rationale	rationale	NOUN
easat-5628	389	3	for	for	ADP
easat-5628	389	4	the	the	DET
easat-5628	389	5	allocation	allocation	NOUN
easat-5628	389	6	is	be	AUX
easat-5628	389	7	as	as	SCONJ
easat-5628	389	8	follows	follow	VERB
easat-5628	389	9	.	.	PUNCT
easat-5628	390	1	considering	consider	VERB
easat-5628	390	2	the	the	DET
easat-5628	390	3	burden	burden	NOUN
easat-5628	390	4	and	and	CCONJ
easat-5628	390	5	backlash	backlash	NOUN
easat-5628	390	6	from	from	ADP
easat-5628	390	7	the	the	DET
easat-5628	390	8	industrial	industrial	ADJ
easat-5628	390	9	sector	sector	NOUN
easat-5628	390	10	,	,	PUNCT
easat-5628	390	11	regulatory	regulatory	ADJ
easat-5628	390	12	authorities	authority	NOUN
easat-5628	390	13	freely	freely	ADV
easat-5628	390	14	allocated	allocate	VERB
easat-5628	390	15	an	an	DET
easat-5628	390	16	allowance	allowance	NOUN
easat-5628	390	17	of	of	ADP
easat-5628	390	18	100	100	NUM
easat-5628	390	19	%	%	NOUN
easat-5628	390	20	in	in	ADP
easat-5628	390	21	phase	phase	NOUN
easat-5628	390	22	1	1	NUM
easat-5628	390	23	.	.	PUNCT
easat-5628	391	1	furthermore	furthermore	ADV
easat-5628	391	2	,	,	PUNCT
easat-5628	391	3	regulated	regulated	ADJ
easat-5628	391	4	firms	firm	NOUN
easat-5628	391	5	receive	receive	VERB
easat-5628	391	6	sufficient	sufficient	ADJ
easat-5628	391	7	free	free	ADJ
easat-5628	391	8	allowances	allowance	NOUN
easat-5628	391	9	.	.	PUNCT
easat-5628	392	1	in	in	ADP
easat-5628	392	2	phase	phase	NOUN
easat-5628	392	3	1	1	NUM
easat-5628	392	4	(	(	PUNCT
easat-5628	392	5	2015	2015	NUM
easat-5628	392	6	to	to	ADP
easat-5628	392	7	2017	2017	NUM
easat-5628	392	8	)	)	PUNCT
easat-5628	392	9	,	,	PUNCT
easat-5628	392	10	regulated	regulate	VERB
easat-5628	392	11	firms	firm	NOUN
easat-5628	392	12	received	receive	VERB
easat-5628	392	13	1,685	1,685	NUM
easat-5628	392	14	million	million	NUM
easat-5628	392	15	co2	co2	NOUN
easat-5628	392	16	tons	ton	NOUN
easat-5628	392	17	in	in	ADP
easat-5628	392	18	free	free	ADJ
easat-5628	392	19	allowances	allowance	NOUN
easat-5628	392	20	,	,	PUNCT
easat-5628	392	21	which	which	PRON
easat-5628	392	22	was	be	AUX
easat-5628	392	23	more	more	ADJ
easat-5628	392	24	than	than	ADP
easat-5628	392	25	the	the	DET
easat-5628	392	26	total	total	ADJ
easat-5628	392	27	ghg	ghg	PROPN
easat-5628	392	28	emissions	emission	NOUN
easat-5628	392	29	of	of	ADP
easat-5628	392	30	1,669	1,669	NUM
easat-5628	392	31	million	million	NUM
easat-5628	392	32	co2	co2	NOUN
easat-5628	392	33	tons	ton	NOUN
easat-5628	392	34	[	[	X
easat-5628	392	35	33	33	NUM
easat-5628	392	36	]	]	PUNCT
easat-5628	392	37	.	.	PUNCT
easat-5628	393	1	in	in	ADP
easat-5628	393	2	addition	addition	NOUN
easat-5628	393	3	,	,	PUNCT
easat-5628	393	4	as	as	SCONJ
easat-5628	393	5	companies	company	NOUN
easat-5628	393	6	’	'	PUNCT
easat-5628	393	7	ghg	ghg	PROPN
easat-5628	393	8	emissions	emissions	PROPN
easat-5628	393	9	increased	increase	VERB
easat-5628	393	10	,	,	PUNCT
easat-5628	393	11	the	the	DET
easat-5628	393	12	number	number	NOUN
easat-5628	393	13	of	of	ADP
easat-5628	393	14	free	free	ADJ
easat-5628	393	15	emission	emission	NOUN
easat-5628	393	16	permits	permit	NOUN
easat-5628	393	17	allocated	allocate	VERB
easat-5628	393	18	increased	increase	VERB
easat-5628	393	19	since	since	SCONJ
easat-5628	393	20	the	the	DET
easat-5628	393	21	government	government	NOUN
easat-5628	393	22	adopted	adopt	VERB
easat-5628	393	23	the	the	DET
easat-5628	393	24	“	"	PUNCT
easat-5628	393	25	benchmarking	benchmarke	VERB
easat-5628	393	26	”	"	PUNCT
easat-5628	393	27	allocation	allocation	NOUN
easat-5628	393	28	method	method	NOUN
easat-5628	393	29	from	from	ADP
easat-5628	393	30	phase	phase	NOUN
easat-5628	393	31	2	2	NUM
easat-5628	393	32	.	.	PUNCT
easat-5628	394	1	the	the	DET
easat-5628	394	2	aggregate	aggregate	ADJ
easat-5628	394	3	ghg	ghg	PROPN
easat-5628	394	4	emissions	emission	NOUN
easat-5628	394	5	from	from	ADP
easat-5628	394	6	all	all	DET
easat-5628	394	7	regulated	regulated	ADJ
easat-5628	394	8	firms	firm	NOUN
easat-5628	394	9	in	in	ADP
easat-5628	394	10	2016	2016	NUM
easat-5628	394	11	increased	increase	VERB
easat-5628	394	12	by	by	ADP
easat-5628	394	13	1.9	1.9	NUM
easat-5628	394	14	%	%	NOUN
easat-5628	394	15	compared	compare	VERB
easat-5628	394	16	to	to	ADP
easat-5628	394	17	2015	2015	NUM
easat-5628	394	18	,	,	PUNCT
easat-5628	394	19	and	and	CCONJ
easat-5628	394	20	emissions	emission	NOUN
easat-5628	394	21	in	in	ADP
easat-5628	394	22	2017	2017	NUM
easat-5628	394	23	increased	increase	VERB
easat-5628	394	24	by	by	ADP
easat-5628	394	25	2.9	2.9	NUM
easat-5628	394	26	%	%	NOUN
easat-5628	394	27	compared	compare	VERB
easat-5628	394	28	to	to	ADP
easat-5628	394	29	2016	2016	NUM
easat-5628	394	30	.	.	PUNCT
easat-5628	395	1	however	however	ADV
easat-5628	395	2	,	,	PUNCT
easat-5628	395	3	the	the	DET
easat-5628	395	4	free	free	ADJ
easat-5628	395	5	allowances	allowance	NOUN
easat-5628	395	6	granted	grant	VERB
easat-5628	395	7	in	in	ADP
easat-5628	395	8	2016	2016	NUM
easat-5628	395	9	and	and	CCONJ
easat-5628	395	10	2017	2017	NUM
easat-5628	395	11	increased	increase	VERB
easat-5628	395	12	by	by	ADP
easat-5628	395	13	3	3	NUM
easat-5628	395	14	%	%	NOUN
easat-5628	395	15	and	and	CCONJ
easat-5628	395	16	3.8	3.8	NUM
easat-5628	395	17	%	%	NOUN
easat-5628	395	18	,	,	PUNCT
easat-5628	395	19	respectively	respectively	ADV
easat-5628	395	20	[	[	X
easat-5628	395	21	34	34	NUM
easat-5628	395	22	]	]	PUNCT
easat-5628	395	23	.	.	PUNCT
easat-5628	396	1	notably	notably	ADV
easat-5628	396	2	,	,	PUNCT
easat-5628	396	3	an	an	DET
easat-5628	396	4	increase	increase	NOUN
easat-5628	396	5	in	in	ADP
easat-5628	396	6	free	free	ADJ
easat-5628	396	7	allocation	allocation	NOUN
easat-5628	396	8	exceeds	exceed	VERB
easat-5628	396	9	the	the	DET
easat-5628	396	10	increase	increase	NOUN
easat-5628	396	11	in	in	ADP
easat-5628	396	12	ghg	ghg	PROPN
easat-5628	396	13	emissions	emission	NOUN
easat-5628	396	14	.	.	PUNCT
easat-5628	397	1	therefore	therefore	ADV
easat-5628	397	2	,	,	PUNCT
easat-5628	397	3	k	k	X
easat-5628	397	4	-	-	PUNCT
easat-5628	397	5	ets	et	NOUN
easat-5628	397	6	did	do	AUX
easat-5628	397	7	not	not	PART
easat-5628	397	8	bind	bind	VERB
easat-5628	397	9	in	in	ADP
easat-5628	397	10	the	the	DET
easat-5628	397	11	early	early	ADJ
easat-5628	397	12	phases	phase	NOUN
easat-5628	397	13	.	.	PUNCT
easat-5628	398	1	based	base	VERB
easat-5628	398	2	on	on	ADP
easat-5628	398	3	this	this	PRON
easat-5628	398	4	,	,	PUNCT
easat-5628	398	5	some	some	PRON
easat-5628	398	6	have	have	AUX
easat-5628	398	7	indicated	indicate	VERB
easat-5628	398	8	that	that	SCONJ
easat-5628	398	9	the	the	PRON
easat-5628	398	10	k	k	PROPN
easat-5628	398	11	-	-	PUNCT
easat-5628	398	12	ets	et	NOUN
easat-5628	398	13	experienced	experience	VERB
easat-5628	398	14	a	a	DET
easat-5628	398	15	windfall	windfall	NOUN
easat-5628	398	16	profit	profit	NOUN
easat-5628	398	17	issue	issue	NOUN
easat-5628	398	18	[	[	X
easat-5628	398	19	5	5	NUM
easat-5628	398	20	]	]	PUNCT
easat-5628	398	21	.	.	PUNCT
easat-5628	399	1	1589	1589	NUM
easat-5628	399	2	edelweiss	edelweiss	PROPN
easat-5628	399	3	applied	apply	VERB
easat-5628	399	4	science	science	NOUN
easat-5628	399	5	and	and	CCONJ
easat-5628	399	6	technology	technology	NOUN
easat-5628	399	7	issn	issn	PROPN
easat-5628	399	8	:	:	PUNCT
easat-5628	399	9	2576	2576	NUM
easat-5628	399	10	-	-	SYM
easat-5628	399	11	8484	8484	NUM
easat-5628	399	12	vol	vol	NOUN
easat-5628	399	13	.	.	PROPN
easat-5628	400	1	9	9	NUM
easat-5628	400	2	,	,	PUNCT
easat-5628	400	3	no	no	INTJ
easat-5628	400	4	.	.	NOUN
easat-5628	401	1	3	3	NUM
easat-5628	401	2	:	:	PUNCT
easat-5628	401	3	1577	1577	NUM
easat-5628	401	4	-	-	SYM
easat-5628	401	5	1592	1592	NUM
easat-5628	401	6	,	,	PUNCT
easat-5628	401	7	2025	2025	NUM
easat-5628	401	8	doi	doi	NOUN
easat-5628	401	9	:	:	PUNCT
easat-5628	401	10	10.55214/25768484.v9i3.5628	10.55214/25768484.v9i3.5628	NUM
easat-5628	401	11	©	©	PROPN
easat-5628	401	12	2025	2025	NUM
easat-5628	401	13	by	by	ADP
easat-5628	401	14	the	the	DET
easat-5628	401	15	author	author	NOUN
easat-5628	401	16	;	;	PUNCT
easat-5628	401	17	licensee	licensee	PROPN
easat-5628	401	18	learning	learning	NOUN
easat-5628	401	19	gate	gate	PROPN
easat-5628	401	20	second	second	ADJ
easat-5628	401	21	,	,	PUNCT
easat-5628	401	22	external	external	ADJ
easat-5628	401	23	shocks	shock	NOUN
easat-5628	401	24	in	in	ADP
easat-5628	401	25	the	the	DET
easat-5628	401	26	korean	korean	ADJ
easat-5628	401	27	economy	economy	NOUN
easat-5628	401	28	,	,	PUNCT
easat-5628	401	29	such	such	ADJ
easat-5628	401	30	as	as	ADP
easat-5628	401	31	the	the	DET
easat-5628	401	32	middle	middle	PROPN
easat-5628	401	33	east	east	PROPN
easat-5628	401	34	respiratory	respiratory	ADJ
easat-5628	401	35	syndrome	syndrome	NOUN
easat-5628	401	36	(	(	PUNCT
easat-5628	401	37	mers	mer	NOUN
easat-5628	401	38	)	)	PUNCT
easat-5628	401	39	epidemic	epidemic	NOUN
easat-5628	401	40	during	during	ADP
easat-5628	401	41	the	the	DET
easat-5628	401	42	spring	spring	NOUN
easat-5628	401	43	and	and	CCONJ
easat-5628	401	44	summer	summer	NOUN
easat-5628	401	45	of	of	ADP
easat-5628	401	46	2015	2015	NUM
easat-5628	401	47	,	,	PUNCT
easat-5628	401	48	partially	partially	ADV
easat-5628	401	49	contributed	contribute	VERB
easat-5628	401	50	to	to	ADP
easat-5628	401	51	the	the	DET
easat-5628	401	52	predominance	predominance	NOUN
easat-5628	401	53	of	of	ADP
easat-5628	401	54	the	the	DET
easat-5628	401	55	carbon	carbon	NOUN
easat-5628	401	56	portfolio	portfolio	NOUN
easat-5628	401	57	.	.	PUNCT
easat-5628	402	1	although	although	SCONJ
easat-5628	402	2	the	the	DET
easat-5628	402	3	mers	mers	PROPN
easat-5628	402	4	epidemic	epidemic	NOUN
easat-5628	402	5	had	have	VERB
easat-5628	402	6	a	a	DET
easat-5628	402	7	minimal	minimal	ADJ
easat-5628	402	8	macro	macro	ADJ
easat-5628	402	9	-	-	NOUN
easat-5628	402	10	level	level	NOUN
easat-5628	402	11	impact	impact	NOUN
easat-5628	402	12	on	on	ADP
easat-5628	402	13	the	the	DET
easat-5628	402	14	korean	korean	ADJ
easat-5628	402	15	economy	economy	NOUN
easat-5628	402	16	,	,	PUNCT
easat-5628	402	17	the	the	DET
easat-5628	402	18	effects	effect	NOUN
easat-5628	402	19	varied	vary	VERB
easat-5628	402	20	by	by	ADP
easat-5628	402	21	industry	industry	NOUN
easat-5628	402	22	.	.	PUNCT
easat-5628	403	1	private	private	ADJ
easat-5628	403	2	consumption	consumption	NOUN
easat-5628	403	3	and	and	CCONJ
easat-5628	403	4	service	service	NOUN
easat-5628	403	5	industries	industry	NOUN
easat-5628	403	6	experienced	experience	VERB
easat-5628	403	7	a	a	DET
easat-5628	403	8	noticeable	noticeable	ADJ
easat-5628	403	9	impact	impact	NOUN
easat-5628	403	10	,	,	PUNCT
easat-5628	403	11	whereas	whereas	SCONJ
easat-5628	403	12	the	the	DET
easat-5628	403	13	manufacturing	manufacturing	NOUN
easat-5628	403	14	sector	sector	NOUN
easat-5628	403	15	experienced	experience	VERB
easat-5628	403	16	limited	limited	ADJ
easat-5628	403	17	influence	influence	NOUN
easat-5628	403	18	[	[	X
easat-5628	403	19	35	35	NUM
easat-5628	403	20	]	]	SYM
easat-5628	403	21	.	.	PUNCT
easat-5628	404	1	brown	brown	ADJ
easat-5628	404	2	portfolios	portfolio	NOUN
easat-5628	404	3	include	include	VERB
easat-5628	404	4	the	the	DET
easat-5628	404	5	manufacturing	manufacturing	NOUN
easat-5628	404	6	industry	industry	NOUN
easat-5628	404	7	rather	rather	ADV
easat-5628	404	8	than	than	ADP
easat-5628	404	9	the	the	DET
easat-5628	404	10	service	service	NOUN
easat-5628	404	11	sector	sector	NOUN
easat-5628	404	12	.	.	PUNCT
easat-5628	405	1	in	in	ADP
easat-5628	405	2	summary	summary	NOUN
easat-5628	405	3	,	,	PUNCT
easat-5628	405	4	allocation	allocation	NOUN
easat-5628	405	5	issues	issue	NOUN
easat-5628	405	6	such	such	ADJ
easat-5628	405	7	as	as	ADP
easat-5628	405	8	free	free	ADJ
easat-5628	405	9	and	and	CCONJ
easat-5628	405	10	loose	loose	ADJ
easat-5628	405	11	allocation	allocation	NOUN
easat-5628	405	12	indicate	indicate	VERB
easat-5628	405	13	that	that	SCONJ
easat-5628	405	14	regulations	regulation	NOUN
easat-5628	405	15	are	be	AUX
easat-5628	405	16	not	not	PART
easat-5628	405	17	strictly	strictly	ADV
easat-5628	405	18	binding	bind	VERB
easat-5628	405	19	.	.	PUNCT
easat-5628	406	1	some	some	DET
easat-5628	406	2	regulated	regulated	ADJ
easat-5628	406	3	firms	firm	NOUN
easat-5628	406	4	acquire	acquire	VERB
easat-5628	406	5	windfall	windfall	NOUN
easat-5628	406	6	profits	profit	NOUN
easat-5628	406	7	from	from	ADP
easat-5628	406	8	their	their	PRON
easat-5628	406	9	allowances	allowance	NOUN
easat-5628	406	10	.	.	PUNCT
easat-5628	407	1	these	these	DET
easat-5628	407	2	concerns	concern	NOUN
easat-5628	407	3	may	may	AUX
easat-5628	407	4	cause	cause	VERB
easat-5628	407	5	investors	investor	NOUN
easat-5628	407	6	to	to	PART
easat-5628	407	7	believe	believe	VERB
easat-5628	407	8	that	that	SCONJ
easat-5628	407	9	investing	invest	VERB
easat-5628	407	10	in	in	ADP
easat-5628	407	11	companies	company	NOUN
easat-5628	407	12	that	that	PRON
easat-5628	407	13	are	be	AUX
easat-5628	407	14	subject	subject	ADJ
easat-5628	407	15	to	to	ADP
easat-5628	407	16	emissions	emission	NOUN
easat-5628	407	17	trading	trading	NOUN
easat-5628	407	18	is	be	AUX
easat-5628	407	19	beneficial	beneficial	ADJ
easat-5628	407	20	.	.	PUNCT
easat-5628	408	1	with	with	ADP
easat-5628	408	2	these	these	DET
easat-5628	408	3	allocation	allocation	NOUN
easat-5628	408	4	issues	issue	NOUN
easat-5628	408	5	,	,	PUNCT
easat-5628	408	6	the	the	DET
easat-5628	408	7	korean	korean	ADJ
easat-5628	408	8	stock	stock	NOUN
easat-5628	408	9	market	market	NOUN
easat-5628	408	10	reversed	reverse	VERB
easat-5628	408	11	,	,	PUNCT
easat-5628	408	12	thereby	thereby	ADV
easat-5628	408	13	generating	generate	VERB
easat-5628	408	14	a	a	DET
easat-5628	408	15	carbon	carbon	NOUN
easat-5628	408	16	premium	premium	NOUN
easat-5628	408	17	due	due	ADP
easat-5628	408	18	to	to	ADP
easat-5628	408	19	the	the	DET
easat-5628	408	20	mers	mer	NOUN
easat-5628	408	21	epidemic	epidemic	NOUN
easat-5628	408	22	.	.	PUNCT
easat-5628	409	1	this	this	DET
easat-5628	409	2	trend	trend	NOUN
easat-5628	409	3	continued	continue	VERB
easat-5628	409	4	until	until	ADP
easat-5628	409	5	2016	2016	NUM
easat-5628	409	6	,	,	PUNCT
easat-5628	409	7	when	when	SCONJ
easat-5628	409	8	the	the	DET
easat-5628	409	9	stock	stock	NOUN
easat-5628	409	10	market	market	NOUN
easat-5628	409	11	favored	favor	VERB
easat-5628	409	12	large	large	ADJ
easat-5628	409	13	-	-	PUNCT
easat-5628	409	14	cap	cap	NOUN
easat-5628	409	15	stocks	stock	NOUN
easat-5628	409	16	whereas	whereas	SCONJ
easat-5628	409	17	industries	industry	NOUN
easat-5628	409	18	such	such	ADJ
easat-5628	409	19	as	as	ADP
easat-5628	409	20	semiconductors	semiconductor	NOUN
easat-5628	409	21	outperformed	outperform	VERB
easat-5628	409	22	.	.	PUNCT
easat-5628	410	1	another	another	DET
easat-5628	410	2	pivotal	pivotal	ADJ
easat-5628	410	3	event	event	NOUN
easat-5628	410	4	occurred	occur	VERB
easat-5628	410	5	in	in	ADP
easat-5628	410	6	april	april	PROPN
easat-5628	410	7	2017	2017	NUM
easat-5628	410	8	.	.	PUNCT
easat-5628	411	1	since	since	SCONJ
easat-5628	411	2	emission	emission	NOUN
easat-5628	411	3	trading	trading	NOUN
easat-5628	411	4	participants	participant	NOUN
easat-5628	411	5	often	often	ADV
easat-5628	411	6	bank	bank	VERB
easat-5628	411	7	their	their	PRON
easat-5628	411	8	allowances	allowance	NOUN
easat-5628	411	9	to	to	PART
easat-5628	411	10	prepare	prepare	VERB
easat-5628	411	11	for	for	ADP
easat-5628	411	12	future	future	ADJ
easat-5628	411	13	regulation	regulation	NOUN
easat-5628	411	14	risks	risk	NOUN
easat-5628	411	15	,	,	PUNCT
easat-5628	411	16	market	market	NOUN
easat-5628	411	17	liquidity	liquidity	NOUN
easat-5628	411	18	in	in	ADP
easat-5628	411	19	the	the	DET
easat-5628	411	20	carbon	carbon	NOUN
easat-5628	411	21	market	market	NOUN
easat-5628	411	22	remains	remain	VERB
easat-5628	411	23	low	low	ADJ
easat-5628	411	24	.	.	PUNCT
easat-5628	412	1	in	in	ADP
easat-5628	412	2	april	april	PROPN
easat-5628	412	3	2017	2017	NUM
easat-5628	412	4	,	,	PUNCT
easat-5628	412	5	discussions	discussion	NOUN
easat-5628	412	6	on	on	ADP
easat-5628	412	7	banking	banking	NOUN
easat-5628	412	8	limits	limit	NOUN
easat-5628	412	9	began	begin	VERB
easat-5628	412	10	to	to	PART
easat-5628	412	11	address	address	VERB
easat-5628	412	12	this	this	DET
easat-5628	412	13	issue	issue	NOUN
easat-5628	412	14	.	.	PUNCT
easat-5628	413	1	implementing	implement	VERB
easat-5628	413	2	the	the	DET
easat-5628	413	3	“	"	PUNCT
easat-5628	413	4	banking	banking	NOUN
easat-5628	413	5	restriction	restriction	NOUN
easat-5628	413	6	”	"	PUNCT
easat-5628	413	7	causes	cause	VERB
easat-5628	413	8	emissions	emission	NOUN
easat-5628	413	9	trading	trading	NOUN
easat-5628	413	10	participants	participant	NOUN
easat-5628	413	11	to	to	PART
easat-5628	413	12	sell	sell	VERB
easat-5628	413	13	the	the	DET
easat-5628	413	14	allowances	allowance	NOUN
easat-5628	413	15	they	they	PRON
easat-5628	413	16	hold	hold	VERB
easat-5628	413	17	because	because	SCONJ
easat-5628	413	18	the	the	DET
easat-5628	413	19	reserved	reserved	ADJ
easat-5628	413	20	allowances	allowance	NOUN
easat-5628	413	21	are	be	AUX
easat-5628	413	22	invalid	invalid	ADJ
easat-5628	413	23	in	in	ADP
easat-5628	413	24	subsequent	subsequent	ADJ
easat-5628	413	25	phases	phase	NOUN
easat-5628	413	26	.	.	PUNCT
easat-5628	414	1	this	this	PRON
easat-5628	414	2	decreases	decrease	VERB
easat-5628	414	3	the	the	DET
easat-5628	414	4	allowance	allowance	NOUN
easat-5628	414	5	price	price	NOUN
easat-5628	414	6	and	and	CCONJ
easat-5628	414	7	mitigates	mitigate	VERB
easat-5628	414	8	the	the	DET
easat-5628	414	9	windfall	windfall	NOUN
easat-5628	414	10	profit	profit	NOUN
easat-5628	414	11	advantage	advantage	NOUN
easat-5628	414	12	.	.	PUNCT
easat-5628	415	1	moreover	moreover	ADV
easat-5628	415	2	,	,	PUNCT
easat-5628	415	3	participants	participant	NOUN
easat-5628	415	4	must	must	AUX
easat-5628	415	5	deplete	deplete	VERB
easat-5628	415	6	their	their	PRON
easat-5628	415	7	allowances	allowance	NOUN
easat-5628	415	8	within	within	ADP
easat-5628	415	9	a	a	DET
easat-5628	415	10	given	give	VERB
easat-5628	415	11	phase	phase	NOUN
easat-5628	415	12	if	if	SCONJ
easat-5628	415	13	banking	banking	NOUN
easat-5628	415	14	is	be	AUX
easat-5628	415	15	limited	limited	ADJ
easat-5628	415	16	.	.	PUNCT
easat-5628	416	1	however	however	ADV
easat-5628	416	2	,	,	PUNCT
easat-5628	416	3	future	future	ADJ
easat-5628	416	4	allowance	allowance	NOUN
easat-5628	416	5	prices	price	NOUN
easat-5628	416	6	are	be	AUX
easat-5628	416	7	anticipated	anticipate	VERB
easat-5628	416	8	to	to	PART
easat-5628	416	9	escalate	escalate	VERB
easat-5628	416	10	because	because	SCONJ
easat-5628	416	11	of	of	ADP
easat-5628	416	12	the	the	DET
easat-5628	416	13	increased	increase	VERB
easat-5628	416	14	demand	demand	NOUN
easat-5628	416	15	as	as	ADP
easat-5628	416	16	the	the	DET
easat-5628	416	17	korean	korean	ADJ
easat-5628	416	18	government	government	NOUN
easat-5628	416	19	’s	’s	PART
easat-5628	416	20	ghg	ghg	PROPN
easat-5628	416	21	reduction	reduction	NOUN
easat-5628	416	22	targets	target	NOUN
easat-5628	416	23	would	would	AUX
easat-5628	416	24	be	be	AUX
easat-5628	416	25	more	more	ADV
easat-5628	416	26	stringent	stringent	ADJ
easat-5628	416	27	in	in	ADP
easat-5628	416	28	pursuit	pursuit	NOUN
easat-5628	416	29	of	of	ADP
easat-5628	416	30	its	its	PRON
easat-5628	416	31	ambitious	ambitious	ADJ
easat-5628	416	32	objective	objective	NOUN
easat-5628	416	33	of	of	ADP
easat-5628	416	34	attaining	attain	VERB
easat-5628	416	35	carbon	carbon	NOUN
easat-5628	416	36	neutrality	neutrality	NOUN
easat-5628	416	37	by	by	ADP
easat-5628	416	38	2050	2050	NUM
easat-5628	416	39	.	.	PUNCT
easat-5628	417	1	considering	consider	VERB
easat-5628	417	2	this	this	DET
easat-5628	417	3	perspective	perspective	NOUN
easat-5628	417	4	,	,	PUNCT
easat-5628	417	5	“	"	PUNCT
easat-5628	417	6	banking	banking	NOUN
easat-5628	417	7	restrictions	restriction	NOUN
easat-5628	417	8	”	"	PUNCT
easat-5628	417	9	increase	increase	VERB
easat-5628	417	10	the	the	DET
easat-5628	417	11	uncertainty	uncertainty	NOUN
easat-5628	417	12	of	of	ADP
easat-5628	417	13	the	the	DET
easat-5628	417	14	carbon	carbon	NOUN
easat-5628	417	15	trading	trading	NOUN
easat-5628	417	16	program	program	NOUN
easat-5628	417	17	in	in	ADP
easat-5628	417	18	subsequent	subsequent	ADJ
easat-5628	417	19	phases	phase	NOUN
easat-5628	417	20	.	.	PUNCT
easat-5628	418	1	consequently	consequently	ADV
easat-5628	418	2	,	,	PUNCT
easat-5628	418	3	it	it	PRON
easat-5628	418	4	is	be	AUX
easat-5628	418	5	prudent	prudent	ADJ
easat-5628	418	6	to	to	PART
easat-5628	418	7	refrain	refrain	VERB
easat-5628	418	8	from	from	ADP
easat-5628	418	9	investing	invest	VERB
easat-5628	418	10	in	in	ADP
easat-5628	418	11	carbon	carbon	NOUN
easat-5628	418	12	-	-	PUNCT
easat-5628	418	13	emitting	emit	VERB
easat-5628	418	14	companies	company	NOUN
easat-5628	418	15	,	,	PUNCT
easat-5628	418	16	and	and	CCONJ
easat-5628	418	17	the	the	DET
easat-5628	418	18	non	non	ADJ
easat-5628	418	19	-	-	ADJ
easat-5628	418	20	carbon	carbon	ADJ
easat-5628	418	21	premium	premium	NOUN
easat-5628	418	22	in	in	ADP
easat-5628	418	23	the	the	DET
easat-5628	418	24	korean	korean	ADJ
easat-5628	418	25	stock	stock	NOUN
easat-5628	418	26	market	market	NOUN
easat-5628	418	27	became	become	VERB
easat-5628	418	28	evident	evident	ADJ
easat-5628	418	29	shortly	shortly	ADV
easat-5628	418	30	after	after	ADP
easat-5628	418	31	april	april	PROPN
easat-5628	418	32	2017	2017	NUM
easat-5628	418	33	,	,	PUNCT
easat-5628	418	34	which	which	PRON
easat-5628	418	35	coincides	coincide	VERB
easat-5628	418	36	with	with	ADP
easat-5628	418	37	discussions	discussion	NOUN
easat-5628	418	38	on	on	ADP
easat-5628	418	39	banking	banking	NOUN
easat-5628	418	40	limits	limit	NOUN
easat-5628	418	41	.	.	PUNCT
easat-5628	419	1	furthermore	furthermore	ADV
easat-5628	419	2	,	,	PUNCT
easat-5628	419	3	bmg	bmg	NOUN
easat-5628	419	4	trends	trend	NOUN
easat-5628	419	5	were	be	AUX
easat-5628	419	6	ambiguous	ambiguous	ADJ
easat-5628	419	7	after	after	ADP
easat-5628	419	8	the	the	DET
easat-5628	419	9	covid-19	covid-19	PROPN
easat-5628	419	10	pandemic	pandemic	NOUN
easat-5628	419	11	.	.	PUNCT
easat-5628	420	1	stock	stock	NOUN
easat-5628	420	2	markets	market	NOUN
easat-5628	420	3	experienced	experience	VERB
easat-5628	420	4	a	a	DET
easat-5628	420	5	significant	significant	ADJ
easat-5628	420	6	decline	decline	NOUN
easat-5628	420	7	in	in	ADP
easat-5628	420	8	march	march	PROPN
easat-5628	420	9	2020	2020	NUM
easat-5628	420	10	(	(	PUNCT
easat-5628	420	11	the	the	DET
easat-5628	420	12	coronavirus	coronavirus	NOUN
easat-5628	420	13	shock	shock	NOUN
easat-5628	420	14	)	)	PUNCT
easat-5628	420	15	.	.	PUNCT
easat-5628	421	1	many	many	ADJ
easat-5628	421	2	governments	government	NOUN
easat-5628	421	3	,	,	PUNCT
easat-5628	421	4	including	include	VERB
easat-5628	421	5	south	south	PROPN
easat-5628	421	6	korea	korea	PROPN
easat-5628	421	7	,	,	PUNCT
easat-5628	421	8	have	have	AUX
easat-5628	421	9	distributed	distribute	VERB
easat-5628	421	10	substantial	substantial	ADJ
easat-5628	421	11	financial	financial	ADJ
easat-5628	421	12	resources	resource	NOUN
easat-5628	421	13	to	to	PART
easat-5628	421	14	address	address	VERB
easat-5628	421	15	the	the	DET
easat-5628	421	16	economic	economic	ADJ
easat-5628	421	17	decline	decline	NOUN
easat-5628	421	18	through	through	ADP
easat-5628	421	19	interest	interest	NOUN
easat-5628	421	20	rate	rate	NOUN
easat-5628	421	21	reduction	reduction	NOUN
easat-5628	421	22	and	and	CCONJ
easat-5628	421	23	quantitative	quantitative	ADJ
easat-5628	421	24	easing	ease	VERB
easat-5628	421	25	(	(	PUNCT
easat-5628	421	26	qe	qe	PROPN
easat-5628	421	27	)	)	PUNCT
easat-5628	421	28	.	.	PUNCT
easat-5628	422	1	the	the	DET
easat-5628	422	2	korean	korean	ADJ
easat-5628	422	3	stock	stock	NOUN
easat-5628	422	4	market	market	NOUN
easat-5628	422	5	rapidly	rapidly	ADV
easat-5628	422	6	rebounded	rebound	VERB
easat-5628	422	7	and	and	CCONJ
easat-5628	422	8	ultimately	ultimately	ADV
easat-5628	422	9	maintained	maintain	VERB
easat-5628	422	10	a	a	DET
easat-5628	422	11	bullish	bullish	ADJ
easat-5628	422	12	trend	trend	NOUN
easat-5628	422	13	when	when	SCONJ
easat-5628	422	14	the	the	DET
easat-5628	422	15	monetary	monetary	ADJ
easat-5628	422	16	policy	policy	NOUN
easat-5628	422	17	was	be	AUX
easat-5628	422	18	implemented	implement	VERB
easat-5628	422	19	.	.	PUNCT
easat-5628	423	1	the	the	DET
easat-5628	423	2	capital	capital	NOUN
easat-5628	423	3	influx	influx	VERB
easat-5628	423	4	into	into	ADP
easat-5628	423	5	the	the	DET
easat-5628	423	6	korean	korean	ADJ
easat-5628	423	7	stock	stock	NOUN
easat-5628	423	8	market	market	NOUN
easat-5628	423	9	reached	reach	VERB
easat-5628	423	10	approximately	approximately	ADV
easat-5628	423	11	40	40	NUM
easat-5628	423	12	billion	billion	NUM
easat-5628	423	13	usd	usd	NOUN
easat-5628	423	14	throughout	throughout	ADP
easat-5628	423	15	the	the	DET
easat-5628	423	16	pandemic	pandemic	NOUN
easat-5628	424	1	[	[	X
easat-5628	424	2	36	36	NUM
easat-5628	424	3	]	]	PUNCT
easat-5628	424	4	.	.	PUNCT
easat-5628	425	1	a	a	DET
easat-5628	425	2	large	large	ADJ
easat-5628	425	3	influx	influx	NOUN
easat-5628	425	4	of	of	ADP
easat-5628	425	5	new	new	ADJ
easat-5628	425	6	investors	investor	NOUN
easat-5628	425	7	in	in	ADP
easat-5628	425	8	the	the	DET
easat-5628	425	9	korean	korean	ADJ
easat-5628	425	10	stock	stock	NOUN
easat-5628	425	11	market	market	NOUN
easat-5628	425	12	significantly	significantly	ADV
easat-5628	425	13	contributes	contribute	VERB
easat-5628	425	14	to	to	ADP
easat-5628	425	15	stock	stock	NOUN
easat-5628	425	16	prices	price	NOUN
easat-5628	425	17	rising	rise	VERB
easat-5628	425	18	.	.	PUNCT
easat-5628	426	1	under	under	ADP
easat-5628	426	2	such	such	ADJ
easat-5628	426	3	market	market	NOUN
easat-5628	426	4	conditions	condition	NOUN
easat-5628	426	5	and	and	CCONJ
easat-5628	426	6	the	the	DET
easat-5628	426	7	prevalence	prevalence	NOUN
easat-5628	426	8	of	of	ADP
easat-5628	426	9	irrational	irrational	ADJ
easat-5628	426	10	behavior	behavior	NOUN
easat-5628	426	11	during	during	ADP
easat-5628	426	12	the	the	DET
easat-5628	426	13	pandemic	pandemic	NOUN
easat-5628	426	14	,	,	PUNCT
easat-5628	426	15	the	the	DET
easat-5628	426	16	bmg	bmg	NOUN
easat-5628	426	17	exhibited	exhibit	VERB
easat-5628	426	18	no	no	DET
easat-5628	426	19	notable	notable	ADJ
easat-5628	426	20	trend	trend	NOUN
easat-5628	426	21	.	.	PUNCT
easat-5628	427	1	in	in	ADP
easat-5628	427	2	summary	summary	NOUN
easat-5628	427	3	,	,	PUNCT
easat-5628	427	4	all	all	DET
easat-5628	427	5	empirical	empirical	ADJ
easat-5628	427	6	results	result	NOUN
easat-5628	427	7	confirm	confirm	VERB
easat-5628	427	8	that	that	SCONJ
easat-5628	427	9	there	there	PRON
easat-5628	427	10	was	be	VERB
easat-5628	427	11	an	an	DET
easat-5628	427	12	overall	overall	ADJ
easat-5628	427	13	non	non	ADJ
easat-5628	427	14	-	-	ADJ
easat-5628	427	15	carbon	carbon	ADJ
easat-5628	427	16	premium	premium	NOUN
easat-5628	427	17	in	in	ADP
easat-5628	427	18	the	the	DET
easat-5628	427	19	korean	korean	ADJ
easat-5628	427	20	stock	stock	NOUN
easat-5628	427	21	market	market	NOUN
easat-5628	427	22	after	after	ADP
easat-5628	427	23	the	the	DET
easat-5628	427	24	introduction	introduction	NOUN
easat-5628	427	25	of	of	ADP
easat-5628	427	26	the	the	DET
easat-5628	427	27	k	k	NOUN
easat-5628	427	28	-	-	PUNCT
easat-5628	427	29	ets	et	NOUN
easat-5628	427	30	.	.	PUNCT
easat-5628	428	1	a	a	DET
easat-5628	428	2	few	few	ADJ
easat-5628	428	3	periods	period	NOUN
easat-5628	428	4	show	show	VERB
easat-5628	428	5	inversions	inversion	NOUN
easat-5628	428	6	,	,	PUNCT
easat-5628	428	7	which	which	PRON
easat-5628	428	8	are	be	AUX
easat-5628	428	9	explained	explain	VERB
easat-5628	428	10	by	by	ADP
easat-5628	428	11	institutional	institutional	ADJ
easat-5628	428	12	issues	issue	NOUN
easat-5628	428	13	,	,	PUNCT
easat-5628	428	14	such	such	ADJ
easat-5628	428	15	as	as	ADP
easat-5628	428	16	loose	loose	ADJ
easat-5628	428	17	allocation	allocation	NOUN
easat-5628	428	18	and	and	CCONJ
easat-5628	428	19	banking	banking	NOUN
easat-5628	428	20	restrictions	restriction	NOUN
easat-5628	428	21	.	.	PUNCT
easat-5628	429	1	investors	investor	NOUN
easat-5628	429	2	evade	evade	VERB
easat-5628	429	3	investing	invest	VERB
easat-5628	429	4	due	due	ADP
easat-5628	429	5	to	to	ADP
easat-5628	429	6	the	the	DET
easat-5628	429	7	increased	increase	VERB
easat-5628	429	8	costs	cost	NOUN
easat-5628	429	9	and	and	CCONJ
easat-5628	429	10	uncertainty	uncertainty	NOUN
easat-5628	429	11	related	relate	VERB
easat-5628	429	12	to	to	ADP
easat-5628	429	13	carbon	carbon	NOUN
easat-5628	429	14	reduction	reduction	NOUN
easat-5628	429	15	,	,	PUNCT
easat-5628	429	16	which	which	PRON
easat-5628	429	17	explains	explain	VERB
easat-5628	429	18	the	the	DET
easat-5628	429	19	non	non	ADJ
easat-5628	429	20	-	-	ADJ
easat-5628	429	21	carbon	carbon	ADJ
easat-5628	429	22	premium	premium	NOUN
easat-5628	429	23	.	.	PUNCT
easat-5628	430	1	several	several	ADJ
easat-5628	430	2	reports	report	NOUN
easat-5628	430	3	have	have	AUX
easat-5628	430	4	included	include	VERB
easat-5628	430	5	survey	survey	NOUN
easat-5628	430	6	results	result	NOUN
easat-5628	430	7	on	on	ADP
easat-5628	430	8	carbon	carbon	NOUN
easat-5628	430	9	-	-	PUNCT
easat-5628	430	10	emitting	emit	VERB
easat-5628	430	11	companies	company	NOUN
easat-5628	430	12	’	'	PUNCT
easat-5628	430	13	concerns	concern	NOUN
easat-5628	430	14	regarding	regard	VERB
easat-5628	430	15	high	high	ADJ
easat-5628	430	16	cost	cost	NOUN
easat-5628	430	17	and	and	CCONJ
easat-5628	430	18	the	the	DET
easat-5628	430	19	risk	risk	NOUN
easat-5628	430	20	of	of	ADP
easat-5628	430	21	investing	invest	VERB
easat-5628	430	22	in	in	ADP
easat-5628	430	23	carbon	carbon	NOUN
easat-5628	430	24	abatement	abatement	NOUN
easat-5628	430	25	in	in	ADP
easat-5628	430	26	south	south	PROPN
easat-5628	430	27	korea	korea	PROPN
easat-5628	431	1	[	[	X
easat-5628	431	2	37	37	NUM
easat-5628	431	3	,	,	PUNCT
easat-5628	431	4	38	38	NUM
easat-5628	431	5	]	]	PUNCT
easat-5628	431	6	.	.	PUNCT
easat-5628	432	1	7	7	X
easat-5628	432	2	.	.	X
easat-5628	432	3	concluding	conclude	VERB
easat-5628	432	4	remarks	remark	NOUN
easat-5628	432	5	in	in	ADP
easat-5628	432	6	2015	2015	NUM
easat-5628	432	7	,	,	PUNCT
easat-5628	432	8	the	the	DET
easat-5628	432	9	south	south	ADJ
easat-5628	432	10	korean	korean	ADJ
easat-5628	432	11	government	government	NOUN
easat-5628	432	12	introduced	introduce	VERB
easat-5628	432	13	the	the	DET
easat-5628	432	14	k	k	NOUN
easat-5628	432	15	-	-	PUNCT
easat-5628	432	16	ets	et	NOUN
easat-5628	432	17	,	,	PUNCT
easat-5628	432	18	which	which	PRON
easat-5628	432	19	provides	provide	VERB
easat-5628	432	20	a	a	DET
easat-5628	432	21	flexible	flexible	ADJ
easat-5628	432	22	reduction	reduction	NOUN
easat-5628	432	23	option	option	NOUN
easat-5628	432	24	to	to	PART
easat-5628	432	25	address	address	VERB
easat-5628	432	26	climate	climate	NOUN
easat-5628	432	27	change	change	NOUN
easat-5628	432	28	.	.	PUNCT
easat-5628	433	1	this	this	DET
easat-5628	433	2	program	program	NOUN
easat-5628	433	3	increases	increase	VERB
easat-5628	433	4	the	the	DET
easat-5628	433	5	costs	cost	NOUN
easat-5628	433	6	for	for	ADP
easat-5628	433	7	regulated	regulated	ADJ
easat-5628	433	8	firms	firm	NOUN
easat-5628	433	9	,	,	PUNCT
easat-5628	433	10	whereas	whereas	SCONJ
easat-5628	433	11	noncarbon	noncarbon	NOUN
easat-5628	433	12	emitters	emitter	NOUN
easat-5628	433	13	do	do	AUX
easat-5628	433	14	not	not	PART
easat-5628	433	15	experience	experience	VERB
easat-5628	433	16	a	a	DET
easat-5628	433	17	negative	negative	ADJ
easat-5628	433	18	impact	impact	NOUN
easat-5628	433	19	.	.	PUNCT
easat-5628	434	1	this	this	PRON
easat-5628	434	2	can	can	AUX
easat-5628	434	3	cause	cause	VERB
easat-5628	434	4	a	a	DET
easat-5628	434	5	“	"	PUNCT
easat-5628	434	6	non	non	ADJ
easat-5628	434	7	-	-	ADJ
easat-5628	434	8	carbon	carbon	ADJ
easat-5628	434	9	premium	premium	NOUN
easat-5628	434	10	”	"	PUNCT
easat-5628	434	11	in	in	ADP
easat-5628	434	12	the	the	DET
easat-5628	434	13	stock	stock	NOUN
easat-5628	434	14	market	market	NOUN
easat-5628	434	15	.	.	PUNCT
easat-5628	435	1	however	however	ADV
easat-5628	435	2	,	,	PUNCT
easat-5628	435	3	higher	high	ADJ
easat-5628	435	4	cash	cash	NOUN
easat-5628	435	5	flows	flow	NOUN
easat-5628	435	6	by	by	ADP
easat-5628	435	7	windfall	windfall	NOUN
easat-5628	435	8	profits	profit	NOUN
easat-5628	435	9	and	and	CCONJ
easat-5628	435	10	carbon	carbon	NOUN
easat-5628	435	11	risk	risk	NOUN
easat-5628	435	12	cause	cause	VERB
easat-5628	435	13	a	a	DET
easat-5628	435	14	“	"	PUNCT
easat-5628	435	15	carbon	carbon	NOUN
easat-5628	435	16	premium	premium	NOUN
easat-5628	435	17	,	,	PUNCT
easat-5628	435	18	”	"	PUNCT
easat-5628	435	19	and	and	CCONJ
easat-5628	435	20	it	it	PRON
easat-5628	435	21	is	be	AUX
easat-5628	435	22	empirically	empirically	ADV
easat-5628	435	23	shown	show	VERB
easat-5628	435	24	in	in	ADP
easat-5628	435	25	the	the	DET
easat-5628	435	26	early	early	ADJ
easat-5628	435	27	stages	stage	NOUN
easat-5628	435	28	of	of	ADP
easat-5628	435	29	the	the	DET
easat-5628	435	30	eu	eu	PROPN
easat-5628	435	31	and	and	CCONJ
easat-5628	435	32	chinese	chinese	ADJ
easat-5628	435	33	ets	et	NOUN
easat-5628	436	1	[	[	X
easat-5628	436	2	6	6	NUM
easat-5628	436	3	,	,	PUNCT
easat-5628	436	4	7	7	NUM
easat-5628	436	5	]	]	PUNCT
easat-5628	436	6	.	.	PUNCT
easat-5628	437	1	therefore	therefore	ADV
easat-5628	437	2	,	,	PUNCT
easat-5628	437	3	we	we	PRON
easat-5628	437	4	can	can	AUX
easat-5628	437	5	not	not	PART
easat-5628	437	6	determine	determine	VERB
easat-5628	437	7	which	which	DET
easat-5628	437	8	effect	effect	NOUN
easat-5628	437	9	has	have	VERB
easat-5628	437	10	a	a	DET
easat-5628	437	11	stronger	strong	ADJ
easat-5628	437	12	impact	impact	NOUN
easat-5628	437	13	on	on	ADP
easat-5628	437	14	the	the	DET
easat-5628	437	15	stock	stock	NOUN
easat-5628	437	16	market	market	NOUN
easat-5628	437	17	without	without	ADP
easat-5628	437	18	empirical	empirical	ADJ
easat-5628	437	19	analysis	analysis	NOUN
easat-5628	437	20	.	.	PUNCT
easat-5628	438	1	this	this	DET
easat-5628	438	2	study	study	NOUN
easat-5628	438	3	addresses	address	VERB
easat-5628	438	4	a	a	DET
easat-5628	438	5	research	research	NOUN
easat-5628	438	6	gap	gap	NOUN
easat-5628	438	7	in	in	ADP
easat-5628	438	8	the	the	DET
easat-5628	438	9	korean	korean	ADJ
easat-5628	438	10	context	context	NOUN
easat-5628	438	11	.	.	PUNCT
easat-5628	439	1	1590	1590	NUM
easat-5628	439	2	edelweiss	edelweiss	PROPN
easat-5628	439	3	applied	apply	VERB
easat-5628	439	4	science	science	NOUN
easat-5628	439	5	and	and	CCONJ
easat-5628	439	6	technology	technology	NOUN
easat-5628	439	7	issn	issn	PROPN
easat-5628	439	8	:	:	PUNCT
easat-5628	439	9	2576	2576	NUM
easat-5628	439	10	-	-	SYM
easat-5628	439	11	8484	8484	NUM
easat-5628	439	12	vol	vol	NOUN
easat-5628	439	13	.	.	PROPN
easat-5628	440	1	9	9	NUM
easat-5628	440	2	,	,	PUNCT
easat-5628	440	3	no	no	INTJ
easat-5628	440	4	.	.	NOUN
easat-5628	441	1	3	3	NUM
easat-5628	441	2	:	:	PUNCT
easat-5628	441	3	1577	1577	NUM
easat-5628	441	4	-	-	SYM
easat-5628	441	5	1592	1592	NUM
easat-5628	441	6	,	,	PUNCT
easat-5628	441	7	2025	2025	NUM
easat-5628	441	8	doi	doi	NOUN
easat-5628	441	9	:	:	PUNCT
easat-5628	441	10	10.55214/25768484.v9i3.5628	10.55214/25768484.v9i3.5628	NUM
easat-5628	441	11	©	©	PROPN
easat-5628	441	12	2025	2025	NUM
easat-5628	441	13	by	by	ADP
easat-5628	441	14	the	the	DET
easat-5628	441	15	author	author	NOUN
easat-5628	441	16	;	;	PUNCT
easat-5628	441	17	licensee	licensee	PROPN
easat-5628	441	18	learning	learning	NOUN
easat-5628	441	19	gate	gate	NOUN
easat-5628	441	20	we	we	PRON
easat-5628	441	21	used	use	VERB
easat-5628	441	22	panel	panel	NOUN
easat-5628	441	23	fixed	fix	VERB
easat-5628	441	24	-	-	PUNCT
easat-5628	441	25	effects	effect	NOUN
easat-5628	441	26	models	model	NOUN
easat-5628	441	27	and	and	CCONJ
easat-5628	441	28	quasi	quasi	ADJ
easat-5628	441	29	-	-	ADJ
easat-5628	441	30	experimental	experimental	ADJ
easat-5628	441	31	methods	method	NOUN
easat-5628	441	32	to	to	PART
easat-5628	441	33	examine	examine	VERB
easat-5628	441	34	the	the	DET
easat-5628	441	35	effect	effect	NOUN
easat-5628	441	36	of	of	ADP
easat-5628	441	37	introducing	introduce	VERB
easat-5628	441	38	emissions	emission	NOUN
easat-5628	441	39	trading	trading	NOUN
easat-5628	441	40	on	on	ADP
easat-5628	441	41	the	the	DET
easat-5628	441	42	stock	stock	NOUN
easat-5628	441	43	market	market	NOUN
easat-5628	441	44	.	.	PUNCT
easat-5628	442	1	the	the	DET
easat-5628	442	2	results	result	NOUN
easat-5628	442	3	of	of	ADP
easat-5628	442	4	the	the	DET
easat-5628	442	5	panel	panel	NOUN
easat-5628	442	6	analysis	analysis	NOUN
easat-5628	442	7	implied	imply	VERB
easat-5628	442	8	that	that	SCONJ
easat-5628	442	9	noncarbon	noncarbon	NOUN
easat-5628	442	10	emitters	emitter	NOUN
easat-5628	442	11	exhibit	exhibit	VERB
easat-5628	442	12	high	high	ADJ
easat-5628	442	13	stock	stock	NOUN
easat-5628	442	14	returns	return	NOUN
easat-5628	442	15	compared	compare	VERB
easat-5628	442	16	to	to	ADP
easat-5628	442	17	carbon	carbon	NOUN
easat-5628	442	18	-	-	PUNCT
easat-5628	442	19	emitting	emit	VERB
easat-5628	442	20	companies	company	NOUN
easat-5628	442	21	in	in	ADP
easat-5628	442	22	south	south	PROPN
easat-5628	442	23	korea	korea	PROPN
easat-5628	442	24	.	.	PUNCT
easat-5628	443	1	the	the	DET
easat-5628	443	2	empirical	empirical	ADJ
easat-5628	443	3	findings	finding	NOUN
easat-5628	443	4	from	from	ADP
easat-5628	443	5	portfolio	portfolio	NOUN
easat-5628	443	6	approaches	approach	NOUN
easat-5628	443	7	,	,	PUNCT
easat-5628	443	8	such	such	ADJ
easat-5628	443	9	as	as	ADP
easat-5628	443	10	scm	scm	PROPN
easat-5628	443	11	,	,	PUNCT
easat-5628	443	12	support	support	VERB
easat-5628	443	13	these	these	DET
easat-5628	443	14	panel	panel	NOUN
easat-5628	443	15	results	result	NOUN
easat-5628	443	16	.	.	PUNCT
easat-5628	444	1	in	in	ADP
easat-5628	444	2	addition	addition	NOUN
easat-5628	444	3	,	,	PUNCT
easat-5628	444	4	the	the	DET
easat-5628	444	5	comparative	comparative	ADJ
easat-5628	444	6	analysis	analysis	NOUN
easat-5628	444	7	indicates	indicate	VERB
easat-5628	444	8	several	several	ADJ
easat-5628	444	9	periodic	periodic	ADJ
easat-5628	444	10	reversals	reversal	NOUN
easat-5628	444	11	(	(	PUNCT
easat-5628	444	12	carbon	carbon	NOUN
easat-5628	444	13	premiums	premium	NOUN
easat-5628	444	14	)	)	PUNCT
easat-5628	444	15	,	,	PUNCT
easat-5628	444	16	which	which	PRON
easat-5628	444	17	can	can	AUX
easat-5628	444	18	be	be	AUX
easat-5628	444	19	explained	explain	VERB
easat-5628	444	20	by	by	ADP
easat-5628	444	21	loose	loose	ADJ
easat-5628	444	22	allocation	allocation	NOUN
easat-5628	444	23	and	and	CCONJ
easat-5628	444	24	banking	banking	NOUN
easat-5628	444	25	restrictions	restriction	NOUN
easat-5628	444	26	.	.	PUNCT
easat-5628	445	1	these	these	DET
easat-5628	445	2	findings	finding	NOUN
easat-5628	445	3	empirically	empirically	ADV
easat-5628	445	4	demonstrate	demonstrate	VERB
easat-5628	445	5	that	that	SCONJ
easat-5628	445	6	the	the	DET
easat-5628	445	7	stocks	stock	NOUN
easat-5628	445	8	of	of	ADP
easat-5628	445	9	non	non	ADJ
easat-5628	445	10	-	-	ADJ
easat-5628	445	11	carbon	carbon	NOUN
easat-5628	445	12	emitters	emitter	NOUN
easat-5628	445	13	outperformed	outperform	VERB
easat-5628	445	14	those	those	PRON
easat-5628	445	15	of	of	ADP
easat-5628	445	16	carbon	carbon	NOUN
easat-5628	445	17	emitters	emitter	NOUN
easat-5628	445	18	in	in	ADP
easat-5628	445	19	the	the	DET
easat-5628	445	20	korean	korean	ADJ
easat-5628	445	21	equity	equity	NOUN
easat-5628	445	22	market	market	NOUN
easat-5628	445	23	when	when	SCONJ
easat-5628	445	24	the	the	DET
easat-5628	445	25	k	k	NOUN
easat-5628	445	26	-	-	PUNCT
easat-5628	445	27	ets	et	NOUN
easat-5628	445	28	was	be	AUX
easat-5628	445	29	introduced	introduce	VERB
easat-5628	445	30	.	.	PUNCT
easat-5628	446	1	however	however	ADV
easat-5628	446	2	,	,	PUNCT
easat-5628	446	3	before	before	ADP
easat-5628	446	4	the	the	DET
easat-5628	446	5	april	april	PROPN
easat-5628	446	6	2011	2011	NUM
easat-5628	446	7	carbon	carbon	NOUN
easat-5628	446	8	regulations	regulation	NOUN
easat-5628	446	9	,	,	PUNCT
easat-5628	446	10	the	the	DET
easat-5628	446	11	brown	brown	ADJ
easat-5628	446	12	portfolio	portfolio	NOUN
easat-5628	446	13	produced	produce	VERB
easat-5628	446	14	higher	high	ADJ
easat-5628	446	15	returns	return	NOUN
easat-5628	446	16	than	than	ADP
easat-5628	446	17	the	the	DET
easat-5628	446	18	green	green	ADJ
easat-5628	446	19	portfolio	portfolio	NOUN
easat-5628	446	20	.	.	PUNCT
easat-5628	447	1	that	that	PRON
easat-5628	447	2	is	be	AUX
easat-5628	447	3	,	,	PUNCT
easat-5628	447	4	the	the	DET
easat-5628	447	5	introduction	introduction	NOUN
easat-5628	447	6	of	of	ADP
easat-5628	447	7	carbon	carbon	NOUN
easat-5628	447	8	regulations	regulation	NOUN
easat-5628	447	9	rendered	render	VERB
easat-5628	447	10	carbon	carbon	NOUN
easat-5628	447	11	-	-	PUNCT
easat-5628	447	12	emitting	emit	VERB
easat-5628	447	13	firms	firm	NOUN
easat-5628	447	14	less	less	ADV
easat-5628	447	15	attractive	attractive	ADJ
easat-5628	447	16	to	to	ADP
easat-5628	447	17	south	south	ADJ
easat-5628	447	18	korean	korean	ADJ
easat-5628	447	19	stock	stock	NOUN
easat-5628	447	20	market	market	NOUN
easat-5628	447	21	investors	investor	NOUN
easat-5628	447	22	.	.	PUNCT
easat-5628	448	1	this	this	DET
easat-5628	448	2	finding	finding	NOUN
easat-5628	448	3	suggests	suggest	VERB
easat-5628	448	4	that	that	SCONJ
easat-5628	448	5	the	the	DET
easat-5628	448	6	korean	korean	ADJ
easat-5628	448	7	asset	asset	NOUN
easat-5628	448	8	market	market	NOUN
easat-5628	448	9	reacts	react	VERB
easat-5628	448	10	effectively	effectively	ADV
easat-5628	448	11	to	to	ADP
easat-5628	448	12	external	external	ADJ
easat-5628	448	13	shocks	shock	NOUN
easat-5628	448	14	.	.	PUNCT
easat-5628	449	1	in	in	ADP
easat-5628	449	2	this	this	DET
easat-5628	449	3	context	context	NOUN
easat-5628	449	4	,	,	PUNCT
easat-5628	449	5	conducting	conduct	VERB
easat-5628	449	6	an	an	DET
easat-5628	449	7	efficiency	efficiency	NOUN
easat-5628	449	8	test	test	NOUN
easat-5628	449	9	in	in	ADP
easat-5628	449	10	the	the	DET
easat-5628	449	11	k	k	ADJ
easat-5628	449	12	-	-	PUNCT
easat-5628	449	13	ets	et	NOUN
easat-5628	449	14	market	market	NOUN
easat-5628	449	15	is	be	AUX
easat-5628	449	16	a	a	DET
easat-5628	449	17	future	future	ADJ
easat-5628	449	18	research	research	NOUN
easat-5628	449	19	topic	topic	NOUN
easat-5628	449	20	.	.	PUNCT
easat-5628	450	1	this	this	DET
easat-5628	450	2	study	study	NOUN
easat-5628	450	3	had	have	VERB
easat-5628	450	4	some	some	DET
easat-5628	450	5	limitations	limitation	NOUN
easat-5628	450	6	.	.	PUNCT
easat-5628	451	1	first	first	ADV
easat-5628	451	2	,	,	PUNCT
easat-5628	451	3	the	the	DET
easat-5628	451	4	dataset	dataset	NOUN
easat-5628	451	5	does	do	AUX
easat-5628	451	6	not	not	PART
easat-5628	451	7	include	include	VERB
easat-5628	451	8	the	the	DET
easat-5628	451	9	full	full	ADJ
easat-5628	451	10	list	list	NOUN
easat-5628	451	11	of	of	ADP
easat-5628	451	12	regulated	regulated	ADJ
easat-5628	451	13	companies	company	NOUN
easat-5628	451	14	.	.	PUNCT
easat-5628	452	1	although	although	SCONJ
easat-5628	452	2	firms	firm	NOUN
easat-5628	452	3	in	in	ADP
easat-5628	452	4	the	the	DET
easat-5628	452	5	krx300	krx300	PROPN
easat-5628	452	6	index	index	NOUN
easat-5628	452	7	account	account	VERB
easat-5628	452	8	for	for	ADP
easat-5628	452	9	84.7	84.7	NUM
easat-5628	452	10	%	%	NOUN
easat-5628	452	11	of	of	ADP
easat-5628	452	12	all	all	DET
easat-5628	452	13	firms	firm	NOUN
easat-5628	452	14	listed	list	VERB
easat-5628	452	15	on	on	ADP
easat-5628	452	16	the	the	DET
easat-5628	452	17	korean	korean	ADJ
easat-5628	452	18	stock	stock	NOUN
easat-5628	452	19	market	market	NOUN
easat-5628	452	20	,	,	PUNCT
easat-5628	452	21	their	their	PRON
easat-5628	452	22	allocation	allocation	NOUN
easat-5628	452	23	amount	amount	NOUN
easat-5628	452	24	is	be	AUX
easat-5628	452	25	approximately	approximately	ADV
easat-5628	452	26	32.19	32.19	NUM
easat-5628	452	27	%	%	NOUN
easat-5628	452	28	of	of	ADP
easat-5628	452	29	the	the	DET
easat-5628	452	30	total	total	ADJ
easat-5628	452	31	allocation	allocation	NOUN
easat-5628	452	32	in	in	ADP
easat-5628	452	33	south	south	PROPN
easat-5628	452	34	korea	korea	PROPN
easat-5628	452	35	.	.	PUNCT
easat-5628	453	1	some	some	DET
easat-5628	453	2	large	large	ADJ
easat-5628	453	3	polluters	polluter	NOUN
easat-5628	453	4	such	such	ADJ
easat-5628	453	5	as	as	ADP
easat-5628	453	6	the	the	DET
easat-5628	453	7	five	five	NUM
easat-5628	453	8	power	power	NOUN
easat-5628	453	9	generation	generation	NOUN
easat-5628	453	10	companies	company	NOUN
easat-5628	453	11	are	be	AUX
easat-5628	453	12	not	not	PART
easat-5628	453	13	in	in	ADP
easat-5628	453	14	the	the	DET
easat-5628	453	15	stock	stock	NOUN
easat-5628	453	16	market	market	NOUN
easat-5628	453	17	because	because	SCONJ
easat-5628	453	18	they	they	PRON
easat-5628	453	19	are	be	AUX
easat-5628	453	20	government	government	NOUN
easat-5628	453	21	-	-	PUNCT
easat-5628	453	22	owned	own	VERB
easat-5628	453	23	public	public	ADJ
easat-5628	453	24	companies.12	companies.12	NOUN
easat-5628	453	25	in	in	ADP
easat-5628	453	26	addition	addition	NOUN
easat-5628	453	27	to	to	ADP
easat-5628	453	28	these	these	DET
easat-5628	453	29	power	power	NOUN
easat-5628	453	30	companies	company	NOUN
easat-5628	453	31	,	,	PUNCT
easat-5628	453	32	large	large	ADJ
easat-5628	453	33	emitters	emitter	NOUN
easat-5628	453	34	are	be	AUX
easat-5628	453	35	not	not	PART
easat-5628	453	36	listed	list	VERB
easat-5628	453	37	on	on	ADP
easat-5628	453	38	the	the	DET
easat-5628	453	39	stock	stock	NOUN
easat-5628	453	40	market	market	NOUN
easat-5628	453	41	or	or	CCONJ
easat-5628	453	42	krx300	krx300	PROPN
easat-5628	453	43	particularly	particularly	ADV
easat-5628	453	44	cement	cement	NOUN
easat-5628	453	45	manufacturers	manufacturer	NOUN
easat-5628	453	46	.	.	PUNCT
easat-5628	454	1	therefore	therefore	ADV
easat-5628	454	2	,	,	PUNCT
easat-5628	454	3	this	this	DET
easat-5628	454	4	analysis	analysis	NOUN
easat-5628	454	5	does	do	AUX
easat-5628	454	6	not	not	PART
easat-5628	454	7	explain	explain	VERB
easat-5628	454	8	the	the	DET
easat-5628	454	9	absence	absence	NOUN
easat-5628	454	10	of	of	ADP
easat-5628	454	11	listed	list	VERB
easat-5628	454	12	companies	company	NOUN
easat-5628	454	13	.	.	PUNCT
easat-5628	455	1	finally	finally	ADV
easat-5628	455	2	,	,	PUNCT
easat-5628	455	3	we	we	PRON
easat-5628	455	4	used	use	VERB
easat-5628	455	5	granted	grant	VERB
easat-5628	455	6	ghg	ghg	PROPN
easat-5628	455	7	allowances	allowance	NOUN
easat-5628	455	8	,	,	PUNCT
easat-5628	455	9	rather	rather	ADV
easat-5628	455	10	than	than	ADP
easat-5628	455	11	actual	actual	ADJ
easat-5628	455	12	ghg	ghg	PROPN
easat-5628	455	13	emission	emission	NOUN
easat-5628	455	14	data	datum	NOUN
easat-5628	455	15	,	,	PUNCT
easat-5628	455	16	as	as	ADP
easat-5628	455	17	the	the	DET
easat-5628	455	18	criterion	criterion	NOUN
easat-5628	455	19	for	for	ADP
easat-5628	455	20	classifying	classify	VERB
easat-5628	455	21	companies	company	NOUN
easat-5628	455	22	into	into	ADP
easat-5628	455	23	brown	brown	ADJ
easat-5628	455	24	and	and	CCONJ
easat-5628	455	25	green	green	ADJ
easat-5628	455	26	categories	category	NOUN
easat-5628	455	27	.	.	PUNCT
easat-5628	456	1	whether	whether	SCONJ
easat-5628	456	2	a	a	DET
easat-5628	456	3	company	company	NOUN
easat-5628	456	4	receives	receive	VERB
easat-5628	456	5	a	a	DET
easat-5628	456	6	ghg	ghg	PROPN
easat-5628	456	7	allowance	allowance	NOUN
easat-5628	456	8	is	be	AUX
easat-5628	456	9	an	an	DET
easat-5628	456	10	intuitive	intuitive	ADJ
easat-5628	456	11	and	and	CCONJ
easat-5628	456	12	informative	informative	ADJ
easat-5628	456	13	standard	standard	NOUN
easat-5628	456	14	for	for	ADP
easat-5628	456	15	making	make	VERB
easat-5628	456	16	investment	investment	NOUN
easat-5628	456	17	decisions	decision	NOUN
easat-5628	456	18	for	for	ADP
easat-5628	456	19	stock	stock	NOUN
easat-5628	456	20	market	market	NOUN
easat-5628	456	21	investors	investor	NOUN
easat-5628	456	22	.	.	PUNCT
easat-5628	457	1	however	however	ADV
easat-5628	457	2	,	,	PUNCT
easat-5628	457	3	applying	apply	VERB
easat-5628	457	4	actual	actual	ADJ
easat-5628	457	5	ghg	ghg	PROPN
easat-5628	457	6	emissions	emission	NOUN
easat-5628	457	7	data	datum	NOUN
easat-5628	457	8	and	and	CCONJ
easat-5628	457	9	comparing	compare	VERB
easat-5628	457	10	the	the	DET
easat-5628	457	11	results	result	NOUN
easat-5628	457	12	with	with	ADP
easat-5628	457	13	those	those	PRON
easat-5628	457	14	of	of	ADP
easat-5628	457	15	this	this	DET
easat-5628	457	16	study	study	NOUN
easat-5628	457	17	would	would	AUX
easat-5628	457	18	be	be	AUX
easat-5628	457	19	informative	informative	ADJ
easat-5628	457	20	in	in	ADP
easat-5628	457	21	the	the	DET
easat-5628	457	22	future	future	NOUN
easat-5628	457	23	.	.	PUNCT
easat-5628	458	1	transparency	transparency	NOUN
easat-5628	458	2	:	:	PUNCT
easat-5628	458	3	the	the	DET
easat-5628	458	4	author	author	NOUN
easat-5628	458	5	confirms	confirm	VERB
easat-5628	458	6	that	that	SCONJ
easat-5628	458	7	the	the	DET
easat-5628	458	8	manuscript	manuscript	NOUN
easat-5628	458	9	is	be	AUX
easat-5628	458	10	an	an	DET
easat-5628	458	11	honest	honest	ADJ
easat-5628	458	12	,	,	PUNCT
easat-5628	458	13	accurate	accurate	ADJ
easat-5628	458	14	,	,	PUNCT
easat-5628	458	15	and	and	CCONJ
easat-5628	458	16	transparent	transparent	ADJ
easat-5628	458	17	account	account	NOUN
easat-5628	458	18	of	of	ADP
easat-5628	458	19	the	the	DET
easat-5628	458	20	study	study	NOUN
easat-5628	458	21	;	;	PUNCT
easat-5628	458	22	that	that	SCONJ
easat-5628	458	23	no	no	DET
easat-5628	458	24	vital	vital	ADJ
easat-5628	458	25	features	feature	NOUN
easat-5628	458	26	of	of	ADP
easat-5628	458	27	the	the	DET
easat-5628	458	28	study	study	NOUN
easat-5628	458	29	have	have	AUX
easat-5628	458	30	been	be	AUX
easat-5628	458	31	omitted	omit	VERB
easat-5628	458	32	;	;	PUNCT
easat-5628	458	33	and	and	CCONJ
easat-5628	458	34	that	that	SCONJ
easat-5628	458	35	any	any	DET
easat-5628	458	36	discrepancies	discrepancy	NOUN
easat-5628	458	37	from	from	ADP
easat-5628	458	38	the	the	DET
easat-5628	458	39	study	study	NOUN
easat-5628	458	40	as	as	SCONJ
easat-5628	458	41	planned	plan	VERB
easat-5628	458	42	have	have	AUX
easat-5628	458	43	been	be	AUX
easat-5628	458	44	explained	explain	VERB
easat-5628	458	45	.	.	PUNCT
easat-5628	459	1	this	this	DET
easat-5628	459	2	study	study	NOUN
easat-5628	459	3	followed	follow	VERB
easat-5628	459	4	all	all	DET
easat-5628	459	5	ethical	ethical	ADJ
easat-5628	459	6	practices	practice	NOUN
easat-5628	459	7	during	during	ADP
easat-5628	459	8	writing	writing	NOUN
easat-5628	459	9	.	.	PUNCT
easat-5628	460	1	acknowledgments	acknowledgment	NOUN
easat-5628	460	2	:	:	PUNCT
easat-5628	460	3	this	this	DET
easat-5628	460	4	research	research	NOUN
easat-5628	460	5	was	be	AUX
easat-5628	460	6	supported	support	VERB
easat-5628	460	7	by	by	ADP
easat-5628	460	8	changwon	changwon	PROPN
easat-5628	460	9	national	national	PROPN
easat-5628	460	10	university	university	PROPN
easat-5628	460	11	in	in	ADP
easat-5628	460	12	2023~2024	2023~2024	NUM
easat-5628	460	13	.	.	PUNCT
easat-5628	461	1	copyright	copyright	NOUN
easat-5628	461	2	:	:	PUNCT
easat-5628	461	3	©	©	PROPN
easat-5628	461	4	2025	2025	NUM
easat-5628	461	5	by	by	ADP
easat-5628	461	6	the	the	DET
easat-5628	461	7	authors	author	NOUN
easat-5628	461	8	.	.	PUNCT
easat-5628	462	1	this	this	DET
easat-5628	462	2	open	open	ADJ
easat-5628	462	3	-	-	PUNCT
easat-5628	462	4	access	access	NOUN
easat-5628	462	5	article	article	NOUN
easat-5628	462	6	is	be	AUX
easat-5628	462	7	distributed	distribute	VERB
easat-5628	462	8	under	under	ADP
easat-5628	462	9	the	the	DET
easat-5628	462	10	terms	term	NOUN
easat-5628	462	11	and	and	CCONJ
easat-5628	462	12	conditions	condition	NOUN
easat-5628	462	13	of	of	ADP
easat-5628	462	14	the	the	DET
easat-5628	462	15	creative	creative	ADJ
easat-5628	462	16	commons	common	NOUN
easat-5628	462	17	attribution	attribution	NOUN
easat-5628	462	18	(	(	PUNCT
easat-5628	462	19	cc	cc	NOUN
easat-5628	462	20	by	by	ADP
easat-5628	462	21	)	)	PUNCT
easat-5628	462	22	license	license	NOUN
easat-5628	462	23	(	(	PUNCT
easat-5628	462	24	https://creativecommons.org/licenses/by/4.0/	https://creativecommons.org/licenses/by/4.0/	PROPN
easat-5628	462	25	)	)	PUNCT
easat-5628	462	26	.	.	PUNCT
easat-5628	463	1	references	reference	NOUN
easat-5628	463	2	[	[	X
easat-5628	463	3	1	1	X
easat-5628	463	4	]	]	PUNCT
easat-5628	463	5	s.	s.	PROPN
easat-5628	463	6	de	de	PROPN
easat-5628	463	7	bruyn	bruyn	PROPN
easat-5628	463	8	,	,	PUNCT
easat-5628	463	9	a.	a.	NOUN
easat-5628	463	10	markowska	markowska	PROPN
easat-5628	463	11	,	,	PUNCT
easat-5628	463	12	f.	f.	PROPN
easat-5628	463	13	de	de	PROPN
easat-5628	463	14	jong	jong	PROPN
easat-5628	463	15	,	,	PUNCT
easat-5628	463	16	and	and	CCONJ
easat-5628	463	17	m.	m.	NOUN
easat-5628	463	18	bles	ble	NOUN
easat-5628	463	19	,	,	PUNCT
easat-5628	463	20	"	"	PUNCT
easat-5628	463	21	does	do	AUX
easat-5628	463	22	the	the	DET
easat-5628	463	23	energy	energy	NOUN
easat-5628	463	24	intensive	intensive	ADJ
easat-5628	463	25	industry	industry	NOUN
easat-5628	463	26	obtain	obtain	VERB
easat-5628	463	27	windfall	windfall	NOUN
easat-5628	463	28	profits	profit	NOUN
easat-5628	463	29	through	through	ADP
easat-5628	463	30	the	the	DET
easat-5628	463	31	eu	eu	PROPN
easat-5628	463	32	ets	ets	PROPN
easat-5628	463	33	?	?	PUNCT
easat-5628	464	1	an	an	DET
easat-5628	464	2	econometric	econometric	ADJ
easat-5628	464	3	analysis	analysis	NOUN
easat-5628	464	4	for	for	ADP
easat-5628	464	5	products	product	NOUN
easat-5628	464	6	from	from	ADP
easat-5628	464	7	the	the	DET
easat-5628	464	8	refineries	refinery	NOUN
easat-5628	464	9	,	,	PUNCT
easat-5628	464	10	iron	iron	NOUN
easat-5628	464	11	and	and	CCONJ
easat-5628	464	12	steel	steel	NOUN
easat-5628	464	13	and	and	CCONJ
easat-5628	464	14	chemical	chemical	NOUN
easat-5628	464	15	sectors	sector	NOUN
easat-5628	464	16	,	,	PUNCT
easat-5628	464	17	"	"	PUNCT
easat-5628	464	18	2010	2010	NUM
easat-5628	464	19	.	.	PUNCT
easat-5628	465	1	[	[	X
easat-5628	465	2	2	2	X
easat-5628	465	3	]	]	PUNCT
easat-5628	465	4	j.	j.	PROPN
easat-5628	465	5	p.	p.	PROPN
easat-5628	465	6	nicolai	nicolai	PROPN
easat-5628	465	7	and	and	CCONJ
easat-5628	465	8	j.	j.	PROPN
easat-5628	465	9	zamorano	zamorano	PROPN
easat-5628	465	10	,	,	PUNCT
easat-5628	465	11	"	"	PUNCT
easat-5628	465	12	the	the	DET
easat-5628	465	13	"	"	PUNCT
easat-5628	465	14	windfall	windfall	NOUN
easat-5628	465	15	profits	profit	NOUN
easat-5628	465	16	2.0	2.0	NUM
easat-5628	465	17	"	"	PUNCT
easat-5628	465	18	during	during	ADP
easat-5628	465	19	the	the	DET
easat-5628	465	20	third	third	ADJ
easat-5628	465	21	phase	phase	NOUN
easat-5628	465	22	of	of	ADP
easat-5628	465	23	eu	eu	PROPN
easat-5628	465	24	-	-	PUNCT
easat-5628	465	25	ets	et	NOUN
easat-5628	465	26	,	,	PUNCT
easat-5628	465	27	"	"	PUNCT
easat-5628	465	28	economics	economic	NOUN
easat-5628	465	29	working	working	PROPN
easat-5628	465	30	paper	paper	NOUN
easat-5628	465	31	series	series	NOUN
easat-5628	465	32	.	.	PUNCT
easat-5628	466	1	no	no	INTJ
easat-5628	466	2	.	.	NOUN
easat-5628	467	1	14/189	14/189	NUM
easat-5628	467	2	,	,	PUNCT
easat-5628	467	3	2014	2014	NUM
easat-5628	467	4	.	.	PUNCT
easat-5628	468	1	[	[	X
easat-5628	468	2	3	3	X
easat-5628	468	3	]	]	PUNCT
easat-5628	468	4	carbon	carbon	NOUN
easat-5628	468	5	market	market	NOUN
easat-5628	468	6	watch	watch	NOUN
easat-5628	468	7	,	,	PUNCT
easat-5628	468	8	"	"	PUNCT
easat-5628	468	9	industry	industry	NOUN
easat-5628	468	10	windfall	windfall	NOUN
easat-5628	468	11	profits	profit	NOUN
easat-5628	468	12	from	from	ADP
easat-5628	468	13	europe	europe	PROPN
easat-5628	468	14	’s	’s	PART
easat-5628	468	15	carbon	carbon	NOUN
easat-5628	468	16	market	market	NOUN
easat-5628	468	17	,	,	PUNCT
easat-5628	468	18	”	"	PUNCT
easat-5628	468	19	carbon	carbon	NOUN
easat-5628	468	20	market	market	NOUN
easat-5628	468	21	watch	watch	NOUN
easat-5628	468	22	policy	policy	NOUN
easat-5628	468	23	briefing	briefing	NOUN
easat-5628	468	24	,	,	PUNCT
easat-5628	468	25	"	"	PUNCT
easat-5628	468	26	retrieved	retrieve	VERB
easat-5628	468	27	:	:	PUNCT
easat-5628	468	28	https://carbonmarketwatch.org/publications/policy-brief-carbon-leakage/	https://carbonmarketwatch.org/publications/policy-brief-carbon-leakage/	NOUN
easat-5628	468	29	,	,	PUNCT
easat-5628	468	30	2016	2016	NUM
easat-5628	468	31	.	.	PUNCT
easat-5628	469	1	[	[	X
easat-5628	469	2	4	4	X
easat-5628	469	3	]	]	X
easat-5628	469	4	h.	h.	PROPN
easat-5628	469	5	hobbie	hobbie	PROPN
easat-5628	469	6	,	,	PUNCT
easat-5628	469	7	m.	m.	NOUN
easat-5628	469	8	schmidt	schmidt	PROPN
easat-5628	469	9	,	,	PUNCT
easat-5628	469	10	and	and	CCONJ
easat-5628	469	11	d.	d.	PROPN
easat-5628	469	12	möst	möst	PROPN
easat-5628	469	13	,	,	PUNCT
easat-5628	469	14	"	"	PUNCT
easat-5628	469	15	windfall	windfall	NOUN
easat-5628	469	16	profits	profit	NOUN
easat-5628	469	17	in	in	ADP
easat-5628	469	18	the	the	DET
easat-5628	469	19	power	power	NOUN
easat-5628	469	20	sector	sector	NOUN
easat-5628	469	21	during	during	ADP
easat-5628	469	22	phase	phase	NOUN
easat-5628	469	23	iii	iii	NUM
easat-5628	469	24	of	of	ADP
easat-5628	469	25	the	the	DET
easat-5628	469	26	eu	eu	PROPN
easat-5628	469	27	ets	ets	PROPN
easat-5628	469	28	:	:	PUNCT
easat-5628	469	29	interplay	interplay	NOUN
easat-5628	469	30	and	and	CCONJ
easat-5628	469	31	effects	effect	NOUN
easat-5628	469	32	of	of	ADP
easat-5628	469	33	renewables	renewable	NOUN
easat-5628	469	34	and	and	CCONJ
easat-5628	469	35	carbon	carbon	NOUN
easat-5628	469	36	prices	price	NOUN
easat-5628	469	37	,	,	PUNCT
easat-5628	469	38	"	"	PUNCT
easat-5628	469	39	journal	journal	NOUN
easat-5628	469	40	of	of	ADP
easat-5628	469	41	cleaner	clean	ADJ
easat-5628	469	42	production	production	NOUN
easat-5628	469	43	,	,	PUNCT
easat-5628	469	44	vol	vol	NOUN
easat-5628	469	45	.	.	PROPN
easat-5628	469	46	240	240	NUM
easat-5628	469	47	,	,	PUNCT
easat-5628	469	48	p.	p.	NOUN
easat-5628	469	49	118066	118066	NUM
easat-5628	469	50	,	,	PUNCT
easat-5628	469	51	2019	2019	NUM
easat-5628	469	52	.	.	PUNCT
easat-5628	470	1	https://doi.org/10.1016/j.jclepro.2019.118066	https://doi.org/10.1016/j.jclepro.2019.118066	ADJ
easat-5628	470	2	12local	12local	NUM
easat-5628	470	3	governments	government	NOUN
easat-5628	470	4	,	,	PUNCT
easat-5628	470	5	educational	educational	ADJ
easat-5628	470	6	institutions	institution	NOUN
easat-5628	470	7	(	(	PUNCT
easat-5628	470	8	such	such	ADJ
easat-5628	470	9	as	as	ADP
easat-5628	470	10	universities	university	NOUN
easat-5628	470	11	and	and	CCONJ
easat-5628	470	12	educational	educational	ADJ
easat-5628	470	13	foundations	foundation	NOUN
easat-5628	470	14	)	)	PUNCT
easat-5628	470	15	,	,	PUNCT
easat-5628	470	16	and	and	CCONJ
easat-5628	470	17	some	some	DET
easat-5628	470	18	public	public	ADJ
easat-5628	470	19	welfare	welfare	NOUN
easat-5628	470	20	foundations	foundation	NOUN
easat-5628	470	21	receive	receive	VERB
easat-5628	470	22	allowances	allowance	NOUN
easat-5628	470	23	.	.	PUNCT
easat-5628	471	1	https://creativecommons.org/licenses/by/4.0/	https://creativecommons.org/licenses/by/4.0/	PROPN
easat-5628	471	2	https://carbonmarketwatch.org/publications/policy-brief-carbon-leakage/	https://carbonmarketwatch.org/publications/policy-brief-carbon-leakage/	AUX
easat-5628	471	3	https://doi.org/10.1016/j.jclepro.2019.118066	https://doi.org/10.1016/j.jclepro.2019.118066	PROPN
easat-5628	471	4	1591	1591	PROPN
easat-5628	471	5	edelweiss	edelweiss	PROPN
easat-5628	471	6	applied	apply	VERB
easat-5628	471	7	science	science	NOUN
easat-5628	471	8	and	and	CCONJ
easat-5628	471	9	technology	technology	NOUN
easat-5628	471	10	issn	issn	PROPN
easat-5628	471	11	:	:	PUNCT
easat-5628	471	12	2576	2576	NUM
easat-5628	471	13	-	-	SYM
easat-5628	471	14	8484	8484	NUM
easat-5628	471	15	vol	vol	NOUN
easat-5628	471	16	.	.	PROPN
easat-5628	472	1	9	9	NUM
easat-5628	472	2	,	,	PUNCT
easat-5628	472	3	no	no	INTJ
easat-5628	472	4	.	.	NOUN
easat-5628	473	1	3	3	NUM
easat-5628	473	2	:	:	PUNCT
easat-5628	473	3	1577	1577	NUM
easat-5628	473	4	-	-	SYM
easat-5628	473	5	1592	1592	NUM
easat-5628	473	6	,	,	PUNCT
easat-5628	473	7	2025	2025	NUM
easat-5628	473	8	doi	doi	NOUN
easat-5628	473	9	:	:	PUNCT
easat-5628	473	10	10.55214/25768484.v9i3.5628	10.55214/25768484.v9i3.5628	NUM
easat-5628	473	11	©	©	PROPN
easat-5628	473	12	2025	2025	NUM
easat-5628	473	13	by	by	ADP
easat-5628	473	14	the	the	DET
easat-5628	473	15	author	author	NOUN
easat-5628	473	16	;	;	PUNCT
easat-5628	473	17	licensee	licensee	PROPN
easat-5628	473	18	learning	learning	NOUN
easat-5628	473	19	gate	gate	NOUN
easat-5628	474	1	[	[	X
easat-5628	474	2	5	5	NUM
easat-5628	474	3	]	]	PUNCT
easat-5628	474	4	k.	k.	PROPN
easat-5628	474	5	kim	kim	PROPN
easat-5628	474	6	,	,	PUNCT
easat-5628	474	7	"	"	PUNCT
easat-5628	474	8	greenhouse	greenhouse	NOUN
easat-5628	474	9	gases	gas	NOUN
easat-5628	474	10	emitting	emit	VERB
easat-5628	474	11	companies	company	NOUN
easat-5628	474	12	earned	earn	VERB
easat-5628	474	13	560	560	NUM
easat-5628	474	14	billion	billion	NUM
easat-5628	474	15	won	win	VERB
easat-5628	474	16	due	due	ADP
easat-5628	474	17	to	to	ADP
easat-5628	474	18	their	their	PRON
easat-5628	474	19	polluting	polluting	NOUN
easat-5628	474	20	,	,	PUNCT
easat-5628	474	21	”	"	PUNCT
easat-5628	474	22	hankyoreh	hankyoreh	NOUN
easat-5628	474	23	,	,	PUNCT
easat-5628	474	24	newspaper	newspaper	NOUN
easat-5628	474	25	article	article	NOUN
easat-5628	474	26	,	,	PUNCT
easat-5628	474	27	"	"	PUNCT
easat-5628	474	28	retrieved	retrieve	VERB
easat-5628	474	29	:	:	PUNCT
easat-5628	474	30	https://www.hani.co.kr/arti/society/environment/1061194.html	https://www.hani.co.kr/arti/society/environment/1061194.html	PROPN
easat-5628	474	31	,	,	PUNCT
easat-5628	474	32	2022	2022	NUM
easat-5628	474	33	.	.	PUNCT
easat-5628	475	1	[	[	X
easat-5628	475	2	6	6	NUM
easat-5628	475	3	]	]	PUNCT
easat-5628	475	4	a.	a.	NOUN
easat-5628	475	5	m.	m.	NOUN
easat-5628	475	6	oestreich	oestreich	PROPN
easat-5628	475	7	and	and	CCONJ
easat-5628	475	8	i.	i.	PROPN
easat-5628	475	9	tsiakas	tsiakas	PROPN
easat-5628	475	10	,	,	PUNCT
easat-5628	475	11	"	"	PUNCT
easat-5628	475	12	carbon	carbon	NOUN
easat-5628	475	13	emissions	emission	NOUN
easat-5628	475	14	and	and	CCONJ
easat-5628	475	15	stock	stock	NOUN
easat-5628	475	16	returns	return	NOUN
easat-5628	475	17	:	:	PUNCT
easat-5628	475	18	evidence	evidence	NOUN
easat-5628	475	19	from	from	ADP
easat-5628	475	20	the	the	DET
easat-5628	475	21	eu	eu	PROPN
easat-5628	475	22	emissions	emissions	PROPN
easat-5628	475	23	trading	trading	NOUN
easat-5628	475	24	scheme	scheme	NOUN
easat-5628	475	25	,	,	PUNCT
easat-5628	475	26	"	"	PUNCT
easat-5628	475	27	journal	journal	NOUN
easat-5628	475	28	of	of	ADP
easat-5628	475	29	banking	banking	NOUN
easat-5628	475	30	&	&	CCONJ
easat-5628	475	31	finance	finance	PROPN
easat-5628	475	32	,	,	PUNCT
easat-5628	475	33	vol	vol	NOUN
easat-5628	475	34	.	.	PROPN
easat-5628	475	35	58	58	NUM
easat-5628	475	36	,	,	PUNCT
easat-5628	475	37	pp	pp	ADJ
easat-5628	475	38	.	.	PUNCT
easat-5628	476	1	294	294	NUM
easat-5628	476	2	-	-	SYM
easat-5628	476	3	308	308	NUM
easat-5628	476	4	,	,	PUNCT
easat-5628	476	5	2015	2015	NUM
easat-5628	476	6	.	.	PUNCT
easat-5628	477	1	https://doi.org/10.1016/j.jbankfin.2015.05.005	https://doi.org/10.1016/j.jbankfin.2015.05.005	VERB
easat-5628	478	1	[	[	X
easat-5628	478	2	7	7	X
easat-5628	478	3	]	]	X
easat-5628	478	4	f.	f.	PROPN
easat-5628	478	5	wen	wen	PROPN
easat-5628	478	6	,	,	PUNCT
easat-5628	478	7	n.	n.	PROPN
easat-5628	478	8	wu	wu	PROPN
easat-5628	478	9	,	,	PUNCT
easat-5628	478	10	and	and	CCONJ
easat-5628	478	11	x.	x.	PROPN
easat-5628	478	12	gong	gong	PROPN
easat-5628	478	13	,	,	PUNCT
easat-5628	478	14	"	"	PUNCT
easat-5628	478	15	china	china	PROPN
easat-5628	478	16	's	's	PART
easat-5628	478	17	carbon	carbon	NOUN
easat-5628	478	18	emissions	emission	NOUN
easat-5628	478	19	trading	trading	NOUN
easat-5628	478	20	and	and	CCONJ
easat-5628	478	21	stock	stock	NOUN
easat-5628	478	22	returns	return	NOUN
easat-5628	478	23	,	,	PUNCT
easat-5628	478	24	"	"	PUNCT
easat-5628	478	25	energy	energy	NOUN
easat-5628	478	26	economics	economic	NOUN
easat-5628	478	27	,	,	PUNCT
easat-5628	478	28	vol	vol	NOUN
easat-5628	478	29	.	.	PROPN
easat-5628	478	30	86	86	NUM
easat-5628	478	31	,	,	PUNCT
easat-5628	478	32	p.	p.	NOUN
easat-5628	478	33	104627	104627	NUM
easat-5628	478	34	,	,	PUNCT
easat-5628	478	35	2020	2020	NUM
easat-5628	478	36	.	.	PUNCT
easat-5628	479	1	https://doi.org/10.1016/j.eneco.2019.104627	https://doi.org/10.1016/j.eneco.2019.104627	PROPN
easat-5628	479	2	[	[	X
easat-5628	479	3	8	8	X
easat-5628	479	4	]	]	SYM
easat-5628	479	5	ľ	ľ	PROPN
easat-5628	479	6	.	.	PUNCT
easat-5628	479	7	pástor	pástor	NOUN
easat-5628	479	8	,	,	PUNCT
easat-5628	479	9	r.	r.	PROPN
easat-5628	479	10	f.	f.	PROPN
easat-5628	479	11	stambaugh	stambaugh	PROPN
easat-5628	479	12	,	,	PUNCT
easat-5628	479	13	and	and	CCONJ
easat-5628	479	14	l.	l.	PROPN
easat-5628	479	15	a.	a.	PROPN
easat-5628	479	16	taylor	taylor	PROPN
easat-5628	479	17	,	,	PUNCT
easat-5628	479	18	"	"	PUNCT
easat-5628	479	19	sustainable	sustainable	ADJ
easat-5628	479	20	investing	investing	NOUN
easat-5628	479	21	in	in	ADP
easat-5628	479	22	equilibrium	equilibrium	NOUN
easat-5628	479	23	,	,	PUNCT
easat-5628	479	24	"	"	PUNCT
easat-5628	479	25	journal	journal	NOUN
easat-5628	479	26	of	of	ADP
easat-5628	479	27	financial	financial	ADJ
easat-5628	479	28	economics	economic	NOUN
easat-5628	479	29	,	,	PUNCT
easat-5628	479	30	vol	vol	NOUN
easat-5628	479	31	.	.	PROPN
easat-5628	479	32	142	142	NUM
easat-5628	479	33	,	,	PUNCT
easat-5628	479	34	no	no	INTJ
easat-5628	479	35	.	.	NOUN
easat-5628	479	36	2	2	NUM
easat-5628	479	37	,	,	PUNCT
easat-5628	479	38	pp	pp	ADJ
easat-5628	479	39	.	.	PUNCT
easat-5628	480	1	550	550	NUM
easat-5628	480	2	-	-	SYM
easat-5628	480	3	571	571	NUM
easat-5628	480	4	,	,	PUNCT
easat-5628	480	5	2021	2021	NUM
easat-5628	480	6	.	.	PUNCT
easat-5628	481	1	https://doi.org/10.1016/j.jfineco.2020.12.011	https://doi.org/10.1016/j.jfineco.2020.12.011	NUM
easat-5628	481	2	[	[	X
easat-5628	481	3	9	9	NUM
easat-5628	481	4	]	]	PUNCT
easat-5628	481	5	d.	d.	PROPN
easat-5628	481	6	ardia	ardia	PROPN
easat-5628	481	7	,	,	PUNCT
easat-5628	481	8	k.	k.	PROPN
easat-5628	481	9	bluteau	bluteau	PROPN
easat-5628	481	10	,	,	PUNCT
easat-5628	481	11	k.	k.	PROPN
easat-5628	481	12	boudt	boudt	PROPN
easat-5628	481	13	,	,	PUNCT
easat-5628	481	14	and	and	CCONJ
easat-5628	481	15	k.	k.	PROPN
easat-5628	481	16	inghelbrecht	inghelbrecht	PROPN
easat-5628	481	17	,	,	PUNCT
easat-5628	481	18	"	"	PUNCT
easat-5628	481	19	climate	climate	NOUN
easat-5628	481	20	change	change	NOUN
easat-5628	481	21	concerns	concern	NOUN
easat-5628	481	22	and	and	CCONJ
easat-5628	481	23	the	the	DET
easat-5628	481	24	performance	performance	NOUN
easat-5628	481	25	of	of	ADP
easat-5628	481	26	green	green	ADJ
easat-5628	481	27	vs.	vs.	ADP
easat-5628	481	28	brown	brown	ADJ
easat-5628	481	29	stocks	stock	NOUN
easat-5628	481	30	,	,	PUNCT
easat-5628	481	31	"	"	PUNCT
easat-5628	481	32	management	management	NOUN
easat-5628	481	33	science	science	NOUN
easat-5628	481	34	,	,	PUNCT
easat-5628	481	35	vol	vol	NOUN
easat-5628	481	36	.	.	PROPN
easat-5628	481	37	69	69	NUM
easat-5628	481	38	,	,	PUNCT
easat-5628	481	39	no	no	INTJ
easat-5628	481	40	.	.	NOUN
easat-5628	481	41	12	12	NUM
easat-5628	481	42	,	,	PUNCT
easat-5628	481	43	pp	pp	ADJ
easat-5628	481	44	.	.	PUNCT
easat-5628	482	1	7607	7607	NUM
easat-5628	482	2	-	-	SYM
easat-5628	482	3	7632	7632	NUM
easat-5628	482	4	,	,	PUNCT
easat-5628	482	5	2023	2023	NUM
easat-5628	482	6	.	.	PUNCT
easat-5628	483	1	https://doi.org/10.1287/mnsc.2022.4636	https://doi.org/10.1287/mnsc.2022.4636	X
easat-5628	484	1	[	[	X
easat-5628	484	2	10	10	NUM
easat-5628	484	3	]	]	X
easat-5628	484	4	p.	p.	NOUN
easat-5628	484	5	bolton	bolton	PROPN
easat-5628	484	6	and	and	CCONJ
easat-5628	484	7	m.	m.	NOUN
easat-5628	484	8	kacperczyk	kacperczyk	PROPN
easat-5628	484	9	,	,	PUNCT
easat-5628	484	10	"	"	PUNCT
easat-5628	484	11	do	do	AUX
easat-5628	484	12	investors	investor	NOUN
easat-5628	484	13	care	care	VERB
easat-5628	484	14	about	about	ADP
easat-5628	484	15	carbon	carbon	NOUN
easat-5628	484	16	risk	risk	NOUN
easat-5628	484	17	?	?	PUNCT
easat-5628	484	18	,	,	PUNCT
easat-5628	484	19	"	"	PUNCT
easat-5628	484	20	journal	journal	NOUN
easat-5628	484	21	of	of	ADP
easat-5628	484	22	financial	financial	ADJ
easat-5628	484	23	economics	economic	NOUN
easat-5628	484	24	,	,	PUNCT
easat-5628	484	25	vol	vol	NOUN
easat-5628	484	26	.	.	PROPN
easat-5628	484	27	142	142	NUM
easat-5628	484	28	,	,	PUNCT
easat-5628	484	29	no	no	INTJ
easat-5628	484	30	.	.	NOUN
easat-5628	484	31	2	2	NUM
easat-5628	484	32	,	,	PUNCT
easat-5628	484	33	pp	pp	ADJ
easat-5628	484	34	.	.	PUNCT
easat-5628	485	1	517	517	NUM
easat-5628	485	2	-	-	PUNCT
easat-5628	485	3	549	549	NUM
easat-5628	485	4	,	,	PUNCT
easat-5628	485	5	2021	2021	NUM
easat-5628	485	6	.	.	PUNCT
easat-5628	486	1	https://doi.org/10.1016/j.jfineco.2021.05.008	https://doi.org/10.1016/j.jfineco.2021.05.008	NOUN
easat-5628	486	2	[	[	X
easat-5628	486	3	11	11	NUM
easat-5628	486	4	]	]	X
easat-5628	486	5	n.	n.	PROPN
easat-5628	486	6	g.	g.	PROPN
easat-5628	486	7	sankar	sankar	PROPN
easat-5628	486	8	,	,	PUNCT
easat-5628	486	9	s.	s.	PROPN
easat-5628	486	10	nag	nag	VERB
easat-5628	486	11	,	,	PUNCT
easat-5628	486	12	s.	s.	PROPN
easat-5628	486	13	p.	p.	PROPN
easat-5628	486	14	chakrabarty	chakrabarty	PROPN
easat-5628	486	15	,	,	PUNCT
easat-5628	486	16	and	and	CCONJ
easat-5628	486	17	s.	s.	PROPN
easat-5628	486	18	basu	basu	PROPN
easat-5628	486	19	,	,	PUNCT
easat-5628	486	20	"	"	PUNCT
easat-5628	486	21	the	the	DET
easat-5628	486	22	carbon	carbon	NOUN
easat-5628	486	23	premium	premium	NOUN
easat-5628	486	24	:	:	PUNCT
easat-5628	486	25	correlation	correlation	NOUN
easat-5628	486	26	or	or	CCONJ
easat-5628	486	27	causality	causality	NOUN
easat-5628	486	28	?	?	PUNCT
easat-5628	487	1	evidence	evidence	NOUN
easat-5628	487	2	from	from	ADP
easat-5628	487	3	s&p	s&p	PROPN
easat-5628	487	4	500	500	NUM
easat-5628	487	5	companies	company	NOUN
easat-5628	487	6	,	,	PUNCT
easat-5628	487	7	"	"	PUNCT
easat-5628	487	8	energy	energy	NOUN
easat-5628	487	9	economics	economic	NOUN
easat-5628	487	10	,	,	PUNCT
easat-5628	487	11	vol	vol	NOUN
easat-5628	487	12	.	.	PROPN
easat-5628	487	13	134	134	NUM
easat-5628	487	14	,	,	PUNCT
easat-5628	487	15	p.	p.	NOUN
easat-5628	487	16	107635	107635	NUM
easat-5628	487	17	,	,	PUNCT
easat-5628	487	18	2024	2024	NUM
easat-5628	487	19	.	.	PUNCT
easat-5628	488	1	https://doi.org/10.1016/j.eneco.2024.107635	https://doi.org/10.1016/j.eneco.2024.107635	PROPN
easat-5628	489	1	[	[	X
easat-5628	489	2	12	12	NUM
easat-5628	489	3	]	]	PUNCT
easat-5628	489	4	y.-i	y.-i	PROPN
easat-5628	489	5	.	.	PUNCT
easat-5628	490	1	soh	soh	PROPN
easat-5628	490	2	,	,	PUNCT
easat-5628	490	3	y.-p	y.-p	PROPN
easat-5628	490	4	.	.	PUNCT
easat-5628	491	1	ki	ki	PROPN
easat-5628	491	2	,	,	PUNCT
easat-5628	491	3	and	and	CCONJ
easat-5628	491	4	a.	a.	NOUN
easat-5628	491	5	monk	monk	PROPN
easat-5628	491	6	,	,	PUNCT
easat-5628	491	7	"	"	PUNCT
easat-5628	491	8	is	be	AUX
easat-5628	491	9	‘	'	PUNCT
easat-5628	491	10	being	be	AUX
easat-5628	491	11	green	green	ADJ
easat-5628	491	12	’	'	PUNCT
easat-5628	491	13	rewarded	reward	VERB
easat-5628	491	14	in	in	ADP
easat-5628	491	15	the	the	DET
easat-5628	491	16	market	market	NOUN
easat-5628	491	17	?	?	PUNCT
easat-5628	492	1	an	an	DET
easat-5628	492	2	empirical	empirical	ADJ
easat-5628	492	3	investigation	investigation	NOUN
easat-5628	492	4	of	of	ADP
easat-5628	492	5	decarbonization	decarbonization	NOUN
easat-5628	492	6	and	and	CCONJ
easat-5628	492	7	stock	stock	NOUN
easat-5628	492	8	returns	return	NOUN
easat-5628	492	9	,	,	PUNCT
easat-5628	492	10	"	"	PUNCT
easat-5628	492	11	working	work	VERB
easat-5628	492	12	paper	paper	NOUN
easat-5628	492	13	:	:	PUNCT
easat-5628	492	14	stanford	stanford	PROPN
easat-5628	492	15	global	global	PROPN
easat-5628	492	16	project	project	PROPN
easat-5628	492	17	center	center	NOUN
easat-5628	492	18	.	.	PUNCT
easat-5628	493	1	https://ssrn.com/abstract=3020304	https://ssrn.com/abstract=3020304	PROPN
easat-5628	493	2	,	,	PUNCT
easat-5628	493	3	2019	2019	NUM
easat-5628	493	4	.	.	PUNCT
easat-5628	494	1	[	[	X
easat-5628	494	2	13	13	NUM
easat-5628	494	3	]	]	PUNCT
easat-5628	494	4	s.	s.	PROPN
easat-5628	494	5	zhang	zhang	PROPN
easat-5628	494	6	,	,	PUNCT
easat-5628	494	7	"	"	PUNCT
easat-5628	494	8	carbon	carbon	NOUN
easat-5628	494	9	returns	return	NOUN
easat-5628	494	10	across	across	ADP
easat-5628	494	11	the	the	DET
easat-5628	494	12	globe	globe	NOUN
easat-5628	494	13	,	,	PUNCT
easat-5628	494	14	"	"	PUNCT
easat-5628	494	15	the	the	DET
easat-5628	494	16	journal	journal	NOUN
easat-5628	494	17	of	of	ADP
easat-5628	494	18	finance	finance	NOUN
easat-5628	494	19	,	,	PUNCT
easat-5628	494	20	vol	vol	NOUN
easat-5628	494	21	.	.	PROPN
easat-5628	494	22	80	80	NUM
easat-5628	494	23	,	,	PUNCT
easat-5628	494	24	no	no	INTJ
easat-5628	494	25	.	.	NOUN
easat-5628	494	26	1	1	NUM
easat-5628	494	27	,	,	PUNCT
easat-5628	494	28	pp	pp	ADJ
easat-5628	494	29	.	.	PUNCT
easat-5628	495	1	615	615	NUM
easat-5628	495	2	-	-	SYM
easat-5628	495	3	645	645	NUM
easat-5628	495	4	,	,	PUNCT
easat-5628	495	5	2025	2025	NUM
easat-5628	495	6	.	.	PUNCT
easat-5628	496	1	http://dx.doi.org/10.1111/jofi.13402	http://dx.doi.org/10.1111/jofi.13402	X
easat-5628	497	1	[	[	X
easat-5628	497	2	14	14	NUM
easat-5628	497	3	]	]	PUNCT
easat-5628	497	4	j.	j.	PROPN
easat-5628	497	5	huij	huij	PROPN
easat-5628	497	6	,	,	PUNCT
easat-5628	497	7	d.	d.	PROPN
easat-5628	497	8	laurs	laurs	PROPN
easat-5628	497	9	,	,	PUNCT
easat-5628	497	10	p.	p.	NOUN
easat-5628	497	11	a.	a.	NOUN
easat-5628	497	12	stork	stork	PROPN
easat-5628	497	13	,	,	PUNCT
easat-5628	497	14	and	and	CCONJ
easat-5628	497	15	r.	r.	PROPN
easat-5628	497	16	c.	c.	PROPN
easat-5628	497	17	j.	j.	PROPN
easat-5628	497	18	zwinkels	zwinkels	PROPN
easat-5628	497	19	,	,	PUNCT
easat-5628	497	20	"	"	PUNCT
easat-5628	497	21	carbon	carbon	NOUN
easat-5628	497	22	beta	beta	NOUN
easat-5628	497	23	:	:	PUNCT
easat-5628	497	24	a	a	DET
easat-5628	497	25	market	market	NOUN
easat-5628	497	26	-	-	PUNCT
easat-5628	497	27	based	base	VERB
easat-5628	497	28	measure	measure	NOUN
easat-5628	497	29	of	of	ADP
easat-5628	497	30	climate	climate	NOUN
easat-5628	497	31	risk	risk	NOUN
easat-5628	497	32	,	,	PUNCT
easat-5628	497	33	"	"	PUNCT
easat-5628	497	34	working	work	VERB
easat-5628	497	35	paper	paper	NOUN
easat-5628	497	36	.	.	PUNCT
easat-5628	498	1	https://doi.org/10.2139/ssrn.3957900	https://doi.org/10.2139/ssrn.3957900	ADJ
easat-5628	498	2	,	,	PUNCT
easat-5628	498	3	2021	2021	NUM
easat-5628	498	4	.	.	PUNCT
easat-5628	499	1	[	[	X
easat-5628	499	2	15	15	NUM
easat-5628	499	3	]	]	X
easat-5628	499	4	x.	x.	NOUN
easat-5628	499	5	ding	ding	PROPN
easat-5628	499	6	,	,	PUNCT
easat-5628	499	7	j.	j.	PROPN
easat-5628	499	8	li	li	PROPN
easat-5628	499	9	,	,	PUNCT
easat-5628	499	10	t.	t.	NOUN
easat-5628	499	11	song	song	NOUN
easat-5628	499	12	,	,	PUNCT
easat-5628	499	13	c.	c.	PROPN
easat-5628	499	14	ding	ding	PROPN
easat-5628	499	15	,	,	PUNCT
easat-5628	499	16	and	and	CCONJ
easat-5628	499	17	w.	w.	PROPN
easat-5628	499	18	tan	tan	PROPN
easat-5628	499	19	,	,	PUNCT
easat-5628	499	20	"	"	PUNCT
easat-5628	499	21	does	do	AUX
easat-5628	499	22	carbon	carbon	NOUN
easat-5628	499	23	emission	emission	NOUN
easat-5628	499	24	of	of	ADP
easat-5628	499	25	firms	firm	NOUN
easat-5628	499	26	aggravate	aggravate	VERB
easat-5628	499	27	the	the	DET
easat-5628	499	28	risk	risk	NOUN
easat-5628	499	29	of	of	ADP
easat-5628	499	30	financial	financial	ADJ
easat-5628	499	31	distress	distress	NOUN
easat-5628	499	32	?	?	PUNCT
easat-5628	500	1	evidence	evidence	NOUN
easat-5628	500	2	from	from	ADP
easat-5628	500	3	china	china	PROPN
easat-5628	500	4	,	,	PUNCT
easat-5628	500	5	"	"	PUNCT
easat-5628	500	6	finance	finance	NOUN
easat-5628	500	7	research	research	NOUN
easat-5628	500	8	letters	letter	NOUN
easat-5628	500	9	,	,	PUNCT
easat-5628	500	10	vol	vol	NOUN
easat-5628	500	11	.	.	PROPN
easat-5628	500	12	56	56	NUM
easat-5628	500	13	,	,	PUNCT
easat-5628	500	14	p.	p.	NOUN
easat-5628	500	15	104034	104034	NUM
easat-5628	500	16	,	,	PUNCT
easat-5628	500	17	2023	2023	NUM
easat-5628	500	18	.	.	PUNCT
easat-5628	500	19	https://doi.org/10.1016/j.frl.2023.104034	https://doi.org/10.1016/j.frl.2023.104034	PUNCT
easat-5628	501	1	[	[	X
easat-5628	501	2	16	16	NUM
easat-5628	501	3	]	]	PUNCT
easat-5628	501	4	m.	m.	PROPN
easat-5628	501	5	d.	d.	PROPN
easat-5628	501	6	bauer	bauer	PROPN
easat-5628	501	7	,	,	PUNCT
easat-5628	501	8	d.	d.	PROPN
easat-5628	501	9	huber	huber	PROPN
easat-5628	501	10	,	,	PUNCT
easat-5628	501	11	g.	g.	PROPN
easat-5628	501	12	d.	d.	PROPN
easat-5628	501	13	rudebusch	rudebusch	PROPN
easat-5628	501	14	,	,	PUNCT
easat-5628	501	15	and	and	CCONJ
easat-5628	501	16	o.	o.	PROPN
easat-5628	501	17	wilms	wilm	NOUN
easat-5628	501	18	,	,	PUNCT
easat-5628	501	19	"	"	PUNCT
easat-5628	501	20	where	where	SCONJ
easat-5628	501	21	is	be	AUX
easat-5628	501	22	the	the	DET
easat-5628	501	23	carbon	carbon	NOUN
easat-5628	501	24	premium	premium	NOUN
easat-5628	501	25	?	?	PUNCT
easat-5628	502	1	global	global	ADJ
easat-5628	502	2	performance	performance	NOUN
easat-5628	502	3	of	of	ADP
easat-5628	502	4	green	green	ADJ
easat-5628	502	5	and	and	CCONJ
easat-5628	502	6	brown	brown	ADJ
easat-5628	502	7	stocks	stock	NOUN
easat-5628	502	8	,	,	PUNCT
easat-5628	502	9	"	"	PUNCT
easat-5628	502	10	journal	journal	NOUN
easat-5628	502	11	of	of	ADP
easat-5628	502	12	climate	climate	NOUN
easat-5628	502	13	finance	finance	NOUN
easat-5628	502	14	,	,	PUNCT
easat-5628	502	15	vol	vol	NOUN
easat-5628	502	16	.	.	PROPN
easat-5628	502	17	1	1	NUM
easat-5628	502	18	,	,	PUNCT
easat-5628	502	19	p.	p.	NOUN
easat-5628	502	20	100006	100006	NUM
easat-5628	502	21	,	,	PUNCT
easat-5628	502	22	2022	2022	NUM
easat-5628	502	23	.	.	PUNCT
easat-5628	503	1	https://doi.org/10.1016/j.jclimf.2023.100006	https://doi.org/10.1016/j.jclimf.2023.100006	PROPN
easat-5628	503	2	[	[	X
easat-5628	503	3	17	17	NUM
easat-5628	503	4	]	]	X
easat-5628	503	5	c.	c.	PROPN
easat-5628	503	6	hambel	hambel	PROPN
easat-5628	503	7	and	and	CCONJ
easat-5628	503	8	f.	f.	PROPN
easat-5628	503	9	van	van	PROPN
easat-5628	503	10	der	der	PROPN
easat-5628	503	11	sanden	sanden	PROPN
easat-5628	503	12	,	,	PUNCT
easat-5628	503	13	"	"	PUNCT
easat-5628	503	14	reevaluating	reevaluate	VERB
easat-5628	503	15	the	the	DET
easat-5628	503	16	carbon	carbon	NOUN
easat-5628	503	17	premium	premium	NOUN
easat-5628	503	18	:	:	PUNCT
easat-5628	503	19	evidence	evidence	NOUN
easat-5628	503	20	of	of	ADP
easat-5628	503	21	green	green	ADJ
easat-5628	503	22	outperformance	outperformance	NOUN
easat-5628	503	23	,	,	PUNCT
easat-5628	503	24	"	"	PUNCT
easat-5628	503	25	international	international	ADJ
easat-5628	503	26	review	review	NOUN
easat-5628	503	27	of	of	ADP
easat-5628	503	28	financial	financial	ADJ
easat-5628	503	29	analysis	analysis	NOUN
easat-5628	503	30	,	,	PUNCT
easat-5628	503	31	vol	vol	NOUN
easat-5628	503	32	.	.	NOUN
easat-5628	503	33	102	102	NUM
easat-5628	503	34	,	,	PUNCT
easat-5628	503	35	p.	p.	NOUN
easat-5628	503	36	104042	104042	NUM
easat-5628	503	37	,	,	PUNCT
easat-5628	503	38	2025	2025	NUM
easat-5628	503	39	.	.	PUNCT
easat-5628	504	1	https://doi.org/10.1016/j.irfa.2025.104042	https://doi.org/10.1016/j.irfa.2025.104042	VERB
easat-5628	504	2	[	[	PUNCT
easat-5628	504	3	18	18	NUM
easat-5628	504	4	]	]	X
easat-5628	504	5	ministry	ministry	PROPN
easat-5628	504	6	of	of	ADP
easat-5628	504	7	government	government	NOUN
easat-5628	504	8	legislation	legislation	NOUN
easat-5628	504	9	,	,	PUNCT
easat-5628	504	10	"	"	PUNCT
easat-5628	504	11	driving	drive	VERB
easat-5628	504	12	the	the	DET
easat-5628	504	13	enactment	enactment	NOUN
easat-5628	504	14	of	of	ADP
easat-5628	504	15	a	a	DET
easat-5628	504	16	total	total	NOUN
easat-5628	504	17	of	of	ADP
easat-5628	504	18	69	69	NUM
easat-5628	504	19	laws	law	NOUN
easat-5628	504	20	and	and	CCONJ
easat-5628	504	21	regulations	regulation	NOUN
easat-5628	504	22	to	to	PART
easat-5628	504	23	realize	realize	VERB
easat-5628	504	24	the	the	DET
easat-5628	504	25	national	national	ADJ
easat-5628	504	26	vision	vision	NOUN
easat-5628	504	27	of	of	ADP
easat-5628	504	28	‘	'	PUNCT
easat-5628	504	29	green	green	ADJ
easat-5628	504	30	growth	growth	NOUN
easat-5628	504	31	’	'	PUNCT
easat-5628	504	32	”	"	PUNCT
easat-5628	504	33	,	,	PUNCT
easat-5628	504	34	press	press	NOUN
easat-5628	504	35	release	release	NOUN
easat-5628	504	36	,	,	PUNCT
easat-5628	504	37	"	"	PUNCT
easat-5628	504	38	retrieved	retrieve	VERB
easat-5628	504	39	:	:	PUNCT
easat-5628	504	40	https://www.moleg.go.kr/board.es?mid=a10501000000&bid=0048&act=view&list_no=55135&tag=&pagecntbysel	https://www.moleg.go.kr/board.es?mid=a10501000000&bid=0048&act=view&list_no=55135&tag=&pagecntbysel	PROPN
easat-5628	504	41	f=10&npage=155&keyfield=&keyword=&cg_code	f=10&npage=155&keyfield=&keyword=&cg_code	PROPN
easat-5628	504	42	,	,	PUNCT
easat-5628	504	43	2011	2011	NUM
easat-5628	504	44	.	.	PUNCT
easat-5628	505	1	[	[	X
easat-5628	505	2	19	19	NUM
easat-5628	505	3	]	]	X
easat-5628	505	4	j.	j.	PROPN
easat-5628	505	5	yu	yu	PROPN
easat-5628	505	6	and	and	CCONJ
easat-5628	505	7	j.	j.	PROPN
easat-5628	505	8	lee	lee	PROPN
easat-5628	505	9	,	,	PUNCT
easat-5628	505	10	"	"	PUNCT
easat-5628	505	11	the	the	DET
easat-5628	505	12	effectiveness	effectiveness	NOUN
easat-5628	505	13	of	of	ADP
easat-5628	505	14	allowance	allowance	NOUN
easat-5628	505	15	banking	banking	NOUN
easat-5628	505	16	restriction	restriction	NOUN
easat-5628	505	17	rules	rule	NOUN
easat-5628	505	18	in	in	ADP
easat-5628	505	19	the	the	DET
easat-5628	505	20	korean	korean	ADJ
easat-5628	505	21	emissions	emission	NOUN
easat-5628	505	22	trading	trading	NOUN
easat-5628	505	23	scheme	scheme	NOUN
easat-5628	505	24	,	,	PUNCT
easat-5628	505	25	"	"	PUNCT
easat-5628	505	26	j	j	PROPN
easat-5628	505	27	clim	clim	PROPN
easat-5628	505	28	change	change	NOUN
easat-5628	505	29	res	re	NOUN
easat-5628	505	30	,	,	PUNCT
easat-5628	505	31	vol	vol	NOUN
easat-5628	505	32	.	.	PROPN
easat-5628	505	33	11	11	NUM
easat-5628	505	34	,	,	PUNCT
easat-5628	505	35	pp	pp	ADJ
easat-5628	505	36	.	.	PUNCT
easat-5628	506	1	177	177	NUM
easat-5628	506	2	-	-	SYM
easat-5628	506	3	186	186	NUM
easat-5628	506	4	,	,	PUNCT
easat-5628	506	5	2020	2020	NUM
easat-5628	506	6	.	.	PUNCT
easat-5628	507	1	https://doi.org/10.15531/ksccr.2020.11.3.177	https://doi.org/10.15531/ksccr.2020.11.3.177	PROPN
easat-5628	508	1	[	[	X
easat-5628	508	2	20	20	NUM
easat-5628	508	3	]	]	X
easat-5628	508	4	y.	y.	PROPN
easat-5628	508	5	yoon	yoon	PROPN
easat-5628	508	6	,	,	PUNCT
easat-5628	508	7	"	"	PUNCT
easat-5628	508	8	approaches	approach	NOUN
easat-5628	508	9	to	to	PART
easat-5628	508	10	enhance	enhance	VERB
easat-5628	508	11	the	the	DET
easat-5628	508	12	market	market	NOUN
easat-5628	508	13	functionality	functionality	NOUN
easat-5628	508	14	of	of	ADP
easat-5628	508	15	the	the	DET
easat-5628	508	16	k	k	NOUN
easat-5628	508	17	-	-	PUNCT
easat-5628	508	18	ets	et	NOUN
easat-5628	508	19	,	,	PUNCT
easat-5628	508	20	”	"	PUNCT
easat-5628	508	21	kdi	kdi	ADJ
easat-5628	508	22	focus	focus	NOUN
easat-5628	508	23	,	,	PUNCT
easat-5628	508	24	"	"	PUNCT
easat-5628	508	25	retrieved	retrieve	VERB
easat-5628	508	26	:	:	PUNCT
easat-5628	508	27	https://www.kdi.re.kr/eng/research/focusview?pub_no=18054	https://www.kdi.re.kr/eng/research/focusview?pub_no=18054	PROPN
easat-5628	508	28	,	,	PUNCT
easat-5628	508	29	2023	2023	NUM
easat-5628	508	30	.	.	PUNCT
easat-5628	509	1	[	[	X
easat-5628	509	2	21	21	NUM
easat-5628	509	3	]	]	PUNCT
easat-5628	509	4	greenhouse	greenhouse	NOUN
easat-5628	509	5	gas	gas	NOUN
easat-5628	509	6	inventory	inventory	NOUN
easat-5628	509	7	&	&	CCONJ
easat-5628	509	8	research	research	PROPN
easat-5628	509	9	center	center	NOUN
easat-5628	509	10	,	,	PUNCT
easat-5628	509	11	"	"	PUNCT
easat-5628	509	12	2019	2019	NUM
easat-5628	509	13	,	,	PUNCT
easat-5628	509	14	2020	2020	NUM
easat-5628	509	15	korean	korean	ADJ
easat-5628	509	16	emissions	emission	NOUN
easat-5628	509	17	trading	trading	NOUN
easat-5628	509	18	system	system	NOUN
easat-5628	509	19	report	report	NOUN
easat-5628	509	20	(	(	PUNCT
easat-5628	509	21	2018	2018	NUM
easat-5628	509	22	-	-	SYM
easat-5628	509	23	2020	2020	NUM
easat-5628	509	24	)	)	PUNCT
easat-5628	509	25	,	,	PUNCT
easat-5628	509	26	"	"	PUNCT
easat-5628	509	27	retrieved	retrieve	VERB
easat-5628	509	28	:	:	PUNCT
easat-5628	509	29	https://www.gir.go.kr/eng/board/read.do;jsessionid=2sllfto5yhb3o8i7drvvyqmaym2wrjhmypdvnh8oqjmlw	https://www.gir.go.kr/eng/board/read.do;jsessionid=2sllfto5yhb3o8i7drvvyqmaym2wrjhmypdvnh8oqjmlw	ADJ
easat-5628	509	30	oqnzcszv1b7xaj3cngn.og_was1_servlet_engine1?pageroffset=0&maxpageitems=10&maxindexpages=10&sear	oqnzcszv1b7xaj3cngn.og_was1_servlet_engine1?pageroffset=0&maxpageitems=10&maxindexpages=10&sear	ADJ
easat-5628	509	31	chkey=&searchvalue=&menuid=31&boardmasterid=21&boardid=1	chkey=&searchvalue=&menuid=31&boardmasterid=21&boardid=1	NOUN
easat-5628	509	32	,	,	PUNCT
easat-5628	509	33	2019	2019	NUM
easat-5628	509	34	.	.	PUNCT
easat-5628	510	1	[	[	X
easat-5628	510	2	22	22	NUM
easat-5628	510	3	]	]	PUNCT
easat-5628	510	4	greenhouse	greenhouse	NOUN
easat-5628	510	5	gas	gas	NOUN
easat-5628	510	6	inventory	inventory	NOUN
easat-5628	510	7	&	&	CCONJ
easat-5628	510	8	research	research	PROPN
easat-5628	510	9	center	center	NOUN
easat-5628	510	10	,	,	PUNCT
easat-5628	510	11	"	"	PUNCT
easat-5628	510	12	korean	korean	ADJ
easat-5628	510	13	emissions	emission	NOUN
easat-5628	510	14	trading	trading	NOUN
easat-5628	510	15	system	system	NOUN
easat-5628	510	16	report	report	NOUN
easat-5628	510	17	,	,	PUNCT
easat-5628	510	18	"	"	PUNCT
easat-5628	510	19	retrieved	retrieve	VERB
easat-5628	510	20	:	:	PUNCT
easat-5628	510	21	https://www.gir.go.kr/eng/board/read.do?pageroffset=0&maxpageitems=10&maxindexpages=10&searchkey=&s	https://www.gir.go.kr/eng/board/read.do?pageroffset=0&maxpageitems=10&maxindexpages=10&searchkey=&s	PROPN
easat-5628	510	22	earchvalue=&menuid=31&boardid=2&boardmasterid=21&boardcategoryid	earchvalue=&menuid=31&boardid=2&boardmasterid=21&boardcategoryid	PROPN
easat-5628	510	23	,	,	PUNCT
easat-5628	510	24	2021	2021	NUM
easat-5628	510	25	.	.	PUNCT
easat-5628	511	1	[	[	X
easat-5628	511	2	23	23	NUM
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easat-5628	511	4	greenhouse	greenhouse	NOUN
easat-5628	511	5	gas	gas	NOUN
easat-5628	511	6	inventory	inventory	NOUN
easat-5628	511	7	&	&	CCONJ
easat-5628	511	8	research	research	PROPN
easat-5628	511	9	center	center	NOUN
easat-5628	511	10	,	,	PUNCT
easat-5628	511	11	"	"	PUNCT
easat-5628	511	12	korean	korean	ADJ
easat-5628	511	13	emissions	emission	NOUN
easat-5628	511	14	trading	trading	NOUN
easat-5628	511	15	system	system	NOUN
easat-5628	511	16	report	report	NOUN
easat-5628	511	17	,	,	PUNCT
easat-5628	511	18	"	"	PUNCT
easat-5628	511	19	retrieved	retrieve	VERB
easat-5628	511	20	:	:	PUNCT
easat-5628	511	21	https://www.gir.go.kr/eng/board/read.do?pageroffset=0&maxpageitems=10&maxindexpages=10&searchkey=&s	https://www.gir.go.kr/eng/board/read.do?pageroffset=0&maxpageitems=10&maxindexpages=10&searchkey=&s	PROPN
easat-5628	511	22	earchvalue=&menuid=31&boardid=8&boardmasterid=21&boardcategoryid	earchvalue=&menuid=31&boardid=8&boardmasterid=21&boardcategoryid	NOUN
easat-5628	511	23	,	,	PUNCT
easat-5628	511	24	2023	2023	NUM
easat-5628	511	25	.	.	PUNCT
easat-5628	512	1	[	[	X
easat-5628	512	2	24	24	NUM
easat-5628	512	3	]	]	PUNCT
easat-5628	512	4	a.	a.	NOUN
easat-5628	512	5	abadie	abadie	PROPN
easat-5628	512	6	and	and	CCONJ
easat-5628	512	7	j.	j.	PROPN
easat-5628	512	8	gardeazabal	gardeazabal	PROPN
easat-5628	512	9	,	,	PUNCT
easat-5628	512	10	"	"	PUNCT
easat-5628	512	11	the	the	DET
easat-5628	512	12	economic	economic	ADJ
easat-5628	512	13	costs	cost	NOUN
easat-5628	512	14	of	of	ADP
easat-5628	512	15	conflict	conflict	NOUN
easat-5628	512	16	:	:	PUNCT
easat-5628	512	17	a	a	DET
easat-5628	512	18	case	case	NOUN
easat-5628	512	19	study	study	NOUN
easat-5628	512	20	of	of	ADP
easat-5628	512	21	the	the	DET
easat-5628	512	22	basque	basque	ADJ
easat-5628	512	23	country	country	NOUN
easat-5628	512	24	,	,	PUNCT
easat-5628	512	25	"	"	PUNCT
easat-5628	512	26	american	american	PROPN
easat-5628	512	27	economic	economic	PROPN
easat-5628	512	28	review	review	PROPN
easat-5628	512	29	,	,	PUNCT
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easat-5628	512	31	.	.	PROPN
easat-5628	512	32	93	93	NUM
easat-5628	512	33	,	,	PUNCT
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easat-5628	512	35	.	.	NOUN
easat-5628	512	36	1	1	NUM
easat-5628	512	37	,	,	PUNCT
easat-5628	512	38	pp	pp	ADJ
easat-5628	512	39	.	.	PUNCT
easat-5628	513	1	113	113	NUM
easat-5628	513	2	-	-	SYM
easat-5628	513	3	132	132	NUM
easat-5628	513	4	,	,	PUNCT
easat-5628	513	5	2003	2003	NUM
easat-5628	513	6	.	.	PUNCT
easat-5628	514	1	[	[	X
easat-5628	514	2	25	25	NUM
easat-5628	514	3	]	]	PUNCT
easat-5628	514	4	a.	a.	NOUN
easat-5628	514	5	abadie	abadie	PROPN
easat-5628	514	6	,	,	PUNCT
easat-5628	514	7	a.	a.	NOUN
easat-5628	514	8	diamond	diamond	NOUN
easat-5628	514	9	,	,	PUNCT
easat-5628	514	10	and	and	CCONJ
easat-5628	514	11	j.	j.	PROPN
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easat-5628	514	13	,	,	PUNCT
easat-5628	514	14	"	"	PUNCT
easat-5628	514	15	synthetic	synthetic	ADJ
easat-5628	514	16	control	control	NOUN
easat-5628	514	17	methods	method	NOUN
easat-5628	514	18	for	for	ADP
easat-5628	514	19	comparative	comparative	ADJ
easat-5628	514	20	case	case	NOUN
easat-5628	514	21	studies	study	NOUN
easat-5628	514	22	:	:	PUNCT
easat-5628	514	23	estimating	estimate	VERB
easat-5628	514	24	the	the	DET
easat-5628	514	25	effect	effect	NOUN
easat-5628	514	26	of	of	ADP
easat-5628	514	27	california	california	PROPN
easat-5628	514	28	’s	’s	PART
easat-5628	514	29	tobacco	tobacco	NOUN
easat-5628	514	30	control	control	NOUN
easat-5628	514	31	program	program	NOUN
easat-5628	514	32	,	,	PUNCT
easat-5628	514	33	"	"	PUNCT
easat-5628	514	34	journal	journal	NOUN
easat-5628	514	35	of	of	ADP
easat-5628	514	36	the	the	DET
easat-5628	514	37	american	american	PROPN
easat-5628	514	38	statistical	statistical	PROPN
easat-5628	514	39	association	association	PROPN
easat-5628	514	40	,	,	PUNCT
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easat-5628	514	42	.	.	PROPN
easat-5628	514	43	105	105	NUM
easat-5628	514	44	,	,	PUNCT
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easat-5628	514	46	.	.	NOUN
easat-5628	514	47	490	490	NUM
easat-5628	514	48	,	,	PUNCT
easat-5628	514	49	pp	pp	ADJ
easat-5628	514	50	.	.	PUNCT
easat-5628	514	51	493505	493505	NUM
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easat-5628	514	54	.	.	PUNCT
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easat-5628	515	2	26	26	NUM
easat-5628	515	3	]	]	PUNCT
easat-5628	515	4	a.	a.	NOUN
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easat-5628	515	7	t.	t.	PROPN
easat-5628	515	8	nannicini	nannicini	PROPN
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easat-5628	515	10	"	"	PUNCT
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easat-5628	515	13	liberalization	liberalization	NOUN
easat-5628	515	14	episodes	episode	NOUN
easat-5628	515	15	:	:	PUNCT
easat-5628	515	16	a	a	DET
easat-5628	515	17	synthetic	synthetic	ADJ
easat-5628	515	18	control	control	NOUN
easat-5628	515	19	approach	approach	NOUN
easat-5628	515	20	,	,	PUNCT
easat-5628	515	21	"	"	PUNCT
easat-5628	515	22	review	review	NOUN
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easat-5628	515	24	economics	economic	NOUN
easat-5628	515	25	and	and	CCONJ
easat-5628	515	26	statistics	statistic	NOUN
easat-5628	515	27	,	,	PUNCT
easat-5628	515	28	vol	vol	NOUN
easat-5628	515	29	.	.	PROPN
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easat-5628	515	31	,	,	PUNCT
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easat-5628	515	34	3	3	NUM
easat-5628	515	35	,	,	PUNCT
easat-5628	515	36	pp	pp	ADJ
easat-5628	515	37	.	.	PUNCT
easat-5628	515	38	983	983	NUM
easat-5628	515	39	-	-	SYM
easat-5628	515	40	1001	1001	NUM
easat-5628	515	41	,	,	PUNCT
easat-5628	515	42	2013	2013	NUM
easat-5628	515	43	.	.	PUNCT
easat-5628	516	1	https://doi.org/10.1162/rest_a_00324	https://doi.org/10.1162/rest_a_00324	VERB
easat-5628	516	2	[	[	X
easat-5628	516	3	27	27	NUM
easat-5628	516	4	]	]	PUNCT
easat-5628	516	5	e.	e.	PROPN
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easat-5628	516	8	s.	s.	PROPN
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easat-5628	516	11	i.	i.	PROPN
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easat-5628	516	14	and	and	CCONJ
easat-5628	516	15	j.	j.	PROPN
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easat-5628	516	19	catastrophic	catastrophic	ADJ
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easat-5628	516	21	disasters	disaster	NOUN
easat-5628	516	22	and	and	CCONJ
easat-5628	516	23	economic	economic	ADJ
easat-5628	516	24	growth	growth	NOUN
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easat-5628	516	27	review	review	NOUN
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easat-5628	516	30	and	and	CCONJ
easat-5628	516	31	statistics	statistic	NOUN
easat-5628	516	32	,	,	PUNCT
easat-5628	516	33	vol	vol	NOUN
easat-5628	516	34	.	.	PROPN
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easat-5628	516	36	,	,	PUNCT
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easat-5628	516	39	5	5	NUM
easat-5628	516	40	,	,	PUNCT
easat-5628	516	41	pp	pp	ADJ
easat-5628	516	42	.	.	PUNCT
easat-5628	516	43	1549	1549	NUM
easat-5628	516	44	-	-	SYM
easat-5628	516	45	1561	1561	NUM
easat-5628	516	46	,	,	PUNCT
easat-5628	516	47	2013	2013	NUM
easat-5628	516	48	.	.	PUNCT
easat-5628	517	1	https://doi.org/10.1162/rest_a_00413	https://doi.org/10.1162/rest_a_00413	PROPN
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easat-5628	518	2	28	28	NUM
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easat-5628	518	7	"	"	PUNCT
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easat-5628	518	11	:	:	PUNCT
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easat-5628	518	13	case	case	NOUN
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easat-5628	518	19	of	of	ADP
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easat-5628	518	21	power	power	NOUN
easat-5628	518	22	facilities	facility	NOUN
easat-5628	518	23	using	use	VERB
easat-5628	518	24	the	the	DET
easat-5628	518	25	synthetic	synthetic	ADJ
easat-5628	518	26	control	control	NOUN
easat-5628	518	27	method	method	NOUN
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easat-5628	518	29	"	"	PUNCT
easat-5628	518	30	journal	journal	NOUN
easat-5628	518	31	of	of	ADP
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easat-5628	518	33	economics	economic	NOUN
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easat-5628	518	36	.	.	PROPN
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easat-5628	518	38	,	,	PUNCT
easat-5628	518	39	pp	pp	ADJ
easat-5628	518	40	.	.	PUNCT
easat-5628	519	1	68	68	NUM
easat-5628	519	2	-	-	SYM
easat-5628	519	3	85	85	NUM
easat-5628	519	4	,	,	PUNCT
easat-5628	519	5	2015	2015	NUM
easat-5628	519	6	.	.	PUNCT
easat-5628	520	1	https://doi.org/10.1016/j.jue.2014.10.005	https://doi.org/10.1016/j.jue.2014.10.005	PROPN
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easat-5628	521	2	29	29	NUM
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easat-5628	521	6	and	and	CCONJ
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easat-5628	521	8	galle	galle	PROPN
easat-5628	521	9	,	,	PUNCT
easat-5628	521	10	"	"	PUNCT
easat-5628	521	11	financial	financial	ADJ
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easat-5628	521	13	for	for	ADP
easat-5628	521	14	kidney	kidney	NOUN
easat-5628	521	15	donation	donation	NOUN
easat-5628	521	16	:	:	PUNCT
easat-5628	521	17	a	a	DET
easat-5628	521	18	comparative	comparative	ADJ
easat-5628	521	19	case	case	NOUN
easat-5628	521	20	study	study	NOUN
easat-5628	521	21	using	use	VERB
easat-5628	521	22	synthetic	synthetic	ADJ
easat-5628	521	23	controls	control	NOUN
easat-5628	521	24	,	,	PUNCT
easat-5628	521	25	"	"	PUNCT
easat-5628	521	26	journal	journal	NOUN
easat-5628	521	27	of	of	ADP
easat-5628	521	28	health	health	NOUN
easat-5628	521	29	economics	economic	NOUN
easat-5628	521	30	,	,	PUNCT
easat-5628	521	31	vol	vol	NOUN
easat-5628	521	32	.	.	PROPN
easat-5628	521	33	43	43	NUM
easat-5628	521	34	,	,	PUNCT
easat-5628	521	35	pp	pp	ADJ
easat-5628	521	36	.	.	PUNCT
easat-5628	522	1	103	103	NUM
easat-5628	522	2	-	-	SYM
easat-5628	522	3	117	117	NUM
easat-5628	522	4	,	,	PUNCT
easat-5628	522	5	2015	2015	NUM
easat-5628	522	6	.	.	PUNCT
easat-5628	523	1	https://doi.org/10.1016/j.jhealeco.2015.06.007	https://doi.org/10.1016/j.jhealeco.2015.06.007	VERB
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easat-5628	523	6	https://doi.org/10.1287/mnsc.2022.4636	https://doi.org/10.1287/mnsc.2022.4636	PROPN
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easat-5628	524	1	https://doi.org/10.2139/ssrn.3957900	https://doi.org/10.2139/ssrn.3957900	ADJ
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easat-5628	524	10	https://www.gir.go.kr/eng/board/read.do;jsessionid=2sllfto5yhb3o8i7drvvyqmaym2wrjhmypdvnh8oqjmlwoqnzcszv1b7xaj3cngn.og_was1_servlet_engine1?pageroffset=0&maxpageitems=10&maxindexpages=10&searchkey=&searchvalue=&menuid=31&boardmasterid=21&boardid=1	https://www.gir.go.kr/eng/board/read.do;jsessionid=2sllfto5yhb3o8i7drvvyqmaym2wrjhmypdvnh8oqjmlwoqnzcszv1b7xaj3cngn.og_was1_servlet_engine1?pageroffset=0&maxpageitems=10&maxindexpages=10&searchkey=&searchvalue=&menuid=31&boardmasterid=21&boardid=1	NOUN
easat-5628	524	11	https://www.gir.go.kr/eng/board/read.do;jsessionid=2sllfto5yhb3o8i7drvvyqmaym2wrjhmypdvnh8oqjmlwoqnzcszv1b7xaj3cngn.og_was1_servlet_engine1?pageroffset=0&maxpageitems=10&maxindexpages=10&searchkey=&searchvalue=&menuid=31&boardmasterid=21&boardid=1	https://www.gir.go.kr/eng/board/read.do;jsessionid=2sllfto5yhb3o8i7drvvyqmaym2wrjhmypdvnh8oqjmlwoqnzcszv1b7xaj3cngn.og_was1_servlet_engine1?pageroffset=0&maxpageitems=10&maxindexpages=10&searchkey=&searchvalue=&menuid=31&boardmasterid=21&boardid=1	NOUN
easat-5628	524	12	https://www.gir.go.kr/eng/board/read.do?pageroffset=0&maxpageitems=10&maxindexpages=10&searchkey=&searchvalue=&menuid=31&boardid=2&boardmasterid=21&boardcategoryid	https://www.gir.go.kr/eng/board/read.do?pageroffset=0&maxpageitems=10&maxindexpages=10&searchkey=&searchvalue=&menuid=31&boardid=2&boardmasterid=21&boardcategoryid	ADJ
easat-5628	524	13	https://www.gir.go.kr/eng/board/read.do?pageroffset=0&maxpageitems=10&maxindexpages=10&searchkey=&searchvalue=&menuid=31&boardid=2&boardmasterid=21&boardcategoryid	https://www.gir.go.kr/eng/board/read.do?pageroffset=0&maxpageitems=10&maxindexpages=10&searchkey=&searchvalue=&menuid=31&boardid=2&boardmasterid=21&boardcategoryid	NOUN
easat-5628	524	14	https://www.gir.go.kr/eng/board/read.do?pageroffset=0&maxpageitems=10&maxindexpages=10&searchkey=&searchvalue=&menuid=31&boardid=8&boardmasterid=21&boardcategoryid	https://www.gir.go.kr/eng/board/read.do?pageroffset=0&maxpageitems=10&maxindexpages=10&searchkey=&searchvalue=&menuid=31&boardid=8&boardmasterid=21&boardcategoryid	NOUN
easat-5628	524	15	https://www.gir.go.kr/eng/board/read.do?pageroffset=0&maxpageitems=10&maxindexpages=10&searchkey=&searchvalue=&menuid=31&boardid=8&boardmasterid=21&boardcategoryid	https://www.gir.go.kr/eng/board/read.do?pageroffset=0&maxpageitems=10&maxindexpages=10&searchkey=&searchvalue=&menuid=31&boardid=8&boardmasterid=21&boardcategoryid	NOUN
easat-5628	524	16	https://doi.org/10.1198/jasa.2009.ap08746	https://doi.org/10.1198/jasa.2009.ap08746	PRON
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easat-5628	524	19	https://doi.org/10.1016/j.jue.2014.10.005	https://doi.org/10.1016/j.jue.2014.10.005	PROPN
easat-5628	524	20	https://doi.org/10.1016/j.jhealeco.2015.06.007	https://doi.org/10.1016/j.jhealeco.2015.06.007	PROPN
easat-5628	524	21	1592	1592	NUM
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easat-5628	524	27	issn	issn	PROPN
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easat-5628	524	29	2576	2576	NUM
easat-5628	524	30	-	-	SYM
easat-5628	524	31	8484	8484	NUM
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easat-5628	524	33	.	.	PROPN
easat-5628	525	1	9	9	NUM
easat-5628	525	2	,	,	PUNCT
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easat-5628	525	4	.	.	NOUN
easat-5628	526	1	3	3	NUM
easat-5628	526	2	:	:	PUNCT
easat-5628	526	3	1577	1577	NUM
easat-5628	526	4	-	-	SYM
easat-5628	526	5	1592	1592	NUM
easat-5628	526	6	,	,	PUNCT
easat-5628	526	7	2025	2025	NUM
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easat-5628	526	9	:	:	PUNCT
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easat-5628	527	2	30	30	NUM
easat-5628	527	3	]	]	X
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easat-5628	527	20	"	"	PUNCT
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easat-5628	527	24	connections	connection	NOUN
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easat-5628	527	35	"	"	PUNCT
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easat-5628	527	39	economics	economic	NOUN
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easat-5628	527	42	.	.	PROPN
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easat-5628	527	44	,	,	PUNCT
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easat-5628	531	2	-	-	SYM
easat-5628	531	3	135	135	NUM
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easat-5628	532	5	k.	k.	PROPN
easat-5628	532	6	aono	aono	PROPN
easat-5628	532	7	,	,	PUNCT
easat-5628	532	8	h.	h.	PROPN
easat-5628	532	9	gunji	gunji	PROPN
easat-5628	532	10	,	,	PUNCT
easat-5628	532	11	and	and	CCONJ
easat-5628	532	12	h.	h.	PROPN
easat-5628	532	13	nakata	nakata	PROPN
easat-5628	532	14	,	,	PUNCT
easat-5628	532	15	"	"	PUNCT
easat-5628	532	16	did	do	AUX
easat-5628	532	17	the	the	DET
easat-5628	532	18	bank	bank	PROPN
easat-5628	532	19	of	of	ADP
easat-5628	532	20	japan	japan	PROPN
easat-5628	532	21	’s	’s	PART
easat-5628	532	22	purchases	purchase	NOUN
easat-5628	532	23	of	of	ADP
easat-5628	532	24	exchange	exchange	NOUN
easat-5628	532	25	-	-	PUNCT
easat-5628	532	26	traded	trade	VERB
easat-5628	532	27	funds	fund	NOUN
easat-5628	532	28	affect	affect	VERB
easat-5628	532	29	stock	stock	NOUN
easat-5628	532	30	prices	price	NOUN
easat-5628	532	31	?	?	PUNCT
easat-5628	533	1	a	a	DET
easat-5628	533	2	synthetic	synthetic	ADJ
easat-5628	533	3	control	control	NOUN
easat-5628	533	4	approach	approach	NOUN
easat-5628	533	5	,	,	PUNCT
easat-5628	533	6	"	"	PUNCT
easat-5628	533	7	applied	apply	VERB
easat-5628	533	8	economics	economic	NOUN
easat-5628	533	9	letters	letter	NOUN
easat-5628	533	10	,	,	PUNCT
easat-5628	533	11	vol	vol	NOUN
easat-5628	533	12	.	.	PROPN
easat-5628	533	13	29	29	NUM
easat-5628	533	14	,	,	PUNCT
easat-5628	533	15	no	no	INTJ
easat-5628	533	16	.	.	NOUN
easat-5628	533	17	20	20	NUM
easat-5628	533	18	,	,	PUNCT
easat-5628	533	19	pp	pp	ADJ
easat-5628	533	20	.	.	PUNCT
easat-5628	533	21	1859	1859	NUM
easat-5628	533	22	-	-	SYM
easat-5628	533	23	1863	1863	NUM
easat-5628	533	24	,	,	PUNCT
easat-5628	533	25	2022	2022	NUM
easat-5628	533	26	.	.	PUNCT
easat-5628	533	27	https://doi.org/10.1080/13504851.2021.1963409	https://doi.org/10.1080/13504851.2021.1963409	PUNCT
easat-5628	534	1	[	[	X
easat-5628	534	2	33	33	NUM
easat-5628	534	3	]	]	X
easat-5628	534	4	ministry	ministry	PROPN
easat-5628	534	5	of	of	ADP
easat-5628	534	6	environment	environment	PROPN
easat-5628	534	7	,	,	PUNCT
easat-5628	534	8	"	"	PUNCT
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easat-5628	534	10	emissions	emission	NOUN
easat-5628	534	11	trading	trading	NOUN
easat-5628	534	12	system	system	NOUN
easat-5628	534	13	operated	operate	VERB
easat-5628	534	14	stably	stably	ADV
easat-5628	534	15	without	without	ADP
easat-5628	534	16	a	a	DET
easat-5628	534	17	shortage	shortage	NOUN
easat-5628	534	18	of	of	ADP
easat-5628	534	19	emissions	emission	NOUN
easat-5628	534	20	allowances	allowance	NOUN
easat-5628	534	21	during	during	ADP
easat-5628	534	22	the	the	DET
easat-5628	534	23	phase1	phase1	NOUN
easat-5628	534	24	,	,	PUNCT
easat-5628	534	25	ministry	ministry	PROPN
easat-5628	534	26	of	of	ADP
easat-5628	534	27	environment	environment	PROPN
easat-5628	534	28	press	press	NOUN
easat-5628	534	29	release	release	NOUN
easat-5628	534	30	,	,	PUNCT
easat-5628	534	31	"	"	PUNCT
easat-5628	534	32	retrieved	retrieve	VERB
easat-5628	534	33	:	:	PUNCT
easat-5628	534	34	https://me.go.kr/home/web/board/read.do?pageroffset=0&maxpageitems=10&maxindexpages=10&searchkey=ti	https://me.go.kr/home/web/board/read.do?pageroffset=0&maxpageitems=10&maxindexpages=10&searchkey=ti	ADJ
easat-5628	534	35	tle&searchvalue=%eb%b0%b0%ec%b6%9c%ea%b6%8c%ea%b1%b0%eb%9e%98%ec%a0%9c+1%ea%b8	tle&searchvalue=%eb%b0%b0%ec%b6%9c%ea%b6%8c%ea%b1%b0%eb%9e%98%ec%a0%9c+1%ea%b8	PROPN
easat-5628	534	36	%	%	NOUN
easat-5628	534	37	b0%2c+%eb%b0%b0%ec%b6%9c%ea%b6%8c+%eb%b6%80%ec%a1%b1+%ec%97%86%ec%9d%b4+%ec	b0%2c+%eb%b0%b0%ec%b6%9c%ea%b6%8c+%eb%b6%80%ec%a1%b1+%ec%97%86%ec%9d%b4+%ec	NUM
easat-5628	534	38	%	%	NOUN
easat-5628	534	39	95%88%ec%a0%95%ec%a0%81&menuid=10525&orgcd=&boardid=911320&boardmasterid=1&boardcategor	95%88%ec%a0%95%ec%a0%81&menuid=10525&orgcd=&boardid=911320&boardmasterid=1&boardcategor	NUM
easat-5628	534	40	yid=&decorator	yid=&decorator	NOUN
easat-5628	534	41	,	,	PUNCT
easat-5628	534	42	2018	2018	NUM
easat-5628	534	43	.	.	PUNCT
easat-5628	535	1	[	[	X
easat-5628	535	2	34	34	NUM
easat-5628	535	3	]	]	X
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easat-5628	535	7	d.	d.	PROPN
easat-5628	535	8	yeon	yeon	PROPN
easat-5628	535	9	,	,	PUNCT
easat-5628	535	10	"	"	PUNCT
easat-5628	535	11	project	project	VERB
easat-5628	535	12	1.5	1.5	NUM
easat-5628	535	13	°	°	NOUN
easat-5628	535	14	c	c	NOUN
easat-5628	535	15	:	:	PUNCT
easat-5628	535	16	the	the	DET
easat-5628	535	17	broken	broken	ADJ
easat-5628	535	18	emissions	emission	NOUN
easat-5628	535	19	trading	trading	NOUN
easat-5628	535	20	system	system	NOUN
easat-5628	535	21	...	...	PUNCT
easat-5628	535	22	profit	profit	NOUN
easat-5628	535	23	from	from	ADP
easat-5628	535	24	greenhouse	greenhouse	NOUN
easat-5628	535	25	gases	gas	NOUN
easat-5628	535	26	emissions	emission	NOUN
easat-5628	535	27	,	,	PUNCT
easat-5628	535	28	”	"	PUNCT
easat-5628	535	29	newstapa	newstapa	PROPN
easat-5628	535	30	news	news	NOUN
easat-5628	535	31	article	article	NOUN
easat-5628	535	32	,	,	PUNCT
easat-5628	535	33	"	"	PUNCT
easat-5628	535	34	retrieved	retrieve	VERB
easat-5628	535	35	:	:	PUNCT
easat-5628	535	36	https://newstapa.org/article/erqbr	https://newstapa.org/article/erqbr	ADJ
easat-5628	535	37	,	,	PUNCT
easat-5628	535	38	2021	2021	NUM
easat-5628	535	39	.	.	PUNCT
easat-5628	536	1	[	[	X
easat-5628	536	2	35	35	NUM
easat-5628	536	3	]	]	X
easat-5628	536	4	d.	d.	PROPN
easat-5628	536	5	kang	kang	PROPN
easat-5628	536	6	and	and	CCONJ
easat-5628	536	7	s.	s.	PROPN
easat-5628	536	8	min	min	PROPN
easat-5628	536	9	,	,	PUNCT
easat-5628	536	10	"	"	PUNCT
easat-5628	536	11	the	the	DET
easat-5628	536	12	impact	impact	NOUN
easat-5628	536	13	of	of	ADP
easat-5628	536	14	pandemic	pandemic	ADJ
easat-5628	536	15	infectious	infectious	ADJ
easat-5628	536	16	diseases	disease	NOUN
easat-5628	536	17	on	on	ADP
easat-5628	536	18	the	the	DET
easat-5628	536	19	korean	korean	ADJ
easat-5628	536	20	economy	economy	NOUN
easat-5628	536	21	,	,	PUNCT
easat-5628	536	22	”	"	PUNCT
easat-5628	536	23	korea	korea	PROPN
easat-5628	536	24	institute	institute	PROPN
easat-5628	536	25	for	for	ADP
easat-5628	536	26	industrial	industrial	ADJ
easat-5628	536	27	economics	economic	NOUN
easat-5628	536	28	and	and	CCONJ
easat-5628	536	29	trade	trade	PROPN
easat-5628	536	30	(	(	PUNCT
easat-5628	536	31	kiet	kiet	PROPN
easat-5628	536	32	)	)	PUNCT
easat-5628	536	33	,	,	PUNCT
easat-5628	536	34	"	"	PUNCT
easat-5628	536	35	industrial	industrial	ADJ
easat-5628	536	36	economy	economy	NOUN
easat-5628	536	37	,	,	PUNCT
easat-5628	536	38	2020	2020	NUM
easat-5628	536	39	.	.	PUNCT
easat-5628	537	1	[	[	X
easat-5628	537	2	36	36	NUM
easat-5628	537	3	]	]	X
easat-5628	537	4	h.	h.	PROPN
easat-5628	537	5	jeong	jeong	PROPN
easat-5628	537	6	and	and	CCONJ
easat-5628	537	7	s.	s.	PROPN
easat-5628	537	8	kim	kim	PROPN
easat-5628	537	9	,	,	PUNCT
easat-5628	537	10	"	"	PUNCT
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easat-5628	537	12	analysis	analysis	NOUN
easat-5628	537	13	of	of	ADP
easat-5628	537	14	donghak	donghak	NOUN
easat-5628	537	15	ants	ant	NOUN
easat-5628	537	16	movement	movement	NOUN
easat-5628	537	17	,	,	PUNCT
easat-5628	537	18	"	"	PUNCT
easat-5628	537	19	journal	journal	NOUN
easat-5628	537	20	of	of	ADP
easat-5628	537	21	insurance	insurance	NOUN
easat-5628	537	22	and	and	CCONJ
easat-5628	537	23	finance	finance	NOUN
easat-5628	537	24	,	,	PUNCT
easat-5628	537	25	vol	vol	NOUN
easat-5628	537	26	.	.	PROPN
easat-5628	537	27	32	32	NUM
easat-5628	537	28	,	,	PUNCT
easat-5628	537	29	no	no	INTJ
easat-5628	537	30	.	.	NOUN
easat-5628	537	31	3	3	NUM
easat-5628	537	32	,	,	PUNCT
easat-5628	537	33	pp	pp	ADJ
easat-5628	537	34	.	.	PUNCT
easat-5628	538	1	37	37	NUM
easat-5628	538	2	-	-	SYM
easat-5628	538	3	63	63	NUM
easat-5628	538	4	,	,	PUNCT
easat-5628	538	5	2021	2021	NUM
easat-5628	538	6	.	.	PUNCT
easat-5628	539	1	https://doi.org/10.23842/jif.2021.32.3.002	https://doi.org/10.23842/jif.2021.32.3.002	PROPN
easat-5628	539	2	[	[	X
easat-5628	539	3	37	37	NUM
easat-5628	539	4	]	]	X
easat-5628	539	5	korea	korea	PROPN
easat-5628	539	6	chamber	chamber	PROPN
easat-5628	539	7	of	of	ADP
easat-5628	539	8	commerce	commerce	PROPN
easat-5628	539	9	and	and	CCONJ
easat-5628	539	10	industry	industry	NOUN
easat-5628	539	11	(	(	PUNCT
easat-5628	539	12	kcci	kcci	NOUN
easat-5628	539	13	)	)	PUNCT
easat-5628	539	14	,	,	PUNCT
easat-5628	539	15	"	"	PUNCT
easat-5628	539	16	investigation	investigation	NOUN
easat-5628	539	17	of	of	ADP
easat-5628	539	18	the	the	DET
easat-5628	539	19	state	state	NOUN
easat-5628	539	20	of	of	ADP
easat-5628	539	21	the	the	DET
easat-5628	539	22	greenhouse	greenhouse	NOUN
easat-5628	539	23	gas	gas	NOUN
easat-5628	539	24	-	-	PUNCT
easat-5628	539	25	emitting	emit	VERB
easat-5628	539	26	companies	company	NOUN
easat-5628	539	27	for	for	ADP
easat-5628	539	28	addressing	address	VERB
easat-5628	539	29	carbon	carbon	NOUN
easat-5628	539	30	neutrality	neutrality	NOUN
easat-5628	539	31	,	,	PUNCT
easat-5628	539	32	press	press	NOUN
easat-5628	539	33	release	release	NOUN
easat-5628	539	34	,	,	PUNCT
easat-5628	539	35	"	"	PUNCT
easat-5628	539	36	2024	2024	NUM
easat-5628	539	37	.	.	PUNCT
easat-5628	540	1	[	[	X
easat-5628	540	2	38	38	NUM
easat-5628	540	3	]	]	PUNCT
easat-5628	540	4	h.	h.	PROPN
easat-5628	540	5	chang	chang	PROPN
easat-5628	540	6	,	,	PUNCT
easat-5628	540	7	"	"	PUNCT
easat-5628	540	8	the	the	DET
easat-5628	540	9	current	current	ADJ
easat-5628	540	10	status	status	NOUN
easat-5628	540	11	and	and	CCONJ
easat-5628	540	12	challenges	challenge	NOUN
easat-5628	540	13	of	of	ADP
easat-5628	540	14	re100	re100	PROPN
easat-5628	540	15	response	response	NOUN
easat-5628	540	16	in	in	ADP
easat-5628	540	17	manufacturing	manufacture	VERB
easat-5628	540	18	export	export	NOUN
easat-5628	540	19	companies	company	NOUN
easat-5628	540	20	,	,	PUNCT
easat-5628	540	21	korea	korea	PROPN
easat-5628	540	22	international	international	PROPN
easat-5628	540	23	trade	trade	PROPN
easat-5628	540	24	association	association	PROPN
easat-5628	540	25	(	(	PUNCT
easat-5628	540	26	kita	kita	PROPN
easat-5628	540	27	)	)	PUNCT
easat-5628	540	28	,	,	PUNCT
easat-5628	540	29	"	"	PUNCT
easat-5628	540	30	trade	trade	NOUN
easat-5628	540	31	focus	focus	NOUN
easat-5628	540	32	,	,	PUNCT
easat-5628	540	33	2024	2024	NUM
easat-5628	540	34	.	.	PUNCT
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easat-5628	541	3	https://doi.org/10.1080/13504851.2021.1963409	https://doi.org/10.1080/13504851.2021.1963409	NOUN
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easat-5628	541	5	https://me.go.kr/home/web/board/read.do?pageroffset=0&maxpageitems=10&maxindexpages=10&searchkey=title&searchvalue=%eb%b0%b0%ec%b6%9c%ea%b6%8c%ea%b1%b0%eb%9e%98%ec%a0%9c+1%ea%b8%b0%2c+%eb%b0%b0%ec%b6%9c%ea%b6%8c+%eb%b6%80%ec%a1%b1+%ec%97%86%ec%9d%b4+%ec%95%88%ec%a0%95%ec%a0%81&menuid=10525&orgcd=&boardid=911320&boardmasterid=1&boardcategoryid=&decorator	https://me.go.kr/home/web/board/read.do?pageroffset=0&maxpageitems=10&maxindexpages=10&searchkey=title&searchvalue=%eb%b0%b0%ec%b6%9c%ea%b6%8c%ea%b1%b0%eb%9e%98%ec%a0%9c+1%ea%b8%b0%2c+%eb%b0%b0%ec%b6%9c%ea%b6%8c+%eb%b6%80%ec%a1%b1+%ec%97%86%ec%9d%b4+%ec%95%88%ec%a0%95%ec%a0%81&menuid=10525&orgcd=&boardid=911320&boardmasterid=1&boardcategoryid=&decorator	PROPN
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easat-5628	541	7	https://me.go.kr/home/web/board/read.do?pageroffset=0&maxpageitems=10&maxindexpages=10&searchkey=title&searchvalue=%eb%b0%b0%ec%b6%9c%ea%b6%8c%ea%b1%b0%eb%9e%98%ec%a0%9c+1%ea%b8%b0%2c+%eb%b0%b0%ec%b6%9c%ea%b6%8c+%eb%b6%80%ec%a1%b1+%ec%97%86%ec%9d%b4+%ec%95%88%ec%a0%95%ec%a0%81&menuid=10525&orgcd=&boardid=911320&boardmasterid=1&boardcategoryid=&decorator	https://me.go.kr/home/web/board/read.do?pageroffset=0&maxpageitems=10&maxindexpages=10&searchkey=title&searchvalue=%eb%b0%b0%ec%b6%9c%ea%b6%8c%ea%b1%b0%eb%9e%98%ec%a0%9c+1%ea%b8%b0%2c+%eb%b0%b0%ec%b6%9c%ea%b6%8c+%eb%b6%80%ec%a1%b1+%ec%97%86%ec%9d%b4+%ec%95%88%ec%a0%95%ec%a0%81&menuid=10525&orgcd=&boardid=911320&boardmasterid=1&boardcategoryid=&decorator	PROPN
easat-5628	541	8	https://me.go.kr/home/web/board/read.do?pageroffset=0&maxpageitems=10&maxindexpages=10&searchkey=title&searchvalue=%eb%b0%b0%ec%b6%9c%ea%b6%8c%ea%b1%b0%eb%9e%98%ec%a0%9c+1%ea%b8%b0%2c+%eb%b0%b0%ec%b6%9c%ea%b6%8c+%eb%b6%80%ec%a1%b1+%ec%97%86%ec%9d%b4+%ec%95%88%ec%a0%95%ec%a0%81&menuid=10525&orgcd=&boardid=911320&boardmasterid=1&boardcategoryid=&decorator	https://me.go.kr/home/web/board/read.do?pageroffset=0&maxpageitems=10&maxindexpages=10&searchkey=title&searchvalue=%eb%b0%b0%ec%b6%9c%ea%b6%8c%ea%b1%b0%eb%9e%98%ec%a0%9c+1%ea%b8%b0%2c+%eb%b0%b0%ec%b6%9c%ea%b6%8c+%eb%b6%80%ec%a1%b1+%ec%97%86%ec%9d%b4+%ec%95%88%ec%a0%95%ec%a0%81&menuid=10525&orgcd=&boardid=911320&boardmasterid=1&boardcategoryid=&decorator	PROPN
easat-5628	541	9	https://newstapa.org/article/erqbr	https://newstapa.org/article/erqbr	VERB
easat-5628	541	10	https://doi.org/10.23842/jif.2021.32.3.002	https://doi.org/10.23842/jif.2021.32.3.002	PROPN