id	sid	tid	token	lemma	pos
easat-9257	1	1	edelweiss	edelweiss	PROPN
easat-9257	1	2	applied	apply	VERB
easat-9257	1	3	science	science	NOUN
easat-9257	1	4	and	and	CCONJ
easat-9257	1	5	technology	technology	NOUN
easat-9257	1	6	issn	issn	PROPN
easat-9257	1	7	:	:	PUNCT
easat-9257	1	8	2576	2576	NUM
easat-9257	1	9	-	-	SYM
easat-9257	1	10	8484	8484	NUM
easat-9257	1	11	vol	vol	NOUN
easat-9257	1	12	.	.	PROPN
easat-9257	2	1	9	9	NUM
easat-9257	2	2	,	,	PUNCT
easat-9257	2	3	no	no	INTJ
easat-9257	2	4	.	.	NOUN
easat-9257	2	5	8	8	NUM
easat-9257	2	6	,	,	PUNCT
easat-9257	2	7	231	231	NUM
easat-9257	2	8	-	-	SYM
easat-9257	2	9	253	253	NUM
easat-9257	2	10	2025	2025	NUM
easat-9257	2	11	publisher	publisher	NOUN
easat-9257	2	12	:	:	PUNCT
easat-9257	2	13	learning	learn	VERB
easat-9257	2	14	gate	gate	NOUN
easat-9257	2	15	doi	doi	PROPN
easat-9257	2	16	:	:	PUNCT
easat-9257	2	17	10.55214/2576	10.55214/2576	NUM
easat-9257	2	18	-	-	SYM
easat-9257	2	19	8484.v9i8.9257	8484.v9i8.9257	NUM
easat-9257	2	20	©	©	PROPN
easat-9257	2	21	2025	2025	NUM
easat-9257	2	22	by	by	ADP
easat-9257	2	23	the	the	DET
easat-9257	2	24	author	author	NOUN
easat-9257	2	25	;	;	PUNCT
easat-9257	2	26	licensee	licensee	PROPN
easat-9257	2	27	learning	learning	NOUN
easat-9257	2	28	gate	gate	NOUN
easat-9257	3	1	©	©	PROPN
easat-9257	3	2	2025	2025	NUM
easat-9257	3	3	by	by	ADP
easat-9257	3	4	the	the	DET
easat-9257	3	5	author	author	NOUN
easat-9257	3	6	;	;	PUNCT
easat-9257	3	7	licensee	licensee	PROPN
easat-9257	3	8	learning	learning	NOUN
easat-9257	3	9	gate	gate	NOUN
easat-9257	3	10	history	history	NOUN
easat-9257	3	11	:	:	PUNCT
easat-9257	3	12	received	receive	VERB
easat-9257	3	13	:	:	PUNCT
easat-9257	3	14	16	16	NUM
easat-9257	3	15	may	may	PROPN
easat-9257	3	16	2025	2025	NUM
easat-9257	3	17	;	;	PUNCT
easat-9257	3	18	revised	revise	VERB
easat-9257	3	19	:	:	PUNCT
easat-9257	3	20	14	14	NUM
easat-9257	3	21	june	june	PROPN
easat-9257	3	22	2025	2025	NUM
easat-9257	3	23	;	;	PUNCT
easat-9257	3	24	accepted	accept	VERB
easat-9257	3	25	:	:	PUNCT
easat-9257	3	26	18	18	NUM
easat-9257	3	27	june	june	PROPN
easat-9257	3	28	2025	2025	NUM
easat-9257	3	29	;	;	PUNCT
easat-9257	3	30	published	publish	VERB
easat-9257	3	31	:	:	PUNCT
easat-9257	3	32	4	4	NUM
easat-9257	3	33	august	august	PROPN
easat-9257	3	34	2025	2025	NUM
easat-9257	3	35	*	*	PUNCT
easat-9257	3	36	correspondence	correspondence	NOUN
easat-9257	3	37	:	:	PUNCT
easat-9257	3	38	hsiang@mail.ntpu.edu.tw	hsiang@mail.ntpu.edu.tw	NOUN
easat-9257	3	39	interactions	interaction	NOUN
easat-9257	3	40	between	between	ADP
easat-9257	3	41	main	main	ADJ
easat-9257	3	42	central	central	ADJ
easat-9257	3	43	american	american	NOUN
easat-9257	3	44	and	and	CCONJ
easat-9257	3	45	the	the	DET
easat-9257	3	46	u.s	u.s	PROPN
easat-9257	3	47	.	.	PROPN
easat-9257	3	48	stock	stock	NOUN
easat-9257	3	49	markets	market	NOUN
easat-9257	3	50	with	with	ADP
easat-9257	3	51	financial	financial	ADJ
easat-9257	3	52	contagion	contagion	NOUN
easat-9257	3	53	:	:	PUNCT
easat-9257	3	54	an	an	DET
easat-9257	3	55	application	application	NOUN
easat-9257	3	56	of	of	ADP
easat-9257	3	57	the	the	DET
easat-9257	3	58	fiec	fiec	NOUN
easat-9257	3	59	-	-	PUNCT
easat-9257	3	60	fiapgarch	fiapgarch	NOUN
easat-9257	3	61	-	-	PUNCT
easat-9257	3	62	dcc	dcc	NOUN
easat-9257	3	63	model	model	NOUN
easat-9257	3	64	hsiang	hsiang	PROPN
easat-9257	3	65	-	-	PUNCT
easat-9257	3	66	hsi	hsi	PROPN
easat-9257	3	67	liu1	liu1	PROPN
easat-9257	3	68	*	*	PROPN
easat-9257	3	69	1graduate	1graduate	PROPN
easat-9257	3	70	institute	institute	PROPN
easat-9257	3	71	of	of	ADP
easat-9257	3	72	international	international	PROPN
easat-9257	3	73	business	business	NOUN
easat-9257	3	74	,	,	PUNCT
easat-9257	3	75	national	national	PROPN
easat-9257	3	76	taipei	taipei	PROPN
easat-9257	3	77	university	university	PROPN
easat-9257	3	78	,	,	PUNCT
easat-9257	3	79	new	new	ADJ
easat-9257	3	80	taipei	taipei	PROPN
easat-9257	3	81	city	city	PROPN
easat-9257	3	82	237	237	NUM
easat-9257	3	83	,	,	PUNCT
easat-9257	3	84	taiwan	taiwan	PROPN
easat-9257	3	85	;	;	PUNCT
easat-9257	3	86	hsiang@mail.ntpu.edu.tw	hsiang@mail.ntpu.edu.tw	PROPN
easat-9257	3	87	(	(	PUNCT
easat-9257	3	88	h.	h.	PROPN
easat-9257	3	89	h.	h.	PROPN
easat-9257	3	90	l.	l.	PROPN
easat-9257	3	91	)	)	PUNCT
easat-9257	3	92	.	.	PUNCT
easat-9257	4	1	abstract	abstract	ADV
easat-9257	4	2	:	:	PUNCT
easat-9257	4	3	given	give	VERB
easat-9257	4	4	the	the	DET
easat-9257	4	5	limited	limited	ADJ
easat-9257	4	6	empirical	empirical	ADJ
easat-9257	4	7	evidence	evidence	NOUN
easat-9257	4	8	on	on	ADP
easat-9257	4	9	the	the	DET
easat-9257	4	10	relationship	relationship	NOUN
easat-9257	4	11	between	between	ADP
easat-9257	4	12	the	the	DET
easat-9257	4	13	main	main	ADJ
easat-9257	4	14	central	central	ADJ
easat-9257	4	15	american	american	ADJ
easat-9257	4	16	stock	stock	NOUN
easat-9257	4	17	markets	market	NOUN
easat-9257	4	18	(	(	PUNCT
easat-9257	4	19	costa	costa	PROPN
easat-9257	4	20	rica	rica	PROPN
easat-9257	4	21	and	and	CCONJ
easat-9257	4	22	panama	panama	PROPN
easat-9257	4	23	)	)	PUNCT
easat-9257	4	24	and	and	CCONJ
easat-9257	4	25	the	the	DET
easat-9257	4	26	u.s	u.s	PROPN
easat-9257	4	27	.	.	PROPN
easat-9257	4	28	stock	stock	NOUN
easat-9257	4	29	market	market	NOUN
easat-9257	4	30	,	,	PUNCT
easat-9257	4	31	this	this	DET
easat-9257	4	32	study	study	NOUN
easat-9257	4	33	aims	aim	VERB
easat-9257	4	34	to	to	PART
easat-9257	4	35	empirically	empirically	ADV
easat-9257	4	36	examine	examine	VERB
easat-9257	4	37	volatility	volatility	NOUN
easat-9257	4	38	spillovers	spillover	NOUN
easat-9257	4	39	,	,	PUNCT
easat-9257	4	40	long	long	ADJ
easat-9257	4	41	memory	memory	NOUN
easat-9257	4	42	characteristics	characteristic	NOUN
easat-9257	4	43	,	,	PUNCT
easat-9257	4	44	asymmetries	asymmetry	NOUN
easat-9257	4	45	,	,	PUNCT
easat-9257	4	46	and	and	CCONJ
easat-9257	4	47	dynamic	dynamic	ADJ
easat-9257	4	48	conditional	conditional	ADJ
easat-9257	4	49	correlation	correlation	NOUN
easat-9257	4	50	(	(	PUNCT
easat-9257	4	51	dcc	dcc	PROPN
easat-9257	4	52	)	)	PUNCT
easat-9257	4	53	effects	effect	NOUN
easat-9257	4	54	among	among	ADP
easat-9257	4	55	these	these	DET
easat-9257	4	56	markets	market	NOUN
easat-9257	4	57	.	.	PUNCT
easat-9257	5	1	in	in	ADP
easat-9257	5	2	addition	addition	NOUN
easat-9257	5	3	,	,	PUNCT
easat-9257	5	4	we	we	PRON
easat-9257	5	5	investigate	investigate	VERB
easat-9257	5	6	the	the	DET
easat-9257	5	7	contagion	contagion	NOUN
easat-9257	5	8	effects	effect	NOUN
easat-9257	5	9	of	of	ADP
easat-9257	5	10	major	major	ADJ
easat-9257	5	11	financial	financial	ADJ
easat-9257	5	12	events	event	NOUN
easat-9257	5	13	across	across	ADP
easat-9257	5	14	the	the	DET
easat-9257	5	15	three	three	NUM
easat-9257	5	16	stock	stock	NOUN
easat-9257	5	17	markets	market	NOUN
easat-9257	5	18	using	use	VERB
easat-9257	5	19	a	a	DET
easat-9257	5	20	multivariate	multivariate	NOUN
easat-9257	5	21	fractionally	fractionally	ADV
easat-9257	5	22	integrated	integrate	VERB
easat-9257	5	23	error	error	NOUN
easat-9257	5	24	correction	correction	NOUN
easat-9257	5	25	(	(	PUNCT
easat-9257	5	26	fiec	fiec	NOUN
easat-9257	5	27	)	)	PUNCT
easat-9257	5	28	model	model	NOUN
easat-9257	5	29	and	and	CCONJ
easat-9257	5	30	a	a	DET
easat-9257	5	31	fractionally	fractionally	ADV
easat-9257	5	32	integrated	integrate	VERB
easat-9257	5	33	asymmetric	asymmetric	ADJ
easat-9257	5	34	power	power	NOUN
easat-9257	5	35	garch	garch	NOUN
easat-9257	5	36	(	(	PUNCT
easat-9257	5	37	fiapgarch	fiapgarch	NOUN
easat-9257	5	38	)	)	PUNCT
easat-9257	5	39	model	model	NOUN
easat-9257	5	40	within	within	ADP
easat-9257	5	41	dcc	dcc	PROPN
easat-9257	5	42	framework	framework	NOUN
easat-9257	5	43	.	.	PUNCT
easat-9257	6	1	structural	structural	ADJ
easat-9257	6	2	breaks	break	NOUN
easat-9257	6	3	associated	associate	VERB
easat-9257	6	4	with	with	ADP
easat-9257	6	5	the	the	DET
easat-9257	6	6	subprime	subprime	ADJ
easat-9257	6	7	mortgage	mortgage	NOUN
easat-9257	6	8	and	and	CCONJ
easat-9257	6	9	global	global	ADJ
easat-9257	6	10	financial	financial	ADJ
easat-9257	6	11	crisis	crisis	NOUN
easat-9257	6	12	(	(	PUNCT
easat-9257	6	13	gfc	gfc	NOUN
easat-9257	6	14	)	)	PUNCT
easat-9257	6	15	,	,	PUNCT
easat-9257	6	16	as	as	ADV
easat-9257	6	17	well	well	ADV
easat-9257	6	18	as	as	ADP
easat-9257	6	19	european	european	ADJ
easat-9257	6	20	debt	debt	NOUN
easat-9257	6	21	crisis	crisis	NOUN
easat-9257	6	22	(	(	PUNCT
easat-9257	6	23	edc	edc	PROPN
easat-9257	6	24	)	)	PUNCT
easat-9257	6	25	,	,	PUNCT
easat-9257	6	26	are	be	AUX
easat-9257	6	27	explicitly	explicitly	ADV
easat-9257	6	28	incorporated	incorporate	VERB
easat-9257	6	29	into	into	ADP
easat-9257	6	30	the	the	DET
easat-9257	6	31	analysis	analysis	NOUN
easat-9257	6	32	.	.	PUNCT
easat-9257	7	1	our	our	PRON
easat-9257	7	2	findings	finding	NOUN
easat-9257	7	3	reveal	reveal	VERB
easat-9257	7	4	significant	significant	ADJ
easat-9257	7	5	cross	cross	ADJ
easat-9257	7	6	-	-	ADJ
easat-9257	7	7	market	market	ADJ
easat-9257	7	8	effects	effect	NOUN
easat-9257	7	9	,	,	PUNCT
easat-9257	7	10	evidence	evidence	NOUN
easat-9257	7	11	of	of	ADP
easat-9257	7	12	long	long	ADJ
easat-9257	7	13	-	-	PUNCT
easat-9257	7	14	term	term	NOUN
easat-9257	7	15	volatility	volatility	NOUN
easat-9257	7	16	dependence	dependence	NOUN
easat-9257	7	17	,	,	PUNCT
easat-9257	7	18	and	and	CCONJ
easat-9257	7	19	asymmetric	asymmetric	ADJ
easat-9257	7	20	volatility	volatility	NOUN
easat-9257	7	21	responses	response	NOUN
easat-9257	7	22	to	to	ADP
easat-9257	7	23	positive	positive	ADJ
easat-9257	7	24	and	and	CCONJ
easat-9257	7	25	negative	negative	ADJ
easat-9257	7	26	shocks	shock	NOUN
easat-9257	7	27	.	.	PUNCT
easat-9257	8	1	moreover	moreover	ADV
easat-9257	8	2	,	,	PUNCT
easat-9257	8	3	estimating	estimate	VERB
easat-9257	8	4	the	the	DET
easat-9257	8	5	power	power	NOUN
easat-9257	8	6	term	term	NOUN
easat-9257	8	7	parameters	parameter	NOUN
easat-9257	8	8	allows	allow	VERB
easat-9257	8	9	for	for	ADP
easat-9257	8	10	a	a	DET
easat-9257	8	11	nuanced	nuanced	ADJ
easat-9257	8	12	understanding	understanding	NOUN
easat-9257	8	13	of	of	ADP
easat-9257	8	14	variance	variance	NOUN
easat-9257	8	15	heterogeneity	heterogeneity	NOUN
easat-9257	8	16	across	across	ADP
easat-9257	8	17	markets	market	NOUN
easat-9257	8	18	.	.	PUNCT
easat-9257	9	1	the	the	DET
easat-9257	9	2	observed	observe	VERB
easat-9257	9	3	market	market	NOUN
easat-9257	9	4	interactions	interaction	NOUN
easat-9257	9	5	stem	stem	VERB
easat-9257	9	6	not	not	PART
easat-9257	9	7	only	only	ADV
easat-9257	9	8	from	from	ADP
easat-9257	9	9	fundamental	fundamental	ADJ
easat-9257	9	10	co	co	NOUN
easat-9257	9	11	-	-	NOUN
easat-9257	9	12	movement	movement	NOUN
easat-9257	9	13	but	but	CCONJ
easat-9257	9	14	also	also	ADV
easat-9257	9	15	from	from	ADP
easat-9257	9	16	contagion	contagion	NOUN
easat-9257	9	17	effects	effect	NOUN
easat-9257	9	18	triggered	trigger	VERB
easat-9257	9	19	by	by	ADP
easat-9257	9	20	systemic	systemic	ADJ
easat-9257	9	21	events	event	NOUN
easat-9257	9	22	such	such	ADJ
easat-9257	9	23	as	as	ADP
easat-9257	9	24	the	the	DET
easat-9257	9	25	gfc	gfc	NOUN
easat-9257	9	26	and	and	CCONJ
easat-9257	9	27	edc	edc	PROPN
easat-9257	9	28	.	.	PUNCT
easat-9257	10	1	these	these	DET
easat-9257	10	2	insights	insight	NOUN
easat-9257	10	3	provide	provide	VERB
easat-9257	10	4	valuable	valuable	ADJ
easat-9257	10	5	implications	implication	NOUN
easat-9257	10	6	for	for	ADP
easat-9257	10	7	financial	financial	ADJ
easat-9257	10	8	risk	risk	NOUN
easat-9257	10	9	managers	manager	NOUN
easat-9257	10	10	,	,	PUNCT
easat-9257	10	11	regulators	regulator	NOUN
easat-9257	10	12	and	and	CCONJ
easat-9257	10	13	international	international	ADJ
easat-9257	10	14	investors	investor	NOUN
easat-9257	10	15	,	,	PUNCT
easat-9257	10	16	offering	offer	VERB
easat-9257	10	17	guidance	guidance	NOUN
easat-9257	10	18	for	for	ADP
easat-9257	10	19	portfolio	portfolio	NOUN
easat-9257	10	20	diversification	diversification	NOUN
easat-9257	10	21	,	,	PUNCT
easat-9257	10	22	risk	risk	NOUN
easat-9257	10	23	assessment	assessment	NOUN
easat-9257	10	24	,	,	PUNCT
easat-9257	10	25	and	and	CCONJ
easat-9257	10	26	strategic	strategic	ADJ
easat-9257	10	27	asset	asset	NOUN
easat-9257	10	28	allocation	allocation	NOUN
easat-9257	10	29	decisions	decision	NOUN
easat-9257	10	30	in	in	ADP
easat-9257	10	31	an	an	DET
easat-9257	10	32	increasingly	increasingly	ADV
easat-9257	10	33	interconnected	interconnect	VERB
easat-9257	10	34	global	global	ADJ
easat-9257	10	35	market	market	NOUN
easat-9257	10	36	environment	environment	NOUN
easat-9257	10	37	.	.	PUNCT
easat-9257	11	1	keywords	keyword	NOUN
easat-9257	11	2	:	:	PUNCT
easat-9257	11	3	asymmetric	asymmetric	ADJ
easat-9257	11	4	volatility	volatility	NOUN
easat-9257	11	5	,	,	PUNCT
easat-9257	11	6	contagion	contagion	NOUN
easat-9257	11	7	effects	effect	NOUN
easat-9257	11	8	,	,	PUNCT
easat-9257	11	9	fiecfiapgarch	fiecfiapgarch	NOUN
easat-9257	11	10	-	-	PUNCT
easat-9257	11	11	dcc	dcc	PROPN
easat-9257	11	12	model	model	NOUN
easat-9257	11	13	,	,	PUNCT
easat-9257	11	14	long	long	ADJ
easat-9257	11	15	memory	memory	NOUN
easat-9257	11	16	,	,	PUNCT
easat-9257	11	17	volatility	volatility	NOUN
easat-9257	11	18	spillovers	spillover	NOUN
easat-9257	11	19	.	.	PUNCT
easat-9257	12	1	1	1	X
easat-9257	12	2	.	.	X
easat-9257	12	3	introduction	introduction	NOUN
easat-9257	12	4	this	this	DET
easat-9257	12	5	study	study	NOUN
easat-9257	12	6	attempts	attempt	VERB
easat-9257	12	7	to	to	PART
easat-9257	12	8	investigate	investigate	VERB
easat-9257	12	9	the	the	DET
easat-9257	12	10	interrelationship	interrelationship	NOUN
easat-9257	12	11	among	among	ADP
easat-9257	12	12	costa	costa	PROPN
easat-9257	12	13	rica	rica	PROPN
easat-9257	12	14	and	and	CCONJ
easat-9257	12	15	panama	panama	PROPN
easat-9257	12	16	stock	stock	NOUN
easat-9257	12	17	markets	market	NOUN
easat-9257	12	18	in	in	ADP
easat-9257	12	19	central	central	PROPN
easat-9257	12	20	america	america	PROPN
easat-9257	12	21	with	with	ADP
easat-9257	12	22	the	the	DET
easat-9257	12	23	us	us	PROPN
easat-9257	12	24	stock	stock	NOUN
easat-9257	12	25	market	market	NOUN
easat-9257	12	26	and	and	CCONJ
easat-9257	12	27	contagion	contagion	NOUN
easat-9257	12	28	effects	effect	NOUN
easat-9257	12	29	of	of	ADP
easat-9257	12	30	the	the	DET
easat-9257	12	31	global	global	ADJ
easat-9257	12	32	financial	financial	ADJ
easat-9257	12	33	crises	crisis	NOUN
easat-9257	12	34	via	via	ADP
easat-9257	12	35	a	a	DET
easat-9257	12	36	multivariate	multivariate	NOUN
easat-9257	12	37	fiec	fiec	NOUN
easat-9257	12	38	-	-	PUNCT
easat-9257	12	39	fiapgarch	fiapgarch	NOUN
easat-9257	12	40	-	-	PUNCT
easat-9257	12	41	dcc	dcc	NOUN
easat-9257	12	42	models	model	NOUN
easat-9257	12	43	.	.	PUNCT
easat-9257	13	1	these	these	DET
easat-9257	13	2	empirical	empirical	ADJ
easat-9257	13	3	models	model	NOUN
easat-9257	13	4	not	not	PART
easat-9257	13	5	only	only	ADV
easat-9257	13	6	measure	measure	NOUN
easat-9257	13	7	returns	return	NOUN
easat-9257	13	8	and	and	CCONJ
easat-9257	13	9	return	return	VERB
easat-9257	13	10	volatility	volatility	NOUN
easat-9257	13	11	spillover	spillover	NOUN
easat-9257	13	12	,	,	PUNCT
easat-9257	13	13	long	long	ADJ
easat-9257	13	14	memory	memory	NOUN
easat-9257	13	15	and	and	CCONJ
easat-9257	13	16	asymmetric	asymmetric	ADJ
easat-9257	13	17	effects	effect	NOUN
easat-9257	13	18	among	among	ADP
easat-9257	13	19	these	these	DET
easat-9257	13	20	three	three	NUM
easat-9257	13	21	stock	stock	NOUN
easat-9257	13	22	markets	market	NOUN
easat-9257	13	23	but	but	CCONJ
easat-9257	13	24	also	also	ADV
easat-9257	13	25	distinguish	distinguish	VERB
easat-9257	13	26	the	the	DET
easat-9257	13	27	contagion	contagion	NOUN
easat-9257	13	28	effect(direct	effect(direct	PROPN
easat-9257	13	29	crisis	crisis	NOUN
easat-9257	13	30	impact	impact	NOUN
easat-9257	13	31	)	)	PUNCT
easat-9257	13	32	from	from	AUX
easat-9257	13	33	spillover	spillover	VERB
easat-9257	13	34	effect(general	effect(general	ADJ
easat-9257	13	35	market	market	NOUN
easat-9257	13	36	influence	influence	NOUN
easat-9257	13	37	)	)	PUNCT
easat-9257	13	38	.	.	PUNCT
easat-9257	14	1	over	over	ADP
easat-9257	14	2	the	the	DET
easat-9257	14	3	past	past	ADJ
easat-9257	14	4	two	two	NUM
easat-9257	14	5	decades	decade	NOUN
easat-9257	14	6	,	,	PUNCT
easat-9257	14	7	financial	financial	ADJ
easat-9257	14	8	liberalization	liberalization	NOUN
easat-9257	14	9	and	and	CCONJ
easat-9257	14	10	global	global	ADJ
easat-9257	14	11	market	market	NOUN
easat-9257	14	12	integration	integration	NOUN
easat-9257	14	13	have	have	AUX
easat-9257	14	14	heightened	heighten	VERB
easat-9257	14	15	interest	interest	NOUN
easat-9257	14	16	in	in	ADP
easat-9257	14	17	cross	cross	ADJ
easat-9257	14	18	-	-	ADJ
easat-9257	14	19	border	border	ADJ
easat-9257	14	20	capital	capital	NOUN
easat-9257	14	21	flows	flow	NOUN
easat-9257	14	22	and	and	CCONJ
easat-9257	14	23	diversification	diversification	NOUN
easat-9257	14	24	.	.	PUNCT
easat-9257	15	1	this	this	DET
easat-9257	15	2	study	study	NOUN
easat-9257	15	3	examines	examine	VERB
easat-9257	15	4	the	the	DET
easat-9257	15	5	interdependence	interdependence	NOUN
easat-9257	15	6	between	between	ADP
easat-9257	15	7	central	central	ADJ
easat-9257	15	8	american	american	PROPN
easat-9257	15	9	and	and	CCONJ
easat-9257	15	10	us	we	PRON
easat-9257	15	11	stock	stock	NOUN
easat-9257	15	12	markets	market	NOUN
easat-9257	15	13	,	,	PUNCT
easat-9257	15	14	particularly	particularly	ADV
easat-9257	15	15	during	during	ADP
easat-9257	15	16	major	major	ADJ
easat-9257	15	17	events	event	NOUN
easat-9257	15	18	like	like	ADP
easat-9257	15	19	the	the	DET
easat-9257	15	20	global	global	ADJ
easat-9257	15	21	financial	financial	ADJ
easat-9257	15	22	crisis	crisis	NOUN
easat-9257	15	23	.	.	PUNCT
easat-9257	16	1	as	as	SCONJ
easat-9257	16	2	emerging	emerge	VERB
easat-9257	16	3	markets	market	NOUN
easat-9257	16	4	attract	attract	VERB
easat-9257	16	5	more	more	ADJ
easat-9257	16	6	investment	investment	NOUN
easat-9257	16	7	post	post	NOUN
easat-9257	16	8	-	-	NOUN
easat-9257	16	9	crisis	crisis	NOUN
easat-9257	16	10	,	,	PUNCT
easat-9257	16	11	understanding	understand	VERB
easat-9257	16	12	these	these	DET
easat-9257	16	13	linkages	linkage	NOUN
easat-9257	16	14	is	be	AUX
easat-9257	16	15	vital	vital	ADJ
easat-9257	16	16	for	for	ADP
easat-9257	16	17	informed	informed	ADJ
easat-9257	16	18	portfolio	portfolio	NOUN
easat-9257	16	19	diversification	diversification	NOUN
easat-9257	16	20	and	and	CCONJ
easat-9257	16	21	risk	risk	NOUN
easat-9257	16	22	management	management	NOUN
easat-9257	16	23	.	.	PUNCT
easat-9257	17	1	market	market	NOUN
easat-9257	17	2	liberalization	liberalization	NOUN
easat-9257	17	3	has	have	AUX
easat-9257	17	4	boosted	boost	VERB
easat-9257	17	5	international	international	ADJ
easat-9257	17	6	investment	investment	NOUN
easat-9257	17	7	and	and	CCONJ
easat-9257	17	8	capital	capital	NOUN
easat-9257	17	9	flows	flow	NOUN
easat-9257	17	10	,	,	PUNCT
easat-9257	17	11	making	make	VERB
easat-9257	17	12	information	information	NOUN
easat-9257	17	13	transmission	transmission	NOUN
easat-9257	17	14	key	key	NOUN
easat-9257	17	15	to	to	ADP
easat-9257	17	16	stock	stock	NOUN
easat-9257	17	17	market	market	NOUN
easat-9257	17	18	comovement	comovement	NOUN
easat-9257	17	19	.	.	PUNCT
easat-9257	18	1	the	the	DET
easat-9257	18	2	globalization	globalization	NOUN
easat-9257	18	3	of	of	ADP
easat-9257	18	4	finance	finance	NOUN
easat-9257	18	5	and	and	CCONJ
easat-9257	18	6	faster	fast	ADJ
easat-9257	18	7	information	information	NOUN
easat-9257	18	8	spread	spread	NOUN
easat-9257	18	9	have	have	AUX
easat-9257	18	10	heightened	heighten	VERB
easat-9257	18	11	the	the	DET
easat-9257	18	12	risk	risk	NOUN
easat-9257	18	13	of	of	ADP
easat-9257	18	14	financial	financial	ADJ
easat-9257	18	15	crises	crisis	NOUN
easat-9257	18	16	,	,	PUNCT
easat-9257	18	17	as	as	SCONJ
easat-9257	18	18	a	a	DET
easat-9257	18	19	crisis	crisis	NOUN
easat-9257	18	20	in	in	ADP
easat-9257	18	21	one	one	NUM
easat-9257	18	22	country	country	NOUN
easat-9257	18	23	can	can	AUX
easat-9257	18	24	quickly	quickly	ADV
easat-9257	18	25	spread	spread	VERB
easat-9257	18	26	globally	globally	ADV
easat-9257	18	27	,	,	PUNCT
easat-9257	18	28	as	as	SCONJ
easat-9257	18	29	seen	see	VERB
easat-9257	18	30	with	with	ADP
easat-9257	18	31	the	the	DET
easat-9257	18	32	gfc	gfc	PROPN
easat-9257	18	33	and	and	CCONJ
easat-9257	18	34	edc	edc	PROPN
easat-9257	18	35	.	.	PUNCT
easat-9257	19	1	https://orcid.org/0000-0001-5363-7505	https://orcid.org/0000-0001-5363-7505	PROPN
easat-9257	19	2	232	232	NUM
easat-9257	19	3	edelweiss	edelweiss	PROPN
easat-9257	19	4	applied	apply	VERB
easat-9257	19	5	science	science	NOUN
easat-9257	19	6	and	and	CCONJ
easat-9257	19	7	technology	technology	NOUN
easat-9257	19	8	issn	issn	PROPN
easat-9257	19	9	:	:	PUNCT
easat-9257	19	10	2576	2576	NUM
easat-9257	19	11	-	-	SYM
easat-9257	19	12	8484	8484	NUM
easat-9257	19	13	vol	vol	NOUN
easat-9257	19	14	.	.	PROPN
easat-9257	20	1	9	9	NUM
easat-9257	20	2	,	,	PUNCT
easat-9257	20	3	no	no	INTJ
easat-9257	20	4	.	.	NOUN
easat-9257	20	5	8	8	NUM
easat-9257	20	6	:	:	SYM
easat-9257	20	7	231	231	NUM
easat-9257	20	8	-	-	SYM
easat-9257	20	9	253	253	NUM
easat-9257	20	10	,	,	PUNCT
easat-9257	20	11	2025	2025	NUM
easat-9257	20	12	doi	doi	NOUN
easat-9257	20	13	:	:	PUNCT
easat-9257	20	14	10.55214/2576	10.55214/2576	NUM
easat-9257	20	15	-	-	SYM
easat-9257	20	16	8484.v9i8.9257	8484.v9i8.9257	NUM
easat-9257	20	17	©	©	PROPN
easat-9257	20	18	2025	2025	NUM
easat-9257	20	19	by	by	ADP
easat-9257	20	20	the	the	DET
easat-9257	20	21	author	author	NOUN
easat-9257	20	22	;	;	PUNCT
easat-9257	20	23	licensee	licensee	PROPN
easat-9257	20	24	learning	learning	NOUN
easat-9257	20	25	gate	gate	VERB
easat-9257	20	26	these	these	DET
easat-9257	20	27	crises	crisis	NOUN
easat-9257	20	28	show	show	VERB
easat-9257	20	29	that	that	SCONJ
easat-9257	20	30	stock	stock	NOUN
easat-9257	20	31	market	market	NOUN
easat-9257	20	32	integration	integration	NOUN
easat-9257	20	33	involves	involve	VERB
easat-9257	20	34	both	both	DET
easat-9257	20	35	regional	regional	ADJ
easat-9257	20	36	co	co	NOUN
easat-9257	20	37	-	-	NOUN
easat-9257	20	38	movement	movement	NOUN
easat-9257	20	39	and	and	CCONJ
easat-9257	20	40	contagion	contagion	NOUN
easat-9257	20	41	from	from	ADP
easat-9257	20	42	special	special	ADJ
easat-9257	20	43	events	event	NOUN
easat-9257	20	44	.	.	PUNCT
easat-9257	21	1	this	this	DET
easat-9257	21	2	study	study	NOUN
easat-9257	21	3	focuses	focus	VERB
easat-9257	21	4	on	on	ADP
easat-9257	21	5	how	how	SCONJ
easat-9257	21	6	the	the	DET
easat-9257	21	7	gfc	gfc	NOUN
easat-9257	21	8	and	and	CCONJ
easat-9257	21	9	edc	edc	PROPN
easat-9257	21	10	may	may	AUX
easat-9257	21	11	influence	influence	VERB
easat-9257	21	12	stock	stock	NOUN
easat-9257	21	13	returns	return	NOUN
easat-9257	21	14	and	and	CCONJ
easat-9257	21	15	volatility	volatility	NOUN
easat-9257	21	16	in	in	ADP
easat-9257	21	17	central	central	PROPN
easat-9257	21	18	america	america	PROPN
easat-9257	21	19	,	,	PUNCT
easat-9257	21	20	where	where	SCONJ
easat-9257	21	21	trade	trade	NOUN
easat-9257	21	22	and	and	CCONJ
easat-9257	21	23	investment	investment	NOUN
easat-9257	21	24	between	between	ADP
easat-9257	21	25	costa	costa	PROPN
easat-9257	21	26	rica	rica	PROPN
easat-9257	21	27	,	,	PUNCT
easat-9257	21	28	panama	panama	PROPN
easat-9257	21	29	,	,	PUNCT
easat-9257	21	30	the	the	DET
easat-9257	21	31	u.s	u.s	PROPN
easat-9257	21	32	.	.	PROPN
easat-9257	21	33	,	,	PUNCT
easat-9257	21	34	and	and	CCONJ
easat-9257	21	35	europe	europe	PROPN
easat-9257	21	36	have	have	AUX
easat-9257	21	37	grown	grow	VERB
easat-9257	21	38	significantly	significantly	ADV
easat-9257	21	39	over	over	ADP
easat-9257	21	40	the	the	DET
easat-9257	21	41	past	past	ADJ
easat-9257	21	42	two	two	NUM
easat-9257	21	43	decades	decade	NOUN
easat-9257	21	44	.	.	PUNCT
easat-9257	22	1	the	the	DET
easat-9257	22	2	goal	goal	NOUN
easat-9257	22	3	is	be	AUX
easat-9257	22	4	to	to	PART
easat-9257	22	5	assess	assess	VERB
easat-9257	22	6	whether	whether	SCONJ
easat-9257	22	7	these	these	DET
easat-9257	22	8	markets	market	NOUN
easat-9257	22	9	are	be	AUX
easat-9257	22	10	impacted	impact	VERB
easat-9257	22	11	by	by	ADP
easat-9257	22	12	the	the	DET
easat-9257	22	13	contagion	contagion	NOUN
easat-9257	22	14	effects	effect	NOUN
easat-9257	22	15	of	of	ADP
easat-9257	22	16	these	these	DET
easat-9257	22	17	global	global	ADJ
easat-9257	22	18	financial	financial	ADJ
easat-9257	22	19	events	event	NOUN
easat-9257	22	20	.	.	PUNCT
easat-9257	23	1	contagion	contagion	NOUN
easat-9257	23	2	can	can	AUX
easat-9257	23	3	be	be	AUX
easat-9257	23	4	studied	study	VERB
easat-9257	23	5	by	by	ADP
easat-9257	23	6	observing	observe	VERB
easat-9257	23	7	the	the	DET
easat-9257	23	8	increased	increase	VERB
easat-9257	23	9	co	co	NOUN
easat-9257	23	10	-	-	NOUN
easat-9257	23	11	movement	movement	NOUN
easat-9257	23	12	during	during	ADP
easat-9257	23	13	a	a	DET
easat-9257	23	14	crisis	crisis	NOUN
easat-9257	23	15	compared	compare	VERB
easat-9257	23	16	to	to	ADP
easat-9257	23	17	tranquil	tranquil	NOUN
easat-9257	23	18	periods	period	NOUN
easat-9257	23	19	.	.	PUNCT
easat-9257	24	1	in	in	ADP
easat-9257	24	2	this	this	DET
easat-9257	24	3	study	study	NOUN
easat-9257	24	4	,	,	PUNCT
easat-9257	24	5	we	we	PRON
easat-9257	24	6	define	define	VERB
easat-9257	24	7	contagion	contagion	NOUN
easat-9257	24	8	as	as	ADP
easat-9257	24	9	a	a	DET
easat-9257	24	10	significant	significant	ADJ
easat-9257	24	11	rise	rise	NOUN
easat-9257	24	12	in	in	ADP
easat-9257	24	13	cross	cross	ADJ
easat-9257	24	14	-	-	ADJ
easat-9257	24	15	market	market	ADJ
easat-9257	24	16	linkages	linkage	NOUN
easat-9257	24	17	following	follow	VERB
easat-9257	24	18	a	a	DET
easat-9257	24	19	crisis	crisis	NOUN
easat-9257	24	20	in	in	ADP
easat-9257	24	21	one	one	NUM
easat-9257	24	22	country	country	NOUN
easat-9257	24	23	or	or	CCONJ
easat-9257	24	24	group	group	NOUN
easat-9257	24	25	of	of	ADP
easat-9257	24	26	countries	country	NOUN
easat-9257	24	27	.	.	PUNCT
easat-9257	25	1	we	we	PRON
easat-9257	25	2	aim	aim	VERB
easat-9257	25	3	to	to	PART
easat-9257	25	4	explore	explore	VERB
easat-9257	25	5	whether	whether	SCONJ
easat-9257	25	6	contagion	contagion	NOUN
easat-9257	25	7	affects	affect	VERB
easat-9257	25	8	the	the	DET
easat-9257	25	9	stock	stock	NOUN
easat-9257	25	10	markets	market	NOUN
easat-9257	25	11	of	of	ADP
easat-9257	25	12	costa	costa	PROPN
easat-9257	25	13	rica	rica	PROPN
easat-9257	25	14	and	and	CCONJ
easat-9257	25	15	panama	panama	PROPN
easat-9257	25	16	.	.	PUNCT
easat-9257	26	1	specifically	specifically	ADV
easat-9257	26	2	,	,	PUNCT
easat-9257	26	3	we	we	PRON
easat-9257	26	4	focus	focus	VERB
easat-9257	26	5	on	on	ADP
easat-9257	26	6	how	how	SCONJ
easat-9257	26	7	stock	stock	NOUN
easat-9257	26	8	market	market	NOUN
easat-9257	26	9	volatility	volatility	NOUN
easat-9257	26	10	in	in	ADP
easat-9257	26	11	developed	develop	VERB
easat-9257	26	12	economies	economy	NOUN
easat-9257	26	13	,	,	PUNCT
easat-9257	26	14	like	like	ADP
easat-9257	26	15	the	the	DET
easat-9257	26	16	u.s	u.s	PROPN
easat-9257	26	17	.	.	PROPN
easat-9257	26	18	and	and	CCONJ
easat-9257	26	19	europe	europe	PROPN
easat-9257	26	20	,	,	PUNCT
easat-9257	26	21	spreads	spread	VERB
easat-9257	26	22	to	to	ADP
easat-9257	26	23	these	these	DET
easat-9257	26	24	central	central	ADJ
easat-9257	26	25	american	american	ADJ
easat-9257	26	26	markets	market	NOUN
easat-9257	26	27	.	.	PUNCT
easat-9257	27	1	using	use	VERB
easat-9257	27	2	multivariate	multivariate	NOUN
easat-9257	27	3	co	co	NOUN
easat-9257	27	4	-	-	NOUN
easat-9257	27	5	integration	integration	NOUN
easat-9257	27	6	techniques	technique	NOUN
easat-9257	27	7	,	,	PUNCT
easat-9257	27	8	we	we	PRON
easat-9257	27	9	analyze	analyze	VERB
easat-9257	27	10	the	the	DET
easat-9257	27	11	correlation	correlation	NOUN
easat-9257	27	12	between	between	ADP
easat-9257	27	13	these	these	DET
easat-9257	27	14	emerging	emerge	VERB
easat-9257	27	15	markets	market	NOUN
easat-9257	27	16	and	and	CCONJ
easat-9257	27	17	u.s	u.s	PROPN
easat-9257	27	18	.	.	PROPN
easat-9257	27	19	stock	stock	NOUN
easat-9257	27	20	prices	price	NOUN
easat-9257	27	21	.	.	PUNCT
easat-9257	28	1	costa	costa	PROPN
easat-9257	28	2	rica	rica	PROPN
easat-9257	28	3	and	and	CCONJ
easat-9257	28	4	panama	panama	PROPN
easat-9257	28	5	were	be	AUX
easat-9257	28	6	chosen	choose	VERB
easat-9257	28	7	due	due	ADP
easat-9257	28	8	to	to	ADP
easat-9257	28	9	their	their	PRON
easat-9257	28	10	rapid	rapid	ADJ
easat-9257	28	11	development	development	NOUN
easat-9257	28	12	,	,	PUNCT
easat-9257	28	13	increased	increase	VERB
easat-9257	28	14	market	market	NOUN
easat-9257	28	15	liberalization	liberalization	NOUN
easat-9257	28	16	,	,	PUNCT
easat-9257	28	17	and	and	CCONJ
easat-9257	28	18	growing	grow	VERB
easat-9257	28	19	financial	financial	ADJ
easat-9257	28	20	integration	integration	NOUN
easat-9257	28	21	,	,	PUNCT
easat-9257	28	22	which	which	PRON
easat-9257	28	23	have	have	AUX
easat-9257	28	24	attracted	attract	VERB
easat-9257	28	25	international	international	ADJ
easat-9257	28	26	investors	investor	NOUN
easat-9257	28	27	seeking	seek	VERB
easat-9257	28	28	diversification	diversification	NOUN
easat-9257	28	29	and	and	CCONJ
easat-9257	28	30	hedging	hedging	NOUN
easat-9257	28	31	opportunities	opportunity	NOUN
easat-9257	28	32	.	.	PUNCT
easat-9257	29	1	information	information	NOUN
easat-9257	29	2	shocks	shock	NOUN
easat-9257	29	3	drive	drive	VERB
easat-9257	29	4	market	market	NOUN
easat-9257	29	5	volatility	volatility	NOUN
easat-9257	29	6	,	,	PUNCT
easat-9257	29	7	passing	pass	VERB
easat-9257	29	8	return	return	NOUN
easat-9257	29	9	and	and	CCONJ
easat-9257	29	10	volatility	volatility	NOUN
easat-9257	29	11	effects	effect	NOUN
easat-9257	29	12	across	across	ADP
easat-9257	29	13	markets	market	NOUN
easat-9257	29	14	.	.	PUNCT
easat-9257	30	1	this	this	DET
easat-9257	30	2	study	study	NOUN
easat-9257	30	3	explores	explore	VERB
easat-9257	30	4	information	information	NOUN
easat-9257	30	5	transmission	transmission	NOUN
easat-9257	30	6	and	and	CCONJ
easat-9257	30	7	spillovers	spillover	NOUN
easat-9257	30	8	in	in	ADP
easat-9257	30	9	market	market	NOUN
easat-9257	30	10	interactions	interaction	NOUN
easat-9257	30	11	,	,	PUNCT
easat-9257	30	12	including	include	VERB
easat-9257	30	13	long	long	ADJ
easat-9257	30	14	-	-	PUNCT
easat-9257	30	15	memory	memory	NOUN
easat-9257	30	16	effects	effect	NOUN
easat-9257	30	17	and	and	CCONJ
easat-9257	30	18	asymmetric	asymmetric	ADJ
easat-9257	30	19	volatility	volatility	NOUN
easat-9257	30	20	triggered	trigger	VERB
easat-9257	30	21	more	more	ADV
easat-9257	30	22	by	by	ADP
easat-9257	30	23	negative	negative	ADJ
easat-9257	30	24	price	price	NOUN
easat-9257	30	25	changes	change	NOUN
easat-9257	30	26	.	.	PUNCT
easat-9257	31	1	using	use	VERB
easat-9257	31	2	dynamic	dynamic	ADJ
easat-9257	31	3	conditional	conditional	ADJ
easat-9257	31	4	correlation	correlation	NOUN
easat-9257	31	5	(	(	PUNCT
easat-9257	31	6	dcc	dcc	PROPN
easat-9257	31	7	)	)	PUNCT
easat-9257	31	8	models	model	NOUN
easat-9257	31	9	,	,	PUNCT
easat-9257	31	10	we	we	PRON
easat-9257	31	11	analyze	analyze	VERB
easat-9257	31	12	these	these	DET
easat-9257	31	13	effects	effect	NOUN
easat-9257	31	14	across	across	ADP
easat-9257	31	15	the	the	DET
easat-9257	31	16	costa	costa	ADJ
easat-9257	31	17	rican	rican	ADJ
easat-9257	31	18	,	,	PUNCT
easat-9257	31	19	panamanian	panamanian	ADJ
easat-9257	31	20	,	,	PUNCT
easat-9257	31	21	and	and	CCONJ
easat-9257	31	22	us	us	PROPN
easat-9257	31	23	stock	stock	NOUN
easat-9257	31	24	markets	market	NOUN
easat-9257	31	25	.	.	PUNCT
easat-9257	32	1	volatility	volatility	NOUN
easat-9257	32	2	spillovers	spillover	NOUN
easat-9257	32	3	,	,	PUNCT
easat-9257	32	4	long	long	ADJ
easat-9257	32	5	-	-	PUNCT
easat-9257	32	6	memory	memory	NOUN
easat-9257	32	7	effects	effect	NOUN
easat-9257	32	8	,	,	PUNCT
easat-9257	32	9	and	and	CCONJ
easat-9257	32	10	asymmetries	asymmetry	NOUN
easat-9257	32	11	with	with	ADP
easat-9257	32	12	models	model	NOUN
easat-9257	32	13	like	like	ADP
easat-9257	32	14	fiapgarchdcc	fiapgarchdcc	ADJ
easat-9257	32	15	showing	show	VERB
easat-9257	32	16	how	how	SCONJ
easat-9257	32	17	financial	financial	ADJ
easat-9257	32	18	data	datum	NOUN
easat-9257	32	19	behaves	behave	VERB
easat-9257	32	20	under	under	ADP
easat-9257	32	21	these	these	DET
easat-9257	32	22	phenomena	phenomenon	NOUN
easat-9257	32	23	.	.	PUNCT
easat-9257	33	1	previous	previous	ADJ
easat-9257	33	2	studies	study	NOUN
easat-9257	33	3	,	,	PUNCT
easat-9257	33	4	for	for	ADP
easat-9257	33	5	example	example	NOUN
easat-9257	33	6	,	,	PUNCT
easat-9257	33	7	aloui	aloui	ADV
easat-9257	33	8	[	[	X
easat-9257	33	9	1	1	NUM
easat-9257	33	10	]	]	PUNCT
easat-9257	33	11	,	,	PUNCT
easat-9257	33	12	dimitriou	dimitriou	NOUN
easat-9257	33	13	,	,	PUNCT
easat-9257	33	14	et	et	PROPN
easat-9257	33	15	al	al	PROPN
easat-9257	33	16	.	.	PUNCT
easat-9257	34	1	[	[	X
easat-9257	34	2	2	2	NUM
easat-9257	34	3	]	]	PUNCT
easat-9257	34	4	,	,	PUNCT
easat-9257	34	5	karanasos	karanasos	PROPN
easat-9257	34	6	,	,	PUNCT
easat-9257	34	7	et	et	PROPN
easat-9257	34	8	al	al	PROPN
easat-9257	34	9	.	.	PUNCT
easat-9257	35	1	[	[	X
easat-9257	35	2	3	3	NUM
easat-9257	35	3	]	]	PUNCT
easat-9257	35	4	,	,	PUNCT
easat-9257	35	5	wajdi	wajdi	NOUN
easat-9257	35	6	,	,	PUNCT
easat-9257	35	7	et	et	PROPN
easat-9257	35	8	al	al	PROPN
easat-9257	35	9	.	.	PUNCT
easat-9257	36	1	[	[	X
easat-9257	36	2	4	4	NUM
easat-9257	36	3	]	]	PUNCT
easat-9257	36	4	,	,	PUNCT
easat-9257	36	5	abed	abe	VERB
easat-9257	36	6	,	,	PUNCT
easat-9257	36	7	et	et	PROPN
easat-9257	36	8	al	al	PROPN
easat-9257	36	9	.	.	PUNCT
easat-9257	37	1	[	[	X
easat-9257	37	2	5	5	NUM
easat-9257	37	3	]	]	PUNCT
easat-9257	37	4	and	and	CCONJ
easat-9257	37	5	goudarzi	goudarzi	NOUN
easat-9257	37	6	,	,	PUNCT
easat-9257	37	7	et	et	PROPN
easat-9257	37	8	al	al	PROPN
easat-9257	37	9	.	.	PUNCT
easat-9257	38	1	[	[	X
easat-9257	38	2	6	6	NUM
easat-9257	38	3	]	]	PUNCT
easat-9257	38	4	highlight	highlight	VERB
easat-9257	38	5	the	the	DET
easat-9257	38	6	limitations	limitation	NOUN
easat-9257	38	7	of	of	ADP
easat-9257	38	8	garch	garch	NOUN
easat-9257	38	9	models	model	NOUN
easat-9257	38	10	in	in	ADP
easat-9257	38	11	explaining	explain	VERB
easat-9257	38	12	long	long	ADJ
easat-9257	38	13	memory	memory	NOUN
easat-9257	38	14	and	and	CCONJ
easat-9257	38	15	volatility	volatility	NOUN
easat-9257	38	16	asymmetries	asymmetry	NOUN
easat-9257	38	17	.	.	PUNCT
easat-9257	39	1	this	this	DET
easat-9257	39	2	study	study	NOUN
easat-9257	39	3	moreover	moreover	ADV
easat-9257	39	4	focuses	focus	VERB
easat-9257	39	5	on	on	ADP
easat-9257	39	6	slow	slow	ADV
easat-9257	39	7	-	-	PUNCT
easat-9257	39	8	decaying	decay	VERB
easat-9257	39	9	autocorrelation	autocorrelation	NOUN
easat-9257	39	10	and	and	CCONJ
easat-9257	39	11	mean	mean	ADJ
easat-9257	39	12	reversion	reversion	NOUN
easat-9257	39	13	in	in	ADP
easat-9257	39	14	stock	stock	NOUN
easat-9257	39	15	markets	market	NOUN
easat-9257	39	16	,	,	PUNCT
easat-9257	39	17	combining	combine	VERB
easat-9257	39	18	the	the	DET
easat-9257	39	19	fiapgarch	fiapgarch	NOUN
easat-9257	39	20	-	-	PUNCT
easat-9257	39	21	dcc	dcc	NOUN
easat-9257	39	22	and	and	CCONJ
easat-9257	39	23	fractional	fractional	ADJ
easat-9257	39	24	error	error	NOUN
easat-9257	39	25	correction	correction	NOUN
easat-9257	39	26	(	(	PUNCT
easat-9257	39	27	fiec	fiec	NOUN
easat-9257	39	28	)	)	PUNCT
easat-9257	39	29	models	model	NOUN
easat-9257	39	30	[	[	X
easat-9257	39	31	7	7	X
easat-9257	39	32	]	]	PUNCT
easat-9257	39	33	to	to	PART
easat-9257	39	34	explore	explore	VERB
easat-9257	39	35	market	market	NOUN
easat-9257	39	36	interactions	interaction	NOUN
easat-9257	39	37	.	.	PUNCT
easat-9257	40	1	by	by	ADP
easat-9257	40	2	integrating	integrate	VERB
easat-9257	40	3	these	these	DET
easat-9257	40	4	models	model	NOUN
easat-9257	40	5	as	as	ADP
easat-9257	40	6	fiec	fiec	NOUN
easat-9257	40	7	-	-	PUNCT
easat-9257	40	8	fiapgarch	fiapgarch	NOUN
easat-9257	40	9	-	-	PUNCT
easat-9257	40	10	dcc	dcc	NOUN
easat-9257	40	11	,	,	PUNCT
easat-9257	40	12	we	we	PRON
easat-9257	40	13	analyze	analyze	VERB
easat-9257	40	14	relationships	relationship	NOUN
easat-9257	40	15	between	between	ADP
easat-9257	40	16	central	central	ADJ
easat-9257	40	17	american	american	ADJ
easat-9257	40	18	markets	market	NOUN
easat-9257	40	19	,	,	PUNCT
easat-9257	40	20	like	like	ADP
easat-9257	40	21	costa	costa	PROPN
easat-9257	40	22	rica	rica	PROPN
easat-9257	40	23	and	and	CCONJ
easat-9257	40	24	panama	panama	PROPN
easat-9257	40	25	,	,	PUNCT
easat-9257	40	26	and	and	CCONJ
easat-9257	40	27	the	the	DET
easat-9257	40	28	us	us	PROPN
easat-9257	40	29	stock	stock	NOUN
easat-9257	40	30	market	market	NOUN
easat-9257	40	31	.	.	PUNCT
easat-9257	41	1	the	the	DET
easat-9257	41	2	findings	finding	NOUN
easat-9257	41	3	offer	offer	VERB
easat-9257	41	4	valuable	valuable	ADJ
easat-9257	41	5	insights	insight	NOUN
easat-9257	41	6	into	into	ADP
easat-9257	41	7	portfolio	portfolio	NOUN
easat-9257	41	8	diversification	diversification	NOUN
easat-9257	41	9	and	and	CCONJ
easat-9257	41	10	hedging	hedging	NOUN
easat-9257	41	11	,	,	PUNCT
easat-9257	41	12	highlighting	highlight	VERB
easat-9257	41	13	central	central	PROPN
easat-9257	41	14	america	america	PROPN
easat-9257	41	15	’s	’s	PART
easat-9257	41	16	growing	grow	VERB
easat-9257	41	17	appeal	appeal	NOUN
easat-9257	41	18	to	to	ADP
easat-9257	41	19	international	international	ADJ
easat-9257	41	20	investors	investor	NOUN
easat-9257	41	21	.	.	PUNCT
easat-9257	42	1	the	the	DET
easat-9257	42	2	empirical	empirical	ADJ
easat-9257	42	3	results	result	NOUN
easat-9257	42	4	aim	aim	VERB
easat-9257	42	5	to	to	PART
easat-9257	42	6	guide	guide	VERB
easat-9257	42	7	better	well	ADJ
easat-9257	42	8	asset	asset	NOUN
easat-9257	42	9	management	management	NOUN
easat-9257	42	10	,	,	PUNCT
easat-9257	42	11	allocation	allocation	NOUN
easat-9257	42	12	,	,	PUNCT
easat-9257	42	13	and	and	CCONJ
easat-9257	42	14	risk	risk	NOUN
easat-9257	42	15	decisions	decision	NOUN
easat-9257	42	16	for	for	ADP
easat-9257	42	17	investors	investor	NOUN
easat-9257	42	18	and	and	CCONJ
easat-9257	42	19	policymakers	policymaker	NOUN
easat-9257	42	20	.	.	PUNCT
easat-9257	43	1	the	the	DET
easat-9257	43	2	remainder	remainder	NOUN
easat-9257	43	3	of	of	ADP
easat-9257	43	4	this	this	DET
easat-9257	43	5	study	study	NOUN
easat-9257	43	6	is	be	AUX
easat-9257	43	7	structured	structure	VERB
easat-9257	43	8	as	as	SCONJ
easat-9257	43	9	follows	follow	VERB
easat-9257	43	10	.	.	PUNCT
easat-9257	44	1	in	in	ADP
easat-9257	44	2	section	section	NOUN
easat-9257	44	3	2	2	NUM
easat-9257	44	4	we	we	PRON
easat-9257	44	5	detail	detail	VERB
easat-9257	44	6	the	the	DET
easat-9257	44	7	methodology	methodology	NOUN
easat-9257	44	8	framework	framework	NOUN
easat-9257	44	9	related	relate	VERB
easat-9257	44	10	to	to	ADP
easat-9257	44	11	this	this	DET
easat-9257	44	12	study	study	NOUN
easat-9257	44	13	.	.	PUNCT
easat-9257	45	1	section	section	NOUN
easat-9257	45	2	3	3	NUM
easat-9257	45	3	presents	present	VERB
easat-9257	45	4	the	the	DET
easat-9257	45	5	empirical	empirical	ADJ
easat-9257	45	6	results	result	NOUN
easat-9257	45	7	and	and	CCONJ
easat-9257	45	8	analyses	analysis	NOUN
easat-9257	45	9	.	.	PUNCT
easat-9257	46	1	while	while	SCONJ
easat-9257	46	2	section	section	NOUN
easat-9257	46	3	4	4	NUM
easat-9257	46	4	reports	report	VERB
easat-9257	46	5	the	the	DET
easat-9257	46	6	concluding	concluding	NOUN
easat-9257	46	7	remarks	remark	VERB
easat-9257	46	8	.	.	PUNCT
easat-9257	47	1	2	2	X
easat-9257	47	2	.	.	X
easat-9257	47	3	methodology	methodology	NOUN
easat-9257	47	4	framework	framework	NOUN
easat-9257	47	5	2.1	2.1	NUM
easat-9257	47	6	.	.	PUNCT
easat-9257	48	1	long	long	ADJ
easat-9257	48	2	memory	memory	NOUN
easat-9257	48	3	properties	property	NOUN
easat-9257	48	4	and	and	CCONJ
easat-9257	48	5	fractionally	fractionally	ADV
easat-9257	48	6	integrated	integrate	VERB
easat-9257	48	7	process	process	NOUN
easat-9257	48	8	this	this	DET
easat-9257	48	9	study	study	NOUN
easat-9257	48	10	uses	use	VERB
easat-9257	48	11	a	a	DET
easat-9257	48	12	fractionally	fractionally	ADV
easat-9257	48	13	integrated	integrate	VERB
easat-9257	48	14	process	process	NOUN
easat-9257	48	15	to	to	PART
easat-9257	48	16	analyze	analyze	VERB
easat-9257	48	17	the	the	DET
easat-9257	48	18	long	long	ADJ
easat-9257	48	19	-	-	PUNCT
easat-9257	48	20	memory	memory	NOUN
easat-9257	48	21	behaviors	behavior	NOUN
easat-9257	48	22	of	of	ADP
easat-9257	48	23	financial	financial	ADJ
easat-9257	48	24	variables	variable	NOUN
easat-9257	48	25	.	.	PUNCT
easat-9257	49	1	cheung	cheung	PROPN
easat-9257	50	1	[	[	X
easat-9257	50	2	8	8	NUM
easat-9257	50	3	]	]	PUNCT
easat-9257	50	4	suggested	suggest	VERB
easat-9257	50	5	that	that	SCONJ
easat-9257	50	6	if	if	SCONJ
easat-9257	50	7	the	the	DET
easat-9257	50	8	unit	unit	NOUN
easat-9257	50	9	root	root	PROPN
easat-9257	50	10	test	test	NOUN
easat-9257	50	11	’s	’s	PART
easat-9257	50	12	null	null	ADJ
easat-9257	50	13	hypothesis	hypothesis	NOUN
easat-9257	50	14	is	be	AUX
easat-9257	50	15	n't	not	PART
easat-9257	50	16	rejected	reject	VERB
easat-9257	50	17	,	,	PUNCT
easat-9257	50	18	the	the	DET
easat-9257	50	19	time	time	NOUN
easat-9257	50	20	series	series	NOUN
easat-9257	50	21	is	be	AUX
easat-9257	50	22	not	not	PART
easat-9257	50	23	i	i	PROPN
easat-9257	50	24	(	(	PUNCT
easat-9257	50	25	0	0	NUM
easat-9257	50	26	)	)	PUNCT
easat-9257	50	27	stationary	stationary	NOUN
easat-9257	50	28	,	,	PUNCT
easat-9257	50	29	but	but	CCONJ
easat-9257	50	30	it	it	PRON
easat-9257	50	31	may	may	AUX
easat-9257	50	32	still	still	ADV
easat-9257	50	33	exhibit	exhibit	VERB
easat-9257	50	34	long	long	ADJ
easat-9257	50	35	-	-	PUNCT
easat-9257	50	36	term	term	NOUN
easat-9257	50	37	,	,	PUNCT
easat-9257	50	38	slow	slow	ADJ
easat-9257	50	39	mean	mean	ADJ
easat-9257	50	40	reversion	reversion	NOUN
easat-9257	50	41	.	.	PUNCT
easat-9257	51	1	long	long	ADJ
easat-9257	51	2	memory	memory	NOUN
easat-9257	51	3	reflects	reflect	VERB
easat-9257	51	4	persistent	persistent	ADJ
easat-9257	51	5	autocorrelation	autocorrelation	NOUN
easat-9257	51	6	and	and	CCONJ
easat-9257	51	7	gradual	gradual	ADJ
easat-9257	51	8	decay	decay	NOUN
easat-9257	51	9	over	over	ADP
easat-9257	51	10	time	time	NOUN
easat-9257	51	11	[	[	X
easat-9257	51	12	9	9	NUM
easat-9257	51	13	-	-	SYM
easat-9257	51	14	13	13	NUM
easat-9257	51	15	]	]	PUNCT
easat-9257	51	16	.	.	PUNCT
easat-9257	52	1	it	it	PRON
easat-9257	52	2	indicates	indicate	VERB
easat-9257	52	3	the	the	DET
easat-9257	52	4	lasting	last	VERB
easat-9257	52	5	influence	influence	NOUN
easat-9257	52	6	of	of	ADP
easat-9257	52	7	past	past	ADJ
easat-9257	52	8	periods	period	NOUN
easat-9257	52	9	on	on	ADP
easat-9257	52	10	the	the	DET
easat-9257	52	11	present	present	NOUN
easat-9257	52	12	.	.	PUNCT
easat-9257	53	1	in	in	ADP
easat-9257	53	2	the	the	DET
easat-9257	53	3	arfima	arfima	NOUN
easat-9257	53	4	(	(	PUNCT
easat-9257	53	5	p	p	X
easat-9257	53	6	,	,	PUNCT
easat-9257	53	7	d	d	NOUN
easat-9257	53	8	,	,	PUNCT
easat-9257	53	9	q	q	NOUN
easat-9257	53	10	)	)	PUNCT
easat-9257	53	11	model	model	NOUN
easat-9257	53	12	,	,	PUNCT
easat-9257	53	13	co	co	VERB
easat-9257	53	14	-	-	VERB
easat-9257	53	15	integrated	integrated	ADJ
easat-9257	53	16	variables	variable	NOUN
easat-9257	53	17	are	be	AUX
easat-9257	53	18	represented	represent	VERB
easat-9257	53	19	by	by	ADP
easat-9257	53	20	𝑍𝑡	𝑍𝑡	PROPN
easat-9257	53	21	,	,	PUNCT
easat-9257	53	22	and	and	CCONJ
easat-9257	53	23	when	when	SCONJ
easat-9257	53	24	d=0	d=0	X
easat-9257	53	25	,	,	PUNCT
easat-9257	53	26	it	it	PRON
easat-9257	53	27	simplifies	simplify	VERB
easat-9257	53	28	to	to	ADP
easat-9257	53	29	a	a	DET
easat-9257	53	30	var	var	NOUN
easat-9257	53	31	model	model	NOUN
easat-9257	53	32	.	.	PUNCT
easat-9257	54	1	for	for	ADP
easat-9257	54	2	0	0	NUM
easat-9257	54	3	<	<	X
easat-9257	54	4	d<1	d<1	NOUN
easat-9257	54	5	,	,	PUNCT
easat-9257	54	6	the	the	DET
easat-9257	54	7	process	process	NOUN
easat-9257	54	8	is	be	AUX
easat-9257	54	9	described	describe	VERB
easat-9257	54	10	by	by	ADP
easat-9257	54	11	a	a	DET
easat-9257	54	12	fractionally	fractionally	ADV
easat-9257	54	13	integrated	integrate	VERB
easat-9257	54	14	error	error	NOUN
easat-9257	54	15	correction	correction	NOUN
easat-9257	54	16	(	(	PUNCT
easat-9257	54	17	fiec	fiec	NOUN
easat-9257	54	18	)	)	PUNCT
easat-9257	54	19	model	model	NOUN
easat-9257	54	20	process	process	NOUN
easat-9257	54	21	,	,	PUNCT
easat-9257	54	22	[	[	X
easat-9257	54	23	(	(	PUNCT
easat-9257	54	24	1	1	NUM
easat-9257	54	25	−	−	NOUN
easat-9257	54	26	𝐿)𝑑	𝐿)𝑑	NOUN
easat-9257	55	1	−	−	PROPN
easat-9257	55	2	(	(	PUNCT
easat-9257	55	3	1	1	NUM
easat-9257	55	4	−	−	PROPN
easat-9257	55	5	𝐿)]𝑍𝑡	𝐿)]𝑍𝑡	NOUN
easat-9257	56	1	[	[	X
easat-9257	56	2	14	14	NUM
easat-9257	56	3	-	-	SYM
easat-9257	56	4	16	16	NUM
easat-9257	56	5	]	]	PUNCT
easat-9257	56	6	.	.	PUNCT
easat-9257	57	1	2.2	2.2	NUM
easat-9257	57	2	.	.	PUNCT
easat-9257	58	1	the	the	DET
easat-9257	58	2	apgarch	apgarch	NOUN
easat-9257	58	3	and	and	CCONJ
easat-9257	58	4	fiapgarch	fiapgarch	NOUN
easat-9257	58	5	model	model	NOUN
easat-9257	58	6	the	the	DET
easat-9257	58	7	asymmetric	asymmetric	ADJ
easat-9257	58	8	power	power	NOUN
easat-9257	58	9	garch	garch	NOUN
easat-9257	58	10	(	(	PUNCT
easat-9257	58	11	apgarch	apgarch	NOUN
easat-9257	58	12	)	)	PUNCT
easat-9257	58	13	model	model	NOUN
easat-9257	58	14	by	by	ADP
easat-9257	58	15	ding	ding	NOUN
easat-9257	58	16	,	,	PUNCT
easat-9257	58	17	et	et	PROPN
easat-9257	58	18	al	al	PROPN
easat-9257	58	19	.	.	PUNCT
easat-9257	59	1	[	[	X
easat-9257	59	2	17	17	NUM
easat-9257	59	3	]	]	PUNCT
easat-9257	59	4	captures	capture	VERB
easat-9257	59	5	the	the	DET
easat-9257	59	6	conditional	conditional	ADJ
easat-9257	59	7	variance	variance	NOUN
easat-9257	59	8	's	's	PART
easat-9257	59	9	response	response	NOUN
easat-9257	59	10	to	to	ADP
easat-9257	59	11	past	past	ADJ
easat-9257	59	12	volatility	volatility	NOUN
easat-9257	59	13	.	.	PUNCT
easat-9257	60	1	it	it	PRON
easat-9257	60	2	accounts	account	VERB
easat-9257	60	3	for	for	ADP
easat-9257	60	4	both	both	CCONJ
easat-9257	60	5	fractional	fractional	ADJ
easat-9257	60	6	integration	integration	NOUN
easat-9257	60	7	and	and	CCONJ
easat-9257	60	8	the	the	DET
easat-9257	60	9	skewed	skewed	ADJ
easat-9257	60	10	,	,	PUNCT
easat-9257	60	11	leptokurtic	leptokurtic	ADJ
easat-9257	60	12	distribution	distribution	NOUN
easat-9257	60	13	of	of	ADP
easat-9257	60	14	innovations	innovation	NOUN
easat-9257	60	15	,	,	PUNCT
easat-9257	60	16	providing	provide	VERB
easat-9257	60	17	highly	highly	ADV
easat-9257	60	18	accurate	accurate	ADJ
easat-9257	60	19	one	one	NUM
easat-9257	60	20	-	-	PUNCT
easat-9257	60	21	day	day	NOUN
easat-9257	60	22	-	-	PUNCT
easat-9257	60	23	ahead	ahead	NOUN
easat-9257	60	24	volatility	volatility	NOUN
easat-9257	60	25	forecasts	forecast	NOUN
easat-9257	60	26	[	[	X
easat-9257	60	27	18	18	NUM
easat-9257	60	28	]	]	PUNCT
easat-9257	60	29	.	.	PUNCT
easat-9257	61	1	the	the	DET
easat-9257	61	2	general	general	ADJ
easat-9257	61	3	apgarch	apgarch	NOUN
easat-9257	61	4	(	(	PUNCT
easat-9257	61	5	p	p	X
easat-9257	61	6	,	,	PUNCT
easat-9257	61	7	q	q	NOUN
easat-9257	61	8	)	)	PUNCT
easat-9257	61	9	model	model	NOUN
easat-9257	61	10	is	be	AUX
easat-9257	61	11	expressed	express	VERB
easat-9257	61	12	by	by	ADP
easat-9257	61	13	the	the	DET
easat-9257	61	14	following	follow	VERB
easat-9257	61	15	conditional	conditional	ADJ
easat-9257	61	16	variance	variance	NOUN
easat-9257	61	17	equation	equation	NOUN
easat-9257	61	18	:	:	PUNCT
easat-9257	61	19	233	233	NUM
easat-9257	61	20	edelweiss	edelweiss	PROPN
easat-9257	61	21	applied	apply	VERB
easat-9257	61	22	science	science	NOUN
easat-9257	61	23	and	and	CCONJ
easat-9257	61	24	technology	technology	NOUN
easat-9257	61	25	issn	issn	PROPN
easat-9257	61	26	:	:	PUNCT
easat-9257	61	27	2576	2576	NUM
easat-9257	61	28	-	-	SYM
easat-9257	61	29	8484	8484	NUM
easat-9257	61	30	vol	vol	NOUN
easat-9257	61	31	.	.	PROPN
easat-9257	62	1	9	9	NUM
easat-9257	62	2	,	,	PUNCT
easat-9257	62	3	no	no	INTJ
easat-9257	62	4	.	.	NOUN
easat-9257	62	5	8	8	NUM
easat-9257	62	6	:	:	SYM
easat-9257	62	7	231	231	NUM
easat-9257	62	8	-	-	SYM
easat-9257	62	9	253	253	NUM
easat-9257	62	10	,	,	PUNCT
easat-9257	62	11	2025	2025	NUM
easat-9257	62	12	doi	doi	NOUN
easat-9257	62	13	:	:	PUNCT
easat-9257	62	14	10.55214/2576	10.55214/2576	NUM
easat-9257	62	15	-	-	SYM
easat-9257	62	16	8484.v9i8.9257	8484.v9i8.9257	NUM
easat-9257	62	17	©	©	PROPN
easat-9257	62	18	2025	2025	NUM
easat-9257	62	19	by	by	ADP
easat-9257	62	20	the	the	DET
easat-9257	62	21	author	author	NOUN
easat-9257	62	22	;	;	PUNCT
easat-9257	62	23	licensee	licensee	PROPN
easat-9257	62	24	learning	learn	VERB
easat-9257	62	25	gate	gate	NOUN
easat-9257	62	26	σt	σt	ADP
easat-9257	62	27	δ	δ	X
easat-9257	62	28	=	=	SYM
easat-9257	62	29	ω	ω	PROPN
easat-9257	62	30	+	+	CCONJ
easat-9257	62	31	∑	∑	PUNCT
easat-9257	62	32	αi	αi	PRON
easat-9257	62	33	q	q	NOUN
easat-9257	62	34	i=1	i=1	PROPN
easat-9257	62	35	(	(	PUNCT
easat-9257	62	36	|εt−i|	|εt−i|	PROPN
easat-9257	62	37	−	−	NOUN
easat-9257	62	38	γi	γi	X
easat-9257	62	39	εt−i	εt−i	NOUN
easat-9257	62	40	)	)	PUNCT
easat-9257	62	41	δ	δ	PROPN
easat-9257	63	1	+	+	CCONJ
easat-9257	63	2	∑	∑	PROPN
easat-9257	63	3	βj	βj	X
easat-9257	63	4	p	p	X
easat-9257	63	5	j+1	j+1	PROPN
easat-9257	63	6	σt−j	σt−j	PROPN
easat-9257	63	7	δ	δ	PROPN
easat-9257	63	8	(	(	PUNCT
easat-9257	63	9	1	1	NUM
easat-9257	63	10	)	)	PUNCT
easat-9257	63	11	with	with	ADP
easat-9257	63	12	an	an	DET
easat-9257	63	13	exponent	exponent	NOUN
easat-9257	63	14	δ	δ	PROPN
easat-9257	63	15	>	>	X
easat-9257	63	16	0	0	PUNCT
easat-9257	63	17	and	and	CCONJ
easat-9257	63	18	asymmetry	asymmetry	NOUN
easat-9257	63	19	coefficient	coefficient	NOUN
easat-9257	63	20	−1	−1	NOUN
easat-9257	63	21	<	<	X
easat-9257	63	22	γi	γi	X
easat-9257	63	23	<	<	X
easat-9257	63	24	1	1	NUM
easat-9257	63	25	(	(	PUNCT
easat-9257	63	26	for	for	ADP
easat-9257	63	27	i=1	i=1	PROPN
easat-9257	63	28	,	,	PUNCT
easat-9257	63	29	q	q	NOUN
easat-9257	63	30	)	)	PUNCT
easat-9257	63	31	.	.	PUNCT
easat-9257	64	1	when	when	SCONJ
easat-9257	64	2	γi	γi	X
easat-9257	64	3	>	>	X
easat-9257	64	4	0	0	PUNCT
easat-9257	65	1	(	(	PUNCT
easat-9257	65	2	<	<	NOUN
easat-9257	65	3	0	0	NUM
easat-9257	65	4	)	)	PUNCT
easat-9257	65	5	,	,	PUNCT
easat-9257	65	6	negative	negative	ADJ
easat-9257	65	7	(	(	PUNCT
easat-9257	65	8	positive	positive	ADJ
easat-9257	65	9	)	)	PUNCT
easat-9257	65	10	shocks	shock	NOUN
easat-9257	65	11	give	give	VERB
easat-9257	65	12	rise	rise	NOUN
easat-9257	65	13	to	to	ADP
easat-9257	65	14	higher	high	ADJ
easat-9257	65	15	volatility	volatility	NOUN
easat-9257	65	16	than	than	ADP
easat-9257	65	17	positive	positive	ADJ
easat-9257	65	18	(	(	PUNCT
easat-9257	65	19	negative	negative	ADJ
easat-9257	65	20	)	)	PUNCT
easat-9257	65	21	shocks	shock	NOUN
easat-9257	65	22	.	.	PUNCT
easat-9257	66	1	under	under	ADP
easat-9257	66	2	(	(	PUNCT
easat-9257	66	3	p	p	X
easat-9257	66	4	=	=	NOUN
easat-9257	66	5	1	1	NUM
easat-9257	66	6	,	,	PUNCT
easat-9257	66	7	q	q	NOUN
easat-9257	66	8	=	=	NOUN
easat-9257	66	9	1	1	X
easat-9257	66	10	)	)	PUNCT
easat-9257	66	11	the	the	DET
easat-9257	66	12	apgarch	apgarch	NOUN
easat-9257	66	13	(	(	PUNCT
easat-9257	66	14	1	1	NUM
easat-9257	66	15	,	,	PUNCT
easat-9257	66	16	1	1	X
easat-9257	66	17	)	)	PUNCT
easat-9257	66	18	models	model	NOUN
easat-9257	66	19	is	be	AUX
easat-9257	66	20	represented	represent	VERB
easat-9257	66	21	as	as	ADP
easat-9257	66	22	follow	follow	NOUN
easat-9257	66	23	:	:	PUNCT
easat-9257	66	24	σt	σt	ADP
easat-9257	66	25	δ	δ	PROPN
easat-9257	66	26	=	=	SYM
easat-9257	66	27	η	η	PROPN
easat-9257	66	28	+	+	PROPN
easat-9257	66	29	α	α	PROPN
easat-9257	66	30	(	(	PUNCT
easat-9257	66	31	l)(|εt|	l)(|εt|	NOUN
easat-9257	66	32	−	−	PROPN
easat-9257	66	33	γεt)δ	γεt)δ	PROPN
easat-9257	67	1	+	+	CCONJ
easat-9257	67	2	β	β	X
easat-9257	67	3	(	(	PUNCT
easat-9257	67	4	l	l	NOUN
easat-9257	67	5	)	)	PUNCT
easat-9257	67	6	σt	σt	ADP
easat-9257	67	7	δ	δ	PROPN
easat-9257	67	8	(	(	PUNCT
easat-9257	67	9	2	2	NUM
easat-9257	67	10	)	)	PUNCT
easat-9257	67	11	where	where	SCONJ
easat-9257	67	12	α	α	PROPN
easat-9257	67	13	(	(	PUNCT
easat-9257	67	14	l)=∑	l)=∑	PROPN
easat-9257	67	15	αi	αi	NOUN
easat-9257	67	16	q	q	NOUN
easat-9257	67	17	i=1	i=1	PROPN
easat-9257	67	18	,	,	PUNCT
easat-9257	67	19	β	β	X
easat-9257	67	20	(	(	PUNCT
easat-9257	67	21	l	l	NOUN
easat-9257	67	22	)	)	PUNCT
easat-9257	67	23	=	=	PUNCT
easat-9257	67	24	∑	∑	PUNCT
easat-9257	67	25	βj	βj	X
easat-9257	67	26	p	p	NOUN
easat-9257	67	27	j+1	j+1	ADJ
easat-9257	67	28	and	and	CCONJ
easat-9257	67	29	l	l	NOUN
easat-9257	67	30	denotes	denote	VERB
easat-9257	67	31	the	the	DET
easat-9257	67	32	lag	lag	NOUN
easat-9257	67	33	operator	operator	NOUN
easat-9257	67	34	the	the	DET
easat-9257	67	35	power	power	NOUN
easat-9257	67	36	term	term	NOUN
easat-9257	67	37	coefficient	coefficient	NOUN
easat-9257	67	38	(	(	PUNCT
easat-9257	67	39	𝛿	𝛿	ADJ
easat-9257	67	40	)	)	PUNCT
easat-9257	67	41	measures	measure	VERB
easat-9257	67	42	the	the	DET
easat-9257	67	43	degree	degree	NOUN
easat-9257	67	44	of	of	ADP
easat-9257	67	45	heterogeneous	heterogeneous	ADJ
easat-9257	67	46	variance	variance	NOUN
easat-9257	67	47	,	,	PUNCT
easat-9257	67	48	while	while	SCONJ
easat-9257	67	49	γ	γ	NOUN
easat-9257	67	50	captures	capture	VERB
easat-9257	67	51	the	the	DET
easat-9257	67	52	effects	effect	NOUN
easat-9257	67	53	of	of	ADP
easat-9257	67	54	asymmetric	asymmetric	ADJ
easat-9257	67	55	shocks	shock	NOUN
easat-9257	67	56	.	.	PUNCT
easat-9257	68	1	α	α	PROPN
easat-9257	68	2	and	and	CCONJ
easat-9257	68	3	β	β	PROPN
easat-9257	68	4	represent	represent	VERB
easat-9257	68	5	the	the	DET
easat-9257	68	6	standard	standard	ADJ
easat-9257	68	7	arch	arch	ADJ
easat-9257	68	8	and	and	CCONJ
easat-9257	68	9	garch	garch	NOUN
easat-9257	68	10	parameters	parameter	NOUN
easat-9257	68	11	,	,	PUNCT
easat-9257	68	12	γ	γ	X
easat-9257	68	13	is	be	AUX
easat-9257	68	14	the	the	DET
easat-9257	68	15	leverage	leverage	NOUN
easat-9257	68	16	parameter	parameter	NOUN
easat-9257	68	17	,	,	PUNCT
easat-9257	68	18	and	and	CCONJ
easat-9257	68	19	δ	δ	PROPN
easat-9257	68	20	is	be	AUX
easat-9257	68	21	the	the	DET
easat-9257	68	22	power	power	NOUN
easat-9257	68	23	term	term	NOUN
easat-9257	68	24	parameter	parameter	NOUN
easat-9257	68	25	.	.	PUNCT
easat-9257	69	1	a	a	DET
easat-9257	69	2	positive	positive	ADJ
easat-9257	69	3	(	(	PUNCT
easat-9257	69	4	negative	negative	ADJ
easat-9257	69	5	)	)	PUNCT
easat-9257	69	6	γ	γ	NOUN
easat-9257	69	7	indicates	indicate	VERB
easat-9257	69	8	that	that	SCONJ
easat-9257	69	9	negative	negative	ADJ
easat-9257	69	10	(	(	PUNCT
easat-9257	69	11	positive	positive	ADJ
easat-9257	69	12	)	)	PUNCT
easat-9257	69	13	past	past	ADJ
easat-9257	69	14	shocks	shock	NOUN
easat-9257	69	15	affect	affect	VERB
easat-9257	69	16	current	current	ADJ
easat-9257	69	17	volatility	volatility	NOUN
easat-9257	69	18	more	more	ADV
easat-9257	69	19	than	than	ADP
easat-9257	69	20	positive	positive	ADJ
easat-9257	69	21	(	(	PUNCT
easat-9257	69	22	negative	negative	ADJ
easat-9257	69	23	)	)	PUNCT
easat-9257	69	24	shocks	shock	NOUN
easat-9257	69	25	.	.	PUNCT
easat-9257	70	1	the	the	DET
easat-9257	70	2	model	model	NOUN
easat-9257	70	3	applies	apply	VERB
easat-9257	70	4	a	a	DET
easat-9257	70	5	box	box	NOUN
easat-9257	70	6	and	and	CCONJ
easat-9257	70	7	cox	cox	PROPN
easat-9257	71	1	[	[	X
easat-9257	71	2	19	19	NUM
easat-9257	71	3	]	]	PUNCT
easat-9257	71	4	transformation	transformation	NOUN
easat-9257	71	5	to	to	ADP
easat-9257	71	6	both	both	CCONJ
easat-9257	71	7	the	the	DET
easat-9257	71	8	conditional	conditional	ADJ
easat-9257	71	9	standard	standard	ADJ
easat-9257	71	10	deviation	deviation	NOUN
easat-9257	71	11	and	and	CCONJ
easat-9257	71	12	asymmetric	asymmetric	ADJ
easat-9257	71	13	absolute	absolute	ADJ
easat-9257	71	14	innovations	innovation	NOUN
easat-9257	71	15	.	.	PUNCT
easat-9257	72	1	in	in	ADP
easat-9257	72	2	the	the	DET
easat-9257	72	3	apgarch	apgarch	NOUN
easat-9257	72	4	model	model	NOUN
easat-9257	72	5	,	,	PUNCT
easat-9257	72	6	good	good	ADJ
easat-9257	72	7	news	news	PROPN
easat-9257	72	8	(	(	PUNCT
easat-9257	72	9	εt−1>0	εt−1>0	NOUN
easat-9257	72	10	)	)	PUNCT
easat-9257	72	11	and	and	CCONJ
easat-9257	72	12	bad	bad	ADJ
easat-9257	72	13	news	news	NOUN
easat-9257	72	14	(	(	PUNCT
easat-9257	72	15	εt−1<0	εt−1<0	PROPN
easat-9257	72	16	)	)	PUNCT
easat-9257	72	17	affect	affect	VERB
easat-9257	72	18	future	future	ADJ
easat-9257	72	19	volatility	volatility	NOUN
easat-9257	72	20	differently	differently	ADV
easat-9257	72	21	,	,	PUNCT
easat-9257	72	22	as	as	SCONJ
easat-9257	72	23	the	the	DET
easat-9257	72	24	conditional	conditional	ADJ
easat-9257	72	25	variance	variance	NOUN
easat-9257	72	26	depends	depend	VERB
easat-9257	72	27	on	on	ADP
easat-9257	72	28	both	both	CCONJ
easat-9257	72	29	the	the	DET
easat-9257	72	30	magnitude	magnitude	NOUN
easat-9257	72	31	and	and	CCONJ
easat-9257	72	32	sign	sign	NOUN
easat-9257	72	33	of	of	ADP
easat-9257	72	34	εt−1	εt−1	PROPN
easat-9257	72	35	.	.	PUNCT
easat-9257	73	1	the	the	DET
easat-9257	73	2	fiapgarch	fiapgarch	NOUN
easat-9257	73	3	model	model	NOUN
easat-9257	73	4	combines	combine	VERB
easat-9257	73	5	the	the	DET
easat-9257	73	6	long	long	ADJ
easat-9257	73	7	memory	memory	NOUN
easat-9257	73	8	properties	property	NOUN
easat-9257	73	9	of	of	ADP
easat-9257	73	10	the	the	DET
easat-9257	73	11	figarch	figarch	NOUN
easat-9257	73	12	model	model	NOUN
easat-9257	73	13	[	[	X
easat-9257	73	14	20	20	NUM
easat-9257	73	15	]	]	PUNCT
easat-9257	73	16	with	with	ADP
easat-9257	73	17	the	the	DET
easat-9257	73	18	asymmetric	asymmetric	ADJ
easat-9257	73	19	power	power	NOUN
easat-9257	73	20	garch	garch	NOUN
easat-9257	73	21	(	(	PUNCT
easat-9257	73	22	apgarch	apgarch	NOUN
easat-9257	73	23	)	)	PUNCT
easat-9257	73	24	model	model	NOUN
easat-9257	73	25	proposed	propose	VERB
easat-9257	73	26	by	by	ADP
easat-9257	73	27	ding	ding	NOUN
easat-9257	73	28	,	,	PUNCT
easat-9257	73	29	et	et	PROPN
easat-9257	73	30	al	al	PROPN
easat-9257	73	31	.	.	PUNCT
easat-9257	74	1	[	[	X
easat-9257	74	2	17	17	NUM
easat-9257	74	3	]	]	PUNCT
easat-9257	74	4	to	to	PART
easat-9257	74	5	extend	extend	VERB
easat-9257	74	6	the	the	DET
easat-9257	74	7	figarch	figarch	NOUN
easat-9257	74	8	model	model	NOUN
easat-9257	74	9	to	to	PART
easat-9257	74	10	account	account	VERB
easat-9257	74	11	for	for	ADP
easat-9257	74	12	different	different	ADJ
easat-9257	74	13	degree	degree	NOUN
easat-9257	74	14	of	of	ADP
easat-9257	74	15	heterogeneous	heterogeneous	ADJ
easat-9257	74	16	variance	variance	NOUN
easat-9257	74	17	and	and	CCONJ
easat-9257	74	18	asymmetric	asymmetric	ADJ
easat-9257	74	19	dynamics	dynamic	NOUN
easat-9257	74	20	[	[	X
easat-9257	74	21	2	2	NUM
easat-9257	74	22	-	-	SYM
easat-9257	74	23	5	5	NUM
easat-9257	74	24	]	]	PUNCT
easat-9257	74	25	.	.	PUNCT
easat-9257	75	1	accordingly	accordingly	ADV
easat-9257	75	2	,	,	PUNCT
easat-9257	75	3	the	the	DET
easat-9257	75	4	fractionally	fractionally	ADV
easat-9257	75	5	integrated	integrate	VERB
easat-9257	75	6	with	with	ADP
easat-9257	75	7	apgarch	apgarch	NOUN
easat-9257	75	8	(	(	PUNCT
easat-9257	75	9	1	1	NUM
easat-9257	75	10	,	,	PUNCT
easat-9257	75	11	1	1	NUM
easat-9257	75	12	)	)	PUNCT
easat-9257	75	13	,	,	PUNCT
easat-9257	75	14	the	the	DET
easat-9257	75	15	fiapgarch	fiapgarch	NOUN
easat-9257	75	16	(	(	PUNCT
easat-9257	75	17	1	1	NUM
easat-9257	75	18	,	,	PUNCT
easat-9257	75	19	1	1	X
easat-9257	75	20	)	)	PUNCT
easat-9257	75	21	model	model	NOUN
easat-9257	75	22	can	can	AUX
easat-9257	75	23	be	be	AUX
easat-9257	75	24	shown	show	VERB
easat-9257	75	25	as	as	SCONJ
easat-9257	75	26	follows	follow	VERB
easat-9257	75	27	:	:	PUNCT
easat-9257	75	28	(	(	PUNCT
easat-9257	75	29	1	1	NUM
easat-9257	75	30	−	−	NOUN
easat-9257	75	31	βl	βl	NOUN
easat-9257	75	32	)	)	PUNCT
easat-9257	75	33	σt	σt	ADP
easat-9257	75	34	δ	δ	X
easat-9257	75	35	=	=	SYM
easat-9257	75	36	ω	ω	PROPN
easat-9257	76	1	+	+	CCONJ
easat-9257	76	2	(	(	PUNCT
easat-9257	76	3	(	(	PUNCT
easat-9257	76	4	1	1	NUM
easat-9257	76	5	−	−	NOUN
easat-9257	76	6	βl	βl	NOUN
easat-9257	76	7	)	)	PUNCT
easat-9257	76	8	−	−	PROPN
easat-9257	76	9	(	(	PUNCT
easat-9257	76	10	1	1	NUM
easat-9257	76	11	−	−	NOUN
easat-9257	76	12	αl	αl	X
easat-9257	76	13	)	)	PUNCT
easat-9257	76	14	(	(	PUNCT
easat-9257	76	15	1	1	NUM
easat-9257	76	16	−	−	NOUN
easat-9257	76	17	l)d	l)d	NOUN
easat-9257	76	18	)	)	PUNCT
easat-9257	76	19	(	(	PUNCT
easat-9257	76	20	|εt|	|εt|	NOUN
easat-9257	76	21	−	−	PROPN
easat-9257	76	22	γεt)δ	γεt)δ	PROPN
easat-9257	76	23	(	(	PUNCT
easat-9257	76	24	3	3	X
easat-9257	76	25	)	)	PUNCT
easat-9257	76	26	alternatively	alternatively	ADV
easat-9257	76	27	,	,	PUNCT
easat-9257	76	28	σt	σt	ADP
easat-9257	76	29	δ	δ	X
easat-9257	76	30	=	=	SYM
easat-9257	76	31	ω	ω	PROPN
easat-9257	76	32	+	+	CCONJ
easat-9257	76	33	βσt−1	βσt−1	PROPN
easat-9257	76	34	δ	δ	NOUN
easat-9257	76	35	+	+	X
easat-9257	76	36	(	(	PUNCT
easat-9257	76	37	(	(	PUNCT
easat-9257	76	38	1	1	NUM
easat-9257	76	39	−	−	NOUN
easat-9257	76	40	βl	βl	NOUN
easat-9257	76	41	)	)	PUNCT
easat-9257	76	42	−	−	PROPN
easat-9257	76	43	(	(	PUNCT
easat-9257	76	44	1	1	NUM
easat-9257	76	45	−	−	NOUN
easat-9257	76	46	αl	αl	X
easat-9257	76	47	)	)	PUNCT
easat-9257	76	48	(	(	PUNCT
easat-9257	76	49	1	1	NUM
easat-9257	76	50	−	−	NOUN
easat-9257	76	51	l)d)(|εt|	l)d)(|εt|	NOUN
easat-9257	76	52	−	−	PROPN
easat-9257	76	53	γεt)δ	γεt)δ	PROPN
easat-9257	76	54	(	(	PUNCT
easat-9257	76	55	4	4	X
easat-9257	76	56	)	)	PUNCT
easat-9257	76	57	if	if	SCONJ
easat-9257	76	58	β	β	NOUN
easat-9257	76	59	=	=	SYM
easat-9257	76	60	0	0	NUM
easat-9257	76	61	we	we	PRON
easat-9257	76	62	obtain	obtain	VERB
easat-9257	76	63	fiaparch	fiaparch	NOUN
easat-9257	76	64	(	(	PUNCT
easat-9257	76	65	1	1	NUM
easat-9257	76	66	)	)	PUNCT
easat-9257	76	67	as	as	SCONJ
easat-9257	76	68	follows	follow	VERB
easat-9257	76	69	:	:	PUNCT
easat-9257	76	70	σt	σt	ADP
easat-9257	76	71	δ	δ	X
easat-9257	76	72	=	=	SYM
easat-9257	76	73	ω	ω	PROPN
easat-9257	77	1	+	+	CCONJ
easat-9257	77	2	(	(	PUNCT
easat-9257	77	3	1	1	NUM
easat-9257	77	4	−	−	NOUN
easat-9257	77	5	(	(	PUNCT
easat-9257	77	6	1	1	NUM
easat-9257	77	7	−	−	NOUN
easat-9257	77	8	αl	αl	X
easat-9257	77	9	)	)	PUNCT
easat-9257	77	10	(	(	PUNCT
easat-9257	77	11	1	1	NUM
easat-9257	77	12	−	−	NOUN
easat-9257	77	13	l)d)(|εt|	l)d)(|εt|	NOUN
easat-9257	77	14	−	−	PROPN
easat-9257	77	15	γεt)δ	γεt)δ	PROPN
easat-9257	77	16	(	(	PUNCT
easat-9257	77	17	5	5	NUM
easat-9257	77	18	)	)	PUNCT
easat-9257	77	19	where	where	SCONJ
easat-9257	77	20	l	l	NOUN
easat-9257	77	21	denotes	denote	VERB
easat-9257	77	22	the	the	DET
easat-9257	77	23	lag	lag	NOUN
easat-9257	77	24	operator	operator	NOUN
easat-9257	77	25	,	,	PUNCT
easat-9257	77	26	d	d	PROPN
easat-9257	77	27	is	be	AUX
easat-9257	77	28	the	the	DET
easat-9257	77	29	0	0	NUM
easat-9257	77	30	≤	≤	NUM
easat-9257	77	31	d	d	NOUN
easat-9257	77	32	≤	≤	NUM
easat-9257	77	33	1	1	NUM
easat-9257	77	34	functional	functional	ADJ
easat-9257	77	35	differencing	differencing	NOUN
easat-9257	77	36	parameter	parameter	NOUN
easat-9257	77	37	,	,	PUNCT
easat-9257	77	38	β	β	PROPN
easat-9257	77	39	denotes	denote	VERB
easat-9257	77	40	the	the	DET
easat-9257	77	41	autoregressive	autoregressive	ADJ
easat-9257	77	42	parameters	parameter	NOUN
easat-9257	77	43	,	,	PUNCT
easat-9257	77	44	α	α	PRON
easat-9257	77	45	represents	represent	VERB
easat-9257	77	46	the	the	DET
easat-9257	77	47	moving	move	VERB
easat-9257	77	48	average	average	ADJ
easat-9257	77	49	parameters	parameter	NOUN
easat-9257	77	50	of	of	ADP
easat-9257	77	51	the	the	DET
easat-9257	77	52	conditional	conditional	ADJ
easat-9257	77	53	variance	variance	NOUN
easat-9257	77	54	equation	equation	NOUN
easat-9257	77	55	,	,	PUNCT
easat-9257	77	56	δ	δ	PROPN
easat-9257	77	57	represents	represent	VERB
easat-9257	77	58	the	the	DET
easat-9257	77	59	optimal	optimal	ADJ
easat-9257	77	60	power	power	NOUN
easat-9257	77	61	transformation	transformation	NOUN
easat-9257	77	62	,	,	PUNCT
easat-9257	77	63	γ	γ	PROPN
easat-9257	77	64	represents	represent	VERB
easat-9257	77	65	the	the	DET
easat-9257	77	66	asymmetry	asymmetry	NOUN
easat-9257	77	67	parameter	parameter	NOUN
easat-9257	77	68	and	and	CCONJ
easat-9257	77	69	γ	γ	X
easat-9257	77	70	<	<	X
easat-9257	77	71	1	1	NUM
easat-9257	77	72	ensures	ensure	VERB
easat-9257	77	73	that	that	PRON
easat-9257	77	74	positive	positive	ADJ
easat-9257	77	75	and	and	CCONJ
easat-9257	77	76	negative	negative	ADJ
easat-9257	77	77	innovations	innovation	NOUN
easat-9257	77	78	of	of	ADP
easat-9257	77	79	the	the	DET
easat-9257	77	80	same	same	ADJ
easat-9257	77	81	size	size	NOUN
easat-9257	77	82	can	can	AUX
easat-9257	77	83	have	have	VERB
easat-9257	77	84	asymmetric	asymmetric	ADJ
easat-9257	77	85	effects	effect	NOUN
easat-9257	77	86	on	on	ADP
easat-9257	77	87	the	the	DET
easat-9257	77	88	conditional	conditional	ADJ
easat-9257	77	89	variance	variance	NOUN
easat-9257	77	90	.	.	PUNCT
easat-9257	78	1	2.3	2.3	NUM
easat-9257	78	2	.	.	PUNCT
easat-9257	79	1	dynamic	dynamic	ADJ
easat-9257	79	2	conditional	conditional	ADJ
easat-9257	79	3	correlation	correlation	NOUN
easat-9257	79	4	(	(	PUNCT
easat-9257	79	5	dcc)-garch	dcc)-garch	NOUN
easat-9257	79	6	model	model	NOUN
easat-9257	79	7	engle	engle	NOUN
easat-9257	80	1	[	[	X
easat-9257	80	2	21	21	NUM
easat-9257	80	3	]	]	PUNCT
easat-9257	80	4	introduced	introduce	VERB
easat-9257	80	5	the	the	DET
easat-9257	80	6	dynamic	dynamic	ADJ
easat-9257	80	7	conditional	conditional	ADJ
easat-9257	80	8	correlation	correlation	NOUN
easat-9257	80	9	(	(	PUNCT
easat-9257	80	10	dcc	dcc	PROPN
easat-9257	80	11	)	)	PUNCT
easat-9257	80	12	model	model	NOUN
easat-9257	80	13	,	,	PUNCT
easat-9257	80	14	a	a	DET
easat-9257	80	15	multivariate	multivariate	NOUN
easat-9257	80	16	model	model	NOUN
easat-9257	80	17	that	that	PRON
easat-9257	80	18	can	can	AUX
easat-9257	80	19	be	be	AUX
easat-9257	80	20	viewed	view	VERB
easat-9257	80	21	as	as	ADP
easat-9257	80	22	a	a	DET
easat-9257	80	23	nonlinear	nonlinear	ADJ
easat-9257	80	24	combination	combination	NOUN
easat-9257	80	25	of	of	ADP
easat-9257	80	26	univariate	univariate	ADJ
easat-9257	80	27	garch	garch	NOUN
easat-9257	80	28	models	model	NOUN
easat-9257	80	29	.	.	PUNCT
easat-9257	81	1	the	the	DET
easat-9257	81	2	dcc	dcc	PROPN
easat-9257	81	3	is	be	AUX
easat-9257	81	4	a	a	DET
easat-9257	81	5	generalized	generalized	ADJ
easat-9257	81	6	version	version	NOUN
easat-9257	81	7	of	of	ADP
easat-9257	81	8	bollerslev	bollerslev	NOUN
easat-9257	81	9	[	[	X
easat-9257	81	10	22	22	NUM
easat-9257	81	11	]	]	PUNCT
easat-9257	81	12	constant	constant	ADJ
easat-9257	81	13	conditional	conditional	ADJ
easat-9257	81	14	correlation	correlation	NOUN
easat-9257	81	15	(	(	PUNCT
easat-9257	81	16	ccc	ccc	NOUN
easat-9257	81	17	)	)	PUNCT
easat-9257	81	18	model	model	NOUN
easat-9257	81	19	.	.	PUNCT
easat-9257	82	1	utilizing	utilize	VERB
easat-9257	82	2	the	the	DET
easat-9257	82	3	conditional	conditional	ADJ
easat-9257	82	4	correlation	correlation	NOUN
easat-9257	82	5	coefficients	coefficient	NOUN
easat-9257	82	6	and	and	CCONJ
easat-9257	82	7	variances	variance	NOUN
easat-9257	82	8	of	of	ADP
easat-9257	82	9	the	the	DET
easat-9257	82	10	𝑖	𝑖	NOUN
easat-9257	82	11	and	and	CCONJ
easat-9257	82	12	𝑗	𝑗	PRON
easat-9257	82	13	stock	stock	NOUN
easat-9257	82	14	returns	return	NOUN
easat-9257	82	15	to	to	PART
easat-9257	82	16	parameterize	parameterize	VERB
easat-9257	82	17	the	the	DET
easat-9257	82	18	stock	stock	NOUN
easat-9257	82	19	return	return	NOUN
easat-9257	82	20	covariance	covariance	NOUN
easat-9257	82	21	matrix	matrix	NOUN
easat-9257	82	22	ht	ht	NOUN
easat-9257	82	23	,	,	PUNCT
easat-9257	82	24	we	we	PRON
easat-9257	82	25	specify	specify	VERB
easat-9257	82	26	a	a	DET
easat-9257	82	27	multivariate	multivariate	ADJ
easat-9257	82	28	conditional	conditional	ADJ
easat-9257	82	29	variance	variance	NOUN
easat-9257	82	30	:	:	PUNCT
easat-9257	83	1	ht	ht	PROPN
easat-9257	83	2	=	=	PUNCT
easat-9257	83	3	dtrtdt	dtrtdt	ADJ
easat-9257	83	4	(	(	PUNCT
easat-9257	83	5	6	6	NUM
easat-9257	83	6	)	)	PUNCT
easat-9257	83	7	where	where	SCONJ
easat-9257	83	8	rt	rt	PROPN
easat-9257	83	9	is	be	AUX
easat-9257	83	10	the	the	DET
easat-9257	83	11	(	(	PUNCT
easat-9257	83	12	n	n	NOUN
easat-9257	83	13	x	x	CCONJ
easat-9257	83	14	n	n	CCONJ
easat-9257	83	15	)	)	PUNCT
easat-9257	83	16	time	time	NOUN
easat-9257	83	17	-	-	PUNCT
easat-9257	83	18	varying	vary	VERB
easat-9257	83	19	correlation	correlation	NOUN
easat-9257	83	20	matrix	matrix	NOUN
easat-9257	83	21	;	;	PUNCT
easat-9257	83	22	dt	dt	PROPN
easat-9257	83	23	is	be	AUX
easat-9257	83	24	the	the	DET
easat-9257	83	25	(	(	PUNCT
easat-9257	83	26	n	n	NOUN
easat-9257	83	27	x	x	CCONJ
easat-9257	83	28	n	n	CCONJ
easat-9257	83	29	)	)	PUNCT
easat-9257	83	30	diagonal	diagonal	ADJ
easat-9257	83	31	matrix	matrix	NOUN
easat-9257	83	32	of	of	ADP
easat-9257	83	33	timevarying	timevarye	VERB
easat-9257	83	34	standard	standard	ADJ
easat-9257	83	35	deviations	deviation	NOUN
easat-9257	83	36	from	from	ADP
easat-9257	83	37	univariate	univariate	ADJ
easat-9257	83	38	garch	garch	NOUN
easat-9257	83	39	models	model	NOUN
easat-9257	83	40	:	:	PUNCT
easat-9257	83	41	234	234	NUM
easat-9257	83	42	edelweiss	edelweiss	PROPN
easat-9257	83	43	applied	apply	VERB
easat-9257	83	44	science	science	NOUN
easat-9257	83	45	and	and	CCONJ
easat-9257	83	46	technology	technology	NOUN
easat-9257	83	47	issn	issn	PROPN
easat-9257	83	48	:	:	PUNCT
easat-9257	83	49	2576	2576	NUM
easat-9257	83	50	-	-	SYM
easat-9257	83	51	8484	8484	NUM
easat-9257	83	52	vol	vol	NOUN
easat-9257	83	53	.	.	PROPN
easat-9257	84	1	9	9	NUM
easat-9257	84	2	,	,	PUNCT
easat-9257	84	3	no	no	INTJ
easat-9257	84	4	.	.	NOUN
easat-9257	84	5	8	8	NUM
easat-9257	84	6	:	:	SYM
easat-9257	84	7	231	231	NUM
easat-9257	84	8	-	-	SYM
easat-9257	84	9	253	253	NUM
easat-9257	84	10	,	,	PUNCT
easat-9257	84	11	2025	2025	NUM
easat-9257	84	12	doi	doi	NOUN
easat-9257	84	13	:	:	PUNCT
easat-9257	84	14	10.55214/2576	10.55214/2576	NUM
easat-9257	84	15	-	-	SYM
easat-9257	84	16	8484.v9i8.9257	8484.v9i8.9257	NUM
easat-9257	84	17	©	©	PROPN
easat-9257	84	18	2025	2025	NUM
easat-9257	84	19	by	by	ADP
easat-9257	84	20	the	the	DET
easat-9257	84	21	author	author	NOUN
easat-9257	84	22	;	;	PUNCT
easat-9257	84	23	licensee	licensee	PROPN
easat-9257	84	24	learning	learning	NOUN
easat-9257	84	25	gate	gate	NOUN
easat-9257	84	26	dt	dt	PROPN
easat-9257	85	1	=	=	SYM
easat-9257	85	2	diag(h11	diag(h11	PROPN
easat-9257	85	3	t	t	PROPN
easat-9257	85	4	1/2	1/2	NUM
easat-9257	85	5	…	…	PUNCT
easat-9257	85	6	h𝑛𝑛t	h𝑛𝑛t	PROPN
easat-9257	85	7	1/2	1/2	NUM
easat-9257	85	8	)	)	PUNCT
easat-9257	85	9	(	(	PUNCT
easat-9257	85	10	7	7	X
easat-9257	85	11	)	)	PUNCT
easat-9257	85	12	with	with	ADP
easat-9257	85	13	hiit	hiit	PROPN
easat-9257	85	14	1/2	1/2	NUM
easat-9257	85	15	𝑖th	𝑖th	NOUN
easat-9257	85	16	diagonal	diagonal	ADJ
easat-9257	85	17	,	,	PUNCT
easat-9257	85	18	𝑖	𝑖	NOUN
easat-9257	85	19	=	=	SYM
easat-9257	85	20	1,2	1,2	NUM
easat-9257	85	21	,	,	PUNCT
easat-9257	85	22	.	.	PUNCT
easat-9257	85	23	.	.	PUNCT
easat-9257	86	1	.	.	PUNCT
easat-9257	87	1	,	,	PUNCT
easat-9257	87	2	𝑛	𝑛	PROPN
easat-9257	87	3	;	;	PUNCT
easat-9257	87	4	hiit	hiit	PROPN
easat-9257	87	5	can	can	AUX
easat-9257	87	6	be	be	AUX
easat-9257	87	7	any	any	DET
easat-9257	87	8	univariate	univariate	ADJ
easat-9257	87	9	garch	garch	NOUN
easat-9257	87	10	model	model	NOUN
easat-9257	87	11	the	the	DET
easat-9257	87	12	evolution	evolution	NOUN
easat-9257	87	13	of	of	ADP
easat-9257	87	14	the	the	DET
easat-9257	87	15	correlation	correlation	NOUN
easat-9257	87	16	in	in	ADP
easat-9257	87	17	the	the	DET
easat-9257	87	18	dcc	dcc	PROPN
easat-9257	87	19	model	model	NOUN
easat-9257	87	20	is	be	AUX
easat-9257	87	21	given	give	VERB
easat-9257	87	22	by	by	ADP
easat-9257	87	23	:	:	PUNCT
easat-9257	87	24	𝑄𝑡	𝑄𝑡	PROPN
easat-9257	87	25	=	=	PUNCT
easat-9257	87	26	(	(	PUNCT
easat-9257	87	27	1	1	NUM
easat-9257	87	28	−	−	PROPN
easat-9257	87	29	𝛼	𝛼	NOUN
easat-9257	87	30	−	−	PROPN
easat-9257	87	31	𝛽)	𝛽)	NUM
easat-9257	87	32	�	�	NOUN
easat-9257	87	33	̅	̅	NOUN
easat-9257	87	34	�	�	NOUN
easat-9257	87	35	+	+	NUM
easat-9257	87	36	𝛼𝑢𝑡−1𝑢𝑡−1	𝛼𝑢𝑡−1𝑢𝑡−1	PROPN
easat-9257	87	37	′	′	NUM
easat-9257	88	1	+	+	CCONJ
easat-9257	88	2	𝛽𝑄𝑡−1	𝛽𝑄𝑡−1	ADJ
easat-9257	88	3	(	(	PUNCT
easat-9257	88	4	8)	8)	NUM
easat-9257	88	5	where	where	SCONJ
easat-9257	88	6	𝑢𝑖,𝑡	𝑢𝑖,𝑡	ADV
easat-9257	88	7	=	=	SYM
easat-9257	88	8	𝑖,1	𝑖,1	PRON
easat-9257	88	9	√ℎ𝑖𝑖,𝑡	√ℎ𝑖𝑖,𝑡	PROPN
easat-9257	88	10	and	and	CCONJ
easat-9257	88	11	𝑄𝑡	𝑄𝑡	PROPN
easat-9257	88	12	=	=	SYM
easat-9257	88	13	(	(	PUNCT
easat-9257	88	14	𝑞𝑖𝑗,1	𝑞𝑖𝑗,1	NOUN
easat-9257	88	15	)	)	PUNCT
easat-9257	88	16	,	,	PUNCT
easat-9257	88	17	the	the	DET
easat-9257	88	18	n	n	NOUN
easat-9257	88	19	x	x	NOUN
easat-9257	88	20	n	n	PRON
easat-9257	88	21	time	time	NOUN
easat-9257	88	22	-	-	PUNCT
easat-9257	88	23	varying	vary	VERB
easat-9257	88	24	covariance	covariance	NOUN
easat-9257	88	25	matrix	matrix	NOUN
easat-9257	88	26	of	of	ADP
easat-9257	88	27	is	be	AUX
easat-9257	88	28	𝑢𝑡	𝑢𝑡	NOUN
easat-9257	88	29	,	,	PUNCT
easat-9257	88	30	�	�	NOUN
easat-9257	88	31	̅	̅	NOUN
easat-9257	88	32	�	�	NOUN
easat-9257	88	33	=	=	PRON
easat-9257	88	34	𝐸[𝑢1𝑢𝑡	𝐸[𝑢1𝑢𝑡	NOUN
easat-9257	88	35	′	′	NOUN
easat-9257	88	36	]	]	PUNCT
easat-9257	88	37	is	be	AUX
easat-9257	88	38	the	the	DET
easat-9257	88	39	n	n	NOUN
easat-9257	88	40	x	x	SYM
easat-9257	88	41	n	n	PRON
easat-9257	88	42	unconditional	unconditional	ADJ
easat-9257	88	43	variance	variance	NOUN
easat-9257	88	44	matrix	matrix	NOUN
easat-9257	88	45	of	of	ADP
easat-9257	88	46	𝑢𝑡	𝑢𝑡	NOUN
easat-9257	88	47	,	,	PUNCT
easat-9257	88	48	and	and	CCONJ
easat-9257	88	49	𝛼	𝛼	PRON
easat-9257	88	50	𝑎𝑛𝑑	𝑎𝑛𝑑	PROPN
easat-9257	88	51	𝛽	𝛽	NOUN
easat-9257	88	52	are	be	AUX
easat-9257	88	53	nonnegative	nonnegative	ADJ
easat-9257	88	54	scalar	scalar	ADJ
easat-9257	88	55	parameters	parameter	NOUN
easat-9257	88	56	satisfying(𝛼	satisfying(𝛼	VERB
easat-9257	88	57	+	+	CCONJ
easat-9257	88	58	𝛽	𝛽	NOUN
easat-9257	88	59	)	)	PUNCT
easat-9257	88	60	<	<	X
easat-9257	88	61	1	1	X
easat-9257	88	62	.	.	PUNCT
easat-9257	89	1	since	since	SCONJ
easat-9257	89	2	𝑄𝑡	𝑄𝑡	PROPN
easat-9257	89	3	does	do	AUX
easat-9257	89	4	not	not	PART
easat-9257	89	5	generally	generally	ADV
easat-9257	89	6	have	have	VERB
easat-9257	89	7	ones	one	NOUN
easat-9257	89	8	on	on	ADP
easat-9257	89	9	the	the	DET
easat-9257	89	10	diagonal	diagonal	NOUN
easat-9257	89	11	,	,	PUNCT
easat-9257	89	12	we	we	PRON
easat-9257	89	13	scale	scale	VERB
easat-9257	89	14	it	it	PRON
easat-9257	89	15	to	to	PART
easat-9257	89	16	obtain	obtain	VERB
easat-9257	89	17	a	a	DET
easat-9257	89	18	proper	proper	ADJ
easat-9257	89	19	correlation	correlation	NOUN
easat-9257	89	20	matrix	matrix	NOUN
easat-9257	89	21	𝑅𝑡.	𝑅𝑡.	PROPN
easat-9257	90	1	thus	thus	ADV
easat-9257	90	2	,	,	PUNCT
easat-9257	90	3	rt	rt	PROPN
easat-9257	90	4	=	=	PUNCT
easat-9257	90	5	(	(	PUNCT
easat-9257	90	6	𝑑𝑖𝑎𝑔(𝑄𝑡))−1/2𝑄𝑡	𝑑𝑖𝑎𝑔(𝑄𝑡))−1/2𝑄𝑡	NOUN
easat-9257	90	7	=	=	SYM
easat-9257	90	8	(	(	PUNCT
easat-9257	90	9	𝑑𝑖𝑎𝑔(𝑄𝑡))−1/2	𝑑𝑖𝑎𝑔(𝑄𝑡))−1/2	PROPN
easat-9257	90	10	(	(	PUNCT
easat-9257	90	11	9	9	NUM
easat-9257	90	12	)	)	PUNCT
easat-9257	90	13	where	where	SCONJ
easat-9257	90	14	(	(	PUNCT
easat-9257	90	15	𝑑𝑖𝑎𝑔(𝑄𝑡))−1/2	𝑑𝑖𝑎𝑔(𝑄𝑡))−1/2	PROPN
easat-9257	90	16	=	=	PUNCT
easat-9257	90	17	𝑑𝑖𝑎𝑔(1/√𝑞11,𝑡	𝑑𝑖𝑎𝑔(1/√𝑞11,𝑡	PROPN
easat-9257	90	18	,	,	PUNCT
easat-9257	90	19	…	…	PUNCT
easat-9257	90	20	,	,	PUNCT
easat-9257	90	21	1/√𝑞𝑛𝑛,𝑡	1/√𝑞𝑛𝑛,𝑡	NUM
easat-9257	90	22	)	)	PUNCT
easat-9257	90	23	now	now	ADV
easat-9257	90	24	rt	rt	PROPN
easat-9257	90	25	is	be	AUX
easat-9257	90	26	a	a	DET
easat-9257	90	27	correlation	correlation	NOUN
easat-9257	90	28	matrix	matrix	NOUN
easat-9257	90	29	with	with	ADP
easat-9257	90	30	ones	one	NOUN
easat-9257	90	31	on	on	ADP
easat-9257	90	32	the	the	DET
easat-9257	90	33	diagonal	diagonal	ADJ
easat-9257	90	34	and	and	CCONJ
easat-9257	90	35	off	off	ADP
easat-9257	90	36	-	-	PUNCT
easat-9257	90	37	diagonal	diagonal	ADJ
easat-9257	90	38	elements	element	NOUN
easat-9257	90	39	less	less	ADJ
easat-9257	90	40	than	than	ADP
easat-9257	90	41	one	one	NUM
easat-9257	90	42	in	in	ADP
easat-9257	90	43	absolute	absolute	ADJ
easat-9257	90	44	value	value	NOUN
easat-9257	90	45	,	,	PUNCT
easat-9257	90	46	as	as	ADV
easat-9257	90	47	long	long	ADV
easat-9257	90	48	as	as	SCONJ
easat-9257	90	49	𝑄𝑡	𝑄𝑡	PROPN
easat-9257	90	50	is	be	AUX
easat-9257	90	51	positive	positive	ADJ
easat-9257	90	52	definite	definite	ADJ
easat-9257	90	53	.	.	PUNCT
easat-9257	91	1	a	a	DET
easat-9257	91	2	typical	typical	ADJ
easat-9257	91	3	element	element	NOUN
easat-9257	91	4	of	of	ADP
easat-9257	91	5	𝑄𝑡	𝑄𝑡	PROPN
easat-9257	91	6	is	be	AUX
easat-9257	91	7	given	give	VERB
easat-9257	91	8	by	by	ADP
easat-9257	91	9	:	:	PUNCT
easat-9257	91	10	𝑞𝑖𝑗,𝑡	𝑞𝑖𝑗,𝑡	X
easat-9257	91	11	=	=	SYM
easat-9257	91	12	(	(	PUNCT
easat-9257	91	13	1	1	NUM
easat-9257	91	14	−	−	PROPN
easat-9257	91	15	𝛼	𝛼	NOUN
easat-9257	91	16	−	−	PROPN
easat-9257	91	17	𝛽)	𝛽)	NUM
easat-9257	91	18	�	�	NOUN
easat-9257	91	19	̅	̅	NOUN
easat-9257	91	20	�	�	NOUN
easat-9257	91	21	𝑖𝑗	𝑖𝑗	NOUN
easat-9257	91	22	+	+	NOUN
easat-9257	91	23	𝛼𝑢𝑖,𝑡−1𝑢𝑗,𝑡−1	𝛼𝑢𝑖,𝑡−1𝑢𝑗,𝑡−1	NOUN
easat-9257	91	24	+	+	CCONJ
easat-9257	91	25	𝛽𝑞𝑖𝑗	𝛽𝑞𝑖𝑗	ADJ
easat-9257	91	26	𝑡−1	𝑡−1	PROPN
easat-9257	91	27	(	(	PUNCT
easat-9257	91	28	10	10	NUM
easat-9257	91	29	)	)	PUNCT
easat-9257	91	30	where	where	SCONJ
easat-9257	91	31	�	�	NOUN
easat-9257	91	32	̅	̅	NOUN
easat-9257	91	33	�	�	NOUN
easat-9257	91	34	𝑖𝑗	𝑖𝑗	NOUN
easat-9257	91	35	is	be	AUX
easat-9257	91	36	the	the	DET
easat-9257	91	37	unconditional	unconditional	ADJ
easat-9257	91	38	correlation	correlation	NOUN
easat-9257	91	39	of	of	ADP
easat-9257	91	40	𝑢𝑖,𝑡	𝑢𝑖,𝑡	PUNCT
easat-9257	91	41	𝑎𝑛𝑑	𝑎𝑛𝑑	PROPN
easat-9257	91	42	𝑢𝑗,𝑡.	𝑢𝑗,𝑡.	PROPN
easat-9257	91	43	(	(	PUNCT
easat-9257	91	44	𝑞𝑖𝑗,𝑡)is	𝑞𝑖𝑗,𝑡)is	NUM
easat-9257	91	45	the	the	DET
easat-9257	91	46	n	n	NOUN
easat-9257	91	47	x	x	SYM
easat-9257	91	48	n	n	PRON
easat-9257	91	49	time	time	NOUN
easat-9257	91	50	-	-	PUNCT
easat-9257	91	51	varying	vary	VERB
easat-9257	91	52	covariance	covariance	NOUN
easat-9257	91	53	matrix	matrix	NOUN
easat-9257	91	54	of	of	ADP
easat-9257	91	55	𝑢𝑡	𝑢𝑡	NOUN
easat-9257	91	56	,	,	PUNCT
easat-9257	91	57	𝑢𝑖,𝑡−1𝑢𝑗,𝑡−1	𝑢𝑖,𝑡−1𝑢𝑗,𝑡−1	PROPN
easat-9257	91	58	is	be	AUX
easat-9257	91	59	the	the	DET
easat-9257	91	60	cross	cross	NOUN
easat-9257	91	61	-	-	NOUN
easat-9257	91	62	product	product	NOUN
easat-9257	91	63	of	of	ADP
easat-9257	91	64	time	time	NOUN
easat-9257	91	65	-	-	PUNCT
easat-9257	91	66	varying	vary	VERB
easat-9257	91	67	standardized	standardized	ADJ
easat-9257	91	68	residuals	residual	NOUN
easat-9257	91	69	matrix	matrix	NOUN
easat-9257	91	70	.	.	PUNCT
easat-9257	92	1	α	α	PROPN
easat-9257	92	2	and	and	CCONJ
easat-9257	92	3	𝛽	𝛽	PROPN
easat-9257	92	4	are	be	AUX
easat-9257	92	5	non	non	ADJ
easat-9257	92	6	-	-	ADJ
easat-9257	92	7	negative	negative	ADJ
easat-9257	92	8	scalars	scalar	NOUN
easat-9257	92	9	that	that	SCONJ
easat-9257	92	10	α	α	PRON
easat-9257	92	11	+	+	X
easat-9257	92	12	β	β	X
easat-9257	92	13	<	<	X
easat-9257	92	14	1	1	NUM
easat-9257	92	15	.	.	PUNCT
easat-9257	92	16	engle	engle	PROPN
easat-9257	93	1	[	[	X
easat-9257	93	2	21	21	NUM
easat-9257	93	3	]	]	PUNCT
easat-9257	93	4	defines	define	VERB
easat-9257	93	5	conditional	conditional	ADJ
easat-9257	93	6	correlations	correlation	NOUN
easat-9257	93	7	as	as	ADP
easat-9257	93	8	a	a	DET
easat-9257	93	9	weighted	weighted	ADJ
easat-9257	93	10	sum	sum	NOUN
easat-9257	93	11	of	of	ADP
easat-9257	93	12	past	past	ADJ
easat-9257	93	13	correlations	correlation	NOUN
easat-9257	93	14	,	,	PUNCT
easat-9257	93	15	modeling	model	VERB
easat-9257	93	16	𝑄𝑡	𝑄𝑡	PROPN
easat-9257	93	17	as	as	ADP
easat-9257	93	18	a	a	DET
easat-9257	93	19	garch	garch	NOUN
easat-9257	93	20	process	process	NOUN
easat-9257	93	21	and	and	CCONJ
easat-9257	93	22	transforming	transform	VERB
easat-9257	93	23	it	it	PRON
easat-9257	93	24	into	into	ADP
easat-9257	93	25	a	a	DET
easat-9257	93	26	correlation	correlation	NOUN
easat-9257	93	27	matrix	matrix	NOUN
easat-9257	93	28	.	.	PUNCT
easat-9257	94	1	he	he	PRON
easat-9257	94	2	proposed	propose	VERB
easat-9257	94	3	a	a	DET
easat-9257	94	4	two	two	NUM
easat-9257	94	5	-	-	PUNCT
easat-9257	94	6	step	step	NOUN
easat-9257	94	7	estimation	estimation	NOUN
easat-9257	94	8	procedure	procedure	NOUN
easat-9257	94	9	for	for	ADP
easat-9257	94	10	the	the	DET
easat-9257	94	11	dcc	dcc	PROPN
easat-9257	94	12	model	model	NOUN
easat-9257	94	13	.	.	PUNCT
easat-9257	95	1	in	in	ADP
easat-9257	95	2	the	the	DET
easat-9257	95	3	first	first	ADJ
easat-9257	95	4	step	step	NOUN
easat-9257	95	5	,	,	PUNCT
easat-9257	95	6	the	the	DET
easat-9257	95	7	conditional	conditional	ADJ
easat-9257	95	8	variance	variance	NOUN
easat-9257	95	9	ht	ht	PROPN
easat-9257	95	10	=	=	PUNCT
easat-9257	95	11	dtrtdt	dtrtdt	PROPN
easat-9257	95	12	separates	separate	VERB
easat-9257	95	13	volatility	volatility	NOUN
easat-9257	95	14	and	and	CCONJ
easat-9257	95	15	correlation	correlation	NOUN
easat-9257	95	16	.	.	PUNCT
easat-9257	96	1	replacing	replace	VERB
easat-9257	96	2	rt	rt	PROPN
easat-9257	96	3	with	with	ADP
easat-9257	96	4	the	the	DET
easat-9257	96	5	identity	identity	NOUN
easat-9257	96	6	matrix	matrix	NOUN
easat-9257	96	7	simplifies	simplifie	NOUN
easat-9257	96	8	the	the	DET
easat-9257	96	9	likelihood	likelihood	NOUN
easat-9257	96	10	function	function	NOUN
easat-9257	96	11	to	to	ADP
easat-9257	96	12	a	a	DET
easat-9257	96	13	sum	sum	NOUN
easat-9257	96	14	of	of	ADP
easat-9257	96	15	n	n	CCONJ
easat-9257	96	16	univariate	univariate	ADJ
easat-9257	96	17	models	model	NOUN
easat-9257	96	18	’	'	PUNCT
easat-9257	96	19	log	log	NOUN
easat-9257	96	20	-	-	PUNCT
easat-9257	96	21	likelihoods	likelihood	NOUN
easat-9257	96	22	.	.	PUNCT
easat-9257	97	1	in	in	ADP
easat-9257	97	2	the	the	DET
easat-9257	97	3	second	second	ADJ
easat-9257	97	4	step	step	NOUN
easat-9257	97	5	,	,	PUNCT
easat-9257	97	6	rt	rt	PROPN
easat-9257	97	7	parameters	parameter	NOUN
easat-9257	97	8	are	be	AUX
easat-9257	97	9	estimated	estimate	VERB
easat-9257	97	10	.	.	PUNCT
easat-9257	98	1	this	this	DET
easat-9257	98	2	method	method	NOUN
easat-9257	98	3	provides	provide	VERB
easat-9257	98	4	consistent	consistent	ADJ
easat-9257	98	5	but	but	CCONJ
easat-9257	98	6	inefficient	inefficient	ADJ
easat-9257	98	7	estimators	estimator	NOUN
easat-9257	98	8	.	.	PUNCT
easat-9257	99	1	the	the	DET
easat-9257	99	2	log	log	NOUN
easat-9257	99	3	-	-	PUNCT
easat-9257	99	4	likelihood	likelihood	NOUN
easat-9257	99	5	of	of	ADP
easat-9257	99	6	the	the	DET
easat-9257	99	7	two	two	NUM
easat-9257	99	8	-	-	PUNCT
easat-9257	99	9	step	step	NOUN
easat-9257	99	10	procedure	procedure	NOUN
easat-9257	99	11	can	can	AUX
easat-9257	99	12	be	be	AUX
easat-9257	99	13	compared	compare	VERB
easat-9257	99	14	with	with	ADP
easat-9257	99	15	the	the	DET
easat-9257	99	16	one	one	NUM
easat-9257	99	17	-	-	PUNCT
easat-9257	99	18	step	step	NOUN
easat-9257	99	19	method	method	NOUN
easat-9257	99	20	and	and	CCONJ
easat-9257	99	21	other	other	ADJ
easat-9257	99	22	models	model	NOUN
easat-9257	99	23	.	.	PUNCT
easat-9257	100	1	now	now	ADV
easat-9257	100	2	𝑅𝑡	𝑅𝑡	PRON
easat-9257	100	3	is	be	AUX
easat-9257	100	4	a	a	DET
easat-9257	100	5	correlation	correlation	NOUN
easat-9257	100	6	matrix	matrix	NOUN
easat-9257	100	7	with	with	ADP
easat-9257	100	8	ones	one	NOUN
easat-9257	100	9	on	on	ADP
easat-9257	100	10	the	the	DET
easat-9257	100	11	diagonal	diagonal	ADJ
easat-9257	100	12	and	and	CCONJ
easat-9257	100	13	off	off	ADP
easat-9257	100	14	-	-	PUNCT
easat-9257	100	15	diagonal	diagonal	ADJ
easat-9257	100	16	elements	element	NOUN
easat-9257	100	17	less	less	ADJ
easat-9257	100	18	than	than	ADP
easat-9257	100	19	one	one	NUM
easat-9257	100	20	in	in	ADP
easat-9257	100	21	absolute	absolute	ADJ
easat-9257	100	22	value	value	NOUN
easat-9257	100	23	,	,	PUNCT
easat-9257	100	24	as	as	ADV
easat-9257	100	25	long	long	ADV
easat-9257	100	26	as	as	ADP
easat-9257	100	27	𝑄12,𝑡	𝑄12,𝑡	ADP
easat-9257	101	1	if	if	SCONJ
easat-9257	101	2	two	two	NUM
easat-9257	101	3	markets	market	NOUN
easat-9257	101	4	1	1	NUM
easat-9257	101	5	and	and	CCONJ
easat-9257	101	6	2	2	NUM
easat-9257	101	7	is	be	AUX
easat-9257	101	8	positive	positive	ADJ
easat-9257	101	9	definite	definite	ADJ
easat-9257	101	10	.	.	PUNCT
easat-9257	102	1	a	a	DET
easat-9257	102	2	typical	typical	ADJ
easat-9257	102	3	element	element	NOUN
easat-9257	102	4	of	of	ADP
easat-9257	102	5	𝑅𝑡	𝑅𝑡	PROPN
easat-9257	102	6	is	be	AUX
easat-9257	102	7	obtained	obtain	VERB
easat-9257	102	8	from	from	ADP
easat-9257	102	9	𝑄𝑡	𝑄𝑡	PROPN
easat-9257	102	10	of	of	ADP
easat-9257	102	11	the	the	DET
easat-9257	102	12	form	form	NOUN
easat-9257	102	13	as	as	ADP
easat-9257	102	14	:	:	PUNCT
easat-9257	102	15	𝑞11,𝑡	𝑞11,𝑡	PROPN
easat-9257	102	16	=	=	SYM
easat-9257	102	17	(	(	PUNCT
easat-9257	102	18	1	1	NUM
easat-9257	102	19	−	−	PROPN
easat-9257	102	20	𝛼	𝛼	NOUN
easat-9257	102	21	−	−	PROPN
easat-9257	102	22	𝛽)	𝛽)	SYM
easat-9257	102	23	�	�	NOUN
easat-9257	102	24	̅	̅	NOUN
easat-9257	102	25	�	�	NOUN
easat-9257	102	26	11	11	NUM
easat-9257	102	27	+	+	CCONJ
easat-9257	102	28	𝛼𝑢1,𝑡−1	𝛼𝑢1,𝑡−1	NOUN
easat-9257	102	29	2	2	NUM
easat-9257	102	30	+	+	CCONJ
easat-9257	102	31	𝛽𝑞11	𝛽𝑞11	PROPN
easat-9257	102	32	𝑡−1	𝑡−1	PROPN
easat-9257	102	33	(	(	PUNCT
easat-9257	102	34	11	11	NUM
easat-9257	102	35	)	)	PUNCT
easat-9257	102	36	𝑞22,𝑡	𝑞22,𝑡	NOUN
easat-9257	102	37	=	=	PUNCT
easat-9257	102	38	(	(	PUNCT
easat-9257	102	39	1	1	NUM
easat-9257	102	40	−	−	PROPN
easat-9257	102	41	𝛼	𝛼	NOUN
easat-9257	102	42	−	−	PROPN
easat-9257	102	43	𝛽)	𝛽)	SYM
easat-9257	102	44	�	�	NOUN
easat-9257	102	45	̅	̅	NOUN
easat-9257	102	46	�	�	NOUN
easat-9257	102	47	22	22	NUM
easat-9257	102	48	+	+	CCONJ
easat-9257	102	49	𝛼𝑢1,𝑡−1	𝛼𝑢1,𝑡−1	NOUN
easat-9257	102	50	2	2	NUM
easat-9257	102	51	+	+	CCONJ
easat-9257	102	52	𝛽𝑞22	𝛽𝑞22	PROPN
easat-9257	102	53	𝑡−1	𝑡−1	PROPN
easat-9257	102	54	(	(	PUNCT
easat-9257	102	55	12	12	NUM
easat-9257	102	56	)	)	PUNCT
easat-9257	102	57	𝑞12,𝑡	𝑞12,𝑡	NOUN
easat-9257	103	1	=	=	SYM
easat-9257	103	2	(	(	PUNCT
easat-9257	103	3	1	1	NUM
easat-9257	103	4	−	−	PROPN
easat-9257	103	5	𝛼	𝛼	NOUN
easat-9257	103	6	−	−	PROPN
easat-9257	103	7	𝛽)	𝛽)	NUM
easat-9257	103	8	�	�	NOUN
easat-9257	103	9	̅	̅	NOUN
easat-9257	103	10	�	�	NOUN
easat-9257	103	11	12	12	NUM
easat-9257	103	12	+	+	NUM
easat-9257	103	13	𝑎𝑢1,𝑡−1𝑢2,𝑡−1	𝑎𝑢1,𝑡−1𝑢2,𝑡−1	NOUN
easat-9257	103	14	+	+	CCONJ
easat-9257	103	15	𝛽𝑞12	𝛽𝑞12	PROPN
easat-9257	103	16	𝑡−1	𝑡−1	PROPN
easat-9257	103	17	(	(	PUNCT
easat-9257	103	18	13	13	NUM
easat-9257	103	19	)	)	PUNCT
easat-9257	103	20	under	under	ADP
easat-9257	103	21	dcc	dcc	PROPN
easat-9257	103	22	we	we	PRON
easat-9257	103	23	can	can	AUX
easat-9257	103	24	obtain	obtain	VERB
easat-9257	103	25	the	the	DET
easat-9257	103	26	conditional	conditional	ADJ
easat-9257	103	27	correlation	correlation	NOUN
easat-9257	103	28	coefficient	coefficient	NOUN
easat-9257	103	29	for	for	ADP
easat-9257	103	30	any	any	DET
easat-9257	103	31	two	two	NUM
easat-9257	103	32	markets	market	NOUN
easat-9257	103	33	1	1	NUM
easat-9257	103	34	and	and	CCONJ
easat-9257	103	35	2	2	NUM
easat-9257	103	36	as	as	SCONJ
easat-9257	103	37	follows	follow	VERB
easat-9257	103	38	:	:	PUNCT
easat-9257	103	39	𝜌12,𝑡	𝜌12,𝑡	NUM
easat-9257	103	40	=	=	SYM
easat-9257	103	41	𝑞12,𝑡	𝑞12,𝑡	NOUN
easat-9257	103	42	√𝑞11,𝑡𝑞22,𝑡	√𝑞11,𝑡𝑞22,𝑡	ADJ
easat-9257	103	43	=	=	PUNCT
easat-9257	103	44	ℎ12,𝑡	ℎ12,𝑡	NOUN
easat-9257	103	45	√ℎ11,𝑡ℎ22,𝑡	√ℎ11,𝑡ℎ22,𝑡	NOUN
easat-9257	103	46	(	(	PUNCT
easat-9257	103	47	14	14	NUM
easat-9257	103	48	)	)	PUNCT
easat-9257	103	49	expressing	express	VERB
easat-9257	103	50	the	the	DET
easat-9257	103	51	correlation	correlation	NOUN
easat-9257	103	52	coefficient	coefficient	NOUN
easat-9257	103	53	in	in	ADP
easat-9257	103	54	a	a	DET
easat-9257	103	55	bivariate	bivariate	ADJ
easat-9257	103	56	case	case	NOUN
easat-9257	103	57	,	,	PUNCT
easat-9257	103	58	we	we	PRON
easat-9257	103	59	have	have	VERB
easat-9257	103	60	:	:	PUNCT
easat-9257	103	61	235	235	NUM
easat-9257	103	62	edelweiss	edelweiss	PROPN
easat-9257	103	63	applied	apply	VERB
easat-9257	103	64	science	science	NOUN
easat-9257	103	65	and	and	CCONJ
easat-9257	103	66	technology	technology	NOUN
easat-9257	103	67	issn	issn	PROPN
easat-9257	103	68	:	:	PUNCT
easat-9257	103	69	2576	2576	NUM
easat-9257	103	70	-	-	SYM
easat-9257	103	71	8484	8484	NUM
easat-9257	103	72	vol	vol	NOUN
easat-9257	103	73	.	.	PROPN
easat-9257	104	1	9	9	NUM
easat-9257	104	2	,	,	PUNCT
easat-9257	104	3	no	no	INTJ
easat-9257	104	4	.	.	NOUN
easat-9257	104	5	8	8	NUM
easat-9257	104	6	:	:	SYM
easat-9257	104	7	231	231	NUM
easat-9257	104	8	-	-	SYM
easat-9257	104	9	253	253	NUM
easat-9257	104	10	,	,	PUNCT
easat-9257	104	11	2025	2025	NUM
easat-9257	104	12	doi	doi	NOUN
easat-9257	104	13	:	:	PUNCT
easat-9257	104	14	10.55214/2576	10.55214/2576	NUM
easat-9257	104	15	-	-	SYM
easat-9257	104	16	8484.v9i8.9257	8484.v9i8.9257	NUM
easat-9257	104	17	©	©	PROPN
easat-9257	104	18	2025	2025	NUM
easat-9257	104	19	by	by	ADP
easat-9257	104	20	the	the	DET
easat-9257	104	21	author	author	NOUN
easat-9257	104	22	;	;	PUNCT
easat-9257	104	23	licensee	licensee	PROPN
easat-9257	104	24	learning	learning	PROPN
easat-9257	104	25	gate	gate	PROPN
easat-9257	104	26	𝜌12,𝑡	𝜌12,𝑡	PROPN
easat-9257	104	27	=	=	SYM
easat-9257	105	1	[	[	PUNCT
easat-9257	105	2	�	�	NOUN
easat-9257	105	3	̅	̅	NOUN
easat-9257	105	4	�	�	NOUN
easat-9257	105	5	12(1−𝑎−𝛽)+𝛼	12(1−𝑎−𝛽)+𝛼	NUM
easat-9257	105	6	(	(	PUNCT
easat-9257	105	7	𝑢1,𝑡−1𝑢2,𝑡−1)+β(𝑞12,𝑡−1	𝑢1,𝑡−1𝑢2,𝑡−1)+β(𝑞12,𝑡−1	NOUN
easat-9257	105	8	)	)	PUNCT
easat-9257	105	9	]	]	PUNCT
easat-9257	105	10	√	√	NUM
easat-9257	105	11	�	�	SYM
easat-9257	105	12	̅	̅	NOUN
easat-9257	105	13	�	�	NOUN
easat-9257	105	14	11	11	NUM
easat-9257	105	15	(	(	PUNCT
easat-9257	105	16	1−α−β)+α(𝑢1,𝑡−1	1−α−β)+α(𝑢1,𝑡−1	NUM
easat-9257	105	17	2	2	NUM
easat-9257	105	18	)	)	PUNCT
easat-9257	105	19	+	+	NOUN
easat-9257	105	20	β(𝑞11,𝑡−1	β(𝑞11,𝑡−1	NOUN
easat-9257	105	21	)	)	PUNCT
easat-9257	105	22	√	√	NUM
easat-9257	105	23	�	�	NOUN
easat-9257	105	24	̅	̅	NOUN
easat-9257	105	25	�	�	NOUN
easat-9257	105	26	22	22	NUM
easat-9257	105	27	(	(	PUNCT
easat-9257	105	28	1−α−β)+α(𝑢2,𝑡−1	1−α−β)+α(𝑢2,𝑡−1	NUM
easat-9257	105	29	2	2	NUM
easat-9257	105	30	)	)	PUNCT
easat-9257	105	31	+	+	NOUN
easat-9257	105	32	β(𝑞22,𝑡−1	β(𝑞22,𝑡−1	ADV
easat-9257	105	33	)	)	PUNCT
easat-9257	105	34	(	(	PUNCT
easat-9257	105	35	15	15	NUM
easat-9257	105	36	)	)	PUNCT
easat-9257	105	37	based	base	VERB
easat-9257	105	38	on	on	ADP
easat-9257	105	39	the	the	DET
easat-9257	105	40	(	(	PUNCT
easat-9257	105	41	7	7	NUM
easat-9257	105	42	)	)	PUNCT
easat-9257	105	43	equation	equation	NOUN
easat-9257	105	44	we	we	PRON
easat-9257	105	45	derive	derive	VERB
easat-9257	105	46	the	the	DET
easat-9257	105	47	conditional	conditional	ADJ
easat-9257	105	48	covariance	covariance	NOUN
easat-9257	105	49	equation	equation	NOUN
easat-9257	105	50	as	as	SCONJ
easat-9257	105	51	follows	follow	VERB
easat-9257	105	52	as	as	ADP
easat-9257	105	53	equation	equation	NOUN
easat-9257	105	54	(	(	PUNCT
easat-9257	105	55	9	9	NUM
easat-9257	105	56	):	):	PUNCT
easat-9257	105	57	ℎ12,𝑡	ℎ12,𝑡	NOUN
easat-9257	105	58	=	=	PUNCT
easat-9257	105	59	𝜌12,𝑡	𝜌12,𝑡	VERB
easat-9257	105	60	×	×	NOUN
easat-9257	105	61	√ℎ11,𝑡ℎ22,𝑡	√ℎ11,𝑡ℎ22,𝑡	NOUN
easat-9257	105	62	=	=	PUNCT
easat-9257	105	63	𝑞12,𝑡	𝑞12,𝑡	NOUN
easat-9257	106	1	√𝑞11,𝑡𝑞22,𝑡	√𝑞11,𝑡𝑞22,𝑡	ADJ
easat-9257	106	2	×	×	NOUN
easat-9257	106	3	√ℎ11,𝑡ℎ22,𝑡	√ℎ11,𝑡ℎ22,𝑡	NOUN
easat-9257	106	4	(	(	PUNCT
easat-9257	106	5	16	16	NUM
easat-9257	106	6	)	)	PUNCT
easat-9257	106	7	ℎ12,𝑡	ℎ12,𝑡	NOUN
easat-9257	106	8	=	=	SYM
easat-9257	107	1	[	[	PUNCT
easat-9257	107	2	�	�	NOUN
easat-9257	107	3	̅	̅	NOUN
easat-9257	107	4	�	�	NOUN
easat-9257	107	5	12+𝛼	12+𝛼	NUM
easat-9257	107	6	(	(	PUNCT
easat-9257	107	7	𝑢1,𝑡−1𝑢2,𝑡−1−	𝑢1,𝑡−1𝑢2,𝑡−1−	PROPN
easat-9257	107	8	�	�	PROPN
easat-9257	107	9	̅	̅	NOUN
easat-9257	107	10	�	�	NOUN
easat-9257	107	11	12)+β(𝑞12,𝑡−1−	12)+β(𝑞12,𝑡−1−	NUM
easat-9257	107	12	�	�	NOUN
easat-9257	107	13	̅	̅	NOUN
easat-9257	107	14	�	�	NOUN
easat-9257	107	15	12	12	NUM
easat-9257	107	16	)	)	PUNCT
easat-9257	107	17	]	]	PUNCT
easat-9257	108	1	√ℎ11,𝑡ℎ22,𝑡	√ℎ11,𝑡ℎ22,𝑡	NOUN
easat-9257	108	2	√	√	NUM
easat-9257	108	3	�	�	NOUN
easat-9257	108	4	̅	̅	NOUN
easat-9257	108	5	�	�	NOUN
easat-9257	108	6	11+𝛼	11+𝛼	NUM
easat-9257	108	7	(	(	PUNCT
easat-9257	108	8	𝑢1,𝑡−1	𝑢1,𝑡−1	PROPN
easat-9257	108	9	2	2	NUM
easat-9257	108	10	−	−	NUM
easat-9257	108	11	�	�	NOUN
easat-9257	108	12	̅	̅	NOUN
easat-9257	108	13	�	�	NOUN
easat-9257	108	14	11)+β(𝑞11,𝑡−1−	11)+β(𝑞11,𝑡−1−	NUM
easat-9257	108	15	�	�	NOUN
easat-9257	108	16	̅	̅	NOUN
easat-9257	108	17	�	�	NOUN
easat-9257	108	18	11	11	NUM
easat-9257	108	19	)	)	PUNCT
easat-9257	108	20	√	√	NUM
easat-9257	108	21	�	�	NOUN
easat-9257	108	22	̅	̅	NOUN
easat-9257	108	23	�	�	NOUN
easat-9257	108	24	22+𝛼	22+𝛼	NUM
easat-9257	108	25	(	(	PUNCT
easat-9257	108	26	𝑢2,𝑡−1	𝑢2,𝑡−1	ADJ
easat-9257	108	27	2	2	NUM
easat-9257	108	28	−	−	NUM
easat-9257	108	29	�	�	NOUN
easat-9257	108	30	̅	̅	NOUN
easat-9257	108	31	�	�	NOUN
easat-9257	108	32	22)+β(𝑞22,𝑡−1−	22)+β(𝑞22,𝑡−1−	NUM
easat-9257	108	33	�	�	NOUN
easat-9257	108	34	̅	̅	NOUN
easat-9257	108	35	�	�	NOUN
easat-9257	108	36	22	22	NUM
easat-9257	108	37	)	)	PUNCT
easat-9257	108	38	(	(	PUNCT
easat-9257	108	39	17	17	NUM
easat-9257	108	40	)	)	PUNCT
easat-9257	108	41	or	or	CCONJ
easat-9257	108	42	ℎ12,𝑡	ℎ12,𝑡	VERB
easat-9257	108	43	=	=	SYM
easat-9257	109	1	[	[	PUNCT
easat-9257	109	2	�	�	NOUN
easat-9257	109	3	̅	̅	NOUN
easat-9257	109	4	�	�	NOUN
easat-9257	109	5	12(1−𝑎−𝛽)+𝛼	12(1−𝑎−𝛽)+𝛼	NUM
easat-9257	109	6	(	(	PUNCT
easat-9257	109	7	𝑢1,𝑡−1𝑢2,𝑡−1)+β(𝑞12,𝑡−1	𝑢1,𝑡−1𝑢2,𝑡−1)+β(𝑞12,𝑡−1	NOUN
easat-9257	109	8	)	)	PUNCT
easat-9257	109	9	]	]	PUNCT
easat-9257	109	10	√ℎ11,𝑡ℎ22,𝑡	√ℎ11,𝑡ℎ22,𝑡	NOUN
easat-9257	109	11	√	√	NUM
easat-9257	109	12	�	�	NOUN
easat-9257	109	13	̅	̅	NOUN
easat-9257	109	14	�	�	NOUN
easat-9257	109	15	11(1−𝑎−𝛽)+𝛼	11(1−𝑎−𝛽)+𝛼	NUM
easat-9257	109	16	(	(	PUNCT
easat-9257	109	17	𝑢1,𝑡−1	𝑢1,𝑡−1	PROPN
easat-9257	109	18	2	2	NUM
easat-9257	109	19	)	)	PUNCT
easat-9257	109	20	+	+	NOUN
easat-9257	109	21	β(𝑞11,𝑡−1	β(𝑞11,𝑡−1	NOUN
easat-9257	109	22	)	)	PUNCT
easat-9257	109	23	√	√	NUM
easat-9257	109	24	�	�	NOUN
easat-9257	109	25	̅	̅	NOUN
easat-9257	109	26	�	�	NOUN
easat-9257	109	27	22(1−𝑎−𝛽)+𝛼	22(1−𝑎−𝛽)+𝛼	NUM
easat-9257	109	28	(	(	PUNCT
easat-9257	109	29	𝑢2,𝑡−1	𝑢2,𝑡−1	ADJ
easat-9257	109	30	2	2	NUM
easat-9257	109	31	)	)	PUNCT
easat-9257	109	32	+	+	NOUN
easat-9257	109	33	β(𝑞22,𝑡−1	β(𝑞22,𝑡−1	ADV
easat-9257	109	34	)	)	PUNCT
easat-9257	109	35	(	(	PUNCT
easat-9257	109	36	18	18	NUM
easat-9257	109	37	)	)	PUNCT
easat-9257	109	38	when	when	SCONJ
easat-9257	109	39	α+β=0	α+β=0	PROPN
easat-9257	109	40	,	,	PUNCT
easat-9257	109	41	the	the	DET
easat-9257	109	42	model	model	NOUN
easat-9257	109	43	reduces	reduce	VERB
easat-9257	109	44	to	to	PART
easat-9257	109	45	bollerslev	bollerslev	VERB
easat-9257	109	46	[	[	X
easat-9257	109	47	22	22	NUM
easat-9257	109	48	]	]	PUNCT
easat-9257	109	49	.	.	PUNCT
easat-9257	110	1	the	the	DET
easat-9257	110	2	dcc	dcc	PROPN
easat-9257	110	3	model	model	NOUN
easat-9257	110	4	integrates	integrate	VERB
easat-9257	110	5	two	two	NUM
easat-9257	110	6	garch	garch	NOUN
easat-9257	110	7	(	(	PUNCT
easat-9257	110	8	1,1	1,1	NUM
easat-9257	110	9	)	)	PUNCT
easat-9257	110	10	processes	process	NOUN
easat-9257	110	11	for	for	ADP
easat-9257	110	12	stock	stock	NOUN
easat-9257	110	13	returns	return	NOUN
easat-9257	110	14	and	and	CCONJ
easat-9257	110	15	disturbances	disturbance	NOUN
easat-9257	110	16	.	.	PUNCT
easat-9257	111	1	consequently	consequently	ADV
easat-9257	111	2	,	,	PUNCT
easat-9257	111	3	the	the	DET
easat-9257	111	4	log	log	NOUN
easat-9257	111	5	-	-	PUNCT
easat-9257	111	6	likelihood	likelihood	NOUN
easat-9257	111	7	function	function	NOUN
easat-9257	111	8	accounts	account	VERB
easat-9257	111	9	for	for	ADP
easat-9257	111	10	stock	stock	NOUN
easat-9257	111	11	return	return	NOUN
easat-9257	111	12	fluctuations	fluctuation	NOUN
easat-9257	111	13	and	and	CCONJ
easat-9257	111	14	correlations	correlation	NOUN
easat-9257	111	15	.	.	PUNCT
easat-9257	112	1	𝑖(𝜃	𝑖(𝜃	PROPN
easat-9257	112	2	,	,	PUNCT
easat-9257	112	3	𝜑	𝜑	NOUN
easat-9257	112	4	)	)	PUNCT
easat-9257	112	5	=	=	PUNCT
easat-9257	113	1	[	[	X
easat-9257	113	2	−	−	NOUN
easat-9257	113	3	1	1	NUM
easat-9257	113	4	2	2	NUM
easat-9257	113	5	∑	∑	PUNCT
easat-9257	113	6	(	(	PUNCT
easat-9257	113	7	𝑛𝑙𝑜𝑔(2𝜋	𝑛𝑙𝑜𝑔(2𝜋	PROPN
easat-9257	113	8	)	)	PUNCT
easat-9257	113	9	+	+	CCONJ
easat-9257	113	10	log|𝐷𝑡|2	log|𝐷𝑡|2	NOUN
easat-9257	113	11	+	+	CCONJ
easat-9257	113	12	𝑒𝑡	𝑒𝑡	NOUN
easat-9257	113	13	1𝐷𝑡	1𝐷𝑡	NUM
easat-9257	113	14	−2𝑒𝑡)𝑡	−2𝑒𝑡)𝑡	NUM
easat-9257	113	15	]	]	PUNCT
easat-9257	114	1	+	+	CCONJ
easat-9257	114	2	[	[	X
easat-9257	114	3	−	−	X
easat-9257	114	4	1	1	NUM
easat-9257	114	5	2	2	NUM
easat-9257	114	6	∑	∑	PUNCT
easat-9257	114	7	(	(	PUNCT
easat-9257	114	8	log	log	VERB
easat-9257	114	9	|𝑅𝑡|	|𝑅𝑡|	PROPN
easat-9257	114	10	+	+	CCONJ
easat-9257	114	11	𝑒𝑡	𝑒𝑡	ADP
easat-9257	114	12	1𝑅𝑡	1𝑅𝑡	NUM
easat-9257	114	13	−1𝑒𝑡)𝑡	−1𝑒𝑡)𝑡	NOUN
easat-9257	114	14	]	]	PUNCT
easat-9257	114	15	(	(	PUNCT
easat-9257	114	16	19	19	NUM
easat-9257	114	17	)	)	PUNCT
easat-9257	114	18	the	the	DET
easat-9257	114	19	first	first	ADJ
easat-9257	114	20	part	part	NOUN
easat-9257	114	21	of	of	ADP
easat-9257	114	22	the	the	DET
easat-9257	114	23	likelihood	likelihood	NOUN
easat-9257	114	24	function	function	NOUN
easat-9257	114	25	represents	represent	VERB
easat-9257	114	26	volatility	volatility	NOUN
easat-9257	114	27	,	,	PUNCT
easat-9257	114	28	as	as	ADP
easat-9257	114	29	the	the	DET
easat-9257	114	30	sum	sum	NOUN
easat-9257	114	31	of	of	ADP
easat-9257	114	32	individual	individual	ADJ
easat-9257	114	33	garch	garch	NOUN
easat-9257	114	34	likelihoods	likelihood	NOUN
easat-9257	114	35	.	.	PUNCT
easat-9257	115	1	in	in	ADP
easat-9257	115	2	the	the	DET
easat-9257	115	3	first	first	ADJ
easat-9257	115	4	stage	stage	NOUN
easat-9257	115	5	,	,	PUNCT
easat-9257	115	6	we	we	PRON
easat-9257	115	7	maximize	maximize	VERB
easat-9257	115	8	the	the	DET
easat-9257	115	9	log	log	NOUN
easat-9257	115	10	-	-	PUNCT
easat-9257	115	11	likelihood	likelihood	NOUN
easat-9257	115	12	over	over	ADP
easat-9257	115	13	the	the	DET
easat-9257	115	14	parameters	parameter	NOUN
easat-9257	115	15	in	in	ADP
easat-9257	115	16	𝐷𝑡.	𝐷𝑡.	PROPN
easat-9257	115	17	in	in	ADP
easat-9257	115	18	the	the	DET
easat-9257	115	19	second	second	ADJ
easat-9257	115	20	stage	stage	NOUN
easat-9257	115	21	,	,	PUNCT
easat-9257	115	22	we	we	PRON
easat-9257	115	23	estimate	estimate	VERB
easat-9257	115	24	correlation	correlation	NOUN
easat-9257	115	25	coefficients	coefficient	NOUN
easat-9257	115	26	.	.	PUNCT
easat-9257	116	1	to	to	PART
easat-9257	116	2	obtain	obtain	VERB
easat-9257	116	3	more	more	ADV
easat-9257	116	4	accurate	accurate	ADJ
easat-9257	116	5	coefficient	coefficient	NOUN
easat-9257	116	6	estimates	estimate	NOUN
easat-9257	116	7	,	,	PUNCT
easat-9257	116	8	we	we	PRON
easat-9257	116	9	apply	apply	VERB
easat-9257	116	10	the	the	DET
easat-9257	116	11	bhhh	bhhh	ADJ
easat-9257	116	12	method	method	NOUN
easat-9257	116	13	to	to	PART
easat-9257	116	14	fulfill	fulfill	VERB
easat-9257	116	15	[	[	X
easat-9257	116	16	23	23	NUM
easat-9257	116	17	]	]	PUNCT
easat-9257	116	18	.	.	PUNCT
easat-9257	117	1	3	3	X
easat-9257	117	2	.	.	X
easat-9257	117	3	empirical	empirical	ADJ
easat-9257	117	4	results	result	NOUN
easat-9257	117	5	and	and	CCONJ
easat-9257	117	6	analysis	analysis	NOUN
easat-9257	117	7	3.1	3.1	NUM
easat-9257	117	8	.	.	PUNCT
easat-9257	118	1	data	datum	NOUN
easat-9257	118	2	and	and	CCONJ
easat-9257	118	3	preliminary	preliminary	ADJ
easat-9257	118	4	analyses	analysis	NOUN
easat-9257	118	5	we	we	PRON
easat-9257	118	6	obtained	obtain	VERB
easat-9257	118	7	weekly	weekly	ADJ
easat-9257	118	8	stock	stock	NOUN
easat-9257	118	9	price	price	NOUN
easat-9257	118	10	index	index	NOUN
easat-9257	118	11	data	datum	NOUN
easat-9257	118	12	from	from	ADP
easat-9257	118	13	bloomberg	bloomberg	PROPN
easat-9257	118	14	database	database	NOUN
easat-9257	118	15	for	for	ADP
easat-9257	118	16	costa	costa	PROPN
easat-9257	118	17	rica	rica	PROPN
easat-9257	118	18	,	,	PUNCT
easat-9257	118	19	panama	panama	PROPN
easat-9257	118	20	,	,	PUNCT
easat-9257	118	21	and	and	CCONJ
easat-9257	118	22	the	the	DET
easat-9257	118	23	us	us	PROPN
easat-9257	118	24	(	(	PUNCT
easat-9257	118	25	s&p500	s&p500	NOUN
easat-9257	118	26	)	)	PUNCT
easat-9257	118	27	from	from	ADP
easat-9257	118	28	1st	1st	ADJ
easat-9257	118	29	week	week	NOUN
easat-9257	118	30	of	of	ADP
easat-9257	118	31	january	january	PROPN
easat-9257	118	32	1994	1994	NUM
easat-9257	118	33	to	to	ADP
easat-9257	118	34	4th	4th	ADJ
easat-9257	118	35	week	week	NOUN
easat-9257	118	36	of	of	ADP
easat-9257	118	37	december	december	PROPN
easat-9257	118	38	2024	2024	NUM
easat-9257	118	39	.	.	PUNCT
easat-9257	119	1	their	their	PRON
easat-9257	119	2	respective	respective	ADJ
easat-9257	119	3	price	price	NOUN
easat-9257	119	4	indices	index	NOUN
easat-9257	119	5	are	be	AUX
easat-9257	119	6	costa	costa	PROPN
easat-9257	119	7	rica	rica	PROPN
easat-9257	119	8	stock	stock	PROPN
easat-9257	119	9	exchange	exchange	PROPN
easat-9257	119	10	index	index	NOUN
easat-9257	119	11	(	(	PUNCT
easat-9257	119	12	crsmbct	crsmbct	ADV
easat-9257	119	13	)	)	PUNCT
easat-9257	119	14	,	,	PUNCT
easat-9257	119	15	panama	panama	PROPN
easat-9257	119	16	stock	stock	PROPN
easat-9257	119	17	exchange	exchange	PROPN
easat-9257	119	18	index	index	NOUN
easat-9257	119	19	(	(	PUNCT
easat-9257	119	20	bvps	bvps	PROPN
easat-9257	119	21	)	)	PUNCT
easat-9257	119	22	and	and	CCONJ
easat-9257	119	23	one	one	NUM
easat-9257	119	24	of	of	ADP
easat-9257	119	25	the	the	DET
easat-9257	119	26	united	united	PROPN
easat-9257	119	27	states	states	PROPN
easat-9257	119	28	major	major	ADJ
easat-9257	119	29	stock	stock	NOUN
easat-9257	119	30	exchange	exchange	NOUN
easat-9257	119	31	index	index	NOUN
easat-9257	119	32	(	(	PUNCT
easat-9257	119	33	s&p500).the	s&p500).the	DET
easat-9257	119	34	data	data	NOUN
easat-9257	119	35	is	be	AUX
easat-9257	119	36	expressed	express	VERB
easat-9257	119	37	as	as	ADP
easat-9257	119	38	stock	stock	NOUN
easat-9257	119	39	returns	return	NOUN
easat-9257	119	40	,	,	PUNCT
easat-9257	119	41	calculated	calculate	VERB
easat-9257	119	42	as	as	ADP
easat-9257	119	43	the	the	DET
easat-9257	119	44	logarithmic	logarithmic	ADJ
easat-9257	119	45	change	change	NOUN
easat-9257	119	46	in	in	ADP
easat-9257	119	47	closing	closing	NOUN
easat-9257	119	48	prices	price	NOUN
easat-9257	119	49	from	from	ADP
easat-9257	119	50	one	one	NUM
easat-9257	119	51	week	week	NOUN
easat-9257	119	52	to	to	ADP
easat-9257	119	53	the	the	DET
easat-9257	119	54	next	next	ADJ
easat-9257	119	55	:	:	PUNCT
easat-9257	120	1	𝑅𝑖,𝑡	𝑅𝑖,𝑡	NOUN
easat-9257	120	2	=	=	SYM
easat-9257	120	3	(	(	PUNCT
easat-9257	120	4	𝑙𝑛𝑃𝑖,𝑡	𝑙𝑛𝑃𝑖,𝑡	ADJ
easat-9257	120	5	−	−	NUM
easat-9257	120	6	𝑙𝑛𝑃𝑖,𝑡−1	𝑙𝑛𝑃𝑖,𝑡−1	NOUN
easat-9257	120	7	)	)	PUNCT
easat-9257	120	8	𝑋	𝑋	PROPN
easat-9257	120	9	100	100	NUM
easat-9257	120	10	.	.	PUNCT
easat-9257	121	1	where	where	SCONJ
easat-9257	121	2	𝑅𝑖,𝑡	𝑅𝑖,𝑡	NOUN
easat-9257	121	3	is	be	AUX
easat-9257	121	4	the	the	DET
easat-9257	121	5	weekly	weekly	ADJ
easat-9257	121	6	return	return	NOUN
easat-9257	121	7	for	for	ADP
easat-9257	121	8	stock	stock	NOUN
easat-9257	121	9	market	market	NOUN
easat-9257	121	10	i	i	PRON
easat-9257	121	11	in	in	ADP
easat-9257	121	12	week	week	NOUN
easat-9257	121	13	t	t	PROPN
easat-9257	121	14	,	,	PUNCT
easat-9257	121	15	and	and	CCONJ
easat-9257	121	16	𝑃𝑖,𝑡	𝑃𝑖,𝑡	PROPN
easat-9257	121	17	and	and	CCONJ
easat-9257	121	18	𝑃𝑖,𝑡−1	𝑃𝑖,𝑡−1	PROPN
easat-9257	121	19	are	be	AUX
easat-9257	121	20	the	the	DET
easat-9257	121	21	closing	closing	NOUN
easat-9257	121	22	prices	price	NOUN
easat-9257	121	23	for	for	ADP
easat-9257	121	24	that	that	DET
easat-9257	121	25	week	week	NOUN
easat-9257	121	26	and	and	CCONJ
easat-9257	121	27	the	the	DET
easat-9257	121	28	previous	previous	ADJ
easat-9257	121	29	week	week	NOUN
easat-9257	121	30	,	,	PUNCT
easat-9257	121	31	respectively	respectively	ADV
easat-9257	121	32	.	.	PUNCT
easat-9257	122	1	this	this	DET
easat-9257	122	2	transformation	transformation	NOUN
easat-9257	122	3	converts	convert	VERB
easat-9257	122	4	the	the	DET
easat-9257	122	5	closing	closing	NOUN
easat-9257	122	6	prices	price	NOUN
easat-9257	122	7	into	into	ADP
easat-9257	122	8	weekly	weekly	ADJ
easat-9257	122	9	stock	stock	NOUN
easat-9257	122	10	price	price	NOUN
easat-9257	122	11	returns	return	NOUN
easat-9257	122	12	.	.	PUNCT
easat-9257	123	1	this	this	DET
easat-9257	123	2	section	section	NOUN
easat-9257	123	3	provides	provide	VERB
easat-9257	123	4	descriptive	descriptive	ADJ
easat-9257	123	5	statistics	statistic	NOUN
easat-9257	123	6	for	for	ADP
easat-9257	123	7	the	the	DET
easat-9257	123	8	logarithms	logarithm	NOUN
easat-9257	123	9	of	of	ADP
easat-9257	123	10	stock	stock	NOUN
easat-9257	123	11	prices	price	NOUN
easat-9257	123	12	and	and	CCONJ
easat-9257	123	13	stock	stock	NOUN
easat-9257	123	14	price	price	NOUN
easat-9257	123	15	returns	return	NOUN
easat-9257	123	16	,	,	PUNCT
easat-9257	123	17	including	include	VERB
easat-9257	123	18	mean	mean	ADJ
easat-9257	123	19	,	,	PUNCT
easat-9257	123	20	median	median	ADJ
easat-9257	123	21	,	,	PUNCT
easat-9257	123	22	maximum	maximum	ADJ
easat-9257	123	23	,	,	PUNCT
easat-9257	123	24	minimum	minimum	ADJ
easat-9257	123	25	,	,	PUNCT
easat-9257	123	26	standard	standard	ADJ
easat-9257	123	27	deviation	deviation	NOUN
easat-9257	123	28	,	,	PUNCT
easat-9257	123	29	skewness	skewness	NOUN
easat-9257	123	30	,	,	PUNCT
easat-9257	123	31	kurtosis	kurtosis	NOUN
easat-9257	123	32	,	,	PUNCT
easat-9257	123	33	jarque	jarque	NOUN
easat-9257	123	34	-	-	PUNCT
easat-9257	123	35	bera	bera	NOUN
easat-9257	123	36	normality	normality	NOUN
easat-9257	123	37	test	test	NOUN
easat-9257	123	38	,	,	PUNCT
easat-9257	123	39	and	and	CCONJ
easat-9257	123	40	ljung	ljung	ADJ
easat-9257	123	41	-	-	PUNCT
easat-9257	123	42	box	box	NOUN
easat-9257	123	43	serial	serial	ADJ
easat-9257	123	44	correlation	correlation	NOUN
easat-9257	123	45	test	test	NOUN
easat-9257	123	46	.	.	PUNCT
easat-9257	124	1	an	an	DET
easat-9257	124	2	arch	arch	ADJ
easat-9257	124	3	effect	effect	NOUN
easat-9257	124	4	is	be	AUX
easat-9257	124	5	observed	observe	VERB
easat-9257	124	6	in	in	ADP
easat-9257	124	7	the	the	DET
easat-9257	124	8	statistics	statistic	NOUN
easat-9257	124	9	for	for	ADP
easat-9257	124	10	the	the	DET
easat-9257	124	11	logarithms	logarithm	NOUN
easat-9257	124	12	and	and	CCONJ
easat-9257	124	13	returns	return	NOUN
easat-9257	124	14	of	of	ADP
easat-9257	124	15	costa	costa	PROPN
easat-9257	124	16	rica	rica	PROPN
easat-9257	124	17	,	,	PUNCT
easat-9257	124	18	panama	panama	PROPN
easat-9257	124	19	,	,	PUNCT
easat-9257	124	20	and	and	CCONJ
easat-9257	124	21	the	the	DET
easat-9257	124	22	us	us	PROPN
easat-9257	124	23	,	,	PUNCT
easat-9257	124	24	as	as	SCONJ
easat-9257	124	25	shown	show	VERB
easat-9257	124	26	in	in	ADP
easat-9257	124	27	table	table	NOUN
easat-9257	124	28	1	1	NUM
easat-9257	124	29	.	.	X
easat-9257	125	1	costa	costa	PROPN
easat-9257	125	2	rica	rica	PROPN
easat-9257	125	3	has	have	VERB
easat-9257	125	4	the	the	DET
easat-9257	125	5	highest	high	ADJ
easat-9257	125	6	mean	mean	NOUN
easat-9257	125	7	for	for	ADP
easat-9257	125	8	both	both	CCONJ
easat-9257	125	9	the	the	DET
easat-9257	125	10	logarithmic	logarithmic	ADJ
easat-9257	125	11	stock	stock	NOUN
easat-9257	125	12	price	price	NOUN
easat-9257	125	13	(	(	PUNCT
easat-9257	125	14	9.1837	9.1837	NUM
easat-9257	125	15	)	)	PUNCT
easat-9257	125	16	and	and	CCONJ
easat-9257	125	17	stock	stock	NOUN
easat-9257	125	18	return	return	NOUN
easat-9257	125	19	(	(	PUNCT
easat-9257	125	20	0.002856	0.002856	NUM
easat-9257	125	21	)	)	PUNCT
easat-9257	125	22	,	,	PUNCT
easat-9257	125	23	while	while	SCONJ
easat-9257	125	24	panama	panama	PROPN
easat-9257	125	25	has	have	VERB
easat-9257	125	26	the	the	DET
easat-9257	125	27	lowest	low	ADJ
easat-9257	125	28	logarithmic	logarithmic	ADJ
easat-9257	125	29	mean	mean	NOUN
easat-9257	125	30	(	(	PUNCT
easat-9257	125	31	4.9718	4.9718	NUM
easat-9257	125	32	)	)	PUNCT
easat-9257	125	33	,	,	PUNCT
easat-9257	125	34	and	and	CCONJ
easat-9257	125	35	the	the	DET
easat-9257	125	36	us	us	PROPN
easat-9257	125	37	has	have	VERB
easat-9257	125	38	the	the	DET
easat-9257	125	39	lowest	low	ADJ
easat-9257	125	40	return	return	NOUN
easat-9257	125	41	mean	mean	NOUN
easat-9257	125	42	(	(	PUNCT
easat-9257	125	43	0.001309	0.001309	NUM
easat-9257	125	44	)	)	PUNCT
easat-9257	125	45	.	.	PUNCT
easat-9257	126	1	regarding	regard	VERB
easat-9257	126	2	stock	stock	NOUN
easat-9257	126	3	risk	risk	NOUN
easat-9257	126	4	,	,	PUNCT
easat-9257	126	5	costa	costa	PROPN
easat-9257	126	6	rica	rica	PROPN
easat-9257	126	7	shows	show	VERB
easat-9257	126	8	the	the	DET
easat-9257	126	9	highest	high	ADJ
easat-9257	126	10	standard	standard	ADJ
easat-9257	126	11	deviations	deviation	NOUN
easat-9257	126	12	for	for	ADP
easat-9257	126	13	both	both	CCONJ
easat-9257	126	14	the	the	DET
easat-9257	126	15	logarithmic	logarithmic	ADJ
easat-9257	126	16	stock	stock	NOUN
easat-9257	126	17	price	price	NOUN
easat-9257	126	18	(	(	PUNCT
easat-9257	126	19	0.9263	0.9263	NUM
easat-9257	126	20	)	)	PUNCT
easat-9257	126	21	and	and	CCONJ
easat-9257	126	22	stock	stock	NOUN
easat-9257	126	23	return	return	NOUN
easat-9257	126	24	(	(	PUNCT
easat-9257	126	25	0.02223	0.02223	NUM
easat-9257	126	26	)	)	PUNCT
easat-9257	126	27	,	,	PUNCT
easat-9257	126	28	while	while	SCONJ
easat-9257	126	29	the	the	DET
easat-9257	126	30	us	us	PROPN
easat-9257	126	31	has	have	VERB
easat-9257	126	32	the	the	DET
easat-9257	126	33	lowest	low	ADJ
easat-9257	126	34	standard	standard	ADJ
easat-9257	126	35	deviation	deviation	NOUN
easat-9257	126	36	for	for	ADP
easat-9257	126	37	the	the	DET
easat-9257	126	38	logarithmic	logarithmic	ADJ
easat-9257	126	39	stock	stock	NOUN
easat-9257	126	40	price	price	NOUN
easat-9257	126	41	(	(	PUNCT
easat-9257	126	42	0.3681	0.3681	NUM
easat-9257	126	43	)	)	PUNCT
easat-9257	126	44	,	,	PUNCT
easat-9257	126	45	and	and	CCONJ
easat-9257	126	46	panama	panama	PROPN
easat-9257	126	47	has	have	VERB
easat-9257	126	48	the	the	DET
easat-9257	126	49	lowest	low	ADJ
easat-9257	126	50	for	for	ADP
easat-9257	126	51	stock	stock	NOUN
easat-9257	126	52	returns	return	NOUN
easat-9257	126	53	(	(	PUNCT
easat-9257	126	54	0.01793	0.01793	NUM
easat-9257	126	55	)	)	PUNCT
easat-9257	126	56	.	.	PUNCT
easat-9257	127	1	the	the	DET
easat-9257	127	2	skewness	skewness	NOUN
easat-9257	127	3	measures	measure	VERB
easat-9257	127	4	236	236	NUM
easat-9257	127	5	edelweiss	edelweiss	PROPN
easat-9257	127	6	applied	apply	VERB
easat-9257	127	7	science	science	NOUN
easat-9257	127	8	and	and	CCONJ
easat-9257	127	9	technology	technology	NOUN
easat-9257	127	10	issn	issn	PROPN
easat-9257	127	11	:	:	PUNCT
easat-9257	127	12	2576	2576	NUM
easat-9257	127	13	-	-	SYM
easat-9257	127	14	8484	8484	NUM
easat-9257	127	15	vol	vol	NOUN
easat-9257	127	16	.	.	PROPN
easat-9257	128	1	9	9	NUM
easat-9257	128	2	,	,	PUNCT
easat-9257	128	3	no	no	INTJ
easat-9257	128	4	.	.	NOUN
easat-9257	128	5	8	8	NUM
easat-9257	128	6	:	:	SYM
easat-9257	128	7	231	231	NUM
easat-9257	128	8	-	-	SYM
easat-9257	128	9	253	253	NUM
easat-9257	128	10	,	,	PUNCT
easat-9257	128	11	2025	2025	NUM
easat-9257	128	12	doi	doi	NOUN
easat-9257	128	13	:	:	PUNCT
easat-9257	128	14	10.55214/2576	10.55214/2576	NUM
easat-9257	128	15	-	-	SYM
easat-9257	128	16	8484.v9i8.9257	8484.v9i8.9257	NUM
easat-9257	128	17	©	©	PROPN
easat-9257	128	18	2025	2025	NUM
easat-9257	128	19	by	by	ADP
easat-9257	128	20	the	the	DET
easat-9257	128	21	author	author	NOUN
easat-9257	128	22	;	;	PUNCT
easat-9257	128	23	licensee	licensee	PROPN
easat-9257	128	24	learning	learning	NOUN
easat-9257	128	25	gate	gate	NOUN
easat-9257	128	26	indicate	indicate	VERB
easat-9257	128	27	that	that	SCONJ
easat-9257	128	28	logarithmic	logarithmic	ADJ
easat-9257	128	29	stock	stock	NOUN
easat-9257	128	30	prices	price	NOUN
easat-9257	128	31	in	in	ADP
easat-9257	128	32	all	all	DET
easat-9257	128	33	three	three	NUM
easat-9257	128	34	markets	market	NOUN
easat-9257	128	35	are	be	AUX
easat-9257	128	36	left	leave	VERB
easat-9257	128	37	-	-	PUNCT
easat-9257	128	38	skewed	skewed	ADJ
easat-9257	128	39	(	(	PUNCT
easat-9257	128	40	less	less	ADJ
easat-9257	128	41	than	than	ADP
easat-9257	128	42	0	0	NUM
easat-9257	128	43	)	)	PUNCT
easat-9257	128	44	and	and	CCONJ
easat-9257	128	45	platykurtic	platykurtic	ADJ
easat-9257	128	46	less	less	ADJ
easat-9257	128	47	than	than	ADP
easat-9257	128	48	3	3	NUM
easat-9257	128	49	except	except	SCONJ
easat-9257	128	50	for	for	ADP
easat-9257	128	51	the	the	DET
easat-9257	128	52	us	we	PRON
easat-9257	128	53	which	which	PRON
easat-9257	128	54	is	be	AUX
easat-9257	128	55	leptokurtic	leptokurtic	ADJ
easat-9257	128	56	(	(	PUNCT
easat-9257	128	57	3.3447	3.3447	NUM
easat-9257	128	58	)	)	PUNCT
easat-9257	128	59	relative	relative	ADJ
easat-9257	128	60	to	to	ADP
easat-9257	128	61	the	the	DET
easat-9257	128	62	normal	normal	ADJ
easat-9257	128	63	distribution	distribution	NOUN
easat-9257	128	64	with	with	ADP
easat-9257	128	65	logarithm	logarithm	NOUN
easat-9257	128	66	.	.	PUNCT
easat-9257	129	1	for	for	ADP
easat-9257	129	2	stock	stock	NOUN
easat-9257	129	3	price	price	NOUN
easat-9257	129	4	returns	return	NOUN
easat-9257	129	5	,	,	PUNCT
easat-9257	129	6	the	the	DET
easat-9257	129	7	us	us	PROPN
easat-9257	129	8	shows	show	VERB
easat-9257	129	9	a	a	DET
easat-9257	129	10	negative	negative	ADJ
easat-9257	129	11	skew	skew	NOUN
easat-9257	129	12	(	(	PUNCT
easat-9257	129	13	-1.6435	-1.6435	PROPN
easat-9257	129	14	)	)	PUNCT
easat-9257	129	15	,	,	PUNCT
easat-9257	129	16	indicating	indicate	VERB
easat-9257	129	17	a	a	DET
easat-9257	129	18	left	left	ADJ
easat-9257	129	19	-	-	PUNCT
easat-9257	129	20	skewed	skewed	ADJ
easat-9257	129	21	distribution	distribution	NOUN
easat-9257	129	22	,	,	PUNCT
easat-9257	129	23	while	while	SCONJ
easat-9257	129	24	costa	costa	PROPN
easat-9257	129	25	rica	rica	PROPN
easat-9257	129	26	(	(	PUNCT
easat-9257	129	27	0.8353	0.8353	NUM
easat-9257	129	28	)	)	PUNCT
easat-9257	129	29	and	and	CCONJ
easat-9257	129	30	panama	panama	PROPN
easat-9257	129	31	(	(	PUNCT
easat-9257	129	32	0.5775	0.5775	NUM
easat-9257	129	33	)	)	PUNCT
easat-9257	129	34	are	be	AUX
easat-9257	129	35	positively	positively	ADV
easat-9257	129	36	skewed	skewed	ADJ
easat-9257	129	37	.	.	PUNCT
easat-9257	130	1	all	all	DET
easat-9257	130	2	stock	stock	NOUN
easat-9257	130	3	return	return	NOUN
easat-9257	130	4	variables	variable	NOUN
easat-9257	130	5	exhibit	exhibit	VERB
easat-9257	130	6	leptokurtic	leptokurtic	ADJ
easat-9257	130	7	distributions	distribution	NOUN
easat-9257	130	8	,	,	PUNCT
easat-9257	130	9	suggesting	suggest	VERB
easat-9257	130	10	the	the	DET
easat-9257	130	11	presence	presence	NOUN
easat-9257	130	12	of	of	ADP
easat-9257	130	13	fat	fat	ADJ
easat-9257	130	14	-	-	PUNCT
easat-9257	130	15	tail	tail	NOUN
easat-9257	130	16	phenomena	phenomenon	NOUN
easat-9257	130	17	.	.	PUNCT
easat-9257	131	1	in	in	ADP
easat-9257	131	2	addition	addition	NOUN
easat-9257	131	3	,	,	PUNCT
easat-9257	131	4	jarque	jarque	NOUN
easat-9257	131	5	-	-	PUNCT
easat-9257	131	6	bera	bera	NOUN
easat-9257	131	7	tests	test	NOUN
easat-9257	131	8	reject	reject	VERB
easat-9257	131	9	the	the	DET
easat-9257	131	10	normality	normality	NOUN
easat-9257	131	11	of	of	ADP
easat-9257	131	12	stock	stock	NOUN
easat-9257	131	13	prices	price	NOUN
easat-9257	131	14	and	and	CCONJ
easat-9257	131	15	returns	return	NOUN
easat-9257	131	16	for	for	ADP
easat-9257	131	17	costa	costa	PROPN
easat-9257	131	18	rica	rica	PROPN
easat-9257	131	19	,	,	PUNCT
easat-9257	131	20	panama	panama	PROPN
easat-9257	131	21	,	,	PUNCT
easat-9257	131	22	and	and	CCONJ
easat-9257	131	23	the	the	DET
easat-9257	131	24	us	us	PROPN
easat-9257	131	25	.	.	PUNCT
easat-9257	132	1	the	the	DET
easat-9257	132	2	ljung	ljung	PROPN
easat-9257	132	3	-	-	PUNCT
easat-9257	132	4	box	box	NOUN
easat-9257	132	5	q	q	NOUN
easat-9257	132	6	-	-	PUNCT
easat-9257	132	7	statistic	statistic	NOUN
easat-9257	132	8	shows	show	VERB
easat-9257	132	9	autocorrelation	autocorrelation	NOUN
easat-9257	132	10	in	in	ADP
easat-9257	132	11	the	the	DET
easat-9257	132	12	stock	stock	NOUN
easat-9257	132	13	prices	price	NOUN
easat-9257	132	14	and	and	CCONJ
easat-9257	132	15	returns	return	NOUN
easat-9257	132	16	for	for	ADP
easat-9257	132	17	these	these	DET
easat-9257	132	18	markets	market	NOUN
easat-9257	132	19	.	.	PUNCT
easat-9257	133	1	significant	significant	ADJ
easat-9257	133	2	second	second	ADJ
easat-9257	133	3	-	-	PUNCT
easat-9257	133	4	order	order	NOUN
easat-9257	133	5	autocorrelation	autocorrelation	NOUN
easat-9257	133	6	suggests	suggest	VERB
easat-9257	133	7	conditional	conditional	ADJ
easat-9257	133	8	heteroskedasticity	heteroskedasticity	NOUN
easat-9257	133	9	,	,	PUNCT
easat-9257	133	10	making	make	VERB
easat-9257	133	11	the	the	DET
easat-9257	133	12	arch	arch	ADJ
easat-9257	133	13	/	/	SYM
easat-9257	133	14	garch	garch	NOUN
easat-9257	133	15	process	process	NOUN
easat-9257	133	16	suitable	suitable	ADJ
easat-9257	133	17	for	for	ADP
easat-9257	133	18	modeling	model	VERB
easat-9257	133	19	their	their	PRON
easat-9257	133	20	time	time	NOUN
easat-9257	133	21	series	series	PROPN
easat-9257	133	22	behavior	behavior	PROPN
easat-9257	133	23	.	.	PUNCT
easat-9257	134	1	table	table	NOUN
easat-9257	134	2	1	1	NUM
easat-9257	134	3	.	.	PUNCT
easat-9257	134	4	descriptive	descriptive	ADJ
easat-9257	134	5	statistics	statistic	NOUN
easat-9257	134	6	of	of	ADP
easat-9257	134	7	logarithmic	logarithmic	ADJ
easat-9257	134	8	stock	stock	NOUN
easat-9257	134	9	prices	price	NOUN
easat-9257	134	10	and	and	CCONJ
easat-9257	134	11	stock	stock	NOUN
easat-9257	134	12	price	price	NOUN
easat-9257	134	13	returns	return	NOUN
easat-9257	134	14	.	.	PUNCT
easat-9257	135	1	logarithm	logarithm	NOUN
easat-9257	135	2	of	of	ADP
easat-9257	135	3	stock	stock	NOUN
easat-9257	135	4	prices	price	NOUN
easat-9257	135	5	stock	stock	NOUN
easat-9257	135	6	price	price	NOUN
easat-9257	135	7	returns	return	NOUN
easat-9257	135	8	costa	costa	PROPN
easat-9257	135	9	rica	rica	PROPN
easat-9257	135	10	panama	panama	PROPN
easat-9257	135	11	us	us	PROPN
easat-9257	135	12	costa	costa	PROPN
easat-9257	135	13	rica	rica	PROPN
easat-9257	135	14	panama	panama	PROPN
easat-9257	136	1	us	we	PRON
easat-9257	136	2	mean	mean	VERB
easat-9257	136	3	10.2175	10.2175	NUM
easat-9257	137	1	4.4201	4.4201	NUM
easat-9257	137	2	7.2843	7.2843	NUM
easat-9257	137	3	0.0031	0.0031	NUM
easat-9257	137	4	0.0024	0.0024	NUM
easat-9257	137	5	0.0018	0.0018	NUM
easat-9257	137	6	median	median	NOUN
easat-9257	137	7	9.6104	9.6104	NUM
easat-9257	137	8	4.7281	4.7281	NUM
easat-9257	137	9	7.1104	7.1104	NUM
easat-9257	137	10	0.0008	0.0008	NUM
easat-9257	137	11	0.0012	0.0012	NUM
easat-9257	137	12	0.0045	0.0045	NUM
easat-9257	137	13	maximum	maximum	ADJ
easat-9257	137	14	11.2458	11.2458	NUM
easat-9257	137	15	6.0612	6.0612	NUM
easat-9257	137	16	7.7821	7.7821	NUM
easat-9257	137	17	0.2201	0.2201	NUM
easat-9257	137	18	0.1415	0.1415	NUM
easat-9257	137	19	0.0915	0.0915	NUM
easat-9257	137	20	minimum	minimum	ADJ
easat-9257	137	21	6.8015	6.8015	NUM
easat-9257	137	22	2.8011	2.8011	NUM
easat-9257	137	23	5.955	5.955	NUM
easat-9257	137	24	-0.1025	-0.1025	NOUN
easat-9257	137	25	-0.1135	-0.1135	NOUN
easat-9257	137	26	-0.2025	-0.2025	NOUN
easat-9257	137	27	std	std	PROPN
easat-9257	137	28	.	.	PUNCT
easat-9257	138	1	dev	dev	PROPN
easat-9257	138	2	.	.	PUNCT
easat-9257	139	1	0.9416	0.9416	NUM
easat-9257	139	2	0.8125	0.8125	NUM
easat-9257	139	3	0.4105	0.4105	NUM
easat-9257	139	4	0.0310	0.0310	NUM
easat-9257	139	5	0.0192	0.0192	NUM
easat-9257	139	6	0.0205	0.0205	NUM
easat-9257	139	7	skewness	skewness	NOUN
easat-9257	139	8	-0.9921	-0.9921	PUNCT
easat-9257	139	9	-0.4515	-0.4515	PROPN
easat-9257	139	10	-0.7625	-0.7625	PROPN
easat-9257	140	1	0.9102	0.9102	NUM
easat-9257	140	2	0.5825	0.5825	NUM
easat-9257	140	3	-1.7352	-1.7352	NOUN
easat-9257	140	4	kurtosis	kurtosis	VERB
easat-9257	140	5	2.9105	2.9105	NUM
easat-9257	140	6	2.4150	2.4150	NUM
easat-9257	140	7	3.6152	3.6152	NUM
easat-9257	140	8	23.0041	23.0041	NUM
easat-9257	140	9	28.1142	28.1142	NUM
easat-9257	140	10	20.1150	20.1150	NUM
easat-9257	140	11	jarque	jarque	NOUN
easat-9257	140	12	-	-	PUNCT
easat-9257	140	13	bera	bera	NOUN
easat-9257	140	14	186.2251	186.2251	NUM
easat-9257	140	15	*	*	PUNCT
easat-9257	140	16	*	*	PUNCT
easat-9257	140	17	*	*	PUNCT
easat-9257	140	18	54.1102	54.1102	NUM
easat-9257	140	19	*	*	PUNCT
easat-9257	140	20	*	*	PUNCT
easat-9257	140	21	*	*	PUNCT
easat-9257	140	22	115.3978	115.3978	NUM
easat-9257	140	23	*	*	NOUN
easat-9257	140	24	*	*	PUNCT
easat-9257	140	25	*	*	PUNCT
easat-9257	140	26	19201.96	19201.96	NUM
easat-9257	140	27	*	*	PUNCT
easat-9257	140	28	*	*	PUNCT
easat-9257	140	29	*	*	PUNCT
easat-9257	140	30	11201.28	11201.28	NUM
easat-9257	140	31	*	*	NOUN
easat-9257	140	32	*	*	PUNCT
easat-9257	140	33	*	*	PUNCT
easat-9257	141	1	13882.01	13882.01	NUM
easat-9257	141	2	*	*	PUNCT
easat-9257	141	3	*	*	PUNCT
easat-9257	141	4	*	*	PUNCT
easat-9257	141	5	probability	probability	NOUN
easat-9257	141	6	0.0000	0.0000	NUM
easat-9257	141	7	0.0000	0.0000	NUM
easat-9257	141	8	0.000000	0.000000	NUM
easat-9257	141	9	0.000000	0.000000	NUM
easat-9257	141	10	0.000000	0.000000	NUM
easat-9257	141	11	0.000000	0.000000	NUM
easat-9257	141	12	first	first	ADJ
easat-9257	141	13	-	-	PUNCT
easat-9257	141	14	order	order	NOUN
easat-9257	141	15	serial	serial	ADJ
easat-9257	141	16	correlation	correlation	NOUN
easat-9257	141	17	𝑄(12	𝑄(12	NOUN
easat-9257	141	18	)	)	PUNCT
easat-9257	141	19	124.25	124.25	NUM
easat-9257	141	20	*	*	PUNCT
easat-9257	141	21	*	*	PUNCT
easat-9257	141	22	*	*	PUNCT
easat-9257	141	23	68.910	68.910	NUM
easat-9257	141	24	*	*	PUNCT
easat-9257	141	25	*	*	PUNCT
easat-9257	141	26	*	*	PUNCT
easat-9257	142	1	22.152	22.152	NUM
easat-9257	142	2	*	*	PUNCT
easat-9257	142	3	*	*	PUNCT
easat-9257	142	4	*	*	PUNCT
easat-9257	143	1	226.75	226.75	NUM
easat-9257	143	2	*	*	PUNCT
easat-9257	143	3	*	*	PUNCT
easat-9257	143	4	*	*	PUNCT
easat-9257	143	5	480.76	480.76	NUM
easat-9257	143	6	*	*	PUNCT
easat-9257	143	7	*	*	PUNCT
easat-9257	143	8	*	*	PUNCT
easat-9257	144	1	250.26	250.26	NUM
easat-9257	144	2	*	*	PUNCT
easat-9257	144	3	*	*	PUNCT
easat-9257	144	4	*	*	PUNCT
easat-9257	144	5	𝑄(18	𝑄(18	PROPN
easat-9257	144	6	)	)	PUNCT
easat-9257	145	1	141.25	141.25	NUM
easat-9257	145	2	*	*	PUNCT
easat-9257	145	3	*	*	PUNCT
easat-9257	145	4	*	*	PUNCT
easat-9257	145	5	83.125	83.125	NUM
easat-9257	145	6	*	*	PUNCT
easat-9257	145	7	*	*	PUNCT
easat-9257	145	8	*	*	PUNCT
easat-9257	146	1	32.115	32.115	NUM
easat-9257	146	2	*	*	PUNCT
easat-9257	146	3	*	*	PUNCT
easat-9257	146	4	*	*	PUNCT
easat-9257	147	1	252.91	252.91	NUM
easat-9257	147	2	*	*	PUNCT
easat-9257	147	3	*	*	PUNCT
easat-9257	147	4	*	*	PUNCT
easat-9257	148	1	515.66	515.66	NUM
easat-9257	148	2	*	*	PUNCT
easat-9257	148	3	*	*	PUNCT
easat-9257	148	4	*	*	PUNCT
easat-9257	149	1	261.35	261.35	NUM
easat-9257	149	2	*	*	PUNCT
easat-9257	149	3	*	*	PUNCT
easat-9257	149	4	*	*	PROPN
easat-9257	149	5	𝑄(24	𝑄(24	NUM
easat-9257	149	6	)	)	PUNCT
easat-9257	149	7	157.66	157.66	NUM
easat-9257	149	8	*	*	PUNCT
easat-9257	149	9	*	*	PUNCT
easat-9257	149	10	*	*	PUNCT
easat-9257	149	11	96.871	96.871	NUM
easat-9257	149	12	*	*	PUNCT
easat-9257	149	13	*	*	PUNCT
easat-9257	149	14	*	*	PUNCT
easat-9257	149	15	36.671	36.671	NUM
easat-9257	149	16	*	*	PUNCT
easat-9257	149	17	*	*	PUNCT
easat-9257	149	18	*	*	PUNCT
easat-9257	149	19	252.94	252.94	NUM
easat-9257	149	20	*	*	PUNCT
easat-9257	149	21	*	*	PUNCT
easat-9257	149	22	*	*	PUNCT
easat-9257	150	1	541.30	541.30	NUM
easat-9257	150	2	*	*	PUNCT
easat-9257	150	3	*	*	PUNCT
easat-9257	150	4	*	*	PUNCT
easat-9257	151	1	271.30	271.30	NUM
easat-9257	151	2	*	*	PUNCT
easat-9257	151	3	*	*	PUNCT
easat-9257	151	4	*	*	PUNCT
easat-9257	151	5	second	second	ADJ
easat-9257	151	6	-	-	PUNCT
easat-9257	151	7	order	order	NOUN
easat-9257	151	8	serial	serial	ADJ
easat-9257	151	9	correlation	correlation	NOUN
easat-9257	151	10	𝑄2(12	𝑄2(12	PROPN
easat-9257	151	11	)	)	PUNCT
easat-9257	151	12	241.35	241.35	NUM
easat-9257	151	13	*	*	PUNCT
easat-9257	151	14	*	*	PUNCT
easat-9257	151	15	*	*	PUNCT
easat-9257	152	1	492.15	492.15	NUM
easat-9257	152	2	*	*	PUNCT
easat-9257	152	3	*	*	PUNCT
easat-9257	152	4	*	*	PUNCT
easat-9257	153	1	268.12	268.12	NUM
easat-9257	153	2	*	*	PUNCT
easat-9257	153	3	*	*	PUNCT
easat-9257	153	4	*	*	PUNCT
easat-9257	154	1	440.15	440.15	NUM
easat-9257	154	2	*	*	PUNCT
easat-9257	154	3	*	*	PUNCT
easat-9257	154	4	*	*	PUNCT
easat-9257	155	1	801.35	801.35	NUM
easat-9257	155	2	*	*	PUNCT
easat-9257	155	3	*	*	PUNCT
easat-9257	155	4	*	*	PUNCT
easat-9257	156	1	531.25	531.25	NUM
easat-9257	156	2	*	*	PUNCT
easat-9257	156	3	*	*	PUNCT
easat-9257	156	4	*	*	PUNCT
easat-9257	156	5	𝑄2(18	𝑄2(18	NOUN
easat-9257	156	6	)	)	PUNCT
easat-9257	157	1	261.45	261.45	NUM
easat-9257	157	2	*	*	PUNCT
easat-9257	157	3	*	*	PUNCT
easat-9257	157	4	*	*	PUNCT
easat-9257	158	1	515.88	515.88	NUM
easat-9257	158	2	*	*	PUNCT
easat-9257	158	3	*	*	PUNCT
easat-9257	158	4	*	*	PUNCT
easat-9257	158	5	274.20	274.20	NUM
easat-9257	158	6	*	*	PUNCT
easat-9257	158	7	*	*	PUNCT
easat-9257	158	8	*	*	PUNCT
easat-9257	158	9	460.25	460.25	NUM
easat-9257	158	10	*	*	PUNCT
easat-9257	158	11	*	*	PUNCT
easat-9257	158	12	*	*	PUNCT
easat-9257	158	13	826.25	826.25	NUM
easat-9257	158	14	*	*	PUNCT
easat-9257	158	15	*	*	PUNCT
easat-9257	158	16	*	*	PUNCT
easat-9257	159	1	526.56	526.56	NUM
easat-9257	159	2	*	*	PUNCT
easat-9257	159	3	*	*	PUNCT
easat-9257	159	4	*	*	PUNCT
easat-9257	159	5	𝑄2(24	𝑄2(24	NOUN
easat-9257	159	6	)	)	PUNCT
easat-9257	159	7	262.85	262.85	NUM
easat-9257	159	8	*	*	PUNCT
easat-9257	159	9	*	*	PUNCT
easat-9257	159	10	*	*	PUNCT
easat-9257	160	1	538.40	538.40	NUM
easat-9257	160	2	*	*	PUNCT
easat-9257	160	3	*	*	PUNCT
easat-9257	160	4	*	*	PUNCT
easat-9257	161	1	283.15	283.15	NUM
easat-9257	161	2	*	*	PUNCT
easat-9257	161	3	*	*	PUNCT
easat-9257	161	4	*	*	PUNCT
easat-9257	162	1	465.83	465.83	NUM
easat-9257	162	2	*	*	PUNCT
easat-9257	162	3	*	*	PUNCT
easat-9257	162	4	*	*	PUNCT
easat-9257	162	5	866.75	866.75	NUM
easat-9257	162	6	*	*	PUNCT
easat-9257	162	7	*	*	PUNCT
easat-9257	162	8	*	*	PUNCT
easat-9257	163	1	554.28	554.28	NUM
easat-9257	163	2	*	*	PUNCT
easat-9257	163	3	*	*	PUNCT
easat-9257	163	4	*	*	PUNCT
easat-9257	163	5	note	note	NOUN
easat-9257	163	6	:	:	PUNCT
easat-9257	163	7	*	*	PUNCT
easat-9257	163	8	*	*	PUNCT
easat-9257	163	9	*	*	PUNCT
easat-9257	163	10	,	,	PUNCT
easat-9257	163	11	*	*	PUNCT
easat-9257	163	12	*	*	PUNCT
easat-9257	163	13	,	,	PUNCT
easat-9257	163	14	and	and	CCONJ
easat-9257	163	15	*	*	AUX
easat-9257	163	16	denote	denote	VERB
easat-9257	163	17	statistical	statistical	ADJ
easat-9257	163	18	significance	significance	NOUN
easat-9257	163	19	at	at	ADP
easat-9257	163	20	the	the	DET
easat-9257	163	21	1	1	NUM
easat-9257	163	22	%	%	NOUN
easat-9257	163	23	,	,	PUNCT
easat-9257	163	24	5	5	NUM
easat-9257	163	25	%	%	NOUN
easat-9257	163	26	and	and	CCONJ
easat-9257	163	27	10	10	NUM
easat-9257	163	28	%	%	NOUN
easat-9257	163	29	levels	level	NOUN
easat-9257	163	30	,	,	PUNCT
easat-9257	163	31	respectively	respectively	ADV
easat-9257	163	32	.	.	PUNCT
easat-9257	164	1	the	the	DET
easat-9257	164	2	software	software	NOUN
easat-9257	164	3	used	use	VERB
easat-9257	164	4	by	by	ADP
easat-9257	164	5	eviews12	eviews12	NOUN
easat-9257	164	6	.	.	PUNCT
easat-9257	165	1	3.2	3.2	NUM
easat-9257	165	2	.	.	PUNCT
easat-9257	166	1	unit	unit	NOUN
easat-9257	166	2	root	root	NOUN
easat-9257	166	3	tests	test	NOUN
easat-9257	166	4	table	table	VERB
easat-9257	166	5	2	2	NUM
easat-9257	166	6	presents	present	VERB
easat-9257	166	7	the	the	DET
easat-9257	166	8	results	result	NOUN
easat-9257	166	9	of	of	ADP
easat-9257	166	10	unit	unit	NOUN
easat-9257	166	11	root	root	NOUN
easat-9257	166	12	tests	test	NOUN
easat-9257	166	13	on	on	ADP
easat-9257	166	14	the	the	DET
easat-9257	166	15	natural	natural	ADJ
easat-9257	166	16	logarithms	logarithm	NOUN
easat-9257	166	17	and	and	CCONJ
easat-9257	166	18	return	return	NOUN
easat-9257	166	19	series	series	NOUN
easat-9257	166	20	of	of	ADP
easat-9257	166	21	the	the	DET
easat-9257	166	22	weekly	weekly	ADJ
easat-9257	166	23	indices	index	NOUN
easat-9257	166	24	for	for	ADP
easat-9257	166	25	costa	costa	PROPN
easat-9257	166	26	rica	rica	PROPN
easat-9257	166	27	,	,	PUNCT
easat-9257	166	28	panama	panama	PROPN
easat-9257	166	29	and	and	CCONJ
easat-9257	166	30	the	the	DET
easat-9257	166	31	us	us	PROPN
easat-9257	166	32	.	.	PUNCT
easat-9257	167	1	both	both	CCONJ
easat-9257	167	2	the	the	DET
easat-9257	167	3	augmented	augment	VERB
easat-9257	167	4	dickey	dickey	NOUN
easat-9257	167	5	-	-	PUNCT
easat-9257	167	6	fuller	full	ADJ
easat-9257	167	7	(	(	PUNCT
easat-9257	167	8	adf	adf	NOUN
easat-9257	167	9	)	)	PUNCT
easat-9257	167	10	and	and	CCONJ
easat-9257	167	11	phillips	phillips	PROPN
easat-9257	167	12	-	-	PUNCT
easat-9257	167	13	perron	perron	PROPN
easat-9257	167	14	(	(	PUNCT
easat-9257	167	15	pp	pp	ADJ
easat-9257	167	16	)	)	PUNCT
easat-9257	167	17	tests	test	NOUN
easat-9257	167	18	were	be	AUX
easat-9257	167	19	applied	apply	VERB
easat-9257	167	20	to	to	ADP
easat-9257	167	21	the	the	DET
easat-9257	167	22	levels	level	NOUN
easat-9257	167	23	and	and	CCONJ
easat-9257	167	24	first	first	ADJ
easat-9257	167	25	differences	difference	NOUN
easat-9257	167	26	of	of	ADP
easat-9257	167	27	each	each	DET
easat-9257	167	28	series	series	NOUN
easat-9257	167	29	under	under	ADP
easat-9257	167	30	three	three	NUM
easat-9257	167	31	regression	regression	NOUN
easat-9257	167	32	models	model	NOUN
easat-9257	167	33	:	:	PUNCT
easat-9257	167	34	without	without	ADP
easat-9257	167	35	constant	constant	ADJ
easat-9257	167	36	and	and	CCONJ
easat-9257	167	37	trend	trend	NOUN
easat-9257	167	38	,	,	PUNCT
easat-9257	167	39	with	with	ADP
easat-9257	167	40	constant	constant	ADJ
easat-9257	167	41	and	and	CCONJ
easat-9257	167	42	trend	trend	NOUN
easat-9257	167	43	,	,	PUNCT
easat-9257	167	44	and	and	CCONJ
easat-9257	167	45	with	with	ADP
easat-9257	167	46	constant	constant	ADJ
easat-9257	167	47	but	but	CCONJ
easat-9257	167	48	no	no	DET
easat-9257	167	49	trend	trend	NOUN
easat-9257	167	50	.	.	PUNCT
easat-9257	168	1	the	the	DET
easat-9257	168	2	results	result	NOUN
easat-9257	168	3	from	from	ADP
easat-9257	168	4	both	both	DET
easat-9257	168	5	tests	test	NOUN
easat-9257	168	6	reject	reject	VERB
easat-9257	168	7	the	the	DET
easat-9257	168	8	null	null	ADJ
easat-9257	168	9	hypothesis	hypothesis	NOUN
easat-9257	168	10	of	of	ADP
easat-9257	168	11	a	a	DET
easat-9257	168	12	unit	unit	NOUN
easat-9257	168	13	root	root	NOUN
easat-9257	168	14	,	,	PUNCT
easat-9257	168	15	indicating	indicate	VERB
easat-9257	168	16	that	that	SCONJ
easat-9257	168	17	the	the	DET
easat-9257	168	18	first	first	ADJ
easat-9257	168	19	differences	difference	NOUN
easat-9257	168	20	of	of	ADP
easat-9257	168	21	each	each	DET
easat-9257	168	22	series	series	NOUN
easat-9257	168	23	are	be	AUX
easat-9257	168	24	stationary	stationary	ADJ
easat-9257	168	25	.	.	PUNCT
easat-9257	169	1	therefore	therefore	ADV
easat-9257	169	2	,	,	PUNCT
easat-9257	169	3	all	all	DET
easat-9257	169	4	variables	variable	NOUN
easat-9257	169	5	are	be	AUX
easat-9257	169	6	integrated	integrate	VERB
easat-9257	169	7	of	of	ADP
easat-9257	169	8	order	order	NOUN
easat-9257	169	9	one	one	NUM
easat-9257	169	10	,	,	PUNCT
easat-9257	169	11	i(1	i(1	PROPN
easat-9257	169	12	)	)	PUNCT
easat-9257	169	13	.	.	PUNCT
easat-9257	170	1	237	237	NUM
easat-9257	170	2	edelweiss	edelweiss	PROPN
easat-9257	170	3	applied	apply	VERB
easat-9257	170	4	science	science	NOUN
easat-9257	170	5	and	and	CCONJ
easat-9257	170	6	technology	technology	NOUN
easat-9257	170	7	issn	issn	PROPN
easat-9257	170	8	:	:	PUNCT
easat-9257	170	9	2576	2576	NUM
easat-9257	170	10	-	-	SYM
easat-9257	170	11	8484	8484	NUM
easat-9257	170	12	vol	vol	NOUN
easat-9257	170	13	.	.	PROPN
easat-9257	171	1	9	9	NUM
easat-9257	171	2	,	,	PUNCT
easat-9257	171	3	no	no	INTJ
easat-9257	171	4	.	.	NOUN
easat-9257	171	5	8	8	NUM
easat-9257	171	6	:	:	SYM
easat-9257	171	7	231	231	NUM
easat-9257	171	8	-	-	SYM
easat-9257	171	9	253	253	NUM
easat-9257	171	10	,	,	PUNCT
easat-9257	171	11	2025	2025	NUM
easat-9257	171	12	doi	doi	NOUN
easat-9257	171	13	:	:	PUNCT
easat-9257	171	14	10.55214/2576	10.55214/2576	NUM
easat-9257	171	15	-	-	SYM
easat-9257	171	16	8484.v9i8.9257	8484.v9i8.9257	NUM
easat-9257	171	17	©	©	PROPN
easat-9257	171	18	2025	2025	NUM
easat-9257	171	19	by	by	ADP
easat-9257	171	20	the	the	DET
easat-9257	171	21	author	author	NOUN
easat-9257	171	22	;	;	PUNCT
easat-9257	171	23	licensee	licensee	PROPN
easat-9257	171	24	learning	learn	VERB
easat-9257	171	25	gate	gate	NOUN
easat-9257	171	26	table	table	NOUN
easat-9257	171	27	2	2	NUM
easat-9257	171	28	.	.	PUNCT
easat-9257	171	29	results	result	NOUN
easat-9257	171	30	of	of	ADP
easat-9257	171	31	unit	unit	NOUN
easat-9257	171	32	root	root	NOUN
easat-9257	171	33	tests	test	VERB
easat-9257	171	34	country	country	NOUN
easat-9257	171	35	with	with	ADP
easat-9257	171	36	intercept	intercept	ADJ
easat-9257	171	37	term	term	NOUN
easat-9257	171	38	with	with	ADP
easat-9257	171	39	intercept	intercept	NOUN
easat-9257	171	40	and	and	CCONJ
easat-9257	171	41	trend	trend	NOUN
easat-9257	171	42	term	term	NOUN
easat-9257	171	43	without	without	ADP
easat-9257	171	44	intercept	intercept	NOUN
easat-9257	171	45	and	and	CCONJ
easat-9257	171	46	trend	trend	NOUN
easat-9257	171	47	term	term	NOUN
easat-9257	171	48	augmented	augment	VERB
easat-9257	171	49	dickey	dickey	PROPN
easat-9257	171	50	-	-	PUNCT
easat-9257	171	51	fuller	full	ADJ
easat-9257	171	52	test	test	NOUN
easat-9257	171	53	logarithm	logarithm	PROPN
easat-9257	171	54	costa	costa	PROPN
easat-9257	171	55	rica	rica	PROPN
easat-9257	171	56	-4.9101	-4.9101	PUNCT
easat-9257	172	1	[	[	X
easat-9257	172	2	4	4	X
easat-9257	172	3	]	]	PUNCT
easat-9257	172	4	-4.9951	-4.9951	NOUN
easat-9257	173	1	[	[	X
easat-9257	173	2	4	4	X
easat-9257	173	3	]	]	PUNCT
easat-9257	173	4	-4.9101	-4.9101	NOUN
easat-9257	174	1	[	[	X
easat-9257	174	2	4	4	X
easat-9257	174	3	]	]	PUNCT
easat-9257	174	4	stock	stock	NOUN
easat-9257	174	5	price	price	NOUN
easat-9257	174	6	panama	panama	PROPN
easat-9257	174	7	-5.4715[3	-5.4715[3	PROPN
easat-9257	174	8	]	]	PUNCT
easat-9257	174	9	-5.4251	-5.4251	PUNCT
easat-9257	175	1	[	[	X
easat-9257	175	2	3	3	X
easat-9257	175	3	]	]	PUNCT
easat-9257	175	4	-5.6157	-5.6157	NOUN
easat-9257	176	1	[	[	X
easat-9257	176	2	3	3	X
easat-9257	176	3	]	]	PUNCT
easat-9257	176	4	series	series	NOUN
easat-9257	176	5	us	us	PROPN
easat-9257	176	6	-5.2262	-5.2262	PUNCT
easat-9257	177	1	[	[	X
easat-9257	177	2	2	2	NUM
easat-9257	177	3	]	]	PUNCT
easat-9257	177	4	-5.3215	-5.3215	NOUN
easat-9257	178	1	[	[	X
easat-9257	178	2	2	2	NUM
easat-9257	178	3	]	]	PUNCT
easat-9257	178	4	-5.1126	-5.1126	NOUN
easat-9257	179	1	[	[	X
easat-9257	179	2	2	2	NUM
easat-9257	179	3	]	]	PUNCT
easat-9257	179	4	stock	stock	NOUN
easat-9257	179	5	price	price	NOUN
easat-9257	179	6	costa	costa	PROPN
easat-9257	179	7	rica	rica	PROPN
easat-9257	179	8	13.2811	13.2811	NUM
easat-9257	179	9	*	*	PUNCT
easat-9257	180	1	*	*	PUNCT
easat-9257	180	2	*	*	PUNCT
easat-9257	181	1	[	[	X
easat-9257	181	2	4	4	NUM
easat-9257	181	3	]	]	PUNCT
easat-9257	181	4	13.4625	13.4625	NUM
easat-9257	181	5	*	*	PUNCT
easat-9257	181	6	*	*	PUNCT
easat-9257	181	7	*	*	PUNCT
easat-9257	181	8	[	[	X
easat-9257	181	9	4	4	NUM
easat-9257	181	10	]	]	PUNCT
easat-9257	181	11	15.3015	15.3015	NUM
easat-9257	181	12	*	*	PUNCT
easat-9257	181	13	*	*	PUNCT
easat-9257	181	14	*	*	PUNCT
easat-9257	182	1	[	[	X
easat-9257	182	2	4	4	NUM
easat-9257	182	3	]	]	PUNCT
easat-9257	182	4	return	return	NOUN
easat-9257	182	5	panama	panama	PROPN
easat-9257	182	6	4.5120	4.5120	NUM
easat-9257	182	7	*	*	PUNCT
easat-9257	183	1	*	*	PUNCT
easat-9257	183	2	*	*	PUNCT
easat-9257	184	1	[	[	X
easat-9257	184	2	3	3	X
easat-9257	184	3	]	]	X
easat-9257	184	4	4.6254	4.6254	NUM
easat-9257	184	5	*	*	PUNCT
easat-9257	184	6	*	*	PUNCT
easat-9257	184	7	*	*	PUNCT
easat-9257	185	1	[	[	X
easat-9257	185	2	3	3	X
easat-9257	185	3	]	]	X
easat-9257	185	4	5.1425	5.1425	NUM
easat-9257	185	5	*	*	PUNCT
easat-9257	185	6	*	*	PUNCT
easat-9257	185	7	*	*	PUNCT
easat-9257	186	1	[	[	X
easat-9257	186	2	3	3	NUM
easat-9257	186	3	]	]	PUNCT
easat-9257	186	4	series	series	NOUN
easat-9257	186	5	us	we	PRON
easat-9257	186	6	10.1102	10.1102	NUM
easat-9257	186	7	*	*	PUNCT
easat-9257	187	1	*	*	PUNCT
easat-9257	187	2	*	*	PUNCT
easat-9257	188	1	[	[	X
easat-9257	188	2	2	2	NUM
easat-9257	188	3	]	]	PUNCT
easat-9257	188	4	9.3781	9.3781	NUM
easat-9257	188	5	*	*	PUNCT
easat-9257	188	6	*	*	PUNCT
easat-9257	188	7	*	*	PUNCT
easat-9257	189	1	[	[	X
easat-9257	189	2	2	2	NUM
easat-9257	189	3	]	]	PUNCT
easat-9257	189	4	10.2021	10.2021	NUM
easat-9257	189	5	*	*	PUNCT
easat-9257	189	6	*	*	PUNCT
easat-9257	189	7	*	*	PUNCT
easat-9257	190	1	[	[	X
easat-9257	190	2	2	2	NUM
easat-9257	190	3	]	]	PUNCT
easat-9257	190	4	phillips	phillips	PROPN
easat-9257	190	5	-	-	PUNCT
easat-9257	190	6	perron	perron	PROPN
easat-9257	190	7	test	test	NOUN
easat-9257	190	8	logarithm	logarithm	PROPN
easat-9257	190	9	costa	costa	PROPN
easat-9257	190	10	rica	rica	PROPN
easat-9257	190	11	-4.9101	-4.9101	PUNCT
easat-9257	191	1	[	[	X
easat-9257	191	2	5	5	X
easat-9257	191	3	]	]	PUNCT
easat-9257	191	4	-4.9011	-4.9011	PUNCT
easat-9257	192	1	[	[	X
easat-9257	192	2	5	5	NUM
easat-9257	192	3	]	]	PUNCT
easat-9257	192	4	-4.9946	-4.9946	PUNCT
easat-9257	193	1	[	[	X
easat-9257	193	2	5	5	X
easat-9257	193	3	]	]	PUNCT
easat-9257	193	4	stock	stock	NOUN
easat-9257	193	5	price	price	NOUN
easat-9257	193	6	panama	panama	PROPN
easat-9257	193	7	-5.4387	-5.4387	NOUN
easat-9257	194	1	[	[	X
easat-9257	194	2	7	7	X
easat-9257	194	3	]	]	PUNCT
easat-9257	194	4	-5.4271	-5.4271	NOUN
easat-9257	195	1	[	[	X
easat-9257	195	2	7	7	X
easat-9257	195	3	]	]	PUNCT
easat-9257	195	4	-5.3890	-5.3890	NOUN
easat-9257	196	1	[	[	X
easat-9257	196	2	7	7	X
easat-9257	196	3	]	]	PUNCT
easat-9257	196	4	series	series	NOUN
easat-9257	196	5	us	we	PRON
easat-9257	196	6	-5.0125	-5.0125	PUNCT
easat-9257	197	1	[	[	X
easat-9257	197	2	3	3	NUM
easat-9257	197	3	]	]	PUNCT
easat-9257	197	4	-5.0125	-5.0125	NOUN
easat-9257	198	1	[	[	X
easat-9257	198	2	3	3	NUM
easat-9257	198	3	]	]	PUNCT
easat-9257	198	4	-5.1128	-5.1128	NOUN
easat-9257	199	1	[	[	X
easat-9257	199	2	3	3	X
easat-9257	199	3	]	]	X
easat-9257	199	4	stock	stock	NOUN
easat-9257	199	5	price	price	NOUN
easat-9257	199	6	costa	costa	PROPN
easat-9257	199	7	rica	rica	PROPN
easat-9257	199	8	14.6231	14.6231	NUM
easat-9257	199	9	*	*	PUNCT
easat-9257	200	1	*	*	PUNCT
easat-9257	200	2	*	*	PUNCT
easat-9257	201	1	[	[	X
easat-9257	201	2	4	4	NUM
easat-9257	201	3	]	]	PUNCT
easat-9257	201	4	15.6710	15.6710	NUM
easat-9257	201	5	*	*	PUNCT
easat-9257	201	6	*	*	PUNCT
easat-9257	201	7	*	*	PUNCT
easat-9257	201	8	[	[	X
easat-9257	201	9	4	4	NUM
easat-9257	201	10	]	]	PUNCT
easat-9257	201	11	14.6712	14.6712	NUM
easat-9257	201	12	*	*	PUNCT
easat-9257	201	13	*	*	PUNCT
easat-9257	201	14	*	*	PUNCT
easat-9257	202	1	[	[	X
easat-9257	202	2	4	4	NUM
easat-9257	202	3	]	]	PUNCT
easat-9257	202	4	return	return	NOUN
easat-9257	202	5	panama	panama	PROPN
easat-9257	202	6	4.6512	4.6512	NUM
easat-9257	202	7	*	*	PUNCT
easat-9257	203	1	*	*	PUNCT
easat-9257	203	2	*	*	PUNCT
easat-9257	204	1	[	[	X
easat-9257	204	2	6	6	NUM
easat-9257	204	3	]	]	SYM
easat-9257	204	4	4.6266	4.6266	NUM
easat-9257	204	5	*	*	PUNCT
easat-9257	204	6	*	*	PUNCT
easat-9257	204	7	*	*	PUNCT
easat-9257	205	1	[	[	X
easat-9257	205	2	6	6	NUM
easat-9257	205	3	]	]	PUNCT
easat-9257	205	4	4.6358	4.6358	NUM
easat-9257	205	5	*	*	PUNCT
easat-9257	205	6	*	*	PUNCT
easat-9257	205	7	*	*	PUNCT
easat-9257	206	1	[	[	X
easat-9257	206	2	6	6	NUM
easat-9257	206	3	]	]	PUNCT
easat-9257	206	4	series	series	NOUN
easat-9257	206	5	us	we	PRON
easat-9257	206	6	9.3457	9.3457	NUM
easat-9257	206	7	*	*	PUNCT
easat-9257	206	8	*	*	PUNCT
easat-9257	206	9	*	*	PUNCT
easat-9257	207	1	[	[	X
easat-9257	207	2	2	2	NUM
easat-9257	207	3	]	]	PUNCT
easat-9257	207	4	9.3578	9.3578	NUM
easat-9257	207	5	*	*	PUNCT
easat-9257	207	6	*	*	PUNCT
easat-9257	207	7	*	*	PUNCT
easat-9257	208	1	[	[	X
easat-9257	208	2	2	2	NUM
easat-9257	208	3	]	]	PUNCT
easat-9257	208	4	9.3225	9.3225	NUM
easat-9257	208	5	*	*	PUNCT
easat-9257	208	6	*	*	PUNCT
easat-9257	208	7	*	*	PUNCT
easat-9257	208	8	[	[	X
easat-9257	208	9	2	2	NUM
easat-9257	208	10	]	]	PUNCT
easat-9257	208	11	note	note	NOUN
easat-9257	208	12	:	:	PUNCT
easat-9257	208	13	the	the	DET
easat-9257	208	14	values	value	NOUN
easat-9257	208	15	in	in	ADP
easat-9257	208	16	[	[	X
easat-9257	208	17	.	.	X
easat-9257	208	18	]	]	PUNCT
easat-9257	209	1	are	be	AUX
easat-9257	209	2	the	the	DET
easat-9257	209	3	most	most	ADV
easat-9257	209	4	fitting	fitting	ADJ
easat-9257	209	5	lags	lag	NOUN
easat-9257	209	6	determined	determine	VERB
easat-9257	209	7	by	by	ADP
easat-9257	209	8	the	the	DET
easat-9257	209	9	sbc	sbc	NOUN
easat-9257	209	10	criterion	criterion	NOUN
easat-9257	209	11	.	.	PUNCT
easat-9257	210	1	*	*	PUNCT
easat-9257	211	1	*	*	PUNCT
easat-9257	211	2	*	*	PUNCT
easat-9257	211	3	,	,	PUNCT
easat-9257	211	4	*	*	PUNCT
easat-9257	211	5	*	*	PUNCT
easat-9257	211	6	,	,	PUNCT
easat-9257	211	7	and	and	CCONJ
easat-9257	211	8	*	*	PUNCT
easat-9257	211	9	denote	denote	VERB
easat-9257	211	10	statistical	statistical	ADJ
easat-9257	211	11	significance	significance	NOUN
easat-9257	211	12	at	at	ADP
easat-9257	211	13	the	the	DET
easat-9257	211	14	1	1	NUM
easat-9257	211	15	%	%	NOUN
easat-9257	211	16	,	,	PUNCT
easat-9257	211	17	5	5	NUM
easat-9257	211	18	%	%	NOUN
easat-9257	211	19	and	and	CCONJ
easat-9257	211	20	10	10	NUM
easat-9257	211	21	%	%	NOUN
easat-9257	211	22	levels	level	NOUN
easat-9257	211	23	,	,	PUNCT
easat-9257	211	24	respectively	respectively	ADV
easat-9257	211	25	.	.	PUNCT
easat-9257	212	1	3.3	3.3	NUM
easat-9257	212	2	.	.	PUNCT
easat-9257	213	1	testing	testing	NOUN
easat-9257	213	2	results	result	NOUN
easat-9257	213	3	for	for	ADP
easat-9257	213	4	structural	structural	ADJ
easat-9257	213	5	breaks	break	NOUN
easat-9257	213	6	to	to	PART
easat-9257	213	7	examine	examine	VERB
easat-9257	213	8	how	how	SCONJ
easat-9257	213	9	shocks	shock	NOUN
easat-9257	213	10	of	of	ADP
easat-9257	213	11	events	event	NOUN
easat-9257	213	12	influence	influence	NOUN
easat-9257	213	13	stock	stock	NOUN
easat-9257	213	14	price	price	NOUN
easat-9257	213	15	co	co	NOUN
easat-9257	213	16	-	-	NOUN
easat-9257	213	17	movement	movement	NOUN
easat-9257	213	18	or	or	CCONJ
easat-9257	213	19	interaction	interaction	NOUN
easat-9257	213	20	effects	effect	NOUN
easat-9257	213	21	in	in	ADP
easat-9257	213	22	costa	costa	PROPN
easat-9257	213	23	rica	rica	PROPN
easat-9257	213	24	,	,	PUNCT
easat-9257	213	25	panama	panama	PROPN
easat-9257	213	26	and	and	CCONJ
easat-9257	213	27	the	the	DET
easat-9257	213	28	us	us	PROPN
easat-9257	213	29	,	,	PUNCT
easat-9257	213	30	the	the	DET
easat-9257	213	31	iterated	iterated	ADJ
easat-9257	213	32	cumulative	cumulative	ADJ
easat-9257	213	33	sums	sum	NOUN
easat-9257	213	34	of	of	ADP
easat-9257	213	35	squares	square	NOUN
easat-9257	213	36	(	(	PUNCT
easat-9257	213	37	icss	icss	PROPN
easat-9257	213	38	)	)	PUNCT
easat-9257	213	39	algorithm	algorithm	PROPN
easat-9257	213	40	presented	present	VERB
easat-9257	213	41	by	by	ADP
easat-9257	213	42	incln	incln	NOUN
easat-9257	213	43	and	and	CCONJ
easat-9257	213	44	tiao	tiao	NOUN
easat-9257	213	45	[	[	X
easat-9257	213	46	24	24	NUM
easat-9257	213	47	]	]	PUNCT
easat-9257	213	48	is	be	AUX
easat-9257	213	49	used	use	VERB
easat-9257	213	50	to	to	PART
easat-9257	213	51	detect	detect	VERB
easat-9257	213	52	variance	variance	NOUN
easat-9257	213	53	breaks	break	NOUN
easat-9257	213	54	(	(	PUNCT
easat-9257	213	55	volatility	volatility	NOUN
easat-9257	213	56	shifts	shift	NOUN
easat-9257	213	57	)	)	PUNCT
easat-9257	213	58	in	in	ADP
easat-9257	213	59	stock	stock	NOUN
easat-9257	213	60	returns	return	NOUN
easat-9257	213	61	.	.	PUNCT
easat-9257	214	1	the	the	DET
easat-9257	214	2	results	result	NOUN
easat-9257	214	3	suggest	suggest	VERB
easat-9257	214	4	that	that	SCONJ
easat-9257	214	5	the	the	DET
easat-9257	214	6	subprime	subprime	ADJ
easat-9257	214	7	mortgage	mortgage	NOUN
easat-9257	214	8	crisis	crisis	NOUN
easat-9257	214	9	and	and	CCONJ
easat-9257	214	10	the	the	DET
easat-9257	214	11	global	global	ADJ
easat-9257	214	12	financial	financial	ADJ
easat-9257	214	13	crisis	crisis	NOUN
easat-9257	214	14	(	(	PUNCT
easat-9257	214	15	gfc	gfc	NOUN
easat-9257	214	16	)	)	PUNCT
easat-9257	214	17	affected	affect	VERB
easat-9257	214	18	the	the	DET
easat-9257	214	19	three	three	NUM
easat-9257	214	20	markets	market	NOUN
easat-9257	214	21	from	from	ADP
easat-9257	214	22	the	the	DET
easat-9257	214	23	1st	1st	ADJ
easat-9257	214	24	week	week	NOUN
easat-9257	214	25	of	of	ADP
easat-9257	214	26	july	july	PROPN
easat-9257	214	27	2007	2007	NUM
easat-9257	214	28	to	to	ADP
easat-9257	214	29	the	the	DET
easat-9257	214	30	3rd	3rd	ADJ
easat-9257	214	31	week	week	NOUN
easat-9257	214	32	of	of	ADP
easat-9257	214	33	april	april	PROPN
easat-9257	214	34	2009	2009	NUM
easat-9257	214	35	;	;	PUNCT
easat-9257	214	36	the	the	DET
easat-9257	214	37	european	european	ADJ
easat-9257	214	38	debt	debt	NOUN
easat-9257	214	39	crisis	crisis	NOUN
easat-9257	214	40	(	(	PUNCT
easat-9257	214	41	edc	edc	PROPN
easat-9257	214	42	)	)	PUNCT
easat-9257	214	43	occurred	occur	VERB
easat-9257	214	44	from	from	ADP
easat-9257	214	45	the	the	DET
easat-9257	214	46	4th	4th	ADJ
easat-9257	214	47	week	week	NOUN
easat-9257	214	48	of	of	ADP
easat-9257	214	49	april	april	PROPN
easat-9257	214	50	2009	2009	NUM
easat-9257	214	51	to	to	ADP
easat-9257	214	52	the	the	DET
easat-9257	214	53	4th	4th	ADJ
easat-9257	214	54	week	week	NOUN
easat-9257	214	55	of	of	ADP
easat-9257	214	56	march	march	PROPN
easat-9257	214	57	2012	2012	NUM
easat-9257	214	58	;	;	PUNCT
easat-9257	214	59	the	the	DET
easat-9257	214	60	most	most	ADV
easat-9257	214	61	intense	intense	ADJ
easat-9257	214	62	us	us	PROPN
easat-9257	214	63	-	-	PUNCT
easat-9257	214	64	china	china	PROPN
easat-9257	214	65	trade	trade	NOUN
easat-9257	214	66	war	war	NOUN
easat-9257	214	67	from	from	ADP
easat-9257	214	68	the	the	DET
easat-9257	214	69	3rd	3rd	ADJ
easat-9257	214	70	week	week	NOUN
easat-9257	214	71	of	of	ADP
easat-9257	214	72	march	march	PROPN
easat-9257	214	73	,	,	PUNCT
easat-9257	214	74	2018	2018	NUM
easat-9257	214	75	to	to	ADP
easat-9257	214	76	the	the	DET
easat-9257	214	77	4th	4th	ADJ
easat-9257	214	78	week	week	NOUN
easat-9257	214	79	of	of	ADP
easat-9257	214	80	december	december	PROPN
easat-9257	214	81	2019	2019	NUM
easat-9257	214	82	and	and	CCONJ
easat-9257	214	83	the	the	DET
easat-9257	214	84	covid-19	covid-19	PROPN
easat-9257	214	85	pandemic	pandemic	ADJ
easat-9257	214	86	period	period	NOUN
easat-9257	214	87	from	from	ADP
easat-9257	214	88	the	the	DET
easat-9257	214	89	1st	1st	ADJ
easat-9257	214	90	week	week	NOUN
easat-9257	214	91	of	of	ADP
easat-9257	214	92	march	march	PROPN
easat-9257	214	93	2020	2020	NUM
easat-9257	214	94	to	to	ADP
easat-9257	214	95	the	the	DET
easat-9257	214	96	4th	4th	ADJ
easat-9257	214	97	week	week	NOUN
easat-9257	214	98	of	of	ADP
easat-9257	214	99	december	december	PROPN
easat-9257	214	100	2020	2020	NUM
easat-9257	214	101	,	,	PUNCT
easat-9257	214	102	based	base	VERB
easat-9257	214	103	on	on	ADP
easat-9257	214	104	our	our	PRON
easat-9257	214	105	estimates	estimate	NOUN
easat-9257	214	106	.	.	PUNCT
easat-9257	215	1	3.4	3.4	NUM
easat-9257	215	2	.	.	PUNCT
easat-9257	216	1	johansen	johansen	PROPN
easat-9257	216	2	co	co	PROPN
easat-9257	216	3	-	-	NOUN
easat-9257	216	4	integration	integration	NOUN
easat-9257	216	5	tests	test	NOUN
easat-9257	216	6	based	base	VERB
easat-9257	216	7	on	on	ADP
easat-9257	216	8	the	the	DET
easat-9257	216	9	unit	unit	NOUN
easat-9257	216	10	root	root	NOUN
easat-9257	216	11	test	test	NOUN
easat-9257	216	12	results	result	NOUN
easat-9257	216	13	,	,	PUNCT
easat-9257	216	14	it	it	PRON
easat-9257	216	15	is	be	AUX
easat-9257	216	16	known	know	VERB
easat-9257	216	17	that	that	SCONJ
easat-9257	216	18	the	the	DET
easat-9257	216	19	stock	stock	NOUN
easat-9257	216	20	prices	price	NOUN
easat-9257	216	21	of	of	ADP
easat-9257	216	22	costa	costa	PROPN
easat-9257	216	23	rica	rica	PROPN
easat-9257	216	24	,	,	PUNCT
easat-9257	216	25	panama	panama	PROPN
easat-9257	216	26	,	,	PUNCT
easat-9257	216	27	and	and	CCONJ
easat-9257	216	28	the	the	DET
easat-9257	216	29	united	united	PROPN
easat-9257	216	30	states	states	PROPN
easat-9257	216	31	are	be	AUX
easat-9257	216	32	integrated	integrate	VERB
easat-9257	216	33	i(1	i(1	PROPN
easat-9257	216	34	)	)	PUNCT
easat-9257	216	35	.	.	PUNCT
easat-9257	217	1	when	when	SCONJ
easat-9257	217	2	series	series	PROPN
easat-9257	217	3	share	share	VERB
easat-9257	217	4	the	the	DET
easat-9257	217	5	same	same	ADJ
easat-9257	217	6	integration	integration	NOUN
easat-9257	217	7	order	order	NOUN
easat-9257	217	8	,	,	PUNCT
easat-9257	217	9	a	a	DET
easat-9257	217	10	long	long	ADJ
easat-9257	217	11	-	-	PUNCT
easat-9257	217	12	term	term	NOUN
easat-9257	217	13	cointegration	cointegration	NOUN
easat-9257	217	14	relationship	relationship	NOUN
easat-9257	217	15	may	may	AUX
easat-9257	217	16	exist	exist	VERB
easat-9257	217	17	.	.	PUNCT
easat-9257	218	1	to	to	PART
easat-9257	218	2	test	test	VERB
easat-9257	218	3	for	for	ADP
easat-9257	218	4	this	this	DET
easat-9257	218	5	relationship	relationship	NOUN
easat-9257	218	6	and	and	CCONJ
easat-9257	218	7	avoid	avoid	VERB
easat-9257	218	8	spurious	spurious	ADJ
easat-9257	218	9	regression	regression	NOUN
easat-9257	218	10	,	,	PUNCT
easat-9257	218	11	the	the	DET
easat-9257	218	12	johansen	johansen	PROPN
easat-9257	218	13	and	and	CCONJ
easat-9257	218	14	juselius	juselius	NOUN
easat-9257	219	1	[	[	X
easat-9257	219	2	25	25	NUM
easat-9257	219	3	]	]	PUNCT
easat-9257	219	4	method	method	NOUN
easat-9257	219	5	is	be	AUX
easat-9257	219	6	applied	apply	VERB
easat-9257	219	7	.	.	PUNCT
easat-9257	220	1	the	the	DET
easat-9257	220	2	trace	trace	NOUN
easat-9257	220	3	and	and	CCONJ
easat-9257	220	4	max	max	PROPN
easat-9257	220	5	-	-	PUNCT
easat-9257	220	6	eigenvalue	eigenvalue	ADJ
easat-9257	220	7	tests	test	NOUN
easat-9257	220	8	identify	identify	VERB
easat-9257	220	9	the	the	DET
easat-9257	220	10	number	number	NOUN
easat-9257	220	11	of	of	ADP
easat-9257	220	12	co	co	ADJ
easat-9257	220	13	-	-	NOUN
easat-9257	220	14	integration	integration	NOUN
easat-9257	220	15	vectors	vector	NOUN
easat-9257	220	16	,	,	PUNCT
easat-9257	220	17	and	and	CCONJ
easat-9257	220	18	the	the	DET
easat-9257	220	19	parameters	parameter	NOUN
easat-9257	220	20	are	be	AUX
easat-9257	220	21	estimated	estimate	VERB
easat-9257	220	22	using	use	VERB
easat-9257	220	23	maximum	maximum	ADJ
easat-9257	220	24	likelihood	likelihood	NOUN
easat-9257	220	25	.	.	PUNCT
easat-9257	221	1	the	the	DET
easat-9257	221	2	results	result	NOUN
easat-9257	221	3	,	,	PUNCT
easat-9257	221	4	presented	present	VERB
easat-9257	221	5	in	in	ADP
easat-9257	221	6	table	table	NOUN
easat-9257	221	7	3	3	NUM
easat-9257	221	8	,	,	PUNCT
easat-9257	221	9	show	show	VERB
easat-9257	221	10	that	that	SCONJ
easat-9257	221	11	after	after	ADP
easat-9257	221	12	taking	take	VERB
easat-9257	221	13	the	the	DET
easat-9257	221	14	natural	natural	ADJ
easat-9257	221	15	logarithms	logarithm	NOUN
easat-9257	221	16	of	of	ADP
easat-9257	221	17	the	the	DET
easat-9257	221	18	stock	stock	NOUN
easat-9257	221	19	price	price	NOUN
easat-9257	221	20	indices	index	NOUN
easat-9257	221	21	,	,	PUNCT
easat-9257	221	22	a	a	DET
easat-9257	221	23	longterm	longterm	ADJ
easat-9257	221	24	co	co	ADJ
easat-9257	221	25	-	-	ADJ
easat-9257	221	26	integrating	integrating	ADJ
easat-9257	221	27	relationship	relationship	NOUN
easat-9257	221	28	exists	exist	VERB
easat-9257	221	29	among	among	ADP
easat-9257	221	30	the	the	DET
easat-9257	221	31	three	three	NUM
easat-9257	221	32	markets	market	NOUN
easat-9257	221	33	.	.	PUNCT
easat-9257	222	1	this	this	PRON
easat-9257	222	2	suggests	suggest	VERB
easat-9257	222	3	one	one	NUM
easat-9257	222	4	statistically	statistically	ADV
easat-9257	222	5	significant	significant	ADJ
easat-9257	222	6	co	co	ADJ
easat-9257	222	7	-	-	ADJ
easat-9257	222	8	integrating	integrating	ADJ
easat-9257	222	9	vector	vector	NOUN
easat-9257	222	10	in	in	ADP
easat-9257	222	11	the	the	DET
easat-9257	222	12	model	model	NOUN
easat-9257	222	13	,	,	PUNCT
easat-9257	222	14	indicating	indicate	VERB
easat-9257	222	15	a	a	DET
easat-9257	222	16	long	long	ADV
easat-9257	222	17	-	-	PUNCT
easat-9257	222	18	run	run	NOUN
easat-9257	222	19	relationship	relationship	NOUN
easat-9257	222	20	and	and	CCONJ
easat-9257	222	21	co	co	NOUN
easat-9257	222	22	-	-	NOUN
easat-9257	222	23	movement	movement	NOUN
easat-9257	222	24	among	among	ADP
easat-9257	222	25	these	these	DET
easat-9257	222	26	three	three	NUM
easat-9257	222	27	stock	stock	NOUN
easat-9257	222	28	markets	market	NOUN
easat-9257	222	29	.	.	PUNCT
easat-9257	223	1	238	238	NUM
easat-9257	223	2	edelweiss	edelweiss	PROPN
easat-9257	223	3	applied	apply	VERB
easat-9257	223	4	science	science	NOUN
easat-9257	223	5	and	and	CCONJ
easat-9257	223	6	technology	technology	NOUN
easat-9257	223	7	issn	issn	PROPN
easat-9257	223	8	:	:	PUNCT
easat-9257	223	9	2576	2576	NUM
easat-9257	223	10	-	-	SYM
easat-9257	223	11	8484	8484	NUM
easat-9257	223	12	vol	vol	NOUN
easat-9257	223	13	.	.	PROPN
easat-9257	224	1	9	9	NUM
easat-9257	224	2	,	,	PUNCT
easat-9257	224	3	no	no	INTJ
easat-9257	224	4	.	.	NOUN
easat-9257	224	5	8	8	NUM
easat-9257	224	6	:	:	SYM
easat-9257	224	7	231	231	NUM
easat-9257	224	8	-	-	SYM
easat-9257	224	9	253	253	NUM
easat-9257	224	10	,	,	PUNCT
easat-9257	224	11	2025	2025	NUM
easat-9257	224	12	doi	doi	NOUN
easat-9257	224	13	:	:	PUNCT
easat-9257	224	14	10.55214/2576	10.55214/2576	NUM
easat-9257	224	15	-	-	SYM
easat-9257	224	16	8484.v9i8.9257	8484.v9i8.9257	NUM
easat-9257	224	17	©	©	PROPN
easat-9257	224	18	2025	2025	NUM
easat-9257	224	19	by	by	ADP
easat-9257	224	20	the	the	DET
easat-9257	224	21	author	author	NOUN
easat-9257	224	22	;	;	PUNCT
easat-9257	224	23	licensee	licensee	PROPN
easat-9257	224	24	learning	learn	VERB
easat-9257	224	25	gate	gate	NOUN
easat-9257	224	26	table	table	NOUN
easat-9257	224	27	3	3	NUM
easat-9257	224	28	.	.	PUNCT
easat-9257	225	1	johansen	johansen	PROPN
easat-9257	225	2	co	co	PROPN
easat-9257	225	3	-	-	NOUN
easat-9257	225	4	integration	integration	NOUN
easat-9257	225	5	tests	test	NOUN
easat-9257	225	6	.	.	PUNCT
easat-9257	226	1	unrestricted	unrestricted	ADJ
easat-9257	226	2	co	co	NOUN
easat-9257	226	3	-	-	NOUN
easat-9257	226	4	integration	integration	NOUN
easat-9257	226	5	rank	rank	NOUN
easat-9257	226	6	test	test	NOUN
easat-9257	226	7	(	(	PUNCT
easat-9257	226	8	trace	trace	NOUN
easat-9257	226	9	)	)	PUNCT
easat-9257	226	10	trace	trace	NOUN
easat-9257	226	11	test	test	NOUN
easat-9257	226	12	hypothesized	hypothesize	VERB
easat-9257	226	13	trace	trace	NOUN
easat-9257	226	14	0.05	0.05	NUM
easat-9257	226	15	prob	prob	NOUN
easat-9257	226	16	.	.	PUNCT
easat-9257	227	1	no	no	INTJ
easat-9257	227	2	.	.	NOUN
easat-9257	227	3	of	of	ADP
easat-9257	227	4	ce(s	ce(s	ADV
easat-9257	227	5	)	)	PUNCT
easat-9257	227	6	eigenvalue	eigenvalue	NOUN
easat-9257	227	7	statistic	statistic	ADJ
easat-9257	227	8	critical	critical	ADJ
easat-9257	227	9	value	value	NOUN
easat-9257	227	10	none	none	NOUN
easat-9257	227	11	0.0481	0.0481	NUM
easat-9257	227	12	72.3588	72.3588	NUM
easat-9257	227	13	35.4015	35.4015	NUM
easat-9257	227	14	0.0000	0.0000	NUM
easat-9257	228	1	at	at	ADP
easat-9257	228	2	most	most	ADJ
easat-9257	228	3	1	1	NUM
easat-9257	228	4	0.0224	0.0224	NUM
easat-9257	228	5	18.4925	18.4925	NUM
easat-9257	228	6	21.2271	21.2271	NUM
easat-9257	228	7	0.0815	0.0815	NUM
easat-9257	228	8	at	at	ADP
easat-9257	228	9	most	most	ADJ
easat-9257	228	10	2	2	NUM
easat-9257	228	11	0.0060	0.0060	NUM
easat-9257	228	12	4.9011	4.9011	NUM
easat-9257	228	13	10.9012	10.9012	NUM
easat-9257	228	14	0.4125	0.4125	NUM
easat-9257	228	15	unrestricted	unrestricted	ADJ
easat-9257	228	16	co	co	NOUN
easat-9257	228	17	-	-	NOUN
easat-9257	228	18	integration	integration	NOUN
easat-9257	228	19	rank	rank	NOUN
easat-9257	228	20	test	test	NOUN
easat-9257	228	21	(	(	PUNCT
easat-9257	228	22	maximum	maximum	ADJ
easat-9257	228	23	eigenvalue	eigenvalue	ADJ
easat-9257	228	24	)	)	PUNCT
easat-9257	228	25	table	table	NOUN
easat-9257	228	26	3	3	NUM
easat-9257	228	27	.	.	X
easat-9257	229	1	continue	continue	VERB
easat-9257	229	2	…	…	PUNCT
easat-9257	229	3	hypothesized	hypothesize	VERB
easat-9257	229	4	max	max	PROPN
easat-9257	229	5	-	-	PUNCT
easat-9257	229	6	eigen	eigen	PROPN
easat-9257	229	7	0.05	0.05	NUM
easat-9257	229	8	prob	prob	NOUN
easat-9257	229	9	.	.	PUNCT
easat-9257	230	1	no	no	INTJ
easat-9257	230	2	.	.	NOUN
easat-9257	230	3	of	of	ADP
easat-9257	230	4	ce(s	ce(s	ADV
easat-9257	230	5	)	)	PUNCT
easat-9257	230	6	eigenvalue	eigenvalue	NOUN
easat-9257	230	7	statistic	statistic	ADJ
easat-9257	230	8	critical	critical	ADJ
easat-9257	230	9	value	value	NOUN
easat-9257	230	10	none	none	NOUN
easat-9257	230	11	0.0625	0.0625	NUM
easat-9257	230	12	54.0012	54.0012	NUM
easat-9257	230	13	23.1010	23.1010	NUM
easat-9257	230	14	0.000	0.000	NUM
easat-9257	230	15	at	at	ADP
easat-9257	230	16	most	most	ADJ
easat-9257	230	17	1	1	NUM
easat-9257	230	18	0.0321	0.0321	NUM
easat-9257	230	19	14.2121	14.2121	NUM
easat-9257	230	20	16.0012	16.0012	NUM
easat-9257	230	21	0.1815	0.1815	NUM
easat-9257	230	22	at	at	ADP
easat-9257	230	23	most	most	ADJ
easat-9257	230	24	2	2	NUM
easat-9257	230	25	0.0068	0.0068	NUM
easat-9257	230	26	5.0128	5.0128	NUM
easat-9257	230	27	10.0254	10.0254	NUM
easat-9257	230	28	0.4015	0.4015	NUM
easat-9257	230	29	co	co	ADJ
easat-9257	230	30	-	-	ADJ
easat-9257	230	31	integrating	integrating	ADJ
easat-9257	230	32	vector	vector	NOUN
easat-9257	230	33	estimates	estimate	NOUN
easat-9257	230	34	panama	panama	PROPN
easat-9257	230	35	costa	costa	PROPN
easat-9257	230	36	rica	rica	PROPN
easat-9257	231	1	us	us	PROPN
easat-9257	231	2	c	c	PROPN
easat-9257	231	3	1	1	NUM
easat-9257	231	4	-1.8252	-1.8252	NOUN
easat-9257	231	5	*	*	PUNCT
easat-9257	231	6	*	*	PUNCT
easat-9257	231	7	*	*	PUNCT
easat-9257	231	8	1.2021	1.2021	NUM
easat-9257	231	9	*	*	PUNCT
easat-9257	231	10	*	*	PUNCT
easat-9257	231	11	*	*	PUNCT
easat-9257	231	12	4.6256	4.6256	NUM
easat-9257	231	13	-0.2628	-0.2628	NOUN
easat-9257	231	14	-0.7128	-0.7128	ADJ
easat-9257	231	15	-2.8104	-2.8104	PUNCT
easat-9257	232	1	note	note	NOUN
easat-9257	232	2	:	:	PUNCT
easat-9257	232	3	(	(	PUNCT
easat-9257	232	4	)	)	PUNCT
easat-9257	232	5	denotes	denote	VERB
easat-9257	232	6	standard	standard	ADJ
easat-9257	232	7	deviation	deviation	NOUN
easat-9257	232	8	.	.	PUNCT
easat-9257	233	1	*	*	PUNCT
easat-9257	233	2	*	*	PUNCT
easat-9257	233	3	*	*	AUX
easat-9257	233	4	show	show	VERB
easat-9257	233	5	statistically	statistically	ADV
easat-9257	233	6	significant	significant	ADJ
easat-9257	233	7	at	at	ADP
easat-9257	233	8	1	1	NUM
easat-9257	233	9	%	%	NOUN
easat-9257	233	10	level	level	NOUN
easat-9257	233	11	.	.	PUNCT
easat-9257	234	1	according	accord	VERB
easat-9257	234	2	to	to	ADP
easat-9257	234	3	the	the	DET
easat-9257	234	4	results	result	NOUN
easat-9257	234	5	of	of	ADP
easat-9257	234	6	table	table	NOUN
easat-9257	234	7	3	3	NUM
easat-9257	234	8	,	,	PUNCT
easat-9257	234	9	the	the	DET
easat-9257	234	10	error	error	NOUN
easat-9257	234	11	correction	correction	NOUN
easat-9257	234	12	term	term	NOUN
easat-9257	234	13	𝑍𝑡−1	𝑍𝑡−1	PROPN
easat-9257	234	14	can	can	AUX
easat-9257	234	15	be	be	AUX
easat-9257	234	16	determined	determine	VERB
easat-9257	234	17	as	as	SCONJ
easat-9257	234	18	follows	follow	VERB
easat-9257	234	19	:	:	PUNCT
easat-9257	234	20	𝑍𝑡−1	𝑍𝑡−1	PROPN
easat-9257	234	21	=	=	PUNCT
easat-9257	234	22	𝑃𝑁𝑡−1	𝑃𝑁𝑡−1	ADJ
easat-9257	234	23	-	-	PUNCT
easat-9257	234	24	1.8252cr𝑡−1	1.8252cr𝑡−1	NUM
easat-9257	234	25	-	-	PUNCT
easat-9257	234	26	1.2021us𝑡−1	1.2021us𝑡−1	NUM
easat-9257	234	27	+	+	NUM
easat-9257	234	28	4.6256	4.6256	NUM
easat-9257	234	29	(	(	PUNCT
easat-9257	234	30	20	20	NUM
easat-9257	234	31	)	)	PUNCT
easat-9257	234	32	where	where	SCONJ
easat-9257	234	33	𝑃𝑁𝑡−1	𝑃𝑁𝑡−1	ADJ
easat-9257	234	34	,	,	PUNCT
easat-9257	234	35	cr𝑡−1	cr𝑡−1	PROPN
easat-9257	234	36	and	and	CCONJ
easat-9257	234	37	us𝑡−1	us𝑡−1	PROPN
easat-9257	234	38	are	be	AUX
easat-9257	234	39	natural	natural	ADJ
easat-9257	234	40	logarithms	logarithm	NOUN
easat-9257	234	41	of	of	ADP
easat-9257	234	42	the	the	DET
easat-9257	234	43	stock	stock	NOUN
easat-9257	234	44	price	price	NOUN
easat-9257	234	45	index	index	NOUN
easat-9257	234	46	for	for	ADP
easat-9257	234	47	panama	panama	PROPN
easat-9257	234	48	,	,	PUNCT
easat-9257	234	49	costa	costa	PROPN
easat-9257	234	50	rica	rica	PROPN
easat-9257	234	51	and	and	CCONJ
easat-9257	234	52	us	we	PRON
easat-9257	234	53	,	,	PUNCT
easat-9257	234	54	respectively	respectively	ADV
easat-9257	234	55	.	.	PUNCT
easat-9257	235	1	furthermore	furthermore	ADV
easat-9257	235	2	,	,	PUNCT
easat-9257	235	3	the	the	DET
easat-9257	235	4	error	error	NOUN
easat-9257	235	5	correction	correction	NOUN
easat-9257	235	6	term	term	NOUN
easat-9257	235	7	(	(	PUNCT
easat-9257	235	8	𝑍𝑡	𝑍𝑡	NOUN
easat-9257	235	9	)	)	PUNCT
easat-9257	235	10	from	from	ADP
easat-9257	235	11	the	the	DET
easat-9257	235	12	co	co	NOUN
easat-9257	235	13	-	-	NOUN
easat-9257	235	14	integration	integration	NOUN
easat-9257	235	15	test	test	NOUN
easat-9257	235	16	is	be	AUX
easat-9257	235	17	used	use	VERB
easat-9257	235	18	to	to	PART
easat-9257	235	19	estimate	estimate	VERB
easat-9257	235	20	the	the	DET
easat-9257	235	21	autocorrelation	autocorrelation	NOUN
easat-9257	235	22	function	function	NOUN
easat-9257	235	23	(	(	PUNCT
easat-9257	235	24	acf	acf	PROPN
easat-9257	235	25	)	)	PUNCT
easat-9257	235	26	shown	show	VERB
easat-9257	235	27	in	in	ADP
easat-9257	235	28	figure	figure	NOUN
easat-9257	235	29	1	1	NUM
easat-9257	235	30	.	.	PUNCT
easat-9257	236	1	the	the	DET
easat-9257	236	2	slow	slow	ADJ
easat-9257	236	3	decline	decline	NOUN
easat-9257	236	4	in	in	ADP
easat-9257	236	5	autocorrelation	autocorrelation	NOUN
easat-9257	236	6	coefficient	coefficient	NOUN
easat-9257	236	7	as	as	SCONJ
easat-9257	236	8	lags	lag	NOUN
easat-9257	236	9	increase	increase	NOUN
easat-9257	236	10	suggests	suggest	VERB
easat-9257	236	11	that	that	SCONJ
easat-9257	236	12	the	the	DET
easat-9257	236	13	stock	stock	NOUN
easat-9257	236	14	indices	index	NOUN
easat-9257	236	15	require	require	VERB
easat-9257	236	16	a	a	DET
easat-9257	236	17	longer	long	ADJ
easat-9257	236	18	time	time	NOUN
easat-9257	236	19	to	to	PART
easat-9257	236	20	achieve	achieve	VERB
easat-9257	236	21	co	co	NOUN
easat-9257	236	22	-	-	NOUN
easat-9257	236	23	integration	integration	NOUN
easat-9257	236	24	,	,	PUNCT
easat-9257	236	25	reflecting	reflect	VERB
easat-9257	236	26	long	long	ADJ
easat-9257	236	27	-	-	PUNCT
easat-9257	236	28	term	term	NOUN
easat-9257	236	29	memory	memory	NOUN
easat-9257	236	30	.	.	PUNCT
easat-9257	237	1	based	base	VERB
easat-9257	237	2	on	on	ADP
easat-9257	237	3	fractionally	fractionally	ADV
easat-9257	237	4	integrated	integrate	VERB
easat-9257	237	5	process	process	NOUN
easat-9257	237	6	,	,	PUNCT
easat-9257	237	7	the	the	DET
easat-9257	237	8	conditional	conditional	ADJ
easat-9257	237	9	mean	mean	NOUN
easat-9257	237	10	equation	equation	NOUN
easat-9257	237	11	which	which	PRON
easat-9257	237	12	contains	contain	VERB
easat-9257	237	13	long	long	ADJ
easat-9257	237	14	memory	memory	NOUN
easat-9257	237	15	effects	effect	NOUN
easat-9257	237	16	,	,	PUNCT
easat-9257	237	17	the	the	DET
easat-9257	237	18	co	co	NOUN
easat-9257	237	19	-	-	NOUN
easat-9257	237	20	integration	integration	NOUN
easat-9257	237	21	process	process	NOUN
easat-9257	237	22	represented	represent	VERB
easat-9257	237	23	by	by	ADP
easat-9257	237	24	(	(	PUNCT
easat-9257	237	25	)	)	PUNCT
easat-9257	237	26	(	(	PUNCT
easat-9257	237	27	)	)	PUNCT
easat-9257	237	28			PROPN
easat-9257	237	29			PROPN
easat-9257	237	30	t	t	PROPN
easat-9257	237	31	d	d	NOUN
easat-9257	237	32	ll	ll	AUX
easat-9257	237	33	−−−	−−−	PROPN
easat-9257	237	34	11	11	NUM
easat-9257	237	35	should	should	AUX
easat-9257	237	36	be	be	AUX
easat-9257	237	37	incorporated	incorporate	VERB
easat-9257	237	38	into	into	ADP
easat-9257	237	39	the	the	DET
easat-9257	237	40	model	model	NOUN
easat-9257	237	41	system	system	NOUN
easat-9257	237	42	,	,	PUNCT
easat-9257	237	43	i.e.	i.e.	X
easat-9257	237	44	,	,	PUNCT
easat-9257	237	45	the	the	DET
easat-9257	237	46	fractionally	fractionally	ADV
easat-9257	237	47	integrated	integrate	VERB
easat-9257	237	48	error	error	NOUN
easat-9257	237	49	correction	correction	NOUN
easat-9257	237	50	(	(	PUNCT
easat-9257	237	51	fiec	fiec	NOUN
easat-9257	237	52	)	)	PUNCT
easat-9257	237	53	model	model	NOUN
easat-9257	237	54	is	be	AUX
easat-9257	237	55	considered	consider	VERB
easat-9257	237	56	.	.	PUNCT
easat-9257	238	1	figure	figure	VERB
easat-9257	238	2	1	1	NUM
easat-9257	238	3	.	.	X
easat-9257	238	4	239	239	NUM
easat-9257	238	5	edelweiss	edelweiss	PROPN
easat-9257	238	6	applied	apply	VERB
easat-9257	238	7	science	science	NOUN
easat-9257	238	8	and	and	CCONJ
easat-9257	238	9	technology	technology	NOUN
easat-9257	238	10	issn	issn	PROPN
easat-9257	238	11	:	:	PUNCT
easat-9257	238	12	2576	2576	NUM
easat-9257	238	13	-	-	SYM
easat-9257	238	14	8484	8484	NUM
easat-9257	238	15	vol	vol	NOUN
easat-9257	238	16	.	.	PROPN
easat-9257	239	1	9	9	NUM
easat-9257	239	2	,	,	PUNCT
easat-9257	239	3	no	no	INTJ
easat-9257	239	4	.	.	NOUN
easat-9257	239	5	8	8	NUM
easat-9257	239	6	:	:	SYM
easat-9257	239	7	231	231	NUM
easat-9257	239	8	-	-	SYM
easat-9257	239	9	253	253	NUM
easat-9257	239	10	,	,	PUNCT
easat-9257	239	11	2025	2025	NUM
easat-9257	239	12	doi	doi	NOUN
easat-9257	239	13	:	:	PUNCT
easat-9257	239	14	10.55214/2576	10.55214/2576	NUM
easat-9257	239	15	-	-	SYM
easat-9257	239	16	8484.v9i8.9257	8484.v9i8.9257	NUM
easat-9257	239	17	©	©	PROPN
easat-9257	239	18	2025	2025	NUM
easat-9257	239	19	by	by	ADP
easat-9257	239	20	the	the	DET
easat-9257	239	21	author	author	NOUN
easat-9257	239	22	;	;	PUNCT
easat-9257	239	23	licensee	licensee	PROPN
easat-9257	239	24	learning	learning	NOUN
easat-9257	239	25	gate	gate	PROPN
easat-9257	239	26	acf	acf	PROPN
easat-9257	239	27	of	of	ADP
easat-9257	239	28	the	the	DET
easat-9257	239	29	error	error	NOUN
easat-9257	239	30	correction	correction	NOUN
easat-9257	239	31	term	term	NOUN
easat-9257	239	32	𝑍𝑡	𝑍𝑡	PROPN
easat-9257	239	33	table	table	NOUN
easat-9257	239	34	4	4	NUM
easat-9257	239	35	.	.	PUNCT
easat-9257	239	36	serial	serial	ADJ
easat-9257	239	37	correlation	correlation	NOUN
easat-9257	239	38	,	,	PUNCT
easat-9257	239	39	arch	arch	ADJ
easat-9257	239	40	and	and	CCONJ
easat-9257	239	41	asymmetric	asymmetric	ADJ
easat-9257	239	42	effect	effect	NOUN
easat-9257	239	43	tests	test	NOUN
easat-9257	239	44	on	on	ADP
easat-9257	239	45	standardized	standardized	ADJ
easat-9257	239	46	residuals	residual	NOUN
easat-9257	239	47	terms	term	NOUN
easat-9257	239	48	for	for	ADP
easat-9257	239	49	estimated	estimate	VERB
easat-9257	239	50	fiec	fiec	NOUN
easat-9257	239	51	models	model	NOUN
easat-9257	239	52	.	.	PUNCT
easat-9257	240	1	costa	costa	PROPN
easat-9257	240	2	rica	rica	PROPN
easat-9257	240	3	panama	panama	PROPN
easat-9257	240	4	us	us	PROPN
easat-9257	240	5	𝑍𝐶𝑂𝑅,𝑡	𝑍𝐶𝑂𝑅,𝑡	PROPN
easat-9257	240	6	=	=	PUNCT
easat-9257	240	7	휀𝐶𝑂𝑅,𝑡/√𝑣𝑎𝑟	휀𝐶𝑂𝑅,𝑡/√𝑣𝑎𝑟	PROPN
easat-9257	240	8	(	(	PUNCT
easat-9257	240	9	휀𝐶𝑂𝑅,𝑡	휀𝐶𝑂𝑅,𝑡	PROPN
easat-9257	240	10	)	)	PUNCT
easat-9257	240	11	𝑍𝑃𝐴𝑁,𝑡	𝑍𝑃𝐴𝑁,𝑡	NOUN
easat-9257	240	12	=	=	PUNCT
easat-9257	240	13	휀𝑃𝐴𝑁,𝑡/√𝑣𝑎𝑟	휀𝑃𝐴𝑁,𝑡/√𝑣𝑎𝑟	PROPN
easat-9257	240	14	(	(	PUNCT
easat-9257	240	15	휀𝑃𝐴𝑁,𝑡	휀𝑃𝐴𝑁,𝑡	NOUN
easat-9257	240	16	)	)	PUNCT
easat-9257	240	17	𝑍𝑈𝑆,𝑡	𝑍𝑈𝑆,𝑡	NOUN
easat-9257	240	18	=	=	NOUN
easat-9257	240	19	휀𝑈𝑆,𝑡/√𝑣𝑎𝑟	휀𝑈𝑆,𝑡/√𝑣𝑎𝑟	NUM
easat-9257	240	20	(	(	PUNCT
easat-9257	240	21	휀𝑈𝑆,𝑡	휀𝑈𝑆,𝑡	NOUN
easat-9257	240	22	)	)	PUNCT
easat-9257	240	23	𝑄(12	𝑄(12	PROPN
easat-9257	240	24	)	)	PUNCT
easat-9257	240	25	33.412	33.412	NUM
easat-9257	240	26	33.675	33.675	NUM
easat-9257	240	27	8.210	8.210	NUM
easat-9257	240	28	𝑄(18	𝑄(18	NOUN
easat-9257	240	29	)	)	PUNCT
easat-9257	240	30	44.295	44.295	NUM
easat-9257	240	31	42.857	42.857	NUM
easat-9257	240	32	16.684	16.684	NUM
easat-9257	240	33	𝑄(24	𝑄(24	NOUN
easat-9257	240	34	)	)	PUNCT
easat-9257	240	35	49.212	49.212	NUM
easat-9257	240	36	54.625	54.625	NUM
easat-9257	240	37	21.308	21.308	NUM
easat-9257	240	38	𝑍𝐶𝑂𝑅𝑡	𝑍𝐶𝑂𝑅𝑡	NOUN
easat-9257	240	39	2	2	NUM
easat-9257	240	40	𝑍𝑃𝑁𝑡	𝑍𝑃𝑁𝑡	PROPN
easat-9257	240	41	2	2	NUM
easat-9257	240	42	𝑍𝑈𝑆𝑡	𝑍𝑈𝑆𝑡	NOUN
easat-9257	240	43	2	2	NUM
easat-9257	240	44	𝑄(12	𝑄(12	NOUN
easat-9257	240	45	)	)	PUNCT
easat-9257	240	46	269.301	269.301	NUM
easat-9257	240	47	*	*	PUNCT
easat-9257	240	48	*	*	PUNCT
easat-9257	240	49	*	*	PUNCT
easat-9257	240	50	215.045	215.045	NUM
easat-9257	240	51	*	*	SYM
easat-9257	240	52	*	*	NOUN
easat-9257	240	53	97.254	97.254	NUM
easat-9257	240	54	*	*	PUNCT
easat-9257	240	55	*	*	PUNCT
easat-9257	240	56	*	*	PUNCT
easat-9257	240	57	𝑄(18	𝑄(18	PROPN
easat-9257	240	58	)	)	PUNCT
easat-9257	240	59	262.045	262.045	NUM
easat-9257	240	60	*	*	PUNCT
easat-9257	240	61	*	*	PUNCT
easat-9257	240	62	*	*	PUNCT
easat-9257	240	63	274.695	274.695	NUM
easat-9257	240	64	*	*	PUNCT
easat-9257	240	65	*	*	PUNCT
easat-9257	240	66	*	*	PUNCT
easat-9257	240	67	110.254	110.254	NUM
easat-9257	240	68	*	*	PUNCT
easat-9257	240	69	*	*	PUNCT
easat-9257	240	70	*	*	NOUN
easat-9257	240	71	𝑄(24	𝑄(24	NUM
easat-9257	240	72	)	)	PUNCT
easat-9257	240	73	261.384	261.384	NUM
easat-9257	240	74	*	*	PUNCT
easat-9257	240	75	*	*	PUNCT
easat-9257	240	76	*	*	PUNCT
easat-9257	241	1	326.455	326.455	NUM
easat-9257	241	2	*	*	PUNCT
easat-9257	241	3	*	*	PUNCT
easat-9257	241	4	*	*	PUNCT
easat-9257	241	5	128.301	128.301	NUM
easat-9257	241	6	*	*	PUNCT
easat-9257	241	7	*	*	PUNCT
easat-9257	241	8	*	*	PROPN
easat-9257	241	9	𝑍𝐶𝑂𝑅,𝑡	𝑍𝐶𝑂𝑅,𝑡	PROPN
easat-9257	241	10	𝑍𝑃𝐴𝑁,𝑡	𝑍𝑃𝐴𝑁,𝑡	PROPN
easat-9257	241	11	𝑍𝐶𝑂𝑅,𝑡	𝑍𝐶𝑂𝑅,𝑡	PROPN
easat-9257	241	12	𝑍𝑈𝑆,𝑡	𝑍𝑈𝑆,𝑡	PROPN
easat-9257	241	13	𝑍𝑃𝐴𝑁,𝑡	𝑍𝑃𝐴𝑁,𝑡	NOUN
easat-9257	241	14	𝑍𝑈𝑆,𝑡	𝑍𝑈𝑆,𝑡	PROPN
easat-9257	241	15	𝑄(12	𝑄(12	PROPN
easat-9257	241	16	)	)	PUNCT
easat-9257	241	17	91.254	91.254	NUM
easat-9257	241	18	*	*	PUNCT
easat-9257	241	19	*	*	PUNCT
easat-9257	241	20	*	*	PUNCT
easat-9257	242	1	25.501	25.501	NUM
easat-9257	242	2	*	*	PUNCT
easat-9257	242	3	*	*	PUNCT
easat-9257	242	4	*	*	PUNCT
easat-9257	242	5	48.265	48.265	NUM
easat-9257	242	6	*	*	PUNCT
easat-9257	242	7	*	*	PUNCT
easat-9257	242	8	*	*	PUNCT
easat-9257	242	9	𝑄(18	𝑄(18	PROPN
easat-9257	242	10	)	)	PUNCT
easat-9257	242	11	98.301	98.301	NUM
easat-9257	242	12	*	*	PUNCT
easat-9257	242	13	*	*	PUNCT
easat-9257	242	14	*	*	PUNCT
easat-9257	242	15	44.886	44.886	PUNCT
easat-9257	242	16	*	*	PUNCT
easat-9257	242	17	*	*	PUNCT
easat-9257	242	18	*	*	PUNCT
easat-9257	243	1	56.021	56.021	NUM
easat-9257	243	2	*	*	PUNCT
easat-9257	243	3	*	*	PUNCT
easat-9257	243	4	*	*	PROPN
easat-9257	243	5	𝑄(24	𝑄(24	NUM
easat-9257	243	6	)	)	PUNCT
easat-9257	243	7	110.246	110.246	NUM
easat-9257	243	8	*	*	PUNCT
easat-9257	243	9	*	*	PUNCT
easat-9257	243	10	*	*	PUNCT
easat-9257	243	11	110.200	110.200	NUM
easat-9257	243	12	*	*	PUNCT
easat-9257	243	13	*	*	PUNCT
easat-9257	243	14	*	*	PUNCT
easat-9257	243	15	64.245	64.245	NUM
easat-9257	243	16	*	*	PUNCT
easat-9257	243	17	*	*	PUNCT
easat-9257	243	18	*	*	PUNCT
easat-9257	243	19	asymmetric	asymmetric	ADJ
easat-9257	243	20	effects	effect	NOUN
easat-9257	243	21	test	test	VERB
easat-9257	243	22	for	for	ADP
easat-9257	243	23	fiec	fiec	NOUN
easat-9257	243	24	model	model	PROPN
easat-9257	243	25	costa	costa	PROPN
easat-9257	243	26	rica	rica	PROPN
easat-9257	243	27	panama	panama	PROPN
easat-9257	243	28	us	us	PROPN
easat-9257	243	29	sbt	sbt	PROPN
easat-9257	243	30	-2.6015	-2.6015	PUNCT
easat-9257	243	31	*	*	PUNCT
easat-9257	243	32	*	*	PUNCT
easat-9257	243	33	*	*	PUNCT
easat-9257	243	34	-0.9925	-0.9925	NOUN
easat-9257	243	35	*	*	PUNCT
easat-9257	243	36	*	*	PUNCT
easat-9257	243	37	*	*	PUNCT
easat-9257	244	1	3.6114	3.6114	NUM
easat-9257	244	2	*	*	PUNCT
easat-9257	244	3	*	*	PUNCT
easat-9257	244	4	*	*	VERB
easat-9257	244	5	nsbt	nsbt	VERB
easat-9257	244	6	-3.9124	-3.9124	PUNCT
easat-9257	245	1	*	*	PUNCT
easat-9257	246	1	*	*	PUNCT
easat-9257	246	2	*	*	PUNCT
easat-9257	246	3	-4.4825	-4.4825	PUNCT
easat-9257	246	4	*	*	PUNCT
easat-9257	246	5	*	*	PUNCT
easat-9257	246	6	*	*	PUNCT
easat-9257	246	7	-0.5025	-0.5025	ADJ
easat-9257	246	8	*	*	PUNCT
easat-9257	246	9	*	*	PUNCT
easat-9257	246	10	*	*	PUNCT
easat-9257	246	11	psbt	psbt	NOUN
easat-9257	246	12	12.1140	12.1140	NUM
easat-9257	246	13	*	*	PUNCT
easat-9257	246	14	*	*	PUNCT
easat-9257	246	15	*	*	PUNCT
easat-9257	246	16	4.5301	4.5301	NUM
easat-9257	246	17	*	*	PUNCT
easat-9257	246	18	*	*	PUNCT
easat-9257	246	19	*	*	NOUN
easat-9257	246	20	-0.8015	-0.8015	PROPN
easat-9257	246	21	*	*	PUNCT
easat-9257	246	22	*	*	PUNCT
easat-9257	246	23	*	*	PUNCT
easat-9257	246	24	jt	jt	PROPN
easat-9257	246	25	162.201	162.201	PROPN
easat-9257	246	26	*	*	PUNCT
easat-9257	246	27	*	*	PUNCT
easat-9257	246	28	*	*	PUNCT
easat-9257	246	29	45.2301	45.2301	NUM
easat-9257	246	30	*	*	PUNCT
easat-9257	246	31	*	*	PUNCT
easat-9257	246	32	*	*	PUNCT
easat-9257	246	33	22.001	22.001	NUM
easat-9257	246	34	*	*	PUNCT
easat-9257	246	35	*	*	PUNCT
easat-9257	246	36	*	*	PUNCT
easat-9257	246	37	note	note	NOUN
easat-9257	246	38	:	:	PUNCT
easat-9257	246	39	𝑍𝑖,𝑡	𝑍𝑖,𝑡	PROPN
easat-9257	246	40	=	=	SYM
easat-9257	246	41	휀𝑖,𝑡/√𝑣𝑎𝑟	휀𝑖,𝑡/√𝑣𝑎𝑟	PROPN
easat-9257	246	42	(	(	PUNCT
easat-9257	246	43	휀𝑖,𝑡	휀𝑖,𝑡	NUM
easat-9257	246	44	)	)	PUNCT
easat-9257	246	45	,	,	PUNCT
easat-9257	246	46	𝑍𝑖𝑡	𝑍𝑖𝑡	PROPN
easat-9257	246	47	2	2	NUM
easat-9257	246	48	and	and	CCONJ
easat-9257	246	49	𝑍𝑖,𝑡	𝑍𝑖,𝑡	PROPN
easat-9257	246	50	𝑍𝑗,𝑡	𝑍𝑗,𝑡	PROPN
easat-9257	246	51	represent	represent	VERB
easat-9257	246	52	standardized	standardized	ADJ
easat-9257	246	53	residuals	residual	NOUN
easat-9257	246	54	,	,	PUNCT
easat-9257	246	55	squared	square	VERB
easat-9257	246	56	standardized	standardized	ADJ
easat-9257	246	57	residuals	residual	NOUN
easat-9257	246	58	and	and	CCONJ
easat-9257	246	59	cross	cross	NOUN
easat-9257	246	60	-	-	NOUN
easat-9257	246	61	product	product	NOUN
easat-9257	246	62	of	of	ADP
easat-9257	246	63	standardized	standardized	ADJ
easat-9257	246	64	residuals	residual	NOUN
easat-9257	246	65	,	,	PUNCT
easat-9257	246	66	respectively	respectively	ADV
easat-9257	246	67	.	.	PUNCT
easat-9257	247	1	*	*	PUNCT
easat-9257	247	2	*	*	PUNCT
easat-9257	247	3	and	and	CCONJ
easat-9257	247	4	*	*	PUNCT
easat-9257	247	5	*	*	PUNCT
easat-9257	247	6	*	*	PUNCT
easat-9257	247	7	denote	denote	VERB
easat-9257	247	8	statistically	statistically	ADV
easat-9257	247	9	significant	significant	ADJ
easat-9257	247	10	at	at	ADP
easat-9257	247	11	5	5	NUM
easat-9257	247	12	%	%	NOUN
easat-9257	247	13	and	and	CCONJ
easat-9257	247	14	1	1	NUM
easat-9257	247	15	%	%	NOUN
easat-9257	247	16	level	level	NOUN
easat-9257	247	17	,	,	PUNCT
easat-9257	247	18	respectively	respectively	ADV
easat-9257	247	19	.	.	PUNCT
easat-9257	248	1	based	base	VERB
easat-9257	248	2	on	on	ADP
easat-9257	248	3	the	the	DET
easat-9257	248	4	estimated	estimate	VERB
easat-9257	248	5	fiec	fiec	NOUN
easat-9257	248	6	model	model	NOUN
easat-9257	248	7	,	,	PUNCT
easat-9257	248	8	we	we	PRON
easat-9257	248	9	calculate	calculate	VERB
easat-9257	248	10	the	the	DET
easat-9257	248	11	standardized	standardized	ADJ
easat-9257	248	12	residuals	residual	NOUN
easat-9257	248	13	,	,	PUNCT
easat-9257	248	14	squared	square	VERB
easat-9257	248	15	standardized	standardized	ADJ
easat-9257	248	16	residuals	residual	NOUN
easat-9257	248	17	,	,	PUNCT
easat-9257	248	18	and	and	CCONJ
easat-9257	248	19	their	their	PRON
easat-9257	248	20	cross	cross	NOUN
easat-9257	248	21	-	-	NOUN
easat-9257	248	22	products	product	NOUN
easat-9257	248	23	.	.	PUNCT
easat-9257	249	1	the	the	DET
easat-9257	249	2	ljung	ljung	PROPN
easat-9257	249	3	-	-	PUNCT
easat-9257	249	4	box	box	NOUN
easat-9257	249	5	q	q	NOUN
easat-9257	249	6	tests	test	NOUN
easat-9257	249	7	(	(	PUNCT
easat-9257	249	8	table	table	NOUN
easat-9257	249	9	4	4	NUM
easat-9257	249	10	)	)	PUNCT
easat-9257	249	11	show	show	VERB
easat-9257	249	12	no	no	DET
easat-9257	249	13	autocorrelation	autocorrelation	NOUN
easat-9257	249	14	in	in	ADP
easat-9257	249	15	the	the	DET
easat-9257	249	16	standardized	standardized	ADJ
easat-9257	249	17	residuals	residual	NOUN
easat-9257	249	18	(	(	PUNCT
easat-9257	249	19	𝑍𝐶𝑂𝑅,𝑡	𝑍𝐶𝑂𝑅,𝑡	NOUN
easat-9257	249	20	,	,	PUNCT
easat-9257	249	21	𝑍𝑃𝐴𝑁,𝑡	𝑍𝑃𝐴𝑁,𝑡	NOUN
easat-9257	249	22	𝑎𝑛𝑑	𝑎𝑛𝑑	PROPN
easat-9257	249	23	𝑍𝑈𝑆,𝑡	𝑍𝑈𝑆,𝑡	PROPN
easat-9257	249	24	)	)	PUNCT
easat-9257	249	25	,	,	PUNCT
easat-9257	249	26	but	but	CCONJ
easat-9257	249	27	serial	serial	ADJ
easat-9257	249	28	correlation	correlation	NOUN
easat-9257	249	29	exists	exist	VERB
easat-9257	249	30	in	in	ADP
easat-9257	249	31	the	the	DET
easat-9257	249	32	squared	square	VERB
easat-9257	249	33	residuals	residual	NOUN
easat-9257	249	34	(	(	PUNCT
easat-9257	249	35	𝑍𝐶𝑂𝑅𝑡	𝑍𝐶𝑂𝑅𝑡	NOUN
easat-9257	249	36	2	2	NUM
easat-9257	249	37	,	,	PUNCT
easat-9257	249	38	𝑍𝑃𝑁𝑡	𝑍𝑃𝑁𝑡	PROPN
easat-9257	249	39	2	2	NUM
easat-9257	249	40	𝑎𝑛𝑑	𝑎𝑛𝑑	ADJ
easat-9257	249	41	𝑍𝑈𝑆𝑡	𝑍𝑈𝑆𝑡	NOUN
easat-9257	249	42	2	2	NUM
easat-9257	249	43	)	)	PUNCT
easat-9257	249	44	and	and	CCONJ
easat-9257	249	45	cross	cross	NOUN
easat-9257	249	46	-	-	NOUN
easat-9257	249	47	product	product	NOUN
easat-9257	249	48	of	of	ADP
easat-9257	249	49	the	the	DET
easat-9257	249	50	two	two	NUM
easat-9257	249	51	standardized	standardized	ADJ
easat-9257	249	52	residuals	residual	NOUN
easat-9257	249	53	(	(	PUNCT
easat-9257	249	54	𝑍𝐶𝑂𝑅,𝑡	𝑍𝐶𝑂𝑅,𝑡	ADJ
easat-9257	249	55	𝑍𝑃𝐴𝑁,𝑡	𝑍𝑃𝐴𝑁,𝑡	NOUN
easat-9257	249	56	,	,	PUNCT
easat-9257	249	57	𝑍𝐶𝑂𝑅,𝑡	𝑍𝐶𝑂𝑅,𝑡	PROPN
easat-9257	249	58	𝑍𝑈𝑆,𝑡	𝑍𝑈𝑆,𝑡	PROPN
easat-9257	249	59	𝑎𝑛𝑑	𝑎𝑛𝑑	PROPN
easat-9257	249	60	𝑍𝑃𝐴𝑁,𝑡	𝑍𝑃𝐴𝑁,𝑡	NOUN
easat-9257	249	61	𝑍𝑈𝑆,𝑡	𝑍𝑈𝑆,𝑡	PROPN
easat-9257	249	62	)	)	PUNCT
easat-9257	249	63	,	,	PUNCT
easat-9257	249	64	indicating	indicate	VERB
easat-9257	249	65	the	the	DET
easat-9257	249	66	presences	presence	NOUN
easat-9257	249	67	of	of	ADP
easat-9257	249	68	arch	arch	ADJ
easat-9257	249	69	effects	effect	NOUN
easat-9257	249	70	in	in	ADP
easat-9257	249	71	the	the	DET
easat-9257	249	72	residuals	residual	NOUN
easat-9257	249	73	in	in	ADP
easat-9257	249	74	our	our	PRON
easat-9257	249	75	model	model	NOUN
easat-9257	249	76	system	system	NOUN
easat-9257	249	77	.	.	PUNCT
easat-9257	250	1	the	the	DET
easat-9257	250	2	results	result	NOUN
easat-9257	250	3	of	of	ADP
easat-9257	250	4	testing	testing	NOUN
easat-9257	250	5	for	for	ADP
easat-9257	250	6	asymmetric	asymmetric	ADJ
easat-9257	250	7	effects	effect	NOUN
easat-9257	250	8	by	by	ADP
easat-9257	250	9	the	the	DET
easat-9257	250	10	sign	sign	NOUN
easat-9257	250	11	bias	bias	PROPN
easat-9257	250	12	test	test	NOUN
easat-9257	250	13	(	(	PUNCT
easat-9257	250	14	sbt	sbt	PROPN
easat-9257	250	15	)	)	PUNCT
easat-9257	250	16	,	,	PUNCT
easat-9257	250	17	negative	negative	ADJ
easat-9257	250	18	sign	sign	NOUN
easat-9257	250	19	bias	bias	NOUN
easat-9257	250	20	test	test	NOUN
easat-9257	250	21	(	(	PUNCT
easat-9257	250	22	nsbt	nsbt	PROPN
easat-9257	250	23	)	)	PUNCT
easat-9257	250	24	,	,	PUNCT
easat-9257	250	25	positive	positive	ADJ
easat-9257	250	26	sign	sign	NOUN
easat-9257	250	27	bias	bias	NOUN
easat-9257	250	28	test	test	NOUN
easat-9257	250	29	(	(	PUNCT
easat-9257	250	30	psbt	psbt	NOUN
easat-9257	250	31	)	)	PUNCT
easat-9257	250	32	,	,	PUNCT
easat-9257	250	33	and	and	CCONJ
easat-9257	250	34	joint	joint	ADJ
easat-9257	250	35	test	test	NOUN
easat-9257	250	36	(	(	PUNCT
easat-9257	250	37	jt	jt	PROPN
easat-9257	250	38	)	)	PUNCT
easat-9257	250	39	are	be	AUX
easat-9257	250	40	statistically	statistically	ADV
easat-9257	250	41	significant	significant	ADJ
easat-9257	250	42	for	for	ADP
easat-9257	250	43	the	the	DET
easat-9257	250	44	squared	square	VERB
easat-9257	250	45	standardized	standardized	ADJ
easat-9257	250	46	residuals	residual	NOUN
easat-9257	250	47	,	,	PUNCT
easat-9257	250	48	revealing	reveal	VERB
easat-9257	250	49	volatility	volatility	NOUN
easat-9257	250	50	asymmetry	asymmetry	NOUN
easat-9257	250	51	in	in	ADP
easat-9257	250	52	these	these	DET
easat-9257	250	53	three	three	NUM
easat-9257	250	54	stock	stock	NOUN
easat-9257	250	55	markets	market	NOUN
easat-9257	250	56	.	.	PUNCT
easat-9257	251	1	consequently	consequently	ADV
easat-9257	251	2	,	,	PUNCT
easat-9257	251	3	the	the	DET
easat-9257	251	4	ap	ap	PROPN
easat-9257	251	5	-	-	PUNCT
easat-9257	251	6	garch	garch	NOUN
easat-9257	251	7	model	model	NOUN
easat-9257	251	8	is	be	AUX
easat-9257	251	9	applied	apply	VERB
easat-9257	251	10	.	.	PUNCT
easat-9257	252	1	moreover	moreover	ADV
easat-9257	252	2	,	,	PUNCT
easat-9257	252	3	figure	figure	NOUN
easat-9257	252	4	2	2	NUM
easat-9257	252	5	display	display	VERB
easat-9257	252	6	the	the	DET
easat-9257	252	7	autocorrelation	autocorrelation	NOUN
easat-9257	252	8	function	function	NOUN
easat-9257	252	9	(	(	PUNCT
easat-9257	252	10	acf	acf	PROPN
easat-9257	252	11	)	)	PUNCT
easat-9257	252	12	of	of	ADP
easat-9257	252	13	standardized	standardized	ADJ
easat-9257	252	14	squared	squared	ADJ
easat-9257	252	15	residuals	residual	NOUN
easat-9257	252	16	,	,	PUNCT
easat-9257	252	17	squared	square	VERB
easat-9257	252	18	standardized	standardized	ADJ
easat-9257	252	19	residuals	residual	NOUN
easat-9257	252	20	,	,	PUNCT
easat-9257	252	21	and	and	CCONJ
easat-9257	252	22	the	the	DET
easat-9257	252	23	cross	cross	NOUN
easat-9257	252	24	-	-	NOUN
easat-9257	252	25	product	product	NOUN
easat-9257	252	26	of	of	ADP
easat-9257	252	27	standardized	standardized	ADJ
easat-9257	252	28	residuals	residual	NOUN
easat-9257	252	29	in	in	ADP
easat-9257	252	30	the	the	DET
easat-9257	252	31	estimated	estimate	VERB
easat-9257	252	32	fiec	fiec	NOUN
easat-9257	252	33	model	model	NOUN
easat-9257	252	34	for	for	ADP
easat-9257	252	35	each	each	DET
easat-9257	252	36	stock	stock	NOUN
easat-9257	252	37	market	market	NOUN
easat-9257	252	38	.	.	PUNCT
easat-9257	253	1	the	the	DET
easat-9257	253	2	autocorrelation	autocorrelation	NOUN
easat-9257	253	3	coefficients	coefficient	NOUN
easat-9257	253	4	exhibit	exhibit	VERB
easat-9257	253	5	slow	slow	ADJ
easat-9257	253	6	decay	decay	NOUN
easat-9257	253	7	and	and	CCONJ
easat-9257	253	8	persistence	persistence	NOUN
easat-9257	253	9	,	,	PUNCT
easat-9257	253	10	indicating	indicate	VERB
easat-9257	253	11	long	long	ADJ
easat-9257	253	12	memory	memory	NOUN
easat-9257	253	13	properties	property	NOUN
easat-9257	253	14	in	in	ADP
easat-9257	253	15	return	return	NOUN
easat-9257	253	16	volatilities	volatility	NOUN
easat-9257	253	17	and	and	CCONJ
easat-9257	253	18	co	co	NOUN
easat-9257	253	19	-	-	NOUN
easat-9257	253	20	variances	variance	NOUN
easat-9257	253	21	.	.	PUNCT
easat-9257	254	1	some	some	PRON
easat-9257	254	2	of	of	ADP
easat-9257	254	3	the	the	DET
easat-9257	254	4	researches	research	NOUN
easat-9257	254	5	have	have	AUX
easat-9257	254	6	proven	prove	VERB
easat-9257	254	7	that	that	SCONJ
easat-9257	254	8	the	the	DET
easat-9257	254	9	fractionally	fractionally	ADV
easat-9257	254	10	integrated	integrate	VERB
easat-9257	254	11	ec	ec	PROPN
easat-9257	254	12	(	(	PUNCT
easat-9257	254	13	fiec	fiec	NOUN
easat-9257	254	14	)	)	PUNCT
easat-9257	254	15	model	model	NOUN
easat-9257	254	16	is	be	AUX
easat-9257	254	17	empirically	empirically	ADV
easat-9257	254	18	important	important	ADJ
easat-9257	254	19	for	for	ADP
easat-9257	254	20	long	long	ADJ
easat-9257	254	21	-	-	PUNCT
easat-9257	254	22	memory	memory	NOUN
easat-9257	254	23	in	in	ADP
easat-9257	254	24	returns	return	NOUN
easat-9257	254	25	,	,	PUNCT
easat-9257	254	26	the	the	DET
easat-9257	254	27	following	follow	VERB
easat-9257	254	28	results	result	NOUN
easat-9257	254	29	may	may	AUX
easat-9257	254	30	hold	hold	VERB
easat-9257	254	31	true	true	ADJ
easat-9257	254	32	when	when	SCONJ
easat-9257	254	33	modeling	modeling	ADJ
easat-9257	254	34	long	long	ADJ
easat-9257	254	35	-	-	PUNCT
easat-9257	254	36	range	range	NOUN
easat-9257	254	37	dependence	dependence	NOUN
easat-9257	254	38	in	in	ADP
easat-9257	254	39	volatility	volatility	NOUN
easat-9257	254	40	on	on	ADP
easat-9257	254	41	conditional	conditional	ADJ
easat-9257	254	42	mean	mean	NOUN
easat-9257	254	43	,	,	PUNCT
easat-9257	254	44	variance	variance	NOUN
easat-9257	254	45	and	and	CCONJ
easat-9257	254	46	co	co	NOUN
easat-9257	254	47	-	-	NOUN
easat-9257	254	48	variance	variance	NOUN
easat-9257	254	49	equations	equation	NOUN
easat-9257	254	50	with	with	ADP
easat-9257	254	51	dynamic	dynamic	ADJ
easat-9257	254	52	interaction	interaction	NOUN
easat-9257	254	53	effects	effect	NOUN
easat-9257	254	54	,	,	PUNCT
easat-9257	254	55	i.e.	i.e.	X
easat-9257	254	56	,	,	PUNCT
easat-9257	254	57	the	the	DET
easat-9257	254	58	fiapgarch	fiapgarch	NOUN
easat-9257	254	59	-	-	PUNCT
easat-9257	254	60	dcc	dcc	NOUN
easat-9257	254	61	model	model	NOUN
easat-9257	254	62	capturing	capture	VERB
easat-9257	254	63	long	long	ADJ
easat-9257	254	64	-	-	PUNCT
easat-9257	254	65	memory	memory	NOUN
easat-9257	254	66	,	,	PUNCT
easat-9257	254	67	asymmetric	asymmetric	ADJ
easat-9257	254	68	volatility	volatility	NOUN
easat-9257	254	69	and	and	CCONJ
easat-9257	254	70	dcc	dcc	PROPN
easat-9257	254	71	effects	effect	NOUN
easat-9257	254	72	will	will	AUX
easat-9257	254	73	also	also	ADV
easat-9257	254	74	be	be	AUX
easat-9257	254	75	applying	apply	VERB
easat-9257	254	76	in	in	ADP
easat-9257	254	77	the	the	DET
easat-9257	254	78	model	model	NOUN
easat-9257	254	79	.	.	PUNCT
easat-9257	255	1	thus	thus	ADV
easat-9257	255	2	,	,	PUNCT
easat-9257	255	3	the	the	DET
easat-9257	255	4	fiec	fiec	NOUN
easat-9257	255	5	-	-	PUNCT
easat-9257	255	6	fiapgarch	fiapgarch	NOUN
easat-9257	255	7	-	-	PUNCT
easat-9257	255	8	dcc	dcc	NOUN
easat-9257	255	9	is	be	AUX
easat-9257	255	10	built	build	VERB
easat-9257	255	11	up	up	ADP
easat-9257	255	12	for	for	ADP
easat-9257	255	13	analyzing	analyze	VERB
easat-9257	255	14	the	the	DET
easat-9257	255	15	interrelationships	interrelationship	NOUN
easat-9257	255	16	among	among	ADP
easat-9257	255	17	these	these	DET
easat-9257	255	18	three	three	NUM
easat-9257	255	19	stock	stock	NOUN
easat-9257	255	20	markets	market	NOUN
easat-9257	255	21	.	.	PUNCT
easat-9257	256	1	240	240	NUM
easat-9257	256	2	edelweiss	edelweiss	PROPN
easat-9257	256	3	applied	apply	VERB
easat-9257	256	4	science	science	NOUN
easat-9257	256	5	and	and	CCONJ
easat-9257	256	6	technology	technology	NOUN
easat-9257	256	7	issn	issn	PROPN
easat-9257	256	8	:	:	PUNCT
easat-9257	256	9	2576	2576	NUM
easat-9257	256	10	-	-	SYM
easat-9257	256	11	8484	8484	NUM
easat-9257	256	12	vol	vol	NOUN
easat-9257	256	13	.	.	PROPN
easat-9257	257	1	9	9	NUM
easat-9257	257	2	,	,	PUNCT
easat-9257	257	3	no	no	INTJ
easat-9257	257	4	.	.	NOUN
easat-9257	257	5	8	8	NUM
easat-9257	257	6	:	:	SYM
easat-9257	257	7	231	231	NUM
easat-9257	257	8	-	-	SYM
easat-9257	257	9	253	253	NUM
easat-9257	257	10	,	,	PUNCT
easat-9257	257	11	2025	2025	NUM
easat-9257	257	12	doi	doi	NOUN
easat-9257	257	13	:	:	PUNCT
easat-9257	257	14	10.55214/2576	10.55214/2576	NUM
easat-9257	257	15	-	-	SYM
easat-9257	257	16	8484.v9i8.9257	8484.v9i8.9257	NUM
easat-9257	257	17	©	©	PROPN
easat-9257	257	18	2025	2025	NUM
easat-9257	257	19	by	by	ADP
easat-9257	257	20	the	the	DET
easat-9257	257	21	author	author	NOUN
easat-9257	257	22	;	;	PUNCT
easat-9257	257	23	licensee	licensee	PROPN
easat-9257	257	24	learning	learn	VERB
easat-9257	257	25	gate	gate	NOUN
easat-9257	257	26	figure	figure	NOUN
easat-9257	257	27	2	2	NUM
easat-9257	257	28	.	.	X
easat-9257	257	29	acf	acf	NOUN
easat-9257	257	30	of	of	ADP
easat-9257	257	31	the	the	DET
easat-9257	257	32	first	first	ADJ
easat-9257	257	33	-	-	PUNCT
easat-9257	257	34	power	power	NOUN
easat-9257	257	35	,	,	PUNCT
easat-9257	257	36	squared	square	VERB
easat-9257	257	37	and	and	CCONJ
easat-9257	257	38	cross	cross	VERB
easat-9257	257	39	standardized	standardized	ADJ
easat-9257	257	40	residuals	residual	NOUN
easat-9257	257	41	in	in	ADP
easat-9257	257	42	the	the	DET
easat-9257	257	43	fiec	fiec	NOUN
easat-9257	257	44	model	model	NOUN
easat-9257	257	45	.	.	PUNCT
easat-9257	258	1	241	241	NUM
easat-9257	258	2	edelweiss	edelweiss	PROPN
easat-9257	258	3	applied	apply	VERB
easat-9257	258	4	science	science	NOUN
easat-9257	258	5	and	and	CCONJ
easat-9257	258	6	technology	technology	NOUN
easat-9257	258	7	issn	issn	PROPN
easat-9257	258	8	:	:	PUNCT
easat-9257	258	9	2576	2576	NUM
easat-9257	258	10	-	-	SYM
easat-9257	258	11	8484	8484	NUM
easat-9257	258	12	vol	vol	NOUN
easat-9257	258	13	.	.	PROPN
easat-9257	259	1	9	9	NUM
easat-9257	259	2	,	,	PUNCT
easat-9257	259	3	no	no	INTJ
easat-9257	259	4	.	.	NOUN
easat-9257	259	5	8	8	NUM
easat-9257	259	6	:	:	SYM
easat-9257	259	7	231	231	NUM
easat-9257	259	8	-	-	SYM
easat-9257	259	9	253	253	NUM
easat-9257	259	10	,	,	PUNCT
easat-9257	259	11	2025	2025	NUM
easat-9257	259	12	doi	doi	NOUN
easat-9257	259	13	:	:	PUNCT
easat-9257	259	14	10.55214/2576	10.55214/2576	NUM
easat-9257	259	15	-	-	SYM
easat-9257	259	16	8484.v9i8.9257	8484.v9i8.9257	NUM
easat-9257	259	17	©	©	PROPN
easat-9257	259	18	2025	2025	NUM
easat-9257	259	19	by	by	ADP
easat-9257	259	20	the	the	DET
easat-9257	259	21	author	author	NOUN
easat-9257	259	22	;	;	PUNCT
easat-9257	259	23	licensee	licensee	PROPN
easat-9257	259	24	learning	learning	NOUN
easat-9257	259	25	gate	gate	NOUN
easat-9257	259	26	3.5	3.5	NUM
easat-9257	259	27	.	.	PUNCT
easat-9257	260	1	set	set	NOUN
easat-9257	260	2	-	-	PUNCT
easat-9257	260	3	up	up	NOUN
easat-9257	260	4	of	of	ADP
easat-9257	260	5	fiec	fiec	NOUN
easat-9257	260	6	-	-	PUNCT
easat-9257	260	7	fiapgarch	fiapgarch	NOUN
easat-9257	260	8	-	-	PUNCT
easat-9257	260	9	dcc	dcc	NOUN
easat-9257	260	10	model	model	NOUN
easat-9257	260	11	the	the	DET
easat-9257	260	12	fiec	fiec	NOUN
easat-9257	260	13	-	-	PUNCT
easat-9257	260	14	fiapgarch	fiapgarch	NOUN
easat-9257	260	15	-	-	PUNCT
easat-9257	260	16	dcc	dcc	NOUN
easat-9257	260	17	model	model	NOUN
easat-9257	260	18	of	of	ADP
easat-9257	260	19	the	the	DET
easat-9257	260	20	stock	stock	NOUN
easat-9257	260	21	market	market	NOUN
easat-9257	260	22	indexes	index	NOUN
easat-9257	260	23	for	for	ADP
easat-9257	260	24	costa	costa	PROPN
easat-9257	260	25	rica	rica	PROPN
easat-9257	260	26	,	,	PUNCT
easat-9257	260	27	panama	panama	PROPN
easat-9257	260	28	and	and	CCONJ
easat-9257	260	29	the	the	DET
easat-9257	260	30	us	us	PROPN
easat-9257	260	31	are	be	AUX
easat-9257	260	32	built	build	VERB
easat-9257	260	33	up	up	ADP
easat-9257	260	34	as	as	SCONJ
easat-9257	260	35	follows	follow	VERB
easat-9257	260	36	:	:	PUNCT
easat-9257	260	37	3.5.1	3.5.1	NUM
easat-9257	260	38	.	.	PUNCT
easat-9257	261	1	conditional	conditional	ADJ
easat-9257	261	2	mean	mean	NOUN
easat-9257	261	3	equations	equation	NOUN
easat-9257	261	4	∆𝐶𝑂𝑅𝑡	∆𝐶𝑂𝑅𝑡	NUM
easat-9257	261	5	=	=	SYM
easat-9257	261	6	𝑢1	𝑢1	PROPN
easat-9257	261	7	+	+	PROPN
easat-9257	261	8	𝜆1[(1	𝜆1[(1	PROPN
easat-9257	261	9	−	−	PROPN
easat-9257	261	10	𝐿)𝑑	𝐿)𝑑	NOUN
easat-9257	262	1	−	−	PROPN
easat-9257	262	2	(	(	PUNCT
easat-9257	262	3	1	1	NUM
easat-9257	262	4	−	−	PROPN
easat-9257	262	5	𝐿)]𝑍𝑡	𝐿)]𝑍𝑡	NOUN
easat-9257	262	6	+	+	CCONJ
easat-9257	262	7	∑	∑	PUNCT
easat-9257	262	8	𝑎1𝑖	𝑎1𝑖	ADJ
easat-9257	262	9	4	4	NUM
easat-9257	262	10	𝑖=1	𝑖=1	PUNCT
easat-9257	262	11	∆𝐶𝑂𝑅,𝑡−𝑖	∆𝐶𝑂𝑅,𝑡−𝑖	NOUN
easat-9257	263	1	+	+	CCONJ
easat-9257	263	2	∑	∑	PROPN
easat-9257	263	3	𝑎2𝑖	𝑎2𝑖	PROPN
easat-9257	263	4	4	4	NUM
easat-9257	263	5	𝑖=1	𝑖=1	PUNCT
easat-9257	263	6	∆𝑃𝐴𝑁,𝑡−𝑖	∆𝑃𝐴𝑁,𝑡−𝑖	PROPN
easat-9257	263	7	+	+	CCONJ
easat-9257	263	8	∑	∑	PUNCT
easat-9257	263	9	𝑎3𝑖	𝑎3𝑖	PROPN
easat-9257	263	10	4	4	NUM
easat-9257	263	11	𝑖=1	𝑖=1	PUNCT
easat-9257	263	12	∆𝑈𝑆,𝑡−𝑖	∆𝑈𝑆,𝑡−𝑖	X
easat-9257	263	13	+	+	CCONJ
easat-9257	263	14	𝑘1𝐷1	𝑘1𝐷1	PROPN
easat-9257	263	15	+	+	CCONJ
easat-9257	263	16	𝑘2𝐷2	𝑘2𝐷2	PUNCT
easat-9257	263	17	+	+	PUNCT
easat-9257	263	18	𝑘3𝐷3	𝑘3𝐷3	PROPN
easat-9257	263	19	+	+	CCONJ
easat-9257	263	20	𝑘4𝐷4	𝑘4𝐷4	PROPN
easat-9257	263	21	+	+	CCONJ
easat-9257	263	22	휀𝐶𝑂𝑅,𝑡	휀𝐶𝑂𝑅,𝑡	PUNCT
easat-9257	263	23	∆𝑃𝐴𝑁𝑡	∆𝑃𝐴𝑁𝑡	PROPN
easat-9257	263	24	=	=	SYM
easat-9257	263	25	𝑢2	𝑢2	PROPN
easat-9257	263	26	+	+	CCONJ
easat-9257	263	27	𝜆2[(1	𝜆2[(1	PROPN
easat-9257	263	28	−	−	PROPN
easat-9257	263	29	𝐿)𝑑	𝐿)𝑑	NOUN
easat-9257	263	30	−	−	PROPN
easat-9257	264	1	(	(	PUNCT
easat-9257	264	2	1	1	NUM
easat-9257	264	3	−	−	PROPN
easat-9257	264	4	𝐿)]𝑍𝑡	𝐿)]𝑍𝑡	NOUN
easat-9257	264	5	+	+	CCONJ
easat-9257	264	6	∑	∑	PROPN
easat-9257	264	7	𝑏1𝑖	𝑏1𝑖	PROPN
easat-9257	264	8	4	4	NUM
easat-9257	264	9	𝑖=1	𝑖=1	PUNCT
easat-9257	264	10	∆𝑃𝐴𝑁,𝑡−𝑖	∆𝑃𝐴𝑁,𝑡−𝑖	PROPN
easat-9257	264	11	+	+	CCONJ
easat-9257	264	12	∑	∑	PROPN
easat-9257	264	13	𝑏2𝑖	𝑏2𝑖	PROPN
easat-9257	264	14	4	4	NUM
easat-9257	264	15	𝑖=1	𝑖=1	PUNCT
easat-9257	264	16	∆𝐶𝑂𝑅,𝑡−𝑖	∆𝐶𝑂𝑅,𝑡−𝑖	NOUN
easat-9257	265	1	+	+	CCONJ
easat-9257	265	2	∑	∑	ADP
easat-9257	265	3	𝑏3𝑖	𝑏3𝑖	PROPN
easat-9257	265	4	4	4	NUM
easat-9257	265	5	𝑖=1	𝑖=1	PUNCT
easat-9257	265	6	∆𝑈𝑆,𝑡−𝑖	∆𝑈𝑆,𝑡−𝑖	X
easat-9257	265	7	+	+	CCONJ
easat-9257	265	8	𝑘5𝐷1	𝑘5𝐷1	PROPN
easat-9257	265	9	+	+	CCONJ
easat-9257	265	10	𝑘6𝐷2	𝑘6𝐷2	PUNCT
easat-9257	266	1	+	+	CCONJ
easat-9257	266	2	𝑘7𝐷3	𝑘7𝐷3	PROPN
easat-9257	266	3	+	+	PUNCT
easat-9257	266	4	𝑘8𝐷4	𝑘8𝐷4	PUNCT
easat-9257	267	1	+	+	PUNCT
easat-9257	267	2	휀𝑃𝐴𝑁,𝑡	휀𝑃𝐴𝑁,𝑡	NUM
easat-9257	267	3	∆𝑈𝑆𝑡	∆𝑈𝑆𝑡	NOUN
easat-9257	267	4	=	=	SYM
easat-9257	267	5	𝑢3	𝑢3	PROPN
easat-9257	267	6	+	+	CCONJ
easat-9257	267	7	𝜆3[(1	𝜆3[(1	PROPN
easat-9257	267	8	−	−	PROPN
easat-9257	267	9	𝐿)𝑑	𝐿)𝑑	NOUN
easat-9257	268	1	−	−	PROPN
easat-9257	268	2	(	(	PUNCT
easat-9257	268	3	1	1	NUM
easat-9257	268	4	−	−	PROPN
easat-9257	268	5	𝐿)]𝑍𝑡	𝐿)]𝑍𝑡	NOUN
easat-9257	268	6	+	+	CCONJ
easat-9257	268	7	∑	∑	PROPN
easat-9257	268	8	𝑐1𝑖	𝑐1𝑖	NOUN
easat-9257	268	9	4	4	NUM
easat-9257	268	10	𝑖=1	𝑖=1	PUNCT
easat-9257	268	11	∆𝑈𝑆,𝑡−𝑖	∆𝑈𝑆,𝑡−𝑖	X
easat-9257	268	12	+	+	CCONJ
easat-9257	268	13	∑	∑	ADV
easat-9257	268	14	𝑐2𝑖	𝑐2𝑖	ADP
easat-9257	268	15	4	4	NUM
easat-9257	268	16	𝑖=1	𝑖=1	PUNCT
easat-9257	268	17	∆𝑃𝐴𝑁,𝑡−𝑖	∆𝑃𝐴𝑁,𝑡−𝑖	NOUN
easat-9257	268	18	+	+	CCONJ
easat-9257	268	19	∑	∑	PROPN
easat-9257	268	20	𝑐3𝑖	𝑐3𝑖	PROPN
easat-9257	268	21	4	4	NUM
easat-9257	268	22	𝑖=1	𝑖=1	PUNCT
easat-9257	268	23	∆𝐶𝑂𝑅,𝑡−𝑖	∆𝐶𝑂𝑅,𝑡−𝑖	NOUN
easat-9257	268	24	+	+	CCONJ
easat-9257	268	25	𝑘9𝐷1	𝑘9𝐷1	PUNCT
easat-9257	268	26	+	+	CCONJ
easat-9257	268	27	𝑘10𝐷2	𝑘10𝐷2	ADJ
easat-9257	268	28	+	+	CCONJ
easat-9257	268	29	𝑘11𝐷3	𝑘11𝐷3	NOUN
easat-9257	268	30	+	+	CCONJ
easat-9257	268	31	𝑘12𝐷4	𝑘12𝐷4	PROPN
easat-9257	268	32	+	+	CCONJ
easat-9257	268	33	휀𝑈𝑆,𝑡	휀𝑈𝑆,𝑡	NOUN
easat-9257	268	34	(	(	PUNCT
easat-9257	268	35	21	21	NUM
easat-9257	268	36	)	)	PUNCT
easat-9257	268	37	3.5.2	3.5.2	NUM
easat-9257	268	38	.	.	PUNCT
easat-9257	269	1	conditional	conditional	ADJ
easat-9257	269	2	variance	variance	NOUN
easat-9257	269	3	equations	equation	NOUN
easat-9257	269	4	ℎ𝐶𝑂𝑅,𝑡	ℎ𝐶𝑂𝑅,𝑡	PROPN
easat-9257	269	5	𝛿1/2	𝛿1/2	PROPN
easat-9257	269	6	=	=	SYM
easat-9257	269	7	𝜔1	𝜔1	PROPN
easat-9257	269	8	+	+	CCONJ
easat-9257	269	9	𝛽1ℎ𝐶𝑂𝑅,𝑡−1	𝛽1ℎ𝐶𝑂𝑅,𝑡−1	VERB
easat-9257	269	10	𝛿1/2	𝛿1/2	NOUN
easat-9257	269	11	+	+	CCONJ
easat-9257	270	1	[	[	X
easat-9257	270	2	(	(	PUNCT
easat-9257	270	3	1	1	NUM
easat-9257	270	4	−	−	NUM
easat-9257	270	5	𝛽1𝐿	𝛽1𝐿	NOUN
easat-9257	270	6	)	)	PUNCT
easat-9257	270	7	−	−	PROPN
easat-9257	270	8	(	(	PUNCT
easat-9257	270	9	1	1	NUM
easat-9257	270	10	−	−	PROPN
easat-9257	270	11	𝜙1	𝜙1	PROPN
easat-9257	270	12	𝐿	𝐿	PROPN
easat-9257	270	13	)	)	PUNCT
easat-9257	270	14	(	(	PUNCT
easat-9257	270	15	1	1	NUM
easat-9257	270	16	−	−	PROPN
easat-9257	270	17	𝐿)𝑑1	𝐿)𝑑1	PROPN
easat-9257	270	18	]	]	PUNCT
easat-9257	270	19	(	(	PUNCT
easat-9257	270	20	|휀𝐶𝑂𝑅,𝑡|	|휀𝐶𝑂𝑅,𝑡|	INTJ
easat-9257	270	21	−	−	PROPN
easat-9257	270	22	𝛾1	𝛾1	PROPN
easat-9257	270	23	휀𝐶𝑂𝑅,𝑡)𝛿1	휀𝐶𝑂𝑅,𝑡)𝛿1	NOUN
easat-9257	270	24	+	+	CCONJ
easat-9257	270	25	𝛽12ℎ𝑃𝐴𝑁,𝑡−1	𝛽12ℎ𝑃𝐴𝑁,𝑡−1	PROPN
easat-9257	270	26	𝛿2/2	𝛿2/2	NOUN
easat-9257	270	27	+	+	CCONJ
easat-9257	270	28	𝛽13ℎ𝑈𝑆,𝑡−1	𝛽13ℎ𝑈𝑆,𝑡−1	PROPN
easat-9257	270	29	𝛿3/2	𝛿3/2	PROPN
easat-9257	270	30	+	+	CCONJ
easat-9257	270	31	𝑔1𝐷1	𝑔1𝐷1	PROPN
easat-9257	270	32	+	+	NUM
easat-9257	270	33	𝑔2𝐷2	𝑔2𝐷2	PROPN
easat-9257	270	34	+	+	NUM
easat-9257	270	35	𝑔3𝐷3	𝑔3𝐷3	NUM
easat-9257	270	36	+	+	PRON
easat-9257	270	37	𝑔4𝐷4	𝑔4𝐷4	PROPN
easat-9257	270	38	ℎ𝑃𝐴𝑁,𝑡	ℎ𝑃𝐴𝑁,𝑡	NOUN
easat-9257	270	39	𝛿2/2	𝛿2/2	NOUN
easat-9257	270	40	=	=	SYM
easat-9257	270	41	𝜔2	𝜔2	PROPN
easat-9257	270	42	+	+	CCONJ
easat-9257	270	43	𝛽2ℎ𝑃𝐴𝑁,𝑡−1	𝛽2ℎ𝑃𝐴𝑁,𝑡−1	PROPN
easat-9257	270	44	𝛿2/2	𝛿2/2	NOUN
easat-9257	270	45	+	+	X
easat-9257	271	1	[	[	X
easat-9257	271	2	(	(	PUNCT
easat-9257	271	3	1	1	NUM
easat-9257	271	4	−	−	NOUN
easat-9257	271	5	𝛽2𝐿	𝛽2𝐿	NOUN
easat-9257	271	6	)	)	PUNCT
easat-9257	271	7	−	−	PROPN
easat-9257	271	8	(	(	PUNCT
easat-9257	271	9	1	1	NUM
easat-9257	271	10	−	−	PROPN
easat-9257	271	11	𝜙2	𝜙2	PROPN
easat-9257	271	12	𝐿	𝐿	PROPN
easat-9257	271	13	)	)	PUNCT
easat-9257	271	14	(	(	PUNCT
easat-9257	271	15	1	1	NUM
easat-9257	271	16	−	−	PROPN
easat-9257	271	17	𝐿)𝑑2](|휀𝑃𝐴𝑁,𝑡|	𝐿)𝑑2](|휀𝑃𝐴𝑁,𝑡|	PROPN
easat-9257	271	18	−	−	PROPN
easat-9257	271	19	𝛾2	𝛾2	VERB
easat-9257	271	20	휀𝑃𝐴𝑁,𝑡)𝛿2	휀𝑃𝐴𝑁,𝑡)𝛿2	NOUN
easat-9257	271	21	+	+	CCONJ
easat-9257	271	22	𝛽21ℎ𝐶𝑂𝑅,𝑡−1	𝛽21ℎ𝐶𝑂𝑅,𝑡−1	ADJ
easat-9257	271	23	𝛿1/2	𝛿1/2	NOUN
easat-9257	271	24	+	+	CCONJ
easat-9257	271	25	𝛽23ℎ𝑈𝑆,𝑡−1	𝛽23ℎ𝑈𝑆,𝑡−1	PROPN
easat-9257	271	26	𝛿3/2	𝛿3/2	PROPN
easat-9257	271	27	+	+	CCONJ
easat-9257	271	28	𝑔5𝐷1	𝑔5𝐷1	PROPN
easat-9257	271	29	+	+	CCONJ
easat-9257	271	30	𝑔6𝐷2	𝑔6𝐷2	NUM
easat-9257	271	31	+	+	NUM
easat-9257	271	32	𝑔7𝐷3	𝑔7𝐷3	NUM
easat-9257	271	33	+	+	CCONJ
easat-9257	271	34	𝑔8𝐷4	𝑔8𝐷4	ADJ
easat-9257	271	35	ℎ𝑈𝑆,𝑡	ℎ𝑈𝑆,𝑡	ADJ
easat-9257	271	36	𝛿3/2	𝛿3/2	NOUN
easat-9257	271	37	=	=	NOUN
easat-9257	271	38	𝜔3	𝜔3	NOUN
easat-9257	271	39	+	+	CCONJ
easat-9257	271	40	𝛽3ℎ𝑈𝑆,𝑡−1	𝛽3ℎ𝑈𝑆,𝑡−1	VERB
easat-9257	271	41	𝛿3/2	𝛿3/2	PROPN
easat-9257	271	42	+	+	PROPN
easat-9257	272	1	[	[	X
easat-9257	272	2	(	(	PUNCT
easat-9257	272	3	1	1	NUM
easat-9257	272	4	−	−	NOUN
easat-9257	272	5	𝛽3𝐿	𝛽3𝐿	NOUN
easat-9257	272	6	)	)	PUNCT
easat-9257	272	7	−	−	PROPN
easat-9257	272	8	(	(	PUNCT
easat-9257	272	9	1	1	NUM
easat-9257	272	10	−	−	PROPN
easat-9257	272	11	𝜙3	𝜙3	PROPN
easat-9257	272	12	𝐿	𝐿	PROPN
easat-9257	272	13	)	)	PUNCT
easat-9257	272	14	(	(	PUNCT
easat-9257	272	15	1	1	NUM
easat-9257	272	16	−	−	NOUN
easat-9257	272	17	𝐿)𝑑3](|휀𝑈𝑆,𝑡|	𝐿)𝑑3](|휀𝑈𝑆,𝑡|	NOUN
easat-9257	272	18	−	−	PROPN
easat-9257	272	19	𝛾3	𝛾3	NOUN
easat-9257	272	20	휀𝑈𝑆,𝑡)𝛿3	휀𝑈𝑆,𝑡)𝛿3	PROPN
easat-9257	272	21	+	+	CCONJ
easat-9257	272	22	𝛽31ℎ𝐶𝑂𝑅,𝑡−1	𝛽31ℎ𝐶𝑂𝑅,𝑡−1	ADJ
easat-9257	272	23	𝛿1/2	𝛿1/2	NOUN
easat-9257	272	24	+	+	CCONJ
easat-9257	272	25	𝛽32ℎ𝑃𝐴𝑁,𝑡−1	𝛽32ℎ𝑃𝐴𝑁,𝑡−1	PROPN
easat-9257	272	26	𝛿2/2	𝛿2/2	NOUN
easat-9257	272	27	+	+	CCONJ
easat-9257	272	28	𝑔9𝐷1	𝑔9𝐷1	NOUN
easat-9257	272	29	+	+	CCONJ
easat-9257	272	30	𝑔10𝐷2	𝑔10𝐷2	ADJ
easat-9257	272	31	+	+	CCONJ
easat-9257	272	32	𝑔11𝐷3	𝑔11𝐷3	NOUN
easat-9257	272	33	+	+	CCONJ
easat-9257	272	34	𝑔12𝐷4	𝑔12𝐷4	PROPN
easat-9257	272	35	(	(	PUNCT
easat-9257	272	36	22	22	NUM
easat-9257	272	37	)	)	PUNCT
easat-9257	272	38	3.5.3	3.5.3	NUM
easat-9257	272	39	.	.	PUNCT
easat-9257	273	1	conditional	conditional	ADJ
easat-9257	273	2	covariance	covariance	NOUN
easat-9257	273	3	equations	equation	NOUN
easat-9257	273	4	under	under	ADP
easat-9257	273	5	the	the	DET
easat-9257	273	6	sense	sense	NOUN
easat-9257	273	7	and	and	CCONJ
easat-9257	273	8	evolution	evolution	NOUN
easat-9257	273	9	of	of	ADP
easat-9257	273	10	dcc	dcc	PROPN
easat-9257	273	11	-	-	PUNCT
easat-9257	273	12	garch	garch	NOUN
easat-9257	273	13	model	model	NOUN
easat-9257	273	14	,	,	PUNCT
easat-9257	273	15	we	we	PRON
easat-9257	273	16	set	set	VERB
easat-9257	273	17	up	up	ADP
easat-9257	273	18	conditional	conditional	ADJ
easat-9257	273	19	covariance	covariance	NOUN
easat-9257	273	20	equations	equation	NOUN
easat-9257	273	21	as	as	SCONJ
easat-9257	273	22	follows	follow	VERB
easat-9257	273	23	:	:	PUNCT
easat-9257	273	24	𝑞𝑃𝐴𝑁𝐶𝑂𝑅,𝑡	𝑞𝑃𝐴𝑁𝐶𝑂𝑅,𝑡	PROPN
easat-9257	273	25	=	=	SYM
easat-9257	273	26	(	(	PUNCT
easat-9257	273	27	1	1	NUM
easat-9257	273	28	−	−	PROPN
easat-9257	273	29	𝛼𝑃𝐴𝑁𝐶𝑂𝑅,𝑡	𝛼𝑃𝐴𝑁𝐶𝑂𝑅,𝑡	NOUN
easat-9257	273	30	−	−	PROPN
easat-9257	273	31	𝛽𝑃𝐴𝑁𝐶𝑂𝑅,𝑡)	𝛽𝑃𝐴𝑁𝐶𝑂𝑅,𝑡)	PROPN
easat-9257	273	32	�	�	PROPN
easat-9257	273	33	̅	̅	NOUN
easat-9257	273	34	�	�	NOUN
easat-9257	273	35	𝑃𝐴𝑅𝐶𝑂𝑅	𝑃𝐴𝑅𝐶𝑂𝑅	NOUN
easat-9257	273	36	+	+	CCONJ
easat-9257	273	37	𝛼𝑃𝐴𝑁𝐶𝑂𝑅,𝑡𝑢𝑃𝐴𝑁,𝑡−1	𝛼𝑃𝐴𝑁𝐶𝑂𝑅,𝑡𝑢𝑃𝐴𝑁,𝑡−1	NOUN
easat-9257	274	1	+	+	CCONJ
easat-9257	275	1	𝛽𝑃𝐴𝑁𝐶𝑂𝑅,𝑡𝑞𝑃𝐴𝑁𝐶𝑂𝑅,𝑡−1	𝛽𝑃𝐴𝑁𝐶𝑂𝑅,𝑡𝑞𝑃𝐴𝑁𝐶𝑂𝑅,𝑡−1	ADJ
easat-9257	275	2	𝑞𝑃𝐴𝑁𝑈𝑆,𝑡	𝑞𝑃𝐴𝑁𝑈𝑆,𝑡	NOUN
easat-9257	275	3	=	=	SYM
easat-9257	275	4	(	(	PUNCT
easat-9257	275	5	1	1	NUM
easat-9257	275	6	−	−	NUM
easat-9257	275	7	𝛼𝑃𝐴𝑁𝑈𝑆,𝑡	𝛼𝑃𝐴𝑁𝑈𝑆,𝑡	NUM
easat-9257	275	8	−	−	PROPN
easat-9257	275	9	𝛽𝑃𝐴𝑁𝑈𝑆,𝑡)	𝛽𝑃𝐴𝑁𝑈𝑆,𝑡)	PROPN
easat-9257	275	10	�	�	NOUN
easat-9257	275	11	̅	̅	NOUN
easat-9257	275	12	�	�	NOUN
easat-9257	275	13	𝑃𝐴𝑁𝑈𝑆	𝑃𝐴𝑁𝑈𝑆	ADJ
easat-9257	275	14	+	+	NUM
easat-9257	275	15	𝛼𝑃𝐴𝑁𝑈𝑆,𝑡𝑢𝑃𝐴𝑁,𝑡−1𝑢𝑈𝑆,𝑡−1	𝛼𝑃𝐴𝑁𝑈𝑆,𝑡𝑢𝑃𝐴𝑁,𝑡−1𝑢𝑈𝑆,𝑡−1	NUM
easat-9257	275	16	+	+	CCONJ
easat-9257	275	17	𝛽𝑃𝐴𝑁𝑈𝑆,𝑡𝑞𝑃𝐴𝑁𝑈𝑆,𝑡−1	𝛽𝑃𝐴𝑁𝑈𝑆,𝑡𝑞𝑃𝐴𝑁𝑈𝑆,𝑡−1	VERB
easat-9257	275	18	𝑞𝐶𝑂𝑅𝑈𝑆,𝑡	𝑞𝐶𝑂𝑅𝑈𝑆,𝑡	PROPN
easat-9257	275	19	=	=	SYM
easat-9257	275	20	(	(	PUNCT
easat-9257	275	21	1	1	NUM
easat-9257	275	22	−	−	PROPN
easat-9257	275	23	𝛼𝐶𝑂𝑅𝑈𝑆,𝑡	𝛼𝐶𝑂𝑅𝑈𝑆,𝑡	PROPN
easat-9257	275	24	−	−	PROPN
easat-9257	275	25	𝛽𝐶𝑂𝑅𝑈𝑆,𝑡)	𝛽𝐶𝑂𝑅𝑈𝑆,𝑡)	PROPN
easat-9257	275	26	�	�	PROPN
easat-9257	275	27	̅	̅	NOUN
easat-9257	275	28	�	�	NOUN
easat-9257	275	29	𝐶𝑂𝑅𝑈𝑆	𝐶𝑂𝑅𝑈𝑆	VERB
easat-9257	275	30	+	+	CCONJ
easat-9257	275	31	𝛼𝐶𝑂𝑅𝑈𝑆,𝑡𝑢𝐶𝑂𝑅,𝑡−1𝑢𝑈𝑆,𝑡−1	𝛼𝐶𝑂𝑅𝑈𝑆,𝑡𝑢𝐶𝑂𝑅,𝑡−1𝑢𝑈𝑆,𝑡−1	NUM
easat-9257	275	32	+	+	CCONJ
easat-9257	275	33	𝛽𝐶𝑂𝑅𝑈𝑆,𝑡𝑞𝐶𝑂𝑅𝑈𝑆,𝑡−1	𝛽𝐶𝑂𝑅𝑈𝑆,𝑡𝑞𝐶𝑂𝑅𝑈𝑆,𝑡−1	VERB
easat-9257	275	34	𝑞𝑃𝐴𝑁𝑃𝐴𝑁,𝑡	𝑞𝑃𝐴𝑁𝑃𝐴𝑁,𝑡	NUM
easat-9257	275	35	=	=	SYM
easat-9257	275	36	(	(	PUNCT
easat-9257	275	37	1	1	NUM
easat-9257	275	38	−	−	PROPN
easat-9257	276	1	𝛼𝑃𝐴𝑁,𝑡	𝛼𝑃𝐴𝑁,𝑡	PROPN
easat-9257	276	2	−	−	PROPN
easat-9257	276	3	𝛽𝑃𝐴𝑁,𝑡)	𝛽𝑃𝐴𝑁,𝑡)	NOUN
easat-9257	276	4	�	�	NOUN
easat-9257	276	5	̅	̅	NOUN
easat-9257	276	6	�	�	NOUN
easat-9257	276	7	𝑃𝐴𝑁	𝑃𝐴𝑁	NOUN
easat-9257	276	8	+	+	CCONJ
easat-9257	276	9	𝛼𝑃𝐴𝑁,𝑡𝑢𝑃𝐴𝑁,𝑡−1	𝛼𝑃𝐴𝑁,𝑡𝑢𝑃𝐴𝑁,𝑡−1	PROPN
easat-9257	276	10	2	2	NUM
easat-9257	276	11	+	+	NOUN
easat-9257	276	12	𝛽𝑃𝐴𝑁𝑃𝐴𝑁,𝑡𝑞𝑃𝐴𝑁𝑃𝐴𝑁,𝑡−1	𝛽𝑃𝐴𝑁𝑃𝐴𝑁,𝑡𝑞𝑃𝐴𝑁𝑃𝐴𝑁,𝑡−1	NOUN
easat-9257	276	13	𝑞𝐶𝑂𝑅𝐶𝑂𝑅,𝑡	𝑞𝐶𝑂𝑅𝐶𝑂𝑅,𝑡	NOUN
easat-9257	276	14	=	=	SYM
easat-9257	276	15	(	(	PUNCT
easat-9257	276	16	1	1	NUM
easat-9257	276	17	−	−	PROPN
easat-9257	276	18	𝛼𝐶𝑂𝑅,𝑡	𝛼𝐶𝑂𝑅,𝑡	PROPN
easat-9257	276	19	−	−	PRON
easat-9257	276	20	𝛽𝐶𝑂𝑅,𝑡)	𝛽𝐶𝑂𝑅,𝑡)	PRON
easat-9257	276	21	�	�	NOUN
easat-9257	276	22	̅	̅	NOUN
easat-9257	276	23	�	�	NOUN
easat-9257	276	24	𝐶𝑂𝑅	𝐶𝑂𝑅	PROPN
easat-9257	276	25	+	+	CCONJ
easat-9257	276	26	𝛼𝐶𝑂𝑅,𝑡𝑢𝐶𝑂𝑅,𝑡−1	𝛼𝐶𝑂𝑅,𝑡𝑢𝐶𝑂𝑅,𝑡−1	NUM
easat-9257	276	27	2	2	NUM
easat-9257	276	28	+	+	CCONJ
easat-9257	276	29	𝛽𝐶𝑂𝑅𝐶𝑂𝑅,𝑡𝑞𝐶𝑂𝑅𝐶𝑂𝑅,𝑡−1	𝛽𝐶𝑂𝑅𝐶𝑂𝑅,𝑡𝑞𝐶𝑂𝑅𝐶𝑂𝑅,𝑡−1	PROPN
easat-9257	276	30	𝑞𝑈𝑆𝑈𝑆,𝑡	𝑞𝑈𝑆𝑈𝑆,𝑡	NOUN
easat-9257	276	31	=	=	SYM
easat-9257	276	32	(	(	PUNCT
easat-9257	276	33	1	1	NUM
easat-9257	276	34	−	−	PROPN
easat-9257	276	35	𝛼𝑈𝑆,𝑡	𝛼𝑈𝑆,𝑡	PROPN
easat-9257	276	36	−	−	NUM
easat-9257	276	37	𝛽𝑈𝑆,𝑡)	𝛽𝑈𝑆,𝑡)	SYM
easat-9257	276	38	�	�	NOUN
easat-9257	276	39	̅	̅	NOUN
easat-9257	276	40	�	�	NOUN
easat-9257	276	41	𝑈𝑆	𝑈𝑆	PROPN
easat-9257	276	42	+	+	CCONJ
easat-9257	276	43	𝛼𝑈𝑆,𝑡𝑢𝑈𝑆,𝑡−1	𝛼𝑈𝑆,𝑡𝑢𝑈𝑆,𝑡−1	VERB
easat-9257	276	44	2	2	NUM
easat-9257	276	45	+	+	CCONJ
easat-9257	276	46	𝛽𝑈𝑆𝑈𝑆,𝑡𝑞𝑈𝑆𝑈𝑆,𝑡−1	𝛽𝑈𝑆𝑈𝑆,𝑡𝑞𝑈𝑆𝑈𝑆,𝑡−1	NOUN
easat-9257	276	47	and	and	CCONJ
easat-9257	276	48	ℎ𝑃𝐴𝑁𝐶𝑂𝑅,𝑡	ℎ𝑃𝐴𝑁𝐶𝑂𝑅,𝑡	NOUN
easat-9257	276	49	=	=	SYM
easat-9257	276	50	242	242	NUM
easat-9257	276	51	edelweiss	edelweiss	PROPN
easat-9257	276	52	applied	apply	VERB
easat-9257	276	53	science	science	NOUN
easat-9257	276	54	and	and	CCONJ
easat-9257	276	55	technology	technology	NOUN
easat-9257	276	56	issn	issn	PROPN
easat-9257	276	57	:	:	PUNCT
easat-9257	276	58	2576	2576	NUM
easat-9257	276	59	-	-	SYM
easat-9257	276	60	8484	8484	NUM
easat-9257	276	61	vol	vol	NOUN
easat-9257	276	62	.	.	PROPN
easat-9257	277	1	9	9	NUM
easat-9257	277	2	,	,	PUNCT
easat-9257	277	3	no	no	INTJ
easat-9257	277	4	.	.	NOUN
easat-9257	277	5	8	8	NUM
easat-9257	277	6	:	:	SYM
easat-9257	277	7	231	231	NUM
easat-9257	277	8	-	-	SYM
easat-9257	277	9	253	253	NUM
easat-9257	277	10	,	,	PUNCT
easat-9257	277	11	2025	2025	NUM
easat-9257	277	12	doi	doi	NOUN
easat-9257	277	13	:	:	PUNCT
easat-9257	277	14	10.55214/2576	10.55214/2576	NUM
easat-9257	277	15	-	-	SYM
easat-9257	277	16	8484.v9i8.9257	8484.v9i8.9257	NUM
easat-9257	277	17	©	©	PROPN
easat-9257	277	18	2025	2025	NUM
easat-9257	277	19	by	by	ADP
easat-9257	277	20	the	the	DET
easat-9257	277	21	author	author	NOUN
easat-9257	277	22	;	;	PUNCT
easat-9257	277	23	licensee	licensee	PROPN
easat-9257	277	24	learning	learn	VERB
easat-9257	277	25	gate	gate	NOUN
easat-9257	277	26	𝑢𝑡	𝑢𝑡	NOUN
easat-9257	278	1	=	=	PUNCT
easat-9257	278	2	[	[	PUNCT
easat-9257	278	3	𝑢𝑃𝐴𝑁,𝑡	𝑢𝑃𝐴𝑁,𝑡	SCONJ
easat-9257	278	4	𝑢	𝑢	PRON
easat-9257	278	5	𝐶𝑂𝑅,𝑡	𝐶𝑂𝑅,𝑡	NOUN
easat-9257	278	6	𝑢𝑃𝐴𝑁,𝑡	𝑢𝑃𝐴𝑁,𝑡	ADP
easat-9257	278	7	]	]	PUNCT
easat-9257	278	8	𝑢𝑡~𝑁(0	𝑢𝑡~𝑁(0	X
easat-9257	278	9	,	,	PUNCT
easat-9257	278	10	𝐻𝑡	𝐻𝑡	NOUN
easat-9257	278	11	)	)	PUNCT
easat-9257	279	1	𝐻𝑡	𝐻𝑡	NOUN
easat-9257	279	2	=	=	PUNCT
easat-9257	279	3	[	[	PUNCT
easat-9257	279	4	ℎ𝑃𝐴𝑁𝑃𝐴𝑁,𝑡	ℎ𝑃𝐴𝑁𝑃𝐴𝑁,𝑡	NOUN
easat-9257	279	5	2	2	NUM
easat-9257	279	6	ℎ𝑃𝐴𝑁𝐶𝑂𝑅,𝑡	ℎ𝑃𝐴𝑁𝐶𝑂𝑅,𝑡	NOUN
easat-9257	279	7	ℎ𝑃𝐴𝑁𝑈𝑆,𝑡	ℎ𝑃𝐴𝑁𝑈𝑆,𝑡	NUM
easat-9257	279	8	ℎ𝐶𝑂𝑅𝑃𝐴𝑁,𝑡	ℎ𝐶𝑂𝑅𝑃𝐴𝑁,𝑡	NOUN
easat-9257	279	9	ℎ𝐶𝑂𝑅𝐶𝑂𝑅,𝑡	ℎ𝐶𝑂𝑅𝐶𝑂𝑅,𝑡	NOUN
easat-9257	279	10	2	2	NUM
easat-9257	279	11	ℎ𝐶𝑂𝑅𝑈𝑆,𝑡	ℎ𝐶𝑂𝑅𝑈𝑆,𝑡	NOUN
easat-9257	279	12	ℎ𝑈𝑆𝑃𝐴𝑁,𝑡	ℎ𝑈𝑆𝑃𝐴𝑁,𝑡	NOUN
easat-9257	279	13	ℎ𝑈𝑆𝐶𝑂𝑅,𝑡	ℎ𝑈𝑆𝐶𝑂𝑅,𝑡	NOUN
easat-9257	279	14	ℎ𝑈𝑆𝑈𝑆,𝑡	ℎ𝑈𝑆𝑈𝑆,𝑡	NOUN
easat-9257	279	15	2	2	NUM
easat-9257	279	16	]	]	PUNCT
easat-9257	279	17	𝑢𝑖𝑗,𝑡	𝑢𝑖𝑗,𝑡	X
easat-9257	279	18	represent	represent	VERB
easat-9257	279	19	the	the	DET
easat-9257	279	20	standardized	standardized	ADJ
easat-9257	279	21	residuals	residual	NOUN
easat-9257	279	22	𝑢𝑖𝑗,𝑡	𝑢𝑖𝑗,𝑡	ADJ
easat-9257	279	23	=	=	SYM
easat-9257	279	24	𝑖𝑗,𝑡	𝑖𝑗,𝑡	SYM
easat-9257	279	25	√ℎ𝑖𝑗,𝑡	√ℎ𝑖𝑗,𝑡	PROPN
easat-9257	279	26	𝑖	𝑖	PROPN
easat-9257	279	27	,	,	PUNCT
easat-9257	279	28	𝑗	𝑗	PROPN
easat-9257	279	29	=	=	SYM
easat-9257	279	30	panama	panama	PROPN
easat-9257	279	31	,	,	PUNCT
easat-9257	279	32	costa	costa	PROPN
easat-9257	279	33	rica	rica	PROPN
easat-9257	279	34	and	and	CCONJ
easat-9257	279	35	the	the	DET
easat-9257	279	36	us	us	PROPN
easat-9257	279	37	(	(	PUNCT
easat-9257	279	38	23	23	NUM
easat-9257	279	39	)	)	PUNCT
easat-9257	279	40	variables	variable	NOUN
easat-9257	279	41	and	and	CCONJ
easat-9257	279	42	parameters	parameter	NOUN
easat-9257	279	43	can	can	AUX
easat-9257	279	44	be	be	AUX
easat-9257	279	45	defined	define	VERB
easat-9257	279	46	as	as	ADP
easat-9257	279	47	follow	follow	NOUN
easat-9257	279	48	:	:	PUNCT
easat-9257	279	49	3.5.4	3.5.4	NUM
easat-9257	279	50	.	.	PUNCT
easat-9257	279	51	variable	variable	ADJ
easat-9257	279	52	definition	definition	NOUN
easat-9257	279	53	∆𝐶𝑂𝑅𝑡	∆𝐶𝑂𝑅𝑡	ADP
easat-9257	279	54	,	,	PUNCT
easat-9257	279	55	∆𝑃𝐴𝑁𝑡	∆𝑃𝐴𝑁𝑡	PROPN
easat-9257	279	56	,	,	PUNCT
easat-9257	279	57	∆𝑈𝑆𝑡	∆𝑈𝑆𝑡	PROPN
easat-9257	279	58	:	:	PUNCT
easat-9257	279	59	the	the	DET
easat-9257	279	60	stock	stock	NOUN
easat-9257	279	61	index	index	NOUN
easat-9257	279	62	returns	return	NOUN
easat-9257	279	63	of	of	ADP
easat-9257	279	64	costa	costa	PROPN
easat-9257	279	65	rica	rica	PROPN
easat-9257	279	66	,	,	PUNCT
easat-9257	279	67	panama	panama	PROPN
easat-9257	279	68	and	and	CCONJ
easat-9257	279	69	the	the	DET
easat-9257	279	70	us	us	PROPN
easat-9257	279	71	at	at	ADP
easat-9257	279	72	time	time	NOUN
easat-9257	279	73	𝑡	𝑡	PROPN
easat-9257	279	74	,	,	PUNCT
easat-9257	279	75	respectively	respectively	ADV
easat-9257	279	76	.	.	PUNCT
easat-9257	280	1	휀𝐶𝑂𝑅,𝑡	휀𝐶𝑂𝑅,𝑡	PROPN
easat-9257	280	2	,	,	PUNCT
easat-9257	280	3	휀𝑃𝐴𝑁,𝑡	휀𝑃𝐴𝑁,𝑡	NOUN
easat-9257	280	4	,	,	PUNCT
easat-9257	280	5	휀𝑈𝑆,𝑡	휀𝑈𝑆,𝑡	NOUN
easat-9257	280	6	:	:	PUNCT
easat-9257	280	7	the	the	DET
easat-9257	280	8	residual	residual	ADJ
easat-9257	280	9	term	term	NOUN
easat-9257	280	10	of	of	ADP
easat-9257	280	11	the	the	DET
easat-9257	280	12	stock	stock	NOUN
easat-9257	280	13	index	index	NOUN
easat-9257	280	14	returns	return	NOUN
easat-9257	280	15	of	of	ADP
easat-9257	280	16	costa	costa	PROPN
easat-9257	280	17	rica	rica	PROPN
easat-9257	280	18	,	,	PUNCT
easat-9257	280	19	panama	panama	PROPN
easat-9257	280	20	and	and	CCONJ
easat-9257	280	21	the	the	DET
easat-9257	280	22	us	us	PROPN
easat-9257	280	23	at	at	ADP
easat-9257	280	24	time	time	NOUN
easat-9257	280	25	𝑡	𝑡	PROPN
easat-9257	280	26	in	in	ADP
easat-9257	280	27	conditional	conditional	ADJ
easat-9257	280	28	mean	mean	NOUN
easat-9257	280	29	equation	equation	NOUN
easat-9257	280	30	.	.	PUNCT
easat-9257	281	1	휀𝐶𝑂𝑅	휀𝐶𝑂𝑅	ADJ
easat-9257	281	2	𝑡−1	𝑡−1	PROPN
easat-9257	281	3	,	,	PUNCT
easat-9257	281	4	휀𝑃𝐴𝑁	휀𝑃𝐴𝑁	PROPN
easat-9257	281	5	𝑡−1	𝑡−1	PROPN
easat-9257	281	6	,	,	PUNCT
easat-9257	281	7	휀𝑈𝑆	휀𝑈𝑆	ADJ
easat-9257	281	8	𝑡−1	𝑡−1	PROPN
easat-9257	281	9	:	:	PUNCT
easat-9257	281	10	the	the	DET
easat-9257	281	11	residual	residual	ADJ
easat-9257	281	12	term	term	NOUN
easat-9257	281	13	of	of	ADP
easat-9257	281	14	the	the	DET
easat-9257	281	15	stock	stock	NOUN
easat-9257	281	16	index	index	NOUN
easat-9257	281	17	returns	return	NOUN
easat-9257	281	18	of	of	ADP
easat-9257	281	19	costa	costa	PROPN
easat-9257	281	20	rica	rica	PROPN
easat-9257	281	21	,	,	PUNCT
easat-9257	281	22	panama	panama	PROPN
easat-9257	281	23	and	and	CCONJ
easat-9257	281	24	the	the	DET
easat-9257	281	25	us	us	PROPN
easat-9257	281	26	at	at	ADP
easat-9257	281	27	time	time	NOUN
easat-9257	281	28	𝑡	𝑡	PUNCT
easat-9257	281	29	−	−	PROPN
easat-9257	281	30	1	1	NUM
easat-9257	281	31	.	.	PUNCT
easat-9257	282	1	𝑍𝑡	𝑍𝑡	NOUN
easat-9257	282	2	:	:	PUNCT
easat-9257	282	3	the	the	DET
easat-9257	282	4	error	error	NOUN
easat-9257	282	5	correction	correction	NOUN
easat-9257	282	6	term	term	NOUN
easat-9257	282	7	at	at	ADP
easat-9257	282	8	time	time	NOUN
easat-9257	282	9	𝑡.	𝑡.	PROPN
easat-9257	282	10	l	l	NOUN
easat-9257	282	11	:	:	PUNCT
easat-9257	282	12	lag	lag	NOUN
easat-9257	282	13	or	or	CCONJ
easat-9257	282	14	backshift	backshift	NOUN
easat-9257	282	15	operator	operator	NOUN
easat-9257	282	16	ℎ𝐶𝑂𝑅,𝑡	ℎ𝐶𝑂𝑅,𝑡	PROPN
easat-9257	282	17	𝛿1/2	𝛿1/2	NOUN
easat-9257	282	18	,	,	PUNCT
easat-9257	282	19	ℎ𝑃𝐴𝑁,𝑡	ℎ𝑃𝐴𝑁,𝑡	PROPN
easat-9257	282	20	𝛿2/2	𝛿2/2	NUM
easat-9257	282	21	,	,	PUNCT
easat-9257	282	22	ℎ𝑈𝑆,𝑡	ℎ𝑈𝑆,𝑡	PROPN
easat-9257	282	23	𝛿3/2	𝛿3/2	PROPN
easat-9257	282	24	:	:	PUNCT
easat-9257	282	25	represent	represent	VERB
easat-9257	282	26	conditional	conditional	ADJ
easat-9257	282	27	variance	variance	NOUN
easat-9257	282	28	of	of	ADP
easat-9257	282	29	costa	costa	PROPN
easat-9257	282	30	rica	rica	PROPN
easat-9257	282	31	,	,	PUNCT
easat-9257	282	32	panama	panama	PROPN
easat-9257	282	33	and	and	CCONJ
easat-9257	282	34	the	the	DET
easat-9257	282	35	us	us	PROPN
easat-9257	282	36	stock	stock	NOUN
easat-9257	282	37	markets	market	NOUN
easat-9257	282	38	return	return	VERB
easat-9257	282	39	at	at	ADP
easat-9257	282	40	time	time	NOUN
easat-9257	282	41	𝑡	𝑡	NOUN
easat-9257	282	42	,	,	PUNCT
easat-9257	282	43	respectively	respectively	ADV
easat-9257	282	44	.	.	PUNCT
easat-9257	283	1	ℎ𝐶𝑂𝑅,𝑡−1	ℎ𝐶𝑂𝑅,𝑡−1	PUNCT
easat-9257	284	1	𝛿1/2	𝛿1/2	NOUN
easat-9257	284	2	,	,	PUNCT
easat-9257	284	3	ℎ𝑃𝐴𝑁,𝑡−1	ℎ𝑃𝐴𝑁,𝑡−1	PROPN
easat-9257	284	4	𝛿2/2	𝛿2/2	VERB
easat-9257	284	5	,	,	PUNCT
easat-9257	284	6	ℎ𝑈𝑆,𝑡−1	ℎ𝑈𝑆,𝑡−1	PROPN
easat-9257	284	7	𝛿3/2	𝛿3/2	NOUN
easat-9257	284	8	:	:	PUNCT
easat-9257	284	9	represent	represent	VERB
easat-9257	284	10	conditional	conditional	ADJ
easat-9257	284	11	variance	variance	NOUN
easat-9257	284	12	of	of	ADP
easat-9257	284	13	costa	costa	PROPN
easat-9257	284	14	rica	rica	PROPN
easat-9257	284	15	,	,	PUNCT
easat-9257	284	16	panama	panama	PROPN
easat-9257	284	17	and	and	CCONJ
easat-9257	284	18	the	the	DET
easat-9257	284	19	united	united	PROPN
easat-9257	284	20	states	states	PROPN
easat-9257	284	21	stock	stock	NOUN
easat-9257	284	22	markets	market	NOUN
easat-9257	284	23	return	return	VERB
easat-9257	284	24	at	at	ADP
easat-9257	284	25	time	time	NOUN
easat-9257	284	26	𝑡	𝑡	X
easat-9257	284	27	−	−	PROPN
easat-9257	284	28	1	1	NUM
easat-9257	284	29	,	,	PUNCT
easat-9257	284	30	respectively	respectively	ADV
easat-9257	284	31	.	.	PUNCT
easat-9257	285	1	ℎ𝑃𝐴𝑁𝐶𝑂𝑅,𝑡	ℎ𝑃𝐴𝑁𝐶𝑂𝑅,𝑡	NOUN
easat-9257	285	2	:	:	PUNCT
easat-9257	285	3	the	the	DET
easat-9257	285	4	conditional	conditional	ADJ
easat-9257	285	5	covariance	covariance	NOUN
easat-9257	285	6	of	of	ADP
easat-9257	285	7	the	the	DET
easat-9257	285	8	stock	stock	NOUN
easat-9257	285	9	index	index	NOUN
easat-9257	285	10	returns	return	NOUN
easat-9257	285	11	of	of	ADP
easat-9257	285	12	panama	panama	PROPN
easat-9257	285	13	and	and	CCONJ
easat-9257	285	14	costa	costa	PROPN
easat-9257	285	15	rica	rica	PROPN
easat-9257	285	16	at	at	ADP
easat-9257	285	17	time	time	NOUN
easat-9257	285	18	𝑡.	𝑡.	PROPN
easat-9257	285	19	ℎ𝑃𝐴𝑁𝑈𝑆,𝑡	ℎ𝑃𝐴𝑁𝑈𝑆,𝑡	NUM
easat-9257	285	20	:	:	PUNCT
easat-9257	285	21	the	the	DET
easat-9257	285	22	conditional	conditional	ADJ
easat-9257	285	23	covariance	covariance	NOUN
easat-9257	285	24	of	of	ADP
easat-9257	285	25	the	the	DET
easat-9257	285	26	stock	stock	NOUN
easat-9257	285	27	index	index	NOUN
easat-9257	285	28	returns	return	NOUN
easat-9257	285	29	of	of	ADP
easat-9257	285	30	panama	panama	NOUN
easat-9257	285	31	and	and	CCONJ
easat-9257	285	32	the	the	DET
easat-9257	285	33	united	united	PROPN
easat-9257	285	34	states	states	PROPN
easat-9257	285	35	at	at	ADP
easat-9257	285	36	time	time	NOUN
easat-9257	285	37	𝑡.	𝑡.	NOUN
easat-9257	285	38	ℎ𝐶𝑂𝑅𝑈𝑆,𝑡	ℎ𝐶𝑂𝑅𝑈𝑆,𝑡	PROPN
easat-9257	285	39	:	:	PUNCT
easat-9257	285	40	the	the	DET
easat-9257	285	41	conditional	conditional	ADJ
easat-9257	285	42	covariance	covariance	NOUN
easat-9257	285	43	of	of	ADP
easat-9257	285	44	the	the	DET
easat-9257	285	45	stock	stock	NOUN
easat-9257	285	46	index	index	NOUN
easat-9257	285	47	returns	return	NOUN
easat-9257	285	48	of	of	ADP
easat-9257	285	49	costa	costa	PROPN
easat-9257	285	50	rica	rica	PROPN
easat-9257	285	51	and	and	CCONJ
easat-9257	285	52	the	the	DET
easat-9257	285	53	united	united	PROPN
easat-9257	285	54	states	states	PROPN
easat-9257	285	55	at	at	ADP
easat-9257	285	56	time	time	NOUN
easat-9257	285	57	𝑡.	𝑡.	NOUN
easat-9257	285	58	𝜌𝑃𝐴𝑁𝐶𝑂𝑅,𝑡	𝜌𝑃𝐴𝑁𝐶𝑂𝑅,𝑡	PROPN
easat-9257	285	59	:	:	PUNCT
easat-9257	285	60	a	a	DET
easat-9257	285	61	pair	pair	NOUN
easat-9257	285	62	-	-	PUNCT
easat-9257	285	63	wise	wise	ADJ
easat-9257	285	64	conditional	conditional	ADJ
easat-9257	285	65	correlation	correlation	NOUN
easat-9257	285	66	coefficient	coefficient	NOUN
easat-9257	285	67	between	between	ADP
easat-9257	285	68	panama	panama	PROPN
easat-9257	285	69	and	and	CCONJ
easat-9257	285	70	costa	costa	PROPN
easat-9257	285	71	rica	rica	PROPN
easat-9257	285	72	at	at	ADP
easat-9257	285	73	time	time	NOUN
easat-9257	285	74	𝑡.	𝑡.	VERB
easat-9257	285	75	𝜌𝑃𝐴𝑁𝑈𝑆,𝑡	𝜌𝑃𝐴𝑁𝑈𝑆,𝑡	NUM
easat-9257	285	76	:	:	PUNCT
easat-9257	285	77	a	a	DET
easat-9257	285	78	pair	pair	NOUN
easat-9257	285	79	-	-	PUNCT
easat-9257	285	80	wise	wise	ADJ
easat-9257	285	81	conditional	conditional	ADJ
easat-9257	285	82	correlation	correlation	NOUN
easat-9257	285	83	coefficient	coefficient	NOUN
easat-9257	285	84	between	between	ADP
easat-9257	285	85	panama	panama	PROPN
easat-9257	285	86	and	and	CCONJ
easat-9257	285	87	the	the	DET
easat-9257	285	88	united	united	PROPN
easat-9257	285	89	states	states	PROPN
easat-9257	285	90	at	at	ADP
easat-9257	285	91	time	time	NOUN
easat-9257	285	92	𝑡.	𝑡.	VERB
easat-9257	285	93	𝜌𝐶𝑂𝑅𝑈𝑆,𝑡	𝜌𝐶𝑂𝑅𝑈𝑆,𝑡	NUM
easat-9257	285	94	:	:	PUNCT
easat-9257	285	95	a	a	DET
easat-9257	285	96	pair	pair	NOUN
easat-9257	285	97	-	-	PUNCT
easat-9257	285	98	wise	wise	ADJ
easat-9257	285	99	conditional	conditional	ADJ
easat-9257	285	100	correlation	correlation	NOUN
easat-9257	285	101	coefficient	coefficient	NOUN
easat-9257	285	102	between	between	ADP
easat-9257	285	103	costa	costa	PROPN
easat-9257	285	104	rica	rica	PROPN
easat-9257	285	105	and	and	CCONJ
easat-9257	285	106	the	the	DET
easat-9257	285	107	us	us	PROPN
easat-9257	285	108	at	at	ADP
easat-9257	285	109	time	time	NOUN
easat-9257	285	110	𝑡.	𝑡.	PROPN
easat-9257	285	111	243	243	NUM
easat-9257	285	112	edelweiss	edelweiss	PROPN
easat-9257	285	113	applied	apply	VERB
easat-9257	285	114	science	science	NOUN
easat-9257	285	115	and	and	CCONJ
easat-9257	285	116	technology	technology	NOUN
easat-9257	285	117	issn	issn	PROPN
easat-9257	285	118	:	:	PUNCT
easat-9257	285	119	2576	2576	NUM
easat-9257	285	120	-	-	SYM
easat-9257	285	121	8484	8484	NUM
easat-9257	285	122	vol	vol	NOUN
easat-9257	285	123	.	.	PROPN
easat-9257	286	1	9	9	NUM
easat-9257	286	2	,	,	PUNCT
easat-9257	286	3	no	no	INTJ
easat-9257	286	4	.	.	NOUN
easat-9257	286	5	8	8	NUM
easat-9257	286	6	:	:	SYM
easat-9257	286	7	231	231	NUM
easat-9257	286	8	-	-	SYM
easat-9257	286	9	253	253	NUM
easat-9257	286	10	,	,	PUNCT
easat-9257	286	11	2025	2025	NUM
easat-9257	286	12	doi	doi	NOUN
easat-9257	286	13	:	:	PUNCT
easat-9257	286	14	10.55214/2576	10.55214/2576	NUM
easat-9257	286	15	-	-	SYM
easat-9257	286	16	8484.v9i8.9257	8484.v9i8.9257	NUM
easat-9257	286	17	©	©	PROPN
easat-9257	286	18	2025	2025	NUM
easat-9257	286	19	by	by	ADP
easat-9257	286	20	the	the	DET
easat-9257	286	21	author	author	NOUN
easat-9257	286	22	;	;	PUNCT
easat-9257	286	23	licensee	licensee	PROPN
easat-9257	286	24	learning	learn	VERB
easat-9257	286	25	gate	gate	PROPN
easat-9257	286	26	𝑞𝑃𝐴𝑁𝐶𝑂𝑅,𝑡	𝑞𝑃𝐴𝑁𝐶𝑂𝑅,𝑡	NOUN
easat-9257	286	27	:	:	PUNCT
easat-9257	286	28	the	the	DET
easat-9257	286	29	n	n	NOUN
easat-9257	286	30	x	x	NOUN
easat-9257	286	31	n	n	PRON
easat-9257	286	32	time	time	NOUN
easat-9257	286	33	-	-	PUNCT
easat-9257	286	34	varying	vary	VERB
easat-9257	286	35	covariance	covariance	NOUN
easat-9257	286	36	matrix	matrix	NOUN
easat-9257	286	37	of	of	ADP
easat-9257	286	38	𝑢𝑡	𝑢𝑡	NOUN
easat-9257	286	39	at	at	ADP
easat-9257	286	40	time	time	NOUN
easat-9257	286	41	𝑡	𝑡	PROPN
easat-9257	286	42	for	for	ADP
easat-9257	286	43	panama	panama	PROPN
easat-9257	286	44	and	and	CCONJ
easat-9257	286	45	costa	costa	PROPN
easat-9257	286	46	rica	rica	PROPN
easat-9257	286	47	stock	stock	PROPN
easat-9257	286	48	index	index	PROPN
easat-9257	286	49	.	.	PUNCT
easat-9257	287	1	𝑞𝑃𝐴𝑁𝑈𝑆,𝑡	𝑞𝑃𝐴𝑁𝑈𝑆,𝑡	NOUN
easat-9257	287	2	:	:	PUNCT
easat-9257	287	3	the	the	DET
easat-9257	287	4	n	n	NOUN
easat-9257	287	5	x	x	NOUN
easat-9257	287	6	n	n	PRON
easat-9257	287	7	time	time	NOUN
easat-9257	287	8	-	-	PUNCT
easat-9257	287	9	varying	vary	VERB
easat-9257	287	10	covariance	covariance	NOUN
easat-9257	287	11	matrix	matrix	NOUN
easat-9257	287	12	of	of	ADP
easat-9257	287	13	𝑢𝑡	𝑢𝑡	NOUN
easat-9257	287	14	at	at	ADP
easat-9257	287	15	time	time	NOUN
easat-9257	287	16	𝑡	𝑡	PROPN
easat-9257	287	17	for	for	ADP
easat-9257	287	18	panama	panama	PROPN
easat-9257	287	19	and	and	CCONJ
easat-9257	287	20	the	the	DET
easat-9257	287	21	us	us	PROPN
easat-9257	287	22	stock	stock	PROPN
easat-9257	287	23	index	index	NOUN
easat-9257	287	24	.	.	PUNCT
easat-9257	288	1	𝑞𝐶𝑂𝑅𝑈𝑆,𝑡	𝑞𝐶𝑂𝑅𝑈𝑆,𝑡	ADV
easat-9257	288	2	:	:	PUNCT
easat-9257	288	3	the	the	DET
easat-9257	288	4	n	n	NOUN
easat-9257	288	5	x	x	NOUN
easat-9257	288	6	n	n	PRON
easat-9257	288	7	time	time	NOUN
easat-9257	288	8	-	-	PUNCT
easat-9257	288	9	varying	vary	VERB
easat-9257	288	10	covariance	covariance	NOUN
easat-9257	288	11	matrix	matrix	NOUN
easat-9257	288	12	of	of	ADP
easat-9257	288	13	𝑢𝑡	𝑢𝑡	NOUN
easat-9257	288	14	at	at	ADP
easat-9257	288	15	time	time	NOUN
easat-9257	288	16	𝑡	𝑡	PROPN
easat-9257	288	17	for	for	ADP
easat-9257	288	18	costa	costa	PROPN
easat-9257	288	19	rica	rica	PROPN
easat-9257	288	20	and	and	CCONJ
easat-9257	288	21	the	the	DET
easat-9257	288	22	us	us	PROPN
easat-9257	288	23	stock	stock	PROPN
easat-9257	288	24	index	index	PROPN
easat-9257	288	25	.	.	PUNCT
easat-9257	289	1	𝑞𝑃𝐴𝑁𝑃𝐴𝑁,𝑡	𝑞𝑃𝐴𝑁𝑃𝐴𝑁,𝑡	PROPN
easat-9257	289	2	:	:	PUNCT
easat-9257	289	3	the	the	DET
easat-9257	289	4	time	time	NOUN
easat-9257	289	5	-	-	PUNCT
easat-9257	289	6	varying	vary	VERB
easat-9257	289	7	variance	variance	NOUN
easat-9257	289	8	of	of	ADP
easat-9257	289	9	𝑢𝑡	𝑢𝑡	NOUN
easat-9257	289	10	at	at	ADP
easat-9257	289	11	time	time	NOUN
easat-9257	289	12	𝑡	𝑡	PROPN
easat-9257	289	13	of	of	ADP
easat-9257	289	14	panama	panama	PROPN
easat-9257	289	15	stock	stock	PROPN
easat-9257	289	16	index	index	PROPN
easat-9257	289	17	.	.	PUNCT
easat-9257	290	1	𝑞𝐶𝑂𝑅𝐶𝑂𝑅,𝑡	𝑞𝐶𝑂𝑅𝐶𝑂𝑅,𝑡	NOUN
easat-9257	290	2	:	:	PUNCT
easat-9257	290	3	the	the	DET
easat-9257	290	4	time	time	NOUN
easat-9257	290	5	-	-	PUNCT
easat-9257	290	6	varying	vary	VERB
easat-9257	290	7	variance	variance	NOUN
easat-9257	290	8	of	of	ADP
easat-9257	290	9	𝑢𝑡	𝑢𝑡	NOUN
easat-9257	290	10	at	at	ADP
easat-9257	290	11	time	time	NOUN
easat-9257	290	12	𝑡	𝑡	PROPN
easat-9257	290	13	of	of	ADP
easat-9257	290	14	costa	costa	PROPN
easat-9257	290	15	rica	rica	PROPN
easat-9257	290	16	stock	stock	PROPN
easat-9257	290	17	index	index	PROPN
easat-9257	290	18	.	.	PUNCT
easat-9257	291	1	𝑞𝑈𝑆𝑈𝑆,𝑡	𝑞𝑈𝑆𝑈𝑆,𝑡	PRON
easat-9257	291	2	:	:	PUNCT
easat-9257	291	3	the	the	DET
easat-9257	291	4	time	time	NOUN
easat-9257	291	5	-	-	PUNCT
easat-9257	291	6	varying	vary	VERB
easat-9257	291	7	variance	variance	NOUN
easat-9257	291	8	of	of	ADP
easat-9257	291	9	𝑢𝑡	𝑢𝑡	NOUN
easat-9257	291	10	at	at	ADP
easat-9257	291	11	time	time	NOUN
easat-9257	291	12	𝑡	𝑡	PROPN
easat-9257	291	13	of	of	ADP
easat-9257	291	14	the	the	DET
easat-9257	291	15	us	us	PROPN
easat-9257	291	16	stock	stock	NOUN
easat-9257	291	17	index	index	NOUN
easat-9257	291	18	.	.	PUNCT
easat-9257	292	1	𝐷1,𝑡	𝐷1,𝑡	ADJ
easat-9257	292	2	:	:	PUNCT
easat-9257	292	3	dummy	dummy	ADJ
easat-9257	292	4	variable	variable	NOUN
easat-9257	292	5	for	for	ADP
easat-9257	292	6	the	the	DET
easat-9257	292	7	subprime	subprime	ADJ
easat-9257	292	8	mortgage	mortgage	NOUN
easat-9257	292	9	&	&	CCONJ
easat-9257	292	10	global	global	ADJ
easat-9257	292	11	financial	financial	ADJ
easat-9257	292	12	crisis	crisis	NOUN
easat-9257	292	13	(	(	PUNCT
easat-9257	292	14	gfc	gfc	NOUN
easat-9257	292	15	)	)	PUNCT
easat-9257	292	16	,	,	PUNCT
easat-9257	292	17	the	the	DET
easat-9257	292	18	1st	1st	ADJ
easat-9257	292	19	week	week	NOUN
easat-9257	292	20	of	of	ADP
easat-9257	292	21	july	july	PROPN
easat-9257	292	22	2007	2007	NUM
easat-9257	292	23	~	~	PUNCT
easat-9257	292	24	the	the	DET
easat-9257	292	25	3rd	3rd	ADJ
easat-9257	292	26	week	week	NOUN
easat-9257	292	27	of	of	ADP
easat-9257	292	28	april	april	PROPN
easat-9257	292	29	2009	2009	NUM
easat-9257	292	30	𝐷2,𝑡	𝐷2,𝑡	NOUN
easat-9257	292	31	:	:	PUNCT
easat-9257	292	32	dummy	dummy	ADJ
easat-9257	292	33	variable	variable	NOUN
easat-9257	292	34	for	for	ADP
easat-9257	292	35	the	the	DET
easat-9257	292	36	european	european	ADJ
easat-9257	292	37	debt	debt	NOUN
easat-9257	292	38	crisis	crisis	NOUN
easat-9257	292	39	(	(	PUNCT
easat-9257	292	40	edc	edc	PROPN
easat-9257	292	41	)	)	PUNCT
easat-9257	292	42	,	,	PUNCT
easat-9257	292	43	the	the	DET
easat-9257	292	44	4th	4th	ADJ
easat-9257	292	45	week	week	NOUN
easat-9257	292	46	of	of	ADP
easat-9257	292	47	april	april	PROPN
easat-9257	292	48	2009	2009	NUM
easat-9257	292	49	~	~	PUNCT
easat-9257	292	50	the	the	DET
easat-9257	292	51	4th	4th	ADJ
easat-9257	292	52	week	week	NOUN
easat-9257	292	53	of	of	ADP
easat-9257	292	54	march	march	PROPN
easat-9257	292	55	2012	2012	NUM
easat-9257	292	56	.	.	PUNCT
easat-9257	293	1	𝐷3,𝑡	𝐷3,𝑡	PROPN
easat-9257	293	2	:	:	PUNCT
easat-9257	293	3	dummy	dummy	ADJ
easat-9257	293	4	variable	variable	NOUN
easat-9257	293	5	for	for	ADP
easat-9257	293	6	the	the	DET
easat-9257	293	7	most	most	ADV
easat-9257	293	8	intense	intense	ADJ
easat-9257	293	9	us	us	PROPN
easat-9257	293	10	-	-	PUNCT
easat-9257	293	11	china	china	PROPN
easat-9257	293	12	trade	trade	PROPN
easat-9257	293	13	war	war	NOUN
easat-9257	293	14	(	(	PUNCT
easat-9257	293	15	uct	uct	PROPN
easat-9257	293	16	)	)	PUNCT
easat-9257	293	17	from	from	ADP
easat-9257	293	18	the	the	DET
easat-9257	293	19	3rd	3rd	ADJ
easat-9257	293	20	week	week	NOUN
easat-9257	293	21	of	of	ADP
easat-9257	293	22	march	march	PROPN
easat-9257	293	23	2018	2018	NUM
easat-9257	293	24	~	~	PUNCT
easat-9257	293	25	the	the	DET
easat-9257	293	26	4th	4th	ADJ
easat-9257	293	27	week	week	NOUN
easat-9257	293	28	of	of	ADP
easat-9257	293	29	december	december	PROPN
easat-9257	293	30	,	,	PUNCT
easat-9257	293	31	2019	2019	NUM
easat-9257	293	32	𝐷4,𝑡	𝐷4,𝑡	NOUN
easat-9257	293	33	:	:	PUNCT
easat-9257	293	34	dummy	dummy	ADJ
easat-9257	293	35	variable	variable	NOUN
easat-9257	293	36	for	for	ADP
easat-9257	293	37	the	the	DET
easat-9257	293	38	covid-19	covid-19	PROPN
easat-9257	293	39	pandemic	pandemic	ADJ
easat-9257	293	40	period	period	NOUN
easat-9257	293	41	(	(	PUNCT
easat-9257	293	42	cov	cov	NOUN
easat-9257	293	43	)	)	PUNCT
easat-9257	293	44	from	from	ADP
easat-9257	293	45	the	the	DET
easat-9257	293	46	1st	1st	ADJ
easat-9257	293	47	week	week	NOUN
easat-9257	293	48	of	of	ADP
easat-9257	293	49	march	march	PROPN
easat-9257	293	50	2020	2020	NUM
easat-9257	293	51	~	~	PUNCT
easat-9257	293	52	the	the	DET
easat-9257	293	53	4th	4th	ADJ
easat-9257	293	54	week	week	NOUN
easat-9257	293	55	of	of	ADP
easat-9257	293	56	december	december	PROPN
easat-9257	293	57	2020	2020	NUM
easat-9257	294	1	3.5.5	3.5.5	NUM
easat-9257	294	2	.	.	PUNCT
easat-9257	295	1	parameter	parameter	PROPN
easat-9257	295	2	definition	definition	NOUN
easat-9257	295	3	𝑢1	𝑢1	PROPN
easat-9257	295	4	,	,	PUNCT
easat-9257	295	5	𝑢2	𝑢2	PROPN
easat-9257	295	6	,	,	PUNCT
easat-9257	295	7	𝑢3	𝑢3	PROPN
easat-9257	295	8	:	:	PUNCT
easat-9257	295	9	intercept	intercept	NOUN
easat-9257	295	10	term	term	NOUN
easat-9257	295	11	to	to	PART
easat-9257	295	12	estimate	estimate	VERB
easat-9257	295	13	whether	whether	SCONJ
easat-9257	295	14	these	these	DET
easat-9257	295	15	two	two	NUM
easat-9257	295	16	countries	country	NOUN
easat-9257	295	17	stock	stock	NOUN
easat-9257	295	18	index	index	NOUN
easat-9257	295	19	returns	return	NOUN
easat-9257	295	20	have	have	VERB
easat-9257	295	21	common	common	ADJ
easat-9257	295	22	long	long	ADJ
easat-9257	295	23	-	-	PUNCT
easat-9257	295	24	term	term	NOUN
easat-9257	295	25	trend	trend	NOUN
easat-9257	295	26	or	or	CCONJ
easat-9257	295	27	not	not	PART
easat-9257	295	28	.	.	PUNCT
easat-9257	296	1	𝜆1	𝜆1	PROPN
easat-9257	296	2	,	,	PUNCT
easat-9257	296	3	𝜆2	𝜆2	PROPN
easat-9257	296	4	,	,	PUNCT
easat-9257	296	5	𝜆3	𝜆3	NOUN
easat-9257	296	6	:	:	PUNCT
easat-9257	296	7	measuring	measure	VERB
easat-9257	296	8	the	the	DET
easat-9257	296	9	adjustment	adjustment	NOUN
easat-9257	296	10	of	of	ADP
easat-9257	296	11	speed	speed	NOUN
easat-9257	296	12	of	of	ADP
easat-9257	296	13	the	the	DET
easat-9257	296	14	stock	stock	NOUN
easat-9257	296	15	index	index	NOUN
easat-9257	296	16	of	of	ADP
easat-9257	296	17	costa	costa	PROPN
easat-9257	296	18	rica	rica	PROPN
easat-9257	296	19	,	,	PUNCT
easat-9257	296	20	panama	panama	PROPN
easat-9257	296	21	and	and	CCONJ
easat-9257	296	22	us	we	PRON
easat-9257	296	23	.	.	PUNCT
easat-9257	297	1	𝑎1𝑖	𝑎1𝑖	ADJ
easat-9257	297	2	:	:	PUNCT
easat-9257	297	3	estimating	estimate	VERB
easat-9257	297	4	the	the	DET
easat-9257	297	5	spillover	spillover	NOUN
easat-9257	297	6	effects	effect	NOUN
easat-9257	297	7	for	for	ADP
easat-9257	297	8	panama	panama	PROPN
easat-9257	297	9	’s	’s	PART
easat-9257	297	10	stock	stock	PROPN
easat-9257	297	11	index	index	NOUN
easat-9257	297	12	return	return	NOUN
easat-9257	297	13	.	.	PUNCT
easat-9257	298	1	𝑏1𝑖	𝑏1𝑖	NOUN
easat-9257	298	2	:	:	PUNCT
easat-9257	298	3	estimating	estimate	VERB
easat-9257	298	4	the	the	DET
easat-9257	298	5	spillover	spillover	NOUN
easat-9257	298	6	effects	effect	NOUN
easat-9257	298	7	for	for	ADP
easat-9257	298	8	costa	costa	PROPN
easat-9257	298	9	rica	rica	PROPN
easat-9257	298	10	’s	’s	PART
easat-9257	298	11	stock	stock	PROPN
easat-9257	298	12	index	index	NOUN
easat-9257	298	13	return	return	NOUN
easat-9257	298	14	.	.	PUNCT
easat-9257	299	1	𝑐1𝑖	𝑐1𝑖	NOUN
easat-9257	299	2	:	:	PUNCT
easat-9257	299	3	estimating	estimate	VERB
easat-9257	299	4	the	the	DET
easat-9257	299	5	spillover	spillover	NOUN
easat-9257	299	6	effects	effect	NOUN
easat-9257	299	7	for	for	ADP
easat-9257	299	8	the	the	DET
easat-9257	299	9	us	us	PROPN
easat-9257	299	10	stock	stock	NOUN
easat-9257	299	11	index	index	NOUN
easat-9257	299	12	return	return	NOUN
easat-9257	299	13	.	.	PUNCT
easat-9257	300	1	𝜔1	𝜔1	ADJ
easat-9257	300	2	,	,	PUNCT
easat-9257	300	3	𝜔2	𝜔2	PROPN
easat-9257	300	4	,	,	PUNCT
easat-9257	300	5	𝜔3	𝜔3	NOUN
easat-9257	300	6	:	:	PUNCT
easat-9257	300	7	intercept	intercept	NOUN
easat-9257	300	8	term	term	NOUN
easat-9257	300	9	to	to	PART
easat-9257	300	10	estimate	estimate	VERB
easat-9257	300	11	whether	whether	SCONJ
easat-9257	300	12	the	the	DET
easat-9257	300	13	conditional	conditional	ADJ
easat-9257	300	14	variances	variance	NOUN
easat-9257	300	15	of	of	ADP
easat-9257	300	16	the	the	DET
easat-9257	300	17	stock	stock	NOUN
easat-9257	300	18	index	index	NOUN
easat-9257	300	19	market	market	NOUN
easat-9257	300	20	returns	return	NOUN
easat-9257	300	21	have	have	VERB
easat-9257	300	22	long	long	ADJ
easat-9257	300	23	-	-	PUNCT
easat-9257	300	24	term	term	NOUN
easat-9257	300	25	dependencies	dependency	NOUN
easat-9257	300	26	or	or	CCONJ
easat-9257	300	27	not	not	PART
easat-9257	300	28	.	.	PUNCT
easat-9257	301	1	𝛽1	𝛽1	NOUN
easat-9257	301	2	,	,	PUNCT
easat-9257	301	3	𝛽2	𝛽2	PROPN
easat-9257	301	4	,	,	PUNCT
easat-9257	301	5	𝛽3	𝛽3	NOUN
easat-9257	301	6	:	:	PUNCT
easat-9257	301	7	estimate	estimate	VERB
easat-9257	301	8	the	the	DET
easat-9257	301	9	own	own	ADJ
easat-9257	301	10	-	-	PUNCT
easat-9257	301	11	mean	mean	ADJ
easat-9257	301	12	spillover	spillover	NOUN
easat-9257	301	13	effects	effect	NOUN
easat-9257	301	14	of	of	ADP
easat-9257	301	15	the	the	DET
easat-9257	301	16	stock	stock	NOUN
easat-9257	301	17	return	return	NOUN
easat-9257	301	18	of	of	ADP
easat-9257	301	19	panama	panama	PROPN
easat-9257	301	20	,	,	PUNCT
easat-9257	301	21	costa	costa	PROPN
easat-9257	301	22	rica	rica	PROPN
easat-9257	301	23	and	and	CCONJ
easat-9257	301	24	the	the	DET
easat-9257	301	25	us	us	PROPN
easat-9257	301	26	.	.	PUNCT
easat-9257	302	1	𝜙1	𝜙1	NOUN
easat-9257	302	2	,	,	PUNCT
easat-9257	302	3	𝜙2	𝜙2	NOUN
easat-9257	302	4	and	and	CCONJ
easat-9257	302	5	𝜙3	𝜙3	PROPN
easat-9257	302	6	:	:	PUNCT
easat-9257	302	7	estimating	estimate	VERB
easat-9257	302	8	the	the	DET
easat-9257	302	9	arch	arch	ADJ
easat-9257	302	10	effects	effect	NOUN
easat-9257	302	11	of	of	ADP
easat-9257	302	12	panama	panama	PROPN
easat-9257	302	13	,	,	PUNCT
easat-9257	302	14	costa	costa	PROPN
easat-9257	302	15	rica	rica	PROPN
easat-9257	302	16	and	and	CCONJ
easat-9257	302	17	the	the	DET
easat-9257	302	18	us	us	PROPN
easat-9257	302	19	stock	stock	NOUN
easat-9257	302	20	index	index	NOUN
easat-9257	302	21	prices	price	NOUN
easat-9257	302	22	.	.	PUNCT
easat-9257	303	1	𝛽12	𝛽12	ADJ
easat-9257	303	2	:	:	PUNCT
easat-9257	303	3	estimating	estimate	VERB
easat-9257	303	4	the	the	DET
easat-9257	303	5	volatility	volatility	NOUN
easat-9257	303	6	spillover	spillover	VERB
easat-9257	303	7	effect	effect	NOUN
easat-9257	303	8	of	of	ADP
easat-9257	303	9	costa	costa	PROPN
easat-9257	303	10	rica	rica	PROPN
easat-9257	303	11	stock	stock	PROPN
easat-9257	303	12	index	index	NOUN
easat-9257	303	13	returns	return	NOUN
easat-9257	303	14	on	on	ADP
easat-9257	303	15	panama	panama	PROPN
easat-9257	303	16	stock	stock	PROPN
easat-9257	303	17	index	index	NOUN
easat-9257	303	18	return	return	NOUN
easat-9257	303	19	.	.	PUNCT
easat-9257	304	1	𝛽13	𝛽13	NOUN
easat-9257	304	2	:	:	PUNCT
easat-9257	304	3	estimating	estimate	VERB
easat-9257	304	4	the	the	DET
easat-9257	304	5	volatility	volatility	NOUN
easat-9257	304	6	spillover	spillover	VERB
easat-9257	304	7	effect	effect	NOUN
easat-9257	304	8	of	of	ADP
easat-9257	304	9	the	the	DET
easat-9257	304	10	us	us	PROPN
easat-9257	304	11	stock	stock	NOUN
easat-9257	304	12	index	index	NOUN
easat-9257	304	13	returns	return	NOUN
easat-9257	304	14	on	on	ADP
easat-9257	304	15	panama	panama	PROPN
easat-9257	304	16	stock	stock	PROPN
easat-9257	304	17	index	index	NOUN
easat-9257	304	18	return	return	NOUN
easat-9257	304	19	.	.	PUNCT
easat-9257	305	1	𝛽21	𝛽21	NOUN
easat-9257	305	2	:	:	PUNCT
easat-9257	305	3	estimating	estimate	VERB
easat-9257	305	4	the	the	DET
easat-9257	305	5	volatility	volatility	NOUN
easat-9257	305	6	spillover	spillover	VERB
easat-9257	305	7	effect	effect	NOUN
easat-9257	305	8	of	of	ADP
easat-9257	305	9	panama	panama	PROPN
easat-9257	305	10	stock	stock	PROPN
easat-9257	305	11	index	index	NOUN
easat-9257	305	12	returns	return	NOUN
easat-9257	305	13	on	on	ADP
easat-9257	305	14	costa	costa	PROPN
easat-9257	305	15	rica	rica	PROPN
easat-9257	305	16	stock	stock	PROPN
easat-9257	305	17	index	index	PROPN
easat-9257	305	18	return	return	NOUN
easat-9257	305	19	.	.	PUNCT
easat-9257	306	1	𝛽23	𝛽23	PROPN
easat-9257	306	2	:	:	PUNCT
easat-9257	306	3	estimating	estimate	VERB
easat-9257	306	4	the	the	DET
easat-9257	306	5	volatility	volatility	NOUN
easat-9257	306	6	spillover	spillover	VERB
easat-9257	306	7	effect	effect	NOUN
easat-9257	306	8	of	of	ADP
easat-9257	306	9	the	the	DET
easat-9257	306	10	us	us	PROPN
easat-9257	306	11	stock	stock	NOUN
easat-9257	306	12	index	index	NOUN
easat-9257	306	13	returns	return	NOUN
easat-9257	306	14	on	on	ADP
easat-9257	306	15	costa	costa	PROPN
easat-9257	306	16	rica	rica	PROPN
easat-9257	306	17	stock	stock	PROPN
easat-9257	306	18	index	index	PROPN
easat-9257	306	19	return	return	NOUN
easat-9257	306	20	.	.	PUNCT
easat-9257	307	1	𝛾1	𝛾1	NOUN
easat-9257	307	2	,	,	PUNCT
easat-9257	307	3	𝛾2	𝛾2	NOUN
easat-9257	307	4	,	,	PUNCT
easat-9257	307	5	𝛾3	𝛾3	NOUN
easat-9257	307	6	:	:	PUNCT
easat-9257	307	7	measures	measure	VERB
easat-9257	307	8	the	the	DET
easat-9257	307	9	asymmetric	asymmetric	ADJ
easat-9257	307	10	effects	effect	NOUN
easat-9257	307	11	in	in	ADP
easat-9257	307	12	costa	costa	PROPN
easat-9257	307	13	rica	rica	PROPN
easat-9257	307	14	,	,	PUNCT
easat-9257	307	15	panama	panama	PROPN
easat-9257	307	16	and	and	CCONJ
easat-9257	307	17	the	the	DET
easat-9257	307	18	us	us	PROPN
easat-9257	307	19	stock	stock	NOUN
easat-9257	307	20	markets	market	NOUN
easat-9257	307	21	.	.	PUNCT
easat-9257	308	1	𝑑	𝑑	PRON
easat-9257	308	2	:	:	PUNCT
easat-9257	308	3	long	long	ADJ
easat-9257	308	4	-	-	PUNCT
easat-9257	308	5	memory	memory	NOUN
easat-9257	308	6	coefficients	coefficient	NOUN
easat-9257	308	7	in	in	ADP
easat-9257	308	8	the	the	DET
easat-9257	308	9	conditional	conditional	ADJ
easat-9257	308	10	mean	mean	NOUN
easat-9257	308	11	equations	equation	NOUN
easat-9257	308	12	for	for	ADP
easat-9257	308	13	costa	costa	PROPN
easat-9257	308	14	rica	rica	PROPN
easat-9257	308	15	,	,	PUNCT
easat-9257	308	16	panama	panama	PROPN
easat-9257	308	17	and	and	CCONJ
easat-9257	308	18	the	the	DET
easat-9257	308	19	us	us	PROPN
easat-9257	308	20	.	.	PUNCT
easat-9257	309	1	𝑑1	𝑑1	NOUN
easat-9257	309	2	,	,	PUNCT
easat-9257	309	3	𝑑2	𝑑2	NOUN
easat-9257	309	4	,	,	PUNCT
easat-9257	309	5	𝑑3	𝑑3	NOUN
easat-9257	309	6	:	:	PUNCT
easat-9257	309	7	long	long	ADJ
easat-9257	309	8	-	-	PUNCT
easat-9257	309	9	memory	memory	NOUN
easat-9257	309	10	coefficients	coefficient	NOUN
easat-9257	309	11	in	in	ADP
easat-9257	309	12	the	the	DET
easat-9257	309	13	conditional	conditional	ADJ
easat-9257	309	14	variance	variance	NOUN
easat-9257	309	15	equations	equation	NOUN
easat-9257	309	16	for	for	ADP
easat-9257	309	17	panama	panama	PROPN
easat-9257	309	18	,	,	PUNCT
easat-9257	309	19	costa	costa	PROPN
easat-9257	309	20	rica	rica	PROPN
easat-9257	309	21	and	and	CCONJ
easat-9257	309	22	the	the	DET
easat-9257	309	23	us	us	PROPN
easat-9257	309	24	.	.	PUNCT
easat-9257	310	1	�	�	PROPN
easat-9257	310	2	̅	̅	NOUN
easat-9257	310	3	�	�	X
easat-9257	310	4	𝑃𝐴𝑁𝐶𝑂𝑅	𝑃𝐴𝑁𝐶𝑂𝑅	NOUN
easat-9257	310	5	:	:	PUNCT
easat-9257	310	6	the	the	DET
easat-9257	310	7	n	n	NOUN
easat-9257	310	8	x	x	SYM
easat-9257	310	9	n	n	PRON
easat-9257	310	10	unconditional	unconditional	ADJ
easat-9257	310	11	correlation	correlation	NOUN
easat-9257	310	12	matrix	matrix	NOUN
easat-9257	310	13	of	of	ADP
easat-9257	310	14	𝑢𝑡	𝑢𝑡	NOUN
easat-9257	310	15	between	between	ADP
easat-9257	310	16	panama	panama	PROPN
easat-9257	310	17	and	and	CCONJ
easat-9257	310	18	costa	costa	PROPN
easat-9257	310	19	rica	rica	PROPN
easat-9257	310	20	.	.	PUNCT
easat-9257	311	1	�	�	PROPN
easat-9257	311	2	̅	̅	NOUN
easat-9257	311	3	�	�	NOUN
easat-9257	311	4	𝑃𝐴𝑁𝑈𝑆	𝑃𝐴𝑁𝑈𝑆	ADJ
easat-9257	311	5	:	:	PUNCT
easat-9257	311	6	the	the	DET
easat-9257	311	7	n	n	NOUN
easat-9257	311	8	x	x	SYM
easat-9257	311	9	n	n	PRON
easat-9257	311	10	unconditional	unconditional	ADJ
easat-9257	311	11	correlation	correlation	NOUN
easat-9257	311	12	matrix	matrix	NOUN
easat-9257	311	13	of	of	ADP
easat-9257	311	14	𝑢𝑡	𝑢𝑡	NOUN
easat-9257	311	15	between	between	ADP
easat-9257	311	16	panama	panama	PROPN
easat-9257	311	17	and	and	CCONJ
easat-9257	311	18	the	the	DET
easat-9257	311	19	us	us	PROPN
easat-9257	311	20	.	.	PUNCT
easat-9257	312	1	�	�	PROPN
easat-9257	312	2	̅	̅	NOUN
easat-9257	312	3	�	�	NOUN
easat-9257	312	4	𝐶𝑂𝑅𝑈𝑆	𝐶𝑂𝑅𝑈𝑆	NOUN
easat-9257	312	5	:	:	PUNCT
easat-9257	312	6	the	the	DET
easat-9257	312	7	n	n	NOUN
easat-9257	312	8	x	x	SYM
easat-9257	312	9	n	n	PRON
easat-9257	312	10	unconditional	unconditional	ADJ
easat-9257	312	11	correlation	correlation	NOUN
easat-9257	312	12	matrix	matrix	NOUN
easat-9257	312	13	of	of	ADP
easat-9257	312	14	𝑢𝑡	𝑢𝑡	NOUN
easat-9257	312	15	between	between	ADP
easat-9257	312	16	costa	costa	PROPN
easat-9257	312	17	rica	rica	PROPN
easat-9257	312	18	and	and	CCONJ
easat-9257	312	19	the	the	DET
easat-9257	312	20	us	us	PROPN
easat-9257	312	21	.	.	PUNCT
easat-9257	313	1	�	�	PROPN
easat-9257	313	2	̅	̅	NOUN
easat-9257	313	3	�	�	NOUN
easat-9257	313	4	𝑃𝐴𝑁𝑃𝐴𝑁	𝑃𝐴𝑁𝑃𝐴𝑁	ADJ
easat-9257	313	5	:	:	PUNCT
easat-9257	313	6	the	the	DET
easat-9257	313	7	n	n	NOUN
easat-9257	313	8	x	x	SYM
easat-9257	313	9	n	n	PRON
easat-9257	313	10	unconditional	unconditional	ADJ
easat-9257	313	11	correlation	correlation	NOUN
easat-9257	313	12	matrix	matrix	NOUN
easat-9257	313	13	of	of	ADP
easat-9257	313	14	𝑢𝑡	𝑢𝑡	NOUN
easat-9257	313	15	of	of	ADP
easat-9257	313	16	panama	panama	PROPN
easat-9257	313	17	stock	stock	PROPN
easat-9257	313	18	index	index	PROPN
easat-9257	313	19	.	.	PUNCT
easat-9257	314	1	244	244	NUM
easat-9257	314	2	edelweiss	edelweiss	PROPN
easat-9257	314	3	applied	apply	VERB
easat-9257	314	4	science	science	NOUN
easat-9257	314	5	and	and	CCONJ
easat-9257	314	6	technology	technology	NOUN
easat-9257	314	7	issn	issn	PROPN
easat-9257	314	8	:	:	PUNCT
easat-9257	314	9	2576	2576	NUM
easat-9257	314	10	-	-	SYM
easat-9257	314	11	8484	8484	NUM
easat-9257	314	12	vol	vol	NOUN
easat-9257	314	13	.	.	PROPN
easat-9257	315	1	9	9	NUM
easat-9257	315	2	,	,	PUNCT
easat-9257	315	3	no	no	INTJ
easat-9257	315	4	.	.	NOUN
easat-9257	315	5	8	8	NUM
easat-9257	315	6	:	:	SYM
easat-9257	315	7	231	231	NUM
easat-9257	315	8	-	-	SYM
easat-9257	315	9	253	253	NUM
easat-9257	315	10	,	,	PUNCT
easat-9257	315	11	2025	2025	NUM
easat-9257	315	12	doi	doi	NOUN
easat-9257	315	13	:	:	PUNCT
easat-9257	315	14	10.55214/2576	10.55214/2576	NUM
easat-9257	315	15	-	-	SYM
easat-9257	315	16	8484.v9i8.9257	8484.v9i8.9257	NUM
easat-9257	315	17	©	©	PROPN
easat-9257	315	18	2025	2025	NUM
easat-9257	315	19	by	by	ADP
easat-9257	315	20	the	the	DET
easat-9257	315	21	author	author	NOUN
easat-9257	315	22	;	;	PUNCT
easat-9257	315	23	licensee	licensee	PROPN
easat-9257	315	24	learning	learning	PROPN
easat-9257	315	25	gate	gate	PROPN
easat-9257	315	26	�	�	PROPN
easat-9257	315	27	̅	̅	NOUN
easat-9257	315	28	�	�	X
easat-9257	315	29	𝐶𝑂𝑅𝐶𝑂𝑅	𝐶𝑂𝑅𝐶𝑂𝑅	NOUN
easat-9257	315	30	:	:	PUNCT
easat-9257	315	31	the	the	DET
easat-9257	315	32	n	n	NOUN
easat-9257	315	33	x	x	SYM
easat-9257	315	34	n	n	PRON
easat-9257	315	35	unconditional	unconditional	ADJ
easat-9257	315	36	correlation	correlation	NOUN
easat-9257	315	37	matrix	matrix	NOUN
easat-9257	315	38	of	of	ADP
easat-9257	315	39	𝑢𝑡	𝑢𝑡	NOUN
easat-9257	315	40	of	of	ADP
easat-9257	315	41	costa	costa	PROPN
easat-9257	315	42	rica	rica	PROPN
easat-9257	315	43	stock	stock	PROPN
easat-9257	315	44	index	index	PROPN
easat-9257	315	45	.	.	PUNCT
easat-9257	316	1	�	�	PROPN
easat-9257	316	2	̅	̅	NOUN
easat-9257	316	3	�	�	NOUN
easat-9257	316	4	𝑈𝑆𝑈𝑆	𝑈𝑆𝑈𝑆	PROPN
easat-9257	316	5	:	:	PUNCT
easat-9257	316	6	the	the	DET
easat-9257	316	7	n	n	NOUN
easat-9257	316	8	x	x	SYM
easat-9257	316	9	n	n	PRON
easat-9257	316	10	unconditional	unconditional	ADJ
easat-9257	316	11	correlation	correlation	NOUN
easat-9257	316	12	matrix	matrix	NOUN
easat-9257	316	13	of	of	ADP
easat-9257	316	14	𝑢𝑡	𝑢𝑡	NOUN
easat-9257	316	15	of	of	ADP
easat-9257	316	16	the	the	DET
easat-9257	316	17	us	us	PROPN
easat-9257	316	18	stock	stock	PROPN
easat-9257	316	19	index	index	PROPN
easat-9257	316	20	.	.	PUNCT
easat-9257	317	1	𝑢𝑖,𝑡−1	𝑢𝑖,𝑡−1	PROPN
easat-9257	317	2	:	:	PUNCT
easat-9257	317	3	the	the	DET
easat-9257	317	4	standardized	standardized	ADJ
easat-9257	317	5	disturbance	disturbance	NOUN
easat-9257	317	6	matrix	matrix	NOUN
easat-9257	317	7	at	at	ADP
easat-9257	317	8	period	period	NOUN
easat-9257	317	9	𝑡	𝑡	PRON
easat-9257	317	10	−	−	NOUN
easat-9257	317	11	1	1	NUM
easat-9257	317	12	for	for	ADP
easat-9257	317	13	panama	panama	PROPN
easat-9257	317	14	,	,	PUNCT
easat-9257	317	15	costa	costa	PROPN
easat-9257	317	16	rica	rica	PROPN
easat-9257	317	17	and	and	CCONJ
easat-9257	317	18	the	the	DET
easat-9257	317	19	us	us	PROPN
easat-9257	317	20	.	.	PUNCT
easat-9257	318	1	αpancor	αpancor	PROPN
easat-9257	318	2	and	and	CCONJ
easat-9257	318	3	βpancor	βpancor	ADJ
easat-9257	318	4	:	:	PUNCT
easat-9257	318	5	nonnegative	nonnegative	ADJ
easat-9257	318	6	scalar	scalar	ADJ
easat-9257	318	7	parameters	parameter	NOUN
easat-9257	318	8	for	for	ADP
easat-9257	318	9	panama	panama	PROPN
easat-9257	318	10	and	and	CCONJ
easat-9257	318	11	costa	costa	PROPN
easat-9257	318	12	rica	rica	PROPN
easat-9257	319	1	satisfying	satisfying	NOUN
easat-9257	319	2	(	(	PUNCT
easat-9257	319	3	𝛼	𝛼	X
easat-9257	319	4	+	+	X
easat-9257	319	5	𝛽	𝛽	NOUN
easat-9257	319	6	<	<	X
easat-9257	319	7	1	1	NUM
easat-9257	319	8	)	)	PUNCT
easat-9257	319	9	in	in	ADP
easat-9257	319	10	dcc	dcc	PROPN
easat-9257	319	11	model	model	PROPN
easat-9257	319	12	.	.	PUNCT
easat-9257	320	1	αpanus	αpanus	NOUN
easat-9257	320	2	and	and	CCONJ
easat-9257	320	3	βpanus	βpanus	NOUN
easat-9257	320	4	:	:	PUNCT
easat-9257	320	5	nonnegative	nonnegative	ADJ
easat-9257	320	6	scalar	scalar	ADJ
easat-9257	320	7	parameters	parameter	NOUN
easat-9257	320	8	for	for	ADP
easat-9257	320	9	panama	panama	PROPN
easat-9257	320	10	and	and	CCONJ
easat-9257	320	11	the	the	DET
easat-9257	320	12	us	us	PROPN
easat-9257	320	13	satisfying	satisfying	NOUN
easat-9257	320	14	(	(	PUNCT
easat-9257	320	15	𝛼	𝛼	X
easat-9257	320	16	+	+	X
easat-9257	320	17	𝛽	𝛽	NOUN
easat-9257	320	18	<	<	X
easat-9257	320	19	1	1	NUM
easat-9257	320	20	)	)	PUNCT
easat-9257	320	21	in	in	ADP
easat-9257	320	22	dcc	dcc	PROPN
easat-9257	320	23	model	model	PROPN
easat-9257	320	24	.	.	PUNCT
easat-9257	320	25	αcorus	αcorus	NOUN
easat-9257	320	26	and	and	CCONJ
easat-9257	320	27	βcorus	βcorus	NOUN
easat-9257	320	28	:	:	PUNCT
easat-9257	320	29	nonnegative	nonnegative	ADJ
easat-9257	320	30	scalar	scalar	ADJ
easat-9257	320	31	parameters	parameter	NOUN
easat-9257	320	32	for	for	ADP
easat-9257	320	33	costa	costa	PROPN
easat-9257	320	34	rica	rica	PROPN
easat-9257	320	35	and	and	CCONJ
easat-9257	320	36	the	the	DET
easat-9257	320	37	us	us	PROPN
easat-9257	320	38	satisfying	satisfy	VERB
easat-9257	320	39	(	(	PUNCT
easat-9257	320	40	𝛼	𝛼	X
easat-9257	320	41	+	+	X
easat-9257	320	42	𝛽	𝛽	NOUN
easat-9257	320	43	<	<	X
easat-9257	320	44	1	1	NUM
easat-9257	320	45	)	)	PUNCT
easat-9257	320	46	in	in	ADP
easat-9257	320	47	dcc	dcc	PROPN
easat-9257	320	48	model	model	NOUN
easat-9257	320	49	.	.	PUNCT
easat-9257	321	1	k1	k1	PROPN
easat-9257	321	2	,	,	PUNCT
easat-9257	321	3	k5	k5	PROPN
easat-9257	321	4	,	,	PUNCT
easat-9257	321	5	k9	k9	PROPN
easat-9257	321	6	:	:	PUNCT
easat-9257	321	7	measuring	measure	VERB
easat-9257	321	8	the	the	DET
easat-9257	321	9	effect	effect	NOUN
easat-9257	321	10	of	of	ADP
easat-9257	321	11	the	the	DET
easat-9257	321	12	subprime	subprime	ADJ
easat-9257	321	13	mortgage	mortgage	NOUN
easat-9257	321	14	and	and	CCONJ
easat-9257	321	15	global	global	ADJ
easat-9257	321	16	financial	financial	ADJ
easat-9257	321	17	crisis	crisis	NOUN
easat-9257	321	18	(	(	PUNCT
easat-9257	321	19	gfc	gfc	NOUN
easat-9257	321	20	)	)	PUNCT
easat-9257	321	21	in	in	ADP
easat-9257	321	22	the	the	DET
easat-9257	321	23	mean	mean	ADJ
easat-9257	321	24	equations	equation	NOUN
easat-9257	321	25	for	for	ADP
easat-9257	321	26	each	each	DET
easat-9257	321	27	stock	stock	NOUN
easat-9257	321	28	markets	market	NOUN
easat-9257	321	29	.	.	PUNCT
easat-9257	322	1	k2	k2	ADJ
easat-9257	322	2	,	,	PUNCT
easat-9257	322	3	k6	k6	PROPN
easat-9257	322	4	,	,	PUNCT
easat-9257	322	5	k10	k10	NOUN
easat-9257	322	6	:	:	PUNCT
easat-9257	322	7	measuring	measure	VERB
easat-9257	322	8	the	the	DET
easat-9257	322	9	effect	effect	NOUN
easat-9257	322	10	of	of	ADP
easat-9257	322	11	the	the	DET
easat-9257	322	12	european	european	ADJ
easat-9257	322	13	debt	debt	NOUN
easat-9257	322	14	crisis	crisis	NOUN
easat-9257	322	15	(	(	PUNCT
easat-9257	322	16	edc	edc	PROPN
easat-9257	322	17	)	)	PUNCT
easat-9257	322	18	in	in	ADP
easat-9257	322	19	the	the	DET
easat-9257	322	20	mean	mean	ADJ
easat-9257	322	21	equations	equation	NOUN
easat-9257	322	22	for	for	ADP
easat-9257	322	23	each	each	DET
easat-9257	322	24	stock	stock	NOUN
easat-9257	322	25	markets	market	NOUN
easat-9257	322	26	.	.	PUNCT
easat-9257	323	1	k3	k3	PROPN
easat-9257	323	2	,	,	PUNCT
easat-9257	323	3	k7	k7	PROPN
easat-9257	323	4	,	,	PUNCT
easat-9257	323	5	k11	k11	NOUN
easat-9257	323	6	:	:	PUNCT
easat-9257	323	7	measuring	measure	VERB
easat-9257	323	8	the	the	DET
easat-9257	323	9	effect	effect	NOUN
easat-9257	323	10	of	of	ADP
easat-9257	323	11	the	the	DET
easat-9257	323	12	us	us	PROPN
easat-9257	323	13	-	-	PUNCT
easat-9257	323	14	china	china	PROPN
easat-9257	323	15	trade	trade	NOUN
easat-9257	323	16	war	war	NOUN
easat-9257	323	17	in	in	ADP
easat-9257	323	18	the	the	DET
easat-9257	323	19	mean	mean	ADJ
easat-9257	323	20	equations	equation	NOUN
easat-9257	323	21	for	for	ADP
easat-9257	323	22	each	each	DET
easat-9257	323	23	stock	stock	NOUN
easat-9257	323	24	markets	market	NOUN
easat-9257	323	25	.	.	PUNCT
easat-9257	324	1	k4	k4	PROPN
easat-9257	324	2	,	,	PUNCT
easat-9257	324	3	k8	k8	PROPN
easat-9257	324	4	,	,	PUNCT
easat-9257	324	5	k12	k12	NOUN
easat-9257	324	6	:	:	PUNCT
easat-9257	324	7	measuring	measure	VERB
easat-9257	324	8	the	the	DET
easat-9257	324	9	effect	effect	NOUN
easat-9257	324	10	of	of	ADP
easat-9257	324	11	the	the	DET
easat-9257	324	12	covid-19	covid-19	PROPN
easat-9257	324	13	pandemic	pandemic	NOUN
easat-9257	324	14	in	in	ADP
easat-9257	324	15	the	the	DET
easat-9257	324	16	mean	mean	ADJ
easat-9257	324	17	equations	equation	NOUN
easat-9257	324	18	for	for	ADP
easat-9257	324	19	each	each	DET
easat-9257	324	20	stock	stock	NOUN
easat-9257	324	21	markets	market	NOUN
easat-9257	324	22	.	.	PUNCT
easat-9257	325	1	𝑔1	𝑔1	PROPN
easat-9257	325	2	,	,	PUNCT
easat-9257	325	3	𝑔5	𝑔5	PROPN
easat-9257	325	4	,	,	PUNCT
easat-9257	325	5	𝑔9	𝑔9	PROPN
easat-9257	325	6	:	:	PUNCT
easat-9257	325	7	measuring	measure	VERB
easat-9257	325	8	the	the	DET
easat-9257	325	9	effect	effect	NOUN
easat-9257	325	10	of	of	ADP
easat-9257	325	11	the	the	DET
easat-9257	325	12	subprime	subprime	ADJ
easat-9257	325	13	mortgage	mortgage	NOUN
easat-9257	325	14	and	and	CCONJ
easat-9257	325	15	global	global	ADJ
easat-9257	325	16	financial	financial	ADJ
easat-9257	325	17	crisis	crisis	NOUN
easat-9257	325	18	(	(	PUNCT
easat-9257	325	19	gfc	gfc	NOUN
easat-9257	325	20	)	)	PUNCT
easat-9257	325	21	in	in	ADP
easat-9257	325	22	the	the	DET
easat-9257	325	23	variance	variance	NOUN
easat-9257	325	24	equations	equation	NOUN
easat-9257	325	25	for	for	ADP
easat-9257	325	26	each	each	DET
easat-9257	325	27	stock	stock	NOUN
easat-9257	325	28	markets	market	NOUN
easat-9257	325	29	.	.	PUNCT
easat-9257	326	1	𝑔2	𝑔2	NOUN
easat-9257	326	2	,	,	PUNCT
easat-9257	326	3	𝑔6	𝑔6	NOUN
easat-9257	326	4	,	,	PUNCT
easat-9257	326	5	𝑔10	𝑔10	PROPN
easat-9257	326	6	:	:	PUNCT
easat-9257	326	7	measuring	measure	VERB
easat-9257	326	8	the	the	DET
easat-9257	326	9	effect	effect	NOUN
easat-9257	326	10	of	of	ADP
easat-9257	326	11	the	the	DET
easat-9257	326	12	european	european	ADJ
easat-9257	326	13	debt	debt	NOUN
easat-9257	326	14	crisis	crisis	NOUN
easat-9257	326	15	(	(	PUNCT
easat-9257	326	16	edc	edc	PROPN
easat-9257	326	17	)	)	PUNCT
easat-9257	326	18	in	in	ADP
easat-9257	326	19	the	the	DET
easat-9257	326	20	variance	variance	NOUN
easat-9257	326	21	equations	equation	NOUN
easat-9257	326	22	for	for	ADP
easat-9257	326	23	each	each	DET
easat-9257	326	24	stock	stock	NOUN
easat-9257	326	25	markets	market	NOUN
easat-9257	326	26	.	.	PUNCT
easat-9257	327	1	𝑔3	𝑔3	ADJ
easat-9257	327	2	,	,	PUNCT
easat-9257	327	3	𝑔7	𝑔7	PROPN
easat-9257	327	4	,	,	PUNCT
easat-9257	327	5	𝑔11	𝑔11	PROPN
easat-9257	327	6	:	:	PUNCT
easat-9257	327	7	measuring	measure	VERB
easat-9257	327	8	the	the	DET
easat-9257	327	9	effect	effect	NOUN
easat-9257	327	10	of	of	ADP
easat-9257	327	11	the	the	DET
easat-9257	327	12	us	us	PROPN
easat-9257	327	13	-	-	PUNCT
easat-9257	327	14	china	china	PROPN
easat-9257	327	15	trade	trade	PROPN
easat-9257	327	16	war	war	NOUN
easat-9257	327	17	(	(	PUNCT
easat-9257	327	18	uct	uct	PROPN
easat-9257	327	19	)	)	PUNCT
easat-9257	327	20	in	in	ADP
easat-9257	327	21	the	the	DET
easat-9257	327	22	variance	variance	NOUN
easat-9257	327	23	equations	equation	NOUN
easat-9257	327	24	for	for	ADP
easat-9257	327	25	each	each	DET
easat-9257	327	26	stock	stock	NOUN
easat-9257	327	27	markets	market	NOUN
easat-9257	327	28	.	.	PUNCT
easat-9257	328	1	𝑔4	𝑔4	NOUN
easat-9257	328	2	,	,	PUNCT
easat-9257	328	3	𝑔8	𝑔8	PROPN
easat-9257	328	4	,	,	PUNCT
easat-9257	328	5	𝑔12	𝑔12	NOUN
easat-9257	328	6	:	:	PUNCT
easat-9257	328	7	measuring	measure	VERB
easat-9257	328	8	the	the	DET
easat-9257	328	9	effect	effect	NOUN
easat-9257	328	10	of	of	ADP
easat-9257	328	11	the	the	DET
easat-9257	328	12	covid-19	covid-19	PROPN
easat-9257	328	13	pandemic	pandemic	ADJ
easat-9257	328	14	(	(	PUNCT
easat-9257	328	15	cov	cov	NOUN
easat-9257	328	16	)	)	PUNCT
easat-9257	328	17	in	in	ADP
easat-9257	328	18	the	the	DET
easat-9257	328	19	variance	variance	NOUN
easat-9257	328	20	equations	equation	NOUN
easat-9257	328	21	for	for	ADP
easat-9257	328	22	each	each	DET
easat-9257	328	23	stock	stock	NOUN
easat-9257	328	24	markets	market	NOUN
easat-9257	328	25	.	.	PUNCT
easat-9257	329	1	3.6	3.6	NUM
easat-9257	329	2	.	.	PUNCT
easat-9257	330	1	empirical	empirical	ADJ
easat-9257	330	2	evidences	evidence	NOUN
easat-9257	330	3	and	and	CCONJ
easat-9257	330	4	discussions	discussion	NOUN
easat-9257	330	5	3.6.1	3.6.1	NUM
easat-9257	330	6	.	.	PUNCT
easat-9257	330	7	results	result	NOUN
easat-9257	330	8	and	and	CCONJ
easat-9257	330	9	analyses	analysis	NOUN
easat-9257	330	10	of	of	ADP
easat-9257	330	11	conditional	conditional	ADJ
easat-9257	330	12	mean	mean	NOUN
easat-9257	330	13	equations	equation	NOUN
easat-9257	330	14	we	we	PRON
easat-9257	330	15	use	use	VERB
easat-9257	330	16	the	the	DET
easat-9257	330	17	bhhh	bhhh	ADJ
easat-9257	330	18	method	method	NOUN
easat-9257	330	19	to	to	PART
easat-9257	330	20	estimate	estimate	VERB
easat-9257	330	21	the	the	DET
easat-9257	330	22	coefficients	coefficient	NOUN
easat-9257	330	23	.	.	PUNCT
easat-9257	331	1	table	table	NOUN
easat-9257	331	2	5	5	NUM
easat-9257	331	3	shows	show	VERB
easat-9257	331	4	that	that	SCONJ
easat-9257	331	5	the	the	DET
easat-9257	331	6	fractional	fractional	ADJ
easat-9257	331	7	differencing	differencing	NOUN
easat-9257	331	8	coefficient	coefficient	NOUN
easat-9257	331	9	(	(	PUNCT
easat-9257	331	10	d	d	NOUN
easat-9257	331	11	)	)	PUNCT
easat-9257	331	12	of	of	ADP
easat-9257	331	13	fiec	fiec	NOUN
easat-9257	331	14	is	be	AUX
easat-9257	331	15	0.92439	0.92439	NUM
easat-9257	331	16	,	,	PUNCT
easat-9257	331	17	significant	significant	ADJ
easat-9257	331	18	at	at	ADP
easat-9257	331	19	the	the	DET
easat-9257	331	20	1	1	NUM
easat-9257	331	21	%	%	NOUN
easat-9257	331	22	level	level	NOUN
easat-9257	331	23	.	.	PUNCT
easat-9257	332	1	with	with	ADP
easat-9257	332	2	d	d	NOUN
easat-9257	332	3	between	between	ADP
easat-9257	332	4	0	0	NUM
easat-9257	332	5	and	and	CCONJ
easat-9257	332	6	1	1	NUM
easat-9257	332	7	,	,	PUNCT
easat-9257	332	8	it	it	PRON
easat-9257	332	9	suggests	suggest	VERB
easat-9257	332	10	these	these	DET
easat-9257	332	11	stock	stock	NOUN
easat-9257	332	12	markets	market	NOUN
easat-9257	332	13	exhibit	exhibit	VERB
easat-9257	332	14	a	a	DET
easat-9257	332	15	long	long	ADJ
easat-9257	332	16	memory	memory	NOUN
easat-9257	332	17	effect	effect	NOUN
easat-9257	332	18	,	,	PUNCT
easat-9257	332	19	where	where	SCONJ
easat-9257	332	20	past	past	ADJ
easat-9257	332	21	behavior	behavior	NOUN
easat-9257	332	22	influences	influence	VERB
easat-9257	332	23	current	current	ADJ
easat-9257	332	24	performance	performance	NOUN
easat-9257	332	25	.	.	PUNCT
easat-9257	333	1	this	this	PRON
easat-9257	333	2	implies	imply	VERB
easat-9257	333	3	that	that	SCONJ
easat-9257	333	4	historical	historical	ADJ
easat-9257	333	5	data	datum	NOUN
easat-9257	333	6	can	can	AUX
easat-9257	333	7	predict	predict	VERB
easat-9257	333	8	future	future	ADJ
easat-9257	333	9	returns	return	NOUN
easat-9257	333	10	,	,	PUNCT
easat-9257	333	11	and	and	CCONJ
easat-9257	333	12	even	even	ADV
easat-9257	333	13	delayed	delay	VERB
easat-9257	333	14	news	news	NOUN
easat-9257	333	15	continues	continue	VERB
easat-9257	333	16	to	to	PART
easat-9257	333	17	affect	affect	VERB
easat-9257	333	18	today	today	NOUN
easat-9257	333	19	's	's	PART
easat-9257	333	20	stock	stock	NOUN
easat-9257	333	21	prices	price	NOUN
easat-9257	333	22	.	.	PUNCT
easat-9257	334	1	the	the	DET
easat-9257	334	2	estimated	estimate	VERB
easat-9257	334	3	results	result	NOUN
easat-9257	334	4	of	of	ADP
easat-9257	334	5	mean	mean	ADJ
easat-9257	334	6	return	return	VERB
easat-9257	334	7	own	own	ADJ
easat-9257	334	8	-	-	PUNCT
easat-9257	334	9	spillover	spillover	NOUN
easat-9257	334	10	(	(	PUNCT
easat-9257	334	11	table	table	NOUN
easat-9257	334	12	5	5	NUM
easat-9257	334	13	)	)	PUNCT
easat-9257	334	14	shows	show	VERB
easat-9257	334	15	that	that	SCONJ
easat-9257	334	16	costa	costa	PROPN
easat-9257	334	17	rica	rica	PROPN
easat-9257	334	18	's	's	PART
easat-9257	334	19	stock	stock	NOUN
easat-9257	334	20	return	return	NOUN
easat-9257	334	21	is	be	AUX
easat-9257	334	22	negatively	negatively	ADV
easat-9257	334	23	influenced	influence	VERB
easat-9257	334	24	by	by	ADP
easat-9257	334	25	its	its	PRON
easat-9257	334	26	third	third	ADJ
easat-9257	334	27	lag	lag	NOUN
easat-9257	334	28	and	and	CCONJ
easat-9257	334	29	positively	positively	ADV
easat-9257	334	30	by	by	ADP
easat-9257	334	31	its	its	PRON
easat-9257	334	32	second	second	ADJ
easat-9257	334	33	and	and	CCONJ
easat-9257	334	34	fourth	fourth	ADJ
easat-9257	334	35	lags	lag	NOUN
easat-9257	334	36	.	.	PUNCT
easat-9257	335	1	panama	panama	PROPN
easat-9257	335	2	’s	’s	PART
easat-9257	335	3	stock	stock	NOUN
easat-9257	335	4	return	return	NOUN
easat-9257	335	5	is	be	AUX
easat-9257	335	6	negatively	negatively	ADV
easat-9257	335	7	affected	affect	VERB
easat-9257	335	8	by	by	ADP
easat-9257	335	9	its	its	PRON
easat-9257	335	10	second	second	ADJ
easat-9257	335	11	and	and	CCONJ
easat-9257	335	12	third	third	ADJ
easat-9257	335	13	lags	lag	NOUN
easat-9257	335	14	,	,	PUNCT
easat-9257	335	15	and	and	CCONJ
easat-9257	335	16	positively	positively	ADV
easat-9257	335	17	by	by	ADP
easat-9257	335	18	its	its	PRON
easat-9257	335	19	fourth	fourth	ADJ
easat-9257	335	20	lag	lag	NOUN
easat-9257	335	21	.	.	PUNCT
easat-9257	336	1	us	us	PROPN
easat-9257	336	2	stock	stock	NOUN
easat-9257	336	3	return	return	NOUN
easat-9257	336	4	is	be	AUX
easat-9257	336	5	positively	positively	ADV
easat-9257	336	6	influenced	influence	VERB
easat-9257	336	7	by	by	ADP
easat-9257	336	8	its	its	PRON
easat-9257	336	9	second	second	ADJ
easat-9257	336	10	lag	lag	NOUN
easat-9257	336	11	and	and	CCONJ
easat-9257	336	12	negatively	negatively	ADV
easat-9257	336	13	by	by	ADP
easat-9257	336	14	its	its	PRON
easat-9257	336	15	third	third	ADJ
easat-9257	336	16	lag	lag	NOUN
easat-9257	336	17	.	.	PUNCT
easat-9257	337	1	the	the	DET
easat-9257	337	2	us	us	PROPN
easat-9257	337	3	market	market	NOUN
easat-9257	337	4	is	be	AUX
easat-9257	337	5	more	more	ADV
easat-9257	337	6	efficient	efficient	ADJ
easat-9257	337	7	in	in	ADP
easat-9257	337	8	responding	respond	VERB
easat-9257	337	9	to	to	ADP
easat-9257	337	10	market	market	NOUN
easat-9257	337	11	information	information	NOUN
easat-9257	337	12	than	than	ADP
easat-9257	337	13	costa	costa	PROPN
easat-9257	337	14	rica	rica	PROPN
easat-9257	337	15	and	and	CCONJ
easat-9257	337	16	panama	panama	PROPN
easat-9257	337	17	,	,	PUNCT
easat-9257	337	18	suggesting	suggest	VERB
easat-9257	337	19	that	that	SCONJ
easat-9257	337	20	these	these	DET
easat-9257	337	21	markets	market	NOUN
easat-9257	337	22	are	be	AUX
easat-9257	337	23	inefficient	inefficient	ADJ
easat-9257	337	24	and	and	CCONJ
easat-9257	337	25	rely	rely	VERB
easat-9257	337	26	on	on	ADP
easat-9257	337	27	past	past	ADJ
easat-9257	337	28	data	datum	NOUN
easat-9257	337	29	to	to	PART
easat-9257	337	30	predict	predict	VERB
easat-9257	337	31	future	future	ADJ
easat-9257	337	32	returns	return	NOUN
easat-9257	337	33	.	.	PUNCT
easat-9257	338	1	additionally	additionally	ADV
easat-9257	338	2	,	,	PUNCT
easat-9257	338	3	the	the	DET
easat-9257	338	4	empirical	empirical	ADJ
easat-9257	338	5	results	result	NOUN
easat-9257	338	6	of	of	ADP
easat-9257	338	7	the	the	DET
easat-9257	338	8	mean	mean	ADJ
easat-9257	338	9	return	return	NOUN
easat-9257	338	10	cross	cross	ADJ
easat-9257	338	11	-	-	ADJ
easat-9257	338	12	spillover	spillover	ADJ
easat-9257	338	13	effects	effect	NOUN
easat-9257	338	14	of	of	ADP
easat-9257	338	15	costa	costa	PROPN
easat-9257	338	16	rica	rica	PROPN
easat-9257	338	17	,	,	PUNCT
easat-9257	338	18	panama	panama	PROPN
easat-9257	338	19	and	and	CCONJ
easat-9257	338	20	the	the	DET
easat-9257	338	21	us	us	PROPN
easat-9257	338	22	stock	stock	NOUN
easat-9257	338	23	market	market	NOUN
easat-9257	338	24	indicate	indicate	VERB
easat-9257	338	25	bidirectional(two	bidirectional(two	VERB
easat-9257	338	26	-	-	PUNCT
easat-9257	338	27	way	way	NOUN
easat-9257	338	28	)	)	PUNCT
easat-9257	338	29	spillovers	spillover	NOUN
easat-9257	338	30	between	between	ADP
easat-9257	338	31	costa	costa	PROPN
easat-9257	338	32	rica	rica	PROPN
easat-9257	338	33	and	and	CCONJ
easat-9257	338	34	panama	panama	PROPN
easat-9257	338	35	stock	stock	NOUN
easat-9257	338	36	markets	market	NOUN
easat-9257	338	37	,	,	PUNCT
easat-9257	338	38	and	and	CCONJ
easat-9257	338	39	unidirectional(one	unidirectional(one	NOUN
easat-9257	338	40	-	-	PUNCT
easat-9257	338	41	way	way	NOUN
easat-9257	338	42	)	)	PUNCT
easat-9257	338	43	spillovers	spillover	NOUN
easat-9257	338	44	from	from	ADP
easat-9257	338	45	the	the	DET
easat-9257	338	46	us	us	PROPN
easat-9257	338	47	to	to	ADP
easat-9257	338	48	both	both	PRON
easat-9257	338	49	.	.	PUNCT
easat-9257	339	1	the	the	DET
easat-9257	339	2	us	us	PROPN
easat-9257	339	3	stock	stock	NOUN
easat-9257	339	4	market	market	NOUN
easat-9257	339	5	plays	play	VERB
easat-9257	339	6	a	a	DET
easat-9257	339	7	crucial	crucial	ADJ
easat-9257	339	8	role	role	NOUN
easat-9257	339	9	in	in	ADP
easat-9257	339	10	price	price	NOUN
easat-9257	339	11	discovery	discovery	NOUN
easat-9257	339	12	across	across	ADP
easat-9257	339	13	these	these	DET
easat-9257	339	14	three	three	NUM
easat-9257	339	15	markets	market	NOUN
easat-9257	339	16	.	.	PUNCT
easat-9257	340	1	245	245	NUM
easat-9257	340	2	edelweiss	edelweiss	PROPN
easat-9257	340	3	applied	apply	VERB
easat-9257	340	4	science	science	NOUN
easat-9257	340	5	and	and	CCONJ
easat-9257	340	6	technology	technology	NOUN
easat-9257	340	7	issn	issn	PROPN
easat-9257	340	8	:	:	PUNCT
easat-9257	340	9	2576	2576	NUM
easat-9257	340	10	-	-	SYM
easat-9257	340	11	8484	8484	NUM
easat-9257	340	12	vol	vol	NOUN
easat-9257	340	13	.	.	PROPN
easat-9257	341	1	9	9	NUM
easat-9257	341	2	,	,	PUNCT
easat-9257	341	3	no	no	INTJ
easat-9257	341	4	.	.	NOUN
easat-9257	341	5	8	8	NUM
easat-9257	341	6	:	:	SYM
easat-9257	341	7	231	231	NUM
easat-9257	341	8	-	-	SYM
easat-9257	341	9	253	253	NUM
easat-9257	341	10	,	,	PUNCT
easat-9257	341	11	2025	2025	NUM
easat-9257	341	12	doi	doi	NOUN
easat-9257	341	13	:	:	PUNCT
easat-9257	341	14	10.55214/2576	10.55214/2576	NUM
easat-9257	341	15	-	-	SYM
easat-9257	341	16	8484.v9i8.9257	8484.v9i8.9257	NUM
easat-9257	341	17	©	©	PROPN
easat-9257	341	18	2025	2025	NUM
easat-9257	341	19	by	by	ADP
easat-9257	341	20	the	the	DET
easat-9257	341	21	author	author	NOUN
easat-9257	341	22	;	;	PUNCT
easat-9257	341	23	licensee	licensee	PROPN
easat-9257	341	24	learning	learn	VERB
easat-9257	341	25	gate	gate	NOUN
easat-9257	341	26	table	table	NOUN
easat-9257	341	27	5	5	NUM
easat-9257	341	28	.	.	PUNCT
easat-9257	341	29	estimates	estimate	VERB
easat-9257	341	30	the	the	DET
easat-9257	341	31	parameters	parameter	NOUN
easat-9257	341	32	of	of	ADP
easat-9257	341	33	the	the	DET
easat-9257	341	34	conditional	conditional	ADJ
easat-9257	341	35	mean	mean	NOUN
easat-9257	341	36	equations	equation	NOUN
easat-9257	341	37	for	for	ADP
easat-9257	341	38	costa	costa	PROPN
easat-9257	341	39	rica	rica	PROPN
easat-9257	341	40	,	,	PUNCT
easat-9257	341	41	panama	panama	PROPN
easat-9257	341	42	and	and	CCONJ
easat-9257	341	43	the	the	DET
easat-9257	341	44	us	us	PROPN
easat-9257	341	45	stock	stock	NOUN
easat-9257	341	46	markets	market	NOUN
easat-9257	341	47	.	.	PUNCT
easat-9257	342	1	d	d	X
easat-9257	342	2	=	=	SYM
easat-9257	342	3	0.92439	0.92439	NUM
easat-9257	342	4	*	*	PUNCT
easat-9257	342	5	*	*	PUNCT
easat-9257	342	6	*	*	PUNCT
easat-9257	342	7	(	(	PUNCT
easat-9257	342	8	t	t	NOUN
easat-9257	342	9	-	-	PUNCT
easat-9257	342	10	value	value	NOUN
easat-9257	342	11	=	=	SYM
easat-9257	342	12	7.9043	7.9043	NUM
easat-9257	342	13	)	)	PUNCT
easat-9257	342	14	costa	costa	PROPN
easat-9257	342	15	rica	rica	PROPN
easat-9257	342	16	coeff	coeff	PROPN
easat-9257	342	17	t	t	PROPN
easat-9257	342	18	-	-	PUNCT
easat-9257	342	19	value	value	NOUN
easat-9257	342	20	panama	panama	PROPN
easat-9257	342	21	coeff	coeff	PROPN
easat-9257	342	22	t	t	PROPN
easat-9257	342	23	-	-	PUNCT
easat-9257	342	24	value	value	NOUN
easat-9257	342	25	us	us	PROPN
easat-9257	342	26	coeff	coeff	PROPN
easat-9257	342	27	t	t	PROPN
easat-9257	342	28	-	-	PUNCT
easat-9257	342	29	value	value	NOUN
easat-9257	342	30	𝑢1	𝑢1	NOUN
easat-9257	342	31	0.1924	0.1924	NUM
easat-9257	342	32	1.8716	1.8716	NUM
easat-9257	342	33	𝑢2	𝑢2	PROPN
easat-9257	342	34	0.2028	0.2028	PROPN
easat-9257	342	35	*	*	PUNCT
easat-9257	342	36	*	*	PUNCT
easat-9257	342	37	*	*	PUNCT
easat-9257	342	38	20.884	20.884	NUM
easat-9257	342	39	𝑢3	𝑢3	NOUN
easat-9257	342	40	0.2626	0.2626	NUM
easat-9257	342	41	1.1321	1.1321	NUM
easat-9257	342	42	𝜆1	𝜆1	NOUN
easat-9257	342	43	-0.6156	-0.6156	NOUN
easat-9257	342	44	*	*	PUNCT
easat-9257	342	45	*	*	PUNCT
easat-9257	342	46	*	*	PUNCT
easat-9257	342	47	-4.0842	-4.0842	NOUN
easat-9257	343	1	𝜆2	𝜆2	NOUN
easat-9257	343	2	-0.4150	-0.4150	PROPN
easat-9257	344	1	*	*	PUNCT
easat-9257	344	2	*	*	PUNCT
easat-9257	344	3	*	*	PUNCT
easat-9257	344	4	-2.9152	-2.9152	PROPN
easat-9257	344	5	𝜆3	𝜆3	NOUN
easat-9257	344	6	-0.3010	-0.3010	NOUN
easat-9257	345	1	*	*	PUNCT
easat-9257	345	2	*	*	PUNCT
easat-9257	345	3	*	*	PUNCT
easat-9257	345	4	-3.0250	-3.0250	PROPN
easat-9257	345	5	𝑎11	𝑎11	VERB
easat-9257	345	6	0.5921	0.5921	NUM
easat-9257	345	7	1.0855	1.0855	NUM
easat-9257	345	8	𝑏11	𝑏11	PROPN
easat-9257	345	9	0.3115	0.3115	NUM
easat-9257	345	10	1.0005	1.0005	NUM
easat-9257	345	11	𝑐11	𝑐11	PROPN
easat-9257	345	12	-0.7495	-0.7495	PROPN
easat-9257	345	13	-1.2025	-1.2025	VERB
easat-9257	346	1	𝑎12	𝑎12	NOUN
easat-9257	346	2	0.8824	0.8824	NUM
easat-9257	346	3	*	*	PUNCT
easat-9257	346	4	*	*	PUNCT
easat-9257	346	5	*	*	X
easat-9257	346	6	16.4151	16.4151	NUM
easat-9257	346	7	𝑏12	𝑏12	VERB
easat-9257	346	8	-0.5051	-0.5051	NOUN
easat-9257	346	9	*	*	PUNCT
easat-9257	346	10	*	*	PUNCT
easat-9257	346	11	*	*	PUNCT
easat-9257	346	12	-10.2712	-10.2712	NOUN
easat-9257	346	13	𝑐12	𝑐12	NOUN
easat-9257	346	14	0.1625	0.1625	NUM
easat-9257	346	15	*	*	PUNCT
easat-9257	346	16	*	*	PUNCT
easat-9257	346	17	*	*	PUNCT
easat-9257	346	18	7.5656	7.5656	NUM
easat-9257	346	19	𝑎13	𝑎13	NOUN
easat-9257	346	20	-5.5014	-5.5014	NOUN
easat-9257	346	21	*	*	PUNCT
easat-9257	346	22	*	*	PUNCT
easat-9257	346	23	*	*	PUNCT
easat-9257	346	24	-20.3651	-20.3651	PUNCT
easat-9257	346	25	𝑏13	𝑏13	NOUN
easat-9257	346	26	-0.6421	-0.6421	NOUN
easat-9257	346	27	*	*	PUNCT
easat-9257	346	28	*	*	PUNCT
easat-9257	346	29	*	*	PUNCT
easat-9257	346	30	-15.1012	-15.1012	ADP
easat-9257	346	31	𝑐13	𝑐13	NOUN
easat-9257	346	32	-0.8915	-0.8915	NOUN
easat-9257	347	1	*	*	PUNCT
easat-9257	347	2	*	*	PUNCT
easat-9257	347	3	*	*	PUNCT
easat-9257	347	4	-10.9981	-10.9981	PUNCT
easat-9257	347	5	𝑎14	𝑎14	VERB
easat-9257	347	6	2.2628	2.2628	NUM
easat-9257	347	7	*	*	PUNCT
easat-9257	347	8	*	*	PUNCT
easat-9257	347	9	*	*	PUNCT
easat-9257	347	10	11.4571	11.4571	NUM
easat-9257	347	11	𝑏14	𝑏14	PROPN
easat-9257	347	12	0.0779	0.0779	NUM
easat-9257	347	13	*	*	PUNCT
easat-9257	347	14	*	*	PUNCT
easat-9257	347	15	*	*	PROPN
easat-9257	347	16	20.0008	20.0008	NUM
easat-9257	347	17	𝑐14	𝑐14	NOUN
easat-9257	347	18	0.5625	0.5625	NUM
easat-9257	347	19	1.0001	1.0001	NUM
easat-9257	347	20	𝑎21	𝑎21	PROPN
easat-9257	347	21	0.5141	0.5141	NUM
easat-9257	347	22	*	*	PUNCT
easat-9257	347	23	*	*	PUNCT
easat-9257	347	24	*	*	PUNCT
easat-9257	347	25	10.0011	10.0011	NUM
easat-9257	347	26	𝑏21	𝑏21	NOUN
easat-9257	347	27	0.1225	0.1225	NUM
easat-9257	347	28	*	*	PUNCT
easat-9257	347	29	*	*	PUNCT
easat-9257	347	30	*	*	X
easat-9257	347	31	14.1144	14.1144	NUM
easat-9257	347	32	𝑐21	𝑐21	VERB
easat-9257	347	33	0.5115	0.5115	NUM
easat-9257	347	34	1.0025	1.0025	NUM
easat-9257	347	35	𝑎22	𝑎22	NOUN
easat-9257	347	36	-0.6125	-0.6125	PUNCT
easat-9257	347	37	*	*	PUNCT
easat-9257	348	1	*	*	PUNCT
easat-9257	348	2	*	*	PUNCT
easat-9257	348	3	-4.8754	-4.8754	PROPN
easat-9257	348	4	𝑏22	𝑏22	PROPN
easat-9257	348	5	-0.8261	-0.8261	NOUN
easat-9257	349	1	*	*	PUNCT
easat-9257	349	2	*	*	PUNCT
easat-9257	349	3	*	*	PUNCT
easat-9257	349	4	-29.0041	-29.0041	PUNCT
easat-9257	349	5	𝑐22	𝑐22	PROPN
easat-9257	349	6	-0.2225	-0.2225	NOUN
easat-9257	349	7	-1.0005	-1.0005	VERB
easat-9257	349	8	𝑎23	𝑎23	VERB
easat-9257	349	9	0.3130	0.3130	NUM
easat-9257	349	10	*	*	PUNCT
easat-9257	349	11	*	*	PUNCT
easat-9257	349	12	*	*	PUNCT
easat-9257	349	13	5.2154	5.2154	NUM
easat-9257	349	14	𝑏23	𝑏23	NOUN
easat-9257	349	15	0.6925	0.6925	NUM
easat-9257	349	16	*	*	PUNCT
easat-9257	349	17	*	*	PUNCT
easat-9257	349	18	*	*	X
easat-9257	349	19	13.5591	13.5591	NUM
easat-9257	349	20	𝑐23	𝑐23	NUM
easat-9257	349	21	0.0190	0.0190	NUM
easat-9257	349	22	1.5425	1.5425	NUM
easat-9257	349	23	𝑎24	𝑎24	ADJ
easat-9257	349	24	-0.6154	-0.6154	NOUN
easat-9257	349	25	*	*	PUNCT
easat-9257	349	26	*	*	PUNCT
easat-9257	349	27	*	*	X
easat-9257	349	28	-7.2152	-7.2152	NOUN
easat-9257	350	1	𝑏24	𝑏24	NOUN
easat-9257	350	2	-0.7025	-0.7025	NOUN
easat-9257	350	3	*	*	PUNCT
easat-9257	350	4	*	*	PUNCT
easat-9257	350	5	*	*	PUNCT
easat-9257	350	6	-15.2827	-15.2827	PUNCT
easat-9257	350	7	𝑐24	𝑐24	PROPN
easat-9257	350	8	-0.2614	-0.2614	VERB
easat-9257	350	9	-0.0421	-0.0421	NOUN
easat-9257	350	10	𝑎31	𝑎31	ADJ
easat-9257	350	11	-0.6867	-0.6867	NOUN
easat-9257	350	12	*	*	PUNCT
easat-9257	351	1	*	*	PUNCT
easat-9257	351	2	*	*	PUNCT
easat-9257	351	3	-12.2161	-12.2161	ADJ
easat-9257	351	4	𝑏31	𝑏31	PROPN
easat-9257	351	5	-0.3031	-0.3031	NOUN
easat-9257	352	1	*	*	PUNCT
easat-9257	352	2	*	*	PUNCT
easat-9257	352	3	*	*	PUNCT
easat-9257	352	4	-10.0101	-10.0101	PUNCT
easat-9257	352	5	𝑐31	𝑐31	ADV
easat-9257	352	6	-0.2889	-0.2889	NOUN
easat-9257	352	7	-1.6826	-1.6826	NOUN
easat-9257	353	1	𝑎32	𝑎32	NOUN
easat-9257	353	2	0.8025	0.8025	PRON
easat-9257	353	3	*	*	PUNCT
easat-9257	353	4	*	*	PUNCT
easat-9257	353	5	*	*	PUNCT
easat-9257	353	6	20.0518	20.0518	NUM
easat-9257	353	7	𝑏32	𝑏32	NOUN
easat-9257	353	8	0.6721	0.6721	NUM
easat-9257	353	9	*	*	PUNCT
easat-9257	353	10	*	*	PUNCT
easat-9257	353	11	*	*	PUNCT
easat-9257	353	12	18.9081	18.9081	NUM
easat-9257	353	13	𝑐32	𝑐32	ADJ
easat-9257	353	14	0.1725	0.1725	NUM
easat-9257	353	15	1.4826	1.4826	NUM
easat-9257	353	16	𝑎33	𝑎33	NOUN
easat-9257	353	17	-0.4118	-0.4118	PROPN
easat-9257	353	18	*	*	PUNCT
easat-9257	353	19	*	*	PUNCT
easat-9257	353	20	*	*	PUNCT
easat-9257	353	21	-12.0121	-12.0121	PUNCT
easat-9257	353	22	𝑏33	𝑏33	NOUN
easat-9257	353	23	-0.0181	-0.0181	NOUN
easat-9257	353	24	*	*	PUNCT
easat-9257	353	25	*	*	PUNCT
easat-9257	353	26	*	*	PUNCT
easat-9257	353	27	-16.2025	-16.2025	PUNCT
easat-9257	353	28	𝑐33	𝑐33	NOUN
easat-9257	353	29	-0.1339	-0.1339	NOUN
easat-9257	353	30	-1.8057	-1.8057	VERB
easat-9257	354	1	𝑎34	𝑎34	NOUN
easat-9257	354	2	0.1329	0.1329	NUM
easat-9257	354	3	*	*	PUNCT
easat-9257	354	4	*	*	PUNCT
easat-9257	354	5	*	*	X
easat-9257	354	6	18.0705	18.0705	NUM
easat-9257	354	7	𝑏34	𝑏34	NOUN
easat-9257	354	8	-0.1151	-0.1151	NOUN
easat-9257	354	9	*	*	PUNCT
easat-9257	354	10	*	*	PUNCT
easat-9257	354	11	*	*	PUNCT
easat-9257	354	12	-21.0051	-21.0051	PUNCT
easat-9257	354	13	𝑐34	𝑐34	PROPN
easat-9257	354	14	0.1055	0.1055	NUM
easat-9257	354	15	1.2826	1.2826	NUM
easat-9257	354	16	𝑘1	𝑘1	ADJ
easat-9257	354	17	-0.2256	-0.2256	NOUN
easat-9257	354	18	*	*	PUNCT
easat-9257	354	19	*	*	PUNCT
easat-9257	354	20	*	*	PUNCT
easat-9257	354	21	-3.1101	-3.1101	ADJ
easat-9257	354	22	𝑘5	𝑘5	NOUN
easat-9257	354	23	-0.2312	-0.2312	VERB
easat-9257	354	24	*	*	PUNCT
easat-9257	354	25	*	*	PUNCT
easat-9257	354	26	*	*	PUNCT
easat-9257	354	27	-3.2115	-3.2115	PROPN
easat-9257	355	1	𝑘9	𝑘9	PROPN
easat-9257	355	2	-0.2569	-0.2569	PROPN
easat-9257	355	3	*	*	PROPN
easat-9257	356	1	*	*	PUNCT
easat-9257	356	2	*	*	PUNCT
easat-9257	356	3	-4.0315	-4.0315	PROPN
easat-9257	357	1	𝑘2	𝑘2	PROPN
easat-9257	357	2	-0.2025	-0.2025	PROPN
easat-9257	357	3	*	*	PUNCT
easat-9257	357	4	*	*	PUNCT
easat-9257	357	5	*	*	PUNCT
easat-9257	357	6	-2.9052	-2.9052	PROPN
easat-9257	358	1	𝑘6	𝑘6	PROPN
easat-9257	358	2	-0.2125	-0.2125	PUNCT
easat-9257	359	1	*	*	PUNCT
easat-9257	359	2	*	*	PUNCT
easat-9257	359	3	*	*	PUNCT
easat-9257	359	4	-2.7005	-2.7005	PUNCT
easat-9257	359	5	𝑘10	𝑘10	NOUN
easat-9257	359	6	-0.2320	-0.2320	NOUN
easat-9257	359	7	*	*	PUNCT
easat-9257	359	8	*	*	PUNCT
easat-9257	359	9	*	*	PUNCT
easat-9257	359	10	-3.0025	-3.0025	PROPN
easat-9257	360	1	𝑘3	𝑘3	PROPN
easat-9257	360	2	-0.1727	-0.1727	NOUN
easat-9257	361	1	*	*	PUNCT
easat-9257	361	2	*	*	PUNCT
easat-9257	361	3	*	*	PUNCT
easat-9257	361	4	-3.6248	-3.6248	PROPN
easat-9257	361	5	𝑘7	𝑘7	PROPN
easat-9257	361	6	-0.1804	-0.1804	PROPN
easat-9257	361	7	*	*	PUNCT
easat-9257	361	8	*	*	PUNCT
easat-9257	361	9	*	*	PUNCT
easat-9257	361	10	-3.7748	-3.7748	NOUN
easat-9257	361	11	𝑘11	𝑘11	NOUN
easat-9257	361	12	-0.2167	-0.2167	PROPN
easat-9257	361	13	*	*	PUNCT
easat-9257	361	14	*	*	PUNCT
easat-9257	361	15	*	*	PUNCT
easat-9257	361	16	-4.6456	-4.6456	NOUN
easat-9257	361	17	𝑘4	𝑘4	PROPN
easat-9257	361	18	-0.1614	-0.1614	NOUN
easat-9257	361	19	*	*	PUNCT
easat-9257	361	20	*	*	PUNCT
easat-9257	361	21	*	*	PUNCT
easat-9257	361	22	-2.8716	-2.8716	NOUN
easat-9257	361	23	𝑘8	𝑘8	NOUN
easat-9257	361	24	-0.1696	-0.1696	NOUN
easat-9257	361	25	*	*	PUNCT
easat-9257	361	26	*	*	PUNCT
easat-9257	361	27	*	*	PUNCT
easat-9257	361	28	-2.6389	-2.6389	NOUN
easat-9257	361	29	𝑘12	𝑘12	NOUN
easat-9257	361	30	-0.2006	-0.2006	PROPN
easat-9257	361	31	*	*	PUNCT
easat-9257	361	32	*	*	PUNCT
easat-9257	361	33	*	*	PUNCT
easat-9257	361	34	-2.9726	-2.9726	X
easat-9257	361	35	note	note	NOUN
easat-9257	361	36	:	:	PUNCT
easat-9257	361	37	*	*	PUNCT
easat-9257	361	38	*	*	PUNCT
easat-9257	361	39	*	*	PUNCT
easat-9257	361	40	,	,	PUNCT
easat-9257	361	41	*	*	PUNCT
easat-9257	361	42	*	*	PUNCT
easat-9257	361	43	and	and	CCONJ
easat-9257	361	44	*	*	PUNCT
easat-9257	361	45	denote	denote	NOUN
easat-9257	361	46	rejection	rejection	NOUN
easat-9257	361	47	of	of	ADP
easat-9257	361	48	the	the	DET
easat-9257	361	49	hypothesis	hypothesis	NOUN
easat-9257	361	50	at	at	ADP
easat-9257	361	51	the	the	DET
easat-9257	361	52	1	1	NUM
easat-9257	361	53	%	%	NOUN
easat-9257	361	54	,	,	PUNCT
easat-9257	361	55	5	5	NUM
easat-9257	361	56	%	%	NOUN
easat-9257	361	57	and	and	CCONJ
easat-9257	361	58	10	10	NUM
easat-9257	361	59	%	%	NOUN
easat-9257	361	60	level	level	NOUN
easat-9257	361	61	,	,	PUNCT
easat-9257	361	62	respectively	respectively	ADV
easat-9257	361	63	.	.	PUNCT
easat-9257	362	1	the	the	DET
easat-9257	362	2	error	error	NOUN
easat-9257	362	3	correction	correction	NOUN
easat-9257	362	4	term	term	NOUN
easat-9257	362	5	(	(	PUNCT
easat-9257	362	6	𝑧𝑡−1	𝑧𝑡−1	NOUN
easat-9257	362	7	)	)	PUNCT
easat-9257	362	8	for	for	ADP
easat-9257	362	9	costa	costa	PROPN
easat-9257	362	10	rica	rica	PROPN
easat-9257	362	11	,	,	PUNCT
easat-9257	362	12	panama	panama	PROPN
easat-9257	362	13	and	and	CCONJ
easat-9257	362	14	the	the	DET
easat-9257	362	15	us	us	PROPN
easat-9257	362	16	stock	stock	NOUN
easat-9257	362	17	markets	market	NOUN
easat-9257	362	18	is	be	AUX
easat-9257	362	19	negative	negative	ADJ
easat-9257	362	20	and	and	CCONJ
easat-9257	362	21	significant	significant	ADJ
easat-9257	362	22	at	at	ADP
easat-9257	362	23	the	the	DET
easat-9257	362	24	1	1	NUM
easat-9257	362	25	%	%	NOUN
easat-9257	362	26	level	level	NOUN
easat-9257	362	27	(	(	PUNCT
easat-9257	362	28	estimated	estimate	VERB
easat-9257	362	29	coefficients	coefficient	NOUN
easat-9257	362	30	are	be	AUX
easat-9257	362	31	𝜆1	𝜆1	ADJ
easat-9257	362	32	=	=	PUNCT
easat-9257	362	33	−0.6156	−0.6156	PROPN
easat-9257	362	34	,	,	PUNCT
easat-9257	362	35	𝜆2	𝜆2	NOUN
easat-9257	362	36	=	=	SYM
easat-9257	362	37	−0.4150	−0.4150	NOUN
easat-9257	362	38	and	and	CCONJ
easat-9257	362	39	𝜆3	𝜆3	NOUN
easat-9257	362	40	=	=	SYM
easat-9257	362	41	−0.3010	−0.3010	NUM
easat-9257	362	42	)	)	PUNCT
easat-9257	362	43	(	(	PUNCT
easat-9257	362	44	table	table	NOUN
easat-9257	362	45	5	5	NUM
easat-9257	362	46	)	)	PUNCT
easat-9257	362	47	.	.	PUNCT
easat-9257	363	1	the	the	DET
easat-9257	363	2	us	us	PROPN
easat-9257	363	3	has	have	VERB
easat-9257	363	4	the	the	DET
easat-9257	363	5	lowest	low	ADJ
easat-9257	363	6	λ	λ	NOUN
easat-9257	363	7	value	value	NOUN
easat-9257	363	8	,	,	PUNCT
easat-9257	363	9	indicating	indicate	VERB
easat-9257	363	10	a	a	DET
easat-9257	363	11	faster	fast	ADJ
easat-9257	363	12	adjustment	adjustment	NOUN
easat-9257	363	13	speed	speed	NOUN
easat-9257	363	14	to	to	ADP
easat-9257	363	15	long	long	ADV
easat-9257	363	16	-	-	PUNCT
easat-9257	363	17	run	run	VERB
easat-9257	363	18	equilibrium	equilibrium	NOUN
easat-9257	363	19	compared	compare	VERB
easat-9257	363	20	to	to	ADP
easat-9257	363	21	costa	costa	PROPN
easat-9257	363	22	rica	rica	PROPN
easat-9257	363	23	and	and	CCONJ
easat-9257	363	24	panama	panama	PROPN
easat-9257	363	25	,	,	PUNCT
easat-9257	363	26	showing	show	VERB
easat-9257	363	27	that	that	SCONJ
easat-9257	363	28	the	the	DET
easat-9257	363	29	us	us	PROPN
easat-9257	363	30	market	market	NOUN
easat-9257	363	31	leads	lead	VERB
easat-9257	363	32	in	in	ADP
easat-9257	363	33	returning	return	VERB
easat-9257	363	34	to	to	ADP
easat-9257	363	35	equilibrium	equilibrium	NOUN
easat-9257	363	36	.	.	PUNCT
easat-9257	364	1	this	this	PRON
easat-9257	364	2	supports	support	VERB
easat-9257	364	3	the	the	DET
easat-9257	364	4	notion	notion	NOUN
easat-9257	364	5	that	that	SCONJ
easat-9257	364	6	the	the	DET
easat-9257	364	7	us	us	PROPN
easat-9257	364	8	stock	stock	NOUN
easat-9257	364	9	market	market	NOUN
easat-9257	364	10	plays	play	VERB
easat-9257	364	11	a	a	DET
easat-9257	364	12	leading	leading	ADJ
easat-9257	364	13	or	or	CCONJ
easat-9257	364	14	dominant	dominant	ADJ
easat-9257	364	15	role	role	NOUN
easat-9257	364	16	in	in	ADP
easat-9257	364	17	these	these	DET
easat-9257	364	18	three	three	NUM
easat-9257	364	19	markets	market	NOUN
easat-9257	364	20	.	.	PUNCT
easat-9257	365	1	the	the	DET
easat-9257	365	2	estimated	estimate	VERB
easat-9257	365	3	dummy	dummy	ADJ
easat-9257	365	4	variables	variable	NOUN
easat-9257	365	5	in	in	ADP
easat-9257	365	6	the	the	DET
easat-9257	365	7	conditional	conditional	ADJ
easat-9257	365	8	mean	mean	NOUN
easat-9257	365	9	equation	equation	NOUN
easat-9257	365	10	indicate	indicate	VERB
easat-9257	365	11	that	that	SCONJ
easat-9257	365	12	major	major	ADJ
easat-9257	365	13	global	global	ADJ
easat-9257	365	14	events	event	NOUN
easat-9257	365	15	exerted	exert	VERB
easat-9257	365	16	statistically	statistically	ADV
easat-9257	365	17	significant	significant	ADJ
easat-9257	365	18	negative	negative	ADJ
easat-9257	365	19	effects	effect	NOUN
easat-9257	365	20	on	on	ADP
easat-9257	365	21	stock	stock	NOUN
easat-9257	365	22	returns	return	NOUN
easat-9257	365	23	in	in	ADP
easat-9257	365	24	costa	costa	PROPN
easat-9257	365	25	rica	rica	PROPN
easat-9257	365	26	,	,	PUNCT
easat-9257	365	27	panama	panama	PROPN
easat-9257	365	28	,	,	PUNCT
easat-9257	365	29	and	and	CCONJ
easat-9257	365	30	the	the	DET
easat-9257	365	31	united	united	PROPN
easat-9257	365	32	states	states	PROPN
easat-9257	365	33	.	.	PUNCT
easat-9257	366	1	during	during	ADP
easat-9257	366	2	the	the	DET
easat-9257	366	3	global	global	ADJ
easat-9257	366	4	financial	financial	ADJ
easat-9257	366	5	crisis	crisis	NOUN
easat-9257	366	6	(	(	PUNCT
easat-9257	366	7	gfc	gfc	NOUN
easat-9257	366	8	)	)	PUNCT
easat-9257	366	9	indicated	indicate	VERB
easat-9257	366	10	in	in	ADP
easat-9257	366	11	dummy	dummy	ADJ
easat-9257	366	12	variable	variable	NOUN
easat-9257	366	13	(	(	PUNCT
easat-9257	366	14	𝐷1	𝐷1	PROPN
easat-9257	366	15	)	)	PUNCT
easat-9257	366	16	,	,	PUNCT
easat-9257	366	17	the	the	DET
easat-9257	366	18	impact	impact	NOUN
easat-9257	366	19	coefficients	coefficient	NOUN
easat-9257	366	20	were	be	AUX
easat-9257	366	21	𝑘1	𝑘1	ADJ
easat-9257	366	22	=	=	PUNCT
easat-9257	366	23	−0.2256	−0.2256	PROPN
easat-9257	366	24	for	for	ADP
easat-9257	366	25	costa	costa	PROPN
easat-9257	366	26	rica	rica	PROPN
easat-9257	366	27	,	,	PUNCT
easat-9257	366	28	𝑘5	𝑘5	NOUN
easat-9257	366	29	=	=	PUNCT
easat-9257	366	30	−0.2312	−0.2312	PROPN
easat-9257	366	31	for	for	ADP
easat-9257	366	32	panama	panama	NOUN
easat-9257	366	33	,	,	PUNCT
easat-9257	366	34	and	and	CCONJ
easat-9257	366	35	𝑘9	𝑘9	PROPN
easat-9257	366	36	=	=	PUNCT
easat-9257	367	1	−0.2569	−0.2569	PROPN
easat-9257	367	2	for	for	ADP
easat-9257	367	3	the	the	DET
easat-9257	367	4	united	united	PROPN
easat-9257	367	5	states	states	PROPN
easat-9257	367	6	,	,	PUNCT
easat-9257	367	7	all	all	PRON
easat-9257	367	8	significant	significant	ADJ
easat-9257	367	9	at	at	ADP
easat-9257	367	10	the	the	DET
easat-9257	367	11	1	1	NUM
easat-9257	367	12	%	%	NOUN
easat-9257	367	13	level	level	NOUN
easat-9257	367	14	,	,	PUNCT
easat-9257	367	15	indicating	indicate	VERB
easat-9257	367	16	that	that	SCONJ
easat-9257	367	17	u.s	u.s	PROPN
easat-9257	367	18	.	.	PROPN
easat-9257	367	19	stock	stock	NOUN
easat-9257	367	20	returns	return	NOUN
easat-9257	367	21	were	be	AUX
easat-9257	367	22	the	the	DET
easat-9257	367	23	most	most	ADV
easat-9257	367	24	adversely	adversely	ADV
easat-9257	367	25	affected	affect	VERB
easat-9257	367	26	.	.	PUNCT
easat-9257	368	1	similarly	similarly	ADV
easat-9257	368	2	,	,	PUNCT
easat-9257	368	3	the	the	DET
easat-9257	368	4	european	european	ADJ
easat-9257	368	5	debt	debt	NOUN
easat-9257	368	6	crisis	crisis	NOUN
easat-9257	368	7	(	(	PUNCT
easat-9257	368	8	edc	edc	NOUN
easat-9257	368	9	)	)	PUNCT
easat-9257	368	10	dummy	dummy	ADJ
easat-9257	368	11	variable	variable	NOUN
easat-9257	368	12	(	(	PUNCT
easat-9257	368	13	𝐷2	𝐷2	PROPN
easat-9257	368	14	)	)	PUNCT
easat-9257	368	15	yielded	yield	VERB
easat-9257	368	16	significant	significant	ADJ
easat-9257	368	17	negative	negative	ADJ
easat-9257	368	18	coefficients	coefficient	NOUN
easat-9257	368	19	:	:	PUNCT
easat-9257	368	20	𝑘2	𝑘2	PROPN
easat-9257	368	21	=	=	PUNCT
easat-9257	369	1	−0.2025	−0.2025	PROPN
easat-9257	369	2	(	(	PUNCT
easat-9257	369	3	costa	costa	PROPN
easat-9257	369	4	rica	rica	PROPN
easat-9257	369	5	)	)	PUNCT
easat-9257	369	6	,	,	PUNCT
easat-9257	369	7	𝑘6	𝑘6	NOUN
easat-9257	369	8	=	=	SYM
easat-9257	369	9	−0.2125	−0.2125	PROPN
easat-9257	369	10	(	(	PUNCT
easat-9257	369	11	panama	panama	PROPN
easat-9257	369	12	)	)	PUNCT
easat-9257	369	13	and	and	CCONJ
easat-9257	369	14	𝑘10	𝑘10	NOUN
easat-9257	369	15	=	=	SYM
easat-9257	369	16	−0.2320	−0.2320	PROPN
easat-9257	369	17	(	(	PUNCT
easat-9257	369	18	united	united	PROPN
easat-9257	369	19	states	states	PROPN
easat-9257	369	20	)	)	PUNCT
easat-9257	369	21	.	.	PUNCT
easat-9257	370	1	again	again	ADV
easat-9257	370	2	,	,	PUNCT
easat-9257	370	3	the	the	DET
easat-9257	370	4	united	united	PROPN
easat-9257	370	5	states	states	PROPN
easat-9257	370	6	experienced	experience	VERB
easat-9257	370	7	the	the	DET
easat-9257	370	8	largest	large	ADJ
easat-9257	370	9	decline	decline	NOUN
easat-9257	370	10	in	in	ADP
easat-9257	370	11	stock	stock	NOUN
easat-9257	370	12	returns	return	NOUN
easat-9257	370	13	.	.	PUNCT
easat-9257	371	1	the	the	DET
easat-9257	371	2	effects	effect	NOUN
easat-9257	371	3	of	of	ADP
easat-9257	371	4	the	the	DET
easat-9257	371	5	u.s.–china	u.s.–china	PROPN
easat-9257	371	6	trade	trade	NOUN
easat-9257	371	7	war	war	NOUN
easat-9257	371	8	(	(	PUNCT
easat-9257	371	9	uct	uct	PROPN
easat-9257	371	10	)	)	PUNCT
easat-9257	371	11	,	,	PUNCT
easat-9257	371	12	captured	capture	VERB
easat-9257	371	13	by	by	ADP
easat-9257	371	14	the	the	DET
easat-9257	371	15	𝐷3	𝐷3	PROPN
easat-9257	371	16	dummy	dummy	ADJ
easat-9257	371	17	variable	variable	NOUN
easat-9257	371	18	,	,	PUNCT
easat-9257	371	19	were	be	AUX
easat-9257	371	20	also	also	ADV
easat-9257	371	21	negative	negative	ADJ
easat-9257	371	22	and	and	CCONJ
easat-9257	371	23	statistically	statistically	ADV
easat-9257	371	24	significant	significant	ADJ
easat-9257	371	25	at	at	ADP
easat-9257	371	26	the	the	DET
easat-9257	371	27	1	1	NUM
easat-9257	371	28	%	%	NOUN
easat-9257	371	29	level	level	NOUN
easat-9257	371	30	:	:	PUNCT
easat-9257	371	31	𝑘3	𝑘3	PROPN
easat-9257	371	32	=	=	PUNCT
easat-9257	371	33	−0.1727	−0.1727	PROPN
easat-9257	371	34	(	(	PUNCT
easat-9257	371	35	costa	costa	PROPN
easat-9257	371	36	rica	rica	PROPN
easat-9257	371	37	)	)	PUNCT
easat-9257	371	38	,	,	PUNCT
easat-9257	371	39	𝑘7	𝑘7	NOUN
easat-9257	371	40	=	=	PROPN
easat-9257	371	41	−0.1804	−0.1804	PROPN
easat-9257	371	42	(	(	PUNCT
easat-9257	371	43	panama	panama	PROPN
easat-9257	371	44	)	)	PUNCT
easat-9257	371	45	and	and	CCONJ
easat-9257	371	46	𝑘11	𝑘11	X
easat-9257	371	47	=	=	SYM
easat-9257	371	48	−0.2167	−0.2167	PROPN
easat-9257	371	49	(	(	PUNCT
easat-9257	371	50	united	united	PROPN
easat-9257	371	51	states	states	PROPN
easat-9257	371	52	)	)	PUNCT
easat-9257	371	53	.	.	PUNCT
easat-9257	372	1	finally	finally	ADV
easat-9257	372	2	,	,	PUNCT
easat-9257	372	3	the	the	DET
easat-9257	372	4	covid-19	covid-19	PROPN
easat-9257	372	5	pandemic	pandemic	ADJ
easat-9257	372	6	(	(	PUNCT
easat-9257	372	7	cov	cov	NOUN
easat-9257	372	8	)	)	PUNCT
easat-9257	372	9	dummy	dummy	ADJ
easat-9257	372	10	variable	variable	NOUN
easat-9257	372	11	showed	show	VERB
easat-9257	372	12	substantial	substantial	ADJ
easat-9257	372	13	and	and	CCONJ
easat-9257	372	14	statistically	statistically	ADV
easat-9257	372	15	significant	significant	ADJ
easat-9257	372	16	negative	negative	ADJ
easat-9257	372	17	effects	effect	NOUN
easat-9257	372	18	on	on	ADP
easat-9257	372	19	returns	return	NOUN
easat-9257	372	20	,	,	PUNCT
easat-9257	372	21	with	with	ADP
easat-9257	372	22	estimated	estimate	VERB
easat-9257	372	23	coefficients	coefficient	NOUN
easat-9257	372	24	of	of	ADP
easat-9257	372	25	𝑘4	𝑘4	PROPN
easat-9257	372	26	=	=	SYM
easat-9257	372	27	−0.1614	−0.1614	NUM
easat-9257	372	28	,	,	PUNCT
easat-9257	372	29	𝑘8	𝑘8	NOUN
easat-9257	372	30	=	=	SYM
easat-9257	372	31	−0.1696	−0.1696	X
easat-9257	372	32	and𝑘12	and𝑘12	NOUN
easat-9257	372	33	=	=	PUNCT
easat-9257	372	34	−0.2006	−0.2006	NOUN
easat-9257	372	35	for	for	ADP
easat-9257	372	36	costa	costa	PROPN
easat-9257	372	37	rica	rica	PROPN
easat-9257	372	38	,	,	PUNCT
easat-9257	372	39	panama	panama	PROPN
easat-9257	372	40	and	and	CCONJ
easat-9257	372	41	the	the	DET
easat-9257	372	42	united	united	PROPN
easat-9257	372	43	states	states	PROPN
easat-9257	372	44	,	,	PUNCT
easat-9257	372	45	respectively	respectively	ADV
easat-9257	372	46	.	.	PUNCT
easat-9257	373	1	overall	overall	ADV
easat-9257	373	2	,	,	PUNCT
easat-9257	373	3	these	these	DET
easat-9257	373	4	findings	finding	NOUN
easat-9257	373	5	suggest	suggest	VERB
easat-9257	373	6	that	that	SCONJ
easat-9257	373	7	all	all	DET
easat-9257	373	8	four	four	NUM
easat-9257	373	9	events	event	NOUN
easat-9257	373	10	led	lead	VERB
easat-9257	373	11	to	to	ADP
easat-9257	373	12	significant	significant	ADJ
easat-9257	373	13	reductions	reduction	NOUN
easat-9257	373	14	in	in	ADP
easat-9257	373	15	stock	stock	NOUN
easat-9257	373	16	returns	return	NOUN
easat-9257	373	17	across	across	ADP
easat-9257	373	18	the	the	DET
easat-9257	373	19	three	three	NUM
easat-9257	373	20	markets	market	NOUN
easat-9257	373	21	,	,	PUNCT
easat-9257	373	22	with	with	ADP
easat-9257	373	23	the	the	DET
easat-9257	373	24	united	united	PROPN
easat-9257	373	25	states	states	PROPN
easat-9257	373	26	consistently	consistently	ADV
easat-9257	373	27	exhibiting	exhibit	VERB
easat-9257	373	28	the	the	DET
easat-9257	373	29	most	most	ADV
easat-9257	373	30	pronounced	pronounce	VERB
easat-9257	373	31	declines	decline	NOUN
easat-9257	373	32	.	.	PUNCT
easat-9257	374	1	notably	notably	ADV
easat-9257	374	2	,	,	PUNCT
easat-9257	374	3	financial	financial	ADJ
easat-9257	374	4	crisis	crisis	NOUN
easat-9257	374	5	events	event	NOUN
easat-9257	374	6	,	,	PUNCT
easat-9257	374	7	namely	namely	ADV
easat-9257	374	8	the	the	DET
easat-9257	374	9	subprime	subprime	ADJ
easat-9257	374	10	mortgage	mortgage	NOUN
easat-9257	374	11	crisis	crisis	NOUN
easat-9257	374	12	and	and	CCONJ
easat-9257	374	13	the	the	DET
easat-9257	374	14	european	european	ADJ
easat-9257	374	15	debt	debt	NOUN
easat-9257	374	16	crisis	crisis	NOUN
easat-9257	374	17	,	,	PUNCT
easat-9257	374	18	exerted	exert	VERB
easat-9257	374	19	considerably	considerably	ADV
easat-9257	374	20	stronger	strong	ADJ
easat-9257	374	21	negative	negative	ADJ
easat-9257	374	22	effects	effect	NOUN
easat-9257	374	23	on	on	ADP
easat-9257	374	24	stock	stock	NOUN
easat-9257	374	25	performance	performance	NOUN
easat-9257	374	26	than	than	ADP
easat-9257	374	27	non	non	ADJ
easat-9257	374	28	-	-	ADJ
easat-9257	374	29	financial	financial	ADJ
easat-9257	374	30	shocks	shock	NOUN
easat-9257	374	31	such	such	ADJ
easat-9257	374	32	as	as	ADP
easat-9257	374	33	the	the	DET
easat-9257	374	34	us	us	PROPN
easat-9257	374	35	-	-	PUNCT
easat-9257	374	36	china	china	PROPN
easat-9257	374	37	trade	trade	PROPN
easat-9257	374	38	war	war	NOUN
easat-9257	374	39	and	and	CCONJ
easat-9257	374	40	the	the	DET
easat-9257	374	41	covid-19	covid-19	PROPN
easat-9257	374	42	pandemic	pandemic	NOUN
easat-9257	374	43	.	.	PUNCT
easat-9257	375	1	this	this	DET
easat-9257	375	2	distinction	distinction	NOUN
easat-9257	375	3	highlights	highlight	VERB
easat-9257	375	4	the	the	DET
easat-9257	375	5	more	more	ADV
easat-9257	375	6	disruptive	disruptive	ADJ
easat-9257	375	7	nature	nature	NOUN
easat-9257	375	8	of	of	ADP
easat-9257	375	9	systemic	systemic	ADJ
easat-9257	375	10	financial	financial	ADJ
easat-9257	375	11	disturbances	disturbance	NOUN
easat-9257	375	12	compared	compare	VERB
easat-9257	375	13	to	to	ADP
easat-9257	375	14	geopolitical	geopolitical	ADJ
easat-9257	375	15	or	or	CCONJ
easat-9257	375	16	public	public	ADJ
easat-9257	375	17	health	health	NOUN
easat-9257	375	18	-	-	PUNCT
easat-9257	375	19	related	relate	VERB
easat-9257	375	20	events	event	NOUN
easat-9257	375	21	[	[	X
easat-9257	375	22	26	26	NUM
easat-9257	375	23	]	]	PUNCT
easat-9257	375	24	.	.	PUNCT
easat-9257	376	1	246	246	NUM
easat-9257	376	2	edelweiss	edelweiss	PROPN
easat-9257	376	3	applied	apply	VERB
easat-9257	376	4	science	science	NOUN
easat-9257	376	5	and	and	CCONJ
easat-9257	376	6	technology	technology	NOUN
easat-9257	376	7	issn	issn	PROPN
easat-9257	376	8	:	:	PUNCT
easat-9257	376	9	2576	2576	NUM
easat-9257	376	10	-	-	SYM
easat-9257	376	11	8484	8484	NUM
easat-9257	376	12	vol	vol	NOUN
easat-9257	376	13	.	.	PROPN
easat-9257	377	1	9	9	NUM
easat-9257	377	2	,	,	PUNCT
easat-9257	377	3	no	no	INTJ
easat-9257	377	4	.	.	NOUN
easat-9257	377	5	8	8	NUM
easat-9257	377	6	:	:	SYM
easat-9257	377	7	231	231	NUM
easat-9257	377	8	-	-	SYM
easat-9257	377	9	253	253	NUM
easat-9257	377	10	,	,	PUNCT
easat-9257	377	11	2025	2025	NUM
easat-9257	377	12	doi	doi	NOUN
easat-9257	377	13	:	:	PUNCT
easat-9257	377	14	10.55214/2576	10.55214/2576	NUM
easat-9257	377	15	-	-	SYM
easat-9257	377	16	8484.v9i8.9257	8484.v9i8.9257	NUM
easat-9257	377	17	©	©	PROPN
easat-9257	377	18	2025	2025	NUM
easat-9257	377	19	by	by	ADP
easat-9257	377	20	the	the	DET
easat-9257	377	21	author	author	NOUN
easat-9257	377	22	;	;	PUNCT
easat-9257	378	1	licensee	licensee	PROPN
easat-9257	378	2	learning	learn	VERB
easat-9257	378	3	gate	gate	PROPN
easat-9257	378	4	3.6.2	3.6.2	PROPN
easat-9257	378	5	.	.	PROPN
easat-9257	378	6	results	result	NOUN
easat-9257	378	7	and	and	CCONJ
easat-9257	378	8	analysis	analysis	NOUN
easat-9257	378	9	of	of	ADP
easat-9257	378	10	conditional	conditional	ADJ
easat-9257	378	11	variance	variance	NOUN
easat-9257	378	12	equations	equation	NOUN
easat-9257	378	13	table	table	VERB
easat-9257	378	14	6	6	NUM
easat-9257	378	15	presents	present	VERB
easat-9257	378	16	the	the	DET
easat-9257	378	17	estimated	estimate	VERB
easat-9257	378	18	parameters	parameter	NOUN
easat-9257	378	19	of	of	ADP
easat-9257	378	20	the	the	DET
easat-9257	378	21	conditional	conditional	ADJ
easat-9257	378	22	variance	variance	NOUN
easat-9257	378	23	equations	equation	NOUN
easat-9257	378	24	in	in	ADP
easat-9257	378	25	the	the	DET
easat-9257	378	26	fiecfiapgarch	fiecfiapgarch	PROPN
easat-9257	378	27	-	-	PUNCT
easat-9257	378	28	dcc	dcc	PROPN
easat-9257	378	29	framework	framework	NOUN
easat-9257	378	30	.	.	PUNCT
easat-9257	379	1	the	the	DET
easat-9257	379	2	subsequent	subsequent	ADJ
easat-9257	379	3	discussions	discussion	NOUN
easat-9257	379	4	and	and	CCONJ
easat-9257	379	5	analysis	analysis	NOUN
easat-9257	379	6	focuses	focus	VERB
easat-9257	379	7	on	on	ADP
easat-9257	379	8	the	the	DET
easat-9257	379	9	arch	arch	ADJ
easat-9257	379	10	and	and	CCONJ
easat-9257	379	11	garch	garch	NOUN
easat-9257	379	12	effects	effect	NOUN
easat-9257	379	13	,	,	PUNCT
easat-9257	379	14	volatility	volatility	NOUN
easat-9257	379	15	spillover	spillover	NOUN
easat-9257	379	16	,	,	PUNCT
easat-9257	379	17	long	long	ADJ
easat-9257	379	18	memory	memory	NOUN
easat-9257	379	19	,	,	PUNCT
easat-9257	379	20	and	and	CCONJ
easat-9257	379	21	asymmetric	asymmetric	ADJ
easat-9257	379	22	effects	effect	NOUN
easat-9257	379	23	.	.	PUNCT
easat-9257	380	1	table	table	NOUN
easat-9257	380	2	6	6	NUM
easat-9257	380	3	.	.	PUNCT
easat-9257	380	4	estimates	estimate	VERB
easat-9257	380	5	parameters	parameter	NOUN
easat-9257	380	6	of	of	ADP
easat-9257	380	7	the	the	DET
easat-9257	380	8	conditional	conditional	ADJ
easat-9257	380	9	variance	variance	NOUN
easat-9257	380	10	equations	equation	NOUN
easat-9257	380	11	for	for	ADP
easat-9257	380	12	costa	costa	PROPN
easat-9257	380	13	rica	rica	PROPN
easat-9257	380	14	,	,	PUNCT
easat-9257	380	15	panama	panama	PROPN
easat-9257	380	16	and	and	CCONJ
easat-9257	380	17	the	the	DET
easat-9257	380	18	us	us	PROPN
easat-9257	380	19	stock	stock	NOUN
easat-9257	380	20	markets	market	NOUN
easat-9257	380	21	.	.	PUNCT
easat-9257	381	1	costa	costa	PROPN
easat-9257	381	2	rica	rica	PROPN
easat-9257	381	3	coeff	coeff	PROPN
easat-9257	381	4	.	.	PUNCT
easat-9257	382	1	t	t	PROPN
easat-9257	382	2	-	-	PUNCT
easat-9257	382	3	value	value	NOUN
easat-9257	382	4	panama	panama	PROPN
easat-9257	382	5	coeff	coeff	PROPN
easat-9257	382	6	t	t	PROPN
easat-9257	382	7	-	-	PUNCT
easat-9257	382	8	value	value	NOUN
easat-9257	382	9	us	us	PROPN
easat-9257	382	10	coeff	coeff	PROPN
easat-9257	382	11	.	.	PUNCT
easat-9257	383	1	t	t	PROPN
easat-9257	383	2	-	-	PUNCT
easat-9257	383	3	value	value	NOUN
easat-9257	383	4	𝜔1	𝜔1	ADJ
easat-9257	383	5	-0.7721	-0.7721	NOUN
easat-9257	383	6	-1.5150	-1.5150	NOUN
easat-9257	384	1	𝜔2	𝜔2	PROPN
easat-9257	384	2	-0.1921	-0.1921	PUNCT
easat-9257	384	3	-1.2051	-1.2051	ADJ
easat-9257	384	4	𝜔3	𝜔3	NOUN
easat-9257	384	5	-0.2125	-0.2125	X
easat-9257	384	6	-1.7123	-1.7123	PUNCT
easat-9257	385	1	𝛽1	𝛽1	NOUN
easat-9257	385	2	0.6502	0.6502	NUM
easat-9257	385	3	*	*	PUNCT
easat-9257	385	4	*	*	PUNCT
easat-9257	385	5	*	*	PROPN
easat-9257	385	6	3.1848	3.1848	NUM
easat-9257	385	7	𝛽2	𝛽2	NOUN
easat-9257	385	8	0.6238	0.6238	NUM
easat-9257	385	9	*	*	PUNCT
easat-9257	385	10	*	*	PUNCT
easat-9257	385	11	*	*	PUNCT
easat-9257	385	12	4.2455	4.2455	NUM
easat-9257	385	13	𝛽3	𝛽3	NOUN
easat-9257	385	14	0.6989	0.6989	NUM
easat-9257	385	15	*	*	PUNCT
easat-9257	385	16	*	*	PUNCT
easat-9257	385	17	*	*	PUNCT
easat-9257	385	18	4.1142	4.1142	NUM
easat-9257	385	19	𝜙1	𝜙1	NOUN
easat-9257	385	20	0.3328	0.3328	NUM
easat-9257	385	21	*	*	PUNCT
easat-9257	385	22	*	*	PUNCT
easat-9257	385	23	*	*	PUNCT
easat-9257	385	24	3.2628	3.2628	NUM
easat-9257	385	25	𝜙2	𝜙2	NOUN
easat-9257	385	26	0.3415	0.3415	NUM
easat-9257	385	27	*	*	PUNCT
easat-9257	385	28	*	*	PUNCT
easat-9257	385	29	*	*	X
easat-9257	385	30	3.4125	3.4125	NUM
easat-9257	385	31	𝜙3	𝜙3	NOUN
easat-9257	385	32	0.2626	0.2626	NUM
easat-9257	385	33	*	*	PUNCT
easat-9257	385	34	*	*	PUNCT
easat-9257	385	35	*	*	PUNCT
easat-9257	385	36	4.2628	4.2628	NUM
easat-9257	385	37	𝑑1	𝑑1	NOUN
easat-9257	385	38	0.2625	0.2625	NOUN
easat-9257	385	39	*	*	PUNCT
easat-9257	385	40	*	*	PUNCT
easat-9257	385	41	*	*	PUNCT
easat-9257	385	42	3.3754	3.3754	NUM
easat-9257	385	43	𝑑2	𝑑2	NOUN
easat-9257	385	44	0.2125	0.2125	NUM
easat-9257	385	45	*	*	PUNCT
easat-9257	385	46	*	*	PUNCT
easat-9257	385	47	*	*	X
easat-9257	385	48	3.3614	3.3614	NUM
easat-9257	385	49	𝑑3	𝑑3	NOUN
easat-9257	385	50	0.1969	0.1969	NUM
easat-9257	385	51	*	*	PUNCT
easat-9257	385	52	*	*	PUNCT
easat-9257	385	53	*	*	PUNCT
easat-9257	385	54	3.2536	3.2536	NUM
easat-9257	385	55	𝛽12	𝛽12	PRON
easat-9257	385	56	0.3914	0.3914	NOUN
easat-9257	385	57	*	*	PUNCT
easat-9257	385	58	*	*	PUNCT
easat-9257	385	59	*	*	PUNCT
easat-9257	385	60	3.4415	3.4415	NUM
easat-9257	385	61	𝛽21	𝛽21	NOUN
easat-9257	385	62	0.3054	0.3054	NUM
easat-9257	385	63	*	*	PUNCT
easat-9257	386	1	*	*	PUNCT
easat-9257	386	2	*	*	PUNCT
easat-9257	386	3	3.5458	3.5458	NUM
easat-9257	386	4	𝛽31	𝛽31	NOUN
easat-9257	386	5	0.4562	0.4562	NUM
easat-9257	386	6	1.1814	1.1814	NUM
easat-9257	386	7	𝛽13	𝛽13	ADP
easat-9257	386	8	0.4518	0.4518	NUM
easat-9257	386	9	*	*	PUNCT
easat-9257	386	10	*	*	PUNCT
easat-9257	386	11	*	*	PUNCT
easat-9257	386	12	7.9596	7.9596	NUM
easat-9257	386	13	𝛽23	𝛽23	NUM
easat-9257	386	14	0.3868	0.3868	NUM
easat-9257	386	15	*	*	PUNCT
easat-9257	386	16	*	*	PUNCT
easat-9257	386	17	*	*	PUNCT
easat-9257	386	18	8.2315	8.2315	NUM
easat-9257	386	19	𝛽32	𝛽32	VERB
easat-9257	386	20	0.3233	0.3233	NUM
easat-9257	386	21	0.8025	0.8025	NUM
easat-9257	386	22	𝛿1	𝛿1	NOUN
easat-9257	386	23	1.3826	1.3826	NUM
easat-9257	386	24	*	*	PUNCT
easat-9257	386	25	*	*	PUNCT
easat-9257	386	26	*	*	PUNCT
easat-9257	387	1	5.6124	5.6124	NUM
easat-9257	387	2	𝛿2	𝛿2	NOUN
easat-9257	387	3	1.5021	1.5021	NUM
easat-9257	387	4	*	*	PUNCT
easat-9257	387	5	*	*	PUNCT
easat-9257	387	6	*	*	X
easat-9257	387	7	11.9491	11.9491	NUM
easat-9257	387	8	𝛿3	𝛿3	NOUN
easat-9257	387	9	1.6821	1.6821	NUM
easat-9257	387	10	*	*	PUNCT
easat-9257	387	11	*	*	PUNCT
easat-9257	387	12	*	*	PUNCT
easat-9257	387	13	6.2997	6.2997	NUM
easat-9257	387	14	𝛾1	𝛾1	PROPN
easat-9257	387	15	0.2024	0.2024	NUM
easat-9257	387	16	*	*	PUNCT
easat-9257	387	17	*	*	PUNCT
easat-9257	387	18	*	*	PUNCT
easat-9257	387	19	7.2425	7.2425	NUM
easat-9257	387	20	𝛾2	𝛾2	NOUN
easat-9257	387	21	0.2114	0.2114	NUM
easat-9257	387	22	*	*	PUNCT
easat-9257	387	23	*	*	PUNCT
easat-9257	387	24	*	*	PUNCT
easat-9257	387	25	9.2028	9.2028	NUM
easat-9257	387	26	𝛾3	𝛾3	NOUN
easat-9257	387	27	0.2736	0.2736	NUM
easat-9257	387	28	*	*	PUNCT
easat-9257	387	29	*	*	PUNCT
easat-9257	387	30	*	*	PUNCT
easat-9257	387	31	8.4314	8.4314	NUM
easat-9257	387	32	𝑔1	𝑔1	PROPN
easat-9257	387	33	0.1628	0.1628	PROPN
easat-9257	387	34	*	*	PUNCT
easat-9257	387	35	*	*	PUNCT
easat-9257	387	36	*	*	PUNCT
easat-9257	387	37	2.2125	2.2125	NUM
easat-9257	387	38	𝑔5	𝑔5	NOUN
easat-9257	387	39	0.6826	0.6826	NUM
easat-9257	387	40	*	*	PUNCT
easat-9257	387	41	*	*	PUNCT
easat-9257	387	42	*	*	PUNCT
easat-9257	387	43	4.0596	4.0596	NUM
easat-9257	387	44	𝑔9	𝑔9	ADJ
easat-9257	387	45	0.5935	0.5935	NUM
easat-9257	387	46	*	*	PUNCT
easat-9257	387	47	*	*	PUNCT
easat-9257	387	48	*	*	X
easat-9257	387	49	4.1528	4.1528	NUM
easat-9257	387	50	𝑔2	𝑔2	NOUN
easat-9257	387	51	0.1469	0.1469	NUM
easat-9257	387	52	*	*	PUNCT
easat-9257	387	53	*	*	PUNCT
easat-9257	387	54	2.0521	2.0521	NUM
easat-9257	387	55	𝑔6	𝑔6	NOUN
easat-9257	387	56	0.3544	0.3544	NUM
easat-9257	387	57	*	*	PUNCT
easat-9257	387	58	*	*	PROPN
easat-9257	387	59	2.2021	2.2021	NUM
easat-9257	387	60	𝑔10	𝑔10	ADJ
easat-9257	387	61	0.1274	0.1274	NUM
easat-9257	387	62	*	*	PUNCT
easat-9257	387	63	*	*	PUNCT
easat-9257	387	64	2.2874	2.2874	PRON
easat-9257	387	65	𝑔3	𝑔3	VERB
easat-9257	387	66	0.1121	0.1121	NUM
easat-9257	387	67	*	*	PUNCT
easat-9257	387	68	*	*	PUNCT
easat-9257	387	69	*	*	PUNCT
easat-9257	387	70	2.8054	2.8054	NUM
easat-9257	387	71	𝑔7	𝑔7	ADJ
easat-9257	387	72	0.3036	0.3036	NUM
easat-9257	387	73	*	*	PUNCT
easat-9257	387	74	*	*	PUNCT
easat-9257	387	75	*	*	PUNCT
easat-9257	387	76	4.3415	4.3415	NUM
easat-9257	387	77	𝑔11	𝑔11	NOUN
easat-9257	387	78	0.2216	0.2216	NUM
easat-9257	387	79	*	*	PUNCT
easat-9257	387	80	*	*	PUNCT
easat-9257	387	81	*	*	X
easat-9257	387	82	4.0366	4.0366	NUM
easat-9257	387	83	𝑔4	𝑔4	NOUN
easat-9257	387	84	0.1069	0.1069	NUM
easat-9257	387	85	*	*	PUNCT
easat-9257	387	86	*	*	PUNCT
easat-9257	387	87	*	*	PUNCT
easat-9257	387	88	3.0112	3.0112	NUM
easat-9257	387	89	𝑔8	𝑔8	NOUN
easat-9257	387	90	0.2201	0.2201	NUM
easat-9257	387	91	*	*	PUNCT
easat-9257	387	92	*	*	PUNCT
easat-9257	387	93	*	*	PUNCT
easat-9257	387	94	3.8871	3.8871	NUM
easat-9257	387	95	𝑔12	𝑔12	NOUN
easat-9257	387	96	0.1826	0.1826	NUM
easat-9257	387	97	*	*	PUNCT
easat-9257	387	98	*	*	PUNCT
easat-9257	387	99	*	*	X
easat-9257	387	100	3.0125	3.0125	NUM
easat-9257	387	101	note	note	NOUN
easat-9257	387	102	:	:	PUNCT
easat-9257	387	103	*	*	PUNCT
easat-9257	387	104	*	*	PUNCT
easat-9257	387	105	*	*	PUNCT
easat-9257	387	106	,	,	PUNCT
easat-9257	387	107	*	*	PUNCT
easat-9257	387	108	*	*	PUNCT
easat-9257	387	109	and	and	CCONJ
easat-9257	387	110	*	*	PUNCT
easat-9257	387	111	denote	denote	NOUN
easat-9257	387	112	rejection	rejection	NOUN
easat-9257	387	113	of	of	ADP
easat-9257	387	114	the	the	DET
easat-9257	387	115	hypothesis	hypothesis	NOUN
easat-9257	387	116	at	at	ADP
easat-9257	387	117	the	the	DET
easat-9257	387	118	1	1	NUM
easat-9257	387	119	%	%	NOUN
easat-9257	387	120	,	,	PUNCT
easat-9257	387	121	5	5	NUM
easat-9257	387	122	%	%	NOUN
easat-9257	387	123	and	and	CCONJ
easat-9257	387	124	10	10	NUM
easat-9257	387	125	%	%	NOUN
easat-9257	387	126	level	level	NOUN
easat-9257	387	127	,	,	PUNCT
easat-9257	387	128	respectively	respectively	ADV
easat-9257	387	129	.	.	PUNCT
easat-9257	388	1	as	as	SCONJ
easat-9257	388	2	indicated	indicate	VERB
easat-9257	388	3	in	in	ADP
easat-9257	388	4	table	table	NOUN
easat-9257	388	5	6	6	NUM
easat-9257	388	6	,	,	PUNCT
easat-9257	388	7	the	the	DET
easat-9257	388	8	estimated	estimate	VERB
easat-9257	388	9	coefficients	coefficient	NOUN
easat-9257	388	10	of	of	ADP
easat-9257	388	11	lagged	lag	VERB
easat-9257	388	12	variance	variance	NOUN
easat-9257	388	13	(	(	PUNCT
easat-9257	388	14	β1	β1	PROPN
easat-9257	388	15	=	=	SYM
easat-9257	388	16	0.6502	0.6502	NUM
easat-9257	388	17	,	,	PUNCT
easat-9257	388	18	β2	β2	NOUN
easat-9257	388	19	=	=	NOUN
easat-9257	388	20	0.6238	0.6238	NUM
easat-9257	388	21	and	and	CCONJ
easat-9257	388	22	β3	β3	ADJ
easat-9257	388	23	=	=	SYM
easat-9257	388	24	0.6989	0.6989	NUM
easat-9257	388	25	)	)	PUNCT
easat-9257	388	26	in	in	ADP
easat-9257	388	27	the	the	DET
easat-9257	388	28	conditional	conditional	ADJ
easat-9257	388	29	variance	variance	NOUN
easat-9257	388	30	equations	equation	NOUN
easat-9257	388	31	are	be	AUX
easat-9257	388	32	positive	positive	ADJ
easat-9257	388	33	and	and	CCONJ
easat-9257	388	34	significant	significant	ADJ
easat-9257	388	35	at	at	ADP
easat-9257	388	36	the	the	DET
easat-9257	388	37	1	1	NUM
easat-9257	388	38	%	%	NOUN
easat-9257	388	39	level	level	NOUN
easat-9257	388	40	for	for	ADP
easat-9257	388	41	costa	costa	PROPN
easat-9257	388	42	rica	rica	PROPN
easat-9257	388	43	,	,	PUNCT
easat-9257	388	44	panama	panama	PROPN
easat-9257	388	45	and	and	CCONJ
easat-9257	388	46	the	the	DET
easat-9257	388	47	us	us	PROPN
easat-9257	388	48	.	.	PUNCT
easat-9257	389	1	this	this	PRON
easat-9257	389	2	indicates	indicate	VERB
easat-9257	389	3	strong	strong	ADJ
easat-9257	389	4	garch	garch	NOUN
easat-9257	389	5	effects	effect	NOUN
easat-9257	389	6	,	,	PUNCT
easat-9257	389	7	meaning	mean	VERB
easat-9257	389	8	that	that	SCONJ
easat-9257	389	9	current	current	ADJ
easat-9257	389	10	volatility	volatility	NOUN
easat-9257	389	11	can	can	AUX
easat-9257	389	12	be	be	AUX
easat-9257	389	13	predicted	predict	VERB
easat-9257	389	14	by	by	ADP
easat-9257	389	15	past	past	ADJ
easat-9257	389	16	volatility	volatility	NOUN
easat-9257	389	17	.	.	PUNCT
easat-9257	390	1	additionally	additionally	ADV
easat-9257	390	2	,	,	PUNCT
easat-9257	390	3	the	the	DET
easat-9257	390	4	coefficients	coefficient	NOUN
easat-9257	390	5	of	of	ADP
easat-9257	390	6	lagged	lag	VERB
easat-9257	390	7	conditional	conditional	ADJ
easat-9257	390	8	residuals	residual	NOUN
easat-9257	390	9	(	(	PUNCT
easat-9257	390	10	𝜙1	𝜙1	NOUN
easat-9257	390	11	=	=	SYM
easat-9257	390	12	0.3328	0.3328	NUM
easat-9257	390	13	,	,	PUNCT
easat-9257	390	14	𝜙2	𝜙2	NOUN
easat-9257	390	15	=	=	SYM
easat-9257	390	16	0.3415	0.3415	NUM
easat-9257	390	17	𝑎𝑛𝑑	𝑎𝑛𝑑	ADJ
easat-9257	390	18	𝜙3	𝜙3	PROPN
easat-9257	390	19	=	=	SYM
easat-9257	390	20	0.2626	0.2626	NUM
easat-9257	390	21	)	)	PUNCT
easat-9257	390	22	are	be	AUX
easat-9257	390	23	also	also	ADV
easat-9257	390	24	significantly	significantly	ADV
easat-9257	390	25	positive	positive	ADJ
easat-9257	390	26	at	at	ADP
easat-9257	390	27	the	the	DET
easat-9257	390	28	1	1	NUM
easat-9257	390	29	%	%	NOUN
easat-9257	390	30	level	level	NOUN
easat-9257	390	31	,	,	PUNCT
easat-9257	390	32	showing	show	VERB
easat-9257	390	33	that	that	SCONJ
easat-9257	390	34	exogenous	exogenous	ADJ
easat-9257	390	35	shocks	shock	NOUN
easat-9257	390	36	(	(	PUNCT
easat-9257	390	37	unexpected	unexpected	ADJ
easat-9257	390	38	news	news	NOUN
easat-9257	390	39	)	)	PUNCT
easat-9257	390	40	significantly	significantly	ADV
easat-9257	390	41	cause	cause	VERB
easat-9257	390	42	volatility	volatility	NOUN
easat-9257	390	43	impacts	impact	NOUN
easat-9257	390	44	in	in	ADP
easat-9257	390	45	all	all	DET
easat-9257	390	46	three	three	NUM
easat-9257	390	47	markets	market	NOUN
easat-9257	390	48	.	.	PUNCT
easat-9257	391	1	regarding	regard	VERB
easat-9257	391	2	inter	inter	ADJ
easat-9257	391	3	-	-	ADJ
easat-9257	391	4	market	market	ADJ
easat-9257	391	5	volatility	volatility	NOUN
easat-9257	391	6	effects	effect	NOUN
easat-9257	391	7	,	,	PUNCT
easat-9257	391	8	the	the	DET
easat-9257	391	9	effects	effect	NOUN
easat-9257	391	10	(	(	PUNCT
easat-9257	391	11	β12	β12	NOUN
easat-9257	391	12	and	and	CCONJ
easat-9257	391	13	β13	β13	NUM
easat-9257	391	14	)	)	PUNCT
easat-9257	391	15	of	of	ADP
easat-9257	391	16	the	the	DET
easat-9257	391	17	volatility	volatility	NOUN
easat-9257	391	18	impacts	impact	NOUN
easat-9257	391	19	from	from	ADP
easat-9257	391	20	panama	panama	PROPN
easat-9257	391	21	and	and	CCONJ
easat-9257	391	22	us	we	PRON
easat-9257	391	23	on	on	ADP
easat-9257	391	24	costa	costa	PROPN
easat-9257	391	25	rica	rica	PROPN
easat-9257	391	26	stock	stock	NOUN
easat-9257	391	27	market	market	NOUN
easat-9257	391	28	volatility	volatility	NOUN
easat-9257	391	29	are	be	AUX
easat-9257	391	30	positive	positive	ADJ
easat-9257	391	31	and	and	CCONJ
easat-9257	391	32	significant	significant	ADJ
easat-9257	391	33	at	at	ADP
easat-9257	391	34	the	the	DET
easat-9257	391	35	5	5	NUM
easat-9257	391	36	%	%	NOUN
easat-9257	391	37	level	level	NOUN
easat-9257	391	38	(	(	PUNCT
easat-9257	391	39	table	table	NOUN
easat-9257	391	40	6	6	NUM
easat-9257	391	41	)	)	PUNCT
easat-9257	391	42	.	.	PUNCT
easat-9257	392	1	meaning	mean	VERB
easat-9257	392	2	that	that	SCONJ
easat-9257	392	3	there	there	PRON
easat-9257	392	4	exists	exist	VERB
easat-9257	392	5	volatility	volatility	NOUN
easat-9257	392	6	spillovers	spillover	NOUN
easat-9257	392	7	measured	measure	VERB
easat-9257	392	8	by	by	ADP
easat-9257	392	9	ℎ𝑃𝐴𝑁,𝑡−1	ℎ𝑃𝐴𝑁,𝑡−1	PROPN
easat-9257	392	10	𝛿2/2	𝛿2/2	PROPN
easat-9257	392	11	,	,	PUNCT
easat-9257	392	12	ℎ𝑈𝑆,𝑡−1	ℎ𝑈𝑆,𝑡−1	PROPN
easat-9257	392	13	𝛿3/2	𝛿3/2	PROPN
easat-9257	392	14	from	from	ADP
easat-9257	392	15	panama	panama	PROPN
easat-9257	392	16	and	and	CCONJ
easat-9257	392	17	us	we	PRON
easat-9257	392	18	to	to	ADP
easat-9257	392	19	costa	costa	PROPN
easat-9257	392	20	rica	rica	PROPN
easat-9257	392	21	stock	stock	NOUN
easat-9257	392	22	market	market	NOUN
easat-9257	392	23	with	with	ADP
easat-9257	392	24	us	we	PRON
easat-9257	392	25	having	have	VERB
easat-9257	392	26	a	a	DET
easat-9257	392	27	greater	great	ADJ
easat-9257	392	28	impact	impact	NOUN
easat-9257	392	29	(	(	PUNCT
easat-9257	392	30	β13	β13	PROPN
easat-9257	392	31	,	,	PUNCT
easat-9257	392	32	0.4518	0.4518	NUM
easat-9257	392	33	>	>	X
easat-9257	392	34	β12	β12	PROPN
easat-9257	392	35	,	,	PUNCT
easat-9257	392	36	0.3914	0.3914	NUM
easat-9257	392	37	)	)	PUNCT
easat-9257	392	38	.	.	PUNCT
easat-9257	393	1	the	the	DET
easat-9257	393	2	effects	effect	NOUN
easat-9257	393	3	(	(	PUNCT
easat-9257	393	4	β21and	β21and	NOUN
easat-9257	393	5	β23	β23	NUM
easat-9257	393	6	)	)	PUNCT
easat-9257	393	7	of	of	ADP
easat-9257	393	8	the	the	DET
easat-9257	393	9	volatility	volatility	NOUN
easat-9257	393	10	impacts	impact	NOUN
easat-9257	393	11	from	from	ADP
easat-9257	393	12	costa	costa	PROPN
easat-9257	393	13	rica	rica	PROPN
easat-9257	393	14	and	and	CCONJ
easat-9257	393	15	us	we	PRON
easat-9257	393	16	on	on	ADP
easat-9257	393	17	panama	panama	PROPN
easat-9257	393	18	stock	stock	NOUN
easat-9257	393	19	market	market	NOUN
easat-9257	393	20	volatility	volatility	NOUN
easat-9257	393	21	are	be	AUX
easat-9257	393	22	positive	positive	ADJ
easat-9257	393	23	and	and	CCONJ
easat-9257	393	24	significant	significant	ADJ
easat-9257	393	25	at	at	ADP
easat-9257	393	26	the	the	DET
easat-9257	393	27	1	1	NUM
easat-9257	393	28	%	%	NOUN
easat-9257	393	29	level	level	NOUN
easat-9257	393	30	.	.	PUNCT
easat-9257	394	1	meaning	mean	VERB
easat-9257	394	2	that	that	SCONJ
easat-9257	394	3	there	there	PRON
easat-9257	394	4	exists	exist	VERB
easat-9257	394	5	volatility	volatility	NOUN
easat-9257	394	6	spillovers	spillover	NOUN
easat-9257	394	7	measured	measure	VERB
easat-9257	394	8	by	by	ADP
easat-9257	394	9	ℎ𝐶𝑂𝑅,𝑡−1	ℎ𝐶𝑂𝑅,𝑡−1	X
easat-9257	394	10	𝛿1/2	𝛿1/2	NOUN
easat-9257	394	11	,	,	PUNCT
easat-9257	394	12	ℎ𝑈𝑆,𝑡−1	ℎ𝑈𝑆,𝑡−1	PROPN
easat-9257	394	13	𝛿3/2	𝛿3/2	PROPN
easat-9257	394	14	from	from	ADP
easat-9257	394	15	costa	costa	PROPN
easat-9257	394	16	rica	rica	PROPN
easat-9257	394	17	and	and	CCONJ
easat-9257	394	18	us	we	PRON
easat-9257	394	19	to	to	ADP
easat-9257	394	20	panama	panama	PROPN
easat-9257	394	21	stock	stock	NOUN
easat-9257	394	22	market	market	NOUN
easat-9257	394	23	with	with	ADP
easat-9257	394	24	us	we	PRON
easat-9257	394	25	having	have	VERB
easat-9257	394	26	a	a	DET
easat-9257	394	27	greater	great	ADJ
easat-9257	394	28	impact	impact	NOUN
easat-9257	394	29	(	(	PUNCT
easat-9257	394	30	β23	β23	NOUN
easat-9257	394	31	,	,	PUNCT
easat-9257	394	32	0.3868	0.3868	NUM
easat-9257	394	33	>	>	SYM
easat-9257	394	34	β21	β21	NOUN
easat-9257	394	35	,	,	PUNCT
easat-9257	394	36	0.3054	0.3054	NUM
easat-9257	394	37	)	)	PUNCT
easat-9257	394	38	.	.	PUNCT
easat-9257	395	1	however	however	ADV
easat-9257	395	2	,	,	PUNCT
easat-9257	395	3	the	the	DET
easat-9257	395	4	effects	effect	NOUN
easat-9257	395	5	(	(	PUNCT
easat-9257	395	6	β21and	β21and	NOUN
easat-9257	395	7	β23	β23	NUM
easat-9257	395	8	)	)	PUNCT
easat-9257	395	9	of	of	ADP
easat-9257	395	10	the	the	DET
easat-9257	395	11	volatility	volatility	NOUN
easat-9257	395	12	impacts	impact	NOUN
easat-9257	395	13	from	from	ADP
easat-9257	395	14	both	both	DET
easat-9257	395	15	costa	costa	PROPN
easat-9257	395	16	rica	rica	PROPN
easat-9257	395	17	and	and	CCONJ
easat-9257	395	18	panama	panama	PROPN
easat-9257	395	19	on	on	ADP
easat-9257	395	20	us	us	PROPN
easat-9257	395	21	stock	stock	NOUN
easat-9257	395	22	market	market	NOUN
easat-9257	395	23	volatility	volatility	NOUN
easat-9257	395	24	are	be	AUX
easat-9257	395	25	not	not	PART
easat-9257	395	26	significant	significant	ADJ
easat-9257	395	27	.	.	PUNCT
easat-9257	396	1	there	there	PRON
easat-9257	396	2	is	be	VERB
easat-9257	396	3	a	a	DET
easat-9257	396	4	two	two	NUM
easat-9257	396	5	-	-	PUNCT
easat-9257	396	6	way	way	NOUN
easat-9257	396	7	volatility	volatility	NOUN
easat-9257	396	8	spillover	spillover	VERB
easat-9257	396	9	between	between	ADP
easat-9257	396	10	costa	costa	PROPN
easat-9257	396	11	rica	rica	PROPN
easat-9257	396	12	and	and	CCONJ
easat-9257	396	13	panama	panama	PROPN
easat-9257	396	14	's	's	PART
easat-9257	396	15	stock	stock	NOUN
easat-9257	396	16	markets	market	NOUN
easat-9257	396	17	,	,	PUNCT
easat-9257	396	18	while	while	SCONJ
easat-9257	396	19	the	the	DET
easat-9257	396	20	us	us	PROPN
easat-9257	396	21	only	only	ADV
easat-9257	396	22	impacts	impact	VERB
easat-9257	396	23	costa	costa	PROPN
easat-9257	396	24	rica	rica	PROPN
easat-9257	396	25	and	and	CCONJ
easat-9257	396	26	panama	panama	PROPN
easat-9257	396	27	through	through	ADP
easat-9257	396	28	one	one	NUM
easat-9257	396	29	-	-	PUNCT
easat-9257	396	30	way	way	NOUN
easat-9257	396	31	spillovers	spillover	NOUN
easat-9257	396	32	.	.	PUNCT
easat-9257	397	1	international	international	ADJ
easat-9257	397	2	investors	investor	NOUN
easat-9257	397	3	should	should	AUX
easat-9257	397	4	account	account	VERB
easat-9257	397	5	for	for	ADP
easat-9257	397	6	both	both	CCONJ
easat-9257	397	7	local	local	ADJ
easat-9257	397	8	market	market	NOUN
easat-9257	397	9	volatility	volatility	NOUN
easat-9257	397	10	and	and	CCONJ
easat-9257	397	11	the	the	DET
easat-9257	397	12	spillover	spillover	NOUN
easat-9257	397	13	risks	risk	NOUN
easat-9257	397	14	from	from	ADP
easat-9257	397	15	the	the	DET
easat-9257	397	16	us	us	PROPN
easat-9257	397	17	.	.	PUNCT
easat-9257	398	1	this	this	PRON
easat-9257	398	2	might	might	AUX
easat-9257	398	3	lead	lead	VERB
easat-9257	398	4	investors	investor	NOUN
easat-9257	398	5	to	to	PART
easat-9257	398	6	use	use	VERB
easat-9257	398	7	arbitrage	arbitrage	NOUN
easat-9257	398	8	strategies	strategy	NOUN
easat-9257	398	9	or	or	CCONJ
easat-9257	398	10	adjust	adjust	VERB
easat-9257	398	11	their	their	PRON
easat-9257	398	12	asset	asset	NOUN
easat-9257	398	13	allocation	allocation	NOUN
easat-9257	398	14	in	in	ADP
easat-9257	398	15	response	response	NOUN
easat-9257	398	16	to	to	ADP
easat-9257	398	17	flight	flight	NOUN
easat-9257	398	18	-	-	PUNCT
easat-9257	398	19	to	to	ADP
easat-9257	398	20	-	-	PUNCT
easat-9257	398	21	quality	quality	NOUN
easat-9257	398	22	or	or	CCONJ
easat-9257	398	23	flight	flight	NOUN
easat-9257	398	24	-	-	PUNCT
easat-9257	398	25	to	to	ADP
easat-9257	398	26	-	-	PUNCT
easat-9257	398	27	safety	safety	NOUN
easat-9257	398	28	effects	effect	NOUN
easat-9257	398	29	.	.	PUNCT
easat-9257	399	1	the	the	DET
easat-9257	399	2	fractional	fractional	ADJ
easat-9257	399	3	differencing	differencing	NOUN
easat-9257	399	4	coefficients	coefficient	NOUN
easat-9257	399	5	(	(	PUNCT
easat-9257	399	6	𝑑1	𝑑1	NOUN
easat-9257	399	7	,	,	PUNCT
easat-9257	399	8	𝑑2	𝑑2	VERB
easat-9257	399	9	𝑎𝑛𝑑	𝑎𝑛𝑑	ADJ
easat-9257	399	10	𝑑3	𝑑3	NOUN
easat-9257	399	11	)	)	PUNCT
easat-9257	399	12	measure	measure	NOUN
easat-9257	399	13	the	the	DET
easat-9257	399	14	long	long	ADJ
easat-9257	399	15	memory	memory	NOUN
easat-9257	399	16	effect	effect	NOUN
easat-9257	399	17	for	for	ADP
easat-9257	399	18	each	each	DET
easat-9257	399	19	stock	stock	NOUN
easat-9257	399	20	market	market	NOUN
easat-9257	399	21	.	.	PUNCT
easat-9257	400	1	all	all	DET
easat-9257	400	2	coefficients	coefficient	NOUN
easat-9257	400	3	are	be	AUX
easat-9257	400	4	positive	positive	ADJ
easat-9257	400	5	and	and	CCONJ
easat-9257	400	6	significant	significant	ADJ
easat-9257	400	7	at	at	ADP
easat-9257	400	8	the	the	DET
easat-9257	400	9	1	1	NUM
easat-9257	400	10	%	%	NOUN
easat-9257	400	11	level	level	NOUN
easat-9257	400	12	(	(	PUNCT
easat-9257	400	13	table	table	NOUN
easat-9257	400	14	6	6	NUM
easat-9257	400	15	)	)	PUNCT
easat-9257	400	16	,	,	PUNCT
easat-9257	400	17	indicating	indicate	VERB
easat-9257	400	18	that	that	SCONJ
easat-9257	400	19	past	past	ADJ
easat-9257	400	20	information	information	NOUN
easat-9257	400	21	significantly	significantly	ADV
easat-9257	400	22	influences	influence	VERB
easat-9257	400	23	future	future	ADJ
easat-9257	400	24	return	return	NOUN
easat-9257	400	25	volatilities	volatility	NOUN
easat-9257	400	26	.	.	PUNCT
easat-9257	401	1	costa	costa	PROPN
easat-9257	401	2	rica	rica	PROPN
easat-9257	401	3	has	have	VERB
easat-9257	401	4	the	the	DET
easat-9257	401	5	highest	high	ADJ
easat-9257	401	6	coefficient	coefficient	NOUN
easat-9257	401	7	(	(	PUNCT
easat-9257	401	8	𝑑1=0.2625	𝑑1=0.2625	NOUN
easat-9257	401	9	)	)	PUNCT
easat-9257	401	10	,	,	PUNCT
easat-9257	401	11	suggesting	suggest	VERB
easat-9257	401	12	its	its	PRON
easat-9257	401	13	return	return	NOUN
easat-9257	401	14	volatility	volatility	NOUN
easat-9257	401	15	takes	take	VERB
easat-9257	401	16	longer	long	ADV
easat-9257	401	17	to	to	PART
easat-9257	401	18	adjust	adjust	VERB
easat-9257	401	19	,	,	PUNCT
easat-9257	401	20	followed	follow	VERB
easat-9257	401	21	by	by	ADP
easat-9257	401	22	panama	panama	PROPN
easat-9257	401	23	(	(	PUNCT
easat-9257	401	24	𝑑2=0.2125	𝑑2=0.2125	PROPN
easat-9257	401	25	)	)	PUNCT
easat-9257	401	26	.	.	PUNCT
easat-9257	402	1	the	the	DET
easat-9257	402	2	us	us	PROPN
easat-9257	402	3	has	have	VERB
easat-9257	402	4	the	the	DET
easat-9257	402	5	lowest	low	ADJ
easat-9257	402	6	coefficient	coefficient	NOUN
easat-9257	402	7	(	(	PUNCT
easat-9257	402	8	𝑑3=0.1969	𝑑3=0.1969	ADV
easat-9257	402	9	)	)	PUNCT
easat-9257	402	10	due	due	ADP
easat-9257	402	11	to	to	ADP
easat-9257	402	12	higher	high	ADJ
easat-9257	402	13	market	market	NOUN
easat-9257	402	14	transparency	transparency	NOUN
easat-9257	402	15	,	,	PUNCT
easat-9257	402	16	enabling	enable	VERB
easat-9257	402	17	faster	fast	ADJ
easat-9257	402	18	247	247	NUM
easat-9257	402	19	edelweiss	edelweiss	PROPN
easat-9257	402	20	applied	apply	VERB
easat-9257	402	21	science	science	NOUN
easat-9257	402	22	and	and	CCONJ
easat-9257	402	23	technology	technology	NOUN
easat-9257	402	24	issn	issn	PROPN
easat-9257	402	25	:	:	PUNCT
easat-9257	402	26	2576	2576	NUM
easat-9257	402	27	-	-	SYM
easat-9257	402	28	8484	8484	NUM
easat-9257	402	29	vol	vol	NOUN
easat-9257	402	30	.	.	PROPN
easat-9257	403	1	9	9	NUM
easat-9257	403	2	,	,	PUNCT
easat-9257	403	3	no	no	INTJ
easat-9257	403	4	.	.	NOUN
easat-9257	403	5	8	8	NUM
easat-9257	403	6	:	:	SYM
easat-9257	403	7	231	231	NUM
easat-9257	403	8	-	-	SYM
easat-9257	403	9	253	253	NUM
easat-9257	403	10	,	,	PUNCT
easat-9257	403	11	2025	2025	NUM
easat-9257	403	12	doi	doi	NOUN
easat-9257	403	13	:	:	PUNCT
easat-9257	403	14	10.55214/2576	10.55214/2576	NUM
easat-9257	403	15	-	-	SYM
easat-9257	403	16	8484.v9i8.9257	8484.v9i8.9257	NUM
easat-9257	403	17	©	©	PROPN
easat-9257	403	18	2025	2025	NUM
easat-9257	403	19	by	by	ADP
easat-9257	403	20	the	the	DET
easat-9257	403	21	author	author	NOUN
easat-9257	403	22	;	;	PUNCT
easat-9257	403	23	licensee	licensee	PROPN
easat-9257	403	24	learning	learn	VERB
easat-9257	403	25	gate	gate	NOUN
easat-9257	403	26	response	response	NOUN
easat-9257	403	27	to	to	ADP
easat-9257	403	28	new	new	ADJ
easat-9257	403	29	information	information	NOUN
easat-9257	403	30	.	.	PUNCT
easat-9257	404	1	costa	costa	PROPN
easat-9257	404	2	rica	rica	PROPN
easat-9257	404	3	and	and	CCONJ
easat-9257	404	4	panama	panama	PROPN
easat-9257	404	5	,	,	PUNCT
easat-9257	404	6	being	be	AUX
easat-9257	404	7	less	less	ADV
easat-9257	404	8	mature	mature	ADJ
easat-9257	404	9	and	and	CCONJ
easat-9257	404	10	less	less	ADV
easat-9257	404	11	transparent	transparent	ADJ
easat-9257	404	12	,	,	PUNCT
easat-9257	404	13	exhibit	exhibit	VERB
easat-9257	404	14	longer	long	ADV
easat-9257	404	15	-	-	PUNCT
easat-9257	404	16	lasting	last	VERB
easat-9257	404	17	volatility	volatility	NOUN
easat-9257	404	18	effects	effect	NOUN
easat-9257	404	19	.	.	PUNCT
easat-9257	405	1	the	the	DET
easat-9257	405	2	asymmetric	asymmetric	ADJ
easat-9257	405	3	impacts	impact	NOUN
easat-9257	405	4	of	of	ADP
easat-9257	405	5	good	good	ADJ
easat-9257	405	6	and	and	CCONJ
easat-9257	405	7	bad	bad	ADJ
easat-9257	405	8	news	news	NOUN
easat-9257	405	9	were	be	AUX
easat-9257	405	10	estimated	estimate	VERB
easat-9257	405	11	and	and	CCONJ
easat-9257	405	12	are	be	AUX
easat-9257	405	13	significant	significant	ADJ
easat-9257	405	14	at	at	ADP
easat-9257	405	15	the	the	DET
easat-9257	405	16	1	1	NUM
easat-9257	405	17	%	%	NOUN
easat-9257	405	18	level	level	NOUN
easat-9257	405	19	for	for	ADP
easat-9257	405	20	costa	costa	PROPN
easat-9257	405	21	rica	rica	PROPN
easat-9257	405	22	(	(	PUNCT
easat-9257	405	23	𝛾1=	𝛾1=	PROPN
easat-9257	405	24	0.2024	0.2024	NUM
easat-9257	405	25	)	)	PUNCT
easat-9257	405	26	,	,	PUNCT
easat-9257	405	27	panama	panama	PROPN
easat-9257	405	28	(	(	PUNCT
easat-9257	405	29	𝛾2=	𝛾2=	NOUN
easat-9257	405	30	0.2114	0.2114	NUM
easat-9257	405	31	)	)	PUNCT
easat-9257	405	32	,	,	PUNCT
easat-9257	405	33	and	and	CCONJ
easat-9257	405	34	the	the	DET
easat-9257	405	35	us	us	PROPN
easat-9257	405	36	(	(	PUNCT
easat-9257	405	37	𝛾3=	𝛾3=	PROPN
easat-9257	405	38	0.2736	0.2736	NUM
easat-9257	405	39	)	)	PUNCT
easat-9257	405	40	(	(	PUNCT
easat-9257	405	41	table	table	NOUN
easat-9257	405	42	6	6	NUM
easat-9257	405	43	)	)	PUNCT
easat-9257	405	44	.	.	PUNCT
easat-9257	406	1	all	all	DET
easat-9257	406	2	coefficients	coefficient	NOUN
easat-9257	406	3	are	be	AUX
easat-9257	406	4	positive	positive	ADJ
easat-9257	406	5	,	,	PUNCT
easat-9257	406	6	indicating	indicate	VERB
easat-9257	406	7	that	that	SCONJ
easat-9257	406	8	negative	negative	ADJ
easat-9257	406	9	shocks	shock	NOUN
easat-9257	406	10	(	(	PUNCT
easat-9257	406	11	bad	bad	ADJ
easat-9257	406	12	news	news	NOUN
easat-9257	406	13	)	)	PUNCT
easat-9257	406	14	have	have	VERB
easat-9257	406	15	a	a	DET
easat-9257	406	16	greater	great	ADJ
easat-9257	406	17	impact	impact	NOUN
easat-9257	406	18	on	on	ADP
easat-9257	406	19	return	return	NOUN
easat-9257	406	20	volatility	volatility	NOUN
easat-9257	406	21	than	than	ADP
easat-9257	406	22	positive	positive	ADJ
easat-9257	406	23	shocks	shock	NOUN
easat-9257	406	24	(	(	PUNCT
easat-9257	406	25	good	good	ADJ
easat-9257	406	26	news	news	NOUN
easat-9257	406	27	)	)	PUNCT
easat-9257	406	28	.	.	PUNCT
easat-9257	407	1	the	the	DET
easat-9257	407	2	us	us	PROPN
easat-9257	407	3	shows	show	VERB
easat-9257	407	4	the	the	DET
easat-9257	407	5	highest	high	ADJ
easat-9257	407	6	coefficient	coefficient	NOUN
easat-9257	407	7	(	(	PUNCT
easat-9257	407	8	𝛾3	𝛾3	NOUN
easat-9257	407	9	)	)	PUNCT
easat-9257	407	10	,	,	PUNCT
easat-9257	407	11	reflecting	reflect	VERB
easat-9257	407	12	a	a	DET
easat-9257	407	13	stronger	strong	ADJ
easat-9257	407	14	leverage	leverage	NOUN
easat-9257	407	15	effect	effect	NOUN
easat-9257	407	16	,	,	PUNCT
easat-9257	407	17	meaning	mean	VERB
easat-9257	407	18	that	that	SCONJ
easat-9257	407	19	the	the	DET
easat-9257	407	20	us	us	PROPN
easat-9257	407	21	market	market	NOUN
easat-9257	407	22	is	be	AUX
easat-9257	407	23	more	more	ADV
easat-9257	407	24	sensitive	sensitive	ADJ
easat-9257	407	25	to	to	ADP
easat-9257	407	26	negative	negative	ADJ
easat-9257	407	27	news	news	NOUN
easat-9257	407	28	.	.	PUNCT
easat-9257	408	1	this	this	PRON
easat-9257	408	2	is	be	AUX
easat-9257	408	3	likely	likely	ADJ
easat-9257	408	4	due	due	ADP
easat-9257	408	5	to	to	ADP
easat-9257	408	6	its	its	PRON
easat-9257	408	7	higher	high	ADJ
easat-9257	408	8	market	market	NOUN
easat-9257	408	9	dynamism	dynamism	NOUN
easat-9257	408	10	and	and	CCONJ
easat-9257	408	11	faster	fast	ADJ
easat-9257	408	12	information	information	NOUN
easat-9257	408	13	flow	flow	NOUN
easat-9257	408	14	compared	compare	VERB
easat-9257	408	15	to	to	ADP
easat-9257	408	16	costa	costa	PROPN
easat-9257	408	17	rica	rica	PROPN
easat-9257	408	18	and	and	CCONJ
easat-9257	408	19	panama	panama	PROPN
easat-9257	408	20	.	.	PUNCT
easat-9257	409	1	the	the	DET
easat-9257	409	2	power	power	NOUN
easat-9257	409	3	term	term	NOUN
easat-9257	409	4	coefficient	coefficient	NOUN
easat-9257	409	5	(	(	PUNCT
easat-9257	409	6	𝛿	𝛿	ADJ
easat-9257	409	7	)	)	PUNCT
easat-9257	409	8	measures	measure	NOUN
easat-9257	409	9	variance	variance	NOUN
easat-9257	409	10	heterogeneity	heterogeneity	NOUN
easat-9257	409	11	across	across	ADP
easat-9257	409	12	stock	stock	NOUN
easat-9257	409	13	markets	market	NOUN
easat-9257	409	14	.	.	PUNCT
easat-9257	410	1	table	table	NOUN
easat-9257	410	2	6	6	NUM
easat-9257	410	3	shows	show	VERB
easat-9257	410	4	that	that	SCONJ
easat-9257	410	5	the	the	DET
easat-9257	410	6	coefficients	coefficient	NOUN
easat-9257	410	7	for	for	ADP
easat-9257	410	8	costa	costa	PROPN
easat-9257	410	9	rica	rica	PROPN
easat-9257	410	10	,	,	PUNCT
easat-9257	410	11	panama	panama	PROPN
easat-9257	410	12	,	,	PUNCT
easat-9257	410	13	and	and	CCONJ
easat-9257	410	14	the	the	DET
easat-9257	410	15	us	us	PROPN
easat-9257	410	16	are	be	AUX
easat-9257	410	17	statistically	statistically	ADV
easat-9257	410	18	significant	significant	ADJ
easat-9257	410	19	at	at	ADP
easat-9257	410	20	the	the	DET
easat-9257	410	21	1	1	NUM
easat-9257	410	22	%	%	NOUN
easat-9257	410	23	level	level	NOUN
easat-9257	410	24	.	.	PUNCT
easat-9257	411	1	these	these	DET
easat-9257	411	2	coefficients	coefficient	NOUN
easat-9257	411	3	are	be	AUX
easat-9257	411	4	different	different	ADJ
easat-9257	411	5	from	from	ADP
easat-9257	411	6	1	1	NUM
easat-9257	411	7	and	and	CCONJ
easat-9257	411	8	2	2	NUM
easat-9257	411	9	,	,	PUNCT
easat-9257	411	10	supporting	support	VERB
easat-9257	411	11	the	the	DET
easat-9257	411	12	asymmetric	asymmetric	ADJ
easat-9257	411	13	power	power	NOUN
easat-9257	411	14	fractionally	fractionally	ADV
easat-9257	411	15	integrated	integrate	VERB
easat-9257	411	16	model	model	NOUN
easat-9257	411	17	.	.	PUNCT
easat-9257	412	1	this	this	PRON
easat-9257	412	2	suggests	suggest	VERB
easat-9257	412	3	that	that	SCONJ
easat-9257	412	4	when	when	SCONJ
easat-9257	412	5	the	the	DET
easat-9257	412	6	series	series	NOUN
easat-9257	412	7	follows	follow	VERB
easat-9257	412	8	a	a	DET
easat-9257	412	9	non	non	ADJ
easat-9257	412	10	-	-	ADJ
easat-9257	412	11	normal	normal	ADJ
easat-9257	412	12	distribution	distribution	NOUN
easat-9257	412	13	,	,	PUNCT
easat-9257	412	14	power	power	NOUN
easat-9257	412	15	transformations	transformation	NOUN
easat-9257	412	16	(	(	PUNCT
easat-9257	412	17	other	other	ADJ
easat-9257	412	18	than	than	ADP
easat-9257	412	19	squared	squared	ADJ
easat-9257	412	20	terms	term	NOUN
easat-9257	412	21	(	(	PUNCT
easat-9257	412	22	𝛿	𝛿	NOUN
easat-9257	412	23	=	=	ADJ
easat-9257	412	24	2	2	NUM
easat-9257	412	25	)	)	PUNCT
easat-9257	412	26	)	)	PUNCT
easat-9257	412	27	are	be	AUX
easat-9257	412	28	more	more	ADV
easat-9257	412	29	appropriate	appropriate	ADJ
easat-9257	412	30	.	.	PUNCT
easat-9257	413	1	research	research	NOUN
easat-9257	413	2	by	by	ADP
easat-9257	413	3	ding	ding	NOUN
easat-9257	413	4	,	,	PUNCT
easat-9257	413	5	et	et	PROPN
easat-9257	413	6	al	al	PROPN
easat-9257	413	7	.	.	PUNCT
easat-9257	414	1	[	[	X
easat-9257	414	2	17	17	NUM
easat-9257	414	3	]	]	PUNCT
easat-9257	414	4	and	and	CCONJ
easat-9257	414	5	ding	ding	NOUN
easat-9257	414	6	and	and	CCONJ
easat-9257	414	7	granger	granger	NOUN
easat-9257	415	1	[	[	X
easat-9257	415	2	27	27	NUM
easat-9257	415	3	]	]	PUNCT
easat-9257	415	4	reinforce	reinforce	NOUN
easat-9257	415	5	that	that	SCONJ
easat-9257	415	6	power	power	NOUN
easat-9257	415	7	transformations	transformation	NOUN
easat-9257	415	8	do	do	AUX
easat-9257	415	9	not	not	PART
easat-9257	415	10	require	require	VERB
easat-9257	415	11	simple	simple	ADJ
easat-9257	415	12	squared	square	VERB
easat-9257	415	13	shocks	shock	NOUN
easat-9257	415	14	in	in	ADP
easat-9257	415	15	the	the	DET
easat-9257	415	16	conditional	conditional	ADJ
easat-9257	415	17	variance	variance	NOUN
easat-9257	415	18	equation	equation	NOUN
easat-9257	415	19	.	.	PUNCT
easat-9257	416	1	therefore	therefore	ADV
easat-9257	416	2	,	,	PUNCT
easat-9257	416	3	the	the	DET
easat-9257	416	4	fiapgarch	fiapgarch	NOUN
easat-9257	416	5	model	model	NOUN
easat-9257	416	6	is	be	AUX
easat-9257	416	7	appropriate	appropriate	ADJ
easat-9257	416	8	for	for	ADP
easat-9257	416	9	modeling	model	VERB
easat-9257	416	10	conditional	conditional	ADJ
easat-9257	416	11	variance	variance	NOUN
easat-9257	416	12	of	of	ADP
easat-9257	416	13	stock	stock	NOUN
easat-9257	416	14	market	market	NOUN
easat-9257	416	15	returns	return	NOUN
easat-9257	416	16	.	.	PUNCT
easat-9257	417	1	the	the	DET
easat-9257	417	2	estimated	estimate	VERB
easat-9257	417	3	power	power	NOUN
easat-9257	417	4	term	term	NOUN
easat-9257	417	5	coefficient	coefficient	NOUN
easat-9257	417	6	of	of	ADP
easat-9257	417	7	the	the	DET
easat-9257	417	8	us	us	PROPN
easat-9257	417	9	market	market	NOUN
easat-9257	417	10	(	(	PUNCT
easat-9257	417	11	𝛿3=1.6821	𝛿3=1.6821	VERB
easat-9257	417	12	)	)	PUNCT
easat-9257	417	13	is	be	AUX
easat-9257	417	14	greater	great	ADJ
easat-9257	417	15	than	than	ADP
easat-9257	417	16	costa	costa	PROPN
easat-9257	417	17	rica	rica	PROPN
easat-9257	417	18	's	's	PART
easat-9257	417	19	(	(	PUNCT
easat-9257	417	20	𝛿1=1.3826	𝛿1=1.3826	PROPN
easat-9257	417	21	)	)	PUNCT
easat-9257	417	22	and	and	CCONJ
easat-9257	417	23	panama	panama	PROPN
easat-9257	417	24	's	's	PART
easat-9257	417	25	(	(	PUNCT
easat-9257	417	26	𝛿2=1.5021	𝛿2=1.5021	NOUN
easat-9257	417	27	)	)	PUNCT
easat-9257	417	28	,	,	PUNCT
easat-9257	417	29	likely	likely	ADJ
easat-9257	417	30	due	due	ADP
easat-9257	417	31	to	to	ADP
easat-9257	417	32	the	the	DET
easat-9257	417	33	trading	trading	NOUN
easat-9257	417	34	activities	activity	NOUN
easat-9257	417	35	and/or	and/or	CCONJ
easat-9257	417	36	frequencies	frequency	NOUN
easat-9257	417	37	of	of	ADP
easat-9257	417	38	central	central	ADJ
easat-9257	417	39	american	american	PROPN
easat-9257	417	40	(	(	PUNCT
easat-9257	417	41	costa	costa	PROPN
easat-9257	417	42	rica	rica	PROPN
easat-9257	417	43	and	and	CCONJ
easat-9257	417	44	panama	panama	PROPN
easat-9257	417	45	)	)	PUNCT
easat-9257	417	46	stock	stock	NOUN
easat-9257	417	47	markets	market	NOUN
easat-9257	417	48	are	be	AUX
easat-9257	417	49	not	not	PART
easat-9257	417	50	higher	high	ADJ
easat-9257	417	51	than	than	ADP
easat-9257	417	52	the	the	DET
easat-9257	417	53	us	us	PROPN
easat-9257	417	54	stock	stock	NOUN
easat-9257	417	55	market	market	NOUN
easat-9257	417	56	.	.	PUNCT
easat-9257	418	1	table	table	NOUN
easat-9257	418	2	6	6	NUM
easat-9257	418	3	presents	present	VERB
easat-9257	418	4	the	the	DET
easat-9257	418	5	estimated	estimate	VERB
easat-9257	418	6	impacts	impact	NOUN
easat-9257	418	7	of	of	ADP
easat-9257	418	8	the	the	DET
easat-9257	418	9	global	global	ADJ
easat-9257	418	10	financial	financial	ADJ
easat-9257	418	11	crisis	crisis	NOUN
easat-9257	418	12	(	(	PUNCT
easat-9257	418	13	gfc	gfc	NOUN
easat-9257	418	14	)	)	PUNCT
easat-9257	418	15	and	and	CCONJ
easat-9257	418	16	european	european	ADJ
easat-9257	418	17	debt	debt	NOUN
easat-9257	418	18	crisis	crisis	NOUN
easat-9257	418	19	(	(	PUNCT
easat-9257	418	20	edc	edc	PROPN
easat-9257	418	21	)	)	PUNCT
easat-9257	418	22	,	,	PUNCT
easat-9257	418	23	represented	represent	VERB
easat-9257	418	24	by	by	ADP
easat-9257	418	25	dummy	dummy	ADJ
easat-9257	418	26	variables	variable	NOUN
easat-9257	418	27	𝐷1	𝐷1	NOUN
easat-9257	418	28	and	and	CCONJ
easat-9257	418	29	𝐷2	𝐷2	NOUN
easat-9257	418	30	,	,	PUNCT
easat-9257	418	31	on	on	ADP
easat-9257	418	32	stock	stock	NOUN
easat-9257	418	33	return	return	NOUN
easat-9257	418	34	volatility	volatility	NOUN
easat-9257	418	35	in	in	ADP
easat-9257	418	36	costa	costa	PROPN
easat-9257	418	37	rica	rica	PROPN
easat-9257	418	38	,	,	PUNCT
easat-9257	418	39	panama	panama	PROPN
easat-9257	418	40	,	,	PUNCT
easat-9257	418	41	and	and	CCONJ
easat-9257	418	42	the	the	DET
easat-9257	418	43	united	united	PROPN
easat-9257	418	44	states	states	PROPN
easat-9257	418	45	stock	stock	NOUN
easat-9257	418	46	markets	market	NOUN
easat-9257	418	47	.	.	PUNCT
easat-9257	419	1	the	the	DET
easat-9257	419	2	coefficients	coefficient	NOUN
easat-9257	419	3	associated	associate	VERB
easat-9257	419	4	with	with	ADP
easat-9257	419	5	the	the	DET
easat-9257	419	6	gfc	gfc	NOUN
easat-9257	419	7	(	(	PUNCT
easat-9257	419	8	𝑔1	𝑔1	PROPN
easat-9257	419	9	=	=	SYM
easat-9257	419	10	0.1628	0.1628	PROPN
easat-9257	419	11	,	,	PUNCT
easat-9257	419	12	𝑔5	𝑔5	NOUN
easat-9257	419	13	=	=	PUNCT
easat-9257	419	14	0.6826	0.6826	NUM
easat-9257	419	15	and	and	CCONJ
easat-9257	419	16	𝑔9	𝑔9	ADJ
easat-9257	419	17	=	=	SYM
easat-9257	419	18	0.5935	0.5935	NUM
easat-9257	419	19	)	)	PUNCT
easat-9257	419	20	and	and	CCONJ
easat-9257	419	21	edc	edc	PROPN
easat-9257	419	22	event	event	NOUN
easat-9257	419	23	(	(	PUNCT
easat-9257	419	24	𝑔2	𝑔2	NOUN
easat-9257	419	25	=	=	SYM
easat-9257	419	26	0.1469	0.1469	NUM
easat-9257	419	27	,	,	PUNCT
easat-9257	419	28	𝑔6	𝑔6	NOUN
easat-9257	419	29	=	=	NOUN
easat-9257	419	30	0.3544	0.3544	NUM
easat-9257	419	31	and	and	CCONJ
easat-9257	419	32	𝑔10	𝑔10	ADJ
easat-9257	419	33	=	=	SYM
easat-9257	419	34	0.1274	0.1274	NUM
easat-9257	419	35	)	)	PUNCT
easat-9257	419	36	are	be	AUX
easat-9257	419	37	all	all	ADV
easat-9257	419	38	positive	positive	ADJ
easat-9257	419	39	and	and	CCONJ
easat-9257	419	40	statistically	statistically	ADV
easat-9257	419	41	significant	significant	ADJ
easat-9257	419	42	at	at	ADP
easat-9257	419	43	the	the	DET
easat-9257	419	44	1	1	NUM
easat-9257	419	45	%	%	NOUN
easat-9257	419	46	and/or	and/or	CCONJ
easat-9257	419	47	5	5	NUM
easat-9257	419	48	%	%	NOUN
easat-9257	419	49	significance	significance	NOUN
easat-9257	419	50	levels	level	NOUN
easat-9257	419	51	.	.	PUNCT
easat-9257	420	1	these	these	DET
easat-9257	420	2	results	result	NOUN
easat-9257	420	3	indicate	indicate	VERB
easat-9257	420	4	that	that	SCONJ
easat-9257	420	5	both	both	DET
easat-9257	420	6	financial	financial	ADJ
easat-9257	420	7	crises	crisis	NOUN
easat-9257	420	8	exerted	exert	VERB
easat-9257	420	9	a	a	DET
easat-9257	420	10	significant	significant	ADJ
easat-9257	420	11	amplifying	amplifying	ADJ
easat-9257	420	12	effect	effect	NOUN
easat-9257	420	13	on	on	ADP
easat-9257	420	14	return	return	NOUN
easat-9257	420	15	volatility	volatility	NOUN
easat-9257	420	16	across	across	ADP
easat-9257	420	17	all	all	DET
easat-9257	420	18	three	three	NUM
easat-9257	420	19	markets	market	NOUN
easat-9257	420	20	.	.	PUNCT
easat-9257	421	1	notably	notably	ADV
easat-9257	421	2	,	,	PUNCT
easat-9257	421	3	panama	panama	PROPN
easat-9257	421	4	exhibited	exhibit	VERB
easat-9257	421	5	the	the	DET
easat-9257	421	6	highest	high	ADJ
easat-9257	421	7	sensitivity	sensitivity	NOUN
easat-9257	421	8	to	to	ADP
easat-9257	421	9	both	both	CCONJ
easat-9257	421	10	financial	financial	ADJ
easat-9257	421	11	crisis	crisis	NOUN
easat-9257	421	12	events	event	NOUN
easat-9257	421	13	,	,	PUNCT
easat-9257	421	14	particularly	particularly	ADV
easat-9257	421	15	with	with	ADP
easat-9257	421	16	respect	respect	NOUN
easat-9257	421	17	to	to	ADP
easat-9257	421	18	the	the	DET
easat-9257	421	19	gfc	gfc	NOUN
easat-9257	421	20	.	.	PUNCT
easat-9257	422	1	in	in	ADP
easat-9257	422	2	contrast	contrast	NOUN
easat-9257	422	3	,	,	PUNCT
easat-9257	422	4	the	the	DET
easat-9257	422	5	united	united	PROPN
easat-9257	422	6	states	states	PROPN
easat-9257	422	7	displayed	display	VERB
easat-9257	422	8	greater	great	ADJ
easat-9257	422	9	responsiveness	responsiveness	NOUN
easat-9257	422	10	to	to	ADP
easat-9257	422	11	the	the	DET
easat-9257	422	12	gfc	gfc	NOUN
easat-9257	422	13	than	than	ADP
easat-9257	422	14	to	to	ADP
easat-9257	422	15	the	the	DET
easat-9257	422	16	edc	edc	PROPN
easat-9257	422	17	.	.	PUNCT
easat-9257	423	1	the	the	DET
easat-9257	423	2	non	non	ADJ
easat-9257	423	3	-	-	ADJ
easat-9257	423	4	financial	financial	ADJ
easat-9257	423	5	shocks	shock	NOUN
easat-9257	423	6	,	,	PUNCT
easat-9257	423	7	u.s.–china	u.s.–china	PROPN
easat-9257	423	8	trade	trade	NOUN
easat-9257	423	9	war	war	NOUN
easat-9257	423	10	(	(	PUNCT
easat-9257	423	11	uct	uct	PROPN
easat-9257	423	12	)	)	PUNCT
easat-9257	423	13	and	and	CCONJ
easat-9257	423	14	covid-19	covid-19	PROPN
easat-9257	423	15	pandemic	pandemic	ADJ
easat-9257	423	16	(	(	PUNCT
easat-9257	423	17	cov	cov	NOUN
easat-9257	423	18	)	)	PUNCT
easat-9257	423	19	,	,	PUNCT
easat-9257	423	20	are	be	AUX
easat-9257	423	21	captured	capture	VERB
easat-9257	423	22	by	by	ADP
easat-9257	423	23	dummy	dummy	ADJ
easat-9257	423	24	variables𝐷3	variables𝐷3	PROPN
easat-9257	423	25	and	and	CCONJ
easat-9257	423	26	𝐷4	𝐷4	PROPN
easat-9257	423	27	,	,	PUNCT
easat-9257	423	28	respectively	respectively	ADV
easat-9257	423	29	.	.	PUNCT
easat-9257	424	1	the	the	DET
easat-9257	424	2	effects	effect	NOUN
easat-9257	424	3	of	of	ADP
easat-9257	424	4	the	the	DET
easat-9257	424	5	uct	uct	PROPN
easat-9257	424	6	event	event	NOUN
easat-9257	424	7	(	(	PUNCT
easat-9257	424	8	𝑔3	𝑔3	VERB
easat-9257	424	9	=	=	SYM
easat-9257	424	10	0.1121	0.1121	NUM
easat-9257	424	11	,	,	PUNCT
easat-9257	424	12	𝑔7	𝑔7	PROPN
easat-9257	424	13	=	=	SYM
easat-9257	424	14	0.3036	0.3036	NUM
easat-9257	424	15	and	and	CCONJ
easat-9257	424	16	𝑔11	𝑔11	NOUN
easat-9257	424	17	=	=	SYM
easat-9257	424	18	0.2216	0.2216	NUM
easat-9257	424	19	)	)	PUNCT
easat-9257	424	20	and	and	CCONJ
easat-9257	424	21	cov	cov	NOUN
easat-9257	424	22	event	event	NOUN
easat-9257	424	23	(	(	PUNCT
easat-9257	424	24	𝑔4	𝑔4	NOUN
easat-9257	424	25	=	=	SYM
easat-9257	424	26	0.1069	0.1069	NUM
easat-9257	424	27	,	,	PUNCT
easat-9257	424	28	𝑔8	𝑔8	PROPN
easat-9257	424	29	=	=	SYM
easat-9257	424	30	0.2201	0.2201	NUM
easat-9257	424	31	and	and	CCONJ
easat-9257	424	32	𝑔12	𝑔12	NOUN
easat-9257	424	33	=	=	SYM
easat-9257	424	34	0.1826	0.1826	NUM
easat-9257	424	35	)	)	PUNCT
easat-9257	424	36	on	on	ADP
easat-9257	424	37	return	return	NOUN
easat-9257	424	38	volatility	volatility	NOUN
easat-9257	424	39	are	be	AUX
easat-9257	424	40	likewise	likewise	ADV
easat-9257	424	41	positive	positive	ADJ
easat-9257	424	42	and	and	CCONJ
easat-9257	424	43	statistically	statistically	ADV
easat-9257	424	44	significant	significant	ADJ
easat-9257	424	45	at	at	ADP
easat-9257	424	46	conventional	conventional	ADJ
easat-9257	424	47	levels	level	NOUN
easat-9257	424	48	.	.	PUNCT
easat-9257	425	1	these	these	DET
easat-9257	425	2	findings	finding	NOUN
easat-9257	425	3	suggest	suggest	VERB
easat-9257	425	4	that	that	SCONJ
easat-9257	425	5	non	non	ADJ
easat-9257	425	6	-	-	ADJ
easat-9257	425	7	financial	financial	ADJ
easat-9257	425	8	events	event	NOUN
easat-9257	425	9	also	also	ADV
easat-9257	425	10	contributed	contribute	VERB
easat-9257	425	11	to	to	ADP
easat-9257	425	12	heightened	heightened	ADJ
easat-9257	425	13	return	return	NOUN
easat-9257	425	14	volatility	volatility	NOUN
easat-9257	425	15	in	in	ADP
easat-9257	425	16	the	the	DET
easat-9257	425	17	three	three	NUM
easat-9257	425	18	markets	market	NOUN
easat-9257	425	19	,	,	PUNCT
easat-9257	425	20	although	although	SCONJ
easat-9257	425	21	their	their	PRON
easat-9257	425	22	impact	impact	NOUN
easat-9257	425	23	was	be	AUX
easat-9257	425	24	less	less	ADV
easat-9257	425	25	pronounced	pronounced	ADJ
easat-9257	425	26	than	than	ADP
easat-9257	425	27	that	that	PRON
easat-9257	425	28	of	of	ADP
easat-9257	425	29	the	the	DET
easat-9257	425	30	financial	financial	ADJ
easat-9257	425	31	crises	crisis	NOUN
easat-9257	425	32	[	[	X
easat-9257	425	33	28	28	NUM
easat-9257	425	34	]	]	PUNCT
easat-9257	425	35	.	.	PUNCT
easat-9257	426	1	panama	panama	PROPN
easat-9257	426	2	demonstrates	demonstrate	VERB
easat-9257	426	3	the	the	DET
easat-9257	426	4	highest	high	ADJ
easat-9257	426	5	sensitivity	sensitivity	NOUN
easat-9257	426	6	to	to	ADP
easat-9257	426	7	such	such	ADJ
easat-9257	426	8	events	event	NOUN
easat-9257	426	9	,	,	PUNCT
easat-9257	426	10	with	with	ADP
easat-9257	426	11	𝑔7	𝑔7	PROPN
easat-9257	426	12	and	and	CCONJ
easat-9257	426	13	𝑔8	𝑔8	ADJ
easat-9257	426	14	exceeding	exceed	VERB
easat-9257	426	15	the	the	DET
easat-9257	426	16	corresponding	corresponding	ADJ
easat-9257	426	17	coefficients	coefficient	NOUN
easat-9257	426	18	for	for	ADP
easat-9257	426	19	costa	costa	PROPN
easat-9257	426	20	rica	rica	PROPN
easat-9257	426	21	and	and	CCONJ
easat-9257	426	22	the	the	DET
easat-9257	426	23	united	united	PROPN
easat-9257	426	24	states	states	PROPN
easat-9257	426	25	.	.	PUNCT
easat-9257	427	1	the	the	DET
easat-9257	427	2	u.s	u.s	PROPN
easat-9257	427	3	.	.	PROPN
easat-9257	427	4	stock	stock	NOUN
easat-9257	427	5	market	market	NOUN
easat-9257	427	6	,	,	PUNCT
easat-9257	427	7	meanwhile	meanwhile	ADV
easat-9257	427	8	,	,	PUNCT
easat-9257	427	9	shows	show	VERB
easat-9257	427	10	a	a	DET
easat-9257	427	11	greater	great	ADJ
easat-9257	427	12	volatility	volatility	NOUN
easat-9257	427	13	response	response	NOUN
easat-9257	427	14	to	to	ADP
easat-9257	427	15	the	the	DET
easat-9257	427	16	uct	uct	NOUN
easat-9257	427	17	than	than	ADP
easat-9257	427	18	to	to	ADP
easat-9257	427	19	the	the	DET
easat-9257	427	20	covid-19	covid-19	PROPN
easat-9257	427	21	shock	shock	NOUN
easat-9257	427	22	.	.	PUNCT
easat-9257	428	1	3.6.3	3.6.3	NUM
easat-9257	428	2	.	.	PUNCT
easat-9257	429	1	diagnostic	diagnostic	ADJ
easat-9257	429	2	checking	checking	NOUN
easat-9257	429	3	for	for	ADP
easat-9257	429	4	goodness	goodness	NOUN
easat-9257	429	5	-	-	PUNCT
easat-9257	429	6	of	of	ADP
easat-9257	429	7	-	-	PUNCT
easat-9257	429	8	fit	fit	NOUN
easat-9257	429	9	of	of	ADP
easat-9257	429	10	the	the	DET
easat-9257	429	11	estimated	estimate	VERB
easat-9257	429	12	model	model	NOUN
easat-9257	429	13	to	to	PART
easat-9257	429	14	assess	assess	VERB
easat-9257	429	15	model	model	NOUN
easat-9257	429	16	adequacy	adequacy	NOUN
easat-9257	429	17	,	,	PUNCT
easat-9257	429	18	we	we	PRON
easat-9257	429	19	used	use	VERB
easat-9257	429	20	the	the	DET
easat-9257	429	21	ljung	ljung	PROPN
easat-9257	429	22	-	-	PUNCT
easat-9257	429	23	box	box	NOUN
easat-9257	429	24	q	q	NOUN
easat-9257	429	25	test	test	NOUN
easat-9257	429	26	on	on	ADP
easat-9257	429	27	the	the	DET
easat-9257	429	28	estimated	estimate	VERB
easat-9257	429	29	standardized	standardized	ADJ
easat-9257	429	30	residuals	residual	NOUN
easat-9257	429	31	(	(	PUNCT
easat-9257	429	32	𝑍𝐶𝑂𝑅,𝑡	𝑍𝐶𝑂𝑅,𝑡	NOUN
easat-9257	429	33	,	,	PUNCT
easat-9257	429	34	𝑍𝑃𝐴𝑁,𝑡	𝑍𝑃𝐴𝑁,𝑡	NOUN
easat-9257	429	35	𝑎𝑛𝑑	𝑎𝑛𝑑	PROPN
easat-9257	429	36	𝑍𝑈𝑆,𝑡	𝑍𝑈𝑆,𝑡	PROPN
easat-9257	429	37	)	)	PUNCT
easat-9257	429	38	,	,	PUNCT
easat-9257	429	39	the	the	DET
easat-9257	429	40	estimated	estimate	VERB
easat-9257	429	41	squared	square	VERB
easat-9257	429	42	residuals(𝑍𝐶𝑂𝑅𝑡	residuals(𝑍𝐶𝑂𝑅𝑡	NOUN
easat-9257	429	43	2	2	NUM
easat-9257	429	44	,	,	PUNCT
easat-9257	429	45	𝑍𝑃𝑁𝑡	𝑍𝑃𝑁𝑡	PROPN
easat-9257	429	46	2	2	NUM
easat-9257	429	47	𝑎𝑛𝑑	𝑎𝑛𝑑	ADJ
easat-9257	429	48	𝑍𝑈𝑆𝑡	𝑍𝑈𝑆𝑡	NOUN
easat-9257	429	49	2	2	NUM
easat-9257	429	50	)	)	PUNCT
easat-9257	429	51	,	,	PUNCT
easat-9257	429	52	and	and	CCONJ
easat-9257	429	53	their	their	PRON
easat-9257	429	54	crossproducts	crossproduct	NOUN
easat-9257	429	55	(	(	PUNCT
easat-9257	429	56	𝑍𝐶𝑂𝑅,𝑡	𝑍𝐶𝑂𝑅,𝑡	ADJ
easat-9257	429	57	𝑍𝑃𝐴𝑁,𝑡	𝑍𝑃𝐴𝑁,𝑡	NOUN
easat-9257	429	58	,	,	PUNCT
easat-9257	429	59	𝑍𝐶𝑂𝑅,𝑡	𝑍𝐶𝑂𝑅,𝑡	PROPN
easat-9257	429	60	𝑍𝑈𝑆,𝑡	𝑍𝑈𝑆,𝑡	PROPN
easat-9257	429	61	𝑎𝑛𝑑	𝑎𝑛𝑑	PROPN
easat-9257	429	62	𝑍𝑃𝐴𝑁,𝑡	𝑍𝑃𝐴𝑁,𝑡	NOUN
easat-9257	429	63	𝑍𝑈𝑆,𝑡	𝑍𝑈𝑆,𝑡	PROPN
easat-9257	429	64	)	)	PUNCT
easat-9257	429	65	.	.	PUNCT
easat-9257	430	1	the	the	DET
easat-9257	430	2	results	result	NOUN
easat-9257	430	3	(	(	PUNCT
easat-9257	430	4	q	q	NOUN
easat-9257	430	5	(	(	PUNCT
easat-9257	430	6	12	12	NUM
easat-9257	430	7	)	)	PUNCT
easat-9257	430	8	,	,	PUNCT
easat-9257	430	9	q	q	X
easat-9257	430	10	(	(	PUNCT
easat-9257	430	11	18	18	NUM
easat-9257	430	12	)	)	PUNCT
easat-9257	430	13	,	,	PUNCT
easat-9257	430	14	q	q	X
easat-9257	430	15	(	(	PUNCT
easat-9257	430	16	24	24	NUM
easat-9257	430	17	)	)	PUNCT
easat-9257	430	18	)	)	PUNCT
easat-9257	430	19	in	in	ADP
easat-9257	430	20	table	table	NOUN
easat-9257	430	21	7	7	NUM
easat-9257	430	22	fail	fail	VERB
easat-9257	430	23	to	to	PART
easat-9257	430	24	reject	reject	VERB
easat-9257	430	25	the	the	DET
easat-9257	430	26	null	null	ADJ
easat-9257	430	27	hypothesis	hypothesis	NOUN
easat-9257	430	28	,	,	PUNCT
easat-9257	430	29	indicating	indicate	VERB
easat-9257	430	30	no	no	DET
easat-9257	430	31	autocorrelation	autocorrelation	NOUN
easat-9257	430	32	or	or	CCONJ
easat-9257	430	33	arch	arch	ADJ
easat-9257	430	34	effects	effect	NOUN
easat-9257	430	35	in	in	ADP
easat-9257	430	36	the	the	DET
easat-9257	430	37	residuals	residual	NOUN
easat-9257	430	38	.	.	PUNCT
easat-9257	431	1	additionally	additionally	ADV
easat-9257	431	2	,	,	PUNCT
easat-9257	431	3	tests	test	VERB
easat-9257	431	4	for	for	ADP
easat-9257	431	5	the	the	DET
easat-9257	431	6	presence	presence	NOUN
easat-9257	431	7	of	of	ADP
easat-9257	431	8	asymmetric	asymmetric	ADJ
easat-9257	431	9	behavior	behavior	NOUN
easat-9257	431	10	of	of	ADP
easat-9257	431	11	volatility	volatility	NOUN
easat-9257	431	12	(	(	PUNCT
easat-9257	431	13	sbt	sbt	PROPN
easat-9257	431	14	,	,	PUNCT
easat-9257	431	15	nsbt	nsbt	VERB
easat-9257	431	16	,	,	PUNCT
easat-9257	431	17	psbt	psbt	NOUN
easat-9257	431	18	and	and	CCONJ
easat-9257	431	19	jt	jt	PROPN
easat-9257	431	20	)	)	PUNCT
easat-9257	431	21	on	on	ADP
easat-9257	431	22	the	the	DET
easat-9257	431	23	estimated	estimate	VERB
easat-9257	431	24	standardized	standardized	ADJ
easat-9257	431	25	residuals	residual	NOUN
easat-9257	431	26	show	show	VERB
easat-9257	431	27	no	no	DET
easat-9257	431	28	significant	significant	ADJ
easat-9257	431	29	effects	effect	NOUN
easat-9257	431	30	.	.	PUNCT
easat-9257	432	1	therefore	therefore	ADV
easat-9257	432	2	,	,	PUNCT
easat-9257	432	3	these	these	DET
easat-9257	432	4	tests	test	NOUN
easat-9257	432	5	confirm	confirm	VERB
easat-9257	432	6	that	that	SCONJ
easat-9257	432	7	the	the	DET
easat-9257	432	8	fiec	fiec	NOUN
easat-9257	432	9	-	-	PUNCT
easat-9257	432	10	fiapgarch	fiapgarch	NOUN
easat-9257	432	11	-	-	PUNCT
easat-9257	432	12	dcc	dcc	NOUN
easat-9257	432	13	model	model	NOUN
easat-9257	432	14	is	be	AUX
easat-9257	432	15	appropriate	appropriate	ADJ
easat-9257	432	16	for	for	ADP
easat-9257	432	17	the	the	DET
easat-9257	432	18	three	three	NUM
easat-9257	432	19	stock	stock	NOUN
easat-9257	432	20	markets	market	NOUN
easat-9257	432	21	,	,	PUNCT
easat-9257	432	22	and	and	CCONJ
easat-9257	432	23	the	the	DET
easat-9257	432	24	interpretations	interpretation	NOUN
easat-9257	432	25	of	of	ADP
easat-9257	432	26	empirical	empirical	ADJ
easat-9257	432	27	results	result	NOUN
easat-9257	432	28	are	be	AUX
easat-9257	432	29	valid	valid	ADJ
easat-9257	432	30	and	and	CCONJ
easat-9257	432	31	reliable	reliable	ADJ
easat-9257	432	32	.	.	PUNCT
easat-9257	433	1	248	248	NUM
easat-9257	433	2	edelweiss	edelweiss	PROPN
easat-9257	433	3	applied	apply	VERB
easat-9257	433	4	science	science	NOUN
easat-9257	433	5	and	and	CCONJ
easat-9257	433	6	technology	technology	NOUN
easat-9257	433	7	issn	issn	PROPN
easat-9257	433	8	:	:	PUNCT
easat-9257	433	9	2576	2576	NUM
easat-9257	433	10	-	-	SYM
easat-9257	433	11	8484	8484	NUM
easat-9257	433	12	vol	vol	NOUN
easat-9257	433	13	.	.	PROPN
easat-9257	434	1	9	9	NUM
easat-9257	434	2	,	,	PUNCT
easat-9257	434	3	no	no	INTJ
easat-9257	434	4	.	.	NOUN
easat-9257	434	5	8	8	NUM
easat-9257	434	6	:	:	SYM
easat-9257	434	7	231	231	NUM
easat-9257	434	8	-	-	SYM
easat-9257	434	9	253	253	NUM
easat-9257	434	10	,	,	PUNCT
easat-9257	434	11	2025	2025	NUM
easat-9257	434	12	doi	doi	NOUN
easat-9257	434	13	:	:	PUNCT
easat-9257	434	14	10.55214/2576	10.55214/2576	NUM
easat-9257	434	15	-	-	SYM
easat-9257	434	16	8484.v9i8.9257	8484.v9i8.9257	NUM
easat-9257	434	17	©	©	PROPN
easat-9257	434	18	2025	2025	NUM
easat-9257	434	19	by	by	ADP
easat-9257	434	20	the	the	DET
easat-9257	434	21	author	author	NOUN
easat-9257	434	22	;	;	PUNCT
easat-9257	435	1	licensee	licensee	PROPN
easat-9257	435	2	learning	learn	VERB
easat-9257	435	3	gate	gate	NOUN
easat-9257	435	4	table	table	NOUN
easat-9257	435	5	7	7	NUM
easat-9257	435	6	.	.	PUNCT
easat-9257	436	1	goodness	goodness	NOUN
easat-9257	436	2	-	-	PUNCT
easat-9257	436	3	of	of	ADP
easat-9257	436	4	-	-	PUNCT
easat-9257	436	5	fit	fit	NOUN
easat-9257	436	6	test	test	NOUN
easat-9257	436	7	and	and	CCONJ
easat-9257	436	8	diagnostic	diagnostic	ADJ
easat-9257	436	9	checking	checking	NOUN
easat-9257	436	10	.	.	PUNCT
easat-9257	437	1	costa	costa	PROPN
easat-9257	437	2	rica	rica	PROPN
easat-9257	437	3	panama	panama	PROPN
easat-9257	437	4	us	us	PROPN
easat-9257	437	5	𝑍𝐶𝑂𝑅	𝑍𝐶𝑂𝑅	PROPN
easat-9257	438	1	=	=	PUNCT
easat-9257	438	2	휀𝐶𝑂𝑅,𝑡/√ℎ𝐶𝑂𝑅,𝑡	휀𝐶𝑂𝑅,𝑡/√ℎ𝐶𝑂𝑅,𝑡	NOUN
easat-9257	438	3	𝑍𝑃𝐴𝑁	𝑍𝑃𝐴𝑁	PROPN
easat-9257	439	1	=	=	NOUN
easat-9257	439	2	휀𝑃𝐴𝑁,𝑡/√ℎ𝑃𝐴𝑁,𝑡	휀𝑃𝐴𝑁,𝑡/√ℎ𝑃𝐴𝑁,𝑡	NOUN
easat-9257	439	3	𝑍𝑈𝑆	𝑍𝑈𝑆	PROPN
easat-9257	439	4	=	=	PUNCT
easat-9257	439	5	휀𝑈𝑆,𝑡/√ℎ𝑈𝑆,𝑡	휀𝑈𝑆,𝑡/√ℎ𝑈𝑆,𝑡	NOUN
easat-9257	439	6	𝑄(12	𝑄(12	PROPN
easat-9257	439	7	)	)	PUNCT
easat-9257	439	8	21.243	21.243	NUM
easat-9257	439	9	32.331	32.331	NUM
easat-9257	439	10	16.054	16.054	NUM
easat-9257	439	11	𝑄(18	𝑄(18	PROPN
easat-9257	439	12	)	)	PUNCT
easat-9257	439	13	22.089	22.089	NUM
easat-9257	440	1	33.571	33.571	NUM
easat-9257	440	2	26.714	26.714	NUM
easat-9257	440	3	𝑄(24	𝑄(24	NUM
easat-9257	440	4	)	)	PUNCT
easat-9257	441	1	26.178	26.178	NUM
easat-9257	441	2	35.605	35.605	NUM
easat-9257	441	3	34.518	34.518	NUM
easat-9257	441	4	𝑧𝐶𝑂𝑅	𝑧𝐶𝑂𝑅	NOUN
easat-9257	441	5	2	2	NUM
easat-9257	441	6	𝑧𝑃𝐴𝑁	𝑧𝑃𝐴𝑁	NOUN
easat-9257	441	7	2	2	NUM
easat-9257	441	8	𝑧𝑈𝑆	𝑧𝑈𝑆	ADJ
easat-9257	441	9	2	2	NUM
easat-9257	441	10	𝑄(12	𝑄(12	PROPN
easat-9257	441	11	)	)	PUNCT
easat-9257	441	12	19.312	19.312	NUM
easat-9257	441	13	30.248	30.248	NUM
easat-9257	441	14	20.369	20.369	NUM
easat-9257	441	15	𝑄(18	𝑄(18	PROPN
easat-9257	441	16	)	)	PUNCT
easat-9257	441	17	27.010	27.010	NUM
easat-9257	441	18	33.501	33.501	NUM
easat-9257	441	19	30.115	30.115	NUM
easat-9257	441	20	𝑄(24	𝑄(24	NUM
easat-9257	441	21	)	)	PUNCT
easat-9257	441	22	30.336	30.336	NUM
easat-9257	441	23	36.771	36.771	NUM
easat-9257	441	24	32.465	32.465	NUM
easat-9257	441	25	𝑍𝐶𝑂𝑅	𝑍𝐶𝑂𝑅	PROPN
easat-9257	441	26	x	x	SYM
easat-9257	441	27	𝑍𝑃𝐴𝑁	𝑍𝑃𝐴𝑁	ADV
easat-9257	441	28	𝑍𝑈𝑆	𝑍𝑈𝑆	PROPN
easat-9257	441	29	x	x	X
easat-9257	441	30	𝑍𝐶𝑂𝑅	𝑍𝐶𝑂𝑅	PROPN
easat-9257	441	31	𝑍𝑈𝑆	𝑍𝑈𝑆	PROPN
easat-9257	441	32	x	x	SYM
easat-9257	441	33	𝑍𝑃𝐴𝑁	𝑍𝑃𝐴𝑁	ADJ
easat-9257	441	34	𝑄(12	𝑄(12	PROPN
easat-9257	441	35	)	)	PUNCT
easat-9257	441	36	27.115	27.115	NUM
easat-9257	441	37	26.551	26.551	NUM
easat-9257	441	38	31.287	31.287	NUM
easat-9257	441	39	𝑄(18	𝑄(18	PROPN
easat-9257	441	40	)	)	PUNCT
easat-9257	442	1	32.089	32.089	NUM
easat-9257	443	1	31.812	31.812	NUM
easat-9257	443	2	33.456	33.456	NUM
easat-9257	443	3	𝑄(24	𝑄(24	NOUN
easat-9257	443	4	)	)	PUNCT
easat-9257	443	5	38.323	38.323	NUM
easat-9257	443	6	35.805	35.805	NUM
easat-9257	443	7	38.715	38.715	NUM
easat-9257	443	8	diagonal	diagonal	ADJ
easat-9257	443	9	test	test	NOUN
easat-9257	443	10	for	for	ADP
easat-9257	443	11	asymmetric	asymmetric	ADJ
easat-9257	443	12	effect	effect	NOUN
easat-9257	443	13	of	of	ADP
easat-9257	443	14	the	the	DET
easat-9257	443	15	estimated	estimate	VERB
easat-9257	443	16	standardized	standardized	ADJ
easat-9257	443	17	residuals	residual	NOUN
easat-9257	443	18	𝑍𝐶𝑂𝑅,𝑡/√ℎ𝐶𝑂𝑅,𝑡	𝑍𝐶𝑂𝑅,𝑡/√ℎ𝐶𝑂𝑅,𝑡	ADJ
easat-9257	443	19	𝑍𝑃𝐴𝑁,𝑡/√ℎ𝑃𝐴𝑁,𝑡	𝑍𝑃𝐴𝑁,𝑡/√ℎ𝑃𝐴𝑁,𝑡	NOUN
easat-9257	443	20	𝑍𝑈𝑆,𝑡/√ℎ𝑈𝑆,𝑡	𝑍𝑈𝑆,𝑡/√ℎ𝑈𝑆,𝑡	PUNCT
easat-9257	443	21	sbt	sbt	PROPN
easat-9257	443	22	-0.9015	-0.9015	PROPN
easat-9257	443	23	-0.7258	-0.7258	PROPN
easat-9257	443	24	0.3278	0.3278	NUM
easat-9257	443	25	nsbt	nsbt	PROPN
easat-9257	443	26	-0.9728	-0.9728	NOUN
easat-9257	443	27	-0.1894	-0.1894	NOUN
easat-9257	444	1	0.5859	0.5859	NUM
easat-9257	444	2	psbt	psbt	NOUN
easat-9257	444	3	1.9928	1.9928	NUM
easat-9257	444	4	0.6245	0.6245	NUM
easat-9257	444	5	0.9498	0.9498	NUM
easat-9257	444	6	jt	jt	PROPN
easat-9257	444	7	4.3101	4.3101	NUM
easat-9257	444	8	4.2254	4.2254	NUM
easat-9257	444	9	2.9134	2.9134	NUM
easat-9257	444	10	note	note	NOUN
easat-9257	444	11	:	:	PUNCT
easat-9257	444	12	𝑍𝑖,𝑡	𝑍𝑖,𝑡	PROPN
easat-9257	444	13	=	=	SYM
easat-9257	444	14	휀𝑖,𝑡/√𝑣𝑎𝑟	휀𝑖,𝑡/√𝑣𝑎𝑟	PROPN
easat-9257	444	15	(	(	PUNCT
easat-9257	444	16	휀𝑖,𝑡	휀𝑖,𝑡	NUM
easat-9257	444	17	)	)	PUNCT
easat-9257	444	18	,	,	PUNCT
easat-9257	444	19	𝑍𝑖𝑡	𝑍𝑖𝑡	PROPN
easat-9257	444	20	2	2	NUM
easat-9257	444	21	and	and	CCONJ
easat-9257	444	22	𝑍𝑖,𝑡	𝑍𝑖,𝑡	PROPN
easat-9257	444	23	𝑍𝑗,𝑡	𝑍𝑗,𝑡	PROPN
easat-9257	444	24	represent	represent	VERB
easat-9257	444	25	standardized	standardized	ADJ
easat-9257	444	26	residuals	residual	NOUN
easat-9257	444	27	,	,	PUNCT
easat-9257	444	28	squared	square	VERB
easat-9257	444	29	standardized	standardized	ADJ
easat-9257	444	30	residuals	residual	NOUN
easat-9257	444	31	and	and	CCONJ
easat-9257	444	32	cross	cross	NOUN
easat-9257	444	33	-	-	NOUN
easat-9257	444	34	product	product	NOUN
easat-9257	444	35	of	of	ADP
easat-9257	444	36	standardized	standardized	ADJ
easat-9257	444	37	residuals	residual	NOUN
easat-9257	444	38	,	,	PUNCT
easat-9257	444	39	respectively	respectively	ADV
easat-9257	444	40	.	.	PUNCT
easat-9257	445	1	*	*	PUNCT
easat-9257	445	2	*	*	PUNCT
easat-9257	445	3	and	and	CCONJ
easat-9257	445	4	*	*	PUNCT
easat-9257	445	5	*	*	PUNCT
easat-9257	445	6	*	*	PUNCT
easat-9257	445	7	denote	denote	VERB
easat-9257	445	8	statistically	statistically	ADV
easat-9257	445	9	significant	significant	ADJ
easat-9257	445	10	at	at	ADP
easat-9257	445	11	5	5	NUM
easat-9257	445	12	%	%	NOUN
easat-9257	445	13	and	and	CCONJ
easat-9257	445	14	1	1	NUM
easat-9257	445	15	%	%	NOUN
easat-9257	445	16	level	level	NOUN
easat-9257	445	17	,	,	PUNCT
easat-9257	445	18	respectively	respectively	ADV
easat-9257	445	19	.	.	PUNCT
easat-9257	446	1	3.7	3.7	NUM
easat-9257	446	2	.	.	PUNCT
easat-9257	446	3	results	result	NOUN
easat-9257	446	4	of	of	ADP
easat-9257	446	5	dcc	dcc	PROPN
easat-9257	446	6	estimation	estimation	NOUN
easat-9257	446	7	and	and	CCONJ
easat-9257	446	8	contagion	contagion	NOUN
easat-9257	446	9	effect	effect	NOUN
easat-9257	446	10	this	this	DET
easat-9257	446	11	section	section	NOUN
easat-9257	446	12	examines	examine	VERB
easat-9257	446	13	the	the	DET
easat-9257	446	14	dynamic	dynamic	ADJ
easat-9257	446	15	impacts	impact	NOUN
easat-9257	446	16	of	of	ADP
easat-9257	446	17	conditional	conditional	ADJ
easat-9257	446	18	correlations	correlation	NOUN
easat-9257	446	19	in	in	ADP
easat-9257	446	20	stock	stock	NOUN
easat-9257	446	21	market	market	NOUN
easat-9257	446	22	returns	return	NOUN
easat-9257	446	23	for	for	ADP
easat-9257	446	24	pairs	pair	NOUN
easat-9257	446	25	of	of	ADP
easat-9257	446	26	costa	costa	PROPN
easat-9257	446	27	rica	rica	PROPN
easat-9257	446	28	,	,	PUNCT
easat-9257	446	29	panama	panama	PROPN
easat-9257	446	30	,	,	PUNCT
easat-9257	446	31	and	and	CCONJ
easat-9257	446	32	the	the	DET
easat-9257	446	33	us	us	PROPN
easat-9257	446	34	,	,	PUNCT
easat-9257	446	35	using	use	VERB
easat-9257	446	36	the	the	DET
easat-9257	446	37	multivariate	multivariate	NOUN
easat-9257	446	38	dcc	dcc	PROPN
easat-9257	446	39	framework	framework	NOUN
easat-9257	446	40	linked	link	VERB
easat-9257	446	41	to	to	ADP
easat-9257	446	42	the	the	DET
easat-9257	446	43	fiecfiapgarch	fiecfiapgarch	NOUN
easat-9257	446	44	model	model	NOUN
easat-9257	446	45	.	.	PUNCT
easat-9257	447	1	3.7.1	3.7.1	X
easat-9257	447	2	.	.	PUNCT
easat-9257	448	1	estimated	estimate	VERB
easat-9257	448	2	coefficients	coefficient	NOUN
easat-9257	448	3	of	of	ADP
easat-9257	448	4	conditional	conditional	ADJ
easat-9257	448	5	correlations	correlation	NOUN
easat-9257	448	6	in	in	ADP
easat-9257	448	7	the	the	DET
easat-9257	448	8	dcc	dcc	PROPN
easat-9257	448	9	model	model	NOUN
easat-9257	448	10	,	,	PUNCT
easat-9257	448	11	the	the	DET
easat-9257	448	12	parameters	parameter	NOUN
easat-9257	448	13	𝛼	𝛼	NOUN
easat-9257	448	14	and	and	CCONJ
easat-9257	448	15	𝛽	𝛽	NOUN
easat-9257	448	16	quantify	quantify	VERB
easat-9257	448	17	the	the	DET
easat-9257	448	18	influence	influence	NOUN
easat-9257	448	19	of	of	ADP
easat-9257	448	20	past	past	ADJ
easat-9257	448	21	market	market	NOUN
easat-9257	448	22	behaviors	behavior	NOUN
easat-9257	448	23	(	(	PUNCT
easat-9257	448	24	shocks	shock	NOUN
easat-9257	448	25	and	and	CCONJ
easat-9257	448	26	correlations	correlation	NOUN
easat-9257	448	27	)	)	PUNCT
easat-9257	448	28	on	on	ADP
easat-9257	448	29	current	current	ADJ
easat-9257	448	30	relationships	relationship	NOUN
easat-9257	448	31	between	between	ADP
easat-9257	448	32	stock	stock	NOUN
easat-9257	448	33	markets	market	NOUN
easat-9257	448	34	.	.	PUNCT
easat-9257	449	1	our	our	PRON
easat-9257	449	2	results	result	NOUN
easat-9257	449	3	show	show	VERB
easat-9257	449	4	that	that	SCONJ
easat-9257	449	5	α	α	PRON
easat-9257	449	6	+	+	X
easat-9257	449	7	β	β	NOUN
easat-9257	449	8	is	be	AUX
easat-9257	449	9	close	close	ADJ
easat-9257	449	10	to	to	ADP
easat-9257	449	11	1	1	NUM
easat-9257	449	12	,	,	PUNCT
easat-9257	449	13	signifying	signify	VERB
easat-9257	449	14	high	high	ADJ
easat-9257	449	15	correlation	correlation	NOUN
easat-9257	449	16	between	between	ADP
easat-9257	449	17	market	market	NOUN
easat-9257	449	18	pairs	pair	NOUN
easat-9257	449	19	,	,	PUNCT
easat-9257	449	20	suggests	suggest	VERB
easat-9257	449	21	that	that	SCONJ
easat-9257	449	22	these	these	DET
easat-9257	449	23	markets	market	NOUN
easat-9257	449	24	are	be	AUX
easat-9257	449	25	highly	highly	ADV
easat-9257	449	26	interdependent	interdependent	ADJ
easat-9257	449	27	,	,	PUNCT
easat-9257	449	28	reacting	react	VERB
easat-9257	449	29	to	to	ADP
easat-9257	449	30	each	each	DET
easat-9257	449	31	other	other	ADJ
easat-9257	449	32	’s	’s	PART
easat-9257	449	33	shocks	shock	NOUN
easat-9257	449	34	cross	cross	ADJ
easat-9257	449	35	-	-	ADJ
easat-9257	449	36	market	market	ADJ
easat-9257	449	37	shocks	shock	NOUN
easat-9257	449	38	.	.	PUNCT
easat-9257	450	1	table	table	NOUN
easat-9257	450	2	8	8	NUM
easat-9257	450	3	shows	show	VERB
easat-9257	450	4	𝛼	𝛼	NOUN
easat-9257	450	5	+	+	X
easat-9257	450	6	𝛽	𝛽	NOUN
easat-9257	450	7	=	=	PUNCT
easat-9257	450	8	0.9671	0.9671	NUM
easat-9257	450	9	for	for	ADP
easat-9257	450	10	costa	costa	PROPN
easat-9257	450	11	rica	rica	PROPN
easat-9257	450	12	-	-	PUNCT
easat-9257	450	13	panama	panama	PROPN
easat-9257	450	14	,	,	PUNCT
easat-9257	450	15	0.9693	0.9693	NUM
easat-9257	450	16	for	for	ADP
easat-9257	450	17	costa	costa	PROPN
easat-9257	450	18	rica	rica	PROPN
easat-9257	450	19	-	-	PUNCT
easat-9257	450	20	us	us	PROPN
easat-9257	450	21	,	,	PUNCT
easat-9257	450	22	and	and	CCONJ
easat-9257	450	23	0.9704	0.9704	NUM
easat-9257	450	24	for	for	ADP
easat-9257	450	25	panama	panama	PROPN
easat-9257	450	26	-	-	PUNCT
easat-9257	450	27	us	us	PROPN
easat-9257	450	28	,	,	PUNCT
easat-9257	450	29	all	all	PRON
easat-9257	450	30	statistically	statistically	ADV
easat-9257	450	31	significant	significant	ADJ
easat-9257	450	32	at	at	ADP
easat-9257	450	33	the	the	DET
easat-9257	450	34	1	1	NUM
easat-9257	450	35	%	%	NOUN
easat-9257	450	36	level	level	NOUN
easat-9257	450	37	,	,	PUNCT
easat-9257	450	38	confirming	confirm	VERB
easat-9257	450	39	time	time	NOUN
easat-9257	450	40	-	-	PUNCT
easat-9257	450	41	varying	vary	VERB
easat-9257	450	42	correlations	correlation	NOUN
easat-9257	450	43	.	.	PUNCT
easat-9257	451	1	the	the	DET
easat-9257	451	2	non	non	ADJ
easat-9257	451	3	-	-	ADJ
easat-9257	451	4	negative	negative	ADJ
easat-9257	451	5	values	value	NOUN
easat-9257	451	6	of	of	ADP
easat-9257	451	7	α	α	NOUN
easat-9257	451	8	and	and	CCONJ
easat-9257	451	9	β	β	NOUN
easat-9257	451	10	support	support	VERB
easat-9257	451	11	the	the	DET
easat-9257	451	12	validity	validity	NOUN
easat-9257	451	13	of	of	ADP
easat-9257	451	14	fiec	fiec	NOUN
easat-9257	451	15	-	-	PUNCT
easat-9257	451	16	fiapgarch	fiapgarch	NOUN
easat-9257	451	17	-	-	PUNCT
easat-9257	451	18	dcc	dcc	NOUN
easat-9257	451	19	model	model	NOUN
easat-9257	451	20	.	.	PUNCT
easat-9257	452	1	when	when	SCONJ
easat-9257	452	2	α	α	PROPN
easat-9257	452	3	=	=	NOUN
easat-9257	452	4	0	0	NUM
easat-9257	452	5	and	and	CCONJ
easat-9257	452	6	β	β	X
easat-9257	452	7	=	=	SYM
easat-9257	452	8	0	0	NUM
easat-9257	452	9	,	,	PUNCT
easat-9257	452	10	we	we	PRON
easat-9257	452	11	get	get	VERB
easat-9257	452	12	the	the	DET
easat-9257	452	13	ccc	ccc	PROPN
easat-9257	452	14	model	model	NOUN
easat-9257	453	1	[	[	X
easat-9257	453	2	22	22	NUM
easat-9257	453	3	]	]	PUNCT
easat-9257	453	4	.	.	PUNCT
easat-9257	454	1	table	table	NOUN
easat-9257	454	2	8	8	NUM
easat-9257	454	3	summarizes	summarize	NOUN
easat-9257	454	4	the	the	DET
easat-9257	454	5	dcc	dcc	PROPN
easat-9257	454	6	parameter	parameter	NOUN
easat-9257	454	7	estimates	estimate	NOUN
easat-9257	454	8	,	,	PUNCT
easat-9257	454	9	showing	show	VERB
easat-9257	454	10	significant	significant	ADJ
easat-9257	454	11	positive	positive	ADJ
easat-9257	454	12	values	value	NOUN
easat-9257	454	13	that	that	PRON
easat-9257	454	14	satisfy	satisfy	VERB
easat-9257	454	15	𝛼	𝛼	PRON
easat-9257	455	1	+	+	NOUN
easat-9257	455	2	𝛽	𝛽	NOUN
easat-9257	455	3	<	<	X
easat-9257	455	4	1	1	NUM
easat-9257	455	5	for	for	ADP
easat-9257	455	6	all	all	DET
easat-9257	455	7	market	market	NOUN
easat-9257	455	8	pairs	pair	NOUN
easat-9257	455	9	.	.	PUNCT
easat-9257	456	1	the	the	DET
easat-9257	456	2	statistical	statistical	ADJ
easat-9257	456	3	significance	significance	NOUN
easat-9257	456	4	of	of	ADP
easat-9257	456	5	α	α	PROPN
easat-9257	456	6	and	and	CCONJ
easat-9257	456	7	β	β	PROPN
easat-9257	456	8	in	in	ADP
easat-9257	456	9	the	the	DET
easat-9257	456	10	dcc	dcc	PROPN
easat-9257	456	11	model	model	NOUN
easat-9257	456	12	shows	show	VERB
easat-9257	456	13	strong	strong	ADJ
easat-9257	456	14	time	time	NOUN
easat-9257	456	15	-	-	PUNCT
easat-9257	456	16	varying	vary	VERB
easat-9257	456	17	co	co	NOUN
easat-9257	456	18	-	-	NOUN
easat-9257	456	19	movement	movement	NOUN
easat-9257	456	20	,	,	PUNCT
easat-9257	456	21	indicating	indicate	VERB
easat-9257	456	22	persistent	persistent	ADJ
easat-9257	456	23	conditional	conditional	ADJ
easat-9257	456	24	correlations	correlation	NOUN
easat-9257	456	25	.	.	PUNCT
easat-9257	457	1	the	the	DET
easat-9257	457	2	sum	sum	NOUN
easat-9257	457	3	of	of	ADP
easat-9257	457	4	these	these	DET
easat-9257	457	5	parameters	parameter	NOUN
easat-9257	457	6	is	be	AUX
easat-9257	457	7	close	close	ADJ
easat-9257	457	8	to	to	ADP
easat-9257	457	9	1	1	NUM
easat-9257	457	10	,	,	PUNCT
easat-9257	457	11	reflecting	reflect	VERB
easat-9257	457	12	high	high	ADJ
easat-9257	457	13	volatility	volatility	NOUN
easat-9257	457	14	persistence	persistence	NOUN
easat-9257	457	15	.	.	PUNCT
easat-9257	458	1	since	since	SCONJ
easat-9257	458	2	𝛼	𝛼	PROPN
easat-9257	458	3	+	+	NOUN
easat-9257	458	4	𝛽	𝛽	NOUN
easat-9257	458	5	<	<	X
easat-9257	458	6	1	1	NUM
easat-9257	458	7	,	,	PUNCT
easat-9257	458	8	the	the	DET
easat-9257	458	9	dynamic	dynamic	ADJ
easat-9257	458	10	correlations	correlation	NOUN
easat-9257	458	11	tend	tend	VERB
easat-9257	458	12	to	to	PART
easat-9257	458	13	stabilize	stabilize	VERB
easat-9257	458	14	around	around	ADP
easat-9257	458	15	a	a	DET
easat-9257	458	16	constant	constant	ADJ
easat-9257	458	17	,	,	PUNCT
easat-9257	458	18	showing	show	VERB
easat-9257	458	19	a	a	DET
easat-9257	458	20	mean	mean	ADJ
easat-9257	458	21	-	-	PUNCT
easat-9257	458	22	reverting	revert	VERB
easat-9257	458	23	process	process	NOUN
easat-9257	458	24	.	.	PUNCT
easat-9257	459	1	the	the	DET
easat-9257	459	2	multivariate	multivariate	NOUN
easat-9257	459	3	fiec	fiec	NOUN
easat-9257	459	4	-	-	PUNCT
easat-9257	459	5	fiaparch	fiaparch	NOUN
easat-9257	459	6	-	-	PUNCT
easat-9257	459	7	dcc	dcc	NOUN
easat-9257	459	8	model	model	NOUN
easat-9257	459	9	is	be	AUX
easat-9257	459	10	essential	essential	ADJ
easat-9257	459	11	due	due	ADP
easat-9257	459	12	to	to	ADP
easat-9257	459	13	its	its	PRON
easat-9257	459	14	advantages	advantage	NOUN
easat-9257	459	15	:	:	PUNCT
easat-9257	459	16	capturing	capture	VERB
easat-9257	459	17	long	long	ADJ
easat-9257	459	18	-	-	PUNCT
easat-9257	459	19	range	range	NOUN
easat-9257	459	20	dependence	dependence	NOUN
easat-9257	459	21	,	,	PUNCT
easat-9257	459	22	providing	provide	VERB
easat-9257	459	23	pairwise	pairwise	NOUN
easat-9257	459	24	conditional	conditional	ADJ
easat-9257	459	25	correlations	correlation	NOUN
easat-9257	459	26	,	,	PUNCT
easat-9257	459	27	analyzing	analyze	VERB
easat-9257	459	28	behavior	behavior	NOUN
easat-9257	459	29	during	during	ADP
easat-9257	459	30	major	major	ADJ
easat-9257	459	31	crises	crisis	NOUN
easat-9257	459	32	(	(	PUNCT
easat-9257	459	33	like	like	ADP
easat-9257	459	34	subprime	subprime	ADJ
easat-9257	459	35	mortgage	mortgage	NOUN
easat-9257	459	36	and	and	CCONJ
easat-9257	459	37	financial	financial	ADJ
easat-9257	459	38	tsunami	tsunami	NOUN
easat-9257	459	39	and	and	CCONJ
easat-9257	459	40	european	european	ADJ
easat-9257	459	41	debt	debt	NOUN
easat-9257	459	42	crises	crisis	NOUN
easat-9257	459	43	)	)	PUNCT
easat-9257	459	44	,	,	PUNCT
easat-9257	459	45	and	and	CCONJ
easat-9257	459	46	testing	test	VERB
easat-9257	459	47	for	for	ADP
easat-9257	459	48	long	long	ADJ
easat-9257	459	49	-	-	PUNCT
easat-9257	459	50	memory	memory	NOUN
easat-9257	459	51	arch	arch	ADJ
easat-9257	459	52	effects	effect	NOUN
easat-9257	459	53	in	in	ADP
easat-9257	459	54	these	these	DET
easat-9257	459	55	stock	stock	NOUN
easat-9257	459	56	prices	price	NOUN
easat-9257	459	57	.	.	PUNCT
easat-9257	460	1	249	249	NUM
easat-9257	460	2	edelweiss	edelweiss	PROPN
easat-9257	460	3	applied	apply	VERB
easat-9257	460	4	science	science	NOUN
easat-9257	460	5	and	and	CCONJ
easat-9257	460	6	technology	technology	NOUN
easat-9257	460	7	issn	issn	PROPN
easat-9257	460	8	:	:	PUNCT
easat-9257	460	9	2576	2576	NUM
easat-9257	460	10	-	-	SYM
easat-9257	460	11	8484	8484	NUM
easat-9257	460	12	vol	vol	NOUN
easat-9257	460	13	.	.	PROPN
easat-9257	461	1	9	9	NUM
easat-9257	461	2	,	,	PUNCT
easat-9257	461	3	no	no	INTJ
easat-9257	461	4	.	.	NOUN
easat-9257	461	5	8	8	NUM
easat-9257	461	6	:	:	SYM
easat-9257	461	7	231	231	NUM
easat-9257	461	8	-	-	SYM
easat-9257	461	9	253	253	NUM
easat-9257	461	10	,	,	PUNCT
easat-9257	461	11	2025	2025	NUM
easat-9257	461	12	doi	doi	NOUN
easat-9257	461	13	:	:	PUNCT
easat-9257	461	14	10.55214/2576	10.55214/2576	NUM
easat-9257	461	15	-	-	SYM
easat-9257	461	16	8484.v9i8.9257	8484.v9i8.9257	NUM
easat-9257	461	17	©	©	PROPN
easat-9257	461	18	2025	2025	NUM
easat-9257	461	19	by	by	ADP
easat-9257	461	20	the	the	DET
easat-9257	461	21	author	author	NOUN
easat-9257	461	22	;	;	PUNCT
easat-9257	461	23	licensee	licensee	PROPN
easat-9257	461	24	learning	learn	VERB
easat-9257	461	25	gate	gate	NOUN
easat-9257	461	26	table	table	NOUN
easat-9257	461	27	8	8	NUM
easat-9257	461	28	.	.	PUNCT
easat-9257	462	1	dcc	dcc	PROPN
easat-9257	462	2	parameters	parameter	NOUN
easat-9257	462	3	estimates	estimate	NOUN
easat-9257	462	4	.	.	PUNCT
easat-9257	463	1	costa	costa	PROPN
easat-9257	463	2	rica	rica	PROPN
easat-9257	463	3	-	-	PUNCT
easat-9257	463	4	panama	panama	PROPN
easat-9257	463	5	costa	costa	PROPN
easat-9257	463	6	rica	rica	PROPN
easat-9257	463	7	-	-	PUNCT
easat-9257	463	8	us	us	PROPN
easat-9257	463	9	panama	panama	PROPN
easat-9257	463	10	-	-	PUNCT
easat-9257	463	11	us	us	PROPN
easat-9257	463	12	coeff	coeff	PROPN
easat-9257	463	13	t	t	PROPN
easat-9257	463	14	-	-	PUNCT
easat-9257	463	15	stat	stat	PROPN
easat-9257	463	16	coeff	coeff	PROPN
easat-9257	463	17	t	t	PROPN
easat-9257	463	18	-	-	PUNCT
easat-9257	463	19	stat	stat	PROPN
easat-9257	463	20	coeff	coeff	PROPN
easat-9257	463	21	t	t	PROPN
easat-9257	463	22	-	-	PUNCT
easat-9257	463	23	stat	stat	PROPN
easat-9257	463	24	�	�	PROPN
easat-9257	463	25	̂	̂	NOUN
easat-9257	463	26	�	�	NOUN
easat-9257	463	27	0.2130	0.2130	NUM
easat-9257	463	28	*	*	PUNCT
easat-9257	464	1	*	*	PUNCT
easat-9257	464	2	*	*	PUNCT
easat-9257	464	3	9.9241	9.9241	NUM
easat-9257	464	4	0.2105	0.2105	NUM
easat-9257	464	5	*	*	PUNCT
easat-9257	464	6	*	*	PUNCT
easat-9257	464	7	*	*	X
easat-9257	464	8	10.0156	10.0156	NUM
easat-9257	465	1	0.2114	0.2114	NUM
easat-9257	465	2	*	*	PUNCT
easat-9257	465	3	*	*	PUNCT
easat-9257	465	4	*	*	X
easat-9257	465	5	11.4546	11.4546	NUM
easat-9257	465	6	�	�	PROPN
easat-9257	465	7	̂	̂	SYM
easat-9257	465	8	�	�	NOUN
easat-9257	465	9	0.7541	0.7541	NUM
easat-9257	465	10	*	*	PUNCT
easat-9257	465	11	*	*	PUNCT
easat-9257	465	12	*	*	X
easat-9257	465	13	26.4578	26.4578	NUM
easat-9257	466	1	0.7588	0.7588	NUM
easat-9257	466	2	*	*	PUNCT
easat-9257	466	3	*	*	PUNCT
easat-9257	466	4	*	*	PUNCT
easat-9257	466	5	25.1316	25.1316	NUM
easat-9257	466	6	0.7590	0.7590	NUM
easat-9257	466	7	*	*	PUNCT
easat-9257	466	8	*	*	PUNCT
easat-9257	466	9	*	*	X
easat-9257	466	10	26.3987	26.3987	NUM
easat-9257	466	11	persistence	persistence	NOUN
easat-9257	466	12	0.9671	0.9671	NUM
easat-9257	466	13	0.9693	0.9693	NUM
easat-9257	466	14	0.9704	0.9704	NUM
easat-9257	466	15	note	note	NOUN
easat-9257	466	16	:	:	PUNCT
easat-9257	466	17	*	*	PUNCT
easat-9257	466	18	*	*	PUNCT
easat-9257	466	19	*	*	PUNCT
easat-9257	466	20	,	,	PUNCT
easat-9257	466	21	*	*	PUNCT
easat-9257	466	22	*	*	PUNCT
easat-9257	466	23	and	and	CCONJ
easat-9257	466	24	*	*	PUNCT
easat-9257	466	25	denote	denote	NOUN
easat-9257	466	26	rejection	rejection	NOUN
easat-9257	466	27	of	of	ADP
easat-9257	466	28	the	the	DET
easat-9257	466	29	hypothesis	hypothesis	NOUN
easat-9257	466	30	at	at	ADP
easat-9257	466	31	the	the	DET
easat-9257	466	32	1	1	NUM
easat-9257	466	33	%	%	NOUN
easat-9257	466	34	,	,	PUNCT
easat-9257	466	35	5	5	NUM
easat-9257	466	36	%	%	NOUN
easat-9257	466	37	and	and	CCONJ
easat-9257	466	38	10	10	NUM
easat-9257	466	39	%	%	NOUN
easat-9257	466	40	level	level	NOUN
easat-9257	466	41	,	,	PUNCT
easat-9257	466	42	respectively	respectively	ADV
easat-9257	466	43	.	.	PUNCT
easat-9257	467	1	now	now	ADV
easat-9257	467	2	,	,	PUNCT
easat-9257	467	3	the	the	DET
easat-9257	467	4	dynamic	dynamic	ADJ
easat-9257	467	5	conditional	conditional	ADJ
easat-9257	467	6	correlations	correlation	NOUN
easat-9257	467	7	between	between	ADP
easat-9257	467	8	costa	costa	PROPN
easat-9257	467	9	rica	rica	PROPN
easat-9257	467	10	-	-	PUNCT
easat-9257	467	11	panama	panama	PROPN
easat-9257	467	12	,	,	PUNCT
easat-9257	467	13	costa	costa	PROPN
easat-9257	467	14	rica	rica	PROPN
easat-9257	467	15	-	-	PUNCT
easat-9257	467	16	us	us	PROPN
easat-9257	467	17	,	,	PUNCT
easat-9257	467	18	and	and	CCONJ
easat-9257	467	19	panama	panama	PROPN
easat-9257	467	20	-	-	PUNCT
easat-9257	467	21	us	us	PROPN
easat-9257	467	22	stock	stock	NOUN
easat-9257	467	23	markets	market	NOUN
easat-9257	467	24	are	be	AUX
easat-9257	467	25	discussed	discuss	VERB
easat-9257	467	26	.	.	PUNCT
easat-9257	468	1	table	table	NOUN
easat-9257	468	2	9	9	NUM
easat-9257	468	3	presents	present	NOUN
easat-9257	468	4	average	average	ADJ
easat-9257	468	5	correlation	correlation	NOUN
easat-9257	468	6	coefficients	coefficient	NOUN
easat-9257	468	7	,	,	PUNCT
easat-9257	468	8	considering	consider	VERB
easat-9257	468	9	financial	financial	ADJ
easat-9257	468	10	events	event	NOUN
easat-9257	468	11	,	,	PUNCT
easat-9257	468	12	with	with	ADP
easat-9257	468	13	two	two	NUM
easat-9257	468	14	financial	financial	ADJ
easat-9257	468	15	dummies	dummy	NOUN
easat-9257	468	16	incorporated	incorporate	VERB
easat-9257	468	17	into	into	ADP
easat-9257	468	18	the	the	DET
easat-9257	468	19	conditional	conditional	ADJ
easat-9257	468	20	mean	mean	NOUN
easat-9257	468	21	and	and	CCONJ
easat-9257	468	22	variance	variance	NOUN
easat-9257	468	23	equations	equation	NOUN
easat-9257	468	24	.	.	PUNCT
easat-9257	469	1	using	use	VERB
easat-9257	469	2	the	the	DET
easat-9257	469	3	icss	icss	PROPN
easat-9257	469	4	algorithm	algorithm	NOUN
easat-9257	469	5	to	to	PART
easat-9257	469	6	detect	detect	VERB
easat-9257	469	7	variance	variance	NOUN
easat-9257	469	8	(	(	PUNCT
easat-9257	469	9	volatilities	volatility	NOUN
easat-9257	469	10	)	)	PUNCT
easat-9257	469	11	breaks	break	NOUN
easat-9257	469	12	,	,	PUNCT
easat-9257	469	13	the	the	DET
easat-9257	469	14	data	datum	NOUN
easat-9257	469	15	was	be	AUX
easat-9257	469	16	divided	divide	VERB
easat-9257	469	17	into	into	ADP
easat-9257	469	18	four	four	NUM
easat-9257	469	19	periods	period	NOUN
easat-9257	469	20	:	:	PUNCT
easat-9257	469	21	chaos	chaos	NOUN
easat-9257	469	22	and	and	CCONJ
easat-9257	469	23	confusion	confusion	NOUN
easat-9257	469	24	(	(	PUNCT
easat-9257	469	25	the	the	DET
easat-9257	469	26	1st	1st	ADJ
easat-9257	469	27	week	week	NOUN
easat-9257	469	28	of	of	ADP
easat-9257	469	29	january	january	PROPN
easat-9257	469	30	1994	1994	NUM
easat-9257	469	31	to	to	ADP
easat-9257	469	32	the	the	DET
easat-9257	469	33	4th	4th	ADJ
easat-9257	469	34	week	week	NOUN
easat-9257	469	35	of	of	ADP
easat-9257	469	36	december	december	PROPN
easat-9257	469	37	1999	1999	NUM
easat-9257	469	38	)	)	PUNCT
easat-9257	469	39	,	,	PUNCT
easat-9257	469	40	tranquil	tranquil	NOUN
easat-9257	469	41	times	time	NOUN
easat-9257	469	42	(	(	PUNCT
easat-9257	469	43	the	the	DET
easat-9257	469	44	1st	1st	ADJ
easat-9257	469	45	week	week	NOUN
easat-9257	469	46	of	of	ADP
easat-9257	469	47	july	july	PROPN
easat-9257	469	48	2007	2007	NUM
easat-9257	469	49	to	to	ADP
easat-9257	469	50	the	the	DET
easat-9257	469	51	3rd	3rd	ADJ
easat-9257	469	52	week	week	NOUN
easat-9257	469	53	of	of	ADP
easat-9257	469	54	april	april	PROPN
easat-9257	469	55	2009	2009	NUM
easat-9257	469	56	)	)	PUNCT
easat-9257	469	57	,	,	PUNCT
easat-9257	469	58	subprime	subprime	ADJ
easat-9257	469	59	mortgage	mortgage	NOUN
easat-9257	469	60	&	&	CCONJ
easat-9257	469	61	global	global	ADJ
easat-9257	469	62	financial	financial	ADJ
easat-9257	469	63	crisis	crisis	NOUN
easat-9257	469	64	(	(	PUNCT
easat-9257	469	65	1st	1st	ADJ
easat-9257	469	66	week	week	NOUN
easat-9257	469	67	of	of	ADP
easat-9257	469	68	july	july	PROPN
easat-9257	469	69	2007	2007	NUM
easat-9257	469	70	to	to	ADP
easat-9257	469	71	the	the	DET
easat-9257	469	72	3rd	3rd	ADJ
easat-9257	469	73	week	week	NOUN
easat-9257	469	74	of	of	ADP
easat-9257	469	75	april	april	PROPN
easat-9257	469	76	2009	2009	NUM
easat-9257	469	77	)	)	PUNCT
easat-9257	469	78	,	,	PUNCT
easat-9257	469	79	and	and	CCONJ
easat-9257	469	80	the	the	DET
easat-9257	469	81	european	european	ADJ
easat-9257	469	82	debt	debt	NOUN
easat-9257	469	83	crisis	crisis	NOUN
easat-9257	469	84	(	(	PUNCT
easat-9257	469	85	the	the	DET
easat-9257	469	86	4th	4th	ADJ
easat-9257	469	87	week	week	NOUN
easat-9257	469	88	of	of	ADP
easat-9257	469	89	april	april	PROPN
easat-9257	469	90	2009	2009	NUM
easat-9257	469	91	to	to	ADP
easat-9257	469	92	the	the	DET
easat-9257	469	93	4th	4th	ADJ
easat-9257	469	94	week	week	NOUN
easat-9257	469	95	of	of	ADP
easat-9257	469	96	march	march	PROPN
easat-9257	469	97	2012	2012	NUM
easat-9257	469	98	)	)	PUNCT
easat-9257	469	99	.	.	PUNCT
easat-9257	470	1	the	the	DET
easat-9257	470	2	study	study	NOUN
easat-9257	470	3	examines	examine	VERB
easat-9257	470	4	if	if	SCONJ
easat-9257	470	5	conditional	conditional	ADJ
easat-9257	470	6	correlations	correlation	NOUN
easat-9257	470	7	increased	increase	VERB
easat-9257	470	8	during	during	ADP
easat-9257	470	9	these	these	DET
easat-9257	470	10	periods	period	NOUN
easat-9257	470	11	compared	compare	VERB
easat-9257	470	12	to	to	ADP
easat-9257	470	13	those	those	PRON
easat-9257	470	14	without	without	ADP
easat-9257	470	15	financial	financial	ADJ
easat-9257	470	16	events	event	NOUN
easat-9257	470	17	.	.	PUNCT
easat-9257	471	1	the	the	DET
easat-9257	471	2	average	average	ADJ
easat-9257	471	3	correlation	correlation	NOUN
easat-9257	471	4	values	value	NOUN
easat-9257	471	5	for	for	ADP
easat-9257	471	6	costa	costa	ADJ
easat-9257	471	7	ricapanama	ricapanama	NOUN
easat-9257	471	8	during	during	ADP
easat-9257	471	9	these	these	DET
easat-9257	471	10	periods	period	NOUN
easat-9257	471	11	are	be	AUX
easat-9257	471	12	:	:	PUNCT
easat-9257	471	13	0.8146	0.8146	NUM
easat-9257	471	14	(	(	PUNCT
easat-9257	471	15	chaos	chaos	NOUN
easat-9257	471	16	and	and	CCONJ
easat-9257	471	17	confusion	confusion	NOUN
easat-9257	471	18	)	)	PUNCT
easat-9257	471	19	,	,	PUNCT
easat-9257	471	20	0.6501	0.6501	NUM
easat-9257	471	21	(	(	PUNCT
easat-9257	471	22	tranquil	tranquil	PROPN
easat-9257	471	23	)	)	PUNCT
easat-9257	471	24	,	,	PUNCT
easat-9257	471	25	0.8810	0.8810	NUM
easat-9257	471	26	(	(	PUNCT
easat-9257	471	27	gfc	gfc	NOUN
easat-9257	471	28	)	)	PUNCT
easat-9257	471	29	,	,	PUNCT
easat-9257	471	30	and	and	CCONJ
easat-9257	471	31	0.8525	0.8525	NUM
easat-9257	471	32	(	(	PUNCT
easat-9257	471	33	edc	edc	PROPN
easat-9257	471	34	)	)	PUNCT
easat-9257	471	35	.	.	PUNCT
easat-9257	472	1	for	for	ADP
easat-9257	472	2	costa	costa	PROPN
easat-9257	472	3	rica	rica	PROPN
easat-9257	472	4	-	-	PUNCT
easat-9257	472	5	us	us	PROPN
easat-9257	472	6	,	,	PUNCT
easat-9257	472	7	the	the	DET
easat-9257	472	8	averages	average	NOUN
easat-9257	472	9	are	be	AUX
easat-9257	472	10	:	:	PUNCT
easat-9257	472	11	0.8325	0.8325	NUM
easat-9257	472	12	(	(	PUNCT
easat-9257	472	13	chaos	chaos	NOUN
easat-9257	472	14	and	and	CCONJ
easat-9257	472	15	confusion	confusion	NOUN
easat-9257	472	16	)	)	PUNCT
easat-9257	472	17	,	,	PUNCT
easat-9257	472	18	0.6921	0.6921	NUM
easat-9257	472	19	(	(	PUNCT
easat-9257	472	20	tranquil	tranquil	PROPN
easat-9257	472	21	)	)	PUNCT
easat-9257	472	22	,	,	PUNCT
easat-9257	472	23	0.8829	0.8829	NUM
easat-9257	472	24	(	(	PUNCT
easat-9257	472	25	gfc	gfc	NOUN
easat-9257	472	26	)	)	PUNCT
easat-9257	472	27	,	,	PUNCT
easat-9257	472	28	and	and	CCONJ
easat-9257	472	29	0.8635	0.8635	NUM
easat-9257	472	30	(	(	PUNCT
easat-9257	472	31	edc).for	edc).for	ADP
easat-9257	472	32	panama	panama	PROPN
easat-9257	472	33	-	-	PUNCT
easat-9257	472	34	us	us	PROPN
easat-9257	472	35	,	,	PUNCT
easat-9257	472	36	the	the	DET
easat-9257	472	37	averages	average	NOUN
easat-9257	472	38	are	be	AUX
easat-9257	472	39	:	:	PUNCT
easat-9257	472	40	0.8025	0.8025	NUM
easat-9257	472	41	(	(	PUNCT
easat-9257	472	42	chaos	chaos	NOUN
easat-9257	472	43	and	and	CCONJ
easat-9257	472	44	confusion	confusion	NOUN
easat-9257	472	45	)	)	PUNCT
easat-9257	472	46	,	,	PUNCT
easat-9257	472	47	0.6371	0.6371	NUM
easat-9257	472	48	(	(	PUNCT
easat-9257	472	49	tranquil	tranquil	PROPN
easat-9257	472	50	)	)	PUNCT
easat-9257	472	51	,	,	PUNCT
easat-9257	472	52	0.9088	0.9088	NUM
easat-9257	472	53	(	(	PUNCT
easat-9257	472	54	gfc	gfc	NOUN
easat-9257	472	55	)	)	PUNCT
easat-9257	472	56	,	,	PUNCT
easat-9257	472	57	and	and	CCONJ
easat-9257	472	58	0.9015	0.9015	NUM
easat-9257	472	59	(	(	PUNCT
easat-9257	472	60	edc	edc	PROPN
easat-9257	472	61	)	)	PUNCT
easat-9257	472	62	.	.	PUNCT
easat-9257	473	1	these	these	DET
easat-9257	473	2	results	result	NOUN
easat-9257	473	3	suggest	suggest	VERB
easat-9257	473	4	that	that	SCONJ
easat-9257	473	5	average	average	ADJ
easat-9257	473	6	correlation	correlation	NOUN
easat-9257	473	7	values	value	NOUN
easat-9257	473	8	increased	increase	VERB
easat-9257	473	9	during	during	ADP
easat-9257	473	10	the	the	DET
easat-9257	473	11	gfc	gfc	NOUN
easat-9257	473	12	and	and	CCONJ
easat-9257	473	13	edc	edc	PROPN
easat-9257	473	14	periods	period	NOUN
easat-9257	473	15	,	,	PUNCT
easat-9257	473	16	indicating	indicate	VERB
easat-9257	473	17	contagion	contagion	NOUN
easat-9257	473	18	effects	effect	NOUN
easat-9257	473	19	across	across	ADP
easat-9257	473	20	these	these	DET
easat-9257	473	21	stock	stock	NOUN
easat-9257	473	22	markets	market	NOUN
easat-9257	473	23	during	during	ADP
easat-9257	473	24	these	these	DET
easat-9257	473	25	crises	crisis	NOUN
easat-9257	473	26	.	.	PUNCT
easat-9257	474	1	this	this	DET
easat-9257	474	2	hypothesis	hypothesis	NOUN
easat-9257	474	3	will	will	AUX
easat-9257	474	4	be	be	AUX
easat-9257	474	5	further	far	ADV
easat-9257	474	6	tested	test	VERB
easat-9257	474	7	using	use	VERB
easat-9257	474	8	regression	regression	NOUN
easat-9257	474	9	analysis	analysis	NOUN
easat-9257	474	10	of	of	ADP
easat-9257	474	11	event	event	NOUN
easat-9257	474	12	dummies	dummy	NOUN
easat-9257	474	13	to	to	PART
easat-9257	474	14	detect	detect	VERB
easat-9257	474	15	stock	stock	NOUN
easat-9257	474	16	market	market	NOUN
easat-9257	474	17	contagion	contagion	NOUN
easat-9257	474	18	during	during	ADP
easat-9257	474	19	these	these	DET
easat-9257	474	20	crises	crisis	NOUN
easat-9257	474	21	.	.	PUNCT
easat-9257	475	1	table	table	NOUN
easat-9257	475	2	9	9	NUM
easat-9257	475	3	.	.	PUNCT
easat-9257	476	1	estimated	estimate	VERB
easat-9257	476	2	average	average	ADJ
easat-9257	476	3	correlation	correlation	NOUN
easat-9257	476	4	coefficients	coefficient	NOUN
easat-9257	476	5	during	during	ADP
easat-9257	476	6	the	the	DET
easat-9257	476	7	periods	period	NOUN
easat-9257	476	8	of	of	ADP
easat-9257	476	9	two	two	NUM
easat-9257	476	10	events	event	NOUN
easat-9257	476	11	occurred	occur	VERB
easat-9257	476	12	.	.	PUNCT
easat-9257	477	1	period	period	NOUN
easat-9257	477	2	without	without	ADP
easat-9257	477	3	considering	consider	VERB
easat-9257	477	4	subprime	subprime	ADJ
easat-9257	477	5	mortgage	mortgage	NOUN
easat-9257	477	6	&	&	CCONJ
easat-9257	477	7	global	global	ADJ
easat-9257	477	8	financial	financial	ADJ
easat-9257	477	9	crisis	crisis	NOUN
easat-9257	477	10	or	or	CCONJ
easat-9257	477	11	european	european	ADJ
easat-9257	477	12	debt	debt	NOUN
easat-9257	477	13	crisis	crisis	NOUN
easat-9257	477	14	subprime	subprime	NOUN
easat-9257	477	15	mortgage	mortgage	NOUN
easat-9257	477	16	&	&	CCONJ
easat-9257	477	17	global	global	ADJ
easat-9257	477	18	financial	financial	ADJ
easat-9257	477	19	crisis	crisis	NOUN
easat-9257	477	20	(	(	PUNCT
easat-9257	477	21	gfc	gfc	NOUN
easat-9257	477	22	)	)	PUNCT
easat-9257	477	23	european	european	ADJ
easat-9257	477	24	debt	debt	NOUN
easat-9257	477	25	crisis	crisis	NOUN
easat-9257	477	26	(	(	PUNCT
easat-9257	477	27	edc	edc	PROPN
easat-9257	477	28	)	)	PUNCT
easat-9257	477	29	under	under	ADP
easat-9257	477	30	chaos	chaos	NOUN
easat-9257	477	31	&	&	CCONJ
easat-9257	477	32	confusion	confusion	NOUN
easat-9257	477	33	tranquil	tranquil	NOUN
easat-9257	477	34	time	time	NOUN
easat-9257	477	35	from	from	ADP
easat-9257	477	36	the	the	DET
easat-9257	477	37	1st	1st	ADJ
easat-9257	477	38	week	week	NOUN
easat-9257	477	39	of	of	ADP
easat-9257	477	40	january	january	PROPN
easat-9257	477	41	1994	1994	NUM
easat-9257	477	42	to	to	ADP
easat-9257	477	43	the	the	DET
easat-9257	477	44	4th	4th	ADJ
easat-9257	477	45	week	week	NOUN
easat-9257	477	46	of	of	ADP
easat-9257	477	47	december	december	PROPN
easat-9257	477	48	1999	1999	NUM
easat-9257	477	49	from	from	ADP
easat-9257	477	50	the	the	DET
easat-9257	477	51	1st	1st	ADJ
easat-9257	477	52	week	week	NOUN
easat-9257	477	53	of	of	ADP
easat-9257	477	54	january	january	PROPN
easat-9257	477	55	2000	2000	NUM
easat-9257	477	56	to	to	ADP
easat-9257	477	57	the	the	DET
easat-9257	477	58	4th	4th	ADJ
easat-9257	477	59	week	week	NOUN
easat-9257	477	60	of	of	ADP
easat-9257	477	61	june	june	PROPN
easat-9257	477	62	2007	2007	NUM
easat-9257	477	63	from	from	ADP
easat-9257	477	64	the	the	DET
easat-9257	477	65	1st	1st	ADJ
easat-9257	477	66	week	week	NOUN
easat-9257	477	67	of	of	ADP
easat-9257	477	68	july	july	PROPN
easat-9257	477	69	2007	2007	NUM
easat-9257	477	70	to	to	ADP
easat-9257	477	71	the	the	DET
easat-9257	477	72	3rd	3rd	ADJ
easat-9257	477	73	week	week	NOUN
easat-9257	477	74	of	of	ADP
easat-9257	477	75	april	april	PROPN
easat-9257	477	76	2009	2009	NUM
easat-9257	477	77	from	from	ADP
easat-9257	477	78	the	the	DET
easat-9257	477	79	4th	4th	ADJ
easat-9257	477	80	week	week	NOUN
easat-9257	477	81	of	of	ADP
easat-9257	477	82	april	april	PROPN
easat-9257	477	83	2009	2009	NUM
easat-9257	477	84	to	to	ADP
easat-9257	477	85	the	the	DET
easat-9257	477	86	4th	4th	ADJ
easat-9257	477	87	week	week	NOUN
easat-9257	477	88	of	of	ADP
easat-9257	477	89	march	march	PROPN
easat-9257	477	90	2012	2012	NUM
easat-9257	477	91	𝜌𝐶𝑂𝑅𝑃𝐴𝑁	𝜌𝐶𝑂𝑅𝑃𝐴𝑁	PROPN
easat-9257	478	1	0.8146	0.8146	NUM
easat-9257	478	2	0.6501	0.6501	NUM
easat-9257	478	3	0.8810	0.8810	NUM
easat-9257	478	4	0.8525	0.8525	NUM
easat-9257	478	5	𝜌𝐶𝑂𝑅𝑈𝑆	𝜌𝐶𝑂𝑅𝑈𝑆	NOUN
easat-9257	478	6	0.8325	0.8325	NUM
easat-9257	478	7	0.6921	0.6921	NUM
easat-9257	478	8	0.8829	0.8829	NUM
easat-9257	478	9	0.8635	0.8635	NUM
easat-9257	478	10	𝜌𝑃𝐴𝑁𝑈𝑆	𝜌𝑃𝐴𝑁𝑈𝑆	DET
easat-9257	478	11	0.8025	0.8025	NUM
easat-9257	478	12	0.6371	0.6371	NUM
easat-9257	478	13	0.9088	0.9088	NUM
easat-9257	478	14	0.9015	0.9015	NUM
easat-9257	478	15	note	note	NOUN
easat-9257	478	16	:	:	PUNCT
easat-9257	478	17	dcc	dcc	PROPN
easat-9257	478	18	equations	equation	NOUN
easat-9257	478	19	:	:	PUNCT
easat-9257	478	20	𝜌𝑖𝑗,𝑡	𝜌𝑖𝑗,𝑡	PROPN
easat-9257	478	21	=	=	SYM
easat-9257	478	22	𝑞𝑖𝑗,𝑡	𝑞𝑖𝑗,𝑡	X
easat-9257	478	23	√𝑞𝑖𝑖,𝑡𝑞𝑗𝑗,𝑡	√𝑞𝑖𝑖,𝑡𝑞𝑗𝑗,𝑡	NUM
easat-9257	478	24	.	.	PUNCT
easat-9257	479	1	with	with	ADP
easat-9257	479	2	dummy	dummy	ADJ
easat-9257	479	3	variables	variable	NOUN
easat-9257	479	4	for	for	ADP
easat-9257	479	5	the	the	DET
easat-9257	479	6	global	global	ADJ
easat-9257	479	7	events	event	NOUN
easat-9257	479	8	(	(	PUNCT
easat-9257	479	9	gfc	gfc	PROPN
easat-9257	479	10	&	&	CCONJ
easat-9257	479	11	edc	edc	PROPN
easat-9257	479	12	)	)	PUNCT
easat-9257	479	13	.	.	PUNCT
easat-9257	480	1	3.7.2	3.7.2	X
easat-9257	480	2	.	.	PUNCT
easat-9257	480	3	financial	financial	ADJ
easat-9257	480	4	contagion	contagion	NOUN
easat-9257	480	5	effects	effect	NOUN
easat-9257	480	6	this	this	DET
easat-9257	480	7	section	section	NOUN
easat-9257	480	8	analyzes	analyze	VERB
easat-9257	480	9	the	the	DET
easat-9257	480	10	increased	increase	VERB
easat-9257	480	11	correlation	correlation	NOUN
easat-9257	480	12	between	between	ADP
easat-9257	480	13	stock	stock	NOUN
easat-9257	480	14	markets	market	NOUN
easat-9257	480	15	after	after	ADP
easat-9257	480	16	the	the	DET
easat-9257	480	17	gfc	gfc	PROPN
easat-9257	480	18	and	and	CCONJ
easat-9257	480	19	edc	edc	PROPN
easat-9257	480	20	to	to	PART
easat-9257	480	21	understand	understand	VERB
easat-9257	480	22	how	how	SCONJ
easat-9257	480	23	market	market	NOUN
easat-9257	480	24	linkages	linkage	NOUN
easat-9257	480	25	change	change	VERB
easat-9257	480	26	during	during	ADP
easat-9257	480	27	financial	financial	ADJ
easat-9257	480	28	crises	crisis	NOUN
easat-9257	480	29	and	and	CCONJ
easat-9257	480	30	detect	detect	VERB
easat-9257	480	31	contagion	contagion	NOUN
easat-9257	480	32	effects	effect	NOUN
easat-9257	480	33	.	.	PUNCT
easat-9257	481	1	according	accord	VERB
easat-9257	481	2	to	to	ADP
easat-9257	481	3	forbes	forbes	PROPN
easat-9257	481	4	and	and	CCONJ
easat-9257	481	5	rigobon	rigobon	NOUN
easat-9257	481	6	[	[	X
easat-9257	481	7	29	29	NUM
easat-9257	481	8	]	]	PUNCT
easat-9257	481	9	contagion	contagion	NOUN
easat-9257	481	10	is	be	AUX
easat-9257	481	11	defined	define	VERB
easat-9257	481	12	as	as	ADP
easat-9257	481	13	a	a	DET
easat-9257	481	14	significant	significant	ADJ
easat-9257	481	15	rise	rise	NOUN
easat-9257	481	16	in	in	ADP
easat-9257	481	17	cross	cross	ADJ
easat-9257	481	18	-	-	ADJ
easat-9257	481	19	market	market	ADJ
easat-9257	481	20	linkages	linkage	NOUN
easat-9257	481	21	after	after	SCONJ
easat-9257	481	22	a	a	DET
easat-9257	481	23	shock	shock	NOUN
easat-9257	481	24	hits	hit	VERB
easat-9257	481	25	one	one	NUM
easat-9257	481	26	country	country	NOUN
easat-9257	481	27	.	.	PUNCT
easat-9257	482	1	if	if	SCONJ
easat-9257	482	2	markets	market	NOUN
easat-9257	482	3	show	show	VERB
easat-9257	482	4	high	high	ADJ
easat-9257	482	5	co	co	NOUN
easat-9257	482	6	-	-	NOUN
easat-9257	482	7	movement	movement	NOUN
easat-9257	482	8	during	during	ADP
easat-9257	482	9	both	both	CCONJ
easat-9257	482	10	stable	stable	ADJ
easat-9257	482	11	and	and	CCONJ
easat-9257	482	12	crisis	crisis	NOUN
easat-9257	482	13	periods	period	NOUN
easat-9257	482	14	,	,	PUNCT
easat-9257	482	15	it	it	PRON
easat-9257	482	16	indicates	indicate	VERB
easat-9257	482	17	interdependence	interdependence	NOUN
easat-9257	482	18	,	,	PUNCT
easat-9257	482	19	not	not	PART
easat-9257	482	20	contagion	contagion	NOUN
easat-9257	482	21	.	.	PUNCT
easat-9257	483	1	here	here	ADV
easat-9257	483	2	,	,	PUNCT
easat-9257	483	3	we	we	PRON
easat-9257	483	4	apply	apply	VERB
easat-9257	483	5	two	two	NUM
easat-9257	483	6	dummy	dummy	ADJ
easat-9257	483	7	variables	variable	NOUN
easat-9257	483	8	(	(	PUNCT
easat-9257	483	9	d₁	d₁	NOUN
easat-9257	483	10	and	and	CCONJ
easat-9257	483	11	d₂	d₂	NOUN
easat-9257	483	12	)	)	PUNCT
easat-9257	483	13	in	in	ADP
easat-9257	483	14	the	the	DET
easat-9257	483	15	research	research	NOUN
easat-9257	483	16	period	period	NOUN
easat-9257	483	17	to	to	PART
easat-9257	483	18	analyze	analyze	VERB
easat-9257	483	19	how	how	SCONJ
easat-9257	483	20	the	the	DET
easat-9257	483	21	dynamic	dynamic	ADJ
easat-9257	483	22	feature	feature	NOUN
easat-9257	483	23	of	of	ADP
easat-9257	483	24	the	the	DET
easat-9257	483	25	correlations	correlation	NOUN
easat-9257	483	26	change	change	NOUN
easat-9257	483	27	during	during	ADP
easat-9257	483	28	different	different	ADJ
easat-9257	483	29	crisis	crisis	NOUN
easat-9257	483	30	phases	phase	NOUN
easat-9257	483	31	.	.	PUNCT
easat-9257	484	1	the	the	DET
easat-9257	484	2	regression	regression	NOUN
easat-9257	484	3	model	model	NOUN
easat-9257	484	4	is	be	AUX
easat-9257	484	5	presented	present	VERB
easat-9257	484	6	with	with	ADP
easat-9257	484	7	and	and	CCONJ
easat-9257	484	8	without	without	ADP
easat-9257	484	9	these	these	DET
easat-9257	484	10	dummy	dummy	ADJ
easat-9257	484	11	variables	variable	NOUN
easat-9257	484	12	:	:	PUNCT
easat-9257	484	13	250	250	NUM
easat-9257	484	14	edelweiss	edelweiss	PROPN
easat-9257	484	15	applied	apply	VERB
easat-9257	484	16	science	science	NOUN
easat-9257	484	17	and	and	CCONJ
easat-9257	484	18	technology	technology	NOUN
easat-9257	484	19	issn	issn	PROPN
easat-9257	484	20	:	:	PUNCT
easat-9257	484	21	2576	2576	NUM
easat-9257	484	22	-	-	SYM
easat-9257	484	23	8484	8484	NUM
easat-9257	484	24	vol	vol	NOUN
easat-9257	484	25	.	.	PROPN
easat-9257	485	1	9	9	NUM
easat-9257	485	2	,	,	PUNCT
easat-9257	485	3	no	no	INTJ
easat-9257	485	4	.	.	NOUN
easat-9257	485	5	8	8	NUM
easat-9257	485	6	:	:	SYM
easat-9257	485	7	231	231	NUM
easat-9257	485	8	-	-	SYM
easat-9257	485	9	253	253	NUM
easat-9257	485	10	,	,	PUNCT
easat-9257	485	11	2025	2025	NUM
easat-9257	485	12	doi	doi	NOUN
easat-9257	485	13	:	:	PUNCT
easat-9257	485	14	10.55214/2576	10.55214/2576	NUM
easat-9257	485	15	-	-	SYM
easat-9257	485	16	8484.v9i8.9257	8484.v9i8.9257	NUM
easat-9257	485	17	©	©	PROPN
easat-9257	485	18	2025	2025	NUM
easat-9257	485	19	by	by	ADP
easat-9257	485	20	the	the	DET
easat-9257	485	21	author	author	NOUN
easat-9257	485	22	;	;	PUNCT
easat-9257	485	23	licensee	licensee	PROPN
easat-9257	485	24	learning	learn	VERB
easat-9257	485	25	gate	gate	NOUN
easat-9257	485	26	excluding	exclude	VERB
easat-9257	485	27	dummies	dummy	NOUN
easat-9257	485	28	:	:	PUNCT
easat-9257	485	29	𝜌𝑖𝑗,𝑡	𝜌𝑖𝑗,𝑡	NOUN
easat-9257	485	30	=	=	PUNCT
easat-9257	485	31	𝜓𝑖𝑗	𝜓𝑖𝑗	PROPN
easat-9257	485	32	+	+	CCONJ
easat-9257	485	33	𝛿1𝜌𝑖𝑗,𝑡−1	𝛿1𝜌𝑖𝑗,𝑡−1	PROPN
easat-9257	485	34	+	+	CCONJ
easat-9257	485	35	휀𝑖𝑗,𝑡	휀𝑖𝑗,𝑡	PROPN
easat-9257	485	36	(	(	PUNCT
easat-9257	485	37	24	24	NUM
easat-9257	485	38	)	)	PUNCT
easat-9257	485	39	including	include	VERB
easat-9257	485	40	dummies	dummy	NOUN
easat-9257	485	41	:	:	PUNCT
easat-9257	485	42	𝜌𝑖𝑗,𝑡	𝜌𝑖𝑗,𝑡	NOUN
easat-9257	485	43	=	=	PUNCT
easat-9257	486	1	𝜓𝑖𝑗	𝜓𝑖𝑗	PROPN
easat-9257	486	2	+	+	CCONJ
easat-9257	486	3	𝛿1𝜌𝑖𝑗,𝑡−1	𝛿1𝜌𝑖𝑗,𝑡−1	PROPN
easat-9257	486	4	+	+	CCONJ
easat-9257	486	5	𝜃1𝐷1,𝑡	𝜃1𝐷1,𝑡	SYM
easat-9257	486	6	+	+	NUM
easat-9257	486	7	𝜃2𝐷2,𝑡	𝜃2𝐷2,𝑡	SYM
easat-9257	486	8	+	+	NUM
easat-9257	486	9	휀𝑖𝑗,𝑡	휀𝑖𝑗,𝑡	NOUN
easat-9257	486	10	(	(	PUNCT
easat-9257	486	11	25	25	NUM
easat-9257	486	12	)	)	PUNCT
easat-9257	486	13	in	in	ADP
easat-9257	486	14	the	the	DET
easat-9257	486	15	above	above	ADJ
easat-9257	486	16	auto	auto	NOUN
easat-9257	486	17	-	-	PUNCT
easat-9257	486	18	regression	regression	NOUN
easat-9257	486	19	analysis	analysis	NOUN
easat-9257	486	20	,	,	PUNCT
easat-9257	486	21	we	we	PRON
easat-9257	486	22	estimate	estimate	VERB
easat-9257	486	23	the	the	DET
easat-9257	486	24	dccs	dccs	NOUN
easat-9257	486	25	(	(	PUNCT
easat-9257	486	26	𝜌𝑖𝑗,𝑡	𝜌𝑖𝑗,𝑡	PROPN
easat-9257	486	27	)	)	PUNCT
easat-9257	486	28	between	between	ADP
easat-9257	486	29	pairs	pair	NOUN
easat-9257	486	30	of	of	ADP
easat-9257	486	31	stock	stock	NOUN
easat-9257	486	32	markets	market	NOUN
easat-9257	486	33	(	(	PUNCT
easat-9257	486	34	costa	costa	PROPN
easat-9257	486	35	rica	rica	PROPN
easat-9257	486	36	,	,	PUNCT
easat-9257	486	37	panama	panama	PROPN
easat-9257	486	38	,	,	PUNCT
easat-9257	486	39	us	we	PRON
easat-9257	486	40	)	)	PUNCT
easat-9257	486	41	using	use	VERB
easat-9257	486	42	an	an	DET
easat-9257	486	43	intercept	intercept	NOUN
easat-9257	486	44	term	term	NOUN
easat-9257	486	45	(	(	PUNCT
easat-9257	486	46	𝜓𝑖𝑗	𝜓𝑖𝑗	PROPN
easat-9257	486	47	)	)	PUNCT
easat-9257	486	48	for	for	ADP
easat-9257	486	49	each	each	DET
easat-9257	486	50	pair	pair	NOUN
easat-9257	486	51	of	of	ADP
easat-9257	486	52	stock	stock	NOUN
easat-9257	486	53	markets	market	NOUN
easat-9257	486	54	,	,	PUNCT
easat-9257	486	55	two	two	NUM
easat-9257	486	56	crisis	crisis	NOUN
easat-9257	486	57	dummies	dummy	NOUN
easat-9257	486	58	(	(	PUNCT
easat-9257	486	59	𝐷1	𝐷1	NOUN
easat-9257	486	60	for	for	ADP
easat-9257	486	61	gfc	gfc	PROPN
easat-9257	486	62	,	,	PUNCT
easat-9257	486	63	𝐷2	𝐷2	PROPN
easat-9257	486	64	for	for	ADP
easat-9257	486	65	edc	edc	PROPN
easat-9257	486	66	)	)	PUNCT
easat-9257	486	67	with	with	ADP
easat-9257	486	68	coefficients	coefficient	NOUN
easat-9257	486	69	𝜃1and	𝜃1and	CCONJ
easat-9257	486	70	𝜃2	𝜃2	NOUN
easat-9257	486	71	to	to	PART
easat-9257	486	72	capture	capture	VERB
easat-9257	486	73	their	their	PRON
easat-9257	486	74	effects	effect	NOUN
easat-9257	486	75	on	on	ADP
easat-9257	486	76	correlations	correlation	NOUN
easat-9257	486	77	.	.	PUNCT
easat-9257	487	1	we	we	PRON
easat-9257	487	2	also	also	ADV
easat-9257	487	3	include	include	VERB
easat-9257	487	4	an	an	DET
easat-9257	487	5	ar	ar	NOUN
easat-9257	487	6	(	(	PUNCT
easat-9257	487	7	1	1	NUM
easat-9257	487	8	)	)	PUNCT
easat-9257	487	9	lag	lag	NOUN
easat-9257	487	10	(	(	PUNCT
easat-9257	487	11	𝜌𝑖𝑗,𝑡−1	𝜌𝑖𝑗,𝑡−1	VERB
easat-9257	487	12	)	)	PUNCT
easat-9257	487	13	with	with	ADP
easat-9257	487	14	coefficient	coefficient	NOUN
easat-9257	487	15	δ₁	δ₁	NOUN
easat-9257	487	16	to	to	PART
easat-9257	487	17	account	account	VERB
easat-9257	487	18	for	for	ADP
easat-9257	487	19	past	past	ADJ
easat-9257	487	20	correlation	correlation	NOUN
easat-9257	487	21	effects	effect	NOUN
easat-9257	487	22	.	.	PUNCT
easat-9257	488	1	휀𝑖𝑗,𝑡	휀𝑖𝑗,𝑡	NOUN
easat-9257	488	2	represents	represent	VERB
easat-9257	488	3	the	the	DET
easat-9257	488	4	error	error	NOUN
easat-9257	488	5	term	term	NOUN
easat-9257	488	6	with	with	ADP
easat-9257	488	7	𝑖𝑖𝑑𝑁(0	𝑖𝑖𝑑𝑁(0	PROPN
easat-9257	488	8	,	,	PUNCT
easat-9257	488	9	σ2	σ2	NOUN
easat-9257	488	10	)	)	PUNCT
easat-9257	488	11	.	.	PUNCT
easat-9257	489	1	table	table	NOUN
easat-9257	489	2	10	10	NUM
easat-9257	489	3	compares	compare	VERB
easat-9257	489	4	dynamic	dynamic	ADJ
easat-9257	489	5	conditional	conditional	ADJ
easat-9257	489	6	correlations	correlation	NOUN
easat-9257	489	7	under	under	ADP
easat-9257	489	8	two	two	NUM
easat-9257	489	9	scenarios	scenario	NOUN
easat-9257	489	10	.	.	PUNCT
easat-9257	490	1	without	without	ADP
easat-9257	490	2	the	the	DET
easat-9257	490	3	financial	financial	ADJ
easat-9257	490	4	crisis	crisis	NOUN
easat-9257	490	5	dummies	dummy	NOUN
easat-9257	490	6	,	,	PUNCT
easat-9257	490	7	the	the	DET
easat-9257	490	8	ar	ar	PROPN
easat-9257	490	9	(	(	PUNCT
easat-9257	490	10	1	1	NUM
easat-9257	490	11	)	)	PUNCT
easat-9257	490	12	coefficients	coefficient	NOUN
easat-9257	490	13	are	be	AUX
easat-9257	490	14	0.8811	0.8811	NUM
easat-9257	490	15	for	for	ADP
easat-9257	490	16	costa	costa	PROPN
easat-9257	490	17	rica	rica	PROPN
easat-9257	490	18	-	-	PUNCT
easat-9257	490	19	panama	panama	PROPN
easat-9257	490	20	,	,	PUNCT
easat-9257	490	21	0.8639	0.8639	NUM
easat-9257	490	22	for	for	ADP
easat-9257	490	23	costa	costa	PROPN
easat-9257	490	24	rica	rica	PROPN
easat-9257	490	25	-	-	PUNCT
easat-9257	490	26	us	us	PROPN
easat-9257	490	27	,	,	PUNCT
easat-9257	490	28	and	and	CCONJ
easat-9257	490	29	0.8296	0.8296	NUM
easat-9257	490	30	for	for	ADP
easat-9257	490	31	panama	panama	PROPN
easat-9257	490	32	-	-	PUNCT
easat-9257	490	33	us	we	PRON
easat-9257	490	34	.	.	PUNCT
easat-9257	491	1	these	these	DET
easat-9257	491	2	high	high	ADJ
easat-9257	491	3	values	value	NOUN
easat-9257	491	4	indicate	indicate	VERB
easat-9257	491	5	strongly	strongly	ADV
easat-9257	491	6	persistent	persistent	ADJ
easat-9257	491	7	autocorrelation	autocorrelation	NOUN
easat-9257	491	8	,	,	PUNCT
easat-9257	491	9	reflecting	reflect	VERB
easat-9257	491	10	interactions	interaction	NOUN
easat-9257	491	11	or	or	CCONJ
easat-9257	491	12	interdependence	interdependence	NOUN
easat-9257	491	13	between	between	ADP
easat-9257	491	14	each	each	DET
easat-9257	491	15	pair	pair	NOUN
easat-9257	491	16	of	of	ADP
easat-9257	491	17	stock	stock	NOUN
easat-9257	491	18	markets	market	NOUN
easat-9257	491	19	or	or	CCONJ
easat-9257	491	20	among	among	ADP
easat-9257	491	21	these	these	DET
easat-9257	491	22	three	three	NUM
easat-9257	491	23	stock	stock	NOUN
easat-9257	491	24	markets	market	NOUN
easat-9257	491	25	.	.	PUNCT
easat-9257	492	1	considering	consider	VERB
easat-9257	492	2	the	the	DET
easat-9257	492	3	financial	financial	ADJ
easat-9257	492	4	crisis	crisis	NOUN
easat-9257	492	5	dummies	dummy	NOUN
easat-9257	492	6	,	,	PUNCT
easat-9257	492	7	table	table	NOUN
easat-9257	492	8	10	10	NUM
easat-9257	492	9	shows	show	VERB
easat-9257	492	10	the	the	DET
easat-9257	492	11	auto	auto	NOUN
easat-9257	492	12	-	-	PUNCT
easat-9257	492	13	regression	regression	NOUN
easat-9257	492	14	results	result	NOUN
easat-9257	492	15	for	for	ADP
easat-9257	492	16	dccs	dccs	NOUN
easat-9257	492	17	(	(	PUNCT
easat-9257	492	18	𝜌𝑖𝑗,𝑡	𝜌𝑖𝑗,𝑡	PROPN
easat-9257	492	19	)	)	PUNCT
easat-9257	492	20	with	with	ADP
easat-9257	492	21	event	event	NOUN
easat-9257	492	22	dummies	dummy	NOUN
easat-9257	492	23	(	(	PUNCT
easat-9257	492	24	𝐷1	𝐷1	NOUN
easat-9257	492	25	for	for	ADP
easat-9257	492	26	gfc	gfc	PROPN
easat-9257	492	27	,	,	PUNCT
easat-9257	492	28	𝐷2	𝐷2	PROPN
easat-9257	492	29	for	for	ADP
easat-9257	492	30	edc	edc	PROPN
easat-9257	492	31	)	)	PUNCT
easat-9257	492	32	.	.	PUNCT
easat-9257	493	1	the	the	DET
easat-9257	493	2	gfc	gfc	PROPN
easat-9257	493	3	has	have	VERB
easat-9257	493	4	a	a	DET
easat-9257	493	5	significant	significant	ADJ
easat-9257	493	6	positive	positive	ADJ
easat-9257	493	7	impact	impact	NOUN
easat-9257	493	8	on	on	ADP
easat-9257	493	9	costa	costa	PROPN
easat-9257	493	10	rica	rica	PROPN
easat-9257	493	11	-	-	PUNCT
easat-9257	493	12	panama	panama	PROPN
easat-9257	493	13	(	(	PUNCT
easat-9257	493	14	𝜃1	𝜃1	PROPN
easat-9257	493	15	)	)	PUNCT
easat-9257	493	16	,	,	PUNCT
easat-9257	493	17	costa	costa	PROPN
easat-9257	493	18	rica	rica	PROPN
easat-9257	493	19	-	-	PUNCT
easat-9257	493	20	us	us	PROPN
easat-9257	493	21	(	(	PUNCT
easat-9257	493	22	𝜃5	𝜃5	NOUN
easat-9257	493	23	)	)	PUNCT
easat-9257	493	24	,	,	PUNCT
easat-9257	493	25	and	and	CCONJ
easat-9257	493	26	panama	panama	PROPN
easat-9257	493	27	-	-	PUNCT
easat-9257	493	28	us	us	PROPN
easat-9257	493	29	(	(	PUNCT
easat-9257	493	30	𝜃3	𝜃3	ADJ
easat-9257	493	31	)	)	PUNCT
easat-9257	493	32	dynamic	dynamic	ADJ
easat-9257	493	33	conditional	conditional	ADJ
easat-9257	493	34	correlation	correlation	NOUN
easat-9257	493	35	coefficients	coefficient	NOUN
easat-9257	493	36	,	,	PUNCT
easat-9257	493	37	with	with	ADP
easat-9257	493	38	significance	significance	NOUN
easat-9257	493	39	at	at	ADP
easat-9257	493	40	the	the	DET
easat-9257	493	41	5	5	NUM
easat-9257	493	42	%	%	NOUN
easat-9257	493	43	and	and	CCONJ
easat-9257	493	44	1	1	NUM
easat-9257	493	45	%	%	NOUN
easat-9257	493	46	levels	level	NOUN
easat-9257	493	47	.	.	PUNCT
easat-9257	494	1	similarly	similarly	ADV
easat-9257	494	2	,	,	PUNCT
easat-9257	494	3	the	the	DET
easat-9257	494	4	edc	edc	PROPN
easat-9257	494	5	significantly	significantly	ADV
easat-9257	494	6	impacts	impact	VERB
easat-9257	494	7	all	all	DET
easat-9257	494	8	pairs	pair	NOUN
easat-9257	494	9	,	,	PUNCT
easat-9257	494	10	costa	costa	PROPN
easat-9257	494	11	rica	rica	PROPN
easat-9257	494	12	-	-	PUNCT
easat-9257	494	13	panama	panama	PROPN
easat-9257	494	14	(	(	PUNCT
easat-9257	494	15	𝜃2	𝜃2	PROPN
easat-9257	494	16	)	)	PUNCT
easat-9257	494	17	,	,	PUNCT
easat-9257	494	18	costa	costa	PROPN
easat-9257	494	19	rica	rica	PROPN
easat-9257	494	20	-	-	PUNCT
easat-9257	494	21	us	us	PROPN
easat-9257	494	22	(	(	PUNCT
easat-9257	494	23	𝜃4	𝜃4	PROPN
easat-9257	494	24	)	)	PUNCT
easat-9257	494	25	,	,	PUNCT
easat-9257	494	26	and	and	CCONJ
easat-9257	494	27	panama	panama	PROPN
easat-9257	494	28	-	-	PUNCT
easat-9257	494	29	us	us	PROPN
easat-9257	494	30	(	(	PUNCT
easat-9257	494	31	𝜃6	𝜃6	PROPN
easat-9257	494	32	)	)	PUNCT
easat-9257	494	33	,	,	PUNCT
easat-9257	494	34	at	at	ADP
easat-9257	494	35	the	the	DET
easat-9257	494	36	5	5	NUM
easat-9257	494	37	%	%	NOUN
easat-9257	494	38	level	level	NOUN
easat-9257	494	39	.	.	PUNCT
easat-9257	495	1	all	all	DET
easat-9257	495	2	parameters	parameter	NOUN
easat-9257	495	3	for	for	ADP
easat-9257	495	4	the	the	DET
easat-9257	495	5	crisis	crisis	NOUN
easat-9257	495	6	event	event	NOUN
easat-9257	495	7	dummies	dummy	NOUN
easat-9257	495	8	show	show	VERB
easat-9257	495	9	a	a	DET
easat-9257	495	10	positive	positive	ADJ
easat-9257	495	11	impact	impact	NOUN
easat-9257	495	12	on	on	ADP
easat-9257	495	13	dynamic	dynamic	ADJ
easat-9257	495	14	correlation	correlation	NOUN
easat-9257	495	15	coefficients	coefficient	NOUN
easat-9257	495	16	,	,	PUNCT
easat-9257	495	17	indicating	indicate	VERB
easat-9257	495	18	that	that	SCONJ
easat-9257	495	19	contagion	contagion	NOUN
easat-9257	495	20	occurred	occur	VERB
easat-9257	495	21	.	.	PUNCT
easat-9257	496	1	in	in	ADP
easat-9257	496	2	addition	addition	NOUN
easat-9257	496	3	,	,	PUNCT
easat-9257	496	4	the	the	DET
easat-9257	496	5	auto	auto	NOUN
easat-9257	496	6	-	-	PUNCT
easat-9257	496	7	regression	regression	NOUN
easat-9257	496	8	results	result	NOUN
easat-9257	496	9	in	in	ADP
easat-9257	496	10	table	table	NOUN
easat-9257	496	11	10	10	NUM
easat-9257	496	12	show	show	NOUN
easat-9257	496	13	ar(1	ar(1	NOUN
easat-9257	496	14	)	)	PUNCT
easat-9257	496	15	coefficients	coefficient	NOUN
easat-9257	496	16	of	of	ADP
easat-9257	496	17	0.8702	0.8702	NUM
easat-9257	496	18	for	for	ADP
easat-9257	496	19	costa	costa	PROPN
easat-9257	496	20	rica	rica	PROPN
easat-9257	496	21	-	-	PUNCT
easat-9257	496	22	panama	panama	PROPN
easat-9257	496	23	,	,	PUNCT
easat-9257	496	24	0.8426	0.8426	NUM
easat-9257	496	25	for	for	ADP
easat-9257	496	26	costa	costa	PROPN
easat-9257	496	27	rica	rica	PROPN
easat-9257	496	28	-	-	PUNCT
easat-9257	496	29	us	us	PROPN
easat-9257	496	30	,	,	PUNCT
easat-9257	496	31	and	and	CCONJ
easat-9257	496	32	0.8025	0.8025	NUM
easat-9257	496	33	for	for	ADP
easat-9257	496	34	panama	panama	PROPN
easat-9257	496	35	-	-	PUNCT
easat-9257	496	36	us	we	PRON
easat-9257	496	37	based	base	VERB
easat-9257	496	38	on	on	ADP
easat-9257	496	39	prior	prior	ADJ
easat-9257	496	40	-	-	PUNCT
easat-9257	496	41	period	period	NOUN
easat-9257	496	42	dynamic	dynamic	ADJ
easat-9257	496	43	conditional	conditional	ADJ
easat-9257	496	44	correlations	correlation	NOUN
easat-9257	496	45	.	.	PUNCT
easat-9257	497	1	compared	compare	VERB
easat-9257	497	2	to	to	ADP
easat-9257	497	3	the	the	DET
easat-9257	497	4	case	case	NOUN
easat-9257	497	5	without	without	ADP
easat-9257	497	6	considering	consider	VERB
easat-9257	497	7	special	special	ADJ
easat-9257	497	8	events	event	NOUN
easat-9257	497	9	,	,	PUNCT
easat-9257	497	10	we	we	PRON
easat-9257	497	11	observe	observe	VERB
easat-9257	497	12	a	a	DET
easat-9257	497	13	decrease	decrease	NOUN
easat-9257	497	14	in	in	ADP
easat-9257	497	15	these	these	DET
easat-9257	497	16	coefficients	coefficient	NOUN
easat-9257	497	17	:	:	PUNCT
easat-9257	497	18	from	from	ADP
easat-9257	497	19	0.8811	0.8811	NUM
easat-9257	497	20	to	to	ADP
easat-9257	497	21	0.8702	0.8702	NUM
easat-9257	497	22	for	for	ADP
easat-9257	497	23	costa	costa	PROPN
easat-9257	497	24	rica	rica	PROPN
easat-9257	497	25	-	-	PUNCT
easat-9257	497	26	panama	panama	PROPN
easat-9257	497	27	,	,	PUNCT
easat-9257	497	28	from	from	ADP
easat-9257	497	29	0.8639	0.8639	NUM
easat-9257	497	30	to	to	ADP
easat-9257	497	31	0.8426	0.8426	NUM
easat-9257	497	32	for	for	ADP
easat-9257	497	33	costa	costa	PROPN
easat-9257	497	34	rica	rica	PROPN
easat-9257	497	35	-	-	PUNCT
easat-9257	497	36	us	we	PRON
easat-9257	497	37	,	,	PUNCT
easat-9257	497	38	and	and	CCONJ
easat-9257	497	39	from	from	ADP
easat-9257	497	40	0.8296	0.8296	NUM
easat-9257	497	41	to	to	ADP
easat-9257	497	42	0.8025	0.8025	NUM
easat-9257	497	43	for	for	ADP
easat-9257	497	44	panama	panama	PROPN
easat-9257	497	45	-	-	PUNCT
easat-9257	497	46	us	we	PRON
easat-9257	497	47	.	.	PUNCT
easat-9257	498	1	this	this	PRON
easat-9257	498	2	indicates	indicate	VERB
easat-9257	498	3	that	that	SCONJ
easat-9257	498	4	market	market	NOUN
easat-9257	498	5	interactions	interaction	NOUN
easat-9257	498	6	are	be	AUX
easat-9257	498	7	not	not	PART
easat-9257	498	8	only	only	ADV
easat-9257	498	9	driven	drive	VERB
easat-9257	498	10	by	by	ADP
easat-9257	498	11	co	co	NOUN
easat-9257	498	12	-	-	NOUN
easat-9257	498	13	movement	movement	NOUN
easat-9257	498	14	but	but	CCONJ
easat-9257	498	15	also	also	ADV
easat-9257	498	16	by	by	ADP
easat-9257	498	17	contagion	contagion	NOUN
easat-9257	498	18	effects	effect	NOUN
easat-9257	498	19	from	from	ADP
easat-9257	498	20	financial	financial	ADJ
easat-9257	498	21	events	event	NOUN
easat-9257	498	22	like	like	ADP
easat-9257	498	23	the	the	DET
easat-9257	498	24	gfc	gfc	NOUN
easat-9257	498	25	and	and	CCONJ
easat-9257	498	26	edc	edc	PROPN
easat-9257	498	27	.	.	PUNCT
easat-9257	499	1	the	the	DET
easat-9257	499	2	changes	change	NOUN
easat-9257	499	3	in	in	ADP
easat-9257	499	4	correlation	correlation	NOUN
easat-9257	499	5	are	be	AUX
easat-9257	499	6	due	due	ADJ
easat-9257	499	7	to	to	ADP
easat-9257	499	8	external	external	ADJ
easat-9257	499	9	shocks	shock	NOUN
easat-9257	499	10	,	,	PUNCT
easat-9257	499	11	confirming	confirm	VERB
easat-9257	499	12	the	the	DET
easat-9257	499	13	existence	existence	NOUN
easat-9257	499	14	of	of	ADP
easat-9257	499	15	contagion	contagion	NOUN
easat-9257	499	16	.	.	PUNCT
easat-9257	500	1	we	we	PRON
easat-9257	500	2	also	also	ADV
easat-9257	500	3	find	find	VERB
easat-9257	500	4	that	that	SCONJ
easat-9257	500	5	the	the	DET
easat-9257	500	6	gfc	gfc	NOUN
easat-9257	500	7	had	have	VERB
easat-9257	500	8	a	a	DET
easat-9257	500	9	stronger	strong	ADJ
easat-9257	500	10	impact	impact	NOUN
easat-9257	500	11	on	on	ADP
easat-9257	500	12	market	market	NOUN
easat-9257	500	13	correlations	correlation	NOUN
easat-9257	500	14	than	than	ADP
easat-9257	500	15	the	the	DET
easat-9257	500	16	edc	edc	PROPN
easat-9257	500	17	.	.	PUNCT
easat-9257	501	1	for	for	ADP
easat-9257	501	2	model	model	NOUN
easat-9257	501	3	diagnostics	diagnostic	NOUN
easat-9257	501	4	,	,	PUNCT
easat-9257	501	5	we	we	PRON
easat-9257	501	6	still	still	ADV
easat-9257	501	7	used	use	VERB
easat-9257	501	8	the	the	DET
easat-9257	501	9	bhhh	bhhh	ADJ
easat-9257	501	10	method	method	NOUN
easat-9257	501	11	to	to	PART
easat-9257	501	12	estimate	estimate	VERB
easat-9257	501	13	the	the	DET
easat-9257	501	14	auto	auto	NOUN
easat-9257	501	15	-	-	PUNCT
easat-9257	501	16	regression	regression	NOUN
easat-9257	501	17	coefficients	coefficient	NOUN
easat-9257	501	18	,	,	PUNCT
easat-9257	501	19	as	as	SCONJ
easat-9257	501	20	shown	show	VERB
easat-9257	501	21	in	in	ADP
easat-9257	501	22	table	table	NOUN
easat-9257	501	23	10	10	NUM
easat-9257	501	24	.	.	PUNCT
easat-9257	502	1	the	the	DET
easat-9257	502	2	results	result	NOUN
easat-9257	502	3	indicate	indicate	VERB
easat-9257	502	4	a	a	DET
easat-9257	502	5	good	good	ADJ
easat-9257	502	6	fit	fit	NOUN
easat-9257	502	7	,	,	PUNCT
easat-9257	502	8	with	with	ADP
easat-9257	502	9	significant	significant	ADJ
easat-9257	502	10	r²	r²	NOUN
easat-9257	502	11	and	and	CCONJ
easat-9257	502	12	f	f	X
easat-9257	502	13	-	-	PUNCT
easat-9257	502	14	test	test	NOUN
easat-9257	502	15	statistics	statistic	NOUN
easat-9257	502	16	for	for	ADP
easat-9257	502	17	both	both	DET
easat-9257	502	18	models	model	NOUN
easat-9257	502	19	(	(	PUNCT
easat-9257	502	20	with	with	ADP
easat-9257	502	21	and	and	CCONJ
easat-9257	502	22	without	without	ADP
easat-9257	502	23	dummy	dummy	ADJ
easat-9257	502	24	variables	variable	NOUN
easat-9257	502	25	)	)	PUNCT
easat-9257	502	26	.	.	PUNCT
easat-9257	503	1	both	both	CCONJ
easat-9257	503	2	the	the	DET
easat-9257	503	3	durbin	durbin	NOUN
easat-9257	503	4	-	-	PUNCT
easat-9257	503	5	h	h	NOUN
easat-9257	503	6	and	and	CCONJ
easat-9257	503	7	ljung	ljung	ADJ
easat-9257	503	8	-	-	PUNCT
easat-9257	503	9	box	box	NOUN
easat-9257	503	10	q	q	NOUN
easat-9257	503	11	-	-	PUNCT
easat-9257	503	12	tests	test	NOUN
easat-9257	503	13	show	show	VERB
easat-9257	503	14	no	no	DET
easat-9257	503	15	serial	serial	ADJ
easat-9257	503	16	correlation	correlation	NOUN
easat-9257	503	17	in	in	ADP
easat-9257	503	18	the	the	DET
easat-9257	503	19	errors	error	NOUN
easat-9257	503	20	,	,	PUNCT
easat-9257	503	21	confirming	confirm	VERB
easat-9257	503	22	a	a	DET
easat-9257	503	23	white	white	ADJ
easat-9257	503	24	noise	noise	NOUN
easat-9257	503	25	process	process	NOUN
easat-9257	503	26	.	.	PUNCT
easat-9257	504	1	therefore	therefore	ADV
easat-9257	504	2	,	,	PUNCT
easat-9257	504	3	we	we	PRON
easat-9257	504	4	conclude	conclude	VERB
easat-9257	504	5	that	that	SCONJ
easat-9257	504	6	our	our	PRON
easat-9257	504	7	estimated	estimate	VERB
easat-9257	504	8	auto	auto	NOUN
easat-9257	504	9	-	-	PUNCT
easat-9257	504	10	regression	regression	NOUN
easat-9257	504	11	models	model	NOUN
easat-9257	504	12	are	be	AUX
easat-9257	504	13	appropriate	appropriate	ADJ
easat-9257	504	14	,	,	PUNCT
easat-9257	504	15	and	and	CCONJ
easat-9257	504	16	the	the	DET
easat-9257	504	17	interpretations	interpretation	NOUN
easat-9257	504	18	of	of	ADP
easat-9257	504	19	the	the	DET
easat-9257	504	20	above	above	ADJ
easat-9257	504	21	empirical	empirical	ADJ
easat-9257	504	22	findings	finding	NOUN
easat-9257	504	23	are	be	AUX
easat-9257	504	24	both	both	PRON
easat-9257	504	25	valid	valid	ADJ
easat-9257	504	26	and	and	CCONJ
easat-9257	504	27	applicable	applicable	ADJ
easat-9257	504	28	.	.	PUNCT
easat-9257	505	1	251	251	NUM
easat-9257	505	2	edelweiss	edelweiss	PROPN
easat-9257	505	3	applied	apply	VERB
easat-9257	505	4	science	science	NOUN
easat-9257	505	5	and	and	CCONJ
easat-9257	505	6	technology	technology	NOUN
easat-9257	505	7	issn	issn	PROPN
easat-9257	505	8	:	:	PUNCT
easat-9257	505	9	2576	2576	NUM
easat-9257	505	10	-	-	SYM
easat-9257	505	11	8484	8484	NUM
easat-9257	505	12	vol	vol	NOUN
easat-9257	505	13	.	.	PROPN
easat-9257	506	1	9	9	NUM
easat-9257	506	2	,	,	PUNCT
easat-9257	506	3	no	no	INTJ
easat-9257	506	4	.	.	NOUN
easat-9257	506	5	8	8	NUM
easat-9257	506	6	:	:	SYM
easat-9257	506	7	231	231	NUM
easat-9257	506	8	-	-	SYM
easat-9257	506	9	253	253	NUM
easat-9257	506	10	,	,	PUNCT
easat-9257	506	11	2025	2025	NUM
easat-9257	506	12	doi	doi	NOUN
easat-9257	506	13	:	:	PUNCT
easat-9257	506	14	10.55214/2576	10.55214/2576	NUM
easat-9257	506	15	-	-	SYM
easat-9257	506	16	8484.v9i8.9257	8484.v9i8.9257	NUM
easat-9257	506	17	©	©	PROPN
easat-9257	506	18	2025	2025	NUM
easat-9257	506	19	by	by	ADP
easat-9257	506	20	the	the	DET
easat-9257	506	21	author	author	NOUN
easat-9257	506	22	;	;	PUNCT
easat-9257	506	23	licensee	licensee	PROPN
easat-9257	506	24	learning	learn	VERB
easat-9257	506	25	gate	gate	NOUN
easat-9257	506	26	table	table	NOUN
easat-9257	506	27	10	10	NUM
easat-9257	506	28	.	.	PUNCT
easat-9257	507	1	auto	auto	NOUN
easat-9257	507	2	-	-	PUNCT
easat-9257	507	3	regression	regression	NOUN
easat-9257	507	4	estimation	estimation	NOUN
easat-9257	507	5	for	for	ADP
easat-9257	507	6	dcc	dcc	PROPN
easat-9257	507	7	(	(	PUNCT
easat-9257	507	8	𝜌𝑖𝑗,𝑡	𝜌𝑖𝑗,𝑡	PROPN
easat-9257	507	9	)	)	PUNCT
easat-9257	507	10	without	without	ADP
easat-9257	507	11	and	and	CCONJ
easat-9257	507	12	with	with	ADP
easat-9257	507	13	two	two	NUM
easat-9257	507	14	event	event	NOUN
easat-9257	507	15	dummies	dummy	NOUN
easat-9257	507	16	.	.	PUNCT
easat-9257	508	1	note	note	NOUN
easat-9257	508	2	:	:	PUNCT
easat-9257	508	3	(	(	PUNCT
easat-9257	508	4	1	1	X
easat-9257	508	5	)	)	PUNCT
easat-9257	508	6	auto	auto	NOUN
easat-9257	508	7	-	-	PUNCT
easat-9257	508	8	regression	regression	NOUN
easat-9257	508	9	estimation	estimation	NOUN
easat-9257	508	10	for	for	ADP
easat-9257	508	11	dcc	dcc	PROPN
easat-9257	508	12	𝜌𝑖𝑗,𝑡	𝜌𝑖𝑗,𝑡	PROPN
easat-9257	508	13	=	=	PUNCT
easat-9257	509	1	𝜓𝑖𝑗	𝜓𝑖𝑗	PROPN
easat-9257	509	2	+	+	CCONJ
easat-9257	509	3	𝛿1𝜌𝑖𝑗,𝑡−1	𝛿1𝜌𝑖𝑗,𝑡−1	PROPN
easat-9257	509	4	+	+	CCONJ
easat-9257	509	5	휀𝑖𝑗,𝑡	휀𝑖𝑗,𝑡	NOUN
easat-9257	509	6	without	without	ADP
easat-9257	509	7	dummies	dummy	NOUN
easat-9257	509	8	.	.	PUNCT
easat-9257	510	1	(	(	PUNCT
easat-9257	510	2	2	2	X
easat-9257	510	3	)	)	PUNCT
easat-9257	510	4	auto	auto	NOUN
easat-9257	510	5	-	-	PUNCT
easat-9257	510	6	regression	regression	NOUN
easat-9257	510	7	estimation	estimation	NOUN
easat-9257	510	8	for	for	ADP
easat-9257	510	9	dcc	dcc	PROPN
easat-9257	510	10	𝜌𝑖𝑗,𝑡	𝜌𝑖𝑗,𝑡	PROPN
easat-9257	510	11	=	=	PUNCT
easat-9257	511	1	𝜓𝑖𝑗	𝜓𝑖𝑗	PROPN
easat-9257	511	2	+	+	CCONJ
easat-9257	511	3	𝛿1𝜌𝑖𝑗,𝑡−1	𝛿1𝜌𝑖𝑗,𝑡−1	PROPN
easat-9257	511	4	+	+	CCONJ
easat-9257	511	5	𝜃1𝐷1,𝑡	𝜃1𝐷1,𝑡	SYM
easat-9257	511	6	+	+	NUM
easat-9257	511	7	𝜃2𝐷2,𝑡	𝜃2𝐷2,𝑡	SYM
easat-9257	511	8	+	+	NUM
easat-9257	511	9	휀𝑖𝑗,𝑡	휀𝑖𝑗,𝑡	NOUN
easat-9257	511	10	with	with	ADP
easat-9257	511	11	dummies	dummy	NOUN
easat-9257	511	12	.	.	PUNCT
easat-9257	512	1	(	(	PUNCT
easat-9257	512	2	3	3	X
easat-9257	512	3	)	)	PUNCT
easat-9257	512	4	𝐷1	𝐷1	NOUN
easat-9257	512	5	is	be	AUX
easat-9257	512	6	the	the	DET
easat-9257	512	7	dummy	dummy	ADJ
easat-9257	512	8	variable	variable	NOUN
easat-9257	512	9	for	for	ADP
easat-9257	512	10	gfc	gfc	PROPN
easat-9257	512	11	period	period	NOUN
easat-9257	512	12	;	;	PUNCT
easat-9257	512	13	𝐷2	𝐷2	PROPN
easat-9257	512	14	is	be	AUX
easat-9257	512	15	the	the	DET
easat-9257	512	16	dummy	dummy	ADJ
easat-9257	512	17	variable	variable	NOUN
easat-9257	512	18	for	for	ADP
easat-9257	512	19	the	the	DET
easat-9257	512	20	edc	edc	PROPN
easat-9257	512	21	period	period	NOUN
easat-9257	512	22	.	.	PUNCT
easat-9257	513	1	(	(	PUNCT
easat-9257	513	2	4	4	X
easat-9257	513	3	)	)	PUNCT
easat-9257	513	4	durbin	durbin	ADJ
easat-9257	513	5	-	-	PUNCT
easat-9257	513	6	h	h	NOUN
easat-9257	513	7	=	=	SYM
easat-9257	513	8	�	�	PROPN
easat-9257	513	9	̂	̂	NOUN
easat-9257	513	10	�	�	NOUN
easat-9257	513	11	√	√	NUM
easat-9257	513	12	𝑛	𝑛	DET
easat-9257	513	13	1−𝑛	1−𝑛	NUM
easat-9257	513	14	�	�	PROPN
easat-9257	513	15	̂	̂	SYM
easat-9257	513	16	�	�	PROPN
easat-9257	513	17	(	(	PUNCT
easat-9257	513	18	�	�	PROPN
easat-9257	513	19	̂	̂	NOUN
easat-9257	513	20	�	�	NOUN
easat-9257	513	21	)	)	PUNCT
easat-9257	513	22	(	(	PUNCT
easat-9257	513	23	5	5	NUM
easat-9257	513	24	)	)	PUNCT
easat-9257	513	25	*	*	PUNCT
easat-9257	514	1	*	*	PUNCT
easat-9257	514	2	*	*	PUNCT
easat-9257	514	3	,	,	PUNCT
easat-9257	514	4	*	*	PUNCT
easat-9257	514	5	*	*	PUNCT
easat-9257	514	6	and	and	CCONJ
easat-9257	514	7	*	*	PUNCT
easat-9257	514	8	denote	denote	NOUN
easat-9257	514	9	rejection	rejection	NOUN
easat-9257	514	10	of	of	ADP
easat-9257	514	11	the	the	DET
easat-9257	514	12	hypothesis	hypothesis	NOUN
easat-9257	514	13	at	at	ADP
easat-9257	514	14	the	the	DET
easat-9257	514	15	1	1	NUM
easat-9257	514	16	%	%	NOUN
easat-9257	514	17	,	,	PUNCT
easat-9257	514	18	5	5	NUM
easat-9257	514	19	%	%	NOUN
easat-9257	514	20	and	and	CCONJ
easat-9257	514	21	10	10	NUM
easat-9257	514	22	%	%	NOUN
easat-9257	514	23	level	level	NOUN
easat-9257	514	24	,	,	PUNCT
easat-9257	514	25	respectively	respectively	ADV
easat-9257	514	26	.	.	PUNCT
easat-9257	515	1	(	(	PUNCT
easat-9257	515	2	6	6	X
easat-9257	515	3	)	)	PUNCT
easat-9257	515	4	the	the	DET
easat-9257	515	5	numbers	number	NOUN
easat-9257	515	6	in	in	ADP
easat-9257	515	7	parenthesis	parenthesis	NOUN
easat-9257	515	8	are	be	AUX
easat-9257	515	9	the	the	DET
easat-9257	515	10	t	t	NOUN
easat-9257	515	11	-	-	PUNCT
easat-9257	515	12	statistic	statistic	NOUN
easat-9257	515	13	values	value	NOUN
easat-9257	515	14	.	.	PUNCT
easat-9257	516	1	4	4	X
easat-9257	516	2	.	.	X
easat-9257	516	3	concluding	conclude	VERB
easat-9257	516	4	remarks	remark	NOUN
easat-9257	516	5	this	this	DET
easat-9257	516	6	study	study	NOUN
easat-9257	516	7	examines	examine	VERB
easat-9257	516	8	the	the	DET
easat-9257	516	9	interdependence	interdependence	NOUN
easat-9257	516	10	of	of	ADP
easat-9257	516	11	main	main	ADJ
easat-9257	516	12	central	central	PROPN
easat-9257	516	13	america	america	PROPN
easat-9257	516	14	(	(	PUNCT
easat-9257	516	15	costa	costa	PROPN
easat-9257	516	16	rica	rica	PROPN
easat-9257	516	17	and	and	CCONJ
easat-9257	516	18	panama	panama	PROPN
easat-9257	516	19	)	)	PUNCT
easat-9257	516	20	and	and	CCONJ
easat-9257	516	21	the	the	DET
easat-9257	516	22	us	us	PROPN
easat-9257	516	23	stock	stock	NOUN
easat-9257	516	24	markets	market	NOUN
easat-9257	516	25	.	.	PUNCT
easat-9257	517	1	it	it	PRON
easat-9257	517	2	uses	use	VERB
easat-9257	517	3	a	a	DET
easat-9257	517	4	dynamic	dynamic	ADJ
easat-9257	517	5	conditional	conditional	ADJ
easat-9257	517	6	correlation	correlation	NOUN
easat-9257	517	7	(	(	PUNCT
easat-9257	517	8	dcc	dcc	PROPN
easat-9257	517	9	)	)	PUNCT
easat-9257	517	10	model	model	NOUN
easat-9257	517	11	within	within	ADP
easat-9257	517	12	a	a	DET
easat-9257	517	13	multivariate	multivariate	NOUN
easat-9257	517	14	fiecfiaparch	fiecfiaparch	NOUN
easat-9257	517	15	framework	framework	NOUN
easat-9257	517	16	,	,	PUNCT
easat-9257	517	17	accounting	account	VERB
easat-9257	517	18	for	for	ADP
easat-9257	517	19	long	long	ADJ
easat-9257	517	20	memory	memory	NOUN
easat-9257	517	21	,	,	PUNCT
easat-9257	517	22	power	power	NOUN
easat-9257	517	23	effects	effect	NOUN
easat-9257	517	24	,	,	PUNCT
easat-9257	517	25	asymmetry	asymmetry	NOUN
easat-9257	517	26	(	(	PUNCT
easat-9257	517	27	leverage	leverage	NOUN
easat-9257	517	28	)	)	PUNCT
easat-9257	517	29	effects	effect	NOUN
easat-9257	517	30	,	,	PUNCT
easat-9257	517	31	and	and	CCONJ
easat-9257	517	32	time	time	NOUN
easat-9257	517	33	-	-	PUNCT
easat-9257	517	34	varying	vary	VERB
easat-9257	517	35	correlations	correlation	NOUN
easat-9257	517	36	,	,	PUNCT
easat-9257	517	37	while	while	SCONJ
easat-9257	517	38	considering	consider	VERB
easat-9257	517	39	financial	financial	ADJ
easat-9257	517	40	crises	crisis	NOUN
easat-9257	517	41	like	like	ADP
easat-9257	517	42	the	the	DET
easat-9257	517	43	gfc	gfc	NOUN
easat-9257	517	44	and	and	CCONJ
easat-9257	517	45	edc	edc	PROPN
easat-9257	517	46	.	.	PUNCT
easat-9257	518	1	the	the	DET
easat-9257	518	2	results	result	NOUN
easat-9257	518	3	show	show	VERB
easat-9257	518	4	that	that	SCONJ
easat-9257	518	5	the	the	DET
easat-9257	518	6	fiec	fiec	NOUN
easat-9257	518	7	-	-	PUNCT
easat-9257	518	8	fiaparch	fiaparch	NOUN
easat-9257	518	9	-	-	PUNCT
easat-9257	518	10	dcc	dcc	NOUN
easat-9257	518	11	model	model	NOUN
easat-9257	518	12	better	well	ADJ
easat-9257	518	13	captures	capture	VERB
easat-9257	518	14	volatility	volatility	NOUN
easat-9257	518	15	and	and	CCONJ
easat-9257	518	16	time	time	NOUN
easat-9257	518	17	-	-	PUNCT
easat-9257	518	18	varying	vary	VERB
easat-9257	518	19	conditional	conditional	ADJ
easat-9257	518	20	correlations	correlation	NOUN
easat-9257	518	21	compared	compare	VERB
easat-9257	518	22	to	to	ADP
easat-9257	518	23	simpler	simple	ADJ
easat-9257	518	24	models	model	NOUN
easat-9257	518	25	,	,	PUNCT
easat-9257	518	26	with	with	ADP
easat-9257	518	27	persistent	persistent	ADJ
easat-9257	518	28	correlations	correlation	NOUN
easat-9257	518	29	that	that	PRON
easat-9257	518	30	increase	increase	VERB
easat-9257	518	31	during	during	ADP
easat-9257	518	32	financial	financial	ADJ
easat-9257	518	33	crises	crisis	NOUN
easat-9257	518	34	.	.	PUNCT
easat-9257	519	1	the	the	DET
easat-9257	519	2	gfc	gfc	NOUN
easat-9257	519	3	had	have	VERB
easat-9257	519	4	a	a	DET
easat-9257	519	5	greater	great	ADJ
easat-9257	519	6	impact	impact	NOUN
easat-9257	519	7	on	on	ADP
easat-9257	519	8	cross	cross	ADJ
easat-9257	519	9	-	-	ADJ
easat-9257	519	10	market	market	ADJ
easat-9257	519	11	correlations	correlation	NOUN
easat-9257	519	12	than	than	ADP
easat-9257	519	13	the	the	DET
easat-9257	519	14	edc	edc	PROPN
easat-9257	519	15	.	.	PUNCT
easat-9257	520	1	the	the	DET
easat-9257	520	2	corresponding	corresponding	ADJ
easat-9257	520	3	coefficient	coefficient	NOUN
easat-9257	520	4	of	of	ADP
easat-9257	520	5	the	the	DET
easat-9257	520	6	error	error	NOUN
easat-9257	520	7	correction	correction	NOUN
easat-9257	520	8	term	term	NOUN
easat-9257	520	9	(	(	PUNCT
easat-9257	520	10	𝑧𝑡−1	𝑧𝑡−1	NOUN
easat-9257	520	11	)	)	PUNCT
easat-9257	520	12	is	be	AUX
easat-9257	520	13	estimated	estimate	VERB
easat-9257	520	14	to	to	PART
easat-9257	520	15	be	be	AUX
easat-9257	520	16	negative	negative	ADJ
easat-9257	520	17	and	and	CCONJ
easat-9257	520	18	significant	significant	ADJ
easat-9257	520	19	,	,	PUNCT
easat-9257	520	20	indicating	indicate	VERB
easat-9257	520	21	that	that	SCONJ
easat-9257	520	22	the	the	DET
easat-9257	520	23	markets	market	NOUN
easat-9257	520	24	maintain	maintain	VERB
easat-9257	520	25	long	long	ADJ
easat-9257	520	26	-	-	PUNCT
easat-9257	520	27	term	term	NOUN
easat-9257	520	28	equilibrium	equilibrium	NOUN
easat-9257	520	29	and	and	CCONJ
easat-9257	520	30	exhibit	exhibit	VERB
easat-9257	520	31	co	co	NOUN
easat-9257	520	32	-	-	NOUN
easat-9257	520	33	integration	integration	NOUN
easat-9257	520	34	.	.	PUNCT
easat-9257	521	1	this	this	PRON
easat-9257	521	2	suggests	suggest	VERB
easat-9257	521	3	that	that	SCONJ
easat-9257	521	4	,	,	PUNCT
easat-9257	521	5	following	follow	VERB
easat-9257	521	6	an	an	DET
easat-9257	521	7	external	external	ADJ
easat-9257	521	8	shock	shock	NOUN
easat-9257	521	9	,	,	PUNCT
easat-9257	521	10	the	the	DET
easat-9257	521	11	costa	costa	PROPN
easat-9257	521	12	rica	rica	PROPN
easat-9257	521	13	,	,	PUNCT
easat-9257	521	14	panama	panama	PROPN
easat-9257	521	15	,	,	PUNCT
easat-9257	521	16	and	and	CCONJ
easat-9257	521	17	us	us	PROPN
easat-9257	521	18	stock	stock	NOUN
easat-9257	521	19	markets	market	NOUN
easat-9257	521	20	can	can	AUX
easat-9257	521	21	return	return	VERB
easat-9257	521	22	to	to	ADP
easat-9257	521	23	long	long	ADJ
easat-9257	521	24	-	-	PUNCT
easat-9257	521	25	term	term	NOUN
easat-9257	521	26	equilibrium	equilibrium	NOUN
easat-9257	521	27	through	through	ADP
easat-9257	521	28	dynamic	dynamic	ADJ
easat-9257	521	29	adjustments	adjustment	NOUN
easat-9257	521	30	.	.	PUNCT
easat-9257	522	1	the	the	DET
easat-9257	522	2	us	us	PROPN
easat-9257	522	3	stock	stock	NOUN
easat-9257	522	4	market	market	NOUN
easat-9257	522	5	adjusts	adjust	VERB
easat-9257	522	6	faster	fast	ADV
easat-9257	522	7	than	than	ADP
easat-9257	522	8	the	the	DET
easat-9257	522	9	costa	costa	ADJ
easat-9257	522	10	rican	rican	ADJ
easat-9257	522	11	and	and	CCONJ
easat-9257	522	12	panamanian	panamanian	ADJ
easat-9257	522	13	markets	market	NOUN
easat-9257	522	14	,	,	PUNCT
easat-9257	522	15	meaning	mean	VERB
easat-9257	522	16	it	it	PRON
easat-9257	522	17	converges	converge	VERB
easat-9257	522	18	more	more	ADV
easat-9257	522	19	quickly	quickly	ADV
easat-9257	522	20	to	to	ADP
easat-9257	522	21	equilibrium	equilibrium	NOUN
easat-9257	522	22	,	,	PUNCT
easat-9257	522	23	supporting	support	VERB
easat-9257	522	24	the	the	DET
easat-9257	522	25	notion	notion	NOUN
easat-9257	522	26	that	that	SCONJ
easat-9257	522	27	the	the	DET
easat-9257	522	28	us	us	PROPN
easat-9257	522	29	stock	stock	NOUN
easat-9257	522	30	market	market	NOUN
easat-9257	522	31	leads	lead	VERB
easat-9257	522	32	these	these	DET
easat-9257	522	33	central	central	ADJ
easat-9257	522	34	american	american	ADJ
easat-9257	522	35	markets	market	NOUN
easat-9257	522	36	.	.	PUNCT
easat-9257	523	1	thus	thus	ADV
easat-9257	523	2	,	,	PUNCT
easat-9257	523	3	the	the	DET
easat-9257	523	4	us	us	PROPN
easat-9257	523	5	stock	stock	NOUN
easat-9257	523	6	market	market	NOUN
easat-9257	523	7	holds	hold	VERB
easat-9257	523	8	a	a	DET
easat-9257	523	9	dominant	dominant	ADJ
easat-9257	523	10	position	position	NOUN
easat-9257	523	11	among	among	ADP
easat-9257	523	12	the	the	DET
easat-9257	523	13	three	three	NUM
easat-9257	523	14	stock	stock	NOUN
easat-9257	523	15	markets	market	NOUN
easat-9257	523	16	.	.	PUNCT
easat-9257	524	1	additionally	additionally	ADV
easat-9257	524	2	,	,	PUNCT
easat-9257	524	3	the	the	DET
easat-9257	524	4	results	result	NOUN
easat-9257	524	5	show	show	VERB
easat-9257	524	6	a	a	DET
easat-9257	524	7	bidirectional	bidirectional	NOUN
easat-9257	524	8	(	(	PUNCT
easat-9257	524	9	two	two	NUM
easat-9257	524	10	-	-	PUNCT
easat-9257	524	11	way	way	NOUN
easat-9257	524	12	)	)	PUNCT
easat-9257	524	13	mean	mean	VERB
easat-9257	524	14	return	return	NOUN
easat-9257	524	15	spillover	spillover	VERB
easat-9257	524	16	effect	effect	NOUN
easat-9257	524	17	between	between	ADP
easat-9257	524	18	costa	costa	PROPN
easat-9257	524	19	rica	rica	PROPN
easat-9257	524	20	and	and	CCONJ
easat-9257	524	21	panama	panama	PROPN
easat-9257	524	22	,	,	PUNCT
easat-9257	524	23	while	while	SCONJ
easat-9257	524	24	the	the	DET
easat-9257	524	25	us	us	PROPN
easat-9257	524	26	stock	stock	NOUN
easat-9257	524	27	market	market	NOUN
easat-9257	524	28	influences	influence	VERB
easat-9257	524	29	both	both	CCONJ
easat-9257	524	30	with	with	ADP
easat-9257	524	31	a	a	DET
easat-9257	524	32	unidirectional	unidirectional	ADJ
easat-9257	524	33	(	(	PUNCT
easat-9257	524	34	one	one	NUM
easat-9257	524	35	-	-	PUNCT
easat-9257	524	36	way	way	NOUN
easat-9257	524	37	)	)	PUNCT
easat-9257	524	38	spillover	spillover	VERB
easat-9257	524	39	effect	effect	NOUN
easat-9257	524	40	.	.	PUNCT
easat-9257	525	1	the	the	DET
easat-9257	525	2	us	us	PROPN
easat-9257	525	3	stock	stock	NOUN
easat-9257	525	4	market	market	NOUN
easat-9257	525	5	plays	play	VERB
easat-9257	525	6	a	a	DET
easat-9257	525	7	key	key	ADJ
easat-9257	525	8	role	role	NOUN
easat-9257	525	9	for	for	ADP
easat-9257	525	10	price	price	NOUN
easat-9257	525	11	discovery	discovery	NOUN
easat-9257	525	12	in	in	ADP
easat-9257	525	13	these	these	DET
easat-9257	525	14	three	three	NUM
easat-9257	525	15	markets	market	NOUN
easat-9257	525	16	.	.	PUNCT
easat-9257	526	1	with	with	ADP
easat-9257	526	2	regard	regard	NOUN
easat-9257	526	3	to	to	ADP
easat-9257	526	4	inter	inter	ADJ
easat-9257	526	5	-	-	ADJ
easat-9257	526	6	market	market	ADJ
easat-9257	526	7	volatility	volatility	NOUN
easat-9257	526	8	effects	effect	NOUN
easat-9257	526	9	,	,	PUNCT
easat-9257	526	10	we	we	PRON
easat-9257	526	11	find	find	VERB
easat-9257	526	12	a	a	DET
easat-9257	526	13	two	two	NUM
easat-9257	526	14	-	-	PUNCT
easat-9257	526	15	way	way	NOUN
easat-9257	526	16	volatility	volatility	NOUN
easat-9257	526	17	spillover	spillover	VERB
easat-9257	526	18	between	between	ADP
easat-9257	526	19	costa	costa	PROPN
easat-9257	526	20	rica	rica	PROPN
easat-9257	526	21	and	and	CCONJ
easat-9257	526	22	panama	panama	PROPN
easat-9257	526	23	stock	stock	NOUN
easat-9257	526	24	markets	market	NOUN
easat-9257	526	25	,	,	PUNCT
easat-9257	526	26	and	and	CCONJ
easat-9257	526	27	a	a	DET
easat-9257	526	28	one	one	NUM
easat-9257	526	29	-	-	PUNCT
easat-9257	526	30	way	way	NOUN
easat-9257	526	31	spillover	spillover	NOUN
easat-9257	526	32	from	from	ADP
easat-9257	526	33	the	the	DET
easat-9257	526	34	us	us	PROPN
easat-9257	526	35	to	to	ADP
easat-9257	526	36	costa	costa	PROPN
easat-9257	526	37	rica	rica	PROPN
easat-9257	526	38	and	and	CCONJ
easat-9257	526	39	panama	panama	PROPN
easat-9257	526	40	.	.	PUNCT
easat-9257	527	1	costa	costa	PROPN
easat-9257	527	2	rica	rica	PROPN
easat-9257	527	3	-	-	PUNCT
easat-9257	527	4	panama	panama	PROPN
easat-9257	527	5	costa	costa	PROPN
easat-9257	527	6	rica	rica	PROPN
easat-9257	527	7	-	-	PUNCT
easat-9257	527	8	us	us	PROPN
easat-9257	527	9	panama	panama	PROPN
easat-9257	527	10	-	-	PUNCT
easat-9257	527	11	us	we	PRON
easat-9257	527	12	without	without	ADP
easat-9257	527	13	dummy	dummy	NOUN
easat-9257	527	14	with	with	ADP
easat-9257	527	15	dummy	dummy	NOUN
easat-9257	527	16	without	without	ADP
easat-9257	527	17	dummy	dummy	NOUN
easat-9257	527	18	with	with	ADP
easat-9257	527	19	dummy	dummy	NOUN
easat-9257	527	20	without	without	ADP
easat-9257	527	21	dummy	dummy	NOUN
easat-9257	527	22	with	with	ADP
easat-9257	527	23	dummy	dummy	ADJ
easat-9257	527	24	𝜓𝑖𝑗	𝜓𝑖𝑗	NOUN
easat-9257	527	25	0.0182	0.0182	NUM
easat-9257	527	26	*	*	NOUN
easat-9257	527	27	*	*	PUNCT
easat-9257	527	28	*	*	PUNCT
easat-9257	527	29	(	(	PUNCT
easat-9257	527	30	3.4159	3.4159	NUM
easat-9257	527	31	)	)	PUNCT
easat-9257	527	32	0.0121	0.0121	NUM
easat-9257	527	33	(	(	PUNCT
easat-9257	527	34	1.9685	1.9685	NUM
easat-9257	527	35	)	)	PUNCT
easat-9257	527	36	0.0084	0.0084	NUM
easat-9257	527	37	(	(	PUNCT
easat-9257	527	38	1.6578	1.6578	NUM
easat-9257	527	39	)	)	PUNCT
easat-9257	527	40	0.0075	0.0075	NUM
easat-9257	527	41	(	(	PUNCT
easat-9257	527	42	0.9967	0.9967	NUM
easat-9257	527	43	)	)	PUNCT
easat-9257	527	44	0.0502	0.0502	NUM
easat-9257	528	1	*	*	PUNCT
easat-9257	528	2	*	*	PUNCT
easat-9257	528	3	*	*	PUNCT
easat-9257	528	4	(	(	PUNCT
easat-9257	528	5	6.8025	6.8025	NUM
easat-9257	528	6	)	)	PUNCT
easat-9257	528	7	0.0605	0.0605	NUM
easat-9257	529	1	*	*	PUNCT
easat-9257	529	2	*	*	PUNCT
easat-9257	529	3	*	*	PUNCT
easat-9257	529	4	(	(	PUNCT
easat-9257	529	5	7.8452	7.8452	NUM
easat-9257	529	6	)	)	PUNCT
easat-9257	529	7	𝜌𝑖𝑗,𝑡−1(𝛿1	𝜌𝑖𝑗,𝑡−1(𝛿1	NOUN
easat-9257	529	8	)	)	PUNCT
easat-9257	529	9	0.8811	0.8811	NUM
easat-9257	530	1	*	*	PUNCT
easat-9257	530	2	*	*	PUNCT
easat-9257	530	3	*	*	PROPN
easat-9257	530	4	27.5141	27.5141	NUM
easat-9257	530	5	0.8702	0.8702	NUM
easat-9257	530	6	*	*	PUNCT
easat-9257	530	7	*	*	PUNCT
easat-9257	530	8	*	*	PUNCT
easat-9257	530	9	(	(	PUNCT
easat-9257	530	10	61.3054	61.3054	NUM
easat-9257	530	11	)	)	PUNCT
easat-9257	530	12	0.8639	0.8639	NUM
easat-9257	531	1	*	*	PUNCT
easat-9257	531	2	*	*	PUNCT
easat-9257	531	3	*	*	PUNCT
easat-9257	531	4	(	(	PUNCT
easat-9257	531	5	28.5021	28.5021	NUM
easat-9257	531	6	)	)	PUNCT
easat-9257	531	7	0.8426	0.8426	NUM
easat-9257	532	1	*	*	PUNCT
easat-9257	532	2	*	*	PUNCT
easat-9257	532	3	*	*	PUNCT
easat-9257	532	4	(	(	PUNCT
easat-9257	532	5	53.2514	53.2514	NUM
easat-9257	532	6	)	)	PUNCT
easat-9257	532	7	0.8296	0.8296	NUM
easat-9257	532	8	*	*	PUNCT
easat-9257	532	9	*	*	PUNCT
easat-9257	532	10	*	*	PUNCT
easat-9257	532	11	(	(	PUNCT
easat-9257	532	12	28.004	28.004	NUM
easat-9257	532	13	)	)	PUNCT
easat-9257	532	14	0.8025	0.8025	NUM
easat-9257	532	15	*	*	PUNCT
easat-9257	532	16	*	*	PUNCT
easat-9257	532	17	*	*	PUNCT
easat-9257	532	18	(	(	PUNCT
easat-9257	532	19	45.1146	45.1146	NUM
easat-9257	532	20	)	)	PUNCT
easat-9257	532	21	𝜃1(𝐷1	𝜃1(𝐷1	NUM
easat-9257	532	22	)	)	PUNCT
easat-9257	532	23	0.0504	0.0504	NUM
easat-9257	532	24	*	*	PUNCT
easat-9257	532	25	*	*	PUNCT
easat-9257	532	26	(	(	PUNCT
easat-9257	532	27	3.0145	3.0145	NUM
easat-9257	532	28	)	)	PUNCT
easat-9257	532	29	𝜃2(𝐷2	𝜃2(𝐷2	NOUN
easat-9257	532	30	)	)	PUNCT
easat-9257	533	1	0.0417	0.0417	NUM
easat-9257	533	2	*	*	PUNCT
easat-9257	533	3	*	*	PUNCT
easat-9257	533	4	(	(	PUNCT
easat-9257	533	5	2.9458	2.9458	NUM
easat-9257	533	6	)	)	PUNCT
easat-9257	533	7	𝜃3(𝐷1	𝜃3(𝐷1	PROPN
easat-9257	533	8	)	)	PUNCT
easat-9257	533	9	0.0881	0.0881	NUM
easat-9257	533	10	*	*	PUNCT
easat-9257	533	11	*	*	PUNCT
easat-9257	533	12	*	*	PUNCT
easat-9257	533	13	(	(	PUNCT
easat-9257	533	14	4.3572	4.3572	NUM
easat-9257	533	15	)	)	PUNCT
easat-9257	533	16	𝜃4(𝐷2	𝜃4(𝐷2	NOUN
easat-9257	533	17	)	)	PUNCT
easat-9257	533	18	0.0621	0.0621	NUM
easat-9257	534	1	*	*	SYM
easat-9257	534	2	*	*	PUNCT
easat-9257	534	3	(	(	PUNCT
easat-9257	534	4	2.9015	2.9015	NUM
easat-9257	534	5	)	)	PUNCT
easat-9257	534	6	𝜃5(𝐷1	𝜃5(𝐷1	VERB
easat-9257	534	7	)	)	PUNCT
easat-9257	534	8	0.0521	0.0521	NUM
easat-9257	534	9	*	*	PUNCT
easat-9257	534	10	*	*	PUNCT
easat-9257	534	11	(	(	PUNCT
easat-9257	534	12	3.0012	3.0012	NUM
easat-9257	534	13	)	)	PUNCT
easat-9257	534	14	𝜃6(𝐷2	𝜃6(𝐷2	NOUN
easat-9257	534	15	)	)	PUNCT
easat-9257	534	16	0.0421	0.0421	NUM
easat-9257	534	17	*	*	PUNCT
easat-9257	534	18	*	*	PUNCT
easat-9257	534	19	(	(	PUNCT
easat-9257	534	20	2.0915	2.0915	NUM
easat-9257	534	21	)	)	PUNCT
easat-9257	534	22	𝑅2	𝑅2	NOUN
easat-9257	534	23	0.6889	0.6889	NUM
easat-9257	534	24	0.8025	0.8025	NUM
easat-9257	534	25	0.6625	0.6625	NUM
easat-9257	534	26	0.7624	0.7624	NUM
easat-9257	534	27	0.7012	0.7012	NUM
easat-9257	534	28	0.6024	0.6024	NUM
easat-9257	534	29	f	f	X
easat-9257	534	30	-	-	PUNCT
easat-9257	534	31	stat	stat	NOUN
easat-9257	534	32	580.4102	580.4102	NUM
easat-9257	534	33	1514.8891	1514.8891	NUM
easat-9257	535	1	541.0012	541.0012	NUM
easat-9257	535	2	1192.4151	1192.4151	NUM
easat-9257	535	3	646.5015	646.5015	NUM
easat-9257	535	4	760.3057	760.3057	NUM
easat-9257	535	5	mse	mse	NOUN
easat-9257	535	6	0.1527	0.1527	NUM
easat-9257	535	7	0.1428	0.1428	NUM
easat-9257	535	8	0.1523	0.1523	NUM
easat-9257	535	9	0.1805	0.1805	NUM
easat-9257	536	1	0.1559	0.1559	NUM
easat-9257	536	2	0.1775	0.1775	NUM
easat-9257	536	3	d	d	X
easat-9257	536	4	-	-	PUNCT
easat-9257	536	5	h	h	NOUN
easat-9257	536	6	0.0041	0.0041	NUM
easat-9257	536	7	0.0046	0.0046	NUM
easat-9257	536	8	0.0041	0.0041	NUM
easat-9257	536	9	0.0036	0.0036	NUM
easat-9257	536	10	0.0049	0.0049	NUM
easat-9257	536	11	0.0029	0.0029	NUM
easat-9257	536	12	𝑄(6	𝑄(6	NUM
easat-9257	536	13	)	)	PUNCT
easat-9257	536	14	2.6001	2.6001	NUM
easat-9257	536	15	2.5415	2.5415	NUM
easat-9257	536	16	9.5226	9.5226	NUM
easat-9257	536	17	9.5712	9.5712	NUM
easat-9257	536	18	7.8326	7.8326	NUM
easat-9257	536	19	7.8501	7.8501	NUM
easat-9257	536	20	252	252	NUM
easat-9257	536	21	edelweiss	edelweiss	PROPN
easat-9257	536	22	applied	apply	VERB
easat-9257	536	23	science	science	NOUN
easat-9257	536	24	and	and	CCONJ
easat-9257	536	25	technology	technology	NOUN
easat-9257	536	26	issn	issn	PROPN
easat-9257	536	27	:	:	PUNCT
easat-9257	536	28	2576	2576	NUM
easat-9257	536	29	-	-	SYM
easat-9257	536	30	8484	8484	NUM
easat-9257	536	31	vol	vol	NOUN
easat-9257	536	32	.	.	PROPN
easat-9257	537	1	9	9	NUM
easat-9257	537	2	,	,	PUNCT
easat-9257	537	3	no	no	INTJ
easat-9257	537	4	.	.	NOUN
easat-9257	537	5	8	8	NUM
easat-9257	537	6	:	:	SYM
easat-9257	537	7	231	231	NUM
easat-9257	537	8	-	-	SYM
easat-9257	537	9	253	253	NUM
easat-9257	537	10	,	,	PUNCT
easat-9257	537	11	2025	2025	NUM
easat-9257	537	12	doi	doi	NOUN
easat-9257	537	13	:	:	PUNCT
easat-9257	537	14	10.55214/2576	10.55214/2576	NUM
easat-9257	537	15	-	-	SYM
easat-9257	537	16	8484.v9i8.9257	8484.v9i8.9257	NUM
easat-9257	537	17	©	©	PROPN
easat-9257	537	18	2025	2025	NUM
easat-9257	537	19	by	by	ADP
easat-9257	537	20	the	the	DET
easat-9257	537	21	author	author	NOUN
easat-9257	537	22	;	;	PUNCT
easat-9257	537	23	licensee	licensee	PROPN
easat-9257	537	24	learning	learning	NOUN
easat-9257	537	25	gate	gate	PROPN
easat-9257	537	26	international	international	ADJ
easat-9257	537	27	investors	investor	NOUN
easat-9257	537	28	should	should	AUX
easat-9257	537	29	consider	consider	VERB
easat-9257	537	30	not	not	PART
easat-9257	537	31	only	only	ADV
easat-9257	537	32	the	the	DET
easat-9257	537	33	volatility	volatility	NOUN
easat-9257	537	34	in	in	ADP
easat-9257	537	35	their	their	PRON
easat-9257	537	36	local	local	ADJ
easat-9257	537	37	markets	market	NOUN
easat-9257	537	38	but	but	CCONJ
easat-9257	537	39	also	also	ADV
easat-9257	537	40	the	the	DET
easat-9257	537	41	volatility	volatility	NOUN
easat-9257	537	42	spillover	spillover	VERB
easat-9257	537	43	from	from	ADP
easat-9257	537	44	the	the	DET
easat-9257	537	45	us	us	PROPN
easat-9257	537	46	.	.	PUNCT
easat-9257	538	1	this	this	PRON
easat-9257	538	2	can	can	AUX
easat-9257	538	3	influence	influence	VERB
easat-9257	538	4	their	their	PRON
easat-9257	538	5	asset	asset	NOUN
easat-9257	538	6	allocation	allocation	NOUN
easat-9257	538	7	strategies	strategy	NOUN
easat-9257	538	8	,	,	PUNCT
easat-9257	538	9	including	include	VERB
easat-9257	538	10	arbitrage	arbitrage	NOUN
easat-9257	538	11	,	,	PUNCT
easat-9257	538	12	flight	flight	NOUN
easat-9257	538	13	-	-	PUNCT
easat-9257	538	14	to	to	ADP
easat-9257	538	15	-	-	PUNCT
easat-9257	538	16	quality	quality	NOUN
easat-9257	538	17	,	,	PUNCT
easat-9257	538	18	or	or	CCONJ
easat-9257	538	19	flight	flight	NOUN
easat-9257	538	20	-	-	PUNCT
easat-9257	538	21	to	to	ADP
easat-9257	538	22	-	-	PUNCT
easat-9257	538	23	safety	safety	NOUN
easat-9257	538	24	strategies	strategy	NOUN
easat-9257	538	25	.	.	PUNCT
easat-9257	539	1	in	in	ADP
easat-9257	539	2	terms	term	NOUN
easat-9257	539	3	of	of	ADP
easat-9257	539	4	long	long	ADJ
easat-9257	539	5	memory	memory	NOUN
easat-9257	539	6	,	,	PUNCT
easat-9257	539	7	the	the	DET
easat-9257	539	8	fractional	fractional	ADJ
easat-9257	539	9	differencing	differencing	NOUN
easat-9257	539	10	coefficients	coefficient	NOUN
easat-9257	539	11	suggest	suggest	VERB
easat-9257	539	12	that	that	SCONJ
easat-9257	539	13	return	return	VERB
easat-9257	539	14	volatilities	volatility	NOUN
easat-9257	539	15	for	for	ADP
easat-9257	539	16	all	all	DET
easat-9257	539	17	three	three	NUM
easat-9257	539	18	markets	market	NOUN
easat-9257	539	19	exhibit	exhibit	VERB
easat-9257	539	20	long	long	ADJ
easat-9257	539	21	memory	memory	NOUN
easat-9257	539	22	,	,	PUNCT
easat-9257	539	23	meaning	mean	VERB
easat-9257	539	24	past	past	ADJ
easat-9257	539	25	information	information	NOUN
easat-9257	539	26	can	can	AUX
easat-9257	539	27	help	help	AUX
easat-9257	539	28	forecast	forecast	VERB
easat-9257	539	29	future	future	ADJ
easat-9257	539	30	volatility	volatility	NOUN
easat-9257	539	31	.	.	PUNCT
easat-9257	540	1	costa	costa	PROPN
easat-9257	540	2	rica	rica	PROPN
easat-9257	540	3	has	have	VERB
easat-9257	540	4	the	the	DET
easat-9257	540	5	highest	high	ADJ
easat-9257	540	6	fractional	fractional	ADJ
easat-9257	540	7	differencing	differencing	NOUN
easat-9257	540	8	coefficient	coefficient	NOUN
easat-9257	540	9	,	,	PUNCT
easat-9257	540	10	followed	follow	VERB
easat-9257	540	11	by	by	ADP
easat-9257	540	12	panama	panama	PROPN
easat-9257	540	13	,	,	PUNCT
easat-9257	540	14	while	while	SCONJ
easat-9257	540	15	the	the	DET
easat-9257	540	16	us	us	PROPN
easat-9257	540	17	has	have	VERB
easat-9257	540	18	the	the	DET
easat-9257	540	19	lowest	low	ADJ
easat-9257	540	20	,	,	PUNCT
easat-9257	540	21	due	due	ADP
easat-9257	540	22	to	to	ADP
easat-9257	540	23	its	its	PRON
easat-9257	540	24	greater	great	ADJ
easat-9257	540	25	market	market	NOUN
easat-9257	540	26	transparency	transparency	NOUN
easat-9257	540	27	and	and	CCONJ
easat-9257	540	28	faster	fast	ADJ
easat-9257	540	29	absorption	absorption	NOUN
easat-9257	540	30	of	of	ADP
easat-9257	540	31	new	new	ADJ
easat-9257	540	32	information	information	NOUN
easat-9257	540	33	.	.	PUNCT
easat-9257	541	1	asymmetric	asymmetric	ADJ
easat-9257	541	2	effects	effect	NOUN
easat-9257	541	3	are	be	AUX
easat-9257	541	4	present	present	ADJ
easat-9257	541	5	in	in	ADP
easat-9257	541	6	return	return	NOUN
easat-9257	541	7	volatility	volatility	NOUN
easat-9257	541	8	,	,	PUNCT
easat-9257	541	9	meaning	mean	VERB
easat-9257	541	10	negative	negative	ADJ
easat-9257	541	11	shocks	shock	NOUN
easat-9257	541	12	have	have	VERB
easat-9257	541	13	a	a	DET
easat-9257	541	14	stronger	strong	ADJ
easat-9257	541	15	impact	impact	NOUN
easat-9257	541	16	than	than	ADP
easat-9257	541	17	positive	positive	ADJ
easat-9257	541	18	shocks	shock	NOUN
easat-9257	541	19	.	.	PUNCT
easat-9257	542	1	the	the	DET
easat-9257	542	2	three	three	NUM
easat-9257	542	3	estimated	estimate	VERB
easat-9257	542	4	power	power	NOUN
easat-9257	542	5	coefficients	coefficient	NOUN
easat-9257	542	6	(	(	PUNCT
easat-9257	542	7	𝛿	𝛿	X
easat-9257	542	8	)	)	PUNCT
easat-9257	542	9	are	be	AUX
easat-9257	542	10	significantly	significantly	ADV
easat-9257	542	11	different	different	ADJ
easat-9257	542	12	from	from	ADP
easat-9257	542	13	unity	unity	NOUN
easat-9257	542	14	also	also	ADV
easat-9257	542	15	significantly	significantly	ADV
easat-9257	542	16	different	different	ADJ
easat-9257	542	17	from	from	ADP
easat-9257	542	18	two	two	NUM
easat-9257	542	19	,	,	PUNCT
easat-9257	542	20	indicating	indicate	VERB
easat-9257	542	21	significant	significant	ADJ
easat-9257	542	22	differences	difference	NOUN
easat-9257	542	23	in	in	ADP
easat-9257	542	24	the	the	DET
easat-9257	542	25	variance	variance	NOUN
easat-9257	542	26	for	for	ADP
easat-9257	542	27	each	each	DET
easat-9257	542	28	market	market	NOUN
easat-9257	542	29	.	.	PUNCT
easat-9257	543	1	this	this	PRON
easat-9257	543	2	supports	support	VERB
easat-9257	543	3	the	the	DET
easat-9257	543	4	asymmetric	asymmetric	ADJ
easat-9257	543	5	power	power	NOUN
easat-9257	543	6	fractionally	fractionally	ADV
easat-9257	543	7	integrated	integrate	VERB
easat-9257	543	8	model	model	NOUN
easat-9257	543	9	.	.	PUNCT
easat-9257	544	1	finally	finally	ADV
easat-9257	544	2	,	,	PUNCT
easat-9257	544	3	panama	panama	PROPN
easat-9257	544	4	’s	’s	PART
easat-9257	544	5	stock	stock	NOUN
easat-9257	544	6	return	return	NOUN
easat-9257	544	7	volatility	volatility	NOUN
easat-9257	544	8	is	be	AUX
easat-9257	544	9	more	more	ADV
easat-9257	544	10	influenced	influence	VERB
easat-9257	544	11	by	by	ADP
easat-9257	544	12	the	the	DET
easat-9257	544	13	edc	edc	PROPN
easat-9257	544	14	event	event	NOUN
easat-9257	544	15	compared	compare	VERB
easat-9257	544	16	to	to	ADP
easat-9257	544	17	costa	costa	PROPN
easat-9257	544	18	rica	rica	PROPN
easat-9257	544	19	and	and	CCONJ
easat-9257	544	20	the	the	DET
easat-9257	544	21	us	us	PROPN
easat-9257	544	22	.	.	PUNCT
easat-9257	545	1	the	the	DET
easat-9257	545	2	us	us	PROPN
easat-9257	545	3	stock	stock	NOUN
easat-9257	545	4	market	market	NOUN
easat-9257	545	5	is	be	AUX
easat-9257	545	6	less	less	ADV
easat-9257	545	7	affected	affect	VERB
easat-9257	545	8	by	by	ADP
easat-9257	545	9	the	the	DET
easat-9257	545	10	edc	edc	PROPN
easat-9257	545	11	event	event	NOUN
easat-9257	545	12	compared	compare	VERB
easat-9257	545	13	to	to	ADP
easat-9257	545	14	the	the	DET
easat-9257	545	15	gfc	gfc	NOUN
easat-9257	545	16	event	event	NOUN
easat-9257	545	17	.	.	PUNCT
easat-9257	546	1	the	the	DET
easat-9257	546	2	results	result	NOUN
easat-9257	546	3	also	also	ADV
easat-9257	546	4	underscore	underscore	VERB
easat-9257	546	5	that	that	SCONJ
easat-9257	546	6	panama	panama	PROPN
easat-9257	546	7	's	's	PART
easat-9257	546	8	stock	stock	NOUN
easat-9257	546	9	market	market	NOUN
easat-9257	546	10	return	return	NOUN
easat-9257	546	11	volatility	volatility	NOUN
easat-9257	546	12	is	be	AUX
easat-9257	546	13	the	the	DET
easat-9257	546	14	most	most	ADV
easat-9257	546	15	responsive	responsive	ADJ
easat-9257	546	16	to	to	ADP
easat-9257	546	17	both	both	CCONJ
easat-9257	546	18	financial	financial	ADJ
easat-9257	546	19	and	and	CCONJ
easat-9257	546	20	non	non	ADJ
easat-9257	546	21	-	-	ADJ
easat-9257	546	22	financial	financial	ADJ
easat-9257	546	23	global	global	ADJ
easat-9257	546	24	shocks	shock	NOUN
easat-9257	546	25	.	.	PUNCT
easat-9257	547	1	the	the	DET
easat-9257	547	2	u.s	u.s	PROPN
easat-9257	547	3	.	.	PROPN
easat-9257	547	4	market	market	NOUN
easat-9257	547	5	,	,	PUNCT
easat-9257	547	6	by	by	ADP
easat-9257	547	7	comparison	comparison	NOUN
easat-9257	547	8	,	,	PUNCT
easat-9257	547	9	reacts	react	VERB
easat-9257	547	10	more	more	ADV
easat-9257	547	11	strongly	strongly	ADV
easat-9257	547	12	to	to	ADP
easat-9257	547	13	the	the	DET
easat-9257	547	14	gfc	gfc	NOUN
easat-9257	547	15	and	and	CCONJ
easat-9257	547	16	the	the	DET
easat-9257	547	17	uct	uct	PROPN
easat-9257	547	18	,	,	PUNCT
easat-9257	547	19	while	while	SCONJ
easat-9257	547	20	exhibiting	exhibit	VERB
easat-9257	547	21	a	a	DET
easat-9257	547	22	weaker	weak	ADJ
easat-9257	547	23	response	response	NOUN
easat-9257	547	24	to	to	ADP
easat-9257	547	25	the	the	DET
easat-9257	547	26	edc	edc	PROPN
easat-9257	547	27	and	and	CCONJ
easat-9257	547	28	the	the	DET
easat-9257	547	29	covid-19	covid-19	PROPN
easat-9257	547	30	pandemic	pandemic	NOUN
easat-9257	547	31	.	.	PUNCT
easat-9257	548	1	costa	costa	PROPN
easat-9257	548	2	rica	rica	PROPN
easat-9257	548	3	,	,	PUNCT
easat-9257	548	4	on	on	ADP
easat-9257	548	5	the	the	DET
easat-9257	548	6	other	other	ADJ
easat-9257	548	7	hand	hand	NOUN
easat-9257	548	8	,	,	PUNCT
easat-9257	548	9	generally	generally	ADV
easat-9257	548	10	exhibits	exhibit	VERB
easat-9257	548	11	moderate	moderate	ADJ
easat-9257	548	12	volatility	volatility	NOUN
easat-9257	548	13	responses	response	NOUN
easat-9257	548	14	across	across	ADP
easat-9257	548	15	all	all	DET
easat-9257	548	16	four	four	NUM
easat-9257	548	17	events	event	NOUN
easat-9257	548	18	.	.	PUNCT
easat-9257	549	1	moreover	moreover	ADV
easat-9257	549	2	,	,	PUNCT
easat-9257	549	3	for	for	ADP
easat-9257	549	4	financial	financial	ADJ
easat-9257	549	5	contagion	contagion	NOUN
easat-9257	549	6	detection	detection	NOUN
easat-9257	549	7	,	,	PUNCT
easat-9257	549	8	in	in	ADP
easat-9257	549	9	the	the	DET
easat-9257	549	10	dcc	dcc	PROPN
easat-9257	549	11	analysis	analysis	NOUN
easat-9257	549	12	with	with	ADP
easat-9257	549	13	financial	financial	ADJ
easat-9257	549	14	structural	structural	ADJ
easat-9257	549	15	breaks	break	NOUN
easat-9257	549	16	,	,	PUNCT
easat-9257	549	17	we	we	PRON
easat-9257	549	18	incorporate	incorporate	VERB
easat-9257	549	19	financial	financial	ADJ
easat-9257	549	20	crisis	crisis	NOUN
easat-9257	549	21	dummies	dummy	NOUN
easat-9257	549	22	(	(	PUNCT
easat-9257	549	23	𝐷1	𝐷1	NOUN
easat-9257	549	24	and	and	CCONJ
easat-9257	549	25	𝐷2	𝐷2	NOUN
easat-9257	549	26	)	)	PUNCT
easat-9257	549	27	to	to	PART
easat-9257	549	28	examine	examine	VERB
easat-9257	549	29	how	how	SCONJ
easat-9257	549	30	correlation	correlation	NOUN
easat-9257	549	31	coefficients	coefficient	NOUN
easat-9257	549	32	(	(	PUNCT
easat-9257	549	33	𝜌𝑖𝑗,𝑡	𝜌𝑖𝑗,𝑡	PROPN
easat-9257	549	34	)	)	PUNCT
easat-9257	549	35	between	between	ADP
easat-9257	549	36	the	the	DET
easat-9257	549	37	paired	pair	VERB
easat-9257	549	38	stock	stock	NOUN
easat-9257	549	39	markets	market	NOUN
easat-9257	549	40	(	(	PUNCT
easat-9257	549	41	costa	costa	PROPN
easat-9257	549	42	rica	rica	PROPN
easat-9257	549	43	-	-	PUNCT
easat-9257	549	44	panama	panama	PROPN
easat-9257	549	45	,	,	PUNCT
easat-9257	549	46	costa	costa	PROPN
easat-9257	549	47	rica	rica	PROPN
easat-9257	549	48	-	-	PUNCT
easat-9257	549	49	us	us	PROPN
easat-9257	549	50	,	,	PUNCT
easat-9257	549	51	and	and	CCONJ
easat-9257	549	52	panama	panama	PROPN
easat-9257	549	53	-	-	PUNCT
easat-9257	549	54	us	us	PROPN
easat-9257	549	55	)	)	PUNCT
easat-9257	549	56	change	change	NOUN
easat-9257	549	57	.	.	PUNCT
easat-9257	550	1	using	use	VERB
easat-9257	550	2	two	two	NUM
easat-9257	550	3	event	event	NOUN
easat-9257	550	4	dummies	dummy	NOUN
easat-9257	550	5	for	for	ADP
easat-9257	550	6	the	the	DET
easat-9257	550	7	gfc	gfc	PROPN
easat-9257	550	8	and	and	CCONJ
easat-9257	550	9	edc	edc	PROPN
easat-9257	550	10	,	,	PUNCT
easat-9257	550	11	we	we	PRON
easat-9257	550	12	analyze	analyze	VERB
easat-9257	550	13	the	the	DET
easat-9257	550	14	dynamics	dynamic	NOUN
easat-9257	550	15	of	of	ADP
easat-9257	550	16	correlation	correlation	NOUN
easat-9257	550	17	changes	change	NOUN
easat-9257	550	18	during	during	ADP
easat-9257	550	19	these	these	DET
easat-9257	550	20	crises	crisis	NOUN
easat-9257	550	21	and	and	CCONJ
easat-9257	550	22	test	test	NOUN
easat-9257	550	23	for	for	ADP
easat-9257	550	24	contagion	contagion	NOUN
easat-9257	550	25	effects	effect	NOUN
easat-9257	550	26	.	.	PUNCT
easat-9257	551	1	the	the	DET
easat-9257	551	2	results	result	NOUN
easat-9257	551	3	show	show	VERB
easat-9257	551	4	that	that	SCONJ
easat-9257	551	5	the	the	DET
easat-9257	551	6	financial	financial	ADJ
easat-9257	551	7	crisis	crisis	NOUN
easat-9257	551	8	dummies	dummy	NOUN
easat-9257	551	9	positively	positively	ADV
easat-9257	551	10	impact	impact	VERB
easat-9257	551	11	the	the	DET
easat-9257	551	12	conditional	conditional	ADJ
easat-9257	551	13	correlation	correlation	NOUN
easat-9257	551	14	coefficients	coefficient	NOUN
easat-9257	551	15	for	for	ADP
easat-9257	551	16	all	all	DET
easat-9257	551	17	stock	stock	NOUN
easat-9257	551	18	market	market	NOUN
easat-9257	551	19	pairs	pair	NOUN
easat-9257	551	20	,	,	PUNCT
easat-9257	551	21	indicating	indicate	VERB
easat-9257	551	22	the	the	DET
easat-9257	551	23	occurrence	occurrence	NOUN
easat-9257	551	24	of	of	ADP
easat-9257	551	25	financial	financial	ADJ
easat-9257	551	26	contagion	contagion	NOUN
easat-9257	551	27	.	.	PUNCT
easat-9257	552	1	it	it	PRON
easat-9257	552	2	further	far	ADV
easat-9257	552	3	indicates	indicate	VERB
easat-9257	552	4	that	that	SCONJ
easat-9257	552	5	the	the	DET
easat-9257	552	6	change	change	NOUN
easat-9257	552	7	in	in	ADP
easat-9257	552	8	the	the	DET
easat-9257	552	9	correlation	correlation	NOUN
easat-9257	552	10	coefficient	coefficient	NOUN
easat-9257	552	11	is	be	AUX
easat-9257	552	12	caused	cause	VERB
easat-9257	552	13	by	by	ADP
easat-9257	552	14	an	an	DET
easat-9257	552	15	external	external	ADJ
easat-9257	552	16	shock	shock	NOUN
easat-9257	552	17	.	.	PUNCT
easat-9257	553	1	this	this	PRON
easat-9257	553	2	suggests	suggest	VERB
easat-9257	553	3	that	that	SCONJ
easat-9257	553	4	the	the	DET
easat-9257	553	5	changes	change	NOUN
easat-9257	553	6	in	in	ADP
easat-9257	553	7	market	market	NOUN
easat-9257	553	8	interactions	interaction	NOUN
easat-9257	553	9	or	or	CCONJ
easat-9257	553	10	interrelationships	interrelationship	NOUN
easat-9257	553	11	are	be	AUX
easat-9257	553	12	driven	drive	VERB
easat-9257	553	13	not	not	PART
easat-9257	553	14	only	only	ADV
easat-9257	553	15	by	by	ADP
easat-9257	553	16	natural	natural	ADJ
easat-9257	553	17	co	co	NOUN
easat-9257	553	18	-	-	NOUN
easat-9257	553	19	movement	movement	NOUN
easat-9257	553	20	between	between	ADP
easat-9257	553	21	the	the	DET
easat-9257	553	22	markets	market	NOUN
easat-9257	553	23	but	but	CCONJ
easat-9257	553	24	also	also	ADV
easat-9257	553	25	by	by	ADP
easat-9257	553	26	contagion	contagion	NOUN
easat-9257	553	27	from	from	ADP
easat-9257	553	28	external	external	ADJ
easat-9257	553	29	shocks	shock	NOUN
easat-9257	553	30	like	like	ADP
easat-9257	553	31	the	the	DET
easat-9257	553	32	gfc	gfc	NOUN
easat-9257	553	33	and	and	CCONJ
easat-9257	553	34	edc	edc	PROPN
easat-9257	553	35	events	event	NOUN
easat-9257	553	36	.	.	PUNCT
easat-9257	554	1	transparency	transparency	NOUN
easat-9257	554	2	:	:	PUNCT
easat-9257	554	3	the	the	DET
easat-9257	554	4	author	author	NOUN
easat-9257	554	5	confirms	confirm	VERB
easat-9257	554	6	that	that	SCONJ
easat-9257	554	7	the	the	DET
easat-9257	554	8	manuscript	manuscript	NOUN
easat-9257	554	9	is	be	AUX
easat-9257	554	10	an	an	DET
easat-9257	554	11	honest	honest	ADJ
easat-9257	554	12	,	,	PUNCT
easat-9257	554	13	accurate	accurate	ADJ
easat-9257	554	14	,	,	PUNCT
easat-9257	554	15	and	and	CCONJ
easat-9257	554	16	transparent	transparent	ADJ
easat-9257	554	17	account	account	NOUN
easat-9257	554	18	of	of	ADP
easat-9257	554	19	the	the	DET
easat-9257	554	20	study	study	NOUN
easat-9257	554	21	;	;	PUNCT
easat-9257	554	22	that	that	SCONJ
easat-9257	554	23	no	no	DET
easat-9257	554	24	vital	vital	ADJ
easat-9257	554	25	features	feature	NOUN
easat-9257	554	26	of	of	ADP
easat-9257	554	27	the	the	DET
easat-9257	554	28	study	study	NOUN
easat-9257	554	29	have	have	AUX
easat-9257	554	30	been	be	AUX
easat-9257	554	31	omitted	omit	VERB
easat-9257	554	32	;	;	PUNCT
easat-9257	554	33	and	and	CCONJ
easat-9257	554	34	that	that	SCONJ
easat-9257	554	35	any	any	DET
easat-9257	554	36	discrepancies	discrepancy	NOUN
easat-9257	554	37	from	from	ADP
easat-9257	554	38	the	the	DET
easat-9257	554	39	study	study	NOUN
easat-9257	554	40	as	as	SCONJ
easat-9257	554	41	planned	plan	VERB
easat-9257	554	42	have	have	AUX
easat-9257	554	43	been	be	AUX
easat-9257	554	44	explained	explain	VERB
easat-9257	554	45	.	.	PUNCT
easat-9257	555	1	this	this	DET
easat-9257	555	2	study	study	NOUN
easat-9257	555	3	followed	follow	VERB
easat-9257	555	4	all	all	DET
easat-9257	555	5	ethical	ethical	ADJ
easat-9257	555	6	practices	practice	NOUN
easat-9257	555	7	during	during	ADP
easat-9257	555	8	writing	writing	NOUN
easat-9257	555	9	.	.	PUNCT
easat-9257	556	1	copyright	copyright	NOUN
easat-9257	556	2	:	:	PUNCT
easat-9257	556	3	©	©	PROPN
easat-9257	556	4	2025	2025	NUM
easat-9257	556	5	by	by	ADP
easat-9257	556	6	the	the	DET
easat-9257	556	7	author	author	NOUN
easat-9257	556	8	.	.	PUNCT
easat-9257	557	1	this	this	DET
easat-9257	557	2	open	open	ADJ
easat-9257	557	3	-	-	PUNCT
easat-9257	557	4	access	access	NOUN
easat-9257	557	5	article	article	NOUN
easat-9257	557	6	is	be	AUX
easat-9257	557	7	distributed	distribute	VERB
easat-9257	557	8	under	under	ADP
easat-9257	557	9	the	the	DET
easat-9257	557	10	terms	term	NOUN
easat-9257	557	11	and	and	CCONJ
easat-9257	557	12	conditions	condition	NOUN
easat-9257	557	13	of	of	ADP
easat-9257	557	14	the	the	DET
easat-9257	557	15	creative	creative	ADJ
easat-9257	557	16	commons	common	NOUN
easat-9257	557	17	attribution	attribution	NOUN
easat-9257	557	18	(	(	PUNCT
easat-9257	557	19	cc	cc	NOUN
easat-9257	557	20	by	by	ADP
easat-9257	557	21	)	)	PUNCT
easat-9257	557	22	license	license	NOUN
easat-9257	557	23	(	(	PUNCT
easat-9257	557	24	https://creativecommons.org/licenses/by/4.0/	https://creativecommons.org/licenses/by/4.0/	PROPN
easat-9257	557	25	)	)	PUNCT
easat-9257	557	26	.	.	PUNCT
easat-9257	558	1	references	reference	NOUN
easat-9257	558	2	[	[	X
easat-9257	558	3	1	1	NUM
easat-9257	558	4	]	]	PUNCT
easat-9257	558	5	c.	c.	PROPN
easat-9257	558	6	aloui	aloui	PROPN
easat-9257	558	7	,	,	PUNCT
easat-9257	558	8	"	"	PUNCT
easat-9257	558	9	latin	latin	ADJ
easat-9257	558	10	american	american	ADJ
easat-9257	558	11	stock	stock	NOUN
easat-9257	558	12	markets	market	NOUN
easat-9257	558	13	’	’	PART
easat-9257	558	14	volatility	volatility	NOUN
easat-9257	558	15	spillovers	spillover	NOUN
easat-9257	558	16	during	during	ADP
easat-9257	558	17	the	the	DET
easat-9257	558	18	financial	financial	ADJ
easat-9257	558	19	crises	crisis	NOUN
easat-9257	558	20	:	:	PUNCT
easat-9257	558	21	a	a	DET
easat-9257	558	22	multivariate	multivariate	NOUN
easat-9257	558	23	fiaparchdcc	fiaparchdcc	NOUN
easat-9257	558	24	framework	framework	NOUN
easat-9257	558	25	,	,	PUNCT
easat-9257	558	26	"	"	PUNCT
easat-9257	558	27	macroeconomics	macroeconomic	NOUN
easat-9257	558	28	and	and	CCONJ
easat-9257	558	29	finance	finance	NOUN
easat-9257	558	30	in	in	ADP
easat-9257	558	31	emerging	emerge	VERB
easat-9257	558	32	market	market	NOUN
easat-9257	558	33	economies	economy	NOUN
easat-9257	558	34	,	,	PUNCT
easat-9257	558	35	vol	vol	NOUN
easat-9257	558	36	.	.	PROPN
easat-9257	558	37	4	4	NUM
easat-9257	558	38	,	,	PUNCT
easat-9257	558	39	no	no	INTJ
easat-9257	558	40	.	.	NOUN
easat-9257	558	41	2	2	NUM
easat-9257	558	42	,	,	PUNCT
easat-9257	558	43	pp	pp	ADJ
easat-9257	558	44	.	.	PUNCT
easat-9257	559	1	289	289	NUM
easat-9257	559	2	-	-	SYM
easat-9257	559	3	326	326	NUM
easat-9257	559	4	,	,	PUNCT
easat-9257	559	5	2011	2011	NUM
easat-9257	559	6	.	.	PUNCT
easat-9257	560	1	https://doi.org/10.1080/17520843.2011.590597	https://doi.org/10.1080/17520843.2011.590597	PROPN
easat-9257	561	1	[	[	X
easat-9257	561	2	2	2	NUM
easat-9257	561	3	]	]	PUNCT
easat-9257	561	4	d.	d.	NOUN
easat-9257	561	5	dimitriou	dimitriou	PROPN
easat-9257	561	6	,	,	PUNCT
easat-9257	561	7	d.	d.	PROPN
easat-9257	561	8	kenourgios	kenourgio	NOUN
easat-9257	561	9	,	,	PUNCT
easat-9257	561	10	and	and	CCONJ
easat-9257	561	11	t.	t.	PROPN
easat-9257	561	12	simos	simos	PROPN
easat-9257	561	13	,	,	PUNCT
easat-9257	561	14	"	"	PUNCT
easat-9257	561	15	global	global	ADJ
easat-9257	561	16	financial	financial	ADJ
easat-9257	561	17	crisis	crisis	NOUN
easat-9257	561	18	and	and	CCONJ
easat-9257	561	19	emerging	emerge	VERB
easat-9257	561	20	stock	stock	NOUN
easat-9257	561	21	market	market	NOUN
easat-9257	561	22	contagion	contagion	NOUN
easat-9257	561	23	:	:	PUNCT
easat-9257	561	24	a	a	DET
easat-9257	561	25	multivariate	multivariate	NOUN
easat-9257	561	26	fiaparch	fiaparch	NOUN
easat-9257	561	27	–	–	PUNCT
easat-9257	561	28	dcc	dcc	PROPN
easat-9257	561	29	approach	approach	NOUN
easat-9257	561	30	,	,	PUNCT
easat-9257	561	31	"	"	PUNCT
easat-9257	561	32	international	international	ADJ
easat-9257	561	33	review	review	NOUN
easat-9257	561	34	of	of	ADP
easat-9257	561	35	financial	financial	ADJ
easat-9257	561	36	analysis	analysis	NOUN
easat-9257	561	37	,	,	PUNCT
easat-9257	561	38	vol	vol	NOUN
easat-9257	561	39	.	.	PROPN
easat-9257	561	40	30	30	NUM
easat-9257	561	41	,	,	PUNCT
easat-9257	561	42	pp	pp	ADJ
easat-9257	561	43	.	.	PUNCT
easat-9257	562	1	46	46	NUM
easat-9257	562	2	-	-	SYM
easat-9257	562	3	56	56	NUM
easat-9257	562	4	,	,	PUNCT
easat-9257	562	5	2013	2013	NUM
easat-9257	562	6	.	.	PUNCT
easat-9257	563	1	[	[	X
easat-9257	563	2	3	3	NUM
easat-9257	563	3	]	]	PUNCT
easat-9257	563	4	m.	m.	NOUN
easat-9257	563	5	karanasos	karanasos	PROPN
easat-9257	563	6	,	,	PUNCT
easat-9257	563	7	s.	s.	PROPN
easat-9257	563	8	yfanti	yfanti	PROPN
easat-9257	563	9	,	,	PUNCT
easat-9257	563	10	and	and	CCONJ
easat-9257	563	11	m.	m.	NOUN
easat-9257	563	12	karoglou	karoglou	NOUN
easat-9257	563	13	,	,	PUNCT
easat-9257	563	14	"	"	PUNCT
easat-9257	563	15	multivariate	multivariate	VERB
easat-9257	563	16	fiaparch	fiaparch	NOUN
easat-9257	563	17	modelling	modelling	NOUN
easat-9257	563	18	of	of	ADP
easat-9257	563	19	financial	financial	ADJ
easat-9257	563	20	markets	market	NOUN
easat-9257	563	21	with	with	ADP
easat-9257	563	22	dynamic	dynamic	ADJ
easat-9257	563	23	correlations	correlation	NOUN
easat-9257	563	24	in	in	ADP
easat-9257	563	25	times	time	NOUN
easat-9257	563	26	of	of	ADP
easat-9257	563	27	crisis	crisis	NOUN
easat-9257	563	28	,	,	PUNCT
easat-9257	563	29	"	"	PUNCT
easat-9257	563	30	international	international	ADJ
easat-9257	563	31	review	review	NOUN
easat-9257	563	32	of	of	ADP
easat-9257	563	33	financial	financial	ADJ
easat-9257	563	34	analysis	analysis	NOUN
easat-9257	563	35	,	,	PUNCT
easat-9257	563	36	vol	vol	NOUN
easat-9257	563	37	.	.	PROPN
easat-9257	564	1	45	45	NUM
easat-9257	564	2	,	,	PUNCT
easat-9257	564	3	pp	pp	ADJ
easat-9257	564	4	.	.	PUNCT
easat-9257	565	1	332	332	NUM
easat-9257	565	2	-	-	SYM
easat-9257	565	3	349	349	NUM
easat-9257	565	4	,	,	PUNCT
easat-9257	565	5	2016	2016	NUM
easat-9257	565	6	.	.	PUNCT
easat-9257	566	1	[	[	X
easat-9257	566	2	4	4	NUM
easat-9257	566	3	]	]	X
easat-9257	566	4	m.	m.	NOUN
easat-9257	566	5	wajdi	wajdi	NOUN
easat-9257	566	6	,	,	PUNCT
easat-9257	566	7	m.	m.	NOUN
easat-9257	566	8	nidhal	nidhal	NOUN
easat-9257	566	9	,	,	PUNCT
easat-9257	566	10	and	and	CCONJ
easat-9257	566	11	r.	r.	PROPN
easat-9257	566	12	rym	rym	PROPN
easat-9257	566	13	,	,	PUNCT
easat-9257	566	14	"	"	PUNCT
easat-9257	566	15	on	on	ADP
easat-9257	566	16	the	the	DET
easat-9257	566	17	co	co	NOUN
easat-9257	566	18	-	-	NOUN
easat-9257	566	19	movements	movement	NOUN
easat-9257	566	20	between	between	ADP
easat-9257	566	21	exchange	exchange	NOUN
easat-9257	566	22	rate	rate	NOUN
easat-9257	566	23	and	and	CCONJ
easat-9257	566	24	stock	stock	NOUN
easat-9257	566	25	price	price	NOUN
easat-9257	566	26	from	from	ADP
easat-9257	566	27	japan	japan	PROPN
easat-9257	566	28	:	:	PUNCT
easat-9257	566	29	a	a	DET
easat-9257	566	30	multivariate	multivariate	NOUN
easat-9257	566	31	figarch	figarch	NOUN
easat-9257	566	32	-	-	PUNCT
easat-9257	566	33	dcc	dcc	PROPN
easat-9257	566	34	approach	approach	NOUN
easat-9257	566	35	,	,	PUNCT
easat-9257	566	36	"	"	PUNCT
easat-9257	566	37	journal	journal	NOUN
easat-9257	566	38	of	of	ADP
easat-9257	566	39	statistical	statistical	ADJ
easat-9257	566	40	and	and	CCONJ
easat-9257	566	41	econometric	econometric	ADJ
easat-9257	566	42	methods	method	NOUN
easat-9257	566	43	,	,	PUNCT
easat-9257	566	44	vol	vol	NOUN
easat-9257	566	45	.	.	PROPN
easat-9257	566	46	7	7	NUM
easat-9257	566	47	,	,	PUNCT
easat-9257	566	48	no	no	INTJ
easat-9257	566	49	.	.	NOUN
easat-9257	566	50	4	4	NUM
easat-9257	566	51	,	,	PUNCT
easat-9257	566	52	pp	pp	ADJ
easat-9257	566	53	.	.	PUNCT
easat-9257	567	1	57	57	NUM
easat-9257	567	2	-	-	SYM
easat-9257	567	3	77	77	NUM
easat-9257	567	4	,	,	PUNCT
easat-9257	567	5	2018	2018	NUM
easat-9257	567	6	.	.	PUNCT
easat-9257	568	1	[	[	X
easat-9257	568	2	5	5	NUM
easat-9257	568	3	]	]	PUNCT
easat-9257	568	4	r.	r.	PROPN
easat-9257	568	5	e.	e.	PROPN
easat-9257	568	6	abed	abed	PROPN
easat-9257	568	7	,	,	PUNCT
easat-9257	568	8	s.	s.	PROPN
easat-9257	568	9	boukadida	boukadida	PROPN
easat-9257	568	10	,	,	PUNCT
easat-9257	568	11	and	and	CCONJ
easat-9257	568	12	w.	w.	PROPN
easat-9257	568	13	jaidane	jaidane	PROPN
easat-9257	568	14	,	,	PUNCT
easat-9257	568	15	"	"	PUNCT
easat-9257	568	16	financial	financial	ADJ
easat-9257	568	17	stress	stress	NOUN
easat-9257	568	18	transmission	transmission	NOUN
easat-9257	568	19	from	from	ADP
easat-9257	568	20	sovereign	sovereign	ADJ
easat-9257	568	21	credit	credit	NOUN
easat-9257	568	22	market	market	NOUN
easat-9257	568	23	to	to	ADP
easat-9257	568	24	financial	financial	ADJ
easat-9257	568	25	market	market	NOUN
easat-9257	568	26	:	:	PUNCT
easat-9257	568	27	a	a	DET
easat-9257	568	28	multivariate	multivariate	NOUN
easat-9257	568	29	figarch	figarch	NOUN
easat-9257	568	30	-	-	PUNCT
easat-9257	568	31	dcc	dcc	PROPN
easat-9257	568	32	approach	approach	NOUN
easat-9257	568	33	,	,	PUNCT
easat-9257	568	34	"	"	PUNCT
easat-9257	568	35	global	global	ADJ
easat-9257	568	36	business	business	NOUN
easat-9257	568	37	review	review	PROPN
easat-9257	568	38	,	,	PUNCT
easat-9257	568	39	vol	vol	NOUN
easat-9257	568	40	.	.	PROPN
easat-9257	568	41	20	20	NUM
easat-9257	568	42	,	,	PUNCT
easat-9257	568	43	no	no	INTJ
easat-9257	568	44	.	.	NOUN
easat-9257	568	45	5	5	NUM
easat-9257	568	46	,	,	PUNCT
easat-9257	568	47	pp	pp	ADJ
easat-9257	568	48	.	.	PUNCT
easat-9257	569	1	1122	1122	NUM
easat-9257	569	2	-	-	SYM
easat-9257	569	3	1140	1140	NUM
easat-9257	569	4	,	,	PUNCT
easat-9257	569	5	2019	2019	NUM
easat-9257	569	6	.	.	PUNCT
easat-9257	570	1	https://doi.org/10.1177/097215091984699	https://doi.org/10.1177/097215091984699	PROPN
easat-9257	570	2	https://creativecommons.org/licenses/by/4.0/	https://creativecommons.org/licenses/by/4.0/	PROPN
easat-9257	570	3	https://doi.org/10.1080/17520843.2011.590597	https://doi.org/10.1080/17520843.2011.590597	PROPN
easat-9257	570	4	https://doi.org/10.1177/097215091984699	https://doi.org/10.1177/097215091984699	PROPN
easat-9257	570	5	253	253	NUM
easat-9257	570	6	edelweiss	edelweiss	PROPN
easat-9257	570	7	applied	apply	VERB
easat-9257	570	8	science	science	NOUN
easat-9257	570	9	and	and	CCONJ
easat-9257	570	10	technology	technology	NOUN
easat-9257	570	11	issn	issn	PROPN
easat-9257	570	12	:	:	PUNCT
easat-9257	570	13	2576	2576	NUM
easat-9257	570	14	-	-	SYM
easat-9257	570	15	8484	8484	NUM
easat-9257	570	16	vol	vol	NOUN
easat-9257	570	17	.	.	PROPN
easat-9257	571	1	9	9	NUM
easat-9257	571	2	,	,	PUNCT
easat-9257	571	3	no	no	INTJ
easat-9257	571	4	.	.	NOUN
easat-9257	571	5	8	8	NUM
easat-9257	571	6	:	:	SYM
easat-9257	571	7	231	231	NUM
easat-9257	571	8	-	-	SYM
easat-9257	571	9	253	253	NUM
easat-9257	571	10	,	,	PUNCT
easat-9257	571	11	2025	2025	NUM
easat-9257	571	12	doi	doi	NOUN
easat-9257	571	13	:	:	PUNCT
easat-9257	571	14	10.55214/2576	10.55214/2576	NUM
easat-9257	571	15	-	-	SYM
easat-9257	571	16	8484.v9i8.9257	8484.v9i8.9257	NUM
easat-9257	571	17	©	©	PROPN
easat-9257	571	18	2025	2025	NUM
easat-9257	571	19	by	by	ADP
easat-9257	571	20	the	the	DET
easat-9257	571	21	author	author	NOUN
easat-9257	571	22	;	;	PUNCT
easat-9257	571	23	licensee	licensee	PROPN
easat-9257	571	24	learning	learning	NOUN
easat-9257	571	25	gate	gate	NOUN
easat-9257	572	1	[	[	X
easat-9257	572	2	6	6	NUM
easat-9257	572	3	]	]	PUNCT
easat-9257	572	4	m.	m.	NOUN
easat-9257	572	5	goudarzi	goudarzi	NOUN
easat-9257	572	6	,	,	PUNCT
easat-9257	572	7	a.	a.	NOUN
easat-9257	572	8	mohammadzadeh	mohammadzadeh	PROPN
easat-9257	572	9	,	,	PUNCT
easat-9257	572	10	and	and	CCONJ
easat-9257	572	11	m.	m.	NOUN
easat-9257	572	12	seighali	seighali	VERB
easat-9257	572	13	,	,	PUNCT
easat-9257	572	14	"	"	PUNCT
easat-9257	572	15	investigation	investigation	NOUN
easat-9257	572	16	of	of	ADP
easat-9257	572	17	the	the	DET
easat-9257	572	18	effect	effect	NOUN
easat-9257	572	19	of	of	ADP
easat-9257	572	20	behavioral	behavioral	ADJ
easat-9257	572	21	and	and	CCONJ
easat-9257	572	22	macroeconomic	macroeconomic	ADJ
easat-9257	572	23	factors	factor	NOUN
easat-9257	572	24	on	on	ADP
easat-9257	572	25	the	the	DET
easat-9257	572	26	volatility	volatility	NOUN
easat-9257	572	27	of	of	ADP
easat-9257	572	28	tehran	tehran	PROPN
easat-9257	572	29	stocks	stock	NOUN
easat-9257	572	30	market	market	NOUN
easat-9257	572	31	:	:	PUNCT
easat-9257	572	32	fiapgarch	fiapgarch	NOUN
easat-9257	572	33	-	-	PUNCT
easat-9257	572	34	x	x	NOUN
easat-9257	572	35	,	,	PUNCT
easat-9257	572	36	"	"	PUNCT
easat-9257	572	37	iranian	iranian	ADJ
easat-9257	572	38	journal	journal	PROPN
easat-9257	572	39	of	of	ADP
easat-9257	572	40	finance	finance	NOUN
easat-9257	572	41	,	,	PUNCT
easat-9257	572	42	vol	vol	NOUN
easat-9257	572	43	.	.	PROPN
easat-9257	572	44	6	6	NUM
easat-9257	572	45	,	,	PUNCT
easat-9257	572	46	no	no	INTJ
easat-9257	572	47	.	.	NOUN
easat-9257	572	48	1	1	NUM
easat-9257	572	49	,	,	PUNCT
easat-9257	572	50	pp	pp	ADJ
easat-9257	572	51	.	.	PUNCT
easat-9257	573	1	28	28	NUM
easat-9257	573	2	-	-	SYM
easat-9257	573	3	53	53	NUM
easat-9257	573	4	,	,	PUNCT
easat-9257	573	5	2022	2022	NUM
easat-9257	573	6	.	.	PUNCT
easat-9257	574	1	[	[	X
easat-9257	574	2	7	7	X
easat-9257	574	3	]	]	X
easat-9257	574	4	c.	c.	PROPN
easat-9257	574	5	w.	w.	PROPN
easat-9257	574	6	j.	j.	PROPN
easat-9257	574	7	granger	granger	PROPN
easat-9257	574	8	,	,	PUNCT
easat-9257	574	9	"	"	PUNCT
easat-9257	574	10	developments	development	NOUN
easat-9257	574	11	in	in	ADP
easat-9257	574	12	the	the	DET
easat-9257	574	13	study	study	NOUN
easat-9257	574	14	of	of	ADP
easat-9257	574	15	cointegrated	cointegrate	VERB
easat-9257	574	16	economic	economic	ADJ
easat-9257	574	17	variables	variable	NOUN
easat-9257	574	18	,	,	PUNCT
easat-9257	574	19	"	"	PUNCT
easat-9257	574	20	oxford	oxford	ADJ
easat-9257	574	21	bulletin	bulletin	NOUN
easat-9257	574	22	of	of	ADP
easat-9257	574	23	economics	economic	NOUN
easat-9257	574	24	&	&	CCONJ
easat-9257	574	25	statistics	statistic	NOUN
easat-9257	574	26	,	,	PUNCT
easat-9257	574	27	vol	vol	NOUN
easat-9257	574	28	.	.	PROPN
easat-9257	574	29	48	48	NUM
easat-9257	574	30	,	,	PUNCT
easat-9257	574	31	no	no	INTJ
easat-9257	574	32	.	.	NOUN
easat-9257	574	33	3	3	NUM
easat-9257	574	34	,	,	PUNCT
easat-9257	574	35	pp	pp	ADJ
easat-9257	574	36	.	.	PUNCT
easat-9257	575	1	213–228	213–228	NUM
easat-9257	575	2	,	,	PUNCT
easat-9257	575	3	1986	1986	NUM
easat-9257	575	4	.	.	PUNCT
easat-9257	576	1	[	[	X
easat-9257	576	2	8	8	NUM
easat-9257	576	3	]	]	X
easat-9257	576	4	y.-w	y.-w	PROPN
easat-9257	576	5	.	.	PUNCT
easat-9257	577	1	cheung	cheung	PROPN
easat-9257	577	2	,	,	PUNCT
easat-9257	577	3	"	"	PUNCT
easat-9257	577	4	long	long	ADJ
easat-9257	577	5	memory	memory	NOUN
easat-9257	577	6	in	in	ADP
easat-9257	577	7	foreign	foreign	ADJ
easat-9257	577	8	-	-	PUNCT
easat-9257	577	9	exchange	exchange	NOUN
easat-9257	577	10	rates	rate	NOUN
easat-9257	577	11	,	,	PUNCT
easat-9257	577	12	"	"	PUNCT
easat-9257	577	13	journal	journal	NOUN
easat-9257	577	14	of	of	ADP
easat-9257	577	15	business	business	PROPN
easat-9257	577	16	&	&	CCONJ
easat-9257	577	17	economic	economic	ADJ
easat-9257	577	18	statistics	statistic	NOUN
easat-9257	577	19	,	,	PUNCT
easat-9257	577	20	vol	vol	NOUN
easat-9257	577	21	.	.	PROPN
easat-9257	577	22	11	11	NUM
easat-9257	577	23	,	,	PUNCT
easat-9257	577	24	no	no	INTJ
easat-9257	577	25	.	.	NOUN
easat-9257	577	26	1	1	NUM
easat-9257	577	27	,	,	PUNCT
easat-9257	577	28	pp	pp	ADJ
easat-9257	577	29	.	.	PUNCT
easat-9257	578	1	93	93	NUM
easat-9257	578	2	-	-	SYM
easat-9257	578	3	101	101	NUM
easat-9257	578	4	,	,	PUNCT
easat-9257	578	5	1993	1993	NUM
easat-9257	578	6	.	.	PUNCT
easat-9257	579	1	[	[	X
easat-9257	579	2	9	9	NUM
easat-9257	579	3	]	]	PUNCT
easat-9257	579	4	r.	r.	PROPN
easat-9257	579	5	t.	t.	PROPN
easat-9257	579	6	baillie	baillie	PROPN
easat-9257	579	7	,	,	PUNCT
easat-9257	579	8	"	"	PUNCT
easat-9257	579	9	long	long	ADJ
easat-9257	579	10	memory	memory	NOUN
easat-9257	579	11	processes	process	NOUN
easat-9257	579	12	and	and	CCONJ
easat-9257	579	13	fractional	fractional	ADJ
easat-9257	579	14	integration	integration	NOUN
easat-9257	579	15	in	in	ADP
easat-9257	579	16	econometrics	econometric	NOUN
easat-9257	579	17	,	,	PUNCT
easat-9257	579	18	"	"	PUNCT
easat-9257	579	19	journal	journal	NOUN
easat-9257	579	20	of	of	ADP
easat-9257	579	21	econometrics	econometric	NOUN
easat-9257	579	22	,	,	PUNCT
easat-9257	579	23	vol	vol	NOUN
easat-9257	579	24	.	.	PROPN
easat-9257	580	1	73	73	NUM
easat-9257	580	2	,	,	PUNCT
easat-9257	580	3	no	no	INTJ
easat-9257	580	4	.	.	NOUN
easat-9257	580	5	1	1	NUM
easat-9257	580	6	,	,	PUNCT
easat-9257	580	7	pp	pp	ADJ
easat-9257	580	8	.	.	PUNCT
easat-9257	581	1	5	5	NUM
easat-9257	581	2	-	-	SYM
easat-9257	581	3	59	59	NUM
easat-9257	581	4	,	,	PUNCT
easat-9257	581	5	1996	1996	NUM
easat-9257	581	6	.	.	PUNCT
easat-9257	582	1	[	[	X
easat-9257	582	2	10	10	NUM
easat-9257	582	3	]	]	X
easat-9257	582	4	j.	j.	PROPN
easat-9257	582	5	davidson	davidson	PROPN
easat-9257	582	6	,	,	PUNCT
easat-9257	582	7	"	"	PUNCT
easat-9257	582	8	moment	moment	NOUN
easat-9257	582	9	and	and	CCONJ
easat-9257	582	10	memory	memory	NOUN
easat-9257	582	11	properties	property	NOUN
easat-9257	582	12	of	of	ADP
easat-9257	582	13	linear	linear	ADJ
easat-9257	582	14	conditional	conditional	ADJ
easat-9257	582	15	heteroscedasticity	heteroscedasticity	NOUN
easat-9257	582	16	models	model	NOUN
easat-9257	582	17	,	,	PUNCT
easat-9257	582	18	and	and	CCONJ
easat-9257	582	19	a	a	DET
easat-9257	582	20	new	new	ADJ
easat-9257	582	21	model	model	NOUN
easat-9257	582	22	,	,	PUNCT
easat-9257	582	23	"	"	PUNCT
easat-9257	582	24	journal	journal	NOUN
easat-9257	582	25	of	of	ADP
easat-9257	582	26	business	business	PROPN
easat-9257	582	27	&	&	CCONJ
easat-9257	582	28	economic	economic	ADJ
easat-9257	582	29	statistics	statistic	NOUN
easat-9257	582	30	,	,	PUNCT
easat-9257	582	31	vol	vol	NOUN
easat-9257	582	32	.	.	PROPN
easat-9257	582	33	22	22	NUM
easat-9257	582	34	,	,	PUNCT
easat-9257	582	35	no	no	INTJ
easat-9257	582	36	.	.	NOUN
easat-9257	582	37	1	1	NUM
easat-9257	582	38	,	,	PUNCT
easat-9257	582	39	pp	pp	ADJ
easat-9257	582	40	.	.	PUNCT
easat-9257	583	1	16	16	NUM
easat-9257	583	2	-	-	SYM
easat-9257	583	3	29	29	NUM
easat-9257	583	4	,	,	PUNCT
easat-9257	583	5	2004	2004	NUM
easat-9257	583	6	.	.	PUNCT
easat-9257	584	1	[	[	X
easat-9257	584	2	11	11	NUM
easat-9257	584	3	]	]	X
easat-9257	584	4	d.	d.	PROPN
easat-9257	584	5	g.	g.	PROPN
easat-9257	584	6	mcmillan	mcmillan	PROPN
easat-9257	584	7	and	and	CCONJ
easat-9257	584	8	i.	i.	PROPN
easat-9257	584	9	ruiz	ruiz	PROPN
easat-9257	584	10	,	,	PUNCT
easat-9257	584	11	"	"	PUNCT
easat-9257	584	12	volatility	volatility	NOUN
easat-9257	584	13	persistence	persistence	NOUN
easat-9257	584	14	,	,	PUNCT
easat-9257	584	15	long	long	ADJ
easat-9257	584	16	memory	memory	NOUN
easat-9257	584	17	and	and	CCONJ
easat-9257	584	18	time	time	NOUN
easat-9257	584	19	-	-	PUNCT
easat-9257	584	20	varying	vary	VERB
easat-9257	584	21	unconditional	unconditional	ADJ
easat-9257	584	22	mean	mean	NOUN
easat-9257	584	23	:	:	PUNCT
easat-9257	584	24	evidence	evidence	NOUN
easat-9257	584	25	from	from	ADP
easat-9257	584	26	10	10	NUM
easat-9257	584	27	equity	equity	NOUN
easat-9257	584	28	indices	index	NOUN
easat-9257	584	29	,	,	PUNCT
easat-9257	584	30	"	"	PUNCT
easat-9257	584	31	the	the	DET
easat-9257	584	32	quarterly	quarterly	ADJ
easat-9257	584	33	review	review	NOUN
easat-9257	584	34	of	of	ADP
easat-9257	584	35	economics	economic	NOUN
easat-9257	584	36	and	and	CCONJ
easat-9257	584	37	finance	finance	NOUN
easat-9257	584	38	,	,	PUNCT
easat-9257	584	39	vol	vol	NOUN
easat-9257	584	40	.	.	PROPN
easat-9257	584	41	49	49	NUM
easat-9257	584	42	,	,	PUNCT
easat-9257	584	43	no	no	INTJ
easat-9257	584	44	.	.	NOUN
easat-9257	584	45	2	2	NUM
easat-9257	584	46	,	,	PUNCT
easat-9257	584	47	pp	pp	ADJ
easat-9257	584	48	.	.	PUNCT
easat-9257	585	1	578	578	NUM
easat-9257	585	2	-	-	SYM
easat-9257	585	3	595	595	NUM
easat-9257	585	4	,	,	PUNCT
easat-9257	585	5	2009	2009	NUM
easat-9257	585	6	.	.	PUNCT
easat-9257	586	1	https://doi.org/10.1016/j.qref.2007.09.006	https://doi.org/10.1016/j.qref.2007.09.006	NOUN
easat-9257	586	2	[	[	X
easat-9257	586	3	12	12	NUM
easat-9257	586	4	]	]	PUNCT
easat-9257	586	5	e.	e.	PROPN
easat-9257	586	6	rossi	rossi	PROPN
easat-9257	586	7	and	and	CCONJ
easat-9257	586	8	d.	d.	PROPN
easat-9257	586	9	fantazzini	fantazzini	PROPN
easat-9257	586	10	,	,	PUNCT
easat-9257	586	11	"	"	PUNCT
easat-9257	586	12	long	long	ADJ
easat-9257	586	13	memory	memory	NOUN
easat-9257	586	14	and	and	CCONJ
easat-9257	586	15	periodicity	periodicity	NOUN
easat-9257	586	16	in	in	ADP
easat-9257	586	17	intraday	intraday	NOUN
easat-9257	586	18	volatility	volatility	NOUN
easat-9257	586	19	,	,	PUNCT
easat-9257	586	20	"	"	PUNCT
easat-9257	586	21	journal	journal	NOUN
easat-9257	586	22	of	of	ADP
easat-9257	586	23	financial	financial	ADJ
easat-9257	586	24	econometrics	econometric	NOUN
easat-9257	586	25	,	,	PUNCT
easat-9257	586	26	vol	vol	NOUN
easat-9257	586	27	.	.	PROPN
easat-9257	586	28	13	13	NUM
easat-9257	586	29	,	,	PUNCT
easat-9257	586	30	no	no	INTJ
easat-9257	586	31	.	.	NOUN
easat-9257	586	32	4	4	NUM
easat-9257	586	33	,	,	PUNCT
easat-9257	586	34	pp	pp	ADJ
easat-9257	586	35	.	.	PUNCT
easat-9257	587	1	922	922	NUM
easat-9257	587	2	-	-	NUM
easat-9257	587	3	961	961	NUM
easat-9257	587	4	,	,	PUNCT
easat-9257	587	5	2014	2014	NUM
easat-9257	587	6	.	.	PUNCT
easat-9257	588	1	https://doi.org/10.1093/jjfinec/nbu006	https://doi.org/10.1093/jjfinec/nbu006	NOUN
easat-9257	588	2	[	[	PUNCT
easat-9257	588	3	13	13	NUM
easat-9257	588	4	]	]	PUNCT
easat-9257	588	5	s.	s.	PROPN
easat-9257	588	6	peiris	peiris	PROPN
easat-9257	588	7	,	,	PUNCT
easat-9257	588	8	m.	m.	NOUN
easat-9257	588	9	asai	asai	PROPN
easat-9257	588	10	,	,	PUNCT
easat-9257	588	11	and	and	CCONJ
easat-9257	588	12	m.	m.	NOUN
easat-9257	588	13	mcaleer	mcaleer	NOUN
easat-9257	588	14	,	,	PUNCT
easat-9257	588	15	"	"	PUNCT
easat-9257	588	16	estimating	estimate	VERB
easat-9257	588	17	and	and	CCONJ
easat-9257	588	18	forecasting	forecast	VERB
easat-9257	588	19	generalized	generalized	ADJ
easat-9257	588	20	fractional	fractional	ADJ
easat-9257	588	21	long	long	ADJ
easat-9257	588	22	memory	memory	NOUN
easat-9257	588	23	stochastic	stochastic	ADJ
easat-9257	588	24	volatility	volatility	NOUN
easat-9257	588	25	models	model	NOUN
easat-9257	588	26	,	,	PUNCT
easat-9257	588	27	"	"	PUNCT
easat-9257	588	28	journal	journal	NOUN
easat-9257	588	29	of	of	ADP
easat-9257	588	30	risk	risk	NOUN
easat-9257	588	31	and	and	CCONJ
easat-9257	588	32	financial	financial	ADJ
easat-9257	588	33	management	management	NOUN
easat-9257	588	34	,	,	PUNCT
easat-9257	588	35	vol	vol	NOUN
easat-9257	588	36	.	.	PROPN
easat-9257	588	37	10	10	NUM
easat-9257	588	38	,	,	PUNCT
easat-9257	588	39	no	no	INTJ
easat-9257	588	40	.	.	NOUN
easat-9257	588	41	4	4	NUM
easat-9257	588	42	,	,	PUNCT
easat-9257	588	43	p.	p.	NOUN
easat-9257	588	44	23	23	NUM
easat-9257	588	45	,	,	PUNCT
easat-9257	588	46	2017	2017	NUM
easat-9257	588	47	.	.	PUNCT
easat-9257	589	1	https://doi.org/10.3390/jrfm10040023	https://doi.org/10.3390/jrfm10040023	PROPN
easat-9257	590	1	[	[	X
easat-9257	590	2	14	14	NUM
easat-9257	590	3	]	]	X
easat-9257	590	4	c.	c.	PROPN
easat-9257	590	5	w.	w.	PROPN
easat-9257	590	6	j.	j.	PROPN
easat-9257	590	7	granger	granger	PROPN
easat-9257	590	8	and	and	CCONJ
easat-9257	590	9	r.	r.	PROPN
easat-9257	590	10	joyeux	joyeux	PROPN
easat-9257	590	11	,	,	PUNCT
easat-9257	590	12	"	"	PUNCT
easat-9257	590	13	an	an	DET
easat-9257	590	14	introduction	introduction	NOUN
easat-9257	590	15	to	to	ADP
easat-9257	590	16	long	long	ADJ
easat-9257	590	17	-	-	PUNCT
easat-9257	590	18	memory	memory	NOUN
easat-9257	590	19	time	time	NOUN
easat-9257	590	20	series	series	NOUN
easat-9257	590	21	models	model	NOUN
easat-9257	590	22	and	and	CCONJ
easat-9257	590	23	fractional	fractional	ADJ
easat-9257	590	24	differencing	differencing	NOUN
easat-9257	590	25	,	,	PUNCT
easat-9257	590	26	"	"	PUNCT
easat-9257	590	27	journal	journal	NOUN
easat-9257	590	28	of	of	ADP
easat-9257	590	29	time	time	NOUN
easat-9257	590	30	series	series	PROPN
easat-9257	590	31	analysis	analysis	NOUN
easat-9257	590	32	,	,	PUNCT
easat-9257	590	33	vol	vol	NOUN
easat-9257	590	34	.	.	PROPN
easat-9257	590	35	1	1	NUM
easat-9257	590	36	,	,	PUNCT
easat-9257	590	37	no	no	INTJ
easat-9257	590	38	.	.	NOUN
easat-9257	590	39	1	1	NUM
easat-9257	590	40	,	,	PUNCT
easat-9257	590	41	pp	pp	ADJ
easat-9257	590	42	.	.	PUNCT
easat-9257	591	1	15	15	NUM
easat-9257	591	2	-	-	SYM
easat-9257	591	3	29	29	NUM
easat-9257	591	4	,	,	PUNCT
easat-9257	591	5	1980	1980	NUM
easat-9257	591	6	.	.	PUNCT
easat-9257	592	1	https://doi.org/10.1111/j.1467-9892.1980.tb00297.x	https://doi.org/10.1111/j.1467-9892.1980.tb00297.x	X
easat-9257	593	1	[	[	X
easat-9257	593	2	15	15	NUM
easat-9257	593	3	]	]	X
easat-9257	593	4	h.-h	h.-h	NOUN
easat-9257	593	5	.	.	PUNCT
easat-9257	594	1	liu	liu	PROPN
easat-9257	594	2	,	,	PUNCT
easat-9257	594	3	"	"	PUNCT
easat-9257	594	4	interrelationships	interrelationship	NOUN
easat-9257	594	5	among	among	ADP
easat-9257	594	6	the	the	DET
easat-9257	594	7	taiwanese	taiwanese	ADJ
easat-9257	594	8	,	,	PUNCT
easat-9257	594	9	japanese	japanese	ADJ
easat-9257	594	10	and	and	CCONJ
easat-9257	594	11	korean	korean	ADJ
easat-9257	594	12	tft	tft	ADJ
easat-9257	594	13	-	-	PUNCT
easat-9257	594	14	lcd	lcd	NOUN
easat-9257	594	15	panel	panel	NOUN
easat-9257	594	16	industry	industry	NOUN
easat-9257	594	17	stock	stock	NOUN
easat-9257	594	18	market	market	NOUN
easat-9257	594	19	indexes	index	NOUN
easat-9257	594	20	:	:	PUNCT
easat-9257	594	21	an	an	DET
easat-9257	594	22	application	application	NOUN
easat-9257	594	23	of	of	ADP
easat-9257	594	24	the	the	DET
easat-9257	594	25	trivariate	trivariate	NOUN
easat-9257	594	26	fiec	fiec	NOUN
easat-9257	594	27	–	–	PUNCT
easat-9257	594	28	figarch	figarch	NOUN
easat-9257	594	29	model	model	NOUN
easat-9257	594	30	,	,	PUNCT
easat-9257	594	31	"	"	PUNCT
easat-9257	594	32	economic	economic	ADJ
easat-9257	594	33	modelling	modelling	NOUN
easat-9257	594	34	,	,	PUNCT
easat-9257	594	35	vol	vol	NOUN
easat-9257	594	36	.	.	PROPN
easat-9257	594	37	29	29	NUM
easat-9257	594	38	,	,	PUNCT
easat-9257	594	39	no	no	INTJ
easat-9257	594	40	.	.	NOUN
easat-9257	594	41	6	6	NUM
easat-9257	594	42	,	,	PUNCT
easat-9257	594	43	pp	pp	ADJ
easat-9257	594	44	.	.	PUNCT
easat-9257	595	1	2724	2724	NUM
easat-9257	595	2	-	-	SYM
easat-9257	595	3	2733	2733	NUM
easat-9257	595	4	,	,	PUNCT
easat-9257	595	5	2012	2012	NUM
easat-9257	595	6	.	.	PUNCT
easat-9257	596	1	[	[	X
easat-9257	596	2	16	16	NUM
easat-9257	596	3	]	]	X
easat-9257	596	4	h.-h	h.-h	NOUN
easat-9257	596	5	.	.	PUNCT
easat-9257	597	1	liu	liu	PROPN
easat-9257	597	2	and	and	CCONJ
easat-9257	597	3	y.-c	y.-c	PROPN
easat-9257	597	4	.	.	PUNCT
easat-9257	598	1	chen	chen	PROPN
easat-9257	598	2	,	,	PUNCT
easat-9257	598	3	"	"	PUNCT
easat-9257	598	4	a	a	DET
easat-9257	598	5	study	study	NOUN
easat-9257	598	6	on	on	ADP
easat-9257	598	7	the	the	DET
easat-9257	598	8	volatility	volatility	NOUN
easat-9257	598	9	spillovers	spillover	NOUN
easat-9257	598	10	,	,	PUNCT
easat-9257	598	11	long	long	ADJ
easat-9257	598	12	memory	memory	NOUN
easat-9257	598	13	effects	effect	NOUN
easat-9257	598	14	and	and	CCONJ
easat-9257	598	15	interactions	interaction	NOUN
easat-9257	598	16	between	between	ADP
easat-9257	598	17	carbon	carbon	NOUN
easat-9257	598	18	and	and	CCONJ
easat-9257	598	19	energy	energy	NOUN
easat-9257	598	20	markets	market	NOUN
easat-9257	598	21	:	:	PUNCT
easat-9257	598	22	the	the	DET
easat-9257	598	23	impacts	impact	NOUN
easat-9257	598	24	of	of	ADP
easat-9257	598	25	extreme	extreme	ADJ
easat-9257	598	26	weather	weather	NOUN
easat-9257	598	27	,	,	PUNCT
easat-9257	598	28	"	"	PUNCT
easat-9257	598	29	economic	economic	ADJ
easat-9257	598	30	modelling	modelling	NOUN
easat-9257	598	31	,	,	PUNCT
easat-9257	598	32	vol	vol	NOUN
easat-9257	598	33	.	.	PROPN
easat-9257	598	34	35	35	NUM
easat-9257	598	35	,	,	PUNCT
easat-9257	598	36	pp	pp	ADJ
easat-9257	598	37	.	.	PUNCT
easat-9257	599	1	840	840	NUM
easat-9257	599	2	-	-	SYM
easat-9257	599	3	855	855	NUM
easat-9257	599	4	,	,	PUNCT
easat-9257	599	5	2013	2013	NUM
easat-9257	599	6	.	.	PUNCT
easat-9257	600	1	[	[	X
easat-9257	600	2	17	17	NUM
easat-9257	600	3	]	]	X
easat-9257	600	4	z.	z.	PROPN
easat-9257	600	5	ding	ding	PROPN
easat-9257	600	6	,	,	PUNCT
easat-9257	600	7	c.	c.	PROPN
easat-9257	600	8	w.	w.	PROPN
easat-9257	600	9	granger	granger	PROPN
easat-9257	600	10	,	,	PUNCT
easat-9257	600	11	and	and	CCONJ
easat-9257	600	12	r.	r.	PROPN
easat-9257	600	13	f.	f.	PROPN
easat-9257	600	14	engle	engle	PROPN
easat-9257	600	15	,	,	PUNCT
easat-9257	600	16	"	"	PUNCT
easat-9257	600	17	a	a	DET
easat-9257	600	18	long	long	ADJ
easat-9257	600	19	memory	memory	NOUN
easat-9257	600	20	property	property	NOUN
easat-9257	600	21	of	of	ADP
easat-9257	600	22	stock	stock	NOUN
easat-9257	600	23	market	market	NOUN
easat-9257	600	24	returns	return	NOUN
easat-9257	600	25	and	and	CCONJ
easat-9257	600	26	a	a	DET
easat-9257	600	27	new	new	ADJ
easat-9257	600	28	model	model	NOUN
easat-9257	600	29	,	,	PUNCT
easat-9257	600	30	"	"	PUNCT
easat-9257	600	31	journal	journal	NOUN
easat-9257	600	32	of	of	ADP
easat-9257	600	33	empirical	empirical	ADJ
easat-9257	600	34	finance	finance	NOUN
easat-9257	600	35	,	,	PUNCT
easat-9257	600	36	vol	vol	NOUN
easat-9257	600	37	.	.	PROPN
easat-9257	600	38	1	1	NUM
easat-9257	600	39	,	,	PUNCT
easat-9257	600	40	no	no	INTJ
easat-9257	600	41	.	.	NOUN
easat-9257	600	42	1	1	NUM
easat-9257	600	43	,	,	PUNCT
easat-9257	600	44	pp	pp	ADJ
easat-9257	600	45	.	.	PUNCT
easat-9257	600	46	83	83	NUM
easat-9257	600	47	-	-	SYM
easat-9257	600	48	106	106	NUM
easat-9257	600	49	,	,	PUNCT
easat-9257	600	50	1993	1993	NUM
easat-9257	600	51	.	.	PUNCT
easat-9257	601	1	[	[	X
easat-9257	601	2	18	18	NUM
easat-9257	601	3	]	]	PUNCT
easat-9257	601	4	t.	t.	PROPN
easat-9257	601	5	ané	ané	PROPN
easat-9257	601	6	,	,	PUNCT
easat-9257	601	7	"	"	PUNCT
easat-9257	601	8	an	an	DET
easat-9257	601	9	analysis	analysis	NOUN
easat-9257	601	10	of	of	ADP
easat-9257	601	11	the	the	DET
easat-9257	601	12	flexibility	flexibility	NOUN
easat-9257	601	13	of	of	ADP
easat-9257	601	14	asymmetric	asymmetric	ADJ
easat-9257	601	15	power	power	NOUN
easat-9257	601	16	garch	garch	NOUN
easat-9257	601	17	models	model	NOUN
easat-9257	601	18	,	,	PUNCT
easat-9257	601	19	"	"	PUNCT
easat-9257	601	20	computational	computational	ADJ
easat-9257	601	21	statistics	statistic	NOUN
easat-9257	601	22	&	&	CCONJ
easat-9257	601	23	data	datum	NOUN
easat-9257	601	24	analysis	analysis	NOUN
easat-9257	601	25	,	,	PUNCT
easat-9257	601	26	vol	vol	NOUN
easat-9257	601	27	.	.	PROPN
easat-9257	601	28	51	51	NUM
easat-9257	601	29	,	,	PUNCT
easat-9257	601	30	no	no	INTJ
easat-9257	601	31	.	.	NOUN
easat-9257	601	32	2	2	NUM
easat-9257	601	33	,	,	PUNCT
easat-9257	601	34	pp	pp	ADJ
easat-9257	601	35	.	.	PUNCT
easat-9257	602	1	1293	1293	NUM
easat-9257	602	2	-	-	SYM
easat-9257	602	3	1311	1311	NUM
easat-9257	602	4	,	,	PUNCT
easat-9257	602	5	2006	2006	NUM
easat-9257	602	6	.	.	PUNCT
easat-9257	603	1	[	[	X
easat-9257	603	2	19	19	NUM
easat-9257	603	3	]	]	X
easat-9257	603	4	g.	g.	PROPN
easat-9257	603	5	e.	e.	PROPN
easat-9257	603	6	p.	p.	PROPN
easat-9257	603	7	box	box	PROPN
easat-9257	603	8	and	and	CCONJ
easat-9257	603	9	d.	d.	PROPN
easat-9257	603	10	r.	r.	PROPN
easat-9257	603	11	cox	cox	PROPN
easat-9257	603	12	,	,	PUNCT
easat-9257	603	13	"	"	PUNCT
easat-9257	603	14	an	an	DET
easat-9257	603	15	analysis	analysis	NOUN
easat-9257	603	16	of	of	ADP
easat-9257	603	17	transformations	transformation	NOUN
easat-9257	603	18	,	,	PUNCT
easat-9257	603	19	"	"	PUNCT
easat-9257	603	20	journal	journal	NOUN
easat-9257	603	21	of	of	ADP
easat-9257	603	22	the	the	DET
easat-9257	603	23	royal	royal	ADJ
easat-9257	603	24	statistical	statistical	ADJ
easat-9257	603	25	society	society	NOUN
easat-9257	603	26	:	:	PUNCT
easat-9257	603	27	series	series	PROPN
easat-9257	603	28	b	b	PROPN
easat-9257	603	29	(	(	PUNCT
easat-9257	603	30	methodological	methodological	ADJ
easat-9257	603	31	)	)	PUNCT
easat-9257	603	32	,	,	PUNCT
easat-9257	603	33	vol	vol	NOUN
easat-9257	603	34	.	.	PROPN
easat-9257	603	35	26	26	NUM
easat-9257	603	36	,	,	PUNCT
easat-9257	603	37	no	no	INTJ
easat-9257	603	38	.	.	NOUN
easat-9257	603	39	2	2	NUM
easat-9257	603	40	,	,	PUNCT
easat-9257	603	41	pp	pp	ADJ
easat-9257	603	42	.	.	PUNCT
easat-9257	603	43	211	211	NUM
easat-9257	603	44	-	-	SYM
easat-9257	603	45	243	243	NUM
easat-9257	603	46	,	,	PUNCT
easat-9257	603	47	2018	2018	NUM
easat-9257	603	48	.	.	PUNCT
easat-9257	604	1	https://doi.org/10.1111/j.2517-6161.1964.tb00553.x	https://doi.org/10.1111/j.2517-6161.1964.tb00553.x	PROPN
easat-9257	605	1	[	[	X
easat-9257	605	2	20	20	NUM
easat-9257	605	3	]	]	PUNCT
easat-9257	605	4	r.	r.	PROPN
easat-9257	605	5	t.	t.	PROPN
easat-9257	605	6	baillie	baillie	PROPN
easat-9257	605	7	,	,	PUNCT
easat-9257	605	8	t.	t.	PROPN
easat-9257	605	9	bollerslev	bollerslev	NOUN
easat-9257	605	10	,	,	PUNCT
easat-9257	605	11	and	and	CCONJ
easat-9257	605	12	h.	h.	PROPN
easat-9257	605	13	o.	o.	PROPN
easat-9257	605	14	mikkelsen	mikkelsen	PROPN
easat-9257	605	15	,	,	PUNCT
easat-9257	605	16	"	"	PUNCT
easat-9257	605	17	fractionally	fractionally	ADV
easat-9257	605	18	integrated	integrate	VERB
easat-9257	605	19	generalized	generalized	ADJ
easat-9257	605	20	autoregressive	autoregressive	ADJ
easat-9257	605	21	conditional	conditional	ADJ
easat-9257	605	22	heteroskedasticity	heteroskedasticity	NOUN
easat-9257	605	23	,	,	PUNCT
easat-9257	605	24	"	"	PUNCT
easat-9257	605	25	journal	journal	NOUN
easat-9257	605	26	of	of	ADP
easat-9257	605	27	econometrics	econometric	NOUN
easat-9257	605	28	,	,	PUNCT
easat-9257	605	29	vol	vol	NOUN
easat-9257	605	30	.	.	PROPN
easat-9257	606	1	74	74	NUM
easat-9257	606	2	,	,	PUNCT
easat-9257	606	3	no	no	INTJ
easat-9257	606	4	.	.	NOUN
easat-9257	606	5	1	1	NUM
easat-9257	606	6	,	,	PUNCT
easat-9257	606	7	pp	pp	ADJ
easat-9257	606	8	.	.	PUNCT
easat-9257	607	1	3	3	NUM
easat-9257	607	2	-	-	SYM
easat-9257	607	3	30	30	NUM
easat-9257	607	4	,	,	PUNCT
easat-9257	607	5	1996	1996	NUM
easat-9257	607	6	.	.	PUNCT
easat-9257	608	1	[	[	X
easat-9257	608	2	21	21	NUM
easat-9257	608	3	]	]	X
easat-9257	608	4	r.	r.	PROPN
easat-9257	608	5	engle	engle	PROPN
easat-9257	608	6	,	,	PUNCT
easat-9257	608	7	"	"	PUNCT
easat-9257	608	8	dynamic	dynamic	ADJ
easat-9257	608	9	conditional	conditional	ADJ
easat-9257	608	10	correlation	correlation	NOUN
easat-9257	608	11	,	,	PUNCT
easat-9257	608	12	"	"	PUNCT
easat-9257	608	13	journal	journal	NOUN
easat-9257	608	14	of	of	ADP
easat-9257	608	15	business	business	PROPN
easat-9257	608	16	&	&	CCONJ
easat-9257	608	17	economic	economic	ADJ
easat-9257	608	18	statistics	statistic	NOUN
easat-9257	608	19	,	,	PUNCT
easat-9257	608	20	vol	vol	NOUN
easat-9257	608	21	.	.	PROPN
easat-9257	608	22	20	20	NUM
easat-9257	608	23	,	,	PUNCT
easat-9257	608	24	no	no	INTJ
easat-9257	608	25	.	.	NOUN
easat-9257	608	26	3	3	NUM
easat-9257	608	27	,	,	PUNCT
easat-9257	608	28	pp	pp	ADJ
easat-9257	608	29	.	.	PUNCT
easat-9257	609	1	339	339	NUM
easat-9257	609	2	-	-	SYM
easat-9257	609	3	350	350	NUM
easat-9257	609	4	,	,	PUNCT
easat-9257	609	5	2002	2002	NUM
easat-9257	609	6	.	.	PUNCT
easat-9257	610	1	https://doi.org/10.1198/073500102288618487	https://doi.org/10.1198/073500102288618487	X
easat-9257	611	1	[	[	X
easat-9257	611	2	22	22	NUM
easat-9257	611	3	]	]	PUNCT
easat-9257	611	4	t.	t.	NOUN
easat-9257	611	5	bollerslev	bollerslev	NOUN
easat-9257	611	6	,	,	PUNCT
easat-9257	611	7	"	"	PUNCT
easat-9257	611	8	modelling	model	VERB
easat-9257	611	9	the	the	DET
easat-9257	611	10	coherence	coherence	NOUN
easat-9257	611	11	in	in	ADP
easat-9257	611	12	short	short	ADJ
easat-9257	611	13	-	-	PUNCT
easat-9257	611	14	run	run	VERB
easat-9257	611	15	nominal	nominal	ADJ
easat-9257	611	16	exchange	exchange	NOUN
easat-9257	611	17	rates	rate	NOUN
easat-9257	611	18	:	:	PUNCT
easat-9257	611	19	a	a	DET
easat-9257	611	20	multivariate	multivariate	NOUN
easat-9257	611	21	generalized	generalize	VERB
easat-9257	611	22	arch	arch	ADJ
easat-9257	611	23	model	model	NOUN
easat-9257	611	24	,	,	PUNCT
easat-9257	611	25	"	"	PUNCT
easat-9257	611	26	review	review	NOUN
easat-9257	611	27	of	of	ADP
easat-9257	611	28	economics	economic	NOUN
easat-9257	611	29	and	and	CCONJ
easat-9257	611	30	statistics	statistic	NOUN
easat-9257	611	31	,	,	PUNCT
easat-9257	611	32	vol	vol	NOUN
easat-9257	611	33	.	.	PROPN
easat-9257	611	34	72	72	NUM
easat-9257	611	35	,	,	PUNCT
easat-9257	611	36	no	no	INTJ
easat-9257	611	37	.	.	NOUN
easat-9257	611	38	3	3	NUM
easat-9257	611	39	,	,	PUNCT
easat-9257	611	40	pp	pp	ADJ
easat-9257	611	41	.	.	PUNCT
easat-9257	612	1	498–505	498–505	NUM
easat-9257	612	2	,	,	PUNCT
easat-9257	612	3	1990	1990	NUM
easat-9257	612	4	.	.	PUNCT
easat-9257	613	1	[	[	X
easat-9257	613	2	23	23	NUM
easat-9257	613	3	]	]	X
easat-9257	613	4	e.	e.	PROPN
easat-9257	613	5	r.	r.	PROPN
easat-9257	613	6	berndt	berndt	PROPN
easat-9257	613	7	,	,	PUNCT
easat-9257	613	8	b.	b.	PROPN
easat-9257	613	9	h.	h.	PROPN
easat-9257	613	10	hall	hall	PROPN
easat-9257	613	11	,	,	PUNCT
easat-9257	613	12	r.	r.	PROPN
easat-9257	613	13	e.	e.	PROPN
easat-9257	613	14	hall	hall	PROPN
easat-9257	613	15	,	,	PUNCT
easat-9257	613	16	and	and	CCONJ
easat-9257	613	17	j.	j.	PROPN
easat-9257	613	18	a.	a.	PROPN
easat-9257	613	19	hausman	hausman	PROPN
easat-9257	613	20	,	,	PUNCT
easat-9257	613	21	"	"	PUNCT
easat-9257	613	22	estimation	estimation	NOUN
easat-9257	613	23	and	and	CCONJ
easat-9257	613	24	inference	inference	NOUN
easat-9257	613	25	in	in	ADP
easat-9257	613	26	nonlinear	nonlinear	ADJ
easat-9257	613	27	structural	structural	ADJ
easat-9257	613	28	models	model	NOUN
easat-9257	613	29	,	,	PUNCT
easat-9257	613	30	"	"	PUNCT
easat-9257	613	31	annals	annal	NOUN
easat-9257	613	32	of	of	ADP
easat-9257	613	33	economic	economic	ADJ
easat-9257	613	34	and	and	CCONJ
easat-9257	613	35	social	social	ADJ
easat-9257	613	36	measurement	measurement	NOUN
easat-9257	613	37	,	,	PUNCT
easat-9257	613	38	vol	vol	NOUN
easat-9257	613	39	.	.	PROPN
easat-9257	613	40	3	3	NUM
easat-9257	613	41	,	,	PUNCT
easat-9257	613	42	no	no	INTJ
easat-9257	613	43	.	.	NOUN
easat-9257	613	44	4	4	NUM
easat-9257	613	45	,	,	PUNCT
easat-9257	613	46	pp	pp	ADJ
easat-9257	613	47	.	.	PUNCT
easat-9257	614	1	653–665	653–665	NUM
easat-9257	614	2	,	,	PUNCT
easat-9257	614	3	1974	1974	NUM
easat-9257	614	4	.	.	PUNCT
easat-9257	615	1	[	[	X
easat-9257	615	2	24	24	NUM
easat-9257	615	3	]	]	PUNCT
easat-9257	615	4	c.	c.	PROPN
easat-9257	615	5	incln	incln	PROPN
easat-9257	615	6	and	and	CCONJ
easat-9257	615	7	g.	g.	PROPN
easat-9257	615	8	c.	c.	PROPN
easat-9257	615	9	tiao	tiao	PROPN
easat-9257	615	10	,	,	PUNCT
easat-9257	615	11	"	"	PUNCT
easat-9257	615	12	use	use	NOUN
easat-9257	615	13	of	of	ADP
easat-9257	615	14	cumulative	cumulative	ADJ
easat-9257	615	15	sums	sum	NOUN
easat-9257	615	16	of	of	ADP
easat-9257	615	17	squares	square	NOUN
easat-9257	615	18	for	for	ADP
easat-9257	615	19	retrospective	retrospective	ADJ
easat-9257	615	20	detection	detection	NOUN
easat-9257	615	21	of	of	ADP
easat-9257	615	22	changes	change	NOUN
easat-9257	615	23	of	of	ADP
easat-9257	615	24	variance	variance	NOUN
easat-9257	615	25	,	,	PUNCT
easat-9257	615	26	"	"	PUNCT
easat-9257	615	27	journal	journal	NOUN
easat-9257	615	28	of	of	ADP
easat-9257	615	29	the	the	DET
easat-9257	615	30	american	american	PROPN
easat-9257	615	31	statistical	statistical	PROPN
easat-9257	615	32	association	association	PROPN
easat-9257	615	33	,	,	PUNCT
easat-9257	615	34	vol	vol	NOUN
easat-9257	615	35	.	.	PROPN
easat-9257	615	36	89	89	NUM
easat-9257	615	37	,	,	PUNCT
easat-9257	615	38	no	no	INTJ
easat-9257	615	39	.	.	NOUN
easat-9257	615	40	427	427	NUM
easat-9257	615	41	,	,	PUNCT
easat-9257	615	42	pp	pp	ADJ
easat-9257	615	43	.	.	PUNCT
easat-9257	616	1	913	913	NUM
easat-9257	616	2	-	-	SYM
easat-9257	616	3	923	923	NUM
easat-9257	616	4	,	,	PUNCT
easat-9257	616	5	1994	1994	NUM
easat-9257	616	6	.	.	PUNCT
easat-9257	617	1	https://doi.org/10.2307/2290916	https://doi.org/10.2307/2290916	X
easat-9257	618	1	[	[	X
easat-9257	618	2	25	25	NUM
easat-9257	618	3	]	]	PUNCT
easat-9257	618	4	s.	s.	PROPN
easat-9257	618	5	johansen	johansen	PROPN
easat-9257	618	6	and	and	CCONJ
easat-9257	618	7	k.	k.	PROPN
easat-9257	618	8	juselius	juselius	PROPN
easat-9257	618	9	,	,	PUNCT
easat-9257	618	10	"	"	PUNCT
easat-9257	618	11	maximum	maximum	ADJ
easat-9257	618	12	likelihood	likelihood	NOUN
easat-9257	618	13	estimation	estimation	NOUN
easat-9257	618	14	and	and	CCONJ
easat-9257	618	15	inference	inference	NOUN
easat-9257	618	16	on	on	ADP
easat-9257	618	17	cointegration	cointegration	NOUN
easat-9257	618	18	—	—	PUNCT
easat-9257	618	19	with	with	ADP
easat-9257	618	20	applications	application	NOUN
easat-9257	618	21	to	to	ADP
easat-9257	618	22	the	the	DET
easat-9257	618	23	demand	demand	NOUN
easat-9257	618	24	for	for	ADP
easat-9257	618	25	money	money	NOUN
easat-9257	618	26	,	,	PUNCT
easat-9257	618	27	"	"	PUNCT
easat-9257	618	28	oxford	oxford	ADJ
easat-9257	618	29	bulletin	bulletin	NOUN
easat-9257	618	30	of	of	ADP
easat-9257	618	31	economics	economic	NOUN
easat-9257	618	32	and	and	CCONJ
easat-9257	618	33	statistics	statistic	NOUN
easat-9257	618	34	,	,	PUNCT
easat-9257	618	35	vol	vol	NOUN
easat-9257	618	36	.	.	PROPN
easat-9257	618	37	52	52	NUM
easat-9257	618	38	,	,	PUNCT
easat-9257	618	39	no	no	INTJ
easat-9257	618	40	.	.	NOUN
easat-9257	618	41	2	2	NUM
easat-9257	618	42	,	,	PUNCT
easat-9257	618	43	pp	pp	ADJ
easat-9257	618	44	.	.	PUNCT
easat-9257	619	1	169	169	NUM
easat-9257	619	2	-	-	SYM
easat-9257	619	3	210	210	NUM
easat-9257	619	4	,	,	PUNCT
easat-9257	619	5	1990	1990	NUM
easat-9257	619	6	.	.	PUNCT
easat-9257	620	1	https://doi.org/10.1111/j.1468-0084.1990.mp52002003.x	https://doi.org/10.1111/j.1468-0084.1990.mp52002003.x	PRON
easat-9257	621	1	[	[	X
easat-9257	621	2	26	26	NUM
easat-9257	621	3	]	]	PUNCT
easat-9257	621	4	s.	s.	PROPN
easat-9257	621	5	r.	r.	PROPN
easat-9257	621	6	baker	baker	PROPN
easat-9257	621	7	,	,	PUNCT
easat-9257	621	8	n.	n.	PROPN
easat-9257	621	9	bloom	bloom	PROPN
easat-9257	621	10	,	,	PUNCT
easat-9257	621	11	s.	s.	PROPN
easat-9257	621	12	j.	j.	PROPN
easat-9257	621	13	davis	davis	PROPN
easat-9257	621	14	,	,	PUNCT
easat-9257	621	15	k.	k.	PROPN
easat-9257	621	16	kost	kost	PROPN
easat-9257	621	17	,	,	PUNCT
easat-9257	621	18	m.	m.	NOUN
easat-9257	621	19	sammon	sammon	PROPN
easat-9257	621	20	,	,	PUNCT
easat-9257	621	21	and	and	CCONJ
easat-9257	621	22	t.	t.	PROPN
easat-9257	621	23	viratyosin	viratyosin	NOUN
easat-9257	621	24	,	,	PUNCT
easat-9257	621	25	"	"	PUNCT
easat-9257	621	26	the	the	DET
easat-9257	621	27	unprecedented	unprecedented	ADJ
easat-9257	621	28	stock	stock	NOUN
easat-9257	621	29	market	market	NOUN
easat-9257	621	30	reaction	reaction	NOUN
easat-9257	621	31	to	to	ADP
easat-9257	621	32	covid-19	covid-19	PROPN
easat-9257	621	33	,	,	PUNCT
easat-9257	621	34	"	"	PUNCT
easat-9257	621	35	the	the	DET
easat-9257	621	36	review	review	NOUN
easat-9257	621	37	of	of	ADP
easat-9257	621	38	asset	asset	NOUN
easat-9257	621	39	pricing	pricing	NOUN
easat-9257	621	40	studies	study	NOUN
easat-9257	621	41	,	,	PUNCT
easat-9257	621	42	vol	vol	NOUN
easat-9257	621	43	.	.	PROPN
easat-9257	621	44	10	10	NUM
easat-9257	621	45	,	,	PUNCT
easat-9257	621	46	no	no	INTJ
easat-9257	621	47	.	.	NOUN
easat-9257	621	48	4	4	NUM
easat-9257	621	49	,	,	PUNCT
easat-9257	621	50	pp	pp	ADJ
easat-9257	621	51	.	.	PUNCT
easat-9257	622	1	742	742	NUM
easat-9257	622	2	-	-	SYM
easat-9257	622	3	758	758	NUM
easat-9257	622	4	,	,	PUNCT
easat-9257	622	5	2020	2020	NUM
easat-9257	622	6	.	.	PUNCT
easat-9257	623	1	https://doi.org/10.1093/rapstu/raaa008	https://doi.org/10.1093/rapstu/raaa008	NOUN
easat-9257	624	1	[	[	X
easat-9257	624	2	27	27	NUM
easat-9257	624	3	]	]	PUNCT
easat-9257	624	4	z.	z.	PROPN
easat-9257	624	5	ding	ding	PROPN
easat-9257	624	6	and	and	CCONJ
easat-9257	624	7	c.	c.	PROPN
easat-9257	624	8	w.	w.	PROPN
easat-9257	624	9	granger	granger	PROPN
easat-9257	624	10	,	,	PUNCT
easat-9257	624	11	"	"	PUNCT
easat-9257	624	12	modeling	model	VERB
easat-9257	624	13	volatility	volatility	NOUN
easat-9257	624	14	persistence	persistence	NOUN
easat-9257	624	15	of	of	ADP
easat-9257	624	16	speculative	speculative	ADJ
easat-9257	624	17	returns	return	NOUN
easat-9257	624	18	:	:	PUNCT
easat-9257	624	19	a	a	DET
easat-9257	624	20	new	new	ADJ
easat-9257	624	21	approach	approach	NOUN
easat-9257	624	22	,	,	PUNCT
easat-9257	624	23	"	"	PUNCT
easat-9257	624	24	journal	journal	NOUN
easat-9257	624	25	of	of	ADP
easat-9257	624	26	econometrics	econometric	NOUN
easat-9257	624	27	,	,	PUNCT
easat-9257	624	28	vol	vol	NOUN
easat-9257	624	29	.	.	PROPN
easat-9257	625	1	73	73	NUM
easat-9257	625	2	,	,	PUNCT
easat-9257	625	3	no	no	INTJ
easat-9257	625	4	.	.	NOUN
easat-9257	625	5	1	1	NUM
easat-9257	625	6	,	,	PUNCT
easat-9257	625	7	pp	pp	ADJ
easat-9257	625	8	.	.	PUNCT
easat-9257	626	1	185	185	NUM
easat-9257	626	2	-	-	SYM
easat-9257	626	3	215	215	NUM
easat-9257	626	4	,	,	PUNCT
easat-9257	626	5	1996	1996	NUM
easat-9257	626	6	.	.	PUNCT
easat-9257	627	1	[	[	X
easat-9257	627	2	28	28	NUM
easat-9257	627	3	]	]	X
easat-9257	627	4	w.	w.	PROPN
easat-9257	627	5	kang	kang	PROPN
easat-9257	627	6	,	,	PUNCT
easat-9257	627	7	r.	r.	PROPN
easat-9257	627	8	a.	a.	PROPN
easat-9257	627	9	ratti	ratti	PROPN
easat-9257	627	10	,	,	PUNCT
easat-9257	627	11	and	and	CCONJ
easat-9257	627	12	j.	j.	PROPN
easat-9257	627	13	vespignani	vespignani	PROPN
easat-9257	627	14	,	,	PUNCT
easat-9257	627	15	"	"	PUNCT
easat-9257	627	16	financial	financial	ADJ
easat-9257	627	17	and	and	CCONJ
easat-9257	627	18	nonfinancial	nonfinancial	ADJ
easat-9257	627	19	global	global	ADJ
easat-9257	627	20	stock	stock	NOUN
easat-9257	627	21	market	market	NOUN
easat-9257	627	22	volatility	volatility	NOUN
easat-9257	627	23	shocks	shock	NOUN
easat-9257	627	24	,	,	PUNCT
easat-9257	627	25	"	"	PUNCT
easat-9257	627	26	economic	economic	ADJ
easat-9257	627	27	modelling	modelling	NOUN
easat-9257	627	28	,	,	PUNCT
easat-9257	627	29	vol	vol	NOUN
easat-9257	627	30	.	.	PROPN
easat-9257	627	31	96	96	NUM
easat-9257	627	32	,	,	PUNCT
easat-9257	627	33	pp	pp	ADJ
easat-9257	627	34	.	.	PUNCT
easat-9257	627	35	128	128	NUM
easat-9257	627	36	-	-	SYM
easat-9257	627	37	134	134	NUM
easat-9257	627	38	,	,	PUNCT
easat-9257	627	39	2021	2021	NUM
easat-9257	627	40	.	.	PUNCT
easat-9257	628	1	[	[	X
easat-9257	628	2	29	29	NUM
easat-9257	628	3	]	]	PUNCT
easat-9257	628	4	k.	k.	PROPN
easat-9257	628	5	j.	j.	PROPN
easat-9257	628	6	forbes	forbes	PROPN
easat-9257	628	7	and	and	CCONJ
easat-9257	628	8	r.	r.	PROPN
easat-9257	628	9	rigobon	rigobon	PROPN
easat-9257	628	10	,	,	PUNCT
easat-9257	628	11	"	"	PUNCT
easat-9257	628	12	no	no	DET
easat-9257	628	13	contagion	contagion	NOUN
easat-9257	628	14	,	,	PUNCT
easat-9257	628	15	only	only	ADV
easat-9257	628	16	interdependence	interdependence	NOUN
easat-9257	628	17	:	:	PUNCT
easat-9257	628	18	measuring	measure	VERB
easat-9257	628	19	stock	stock	NOUN
easat-9257	628	20	market	market	NOUN
easat-9257	628	21	comovements	comovement	NOUN
easat-9257	628	22	,	,	PUNCT
easat-9257	628	23	"	"	PUNCT
easat-9257	628	24	the	the	DET
easat-9257	628	25	journal	journal	NOUN
easat-9257	628	26	of	of	ADP
easat-9257	628	27	finance	finance	NOUN
easat-9257	628	28	,	,	PUNCT
easat-9257	628	29	vol	vol	NOUN
easat-9257	628	30	.	.	PROPN
easat-9257	628	31	57	57	NUM
easat-9257	628	32	,	,	PUNCT
easat-9257	628	33	no	no	INTJ
easat-9257	628	34	.	.	NOUN
easat-9257	628	35	5	5	NUM
easat-9257	628	36	,	,	PUNCT
easat-9257	628	37	pp	pp	ADJ
easat-9257	628	38	.	.	PUNCT
easat-9257	628	39	2223–2261	2223–2261	NUM
easat-9257	628	40	,	,	PUNCT
easat-9257	628	41	2002	2002	NUM
easat-9257	628	42	.	.	PUNCT
easat-9257	629	1	https://doi.org/10.1016/j.qref.2007.09.006	https://doi.org/10.1016/j.qref.2007.09.006	ADJ
easat-9257	629	2	https://doi.org/10.1093/jjfinec/nbu006	https://doi.org/10.1093/jjfinec/nbu006	ADJ
easat-9257	629	3	https://doi.org/10.3390/jrfm10040023	https://doi.org/10.3390/jrfm10040023	NOUN
easat-9257	629	4	https://doi.org/10.1111/j.1467-9892.1980.tb00297.x	https://doi.org/10.1111/j.1467-9892.1980.tb00297.x	NOUN
easat-9257	629	5	https://doi.org/10.1111/j.2517-6161.1964.tb00553.x	https://doi.org/10.1111/j.2517-6161.1964.tb00553.x	PROPN
easat-9257	629	6	https://doi.org/10.1198/073500102288618487	https://doi.org/10.1198/073500102288618487	X
easat-9257	629	7	https://doi.org/10.2307/2290916	https://doi.org/10.2307/2290916	PROPN
easat-9257	630	1	https://doi.org/10.1111/j.1468-0084.1990.mp52002003.x	https://doi.org/10.1111/j.1468-0084.1990.mp52002003.x	PRON
easat-9257	630	2	https://doi.org/10.1093/rapstu/raaa008	https://doi.org/10.1093/rapstu/raaa008	NOUN