id	sid	tid	token	lemma	pos
emaj-172	1	1	volume	volume	NOUN
emaj-172	1	2	7	7	NUM
emaj-172	1	3	no	no	DET
emaj-172	1	4	2	2	NUM
emaj-172	1	5	(	(	PUNCT
emaj-172	1	6	2018	2018	NUM
emaj-172	1	7	)	)	PUNCT
emaj-172	2	1	|	|	ADV
emaj-172	2	2	issn	issn	VERB
emaj-172	2	3	2158	2158	NUM
emaj-172	2	4	-	-	SYM
emaj-172	2	5	8708	8708	NUM
emaj-172	2	6	(	(	PUNCT
emaj-172	2	7	online	online	NOUN
emaj-172	2	8	)	)	PUNCT
emaj-172	2	9	|	|	ADV
emaj-172	2	10	doi	doi	X
emaj-172	2	11	10.5195	10.5195	NUM
emaj-172	2	12	/	/	SYM
emaj-172	2	13	emaj.2018.134	emaj.2018.134	PROPN
emaj-172	2	14	|	|	ADV
emaj-172	2	15	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-172	2	16	volatility	volatility	NOUN
emaj-172	2	17	model	model	NOUN
emaj-172	2	18	choice	choice	NOUN
emaj-172	2	19	for	for	ADP
emaj-172	2	20	sub	sub	ADJ
emaj-172	2	21	-	-	ADJ
emaj-172	2	22	saharan	saharan	ADJ
emaj-172	2	23	frontier	frontier	NOUN
emaj-172	2	24	equity	equity	NOUN
emaj-172	2	25	markets	market	VERB
emaj-172	2	26	a	a	DET
emaj-172	2	27	markov	markov	NOUN
emaj-172	2	28	regime	regime	NOUN
emaj-172	2	29	switching	switch	VERB
emaj-172	2	30	bayesian	bayesian	NOUN
emaj-172	2	31	approach	approach	NOUN
emaj-172	2	32	carl	carl	PROPN
emaj-172	2	33	hope	hope	PROPN
emaj-172	2	34	korkpoe	korkpoe	PROPN
emaj-172	2	35	university	university	PROPN
emaj-172	2	36	of	of	ADP
emaj-172	2	37	cape	cape	PROPN
emaj-172	2	38	coast	coast	PROPN
emaj-172	2	39	,	,	PUNCT
emaj-172	2	40	ghana	ghana	PROPN
emaj-172	2	41	|	|	ADV
emaj-172	2	42	ckorkpoe@ucc.edu.gh	ckorkpoe@ucc.edu.gh	VERB
emaj-172	2	43	nathaniel	nathaniel	PROPN
emaj-172	2	44	howard	howard	PROPN
emaj-172	2	45	university	university	PROPN
emaj-172	2	46	of	of	ADP
emaj-172	2	47	cape	cape	PROPN
emaj-172	2	48	coast	coast	PROPN
emaj-172	2	49	,	,	PUNCT
emaj-172	2	50	ghana	ghana	PROPN
emaj-172	2	51	|	|	ADV
emaj-172	2	52	nhoward@ucc.edu.gh	nhoward@ucc.edu.gh	ADJ
emaj-172	2	53	abstract	abstract	NOUN
emaj-172	2	54	we	we	PRON
emaj-172	2	55	adopt	adopt	VERB
emaj-172	2	56	a	a	DET
emaj-172	2	57	granular	granular	ADJ
emaj-172	2	58	approach	approach	NOUN
emaj-172	2	59	to	to	ADP
emaj-172	2	60	estimating	estimate	VERB
emaj-172	2	61	the	the	DET
emaj-172	2	62	risk	risk	NOUN
emaj-172	2	63	of	of	ADP
emaj-172	2	64	equity	equity	NOUN
emaj-172	2	65	returns	return	NOUN
emaj-172	2	66	in	in	ADP
emaj-172	2	67	sub	sub	ADJ
emaj-172	2	68	-	-	ADJ
emaj-172	2	69	saharan	saharan	ADJ
emaj-172	2	70	african	african	ADJ
emaj-172	2	71	frontier	frontier	NOUN
emaj-172	2	72	equity	equity	NOUN
emaj-172	2	73	markets	market	NOUN
emaj-172	2	74	under	under	ADP
emaj-172	2	75	the	the	DET
emaj-172	2	76	assumption	assumption	NOUN
emaj-172	2	77	that	that	SCONJ
emaj-172	2	78	,	,	PUNCT
emaj-172	2	79	returns	return	NOUN
emaj-172	2	80	are	be	AUX
emaj-172	2	81	influenced	influence	VERB
emaj-172	2	82	by	by	ADP
emaj-172	2	83	developments	development	NOUN
emaj-172	2	84	in	in	ADP
emaj-172	2	85	the	the	DET
emaj-172	2	86	underlying	underlie	VERB
emaj-172	2	87	economy	economy	NOUN
emaj-172	2	88	.	.	PUNCT
emaj-172	3	1	four	four	NUM
emaj-172	3	2	countries	country	NOUN
emaj-172	3	3	were	be	AUX
emaj-172	3	4	studied	study	VERB
emaj-172	3	5	–	–	PUNCT
emaj-172	3	6	botswana	botswana	PROPN
emaj-172	3	7	,	,	PUNCT
emaj-172	3	8	ghana	ghana	PROPN
emaj-172	3	9	,	,	PUNCT
emaj-172	3	10	kenya	kenya	PROPN
emaj-172	3	11	and	and	CCONJ
emaj-172	3	12	nigeria	nigeria	PROPN
emaj-172	3	13	.	.	PUNCT
emaj-172	4	1	we	we	PRON
emaj-172	4	2	found	find	VERB
emaj-172	4	3	heterogeneity	heterogeneity	NOUN
emaj-172	4	4	in	in	ADP
emaj-172	4	5	the	the	DET
emaj-172	4	6	evolution	evolution	NOUN
emaj-172	4	7	of	of	ADP
emaj-172	4	8	volatility	volatility	NOUN
emaj-172	4	9	across	across	ADP
emaj-172	4	10	these	these	DET
emaj-172	4	11	markets	market	NOUN
emaj-172	4	12	and	and	CCONJ
emaj-172	4	13	also	also	ADV
emaj-172	4	14	that	that	SCONJ
emaj-172	4	15	two	two	NUM
emaj-172	4	16	-	-	PUNCT
emaj-172	4	17	regime	regime	NOUN
emaj-172	4	18	switching	switch	VERB
emaj-172	4	19	volatility	volatility	NOUN
emaj-172	4	20	models	model	NOUN
emaj-172	4	21	describe	describe	VERB
emaj-172	4	22	better	well	ADV
emaj-172	4	23	the	the	DET
emaj-172	4	24	heteroscedastic	heteroscedastic	ADJ
emaj-172	4	25	returns	return	NOUN
emaj-172	4	26	generating	generate	VERB
emaj-172	4	27	processes	process	NOUN
emaj-172	4	28	in	in	ADP
emaj-172	4	29	these	these	DET
emaj-172	4	30	markets	market	NOUN
emaj-172	4	31	using	use	VERB
emaj-172	4	32	the	the	DET
emaj-172	4	33	deviance	deviance	NOUN
emaj-172	4	34	information	information	NOUN
emaj-172	4	35	criteria	criterion	NOUN
emaj-172	4	36	.	.	PUNCT
emaj-172	5	1	we	we	PRON
emaj-172	5	2	backtest	backtest	VERB
emaj-172	5	3	the	the	DET
emaj-172	5	4	results	result	NOUN
emaj-172	5	5	to	to	PART
emaj-172	5	6	assess	assess	VERB
emaj-172	5	7	whether	whether	SCONJ
emaj-172	5	8	the	the	DET
emaj-172	5	9	models	model	NOUN
emaj-172	5	10	are	be	AUX
emaj-172	5	11	a	a	DET
emaj-172	5	12	good	good	ADJ
emaj-172	5	13	fit	fit	NOUN
emaj-172	5	14	for	for	ADP
emaj-172	5	15	the	the	DET
emaj-172	5	16	data	datum	NOUN
emaj-172	5	17	.	.	PUNCT
emaj-172	6	1	we	we	PRON
emaj-172	6	2	concluded	conclude	VERB
emaj-172	6	3	that	that	SCONJ
emaj-172	6	4	,	,	PUNCT
emaj-172	6	5	the	the	DET
emaj-172	6	6	selected	select	VERB
emaj-172	6	7	models	model	NOUN
emaj-172	6	8	are	be	AUX
emaj-172	6	9	the	the	DET
emaj-172	6	10	most	most	ADV
emaj-172	6	11	suitable	suitable	ADJ
emaj-172	6	12	for	for	ADP
emaj-172	6	13	predicting	predict	VERB
emaj-172	6	14	the	the	DET
emaj-172	6	15	volatility	volatility	NOUN
emaj-172	6	16	of	of	ADP
emaj-172	6	17	future	future	ADJ
emaj-172	6	18	returns	return	NOUN
emaj-172	6	19	in	in	ADP
emaj-172	6	20	the	the	DET
emaj-172	6	21	markets	market	NOUN
emaj-172	6	22	studied	study	VERB
emaj-172	6	23	.	.	PUNCT
emaj-172	7	1	keywords	keyword	NOUN
emaj-172	7	2	:	:	PUNCT
emaj-172	7	3	regime	regime	NOUN
emaj-172	7	4	-	-	PUNCT
emaj-172	7	5	switching	switching	NOUN
emaj-172	7	6	,	,	PUNCT
emaj-172	7	7	bayesian	bayesian	NOUN
emaj-172	7	8	markov	markov	NOUN
emaj-172	7	9	chain	chain	NOUN
emaj-172	7	10	monte	monte	PROPN
emaj-172	7	11	carlo	carlo	PROPN
emaj-172	7	12	,	,	PUNCT
emaj-172	7	13	frontier	frontier	NOUN
emaj-172	7	14	equity	equity	NOUN
emaj-172	7	15	markets	market	NOUN
emaj-172	7	16	,	,	PUNCT
emaj-172	7	17	business	business	NOUN
emaj-172	7	18	,	,	PUNCT
emaj-172	7	19	statistics	statistic	NOUN
emaj-172	7	20	*	*	PUNCT
emaj-172	8	1	this	this	DET
emaj-172	8	2	paper	paper	NOUN
emaj-172	8	3	is	be	AUX
emaj-172	8	4	the	the	DET
emaj-172	8	5	first	first	ADJ
emaj-172	8	6	extract	extract	NOUN
emaj-172	8	7	of	of	ADP
emaj-172	8	8	the	the	DET
emaj-172	8	9	ongoing	ongoing	ADJ
emaj-172	8	10	phd	phd	NOUN
emaj-172	8	11	in	in	ADP
emaj-172	8	12	statistics	statistic	NOUN
emaj-172	8	13	thesis	thesis	NOUN
emaj-172	8	14	by	by	ADP
emaj-172	8	15	the	the	DET
emaj-172	8	16	first	first	ADJ
emaj-172	8	17	author	author	NOUN
emaj-172	8	18	.	.	PUNCT
emaj-172	9	1	the	the	DET
emaj-172	9	2	second	second	ADJ
emaj-172	9	3	author	author	NOUN
emaj-172	9	4	is	be	AUX
emaj-172	9	5	the	the	DET
emaj-172	9	6	principal	principal	ADJ
emaj-172	9	7	supervisor	supervisor	NOUN
emaj-172	9	8	.	.	PUNCT
emaj-172	10	1	new	new	ADJ
emaj-172	10	2	articles	article	NOUN
emaj-172	10	3	in	in	ADP
emaj-172	10	4	this	this	DET
emaj-172	10	5	journal	journal	NOUN
emaj-172	10	6	are	be	AUX
emaj-172	10	7	licensed	license	VERB
emaj-172	10	8	under	under	ADP
emaj-172	10	9	a	a	DET
emaj-172	10	10	creative	creative	ADJ
emaj-172	10	11	commons	common	NOUN
emaj-172	10	12	attribution	attribution	NOUN
emaj-172	10	13	3.0	3.0	NUM
emaj-172	10	14	united	unite	VERB
emaj-172	10	15	states	states	PROPN
emaj-172	10	16	license	license	NOUN
emaj-172	10	17	.	.	PUNCT
emaj-172	11	1	this	this	DET
emaj-172	11	2	journal	journal	NOUN
emaj-172	11	3	is	be	AUX
emaj-172	11	4	published	publish	VERB
emaj-172	11	5	by	by	ADP
emaj-172	11	6	the	the	DET
emaj-172	11	7	university	university	NOUN
emaj-172	11	8	library	library	NOUN
emaj-172	11	9	system	system	NOUN
emaj-172	11	10	of	of	ADP
emaj-172	11	11	the	the	DET
emaj-172	11	12	university	university	PROPN
emaj-172	11	13	of	of	ADP
emaj-172	11	14	pittsburgh	pittsburgh	PROPN
emaj-172	11	15	as	as	ADP
emaj-172	11	16	part	part	NOUN
emaj-172	11	17	of	of	ADP
emaj-172	11	18	its	its	PRON
emaj-172	11	19	d	d	NOUN
emaj-172	11	20	-	-	PUNCT
emaj-172	11	21	scribe	scribe	VERB
emaj-172	11	22	digital	digital	ADJ
emaj-172	11	23	publishing	publishing	NOUN
emaj-172	11	24	program	program	NOUN
emaj-172	11	25	,	,	PUNCT
emaj-172	11	26	and	and	CCONJ
emaj-172	11	27	is	be	AUX
emaj-172	11	28	cosponsored	cosponsor	VERB
emaj-172	11	29	by	by	ADP
emaj-172	11	30	the	the	DET
emaj-172	11	31	university	university	PROPN
emaj-172	11	32	of	of	ADP
emaj-172	11	33	pittsburgh	pittsburgh	PROPN
emaj-172	11	34	press	press	NOUN
emaj-172	11	35	.	.	PUNCT
emaj-172	12	1	volume	volume	NOUN
emaj-172	12	2	9	9	NUM
emaj-172	12	3	no	no	DET
emaj-172	12	4	1	1	NUM
emaj-172	12	5	(	(	PUNCT
emaj-172	12	6	2019	2019	NUM
emaj-172	12	7	)	)	PUNCT
emaj-172	12	8	|	|	ADV
emaj-172	12	9	issn	issn	VERB
emaj-172	12	10	2158	2158	NUM
emaj-172	12	11	-	-	SYM
emaj-172	12	12	8708	8708	NUM
emaj-172	12	13	(	(	PUNCT
emaj-172	12	14	online	online	NOUN
emaj-172	12	15	)	)	PUNCT
emaj-172	13	1	|	|	ADV
emaj-172	13	2	doi	doi	X
emaj-172	13	3	10.5195	10.5195	NUM
emaj-172	13	4	/	/	SYM
emaj-172	13	5	emaj.2019.172	emaj.2019.172	NOUN
emaj-172	13	6	|	|	ADV
emaj-172	13	7	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-172	13	8	|	|	ADV
emaj-172	13	9	http://creativecommons.org/licenses/by/3.0/us/	http://creativecommons.org/licenses/by/3.0/us/	NOUN
emaj-172	13	10	mailto:ckorkpoe@ucc.edu.gh	mailto:ckorkpoe@ucc.edu.gh	ADJ
emaj-172	13	11	mailto:nhoward@ucc.edu.gh	mailto:nhoward@ucc.edu.gh	NOUN
emaj-172	13	12	http://www.library.pitt.edu/	http://www.library.pitt.edu/	PROPN
emaj-172	13	13	http://www.pitt.edu/	http://www.pitt.edu/	NOUN
emaj-172	13	14	http://www.library.pitt.edu/articles/digpubtype/index.html	http://www.library.pitt.edu/articles/digpubtype/index.html	PUNCT
emaj-172	14	1	http://www.upress.pitt.edu/upressindex.aspx	http://www.upress.pitt.edu/upressindex.aspx	NUM
emaj-172	14	2	http://creativecommons.org/licenses/by/3.0/us/	http://creativecommons.org/licenses/by/3.0/us/	NOUN
emaj-172	14	3	http://creativecommons.org/licenses/by/3.0/us/	http://creativecommons.org/licenses/by/3.0/us/	NOUN
emaj-172	15	1	http://creativecommons.org/licenses/by/3.0/us/	http://creativecommons.org/licenses/by/3.0/us/	NOUN
emaj-172	15	2	volume	volume	NOUN
emaj-172	15	3	9	9	NUM
emaj-172	15	4	no	no	DET
emaj-172	15	5	1	1	NUM
emaj-172	15	6	(	(	PUNCT
emaj-172	15	7	2019	2019	NUM
emaj-172	15	8	)	)	PUNCT
emaj-172	15	9	|	|	ADV
emaj-172	15	10	issn	issn	VERB
emaj-172	15	11	2158	2158	NUM
emaj-172	15	12	-	-	SYM
emaj-172	15	13	8708	8708	NUM
emaj-172	15	14	(	(	PUNCT
emaj-172	15	15	online	online	NOUN
emaj-172	15	16	)	)	PUNCT
emaj-172	16	1	|	|	ADV
emaj-172	16	2	doi	doi	X
emaj-172	16	3	10.5195	10.5195	NUM
emaj-172	16	4	/	/	SYM
emaj-172	16	5	emaj.2019.172	emaj.2019.172	NOUN
emaj-172	16	6	|	|	ADV
emaj-172	16	7	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-172	16	8	carl	carl	PROPN
emaj-172	16	9	hope	hope	PROPN
emaj-172	16	10	korkpoe	korkpoe	PROPN
emaj-172	16	11	,	,	PUNCT
emaj-172	16	12	nathanial	nathanial	ADJ
emaj-172	16	13	howard	howard	ADJ
emaj-172	16	14	emerging	emerge	VERB
emaj-172	16	15	markets	market	NOUN
emaj-172	16	16	journal	journal	NOUN
emaj-172	16	17	|	|	ADV
emaj-172	16	18	p	p	NOUN
emaj-172	16	19	a	a	DET
emaj-172	16	20	g	g	NOUN
emaj-172	16	21	e	e	ADP
emaj-172	16	22	|69	|69	NOUN
emaj-172	16	23	volatility	volatility	NOUN
emaj-172	16	24	model	model	NOUN
emaj-172	16	25	choice	choice	NOUN
emaj-172	16	26	for	for	ADP
emaj-172	16	27	sub	sub	ADJ
emaj-172	16	28	-	-	ADJ
emaj-172	16	29	saharan	saharan	ADJ
emaj-172	16	30	frontier	frontier	NOUN
emaj-172	16	31	equity	equity	NOUN
emaj-172	16	32	markets	market	VERB
emaj-172	16	33	a	a	DET
emaj-172	16	34	markov	markov	NOUN
emaj-172	16	35	regime	regime	NOUN
emaj-172	16	36	switching	switch	VERB
emaj-172	16	37	bayesian	bayesian	NOUN
emaj-172	16	38	approach	approach	NOUN
emaj-172	16	39	carl	carl	PROPN
emaj-172	16	40	hope	hope	PROPN
emaj-172	16	41	korkpoe	korkpoe	PROPN
emaj-172	16	42	nathanial	nathanial	PROPN
emaj-172	16	43	howard	howard	PROPN
emaj-172	16	44	i.	i.	PROPN
emaj-172	16	45	introduction	introduction	PROPN
emaj-172	16	46	investor	investor	NOUN
emaj-172	16	47	interest	interest	NOUN
emaj-172	16	48	in	in	ADP
emaj-172	16	49	frontier	frontier	NOUN
emaj-172	16	50	equity	equity	NOUN
emaj-172	16	51	markets	market	NOUN
emaj-172	16	52	of	of	ADP
emaj-172	16	53	sub	sub	ADJ
emaj-172	16	54	-	-	ADJ
emaj-172	16	55	saharan	saharan	ADJ
emaj-172	16	56	africa	africa	PROPN
emaj-172	16	57	has	have	AUX
emaj-172	16	58	been	be	AUX
emaj-172	16	59	growing	grow	VERB
emaj-172	16	60	lately	lately	ADV
emaj-172	16	61	.	.	PUNCT
emaj-172	17	1	this	this	DET
emaj-172	17	2	interest	interest	NOUN
emaj-172	17	3	is	be	AUX
emaj-172	17	4	topical	topical	ADJ
emaj-172	17	5	in	in	ADP
emaj-172	17	6	a	a	DET
emaj-172	17	7	growing	grow	VERB
emaj-172	17	8	finance	finance	NOUN
emaj-172	17	9	and	and	CCONJ
emaj-172	17	10	economics	economic	NOUN
emaj-172	17	11	literature	literature	NOUN
emaj-172	17	12	(	(	PUNCT
emaj-172	17	13	sukumaran	sukumaran	PROPN
emaj-172	17	14	,	,	PUNCT
emaj-172	17	15	gupta	gupta	NOUN
emaj-172	17	16	and	and	CCONJ
emaj-172	17	17	jithendranathan	jithendranathan	NOUN
emaj-172	17	18	2015	2015	NUM
emaj-172	17	19	;	;	PUNCT
emaj-172	17	20	de	de	X
emaj-172	17	21	groot	groot	X
emaj-172	17	22	,	,	PUNCT
emaj-172	17	23	pang	pang	NOUN
emaj-172	17	24	and	and	CCONJ
emaj-172	17	25	swinkels	swinkel	NOUN
emaj-172	17	26	2012	2012	NUM
emaj-172	17	27	;	;	PUNCT
emaj-172	17	28	quisenberry	quisenberry	VERB
emaj-172	17	29	jr	jr	PROPN
emaj-172	17	30	and	and	CCONJ
emaj-172	17	31	griffith	griffith	PROPN
emaj-172	17	32	,	,	PUNCT
emaj-172	17	33	2010	2010	NUM
emaj-172	17	34	)	)	PUNCT
emaj-172	17	35	and	and	CCONJ
emaj-172	17	36	in	in	ADP
emaj-172	17	37	international	international	ADJ
emaj-172	17	38	finance	finance	NOUN
emaj-172	17	39	corporation	corporation	NOUN
emaj-172	17	40	(	(	PUNCT
emaj-172	17	41	2013	2013	NUM
emaj-172	17	42	)	)	PUNCT
emaj-172	17	43	,	,	PUNCT
emaj-172	17	44	the	the	DET
emaj-172	17	45	world	world	PROPN
emaj-172	17	46	bank	bank	NOUN
emaj-172	17	47	's	's	PART
emaj-172	17	48	private	private	ADJ
emaj-172	17	49	sector	sector	NOUN
emaj-172	17	50	arm	arm	NOUN
emaj-172	17	51	's	's	PART
emaj-172	17	52	newsletters	newsletter	NOUN
emaj-172	17	53	for	for	ADP
emaj-172	17	54	some	some	DET
emaj-172	17	55	time	time	NOUN
emaj-172	17	56	now	now	ADV
emaj-172	17	57	.	.	PUNCT
emaj-172	18	1	bley	bley	PROPN
emaj-172	18	2	and	and	CCONJ
emaj-172	18	3	saad	saad	PROPN
emaj-172	18	4	(	(	PUNCT
emaj-172	18	5	2012	2012	NUM
emaj-172	18	6	)	)	PUNCT
emaj-172	18	7	suggest	suggest	VERB
emaj-172	18	8	that	that	SCONJ
emaj-172	18	9	,	,	PUNCT
emaj-172	18	10	the	the	DET
emaj-172	18	11	principal	principal	ADJ
emaj-172	18	12	motivation	motivation	NOUN
emaj-172	18	13	for	for	ADP
emaj-172	18	14	this	this	DET
emaj-172	18	15	development	development	NOUN
emaj-172	18	16	is	be	AUX
emaj-172	18	17	the	the	DET
emaj-172	18	18	low	low	ADJ
emaj-172	18	19	correlation	correlation	NOUN
emaj-172	18	20	of	of	ADP
emaj-172	18	21	frontier	frontier	NOUN
emaj-172	18	22	market	market	NOUN
emaj-172	18	23	asset	asset	NOUN
emaj-172	18	24	returns	return	NOUN
emaj-172	18	25	with	with	ADP
emaj-172	18	26	their	their	PRON
emaj-172	18	27	counterpart	counterpart	NOUN
emaj-172	18	28	returns	return	NOUN
emaj-172	18	29	in	in	ADP
emaj-172	18	30	the	the	DET
emaj-172	18	31	developed	developed	ADJ
emaj-172	18	32	and	and	CCONJ
emaj-172	18	33	emerging	emerge	VERB
emaj-172	18	34	markets	market	NOUN
emaj-172	18	35	.	.	PUNCT
emaj-172	19	1	however	however	ADV
emaj-172	19	2	,	,	PUNCT
emaj-172	19	3	perceived	perceive	VERB
emaj-172	19	4	heightened	heightened	ADJ
emaj-172	19	5	risk	risk	NOUN
emaj-172	19	6	is	be	AUX
emaj-172	19	7	prevalent	prevalent	ADJ
emaj-172	19	8	in	in	ADP
emaj-172	19	9	the	the	DET
emaj-172	19	10	discussions	discussion	NOUN
emaj-172	19	11	related	relate	VERB
emaj-172	19	12	to	to	ADP
emaj-172	19	13	investment	investment	NOUN
emaj-172	19	14	and	and	CCONJ
emaj-172	19	15	portfolio	portfolio	NOUN
emaj-172	19	16	management	management	NOUN
emaj-172	19	17	activities	activity	NOUN
emaj-172	19	18	in	in	ADP
emaj-172	19	19	the	the	DET
emaj-172	19	20	frontier	frontier	NOUN
emaj-172	19	21	markets	market	NOUN
emaj-172	19	22	as	as	ADP
emaj-172	19	23	a	a	DET
emaj-172	19	24	whole	whole	NOUN
emaj-172	19	25	(	(	PUNCT
emaj-172	19	26	hassan	hassan	PROPN
emaj-172	19	27	,	,	PUNCT
emaj-172	19	28	et	et	PROPN
emaj-172	19	29	al	al	PROPN
emaj-172	19	30	.	.	PROPN
emaj-172	19	31	,	,	PUNCT
emaj-172	19	32	2003	2003	NUM
emaj-172	19	33	)	)	PUNCT
emaj-172	19	34	.	.	PUNCT
emaj-172	20	1	much	much	ADJ
emaj-172	20	2	is	be	AUX
emaj-172	20	3	known	know	VERB
emaj-172	20	4	about	about	ADP
emaj-172	20	5	volatility	volatility	NOUN
emaj-172	20	6	and	and	CCONJ
emaj-172	20	7	the	the	DET
emaj-172	20	8	strategies	strategy	NOUN
emaj-172	20	9	for	for	ADP
emaj-172	20	10	managing	manage	VERB
emaj-172	20	11	risks	risk	NOUN
emaj-172	20	12	in	in	ADP
emaj-172	20	13	investments	investment	NOUN
emaj-172	20	14	in	in	ADP
emaj-172	20	15	various	various	ADJ
emaj-172	20	16	assets	asset	NOUN
emaj-172	20	17	in	in	ADP
emaj-172	20	18	the	the	DET
emaj-172	20	19	developed	developed	ADJ
emaj-172	20	20	and	and	CCONJ
emaj-172	20	21	emerging	emerge	VERB
emaj-172	20	22	markets	market	NOUN
emaj-172	20	23	.	.	PUNCT
emaj-172	21	1	however	however	ADV
emaj-172	21	2	,	,	PUNCT
emaj-172	21	3	the	the	DET
emaj-172	21	4	same	same	ADJ
emaj-172	21	5	can	can	AUX
emaj-172	21	6	not	not	PART
emaj-172	21	7	be	be	AUX
emaj-172	21	8	said	say	VERB
emaj-172	21	9	for	for	ADP
emaj-172	21	10	the	the	DET
emaj-172	21	11	smaller	small	ADJ
emaj-172	21	12	frontier	frontier	NOUN
emaj-172	21	13	markets	market	NOUN
emaj-172	21	14	which	which	PRON
emaj-172	21	15	are	be	AUX
emaj-172	21	16	ironically	ironically	ADV
emaj-172	21	17	becoming	become	VERB
emaj-172	21	18	important	important	ADJ
emaj-172	21	19	additions	addition	NOUN
emaj-172	21	20	to	to	ADP
emaj-172	21	21	portfolios	portfolio	NOUN
emaj-172	21	22	of	of	ADP
emaj-172	21	23	global	global	ADJ
emaj-172	21	24	investors	investor	NOUN
emaj-172	21	25	seeking	seek	VERB
emaj-172	21	26	additional	additional	ADJ
emaj-172	21	27	returns	return	NOUN
emaj-172	21	28	in	in	ADP
emaj-172	21	29	the	the	DET
emaj-172	21	30	face	face	NOUN
emaj-172	21	31	of	of	ADP
emaj-172	21	32	dwindling	dwindle	VERB
emaj-172	21	33	markets	market	NOUN
emaj-172	21	34	returns	return	NOUN
emaj-172	21	35	in	in	ADP
emaj-172	21	36	the	the	DET
emaj-172	21	37	developed	developed	ADJ
emaj-172	21	38	and	and	CCONJ
emaj-172	21	39	emerging	emerge	VERB
emaj-172	21	40	markets	market	NOUN
emaj-172	21	41	(	(	PUNCT
emaj-172	21	42	marshall	marshall	PROPN
emaj-172	21	43	,	,	PUNCT
emaj-172	21	44	nguyen	nguyen	NOUN
emaj-172	21	45	and	and	CCONJ
emaj-172	21	46	visaltanachoti	visaltanachoti	PROPN
emaj-172	21	47	,	,	PUNCT
emaj-172	21	48	2013	2013	NUM
emaj-172	21	49	)	)	PUNCT
emaj-172	21	50	.	.	PUNCT
emaj-172	22	1	the	the	DET
emaj-172	22	2	characteristics	characteristic	NOUN
emaj-172	22	3	of	of	ADP
emaj-172	22	4	these	these	DET
emaj-172	22	5	frontier	frontier	NOUN
emaj-172	22	6	markets	market	NOUN
emaj-172	22	7	are	be	AUX
emaj-172	22	8	quite	quite	ADV
emaj-172	22	9	different	different	ADJ
emaj-172	22	10	from	from	ADP
emaj-172	22	11	the	the	DET
emaj-172	22	12	emerging	emerge	VERB
emaj-172	22	13	and	and	CCONJ
emaj-172	22	14	developed	developed	ADJ
emaj-172	22	15	market	market	NOUN
emaj-172	22	16	counterparts	counterpart	NOUN
emaj-172	22	17	.	.	PUNCT
emaj-172	23	1	for	for	ADP
emaj-172	23	2	one	one	NUM
emaj-172	23	3	thing	thing	NOUN
emaj-172	23	4	,	,	PUNCT
emaj-172	23	5	investors	investor	NOUN
emaj-172	23	6	in	in	ADP
emaj-172	23	7	frontier	frontier	NOUN
emaj-172	23	8	markets	market	NOUN
emaj-172	23	9	are	be	AUX
emaj-172	23	10	starved	starve	VERB
emaj-172	23	11	of	of	ADP
emaj-172	23	12	information	information	NOUN
emaj-172	23	13	about	about	ADP
emaj-172	23	14	the	the	DET
emaj-172	23	15	markets	market	NOUN
emaj-172	23	16	they	they	PRON
emaj-172	23	17	invest	invest	VERB
emaj-172	23	18	in	in	ADP
emaj-172	23	19	(	(	PUNCT
emaj-172	23	20	sukumaran	sukumaran	ADJ
emaj-172	23	21	,	,	PUNCT
emaj-172	23	22	gupta	gupta	PROPN
emaj-172	23	23	and	and	CCONJ
emaj-172	23	24	jithendranathan	jithendranathan	NOUN
emaj-172	23	25	,	,	PUNCT
emaj-172	23	26	2015	2015	NUM
emaj-172	23	27	)	)	PUNCT
emaj-172	23	28	.	.	PUNCT
emaj-172	24	1	in	in	ADP
emaj-172	24	2	equities	equity	NOUN
emaj-172	24	3	markets	market	NOUN
emaj-172	24	4	,	,	PUNCT
emaj-172	24	5	there	there	PRON
emaj-172	24	6	are	be	VERB
emaj-172	24	7	still	still	ADV
emaj-172	24	8	problems	problem	NOUN
emaj-172	24	9	of	of	ADP
emaj-172	24	10	corporate	corporate	ADJ
emaj-172	24	11	governance	governance	NOUN
emaj-172	24	12	of	of	ADP
emaj-172	24	13	the	the	DET
emaj-172	24	14	listed	list	VERB
emaj-172	24	15	firms	firm	NOUN
emaj-172	24	16	and	and	CCONJ
emaj-172	24	17	also	also	ADV
emaj-172	24	18	insider	insider	NOUN
emaj-172	24	19	market	market	NOUN
emaj-172	24	20	transactions	transaction	NOUN
emaj-172	24	21	,	,	PUNCT
emaj-172	24	22	which	which	PRON
emaj-172	24	23	are	be	AUX
emaj-172	24	24	shrouded	shroud	VERB
emaj-172	24	25	in	in	ADP
emaj-172	24	26	secrecy	secrecy	NOUN
emaj-172	24	27	(	(	PUNCT
emaj-172	24	28	la	la	INTJ
emaj-172	24	29	porta	porta	PROPN
emaj-172	24	30	,	,	PUNCT
emaj-172	24	31	et	et	PROPN
emaj-172	24	32	al	al	PROPN
emaj-172	24	33	.	.	PROPN
emaj-172	24	34	2000	2000	NUM
emaj-172	24	35	,	,	PUNCT
emaj-172	24	36	klapper	klapper	NOUN
emaj-172	24	37	and	and	CCONJ
emaj-172	24	38	love	love	NOUN
emaj-172	24	39	,	,	PUNCT
emaj-172	24	40	2004	2004	NUM
emaj-172	24	41	)	)	PUNCT
emaj-172	24	42	.	.	PUNCT
emaj-172	25	1	besides	besides	SCONJ
emaj-172	25	2	,	,	PUNCT
emaj-172	25	3	frontier	frontier	NOUN
emaj-172	25	4	economies	economy	NOUN
emaj-172	25	5	are	be	AUX
emaj-172	25	6	prone	prone	ADJ
emaj-172	25	7	to	to	ADP
emaj-172	25	8	bouts	bout	NOUN
emaj-172	25	9	of	of	ADP
emaj-172	25	10	uncertainty	uncertainty	NOUN
emaj-172	25	11	,	,	PUNCT
emaj-172	25	12	foreign	foreign	ADJ
emaj-172	25	13	exchange	exchange	NOUN
emaj-172	25	14	crises	crisis	NOUN
emaj-172	25	15	,	,	PUNCT
emaj-172	25	16	changing	change	VERB
emaj-172	25	17	capital	capital	NOUN
emaj-172	25	18	market	market	NOUN
emaj-172	25	19	regulations	regulation	NOUN
emaj-172	25	20	and	and	CCONJ
emaj-172	25	21	at	at	ADP
emaj-172	25	22	times	time	NOUN
emaj-172	25	23	political	political	ADJ
emaj-172	25	24	upheavals	upheaval	NOUN
emaj-172	25	25	.	.	PUNCT
emaj-172	26	1	one	one	NUM
emaj-172	26	2	,	,	PUNCT
emaj-172	26	3	therefore	therefore	ADV
emaj-172	26	4	,	,	PUNCT
emaj-172	26	5	will	will	AUX
emaj-172	26	6	expect	expect	VERB
emaj-172	26	7	these	these	PRON
emaj-172	26	8	to	to	PART
emaj-172	26	9	be	be	AUX
emaj-172	26	10	transmitted	transmit	VERB
emaj-172	26	11	to	to	ADP
emaj-172	26	12	the	the	DET
emaj-172	26	13	broad	broad	ADJ
emaj-172	26	14	asset	asset	NOUN
emaj-172	26	15	markets	market	NOUN
emaj-172	26	16	as	as	ADP
emaj-172	26	17	regime	regime	NOUN
emaj-172	26	18	changes	change	NOUN
emaj-172	26	19	in	in	ADP
emaj-172	26	20	market	market	NOUN
emaj-172	26	21	outcomes	outcome	NOUN
emaj-172	26	22	.	.	PUNCT
emaj-172	27	1	externally	externally	ADV
emaj-172	27	2	,	,	PUNCT
emaj-172	27	3	global	global	ADJ
emaj-172	27	4	developments	development	NOUN
emaj-172	27	5	influence	influence	VERB
emaj-172	27	6	the	the	DET
emaj-172	27	7	dynamics	dynamic	NOUN
emaj-172	27	8	of	of	ADP
emaj-172	27	9	economic	economic	ADJ
emaj-172	27	10	activity	activity	NOUN
emaj-172	27	11	in	in	ADP
emaj-172	27	12	much	much	ADJ
emaj-172	27	13	of	of	ADP
emaj-172	27	14	the	the	DET
emaj-172	27	15	developing	develop	VERB
emaj-172	27	16	world	world	NOUN
emaj-172	27	17	where	where	SCONJ
emaj-172	27	18	some	some	PRON
emaj-172	27	19	of	of	ADP
emaj-172	27	20	these	these	DET
emaj-172	27	21	frontier	frontier	NOUN
emaj-172	27	22	markets	market	NOUN
emaj-172	27	23	are	be	AUX
emaj-172	27	24	located	locate	VERB
emaj-172	27	25	.	.	PUNCT
emaj-172	28	1	for	for	ADP
emaj-172	28	2	long	long	ADV
emaj-172	28	3	,	,	PUNCT
emaj-172	28	4	a	a	DET
emaj-172	28	5	key	key	ADJ
emaj-172	28	6	factor	factor	NOUN
emaj-172	28	7	that	that	PRON
emaj-172	28	8	roils	roil	VERB
emaj-172	28	9	markets	market	NOUN
emaj-172	28	10	in	in	ADP
emaj-172	28	11	emerging	emerge	VERB
emaj-172	28	12	and	and	CCONJ
emaj-172	28	13	frontier	frontier	NOUN
emaj-172	28	14	markets	market	NOUN
emaj-172	28	15	is	be	AUX
emaj-172	28	16	us	we	PRON
emaj-172	28	17	monetary	monetary	ADJ
emaj-172	28	18	policy	policy	NOUN
emaj-172	28	19	and	and	CCONJ
emaj-172	28	20	the	the	DET
emaj-172	28	21	demand	demand	NOUN
emaj-172	28	22	for	for	ADP
emaj-172	28	23	commodities	commodity	NOUN
emaj-172	28	24	from	from	ADP
emaj-172	28	25	the	the	DET
emaj-172	28	26	developed	developed	ADJ
emaj-172	28	27	world	world	NOUN
emaj-172	28	28	and	and	CCONJ
emaj-172	28	29	china	china	PROPN
emaj-172	28	30	.	.	PUNCT
emaj-172	29	1	a	a	DET
emaj-172	29	2	surge	surge	NOUN
emaj-172	29	3	in	in	ADP
emaj-172	29	4	the	the	DET
emaj-172	29	5	value	value	NOUN
emaj-172	29	6	of	of	ADP
emaj-172	29	7	the	the	DET
emaj-172	29	8	us	us	PROPN
emaj-172	29	9	dollar	dollar	NOUN
emaj-172	29	10	normally	normally	ADV
emaj-172	29	11	causes	cause	VERB
emaj-172	29	12	a	a	DET
emaj-172	29	13	fall	fall	NOUN
emaj-172	29	14	in	in	ADP
emaj-172	29	15	the	the	DET
emaj-172	29	16	equities	equity	NOUN
emaj-172	29	17	of	of	ADP
emaj-172	29	18	the	the	DET
emaj-172	29	19	smaller	small	ADJ
emaj-172	29	20	markets	market	NOUN
emaj-172	29	21	of	of	ADP
emaj-172	29	22	the	the	DET
emaj-172	29	23	frontier	frontier	NOUN
emaj-172	29	24	economies	economy	NOUN
emaj-172	29	25	as	as	SCONJ
emaj-172	29	26	global	global	ADJ
emaj-172	29	27	investors	investor	NOUN
emaj-172	29	28	rebalance	rebalance	VERB
emaj-172	29	29	their	their	PRON
emaj-172	29	30	portfolio	portfolio	NOUN
emaj-172	29	31	holdings	holding	NOUN
emaj-172	29	32	away	away	ADV
emaj-172	29	33	from	from	ADP
emaj-172	29	34	such	such	ADJ
emaj-172	29	35	markets	market	NOUN
emaj-172	29	36	towards	towards	ADP
emaj-172	29	37	profitable	profitable	ADJ
emaj-172	29	38	opportunities	opportunity	NOUN
emaj-172	29	39	in	in	ADP
emaj-172	29	40	developed	develop	VERB
emaj-172	29	41	markets	market	NOUN
emaj-172	29	42	.	.	PUNCT
emaj-172	30	1	in	in	ADP
emaj-172	30	2	the	the	DET
emaj-172	30	3	process	process	NOUN
emaj-172	30	4	,	,	PUNCT
emaj-172	30	5	there	there	PRON
emaj-172	30	6	is	be	VERB
emaj-172	30	7	a	a	DET
emaj-172	30	8	surge	surge	NOUN
emaj-172	30	9	in	in	ADP
emaj-172	30	10	volatility	volatility	NOUN
emaj-172	30	11	of	of	ADP
emaj-172	30	12	frontier	frontier	NOUN
emaj-172	30	13	market	market	NOUN
emaj-172	30	14	equities	equity	NOUN
emaj-172	30	15	.	.	PUNCT
emaj-172	31	1	the	the	DET
emaj-172	31	2	aversion	aversion	NOUN
emaj-172	31	3	for	for	ADP
emaj-172	31	4	frontier	frontier	NOUN
emaj-172	31	5	market	market	NOUN
emaj-172	31	6	equities	equity	NOUN
emaj-172	31	7	is	be	AUX
emaj-172	31	8	further	far	ADV
emaj-172	31	9	strengthened	strengthen	VERB
emaj-172	31	10	if	if	SCONJ
emaj-172	31	11	the	the	DET
emaj-172	31	12	developed	develop	VERB
emaj-172	31	13	country	country	NOUN
emaj-172	31	14	economies	economy	NOUN
emaj-172	31	15	are	be	AUX
emaj-172	31	16	growing	grow	VERB
emaj-172	31	17	robustly	robustly	ADV
emaj-172	31	18	.	.	PUNCT
emaj-172	32	1	the	the	DET
emaj-172	32	2	environment	environment	NOUN
emaj-172	32	3	,	,	PUNCT
emaj-172	32	4	therefore	therefore	ADV
emaj-172	32	5	,	,	PUNCT
emaj-172	32	6	generating	generate	VERB
emaj-172	32	7	the	the	DET
emaj-172	32	8	market	market	NOUN
emaj-172	32	9	data	datum	NOUN
emaj-172	32	10	is	be	AUX
emaj-172	32	11	influenced	influence	VERB
emaj-172	32	12	by	by	ADP
emaj-172	32	13	economic	economic	ADJ
emaj-172	32	14	,	,	PUNCT
emaj-172	32	15	social	social	ADJ
emaj-172	32	16	and	and	CCONJ
emaj-172	32	17	political	political	ADJ
emaj-172	32	18	developments	development	NOUN
emaj-172	32	19	which	which	PRON
emaj-172	32	20	are	be	AUX
emaj-172	32	21	in	in	ADP
emaj-172	32	22	a	a	DET
emaj-172	32	23	continuous	continuous	ADJ
emaj-172	32	24	flux	flux	NOUN
emaj-172	32	25	across	across	ADP
emaj-172	32	26	time	time	NOUN
emaj-172	32	27	.	.	PUNCT
emaj-172	33	1	these	these	PRON
emaj-172	33	2	should	should	AUX
emaj-172	33	3	determine	determine	VERB
emaj-172	33	4	the	the	DET
emaj-172	33	5	magnitude	magnitude	NOUN
emaj-172	33	6	and	and	CCONJ
emaj-172	33	7	the	the	DET
emaj-172	33	8	associated	associated	ADJ
emaj-172	33	9	fluctuations	fluctuation	NOUN
emaj-172	33	10	of	of	ADP
emaj-172	33	11	the	the	DET
emaj-172	33	12	asset	asset	NOUN
emaj-172	33	13	returns	return	NOUN
emaj-172	33	14	conditional	conditional	ADJ
emaj-172	33	15	on	on	ADP
emaj-172	33	16	the	the	DET
emaj-172	33	17	regimes	regime	NOUN
emaj-172	33	18	generating	generate	VERB
emaj-172	33	19	the	the	DET
emaj-172	33	20	data	datum	NOUN
emaj-172	33	21	.	.	PUNCT
emaj-172	34	1	modeling	model	VERB
emaj-172	34	2	the	the	DET
emaj-172	34	3	volatility	volatility	NOUN
emaj-172	34	4	of	of	ADP
emaj-172	34	5	stock	stock	NOUN
emaj-172	34	6	market	market	NOUN
emaj-172	34	7	returns	return	NOUN
emaj-172	34	8	using	use	VERB
emaj-172	34	9	regime	regime	NOUN
emaj-172	34	10	switching	switching	NOUN
emaj-172	34	11	is	be	AUX
emaj-172	34	12	therefore	therefore	ADV
emaj-172	34	13	motivated	motivate	VERB
emaj-172	34	14	by	by	ADP
emaj-172	34	15	these	these	DET
emaj-172	34	16	developments	development	NOUN
emaj-172	34	17	in	in	ADP
emaj-172	34	18	the	the	DET
emaj-172	34	19	underlying	underlie	VERB
emaj-172	34	20	economy	economy	NOUN
emaj-172	34	21	.	.	PUNCT
emaj-172	35	1	volatility	volatility	NOUN
emaj-172	35	2	modeling	model	VERB
emaj-172	35	3	incorporating	incorporate	VERB
emaj-172	35	4	regimes	regime	NOUN
emaj-172	35	5	have	have	AUX
emaj-172	35	6	been	be	AUX
emaj-172	35	7	studied	study	VERB
emaj-172	35	8	extensively	extensively	ADV
emaj-172	35	9	across	across	ADP
emaj-172	35	10	the	the	DET
emaj-172	35	11	developed	developed	ADJ
emaj-172	35	12	and	and	CCONJ
emaj-172	35	13	emerging	emerge	VERB
emaj-172	35	14	markets	market	NOUN
emaj-172	35	15	in	in	ADP
emaj-172	35	16	various	various	ADJ
emaj-172	35	17	asset	asset	NOUN
emaj-172	35	18	classes	class	NOUN
emaj-172	35	19	starting	start	VERB
emaj-172	35	20	with	with	ADP
emaj-172	35	21	the	the	DET
emaj-172	35	22	pioneering	pioneer	VERB
emaj-172	35	23	efforts	effort	NOUN
emaj-172	35	24	of	of	ADP
emaj-172	35	25	hamilton	hamilton	PROPN
emaj-172	35	26	(	(	PUNCT
emaj-172	35	27	1989	1989	NUM
emaj-172	35	28	)	)	PUNCT
emaj-172	35	29	.	.	PUNCT
emaj-172	36	1	subsequent	subsequent	ADJ
emaj-172	36	2	to	to	ADP
emaj-172	36	3	this	this	PRON
emaj-172	36	4	,	,	PUNCT
emaj-172	37	1	hamilton	hamilton	PROPN
emaj-172	37	2	and	and	CCONJ
emaj-172	37	3	susmel	susmel	NOUN
emaj-172	37	4	(	(	PUNCT
emaj-172	37	5	1994	1994	NUM
emaj-172	37	6	)	)	PUNCT
emaj-172	37	7	and	and	CCONJ
emaj-172	37	8	hamilton	hamilton	PROPN
emaj-172	37	9	(	(	PUNCT
emaj-172	37	10	1996	1996	NUM
emaj-172	37	11	)	)	PUNCT
emaj-172	37	12	gave	give	VERB
emaj-172	37	13	additional	additional	ADJ
emaj-172	37	14	insights	insight	NOUN
emaj-172	37	15	into	into	ADP
emaj-172	37	16	the	the	DET
emaj-172	37	17	behavior	behavior	NOUN
emaj-172	37	18	of	of	ADP
emaj-172	37	19	returns	return	NOUN
emaj-172	37	20	using	use	VERB
emaj-172	37	21	extensive	extensive	ADJ
emaj-172	37	22	economic	economic	ADJ
emaj-172	37	23	data	datum	NOUN
emaj-172	37	24	.	.	PUNCT
emaj-172	38	1	other	other	ADJ
emaj-172	38	2	authors	author	NOUN
emaj-172	38	3	,	,	PUNCT
emaj-172	38	4	for	for	ADP
emaj-172	38	5	example	example	NOUN
emaj-172	38	6	,	,	PUNCT
emaj-172	38	7	hardy	hardy	ADJ
emaj-172	38	8	(	(	PUNCT
emaj-172	38	9	2001	2001	NUM
emaj-172	38	10	)	)	PUNCT
emaj-172	38	11	and	and	CCONJ
emaj-172	38	12	gray	gray	ADJ
emaj-172	38	13	(	(	PUNCT
emaj-172	38	14	1996	1996	NUM
emaj-172	38	15	)	)	PUNCT
emaj-172	38	16	have	have	AUX
emaj-172	38	17	utilized	utilize	VERB
emaj-172	38	18	regime	regime	NOUN
emaj-172	38	19	switching	switch	VERB
emaj-172	38	20	models	model	NOUN
emaj-172	38	21	in	in	ADP
emaj-172	38	22	equities	equity	NOUN
emaj-172	38	23	and	and	CCONJ
emaj-172	38	24	interest	interest	NOUN
emaj-172	38	25	rates	rate	NOUN
emaj-172	38	26	respectively	respectively	ADV
emaj-172	38	27	and	and	CCONJ
emaj-172	38	28	they	they	PRON
emaj-172	38	29	have	have	AUX
emaj-172	38	30	concluded	conclude	VERB
emaj-172	38	31	that	that	SCONJ
emaj-172	38	32	such	such	ADJ
emaj-172	38	33	models	model	NOUN
emaj-172	38	34	provide	provide	VERB
emaj-172	38	35	a	a	DET
emaj-172	38	36	better	well	ADJ
emaj-172	38	37	fit	fit	NOUN
emaj-172	38	38	to	to	ADP
emaj-172	38	39	the	the	DET
emaj-172	38	40	data	datum	NOUN
emaj-172	38	41	than	than	ADP
emaj-172	38	42	single	single	ADJ
emaj-172	38	43	regime	regime	NOUN
emaj-172	38	44	garch	garch	NOUN
emaj-172	38	45	models	model	NOUN
emaj-172	38	46	.	.	PUNCT
emaj-172	39	1	in	in	ADP
emaj-172	39	2	the	the	DET
emaj-172	39	3	emerging	emerge	VERB
emaj-172	39	4	markets	market	NOUN
emaj-172	39	5	,	,	PUNCT
emaj-172	39	6	the	the	DET
emaj-172	39	7	first	first	ADJ
emaj-172	39	8	attempt	attempt	NOUN
emaj-172	39	9	at	at	ADP
emaj-172	39	10	characterising	characterise	VERB
emaj-172	39	11	the	the	DET
emaj-172	39	12	volatility	volatility	NOUN
emaj-172	39	13	of	of	ADP
emaj-172	39	14	market	market	NOUN
emaj-172	39	15	returns	return	NOUN
emaj-172	39	16	with	with	ADP
emaj-172	39	17	regime	regime	NOUN
emaj-172	39	18	switching	switching	NOUN
emaj-172	39	19	models	model	NOUN
emaj-172	39	20	was	be	AUX
emaj-172	39	21	by	by	ADP
emaj-172	39	22	assoe	assoe	PROPN
emaj-172	39	23	(	(	PUNCT
emaj-172	39	24	1998	1998	NUM
emaj-172	39	25	)	)	PUNCT
emaj-172	39	26	.	.	PUNCT
emaj-172	40	1	he	he	PRON
emaj-172	40	2	assigned	assign	VERB
emaj-172	40	3	changing	change	VERB
emaj-172	40	4	government	government	NOUN
emaj-172	40	5	policies	policy	NOUN
emaj-172	40	6	and	and	CCONJ
emaj-172	40	7	reforms	reform	NOUN
emaj-172	40	8	in	in	ADP
emaj-172	40	9	capital	capital	NOUN
emaj-172	40	10	markets	market	NOUN
emaj-172	40	11	as	as	ADP
emaj-172	40	12	the	the	DET
emaj-172	40	13	main	main	ADJ
emaj-172	40	14	factors	factor	NOUN
emaj-172	40	15	driving	drive	VERB
emaj-172	40	16	regime	regime	NOUN
emaj-172	40	17	changes	change	NOUN
emaj-172	40	18	in	in	ADP
emaj-172	40	19	emerging	emerge	VERB
emaj-172	40	20	markets	market	NOUN
emaj-172	40	21	.	.	PUNCT
emaj-172	41	1	since	since	SCONJ
emaj-172	41	2	then	then	ADV
emaj-172	41	3	,	,	PUNCT
emaj-172	41	4	a	a	DET
emaj-172	41	5	number	number	NOUN
emaj-172	41	6	of	of	ADP
emaj-172	41	7	papers	paper	NOUN
emaj-172	41	8	have	have	AUX
emaj-172	41	9	appeared	appear	VERB
emaj-172	41	10	in	in	ADP
emaj-172	41	11	the	the	DET
emaj-172	41	12	literature	literature	NOUN
emaj-172	41	13	identifying	identify	VERB
emaj-172	41	14	regimes	regime	NOUN
emaj-172	41	15	in	in	ADP
emaj-172	41	16	the	the	DET
emaj-172	41	17	returns	return	NOUN
emaj-172	41	18	of	of	ADP
emaj-172	41	19	various	various	ADJ
emaj-172	41	20	assets	asset	NOUN
emaj-172	41	21	in	in	ADP
emaj-172	41	22	emerging	emerge	VERB
emaj-172	41	23	markets	market	NOUN
emaj-172	41	24	(	(	PUNCT
emaj-172	41	25	ozdemir	ozdemir	NOUN
emaj-172	41	26	and	and	CCONJ
emaj-172	41	27	akgul	akgul	PROPN
emaj-172	41	28	2015	2015	NUM
emaj-172	41	29	;	;	PUNCT
emaj-172	41	30	van	van	PROPN
emaj-172	41	31	gysen	gysen	PROPN
emaj-172	41	32	,	,	PUNCT
emaj-172	41	33	huang	huang	PROPN
emaj-172	41	34	and	and	CCONJ
emaj-172	41	35	kruger	kruger	PROPN
emaj-172	41	36	2013	2013	NUM
emaj-172	41	37	;	;	PUNCT
emaj-172	41	38	li	li	PROPN
emaj-172	41	39	,	,	PUNCT
emaj-172	41	40	2013	2013	NUM
emaj-172	41	41	)	)	PUNCT
emaj-172	41	42	.	.	PUNCT
emaj-172	42	1	in	in	ADP
emaj-172	42	2	contrast	contrast	NOUN
emaj-172	42	3	,	,	PUNCT
emaj-172	42	4	academic	academic	ADJ
emaj-172	42	5	research	research	NOUN
emaj-172	42	6	on	on	ADP
emaj-172	42	7	frontier	frontier	NOUN
emaj-172	42	8	markets	market	NOUN
emaj-172	42	9	has	have	AUX
emaj-172	42	10	focused	focus	VERB
emaj-172	42	11	little	little	ADJ
emaj-172	42	12	attention	attention	NOUN
emaj-172	42	13	on	on	ADP
emaj-172	42	14	the	the	DET
emaj-172	42	15	exploration	exploration	NOUN
emaj-172	42	16	of	of	ADP
emaj-172	42	17	volatility	volatility	NOUN
emaj-172	42	18	behavior	behavior	NOUN
emaj-172	42	19	using	use	VERB
emaj-172	42	20	regime	regime	NOUN
emaj-172	42	21	switching	switching	NOUN
emaj-172	42	22	models	model	NOUN
emaj-172	42	23	.	.	PUNCT
emaj-172	43	1	the	the	DET
emaj-172	43	2	little	little	ADJ
emaj-172	43	3	there	there	PRON
emaj-172	43	4	is	be	VERB
emaj-172	43	5	incorporating	incorporate	VERB
emaj-172	43	6	regime	regime	NOUN
emaj-172	43	7	-	-	PUNCT
emaj-172	43	8	switching	switching	NOUN
emaj-172	43	9	in	in	ADP
emaj-172	43	10	volatility	volatility	NOUN
emaj-172	43	11	models	model	NOUN
emaj-172	43	12	is	be	AUX
emaj-172	43	13	concentrated	concentrate	VERB
emaj-172	43	14	in	in	ADP
emaj-172	43	15	the	the	DET
emaj-172	43	16	gulf	gulf	PROPN
emaj-172	43	17	and	and	CCONJ
emaj-172	43	18	north	north	PROPN
emaj-172	43	19	africa	africa	PROPN
emaj-172	43	20	regions	region	NOUN
emaj-172	43	21	.	.	PUNCT
emaj-172	44	1	balcilar	balcilar	PROPN
emaj-172	44	2	et	et	PROPN
emaj-172	44	3	al	al	PROPN
emaj-172	44	4	.	.	PROPN
emaj-172	45	1	(	(	PUNCT
emaj-172	45	2	2013	2013	NUM
emaj-172	45	3	)	)	PUNCT
emaj-172	45	4	,	,	PUNCT
emaj-172	45	5	for	for	ADP
emaj-172	45	6	example	example	NOUN
emaj-172	45	7	investigated	investigate	VERB
emaj-172	45	8	herd	herd	NOUN
emaj-172	45	9	behaviour	behaviour	NOUN
emaj-172	45	10	among	among	ADP
emaj-172	45	11	investors	investor	NOUN
emaj-172	45	12	in	in	ADP
emaj-172	45	13	the	the	DET
emaj-172	45	14	gulf	gulf	PROPN
emaj-172	45	15	arab	arab	ADJ
emaj-172	45	16	stock	stock	NOUN
emaj-172	45	17	markets	market	NOUN
emaj-172	45	18	and	and	CCONJ
emaj-172	45	19	incorporated	incorporate	VERB
emaj-172	45	20	regime	regime	NOUN
emaj-172	45	21	switching	switch	VERB
emaj-172	45	22	into	into	ADP
emaj-172	45	23	the	the	DET
emaj-172	45	24	analysis	analysis	NOUN
emaj-172	45	25	.	.	PUNCT
emaj-172	46	1	samarakoon	samarakoon	NOUN
emaj-172	46	2	(	(	PUNCT
emaj-172	46	3	2011	2011	NUM
emaj-172	46	4	)	)	PUNCT
emaj-172	46	5	and	and	CCONJ
emaj-172	46	6	khalifa	khalifa	PROPN
emaj-172	46	7	,	,	PUNCT
emaj-172	46	8	hammoudeh	hammoudeh	VERB
emaj-172	46	9	and	and	CCONJ
emaj-172	46	10	otranto	otranto	ADP
emaj-172	46	11	(	(	PUNCT
emaj-172	46	12	2014	2014	NUM
emaj-172	46	13	)	)	PUNCT
emaj-172	46	14	looked	look	VERB
emaj-172	46	15	at	at	ADP
emaj-172	46	16	the	the	DET
emaj-172	46	17	spillover	spillover	NOUN
emaj-172	46	18	effects	effect	NOUN
emaj-172	46	19	of	of	ADP
emaj-172	46	20	the	the	DET
emaj-172	46	21	recent	recent	ADJ
emaj-172	46	22	us	us	PROPN
emaj-172	46	23	financial	financial	ADJ
emaj-172	46	24	crisis	crisis	NOUN
emaj-172	46	25	on	on	ADP
emaj-172	46	26	emerging	emerge	VERB
emaj-172	46	27	markets	market	NOUN
emaj-172	46	28	using	use	VERB
emaj-172	46	29	regime	regime	NOUN
emaj-172	46	30	switching	switching	NOUN
emaj-172	46	31	.	.	PUNCT
emaj-172	47	1	charfeddine	charfeddine	NOUN
emaj-172	47	2	and	and	CCONJ
emaj-172	47	3	ajmi	ajmi	PROPN
emaj-172	47	4	(	(	PUNCT
emaj-172	47	5	2013	2013	NUM
emaj-172	47	6	)	)	PUNCT
emaj-172	47	7	used	use	VERB
emaj-172	47	8	regime	regime	NOUN
emaj-172	47	9	switching	switch	VERB
emaj-172	47	10	to	to	PART
emaj-172	47	11	capture	capture	VERB
emaj-172	47	12	long	long	ADJ
emaj-172	47	13	memory	memory	NOUN
emaj-172	47	14	effects	effect	NOUN
emaj-172	47	15	on	on	ADP
emaj-172	47	16	market	market	NOUN
emaj-172	47	17	returns	return	NOUN
emaj-172	47	18	on	on	ADP
emaj-172	47	19	the	the	DET
emaj-172	47	20	tunisia	tunisia	NOUN
emaj-172	47	21	stock	stock	NOUN
emaj-172	47	22	exchange	exchange	PROPN
emaj-172	47	23	.	.	PUNCT
emaj-172	48	1	still	still	ADV
emaj-172	48	2	,	,	PUNCT
emaj-172	48	3	aloui	aloui	ADV
emaj-172	48	4	,	,	PUNCT
emaj-172	48	5	hammoudeh	hammoudeh	PROPN
emaj-172	48	6	&	&	CCONJ
emaj-172	48	7	hamida	hamida	PROPN
emaj-172	48	8	(	(	PUNCT
emaj-172	48	9	2015	2015	NUM
emaj-172	48	10	)	)	PUNCT
emaj-172	48	11	adopted	adopt	VERB
emaj-172	48	12	a	a	DET
emaj-172	48	13	regime	regime	NOUN
emaj-172	48	14	switching	switch	VERB
emaj-172	48	15	approach	approach	NOUN
emaj-172	48	16	to	to	PART
emaj-172	48	17	investigate	investigate	VERB
emaj-172	48	18	the	the	DET
emaj-172	48	19	relationship	relationship	NOUN
emaj-172	48	20	between	between	ADP
emaj-172	48	21	sharia	sharia	PROPN
emaj-172	48	22	stocks	stock	NOUN
emaj-172	48	23	and	and	CCONJ
emaj-172	48	24	sukuk	sukuk	NOUN
emaj-172	48	25	.	.	PUNCT
emaj-172	49	1	for	for	ADP
emaj-172	49	2	much	much	ADJ
emaj-172	49	3	of	of	ADP
emaj-172	49	4	the	the	DET
emaj-172	49	5	frontier	frontier	NOUN
emaj-172	49	6	markets	market	NOUN
emaj-172	49	7	south	south	ADV
emaj-172	49	8	of	of	ADP
emaj-172	49	9	the	the	DET
emaj-172	49	10	sahara	sahara	PROPN
emaj-172	49	11	,	,	PUNCT
emaj-172	49	12	our	our	PRON
emaj-172	49	13	search	search	NOUN
emaj-172	49	14	of	of	ADP
emaj-172	49	15	the	the	DET
emaj-172	49	16	literature	literature	NOUN
emaj-172	49	17	on	on	ADP
emaj-172	49	18	google	google	PROPN
emaj-172	49	19	scholar	scholar	NOUN
emaj-172	49	20	did	do	AUX
emaj-172	49	21	not	not	PART
emaj-172	49	22	reveal	reveal	VERB
emaj-172	49	23	any	any	DET
emaj-172	49	24	such	such	ADJ
emaj-172	49	25	papers	paper	NOUN
emaj-172	49	26	.	.	PUNCT
emaj-172	50	1	single	single	ADJ
emaj-172	50	2	regime	regime	NOUN
emaj-172	50	3	garch	garch	NOUN
emaj-172	50	4	models	model	NOUN
emaj-172	50	5	are	be	AUX
emaj-172	50	6	the	the	DET
emaj-172	50	7	principal	principal	ADJ
emaj-172	50	8	tools	tool	NOUN
emaj-172	50	9	of	of	ADP
emaj-172	50	10	choice	choice	NOUN
emaj-172	50	11	for	for	ADP
emaj-172	50	12	volatility	volatility	NOUN
emaj-172	50	13	modeling	modeling	NOUN
emaj-172	50	14	in	in	ADP
emaj-172	50	15	the	the	DET
emaj-172	50	16	frontier	frontier	NOUN
emaj-172	50	17	markets	market	NOUN
emaj-172	50	18	in	in	ADP
emaj-172	50	19	sub	sub	ADJ
emaj-172	50	20	-	-	ADJ
emaj-172	50	21	saharan	saharan	ADJ
emaj-172	50	22	africa	africa	PROPN
emaj-172	50	23	.	.	PUNCT
emaj-172	51	1	some	some	DET
emaj-172	51	2	recent	recent	ADJ
emaj-172	51	3	papers	paper	NOUN
emaj-172	51	4	are	be	AUX
emaj-172	51	5	carsamer	carsamer	NOUN
emaj-172	51	6	(	(	PUNCT
emaj-172	51	7	2016	2016	NUM
emaj-172	51	8	)	)	PUNCT
emaj-172	51	9	,	,	PUNCT
emaj-172	51	10	uyaebo	uyaebo	NOUN
emaj-172	51	11	,	,	PUNCT
emaj-172	51	12	atoi	atoi	NOUN
emaj-172	51	13	and	and	CCONJ
emaj-172	51	14	usman	usman	PROPN
emaj-172	51	15	(	(	PUNCT
emaj-172	51	16	2015	2015	NUM
emaj-172	51	17	)	)	PUNCT
emaj-172	51	18	,	,	PUNCT
emaj-172	51	19	chinzara	chinzara	NOUN
emaj-172	51	20	and	and	CCONJ
emaj-172	51	21	slyper	slyper	NOUN
emaj-172	51	22	(	(	PUNCT
emaj-172	51	23	2013	2013	NUM
emaj-172	51	24	)	)	PUNCT
emaj-172	51	25	,	,	PUNCT
emaj-172	51	26	esman	esman	NOUN
emaj-172	51	27	nyamongo	nyamongo	NOUN
emaj-172	51	28	and	and	CCONJ
emaj-172	51	29	misati	misati	NOUN
emaj-172	51	30	(	(	PUNCT
emaj-172	51	31	2010	2010	NUM
emaj-172	51	32	)	)	PUNCT
emaj-172	51	33	,	,	PUNCT
emaj-172	51	34	adjasi	adjasi	NOUN
emaj-172	51	35	(	(	PUNCT
emaj-172	51	36	2009	2009	NUM
emaj-172	51	37	)	)	PUNCT
emaj-172	51	38	,	,	PUNCT
emaj-172	51	39	among	among	ADP
emaj-172	51	40	others	other	NOUN
emaj-172	51	41	.	.	PUNCT
emaj-172	52	1	there	there	PRON
emaj-172	52	2	is	be	VERB
emaj-172	52	3	plenty	plenty	NOUN
emaj-172	52	4	of	of	ADP
emaj-172	52	5	evidence	evidence	NOUN
emaj-172	52	6	in	in	ADP
emaj-172	52	7	the	the	DET
emaj-172	52	8	finance	finance	NOUN
emaj-172	52	9	literature	literature	NOUN
emaj-172	52	10	suggesting	suggest	VERB
emaj-172	52	11	that	that	SCONJ
emaj-172	52	12	multi	multi	ADJ
emaj-172	52	13	-	-	ADJ
emaj-172	52	14	regime	regime	ADJ
emaj-172	52	15	volatility	volatility	NOUN
emaj-172	52	16	models	model	NOUN
emaj-172	52	17	provide	provide	VERB
emaj-172	52	18	a	a	DET
emaj-172	52	19	better	well	ADJ
emaj-172	52	20	description	description	NOUN
emaj-172	52	21	for	for	ADP
emaj-172	52	22	modelling	model	VERB
emaj-172	52	23	asset	asset	NOUN
emaj-172	52	24	returns	return	NOUN
emaj-172	52	25	.	.	PUNCT
emaj-172	53	1	lamoureux	lamoureux	PROPN
emaj-172	53	2	,	,	PUNCT
emaj-172	53	3	and	and	CCONJ
emaj-172	53	4	lastrapes	lastrape	NOUN
emaj-172	53	5	(	(	PUNCT
emaj-172	53	6	1990	1990	NUM
emaj-172	53	7	)	)	PUNCT
emaj-172	53	8	investigated	investigate	VERB
emaj-172	53	9	the	the	DET
emaj-172	53	10	volume	volume	NOUN
emaj-172	53	11	9	9	NUM
emaj-172	53	12	no	no	DET
emaj-172	53	13	1	1	NUM
emaj-172	53	14	(	(	PUNCT
emaj-172	53	15	2019	2019	NUM
emaj-172	53	16	)	)	PUNCT
emaj-172	53	17	|	|	ADV
emaj-172	53	18	issn	issn	VERB
emaj-172	53	19	2158	2158	NUM
emaj-172	53	20	-	-	SYM
emaj-172	53	21	8708	8708	NUM
emaj-172	53	22	(	(	PUNCT
emaj-172	53	23	online	online	NOUN
emaj-172	53	24	)	)	PUNCT
emaj-172	53	25	|	|	ADV
emaj-172	53	26	doi	doi	X
emaj-172	53	27	10.5195	10.5195	NUM
emaj-172	53	28	/	/	SYM
emaj-172	53	29	emaj.2019.172	emaj.2019.172	NOUN
emaj-172	53	30	|	|	ADV
emaj-172	53	31	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-172	53	32	volatility	volatility	NOUN
emaj-172	53	33	model	model	NOUN
emaj-172	53	34	choice	choice	NOUN
emaj-172	53	35	for	for	ADP
emaj-172	53	36	sub	sub	ADJ
emaj-172	53	37	-	-	ADJ
emaj-172	53	38	saharan	saharan	ADJ
emaj-172	53	39	frontier	frontier	NOUN
emaj-172	53	40	equity	equity	NOUN
emaj-172	53	41	markets	market	VERB
emaj-172	53	42	a	a	DET
emaj-172	53	43	markov	markov	NOUN
emaj-172	53	44	regime	regime	NOUN
emaj-172	53	45	switching	switch	VERB
emaj-172	53	46	bayesian	bayesian	NOUN
emaj-172	53	47	approach	approach	NOUN
emaj-172	53	48	page	page	NOUN
emaj-172	53	49	|70|	|70|	ADJ
emaj-172	53	50	emerging	emerge	VERB
emaj-172	53	51	markets	market	NOUN
emaj-172	53	52	journal	journal	NOUN
emaj-172	53	53	performance	performance	NOUN
emaj-172	53	54	of	of	ADP
emaj-172	53	55	garch	garch	NOUN
emaj-172	53	56	models	model	NOUN
emaj-172	53	57	in	in	ADP
emaj-172	53	58	financial	financial	ADJ
emaj-172	53	59	markets	market	NOUN
emaj-172	53	60	and	and	CCONJ
emaj-172	53	61	concluded	conclude	VERB
emaj-172	53	62	that	that	SCONJ
emaj-172	53	63	they	they	PRON
emaj-172	53	64	perform	perform	VERB
emaj-172	53	65	poorly	poorly	ADV
emaj-172	53	66	in	in	ADP
emaj-172	53	67	the	the	DET
emaj-172	53	68	face	face	NOUN
emaj-172	53	69	of	of	ADP
emaj-172	53	70	changing	change	VERB
emaj-172	53	71	regimes	regime	NOUN
emaj-172	53	72	in	in	ADP
emaj-172	53	73	the	the	DET
emaj-172	53	74	data	datum	NOUN
emaj-172	53	75	.	.	PUNCT
emaj-172	54	1	they	they	PRON
emaj-172	54	2	attributed	attribute	VERB
emaj-172	54	3	this	this	PRON
emaj-172	54	4	to	to	PART
emaj-172	54	5	lack	lack	NOUN
emaj-172	54	6	of	of	ADP
emaj-172	54	7	fit	fit	NOUN
emaj-172	54	8	of	of	ADP
emaj-172	54	9	the	the	DET
emaj-172	54	10	models	model	NOUN
emaj-172	54	11	to	to	ADP
emaj-172	54	12	the	the	DET
emaj-172	54	13	data	datum	NOUN
emaj-172	54	14	.	.	PUNCT
emaj-172	55	1	single	single	ADJ
emaj-172	55	2	-	-	PUNCT
emaj-172	55	3	regime	regime	NOUN
emaj-172	55	4	volatility	volatility	NOUN
emaj-172	55	5	garch	garch	NOUN
emaj-172	55	6	models	model	NOUN
emaj-172	55	7	are	be	AUX
emaj-172	55	8	slow	slow	ADJ
emaj-172	55	9	to	to	PART
emaj-172	55	10	react	react	VERB
emaj-172	55	11	to	to	ADP
emaj-172	55	12	changes	change	NOUN
emaj-172	55	13	in	in	ADP
emaj-172	55	14	the	the	DET
emaj-172	55	15	returns	return	NOUN
emaj-172	55	16	structure	structure	NOUN
emaj-172	55	17	that	that	PRON
emaj-172	55	18	results	result	VERB
emaj-172	55	19	from	from	ADP
emaj-172	55	20	the	the	DET
emaj-172	55	21	sudden	sudden	ADJ
emaj-172	55	22	,	,	PUNCT
emaj-172	55	23	albeit	albeit	SCONJ
emaj-172	55	24	,	,	PUNCT
emaj-172	55	25	inevitable	inevitable	ADJ
emaj-172	55	26	changes	change	NOUN
emaj-172	55	27	that	that	PRON
emaj-172	55	28	buffet	buffet	VERB
emaj-172	55	29	the	the	DET
emaj-172	55	30	economy	economy	NOUN
emaj-172	55	31	;	;	PUNCT
emaj-172	55	32	hence	hence	ADV
emaj-172	55	33	the	the	DET
emaj-172	55	34	data	data	NOUN
emaj-172	55	35	generating	generating	NOUN
emaj-172	55	36	process	process	NOUN
emaj-172	55	37	.	.	PUNCT
emaj-172	56	1	such	such	ADJ
emaj-172	56	2	changes	change	NOUN
emaj-172	56	3	in	in	ADP
emaj-172	56	4	regimes	regime	NOUN
emaj-172	56	5	are	be	AUX
emaj-172	56	6	observed	observe	VERB
emaj-172	56	7	empirically	empirically	ADV
emaj-172	56	8	.	.	PUNCT
emaj-172	57	1	regime	regime	NOUN
emaj-172	57	2	switching	switch	VERB
emaj-172	57	3	models	model	NOUN
emaj-172	57	4	,	,	PUNCT
emaj-172	57	5	thus	thus	ADV
emaj-172	57	6	,	,	PUNCT
emaj-172	57	7	serve	serve	VERB
emaj-172	57	8	to	to	PART
emaj-172	57	9	capture	capture	VERB
emaj-172	57	10	the	the	DET
emaj-172	57	11	resulting	result	VERB
emaj-172	57	12	rich	rich	ADJ
emaj-172	57	13	heteroscedastic	heteroscedastic	ADJ
emaj-172	57	14	dynamics	dynamic	NOUN
emaj-172	57	15	.	.	PUNCT
emaj-172	58	1	the	the	DET
emaj-172	58	2	clearest	clear	ADJ
emaj-172	58	3	evidence	evidence	NOUN
emaj-172	58	4	of	of	ADP
emaj-172	58	5	the	the	DET
emaj-172	58	6	presence	presence	NOUN
emaj-172	58	7	of	of	ADP
emaj-172	58	8	market	market	NOUN
emaj-172	58	9	regimes	regime	NOUN
emaj-172	58	10	is	be	AUX
emaj-172	58	11	the	the	DET
emaj-172	58	12	behaviour	behaviour	NOUN
emaj-172	58	13	of	of	ADP
emaj-172	58	14	the	the	DET
emaj-172	58	15	stock	stock	NOUN
emaj-172	58	16	market	market	NOUN
emaj-172	58	17	during	during	ADP
emaj-172	58	18	a	a	DET
emaj-172	58	19	recession	recession	NOUN
emaj-172	58	20	vis	vis	X
emaj-172	58	21	-	-	PUNCT
emaj-172	58	22	a	a	X
emaj-172	58	23	-	-	PUNCT
emaj-172	58	24	vis	vis	X
emaj-172	58	25	during	during	ADP
emaj-172	58	26	an	an	DET
emaj-172	58	27	expansion	expansion	NOUN
emaj-172	58	28	in	in	ADP
emaj-172	58	29	the	the	DET
emaj-172	58	30	economy	economy	NOUN
emaj-172	58	31	.	.	PUNCT
emaj-172	59	1	standard	standard	ADJ
emaj-172	59	2	garch	garch	NOUN
emaj-172	59	3	models	model	NOUN
emaj-172	59	4	do	do	AUX
emaj-172	59	5	not	not	PART
emaj-172	59	6	staircase	staircase	VERB
emaj-172	59	7	risk	risk	NOUN
emaj-172	59	8	across	across	ADP
emaj-172	59	9	time	time	NOUN
emaj-172	59	10	,	,	PUNCT
emaj-172	59	11	effectively	effectively	ADV
emaj-172	59	12	discounting	discount	VERB
emaj-172	59	13	the	the	DET
emaj-172	59	14	empirical	empirical	ADJ
emaj-172	59	15	evidence	evidence	NOUN
emaj-172	59	16	of	of	ADP
emaj-172	59	17	the	the	DET
emaj-172	59	18	behavior	behavior	NOUN
emaj-172	59	19	of	of	ADP
emaj-172	59	20	equity	equity	NOUN
emaj-172	59	21	prices	price	NOUN
emaj-172	59	22	in	in	ADP
emaj-172	59	23	periods	period	NOUN
emaj-172	59	24	of	of	ADP
emaj-172	59	25	recessions	recession	NOUN
emaj-172	59	26	and	and	CCONJ
emaj-172	59	27	expansions	expansion	NOUN
emaj-172	59	28	alternately	alternately	ADV
emaj-172	59	29	.	.	PUNCT
emaj-172	60	1	during	during	ADP
emaj-172	60	2	recessions	recession	NOUN
emaj-172	60	3	,	,	PUNCT
emaj-172	60	4	nervous	nervous	ADJ
emaj-172	60	5	investors	investor	NOUN
emaj-172	60	6	flee	flee	VERB
emaj-172	60	7	the	the	DET
emaj-172	60	8	equity	equity	NOUN
emaj-172	60	9	markets	market	NOUN
emaj-172	60	10	to	to	ADP
emaj-172	60	11	the	the	DET
emaj-172	60	12	safety	safety	NOUN
emaj-172	60	13	of	of	ADP
emaj-172	60	14	sovereign	sovereign	ADJ
emaj-172	60	15	instruments	instrument	NOUN
emaj-172	60	16	.	.	PUNCT
emaj-172	61	1	the	the	DET
emaj-172	61	2	reverse	reverse	NOUN
emaj-172	61	3	is	be	AUX
emaj-172	61	4	seen	see	VERB
emaj-172	61	5	in	in	ADP
emaj-172	61	6	economic	economic	ADJ
emaj-172	61	7	expansions	expansion	NOUN
emaj-172	61	8	.	.	PUNCT
emaj-172	62	1	thus	thus	ADV
emaj-172	62	2	,	,	PUNCT
emaj-172	62	3	characterising	characterise	VERB
emaj-172	62	4	the	the	DET
emaj-172	62	5	risks	risk	NOUN
emaj-172	62	6	in	in	ADP
emaj-172	62	7	the	the	DET
emaj-172	62	8	financial	financial	ADJ
emaj-172	62	9	markets	market	NOUN
emaj-172	62	10	can	can	AUX
emaj-172	62	11	not	not	PART
emaj-172	62	12	be	be	AUX
emaj-172	62	13	divorced	divorce	VERB
emaj-172	62	14	from	from	ADP
emaj-172	62	15	the	the	DET
emaj-172	62	16	underlying	underlie	VERB
emaj-172	62	17	dynamics	dynamic	NOUN
emaj-172	62	18	at	at	ADP
emaj-172	62	19	play	play	NOUN
emaj-172	62	20	in	in	ADP
emaj-172	62	21	the	the	DET
emaj-172	62	22	economy	economy	NOUN
emaj-172	62	23	especially	especially	ADV
emaj-172	62	24	in	in	ADP
emaj-172	62	25	measures	measure	NOUN
emaj-172	62	26	of	of	ADP
emaj-172	62	27	volatility	volatility	NOUN
emaj-172	62	28	,	,	PUNCT
emaj-172	62	29	a	a	DET
emaj-172	62	30	pure	pure	ADJ
emaj-172	62	31	financial	financial	ADJ
emaj-172	62	32	construct	construct	NOUN
emaj-172	62	33	for	for	ADP
emaj-172	62	34	risk	risk	NOUN
emaj-172	62	35	.	.	PUNCT
emaj-172	63	1	regime	regime	NOUN
emaj-172	63	2	switching	switch	VERB
emaj-172	63	3	models	model	NOUN
emaj-172	63	4	are	be	AUX
emaj-172	63	5	therefore	therefore	ADV
emaj-172	63	6	seen	see	VERB
emaj-172	63	7	as	as	ADP
emaj-172	63	8	providing	provide	VERB
emaj-172	63	9	sound	sound	ADJ
emaj-172	63	10	econometric	econometric	ADJ
emaj-172	63	11	explanation	explanation	NOUN
emaj-172	63	12	to	to	ADP
emaj-172	63	13	the	the	DET
emaj-172	63	14	empirics	empiric	NOUN
emaj-172	63	15	of	of	ADP
emaj-172	63	16	volatility	volatility	NOUN
emaj-172	63	17	in	in	ADP
emaj-172	63	18	equity	equity	NOUN
emaj-172	63	19	markets	market	NOUN
emaj-172	63	20	.	.	PUNCT
emaj-172	64	1	marcucci	marcucci	PROPN
emaj-172	64	2	(	(	PUNCT
emaj-172	64	3	2005	2005	NUM
emaj-172	64	4	)	)	PUNCT
emaj-172	64	5	demonstrated	demonstrate	VERB
emaj-172	64	6	the	the	DET
emaj-172	64	7	superiority	superiority	NOUN
emaj-172	64	8	of	of	ADP
emaj-172	64	9	markov	markov	NOUN
emaj-172	64	10	switching	switch	VERB
emaj-172	64	11	garch	garch	NOUN
emaj-172	64	12	models	model	NOUN
emaj-172	64	13	over	over	ADP
emaj-172	64	14	all	all	DET
emaj-172	64	15	standard	standard	ADJ
emaj-172	64	16	classes	class	NOUN
emaj-172	64	17	of	of	ADP
emaj-172	64	18	garch	garch	NOUN
emaj-172	64	19	models	model	NOUN
emaj-172	64	20	in	in	ADP
emaj-172	64	21	use	use	NOUN
emaj-172	64	22	by	by	ADP
emaj-172	64	23	examining	examine	VERB
emaj-172	64	24	the	the	DET
emaj-172	64	25	volatility	volatility	NOUN
emaj-172	64	26	of	of	ADP
emaj-172	64	27	us	us	PROPN
emaj-172	64	28	stock	stock	NOUN
emaj-172	64	29	markets	market	NOUN
emaj-172	64	30	returns	return	NOUN
emaj-172	64	31	.	.	PUNCT
emaj-172	65	1	accurately	accurately	ADV
emaj-172	65	2	estimating	estimate	VERB
emaj-172	65	3	volatility	volatility	NOUN
emaj-172	65	4	in	in	ADP
emaj-172	65	5	equity	equity	NOUN
emaj-172	65	6	markets	market	NOUN
emaj-172	65	7	is	be	AUX
emaj-172	65	8	important	important	ADJ
emaj-172	65	9	in	in	ADP
emaj-172	65	10	more	more	ADJ
emaj-172	65	11	ways	way	NOUN
emaj-172	65	12	than	than	ADP
emaj-172	65	13	one	one	NUM
emaj-172	65	14	.	.	PUNCT
emaj-172	66	1	equities	equity	NOUN
emaj-172	66	2	are	be	AUX
emaj-172	66	3	now	now	ADV
emaj-172	66	4	tied	tie	VERB
emaj-172	66	5	to	to	ADP
emaj-172	66	6	many	many	ADJ
emaj-172	66	7	financial	financial	ADJ
emaj-172	66	8	products	product	NOUN
emaj-172	66	9	in	in	ADP
emaj-172	66	10	the	the	DET
emaj-172	66	11	market	market	NOUN
emaj-172	66	12	for	for	ADP
emaj-172	66	13	assets	asset	NOUN
emaj-172	66	14	.	.	PUNCT
emaj-172	67	1	thus	thus	ADV
emaj-172	67	2	,	,	PUNCT
emaj-172	67	3	any	any	DET
emaj-172	67	4	jolt	jolt	NOUN
emaj-172	67	5	in	in	ADP
emaj-172	67	6	equities	equity	NOUN
emaj-172	67	7	roils	roil	VERB
emaj-172	67	8	all	all	DET
emaj-172	67	9	assets	asset	NOUN
emaj-172	67	10	creating	create	VERB
emaj-172	67	11	feedback	feedback	NOUN
emaj-172	67	12	loops	loop	NOUN
emaj-172	67	13	which	which	PRON
emaj-172	67	14	unsettle	unsettle	VERB
emaj-172	67	15	investors	investor	NOUN
emaj-172	67	16	and	and	CCONJ
emaj-172	67	17	spark	spark	VERB
emaj-172	67	18	more	more	ADJ
emaj-172	67	19	selling	selling	NOUN
emaj-172	67	20	into	into	ADP
emaj-172	67	21	falling	fall	VERB
emaj-172	67	22	markets	market	NOUN
emaj-172	67	23	,	,	PUNCT
emaj-172	67	24	exacerbating	exacerbate	VERB
emaj-172	67	25	volatility	volatility	NOUN
emaj-172	67	26	even	even	ADV
emaj-172	67	27	further	far	ADV
emaj-172	67	28	(	(	PUNCT
emaj-172	67	29	shleifer	shleifer	NOUN
emaj-172	67	30	and	and	CCONJ
emaj-172	67	31	vishny	vishny	PROPN
emaj-172	67	32	,	,	PUNCT
emaj-172	67	33	2011	2011	NUM
emaj-172	67	34	)	)	PUNCT
emaj-172	67	35	.	.	PUNCT
emaj-172	68	1	models	model	NOUN
emaj-172	68	2	that	that	PRON
emaj-172	68	3	provide	provide	VERB
emaj-172	68	4	the	the	DET
emaj-172	68	5	flexibility	flexibility	NOUN
emaj-172	68	6	to	to	PART
emaj-172	68	7	adapt	adapt	VERB
emaj-172	68	8	to	to	ADP
emaj-172	68	9	changing	change	VERB
emaj-172	68	10	market	market	NOUN
emaj-172	68	11	outcomes	outcome	NOUN
emaj-172	68	12	or	or	CCONJ
emaj-172	68	13	regimes	regime	NOUN
emaj-172	68	14	provide	provide	VERB
emaj-172	68	15	investors	investor	NOUN
emaj-172	68	16	with	with	ADP
emaj-172	68	17	tools	tool	NOUN
emaj-172	68	18	to	to	PART
emaj-172	68	19	position	position	VERB
emaj-172	68	20	trading	trading	NOUN
emaj-172	68	21	strategies	strategy	NOUN
emaj-172	68	22	that	that	PRON
emaj-172	68	23	avoid	avoid	VERB
emaj-172	68	24	losses	loss	NOUN
emaj-172	68	25	during	during	ADP
emaj-172	68	26	market	market	NOUN
emaj-172	68	27	downturns	downturn	NOUN
emaj-172	68	28	.	.	PUNCT
emaj-172	69	1	single	single	ADJ
emaj-172	69	2	regime	regime	NOUN
emaj-172	69	3	models	model	NOUN
emaj-172	69	4	lack	lack	VERB
emaj-172	69	5	this	this	DET
emaj-172	69	6	flexibility	flexibility	NOUN
emaj-172	69	7	as	as	ADP
emaj-172	69	8	a	a	DET
emaj-172	69	9	result	result	NOUN
emaj-172	69	10	of	of	ADP
emaj-172	69	11	few	few	ADJ
emaj-172	69	12	parameters	parameter	NOUN
emaj-172	69	13	in	in	ADP
emaj-172	69	14	their	their	PRON
emaj-172	69	15	specification	specification	NOUN
emaj-172	69	16	.	.	PUNCT
emaj-172	70	1	this	this	PRON
emaj-172	70	2	causes	cause	VERB
emaj-172	70	3	overfitting	overfitting	NOUN
emaj-172	70	4	of	of	ADP
emaj-172	70	5	the	the	DET
emaj-172	70	6	data	datum	NOUN
emaj-172	70	7	(	(	PUNCT
emaj-172	70	8	cheng	cheng	PROPN
emaj-172	70	9	,	,	PUNCT
emaj-172	70	10	yu	yu	PROPN
emaj-172	70	11	and	and	CCONJ
emaj-172	70	12	li	li	PROPN
emaj-172	70	13	,	,	PUNCT
emaj-172	70	14	2009	2009	NUM
emaj-172	70	15	)	)	PUNCT
emaj-172	70	16	and	and	CCONJ
emaj-172	70	17	predictably	predictably	ADV
emaj-172	70	18	breakdowns	breakdown	NOUN
emaj-172	70	19	in	in	ADP
emaj-172	70	20	the	the	DET
emaj-172	70	21	face	face	NOUN
emaj-172	70	22	of	of	ADP
emaj-172	70	23	regime	regime	NOUN
emaj-172	70	24	changes	change	NOUN
emaj-172	70	25	in	in	ADP
emaj-172	70	26	the	the	DET
emaj-172	70	27	underlying	underlie	VERB
emaj-172	70	28	data	data	NOUN
emaj-172	70	29	generating	generating	NOUN
emaj-172	70	30	process	process	NOUN
emaj-172	70	31	.	.	PUNCT
emaj-172	71	1	this	this	DET
emaj-172	71	2	study	study	NOUN
emaj-172	71	3	,	,	PUNCT
emaj-172	71	4	therefore	therefore	ADV
emaj-172	71	5	,	,	PUNCT
emaj-172	71	6	seeks	seek	VERB
emaj-172	71	7	to	to	PART
emaj-172	71	8	identify	identify	VERB
emaj-172	71	9	appropriate	appropriate	ADJ
emaj-172	71	10	regime	regime	NOUN
emaj-172	71	11	switching	switching	NOUN
emaj-172	71	12	models	model	NOUN
emaj-172	71	13	that	that	PRON
emaj-172	71	14	correctly	correctly	ADV
emaj-172	71	15	characterize	characterize	VERB
emaj-172	71	16	the	the	DET
emaj-172	71	17	volatility	volatility	NOUN
emaj-172	71	18	dynamics	dynamic	NOUN
emaj-172	71	19	of	of	ADP
emaj-172	71	20	returns	return	NOUN
emaj-172	71	21	of	of	ADP
emaj-172	71	22	selected	select	VERB
emaj-172	71	23	sub	sub	ADJ
emaj-172	71	24	-	-	ADJ
emaj-172	71	25	saharan	saharan	ADJ
emaj-172	71	26	frontier	frontier	NOUN
emaj-172	71	27	market	market	NOUN
emaj-172	71	28	equities	equity	NOUN
emaj-172	71	29	and	and	CCONJ
emaj-172	71	30	also	also	ADV
emaj-172	71	31	serve	serve	VERB
emaj-172	71	32	as	as	ADP
emaj-172	71	33	the	the	DET
emaj-172	71	34	basis	basis	NOUN
emaj-172	71	35	of	of	ADP
emaj-172	71	36	forecasting	forecast	VERB
emaj-172	71	37	risks	risk	NOUN
emaj-172	71	38	in	in	ADP
emaj-172	71	39	such	such	ADJ
emaj-172	71	40	markets	market	NOUN
emaj-172	71	41	.	.	PUNCT
emaj-172	72	1	we	we	PRON
emaj-172	72	2	used	use	VERB
emaj-172	72	3	a	a	DET
emaj-172	72	4	sample	sample	NOUN
emaj-172	72	5	of	of	ADP
emaj-172	72	6	daily	daily	ADJ
emaj-172	72	7	returns	return	NOUN
emaj-172	72	8	of	of	ADP
emaj-172	72	9	the	the	DET
emaj-172	72	10	broad	broad	ADJ
emaj-172	72	11	market	market	NOUN
emaj-172	72	12	indices	index	NOUN
emaj-172	72	13	of	of	ADP
emaj-172	72	14	ghana	ghana	PROPN
emaj-172	72	15	,	,	PUNCT
emaj-172	72	16	nigeria	nigeria	PROPN
emaj-172	72	17	,	,	PUNCT
emaj-172	72	18	kenya	kenya	PROPN
emaj-172	72	19	and	and	CCONJ
emaj-172	72	20	botswana	botswana	PROPN
emaj-172	72	21	stock	stock	NOUN
emaj-172	72	22	exchanges	exchange	NOUN
emaj-172	72	23	from	from	ADP
emaj-172	72	24	january	january	PROPN
emaj-172	72	25	,	,	PUNCT
emaj-172	72	26	2011	2011	NUM
emaj-172	72	27	to	to	ADP
emaj-172	72	28	december	december	PROPN
emaj-172	72	29	,	,	PUNCT
emaj-172	72	30	2017	2017	NUM
emaj-172	72	31	for	for	ADP
emaj-172	72	32	our	our	PRON
emaj-172	72	33	models	model	NOUN
emaj-172	72	34	.	.	PUNCT
emaj-172	73	1	using	use	VERB
emaj-172	73	2	a	a	DET
emaj-172	73	3	number	number	NOUN
emaj-172	73	4	of	of	ADP
emaj-172	73	5	popular	popular	ADJ
emaj-172	73	6	regime	regime	NOUN
emaj-172	73	7	switching	switch	VERB
emaj-172	73	8	models	model	NOUN
emaj-172	73	9	in	in	ADP
emaj-172	73	10	the	the	DET
emaj-172	73	11	finance	finance	NOUN
emaj-172	73	12	literature	literature	NOUN
emaj-172	73	13	,	,	PUNCT
emaj-172	73	14	we	we	PRON
emaj-172	73	15	estimated	estimate	VERB
emaj-172	73	16	the	the	DET
emaj-172	73	17	volatility	volatility	NOUN
emaj-172	73	18	of	of	ADP
emaj-172	73	19	the	the	DET
emaj-172	73	20	returns	return	NOUN
emaj-172	73	21	of	of	ADP
emaj-172	73	22	these	these	DET
emaj-172	73	23	indices	index	NOUN
emaj-172	73	24	as	as	ADP
emaj-172	73	25	regime	regime	NOUN
emaj-172	73	26	switching	switch	VERB
emaj-172	73	27	markov	markov	NOUN
emaj-172	73	28	volatility	volatility	NOUN
emaj-172	73	29	models	model	NOUN
emaj-172	73	30	.	.	PUNCT
emaj-172	74	1	we	we	PRON
emaj-172	74	2	used	use	VERB
emaj-172	74	3	the	the	DET
emaj-172	74	4	bayesian	bayesian	NOUN
emaj-172	74	5	monte	monte	PROPN
emaj-172	74	6	carlo	carlo	PROPN
emaj-172	74	7	simulation	simulation	PROPN
emaj-172	74	8	to	to	PART
emaj-172	74	9	get	get	VERB
emaj-172	74	10	round	round	ADP
emaj-172	74	11	the	the	DET
emaj-172	74	12	path	path	NOUN
emaj-172	74	13	dependency	dependency	NOUN
emaj-172	74	14	problem	problem	NOUN
emaj-172	74	15	identified	identify	VERB
emaj-172	74	16	in	in	ADP
emaj-172	74	17	augustyniak	augustyniak	PROPN
emaj-172	74	18	(	(	PUNCT
emaj-172	74	19	2014	2014	NUM
emaj-172	74	20	)	)	PUNCT
emaj-172	74	21	and	and	CCONJ
emaj-172	74	22	hahn	hahn	PROPN
emaj-172	74	23	et	et	PROPN
emaj-172	74	24	al	al	PROPN
emaj-172	74	25	.	.	PROPN
emaj-172	75	1	(	(	PUNCT
emaj-172	75	2	2010	2010	NUM
emaj-172	75	3	)	)	PUNCT
emaj-172	75	4	.	.	PUNCT
emaj-172	76	1	we	we	PRON
emaj-172	76	2	backtested	backteste	VERB
emaj-172	76	3	the	the	DET
emaj-172	76	4	results	result	NOUN
emaj-172	76	5	for	for	ADP
emaj-172	76	6	accuracy	accuracy	NOUN
emaj-172	76	7	of	of	ADP
emaj-172	76	8	the	the	DET
emaj-172	76	9	tail	tail	NOUN
emaj-172	76	10	forecasts	forecast	NOUN
emaj-172	76	11	with	with	ADP
emaj-172	76	12	value	value	NOUN
emaj-172	76	13	-	-	PUNCT
emaj-172	76	14	at	at	ADP
emaj-172	76	15	-	-	PUNCT
emaj-172	76	16	risk	risk	NOUN
emaj-172	76	17	methodologies	methodology	NOUN
emaj-172	76	18	.	.	PUNCT
emaj-172	77	1	the	the	DET
emaj-172	77	2	following	follow	VERB
emaj-172	77	3	are	be	AUX
emaj-172	77	4	our	our	PRON
emaj-172	77	5	findings	finding	NOUN
emaj-172	77	6	.	.	PUNCT
emaj-172	78	1	sub	sub	ADJ
emaj-172	78	2	-	-	ADJ
emaj-172	78	3	saharan	saharan	ADJ
emaj-172	78	4	frontier	frontier	NOUN
emaj-172	78	5	equity	equity	NOUN
emaj-172	78	6	markets	market	NOUN
emaj-172	78	7	are	be	AUX
emaj-172	78	8	not	not	PART
emaj-172	78	9	homogeneous	homogeneous	ADJ
emaj-172	78	10	.	.	PUNCT
emaj-172	79	1	different	different	ADJ
emaj-172	79	2	regime	regime	NOUN
emaj-172	79	3	-	-	PUNCT
emaj-172	79	4	switching	switch	VERB
emaj-172	79	5	garch	garch	NOUN
emaj-172	79	6	models	model	NOUN
emaj-172	79	7	describe	describe	VERB
emaj-172	79	8	the	the	DET
emaj-172	79	9	heteroscedastic	heteroscedastic	ADJ
emaj-172	79	10	behavior	behavior	NOUN
emaj-172	79	11	of	of	ADP
emaj-172	79	12	all	all	DET
emaj-172	79	13	the	the	DET
emaj-172	79	14	market	market	NOUN
emaj-172	79	15	returns	return	NOUN
emaj-172	79	16	and	and	CCONJ
emaj-172	79	17	with	with	ADP
emaj-172	79	18	varying	vary	VERB
emaj-172	79	19	tail	tail	NOUN
emaj-172	79	20	behaviour	behaviour	NOUN
emaj-172	79	21	for	for	ADP
emaj-172	79	22	the	the	DET
emaj-172	79	23	respective	respective	ADJ
emaj-172	79	24	markets	market	NOUN
emaj-172	79	25	.	.	PUNCT
emaj-172	80	1	the	the	DET
emaj-172	80	2	data	data	NOUN
emaj-172	80	3	generation	generation	NOUN
emaj-172	80	4	processes	process	NOUN
emaj-172	80	5	of	of	ADP
emaj-172	80	6	the	the	DET
emaj-172	80	7	returns	return	NOUN
emaj-172	80	8	are	be	AUX
emaj-172	80	9	characterized	characterize	VERB
emaj-172	80	10	by	by	ADP
emaj-172	80	11	fat	fat	ADJ
emaj-172	80	12	-	-	PUNCT
emaj-172	80	13	tails	tail	NOUN
emaj-172	80	14	.	.	PUNCT
emaj-172	81	1	this	this	PRON
emaj-172	81	2	can	can	AUX
emaj-172	81	3	be	be	AUX
emaj-172	81	4	a	a	DET
emaj-172	81	5	source	source	NOUN
emaj-172	81	6	of	of	ADP
emaj-172	81	7	profitable	profitable	ADJ
emaj-172	81	8	opportunities	opportunity	NOUN
emaj-172	81	9	at	at	ADP
emaj-172	81	10	the	the	DET
emaj-172	81	11	same	same	ADJ
emaj-172	81	12	time	time	NOUN
emaj-172	81	13	risk	risk	NOUN
emaj-172	81	14	of	of	ADP
emaj-172	81	15	extreme	extreme	ADJ
emaj-172	81	16	losses	loss	NOUN
emaj-172	81	17	for	for	ADP
emaj-172	81	18	the	the	DET
emaj-172	81	19	investing	investing	NOUN
emaj-172	81	20	community	community	NOUN
emaj-172	81	21	.	.	PUNCT
emaj-172	82	1	we	we	PRON
emaj-172	82	2	make	make	VERB
emaj-172	82	3	two	two	NUM
emaj-172	82	4	important	important	ADJ
emaj-172	82	5	contributions	contribution	NOUN
emaj-172	82	6	to	to	ADP
emaj-172	82	7	the	the	DET
emaj-172	82	8	literature	literature	NOUN
emaj-172	82	9	on	on	ADP
emaj-172	82	10	volatility	volatility	NOUN
emaj-172	82	11	in	in	ADP
emaj-172	82	12	sub	sub	ADJ
emaj-172	82	13	-	-	ADJ
emaj-172	82	14	saharan	saharan	ADJ
emaj-172	82	15	frontier	frontier	NOUN
emaj-172	82	16	equity	equity	NOUN
emaj-172	82	17	markets	market	NOUN
emaj-172	82	18	.	.	PUNCT
emaj-172	83	1	first	first	ADV
emaj-172	83	2	,	,	PUNCT
emaj-172	83	3	we	we	PRON
emaj-172	83	4	fill	fill	VERB
emaj-172	83	5	the	the	DET
emaj-172	83	6	void	void	NOUN
emaj-172	83	7	in	in	ADP
emaj-172	83	8	the	the	DET
emaj-172	83	9	literature	literature	NOUN
emaj-172	83	10	and	and	CCONJ
emaj-172	83	11	provide	provide	VERB
emaj-172	83	12	concrete	concrete	ADJ
emaj-172	83	13	evidence	evidence	NOUN
emaj-172	83	14	of	of	ADP
emaj-172	83	15	volatility	volatility	NOUN
emaj-172	83	16	regimes	regime	NOUN
emaj-172	83	17	of	of	ADP
emaj-172	83	18	market	market	NOUN
emaj-172	83	19	outcomes	outcome	NOUN
emaj-172	83	20	in	in	ADP
emaj-172	83	21	the	the	DET
emaj-172	83	22	equity	equity	NOUN
emaj-172	83	23	markets	market	NOUN
emaj-172	83	24	of	of	ADP
emaj-172	83	25	sub	sub	ADJ
emaj-172	83	26	-	-	ADJ
emaj-172	83	27	saharan	saharan	ADJ
emaj-172	83	28	africa	africa	PROPN
emaj-172	83	29	.	.	PUNCT
emaj-172	84	1	investors	investor	NOUN
emaj-172	84	2	have	have	VERB
emaj-172	84	3	a	a	DET
emaj-172	84	4	guiding	guide	VERB
emaj-172	84	5	model	model	NOUN
emaj-172	84	6	to	to	PART
emaj-172	84	7	use	use	VERB
emaj-172	84	8	in	in	ADP
emaj-172	84	9	quantifying	quantify	VERB
emaj-172	84	10	the	the	DET
emaj-172	84	11	evolving	evolve	VERB
emaj-172	84	12	heteroscedastic	heteroscedastic	ADJ
emaj-172	84	13	risk	risk	NOUN
emaj-172	84	14	with	with	ADP
emaj-172	84	15	regime	regime	NOUN
emaj-172	84	16	changes	change	NOUN
emaj-172	84	17	in	in	ADP
emaj-172	84	18	frontier	frontier	NOUN
emaj-172	84	19	equity	equity	NOUN
emaj-172	84	20	markets	market	NOUN
emaj-172	84	21	.	.	PUNCT
emaj-172	85	1	this	this	PRON
emaj-172	85	2	is	be	AUX
emaj-172	85	3	true	true	ADJ
emaj-172	85	4	particularly	particularly	ADV
emaj-172	85	5	for	for	ADP
emaj-172	85	6	active	active	ADJ
emaj-172	85	7	managers	manager	NOUN
emaj-172	85	8	implementing	implement	VERB
emaj-172	85	9	volatility	volatility	NOUN
emaj-172	85	10	-	-	PUNCT
emaj-172	85	11	sensitive	sensitive	ADJ
emaj-172	85	12	trading	trading	NOUN
emaj-172	85	13	strategies	strategy	NOUN
emaj-172	85	14	who	who	PRON
emaj-172	85	15	might	might	AUX
emaj-172	85	16	seek	seek	VERB
emaj-172	85	17	to	to	PART
emaj-172	85	18	profit	profit	VERB
emaj-172	85	19	from	from	ADP
emaj-172	85	20	market	market	NOUN
emaj-172	85	21	gyrations	gyration	NOUN
emaj-172	85	22	.	.	PUNCT
emaj-172	86	1	secondly	secondly	ADV
emaj-172	86	2	,	,	PUNCT
emaj-172	86	3	the	the	DET
emaj-172	86	4	paper	paper	NOUN
emaj-172	86	5	provides	provide	VERB
emaj-172	86	6	a	a	DET
emaj-172	86	7	volatility	volatility	NOUN
emaj-172	86	8	model	model	NOUN
emaj-172	86	9	for	for	ADP
emaj-172	86	10	monitoring	monitor	VERB
emaj-172	86	11	regime	regime	NOUN
emaj-172	86	12	changes	change	NOUN
emaj-172	86	13	in	in	ADP
emaj-172	86	14	the	the	DET
emaj-172	86	15	volatility	volatility	NOUN
emaj-172	86	16	of	of	ADP
emaj-172	86	17	returns	return	NOUN
emaj-172	86	18	in	in	ADP
emaj-172	86	19	the	the	DET
emaj-172	86	20	frontier	frontier	NOUN
emaj-172	86	21	markets	market	NOUN
emaj-172	86	22	studied	study	VERB
emaj-172	86	23	.	.	PUNCT
emaj-172	87	1	this	this	PRON
emaj-172	87	2	is	be	AUX
emaj-172	87	3	fundamental	fundamental	ADJ
emaj-172	87	4	to	to	ADP
emaj-172	87	5	investment	investment	NOUN
emaj-172	87	6	and	and	CCONJ
emaj-172	87	7	portfolio	portfolio	NOUN
emaj-172	87	8	management	management	NOUN
emaj-172	87	9	in	in	ADP
emaj-172	87	10	the	the	DET
emaj-172	87	11	information	information	NOUN
emaj-172	87	12	starved	starve	VERB
emaj-172	87	13	environment	environment	NOUN
emaj-172	87	14	of	of	ADP
emaj-172	87	15	sub	sub	ADJ
emaj-172	87	16	-	-	ADJ
emaj-172	87	17	saharan	saharan	ADJ
emaj-172	87	18	frontier	frontier	NOUN
emaj-172	87	19	equity	equity	NOUN
emaj-172	87	20	markets	market	NOUN
emaj-172	87	21	.	.	PUNCT
emaj-172	88	1	the	the	DET
emaj-172	88	2	progression	progression	NOUN
emaj-172	88	3	of	of	ADP
emaj-172	88	4	the	the	DET
emaj-172	88	5	rest	rest	NOUN
emaj-172	88	6	of	of	ADP
emaj-172	88	7	the	the	DET
emaj-172	88	8	paper	paper	NOUN
emaj-172	88	9	is	be	AUX
emaj-172	88	10	as	as	SCONJ
emaj-172	88	11	follows	follow	VERB
emaj-172	88	12	:	:	PUNCT
emaj-172	88	13	section	section	NOUN
emaj-172	88	14	two	two	NUM
emaj-172	88	15	looks	look	NOUN
emaj-172	88	16	at	at	ADP
emaj-172	88	17	the	the	DET
emaj-172	88	18	regime	regime	NOUN
emaj-172	88	19	-	-	PUNCT
emaj-172	88	20	switching	switch	VERB
emaj-172	88	21	garch	garch	NOUN
emaj-172	88	22	models	model	NOUN
emaj-172	88	23	employed	employ	VERB
emaj-172	88	24	in	in	ADP
emaj-172	88	25	the	the	DET
emaj-172	88	26	study	study	NOUN
emaj-172	88	27	.	.	PUNCT
emaj-172	89	1	an	an	DET
emaj-172	89	2	explanation	explanation	NOUN
emaj-172	89	3	of	of	ADP
emaj-172	89	4	the	the	DET
emaj-172	89	5	bayesian	bayesian	NOUN
emaj-172	89	6	methodology	methodology	NOUN
emaj-172	89	7	is	be	AUX
emaj-172	89	8	provided	provide	VERB
emaj-172	89	9	in	in	ADP
emaj-172	89	10	section	section	NOUN
emaj-172	89	11	three	three	NUM
emaj-172	89	12	.	.	PUNCT
emaj-172	90	1	we	we	PRON
emaj-172	90	2	undertake	undertake	VERB
emaj-172	90	3	the	the	DET
emaj-172	90	4	analysis	analysis	NOUN
emaj-172	90	5	of	of	ADP
emaj-172	90	6	the	the	DET
emaj-172	90	7	data	datum	NOUN
emaj-172	90	8	in	in	ADP
emaj-172	90	9	section	section	NOUN
emaj-172	90	10	four	four	NUM
emaj-172	90	11	and	and	CCONJ
emaj-172	90	12	make	make	VERB
emaj-172	90	13	a	a	DET
emaj-172	90	14	decision	decision	NOUN
emaj-172	90	15	on	on	ADP
emaj-172	90	16	the	the	DET
emaj-172	90	17	appropriate	appropriate	ADJ
emaj-172	90	18	regime	regime	NOUN
emaj-172	90	19	switching	switch	VERB
emaj-172	90	20	model	model	NOUN
emaj-172	90	21	that	that	PRON
emaj-172	90	22	provides	provide	VERB
emaj-172	90	23	the	the	DET
emaj-172	90	24	best	good	ADJ
emaj-172	90	25	fit	fit	NOUN
emaj-172	90	26	to	to	ADP
emaj-172	90	27	our	our	PRON
emaj-172	90	28	respective	respective	ADJ
emaj-172	90	29	sample	sample	NOUN
emaj-172	90	30	data	datum	NOUN
emaj-172	90	31	.	.	PUNCT
emaj-172	91	1	a	a	DET
emaj-172	91	2	summary	summary	NOUN
emaj-172	91	3	of	of	ADP
emaj-172	91	4	the	the	DET
emaj-172	91	5	findings	finding	NOUN
emaj-172	91	6	goes	go	VERB
emaj-172	91	7	into	into	ADP
emaj-172	91	8	section	section	NOUN
emaj-172	91	9	five	five	NUM
emaj-172	91	10	.	.	PUNCT
emaj-172	92	1	we	we	PRON
emaj-172	92	2	backtest	backtest	VERB
emaj-172	92	3	our	our	PRON
emaj-172	92	4	result	result	NOUN
emaj-172	92	5	to	to	PART
emaj-172	92	6	assess	assess	VERB
emaj-172	92	7	model	model	NOUN
emaj-172	92	8	fit	fit	NOUN
emaj-172	92	9	and	and	CCONJ
emaj-172	92	10	the	the	DET
emaj-172	92	11	ability	ability	NOUN
emaj-172	92	12	to	to	PART
emaj-172	92	13	forecast	forecast	VERB
emaj-172	92	14	accurately	accurately	ADV
emaj-172	92	15	in	in	ADP
emaj-172	92	16	section	section	NOUN
emaj-172	92	17	six	six	NUM
emaj-172	92	18	.	.	PUNCT
emaj-172	93	1	section	section	NOUN
emaj-172	93	2	seven	seven	NUM
emaj-172	93	3	concludes	conclude	VERB
emaj-172	93	4	the	the	DET
emaj-172	93	5	paper	paper	NOUN
emaj-172	93	6	.	.	PUNCT
emaj-172	94	1	ii	ii	PROPN
emaj-172	94	2	.	.	PUNCT
emaj-172	94	3	model	model	NOUN
emaj-172	94	4	we	we	PRON
emaj-172	94	5	denote	denote	VERB
emaj-172	94	6	the	the	DET
emaj-172	94	7	market	market	NOUN
emaj-172	94	8	returns	return	NOUN
emaj-172	94	9	by	by	ADP
emaj-172	94	10	where	where	SCONJ
emaj-172	94	11	is	be	AUX
emaj-172	94	12	the	the	DET
emaj-172	94	13	log	log	NOUN
emaj-172	94	14	returns	return	NOUN
emaj-172	94	15	calculated	calculate	VERB
emaj-172	94	16	from	from	ADP
emaj-172	94	17	the	the	DET
emaj-172	94	18	closing	closing	NOUN
emaj-172	94	19	prices	price	NOUN
emaj-172	94	20	on	on	ADP
emaj-172	94	21	day	day	NOUN
emaj-172	94	22	.	.	PUNCT
emaj-172	95	1	adapting	adapt	VERB
emaj-172	95	2	the	the	DET
emaj-172	95	3	notation	notation	NOUN
emaj-172	95	4	of	of	ADP
emaj-172	95	5	ardia	ardia	PROPN
emaj-172	95	6	et	et	PROPN
emaj-172	95	7	al	al	PROPN
emaj-172	95	8	.	.	PUNCT
emaj-172	96	1	(	(	PUNCT
emaj-172	96	2	2018	2018	NUM
emaj-172	96	3	)	)	PUNCT
emaj-172	96	4	,	,	PUNCT
emaj-172	96	5	the	the	DET
emaj-172	96	6	evolution	evolution	NOUN
emaj-172	96	7	of	of	ADP
emaj-172	96	8	the	the	DET
emaj-172	96	9	volatility	volatility	NOUN
emaj-172	96	10	of	of	ADP
emaj-172	96	11	returns	return	NOUN
emaj-172	96	12	in	in	ADP
emaj-172	96	13	regime	regime	NOUN
emaj-172	96	14	given	give	VERB
emaj-172	96	15	the	the	DET
emaj-172	96	16	information	information	NOUN
emaj-172	96	17	set	set	VERB
emaj-172	96	18	at	at	ADP
emaj-172	96	19	a	a	DET
emaj-172	96	20	time	time	NOUN
emaj-172	96	21	,	,	PUNCT
emaj-172	96	22	,	,	PUNCT
emaj-172	96	23	parameters	parameter	NOUN
emaj-172	96	24	and	and	CCONJ
emaj-172	96	25	,	,	PUNCT
emaj-172	96	26	the	the	DET
emaj-172	96	27	markov	markov	NOUN
emaj-172	96	28	regime	regime	NOUN
emaj-172	96	29	switching	switch	VERB
emaj-172	96	30	garch	garch	NOUN
emaj-172	96	31	is	be	AUX
emaj-172	96	32	generally	generally	ADV
emaj-172	96	33	stated	state	VERB
emaj-172	96	34	as	as	ADP
emaj-172	96	35	:	:	PUNCT
emaj-172	96	36	.	.	PUNCT
emaj-172	97	1	(	(	PUNCT
emaj-172	97	2	1	1	X
emaj-172	97	3	)	)	PUNCT
emaj-172	97	4	represents	represent	VERB
emaj-172	97	5	a	a	DET
emaj-172	97	6	mean	mean	ADJ
emaj-172	97	7	zero	zero	NUM
emaj-172	97	8	continuous	continuous	ADJ
emaj-172	97	9	distribution	distribution	NOUN
emaj-172	97	10	with	with	ADP
emaj-172	97	11	a	a	DET
emaj-172	97	12	time	time	NOUN
emaj-172	97	13	-	-	PUNCT
emaj-172	97	14	varying	vary	VERB
emaj-172	97	15	variance	variance	NOUN
emaj-172	97	16	in	in	ADP
emaj-172	97	17	regime	regime	NOUN
emaj-172	97	18	and	and	CCONJ
emaj-172	97	19	parameter	parameter	NOUN
emaj-172	97	20	,	,	PUNCT
emaj-172	97	21	a	a	DET
emaj-172	97	22	vector	vector	NOUN
emaj-172	97	23	describing	describe	VERB
emaj-172	97	24	the	the	DET
emaj-172	97	25	shape	shape	NOUN
emaj-172	97	26	of	of	ADP
emaj-172	97	27	the	the	DET
emaj-172	97	28	distribution	distribution	NOUN
emaj-172	97	29	.	.	PUNCT
emaj-172	98	1	the	the	DET
emaj-172	98	2	markov	markov	NOUN
emaj-172	98	3	model	model	NOUN
emaj-172	98	4	assumes	assume	VERB
emaj-172	98	5	that	that	PRON
emaj-172	98	6	is	be	AUX
emaj-172	98	7	a	a	DET
emaj-172	98	8	discrete	discrete	ADJ
emaj-172	98	9	unobserved	unobserved	ADJ
emaj-172	98	10	variable	variable	NOUN
emaj-172	98	11	of	of	ADP
emaj-172	98	12	the	the	DET
emaj-172	98	13	regimes	regime	NOUN
emaj-172	98	14	taking	take	VERB
emaj-172	98	15	values	value	NOUN
emaj-172	98	16	in	in	ADP
emaj-172	98	17	the	the	DET
emaj-172	98	18	vector	vector	NOUN
emaj-172	98	19	space	space	NOUN
emaj-172	98	20	.	.	PUNCT
emaj-172	99	1	heteroscedastic	heteroscedastic	ADJ
emaj-172	99	2	models	model	NOUN
emaj-172	99	3	the	the	DET
emaj-172	99	4	modified	modify	VERB
emaj-172	99	5	heteroskedastic	heteroskedastic	ADJ
emaj-172	99	6	functions	function	NOUN
emaj-172	99	7	incorporating	incorporate	VERB
emaj-172	99	8	regime	regime	NOUN
emaj-172	99	9	changes	change	NOUN
emaj-172	99	10	are	be	AUX
emaj-172	99	11	based	base	VERB
emaj-172	99	12	on	on	ADP
emaj-172	99	13	the	the	DET
emaj-172	99	14	specifications	specification	NOUN
emaj-172	99	15	of	of	ADP
emaj-172	99	16	haas	haas	NOUN
emaj-172	99	17	,	,	PUNCT
emaj-172	99	18	mittnik	mittnik	NOUN
emaj-172	99	19	and	and	CCONJ
emaj-172	99	20	paolella	paolella	NOUN
emaj-172	99	21	(	(	PUNCT
emaj-172	99	22	2004	2004	NUM
emaj-172	99	23	)	)	PUNCT
emaj-172	99	24	as	as	ADP
emaj-172	99	25	:	:	PUNCT
emaj-172	99	26	the	the	DET
emaj-172	99	27	garch	garch	NOUN
emaj-172	99	28	model	model	VERB
emaj-172	99	29	the	the	DET
emaj-172	99	30	garch(1,1	garch(1,1	NOUN
emaj-172	99	31	)	)	PUNCT
emaj-172	99	32	of	of	ADP
emaj-172	99	33	bollerslev	bollerslev	ADJ
emaj-172	99	34	(	(	PUNCT
emaj-172	99	35	1986	1986	NUM
emaj-172	99	36	)	)	PUNCT
emaj-172	99	37	is	be	AUX
emaj-172	99	38	:	:	PUNCT
emaj-172	99	39	.	.	PUNCT
emaj-172	100	1	(	(	PUNCT
emaj-172	100	2	2	2	X
emaj-172	100	3	)	)	PUNCT
emaj-172	100	4	volume	volume	NOUN
emaj-172	100	5	9	9	NUM
emaj-172	100	6	no	no	DET
emaj-172	100	7	1	1	NUM
emaj-172	100	8	(	(	PUNCT
emaj-172	100	9	2019	2019	NUM
emaj-172	100	10	)	)	PUNCT
emaj-172	100	11	|	|	ADV
emaj-172	100	12	issn	issn	VERB
emaj-172	100	13	2158	2158	NUM
emaj-172	100	14	-	-	SYM
emaj-172	100	15	8708	8708	NUM
emaj-172	100	16	(	(	PUNCT
emaj-172	100	17	online	online	NOUN
emaj-172	100	18	)	)	PUNCT
emaj-172	101	1	|	|	ADV
emaj-172	101	2	doi	doi	X
emaj-172	101	3	10.5195	10.5195	NUM
emaj-172	101	4	/	/	SYM
emaj-172	101	5	emaj.2019.172	emaj.2019.172	NOUN
emaj-172	101	6	|	|	ADV
emaj-172	101	7	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-172	101	8	carl	carl	PROPN
emaj-172	101	9	hope	hope	PROPN
emaj-172	101	10	korkpoe	korkpoe	PROPN
emaj-172	101	11	,	,	PUNCT
emaj-172	101	12	nathanial	nathanial	ADJ
emaj-172	101	13	howard	howard	ADJ
emaj-172	101	14	emerging	emerge	VERB
emaj-172	101	15	markets	market	NOUN
emaj-172	101	16	journal	journal	NOUN
emaj-172	101	17	|	|	ADV
emaj-172	101	18	p	p	NOUN
emaj-172	101	19	a	a	DET
emaj-172	101	20	g	g	NOUN
emaj-172	101	21	e	e	X
emaj-172	101	22	|71	|71	NOUN
emaj-172	101	23	the	the	DET
emaj-172	101	24	parameters	parameter	NOUN
emaj-172	101	25	,	,	PUNCT
emaj-172	101	26	and	and	CCONJ
emaj-172	101	27	are	be	AUX
emaj-172	101	28	constrained	constrain	VERB
emaj-172	101	29	as	as	ADP
emaj-172	101	30	,	,	PUNCT
emaj-172	101	31	and	and	CCONJ
emaj-172	101	32	to	to	PART
emaj-172	101	33	ensure	ensure	VERB
emaj-172	101	34	a	a	DET
emaj-172	101	35	positive	positive	ADJ
emaj-172	101	36	variance	variance	NOUN
emaj-172	101	37	.	.	PUNCT
emaj-172	102	1	an	an	DET
emaj-172	102	2	additional	additional	ADJ
emaj-172	102	3	constraint	constraint	NOUN
emaj-172	102	4	is	be	AUX
emaj-172	102	5	to	to	PART
emaj-172	102	6	guarantee	guarantee	VERB
emaj-172	102	7	regime	regime	NOUN
emaj-172	102	8	piecewise	piecewise	NOUN
emaj-172	102	9	covariance	covariance	NOUN
emaj-172	102	10	stationarity	stationarity	NOUN
emaj-172	102	11	.	.	PUNCT
emaj-172	103	1	the	the	DET
emaj-172	103	2	egarch	egarch	NOUN
emaj-172	103	3	model	model	NOUN
emaj-172	103	4	the	the	DET
emaj-172	103	5	egarch	egarch	NOUN
emaj-172	103	6	model	model	NOUN
emaj-172	103	7	was	be	AUX
emaj-172	103	8	proposed	propose	VERB
emaj-172	103	9	by	by	ADP
emaj-172	103	10	nelson	nelson	PROPN
emaj-172	103	11	(	(	PUNCT
emaj-172	103	12	1991	1991	NUM
emaj-172	103	13	)	)	PUNCT
emaj-172	103	14	to	to	PART
emaj-172	103	15	capture	capture	VERB
emaj-172	103	16	the	the	DET
emaj-172	103	17	leverage	leverage	NOUN
emaj-172	103	18	effect	effect	NOUN
emaj-172	103	19	identified	identify	VERB
emaj-172	103	20	in	in	ADP
emaj-172	103	21	black	black	ADJ
emaj-172	103	22	(	(	PUNCT
emaj-172	103	23	1976	1976	NUM
emaj-172	103	24	)	)	PUNCT
emaj-172	103	25	.	.	PUNCT
emaj-172	104	1	the	the	DET
emaj-172	104	2	model	model	NOUN
emaj-172	104	3	is	be	AUX
emaj-172	104	4	specified	specify	VERB
emaj-172	104	5	as	as	ADP
emaj-172	104	6	:	:	PUNCT
emaj-172	104	7	(	(	PUNCT
emaj-172	104	8	)	)	PUNCT
emaj-172	104	9	(	(	PUNCT
emaj-172	104	10	|	|	NOUN
emaj-172	104	11	[	[	X
emaj-172	104	12	|	|	ADV
emaj-172	104	13	|]|	|]|	ADJ
emaj-172	104	14	)	)	PUNCT
emaj-172	104	15	(	(	PUNCT
emaj-172	104	16	3	3	X
emaj-172	104	17	)	)	PUNCT
emaj-172	104	18	where	where	SCONJ
emaj-172	104	19	e[|	e[|	NOUN
emaj-172	104	20	|	|	NOUN
emaj-172	104	21	]	]	PUNCT
emaj-172	104	22	is	be	AUX
emaj-172	104	23	the	the	DET
emaj-172	104	24	expectation	expectation	NOUN
emaj-172	104	25	conditional	conditional	ADJ
emaj-172	104	26	on	on	ADP
emaj-172	104	27	a	a	DET
emaj-172	104	28	given	give	VERB
emaj-172	104	29	regime	regime	NOUN
emaj-172	104	30	.	.	PUNCT
emaj-172	105	1	to	to	PART
emaj-172	105	2	ensure	ensure	VERB
emaj-172	105	3	that	that	SCONJ
emaj-172	105	4	a	a	DET
emaj-172	105	5	given	give	VERB
emaj-172	105	6	regime	regime	NOUN
emaj-172	105	7	is	be	AUX
emaj-172	105	8	stationary	stationary	ADJ
emaj-172	105	9	,	,	PUNCT
emaj-172	105	10	we	we	PRON
emaj-172	105	11	impose	impose	VERB
emaj-172	105	12	the	the	DET
emaj-172	105	13	restriction	restriction	NOUN
emaj-172	105	14	.	.	PUNCT
emaj-172	106	1	the	the	DET
emaj-172	106	2	gjr	gjr	NOUN
emaj-172	106	3	-	-	PUNCT
emaj-172	106	4	garch	garch	NOUN
emaj-172	106	5	model	model	NOUN
emaj-172	106	6	glosten	glosten	PROPN
emaj-172	106	7	et	et	PROPN
emaj-172	106	8	al	al	PROPN
emaj-172	106	9	.	.	PROPN
emaj-172	106	10	(	(	PUNCT
emaj-172	106	11	1993	1993	NUM
emaj-172	106	12	)	)	PUNCT
emaj-172	106	13	proposed	propose	VERB
emaj-172	106	14	the	the	DET
emaj-172	106	15	gjrgarch	gjrgarch	NOUN
emaj-172	106	16	model	model	NOUN
emaj-172	106	17	to	to	PART
emaj-172	106	18	capture	capture	VERB
emaj-172	106	19	the	the	DET
emaj-172	106	20	asymmetry	asymmetry	NOUN
emaj-172	106	21	stylized	stylize	VERB
emaj-172	106	22	fact	fact	NOUN
emaj-172	106	23	of	of	ADP
emaj-172	106	24	financial	financial	ADJ
emaj-172	106	25	time	time	NOUN
emaj-172	106	26	series	series	NOUN
emaj-172	106	27	.	.	PUNCT
emaj-172	107	1	this	this	DET
emaj-172	107	2	model	model	NOUN
emaj-172	107	3	is	be	AUX
emaj-172	107	4	stated	state	VERB
emaj-172	107	5	as	as	ADP
emaj-172	107	6	:	:	PUNCT
emaj-172	107	7	(	(	PUNCT
emaj-172	107	8	)	)	PUNCT
emaj-172	107	9	,	,	PUNCT
emaj-172	107	10	(	(	PUNCT
emaj-172	107	11	4	4	X
emaj-172	107	12	)	)	PUNCT
emaj-172	107	13	with	with	ADP
emaj-172	107	14	an	an	DET
emaj-172	107	15	indicator	indicator	NOUN
emaj-172	107	16	function	function	NOUN
emaj-172	107	17	taking	take	VERB
emaj-172	107	18	a	a	DET
emaj-172	107	19	value	value	NOUN
emaj-172	107	20	if	if	SCONJ
emaj-172	107	21	the	the	DET
emaj-172	107	22	condition	condition	NOUN
emaj-172	107	23	is	be	AUX
emaj-172	107	24	true	true	ADJ
emaj-172	107	25	and	and	CCONJ
emaj-172	107	26	otherwise	otherwise	ADV
emaj-172	107	27	.	.	PUNCT
emaj-172	108	1	the	the	DET
emaj-172	108	2	joint	joint	ADJ
emaj-172	108	3	distribution	distribution	NOUN
emaj-172	108	4	of	of	ADP
emaj-172	108	5	the	the	DET
emaj-172	108	6	regimes	regime	NOUN
emaj-172	108	7	,	,	PUNCT
emaj-172	108	8	,	,	PUNCT
emaj-172	108	9	is	be	AUX
emaj-172	108	10	given	give	VERB
emaj-172	108	11	by	by	ADP
emaj-172	108	12	:	:	PUNCT
emaj-172	108	13	(	(	PUNCT
emaj-172	108	14	5	5	X
emaj-172	108	15	)	)	PUNCT
emaj-172	108	16	which	which	PRON
emaj-172	108	17	becomes	become	VERB
emaj-172	108	18	∏	∏	PROPN
emaj-172	108	19	(	(	PUNCT
emaj-172	108	20	6	6	NUM
emaj-172	108	21	)	)	PUNCT
emaj-172	108	22	as	as	ADP
emaj-172	108	23	the	the	DET
emaj-172	108	24	first	first	ADJ
emaj-172	108	25	-	-	PUNCT
emaj-172	108	26	order	order	NOUN
emaj-172	108	27	markov	markov	NOUN
emaj-172	108	28	model	model	NOUN
emaj-172	108	29	.	.	PUNCT
emaj-172	109	1	for	for	ADP
emaj-172	109	2	two	two	NUM
emaj-172	109	3	-	-	PUNCT
emaj-172	109	4	regime	regime	NOUN
emaj-172	109	5	states	state	NOUN
emaj-172	109	6	,	,	PUNCT
emaj-172	109	7	and	and	CCONJ
emaj-172	109	8	,	,	PUNCT
emaj-172	109	9	we	we	PRON
emaj-172	109	10	define	define	VERB
emaj-172	109	11	the	the	DET
emaj-172	109	12	transition	transition	NOUN
emaj-172	109	13	matrix	matrix	NOUN
emaj-172	109	14	as	as	ADP
emaj-172	109	15	:	:	PUNCT
emaj-172	109	16	[	[	PUNCT
emaj-172	109	17	]	]	X
emaj-172	109	18	.	.	PUNCT
emaj-172	110	1	(	(	PUNCT
emaj-172	110	2	7	7	X
emaj-172	110	3	)	)	PUNCT
emaj-172	110	4	iii	iii	PROPN
emaj-172	110	5	.	.	PUNCT
emaj-172	111	1	bayesian	bayesian	NOUN
emaj-172	111	2	parameter	parameter	NOUN
emaj-172	111	3	estimation	estimation	NOUN
emaj-172	111	4	via	via	ADP
emaj-172	111	5	mcmc	mcmc	PROPN
emaj-172	111	6	let	let	VERB
emaj-172	111	7	the	the	DET
emaj-172	111	8	parameter	parameter	NOUN
emaj-172	111	9	space	space	NOUN
emaj-172	111	10	be	be	AUX
emaj-172	111	11	and	and	CCONJ
emaj-172	111	12	.	.	PUNCT
emaj-172	112	1	we	we	PRON
emaj-172	112	2	derive	derive	VERB
emaj-172	112	3	the	the	DET
emaj-172	112	4	posterior	posterior	NOUN
emaj-172	112	5	as	as	ADP
emaj-172	112	6	joint	joint	ADJ
emaj-172	112	7	distribution	distribution	NOUN
emaj-172	112	8	of	of	ADP
emaj-172	112	9	the	the	DET
emaj-172	112	10	parameters	parameter	NOUN
emaj-172	112	11	conditional	conditional	ADJ
emaj-172	112	12	on	on	ADP
emaj-172	112	13	the	the	DET
emaj-172	112	14	returns	return	NOUN
emaj-172	112	15	.	.	PUNCT
emaj-172	113	1	invoking	invoke	VERB
emaj-172	113	2	bayes	baye	NOUN
emaj-172	113	3	’	'	PUNCT
emaj-172	113	4	rule	rule	NOUN
emaj-172	113	5	and	and	CCONJ
emaj-172	113	6	the	the	DET
emaj-172	113	7	conditional	conditional	ADJ
emaj-172	113	8	probability	probability	NOUN
emaj-172	113	9	property	property	NOUN
emaj-172	113	10	,	,	PUNCT
emaj-172	113	11	we	we	PRON
emaj-172	113	12	write	write	VERB
emaj-172	113	13	the	the	DET
emaj-172	113	14	joint	joint	ADJ
emaj-172	113	15	distribution	distribution	NOUN
emaj-172	113	16	for	for	ADP
emaj-172	113	17	the	the	DET
emaj-172	113	18	posterior	posterior	NOUN
emaj-172	113	19	as	as	SCONJ
emaj-172	113	20	follows	follow	VERB
emaj-172	113	21	:	:	PUNCT
emaj-172	113	22	.	.	PUNCT
emaj-172	114	1	(	(	PUNCT
emaj-172	114	2	8)	8)	NUM
emaj-172	114	3	the	the	DET
emaj-172	114	4	first	first	ADJ
emaj-172	114	5	term	term	NOUN
emaj-172	114	6	,	,	PUNCT
emaj-172	114	7	,	,	PUNCT
emaj-172	114	8	on	on	ADP
emaj-172	114	9	the	the	DET
emaj-172	114	10	right	right	ADJ
emaj-172	114	11	hand	hand	NOUN
emaj-172	114	12	side	side	NOUN
emaj-172	114	13	is	be	AUX
emaj-172	114	14	the	the	DET
emaj-172	114	15	prior	prior	ADJ
emaj-172	114	16	specifying	specify	VERB
emaj-172	114	17	the	the	DET
emaj-172	114	18	hyperparameters	hyperparameter	NOUN
emaj-172	114	19	of	of	ADP
emaj-172	114	20	the	the	DET
emaj-172	114	21	distribution	distribution	NOUN
emaj-172	114	22	.	.	PUNCT
emaj-172	115	1	this	this	DET
emaj-172	115	2	prior	prior	ADV
emaj-172	115	3	is	be	AUX
emaj-172	115	4	expanded	expand	VERB
emaj-172	115	5	further	far	ADV
emaj-172	115	6	as	as	ADP
emaj-172	115	7	:	:	PUNCT
emaj-172	115	8	.	.	PUNCT
emaj-172	116	1	(	(	PUNCT
emaj-172	116	2	(	(	PUNCT
emaj-172	116	3	9	9	X
emaj-172	116	4	)	)	PUNCT
emaj-172	116	5	using	use	VERB
emaj-172	116	6	the	the	DET
emaj-172	116	7	assumption	assumption	NOUN
emaj-172	116	8	of	of	ADP
emaj-172	116	9	independence	independence	NOUN
emaj-172	116	10	,	,	PUNCT
emaj-172	116	11	(	(	PUNCT
emaj-172	116	12	9	9	X
emaj-172	116	13	)	)	PUNCT
emaj-172	116	14	becomes	become	VERB
emaj-172	116	15	:	:	PUNCT
emaj-172	116	16	.	.	PUNCT
emaj-172	117	1	(	(	PUNCT
emaj-172	117	2	10	10	NUM
emaj-172	117	3	)	)	PUNCT
emaj-172	117	4	das	das	PROPN
emaj-172	117	5	and	and	CCONJ
emaj-172	117	6	yoo	yoo	PROPN
emaj-172	117	7	(	(	PUNCT
emaj-172	117	8	2004	2004	NUM
emaj-172	117	9	)	)	PUNCT
emaj-172	117	10	and	and	CCONJ
emaj-172	117	11	kim	kim	PROPN
emaj-172	117	12	and	and	CCONJ
emaj-172	117	13	nelson	nelson	PROPN
emaj-172	117	14	(	(	PUNCT
emaj-172	117	15	1999	1999	NUM
emaj-172	117	16	)	)	PUNCT
emaj-172	117	17	suggested	suggest	VERB
emaj-172	117	18	normal	normal	ADJ
emaj-172	117	19	priors	prior	NOUN
emaj-172	117	20	for	for	ADP
emaj-172	117	21	,	,	PUNCT
emaj-172	117	22	and	and	CCONJ
emaj-172	117	23	.	.	PUNCT
emaj-172	118	1	ardia	ardia	NOUN
emaj-172	118	2	and	and	CCONJ
emaj-172	118	3	hoogerheide	hoogerheide	NOUN
emaj-172	118	4	(	(	PUNCT
emaj-172	118	5	2010	2010	NUM
emaj-172	118	6	)	)	PUNCT
emaj-172	118	7	used	use	VERB
emaj-172	118	8	truncated	truncate	VERB
emaj-172	118	9	normal	normal	ADJ
emaj-172	118	10	distributions	distribution	NOUN
emaj-172	118	11	to	to	PART
emaj-172	118	12	specify	specify	VERB
emaj-172	118	13	the	the	DET
emaj-172	118	14	priors	prior	NOUN
emaj-172	118	15	for	for	ADP
emaj-172	118	16	these	these	DET
emaj-172	118	17	garch	garch	NOUN
emaj-172	118	18	parameters	parameter	NOUN
emaj-172	118	19	in	in	ADP
emaj-172	118	20	order	order	NOUN
emaj-172	118	21	to	to	PART
emaj-172	118	22	maintain	maintain	VERB
emaj-172	118	23	the	the	DET
emaj-172	118	24	constraints	constraint	NOUN
emaj-172	118	25	required	require	VERB
emaj-172	118	26	for	for	SCONJ
emaj-172	118	27	the	the	DET
emaj-172	118	28	variance	variance	NOUN
emaj-172	118	29	to	to	PART
emaj-172	118	30	be	be	AUX
emaj-172	118	31	positive	positive	ADJ
emaj-172	118	32	.	.	PUNCT
emaj-172	119	1	this	this	DET
emaj-172	119	2	approach	approach	NOUN
emaj-172	119	3	is	be	AUX
emaj-172	119	4	what	what	PRON
emaj-172	119	5	we	we	PRON
emaj-172	119	6	adopt	adopt	VERB
emaj-172	119	7	in	in	ADP
emaj-172	119	8	this	this	DET
emaj-172	119	9	paper	paper	NOUN
emaj-172	119	10	.	.	PUNCT
emaj-172	120	1	we	we	PRON
emaj-172	120	2	specify	specify	VERB
emaj-172	120	3	an	an	DET
emaj-172	120	4	inverse	inverse	NOUN
emaj-172	120	5	gamma	gamma	NOUN
emaj-172	120	6	distribution	distribution	NOUN
emaj-172	120	7	for	for	ADP
emaj-172	120	8	the	the	DET
emaj-172	120	9	variance	variance	NOUN
emaj-172	120	10	,	,	PUNCT
emaj-172	120	11	,	,	PUNCT
emaj-172	120	12	as	as	ADP
emaj-172	120	13	:	:	PUNCT
emaj-172	120	14	(	(	PUNCT
emaj-172	120	15	11	11	NUM
emaj-172	120	16	)	)	PUNCT
emaj-172	120	17	where	where	SCONJ
emaj-172	120	18	and	and	CCONJ
emaj-172	120	19	are	be	AUX
emaj-172	120	20	the	the	DET
emaj-172	120	21	respective	respective	ADJ
emaj-172	120	22	shape	shape	NOUN
emaj-172	120	23	and	and	CCONJ
emaj-172	120	24	scale	scale	NOUN
emaj-172	120	25	parameters	parameter	NOUN
emaj-172	120	26	of	of	ADP
emaj-172	120	27	the	the	DET
emaj-172	120	28	inverse	inverse	NOUN
emaj-172	120	29	gamma	gamma	NOUN
emaj-172	120	30	distribution	distribution	NOUN
emaj-172	120	31	.	.	PUNCT
emaj-172	121	1	the	the	DET
emaj-172	121	2	full	full	ADJ
emaj-172	121	3	conditional	conditional	ADJ
emaj-172	121	4	density	density	NOUN
emaj-172	121	5	of	of	ADP
emaj-172	121	6	the	the	DET
emaj-172	121	7	posterior	posterior	NOUN
emaj-172	121	8	is	be	AUX
emaj-172	121	9	complicated	complicated	ADJ
emaj-172	121	10	and	and	CCONJ
emaj-172	121	11	unknown	unknown	ADJ
emaj-172	121	12	a	a	PRON
emaj-172	121	13	priori	priori	ADV
emaj-172	121	14	,	,	PUNCT
emaj-172	121	15	so	so	ADV
emaj-172	121	16	we	we	PRON
emaj-172	121	17	adopt	adopt	VERB
emaj-172	121	18	the	the	DET
emaj-172	121	19	metropolis	metropolis	PROPN
emaj-172	121	20	-	-	PUNCT
emaj-172	121	21	hastings	hastings	PROPN
emaj-172	121	22	(	(	PUNCT
emaj-172	121	23	hastings	hastings	PROPN
emaj-172	121	24	1970	1970	NUM
emaj-172	121	25	;	;	PUNCT
emaj-172	121	26	metropolis	metropolis	PROPN
emaj-172	121	27	,	,	PUNCT
emaj-172	121	28	et	et	PROPN
emaj-172	121	29	al	al	PROPN
emaj-172	121	30	.	.	PROPN
emaj-172	121	31	,	,	PUNCT
emaj-172	121	32	1953	1953	NUM
emaj-172	121	33	)	)	PUNCT
emaj-172	121	34	algorithm	algorithm	NOUN
emaj-172	121	35	of	of	ADP
emaj-172	121	36	the	the	DET
emaj-172	121	37	mcmc	mcmc	PROPN
emaj-172	121	38	for	for	ADP
emaj-172	121	39	our	our	PRON
emaj-172	121	40	posterior	posterior	ADJ
emaj-172	121	41	simulation	simulation	NOUN
emaj-172	121	42	.	.	PUNCT
emaj-172	122	1	iv	iv	X
emaj-172	122	2	.	.	PUNCT
emaj-172	122	3	data	datum	NOUN
emaj-172	122	4	and	and	CCONJ
emaj-172	122	5	analysis	analysis	NOUN
emaj-172	122	6	data	datum	NOUN
emaj-172	122	7	for	for	ADP
emaj-172	122	8	our	our	PRON
emaj-172	122	9	analysis	analysis	NOUN
emaj-172	122	10	came	come	VERB
emaj-172	122	11	from	from	ADP
emaj-172	122	12	botswana	botswana	PROPN
emaj-172	122	13	,	,	PUNCT
emaj-172	122	14	ghana	ghana	PROPN
emaj-172	122	15	,	,	PUNCT
emaj-172	122	16	kenya	kenya	PROPN
emaj-172	122	17	and	and	CCONJ
emaj-172	122	18	nigeria	nigeria	PROPN
emaj-172	122	19	bourses	bourse	NOUN
emaj-172	122	20	.	.	PUNCT
emaj-172	123	1	these	these	DET
emaj-172	123	2	countries	country	NOUN
emaj-172	123	3	were	be	AUX
emaj-172	123	4	selected	select	VERB
emaj-172	123	5	to	to	PART
emaj-172	123	6	reflect	reflect	VERB
emaj-172	123	7	the	the	DET
emaj-172	123	8	regional	regional	ADJ
emaj-172	123	9	groupings	grouping	NOUN
emaj-172	123	10	of	of	ADP
emaj-172	123	11	west	west	NOUN
emaj-172	123	12	,	,	PUNCT
emaj-172	123	13	east	east	ADJ
emaj-172	123	14	and	and	CCONJ
emaj-172	123	15	southern	southern	ADJ
emaj-172	123	16	african	african	ADJ
emaj-172	123	17	frontier	frontier	NOUN
emaj-172	123	18	equity	equity	NOUN
emaj-172	123	19	markets	market	NOUN
emaj-172	123	20	based	base	VERB
emaj-172	123	21	on	on	ADP
emaj-172	123	22	the	the	DET
emaj-172	123	23	classification	classification	NOUN
emaj-172	123	24	of	of	ADP
emaj-172	123	25	msci	msci	PROPN
emaj-172	123	26	frontier	frontier	NOUN
emaj-172	123	27	index	index	NOUN
emaj-172	123	28	(	(	PUNCT
emaj-172	123	29	2019	2019	NUM
emaj-172	123	30	)	)	PUNCT
emaj-172	123	31	.	.	PUNCT
emaj-172	124	1	nigeria	nigeria	PROPN
emaj-172	124	2	was	be	AUX
emaj-172	124	3	added	add	VERB
emaj-172	124	4	to	to	ADP
emaj-172	124	5	the	the	DET
emaj-172	124	6	countries	country	NOUN
emaj-172	124	7	,	,	PUNCT
emaj-172	124	8	because	because	SCONJ
emaj-172	124	9	it	it	PRON
emaj-172	124	10	has	have	VERB
emaj-172	124	11	the	the	DET
emaj-172	124	12	most	most	ADV
emaj-172	124	13	thriving	thriving	ADJ
emaj-172	124	14	equity	equity	NOUN
emaj-172	124	15	market	market	NOUN
emaj-172	124	16	in	in	ADP
emaj-172	124	17	sub	sub	ADJ
emaj-172	124	18	-	-	ADJ
emaj-172	124	19	saharan	saharan	ADJ
emaj-172	124	20	africa	africa	PROPN
emaj-172	124	21	classified	classify	VERB
emaj-172	124	22	as	as	ADP
emaj-172	124	23	frontier	frontier	NOUN
emaj-172	124	24	.	.	PUNCT
emaj-172	125	1	our	our	PRON
emaj-172	125	2	sample	sample	NOUN
emaj-172	125	3	is	be	AUX
emaj-172	125	4	made	make	VERB
emaj-172	125	5	up	up	ADP
emaj-172	125	6	of	of	ADP
emaj-172	125	7	the	the	DET
emaj-172	125	8	respective	respective	ADJ
emaj-172	125	9	broad	broad	ADJ
emaj-172	125	10	market	market	NOUN
emaj-172	125	11	daily	daily	ADJ
emaj-172	125	12	index	index	NOUN
emaj-172	125	13	from	from	ADP
emaj-172	125	14	january	january	PROPN
emaj-172	125	15	04	04	NUM
emaj-172	125	16	,	,	PUNCT
emaj-172	125	17	2011	2011	NUM
emaj-172	125	18	to	to	ADP
emaj-172	125	19	december	december	PROPN
emaj-172	125	20	29	29	NUM
emaj-172	125	21	,	,	PUNCT
emaj-172	125	22	2017	2017	NUM
emaj-172	125	23	.	.	PUNCT
emaj-172	126	1	figure	figure	NOUN
emaj-172	126	2	1	1	NUM
emaj-172	126	3	plots	plot	NOUN
emaj-172	126	4	the	the	DET
emaj-172	126	5	evolution	evolution	NOUN
emaj-172	126	6	of	of	ADP
emaj-172	126	7	the	the	DET
emaj-172	126	8	levels	level	NOUN
emaj-172	126	9	of	of	ADP
emaj-172	126	10	the	the	DET
emaj-172	126	11	indices	index	NOUN
emaj-172	126	12	.	.	PUNCT
emaj-172	127	1	figure	figure	NOUN
emaj-172	127	2	1	1	NUM
emaj-172	127	3	.	.	PUNCT
emaj-172	128	1	evolution	evolution	NOUN
emaj-172	128	2	of	of	ADP
emaj-172	128	3	indices	index	NOUN
emaj-172	128	4	of	of	ADP
emaj-172	128	5	the	the	DET
emaj-172	128	6	stock	stock	NOUN
emaj-172	128	7	exchanges	exchange	NOUN
emaj-172	128	8	of	of	ADP
emaj-172	128	9	the	the	DET
emaj-172	128	10	four	four	NUM
emaj-172	128	11	indices	index	NOUN
emaj-172	129	1	,	,	PUNCT
emaj-172	129	2	the	the	DET
emaj-172	129	3	nigeria	nigeria	PROPN
emaj-172	129	4	stock	stock	PROPN
emaj-172	129	5	exchange	exchange	PROPN
emaj-172	129	6	(	(	PUNCT
emaj-172	129	7	hereafter	hereafter	NOUN
emaj-172	129	8	nse	nse	NOUN
emaj-172	129	9	)	)	PUNCT
emaj-172	129	10	index	index	NOUN
emaj-172	129	11	shows	show	VERB
emaj-172	129	12	more	more	ADJ
emaj-172	129	13	gyrations	gyration	NOUN
emaj-172	129	14	culminating	culminate	VERB
emaj-172	129	15	in	in	ADP
emaj-172	129	16	a	a	DET
emaj-172	129	17	sharp	sharp	ADJ
emaj-172	129	18	market	market	NOUN
emaj-172	129	19	correction	correction	NOUN
emaj-172	129	20	mid-2015	mid-2015	X
emaj-172	129	21	.	.	PUNCT
emaj-172	130	1	the	the	DET
emaj-172	130	2	index	index	NOUN
emaj-172	130	3	has	have	AUX
emaj-172	130	4	been	be	AUX
emaj-172	130	5	on	on	ADP
emaj-172	130	6	a	a	DET
emaj-172	130	7	downward	downward	ADJ
emaj-172	130	8	trend	trend	NOUN
emaj-172	130	9	since	since	ADV
emaj-172	130	10	.	.	PUNCT
emaj-172	131	1	the	the	DET
emaj-172	131	2	ghana	ghana	PROPN
emaj-172	131	3	stock	stock	PROPN
emaj-172	131	4	exchange	exchange	PROPN
emaj-172	131	5	(	(	PUNCT
emaj-172	131	6	hereafter	hereafter	ADV
emaj-172	131	7	gse	gse	PROPN
emaj-172	131	8	)	)	PUNCT
emaj-172	131	9	index	index	NOUN
emaj-172	131	10	rose	rise	VERB
emaj-172	131	11	in	in	ADP
emaj-172	131	12	the	the	DET
emaj-172	131	13	mid2011	mid2011	NOUN
emaj-172	131	14	before	before	SCONJ
emaj-172	131	15	touch	touch	VERB
emaj-172	131	16	a	a	DET
emaj-172	131	17	low	low	ADJ
emaj-172	131	18	point	point	NOUN
emaj-172	131	19	at	at	ADP
emaj-172	131	20	the	the	DET
emaj-172	131	21	end	end	NOUN
emaj-172	131	22	of	of	ADP
emaj-172	131	23	2011	2011	NUM
emaj-172	131	24	.	.	PUNCT
emaj-172	132	1	it	it	PRON
emaj-172	132	2	then	then	ADV
emaj-172	132	3	rose	rise	VERB
emaj-172	132	4	sharply	sharply	ADV
emaj-172	132	5	until	until	SCONJ
emaj-172	132	6	it	it	PRON
emaj-172	132	7	peaked	peak	VERB
emaj-172	132	8	in	in	ADP
emaj-172	132	9	the	the	DET
emaj-172	132	10	first	first	ADJ
emaj-172	132	11	quarter	quarter	NOUN
emaj-172	132	12	of	of	ADP
emaj-172	132	13	2014	2014	NUM
emaj-172	132	14	.	.	PUNCT
emaj-172	133	1	it	it	PRON
emaj-172	133	2	stayed	stay	VERB
emaj-172	133	3	roughly	roughly	ADV
emaj-172	133	4	at	at	ADP
emaj-172	133	5	this	this	DET
emaj-172	133	6	level	level	NOUN
emaj-172	133	7	until	until	ADP
emaj-172	133	8	mid-2015	mid-2015	NOUN
emaj-172	133	9	when	when	SCONJ
emaj-172	133	10	it	it	PRON
emaj-172	133	11	took	take	VERB
emaj-172	133	12	a	a	DET
emaj-172	133	13	nose	nose	NOUN
emaj-172	133	14	-	-	PUNCT
emaj-172	133	15	dived	dive	VERB
emaj-172	133	16	and	and	CCONJ
emaj-172	133	17	trended	trend	VERB
emaj-172	133	18	downward	downward	ADV
emaj-172	133	19	in	in	ADP
emaj-172	133	20	a	a	DET
emaj-172	133	21	sustained	sustained	ADJ
emaj-172	133	22	manner	manner	NOUN
emaj-172	133	23	till	till	SCONJ
emaj-172	133	24	the	the	DET
emaj-172	133	25	last	last	ADJ
emaj-172	133	26	quarter	quarter	NOUN
emaj-172	133	27	of	of	ADP
emaj-172	133	28	2016	2016	NUM
emaj-172	133	29	when	when	SCONJ
emaj-172	133	30	it	it	PRON
emaj-172	133	31	bottomed	bottom	VERB
emaj-172	133	32	out	out	ADP
emaj-172	133	33	.	.	PUNCT
emaj-172	134	1	the	the	DET
emaj-172	134	2	nairobi	nairobi	PROPN
emaj-172	134	3	stock	stock	PROPN
emaj-172	134	4	exchange	exchange	PROPN
emaj-172	134	5	(	(	PUNCT
emaj-172	134	6	hereafter	hereafter	NOUN
emaj-172	134	7	nairobi	nairobi	PROPN
emaj-172	134	8	)	)	PUNCT
emaj-172	134	9	index	index	NOUN
emaj-172	134	10	level	level	NOUN
emaj-172	134	11	fell	fall	VERB
emaj-172	134	12	persistently	persistently	ADV
emaj-172	134	13	in	in	ADP
emaj-172	134	14	2011	2011	NUM
emaj-172	134	15	till	till	SCONJ
emaj-172	134	16	the	the	DET
emaj-172	134	17	beginning	beginning	NOUN
emaj-172	134	18	of	of	ADP
emaj-172	134	19	2012	2012	NUM
emaj-172	134	20	when	when	SCONJ
emaj-172	134	21	it	it	PRON
emaj-172	134	22	climbed	climbed	AUX
emaj-172	134	23	steadily	steadily	ADV
emaj-172	134	24	eventually	eventually	ADV
emaj-172	134	25	peaking	peak	VERB
emaj-172	134	26	in	in	ADP
emaj-172	134	27	the	the	DET
emaj-172	134	28	first	first	ADJ
emaj-172	134	29	quarter	quarter	NOUN
emaj-172	134	30	of	of	ADP
emaj-172	134	31	2015	2015	NUM
emaj-172	134	32	.	.	PUNCT
emaj-172	135	1	it	it	PRON
emaj-172	135	2	has	have	AUX
emaj-172	135	3	since	since	ADV
emaj-172	135	4	seen	see	VERB
emaj-172	135	5	a	a	DET
emaj-172	135	6	sustained	sustained	ADJ
emaj-172	135	7	fall	fall	NOUN
emaj-172	135	8	.	.	PUNCT
emaj-172	136	1	the	the	DET
emaj-172	136	2	botswana	botswana	PROPN
emaj-172	136	3	stock	stock	PROPN
emaj-172	136	4	exchange	exchange	PROPN
emaj-172	136	5	(	(	PUNCT
emaj-172	136	6	hereafter	hereafter	NOUN
emaj-172	136	7	bsi	bsi	PROPN
emaj-172	136	8	dci	dci	PROPN
emaj-172	136	9	)	)	PUNCT
emaj-172	136	10	index	index	NOUN
emaj-172	136	11	trended	trend	VERB
emaj-172	136	12	upwards	upwards	ADV
emaj-172	136	13	albeit	albeit	SCONJ
emaj-172	136	14	bobbing	bob	VERB
emaj-172	136	15	up	up	ADP
emaj-172	136	16	and	and	CCONJ
emaj-172	136	17	down	down	ADV
emaj-172	136	18	to	to	ADP
emaj-172	136	19	about	about	ADP
emaj-172	136	20	the	the	DET
emaj-172	136	21	beginning	beginning	NOUN
emaj-172	136	22	of	of	ADP
emaj-172	136	23	the	the	DET
emaj-172	136	24	first	first	ADJ
emaj-172	136	25	quarter	quarter	NOUN
emaj-172	136	26	of	of	ADP
emaj-172	136	27	2015	2015	NUM
emaj-172	136	28	when	when	SCONJ
emaj-172	136	29	it	it	PRON
emaj-172	136	30	started	start	VERB
emaj-172	136	31	falling	fall	VERB
emaj-172	136	32	and	and	CCONJ
emaj-172	136	33	has	have	AUX
emaj-172	136	34	been	be	AUX
emaj-172	136	35	on	on	ADP
emaj-172	136	36	that	that	DET
emaj-172	136	37	trajectory	trajectory	NOUN
emaj-172	136	38	up	up	ADP
emaj-172	136	39	to	to	ADP
emaj-172	136	40	the	the	DET
emaj-172	136	41	end	end	NOUN
emaj-172	136	42	of	of	ADP
emaj-172	136	43	our	our	PRON
emaj-172	136	44	sample	sample	NOUN
emaj-172	136	45	period	period	NOUN
emaj-172	136	46	.	.	PUNCT
emaj-172	137	1	we	we	PRON
emaj-172	137	2	plotted	plot	VERB
emaj-172	137	3	the	the	DET
emaj-172	137	4	log	log	NOUN
emaj-172	137	5	-	-	PUNCT
emaj-172	137	6	returns	return	NOUN
emaj-172	137	7	of	of	ADP
emaj-172	137	8	the	the	DET
emaj-172	137	9	various	various	ADJ
emaj-172	137	10	indices	index	NOUN
emaj-172	137	11	in	in	ADP
emaj-172	137	12	figure	figure	NOUN
emaj-172	137	13	2	2	NUM
emaj-172	137	14	.	.	PUNCT
emaj-172	137	15	volume	volume	NOUN
emaj-172	137	16	9	9	NUM
emaj-172	137	17	no	no	DET
emaj-172	137	18	1	1	NUM
emaj-172	137	19	(	(	PUNCT
emaj-172	137	20	2019	2019	NUM
emaj-172	137	21	)	)	PUNCT
emaj-172	137	22	|	|	ADV
emaj-172	137	23	issn	issn	VERB
emaj-172	137	24	2158	2158	NUM
emaj-172	137	25	-	-	SYM
emaj-172	137	26	8708	8708	NUM
emaj-172	137	27	(	(	PUNCT
emaj-172	137	28	online	online	NOUN
emaj-172	137	29	)	)	PUNCT
emaj-172	137	30	|	|	ADV
emaj-172	137	31	doi	doi	X
emaj-172	137	32	10.5195	10.5195	NUM
emaj-172	137	33	/	/	SYM
emaj-172	137	34	emaj.2019.172	emaj.2019.172	NOUN
emaj-172	137	35	|	|	ADV
emaj-172	137	36	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-172	137	37	volatility	volatility	NOUN
emaj-172	137	38	model	model	NOUN
emaj-172	137	39	choice	choice	NOUN
emaj-172	137	40	for	for	ADP
emaj-172	137	41	sub	sub	ADJ
emaj-172	137	42	-	-	ADJ
emaj-172	137	43	saharan	saharan	ADJ
emaj-172	137	44	frontier	frontier	NOUN
emaj-172	137	45	equity	equity	NOUN
emaj-172	137	46	markets	market	VERB
emaj-172	137	47	a	a	DET
emaj-172	137	48	markov	markov	NOUN
emaj-172	137	49	regime	regime	NOUN
emaj-172	137	50	switching	switch	VERB
emaj-172	137	51	bayesian	bayesian	NOUN
emaj-172	137	52	approach	approach	NOUN
emaj-172	137	53	page	page	NOUN
emaj-172	137	54	|72|	|72|	VERB
emaj-172	137	55	emerging	emerge	VERB
emaj-172	137	56	markets	market	NOUN
emaj-172	137	57	journal	journal	NOUN
emaj-172	137	58	figure	figure	NOUN
emaj-172	137	59	2	2	NUM
emaj-172	137	60	.	.	PUNCT
emaj-172	138	1	the	the	DET
emaj-172	138	2	log	log	NOUN
emaj-172	138	3	-	-	PUNCT
emaj-172	138	4	returns	return	NOUN
emaj-172	138	5	of	of	ADP
emaj-172	138	6	the	the	DET
emaj-172	138	7	broad	broad	ADJ
emaj-172	138	8	market	market	NOUN
emaj-172	138	9	indices	indice	VERB
emaj-172	138	10	the	the	DET
emaj-172	138	11	returns	return	NOUN
emaj-172	138	12	of	of	ADP
emaj-172	138	13	the	the	DET
emaj-172	138	14	four	four	NUM
emaj-172	138	15	indices	index	NOUN
emaj-172	138	16	have	have	AUX
emaj-172	138	17	been	be	AUX
emaj-172	138	18	generally	generally	ADV
emaj-172	138	19	volatile	volatile	ADJ
emaj-172	138	20	during	during	ADP
emaj-172	138	21	the	the	DET
emaj-172	138	22	sample	sample	NOUN
emaj-172	138	23	period	period	NOUN
emaj-172	138	24	.	.	PUNCT
emaj-172	139	1	day	day	NOUN
emaj-172	139	2	-	-	PUNCT
emaj-172	139	3	to	to	ADP
emaj-172	139	4	-	-	PUNCT
emaj-172	139	5	day	day	NOUN
emaj-172	139	6	returns	return	NOUN
emaj-172	139	7	of	of	ADP
emaj-172	139	8	the	the	DET
emaj-172	139	9	bsi	bsi	PROPN
emaj-172	139	10	dci	dci	PROPN
emaj-172	139	11	,	,	PUNCT
emaj-172	139	12	gse	gse	PROPN
emaj-172	139	13	and	and	CCONJ
emaj-172	139	14	nairobi	nairobi	PROPN
emaj-172	139	15	have	have	AUX
emaj-172	139	16	gyrated	gyrate	VERB
emaj-172	139	17	more	more	ADV
emaj-172	139	18	wildly	wildly	ADV
emaj-172	139	19	than	than	ADP
emaj-172	139	20	the	the	DET
emaj-172	139	21	nse	nse	NOUN
emaj-172	139	22	.	.	PUNCT
emaj-172	140	1	volatility	volatility	NOUN
emaj-172	140	2	clusters	cluster	NOUN
emaj-172	140	3	characterize	characterize	VERB
emaj-172	140	4	the	the	DET
emaj-172	140	5	returns	return	NOUN
emaj-172	140	6	of	of	ADP
emaj-172	140	7	the	the	DET
emaj-172	140	8	gse	gse	PROPN
emaj-172	140	9	and	and	CCONJ
emaj-172	140	10	nairobi	nairobi	PROPN
emaj-172	140	11	index	index	NOUN
emaj-172	140	12	returns	return	NOUN
emaj-172	140	13	compared	compare	VERB
emaj-172	140	14	to	to	ADP
emaj-172	140	15	the	the	DET
emaj-172	140	16	nse	nse	NOUN
emaj-172	140	17	returns	return	NOUN
emaj-172	140	18	.	.	PUNCT
emaj-172	141	1	on	on	ADP
emaj-172	141	2	occasion	occasion	NOUN
emaj-172	141	3	,	,	PUNCT
emaj-172	141	4	however	however	ADV
emaj-172	141	5	,	,	PUNCT
emaj-172	141	6	nse	nse	NOUN
emaj-172	141	7	has	have	AUX
emaj-172	141	8	seen	see	VERB
emaj-172	141	9	extreme	extreme	ADJ
emaj-172	141	10	outcomes	outcome	NOUN
emaj-172	141	11	.	.	PUNCT
emaj-172	142	1	for	for	ADP
emaj-172	142	2	example	example	NOUN
emaj-172	142	3	,	,	PUNCT
emaj-172	142	4	mid-2016	mid-2016	NOUN
emaj-172	142	5	saw	see	VERB
emaj-172	142	6	the	the	DET
emaj-172	142	7	market	market	NOUN
emaj-172	142	8	return	return	NOUN
emaj-172	142	9	hitting	hit	VERB
emaj-172	142	10	close	close	ADV
emaj-172	142	11	to	to	ADP
emaj-172	142	12	-27	-27	NUM
emaj-172	142	13	%	%	NOUN
emaj-172	142	14	.	.	PUNCT
emaj-172	143	1	the	the	DET
emaj-172	143	2	bsi	bsi	PROPN
emaj-172	143	3	dci	dci	PROPN
emaj-172	143	4	exhibits	exhibit	VERB
emaj-172	143	5	frequent	frequent	ADJ
emaj-172	143	6	turbulence	turbulence	NOUN
emaj-172	143	7	during	during	ADP
emaj-172	143	8	the	the	DET
emaj-172	143	9	period	period	NOUN
emaj-172	143	10	with	with	ADP
emaj-172	143	11	negative	negative	ADJ
emaj-172	143	12	returns	return	NOUN
emaj-172	143	13	mostly	mostly	ADV
emaj-172	143	14	.	.	PUNCT
emaj-172	144	1	a	a	DET
emaj-172	144	2	summary	summary	NOUN
emaj-172	144	3	of	of	ADP
emaj-172	144	4	the	the	DET
emaj-172	144	5	statistics	statistic	NOUN
emaj-172	144	6	of	of	ADP
emaj-172	144	7	the	the	DET
emaj-172	144	8	returns	return	NOUN
emaj-172	144	9	is	be	AUX
emaj-172	144	10	provided	provide	VERB
emaj-172	144	11	in	in	ADP
emaj-172	144	12	table	table	NOUN
emaj-172	144	13	1	1	NUM
emaj-172	144	14	.	.	PUNCT
emaj-172	144	15	table	table	NOUN
emaj-172	144	16	1	1	NUM
emaj-172	144	17	:	:	PUNCT
emaj-172	144	18	summary	summary	NOUN
emaj-172	144	19	statistics	statistic	NOUN
emaj-172	144	20	of	of	ADP
emaj-172	144	21	the	the	DET
emaj-172	144	22	returns	return	NOUN
emaj-172	144	23	of	of	ADP
emaj-172	144	24	the	the	DET
emaj-172	144	25	indices	index	NOUN
emaj-172	144	26	the	the	DET
emaj-172	144	27	results	result	NOUN
emaj-172	144	28	in	in	ADP
emaj-172	144	29	table	table	NOUN
emaj-172	144	30	1	1	NUM
emaj-172	144	31	show	show	NOUN
emaj-172	144	32	varying	vary	VERB
emaj-172	144	33	degrees	degree	NOUN
emaj-172	144	34	of	of	ADP
emaj-172	144	35	deviation	deviation	NOUN
emaj-172	144	36	of	of	ADP
emaj-172	144	37	the	the	DET
emaj-172	144	38	returns	return	NOUN
emaj-172	144	39	from	from	ADP
emaj-172	144	40	normality	normality	NOUN
emaj-172	144	41	.	.	PUNCT
emaj-172	145	1	in	in	ADP
emaj-172	145	2	particular	particular	ADJ
emaj-172	145	3	,	,	PUNCT
emaj-172	145	4	the	the	DET
emaj-172	145	5	tails	tail	NOUN
emaj-172	145	6	of	of	ADP
emaj-172	145	7	the	the	DET
emaj-172	145	8	distributions	distribution	NOUN
emaj-172	145	9	are	be	AUX
emaj-172	145	10	fat	fat	ADJ
emaj-172	145	11	with	with	ADP
emaj-172	145	12	the	the	DET
emaj-172	145	13	severity	severity	NOUN
emaj-172	145	14	exhibited	exhibit	VERB
emaj-172	145	15	by	by	ADP
emaj-172	145	16	the	the	DET
emaj-172	145	17	returns	return	NOUN
emaj-172	145	18	from	from	ADP
emaj-172	145	19	the	the	DET
emaj-172	145	20	nse	nse	NOUN
emaj-172	145	21	.	.	PUNCT
emaj-172	146	1	additionally	additionally	ADV
emaj-172	146	2	,	,	PUNCT
emaj-172	146	3	the	the	DET
emaj-172	146	4	returns	return	NOUN
emaj-172	146	5	from	from	ADP
emaj-172	146	6	all	all	DET
emaj-172	146	7	the	the	DET
emaj-172	146	8	markets	market	NOUN
emaj-172	146	9	with	with	ADP
emaj-172	146	10	the	the	DET
emaj-172	146	11	exception	exception	NOUN
emaj-172	146	12	of	of	ADP
emaj-172	146	13	the	the	DET
emaj-172	146	14	gse	gse	PROPN
emaj-172	146	15	are	be	AUX
emaj-172	146	16	left	leave	VERB
emaj-172	146	17	skewed	skewed	ADJ
emaj-172	146	18	.	.	PUNCT
emaj-172	147	1	we	we	PRON
emaj-172	147	2	plotted	plot	VERB
emaj-172	147	3	the	the	DET
emaj-172	147	4	returns	return	NOUN
emaj-172	147	5	to	to	PART
emaj-172	147	6	visually	visually	ADV
emaj-172	147	7	assess	assess	VERB
emaj-172	147	8	how	how	SCONJ
emaj-172	147	9	far	far	ADV
emaj-172	147	10	the	the	DET
emaj-172	147	11	returns	return	NOUN
emaj-172	147	12	deviate	deviate	VERB
emaj-172	147	13	or	or	CCONJ
emaj-172	147	14	otherwise	otherwise	ADV
emaj-172	147	15	conform	conform	VERB
emaj-172	147	16	to	to	ADP
emaj-172	147	17	the	the	DET
emaj-172	147	18	gaussian	gaussian	ADJ
emaj-172	147	19	distribution	distribution	NOUN
emaj-172	147	20	.	.	PUNCT
emaj-172	148	1	this	this	PRON
emaj-172	148	2	is	be	AUX
emaj-172	148	3	shown	show	VERB
emaj-172	148	4	in	in	ADP
emaj-172	148	5	figure	figure	NOUN
emaj-172	148	6	3	3	NUM
emaj-172	148	7	.	.	PUNCT
emaj-172	148	8	figure	figure	NOUN
emaj-172	148	9	3	3	NUM
emaj-172	148	10	.	.	PUNCT
emaj-172	149	1	histograms	histogram	NOUN
emaj-172	149	2	of	of	ADP
emaj-172	149	3	log	log	NOUN
emaj-172	149	4	-	-	PUNCT
emaj-172	149	5	returns	return	NOUN
emaj-172	149	6	with	with	ADP
emaj-172	149	7	kernels	kernel	NOUN
emaj-172	149	8	and	and	CCONJ
emaj-172	149	9	normal	normal	ADJ
emaj-172	149	10	density	density	NOUN
emaj-172	149	11	curves	curve	NOUN
emaj-172	149	12	superimposed	superimpose	VERB
emaj-172	149	13	in	in	ADP
emaj-172	149	14	all	all	DET
emaj-172	149	15	cases	case	NOUN
emaj-172	149	16	,	,	PUNCT
emaj-172	149	17	the	the	DET
emaj-172	149	18	returns	return	NOUN
emaj-172	149	19	seem	seem	VERB
emaj-172	149	20	to	to	PART
emaj-172	149	21	deviate	deviate	VERB
emaj-172	149	22	from	from	ADP
emaj-172	149	23	the	the	DET
emaj-172	149	24	normal	normal	ADJ
emaj-172	149	25	density	density	NOUN
emaj-172	149	26	(	(	PUNCT
emaj-172	149	27	in	in	ADP
emaj-172	149	28	blue	blue	ADJ
emaj-172	149	29	)	)	PUNCT
emaj-172	149	30	superimposed	superimpose	VERB
emaj-172	149	31	on	on	ADP
emaj-172	149	32	the	the	DET
emaj-172	149	33	distributions	distribution	NOUN
emaj-172	149	34	.	.	PUNCT
emaj-172	150	1	extreme	extreme	ADJ
emaj-172	150	2	outcomes	outcome	NOUN
emaj-172	150	3	are	be	AUX
emaj-172	150	4	common	common	ADJ
emaj-172	150	5	.	.	PUNCT
emaj-172	151	1	the	the	DET
emaj-172	151	2	returns	return	NOUN
emaj-172	151	3	for	for	ADP
emaj-172	151	4	the	the	DET
emaj-172	151	5	nse	nse	NOUN
emaj-172	151	6	are	be	AUX
emaj-172	151	7	within	within	ADP
emaj-172	151	8	a	a	DET
emaj-172	151	9	narrow	narrow	ADJ
emaj-172	151	10	range	range	NOUN
emaj-172	151	11	,	,	PUNCT
emaj-172	151	12	but	but	CCONJ
emaj-172	151	13	with	with	ADP
emaj-172	151	14	extreme	extreme	ADJ
emaj-172	151	15	outcomes	outcome	NOUN
emaj-172	151	16	.	.	PUNCT
emaj-172	152	1	the	the	DET
emaj-172	152	2	tails	tail	NOUN
emaj-172	152	3	exhibit	exhibit	VERB
emaj-172	152	4	heavier	heavy	ADJ
emaj-172	152	5	tails	tail	NOUN
emaj-172	152	6	than	than	ADP
emaj-172	152	7	normal	normal	ADJ
emaj-172	152	8	in	in	ADP
emaj-172	152	9	all	all	DET
emaj-172	152	10	cases	case	NOUN
emaj-172	152	11	with	with	ADP
emaj-172	152	12	the	the	DET
emaj-172	152	13	severity	severity	NOUN
emaj-172	152	14	of	of	ADP
emaj-172	152	15	extremes	extreme	NOUN
emaj-172	152	16	much	much	ADV
emaj-172	152	17	pronounced	pronounce	VERB
emaj-172	152	18	for	for	ADP
emaj-172	152	19	the	the	DET
emaj-172	152	20	bsi	bsi	PROPN
emaj-172	152	21	dci	dci	PROPN
emaj-172	152	22	.	.	PUNCT
emaj-172	153	1	this	this	PRON
emaj-172	153	2	is	be	AUX
emaj-172	153	3	confirmed	confirm	VERB
emaj-172	153	4	by	by	ADP
emaj-172	153	5	the	the	DET
emaj-172	153	6	summary	summary	NOUN
emaj-172	153	7	statistics	statistic	NOUN
emaj-172	153	8	in	in	ADP
emaj-172	153	9	table	table	NOUN
emaj-172	153	10	1	1	NUM
emaj-172	153	11	.	.	PUNCT
emaj-172	154	1	a	a	DET
emaj-172	154	2	formal	formal	ADJ
emaj-172	154	3	shapiro	shapiro	NOUN
emaj-172	154	4	-	-	PUNCT
emaj-172	154	5	wilk	wilk	NOUN
emaj-172	154	6	test	test	NOUN
emaj-172	154	7	for	for	ADP
emaj-172	154	8	normality	normality	NOUN
emaj-172	154	9	returned	return	VERB
emaj-172	154	10	the	the	DET
emaj-172	154	11	w	w	NOUN
emaj-172	154	12	-	-	PUNCT
emaj-172	154	13	statistics	statistic	NOUN
emaj-172	154	14	and	and	CCONJ
emaj-172	154	15	the	the	DET
emaj-172	154	16	corresponding	correspond	VERB
emaj-172	154	17	p	p	NOUN
emaj-172	154	18	-	-	PUNCT
emaj-172	154	19	values	value	NOUN
emaj-172	154	20	shown	show	VERB
emaj-172	154	21	in	in	ADP
emaj-172	154	22	table	table	NOUN
emaj-172	154	23	2	2	NUM
emaj-172	154	24	.	.	PUNCT
emaj-172	154	25	table	table	NOUN
emaj-172	154	26	2	2	NUM
emaj-172	154	27	:	:	PUNCT
emaj-172	154	28	result	result	NOUN
emaj-172	154	29	of	of	ADP
emaj-172	154	30	the	the	DET
emaj-172	154	31	shapiro	shapiro	PROPN
emaj-172	154	32	-	-	PUNCT
emaj-172	154	33	wilks	wilks	PROPN
emaj-172	154	34	test	test	NOUN
emaj-172	154	35	index	index	PROPN
emaj-172	154	36	w	w	PROPN
emaj-172	154	37	-	-	PUNCT
emaj-172	154	38	statistics	statistic	NOUN
emaj-172	154	39	p	p	ADJ
emaj-172	154	40	-	-	PUNCT
emaj-172	154	41	value	value	NOUN
emaj-172	154	42	gse	gse	NOUN
emaj-172	154	43	0.9057	0.9057	NUM
emaj-172	154	44	<	<	X
emaj-172	154	45	2.2e-16	2.2e-16	NUM
emaj-172	154	46	nse	nse	NOUN
emaj-172	154	47	0.76805	0.76805	NUM
emaj-172	154	48	<	<	X
emaj-172	154	49	2.2e-16	2.2e-16	PROPN
emaj-172	154	50	nairobi	nairobi	NOUN
emaj-172	154	51	0.93099	0.93099	NUM
emaj-172	154	52	<	<	X
emaj-172	154	53	2.2e-16	2.2e-16	PROPN
emaj-172	154	54	bsi	bsi	PROPN
emaj-172	154	55	dci	dci	PROPN
emaj-172	155	1	0.78162	0.78162	NUM
emaj-172	155	2	<	<	X
emaj-172	155	3	2.2e-16	2.2e-16	PROPN
emaj-172	155	4	using	use	VERB
emaj-172	155	5	a	a	DET
emaj-172	155	6	significant	significant	ADJ
emaj-172	155	7	level	level	NOUN
emaj-172	155	8	at	at	ADP
emaj-172	155	9	the	the	DET
emaj-172	155	10	conventional	conventional	ADJ
emaj-172	155	11	5	5	NUM
emaj-172	155	12	%	%	NOUN
emaj-172	155	13	,	,	PUNCT
emaj-172	155	14	we	we	PRON
emaj-172	155	15	reject	reject	VERB
emaj-172	155	16	the	the	DET
emaj-172	155	17	null	null	ADJ
emaj-172	155	18	hypothesis	hypothesis	NOUN
emaj-172	155	19	of	of	ADP
emaj-172	155	20	each	each	PRON
emaj-172	155	21	of	of	ADP
emaj-172	155	22	the	the	DET
emaj-172	155	23	returns	return	NOUN
emaj-172	155	24	being	be	AUX
emaj-172	155	25	normally	normally	ADV
emaj-172	155	26	distributed	distribute	VERB
emaj-172	155	27	.	.	PUNCT
emaj-172	156	1	markov	markov	NOUN
emaj-172	156	2	switching	switching	NOUN
emaj-172	156	3	models	model	NOUN
emaj-172	156	4	are	be	AUX
emaj-172	156	5	built	build	VERB
emaj-172	156	6	from	from	ADP
emaj-172	156	7	garch	garch	NOUN
emaj-172	156	8	primitives	primitive	NOUN
emaj-172	156	9	,	,	PUNCT
emaj-172	156	10	so	so	SCONJ
emaj-172	156	11	we	we	PRON
emaj-172	156	12	tested	test	VERB
emaj-172	156	13	for	for	ADP
emaj-172	156	14	the	the	DET
emaj-172	156	15	presence	presence	NOUN
emaj-172	156	16	of	of	ADP
emaj-172	156	17	(	(	PUNCT
emaj-172	156	18	g)arch	g)arch	PROPN
emaj-172	156	19	effects	effect	NOUN
emaj-172	156	20	using	use	VERB
emaj-172	156	21	engle	engle	PROPN
emaj-172	156	22	’s	’s	PART
emaj-172	156	23	lm	lm	X
emaj-172	156	24	test	test	NOUN
emaj-172	156	25	(	(	PUNCT
emaj-172	156	26	engle	engle	PROPN
emaj-172	156	27	,	,	PUNCT
emaj-172	156	28	1982	1982	NUM
emaj-172	156	29	)	)	PUNCT
emaj-172	156	30	.	.	PUNCT
emaj-172	157	1	under	under	ADP
emaj-172	157	2	this	this	DET
emaj-172	157	3	test	test	NOUN
emaj-172	157	4	,	,	PUNCT
emaj-172	157	5	in	in	ADP
emaj-172	157	6	finite	finite	ADJ
emaj-172	157	7	samples	sample	NOUN
emaj-172	157	8	,	,	PUNCT
emaj-172	157	9	the	the	DET
emaj-172	157	10	null	null	ADJ
emaj-172	157	11	hypothesis	hypothesis	NOUN
emaj-172	157	12	states	state	VERB
emaj-172	157	13	that	that	SCONJ
emaj-172	157	14	the	the	DET
emaj-172	157	15	residuals	residual	NOUN
emaj-172	157	16	of	of	ADP
emaj-172	157	17	a	a	DET
emaj-172	157	18	return	return	NOUN
emaj-172	157	19	series	series	NOUN
emaj-172	157	20	exhibits	exhibit	VERB
emaj-172	157	21	no	no	DET
emaj-172	157	22	arch	arch	ADJ
emaj-172	157	23	effects	effect	NOUN
emaj-172	157	24	,	,	PUNCT
emaj-172	157	25	against	against	ADP
emaj-172	157	26	the	the	DET
emaj-172	157	27	alternative	alternative	NOUN
emaj-172	157	28	that	that	PRON
emaj-172	157	29	arch	arch	ADJ
emaj-172	157	30	effects	effect	NOUN
emaj-172	157	31	are	be	AUX
emaj-172	157	32	present	present	ADJ
emaj-172	157	33	in	in	ADP
emaj-172	157	34	the	the	DET
emaj-172	157	35	residuals	residual	NOUN
emaj-172	157	36	.	.	PUNCT
emaj-172	158	1	the	the	DET
emaj-172	158	2	test	test	NOUN
emaj-172	158	3	results	result	NOUN
emaj-172	158	4	are	be	AUX
emaj-172	158	5	summarized	summarize	VERB
emaj-172	158	6	in	in	ADP
emaj-172	158	7	table	table	NOUN
emaj-172	158	8	3	3	NUM
emaj-172	158	9	.	.	PUNCT
emaj-172	158	10	table	table	NOUN
emaj-172	158	11	3	3	NUM
emaj-172	158	12	:	:	PUNCT
emaj-172	158	13	engle	engle	PROPN
emaj-172	158	14	’s	’s	PART
emaj-172	158	15	lm	lm	X
emaj-172	158	16	test	test	NOUN
emaj-172	158	17	for	for	ADP
emaj-172	158	18	(	(	PUNCT
emaj-172	158	19	g)arch	g)arch	PROPN
emaj-172	158	20	effects	effect	NOUN
emaj-172	158	21	lags	lag	VERB
emaj-172	158	22	p	p	NOUN
emaj-172	158	23	-	-	PUNCT
emaj-172	158	24	value	value	NOUN
emaj-172	158	25	gse	gse	PROPN
emaj-172	158	26	170.78	170.78	NUM
emaj-172	158	27	12	12	NUM
emaj-172	158	28	<	<	X
emaj-172	158	29	2.2e-16	2.2e-16	PROPN
emaj-172	158	30	nse	nse	NOUN
emaj-172	158	31	458.94	458.94	NUM
emaj-172	158	32	12	12	NUM
emaj-172	158	33	<	<	X
emaj-172	158	34	2.2e-16	2.2e-16	PROPN
emaj-172	158	35	nairobi	nairobi	PROPN
emaj-172	158	36	221.95	221.95	NUM
emaj-172	158	37	12	12	NUM
emaj-172	158	38	<	<	X
emaj-172	158	39	2.2e-16	2.2e-16	PROPN
emaj-172	158	40	bse	bse	NOUN
emaj-172	158	41	20.64	20.64	NUM
emaj-172	158	42	12	12	NUM
emaj-172	158	43	0.056	0.056	NUM
emaj-172	158	44	from	from	ADP
emaj-172	158	45	table	table	NOUN
emaj-172	158	46	3	3	NUM
emaj-172	158	47	,	,	PUNCT
emaj-172	158	48	there	there	PRON
emaj-172	158	49	are	be	VERB
emaj-172	158	50	clearly	clearly	ADV
emaj-172	158	51	arch	arch	ADJ
emaj-172	158	52	effects	effect	NOUN
emaj-172	158	53	in	in	ADP
emaj-172	158	54	the	the	DET
emaj-172	158	55	returns	return	NOUN
emaj-172	158	56	series	series	NOUN
emaj-172	158	57	of	of	ADP
emaj-172	158	58	the	the	DET
emaj-172	158	59	gse	gse	PROPN
emaj-172	158	60	,	,	PUNCT
emaj-172	158	61	nse	nse	NOUN
emaj-172	158	62	and	and	CCONJ
emaj-172	158	63	nairobi	nairobi	PROPN
emaj-172	158	64	at	at	ADP
emaj-172	158	65	the	the	DET
emaj-172	158	66	5	5	NUM
emaj-172	158	67	%	%	NOUN
emaj-172	158	68	significance	significance	NOUN
emaj-172	158	69	level	level	NOUN
emaj-172	158	70	.	.	PUNCT
emaj-172	159	1	the	the	DET
emaj-172	159	2	arch	arch	ADJ
emaj-172	159	3	effects	effect	NOUN
emaj-172	159	4	in	in	ADP
emaj-172	159	5	bsi	bsi	PROPN
emaj-172	159	6	dci	dci	PROPN
emaj-172	159	7	returns	return	NOUN
emaj-172	159	8	are	be	AUX
emaj-172	159	9	just	just	ADV
emaj-172	159	10	borderline	borderline	NOUN
emaj-172	159	11	at	at	ADP
emaj-172	159	12	5	5	NUM
emaj-172	159	13	%	%	NOUN
emaj-172	159	14	significant	significant	ADJ
emaj-172	159	15	level	level	NOUN
emaj-172	159	16	.	.	PUNCT
emaj-172	160	1	we	we	PRON
emaj-172	160	2	built	build	VERB
emaj-172	160	3	the	the	DET
emaj-172	160	4	regime	regime	NOUN
emaj-172	160	5	switching	switch	VERB
emaj-172	160	6	models	model	NOUN
emaj-172	160	7	for	for	ADP
emaj-172	160	8	singleand	singleand	NOUN
emaj-172	160	9	two	two	NUM
emaj-172	160	10	-	-	PUNCT
emaj-172	160	11	state	state	NOUN
emaj-172	160	12	regime	regime	NOUN
emaj-172	160	13	-	-	PUNCT
emaj-172	160	14	switching	switch	VERB
emaj-172	160	15	garch	garch	NOUN
emaj-172	160	16	models	model	NOUN
emaj-172	160	17	.	.	PUNCT
emaj-172	161	1	the	the	DET
emaj-172	161	2	garch	garch	NOUN
emaj-172	161	3	models	model	NOUN
emaj-172	161	4	considered	consider	VERB
emaj-172	161	5	are	be	AUX
emaj-172	161	6	the	the	DET
emaj-172	161	7	normal	normal	ADJ
emaj-172	161	8	garch	garch	NOUN
emaj-172	161	9	,	,	PUNCT
emaj-172	161	10	the	the	DET
emaj-172	161	11	egarch	egarch	NOUN
emaj-172	161	12	and	and	CCONJ
emaj-172	161	13	gjr	gjr	NOUN
emaj-172	161	14	-	-	PUNCT
emaj-172	161	15	garch	garch	NOUN
emaj-172	161	16	for	for	ADP
emaj-172	161	17	the	the	DET
emaj-172	161	18	skewed	skewed	ADJ
emaj-172	161	19	and	and	CCONJ
emaj-172	161	20	student	student	NOUN
emaj-172	161	21	-	-	PUNCT
emaj-172	161	22	t	t	NOUN
emaj-172	161	23	innovations	innovation	NOUN
emaj-172	161	24	.	.	PUNCT
emaj-172	162	1	these	these	PRON
emaj-172	162	2	are	be	AUX
emaj-172	162	3	the	the	DET
emaj-172	162	4	garch	garch	NOUN
emaj-172	162	5	models	model	NOUN
emaj-172	162	6	popular	popular	ADJ
emaj-172	162	7	in	in	ADP
emaj-172	162	8	the	the	DET
emaj-172	162	9	finance	finance	NOUN
emaj-172	162	10	literature	literature	NOUN
emaj-172	162	11	for	for	ADP
emaj-172	162	12	volatility	volatility	NOUN
emaj-172	162	13	modeling	modeling	NOUN
emaj-172	162	14	.	.	PUNCT
emaj-172	163	1	in	in	ADP
emaj-172	163	2	all	all	PRON
emaj-172	163	3	,	,	PUNCT
emaj-172	163	4	we	we	PRON
emaj-172	163	5	have	have	VERB
emaj-172	163	6	twelve	twelve	NUM
emaj-172	163	7	models	model	NOUN
emaj-172	163	8	to	to	PART
emaj-172	163	9	choose	choose	VERB
emaj-172	163	10	from	from	ADP
emaj-172	163	11	.	.	PUNCT
emaj-172	164	1	we	we	PRON
emaj-172	164	2	employed	employ	VERB
emaj-172	164	3	the	the	DET
emaj-172	164	4	msgarch	msgarch	NOUN
emaj-172	164	5	package	package	NOUN
emaj-172	164	6	developed	develop	VERB
emaj-172	164	7	by	by	ADP
emaj-172	164	8	ardia	ardia	PROPN
emaj-172	164	9	et	et	PROPN
emaj-172	164	10	al	al	PROPN
emaj-172	164	11	.	.	PUNCT
emaj-172	165	1	(	(	PUNCT
emaj-172	165	2	2016	2016	NUM
emaj-172	165	3	)	)	PUNCT
emaj-172	165	4	using	use	VERB
emaj-172	165	5	the	the	DET
emaj-172	165	6	r	r	NOUN
emaj-172	165	7	statistical	statistical	ADJ
emaj-172	165	8	language	language	NOUN
emaj-172	165	9	(	(	PUNCT
emaj-172	165	10	r	r	NOUN
emaj-172	165	11	core	core	NOUN
emaj-172	165	12	team	team	NOUN
emaj-172	165	13	,	,	PUNCT
emaj-172	165	14	2018	2018	NUM
emaj-172	165	15	)	)	PUNCT
emaj-172	165	16	.	.	PUNCT
emaj-172	166	1	the	the	DET
emaj-172	166	2	deviance	deviance	NOUN
emaj-172	166	3	information	information	NOUN
emaj-172	166	4	criterion	criterion	NOUN
emaj-172	166	5	(	(	PUNCT
emaj-172	166	6	dic	dic	NOUN
emaj-172	166	7	)	)	PUNCT
emaj-172	166	8	served	serve	VERB
emaj-172	166	9	as	as	ADP
emaj-172	166	10	a	a	DET
emaj-172	166	11	basis	basis	NOUN
emaj-172	166	12	in	in	ADP
emaj-172	166	13	selecting	select	VERB
emaj-172	166	14	the	the	DET
emaj-172	166	15	best	good	ADJ
emaj-172	166	16	fitting	fitting	ADJ
emaj-172	166	17	garch	garch	NOUN
emaj-172	166	18	model	model	NOUN
emaj-172	166	19	to	to	ADP
emaj-172	166	20	the	the	DET
emaj-172	166	21	data	datum	NOUN
emaj-172	166	22	.	.	PUNCT
emaj-172	167	1	the	the	DET
emaj-172	167	2	results	result	NOUN
emaj-172	167	3	of	of	ADP
emaj-172	167	4	the	the	DET
emaj-172	167	5	analyses	analysis	NOUN
emaj-172	167	6	are	be	AUX
emaj-172	167	7	displayed	display	VERB
emaj-172	167	8	in	in	ADP
emaj-172	167	9	table	table	NOUN
emaj-172	167	10	4	4	NUM
emaj-172	167	11	and	and	CCONJ
emaj-172	167	12	5	5	NUM
emaj-172	167	13	.	.	PUNCT
emaj-172	168	1	the	the	DET
emaj-172	168	2	respective	respective	ADJ
emaj-172	168	3	selected	select	VERB
emaj-172	168	4	models	model	NOUN
emaj-172	168	5	for	for	ADP
emaj-172	168	6	the	the	DET
emaj-172	168	7	various	various	ADJ
emaj-172	168	8	stock	stock	NOUN
emaj-172	168	9	exchanges	exchange	NOUN
emaj-172	168	10	with	with	ADP
emaj-172	168	11	the	the	DET
emaj-172	168	12	minimum	minimum	NOUN
emaj-172	168	13	deviance	deviance	NOUN
emaj-172	168	14	𝜒	𝜒	NOUN
emaj-172	168	15	volume	volume	NOUN
emaj-172	168	16	9	9	NUM
emaj-172	168	17	no	no	DET
emaj-172	168	18	1	1	NUM
emaj-172	168	19	(	(	PUNCT
emaj-172	168	20	2019	2019	NUM
emaj-172	168	21	)	)	PUNCT
emaj-172	168	22	|	|	ADV
emaj-172	168	23	issn	issn	VERB
emaj-172	168	24	2158	2158	NUM
emaj-172	168	25	-	-	SYM
emaj-172	168	26	8708	8708	NUM
emaj-172	168	27	(	(	PUNCT
emaj-172	168	28	online	online	NOUN
emaj-172	168	29	)	)	PUNCT
emaj-172	169	1	|	|	ADV
emaj-172	169	2	doi	doi	X
emaj-172	169	3	10.5195	10.5195	NUM
emaj-172	169	4	/	/	SYM
emaj-172	169	5	emaj.2019.172	emaj.2019.172	NOUN
emaj-172	169	6	|	|	ADV
emaj-172	169	7	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-172	169	8	carl	carl	PROPN
emaj-172	169	9	hope	hope	PROPN
emaj-172	169	10	korkpoe	korkpoe	PROPN
emaj-172	169	11	,	,	PUNCT
emaj-172	169	12	nathanial	nathanial	ADJ
emaj-172	169	13	howard	howard	ADJ
emaj-172	169	14	emerging	emerge	VERB
emaj-172	169	15	markets	market	NOUN
emaj-172	169	16	journal	journal	NOUN
emaj-172	169	17	|	|	ADV
emaj-172	169	18	p	p	NOUN
emaj-172	169	19	a	a	DET
emaj-172	169	20	g	g	PROPN
emaj-172	169	21	e	e	NOUN
emaj-172	169	22	|73	|73	NOUN
emaj-172	169	23	information	information	NOUN
emaj-172	169	24	criteria	criterion	NOUN
emaj-172	169	25	(	(	PUNCT
emaj-172	169	26	dic	dic	ADJ
emaj-172	169	27	)	)	PUNCT
emaj-172	169	28	of	of	ADP
emaj-172	169	29	spiegelhalter	spiegelhalter	NOUN
emaj-172	169	30	et	et	PROPN
emaj-172	169	31	al	al	PROPN
emaj-172	169	32	.	.	PROPN
emaj-172	170	1	(	(	PUNCT
emaj-172	170	2	2002	2002	NUM
emaj-172	170	3	)	)	PUNCT
emaj-172	170	4	have	have	AUX
emaj-172	170	5	been	be	AUX
emaj-172	170	6	highlighted	highlight	VERB
emaj-172	170	7	in	in	ADP
emaj-172	170	8	table	table	NOUN
emaj-172	170	9	4	4	NUM
emaj-172	170	10	and	and	CCONJ
emaj-172	170	11	5	5	NUM
emaj-172	170	12	.	.	NOUN
emaj-172	170	13	table	table	NOUN
emaj-172	170	14	4	4	NUM
emaj-172	170	15	:	:	PUNCT
emaj-172	170	16	dics	dic	NOUN
emaj-172	170	17	for	for	ADP
emaj-172	170	18	two	two	NUM
emaj-172	170	19	-	-	PUNCT
emaj-172	170	20	state	state	NOUN
emaj-172	170	21	regime	regime	NOUN
emaj-172	170	22	switching	switch	VERB
emaj-172	170	23	garch	garch	NOUN
emaj-172	170	24	models	model	NOUN
emaj-172	170	25	table	table	VERB
emaj-172	170	26	5	5	NUM
emaj-172	170	27	:	:	PUNCT
emaj-172	170	28	dics	dic	NOUN
emaj-172	170	29	for	for	ADP
emaj-172	170	30	single	single	ADJ
emaj-172	170	31	-	-	PUNCT
emaj-172	170	32	state	state	NOUN
emaj-172	170	33	regime	regime	NOUN
emaj-172	170	34	switching	switch	VERB
emaj-172	170	35	garch	garch	NOUN
emaj-172	170	36	models	model	NOUN
emaj-172	170	37	overall	overall	ADV
emaj-172	170	38	,	,	PUNCT
emaj-172	170	39	the	the	DET
emaj-172	170	40	2	2	NUM
emaj-172	170	41	-	-	PUNCT
emaj-172	170	42	state	state	NOUN
emaj-172	170	43	regime	regime	NOUN
emaj-172	170	44	-	-	PUNCT
emaj-172	170	45	switching	switch	VERB
emaj-172	170	46	garch	garch	NOUN
emaj-172	170	47	models	model	NOUN
emaj-172	170	48	fit	fit	VERB
emaj-172	170	49	the	the	DET
emaj-172	170	50	returns	return	NOUN
emaj-172	170	51	better	well	ADV
emaj-172	170	52	than	than	ADP
emaj-172	170	53	the	the	DET
emaj-172	170	54	single	single	ADJ
emaj-172	170	55	-	-	PUNCT
emaj-172	170	56	regime	regime	NOUN
emaj-172	170	57	models	model	NOUN
emaj-172	170	58	.	.	PUNCT
emaj-172	171	1	for	for	ADP
emaj-172	171	2	the	the	DET
emaj-172	171	3	aggregate	aggregate	ADJ
emaj-172	171	4	market	market	NOUN
emaj-172	171	5	index	index	NOUN
emaj-172	171	6	of	of	ADP
emaj-172	171	7	ghana	ghana	PROPN
emaj-172	171	8	,	,	PUNCT
emaj-172	171	9	the	the	DET
emaj-172	171	10	fitting	fitting	ADJ
emaj-172	171	11	model	model	NOUN
emaj-172	171	12	is	be	AUX
emaj-172	171	13	the	the	DET
emaj-172	171	14	2	2	NUM
emaj-172	171	15	-	-	PUNCT
emaj-172	171	16	state	state	NOUN
emaj-172	171	17	regime	regime	NOUN
emaj-172	171	18	switching	switch	VERB
emaj-172	171	19	gjrgarch(1,1	gjrgarch(1,1	NOUN
emaj-172	171	20	)	)	PUNCT
emaj-172	171	21	with	with	ADP
emaj-172	171	22	skewed	skewed	ADJ
emaj-172	171	23	student	student	NOUN
emaj-172	171	24	-	-	PUNCT
emaj-172	171	25	t	t	NOUN
emaj-172	171	26	innovations	innovation	NOUN
emaj-172	171	27	.	.	PUNCT
emaj-172	172	1	this	this	PRON
emaj-172	172	2	would	would	AUX
emaj-172	172	3	suggest	suggest	VERB
emaj-172	172	4	asymmetry	asymmetry	NOUN
emaj-172	172	5	in	in	ADP
emaj-172	172	6	response	response	NOUN
emaj-172	172	7	to	to	ADP
emaj-172	172	8	shocks	shock	NOUN
emaj-172	172	9	.	.	PUNCT
emaj-172	173	1	the	the	DET
emaj-172	173	2	nse	nse	NOUN
emaj-172	173	3	returns	return	NOUN
emaj-172	173	4	are	be	AUX
emaj-172	173	5	best	well	ADV
emaj-172	173	6	described	describe	VERB
emaj-172	173	7	by	by	ADP
emaj-172	173	8	a	a	DET
emaj-172	173	9	2	2	NUM
emaj-172	173	10	-	-	PUNCT
emaj-172	173	11	regime	regime	NOUN
emaj-172	173	12	gjrgarch(1,1	gjrgarch(1,1	NOUN
emaj-172	173	13	)	)	PUNCT
emaj-172	173	14	with	with	ADP
emaj-172	173	15	student	student	NOUN
emaj-172	173	16	-	-	PUNCT
emaj-172	173	17	t	t	NOUN
emaj-172	173	18	shocks	shock	NOUN
emaj-172	173	19	.	.	PUNCT
emaj-172	174	1	the	the	DET
emaj-172	174	2	nairobi	nairobi	PROPN
emaj-172	174	3	and	and	CCONJ
emaj-172	174	4	botswana	botswana	PROPN
emaj-172	174	5	bourses	bourse	NOUN
emaj-172	174	6	have	have	VERB
emaj-172	174	7	returns	return	NOUN
emaj-172	174	8	during	during	ADP
emaj-172	174	9	this	this	DET
emaj-172	174	10	sample	sample	NOUN
emaj-172	174	11	period	period	NOUN
emaj-172	174	12	well	well	ADV
emaj-172	174	13	described	describe	VERB
emaj-172	174	14	by	by	ADP
emaj-172	174	15	2	2	NUM
emaj-172	174	16	-	-	PUNCT
emaj-172	174	17	state	state	NOUN
emaj-172	174	18	regime	regime	NOUN
emaj-172	174	19	switching	switch	VERB
emaj-172	174	20	egarch(1,1	egarch(1,1	NOUN
emaj-172	174	21	)	)	PUNCT
emaj-172	174	22	with	with	ADP
emaj-172	174	23	skewed	skewed	ADJ
emaj-172	174	24	student	student	NOUN
emaj-172	174	25	-	-	PUNCT
emaj-172	174	26	t	t	NOUN
emaj-172	174	27	innovations	innovation	NOUN
emaj-172	174	28	.	.	PUNCT
emaj-172	175	1	this	this	PRON
emaj-172	175	2	shows	show	VERB
emaj-172	175	3	the	the	DET
emaj-172	175	4	dominance	dominance	NOUN
emaj-172	175	5	of	of	ADP
emaj-172	175	6	leverage	leverage	NOUN
emaj-172	175	7	effects	effect	NOUN
emaj-172	175	8	in	in	ADP
emaj-172	175	9	these	these	DET
emaj-172	175	10	markets	market	NOUN
emaj-172	175	11	.	.	PUNCT
emaj-172	176	1	model	model	NOUN
emaj-172	176	2	diagnosis	diagnosis	NOUN
emaj-172	176	3	results	result	NOUN
emaj-172	176	4	of	of	ADP
emaj-172	176	5	the	the	DET
emaj-172	176	6	posterior	posterior	ADJ
emaj-172	176	7	estimates	estimate	NOUN
emaj-172	176	8	are	be	AUX
emaj-172	176	9	reported	report	VERB
emaj-172	176	10	in	in	ADP
emaj-172	176	11	tables	table	NOUN
emaj-172	176	12	6	6	NUM
emaj-172	176	13	,	,	PUNCT
emaj-172	176	14	7	7	NUM
emaj-172	176	15	,	,	PUNCT
emaj-172	176	16	8	8	NUM
emaj-172	176	17	and	and	CCONJ
emaj-172	176	18	9	9	NUM
emaj-172	176	19	for	for	ADP
emaj-172	176	20	gse	gse	PROPN
emaj-172	176	21	,	,	PUNCT
emaj-172	176	22	bsi	bsi	PROPN
emaj-172	176	23	,	,	PUNCT
emaj-172	176	24	nse	nse	NOUN
emaj-172	176	25	and	and	CCONJ
emaj-172	176	26	nairobi	nairobi	PROPN
emaj-172	176	27	respectively	respectively	ADV
emaj-172	176	28	.	.	PUNCT
emaj-172	177	1	we	we	PRON
emaj-172	177	2	assess	assess	VERB
emaj-172	177	3	the	the	DET
emaj-172	177	4	efficiency	efficiency	NOUN
emaj-172	177	5	of	of	ADP
emaj-172	177	6	the	the	DET
emaj-172	177	7	sampling	sample	VERB
emaj-172	177	8	method	method	NOUN
emaj-172	177	9	using	use	VERB
emaj-172	177	10	the	the	DET
emaj-172	177	11	relative	relative	ADJ
emaj-172	177	12	numerical	numerical	ADJ
emaj-172	177	13	efficiency	efficiency	NOUN
emaj-172	177	14	(	(	PUNCT
emaj-172	177	15	rne	rne	NOUN
emaj-172	177	16	)	)	PUNCT
emaj-172	177	17	(	(	PUNCT
emaj-172	177	18	geweke	geweke	NOUN
emaj-172	177	19	,	,	PUNCT
emaj-172	177	20	1989	1989	NUM
emaj-172	177	21	)	)	PUNCT
emaj-172	177	22	.	.	PUNCT
emaj-172	178	1	there	there	PRON
emaj-172	178	2	are	be	VERB
emaj-172	178	3	no	no	DET
emaj-172	178	4	clear	clear	ADJ
emaj-172	178	5	guidelines	guideline	NOUN
emaj-172	178	6	in	in	ADP
emaj-172	178	7	literature	literature	NOUN
emaj-172	178	8	on	on	ADP
emaj-172	178	9	the	the	DET
emaj-172	178	10	cut	cut	NOUN
emaj-172	178	11	-	-	PUNCT
emaj-172	178	12	off	off	NOUN
emaj-172	178	13	for	for	ADP
emaj-172	178	14	an	an	DET
emaj-172	178	15	efficient	efficient	ADJ
emaj-172	178	16	rne	rne	NOUN
emaj-172	178	17	.	.	PUNCT
emaj-172	179	1	values	value	NOUN
emaj-172	179	2	close	close	ADV
emaj-172	179	3	to	to	ADP
emaj-172	179	4	one	one	NUM
emaj-172	179	5	are	be	AUX
emaj-172	179	6	efficient	efficient	ADJ
emaj-172	179	7	while	while	SCONJ
emaj-172	179	8	those	those	PRON
emaj-172	179	9	close	close	ADJ
emaj-172	179	10	to	to	ADP
emaj-172	179	11	zero	zero	NUM
emaj-172	179	12	are	be	AUX
emaj-172	179	13	an	an	DET
emaj-172	179	14	indication	indication	NOUN
emaj-172	179	15	of	of	ADP
emaj-172	179	16	working	work	VERB
emaj-172	179	17	with	with	ADP
emaj-172	179	18	non	non	ADJ
emaj-172	179	19	-	-	ADJ
emaj-172	179	20	independent	independent	ADJ
emaj-172	179	21	samples	sample	NOUN
emaj-172	179	22	.	.	PUNCT
emaj-172	180	1	from	from	ADP
emaj-172	180	2	the	the	DET
emaj-172	180	3	tables	table	NOUN
emaj-172	180	4	6	6	NUM
emaj-172	180	5	-	-	SYM
emaj-172	180	6	9	9	NUM
emaj-172	180	7	,	,	PUNCT
emaj-172	180	8	the	the	DET
emaj-172	180	9	values	value	NOUN
emaj-172	180	10	of	of	ADP
emaj-172	180	11	rne	rne	NOUN
emaj-172	180	12	are	be	AUX
emaj-172	180	13	low	low	ADJ
emaj-172	180	14	but	but	CCONJ
emaj-172	180	15	not	not	PART
emaj-172	180	16	zero	zero	NUM
emaj-172	180	17	and	and	CCONJ
emaj-172	180	18	so	so	ADV
emaj-172	180	19	some	some	DET
emaj-172	180	20	degree	degree	NOUN
emaj-172	180	21	of	of	ADP
emaj-172	180	22	efficiency	efficiency	NOUN
emaj-172	180	23	is	be	AUX
emaj-172	180	24	achieved	achieve	VERB
emaj-172	180	25	in	in	ADP
emaj-172	180	26	our	our	PRON
emaj-172	180	27	sampling	sampling	NOUN
emaj-172	180	28	.	.	PUNCT
emaj-172	181	1	table	table	NOUN
emaj-172	181	2	6	6	NUM
emaj-172	181	3	:	:	PUNCT
emaj-172	181	4	estimates	estimate	NOUN
emaj-172	181	5	for	for	ADP
emaj-172	181	6	the	the	DET
emaj-172	181	7	2	2	NUM
emaj-172	181	8	-	-	PUNCT
emaj-172	181	9	state	state	NOUN
emaj-172	181	10	regime	regime	NOUN
emaj-172	181	11	gjrgarch	gjrgarch	NOUN
emaj-172	181	12	with	with	ADP
emaj-172	181	13	skewed	skewed	ADJ
emaj-172	181	14	student	student	NOUN
emaj-172	181	15	-	-	PUNCT
emaj-172	181	16	t	t	NOUN
emaj-172	181	17	innovations	innovation	NOUN
emaj-172	181	18	–	–	PUNCT
emaj-172	181	19	gse	gse	ADJ
emaj-172	181	20	table	table	NOUN
emaj-172	181	21	7	7	NUM
emaj-172	181	22	:	:	PUNCT
emaj-172	181	23	estimates	estimate	NOUN
emaj-172	181	24	of	of	ADP
emaj-172	181	25	2	2	NUM
emaj-172	181	26	-	-	PUNCT
emaj-172	181	27	state	state	NOUN
emaj-172	181	28	regime	regime	NOUN
emaj-172	181	29	e	e	NOUN
emaj-172	181	30	-	-	NOUN
emaj-172	181	31	garch	garch	NOUN
emaj-172	181	32	with	with	ADP
emaj-172	181	33	skewed	skewed	ADJ
emaj-172	181	34	student	student	NOUN
emaj-172	181	35	-	-	PUNCT
emaj-172	181	36	t	t	NOUN
emaj-172	181	37	innovations	innovation	NOUN
emaj-172	181	38	–	–	PUNCT
emaj-172	181	39	bsi	bsi	PROPN
emaj-172	181	40	dci	dci	PROPN
emaj-172	181	41	table	table	NOUN
emaj-172	181	42	8	8	NUM
emaj-172	181	43	:	:	PUNCT
emaj-172	181	44	estimates	estimate	NOUN
emaj-172	181	45	of	of	ADP
emaj-172	181	46	2	2	NUM
emaj-172	181	47	-	-	PUNCT
emaj-172	181	48	state	state	NOUN
emaj-172	181	49	regime	regime	NOUN
emaj-172	181	50	gjr	gjr	NOUN
emaj-172	181	51	-	-	PUNCT
emaj-172	181	52	garch	garch	NOUN
emaj-172	181	53	with	with	ADP
emaj-172	181	54	student	student	NOUN
emaj-172	181	55	-	-	PUNCT
emaj-172	181	56	t	t	NOUN
emaj-172	181	57	innovations	innovation	NOUN
emaj-172	181	58	–	–	PUNCT
emaj-172	181	59	nse	nse	NOUN
emaj-172	181	60	volume	volume	NOUN
emaj-172	181	61	9	9	NUM
emaj-172	181	62	no	no	DET
emaj-172	181	63	1	1	NUM
emaj-172	181	64	(	(	PUNCT
emaj-172	181	65	2019	2019	NUM
emaj-172	181	66	)	)	PUNCT
emaj-172	181	67	|	|	ADV
emaj-172	181	68	issn	issn	VERB
emaj-172	181	69	2158	2158	NUM
emaj-172	181	70	-	-	SYM
emaj-172	181	71	8708	8708	NUM
emaj-172	181	72	(	(	PUNCT
emaj-172	181	73	online	online	NOUN
emaj-172	181	74	)	)	PUNCT
emaj-172	181	75	|	|	ADV
emaj-172	181	76	doi	doi	X
emaj-172	181	77	10.5195	10.5195	NUM
emaj-172	181	78	/	/	SYM
emaj-172	181	79	emaj.2019.172	emaj.2019.172	NOUN
emaj-172	181	80	|	|	ADV
emaj-172	181	81	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-172	181	82	volatility	volatility	NOUN
emaj-172	181	83	model	model	NOUN
emaj-172	181	84	choice	choice	NOUN
emaj-172	181	85	for	for	ADP
emaj-172	181	86	sub	sub	ADJ
emaj-172	181	87	-	-	ADJ
emaj-172	181	88	saharan	saharan	ADJ
emaj-172	181	89	frontier	frontier	NOUN
emaj-172	181	90	equity	equity	NOUN
emaj-172	181	91	markets	market	VERB
emaj-172	181	92	a	a	DET
emaj-172	181	93	markov	markov	NOUN
emaj-172	181	94	regime	regime	NOUN
emaj-172	181	95	switching	switch	VERB
emaj-172	181	96	bayesian	bayesian	NOUN
emaj-172	181	97	approach	approach	NOUN
emaj-172	181	98	page	page	NOUN
emaj-172	181	99	|74|	|74|	NOUN
emaj-172	181	100	emerging	emerge	VERB
emaj-172	181	101	markets	market	NOUN
emaj-172	181	102	journal	journal	NOUN
emaj-172	181	103	table	table	NOUN
emaj-172	181	104	9	9	NUM
emaj-172	181	105	:	:	PUNCT
emaj-172	181	106	estimates	estimate	NOUN
emaj-172	181	107	of	of	ADP
emaj-172	181	108	2	2	NUM
emaj-172	181	109	-	-	PUNCT
emaj-172	181	110	state	state	NOUN
emaj-172	181	111	regime	regime	NOUN
emaj-172	181	112	e	e	NOUN
emaj-172	181	113	-	-	NOUN
emaj-172	181	114	garch	garch	NOUN
emaj-172	181	115	with	with	ADP
emaj-172	181	116	skewed	skewed	ADJ
emaj-172	181	117	student	student	NOUN
emaj-172	181	118	-	-	PUNCT
emaj-172	181	119	t	t	NOUN
emaj-172	181	120	innovations	innovation	NOUN
emaj-172	181	121	–	–	PUNCT
emaj-172	181	122	nairobi	nairobi	PROPN
emaj-172	181	123	v.	v.	ADP
emaj-172	181	124	discussion	discussion	NOUN
emaj-172	181	125	in	in	ADP
emaj-172	181	126	all	all	DET
emaj-172	181	127	the	the	DET
emaj-172	181	128	exchanges	exchange	NOUN
emaj-172	181	129	studied	study	VERB
emaj-172	181	130	,	,	PUNCT
emaj-172	181	131	there	there	PRON
emaj-172	181	132	is	be	VERB
emaj-172	181	133	strong	strong	ADJ
emaj-172	181	134	evidence	evidence	NOUN
emaj-172	181	135	that	that	SCONJ
emaj-172	181	136	the	the	DET
emaj-172	181	137	statistical	statistical	ADJ
emaj-172	181	138	properties	property	NOUN
emaj-172	181	139	of	of	ADP
emaj-172	181	140	the	the	DET
emaj-172	181	141	regimes	regime	NOUN
emaj-172	181	142	are	be	AUX
emaj-172	181	143	different	different	ADJ
emaj-172	181	144	,	,	PUNCT
emaj-172	181	145	confirming	confirm	VERB
emaj-172	181	146	the	the	DET
emaj-172	181	147	heterogeneous	heterogeneous	ADJ
emaj-172	181	148	nature	nature	NOUN
emaj-172	181	149	of	of	ADP
emaj-172	181	150	the	the	DET
emaj-172	181	151	various	various	ADJ
emaj-172	181	152	markets	market	NOUN
emaj-172	181	153	as	as	ADV
emaj-172	181	154	well	well	ADV
emaj-172	181	155	as	as	ADP
emaj-172	181	156	the	the	DET
emaj-172	181	157	regime	regime	NOUN
emaj-172	181	158	switching	switch	VERB
emaj-172	181	159	nature	nature	NOUN
emaj-172	181	160	of	of	ADP
emaj-172	181	161	the	the	DET
emaj-172	181	162	volatility	volatility	NOUN
emaj-172	181	163	of	of	ADP
emaj-172	181	164	returns	return	NOUN
emaj-172	181	165	.	.	PUNCT
emaj-172	182	1	ghana	ghana	PROPN
emaj-172	182	2	stock	stock	PROPN
emaj-172	182	3	exchange	exchange	PROPN
emaj-172	182	4	the	the	DET
emaj-172	182	5	garch	garch	NOUN
emaj-172	182	6	error	error	NOUN
emaj-172	182	7	terms	term	NOUN
emaj-172	182	8	are	be	AUX
emaj-172	182	9	and	and	CCONJ
emaj-172	182	10	.	.	PUNCT
emaj-172	183	1	the	the	DET
emaj-172	183	2	reaction	reaction	NOUN
emaj-172	183	3	of	of	ADP
emaj-172	183	4	the	the	DET
emaj-172	183	5	conditional	conditional	ADJ
emaj-172	183	6	volatility	volatility	NOUN
emaj-172	183	7	to	to	ADP
emaj-172	183	8	market	market	NOUN
emaj-172	183	9	shocks	shock	NOUN
emaj-172	183	10	differs	differ	VERB
emaj-172	183	11	for	for	ADP
emaj-172	183	12	the	the	DET
emaj-172	183	13	respective	respective	ADJ
emaj-172	183	14	regimes	regime	NOUN
emaj-172	183	15	.	.	PUNCT
emaj-172	184	1	in	in	ADP
emaj-172	184	2	the	the	DET
emaj-172	184	3	high	high	ADJ
emaj-172	184	4	volatility	volatility	NOUN
emaj-172	184	5	regime	regime	NOUN
emaj-172	184	6	,	,	PUNCT
emaj-172	184	7	investors	investor	NOUN
emaj-172	184	8	react	react	VERB
emaj-172	184	9	much	much	ADV
emaj-172	184	10	more	more	ADJ
emaj-172	184	11	to	to	ADP
emaj-172	184	12	market	market	NOUN
emaj-172	184	13	shocks	shock	NOUN
emaj-172	184	14	than	than	ADP
emaj-172	184	15	in	in	ADP
emaj-172	184	16	the	the	DET
emaj-172	184	17	low	low	ADJ
emaj-172	184	18	volatility	volatility	NOUN
emaj-172	184	19	regime	regime	NOUN
emaj-172	184	20	when	when	SCONJ
emaj-172	184	21	market	market	NOUN
emaj-172	184	22	events	event	NOUN
emaj-172	184	23	are	be	AUX
emaj-172	184	24	much	much	ADV
emaj-172	184	25	more	more	ADV
emaj-172	184	26	serene	serene	ADJ
emaj-172	184	27	.	.	PUNCT
emaj-172	185	1	this	this	PRON
emaj-172	185	2	is	be	AUX
emaj-172	185	3	expected	expect	VERB
emaj-172	185	4	naturally	naturally	ADV
emaj-172	185	5	in	in	ADP
emaj-172	185	6	the	the	DET
emaj-172	185	7	financial	financial	ADJ
emaj-172	185	8	market	market	NOUN
emaj-172	185	9	as	as	SCONJ
emaj-172	185	10	investors	investor	NOUN
emaj-172	185	11	would	would	AUX
emaj-172	185	12	react	react	VERB
emaj-172	185	13	to	to	ADP
emaj-172	185	14	any	any	DET
emaj-172	185	15	market	market	NOUN
emaj-172	185	16	news	news	NOUN
emaj-172	185	17	when	when	SCONJ
emaj-172	185	18	they	they	PRON
emaj-172	185	19	are	be	AUX
emaj-172	185	20	jittery	jittery	ADJ
emaj-172	185	21	.	.	PUNCT
emaj-172	186	1	the	the	DET
emaj-172	186	2	persistence	persistence	NOUN
emaj-172	186	3	of	of	ADP
emaj-172	186	4	volatility	volatility	NOUN
emaj-172	186	5	as	as	SCONJ
emaj-172	186	6	shown	show	VERB
emaj-172	186	7	by	by	ADP
emaj-172	186	8	the	the	DET
emaj-172	186	9	values	value	NOUN
emaj-172	186	10	of	of	ADP
emaj-172	186	11	the	the	DET
emaj-172	186	12	garch	garch	NOUN
emaj-172	186	13	lags	lag	VERB
emaj-172	186	14	also	also	ADV
emaj-172	186	15	differs	differ	VERB
emaj-172	186	16	to	to	ADP
emaj-172	186	17	both	both	DET
emaj-172	186	18	regimes	regime	NOUN
emaj-172	186	19	.	.	PUNCT
emaj-172	187	1	volatility	volatility	NOUN
emaj-172	187	2	is	be	AUX
emaj-172	187	3	much	much	ADV
emaj-172	187	4	persistent	persistent	ADJ
emaj-172	187	5	in	in	ADP
emaj-172	187	6	regime	regime	NOUN
emaj-172	187	7	1	1	NUM
emaj-172	187	8	(	(	PUNCT
emaj-172	187	9	)	)	PUNCT
emaj-172	187	10	than	than	ADP
emaj-172	187	11	in	in	ADP
emaj-172	187	12	regime	regime	NOUN
emaj-172	187	13	2	2	NUM
emaj-172	187	14	(	(	PUNCT
emaj-172	187	15	)	)	PUNCT
emaj-172	187	16	.	.	PUNCT
emaj-172	188	1	as	as	SCONJ
emaj-172	188	2	pointed	point	VERB
emaj-172	188	3	out	out	ADP
emaj-172	188	4	by	by	ADP
emaj-172	188	5	alexander	alexander	PROPN
emaj-172	188	6	(	(	PUNCT
emaj-172	188	7	2008	2008	NUM
emaj-172	188	8	)	)	PUNCT
emaj-172	188	9	,	,	PUNCT
emaj-172	188	10	a	a	DET
emaj-172	188	11	above	above	ADJ
emaj-172	188	12	0.9	0.9	NUM
emaj-172	188	13	is	be	AUX
emaj-172	188	14	an	an	DET
emaj-172	188	15	indication	indication	NOUN
emaj-172	188	16	that	that	SCONJ
emaj-172	188	17	volatility	volatility	NOUN
emaj-172	188	18	takes	take	VERB
emaj-172	188	19	a	a	DET
emaj-172	188	20	long	long	ADJ
emaj-172	188	21	time	time	NOUN
emaj-172	188	22	to	to	PART
emaj-172	188	23	die	die	VERB
emaj-172	188	24	out	out	ADP
emaj-172	188	25	following	follow	VERB
emaj-172	188	26	a	a	DET
emaj-172	188	27	market	market	NOUN
emaj-172	188	28	shock	shock	NOUN
emaj-172	188	29	.	.	PUNCT
emaj-172	189	1	thus	thus	ADV
emaj-172	189	2	,	,	PUNCT
emaj-172	189	3	the	the	DET
emaj-172	189	4	low	low	ADJ
emaj-172	189	5	regime	regime	NOUN
emaj-172	189	6	volatility	volatility	NOUN
emaj-172	189	7	is	be	AUX
emaj-172	189	8	persistent	persistent	ADJ
emaj-172	189	9	.	.	PUNCT
emaj-172	190	1	this	this	PRON
emaj-172	190	2	is	be	AUX
emaj-172	190	3	in	in	ADP
emaj-172	190	4	line	line	NOUN
emaj-172	190	5	with	with	ADP
emaj-172	190	6	observations	observation	NOUN
emaj-172	190	7	of	of	ADP
emaj-172	190	8	thin	thin	ADJ
emaj-172	190	9	and	and	CCONJ
emaj-172	190	10	asynchronous	asynchronous	ADJ
emaj-172	190	11	trading	trading	NOUN
emaj-172	190	12	on	on	ADP
emaj-172	190	13	the	the	DET
emaj-172	190	14	gse	gse	NOUN
emaj-172	190	15	which	which	PRON
emaj-172	190	16	effectively	effectively	ADV
emaj-172	190	17	ensure	ensure	VERB
emaj-172	190	18	that	that	SCONJ
emaj-172	190	19	a	a	DET
emaj-172	190	20	given	give	VERB
emaj-172	190	21	level	level	NOUN
emaj-172	190	22	of	of	ADP
emaj-172	190	23	volatility	volatility	NOUN
emaj-172	190	24	is	be	AUX
emaj-172	190	25	maintained	maintain	VERB
emaj-172	190	26	for	for	ADP
emaj-172	190	27	a	a	DET
emaj-172	190	28	long	long	ADJ
emaj-172	190	29	time	time	NOUN
emaj-172	190	30	.	.	PUNCT
emaj-172	191	1	the	the	DET
emaj-172	191	2	unconditional	unconditional	ADJ
emaj-172	191	3	volatility	volatility	NOUN
emaj-172	191	4	for	for	ADP
emaj-172	191	5	regimes	regime	NOUN
emaj-172	191	6	1	1	NUM
emaj-172	191	7	and	and	CCONJ
emaj-172	191	8	2	2	NUM
emaj-172	191	9	are	be	AUX
emaj-172	191	10	3.01	3.01	NUM
emaj-172	191	11	%	%	NOUN
emaj-172	191	12	and	and	CCONJ
emaj-172	191	13	13.06	13.06	NUM
emaj-172	191	14	%	%	NOUN
emaj-172	191	15	respectively	respectively	ADV
emaj-172	191	16	.	.	PUNCT
emaj-172	192	1	the	the	DET
emaj-172	192	2	low	low	ADJ
emaj-172	192	3	volatility	volatility	NOUN
emaj-172	192	4	could	could	AUX
emaj-172	192	5	be	be	AUX
emaj-172	192	6	a	a	DET
emaj-172	192	7	reflection	reflection	NOUN
emaj-172	192	8	of	of	ADP
emaj-172	192	9	lack	lack	NOUN
emaj-172	192	10	of	of	ADP
emaj-172	192	11	activity	activity	NOUN
emaj-172	192	12	in	in	ADP
emaj-172	192	13	most	most	ADJ
emaj-172	192	14	listed	list	VERB
emaj-172	192	15	stocks	stock	NOUN
emaj-172	192	16	.	.	PUNCT
emaj-172	193	1	the	the	DET
emaj-172	193	2	rate	rate	NOUN
emaj-172	193	3	of	of	ADP
emaj-172	193	4	convergence	convergence	NOUN
emaj-172	193	5	to	to	ADP
emaj-172	193	6	the	the	DET
emaj-172	193	7	long	long	ADJ
emaj-172	193	8	term	term	NOUN
emaj-172	193	9	volatility	volatility	NOUN
emaj-172	193	10	for	for	ADP
emaj-172	193	11	regime	regime	NOUN
emaj-172	193	12	1	1	NUM
emaj-172	193	13	(	(	PUNCT
emaj-172	193	14	is	be	AUX
emaj-172	193	15	slightly	slightly	ADV
emaj-172	193	16	faster	fast	ADJ
emaj-172	193	17	than	than	ADP
emaj-172	193	18	that	that	PRON
emaj-172	193	19	of	of	ADP
emaj-172	193	20	regime	regime	NOUN
emaj-172	193	21	2	2	NUM
emaj-172	193	22	(	(	PUNCT
emaj-172	193	23	.	.	PUNCT
emaj-172	194	1	again	again	ADV
emaj-172	194	2	,	,	PUNCT
emaj-172	194	3	a	a	DET
emaj-172	194	4	low	low	ADJ
emaj-172	194	5	tail	tail	NOUN
emaj-172	194	6	thickness	thickness	NOUN
emaj-172	194	7	value	value	NOUN
emaj-172	194	8	,	,	PUNCT
emaj-172	194	9	,	,	PUNCT
emaj-172	194	10	indicates	indicate	VERB
emaj-172	194	11	that	that	SCONJ
emaj-172	194	12	the	the	DET
emaj-172	194	13	distribution	distribution	NOUN
emaj-172	194	14	of	of	ADP
emaj-172	194	15	the	the	DET
emaj-172	194	16	returns	return	NOUN
emaj-172	194	17	in	in	ADP
emaj-172	194	18	regime	regime	NOUN
emaj-172	194	19	1	1	NUM
emaj-172	194	20	has	have	VERB
emaj-172	194	21	thicker	thick	ADJ
emaj-172	194	22	tails	tail	NOUN
emaj-172	194	23	than	than	ADP
emaj-172	194	24	regime	regime	NOUN
emaj-172	194	25	2	2	NUM
emaj-172	194	26	with	with	ADP
emaj-172	194	27	.	.	PUNCT
emaj-172	195	1	to	to	PART
emaj-172	195	2	summarize	summarize	VERB
emaj-172	195	3	,	,	PUNCT
emaj-172	195	4	both	both	DET
emaj-172	195	5	regimes	regime	NOUN
emaj-172	195	6	are	be	AUX
emaj-172	195	7	skewed	skewed	ADJ
emaj-172	195	8	(	(	PUNCT
emaj-172	195	9	)	)	PUNCT
emaj-172	195	10	with	with	ADP
emaj-172	195	11	the	the	DET
emaj-172	195	12	tendency	tendency	NOUN
emaj-172	195	13	to	to	PART
emaj-172	195	14	remain	remain	VERB
emaj-172	195	15	in	in	ADP
emaj-172	195	16	regime	regime	NOUN
emaj-172	195	17	1	1	NUM
emaj-172	195	18	rather	rather	ADV
emaj-172	195	19	dominant	dominant	ADJ
emaj-172	195	20	.	.	PUNCT
emaj-172	196	1	regime	regime	NOUN
emaj-172	196	2	1	1	NUM
emaj-172	196	3	has	have	VERB
emaj-172	196	4	a	a	DET
emaj-172	196	5	low	low	ADJ
emaj-172	196	6	reaction	reaction	NOUN
emaj-172	196	7	to	to	ADP
emaj-172	196	8	past	past	ADJ
emaj-172	196	9	negative	negative	ADJ
emaj-172	196	10	shocks	shock	NOUN
emaj-172	196	11	with	with	ADP
emaj-172	196	12	a	a	DET
emaj-172	196	13	high	high	ADJ
emaj-172	196	14	persistence	persistence	NOUN
emaj-172	196	15	in	in	ADP
emaj-172	196	16	volatility	volatility	NOUN
emaj-172	196	17	.	.	PUNCT
emaj-172	197	1	regime	regime	NOUN
emaj-172	197	2	2	2	NUM
emaj-172	197	3	which	which	PRON
emaj-172	197	4	is	be	AUX
emaj-172	197	5	much	much	ADV
emaj-172	197	6	more	more	ADV
emaj-172	197	7	volatile	volatile	ADJ
emaj-172	197	8	with	with	ADP
emaj-172	197	9	unconditional	unconditional	ADJ
emaj-172	197	10	volatility	volatility	NOUN
emaj-172	197	11	of	of	ADP
emaj-172	197	12	18.5	18.5	NUM
emaj-172	197	13	%	%	NOUN
emaj-172	197	14	,	,	PUNCT
emaj-172	197	15	tends	tend	VERB
emaj-172	197	16	to	to	PART
emaj-172	197	17	be	be	AUX
emaj-172	197	18	short	short	ADV
emaj-172	197	19	lived	live	VERB
emaj-172	197	20	(	(	PUNCT
emaj-172	197	21	)	)	PUNCT
emaj-172	197	22	with	with	ADP
emaj-172	197	23	low	low	ADJ
emaj-172	197	24	volatility	volatility	NOUN
emaj-172	197	25	persistence	persistence	NOUN
emaj-172	197	26	.	.	PUNCT
emaj-172	198	1	nigeria	nigeria	PROPN
emaj-172	198	2	stock	stock	PROPN
emaj-172	198	3	exchange	exchange	PROPN
emaj-172	198	4	the	the	DET
emaj-172	198	5	volatility	volatility	NOUN
emaj-172	198	6	dynamics	dynamic	NOUN
emaj-172	198	7	of	of	ADP
emaj-172	198	8	the	the	DET
emaj-172	198	9	nigeria	nigeria	PROPN
emaj-172	198	10	stock	stock	PROPN
emaj-172	198	11	exchange	exchange	PROPN
emaj-172	198	12	is	be	AUX
emaj-172	198	13	characterized	characterize	VERB
emaj-172	198	14	by	by	ADP
emaj-172	198	15	two	two	NUM
emaj-172	198	16	regimes	regime	NOUN
emaj-172	198	17	,	,	PUNCT
emaj-172	198	18	each	each	PRON
emaj-172	198	19	with	with	ADP
emaj-172	198	20	a	a	DET
emaj-172	198	21	different	different	ADJ
emaj-172	198	22	unconditional	unconditional	ADJ
emaj-172	198	23	volatility	volatility	NOUN
emaj-172	198	24	of	of	ADP
emaj-172	198	25	12.92	12.92	NUM
emaj-172	198	26	%	%	NOUN
emaj-172	198	27	and	and	CCONJ
emaj-172	198	28	52.43	52.43	NUM
emaj-172	198	29	%	%	NOUN
emaj-172	198	30	.	.	PUNCT
emaj-172	199	1	a	a	DET
emaj-172	199	2	dominant	dominant	ADJ
emaj-172	199	3	low	low	ADJ
emaj-172	199	4	regime	regime	NOUN
emaj-172	199	5	has	have	VERB
emaj-172	199	6	a	a	DET
emaj-172	199	7	probability	probability	NOUN
emaj-172	199	8	of	of	ADP
emaj-172	199	9	87	87	NUM
emaj-172	199	10	%	%	NOUN
emaj-172	199	11	and	and	CCONJ
emaj-172	199	12	a	a	DET
emaj-172	199	13	high	high	ADJ
emaj-172	199	14	regime	regime	NOUN
emaj-172	199	15	lasting	last	VERB
emaj-172	199	16	approximately	approximately	ADV
emaj-172	199	17	10	10	NUM
emaj-172	199	18	%	%	NOUN
emaj-172	199	19	of	of	ADP
emaj-172	199	20	the	the	DET
emaj-172	199	21	time	time	NOUN
emaj-172	199	22	.	.	PUNCT
emaj-172	200	1	the	the	DET
emaj-172	200	2	market	market	NOUN
emaj-172	200	3	shows	show	VERB
emaj-172	200	4	a	a	DET
emaj-172	200	5	swift	swift	ADJ
emaj-172	200	6	reaction	reaction	NOUN
emaj-172	200	7	to	to	ADP
emaj-172	200	8	market	market	NOUN
emaj-172	200	9	shocks	shock	NOUN
emaj-172	200	10	in	in	ADP
emaj-172	200	11	the	the	DET
emaj-172	200	12	high	high	ADJ
emaj-172	200	13	volatility	volatility	NOUN
emaj-172	200	14	regime	regime	NOUN
emaj-172	200	15	(	(	PUNCT
emaj-172	200	16	than	than	ADP
emaj-172	200	17	in	in	ADP
emaj-172	200	18	the	the	DET
emaj-172	200	19	low	low	ADJ
emaj-172	200	20	market	market	NOUN
emaj-172	200	21	regime	regime	NOUN
emaj-172	200	22	(	(	PUNCT
emaj-172	200	23	)	)	PUNCT
emaj-172	200	24	.	.	PUNCT
emaj-172	201	1	similar	similar	ADJ
emaj-172	201	2	to	to	ADP
emaj-172	201	3	the	the	DET
emaj-172	201	4	gse	gse	PROPN
emaj-172	201	5	,	,	PUNCT
emaj-172	201	6	the	the	DET
emaj-172	201	7	persistence	persistence	NOUN
emaj-172	201	8	of	of	ADP
emaj-172	201	9	the	the	DET
emaj-172	201	10	volatility	volatility	NOUN
emaj-172	201	11	indicated	indicate	VERB
emaj-172	201	12	by	by	ADP
emaj-172	201	13	the	the	DET
emaj-172	201	14	values	value	NOUN
emaj-172	201	15	of	of	ADP
emaj-172	201	16	the	the	DET
emaj-172	201	17	garch	garch	NOUN
emaj-172	201	18	lags	lag	VERB
emaj-172	201	19	also	also	ADV
emaj-172	201	20	differs	differ	VERB
emaj-172	201	21	by	by	ADP
emaj-172	201	22	regimes	regime	NOUN
emaj-172	201	23	.	.	PUNCT
emaj-172	202	1	volatility	volatility	NOUN
emaj-172	202	2	is	be	AUX
emaj-172	202	3	persistent	persistent	ADJ
emaj-172	202	4	in	in	ADP
emaj-172	202	5	regime	regime	NOUN
emaj-172	202	6	1	1	NUM
emaj-172	202	7	(	(	PUNCT
emaj-172	202	8	)	)	PUNCT
emaj-172	202	9	compared	compare	VERB
emaj-172	202	10	to	to	ADP
emaj-172	202	11	that	that	PRON
emaj-172	202	12	in	in	ADP
emaj-172	202	13	regime	regime	NOUN
emaj-172	202	14	2	2	NUM
emaj-172	202	15	(	(	PUNCT
emaj-172	202	16	)	)	PUNCT
emaj-172	202	17	.	.	PUNCT
emaj-172	203	1	here	here	ADV
emaj-172	203	2	,	,	PUNCT
emaj-172	203	3	the	the	DET
emaj-172	203	4	values	value	NOUN
emaj-172	203	5	of	of	ADP
emaj-172	203	6	this	this	DET
emaj-172	203	7	garch	garch	NOUN
emaj-172	203	8	estimate	estimate	NOUN
emaj-172	203	9	is	be	AUX
emaj-172	203	10	less	less	ADJ
emaj-172	203	11	than	than	ADP
emaj-172	203	12	the	the	DET
emaj-172	203	13	threshold	threshold	NOUN
emaj-172	203	14	of	of	ADP
emaj-172	203	15	0.9	0.9	NUM
emaj-172	203	16	indicating	indicate	VERB
emaj-172	203	17	that	that	SCONJ
emaj-172	203	18	volatility	volatility	NOUN
emaj-172	203	19	takes	take	VERB
emaj-172	203	20	relatively	relatively	ADV
emaj-172	203	21	short	short	ADJ
emaj-172	203	22	time	time	NOUN
emaj-172	203	23	to	to	PART
emaj-172	203	24	abate	abate	VERB
emaj-172	203	25	following	follow	VERB
emaj-172	203	26	a	a	DET
emaj-172	203	27	market	market	NOUN
emaj-172	203	28	disturbance	disturbance	NOUN
emaj-172	203	29	.	.	PUNCT
emaj-172	204	1	the	the	DET
emaj-172	204	2	rate	rate	NOUN
emaj-172	204	3	of	of	ADP
emaj-172	204	4	convergence	convergence	NOUN
emaj-172	204	5	to	to	ADP
emaj-172	204	6	the	the	DET
emaj-172	204	7	long	long	ADJ
emaj-172	204	8	term	term	NOUN
emaj-172	204	9	volatility	volatility	NOUN
emaj-172	204	10	for	for	ADP
emaj-172	204	11	regime	regime	NOUN
emaj-172	204	12	1	1	NUM
emaj-172	204	13	(	(	PUNCT
emaj-172	204	14	is	be	AUX
emaj-172	204	15	faster	fast	ADJ
emaj-172	204	16	than	than	ADP
emaj-172	204	17	that	that	PRON
emaj-172	204	18	of	of	ADP
emaj-172	204	19	regime	regime	NOUN
emaj-172	204	20	2	2	NUM
emaj-172	204	21	(	(	PUNCT
emaj-172	204	22	.	.	PUNCT
emaj-172	205	1	the	the	DET
emaj-172	205	2	distribution	distribution	NOUN
emaj-172	205	3	of	of	ADP
emaj-172	205	4	the	the	DET
emaj-172	205	5	returns	return	NOUN
emaj-172	205	6	in	in	ADP
emaj-172	205	7	the	the	DET
emaj-172	205	8	high	high	ADJ
emaj-172	205	9	volatility	volatility	NOUN
emaj-172	205	10	regime	regime	NOUN
emaj-172	205	11	exhibits	exhibit	VERB
emaj-172	205	12	heavier	heavy	ADJ
emaj-172	205	13	tails	tail	NOUN
emaj-172	205	14	(	(	PUNCT
emaj-172	205	15	)	)	PUNCT
emaj-172	205	16	than	than	ADP
emaj-172	205	17	the	the	DET
emaj-172	205	18	distribution	distribution	NOUN
emaj-172	205	19	in	in	ADP
emaj-172	205	20	the	the	DET
emaj-172	205	21	low	low	ADJ
emaj-172	205	22	volatility	volatility	NOUN
emaj-172	205	23	regime	regime	NOUN
emaj-172	205	24	(	(	PUNCT
emaj-172	205	25	)	)	PUNCT
emaj-172	205	26	.	.	PUNCT
emaj-172	206	1	we	we	PRON
emaj-172	206	2	summarise	summarise	VERB
emaj-172	206	3	the	the	DET
emaj-172	206	4	heteroscedastic	heteroscedastic	ADJ
emaj-172	206	5	characterization	characterization	NOUN
emaj-172	206	6	of	of	ADP
emaj-172	206	7	the	the	DET
emaj-172	206	8	nse	nse	NOUN
emaj-172	206	9	as	as	ADP
emaj-172	206	10	having	have	VERB
emaj-172	206	11	a	a	DET
emaj-172	206	12	swift	swift	ADJ
emaj-172	206	13	reaction	reaction	NOUN
emaj-172	206	14	to	to	ADP
emaj-172	206	15	market	market	NOUN
emaj-172	206	16	shocks	shock	NOUN
emaj-172	206	17	in	in	ADP
emaj-172	206	18	regimes	regime	NOUN
emaj-172	206	19	with	with	ADP
emaj-172	206	20	a	a	DET
emaj-172	206	21	longer	long	ADJ
emaj-172	206	22	time	time	NOUN
emaj-172	206	23	for	for	ADP
emaj-172	206	24	volatility	volatility	NOUN
emaj-172	206	25	to	to	PART
emaj-172	206	26	die	die	VERB
emaj-172	206	27	out	out	ADP
emaj-172	206	28	in	in	ADP
emaj-172	206	29	regime	regime	NOUN
emaj-172	206	30	1	1	NUM
emaj-172	206	31	.	.	PUNCT
emaj-172	207	1	the	the	DET
emaj-172	207	2	low	low	ADJ
emaj-172	207	3	volatility	volatility	NOUN
emaj-172	207	4	regime	regime	NOUN
emaj-172	207	5	is	be	AUX
emaj-172	207	6	dominant	dominant	ADJ
emaj-172	207	7	with	with	ADP
emaj-172	207	8	the	the	DET
emaj-172	207	9	high	high	ADJ
emaj-172	207	10	regime	regime	NOUN
emaj-172	207	11	persisting	persist	VERB
emaj-172	207	12	only	only	ADV
emaj-172	207	13	about	about	ADV
emaj-172	207	14	10	10	NUM
emaj-172	207	15	%	%	NOUN
emaj-172	207	16	of	of	ADP
emaj-172	207	17	the	the	DET
emaj-172	207	18	time	time	NOUN
emaj-172	207	19	.	.	PUNCT
emaj-172	208	1	bsi	bsi	PROPN
emaj-172	208	2	dci	dci	PROPN
emaj-172	208	3	the	the	DET
emaj-172	208	4	volatility	volatility	NOUN
emaj-172	208	5	of	of	ADP
emaj-172	208	6	the	the	DET
emaj-172	208	7	low	low	ADJ
emaj-172	208	8	regime	regime	NOUN
emaj-172	208	9	of	of	ADP
emaj-172	208	10	the	the	DET
emaj-172	208	11	bsi	bsi	PROPN
emaj-172	208	12	dci	dci	PROPN
emaj-172	208	13	index	index	NOUN
emaj-172	208	14	with	with	ADP
emaj-172	208	15	an	an	DET
emaj-172	208	16	unconditional	unconditional	ADJ
emaj-172	208	17	volatility	volatility	NOUN
emaj-172	208	18	of	of	ADP
emaj-172	208	19	10.49	10.49	NUM
emaj-172	208	20	%	%	NOUN
emaj-172	208	21	is	be	AUX
emaj-172	208	22	relatively	relatively	ADV
emaj-172	208	23	longer	long	ADV
emaj-172	208	24	(	(	PUNCT
emaj-172	208	25	with	with	ADP
emaj-172	208	26	a	a	DET
emaj-172	208	27	probability	probability	NOUN
emaj-172	208	28	of	of	ADP
emaj-172	208	29	)	)	PUNCT
emaj-172	208	30	than	than	ADP
emaj-172	208	31	the	the	DET
emaj-172	208	32	high	high	ADJ
emaj-172	208	33	volatility	volatility	NOUN
emaj-172	208	34	regime	regime	NOUN
emaj-172	208	35	(	(	PUNCT
emaj-172	208	36	unconditional	unconditional	ADJ
emaj-172	208	37	volatility	volatility	NOUN
emaj-172	208	38	of	of	ADP
emaj-172	208	39	23.74	23.74	NUM
emaj-172	208	40	%	%	NOUN
emaj-172	208	41	)	)	PUNCT
emaj-172	208	42	with	with	ADP
emaj-172	208	43	a	a	DET
emaj-172	208	44	probability	probability	NOUN
emaj-172	208	45	of	of	ADP
emaj-172	208	46	.	.	PUNCT
emaj-172	209	1	the	the	DET
emaj-172	209	2	regimes	regime	NOUN
emaj-172	209	3	alternate	alternate	VERB
emaj-172	209	4	after	after	ADP
emaj-172	209	5	short	short	ADJ
emaj-172	209	6	periods	period	NOUN
emaj-172	209	7	.	.	PUNCT
emaj-172	210	1	this	this	PRON
emaj-172	210	2	is	be	AUX
emaj-172	210	3	confirmed	confirm	VERB
emaj-172	210	4	in	in	ADP
emaj-172	210	5	the	the	DET
emaj-172	210	6	graph	graph	NOUN
emaj-172	210	7	in	in	ADP
emaj-172	210	8	figure	figure	NOUN
emaj-172	210	9	2	2	NUM
emaj-172	210	10	.	.	PUNCT
emaj-172	211	1	the	the	DET
emaj-172	211	2	garch	garch	NOUN
emaj-172	211	3	error	error	NOUN
emaj-172	211	4	parameters	parameter	NOUN
emaj-172	211	5	for	for	ADP
emaj-172	211	6	regime	regime	NOUN
emaj-172	211	7	1	1	NUM
emaj-172	211	8	and	and	CCONJ
emaj-172	211	9	regime	regime	NOUN
emaj-172	211	10	2	2	NUM
emaj-172	211	11	are	be	AUX
emaj-172	211	12	and	and	CCONJ
emaj-172	211	13	respectively	respectively	ADV
emaj-172	211	14	.	.	PUNCT
emaj-172	212	1	this	this	PRON
emaj-172	212	2	is	be	AUX
emaj-172	212	3	below	below	ADP
emaj-172	212	4	the	the	DET
emaj-172	212	5	threshold	threshold	NOUN
emaj-172	212	6	of	of	ADP
emaj-172	212	7	0.1	0.1	NUM
emaj-172	212	8	stated	state	VERB
emaj-172	212	9	in	in	ADP
emaj-172	212	10	alexander	alexander	PROPN
emaj-172	212	11	(	(	PUNCT
emaj-172	212	12	2008	2008	NUM
emaj-172	212	13	)	)	PUNCT
emaj-172	212	14	.	.	PUNCT
emaj-172	213	1	thus	thus	ADV
emaj-172	213	2	,	,	PUNCT
emaj-172	213	3	the	the	DET
emaj-172	213	4	market	market	NOUN
emaj-172	213	5	has	have	VERB
emaj-172	213	6	different	different	ADJ
emaj-172	213	7	reactions	reaction	NOUN
emaj-172	213	8	to	to	ADP
emaj-172	213	9	negative	negative	ADJ
emaj-172	213	10	past	past	ADJ
emaj-172	213	11	returns	return	NOUN
emaj-172	213	12	but	but	CCONJ
emaj-172	213	13	,	,	PUNCT
emaj-172	213	14	it	it	PRON
emaj-172	213	15	is	be	AUX
emaj-172	213	16	very	very	ADV
emaj-172	213	17	insensitive	insensitive	ADJ
emaj-172	213	18	to	to	ADP
emaj-172	213	19	market	market	NOUN
emaj-172	213	20	events	event	NOUN
emaj-172	213	21	.	.	PUNCT
emaj-172	214	1	this	this	DET
emaj-172	214	2	observation	observation	NOUN
emaj-172	214	3	could	could	AUX
emaj-172	214	4	be	be	AUX
emaj-172	214	5	due	due	ADJ
emaj-172	214	6	to	to	ADP
emaj-172	214	7	the	the	DET
emaj-172	214	8	asynchronous	asynchronous	ADJ
emaj-172	214	9	and	and	CCONJ
emaj-172	214	10	thin	thin	ADJ
emaj-172	214	11	trading	trading	NOUN
emaj-172	214	12	effects	effect	NOUN
emaj-172	214	13	in	in	ADP
emaj-172	214	14	much	much	ADJ
emaj-172	214	15	of	of	ADP
emaj-172	214	16	the	the	DET
emaj-172	214	17	frontier	frontier	NOUN
emaj-172	214	18	markets	market	NOUN
emaj-172	214	19	of	of	ADP
emaj-172	214	20	sub	sub	ADJ
emaj-172	214	21	-	-	ADJ
emaj-172	214	22	saharan	saharan	ADJ
emaj-172	214	23	africa	africa	PROPN
emaj-172	214	24	with	with	ADP
emaj-172	214	25	a	a	DET
emaj-172	214	26	small	small	ADJ
emaj-172	214	27	number	number	NOUN
emaj-172	214	28	of	of	ADP
emaj-172	214	29	institutional	institutional	ADJ
emaj-172	214	30	investors	investor	NOUN
emaj-172	214	31	and	and	CCONJ
emaj-172	214	32	market	market	NOUN
emaj-172	214	33	analysts	analyst	NOUN
emaj-172	214	34	keeping	keep	VERB
emaj-172	214	35	an	an	DET
emaj-172	214	36	eye	eye	NOUN
emaj-172	214	37	on	on	ADP
emaj-172	214	38	market	market	NOUN
emaj-172	214	39	developments	development	NOUN
emaj-172	214	40	.	.	PUNCT
emaj-172	215	1	the	the	DET
emaj-172	215	2	rate	rate	NOUN
emaj-172	215	3	of	of	ADP
emaj-172	215	4	convergence	convergence	NOUN
emaj-172	215	5	of	of	ADP
emaj-172	215	6	the	the	DET
emaj-172	215	7	volatility	volatility	NOUN
emaj-172	215	8	to	to	ADP
emaj-172	215	9	its	its	PRON
emaj-172	215	10	long	long	ADJ
emaj-172	215	11	term	term	NOUN
emaj-172	215	12	level	level	NOUN
emaj-172	215	13	is	be	AUX
emaj-172	215	14	and	and	CCONJ
emaj-172	215	15	,	,	PUNCT
emaj-172	215	16	respectively	respectively	ADV
emaj-172	215	17	,	,	PUNCT
emaj-172	215	18	for	for	ADP
emaj-172	215	19	the	the	DET
emaj-172	215	20	low	low	ADJ
emaj-172	215	21	and	and	CCONJ
emaj-172	215	22	high	high	ADJ
emaj-172	215	23	regimes	regime	NOUN
emaj-172	215	24	.	.	PUNCT
emaj-172	216	1	the	the	DET
emaj-172	216	2	term	term	NOUN
emaj-172	216	3	structure	structure	NOUN
emaj-172	216	4	of	of	ADP
emaj-172	216	5	volatility	volatility	NOUN
emaj-172	216	6	for	for	ADP
emaj-172	216	7	regime	regime	NOUN
emaj-172	216	8	2	2	NUM
emaj-172	216	9	is	be	AUX
emaj-172	216	10	therefore	therefore	ADV
emaj-172	216	11	relatively	relatively	ADV
emaj-172	216	12	flat	flat	ADJ
emaj-172	216	13	compared	compare	VERB
emaj-172	216	14	to	to	ADP
emaj-172	216	15	regime	regime	NOUN
emaj-172	216	16	1	1	NUM
emaj-172	216	17	.	.	PUNCT
emaj-172	217	1	the	the	DET
emaj-172	217	2	tails	tail	NOUN
emaj-172	217	3	of	of	ADP
emaj-172	217	4	both	both	DET
emaj-172	217	5	regimes	regime	NOUN
emaj-172	217	6	are	be	AUX
emaj-172	217	7	fat	fat	ADJ
emaj-172	217	8	.	.	PUNCT
emaj-172	218	1	this	this	PRON
emaj-172	218	2	is	be	AUX
emaj-172	218	3	supported	support	VERB
emaj-172	218	4	by	by	ADP
emaj-172	218	5	the	the	DET
emaj-172	218	6	histogram	histogram	NOUN
emaj-172	218	7	in	in	ADP
emaj-172	218	8	figure	figure	NOUN
emaj-172	218	9	3	3	NUM
emaj-172	218	10	of	of	ADP
emaj-172	218	11	the	the	DET
emaj-172	218	12	returns	return	NOUN
emaj-172	218	13	of	of	ADP
emaj-172	218	14	the	the	DET
emaj-172	218	15	bsi	bsi	PROPN
emaj-172	218	16	dci	dci	PROPN
emaj-172	218	17	index	index	PROPN
emaj-172	218	18	.	.	PUNCT
emaj-172	219	1	investors	investor	NOUN
emaj-172	219	2	can	can	AUX
emaj-172	219	3	therefore	therefore	ADV
emaj-172	219	4	make	make	VERB
emaj-172	219	5	rich	rich	ADJ
emaj-172	219	6	pickings	picking	NOUN
emaj-172	219	7	in	in	ADP
emaj-172	219	8	the	the	DET
emaj-172	219	9	market	market	NOUN
emaj-172	219	10	with	with	ADP
emaj-172	219	11	careful	careful	ADJ
emaj-172	219	12	selection	selection	NOUN
emaj-172	219	13	of	of	ADP
emaj-172	219	14	equities	equity	NOUN
emaj-172	219	15	.	.	PUNCT
emaj-172	220	1	the	the	DET
emaj-172	220	2	shape	shape	NOUN
emaj-172	220	3	of	of	ADP
emaj-172	220	4	the	the	DET
emaj-172	220	5	distribution	distribution	NOUN
emaj-172	220	6	in	in	ADP
emaj-172	220	7	regime	regime	NOUN
emaj-172	220	8	1	1	NUM
emaj-172	220	9	is	be	AUX
emaj-172	220	10	relatively	relatively	ADV
emaj-172	220	11	skewed	skewed	ADJ
emaj-172	220	12	(	(	PUNCT
emaj-172	220	13	volume	volume	NOUN
emaj-172	220	14	9	9	NUM
emaj-172	220	15	no	no	DET
emaj-172	220	16	1	1	NUM
emaj-172	220	17	(	(	PUNCT
emaj-172	220	18	2019	2019	NUM
emaj-172	220	19	)	)	PUNCT
emaj-172	220	20	|	|	ADV
emaj-172	220	21	issn	issn	VERB
emaj-172	220	22	2158	2158	NUM
emaj-172	220	23	-	-	SYM
emaj-172	220	24	8708	8708	NUM
emaj-172	220	25	(	(	PUNCT
emaj-172	220	26	online	online	NOUN
emaj-172	220	27	)	)	PUNCT
emaj-172	221	1	|	|	ADV
emaj-172	221	2	doi	doi	X
emaj-172	221	3	10.5195	10.5195	NUM
emaj-172	221	4	/	/	SYM
emaj-172	221	5	emaj.2019.172	emaj.2019.172	NOUN
emaj-172	221	6	|	|	ADV
emaj-172	221	7	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-172	221	8	carl	carl	PROPN
emaj-172	221	9	hope	hope	PROPN
emaj-172	221	10	korkpoe	korkpoe	PROPN
emaj-172	221	11	,	,	PUNCT
emaj-172	221	12	nathanial	nathanial	ADJ
emaj-172	221	13	howard	howard	ADJ
emaj-172	221	14	emerging	emerge	VERB
emaj-172	221	15	markets	market	NOUN
emaj-172	221	16	journal	journal	NOUN
emaj-172	221	17	|	|	ADV
emaj-172	221	18	p	p	NOUN
emaj-172	221	19	a	a	DET
emaj-172	221	20	g	g	NOUN
emaj-172	221	21	e	e	NOUN
emaj-172	221	22	|75	|75	X
emaj-172	221	23	)	)	PUNCT
emaj-172	221	24	compared	compare	VERB
emaj-172	221	25	with	with	ADP
emaj-172	221	26	the	the	DET
emaj-172	221	27	almost	almost	ADV
emaj-172	221	28	symmetrical	symmetrical	ADJ
emaj-172	221	29	shape	shape	NOUN
emaj-172	221	30	of	of	ADP
emaj-172	221	31	regime	regime	NOUN
emaj-172	221	32	2	2	NUM
emaj-172	221	33	(	(	PUNCT
emaj-172	221	34	)	)	PUNCT
emaj-172	221	35	.	.	PUNCT
emaj-172	222	1	nairobi	nairobi	PROPN
emaj-172	222	2	stock	stock	PROPN
emaj-172	222	3	exchange	exchange	PROPN
emaj-172	222	4	the	the	DET
emaj-172	222	5	volatility	volatility	NOUN
emaj-172	222	6	of	of	ADP
emaj-172	222	7	the	the	DET
emaj-172	222	8	market	market	NOUN
emaj-172	222	9	index	index	NOUN
emaj-172	222	10	in	in	ADP
emaj-172	222	11	nairobi	nairobi	PROPN
emaj-172	222	12	in	in	ADP
emaj-172	222	13	both	both	DET
emaj-172	222	14	regimes	regime	NOUN
emaj-172	222	15	is	be	AUX
emaj-172	222	16	very	very	ADV
emaj-172	222	17	sensitive	sensitive	ADJ
emaj-172	222	18	to	to	ADP
emaj-172	222	19	past	past	ADJ
emaj-172	222	20	market	market	NOUN
emaj-172	222	21	events	event	NOUN
emaj-172	222	22	(	(	PUNCT
emaj-172	222	23	)	)	PUNCT
emaj-172	222	24	.	.	PUNCT
emaj-172	223	1	this	this	PRON
emaj-172	223	2	might	might	AUX
emaj-172	223	3	suggest	suggest	VERB
emaj-172	223	4	an	an	DET
emaj-172	223	5	active	active	ADJ
emaj-172	223	6	market	market	NOUN
emaj-172	223	7	with	with	ADP
emaj-172	223	8	lots	lot	NOUN
emaj-172	223	9	of	of	ADP
emaj-172	223	10	market	market	NOUN
emaj-172	223	11	analysts	analyst	NOUN
emaj-172	223	12	and	and	CCONJ
emaj-172	223	13	seasoned	seasoned	ADJ
emaj-172	223	14	or	or	CCONJ
emaj-172	223	15	institutional	institutional	ADJ
emaj-172	223	16	investors	investor	NOUN
emaj-172	223	17	.	.	PUNCT
emaj-172	224	1	unconditional	unconditional	ADJ
emaj-172	224	2	volatility	volatility	NOUN
emaj-172	224	3	of	of	ADP
emaj-172	224	4	regimes	regime	NOUN
emaj-172	224	5	1	1	NUM
emaj-172	224	6	and	and	CCONJ
emaj-172	224	7	2	2	NUM
emaj-172	224	8	respectively	respectively	ADV
emaj-172	224	9	is	be	AUX
emaj-172	224	10	11.23	11.23	NUM
emaj-172	224	11	%	%	NOUN
emaj-172	224	12	and	and	CCONJ
emaj-172	224	13	29.52	29.52	NUM
emaj-172	224	14	%	%	NOUN
emaj-172	224	15	.	.	PUNCT
emaj-172	225	1	the	the	DET
emaj-172	225	2	distributions	distribution	NOUN
emaj-172	225	3	of	of	ADP
emaj-172	225	4	returns	return	NOUN
emaj-172	225	5	are	be	AUX
emaj-172	225	6	heavy	heavy	ADV
emaj-172	225	7	-	-	PUNCT
emaj-172	225	8	tailed	tailed	ADJ
emaj-172	225	9	in	in	ADP
emaj-172	225	10	both	both	DET
emaj-172	225	11	regimes	regime	NOUN
emaj-172	225	12	(	(	PUNCT
emaj-172	225	13	)	)	PUNCT
emaj-172	225	14	,	,	PUNCT
emaj-172	225	15	suggesting	suggest	VERB
emaj-172	225	16	the	the	DET
emaj-172	225	17	possibility	possibility	NOUN
emaj-172	225	18	of	of	ADP
emaj-172	225	19	extreme	extreme	ADJ
emaj-172	225	20	returns	return	NOUN
emaj-172	225	21	for	for	ADP
emaj-172	225	22	either	either	DET
emaj-172	225	23	regime	regime	NOUN
emaj-172	225	24	.	.	PUNCT
emaj-172	226	1	the	the	DET
emaj-172	226	2	volatility	volatility	NOUN
emaj-172	226	3	persistence	persistence	NOUN
emaj-172	226	4	across	across	ADP
emaj-172	226	5	both	both	DET
emaj-172	226	6	regimes	regime	NOUN
emaj-172	226	7	are	be	AUX
emaj-172	226	8	similar	similar	ADJ
emaj-172	226	9	,	,	PUNCT
emaj-172	226	10	and	and	CCONJ
emaj-172	226	11	.	.	PUNCT
emaj-172	227	1	these	these	DET
emaj-172	227	2	values	value	NOUN
emaj-172	227	3	suggest	suggest	VERB
emaj-172	227	4	that	that	SCONJ
emaj-172	227	5	,	,	PUNCT
emaj-172	227	6	volatility	volatility	NOUN
emaj-172	227	7	takes	take	VERB
emaj-172	227	8	a	a	DET
emaj-172	227	9	long	long	ADJ
emaj-172	227	10	time	time	NOUN
emaj-172	227	11	to	to	PART
emaj-172	227	12	die	die	VERB
emaj-172	227	13	out	out	ADP
emaj-172	227	14	following	follow	VERB
emaj-172	227	15	a	a	DET
emaj-172	227	16	market	market	NOUN
emaj-172	227	17	jolt	jolt	NOUN
emaj-172	227	18	.	.	PUNCT
emaj-172	228	1	the	the	DET
emaj-172	228	2	shape	shape	NOUN
emaj-172	228	3	of	of	ADP
emaj-172	228	4	the	the	DET
emaj-172	228	5	distribution	distribution	NOUN
emaj-172	228	6	parameters	parameter	NOUN
emaj-172	228	7	,	,	PUNCT
emaj-172	228	8	and	and	CCONJ
emaj-172	228	9	respectively	respectively	ADV
emaj-172	228	10	for	for	ADP
emaj-172	228	11	regimes	regime	NOUN
emaj-172	228	12	1	1	NUM
emaj-172	228	13	and	and	CCONJ
emaj-172	228	14	2	2	NUM
emaj-172	228	15	,	,	PUNCT
emaj-172	228	16	suggest	suggest	VERB
emaj-172	228	17	slight	slight	ADJ
emaj-172	228	18	asymmetries	asymmetry	NOUN
emaj-172	228	19	in	in	ADP
emaj-172	228	20	the	the	DET
emaj-172	228	21	distributions	distribution	NOUN
emaj-172	228	22	.	.	PUNCT
emaj-172	229	1	in	in	ADP
emaj-172	229	2	their	their	PRON
emaj-172	229	3	work	work	NOUN
emaj-172	229	4	,	,	PUNCT
emaj-172	229	5	fernandez	fernandez	PROPN
emaj-172	229	6	and	and	CCONJ
emaj-172	229	7	steel	steel	NOUN
emaj-172	229	8	(	(	PUNCT
emaj-172	229	9	1998	1998	NUM
emaj-172	229	10	)	)	PUNCT
emaj-172	229	11	suggest	suggest	VERB
emaj-172	229	12	for	for	ADP
emaj-172	229	13	a	a	DET
emaj-172	229	14	symmetrical	symmetrical	ADJ
emaj-172	229	15	distribution	distribution	NOUN
emaj-172	229	16	.	.	PUNCT
emaj-172	230	1	the	the	DET
emaj-172	230	2	evolution	evolution	NOUN
emaj-172	230	3	of	of	ADP
emaj-172	230	4	the	the	DET
emaj-172	230	5	conditional	conditional	ADJ
emaj-172	230	6	volatility	volatility	NOUN
emaj-172	230	7	for	for	ADP
emaj-172	230	8	the	the	DET
emaj-172	230	9	four	four	NUM
emaj-172	230	10	exchanges	exchange	NOUN
emaj-172	230	11	during	during	ADP
emaj-172	230	12	the	the	DET
emaj-172	230	13	sample	sample	NOUN
emaj-172	230	14	period	period	NOUN
emaj-172	230	15	is	be	AUX
emaj-172	230	16	shown	show	VERB
emaj-172	230	17	in	in	ADP
emaj-172	230	18	figure	figure	NOUN
emaj-172	230	19	4	4	NUM
emaj-172	230	20	.	.	PUNCT
emaj-172	230	21	figure	figure	VERB
emaj-172	230	22	4	4	NUM
emaj-172	230	23	.	.	PUNCT
emaj-172	231	1	conditional	conditional	ADJ
emaj-172	231	2	volatility	volatility	NOUN
emaj-172	231	3	of	of	ADP
emaj-172	231	4	the	the	DET
emaj-172	231	5	index	index	NOUN
emaj-172	231	6	returns	return	NOUN
emaj-172	231	7	of	of	ADP
emaj-172	231	8	the	the	DET
emaj-172	231	9	four	four	NUM
emaj-172	231	10	sub	sub	ADJ
emaj-172	231	11	-	-	ADJ
emaj-172	231	12	saharan	saharan	ADJ
emaj-172	231	13	equities	equity	NOUN
emaj-172	231	14	for	for	ADP
emaj-172	231	15	each	each	PRON
emaj-172	231	16	of	of	ADP
emaj-172	231	17	these	these	DET
emaj-172	231	18	countries	country	NOUN
emaj-172	231	19	,	,	PUNCT
emaj-172	231	20	volatility	volatility	NOUN
emaj-172	231	21	surges	surge	NOUN
emaj-172	231	22	are	be	AUX
emaj-172	231	23	sharp	sharp	ADJ
emaj-172	231	24	,	,	PUNCT
emaj-172	231	25	but	but	CCONJ
emaj-172	231	26	revert	revert	VERB
emaj-172	231	27	quickly	quickly	ADV
emaj-172	231	28	to	to	ADP
emaj-172	231	29	moderate	moderate	ADJ
emaj-172	231	30	levels	level	NOUN
emaj-172	231	31	.	.	PUNCT
emaj-172	232	1	the	the	DET
emaj-172	232	2	volatility	volatility	NOUN
emaj-172	232	3	uptick	uptick	NOUN
emaj-172	232	4	in	in	ADP
emaj-172	232	5	most	most	ADJ
emaj-172	232	6	cases	case	NOUN
emaj-172	232	7	is	be	AUX
emaj-172	232	8	clearly	clearly	ADV
emaj-172	232	9	due	due	ADJ
emaj-172	232	10	to	to	ADP
emaj-172	232	11	investor	investor	NOUN
emaj-172	232	12	nervousness	nervousness	NOUN
emaj-172	232	13	about	about	ADP
emaj-172	232	14	developments	development	NOUN
emaj-172	232	15	in	in	ADP
emaj-172	232	16	the	the	DET
emaj-172	232	17	underlying	underlie	VERB
emaj-172	232	18	economy	economy	NOUN
emaj-172	232	19	.	.	PUNCT
emaj-172	233	1	for	for	ADP
emaj-172	233	2	the	the	DET
emaj-172	233	3	most	most	ADJ
emaj-172	233	4	part	part	NOUN
emaj-172	233	5	,	,	PUNCT
emaj-172	233	6	the	the	DET
emaj-172	233	7	effects	effect	NOUN
emaj-172	233	8	of	of	ADP
emaj-172	233	9	thin	thin	ADJ
emaj-172	233	10	and	and	CCONJ
emaj-172	233	11	asynchronous	asynchronous	ADJ
emaj-172	233	12	trading	trading	NOUN
emaj-172	233	13	observed	observe	VERB
emaj-172	233	14	by	by	ADP
emaj-172	233	15	mlambo	mlambo	NOUN
emaj-172	233	16	and	and	CCONJ
emaj-172	233	17	biekpe	biekpe	NOUN
emaj-172	233	18	(	(	PUNCT
emaj-172	233	19	2005	2005	NUM
emaj-172	233	20	)	)	PUNCT
emaj-172	233	21	in	in	ADP
emaj-172	233	22	most	most	ADJ
emaj-172	233	23	african	african	ADJ
emaj-172	233	24	equities	equity	NOUN
emaj-172	233	25	is	be	AUX
emaj-172	233	26	prevalent	prevalent	ADJ
emaj-172	233	27	as	as	SCONJ
emaj-172	233	28	seen	see	VERB
emaj-172	233	29	in	in	ADP
emaj-172	233	30	the	the	DET
emaj-172	233	31	dominance	dominance	NOUN
emaj-172	233	32	of	of	ADP
emaj-172	233	33	low	low	ADJ
emaj-172	233	34	volatility	volatility	NOUN
emaj-172	233	35	regimes	regime	NOUN
emaj-172	233	36	across	across	ADP
emaj-172	233	37	the	the	DET
emaj-172	233	38	countries	country	NOUN
emaj-172	233	39	studied	study	VERB
emaj-172	233	40	.	.	PUNCT
emaj-172	234	1	vi	vi	X
emaj-172	234	2	.	.	NOUN
emaj-172	234	3	backtesting	backteste	VERB
emaj-172	234	4	the	the	DET
emaj-172	234	5	results	result	NOUN
emaj-172	234	6	we	we	PRON
emaj-172	234	7	checked	check	VERB
emaj-172	234	8	our	our	PRON
emaj-172	234	9	results	result	NOUN
emaj-172	234	10	out	out	ADP
emaj-172	234	11	-	-	PUNCT
emaj-172	234	12	of	of	ADP
emaj-172	234	13	-	-	PUNCT
emaj-172	234	14	sample	sample	NOUN
emaj-172	234	15	as	as	ADP
emaj-172	234	16	a	a	DET
emaj-172	234	17	precaution	precaution	NOUN
emaj-172	234	18	against	against	ADP
emaj-172	234	19	overfitting	overfitting	NOUN
emaj-172	234	20	of	of	ADP
emaj-172	234	21	the	the	DET
emaj-172	234	22	models	model	NOUN
emaj-172	234	23	to	to	ADP
emaj-172	234	24	the	the	DET
emaj-172	234	25	data	datum	NOUN
emaj-172	234	26	.	.	PUNCT
emaj-172	235	1	complex	complex	ADJ
emaj-172	235	2	statistical	statistical	ADJ
emaj-172	235	3	models	model	NOUN
emaj-172	235	4	are	be	AUX
emaj-172	235	5	notoriously	notoriously	ADV
emaj-172	235	6	prone	prone	ADJ
emaj-172	235	7	to	to	ADP
emaj-172	235	8	overfitting	overfitte	VERB
emaj-172	235	9	and	and	CCONJ
emaj-172	235	10	perform	perform	VERB
emaj-172	235	11	poorly	poorly	ADV
emaj-172	235	12	out	out	ADP
emaj-172	235	13	-	-	PUNCT
emaj-172	235	14	of	of	ADP
emaj-172	235	15	-	-	PUNCT
emaj-172	235	16	sample	sample	NOUN
emaj-172	235	17	,	,	PUNCT
emaj-172	235	18	where	where	SCONJ
emaj-172	235	19	they	they	PRON
emaj-172	235	20	are	be	AUX
emaj-172	235	21	most	most	ADV
emaj-172	235	22	relevant	relevant	ADJ
emaj-172	235	23	.	.	PUNCT
emaj-172	236	1	cawley	cawley	NOUN
emaj-172	236	2	and	and	CCONJ
emaj-172	236	3	talbot	talbot	PROPN
emaj-172	236	4	(	(	PUNCT
emaj-172	236	5	2007	2007	NUM
emaj-172	236	6	)	)	PUNCT
emaj-172	236	7	discuss	discuss	VERB
emaj-172	236	8	extensively	extensively	ADV
emaj-172	236	9	the	the	DET
emaj-172	236	10	problems	problem	NOUN
emaj-172	236	11	particularly	particularly	ADV
emaj-172	236	12	with	with	ADP
emaj-172	236	13	bayesian	bayesian	NOUN
emaj-172	236	14	models	model	NOUN
emaj-172	236	15	in	in	ADP
emaj-172	236	16	machine	machine	NOUN
emaj-172	236	17	learning	learning	NOUN
emaj-172	236	18	.	.	PUNCT
emaj-172	237	1	we	we	PRON
emaj-172	237	2	aim	aim	VERB
emaj-172	237	3	to	to	PART
emaj-172	237	4	assess	assess	VERB
emaj-172	237	5	the	the	DET
emaj-172	237	6	robustness	robustness	NOUN
emaj-172	237	7	of	of	ADP
emaj-172	237	8	our	our	PRON
emaj-172	237	9	models	model	NOUN
emaj-172	237	10	in	in	ADP
emaj-172	237	11	predicting	predict	VERB
emaj-172	237	12	correctly	correctly	ADV
emaj-172	237	13	the	the	DET
emaj-172	237	14	value	value	NOUN
emaj-172	237	15	-	-	PUNCT
emaj-172	237	16	at	at	ADP
emaj-172	237	17	-	-	PUNCT
emaj-172	237	18	risk	risk	NOUN
emaj-172	237	19	at	at	ADP
emaj-172	237	20	the	the	DET
emaj-172	237	21	standard	standard	ADJ
emaj-172	237	22	5	5	NUM
emaj-172	237	23	%	%	NOUN
emaj-172	237	24	quantile	quantile	NOUN
emaj-172	237	25	.	.	PUNCT
emaj-172	238	1	we	we	PRON
emaj-172	238	2	utilized	utilize	VERB
emaj-172	238	3	the	the	DET
emaj-172	238	4	conditional	conditional	ADJ
emaj-172	238	5	coverage	coverage	NOUN
emaj-172	238	6	test	test	NOUN
emaj-172	238	7	(	(	PUNCT
emaj-172	238	8	cc	cc	NOUN
emaj-172	238	9	)	)	PUNCT
emaj-172	238	10	of	of	ADP
emaj-172	238	11	christoffersen	christoffersen	NOUN
emaj-172	238	12	(	(	PUNCT
emaj-172	238	13	1998	1998	NUM
emaj-172	238	14	)	)	PUNCT
emaj-172	238	15	and	and	CCONJ
emaj-172	238	16	the	the	DET
emaj-172	238	17	dynamic	dynamic	ADJ
emaj-172	238	18	quantile	quantile	NOUN
emaj-172	238	19	(	(	PUNCT
emaj-172	238	20	dq	dq	NOUN
emaj-172	238	21	)	)	PUNCT
emaj-172	238	22	test	test	NOUN
emaj-172	238	23	of	of	ADP
emaj-172	238	24	engle	engle	PROPN
emaj-172	238	25	and	and	CCONJ
emaj-172	238	26	manganelli	manganelli	NOUN
emaj-172	238	27	(	(	PUNCT
emaj-172	238	28	2004	2004	NUM
emaj-172	238	29	)	)	PUNCT
emaj-172	238	30	.	.	PUNCT
emaj-172	239	1	the	the	DET
emaj-172	239	2	cc	cc	PROPN
emaj-172	239	3	test	test	NOUN
emaj-172	239	4	jointly	jointly	ADV
emaj-172	239	5	tests	test	VERB
emaj-172	239	6	for	for	ADP
emaj-172	239	7	the	the	DET
emaj-172	239	8	independence	independence	NOUN
emaj-172	239	9	(	(	PUNCT
emaj-172	239	10	kupiec	kupiec	NOUN
emaj-172	239	11	1995	1995	NUM
emaj-172	239	12	)	)	PUNCT
emaj-172	239	13	and	and	CCONJ
emaj-172	239	14	unconditional	unconditional	ADJ
emaj-172	239	15	coverage	coverage	NOUN
emaj-172	239	16	(	(	PUNCT
emaj-172	239	17	christoffersen	christoffersen	VERB
emaj-172	239	18	1998	1998	NUM
emaj-172	239	19	)	)	PUNCT
emaj-172	239	20	provided	provide	VERB
emaj-172	239	21	that	that	SCONJ
emaj-172	239	22	,	,	PUNCT
emaj-172	239	23	the	the	DET
emaj-172	239	24	var	var	NOUN
emaj-172	239	25	exceedances	exceedance	NOUN
emaj-172	239	26	are	be	AUX
emaj-172	239	27	independent	independent	ADJ
emaj-172	239	28	and	and	CCONJ
emaj-172	239	29	non	non	ADJ
emaj-172	239	30	-	-	ADJ
emaj-172	239	31	autocorrelated	autocorrelated	ADJ
emaj-172	239	32	.	.	PUNCT
emaj-172	240	1	thus	thus	ADV
emaj-172	240	2	,	,	PUNCT
emaj-172	240	3	the	the	DET
emaj-172	240	4	null	null	ADJ
emaj-172	240	5	hypothesis	hypothesis	NOUN
emaj-172	240	6	is	be	AUX
emaj-172	240	7	that	that	SCONJ
emaj-172	240	8	,	,	PUNCT
emaj-172	240	9	exceedances	exceedance	NOUN
emaj-172	240	10	are	be	AUX
emaj-172	240	11	independent	independent	ADJ
emaj-172	240	12	and	and	CCONJ
emaj-172	240	13	are	be	AUX
emaj-172	240	14	also	also	ADV
emaj-172	240	15	derived	derive	VERB
emaj-172	240	16	from	from	ADP
emaj-172	240	17	the	the	DET
emaj-172	240	18	conditional	conditional	ADJ
emaj-172	240	19	and	and	CCONJ
emaj-172	240	20	unconditional	unconditional	ADJ
emaj-172	240	21	coverage	coverage	NOUN
emaj-172	240	22	test	test	NOUN
emaj-172	240	23	statistics	statistic	NOUN
emaj-172	240	24	.	.	PUNCT
emaj-172	241	1	the	the	DET
emaj-172	241	2	joint	joint	ADJ
emaj-172	241	3	statistic	statistic	NOUN
emaj-172	241	4	has	have	VERB
emaj-172	241	5	a	a	DET
emaj-172	241	6	distribution	distribution	NOUN
emaj-172	241	7	with	with	ADP
emaj-172	241	8	one	one	NUM
emaj-172	241	9	degree	degree	NOUN
emaj-172	241	10	of	of	ADP
emaj-172	241	11	freedom	freedom	NOUN
emaj-172	241	12	.	.	PUNCT
emaj-172	242	1	the	the	DET
emaj-172	242	2	dynamic	dynamic	ADJ
emaj-172	242	3	quantile	quantile	NOUN
emaj-172	242	4	(	(	PUNCT
emaj-172	242	5	dq	dq	NOUN
emaj-172	242	6	)	)	PUNCT
emaj-172	242	7	test	test	NOUN
emaj-172	242	8	of	of	ADP
emaj-172	242	9	engle	engle	PROPN
emaj-172	242	10	and	and	CCONJ
emaj-172	242	11	manganelli	manganelli	NOUN
emaj-172	242	12	for	for	ADP
emaj-172	242	13	backtesting	backteste	VERB
emaj-172	242	14	var	var	NOUN
emaj-172	242	15	models	model	NOUN
emaj-172	242	16	is	be	AUX
emaj-172	242	17	a	a	DET
emaj-172	242	18	regression	regression	NOUN
emaj-172	242	19	of	of	ADP
emaj-172	242	20	the	the	DET
emaj-172	242	21	hit	hit	NOUN
emaj-172	242	22	sequence	sequence	NOUN
emaj-172	242	23	,	,	PUNCT
emaj-172	242	24	,	,	PUNCT
emaj-172	242	25	on	on	ADP
emaj-172	242	26	a	a	DET
emaj-172	242	27	set	set	NOUN
emaj-172	242	28	of	of	ADP
emaj-172	242	29	explanatory	explanatory	ADJ
emaj-172	242	30	variables	variable	NOUN
emaj-172	242	31	including	include	VERB
emaj-172	242	32	the	the	DET
emaj-172	242	33	var	var	NOUN
emaj-172	242	34	quantiles	quantile	NOUN
emaj-172	242	35	and	and	CCONJ
emaj-172	242	36	a	a	DET
emaj-172	242	37	finite	finite	ADJ
emaj-172	242	38	number	number	NOUN
emaj-172	242	39	of	of	ADP
emaj-172	242	40	lagged	lag	VERB
emaj-172	242	41	hits	hit	NOUN
emaj-172	242	42	.	.	PUNCT
emaj-172	243	1	the	the	DET
emaj-172	243	2	dynamic	dynamic	ADJ
emaj-172	243	3	quantile	quantile	NOUN
emaj-172	243	4	test	test	NOUN
emaj-172	243	5	provides	provide	VERB
emaj-172	243	6	an	an	DET
emaj-172	243	7	overall	overall	ADJ
emaj-172	243	8	goodness	goodness	NOUN
emaj-172	243	9	-	-	PUNCT
emaj-172	243	10	of	of	ADP
emaj-172	243	11	-	-	PUNCT
emaj-172	243	12	fit	fit	NOUN
emaj-172	243	13	test	test	NOUN
emaj-172	243	14	of	of	ADP
emaj-172	243	15	the	the	DET
emaj-172	243	16	models	model	NOUN
emaj-172	243	17	under	under	ADP
emaj-172	243	18	consideration	consideration	NOUN
emaj-172	243	19	.	.	PUNCT
emaj-172	244	1	we	we	PRON
emaj-172	244	2	generated	generate	VERB
emaj-172	244	3	700	700	NUM
emaj-172	244	4	samples	sample	NOUN
emaj-172	244	5	ex	ex	NOUN
emaj-172	244	6	-	-	NOUN
emaj-172	244	7	post	post	NOUN
emaj-172	244	8	for	for	ADP
emaj-172	244	9	the	the	DET
emaj-172	244	10	0.05	0.05	NUM
emaj-172	244	11	percentile	percentile	NOUN
emaj-172	244	12	of	of	ADP
emaj-172	244	13	the	the	DET
emaj-172	244	14	returns	return	NOUN
emaj-172	244	15	from	from	ADP
emaj-172	244	16	the	the	DET
emaj-172	244	17	model	model	NOUN
emaj-172	244	18	.	.	PUNCT
emaj-172	245	1	the	the	DET
emaj-172	245	2	test	test	NOUN
emaj-172	245	3	covered	cover	VERB
emaj-172	245	4	the	the	DET
emaj-172	245	5	chosen	choose	VERB
emaj-172	245	6	regime	regime	NOUN
emaj-172	245	7	switching	switch	VERB
emaj-172	245	8	model	model	NOUN
emaj-172	245	9	and	and	CCONJ
emaj-172	245	10	its	its	PRON
emaj-172	245	11	corresponding	corresponding	ADJ
emaj-172	245	12	non	non	ADJ
emaj-172	245	13	-	-	ADJ
emaj-172	245	14	switching	switching	ADJ
emaj-172	245	15	counterpart	counterpart	NOUN
emaj-172	245	16	for	for	ADP
emaj-172	245	17	each	each	PRON
emaj-172	245	18	of	of	ADP
emaj-172	245	19	the	the	DET
emaj-172	245	20	stock	stock	NOUN
emaj-172	245	21	markets	market	NOUN
emaj-172	245	22	studied	study	VERB
emaj-172	245	23	.	.	PUNCT
emaj-172	246	1	the	the	DET
emaj-172	246	2	results	result	NOUN
emaj-172	246	3	are	be	AUX
emaj-172	246	4	shown	show	VERB
emaj-172	246	5	in	in	ADP
emaj-172	246	6	table	table	NOUN
emaj-172	246	7	10	10	NUM
emaj-172	246	8	.	.	PUNCT
emaj-172	246	9	table	table	NOUN
emaj-172	246	10	10	10	NUM
emaj-172	246	11	:	:	PUNCT
emaj-172	246	12	results	result	NOUN
emaj-172	246	13	of	of	ADP
emaj-172	246	14	conditional	conditional	ADJ
emaj-172	246	15	coverage	coverage	NOUN
emaj-172	246	16	and	and	CCONJ
emaj-172	246	17	dynamic	dynamic	ADJ
emaj-172	246	18	quantile	quantile	NOUN
emaj-172	246	19	tests	test	NOUN
emaj-172	246	20	results	result	NOUN
emaj-172	246	21	show	show	VERB
emaj-172	246	22	a	a	DET
emaj-172	246	23	better	well	ADJ
emaj-172	246	24	model	model	NOUN
emaj-172	246	25	fit	fit	NOUN
emaj-172	246	26	for	for	ADP
emaj-172	246	27	the	the	DET
emaj-172	246	28	tworegime	tworegime	ADJ
emaj-172	246	29	switching	switching	NOUN
emaj-172	246	30	models	model	NOUN
emaj-172	246	31	for	for	ADP
emaj-172	246	32	all	all	DET
emaj-172	246	33	exchanges	exchange	NOUN
emaj-172	246	34	,	,	PUNCT
emaj-172	246	35	except	except	SCONJ
emaj-172	246	36	the	the	DET
emaj-172	246	37	conditional	conditional	ADJ
emaj-172	246	38	coverage	coverage	NOUN
emaj-172	246	39	of	of	ADP
emaj-172	246	40	nairobi	nairobi	PROPN
emaj-172	246	41	.	.	PUNCT
emaj-172	247	1	the	the	DET
emaj-172	247	2	p	p	NOUN
emaj-172	247	3	-	-	PUNCT
emaj-172	247	4	values	value	NOUN
emaj-172	247	5	of	of	ADP
emaj-172	247	6	the	the	DET
emaj-172	247	7	dq	dq	NOUN
emaj-172	247	8	for	for	ADP
emaj-172	247	9	the	the	DET
emaj-172	247	10	two	two	NUM
emaj-172	247	11	-	-	PUNCT
emaj-172	247	12	regime	regime	NOUN
emaj-172	247	13	switching	switching	NOUN
emaj-172	247	14	models	model	NOUN
emaj-172	247	15	are	be	AUX
emaj-172	247	16	consistently	consistently	ADV
emaj-172	247	17	higher	high	ADJ
emaj-172	247	18	than	than	ADP
emaj-172	247	19	the	the	DET
emaj-172	247	20	single	single	ADJ
emaj-172	247	21	regime	regime	NOUN
emaj-172	247	22	models	model	NOUN
emaj-172	247	23	.	.	PUNCT
emaj-172	248	1	the	the	DET
emaj-172	248	2	conflicting	conflict	VERB
emaj-172	248	3	finding	finding	NOUN
emaj-172	248	4	of	of	ADP
emaj-172	248	5	nairobi	nairobi	PROPN
emaj-172	248	6	has	have	AUX
emaj-172	248	7	been	be	AUX
emaj-172	248	8	discussed	discuss	VERB
emaj-172	248	9	in	in	ADP
emaj-172	248	10	the	the	DET
emaj-172	248	11	finance	finance	NOUN
emaj-172	248	12	literature	literature	NOUN
emaj-172	248	13	.	.	PUNCT
emaj-172	249	1	komunjer	komunjer	PROPN
emaj-172	249	2	(	(	PUNCT
emaj-172	249	3	2013	2013	NUM
emaj-172	249	4	)	)	PUNCT
emaj-172	249	5	discussed	discuss	VERB
emaj-172	249	6	at	at	ADP
emaj-172	249	7	length	length	NOUN
emaj-172	249	8	the	the	DET
emaj-172	249	9	performance	performance	NOUN
emaj-172	249	10	of	of	ADP
emaj-172	249	11	these	these	DET
emaj-172	249	12	var	var	NOUN
emaj-172	249	13	tests	test	NOUN
emaj-172	249	14	and	and	CCONJ
emaj-172	249	15	concludes	conclude	VERB
emaj-172	249	16	that	that	SCONJ
emaj-172	249	17	the	the	DET
emaj-172	249	18	dynamic	dynamic	ADJ
emaj-172	249	19	quantile	quantile	NOUN
emaj-172	249	20	test	test	NOUN
emaj-172	249	21	by	by	ADP
emaj-172	249	22	relying	rely	VERB
emaj-172	249	23	on	on	ADP
emaj-172	249	24	out	out	ADP
emaj-172	249	25	-	-	PUNCT
emaj-172	249	26	of	of	ADP
emaj-172	249	27	-	-	PUNCT
emaj-172	249	28	sample	sample	NOUN
emaj-172	249	29	simulations	simulation	NOUN
emaj-172	249	30	instead	instead	ADV
emaj-172	249	31	of	of	ADP
emaj-172	249	32	the	the	DET
emaj-172	249	33	in	in	ADP
emaj-172	249	34	-	-	PUNCT
emaj-172	249	35	sample	sample	NOUN
emaj-172	249	36	tests	test	NOUN
emaj-172	249	37	on	on	ADP
emaj-172	249	38	which	which	PRON
emaj-172	249	39	conditional	conditional	ADJ
emaj-172	249	40	coverage	coverage	NOUN
emaj-172	249	41	is	be	AUX
emaj-172	249	42	based	base	VERB
emaj-172	249	43	is	be	AUX
emaj-172	249	44	a	a	DET
emaj-172	249	45	far	far	ADV
emaj-172	249	46	more	more	ADV
emaj-172	249	47	powerful	powerful	ADJ
emaj-172	249	48	test	test	NOUN
emaj-172	249	49	.	.	PUNCT
emaj-172	250	1	we	we	PRON
emaj-172	250	2	therefore	therefore	ADV
emaj-172	250	3	conclude	conclude	VERB
emaj-172	250	4	that	that	SCONJ
emaj-172	250	5	,	,	PUNCT
emaj-172	250	6	the	the	DET
emaj-172	250	7	two	two	NUM
emaj-172	250	8	-	-	PUNCT
emaj-172	250	9	regime	regime	NOUN
emaj-172	250	10	markov	markov	NOUN
emaj-172	250	11	switching	switch	VERB
emaj-172	250	12	egarch	egarch	NOUN
emaj-172	250	13	for	for	ADP
emaj-172	250	14	nairobi	nairobi	PROPN
emaj-172	250	15	is	be	AUX
emaj-172	250	16	a	a	DET
emaj-172	250	17	better	well	ADJ
emaj-172	250	18	fit	fit	NOUN
emaj-172	250	19	to	to	ADP
emaj-172	250	20	the	the	DET
emaj-172	250	21	returns	return	NOUN
emaj-172	250	22	.	.	PUNCT
emaj-172	251	1	vii	vii	PROPN
emaj-172	251	2	.	.	PROPN
emaj-172	251	3	conclusion	conclusion	NOUN
emaj-172	251	4	financial	financial	ADJ
emaj-172	251	5	markets	market	NOUN
emaj-172	251	6	are	be	AUX
emaj-172	251	7	subject	subject	ADJ
emaj-172	251	8	to	to	ADP
emaj-172	251	9	the	the	DET
emaj-172	251	10	developments	development	NOUN
emaj-172	251	11	in	in	ADP
emaj-172	251	12	the	the	DET
emaj-172	251	13	underlying	underlie	VERB
emaj-172	251	14	economy	economy	NOUN
emaj-172	251	15	,	,	PUNCT
emaj-172	251	16	which	which	PRON
emaj-172	251	17	ultimately	ultimately	ADV
emaj-172	251	18	transmits	transmit	VERB
emaj-172	251	19	to	to	PART
emaj-172	251	20	regime	regime	VERB
emaj-172	251	21	changes	change	NOUN
emaj-172	251	22	in	in	ADP
emaj-172	251	23	returns	return	NOUN
emaj-172	251	24	.	.	PUNCT
emaj-172	252	1	as	as	SCONJ
emaj-172	252	2	it	it	PRON
emaj-172	252	3	is	be	AUX
emaj-172	252	4	,	,	PUNCT
emaj-172	252	5	single	single	ADJ
emaj-172	252	6	regime	regime	NOUN
emaj-172	252	7	models	model	NOUN
emaj-172	252	8	do	do	AUX
emaj-172	252	9	not	not	PART
emaj-172	252	10	track	track	VERB
emaj-172	252	11	closely	closely	ADV
emaj-172	252	12	the	the	DET
emaj-172	252	13	changing	change	VERB
emaj-172	252	14	variability	variability	NOUN
emaj-172	252	15	between	between	ADP
emaj-172	252	16	bull	bull	NOUN
emaj-172	252	17	and	and	CCONJ
emaj-172	252	18	bear	bear	NOUN
emaj-172	252	19	markets	market	NOUN
emaj-172	252	20	volume	volume	VERB
emaj-172	252	21	9	9	NUM
emaj-172	252	22	no	no	DET
emaj-172	252	23	1	1	NUM
emaj-172	252	24	(	(	PUNCT
emaj-172	252	25	2019	2019	NUM
emaj-172	252	26	)	)	PUNCT
emaj-172	252	27	|	|	ADV
emaj-172	252	28	issn	issn	VERB
emaj-172	252	29	2158	2158	NUM
emaj-172	252	30	-	-	SYM
emaj-172	252	31	8708	8708	NUM
emaj-172	252	32	(	(	PUNCT
emaj-172	252	33	online	online	NOUN
emaj-172	252	34	)	)	PUNCT
emaj-172	252	35	|	|	ADV
emaj-172	252	36	doi	doi	X
emaj-172	252	37	10.5195	10.5195	NUM
emaj-172	252	38	/	/	SYM
emaj-172	252	39	emaj.2019.172	emaj.2019.172	NOUN
emaj-172	252	40	|	|	ADV
emaj-172	252	41	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-172	252	42	volatility	volatility	NOUN
emaj-172	252	43	model	model	NOUN
emaj-172	252	44	choice	choice	NOUN
emaj-172	252	45	for	for	ADP
emaj-172	252	46	sub	sub	ADJ
emaj-172	252	47	-	-	ADJ
emaj-172	252	48	saharan	saharan	ADJ
emaj-172	252	49	frontier	frontier	NOUN
emaj-172	252	50	equity	equity	NOUN
emaj-172	252	51	markets	market	VERB
emaj-172	252	52	a	a	DET
emaj-172	252	53	markov	markov	NOUN
emaj-172	252	54	regime	regime	NOUN
emaj-172	252	55	switching	switch	VERB
emaj-172	252	56	bayesian	bayesian	NOUN
emaj-172	252	57	approach	approach	NOUN
emaj-172	252	58	page	page	NOUN
emaj-172	252	59	|76|	|76|	NOUN
emaj-172	252	60	emerging	emerge	VERB
emaj-172	252	61	markets	market	NOUN
emaj-172	252	62	journal	journal	NOUN
emaj-172	252	63	observed	observe	VERB
emaj-172	252	64	in	in	ADP
emaj-172	252	65	equity	equity	NOUN
emaj-172	252	66	returns	return	NOUN
emaj-172	252	67	.	.	PUNCT
emaj-172	253	1	risk	risk	NOUN
emaj-172	253	2	dynamics	dynamic	NOUN
emaj-172	253	3	do	do	AUX
emaj-172	253	4	change	change	VERB
emaj-172	253	5	in	in	ADP
emaj-172	253	6	response	response	NOUN
emaj-172	253	7	to	to	ADP
emaj-172	253	8	the	the	DET
emaj-172	253	9	economies	economy	NOUN
emaj-172	253	10	in	in	ADP
emaj-172	253	11	which	which	PRON
emaj-172	253	12	markets	market	NOUN
emaj-172	253	13	operate	operate	VERB
emaj-172	253	14	.	.	PUNCT
emaj-172	254	1	for	for	ADP
emaj-172	254	2	the	the	DET
emaj-172	254	3	sub	sub	ADJ
emaj-172	254	4	-	-	ADJ
emaj-172	254	5	saharan	saharan	ADJ
emaj-172	254	6	african	african	ADJ
emaj-172	254	7	equity	equity	NOUN
emaj-172	254	8	markets	market	NOUN
emaj-172	254	9	with	with	ADP
emaj-172	254	10	a	a	DET
emaj-172	254	11	dearth	dearth	NOUN
emaj-172	254	12	of	of	ADP
emaj-172	254	13	market	market	NOUN
emaj-172	254	14	information	information	NOUN
emaj-172	254	15	to	to	PART
emaj-172	254	16	aid	aid	VERB
emaj-172	254	17	decision	decision	NOUN
emaj-172	254	18	-	-	PUNCT
emaj-172	254	19	making	making	NOUN
emaj-172	254	20	(	(	PUNCT
emaj-172	254	21	enisan	enisan	ADJ
emaj-172	254	22	and	and	CCONJ
emaj-172	254	23	olufisayo	olufisayo	NOUN
emaj-172	254	24	2009	2009	NUM
emaj-172	254	25	)	)	PUNCT
emaj-172	254	26	,	,	PUNCT
emaj-172	254	27	keeping	keep	VERB
emaj-172	254	28	an	an	DET
emaj-172	254	29	eye	eye	NOUN
emaj-172	254	30	on	on	ADP
emaj-172	254	31	the	the	DET
emaj-172	254	32	developments	development	NOUN
emaj-172	254	33	in	in	ADP
emaj-172	254	34	the	the	DET
emaj-172	254	35	broader	broad	ADJ
emaj-172	254	36	economy	economy	NOUN
emaj-172	254	37	together	together	ADV
emaj-172	254	38	with	with	ADP
emaj-172	254	39	how	how	SCONJ
emaj-172	254	40	this	this	PRON
emaj-172	254	41	affects	affect	VERB
emaj-172	254	42	market	market	NOUN
emaj-172	254	43	returns	return	NOUN
emaj-172	254	44	should	should	AUX
emaj-172	254	45	provide	provide	VERB
emaj-172	254	46	competitive	competitive	ADJ
emaj-172	254	47	advantage	advantage	NOUN
emaj-172	254	48	to	to	ADP
emaj-172	254	49	investors	investor	NOUN
emaj-172	254	50	.	.	PUNCT
emaj-172	255	1	estimating	estimate	VERB
emaj-172	255	2	volatility	volatility	NOUN
emaj-172	255	3	using	use	VERB
emaj-172	255	4	regime	regime	NOUN
emaj-172	255	5	switching	switch	VERB
emaj-172	255	6	informs	inform	VERB
emaj-172	255	7	investing	invest	VERB
emaj-172	255	8	by	by	ADP
emaj-172	255	9	using	use	VERB
emaj-172	255	10	risk	risk	NOUN
emaj-172	255	11	estimates	estimate	NOUN
emaj-172	255	12	,	,	PUNCT
emaj-172	255	13	which	which	PRON
emaj-172	255	14	fairly	fairly	ADV
emaj-172	255	15	reflect	reflect	VERB
emaj-172	255	16	existing	exist	VERB
emaj-172	255	17	market	market	NOUN
emaj-172	255	18	conditions	condition	NOUN
emaj-172	255	19	through	through	ADP
emaj-172	255	20	the	the	DET
emaj-172	255	21	responsiveness	responsiveness	NOUN
emaj-172	255	22	of	of	ADP
emaj-172	255	23	the	the	DET
emaj-172	255	24	estimating	estimate	VERB
emaj-172	255	25	models	model	NOUN
emaj-172	255	26	to	to	PART
emaj-172	255	27	risk	risk	VERB
emaj-172	255	28	.	.	PUNCT
emaj-172	256	1	as	as	SCONJ
emaj-172	256	2	our	our	PRON
emaj-172	256	3	study	study	NOUN
emaj-172	256	4	shows	show	NOUN
emaj-172	256	5	,	,	PUNCT
emaj-172	256	6	sub	sub	ADJ
emaj-172	256	7	-	-	ADJ
emaj-172	256	8	saharan	saharan	ADJ
emaj-172	256	9	africa	africa	PROPN
emaj-172	256	10	frontier	frontier	PROPN
emaj-172	256	11	equity	equity	NOUN
emaj-172	256	12	markets	market	NOUN
emaj-172	256	13	are	be	AUX
emaj-172	256	14	far	far	ADV
emaj-172	256	15	from	from	ADP
emaj-172	256	16	homogenous	homogenous	ADJ
emaj-172	256	17	.	.	PUNCT
emaj-172	257	1	different	different	ADJ
emaj-172	257	2	dynamics	dynamic	NOUN
emaj-172	257	3	,	,	PUNCT
emaj-172	257	4	be	be	AUX
emaj-172	257	5	it	it	PRON
emaj-172	257	6	social	social	ADJ
emaj-172	257	7	,	,	PUNCT
emaj-172	257	8	political	political	ADJ
emaj-172	257	9	or	or	CCONJ
emaj-172	257	10	economic	economic	ADJ
emaj-172	257	11	,	,	PUNCT
emaj-172	257	12	are	be	AUX
emaj-172	257	13	the	the	DET
emaj-172	257	14	driving	drive	VERB
emaj-172	257	15	forces	force	NOUN
emaj-172	257	16	behind	behind	ADP
emaj-172	257	17	the	the	DET
emaj-172	257	18	financial	financial	ADJ
emaj-172	257	19	markets	market	NOUN
emaj-172	257	20	in	in	ADP
emaj-172	257	21	these	these	DET
emaj-172	257	22	countries	country	NOUN
emaj-172	257	23	.	.	PUNCT
emaj-172	258	1	single	single	ADJ
emaj-172	258	2	regime	regime	NOUN
emaj-172	258	3	models	model	NOUN
emaj-172	258	4	are	be	AUX
emaj-172	258	5	likely	likely	ADJ
emaj-172	258	6	to	to	PART
emaj-172	258	7	under	under	VERB
emaj-172	258	8	-	-	PUNCT
emaj-172	258	9	or	or	CCONJ
emaj-172	258	10	over	over	ADP
emaj-172	258	11	-	-	PUNCT
emaj-172	258	12	estimate	estimate	NOUN
emaj-172	258	13	risk	risk	NOUN
emaj-172	258	14	during	during	ADP
emaj-172	258	15	periods	period	NOUN
emaj-172	258	16	of	of	ADP
emaj-172	258	17	high	high	ADJ
emaj-172	258	18	or	or	CCONJ
emaj-172	258	19	low	low	ADJ
emaj-172	258	20	volatility	volatility	NOUN
emaj-172	258	21	respectively	respectively	ADV
emaj-172	258	22	.	.	PUNCT
emaj-172	259	1	therefore	therefore	ADV
emaj-172	259	2	,	,	PUNCT
emaj-172	259	3	a	a	DET
emaj-172	259	4	granular	granular	ADJ
emaj-172	259	5	approach	approach	NOUN
emaj-172	259	6	to	to	ADP
emaj-172	259	7	estimating	estimate	VERB
emaj-172	259	8	volatility	volatility	NOUN
emaj-172	259	9	that	that	SCONJ
emaj-172	259	10	we	we	PRON
emaj-172	259	11	have	have	AUX
emaj-172	259	12	done	do	VERB
emaj-172	259	13	for	for	ADP
emaj-172	259	14	these	these	DET
emaj-172	259	15	subsaharan	subsaharan	ADJ
emaj-172	259	16	frontier	frontier	NOUN
emaj-172	259	17	equity	equity	NOUN
emaj-172	259	18	markets	market	NOUN
emaj-172	259	19	seem	seem	VERB
emaj-172	259	20	the	the	DET
emaj-172	259	21	most	most	ADV
emaj-172	259	22	rational	rational	ADJ
emaj-172	259	23	way	way	NOUN
emaj-172	259	24	market	market	NOUN
emaj-172	259	25	actors	actor	NOUN
emaj-172	259	26	can	can	AUX
emaj-172	259	27	fine	fine	ADJ
emaj-172	259	28	-	-	PUNCT
emaj-172	259	29	tune	tune	VERB
emaj-172	259	30	their	their	PRON
emaj-172	259	31	investment	investment	NOUN
emaj-172	259	32	strategies	strategy	NOUN
emaj-172	259	33	to	to	PART
emaj-172	259	34	avoid	avoid	VERB
emaj-172	259	35	losses	loss	NOUN
emaj-172	259	36	during	during	ADP
emaj-172	259	37	high	high	ADJ
emaj-172	259	38	volatility	volatility	NOUN
emaj-172	259	39	periods	period	NOUN
emaj-172	259	40	.	.	PUNCT
emaj-172	260	1	all	all	DET
emaj-172	260	2	the	the	DET
emaj-172	260	3	markets	market	NOUN
emaj-172	260	4	studied	study	VERB
emaj-172	260	5	show	show	VERB
emaj-172	260	6	clear	clear	ADJ
emaj-172	260	7	regimes	regime	NOUN
emaj-172	260	8	in	in	ADP
emaj-172	260	9	market	market	NOUN
emaj-172	260	10	volatility	volatility	NOUN
emaj-172	260	11	with	with	ADP
emaj-172	260	12	different	different	ADJ
emaj-172	260	13	statistical	statistical	ADJ
emaj-172	260	14	properties	property	NOUN
emaj-172	260	15	.	.	PUNCT
emaj-172	261	1	again	again	ADV
emaj-172	261	2	,	,	PUNCT
emaj-172	261	3	it	it	PRON
emaj-172	261	4	is	be	AUX
emaj-172	261	5	clear	clear	ADJ
emaj-172	261	6	that	that	SCONJ
emaj-172	261	7	though	though	SCONJ
emaj-172	261	8	these	these	DET
emaj-172	261	9	markets	market	NOUN
emaj-172	261	10	are	be	AUX
emaj-172	261	11	classified	classify	VERB
emaj-172	261	12	in	in	ADP
emaj-172	261	13	the	the	DET
emaj-172	261	14	same	same	ADJ
emaj-172	261	15	bracket	bracket	NOUN
emaj-172	261	16	of	of	ADP
emaj-172	261	17	frontier	frontier	NOUN
emaj-172	261	18	markets	market	NOUN
emaj-172	261	19	,	,	PUNCT
emaj-172	261	20	different	different	ADJ
emaj-172	261	21	dynamics	dynamic	NOUN
emaj-172	261	22	are	be	AUX
emaj-172	261	23	driving	drive	VERB
emaj-172	261	24	their	their	PRON
emaj-172	261	25	heteroscedastic	heteroscedastic	ADJ
emaj-172	261	26	evolution	evolution	NOUN
emaj-172	261	27	.	.	PUNCT
emaj-172	262	1	different	different	ADJ
emaj-172	262	2	heteroskedastic	heteroskedastic	ADJ
emaj-172	262	3	functions	function	NOUN
emaj-172	262	4	with	with	ADP
emaj-172	262	5	varied	varied	ADJ
emaj-172	262	6	tail	tail	NOUN
emaj-172	262	7	behavior	behavior	NOUN
emaj-172	262	8	described	describe	VERB
emaj-172	262	9	the	the	DET
emaj-172	262	10	return	return	NOUN
emaj-172	262	11	data	datum	NOUN
emaj-172	262	12	of	of	ADP
emaj-172	262	13	ghana	ghana	PROPN
emaj-172	262	14	,	,	PUNCT
emaj-172	262	15	nigeria	nigeria	PROPN
emaj-172	262	16	,	,	PUNCT
emaj-172	262	17	nairobi	nairobi	PROPN
emaj-172	262	18	and	and	CCONJ
emaj-172	262	19	botswana	botswana	PROPN
emaj-172	262	20	stock	stock	PROPN
emaj-172	262	21	indices	indice	VERB
emaj-172	262	22	with	with	ADP
emaj-172	262	23	observed	observed	ADJ
emaj-172	262	24	asymmetric	asymmetric	ADJ
emaj-172	262	25	and	and	CCONJ
emaj-172	262	26	leverage	leverage	NOUN
emaj-172	262	27	effects	effect	NOUN
emaj-172	262	28	in	in	ADP
emaj-172	262	29	the	the	DET
emaj-172	262	30	markets	market	NOUN
emaj-172	262	31	.	.	PUNCT
emaj-172	263	1	investors	investor	NOUN
emaj-172	263	2	therefore	therefore	ADV
emaj-172	263	3	have	have	VERB
emaj-172	263	4	to	to	PART
emaj-172	263	5	be	be	AUX
emaj-172	263	6	alert	alert	ADJ
emaj-172	263	7	to	to	ADP
emaj-172	263	8	generalizations	generalization	NOUN
emaj-172	263	9	that	that	PRON
emaj-172	263	10	most	most	ADV
emaj-172	263	11	likely	likely	ADV
emaj-172	263	12	will	will	AUX
emaj-172	263	13	not	not	PART
emaj-172	263	14	fit	fit	VERB
emaj-172	263	15	all	all	DET
emaj-172	263	16	markets	market	NOUN
emaj-172	263	17	.	.	PUNCT
emaj-172	264	1	optimal	optimal	ADJ
emaj-172	264	2	risk	risk	NOUN
emaj-172	264	3	-	-	PUNCT
emaj-172	264	4	based	base	VERB
emaj-172	264	5	allocation	allocation	NOUN
emaj-172	264	6	of	of	ADP
emaj-172	264	7	investing	invest	VERB
emaj-172	264	8	funds	fund	NOUN
emaj-172	264	9	based	base	VERB
emaj-172	264	10	on	on	ADP
emaj-172	264	11	volatility	volatility	NOUN
emaj-172	264	12	regimes	regime	NOUN
emaj-172	264	13	across	across	ADP
emaj-172	264	14	these	these	DET
emaj-172	264	15	markets	market	NOUN
emaj-172	264	16	adds	add	VERB
emaj-172	264	17	to	to	ADP
emaj-172	264	18	the	the	DET
emaj-172	264	19	benefits	benefit	NOUN
emaj-172	264	20	of	of	ADP
emaj-172	264	21	diversification	diversification	NOUN
emaj-172	264	22	in	in	ADP
emaj-172	264	23	equities	equity	NOUN
emaj-172	264	24	trading	trading	NOUN
emaj-172	264	25	in	in	ADP
emaj-172	264	26	sub	sub	ADJ
emaj-172	264	27	-	-	ADJ
emaj-172	264	28	saharan	saharan	ADJ
emaj-172	264	29	african	african	ADJ
emaj-172	264	30	equity	equity	NOUN
emaj-172	264	31	markets	market	NOUN
emaj-172	264	32	.	.	PUNCT
emaj-172	265	1	in	in	ADP
emaj-172	265	2	addition	addition	NOUN
emaj-172	265	3	,	,	PUNCT
emaj-172	265	4	any	any	DET
emaj-172	265	5	future	future	ADJ
emaj-172	265	6	risk	risk	NOUN
emaj-172	265	7	-	-	PUNCT
emaj-172	265	8	based	base	VERB
emaj-172	265	9	capital	capital	NOUN
emaj-172	265	10	allocation	allocation	NOUN
emaj-172	265	11	such	such	ADJ
emaj-172	265	12	as	as	ADP
emaj-172	265	13	for	for	ADP
emaj-172	265	14	value	value	NOUN
emaj-172	265	15	-	-	PUNCT
emaj-172	265	16	at	at	ADP
emaj-172	265	17	-	-	PUNCT
emaj-172	265	18	risk	risk	NOUN
emaj-172	265	19	or	or	CCONJ
emaj-172	265	20	expected	expect	VERB
emaj-172	265	21	tail	tail	NOUN
emaj-172	265	22	loss	loss	NOUN
emaj-172	265	23	that	that	PRON
emaj-172	265	24	is	be	AUX
emaj-172	265	25	regime	regime	NOUN
emaj-172	265	26	aware	aware	ADJ
emaj-172	265	27	based	base	VERB
emaj-172	265	28	on	on	ADP
emaj-172	265	29	the	the	DET
emaj-172	265	30	findings	finding	NOUN
emaj-172	265	31	in	in	ADP
emaj-172	265	32	this	this	DET
emaj-172	265	33	study	study	NOUN
emaj-172	265	34	should	should	AUX
emaj-172	265	35	lead	lead	VERB
emaj-172	265	36	to	to	ADP
emaj-172	265	37	prudent	prudent	ADJ
emaj-172	265	38	risk	risk	NOUN
emaj-172	265	39	management	management	NOUN
emaj-172	265	40	and	and	CCONJ
emaj-172	265	41	control	control	NOUN
emaj-172	265	42	.	.	PUNCT
emaj-172	266	1	in	in	ADP
emaj-172	266	2	all	all	DET
emaj-172	266	3	the	the	DET
emaj-172	266	4	markets	market	NOUN
emaj-172	266	5	under	under	ADP
emaj-172	266	6	study	study	NOUN
emaj-172	266	7	,	,	PUNCT
emaj-172	266	8	the	the	DET
emaj-172	266	9	low	low	ADJ
emaj-172	266	10	volatility	volatility	NOUN
emaj-172	266	11	regime	regime	NOUN
emaj-172	266	12	dominates	dominate	VERB
emaj-172	266	13	,	,	PUNCT
emaj-172	266	14	leaving	leave	VERB
emaj-172	266	15	brief	brief	ADJ
emaj-172	266	16	spells	spell	NOUN
emaj-172	266	17	of	of	ADP
emaj-172	266	18	market	market	NOUN
emaj-172	266	19	turbulence	turbulence	NOUN
emaj-172	266	20	.	.	PUNCT
emaj-172	267	1	this	this	PRON
emaj-172	267	2	will	will	AUX
emaj-172	267	3	provide	provide	VERB
emaj-172	267	4	investors	investor	NOUN
emaj-172	267	5	with	with	ADP
emaj-172	267	6	the	the	DET
emaj-172	267	7	information	information	NOUN
emaj-172	267	8	to	to	PART
emaj-172	267	9	lean	lean	VERB
emaj-172	267	10	against	against	ADP
emaj-172	267	11	the	the	DET
emaj-172	267	12	winds	wind	NOUN
emaj-172	267	13	during	during	ADP
emaj-172	267	14	brief	brief	ADJ
emaj-172	267	15	market	market	NOUN
emaj-172	267	16	gyrations	gyration	NOUN
emaj-172	267	17	.	.	PUNCT
emaj-172	268	1	references	reference	NOUN
emaj-172	268	2	adjasi	adjasi	PROPN
emaj-172	268	3	,	,	PUNCT
emaj-172	268	4	c.	c.	PROPN
emaj-172	268	5	k.	k.	PROPN
emaj-172	268	6	(	(	PUNCT
emaj-172	268	7	2009	2009	NUM
emaj-172	268	8	)	)	PUNCT
emaj-172	268	9	.	.	PUNCT
emaj-172	269	1	"	"	PUNCT
emaj-172	269	2	macroeconomic	macroeconomic	ADJ
emaj-172	269	3	uncertainty	uncertainty	NOUN
emaj-172	269	4	and	and	CCONJ
emaj-172	269	5	conditional	conditional	ADJ
emaj-172	269	6	stock	stock	NOUN
emaj-172	269	7	-	-	PUNCT
emaj-172	269	8	price	price	NOUN
emaj-172	269	9	volatility	volatility	NOUN
emaj-172	269	10	in	in	ADP
emaj-172	269	11	frontier	frontier	NOUN
emaj-172	269	12	african	african	ADJ
emaj-172	269	13	markets	market	NOUN
emaj-172	269	14	:	:	PUNCT
emaj-172	269	15	evidence	evidence	NOUN
emaj-172	269	16	from	from	ADP
emaj-172	269	17	ghana	ghana	PROPN
emaj-172	269	18	.	.	PUNCT
emaj-172	269	19	"	"	PUNCT
emaj-172	270	1	the	the	DET
emaj-172	270	2	journal	journal	NOUN
emaj-172	270	3	of	of	ADP
emaj-172	270	4	risk	risk	NOUN
emaj-172	270	5	finance	finance	NOUN
emaj-172	270	6	10	10	NUM
emaj-172	270	7	,	,	PUNCT
emaj-172	270	8	no	no	INTJ
emaj-172	270	9	.	.	NOUN
emaj-172	270	10	4	4	NUM
emaj-172	270	11	,	,	PUNCT
emaj-172	270	12	333	333	NUM
emaj-172	270	13	-	-	SYM
emaj-172	270	14	349	349	NUM
emaj-172	270	15	.	.	PUNCT
emaj-172	271	1	alexander	alexander	PROPN
emaj-172	271	2	,	,	PUNCT
emaj-172	271	3	c.	c.	PROPN
emaj-172	271	4	(	(	PUNCT
emaj-172	271	5	2008	2008	NUM
emaj-172	271	6	)	)	PUNCT
emaj-172	271	7	.	.	PUNCT
emaj-172	272	1	“	"	PUNCT
emaj-172	272	2	market	market	NOUN
emaj-172	272	3	risk	risk	NOUN
emaj-172	272	4	analysis	analysis	NOUN
emaj-172	272	5	:	:	PUNCT
emaj-172	272	6	practical	practical	ADJ
emaj-172	272	7	financial	financial	ADJ
emaj-172	272	8	econometrics	econometric	NOUN
emaj-172	272	9	”	"	PUNCT
emaj-172	272	10	,	,	PUNCT
emaj-172	272	11	(	(	PUNCT
emaj-172	272	12	vol	vol	NOUN
emaj-172	272	13	.	.	PUNCT
emaj-172	272	14	ii	ii	PROPN
emaj-172	272	15	)	)	PUNCT
emaj-172	272	16	,	,	PUNCT
emaj-172	272	17	hoboken	hoboken	PROPN
emaj-172	272	18	:	:	PUNCT
emaj-172	272	19	wiley	wiley	PROPN
emaj-172	272	20	.	.	PUNCT
emaj-172	273	1	aloui	aloui	ADV
emaj-172	273	2	,	,	PUNCT
emaj-172	273	3	c	c	X
emaj-172	273	4	,	,	PUNCT
emaj-172	273	5	s	s	PART
emaj-172	273	6	hammoudeh	hammoudeh	NOUN
emaj-172	273	7	,	,	PUNCT
emaj-172	273	8	and	and	CCONJ
emaj-172	273	9	h.	h.	PROPN
emaj-172	273	10	b	b	PROPN
emaj-172	273	11	hamida	hamida	PROPN
emaj-172	273	12	.	.	PUNCT
emaj-172	274	1	(	(	PUNCT
emaj-172	274	2	2015	2015	NUM
emaj-172	274	3	)	)	PUNCT
emaj-172	274	4	.	.	PUNCT
emaj-172	275	1	"	"	PUNCT
emaj-172	275	2	price	price	NOUN
emaj-172	275	3	discovery	discovery	NOUN
emaj-172	275	4	and	and	CCONJ
emaj-172	275	5	regime	regime	NOUN
emaj-172	275	6	shift	shift	NOUN
emaj-172	275	7	behavior	behavior	NOUN
emaj-172	275	8	in	in	ADP
emaj-172	275	9	the	the	DET
emaj-172	275	10	relationship	relationship	NOUN
emaj-172	275	11	between	between	ADP
emaj-172	275	12	sharia	sharia	PROPN
emaj-172	275	13	stocks	stock	NOUN
emaj-172	275	14	and	and	CCONJ
emaj-172	275	15	sukuk	sukuk	NOUN
emaj-172	275	16	:	:	PUNCT
emaj-172	275	17	a	a	DET
emaj-172	275	18	two	two	NUM
emaj-172	275	19	-	-	PUNCT
emaj-172	275	20	state	state	NOUN
emaj-172	275	21	markov	markov	NOUN
emaj-172	275	22	switching	switch	VERB
emaj-172	275	23	analysis	analysis	NOUN
emaj-172	275	24	.	.	PUNCT
emaj-172	275	25	"	"	PUNCT
emaj-172	275	26	pacific	pacific	ADJ
emaj-172	275	27	-	-	PUNCT
emaj-172	275	28	basin	basin	NOUN
emaj-172	275	29	finance	finance	NOUN
emaj-172	275	30	journal	journal	NOUN
emaj-172	275	31	34	34	NUM
emaj-172	275	32	,	,	PUNCT
emaj-172	275	33	121	121	NUM
emaj-172	275	34	-	-	SYM
emaj-172	275	35	135	135	NUM
emaj-172	275	36	.	.	PUNCT
emaj-172	275	37	ardia	ardia	PROPN
emaj-172	275	38	,	,	PUNCT
emaj-172	275	39	d	d	NOUN
emaj-172	275	40	,	,	PUNCT
emaj-172	275	41	and	and	CCONJ
emaj-172	275	42	l.	l.	PROPN
emaj-172	275	43	f	f	PROPN
emaj-172	275	44	hoogerheide	hoogerheide	ADV
emaj-172	275	45	.	.	PUNCT
emaj-172	276	1	(	(	PUNCT
emaj-172	276	2	2010	2010	NUM
emaj-172	276	3	)	)	PUNCT
emaj-172	276	4	.	.	PUNCT
emaj-172	277	1	"	"	PUNCT
emaj-172	277	2	bayesian	bayesian	NOUN
emaj-172	277	3	estimation	estimation	NOUN
emaj-172	277	4	of	of	ADP
emaj-172	277	5	the	the	DET
emaj-172	277	6	garch	garch	NOUN
emaj-172	277	7	(	(	PUNCT
emaj-172	277	8	1	1	NUM
emaj-172	277	9	,	,	PUNCT
emaj-172	277	10	1	1	X
emaj-172	277	11	)	)	PUNCT
emaj-172	277	12	model	model	NOUN
emaj-172	277	13	with	with	ADP
emaj-172	277	14	student	student	NOUN
emaj-172	277	15	-	-	PUNCT
emaj-172	277	16	t	t	NOUN
emaj-172	277	17	innovations	innovation	NOUN
emaj-172	277	18	.	.	PUNCT
emaj-172	277	19	"	"	PUNCT
emaj-172	278	1	the	the	DET
emaj-172	278	2	r	r	PROPN
emaj-172	278	3	journal	journal	NOUN
emaj-172	278	4	2	2	NUM
emaj-172	278	5	,	,	PUNCT
emaj-172	278	6	no	no	INTJ
emaj-172	278	7	.	.	NOUN
emaj-172	278	8	2	2	NUM
emaj-172	278	9	,	,	PUNCT
emaj-172	278	10	41	41	NUM
emaj-172	278	11	-	-	SYM
emaj-172	278	12	47	47	NUM
emaj-172	278	13	.	.	PUNCT
emaj-172	279	1	ardia	ardia	PROPN
emaj-172	279	2	,	,	PUNCT
emaj-172	279	3	d	d	X
emaj-172	279	4	,	,	PUNCT
emaj-172	279	5	k	k	PROPN
emaj-172	279	6	bluteau	bluteau	PROPN
emaj-172	279	7	,	,	PUNCT
emaj-172	279	8	k	k	PROPN
emaj-172	279	9	boudt	boudt	NOUN
emaj-172	279	10	,	,	PUNCT
emaj-172	279	11	and	and	CCONJ
emaj-172	279	12	l	l	PROPN
emaj-172	279	13	catania	catania	PROPN
emaj-172	279	14	.	.	PUNCT
emaj-172	280	1	(	(	PUNCT
emaj-172	280	2	2018	2018	NUM
emaj-172	280	3	)	)	PUNCT
emaj-172	280	4	.	.	PUNCT
emaj-172	281	1	"	"	PUNCT
emaj-172	281	2	forecasting	forecast	VERB
emaj-172	281	3	risk	risk	NOUN
emaj-172	281	4	with	with	ADP
emaj-172	281	5	markov	markov	NOUN
emaj-172	281	6	-	-	PUNCT
emaj-172	281	7	switching	switch	VERB
emaj-172	281	8	garch	garch	NOUN
emaj-172	281	9	models	model	NOUN
emaj-172	281	10	:	:	PUNCT
emaj-172	281	11	a	a	DET
emaj-172	281	12	large	large	ADJ
emaj-172	281	13	-	-	PUNCT
emaj-172	281	14	scale	scale	NOUN
emaj-172	281	15	performance	performance	NOUN
emaj-172	281	16	study	study	NOUN
emaj-172	281	17	.	.	PUNCT
emaj-172	281	18	"	"	PUNCT
emaj-172	282	1	international	international	ADJ
emaj-172	282	2	journal	journal	NOUN
emaj-172	282	3	of	of	ADP
emaj-172	282	4	forecasting	forecasting	NOUN
emaj-172	282	5	34	34	NUM
emaj-172	282	6	,	,	PUNCT
emaj-172	282	7	no	no	INTJ
emaj-172	282	8	.	.	NOUN
emaj-172	282	9	4	4	NUM
emaj-172	282	10	,	,	PUNCT
emaj-172	282	11	733	733	NUM
emaj-172	282	12	-	-	SYM
emaj-172	282	13	747	747	NUM
emaj-172	282	14	.	.	PUNCT
emaj-172	283	1	ardia	ardia	PROPN
emaj-172	283	2	,	,	PUNCT
emaj-172	283	3	d	d	X
emaj-172	283	4	,	,	PUNCT
emaj-172	283	5	k	k	PROPN
emaj-172	283	6	bluteau	bluteau	PROPN
emaj-172	283	7	,	,	PUNCT
emaj-172	283	8	k	k	PROPN
emaj-172	283	9	boudt	boudt	NOUN
emaj-172	283	10	,	,	PUNCT
emaj-172	283	11	l	l	PROPN
emaj-172	283	12	catania	catania	PROPN
emaj-172	283	13	,	,	PUNCT
emaj-172	283	14	and	and	CCONJ
emaj-172	283	15	d.a	d.a	PROPN
emaj-172	283	16	trottier	trottier	NOUN
emaj-172	283	17	.	.	PUNCT
emaj-172	284	1	(	(	PUNCT
emaj-172	284	2	2016	2016	NUM
emaj-172	284	3	)	)	PUNCT
emaj-172	284	4	.	.	PUNCT
emaj-172	285	1	"	"	PUNCT
emaj-172	285	2	markov	markov	NOUN
emaj-172	285	3	-	-	PUNCT
emaj-172	285	4	switching	switch	VERB
emaj-172	285	5	garch	garch	NOUN
emaj-172	285	6	models	model	NOUN
emaj-172	285	7	in	in	ADP
emaj-172	285	8	r	r	NOUN
emaj-172	285	9	:	:	PUNCT
emaj-172	285	10	the	the	DET
emaj-172	285	11	msgarch	msgarch	NOUN
emaj-172	285	12	package	package	NOUN
emaj-172	285	13	.	.	PUNCT
emaj-172	285	14	"	"	PUNCT
emaj-172	286	1	journal	journal	NOUN
emaj-172	286	2	of	of	ADP
emaj-172	286	3	statistical	statistical	ADJ
emaj-172	286	4	software	software	NOUN
emaj-172	286	5	,	,	PUNCT
emaj-172	286	6	forthcoming	forthcoming	ADJ
emaj-172	286	7	.	.	PUNCT
emaj-172	287	1	assoe	assoe	PROPN
emaj-172	287	2	,	,	PUNCT
emaj-172	287	3	k.g	k.g	PROPN
emaj-172	287	4	.	.	PROPN
emaj-172	287	5	(	(	PUNCT
emaj-172	287	6	1998	1998	NUM
emaj-172	287	7	)	)	PUNCT
emaj-172	287	8	.	.	PUNCT
emaj-172	288	1	"	"	PUNCT
emaj-172	288	2	regime	regime	NOUN
emaj-172	288	3	-	-	PUNCT
emaj-172	288	4	switching	switch	VERB
emaj-172	288	5	in	in	ADP
emaj-172	288	6	emerging	emerge	VERB
emaj-172	288	7	stock	stock	NOUN
emaj-172	288	8	market	market	NOUN
emaj-172	288	9	returns	return	NOUN
emaj-172	288	10	.	.	PUNCT
emaj-172	288	11	"	"	PUNCT
emaj-172	289	1	multinational	multinational	ADJ
emaj-172	289	2	journal	journal	NOUN
emaj-172	289	3	2	2	NUM
emaj-172	289	4	,	,	PUNCT
emaj-172	289	5	101	101	NUM
emaj-172	289	6	-	-	SYM
emaj-172	289	7	132	132	NUM
emaj-172	289	8	.	.	PUNCT
emaj-172	290	1	augustyniak	augustyniak	PROPN
emaj-172	290	2	,	,	PUNCT
emaj-172	290	3	m.	m.	NOUN
emaj-172	290	4	(	(	PUNCT
emaj-172	290	5	2014	2014	NUM
emaj-172	290	6	)	)	PUNCT
emaj-172	290	7	.	.	PUNCT
emaj-172	291	1	"	"	PUNCT
emaj-172	291	2	maximum	maximum	ADJ
emaj-172	291	3	likelihood	likelihood	NOUN
emaj-172	291	4	estimation	estimation	NOUN
emaj-172	291	5	of	of	ADP
emaj-172	291	6	the	the	DET
emaj-172	291	7	markov	markov	NOUN
emaj-172	291	8	-	-	PUNCT
emaj-172	291	9	switching	switch	VERB
emaj-172	291	10	garch	garch	NOUN
emaj-172	291	11	model	model	NOUN
emaj-172	291	12	.	.	PUNCT
emaj-172	291	13	"	"	PUNCT
emaj-172	292	1	computational	computational	ADJ
emaj-172	292	2	statistics	statistic	NOUN
emaj-172	292	3	&	&	CCONJ
emaj-172	292	4	data	datum	NOUN
emaj-172	292	5	analysis	analysis	NOUN
emaj-172	292	6	76	76	NUM
emaj-172	292	7	,	,	PUNCT
emaj-172	292	8	no	no	INTJ
emaj-172	292	9	.	.	NOUN
emaj-172	292	10	1	1	NUM
emaj-172	292	11	,	,	PUNCT
emaj-172	292	12	61–75	61–75	NUM
emaj-172	292	13	.	.	PUNCT
emaj-172	292	14	balcilar	balcilar	PROPN
emaj-172	292	15	,	,	PUNCT
emaj-172	292	16	m	m	PROPN
emaj-172	292	17	,	,	PUNCT
emaj-172	292	18	r	r	NOUN
emaj-172	292	19	demirer	demirer	NOUN
emaj-172	292	20	,	,	PUNCT
emaj-172	292	21	and	and	CCONJ
emaj-172	292	22	s	s	VERB
emaj-172	292	23	hammoudeh	hammoudeh	NOUN
emaj-172	292	24	.	.	PUNCT
emaj-172	293	1	(	(	PUNCT
emaj-172	293	2	2013	2013	NUM
emaj-172	293	3	)	)	PUNCT
emaj-172	293	4	.	.	PUNCT
emaj-172	294	1	"	"	PUNCT
emaj-172	294	2	investor	investor	NOUN
emaj-172	294	3	herds	herd	NOUN
emaj-172	294	4	and	and	CCONJ
emaj-172	294	5	regime	regime	NOUN
emaj-172	294	6	-	-	PUNCT
emaj-172	294	7	switching	switching	NOUN
emaj-172	294	8	:	:	PUNCT
emaj-172	294	9	evidence	evidence	NOUN
emaj-172	294	10	from	from	ADP
emaj-172	294	11	gulf	gulf	PROPN
emaj-172	294	12	arab	arab	ADJ
emaj-172	294	13	stock	stock	NOUN
emaj-172	294	14	markets	market	NOUN
emaj-172	294	15	.	.	PUNCT
emaj-172	294	16	"	"	PUNCT
emaj-172	294	17	journal	journal	NOUN
emaj-172	294	18	of	of	ADP
emaj-172	294	19	international	international	ADJ
emaj-172	294	20	financial	financial	ADJ
emaj-172	294	21	markets	market	NOUN
emaj-172	294	22	,	,	PUNCT
emaj-172	294	23	institutions	institution	NOUN
emaj-172	294	24	and	and	CCONJ
emaj-172	294	25	money	money	NOUN
emaj-172	294	26	23	23	NUM
emaj-172	294	27	,	,	PUNCT
emaj-172	294	28	295	295	NUM
emaj-172	294	29	-	-	SYM
emaj-172	294	30	321	321	NUM
emaj-172	294	31	.	.	PUNCT
emaj-172	295	1	black	black	ADJ
emaj-172	295	2	,	,	PUNCT
emaj-172	295	3	f.	f.	PROPN
emaj-172	295	4	(	(	PUNCT
emaj-172	295	5	1976	1976	NUM
emaj-172	295	6	)	)	PUNCT
emaj-172	295	7	.	.	PUNCT
emaj-172	296	1	"	"	PUNCT
emaj-172	296	2	studies	study	NOUN
emaj-172	296	3	of	of	ADP
emaj-172	296	4	stock	stock	NOUN
emaj-172	296	5	price	price	NOUN
emaj-172	296	6	volatility	volatility	NOUN
emaj-172	296	7	changes	change	NOUN
emaj-172	296	8	.	.	PUNCT
emaj-172	296	9	"	"	PUNCT
emaj-172	297	1	proceedings	proceeding	NOUN
emaj-172	297	2	of	of	ADP
emaj-172	297	3	the	the	DET
emaj-172	297	4	1976	1976	NUM
emaj-172	297	5	meetings	meeting	NOUN
emaj-172	297	6	of	of	ADP
emaj-172	297	7	the	the	DET
emaj-172	297	8	business	business	NOUN
emaj-172	297	9	and	and	CCONJ
emaj-172	297	10	economics	economics	PROPN
emaj-172	297	11	statistics	statistic	NOUN
emaj-172	297	12	section	section	NOUN
emaj-172	297	13	.	.	PUNCT
emaj-172	298	1	american	american	ADJ
emaj-172	298	2	statistical	statistical	PROPN
emaj-172	298	3	association	association	NOUN
emaj-172	298	4	,	,	PUNCT
emaj-172	298	5	177	177	NUM
emaj-172	298	6	-	-	SYM
emaj-172	298	7	181	181	NUM
emaj-172	298	8	.	.	PUNCT
emaj-172	299	1	bley	bley	PROPN
emaj-172	299	2	,	,	PUNCT
emaj-172	299	3	j	j	PROPN
emaj-172	299	4	,	,	PUNCT
emaj-172	299	5	and	and	CCONJ
emaj-172	299	6	m	m	PROPN
emaj-172	299	7	saad	saad	NOUN
emaj-172	299	8	.	.	PUNCT
emaj-172	300	1	(	(	PUNCT
emaj-172	300	2	2012	2012	NUM
emaj-172	300	3	)	)	PUNCT
emaj-172	300	4	.	.	PUNCT
emaj-172	301	1	"	"	PUNCT
emaj-172	301	2	idiosyncratic	idiosyncratic	ADJ
emaj-172	301	3	risk	risk	NOUN
emaj-172	301	4	and	and	CCONJ
emaj-172	301	5	expected	expect	VERB
emaj-172	301	6	returns	return	NOUN
emaj-172	301	7	in	in	ADP
emaj-172	301	8	frontier	frontier	NOUN
emaj-172	301	9	markets	market	NOUN
emaj-172	301	10	:	:	PUNCT
emaj-172	301	11	evidence	evidence	NOUN
emaj-172	301	12	from	from	ADP
emaj-172	301	13	gcc	gcc	NOUN
emaj-172	301	14	.	.	PUNCT
emaj-172	301	15	"	"	PUNCT
emaj-172	302	1	journal	journal	NOUN
emaj-172	302	2	of	of	ADP
emaj-172	302	3	international	international	ADJ
emaj-172	302	4	financial	financial	ADJ
emaj-172	302	5	markets	market	NOUN
emaj-172	302	6	,	,	PUNCT
emaj-172	302	7	institutions	institution	NOUN
emaj-172	302	8	and	and	CCONJ
emaj-172	302	9	money	money	NOUN
emaj-172	302	10	22	22	NUM
emaj-172	302	11	,	,	PUNCT
emaj-172	302	12	no	no	INTJ
emaj-172	302	13	.	.	NOUN
emaj-172	302	14	3	3	NUM
emaj-172	302	15	,	,	PUNCT
emaj-172	302	16	538	538	NUM
emaj-172	302	17	-	-	SYM
emaj-172	302	18	554	554	NUM
emaj-172	302	19	.	.	PUNCT
emaj-172	303	1	bollerslev	bollerslev	ADJ
emaj-172	303	2	,	,	PUNCT
emaj-172	303	3	t.	t.	PROPN
emaj-172	303	4	(	(	PUNCT
emaj-172	303	5	1986	1986	NUM
emaj-172	303	6	)	)	PUNCT
emaj-172	303	7	.	.	PUNCT
emaj-172	304	1	"	"	PUNCT
emaj-172	304	2	generalized	generalize	VERB
emaj-172	304	3	autoregressive	autoregressive	ADJ
emaj-172	304	4	conditional	conditional	ADJ
emaj-172	304	5	heteroskedasticity	heteroskedasticity	NOUN
emaj-172	304	6	.	.	PUNCT
emaj-172	304	7	"	"	PUNCT
emaj-172	305	1	journal	journal	NOUN
emaj-172	305	2	of	of	ADP
emaj-172	305	3	econometrics	econometric	NOUN
emaj-172	305	4	31	31	NUM
emaj-172	305	5	,	,	PUNCT
emaj-172	305	6	no	no	INTJ
emaj-172	305	7	.	.	NOUN
emaj-172	305	8	3	3	NUM
emaj-172	305	9	,	,	PUNCT
emaj-172	305	10	307	307	NUM
emaj-172	305	11	-	-	SYM
emaj-172	305	12	327	327	NUM
emaj-172	305	13	.	.	PUNCT
emaj-172	306	1	carsamer	carsamer	PROPN
emaj-172	306	2	,	,	PUNCT
emaj-172	306	3	e.	e.	PROPN
emaj-172	306	4	(	(	PUNCT
emaj-172	306	5	2016	2016	NUM
emaj-172	306	6	)	)	PUNCT
emaj-172	306	7	.	.	PUNCT
emaj-172	307	1	"	"	PUNCT
emaj-172	307	2	volatility	volatility	NOUN
emaj-172	307	3	transmission	transmission	NOUN
emaj-172	307	4	in	in	ADP
emaj-172	307	5	selected	select	VERB
emaj-172	307	6	african	african	ADJ
emaj-172	307	7	foreign	foreign	ADJ
emaj-172	307	8	exchange	exchange	NOUN
emaj-172	307	9	markets	market	NOUN
emaj-172	307	10	.	.	PUNCT
emaj-172	307	11	"	"	PUNCT
emaj-172	308	1	international	international	ADJ
emaj-172	308	2	journal	journal	NOUN
emaj-172	308	3	of	of	ADP
emaj-172	308	4	economic	economic	ADJ
emaj-172	308	5	perspectives	perspective	NOUN
emaj-172	308	6	10	10	NUM
emaj-172	308	7	,	,	PUNCT
emaj-172	308	8	no	no	INTJ
emaj-172	308	9	.	.	NOUN
emaj-172	308	10	2	2	NUM
emaj-172	308	11	,	,	PUNCT
emaj-172	308	12	43	43	NUM
emaj-172	308	13	-	-	SYM
emaj-172	308	14	61	61	NUM
emaj-172	308	15	.	.	PUNCT
emaj-172	309	1	cawley	cawley	NOUN
emaj-172	309	2	,	,	PUNCT
emaj-172	309	3	g.	g.	PROPN
emaj-172	309	4	c	c	PROPN
emaj-172	309	5	,	,	PUNCT
emaj-172	309	6	and	and	CCONJ
emaj-172	309	7	n.	n.	PROPN
emaj-172	309	8	l	l	PROPN
emaj-172	309	9	talbot	talbot	PROPN
emaj-172	309	10	.	.	PUNCT
emaj-172	310	1	(	(	PUNCT
emaj-172	310	2	2007	2007	NUM
emaj-172	310	3	)	)	PUNCT
emaj-172	310	4	.	.	PUNCT
emaj-172	311	1	"	"	PUNCT
emaj-172	311	2	preventing	prevent	VERB
emaj-172	311	3	overfitting	overfitting	NOUN
emaj-172	311	4	during	during	ADP
emaj-172	311	5	model	model	NOUN
emaj-172	311	6	selection	selection	NOUN
emaj-172	311	7	via	via	ADP
emaj-172	311	8	bayesian	bayesian	NOUN
emaj-172	311	9	regularisation	regularisation	NOUN
emaj-172	311	10	of	of	ADP
emaj-172	311	11	the	the	DET
emaj-172	311	12	hyper	hyper	NOUN
emaj-172	311	13	-	-	NOUN
emaj-172	311	14	parameters	parameter	NOUN
emaj-172	311	15	.	.	PUNCT
emaj-172	311	16	"	"	PUNCT
emaj-172	311	17	journal	journal	NOUN
emaj-172	311	18	of	of	ADP
emaj-172	311	19	machine	machine	NOUN
emaj-172	311	20	learning	learn	VERB
emaj-172	311	21	research	research	NOUN
emaj-172	311	22	8	8	NUM
emaj-172	311	23	,	,	PUNCT
emaj-172	311	24	april	april	PROPN
emaj-172	311	25	2007	2007	NUM
emaj-172	311	26	,	,	PUNCT
emaj-172	311	27	841	841	NUM
emaj-172	311	28	-	-	SYM
emaj-172	311	29	861	861	NUM
emaj-172	311	30	.	.	PUNCT
emaj-172	312	1	volume	volume	NOUN
emaj-172	312	2	9	9	NUM
emaj-172	312	3	no	no	DET
emaj-172	312	4	1	1	NUM
emaj-172	312	5	(	(	PUNCT
emaj-172	312	6	2019	2019	NUM
emaj-172	312	7	)	)	PUNCT
emaj-172	312	8	|	|	ADV
emaj-172	312	9	issn	issn	VERB
emaj-172	312	10	2158	2158	NUM
emaj-172	312	11	-	-	SYM
emaj-172	312	12	8708	8708	NUM
emaj-172	312	13	(	(	PUNCT
emaj-172	312	14	online	online	NOUN
emaj-172	312	15	)	)	PUNCT
emaj-172	313	1	|	|	ADV
emaj-172	313	2	doi	doi	X
emaj-172	313	3	10.5195	10.5195	NUM
emaj-172	313	4	/	/	SYM
emaj-172	313	5	emaj.2019.172	emaj.2019.172	NOUN
emaj-172	313	6	|	|	ADV
emaj-172	313	7	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-172	313	8	carl	carl	PROPN
emaj-172	313	9	hope	hope	PROPN
emaj-172	313	10	korkpoe	korkpoe	PROPN
emaj-172	313	11	,	,	PUNCT
emaj-172	313	12	nathanial	nathanial	ADJ
emaj-172	313	13	howard	howard	ADJ
emaj-172	313	14	emerging	emerge	VERB
emaj-172	313	15	markets	market	NOUN
emaj-172	313	16	journal	journal	NOUN
emaj-172	313	17	|	|	ADV
emaj-172	313	18	p	p	NOUN
emaj-172	313	19	a	a	DET
emaj-172	313	20	g	g	NOUN
emaj-172	313	21	e	e	PROPN
emaj-172	313	22	|77	|77	PROPN
emaj-172	313	23	charfeddine	charfeddine	NOUN
emaj-172	313	24	,	,	PUNCT
emaj-172	313	25	l	l	NOUN
emaj-172	313	26	,	,	PUNCT
emaj-172	313	27	and	and	CCONJ
emaj-172	313	28	a.	a.	NOUN
emaj-172	313	29	n	n	NOUN
emaj-172	313	30	ajmi	ajmi	PROPN
emaj-172	313	31	.	.	PUNCT
emaj-172	314	1	(	(	PUNCT
emaj-172	314	2	2013	2013	NUM
emaj-172	314	3	)	)	PUNCT
emaj-172	314	4	.	.	PUNCT
emaj-172	315	1	"	"	PUNCT
emaj-172	315	2	the	the	DET
emaj-172	315	3	tunisian	tunisian	ADJ
emaj-172	315	4	stock	stock	NOUN
emaj-172	315	5	market	market	NOUN
emaj-172	315	6	index	index	NOUN
emaj-172	315	7	volatility	volatility	NOUN
emaj-172	315	8	:	:	PUNCT
emaj-172	315	9	long	long	ADJ
emaj-172	315	10	memory	memory	NOUN
emaj-172	315	11	vs.	vs.	ADP
emaj-172	315	12	switching	switch	VERB
emaj-172	315	13	regime	regime	NOUN
emaj-172	315	14	.	.	PUNCT
emaj-172	315	15	"	"	PUNCT
emaj-172	315	16	emerging	emerge	VERB
emaj-172	315	17	markets	market	NOUN
emaj-172	315	18	review	review	VERB
emaj-172	315	19	16	16	NUM
emaj-172	315	20	,	,	PUNCT
emaj-172	315	21	170	170	NUM
emaj-172	315	22	-	-	SYM
emaj-172	315	23	182	182	NUM
emaj-172	315	24	.	.	PUNCT
emaj-172	316	1	cheng	cheng	PROPN
emaj-172	316	2	,	,	PUNCT
emaj-172	316	3	x	x	PROPN
emaj-172	316	4	,	,	PUNCT
emaj-172	316	5	p.	p.	NOUN
emaj-172	316	6	l	l	PROPN
emaj-172	316	7	yu	yu	PROPN
emaj-172	316	8	,	,	PUNCT
emaj-172	316	9	and	and	CCONJ
emaj-172	316	10	w.	w.	PROPN
emaj-172	316	11	k	k	PROPN
emaj-172	316	12	li	li	PROPN
emaj-172	316	13	.	.	PROPN
emaj-172	316	14	(	(	PUNCT
emaj-172	316	15	2009	2009	NUM
emaj-172	316	16	)	)	PUNCT
emaj-172	316	17	.	.	PUNCT
emaj-172	317	1	"	"	PUNCT
emaj-172	317	2	on	on	ADP
emaj-172	317	3	a	a	DET
emaj-172	317	4	dynamic	dynamic	ADJ
emaj-172	317	5	mixture	mixture	NOUN
emaj-172	317	6	garch	garch	NOUN
emaj-172	317	7	model	model	NOUN
emaj-172	317	8	.	.	PUNCT
emaj-172	317	9	"	"	PUNCT
emaj-172	317	10	journal	journal	NOUN
emaj-172	317	11	of	of	ADP
emaj-172	317	12	forecasting	forecasting	NOUN
emaj-172	317	13	28	28	NUM
emaj-172	317	14	,	,	PUNCT
emaj-172	317	15	no	no	INTJ
emaj-172	317	16	.	.	NOUN
emaj-172	317	17	3	3	NUM
emaj-172	317	18	,	,	PUNCT
emaj-172	317	19	247	247	NUM
emaj-172	317	20	-	-	SYM
emaj-172	317	21	265	265	NUM
emaj-172	317	22	.	.	PUNCT
emaj-172	318	1	chinzara	chinzara	PROPN
emaj-172	318	2	,	,	PUNCT
emaj-172	318	3	z	z	NOUN
emaj-172	318	4	,	,	PUNCT
emaj-172	318	5	and	and	CCONJ
emaj-172	318	6	s	s	VERB
emaj-172	318	7	slyper	slyper	NOUN
emaj-172	318	8	.	.	PUNCT
emaj-172	319	1	(	(	PUNCT
emaj-172	319	2	2013	2013	NUM
emaj-172	319	3	)	)	PUNCT
emaj-172	319	4	.	.	PUNCT
emaj-172	320	1	"	"	PUNCT
emaj-172	320	2	volatility	volatility	NOUN
emaj-172	320	3	and	and	CCONJ
emaj-172	320	4	anomalies	anomaly	NOUN
emaj-172	320	5	in	in	ADP
emaj-172	320	6	the	the	DET
emaj-172	320	7	johannesburg	johannesburg	PROPN
emaj-172	320	8	securities	securities	PROPN
emaj-172	320	9	exchange	exchange	PROPN
emaj-172	320	10	daily	daily	ADJ
emaj-172	320	11	returns	return	NOUN
emaj-172	320	12	.	.	PUNCT
emaj-172	320	13	"	"	PUNCT
emaj-172	321	1	financial	financial	ADJ
emaj-172	321	2	markets	market	NOUN
emaj-172	321	3	journal	journal	NOUN
emaj-172	321	4	17	17	NUM
emaj-172	321	5	,	,	PUNCT
emaj-172	321	6	no	no	INTJ
emaj-172	321	7	.	.	NOUN
emaj-172	321	8	1	1	NUM
emaj-172	321	9	,	,	PUNCT
emaj-172	321	10	25	25	NUM
emaj-172	321	11	-	-	SYM
emaj-172	321	12	41	41	NUM
emaj-172	321	13	.	.	PUNCT
emaj-172	322	1	christoffersen	christoffersen	VERB
emaj-172	322	2	,	,	PUNCT
emaj-172	322	3	p.	p.	NOUN
emaj-172	322	4	f.	f.	PROPN
emaj-172	323	1	(	(	PUNCT
emaj-172	323	2	1998	1998	NUM
emaj-172	323	3	)	)	PUNCT
emaj-172	323	4	.	.	PUNCT
emaj-172	324	1	“	"	PUNCT
emaj-172	324	2	evaluating	evaluate	VERB
emaj-172	324	3	interval	interval	NOUN
emaj-172	324	4	forecasts	forecast	NOUN
emaj-172	324	5	.	.	PUNCT
emaj-172	324	6	”	"	PUNCT
emaj-172	325	1	international	international	ADJ
emaj-172	325	2	economic	economic	ADJ
emaj-172	325	3	review	review	NOUN
emaj-172	325	4	,	,	PUNCT
emaj-172	325	5	841	841	NUM
emaj-172	325	6	-	-	SYM
emaj-172	325	7	862	862	NUM
emaj-172	325	8	.	.	PUNCT
emaj-172	326	1	das	das	PROPN
emaj-172	326	2	,	,	PUNCT
emaj-172	326	3	d	d	NOUN
emaj-172	326	4	,	,	PUNCT
emaj-172	326	5	and	and	CCONJ
emaj-172	326	6	b.	b.	PROPN
emaj-172	326	7	h	h	PROPN
emaj-172	326	8	yoo	yoo	PROPN
emaj-172	326	9	.	.	PUNCT
emaj-172	327	1	(	(	PUNCT
emaj-172	327	2	2004	2004	NUM
emaj-172	327	3	)	)	PUNCT
emaj-172	327	4	.	.	PUNCT
emaj-172	328	1	"	"	PUNCT
emaj-172	328	2	a	a	DET
emaj-172	328	3	bayesian	bayesian	NOUN
emaj-172	328	4	mcmc	mcmc	PROPN
emaj-172	328	5	algorithm	algorithm	PROPN
emaj-172	328	6	for	for	ADP
emaj-172	328	7	markov	markov	NOUN
emaj-172	328	8	switching	switch	VERB
emaj-172	328	9	garch	garch	NOUN
emaj-172	328	10	models	model	NOUN
emaj-172	328	11	.	.	PUNCT
emaj-172	328	12	"	"	PUNCT
emaj-172	328	13	econometric	econometric	ADJ
emaj-172	328	14	society	society	NOUN
emaj-172	328	15	,	,	PUNCT
emaj-172	328	16	1	1	NUM
emaj-172	328	17	-	-	SYM
emaj-172	328	18	16	16	NUM
emaj-172	328	19	.	.	PUNCT
emaj-172	328	20	de	de	PROPN
emaj-172	328	21	groot	groot	PROPN
emaj-172	328	22	,	,	PUNCT
emaj-172	328	23	w	w	PROPN
emaj-172	328	24	,	,	PUNCT
emaj-172	328	25	j	j	PROPN
emaj-172	328	26	pang	pang	NOUN
emaj-172	328	27	,	,	PUNCT
emaj-172	328	28	and	and	CCONJ
emaj-172	328	29	l	l	NOUN
emaj-172	328	30	swinkels	swinkel	NOUN
emaj-172	328	31	.	.	PUNCT
emaj-172	329	1	(	(	PUNCT
emaj-172	329	2	2012	2012	NUM
emaj-172	329	3	)	)	PUNCT
emaj-172	329	4	.	.	PUNCT
emaj-172	330	1	"	"	PUNCT
emaj-172	330	2	the	the	DET
emaj-172	330	3	cross	cross	NOUN
emaj-172	330	4	-	-	NOUN
emaj-172	330	5	section	section	NOUN
emaj-172	330	6	of	of	ADP
emaj-172	330	7	stock	stock	NOUN
emaj-172	330	8	returns	return	NOUN
emaj-172	330	9	in	in	ADP
emaj-172	330	10	frontier	frontier	NOUN
emaj-172	330	11	emerging	emerge	VERB
emaj-172	330	12	markets	market	NOUN
emaj-172	330	13	.	.	PUNCT
emaj-172	330	14	"	"	PUNCT
emaj-172	331	1	journal	journal	NOUN
emaj-172	331	2	of	of	ADP
emaj-172	331	3	empirical	empirical	ADJ
emaj-172	331	4	finance	finance	NOUN
emaj-172	331	5	19	19	NUM
emaj-172	331	6	,	,	PUNCT
emaj-172	331	7	no	no	INTJ
emaj-172	331	8	.	.	NOUN
emaj-172	331	9	5	5	NUM
emaj-172	331	10	,	,	PUNCT
emaj-172	331	11	796	796	NUM
emaj-172	331	12	-	-	SYM
emaj-172	331	13	818	818	NUM
emaj-172	331	14	.	.	PUNCT
emaj-172	332	1	engle	engle	PROPN
emaj-172	332	2	,	,	PUNCT
emaj-172	332	3	r.	r.	PROPN
emaj-172	332	4	f.	f.	PROPN
emaj-172	332	5	(	(	PUNCT
emaj-172	332	6	1982	1982	NUM
emaj-172	332	7	)	)	PUNCT
emaj-172	332	8	.	.	PUNCT
emaj-172	333	1	"	"	PUNCT
emaj-172	333	2	autoregressive	autoregressive	ADJ
emaj-172	333	3	conditional	conditional	ADJ
emaj-172	333	4	heteroscedasticity	heteroscedasticity	NOUN
emaj-172	333	5	with	with	ADP
emaj-172	333	6	estimates	estimate	NOUN
emaj-172	333	7	of	of	ADP
emaj-172	333	8	the	the	DET
emaj-172	333	9	variance	variance	NOUN
emaj-172	333	10	of	of	ADP
emaj-172	333	11	united	united	PROPN
emaj-172	333	12	kingdom	kingdom	PROPN
emaj-172	333	13	inflation	inflation	NOUN
emaj-172	333	14	.	.	PUNCT
emaj-172	333	15	"	"	PUNCT
emaj-172	334	1	econometrica	econometrica	PROPN
emaj-172	334	2	:	:	PUNCT
emaj-172	334	3	journal	journal	NOUN
emaj-172	334	4	of	of	ADP
emaj-172	334	5	the	the	DET
emaj-172	334	6	econometric	econometric	ADJ
emaj-172	334	7	society	society	NOUN
emaj-172	334	8	,	,	PUNCT
emaj-172	334	9	987	987	NUM
emaj-172	334	10	-	-	SYM
emaj-172	334	11	1007	1007	NUM
emaj-172	334	12	.	.	PUNCT
emaj-172	335	1	engle	engle	PROPN
emaj-172	335	2	,	,	PUNCT
emaj-172	335	3	r.	r.	PROPN
emaj-172	335	4	f	f	PROPN
emaj-172	335	5	,	,	PUNCT
emaj-172	335	6	and	and	CCONJ
emaj-172	335	7	s	s	VERB
emaj-172	335	8	manganelli	manganelli	NOUN
emaj-172	335	9	.	.	PUNCT
emaj-172	335	10	(	(	PUNCT
emaj-172	335	11	2004	2004	NUM
emaj-172	335	12	)	)	PUNCT
emaj-172	335	13	.	.	PUNCT
emaj-172	336	1	"	"	PUNCT
emaj-172	336	2	caviar	caviar	ADJ
emaj-172	336	3	:	:	PUNCT
emaj-172	336	4	conditional	conditional	ADJ
emaj-172	336	5	autoregressive	autoregressive	ADJ
emaj-172	336	6	value	value	NOUN
emaj-172	336	7	at	at	ADP
emaj-172	336	8	risk	risk	NOUN
emaj-172	336	9	by	by	ADP
emaj-172	336	10	regression	regression	NOUN
emaj-172	336	11	quantiles	quantile	NOUN
emaj-172	336	12	.	.	PUNCT
emaj-172	336	13	"	"	PUNCT
emaj-172	336	14	journal	journal	NOUN
emaj-172	336	15	of	of	ADP
emaj-172	336	16	business	business	PROPN
emaj-172	336	17	&	&	CCONJ
emaj-172	336	18	economic	economic	ADJ
emaj-172	336	19	statistics	statistic	NOUN
emaj-172	336	20	22	22	NUM
emaj-172	336	21	,	,	PUNCT
emaj-172	336	22	no	no	INTJ
emaj-172	336	23	.	.	NOUN
emaj-172	336	24	4	4	NUM
emaj-172	336	25	,	,	PUNCT
emaj-172	336	26	367	367	NUM
emaj-172	336	27	-	-	SYM
emaj-172	336	28	381	381	NUM
emaj-172	336	29	.	.	PUNCT
emaj-172	337	1	enisan	enisan	ADJ
emaj-172	337	2	,	,	PUNCT
emaj-172	337	3	a.a	a.a	PROPN
emaj-172	337	4	,	,	PUNCT
emaj-172	337	5	and	and	CCONJ
emaj-172	337	6	a.o	a.o	PROPN
emaj-172	337	7	olufisayo	olufisayo	PROPN
emaj-172	337	8	.	.	PUNCT
emaj-172	338	1	(	(	PUNCT
emaj-172	338	2	2009	2009	NUM
emaj-172	338	3	)	)	PUNCT
emaj-172	338	4	.	.	PUNCT
emaj-172	339	1	"	"	PUNCT
emaj-172	339	2	stock	stock	NOUN
emaj-172	339	3	market	market	NOUN
emaj-172	339	4	development	development	NOUN
emaj-172	339	5	and	and	CCONJ
emaj-172	339	6	economic	economic	ADJ
emaj-172	339	7	growth	growth	NOUN
emaj-172	339	8	:	:	PUNCT
emaj-172	339	9	evidence	evidence	NOUN
emaj-172	339	10	from	from	ADP
emaj-172	339	11	seven	seven	NUM
emaj-172	339	12	sub	sub	ADJ
emaj-172	339	13	-	-	ADJ
emaj-172	339	14	saharan	saharan	ADJ
emaj-172	339	15	african	african	ADJ
emaj-172	339	16	countries	country	NOUN
emaj-172	339	17	.	.	PUNCT
emaj-172	339	18	"	"	PUNCT
emaj-172	339	19	journal	journal	NOUN
emaj-172	339	20	of	of	ADP
emaj-172	339	21	economics	economic	NOUN
emaj-172	339	22	and	and	CCONJ
emaj-172	339	23	business	business	NOUN
emaj-172	339	24	61	61	NUM
emaj-172	339	25	,	,	PUNCT
emaj-172	339	26	no	no	INTJ
emaj-172	339	27	.	.	NOUN
emaj-172	339	28	2	2	NUM
emaj-172	339	29	,	,	PUNCT
emaj-172	339	30	162	162	NUM
emaj-172	339	31	-	-	SYM
emaj-172	339	32	171	171	NUM
emaj-172	339	33	.	.	PUNCT
emaj-172	340	1	esman	esman	PROPN
emaj-172	340	2	nyamongo	nyamongo	PROPN
emaj-172	340	3	,	,	PUNCT
emaj-172	340	4	m	m	PROPN
emaj-172	340	5	,	,	PUNCT
emaj-172	340	6	and	and	CCONJ
emaj-172	340	7	r	r	NOUN
emaj-172	340	8	misati	misati	NOUN
emaj-172	340	9	.	.	PUNCT
emaj-172	341	1	(	(	PUNCT
emaj-172	341	2	2010	2010	NUM
emaj-172	341	3	)	)	PUNCT
emaj-172	341	4	.	.	PUNCT
emaj-172	342	1	"	"	PUNCT
emaj-172	342	2	modelling	model	VERB
emaj-172	342	3	the	the	DET
emaj-172	342	4	time	time	NOUN
emaj-172	342	5	-	-	PUNCT
emaj-172	342	6	varying	vary	VERB
emaj-172	342	7	volatility	volatility	NOUN
emaj-172	342	8	of	of	ADP
emaj-172	342	9	equities	equity	NOUN
emaj-172	342	10	returns	return	NOUN
emaj-172	342	11	in	in	ADP
emaj-172	342	12	kenya	kenya	NOUN
emaj-172	342	13	.	.	PUNCT
emaj-172	342	14	"	"	PUNCT
emaj-172	342	15	african	african	ADJ
emaj-172	342	16	journal	journal	NOUN
emaj-172	342	17	of	of	ADP
emaj-172	342	18	economic	economic	ADJ
emaj-172	342	19	and	and	CCONJ
emaj-172	342	20	management	management	NOUN
emaj-172	342	21	studies	study	NOUN
emaj-172	342	22	1	1	NUM
emaj-172	342	23	,	,	PUNCT
emaj-172	342	24	no	no	INTJ
emaj-172	342	25	.	.	NOUN
emaj-172	342	26	2	2	NUM
emaj-172	342	27	,	,	PUNCT
emaj-172	342	28	183	183	NUM
emaj-172	342	29	-	-	SYM
emaj-172	342	30	196	196	NUM
emaj-172	342	31	.	.	PUNCT
emaj-172	343	1	fernández	fernández	PROPN
emaj-172	343	2	,	,	PUNCT
emaj-172	343	3	c	c	NOUN
emaj-172	343	4	,	,	PUNCT
emaj-172	343	5	and	and	CCONJ
emaj-172	343	6	m.	m.	PROPN
emaj-172	343	7	f	f	PROPN
emaj-172	343	8	steel	steel	PROPN
emaj-172	343	9	.	.	PUNCT
emaj-172	344	1	(	(	PUNCT
emaj-172	344	2	1998	1998	NUM
emaj-172	344	3	)	)	PUNCT
emaj-172	344	4	.	.	PUNCT
emaj-172	345	1	"	"	PUNCT
emaj-172	345	2	on	on	ADP
emaj-172	345	3	bayesian	bayesian	NOUN
emaj-172	345	4	modeling	modeling	NOUN
emaj-172	345	5	of	of	ADP
emaj-172	345	6	fat	fat	ADJ
emaj-172	345	7	tails	tail	NOUN
emaj-172	345	8	and	and	CCONJ
emaj-172	345	9	skewness	skewness	NOUN
emaj-172	345	10	.	.	PUNCT
emaj-172	345	11	"	"	PUNCT
emaj-172	345	12	journal	journal	NOUN
emaj-172	345	13	of	of	ADP
emaj-172	345	14	the	the	DET
emaj-172	345	15	american	american	ADJ
emaj-172	345	16	statistical	statistical	ADJ
emaj-172	345	17	association	association	NOUN
emaj-172	345	18	93	93	NUM
emaj-172	345	19	,	,	PUNCT
emaj-172	345	20	no	no	INTJ
emaj-172	345	21	.	.	NOUN
emaj-172	345	22	441	441	NUM
emaj-172	345	23	,	,	PUNCT
emaj-172	345	24	359	359	NUM
emaj-172	345	25	-	-	SYM
emaj-172	345	26	371	371	NUM
emaj-172	345	27	.	.	PUNCT
emaj-172	345	28	geweke	geweke	NOUN
emaj-172	345	29	,	,	PUNCT
emaj-172	345	30	j.	j.	PROPN
emaj-172	345	31	(	(	PUNCT
emaj-172	345	32	1989	1989	NUM
emaj-172	345	33	)	)	PUNCT
emaj-172	345	34	.	.	PUNCT
emaj-172	346	1	"	"	PUNCT
emaj-172	346	2	bayesian	bayesian	NOUN
emaj-172	346	3	inference	inference	NOUN
emaj-172	346	4	in	in	ADP
emaj-172	346	5	econometric	econometric	ADJ
emaj-172	346	6	models	model	NOUN
emaj-172	346	7	using	use	VERB
emaj-172	346	8	monte	monte	PROPN
emaj-172	346	9	carlo	carlo	PROPN
emaj-172	346	10	integration	integration	NOUN
emaj-172	346	11	.	.	PUNCT
emaj-172	346	12	"	"	PUNCT
emaj-172	347	1	econometrica	econometrica	PROPN
emaj-172	347	2	:	:	PUNCT
emaj-172	347	3	journal	journal	NOUN
emaj-172	347	4	of	of	ADP
emaj-172	347	5	the	the	DET
emaj-172	347	6	econometric	econometric	ADJ
emaj-172	347	7	society	society	NOUN
emaj-172	347	8	,	,	PUNCT
emaj-172	347	9	1317	1317	NUM
emaj-172	347	10	-	-	SYM
emaj-172	347	11	1339	1339	NUM
emaj-172	347	12	.	.	PUNCT
emaj-172	348	1	glosten	glosten	ADJ
emaj-172	348	2	,	,	PUNCT
emaj-172	348	3	l.r	l.r	PROPN
emaj-172	348	4	,	,	PUNCT
emaj-172	348	5	r	r	NOUN
emaj-172	348	6	jagannathan	jagannathan	NOUN
emaj-172	348	7	,	,	PUNCT
emaj-172	348	8	and	and	CCONJ
emaj-172	348	9	d.e	d.e	PROPN
emaj-172	348	10	runkle	runkle	NOUN
emaj-172	348	11	.	.	PUNCT
emaj-172	349	1	(	(	PUNCT
emaj-172	349	2	1993	1993	NUM
emaj-172	349	3	)	)	PUNCT
emaj-172	349	4	.	.	PUNCT
emaj-172	350	1	"	"	PUNCT
emaj-172	350	2	on	on	ADP
emaj-172	350	3	the	the	DET
emaj-172	350	4	relation	relation	NOUN
emaj-172	350	5	between	between	ADP
emaj-172	350	6	the	the	DET
emaj-172	350	7	expected	expect	VERB
emaj-172	350	8	value	value	NOUN
emaj-172	350	9	and	and	CCONJ
emaj-172	350	10	the	the	DET
emaj-172	350	11	volatility	volatility	NOUN
emaj-172	350	12	of	of	ADP
emaj-172	350	13	the	the	DET
emaj-172	350	14	nominal	nominal	ADJ
emaj-172	350	15	excess	excess	ADJ
emaj-172	350	16	return	return	NOUN
emaj-172	350	17	on	on	ADP
emaj-172	350	18	stocks	stock	NOUN
emaj-172	350	19	.	.	PUNCT
emaj-172	350	20	"	"	PUNCT
emaj-172	350	21	journal	journal	NOUN
emaj-172	350	22	of	of	ADP
emaj-172	350	23	finance	finance	NOUN
emaj-172	350	24	48	48	NUM
emaj-172	350	25	,	,	PUNCT
emaj-172	350	26	no	no	INTJ
emaj-172	350	27	.	.	NOUN
emaj-172	350	28	5	5	NUM
emaj-172	350	29	,	,	PUNCT
emaj-172	350	30	1779	1779	NUM
emaj-172	350	31	-	-	SYM
emaj-172	350	32	1801	1801	NUM
emaj-172	350	33	.	.	PUNCT
emaj-172	351	1	gray	gray	ADJ
emaj-172	351	2	,	,	PUNCT
emaj-172	351	3	s.	s.	PROPN
emaj-172	351	4	f.	f.	PROPN
emaj-172	351	5	(	(	PUNCT
emaj-172	351	6	1996	1996	NUM
emaj-172	351	7	)	)	PUNCT
emaj-172	351	8	.	.	PUNCT
emaj-172	352	1	"	"	PUNCT
emaj-172	352	2	modeling	model	VERB
emaj-172	352	3	the	the	DET
emaj-172	352	4	conditional	conditional	ADJ
emaj-172	352	5	distribution	distribution	NOUN
emaj-172	352	6	of	of	ADP
emaj-172	352	7	interest	interest	NOUN
emaj-172	352	8	rates	rate	NOUN
emaj-172	352	9	as	as	ADP
emaj-172	352	10	a	a	DET
emaj-172	352	11	regimeswitching	regimeswitching	NOUN
emaj-172	352	12	process	process	NOUN
emaj-172	352	13	.	.	PUNCT
emaj-172	352	14	"	"	PUNCT
emaj-172	352	15	journal	journal	NOUN
emaj-172	352	16	of	of	ADP
emaj-172	352	17	financial	financial	ADJ
emaj-172	352	18	economics	economic	NOUN
emaj-172	352	19	42	42	NUM
emaj-172	352	20	,	,	PUNCT
emaj-172	352	21	no	no	INTJ
emaj-172	352	22	.	.	NOUN
emaj-172	352	23	1	1	NUM
emaj-172	352	24	,	,	PUNCT
emaj-172	352	25	27	27	NUM
emaj-172	352	26	-	-	SYM
emaj-172	352	27	62	62	NUM
emaj-172	352	28	.	.	PUNCT
emaj-172	353	1	haas	haas	PROPN
emaj-172	353	2	,	,	PUNCT
emaj-172	353	3	m	m	PROPN
emaj-172	353	4	,	,	PUNCT
emaj-172	353	5	s	s	PART
emaj-172	353	6	mittnik	mittnik	NOUN
emaj-172	353	7	,	,	PUNCT
emaj-172	353	8	and	and	CCONJ
emaj-172	353	9	m.	m.	NOUN
emaj-172	353	10	s	s	PART
emaj-172	353	11	paolella	paolella	NOUN
emaj-172	353	12	.	.	PUNCT
emaj-172	354	1	(	(	PUNCT
emaj-172	354	2	2004	2004	NUM
emaj-172	354	3	)	)	PUNCT
emaj-172	354	4	.	.	PUNCT
emaj-172	355	1	"	"	PUNCT
emaj-172	355	2	a	a	DET
emaj-172	355	3	new	new	ADJ
emaj-172	355	4	approach	approach	NOUN
emaj-172	355	5	to	to	ADP
emaj-172	355	6	markov	markov	NOUN
emaj-172	355	7	-	-	PUNCT
emaj-172	355	8	switching	switch	VERB
emaj-172	355	9	garch	garch	NOUN
emaj-172	355	10	models	model	NOUN
emaj-172	355	11	.	.	PUNCT
emaj-172	355	12	"	"	PUNCT
emaj-172	356	1	journal	journal	NOUN
emaj-172	356	2	of	of	ADP
emaj-172	356	3	financial	financial	ADJ
emaj-172	356	4	econometrics	econometric	NOUN
emaj-172	356	5	2	2	NUM
emaj-172	356	6	,	,	PUNCT
emaj-172	356	7	no	no	INTJ
emaj-172	356	8	.	.	NOUN
emaj-172	356	9	4	4	NUM
emaj-172	356	10	,	,	PUNCT
emaj-172	356	11	493	493	NUM
emaj-172	356	12	-	-	SYM
emaj-172	356	13	530	530	NUM
emaj-172	356	14	.	.	PUNCT
emaj-172	357	1	hahn	hahn	PROPN
emaj-172	357	2	,	,	PUNCT
emaj-172	357	3	m	m	PROPN
emaj-172	357	4	,	,	PUNCT
emaj-172	357	5	s	s	VERB
emaj-172	357	6	frühwirth	frühwirth	NOUN
emaj-172	357	7	-	-	PUNCT
emaj-172	357	8	schnatter	schnatter	NOUN
emaj-172	357	9	,	,	PUNCT
emaj-172	357	10	and	and	CCONJ
emaj-172	357	11	j	j	PROPN
emaj-172	357	12	sass	sass	NOUN
emaj-172	357	13	.	.	PUNCT
emaj-172	358	1	(	(	PUNCT
emaj-172	358	2	2010	2010	NUM
emaj-172	358	3	)	)	PUNCT
emaj-172	358	4	.	.	PUNCT
emaj-172	359	1	"	"	PUNCT
emaj-172	359	2	markov	markov	PROPN
emaj-172	359	3	chain	chain	NOUN
emaj-172	359	4	monte	monte	PROPN
emaj-172	359	5	carlo	carlo	PROPN
emaj-172	359	6	methods	method	NOUN
emaj-172	359	7	for	for	ADP
emaj-172	359	8	parameter	parameter	NOUN
emaj-172	359	9	estimation	estimation	NOUN
emaj-172	359	10	in	in	ADP
emaj-172	359	11	multidimensional	multidimensional	ADJ
emaj-172	359	12	continuous	continuous	ADJ
emaj-172	359	13	time	time	NOUN
emaj-172	359	14	markov	markov	NOUN
emaj-172	359	15	switchingmodels	switchingmodel	NOUN
emaj-172	359	16	.	.	PUNCT
emaj-172	359	17	"	"	PUNCT
emaj-172	360	1	journal	journal	NOUN
emaj-172	360	2	of	of	ADP
emaj-172	360	3	financial	financial	ADJ
emaj-172	360	4	economics	economic	NOUN
emaj-172	360	5	8	8	NUM
emaj-172	360	6	,	,	PUNCT
emaj-172	360	7	no	no	INTJ
emaj-172	360	8	.	.	NOUN
emaj-172	360	9	1	1	NUM
emaj-172	360	10	,	,	PUNCT
emaj-172	360	11	88	88	NUM
emaj-172	360	12	–	–	SYM
emaj-172	360	13	121	121	NUM
emaj-172	360	14	.	.	PUNCT
emaj-172	361	1	hamilton	hamilton	PROPN
emaj-172	361	2	,	,	PUNCT
emaj-172	361	3	j.	j.	PROPN
emaj-172	361	4	d.	d.	PROPN
emaj-172	361	5	(	(	PUNCT
emaj-172	361	6	1989	1989	NUM
emaj-172	361	7	)	)	PUNCT
emaj-172	361	8	.	.	PUNCT
emaj-172	362	1	"	"	PUNCT
emaj-172	362	2	a	a	DET
emaj-172	362	3	new	new	ADJ
emaj-172	362	4	approach	approach	NOUN
emaj-172	362	5	to	to	ADP
emaj-172	362	6	the	the	DET
emaj-172	362	7	economic	economic	ADJ
emaj-172	362	8	analysis	analysis	NOUN
emaj-172	362	9	of	of	ADP
emaj-172	362	10	nonstationary	nonstationary	ADJ
emaj-172	362	11	time	time	NOUN
emaj-172	362	12	series	series	NOUN
emaj-172	362	13	and	and	CCONJ
emaj-172	362	14	the	the	DET
emaj-172	362	15	business	business	NOUN
emaj-172	362	16	cycle	cycle	NOUN
emaj-172	362	17	.	.	PUNCT
emaj-172	362	18	"	"	PUNCT
emaj-172	363	1	econometrica	econometrica	PROPN
emaj-172	363	2	:	:	PUNCT
emaj-172	363	3	journal	journal	NOUN
emaj-172	363	4	of	of	ADP
emaj-172	363	5	the	the	DET
emaj-172	363	6	econometric	econometric	ADJ
emaj-172	363	7	society	society	NOUN
emaj-172	363	8	,	,	PUNCT
emaj-172	363	9	357	357	NUM
emaj-172	363	10	-	-	SYM
emaj-172	363	11	384	384	NUM
emaj-172	363	12	.	.	PUNCT
emaj-172	364	1	hamilton	hamilton	PROPN
emaj-172	364	2	,	,	PUNCT
emaj-172	364	3	j.	j.	PROPN
emaj-172	364	4	d.	d.	PROPN
emaj-172	364	5	(	(	PUNCT
emaj-172	364	6	1996	1996	NUM
emaj-172	364	7	)	)	PUNCT
emaj-172	364	8	.	.	PUNCT
emaj-172	365	1	"	"	PUNCT
emaj-172	365	2	specification	specification	NOUN
emaj-172	365	3	testing	testing	NOUN
emaj-172	365	4	in	in	ADP
emaj-172	365	5	markovswitching	markovswitche	VERB
emaj-172	365	6	time	time	NOUN
emaj-172	365	7	-	-	PUNCT
emaj-172	365	8	series	series	NOUN
emaj-172	365	9	models	model	NOUN
emaj-172	365	10	.	.	PUNCT
emaj-172	365	11	"	"	PUNCT
emaj-172	366	1	journal	journal	NOUN
emaj-172	366	2	of	of	ADP
emaj-172	366	3	econometrics	econometric	NOUN
emaj-172	366	4	70	70	NUM
emaj-172	366	5	,	,	PUNCT
emaj-172	366	6	no	no	INTJ
emaj-172	366	7	.	.	NOUN
emaj-172	366	8	1	1	NUM
emaj-172	366	9	,	,	PUNCT
emaj-172	366	10	127	127	NUM
emaj-172	366	11	-	-	SYM
emaj-172	366	12	157	157	NUM
emaj-172	366	13	.	.	PUNCT
emaj-172	367	1	hamilton	hamilton	PROPN
emaj-172	367	2	,	,	PUNCT
emaj-172	367	3	j.	j.	PROPN
emaj-172	367	4	d	d	PROPN
emaj-172	367	5	,	,	PUNCT
emaj-172	367	6	and	and	CCONJ
emaj-172	367	7	r	r	NOUN
emaj-172	367	8	susmel	susmel	NOUN
emaj-172	367	9	.	.	PUNCT
emaj-172	368	1	(	(	PUNCT
emaj-172	368	2	1994	1994	NUM
emaj-172	368	3	)	)	PUNCT
emaj-172	368	4	.	.	PUNCT
emaj-172	369	1	"	"	PUNCT
emaj-172	369	2	autoregressive	autoregressive	ADJ
emaj-172	369	3	conditional	conditional	ADJ
emaj-172	369	4	heteroskedasticity	heteroskedasticity	NOUN
emaj-172	369	5	and	and	CCONJ
emaj-172	369	6	changes	change	NOUN
emaj-172	369	7	in	in	ADP
emaj-172	369	8	regime	regime	NOUN
emaj-172	369	9	.	.	PUNCT
emaj-172	369	10	"	"	PUNCT
emaj-172	369	11	journal	journal	NOUN
emaj-172	369	12	of	of	ADP
emaj-172	369	13	econometrics	econometric	NOUN
emaj-172	369	14	64	64	NUM
emaj-172	369	15	,	,	PUNCT
emaj-172	369	16	no	no	INTJ
emaj-172	369	17	.	.	NOUN
emaj-172	369	18	1	1	NUM
emaj-172	369	19	-	-	SYM
emaj-172	369	20	2	2	NUM
emaj-172	369	21	,	,	PUNCT
emaj-172	369	22	307	307	NUM
emaj-172	369	23	-	-	SYM
emaj-172	369	24	333	333	NUM
emaj-172	369	25	.	.	PUNCT
emaj-172	370	1	hardy	hardy	ADJ
emaj-172	370	2	,	,	PUNCT
emaj-172	370	3	m.	m.	NOUN
emaj-172	370	4	r.	r.	PROPN
emaj-172	370	5	(	(	PUNCT
emaj-172	370	6	2001	2001	NUM
emaj-172	370	7	)	)	PUNCT
emaj-172	370	8	.	.	PUNCT
emaj-172	371	1	"	"	PUNCT
emaj-172	371	2	a	a	DET
emaj-172	371	3	regime	regime	NOUN
emaj-172	371	4	-	-	PUNCT
emaj-172	371	5	switching	switch	VERB
emaj-172	371	6	model	model	NOUN
emaj-172	371	7	of	of	ADP
emaj-172	371	8	long	long	ADJ
emaj-172	371	9	-	-	PUNCT
emaj-172	371	10	term	term	NOUN
emaj-172	371	11	stock	stock	NOUN
emaj-172	371	12	returns	return	NOUN
emaj-172	371	13	.	.	PUNCT
emaj-172	371	14	"	"	PUNCT
emaj-172	372	1	north	north	ADJ
emaj-172	372	2	american	american	ADJ
emaj-172	372	3	actuarial	actuarial	ADJ
emaj-172	372	4	journal	journal	NOUN
emaj-172	372	5	5	5	NUM
emaj-172	372	6	,	,	PUNCT
emaj-172	372	7	no	no	INTJ
emaj-172	372	8	.	.	NOUN
emaj-172	372	9	2	2	NUM
emaj-172	372	10	,	,	PUNCT
emaj-172	372	11	41	41	NUM
emaj-172	372	12	-	-	SYM
emaj-172	372	13	53	53	NUM
emaj-172	372	14	.	.	PUNCT
emaj-172	373	1	hassan	hassan	PROPN
emaj-172	373	2	,	,	PUNCT
emaj-172	373	3	m.	m.	PROPN
emaj-172	373	4	k	k	PROPN
emaj-172	373	5	,	,	PUNCT
emaj-172	373	6	n.	n.	PROPN
emaj-172	373	7	c	c	PROPN
emaj-172	373	8	maroney	maroney	PROPN
emaj-172	373	9	,	,	PUNCT
emaj-172	373	10	h.	h.	PROPN
emaj-172	373	11	m	m	PROPN
emaj-172	373	12	el	el	PROPN
emaj-172	373	13	-	-	PROPN
emaj-172	373	14	sady	sady	PROPN
emaj-172	373	15	,	,	PUNCT
emaj-172	373	16	and	and	CCONJ
emaj-172	373	17	a	a	DET
emaj-172	373	18	telfah	telfah	NOUN
emaj-172	373	19	.	.	PUNCT
emaj-172	374	1	(	(	PUNCT
emaj-172	374	2	2003	2003	NUM
emaj-172	374	3	)	)	PUNCT
emaj-172	374	4	.	.	PUNCT
emaj-172	375	1	"	"	PUNCT
emaj-172	375	2	country	country	NOUN
emaj-172	375	3	risk	risk	NOUN
emaj-172	375	4	and	and	CCONJ
emaj-172	375	5	stock	stock	NOUN
emaj-172	375	6	market	market	NOUN
emaj-172	375	7	volatility	volatility	NOUN
emaj-172	375	8	,	,	PUNCT
emaj-172	375	9	predictability	predictability	NOUN
emaj-172	375	10	,	,	PUNCT
emaj-172	375	11	and	and	CCONJ
emaj-172	375	12	diversification	diversification	NOUN
emaj-172	375	13	in	in	ADP
emaj-172	375	14	the	the	DET
emaj-172	375	15	middle	middle	PROPN
emaj-172	375	16	east	east	PROPN
emaj-172	375	17	and	and	CCONJ
emaj-172	375	18	africa	africa	PROPN
emaj-172	375	19	.	.	PUNCT
emaj-172	375	20	"	"	PUNCT
emaj-172	376	1	economic	economic	ADJ
emaj-172	376	2	systems	system	NOUN
emaj-172	376	3	27	27	NUM
emaj-172	376	4	,	,	PUNCT
emaj-172	376	5	no	no	INTJ
emaj-172	376	6	.	.	NOUN
emaj-172	376	7	1	1	NUM
emaj-172	376	8	,	,	PUNCT
emaj-172	376	9	63	63	NUM
emaj-172	376	10	-	-	SYM
emaj-172	376	11	82	82	NUM
emaj-172	376	12	.	.	PUNCT
emaj-172	377	1	hastings	hastings	PROPN
emaj-172	377	2	,	,	PUNCT
emaj-172	377	3	w.	w.	PROPN
emaj-172	377	4	k.	k.	PROPN
emaj-172	377	5	(	(	PUNCT
emaj-172	377	6	1970	1970	NUM
emaj-172	377	7	)	)	PUNCT
emaj-172	377	8	.	.	PUNCT
emaj-172	378	1	"	"	PUNCT
emaj-172	378	2	monte	monte	PROPN
emaj-172	378	3	carlo	carlo	NOUN
emaj-172	378	4	sampling	sample	VERB
emaj-172	378	5	methods	method	NOUN
emaj-172	378	6	using	use	VERB
emaj-172	378	7	markov	markov	NOUN
emaj-172	378	8	chains	chain	NOUN
emaj-172	378	9	and	and	CCONJ
emaj-172	378	10	their	their	PRON
emaj-172	378	11	applications	application	NOUN
emaj-172	378	12	.	.	PUNCT
emaj-172	378	13	"	"	PUNCT
emaj-172	378	14	biometrika	biometrika	NOUN
emaj-172	378	15	57	57	NUM
emaj-172	378	16	,	,	PUNCT
emaj-172	378	17	97–109	97–109	NUM
emaj-172	378	18	.	.	PUNCT
emaj-172	379	1	international	international	ADJ
emaj-172	379	2	finance	finance	NOUN
emaj-172	379	3	corporation	corporation	NOUN
emaj-172	379	4	.	.	PUNCT
emaj-172	380	1	(	(	PUNCT
emaj-172	380	2	2013	2013	NUM
emaj-172	380	3	)	)	PUNCT
emaj-172	380	4	.	.	PUNCT
emaj-172	381	1	annual	annual	ADJ
emaj-172	381	2	report	report	NOUN
emaj-172	381	3	.	.	PUNCT
emaj-172	382	1	washington	washington	PROPN
emaj-172	382	2	,	,	PUNCT
emaj-172	382	3	d.c	d.c	PROPN
emaj-172	382	4	.	.	PROPN
emaj-172	382	5	,	,	PUNCT
emaj-172	382	6	usa	usa	PROPN
emaj-172	382	7	:	:	PUNCT
emaj-172	382	8	international	international	ADJ
emaj-172	382	9	finance	finance	NOUN
emaj-172	382	10	corporation	corporation	NOUN
emaj-172	382	11	.	.	PUNCT
emaj-172	383	1	volume	volume	NOUN
emaj-172	383	2	9	9	NUM
emaj-172	383	3	no	no	DET
emaj-172	383	4	1	1	NUM
emaj-172	383	5	(	(	PUNCT
emaj-172	383	6	2019	2019	NUM
emaj-172	383	7	)	)	PUNCT
emaj-172	383	8	|	|	ADV
emaj-172	383	9	issn	issn	VERB
emaj-172	383	10	2158	2158	NUM
emaj-172	383	11	-	-	SYM
emaj-172	383	12	8708	8708	NUM
emaj-172	383	13	(	(	PUNCT
emaj-172	383	14	online	online	NOUN
emaj-172	383	15	)	)	PUNCT
emaj-172	383	16	|	|	ADV
emaj-172	383	17	doi	doi	X
emaj-172	383	18	10.5195	10.5195	NUM
emaj-172	383	19	/	/	SYM
emaj-172	383	20	emaj.2019.172	emaj.2019.172	NOUN
emaj-172	383	21	|	|	ADV
emaj-172	383	22	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-172	383	23	volatility	volatility	NOUN
emaj-172	383	24	model	model	NOUN
emaj-172	383	25	choice	choice	NOUN
emaj-172	383	26	for	for	ADP
emaj-172	383	27	sub	sub	ADJ
emaj-172	383	28	-	-	ADJ
emaj-172	383	29	saharan	saharan	ADJ
emaj-172	383	30	frontier	frontier	NOUN
emaj-172	383	31	equity	equity	NOUN
emaj-172	383	32	markets	market	VERB
emaj-172	383	33	a	a	DET
emaj-172	383	34	markov	markov	NOUN
emaj-172	383	35	regime	regime	NOUN
emaj-172	383	36	switching	switch	VERB
emaj-172	383	37	bayesian	bayesian	NOUN
emaj-172	383	38	approach	approach	NOUN
emaj-172	383	39	page	page	NOUN
emaj-172	383	40	|78|	|78|	VERB
emaj-172	383	41	emerging	emerge	VERB
emaj-172	383	42	markets	market	NOUN
emaj-172	383	43	journal	journal	PROPN
emaj-172	383	44	khalifa	khalifa	PROPN
emaj-172	383	45	,	,	PUNCT
emaj-172	383	46	a.	a.	PROPN
emaj-172	383	47	a	a	PROPN
emaj-172	383	48	,	,	PUNCT
emaj-172	383	49	s	s	PART
emaj-172	383	50	hammoudeh	hammoudeh	NOUN
emaj-172	383	51	,	,	PUNCT
emaj-172	383	52	and	and	CCONJ
emaj-172	383	53	e	e	NOUN
emaj-172	383	54	otranto	otranto	NOUN
emaj-172	383	55	.	.	PUNCT
emaj-172	384	1	(	(	PUNCT
emaj-172	384	2	2014	2014	NUM
emaj-172	384	3	)	)	PUNCT
emaj-172	384	4	.	.	PUNCT
emaj-172	385	1	"	"	PUNCT
emaj-172	385	2	patterns	pattern	NOUN
emaj-172	385	3	of	of	ADP
emaj-172	385	4	volatility	volatility	NOUN
emaj-172	385	5	transmissions	transmission	NOUN
emaj-172	385	6	within	within	ADP
emaj-172	385	7	regime	regime	NOUN
emaj-172	385	8	switching	switch	VERB
emaj-172	385	9	across	across	ADP
emaj-172	385	10	gcc	gcc	NOUN
emaj-172	385	11	and	and	CCONJ
emaj-172	385	12	global	global	ADJ
emaj-172	385	13	markets	market	NOUN
emaj-172	385	14	.	.	PUNCT
emaj-172	385	15	"	"	PUNCT
emaj-172	386	1	international	international	ADJ
emaj-172	386	2	review	review	NOUN
emaj-172	386	3	of	of	ADP
emaj-172	386	4	economics	economic	NOUN
emaj-172	386	5	&	&	CCONJ
emaj-172	386	6	finance	finance	PROPN
emaj-172	386	7	29	29	NUM
emaj-172	386	8	,	,	PUNCT
emaj-172	386	9	512	512	NUM
emaj-172	386	10	-	-	SYM
emaj-172	386	11	524	524	NUM
emaj-172	386	12	.	.	PUNCT
emaj-172	387	1	kim	kim	PROPN
emaj-172	387	2	,	,	PUNCT
emaj-172	387	3	c.	c.	PROPN
emaj-172	387	4	j	j	PROPN
emaj-172	387	5	,	,	PUNCT
emaj-172	387	6	and	and	CCONJ
emaj-172	387	7	c.	c.	PROPN
emaj-172	387	8	r	r	PROPN
emaj-172	387	9	nelson	nelson	PROPN
emaj-172	387	10	.	.	PUNCT
emaj-172	388	1	(	(	PUNCT
emaj-172	388	2	1999	1999	NUM
emaj-172	388	3	)	)	PUNCT
emaj-172	388	4	.	.	PUNCT
emaj-172	389	1	"	"	PUNCT
emaj-172	389	2	has	have	AUX
emaj-172	389	3	the	the	DET
emaj-172	389	4	us	us	PROPN
emaj-172	389	5	economy	economy	NOUN
emaj-172	389	6	become	become	VERB
emaj-172	389	7	more	more	ADV
emaj-172	389	8	stable	stable	ADJ
emaj-172	389	9	?	?	PUNCT
emaj-172	390	1	a	a	DET
emaj-172	390	2	bayesian	bayesian	NOUN
emaj-172	390	3	approach	approach	NOUN
emaj-172	390	4	based	base	VERB
emaj-172	390	5	on	on	ADP
emaj-172	390	6	a	a	DET
emaj-172	390	7	markov	markov	NOUN
emaj-172	390	8	-	-	PUNCT
emaj-172	390	9	switching	switch	VERB
emaj-172	390	10	model	model	NOUN
emaj-172	390	11	of	of	ADP
emaj-172	390	12	the	the	DET
emaj-172	390	13	business	business	NOUN
emaj-172	390	14	cycle	cycle	NOUN
emaj-172	390	15	.	.	PUNCT
emaj-172	390	16	"	"	PUNCT
emaj-172	391	1	review	review	NOUN
emaj-172	391	2	of	of	ADP
emaj-172	391	3	economics	economic	NOUN
emaj-172	391	4	and	and	CCONJ
emaj-172	391	5	statistics	statistic	NOUN
emaj-172	391	6	81	81	NUM
emaj-172	391	7	,	,	PUNCT
emaj-172	391	8	no	no	INTJ
emaj-172	391	9	.	.	NOUN
emaj-172	391	10	4	4	NUM
emaj-172	391	11	,	,	PUNCT
emaj-172	391	12	608	608	NUM
emaj-172	391	13	-	-	SYM
emaj-172	391	14	616	616	NUM
emaj-172	391	15	.	.	PUNCT
emaj-172	392	1	klapper	klapper	NOUN
emaj-172	392	2	,	,	PUNCT
emaj-172	392	3	l.	l.	PROPN
emaj-172	392	4	f	f	PROPN
emaj-172	392	5	,	,	PUNCT
emaj-172	392	6	and	and	CCONJ
emaj-172	392	7	i	i	PRON
emaj-172	392	8	love	love	VERB
emaj-172	392	9	.	.	PUNCT
emaj-172	393	1	(	(	PUNCT
emaj-172	393	2	2004	2004	NUM
emaj-172	393	3	)	)	PUNCT
emaj-172	393	4	.	.	PUNCT
emaj-172	394	1	"	"	PUNCT
emaj-172	394	2	corporate	corporate	ADJ
emaj-172	394	3	governance	governance	NOUN
emaj-172	394	4	,	,	PUNCT
emaj-172	394	5	investor	investor	NOUN
emaj-172	394	6	protection	protection	NOUN
emaj-172	394	7	,	,	PUNCT
emaj-172	394	8	and	and	CCONJ
emaj-172	394	9	performance	performance	NOUN
emaj-172	394	10	in	in	ADP
emaj-172	394	11	emerging	emerge	VERB
emaj-172	394	12	markets	market	NOUN
emaj-172	394	13	.	.	PUNCT
emaj-172	394	14	"	"	PUNCT
emaj-172	395	1	journal	journal	NOUN
emaj-172	395	2	of	of	ADP
emaj-172	395	3	corporate	corporate	ADJ
emaj-172	395	4	finance	finance	NOUN
emaj-172	395	5	10	10	NUM
emaj-172	395	6	,	,	PUNCT
emaj-172	395	7	no	no	INTJ
emaj-172	395	8	.	.	NOUN
emaj-172	395	9	5	5	NUM
emaj-172	395	10	,	,	PUNCT
emaj-172	395	11	703	703	NUM
emaj-172	395	12	-	-	SYM
emaj-172	395	13	728	728	NUM
emaj-172	395	14	.	.	PUNCT
emaj-172	396	1	komunjer	komunjer	PROPN
emaj-172	396	2	,	,	PUNCT
emaj-172	396	3	i.	i.	PROPN
emaj-172	396	4	(	(	PUNCT
emaj-172	396	5	2013	2013	NUM
emaj-172	396	6	)	)	PUNCT
emaj-172	396	7	.	.	PUNCT
emaj-172	397	1	“	"	PUNCT
emaj-172	397	2	quantile	quantile	ADJ
emaj-172	397	3	prediction	prediction	NOUN
emaj-172	397	4	”	"	PUNCT
emaj-172	397	5	.	.	PUNCT
emaj-172	398	1	vol	vol	NOUN
emaj-172	398	2	.	.	PROPN
emaj-172	398	3	2	2	NUM
emaj-172	398	4	,	,	PUNCT
emaj-172	398	5	in	in	ADP
emaj-172	398	6	handbook	handbook	NOUN
emaj-172	398	7	of	of	ADP
emaj-172	398	8	economic	economic	ADJ
emaj-172	398	9	forecasting	forecasting	NOUN
emaj-172	398	10	,	,	PUNCT
emaj-172	398	11	by	by	ADP
emaj-172	398	12	g	g	PROPN
emaj-172	398	13	elliott	elliott	PROPN
emaj-172	398	14	and	and	CCONJ
emaj-172	398	15	a	a	DET
emaj-172	398	16	timmermann	timmermann	NOUN
emaj-172	398	17	,	,	PUNCT
emaj-172	398	18	961	961	NUM
emaj-172	398	19	-	-	SYM
emaj-172	398	20	994	994	NUM
emaj-172	398	21	.	.	PUNCT
emaj-172	399	1	amsterdam	amsterdam	PROPN
emaj-172	399	2	:	:	PUNCT
emaj-172	399	3	elsevier	elsevier	NOUN
emaj-172	399	4	.	.	PUNCT
emaj-172	400	1	kupiec	kupiec	PROPN
emaj-172	400	2	,	,	PUNCT
emaj-172	400	3	p.	p.	NOUN
emaj-172	400	4	h.	h.	PROPN
emaj-172	401	1	(	(	PUNCT
emaj-172	401	2	1995	1995	NUM
emaj-172	401	3	)	)	PUNCT
emaj-172	401	4	.	.	PUNCT
emaj-172	402	1	"	"	PUNCT
emaj-172	402	2	techniques	technique	NOUN
emaj-172	402	3	for	for	ADP
emaj-172	402	4	verifying	verify	VERB
emaj-172	402	5	the	the	DET
emaj-172	402	6	accuracy	accuracy	NOUN
emaj-172	402	7	of	of	ADP
emaj-172	402	8	risk	risk	NOUN
emaj-172	402	9	measurement	measurement	NOUN
emaj-172	402	10	models	model	NOUN
emaj-172	402	11	.	.	PUNCT
emaj-172	402	12	"	"	PUNCT
emaj-172	403	1	the	the	DET
emaj-172	403	2	journal	journal	NOUN
emaj-172	403	3	of	of	ADP
emaj-172	403	4	derivatives	derivative	NOUN
emaj-172	403	5	3	3	NUM
emaj-172	403	6	,	,	PUNCT
emaj-172	403	7	no	no	INTJ
emaj-172	403	8	.	.	NOUN
emaj-172	403	9	2	2	NUM
emaj-172	403	10	,	,	PUNCT
emaj-172	403	11	73–84	73–84	NOUN
emaj-172	403	12	.	.	PUNCT
emaj-172	404	1	la	la	PROPN
emaj-172	404	2	porta	porta	PROPN
emaj-172	404	3	,	,	PUNCT
emaj-172	404	4	r	r	PROPN
emaj-172	404	5	,	,	PUNCT
emaj-172	404	6	f	f	PROPN
emaj-172	404	7	lopez	lopez	NOUN
emaj-172	404	8	-	-	PUNCT
emaj-172	404	9	de	de	NOUN
emaj-172	404	10	-	-	NOUN
emaj-172	404	11	silanes	silane	NOUN
emaj-172	404	12	,	,	PUNCT
emaj-172	404	13	a	a	DET
emaj-172	404	14	shleifer	shleifer	NOUN
emaj-172	404	15	,	,	PUNCT
emaj-172	404	16	and	and	CCONJ
emaj-172	404	17	r	r	NOUN
emaj-172	404	18	vishny	vishny	PROPN
emaj-172	404	19	.	.	PUNCT
emaj-172	405	1	(	(	PUNCT
emaj-172	405	2	2000	2000	NUM
emaj-172	405	3	)	)	PUNCT
emaj-172	405	4	.	.	PUNCT
emaj-172	406	1	"	"	PUNCT
emaj-172	406	2	investor	investor	NOUN
emaj-172	406	3	protection	protection	NOUN
emaj-172	406	4	and	and	CCONJ
emaj-172	406	5	corporate	corporate	ADJ
emaj-172	406	6	governance	governance	NOUN
emaj-172	406	7	.	.	PUNCT
emaj-172	406	8	"	"	PUNCT
emaj-172	407	1	journal	journal	NOUN
emaj-172	407	2	of	of	ADP
emaj-172	407	3	financial	financial	ADJ
emaj-172	407	4	economics	economic	NOUN
emaj-172	407	5	58	58	NUM
emaj-172	407	6	,	,	PUNCT
emaj-172	407	7	no	no	INTJ
emaj-172	407	8	.	.	NOUN
emaj-172	407	9	1	1	NUM
emaj-172	407	10	,	,	PUNCT
emaj-172	407	11	3	3	NUM
emaj-172	407	12	-	-	SYM
emaj-172	407	13	27	27	NUM
emaj-172	407	14	.	.	PUNCT
emaj-172	408	1	lamoureux	lamoureux	PROPN
emaj-172	408	2	,	,	PUNCT
emaj-172	408	3	c.	c.	PROPN
emaj-172	408	4	g	g	PROPN
emaj-172	408	5	,	,	PUNCT
emaj-172	408	6	and	and	CCONJ
emaj-172	408	7	w.	w.	PROPN
emaj-172	408	8	d	d	PROPN
emaj-172	408	9	lastrapes	lastrapes	PROPN
emaj-172	408	10	.	.	PUNCT
emaj-172	409	1	(	(	PUNCT
emaj-172	409	2	1990	1990	NUM
emaj-172	409	3	)	)	PUNCT
emaj-172	409	4	.	.	PUNCT
emaj-172	410	1	"	"	PUNCT
emaj-172	410	2	persistence	persistence	NOUN
emaj-172	410	3	in	in	ADP
emaj-172	410	4	variance	variance	NOUN
emaj-172	410	5	,	,	PUNCT
emaj-172	410	6	structural	structural	ADJ
emaj-172	410	7	change	change	NOUN
emaj-172	410	8	,	,	PUNCT
emaj-172	410	9	and	and	CCONJ
emaj-172	410	10	the	the	DET
emaj-172	410	11	garch	garch	NOUN
emaj-172	410	12	model	model	NOUN
emaj-172	410	13	.	.	PUNCT
emaj-172	410	14	"	"	PUNCT
emaj-172	410	15	journal	journal	PROPN
emaj-172	410	16	of	of	ADP
emaj-172	410	17	business	business	PROPN
emaj-172	410	18	&	&	CCONJ
emaj-172	410	19	economic	economic	ADJ
emaj-172	410	20	statistics	statistic	NOUN
emaj-172	410	21	8	8	NUM
emaj-172	410	22	,	,	PUNCT
emaj-172	410	23	no	no	INTJ
emaj-172	410	24	.	.	NOUN
emaj-172	410	25	2	2	NUM
emaj-172	410	26	,	,	PUNCT
emaj-172	410	27	225	225	NUM
emaj-172	410	28	-	-	SYM
emaj-172	410	29	234	234	NUM
emaj-172	410	30	.	.	PUNCT
emaj-172	411	1	li	li	PROPN
emaj-172	411	2	,	,	PUNCT
emaj-172	411	3	h.	h.	PROPN
emaj-172	411	4	(	(	PUNCT
emaj-172	411	5	2013	2013	NUM
emaj-172	411	6	)	)	PUNCT
emaj-172	411	7	,	,	PUNCT
emaj-172	411	8	"	"	PUNCT
emaj-172	411	9	integration	integration	NOUN
emaj-172	411	10	versus	versus	ADP
emaj-172	411	11	segmentation	segmentation	NOUN
emaj-172	411	12	in	in	ADP
emaj-172	411	13	china	china	PROPN
emaj-172	411	14	's	's	PART
emaj-172	411	15	stock	stock	NOUN
emaj-172	411	16	market	market	NOUN
emaj-172	411	17	:	:	PUNCT
emaj-172	411	18	an	an	DET
emaj-172	411	19	analysis	analysis	NOUN
emaj-172	411	20	of	of	ADP
emaj-172	411	21	timevarying	timevarye	VERB
emaj-172	411	22	beta	beta	ADJ
emaj-172	411	23	risks	risk	NOUN
emaj-172	411	24	.	.	PUNCT
emaj-172	411	25	"	"	PUNCT
emaj-172	412	1	journal	journal	NOUN
emaj-172	412	2	of	of	ADP
emaj-172	412	3	international	international	ADJ
emaj-172	412	4	financial	financial	ADJ
emaj-172	412	5	markets	market	NOUN
emaj-172	412	6	,	,	PUNCT
emaj-172	412	7	institutions	institution	NOUN
emaj-172	412	8	and	and	CCONJ
emaj-172	412	9	money	money	NOUN
emaj-172	412	10	25	25	NUM
emaj-172	412	11	,	,	PUNCT
emaj-172	412	12	88	88	NUM
emaj-172	412	13	-	-	SYM
emaj-172	412	14	105	105	NUM
emaj-172	412	15	.	.	PUNCT
emaj-172	413	1	marcucci	marcucci	PROPN
emaj-172	413	2	,	,	PUNCT
emaj-172	413	3	j.	j.	PROPN
emaj-172	413	4	(	(	PUNCT
emaj-172	413	5	2005	2005	NUM
emaj-172	413	6	)	)	PUNCT
emaj-172	413	7	.	.	PUNCT
emaj-172	414	1	"	"	PUNCT
emaj-172	414	2	forecasting	forecast	VERB
emaj-172	414	3	stock	stock	NOUN
emaj-172	414	4	market	market	NOUN
emaj-172	414	5	volatility	volatility	NOUN
emaj-172	414	6	with	with	ADP
emaj-172	414	7	regime	regime	NOUN
emaj-172	414	8	-	-	PUNCT
emaj-172	414	9	switching	switch	VERB
emaj-172	414	10	garch	garch	NOUN
emaj-172	414	11	models	model	NOUN
emaj-172	414	12	.	.	PUNCT
emaj-172	414	13	"	"	PUNCT
emaj-172	414	14	studies	study	NOUN
emaj-172	414	15	in	in	ADP
emaj-172	414	16	nonlinear	nonlinear	ADJ
emaj-172	414	17	dynamics	dynamic	NOUN
emaj-172	414	18	&	&	CCONJ
emaj-172	414	19	econometrics	econometrics	PROPN
emaj-172	414	20	9	9	NUM
emaj-172	414	21	,	,	PUNCT
emaj-172	414	22	no	no	INTJ
emaj-172	414	23	.	.	NOUN
emaj-172	414	24	4	4	X
emaj-172	414	25	.	.	X
emaj-172	414	26	marshall	marshall	PROPN
emaj-172	414	27	,	,	PUNCT
emaj-172	414	28	b.	b.	PROPN
emaj-172	415	1	r	r	PROPN
emaj-172	415	2	,	,	PUNCT
emaj-172	415	3	n.	n.	PROPN
emaj-172	415	4	h	h	NOUN
emaj-172	415	5	nguyen	nguyen	NOUN
emaj-172	415	6	,	,	PUNCT
emaj-172	415	7	and	and	CCONJ
emaj-172	415	8	n	n	PRON
emaj-172	415	9	visaltanachoti	visaltanachoti	NOUN
emaj-172	415	10	.	.	PUNCT
emaj-172	416	1	(	(	PUNCT
emaj-172	416	2	2013	2013	NUM
emaj-172	416	3	)	)	PUNCT
emaj-172	416	4	.	.	PUNCT
emaj-172	417	1	"	"	PUNCT
emaj-172	417	2	liquidity	liquidity	NOUN
emaj-172	417	3	measurement	measurement	NOUN
emaj-172	417	4	in	in	ADP
emaj-172	417	5	frontier	frontier	NOUN
emaj-172	417	6	markets	market	NOUN
emaj-172	417	7	.	.	PUNCT
emaj-172	417	8	"	"	PUNCT
emaj-172	418	1	journal	journal	NOUN
emaj-172	418	2	of	of	ADP
emaj-172	418	3	international	international	ADJ
emaj-172	418	4	financial	financial	ADJ
emaj-172	418	5	markets	market	NOUN
emaj-172	418	6	,	,	PUNCT
emaj-172	418	7	institutions	institution	NOUN
emaj-172	418	8	and	and	CCONJ
emaj-172	418	9	money	money	NOUN
emaj-172	418	10	27	27	NUM
emaj-172	418	11	,	,	PUNCT
emaj-172	418	12	1	1	NUM
emaj-172	418	13	-	-	SYM
emaj-172	418	14	12	12	NUM
emaj-172	418	15	.	.	PUNCT
emaj-172	419	1	metropolis	metropolis	PROPN
emaj-172	419	2	,	,	PUNCT
emaj-172	419	3	n	n	CCONJ
emaj-172	419	4	,	,	PUNCT
emaj-172	419	5	a.w	a.w	PROPN
emaj-172	419	6	rosenbluth	rosenbluth	NOUN
emaj-172	419	7	,	,	PUNCT
emaj-172	419	8	m.n	m.n	PROPN
emaj-172	419	9	rosenbluth	rosenbluth	ADV
emaj-172	419	10	,	,	PUNCT
emaj-172	419	11	a.h	a.h	PROPN
emaj-172	419	12	teller	teller	NOUN
emaj-172	419	13	,	,	PUNCT
emaj-172	419	14	and	and	CCONJ
emaj-172	419	15	e	e	NOUN
emaj-172	419	16	teller	teller	NOUN
emaj-172	419	17	.	.	PUNCT
emaj-172	420	1	(	(	PUNCT
emaj-172	420	2	1953	1953	NUM
emaj-172	420	3	)	)	PUNCT
emaj-172	420	4	.	.	PUNCT
emaj-172	421	1	"	"	PUNCT
emaj-172	421	2	equation	equation	NOUN
emaj-172	421	3	of	of	ADP
emaj-172	421	4	state	state	NOUN
emaj-172	421	5	calculations	calculation	NOUN
emaj-172	421	6	by	by	ADP
emaj-172	421	7	fast	fast	ADJ
emaj-172	421	8	computing	computing	NOUN
emaj-172	421	9	machines	machine	NOUN
emaj-172	421	10	.	.	PUNCT
emaj-172	421	11	"	"	PUNCT
emaj-172	422	1	journal	journal	NOUN
emaj-172	422	2	of	of	ADP
emaj-172	422	3	chemical	chemical	PROPN
emaj-172	422	4	physics	physics	PROPN
emaj-172	422	5	21	21	NUM
emaj-172	422	6	,	,	PUNCT
emaj-172	422	7	1087–1092	1087–1092	NUM
emaj-172	422	8	.	.	PUNCT
emaj-172	423	1	mlambo	mlambo	PROPN
emaj-172	423	2	,	,	PUNCT
emaj-172	423	3	c	c	NOUN
emaj-172	423	4	,	,	PUNCT
emaj-172	423	5	and	and	CCONJ
emaj-172	423	6	n	n	PRON
emaj-172	423	7	biekpe	biekpe	NOUN
emaj-172	423	8	.	.	PUNCT
emaj-172	424	1	(	(	PUNCT
emaj-172	424	2	2005	2005	NUM
emaj-172	424	3	)	)	PUNCT
emaj-172	424	4	.	.	PUNCT
emaj-172	425	1	"	"	PUNCT
emaj-172	425	2	thin	thin	ADJ
emaj-172	425	3	trading	trading	NOUN
emaj-172	425	4	on	on	ADP
emaj-172	425	5	african	african	ADJ
emaj-172	425	6	stock	stock	NOUN
emaj-172	425	7	markets	market	NOUN
emaj-172	425	8	:	:	PUNCT
emaj-172	425	9	implications	implication	NOUN
emaj-172	425	10	for	for	ADP
emaj-172	425	11	market	market	NOUN
emaj-172	425	12	efficiency	efficiency	NOUN
emaj-172	425	13	testing	testing	NOUN
emaj-172	425	14	.	.	PUNCT
emaj-172	425	15	"	"	PUNCT
emaj-172	426	1	investment	investment	NOUN
emaj-172	426	2	analysts	analyst	NOUN
emaj-172	426	3	journal	journal	VERB
emaj-172	426	4	34	34	NUM
emaj-172	426	5	,	,	PUNCT
emaj-172	426	6	no	no	NOUN
emaj-172	426	7	.	.	NOUN
emaj-172	426	8	61	61	NUM
emaj-172	426	9	,	,	PUNCT
emaj-172	426	10	29	29	NUM
emaj-172	426	11	-	-	SYM
emaj-172	426	12	40	40	NUM
emaj-172	426	13	.	.	PUNCT
emaj-172	427	1	msci	msci	PROPN
emaj-172	427	2	frontier	frontier	NOUN
emaj-172	427	3	markets	market	NOUN
emaj-172	427	4	(	(	PUNCT
emaj-172	427	5	2019	2019	NUM
emaj-172	427	6	)	)	PUNCT
emaj-172	427	7	.	.	PUNCT
emaj-172	428	1	may	may	AUX
emaj-172	428	2	16	16	NUM
emaj-172	428	3	,	,	PUNCT
emaj-172	428	4	2019	2019	NUM
emaj-172	428	5	.	.	PUNCT
emaj-172	429	1	https://www.msci.com/market-classification	https://www.msci.com/market-classification	NOUN
emaj-172	429	2	.	.	PUNCT
emaj-172	430	1	nelson	nelson	PROPN
emaj-172	430	2	,	,	PUNCT
emaj-172	430	3	d.	d.	PROPN
emaj-172	430	4	b.	b.	PROPN
emaj-172	430	5	(	(	PUNCT
emaj-172	430	6	1991	1991	NUM
emaj-172	430	7	)	)	PUNCT
emaj-172	430	8	.	.	PUNCT
emaj-172	431	1	"	"	PUNCT
emaj-172	431	2	conditional	conditional	ADJ
emaj-172	431	3	heteroskedasticity	heteroskedasticity	NOUN
emaj-172	431	4	in	in	ADP
emaj-172	431	5	asset	asset	NOUN
emaj-172	431	6	returns	return	NOUN
emaj-172	431	7	:	:	PUNCT
emaj-172	431	8	a	a	DET
emaj-172	431	9	new	new	ADJ
emaj-172	431	10	approach	approach	NOUN
emaj-172	431	11	.	.	PUNCT
emaj-172	431	12	"	"	PUNCT
emaj-172	432	1	econometrica	econometrica	PROPN
emaj-172	432	2	,	,	PUNCT
emaj-172	432	3	347	347	NUM
emaj-172	432	4	-	-	SYM
emaj-172	432	5	370	370	NUM
emaj-172	432	6	.	.	PUNCT
emaj-172	433	1	ozdemir	ozdemir	PROPN
emaj-172	433	2	,	,	PUNCT
emaj-172	433	3	s	s	PROPN
emaj-172	433	4	,	,	PUNCT
emaj-172	433	5	and	and	CCONJ
emaj-172	433	6	i	i	PRON
emaj-172	433	7	akgul	akgul	VERB
emaj-172	433	8	.	.	PUNCT
emaj-172	434	1	(	(	PUNCT
emaj-172	434	2	2015	2015	NUM
emaj-172	434	3	)	)	PUNCT
emaj-172	434	4	.	.	PUNCT
emaj-172	435	1	"	"	PUNCT
emaj-172	435	2	inflationary	inflationary	ADJ
emaj-172	435	3	effects	effect	NOUN
emaj-172	435	4	of	of	ADP
emaj-172	435	5	oil	oil	NOUN
emaj-172	435	6	prices	price	NOUN
emaj-172	435	7	and	and	CCONJ
emaj-172	435	8	domestic	domestic	ADJ
emaj-172	435	9	gasoline	gasoline	NOUN
emaj-172	435	10	prices	price	NOUN
emaj-172	435	11	:	:	PUNCT
emaj-172	435	12	markov	markov	NOUN
emaj-172	435	13	-	-	PUNCT
emaj-172	435	14	switching	switching	NOUN
emaj-172	435	15	-	-	PUNCT
emaj-172	435	16	var	var	NOUN
emaj-172	435	17	analysis	analysis	NOUN
emaj-172	435	18	.	.	PUNCT
emaj-172	435	19	"	"	PUNCT
emaj-172	436	1	petroleum	petroleum	NOUN
emaj-172	436	2	science	science	NOUN
emaj-172	436	3	12	12	NUM
emaj-172	436	4	,	,	PUNCT
emaj-172	436	5	no	no	INTJ
emaj-172	436	6	.	.	NOUN
emaj-172	436	7	2	2	NUM
emaj-172	436	8	,	,	PUNCT
emaj-172	436	9	355	355	NUM
emaj-172	436	10	-	-	SYM
emaj-172	436	11	365	365	NUM
emaj-172	436	12	.	.	PUNCT
emaj-172	437	1	quisenberry	quisenberry	PROPN
emaj-172	437	2	jr	jr	PROPN
emaj-172	437	3	,	,	PUNCT
emaj-172	437	4	c	c	NOUN
emaj-172	437	5	,	,	PUNCT
emaj-172	437	6	and	and	CCONJ
emaj-172	437	7	b	b	X
emaj-172	437	8	griffith	griffith	PROPN
emaj-172	437	9	.	.	PUNCT
emaj-172	438	1	(	(	PUNCT
emaj-172	438	2	2010	2010	NUM
emaj-172	438	3	)	)	PUNCT
emaj-172	438	4	.	.	PUNCT
emaj-172	439	1	"	"	PUNCT
emaj-172	439	2	frontier	frontier	NOUN
emaj-172	439	3	equity	equity	NOUN
emaj-172	439	4	markets	market	NOUN
emaj-172	439	5	:	:	PUNCT
emaj-172	439	6	a	a	DET
emaj-172	439	7	primer	primer	NOUN
emaj-172	439	8	on	on	ADP
emaj-172	439	9	the	the	DET
emaj-172	439	10	next	next	ADJ
emaj-172	439	11	generation	generation	NOUN
emaj-172	439	12	of	of	ADP
emaj-172	439	13	emerging	emerge	VERB
emaj-172	439	14	markets	market	NOUN
emaj-172	439	15	.	.	PUNCT
emaj-172	439	16	"	"	PUNCT
emaj-172	440	1	the	the	DET
emaj-172	440	2	journal	journal	NOUN
emaj-172	440	3	of	of	ADP
emaj-172	440	4	wealth	wealth	NOUN
emaj-172	440	5	management	management	NOUN
emaj-172	440	6	13	13	NUM
emaj-172	440	7	,	,	PUNCT
emaj-172	440	8	no	no	INTJ
emaj-172	440	9	.	.	NOUN
emaj-172	440	10	3	3	NUM
emaj-172	440	11	,	,	PUNCT
emaj-172	440	12	50	50	NUM
emaj-172	440	13	-	-	SYM
emaj-172	440	14	58	58	NUM
emaj-172	440	15	.	.	PUNCT
emaj-172	441	1	r	r	NOUN
emaj-172	441	2	core	core	NOUN
emaj-172	441	3	team	team	NOUN
emaj-172	441	4	.	.	PUNCT
emaj-172	442	1	(	(	PUNCT
emaj-172	442	2	2018	2018	NUM
emaj-172	442	3	)	)	PUNCT
emaj-172	442	4	.	.	PUNCT
emaj-172	443	1	r	r	X
emaj-172	443	2	:	:	PUNCT
emaj-172	443	3	a	a	DET
emaj-172	443	4	language	language	NOUN
emaj-172	443	5	and	and	CCONJ
emaj-172	443	6	environment	environment	NOUN
emaj-172	443	7	for	for	ADP
emaj-172	443	8	statistical	statistical	ADJ
emaj-172	443	9	computing	computing	NOUN
emaj-172	443	10	.	.	PUNCT
emaj-172	444	1	vienna	vienna	PROPN
emaj-172	444	2	,	,	PUNCT
emaj-172	444	3	austria	austria	PROPN
emaj-172	444	4	:	:	PUNCT
emaj-172	444	5	r	r	NOUN
emaj-172	444	6	foundation	foundation	NOUN
emaj-172	444	7	for	for	ADP
emaj-172	444	8	statistical	statistical	ADJ
emaj-172	444	9	computing	computing	NOUN
emaj-172	444	10	.	.	PUNCT
emaj-172	445	1	samarakoon	samarakoon	NOUN
emaj-172	445	2	,	,	PUNCT
emaj-172	445	3	l.	l.	PROPN
emaj-172	445	4	p.	p.	PROPN
emaj-172	445	5	(	(	PUNCT
emaj-172	445	6	2011	2011	NUM
emaj-172	445	7	)	)	PUNCT
emaj-172	445	8	.	.	PUNCT
emaj-172	446	1	"	"	PUNCT
emaj-172	446	2	stock	stock	NOUN
emaj-172	446	3	market	market	NOUN
emaj-172	446	4	interdependence	interdependence	NOUN
emaj-172	446	5	,	,	PUNCT
emaj-172	446	6	contagion	contagion	NOUN
emaj-172	446	7	,	,	PUNCT
emaj-172	446	8	and	and	CCONJ
emaj-172	446	9	the	the	DET
emaj-172	446	10	us	us	PROPN
emaj-172	446	11	financial	financial	ADJ
emaj-172	446	12	crisis	crisis	NOUN
emaj-172	446	13	:	:	PUNCT
emaj-172	446	14	the	the	DET
emaj-172	446	15	case	case	NOUN
emaj-172	446	16	of	of	ADP
emaj-172	446	17	emerging	emerge	VERB
emaj-172	446	18	and	and	CCONJ
emaj-172	446	19	frontier	frontier	NOUN
emaj-172	446	20	markets	market	NOUN
emaj-172	446	21	.	.	PUNCT
emaj-172	446	22	"	"	PUNCT
emaj-172	447	1	journal	journal	NOUN
emaj-172	447	2	of	of	ADP
emaj-172	447	3	international	international	ADJ
emaj-172	447	4	financial	financial	ADJ
emaj-172	447	5	markets	market	NOUN
emaj-172	447	6	,	,	PUNCT
emaj-172	447	7	institutions	institution	NOUN
emaj-172	447	8	and	and	CCONJ
emaj-172	447	9	money	money	NOUN
emaj-172	447	10	21	21	NUM
emaj-172	447	11	,	,	PUNCT
emaj-172	447	12	no	no	INTJ
emaj-172	447	13	.	.	NOUN
emaj-172	447	14	5	5	NUM
emaj-172	447	15	,	,	PUNCT
emaj-172	447	16	724	724	NUM
emaj-172	447	17	-	-	SYM
emaj-172	447	18	742	742	NUM
emaj-172	447	19	.	.	PUNCT
emaj-172	448	1	shleifer	shleifer	PROPN
emaj-172	448	2	,	,	PUNCT
emaj-172	448	3	a	a	PRON
emaj-172	448	4	,	,	PUNCT
emaj-172	448	5	and	and	CCONJ
emaj-172	448	6	r	r	NOUN
emaj-172	448	7	vishny	vishny	PROPN
emaj-172	448	8	.	.	PUNCT
emaj-172	449	1	(	(	PUNCT
emaj-172	449	2	2011	2011	NUM
emaj-172	449	3	)	)	PUNCT
emaj-172	449	4	.	.	PUNCT
emaj-172	450	1	"	"	PUNCT
emaj-172	450	2	fire	fire	NOUN
emaj-172	450	3	sales	sale	NOUN
emaj-172	450	4	in	in	ADP
emaj-172	450	5	finance	finance	NOUN
emaj-172	450	6	and	and	CCONJ
emaj-172	450	7	macroeconomics	macroeconomic	NOUN
emaj-172	450	8	.	.	PUNCT
emaj-172	450	9	"	"	PUNCT
emaj-172	451	1	journal	journal	NOUN
emaj-172	451	2	of	of	ADP
emaj-172	451	3	economic	economic	ADJ
emaj-172	451	4	perspectives	perspective	NOUN
emaj-172	451	5	25	25	NUM
emaj-172	451	6	,	,	PUNCT
emaj-172	451	7	no	no	INTJ
emaj-172	451	8	.	.	NOUN
emaj-172	451	9	1	1	NUM
emaj-172	451	10	,	,	PUNCT
emaj-172	451	11	29	29	NUM
emaj-172	451	12	-	-	SYM
emaj-172	451	13	48	48	NUM
emaj-172	451	14	.	.	PUNCT
emaj-172	452	1	spiegelhalter	spiegelhalter	PROPN
emaj-172	452	2	,	,	PUNCT
emaj-172	452	3	d.j	d.j	PROPN
emaj-172	452	4	,	,	PUNCT
emaj-172	452	5	n.g	n.g	NOUN
emaj-172	452	6	best	good	ADJ
emaj-172	452	7	,	,	PUNCT
emaj-172	452	8	b.	b.	PROPN
emaj-172	453	1	p	p	PROPN
emaj-172	453	2	carlin	carlin	PROPN
emaj-172	453	3	,	,	PUNCT
emaj-172	453	4	and	and	CCONJ
emaj-172	453	5	a	a	DET
emaj-172	453	6	van	van	PROPN
emaj-172	453	7	der	der	NOUN
emaj-172	453	8	linde	linde	PROPN
emaj-172	453	9	.	.	PUNCT
emaj-172	454	1	(	(	PUNCT
emaj-172	454	2	2002	2002	NUM
emaj-172	454	3	)	)	PUNCT
emaj-172	454	4	.	.	PUNCT
emaj-172	455	1	"	"	PUNCT
emaj-172	455	2	bayesian	bayesian	NOUN
emaj-172	455	3	measures	measure	NOUN
emaj-172	455	4	of	of	ADP
emaj-172	455	5	model	model	NOUN
emaj-172	455	6	complexity	complexity	NOUN
emaj-172	455	7	and	and	CCONJ
emaj-172	455	8	fit	fit	ADJ
emaj-172	455	9	.	.	PUNCT
emaj-172	455	10	"	"	PUNCT
emaj-172	456	1	journal	journal	NOUN
emaj-172	456	2	of	of	ADP
emaj-172	456	3	the	the	DET
emaj-172	456	4	royal	royal	ADJ
emaj-172	456	5	statistical	statistical	ADJ
emaj-172	456	6	society	society	NOUN
emaj-172	456	7	:	:	PUNCT
emaj-172	456	8	series	series	PROPN
emaj-172	456	9	b	b	PROPN
emaj-172	456	10	(	(	PUNCT
emaj-172	456	11	statistical	statistical	ADJ
emaj-172	456	12	methodology	methodology	NOUN
emaj-172	456	13	)	)	PUNCT
emaj-172	456	14	64	64	NUM
emaj-172	456	15	,	,	PUNCT
emaj-172	456	16	no	no	INTJ
emaj-172	456	17	.	.	NOUN
emaj-172	456	18	4	4	NUM
emaj-172	456	19	,	,	PUNCT
emaj-172	456	20	583	583	NUM
emaj-172	456	21	-	-	SYM
emaj-172	456	22	639	639	NUM
emaj-172	456	23	.	.	PUNCT
emaj-172	457	1	sukumaran	sukumaran	PROPN
emaj-172	457	2	,	,	PUNCT
emaj-172	457	3	a	a	PRON
emaj-172	457	4	,	,	PUNCT
emaj-172	457	5	r	r	NOUN
emaj-172	457	6	gupta	gupta	PROPN
emaj-172	457	7	,	,	PUNCT
emaj-172	457	8	and	and	CCONJ
emaj-172	457	9	t	t	PROPN
emaj-172	457	10	jithendranathan	jithendranathan	NOUN
emaj-172	457	11	.	.	PUNCT
emaj-172	458	1	(	(	PUNCT
emaj-172	458	2	2015	2015	NUM
emaj-172	458	3	)	)	PUNCT
emaj-172	458	4	.	.	PUNCT
emaj-172	459	1	"	"	PUNCT
emaj-172	459	2	looking	look	VERB
emaj-172	459	3	at	at	ADP
emaj-172	459	4	new	new	ADJ
emaj-172	459	5	markets	market	NOUN
emaj-172	459	6	for	for	ADP
emaj-172	459	7	international	international	ADJ
emaj-172	459	8	diversification	diversification	NOUN
emaj-172	459	9	:	:	PUNCT
emaj-172	459	10	frontier	frontier	NOUN
emaj-172	459	11	markets	market	NOUN
emaj-172	459	12	.	.	PUNCT
emaj-172	459	13	"	"	PUNCT
emaj-172	460	1	international	international	ADJ
emaj-172	460	2	journal	journal	NOUN
emaj-172	460	3	of	of	ADP
emaj-172	460	4	managerial	managerial	ADJ
emaj-172	460	5	finance	finance	NOUN
emaj-172	460	6	11	11	NUM
emaj-172	460	7	,	,	PUNCT
emaj-172	460	8	no	no	INTJ
emaj-172	460	9	.	.	NOUN
emaj-172	460	10	1	1	NUM
emaj-172	460	11	,	,	PUNCT
emaj-172	460	12	97116	97116	NUM
emaj-172	460	13	.	.	PUNCT
emaj-172	461	1	uyaebo	uyaebo	NOUN
emaj-172	461	2	,	,	PUNCT
emaj-172	461	3	s.	s.	PROPN
emaj-172	461	4	o	o	PROPN
emaj-172	461	5	,	,	PUNCT
emaj-172	461	6	v.	v.	ADP
emaj-172	461	7	n	n	PRON
emaj-172	461	8	atoi	atoi	NOUN
emaj-172	461	9	,	,	PUNCT
emaj-172	461	10	and	and	CCONJ
emaj-172	461	11	f	f	PROPN
emaj-172	461	12	usman	usman	PROPN
emaj-172	461	13	.	.	PUNCT
emaj-172	462	1	(	(	PUNCT
emaj-172	462	2	2015	2015	NUM
emaj-172	462	3	)	)	PUNCT
emaj-172	462	4	.	.	PUNCT
emaj-172	463	1	"	"	PUNCT
emaj-172	463	2	nigeria	nigeria	PROPN
emaj-172	463	3	stock	stock	NOUN
emaj-172	463	4	market	market	NOUN
emaj-172	463	5	volatility	volatility	NOUN
emaj-172	463	6	in	in	ADP
emaj-172	463	7	comparison	comparison	NOUN
emaj-172	463	8	with	with	ADP
emaj-172	463	9	some	some	DET
emaj-172	463	10	countries	country	NOUN
emaj-172	463	11	:	:	PUNCT
emaj-172	463	12	application	application	NOUN
emaj-172	463	13	of	of	ADP
emaj-172	463	14	asymmetric	asymmetric	ADJ
emaj-172	463	15	garch	garch	NOUN
emaj-172	463	16	models	model	NOUN
emaj-172	463	17	.	.	PUNCT
emaj-172	463	18	"	"	PUNCT
emaj-172	464	1	cbn	cbn	PROPN
emaj-172	464	2	journal	journal	NOUN
emaj-172	464	3	of	of	ADP
emaj-172	464	4	applied	apply	VERB
emaj-172	464	5	statistics	statistic	NOUN
emaj-172	464	6	6	6	NUM
emaj-172	464	7	,	,	PUNCT
emaj-172	464	8	no	no	INTJ
emaj-172	464	9	.	.	NOUN
emaj-172	464	10	2	2	NUM
emaj-172	464	11	,	,	PUNCT
emaj-172	464	12	133	133	NUM
emaj-172	464	13	-	-	SYM
emaj-172	464	14	160	160	NUM
emaj-172	464	15	.	.	PUNCT
emaj-172	465	1	volume	volume	NOUN
emaj-172	465	2	9	9	NUM
emaj-172	465	3	no	no	DET
emaj-172	465	4	1	1	NUM
emaj-172	465	5	(	(	PUNCT
emaj-172	465	6	2019	2019	NUM
emaj-172	465	7	)	)	PUNCT
emaj-172	465	8	|	|	ADV
emaj-172	465	9	issn	issn	VERB
emaj-172	465	10	2158	2158	NUM
emaj-172	465	11	-	-	SYM
emaj-172	465	12	8708	8708	NUM
emaj-172	465	13	(	(	PUNCT
emaj-172	465	14	online	online	NOUN
emaj-172	465	15	)	)	PUNCT
emaj-172	466	1	|	|	ADV
emaj-172	466	2	doi	doi	X
emaj-172	466	3	10.5195	10.5195	NUM
emaj-172	466	4	/	/	SYM
emaj-172	466	5	emaj.2019.172	emaj.2019.172	NOUN
emaj-172	466	6	|	|	ADV
emaj-172	466	7	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-172	466	8	carl	carl	PROPN
emaj-172	466	9	hope	hope	PROPN
emaj-172	466	10	korkpoe	korkpoe	PROPN
emaj-172	466	11	,	,	PUNCT
emaj-172	466	12	nathanial	nathanial	ADJ
emaj-172	466	13	howard	howard	ADJ
emaj-172	466	14	emerging	emerge	VERB
emaj-172	466	15	markets	market	NOUN
emaj-172	466	16	journal	journal	NOUN
emaj-172	466	17	|	|	ADV
emaj-172	466	18	p	p	NOUN
emaj-172	466	19	a	a	DET
emaj-172	466	20	g	g	NOUN
emaj-172	466	21	e	e	PROPN
emaj-172	466	22	|79	|79	VERB
emaj-172	466	23	van	van	PROPN
emaj-172	466	24	gysen	gysen	PROPN
emaj-172	466	25	,	,	PUNCT
emaj-172	466	26	m	m	PROPN
emaj-172	466	27	,	,	PUNCT
emaj-172	466	28	c.	c.	PROPN
emaj-172	466	29	s	s	PROPN
emaj-172	466	30	huang	huang	PROPN
emaj-172	466	31	,	,	PUNCT
emaj-172	466	32	and	and	CCONJ
emaj-172	466	33	r	r	PROPN
emaj-172	466	34	kruger	kruger	PROPN
emaj-172	466	35	.	.	PUNCT
emaj-172	467	1	(	(	PUNCT
emaj-172	467	2	2013	2013	NUM
emaj-172	467	3	)	)	PUNCT
emaj-172	467	4	.	.	PUNCT
emaj-172	468	1	"	"	PUNCT
emaj-172	468	2	the	the	DET
emaj-172	468	3	performance	performance	NOUN
emaj-172	468	4	of	of	ADP
emaj-172	468	5	linear	linear	PROPN
emaj-172	468	6	versus	versus	ADP
emaj-172	468	7	non	non	ADJ
emaj-172	468	8	-	-	ADJ
emaj-172	468	9	linear	linear	ADJ
emaj-172	468	10	models	model	NOUN
emaj-172	468	11	in	in	ADP
emaj-172	468	12	forecasting	forecast	VERB
emaj-172	468	13	returns	return	NOUN
emaj-172	468	14	on	on	ADP
emaj-172	468	15	the	the	DET
emaj-172	468	16	johannesburg	johannesburg	PROPN
emaj-172	468	17	stock	stock	PROPN
emaj-172	468	18	exchange	exchange	PROPN
emaj-172	468	19	.	.	PUNCT
emaj-172	468	20	"	"	PUNCT
emaj-172	469	1	the	the	DET
emaj-172	469	2	international	international	ADJ
emaj-172	469	3	business	business	PROPN
emaj-172	469	4	&	&	CCONJ
emaj-172	469	5	economics	economics	PROPN
emaj-172	469	6	research	research	PROPN
emaj-172	469	7	journal	journal	PROPN
emaj-172	469	8	(	(	PUNCT
emaj-172	469	9	online	online	ADJ
emaj-172	469	10	)	)	PUNCT
emaj-172	469	11	12	12	NUM
emaj-172	469	12	,	,	PUNCT
emaj-172	469	13	no	no	INTJ
emaj-172	469	14	.	.	NOUN
emaj-172	469	15	8	8	NUM
emaj-172	469	16	,	,	PUNCT
emaj-172	469	17	985	985	NUM
emaj-172	469	18	.	.	PUNCT