id	sid	tid	token	lemma	pos
emaj-230	1	1	volume	volume	NOUN
emaj-230	1	2	7	7	NUM
emaj-230	1	3	no	no	DET
emaj-230	1	4	2	2	NUM
emaj-230	1	5	(	(	PUNCT
emaj-230	1	6	2018	2018	NUM
emaj-230	1	7	)	)	PUNCT
emaj-230	2	1	|	|	ADV
emaj-230	2	2	issn	issn	VERB
emaj-230	2	3	2158	2158	NUM
emaj-230	2	4	-	-	SYM
emaj-230	2	5	8708	8708	NUM
emaj-230	2	6	(	(	PUNCT
emaj-230	2	7	online	online	NOUN
emaj-230	2	8	)	)	PUNCT
emaj-230	2	9	|	|	ADV
emaj-230	2	10	doi	doi	X
emaj-230	2	11	10.5195	10.5195	NUM
emaj-230	2	12	/	/	SYM
emaj-230	2	13	emaj.2018.134	emaj.2018.134	PROPN
emaj-230	2	14	|	|	ADV
emaj-230	2	15	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-230	2	16	country	country	NOUN
emaj-230	2	17	-	-	PUNCT
emaj-230	2	18	level	level	NOUN
emaj-230	2	19	size	size	NOUN
emaj-230	2	20	effects	effect	NOUN
emaj-230	2	21	in	in	ADP
emaj-230	2	22	international	international	ADJ
emaj-230	2	23	asset	asset	NOUN
emaj-230	2	24	pricing	pricing	NOUN
emaj-230	2	25	crina	crina	PROPN
emaj-230	2	26	pungulescu	pungulescu	PROPN
emaj-230	2	27	institute	institute	PROPN
emaj-230	2	28	for	for	ADP
emaj-230	2	29	economic	economic	PROPN
emaj-230	2	30	forecasting	forecasting	PROPN
emaj-230	2	31	national	national	PROPN
emaj-230	2	32	institute	institute	PROPN
emaj-230	2	33	of	of	ADP
emaj-230	2	34	economic	economic	ADJ
emaj-230	2	35	research	research	PROPN
emaj-230	2	36	and	and	CCONJ
emaj-230	2	37	romanian	romanian	PROPN
emaj-230	2	38	academy	academy	PROPN
emaj-230	2	39	,	,	PUNCT
emaj-230	2	40	romania	romania	PROPN
emaj-230	2	41	|	|	ADV
emaj-230	2	42	e	e	NOUN
emaj-230	2	43	-	-	NOUN
emaj-230	2	44	mail	mail	NOUN
emaj-230	2	45	:	:	PUNCT
emaj-230	2	46	crina_pungulescu@ipe.ro	crina_pungulescu@ipe.ro	NOUN
emaj-230	2	47	abstract	abstract	ADV
emaj-230	2	48	this	this	DET
emaj-230	2	49	paper1	paper1	NOUN
emaj-230	2	50	investigates	investigate	VERB
emaj-230	2	51	whether	whether	SCONJ
emaj-230	2	52	small	small	ADJ
emaj-230	2	53	markets	market	NOUN
emaj-230	2	54	offer	offer	VERB
emaj-230	2	55	higher	high	ADJ
emaj-230	2	56	risk	risk	NOUN
emaj-230	2	57	-	-	PUNCT
emaj-230	2	58	adjusted	adjust	VERB
emaj-230	2	59	expected	expect	VERB
emaj-230	2	60	returns	return	NOUN
emaj-230	2	61	using	use	VERB
emaj-230	2	62	a	a	DET
emaj-230	2	63	large	large	ADJ
emaj-230	2	64	set	set	NOUN
emaj-230	2	65	of	of	ADP
emaj-230	2	66	developed	developed	ADJ
emaj-230	2	67	and	and	CCONJ
emaj-230	2	68	emerging	emerge	VERB
emaj-230	2	69	markets	market	NOUN
emaj-230	2	70	over	over	ADP
emaj-230	2	71	a	a	DET
emaj-230	2	72	time	time	NOUN
emaj-230	2	73	span	span	NOUN
emaj-230	2	74	of	of	ADP
emaj-230	2	75	up	up	ADP
emaj-230	2	76	to	to	PART
emaj-230	2	77	four	four	NUM
emaj-230	2	78	decades	decade	NOUN
emaj-230	2	79	.	.	PUNCT
emaj-230	3	1	the	the	DET
emaj-230	3	2	results	result	NOUN
emaj-230	3	3	show	show	VERB
emaj-230	3	4	that	that	SCONJ
emaj-230	3	5	expected	expect	VERB
emaj-230	3	6	returns	return	NOUN
emaj-230	3	7	are	be	AUX
emaj-230	3	8	significantly	significantly	ADV
emaj-230	3	9	lower	low	ADJ
emaj-230	3	10	in	in	ADP
emaj-230	3	11	larger	large	ADJ
emaj-230	3	12	markets	market	NOUN
emaj-230	3	13	,	,	PUNCT
emaj-230	3	14	an	an	DET
emaj-230	3	15	effect	effect	NOUN
emaj-230	3	16	more	more	ADV
emaj-230	3	17	pronounced	pronounced	ADJ
emaj-230	3	18	in	in	ADP
emaj-230	3	19	emerging	emerge	VERB
emaj-230	3	20	rather	rather	ADV
emaj-230	3	21	than	than	ADP
emaj-230	3	22	developed	developed	ADJ
emaj-230	3	23	countries	country	NOUN
emaj-230	3	24	.	.	PUNCT
emaj-230	4	1	the	the	DET
emaj-230	4	2	relationship	relationship	NOUN
emaj-230	4	3	between	between	ADP
emaj-230	4	4	size	size	NOUN
emaj-230	4	5	effects	effect	NOUN
emaj-230	4	6	and	and	CCONJ
emaj-230	4	7	the	the	DET
emaj-230	4	8	level	level	NOUN
emaj-230	4	9	of	of	ADP
emaj-230	4	10	market	market	NOUN
emaj-230	4	11	segmentation	segmentation	NOUN
emaj-230	4	12	in	in	ADP
emaj-230	4	13	emerging	emerge	VERB
emaj-230	4	14	countries	country	NOUN
emaj-230	4	15	is	be	AUX
emaj-230	4	16	further	far	ADV
emaj-230	4	17	explored	explore	VERB
emaj-230	4	18	in	in	ADP
emaj-230	4	19	the	the	DET
emaj-230	4	20	context	context	NOUN
emaj-230	4	21	of	of	ADP
emaj-230	4	22	financial	financial	ADJ
emaj-230	4	23	market	market	NOUN
emaj-230	4	24	integration	integration	NOUN
emaj-230	4	25	.	.	PUNCT
emaj-230	5	1	the	the	DET
emaj-230	5	2	size	size	NOUN
emaj-230	5	3	premium	premium	NOUN
emaj-230	5	4	is	be	AUX
emaj-230	5	5	strong	strong	ADJ
emaj-230	5	6	and	and	CCONJ
emaj-230	5	7	persistent	persistent	ADJ
emaj-230	5	8	over	over	ADP
emaj-230	5	9	time	time	NOUN
emaj-230	5	10	independently	independently	ADV
emaj-230	5	11	of	of	ADP
emaj-230	5	12	the	the	DET
emaj-230	5	13	(	(	PUNCT
emaj-230	5	14	fading	fading	NOUN
emaj-230	5	15	)	)	PUNCT
emaj-230	5	16	segmentation	segmentation	NOUN
emaj-230	5	17	premium	premium	NOUN
emaj-230	5	18	documented	document	VERB
emaj-230	5	19	in	in	ADP
emaj-230	5	20	the	the	DET
emaj-230	5	21	literature	literature	NOUN
emaj-230	5	22	.	.	PUNCT
emaj-230	6	1	markets	market	NOUN
emaj-230	6	2	size	size	NOUN
emaj-230	6	3	effects	effect	NOUN
emaj-230	6	4	remain	remain	VERB
emaj-230	6	5	statistically	statistically	ADV
emaj-230	6	6	and	and	CCONJ
emaj-230	6	7	economically	economically	ADV
emaj-230	6	8	significant	significant	ADJ
emaj-230	6	9	in	in	ADP
emaj-230	6	10	the	the	DET
emaj-230	6	11	presence	presence	NOUN
emaj-230	6	12	of	of	ADP
emaj-230	6	13	various	various	ADJ
emaj-230	6	14	control	control	NOUN
emaj-230	6	15	factors	factor	NOUN
emaj-230	6	16	and	and	CCONJ
emaj-230	6	17	account	account	VERB
emaj-230	6	18	for	for	ADP
emaj-230	6	19	up	up	ADP
emaj-230	6	20	to	to	PART
emaj-230	6	21	1	1	NUM
emaj-230	6	22	%	%	NOUN
emaj-230	6	23	per	per	ADP
emaj-230	6	24	year	year	NOUN
emaj-230	6	25	in	in	ADP
emaj-230	6	26	terms	term	NOUN
emaj-230	6	27	of	of	ADP
emaj-230	6	28	expected	expect	VERB
emaj-230	6	29	returns	return	NOUN
emaj-230	6	30	in	in	ADP
emaj-230	6	31	emerging	emerge	VERB
emaj-230	6	32	countries	country	NOUN
emaj-230	6	33	.	.	PUNCT
emaj-230	7	1	keywords	keyword	NOUN
emaj-230	7	2	:	:	PUNCT
emaj-230	7	3	finance	finance	NOUN
emaj-230	7	4	,	,	PUNCT
emaj-230	7	5	market	market	NOUN
emaj-230	7	6	size	size	NOUN
emaj-230	7	7	,	,	PUNCT
emaj-230	7	8	emerging	emerge	VERB
emaj-230	7	9	markets	market	NOUN
emaj-230	7	10	,	,	PUNCT
emaj-230	7	11	market	market	NOUN
emaj-230	7	12	integration	integration	NOUN
emaj-230	7	13	,	,	PUNCT
emaj-230	7	14	capital	capital	NOUN
emaj-230	7	15	controls	control	VERB
emaj-230	7	16	new	new	ADJ
emaj-230	7	17	articles	article	NOUN
emaj-230	7	18	in	in	ADP
emaj-230	7	19	this	this	DET
emaj-230	7	20	journal	journal	NOUN
emaj-230	7	21	are	be	AUX
emaj-230	7	22	licensed	license	VERB
emaj-230	7	23	under	under	ADP
emaj-230	7	24	a	a	DET
emaj-230	7	25	creative	creative	ADJ
emaj-230	7	26	commons	common	NOUN
emaj-230	7	27	attribution	attribution	NOUN
emaj-230	7	28	3.0	3.0	NUM
emaj-230	7	29	united	unite	VERB
emaj-230	7	30	states	states	PROPN
emaj-230	7	31	license	license	NOUN
emaj-230	7	32	.	.	PUNCT
emaj-230	8	1	this	this	DET
emaj-230	8	2	journal	journal	NOUN
emaj-230	8	3	is	be	AUX
emaj-230	8	4	published	publish	VERB
emaj-230	8	5	by	by	ADP
emaj-230	8	6	the	the	DET
emaj-230	8	7	university	university	NOUN
emaj-230	8	8	library	library	NOUN
emaj-230	8	9	system	system	NOUN
emaj-230	8	10	of	of	ADP
emaj-230	8	11	the	the	DET
emaj-230	8	12	university	university	PROPN
emaj-230	8	13	of	of	ADP
emaj-230	8	14	pittsburgh	pittsburgh	PROPN
emaj-230	8	15	as	as	ADP
emaj-230	8	16	part	part	NOUN
emaj-230	8	17	of	of	ADP
emaj-230	8	18	its	its	PRON
emaj-230	8	19	d	d	NOUN
emaj-230	8	20	-	-	PUNCT
emaj-230	8	21	scribe	scribe	VERB
emaj-230	8	22	digital	digital	ADJ
emaj-230	8	23	publishing	publishing	NOUN
emaj-230	8	24	program	program	NOUN
emaj-230	8	25	,	,	PUNCT
emaj-230	8	26	and	and	CCONJ
emaj-230	8	27	is	be	AUX
emaj-230	8	28	cosponsored	cosponsor	VERB
emaj-230	8	29	by	by	ADP
emaj-230	8	30	the	the	DET
emaj-230	8	31	university	university	PROPN
emaj-230	8	32	of	of	ADP
emaj-230	8	33	pittsburgh	pittsburgh	PROPN
emaj-230	8	34	press	press	NOUN
emaj-230	8	35	.	.	PUNCT
emaj-230	9	1	1this	1this	NUM
emaj-230	9	2	research	research	NOUN
emaj-230	9	3	was	be	AUX
emaj-230	9	4	supported	support	VERB
emaj-230	9	5	by	by	ADP
emaj-230	9	6	a	a	DET
emaj-230	9	7	grant	grant	NOUN
emaj-230	9	8	of	of	ADP
emaj-230	9	9	the	the	DET
emaj-230	9	10	ministry	ministry	PROPN
emaj-230	9	11	of	of	ADP
emaj-230	9	12	national	national	PROPN
emaj-230	9	13	education	education	PROPN
emaj-230	9	14	,	,	PUNCT
emaj-230	9	15	cncs	cncs	PROPN
emaj-230	9	16	uefiscdi	uefiscdi	NOUN
emaj-230	9	17	,	,	PUNCT
emaj-230	9	18	project	project	NOUN
emaj-230	9	19	number	number	NOUN
emaj-230	9	20	pn	pn	PROPN
emaj-230	9	21	-	-	PUNCT
emaj-230	9	22	iiid	iiid	NOUN
emaj-230	9	23	-	-	PUNCT
emaj-230	9	24	pce-2012	pce-2012	NOUN
emaj-230	9	25	-	-	PUNCT
emaj-230	9	26	4	4	NUM
emaj-230	9	27	-	-	PUNCT
emaj-230	9	28	0631	0631	NUM
emaj-230	9	29	.	.	PUNCT
emaj-230	10	1	volume	volume	NOUN
emaj-230	10	2	11	11	NUM
emaj-230	10	3	no	no	PRON
emaj-230	10	4	1	1	NUM
emaj-230	10	5	(	(	PUNCT
emaj-230	10	6	2021	2021	NUM
emaj-230	10	7	)	)	PUNCT
emaj-230	10	8	|	|	ADV
emaj-230	10	9	issn	issn	VERB
emaj-230	10	10	2158	2158	NUM
emaj-230	10	11	-	-	SYM
emaj-230	10	12	8708	8708	NUM
emaj-230	10	13	(	(	PUNCT
emaj-230	10	14	online	online	NOUN
emaj-230	10	15	)	)	PUNCT
emaj-230	10	16	|	|	ADV
emaj-230	10	17	doi	doi	X
emaj-230	10	18	10.5195	10.5195	NUM
emaj-230	10	19	/	/	SYM
emaj-230	10	20	emaj.2021.230	emaj.2021.230	PROPN
emaj-230	10	21	|	|	ADV
emaj-230	10	22	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-230	10	23	|	|	ADV
emaj-230	10	24	mailto:crina_pungulescu@ipe.ro	mailto:crina_pungulescu@ipe.ro	NOUN
emaj-230	11	1	http://www.library.pitt.edu/	http://www.library.pitt.edu/	NOUN
emaj-230	12	1	http://www.pitt.edu/	http://www.pitt.edu/	NOUN
emaj-230	12	2	http://www.library.pitt.edu/articles/digpubtype/index.html	http://www.library.pitt.edu/articles/digpubtype/index.html	X
emaj-230	12	3	http://www.upress.pitt.edu/upressindex.aspx	http://www.upress.pitt.edu/upressindex.aspx	NUM
emaj-230	12	4	http://creativecommons.org/licenses/by/3.0/us/	http://creativecommons.org/licenses/by/3.0/us/	NOUN
emaj-230	12	5	volume	volume	NOUN
emaj-230	12	6	11	11	NUM
emaj-230	12	7	no	no	DET
emaj-230	12	8	1	1	NUM
emaj-230	12	9	(	(	PUNCT
emaj-230	12	10	2021	2021	NUM
emaj-230	12	11	)	)	PUNCT
emaj-230	12	12	|	|	ADV
emaj-230	12	13	issn	issn	VERB
emaj-230	12	14	2158	2158	NUM
emaj-230	12	15	-	-	SYM
emaj-230	12	16	8708	8708	NUM
emaj-230	12	17	(	(	PUNCT
emaj-230	12	18	online	online	NOUN
emaj-230	12	19	)	)	PUNCT
emaj-230	12	20	|	|	ADV
emaj-230	12	21	doi	doi	X
emaj-230	12	22	10.5195	10.5195	NUM
emaj-230	12	23	/	/	SYM
emaj-230	12	24	emaj.2021.230	emaj.2021.230	PROPN
emaj-230	12	25	|	|	ADV
emaj-230	12	26	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-230	12	27	country	country	NOUN
emaj-230	12	28	-	-	PUNCT
emaj-230	12	29	level	level	NOUN
emaj-230	12	30	size	size	NOUN
emaj-230	12	31	effects	effect	NOUN
emaj-230	12	32	in	in	ADP
emaj-230	12	33	international	international	ADJ
emaj-230	12	34	asset	asset	NOUN
emaj-230	12	35	pricing	pricing	NOUN
emaj-230	12	36	page	page	NOUN
emaj-230	12	37	|30|	|30|	VERB
emaj-230	12	38	emerging	emerge	VERB
emaj-230	12	39	markets	market	NOUN
emaj-230	12	40	journal	journal	NOUN
emaj-230	12	41	country	country	NOUN
emaj-230	12	42	-	-	PUNCT
emaj-230	12	43	level	level	NOUN
emaj-230	12	44	size	size	NOUN
emaj-230	12	45	effects	effect	NOUN
emaj-230	12	46	in	in	ADP
emaj-230	12	47	international	international	ADJ
emaj-230	12	48	asset	asset	NOUN
emaj-230	12	49	pricing	pricing	NOUN
emaj-230	12	50	crina	crina	PROPN
emaj-230	12	51	pungulescu	pungulescu	PROPN
emaj-230	12	52	i.	i.	PROPN
emaj-230	12	53	introduction	introduction	PROPN
emaj-230	12	54	emerging	emerge	VERB
emaj-230	12	55	financial	financial	ADJ
emaj-230	12	56	markets	market	NOUN
emaj-230	12	57	resemble	resemble	VERB
emaj-230	12	58	the	the	DET
emaj-230	12	59	(	(	PUNCT
emaj-230	12	60	more	more	ADJ
emaj-230	12	61	)	)	PUNCT
emaj-230	12	62	mature	mature	ADJ
emaj-230	12	63	counterparts	counterpart	NOUN
emaj-230	12	64	from	from	ADP
emaj-230	12	65	developed	develop	VERB
emaj-230	12	66	countries	country	NOUN
emaj-230	12	67	in	in	ADP
emaj-230	12	68	important	important	ADJ
emaj-230	12	69	ways	way	NOUN
emaj-230	12	70	.	.	PUNCT
emaj-230	13	1	expected	expect	VERB
emaj-230	13	2	returns	return	NOUN
emaj-230	13	3	in	in	ADP
emaj-230	13	4	both	both	PRON
emaj-230	13	5	developed	developed	ADJ
emaj-230	13	6	and	and	CCONJ
emaj-230	13	7	emerging	emerge	VERB
emaj-230	13	8	markets	market	NOUN
emaj-230	13	9	appear	appear	AUX
emaj-230	13	10	driven	drive	VERB
emaj-230	13	11	by	by	ADP
emaj-230	13	12	qualitatively	qualitatively	ADV
emaj-230	13	13	similar	similar	ADJ
emaj-230	13	14	factors	factor	NOUN
emaj-230	13	15	among	among	ADP
emaj-230	13	16	which	which	PRON
emaj-230	13	17	momentum	momentum	NOUN
emaj-230	13	18	,	,	PUNCT
emaj-230	13	19	size	size	NOUN
emaj-230	13	20	and	and	CCONJ
emaj-230	13	21	value	value	NOUN
emaj-230	13	22	effects	effect	NOUN
emaj-230	13	23	have	have	AUX
emaj-230	13	24	received	receive	VERB
emaj-230	13	25	substantial	substantial	ADJ
emaj-230	13	26	evidence	evidence	NOUN
emaj-230	13	27	(	(	PUNCT
emaj-230	13	28	see	see	VERB
emaj-230	13	29	fama	fama	NOUN
emaj-230	13	30	and	and	CCONJ
emaj-230	13	31	french	french	ADJ
emaj-230	13	32	,	,	PUNCT
emaj-230	13	33	1998	1998	NUM
emaj-230	13	34	;	;	PUNCT
emaj-230	13	35	rouwenhorst	rouwenhorst	ADJ
emaj-230	13	36	,	,	PUNCT
emaj-230	13	37	1999	1999	NUM
emaj-230	13	38	;	;	PUNCT
emaj-230	13	39	hou	hou	PROPN
emaj-230	13	40	et	et	PROPN
emaj-230	13	41	al	al	PROPN
emaj-230	13	42	.	.	PROPN
emaj-230	13	43	,	,	PUNCT
emaj-230	13	44	2011	2011	NUM
emaj-230	13	45	;	;	PUNCT
emaj-230	13	46	fama	fama	PROPN
emaj-230	13	47	and	and	CCONJ
emaj-230	13	48	french	french	ADJ
emaj-230	13	49	,	,	PUNCT
emaj-230	13	50	2012	2012	NUM
emaj-230	13	51	;	;	PUNCT
emaj-230	13	52	lambert	lambert	PROPN
emaj-230	13	53	et	et	PROPN
emaj-230	13	54	al	al	PROPN
emaj-230	13	55	.	.	PROPN
emaj-230	13	56	,	,	PUNCT
emaj-230	13	57	2020	2020	NUM
emaj-230	13	58	)	)	PUNCT
emaj-230	13	59	.	.	PUNCT
emaj-230	14	1	the	the	DET
emaj-230	14	2	robustness	robustness	NOUN
emaj-230	14	3	of	of	ADP
emaj-230	14	4	these	these	DET
emaj-230	14	5	findings	finding	NOUN
emaj-230	14	6	across	across	ADP
emaj-230	14	7	many	many	ADJ
emaj-230	14	8	countries	country	NOUN
emaj-230	14	9	in	in	ADP
emaj-230	14	10	different	different	ADJ
emaj-230	14	11	stages	stage	NOUN
emaj-230	14	12	of	of	ADP
emaj-230	14	13	development	development	NOUN
emaj-230	14	14	suggests	suggest	VERB
emaj-230	14	15	that	that	SCONJ
emaj-230	14	16	such	such	ADJ
emaj-230	14	17	factors	factor	NOUN
emaj-230	14	18	could	could	AUX
emaj-230	14	19	be	be	AUX
emaj-230	14	20	linked	link	VERB
emaj-230	14	21	to	to	ADP
emaj-230	14	22	asset	asset	NOUN
emaj-230	14	23	pricing	pricing	NOUN
emaj-230	14	24	in	in	ADP
emaj-230	14	25	a	a	DET
emaj-230	14	26	fundamental	fundamental	ADJ
emaj-230	14	27	way	way	NOUN
emaj-230	14	28	,	,	PUNCT
emaj-230	14	29	rather	rather	ADV
emaj-230	14	30	than	than	ADP
emaj-230	14	31	being	be	AUX
emaj-230	14	32	abnormal	abnormal	ADJ
emaj-230	14	33	and	and	CCONJ
emaj-230	14	34	transitory	transitory	ADJ
emaj-230	14	35	market	market	NOUN
emaj-230	14	36	reactions	reaction	NOUN
emaj-230	14	37	.	.	PUNCT
emaj-230	15	1	of	of	ADP
emaj-230	15	2	these	these	DET
emaj-230	15	3	factors	factor	NOUN
emaj-230	15	4	,	,	PUNCT
emaj-230	15	5	size	size	NOUN
emaj-230	15	6	effects	effect	NOUN
emaj-230	15	7	have	have	AUX
emaj-230	15	8	been	be	AUX
emaj-230	15	9	widely	widely	ADV
emaj-230	15	10	investigated	investigate	VERB
emaj-230	15	11	using	use	VERB
emaj-230	15	12	firm	firm	ADJ
emaj-230	15	13	level	level	NOUN
emaj-230	15	14	data	datum	NOUN
emaj-230	15	15	.	.	PUNCT
emaj-230	16	1	smaller	small	ADJ
emaj-230	16	2	firms	firm	NOUN
emaj-230	16	3	have	have	AUX
emaj-230	16	4	systematically	systematically	ADV
emaj-230	16	5	offered	offer	VERB
emaj-230	16	6	higher	high	ADJ
emaj-230	16	7	risk	risk	NOUN
emaj-230	16	8	-	-	PUNCT
emaj-230	16	9	adjusted	adjust	VERB
emaj-230	16	10	expected	expect	VERB
emaj-230	16	11	returns	return	NOUN
emaj-230	16	12	.	.	PUNCT
emaj-230	17	1	the	the	DET
emaj-230	17	2	evidence	evidence	NOUN
emaj-230	17	3	,	,	PUNCT
emaj-230	17	4	although	although	SCONJ
emaj-230	17	5	not	not	PART
emaj-230	17	6	undisputed	undisputed	ADJ
emaj-230	17	7	,	,	PUNCT
emaj-230	17	8	establishes	establish	VERB
emaj-230	17	9	them	they	PRON
emaj-230	17	10	,	,	PUNCT
emaj-230	17	11	at	at	ADP
emaj-230	17	12	the	the	DET
emaj-230	17	13	very	very	ADV
emaj-230	17	14	least	least	ADJ
emaj-230	17	15	,	,	PUNCT
emaj-230	17	16	as	as	ADP
emaj-230	17	17	a	a	DET
emaj-230	17	18	recognised	recognise	VERB
emaj-230	17	19	factor	factor	NOUN
emaj-230	17	20	in	in	ADP
emaj-230	17	21	the	the	DET
emaj-230	17	22	cross	cross	ADJ
emaj-230	17	23	-	-	ADJ
emaj-230	17	24	sectional	sectional	ADJ
emaj-230	17	25	analysis	analysis	NOUN
emaj-230	17	26	of	of	ADP
emaj-230	17	27	returns	return	NOUN
emaj-230	17	28	from	from	ADP
emaj-230	17	29	the	the	DET
emaj-230	17	30	original	original	ADJ
emaj-230	17	31	paper	paper	NOUN
emaj-230	17	32	of	of	ADP
emaj-230	17	33	banz	banz	NOUN
emaj-230	17	34	(	(	PUNCT
emaj-230	17	35	1981	1981	NUM
emaj-230	17	36	)	)	PUNCT
emaj-230	17	37	to	to	ADP
emaj-230	17	38	recent	recent	ADJ
emaj-230	17	39	revaluations	revaluation	NOUN
emaj-230	17	40	of	of	ADP
emaj-230	17	41	the	the	DET
emaj-230	17	42	magnitude	magnitude	NOUN
emaj-230	17	43	of	of	ADP
emaj-230	17	44	the	the	DET
emaj-230	17	45	size	size	NOUN
emaj-230	17	46	factor	factor	NOUN
emaj-230	17	47	by	by	ADP
emaj-230	17	48	lambert	lambert	PROPN
emaj-230	17	49	and	and	CCONJ
emaj-230	17	50	hübner	hübner	NOUN
emaj-230	17	51	(	(	PUNCT
emaj-230	17	52	2015	2015	NUM
emaj-230	17	53	)	)	PUNCT
emaj-230	17	54	,	,	PUNCT
emaj-230	17	55	cakici	cakici	NOUN
emaj-230	17	56	et	et	PROPN
emaj-230	17	57	al	al	PROPN
emaj-230	17	58	.	.	PUNCT
emaj-230	18	1	(	(	PUNCT
emaj-230	18	2	2016	2016	NUM
emaj-230	18	3	)	)	PUNCT
emaj-230	18	4	and	and	CCONJ
emaj-230	18	5	li	li	PROPN
emaj-230	18	6	(	(	PUNCT
emaj-230	18	7	2021	2021	NUM
emaj-230	18	8	)	)	PUNCT
emaj-230	18	9	.	.	PUNCT
emaj-230	19	1	interpretations	interpretation	NOUN
emaj-230	19	2	of	of	ADP
emaj-230	19	3	the	the	DET
emaj-230	19	4	evidence	evidence	NOUN
emaj-230	19	5	on	on	ADP
emaj-230	19	6	the	the	DET
emaj-230	19	7	size	size	NOUN
emaj-230	19	8	premium	premium	NOUN
emaj-230	19	9	range	range	NOUN
emaj-230	19	10	from	from	ADP
emaj-230	19	11	compensation	compensation	NOUN
emaj-230	19	12	for	for	ADP
emaj-230	19	13	risk	risk	NOUN
emaj-230	19	14	factors	factor	NOUN
emaj-230	19	15	,	,	PUNCT
emaj-230	19	16	firm	firm	ADJ
emaj-230	19	17	characteristics	characteristic	NOUN
emaj-230	19	18	,	,	PUNCT
emaj-230	19	19	access	access	NOUN
emaj-230	19	20	to	to	ADP
emaj-230	19	21	capital	capital	NOUN
emaj-230	19	22	,	,	PUNCT
emaj-230	19	23	inefficiency	inefficiency	NOUN
emaj-230	19	24	in	in	ADP
emaj-230	19	25	the	the	DET
emaj-230	19	26	way	way	NOUN
emaj-230	19	27	markets	market	NOUN
emaj-230	19	28	incorporate	incorporate	VERB
emaj-230	19	29	information	information	NOUN
emaj-230	19	30	into	into	ADP
emaj-230	19	31	prices	price	NOUN
emaj-230	19	32	to	to	PART
emaj-230	19	33	survivorship	survivorship	NOUN
emaj-230	19	34	biases	bias	NOUN
emaj-230	19	35	or	or	CCONJ
emaj-230	19	36	even	even	ADV
emaj-230	19	37	data	datum	NOUN
emaj-230	19	38	snooping	snoop	VERB
emaj-230	19	39	(	(	PUNCT
emaj-230	19	40	see	see	VERB
emaj-230	19	41	rouwenhorst	rouwenhorst	ADV
emaj-230	19	42	,	,	PUNCT
emaj-230	19	43	1999	1999	NUM
emaj-230	19	44	;	;	PUNCT
emaj-230	19	45	ferguson	ferguson	PROPN
emaj-230	19	46	and	and	CCONJ
emaj-230	19	47	shockley	shockley	PROPN
emaj-230	19	48	,	,	PUNCT
emaj-230	19	49	2003	2003	NUM
emaj-230	19	50	)	)	PUNCT
emaj-230	19	51	.	.	PUNCT
emaj-230	20	1	contrary	contrary	ADJ
emaj-230	20	2	to	to	ADP
emaj-230	20	3	firm	firm	ADJ
emaj-230	20	4	size	size	NOUN
emaj-230	20	5	effects	effect	NOUN
emaj-230	20	6	that	that	PRON
emaj-230	20	7	have	have	AUX
emaj-230	20	8	been	be	AUX
emaj-230	20	9	widely	widely	ADV
emaj-230	20	10	recognised	recognise	VERB
emaj-230	20	11	and	and	CCONJ
emaj-230	20	12	extendedly	extendedly	ADV
emaj-230	20	13	debated	debate	VERB
emaj-230	20	14	in	in	ADP
emaj-230	20	15	the	the	DET
emaj-230	20	16	literature	literature	NOUN
emaj-230	20	17	,	,	PUNCT
emaj-230	20	18	country	country	NOUN
emaj-230	20	19	-	-	PUNCT
emaj-230	20	20	level	level	NOUN
emaj-230	20	21	size	size	NOUN
emaj-230	20	22	effects	effect	NOUN
emaj-230	20	23	received	receive	VERB
emaj-230	20	24	little	little	ADJ
emaj-230	20	25	attention	attention	NOUN
emaj-230	20	26	.	.	PUNCT
emaj-230	21	1	in	in	ADP
emaj-230	21	2	the	the	DET
emaj-230	21	3	early	early	ADJ
emaj-230	21	4	1990s	1990	NOUN
emaj-230	21	5	,	,	PUNCT
emaj-230	21	6	practitioners	practitioner	NOUN
emaj-230	21	7	recognised	recognise	VERB
emaj-230	21	8	that	that	SCONJ
emaj-230	21	9	the	the	DET
emaj-230	21	10	smallest	small	ADJ
emaj-230	21	11	markets	market	NOUN
emaj-230	21	12	appear	appear	VERB
emaj-230	21	13	to	to	PART
emaj-230	21	14	systematically	systematically	ADV
emaj-230	21	15	outperform	outperform	VERB
emaj-230	21	16	the	the	DET
emaj-230	21	17	larger	large	ADJ
emaj-230	21	18	ones	one	NOUN
emaj-230	21	19	,	,	PUNCT
emaj-230	21	20	a	a	DET
emaj-230	21	21	phenomenon	phenomenon	NOUN
emaj-230	21	22	dubbed	dub	VERB
emaj-230	21	23	the	the	DET
emaj-230	21	24	small	small	ADJ
emaj-230	21	25	-	-	PUNCT
emaj-230	21	26	country	country	NOUN
emaj-230	21	27	effect	effect	NOUN
emaj-230	21	28	(	(	PUNCT
emaj-230	21	29	keppler	keppler	NOUN
emaj-230	21	30	and	and	CCONJ
emaj-230	21	31	traub	traub	NOUN
emaj-230	21	32	,	,	PUNCT
emaj-230	21	33	1993	1993	NUM
emaj-230	21	34	)	)	PUNCT
emaj-230	21	35	.	.	PUNCT
emaj-230	22	1	this	this	DET
emaj-230	22	2	paper	paper	NOUN
emaj-230	22	3	addresses	address	VERB
emaj-230	22	4	the	the	DET
emaj-230	22	5	question	question	NOUN
emaj-230	22	6	of	of	ADP
emaj-230	22	7	size	size	NOUN
emaj-230	22	8	effects	effect	NOUN
emaj-230	22	9	at	at	ADP
emaj-230	22	10	the	the	DET
emaj-230	22	11	country	country	NOUN
emaj-230	22	12	level	level	NOUN
emaj-230	22	13	(	(	PUNCT
emaj-230	22	14	i.e.	i.e.	X
emaj-230	22	15	market	market	NOUN
emaj-230	22	16	size	size	NOUN
emaj-230	22	17	)	)	PUNCT
emaj-230	22	18	in	in	ADP
emaj-230	22	19	a	a	DET
emaj-230	22	20	comparative	comparative	ADJ
emaj-230	22	21	exercise	exercise	NOUN
emaj-230	22	22	across	across	ADP
emaj-230	22	23	developed	developed	ADJ
emaj-230	22	24	and	and	CCONJ
emaj-230	22	25	emerging	emerge	VERB
emaj-230	22	26	markets	market	NOUN
emaj-230	22	27	and	and	CCONJ
emaj-230	22	28	asks	ask	VERB
emaj-230	22	29	whether	whether	SCONJ
emaj-230	22	30	smaller	small	ADJ
emaj-230	22	31	markets	market	NOUN
emaj-230	22	32	harbor	harbor	VERB
emaj-230	22	33	a	a	DET
emaj-230	22	34	size	size	NOUN
emaj-230	22	35	premium	premium	NOUN
emaj-230	22	36	,	,	PUNCT
emaj-230	22	37	as	as	ADV
emaj-230	22	38	well	well	ADV
emaj-230	22	39	.	.	PUNCT
emaj-230	23	1	market	market	NOUN
emaj-230	23	2	size	size	NOUN
emaj-230	23	3	effects	effect	NOUN
emaj-230	23	4	may	may	AUX
emaj-230	23	5	be	be	AUX
emaj-230	23	6	important	important	ADJ
emaj-230	23	7	for	for	ADP
emaj-230	23	8	the	the	DET
emaj-230	23	9	strategic	strategic	ADJ
emaj-230	23	10	choices	choice	NOUN
emaj-230	23	11	of	of	ADP
emaj-230	23	12	international	international	ADJ
emaj-230	23	13	investors	investor	NOUN
emaj-230	23	14	,	,	PUNCT
emaj-230	23	15	that	that	PRON
emaj-230	23	16	would	would	AUX
emaj-230	23	17	make	make	VERB
emaj-230	23	18	an	an	DET
emaj-230	23	19	initial	initial	ADJ
emaj-230	23	20	selection	selection	NOUN
emaj-230	23	21	of	of	ADP
emaj-230	23	22	countries	country	NOUN
emaj-230	23	23	rather	rather	ADV
emaj-230	23	24	than	than	ADP
emaj-230	23	25	of	of	ADP
emaj-230	23	26	individual	individual	ADJ
emaj-230	23	27	stocks	stock	NOUN
emaj-230	23	28	.	.	PUNCT
emaj-230	24	1	evidence	evidence	NOUN
emaj-230	24	2	on	on	ADP
emaj-230	24	3	market	market	NOUN
emaj-230	24	4	size	size	NOUN
emaj-230	24	5	effects	effect	NOUN
emaj-230	24	6	is	be	AUX
emaj-230	24	7	only	only	ADV
emaj-230	24	8	incipient	incipient	ADJ
emaj-230	24	9	with	with	ADP
emaj-230	24	10	respect	respect	NOUN
emaj-230	24	11	to	to	ADP
emaj-230	24	12	developed	develop	VERB
emaj-230	24	13	markets	market	NOUN
emaj-230	24	14	and	and	CCONJ
emaj-230	24	15	especially	especially	ADV
emaj-230	24	16	scarce	scarce	ADJ
emaj-230	24	17	for	for	ADP
emaj-230	24	18	emerging	emerge	VERB
emaj-230	24	19	markets	market	NOUN
emaj-230	24	20	.	.	PUNCT
emaj-230	25	1	the	the	DET
emaj-230	25	2	original	original	ADJ
emaj-230	25	3	findings	finding	NOUN
emaj-230	25	4	of	of	ADP
emaj-230	25	5	keppler	keppler	NOUN
emaj-230	25	6	and	and	CCONJ
emaj-230	25	7	traub	traub	PROPN
emaj-230	25	8	(	(	PUNCT
emaj-230	25	9	1993	1993	NUM
emaj-230	25	10	)	)	PUNCT
emaj-230	25	11	and	and	CCONJ
emaj-230	25	12	asness	asness	VERB
emaj-230	25	13	et	et	PROPN
emaj-230	25	14	al	al	PROPN
emaj-230	25	15	.	.	PROPN
emaj-230	25	16	(	(	PUNCT
emaj-230	25	17	1997	1997	NUM
emaj-230	25	18	)	)	PUNCT
emaj-230	25	19	for	for	ADP
emaj-230	25	20	market	market	NOUN
emaj-230	25	21	indices	index	NOUN
emaj-230	25	22	in	in	ADP
emaj-230	25	23	developed	develop	VERB
emaj-230	25	24	countries	country	NOUN
emaj-230	25	25	have	have	AUX
emaj-230	25	26	not	not	PART
emaj-230	25	27	been	be	AUX
emaj-230	25	28	confirmed	confirm	VERB
emaj-230	25	29	in	in	ADP
emaj-230	25	30	other	other	ADJ
emaj-230	25	31	data	datum	NOUN
emaj-230	25	32	sets	set	NOUN
emaj-230	25	33	analyzed	analyze	VERB
emaj-230	25	34	by	by	ADP
emaj-230	25	35	bekaert	bekaert	PROPN
emaj-230	25	36	et	et	PROPN
emaj-230	25	37	al	al	PROPN
emaj-230	25	38	.	.	PROPN
emaj-230	26	1	(	(	PUNCT
emaj-230	26	2	1997	1997	NUM
emaj-230	26	3	)	)	PUNCT
emaj-230	26	4	and	and	CCONJ
emaj-230	26	5	harvey	harvey	NOUN
emaj-230	26	6	(	(	PUNCT
emaj-230	26	7	2000	2000	NUM
emaj-230	26	8	)	)	PUNCT
emaj-230	26	9	.	.	PUNCT
emaj-230	27	1	at	at	ADP
emaj-230	27	2	present	present	ADJ
emaj-230	27	3	,	,	PUNCT
emaj-230	27	4	size	size	NOUN
emaj-230	27	5	effects	effect	NOUN
emaj-230	27	6	are	be	AUX
emaj-230	27	7	well	well	ADV
emaj-230	27	8	established	establish	VERB
emaj-230	27	9	in	in	ADP
emaj-230	27	10	the	the	DET
emaj-230	27	11	literature	literature	NOUN
emaj-230	27	12	at	at	ADP
emaj-230	27	13	the	the	DET
emaj-230	27	14	firm	firm	NOUN
emaj-230	27	15	rather	rather	ADV
emaj-230	27	16	than	than	ADP
emaj-230	27	17	the	the	DET
emaj-230	27	18	country	country	NOUN
emaj-230	27	19	level	level	NOUN
emaj-230	27	20	.	.	PUNCT
emaj-230	28	1	however	however	ADV
emaj-230	28	2	,	,	PUNCT
emaj-230	28	3	the	the	DET
emaj-230	28	4	question	question	NOUN
emaj-230	28	5	of	of	ADP
emaj-230	28	6	aggregate	aggregate	ADJ
emaj-230	28	7	,	,	PUNCT
emaj-230	28	8	market	market	NOUN
emaj-230	28	9	size	size	NOUN
emaj-230	28	10	effects	effect	NOUN
emaj-230	28	11	,	,	PUNCT
emaj-230	28	12	especially	especially	ADV
emaj-230	28	13	in	in	ADP
emaj-230	28	14	the	the	DET
emaj-230	28	15	context	context	NOUN
emaj-230	28	16	of	of	ADP
emaj-230	28	17	emerging	emerge	VERB
emaj-230	28	18	markets	market	NOUN
emaj-230	28	19	,	,	PUNCT
emaj-230	28	20	becomes	become	VERB
emaj-230	28	21	increasingly	increasingly	ADV
emaj-230	28	22	relevant	relevant	ADJ
emaj-230	28	23	both	both	PRON
emaj-230	28	24	for	for	ADP
emaj-230	28	25	international	international	ADJ
emaj-230	28	26	investment	investment	NOUN
emaj-230	28	27	as	as	ADV
emaj-230	28	28	well	well	ADV
emaj-230	28	29	as	as	ADP
emaj-230	28	30	from	from	ADP
emaj-230	28	31	a	a	DET
emaj-230	28	32	market	market	NOUN
emaj-230	28	33	integration	integration	NOUN
emaj-230	28	34	perspective	perspective	NOUN
emaj-230	28	35	.	.	PUNCT
emaj-230	29	1	emerging	emerge	VERB
emaj-230	29	2	markets	market	NOUN
emaj-230	29	3	achieved	achieve	VERB
emaj-230	29	4	substantial	substantial	ADJ
emaj-230	29	5	progress	progress	NOUN
emaj-230	29	6	over	over	ADP
emaj-230	29	7	the	the	DET
emaj-230	29	8	last	last	ADJ
emaj-230	29	9	decades	decade	NOUN
emaj-230	29	10	and	and	CCONJ
emaj-230	29	11	offer	offer	VERB
emaj-230	29	12	an	an	DET
emaj-230	29	13	ideal	ideal	ADJ
emaj-230	29	14	environment	environment	NOUN
emaj-230	29	15	for	for	ADP
emaj-230	29	16	establishing	establish	VERB
emaj-230	29	17	the	the	DET
emaj-230	29	18	potential	potential	ADJ
emaj-230	29	19	relationship	relationship	NOUN
emaj-230	29	20	between	between	ADP
emaj-230	29	21	market	market	NOUN
emaj-230	29	22	size	size	NOUN
emaj-230	29	23	and	and	CCONJ
emaj-230	29	24	market	market	NOUN
emaj-230	29	25	integration	integration	NOUN
emaj-230	29	26	.	.	PUNCT
emaj-230	30	1	moreover	moreover	ADV
emaj-230	30	2	,	,	PUNCT
emaj-230	30	3	they	they	PRON
emaj-230	30	4	provide	provide	VERB
emaj-230	30	5	increasingly	increasingly	ADV
emaj-230	30	6	attractive	attractive	ADJ
emaj-230	30	7	investment	investment	NOUN
emaj-230	30	8	opportunities	opportunity	NOUN
emaj-230	30	9	.	.	PUNCT
emaj-230	31	1	they	they	PRON
emaj-230	31	2	have	have	AUX
emaj-230	31	3	taken	take	VERB
emaj-230	31	4	decisive	decisive	ADJ
emaj-230	31	5	steps	step	NOUN
emaj-230	31	6	towards	towards	ADP
emaj-230	31	7	market	market	NOUN
emaj-230	31	8	development	development	NOUN
emaj-230	31	9	and	and	CCONJ
emaj-230	31	10	financial	financial	ADJ
emaj-230	31	11	liberalization	liberalization	NOUN
emaj-230	31	12	often	often	ADV
emaj-230	31	13	as	as	ADP
emaj-230	31	14	part	part	NOUN
emaj-230	31	15	of	of	ADP
emaj-230	31	16	more	more	ADV
emaj-230	31	17	committed	committed	ADJ
emaj-230	31	18	economic	economic	ADJ
emaj-230	31	19	reforms	reform	NOUN
emaj-230	31	20	.	.	PUNCT
emaj-230	32	1	restrictions	restriction	NOUN
emaj-230	32	2	to	to	ADP
emaj-230	32	3	foreign	foreign	ADJ
emaj-230	32	4	ownership	ownership	NOUN
emaj-230	32	5	of	of	ADP
emaj-230	32	6	assets	asset	NOUN
emaj-230	32	7	have	have	AUX
emaj-230	32	8	been	be	AUX
emaj-230	32	9	gradually	gradually	ADV
emaj-230	32	10	lifted	lift	VERB
emaj-230	32	11	in	in	ADP
emaj-230	32	12	many	many	ADJ
emaj-230	32	13	emerging	emerge	VERB
emaj-230	32	14	countries	country	NOUN
emaj-230	32	15	and	and	CCONJ
emaj-230	32	16	the	the	DET
emaj-230	32	17	market	market	NOUN
emaj-230	32	18	share	share	NOUN
emaj-230	32	19	that	that	PRON
emaj-230	32	20	is	be	AUX
emaj-230	32	21	open	open	ADJ
emaj-230	32	22	to	to	ADP
emaj-230	32	23	foreign	foreign	ADJ
emaj-230	32	24	investors	investor	NOUN
emaj-230	32	25	has	have	AUX
emaj-230	32	26	been	be	AUX
emaj-230	32	27	growing	grow	VERB
emaj-230	32	28	steadily	steadily	ADV
emaj-230	32	29	.	.	PUNCT
emaj-230	33	1	strongly	strongly	ADV
emaj-230	33	2	correlated	correlate	VERB
emaj-230	33	3	with	with	ADP
emaj-230	33	4	the	the	DET
emaj-230	33	5	decline	decline	NOUN
emaj-230	33	6	of	of	ADP
emaj-230	33	7	capital	capital	NOUN
emaj-230	33	8	controls	control	NOUN
emaj-230	33	9	,	,	PUNCT
emaj-230	33	10	the	the	DET
emaj-230	33	11	average	average	ADJ
emaj-230	33	12	market	market	NOUN
emaj-230	33	13	capitalization	capitalization	NOUN
emaj-230	33	14	in	in	ADP
emaj-230	33	15	emerging	emerge	VERB
emaj-230	33	16	markets	market	NOUN
emaj-230	33	17	has	have	AUX
emaj-230	33	18	been	be	AUX
emaj-230	33	19	increasing	increase	VERB
emaj-230	33	20	by	by	ADP
emaj-230	33	21	more	more	ADJ
emaj-230	33	22	than	than	ADP
emaj-230	33	23	30	30	NUM
emaj-230	33	24	%	%	NOUN
emaj-230	33	25	per	per	ADP
emaj-230	33	26	year	year	NOUN
emaj-230	33	27	.	.	PUNCT
emaj-230	34	1	previous	previous	ADJ
emaj-230	34	2	studies	study	NOUN
emaj-230	34	3	showed	show	VERB
emaj-230	34	4	that	that	SCONJ
emaj-230	34	5	market	market	NOUN
emaj-230	34	6	liberalization	liberalization	NOUN
emaj-230	34	7	results	result	NOUN
emaj-230	34	8	in	in	ADP
emaj-230	34	9	lower	low	ADJ
emaj-230	34	10	cost	cost	NOUN
emaj-230	34	11	of	of	ADP
emaj-230	34	12	capital	capital	NOUN
emaj-230	34	13	,	,	PUNCT
emaj-230	34	14	a	a	DET
emaj-230	34	15	development	development	NOUN
emaj-230	34	16	expected	expect	VERB
emaj-230	34	17	to	to	PART
emaj-230	34	18	have	have	VERB
emaj-230	34	19	positive	positive	ADJ
emaj-230	34	20	effects	effect	NOUN
emaj-230	34	21	on	on	ADP
emaj-230	34	22	investment	investment	NOUN
emaj-230	34	23	and	and	CCONJ
emaj-230	34	24	development	development	NOUN
emaj-230	34	25	in	in	ADP
emaj-230	34	26	a	a	DET
emaj-230	34	27	country	country	NOUN
emaj-230	34	28	(	(	PUNCT
emaj-230	34	29	see	see	VERB
emaj-230	34	30	bekaert	bekaert	NOUN
emaj-230	34	31	and	and	CCONJ
emaj-230	34	32	harvey	harvey	NOUN
emaj-230	34	33	,	,	PUNCT
emaj-230	34	34	2000	2000	NUM
emaj-230	34	35	;	;	PUNCT
emaj-230	34	36	henry	henry	PROPN
emaj-230	34	37	,	,	PUNCT
emaj-230	34	38	2000	2000	NUM
emaj-230	34	39	;	;	PUNCT
emaj-230	34	40	edison	edison	PROPN
emaj-230	34	41	and	and	CCONJ
emaj-230	34	42	warnock	warnock	NOUN
emaj-230	34	43	,	,	PUNCT
emaj-230	34	44	2003	2003	NUM
emaj-230	34	45	;	;	PUNCT
emaj-230	34	46	de	de	PROPN
emaj-230	34	47	jong	jong	PROPN
emaj-230	34	48	and	and	CCONJ
emaj-230	34	49	de	de	ADP
emaj-230	34	50	roon	roon	NOUN
emaj-230	34	51	,	,	PUNCT
emaj-230	34	52	2005	2005	NUM
emaj-230	34	53	)	)	PUNCT
emaj-230	34	54	.	.	PUNCT
emaj-230	35	1	it	it	PRON
emaj-230	35	2	appears	appear	VERB
emaj-230	35	3	that	that	SCONJ
emaj-230	35	4	the	the	DET
emaj-230	35	5	significant	significant	ADJ
emaj-230	35	6	segmentation	segmentation	NOUN
emaj-230	35	7	premium	premium	NOUN
emaj-230	35	8	that	that	PRON
emaj-230	35	9	characterized	characterize	VERB
emaj-230	35	10	emerging	emerge	VERB
emaj-230	35	11	markets	market	NOUN
emaj-230	35	12	prior	prior	ADV
emaj-230	35	13	to	to	ADP
emaj-230	35	14	their	their	PRON
emaj-230	35	15	opening	opening	NOUN
emaj-230	35	16	towards	towards	ADP
emaj-230	35	17	foreign	foreign	ADJ
emaj-230	35	18	capital	capital	NOUN
emaj-230	35	19	,	,	PUNCT
emaj-230	35	20	is	be	AUX
emaj-230	35	21	eroding	erode	VERB
emaj-230	35	22	due	due	ADP
emaj-230	35	23	to	to	ADP
emaj-230	35	24	financial	financial	ADJ
emaj-230	35	25	liberalization	liberalization	NOUN
emaj-230	35	26	.	.	PUNCT
emaj-230	36	1	this	this	DET
emaj-230	36	2	paper	paper	NOUN
emaj-230	36	3	builds	build	VERB
emaj-230	36	4	upon	upon	SCONJ
emaj-230	36	5	the	the	DET
emaj-230	36	6	existing	exist	VERB
emaj-230	36	7	evidence	evidence	NOUN
emaj-230	36	8	of	of	ADP
emaj-230	36	9	size	size	NOUN
emaj-230	36	10	and	and	CCONJ
emaj-230	36	11	segmentation	segmentation	NOUN
emaj-230	36	12	effects	effect	NOUN
emaj-230	36	13	and	and	CCONJ
emaj-230	36	14	conjectures	conjecture	VERB
emaj-230	36	15	that	that	SCONJ
emaj-230	36	16	market	market	NOUN
emaj-230	36	17	development	development	NOUN
emaj-230	36	18	is	be	AUX
emaj-230	36	19	relevant	relevant	ADJ
emaj-230	36	20	for	for	ADP
emaj-230	36	21	asset	asset	NOUN
emaj-230	36	22	pricing	pricing	NOUN
emaj-230	36	23	independently	independently	ADV
emaj-230	36	24	of	of	ADP
emaj-230	36	25	the	the	DET
emaj-230	36	26	segmentation	segmentation	NOUN
emaj-230	36	27	premium	premium	NOUN
emaj-230	36	28	(	(	PUNCT
emaj-230	36	29	documented	document	VERB
emaj-230	36	30	with	with	ADP
emaj-230	36	31	respect	respect	NOUN
emaj-230	36	32	to	to	ADP
emaj-230	36	33	market	market	NOUN
emaj-230	36	34	opening	opening	NOUN
emaj-230	36	35	)	)	PUNCT
emaj-230	36	36	.	.	PUNCT
emaj-230	37	1	traditionally	traditionally	ADV
emaj-230	37	2	,	,	PUNCT
emaj-230	37	3	market	market	NOUN
emaj-230	37	4	development	development	NOUN
emaj-230	37	5	has	have	AUX
emaj-230	37	6	been	be	AUX
emaj-230	37	7	equated	equate	VERB
emaj-230	37	8	with	with	ADP
emaj-230	37	9	increases	increase	NOUN
emaj-230	37	10	in	in	ADP
emaj-230	37	11	the	the	DET
emaj-230	37	12	size	size	NOUN
emaj-230	37	13	of	of	ADP
emaj-230	37	14	the	the	DET
emaj-230	37	15	market	market	NOUN
emaj-230	37	16	and	and	CCONJ
emaj-230	37	17	is	be	AUX
emaj-230	37	18	arguably	arguably	ADV
emaj-230	37	19	enhanced	enhance	VERB
emaj-230	37	20	by	by	ADP
emaj-230	37	21	market	market	NOUN
emaj-230	37	22	integration	integration	NOUN
emaj-230	37	23	.	.	PUNCT
emaj-230	38	1	the	the	DET
emaj-230	38	2	main	main	ADJ
emaj-230	38	3	question	question	NOUN
emaj-230	38	4	here	here	ADV
emaj-230	38	5	is	be	AUX
emaj-230	38	6	whether	whether	SCONJ
emaj-230	38	7	the	the	DET
emaj-230	38	8	observed	observed	ADJ
emaj-230	38	9	increase	increase	NOUN
emaj-230	38	10	of	of	ADP
emaj-230	38	11	market	market	NOUN
emaj-230	38	12	size	size	NOUN
emaj-230	38	13	has	have	VERB
emaj-230	38	14	an	an	DET
emaj-230	38	15	impact	impact	NOUN
emaj-230	38	16	on	on	ADP
emaj-230	38	17	expected	expect	VERB
emaj-230	38	18	returns	return	NOUN
emaj-230	38	19	.	.	PUNCT
emaj-230	39	1	to	to	PART
emaj-230	39	2	answer	answer	VERB
emaj-230	39	3	it	it	PRON
emaj-230	39	4	,	,	PUNCT
emaj-230	39	5	the	the	DET
emaj-230	39	6	traditional	traditional	ADJ
emaj-230	39	7	relationship	relationship	NOUN
emaj-230	39	8	of	of	ADP
emaj-230	39	9	the	the	DET
emaj-230	39	10	international	international	ADJ
emaj-230	39	11	capital	capital	NOUN
emaj-230	39	12	asset	asset	NOUN
emaj-230	39	13	pricing	pricing	NOUN
emaj-230	39	14	model	model	NOUN
emaj-230	39	15	(	(	PUNCT
emaj-230	39	16	i	i	NOUN
emaj-230	39	17	-	-	PUNCT
emaj-230	39	18	capm	capm	PROPN
emaj-230	39	19	)	)	PUNCT
emaj-230	39	20	is	be	AUX
emaj-230	39	21	extended	extend	VERB
emaj-230	39	22	by	by	ADP
emaj-230	39	23	an	an	DET
emaj-230	39	24	additional	additional	ADJ
emaj-230	39	25	factor	factor	NOUN
emaj-230	39	26	,	,	PUNCT
emaj-230	39	27	a	a	DET
emaj-230	39	28	proxy	proxy	NOUN
emaj-230	39	29	for	for	ADP
emaj-230	39	30	market	market	NOUN
emaj-230	39	31	size	size	NOUN
emaj-230	39	32	.	.	PUNCT
emaj-230	40	1	using	use	VERB
emaj-230	40	2	the	the	DET
emaj-230	40	3	share	share	NOUN
emaj-230	40	4	of	of	ADP
emaj-230	40	5	market	market	NOUN
emaj-230	40	6	capitalization	capitalization	NOUN
emaj-230	40	7	of	of	ADP
emaj-230	40	8	the	the	DET
emaj-230	40	9	domestic	domestic	ADJ
emaj-230	40	10	index	index	NOUN
emaj-230	40	11	in	in	ADP
emaj-230	40	12	the	the	DET
emaj-230	40	13	world	world	NOUN
emaj-230	40	14	market	market	NOUN
emaj-230	40	15	as	as	ADP
emaj-230	40	16	a	a	DET
emaj-230	40	17	proxy	proxy	NOUN
emaj-230	40	18	for	for	ADP
emaj-230	40	19	market	market	NOUN
emaj-230	40	20	size	size	NOUN
emaj-230	40	21	,	,	PUNCT
emaj-230	40	22	the	the	DET
emaj-230	40	23	presence	presence	NOUN
emaj-230	40	24	of	of	ADP
emaj-230	40	25	size	size	NOUN
emaj-230	40	26	effects	effect	NOUN
emaj-230	40	27	on	on	ADP
emaj-230	40	28	expected	expect	VERB
emaj-230	40	29	returns	return	NOUN
emaj-230	40	30	is	be	AUX
emaj-230	40	31	investigated	investigate	VERB
emaj-230	40	32	for	for	ADP
emaj-230	40	33	a	a	DET
emaj-230	40	34	set	set	NOUN
emaj-230	40	35	of	of	ADP
emaj-230	40	36	developed	develop	VERB
emaj-230	40	37	and	and	CCONJ
emaj-230	40	38	emerging	emerge	VERB
emaj-230	40	39	countries	country	NOUN
emaj-230	40	40	,	,	PUNCT
emaj-230	40	41	for	for	ADP
emaj-230	40	42	a	a	DET
emaj-230	40	43	time	time	NOUN
emaj-230	40	44	span	span	NOUN
emaj-230	40	45	of	of	ADP
emaj-230	40	46	up	up	ADP
emaj-230	40	47	to	to	PART
emaj-230	40	48	four	four	NUM
emaj-230	40	49	decades	decade	NOUN
emaj-230	40	50	.	.	PUNCT
emaj-230	41	1	negative	negative	ADJ
emaj-230	41	2	and	and	CCONJ
emaj-230	41	3	significant	significant	ADJ
emaj-230	41	4	estimates	estimate	NOUN
emaj-230	41	5	of	of	ADP
emaj-230	41	6	the	the	DET
emaj-230	41	7	coefficients	coefficient	NOUN
emaj-230	41	8	of	of	ADP
emaj-230	41	9	the	the	DET
emaj-230	41	10	market	market	NOUN
emaj-230	41	11	proxy	proxy	NOUN
emaj-230	41	12	are	be	AUX
emaj-230	41	13	interpreted	interpret	VERB
emaj-230	41	14	as	as	ADP
emaj-230	41	15	evidence	evidence	NOUN
emaj-230	41	16	of	of	ADP
emaj-230	41	17	market	market	NOUN
emaj-230	41	18	size	size	NOUN
emaj-230	41	19	effects	effect	NOUN
emaj-230	41	20	on	on	ADP
emaj-230	41	21	the	the	DET
emaj-230	41	22	cost	cost	NOUN
emaj-230	41	23	of	of	ADP
emaj-230	41	24	capital	capital	NOUN
emaj-230	41	25	,	,	PUNCT
emaj-230	41	26	larger	large	ADJ
emaj-230	41	27	markets	market	NOUN
emaj-230	41	28	offering	offer	VERB
emaj-230	41	29	lower	low	ADJ
emaj-230	41	30	returns	return	NOUN
emaj-230	41	31	.	.	PUNCT
emaj-230	42	1	the	the	DET
emaj-230	42	2	results	result	NOUN
emaj-230	42	3	show	show	VERB
emaj-230	42	4	that	that	SCONJ
emaj-230	42	5	expected	expect	VERB
emaj-230	42	6	returns	return	NOUN
emaj-230	42	7	fall	fall	VERB
emaj-230	42	8	significantly	significantly	ADV
emaj-230	42	9	as	as	ADP
emaj-230	42	10	market	market	NOUN
emaj-230	42	11	size	size	NOUN
emaj-230	42	12	increases	increase	NOUN
emaj-230	42	13	,	,	PUNCT
emaj-230	42	14	implying	imply	VERB
emaj-230	42	15	that	that	SCONJ
emaj-230	42	16	the	the	DET
emaj-230	42	17	cost	cost	NOUN
emaj-230	42	18	of	of	ADP
emaj-230	42	19	capital	capital	NOUN
emaj-230	42	20	is	be	AUX
emaj-230	42	21	larger	large	ADJ
emaj-230	42	22	in	in	ADP
emaj-230	42	23	smaller	small	ADJ
emaj-230	42	24	markets	market	NOUN
emaj-230	42	25	.	.	PUNCT
emaj-230	43	1	as	as	SCONJ
emaj-230	43	2	market	market	NOUN
emaj-230	43	3	integration	integration	NOUN
emaj-230	43	4	is	be	AUX
emaj-230	43	5	expected	expect	VERB
emaj-230	43	6	to	to	PART
emaj-230	43	7	play	play	VERB
emaj-230	43	8	a	a	DET
emaj-230	43	9	significant	significant	ADJ
emaj-230	43	10	role	role	NOUN
emaj-230	43	11	in	in	ADP
emaj-230	43	12	this	this	DET
emaj-230	43	13	result	result	NOUN
emaj-230	43	14	and	and	CCONJ
emaj-230	43	15	size	size	NOUN
emaj-230	43	16	and	and	CCONJ
emaj-230	43	17	segmentation	segmentation	NOUN
emaj-230	43	18	effects	effect	NOUN
emaj-230	43	19	are	be	AUX
emaj-230	43	20	closely	closely	ADV
emaj-230	43	21	related	relate	VERB
emaj-230	43	22	,	,	PUNCT
emaj-230	43	23	they	they	PRON
emaj-230	43	24	should	should	AUX
emaj-230	43	25	be	be	AUX
emaj-230	43	26	investigated	investigate	VERB
emaj-230	43	27	jointly	jointly	ADV
emaj-230	43	28	and	and	CCONJ
emaj-230	43	29	compared	compare	VERB
emaj-230	43	30	in	in	ADP
emaj-230	43	31	terms	term	NOUN
emaj-230	43	32	of	of	ADP
emaj-230	43	33	their	their	PRON
emaj-230	43	34	particular	particular	ADJ
emaj-230	43	35	effects	effect	NOUN
emaj-230	43	36	on	on	ADP
emaj-230	43	37	expected	expect	VERB
emaj-230	43	38	returns	return	NOUN
emaj-230	43	39	.	.	PUNCT
emaj-230	44	1	including	include	VERB
emaj-230	44	2	a	a	DET
emaj-230	44	3	segmentation	segmentation	NOUN
emaj-230	44	4	proxy	proxy	NOUN
emaj-230	44	5	,	,	PUNCT
emaj-230	44	6	the	the	DET
emaj-230	44	7	intensity	intensity	NOUN
emaj-230	44	8	of	of	ADP
emaj-230	44	9	capital	capital	NOUN
emaj-230	44	10	controls	control	NOUN
emaj-230	44	11	for	for	ADP
emaj-230	44	12	emerging	emerge	VERB
emaj-230	44	13	markets	market	NOUN
emaj-230	44	14	does	do	AUX
emaj-230	44	15	not	not	PART
emaj-230	44	16	affect	affect	VERB
emaj-230	44	17	the	the	DET
emaj-230	44	18	magnitude	magnitude	NOUN
emaj-230	44	19	and	and	CCONJ
emaj-230	44	20	significance	significance	NOUN
emaj-230	44	21	of	of	ADP
emaj-230	44	22	the	the	DET
emaj-230	44	23	market	market	NOUN
emaj-230	44	24	size	size	NOUN
emaj-230	44	25	coefficients	coefficient	NOUN
emaj-230	44	26	.	.	PUNCT
emaj-230	45	1	the	the	DET
emaj-230	45	2	relationship	relationship	NOUN
emaj-230	45	3	uncovered	uncover	VERB
emaj-230	45	4	between	between	ADP
emaj-230	45	5	expected	expect	VERB
emaj-230	45	6	returns	return	NOUN
emaj-230	45	7	and	and	CCONJ
emaj-230	45	8	market	market	NOUN
emaj-230	45	9	size	size	NOUN
emaj-230	45	10	is	be	AUX
emaj-230	45	11	strong	strong	ADJ
emaj-230	45	12	and	and	CCONJ
emaj-230	45	13	robust	robust	ADJ
emaj-230	45	14	,	,	PUNCT
emaj-230	45	15	over	over	ADV
emaj-230	45	16	and	and	CCONJ
emaj-230	45	17	above	above	ADP
emaj-230	45	18	the	the	DET
emaj-230	45	19	previously	previously	ADV
emaj-230	45	20	documented	document	VERB
emaj-230	45	21	impact	impact	NOUN
emaj-230	45	22	of	of	ADP
emaj-230	45	23	direct	direct	ADJ
emaj-230	45	24	market	market	NOUN
emaj-230	45	25	segmentation	segmentation	NOUN
emaj-230	45	26	.	.	PUNCT
emaj-230	46	1	for	for	ADP
emaj-230	46	2	the	the	DET
emaj-230	46	3	composite	composite	ADJ
emaj-230	46	4	index	index	NOUN
emaj-230	46	5	of	of	ADP
emaj-230	46	6	all	all	DET
emaj-230	46	7	emerging	emerge	VERB
emaj-230	46	8	markets	market	NOUN
emaj-230	46	9	in	in	ADP
emaj-230	46	10	the	the	DET
emaj-230	46	11	sample	sample	NOUN
emaj-230	46	12	,	,	PUNCT
emaj-230	46	13	expected	expect	VERB
emaj-230	46	14	returns	return	NOUN
emaj-230	46	15	decrease	decrease	VERB
emaj-230	46	16	by	by	ADP
emaj-230	46	17	1	1	NUM
emaj-230	46	18	%	%	NOUN
emaj-230	46	19	per	per	ADP
emaj-230	46	20	year	year	NOUN
emaj-230	46	21	as	as	ADP
emaj-230	46	22	market	market	NOUN
emaj-230	46	23	size	size	NOUN
emaj-230	46	24	increases	increase	NOUN
emaj-230	46	25	.	.	PUNCT
emaj-230	47	1	the	the	DET
emaj-230	47	2	(	(	PUNCT
emaj-230	47	3	composite	composite	ADJ
emaj-230	47	4	)	)	PUNCT
emaj-230	47	5	segmentation	segmentation	NOUN
emaj-230	47	6	effect	effect	NOUN
emaj-230	47	7	on	on	ADP
emaj-230	47	8	expected	expect	VERB
emaj-230	47	9	returns	return	NOUN
emaj-230	47	10	has	have	AUX
emaj-230	47	11	virtually	virtually	ADV
emaj-230	47	12	faded	fade	VERB
emaj-230	47	13	in	in	ADP
emaj-230	47	14	this	this	DET
emaj-230	47	15	sample	sample	NOUN
emaj-230	47	16	.	.	PUNCT
emaj-230	48	1	the	the	DET
emaj-230	48	2	information	information	NOUN
emaj-230	48	3	content	content	NOUN
emaj-230	48	4	of	of	ADP
emaj-230	48	5	the	the	DET
emaj-230	48	6	market	market	NOUN
emaj-230	48	7	size	size	NOUN
emaj-230	48	8	proxy	proxy	NOUN
emaj-230	48	9	appears	appear	VERB
emaj-230	48	10	to	to	PART
emaj-230	48	11	outweigh	outweigh	VERB
emaj-230	48	12	overwhelmingly	overwhelmingly	ADV
emaj-230	48	13	that	that	PRON
emaj-230	48	14	of	of	ADP
emaj-230	48	15	the	the	DET
emaj-230	48	16	direct	direct	ADJ
emaj-230	48	17	segmentation	segmentation	NOUN
emaj-230	48	18	proxy	proxy	NOUN
emaj-230	48	19	,	,	PUNCT
emaj-230	48	20	the	the	DET
emaj-230	48	21	intensity	intensity	NOUN
emaj-230	48	22	of	of	ADP
emaj-230	48	23	capital	capital	NOUN
emaj-230	48	24	controls	control	NOUN
emaj-230	48	25	.	.	PUNCT
emaj-230	49	1	volume	volume	NOUN
emaj-230	49	2	11	11	NUM
emaj-230	49	3	no	no	DET
emaj-230	49	4	1	1	NUM
emaj-230	49	5	(	(	PUNCT
emaj-230	49	6	2021	2021	NUM
emaj-230	49	7	)	)	PUNCT
emaj-230	49	8	|	|	ADV
emaj-230	49	9	issn	issn	VERB
emaj-230	49	10	2158	2158	NUM
emaj-230	49	11	-	-	SYM
emaj-230	49	12	8708	8708	NUM
emaj-230	49	13	(	(	PUNCT
emaj-230	49	14	online	online	NOUN
emaj-230	49	15	)	)	PUNCT
emaj-230	49	16	|	|	ADV
emaj-230	49	17	doi	doi	X
emaj-230	49	18	10.5195	10.5195	NUM
emaj-230	49	19	/	/	SYM
emaj-230	49	20	emaj.2021.230	emaj.2021.230	PROPN
emaj-230	49	21	|	|	ADV
emaj-230	49	22	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-230	49	23	crina	crina	PROPN
emaj-230	49	24	pungulescu	pungulescu	NOUN
emaj-230	49	25	emerging	emerge	VERB
emaj-230	49	26	markets	market	NOUN
emaj-230	49	27	journal	journal	NOUN
emaj-230	50	1	|	|	ADV
emaj-230	50	2	p	p	NOUN
emaj-230	50	3	a	a	DET
emaj-230	50	4	g	g	NOUN
emaj-230	50	5	e	e	NOUN
emaj-230	50	6	3	3	NUM
emaj-230	50	7	1	1	NUM
emaj-230	50	8	segmentation	segmentation	NOUN
emaj-230	50	9	has	have	VERB
emaj-230	50	10	a	a	DET
emaj-230	50	11	secondary	secondary	ADJ
emaj-230	50	12	(	(	PUNCT
emaj-230	50	13	indirect	indirect	ADJ
emaj-230	50	14	)	)	PUNCT
emaj-230	50	15	effect	effect	NOUN
emaj-230	50	16	on	on	ADP
emaj-230	50	17	expected	expect	VERB
emaj-230	50	18	returns	return	NOUN
emaj-230	50	19	,	,	PUNCT
emaj-230	50	20	through	through	ADP
emaj-230	50	21	increasing	increase	VERB
emaj-230	50	22	the	the	DET
emaj-230	50	23	country	country	NOUN
emaj-230	50	24	's	's	PART
emaj-230	50	25	systemic	systemic	ADJ
emaj-230	50	26	risk	risk	NOUN
emaj-230	50	27	,	,	PUNCT
emaj-230	50	28	i.e.	i.e.	X
emaj-230	50	29	its	its	PRON
emaj-230	50	30	beta	beta	NOUN
emaj-230	50	31	relative	relative	NOUN
emaj-230	50	32	to	to	ADP
emaj-230	50	33	the	the	DET
emaj-230	50	34	world	world	NOUN
emaj-230	50	35	market	market	NOUN
emaj-230	50	36	portfolio	portfolio	NOUN
emaj-230	50	37	.	.	PUNCT
emaj-230	51	1	bekaert	bekaert	PROPN
emaj-230	51	2	and	and	CCONJ
emaj-230	51	3	harvey	harvey	PROPN
emaj-230	51	4	(	(	PUNCT
emaj-230	51	5	2000	2000	NUM
emaj-230	51	6	)	)	PUNCT
emaj-230	51	7	find	find	VERB
emaj-230	51	8	that	that	SCONJ
emaj-230	51	9	postliberalization	postliberalization	NOUN
emaj-230	51	10	world	world	NOUN
emaj-230	51	11	market	market	NOUN
emaj-230	51	12	betas	beta	NOUN
emaj-230	51	13	are	be	AUX
emaj-230	51	14	higher	high	ADJ
emaj-230	51	15	and	and	CCONJ
emaj-230	51	16	de	de	X
emaj-230	51	17	jong	jong	PROPN
emaj-230	51	18	and	and	CCONJ
emaj-230	51	19	de	de	ADP
emaj-230	51	20	roon	roon	PROPN
emaj-230	51	21	(	(	PUNCT
emaj-230	51	22	2005	2005	NUM
emaj-230	51	23	)	)	PUNCT
emaj-230	51	24	show	show	VERB
emaj-230	51	25	that	that	SCONJ
emaj-230	51	26	betas	beta	NOUN
emaj-230	51	27	increase	increase	NOUN
emaj-230	51	28	as	as	SCONJ
emaj-230	51	29	countries	country	NOUN
emaj-230	51	30	become	become	VERB
emaj-230	51	31	less	less	ADV
emaj-230	51	32	segmented	segment	VERB
emaj-230	51	33	from	from	ADP
emaj-230	51	34	the	the	DET
emaj-230	51	35	world	world	NOUN
emaj-230	51	36	market	market	NOUN
emaj-230	51	37	,	,	PUNCT
emaj-230	51	38	i.e.	i.e.	X
emaj-230	51	39	the	the	DET
emaj-230	51	40	intensity	intensity	NOUN
emaj-230	51	41	of	of	ADP
emaj-230	51	42	capital	capital	NOUN
emaj-230	51	43	controls	control	NOUN
emaj-230	51	44	decreases	decrease	VERB
emaj-230	51	45	.	.	PUNCT
emaj-230	52	1	when	when	SCONJ
emaj-230	52	2	the	the	DET
emaj-230	52	3	world	world	NOUN
emaj-230	52	4	market	market	NOUN
emaj-230	52	5	betas	beta	NOUN
emaj-230	52	6	are	be	AUX
emaj-230	52	7	allowed	allow	VERB
emaj-230	52	8	to	to	PART
emaj-230	52	9	vary	vary	VERB
emaj-230	52	10	over	over	ADP
emaj-230	52	11	time	time	NOUN
emaj-230	52	12	as	as	ADP
emaj-230	52	13	a	a	DET
emaj-230	52	14	function	function	NOUN
emaj-230	52	15	of	of	ADP
emaj-230	52	16	the	the	DET
emaj-230	52	17	segmentation	segmentation	NOUN
emaj-230	52	18	variable	variable	NOUN
emaj-230	52	19	as	as	ADV
emaj-230	52	20	well	well	ADV
emaj-230	52	21	as	as	ADP
emaj-230	52	22	of	of	ADP
emaj-230	52	23	the	the	DET
emaj-230	52	24	size	size	NOUN
emaj-230	52	25	variable	variable	NOUN
emaj-230	52	26	,	,	PUNCT
emaj-230	52	27	the	the	DET
emaj-230	52	28	impact	impact	NOUN
emaj-230	52	29	on	on	ADP
emaj-230	52	30	the	the	DET
emaj-230	52	31	expected	expect	VERB
emaj-230	52	32	returns	return	NOUN
emaj-230	52	33	through	through	ADP
emaj-230	52	34	this	this	DET
emaj-230	52	35	indirect	indirect	ADJ
emaj-230	52	36	(	(	PUNCT
emaj-230	52	37	beta	beta	NOUN
emaj-230	52	38	)	)	PUNCT
emaj-230	52	39	channel	channel	NOUN
emaj-230	52	40	is	be	AUX
emaj-230	52	41	more	more	ADV
emaj-230	52	42	pronounced	pronounced	ADJ
emaj-230	52	43	for	for	ADP
emaj-230	52	44	the	the	DET
emaj-230	52	45	direct	direct	ADJ
emaj-230	52	46	segmentation	segmentation	NOUN
emaj-230	52	47	variable	variable	ADJ
emaj-230	52	48	than	than	ADP
emaj-230	52	49	for	for	ADP
emaj-230	52	50	the	the	DET
emaj-230	52	51	market	market	NOUN
emaj-230	52	52	size	size	NOUN
emaj-230	52	53	proxy	proxy	NOUN
emaj-230	52	54	.	.	PUNCT
emaj-230	53	1	the	the	DET
emaj-230	53	2	remainder	remainder	NOUN
emaj-230	53	3	of	of	ADP
emaj-230	53	4	this	this	DET
emaj-230	53	5	paper	paper	NOUN
emaj-230	53	6	is	be	AUX
emaj-230	53	7	structured	structure	VERB
emaj-230	53	8	as	as	SCONJ
emaj-230	53	9	follows	follow	VERB
emaj-230	53	10	:	:	PUNCT
emaj-230	53	11	section	section	NOUN
emaj-230	53	12	2	2	NUM
emaj-230	53	13	presents	present	VERB
emaj-230	53	14	the	the	DET
emaj-230	53	15	data	data	NOUN
emaj-230	53	16	sets	set	NOUN
emaj-230	53	17	used	use	VERB
emaj-230	53	18	in	in	ADP
emaj-230	53	19	this	this	DET
emaj-230	53	20	study	study	NOUN
emaj-230	53	21	,	,	PUNCT
emaj-230	53	22	for	for	ADP
emaj-230	53	23	developed	developed	ADJ
emaj-230	53	24	and	and	CCONJ
emaj-230	53	25	emerging	emerge	VERB
emaj-230	53	26	markets	market	NOUN
emaj-230	53	27	together	together	ADV
emaj-230	53	28	with	with	ADP
emaj-230	53	29	the	the	DET
emaj-230	53	30	main	main	ADJ
emaj-230	53	31	proxy	proxy	NOUN
emaj-230	53	32	variables	variable	NOUN
emaj-230	53	33	for	for	ADP
emaj-230	53	34	size	size	NOUN
emaj-230	53	35	and	and	CCONJ
emaj-230	53	36	segmentation	segmentation	NOUN
emaj-230	53	37	.	.	PUNCT
emaj-230	54	1	section	section	NOUN
emaj-230	54	2	2	2	NUM
emaj-230	54	3	is	be	AUX
emaj-230	54	4	named	name	VERB
emaj-230	54	5	as	as	ADP
emaj-230	54	6	the	the	DET
emaj-230	54	7	data	datum	NOUN
emaj-230	54	8	.	.	PUNCT
emaj-230	55	1	section	section	NOUN
emaj-230	55	2	3	3	NUM
emaj-230	55	3	presents	present	VERB
emaj-230	55	4	the	the	DET
emaj-230	55	5	methodology	methodology	NOUN
emaj-230	55	6	and	and	CCONJ
emaj-230	55	7	reports	report	VERB
emaj-230	55	8	empirical	empirical	ADJ
emaj-230	55	9	evidence	evidence	NOUN
emaj-230	55	10	on	on	ADP
emaj-230	55	11	the	the	DET
emaj-230	55	12	presence	presence	NOUN
emaj-230	55	13	of	of	ADP
emaj-230	55	14	size	size	NOUN
emaj-230	55	15	effects	effect	NOUN
emaj-230	55	16	comparing	compare	VERB
emaj-230	55	17	developed	develop	VERB
emaj-230	55	18	and	and	CCONJ
emaj-230	55	19	emerging	emerge	VERB
emaj-230	55	20	markets	market	NOUN
emaj-230	55	21	.	.	PUNCT
emaj-230	56	1	section	section	NOUN
emaj-230	56	2	3	3	NUM
emaj-230	56	3	is	be	AUX
emaj-230	56	4	named	name	VERB
emaj-230	56	5	as	as	ADP
emaj-230	56	6	the	the	DET
emaj-230	56	7	empirical	empirical	ADJ
emaj-230	56	8	results	result	NOUN
emaj-230	56	9	.	.	PUNCT
emaj-230	57	1	finally	finally	ADV
emaj-230	57	2	,	,	PUNCT
emaj-230	57	3	section	section	NOUN
emaj-230	57	4	4	4	NUM
emaj-230	57	5	reviews	review	VERB
emaj-230	57	6	the	the	DET
emaj-230	57	7	main	main	ADJ
emaj-230	57	8	findings	finding	NOUN
emaj-230	57	9	which	which	PRON
emaj-230	57	10	is	be	AUX
emaj-230	57	11	named	name	VERB
emaj-230	57	12	as	as	ADP
emaj-230	57	13	conclusion	conclusion	NOUN
emaj-230	57	14	.	.	PUNCT
emaj-230	58	1	ii	ii	PROPN
emaj-230	58	2	.	.	PROPN
emaj-230	58	3	data	datum	NOUN
emaj-230	58	4	this	this	DET
emaj-230	58	5	section	section	NOUN
emaj-230	58	6	introduces	introduce	VERB
emaj-230	58	7	the	the	DET
emaj-230	58	8	variables	variable	NOUN
emaj-230	58	9	together	together	ADV
emaj-230	58	10	with	with	ADP
emaj-230	58	11	their	their	PRON
emaj-230	58	12	various	various	ADJ
emaj-230	58	13	data	datum	NOUN
emaj-230	58	14	sources	source	NOUN
emaj-230	58	15	and	and	CCONJ
emaj-230	58	16	particularly	particularly	ADV
emaj-230	58	17	,	,	PUNCT
emaj-230	58	18	compares	compare	VERB
emaj-230	58	19	the	the	DET
emaj-230	58	20	dynamics	dynamic	NOUN
emaj-230	58	21	of	of	ADP
emaj-230	58	22	two	two	NUM
emaj-230	58	23	key	key	ADJ
emaj-230	58	24	indicators	indicator	NOUN
emaj-230	58	25	of	of	ADP
emaj-230	58	26	financial	financial	ADJ
emaj-230	58	27	liberalization	liberalization	NOUN
emaj-230	58	28	(	(	PUNCT
emaj-230	58	29	the	the	DET
emaj-230	58	30	intensity	intensity	NOUN
emaj-230	58	31	of	of	ADP
emaj-230	58	32	capital	capital	NOUN
emaj-230	58	33	controls	control	NOUN
emaj-230	58	34	)	)	PUNCT
emaj-230	58	35	and	and	CCONJ
emaj-230	58	36	market	market	NOUN
emaj-230	58	37	integration	integration	NOUN
emaj-230	58	38	(	(	PUNCT
emaj-230	58	39	the	the	DET
emaj-230	58	40	market	market	NOUN
emaj-230	58	41	size	size	NOUN
emaj-230	58	42	)	)	PUNCT
emaj-230	58	43	.	.	PUNCT
emaj-230	59	1	return	return	NOUN
emaj-230	59	2	indices	index	NOUN
emaj-230	59	3	and	and	CCONJ
emaj-230	59	4	global	global	ADJ
emaj-230	59	5	risk	risk	NOUN
emaj-230	59	6	factors	factor	VERB
emaj-230	59	7	the	the	DET
emaj-230	59	8	main	main	ADJ
emaj-230	59	9	data	datum	NOUN
emaj-230	59	10	,	,	PUNCT
emaj-230	59	11	monthly	monthly	ADJ
emaj-230	59	12	united	united	PROPN
emaj-230	59	13	states	states	PROPN
emaj-230	59	14	(	(	PUNCT
emaj-230	59	15	us	we	PRON
emaj-230	59	16	)	)	PUNCT
emaj-230	59	17	dollar	dollar	NOUN
emaj-230	59	18	total	total	ADJ
emaj-230	59	19	returns	return	NOUN
emaj-230	59	20	indices	indice	VERB
emaj-230	59	21	and	and	CCONJ
emaj-230	59	22	market	market	NOUN
emaj-230	59	23	capitalization	capitalization	NOUN
emaj-230	59	24	figures	figure	NOUN
emaj-230	59	25	for	for	ADP
emaj-230	59	26	61	61	NUM
emaj-230	59	27	countries	country	NOUN
emaj-230	59	28	are	be	AUX
emaj-230	59	29	obtained	obtain	VERB
emaj-230	59	30	over	over	ADP
emaj-230	59	31	the	the	DET
emaj-230	59	32	period	period	NOUN
emaj-230	59	33	january	january	PROPN
emaj-230	59	34	1973	1973	NUM
emaj-230	59	35	september	september	PROPN
emaj-230	59	36	2014	2014	NUM
emaj-230	59	37	,	,	PUNCT
emaj-230	59	38	using	use	VERB
emaj-230	59	39	datastream	datastream	NOUN
emaj-230	59	40	’s	’s	PART
emaj-230	59	41	total	total	ADJ
emaj-230	59	42	market	market	NOUN
emaj-230	59	43	indices	index	NOUN
emaj-230	59	44	and	and	CCONJ
emaj-230	59	45	in	in	ADP
emaj-230	59	46	their	their	PRON
emaj-230	59	47	absence	absence	NOUN
emaj-230	59	48	,	,	PUNCT
emaj-230	59	49	other	other	ADJ
emaj-230	59	50	broad	broad	ADJ
emaj-230	59	51	market	market	NOUN
emaj-230	59	52	indices	index	NOUN
emaj-230	59	53	(	(	PUNCT
emaj-230	59	54	thus	thus	ADV
emaj-230	59	55	including	include	VERB
emaj-230	59	56	5	5	NUM
emaj-230	59	57	more	more	ADJ
emaj-230	59	58	countries	country	NOUN
emaj-230	59	59	:	:	PUNCT
emaj-230	59	60	bahrain	bahrain	NOUN
emaj-230	59	61	,	,	PUNCT
emaj-230	59	62	estonia	estonia	PROPN
emaj-230	59	63	,	,	PUNCT
emaj-230	59	64	iceland	iceland	PROPN
emaj-230	59	65	,	,	PUNCT
emaj-230	59	66	saudi	saudi	PROPN
emaj-230	59	67	arabia	arabia	PROPN
emaj-230	59	68	and	and	CCONJ
emaj-230	59	69	zimbabwe	zimbabwe	PROPN
emaj-230	59	70	)	)	PUNCT
emaj-230	59	71	.	.	PUNCT
emaj-230	60	1	the	the	DET
emaj-230	60	2	61	61	NUM
emaj-230	60	3	countries	country	NOUN
emaj-230	60	4	are	be	AUX
emaj-230	60	5	divided	divide	VERB
emaj-230	60	6	into	into	ADP
emaj-230	60	7	2	2	NUM
emaj-230	60	8	groups	group	NOUN
emaj-230	60	9	:	:	PUNCT
emaj-230	60	10	`	`	PUNCT
emaj-230	60	11	developed	develop	VERB
emaj-230	60	12	'	'	PUNCT
emaj-230	60	13	,	,	PUNCT
emaj-230	60	14	i.e.	i.e.	X
emaj-230	60	15	the	the	DET
emaj-230	60	16	34	34	NUM
emaj-230	60	17	members	member	NOUN
emaj-230	60	18	of	of	ADP
emaj-230	60	19	the	the	DET
emaj-230	60	20	organisation	organisation	NOUN
emaj-230	60	21	for	for	ADP
emaj-230	60	22	economic	economic	ADJ
emaj-230	60	23	cooperation	cooperation	NOUN
emaj-230	60	24	and	and	CCONJ
emaj-230	60	25	development	development	NOUN
emaj-230	60	26	(	(	PUNCT
emaj-230	60	27	oecd	oecd	PROPN
emaj-230	60	28	)	)	PUNCT
emaj-230	60	29	and	and	CCONJ
emaj-230	60	30	`	`	PUNCT
emaj-230	60	31	emerging	emerge	VERB
emaj-230	60	32	'	'	PUNCT
emaj-230	60	33	countries	country	NOUN
emaj-230	60	34	.	.	PUNCT
emaj-230	61	1	the	the	DET
emaj-230	61	2	risk	risk	NOUN
emaj-230	61	3	-	-	PUNCT
emaj-230	61	4	free	free	ADJ
emaj-230	61	5	rate	rate	NOUN
emaj-230	61	6	is	be	AUX
emaj-230	61	7	the	the	DET
emaj-230	61	8	one	one	NUM
emaj-230	61	9	-	-	PUNCT
emaj-230	61	10	month	month	NOUN
emaj-230	61	11	us	us	PROPN
emaj-230	61	12	treasury	treasury	PROPN
emaj-230	61	13	bill	bill	PROPN
emaj-230	61	14	rate	rate	NOUN
emaj-230	61	15	from	from	ADP
emaj-230	61	16	ibbotson	ibbotson	PROPN
emaj-230	61	17	and	and	CCONJ
emaj-230	61	18	associates	associates	PROPN
emaj-230	61	19	inc	inc	PROPN
emaj-230	61	20	.	.	PROPN
emaj-230	61	21	,	,	PUNCT
emaj-230	61	22	available	available	ADJ
emaj-230	61	23	on	on	ADP
emaj-230	61	24	kenneth	kenneth	PROPN
emaj-230	61	25	french	french	PROPN
emaj-230	61	26	's	's	PART
emaj-230	61	27	website2	website2	NOUN
emaj-230	61	28	and	and	CCONJ
emaj-230	61	29	msci	msci	PROPN
emaj-230	61	30	world	world	NOUN
emaj-230	61	31	market	market	NOUN
emaj-230	61	32	returns	return	NOUN
emaj-230	61	33	in	in	ADP
emaj-230	61	34	us	us	PROPN
emaj-230	61	35	dollars	dollar	NOUN
emaj-230	61	36	are	be	AUX
emaj-230	61	37	taken	take	VERB
emaj-230	61	38	as	as	ADP
emaj-230	61	39	a	a	DET
emaj-230	61	40	proxy	proxy	NOUN
emaj-230	61	41	for	for	ADP
emaj-230	61	42	the	the	DET
emaj-230	61	43	global	global	ADJ
emaj-230	61	44	market	market	NOUN
emaj-230	61	45	returns	return	NOUN
emaj-230	61	46	.	.	PUNCT
emaj-230	62	1	in	in	ADP
emaj-230	62	2	order	order	NOUN
emaj-230	62	3	to	to	PART
emaj-230	62	4	compare	compare	VERB
emaj-230	62	5	the	the	DET
emaj-230	62	6	market	market	NOUN
emaj-230	62	7	size	size	NOUN
emaj-230	62	8	effects	effect	NOUN
emaj-230	62	9	with	with	ADP
emaj-230	62	10	the	the	DET
emaj-230	62	11	previously	previously	ADV
emaj-230	62	12	documented	document	VERB
emaj-230	62	13	segmentation	segmentation	NOUN
emaj-230	62	14	effects	effect	NOUN
emaj-230	62	15	,	,	PUNCT
emaj-230	62	16	an	an	DET
emaj-230	62	17	alternative	alternative	ADJ
emaj-230	62	18	database	database	NOUN
emaj-230	62	19	is	be	AUX
emaj-230	62	20	needed	need	VERB
emaj-230	62	21	to	to	PART
emaj-230	62	22	compute	compute	VERB
emaj-230	62	23	the	the	DET
emaj-230	62	24	intensity	intensity	NOUN
emaj-230	62	25	of	of	ADP
emaj-230	62	26	capital	capital	NOUN
emaj-230	62	27	controls	control	NOUN
emaj-230	62	28	.	.	PUNCT
emaj-230	63	1	total	total	ADJ
emaj-230	63	2	return	return	NOUN
emaj-230	63	3	indices	index	NOUN
emaj-230	63	4	and	and	CCONJ
emaj-230	63	5	market	market	NOUN
emaj-230	63	6	capitalization	capitalization	NOUN
emaj-230	63	7	figures	figure	NOUN
emaj-230	63	8	in	in	ADP
emaj-230	63	9	us	us	PROPN
emaj-230	63	10	dollars	dollar	NOUN
emaj-230	63	11	are	be	AUX
emaj-230	63	12	obtained	obtain	VERB
emaj-230	63	13	from	from	ADP
emaj-230	63	14	the	the	DET
emaj-230	63	15	standard	standard	PROPN
emaj-230	63	16	&	&	CCONJ
emaj-230	63	17	poor	poor	PROPN
emaj-230	63	18	's	's	PART
emaj-230	63	19	emerging	emerge	VERB
emaj-230	63	20	market	market	NOUN
emaj-230	63	21	database	database	NOUN
emaj-230	63	22	(	(	PUNCT
emaj-230	63	23	emdb)3	emdb)3	NOUN
emaj-230	63	24	,	,	PUNCT
emaj-230	63	25	for	for	ADP
emaj-230	63	26	a	a	DET
emaj-230	63	27	panel	panel	NOUN
emaj-230	63	28	of	of	ADP
emaj-230	63	29	38	38	NUM
emaj-230	63	30	emerging	emerge	VERB
emaj-230	63	31	markets	market	NOUN
emaj-230	63	32	as	as	ADV
emaj-230	63	33	well	well	ADV
emaj-230	63	34	as	as	ADP
emaj-230	63	35	several	several	ADJ
emaj-230	63	36	aggregate	aggregate	ADJ
emaj-230	63	37	indices	index	NOUN
emaj-230	63	38	:	:	PUNCT
emaj-230	63	39	a	a	DET
emaj-230	63	40	composite	composite	ADJ
emaj-230	63	41	index	index	NOUN
emaj-230	63	42	for	for	ADP
emaj-230	63	43	all	all	DET
emaj-230	63	44	the	the	DET
emaj-230	63	45	countries	country	NOUN
emaj-230	63	46	in	in	ADP
emaj-230	63	47	the	the	DET
emaj-230	63	48	dataset	dataset	NOUN
emaj-230	63	49	and	and	CCONJ
emaj-230	63	50	regional	regional	ADJ
emaj-230	63	51	indices	index	NOUN
emaj-230	63	52	for	for	ADP
emaj-230	63	53	asia	asia	PROPN
emaj-230	63	54	,	,	PUNCT
emaj-230	63	55	europe	europe	PROPN
emaj-230	63	56	-	-	PUNCT
emaj-230	63	57	mid	mid	PROPN
emaj-230	63	58	-	-	PROPN
emaj-230	63	59	east	east	ADJ
emaj-230	63	60	-	-	PUNCT
emaj-230	63	61	africa	africa	PROPN
emaj-230	63	62	,	,	PUNCT
emaj-230	63	63	europe	europe	PROPN
emaj-230	63	64	,	,	PUNCT
emaj-230	63	65	eastern	eastern	PROPN
emaj-230	63	66	europe	europe	PROPN
emaj-230	63	67	,	,	PUNCT
emaj-230	63	68	latin	latin	PROPN
emaj-230	63	69	america	america	PROPN
emaj-230	63	70	and	and	CCONJ
emaj-230	63	71	mid	mid	PROPN
emaj-230	63	72	-	-	PROPN
emaj-230	63	73	east	east	NOUN
emaj-230	63	74	-	-	PUNCT
emaj-230	63	75	africa	africa	PROPN
emaj-230	63	76	.	.	PUNCT
emaj-230	64	1	the	the	DET
emaj-230	64	2	subsection	subsection	NOUN
emaj-230	64	3	named	name	VERB
emaj-230	64	4	the	the	DET
emaj-230	64	5	intensity	intensity	NOUN
emaj-230	64	6	of	of	ADP
emaj-230	64	7	capital	capital	NOUN
emaj-230	64	8	controls	control	NOUN
emaj-230	64	9	and	and	CCONJ
emaj-230	64	10	market	market	NOUN
emaj-230	64	11	size	size	NOUN
emaj-230	64	12	provides	provide	VERB
emaj-230	64	13	detailed	detailed	ADJ
emaj-230	64	14	information	information	NOUN
emaj-230	64	15	on	on	ADP
emaj-230	64	16	the	the	DET
emaj-230	64	17	computation	computation	NOUN
emaj-230	64	18	of	of	ADP
emaj-230	64	19	the	the	DET
emaj-230	64	20	2http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/	2http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/	NUM
emaj-230	64	21	data_library.html	data_library.html	PUNCT
emaj-230	64	22	3available	3available	NUM
emaj-230	64	23	from	from	ADP
emaj-230	64	24	datastream	datastream	ADJ
emaj-230	64	25	.	.	PUNCT
emaj-230	65	1	intensity	intensity	NOUN
emaj-230	65	2	of	of	ADP
emaj-230	65	3	capital	capital	NOUN
emaj-230	65	4	controls	control	NOUN
emaj-230	65	5	.	.	PUNCT
emaj-230	66	1	the	the	DET
emaj-230	66	2	dataset	dataset	NOUN
emaj-230	66	3	covers	cover	VERB
emaj-230	66	4	the	the	DET
emaj-230	66	5	period	period	NOUN
emaj-230	66	6	december	december	PROPN
emaj-230	66	7	1975	1975	NUM
emaj-230	66	8	september	september	PROPN
emaj-230	66	9	2014	2014	NUM
emaj-230	66	10	,	,	PUNCT
emaj-230	66	11	though	though	SCONJ
emaj-230	66	12	for	for	SCONJ
emaj-230	66	13	a	a	DET
emaj-230	66	14	number	number	NOUN
emaj-230	66	15	of	of	ADP
emaj-230	66	16	countries	country	NOUN
emaj-230	66	17	coverage	coverage	NOUN
emaj-230	66	18	starts	start	VERB
emaj-230	66	19	in	in	ADP
emaj-230	66	20	december	december	PROPN
emaj-230	66	21	1988	1988	NUM
emaj-230	66	22	and	and	CCONJ
emaj-230	66	23	ends	end	VERB
emaj-230	66	24	in	in	ADP
emaj-230	66	25	october	october	PROPN
emaj-230	66	26	2008	2008	NUM
emaj-230	66	27	.	.	PUNCT
emaj-230	67	1	this	this	DET
emaj-230	67	2	secondary	secondary	ADJ
emaj-230	67	3	database	database	NOUN
emaj-230	67	4	(	(	PUNCT
emaj-230	67	5	despite	despite	SCONJ
emaj-230	67	6	its	its	PRON
emaj-230	67	7	uneven	uneven	ADJ
emaj-230	67	8	coverage	coverage	NOUN
emaj-230	67	9	)	)	PUNCT
emaj-230	67	10	also	also	ADV
emaj-230	67	11	serves	serve	VERB
emaj-230	67	12	as	as	ADP
emaj-230	67	13	a	a	DET
emaj-230	67	14	robustness	robustness	NOUN
emaj-230	67	15	check	check	NOUN
emaj-230	67	16	,	,	PUNCT
emaj-230	67	17	as	as	SCONJ
emaj-230	67	18	all	all	DET
emaj-230	67	19	estimations	estimation	NOUN
emaj-230	67	20	are	be	AUX
emaj-230	67	21	repeated	repeat	VERB
emaj-230	67	22	using	use	VERB
emaj-230	67	23	this	this	DET
emaj-230	67	24	data4	data4	NOUN
emaj-230	67	25	.	.	PUNCT
emaj-230	68	1	table	table	NOUN
emaj-230	68	2	1	1	NUM
emaj-230	68	3	details	detail	NOUN
emaj-230	68	4	the	the	DET
emaj-230	68	5	datastream	datastream	NOUN
emaj-230	68	6	and	and	CCONJ
emaj-230	68	7	respectively	respectively	ADV
emaj-230	68	8	emdb	emdb	PROPN
emaj-230	68	9	coverage	coverage	NOUN
emaj-230	68	10	of	of	ADP
emaj-230	68	11	return	return	NOUN
emaj-230	68	12	data	datum	NOUN
emaj-230	68	13	for	for	ADP
emaj-230	68	14	all	all	DET
emaj-230	68	15	the	the	DET
emaj-230	68	16	countries	country	NOUN
emaj-230	68	17	in	in	ADP
emaj-230	68	18	the	the	DET
emaj-230	68	19	dataset	dataset	NOUN
emaj-230	68	20	as	as	ADV
emaj-230	68	21	well	well	ADV
emaj-230	68	22	the	the	DET
emaj-230	68	23	oecd	oecd	PROPN
emaj-230	68	24	accession	accession	NOUN
emaj-230	68	25	dates	date	VERB
emaj-230	68	26	for	for	ADP
emaj-230	68	27	the	the	DET
emaj-230	68	28	developed	develop	VERB
emaj-230	68	29	countries	country	NOUN
emaj-230	68	30	in	in	ADP
emaj-230	68	31	the	the	DET
emaj-230	68	32	sample	sample	NOUN
emaj-230	68	33	.	.	PUNCT
emaj-230	69	1	table	table	NOUN
emaj-230	69	2	1	1	NUM
emaj-230	69	3	:	:	PUNCT
emaj-230	69	4	data	data	NOUN
emaj-230	69	5	availability	availability	NOUN
emaj-230	69	6	source	source	NOUN
emaj-230	69	7	:	:	PUNCT
emaj-230	69	8	authors	author	NOUN
emaj-230	69	9	’	'	PUNCT
emaj-230	69	10	own	own	ADJ
emaj-230	69	11	compilation	compilation	NOUN
emaj-230	69	12	this	this	DET
emaj-230	69	13	table	table	NOUN
emaj-230	69	14	provides	provide	VERB
emaj-230	69	15	information	information	NOUN
emaj-230	69	16	on	on	ADP
emaj-230	69	17	data	datum	NOUN
emaj-230	69	18	availability	availability	NOUN
emaj-230	69	19	(	(	PUNCT
emaj-230	69	20	dates	date	NOUN
emaj-230	69	21	of	of	ADP
emaj-230	69	22	first	first	ADJ
emaj-230	69	23	and	and	CCONJ
emaj-230	69	24	last	last	ADJ
emaj-230	69	25	observations	observation	NOUN
emaj-230	69	26	)	)	PUNCT
emaj-230	69	27	for	for	ADP
emaj-230	69	28	each	each	PRON
emaj-230	69	29	of	of	ADP
emaj-230	69	30	the	the	DET
emaj-230	69	31	61	61	NUM
emaj-230	69	32	4	4	NUM
emaj-230	69	33	from	from	ADP
emaj-230	69	34	this	this	DET
emaj-230	69	35	point	point	NOUN
emaj-230	69	36	onwards	onwards	ADV
emaj-230	69	37	,	,	PUNCT
emaj-230	69	38	the	the	DET
emaj-230	69	39	two	two	NUM
emaj-230	69	40	data	datum	NOUN
emaj-230	69	41	sources	source	NOUN
emaj-230	69	42	are	be	AUX
emaj-230	69	43	referred	refer	VERB
emaj-230	69	44	to	to	ADP
emaj-230	69	45	as	as	ADV
emaj-230	69	46	datastream	datastream	ADJ
emaj-230	69	47	and	and	CCONJ
emaj-230	69	48	emdb	emdb	PROPN
emaj-230	69	49	.	.	PUNCT
emaj-230	70	1	volume	volume	NOUN
emaj-230	70	2	11	11	NUM
emaj-230	70	3	no	no	DET
emaj-230	70	4	1	1	NUM
emaj-230	70	5	(	(	PUNCT
emaj-230	70	6	2021	2021	NUM
emaj-230	70	7	)	)	PUNCT
emaj-230	70	8	|	|	ADV
emaj-230	70	9	issn	issn	VERB
emaj-230	70	10	2158	2158	NUM
emaj-230	70	11	-	-	SYM
emaj-230	70	12	8708	8708	NUM
emaj-230	70	13	(	(	PUNCT
emaj-230	70	14	online	online	NOUN
emaj-230	70	15	)	)	PUNCT
emaj-230	70	16	|	|	ADV
emaj-230	70	17	doi	doi	X
emaj-230	70	18	10.5195	10.5195	NUM
emaj-230	70	19	/	/	SYM
emaj-230	70	20	emaj.2021.230	emaj.2021.230	PROPN
emaj-230	70	21	|	|	ADV
emaj-230	70	22	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-230	70	23	country	country	NOUN
emaj-230	70	24	-	-	PUNCT
emaj-230	70	25	level	level	NOUN
emaj-230	70	26	size	size	NOUN
emaj-230	70	27	effects	effect	NOUN
emaj-230	70	28	in	in	ADP
emaj-230	70	29	international	international	ADJ
emaj-230	70	30	asset	asset	NOUN
emaj-230	70	31	pricing	pricing	NOUN
emaj-230	70	32	page	page	NOUN
emaj-230	70	33	|32|	|32|	NOUN
emaj-230	70	34	emerging	emerge	VERB
emaj-230	70	35	markets	market	NOUN
emaj-230	70	36	journal	journal	NOUN
emaj-230	70	37	countries	country	NOUN
emaj-230	70	38	in	in	ADP
emaj-230	70	39	two	two	NUM
emaj-230	70	40	alternative	alternative	ADJ
emaj-230	70	41	databases	database	NOUN
emaj-230	70	42	(	(	PUNCT
emaj-230	70	43	datastream	datastream	ADJ
emaj-230	70	44	and	and	CCONJ
emaj-230	70	45	emdb	emdb	PROPN
emaj-230	70	46	)	)	PUNCT
emaj-230	70	47	.	.	PUNCT
emaj-230	71	1	the	the	DET
emaj-230	71	2	last	last	ADJ
emaj-230	71	3	column	column	NOUN
emaj-230	71	4	includes	include	VERB
emaj-230	71	5	the	the	DET
emaj-230	71	6	accession	accession	NOUN
emaj-230	71	7	date	date	NOUN
emaj-230	71	8	for	for	ADP
emaj-230	71	9	members	member	NOUN
emaj-230	71	10	to	to	ADP
emaj-230	71	11	the	the	DET
emaj-230	71	12	organization	organization	NOUN
emaj-230	71	13	for	for	ADP
emaj-230	71	14	economic	economic	ADJ
emaj-230	71	15	cooperation	cooperation	NOUN
emaj-230	71	16	and	and	CCONJ
emaj-230	71	17	development	development	NOUN
emaj-230	71	18	(	(	PUNCT
emaj-230	71	19	oecd	oecd	PROPN
emaj-230	71	20	)	)	PUNCT
emaj-230	71	21	.	.	PUNCT
emaj-230	72	1	a	a	DET
emaj-230	72	2	set	set	NOUN
emaj-230	72	3	of	of	ADP
emaj-230	72	4	global	global	ADJ
emaj-230	72	5	economic	economic	ADJ
emaj-230	72	6	risk	risk	NOUN
emaj-230	72	7	variables	variable	VERB
emaj-230	72	8	similar	similar	ADJ
emaj-230	72	9	to	to	ADP
emaj-230	72	10	the	the	DET
emaj-230	72	11	ones	one	NOUN
emaj-230	72	12	suggested	suggest	VERB
emaj-230	72	13	by	by	ADP
emaj-230	72	14	ferson	ferson	NOUN
emaj-230	72	15	and	and	CCONJ
emaj-230	72	16	harvey	harvey	PROPN
emaj-230	72	17	(	(	PUNCT
emaj-230	72	18	1993	1993	NUM
emaj-230	72	19	)	)	PUNCT
emaj-230	72	20	are	be	AUX
emaj-230	72	21	used	use	VERB
emaj-230	72	22	as	as	ADP
emaj-230	72	23	controls	control	NOUN
emaj-230	72	24	:	:	PUNCT
emaj-230	72	25	1	1	X
emaj-230	72	26	.	.	X
emaj-230	72	27	currency	currency	NOUN
emaj-230	72	28	risk	risk	NOUN
emaj-230	72	29	,	,	PUNCT
emaj-230	72	30	fx	fx	PROPN
emaj-230	72	31	,	,	PUNCT
emaj-230	72	32	the	the	DET
emaj-230	72	33	percentage	percentage	NOUN
emaj-230	72	34	change	change	NOUN
emaj-230	72	35	in	in	ADP
emaj-230	72	36	a	a	DET
emaj-230	72	37	broad	broad	ADJ
emaj-230	72	38	index	index	NOUN
emaj-230	72	39	of	of	ADP
emaj-230	72	40	foreign	foreign	ADJ
emaj-230	72	41	exchange	exchange	NOUN
emaj-230	72	42	value	value	NOUN
emaj-230	72	43	of	of	ADP
emaj-230	72	44	the	the	DET
emaj-230	72	45	us	us	PROPN
emaj-230	72	46	dollar	dollar	NOUN
emaj-230	72	47	against	against	ADP
emaj-230	72	48	a	a	DET
emaj-230	72	49	trade	trade	NOUN
emaj-230	72	50	-	-	PUNCT
emaj-230	72	51	weighted	weight	VERB
emaj-230	72	52	basket	basket	NOUN
emaj-230	72	53	of	of	ADP
emaj-230	72	54	currencies	currency	NOUN
emaj-230	72	55	of	of	ADP
emaj-230	72	56	important	important	ADJ
emaj-230	72	57	trading	trading	NOUN
emaj-230	72	58	partners	partner	NOUN
emaj-230	72	59	of	of	ADP
emaj-230	72	60	the	the	DET
emaj-230	72	61	us5	us5	PROPN
emaj-230	72	62	.	.	PUNCT
emaj-230	73	1	the	the	DET
emaj-230	73	2	index	index	NOUN
emaj-230	73	3	reflects	reflect	VERB
emaj-230	73	4	the	the	DET
emaj-230	73	5	price	price	NOUN
emaj-230	73	6	of	of	ADP
emaj-230	73	7	the	the	DET
emaj-230	73	8	us	us	PROPN
emaj-230	73	9	dollar	dollar	NOUN
emaj-230	73	10	in	in	ADP
emaj-230	73	11	terms	term	NOUN
emaj-230	73	12	of	of	ADP
emaj-230	73	13	the	the	DET
emaj-230	73	14	foreign	foreign	ADJ
emaj-230	73	15	currencies	currency	NOUN
emaj-230	73	16	basket	basket	NOUN
emaj-230	73	17	,	,	PUNCT
emaj-230	73	18	with	with	ADP
emaj-230	73	19	a	a	DET
emaj-230	73	20	higher	high	ADJ
emaj-230	73	21	value	value	NOUN
emaj-230	73	22	corresponding	correspond	VERB
emaj-230	73	23	to	to	ADP
emaj-230	73	24	an	an	DET
emaj-230	73	25	appreciation	appreciation	NOUN
emaj-230	73	26	of	of	ADP
emaj-230	73	27	the	the	DET
emaj-230	73	28	us	us	PROPN
emaj-230	73	29	dollar	dollar	NOUN
emaj-230	73	30	.	.	PUNCT
emaj-230	74	1	2	2	X
emaj-230	74	2	.	.	X
emaj-230	74	3	inflation	inflation	NOUN
emaj-230	74	4	risk	risk	NOUN
emaj-230	74	5	,	,	PUNCT
emaj-230	74	6	g7	g7	PROPN
emaj-230	74	7	infl	infl	PROPN
emaj-230	74	8	,	,	PUNCT
emaj-230	74	9	the	the	DET
emaj-230	74	10	monthly	monthly	ADJ
emaj-230	74	11	change	change	NOUN
emaj-230	74	12	in	in	ADP
emaj-230	74	13	the	the	DET
emaj-230	74	14	weighted	weighted	ADJ
emaj-230	74	15	average	average	NOUN
emaj-230	74	16	of	of	ADP
emaj-230	74	17	the	the	DET
emaj-230	74	18	consumer	consumer	NOUN
emaj-230	74	19	price	price	NOUN
emaj-230	74	20	index	index	NOUN
emaj-230	74	21	(	(	PUNCT
emaj-230	74	22	cpi	cpi	PROPN
emaj-230	74	23	)	)	PUNCT
emaj-230	74	24	of	of	ADP
emaj-230	74	25	the	the	DET
emaj-230	74	26	g7	g7	PROPN
emaj-230	74	27	countries	country	NOUN
emaj-230	74	28	(	(	PUNCT
emaj-230	74	29	canada	canada	PROPN
emaj-230	74	30	,	,	PUNCT
emaj-230	74	31	france	france	PROPN
emaj-230	74	32	,	,	PUNCT
emaj-230	74	33	germany	germany	PROPN
emaj-230	74	34	,	,	PUNCT
emaj-230	74	35	italy	italy	PROPN
emaj-230	74	36	,	,	PUNCT
emaj-230	74	37	japan	japan	PROPN
emaj-230	74	38	,	,	PUNCT
emaj-230	74	39	uk	uk	PROPN
emaj-230	74	40	and	and	CCONJ
emaj-230	74	41	us	we	PRON
emaj-230	74	42	)	)	PUNCT
emaj-230	74	43	,	,	PUNCT
emaj-230	74	44	where	where	SCONJ
emaj-230	74	45	the	the	DET
emaj-230	74	46	weights	weight	NOUN
emaj-230	74	47	are	be	AUX
emaj-230	74	48	given	give	VERB
emaj-230	74	49	by	by	ADP
emaj-230	74	50	their	their	PRON
emaj-230	74	51	relative	relative	ADJ
emaj-230	74	52	gross	gross	ADJ
emaj-230	74	53	domestic	domestic	ADJ
emaj-230	74	54	product	product	NOUN
emaj-230	74	55	(	(	PUNCT
emaj-230	74	56	gdp=	gdp=	NOUN
emaj-230	74	57	shares	share	NOUN
emaj-230	74	58	.	.	PUNCT
emaj-230	75	1	3	3	X
emaj-230	75	2	.	.	X
emaj-230	75	3	interest	interest	NOUN
emaj-230	75	4	rate	rate	NOUN
emaj-230	75	5	risk	risk	NOUN
emaj-230	75	6	,	,	PUNCT
emaj-230	75	7	g7	g7	PROPN
emaj-230	75	8	ir	ir	PROPN
emaj-230	75	9	,	,	PUNCT
emaj-230	75	10	a	a	DET
emaj-230	75	11	proxy	proxy	NOUN
emaj-230	75	12	of	of	ADP
emaj-230	75	13	global	global	ADJ
emaj-230	75	14	investment	investment	NOUN
emaj-230	75	15	opportunities	opportunity	NOUN
emaj-230	75	16	,	,	PUNCT
emaj-230	75	17	computed	compute	VERB
emaj-230	75	18	as	as	ADP
emaj-230	75	19	a	a	DET
emaj-230	75	20	weighted	weighted	ADJ
emaj-230	75	21	average	average	NOUN
emaj-230	75	22	of	of	ADP
emaj-230	75	23	shortterm	shortterm	PROPN
emaj-230	75	24	real	real	ADJ
emaj-230	75	25	interest	interest	NOUN
emaj-230	75	26	rates	rate	NOUN
emaj-230	75	27	in	in	ADP
emaj-230	75	28	g7	g7	PROPN
emaj-230	75	29	countries	country	NOUN
emaj-230	75	30	(	(	PUNCT
emaj-230	75	31	with	with	ADP
emaj-230	75	32	weights	weight	NOUN
emaj-230	75	33	given	give	VERB
emaj-230	75	34	by	by	ADP
emaj-230	75	35	their	their	PRON
emaj-230	75	36	shares	share	NOUN
emaj-230	75	37	in	in	ADP
emaj-230	75	38	the	the	DET
emaj-230	75	39	g7	g7	PROPN
emaj-230	75	40	gdp	gdp	PROPN
emaj-230	75	41	)	)	PUNCT
emaj-230	75	42	.	.	PUNCT
emaj-230	76	1	4	4	X
emaj-230	76	2	.	.	X
emaj-230	76	3	global	global	ADJ
emaj-230	76	4	credit	credit	NOUN
emaj-230	76	5	risk	risk	NOUN
emaj-230	76	6	,	,	PUNCT
emaj-230	76	7	cr	cr	PROPN
emaj-230	76	8	risk	risk	NOUN
emaj-230	76	9	,	,	PUNCT
emaj-230	76	10	the	the	DET
emaj-230	76	11	percentage	percentage	NOUN
emaj-230	76	12	change	change	NOUN
emaj-230	76	13	in	in	ADP
emaj-230	76	14	the	the	DET
emaj-230	76	15	spread	spread	NOUN
emaj-230	76	16	between	between	ADP
emaj-230	76	17	the	the	DET
emaj-230	76	18	3	3	NUM
emaj-230	76	19	-	-	PUNCT
emaj-230	76	20	month	month	NOUN
emaj-230	76	21	eurodollar	eurodollar	NOUN
emaj-230	76	22	rate	rate	NOUN
emaj-230	76	23	and	and	CCONJ
emaj-230	76	24	the	the	DET
emaj-230	76	25	3	3	NUM
emaj-230	76	26	-	-	PUNCT
emaj-230	76	27	month	month	NOUN
emaj-230	76	28	us	us	PROPN
emaj-230	76	29	treasury	treasury	PROPN
emaj-230	76	30	bill	bill	PROPN
emaj-230	76	31	yield	yield	NOUN
emaj-230	76	32	.	.	PUNCT
emaj-230	77	1	5	5	X
emaj-230	77	2	.	.	X
emaj-230	77	3	global	global	ADJ
emaj-230	77	4	output	output	NOUN
emaj-230	77	5	risk	risk	NOUN
emaj-230	77	6	,	,	PUNCT
emaj-230	77	7	g7	g7	PROPN
emaj-230	77	8	prod	prod	NOUN
emaj-230	77	9	,	,	PUNCT
emaj-230	77	10	the	the	DET
emaj-230	77	11	percentage	percentage	NOUN
emaj-230	77	12	change	change	NOUN
emaj-230	77	13	in	in	ADP
emaj-230	77	14	the	the	DET
emaj-230	77	15	monthly	monthly	ADJ
emaj-230	77	16	producer	producer	NOUN
emaj-230	77	17	price	price	NOUN
emaj-230	77	18	index	index	NOUN
emaj-230	77	19	(	(	PUNCT
emaj-230	77	20	ppi	ppi	NOUN
emaj-230	77	21	)	)	PUNCT
emaj-230	77	22	for	for	ADP
emaj-230	77	23	the	the	DET
emaj-230	77	24	manufacturing	manufacturing	NOUN
emaj-230	77	25	sectors	sector	NOUN
emaj-230	77	26	in	in	ADP
emaj-230	77	27	g7	g7	PROPN
emaj-230	77	28	countries	country	NOUN
emaj-230	77	29	.	.	PUNCT
emaj-230	78	1	6	6	X
emaj-230	78	2	.	.	X
emaj-230	78	3	oil	oil	NOUN
emaj-230	78	4	&	&	CCONJ
emaj-230	78	5	gas	gas	NOUN
emaj-230	78	6	,	,	PUNCT
emaj-230	78	7	the	the	DET
emaj-230	78	8	change	change	NOUN
emaj-230	78	9	in	in	ADP
emaj-230	78	10	the	the	DET
emaj-230	78	11	monthly	monthly	ADJ
emaj-230	78	12	world	world	NOUN
emaj-230	78	13	price	price	NOUN
emaj-230	78	14	index	index	NOUN
emaj-230	78	15	for	for	ADP
emaj-230	78	16	oil	oil	NOUN
emaj-230	78	17	and	and	CCONJ
emaj-230	78	18	gas	gas	NOUN
emaj-230	78	19	,	,	PUNCT
emaj-230	78	20	as	as	ADP
emaj-230	78	21	a	a	DET
emaj-230	78	22	measure	measure	NOUN
emaj-230	78	23	of	of	ADP
emaj-230	78	24	economic	economic	ADJ
emaj-230	78	25	risk	risk	NOUN
emaj-230	78	26	.	.	PUNCT
emaj-230	79	1	the	the	DET
emaj-230	79	2	currency	currency	NOUN
emaj-230	79	3	risk	risk	NOUN
emaj-230	79	4	,	,	PUNCT
emaj-230	79	5	fx	fx	PROPN
emaj-230	79	6	,	,	PUNCT
emaj-230	79	7	is	be	AUX
emaj-230	79	8	computed	compute	VERB
emaj-230	79	9	based	base	VERB
emaj-230	79	10	on	on	ADP
emaj-230	79	11	the	the	DET
emaj-230	79	12	broad	broad	ADJ
emaj-230	79	13	index	index	NOUN
emaj-230	79	14	of	of	ADP
emaj-230	79	15	the	the	DET
emaj-230	79	16	us	us	PROPN
emaj-230	79	17	dollar	dollar	NOUN
emaj-230	79	18	's	's	PART
emaj-230	79	19	foreign	foreign	ADJ
emaj-230	79	20	exchange	exchange	NOUN
emaj-230	79	21	,	,	PUNCT
emaj-230	79	22	developed	develop	VERB
emaj-230	79	23	by	by	ADP
emaj-230	79	24	the	the	DET
emaj-230	79	25	federal	federal	PROPN
emaj-230	79	26	reserve	reserve	PROPN
emaj-230	79	27	.	.	PUNCT
emaj-230	80	1	all	all	DET
emaj-230	80	2	other	other	ADJ
emaj-230	80	3	risk	risk	NOUN
emaj-230	80	4	variables	variable	NOUN
emaj-230	80	5	are	be	AUX
emaj-230	80	6	computed	compute	VERB
emaj-230	80	7	using	use	VERB
emaj-230	80	8	data	datum	NOUN
emaj-230	80	9	from	from	ADP
emaj-230	80	10	datastream	datastream	NOUN
emaj-230	80	11	.	.	PUNCT
emaj-230	81	1	an	an	DET
emaj-230	81	2	additional	additional	ADJ
emaj-230	81	3	control	control	NOUN
emaj-230	81	4	variable	variable	NOUN
emaj-230	81	5	is	be	AUX
emaj-230	81	6	a	a	DET
emaj-230	81	7	measure	measure	NOUN
emaj-230	81	8	of	of	ADP
emaj-230	81	9	composite	composite	ADJ
emaj-230	81	10	country	country	NOUN
emaj-230	81	11	risk	risk	NOUN
emaj-230	81	12	taken	take	VERB
emaj-230	81	13	from	from	ADP
emaj-230	81	14	the	the	DET
emaj-230	81	15	international	international	ADJ
emaj-230	81	16	country	country	NOUN
emaj-230	81	17	risk	risk	NOUN
emaj-230	81	18	guide	guide	NOUN
emaj-230	81	19	(	(	PUNCT
emaj-230	81	20	icrg	icrg	ADJ
emaj-230	81	21	)	)	PUNCT
emaj-230	81	22	.	.	PUNCT
emaj-230	82	1	icrg	icrg	VERB
emaj-230	82	2	produces	produce	VERB
emaj-230	82	3	monthly	monthly	ADJ
emaj-230	82	4	risk	risk	NOUN
emaj-230	82	5	indices	index	NOUN
emaj-230	82	6	based	base	VERB
emaj-230	82	7	on	on	ADP
emaj-230	82	8	political	political	ADJ
emaj-230	82	9	,	,	PUNCT
emaj-230	82	10	financial	financial	ADJ
emaj-230	82	11	and	and	CCONJ
emaj-230	82	12	economic	economic	ADJ
emaj-230	82	13	factors	factor	NOUN
emaj-230	82	14	as	as	ADV
emaj-230	82	15	well	well	ADV
emaj-230	82	16	as	as	ADP
emaj-230	82	17	a	a	DET
emaj-230	82	18	composite	composite	ADJ
emaj-230	82	19	index	index	NOUN
emaj-230	82	20	,	,	PUNCT
emaj-230	82	21	a	a	DET
emaj-230	82	22	linear	linear	ADJ
emaj-230	82	23	combination	combination	NOUN
emaj-230	82	24	of	of	ADP
emaj-230	82	25	the	the	DET
emaj-230	82	26	former	former	ADJ
emaj-230	82	27	three	three	NUM
emaj-230	82	28	,	,	PUNCT
emaj-230	82	29	where	where	SCONJ
emaj-230	82	30	political	political	ADJ
emaj-230	82	31	risk	risk	NOUN
emaj-230	82	32	(	(	PUNCT
emaj-230	82	33	associated	associate	VERB
emaj-230	82	34	with	with	ADP
emaj-230	82	35	the	the	DET
emaj-230	82	36	country	country	NOUN
emaj-230	82	37	's	's	PART
emaj-230	82	38	willingness	willingness	NOUN
emaj-230	82	39	to	to	PART
emaj-230	82	40	pay	pay	VERB
emaj-230	82	41	)	)	PUNCT
emaj-230	82	42	accounts	account	NOUN
emaj-230	82	43	for	for	ADP
emaj-230	82	44	50	50	NUM
emaj-230	82	45	%	%	NOUN
emaj-230	82	46	of	of	ADP
emaj-230	82	47	the	the	DET
emaj-230	82	48	composite	composite	ADJ
emaj-230	82	49	index	index	NOUN
emaj-230	82	50	and	and	CCONJ
emaj-230	82	51	financial	financial	ADJ
emaj-230	82	52	and	and	CCONJ
emaj-230	82	53	economic	economic	ADJ
emaj-230	82	54	risk	risk	NOUN
emaj-230	82	55	(	(	PUNCT
emaj-230	82	56	reflecting	reflect	VERB
emaj-230	82	57	the	the	DET
emaj-230	82	58	country	country	NOUN
emaj-230	82	59	's	's	PART
emaj-230	82	60	ability	ability	NOUN
emaj-230	82	61	to	to	PART
emaj-230	82	62	pay	pay	VERB
emaj-230	82	63	)	)	PUNCT
emaj-230	82	64	have	have	VERB
emaj-230	82	65	each	each	DET
emaj-230	82	66	a	a	DET
emaj-230	82	67	weight	weight	NOUN
emaj-230	82	68	of	of	ADP
emaj-230	82	69	25	25	NUM
emaj-230	82	70	%	%	NOUN
emaj-230	82	71	in	in	ADP
emaj-230	82	72	the	the	DET
emaj-230	82	73	aggregate	aggregate	ADJ
emaj-230	82	74	index	index	NOUN
emaj-230	82	75	.	.	PUNCT
emaj-230	83	1	a	a	DET
emaj-230	83	2	higher	high	ADJ
emaj-230	83	3	value	value	NOUN
emaj-230	83	4	of	of	ADP
emaj-230	83	5	the	the	DET
emaj-230	83	6	index	index	NOUN
emaj-230	83	7	is	be	AUX
emaj-230	83	8	associated	associate	VERB
emaj-230	83	9	with	with	ADP
emaj-230	83	10	lower	low	ADJ
emaj-230	83	11	risk	risk	NOUN
emaj-230	83	12	.	.	PUNCT
emaj-230	84	1	the	the	DET
emaj-230	84	2	icrg	icrg	ADJ
emaj-230	84	3	methodology	methodology	NOUN
emaj-230	84	4	is	be	AUX
emaj-230	84	5	described	describe	VERB
emaj-230	84	6	in	in	ADP
emaj-230	84	7	erb	erb	PROPN
emaj-230	84	8	et	et	PROPN
emaj-230	84	9	al	al	PROPN
emaj-230	84	10	.	.	PROPN
emaj-230	85	1	(	(	PUNCT
emaj-230	85	2	1996	1996	NUM
emaj-230	85	3	)	)	PUNCT
emaj-230	85	4	.	.	PUNCT
emaj-230	86	1	also	also	ADV
emaj-230	86	2	,	,	PUNCT
emaj-230	86	3	for	for	ADP
emaj-230	86	4	countries	country	NOUN
emaj-230	86	5	covered	cover	VERB
emaj-230	86	6	by	by	ADP
emaj-230	86	7	the	the	DET
emaj-230	86	8	emerging	emerge	VERB
emaj-230	86	9	market	market	NOUN
emaj-230	86	10	database	database	NOUN
emaj-230	86	11	a	a	DET
emaj-230	86	12	direct	direct	ADJ
emaj-230	86	13	measure	measure	NOUN
emaj-230	86	14	of	of	ADP
emaj-230	86	15	segmentation	segmentation	NOUN
emaj-230	86	16	is	be	AUX
emaj-230	86	17	available	available	ADJ
emaj-230	86	18	,	,	PUNCT
emaj-230	86	19	namely	namely	ADV
emaj-230	86	20	the	the	DET
emaj-230	86	21	intensity	intensity	NOUN
emaj-230	86	22	of	of	ADP
emaj-230	86	23	capital	capital	NOUN
emaj-230	86	24	controls	control	NOUN
emaj-230	86	25	,	,	PUNCT
emaj-230	86	26	presented	present	VERB
emaj-230	86	27	in	in	ADP
emaj-230	86	28	full	full	ADJ
emaj-230	86	29	detail	detail	NOUN
emaj-230	86	30	in	in	ADP
emaj-230	86	31	the	the	DET
emaj-230	86	32	next	next	ADJ
emaj-230	86	33	section	section	NOUN
emaj-230	86	34	.	.	PUNCT
emaj-230	87	1	the	the	DET
emaj-230	87	2	intensity	intensity	NOUN
emaj-230	87	3	of	of	ADP
emaj-230	87	4	capital	capital	NOUN
emaj-230	87	5	controls	control	NOUN
emaj-230	87	6	and	and	CCONJ
emaj-230	87	7	market	market	NOUN
emaj-230	87	8	size	size	NOUN
emaj-230	87	9	capital	capital	NOUN
emaj-230	87	10	controls	control	VERB
emaj-230	87	11	most	most	ADV
emaj-230	87	12	specifically	specifically	ADV
emaj-230	87	13	restrictions	restriction	NOUN
emaj-230	87	14	to	to	ADP
emaj-230	87	15	foreign	foreign	ADJ
emaj-230	87	16	ownership	ownership	NOUN
emaj-230	87	17	are	be	AUX
emaj-230	87	18	quantified	quantify	VERB
emaj-230	87	19	in	in	ADP
emaj-230	87	20	a	a	DET
emaj-230	87	21	unitary	unitary	ADJ
emaj-230	87	22	fashion	fashion	NOUN
emaj-230	87	23	for	for	ADP
emaj-230	87	24	a	a	DET
emaj-230	87	25	large	large	ADJ
emaj-230	87	26	number	number	NOUN
emaj-230	87	27	of	of	ADP
emaj-230	87	28	emerging	emerge	VERB
emaj-230	87	29	countries	country	NOUN
emaj-230	87	30	in	in	ADP
emaj-230	87	31	standard	standard	PROPN
emaj-230	87	32	&	&	CCONJ
emaj-230	87	33	poor	poor	PROPN
emaj-230	87	34	’s	’s	PART
emaj-230	87	35	emerging	emerge	VERB
emaj-230	87	36	markets	market	NOUN
emaj-230	87	37	database	database	NOUN
emaj-230	87	38	through	through	ADP
emaj-230	87	39	two	two	NUM
emaj-230	87	40	categories	category	NOUN
emaj-230	87	41	of	of	ADP
emaj-230	87	42	indices	index	NOUN
emaj-230	87	43	,	,	PUNCT
emaj-230	87	44	the	the	DET
emaj-230	87	45	s&p	s&p	PROPN
emaj-230	87	46	global	global	ADJ
emaj-230	87	47	index	index	NOUN
emaj-230	87	48	and	and	CCONJ
emaj-230	87	49	the	the	DET
emaj-230	87	50	investable	investable	ADJ
emaj-230	87	51	index	index	NOUN
emaj-230	87	52	.	.	PUNCT
emaj-230	88	1	the	the	DET
emaj-230	88	2	global	global	ADJ
emaj-230	88	3	index	index	NOUN
emaj-230	88	4	captures	capture	VERB
emaj-230	88	5	the	the	DET
emaj-230	88	6	overall	overall	ADJ
emaj-230	88	7	5	5	NUM
emaj-230	88	8	the	the	DET
emaj-230	88	9	broad	broad	ADJ
emaj-230	88	10	index	index	NOUN
emaj-230	88	11	of	of	ADP
emaj-230	88	12	the	the	DET
emaj-230	88	13	dollar	dollar	NOUN
emaj-230	88	14	's	's	PART
emaj-230	88	15	foreign	foreign	ADJ
emaj-230	88	16	exchange	exchange	NOUN
emaj-230	88	17	value	value	NOUN
emaj-230	88	18	includes	include	VERB
emaj-230	88	19	35	35	NUM
emaj-230	88	20	currencies	currency	NOUN
emaj-230	88	21	until	until	ADP
emaj-230	88	22	the	the	DET
emaj-230	88	23	introduction	introduction	NOUN
emaj-230	88	24	of	of	ADP
emaj-230	88	25	the	the	DET
emaj-230	88	26	euro	euro	NOUN
emaj-230	88	27	,	,	PUNCT
emaj-230	88	28	and	and	CCONJ
emaj-230	88	29	26	26	NUM
emaj-230	88	30	currencies	currency	NOUN
emaj-230	88	31	representing	represent	VERB
emaj-230	88	32	important	important	ADJ
emaj-230	88	33	trading	trading	NOUN
emaj-230	88	34	partners	partner	NOUN
emaj-230	88	35	for	for	ADP
emaj-230	88	36	the	the	DET
emaj-230	88	37	us	us	PROPN
emaj-230	88	38	,	,	PUNCT
emaj-230	88	39	after	after	ADP
emaj-230	88	40	1999	1999	NUM
emaj-230	88	41	(	(	PUNCT
emaj-230	88	42	see	see	VERB
emaj-230	88	43	leahy	leahy	NOUN
emaj-230	88	44	,	,	PUNCT
emaj-230	88	45	1998	1998	NUM
emaj-230	88	46	)	)	PUNCT
emaj-230	88	47	.	.	PUNCT
emaj-230	89	1	stock	stock	NOUN
emaj-230	89	2	market	market	NOUN
emaj-230	89	3	performance	performance	NOUN
emaj-230	89	4	of	of	ADP
emaj-230	89	5	emerging	emerge	VERB
emaj-230	89	6	countries	country	NOUN
emaj-230	89	7	without	without	ADP
emaj-230	89	8	taking	take	VERB
emaj-230	89	9	into	into	ADP
emaj-230	89	10	account	account	NOUN
emaj-230	89	11	restrictions	restriction	NOUN
emaj-230	89	12	on	on	ADP
emaj-230	89	13	foreign	foreign	ADJ
emaj-230	89	14	investors	investor	NOUN
emaj-230	89	15	’	’	PART
emaj-230	89	16	ownership	ownership	NOUN
emaj-230	89	17	of	of	ADP
emaj-230	89	18	equities	equity	NOUN
emaj-230	89	19	.	.	PUNCT
emaj-230	90	1	it	it	PRON
emaj-230	90	2	considers	consider	VERB
emaj-230	90	3	all	all	PRON
emaj-230	90	4	actively	actively	ADV
emaj-230	90	5	traded	trade	VERB
emaj-230	90	6	securities	security	NOUN
emaj-230	90	7	and	and	CCONJ
emaj-230	90	8	aims	aim	VERB
emaj-230	90	9	to	to	PART
emaj-230	90	10	cover	cover	VERB
emaj-230	90	11	60	60	NUM
emaj-230	90	12	%	%	NOUN
emaj-230	90	13	to	to	PART
emaj-230	90	14	75	75	NUM
emaj-230	90	15	%	%	NOUN
emaj-230	90	16	of	of	ADP
emaj-230	90	17	the	the	DET
emaj-230	90	18	total	total	ADJ
emaj-230	90	19	market	market	NOUN
emaj-230	90	20	capitalization	capitalization	NOUN
emaj-230	90	21	of	of	ADP
emaj-230	90	22	a	a	DET
emaj-230	90	23	country	country	NOUN
emaj-230	90	24	,	,	PUNCT
emaj-230	90	25	after	after	SCONJ
emaj-230	90	26	exclusions	exclusion	NOUN
emaj-230	90	27	due	due	ADJ
emaj-230	90	28	mainly	mainly	ADV
emaj-230	90	29	to	to	ADP
emaj-230	90	30	government	government	NOUN
emaj-230	90	31	ownership	ownership	NOUN
emaj-230	90	32	and	and	CCONJ
emaj-230	90	33	cross	cross	NOUN
emaj-230	90	34	-	-	NOUN
emaj-230	90	35	holdings	holding	NOUN
emaj-230	90	36	of	of	ADP
emaj-230	90	37	other	other	ADJ
emaj-230	90	38	constituents	constituent	NOUN
emaj-230	90	39	to	to	PART
emaj-230	90	40	avoid	avoid	VERB
emaj-230	90	41	double	double	ADJ
emaj-230	90	42	counting	counting	NOUN
emaj-230	90	43	.	.	PUNCT
emaj-230	91	1	the	the	DET
emaj-230	91	2	investable	investable	ADJ
emaj-230	91	3	index	index	NOUN
emaj-230	91	4	is	be	AUX
emaj-230	91	5	constructed	construct	VERB
emaj-230	91	6	to	to	PART
emaj-230	91	7	reflect	reflect	VERB
emaj-230	91	8	the	the	DET
emaj-230	91	9	international	international	ADJ
emaj-230	91	10	availability	availability	NOUN
emaj-230	91	11	of	of	ADP
emaj-230	91	12	emerging	emerge	VERB
emaj-230	91	13	markets	market	NOUN
emaj-230	91	14	to	to	ADP
emaj-230	91	15	foreign	foreign	ADJ
emaj-230	91	16	investors	investor	NOUN
emaj-230	91	17	.	.	PUNCT
emaj-230	92	1	it	it	PRON
emaj-230	92	2	is	be	AUX
emaj-230	92	3	a	a	DET
emaj-230	92	4	fraction	fraction	NOUN
emaj-230	92	5	of	of	ADP
emaj-230	92	6	the	the	DET
emaj-230	92	7	global	global	ADJ
emaj-230	92	8	index	index	NOUN
emaj-230	92	9	trimmed	trim	VERB
emaj-230	92	10	based	base	VERB
emaj-230	92	11	on	on	ADP
emaj-230	92	12	several	several	ADJ
emaj-230	92	13	rules	rule	NOUN
emaj-230	92	14	,	,	PUNCT
emaj-230	92	15	with	with	ADP
emaj-230	92	16	respect	respect	NOUN
emaj-230	92	17	to	to	ADP
emaj-230	92	18	market	market	NOUN
emaj-230	92	19	capitalization	capitalization	NOUN
emaj-230	92	20	,	,	PUNCT
emaj-230	92	21	liquidity	liquidity	NOUN
emaj-230	92	22	,	,	PUNCT
emaj-230	92	23	market	market	NOUN
emaj-230	92	24	level	level	NOUN
emaj-230	92	25	constraints	constraint	NOUN
emaj-230	92	26	(	(	PUNCT
emaj-230	92	27	reflecting	reflect	VERB
emaj-230	92	28	the	the	DET
emaj-230	92	29	ability	ability	NOUN
emaj-230	92	30	of	of	ADP
emaj-230	92	31	foreign	foreign	ADJ
emaj-230	92	32	investors	investor	NOUN
emaj-230	92	33	to	to	PART
emaj-230	92	34	buy	buy	VERB
emaj-230	92	35	and	and	CCONJ
emaj-230	92	36	sell	sell	VERB
emaj-230	92	37	shares	share	NOUN
emaj-230	92	38	and	and	CCONJ
emaj-230	92	39	repatriate	repatriate	VERB
emaj-230	92	40	capital	capital	NOUN
emaj-230	92	41	,	,	PUNCT
emaj-230	92	42	capital	capital	NOUN
emaj-230	92	43	gains	gain	NOUN
emaj-230	92	44	and	and	CCONJ
emaj-230	92	45	dividend	dividend	NOUN
emaj-230	92	46	income	income	NOUN
emaj-230	92	47	)	)	PUNCT
emaj-230	92	48	as	as	ADV
emaj-230	92	49	well	well	ADV
emaj-230	92	50	as	as	ADP
emaj-230	92	51	industry	industry	NOUN
emaj-230	92	52	and	and	CCONJ
emaj-230	92	53	corporate	corporate	ADJ
emaj-230	92	54	level	level	NOUN
emaj-230	92	55	restrictions	restriction	NOUN
emaj-230	92	56	of	of	ADP
emaj-230	92	57	foreign	foreign	ADJ
emaj-230	92	58	ownership	ownership	NOUN
emaj-230	92	59	.	.	PUNCT
emaj-230	93	1	these	these	DET
emaj-230	93	2	direct	direct	ADJ
emaj-230	93	3	barriers	barrier	NOUN
emaj-230	93	4	to	to	ADP
emaj-230	93	5	foreign	foreign	ADJ
emaj-230	93	6	ownership	ownership	NOUN
emaj-230	93	7	create	create	VERB
emaj-230	93	8	an	an	DET
emaj-230	93	9	internal	internal	ADJ
emaj-230	93	10	division	division	NOUN
emaj-230	93	11	in	in	ADP
emaj-230	93	12	the	the	DET
emaj-230	93	13	emerging	emerge	VERB
emaj-230	93	14	financial	financial	ADJ
emaj-230	93	15	markets	market	NOUN
emaj-230	93	16	between	between	ADP
emaj-230	93	17	an	an	DET
emaj-230	93	18	internationally	internationally	ADV
emaj-230	93	19	open	open	ADJ
emaj-230	93	20	submarket	submarket	NOUN
emaj-230	93	21	(	(	PUNCT
emaj-230	93	22	where	where	SCONJ
emaj-230	93	23	foreign	foreign	ADJ
emaj-230	93	24	investors	investor	NOUN
emaj-230	93	25	are	be	AUX
emaj-230	93	26	allowed	allow	VERB
emaj-230	93	27	to	to	PART
emaj-230	93	28	invest	invest	VERB
emaj-230	93	29	)	)	PUNCT
emaj-230	93	30	and	and	CCONJ
emaj-230	93	31	a	a	DET
emaj-230	93	32	restricted	restricted	ADJ
emaj-230	93	33	market	market	NOUN
emaj-230	93	34	operating	operate	VERB
emaj-230	93	35	exclusively	exclusively	ADV
emaj-230	93	36	for	for	ADP
emaj-230	93	37	the	the	DET
emaj-230	93	38	domestic	domestic	ADJ
emaj-230	93	39	investors	investor	NOUN
emaj-230	93	40	.	.	PUNCT
emaj-230	94	1	the	the	DET
emaj-230	94	2	global	global	ADJ
emaj-230	94	3	and	and	CCONJ
emaj-230	94	4	investable	investable	ADJ
emaj-230	94	5	indices	index	NOUN
emaj-230	94	6	provide	provide	VERB
emaj-230	94	7	an	an	DET
emaj-230	94	8	objective	objective	ADJ
emaj-230	94	9	measure	measure	NOUN
emaj-230	94	10	of	of	ADP
emaj-230	94	11	the	the	DET
emaj-230	94	12	intensity	intensity	NOUN
emaj-230	94	13	of	of	ADP
emaj-230	94	14	capital	capital	NOUN
emaj-230	94	15	control	control	NOUN
emaj-230	94	16	(	(	PUNCT
emaj-230	94	17	edison	edison	PROPN
emaj-230	94	18	and	and	CCONJ
emaj-230	94	19	warnock	warnock	NOUN
emaj-230	94	20	,	,	PUNCT
emaj-230	94	21	2003	2003	NUM
emaj-230	94	22	)	)	PUNCT
emaj-230	94	23	.	.	PUNCT
emaj-230	95	1	the	the	DET
emaj-230	95	2	measure	measure	NOUN
emaj-230	95	3	is	be	AUX
emaj-230	95	4	given	give	VERB
emaj-230	95	5	by	by	ADP
emaj-230	95	6	the	the	DET
emaj-230	95	7	relative	relative	ADJ
emaj-230	95	8	difference	difference	NOUN
emaj-230	95	9	between	between	ADP
emaj-230	95	10	the	the	DET
emaj-230	95	11	market	market	NOUN
emaj-230	95	12	capitalizations	capitalization	NOUN
emaj-230	95	13	of	of	ADP
emaj-230	95	14	the	the	DET
emaj-230	95	15	two	two	NUM
emaj-230	95	16	indices	index	NOUN
emaj-230	95	17	,	,	PUNCT
emaj-230	95	18	as	as	SCONJ
emaj-230	95	19	follows	follow	VERB
emaj-230	95	20	:	:	PUNCT
emaj-230	95	21	𝐼𝑖,𝑡	𝐼𝑖,𝑡	NOUN
emaj-230	95	22	=	=	NOUN
emaj-230	95	23	1	1	NUM
emaj-230	95	24	−	−	NOUN
emaj-230	95	25	𝑀𝐶𝑖,𝑡	𝑀𝐶𝑖,𝑡	NOUN
emaj-230	95	26	𝐼	𝐼	ADP
emaj-230	95	27	𝑀𝐶𝑖,𝑡	𝑀𝐶𝑖,𝑡	PROPN
emaj-230	95	28	𝐺	𝐺	PROPN
emaj-230	95	29	,	,	PUNCT
emaj-230	95	30	(	(	PUNCT
emaj-230	95	31	1	1	X
emaj-230	95	32	)	)	PUNCT
emaj-230	95	33	where	where	SCONJ
emaj-230	95	34	𝑀𝐶𝑖,𝑡	𝑀𝐶𝑖,𝑡	PROPN
emaj-230	95	35	𝐼	𝐼	PROPN
emaj-230	95	36	,	,	PUNCT
emaj-230	95	37	𝑀𝐶𝑖,𝑡	𝑀𝐶𝑖,𝑡	PROPN
emaj-230	95	38	𝐺	𝐺	PROPN
emaj-230	95	39	are	be	AUX
emaj-230	95	40	the	the	DET
emaj-230	95	41	market	market	NOUN
emaj-230	95	42	capitalizations	capitalization	NOUN
emaj-230	95	43	at	at	ADP
emaj-230	95	44	time	time	NOUN
emaj-230	95	45	𝑡	𝑡	PROPN
emaj-230	95	46	of	of	ADP
emaj-230	95	47	country	country	NOUN
emaj-230	95	48	𝑖	𝑖	PROPN
emaj-230	95	49	’s	’s	NOUN
emaj-230	95	50	global	global	ADJ
emaj-230	95	51	and	and	CCONJ
emaj-230	95	52	investable	investable	ADJ
emaj-230	95	53	indices	index	NOUN
emaj-230	95	54	respectively	respectively	ADV
emaj-230	95	55	.	.	PUNCT
emaj-230	96	1	the	the	DET
emaj-230	96	2	intensity	intensity	NOUN
emaj-230	96	3	of	of	ADP
emaj-230	96	4	capital	capital	NOUN
emaj-230	96	5	controls	control	NOUN
emaj-230	96	6	takes	take	VERB
emaj-230	96	7	values	value	NOUN
emaj-230	96	8	between	between	ADP
emaj-230	96	9	0	0	NUM
emaj-230	96	10	(	(	PUNCT
emaj-230	96	11	perfect	perfect	ADJ
emaj-230	96	12	openness	openness	NOUN
emaj-230	96	13	of	of	ADP
emaj-230	96	14	capital	capital	NOUN
emaj-230	96	15	market	market	NOUN
emaj-230	96	16	to	to	ADP
emaj-230	96	17	foreign	foreign	ADJ
emaj-230	96	18	ownership	ownership	NOUN
emaj-230	96	19	)	)	PUNCT
emaj-230	96	20	and	and	CCONJ
emaj-230	96	21	1	1	NUM
emaj-230	96	22	(	(	PUNCT
emaj-230	96	23	complete	complete	ADJ
emaj-230	96	24	segmentation	segmentation	NOUN
emaj-230	96	25	of	of	ADP
emaj-230	96	26	domestic	domestic	ADJ
emaj-230	96	27	capital	capital	NOUN
emaj-230	96	28	market	market	NOUN
emaj-230	96	29	)	)	PUNCT
emaj-230	96	30	.	.	PUNCT
emaj-230	97	1	this	this	DET
emaj-230	97	2	value	value	NOUN
emaj-230	97	3	is	be	AUX
emaj-230	97	4	taken	take	VERB
emaj-230	97	5	as	as	ADP
emaj-230	97	6	a	a	DET
emaj-230	97	7	proxy	proxy	NOUN
emaj-230	97	8	for	for	ADP
emaj-230	97	9	direct	direct	ADJ
emaj-230	97	10	market	market	NOUN
emaj-230	97	11	segmentation	segmentation	NOUN
emaj-230	97	12	.	.	PUNCT
emaj-230	98	1	however	however	ADV
emaj-230	98	2	,	,	PUNCT
emaj-230	98	3	being	be	AUX
emaj-230	98	4	derived	derive	VERB
emaj-230	98	5	from	from	ADP
emaj-230	98	6	the	the	DET
emaj-230	98	7	investable	investable	ADJ
emaj-230	98	8	indices	index	NOUN
emaj-230	98	9	,	,	PUNCT
emaj-230	98	10	the	the	DET
emaj-230	98	11	intensity	intensity	NOUN
emaj-230	98	12	of	of	ADP
emaj-230	98	13	capital	capital	NOUN
emaj-230	98	14	controls	control	NOUN
emaj-230	98	15	essentially	essentially	ADV
emaj-230	98	16	accounts	account	VERB
emaj-230	98	17	for	for	ADP
emaj-230	98	18	revealed	reveal	VERB
emaj-230	98	19	foreign	foreign	ADJ
emaj-230	98	20	ownership	ownership	NOUN
emaj-230	98	21	restrictions	restriction	NOUN
emaj-230	98	22	.	.	PUNCT
emaj-230	99	1	many	many	ADJ
emaj-230	99	2	forms	form	NOUN
emaj-230	99	3	of	of	ADP
emaj-230	99	4	capital	capital	NOUN
emaj-230	99	5	controls	control	NOUN
emaj-230	99	6	such	such	ADJ
emaj-230	99	7	as	as	ADP
emaj-230	99	8	taxes	taxis	NOUN
emaj-230	99	9	on	on	ADP
emaj-230	99	10	capital	capital	NOUN
emaj-230	99	11	inflows	inflow	NOUN
emaj-230	99	12	or	or	CCONJ
emaj-230	99	13	unremunerated	unremunerated	ADJ
emaj-230	99	14	reserve	reserve	NOUN
emaj-230	99	15	requirements	requirement	NOUN
emaj-230	99	16	(	(	PUNCT
emaj-230	99	17	such	such	ADJ
emaj-230	99	18	as	as	ADP
emaj-230	99	19	the	the	DET
emaj-230	99	20	chilean	chilean	PROPN
emaj-230	99	21	encaje	encaje	PROPN
emaj-230	99	22	)	)	PUNCT
emaj-230	99	23	are	be	AUX
emaj-230	99	24	not	not	PART
emaj-230	99	25	directly	directly	ADV
emaj-230	99	26	incorporated	incorporate	VERB
emaj-230	99	27	in	in	ADP
emaj-230	99	28	this	this	DET
emaj-230	99	29	measure	measure	NOUN
emaj-230	99	30	.	.	PUNCT
emaj-230	100	1	this	this	PRON
emaj-230	100	2	circumvents	circumvent	VERB
emaj-230	100	3	the	the	DET
emaj-230	100	4	problem	problem	NOUN
emaj-230	100	5	of	of	ADP
emaj-230	100	6	quantifying	quantify	VERB
emaj-230	100	7	the	the	DET
emaj-230	100	8	effectiveness	effectiveness	NOUN
emaj-230	100	9	of	of	ADP
emaj-230	100	10	various	various	ADJ
emaj-230	100	11	forms	form	NOUN
emaj-230	100	12	of	of	ADP
emaj-230	100	13	capital	capital	NOUN
emaj-230	100	14	controls	control	NOUN
emaj-230	100	15	,	,	PUNCT
emaj-230	100	16	but	but	CCONJ
emaj-230	100	17	also	also	ADV
emaj-230	100	18	makes	make	VERB
emaj-230	100	19	the	the	DET
emaj-230	100	20	measure	measure	NOUN
emaj-230	100	21	relevant	relevant	ADJ
emaj-230	100	22	particularly	particularly	ADV
emaj-230	100	23	to	to	ADP
emaj-230	100	24	capital	capital	NOUN
emaj-230	100	25	markets	market	NOUN
emaj-230	100	26	rather	rather	ADV
emaj-230	100	27	than	than	ADP
emaj-230	100	28	to	to	ADP
emaj-230	100	29	other	other	ADJ
emaj-230	100	30	sectors	sector	NOUN
emaj-230	100	31	of	of	ADP
emaj-230	100	32	the	the	DET
emaj-230	100	33	economy	economy	NOUN
emaj-230	100	34	.	.	PUNCT
emaj-230	101	1	moreover	moreover	ADV
emaj-230	101	2	,	,	PUNCT
emaj-230	101	3	the	the	DET
emaj-230	101	4	intensity	intensity	NOUN
emaj-230	101	5	of	of	ADP
emaj-230	101	6	capital	capital	NOUN
emaj-230	101	7	controls	control	NOUN
emaj-230	101	8	focuses	focus	VERB
emaj-230	101	9	directly	directly	ADV
emaj-230	101	10	on	on	ADP
emaj-230	101	11	the	the	DET
emaj-230	101	12	availability	availability	NOUN
emaj-230	101	13	of	of	ADP
emaj-230	101	14	assets	asset	NOUN
emaj-230	101	15	for	for	ADP
emaj-230	101	16	foreign	foreign	ADJ
emaj-230	101	17	ownership	ownership	NOUN
emaj-230	101	18	whereas	whereas	SCONJ
emaj-230	101	19	market	market	NOUN
emaj-230	101	20	integration	integration	NOUN
emaj-230	101	21	occurs	occur	VERB
emaj-230	101	22	when	when	SCONJ
emaj-230	101	23	foreign	foreign	ADJ
emaj-230	101	24	investors	investor	NOUN
emaj-230	101	25	make	make	VERB
emaj-230	101	26	effective	effective	ADJ
emaj-230	101	27	use	use	NOUN
emaj-230	101	28	of	of	ADP
emaj-230	101	29	the	the	DET
emaj-230	101	30	opportunity	opportunity	NOUN
emaj-230	101	31	offered	offer	VERB
emaj-230	101	32	by	by	ADP
emaj-230	101	33	the	the	DET
emaj-230	101	34	emerging	emerge	VERB
emaj-230	101	35	market	market	NOUN
emaj-230	101	36	.	.	PUNCT
emaj-230	102	1	to	to	PART
emaj-230	102	2	gain	gain	VERB
emaj-230	102	3	additional	additional	ADJ
emaj-230	102	4	insight	insight	NOUN
emaj-230	102	5	into	into	ADP
emaj-230	102	6	the	the	DET
emaj-230	102	7	effective	effective	ADJ
emaj-230	102	8	process	process	NOUN
emaj-230	102	9	of	of	ADP
emaj-230	102	10	market	market	NOUN
emaj-230	102	11	integration	integration	NOUN
emaj-230	102	12	,	,	PUNCT
emaj-230	102	13	the	the	DET
emaj-230	102	14	dynamics	dynamic	NOUN
emaj-230	102	15	of	of	ADP
emaj-230	102	16	the	the	DET
emaj-230	102	17	intensity	intensity	NOUN
emaj-230	102	18	of	of	ADP
emaj-230	102	19	capital	capital	NOUN
emaj-230	102	20	controls	control	NOUN
emaj-230	102	21	is	be	AUX
emaj-230	102	22	contrasted	contrast	VERB
emaj-230	102	23	with	with	ADP
emaj-230	102	24	the	the	DET
emaj-230	102	25	market	market	NOUN
emaj-230	102	26	capitalization	capitalization	NOUN
emaj-230	102	27	for	for	ADP
emaj-230	102	28	the	the	DET
emaj-230	102	29	emerging	emerge	VERB
emaj-230	102	30	countries	country	NOUN
emaj-230	102	31	in	in	ADP
emaj-230	102	32	the	the	DET
emaj-230	102	33	sample	sample	NOUN
emaj-230	102	34	.	.	PUNCT
emaj-230	103	1	table	table	NOUN
emaj-230	103	2	2	2	NUM
emaj-230	103	3	reports	report	NOUN
emaj-230	103	4	summary	summary	NOUN
emaj-230	103	5	statistics	statistic	NOUN
emaj-230	103	6	for	for	ADP
emaj-230	103	7	both	both	DET
emaj-230	103	8	variables	variable	NOUN
emaj-230	103	9	as	as	ADV
emaj-230	103	10	well	well	ADV
emaj-230	103	11	as	as	ADP
emaj-230	103	12	the	the	DET
emaj-230	103	13	pairwise	pairwise	NOUN
emaj-230	103	14	correlations	correlation	NOUN
emaj-230	103	15	between	between	ADP
emaj-230	103	16	market	market	NOUN
emaj-230	103	17	segmentation	segmentation	NOUN
emaj-230	103	18	and	and	CCONJ
emaj-230	103	19	market	market	NOUN
emaj-230	103	20	size	size	NOUN
emaj-230	103	21	.	.	PUNCT
emaj-230	104	1	the	the	DET
emaj-230	104	2	aggregate	aggregate	ADJ
emaj-230	104	3	indices	index	NOUN
emaj-230	104	4	are	be	AUX
emaj-230	104	5	computed	compute	VERB
emaj-230	104	6	for	for	ADP
emaj-230	104	7	all	all	DET
emaj-230	104	8	countries	country	NOUN
emaj-230	104	9	(	(	PUNCT
emaj-230	104	10	composite	composite	NOUN
emaj-230	104	11	)	)	PUNCT
emaj-230	104	12	as	as	ADV
emaj-230	104	13	well	well	ADV
emaj-230	104	14	as	as	ADP
emaj-230	104	15	several	several	ADJ
emaj-230	104	16	regions	region	NOUN
emaj-230	104	17	:	:	PUNCT
emaj-230	104	18	asia	asia	PROPN
emaj-230	104	19	,	,	PUNCT
emaj-230	104	20	europe	europe	PROPN
emaj-230	104	21	mid	mid	PROPN
emaj-230	104	22	east	east	PROPN
emaj-230	104	23	africa	africa	PROPN
emaj-230	104	24	,	,	PUNCT
emaj-230	104	25	europe	europe	PROPN
emaj-230	104	26	,	,	PUNCT
emaj-230	104	27	latin	latin	PROPN
emaj-230	104	28	america	america	PROPN
emaj-230	104	29	and	and	CCONJ
emaj-230	104	30	mid	mid	PROPN
emaj-230	104	31	east	east	PROPN
emaj-230	104	32	africa	africa	PROPN
emaj-230	104	33	.	.	PUNCT
emaj-230	105	1	the	the	DET
emaj-230	105	2	composite	composite	ADJ
emaj-230	105	3	intensity	intensity	NOUN
emaj-230	105	4	of	of	ADP
emaj-230	105	5	capital	capital	NOUN
emaj-230	105	6	controls	control	NOUN
emaj-230	105	7	is	be	AUX
emaj-230	105	8	gradually	gradually	ADV
emaj-230	105	9	declining	decline	VERB
emaj-230	105	10	from	from	ADP
emaj-230	105	11	0.87	0.87	NUM
emaj-230	105	12	to	to	ADP
emaj-230	105	13	a	a	DET
emaj-230	105	14	low	low	ADJ
emaj-230	105	15	value	value	NOUN
emaj-230	105	16	of	of	ADP
emaj-230	105	17	0.29	0.29	NUM
emaj-230	105	18	,	,	PUNCT
emaj-230	105	19	whereas	whereas	SCONJ
emaj-230	105	20	market	market	NOUN
emaj-230	105	21	size	size	NOUN
emaj-230	105	22	follows	follow	VERB
emaj-230	105	23	an	an	DET
emaj-230	105	24	opposite	opposite	ADJ
emaj-230	105	25	trend	trend	NOUN
emaj-230	105	26	over	over	ADP
emaj-230	105	27	the	the	DET
emaj-230	105	28	period	period	NOUN
emaj-230	105	29	.	.	PUNCT
emaj-230	106	1	the	the	DET
emaj-230	106	2	correlation	correlation	NOUN
emaj-230	106	3	between	between	ADP
emaj-230	106	4	the	the	DET
emaj-230	106	5	two	two	NUM
emaj-230	106	6	variables	variable	NOUN
emaj-230	106	7	is	be	AUX
emaj-230	106	8	strongly	strongly	ADV
emaj-230	106	9	and	and	CCONJ
emaj-230	106	10	significantly	significantly	ADV
emaj-230	106	11	negative	negative	ADJ
emaj-230	106	12	,	,	PUNCT
emaj-230	106	13	0.56	0.56	NUM
emaj-230	106	14	.	.	PUNCT
emaj-230	107	1	capital	capital	NOUN
emaj-230	107	2	controls	control	NOUN
emaj-230	107	3	decrease	decrease	NOUN
emaj-230	107	4	in	in	ADP
emaj-230	107	5	asia	asia	PROPN
emaj-230	107	6	,	,	PUNCT
emaj-230	107	7	whereas	whereas	SCONJ
emaj-230	107	8	europe	europe	PROPN
emaj-230	107	9	,	,	PUNCT
emaj-230	107	10	mid	mid	PROPN
emaj-230	107	11	east	east	PROPN
emaj-230	107	12	and	and	CCONJ
emaj-230	107	13	africa	africa	PROPN
emaj-230	107	14	experience	experience	NOUN
emaj-230	107	15	periods	period	NOUN
emaj-230	107	16	of	of	ADP
emaj-230	107	17	slight	slight	ADJ
emaj-230	107	18	reversal	reversal	NOUN
emaj-230	107	19	of	of	ADP
emaj-230	107	20	the	the	DET
emaj-230	107	21	process	process	NOUN
emaj-230	107	22	of	of	ADP
emaj-230	107	23	financial	financial	ADJ
emaj-230	107	24	liberalization	liberalization	NOUN
emaj-230	107	25	.	.	PUNCT
emaj-230	108	1	latin	latin	PROPN
emaj-230	108	2	america	america	PROPN
emaj-230	108	3	,	,	PUNCT
emaj-230	108	4	volume	volume	NOUN
emaj-230	108	5	11	11	NUM
emaj-230	108	6	no	no	PRON
emaj-230	108	7	1	1	NUM
emaj-230	108	8	(	(	PUNCT
emaj-230	108	9	2021	2021	NUM
emaj-230	108	10	)	)	PUNCT
emaj-230	109	1	|	|	ADV
emaj-230	109	2	issn	issn	VERB
emaj-230	109	3	2158	2158	NUM
emaj-230	109	4	-	-	SYM
emaj-230	109	5	8708	8708	NUM
emaj-230	109	6	(	(	PUNCT
emaj-230	109	7	online	online	NOUN
emaj-230	109	8	)	)	PUNCT
emaj-230	109	9	|	|	ADV
emaj-230	109	10	doi	doi	X
emaj-230	109	11	10.5195	10.5195	NUM
emaj-230	109	12	/	/	SYM
emaj-230	109	13	emaj.2021.230	emaj.2021.230	PROPN
emaj-230	110	1	|	|	ADV
emaj-230	110	2	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-230	110	3	crina	crina	PROPN
emaj-230	110	4	pungulescu	pungulescu	NOUN
emaj-230	110	5	emerging	emerge	VERB
emaj-230	110	6	markets	market	NOUN
emaj-230	110	7	journal	journal	NOUN
emaj-230	110	8	|	|	ADV
emaj-230	110	9	p	p	NOUN
emaj-230	110	10	a	a	PRON
emaj-230	110	11	g	g	NOUN
emaj-230	110	12	e	e	NOUN
emaj-230	110	13	3	3	NUM
emaj-230	110	14	3	3	NUM
emaj-230	110	15	as	as	ADP
emaj-230	110	16	a	a	DET
emaj-230	110	17	region	region	NOUN
emaj-230	110	18	achieves	achieve	VERB
emaj-230	110	19	gradually	gradually	ADV
emaj-230	110	20	relatively	relatively	ADV
emaj-230	110	21	low	low	ADJ
emaj-230	110	22	levels	level	NOUN
emaj-230	110	23	of	of	ADP
emaj-230	110	24	segmentation	segmentation	NOUN
emaj-230	110	25	(	(	PUNCT
emaj-230	110	26	with	with	ADP
emaj-230	110	27	respect	respect	NOUN
emaj-230	110	28	to	to	ADP
emaj-230	110	29	restrictions	restriction	NOUN
emaj-230	110	30	to	to	ADP
emaj-230	110	31	foreign	foreign	ADJ
emaj-230	110	32	ownership	ownership	NOUN
emaj-230	110	33	)	)	PUNCT
emaj-230	110	34	in	in	ADP
emaj-230	110	35	the	the	DET
emaj-230	110	36	early	early	ADJ
emaj-230	110	37	1990s	1990	NOUN
emaj-230	110	38	and	and	CCONJ
emaj-230	110	39	maintains	maintain	VERB
emaj-230	110	40	this	this	DET
emaj-230	110	41	status	status	NOUN
emaj-230	110	42	in	in	ADP
emaj-230	110	43	the	the	DET
emaj-230	110	44	following	following	ADJ
emaj-230	110	45	years	year	NOUN
emaj-230	110	46	.	.	PUNCT
emaj-230	111	1	both	both	CCONJ
emaj-230	111	2	asia	asia	PROPN
emaj-230	111	3	and	and	CCONJ
emaj-230	111	4	latin	latin	PROPN
emaj-230	111	5	america	america	PROPN
emaj-230	111	6	show	show	VERB
emaj-230	111	7	strong	strong	ADJ
emaj-230	111	8	negative	negative	ADJ
emaj-230	111	9	correlations	correlation	NOUN
emaj-230	111	10	between	between	ADP
emaj-230	111	11	market	market	NOUN
emaj-230	111	12	segmentation	segmentation	NOUN
emaj-230	111	13	and	and	CCONJ
emaj-230	111	14	market	market	NOUN
emaj-230	111	15	size	size	NOUN
emaj-230	111	16	.	.	PUNCT
emaj-230	112	1	the	the	DET
emaj-230	112	2	evolution	evolution	NOUN
emaj-230	112	3	of	of	ADP
emaj-230	112	4	market	market	NOUN
emaj-230	112	5	segmentation	segmentation	NOUN
emaj-230	112	6	is	be	AUX
emaj-230	112	7	different	different	ADJ
emaj-230	112	8	across	across	ADP
emaj-230	112	9	the	the	DET
emaj-230	112	10	emerging	emerge	VERB
emaj-230	112	11	markets	market	NOUN
emaj-230	112	12	included	include	VERB
emaj-230	112	13	in	in	ADP
emaj-230	112	14	the	the	DET
emaj-230	112	15	database	database	NOUN
emaj-230	112	16	.	.	PUNCT
emaj-230	113	1	many	many	ADJ
emaj-230	113	2	countries	country	NOUN
emaj-230	113	3	(	(	PUNCT
emaj-230	113	4	bahrain	bahrain	NOUN
emaj-230	113	5	,	,	PUNCT
emaj-230	113	6	egypt	egypt	PROPN
emaj-230	113	7	,	,	PUNCT
emaj-230	113	8	greece	greece	PROPN
emaj-230	113	9	,	,	PUNCT
emaj-230	113	10	israel	israel	PROPN
emaj-230	113	11	,	,	PUNCT
emaj-230	113	12	malaysia	malaysia	PROPN
emaj-230	113	13	,	,	PUNCT
emaj-230	113	14	morocco	morocco	PROPN
emaj-230	113	15	,	,	PUNCT
emaj-230	113	16	peru	peru	PROPN
emaj-230	113	17	,	,	PUNCT
emaj-230	113	18	poland	poland	PROPN
emaj-230	113	19	,	,	PUNCT
emaj-230	113	20	turkey	turkey	PROPN
emaj-230	113	21	,	,	PUNCT
emaj-230	113	22	slovakia	slovakia	PROPN
emaj-230	113	23	and	and	CCONJ
emaj-230	113	24	south	south	PROPN
emaj-230	113	25	africa	africa	PROPN
emaj-230	113	26	)	)	PUNCT
emaj-230	113	27	have	have	VERB
emaj-230	113	28	a	a	DET
emaj-230	113	29	medium	medium	ADJ
emaj-230	113	30	/	/	SYM
emaj-230	113	31	low	low	ADJ
emaj-230	113	32	and	and	CCONJ
emaj-230	113	33	fairly	fairly	ADV
emaj-230	113	34	stable	stable	ADJ
emaj-230	113	35	level	level	NOUN
emaj-230	113	36	of	of	ADP
emaj-230	113	37	segmentation	segmentation	NOUN
emaj-230	113	38	.	.	PUNCT
emaj-230	114	1	jordan	jordan	PROPN
emaj-230	114	2	,	,	PUNCT
emaj-230	114	3	philippines	philippine	NOUN
emaj-230	114	4	,	,	PUNCT
emaj-230	114	5	sri	sri	PROPN
emaj-230	114	6	lanka	lanka	PROPN
emaj-230	114	7	and	and	CCONJ
emaj-230	114	8	zimbabwe	zimbabwe	PROPN
emaj-230	114	9	maintain	maintain	VERB
emaj-230	114	10	relatively	relatively	ADV
emaj-230	114	11	strict	strict	ADJ
emaj-230	114	12	capital	capital	NOUN
emaj-230	114	13	controls	control	NOUN
emaj-230	114	14	.	.	PUNCT
emaj-230	115	1	the	the	DET
emaj-230	115	2	rest	rest	NOUN
emaj-230	115	3	of	of	ADP
emaj-230	115	4	the	the	DET
emaj-230	115	5	countries	country	NOUN
emaj-230	115	6	are	be	AUX
emaj-230	115	7	divided	divide	VERB
emaj-230	115	8	over	over	ADP
emaj-230	115	9	the	the	DET
emaj-230	115	10	way	way	NOUN
emaj-230	115	11	they	they	PRON
emaj-230	115	12	open	open	VERB
emaj-230	115	13	up	up	ADP
emaj-230	115	14	their	their	PRON
emaj-230	115	15	market	market	NOUN
emaj-230	115	16	to	to	ADP
emaj-230	115	17	foreign	foreign	ADJ
emaj-230	115	18	investors	investor	NOUN
emaj-230	115	19	:	:	PUNCT
emaj-230	115	20	the	the	DET
emaj-230	115	21	intensity	intensity	NOUN
emaj-230	115	22	of	of	ADP
emaj-230	115	23	capital	capital	NOUN
emaj-230	115	24	controls	control	NOUN
emaj-230	115	25	is	be	AUX
emaj-230	115	26	gradually	gradually	ADV
emaj-230	115	27	decreasing	decrease	VERB
emaj-230	115	28	in	in	ADP
emaj-230	115	29	china	china	PROPN
emaj-230	115	30	,	,	PUNCT
emaj-230	115	31	india	india	PROPN
emaj-230	115	32	,	,	PUNCT
emaj-230	115	33	thailand	thailand	PROPN
emaj-230	115	34	and	and	CCONJ
emaj-230	115	35	venezuela	venezuela	PROPN
emaj-230	115	36	and	and	CCONJ
emaj-230	115	37	drops	drop	VERB
emaj-230	115	38	decisively	decisively	ADV
emaj-230	115	39	in	in	ADP
emaj-230	115	40	argentina	argentina	PROPN
emaj-230	115	41	,	,	PUNCT
emaj-230	115	42	chile	chile	PROPN
emaj-230	115	43	,	,	PUNCT
emaj-230	115	44	czech	czech	PROPN
emaj-230	115	45	republic	republic	PROPN
emaj-230	115	46	,	,	PUNCT
emaj-230	115	47	korea	korea	PROPN
emaj-230	115	48	,	,	PUNCT
emaj-230	115	49	mexico	mexico	PROPN
emaj-230	115	50	and	and	CCONJ
emaj-230	115	51	qatar	qatar	PROPN
emaj-230	115	52	(	(	PUNCT
emaj-230	115	53	for	for	ADP
emaj-230	115	54	instance	instance	NOUN
emaj-230	115	55	)	)	PUNCT
emaj-230	115	56	.	.	PUNCT
emaj-230	116	1	the	the	DET
emaj-230	116	2	measure	measure	NOUN
emaj-230	116	3	of	of	ADP
emaj-230	116	4	market	market	NOUN
emaj-230	116	5	segmentation	segmentation	NOUN
emaj-230	116	6	is	be	AUX
emaj-230	116	7	mostly	mostly	ADV
emaj-230	116	8	negatively	negatively	ADV
emaj-230	116	9	correlated	correlate	VERB
emaj-230	116	10	with	with	ADP
emaj-230	116	11	market	market	NOUN
emaj-230	116	12	size6	size6	NOUN
emaj-230	116	13	.	.	PUNCT
emaj-230	117	1	this	this	PRON
emaj-230	117	2	suggests	suggest	VERB
emaj-230	117	3	a	a	DET
emaj-230	117	4	possible	possible	ADJ
emaj-230	117	5	link	link	NOUN
emaj-230	117	6	between	between	ADP
emaj-230	117	7	the	the	DET
emaj-230	117	8	dynamics	dynamic	NOUN
emaj-230	117	9	of	of	ADP
emaj-230	117	10	size	size	NOUN
emaj-230	117	11	and	and	CCONJ
emaj-230	117	12	segmentation	segmentation	NOUN
emaj-230	117	13	.	.	PUNCT
emaj-230	118	1	one	one	NUM
emaj-230	118	2	intuitive	intuitive	ADJ
emaj-230	118	3	scenario	scenario	NOUN
emaj-230	118	4	could	could	AUX
emaj-230	118	5	be	be	AUX
emaj-230	118	6	that	that	SCONJ
emaj-230	118	7	foreign	foreign	ADJ
emaj-230	118	8	capital	capital	NOUN
emaj-230	118	9	has	have	AUX
emaj-230	118	10	been	be	AUX
emaj-230	118	11	quick	quick	ADJ
emaj-230	118	12	to	to	PART
emaj-230	118	13	pick	pick	VERB
emaj-230	118	14	up	up	ADP
emaj-230	118	15	on	on	ADP
emaj-230	118	16	decrease	decrease	NOUN
emaj-230	118	17	in	in	ADP
emaj-230	118	18	market	market	NOUN
emaj-230	118	19	segmentation	segmentation	NOUN
emaj-230	118	20	in	in	ADP
emaj-230	118	21	many	many	ADJ
emaj-230	118	22	countries	country	NOUN
emaj-230	118	23	.	.	PUNCT
emaj-230	119	1	should	should	AUX
emaj-230	119	2	this	this	PRON
emaj-230	119	3	be	be	AUX
emaj-230	119	4	the	the	DET
emaj-230	119	5	case	case	NOUN
emaj-230	119	6	,	,	PUNCT
emaj-230	119	7	size	size	NOUN
emaj-230	119	8	and	and	CCONJ
emaj-230	119	9	segmentation	segmentation	NOUN
emaj-230	119	10	effects	effect	NOUN
emaj-230	119	11	can	can	AUX
emaj-230	119	12	be	be	AUX
emaj-230	119	13	expected	expect	VERB
emaj-230	119	14	to	to	PART
emaj-230	119	15	reinforce	reinforce	VERB
emaj-230	119	16	each	each	DET
emaj-230	119	17	other	other	ADJ
emaj-230	119	18	.	.	PUNCT
emaj-230	120	1	however	however	ADV
emaj-230	120	2	,	,	PUNCT
emaj-230	120	3	size	size	NOUN
emaj-230	120	4	and	and	CCONJ
emaj-230	120	5	segmentation	segmentation	NOUN
emaj-230	120	6	effects	effect	NOUN
emaj-230	120	7	may	may	AUX
emaj-230	120	8	exist	exist	VERB
emaj-230	120	9	independently	independently	ADV
emaj-230	120	10	of	of	ADP
emaj-230	120	11	each	each	DET
emaj-230	120	12	other	other	ADJ
emaj-230	120	13	.	.	PUNCT
emaj-230	121	1	a	a	DET
emaj-230	121	2	small	small	ADJ
emaj-230	121	3	and/or	and/or	CCONJ
emaj-230	121	4	restricted	restricted	ADJ
emaj-230	121	5	market	market	NOUN
emaj-230	121	6	can	can	AUX
emaj-230	121	7	maintain	maintain	VERB
emaj-230	121	8	a	a	DET
emaj-230	121	9	high	high	ADJ
emaj-230	121	10	cost	cost	NOUN
emaj-230	121	11	of	of	ADP
emaj-230	121	12	capital	capital	NOUN
emaj-230	121	13	if	if	SCONJ
emaj-230	121	14	its	its	PRON
emaj-230	121	15	capital	capital	NOUN
emaj-230	121	16	needs	need	NOUN
emaj-230	121	17	are	be	AUX
emaj-230	121	18	inadequately	inadequately	ADV
emaj-230	121	19	met	meet	VERB
emaj-230	121	20	,	,	PUNCT
emaj-230	121	21	even	even	ADV
emaj-230	121	22	in	in	ADP
emaj-230	121	23	the	the	DET
emaj-230	121	24	case	case	NOUN
emaj-230	121	25	when	when	SCONJ
emaj-230	121	26	market	market	NOUN
emaj-230	121	27	size	size	NOUN
emaj-230	121	28	and	and	CCONJ
emaj-230	121	29	segmentation	segmentation	NOUN
emaj-230	121	30	do	do	AUX
emaj-230	121	31	not	not	PART
emaj-230	121	32	evolve	evolve	VERB
emaj-230	121	33	together	together	ADV
emaj-230	121	34	.	.	PUNCT
emaj-230	122	1	moreover	moreover	ADV
emaj-230	122	2	,	,	PUNCT
emaj-230	122	3	market	market	NOUN
emaj-230	122	4	segmentation	segmentation	NOUN
emaj-230	122	5	is	be	AUX
emaj-230	122	6	only	only	ADV
emaj-230	122	7	one	one	NUM
emaj-230	122	8	of	of	ADP
emaj-230	122	9	the	the	DET
emaj-230	122	10	many	many	ADJ
emaj-230	122	11	factors	factor	NOUN
emaj-230	122	12	that	that	PRON
emaj-230	122	13	can	can	AUX
emaj-230	122	14	be	be	AUX
emaj-230	122	15	related	relate	VERB
emaj-230	122	16	to	to	ADP
emaj-230	122	17	the	the	DET
emaj-230	122	18	dynamics	dynamic	NOUN
emaj-230	122	19	of	of	ADP
emaj-230	122	20	market	market	NOUN
emaj-230	122	21	capitalization	capitalization	NOUN
emaj-230	122	22	.	.	PUNCT
emaj-230	123	1	there	there	PRON
emaj-230	123	2	are	be	VERB
emaj-230	123	3	also	also	ADV
emaj-230	123	4	cases	case	NOUN
emaj-230	123	5	when	when	SCONJ
emaj-230	123	6	segmentation	segmentation	NOUN
emaj-230	123	7	and	and	CCONJ
emaj-230	123	8	market	market	NOUN
emaj-230	123	9	size	size	NOUN
emaj-230	123	10	are	be	AUX
emaj-230	123	11	positively	positively	ADV
emaj-230	123	12	correlated	correlate	VERB
emaj-230	123	13	such	such	ADJ
emaj-230	123	14	as	as	ADP
emaj-230	123	15	bahrain	bahrain	NOUN
emaj-230	123	16	,	,	PUNCT
emaj-230	123	17	the	the	DET
emaj-230	123	18	czech	czech	PROPN
emaj-230	123	19	republic	republic	NOUN
emaj-230	123	20	,	,	PUNCT
emaj-230	123	21	kuwait	kuwait	PROPN
emaj-230	123	22	,	,	PUNCT
emaj-230	123	23	poland	poland	PROPN
emaj-230	123	24	,	,	PUNCT
emaj-230	123	25	qatar	qatar	PROPN
emaj-230	123	26	,	,	PUNCT
emaj-230	123	27	slovakia	slovakia	PROPN
emaj-230	123	28	and	and	CCONJ
emaj-230	123	29	the	the	DET
emaj-230	123	30	united	united	PROPN
emaj-230	123	31	arab	arab	PROPN
emaj-230	123	32	emirates	emirates	PROPN
emaj-230	123	33	.	.	PUNCT
emaj-230	124	1	in	in	ADP
emaj-230	124	2	other	other	ADJ
emaj-230	124	3	countries	country	NOUN
emaj-230	124	4	(	(	PUNCT
emaj-230	124	5	israel	israel	PROPN
emaj-230	124	6	,	,	PUNCT
emaj-230	124	7	jordan	jordan	PROPN
emaj-230	124	8	,	,	PUNCT
emaj-230	124	9	malaysia	malaysia	PROPN
emaj-230	124	10	,	,	PUNCT
emaj-230	124	11	oman	oman	PROPN
emaj-230	124	12	,	,	PUNCT
emaj-230	124	13	pakistan	pakistan	PROPN
emaj-230	124	14	,	,	PUNCT
emaj-230	124	15	south	south	PROPN
emaj-230	124	16	africa	africa	PROPN
emaj-230	124	17	,	,	PUNCT
emaj-230	124	18	taiwan	taiwan	PROPN
emaj-230	124	19	,	,	PUNCT
emaj-230	124	20	venezuela	venezuela	PROPN
emaj-230	124	21	and	and	CCONJ
emaj-230	124	22	zimbabwe	zimbabwe	PROPN
emaj-230	124	23	)	)	PUNCT
emaj-230	124	24	,	,	PUNCT
emaj-230	124	25	the	the	DET
emaj-230	124	26	market	market	NOUN
emaj-230	124	27	capitalization	capitalization	NOUN
emaj-230	124	28	and	and	CCONJ
emaj-230	124	29	the	the	DET
emaj-230	124	30	intensity	intensity	NOUN
emaj-230	124	31	of	of	ADP
emaj-230	124	32	capital	capital	NOUN
emaj-230	124	33	controls	control	NOUN
emaj-230	124	34	are	be	AUX
emaj-230	124	35	not	not	PART
emaj-230	124	36	significantly	significantly	ADV
emaj-230	124	37	correlated	correlate	VERB
emaj-230	124	38	.	.	PUNCT
emaj-230	125	1	6throughout	6throughout	NUM
emaj-230	125	2	the	the	DET
emaj-230	125	3	remainder	remainder	NOUN
emaj-230	125	4	of	of	ADP
emaj-230	125	5	the	the	DET
emaj-230	125	6	paper	paper	NOUN
emaj-230	125	7	,	,	PUNCT
emaj-230	125	8	the	the	DET
emaj-230	125	9	term	term	NOUN
emaj-230	125	10	size	size	NOUN
emaj-230	125	11	refers	refer	VERB
emaj-230	125	12	to	to	ADP
emaj-230	125	13	the	the	DET
emaj-230	125	14	size	size	NOUN
emaj-230	125	15	of	of	ADP
emaj-230	125	16	market	market	NOUN
emaj-230	125	17	capitalization	capitalization	NOUN
emaj-230	125	18	.	.	PUNCT
emaj-230	126	1	table	table	NOUN
emaj-230	126	2	2	2	NUM
emaj-230	126	3	:	:	PUNCT
emaj-230	126	4	summary	summary	NOUN
emaj-230	126	5	statistics	statistic	NOUN
emaj-230	126	6	intensity	intensity	NOUN
emaj-230	126	7	of	of	ADP
emaj-230	126	8	capital	capital	NOUN
emaj-230	126	9	controls	control	NOUN
emaj-230	126	10	and	and	CCONJ
emaj-230	126	11	market	market	NOUN
emaj-230	126	12	capitalization	capitalization	NOUN
emaj-230	126	13	(	(	PUNCT
emaj-230	126	14	emdb	emdb	PROPN
emaj-230	126	15	data	data	PROPN
emaj-230	126	16	)	)	PUNCT
emaj-230	126	17	source	source	NOUN
emaj-230	126	18	:	:	PUNCT
emaj-230	126	19	authors	author	NOUN
emaj-230	126	20	’	'	PUNCT
emaj-230	126	21	own	own	ADJ
emaj-230	126	22	compilation	compilation	NOUN
emaj-230	126	23	this	this	DET
emaj-230	126	24	table	table	NOUN
emaj-230	126	25	reports	report	NOUN
emaj-230	126	26	summary	summary	NOUN
emaj-230	126	27	statistics	statistic	NOUN
emaj-230	126	28	(	(	PUNCT
emaj-230	126	29	mean	mean	VERB
emaj-230	126	30	,	,	PUNCT
emaj-230	126	31	minimum	minimum	ADJ
emaj-230	126	32	,	,	PUNCT
emaj-230	126	33	maximum	maximum	ADJ
emaj-230	126	34	,	,	PUNCT
emaj-230	126	35	number	number	NOUN
emaj-230	126	36	of	of	ADP
emaj-230	126	37	observations	observation	NOUN
emaj-230	126	38	as	as	ADV
emaj-230	126	39	well	well	ADV
emaj-230	126	40	as	as	ADP
emaj-230	126	41	the	the	DET
emaj-230	126	42	correlations	correlation	NOUN
emaj-230	126	43	)	)	PUNCT
emaj-230	126	44	for	for	ADP
emaj-230	126	45	the	the	DET
emaj-230	126	46	intensity	intensity	NOUN
emaj-230	126	47	of	of	ADP
emaj-230	126	48	capital	capital	NOUN
emaj-230	126	49	controls	control	NOUN
emaj-230	126	50	and	and	CCONJ
emaj-230	126	51	the	the	DET
emaj-230	126	52	global	global	ADJ
emaj-230	126	53	market	market	NOUN
emaj-230	126	54	capitalization	capitalization	NOUN
emaj-230	126	55	(	(	PUNCT
emaj-230	126	56	in	in	ADP
emaj-230	126	57	millions	million	NOUN
emaj-230	126	58	$	$	SYM
emaj-230	126	59	)	)	PUNCT
emaj-230	126	60	on	on	ADP
emaj-230	126	61	regional	regional	ADJ
emaj-230	126	62	and	and	CCONJ
emaj-230	126	63	country	country	NOUN
emaj-230	126	64	level	level	NOUN
emaj-230	126	65	.	.	PUNCT
emaj-230	127	1	correlations	correlation	NOUN
emaj-230	127	2	that	that	PRON
emaj-230	127	3	are	be	AUX
emaj-230	127	4	statistically	statistically	ADV
emaj-230	127	5	significant	significant	ADJ
emaj-230	127	6	at	at	ADP
emaj-230	127	7	5	5	NUM
emaj-230	127	8	%	%	NOUN
emaj-230	127	9	are	be	AUX
emaj-230	127	10	reported	report	VERB
emaj-230	127	11	in	in	ADP
emaj-230	127	12	bold	bold	ADJ
emaj-230	127	13	font	font	NOUN
emaj-230	127	14	.	.	PUNCT
emaj-230	128	1	the	the	DET
emaj-230	128	2	monthly	monthly	ADJ
emaj-230	128	3	values	value	NOUN
emaj-230	128	4	of	of	ADP
emaj-230	128	5	the	the	DET
emaj-230	128	6	intensity	intensity	NOUN
emaj-230	128	7	of	of	ADP
emaj-230	128	8	capital	capital	NOUN
emaj-230	128	9	controls	control	NOUN
emaj-230	128	10	are	be	AUX
emaj-230	128	11	computed	compute	VERB
emaj-230	128	12	from	from	ADP
emaj-230	128	13	market	market	NOUN
emaj-230	128	14	capitalization	capitalization	NOUN
emaj-230	128	15	data	datum	NOUN
emaj-230	128	16	available	available	ADJ
emaj-230	128	17	for	for	ADP
emaj-230	128	18	the	the	DET
emaj-230	128	19	investable	investable	ADJ
emaj-230	128	20	and	and	CCONJ
emaj-230	128	21	global	global	ADJ
emaj-230	128	22	markets	market	NOUN
emaj-230	128	23	.	.	PUNCT
emaj-230	129	1	the	the	DET
emaj-230	129	2	data	data	NOUN
emaj-230	129	3	coverage	coverage	NOUN
emaj-230	129	4	for	for	ADP
emaj-230	129	5	the	the	DET
emaj-230	129	6	intensity	intensity	NOUN
emaj-230	129	7	of	of	ADP
emaj-230	129	8	capital	capital	NOUN
emaj-230	129	9	controls	control	NOUN
emaj-230	129	10	varies	vary	VERB
emaj-230	129	11	by	by	ADP
emaj-230	129	12	countries	country	NOUN
emaj-230	129	13	and	and	CCONJ
emaj-230	129	14	group	group	NOUN
emaj-230	129	15	of	of	ADP
emaj-230	129	16	countries	country	NOUN
emaj-230	129	17	.	.	PUNCT
emaj-230	130	1	the	the	DET
emaj-230	130	2	longest	long	ADJ
emaj-230	130	3	time	time	NOUN
emaj-230	130	4	series	series	PROPN
emaj-230	130	5	covers	cover	VERB
emaj-230	130	6	the	the	DET
emaj-230	130	7	period	period	NOUN
emaj-230	130	8	december	december	PROPN
emaj-230	130	9	1975	1975	NUM
emaj-230	130	10	to	to	ADP
emaj-230	130	11	october	october	PROPN
emaj-230	130	12	2008	2008	NUM
emaj-230	130	13	(	(	PUNCT
emaj-230	130	14	395	395	NUM
emaj-230	130	15	observations	observation	NOUN
emaj-230	130	16	)	)	PUNCT
emaj-230	130	17	and	and	CCONJ
emaj-230	130	18	the	the	DET
emaj-230	130	19	shortest	short	ADJ
emaj-230	130	20	starts	start	VERB
emaj-230	130	21	in	in	ADP
emaj-230	130	22	february	february	PROPN
emaj-230	130	23	1997	1997	NUM
emaj-230	130	24	and	and	CCONJ
emaj-230	130	25	ends	end	VERB
emaj-230	130	26	in	in	ADP
emaj-230	130	27	october	october	PROPN
emaj-230	130	28	2001	2001	NUM
emaj-230	130	29	(	(	PUNCT
emaj-230	130	30	57	57	NUM
emaj-230	130	31	observations	observation	NOUN
emaj-230	130	32	)	)	PUNCT
emaj-230	130	33	.	.	PUNCT
emaj-230	131	1	table	table	NOUN
emaj-230	131	2	3	3	NUM
emaj-230	131	3	reports	report	NOUN
emaj-230	131	4	descriptive	descriptive	ADJ
emaj-230	131	5	statistics	statistic	NOUN
emaj-230	131	6	separately	separately	ADV
emaj-230	131	7	for	for	ADP
emaj-230	131	8	the	the	DET
emaj-230	131	9	markets	market	NOUN
emaj-230	131	10	size	size	NOUN
emaj-230	131	11	of	of	ADP
emaj-230	131	12	developed	develop	VERB
emaj-230	131	13	(	(	PUNCT
emaj-230	131	14	i.e.	i.e.	X
emaj-230	131	15	oecd	oecd	PROPN
emaj-230	131	16	member	member	NOUN
emaj-230	131	17	states	state	NOUN
emaj-230	131	18	)	)	PUNCT
emaj-230	131	19	and	and	CCONJ
emaj-230	131	20	emerging	emerge	VERB
emaj-230	131	21	countries7	countries7	NOUN
emaj-230	131	22	.	.	PUNCT
emaj-230	132	1	several	several	ADJ
emaj-230	132	2	trends	trend	NOUN
emaj-230	132	3	are	be	AUX
emaj-230	132	4	apparent	apparent	ADJ
emaj-230	132	5	.	.	PUNCT
emaj-230	133	1	the	the	DET
emaj-230	133	2	34	34	NUM
emaj-230	133	3	developed	develop	VERB
emaj-230	133	4	markets	market	NOUN
emaj-230	133	5	combined	combine	VERB
emaj-230	133	6	account	account	NOUN
emaj-230	133	7	for	for	ADP
emaj-230	133	8	more	more	ADJ
emaj-230	133	9	than	than	ADP
emaj-230	133	10	90	90	NUM
emaj-230	133	11	%	%	NOUN
emaj-230	133	12	of	of	ADP
emaj-230	133	13	the	the	DET
emaj-230	133	14	world	world	NOUN
emaj-230	133	15	market	market	NOUN
emaj-230	133	16	capitalization	capitalization	NOUN
emaj-230	133	17	(	(	PUNCT
emaj-230	133	18	on	on	ADP
emaj-230	133	19	average	average	ADJ
emaj-230	133	20	)	)	PUNCT
emaj-230	133	21	,	,	PUNCT
emaj-230	133	22	but	but	CCONJ
emaj-230	133	23	their	their	PRON
emaj-230	133	24	weight	weight	NOUN
emaj-230	133	25	has	have	AUX
emaj-230	133	26	decreased	decrease	VERB
emaj-230	133	27	by	by	ADP
emaj-230	133	28	almost	almost	ADV
emaj-230	133	29	16	16	NUM
emaj-230	133	30	%	%	NOUN
emaj-230	133	31	(	(	PUNCT
emaj-230	133	32	from	from	ADP
emaj-230	133	33	98	98	NUM
emaj-230	133	34	%	%	NOUN
emaj-230	133	35	to	to	PART
emaj-230	133	36	82	82	NUM
emaj-230	133	37	%	%	NOUN
emaj-230	133	38	)	)	PUNCT
emaj-230	133	39	over	over	ADP
emaj-230	133	40	the	the	DET
emaj-230	133	41	period	period	NOUN
emaj-230	133	42	.	.	PUNCT
emaj-230	134	1	by	by	ADP
emaj-230	134	2	contrast	contrast	NOUN
emaj-230	134	3	,	,	PUNCT
emaj-230	134	4	the	the	DET
emaj-230	134	5	emerging	emerge	VERB
emaj-230	134	6	markets	market	NOUN
emaj-230	134	7	become	become	VERB
emaj-230	134	8	increasingly	increasingly	ADV
emaj-230	134	9	relevant	relevant	ADJ
emaj-230	134	10	,	,	PUNCT
emaj-230	134	11	with	with	ADP
emaj-230	134	12	composite	composite	ADJ
emaj-230	134	13	market	market	NOUN
emaj-230	134	14	size	size	NOUN
emaj-230	134	15	increasing	increase	VERB
emaj-230	134	16	over	over	ADP
emaj-230	134	17	the	the	DET
emaj-230	134	18	period	period	NOUN
emaj-230	134	19	from	from	ADP
emaj-230	134	20	7for	7for	NUM
emaj-230	134	21	the	the	DET
emaj-230	134	22	emerging	emerge	VERB
emaj-230	134	23	countries	country	NOUN
emaj-230	134	24	statistics	statistic	NOUN
emaj-230	134	25	,	,	PUNCT
emaj-230	134	26	both	both	PRON
emaj-230	134	27	datastream	datastream	VERB
emaj-230	134	28	and	and	CCONJ
emaj-230	134	29	emdb	emdb	PROPN
emaj-230	134	30	sources	source	NOUN
emaj-230	134	31	of	of	ADP
emaj-230	134	32	data	datum	NOUN
emaj-230	134	33	are	be	AUX
emaj-230	134	34	used	use	VERB
emaj-230	134	35	.	.	PUNCT
emaj-230	135	1	volume	volume	NOUN
emaj-230	135	2	11	11	NUM
emaj-230	135	3	no	no	DET
emaj-230	135	4	1	1	NUM
emaj-230	135	5	(	(	PUNCT
emaj-230	135	6	2021	2021	NUM
emaj-230	135	7	)	)	PUNCT
emaj-230	135	8	|	|	ADV
emaj-230	135	9	issn	issn	VERB
emaj-230	135	10	2158	2158	NUM
emaj-230	135	11	-	-	SYM
emaj-230	135	12	8708	8708	NUM
emaj-230	135	13	(	(	PUNCT
emaj-230	135	14	online	online	NOUN
emaj-230	135	15	)	)	PUNCT
emaj-230	135	16	|	|	ADV
emaj-230	135	17	doi	doi	X
emaj-230	135	18	10.5195	10.5195	NUM
emaj-230	135	19	/	/	SYM
emaj-230	135	20	emaj.2021.230	emaj.2021.230	PROPN
emaj-230	135	21	|	|	ADV
emaj-230	135	22	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-230	135	23	country	country	NOUN
emaj-230	135	24	-	-	PUNCT
emaj-230	135	25	level	level	NOUN
emaj-230	135	26	size	size	NOUN
emaj-230	135	27	effects	effect	NOUN
emaj-230	135	28	in	in	ADP
emaj-230	135	29	international	international	ADJ
emaj-230	135	30	asset	asset	NOUN
emaj-230	135	31	pricing	pricing	NOUN
emaj-230	135	32	page	page	NOUN
emaj-230	135	33	|34|	|34|	VERB
emaj-230	135	34	emerging	emerge	VERB
emaj-230	135	35	markets	market	NOUN
emaj-230	135	36	journal	journal	VERB
emaj-230	135	37	less	less	ADJ
emaj-230	135	38	than	than	ADP
emaj-230	135	39	1	1	NUM
emaj-230	135	40	%	%	NOUN
emaj-230	135	41	to	to	ADP
emaj-230	135	42	over	over	ADP
emaj-230	135	43	17	17	NUM
emaj-230	135	44	%	%	NOUN
emaj-230	135	45	.	.	PUNCT
emaj-230	136	1	at	at	ADP
emaj-230	136	2	the	the	DET
emaj-230	136	3	same	same	ADJ
emaj-230	136	4	time	time	NOUN
emaj-230	136	5	,	,	PUNCT
emaj-230	136	6	the	the	DET
emaj-230	136	7	intensity	intensity	NOUN
emaj-230	136	8	of	of	ADP
emaj-230	136	9	capital	capital	NOUN
emaj-230	136	10	controls	control	NOUN
emaj-230	136	11	decreases	decrease	NOUN
emaj-230	136	12	for	for	ADP
emaj-230	136	13	the	the	DET
emaj-230	136	14	composite	composite	ADJ
emaj-230	136	15	index	index	NOUN
emaj-230	136	16	as	as	ADV
emaj-230	136	17	well	well	ADV
emaj-230	136	18	as	as	ADP
emaj-230	136	19	averaged	average	VERB
emaj-230	136	20	across	across	ADP
emaj-230	136	21	countries	country	NOUN
emaj-230	136	22	.	.	PUNCT
emaj-230	137	1	table	table	NOUN
emaj-230	137	2	3	3	NUM
emaj-230	137	3	:	:	PUNCT
emaj-230	137	4	size	size	NOUN
emaj-230	137	5	and	and	CCONJ
emaj-230	137	6	segmentation	segmentation	NOUN
emaj-230	137	7	variables	variable	NOUN
emaj-230	137	8	descriptive	descriptive	ADJ
emaj-230	137	9	statistics	statistic	NOUN
emaj-230	137	10	(	(	PUNCT
emaj-230	137	11	datastream	datastream	ADJ
emaj-230	137	12	and	and	CCONJ
emaj-230	137	13	emdb	emdb	PROPN
emaj-230	137	14	data	data	PROPN
emaj-230	137	15	)	)	PUNCT
emaj-230	137	16	source	source	NOUN
emaj-230	137	17	:	:	PUNCT
emaj-230	137	18	authors	author	NOUN
emaj-230	137	19	’	'	PUNCT
emaj-230	137	20	own	own	ADJ
emaj-230	137	21	compilation	compilation	NOUN
emaj-230	137	22	this	this	DET
emaj-230	137	23	table	table	NOUN
emaj-230	137	24	reports	report	VERB
emaj-230	137	25	some	some	DET
emaj-230	137	26	descriptive	descriptive	ADJ
emaj-230	137	27	statistics	statistic	NOUN
emaj-230	137	28	(	(	PUNCT
emaj-230	137	29	mean	mean	VERB
emaj-230	137	30	,	,	PUNCT
emaj-230	137	31	range	range	NOUN
emaj-230	137	32	,	,	PUNCT
emaj-230	137	33	change	change	NOUN
emaj-230	137	34	over	over	ADP
emaj-230	137	35	the	the	DET
emaj-230	137	36	entire	entire	ADJ
emaj-230	137	37	period	period	NOUN
emaj-230	137	38	and	and	CCONJ
emaj-230	137	39	standard	standard	ADJ
emaj-230	137	40	deviations	deviation	NOUN
emaj-230	137	41	)	)	PUNCT
emaj-230	137	42	for	for	ADP
emaj-230	137	43	the	the	DET
emaj-230	137	44	size	size	NOUN
emaj-230	137	45	and	and	CCONJ
emaj-230	137	46	segmentation	segmentation	NOUN
emaj-230	137	47	variables	variable	NOUN
emaj-230	137	48	:	:	PUNCT
emaj-230	137	49	the	the	DET
emaj-230	137	50	size	size	NOUN
emaj-230	137	51	of	of	ADP
emaj-230	137	52	the	the	DET
emaj-230	137	53	market	market	NOUN
emaj-230	137	54	capitalization	capitalization	NOUN
emaj-230	137	55	relative	relative	ADJ
emaj-230	137	56	to	to	ADP
emaj-230	137	57	the	the	DET
emaj-230	137	58	world	world	NOUN
emaj-230	137	59	market	market	NOUN
emaj-230	137	60	size	size	NOUN
emaj-230	137	61	(	(	PUNCT
emaj-230	137	62	in	in	ADP
emaj-230	137	63	percentages	percentage	NOUN
emaj-230	137	64	)	)	PUNCT
emaj-230	137	65	and	and	CCONJ
emaj-230	137	66	the	the	DET
emaj-230	137	67	intensity	intensity	NOUN
emaj-230	137	68	of	of	ADP
emaj-230	137	69	capital	capital	NOUN
emaj-230	137	70	controls	control	NOUN
emaj-230	137	71	.	.	PUNCT
emaj-230	138	1	the	the	DET
emaj-230	138	2	statistics	statistic	NOUN
emaj-230	138	3	are	be	AUX
emaj-230	138	4	reported	report	VERB
emaj-230	138	5	for	for	ADP
emaj-230	138	6	composite	composite	ADJ
emaj-230	138	7	indices	index	NOUN
emaj-230	138	8	of	of	ADP
emaj-230	138	9	oecd	oecd	PROPN
emaj-230	138	10	states	state	NOUN
emaj-230	138	11	and	and	CCONJ
emaj-230	138	12	emerging	emerge	VERB
emaj-230	138	13	markets	market	NOUN
emaj-230	138	14	as	as	ADV
emaj-230	138	15	well	well	ADV
emaj-230	138	16	as	as	ADP
emaj-230	138	17	for	for	ADP
emaj-230	138	18	country	country	NOUN
emaj-230	138	19	averages	average	NOUN
emaj-230	138	20	for	for	ADP
emaj-230	138	21	the	the	DET
emaj-230	138	22	respective	respective	ADJ
emaj-230	138	23	groups	group	NOUN
emaj-230	138	24	.	.	PUNCT
emaj-230	139	1	iii	iii	X
emaj-230	139	2	.	.	PUNCT
emaj-230	139	3	empirical	empirical	ADJ
emaj-230	139	4	results	result	NOUN
emaj-230	139	5	this	this	DET
emaj-230	139	6	section	section	NOUN
emaj-230	139	7	presents	present	VERB
emaj-230	139	8	the	the	DET
emaj-230	139	9	main	main	ADJ
emaj-230	139	10	empirical	empirical	ADJ
emaj-230	139	11	evidence	evidence	NOUN
emaj-230	139	12	on	on	ADP
emaj-230	139	13	the	the	DET
emaj-230	139	14	presence	presence	NOUN
emaj-230	139	15	size	size	NOUN
emaj-230	139	16	effects	effect	NOUN
emaj-230	139	17	,	,	PUNCT
emaj-230	139	18	analyzed	analyze	VERB
emaj-230	139	19	initially	initially	ADV
emaj-230	139	20	over	over	ADP
emaj-230	139	21	time	time	NOUN
emaj-230	139	22	for	for	ADP
emaj-230	139	23	individual	individual	ADJ
emaj-230	139	24	countries	country	NOUN
emaj-230	139	25	and	and	CCONJ
emaj-230	139	26	then	then	ADV
emaj-230	139	27	aggregated	aggregate	VERB
emaj-230	139	28	,	,	PUNCT
emaj-230	139	29	by	by	ADP
emaj-230	139	30	constructing	construct	VERB
emaj-230	139	31	panels	panel	NOUN
emaj-230	139	32	of	of	ADP
emaj-230	139	33	developed	develop	VERB
emaj-230	139	34	and	and	CCONJ
emaj-230	139	35	emerging	emerge	VERB
emaj-230	139	36	countries	country	NOUN
emaj-230	139	37	to	to	PART
emaj-230	139	38	take	take	VERB
emaj-230	139	39	into	into	ADP
emaj-230	139	40	account	account	NOUN
emaj-230	139	41	the	the	DET
emaj-230	139	42	cross	cross	ADJ
emaj-230	139	43	-	-	ADJ
emaj-230	139	44	section	section	ADJ
emaj-230	139	45	dimension	dimension	NOUN
emaj-230	139	46	along	along	ADP
emaj-230	139	47	with	with	ADP
emaj-230	139	48	the	the	DET
emaj-230	139	49	time	time	NOUN
emaj-230	139	50	variation	variation	NOUN
emaj-230	139	51	in	in	ADP
emaj-230	139	52	the	the	DET
emaj-230	139	53	data	datum	NOUN
emaj-230	139	54	.	.	PUNCT
emaj-230	140	1	individual	individual	ADJ
emaj-230	140	2	size	size	NOUN
emaj-230	140	3	effects	effect	VERB
emaj-230	140	4	a	a	DET
emaj-230	140	5	preliminary	preliminary	ADJ
emaj-230	140	6	investigation	investigation	NOUN
emaj-230	140	7	of	of	ADP
emaj-230	140	8	size	size	NOUN
emaj-230	140	9	effects	effect	NOUN
emaj-230	140	10	is	be	AUX
emaj-230	140	11	done	do	VERB
emaj-230	140	12	at	at	ADP
emaj-230	140	13	individual	individual	ADJ
emaj-230	140	14	(	(	PUNCT
emaj-230	140	15	country	country	NOUN
emaj-230	140	16	)	)	PUNCT
emaj-230	140	17	level	level	NOUN
emaj-230	140	18	,	,	PUNCT
emaj-230	140	19	by	by	ADP
emaj-230	140	20	augmenting	augment	VERB
emaj-230	140	21	the	the	DET
emaj-230	140	22	i	i	PROPN
emaj-230	140	23	-	-	PUNCT
emaj-230	140	24	capm	capm	PROPN
emaj-230	140	25	relationship	relationship	NOUN
emaj-230	140	26	for	for	ADP
emaj-230	140	27	each	each	DET
emaj-230	140	28	market	market	NOUN
emaj-230	140	29	index	index	NOUN
emaj-230	140	30	with	with	ADP
emaj-230	140	31	a	a	DET
emaj-230	140	32	local	local	ADJ
emaj-230	140	33	factor	factor	NOUN
emaj-230	140	34	,	,	PUNCT
emaj-230	140	35	the	the	DET
emaj-230	140	36	size	size	NOUN
emaj-230	140	37	of	of	ADP
emaj-230	140	38	market	market	NOUN
emaj-230	140	39	capitalization	capitalization	NOUN
emaj-230	140	40	.	.	PUNCT
emaj-230	141	1	time	time	NOUN
emaj-230	141	2	series	series	PROPN
emaj-230	141	3	regressions	regression	NOUN
emaj-230	141	4	of	of	ADP
emaj-230	141	5	expected	expect	VERB
emaj-230	141	6	returns	return	NOUN
emaj-230	141	7	on	on	ADP
emaj-230	141	8	the	the	DET
emaj-230	141	9	global	global	ADJ
emaj-230	141	10	factor	factor	NOUN
emaj-230	141	11	,	,	PUNCT
emaj-230	141	12	the	the	DET
emaj-230	141	13	world	world	NOUN
emaj-230	141	14	market	market	NOUN
emaj-230	141	15	index	index	NOUN
emaj-230	141	16	and	and	CCONJ
emaj-230	141	17	a	a	DET
emaj-230	141	18	proxy	proxy	NOUN
emaj-230	141	19	for	for	ADP
emaj-230	141	20	market	market	NOUN
emaj-230	141	21	size	size	NOUN
emaj-230	141	22	,	,	PUNCT
emaj-230	141	23	are	be	AUX
emaj-230	141	24	estimated	estimate	VERB
emaj-230	141	25	in	in	ADP
emaj-230	141	26	the	the	DET
emaj-230	141	27	following	follow	VERB
emaj-230	141	28	simple	simple	ADJ
emaj-230	141	29	framework	framework	NOUN
emaj-230	141	30	:	:	PUNCT
emaj-230	141	31	𝑟𝑑𝑡	𝑟𝑑𝑡	VERB
emaj-230	142	1	−	−	PROPN
emaj-230	142	2	𝑟𝑓𝑡	𝑟𝑓𝑡	PROPN
emaj-230	142	3	=	=	SYM
emaj-230	142	4	𝛼	𝛼	NOUN
emaj-230	142	5	+	+	CCONJ
emaj-230	142	6	𝛽(𝑟𝑤𝑡	𝛽(𝑟𝑤𝑡	ADJ
emaj-230	142	7	−	−	PROPN
emaj-230	142	8	𝑟𝑓𝑡	𝑟𝑓𝑡	PROPN
emaj-230	142	9	)	)	PUNCT
emaj-230	143	1	+	+	CCONJ
emaj-230	143	2	𝛾𝑆𝑖𝑧𝑒𝑡−1	𝛾𝑆𝑖𝑧𝑒𝑡−1	PROPN
emaj-230	143	3	+	+	CCONJ
emaj-230	143	4	휀𝑡	휀𝑡	PROPN
emaj-230	143	5	,	,	PUNCT
emaj-230	143	6	(	(	PUNCT
emaj-230	143	7	2	2	NUM
emaj-230	143	8	)	)	PUNCT
emaj-230	143	9	where	where	SCONJ
emaj-230	143	10	𝑟𝑑𝑡	𝑟𝑑𝑡	NOUN
emaj-230	143	11	are	be	AUX
emaj-230	143	12	(	(	PUNCT
emaj-230	143	13	monthly	monthly	ADJ
emaj-230	143	14	)	)	PUNCT
emaj-230	143	15	returns	return	NOUN
emaj-230	143	16	on	on	ADP
emaj-230	143	17	the	the	DET
emaj-230	143	18	domestic	domestic	ADJ
emaj-230	143	19	market	market	NOUN
emaj-230	143	20	index	index	NOUN
emaj-230	143	21	for	for	ADP
emaj-230	143	22	each	each	DET
emaj-230	143	23	developed	develop	VERB
emaj-230	143	24	and	and	CCONJ
emaj-230	143	25	emerging	emerge	VERB
emaj-230	143	26	country	country	NOUN
emaj-230	143	27	in	in	ADP
emaj-230	143	28	our	our	PRON
emaj-230	143	29	dataset	dataset	NOUN
emaj-230	143	30	,	,	PUNCT
emaj-230	143	31	𝑟𝑤𝑡	𝑟𝑤𝑡	VERB
emaj-230	143	32	are	be	AUX
emaj-230	143	33	the	the	DET
emaj-230	143	34	returns	return	NOUN
emaj-230	143	35	on	on	ADP
emaj-230	143	36	the	the	DET
emaj-230	143	37	world	world	NOUN
emaj-230	143	38	market	market	NOUN
emaj-230	143	39	index	index	NOUN
emaj-230	143	40	,	,	PUNCT
emaj-230	143	41	𝑟𝑓𝑡	𝑟𝑓𝑡	PROPN
emaj-230	143	42	is	be	AUX
emaj-230	143	43	the	the	DET
emaj-230	143	44	risk	risk	NOUN
emaj-230	143	45	-	-	PUNCT
emaj-230	143	46	free	free	ADJ
emaj-230	143	47	rate	rate	NOUN
emaj-230	143	48	and	and	CCONJ
emaj-230	143	49	𝛼	𝛼	PRON
emaj-230	143	50	and	and	CCONJ
emaj-230	143	51	휀𝑡	휀𝑡	PROPN
emaj-230	143	52	are	be	AUX
emaj-230	143	53	respectively	respectively	ADV
emaj-230	143	54	the	the	DET
emaj-230	143	55	intercept	intercept	NOUN
emaj-230	143	56	and	and	CCONJ
emaj-230	143	57	the	the	DET
emaj-230	143	58	error	error	NOUN
emaj-230	143	59	term	term	NOUN
emaj-230	143	60	.	.	PUNCT
emaj-230	144	1	𝑆𝑖𝑧𝑒𝑡−1	𝑆𝑖𝑧𝑒𝑡−1	PROPN
emaj-230	144	2	is	be	AUX
emaj-230	144	3	proxied	proxie	VERB
emaj-230	144	4	by	by	ADP
emaj-230	144	5	the	the	DET
emaj-230	144	6	share	share	NOUN
emaj-230	144	7	of	of	ADP
emaj-230	144	8	the	the	DET
emaj-230	144	9	country	country	NOUN
emaj-230	144	10	’s	’s	PART
emaj-230	144	11	market	market	NOUN
emaj-230	144	12	capitalization	capitalization	NOUN
emaj-230	144	13	in	in	ADP
emaj-230	144	14	the	the	DET
emaj-230	144	15	world	world	NOUN
emaj-230	144	16	market	market	NOUN
emaj-230	144	17	(	(	PUNCT
emaj-230	144	18	in	in	ADP
emaj-230	144	19	percentages	percentage	NOUN
emaj-230	144	20	)	)	PUNCT
emaj-230	144	21	.	.	PUNCT
emaj-230	145	1	the	the	DET
emaj-230	145	2	time	time	NOUN
emaj-230	145	3	series	series	PROPN
emaj-230	145	4	dimension	dimension	PROPN
emaj-230	145	5	allows	allow	VERB
emaj-230	145	6	us	we	PRON
emaj-230	145	7	to	to	PART
emaj-230	145	8	test	test	VERB
emaj-230	145	9	whether	whether	SCONJ
emaj-230	145	10	the	the	DET
emaj-230	145	11	inverse	inverse	NOUN
emaj-230	145	12	relationship	relationship	NOUN
emaj-230	145	13	between	between	ADP
emaj-230	145	14	market	market	NOUN
emaj-230	145	15	size	size	NOUN
emaj-230	145	16	and	and	CCONJ
emaj-230	145	17	expected	expect	VERB
emaj-230	145	18	returns	return	NOUN
emaj-230	145	19	holds	hold	VERB
emaj-230	145	20	within	within	ADP
emaj-230	145	21	each	each	DET
emaj-230	145	22	market	market	NOUN
emaj-230	145	23	.	.	PUNCT
emaj-230	146	1	at	at	ADP
emaj-230	146	2	any	any	DET
emaj-230	146	3	point	point	NOUN
emaj-230	146	4	in	in	ADP
emaj-230	146	5	time	time	NOUN
emaj-230	146	6	,	,	PUNCT
emaj-230	146	7	market	market	NOUN
emaj-230	146	8	size	size	NOUN
emaj-230	146	9	can	can	AUX
emaj-230	146	10	be	be	AUX
emaj-230	146	11	interpreted	interpret	VERB
emaj-230	146	12	as	as	ADP
emaj-230	146	13	the	the	DET
emaj-230	146	14	demand	demand	NOUN
emaj-230	146	15	of	of	ADP
emaj-230	146	16	assets	asset	NOUN
emaj-230	146	17	both	both	CCONJ
emaj-230	146	18	from	from	ADP
emaj-230	146	19	domestic	domestic	ADJ
emaj-230	146	20	and	and	CCONJ
emaj-230	146	21	foreign	foreign	ADJ
emaj-230	146	22	investors	investor	NOUN
emaj-230	146	23	in	in	ADP
emaj-230	146	24	a	a	DET
emaj-230	146	25	given	give	VERB
emaj-230	146	26	country	country	NOUN
emaj-230	146	27	.	.	PUNCT
emaj-230	147	1	a	a	DET
emaj-230	147	2	negative	negative	ADJ
emaj-230	147	3	relationship	relationship	NOUN
emaj-230	147	4	between	between	ADP
emaj-230	147	5	market	market	NOUN
emaj-230	147	6	size	size	NOUN
emaj-230	147	7	and	and	CCONJ
emaj-230	147	8	returns	return	NOUN
emaj-230	147	9	,	,	PUNCT
emaj-230	147	10	shows	show	VERB
emaj-230	147	11	that	that	SCONJ
emaj-230	147	12	as	as	SCONJ
emaj-230	147	13	the	the	DET
emaj-230	147	14	market	market	NOUN
emaj-230	147	15	size	size	NOUN
emaj-230	147	16	increases	increase	NOUN
emaj-230	147	17	,	,	PUNCT
emaj-230	147	18	expected	expect	VERB
emaj-230	147	19	returns	return	NOUN
emaj-230	147	20	decrease	decrease	NOUN
emaj-230	147	21	and	and	CCONJ
emaj-230	147	22	the	the	DET
emaj-230	147	23	size	size	NOUN
emaj-230	147	24	premium	premium	NOUN
emaj-230	147	25	for	for	ADP
emaj-230	147	26	that	that	DET
emaj-230	147	27	market	market	NOUN
emaj-230	147	28	is	be	AUX
emaj-230	147	29	eroded	erode	VERB
emaj-230	147	30	.	.	PUNCT
emaj-230	148	1	the	the	DET
emaj-230	148	2	effects	effect	NOUN
emaj-230	148	3	of	of	ADP
emaj-230	148	4	market	market	NOUN
emaj-230	148	5	size	size	NOUN
emaj-230	148	6	on	on	ADP
emaj-230	148	7	expected	expect	VERB
emaj-230	148	8	returns	return	NOUN
emaj-230	148	9	over	over	ADP
emaj-230	148	10	time	time	NOUN
emaj-230	148	11	are	be	AUX
emaj-230	148	12	estimated	estimate	VERB
emaj-230	148	13	using	use	VERB
emaj-230	148	14	equation	equation	NOUN
emaj-230	148	15	2	2	NUM
emaj-230	148	16	,	,	PUNCT
emaj-230	148	17	individually	individually	ADV
emaj-230	148	18	for	for	ADP
emaj-230	148	19	all	all	PRON
emaj-230	148	20	developed	develop	VERB
emaj-230	148	21	(	(	PUNCT
emaj-230	148	22	oecd	oecd	PROPN
emaj-230	148	23	member	member	NOUN
emaj-230	148	24	states	state	NOUN
emaj-230	148	25	)	)	PUNCT
emaj-230	148	26	and	and	CCONJ
emaj-230	148	27	emerging	emerge	VERB
emaj-230	148	28	countries	country	NOUN
emaj-230	148	29	in	in	ADP
emaj-230	148	30	the	the	DET
emaj-230	148	31	sample	sample	NOUN
emaj-230	148	32	using	use	VERB
emaj-230	148	33	both	both	DET
emaj-230	148	34	databases	database	NOUN
emaj-230	148	35	available	available	ADJ
emaj-230	148	36	.	.	PUNCT
emaj-230	149	1	regressions	regression	NOUN
emaj-230	149	2	based	base	VERB
emaj-230	149	3	on	on	ADP
emaj-230	149	4	the	the	DET
emaj-230	149	5	datastream	datastream	ADJ
emaj-230	149	6	data	datum	NOUN
emaj-230	149	7	presented	present	VERB
emaj-230	149	8	in	in	ADP
emaj-230	149	9	table	table	NOUN
emaj-230	149	10	4	4	NUM
emaj-230	149	11	show	show	NOUN
emaj-230	149	12	that	that	SCONJ
emaj-230	149	13	size	size	NOUN
emaj-230	149	14	effects	effect	NOUN
emaj-230	149	15	have	have	VERB
emaj-230	149	16	the	the	DET
emaj-230	149	17	‘	'	PUNCT
emaj-230	149	18	correct	correct	ADJ
emaj-230	149	19	’	'	PUNCT
emaj-230	149	20	(	(	PUNCT
emaj-230	149	21	negative	negative	ADJ
emaj-230	149	22	)	)	PUNCT
emaj-230	149	23	sign	sign	NOUN
emaj-230	149	24	for	for	ADP
emaj-230	149	25	59	59	NUM
emaj-230	149	26	out	out	ADP
emaj-230	149	27	of	of	ADP
emaj-230	149	28	61	61	NUM
emaj-230	149	29	countries	country	NOUN
emaj-230	149	30	(	(	PUNCT
emaj-230	149	31	the	the	DET
emaj-230	149	32	only	only	ADJ
emaj-230	149	33	exceptions	exception	NOUN
emaj-230	149	34	being	be	AUX
emaj-230	149	35	estonia	estonia	PROPN
emaj-230	149	36	and	and	CCONJ
emaj-230	149	37	finland	finland	PROPN
emaj-230	149	38	)	)	PUNCT
emaj-230	149	39	.	.	PUNCT
emaj-230	150	1	the	the	DET
emaj-230	150	2	coefficients	coefficient	NOUN
emaj-230	150	3	are	be	AUX
emaj-230	150	4	statistically	statistically	ADV
emaj-230	150	5	significant	significant	ADJ
emaj-230	150	6	in	in	ADP
emaj-230	150	7	20	20	NUM
emaj-230	150	8	cases	case	NOUN
emaj-230	150	9	.	.	PUNCT
emaj-230	151	1	table	table	NOUN
emaj-230	151	2	4	4	NUM
emaj-230	151	3	:	:	PUNCT
emaj-230	151	4	size	size	NOUN
emaj-230	151	5	effects	effect	NOUN
emaj-230	151	6	,	,	PUNCT
emaj-230	151	7	time	time	NOUN
emaj-230	151	8	series	series	NOUN
emaj-230	151	9	regressions	regression	NOUN
emaj-230	151	10	(	(	PUNCT
emaj-230	151	11	datastream	datastream	ADJ
emaj-230	151	12	data	data	NOUN
emaj-230	151	13	)	)	PUNCT
emaj-230	151	14	source	source	NOUN
emaj-230	151	15	:	:	PUNCT
emaj-230	151	16	authors	author	NOUN
emaj-230	151	17	’	'	PUNCT
emaj-230	151	18	own	own	ADJ
emaj-230	151	19	compilation	compilation	NOUN
emaj-230	151	20	volume	volume	NOUN
emaj-230	151	21	11	11	NUM
emaj-230	151	22	no	no	DET
emaj-230	151	23	1	1	NUM
emaj-230	151	24	(	(	PUNCT
emaj-230	151	25	2021	2021	NUM
emaj-230	151	26	)	)	PUNCT
emaj-230	151	27	|	|	ADV
emaj-230	151	28	issn	issn	VERB
emaj-230	151	29	2158	2158	NUM
emaj-230	151	30	-	-	SYM
emaj-230	151	31	8708	8708	NUM
emaj-230	151	32	(	(	PUNCT
emaj-230	151	33	online	online	NOUN
emaj-230	151	34	)	)	PUNCT
emaj-230	151	35	|	|	ADV
emaj-230	151	36	doi	doi	X
emaj-230	151	37	10.5195	10.5195	NUM
emaj-230	151	38	/	/	SYM
emaj-230	151	39	emaj.2021.230	emaj.2021.230	PROPN
emaj-230	152	1	|	|	ADV
emaj-230	152	2	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-230	152	3	crina	crina	PROPN
emaj-230	152	4	pungulescu	pungulescu	NOUN
emaj-230	152	5	emerging	emerge	VERB
emaj-230	152	6	markets	market	NOUN
emaj-230	152	7	journal	journal	NOUN
emaj-230	152	8	|	|	ADV
emaj-230	152	9	p	p	NOUN
emaj-230	152	10	a	a	DET
emaj-230	152	11	g	g	NOUN
emaj-230	152	12	e	e	NOUN
emaj-230	152	13	3	3	NUM
emaj-230	152	14	5	5	NUM
emaj-230	152	15	this	this	DET
emaj-230	152	16	table	table	NOUN
emaj-230	152	17	reports	report	VERB
emaj-230	152	18	world	world	NOUN
emaj-230	152	19	market	market	NOUN
emaj-230	152	20	betas	beta	NOUN
emaj-230	152	21	and	and	CCONJ
emaj-230	152	22	the	the	DET
emaj-230	152	23	country	country	NOUN
emaj-230	152	24	size	size	NOUN
emaj-230	152	25	effects	effect	NOUN
emaj-230	152	26	based	base	VERB
emaj-230	152	27	on	on	ADP
emaj-230	152	28	the	the	DET
emaj-230	152	29	regression	regression	NOUN
emaj-230	152	30	of	of	ADP
emaj-230	152	31	domestic	domestic	ADJ
emaj-230	152	32	(	(	PUNCT
emaj-230	152	33	monthly	monthly	ADJ
emaj-230	152	34	)	)	PUNCT
emaj-230	152	35	excess	excess	ADJ
emaj-230	152	36	returns	return	NOUN
emaj-230	152	37	on	on	ADP
emaj-230	152	38	the	the	DET
emaj-230	152	39	(	(	PUNCT
emaj-230	152	40	excess	excess	ADJ
emaj-230	152	41	)	)	PUNCT
emaj-230	152	42	returns	return	NOUN
emaj-230	152	43	on	on	ADP
emaj-230	152	44	the	the	DET
emaj-230	152	45	world	world	NOUN
emaj-230	152	46	market	market	NOUN
emaj-230	152	47	index	index	NOUN
emaj-230	152	48	and	and	CCONJ
emaj-230	152	49	a	a	DET
emaj-230	152	50	proxy	proxy	NOUN
emaj-230	152	51	of	of	ADP
emaj-230	152	52	market	market	NOUN
emaj-230	152	53	size	size	NOUN
emaj-230	152	54	.	.	PUNCT
emaj-230	153	1	size	size	NOUN
emaj-230	153	2	is	be	AUX
emaj-230	153	3	proxied	proxie	VERB
emaj-230	153	4	by	by	ADP
emaj-230	153	5	the	the	DET
emaj-230	153	6	share	share	NOUN
emaj-230	153	7	of	of	ADP
emaj-230	153	8	a	a	DET
emaj-230	153	9	country	country	NOUN
emaj-230	153	10	's	's	PART
emaj-230	153	11	market	market	NOUN
emaj-230	153	12	capitalization	capitalization	NOUN
emaj-230	153	13	in	in	ADP
emaj-230	153	14	the	the	DET
emaj-230	153	15	world	world	NOUN
emaj-230	153	16	market	market	NOUN
emaj-230	153	17	(	(	PUNCT
emaj-230	153	18	in	in	ADP
emaj-230	153	19	percentages	percentage	NOUN
emaj-230	153	20	)	)	PUNCT
emaj-230	153	21	.	.	PUNCT
emaj-230	154	1	statistical	statistical	ADJ
emaj-230	154	2	inference	inference	NOUN
emaj-230	154	3	is	be	AUX
emaj-230	154	4	based	base	VERB
emaj-230	154	5	on	on	ADP
emaj-230	154	6	newey	newey	PROPN
emaj-230	154	7	-	-	PUNCT
emaj-230	154	8	west	west	ADJ
emaj-230	154	9	standard	standard	ADJ
emaj-230	154	10	errors	error	NOUN
emaj-230	154	11	and	and	CCONJ
emaj-230	154	12	significance	significance	NOUN
emaj-230	154	13	is	be	AUX
emaj-230	154	14	denoted	denote	VERB
emaj-230	154	15	by	by	ADP
emaj-230	154	16	*	*	PROPN
emaj-230	154	17	*	*	PUNCT
emaj-230	154	18	*	*	PUNCT
emaj-230	154	19	(	(	PUNCT
emaj-230	154	20	at	at	ADP
emaj-230	154	21	1	1	NUM
emaj-230	154	22	%	%	NOUN
emaj-230	154	23	)	)	PUNCT
emaj-230	154	24	,	,	PUNCT
emaj-230	154	25	*	*	PUNCT
emaj-230	154	26	*	*	PUNCT
emaj-230	154	27	(	(	PUNCT
emaj-230	154	28	at	at	ADP
emaj-230	154	29	5	5	NUM
emaj-230	154	30	%	%	NOUN
emaj-230	154	31	)	)	PUNCT
emaj-230	154	32	and	and	CCONJ
emaj-230	154	33	*	*	PUNCT
emaj-230	154	34	(	(	PUNCT
emaj-230	154	35	at	at	ADP
emaj-230	154	36	10	10	NUM
emaj-230	154	37	%	%	NOUN
emaj-230	154	38	)	)	PUNCT
emaj-230	154	39	.	.	PUNCT
emaj-230	155	1	table	table	NOUN
emaj-230	155	2	5	5	NUM
emaj-230	155	3	repeats	repeat	VERB
emaj-230	155	4	the	the	DET
emaj-230	155	5	estimation	estimation	NOUN
emaj-230	155	6	for	for	ADP
emaj-230	155	7	the	the	DET
emaj-230	155	8	emdb	emdb	PROPN
emaj-230	155	9	database	database	NOUN
emaj-230	155	10	,	,	PUNCT
emaj-230	155	11	which	which	PRON
emaj-230	155	12	allows	allow	VERB
emaj-230	155	13	for	for	SCONJ
emaj-230	155	14	size	size	NOUN
emaj-230	155	15	effects	effect	NOUN
emaj-230	155	16	to	to	PART
emaj-230	155	17	be	be	AUX
emaj-230	155	18	investigated	investigate	VERB
emaj-230	155	19	not	not	PART
emaj-230	155	20	only	only	ADV
emaj-230	155	21	for	for	ADP
emaj-230	155	22	global	global	ADJ
emaj-230	155	23	indices	index	NOUN
emaj-230	155	24	,	,	PUNCT
emaj-230	155	25	but	but	CCONJ
emaj-230	155	26	also	also	ADV
emaj-230	155	27	for	for	ADP
emaj-230	155	28	the	the	DET
emaj-230	155	29	submarkets	submarket	NOUN
emaj-230	155	30	of	of	ADP
emaj-230	155	31	investable	investable	ADJ
emaj-230	155	32	indices	index	NOUN
emaj-230	155	33	(	(	PUNCT
emaj-230	155	34	assets	asset	NOUN
emaj-230	155	35	available	available	ADJ
emaj-230	155	36	to	to	ADP
emaj-230	155	37	foreign	foreign	ADJ
emaj-230	155	38	investors	investor	NOUN
emaj-230	155	39	)	)	PUNCT
emaj-230	155	40	and	and	CCONJ
emaj-230	155	41	non	non	ADJ
emaj-230	155	42	-	-	ADJ
emaj-230	155	43	investable	investable	ADJ
emaj-230	155	44	indices	index	NOUN
emaj-230	155	45	(	(	PUNCT
emaj-230	155	46	assets	asset	NOUN
emaj-230	155	47	available	available	ADJ
emaj-230	155	48	only	only	ADV
emaj-230	155	49	to	to	ADP
emaj-230	155	50	domestic	domestic	ADJ
emaj-230	155	51	investors	investor	NOUN
emaj-230	155	52	)	)	PUNCT
emaj-230	155	53	.	.	PUNCT
emaj-230	156	1	the	the	DET
emaj-230	156	2	sign	sign	NOUN
emaj-230	156	3	and	and	CCONJ
emaj-230	156	4	statistical	statistical	ADJ
emaj-230	156	5	significance	significance	NOUN
emaj-230	156	6	of	of	ADP
emaj-230	156	7	country	country	NOUN
emaj-230	156	8	size	size	NOUN
emaj-230	156	9	effects	effect	NOUN
emaj-230	156	10	are	be	AUX
emaj-230	156	11	reported	report	VERB
emaj-230	156	12	for	for	ADP
emaj-230	156	13	each	each	DET
emaj-230	156	14	emerging	emerge	VERB
emaj-230	156	15	market	market	NOUN
emaj-230	156	16	in	in	ADP
emaj-230	156	17	the	the	DET
emaj-230	156	18	sample	sample	NOUN
emaj-230	156	19	as	as	ADV
emaj-230	156	20	well	well	ADV
emaj-230	156	21	as	as	ADP
emaj-230	156	22	for	for	ADP
emaj-230	156	23	7	7	NUM
emaj-230	156	24	composite	composite	ADJ
emaj-230	156	25	indices	index	NOUN
emaj-230	156	26	.	.	PUNCT
emaj-230	157	1	most	most	ADJ
emaj-230	157	2	countries	country	NOUN
emaj-230	157	3	and	and	CCONJ
emaj-230	157	4	groups	group	NOUN
emaj-230	157	5	of	of	ADP
emaj-230	157	6	countries	country	NOUN
emaj-230	157	7	exhibit	exhibit	VERB
emaj-230	157	8	negative	negative	ADJ
emaj-230	157	9	size	size	NOUN
emaj-230	157	10	effects	effect	NOUN
emaj-230	157	11	:	:	PUNCT
emaj-230	157	12	34	34	NUM
emaj-230	157	13	(	(	PUNCT
emaj-230	157	14	respectively	respectively	ADV
emaj-230	157	15	29	29	NUM
emaj-230	157	16	)	)	PUNCT
emaj-230	157	17	countries	country	NOUN
emaj-230	157	18	out	out	ADP
emaj-230	157	19	of	of	ADP
emaj-230	157	20	35	35	NUM
emaj-230	157	21	for	for	ADP
emaj-230	157	22	investable	investable	ADJ
emaj-230	157	23	(	(	PUNCT
emaj-230	157	24	non	non	ADJ
emaj-230	157	25	-	-	ADJ
emaj-230	157	26	investable	investable	ADJ
emaj-230	157	27	)	)	PUNCT
emaj-230	157	28	indices	index	NOUN
emaj-230	157	29	as	as	ADV
emaj-230	157	30	well	well	ADV
emaj-230	157	31	as	as	ADP
emaj-230	157	32	37	37	NUM
emaj-230	157	33	out	out	ADP
emaj-230	157	34	of	of	ADP
emaj-230	157	35	38	38	NUM
emaj-230	157	36	for	for	ADP
emaj-230	157	37	global	global	ADJ
emaj-230	157	38	indices	index	NOUN
emaj-230	157	39	.	.	PUNCT
emaj-230	158	1	the	the	DET
emaj-230	158	2	effects	effect	NOUN
emaj-230	158	3	are	be	AUX
emaj-230	158	4	statistically	statistically	ADV
emaj-230	158	5	significant	significant	ADJ
emaj-230	158	6	in	in	ADP
emaj-230	158	7	many	many	ADJ
emaj-230	158	8	cases	case	NOUN
emaj-230	158	9	:	:	PUNCT
emaj-230	158	10	12	12	NUM
emaj-230	158	11	for	for	ADP
emaj-230	158	12	the	the	DET
emaj-230	158	13	investable	investable	ADJ
emaj-230	158	14	indices	index	NOUN
emaj-230	158	15	and	and	CCONJ
emaj-230	158	16	10	10	NUM
emaj-230	158	17	(	(	PUNCT
emaj-230	158	18	19	19	NUM
emaj-230	158	19	)	)	PUNCT
emaj-230	158	20	for	for	ADP
emaj-230	158	21	returns	return	NOUN
emaj-230	158	22	on	on	ADP
emaj-230	158	23	non	non	ADJ
emaj-230	158	24	-	-	ADJ
emaj-230	158	25	investable	investable	ADJ
emaj-230	158	26	(	(	PUNCT
emaj-230	158	27	global	global	ADJ
emaj-230	158	28	)	)	PUNCT
emaj-230	158	29	indices	index	NOUN
emaj-230	158	30	.	.	PUNCT
emaj-230	159	1	these	these	DET
emaj-230	159	2	results	result	NOUN
emaj-230	159	3	suggest	suggest	VERB
emaj-230	159	4	that	that	SCONJ
emaj-230	159	5	the	the	DET
emaj-230	159	6	cost	cost	NOUN
emaj-230	159	7	of	of	ADP
emaj-230	159	8	capital	capital	NOUN
emaj-230	159	9	tends	tend	VERB
emaj-230	159	10	to	to	PART
emaj-230	159	11	increase	increase	VERB
emaj-230	159	12	when	when	SCONJ
emaj-230	159	13	markets	market	NOUN
emaj-230	159	14	are	be	AUX
emaj-230	159	15	smaller	small	ADJ
emaj-230	159	16	or	or	CCONJ
emaj-230	159	17	less	less	ADV
emaj-230	159	18	developed	developed	ADJ
emaj-230	159	19	.	.	PUNCT
emaj-230	160	1	among	among	ADP
emaj-230	160	2	the	the	DET
emaj-230	160	3	regional	regional	ADJ
emaj-230	160	4	return	return	NOUN
emaj-230	160	5	indices	index	NOUN
emaj-230	160	6	,	,	PUNCT
emaj-230	160	7	the	the	DET
emaj-230	160	8	relationship	relationship	NOUN
emaj-230	160	9	between	between	ADP
emaj-230	160	10	market	market	NOUN
emaj-230	160	11	size	size	NOUN
emaj-230	160	12	and	and	CCONJ
emaj-230	160	13	expected	expect	VERB
emaj-230	160	14	returns	return	NOUN
emaj-230	160	15	is	be	AUX
emaj-230	160	16	predominantly	predominantly	ADV
emaj-230	160	17	negative	negative	ADJ
emaj-230	160	18	,	,	PUNCT
emaj-230	160	19	the	the	DET
emaj-230	160	20	few	few	ADJ
emaj-230	160	21	exceptions	exception	NOUN
emaj-230	160	22	being	be	AUX
emaj-230	160	23	highly	highly	ADV
emaj-230	160	24	insignificant	insignificant	ADJ
emaj-230	160	25	statistically	statistically	ADV
emaj-230	160	26	.	.	PUNCT
emaj-230	161	1	the	the	DET
emaj-230	161	2	composite	composite	ADJ
emaj-230	161	3	(	(	PUNCT
emaj-230	161	4	all	all	DET
emaj-230	161	5	countries	country	NOUN
emaj-230	161	6	)	)	PUNCT
emaj-230	161	7	index	index	NOUN
emaj-230	161	8	as	as	ADV
emaj-230	161	9	well	well	ADV
emaj-230	161	10	as	as	ADP
emaj-230	161	11	the	the	DET
emaj-230	161	12	indices	index	NOUN
emaj-230	161	13	for	for	ADP
emaj-230	161	14	latin	latin	PROPN
emaj-230	161	15	america	america	PROPN
emaj-230	161	16	,	,	PUNCT
emaj-230	161	17	asia	asia	PROPN
emaj-230	161	18	and	and	CCONJ
emaj-230	161	19	europe	europe	PROPN
emaj-230	161	20	produce	produce	VERB
emaj-230	161	21	consistently	consistently	ADV
emaj-230	161	22	negative	negative	ADJ
emaj-230	161	23	size	size	NOUN
emaj-230	161	24	effects	effect	NOUN
emaj-230	161	25	.	.	PUNCT
emaj-230	162	1	table	table	NOUN
emaj-230	162	2	5	5	NUM
emaj-230	162	3	:	:	PUNCT
emaj-230	162	4	size	size	NOUN
emaj-230	162	5	effects	effect	NOUN
emaj-230	162	6	,	,	PUNCT
emaj-230	162	7	time	time	NOUN
emaj-230	162	8	series	series	NOUN
emaj-230	162	9	regressions	regression	NOUN
emaj-230	162	10	(	(	PUNCT
emaj-230	162	11	emdb	emdb	PROPN
emaj-230	162	12	data	data	PROPN
emaj-230	162	13	)	)	PUNCT
emaj-230	162	14	source	source	NOUN
emaj-230	162	15	:	:	PUNCT
emaj-230	162	16	authors	author	NOUN
emaj-230	162	17	’	'	PUNCT
emaj-230	162	18	own	own	ADJ
emaj-230	162	19	compilation	compilation	NOUN
emaj-230	162	20	this	this	DET
emaj-230	162	21	table	table	NOUN
emaj-230	162	22	reports	report	VERB
emaj-230	162	23	world	world	NOUN
emaj-230	162	24	market	market	NOUN
emaj-230	162	25	betas	beta	NOUN
emaj-230	162	26	and	and	CCONJ
emaj-230	162	27	the	the	DET
emaj-230	162	28	country	country	NOUN
emaj-230	162	29	size	size	NOUN
emaj-230	162	30	effects	effect	NOUN
emaj-230	162	31	based	base	VERB
emaj-230	162	32	on	on	ADP
emaj-230	162	33	the	the	DET
emaj-230	162	34	regression	regression	NOUN
emaj-230	162	35	of	of	ADP
emaj-230	162	36	domestic	domestic	ADJ
emaj-230	162	37	(	(	PUNCT
emaj-230	162	38	monthly	monthly	ADJ
emaj-230	162	39	)	)	PUNCT
emaj-230	162	40	excess	excess	ADJ
emaj-230	162	41	returns	return	NOUN
emaj-230	162	42	on	on	ADP
emaj-230	162	43	the	the	DET
emaj-230	162	44	(	(	PUNCT
emaj-230	162	45	excess	excess	ADJ
emaj-230	162	46	)	)	PUNCT
emaj-230	162	47	returns	return	NOUN
emaj-230	162	48	on	on	ADP
emaj-230	162	49	the	the	DET
emaj-230	162	50	world	world	NOUN
emaj-230	162	51	market	market	NOUN
emaj-230	162	52	index	index	NOUN
emaj-230	162	53	and	and	CCONJ
emaj-230	162	54	a	a	DET
emaj-230	162	55	proxy	proxy	NOUN
emaj-230	162	56	of	of	ADP
emaj-230	162	57	market	market	NOUN
emaj-230	162	58	size	size	NOUN
emaj-230	162	59	.	.	PUNCT
emaj-230	163	1	size	size	NOUN
emaj-230	163	2	is	be	AUX
emaj-230	163	3	proxied	proxie	VERB
emaj-230	163	4	by	by	ADP
emaj-230	163	5	the	the	DET
emaj-230	163	6	share	share	NOUN
emaj-230	163	7	of	of	ADP
emaj-230	163	8	the	the	DET
emaj-230	163	9	country	country	NOUN
emaj-230	163	10	's	's	PART
emaj-230	163	11	market	market	NOUN
emaj-230	163	12	capitalization	capitalization	NOUN
emaj-230	163	13	in	in	ADP
emaj-230	163	14	the	the	DET
emaj-230	163	15	world	world	NOUN
emaj-230	163	16	market	market	NOUN
emaj-230	163	17	(	(	PUNCT
emaj-230	163	18	in	in	ADP
emaj-230	163	19	percentages	percentage	NOUN
emaj-230	163	20	)	)	PUNCT
emaj-230	163	21	.	.	PUNCT
emaj-230	164	1	statistical	statistical	ADJ
emaj-230	164	2	inference	inference	NOUN
emaj-230	164	3	is	be	AUX
emaj-230	164	4	based	base	VERB
emaj-230	164	5	on	on	ADP
emaj-230	164	6	newey	newey	PROPN
emaj-230	164	7	-	-	PUNCT
emaj-230	164	8	west	west	ADJ
emaj-230	164	9	standard	standard	ADJ
emaj-230	164	10	errors	error	NOUN
emaj-230	164	11	and	and	CCONJ
emaj-230	164	12	significance	significance	NOUN
emaj-230	164	13	is	be	AUX
emaj-230	164	14	denoted	denote	VERB
emaj-230	164	15	by	by	ADP
emaj-230	164	16	*	*	PROPN
emaj-230	164	17	*	*	PUNCT
emaj-230	164	18	*	*	PUNCT
emaj-230	164	19	(	(	PUNCT
emaj-230	164	20	at	at	ADP
emaj-230	164	21	1	1	NUM
emaj-230	164	22	%	%	NOUN
emaj-230	164	23	)	)	PUNCT
emaj-230	164	24	,	,	PUNCT
emaj-230	164	25	*	*	PUNCT
emaj-230	164	26	*	*	PUNCT
emaj-230	164	27	(	(	PUNCT
emaj-230	164	28	at	at	ADP
emaj-230	164	29	5	5	NUM
emaj-230	164	30	%	%	NOUN
emaj-230	164	31	)	)	PUNCT
emaj-230	164	32	and	and	CCONJ
emaj-230	164	33	*	*	PUNCT
emaj-230	164	34	(	(	PUNCT
emaj-230	164	35	at	at	ADP
emaj-230	164	36	10	10	NUM
emaj-230	164	37	%	%	NOUN
emaj-230	164	38	)	)	PUNCT
emaj-230	164	39	.	.	PUNCT
emaj-230	165	1	these	these	DET
emaj-230	165	2	findings	finding	NOUN
emaj-230	165	3	suggest	suggest	VERB
emaj-230	165	4	that	that	SCONJ
emaj-230	165	5	size	size	NOUN
emaj-230	165	6	effects	effect	NOUN
emaj-230	165	7	are	be	AUX
emaj-230	165	8	not	not	PART
emaj-230	165	9	particular	particular	ADJ
emaj-230	165	10	to	to	ADP
emaj-230	165	11	one	one	NUM
emaj-230	165	12	type	type	NOUN
emaj-230	165	13	of	of	ADP
emaj-230	165	14	countries	country	NOUN
emaj-230	165	15	,	,	PUNCT
emaj-230	165	16	but	but	CCONJ
emaj-230	165	17	belong	belong	VERB
emaj-230	165	18	to	to	ADP
emaj-230	165	19	a	a	DET
emaj-230	165	20	pattern	pattern	NOUN
emaj-230	165	21	common	common	ADJ
emaj-230	165	22	to	to	ADP
emaj-230	165	23	many	many	ADJ
emaj-230	165	24	emerging	emerge	VERB
emaj-230	165	25	as	as	ADV
emaj-230	165	26	well	well	ADV
emaj-230	165	27	as	as	ADP
emaj-230	165	28	developed	develop	VERB
emaj-230	165	29	countries	country	NOUN
emaj-230	165	30	.	.	PUNCT
emaj-230	166	1	although	although	SCONJ
emaj-230	166	2	developed	develop	VERB
emaj-230	166	3	markets	market	NOUN
emaj-230	166	4	are	be	AUX
emaj-230	166	5	better	well	ADV
emaj-230	166	6	integrated	integrate	VERB
emaj-230	166	7	in	in	ADP
emaj-230	166	8	the	the	DET
emaj-230	166	9	world	world	NOUN
emaj-230	166	10	market	market	NOUN
emaj-230	166	11	than	than	ADP
emaj-230	166	12	emerging	emerge	VERB
emaj-230	166	13	markets	market	NOUN
emaj-230	166	14	,	,	PUNCT
emaj-230	166	15	the	the	DET
emaj-230	166	16	process	process	NOUN
emaj-230	166	17	is	be	AUX
emaj-230	166	18	not	not	PART
emaj-230	166	19	complete	complete	ADJ
emaj-230	166	20	as	as	ADP
emaj-230	166	21	various	various	ADJ
emaj-230	166	22	transaction	transaction	NOUN
emaj-230	166	23	costs	cost	NOUN
emaj-230	166	24	and	and	CCONJ
emaj-230	166	25	informational	informational	ADJ
emaj-230	166	26	asymmetries	asymmetry	NOUN
emaj-230	166	27	still	still	ADV
emaj-230	166	28	in	in	ADP
emaj-230	166	29	place	place	NOUN
emaj-230	166	30	may	may	AUX
emaj-230	166	31	actually	actually	ADV
emaj-230	166	32	hinder	hinder	VERB
emaj-230	166	33	cross	cross	ADJ
emaj-230	166	34	-	-	ADJ
emaj-230	166	35	border	border	ADJ
emaj-230	166	36	equity	equity	NOUN
emaj-230	166	37	trade	trade	NOUN
emaj-230	166	38	.	.	PUNCT
emaj-230	167	1	aggregate	aggregate	ADJ
emaj-230	167	2	size	size	NOUN
emaj-230	167	3	effects	effect	NOUN
emaj-230	167	4	in	in	ADP
emaj-230	167	5	emerging	emerge	VERB
emaj-230	167	6	and	and	CCONJ
emaj-230	167	7	developed	developed	ADJ
emaj-230	167	8	markets	market	NOUN
emaj-230	167	9	market	market	NOUN
emaj-230	167	10	size	size	NOUN
emaj-230	167	11	effects	effect	NOUN
emaj-230	167	12	may	may	AUX
emaj-230	167	13	be	be	AUX
emaj-230	167	14	more	more	ADV
emaj-230	167	15	relevant	relevant	ADJ
emaj-230	167	16	in	in	ADP
emaj-230	167	17	crosscountry	crosscountry	PROPN
emaj-230	167	18	comparisons	comparison	NOUN
emaj-230	167	19	,	,	PUNCT
emaj-230	167	20	especially	especially	ADV
emaj-230	167	21	when	when	SCONJ
emaj-230	167	22	interpreted	interpret	VERB
emaj-230	167	23	as	as	ADP
emaj-230	167	24	evidence	evidence	NOUN
emaj-230	167	25	of	of	ADP
emaj-230	167	26	market	market	NOUN
emaj-230	167	27	segmentation	segmentation	NOUN
emaj-230	167	28	,	,	PUNCT
emaj-230	167	29	considering	consider	VERB
emaj-230	167	30	that	that	SCONJ
emaj-230	167	31	more	more	ADV
emaj-230	167	32	integrated	integrate	VERB
emaj-230	167	33	countries	country	NOUN
emaj-230	167	34	have	have	VERB
emaj-230	167	35	better	well	ADJ
emaj-230	167	36	access	access	NOUN
emaj-230	167	37	to	to	ADP
emaj-230	167	38	the	the	DET
emaj-230	167	39	available	available	ADJ
emaj-230	167	40	foreign	foreign	ADJ
emaj-230	167	41	capital	capital	NOUN
emaj-230	167	42	.	.	PUNCT
emaj-230	168	1	in	in	ADP
emaj-230	168	2	order	order	NOUN
emaj-230	168	3	to	to	PART
emaj-230	168	4	take	take	VERB
emaj-230	168	5	advantage	advantage	NOUN
emaj-230	168	6	of	of	ADP
emaj-230	168	7	both	both	CCONJ
emaj-230	168	8	the	the	DET
emaj-230	168	9	cross	cross	ADJ
emaj-230	168	10	-	-	ADJ
emaj-230	168	11	sectional	sectional	ADJ
emaj-230	168	12	and	and	CCONJ
emaj-230	168	13	time	time	NOUN
emaj-230	168	14	-	-	PUNCT
emaj-230	168	15	series	series	NOUN
emaj-230	168	16	dimension	dimension	NOUN
emaj-230	168	17	of	of	ADP
emaj-230	168	18	the	the	DET
emaj-230	168	19	data	datum	NOUN
emaj-230	168	20	,	,	PUNCT
emaj-230	168	21	panel	panel	NOUN
emaj-230	168	22	data	datum	NOUN
emaj-230	168	23	models	model	NOUN
emaj-230	168	24	,	,	PUNCT
emaj-230	168	25	allowing	allow	VERB
emaj-230	168	26	for	for	ADP
emaj-230	168	27	country	country	NOUN
emaj-230	168	28	fixed	fix	VERB
emaj-230	168	29	effects	effect	NOUN
emaj-230	168	30	,	,	PUNCT
emaj-230	168	31	become	become	VERB
emaj-230	168	32	the	the	DET
emaj-230	168	33	main	main	ADJ
emaj-230	168	34	regression	regression	NOUN
emaj-230	168	35	framework	framework	NOUN
emaj-230	168	36	.	.	PUNCT
emaj-230	169	1	the	the	DET
emaj-230	169	2	basic	basic	ADJ
emaj-230	169	3	panel	panel	NOUN
emaj-230	169	4	model	model	NOUN
emaj-230	169	5	involves	involve	VERB
emaj-230	169	6	regressing	regress	VERB
emaj-230	169	7	the	the	DET
emaj-230	169	8	domestic	domestic	ADJ
emaj-230	169	9	(	(	PUNCT
emaj-230	169	10	monthly	monthly	ADJ
emaj-230	169	11	)	)	PUNCT
emaj-230	169	12	excess	excess	ADJ
emaj-230	169	13	returns	return	NOUN
emaj-230	169	14	on	on	ADP
emaj-230	169	15	the	the	DET
emaj-230	169	16	(	(	PUNCT
emaj-230	169	17	excess	excess	ADJ
emaj-230	169	18	)	)	PUNCT
emaj-230	169	19	returns	return	NOUN
emaj-230	169	20	on	on	ADP
emaj-230	169	21	the	the	DET
emaj-230	169	22	world	world	NOUN
emaj-230	169	23	market	market	NOUN
emaj-230	169	24	index	index	NOUN
emaj-230	169	25	and	and	CCONJ
emaj-230	169	26	a	a	DET
emaj-230	169	27	proxy	proxy	NOUN
emaj-230	169	28	of	of	ADP
emaj-230	169	29	size	size	NOUN
emaj-230	169	30	:	:	PUNCT
emaj-230	169	31	𝑟𝑑𝑖,𝑡	𝑟𝑑𝑖,𝑡	NOUN
emaj-230	169	32	−	−	PROPN
emaj-230	169	33	𝑟𝑓𝑡	𝑟𝑓𝑡	PROPN
emaj-230	169	34	=	=	SYM
emaj-230	169	35	𝛼𝑖	𝛼𝑖	PROPN
emaj-230	169	36	+	+	CCONJ
emaj-230	169	37	𝛽(𝑟𝑤𝑡	𝛽(𝑟𝑤𝑡	ADJ
emaj-230	169	38	−	−	PROPN
emaj-230	169	39	𝑟𝑓𝑡	𝑟𝑓𝑡	PROPN
emaj-230	169	40	)	)	PUNCT
emaj-230	170	1	+	+	CCONJ
emaj-230	170	2	𝛾𝑆𝑖𝑧𝑒𝑖,𝑡−1	𝛾𝑆𝑖𝑧𝑒𝑖,𝑡−1	PROPN
emaj-230	170	3	+	+	SYM
emaj-230	170	4	휀𝑖,𝑡	휀𝑖,𝑡	NUM
emaj-230	170	5	,	,	PUNCT
emaj-230	170	6	(	(	PUNCT
emaj-230	170	7	3	3	X
emaj-230	170	8	)	)	PUNCT
emaj-230	170	9	where	where	SCONJ
emaj-230	170	10	𝛼𝑖	𝛼𝑖	PROPN
emaj-230	170	11	and	and	CCONJ
emaj-230	170	12	휀𝑖,𝑡	휀𝑖,𝑡	NUM
emaj-230	170	13	are	be	AUX
emaj-230	170	14	respectively	respectively	ADV
emaj-230	170	15	the	the	DET
emaj-230	170	16	intercept	intercept	NOUN
emaj-230	170	17	and	and	CCONJ
emaj-230	170	18	the	the	DET
emaj-230	170	19	error	error	NOUN
emaj-230	170	20	term	term	NOUN
emaj-230	170	21	.	.	PUNCT
emaj-230	171	1	𝑆𝑖𝑧𝑒𝑖,𝑡−1	𝑆𝑖𝑧𝑒𝑖,𝑡−1	PUNCT
emaj-230	171	2	is	be	AUX
emaj-230	171	3	proxied	proxie	VERB
emaj-230	171	4	by	by	ADP
emaj-230	171	5	the	the	DET
emaj-230	171	6	share	share	NOUN
emaj-230	171	7	of	of	ADP
emaj-230	171	8	the	the	DET
emaj-230	171	9	country	country	NOUN
emaj-230	171	10	𝑖	𝑖	PROPN
emaj-230	171	11	’s	’s	NOUN
emaj-230	171	12	market	market	NOUN
emaj-230	171	13	capitalization	capitalization	NOUN
emaj-230	171	14	in	in	ADP
emaj-230	171	15	the	the	DET
emaj-230	171	16	world	world	NOUN
emaj-230	171	17	market	market	NOUN
emaj-230	171	18	(	(	PUNCT
emaj-230	171	19	in	in	ADP
emaj-230	171	20	percentages	percentage	NOUN
emaj-230	171	21	)	)	PUNCT
emaj-230	171	22	.	.	PUNCT
emaj-230	172	1	the	the	DET
emaj-230	172	2	panel	panel	NOUN
emaj-230	172	3	data	data	VERB
emaj-230	172	4	estimations	estimation	NOUN
emaj-230	172	5	of	of	ADP
emaj-230	172	6	the	the	DET
emaj-230	172	7	basic	basic	ADJ
emaj-230	172	8	model	model	NOUN
emaj-230	172	9	,	,	PUNCT
emaj-230	172	10	equation	equation	NOUN
emaj-230	172	11	(	(	PUNCT
emaj-230	172	12	3	3	NUM
emaj-230	172	13	)	)	PUNCT
emaj-230	172	14	,	,	PUNCT
emaj-230	172	15	impose	impose	VERB
emaj-230	172	16	that	that	SCONJ
emaj-230	172	17	the	the	DET
emaj-230	172	18	size	size	NOUN
emaj-230	172	19	effects	effect	NOUN
emaj-230	172	20	are	be	AUX
emaj-230	172	21	the	the	DET
emaj-230	172	22	same	same	ADJ
emaj-230	172	23	for	for	ADP
emaj-230	172	24	every	every	DET
emaj-230	172	25	country	country	NOUN
emaj-230	172	26	in	in	ADP
emaj-230	172	27	the	the	DET
emaj-230	172	28	panel	panel	NOUN
emaj-230	172	29	.	.	PUNCT
emaj-230	173	1	the	the	DET
emaj-230	173	2	estimate	estimate	NOUN
emaj-230	173	3	of	of	ADP
emaj-230	173	4	the	the	DET
emaj-230	173	5	coefficient	coefficient	NOUN
emaj-230	173	6	of	of	ADP
emaj-230	173	7	the	the	DET
emaj-230	173	8	size	size	NOUN
emaj-230	173	9	effect	effect	NOUN
emaj-230	173	10	is	be	AUX
emaj-230	173	11	therefore	therefore	ADV
emaj-230	173	12	interpreted	interpret	VERB
emaj-230	173	13	as	as	ADP
emaj-230	173	14	an	an	DET
emaj-230	173	15	average	average	ADJ
emaj-230	173	16	effect	effect	NOUN
emaj-230	173	17	for	for	ADP
emaj-230	173	18	the	the	DET
emaj-230	173	19	group	group	NOUN
emaj-230	173	20	of	of	ADP
emaj-230	173	21	countries	country	NOUN
emaj-230	173	22	in	in	ADP
emaj-230	173	23	the	the	DET
emaj-230	173	24	panel	panel	NOUN
emaj-230	173	25	.	.	PUNCT
emaj-230	174	1	table	table	NOUN
emaj-230	174	2	6	6	NUM
emaj-230	174	3	(	(	PUNCT
emaj-230	174	4	models	model	NOUN
emaj-230	174	5	-1to	-1to	VERB
emaj-230	174	6	-6-	-6-	PUNCT
emaj-230	174	7	)	)	PUNCT
emaj-230	174	8	provides	provide	VERB
emaj-230	174	9	panel	panel	NOUN
emaj-230	174	10	data	datum	NOUN
emaj-230	174	11	estimates	estimate	NOUN
emaj-230	174	12	of	of	ADP
emaj-230	174	13	size	size	NOUN
emaj-230	174	14	effects	effect	NOUN
emaj-230	174	15	for	for	ADP
emaj-230	174	16	the	the	DET
emaj-230	174	17	full	full	ADJ
emaj-230	174	18	sample	sample	NOUN
emaj-230	174	19	of	of	ADP
emaj-230	174	20	countries	country	NOUN
emaj-230	174	21	in	in	ADP
emaj-230	174	22	the	the	DET
emaj-230	174	23	datastream	datastream	ADJ
emaj-230	174	24	data	datum	NOUN
emaj-230	174	25	(	(	PUNCT
emaj-230	174	26	developed	develop	VERB
emaj-230	174	27	and	and	CCONJ
emaj-230	174	28	emerging	emerge	VERB
emaj-230	174	29	countries	country	NOUN
emaj-230	174	30	taken	take	VERB
emaj-230	174	31	together	together	ADV
emaj-230	174	32	)	)	PUNCT
emaj-230	174	33	.	.	PUNCT
emaj-230	175	1	size	size	NOUN
emaj-230	175	2	effects	effect	NOUN
emaj-230	175	3	are	be	AUX
emaj-230	175	4	statistically	statistically	ADV
emaj-230	175	5	significant	significant	ADJ
emaj-230	175	6	(	(	PUNCT
emaj-230	175	7	model	model	NOUN
emaj-230	175	8	-1-	-1-	PUNCT
emaj-230	175	9	)	)	PUNCT
emaj-230	175	10	and	and	CCONJ
emaj-230	175	11	persist	persist	VERB
emaj-230	175	12	when	when	SCONJ
emaj-230	175	13	a	a	DET
emaj-230	175	14	measure	measure	NOUN
emaj-230	175	15	of	of	ADP
emaj-230	175	16	segmentation	segmentation	NOUN
emaj-230	175	17	,	,	PUNCT
emaj-230	175	18	the	the	DET
emaj-230	175	19	intensity	intensity	NOUN
emaj-230	175	20	of	of	ADP
emaj-230	175	21	capital	capital	NOUN
emaj-230	175	22	controls	control	NOUN
emaj-230	175	23	is	be	AUX
emaj-230	175	24	introduced	introduce	VERB
emaj-230	175	25	(	(	PUNCT
emaj-230	175	26	model	model	NOUN
emaj-230	175	27	-2-)8	-2-)8	PROPN
emaj-230	175	28	.	.	PUNCT
emaj-230	176	1	while	while	SCONJ
emaj-230	176	2	size	size	NOUN
emaj-230	176	3	effects	effect	NOUN
emaj-230	176	4	are	be	AUX
emaj-230	176	5	statistically	statistically	ADV
emaj-230	176	6	significant	significant	ADJ
emaj-230	176	7	for	for	ADP
emaj-230	176	8	the	the	DET
emaj-230	176	9	entire	entire	ADJ
emaj-230	176	10	set	set	NOUN
emaj-230	176	11	of	of	ADP
emaj-230	176	12	countries	country	NOUN
emaj-230	176	13	,	,	PUNCT
emaj-230	176	14	interacting	interact	VERB
emaj-230	176	15	the	the	DET
emaj-230	176	16	size	size	NOUN
emaj-230	176	17	proxy	proxy	NOUN
emaj-230	176	18	with	with	ADP
emaj-230	176	19	a	a	DET
emaj-230	176	20	dummy	dummy	ADJ
emaj-230	176	21	variable	variable	NOUN
emaj-230	176	22	for	for	ADP
emaj-230	176	23	emerging	emerge	VERB
emaj-230	176	24	markets	market	NOUN
emaj-230	176	25	(	(	PUNCT
emaj-230	176	26	models	model	NOUN
emaj-230	176	27	-3and	-3and	PUNCT
emaj-230	176	28	-4-	-4-	PUNCT
emaj-230	176	29	,	,	PUNCT
emaj-230	176	30	the	the	DET
emaj-230	176	31	latter	latter	ADJ
emaj-230	176	32	controlling	control	VERB
emaj-230	176	33	for	for	ADP
emaj-230	176	34	segmentation	segmentation	NOUN
emaj-230	176	35	as	as	ADV
emaj-230	176	36	well	well	ADV
emaj-230	176	37	)	)	PUNCT
emaj-230	176	38	,	,	PUNCT
emaj-230	176	39	shows	show	VERB
emaj-230	176	40	that	that	SCONJ
emaj-230	176	41	the	the	DET
emaj-230	176	42	results	result	NOUN
emaj-230	176	43	are	be	AUX
emaj-230	176	44	stronger	strong	ADJ
emaj-230	176	45	for	for	ADP
emaj-230	176	46	the	the	DET
emaj-230	176	47	emerging	emerge	VERB
emaj-230	176	48	markets	market	NOUN
emaj-230	176	49	.	.	PUNCT
emaj-230	177	1	size	size	NOUN
emaj-230	177	2	effects	effect	NOUN
emaj-230	177	3	are	be	AUX
emaj-230	177	4	found	find	VERB
emaj-230	177	5	also	also	ADV
emaj-230	177	6	in	in	ADP
emaj-230	177	7	the	the	DET
emaj-230	177	8	group	group	NOUN
emaj-230	177	9	formed	form	VERB
emaj-230	177	10	only	only	ADV
emaj-230	177	11	by	by	ADP
emaj-230	177	12	developed	develop	VERB
emaj-230	177	13	markets	market	NOUN
emaj-230	177	14	(	(	PUNCT
emaj-230	177	15	oecd	oecd	PROPN
emaj-230	177	16	member	member	NOUN
emaj-230	177	17	states	state	NOUN
emaj-230	177	18	)	)	PUNCT
emaj-230	177	19	when	when	SCONJ
emaj-230	177	20	investigated	investigate	VERB
emaj-230	177	21	separately	separately	ADV
emaj-230	177	22	(	(	PUNCT
emaj-230	177	23	models	model	NOUN
emaj-230	177	24	-5and	-5and	PUNCT
emaj-230	177	25	-6-	-6-	PUNCT
emaj-230	177	26	)	)	PUNCT
emaj-230	177	27	,	,	PUNCT
emaj-230	177	28	suggesting	suggest	VERB
emaj-230	177	29	that	that	DET
emaj-230	177	30	size	size	NOUN
emaj-230	177	31	effects	effect	NOUN
emaj-230	177	32	are	be	AUX
emaj-230	177	33	not	not	PART
emaj-230	177	34	an	an	DET
emaj-230	177	35	emerging	emerge	VERB
emaj-230	177	36	markets	market	NOUN
emaj-230	177	37	phenomenon	phenomenon	NOUN
emaj-230	177	38	.	.	PUNCT
emaj-230	178	1	8for	8for	ADP
emaj-230	178	2	the	the	DET
emaj-230	178	3	purpose	purpose	NOUN
emaj-230	178	4	of	of	ADP
emaj-230	178	5	these	these	DET
emaj-230	178	6	estimations	estimation	NOUN
emaj-230	178	7	,	,	PUNCT
emaj-230	178	8	q	q	PUNCT
emaj-230	178	9	is	be	AUX
emaj-230	178	10	set	set	VERB
emaj-230	178	11	to	to	ADP
emaj-230	178	12	0	0	NUM
emaj-230	178	13	for	for	ADP
emaj-230	178	14	the	the	DET
emaj-230	178	15	oecd	oecd	PROPN
emaj-230	178	16	member	member	NOUN
emaj-230	178	17	states	state	NOUN
emaj-230	178	18	that	that	PRON
emaj-230	178	19	are	be	AUX
emaj-230	178	20	not	not	PART
emaj-230	178	21	covered	cover	VERB
emaj-230	178	22	in	in	ADP
emaj-230	178	23	the	the	DET
emaj-230	178	24	emdb	emdb	PROPN
emaj-230	178	25	,	,	PUNCT
emaj-230	178	26	based	base	VERB
emaj-230	178	27	on	on	ADP
emaj-230	178	28	the	the	DET
emaj-230	178	29	assumption	assumption	NOUN
emaj-230	178	30	that	that	SCONJ
emaj-230	178	31	these	these	DET
emaj-230	178	32	countries	country	NOUN
emaj-230	178	33	do	do	AUX
emaj-230	178	34	not	not	PART
emaj-230	178	35	enforce	enforce	VERB
emaj-230	178	36	any	any	DET
emaj-230	178	37	restrictions	restriction	NOUN
emaj-230	178	38	on	on	ADP
emaj-230	178	39	foreign	foreign	ADJ
emaj-230	178	40	ownership	ownership	NOUN
emaj-230	178	41	of	of	ADP
emaj-230	178	42	equities	equity	NOUN
emaj-230	178	43	.	.	PUNCT
emaj-230	179	1	volume	volume	NOUN
emaj-230	179	2	11	11	NUM
emaj-230	179	3	no	no	DET
emaj-230	179	4	1	1	NUM
emaj-230	179	5	(	(	PUNCT
emaj-230	179	6	2021	2021	NUM
emaj-230	179	7	)	)	PUNCT
emaj-230	179	8	|	|	ADV
emaj-230	179	9	issn	issn	VERB
emaj-230	179	10	2158	2158	NUM
emaj-230	179	11	-	-	SYM
emaj-230	179	12	8708	8708	NUM
emaj-230	179	13	(	(	PUNCT
emaj-230	179	14	online	online	NOUN
emaj-230	179	15	)	)	PUNCT
emaj-230	179	16	|	|	ADV
emaj-230	179	17	doi	doi	X
emaj-230	179	18	10.5195	10.5195	NUM
emaj-230	179	19	/	/	SYM
emaj-230	179	20	emaj.2021.230	emaj.2021.230	PROPN
emaj-230	179	21	|	|	ADV
emaj-230	179	22	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-230	179	23	country	country	NOUN
emaj-230	179	24	-	-	PUNCT
emaj-230	179	25	level	level	NOUN
emaj-230	179	26	size	size	NOUN
emaj-230	179	27	effects	effect	NOUN
emaj-230	179	28	in	in	ADP
emaj-230	179	29	international	international	ADJ
emaj-230	179	30	asset	asset	NOUN
emaj-230	179	31	pricing	pricing	NOUN
emaj-230	179	32	page	page	NOUN
emaj-230	179	33	|36|	|36|	VERB
emaj-230	179	34	emerging	emerge	VERB
emaj-230	179	35	markets	market	NOUN
emaj-230	179	36	journal	journal	NOUN
emaj-230	179	37	repeating	repeat	VERB
emaj-230	179	38	the	the	DET
emaj-230	179	39	analysis	analysis	NOUN
emaj-230	179	40	on	on	ADP
emaj-230	179	41	detailed	detailed	ADJ
emaj-230	179	42	data	datum	NOUN
emaj-230	179	43	from	from	ADP
emaj-230	179	44	emdb	emdb	PROPN
emaj-230	179	45	(	(	PUNCT
emaj-230	179	46	table	table	NOUN
emaj-230	179	47	6	6	NUM
emaj-230	179	48	,	,	PUNCT
emaj-230	179	49	models	model	NOUN
emaj-230	179	50	-7to	-7to	NUM
emaj-230	179	51	-12-	-12-	PROPN
emaj-230	179	52	)	)	PUNCT
emaj-230	179	53	shows	show	VERB
emaj-230	179	54	that	that	PRON
emaj-230	179	55	size	size	NOUN
emaj-230	179	56	effects	effect	NOUN
emaj-230	179	57	are	be	AUX
emaj-230	179	58	present	present	ADJ
emaj-230	179	59	for	for	ADP
emaj-230	179	60	all	all	DET
emaj-230	179	61	three	three	NUM
emaj-230	179	62	indices	index	NOUN
emaj-230	179	63	(	(	PUNCT
emaj-230	179	64	for	for	ADP
emaj-230	179	65	returns	return	NOUN
emaj-230	179	66	on	on	ADP
emaj-230	179	67	investable	investable	ADJ
emaj-230	179	68	,	,	PUNCT
emaj-230	179	69	non	non	ADJ
emaj-230	179	70	-	-	ADJ
emaj-230	179	71	investable	investable	ADJ
emaj-230	179	72	and	and	CCONJ
emaj-230	179	73	global	global	ADJ
emaj-230	179	74	assets	asset	NOUN
emaj-230	179	75	)	)	PUNCT
emaj-230	179	76	and	and	CCONJ
emaj-230	179	77	are	be	AUX
emaj-230	179	78	significant	significant	ADJ
emaj-230	179	79	.	.	PUNCT
emaj-230	180	1	this	this	DET
emaj-230	180	2	database	database	NOUN
emaj-230	180	3	also	also	ADV
emaj-230	180	4	allows	allow	VERB
emaj-230	180	5	also	also	ADV
emaj-230	180	6	to	to	PART
emaj-230	180	7	check	check	VERB
emaj-230	180	8	the	the	DET
emaj-230	180	9	robustness	robustness	NOUN
emaj-230	180	10	of	of	ADP
emaj-230	180	11	size	size	NOUN
emaj-230	180	12	effects	effect	NOUN
emaj-230	180	13	to	to	ADP
emaj-230	180	14	the	the	DET
emaj-230	180	15	inclusion	inclusion	NOUN
emaj-230	180	16	of	of	ADP
emaj-230	180	17	a	a	DET
emaj-230	180	18	direct	direct	ADJ
emaj-230	180	19	segmentation	segmentation	NOUN
emaj-230	180	20	proxy	proxy	NOUN
emaj-230	180	21	,	,	PUNCT
emaj-230	180	22	given	give	VERB
emaj-230	180	23	by	by	ADP
emaj-230	180	24	the	the	DET
emaj-230	180	25	intensity	intensity	NOUN
emaj-230	180	26	of	of	ADP
emaj-230	180	27	capital	capital	NOUN
emaj-230	180	28	controls	control	NOUN
emaj-230	180	29	.	.	PUNCT
emaj-230	181	1	de	de	PROPN
emaj-230	181	2	jong	jong	PROPN
emaj-230	181	3	and	and	CCONJ
emaj-230	181	4	de	de	ADP
emaj-230	181	5	roon	roon	PROPN
emaj-230	181	6	(	(	PUNCT
emaj-230	181	7	2005	2005	NUM
emaj-230	181	8	)	)	PUNCT
emaj-230	181	9	find	find	VERB
emaj-230	181	10	that	that	SCONJ
emaj-230	181	11	expected	expect	VERB
emaj-230	181	12	returns	return	NOUN
emaj-230	181	13	are	be	AUX
emaj-230	181	14	higher	high	ADJ
emaj-230	181	15	in	in	ADP
emaj-230	181	16	countries	country	NOUN
emaj-230	181	17	that	that	PRON
emaj-230	181	18	have	have	VERB
emaj-230	181	19	a	a	DET
emaj-230	181	20	higher	high	ADJ
emaj-230	181	21	intensity	intensity	NOUN
emaj-230	181	22	of	of	ADP
emaj-230	181	23	capital	capital	NOUN
emaj-230	181	24	controls	control	NOUN
emaj-230	181	25	.	.	PUNCT
emaj-230	182	1	the	the	DET
emaj-230	182	2	basic	basic	ADJ
emaj-230	182	3	model	model	NOUN
emaj-230	182	4	extended	extend	VERB
emaj-230	182	5	to	to	PART
emaj-230	182	6	include	include	VERB
emaj-230	182	7	the	the	DET
emaj-230	182	8	segmentation	segmentation	NOUN
emaj-230	182	9	proxy	proxy	NOUN
emaj-230	182	10	becomes	become	VERB
emaj-230	182	11	:	:	PUNCT
emaj-230	182	12	𝑟𝑑𝑖,𝑡	𝑟𝑑𝑖,𝑡	NOUN
emaj-230	182	13	−	−	PROPN
emaj-230	182	14	𝑟𝑓𝑡	𝑟𝑓𝑡	PROPN
emaj-230	182	15	=	=	SYM
emaj-230	182	16	𝛼𝑖	𝛼𝑖	PROPN
emaj-230	182	17	+	+	CCONJ
emaj-230	182	18	𝛽(𝑟𝑤𝑡	𝛽(𝑟𝑤𝑡	ADJ
emaj-230	182	19	−	−	PROPN
emaj-230	182	20	𝑟𝑓𝑡	𝑟𝑓𝑡	PROPN
emaj-230	182	21	)	)	PUNCT
emaj-230	183	1	+	+	CCONJ
emaj-230	183	2	𝛾𝑆𝑖𝑧	𝛾𝑆𝑖𝑧	PROPN
emaj-230	183	3	�	�	PROPN
emaj-230	183	4	̃	̃	PROPN
emaj-230	183	5	�	�	NOUN
emaj-230	183	6	𝑖,𝑡−1	𝑖,𝑡−1	NUM
emaj-230	183	7	+	+	NUM
emaj-230	183	8	𝛿𝑄𝑖,𝑡−1	𝛿𝑄𝑖,𝑡−1	ADJ
emaj-230	183	9	+	+	SYM
emaj-230	183	10	휀𝑖,𝑡	휀𝑖,𝑡	NUM
emaj-230	183	11	,	,	PUNCT
emaj-230	183	12	(	(	PUNCT
emaj-230	183	13	4	4	X
emaj-230	183	14	)	)	PUNCT
emaj-230	183	15	where	where	SCONJ
emaj-230	183	16	𝛼𝑖	𝛼𝑖	PROPN
emaj-230	183	17	and	and	CCONJ
emaj-230	183	18	휀𝑖,𝑡	휀𝑖,𝑡	NUM
emaj-230	183	19	are	be	AUX
emaj-230	183	20	respectively	respectively	ADV
emaj-230	183	21	the	the	DET
emaj-230	183	22	intercept	intercept	NOUN
emaj-230	183	23	and	and	CCONJ
emaj-230	183	24	the	the	DET
emaj-230	183	25	error	error	NOUN
emaj-230	183	26	term	term	NOUN
emaj-230	183	27	.	.	PUNCT
emaj-230	184	1	𝑄𝑖,𝑡−1is	𝑄𝑖,𝑡−1is	VERB
emaj-230	184	2	the	the	DET
emaj-230	184	3	intensity	intensity	NOUN
emaj-230	184	4	of	of	ADP
emaj-230	184	5	capital	capital	NOUN
emaj-230	184	6	controls	control	NOUN
emaj-230	184	7	and	and	CCONJ
emaj-230	184	8	𝑆𝑖𝑧	𝑆𝑖𝑧	PROPN
emaj-230	184	9	�	�	PROPN
emaj-230	184	10	̃	̃	PROPN
emaj-230	184	11	�	�	NOUN
emaj-230	184	12	𝑖,𝑡−1	𝑖,𝑡−1	NUM
emaj-230	184	13	is	be	AUX
emaj-230	184	14	proxied	proxie	VERB
emaj-230	184	15	by	by	ADP
emaj-230	184	16	the	the	DET
emaj-230	184	17	residual	residual	ADJ
emaj-230	184	18	from	from	ADP
emaj-230	184	19	regressing	regress	VERB
emaj-230	184	20	the	the	DET
emaj-230	184	21	original	original	ADJ
emaj-230	184	22	size	size	NOUN
emaj-230	184	23	variable	variable	NOUN
emaj-230	184	24	the	the	DET
emaj-230	184	25	share	share	NOUN
emaj-230	184	26	of	of	ADP
emaj-230	184	27	a	a	DET
emaj-230	184	28	country	country	NOUN
emaj-230	184	29	's	's	PART
emaj-230	184	30	market	market	NOUN
emaj-230	184	31	capitalization	capitalization	NOUN
emaj-230	184	32	in	in	ADP
emaj-230	184	33	the	the	DET
emaj-230	184	34	world	world	NOUN
emaj-230	184	35	market	market	NOUN
emaj-230	184	36	(	(	PUNCT
emaj-230	184	37	in	in	ADP
emaj-230	184	38	percentages	percentage	NOUN
emaj-230	184	39	)	)	PUNCT
emaj-230	184	40	on	on	ADP
emaj-230	184	41	the	the	DET
emaj-230	184	42	remaining	remain	VERB
emaj-230	184	43	explanatory	explanatory	ADJ
emaj-230	184	44	variables9	variables9	PROPN
emaj-230	184	45	.	.	PUNCT
emaj-230	185	1	size	size	NOUN
emaj-230	185	2	effects	effect	NOUN
emaj-230	185	3	are	be	AUX
emaj-230	185	4	significant	significant	ADJ
emaj-230	185	5	without	without	ADP
emaj-230	185	6	exception	exception	NOUN
emaj-230	185	7	across	across	ADP
emaj-230	185	8	all	all	DET
emaj-230	185	9	12	12	NUM
emaj-230	185	10	variations	variation	NOUN
emaj-230	185	11	of	of	ADP
emaj-230	185	12	the	the	DET
emaj-230	185	13	model	model	NOUN
emaj-230	185	14	presented	present	VERB
emaj-230	185	15	in	in	ADP
emaj-230	185	16	table	table	NOUN
emaj-230	185	17	6	6	NUM
emaj-230	185	18	and	and	CCONJ
emaj-230	185	19	unaltered	unaltere	VERB
emaj-230	185	20	by	by	ADP
emaj-230	185	21	the	the	DET
emaj-230	185	22	introduction	introduction	NOUN
emaj-230	185	23	the	the	DET
emaj-230	185	24	intensity	intensity	NOUN
emaj-230	185	25	of	of	ADP
emaj-230	185	26	capital	capital	NOUN
emaj-230	185	27	controls	control	NOUN
emaj-230	185	28	(	(	PUNCT
emaj-230	185	29	highly	highly	ADV
emaj-230	185	30	insignificant	insignificant	ADJ
emaj-230	185	31	in	in	ADP
emaj-230	185	32	all	all	DET
emaj-230	185	33	6	6	NUM
emaj-230	185	34	models	model	NOUN
emaj-230	185	35	where	where	SCONJ
emaj-230	185	36	present	present	ADJ
emaj-230	185	37	)	)	PUNCT
emaj-230	185	38	.	.	PUNCT
emaj-230	186	1	table	table	NOUN
emaj-230	186	2	6	6	NUM
emaj-230	186	3	:	:	PUNCT
emaj-230	186	4	size	size	NOUN
emaj-230	186	5	effects	effect	NOUN
emaj-230	186	6	,	,	PUNCT
emaj-230	186	7	panel	panel	NOUN
emaj-230	186	8	data	data	NOUN
emaj-230	186	9	regressions	regression	NOUN
emaj-230	186	10	(	(	PUNCT
emaj-230	186	11	datastream	datastream	ADJ
emaj-230	186	12	data	data	NOUN
emaj-230	186	13	)	)	PUNCT
emaj-230	186	14	source	source	NOUN
emaj-230	186	15	:	:	PUNCT
emaj-230	186	16	authors	author	NOUN
emaj-230	186	17	’	'	PUNCT
emaj-230	186	18	own	own	ADJ
emaj-230	186	19	compilation	compilation	NOUN
emaj-230	186	20	this	this	DET
emaj-230	186	21	table	table	NOUN
emaj-230	186	22	reports	report	VERB
emaj-230	186	23	the	the	DET
emaj-230	186	24	results	result	NOUN
emaj-230	186	25	of	of	ADP
emaj-230	186	26	fixed	fix	VERB
emaj-230	186	27	effects	effect	NOUN
emaj-230	186	28	panel	panel	NOUN
emaj-230	186	29	regressions	regression	NOUN
emaj-230	186	30	of	of	ADP
emaj-230	186	31	domestic	domestic	ADJ
emaj-230	186	32	(	(	PUNCT
emaj-230	186	33	monthly	monthly	ADJ
emaj-230	186	34	)	)	PUNCT
emaj-230	186	35	excess	excess	ADJ
emaj-230	186	36	returns	return	NOUN
emaj-230	186	37	on	on	ADP
emaj-230	186	38	the	the	DET
emaj-230	186	39	(	(	PUNCT
emaj-230	186	40	excess	excess	ADJ
emaj-230	186	41	)	)	PUNCT
emaj-230	186	42	returns	return	NOUN
emaj-230	186	43	on	on	ADP
emaj-230	186	44	the	the	DET
emaj-230	186	45	world	world	NOUN
emaj-230	186	46	market	market	NOUN
emaj-230	186	47	index	index	NOUN
emaj-230	186	48	and	and	CCONJ
emaj-230	186	49	a	a	DET
emaj-230	186	50	proxy	proxy	NOUN
emaj-230	186	51	for	for	ADP
emaj-230	186	52	market	market	NOUN
emaj-230	186	53	size	size	NOUN
emaj-230	186	54	.	.	PUNCT
emaj-230	187	1	when	when	SCONJ
emaj-230	187	2	𝑄	𝑄	PRON
emaj-230	187	3	,	,	PUNCT
emaj-230	187	4	the	the	DET
emaj-230	187	5	intensity	intensity	NOUN
emaj-230	187	6	of	of	ADP
emaj-230	187	7	capital	capital	NOUN
emaj-230	187	8	controls	control	NOUN
emaj-230	187	9	enters	enter	VERB
emaj-230	187	10	the	the	DET
emaj-230	187	11	regression	regression	NOUN
emaj-230	187	12	,	,	PUNCT
emaj-230	187	13	𝑆𝑖𝑧	𝑆𝑖𝑧	PROPN
emaj-230	187	14	�	�	PROPN
emaj-230	187	15	̃	̃	PROPN
emaj-230	187	16	�	�	PROPN
emaj-230	187	17	is	be	AUX
emaj-230	187	18	proxied	proxie	VERB
emaj-230	187	19	by	by	ADP
emaj-230	187	20	the	the	DET
emaj-230	187	21	residual	residual	ADJ
emaj-230	187	22	from	from	ADP
emaj-230	187	23	regressing	regress	VERB
emaj-230	187	24	the	the	DET
emaj-230	187	25	original	original	ADJ
emaj-230	187	26	size	size	NOUN
emaj-230	187	27	variable	variable	NOUN
emaj-230	187	28	on	on	ADP
emaj-230	187	29	the	the	DET
emaj-230	187	30	remaining	remain	VERB
emaj-230	187	31	explanatory	explanatory	ADJ
emaj-230	187	32	variables	variable	NOUN
emaj-230	187	33	,	,	PUNCT
emaj-230	187	34	to	to	PART
emaj-230	187	35	avoid	avoid	VERB
emaj-230	187	36	multicollinearity	multicollinearity	NOUN
emaj-230	187	37	issues	issue	NOUN
emaj-230	187	38	.	.	PUNCT
emaj-230	188	1	for	for	ADP
emaj-230	188	2	models	model	NOUN
emaj-230	188	3	1	1	NUM
emaj-230	188	4	to	to	ADP
emaj-230	188	5	6	6	NUM
emaj-230	188	6	,	,	PUNCT
emaj-230	188	7	𝑄	𝑄	PRON
emaj-230	188	8	is	be	AUX
emaj-230	188	9	set	set	VERB
emaj-230	188	10	to	to	ADP
emaj-230	188	11	0	0	NUM
emaj-230	188	12	for	for	ADP
emaj-230	188	13	all	all	DET
emaj-230	188	14	the	the	DET
emaj-230	188	15	oecd	oecd	PROPN
emaj-230	188	16	member	member	NOUN
emaj-230	188	17	states	state	NOUN
emaj-230	188	18	that	that	PRON
emaj-230	188	19	are	be	AUX
emaj-230	188	20	not	not	PART
emaj-230	188	21	covered	cover	VERB
emaj-230	188	22	in	in	ADP
emaj-230	188	23	9as	9as	NOUN
emaj-230	188	24	size	size	NOUN
emaj-230	188	25	and	and	CCONJ
emaj-230	188	26	segmentation	segmentation	NOUN
emaj-230	188	27	are	be	AUX
emaj-230	188	28	often	often	ADV
emaj-230	188	29	highly	highly	ADV
emaj-230	188	30	correlated	correlate	VERB
emaj-230	188	31	,	,	PUNCT
emaj-230	188	32	the	the	DET
emaj-230	188	33	orthogonalized	orthogonalized	ADJ
emaj-230	188	34	measure	measure	NOUN
emaj-230	188	35	of	of	ADP
emaj-230	188	36	size	size	NOUN
emaj-230	188	37	,	,	PUNCT
emaj-230	188	38	𝑆𝑖𝑧	𝑆𝑖𝑧	PROPN
emaj-230	188	39	�	�	PROPN
emaj-230	188	40	̃	̃	PROPN
emaj-230	188	41	�	�	PROPN
emaj-230	188	42	,	,	PUNCT
emaj-230	188	43	is	be	AUX
emaj-230	188	44	used	use	VERB
emaj-230	188	45	throughout	throughout	ADP
emaj-230	188	46	the	the	DET
emaj-230	188	47	paper	paper	NOUN
emaj-230	188	48	,	,	PUNCT
emaj-230	188	49	when	when	SCONJ
emaj-230	188	50	the	the	DET
emaj-230	188	51	intensity	intensity	NOUN
emaj-230	188	52	of	of	ADP
emaj-230	188	53	capital	capital	NOUN
emaj-230	188	54	controls	control	NOUN
emaj-230	188	55	is	be	AUX
emaj-230	188	56	included	include	VERB
emaj-230	188	57	as	as	ADP
emaj-230	188	58	an	an	DET
emaj-230	188	59	explanatory	explanatory	ADJ
emaj-230	188	60	variable	variable	NOUN
emaj-230	188	61	.	.	PUNCT
emaj-230	189	1	the	the	DET
emaj-230	189	2	emdb	emdb	PROPN
emaj-230	189	3	.	.	PUNCT
emaj-230	190	1	for	for	ADP
emaj-230	190	2	the	the	DET
emaj-230	190	3	equations	equation	NOUN
emaj-230	190	4	that	that	PRON
emaj-230	190	5	include	include	VERB
emaj-230	190	6	both	both	PRON
emaj-230	190	7	developed	developed	ADJ
emaj-230	190	8	and	and	CCONJ
emaj-230	190	9	emerging	emerge	VERB
emaj-230	190	10	countries	country	NOUN
emaj-230	190	11	,	,	PUNCT
emaj-230	190	12	the	the	DET
emaj-230	190	13	size	size	NOUN
emaj-230	190	14	variable	variable	NOUN
emaj-230	190	15	is	be	AUX
emaj-230	190	16	interacted	interact	VERB
emaj-230	190	17	with	with	ADP
emaj-230	190	18	a	a	DET
emaj-230	190	19	dummy	dummy	NOUN
emaj-230	190	20	for	for	ADP
emaj-230	190	21	emerging	emerge	VERB
emaj-230	190	22	markets	market	NOUN
emaj-230	190	23	𝐷.	𝐷.	ADJ
emaj-230	190	24	statistical	statistical	ADJ
emaj-230	190	25	inference	inference	NOUN
emaj-230	190	26	is	be	AUX
emaj-230	190	27	based	base	VERB
emaj-230	190	28	on	on	ADP
emaj-230	190	29	newey	newey	PROPN
emaj-230	190	30	-	-	PUNCT
emaj-230	190	31	west	west	ADJ
emaj-230	190	32	standard	standard	ADJ
emaj-230	190	33	errors	error	NOUN
emaj-230	190	34	and	and	CCONJ
emaj-230	190	35	significance	significance	NOUN
emaj-230	190	36	is	be	AUX
emaj-230	190	37	denoted	denote	VERB
emaj-230	190	38	by	by	ADP
emaj-230	190	39	*	*	PROPN
emaj-230	190	40	*	*	PUNCT
emaj-230	190	41	*	*	PUNCT
emaj-230	190	42	(	(	PUNCT
emaj-230	190	43	at	at	ADP
emaj-230	190	44	1	1	NUM
emaj-230	190	45	%	%	NOUN
emaj-230	190	46	)	)	PUNCT
emaj-230	190	47	,	,	PUNCT
emaj-230	190	48	*	*	PUNCT
emaj-230	190	49	*	*	PUNCT
emaj-230	190	50	(	(	PUNCT
emaj-230	190	51	at	at	ADP
emaj-230	190	52	5	5	NUM
emaj-230	190	53	%	%	NOUN
emaj-230	190	54	)	)	PUNCT
emaj-230	190	55	and	and	CCONJ
emaj-230	190	56	*	*	PUNCT
emaj-230	190	57	(	(	PUNCT
emaj-230	190	58	at	at	ADP
emaj-230	190	59	10	10	NUM
emaj-230	190	60	%	%	NOUN
emaj-230	190	61	)	)	PUNCT
emaj-230	190	62	.	.	PUNCT
emaj-230	191	1	so	so	ADV
emaj-230	191	2	far	far	ADV
emaj-230	191	3	,	,	PUNCT
emaj-230	191	4	the	the	DET
emaj-230	191	5	empirical	empirical	ADJ
emaj-230	191	6	analysis	analysis	NOUN
emaj-230	191	7	uncovers	uncover	NOUN
emaj-230	191	8	three	three	NUM
emaj-230	191	9	main	main	ADJ
emaj-230	191	10	patterns	pattern	NOUN
emaj-230	191	11	.	.	PUNCT
emaj-230	192	1	first	first	ADV
emaj-230	192	2	,	,	PUNCT
emaj-230	192	3	market	market	NOUN
emaj-230	192	4	size	size	NOUN
emaj-230	192	5	effects	effect	NOUN
emaj-230	192	6	appear	appear	VERB
emaj-230	192	7	to	to	PART
emaj-230	192	8	be	be	AUX
emaj-230	192	9	a	a	DET
emaj-230	192	10	ubiquitous	ubiquitous	ADJ
emaj-230	192	11	phenomenon	phenomenon	NOUN
emaj-230	192	12	.	.	PUNCT
emaj-230	193	1	secondly	secondly	ADV
emaj-230	193	2	,	,	PUNCT
emaj-230	193	3	they	they	PRON
emaj-230	193	4	are	be	AUX
emaj-230	193	5	stronger	strong	ADJ
emaj-230	193	6	in	in	ADP
emaj-230	193	7	emerging	emerge	VERB
emaj-230	193	8	than	than	ADP
emaj-230	193	9	developed	develop	VERB
emaj-230	193	10	markets	market	NOUN
emaj-230	193	11	and	and	CCONJ
emaj-230	193	12	lastly	lastly	ADV
emaj-230	193	13	,	,	PUNCT
emaj-230	193	14	size	size	NOUN
emaj-230	193	15	effects	effect	NOUN
emaj-230	193	16	are	be	AUX
emaj-230	193	17	more	more	ADV
emaj-230	193	18	relevant	relevant	ADJ
emaj-230	193	19	than	than	ADP
emaj-230	193	20	the	the	DET
emaj-230	193	21	intensity	intensity	NOUN
emaj-230	193	22	of	of	ADP
emaj-230	193	23	capital	capital	NOUN
emaj-230	193	24	controls	control	NOUN
emaj-230	193	25	as	as	ADP
emaj-230	193	26	a	a	DET
emaj-230	193	27	factor	factor	NOUN
emaj-230	193	28	in	in	ADP
emaj-230	193	29	explaining	explain	VERB
emaj-230	193	30	asset	asset	NOUN
emaj-230	193	31	returns	return	NOUN
emaj-230	193	32	in	in	ADP
emaj-230	193	33	these	these	DET
emaj-230	193	34	markets	market	NOUN
emaj-230	193	35	.	.	PUNCT
emaj-230	194	1	robustness	robustness	NOUN
emaj-230	194	2	checks	check	VERB
emaj-230	194	3	the	the	DET
emaj-230	194	4	previous	previous	ADJ
emaj-230	194	5	analysis	analysis	NOUN
emaj-230	194	6	presents	present	VERB
emaj-230	194	7	evidence	evidence	NOUN
emaj-230	194	8	of	of	ADP
emaj-230	194	9	market	market	NOUN
emaj-230	194	10	size	size	NOUN
emaj-230	194	11	effects	effect	NOUN
emaj-230	194	12	that	that	PRON
emaj-230	194	13	are	be	AUX
emaj-230	194	14	robust	robust	ADJ
emaj-230	194	15	to	to	ADP
emaj-230	194	16	including	include	VERB
emaj-230	194	17	a	a	DET
emaj-230	194	18	proxy	proxy	NOUN
emaj-230	194	19	of	of	ADP
emaj-230	194	20	market	market	NOUN
emaj-230	194	21	segmentation	segmentation	NOUN
emaj-230	194	22	,	,	PUNCT
emaj-230	194	23	the	the	DET
emaj-230	194	24	intensity	intensity	NOUN
emaj-230	194	25	of	of	ADP
emaj-230	194	26	capital	capital	NOUN
emaj-230	194	27	controls	control	NOUN
emaj-230	194	28	.	.	PUNCT
emaj-230	195	1	moreover	moreover	ADV
emaj-230	195	2	,	,	PUNCT
emaj-230	195	3	market	market	NOUN
emaj-230	195	4	size	size	NOUN
emaj-230	195	5	effects	effect	NOUN
emaj-230	195	6	prove	prove	VERB
emaj-230	195	7	stronger	strong	ADJ
emaj-230	195	8	and	and	CCONJ
emaj-230	195	9	more	more	ADV
emaj-230	195	10	persistent	persistent	ADJ
emaj-230	195	11	than	than	ADP
emaj-230	195	12	segmentation	segmentation	NOUN
emaj-230	195	13	effects	effect	NOUN
emaj-230	195	14	.	.	PUNCT
emaj-230	196	1	next	next	ADV
emaj-230	196	2	,	,	PUNCT
emaj-230	196	3	a	a	DET
emaj-230	196	4	number	number	NOUN
emaj-230	196	5	of	of	ADP
emaj-230	196	6	robustness	robustness	NOUN
emaj-230	196	7	checks	check	NOUN
emaj-230	196	8	contribute	contribute	VERB
emaj-230	196	9	to	to	ADP
emaj-230	196	10	establishing	establish	VERB
emaj-230	196	11	the	the	DET
emaj-230	196	12	validity	validity	NOUN
emaj-230	196	13	of	of	ADP
emaj-230	196	14	this	this	DET
emaj-230	196	15	result	result	NOUN
emaj-230	196	16	.	.	PUNCT
emaj-230	197	1	since	since	SCONJ
emaj-230	197	2	firm	firm	ADJ
emaj-230	197	3	level	level	NOUN
emaj-230	197	4	size	size	NOUN
emaj-230	197	5	effects	effect	NOUN
emaj-230	197	6	are	be	AUX
emaj-230	197	7	known	know	VERB
emaj-230	197	8	to	to	PART
emaj-230	197	9	be	be	AUX
emaj-230	197	10	elusive	elusive	ADJ
emaj-230	197	11	over	over	ADP
emaj-230	197	12	time	time	NOUN
emaj-230	197	13	(	(	PUNCT
emaj-230	197	14	see	see	VERB
emaj-230	197	15	brown	brown	PROPN
emaj-230	197	16	et	et	PROPN
emaj-230	197	17	al	al	PROPN
emaj-230	197	18	.	.	PROPN
emaj-230	197	19	,	,	PUNCT
emaj-230	197	20	1983	1983	NUM
emaj-230	197	21	,	,	PUNCT
emaj-230	197	22	for	for	ADP
emaj-230	197	23	instance	instance	NOUN
emaj-230	197	24	)	)	PUNCT
emaj-230	197	25	,	,	PUNCT
emaj-230	197	26	the	the	DET
emaj-230	197	27	basic	basic	ADJ
emaj-230	197	28	and	and	CCONJ
emaj-230	197	29	extended	extended	ADJ
emaj-230	197	30	models	model	NOUN
emaj-230	197	31	(	(	PUNCT
emaj-230	197	32	equations	equation	NOUN
emaj-230	197	33	3	3	NUM
emaj-230	197	34	and	and	CCONJ
emaj-230	197	35	4	4	NUM
emaj-230	197	36	)	)	PUNCT
emaj-230	197	37	,	,	PUNCT
emaj-230	197	38	are	be	AUX
emaj-230	197	39	reestimated	reestimate	VERB
emaj-230	197	40	for	for	ADP
emaj-230	197	41	5	5	NUM
emaj-230	197	42	-	-	PUNCT
emaj-230	197	43	year	year	NOUN
emaj-230	197	44	subperiods	subperiod	NOUN
emaj-230	197	45	.	.	PUNCT
emaj-230	198	1	table	table	NOUN
emaj-230	198	2	7	7	NUM
emaj-230	198	3	reports	report	VERB
emaj-230	198	4	the	the	DET
emaj-230	198	5	panel	panel	NOUN
emaj-230	198	6	data	data	VERB
emaj-230	198	7	estimates	estimate	NOUN
emaj-230	198	8	of	of	ADP
emaj-230	198	9	size	size	NOUN
emaj-230	198	10	effects	effect	NOUN
emaj-230	198	11	for	for	ADP
emaj-230	198	12	all	all	DET
emaj-230	198	13	the	the	DET
emaj-230	198	14	countries	country	NOUN
emaj-230	198	15	(	(	PUNCT
emaj-230	198	16	using	use	VERB
emaj-230	198	17	the	the	DET
emaj-230	198	18	datastream	datastream	ADJ
emaj-230	198	19	data	datum	NOUN
emaj-230	198	20	)	)	PUNCT
emaj-230	198	21	for	for	ADP
emaj-230	198	22	5	5	NUM
emaj-230	198	23	-	-	PUNCT
emaj-230	198	24	year	year	NOUN
emaj-230	198	25	subperiods	subperiod	NOUN
emaj-230	198	26	.	.	PUNCT
emaj-230	199	1	size	size	NOUN
emaj-230	199	2	effects	effect	NOUN
emaj-230	199	3	maintain	maintain	VERB
emaj-230	199	4	size	size	NOUN
emaj-230	199	5	and	and	CCONJ
emaj-230	199	6	statistical	statistical	ADJ
emaj-230	199	7	significance	significance	NOUN
emaj-230	199	8	through	through	ADP
emaj-230	199	9	all	all	DET
emaj-230	199	10	the	the	DET
emaj-230	199	11	subperiods	subperiod	NOUN
emaj-230	199	12	and	and	CCONJ
emaj-230	199	13	in	in	ADP
emaj-230	199	14	the	the	DET
emaj-230	199	15	presence	presence	NOUN
emaj-230	199	16	of	of	ADP
emaj-230	199	17	segmentation	segmentation	NOUN
emaj-230	199	18	effects	effect	NOUN
emaj-230	199	19	.	.	PUNCT
emaj-230	200	1	the	the	DET
emaj-230	200	2	pattern	pattern	NOUN
emaj-230	200	3	persists	persist	VERB
emaj-230	200	4	in	in	ADP
emaj-230	200	5	the	the	DET
emaj-230	200	6	panel	panel	NOUN
emaj-230	200	7	containing	contain	VERB
emaj-230	200	8	all	all	DET
emaj-230	200	9	countries	country	NOUN
emaj-230	200	10	as	as	ADV
emaj-230	200	11	well	well	ADV
emaj-230	200	12	as	as	ADP
emaj-230	200	13	in	in	ADP
emaj-230	200	14	the	the	DET
emaj-230	200	15	subsample	subsample	NOUN
emaj-230	200	16	restricted	restrict	VERB
emaj-230	200	17	to	to	ADP
emaj-230	200	18	developed	develop	VERB
emaj-230	200	19	countries	country	NOUN
emaj-230	200	20	(	(	PUNCT
emaj-230	200	21	oecd	oecd	PROPN
emaj-230	200	22	member	member	NOUN
emaj-230	200	23	states	state	NOUN
emaj-230	200	24	)	)	PUNCT
emaj-230	200	25	and	and	CCONJ
emaj-230	200	26	in	in	ADP
emaj-230	200	27	the	the	DET
emaj-230	200	28	presence	presence	NOUN
emaj-230	200	29	of	of	ADP
emaj-230	200	30	the	the	DET
emaj-230	200	31	intensity	intensity	NOUN
emaj-230	200	32	of	of	ADP
emaj-230	200	33	capital	capital	NOUN
emaj-230	200	34	controls	control	NOUN
emaj-230	200	35	.	.	PUNCT
emaj-230	201	1	table	table	NOUN
emaj-230	201	2	7	7	NUM
emaj-230	201	3	:	:	PUNCT
emaj-230	201	4	size	size	NOUN
emaj-230	201	5	effects	effect	NOUN
emaj-230	201	6	,	,	PUNCT
emaj-230	201	7	panel	panel	NOUN
emaj-230	201	8	data	datum	NOUN
emaj-230	201	9	regressions	regression	NOUN
emaj-230	201	10	,	,	PUNCT
emaj-230	201	11	5	5	NUM
emaj-230	201	12	-	-	PUNCT
emaj-230	201	13	year	year	NOUN
emaj-230	201	14	subperiods	subperiod	NOUN
emaj-230	201	15	(	(	PUNCT
emaj-230	201	16	datastream	datastream	ADJ
emaj-230	201	17	data	data	NOUN
emaj-230	201	18	)	)	PUNCT
emaj-230	201	19	source	source	NOUN
emaj-230	201	20	:	:	PUNCT
emaj-230	201	21	authors	author	NOUN
emaj-230	201	22	’	'	PUNCT
emaj-230	201	23	own	own	ADJ
emaj-230	201	24	compilation	compilation	NOUN
emaj-230	201	25	this	this	DET
emaj-230	201	26	table	table	NOUN
emaj-230	201	27	reports	report	VERB
emaj-230	201	28	the	the	DET
emaj-230	201	29	results	result	NOUN
emaj-230	201	30	of	of	ADP
emaj-230	201	31	fixed	fix	VERB
emaj-230	201	32	effects	effect	NOUN
emaj-230	201	33	panel	panel	NOUN
emaj-230	201	34	regressions	regression	NOUN
emaj-230	201	35	of	of	ADP
emaj-230	201	36	domestic	domestic	ADJ
emaj-230	201	37	(	(	PUNCT
emaj-230	201	38	monthly	monthly	ADJ
emaj-230	201	39	)	)	PUNCT
emaj-230	201	40	excess	excess	ADJ
emaj-230	201	41	returns	return	NOUN
emaj-230	201	42	on	on	ADP
emaj-230	201	43	the	the	DET
emaj-230	201	44	(	(	PUNCT
emaj-230	201	45	excess	excess	ADJ
emaj-230	201	46	)	)	PUNCT
emaj-230	201	47	returns	return	NOUN
emaj-230	201	48	on	on	ADP
emaj-230	201	49	the	the	DET
emaj-230	201	50	world	world	NOUN
emaj-230	201	51	market	market	NOUN
emaj-230	201	52	index	index	NOUN
emaj-230	201	53	and	and	CCONJ
emaj-230	201	54	a	a	DET
emaj-230	201	55	proxy	proxy	NOUN
emaj-230	201	56	for	for	ADP
emaj-230	201	57	market	market	NOUN
emaj-230	201	58	size	size	NOUN
emaj-230	201	59	.	.	PUNCT
emaj-230	202	1	size	size	NOUN
emaj-230	202	2	is	be	AUX
emaj-230	202	3	proxied	proxie	VERB
emaj-230	202	4	by	by	ADP
emaj-230	202	5	the	the	DET
emaj-230	202	6	share	share	NOUN
emaj-230	202	7	of	of	ADP
emaj-230	202	8	a	a	DET
emaj-230	202	9	country	country	NOUN
emaj-230	202	10	’s	’s	PART
emaj-230	202	11	market	market	NOUN
emaj-230	202	12	capitalization	capitalization	NOUN
emaj-230	202	13	in	in	ADP
emaj-230	202	14	the	the	DET
emaj-230	202	15	world	world	NOUN
emaj-230	202	16	market	market	NOUN
emaj-230	202	17	(	(	PUNCT
emaj-230	202	18	in	in	ADP
emaj-230	202	19	percentages	percentage	NOUN
emaj-230	202	20	)	)	PUNCT
emaj-230	202	21	.	.	PUNCT
emaj-230	203	1	the	the	DET
emaj-230	203	2	sample	sample	NOUN
emaj-230	203	3	is	be	AUX
emaj-230	203	4	reduced	reduce	VERB
emaj-230	203	5	to	to	ADP
emaj-230	203	6	5	5	NUM
emaj-230	203	7	-	-	PUNCT
emaj-230	203	8	year	year	NOUN
emaj-230	203	9	volume	volume	NOUN
emaj-230	203	10	11	11	NUM
emaj-230	203	11	no	no	DET
emaj-230	203	12	1	1	NUM
emaj-230	203	13	(	(	PUNCT
emaj-230	203	14	2021	2021	NUM
emaj-230	203	15	)	)	PUNCT
emaj-230	203	16	|	|	ADV
emaj-230	203	17	issn	issn	VERB
emaj-230	203	18	2158	2158	NUM
emaj-230	203	19	-	-	SYM
emaj-230	203	20	8708	8708	NUM
emaj-230	203	21	(	(	PUNCT
emaj-230	203	22	online	online	NOUN
emaj-230	203	23	)	)	PUNCT
emaj-230	203	24	|	|	ADV
emaj-230	203	25	doi	doi	X
emaj-230	203	26	10.5195	10.5195	NUM
emaj-230	203	27	/	/	SYM
emaj-230	203	28	emaj.2021.230	emaj.2021.230	PROPN
emaj-230	203	29	|	|	ADV
emaj-230	203	30	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-230	203	31	crina	crina	PROPN
emaj-230	203	32	pungulescu	pungulescu	NOUN
emaj-230	203	33	emerging	emerge	VERB
emaj-230	203	34	markets	market	NOUN
emaj-230	203	35	journal	journal	NOUN
emaj-230	204	1	|	|	ADV
emaj-230	204	2	p	p	NOUN
emaj-230	204	3	a	a	DET
emaj-230	204	4	g	g	NOUN
emaj-230	204	5	e	e	NOUN
emaj-230	204	6	3	3	NUM
emaj-230	204	7	7	7	NUM
emaj-230	204	8	subperiods	subperiod	NOUN
emaj-230	204	9	.	.	PUNCT
emaj-230	205	1	statistical	statistical	ADJ
emaj-230	205	2	inference	inference	NOUN
emaj-230	205	3	is	be	AUX
emaj-230	205	4	based	base	VERB
emaj-230	205	5	on	on	ADP
emaj-230	205	6	newey	newey	PROPN
emaj-230	205	7	-	-	PUNCT
emaj-230	205	8	west	west	ADJ
emaj-230	205	9	standard	standard	ADJ
emaj-230	205	10	errors	error	NOUN
emaj-230	205	11	and	and	CCONJ
emaj-230	205	12	significance	significance	NOUN
emaj-230	205	13	is	be	AUX
emaj-230	205	14	denoted	denote	VERB
emaj-230	205	15	by	by	ADP
emaj-230	205	16	*	*	PROPN
emaj-230	205	17	*	*	PUNCT
emaj-230	205	18	*	*	PUNCT
emaj-230	205	19	(	(	PUNCT
emaj-230	205	20	at	at	ADP
emaj-230	205	21	1	1	NUM
emaj-230	205	22	%	%	NOUN
emaj-230	205	23	)	)	PUNCT
emaj-230	205	24	,	,	PUNCT
emaj-230	205	25	*	*	PUNCT
emaj-230	205	26	*	*	PUNCT
emaj-230	205	27	(	(	PUNCT
emaj-230	205	28	at	at	ADP
emaj-230	205	29	5	5	NUM
emaj-230	205	30	%	%	NOUN
emaj-230	205	31	)	)	PUNCT
emaj-230	205	32	and	and	CCONJ
emaj-230	205	33	*	*	PUNCT
emaj-230	205	34	(	(	PUNCT
emaj-230	205	35	at	at	ADP
emaj-230	205	36	10	10	NUM
emaj-230	205	37	%	%	NOUN
emaj-230	205	38	)	)	PUNCT
emaj-230	205	39	.	.	PUNCT
emaj-230	206	1	table	table	NOUN
emaj-230	206	2	8	8	NUM
emaj-230	206	3	shows	show	VERB
emaj-230	206	4	the	the	DET
emaj-230	206	5	panel	panel	NOUN
emaj-230	206	6	data	datum	NOUN
emaj-230	206	7	estimates	estimate	NOUN
emaj-230	206	8	of	of	ADP
emaj-230	206	9	size	size	NOUN
emaj-230	206	10	effects	effect	NOUN
emaj-230	206	11	for	for	ADP
emaj-230	206	12	5	5	NUM
emaj-230	206	13	-	-	PUNCT
emaj-230	206	14	year	year	NOUN
emaj-230	206	15	subperiods	subperiod	NOUN
emaj-230	206	16	using	use	VERB
emaj-230	206	17	the	the	DET
emaj-230	206	18	three	three	NUM
emaj-230	206	19	indices	index	NOUN
emaj-230	206	20	available	available	ADJ
emaj-230	206	21	in	in	ADP
emaj-230	206	22	the	the	DET
emaj-230	206	23	emdb	emdb	PROPN
emaj-230	206	24	dataset	dataset	VERB
emaj-230	206	25	:	:	PUNCT
emaj-230	206	26	investable	investable	ADJ
emaj-230	206	27	,	,	PUNCT
emaj-230	206	28	noninvestable	noninvestable	ADJ
emaj-230	206	29	and	and	CCONJ
emaj-230	206	30	global	global	ADJ
emaj-230	206	31	returns	return	NOUN
emaj-230	206	32	.	.	PUNCT
emaj-230	207	1	for	for	ADP
emaj-230	207	2	the	the	DET
emaj-230	207	3	global	global	ADJ
emaj-230	207	4	and	and	CCONJ
emaj-230	207	5	investable	investable	ADJ
emaj-230	207	6	indices	index	NOUN
emaj-230	207	7	,	,	PUNCT
emaj-230	207	8	size	size	NOUN
emaj-230	207	9	effects	effect	NOUN
emaj-230	207	10	fall	fall	VERB
emaj-230	207	11	out	out	ADP
emaj-230	207	12	of	of	ADP
emaj-230	207	13	statistical	statistical	ADJ
emaj-230	207	14	significance	significance	NOUN
emaj-230	207	15	only	only	ADV
emaj-230	207	16	for	for	ADP
emaj-230	207	17	the	the	DET
emaj-230	207	18	earliest	early	ADJ
emaj-230	207	19	and	and	CCONJ
emaj-230	207	20	latest	late	ADJ
emaj-230	207	21	sub	sub	NOUN
emaj-230	207	22	periods	period	NOUN
emaj-230	207	23	(	(	PUNCT
emaj-230	207	24	when	when	SCONJ
emaj-230	207	25	data	datum	NOUN
emaj-230	207	26	is	be	AUX
emaj-230	207	27	most	most	ADV
emaj-230	207	28	scarce	scarce	ADJ
emaj-230	207	29	)	)	PUNCT
emaj-230	207	30	.	.	PUNCT
emaj-230	208	1	for	for	ADP
emaj-230	208	2	the	the	DET
emaj-230	208	3	non	non	ADJ
emaj-230	208	4	-	-	ADJ
emaj-230	208	5	investable	investable	ADJ
emaj-230	208	6	indices	index	NOUN
emaj-230	208	7	,	,	PUNCT
emaj-230	208	8	the	the	DET
emaj-230	208	9	results	result	NOUN
emaj-230	208	10	are	be	AUX
emaj-230	208	11	less	less	ADV
emaj-230	208	12	robust	robust	ADJ
emaj-230	208	13	,	,	PUNCT
emaj-230	208	14	size	size	NOUN
emaj-230	208	15	effects	effect	NOUN
emaj-230	208	16	being	be	AUX
emaj-230	208	17	significant	significant	ADJ
emaj-230	208	18	only	only	ADV
emaj-230	208	19	in	in	ADP
emaj-230	208	20	half	half	NOUN
emaj-230	208	21	of	of	ADP
emaj-230	208	22	the	the	DET
emaj-230	208	23	subsamples	subsample	NOUN
emaj-230	208	24	.	.	PUNCT
emaj-230	209	1	table	table	NOUN
emaj-230	209	2	8	8	NUM
emaj-230	209	3	:	:	PUNCT
emaj-230	209	4	size	size	NOUN
emaj-230	209	5	effects	effect	NOUN
emaj-230	209	6	,	,	PUNCT
emaj-230	209	7	panel	panel	NOUN
emaj-230	209	8	data	datum	NOUN
emaj-230	209	9	regressions	regression	NOUN
emaj-230	209	10	,	,	PUNCT
emaj-230	209	11	5	5	NUM
emaj-230	209	12	-	-	PUNCT
emaj-230	209	13	year	year	NOUN
emaj-230	209	14	subperiods	subperiod	NOUN
emaj-230	209	15	(	(	PUNCT
emaj-230	209	16	emdb	emdb	PROPN
emaj-230	209	17	data	data	PROPN
emaj-230	209	18	)	)	PUNCT
emaj-230	209	19	source	source	NOUN
emaj-230	209	20	:	:	PUNCT
emaj-230	209	21	authors	author	NOUN
emaj-230	209	22	’	'	PUNCT
emaj-230	209	23	own	own	ADJ
emaj-230	209	24	compilation	compilation	NOUN
emaj-230	209	25	this	this	DET
emaj-230	209	26	table	table	NOUN
emaj-230	209	27	reports	report	VERB
emaj-230	209	28	the	the	DET
emaj-230	209	29	results	result	NOUN
emaj-230	209	30	of	of	ADP
emaj-230	209	31	fixed	fix	VERB
emaj-230	209	32	effects	effect	NOUN
emaj-230	209	33	panel	panel	NOUN
emaj-230	209	34	regressions	regression	NOUN
emaj-230	209	35	of	of	ADP
emaj-230	209	36	domestic	domestic	ADJ
emaj-230	209	37	(	(	PUNCT
emaj-230	209	38	monthly	monthly	ADJ
emaj-230	209	39	)	)	PUNCT
emaj-230	209	40	excess	excess	ADJ
emaj-230	209	41	returns	return	NOUN
emaj-230	209	42	on	on	ADP
emaj-230	209	43	the	the	DET
emaj-230	209	44	(	(	PUNCT
emaj-230	209	45	excess	excess	ADJ
emaj-230	209	46	)	)	PUNCT
emaj-230	209	47	returns	return	NOUN
emaj-230	209	48	on	on	ADP
emaj-230	209	49	the	the	DET
emaj-230	209	50	world	world	NOUN
emaj-230	209	51	market	market	NOUN
emaj-230	209	52	index	index	NOUN
emaj-230	209	53	allowing	allow	VERB
emaj-230	209	54	for	for	ADP
emaj-230	209	55	size	size	NOUN
emaj-230	209	56	effects	effect	NOUN
emaj-230	209	57	.	.	PUNCT
emaj-230	210	1	𝑄	𝑄	PRON
emaj-230	210	2	is	be	AUX
emaj-230	210	3	the	the	DET
emaj-230	210	4	intensity	intensity	NOUN
emaj-230	210	5	of	of	ADP
emaj-230	210	6	capital	capital	NOUN
emaj-230	210	7	controls	control	NOUN
emaj-230	210	8	and	and	CCONJ
emaj-230	210	9	𝑆𝑖𝑧	𝑆𝑖𝑧	PROPN
emaj-230	210	10	�	�	PROPN
emaj-230	210	11	̃	̃	PROPN
emaj-230	210	12	�	�	PROPN
emaj-230	210	13	is	be	AUX
emaj-230	210	14	proxied	proxie	VERB
emaj-230	210	15	by	by	ADP
emaj-230	210	16	the	the	DET
emaj-230	210	17	residual	residual	ADJ
emaj-230	210	18	from	from	ADP
emaj-230	210	19	regressing	regress	VERB
emaj-230	210	20	the	the	DET
emaj-230	210	21	original	original	ADJ
emaj-230	210	22	size	size	NOUN
emaj-230	210	23	variable	variable	NOUN
emaj-230	210	24	the	the	DET
emaj-230	210	25	share	share	NOUN
emaj-230	210	26	of	of	ADP
emaj-230	210	27	a	a	DET
emaj-230	210	28	country	country	NOUN
emaj-230	210	29	's	's	PART
emaj-230	210	30	market	market	NOUN
emaj-230	210	31	capitalization	capitalization	NOUN
emaj-230	210	32	in	in	ADP
emaj-230	210	33	the	the	DET
emaj-230	210	34	world	world	NOUN
emaj-230	210	35	market	market	NOUN
emaj-230	210	36	(	(	PUNCT
emaj-230	210	37	in	in	ADP
emaj-230	210	38	percentages	percentage	NOUN
emaj-230	210	39	)	)	PUNCT
emaj-230	210	40	on	on	ADP
emaj-230	210	41	the	the	DET
emaj-230	210	42	remaining	remain	VERB
emaj-230	210	43	explanatory	explanatory	ADJ
emaj-230	210	44	variables	variable	NOUN
emaj-230	210	45	.	.	PUNCT
emaj-230	211	1	the	the	DET
emaj-230	211	2	sample	sample	NOUN
emaj-230	211	3	is	be	AUX
emaj-230	211	4	reduced	reduce	VERB
emaj-230	211	5	to	to	ADP
emaj-230	211	6	5	5	NUM
emaj-230	211	7	-	-	PUNCT
emaj-230	211	8	year	year	NOUN
emaj-230	211	9	subperiods	subperiod	NOUN
emaj-230	211	10	.	.	PUNCT
emaj-230	212	1	statistical	statistical	ADJ
emaj-230	212	2	inference	inference	NOUN
emaj-230	212	3	is	be	AUX
emaj-230	212	4	based	base	VERB
emaj-230	212	5	on	on	ADP
emaj-230	212	6	newey	newey	PROPN
emaj-230	212	7	-	-	PUNCT
emaj-230	212	8	west	west	ADJ
emaj-230	212	9	standard	standard	ADJ
emaj-230	212	10	errors	error	NOUN
emaj-230	212	11	and	and	CCONJ
emaj-230	212	12	significance	significance	NOUN
emaj-230	212	13	is	be	AUX
emaj-230	212	14	denoted	denote	VERB
emaj-230	212	15	by	by	ADP
emaj-230	212	16	*	*	PROPN
emaj-230	212	17	*	*	PUNCT
emaj-230	212	18	*	*	PUNCT
emaj-230	212	19	(	(	PUNCT
emaj-230	212	20	at	at	ADP
emaj-230	212	21	1	1	NUM
emaj-230	212	22	%	%	NOUN
emaj-230	212	23	)	)	PUNCT
emaj-230	212	24	,	,	PUNCT
emaj-230	212	25	*	*	PUNCT
emaj-230	212	26	*	*	PUNCT
emaj-230	212	27	(	(	PUNCT
emaj-230	212	28	at	at	ADP
emaj-230	212	29	5	5	NUM
emaj-230	212	30	%	%	NOUN
emaj-230	212	31	)	)	PUNCT
emaj-230	212	32	and	and	CCONJ
emaj-230	212	33	*	*	PUNCT
emaj-230	212	34	(	(	PUNCT
emaj-230	212	35	at	at	ADP
emaj-230	212	36	10	10	NUM
emaj-230	212	37	%	%	NOUN
emaj-230	212	38	)	)	PUNCT
emaj-230	212	39	.	.	PUNCT
emaj-230	213	1	next	next	ADV
emaj-230	213	2	,	,	PUNCT
emaj-230	213	3	the	the	DET
emaj-230	213	4	robustness	robustness	NOUN
emaj-230	213	5	of	of	ADP
emaj-230	213	6	size	size	NOUN
emaj-230	213	7	effects	effect	NOUN
emaj-230	213	8	is	be	AUX
emaj-230	213	9	tested	test	VERB
emaj-230	213	10	by	by	ADP
emaj-230	213	11	including	include	VERB
emaj-230	213	12	a	a	DET
emaj-230	213	13	set	set	NOUN
emaj-230	213	14	of	of	ADP
emaj-230	213	15	control	control	NOUN
emaj-230	213	16	variables	variable	NOUN
emaj-230	213	17	linked	link	VERB
emaj-230	213	18	to	to	ADP
emaj-230	213	19	global	global	ADJ
emaj-230	213	20	economic	economic	ADJ
emaj-230	213	21	risks	risk	NOUN
emaj-230	213	22	,	,	PUNCT
emaj-230	213	23	similar	similar	ADJ
emaj-230	213	24	to	to	ADP
emaj-230	213	25	those	those	PRON
emaj-230	213	26	proposed	propose	VERB
emaj-230	213	27	by	by	ADP
emaj-230	213	28	ferson	ferson	NOUN
emaj-230	213	29	and	and	CCONJ
emaj-230	213	30	harvey	harvey	PROPN
emaj-230	213	31	(	(	PUNCT
emaj-230	213	32	1993	1993	NUM
emaj-230	213	33	)	)	PUNCT
emaj-230	213	34	.	.	PUNCT
emaj-230	214	1	the	the	DET
emaj-230	214	2	following	follow	VERB
emaj-230	214	3	extended	extended	ADJ
emaj-230	214	4	model	model	NOUN
emaj-230	214	5	results	result	NOUN
emaj-230	214	6	:	:	PUNCT
emaj-230	214	7	𝑟𝑑𝑖,𝑡	𝑟𝑑𝑖,𝑡	VERB
emaj-230	214	8	−	−	PROPN
emaj-230	214	9	𝑟𝑓𝑡	𝑟𝑓𝑡	PROPN
emaj-230	214	10	=	=	SYM
emaj-230	214	11	𝛼𝑖	𝛼𝑖	PROPN
emaj-230	214	12	+	+	CCONJ
emaj-230	214	13	𝛽(𝑟𝑤𝑡	𝛽(𝑟𝑤𝑡	ADJ
emaj-230	214	14	−	−	PROPN
emaj-230	214	15	𝑟𝑓𝑡	𝑟𝑓𝑡	PROPN
emaj-230	214	16	)	)	PUNCT
emaj-230	215	1	+	+	CCONJ
emaj-230	215	2	𝛾𝑆𝑖𝑧	𝛾𝑆𝑖𝑧	PROPN
emaj-230	215	3	�	�	PROPN
emaj-230	215	4	̃	̃	PROPN
emaj-230	215	5	�	�	NOUN
emaj-230	215	6	𝑖,𝑡−1	𝑖,𝑡−1	NUM
emaj-230	215	7	+	+	CCONJ
emaj-230	215	8	𝛿𝑄𝑖,𝑡−1	𝛿𝑄𝑖,𝑡−1	ADJ
emaj-230	215	9	+	+	CCONJ
emaj-230	215	10	𝜑𝑄𝑖,𝑡−1	𝜑𝑄𝑖,𝑡−1	PROPN
emaj-230	215	11	×	×	PROPN
emaj-230	215	12	𝑆𝑖𝑧	𝑆𝑖𝑧	PROPN
emaj-230	215	13	�	�	PROPN
emaj-230	215	14	̃	̃	PROPN
emaj-230	215	15	�	�	NOUN
emaj-230	215	16	𝑖,𝑡−1	𝑖,𝑡−1	NUM
emaj-230	215	17	+	+	NUM
emaj-230	215	18	𝜃′𝑋𝑡	𝜃′𝑋𝑡	NOUN
emaj-230	215	19	+	+	CCONJ
emaj-230	215	20	휀𝑖,𝑡	휀𝑖,𝑡	PUNCT
emaj-230	215	21	,	,	PUNCT
emaj-230	215	22	(	(	PUNCT
emaj-230	215	23	5	5	X
emaj-230	215	24	)	)	PUNCT
emaj-230	215	25	where	where	SCONJ
emaj-230	215	26	𝑋𝑡	𝑋𝑡	PROPN
emaj-230	215	27	includes	include	VERB
emaj-230	215	28	six	six	NUM
emaj-230	215	29	global	global	ADJ
emaj-230	215	30	risk	risk	NOUN
emaj-230	215	31	variables	variable	NOUN
emaj-230	215	32	:	:	PUNCT
emaj-230	215	33	currency	currency	NOUN
emaj-230	215	34	risk	risk	NOUN
emaj-230	215	35	,	,	PUNCT
emaj-230	215	36	𝐹𝑋	𝐹𝑋	PROPN
emaj-230	215	37	,	,	PUNCT
emaj-230	215	38	inflation	inflation	NOUN
emaj-230	215	39	risk	risk	NOUN
emaj-230	215	40	,	,	PUNCT
emaj-230	215	41	𝐺7	𝐺7	ADJ
emaj-230	215	42	𝐼𝑁𝐹𝐿	𝐼𝑁𝐹𝐿	NOUN
emaj-230	215	43	,	,	PUNCT
emaj-230	215	44	interest	interest	NOUN
emaj-230	215	45	rate	rate	NOUN
emaj-230	215	46	risk	risk	NOUN
emaj-230	215	47	,	,	PUNCT
emaj-230	215	48	𝐺7	𝐺7	PROPN
emaj-230	215	49	𝐼𝑅	𝐼𝑅	PROPN
emaj-230	215	50	,	,	PUNCT
emaj-230	215	51	global	global	ADJ
emaj-230	215	52	credit	credit	NOUN
emaj-230	215	53	risk	risk	NOUN
emaj-230	215	54	,	,	PUNCT
emaj-230	215	55	𝐶𝑅	𝐶𝑅	ADJ
emaj-230	215	56	𝑅𝐼𝑆𝐾	𝑅𝐼𝑆𝐾	NOUN
emaj-230	215	57	,	,	PUNCT
emaj-230	215	58	global	global	ADJ
emaj-230	215	59	output	output	NOUN
emaj-230	215	60	risk	risk	NOUN
emaj-230	215	61	,	,	PUNCT
emaj-230	215	62	𝐺7	𝐺7	ADJ
emaj-230	215	63	𝑃𝑅𝑂𝐷	𝑃𝑅𝑂𝐷	PROPN
emaj-230	215	64	and	and	CCONJ
emaj-230	215	65	𝑂𝐼𝐿&𝐺𝐴𝑆	𝑂𝐼𝐿&𝐺𝐴𝑆	NOUN
emaj-230	215	66	,	,	PUNCT
emaj-230	215	67	the	the	DET
emaj-230	215	68	change	change	NOUN
emaj-230	215	69	in	in	ADP
emaj-230	215	70	world	world	NOUN
emaj-230	215	71	prices	price	NOUN
emaj-230	215	72	for	for	ADP
emaj-230	215	73	oil	oil	NOUN
emaj-230	215	74	and	and	CCONJ
emaj-230	215	75	gas	gas	NOUN
emaj-230	215	76	as	as	ADP
emaj-230	215	77	a	a	DET
emaj-230	215	78	measure	measure	NOUN
emaj-230	215	79	of	of	ADP
emaj-230	215	80	economic	economic	ADJ
emaj-230	215	81	risk	risk	NOUN
emaj-230	215	82	as	as	ADV
emaj-230	215	83	well	well	ADV
emaj-230	215	84	as	as	ADP
emaj-230	215	85	a	a	DET
emaj-230	215	86	composite	composite	ADJ
emaj-230	215	87	(	(	PUNCT
emaj-230	215	88	country	country	NOUN
emaj-230	215	89	-	-	PUNCT
emaj-230	215	90	specific	specific	ADJ
emaj-230	215	91	)	)	PUNCT
emaj-230	215	92	measure	measure	NOUN
emaj-230	215	93	of	of	ADP
emaj-230	215	94	political	political	ADJ
emaj-230	215	95	,	,	PUNCT
emaj-230	215	96	financial	financial	ADJ
emaj-230	215	97	and	and	CCONJ
emaj-230	215	98	economic	economic	ADJ
emaj-230	215	99	risk	risk	NOUN
emaj-230	215	100	(	(	PUNCT
emaj-230	215	101	obtained	obtain	VERB
emaj-230	215	102	from	from	ADP
emaj-230	215	103	the	the	DET
emaj-230	215	104	international	international	ADJ
emaj-230	215	105	country	country	NOUN
emaj-230	215	106	risk	risk	NOUN
emaj-230	215	107	guide	guide	NOUN
emaj-230	215	108	)	)	PUNCT
emaj-230	215	109	.	.	PUNCT
emaj-230	216	1	table	table	NOUN
emaj-230	216	2	9	9	NUM
emaj-230	216	3	reports	report	NOUN
emaj-230	216	4	the	the	DET
emaj-230	216	5	panel	panel	NOUN
emaj-230	216	6	data	data	VERB
emaj-230	216	7	estimates	estimate	NOUN
emaj-230	216	8	of	of	ADP
emaj-230	216	9	size	size	NOUN
emaj-230	216	10	effects	effect	NOUN
emaj-230	216	11	(	(	PUNCT
emaj-230	216	12	using	use	VERB
emaj-230	216	13	datastream	datastream	NOUN
emaj-230	216	14	and	and	CCONJ
emaj-230	216	15	emdb	emdb	PROPN
emaj-230	216	16	data	datum	NOUN
emaj-230	216	17	,	,	PUNCT
emaj-230	216	18	respectively	respectively	ADV
emaj-230	216	19	)	)	PUNCT
emaj-230	216	20	controlling	control	VERB
emaj-230	216	21	for	for	ADP
emaj-230	216	22	the	the	DET
emaj-230	216	23	additional	additional	ADJ
emaj-230	216	24	risk	risk	NOUN
emaj-230	216	25	factors	factor	NOUN
emaj-230	216	26	(	(	PUNCT
emaj-230	216	27	global	global	ADJ
emaj-230	216	28	or	or	CCONJ
emaj-230	216	29	country	country	NOUN
emaj-230	216	30	specific)10	specific)10	PROPN
emaj-230	216	31	.	.	PUNCT
emaj-230	217	1	for	for	ADP
emaj-230	217	2	the	the	DET
emaj-230	217	3	complete	complete	ADJ
emaj-230	217	4	panel	panel	NOUN
emaj-230	217	5	combining	combine	VERB
emaj-230	217	6	the	the	DET
emaj-230	217	7	developed	developed	ADJ
emaj-230	217	8	and	and	CCONJ
emaj-230	217	9	emerging	emerge	VERB
emaj-230	217	10	markets	market	NOUN
emaj-230	217	11	,	,	PUNCT
emaj-230	217	12	size	size	NOUN
emaj-230	217	13	effects	effect	NOUN
emaj-230	217	14	have	have	VERB
emaj-230	217	15	the	the	DET
emaj-230	217	16	expected	expect	VERB
emaj-230	217	17	negative	negative	ADJ
emaj-230	217	18	sign	sign	NOUN
emaj-230	217	19	but	but	CCONJ
emaj-230	217	20	become	become	VERB
emaj-230	217	21	marginally	marginally	ADV
emaj-230	217	22	insignificant	insignificant	ADJ
emaj-230	217	23	and	and	CCONJ
emaj-230	217	24	appear	appear	VERB
emaj-230	217	25	small	small	ADJ
emaj-230	217	26	in	in	ADP
emaj-230	217	27	economic	economic	ADJ
emaj-230	217	28	terms	term	NOUN
emaj-230	217	29	.	.	PUNCT
emaj-230	218	1	statistical	statistical	ADJ
emaj-230	218	2	significance	significance	NOUN
emaj-230	218	3	is	be	AUX
emaj-230	218	4	maintained	maintain	VERB
emaj-230	218	5	for	for	ADP
emaj-230	218	6	the	the	DET
emaj-230	218	7	subsample	subsample	NOUN
emaj-230	218	8	of	of	ADP
emaj-230	218	9	developed	develop	VERB
emaj-230	218	10	markets	market	NOUN
emaj-230	218	11	.	.	PUNCT
emaj-230	219	1	for	for	ADP
emaj-230	219	2	the	the	DET
emaj-230	219	3	emerging	emerge	VERB
emaj-230	219	4	markets	market	NOUN
emaj-230	219	5	,	,	PUNCT
emaj-230	219	6	size	size	NOUN
emaj-230	219	7	effects	effect	NOUN
emaj-230	219	8	remain	remain	VERB
emaj-230	219	9	large	large	ADJ
emaj-230	219	10	and	and	CCONJ
emaj-230	219	11	significant	significant	ADJ
emaj-230	219	12	in	in	ADP
emaj-230	219	13	the	the	DET
emaj-230	219	14	presence	presence	NOUN
emaj-230	219	15	of	of	ADP
emaj-230	219	16	the	the	DET
emaj-230	219	17	various	various	ADJ
emaj-230	219	18	risk	risk	NOUN
emaj-230	219	19	variables	variable	NOUN
emaj-230	219	20	(	(	PUNCT
emaj-230	219	21	with	with	ADP
emaj-230	219	22	the	the	DET
emaj-230	219	23	notable	notable	ADJ
emaj-230	219	24	exception	exception	NOUN
emaj-230	219	25	of	of	ADP
emaj-230	219	26	the	the	DET
emaj-230	219	27	non	non	ADJ
emaj-230	219	28	-	-	ADJ
emaj-230	219	29	investable	investable	ADJ
emaj-230	219	30	indices	index	NOUN
emaj-230	219	31	)	)	PUNCT
emaj-230	219	32	.	.	PUNCT
emaj-230	220	1	moreover	moreover	ADV
emaj-230	220	2	,	,	PUNCT
emaj-230	220	3	the	the	DET
emaj-230	220	4	interaction	interaction	NOUN
emaj-230	220	5	term	term	NOUN
emaj-230	220	6	shows	show	VERB
emaj-230	220	7	that	that	SCONJ
emaj-230	220	8	size	size	NOUN
emaj-230	220	9	effects	effect	NOUN
emaj-230	220	10	seem	seem	VERB
emaj-230	220	11	to	to	PART
emaj-230	220	12	become	become	VERB
emaj-230	220	13	stronger	strong	ADJ
emaj-230	220	14	when	when	SCONJ
emaj-230	220	15	capital	capital	NOUN
emaj-230	220	16	controls	control	NOUN
emaj-230	220	17	drop	drop	VERB
emaj-230	220	18	.	.	PUNCT
emaj-230	221	1	the	the	DET
emaj-230	221	2	effect	effect	NOUN
emaj-230	221	3	is	be	AUX
emaj-230	221	4	significant	significant	ADJ
emaj-230	221	5	only	only	ADV
emaj-230	221	6	for	for	ADP
emaj-230	221	7	the	the	DET
emaj-230	221	8	assets	asset	NOUN
emaj-230	221	9	that	that	PRON
emaj-230	221	10	are	be	AUX
emaj-230	221	11	available	available	ADJ
emaj-230	221	12	to	to	ADP
emaj-230	221	13	foreign	foreign	ADJ
emaj-230	221	14	investors	investor	NOUN
emaj-230	221	15	(	(	PUNCT
emaj-230	221	16	investable	investable	ADJ
emaj-230	221	17	indices	index	NOUN
emaj-230	221	18	)	)	PUNCT
emaj-230	221	19	.	.	PUNCT
emaj-230	222	1	table	table	NOUN
emaj-230	222	2	9	9	NUM
emaj-230	222	3	:	:	PUNCT
emaj-230	222	4	size	size	NOUN
emaj-230	222	5	and	and	CCONJ
emaj-230	222	6	segmentation	segmentation	NOUN
emaj-230	222	7	effects	effect	NOUN
emaj-230	222	8	,	,	PUNCT
emaj-230	222	9	controlling	control	VERB
emaj-230	222	10	for	for	ADP
emaj-230	222	11	global	global	ADJ
emaj-230	222	12	risk	risk	NOUN
emaj-230	222	13	factors	factor	NOUN
emaj-230	222	14	source	source	NOUN
emaj-230	222	15	:	:	PUNCT
emaj-230	222	16	authors	author	NOUN
emaj-230	222	17	’	'	PUNCT
emaj-230	222	18	own	own	ADJ
emaj-230	222	19	compilation	compilation	NOUN
emaj-230	222	20	this	this	DET
emaj-230	222	21	table	table	NOUN
emaj-230	222	22	reports	report	VERB
emaj-230	222	23	the	the	DET
emaj-230	222	24	results	result	NOUN
emaj-230	222	25	of	of	ADP
emaj-230	222	26	fixed	fix	VERB
emaj-230	222	27	effects	effect	NOUN
emaj-230	222	28	panel	panel	NOUN
emaj-230	222	29	regressions	regression	NOUN
emaj-230	222	30	of	of	ADP
emaj-230	222	31	domestic	domestic	ADJ
emaj-230	222	32	(	(	PUNCT
emaj-230	222	33	monthly	monthly	ADJ
emaj-230	222	34	)	)	PUNCT
emaj-230	222	35	excess	excess	ADJ
emaj-230	222	36	returns	return	NOUN
emaj-230	222	37	on	on	ADP
emaj-230	222	38	the	the	DET
emaj-230	222	39	(	(	PUNCT
emaj-230	222	40	excess	excess	ADJ
emaj-230	222	41	)	)	PUNCT
emaj-230	222	42	returns	return	NOUN
emaj-230	222	43	on	on	ADP
emaj-230	222	44	the	the	DET
emaj-230	222	45	world	world	NOUN
emaj-230	222	46	market	market	NOUN
emaj-230	222	47	index	index	NOUN
emaj-230	222	48	and	and	CCONJ
emaj-230	222	49	additional	additional	ADJ
emaj-230	222	50	factors	factor	NOUN
emaj-230	222	51	.	.	PUNCT
emaj-230	223	1	𝑄	𝑄	PRON
emaj-230	223	2	is	be	AUX
emaj-230	223	3	the	the	DET
emaj-230	223	4	intensity	intensity	NOUN
emaj-230	223	5	of	of	ADP
emaj-230	223	6	capital	capital	NOUN
emaj-230	223	7	controls	control	NOUN
emaj-230	223	8	and	and	CCONJ
emaj-230	223	9	𝑆𝑖𝑧	𝑆𝑖𝑧	PROPN
emaj-230	223	10	�	�	PROPN
emaj-230	223	11	̃	̃	PROPN
emaj-230	223	12	�	�	PROPN
emaj-230	223	13	is	be	AUX
emaj-230	223	14	proxied	proxie	VERB
emaj-230	223	15	by	by	ADP
emaj-230	223	16	the	the	DET
emaj-230	223	17	residual	residual	ADJ
emaj-230	223	18	from	from	ADP
emaj-230	223	19	regressing	regress	VERB
emaj-230	223	20	the	the	DET
emaj-230	223	21	original	original	ADJ
emaj-230	223	22	size	size	NOUN
emaj-230	223	23	variable	variable	NOUN
emaj-230	223	24	the	the	DET
emaj-230	223	25	share	share	NOUN
emaj-230	223	26	of	of	ADP
emaj-230	223	27	a	a	DET
emaj-230	223	28	country	country	NOUN
emaj-230	223	29	's	's	PART
emaj-230	223	30	market	market	NOUN
emaj-230	223	31	capitalization	capitalization	NOUN
emaj-230	223	32	in	in	ADP
emaj-230	223	33	the	the	DET
emaj-230	223	34	world	world	NOUN
emaj-230	223	35	market	market	NOUN
emaj-230	223	36	(	(	PUNCT
emaj-230	223	37	in	in	ADP
emaj-230	223	38	percentages	percentage	NOUN
emaj-230	223	39	)	)	PUNCT
emaj-230	223	40	on	on	ADP
emaj-230	223	41	the	the	DET
emaj-230	223	42	remaining	remain	VERB
emaj-230	223	43	explanatory	explanatory	ADJ
emaj-230	223	44	variables	variable	NOUN
emaj-230	223	45	.	.	PUNCT
emaj-230	224	1	all	all	DET
emaj-230	224	2	regressions	regression	NOUN
emaj-230	224	3	include	include	VERB
emaj-230	224	4	a	a	DET
emaj-230	224	5	set	set	NOUN
emaj-230	224	6	of	of	ADP
emaj-230	224	7	six	six	NUM
emaj-230	224	8	global	global	ADJ
emaj-230	224	9	risk	risk	NOUN
emaj-230	224	10	variables	variable	NOUN
emaj-230	224	11	,	,	PUNCT
emaj-230	224	12	𝑋𝑡	𝑋𝑡	NOUN
emaj-230	224	13	:	:	PUNCT
emaj-230	224	14	the	the	DET
emaj-230	224	15	change	change	NOUN
emaj-230	224	16	in	in	ADP
emaj-230	224	17	a	a	DET
emaj-230	224	18	price	price	NOUN
emaj-230	224	19	-	-	PUNCT
emaj-230	224	20	adjusted	adjust	VERB
emaj-230	224	21	index	index	NOUN
emaj-230	224	22	of	of	ADP
emaj-230	224	23	the	the	DET
emaj-230	224	24	foreign	foreign	ADJ
emaj-230	224	25	exchange	exchange	NOUN
emaj-230	224	26	value	value	NOUN
emaj-230	224	27	of	of	ADP
emaj-230	224	28	the	the	DET
emaj-230	224	29	dollar	dollar	NOUN
emaj-230	224	30	against	against	ADP
emaj-230	224	31	a	a	DET
emaj-230	224	32	broad	broad	ADJ
emaj-230	224	33	basket	basket	NOUN
emaj-230	224	34	of	of	ADP
emaj-230	224	35	currencies	currency	NOUN
emaj-230	224	36	,	,	PUNCT
emaj-230	224	37	the	the	DET
emaj-230	224	38	monthly	monthly	ADJ
emaj-230	224	39	change	change	NOUN
emaj-230	224	40	in	in	ADP
emaj-230	224	41	the	the	DET
emaj-230	224	42	cpi	cpi	NOUN
emaj-230	224	43	of	of	ADP
emaj-230	224	44	the	the	DET
emaj-230	224	45	g7	g7	PROPN
emaj-230	224	46	countries	country	NOUN
emaj-230	224	47	(	(	PUNCT
emaj-230	224	48	canada	canada	PROPN
emaj-230	224	49	,	,	PUNCT
emaj-230	224	50	france	france	PROPN
emaj-230	224	51	,	,	PUNCT
emaj-230	224	52	germany	germany	PROPN
emaj-230	224	53	,	,	PUNCT
emaj-230	224	54	italy	italy	PROPN
emaj-230	224	55	,	,	PUNCT
emaj-230	224	56	japan	japan	PROPN
emaj-230	224	57	,	,	PUNCT
emaj-230	224	58	uk	uk	PROPN
emaj-230	224	59	and	and	CCONJ
emaj-230	224	60	us	we	PRON
emaj-230	224	61	)	)	PUNCT
emaj-230	224	62	,	,	PUNCT
emaj-230	224	63	a	a	DET
emaj-230	224	64	weighted	weighted	ADJ
emaj-230	224	65	average	average	NOUN
emaj-230	224	66	of	of	ADP
emaj-230	224	67	short	short	ADJ
emaj-230	224	68	term	term	NOUN
emaj-230	224	69	interest	interest	NOUN
emaj-230	224	70	rates	rate	NOUN
emaj-230	224	71	in	in	ADP
emaj-230	224	72	g7	g7	PROPN
emaj-230	224	73	countries	country	NOUN
emaj-230	224	74	(	(	PUNCT
emaj-230	224	75	with	with	ADP
emaj-230	224	76	weights	weight	NOUN
emaj-230	224	77	given	give	VERB
emaj-230	224	78	by	by	ADP
emaj-230	224	79	their	their	PRON
emaj-230	224	80	10all	10all	NOUN
emaj-230	224	81	results	result	NOUN
emaj-230	224	82	are	be	AUX
emaj-230	224	83	reported	report	VERB
emaj-230	224	84	for	for	ADP
emaj-230	224	85	the	the	DET
emaj-230	224	86	composite	composite	ADJ
emaj-230	224	87	measure	measure	NOUN
emaj-230	224	88	of	of	ADP
emaj-230	224	89	risk	risk	NOUN
emaj-230	224	90	.	.	PUNCT
emaj-230	225	1	using	use	VERB
emaj-230	225	2	either	either	CCONJ
emaj-230	225	3	the	the	DET
emaj-230	225	4	political	political	ADJ
emaj-230	225	5	,	,	PUNCT
emaj-230	225	6	economic	economic	ADJ
emaj-230	225	7	or	or	CCONJ
emaj-230	225	8	financial	financial	ADJ
emaj-230	225	9	elements	element	NOUN
emaj-230	225	10	of	of	ADP
emaj-230	225	11	the	the	DET
emaj-230	225	12	composite	composite	ADJ
emaj-230	225	13	measure	measure	NOUN
emaj-230	225	14	does	do	AUX
emaj-230	225	15	not	not	PART
emaj-230	225	16	alter	alter	VERB
emaj-230	225	17	the	the	DET
emaj-230	225	18	results	result	NOUN
emaj-230	225	19	.	.	PUNCT
emaj-230	226	1	volume	volume	NOUN
emaj-230	226	2	11	11	NUM
emaj-230	226	3	no	no	DET
emaj-230	226	4	1	1	NUM
emaj-230	226	5	(	(	PUNCT
emaj-230	226	6	2021	2021	NUM
emaj-230	226	7	)	)	PUNCT
emaj-230	226	8	|	|	ADV
emaj-230	226	9	issn	issn	VERB
emaj-230	226	10	2158	2158	NUM
emaj-230	226	11	-	-	SYM
emaj-230	226	12	8708	8708	NUM
emaj-230	226	13	(	(	PUNCT
emaj-230	226	14	online	online	NOUN
emaj-230	226	15	)	)	PUNCT
emaj-230	226	16	|	|	ADV
emaj-230	226	17	doi	doi	X
emaj-230	226	18	10.5195	10.5195	NUM
emaj-230	226	19	/	/	SYM
emaj-230	226	20	emaj.2021.230	emaj.2021.230	PROPN
emaj-230	226	21	|	|	ADV
emaj-230	226	22	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-230	226	23	country	country	NOUN
emaj-230	226	24	-	-	PUNCT
emaj-230	226	25	level	level	NOUN
emaj-230	226	26	size	size	NOUN
emaj-230	226	27	effects	effect	NOUN
emaj-230	226	28	in	in	ADP
emaj-230	226	29	international	international	ADJ
emaj-230	226	30	asset	asset	NOUN
emaj-230	226	31	pricing	pricing	NOUN
emaj-230	226	32	page	page	NOUN
emaj-230	226	33	|38|	|38|	ADJ
emaj-230	226	34	emerging	emerge	VERB
emaj-230	226	35	markets	market	NOUN
emaj-230	226	36	journal	journal	NOUN
emaj-230	226	37	shares	share	NOUN
emaj-230	226	38	in	in	ADP
emaj-230	226	39	the	the	DET
emaj-230	226	40	g7	g7	PROPN
emaj-230	226	41	gdp	gdp	PROPN
emaj-230	226	42	)	)	PUNCT
emaj-230	226	43	,	,	PUNCT
emaj-230	226	44	the	the	DET
emaj-230	226	45	change	change	NOUN
emaj-230	226	46	in	in	ADP
emaj-230	226	47	the	the	DET
emaj-230	226	48	difference	difference	NOUN
emaj-230	226	49	between	between	ADP
emaj-230	226	50	the	the	DET
emaj-230	226	51	3	3	NUM
emaj-230	226	52	-	-	PUNCT
emaj-230	226	53	month	month	NOUN
emaj-230	226	54	eurodollar	eurodollar	NOUN
emaj-230	226	55	rate	rate	NOUN
emaj-230	226	56	and	and	CCONJ
emaj-230	226	57	the	the	DET
emaj-230	226	58	3	3	NUM
emaj-230	226	59	-	-	PUNCT
emaj-230	226	60	month	month	NOUN
emaj-230	226	61	us	us	PROPN
emaj-230	226	62	treasury	treasury	PROPN
emaj-230	226	63	bill	bill	PROPN
emaj-230	226	64	yield	yield	NOUN
emaj-230	226	65	,	,	PUNCT
emaj-230	226	66	the	the	DET
emaj-230	226	67	change	change	NOUN
emaj-230	226	68	in	in	ADP
emaj-230	226	69	the	the	DET
emaj-230	226	70	monthly	monthly	ADJ
emaj-230	226	71	ppi	ppi	NOUN
emaj-230	226	72	for	for	ADP
emaj-230	226	73	the	the	DET
emaj-230	226	74	manufacturing	manufacturing	NOUN
emaj-230	226	75	sector	sector	NOUN
emaj-230	226	76	and	and	CCONJ
emaj-230	226	77	the	the	DET
emaj-230	226	78	change	change	NOUN
emaj-230	226	79	in	in	ADP
emaj-230	226	80	the	the	DET
emaj-230	226	81	monthly	monthly	ADJ
emaj-230	226	82	world	world	NOUN
emaj-230	226	83	price	price	NOUN
emaj-230	226	84	index	index	NOUN
emaj-230	226	85	for	for	ADP
emaj-230	226	86	oil	oil	NOUN
emaj-230	226	87	and	and	CCONJ
emaj-230	226	88	gas	gas	NOUN
emaj-230	226	89	.	.	PUNCT
emaj-230	227	1	for	for	ADP
emaj-230	227	2	emerging	emerge	VERB
emaj-230	227	3	markets	market	NOUN
emaj-230	227	4	,	,	PUNCT
emaj-230	227	5	the	the	DET
emaj-230	227	6	set	set	NOUN
emaj-230	227	7	of	of	ADP
emaj-230	227	8	variables	variable	NOUN
emaj-230	227	9	is	be	AUX
emaj-230	227	10	extended	extend	VERB
emaj-230	227	11	to	to	PART
emaj-230	227	12	include	include	VERB
emaj-230	227	13	𝑄	𝑄	PROPN
emaj-230	227	14	,	,	PUNCT
emaj-230	227	15	the	the	DET
emaj-230	227	16	intensity	intensity	NOUN
emaj-230	227	17	of	of	ADP
emaj-230	227	18	capital	capital	NOUN
emaj-230	227	19	controls	control	NOUN
emaj-230	227	20	(	(	PUNCT
emaj-230	227	21	𝑄	𝑄	PROPN
emaj-230	227	22	is	be	AUX
emaj-230	227	23	set	set	VERB
emaj-230	227	24	to	to	ADP
emaj-230	227	25	0	0	NUM
emaj-230	227	26	,	,	PUNCT
emaj-230	227	27	for	for	ADP
emaj-230	227	28	all	all	DET
emaj-230	227	29	the	the	DET
emaj-230	227	30	oecd	oecd	PROPN
emaj-230	227	31	member	member	NOUN
emaj-230	227	32	states	state	NOUN
emaj-230	227	33	that	that	PRON
emaj-230	227	34	are	be	AUX
emaj-230	227	35	not	not	PART
emaj-230	227	36	in	in	ADP
emaj-230	227	37	covered	cover	VERB
emaj-230	227	38	in	in	ADP
emaj-230	227	39	the	the	DET
emaj-230	227	40	emdb	emdb	PROPN
emaj-230	227	41	and	and	CCONJ
emaj-230	227	42	𝑆𝑖𝑧	𝑆𝑖𝑧	PROPN
emaj-230	227	43	�	�	PROPN
emaj-230	227	44	̃	̃	PROPN
emaj-230	227	45	�	�	PROPN
emaj-230	227	46	is	be	AUX
emaj-230	227	47	interacted	interact	VERB
emaj-230	227	48	with	with	ADP
emaj-230	227	49	a	a	DET
emaj-230	227	50	dummy	dummy	ADJ
emaj-230	227	51	variable	variable	NOUN
emaj-230	227	52	for	for	ADP
emaj-230	227	53	the	the	DET
emaj-230	227	54	emerging	emerge	VERB
emaj-230	227	55	markets	market	NOUN
emaj-230	227	56	,	,	PUNCT
emaj-230	227	57	𝐷	𝐷	PROPN
emaj-230	227	58	)	)	PUNCT
emaj-230	227	59	,	,	PUNCT
emaj-230	227	60	an	an	DET
emaj-230	227	61	interaction	interaction	NOUN
emaj-230	227	62	term	term	NOUN
emaj-230	227	63	between	between	ADP
emaj-230	227	64	and	and	CCONJ
emaj-230	227	65	𝑄	𝑄	PROPN
emaj-230	227	66	and	and	CCONJ
emaj-230	227	67	a	a	DET
emaj-230	227	68	country	country	NOUN
emaj-230	227	69	specific	specific	ADJ
emaj-230	227	70	measure	measure	NOUN
emaj-230	227	71	of	of	ADP
emaj-230	227	72	𝐶𝑜𝑚𝑝𝑜𝑠𝑖𝑡𝑒	𝐶𝑜𝑚𝑝𝑜𝑠𝑖𝑡𝑒	PROPN
emaj-230	227	73	(	(	PUNCT
emaj-230	227	74	economic	economic	ADJ
emaj-230	227	75	,	,	PUNCT
emaj-230	227	76	political	political	ADJ
emaj-230	227	77	and	and	CCONJ
emaj-230	227	78	financial	financial	ADJ
emaj-230	227	79	)	)	PUNCT
emaj-230	227	80	risk	risk	NOUN
emaj-230	227	81	.	.	PUNCT
emaj-230	228	1	statistical	statistical	ADJ
emaj-230	228	2	inference	inference	NOUN
emaj-230	228	3	is	be	AUX
emaj-230	228	4	based	base	VERB
emaj-230	228	5	on	on	ADP
emaj-230	228	6	newey	newey	PROPN
emaj-230	228	7	-	-	PUNCT
emaj-230	228	8	west	west	ADJ
emaj-230	228	9	standard	standard	ADJ
emaj-230	228	10	errors	error	NOUN
emaj-230	228	11	and	and	CCONJ
emaj-230	228	12	significance	significance	NOUN
emaj-230	228	13	is	be	AUX
emaj-230	228	14	denoted	denote	VERB
emaj-230	228	15	by	by	ADP
emaj-230	228	16	*	*	PROPN
emaj-230	228	17	*	*	PUNCT
emaj-230	228	18	*	*	PUNCT
emaj-230	228	19	(	(	PUNCT
emaj-230	228	20	at	at	ADP
emaj-230	228	21	1	1	NUM
emaj-230	228	22	%	%	NOUN
emaj-230	228	23	)	)	PUNCT
emaj-230	228	24	,	,	PUNCT
emaj-230	228	25	*	*	PUNCT
emaj-230	228	26	*	*	PUNCT
emaj-230	228	27	(	(	PUNCT
emaj-230	228	28	at	at	ADP
emaj-230	228	29	5	5	NUM
emaj-230	228	30	%	%	NOUN
emaj-230	228	31	)	)	PUNCT
emaj-230	228	32	and	and	CCONJ
emaj-230	228	33	*	*	PUNCT
emaj-230	228	34	(	(	PUNCT
emaj-230	228	35	at	at	ADP
emaj-230	228	36	10	10	NUM
emaj-230	228	37	%	%	NOUN
emaj-230	228	38	)	)	PUNCT
emaj-230	228	39	.	.	PUNCT
emaj-230	229	1	so	so	ADV
emaj-230	229	2	far	far	ADV
emaj-230	229	3	all	all	DET
emaj-230	229	4	estimated	estimate	VERB
emaj-230	229	5	models	model	NOUN
emaj-230	229	6	have	have	AUX
emaj-230	229	7	assumed	assume	VERB
emaj-230	229	8	constant	constant	ADJ
emaj-230	229	9	world	world	NOUN
emaj-230	229	10	market	market	NOUN
emaj-230	229	11	betas	beta	NOUN
emaj-230	229	12	.	.	PUNCT
emaj-230	230	1	however	however	ADV
emaj-230	230	2	,	,	PUNCT
emaj-230	230	3	there	there	PRON
emaj-230	230	4	is	be	VERB
emaj-230	230	5	strong	strong	ADJ
emaj-230	230	6	evidence	evidence	NOUN
emaj-230	230	7	that	that	SCONJ
emaj-230	230	8	global	global	ADJ
emaj-230	230	9	(	(	PUNCT
emaj-230	230	10	regional	regional	ADJ
emaj-230	230	11	)	)	PUNCT
emaj-230	230	12	market	market	NOUN
emaj-230	230	13	betas	beta	NOUN
emaj-230	230	14	tend	tend	VERB
emaj-230	230	15	to	to	PART
emaj-230	230	16	increase	increase	VERB
emaj-230	230	17	with	with	ADP
emaj-230	230	18	integration	integration	NOUN
emaj-230	230	19	(	(	PUNCT
emaj-230	230	20	see	see	VERB
emaj-230	230	21	bekaert	bekaert	NOUN
emaj-230	230	22	and	and	CCONJ
emaj-230	230	23	harvey	harvey	NOUN
emaj-230	230	24	,	,	PUNCT
emaj-230	230	25	2000	2000	NUM
emaj-230	230	26	;	;	PUNCT
emaj-230	230	27	fratzscher	fratzscher	NUM
emaj-230	230	28	,	,	PUNCT
emaj-230	230	29	2002	2002	NUM
emaj-230	230	30	;	;	PUNCT
emaj-230	230	31	baele	baele	NOUN
emaj-230	230	32	,	,	PUNCT
emaj-230	230	33	2005	2005	NUM
emaj-230	230	34	,	,	PUNCT
emaj-230	230	35	for	for	ADP
emaj-230	230	36	instance	instance	NOUN
emaj-230	230	37	)	)	PUNCT
emaj-230	230	38	.	.	PUNCT
emaj-230	231	1	as	as	ADP
emaj-230	231	2	a	a	DET
emaj-230	231	3	third	third	ADJ
emaj-230	231	4	robustness	robustness	NOUN
emaj-230	231	5	check	check	NOUN
emaj-230	231	6	,	,	PUNCT
emaj-230	231	7	the	the	DET
emaj-230	231	8	world	world	NOUN
emaj-230	231	9	market	market	NOUN
emaj-230	231	10	betas	beta	NOUN
emaj-230	231	11	are	be	AUX
emaj-230	231	12	allowed	allow	VERB
emaj-230	231	13	to	to	PART
emaj-230	231	14	vary	vary	VERB
emaj-230	231	15	across	across	ADP
emaj-230	231	16	countries	country	NOUN
emaj-230	231	17	and	and	CCONJ
emaj-230	231	18	at	at	ADP
emaj-230	231	19	the	the	DET
emaj-230	231	20	same	same	ADJ
emaj-230	231	21	as	as	ADP
emaj-230	231	22	a	a	DET
emaj-230	231	23	function	function	NOUN
emaj-230	231	24	of	of	ADP
emaj-230	231	25	segmentation	segmentation	NOUN
emaj-230	231	26	(	(	PUNCT
emaj-230	231	27	as	as	ADP
emaj-230	231	28	in	in	ADP
emaj-230	231	29	de	de	X
emaj-230	231	30	jong	jong	PROPN
emaj-230	231	31	and	and	CCONJ
emaj-230	231	32	de	de	ADP
emaj-230	231	33	roon	roon	NOUN
emaj-230	231	34	,	,	PUNCT
emaj-230	231	35	2005	2005	NUM
emaj-230	231	36	)	)	PUNCT
emaj-230	231	37	or	or	CCONJ
emaj-230	231	38	a	a	DET
emaj-230	231	39	function	function	NOUN
emaj-230	231	40	of	of	ADP
emaj-230	231	41	both	both	DET
emaj-230	231	42	segmentation	segmentation	NOUN
emaj-230	231	43	and	and	CCONJ
emaj-230	231	44	size	size	NOUN
emaj-230	231	45	.	.	PUNCT
emaj-230	232	1	the	the	DET
emaj-230	232	2	increase	increase	NOUN
emaj-230	232	3	in	in	ADP
emaj-230	232	4	world	world	NOUN
emaj-230	232	5	markets	market	NOUN
emaj-230	232	6	betas	beta	NOUN
emaj-230	232	7	has	have	VERB
emaj-230	232	8	an	an	DET
emaj-230	232	9	opposite	opposite	ADJ
emaj-230	232	10	effect	effect	NOUN
emaj-230	232	11	on	on	ADP
emaj-230	232	12	expected	expect	VERB
emaj-230	232	13	returns	return	NOUN
emaj-230	232	14	.	.	PUNCT
emaj-230	233	1	whereas	whereas	SCONJ
emaj-230	233	2	the	the	DET
emaj-230	233	3	cost	cost	NOUN
emaj-230	233	4	of	of	ADP
emaj-230	233	5	capital	capital	NOUN
emaj-230	233	6	decreases	decrease	NOUN
emaj-230	233	7	as	as	SCONJ
emaj-230	233	8	markets	market	NOUN
emaj-230	233	9	integrate	integrate	VERB
emaj-230	233	10	,	,	PUNCT
emaj-230	233	11	a	a	DET
emaj-230	233	12	larger	large	ADJ
emaj-230	233	13	exposure	exposure	NOUN
emaj-230	233	14	to	to	ADP
emaj-230	233	15	the	the	DET
emaj-230	233	16	systemic	systemic	ADJ
emaj-230	233	17	(	(	PUNCT
emaj-230	233	18	world	world	NOUN
emaj-230	233	19	market	market	NOUN
emaj-230	233	20	)	)	PUNCT
emaj-230	233	21	risk	risk	NOUN
emaj-230	233	22	is	be	AUX
emaj-230	233	23	compensated	compensate	VERB
emaj-230	233	24	through	through	ADP
emaj-230	233	25	higher	high	ADJ
emaj-230	233	26	expected	expect	VERB
emaj-230	233	27	returns	return	NOUN
emaj-230	233	28	.	.	PUNCT
emaj-230	234	1	the	the	DET
emaj-230	234	2	models	model	NOUN
emaj-230	234	3	to	to	PART
emaj-230	234	4	be	be	AUX
emaj-230	234	5	estimated	estimate	VERB
emaj-230	234	6	become	become	VERB
emaj-230	234	7	:	:	PUNCT
emaj-230	234	8	𝑟𝑑𝑖,𝑡	𝑟𝑑𝑖,𝑡	NOUN
emaj-230	234	9	−	−	PROPN
emaj-230	234	10	𝑟𝑓𝑡	𝑟𝑓𝑡	PROPN
emaj-230	234	11	=	=	SYM
emaj-230	234	12	𝛼𝑖	𝛼𝑖	PROPN
emaj-230	234	13	+	+	CCONJ
emaj-230	234	14	(	(	PUNCT
emaj-230	234	15	𝛽0,𝑖	𝛽0,𝑖	PROPN
emaj-230	234	16	+	+	CCONJ
emaj-230	234	17	𝛽1	𝛽1	PROPN
emaj-230	234	18	×	×	NOUN
emaj-230	234	19	𝑄𝑖,𝑡−1)(𝑟𝑤𝑡	𝑄𝑖,𝑡−1)(𝑟𝑤𝑡	VERB
emaj-230	234	20	−	−	PROPN
emaj-230	234	21	𝑟𝑓𝑡	𝑟𝑓𝑡	PROPN
emaj-230	234	22	)	)	PUNCT
emaj-230	235	1	+	+	CCONJ
emaj-230	235	2	𝛾𝑆𝑖𝑧	𝛾𝑆𝑖𝑧	PROPN
emaj-230	235	3	�	�	PROPN
emaj-230	235	4	̃	̃	PROPN
emaj-230	235	5	�	�	NOUN
emaj-230	235	6	𝑖,𝑡−1	𝑖,𝑡−1	NUM
emaj-230	235	7	+	+	CCONJ
emaj-230	235	8	𝛿𝑄𝑖,𝑡−1	𝛿𝑄𝑖,𝑡−1	ADJ
emaj-230	235	9	+	+	CCONJ
emaj-230	235	10	𝜑𝑄𝑖,𝑡−1	𝜑𝑄𝑖,𝑡−1	PROPN
emaj-230	235	11	×	×	PROPN
emaj-230	235	12	𝑆𝑖𝑧	𝑆𝑖𝑧	PROPN
emaj-230	235	13	�	�	PROPN
emaj-230	235	14	̃	̃	PROPN
emaj-230	235	15	�	�	NOUN
emaj-230	235	16	𝑖,𝑡−1	𝑖,𝑡−1	NUM
emaj-230	235	17	+	+	NUM
emaj-230	235	18	𝜃′𝑋𝑡	𝜃′𝑋𝑡	NOUN
emaj-230	235	19	+	+	CCONJ
emaj-230	235	20	휀𝑖,𝑡	휀𝑖,𝑡	PUNCT
emaj-230	235	21	,	,	PUNCT
emaj-230	235	22	(	(	PUNCT
emaj-230	235	23	6	6	X
emaj-230	235	24	)	)	PUNCT
emaj-230	235	25	𝑟𝑑𝑖,𝑡	𝑟𝑑𝑖,𝑡	NOUN
emaj-230	235	26	−	−	PROPN
emaj-230	235	27	𝑟𝑓𝑡	𝑟𝑓𝑡	PROPN
emaj-230	235	28	=	=	SYM
emaj-230	235	29	𝛼𝑖	𝛼𝑖	PROPN
emaj-230	235	30	+	+	CCONJ
emaj-230	235	31	(	(	PUNCT
emaj-230	235	32	𝛽0,𝑖	𝛽0,𝑖	PROPN
emaj-230	235	33	+	+	CCONJ
emaj-230	235	34	𝛽1	𝛽1	ADJ
emaj-230	235	35	×	×	NOUN
emaj-230	235	36	𝑄𝑖,𝑡−1	𝑄𝑖,𝑡−1	PROPN
emaj-230	235	37	+	+	CCONJ
emaj-230	235	38	𝛽2	𝛽2	PROPN
emaj-230	235	39	×	×	PROPN
emaj-230	235	40	𝑆𝑖𝑧	𝑆𝑖𝑧	PROPN
emaj-230	235	41	�	�	PROPN
emaj-230	235	42	̃	̃	PROPN
emaj-230	235	43	�	�	PROPN
emaj-230	235	44	𝑖,𝑡−1)(𝑟𝑤𝑡	𝑖,𝑡−1)(𝑟𝑤𝑡	VERB
emaj-230	235	45	−	−	PROPN
emaj-230	235	46	𝑟𝑓𝑡	𝑟𝑓𝑡	PROPN
emaj-230	235	47	)	)	PUNCT
emaj-230	236	1	+	+	CCONJ
emaj-230	236	2	𝛾𝑆𝑖𝑧	𝛾𝑆𝑖𝑧	PROPN
emaj-230	236	3	�	�	PROPN
emaj-230	236	4	̃	̃	PROPN
emaj-230	236	5	�	�	NOUN
emaj-230	236	6	𝑖,𝑡−1	𝑖,𝑡−1	NUM
emaj-230	236	7	+	+	CCONJ
emaj-230	236	8	𝛿𝑄𝑖,𝑡−1	𝛿𝑄𝑖,𝑡−1	ADJ
emaj-230	236	9	+	+	CCONJ
emaj-230	236	10	𝜑𝑄𝑖,𝑡−1	𝜑𝑄𝑖,𝑡−1	PROPN
emaj-230	236	11	×	×	PROPN
emaj-230	236	12	𝑆𝑖𝑧	𝑆𝑖𝑧	PROPN
emaj-230	236	13	�	�	PROPN
emaj-230	236	14	̃	̃	PROPN
emaj-230	236	15	�	�	NOUN
emaj-230	236	16	𝑖,𝑡−1	𝑖,𝑡−1	NUM
emaj-230	236	17	+	+	NUM
emaj-230	236	18	𝜃′𝑋𝑡	𝜃′𝑋𝑡	NOUN
emaj-230	236	19	+	+	CCONJ
emaj-230	236	20	휀𝑖,𝑡	휀𝑖,𝑡	PUNCT
emaj-230	236	21	,	,	PUNCT
emaj-230	236	22	(	(	PUNCT
emaj-230	236	23	7	7	X
emaj-230	236	24	)	)	PUNCT
emaj-230	236	25	the	the	DET
emaj-230	236	26	results	result	NOUN
emaj-230	236	27	are	be	AUX
emaj-230	236	28	presented	present	VERB
emaj-230	236	29	in	in	ADP
emaj-230	236	30	table	table	NOUN
emaj-230	236	31	10	10	NUM
emaj-230	236	32	for	for	ADP
emaj-230	236	33	regressions	regression	NOUN
emaj-230	236	34	using	use	VERB
emaj-230	236	35	both	both	DET
emaj-230	236	36	sources	source	NOUN
emaj-230	236	37	of	of	ADP
emaj-230	236	38	data	datum	NOUN
emaj-230	236	39	(	(	PUNCT
emaj-230	236	40	datastream	datastream	NOUN
emaj-230	236	41	and	and	CCONJ
emaj-230	236	42	emdb	emdb	PROPN
emaj-230	236	43	)	)	PUNCT
emaj-230	236	44	.	.	PUNCT
emaj-230	237	1	for	for	ADP
emaj-230	237	2	the	the	DET
emaj-230	237	3	complete	complete	ADJ
emaj-230	237	4	dataset	dataset	NOUN
emaj-230	237	5	,	,	PUNCT
emaj-230	237	6	including	include	VERB
emaj-230	237	7	both	both	CCONJ
emaj-230	237	8	developed	develop	VERB
emaj-230	237	9	and	and	CCONJ
emaj-230	237	10	emerging	emerge	VERB
emaj-230	237	11	countries	country	NOUN
emaj-230	237	12	,	,	PUNCT
emaj-230	237	13	size	size	NOUN
emaj-230	237	14	effects	effect	NOUN
emaj-230	237	15	are	be	AUX
emaj-230	237	16	manifest	manifest	ADJ
emaj-230	237	17	both	both	CCONJ
emaj-230	237	18	directly	directly	ADV
emaj-230	237	19	(	(	PUNCT
emaj-230	237	20	larger	large	ADJ
emaj-230	237	21	countries	country	NOUN
emaj-230	237	22	exhibiting	exhibit	VERB
emaj-230	237	23	lower	low	ADJ
emaj-230	237	24	expected	expect	VERB
emaj-230	237	25	returns	return	NOUN
emaj-230	237	26	)	)	PUNCT
emaj-230	237	27	and	and	CCONJ
emaj-230	237	28	indirectly	indirectly	ADV
emaj-230	237	29	,	,	PUNCT
emaj-230	237	30	as	as	SCONJ
emaj-230	237	31	larger	large	ADJ
emaj-230	237	32	markets	market	NOUN
emaj-230	237	33	(	(	PUNCT
emaj-230	237	34	presumably	presumably	ADV
emaj-230	237	35	more	more	ADV
emaj-230	237	36	integrated	integrated	ADJ
emaj-230	237	37	)	)	PUNCT
emaj-230	237	38	have	have	VERB
emaj-230	237	39	higher	high	ADJ
emaj-230	237	40	world	world	NOUN
emaj-230	237	41	market	market	NOUN
emaj-230	237	42	betas	beta	NOUN
emaj-230	237	43	(	(	PUNCT
emaj-230	237	44	hence	hence	ADV
emaj-230	237	45	,	,	PUNCT
emaj-230	237	46	higher	high	ADJ
emaj-230	237	47	exposure	exposure	NOUN
emaj-230	237	48	to	to	ADP
emaj-230	237	49	systemic	systemic	ADJ
emaj-230	237	50	risk	risk	NOUN
emaj-230	237	51	)	)	PUNCT
emaj-230	237	52	.	.	PUNCT
emaj-230	238	1	the	the	DET
emaj-230	238	2	segmentation	segmentation	NOUN
emaj-230	238	3	effect	effect	NOUN
emaj-230	238	4	is	be	AUX
emaj-230	238	5	manifest	manifest	VERB
emaj-230	238	6	mainly	mainly	ADV
emaj-230	238	7	indirectly	indirectly	ADV
emaj-230	238	8	through	through	ADP
emaj-230	238	9	the	the	DET
emaj-230	238	10	interaction	interaction	NOUN
emaj-230	238	11	terms	term	NOUN
emaj-230	238	12	,	,	PUNCT
emaj-230	238	13	showing	show	VERB
emaj-230	238	14	that	that	DET
emaj-230	238	15	exposure	exposure	NOUN
emaj-230	238	16	to	to	ADP
emaj-230	238	17	systemic	systemic	ADJ
emaj-230	238	18	risk	risk	NOUN
emaj-230	238	19	increases	increase	NOUN
emaj-230	238	20	as	as	SCONJ
emaj-230	238	21	capital	capital	NOUN
emaj-230	238	22	controls	control	NOUN
emaj-230	238	23	decline	decline	VERB
emaj-230	238	24	.	.	PUNCT
emaj-230	239	1	this	this	DET
emaj-230	239	2	indirect	indirect	ADJ
emaj-230	239	3	effect	effect	NOUN
emaj-230	239	4	is	be	AUX
emaj-230	239	5	significant	significant	ADJ
emaj-230	239	6	across	across	ADP
emaj-230	239	7	both	both	DET
emaj-230	239	8	datasets	dataset	NOUN
emaj-230	239	9	,	,	PUNCT
emaj-230	239	10	with	with	ADP
emaj-230	239	11	the	the	DET
emaj-230	239	12	only	only	ADJ
emaj-230	239	13	exception	exception	NOUN
emaj-230	239	14	of	of	ADP
emaj-230	239	15	the	the	DET
emaj-230	239	16	subsample	subsample	NOUN
emaj-230	239	17	comprised	comprise	VERB
emaj-230	239	18	by	by	ADP
emaj-230	239	19	developed	develop	VERB
emaj-230	239	20	countries	country	NOUN
emaj-230	239	21	(	(	PUNCT
emaj-230	239	22	for	for	ADP
emaj-230	239	23	many	many	ADJ
emaj-230	239	24	of	of	ADP
emaj-230	239	25	whom	whom	PRON
emaj-230	239	26	segmentation	segmentation	NOUN
emaj-230	239	27	is	be	AUX
emaj-230	239	28	low	low	ADJ
emaj-230	239	29	and	and	CCONJ
emaj-230	239	30	even	even	ADV
emaj-230	239	31	0	0	NUM
emaj-230	239	32	by	by	ADP
emaj-230	239	33	construction	construction	NOUN
emaj-230	239	34	)	)	PUNCT
emaj-230	239	35	.	.	PUNCT
emaj-230	240	1	the	the	DET
emaj-230	240	2	emdb	emdb	PROPN
emaj-230	240	3	dataset	dataset	VERB
emaj-230	240	4	allows	allow	VERB
emaj-230	240	5	uncovering	uncover	VERB
emaj-230	240	6	a	a	DET
emaj-230	240	7	difference	difference	NOUN
emaj-230	240	8	between	between	ADP
emaj-230	240	9	the	the	DET
emaj-230	240	10	investable	investable	ADJ
emaj-230	240	11	and	and	CCONJ
emaj-230	240	12	noninvestable	noninvestable	ADJ
emaj-230	240	13	subsets	subset	NOUN
emaj-230	240	14	of	of	ADP
emaj-230	240	15	the	the	DET
emaj-230	240	16	markets	market	NOUN
emaj-230	240	17	.	.	PUNCT
emaj-230	241	1	for	for	ADP
emaj-230	241	2	the	the	DET
emaj-230	241	3	assets	asset	NOUN
emaj-230	241	4	that	that	PRON
emaj-230	241	5	are	be	AUX
emaj-230	241	6	open	open	ADJ
emaj-230	241	7	to	to	ADP
emaj-230	241	8	foreign	foreign	ADJ
emaj-230	241	9	investment	investment	NOUN
emaj-230	241	10	,	,	PUNCT
emaj-230	241	11	size	size	NOUN
emaj-230	241	12	has	have	VERB
emaj-230	241	13	a	a	DET
emaj-230	241	14	strong	strong	ADJ
emaj-230	241	15	direct	direct	ADJ
emaj-230	241	16	effect	effect	NOUN
emaj-230	241	17	,	,	PUNCT
emaj-230	241	18	amplified	amplify	VERB
emaj-230	241	19	by	by	ADP
emaj-230	241	20	the	the	DET
emaj-230	241	21	segmentation	segmentation	NOUN
emaj-230	241	22	effect	effect	NOUN
emaj-230	241	23	(	(	PUNCT
emaj-230	241	24	through	through	ADP
emaj-230	241	25	the	the	DET
emaj-230	241	26	significant	significant	ADJ
emaj-230	241	27	interaction	interaction	NOUN
emaj-230	241	28	term	term	NOUN
emaj-230	241	29	between	between	ADP
emaj-230	241	30	the	the	DET
emaj-230	241	31	size	size	NOUN
emaj-230	241	32	proxy	proxy	NOUN
emaj-230	241	33	and	and	CCONJ
emaj-230	241	34	the	the	DET
emaj-230	241	35	intensity	intensity	NOUN
emaj-230	241	36	of	of	ADP
emaj-230	241	37	capital	capital	NOUN
emaj-230	241	38	controls	control	NOUN
emaj-230	241	39	)	)	PUNCT
emaj-230	241	40	.	.	PUNCT
emaj-230	242	1	there	there	PRON
emaj-230	242	2	is	be	VERB
emaj-230	242	3	also	also	ADV
emaj-230	242	4	a	a	DET
emaj-230	242	5	counterintuitive	counterintuitive	ADJ
emaj-230	242	6	negative	negative	ADJ
emaj-230	242	7	indirect	indirect	ADJ
emaj-230	242	8	effect	effect	NOUN
emaj-230	242	9	of	of	ADP
emaj-230	242	10	size	size	NOUN
emaj-230	242	11	on	on	ADP
emaj-230	242	12	world	world	NOUN
emaj-230	242	13	market	market	NOUN
emaj-230	242	14	betas	beta	NOUN
emaj-230	242	15	would	would	AUX
emaj-230	242	16	suggest	suggest	VERB
emaj-230	242	17	that	that	SCONJ
emaj-230	242	18	the	the	DET
emaj-230	242	19	larger	large	ADJ
emaj-230	242	20	investable	investable	ADJ
emaj-230	242	21	markets	market	NOUN
emaj-230	242	22	have	have	VERB
emaj-230	242	23	lower	low	ADJ
emaj-230	242	24	exposure	exposure	NOUN
emaj-230	242	25	to	to	ADP
emaj-230	242	26	systemic	systemic	ADJ
emaj-230	242	27	risk	risk	NOUN
emaj-230	242	28	.	.	PUNCT
emaj-230	243	1	the	the	DET
emaj-230	243	2	direct	direct	ADJ
emaj-230	243	3	segmentation	segmentation	NOUN
emaj-230	243	4	effect	effect	NOUN
emaj-230	243	5	is	be	AUX
emaj-230	243	6	significant	significant	ADJ
emaj-230	243	7	and	and	CCONJ
emaj-230	243	8	affects	affect	VERB
emaj-230	243	9	both	both	DET
emaj-230	243	10	expected	expect	VERB
emaj-230	243	11	returns	return	NOUN
emaj-230	243	12	(	(	PUNCT
emaj-230	243	13	higher	high	ADJ
emaj-230	243	14	for	for	ADP
emaj-230	243	15	segmented	segment	VERB
emaj-230	243	16	markets	market	NOUN
emaj-230	243	17	)	)	PUNCT
emaj-230	243	18	and	and	CCONJ
emaj-230	243	19	the	the	DET
emaj-230	243	20	world	world	NOUN
emaj-230	243	21	market	market	NOUN
emaj-230	243	22	betas	beta	NOUN
emaj-230	243	23	(	(	PUNCT
emaj-230	243	24	lower	low	ADJ
emaj-230	243	25	for	for	ADP
emaj-230	243	26	segmented	segment	VERB
emaj-230	243	27	markets	market	NOUN
emaj-230	243	28	)	)	PUNCT
emaj-230	243	29	only	only	ADV
emaj-230	243	30	for	for	ADP
emaj-230	243	31	the	the	DET
emaj-230	243	32	subset	subset	NOUN
emaj-230	243	33	of	of	ADP
emaj-230	243	34	non	non	ADJ
emaj-230	243	35	-	-	ADJ
emaj-230	243	36	investable	investable	ADJ
emaj-230	243	37	assets	asset	NOUN
emaj-230	243	38	.	.	PUNCT
emaj-230	244	1	this	this	PRON
emaj-230	244	2	is	be	AUX
emaj-230	244	3	also	also	ADV
emaj-230	244	4	the	the	DET
emaj-230	244	5	only	only	ADJ
emaj-230	244	6	part	part	NOUN
emaj-230	244	7	of	of	ADP
emaj-230	244	8	emerging	emerge	VERB
emaj-230	244	9	markets	market	NOUN
emaj-230	244	10	where	where	SCONJ
emaj-230	244	11	size	size	NOUN
emaj-230	244	12	effects	effect	NOUN
emaj-230	244	13	lose	lose	VERB
emaj-230	244	14	statistical	statistical	ADJ
emaj-230	244	15	significance	significance	NOUN
emaj-230	244	16	,	,	PUNCT
emaj-230	244	17	providing	provide	VERB
emaj-230	244	18	further	further	ADJ
emaj-230	244	19	support	support	NOUN
emaj-230	244	20	to	to	ADP
emaj-230	244	21	the	the	DET
emaj-230	244	22	conjecture	conjecture	NOUN
emaj-230	244	23	that	that	SCONJ
emaj-230	244	24	market	market	NOUN
emaj-230	244	25	size	size	NOUN
emaj-230	244	26	is	be	AUX
emaj-230	244	27	intrinsically	intrinsically	ADV
emaj-230	244	28	linked	link	VERB
emaj-230	244	29	to	to	ADP
emaj-230	244	30	market	market	NOUN
emaj-230	244	31	integration	integration	NOUN
emaj-230	244	32	.	.	PUNCT
emaj-230	245	1	the	the	DET
emaj-230	245	2	market	market	NOUN
emaj-230	245	3	size	size	NOUN
emaj-230	245	4	effect	effect	NOUN
emaj-230	245	5	appears	appear	VERB
emaj-230	245	6	to	to	PART
emaj-230	245	7	manifest	manifest	VERB
emaj-230	245	8	when	when	SCONJ
emaj-230	245	9	preceded	precede	VERB
emaj-230	245	10	by	by	ADP
emaj-230	245	11	financial	financial	ADJ
emaj-230	245	12	liberalization	liberalization	NOUN
emaj-230	245	13	(	(	PUNCT
emaj-230	245	14	i.e.	i.e.	X
emaj-230	245	15	is	be	AUX
emaj-230	245	16	stronger	strong	ADJ
emaj-230	245	17	in	in	ADP
emaj-230	245	18	the	the	DET
emaj-230	245	19	subset	subset	NOUN
emaj-230	245	20	of	of	ADP
emaj-230	245	21	the	the	DET
emaj-230	245	22	market	market	NOUN
emaj-230	245	23	that	that	PRON
emaj-230	245	24	is	be	AUX
emaj-230	245	25	open	open	ADJ
emaj-230	245	26	to	to	ADP
emaj-230	245	27	foreign	foreign	ADJ
emaj-230	245	28	investors	investor	NOUN
emaj-230	245	29	)	)	PUNCT
emaj-230	245	30	,	,	PUNCT
emaj-230	245	31	suggesting	suggest	VERB
emaj-230	245	32	that	that	SCONJ
emaj-230	245	33	market	market	NOUN
emaj-230	245	34	development	development	NOUN
emaj-230	245	35	is	be	AUX
emaj-230	245	36	induced	induce	VERB
emaj-230	245	37	by	by	ADP
emaj-230	245	38	opening	open	VERB
emaj-230	245	39	financial	financial	ADJ
emaj-230	245	40	markets	market	NOUN
emaj-230	245	41	and	and	CCONJ
emaj-230	245	42	might	might	AUX
emaj-230	245	43	represent	represent	VERB
emaj-230	245	44	a	a	DET
emaj-230	245	45	further	further	ADJ
emaj-230	245	46	step	step	NOUN
emaj-230	245	47	in	in	ADP
emaj-230	245	48	the	the	DET
emaj-230	245	49	process	process	NOUN
emaj-230	245	50	of	of	ADP
emaj-230	245	51	financial	financial	ADJ
emaj-230	245	52	market	market	NOUN
emaj-230	245	53	integration	integration	NOUN
emaj-230	245	54	.	.	PUNCT
emaj-230	246	1	table	table	NOUN
emaj-230	246	2	10	10	NUM
emaj-230	246	3	:	:	PUNCT
emaj-230	246	4	size	size	NOUN
emaj-230	246	5	and	and	CCONJ
emaj-230	246	6	segmentation	segmentation	NOUN
emaj-230	246	7	effects	effect	NOUN
emaj-230	246	8	,	,	PUNCT
emaj-230	246	9	with	with	ADP
emaj-230	246	10	country	country	NOUN
emaj-230	246	11	specific	specific	ADJ
emaj-230	246	12	and	and	CCONJ
emaj-230	246	13	time	time	NOUN
emaj-230	246	14	-	-	PUNCT
emaj-230	246	15	varying	vary	VERB
emaj-230	246	16	world	world	NOUN
emaj-230	246	17	market	market	NOUN
emaj-230	246	18	betas	beta	NOUN
emaj-230	246	19	and	and	CCONJ
emaj-230	246	20	global	global	ADJ
emaj-230	246	21	risk	risk	NOUN
emaj-230	246	22	factors	factor	NOUN
emaj-230	246	23	source	source	NOUN
emaj-230	246	24	:	:	PUNCT
emaj-230	246	25	authors	author	NOUN
emaj-230	246	26	’	'	PUNCT
emaj-230	246	27	own	own	ADJ
emaj-230	246	28	compilation	compilation	NOUN
emaj-230	246	29	this	this	DET
emaj-230	246	30	table	table	NOUN
emaj-230	246	31	reports	report	VERB
emaj-230	246	32	the	the	DET
emaj-230	246	33	results	result	NOUN
emaj-230	246	34	of	of	ADP
emaj-230	246	35	fixed	fix	VERB
emaj-230	246	36	effects	effect	NOUN
emaj-230	246	37	panel	panel	NOUN
emaj-230	246	38	regressions	regression	NOUN
emaj-230	246	39	of	of	ADP
emaj-230	246	40	domestic	domestic	ADJ
emaj-230	246	41	(	(	PUNCT
emaj-230	246	42	monthly	monthly	ADJ
emaj-230	246	43	)	)	PUNCT
emaj-230	246	44	excess	excess	ADJ
emaj-230	246	45	returns	return	NOUN
emaj-230	246	46	on	on	ADP
emaj-230	246	47	the	the	DET
emaj-230	246	48	(	(	PUNCT
emaj-230	246	49	excess	excess	ADJ
emaj-230	246	50	)	)	PUNCT
emaj-230	246	51	returns	return	NOUN
emaj-230	246	52	on	on	ADP
emaj-230	246	53	the	the	DET
emaj-230	246	54	world	world	NOUN
emaj-230	246	55	market	market	NOUN
emaj-230	246	56	index	index	NOUN
emaj-230	246	57	and	and	CCONJ
emaj-230	246	58	additional	additional	ADJ
emaj-230	246	59	factors	factor	NOUN
emaj-230	246	60	,	,	PUNCT
emaj-230	246	61	with	with	ADP
emaj-230	246	62	a	a	DET
emaj-230	246	63	first	first	ADJ
emaj-230	246	64	specification	specification	NOUN
emaj-230	246	65	that	that	PRON
emaj-230	246	66	allows	allow	VERB
emaj-230	246	67	the	the	DET
emaj-230	246	68	world	world	NOUN
emaj-230	246	69	market	market	NOUN
emaj-230	246	70	beta	beta	NOUN
emaj-230	246	71	to	to	PART
emaj-230	246	72	vary	vary	VERB
emaj-230	246	73	over	over	ADP
emaj-230	246	74	countries	country	NOUN
emaj-230	246	75	and	and	CCONJ
emaj-230	246	76	over	over	ADP
emaj-230	246	77	time	time	NOUN
emaj-230	246	78	and	and	CCONJ
emaj-230	246	79	an	an	DET
emaj-230	246	80	alternative	alternative	ADJ
emaj-230	246	81	model	model	NOUN
emaj-230	246	82	allowing	allow	VERB
emaj-230	246	83	for	for	SCONJ
emaj-230	246	84	the	the	DET
emaj-230	246	85	world	world	NOUN
emaj-230	246	86	market	market	NOUN
emaj-230	246	87	beta	beta	NOUN
emaj-230	246	88	to	to	PART
emaj-230	246	89	vary	vary	VERB
emaj-230	246	90	over	over	ADP
emaj-230	246	91	countries	country	NOUN
emaj-230	246	92	and	and	CCONJ
emaj-230	246	93	over	over	ADP
emaj-230	246	94	time	time	NOUN
emaj-230	246	95	as	as	ADP
emaj-230	246	96	a	a	DET
emaj-230	246	97	function	function	NOUN
emaj-230	246	98	of	of	ADP
emaj-230	246	99	both	both	CCONJ
emaj-230	246	100	the	the	DET
emaj-230	246	101	intensity	intensity	NOUN
emaj-230	246	102	of	of	ADP
emaj-230	246	103	capital	capital	NOUN
emaj-230	246	104	controls	control	NOUN
emaj-230	246	105	and	and	CCONJ
emaj-230	246	106	size	size	NOUN
emaj-230	246	107	.	.	PUNCT
emaj-230	247	1	𝑄	𝑄	PRON
emaj-230	247	2	is	be	AUX
emaj-230	247	3	the	the	DET
emaj-230	247	4	intensity	intensity	NOUN
emaj-230	247	5	of	of	ADP
emaj-230	247	6	capital	capital	NOUN
emaj-230	247	7	controls	control	NOUN
emaj-230	247	8	and	and	CCONJ
emaj-230	247	9	𝑆𝑖𝑧	𝑆𝑖𝑧	PROPN
emaj-230	247	10	�	�	PROPN
emaj-230	247	11	̃	̃	PROPN
emaj-230	247	12	�	�	PROPN
emaj-230	247	13	is	be	AUX
emaj-230	247	14	proxied	proxie	VERB
emaj-230	247	15	by	by	ADP
emaj-230	247	16	the	the	DET
emaj-230	247	17	residual	residual	ADJ
emaj-230	247	18	from	from	ADP
emaj-230	247	19	regressing	regress	VERB
emaj-230	247	20	the	the	DET
emaj-230	247	21	original	original	ADJ
emaj-230	247	22	size	size	NOUN
emaj-230	247	23	variable	variable	NOUN
emaj-230	247	24	–	–	PUNCT
emaj-230	247	25	the	the	DET
emaj-230	247	26	share	share	NOUN
emaj-230	247	27	of	of	ADP
emaj-230	247	28	a	a	DET
emaj-230	247	29	country	country	NOUN
emaj-230	247	30	's	's	PART
emaj-230	247	31	market	market	NOUN
emaj-230	247	32	capitalization	capitalization	NOUN
emaj-230	247	33	in	in	ADP
emaj-230	247	34	the	the	DET
emaj-230	247	35	world	world	NOUN
emaj-230	247	36	market	market	NOUN
emaj-230	247	37	(	(	PUNCT
emaj-230	247	38	in	in	ADP
emaj-230	247	39	percentages	percentage	NOUN
emaj-230	247	40	)	)	PUNCT
emaj-230	247	41	on	on	ADP
emaj-230	247	42	𝑄	𝑄	PROPN
emaj-230	247	43	and	and	CCONJ
emaj-230	247	44	the	the	DET
emaj-230	247	45	world	world	NOUN
emaj-230	247	46	market	market	NOUN
emaj-230	247	47	index	index	NOUN
emaj-230	247	48	.	.	PUNCT
emaj-230	248	1	all	all	DET
emaj-230	248	2	regressions	regression	NOUN
emaj-230	248	3	include	include	VERB
emaj-230	248	4	a	a	DET
emaj-230	248	5	set	set	NOUN
emaj-230	248	6	of	of	ADP
emaj-230	248	7	six	six	NUM
emaj-230	248	8	global	global	ADJ
emaj-230	248	9	risk	risk	NOUN
emaj-230	248	10	variables	variable	NOUN
emaj-230	248	11	,	,	PUNCT
emaj-230	248	12	𝑋𝑡	𝑋𝑡	NOUN
emaj-230	248	13	:	:	PUNCT
emaj-230	248	14	the	the	DET
emaj-230	248	15	change	change	NOUN
emaj-230	248	16	in	in	ADP
emaj-230	248	17	a	a	DET
emaj-230	248	18	price	price	NOUN
emaj-230	248	19	-	-	PUNCT
emaj-230	248	20	adjusted	adjust	VERB
emaj-230	248	21	index	index	NOUN
emaj-230	248	22	of	of	ADP
emaj-230	248	23	the	the	DET
emaj-230	248	24	foreign	foreign	ADJ
emaj-230	248	25	exchange	exchange	NOUN
emaj-230	248	26	value	value	NOUN
emaj-230	248	27	of	of	ADP
emaj-230	248	28	the	the	DET
emaj-230	248	29	dollar	dollar	NOUN
emaj-230	248	30	against	against	ADP
emaj-230	248	31	a	a	DET
emaj-230	248	32	broad	broad	ADJ
emaj-230	248	33	basket	basket	NOUN
emaj-230	248	34	of	of	ADP
emaj-230	248	35	currencies	currency	NOUN
emaj-230	248	36	,	,	PUNCT
emaj-230	248	37	the	the	DET
emaj-230	248	38	monthly	monthly	ADJ
emaj-230	248	39	change	change	NOUN
emaj-230	248	40	in	in	ADP
emaj-230	248	41	the	the	DET
emaj-230	248	42	cpi	cpi	NOUN
emaj-230	248	43	of	of	ADP
emaj-230	248	44	the	the	DET
emaj-230	248	45	g7	g7	PROPN
emaj-230	248	46	countries	country	NOUN
emaj-230	248	47	(	(	PUNCT
emaj-230	248	48	canada	canada	PROPN
emaj-230	248	49	,	,	PUNCT
emaj-230	248	50	france	france	PROPN
emaj-230	248	51	,	,	PUNCT
emaj-230	248	52	germany	germany	PROPN
emaj-230	248	53	,	,	PUNCT
emaj-230	248	54	italy	italy	PROPN
emaj-230	248	55	,	,	PUNCT
emaj-230	248	56	japan	japan	PROPN
emaj-230	248	57	,	,	PUNCT
emaj-230	248	58	uk	uk	PROPN
emaj-230	248	59	and	and	CCONJ
emaj-230	248	60	us	we	PRON
emaj-230	248	61	)	)	PUNCT
emaj-230	248	62	,	,	PUNCT
emaj-230	248	63	a	a	DET
emaj-230	248	64	weighted	weighted	ADJ
emaj-230	248	65	average	average	NOUN
emaj-230	248	66	of	of	ADP
emaj-230	248	67	short	short	ADJ
emaj-230	248	68	term	term	NOUN
emaj-230	248	69	interest	interest	NOUN
emaj-230	248	70	rates	rate	NOUN
emaj-230	248	71	in	in	ADP
emaj-230	248	72	g7	g7	PROPN
emaj-230	248	73	countries	country	NOUN
emaj-230	248	74	(	(	PUNCT
emaj-230	248	75	with	with	ADP
emaj-230	248	76	weights	weight	NOUN
emaj-230	248	77	given	give	VERB
emaj-230	248	78	by	by	ADP
emaj-230	248	79	their	their	PRON
emaj-230	248	80	shares	share	NOUN
emaj-230	248	81	volume	volume	VERB
emaj-230	248	82	11	11	NUM
emaj-230	248	83	no	no	PRON
emaj-230	248	84	1	1	NUM
emaj-230	248	85	(	(	PUNCT
emaj-230	248	86	2021	2021	NUM
emaj-230	248	87	)	)	PUNCT
emaj-230	248	88	|	|	ADV
emaj-230	248	89	issn	issn	VERB
emaj-230	248	90	2158	2158	NUM
emaj-230	248	91	-	-	SYM
emaj-230	248	92	8708	8708	NUM
emaj-230	248	93	(	(	PUNCT
emaj-230	248	94	online	online	NOUN
emaj-230	248	95	)	)	PUNCT
emaj-230	248	96	|	|	ADV
emaj-230	248	97	doi	doi	X
emaj-230	248	98	10.5195	10.5195	NUM
emaj-230	248	99	/	/	SYM
emaj-230	248	100	emaj.2021.230	emaj.2021.230	PROPN
emaj-230	248	101	|	|	ADV
emaj-230	248	102	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-230	248	103	crina	crina	PROPN
emaj-230	248	104	pungulescu	pungulescu	NOUN
emaj-230	248	105	emerging	emerge	VERB
emaj-230	248	106	markets	market	NOUN
emaj-230	248	107	journal	journal	NOUN
emaj-230	248	108	|	|	ADV
emaj-230	248	109	p	p	NOUN
emaj-230	248	110	a	a	DET
emaj-230	248	111	g	g	NOUN
emaj-230	248	112	e	e	NOUN
emaj-230	248	113	3	3	NUM
emaj-230	248	114	9	9	NUM
emaj-230	248	115	in	in	ADP
emaj-230	248	116	the	the	DET
emaj-230	248	117	g7	g7	PROPN
emaj-230	248	118	gdp	gdp	PROPN
emaj-230	248	119	)	)	PUNCT
emaj-230	248	120	,	,	PUNCT
emaj-230	248	121	the	the	DET
emaj-230	248	122	change	change	NOUN
emaj-230	248	123	in	in	ADP
emaj-230	248	124	the	the	DET
emaj-230	248	125	difference	difference	NOUN
emaj-230	248	126	between	between	ADP
emaj-230	248	127	the	the	DET
emaj-230	248	128	3	3	NUM
emaj-230	248	129	-	-	PUNCT
emaj-230	248	130	month	month	NOUN
emaj-230	248	131	eurodollar	eurodollar	NOUN
emaj-230	248	132	rate	rate	NOUN
emaj-230	248	133	and	and	CCONJ
emaj-230	248	134	the	the	DET
emaj-230	248	135	3	3	NUM
emaj-230	248	136	-	-	PUNCT
emaj-230	248	137	month	month	NOUN
emaj-230	248	138	us	us	PROPN
emaj-230	248	139	treasury	treasury	PROPN
emaj-230	248	140	bill	bill	PROPN
emaj-230	248	141	yield	yield	NOUN
emaj-230	248	142	,	,	PUNCT
emaj-230	248	143	the	the	DET
emaj-230	248	144	change	change	NOUN
emaj-230	248	145	in	in	ADP
emaj-230	248	146	the	the	DET
emaj-230	248	147	monthly	monthly	ADJ
emaj-230	248	148	ppi	ppi	NOUN
emaj-230	248	149	for	for	ADP
emaj-230	248	150	the	the	DET
emaj-230	248	151	manufacturing	manufacturing	NOUN
emaj-230	248	152	sector	sector	NOUN
emaj-230	248	153	and	and	CCONJ
emaj-230	248	154	the	the	DET
emaj-230	248	155	change	change	NOUN
emaj-230	248	156	in	in	ADP
emaj-230	248	157	the	the	DET
emaj-230	248	158	monthly	monthly	ADJ
emaj-230	248	159	world	world	NOUN
emaj-230	248	160	price	price	NOUN
emaj-230	248	161	index	index	NOUN
emaj-230	248	162	for	for	ADP
emaj-230	248	163	oil	oil	NOUN
emaj-230	248	164	and	and	CCONJ
emaj-230	248	165	gas	gas	NOUN
emaj-230	248	166	.	.	PUNCT
emaj-230	249	1	the	the	DET
emaj-230	249	2	set	set	NOUN
emaj-230	249	3	of	of	ADP
emaj-230	249	4	country	country	NOUN
emaj-230	249	5	specific	specific	ADJ
emaj-230	249	6	variables	variable	NOUN
emaj-230	249	7	extends	extend	VERB
emaj-230	249	8	with	with	ADP
emaj-230	249	9	an	an	DET
emaj-230	249	10	interaction	interaction	NOUN
emaj-230	249	11	term	term	NOUN
emaj-230	249	12	between	between	ADP
emaj-230	249	13	𝑆𝑖𝑧	𝑆𝑖𝑧	PROPN
emaj-230	249	14	�	�	PROPN
emaj-230	249	15	̃	̃	PROPN
emaj-230	249	16	�	�	PROPN
emaj-230	249	17	and	and	CCONJ
emaj-230	249	18	𝑄	𝑄	PROPN
emaj-230	249	19	and	and	CCONJ
emaj-230	249	20	a	a	DET
emaj-230	249	21	measure	measure	NOUN
emaj-230	249	22	of	of	ADP
emaj-230	249	23	𝐶𝑜𝑚𝑝𝑜𝑠𝑖𝑡𝑒	𝐶𝑜𝑚𝑝𝑜𝑠𝑖𝑡𝑒	PROPN
emaj-230	249	24	(	(	PUNCT
emaj-230	249	25	economic	economic	ADJ
emaj-230	249	26	,	,	PUNCT
emaj-230	249	27	political	political	ADJ
emaj-230	249	28	and	and	CCONJ
emaj-230	249	29	financial	financial	ADJ
emaj-230	249	30	)	)	PUNCT
emaj-230	249	31	risk	risk	NOUN
emaj-230	249	32	.	.	PUNCT
emaj-230	250	1	statistical	statistical	ADJ
emaj-230	250	2	inference	inference	NOUN
emaj-230	250	3	is	be	AUX
emaj-230	250	4	based	base	VERB
emaj-230	250	5	on	on	ADP
emaj-230	250	6	newey	newey	PROPN
emaj-230	250	7	-	-	PUNCT
emaj-230	250	8	west	west	ADJ
emaj-230	250	9	standard	standard	ADJ
emaj-230	250	10	errors	error	NOUN
emaj-230	250	11	and	and	CCONJ
emaj-230	250	12	significance	significance	NOUN
emaj-230	250	13	is	be	AUX
emaj-230	250	14	denoted	denote	VERB
emaj-230	250	15	by	by	ADP
emaj-230	250	16	*	*	PROPN
emaj-230	250	17	*	*	PUNCT
emaj-230	250	18	*	*	PUNCT
emaj-230	250	19	(	(	PUNCT
emaj-230	250	20	at	at	ADP
emaj-230	250	21	1	1	NUM
emaj-230	250	22	%	%	NOUN
emaj-230	250	23	)	)	PUNCT
emaj-230	250	24	,	,	PUNCT
emaj-230	250	25	*	*	PUNCT
emaj-230	250	26	*	*	PUNCT
emaj-230	250	27	(	(	PUNCT
emaj-230	250	28	at	at	ADP
emaj-230	250	29	5	5	NUM
emaj-230	250	30	%	%	NOUN
emaj-230	250	31	)	)	PUNCT
emaj-230	250	32	and	and	CCONJ
emaj-230	250	33	*	*	PUNCT
emaj-230	250	34	(	(	PUNCT
emaj-230	250	35	at	at	ADP
emaj-230	250	36	10	10	NUM
emaj-230	250	37	%	%	NOUN
emaj-230	250	38	)	)	PUNCT
emaj-230	250	39	.	.	PUNCT
emaj-230	251	1	overall	overall	ADV
emaj-230	251	2	,	,	PUNCT
emaj-230	251	3	the	the	DET
emaj-230	251	4	results	result	NOUN
emaj-230	251	5	give	give	VERB
emaj-230	251	6	evidence	evidence	NOUN
emaj-230	251	7	that	that	SCONJ
emaj-230	251	8	market	market	NOUN
emaj-230	251	9	size	size	NOUN
emaj-230	251	10	affects	affect	VERB
emaj-230	251	11	expected	expect	VERB
emaj-230	251	12	returns	return	NOUN
emaj-230	251	13	both	both	CCONJ
emaj-230	251	14	for	for	ADP
emaj-230	251	15	developed	developed	ADJ
emaj-230	251	16	and	and	CCONJ
emaj-230	251	17	emerging	emerge	VERB
emaj-230	251	18	markets	market	NOUN
emaj-230	251	19	.	.	PUNCT
emaj-230	252	1	however	however	ADV
emaj-230	252	2	,	,	PUNCT
emaj-230	252	3	the	the	DET
emaj-230	252	4	effects	effect	NOUN
emaj-230	252	5	appear	appear	VERB
emaj-230	252	6	strongest	strong	ADJ
emaj-230	252	7	for	for	ADP
emaj-230	252	8	emerging	emerge	VERB
emaj-230	252	9	markets	market	NOUN
emaj-230	252	10	and	and	CCONJ
emaj-230	252	11	especially	especially	ADV
emaj-230	252	12	for	for	ADP
emaj-230	252	13	the	the	DET
emaj-230	252	14	part	part	NOUN
emaj-230	252	15	of	of	ADP
emaj-230	252	16	emerging	emerge	VERB
emaj-230	252	17	markets	market	NOUN
emaj-230	252	18	that	that	PRON
emaj-230	252	19	is	be	AUX
emaj-230	252	20	open	open	ADJ
emaj-230	252	21	to	to	ADP
emaj-230	252	22	foreign	foreign	ADJ
emaj-230	252	23	investment	investment	NOUN
emaj-230	252	24	.	.	PUNCT
emaj-230	253	1	economic	economic	ADJ
emaj-230	253	2	significance	significance	NOUN
emaj-230	253	3	of	of	ADP
emaj-230	253	4	market	market	NOUN
emaj-230	253	5	size	size	NOUN
emaj-230	253	6	effects	effect	NOUN
emaj-230	253	7	versus	versus	ADP
emaj-230	253	8	segmentation	segmentation	NOUN
emaj-230	253	9	effects	effect	NOUN
emaj-230	253	10	the	the	DET
emaj-230	253	11	previous	previous	ADJ
emaj-230	253	12	sections	section	NOUN
emaj-230	253	13	established	establish	VERB
emaj-230	253	14	that	that	SCONJ
emaj-230	253	15	expected	expect	VERB
emaj-230	253	16	returns	return	NOUN
emaj-230	253	17	,	,	PUNCT
emaj-230	253	18	especially	especially	ADV
emaj-230	253	19	in	in	ADP
emaj-230	253	20	emerging	emerge	VERB
emaj-230	253	21	markets	market	NOUN
emaj-230	253	22	incorporate	incorporate	VERB
emaj-230	253	23	a	a	DET
emaj-230	253	24	size	size	NOUN
emaj-230	253	25	premium	premium	NOUN
emaj-230	253	26	that	that	PRON
emaj-230	253	27	appears	appear	VERB
emaj-230	253	28	to	to	PART
emaj-230	253	29	statistically	statistically	ADV
emaj-230	253	30	dominate	dominate	VERB
emaj-230	253	31	over	over	ADP
emaj-230	253	32	segmentation	segmentation	NOUN
emaj-230	253	33	effects	effect	NOUN
emaj-230	253	34	.	.	PUNCT
emaj-230	254	1	however	however	ADV
emaj-230	254	2	,	,	PUNCT
emaj-230	254	3	the	the	DET
emaj-230	254	4	relative	relative	ADJ
emaj-230	254	5	importance	importance	NOUN
emaj-230	254	6	of	of	ADP
emaj-230	254	7	the	the	DET
emaj-230	254	8	two	two	NUM
emaj-230	254	9	is	be	AUX
emaj-230	254	10	ultimately	ultimately	ADV
emaj-230	254	11	decided	decide	VERB
emaj-230	254	12	by	by	ADP
emaj-230	254	13	their	their	PRON
emaj-230	254	14	economic	economic	ADJ
emaj-230	254	15	significance	significance	NOUN
emaj-230	254	16	.	.	PUNCT
emaj-230	255	1	to	to	PART
emaj-230	255	2	obtain	obtain	VERB
emaj-230	255	3	a	a	DET
emaj-230	255	4	measure	measure	NOUN
emaj-230	255	5	of	of	ADP
emaj-230	255	6	the	the	DET
emaj-230	255	7	economic	economic	ADJ
emaj-230	255	8	impact	impact	NOUN
emaj-230	255	9	of	of	ADP
emaj-230	255	10	size	size	NOUN
emaj-230	255	11	and	and	CCONJ
emaj-230	255	12	segmentation	segmentation	NOUN
emaj-230	255	13	on	on	ADP
emaj-230	255	14	expected	expect	VERB
emaj-230	255	15	returns	return	NOUN
emaj-230	255	16	,	,	PUNCT
emaj-230	255	17	the	the	DET
emaj-230	255	18	observed	observe	VERB
emaj-230	255	19	changes	change	NOUN
emaj-230	255	20	in	in	ADP
emaj-230	255	21	the	the	DET
emaj-230	255	22	variables	variable	NOUN
emaj-230	255	23	of	of	ADP
emaj-230	255	24	interest	interest	NOUN
emaj-230	255	25	are	be	AUX
emaj-230	255	26	combined	combine	VERB
emaj-230	255	27	with	with	ADP
emaj-230	255	28	the	the	DET
emaj-230	255	29	estimation	estimation	NOUN
emaj-230	255	30	results	result	NOUN
emaj-230	255	31	obtained	obtain	VERB
emaj-230	255	32	using	use	VERB
emaj-230	255	33	the	the	DET
emaj-230	255	34	emdb	emdb	PROPN
emaj-230	255	35	data	datum	NOUN
emaj-230	255	36	for	for	ADP
emaj-230	255	37	investable	investable	ADJ
emaj-230	255	38	,	,	PUNCT
emaj-230	255	39	non	non	ADJ
emaj-230	255	40	-	-	ADJ
emaj-230	255	41	investable	investable	ADJ
emaj-230	255	42	and	and	CCONJ
emaj-230	255	43	global	global	ADJ
emaj-230	255	44	returns	return	NOUN
emaj-230	255	45	.	.	PUNCT
emaj-230	256	1	partial	partial	ADJ
emaj-230	256	2	size	size	NOUN
emaj-230	256	3	and	and	CCONJ
emaj-230	256	4	segmentation	segmentation	NOUN
emaj-230	256	5	effects	effect	NOUN
emaj-230	256	6	are	be	AUX
emaj-230	256	7	computed	compute	VERB
emaj-230	256	8	based	base	VERB
emaj-230	256	9	on	on	ADP
emaj-230	256	10	the	the	DET
emaj-230	256	11	estimated	estimate	VERB
emaj-230	256	12	coefficients	coefficient	NOUN
emaj-230	256	13	presented	present	VERB
emaj-230	256	14	in	in	ADP
emaj-230	256	15	table	table	NOUN
emaj-230	256	16	10	10	NUM
emaj-230	256	17	.	.	PUNCT
emaj-230	257	1	∆(𝑟𝑑	∆(𝑟𝑑	NOUN
emaj-230	257	2	−	−	PROPN
emaj-230	257	3	𝑟𝑓	𝑟𝑓	PROPN
emaj-230	257	4	)	)	PUNCT
emaj-230	257	5	=	=	PUNCT
emaj-230	258	1	[	[	X
emaj-230	258	2	�	�	NOUN
emaj-230	258	3	̂	̂	VERB
emaj-230	258	4	�	�	NOUN
emaj-230	258	5	2	2	NUM
emaj-230	258	6	×	×	NOUN
emaj-230	258	7	(	(	PUNCT
emaj-230	258	8	𝑟𝑤	𝑟𝑤	NOUN
emaj-230	258	9	−	−	PROPN
emaj-230	258	10	𝑟𝑓)̅̅	𝑟𝑓)̅̅	PROPN
emaj-230	258	11	̅̅	̅̅	PROPN
emaj-230	258	12	̅̅	̅̅	PROPN
emaj-230	258	13	̅̅	̅̅	PROPN
emaj-230	258	14	̅̅	̅̅	PROPN
emaj-230	258	15	̅̅	̅̅	PROPN
emaj-230	258	16	+	+	CCONJ
emaj-230	258	17	𝛾	𝛾	PROPN
emaj-230	258	18	+	+	X
emaj-230	258	19	�	�	PROPN
emaj-230	258	20	̂	̂	SYM
emaj-230	258	21	�	�	PROPN
emaj-230	258	22	×	×	PROPN
emaj-230	258	23	�	�	PROPN
emaj-230	258	24	̅	̅	NOUN
emaj-230	258	25	�	�	NOUN
emaj-230	258	26	]	]	X
emaj-230	258	27	×	×	PROPN
emaj-230	258	28	∆𝑆𝑖𝑧𝑒	∆𝑆𝑖𝑧𝑒	PROPN
emaj-230	258	29	,	,	PUNCT
emaj-230	258	30	∆(𝑟𝑑	∆(𝑟𝑑	PROPN
emaj-230	258	31	−	−	PROPN
emaj-230	258	32	𝑟𝑓	𝑟𝑓	PROPN
emaj-230	258	33	)	)	PUNCT
emaj-230	258	34	=	=	PUNCT
emaj-230	259	1	[	[	X
emaj-230	259	2	�	�	NOUN
emaj-230	259	3	̂	̂	VERB
emaj-230	259	4	�	�	NOUN
emaj-230	259	5	1	1	NUM
emaj-230	259	6	×	×	NOUN
emaj-230	259	7	(	(	PUNCT
emaj-230	259	8	𝑟𝑤	𝑟𝑤	NOUN
emaj-230	259	9	−	−	PROPN
emaj-230	259	10	𝑟𝑓)̅̅	𝑟𝑓)̅̅	PROPN
emaj-230	259	11	̅̅	̅̅	PROPN
emaj-230	259	12	̅̅	̅̅	PROPN
emaj-230	259	13	̅̅	̅̅	PROPN
emaj-230	259	14	̅̅	̅̅	PROPN
emaj-230	259	15	̅̅	̅̅	PROPN
emaj-230	259	16	+	+	PROPN
emaj-230	259	17	�	�	PROPN
emaj-230	259	18	̂	̂	NUM
emaj-230	259	19	�	�	PROPN
emaj-230	259	20	+	+	SYM
emaj-230	259	21	�	�	PROPN
emaj-230	259	22	̂	̂	SYM
emaj-230	259	23	�	�	PROPN
emaj-230	259	24	×	×	PROPN
emaj-230	259	25	𝑆𝑖𝑧𝑒̅̅	𝑆𝑖𝑧𝑒̅̅	PROPN
emaj-230	259	26	̅̅	̅̅	PROPN
emaj-230	259	27	̅̅	̅̅	PROPN
emaj-230	259	28	]	]	PUNCT
emaj-230	260	1	×	×	PROPN
emaj-230	260	2	∆𝑄.	∆𝑄.	NUM
emaj-230	260	3	the	the	DET
emaj-230	260	4	following	follow	VERB
emaj-230	260	5	observed	observed	ADJ
emaj-230	260	6	data	datum	NOUN
emaj-230	260	7	is	be	AUX
emaj-230	260	8	substituted	substitute	VERB
emaj-230	260	9	in	in	ADP
emaj-230	260	10	the	the	DET
emaj-230	260	11	equations	equation	NOUN
emaj-230	260	12	estimated	estimate	VERB
emaj-230	260	13	for	for	ADP
emaj-230	260	14	the	the	DET
emaj-230	260	15	emerging	emerge	VERB
emaj-230	260	16	markets	market	NOUN
emaj-230	260	17	:	:	PUNCT
emaj-230	260	18	the	the	DET
emaj-230	260	19	monthly	monthly	ADJ
emaj-230	260	20	expected	expect	VERB
emaj-230	260	21	(	(	PUNCT
emaj-230	260	22	excess	excess	ADJ
emaj-230	260	23	)	)	PUNCT
emaj-230	260	24	return	return	NOUN
emaj-230	260	25	on	on	ADP
emaj-230	260	26	the	the	DET
emaj-230	260	27	world	world	NOUN
emaj-230	260	28	market	market	NOUN
emaj-230	260	29	,	,	PUNCT
emaj-230	260	30	(	(	PUNCT
emaj-230	260	31	𝑟𝑤	𝑟𝑤	VERB
emaj-230	260	32	−	−	PROPN
emaj-230	260	33	𝑟𝑓)̅̅	𝑟𝑓)̅̅	PROPN
emaj-230	261	1	̅̅	̅̅	PROPN
emaj-230	261	2	̅̅	̅̅	PROPN
emaj-230	261	3	̅̅	̅̅	PROPN
emaj-230	261	4	̅̅	̅̅	PROPN
emaj-230	261	5	̅̅	̅̅	PROPN
emaj-230	261	6	=	=	PROPN
emaj-230	261	7	0.44	0.44	NUM
emaj-230	261	8	%	%	NOUN
emaj-230	261	9	(	(	PUNCT
emaj-230	261	10	the	the	DET
emaj-230	261	11	sample	sample	NOUN
emaj-230	261	12	average	average	NOUN
emaj-230	261	13	)	)	PUNCT
emaj-230	261	14	,	,	PUNCT
emaj-230	261	15	the	the	DET
emaj-230	261	16	monthly	monthly	ADJ
emaj-230	261	17	average	average	ADJ
emaj-230	261	18	segmentation	segmentation	NOUN
emaj-230	261	19	(	(	PUNCT
emaj-230	261	20	the	the	DET
emaj-230	261	21	sample	sample	NOUN
emaj-230	261	22	average	average	NOUN
emaj-230	261	23	)	)	PUNCT
emaj-230	261	24	,	,	PUNCT
emaj-230	261	25	�	�	PROPN
emaj-230	261	26	̅	̅	NOUN
emaj-230	261	27	�	�	NOUN
emaj-230	261	28	=	=	NOUN
emaj-230	261	29	0.28	0.28	NUM
emaj-230	261	30	.	.	PUNCT
emaj-230	262	1	the	the	DET
emaj-230	262	2	average	average	ADJ
emaj-230	262	3	monthly	monthly	ADJ
emaj-230	262	4	changes	change	NOUN
emaj-230	262	5	in	in	ADP
emaj-230	262	6	(	(	PUNCT
emaj-230	262	7	composite	composite	ADJ
emaj-230	262	8	)	)	PUNCT
emaj-230	262	9	intensity	intensity	NOUN
emaj-230	262	10	of	of	ADP
emaj-230	262	11	capital	capital	NOUN
emaj-230	262	12	controls	control	NOUN
emaj-230	262	13	�	�	PROPN
emaj-230	262	14	̅	̅	NOUN
emaj-230	262	15	�	�	NOUN
emaj-230	262	16	=	=	SYM
emaj-230	262	17	0.00242	0.00242	NUM
emaj-230	262	18	and	and	CCONJ
emaj-230	262	19	in	in	ADP
emaj-230	262	20	size	size	NOUN
emaj-230	262	21	,	,	PUNCT
emaj-230	262	22	∆𝑆𝑖𝑧𝑒	∆𝑆𝑖𝑧𝑒	PRON
emaj-230	262	23	being	be	AUX
emaj-230	262	24	in	in	ADP
emaj-230	262	25	turn	turn	NOUN
emaj-230	262	26	equal	equal	ADJ
emaj-230	262	27	to	to	ADP
emaj-230	262	28	0.0286	0.0286	NUM
emaj-230	262	29	%	%	NOUN
emaj-230	262	30	(	(	PUNCT
emaj-230	262	31	for	for	ADP
emaj-230	262	32	the	the	DET
emaj-230	262	33	composite	composite	ADJ
emaj-230	262	34	investable	investable	ADJ
emaj-230	262	35	index	index	NOUN
emaj-230	262	36	)	)	PUNCT
emaj-230	262	37	,	,	PUNCT
emaj-230	262	38	0.0019	0.0019	NUM
emaj-230	262	39	%	%	NOUN
emaj-230	262	40	(	(	PUNCT
emaj-230	262	41	for	for	ADP
emaj-230	262	42	the	the	DET
emaj-230	262	43	composite	composite	ADJ
emaj-230	262	44	non	non	ADJ
emaj-230	262	45	-	-	ADJ
emaj-230	262	46	investable	investable	ADJ
emaj-230	262	47	index	index	NOUN
emaj-230	262	48	)	)	PUNCT
emaj-230	262	49	and	and	CCONJ
emaj-230	262	50	0.0305	0.0305	NUM
emaj-230	262	51	%	%	NOUN
emaj-230	262	52	(	(	PUNCT
emaj-230	262	53	for	for	ADP
emaj-230	262	54	the	the	DET
emaj-230	262	55	composite	composite	ADJ
emaj-230	262	56	global	global	ADJ
emaj-230	262	57	index	index	NOUN
emaj-230	262	58	)	)	PUNCT
emaj-230	262	59	give	give	VERB
emaj-230	262	60	a	a	DET
emaj-230	262	61	sense	sense	NOUN
emaj-230	262	62	of	of	ADP
emaj-230	262	63	the	the	DET
emaj-230	262	64	scale	scale	NOUN
emaj-230	262	65	of	of	ADP
emaj-230	262	66	changes	change	NOUN
emaj-230	262	67	in	in	ADP
emaj-230	262	68	the	the	DET
emaj-230	262	69	variables	variable	NOUN
emaj-230	262	70	of	of	ADP
emaj-230	262	71	interest	interest	NOUN
emaj-230	262	72	.	.	PUNCT
emaj-230	263	1	thus	thus	ADV
emaj-230	263	2	calibrated	calibrate	VERB
emaj-230	263	3	,	,	PUNCT
emaj-230	263	4	the	the	DET
emaj-230	263	5	annualized	annualize	VERB
emaj-230	263	6	size	size	NOUN
emaj-230	263	7	effects	effect	NOUN
emaj-230	263	8	for	for	ADP
emaj-230	263	9	the	the	DET
emaj-230	263	10	returns	return	NOUN
emaj-230	263	11	add	add	VERB
emaj-230	263	12	to	to	ADP
emaj-230	263	13	-0.63	-0.63	NUM
emaj-230	263	14	%	%	NOUN
emaj-230	263	15	for	for	ADP
emaj-230	263	16	investable	investable	ADJ
emaj-230	263	17	assets	asset	NOUN
emaj-230	263	18	,	,	PUNCT
emaj-230	263	19	-0.05	-0.05	NUM
emaj-230	263	20	%	%	NOUN
emaj-230	263	21	for	for	ADP
emaj-230	263	22	the	the	DET
emaj-230	263	23	non	non	ADJ
emaj-230	263	24	-	-	NOUN
emaj-230	263	25	investables	investable	NOUN
emaj-230	263	26	and	and	CCONJ
emaj-230	263	27	-1.13	-1.13	NUM
emaj-230	263	28	%	%	NOUN
emaj-230	263	29	for	for	ADP
emaj-230	263	30	the	the	DET
emaj-230	263	31	global	global	ADJ
emaj-230	263	32	index	index	NOUN
emaj-230	263	33	.	.	PUNCT
emaj-230	264	1	in	in	ADP
emaj-230	264	2	contrast	contrast	NOUN
emaj-230	264	3	,	,	PUNCT
emaj-230	264	4	annual	annual	ADJ
emaj-230	264	5	segmentation	segmentation	NOUN
emaj-230	264	6	effects	effect	NOUN
emaj-230	264	7	are	be	AUX
emaj-230	264	8	entirely	entirely	ADV
emaj-230	264	9	irrelevant	irrelevant	ADJ
emaj-230	264	10	in	in	ADP
emaj-230	264	11	economic	economic	ADJ
emaj-230	264	12	terms	term	NOUN
emaj-230	264	13	(	(	PUNCT
emaj-230	264	14	-0.03	-0.03	NUM
emaj-230	264	15	%	%	NOUN
emaj-230	264	16	,	,	PUNCT
emaj-230	264	17	-0.06	-0.06	NUM
emaj-230	264	18	%	%	NOUN
emaj-230	264	19	and	and	CCONJ
emaj-230	264	20	0.03	0.03	NUM
emaj-230	264	21	%	%	NOUN
emaj-230	264	22	for	for	ADP
emaj-230	264	23	investable	investable	ADJ
emaj-230	264	24	,	,	PUNCT
emaj-230	264	25	non	non	ADJ
emaj-230	264	26	-	-	ADJ
emaj-230	264	27	investable	investable	ADJ
emaj-230	264	28	and	and	CCONJ
emaj-230	264	29	global	global	ADJ
emaj-230	264	30	returns	return	NOUN
emaj-230	264	31	)	)	PUNCT
emaj-230	264	32	.	.	PUNCT
emaj-230	265	1	iv	iv	X
emaj-230	265	2	.	.	PUNCT
emaj-230	265	3	conclusion	conclusion	NOUN
emaj-230	265	4	this	this	DET
emaj-230	265	5	paper	paper	NOUN
emaj-230	265	6	shows	show	VERB
emaj-230	265	7	that	that	SCONJ
emaj-230	265	8	market	market	NOUN
emaj-230	265	9	size	size	NOUN
emaj-230	265	10	is	be	AUX
emaj-230	265	11	significantly	significantly	ADV
emaj-230	265	12	related	relate	VERB
emaj-230	265	13	to	to	ADP
emaj-230	265	14	expected	expect	VERB
emaj-230	265	15	returns	return	NOUN
emaj-230	265	16	and	and	CCONJ
emaj-230	265	17	the	the	DET
emaj-230	265	18	relationship	relationship	NOUN
emaj-230	265	19	is	be	AUX
emaj-230	265	20	especially	especially	ADV
emaj-230	265	21	relevant	relevant	ADJ
emaj-230	265	22	in	in	ADP
emaj-230	265	23	emerging	emerge	VERB
emaj-230	265	24	markets	market	NOUN
emaj-230	265	25	,	,	PUNCT
emaj-230	265	26	where	where	SCONJ
emaj-230	265	27	substantial	substantial	ADJ
emaj-230	265	28	size	size	NOUN
emaj-230	265	29	effects	effect	NOUN
emaj-230	265	30	exist	exist	VERB
emaj-230	265	31	independently	independently	ADV
emaj-230	265	32	from	from	ADP
emaj-230	265	33	(	(	PUNCT
emaj-230	265	34	fading	fade	VERB
emaj-230	265	35	)	)	PUNCT
emaj-230	265	36	segmentation	segmentation	NOUN
emaj-230	265	37	effects	effect	NOUN
emaj-230	265	38	previously	previously	ADV
emaj-230	265	39	reported	report	VERB
emaj-230	265	40	in	in	ADP
emaj-230	265	41	the	the	DET
emaj-230	265	42	literature	literature	NOUN
emaj-230	265	43	.	.	PUNCT
emaj-230	266	1	small	small	ADJ
emaj-230	266	2	markets	market	NOUN
emaj-230	266	3	over	over	ADP
emaj-230	266	4	persistently	persistently	ADV
emaj-230	266	5	higher	high	ADJ
emaj-230	266	6	risk	risk	NOUN
emaj-230	266	7	-	-	PUNCT
emaj-230	266	8	adjusted	adjust	VERB
emaj-230	266	9	expected	expect	VERB
emaj-230	266	10	returns	return	NOUN
emaj-230	266	11	.	.	PUNCT
emaj-230	267	1	the	the	DET
emaj-230	267	2	results	result	NOUN
emaj-230	267	3	hold	hold	VERB
emaj-230	267	4	both	both	PRON
emaj-230	267	5	within	within	ADP
emaj-230	267	6	individual	individual	ADJ
emaj-230	267	7	countries	country	NOUN
emaj-230	267	8	in	in	ADP
emaj-230	267	9	the	the	DET
emaj-230	267	10	full	full	ADJ
emaj-230	267	11	sample	sample	NOUN
emaj-230	267	12	as	as	ADV
emaj-230	267	13	well	well	ADV
emaj-230	267	14	as	as	ADP
emaj-230	267	15	for	for	ADP
emaj-230	267	16	subperiods	subperiod	NOUN
emaj-230	267	17	.	.	PUNCT
emaj-230	268	1	the	the	DET
emaj-230	268	2	presence	presence	NOUN
emaj-230	268	3	and	and	CCONJ
emaj-230	268	4	significance	significance	NOUN
emaj-230	268	5	of	of	ADP
emaj-230	268	6	size	size	NOUN
emaj-230	268	7	effects	effect	NOUN
emaj-230	268	8	is	be	AUX
emaj-230	268	9	robust	robust	ADJ
emaj-230	268	10	to	to	ADP
emaj-230	268	11	controls	control	NOUN
emaj-230	268	12	related	relate	VERB
emaj-230	268	13	to	to	ADP
emaj-230	268	14	global	global	ADJ
emaj-230	268	15	economic	economic	ADJ
emaj-230	268	16	risks	risk	NOUN
emaj-230	268	17	as	as	ADV
emaj-230	268	18	well	well	ADV
emaj-230	268	19	as	as	ADP
emaj-230	268	20	specific	specific	ADJ
emaj-230	268	21	country	country	NOUN
emaj-230	268	22	risks	risk	NOUN
emaj-230	268	23	.	.	PUNCT
emaj-230	269	1	this	this	DET
emaj-230	269	2	evidence	evidence	NOUN
emaj-230	269	3	on	on	ADP
emaj-230	269	4	market	market	NOUN
emaj-230	269	5	size	size	NOUN
emaj-230	269	6	effects	effect	NOUN
emaj-230	269	7	is	be	AUX
emaj-230	269	8	interpreted	interpret	VERB
emaj-230	269	9	in	in	ADP
emaj-230	269	10	the	the	DET
emaj-230	269	11	context	context	NOUN
emaj-230	269	12	of	of	ADP
emaj-230	269	13	partial	partial	ADJ
emaj-230	269	14	segmentation	segmentation	NOUN
emaj-230	269	15	models	model	NOUN
emaj-230	269	16	,	,	PUNCT
emaj-230	269	17	where	where	SCONJ
emaj-230	269	18	a	a	DET
emaj-230	269	19	local	local	ADJ
emaj-230	269	20	factor	factor	NOUN
emaj-230	269	21	,	,	PUNCT
emaj-230	269	22	the	the	DET
emaj-230	269	23	market	market	NOUN
emaj-230	269	24	size	size	NOUN
emaj-230	269	25	commands	command	VERB
emaj-230	269	26	a	a	DET
emaj-230	269	27	premium	premium	NOUN
emaj-230	269	28	in	in	ADP
emaj-230	269	29	terms	term	NOUN
emaj-230	269	30	of	of	ADP
emaj-230	269	31	expected	expect	VERB
emaj-230	269	32	returns	return	NOUN
emaj-230	269	33	for	for	ADP
emaj-230	269	34	smaller	small	ADJ
emaj-230	269	35	countries	country	NOUN
emaj-230	269	36	.	.	PUNCT
emaj-230	270	1	the	the	DET
emaj-230	270	2	underlying	underlying	ADJ
emaj-230	270	3	mechanism	mechanism	NOUN
emaj-230	270	4	could	could	AUX
emaj-230	270	5	be	be	AUX
emaj-230	270	6	that	that	SCONJ
emaj-230	270	7	foreign	foreign	ADJ
emaj-230	270	8	capital	capital	NOUN
emaj-230	270	9	responds	respond	VERB
emaj-230	270	10	to	to	ADP
emaj-230	270	11	the	the	DET
emaj-230	270	12	decline	decline	NOUN
emaj-230	270	13	in	in	ADP
emaj-230	270	14	capital	capital	NOUN
emaj-230	270	15	controls	control	NOUN
emaj-230	270	16	,	,	PUNCT
emaj-230	270	17	driving	drive	VERB
emaj-230	270	18	market	market	NOUN
emaj-230	270	19	size	size	NOUN
emaj-230	270	20	up	up	ADV
emaj-230	270	21	and	and	CCONJ
emaj-230	270	22	lowering	lower	VERB
emaj-230	270	23	the	the	DET
emaj-230	270	24	cost	cost	NOUN
emaj-230	270	25	of	of	ADP
emaj-230	270	26	capital	capital	NOUN
emaj-230	270	27	for	for	ADP
emaj-230	270	28	companies	company	NOUN
emaj-230	270	29	.	.	PUNCT
emaj-230	271	1	references	reference	NOUN
emaj-230	271	2	asness	asness	PROPN
emaj-230	271	3	,	,	PUNCT
emaj-230	271	4	c.	c.	PROPN
emaj-230	271	5	s.	s.	PROPN
emaj-230	271	6	,	,	PUNCT
emaj-230	271	7	j.	j.	PROPN
emaj-230	271	8	m.	m.	PROPN
emaj-230	271	9	liew	liew	PROPN
emaj-230	271	10	,	,	PUNCT
emaj-230	271	11	and	and	CCONJ
emaj-230	271	12	r.	r.	PROPN
emaj-230	271	13	l.	l.	PROPN
emaj-230	271	14	stevens	stevens	PROPN
emaj-230	271	15	(	(	PUNCT
emaj-230	271	16	1997	1997	NUM
emaj-230	271	17	)	)	PUNCT
emaj-230	271	18	.	.	PUNCT
emaj-230	272	1	parallels	parallel	NOUN
emaj-230	272	2	between	between	ADP
emaj-230	272	3	the	the	DET
emaj-230	272	4	cross	cross	ADJ
emaj-230	272	5	-	-	ADJ
emaj-230	272	6	sectional	sectional	ADJ
emaj-230	272	7	predictability	predictability	NOUN
emaj-230	272	8	of	of	ADP
emaj-230	272	9	stock	stock	NOUN
emaj-230	272	10	and	and	CCONJ
emaj-230	272	11	country	country	NOUN
emaj-230	272	12	return	return	NOUN
emaj-230	272	13	.	.	PUNCT
emaj-230	273	1	journal	journal	PROPN
emaj-230	273	2	of	of	ADP
emaj-230	273	3	portfolio	portfolio	NOUN
emaj-230	273	4	management	management	NOUN
emaj-230	273	5	23	23	NUM
emaj-230	273	6	,	,	PUNCT
emaj-230	273	7	79	79	NUM
emaj-230	273	8	87	87	NUM
emaj-230	273	9	.	.	PUNCT
emaj-230	274	1	baele	baele	PROPN
emaj-230	274	2	,	,	PUNCT
emaj-230	274	3	l.	l.	PROPN
emaj-230	274	4	(	(	PUNCT
emaj-230	274	5	2005	2005	NUM
emaj-230	274	6	)	)	PUNCT
emaj-230	274	7	.	.	PUNCT
emaj-230	275	1	volatility	volatility	NOUN
emaj-230	275	2	spillover	spillover	VERB
emaj-230	275	3	e_ects	e_ect	NOUN
emaj-230	275	4	in	in	ADP
emaj-230	275	5	european	european	ADJ
emaj-230	275	6	equity	equity	NOUN
emaj-230	275	7	markets	market	NOUN
emaj-230	275	8	.	.	PUNCT
emaj-230	276	1	journal	journal	NOUN
emaj-230	276	2	of	of	ADP
emaj-230	276	3	financial	financial	ADJ
emaj-230	276	4	and	and	CCONJ
emaj-230	276	5	quantitative	quantitative	ADJ
emaj-230	276	6	analysis	analysis	NOUN
emaj-230	276	7	40	40	NUM
emaj-230	276	8	,	,	PUNCT
emaj-230	276	9	373	373	NUM
emaj-230	276	10	-	-	SYM
emaj-230	276	11	401	401	NUM
emaj-230	276	12	.	.	PUNCT
emaj-230	277	1	banz	banz	PROPN
emaj-230	277	2	,	,	PUNCT
emaj-230	277	3	r.	r.	PROPN
emaj-230	277	4	w.	w.	PROPN
emaj-230	277	5	(	(	PUNCT
emaj-230	277	6	1981	1981	NUM
emaj-230	277	7	)	)	PUNCT
emaj-230	277	8	.	.	PUNCT
emaj-230	278	1	the	the	DET
emaj-230	278	2	relationship	relationship	NOUN
emaj-230	278	3	between	between	ADP
emaj-230	278	4	return	return	NOUN
emaj-230	278	5	and	and	CCONJ
emaj-230	278	6	market	market	NOUN
emaj-230	278	7	value	value	NOUN
emaj-230	278	8	of	of	ADP
emaj-230	278	9	common	common	ADJ
emaj-230	278	10	stocks	stock	NOUN
emaj-230	278	11	.	.	PUNCT
emaj-230	279	1	journal	journal	NOUN
emaj-230	279	2	of	of	ADP
emaj-230	279	3	financial	financial	ADJ
emaj-230	279	4	economics	economic	NOUN
emaj-230	279	5	3	3	NUM
emaj-230	279	6	,	,	PUNCT
emaj-230	279	7	3	3	NUM
emaj-230	279	8	18	18	NUM
emaj-230	279	9	.	.	PUNCT
emaj-230	280	1	barry	barry	PROPN
emaj-230	280	2	,	,	PUNCT
emaj-230	280	3	c.	c.	PROPN
emaj-230	280	4	b.	b.	PROPN
emaj-230	280	5	,	,	PUNCT
emaj-230	280	6	e.	e.	PROPN
emaj-230	280	7	goldreyer	goldreyer	PROPN
emaj-230	280	8	,	,	PUNCT
emaj-230	280	9	l.	l.	PROPN
emaj-230	280	10	lockwood	lockwood	PROPN
emaj-230	280	11	and	and	CCONJ
emaj-230	280	12	m.	m.	PROPN
emaj-230	280	13	rodriguez	rodriguez	PROPN
emaj-230	280	14	(	(	PUNCT
emaj-230	280	15	2001	2001	NUM
emaj-230	280	16	)	)	PUNCT
emaj-230	280	17	.	.	PUNCT
emaj-230	281	1	robustness	robustness	NOUN
emaj-230	281	2	of	of	ADP
emaj-230	281	3	size	size	NOUN
emaj-230	281	4	and	and	CCONJ
emaj-230	281	5	value	value	NOUN
emaj-230	281	6	effects	effect	NOUN
emaj-230	281	7	in	in	ADP
emaj-230	281	8	emerging	emerge	VERB
emaj-230	281	9	equity	equity	NOUN
emaj-230	281	10	markets	market	NOUN
emaj-230	281	11	,	,	PUNCT
emaj-230	281	12	1985	1985	NUM
emaj-230	281	13	-	-	SYM
emaj-230	281	14	2000	2000	NUM
emaj-230	281	15	emerging	emerge	VERB
emaj-230	281	16	markets	market	NOUN
emaj-230	281	17	review	review	VERB
emaj-230	281	18	3	3	NUM
emaj-230	281	19	,	,	PUNCT
emaj-230	281	20	1	1	NUM
emaj-230	281	21	30	30	NUM
emaj-230	281	22	.	.	PUNCT
emaj-230	282	1	bekaert	bekaert	PROPN
emaj-230	282	2	,	,	PUNCT
emaj-230	282	3	g.	g.	PROPN
emaj-230	282	4	,	,	PUNCT
emaj-230	282	5	c.	c.	PROPN
emaj-230	282	6	b.	b.	PROPN
emaj-230	282	7	erb	erb	PROPN
emaj-230	282	8	,	,	PUNCT
emaj-230	282	9	c.	c.	PROPN
emaj-230	282	10	r.	r.	PROPN
emaj-230	282	11	harvey	harvey	PROPN
emaj-230	282	12	and	and	CCONJ
emaj-230	282	13	t.	t.	PROPN
emaj-230	282	14	e.	e.	PROPN
emaj-230	282	15	viskanta	viskanta	PROPN
emaj-230	282	16	(	(	PUNCT
emaj-230	282	17	1997	1997	NUM
emaj-230	282	18	)	)	PUNCT
emaj-230	282	19	.	.	PUNCT
emaj-230	283	1	the	the	DET
emaj-230	283	2	cross	cross	ADJ
emaj-230	283	3	-	-	ADJ
emaj-230	283	4	sectional	sectional	ADJ
emaj-230	283	5	determinants	determinant	NOUN
emaj-230	283	6	of	of	ADP
emaj-230	283	7	emerging	emerge	VERB
emaj-230	283	8	equity	equity	NOUN
emaj-230	283	9	market	market	NOUN
emaj-230	283	10	returns	return	NOUN
emaj-230	283	11	quantitative	quantitative	ADJ
emaj-230	283	12	investing	investing	NOUN
emaj-230	283	13	of	of	ADP
emaj-230	283	14	the	the	DET
emaj-230	283	15	global	global	ADJ
emaj-230	283	16	markets	market	NOUN
emaj-230	283	17	:	:	PUNCT
emaj-230	283	18	strategies	strategy	NOUN
emaj-230	283	19	,	,	PUNCT
emaj-230	283	20	tactics	tactic	NOUN
emaj-230	283	21	,	,	PUNCT
emaj-230	283	22	and	and	CCONJ
emaj-230	283	23	advanced	advanced	ADJ
emaj-230	283	24	analytical	analytical	ADJ
emaj-230	283	25	techniques	technique	NOUN
emaj-230	283	26	,	,	PUNCT
emaj-230	283	27	chap	chap	NOUN
emaj-230	283	28	.	.	PUNCT
emaj-230	284	1	11	11	NUM
emaj-230	284	2	,	,	PUNCT
emaj-230	284	3	pp	pp	ADJ
emaj-230	284	4	.	.	PUNCT
emaj-230	285	1	221	221	NUM
emaj-230	285	2	272	272	NUM
emaj-230	285	3	(	(	PUNCT
emaj-230	285	4	glenlake	glenlake	PROPN
emaj-230	285	5	publishing	publishing	NOUN
emaj-230	285	6	)	)	PUNCT
emaj-230	285	7	.	.	PUNCT
emaj-230	286	1	bekaert	bekaert	PROPN
emaj-230	286	2	,	,	PUNCT
emaj-230	286	3	g.	g.	PROPN
emaj-230	286	4	and	and	CCONJ
emaj-230	286	5	c.	c.	PROPN
emaj-230	286	6	r.	r.	PROPN
emaj-230	286	7	harvey	harvey	PROPN
emaj-230	286	8	(	(	PUNCT
emaj-230	286	9	2000	2000	NUM
emaj-230	286	10	)	)	PUNCT
emaj-230	286	11	.	.	PUNCT
emaj-230	287	1	foreign	foreign	ADJ
emaj-230	287	2	speculators	speculator	NOUN
emaj-230	287	3	and	and	CCONJ
emaj-230	287	4	emerging	emerge	VERB
emaj-230	287	5	equity	equity	NOUN
emaj-230	287	6	markets	market	NOUN
emaj-230	287	7	.	.	PUNCT
emaj-230	288	1	journal	journal	NOUN
emaj-230	288	2	of	of	ADP
emaj-230	288	3	finance	finance	NOUN
emaj-230	288	4	55	55	NUM
emaj-230	288	5	,	,	PUNCT
emaj-230	288	6	565	565	NUM
emaj-230	288	7	-	-	SYM
emaj-230	288	8	613	613	NUM
emaj-230	288	9	.	.	PUNCT
emaj-230	288	10	brown	brown	PROPN
emaj-230	288	11	,	,	PUNCT
emaj-230	288	12	p.	p.	PROPN
emaj-230	288	13	,	,	PUNCT
emaj-230	288	14	a.w	a.w	PROPN
emaj-230	288	15	.	.	PROPN
emaj-230	288	16	kleidon	kleidon	PROPN
emaj-230	288	17	,	,	PUNCT
emaj-230	288	18	and	and	CCONJ
emaj-230	288	19	t.a	t.a	PROPN
emaj-230	288	20	.	.	PROPN
emaj-230	288	21	marsh	marsh	PROPN
emaj-230	288	22	(	(	PUNCT
emaj-230	288	23	1983	1983	NUM
emaj-230	288	24	)	)	PUNCT
emaj-230	288	25	.	.	PUNCT
emaj-230	289	1	new	new	ADJ
emaj-230	289	2	evidence	evidence	NOUN
emaj-230	289	3	on	on	ADP
emaj-230	289	4	the	the	DET
emaj-230	289	5	nature	nature	NOUN
emaj-230	289	6	of	of	ADP
emaj-230	289	7	size	size	NOUN
emaj-230	289	8	-	-	PUNCT
emaj-230	289	9	related	relate	VERB
emaj-230	289	10	anomalies	anomaly	NOUN
emaj-230	289	11	in	in	ADP
emaj-230	289	12	stock	stock	NOUN
emaj-230	289	13	prices	price	NOUN
emaj-230	289	14	.	.	PUNCT
emaj-230	290	1	journal	journal	NOUN
emaj-230	290	2	of	of	ADP
emaj-230	290	3	financial	financial	ADJ
emaj-230	290	4	economics	economic	NOUN
emaj-230	290	5	12	12	NUM
emaj-230	290	6	,	,	PUNCT
emaj-230	290	7	33	33	NUM
emaj-230	290	8	-	-	SYM
emaj-230	290	9	56	56	NUM
emaj-230	290	10	.	.	PUNCT
emaj-230	291	1	cakici	cakici	NOUN
emaj-230	291	2	,	,	PUNCT
emaj-230	291	3	n.	n.	NOUN
emaj-230	291	4	,	,	PUNCT
emaj-230	291	5	y.	y.	PROPN
emaj-230	291	6	tang	tang	PROPN
emaj-230	291	7	and	and	CCONJ
emaj-230	291	8	a.	a.	PROPN
emaj-230	291	9	yan	yan	PROPN
emaj-230	291	10	(	(	PUNCT
emaj-230	291	11	2016	2016	NUM
emaj-230	291	12	)	)	PUNCT
emaj-230	291	13	.	.	PUNCT
emaj-230	292	1	do	do	VERB
emaj-230	292	2	the	the	DET
emaj-230	292	3	size	size	NOUN
emaj-230	292	4	,	,	PUNCT
emaj-230	292	5	value	value	NOUN
emaj-230	292	6	,	,	PUNCT
emaj-230	292	7	and	and	CCONJ
emaj-230	292	8	momentum	momentum	NOUN
emaj-230	292	9	factors	factor	NOUN
emaj-230	292	10	drive	drive	VERB
emaj-230	292	11	stock	stock	NOUN
emaj-230	292	12	returns	return	NOUN
emaj-230	292	13	in	in	ADP
emaj-230	292	14	emerging	emerge	VERB
emaj-230	292	15	markets	market	NOUN
emaj-230	292	16	?	?	PUNCT
emaj-230	293	1	journal	journal	NOUN
emaj-230	293	2	of	of	ADP
emaj-230	293	3	international	international	ADJ
emaj-230	293	4	money	money	NOUN
emaj-230	293	5	and	and	CCONJ
emaj-230	293	6	finance	finance	NOUN
emaj-230	293	7	69	69	NUM
emaj-230	293	8	,	,	PUNCT
emaj-230	293	9	179	179	NUM
emaj-230	293	10	204	204	NUM
emaj-230	293	11	.	.	PUNCT
emaj-230	294	1	de	de	PROPN
emaj-230	294	2	jong	jong	PROPN
emaj-230	294	3	,	,	PUNCT
emaj-230	294	4	f.	f.	PROPN
emaj-230	294	5	and	and	CCONJ
emaj-230	294	6	f.	f.	PROPN
emaj-230	294	7	a.	a.	PROPN
emaj-230	294	8	de	de	PROPN
emaj-230	294	9	roon	roon	PROPN
emaj-230	294	10	(	(	PUNCT
emaj-230	294	11	2005	2005	NUM
emaj-230	294	12	)	)	PUNCT
emaj-230	294	13	.	.	PUNCT
emaj-230	295	1	time	time	NOUN
emaj-230	295	2	varying	vary	VERB
emaj-230	295	3	market	market	NOUN
emaj-230	295	4	integration	integration	NOUN
emaj-230	295	5	and	and	CCONJ
emaj-230	295	6	expected	expect	VERB
emaj-230	295	7	returns	return	NOUN
emaj-230	295	8	in	in	ADP
emaj-230	295	9	emerging	emerge	VERB
emaj-230	295	10	markets	market	NOUN
emaj-230	295	11	.	.	PUNCT
emaj-230	296	1	journal	journal	NOUN
emaj-230	296	2	of	of	ADP
emaj-230	296	3	financial	financial	ADJ
emaj-230	296	4	economics	economic	NOUN
emaj-230	296	5	78	78	NUM
emaj-230	296	6	,	,	PUNCT
emaj-230	296	7	583	583	NUM
emaj-230	296	8	613	613	NUM
emaj-230	296	9	.	.	PUNCT
emaj-230	296	10	edison	edison	PROPN
emaj-230	296	11	,	,	PUNCT
emaj-230	296	12	h.	h.	PROPN
emaj-230	296	13	j.	j.	PROPN
emaj-230	296	14	and	and	CCONJ
emaj-230	296	15	f.	f.	PROPN
emaj-230	296	16	e.	e.	PROPN
emaj-230	296	17	warnock	warnock	PROPN
emaj-230	296	18	(	(	PUNCT
emaj-230	296	19	2003	2003	NUM
emaj-230	296	20	)	)	PUNCT
emaj-230	296	21	.	.	PUNCT
emaj-230	297	1	a	a	DET
emaj-230	297	2	simple	simple	ADJ
emaj-230	297	3	measure	measure	NOUN
emaj-230	297	4	of	of	ADP
emaj-230	297	5	the	the	DET
emaj-230	297	6	intensity	intensity	NOUN
emaj-230	297	7	of	of	ADP
emaj-230	297	8	capital	capital	NOUN
emaj-230	297	9	controls	control	NOUN
emaj-230	297	10	.	.	PUNCT
emaj-230	298	1	journal	journal	NOUN
emaj-230	298	2	of	of	ADP
emaj-230	298	3	empirical	empirical	ADJ
emaj-230	298	4	finance	finance	NOUN
emaj-230	298	5	10	10	NUM
emaj-230	298	6	,	,	PUNCT
emaj-230	298	7	81	81	NUM
emaj-230	298	8	103	103	NUM
emaj-230	298	9	.	.	PUNCT
emaj-230	299	1	erb	erb	PROPN
emaj-230	299	2	,	,	PUNCT
emaj-230	299	3	c.	c.	PROPN
emaj-230	299	4	b.	b.	PROPN
emaj-230	299	5	,	,	PUNCT
emaj-230	299	6	c.r	c.r	PROPN
emaj-230	299	7	.	.	PROPN
emaj-230	299	8	harvey	harvey	PROPN
emaj-230	299	9	,	,	PUNCT
emaj-230	299	10	and	and	CCONJ
emaj-230	299	11	t.e	t.e	PROPN
emaj-230	299	12	.	.	PROPN
emaj-230	299	13	viskanta	viskanta	PROPN
emaj-230	299	14	(	(	PUNCT
emaj-230	299	15	1996	1996	NUM
emaj-230	299	16	)	)	PUNCT
emaj-230	299	17	.	.	PUNCT
emaj-230	300	1	political	political	ADJ
emaj-230	300	2	risk	risk	NOUN
emaj-230	300	3	,	,	PUNCT
emaj-230	300	4	economic	economic	ADJ
emaj-230	300	5	risk	risk	NOUN
emaj-230	300	6	and	and	CCONJ
emaj-230	300	7	financial	financial	ADJ
emaj-230	300	8	risk	risk	NOUN
emaj-230	300	9	.	.	PUNCT
emaj-230	301	1	financial	financial	ADJ
emaj-230	301	2	analysts	analyst	NOUN
emaj-230	301	3	journal	journal	PROPN
emaj-230	301	4	52	52	NUM
emaj-230	301	5	,	,	PUNCT
emaj-230	301	6	28	28	NUM
emaj-230	301	7	46	46	NUM
emaj-230	301	8	.	.	PUNCT
emaj-230	302	1	volume	volume	NOUN
emaj-230	302	2	11	11	NUM
emaj-230	302	3	no	no	DET
emaj-230	302	4	1	1	NUM
emaj-230	302	5	(	(	PUNCT
emaj-230	302	6	2021	2021	NUM
emaj-230	302	7	)	)	PUNCT
emaj-230	302	8	|	|	ADV
emaj-230	302	9	issn	issn	VERB
emaj-230	302	10	2158	2158	NUM
emaj-230	302	11	-	-	SYM
emaj-230	302	12	8708	8708	NUM
emaj-230	302	13	(	(	PUNCT
emaj-230	302	14	online	online	NOUN
emaj-230	302	15	)	)	PUNCT
emaj-230	302	16	|	|	ADV
emaj-230	302	17	doi	doi	X
emaj-230	302	18	10.5195	10.5195	NUM
emaj-230	302	19	/	/	SYM
emaj-230	302	20	emaj.2021.230	emaj.2021.230	PROPN
emaj-230	302	21	|	|	ADV
emaj-230	302	22	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-230	302	23	country	country	NOUN
emaj-230	302	24	-	-	PUNCT
emaj-230	302	25	level	level	NOUN
emaj-230	302	26	size	size	NOUN
emaj-230	302	27	effects	effect	NOUN
emaj-230	302	28	in	in	ADP
emaj-230	302	29	international	international	ADJ
emaj-230	302	30	asset	asset	NOUN
emaj-230	302	31	pricing	pricing	NOUN
emaj-230	302	32	page	page	NOUN
emaj-230	302	33	|40|	|40|	VERB
emaj-230	302	34	emerging	emerge	VERB
emaj-230	302	35	markets	market	NOUN
emaj-230	302	36	journal	journal	PROPN
emaj-230	302	37	estrada	estrada	PROPN
emaj-230	302	38	,	,	PUNCT
emaj-230	302	39	j.	j.	PROPN
emaj-230	302	40	(	(	PUNCT
emaj-230	302	41	2000	2000	NUM
emaj-230	302	42	)	)	PUNCT
emaj-230	302	43	.	.	PUNCT
emaj-230	303	1	the	the	DET
emaj-230	303	2	cost	cost	NOUN
emaj-230	303	3	of	of	ADP
emaj-230	303	4	equity	equity	NOUN
emaj-230	303	5	in	in	ADP
emaj-230	303	6	emerging	emerge	VERB
emaj-230	303	7	markets	market	NOUN
emaj-230	303	8	:	:	PUNCT
emaj-230	303	9	a	a	DET
emaj-230	303	10	downside	downside	ADJ
emaj-230	303	11	risk	risk	NOUN
emaj-230	303	12	approach	approach	NOUN
emaj-230	303	13	.	.	PUNCT
emaj-230	304	1	emerging	emerge	VERB
emaj-230	304	2	markets	market	NOUN
emaj-230	304	3	quarterly	quarterly	ADJ
emaj-230	304	4	4	4	NUM
emaj-230	304	5	,	,	PUNCT
emaj-230	304	6	19	19	NUM
emaj-230	304	7	30	30	NUM
emaj-230	304	8	.	.	PUNCT
emaj-230	305	1	fama	fama	PROPN
emaj-230	305	2	,	,	PUNCT
emaj-230	305	3	e.	e.	PROPN
emaj-230	305	4	f.	f.	PROPN
emaj-230	305	5	and	and	CCONJ
emaj-230	305	6	k.	k.	PROPN
emaj-230	305	7	r.	r.	PROPN
emaj-230	305	8	french	french	PROPN
emaj-230	305	9	(	(	PUNCT
emaj-230	305	10	1992	1992	NUM
emaj-230	305	11	)	)	PUNCT
emaj-230	305	12	.	.	PUNCT
emaj-230	306	1	the	the	DET
emaj-230	306	2	cross	cross	NOUN
emaj-230	306	3	-	-	NOUN
emaj-230	306	4	section	section	NOUN
emaj-230	306	5	of	of	ADP
emaj-230	306	6	expected	expect	VERB
emaj-230	306	7	stock	stock	NOUN
emaj-230	306	8	returns	return	NOUN
emaj-230	306	9	.	.	PUNCT
emaj-230	307	1	journal	journal	NOUN
emaj-230	307	2	of	of	ADP
emaj-230	307	3	finance	finance	PROPN
emaj-230	307	4	47	47	NUM
emaj-230	307	5	,	,	PUNCT
emaj-230	307	6	427	427	NUM
emaj-230	307	7	465	465	NUM
emaj-230	307	8	.	.	PUNCT
emaj-230	308	1	fama	fama	PROPN
emaj-230	308	2	,	,	PUNCT
emaj-230	308	3	e.	e.	PROPN
emaj-230	308	4	f.	f.	PROPN
emaj-230	308	5	and	and	CCONJ
emaj-230	308	6	k.	k.	PROPN
emaj-230	308	7	r.	r.	PROPN
emaj-230	308	8	french	french	PROPN
emaj-230	308	9	(	(	PUNCT
emaj-230	308	10	1993	1993	NUM
emaj-230	308	11	)	)	PUNCT
emaj-230	308	12	.	.	PUNCT
emaj-230	309	1	“	"	PUNCT
emaj-230	309	2	common	common	ADJ
emaj-230	309	3	risk	risk	NOUN
emaj-230	309	4	factors	factor	NOUN
emaj-230	309	5	in	in	ADP
emaj-230	309	6	the	the	DET
emaj-230	309	7	returns	return	NOUN
emaj-230	309	8	on	on	ADP
emaj-230	309	9	stocks	stock	NOUN
emaj-230	309	10	and	and	CCONJ
emaj-230	309	11	bonds	bond	NOUN
emaj-230	309	12	”	"	PUNCT
emaj-230	309	13	,	,	PUNCT
emaj-230	309	14	journal	journal	NOUN
emaj-230	309	15	of	of	ADP
emaj-230	309	16	financial	financial	ADJ
emaj-230	309	17	economics	economic	NOUN
emaj-230	309	18	33	33	NUM
emaj-230	309	19	,	,	PUNCT
emaj-230	309	20	3	3	NUM
emaj-230	309	21	56	56	NUM
emaj-230	309	22	.	.	PUNCT
emaj-230	310	1	fama	fama	PROPN
emaj-230	310	2	,	,	PUNCT
emaj-230	310	3	e.	e.	PROPN
emaj-230	310	4	f.	f.	PROPN
emaj-230	310	5	and	and	CCONJ
emaj-230	310	6	k.	k.	PROPN
emaj-230	310	7	r.	r.	PROPN
emaj-230	310	8	french	french	PROPN
emaj-230	310	9	(	(	PUNCT
emaj-230	310	10	1998	1998	NUM
emaj-230	310	11	)	)	PUNCT
emaj-230	310	12	.	.	PUNCT
emaj-230	311	1	value	value	NOUN
emaj-230	311	2	versus	versus	ADP
emaj-230	311	3	growth	growth	NOUN
emaj-230	311	4	:	:	PUNCT
emaj-230	311	5	the	the	DET
emaj-230	311	6	international	international	ADJ
emaj-230	311	7	evidence	evidence	NOUN
emaj-230	311	8	.	.	PUNCT
emaj-230	312	1	journal	journal	NOUN
emaj-230	312	2	of	of	ADP
emaj-230	312	3	finance	finance	NOUN
emaj-230	312	4	53	53	NUM
emaj-230	312	5	,	,	PUNCT
emaj-230	312	6	1975	1975	NUM
emaj-230	312	7	1999	1999	NUM
emaj-230	312	8	.	.	PUNCT
emaj-230	313	1	fama	fama	PROPN
emaj-230	313	2	,	,	PUNCT
emaj-230	313	3	e.	e.	PROPN
emaj-230	313	4	f.	f.	PROPN
emaj-230	313	5	and	and	CCONJ
emaj-230	313	6	k.	k.	PROPN
emaj-230	313	7	r.	r.	PROPN
emaj-230	313	8	french	french	PROPN
emaj-230	313	9	(	(	PUNCT
emaj-230	313	10	2008	2008	NUM
emaj-230	313	11	)	)	PUNCT
emaj-230	313	12	.	.	PUNCT
emaj-230	313	13	directed	direct	VERB
emaj-230	313	14	or	or	CCONJ
emaj-230	313	15	undirected	undirected	ADJ
emaj-230	313	16	?	?	PUNCT
emaj-230	314	1	a	a	DET
emaj-230	314	2	new	new	ADJ
emaj-230	314	3	index	index	NOUN
emaj-230	314	4	to	to	PART
emaj-230	314	5	check	check	VERB
emaj-230	314	6	for	for	ADP
emaj-230	314	7	directionality	directionality	NOUN
emaj-230	314	8	of	of	ADP
emaj-230	314	9	relations	relation	NOUN
emaj-230	314	10	in	in	ADP
emaj-230	314	11	socio	socio	NOUN
emaj-230	314	12	-	-	PUNCT
emaj-230	314	13	economic	economic	ADJ
emaj-230	314	14	networks	network	NOUN
emaj-230	314	15	.	.	PUNCT
emaj-230	315	1	journal	journal	NOUN
emaj-230	315	2	of	of	ADP
emaj-230	315	3	finance	finance	NOUN
emaj-230	315	4	63	63	NUM
emaj-230	315	5	,	,	PUNCT
emaj-230	315	6	1653	1653	NUM
emaj-230	315	7	1678	1678	NUM
emaj-230	315	8	.	.	PUNCT
emaj-230	316	1	fama	fama	PROPN
emaj-230	316	2	,	,	PUNCT
emaj-230	316	3	e.	e.	PROPN
emaj-230	316	4	f.	f.	PROPN
emaj-230	316	5	and	and	CCONJ
emaj-230	316	6	k.	k.	PROPN
emaj-230	316	7	r.	r.	PROPN
emaj-230	316	8	french	french	PROPN
emaj-230	316	9	(	(	PUNCT
emaj-230	316	10	2012	2012	NUM
emaj-230	316	11	)	)	PUNCT
emaj-230	316	12	.	.	PUNCT
emaj-230	317	1	size	size	NOUN
emaj-230	317	2	,	,	PUNCT
emaj-230	317	3	value	value	NOUN
emaj-230	317	4	,	,	PUNCT
emaj-230	317	5	and	and	CCONJ
emaj-230	317	6	momentum	momentum	NOUN
emaj-230	317	7	in	in	ADP
emaj-230	317	8	international	international	ADJ
emaj-230	317	9	stock	stock	NOUN
emaj-230	317	10	returns	return	NOUN
emaj-230	317	11	.	.	PUNCT
emaj-230	318	1	journal	journal	NOUN
emaj-230	318	2	of	of	ADP
emaj-230	318	3	financial	financial	ADJ
emaj-230	318	4	economics	economic	NOUN
emaj-230	318	5	105	105	NUM
emaj-230	318	6	,	,	PUNCT
emaj-230	318	7	457	457	NUM
emaj-230	318	8	472	472	NUM
emaj-230	318	9	.	.	PUNCT
emaj-230	319	1	ferguson	ferguson	PROPN
emaj-230	319	2	,	,	PUNCT
emaj-230	319	3	m.	m.	PROPN
emaj-230	319	4	f.	f.	PROPN
emaj-230	319	5	and	and	CCONJ
emaj-230	319	6	r.	r.	PROPN
emaj-230	319	7	l.	l.	PROPN
emaj-230	319	8	shockley	shockley	PROPN
emaj-230	319	9	(	(	PUNCT
emaj-230	319	10	2003	2003	NUM
emaj-230	319	11	)	)	PUNCT
emaj-230	319	12	.	.	PUNCT
emaj-230	320	1	equilibrium	equilibrium	NOUN
emaj-230	320	2	“	"	PUNCT
emaj-230	320	3	anomalies	anomaly	NOUN
emaj-230	320	4	"	"	PUNCT
emaj-230	320	5	.	.	PUNCT
emaj-230	321	1	journal	journal	PROPN
emaj-230	321	2	of	of	ADP
emaj-230	321	3	finance	finance	PROPN
emaj-230	321	4	58	58	NUM
emaj-230	321	5	,	,	PUNCT
emaj-230	321	6	25492580	25492580	NUM
emaj-230	321	7	.	.	PUNCT
emaj-230	322	1	ferson	ferson	PROPN
emaj-230	322	2	,	,	PUNCT
emaj-230	322	3	w.	w.	PROPN
emaj-230	322	4	e.	e.	PROPN
emaj-230	322	5	and	and	CCONJ
emaj-230	322	6	c.	c.	PROPN
emaj-230	322	7	r.	r.	PROPN
emaj-230	322	8	harvey	harvey	PROPN
emaj-230	322	9	(	(	PUNCT
emaj-230	322	10	1993	1993	NUM
emaj-230	322	11	)	)	PUNCT
emaj-230	322	12	.	.	PUNCT
emaj-230	323	1	the	the	DET
emaj-230	323	2	risk	risk	NOUN
emaj-230	323	3	and	and	CCONJ
emaj-230	323	4	predictability	predictability	NOUN
emaj-230	323	5	of	of	ADP
emaj-230	323	6	international	international	ADJ
emaj-230	323	7	equity	equity	NOUN
emaj-230	323	8	returns	return	NOUN
emaj-230	323	9	.	.	PUNCT
emaj-230	324	1	review	review	NOUN
emaj-230	324	2	of	of	ADP
emaj-230	324	3	financial	financial	ADJ
emaj-230	324	4	studies	study	NOUN
emaj-230	324	5	6	6	NUM
emaj-230	324	6	,	,	PUNCT
emaj-230	324	7	527	527	NUM
emaj-230	324	8	566	566	NUM
emaj-230	324	9	.	.	PUNCT
emaj-230	325	1	fratzscher	fratzscher	NOUN
emaj-230	325	2	,	,	PUNCT
emaj-230	325	3	m.	m.	NOUN
emaj-230	325	4	(	(	PUNCT
emaj-230	325	5	2002	2002	NUM
emaj-230	325	6	)	)	PUNCT
emaj-230	325	7	.	.	PUNCT
emaj-230	326	1	financial	financial	ADJ
emaj-230	326	2	market	market	NOUN
emaj-230	326	3	integration	integration	NOUN
emaj-230	326	4	in	in	ADP
emaj-230	326	5	europe	europe	PROPN
emaj-230	326	6	:	:	PUNCT
emaj-230	326	7	on	on	ADP
emaj-230	326	8	the	the	DET
emaj-230	326	9	effects	effect	NOUN
emaj-230	326	10	of	of	ADP
emaj-230	326	11	emu	emu	PROPN
emaj-230	326	12	on	on	ADP
emaj-230	326	13	stock	stock	NOUN
emaj-230	326	14	markets	market	NOUN
emaj-230	326	15	.	.	PUNCT
emaj-230	327	1	international	international	ADJ
emaj-230	327	2	journal	journal	PROPN
emaj-230	327	3	of	of	ADP
emaj-230	327	4	finance	finance	NOUN
emaj-230	327	5	and	and	CCONJ
emaj-230	327	6	economics	economic	NOUN
emaj-230	327	7	7	7	NUM
emaj-230	327	8	,	,	PUNCT
emaj-230	327	9	165	165	NUM
emaj-230	327	10	-	-	SYM
emaj-230	327	11	193	193	NUM
emaj-230	327	12	.	.	PUNCT
emaj-230	328	1	harvey	harvey	NOUN
emaj-230	328	2	,	,	PUNCT
emaj-230	328	3	c.	c.	PROPN
emaj-230	328	4	r.	r.	PROPN
emaj-230	328	5	(	(	PUNCT
emaj-230	328	6	2000	2000	NUM
emaj-230	328	7	)	)	PUNCT
emaj-230	328	8	.	.	PUNCT
emaj-230	329	1	the	the	DET
emaj-230	329	2	drivers	driver	NOUN
emaj-230	329	3	of	of	ADP
emaj-230	329	4	expected	expect	VERB
emaj-230	329	5	returns	return	NOUN
emaj-230	329	6	in	in	ADP
emaj-230	329	7	international	international	ADJ
emaj-230	329	8	markets	market	NOUN
emaj-230	329	9	emerging	emerge	VERB
emaj-230	329	10	markets	market	NOUN
emaj-230	329	11	quarterly	quarterly	ADJ
emaj-230	329	12	3	3	NUM
emaj-230	329	13	,	,	PUNCT
emaj-230	329	14	32	32	NUM
emaj-230	329	15	49	49	NUM
emaj-230	329	16	.	.	PUNCT
emaj-230	330	1	henry	henry	PROPN
emaj-230	330	2	,	,	PUNCT
emaj-230	330	3	p.	p.	PROPN
emaj-230	330	4	b.	b.	PROPN
emaj-230	330	5	(	(	PUNCT
emaj-230	330	6	2000	2000	NUM
emaj-230	330	7	)	)	PUNCT
emaj-230	330	8	.	.	PUNCT
emaj-230	331	1	stock	stock	NOUN
emaj-230	331	2	market	market	NOUN
emaj-230	331	3	liberalization	liberalization	NOUN
emaj-230	331	4	,	,	PUNCT
emaj-230	331	5	economic	economic	ADJ
emaj-230	331	6	reform	reform	NOUN
emaj-230	331	7	,	,	PUNCT
emaj-230	331	8	and	and	CCONJ
emaj-230	331	9	emerging	emerge	VERB
emaj-230	331	10	market	market	NOUN
emaj-230	331	11	equity	equity	NOUN
emaj-230	331	12	prices	price	NOUN
emaj-230	331	13	.	.	PUNCT
emaj-230	332	1	journal	journal	NOUN
emaj-230	332	2	of	of	ADP
emaj-230	332	3	finance	finance	PROPN
emaj-230	332	4	55	55	NUM
emaj-230	332	5	,	,	PUNCT
emaj-230	332	6	529	529	NUM
emaj-230	332	7	-	-	SYM
emaj-230	332	8	564	564	NUM
emaj-230	332	9	.	.	PUNCT
emaj-230	333	1	hou	hou	NOUN
emaj-230	333	2	,	,	PUNCT
emaj-230	333	3	k.	k.	PROPN
emaj-230	333	4	,	,	PUNCT
emaj-230	333	5	g.	g.	PROPN
emaj-230	333	6	a.	a.	NOUN
emaj-230	333	7	karolyi	karolyi	PROPN
emaj-230	333	8	,	,	PUNCT
emaj-230	333	9	and	and	CCONJ
emaj-230	333	10	b.	b.	PROPN
emaj-230	333	11	c.	c.	PROPN
emaj-230	333	12	kho	kho	PROPN
emaj-230	333	13	(	(	PUNCT
emaj-230	333	14	2011	2011	NUM
emaj-230	333	15	)	)	PUNCT
emaj-230	333	16	.	.	PUNCT
emaj-230	334	1	what	what	PRON
emaj-230	334	2	factors	factor	NOUN
emaj-230	334	3	drive	drive	VERB
emaj-230	334	4	global	global	ADJ
emaj-230	334	5	stock	stock	NOUN
emaj-230	334	6	returns	return	NOUN
emaj-230	334	7	?	?	PUNCT
emaj-230	335	1	review	review	NOUN
emaj-230	335	2	of	of	ADP
emaj-230	335	3	financial	financial	ADJ
emaj-230	335	4	studies	study	NOUN
emaj-230	335	5	24	24	NUM
emaj-230	335	6	,	,	PUNCT
emaj-230	335	7	25272574	25272574	NUM
emaj-230	335	8	.	.	PUNCT
emaj-230	336	1	keppler	keppler	NOUN
emaj-230	336	2	,	,	PUNCT
emaj-230	336	3	m.	m.	NOUN
emaj-230	336	4	and	and	CCONJ
emaj-230	336	5	h.	h.	PROPN
emaj-230	336	6	d.	d.	PROPN
emaj-230	336	7	traub	traub	PROPN
emaj-230	336	8	(	(	PUNCT
emaj-230	336	9	1993	1993	NUM
emaj-230	336	10	)	)	PUNCT
emaj-230	336	11	.	.	PUNCT
emaj-230	337	1	the	the	DET
emaj-230	337	2	small	small	ADJ
emaj-230	337	3	-	-	PUNCT
emaj-230	337	4	country	country	NOUN
emaj-230	337	5	effect	effect	NOUN
emaj-230	337	6	:	:	PUNCT
emaj-230	337	7	small	small	ADJ
emaj-230	337	8	markets	market	NOUN
emaj-230	337	9	beat	beat	VERB
emaj-230	337	10	large	large	ADJ
emaj-230	337	11	markets	market	NOUN
emaj-230	337	12	.	.	PUNCT
emaj-230	338	1	journal	journal	NOUN
emaj-230	338	2	of	of	ADP
emaj-230	338	3	investing	invest	VERB
emaj-230	338	4	2	2	NUM
emaj-230	338	5	,	,	PUNCT
emaj-230	338	6	17	17	NUM
emaj-230	338	7	24	24	NUM
emaj-230	338	8	.	.	PUNCT
emaj-230	339	1	lambert	lambert	PROPN
emaj-230	339	2	,	,	PUNCT
emaj-230	339	3	m.	m.	NOUN
emaj-230	339	4	,	,	PUNCT
emaj-230	339	5	fays	fays	PROPN
emaj-230	339	6	,	,	PUNCT
emaj-230	339	7	b.	b.	NOUN
emaj-230	339	8	and	and	CCONJ
emaj-230	339	9	hübner	hübner	NOUN
emaj-230	339	10	,	,	PUNCT
emaj-230	339	11	g.	g.	PROPN
emaj-230	339	12	(	(	PUNCT
emaj-230	339	13	2020	2020	NUM
emaj-230	339	14	)	)	PUNCT
emaj-230	339	15	.	.	PUNCT
emaj-230	340	1	factoring	factor	VERB
emaj-230	340	2	characteristics	characteristic	NOUN
emaj-230	340	3	into	into	ADP
emaj-230	340	4	returns	return	NOUN
emaj-230	340	5	:	:	PUNCT
emaj-230	340	6	a	a	DET
emaj-230	340	7	clinical	clinical	ADJ
emaj-230	340	8	study	study	NOUN
emaj-230	340	9	on	on	ADP
emaj-230	340	10	the	the	DET
emaj-230	340	11	smb	smb	PROPN
emaj-230	340	12	and	and	CCONJ
emaj-230	340	13	hml	hml	PROPN
emaj-230	340	14	portfolio	portfolio	NOUN
emaj-230	340	15	construction	construction	NOUN
emaj-230	340	16	methods	method	NOUN
emaj-230	340	17	.	.	PUNCT
emaj-230	341	1	journal	journal	NOUN
emaj-230	341	2	of	of	ADP
emaj-230	341	3	banking	banking	NOUN
emaj-230	341	4	and	and	CCONJ
emaj-230	341	5	finance	finance	NOUN
emaj-230	341	6	,	,	PUNCT
emaj-230	341	7	114	114	NUM
emaj-230	341	8	.	.	PUNCT
emaj-230	342	1	lambert	lambert	PROPN
emaj-230	342	2	,	,	PUNCT
emaj-230	342	3	m.	m.	NOUN
emaj-230	342	4	and	and	CCONJ
emaj-230	342	5	hübner	hübner	NOUN
emaj-230	342	6	,	,	PUNCT
emaj-230	342	7	g.	g.	PROPN
emaj-230	342	8	(	(	PUNCT
emaj-230	342	9	2015	2015	NUM
emaj-230	342	10	)	)	PUNCT
emaj-230	342	11	.	.	PUNCT
emaj-230	343	1	size	size	NOUN
emaj-230	343	2	matters	matter	NOUN
emaj-230	343	3	,	,	PUNCT
emaj-230	343	4	bookto	bookto	NOUN
emaj-230	343	5	-	-	PUNCT
emaj-230	343	6	market	market	NOUN
emaj-230	343	7	does	do	VERB
emaj-230	343	8	not	not	PART
emaj-230	343	9	!	!	PUNCT
emaj-230	344	1	the	the	DET
emaj-230	344	2	fama	fama	PROPN
emaj-230	344	3	-	-	PUNCT
emaj-230	344	4	french	french	ADJ
emaj-230	344	5	empirical	empirical	ADJ
emaj-230	344	6	capm	capm	NOUN
emaj-230	344	7	revisited	revisit	VERB
emaj-230	344	8	.	.	PUNCT
emaj-230	345	1	working	work	VERB
emaj-230	345	2	paper	paper	NOUN
emaj-230	345	3	.	.	PUNCT
emaj-230	346	1	leahy	leahy	PROPN
emaj-230	346	2	,	,	PUNCT
emaj-230	346	3	m.	m.	NOUN
emaj-230	346	4	p.	p.	PROPN
emaj-230	346	5	(	(	PUNCT
emaj-230	346	6	1998	1998	NUM
emaj-230	346	7	)	)	PUNCT
emaj-230	346	8	.	.	PUNCT
emaj-230	347	1	new	new	ADJ
emaj-230	347	2	summary	summary	NOUN
emaj-230	347	3	measures	measure	NOUN
emaj-230	347	4	of	of	ADP
emaj-230	347	5	the	the	DET
emaj-230	347	6	foreign	foreign	ADJ
emaj-230	347	7	exchange	exchange	NOUN
emaj-230	347	8	value	value	NOUN
emaj-230	347	9	of	of	ADP
emaj-230	347	10	the	the	DET
emaj-230	347	11	dollar	dollar	NOUN
emaj-230	347	12	.	.	PUNCT
emaj-230	348	1	federal	federal	PROPN
emaj-230	348	2	reserve	reserve	PROPN
emaj-230	348	3	bulletin	bulletin	PROPN
emaj-230	348	4	,	,	PUNCT
emaj-230	348	5	811	811	NUM
emaj-230	348	6	818	818	NUM
emaj-230	348	7	.	.	PUNCT
emaj-230	349	1	li	li	PROPN
emaj-230	349	2	,	,	PUNCT
emaj-230	349	3	j.	j.	PROPN
emaj-230	349	4	(	(	PUNCT
emaj-230	349	5	2021	2021	NUM
emaj-230	349	6	)	)	PUNCT
emaj-230	349	7	.	.	PUNCT
emaj-230	350	1	what	what	PRON
emaj-230	350	2	drives	drive	VERB
emaj-230	350	3	the	the	DET
emaj-230	350	4	size	size	NOUN
emaj-230	350	5	and	and	CCONJ
emaj-230	350	6	value	value	NOUN
emaj-230	350	7	factors	factor	NOUN
emaj-230	350	8	?	?	PUNCT
emaj-230	351	1	working	work	VERB
emaj-230	351	2	paper	paper	NOUN
emaj-230	351	3	.	.	PUNCT
emaj-230	352	1	rouwenhorst	rouwenhorst	PROPN
emaj-230	352	2	,	,	PUNCT
emaj-230	352	3	k.	k.	PROPN
emaj-230	352	4	g.	g.	PROPN
emaj-230	352	5	(	(	PUNCT
emaj-230	352	6	1999	1999	NUM
emaj-230	352	7	)	)	PUNCT
emaj-230	352	8	.	.	PUNCT
emaj-230	353	1	local	local	ADJ
emaj-230	353	2	return	return	NOUN
emaj-230	353	3	factors	factor	NOUN
emaj-230	353	4	and	and	CCONJ
emaj-230	353	5	turnover	turnover	NOUN
emaj-230	353	6	in	in	ADP
emaj-230	353	7	emerging	emerge	VERB
emaj-230	353	8	stock	stock	NOUN
emaj-230	353	9	markets	market	NOUN
emaj-230	353	10	.	.	PUNCT
emaj-230	354	1	journal	journal	NOUN
emaj-230	354	2	of	of	ADP
emaj-230	354	3	finance	finance	NOUN
emaj-230	354	4	54	54	NUM
emaj-230	354	5	,	,	PUNCT
emaj-230	354	6	1439	1439	NUM
emaj-230	354	7	1464	1464	NUM
emaj-230	354	8	.	.	PUNCT
emaj-230	355	1	serra	serra	PROPN
emaj-230	355	2	,	,	PUNCT
emaj-230	355	3	a.	a.	NOUN
emaj-230	355	4	p.	p.	NOUN
emaj-230	355	5	(	(	PUNCT
emaj-230	355	6	2003	2003	NUM
emaj-230	355	7	)	)	PUNCT
emaj-230	355	8	.	.	PUNCT
emaj-230	356	1	the	the	DET
emaj-230	356	2	cross	cross	ADJ
emaj-230	356	3	-	-	ADJ
emaj-230	356	4	sectional	sectional	ADJ
emaj-230	356	5	determinants	determinant	NOUN
emaj-230	356	6	of	of	ADP
emaj-230	356	7	returns	return	NOUN
emaj-230	356	8	:	:	PUNCT
emaj-230	356	9	evidence	evidence	NOUN
emaj-230	356	10	from	from	ADP
emaj-230	356	11	emerging	emerge	VERB
emaj-230	356	12	markets	market	NOUN
emaj-230	356	13	'	'	PART
emaj-230	356	14	stocks	stock	NOUN
emaj-230	356	15	.	.	PUNCT
emaj-230	357	1	journal	journal	NOUN
emaj-230	357	2	of	of	ADP
emaj-230	357	3	emerging	emerge	VERB
emaj-230	357	4	market	market	NOUN
emaj-230	357	5	finance	finance	NOUN
emaj-230	357	6	2	2	NUM
emaj-230	357	7	,	,	PUNCT
emaj-230	357	8	123	123	NUM
emaj-230	357	9	162	162	NUM
emaj-230	357	10	.	.	PUNCT
emaj-230	358	1	van	van	PROPN
emaj-230	358	2	der	der	PROPN
emaj-230	358	3	hart	hart	PROPN
emaj-230	358	4	,	,	PUNCT
emaj-230	358	5	j.	j.	PROPN
emaj-230	358	6	,	,	PUNCT
emaj-230	358	7	e.	e.	PROPN
emaj-230	358	8	slagter	slagter	PROPN
emaj-230	358	9	,	,	PUNCT
emaj-230	358	10	and	and	CCONJ
emaj-230	358	11	d.	d.	PROPN
emaj-230	358	12	van	van	PROPN
emaj-230	358	13	dijk	dijk	PROPN
emaj-230	358	14	(	(	PUNCT
emaj-230	358	15	2003	2003	NUM
emaj-230	358	16	)	)	PUNCT
emaj-230	358	17	.	.	PUNCT
emaj-230	359	1	stock	stock	NOUN
emaj-230	359	2	selection	selection	NOUN
emaj-230	359	3	strategies	strategy	NOUN
emaj-230	359	4	in	in	ADP
emaj-230	359	5	emerging	emerge	VERB
emaj-230	359	6	markets	market	NOUN
emaj-230	359	7	.	.	PUNCT
emaj-230	360	1	journal	journal	NOUN
emaj-230	360	2	of	of	ADP
emaj-230	360	3	empirical	empirical	ADJ
emaj-230	360	4	finance	finance	NOUN
emaj-230	360	5	10	10	NUM
emaj-230	360	6	,	,	PUNCT
emaj-230	360	7	107	107	NUM
emaj-230	360	8	134	134	NUM
emaj-230	360	9	.	.	PUNCT