id	sid	tid	token	lemma	pos
emaj-257	1	1	volume	volume	NOUN
emaj-257	1	2	7	7	NUM
emaj-257	1	3	no	no	DET
emaj-257	1	4	2	2	NUM
emaj-257	1	5	(	(	PUNCT
emaj-257	1	6	2018	2018	NUM
emaj-257	1	7	)	)	PUNCT
emaj-257	2	1	|	|	ADV
emaj-257	2	2	issn	issn	VERB
emaj-257	2	3	2158	2158	NUM
emaj-257	2	4	-	-	SYM
emaj-257	2	5	8708	8708	NUM
emaj-257	2	6	(	(	PUNCT
emaj-257	2	7	online	online	NOUN
emaj-257	2	8	)	)	PUNCT
emaj-257	2	9	|	|	ADV
emaj-257	2	10	doi	doi	X
emaj-257	2	11	10.5195	10.5195	NUM
emaj-257	2	12	/	/	SYM
emaj-257	2	13	emaj.2018.134	emaj.2018.134	PROPN
emaj-257	2	14	|	|	ADV
emaj-257	2	15	http://emaj.pitt.edu	http://emaj.pitt.edu	X
emaj-257	2	16	determinants	determinant	NOUN
emaj-257	2	17	of	of	ADP
emaj-257	2	18	stock	stock	NOUN
emaj-257	2	19	market	market	NOUN
emaj-257	2	20	indices	index	NOUN
emaj-257	2	21	:	:	PUNCT
emaj-257	2	22	an	an	DET
emaj-257	2	23	analysis	analysis	NOUN
emaj-257	2	24	of	of	ADP
emaj-257	2	25	emerging	emerge	VERB
emaj-257	2	26	markets	market	NOUN
emaj-257	2	27	of	of	ADP
emaj-257	2	28	brazil	brazil	PROPN
emaj-257	2	29	,	,	PUNCT
emaj-257	2	30	mexico	mexico	PROPN
emaj-257	2	31	,	,	PUNCT
emaj-257	2	32	russia	russia	PROPN
emaj-257	2	33	,	,	PUNCT
emaj-257	2	34	and	and	CCONJ
emaj-257	2	35	turkey	turkey	PROPN
emaj-257	2	36	hülya	hülya	PROPN
emaj-257	2	37	yılmaz	yılmaz	PROPN
emaj-257	2	38	doğuş	doğuş	PROPN
emaj-257	2	39	university	university	PROPN
emaj-257	2	40	,	,	PUNCT
emaj-257	2	41	turkey	turkey	NOUN
emaj-257	3	1	|	|	ADV
emaj-257	3	2	e	e	NOUN
emaj-257	3	3	-	-	NOUN
emaj-257	3	4	mail	mail	NOUN
emaj-257	3	5	:	:	PUNCT
emaj-257	3	6	hulyayilmaz@dogus.edu.tr	hulyayilmaz@dogus.edu.tr	PROPN
emaj-257	3	7	bülent	bülent	PROPN
emaj-257	3	8	i̇lhan	i̇lhan	PROPN
emaj-257	3	9	istanbul	istanbul	PROPN
emaj-257	3	10	gelişim	gelişim	PROPN
emaj-257	3	11	university	university	PROPN
emaj-257	3	12	,	,	PUNCT
emaj-257	3	13	turkey	turkey	NOUN
emaj-257	4	1	|	|	ADV
emaj-257	4	2	e	e	NOUN
emaj-257	4	3	-	-	NOUN
emaj-257	4	4	mail	mail	NOUN
emaj-257	4	5	:	:	PUNCT
emaj-257	4	6	bilhan@gelisim.edu.tr	bilhan@gelisim.edu.tr	ADJ
emaj-257	4	7	abstract	abstract	NOUN
emaj-257	4	8	this	this	DET
emaj-257	4	9	paper	paper	NOUN
emaj-257	4	10	investigates	investigate	VERB
emaj-257	4	11	the	the	DET
emaj-257	4	12	dynamic	dynamic	ADJ
emaj-257	4	13	relationship	relationship	NOUN
emaj-257	4	14	between	between	ADP
emaj-257	4	15	the	the	DET
emaj-257	4	16	stock	stock	NOUN
emaj-257	4	17	market	market	NOUN
emaj-257	4	18	index	index	NOUN
emaj-257	4	19	and	and	CCONJ
emaj-257	4	20	a	a	DET
emaj-257	4	21	set	set	NOUN
emaj-257	4	22	of	of	ADP
emaj-257	4	23	macroeconomic	macroeconomic	ADJ
emaj-257	4	24	variables	variable	NOUN
emaj-257	4	25	in	in	ADP
emaj-257	4	26	four	four	NUM
emaj-257	4	27	emerging	emerge	VERB
emaj-257	4	28	countries	country	NOUN
emaj-257	4	29	.	.	PUNCT
emaj-257	5	1	the	the	DET
emaj-257	5	2	dependent	dependent	ADJ
emaj-257	5	3	variable	variable	ADJ
emaj-257	5	4	measures	measure	NOUN
emaj-257	5	5	monthly	monthly	ADJ
emaj-257	5	6	stock	stock	NOUN
emaj-257	5	7	exchange	exchange	NOUN
emaj-257	5	8	points	point	NOUN
emaj-257	5	9	of	of	ADP
emaj-257	5	10	respective	respective	ADJ
emaj-257	5	11	markets	market	NOUN
emaj-257	5	12	from	from	ADP
emaj-257	5	13	january	january	PROPN
emaj-257	5	14	2010	2010	NUM
emaj-257	5	15	to	to	ADP
emaj-257	5	16	march	march	PROPN
emaj-257	5	17	2021	2021	NUM
emaj-257	5	18	.	.	PUNCT
emaj-257	6	1	independent	independent	ADJ
emaj-257	6	2	variables	variable	NOUN
emaj-257	6	3	consist	consist	VERB
emaj-257	6	4	of	of	ADP
emaj-257	6	5	the	the	DET
emaj-257	6	6	5	5	NUM
emaj-257	6	7	-	-	PUNCT
emaj-257	6	8	year	year	NOUN
emaj-257	6	9	bond	bond	NOUN
emaj-257	6	10	yields	yield	NOUN
emaj-257	6	11	,	,	PUNCT
emaj-257	6	12	cds	cd	NOUN
emaj-257	6	13	premiums	premium	NOUN
emaj-257	6	14	,	,	PUNCT
emaj-257	6	15	vix	vix	NOUN
emaj-257	6	16	futures	future	NOUN
emaj-257	6	17	,	,	PUNCT
emaj-257	6	18	gold	gold	NOUN
emaj-257	6	19	price	price	NOUN
emaj-257	6	20	,	,	PUNCT
emaj-257	6	21	msci	msci	NOUN
emaj-257	6	22	emerging	emerge	VERB
emaj-257	6	23	market	market	NOUN
emaj-257	6	24	index	index	NOUN
emaj-257	6	25	,	,	PUNCT
emaj-257	6	26	and	and	CCONJ
emaj-257	6	27	oil	oil	NOUN
emaj-257	6	28	prices	price	NOUN
emaj-257	6	29	.	.	PUNCT
emaj-257	7	1	since	since	SCONJ
emaj-257	7	2	the	the	DET
emaj-257	7	3	dependent	dependent	ADJ
emaj-257	7	4	and	and	CCONJ
emaj-257	7	5	independent	independent	ADJ
emaj-257	7	6	variables	variable	NOUN
emaj-257	7	7	have	have	VERB
emaj-257	7	8	a	a	DET
emaj-257	7	9	cointegrating	cointegrate	VERB
emaj-257	7	10	relationship	relationship	NOUN
emaj-257	7	11	,	,	PUNCT
emaj-257	7	12	we	we	PRON
emaj-257	7	13	conducted	conduct	VERB
emaj-257	7	14	our	our	PRON
emaj-257	7	15	analyses	analysis	NOUN
emaj-257	7	16	in	in	ADP
emaj-257	7	17	both	both	CCONJ
emaj-257	7	18	the	the	DET
emaj-257	7	19	short	short	ADJ
emaj-257	7	20	and	and	CCONJ
emaj-257	7	21	long	long	ADJ
emaj-257	7	22	term	term	NOUN
emaj-257	7	23	.	.	PUNCT
emaj-257	8	1	findings	finding	NOUN
emaj-257	8	2	indicated	indicate	VERB
emaj-257	8	3	that	that	SCONJ
emaj-257	8	4	cds	cd	NOUN
emaj-257	8	5	premiums	premium	NOUN
emaj-257	8	6	,	,	PUNCT
emaj-257	8	7	oil	oil	NOUN
emaj-257	8	8	and	and	CCONJ
emaj-257	8	9	gold	gold	NOUN
emaj-257	8	10	prices	price	NOUN
emaj-257	8	11	have	have	VERB
emaj-257	8	12	a	a	DET
emaj-257	8	13	negative	negative	ADJ
emaj-257	8	14	,	,	PUNCT
emaj-257	8	15	while	while	SCONJ
emaj-257	8	16	vix	vix	PROPN
emaj-257	8	17	and	and	CCONJ
emaj-257	8	18	msci	msci	PROPN
emaj-257	8	19	have	have	VERB
emaj-257	8	20	a	a	DET
emaj-257	8	21	positive	positive	ADJ
emaj-257	8	22	effect	effect	NOUN
emaj-257	8	23	on	on	ADP
emaj-257	8	24	the	the	DET
emaj-257	8	25	stock	stock	NOUN
emaj-257	8	26	index	index	NOUN
emaj-257	8	27	in	in	ADP
emaj-257	8	28	the	the	DET
emaj-257	8	29	long	long	ADJ
emaj-257	8	30	term	term	NOUN
emaj-257	8	31	.	.	PUNCT
emaj-257	9	1	on	on	ADP
emaj-257	9	2	the	the	DET
emaj-257	9	3	other	other	ADJ
emaj-257	9	4	hand	hand	NOUN
emaj-257	9	5	,	,	PUNCT
emaj-257	9	6	bond	bond	NOUN
emaj-257	9	7	yields	yield	NOUN
emaj-257	9	8	and	and	CCONJ
emaj-257	9	9	the	the	DET
emaj-257	9	10	covid-19	covid-19	PROPN
emaj-257	9	11	have	have	VERB
emaj-257	9	12	a	a	DET
emaj-257	9	13	negative	negative	ADJ
emaj-257	9	14	while	while	SCONJ
emaj-257	9	15	msci	msci	PROPN
emaj-257	9	16	has	have	VERB
emaj-257	9	17	a	a	DET
emaj-257	9	18	positive	positive	ADJ
emaj-257	9	19	effect	effect	NOUN
emaj-257	9	20	in	in	ADP
emaj-257	9	21	the	the	DET
emaj-257	9	22	short	short	ADJ
emaj-257	9	23	term	term	NOUN
emaj-257	9	24	.	.	PUNCT
emaj-257	10	1	in	in	ADP
emaj-257	10	2	addition	addition	NOUN
emaj-257	10	3	,	,	PUNCT
emaj-257	10	4	the	the	DET
emaj-257	10	5	long	long	ADJ
emaj-257	10	6	-	-	PUNCT
emaj-257	10	7	term	term	NOUN
emaj-257	10	8	effects	effect	NOUN
emaj-257	10	9	are	be	AUX
emaj-257	10	10	much	much	ADV
emaj-257	10	11	evident	evident	ADJ
emaj-257	10	12	in	in	ADP
emaj-257	10	13	brazil	brazil	PROPN
emaj-257	10	14	and	and	CCONJ
emaj-257	10	15	russia	russia	PROPN
emaj-257	10	16	.	.	PUNCT
emaj-257	11	1	the	the	DET
emaj-257	11	2	speed	speed	NOUN
emaj-257	11	3	of	of	ADP
emaj-257	11	4	adjustment	adjustment	NOUN
emaj-257	11	5	to	to	ADP
emaj-257	11	6	the	the	DET
emaj-257	11	7	long	long	ADJ
emaj-257	11	8	-	-	PUNCT
emaj-257	11	9	term	term	NOUN
emaj-257	11	10	equilibrium	equilibrium	NOUN
emaj-257	11	11	in	in	ADP
emaj-257	11	12	the	the	DET
emaj-257	11	13	stock	stock	NOUN
emaj-257	11	14	market	market	NOUN
emaj-257	11	15	index	index	NOUN
emaj-257	11	16	is	be	AUX
emaj-257	11	17	much	much	ADV
emaj-257	11	18	higher	high	ADJ
emaj-257	11	19	in	in	ADP
emaj-257	11	20	turkey	turkey	NOUN
emaj-257	11	21	and	and	CCONJ
emaj-257	11	22	mexico	mexico	PROPN
emaj-257	11	23	.	.	PUNCT
emaj-257	12	1	keywords	keyword	NOUN
emaj-257	12	2	:	:	PUNCT
emaj-257	12	3	stock	stock	NOUN
emaj-257	12	4	markets	market	NOUN
emaj-257	12	5	,	,	PUNCT
emaj-257	12	6	emerging	emerge	VERB
emaj-257	12	7	markets	market	NOUN
emaj-257	12	8	,	,	PUNCT
emaj-257	12	9	speed	speed	NOUN
emaj-257	12	10	of	of	ADP
emaj-257	12	11	adjustment	adjustment	NOUN
emaj-257	12	12	,	,	PUNCT
emaj-257	12	13	efficient	efficient	ADJ
emaj-257	12	14	market	market	NOUN
emaj-257	12	15	,	,	PUNCT
emaj-257	12	16	covid-19	covid-19	PROPN
emaj-257	12	17	new	new	ADJ
emaj-257	12	18	articles	article	NOUN
emaj-257	12	19	in	in	ADP
emaj-257	12	20	this	this	DET
emaj-257	12	21	journal	journal	NOUN
emaj-257	12	22	are	be	AUX
emaj-257	12	23	licensed	license	VERB
emaj-257	12	24	under	under	ADP
emaj-257	12	25	a	a	DET
emaj-257	12	26	creative	creative	ADJ
emaj-257	12	27	commons	common	NOUN
emaj-257	12	28	attribution	attribution	NOUN
emaj-257	12	29	3.0	3.0	NUM
emaj-257	12	30	united	unite	VERB
emaj-257	12	31	states	states	PROPN
emaj-257	12	32	license	license	NOUN
emaj-257	12	33	.	.	PUNCT
emaj-257	13	1	this	this	DET
emaj-257	13	2	journal	journal	NOUN
emaj-257	13	3	is	be	AUX
emaj-257	13	4	published	publish	VERB
emaj-257	13	5	by	by	ADP
emaj-257	13	6	the	the	DET
emaj-257	13	7	university	university	NOUN
emaj-257	13	8	library	library	NOUN
emaj-257	13	9	system	system	NOUN
emaj-257	13	10	of	of	ADP
emaj-257	13	11	the	the	DET
emaj-257	13	12	university	university	PROPN
emaj-257	13	13	of	of	ADP
emaj-257	13	14	pittsburgh	pittsburgh	PROPN
emaj-257	13	15	as	as	ADP
emaj-257	13	16	part	part	NOUN
emaj-257	13	17	of	of	ADP
emaj-257	13	18	its	its	PRON
emaj-257	13	19	d	d	NOUN
emaj-257	13	20	-	-	PUNCT
emaj-257	13	21	scribe	scribe	VERB
emaj-257	13	22	digital	digital	ADJ
emaj-257	13	23	publishing	publishing	NOUN
emaj-257	13	24	program	program	NOUN
emaj-257	13	25	,	,	PUNCT
emaj-257	13	26	and	and	CCONJ
emaj-257	13	27	is	be	AUX
emaj-257	13	28	cosponsored	cosponsor	VERB
emaj-257	13	29	by	by	ADP
emaj-257	13	30	the	the	DET
emaj-257	13	31	university	university	PROPN
emaj-257	13	32	of	of	ADP
emaj-257	13	33	pittsburgh	pittsburgh	PROPN
emaj-257	13	34	press	press	NOUN
emaj-257	13	35	.	.	PUNCT
emaj-257	14	1	volume	volume	NOUN
emaj-257	14	2	12	12	NUM
emaj-257	14	3	no	no	DET
emaj-257	14	4	1	1	NUM
emaj-257	14	5	(	(	PUNCT
emaj-257	14	6	2022	2022	NUM
emaj-257	14	7	)	)	PUNCT
emaj-257	14	8	|	|	ADV
emaj-257	14	9	issn	issn	VERB
emaj-257	14	10	2158	2158	NUM
emaj-257	14	11	-	-	SYM
emaj-257	14	12	8708	8708	NUM
emaj-257	14	13	(	(	PUNCT
emaj-257	14	14	online	online	NOUN
emaj-257	14	15	)	)	PUNCT
emaj-257	14	16	|	|	ADV
emaj-257	14	17	doi	doi	X
emaj-257	14	18	10.5195	10.5195	NUM
emaj-257	14	19	/	/	SYM
emaj-257	14	20	emaj.2022.257	emaj.2022.257	NOUN
emaj-257	14	21	|	|	ADV
emaj-257	14	22	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-257	14	23	|	|	ADV
emaj-257	14	24	mailto:bilhan@gelisim.edu.tr	mailto:bilhan@gelisim.edu.tr	PROPN
emaj-257	14	25	http://www.library.pitt.edu/	http://www.library.pitt.edu/	PROPN
emaj-257	14	26	http://www.pitt.edu/	http://www.pitt.edu/	NOUN
emaj-257	14	27	http://www.library.pitt.edu/articles/digpubtype/index.html	http://www.library.pitt.edu/articles/digpubtype/index.html	X
emaj-257	14	28	http://www.upress.pitt.edu/upressindex.aspx	http://www.upress.pitt.edu/upressindex.aspx	NUM
emaj-257	14	29	http://creativecommons.org/licenses/by/3.0/us/	http://creativecommons.org/licenses/by/3.0/us/	NOUN
emaj-257	14	30	volume	volume	NOUN
emaj-257	14	31	12	12	NUM
emaj-257	14	32	no	no	DET
emaj-257	14	33	1	1	NUM
emaj-257	14	34	(	(	PUNCT
emaj-257	14	35	2022	2022	NUM
emaj-257	14	36	)	)	PUNCT
emaj-257	14	37	|	|	ADV
emaj-257	14	38	issn	issn	VERB
emaj-257	14	39	2158	2158	NUM
emaj-257	14	40	-	-	SYM
emaj-257	14	41	8708	8708	NUM
emaj-257	14	42	(	(	PUNCT
emaj-257	14	43	online	online	NOUN
emaj-257	14	44	)	)	PUNCT
emaj-257	14	45	|	|	ADV
emaj-257	14	46	doi	doi	X
emaj-257	14	47	10.5195	10.5195	NUM
emaj-257	14	48	/	/	SYM
emaj-257	14	49	emaj.2022.257	emaj.2022.257	NOUN
emaj-257	14	50	|	|	ADV
emaj-257	14	51	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-257	14	52	hülya	hülya	PROPN
emaj-257	14	53	yılmaz	yılmaz	PROPN
emaj-257	14	54	,	,	PUNCT
emaj-257	14	55	bülent	bülent	ADJ
emaj-257	14	56	i̇lhan	i̇lhan	ADJ
emaj-257	14	57	emerging	emerge	VERB
emaj-257	14	58	markets	market	NOUN
emaj-257	14	59	journal	journal	NOUN
emaj-257	14	60	|	|	ADV
emaj-257	14	61	p	p	NOUN
emaj-257	14	62	a	a	DET
emaj-257	14	63	g	g	X
emaj-257	14	64	e	e	NOUN
emaj-257	14	65	|27	|27	NUM
emaj-257	14	66	determinants	determinant	NOUN
emaj-257	14	67	of	of	ADP
emaj-257	14	68	stock	stock	NOUN
emaj-257	14	69	market	market	NOUN
emaj-257	14	70	indices	index	NOUN
emaj-257	14	71	:	:	PUNCT
emaj-257	14	72	an	an	DET
emaj-257	14	73	analysis	analysis	NOUN
emaj-257	14	74	of	of	ADP
emaj-257	14	75	emerging	emerge	VERB
emaj-257	14	76	markets	market	NOUN
emaj-257	14	77	of	of	ADP
emaj-257	14	78	brazil	brazil	PROPN
emaj-257	14	79	,	,	PUNCT
emaj-257	14	80	mexico	mexico	PROPN
emaj-257	14	81	,	,	PUNCT
emaj-257	14	82	russia	russia	PROPN
emaj-257	14	83	,	,	PUNCT
emaj-257	14	84	and	and	CCONJ
emaj-257	14	85	turkey	turkey	PROPN
emaj-257	14	86	hülya	hülya	PROPN
emaj-257	14	87	yılmaz	yılmaz	PROPN
emaj-257	14	88	bülent	bülent	PROPN
emaj-257	14	89	i̇lhan	i̇lhan	PROPN
emaj-257	14	90	i.	i.	PROPN
emaj-257	14	91	introduction	introduction	NOUN
emaj-257	14	92	it	it	PRON
emaj-257	14	93	is	be	AUX
emaj-257	14	94	known	know	VERB
emaj-257	14	95	that	that	SCONJ
emaj-257	14	96	there	there	PRON
emaj-257	14	97	are	be	VERB
emaj-257	14	98	many	many	ADJ
emaj-257	14	99	internal	internal	ADJ
emaj-257	14	100	and	and	CCONJ
emaj-257	14	101	external	external	ADJ
emaj-257	14	102	determinants	determinant	NOUN
emaj-257	14	103	affecting	affect	VERB
emaj-257	14	104	the	the	DET
emaj-257	14	105	stock	stock	NOUN
emaj-257	14	106	markets	market	NOUN
emaj-257	14	107	of	of	ADP
emaj-257	14	108	countries	country	NOUN
emaj-257	14	109	.	.	PUNCT
emaj-257	15	1	interest	interest	NOUN
emaj-257	15	2	rate	rate	NOUN
emaj-257	15	3	,	,	PUNCT
emaj-257	15	4	inflation	inflation	NOUN
emaj-257	15	5	,	,	PUNCT
emaj-257	15	6	unemployment	unemployment	NOUN
emaj-257	15	7	,	,	PUNCT
emaj-257	15	8	industrial	industrial	ADJ
emaj-257	15	9	production	production	NOUN
emaj-257	15	10	,	,	PUNCT
emaj-257	15	11	energy	energy	NOUN
emaj-257	15	12	prices	price	NOUN
emaj-257	15	13	,	,	PUNCT
emaj-257	15	14	gold	gold	NOUN
emaj-257	15	15	prices	price	NOUN
emaj-257	15	16	,	,	PUNCT
emaj-257	15	17	cds	cd	NOUN
emaj-257	15	18	premium	premium	NOUN
emaj-257	15	19	,	,	PUNCT
emaj-257	15	20	developments	development	NOUN
emaj-257	15	21	in	in	ADP
emaj-257	15	22	international	international	ADJ
emaj-257	15	23	financial	financial	ADJ
emaj-257	15	24	markets	market	NOUN
emaj-257	15	25	,	,	PUNCT
emaj-257	15	26	political	political	ADJ
emaj-257	15	27	events	event	NOUN
emaj-257	15	28	,	,	PUNCT
emaj-257	15	29	management	management	NOUN
emaj-257	15	30	risk	risk	NOUN
emaj-257	15	31	,	,	PUNCT
emaj-257	15	32	sectoral	sectoral	ADJ
emaj-257	15	33	risk	risk	NOUN
emaj-257	15	34	,	,	PUNCT
emaj-257	15	35	and	and	CCONJ
emaj-257	15	36	many	many	ADJ
emaj-257	15	37	other	other	ADJ
emaj-257	15	38	variables	variable	NOUN
emaj-257	15	39	are	be	AUX
emaj-257	15	40	defined	define	VERB
emaj-257	15	41	in	in	ADP
emaj-257	15	42	systematic	systematic	ADJ
emaj-257	15	43	and	and	CCONJ
emaj-257	15	44	nonsystematic	nonsystematic	ADJ
emaj-257	15	45	risk	risk	NOUN
emaj-257	15	46	groups	group	NOUN
emaj-257	15	47	.	.	PUNCT
emaj-257	16	1	studies	study	NOUN
emaj-257	16	2	in	in	ADP
emaj-257	16	3	the	the	DET
emaj-257	16	4	literature	literature	NOUN
emaj-257	16	5	generally	generally	ADV
emaj-257	16	6	focus	focus	VERB
emaj-257	16	7	on	on	ADP
emaj-257	16	8	different	different	ADJ
emaj-257	16	9	variables	variable	NOUN
emaj-257	16	10	.	.	PUNCT
emaj-257	17	1	it	it	PRON
emaj-257	17	2	is	be	AUX
emaj-257	17	3	seen	see	VERB
emaj-257	17	4	that	that	SCONJ
emaj-257	17	5	past	past	ADJ
emaj-257	17	6	research	research	NOUN
emaj-257	17	7	analyze	analyze	VERB
emaj-257	17	8	the	the	DET
emaj-257	17	9	relationship	relationship	NOUN
emaj-257	17	10	among	among	ADP
emaj-257	17	11	stock	stock	NOUN
emaj-257	17	12	returns	return	NOUN
emaj-257	17	13	and	and	CCONJ
emaj-257	17	14	cds	cd	NOUN
emaj-257	17	15	premium	premium	NOUN
emaj-257	17	16	,	,	PUNCT
emaj-257	17	17	bond	bond	NOUN
emaj-257	17	18	yield	yield	NOUN
emaj-257	17	19	,	,	PUNCT
emaj-257	17	20	gold	gold	NOUN
emaj-257	17	21	and	and	CCONJ
emaj-257	17	22	oil	oil	NOUN
emaj-257	17	23	prices	price	NOUN
emaj-257	17	24	,	,	PUNCT
emaj-257	17	25	exchange	exchange	NOUN
emaj-257	17	26	rates	rate	NOUN
emaj-257	17	27	,	,	PUNCT
emaj-257	17	28	and	and	CCONJ
emaj-257	17	29	some	some	DET
emaj-257	17	30	other	other	ADJ
emaj-257	17	31	variables	variable	NOUN
emaj-257	17	32	,	,	PUNCT
emaj-257	17	33	usually	usually	ADV
emaj-257	17	34	two	two	NUM
emaj-257	17	35	or	or	CCONJ
emaj-257	17	36	three	three	NUM
emaj-257	17	37	of	of	ADP
emaj-257	17	38	these	these	DET
emaj-257	17	39	variables	variable	NOUN
emaj-257	17	40	.	.	PUNCT
emaj-257	18	1	the	the	DET
emaj-257	18	2	difference	difference	NOUN
emaj-257	18	3	of	of	ADP
emaj-257	18	4	this	this	DET
emaj-257	18	5	study	study	NOUN
emaj-257	18	6	is	be	AUX
emaj-257	18	7	that	that	SCONJ
emaj-257	18	8	,	,	PUNCT
emaj-257	18	9	it	it	PRON
emaj-257	18	10	analyzes	analyze	VERB
emaj-257	18	11	together	together	ADV
emaj-257	18	12	more	more	ADV
emaj-257	18	13	independent	independent	ADJ
emaj-257	18	14	variables	variable	NOUN
emaj-257	18	15	that	that	PRON
emaj-257	18	16	may	may	AUX
emaj-257	18	17	have	have	VERB
emaj-257	18	18	different	different	ADJ
emaj-257	18	19	determinants	determinant	NOUN
emaj-257	18	20	on	on	ADP
emaj-257	18	21	stock	stock	NOUN
emaj-257	18	22	markets	market	NOUN
emaj-257	18	23	in	in	ADP
emaj-257	18	24	selected	select	VERB
emaj-257	18	25	developing	develop	VERB
emaj-257	18	26	countries	country	NOUN
emaj-257	18	27	and	and	CCONJ
emaj-257	18	28	it	it	PRON
emaj-257	18	29	investigated	investigate	VERB
emaj-257	18	30	to	to	ADP
emaj-257	18	31	what	what	DET
emaj-257	18	32	extent	extent	NOUN
emaj-257	18	33	the	the	DET
emaj-257	18	34	results	result	NOUN
emaj-257	18	35	may	may	AUX
emaj-257	18	36	differ	differ	VERB
emaj-257	18	37	between	between	ADP
emaj-257	18	38	countries	country	NOUN
emaj-257	18	39	as	as	ADV
emaj-257	18	40	well	well	ADV
emaj-257	18	41	as	as	ADP
emaj-257	18	42	interpreting	interpret	VERB
emaj-257	18	43	the	the	DET
emaj-257	18	44	findings	finding	NOUN
emaj-257	18	45	.	.	PUNCT
emaj-257	19	1	for	for	ADP
emaj-257	19	2	this	this	DET
emaj-257	19	3	reason	reason	NOUN
emaj-257	19	4	,	,	PUNCT
emaj-257	19	5	it	it	PRON
emaj-257	19	6	is	be	AUX
emaj-257	19	7	aimed	aim	VERB
emaj-257	19	8	to	to	PART
emaj-257	19	9	contribute	contribute	VERB
emaj-257	19	10	to	to	ADP
emaj-257	19	11	the	the	DET
emaj-257	19	12	literature	literature	NOUN
emaj-257	19	13	with	with	ADP
emaj-257	19	14	different	different	ADJ
emaj-257	19	15	observations	observation	NOUN
emaj-257	19	16	and	and	CCONJ
emaj-257	19	17	findings	finding	NOUN
emaj-257	19	18	.	.	PUNCT
emaj-257	20	1	in	in	ADP
emaj-257	20	2	the	the	DET
emaj-257	20	3	first	first	ADJ
emaj-257	20	4	part	part	NOUN
emaj-257	20	5	,	,	PUNCT
emaj-257	20	6	the	the	DET
emaj-257	20	7	studies	study	NOUN
emaj-257	20	8	reached	reach	VERB
emaj-257	20	9	by	by	ADP
emaj-257	20	10	the	the	DET
emaj-257	20	11	literature	literature	NOUN
emaj-257	20	12	review	review	NOUN
emaj-257	20	13	about	about	ADP
emaj-257	20	14	the	the	DET
emaj-257	20	15	relationships	relationship	NOUN
emaj-257	20	16	between	between	ADP
emaj-257	20	17	the	the	DET
emaj-257	20	18	dependent	dependent	ADJ
emaj-257	20	19	and	and	CCONJ
emaj-257	20	20	independent	independent	ADJ
emaj-257	20	21	variables	variable	NOUN
emaj-257	20	22	in	in	ADP
emaj-257	20	23	the	the	DET
emaj-257	20	24	study	study	NOUN
emaj-257	20	25	are	be	AUX
emaj-257	20	26	included	include	VERB
emaj-257	20	27	.	.	PUNCT
emaj-257	21	1	in	in	ADP
emaj-257	21	2	the	the	DET
emaj-257	21	3	second	second	ADJ
emaj-257	21	4	part	part	NOUN
emaj-257	21	5	,	,	PUNCT
emaj-257	21	6	dependent	dependent	ADJ
emaj-257	21	7	and	and	CCONJ
emaj-257	21	8	independent	independent	ADJ
emaj-257	21	9	variables	variable	NOUN
emaj-257	21	10	used	use	VERB
emaj-257	21	11	in	in	ADP
emaj-257	21	12	the	the	DET
emaj-257	21	13	analysis	analysis	NOUN
emaj-257	21	14	and	and	CCONJ
emaj-257	21	15	their	their	PRON
emaj-257	21	16	definitions	definition	NOUN
emaj-257	21	17	are	be	AUX
emaj-257	21	18	given	give	VERB
emaj-257	21	19	,	,	PUNCT
emaj-257	21	20	and	and	CCONJ
emaj-257	21	21	descriptive	descriptive	ADJ
emaj-257	21	22	statistics	statistic	NOUN
emaj-257	21	23	are	be	AUX
emaj-257	21	24	explained	explain	VERB
emaj-257	21	25	.	.	PUNCT
emaj-257	22	1	the	the	DET
emaj-257	22	2	dependent	dependent	ADJ
emaj-257	22	3	variables	variable	NOUN
emaj-257	22	4	are	be	AUX
emaj-257	22	5	the	the	DET
emaj-257	22	6	stock	stock	NOUN
emaj-257	22	7	market	market	NOUN
emaj-257	22	8	indices	index	NOUN
emaj-257	22	9	of	of	ADP
emaj-257	22	10	the	the	DET
emaj-257	22	11	4	4	NUM
emaj-257	22	12	countries	country	NOUN
emaj-257	22	13	covered	cover	VERB
emaj-257	22	14	in	in	ADP
emaj-257	22	15	the	the	DET
emaj-257	22	16	study	study	NOUN
emaj-257	22	17	,	,	PUNCT
emaj-257	22	18	the	the	DET
emaj-257	22	19	independent	independent	ADJ
emaj-257	22	20	variables	variable	NOUN
emaj-257	22	21	are	be	AUX
emaj-257	22	22	5	5	NUM
emaj-257	22	23	years	year	NOUN
emaj-257	22	24	bond	bond	NOUN
emaj-257	22	25	yield	yield	NOUN
emaj-257	22	26	and	and	CCONJ
emaj-257	22	27	cds	cd	NOUN
emaj-257	22	28	premium	premium	NOUN
emaj-257	22	29	(	(	PUNCT
emaj-257	22	30	5	5	NUM
emaj-257	22	31	year	year	NOUN
emaj-257	22	32	bps	bps	NOUN
emaj-257	22	33	)	)	PUNCT
emaj-257	22	34	of	of	ADP
emaj-257	22	35	countries	country	NOUN
emaj-257	22	36	,	,	PUNCT
emaj-257	22	37	s&p	s&p	PROPN
emaj-257	22	38	500	500	NUM
emaj-257	22	39	vix	vix	PROPN
emaj-257	22	40	futures	future	NOUN
emaj-257	22	41	,	,	PUNCT
emaj-257	22	42	gold	gold	NOUN
emaj-257	22	43	prices	price	NOUN
emaj-257	22	44	(	(	PUNCT
emaj-257	22	45	ounce/$	ounce/$	ADV
emaj-257	22	46	)	)	PUNCT
emaj-257	22	47	,	,	PUNCT
emaj-257	22	48	msci	msci	PROPN
emaj-257	22	49	emerging	emerge	VERB
emaj-257	22	50	markets	market	NOUN
emaj-257	22	51	change	change	VERB
emaj-257	22	52	and	and	CCONJ
emaj-257	22	53	future	future	ADJ
emaj-257	22	54	crude	crude	ADJ
emaj-257	22	55	oil	oil	NOUN
emaj-257	22	56	prices	price	NOUN
emaj-257	22	57	.	.	PUNCT
emaj-257	23	1	the	the	DET
emaj-257	23	2	analysis	analysis	NOUN
emaj-257	23	3	covers	cover	VERB
emaj-257	23	4	the	the	DET
emaj-257	23	5	period	period	NOUN
emaj-257	23	6	from	from	ADP
emaj-257	23	7	january	january	PROPN
emaj-257	23	8	2010	2010	NUM
emaj-257	23	9	to	to	ADP
emaj-257	23	10	march	march	PROPN
emaj-257	23	11	2021	2021	NUM
emaj-257	23	12	(	(	PUNCT
emaj-257	23	13	t=135	t=135	NUM
emaj-257	23	14	)	)	PUNCT
emaj-257	23	15	.	.	PUNCT
emaj-257	24	1	in	in	ADP
emaj-257	24	2	the	the	DET
emaj-257	24	3	third	third	ADJ
emaj-257	24	4	part	part	NOUN
emaj-257	24	5	,	,	PUNCT
emaj-257	24	6	to	to	PART
emaj-257	24	7	determine	determine	VERB
emaj-257	24	8	the	the	DET
emaj-257	24	9	most	most	ADV
emaj-257	24	10	appropriate	appropriate	ADJ
emaj-257	24	11	panel	panel	NOUN
emaj-257	24	12	data	data	VERB
emaj-257	24	13	analysis	analysis	NOUN
emaj-257	24	14	method	method	NOUN
emaj-257	24	15	,	,	PUNCT
emaj-257	24	16	cross	cross	ADJ
emaj-257	24	17	-	-	ADJ
emaj-257	24	18	section	section	ADJ
emaj-257	24	19	dependency	dependency	NOUN
emaj-257	24	20	,	,	PUNCT
emaj-257	24	21	unit	unit	NOUN
emaj-257	24	22	root	root	NOUN
emaj-257	24	23	,	,	PUNCT
emaj-257	24	24	and	and	CCONJ
emaj-257	24	25	cointegration	cointegration	NOUN
emaj-257	24	26	tests	test	NOUN
emaj-257	24	27	were	be	AUX
emaj-257	24	28	applied	apply	VERB
emaj-257	24	29	,	,	PUNCT
emaj-257	24	30	and	and	CCONJ
emaj-257	24	31	then	then	ADV
emaj-257	24	32	a	a	DET
emaj-257	24	33	model	model	NOUN
emaj-257	24	34	definition	definition	NOUN
emaj-257	24	35	was	be	AUX
emaj-257	24	36	made	make	VERB
emaj-257	24	37	explaining	explain	VERB
emaj-257	24	38	the	the	DET
emaj-257	24	39	shortand	shortand	NOUN
emaj-257	24	40	long	long	ADJ
emaj-257	24	41	-	-	PUNCT
emaj-257	24	42	term	term	NOUN
emaj-257	24	43	relationships	relationship	NOUN
emaj-257	24	44	.	.	PUNCT
emaj-257	25	1	then	then	ADV
emaj-257	25	2	,	,	PUNCT
emaj-257	25	3	findings	finding	NOUN
emaj-257	25	4	related	relate	VERB
emaj-257	25	5	to	to	ADP
emaj-257	25	6	empirical	empirical	ADJ
emaj-257	25	7	analysis	analysis	NOUN
emaj-257	25	8	were	be	AUX
emaj-257	25	9	obtained	obtain	VERB
emaj-257	25	10	.	.	PUNCT
emaj-257	26	1	to	to	PART
emaj-257	26	2	make	make	VERB
emaj-257	26	3	a	a	DET
emaj-257	26	4	conceptual	conceptual	ADJ
emaj-257	26	5	explanation	explanation	NOUN
emaj-257	26	6	about	about	ADP
emaj-257	26	7	the	the	DET
emaj-257	26	8	importance	importance	NOUN
emaj-257	26	9	of	of	ADP
emaj-257	26	10	cds	cd	NOUN
emaj-257	26	11	premium	premium	NOUN
emaj-257	26	12	,	,	PUNCT
emaj-257	26	13	bond	bond	NOUN
emaj-257	26	14	yield	yield	NOUN
emaj-257	26	15	,	,	PUNCT
emaj-257	26	16	gold	gold	NOUN
emaj-257	26	17	and	and	CCONJ
emaj-257	26	18	oil	oil	NOUN
emaj-257	26	19	prices	price	NOUN
emaj-257	26	20	in	in	ADP
emaj-257	26	21	terms	term	NOUN
emaj-257	26	22	of	of	ADP
emaj-257	26	23	macroeconomic	macroeconomic	ADJ
emaj-257	26	24	structures	structure	NOUN
emaj-257	26	25	of	of	ADP
emaj-257	26	26	countries	country	NOUN
emaj-257	26	27	and	and	CCONJ
emaj-257	26	28	their	their	PRON
emaj-257	26	29	effects	effect	NOUN
emaj-257	26	30	on	on	ADP
emaj-257	26	31	financial	financial	ADJ
emaj-257	26	32	markets	market	NOUN
emaj-257	26	33	,	,	PUNCT
emaj-257	26	34	it	it	PRON
emaj-257	26	35	will	will	AUX
emaj-257	26	36	be	be	AUX
emaj-257	26	37	wise	wise	ADJ
emaj-257	26	38	to	to	PART
emaj-257	26	39	express	express	VERB
emaj-257	26	40	that	that	SCONJ
emaj-257	26	41	there	there	PRON
emaj-257	26	42	are	be	VERB
emaj-257	26	43	various	various	ADJ
emaj-257	26	44	types	type	NOUN
emaj-257	26	45	of	of	ADP
emaj-257	26	46	credit	credit	NOUN
emaj-257	26	47	derivative	derivative	ADJ
emaj-257	26	48	contracts	contract	NOUN
emaj-257	26	49	.	.	PUNCT
emaj-257	27	1	a	a	DET
emaj-257	27	2	widely	widely	ADV
emaj-257	27	3	known	know	VERB
emaj-257	27	4	type	type	NOUN
emaj-257	27	5	is	be	AUX
emaj-257	27	6	the	the	DET
emaj-257	27	7	credit	credit	NOUN
emaj-257	27	8	default	default	NOUN
emaj-257	27	9	swap	swap	NOUN
emaj-257	27	10	(	(	PUNCT
emaj-257	27	11	cds	cds	PROPN
emaj-257	27	12	)	)	PUNCT
emaj-257	27	13	.	.	PUNCT
emaj-257	28	1	in	in	ADP
emaj-257	28	2	this	this	DET
emaj-257	28	3	contract	contract	NOUN
emaj-257	28	4	type	type	NOUN
emaj-257	28	5	,	,	PUNCT
emaj-257	28	6	the	the	DET
emaj-257	28	7	protection	protection	NOUN
emaj-257	28	8	seller	seller	NOUN
emaj-257	28	9	asks	ask	VERB
emaj-257	28	10	for	for	ADP
emaj-257	28	11	a	a	DET
emaj-257	28	12	premium	premium	NOUN
emaj-257	28	13	periodically	periodically	ADV
emaj-257	28	14	from	from	ADP
emaj-257	28	15	the	the	DET
emaj-257	28	16	protection	protection	NOUN
emaj-257	28	17	buyer	buyer	NOUN
emaj-257	28	18	and	and	CCONJ
emaj-257	28	19	pays	pay	VERB
emaj-257	28	20	a	a	DET
emaj-257	28	21	one	one	NUM
emaj-257	28	22	-	-	PUNCT
emaj-257	28	23	time	time	NOUN
emaj-257	28	24	payment	payment	NOUN
emaj-257	28	25	in	in	ADP
emaj-257	28	26	case	case	NOUN
emaj-257	28	27	of	of	ADP
emaj-257	28	28	default	default	NOUN
emaj-257	28	29	.	.	PUNCT
emaj-257	29	1	cds	cd	NOUN
emaj-257	29	2	is	be	AUX
emaj-257	29	3	accepted	accept	VERB
emaj-257	29	4	as	as	ADP
emaj-257	29	5	one	one	NUM
emaj-257	29	6	of	of	ADP
emaj-257	29	7	the	the	DET
emaj-257	29	8	main	main	ADJ
emaj-257	29	9	determinants	determinant	NOUN
emaj-257	29	10	which	which	PRON
emaj-257	29	11	measure	measure	VERB
emaj-257	29	12	the	the	DET
emaj-257	29	13	credit	credit	NOUN
emaj-257	29	14	risk	risk	NOUN
emaj-257	29	15	of	of	ADP
emaj-257	29	16	countries	country	NOUN
emaj-257	29	17	and	and	CCONJ
emaj-257	29	18	investors	investor	NOUN
emaj-257	29	19	'	'	PART
emaj-257	29	20	risk	risk	NOUN
emaj-257	29	21	perception	perception	NOUN
emaj-257	29	22	towards	towards	ADP
emaj-257	29	23	the	the	DET
emaj-257	29	24	stock	stock	NOUN
emaj-257	29	25	markets	market	NOUN
emaj-257	29	26	of	of	ADP
emaj-257	29	27	relevant	relevant	ADJ
emaj-257	29	28	countries	country	NOUN
emaj-257	29	29	.	.	PUNCT
emaj-257	30	1	the	the	DET
emaj-257	30	2	cds	cds	PROPN
emaj-257	30	3	premium	premium	NOUN
emaj-257	30	4	is	be	AUX
emaj-257	30	5	the	the	DET
emaj-257	30	6	insurance	insurance	NOUN
emaj-257	30	7	premium	premium	NOUN
emaj-257	30	8	paid	pay	VERB
emaj-257	30	9	by	by	ADP
emaj-257	30	10	bond	bond	NOUN
emaj-257	30	11	issuers	issuer	NOUN
emaj-257	30	12	in	in	ADP
emaj-257	30	13	case	case	NOUN
emaj-257	30	14	of	of	ADP
emaj-257	30	15	default	default	NOUN
emaj-257	30	16	in	in	ADP
emaj-257	30	17	international	international	ADJ
emaj-257	30	18	markets	market	NOUN
emaj-257	30	19	and	and	CCONJ
emaj-257	30	20	is	be	AUX
emaj-257	30	21	an	an	DET
emaj-257	30	22	indicator	indicator	NOUN
emaj-257	30	23	that	that	PRON
emaj-257	30	24	determines	determine	VERB
emaj-257	30	25	firm	firm	ADJ
emaj-257	30	26	and	and	CCONJ
emaj-257	30	27	country	country	NOUN
emaj-257	30	28	risk	risk	NOUN
emaj-257	30	29	.	.	PUNCT
emaj-257	31	1	therefore	therefore	ADV
emaj-257	31	2	,	,	PUNCT
emaj-257	31	3	it	it	PRON
emaj-257	31	4	is	be	AUX
emaj-257	31	5	included	include	VERB
emaj-257	31	6	in	in	ADP
emaj-257	31	7	the	the	DET
emaj-257	31	8	study	study	NOUN
emaj-257	31	9	to	to	PART
emaj-257	31	10	investigate	investigate	VERB
emaj-257	31	11	its	its	PRON
emaj-257	31	12	relationship	relationship	NOUN
emaj-257	31	13	with	with	ADP
emaj-257	31	14	stock	stock	NOUN
emaj-257	31	15	market	market	NOUN
emaj-257	31	16	indexes	index	NOUN
emaj-257	31	17	.	.	PUNCT
emaj-257	32	1	it	it	PRON
emaj-257	32	2	is	be	AUX
emaj-257	32	3	stated	state	VERB
emaj-257	32	4	that	that	SCONJ
emaj-257	32	5	a	a	DET
emaj-257	32	6	cds	cds	NOUN
emaj-257	32	7	default	default	NOUN
emaj-257	32	8	might	might	AUX
emaj-257	32	9	include	include	VERB
emaj-257	32	10	some	some	PRON
emaj-257	32	11	or	or	CCONJ
emaj-257	32	12	all	all	PRON
emaj-257	32	13	of	of	ADP
emaj-257	32	14	these	these	DET
emaj-257	32	15	risks	risk	NOUN
emaj-257	32	16	(	(	PUNCT
emaj-257	32	17	blanco	blanco	PROPN
emaj-257	32	18	et	et	PROPN
emaj-257	32	19	al	al	PROPN
emaj-257	32	20	.	.	PROPN
emaj-257	32	21	,	,	PUNCT
emaj-257	32	22	2005	2005	NUM
emaj-257	32	23	):	):	PUNCT
emaj-257	32	24	i	i	NOUN
emaj-257	32	25	)	)	PUNCT
emaj-257	32	26	failure	failure	NOUN
emaj-257	32	27	to	to	PART
emaj-257	32	28	pay	pay	VERB
emaj-257	32	29	,	,	PUNCT
emaj-257	32	30	ii	ii	NOUN
emaj-257	32	31	)	)	PUNCT
emaj-257	32	32	bankruptcy	bankruptcy	NOUN
emaj-257	32	33	,	,	PUNCT
emaj-257	32	34	iii	iii	NOUN
emaj-257	32	35	)	)	PUNCT
emaj-257	32	36	restructuring	restructuring	NOUN
emaj-257	32	37	,	,	PUNCT
emaj-257	32	38	iv	iv	X
emaj-257	32	39	)	)	PUNCT
emaj-257	32	40	rejection	rejection	NOUN
emaj-257	32	41	or	or	CCONJ
emaj-257	32	42	moratorium	moratorium	NOUN
emaj-257	32	43	,	,	PUNCT
emaj-257	32	44	v	v	NOUN
emaj-257	32	45	)	)	PUNCT
emaj-257	32	46	obligation	obligation	NOUN
emaj-257	32	47	default	default	NOUN
emaj-257	32	48	two	two	NUM
emaj-257	32	49	main	main	ADJ
emaj-257	32	50	approaches	approach	NOUN
emaj-257	32	51	to	to	ADP
emaj-257	32	52	credit	credit	NOUN
emaj-257	32	53	default	default	NOUN
emaj-257	32	54	modeling	modeling	NOUN
emaj-257	32	55	are	be	AUX
emaj-257	32	56	presented	present	VERB
emaj-257	32	57	:	:	PUNCT
emaj-257	32	58	the	the	DET
emaj-257	32	59	first	first	ADJ
emaj-257	32	60	is	be	AUX
emaj-257	32	61	the	the	DET
emaj-257	32	62	structural	structural	ADJ
emaj-257	32	63	approach	approach	NOUN
emaj-257	32	64	discovered	discover	VERB
emaj-257	32	65	by	by	ADP
emaj-257	32	66	merton	merton	PROPN
emaj-257	32	67	(	(	PUNCT
emaj-257	32	68	1974	1974	NUM
emaj-257	32	69	)	)	PUNCT
emaj-257	32	70	.	.	PUNCT
emaj-257	33	1	accordingly	accordingly	ADV
emaj-257	33	2	,	,	PUNCT
emaj-257	33	3	if	if	SCONJ
emaj-257	33	4	the	the	DET
emaj-257	33	5	debtor	debtor	NOUN
emaj-257	33	6	's	's	PART
emaj-257	33	7	assets	asset	NOUN
emaj-257	33	8	fall	fall	VERB
emaj-257	33	9	below	below	ADP
emaj-257	33	10	its	its	PRON
emaj-257	33	11	obligations	obligation	NOUN
emaj-257	33	12	,	,	PUNCT
emaj-257	33	13	it	it	PRON
emaj-257	33	14	triggers	trigger	VERB
emaj-257	33	15	default	default	NOUN
emaj-257	33	16	.	.	PUNCT
emaj-257	34	1	the	the	DET
emaj-257	34	2	second	second	ADJ
emaj-257	34	3	is	be	AUX
emaj-257	34	4	the	the	DET
emaj-257	34	5	reduced	reduce	VERB
emaj-257	34	6	form	form	NOUN
emaj-257	34	7	approach	approach	NOUN
emaj-257	34	8	proposed	propose	VERB
emaj-257	34	9	by	by	ADP
emaj-257	34	10	jarrow	jarrow	PROPN
emaj-257	34	11	and	and	CCONJ
emaj-257	34	12	turnbull	turnbull	PROPN
emaj-257	34	13	(	(	PUNCT
emaj-257	34	14	1995	1995	NUM
emaj-257	34	15	)	)	PUNCT
emaj-257	34	16	,	,	PUNCT
emaj-257	34	17	which	which	PRON
emaj-257	34	18	suggests	suggest	VERB
emaj-257	34	19	that	that	SCONJ
emaj-257	34	20	default	default	NOUN
emaj-257	34	21	is	be	AUX
emaj-257	34	22	directly	directly	ADV
emaj-257	34	23	modeled	model	VERB
emaj-257	34	24	as	as	ADP
emaj-257	34	25	an	an	DET
emaj-257	34	26	unexpected	unexpected	ADJ
emaj-257	34	27	outcome	outcome	NOUN
emaj-257	34	28	.	.	PUNCT
emaj-257	35	1	central	central	ADJ
emaj-257	35	2	banks	bank	NOUN
emaj-257	35	3	usually	usually	ADV
emaj-257	35	4	adjust	adjust	VERB
emaj-257	35	5	policy	policy	NOUN
emaj-257	35	6	rates	rate	NOUN
emaj-257	35	7	downside	downside	VERB
emaj-257	35	8	when	when	SCONJ
emaj-257	35	9	their	their	PRON
emaj-257	35	10	macroeconomic	macroeconomic	ADJ
emaj-257	35	11	indicators	indicator	NOUN
emaj-257	35	12	are	be	AUX
emaj-257	35	13	weak	weak	ADJ
emaj-257	35	14	and	and	CCONJ
emaj-257	35	15	upside	upside	ADJ
emaj-257	35	16	when	when	SCONJ
emaj-257	35	17	faced	face	VERB
emaj-257	35	18	with	with	ADP
emaj-257	35	19	inflationary	inflationary	ADJ
emaj-257	35	20	pressures	pressure	NOUN
emaj-257	35	21	.	.	PUNCT
emaj-257	36	1	according	accord	VERB
emaj-257	36	2	to	to	ADP
emaj-257	36	3	taylor	taylor	PROPN
emaj-257	36	4	's	's	PART
emaj-257	36	5	rule	rule	NOUN
emaj-257	36	6	(	(	PUNCT
emaj-257	36	7	1993	1993	NUM
emaj-257	36	8	)	)	PUNCT
emaj-257	36	9	,	,	PUNCT
emaj-257	36	10	these	these	DET
emaj-257	36	11	policy	policy	NOUN
emaj-257	36	12	rate	rate	NOUN
emaj-257	36	13	adjustments	adjustment	NOUN
emaj-257	36	14	become	become	VERB
emaj-257	36	15	more	more	ADV
emaj-257	36	16	necessary	necessary	ADJ
emaj-257	36	17	for	for	ADP
emaj-257	36	18	some	some	DET
emaj-257	36	19	countries	country	NOUN
emaj-257	36	20	than	than	ADP
emaj-257	36	21	others	other	NOUN
emaj-257	36	22	.	.	PUNCT
emaj-257	37	1	other	other	ADJ
emaj-257	37	2	(	(	PUNCT
emaj-257	37	3	possibly	possibly	ADV
emaj-257	37	4	external	external	ADJ
emaj-257	37	5	)	)	PUNCT
emaj-257	37	6	factors	factor	NOUN
emaj-257	37	7	may	may	AUX
emaj-257	37	8	also	also	ADV
emaj-257	37	9	determine	determine	VERB
emaj-257	37	10	the	the	DET
emaj-257	37	11	central	central	ADJ
emaj-257	37	12	bank	bank	NOUN
emaj-257	37	13	's	's	PART
emaj-257	37	14	decisions	decision	NOUN
emaj-257	37	15	.	.	PUNCT
emaj-257	38	1	in	in	ADP
emaj-257	38	2	any	any	DET
emaj-257	38	3	case	case	NOUN
emaj-257	38	4	,	,	PUNCT
emaj-257	38	5	the	the	DET
emaj-257	38	6	financial	financial	ADJ
emaj-257	38	7	markets	market	NOUN
emaj-257	38	8	of	of	ADP
emaj-257	38	9	developed	developed	ADJ
emaj-257	38	10	and	and	CCONJ
emaj-257	38	11	emerging	emerge	VERB
emaj-257	38	12	countries	country	NOUN
emaj-257	38	13	will	will	AUX
emaj-257	38	14	likely	likely	ADV
emaj-257	38	15	react	react	VERB
emaj-257	38	16	differently	differently	ADV
emaj-257	38	17	to	to	ADP
emaj-257	38	18	monetary	monetary	ADJ
emaj-257	38	19	policy	policy	NOUN
emaj-257	38	20	practices	practice	NOUN
emaj-257	38	21	.	.	PUNCT
emaj-257	39	1	because	because	SCONJ
emaj-257	39	2	of	of	ADP
emaj-257	39	3	their	their	PRON
emaj-257	39	4	need	need	NOUN
emaj-257	39	5	for	for	ADP
emaj-257	39	6	foreign	foreign	ADJ
emaj-257	39	7	capital	capital	NOUN
emaj-257	39	8	inflow	inflow	NOUN
emaj-257	39	9	,	,	PUNCT
emaj-257	39	10	emerging	emerge	VERB
emaj-257	39	11	countries	country	NOUN
emaj-257	39	12	may	may	AUX
emaj-257	39	13	not	not	PART
emaj-257	39	14	be	be	AUX
emaj-257	39	15	willing	willing	ADJ
emaj-257	39	16	to	to	PART
emaj-257	39	17	lower	lower	VERB
emaj-257	39	18	interest	interest	NOUN
emaj-257	39	19	rates	rate	NOUN
emaj-257	39	20	as	as	SCONJ
emaj-257	39	21	it	it	PRON
emaj-257	39	22	will	will	AUX
emaj-257	39	23	reduce	reduce	VERB
emaj-257	39	24	demand	demand	NOUN
emaj-257	39	25	for	for	ADP
emaj-257	39	26	fixed	fix	VERB
emaj-257	39	27	income	income	NOUN
emaj-257	39	28	financial	financial	ADJ
emaj-257	39	29	instruments	instrument	NOUN
emaj-257	39	30	issued	issue	VERB
emaj-257	39	31	in	in	ADP
emaj-257	39	32	local	local	ADJ
emaj-257	39	33	currency	currency	NOUN
emaj-257	39	34	(	(	PUNCT
emaj-257	39	35	swanson	swanson	PROPN
emaj-257	39	36	and	and	CCONJ
emaj-257	39	37	williams	williams	PROPN
emaj-257	39	38	,	,	PUNCT
emaj-257	39	39	2014	2014	NUM
emaj-257	39	40	)	)	PUNCT
emaj-257	39	41	.	.	PUNCT
emaj-257	40	1	on	on	ADP
emaj-257	40	2	the	the	DET
emaj-257	40	3	other	other	ADJ
emaj-257	40	4	hand	hand	NOUN
emaj-257	40	5	,	,	PUNCT
emaj-257	40	6	developed	develop	VERB
emaj-257	40	7	economies	economy	NOUN
emaj-257	40	8	may	may	AUX
emaj-257	40	9	face	face	VERB
emaj-257	40	10	other	other	ADJ
emaj-257	40	11	problems	problem	NOUN
emaj-257	40	12	as	as	SCONJ
emaj-257	40	13	interest	interest	NOUN
emaj-257	40	14	rates	rate	NOUN
emaj-257	40	15	fall	fall	VERB
emaj-257	40	16	excessively	excessively	ADV
emaj-257	40	17	and	and	CCONJ
emaj-257	40	18	hence	hence	ADV
emaj-257	40	19	the	the	DET
emaj-257	40	20	effectiveness	effectiveness	NOUN
emaj-257	40	21	of	of	ADP
emaj-257	40	22	monetary	monetary	ADJ
emaj-257	40	23	policy	policy	NOUN
emaj-257	40	24	decreases	decrease	VERB
emaj-257	40	25	.	.	PUNCT
emaj-257	41	1	therefore	therefore	ADV
emaj-257	41	2	,	,	PUNCT
emaj-257	41	3	it	it	PRON
emaj-257	41	4	is	be	AUX
emaj-257	41	5	an	an	DET
emaj-257	41	6	important	important	ADJ
emaj-257	41	7	research	research	NOUN
emaj-257	41	8	topic	topic	NOUN
emaj-257	41	9	whether	whether	SCONJ
emaj-257	41	10	fluctuations	fluctuation	NOUN
emaj-257	41	11	in	in	ADP
emaj-257	41	12	policy	policy	NOUN
emaj-257	41	13	rates	rate	NOUN
emaj-257	41	14	as	as	ADP
emaj-257	41	15	a	a	DET
emaj-257	41	16	result	result	NOUN
emaj-257	41	17	of	of	ADP
emaj-257	41	18	monetary	monetary	ADJ
emaj-257	41	19	policy	policy	NOUN
emaj-257	41	20	practices	practice	NOUN
emaj-257	41	21	affect	affect	VERB
emaj-257	41	22	the	the	DET
emaj-257	41	23	stock	stock	NOUN
emaj-257	41	24	market	market	NOUN
emaj-257	41	25	.	.	PUNCT
emaj-257	42	1	after	after	ADP
emaj-257	42	2	the	the	DET
emaj-257	42	3	2008	2008	NUM
emaj-257	42	4	-	-	SYM
emaj-257	42	5	2009	2009	NUM
emaj-257	42	6	global	global	ADJ
emaj-257	42	7	financial	financial	ADJ
emaj-257	42	8	crisis	crisis	NOUN
emaj-257	42	9	,	,	PUNCT
emaj-257	42	10	it	it	PRON
emaj-257	42	11	gained	gain	VERB
emaj-257	42	12	more	more	ADJ
emaj-257	42	13	and	and	CCONJ
emaj-257	42	14	more	more	ADJ
emaj-257	42	15	importance	importance	NOUN
emaj-257	42	16	as	as	SCONJ
emaj-257	42	17	it	it	PRON
emaj-257	42	18	led	lead	VERB
emaj-257	42	19	to	to	ADP
emaj-257	42	20	the	the	DET
emaj-257	42	21	decline	decline	NOUN
emaj-257	42	22	in	in	ADP
emaj-257	42	23	world	world	NOUN
emaj-257	42	24	economic	economic	ADJ
emaj-257	42	25	growth	growth	NOUN
emaj-257	42	26	and	and	CCONJ
emaj-257	42	27	supported	support	VERB
emaj-257	42	28	monetary	monetary	ADJ
emaj-257	42	29	policies	policy	NOUN
emaj-257	42	30	that	that	PRON
emaj-257	42	31	tried	try	VERB
emaj-257	42	32	to	to	PART
emaj-257	42	33	regain	regain	VERB
emaj-257	42	34	economic	economic	ADJ
emaj-257	42	35	stability	stability	NOUN
emaj-257	42	36	.	.	PUNCT
emaj-257	43	1	today	today	NOUN
emaj-257	43	2	,	,	PUNCT
emaj-257	43	3	oil	oil	NOUN
emaj-257	43	4	ranks	rank	VERB
emaj-257	43	5	first	first	ADV
emaj-257	43	6	among	among	ADP
emaj-257	43	7	the	the	DET
emaj-257	43	8	world	world	NOUN
emaj-257	43	9	's	's	PART
emaj-257	43	10	energy	energy	NOUN
emaj-257	43	11	resources	resource	NOUN
emaj-257	43	12	with	with	ADP
emaj-257	43	13	a	a	DET
emaj-257	43	14	share	share	NOUN
emaj-257	43	15	of	of	ADP
emaj-257	43	16	approximately	approximately	ADV
emaj-257	43	17	33	33	NUM
emaj-257	43	18	%	%	NOUN
emaj-257	43	19	in	in	ADP
emaj-257	43	20	primary	primary	ADJ
emaj-257	43	21	energy	energy	NOUN
emaj-257	43	22	consumption	consumption	NOUN
emaj-257	43	23	and	and	CCONJ
emaj-257	43	24	maintains	maintain	VERB
emaj-257	43	25	its	its	PRON
emaj-257	43	26	importance	importance	NOUN
emaj-257	43	27	as	as	ADP
emaj-257	43	28	a	a	DET
emaj-257	43	29	unique	unique	ADJ
emaj-257	43	30	and	and	CCONJ
emaj-257	43	31	nonrenewable	nonrenewable	ADJ
emaj-257	43	32	natural	natural	ADJ
emaj-257	43	33	resource	resource	NOUN
emaj-257	43	34	that	that	PRON
emaj-257	43	35	provides	provide	VERB
emaj-257	43	36	economic	economic	ADJ
emaj-257	43	37	and	and	CCONJ
emaj-257	43	38	political	political	ADJ
emaj-257	43	39	power	power	NOUN
emaj-257	43	40	to	to	ADP
emaj-257	43	41	countries	country	NOUN
emaj-257	43	42	with	with	ADP
emaj-257	43	43	abundant	abundant	ADJ
emaj-257	43	44	oil	oil	NOUN
emaj-257	43	45	reserves	reserve	NOUN
emaj-257	43	46	(	(	PUNCT
emaj-257	43	47	çevik	çevik	PROPN
emaj-257	43	48	et	et	PROPN
emaj-257	43	49	al	al	PROPN
emaj-257	43	50	.	.	PROPN
emaj-257	43	51	,	,	PUNCT
emaj-257	43	52	2020	2020	NUM
emaj-257	43	53	)	)	PUNCT
emaj-257	43	54	.	.	PUNCT
emaj-257	44	1	the	the	DET
emaj-257	44	2	theoretical	theoretical	ADJ
emaj-257	44	3	relationship	relationship	NOUN
emaj-257	44	4	between	between	ADP
emaj-257	44	5	oil	oil	NOUN
emaj-257	44	6	prices	price	NOUN
emaj-257	44	7	and	and	CCONJ
emaj-257	44	8	stock	stock	NOUN
emaj-257	44	9	returns	return	NOUN
emaj-257	44	10	can	can	AUX
emaj-257	44	11	be	be	AUX
emaj-257	44	12	positive	positive	ADJ
emaj-257	44	13	or	or	CCONJ
emaj-257	44	14	negative	negative	ADJ
emaj-257	44	15	.	.	PUNCT
emaj-257	45	1	according	accord	VERB
emaj-257	45	2	to	to	ADP
emaj-257	45	3	the	the	DET
emaj-257	45	4	cash	cash	NOUN
emaj-257	45	5	flow	flow	NOUN
emaj-257	45	6	volume	volume	NOUN
emaj-257	45	7	12	12	NUM
emaj-257	45	8	no	no	DET
emaj-257	45	9	1	1	NUM
emaj-257	45	10	(	(	PUNCT
emaj-257	45	11	2022	2022	NUM
emaj-257	45	12	)	)	PUNCT
emaj-257	45	13	|	|	ADV
emaj-257	45	14	issn	issn	VERB
emaj-257	45	15	2158	2158	NUM
emaj-257	45	16	-	-	SYM
emaj-257	45	17	8708	8708	NUM
emaj-257	45	18	(	(	PUNCT
emaj-257	45	19	online	online	NOUN
emaj-257	45	20	)	)	PUNCT
emaj-257	45	21	|	|	ADV
emaj-257	45	22	doi	doi	X
emaj-257	45	23	10.5195	10.5195	NUM
emaj-257	45	24	/	/	SYM
emaj-257	45	25	emaj.2022.257	emaj.2022.257	NOUN
emaj-257	45	26	|	|	ADV
emaj-257	45	27	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-257	45	28	determinants	determinant	NOUN
emaj-257	45	29	of	of	ADP
emaj-257	45	30	stock	stock	NOUN
emaj-257	45	31	market	market	NOUN
emaj-257	45	32	indices	index	NOUN
emaj-257	45	33	:	:	PUNCT
emaj-257	45	34	an	an	DET
emaj-257	45	35	analysis	analysis	NOUN
emaj-257	45	36	of	of	ADP
emaj-257	45	37	emerging	emerge	VERB
emaj-257	45	38	markets	market	NOUN
emaj-257	45	39	of	of	ADP
emaj-257	45	40	brazil	brazil	PROPN
emaj-257	45	41	,	,	PUNCT
emaj-257	45	42	mexico	mexico	PROPN
emaj-257	45	43	,	,	PUNCT
emaj-257	45	44	russia	russia	PROPN
emaj-257	45	45	,	,	PUNCT
emaj-257	45	46	and	and	CCONJ
emaj-257	45	47	turkey	turkey	NOUN
emaj-257	45	48	page	page	NOUN
emaj-257	45	49	|28|	|28|	NOUN
emaj-257	45	50	emerging	emerge	VERB
emaj-257	45	51	markets	market	NOUN
emaj-257	45	52	journal	journal	NOUN
emaj-257	45	53	hypothesis	hypothesis	NOUN
emaj-257	45	54	,	,	PUNCT
emaj-257	45	55	a	a	DET
emaj-257	45	56	positive	positive	ADJ
emaj-257	45	57	or	or	CCONJ
emaj-257	45	58	negative	negative	ADJ
emaj-257	45	59	relationship	relationship	NOUN
emaj-257	45	60	can	can	AUX
emaj-257	45	61	exist	exist	VERB
emaj-257	45	62	between	between	ADP
emaj-257	45	63	oil	oil	NOUN
emaj-257	45	64	prices	price	NOUN
emaj-257	45	65	and	and	CCONJ
emaj-257	45	66	stock	stock	NOUN
emaj-257	45	67	returns	return	NOUN
emaj-257	45	68	,	,	PUNCT
emaj-257	45	69	and	and	CCONJ
emaj-257	45	70	it	it	PRON
emaj-257	45	71	expresses	express	VERB
emaj-257	45	72	a	a	DET
emaj-257	45	73	negative	negative	ADJ
emaj-257	45	74	relationship	relationship	NOUN
emaj-257	45	75	through	through	ADP
emaj-257	45	76	two	two	NUM
emaj-257	45	77	channels	channel	NOUN
emaj-257	45	78	.	.	PUNCT
emaj-257	46	1	since	since	SCONJ
emaj-257	46	2	oil	oil	NOUN
emaj-257	46	3	is	be	AUX
emaj-257	46	4	an	an	DET
emaj-257	46	5	important	important	ADJ
emaj-257	46	6	raw	raw	ADJ
emaj-257	46	7	material	material	NOUN
emaj-257	46	8	for	for	ADP
emaj-257	46	9	most	most	ADJ
emaj-257	46	10	industrial	industrial	ADJ
emaj-257	46	11	firms	firm	NOUN
emaj-257	46	12	,	,	PUNCT
emaj-257	46	13	higher	high	ADJ
emaj-257	46	14	oil	oil	NOUN
emaj-257	46	15	prices	price	NOUN
emaj-257	46	16	increase	increase	VERB
emaj-257	46	17	the	the	DET
emaj-257	46	18	production	production	NOUN
emaj-257	46	19	cost	cost	NOUN
emaj-257	46	20	and	and	CCONJ
emaj-257	46	21	affect	affect	VERB
emaj-257	46	22	future	future	ADJ
emaj-257	46	23	cash	cash	NOUN
emaj-257	46	24	flows	flow	NOUN
emaj-257	46	25	,	,	PUNCT
emaj-257	46	26	profits	profit	NOUN
emaj-257	46	27	,	,	PUNCT
emaj-257	46	28	dividends	dividend	NOUN
emaj-257	46	29	and	and	CCONJ
emaj-257	46	30	ultimately	ultimately	ADV
emaj-257	46	31	stock	stock	NOUN
emaj-257	46	32	returns	return	NOUN
emaj-257	46	33	negatively	negatively	ADV
emaj-257	46	34	.	.	PUNCT
emaj-257	47	1	in	in	ADP
emaj-257	47	2	addition	addition	NOUN
emaj-257	47	3	,	,	PUNCT
emaj-257	47	4	higher	high	ADJ
emaj-257	47	5	oil	oil	NOUN
emaj-257	47	6	prices	price	NOUN
emaj-257	47	7	can	can	AUX
emaj-257	47	8	result	result	VERB
emaj-257	47	9	in	in	ADP
emaj-257	47	10	expectations	expectation	NOUN
emaj-257	47	11	of	of	ADP
emaj-257	47	12	higher	high	ADJ
emaj-257	47	13	inflation	inflation	NOUN
emaj-257	47	14	and	and	CCONJ
emaj-257	47	15	interest	interest	NOUN
emaj-257	47	16	rates	rate	NOUN
emaj-257	47	17	.	.	PUNCT
emaj-257	48	1	this	this	PRON
emaj-257	48	2	puts	put	VERB
emaj-257	48	3	downward	downward	ADJ
emaj-257	48	4	pressure	pressure	NOUN
emaj-257	48	5	on	on	ADP
emaj-257	48	6	expected	expect	VERB
emaj-257	48	7	profits	profit	NOUN
emaj-257	48	8	,	,	PUNCT
emaj-257	48	9	dividends	dividend	NOUN
emaj-257	48	10	and	and	CCONJ
emaj-257	48	11	therefore	therefore	ADV
emaj-257	48	12	stock	stock	NOUN
emaj-257	48	13	returns	return	NOUN
emaj-257	48	14	.	.	PUNCT
emaj-257	49	1	another	another	DET
emaj-257	49	2	proposition	proposition	NOUN
emaj-257	49	3	is	be	AUX
emaj-257	49	4	in	in	ADP
emaj-257	49	5	terms	term	NOUN
emaj-257	49	6	of	of	ADP
emaj-257	49	7	a	a	DET
emaj-257	49	8	positive	positive	ADJ
emaj-257	49	9	or	or	CCONJ
emaj-257	49	10	negative	negative	ADJ
emaj-257	49	11	relationship	relationship	NOUN
emaj-257	49	12	.	.	PUNCT
emaj-257	50	1	sensitivity	sensitivity	NOUN
emaj-257	50	2	to	to	ADP
emaj-257	50	3	oil	oil	NOUN
emaj-257	50	4	prices	price	NOUN
emaj-257	50	5	may	may	AUX
emaj-257	50	6	affect	affect	VERB
emaj-257	50	7	stock	stock	NOUN
emaj-257	50	8	prices	price	NOUN
emaj-257	50	9	up	up	ADV
emaj-257	50	10	or	or	CCONJ
emaj-257	50	11	down	down	ADV
emaj-257	50	12	,	,	PUNCT
emaj-257	50	13	depending	depend	VERB
emaj-257	50	14	on	on	ADP
emaj-257	50	15	the	the	DET
emaj-257	50	16	risk	risk	NOUN
emaj-257	50	17	premium	premium	NOUN
emaj-257	50	18	,	,	PUNCT
emaj-257	50	19	which	which	PRON
emaj-257	50	20	varies	vary	VERB
emaj-257	50	21	greatly	greatly	ADV
emaj-257	50	22	with	with	ADP
emaj-257	50	23	companies	company	NOUN
emaj-257	50	24	and	and	CCONJ
emaj-257	50	25	over	over	ADP
emaj-257	50	26	time	time	NOUN
emaj-257	50	27	(	(	PUNCT
emaj-257	50	28	smyth	smyth	NOUN
emaj-257	50	29	and	and	CCONJ
emaj-257	50	30	narayan	narayan	PROPN
emaj-257	50	31	,	,	PUNCT
emaj-257	50	32	2018	2018	NUM
emaj-257	50	33	)	)	PUNCT
emaj-257	50	34	.	.	PUNCT
emaj-257	51	1	crude	crude	ADJ
emaj-257	51	2	oil	oil	NOUN
emaj-257	51	3	prices	price	NOUN
emaj-257	51	4	can	can	AUX
emaj-257	51	5	affect	affect	VERB
emaj-257	51	6	national	national	ADJ
emaj-257	51	7	economies	economy	NOUN
emaj-257	51	8	in	in	ADP
emaj-257	51	9	three	three	NUM
emaj-257	51	10	ways	way	NOUN
emaj-257	51	11	:	:	PUNCT
emaj-257	51	12	first	first	ADV
emaj-257	51	13	,	,	PUNCT
emaj-257	51	14	the	the	DET
emaj-257	51	15	impact	impact	NOUN
emaj-257	51	16	of	of	ADP
emaj-257	51	17	changes	change	NOUN
emaj-257	51	18	in	in	ADP
emaj-257	51	19	oil	oil	NOUN
emaj-257	51	20	prices	price	NOUN
emaj-257	51	21	on	on	ADP
emaj-257	51	22	inflation	inflation	NOUN
emaj-257	51	23	due	due	ADP
emaj-257	51	24	to	to	ADP
emaj-257	51	25	changes	change	NOUN
emaj-257	51	26	in	in	ADP
emaj-257	51	27	production	production	NOUN
emaj-257	51	28	costs	cost	NOUN
emaj-257	51	29	is	be	AUX
emaj-257	51	30	significant	significant	ADJ
emaj-257	51	31	.	.	PUNCT
emaj-257	52	1	the	the	DET
emaj-257	52	2	second	second	ADJ
emaj-257	52	3	effect	effect	NOUN
emaj-257	52	4	,	,	PUNCT
emaj-257	52	5	especially	especially	ADV
emaj-257	52	6	for	for	ADP
emaj-257	52	7	oil	oil	NOUN
emaj-257	52	8	importing	import	VERB
emaj-257	52	9	countries	country	NOUN
emaj-257	52	10	,	,	PUNCT
emaj-257	52	11	is	be	AUX
emaj-257	52	12	the	the	DET
emaj-257	52	13	serious	serious	ADJ
emaj-257	52	14	effects	effect	NOUN
emaj-257	52	15	of	of	ADP
emaj-257	52	16	changes	change	NOUN
emaj-257	52	17	in	in	ADP
emaj-257	52	18	oil	oil	NOUN
emaj-257	52	19	prices	price	NOUN
emaj-257	52	20	on	on	ADP
emaj-257	52	21	the	the	DET
emaj-257	52	22	balance	balance	NOUN
emaj-257	52	23	of	of	ADP
emaj-257	52	24	payments	payment	NOUN
emaj-257	52	25	and	and	CCONJ
emaj-257	52	26	therefore	therefore	ADV
emaj-257	52	27	on	on	ADP
emaj-257	52	28	exchange	exchange	NOUN
emaj-257	52	29	rates	rate	NOUN
emaj-257	52	30	.	.	PUNCT
emaj-257	53	1	third	third	ADJ
emaj-257	53	2	,	,	PUNCT
emaj-257	53	3	the	the	DET
emaj-257	53	4	effects	effect	NOUN
emaj-257	53	5	of	of	ADP
emaj-257	53	6	price	price	NOUN
emaj-257	53	7	changes	change	NOUN
emaj-257	53	8	on	on	ADP
emaj-257	53	9	the	the	DET
emaj-257	53	10	total	total	ADJ
emaj-257	53	11	consumption	consumption	NOUN
emaj-257	53	12	of	of	ADP
emaj-257	53	13	households	household	NOUN
emaj-257	53	14	,	,	PUNCT
emaj-257	53	15	that	that	ADV
emaj-257	53	16	is	is	ADV
emaj-257	53	17	,	,	PUNCT
emaj-257	53	18	increasing	increase	VERB
emaj-257	53	19	oil	oil	NOUN
emaj-257	53	20	prices	price	NOUN
emaj-257	53	21	cause	cause	VERB
emaj-257	53	22	a	a	DET
emaj-257	53	23	downward	downward	ADJ
emaj-257	53	24	shift	shift	NOUN
emaj-257	53	25	in	in	ADP
emaj-257	53	26	demand	demand	NOUN
emaj-257	53	27	or	or	CCONJ
emaj-257	53	28	vice	vice	NOUN
emaj-257	53	29	versa	versa	ADV
emaj-257	53	30	(	(	PUNCT
emaj-257	53	31	kayalar	kayalar	PROPN
emaj-257	53	32	et	et	PROPN
emaj-257	53	33	al	al	PROPN
emaj-257	53	34	.	.	PROPN
emaj-257	53	35	2017	2017	NUM
emaj-257	53	36	)	)	PUNCT
emaj-257	53	37	.	.	PUNCT
emaj-257	54	1	historically	historically	ADV
emaj-257	54	2	,	,	PUNCT
emaj-257	54	3	gold	gold	NOUN
emaj-257	54	4	has	have	AUX
emaj-257	54	5	always	always	ADV
emaj-257	54	6	been	be	AUX
emaj-257	54	7	seen	see	VERB
emaj-257	54	8	as	as	ADP
emaj-257	54	9	a	a	DET
emaj-257	54	10	unique	unique	ADJ
emaj-257	54	11	raw	raw	ADJ
emaj-257	54	12	material	material	NOUN
emaj-257	54	13	and	and	CCONJ
emaj-257	54	14	investment	investment	NOUN
emaj-257	54	15	tool	tool	NOUN
emaj-257	54	16	,	,	PUNCT
emaj-257	54	17	especially	especially	ADV
emaj-257	54	18	in	in	ADP
emaj-257	54	19	times	time	NOUN
emaj-257	54	20	of	of	ADP
emaj-257	54	21	trouble	trouble	NOUN
emaj-257	54	22	,	,	PUNCT
emaj-257	54	23	thanks	thank	NOUN
emaj-257	54	24	to	to	ADP
emaj-257	54	25	its	its	PRON
emaj-257	54	26	ability	ability	NOUN
emaj-257	54	27	to	to	PART
emaj-257	54	28	store	store	VERB
emaj-257	54	29	value	value	NOUN
emaj-257	54	30	.	.	PUNCT
emaj-257	55	1	gold	gold	NOUN
emaj-257	55	2	prices	price	NOUN
emaj-257	55	3	seem	seem	VERB
emaj-257	55	4	to	to	PART
emaj-257	55	5	have	have	AUX
emaj-257	55	6	reached	reach	VERB
emaj-257	55	7	historic	historic	ADJ
emaj-257	55	8	highs	high	NOUN
emaj-257	55	9	since	since	SCONJ
emaj-257	55	10	the	the	DET
emaj-257	55	11	2008	2008	NUM
emaj-257	55	12	subprime	subprime	ADJ
emaj-257	55	13	crisis	crisis	NOUN
emaj-257	55	14	.	.	PUNCT
emaj-257	56	1	therefore	therefore	ADV
emaj-257	56	2	,	,	PUNCT
emaj-257	56	3	it	it	PRON
emaj-257	56	4	has	have	AUX
emaj-257	56	5	become	become	VERB
emaj-257	56	6	attractive	attractive	ADJ
emaj-257	56	7	to	to	PART
emaj-257	56	8	investigate	investigate	VERB
emaj-257	56	9	the	the	DET
emaj-257	56	10	effect	effect	NOUN
emaj-257	56	11	of	of	ADP
emaj-257	56	12	such	such	ADJ
emaj-257	56	13	events	event	NOUN
emaj-257	56	14	on	on	ADP
emaj-257	56	15	gold	gold	NOUN
emaj-257	56	16	prices	price	NOUN
emaj-257	56	17	.	.	PUNCT
emaj-257	57	1	gold	gold	NOUN
emaj-257	57	2	market	market	NOUN
emaj-257	57	3	traders	trader	NOUN
emaj-257	57	4	consider	consider	VERB
emaj-257	57	5	gold	gold	NOUN
emaj-257	57	6	to	to	PART
emaj-257	57	7	be	be	AUX
emaj-257	57	8	a	a	DET
emaj-257	57	9	safe	safe	ADJ
emaj-257	57	10	investment	investment	NOUN
emaj-257	57	11	and	and	CCONJ
emaj-257	57	12	the	the	DET
emaj-257	57	13	increased	increase	VERB
emaj-257	57	14	demand	demand	NOUN
emaj-257	57	15	for	for	ADP
emaj-257	57	16	gold	gold	NOUN
emaj-257	57	17	is	be	AUX
emaj-257	57	18	a	a	DET
emaj-257	57	19	result	result	NOUN
emaj-257	57	20	of	of	ADP
emaj-257	57	21	the	the	DET
emaj-257	57	22	risk	risk	NOUN
emaj-257	57	23	of	of	ADP
emaj-257	57	24	excessive	excessive	ADJ
emaj-257	57	25	losses	loss	NOUN
emaj-257	57	26	in	in	ADP
emaj-257	57	27	other	other	ADJ
emaj-257	57	28	investment	investment	NOUN
emaj-257	57	29	instruments	instrument	NOUN
emaj-257	57	30	.	.	PUNCT
emaj-257	58	1	the	the	DET
emaj-257	58	2	chicago	chicago	PROPN
emaj-257	58	3	board	board	PROPN
emaj-257	58	4	options	option	NOUN
emaj-257	58	5	exchange	exchange	PROPN
emaj-257	58	6	volatility	volatility	NOUN
emaj-257	58	7	index	index	NOUN
emaj-257	58	8	is	be	AUX
emaj-257	58	9	an	an	DET
emaj-257	58	10	index	index	NOUN
emaj-257	58	11	that	that	PRON
emaj-257	58	12	measures	measure	VERB
emaj-257	58	13	the	the	DET
emaj-257	58	14	degree	degree	NOUN
emaj-257	58	15	of	of	ADP
emaj-257	58	16	fear	fear	NOUN
emaj-257	58	17	in	in	ADP
emaj-257	58	18	the	the	DET
emaj-257	58	19	markets	market	NOUN
emaj-257	58	20	.	.	PUNCT
emaj-257	59	1	using	use	VERB
emaj-257	59	2	s&p	s&p	PROPN
emaj-257	59	3	500	500	NUM
emaj-257	59	4	stock	stock	NOUN
emaj-257	59	5	option	option	NOUN
emaj-257	59	6	prices	price	NOUN
emaj-257	59	7	,	,	PUNCT
emaj-257	59	8	vix	vix	PROPN
emaj-257	59	9	determines	determine	VERB
emaj-257	59	10	the	the	DET
emaj-257	59	11	"	"	PUNCT
emaj-257	59	12	expected	expect	VERB
emaj-257	59	13	volatility	volatility	NOUN
emaj-257	59	14	"	"	PUNCT
emaj-257	59	15	of	of	ADP
emaj-257	59	16	option	option	NOUN
emaj-257	59	17	prices	price	NOUN
emaj-257	59	18	.	.	PUNCT
emaj-257	60	1	it	it	PRON
emaj-257	60	2	expresses	express	VERB
emaj-257	60	3	the	the	DET
emaj-257	60	4	30	30	NUM
emaj-257	60	5	-	-	PUNCT
emaj-257	60	6	day	day	NOUN
emaj-257	60	7	forward	forward	ADJ
emaj-257	60	8	volatility	volatility	NOUN
emaj-257	60	9	projection	projection	NOUN
emaj-257	60	10	.	.	PUNCT
emaj-257	61	1	the	the	DET
emaj-257	61	2	reason	reason	NOUN
emaj-257	61	3	why	why	SCONJ
emaj-257	61	4	it	it	PRON
emaj-257	61	5	is	be	AUX
emaj-257	61	6	called	call	VERB
emaj-257	61	7	the	the	DET
emaj-257	61	8	fear	fear	NOUN
emaj-257	61	9	index	index	NOUN
emaj-257	61	10	is	be	AUX
emaj-257	61	11	due	due	ADJ
emaj-257	61	12	to	to	ADP
emaj-257	61	13	the	the	DET
emaj-257	61	14	fact	fact	NOUN
emaj-257	61	15	that	that	SCONJ
emaj-257	61	16	investors	investor	NOUN
emaj-257	61	17	in	in	ADP
emaj-257	61	18	the	the	DET
emaj-257	61	19	market	market	NOUN
emaj-257	61	20	express	express	VERB
emaj-257	61	21	their	their	PRON
emaj-257	61	22	hesitation	hesitation	NOUN
emaj-257	61	23	from	from	ADP
emaj-257	61	24	investment	investment	NOUN
emaj-257	61	25	because	because	SCONJ
emaj-257	61	26	of	of	ADP
emaj-257	61	27	fear	fear	NOUN
emaj-257	61	28	of	of	ADP
emaj-257	61	29	volatility	volatility	NOUN
emaj-257	61	30	(	(	PUNCT
emaj-257	61	31	https://www.investopedia.com/terms/v/vix.asp	https://www.investopedia.com/terms/v/vix.asp	NOUN
emaj-257	61	32	)	)	PUNCT
emaj-257	61	33	.	.	PUNCT
emaj-257	62	1	values	value	NOUN
emaj-257	62	2	between	between	ADP
emaj-257	62	3	20	20	NUM
emaj-257	62	4	-	-	SYM
emaj-257	62	5	30	30	NUM
emaj-257	62	6	in	in	ADP
emaj-257	62	7	the	the	DET
emaj-257	62	8	fear	fear	NOUN
emaj-257	62	9	index	index	NOUN
emaj-257	62	10	were	be	AUX
emaj-257	62	11	accepted	accept	VERB
emaj-257	62	12	as	as	ADP
emaj-257	62	13	normal	normal	ADJ
emaj-257	62	14	values	value	NOUN
emaj-257	62	15	.	.	PUNCT
emaj-257	63	1	if	if	SCONJ
emaj-257	63	2	the	the	DET
emaj-257	63	3	value	value	NOUN
emaj-257	63	4	is	be	AUX
emaj-257	63	5	above	above	ADP
emaj-257	63	6	60	60	NUM
emaj-257	63	7	%	%	NOUN
emaj-257	63	8	in	in	ADP
emaj-257	63	9	the	the	DET
emaj-257	63	10	vix	vix	PROPN
emaj-257	63	11	index	index	NOUN
emaj-257	63	12	,	,	PUNCT
emaj-257	63	13	it	it	PRON
emaj-257	63	14	causes	cause	VERB
emaj-257	63	15	great	great	ADJ
emaj-257	63	16	turmoil	turmoil	NOUN
emaj-257	63	17	in	in	ADP
emaj-257	63	18	the	the	DET
emaj-257	63	19	market	market	NOUN
emaj-257	63	20	.	.	PUNCT
emaj-257	64	1	the	the	DET
emaj-257	64	2	lowest	low	ADJ
emaj-257	64	3	value	value	NOUN
emaj-257	64	4	of	of	ADP
emaj-257	64	5	the	the	DET
emaj-257	64	6	index	index	NOUN
emaj-257	64	7	was	be	AUX
emaj-257	64	8	9.31	9.31	NUM
emaj-257	64	9	in	in	ADP
emaj-257	64	10	december	december	PROPN
emaj-257	64	11	1993	1993	NUM
emaj-257	64	12	and	and	CCONJ
emaj-257	64	13	the	the	DET
emaj-257	64	14	highest	high	ADJ
emaj-257	64	15	value	value	NOUN
emaj-257	64	16	was	be	AUX
emaj-257	64	17	80.86	80.86	NUM
emaj-257	64	18	in	in	ADP
emaj-257	64	19	november	november	PROPN
emaj-257	64	20	2008	2008	NUM
emaj-257	64	21	.	.	PUNCT
emaj-257	65	1	ishares	ishares	PROPN
emaj-257	65	2	msci	msci	PROPN
emaj-257	65	3	emerging	emerge	VERB
emaj-257	65	4	markets	market	NOUN
emaj-257	65	5	etf	etf	NOUN
emaj-257	65	6	is	be	AUX
emaj-257	65	7	a	a	DET
emaj-257	65	8	fund	fund	NOUN
emaj-257	65	9	that	that	PRON
emaj-257	65	10	aims	aim	VERB
emaj-257	65	11	to	to	PART
emaj-257	65	12	track	track	VERB
emaj-257	65	13	the	the	DET
emaj-257	65	14	investment	investment	NOUN
emaj-257	65	15	results	result	NOUN
emaj-257	65	16	of	of	ADP
emaj-257	65	17	an	an	DET
emaj-257	65	18	index	index	NOUN
emaj-257	65	19	composed	compose	VERB
emaj-257	65	20	of	of	ADP
emaj-257	65	21	large	large	ADJ
emaj-257	65	22	and	and	CCONJ
emaj-257	65	23	mid	mid	ADJ
emaj-257	65	24	-	-	ADJ
emaj-257	65	25	sized	sized	ADJ
emaj-257	65	26	companies	company	NOUN
emaj-257	65	27	in	in	ADP
emaj-257	65	28	emerging	emerge	VERB
emaj-257	65	29	markets	market	NOUN
emaj-257	65	30	.	.	PUNCT
emaj-257	66	1	the	the	DET
emaj-257	66	2	fund	fund	NOUN
emaj-257	66	3	was	be	AUX
emaj-257	66	4	launched	launch	VERB
emaj-257	66	5	on	on	ADP
emaj-257	66	6	07/2003	07/2003	PROPN
emaj-257	66	7	.	.	PUNCT
emaj-257	67	1	the	the	DET
emaj-257	67	2	benchmark	benchmark	NOUN
emaj-257	67	3	of	of	ADP
emaj-257	67	4	the	the	DET
emaj-257	67	5	fund	fund	NOUN
emaj-257	67	6	is	be	AUX
emaj-257	67	7	msci	msci	NOUN
emaj-257	67	8	emerging	emerge	VERB
emaj-257	67	9	markets	market	NOUN
emaj-257	67	10	and	and	CCONJ
emaj-257	67	11	diversifies	diversify	VERB
emaj-257	67	12	its	its	PRON
emaj-257	67	13	portfolio	portfolio	NOUN
emaj-257	67	14	internationally	internationally	ADV
emaj-257	67	15	and	and	CCONJ
emaj-257	67	16	aims	aim	VERB
emaj-257	67	17	for	for	ADP
emaj-257	67	18	longterm	longterm	ADJ
emaj-257	67	19	growth	growth	NOUN
emaj-257	67	20	(	(	PUNCT
emaj-257	67	21	https://www.ishares.com/us/	https://www.ishares.com/us/	PROPN
emaj-257	67	22	)	)	PUNCT
emaj-257	67	23	.	.	PUNCT
emaj-257	68	1	ii	ii	PROPN
emaj-257	68	2	.	.	PUNCT
emaj-257	69	1	literature	literature	PROPN
emaj-257	69	2	review	review	PROPN
emaj-257	69	3	studies	study	NOUN
emaj-257	69	4	in	in	ADP
emaj-257	69	5	the	the	DET
emaj-257	69	6	literature	literature	NOUN
emaj-257	69	7	generally	generally	ADV
emaj-257	69	8	focus	focus	VERB
emaj-257	69	9	on	on	ADP
emaj-257	69	10	different	different	ADJ
emaj-257	69	11	variables	variable	NOUN
emaj-257	69	12	.	.	PUNCT
emaj-257	70	1	it	it	PRON
emaj-257	70	2	is	be	AUX
emaj-257	70	3	seen	see	VERB
emaj-257	70	4	that	that	SCONJ
emaj-257	70	5	past	past	ADJ
emaj-257	70	6	research	research	NOUN
emaj-257	70	7	analyze	analyze	VERB
emaj-257	70	8	the	the	DET
emaj-257	70	9	relationship	relationship	NOUN
emaj-257	70	10	among	among	ADP
emaj-257	70	11	stock	stock	NOUN
emaj-257	70	12	returns	return	NOUN
emaj-257	70	13	and	and	CCONJ
emaj-257	70	14	cds	cd	NOUN
emaj-257	70	15	premium	premium	NOUN
emaj-257	70	16	,	,	PUNCT
emaj-257	70	17	bond	bond	NOUN
emaj-257	70	18	yield	yield	NOUN
emaj-257	70	19	,	,	PUNCT
emaj-257	70	20	gold	gold	NOUN
emaj-257	70	21	,	,	PUNCT
emaj-257	70	22	and	and	CCONJ
emaj-257	70	23	oil	oil	NOUN
emaj-257	70	24	prices	price	NOUN
emaj-257	70	25	,	,	PUNCT
emaj-257	70	26	exchange	exchange	NOUN
emaj-257	70	27	rates	rate	NOUN
emaj-257	70	28	and	and	CCONJ
emaj-257	70	29	some	some	DET
emaj-257	70	30	other	other	ADJ
emaj-257	70	31	variables	variable	NOUN
emaj-257	70	32	,	,	PUNCT
emaj-257	70	33	usually	usually	ADV
emaj-257	70	34	two	two	NUM
emaj-257	70	35	or	or	CCONJ
emaj-257	70	36	three	three	NUM
emaj-257	70	37	of	of	ADP
emaj-257	70	38	these	these	DET
emaj-257	70	39	variables	variable	NOUN
emaj-257	70	40	.	.	PUNCT
emaj-257	71	1	the	the	DET
emaj-257	71	2	related	related	ADJ
emaj-257	71	3	literature	literature	NOUN
emaj-257	71	4	concerned	concern	VERB
emaj-257	71	5	with	with	ADP
emaj-257	71	6	this	this	DET
emaj-257	71	7	research	research	NOUN
emaj-257	71	8	is	be	AUX
emaj-257	71	9	discussed	discuss	VERB
emaj-257	71	10	below	below	ADV
emaj-257	71	11	.	.	PUNCT
emaj-257	72	1	acharya	acharya	PROPN
emaj-257	72	2	and	and	CCONJ
emaj-257	72	3	johnson	johnson	PROPN
emaj-257	72	4	’s	’s	PART
emaj-257	72	5	(	(	PUNCT
emaj-257	72	6	2007	2007	NUM
emaj-257	72	7	)	)	PUNCT
emaj-257	72	8	study	study	NOUN
emaj-257	72	9	was	be	AUX
emaj-257	72	10	run	run	VERB
emaj-257	72	11	on	on	ADP
emaj-257	72	12	79	79	NUM
emaj-257	72	13	corporate	corporate	ADJ
emaj-257	72	14	assets	asset	NOUN
emaj-257	72	15	by	by	ADP
emaj-257	72	16	analyzing	analyze	VERB
emaj-257	72	17	cds	cd	NOUN
emaj-257	72	18	premium	premium	NOUN
emaj-257	72	19	and	and	CCONJ
emaj-257	72	20	stock	stock	NOUN
emaj-257	72	21	market	market	NOUN
emaj-257	72	22	daily	daily	ADJ
emaj-257	72	23	data	datum	NOUN
emaj-257	72	24	in	in	ADP
emaj-257	72	25	their	their	PRON
emaj-257	72	26	sample	sample	NOUN
emaj-257	72	27	for	for	ADP
emaj-257	72	28	the	the	DET
emaj-257	72	29	period	period	NOUN
emaj-257	72	30	of	of	ADP
emaj-257	72	31	2001	2001	NUM
emaj-257	72	32	-	-	SYM
emaj-257	72	33	2004	2004	NUM
emaj-257	72	34	.	.	PUNCT
emaj-257	73	1	they	they	PRON
emaj-257	73	2	provided	provide	VERB
emaj-257	73	3	empirically	empirically	ADV
emaj-257	73	4	an	an	DET
emaj-257	73	5	information	information	NOUN
emaj-257	73	6	flow	flow	NOUN
emaj-257	73	7	relationship	relationship	NOUN
emaj-257	73	8	from	from	ADP
emaj-257	73	9	cds	cd	NOUN
emaj-257	73	10	to	to	ADP
emaj-257	73	11	equity	equity	NOUN
emaj-257	73	12	markets	market	NOUN
emaj-257	73	13	.	.	PUNCT
emaj-257	74	1	norden	norden	PROPN
emaj-257	74	2	and	and	CCONJ
emaj-257	74	3	weber	weber	PROPN
emaj-257	74	4	(	(	PUNCT
emaj-257	74	5	2004	2004	NUM
emaj-257	74	6	)	)	PUNCT
emaj-257	74	7	analyzed	analyze	VERB
emaj-257	74	8	the	the	DET
emaj-257	74	9	relationship	relationship	NOUN
emaj-257	74	10	among	among	ADP
emaj-257	74	11	cds	cd	NOUN
emaj-257	74	12	premium	premium	NOUN
emaj-257	74	13	,	,	PUNCT
emaj-257	74	14	bond	bond	NOUN
emaj-257	74	15	,	,	PUNCT
emaj-257	74	16	and	and	CCONJ
emaj-257	74	17	stock	stock	NOUN
emaj-257	74	18	markets	market	NOUN
emaj-257	74	19	empirically	empirically	ADV
emaj-257	74	20	from	from	ADP
emaj-257	74	21	2000	2000	NUM
emaj-257	74	22	to	to	ADP
emaj-257	74	23	2002	2002	NUM
emaj-257	74	24	.	.	PUNCT
emaj-257	75	1	their	their	PRON
emaj-257	75	2	observations	observation	NOUN
emaj-257	75	3	indicated	indicate	VERB
emaj-257	75	4	that	that	SCONJ
emaj-257	75	5	changes	change	NOUN
emaj-257	75	6	in	in	ADP
emaj-257	75	7	cds	cds	NOUN
emaj-257	75	8	premiums	premium	NOUN
emaj-257	75	9	and	and	CCONJ
emaj-257	75	10	bond	bond	NOUN
emaj-257	75	11	spreads	spread	NOUN
emaj-257	75	12	are	be	AUX
emaj-257	75	13	led	lead	VERB
emaj-257	75	14	by	by	ADP
emaj-257	75	15	stock	stock	NOUN
emaj-257	75	16	returns	return	NOUN
emaj-257	75	17	and	and	CCONJ
emaj-257	75	18	the	the	DET
emaj-257	75	19	cds	cd	NOUN
emaj-257	75	20	market	market	NOUN
emaj-257	75	21	’s	’s	PART
emaj-257	75	22	role	role	NOUN
emaj-257	75	23	is	be	AUX
emaj-257	75	24	more	more	ADV
emaj-257	75	25	significant	significant	ADJ
emaj-257	75	26	for	for	ADP
emaj-257	75	27	pricedetermining	pricedetermining	NOUN
emaj-257	75	28	than	than	ADP
emaj-257	75	29	the	the	DET
emaj-257	75	30	bond	bond	NOUN
emaj-257	75	31	market	market	NOUN
emaj-257	75	32	.	.	PUNCT
emaj-257	76	1	similarly	similarly	ADV
emaj-257	76	2	,	,	PUNCT
emaj-257	76	3	analyzing	analyze	VERB
emaj-257	76	4	the	the	DET
emaj-257	76	5	relationship	relationship	NOUN
emaj-257	76	6	between	between	ADP
emaj-257	76	7	cds	cd	NOUN
emaj-257	76	8	spreads	spread	NOUN
emaj-257	76	9	and	and	CCONJ
emaj-257	76	10	stock	stock	NOUN
emaj-257	76	11	markets	market	NOUN
emaj-257	76	12	,	,	PUNCT
emaj-257	76	13	forte	forte	NOUN
emaj-257	76	14	and	and	CCONJ
emaj-257	76	15	pena	pena	PROPN
emaj-257	76	16	(	(	PUNCT
emaj-257	76	17	2009	2009	NUM
emaj-257	76	18	)	)	PUNCT
emaj-257	76	19	also	also	ADV
emaj-257	76	20	observed	observe	VERB
emaj-257	76	21	that	that	SCONJ
emaj-257	76	22	stock	stock	NOUN
emaj-257	76	23	markets	market	NOUN
emaj-257	76	24	lead	lead	VERB
emaj-257	76	25	in	in	ADP
emaj-257	76	26	explaining	explain	VERB
emaj-257	76	27	cds	cd	NOUN
emaj-257	76	28	spreads	spread	NOUN
emaj-257	76	29	.	.	PUNCT
emaj-257	77	1	benkert	benkert	PROPN
emaj-257	77	2	’s	’s	PART
emaj-257	77	3	(	(	PUNCT
emaj-257	77	4	2004	2004	NUM
emaj-257	77	5	)	)	PUNCT
emaj-257	77	6	study	study	NOUN
emaj-257	77	7	on	on	ADP
emaj-257	77	8	120	120	NUM
emaj-257	77	9	firms	firm	NOUN
emaj-257	77	10	for	for	ADP
emaj-257	77	11	the	the	DET
emaj-257	77	12	period	period	NOUN
emaj-257	77	13	of	of	ADP
emaj-257	77	14	1999	1999	NUM
emaj-257	77	15	-	-	SYM
emaj-257	77	16	2002	2002	NUM
emaj-257	77	17	determined	determine	VERB
emaj-257	77	18	that	that	SCONJ
emaj-257	77	19	volatility	volatility	NOUN
emaj-257	77	20	is	be	AUX
emaj-257	77	21	more	more	ADV
emaj-257	77	22	significant	significant	ADJ
emaj-257	77	23	as	as	ADP
emaj-257	77	24	an	an	DET
emaj-257	77	25	explanatory	explanatory	ADJ
emaj-257	77	26	factor	factor	NOUN
emaj-257	77	27	in	in	ADP
emaj-257	77	28	cds	cds	PROPN
emaj-257	77	29	premia	premia	PROPN
emaj-257	77	30	variation	variation	NOUN
emaj-257	77	31	than	than	ADP
emaj-257	77	32	historical	historical	ADJ
emaj-257	77	33	volatility	volatility	NOUN
emaj-257	77	34	.	.	PUNCT
emaj-257	78	1	dupuis	dupuis	PROPN
emaj-257	78	2	et	et	PROPN
emaj-257	78	3	al	al	PROPN
emaj-257	78	4	.	.	PROPN
emaj-257	79	1	(	(	PUNCT
emaj-257	79	2	2009	2009	NUM
emaj-257	79	3	)	)	PUNCT
emaj-257	79	4	empirically	empirically	ADV
emaj-257	79	5	found	find	VERB
emaj-257	79	6	that	that	SCONJ
emaj-257	79	7	the	the	DET
emaj-257	79	8	relationship	relationship	NOUN
emaj-257	79	9	between	between	ADP
emaj-257	79	10	stock	stock	NOUN
emaj-257	79	11	returns	return	NOUN
emaj-257	79	12	and	and	CCONJ
emaj-257	79	13	cds	cd	NOUN
emaj-257	79	14	can	can	AUX
emaj-257	79	15	be	be	AUX
emaj-257	79	16	quite	quite	ADV
emaj-257	79	17	variant	variant	ADJ
emaj-257	79	18	and	and	CCONJ
emaj-257	79	19	responsive	responsive	ADJ
emaj-257	79	20	to	to	ADP
emaj-257	79	21	the	the	DET
emaj-257	79	22	content	content	NOUN
emaj-257	79	23	of	of	ADP
emaj-257	79	24	portfolios	portfolio	NOUN
emaj-257	79	25	.	.	PUNCT
emaj-257	80	1	fung	fung	PROPN
emaj-257	80	2	et	et	PROPN
emaj-257	80	3	al	al	PROPN
emaj-257	80	4	.	.	PROPN
emaj-257	80	5	(	(	PUNCT
emaj-257	80	6	2009	2009	NUM
emaj-257	80	7	)	)	PUNCT
emaj-257	80	8	investigated	investigate	VERB
emaj-257	80	9	the	the	DET
emaj-257	80	10	relationship	relationship	NOUN
emaj-257	80	11	between	between	ADP
emaj-257	80	12	credit	credit	NOUN
emaj-257	80	13	default	default	NOUN
emaj-257	80	14	swap	swap	NOUN
emaj-257	80	15	and	and	CCONJ
emaj-257	80	16	stock	stock	NOUN
emaj-257	80	17	markets	market	NOUN
emaj-257	80	18	.	.	PUNCT
emaj-257	81	1	their	their	PRON
emaj-257	81	2	observation	observation	NOUN
emaj-257	81	3	is	be	AUX
emaj-257	81	4	that	that	SCONJ
emaj-257	81	5	,	,	PUNCT
emaj-257	81	6	the	the	DET
emaj-257	81	7	cds	cds	NOUN
emaj-257	81	8	markets	market	NOUN
emaj-257	81	9	are	be	AUX
emaj-257	81	10	led	lead	VERB
emaj-257	81	11	by	by	ADP
emaj-257	81	12	stock	stock	NOUN
emaj-257	81	13	markets	market	NOUN
emaj-257	81	14	only	only	ADV
emaj-257	81	15	for	for	ADP
emaj-257	81	16	the	the	DET
emaj-257	81	17	high	high	ADJ
emaj-257	81	18	-	-	PUNCT
emaj-257	81	19	yield	yield	NOUN
emaj-257	81	20	and	and	CCONJ
emaj-257	81	21	investment	investment	NOUN
emaj-257	81	22	-	-	PUNCT
emaj-257	81	23	grade	grade	NOUN
emaj-257	81	24	firms	firm	NOUN
emaj-257	81	25	.	.	PUNCT
emaj-257	82	1	naifar	naifar	ADV
emaj-257	82	2	(	(	PUNCT
emaj-257	82	3	2012	2012	NUM
emaj-257	82	4	)	)	PUNCT
emaj-257	82	5	studied	study	VERB
emaj-257	82	6	the	the	DET
emaj-257	82	7	dependency	dependency	NOUN
emaj-257	82	8	relationship	relationship	NOUN
emaj-257	82	9	among	among	ADP
emaj-257	82	10	equity	equity	NOUN
emaj-257	82	11	volatility	volatility	NOUN
emaj-257	82	12	,	,	PUNCT
emaj-257	82	13	cds	cd	NOUN
emaj-257	82	14	premium	premium	NOUN
emaj-257	82	15	,	,	PUNCT
emaj-257	82	16	and	and	CCONJ
emaj-257	82	17	jump	jump	VERB
emaj-257	82	18	risk	risk	NOUN
emaj-257	82	19	before	before	ADV
emaj-257	82	20	and	and	CCONJ
emaj-257	82	21	during	during	ADP
emaj-257	82	22	the	the	DET
emaj-257	82	23	2008	2008	NUM
emaj-257	82	24	global	global	ADJ
emaj-257	82	25	financial	financial	ADJ
emaj-257	82	26	crisis	crisis	NOUN
emaj-257	82	27	.	.	PUNCT
emaj-257	83	1	it	it	PRON
emaj-257	83	2	was	be	AUX
emaj-257	83	3	detected	detect	VERB
emaj-257	83	4	that	that	SCONJ
emaj-257	83	5	,	,	PUNCT
emaj-257	83	6	the	the	DET
emaj-257	83	7	dependency	dependency	NOUN
emaj-257	83	8	between	between	ADP
emaj-257	83	9	the	the	DET
emaj-257	83	10	stock	stock	NOUN
emaj-257	83	11	market	market	NOUN
emaj-257	83	12	and	and	CCONJ
emaj-257	83	13	cds	cd	NOUN
emaj-257	83	14	is	be	AUX
emaj-257	83	15	asymmetrical	asymmetrical	ADJ
emaj-257	83	16	and	and	CCONJ
emaj-257	83	17	directs	direct	VERB
emaj-257	83	18	towards	towards	ADP
emaj-257	83	19	the	the	DET
emaj-257	83	20	upside	upside	NOUN
emaj-257	83	21	.	.	PUNCT
emaj-257	84	1	longstaff	longstaff	PROPN
emaj-257	84	2	et	et	PROPN
emaj-257	84	3	al.(2003	al.(2003	PROPN
emaj-257	84	4	)	)	PUNCT
emaj-257	84	5	presented	present	VERB
emaj-257	84	6	a	a	DET
emaj-257	84	7	different	different	ADJ
emaj-257	84	8	finding	finding	NOUN
emaj-257	84	9	.	.	PUNCT
emaj-257	85	1	they	they	PRON
emaj-257	85	2	argued	argue	VERB
emaj-257	85	3	that	that	SCONJ
emaj-257	85	4	,	,	PUNCT
emaj-257	85	5	there	there	PRON
emaj-257	85	6	is	be	VERB
emaj-257	85	7	not	not	PART
emaj-257	85	8	any	any	DET
emaj-257	85	9	clear	clear	ADJ
emaj-257	85	10	result	result	NOUN
emaj-257	85	11	that	that	SCONJ
emaj-257	85	12	either	either	PRON
emaj-257	85	13	of	of	ADP
emaj-257	85	14	the	the	DET
emaj-257	85	15	two	two	NUM
emaj-257	85	16	markets	market	NOUN
emaj-257	85	17	is	be	AUX
emaj-257	85	18	the	the	DET
emaj-257	85	19	leader	leader	NOUN
emaj-257	85	20	.	.	PUNCT
emaj-257	86	1	narayan	narayan	PROPN
emaj-257	86	2	et	et	PROPN
emaj-257	86	3	al	al	PROPN
emaj-257	86	4	.	.	PROPN
emaj-257	87	1	(	(	PUNCT
emaj-257	87	2	2014	2014	NUM
emaj-257	87	3	)	)	PUNCT
emaj-257	87	4	discovered	discover	VERB
emaj-257	87	5	that	that	SCONJ
emaj-257	87	6	,	,	PUNCT
emaj-257	87	7	the	the	DET
emaj-257	87	8	stock	stock	NOUN
emaj-257	87	9	market	market	NOUN
emaj-257	87	10	dominates	dominate	VERB
emaj-257	87	11	in	in	ADP
emaj-257	87	12	the	the	DET
emaj-257	87	13	price	price	NOUN
emaj-257	87	14	determination	determination	NOUN
emaj-257	87	15	process	process	NOUN
emaj-257	87	16	where	where	SCONJ
emaj-257	87	17	both	both	CCONJ
emaj-257	87	18	the	the	DET
emaj-257	87	19	stock	stock	NOUN
emaj-257	87	20	market	market	NOUN
emaj-257	87	21	and	and	CCONJ
emaj-257	87	22	the	the	DET
emaj-257	87	23	cds	cds	PROPN
emaj-257	87	24	market	market	NOUN
emaj-257	87	25	contribute	contribute	VERB
emaj-257	87	26	.	.	PUNCT
emaj-257	88	1	park	park	NOUN
emaj-257	88	2	et	et	PROPN
emaj-257	88	3	al	al	PROPN
emaj-257	88	4	.	.	PROPN
emaj-257	89	1	(	(	PUNCT
emaj-257	89	2	2019	2019	NUM
emaj-257	89	3	)	)	PUNCT
emaj-257	89	4	studied	study	VERB
emaj-257	89	5	the	the	DET
emaj-257	89	6	domestic	domestic	ADJ
emaj-257	89	7	and	and	CCONJ
emaj-257	89	8	foreign	foreign	ADJ
emaj-257	89	9	components	component	NOUN
emaj-257	89	10	affecting	affect	VERB
emaj-257	89	11	the	the	DET
emaj-257	89	12	basis	basis	NOUN
emaj-257	89	13	between	between	ADP
emaj-257	89	14	sovereign	sovereign	ADJ
emaj-257	89	15	cdss	cdss	NOUN
emaj-257	89	16	and	and	CCONJ
emaj-257	89	17	equities	equity	NOUN
emaj-257	89	18	index	index	NOUN
emaj-257	89	19	options	option	NOUN
emaj-257	89	20	in	in	ADP
emaj-257	89	21	korea	korea	PROPN
emaj-257	89	22	.	.	PUNCT
emaj-257	90	1	they	they	PRON
emaj-257	90	2	observed	observe	VERB
emaj-257	90	3	that	that	SCONJ
emaj-257	90	4	,	,	PUNCT
emaj-257	90	5	shocks	shock	NOUN
emaj-257	90	6	have	have	VERB
emaj-257	90	7	an	an	DET
emaj-257	90	8	important	important	ADJ
emaj-257	90	9	role	role	NOUN
emaj-257	90	10	in	in	ADP
emaj-257	90	11	determining	determine	VERB
emaj-257	90	12	cds	cd	NOUN
emaj-257	90	13	-	-	PUNCT
emaj-257	90	14	options	option	NOUN
emaj-257	90	15	during	during	ADP
emaj-257	90	16	the	the	DET
emaj-257	90	17	crisis	crisis	NOUN
emaj-257	90	18	,	,	PUNCT
emaj-257	90	19	but	but	CCONJ
emaj-257	90	20	the	the	DET
emaj-257	90	21	exchange	exchange	NOUN
emaj-257	90	22	rate	rate	NOUN
emaj-257	90	23	’s	’s	PART
emaj-257	90	24	role	role	NOUN
emaj-257	90	25	is	be	AUX
emaj-257	90	26	greater	great	ADJ
emaj-257	90	27	in	in	ADP
emaj-257	90	28	normal	normal	ADJ
emaj-257	90	29	terms	term	NOUN
emaj-257	90	30	.	.	PUNCT
emaj-257	91	1	chan	chan	PROPN
emaj-257	91	2	-	-	PUNCT
emaj-257	91	3	lau	lau	PROPN
emaj-257	91	4	and	and	CCONJ
emaj-257	91	5	kim	kim	PROPN
emaj-257	91	6	(	(	PUNCT
emaj-257	91	7	2004	2004	NUM
emaj-257	91	8	)	)	PUNCT
emaj-257	91	9	analyzed	analyze	VERB
emaj-257	91	10	the	the	DET
emaj-257	91	11	relationship	relationship	NOUN
emaj-257	91	12	and	and	CCONJ
emaj-257	91	13	price	price	NOUN
emaj-257	91	14	exploration	exploration	NOUN
emaj-257	91	15	process	process	NOUN
emaj-257	91	16	in	in	ADP
emaj-257	91	17	the	the	DET
emaj-257	91	18	bond	bond	NOUN
emaj-257	91	19	,	,	PUNCT
emaj-257	91	20	cds	cd	NOUN
emaj-257	91	21	,	,	PUNCT
emaj-257	91	22	and	and	CCONJ
emaj-257	91	23	equity	equity	NOUN
emaj-257	91	24	markets	market	NOUN
emaj-257	91	25	for	for	ADP
emaj-257	91	26	8	8	NUM
emaj-257	91	27	emerging	emerge	VERB
emaj-257	91	28	countries	country	NOUN
emaj-257	91	29	;	;	PUNCT
emaj-257	91	30	bulgaria	bulgaria	PROPN
emaj-257	91	31	,	,	PUNCT
emaj-257	91	32	brazil	brazil	PROPN
emaj-257	91	33	,	,	PUNCT
emaj-257	91	34	colombia	colombia	PROPN
emaj-257	91	35	,	,	PUNCT
emaj-257	91	36	mexico	mexico	PROPN
emaj-257	91	37	,	,	PUNCT
emaj-257	91	38	russia	russia	PROPN
emaj-257	91	39	,	,	PUNCT
emaj-257	91	40	the	the	DET
emaj-257	91	41	philippines	philippine	NOUN
emaj-257	91	42	,	,	PUNCT
emaj-257	91	43	turkey	turkey	PROPN
emaj-257	91	44	and	and	CCONJ
emaj-257	91	45	venezuela	venezuela	PROPN
emaj-257	91	46	.	.	PUNCT
emaj-257	92	1	in	in	ADP
emaj-257	92	2	most	most	ADJ
emaj-257	92	3	of	of	ADP
emaj-257	92	4	these	these	DET
emaj-257	92	5	countries	country	NOUN
emaj-257	92	6	,	,	PUNCT
emaj-257	92	7	they	they	PRON
emaj-257	92	8	did	do	AUX
emaj-257	92	9	not	not	PART
emaj-257	92	10	observe	observe	VERB
emaj-257	92	11	any	any	DET
emaj-257	92	12	relationship	relationship	NOUN
emaj-257	92	13	among	among	ADP
emaj-257	92	14	cds	cd	NOUN
emaj-257	92	15	markets	market	NOUN
emaj-257	92	16	,	,	PUNCT
emaj-257	92	17	bond	bond	NOUN
emaj-257	92	18	,	,	PUNCT
emaj-257	92	19	and	and	CCONJ
emaj-257	92	20	the	the	DET
emaj-257	92	21	equity	equity	NOUN
emaj-257	92	22	markets	market	NOUN
emaj-257	92	23	.	.	PUNCT
emaj-257	93	1	they	they	PRON
emaj-257	93	2	obtained	obtain	VERB
emaj-257	93	3	mixed	mixed	ADJ
emaj-257	93	4	results	result	NOUN
emaj-257	93	5	in	in	ADP
emaj-257	93	6	terms	term	NOUN
emaj-257	93	7	of	of	ADP
emaj-257	93	8	price	price	NOUN
emaj-257	93	9	discovery	discovery	NOUN
emaj-257	93	10	.	.	PUNCT
emaj-257	94	1	the	the	DET
emaj-257	94	2	results	result	NOUN
emaj-257	94	3	indicated	indicate	VERB
emaj-257	94	4	a	a	DET
emaj-257	94	5	significant	significant	ADJ
emaj-257	94	6	correlation	correlation	NOUN
emaj-257	94	7	between	between	ADP
emaj-257	94	8	bond	bond	NOUN
emaj-257	94	9	spreads	spread	NOUN
emaj-257	94	10	and	and	CCONJ
emaj-257	94	11	cds	cd	NOUN
emaj-257	94	12	in	in	ADP
emaj-257	94	13	most	most	ADJ
emaj-257	94	14	of	of	ADP
emaj-257	94	15	them	they	PRON
emaj-257	94	16	except	except	SCONJ
emaj-257	94	17	mexico	mexico	PROPN
emaj-257	94	18	,	,	PUNCT
emaj-257	94	19	the	the	DET
emaj-257	94	20	philippines	philippine	NOUN
emaj-257	94	21	and	and	CCONJ
emaj-257	94	22	turkey	turkey	NOUN
emaj-257	94	23	.	.	PUNCT
emaj-257	95	1	adler	adler	PROPN
emaj-257	95	2	and	and	CCONJ
emaj-257	95	3	song	song	NOUN
emaj-257	95	4	(	(	PUNCT
emaj-257	95	5	2010	2010	NUM
emaj-257	95	6	)	)	PUNCT
emaj-257	95	7	tested	test	VERB
emaj-257	95	8	whether	whether	SCONJ
emaj-257	95	9	credit	credit	NOUN
emaj-257	95	10	risk	risk	NOUN
emaj-257	95	11	is	be	AUX
emaj-257	95	12	priced	price	VERB
emaj-257	95	13	equally	equally	ADV
emaj-257	95	14	in	in	ADP
emaj-257	95	15	cds	cd	NOUN
emaj-257	95	16	and	and	CCONJ
emaj-257	95	17	bond	bond	NOUN
emaj-257	95	18	markets	market	NOUN
emaj-257	95	19	for	for	ADP
emaj-257	95	20	emerging	emerge	VERB
emaj-257	95	21	countries	country	NOUN
emaj-257	95	22	.	.	PUNCT
emaj-257	96	1	findings	finding	NOUN
emaj-257	96	2	did	do	AUX
emaj-257	96	3	not	not	PART
emaj-257	96	4	point	point	VERB
emaj-257	96	5	out	out	ADP
emaj-257	96	6	a	a	DET
emaj-257	96	7	parity	parity	NOUN
emaj-257	96	8	in	in	ADP
emaj-257	96	9	latin	latin	ADJ
emaj-257	96	10	american	american	ADJ
emaj-257	96	11	countries	country	NOUN
emaj-257	96	12	.	.	PUNCT
emaj-257	97	1	öcal	öcal	ADJ
emaj-257	97	2	and	and	CCONJ
emaj-257	97	3	kamil	kamil	PROPN
emaj-257	97	4	(	(	PUNCT
emaj-257	97	5	2021	2021	NUM
emaj-257	97	6	)	)	PUNCT
emaj-257	97	7	analyzed	analyze	VERB
emaj-257	97	8	the	the	DET
emaj-257	97	9	effects	effect	NOUN
emaj-257	97	10	of	of	ADP
emaj-257	97	11	cds	cd	NOUN
emaj-257	97	12	and	and	CCONJ
emaj-257	97	13	s&p	s&p	PROPN
emaj-257	97	14	vix	vix	PROPN
emaj-257	97	15	and	and	CCONJ
emaj-257	97	16	exchange	exchange	NOUN
emaj-257	97	17	rate	rate	NOUN
emaj-257	97	18	volatility	volatility	NOUN
emaj-257	97	19	on	on	ADP
emaj-257	97	20	stock	stock	NOUN
emaj-257	97	21	market	market	NOUN
emaj-257	97	22	indices	index	NOUN
emaj-257	97	23	as	as	ADV
emaj-257	97	24	well	well	ADV
emaj-257	97	25	as	as	ADP
emaj-257	97	26	sustainability	sustainability	NOUN
emaj-257	97	27	indices	index	NOUN
emaj-257	97	28	of	of	ADP
emaj-257	97	29	germany	germany	PROPN
emaj-257	97	30	,	,	PUNCT
emaj-257	97	31	france	france	PROPN
emaj-257	97	32	,	,	PUNCT
emaj-257	97	33	indonesia	indonesia	PROPN
emaj-257	97	34	,	,	PUNCT
emaj-257	97	35	and	and	CCONJ
emaj-257	97	36	turkey	turkey	NOUN
emaj-257	97	37	.	.	PUNCT
emaj-257	98	1	the	the	DET
emaj-257	98	2	findings	finding	NOUN
emaj-257	98	3	are	be	AUX
emaj-257	98	4	:	:	PUNCT
emaj-257	98	5	i	i	X
emaj-257	98	6	)	)	PUNCT
emaj-257	98	7	unlike	unlike	ADP
emaj-257	98	8	other	other	ADJ
emaj-257	98	9	countries	country	NOUN
emaj-257	98	10	,	,	PUNCT
emaj-257	98	11	companies	company	NOUN
emaj-257	98	12	in	in	ADP
emaj-257	98	13	the	the	DET
emaj-257	98	14	bist	bist	ADJ
emaj-257	98	15	sustainability	sustainability	NOUN
emaj-257	98	16	index	index	NOUN
emaj-257	98	17	are	be	AUX
emaj-257	98	18	more	more	ADV
emaj-257	98	19	affected	affect	VERB
emaj-257	98	20	by	by	ADP
emaj-257	98	21	shocks	shock	NOUN
emaj-257	98	22	than	than	ADP
emaj-257	98	23	companies	company	NOUN
emaj-257	98	24	in	in	ADP
emaj-257	98	25	the	the	DET
emaj-257	98	26	bist	bist	NOUN
emaj-257	98	27	all	all	DET
emaj-257	98	28	index	index	NOUN
emaj-257	98	29	.	.	PUNCT
emaj-257	98	30	ii	ii	PROPN
emaj-257	98	31	)	)	PUNCT
emaj-257	98	32	according	accord	VERB
emaj-257	98	33	to	to	ADP
emaj-257	98	34	the	the	DET
emaj-257	98	35	causality	causality	NOUN
emaj-257	98	36	analysis	analysis	NOUN
emaj-257	98	37	for	for	ADP
emaj-257	98	38	all	all	DET
emaj-257	98	39	countries	country	NOUN
emaj-257	98	40	,	,	PUNCT
emaj-257	98	41	the	the	DET
emaj-257	98	42	vix	vix	NOUN
emaj-257	98	43	is	be	AUX
emaj-257	98	44	more	more	ADV
emaj-257	98	45	determinative	determinative	ADJ
emaj-257	98	46	on	on	ADP
emaj-257	98	47	national	national	ADJ
emaj-257	98	48	and	and	CCONJ
emaj-257	98	49	sustainability	sustainability	NOUN
emaj-257	98	50	indices	index	NOUN
emaj-257	98	51	than	than	ADP
emaj-257	98	52	cds	cd	NOUN
emaj-257	98	53	and	and	CCONJ
emaj-257	98	54	currency	currency	NOUN
emaj-257	98	55	volatility	volatility	NOUN
emaj-257	98	56	indices	index	NOUN
emaj-257	98	57	.	.	PUNCT
emaj-257	99	1	volume	volume	NOUN
emaj-257	99	2	12	12	NUM
emaj-257	99	3	no	no	DET
emaj-257	99	4	1	1	NUM
emaj-257	99	5	(	(	PUNCT
emaj-257	99	6	2022	2022	NUM
emaj-257	99	7	)	)	PUNCT
emaj-257	99	8	|	|	ADV
emaj-257	99	9	issn	issn	VERB
emaj-257	99	10	2158	2158	NUM
emaj-257	99	11	-	-	SYM
emaj-257	99	12	8708	8708	NUM
emaj-257	99	13	(	(	PUNCT
emaj-257	99	14	online	online	NOUN
emaj-257	99	15	)	)	PUNCT
emaj-257	99	16	|	|	ADV
emaj-257	99	17	doi	doi	X
emaj-257	99	18	10.5195	10.5195	NUM
emaj-257	99	19	/	/	SYM
emaj-257	99	20	emaj.2022.257	emaj.2022.257	NOUN
emaj-257	99	21	|	|	ADV
emaj-257	99	22	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-257	99	23	hülya	hülya	PROPN
emaj-257	99	24	yılmaz	yılmaz	PROPN
emaj-257	99	25	,	,	PUNCT
emaj-257	99	26	bülent	bülent	ADJ
emaj-257	99	27	i̇lhan	i̇lhan	ADJ
emaj-257	99	28	emerging	emerge	VERB
emaj-257	99	29	markets	market	NOUN
emaj-257	99	30	journal	journal	NOUN
emaj-257	99	31	|	|	ADV
emaj-257	99	32	p	p	NOUN
emaj-257	99	33	a	a	DET
emaj-257	99	34	g	g	NOUN
emaj-257	99	35	e	e	NOUN
emaj-257	99	36	|29	|29	NOUN
emaj-257	99	37	sarıgül	sarıgül	NOUN
emaj-257	99	38	and	and	CCONJ
emaj-257	99	39	şengelen	şengelen	PROPN
emaj-257	99	40	(	(	PUNCT
emaj-257	99	41	2020	2020	NUM
emaj-257	99	42	)	)	PUNCT
emaj-257	99	43	investigated	investigate	VERB
emaj-257	99	44	the	the	DET
emaj-257	99	45	relationship	relationship	NOUN
emaj-257	99	46	between	between	ADP
emaj-257	99	47	turkey	turkey	NOUN
emaj-257	99	48	's	's	PART
emaj-257	99	49	cds	cds	NOUN
emaj-257	99	50	premiums	premium	NOUN
emaj-257	99	51	and	and	CCONJ
emaj-257	99	52	bank	bank	NOUN
emaj-257	99	53	stock	stock	NOUN
emaj-257	99	54	prices	price	NOUN
emaj-257	99	55	,	,	PUNCT
emaj-257	99	56	also	also	ADV
emaj-257	99	57	analyzed	analyze	VERB
emaj-257	99	58	the	the	DET
emaj-257	99	59	effects	effect	NOUN
emaj-257	99	60	of	of	ADP
emaj-257	99	61	country	country	NOUN
emaj-257	99	62	risk	risk	NOUN
emaj-257	99	63	perception	perception	NOUN
emaj-257	99	64	.	.	PUNCT
emaj-257	100	1	it	it	PRON
emaj-257	100	2	was	be	AUX
emaj-257	100	3	determined	determined	ADJ
emaj-257	100	4	that	that	SCONJ
emaj-257	100	5	,	,	PUNCT
emaj-257	100	6	turkey	turkey	PROPN
emaj-257	100	7	’s	’s	PART
emaj-257	100	8	cds	cd	NOUN
emaj-257	100	9	premium	premium	NOUN
emaj-257	100	10	has	have	VERB
emaj-257	100	11	an	an	DET
emaj-257	100	12	impact	impact	NOUN
emaj-257	100	13	on	on	ADP
emaj-257	100	14	the	the	DET
emaj-257	100	15	bist	bist	PROPN
emaj-257	100	16	bank	bank	PROPN
emaj-257	100	17	index	index	NOUN
emaj-257	100	18	and	and	CCONJ
emaj-257	100	19	five	five	NUM
emaj-257	100	20	banks	bank	NOUN
emaj-257	100	21	in	in	ADP
emaj-257	100	22	the	the	DET
emaj-257	100	23	long	long	ADJ
emaj-257	100	24	run	run	NOUN
emaj-257	100	25	.	.	PUNCT
emaj-257	101	1	başarır	başarır	NOUN
emaj-257	101	2	and	and	CCONJ
emaj-257	101	3	keten	keten	ADJ
emaj-257	101	4	(	(	PUNCT
emaj-257	101	5	2016	2016	NUM
emaj-257	101	6	)	)	PUNCT
emaj-257	101	7	analyzed	analyze	VERB
emaj-257	101	8	the	the	DET
emaj-257	101	9	short	short	ADJ
emaj-257	101	10	-	-	PUNCT
emaj-257	101	11	term	term	NOUN
emaj-257	101	12	and	and	CCONJ
emaj-257	101	13	long	long	ADJ
emaj-257	101	14	-	-	PUNCT
emaj-257	101	15	term	term	NOUN
emaj-257	101	16	relationship	relationship	NOUN
emaj-257	101	17	between	between	ADP
emaj-257	101	18	cds	cd	NOUN
emaj-257	101	19	premiums	premium	NOUN
emaj-257	101	20	and	and	CCONJ
emaj-257	101	21	stock	stock	NOUN
emaj-257	101	22	indices	index	NOUN
emaj-257	101	23	of	of	ADP
emaj-257	101	24	12	12	NUM
emaj-257	101	25	developing	develop	VERB
emaj-257	101	26	countries	country	NOUN
emaj-257	101	27	for	for	ADP
emaj-257	101	28	the	the	DET
emaj-257	101	29	period	period	NOUN
emaj-257	101	30	of	of	ADP
emaj-257	101	31	2010	2010	NUM
emaj-257	101	32	-	-	SYM
emaj-257	101	33	2016	2016	NUM
emaj-257	101	34	.	.	PUNCT
emaj-257	102	1	according	accord	VERB
emaj-257	102	2	to	to	ADP
emaj-257	102	3	the	the	DET
emaj-257	102	4	results	result	NOUN
emaj-257	102	5	of	of	ADP
emaj-257	102	6	the	the	DET
emaj-257	102	7	granger	granger	PROPN
emaj-257	102	8	causality	causality	PROPN
emaj-257	102	9	test	test	NOUN
emaj-257	102	10	for	for	ADP
emaj-257	102	11	the	the	DET
emaj-257	102	12	short	short	ADJ
emaj-257	102	13	term	term	NOUN
emaj-257	102	14	and	and	CCONJ
emaj-257	102	15	the	the	DET
emaj-257	102	16	johansen	johansen	PROPN
emaj-257	102	17	cointegration	cointegration	PROPN
emaj-257	102	18	test	test	NOUN
emaj-257	102	19	for	for	ADP
emaj-257	102	20	the	the	DET
emaj-257	102	21	long	long	ADJ
emaj-257	102	22	term	term	NOUN
emaj-257	102	23	,	,	PUNCT
emaj-257	102	24	they	they	PRON
emaj-257	102	25	observed	observe	VERB
emaj-257	102	26	a	a	DET
emaj-257	102	27	bidirectional	bidirectional	ADJ
emaj-257	102	28	causality	causality	NOUN
emaj-257	102	29	relationship	relationship	NOUN
emaj-257	102	30	between	between	ADP
emaj-257	102	31	cds	cd	NOUN
emaj-257	102	32	premiums	premium	NOUN
emaj-257	102	33	and	and	CCONJ
emaj-257	102	34	stock	stock	NOUN
emaj-257	102	35	indices	index	NOUN
emaj-257	102	36	.	.	PUNCT
emaj-257	103	1	hancı	hancı	NOUN
emaj-257	103	2	(	(	PUNCT
emaj-257	103	3	2014	2014	NUM
emaj-257	103	4	)	)	PUNCT
emaj-257	103	5	analyzed	analyze	VERB
emaj-257	103	6	the	the	DET
emaj-257	103	7	return	return	NOUN
emaj-257	103	8	volatility	volatility	NOUN
emaj-257	103	9	of	of	ADP
emaj-257	103	10	cds	cd	NOUN
emaj-257	103	11	premium	premium	NOUN
emaj-257	103	12	and	and	CCONJ
emaj-257	103	13	bist100	bist100	PROPN
emaj-257	103	14	index	index	NOUN
emaj-257	103	15	with	with	ADP
emaj-257	103	16	garch	garch	NOUN
emaj-257	103	17	modelling	modelling	NOUN
emaj-257	103	18	and	and	CCONJ
emaj-257	103	19	concluded	conclude	VERB
emaj-257	103	20	that	that	SCONJ
emaj-257	103	21	the	the	DET
emaj-257	103	22	relationship	relationship	NOUN
emaj-257	103	23	between	between	ADP
emaj-257	103	24	cds	cd	NOUN
emaj-257	103	25	premium	premium	NOUN
emaj-257	103	26	and	and	CCONJ
emaj-257	103	27	stock	stock	NOUN
emaj-257	103	28	returns	return	NOUN
emaj-257	103	29	is	be	AUX
emaj-257	103	30	inverse	inverse	ADJ
emaj-257	103	31	.	.	PUNCT
emaj-257	104	1	historically	historically	ADV
emaj-257	104	2	,	,	PUNCT
emaj-257	104	3	stock	stock	NOUN
emaj-257	104	4	and	and	CCONJ
emaj-257	104	5	bond	bond	NOUN
emaj-257	104	6	yields	yield	NOUN
emaj-257	104	7	have	have	AUX
emaj-257	104	8	tended	tend	VERB
emaj-257	104	9	to	to	PART
emaj-257	104	10	move	move	VERB
emaj-257	104	11	in	in	ADP
emaj-257	104	12	the	the	DET
emaj-257	104	13	same	same	ADJ
emaj-257	104	14	direction	direction	NOUN
emaj-257	104	15	,	,	PUNCT
emaj-257	104	16	but	but	CCONJ
emaj-257	104	17	sometimes	sometimes	ADV
emaj-257	104	18	,	,	PUNCT
emaj-257	104	19	even	even	ADV
emaj-257	104	20	for	for	ADP
emaj-257	104	21	a	a	DET
emaj-257	104	22	long	long	ADJ
emaj-257	104	23	time	time	NOUN
emaj-257	104	24	,	,	PUNCT
emaj-257	104	25	they	they	PRON
emaj-257	104	26	can	can	AUX
emaj-257	104	27	move	move	VERB
emaj-257	104	28	in	in	ADP
emaj-257	104	29	the	the	DET
emaj-257	104	30	opposite	opposite	ADJ
emaj-257	104	31	direction	direction	NOUN
emaj-257	104	32	.	.	PUNCT
emaj-257	105	1	in	in	ADP
emaj-257	105	2	particular	particular	ADJ
emaj-257	105	3	,	,	PUNCT
emaj-257	105	4	they	they	PRON
emaj-257	105	5	moved	move	VERB
emaj-257	105	6	in	in	ADP
emaj-257	105	7	a	a	DET
emaj-257	105	8	different	different	ADJ
emaj-257	105	9	correlation	correlation	NOUN
emaj-257	105	10	during	during	ADP
emaj-257	105	11	crisis	crisis	NOUN
emaj-257	105	12	periods	period	NOUN
emaj-257	105	13	compared	compare	VERB
emaj-257	105	14	to	to	ADP
emaj-257	105	15	non	non	ADJ
emaj-257	105	16	-	-	ADJ
emaj-257	105	17	crisis	crisis	ADJ
emaj-257	105	18	periods	period	NOUN
emaj-257	105	19	.	.	PUNCT
emaj-257	106	1	it	it	PRON
emaj-257	106	2	is	be	AUX
emaj-257	106	3	widely	widely	ADV
emaj-257	106	4	accepted	accept	VERB
emaj-257	106	5	that	that	SCONJ
emaj-257	106	6	stock	stock	NOUN
emaj-257	106	7	-	-	PUNCT
emaj-257	106	8	bond	bond	NOUN
emaj-257	106	9	correlations	correlation	NOUN
emaj-257	106	10	change	change	VERB
emaj-257	106	11	over	over	ADP
emaj-257	106	12	time	time	NOUN
emaj-257	106	13	.	.	PUNCT
emaj-257	107	1	using	use	VERB
emaj-257	107	2	a	a	DET
emaj-257	107	3	stochastic	stochastic	ADJ
emaj-257	107	4	volatility	volatility	NOUN
emaj-257	107	5	model	model	NOUN
emaj-257	107	6	,	,	PUNCT
emaj-257	107	7	johansson	johansson	PROPN
emaj-257	107	8	(	(	PUNCT
emaj-257	107	9	2010	2010	NUM
emaj-257	107	10	)	)	PUNCT
emaj-257	107	11	investigated	investigate	VERB
emaj-257	107	12	the	the	DET
emaj-257	107	13	relationship	relationship	NOUN
emaj-257	107	14	between	between	ADP
emaj-257	107	15	stocks	stock	NOUN
emaj-257	107	16	and	and	CCONJ
emaj-257	107	17	bonds	bond	NOUN
emaj-257	107	18	in	in	ADP
emaj-257	107	19	9	9	NUM
emaj-257	107	20	asian	asian	ADJ
emaj-257	107	21	countries	country	NOUN
emaj-257	107	22	,	,	PUNCT
emaj-257	107	23	observing	observe	VERB
emaj-257	107	24	that	that	SCONJ
emaj-257	107	25	there	there	PRON
emaj-257	107	26	are	be	VERB
emaj-257	107	27	significant	significant	ADJ
emaj-257	107	28	volatility	volatility	NOUN
emaj-257	107	29	spillover	spillover	NOUN
emaj-257	107	30	effects	effect	NOUN
emaj-257	107	31	between	between	ADP
emaj-257	107	32	stock	stock	NOUN
emaj-257	107	33	and	and	CCONJ
emaj-257	107	34	bond	bond	NOUN
emaj-257	107	35	markets	market	NOUN
emaj-257	107	36	in	in	ADP
emaj-257	107	37	many	many	ADJ
emaj-257	107	38	countries	country	NOUN
emaj-257	107	39	.	.	PUNCT
emaj-257	108	1	according	accord	VERB
emaj-257	108	2	to	to	ADP
emaj-257	108	3	the	the	DET
emaj-257	108	4	findings	finding	NOUN
emaj-257	108	5	,	,	PUNCT
emaj-257	108	6	the	the	DET
emaj-257	108	7	relationship	relationship	NOUN
emaj-257	108	8	between	between	ADP
emaj-257	108	9	stock	stock	NOUN
emaj-257	108	10	and	and	CCONJ
emaj-257	108	11	bond	bond	NOUN
emaj-257	108	12	markets	market	NOUN
emaj-257	108	13	in	in	ADP
emaj-257	108	14	all	all	DET
emaj-257	108	15	countries	country	NOUN
emaj-257	108	16	changed	change	VERB
emaj-257	108	17	significantly	significantly	ADV
emaj-257	108	18	over	over	ADP
emaj-257	108	19	time	time	NOUN
emaj-257	108	20	,	,	PUNCT
emaj-257	108	21	and	and	CCONJ
emaj-257	108	22	the	the	DET
emaj-257	108	23	correlation	correlation	NOUN
emaj-257	108	24	increased	increase	VERB
emaj-257	108	25	in	in	ADP
emaj-257	108	26	some	some	DET
emaj-257	108	27	countries	country	NOUN
emaj-257	108	28	during	during	ADP
emaj-257	108	29	turbulent	turbulent	ADJ
emaj-257	108	30	periods	period	NOUN
emaj-257	108	31	.	.	PUNCT
emaj-257	109	1	li	li	PROPN
emaj-257	109	2	(	(	PUNCT
emaj-257	109	3	2004	2004	NUM
emaj-257	109	4	)	)	PUNCT
emaj-257	109	5	empirically	empirically	ADV
emaj-257	109	6	examined	examine	VERB
emaj-257	109	7	the	the	DET
emaj-257	109	8	relationship	relationship	NOUN
emaj-257	109	9	between	between	ADP
emaj-257	109	10	stock	stock	NOUN
emaj-257	109	11	-	-	PUNCT
emaj-257	109	12	bond	bond	NOUN
emaj-257	109	13	returns	return	NOUN
emaj-257	109	14	for	for	ADP
emaj-257	109	15	the	the	DET
emaj-257	109	16	g7	g7	PROPN
emaj-257	109	17	countries	country	NOUN
emaj-257	109	18	for	for	ADP
emaj-257	109	19	the	the	DET
emaj-257	109	20	period	period	NOUN
emaj-257	109	21	of	of	ADP
emaj-257	109	22	1961	1961	NUM
emaj-257	109	23	-	-	SYM
emaj-257	109	24	2001	2001	NUM
emaj-257	109	25	.	.	PUNCT
emaj-257	110	1	it	it	PRON
emaj-257	110	2	was	be	AUX
emaj-257	110	3	found	find	VERB
emaj-257	110	4	out	out	ADP
emaj-257	110	5	that	that	SCONJ
emaj-257	110	6	,	,	PUNCT
emaj-257	110	7	the	the	DET
emaj-257	110	8	stock	stock	NOUN
emaj-257	110	9	-	-	PUNCT
emaj-257	110	10	bond	bond	NOUN
emaj-257	110	11	correlation	correlation	NOUN
emaj-257	110	12	is	be	AUX
emaj-257	110	13	primarily	primarily	ADV
emaj-257	110	14	determined	determine	VERB
emaj-257	110	15	by	by	ADP
emaj-257	110	16	the	the	DET
emaj-257	110	17	uncertainty	uncertainty	NOUN
emaj-257	110	18	in	in	ADP
emaj-257	110	19	expected	expect	VERB
emaj-257	110	20	inflation	inflation	NOUN
emaj-257	110	21	.	.	PUNCT
emaj-257	111	1	assefa	assefa	PROPN
emaj-257	111	2	et	et	PROPN
emaj-257	111	3	al	al	PROPN
emaj-257	111	4	.	.	PROPN
emaj-257	111	5	(	(	PUNCT
emaj-257	111	6	2017	2017	NUM
emaj-257	111	7	)	)	PUNCT
emaj-257	111	8	analyzed	analyze	VERB
emaj-257	111	9	quarterly	quarterly	ADJ
emaj-257	111	10	stock	stock	NOUN
emaj-257	111	11	returns	return	NOUN
emaj-257	111	12	of	of	ADP
emaj-257	111	13	21	21	NUM
emaj-257	111	14	developed	develop	VERB
emaj-257	111	15	and	and	CCONJ
emaj-257	111	16	19	19	NUM
emaj-257	111	17	emerging	emerge	VERB
emaj-257	111	18	economies	economy	NOUN
emaj-257	111	19	(	(	PUNCT
emaj-257	111	20	including	include	VERB
emaj-257	111	21	brazil	brazil	PROPN
emaj-257	111	22	,	,	PUNCT
emaj-257	111	23	mexico	mexico	PROPN
emaj-257	111	24	,	,	PUNCT
emaj-257	111	25	and	and	CCONJ
emaj-257	111	26	turkey	turkey	NOUN
emaj-257	111	27	)	)	PUNCT
emaj-257	111	28	for	for	ADP
emaj-257	111	29	the	the	DET
emaj-257	111	30	period	period	NOUN
emaj-257	111	31	of	of	ADP
emaj-257	111	32	1999	1999	NUM
emaj-257	111	33	-	-	SYM
emaj-257	111	34	2013	2013	NUM
emaj-257	111	35	,	,	PUNCT
emaj-257	111	36	using	use	VERB
emaj-257	111	37	dynamic	dynamic	ADJ
emaj-257	111	38	panels	panel	NOUN
emaj-257	111	39	,	,	PUNCT
emaj-257	111	40	and	and	CCONJ
emaj-257	111	41	found	find	VERB
emaj-257	111	42	that	that	SCONJ
emaj-257	111	43	interest	interest	NOUN
emaj-257	111	44	rates	rate	NOUN
emaj-257	111	45	have	have	VERB
emaj-257	111	46	a	a	DET
emaj-257	111	47	statistically	statistically	ADV
emaj-257	111	48	negative	negative	ADJ
emaj-257	111	49	effect	effect	NOUN
emaj-257	111	50	on	on	ADP
emaj-257	111	51	stock	stock	NOUN
emaj-257	111	52	returns	return	NOUN
emaj-257	111	53	in	in	ADP
emaj-257	111	54	developed	develop	VERB
emaj-257	111	55	countries	country	NOUN
emaj-257	111	56	.	.	PUNCT
emaj-257	112	1	it	it	PRON
emaj-257	112	2	was	be	AUX
emaj-257	112	3	concluded	conclude	VERB
emaj-257	112	4	that	that	SCONJ
emaj-257	112	5	the	the	DET
emaj-257	112	6	,	,	PUNCT
emaj-257	112	7	world	world	NOUN
emaj-257	112	8	market	market	NOUN
emaj-257	112	9	portfolio	portfolio	NOUN
emaj-257	112	10	is	be	AUX
emaj-257	112	11	the	the	DET
emaj-257	112	12	only	only	ADJ
emaj-257	112	13	determinant	determinant	ADJ
emaj-257	112	14	of	of	ADP
emaj-257	112	15	stock	stock	NOUN
emaj-257	112	16	returns	return	NOUN
emaj-257	112	17	in	in	ADP
emaj-257	112	18	developing	develop	VERB
emaj-257	112	19	economies	economy	NOUN
emaj-257	112	20	.	.	PUNCT
emaj-257	113	1	also	also	ADV
emaj-257	113	2	,	,	PUNCT
emaj-257	113	3	the	the	DET
emaj-257	113	4	opposite	opposite	ADJ
emaj-257	113	5	effect	effect	NOUN
emaj-257	113	6	of	of	ADP
emaj-257	113	7	change	change	NOUN
emaj-257	113	8	in	in	ADP
emaj-257	113	9	interest	interest	NOUN
emaj-257	113	10	rates	rate	NOUN
emaj-257	113	11	on	on	ADP
emaj-257	113	12	stock	stock	NOUN
emaj-257	113	13	returns	return	NOUN
emaj-257	113	14	may	may	AUX
emaj-257	113	15	be	be	AUX
emaj-257	113	16	partly	partly	ADV
emaj-257	113	17	related	relate	VERB
emaj-257	113	18	to	to	ADP
emaj-257	113	19	the	the	DET
emaj-257	113	20	divergent	divergent	ADJ
emaj-257	113	21	monetary	monetary	ADJ
emaj-257	113	22	policies	policy	NOUN
emaj-257	113	23	of	of	ADP
emaj-257	113	24	advanced	advanced	ADJ
emaj-257	113	25	economies	economy	NOUN
emaj-257	113	26	and	and	CCONJ
emaj-257	113	27	their	their	PRON
emaj-257	113	28	mature	mature	ADJ
emaj-257	113	29	capital	capital	NOUN
emaj-257	113	30	markets	market	NOUN
emaj-257	113	31	.	.	PUNCT
emaj-257	114	1	anderson	anderson	PROPN
emaj-257	114	2	et	et	PROPN
emaj-257	114	3	al	al	PROPN
emaj-257	114	4	.	.	PROPN
emaj-257	115	1	(	(	PUNCT
emaj-257	115	2	2008	2008	NUM
emaj-257	115	3	)	)	PUNCT
emaj-257	115	4	investigated	investigate	VERB
emaj-257	115	5	the	the	DET
emaj-257	115	6	effect	effect	NOUN
emaj-257	115	7	of	of	ADP
emaj-257	115	8	inflation	inflation	NOUN
emaj-257	115	9	,	,	PUNCT
emaj-257	115	10	economic	economic	ADJ
emaj-257	115	11	growth	growth	NOUN
emaj-257	115	12	,	,	PUNCT
emaj-257	115	13	and	and	CCONJ
emaj-257	115	14	the	the	DET
emaj-257	115	15	uncertainty	uncertainty	NOUN
emaj-257	115	16	of	of	ADP
emaj-257	115	17	the	the	DET
emaj-257	115	18	stock	stock	NOUN
emaj-257	115	19	market	market	NOUN
emaj-257	115	20	on	on	ADP
emaj-257	115	21	the	the	DET
emaj-257	115	22	correlation	correlation	NOUN
emaj-257	115	23	between	between	ADP
emaj-257	115	24	bond	bond	NOUN
emaj-257	115	25	and	and	CCONJ
emaj-257	115	26	stock	stock	NOUN
emaj-257	115	27	returns	return	NOUN
emaj-257	115	28	.	.	PUNCT
emaj-257	116	1	their	their	PRON
emaj-257	116	2	results	result	NOUN
emaj-257	116	3	indicated	indicate	VERB
emaj-257	116	4	that	that	SCONJ
emaj-257	116	5	stock	stock	NOUN
emaj-257	116	6	and	and	CCONJ
emaj-257	116	7	bond	bond	NOUN
emaj-257	116	8	prices	price	NOUN
emaj-257	116	9	move	move	VERB
emaj-257	116	10	together	together	ADV
emaj-257	116	11	in	in	ADP
emaj-257	116	12	periods	period	NOUN
emaj-257	116	13	when	when	SCONJ
emaj-257	116	14	inflation	inflation	NOUN
emaj-257	116	15	expectations	expectation	NOUN
emaj-257	116	16	are	be	AUX
emaj-257	116	17	high	high	ADJ
emaj-257	116	18	,	,	PUNCT
emaj-257	116	19	while	while	SCONJ
emaj-257	116	20	the	the	DET
emaj-257	116	21	negative	negative	ADJ
emaj-257	116	22	stock	stock	NOUN
emaj-257	116	23	-	-	PUNCT
emaj-257	116	24	bond	bond	NOUN
emaj-257	116	25	yield	yield	NOUN
emaj-257	116	26	correlation	correlation	NOUN
emaj-257	116	27	coincides	coincide	VERB
emaj-257	116	28	with	with	ADP
emaj-257	116	29	declining	decline	VERB
emaj-257	116	30	inflation	inflation	NOUN
emaj-257	116	31	expectations	expectation	NOUN
emaj-257	116	32	.	.	PUNCT
emaj-257	117	1	additionally	additionally	ADV
emaj-257	117	2	,	,	PUNCT
emaj-257	117	3	stock	stock	NOUN
emaj-257	117	4	-	-	PUNCT
emaj-257	117	5	bond	bond	NOUN
emaj-257	117	6	return	return	NOUN
emaj-257	117	7	correlation	correlation	NOUN
emaj-257	117	8	was	be	AUX
emaj-257	117	9	not	not	PART
emaj-257	117	10	affected	affect	VERB
emaj-257	117	11	by	by	ADP
emaj-257	117	12	economic	economic	ADJ
emaj-257	117	13	growth	growth	NOUN
emaj-257	117	14	expectations	expectation	NOUN
emaj-257	117	15	.	.	PUNCT
emaj-257	118	1	many	many	ADJ
emaj-257	118	2	researchers	researcher	NOUN
emaj-257	118	3	have	have	AUX
emaj-257	118	4	attempted	attempt	VERB
emaj-257	118	5	to	to	PART
emaj-257	118	6	analyze	analyze	VERB
emaj-257	118	7	the	the	DET
emaj-257	118	8	correlation	correlation	NOUN
emaj-257	118	9	between	between	ADP
emaj-257	118	10	stock	stock	NOUN
emaj-257	118	11	and	and	CCONJ
emaj-257	118	12	bond	bond	NOUN
emaj-257	118	13	returns	return	NOUN
emaj-257	118	14	.	.	PUNCT
emaj-257	119	1	using	use	VERB
emaj-257	119	2	the	the	DET
emaj-257	119	3	dynamic	dynamic	ADJ
emaj-257	119	4	present	present	ADJ
emaj-257	119	5	value	value	NOUN
emaj-257	119	6	approach	approach	NOUN
emaj-257	119	7	,	,	PUNCT
emaj-257	119	8	shiller	shiller	PROPN
emaj-257	119	9	and	and	CCONJ
emaj-257	119	10	beltratti	beltratti	PROPN
emaj-257	119	11	(	(	PUNCT
emaj-257	119	12	1992	1992	NUM
emaj-257	119	13	)	)	PUNCT
emaj-257	119	14	showed	show	VERB
emaj-257	119	15	that	that	SCONJ
emaj-257	119	16	the	the	DET
emaj-257	119	17	correlation	correlation	NOUN
emaj-257	119	18	between	between	ADP
emaj-257	119	19	stocks	stock	NOUN
emaj-257	119	20	and	and	CCONJ
emaj-257	119	21	bonds	bond	NOUN
emaj-257	119	22	is	be	AUX
emaj-257	119	23	too	too	ADV
emaj-257	119	24	high	high	ADJ
emaj-257	119	25	to	to	PART
emaj-257	119	26	be	be	AUX
emaj-257	119	27	supported	support	VERB
emaj-257	119	28	by	by	ADP
emaj-257	119	29	the	the	DET
emaj-257	119	30	theory	theory	NOUN
emaj-257	119	31	in	in	ADP
emaj-257	119	32	their	their	PRON
emaj-257	119	33	study	study	NOUN
emaj-257	119	34	for	for	ADP
emaj-257	119	35	the	the	DET
emaj-257	119	36	usa	usa	PROPN
emaj-257	119	37	and	and	CCONJ
emaj-257	119	38	the	the	DET
emaj-257	119	39	uk	uk	PROPN
emaj-257	119	40	.	.	PUNCT
emaj-257	120	1	however	however	ADV
emaj-257	120	2	,	,	PUNCT
emaj-257	120	3	from	from	ADP
emaj-257	120	4	a	a	DET
emaj-257	120	5	theoretical	theoretical	ADJ
emaj-257	120	6	point	point	NOUN
emaj-257	120	7	of	of	ADP
emaj-257	120	8	view	view	NOUN
emaj-257	120	9	,	,	PUNCT
emaj-257	120	10	barsky	barsky	PROPN
emaj-257	120	11	(	(	PUNCT
emaj-257	120	12	1989	1989	NUM
emaj-257	120	13	)	)	PUNCT
emaj-257	120	14	considered	consider	VERB
emaj-257	120	15	that	that	SCONJ
emaj-257	120	16	,	,	PUNCT
emaj-257	120	17	the	the	DET
emaj-257	120	18	correlation	correlation	NOUN
emaj-257	120	19	in	in	ADP
emaj-257	120	20	stock	stock	NOUN
emaj-257	120	21	and	and	CCONJ
emaj-257	120	22	bond	bond	NOUN
emaj-257	120	23	yields	yield	NOUN
emaj-257	120	24	is	be	AUX
emaj-257	120	25	situational	situational	ADJ
emaj-257	120	26	and	and	CCONJ
emaj-257	120	27	pointed	point	VERB
emaj-257	120	28	out	out	ADP
emaj-257	120	29	that	that	SCONJ
emaj-257	120	30	,	,	PUNCT
emaj-257	120	31	lower	low	ADJ
emaj-257	120	32	growth	growth	NOUN
emaj-257	120	33	in	in	ADP
emaj-257	120	34	productivity	productivity	NOUN
emaj-257	120	35	and	and	CCONJ
emaj-257	120	36	higher	high	ADJ
emaj-257	120	37	market	market	NOUN
emaj-257	120	38	risk	risk	NOUN
emaj-257	120	39	probably	probably	ADV
emaj-257	120	40	reduces	reduce	VERB
emaj-257	120	41	both	both	PRON
emaj-257	120	42	corporate	corporate	ADJ
emaj-257	120	43	profits	profit	NOUN
emaj-257	120	44	and	and	CCONJ
emaj-257	120	45	interest	interest	NOUN
emaj-257	120	46	rates	rate	NOUN
emaj-257	120	47	,	,	PUNCT
emaj-257	120	48	causing	cause	VERB
emaj-257	120	49	stock	stock	NOUN
emaj-257	120	50	and	and	CCONJ
emaj-257	120	51	bond	bond	NOUN
emaj-257	120	52	prices	price	NOUN
emaj-257	120	53	to	to	PART
emaj-257	120	54	behave	behave	VERB
emaj-257	120	55	in	in	ADP
emaj-257	120	56	opposite	opposite	ADJ
emaj-257	120	57	directions	direction	NOUN
emaj-257	120	58	.	.	PUNCT
emaj-257	121	1	in	in	ADP
emaj-257	121	2	their	their	PRON
emaj-257	121	3	study	study	NOUN
emaj-257	121	4	by	by	ADP
emaj-257	121	5	analyzing	analyze	VERB
emaj-257	121	6	macroeconomic	macroeconomic	ADJ
emaj-257	121	7	and	and	CCONJ
emaj-257	121	8	financial	financial	ADJ
emaj-257	121	9	variables	variable	NOUN
emaj-257	121	10	as	as	ADP
emaj-257	121	11	the	the	DET
emaj-257	121	12	determinants	determinant	NOUN
emaj-257	121	13	of	of	ADP
emaj-257	121	14	us	us	PROPN
emaj-257	121	15	stock	stock	NOUN
emaj-257	121	16	-	-	PUNCT
emaj-257	121	17	bond	bond	NOUN
emaj-257	121	18	correlations	correlation	NOUN
emaj-257	121	19	,	,	PUNCT
emaj-257	121	20	allard	allard	PROPN
emaj-257	121	21	et	et	PROPN
emaj-257	121	22	al	al	PROPN
emaj-257	121	23	.	.	PROPN
emaj-257	122	1	(	(	PUNCT
emaj-257	122	2	2020	2020	NUM
emaj-257	122	3	)	)	PUNCT
emaj-257	122	4	observed	observe	VERB
emaj-257	122	5	that	that	SCONJ
emaj-257	122	6	,	,	PUNCT
emaj-257	122	7	the	the	DET
emaj-257	122	8	daily	daily	ADJ
emaj-257	122	9	correlation	correlation	NOUN
emaj-257	122	10	is	be	AUX
emaj-257	122	11	more	more	ADV
emaj-257	122	12	affected	affect	VERB
emaj-257	122	13	by	by	ADP
emaj-257	122	14	financial	financial	ADJ
emaj-257	122	15	market	market	NOUN
emaj-257	122	16	variables	variable	NOUN
emaj-257	122	17	and	and	CCONJ
emaj-257	122	18	the	the	DET
emaj-257	122	19	monthly	monthly	ADJ
emaj-257	122	20	component	component	NOUN
emaj-257	122	21	is	be	AUX
emaj-257	122	22	more	more	ADV
emaj-257	122	23	affected	affect	VERB
emaj-257	122	24	by	by	ADP
emaj-257	122	25	macroeconomic	macroeconomic	ADJ
emaj-257	122	26	variables	variable	NOUN
emaj-257	122	27	,	,	PUNCT
emaj-257	122	28	while	while	SCONJ
emaj-257	122	29	the	the	DET
emaj-257	122	30	annual	annual	ADJ
emaj-257	122	31	is	be	AUX
emaj-257	122	32	affected	affect	VERB
emaj-257	122	33	by	by	ADP
emaj-257	122	34	the	the	DET
emaj-257	122	35	funding	funding	NOUN
emaj-257	122	36	possibilities	possibility	NOUN
emaj-257	122	37	.	.	PUNCT
emaj-257	123	1	baele	baele	PROPN
emaj-257	123	2	et	et	PROPN
emaj-257	123	3	al	al	PROPN
emaj-257	123	4	.	.	PROPN
emaj-257	124	1	(	(	PUNCT
emaj-257	124	2	2010	2010	NUM
emaj-257	124	3	)	)	PUNCT
emaj-257	124	4	concluded	conclude	VERB
emaj-257	124	5	that	that	SCONJ
emaj-257	124	6	,	,	PUNCT
emaj-257	124	7	the	the	DET
emaj-257	124	8	correlation	correlation	NOUN
emaj-257	124	9	between	between	ADP
emaj-257	124	10	stock	stock	NOUN
emaj-257	124	11	and	and	CCONJ
emaj-257	124	12	bond	bond	NOUN
emaj-257	124	13	yields	yield	NOUN
emaj-257	124	14	in	in	ADP
emaj-257	124	15	the	the	DET
emaj-257	124	16	usa	usa	PROPN
emaj-257	124	17	in	in	ADP
emaj-257	124	18	the	the	DET
emaj-257	124	19	second	second	ADJ
emaj-257	124	20	half	half	NOUN
emaj-257	124	21	of	of	ADP
emaj-257	124	22	the	the	DET
emaj-257	124	23	20th	20th	ADJ
emaj-257	124	24	century	century	NOUN
emaj-257	124	25	was	be	AUX
emaj-257	124	26	positive	positive	ADJ
emaj-257	124	27	and	and	CCONJ
emaj-257	124	28	ranged	range	VERB
emaj-257	124	29	from	from	ADP
emaj-257	124	30	zero	zero	NUM
emaj-257	124	31	to	to	ADP
emaj-257	124	32	sixty	sixty	NUM
emaj-257	124	33	percent	percent	NOUN
emaj-257	124	34	.	.	PUNCT
emaj-257	125	1	however	however	ADV
emaj-257	125	2	,	,	PUNCT
emaj-257	125	3	the	the	DET
emaj-257	125	4	correlation	correlation	NOUN
emaj-257	125	5	dropped	drop	VERB
emaj-257	125	6	to	to	ADP
emaj-257	125	7	slightly	slightly	ADV
emaj-257	125	8	below	below	ADP
emaj-257	125	9	zero	zero	NUM
emaj-257	125	10	at	at	ADP
emaj-257	125	11	the	the	DET
emaj-257	125	12	end	end	NOUN
emaj-257	125	13	of	of	ADP
emaj-257	125	14	the	the	DET
emaj-257	125	15	20th	20th	ADJ
emaj-257	125	16	century	century	NOUN
emaj-257	125	17	,	,	PUNCT
emaj-257	125	18	and	and	CCONJ
emaj-257	125	19	it	it	PRON
emaj-257	125	20	was	be	AUX
emaj-257	125	21	quite	quite	ADV
emaj-257	125	22	negative	negative	ADJ
emaj-257	125	23	at	at	ADP
emaj-257	125	24	the	the	DET
emaj-257	125	25	beginning	beginning	NOUN
emaj-257	125	26	of	of	ADP
emaj-257	125	27	the	the	DET
emaj-257	125	28	21st	21st	ADJ
emaj-257	125	29	century	century	NOUN
emaj-257	125	30	.	.	PUNCT
emaj-257	126	1	lin	lin	PROPN
emaj-257	126	2	et	et	PROPN
emaj-257	126	3	al	al	PROPN
emaj-257	126	4	.	.	PROPN
emaj-257	127	1	(	(	PUNCT
emaj-257	127	2	2018	2018	NUM
emaj-257	127	3	)	)	PUNCT
emaj-257	127	4	examined	examine	VERB
emaj-257	127	5	the	the	DET
emaj-257	127	6	time	time	NOUN
emaj-257	127	7	-	-	PUNCT
emaj-257	127	8	varying	vary	VERB
emaj-257	127	9	relationship	relationship	NOUN
emaj-257	127	10	of	of	ADP
emaj-257	127	11	stock	stock	NOUN
emaj-257	127	12	-	-	PUNCT
emaj-257	127	13	bond	bond	NOUN
emaj-257	127	14	returns	return	NOUN
emaj-257	127	15	between	between	ADP
emaj-257	127	16	1988	1988	NUM
emaj-257	127	17	and	and	CCONJ
emaj-257	127	18	2014	2014	NUM
emaj-257	127	19	in	in	ADP
emaj-257	127	20	relation	relation	NOUN
emaj-257	127	21	to	to	ADP
emaj-257	127	22	basic	basic	ADJ
emaj-257	127	23	economic	economic	ADJ
emaj-257	127	24	variables	variable	NOUN
emaj-257	127	25	and	and	CCONJ
emaj-257	127	26	uncertainty	uncertainty	NOUN
emaj-257	127	27	of	of	ADP
emaj-257	127	28	the	the	DET
emaj-257	127	29	stock	stock	NOUN
emaj-257	127	30	market	market	NOUN
emaj-257	127	31	.	.	PUNCT
emaj-257	128	1	according	accord	VERB
emaj-257	128	2	to	to	ADP
emaj-257	128	3	the	the	DET
emaj-257	128	4	empirical	empirical	ADJ
emaj-257	128	5	results	result	NOUN
emaj-257	128	6	,	,	PUNCT
emaj-257	128	7	the	the	DET
emaj-257	128	8	short	short	ADJ
emaj-257	128	9	-	-	PUNCT
emaj-257	128	10	term	term	NOUN
emaj-257	128	11	and	and	CCONJ
emaj-257	128	12	long	long	ADJ
emaj-257	128	13	-	-	PUNCT
emaj-257	128	14	term	term	NOUN
emaj-257	128	15	relationship	relationship	NOUN
emaj-257	128	16	between	between	ADP
emaj-257	128	17	stock	stock	NOUN
emaj-257	128	18	and	and	CCONJ
emaj-257	128	19	bond	bond	NOUN
emaj-257	128	20	yields	yield	NOUN
emaj-257	128	21	changed	change	VERB
emaj-257	128	22	over	over	ADP
emaj-257	128	23	time	time	NOUN
emaj-257	128	24	,	,	PUNCT
emaj-257	128	25	and	and	CCONJ
emaj-257	128	26	this	this	DET
emaj-257	128	27	relationship	relationship	NOUN
emaj-257	128	28	was	be	AUX
emaj-257	128	29	positively	positively	ADV
emaj-257	128	30	sensitive	sensitive	ADJ
emaj-257	128	31	to	to	ADP
emaj-257	128	32	the	the	DET
emaj-257	128	33	slope	slope	NOUN
emaj-257	128	34	of	of	ADP
emaj-257	128	35	the	the	DET
emaj-257	128	36	short	short	ADJ
emaj-257	128	37	-	-	PUNCT
emaj-257	128	38	term	term	NOUN
emaj-257	128	39	interest	interest	NOUN
emaj-257	128	40	rate	rate	NOUN
emaj-257	128	41	and	and	CCONJ
emaj-257	128	42	maturity	maturity	NOUN
emaj-257	128	43	structure	structure	NOUN
emaj-257	128	44	,	,	PUNCT
emaj-257	128	45	while	while	SCONJ
emaj-257	128	46	it	it	PRON
emaj-257	128	47	was	be	AUX
emaj-257	128	48	negatively	negatively	ADV
emaj-257	128	49	sensitive	sensitive	ADJ
emaj-257	128	50	to	to	ADP
emaj-257	128	51	stock	stock	NOUN
emaj-257	128	52	market	market	NOUN
emaj-257	128	53	volatility	volatility	NOUN
emaj-257	128	54	.	.	PUNCT
emaj-257	129	1	the	the	DET
emaj-257	129	2	relationship	relationship	NOUN
emaj-257	129	3	between	between	ADP
emaj-257	129	4	oil	oil	NOUN
emaj-257	129	5	prices	price	NOUN
emaj-257	129	6	and	and	CCONJ
emaj-257	129	7	stock	stock	NOUN
emaj-257	129	8	markets	market	NOUN
emaj-257	129	9	is	be	AUX
emaj-257	129	10	also	also	ADV
emaj-257	129	11	an	an	DET
emaj-257	129	12	important	important	ADJ
emaj-257	129	13	research	research	NOUN
emaj-257	129	14	topic	topic	NOUN
emaj-257	129	15	in	in	ADP
emaj-257	129	16	the	the	DET
emaj-257	129	17	literature	literature	NOUN
emaj-257	129	18	.	.	PUNCT
emaj-257	130	1	from	from	ADP
emaj-257	130	2	the	the	DET
emaj-257	130	3	supply	supply	NOUN
emaj-257	130	4	side	side	NOUN
emaj-257	130	5	,	,	PUNCT
emaj-257	130	6	oil	oil	NOUN
emaj-257	130	7	is	be	AUX
emaj-257	130	8	a	a	DET
emaj-257	130	9	raw	raw	ADJ
emaj-257	130	10	material	material	NOUN
emaj-257	130	11	that	that	PRON
emaj-257	130	12	affects	affect	VERB
emaj-257	130	13	companies	company	NOUN
emaj-257	130	14	'	'	PART
emaj-257	130	15	earnings	earning	NOUN
emaj-257	130	16	and	and	CCONJ
emaj-257	130	17	thus	thus	ADV
emaj-257	130	18	their	their	PRON
emaj-257	130	19	stock	stock	NOUN
emaj-257	130	20	returns	return	NOUN
emaj-257	130	21	.	.	PUNCT
emaj-257	131	1	it	it	PRON
emaj-257	131	2	also	also	ADV
emaj-257	131	3	affects	affect	VERB
emaj-257	131	4	the	the	DET
emaj-257	131	5	income	income	NOUN
emaj-257	131	6	of	of	ADP
emaj-257	131	7	consumers	consumer	NOUN
emaj-257	131	8	,	,	PUNCT
emaj-257	131	9	therefore	therefore	ADV
emaj-257	131	10	the	the	DET
emaj-257	131	11	demand	demand	NOUN
emaj-257	131	12	for	for	ADP
emaj-257	131	13	goods	good	NOUN
emaj-257	131	14	and	and	CCONJ
emaj-257	131	15	the	the	DET
emaj-257	131	16	services	service	NOUN
emaj-257	131	17	supplied	supply	VERB
emaj-257	131	18	by	by	ADP
emaj-257	131	19	companies	company	NOUN
emaj-257	131	20	on	on	ADP
emaj-257	131	21	the	the	DET
emaj-257	131	22	demand	demand	NOUN
emaj-257	131	23	side	side	NOUN
emaj-257	131	24	.	.	PUNCT
emaj-257	132	1	oil	oil	NOUN
emaj-257	132	2	continues	continue	VERB
emaj-257	132	3	to	to	PART
emaj-257	132	4	be	be	AUX
emaj-257	132	5	a	a	DET
emaj-257	132	6	systematic	systematic	ADJ
emaj-257	132	7	driving	drive	VERB
emaj-257	132	8	force	force	NOUN
emaj-257	132	9	of	of	ADP
emaj-257	132	10	economic	economic	ADJ
emaj-257	132	11	and	and	CCONJ
emaj-257	132	12	financial	financial	ADJ
emaj-257	132	13	variables	variable	NOUN
emaj-257	132	14	(	(	PUNCT
emaj-257	132	15	balcılar	balcılar	ADJ
emaj-257	132	16	et	et	PROPN
emaj-257	132	17	al	al	PROPN
emaj-257	132	18	.	.	PROPN
emaj-257	132	19	,	,	PUNCT
emaj-257	132	20	2019	2019	NUM
emaj-257	132	21	)	)	PUNCT
emaj-257	132	22	.	.	PUNCT
emaj-257	133	1	for	for	ADP
emaj-257	133	2	this	this	DET
emaj-257	133	3	reason	reason	NOUN
emaj-257	133	4	,	,	PUNCT
emaj-257	133	5	oil	oil	NOUN
emaj-257	133	6	prices	price	NOUN
emaj-257	133	7	are	be	AUX
emaj-257	133	8	also	also	ADV
emaj-257	133	9	included	include	VERB
emaj-257	133	10	in	in	ADP
emaj-257	133	11	the	the	DET
emaj-257	133	12	study	study	NOUN
emaj-257	133	13	as	as	ADP
emaj-257	133	14	an	an	DET
emaj-257	133	15	independent	independent	ADJ
emaj-257	133	16	variable	variable	NOUN
emaj-257	133	17	to	to	PART
emaj-257	133	18	analyze	analyze	VERB
emaj-257	133	19	its	its	PRON
emaj-257	133	20	effect	effect	NOUN
emaj-257	133	21	on	on	ADP
emaj-257	133	22	stock	stock	NOUN
emaj-257	133	23	market	market	NOUN
emaj-257	133	24	indices	index	NOUN
emaj-257	133	25	.	.	PUNCT
emaj-257	134	1	demirer	demirer	NOUN
emaj-257	134	2	et	et	PROPN
emaj-257	134	3	al	al	PROPN
emaj-257	134	4	.	.	PROPN
emaj-257	135	1	(	(	PUNCT
emaj-257	135	2	2019	2019	NUM
emaj-257	135	3	)	)	PUNCT
emaj-257	135	4	analyzed	analyze	VERB
emaj-257	135	5	the	the	DET
emaj-257	135	6	impact	impact	NOUN
emaj-257	135	7	of	of	ADP
emaj-257	135	8	oil	oil	NOUN
emaj-257	135	9	demand	demand	NOUN
emaj-257	135	10	and	and	CCONJ
emaj-257	135	11	supply	supply	NOUN
emaj-257	135	12	shocks	shock	NOUN
emaj-257	135	13	on	on	ADP
emaj-257	135	14	stock	stock	NOUN
emaj-257	135	15	and	and	CCONJ
emaj-257	135	16	bond	bond	NOUN
emaj-257	135	17	markets	market	NOUN
emaj-257	135	18	in	in	ADP
emaj-257	135	19	21	21	NUM
emaj-257	135	20	developed	developed	ADJ
emaj-257	135	21	and	and	CCONJ
emaj-257	135	22	developing	develop	VERB
emaj-257	135	23	countries	country	NOUN
emaj-257	135	24	.	.	PUNCT
emaj-257	136	1	the	the	DET
emaj-257	136	2	study	study	NOUN
emaj-257	136	3	revealed	reveal	VERB
emaj-257	136	4	that	that	SCONJ
emaj-257	136	5	,	,	PUNCT
emaj-257	136	6	the	the	DET
emaj-257	136	7	reactions	reaction	NOUN
emaj-257	136	8	of	of	ADP
emaj-257	136	9	stock	stock	NOUN
emaj-257	136	10	and	and	CCONJ
emaj-257	136	11	bond	bond	NOUN
emaj-257	136	12	markets	market	NOUN
emaj-257	136	13	differ	differ	VERB
emaj-257	136	14	depending	depend	VERB
emaj-257	136	15	on	on	ADP
emaj-257	136	16	the	the	DET
emaj-257	136	17	character	character	NOUN
emaj-257	136	18	of	of	ADP
emaj-257	136	19	the	the	DET
emaj-257	136	20	shock	shock	NOUN
emaj-257	136	21	.	.	PUNCT
emaj-257	137	1	oil	oil	NOUN
emaj-257	137	2	price	price	NOUN
emaj-257	137	3	shocks	shock	NOUN
emaj-257	137	4	affect	affect	VERB
emaj-257	137	5	bond	bond	NOUN
emaj-257	137	6	market	market	NOUN
emaj-257	137	7	yields	yield	NOUN
emaj-257	137	8	,	,	PUNCT
emaj-257	137	9	but	but	CCONJ
emaj-257	137	10	the	the	DET
emaj-257	137	11	effect	effect	NOUN
emaj-257	137	12	is	be	AUX
emaj-257	137	13	highly	highly	ADV
emaj-257	137	14	variable	variable	ADJ
emaj-257	137	15	and	and	CCONJ
emaj-257	137	16	substantially	substantially	ADV
emaj-257	137	17	based	base	VERB
emaj-257	137	18	on	on	ADP
emaj-257	137	19	demand	demand	NOUN
emaj-257	137	20	shocks	shock	NOUN
emaj-257	137	21	.	.	PUNCT
emaj-257	138	1	according	accord	VERB
emaj-257	138	2	to	to	ADP
emaj-257	138	3	the	the	DET
emaj-257	138	4	analysis	analysis	NOUN
emaj-257	138	5	of	of	ADP
emaj-257	138	6	kayalar	kayalar	PROPN
emaj-257	138	7	et	et	PROPN
emaj-257	138	8	al	al	PROPN
emaj-257	138	9	.	.	PROPN
emaj-257	139	1	(	(	PUNCT
emaj-257	139	2	2017	2017	NUM
emaj-257	139	3	)	)	PUNCT
emaj-257	139	4	,	,	PUNCT
emaj-257	139	5	stock	stock	NOUN
emaj-257	139	6	indices	index	NOUN
emaj-257	139	7	and	and	CCONJ
emaj-257	139	8	exchange	exchange	NOUN
emaj-257	139	9	rates	rate	NOUN
emaj-257	139	10	are	be	AUX
emaj-257	139	11	more	more	ADV
emaj-257	139	12	dependent	dependent	ADJ
emaj-257	139	13	on	on	ADP
emaj-257	139	14	oil	oil	NOUN
emaj-257	139	15	price	price	NOUN
emaj-257	139	16	in	in	ADP
emaj-257	139	17	most	most	ADJ
emaj-257	139	18	oil	oil	NOUN
emaj-257	139	19	-	-	PUNCT
emaj-257	139	20	exporting	export	VERB
emaj-257	139	21	countries	country	NOUN
emaj-257	139	22	,	,	PUNCT
emaj-257	139	23	whereas	whereas	SCONJ
emaj-257	139	24	in	in	ADP
emaj-257	139	25	developing	develop	VERB
emaj-257	139	26	oilimporting	oilimporte	VERB
emaj-257	139	27	countries	country	NOUN
emaj-257	139	28	,	,	PUNCT
emaj-257	139	29	on	on	ADP
emaj-257	139	30	the	the	DET
emaj-257	139	31	contrary	contrary	NOUN
emaj-257	139	32	,	,	PUNCT
emaj-257	139	33	the	the	DET
emaj-257	139	34	markets	market	NOUN
emaj-257	139	35	are	be	AUX
emaj-257	139	36	less	less	ADV
emaj-257	139	37	vulnerable	vulnerable	ADJ
emaj-257	139	38	to	to	ADP
emaj-257	139	39	price	price	NOUN
emaj-257	139	40	fluctuations	fluctuation	NOUN
emaj-257	139	41	.	.	PUNCT
emaj-257	140	1	according	accord	VERB
emaj-257	140	2	to	to	ADP
emaj-257	140	3	gauss	gauss	ADJ
emaj-257	140	4	copula	copula	NOUN
emaj-257	140	5	results	result	NOUN
emaj-257	140	6	between	between	ADP
emaj-257	140	7	2005	2005	NUM
emaj-257	140	8	and	and	CCONJ
emaj-257	140	9	2016	2016	NUM
emaj-257	140	10	,	,	PUNCT
emaj-257	140	11	the	the	DET
emaj-257	140	12	dependency	dependency	NOUN
emaj-257	140	13	on	on	ADP
emaj-257	140	14	crude	crude	ADJ
emaj-257	140	15	oil	oil	NOUN
emaj-257	140	16	prices	price	NOUN
emaj-257	140	17	is	be	AUX
emaj-257	140	18	46	46	NUM
emaj-257	140	19	%	%	NOUN
emaj-257	140	20	for	for	ADP
emaj-257	140	21	the	the	DET
emaj-257	140	22	brazil	brazil	PROPN
emaj-257	140	23	stock	stock	PROPN
emaj-257	140	24	index	index	PROPN
emaj-257	140	25	,	,	PUNCT
emaj-257	140	26	43	43	NUM
emaj-257	140	27	%	%	NOUN
emaj-257	140	28	for	for	ADP
emaj-257	140	29	the	the	DET
emaj-257	140	30	russia	russia	PROPN
emaj-257	140	31	index	index	NOUN
emaj-257	140	32	and	and	CCONJ
emaj-257	140	33	20	20	NUM
emaj-257	140	34	%	%	NOUN
emaj-257	140	35	for	for	ADP
emaj-257	140	36	turkey	turkey	NOUN
emaj-257	140	37	index	index	NOUN
emaj-257	140	38	.	.	PUNCT
emaj-257	141	1	by	by	ADP
emaj-257	141	2	using	use	VERB
emaj-257	141	3	the	the	DET
emaj-257	141	4	egarch	egarch	NOUN
emaj-257	141	5	process	process	NOUN
emaj-257	141	6	,	,	PUNCT
emaj-257	141	7	çevik	çevik	PROPN
emaj-257	141	8	et	et	PROPN
emaj-257	141	9	al	al	PROPN
emaj-257	141	10	.	.	PROPN
emaj-257	142	1	(	(	PUNCT
emaj-257	142	2	2020	2020	NUM
emaj-257	142	3	)	)	PUNCT
emaj-257	142	4	examined	examine	VERB
emaj-257	142	5	empirically	empirically	ADV
emaj-257	142	6	the	the	DET
emaj-257	142	7	relationship	relationship	NOUN
emaj-257	142	8	between	between	ADP
emaj-257	142	9	crude	crude	ADJ
emaj-257	142	10	oil	oil	NOUN
emaj-257	142	11	prices	price	NOUN
emaj-257	142	12	and	and	CCONJ
emaj-257	142	13	stock	stock	NOUN
emaj-257	142	14	market	market	NOUN
emaj-257	142	15	returns	return	NOUN
emaj-257	142	16	in	in	ADP
emaj-257	142	17	turkey	turkey	NOUN
emaj-257	142	18	.	.	PUNCT
emaj-257	143	1	the	the	DET
emaj-257	143	2	results	result	NOUN
emaj-257	143	3	indicated	indicate	VERB
emaj-257	143	4	that	that	SCONJ
emaj-257	143	5	,	,	PUNCT
emaj-257	143	6	crude	crude	ADJ
emaj-257	143	7	oil	oil	NOUN
emaj-257	143	8	prices	price	NOUN
emaj-257	143	9	are	be	AUX
emaj-257	143	10	significantly	significantly	ADV
emaj-257	143	11	determinant	determinant	ADJ
emaj-257	143	12	on	on	ADP
emaj-257	143	13	stock	stock	NOUN
emaj-257	143	14	market	market	NOUN
emaj-257	143	15	returns	return	NOUN
emaj-257	143	16	in	in	ADP
emaj-257	143	17	turkey	turkey	NOUN
emaj-257	143	18	.	.	PUNCT
emaj-257	144	1	singhal	singhal	PROPN
emaj-257	144	2	et	et	PROPN
emaj-257	144	3	al	al	PROPN
emaj-257	144	4	.	.	PROPN
emaj-257	145	1	(	(	PUNCT
emaj-257	145	2	2019	2019	NUM
emaj-257	145	3	)	)	PUNCT
emaj-257	145	4	investigated	investigate	VERB
emaj-257	145	5	the	the	DET
emaj-257	145	6	relationship	relationship	NOUN
emaj-257	145	7	among	among	ADP
emaj-257	145	8	crude	crude	ADJ
emaj-257	145	9	oil	oil	NOUN
emaj-257	145	10	prices	price	NOUN
emaj-257	145	11	,	,	PUNCT
emaj-257	145	12	exchange	exchange	NOUN
emaj-257	145	13	rate	rate	NOUN
emaj-257	145	14	,	,	PUNCT
emaj-257	145	15	gold	gold	NOUN
emaj-257	145	16	prices	price	NOUN
emaj-257	145	17	and	and	CCONJ
emaj-257	145	18	stock	stock	NOUN
emaj-257	145	19	market	market	NOUN
emaj-257	145	20	returns	return	NOUN
emaj-257	145	21	in	in	ADP
emaj-257	145	22	mexico	mexico	PROPN
emaj-257	145	23	for	for	ADP
emaj-257	145	24	the	the	DET
emaj-257	145	25	period	period	NOUN
emaj-257	145	26	06/2006	06/2006	NOUN
emaj-257	145	27	-	-	PUNCT
emaj-257	145	28	04/2018	04/2018	NOUN
emaj-257	145	29	.	.	PUNCT
emaj-257	146	1	according	accord	VERB
emaj-257	146	2	to	to	ADP
emaj-257	146	3	the	the	DET
emaj-257	146	4	findings	finding	NOUN
emaj-257	146	5	of	of	ADP
emaj-257	146	6	the	the	DET
emaj-257	146	7	study	study	NOUN
emaj-257	146	8	,	,	PUNCT
emaj-257	146	9	while	while	SCONJ
emaj-257	146	10	international	international	ADJ
emaj-257	146	11	gold	gold	NOUN
emaj-257	146	12	prices	price	NOUN
emaj-257	146	13	affected	affect	VERB
emaj-257	146	14	mexican	mexican	ADJ
emaj-257	146	15	stock	stock	NOUN
emaj-257	146	16	prices	price	NOUN
emaj-257	146	17	positively	positively	ADV
emaj-257	146	18	,	,	PUNCT
emaj-257	146	19	they	they	PRON
emaj-257	146	20	affected	affect	VERB
emaj-257	146	21	oil	oil	NOUN
emaj-257	146	22	prices	price	NOUN
emaj-257	146	23	negatively	negatively	ADV
emaj-257	146	24	.	.	PUNCT
emaj-257	147	1	fang	fang	PROPN
emaj-257	147	2	et	et	PROPN
emaj-257	147	3	al	al	PROPN
emaj-257	147	4	.	.	PROPN
emaj-257	147	5	(	(	PUNCT
emaj-257	147	6	2014	2014	NUM
emaj-257	147	7	)	)	PUNCT
emaj-257	147	8	analyzed	analyze	VERB
emaj-257	147	9	the	the	DET
emaj-257	147	10	effect	effect	NOUN
emaj-257	147	11	of	of	ADP
emaj-257	147	12	changes	change	NOUN
emaj-257	147	13	in	in	ADP
emaj-257	147	14	oil	oil	NOUN
emaj-257	147	15	prices	price	NOUN
emaj-257	147	16	on	on	ADP
emaj-257	147	17	stock	stock	NOUN
emaj-257	147	18	market	market	NOUN
emaj-257	147	19	returns	return	NOUN
emaj-257	147	20	in	in	ADP
emaj-257	147	21	the	the	DET
emaj-257	147	22	three	three	NUM
emaj-257	147	23	major	major	ADJ
emaj-257	147	24	newly	newly	ADV
emaj-257	147	25	industrializing	industrialize	VERB
emaj-257	147	26	countries	country	NOUN
emaj-257	147	27	,	,	PUNCT
emaj-257	147	28	russia	russia	PROPN
emaj-257	147	29	,	,	PUNCT
emaj-257	147	30	china	china	PROPN
emaj-257	147	31	and	and	CCONJ
emaj-257	147	32	india	india	PROPN
emaj-257	147	33	.	.	PUNCT
emaj-257	148	1	they	they	PRON
emaj-257	148	2	observed	observe	VERB
emaj-257	148	3	that	that	SCONJ
emaj-257	148	4	,	,	PUNCT
emaj-257	148	5	the	the	DET
emaj-257	148	6	effect	effect	NOUN
emaj-257	148	7	of	of	ADP
emaj-257	148	8	oil	oil	NOUN
emaj-257	148	9	price	price	NOUN
emaj-257	148	10	shocks	shock	NOUN
emaj-257	148	11	on	on	ADP
emaj-257	148	12	stock	stock	NOUN
emaj-257	148	13	volume	volume	NOUN
emaj-257	148	14	12	12	NUM
emaj-257	148	15	no	no	DET
emaj-257	148	16	1	1	NUM
emaj-257	148	17	(	(	PUNCT
emaj-257	148	18	2022	2022	NUM
emaj-257	148	19	)	)	PUNCT
emaj-257	148	20	|	|	ADV
emaj-257	148	21	issn	issn	VERB
emaj-257	148	22	2158	2158	NUM
emaj-257	148	23	-	-	SYM
emaj-257	148	24	8708	8708	NUM
emaj-257	148	25	(	(	PUNCT
emaj-257	148	26	online	online	NOUN
emaj-257	148	27	)	)	PUNCT
emaj-257	148	28	|	|	ADV
emaj-257	148	29	doi	doi	X
emaj-257	148	30	10.5195	10.5195	NUM
emaj-257	148	31	/	/	SYM
emaj-257	148	32	emaj.2022.257	emaj.2022.257	NOUN
emaj-257	148	33	|	|	ADV
emaj-257	148	34	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-257	148	35	determinants	determinant	NOUN
emaj-257	148	36	of	of	ADP
emaj-257	148	37	stock	stock	NOUN
emaj-257	148	38	market	market	NOUN
emaj-257	148	39	indices	index	NOUN
emaj-257	148	40	:	:	PUNCT
emaj-257	148	41	an	an	DET
emaj-257	148	42	analysis	analysis	NOUN
emaj-257	148	43	of	of	ADP
emaj-257	148	44	emerging	emerge	VERB
emaj-257	148	45	markets	market	NOUN
emaj-257	148	46	of	of	ADP
emaj-257	148	47	brazil	brazil	PROPN
emaj-257	148	48	,	,	PUNCT
emaj-257	148	49	mexico	mexico	PROPN
emaj-257	148	50	,	,	PUNCT
emaj-257	148	51	russia	russia	PROPN
emaj-257	148	52	,	,	PUNCT
emaj-257	148	53	and	and	CCONJ
emaj-257	148	54	turkey	turkey	NOUN
emaj-257	148	55	page	page	NOUN
emaj-257	148	56	|30|	|30|	VERB
emaj-257	148	57	emerging	emerge	VERB
emaj-257	148	58	markets	market	NOUN
emaj-257	148	59	journal	journal	NOUN
emaj-257	148	60	prices	price	NOUN
emaj-257	148	61	in	in	ADP
emaj-257	148	62	these	these	DET
emaj-257	148	63	three	three	NUM
emaj-257	148	64	countries	country	NOUN
emaj-257	148	65	is	be	AUX
emaj-257	148	66	partially	partially	ADV
emaj-257	148	67	mixed	mixed	ADJ
emaj-257	148	68	,	,	PUNCT
emaj-257	148	69	unlike	unlike	ADP
emaj-257	148	70	the	the	DET
emaj-257	148	71	effects	effect	NOUN
emaj-257	148	72	on	on	ADP
emaj-257	148	73	the	the	DET
emaj-257	148	74	stock	stock	NOUN
emaj-257	148	75	markets	market	NOUN
emaj-257	148	76	of	of	ADP
emaj-257	148	77	the	the	DET
emaj-257	148	78	usa	usa	PROPN
emaj-257	148	79	and	and	CCONJ
emaj-257	148	80	developed	developed	ADJ
emaj-257	148	81	countries	country	NOUN
emaj-257	148	82	.	.	PUNCT
emaj-257	149	1	according	accord	VERB
emaj-257	149	2	to	to	ADP
emaj-257	149	3	the	the	DET
emaj-257	149	4	results	result	NOUN
emaj-257	149	5	,	,	PUNCT
emaj-257	149	6	i	i	PRON
emaj-257	149	7	)	)	PUNCT
emaj-257	149	8	oil	oil	NOUN
emaj-257	149	9	prices	price	NOUN
emaj-257	149	10	had	have	VERB
emaj-257	149	11	a	a	DET
emaj-257	149	12	negative	negative	ADJ
emaj-257	149	13	effect	effect	NOUN
emaj-257	149	14	on	on	ADP
emaj-257	149	15	the	the	DET
emaj-257	149	16	indian	indian	ADJ
emaj-257	149	17	economy	economy	NOUN
emaj-257	149	18	,	,	PUNCT
emaj-257	149	19	ii	ii	NOUN
emaj-257	149	20	)	)	PUNCT
emaj-257	149	21	only	only	ADV
emaj-257	149	22	oil	oil	NOUN
emaj-257	149	23	supply	supply	NOUN
emaj-257	149	24	shocks	shock	NOUN
emaj-257	149	25	affected	affect	VERB
emaj-257	149	26	russia	russia	PROPN
emaj-257	149	27	's	's	PART
emaj-257	149	28	stocks	stock	NOUN
emaj-257	149	29	positively	positively	ADV
emaj-257	149	30	,	,	PUNCT
emaj-257	149	31	iii	iii	X
emaj-257	149	32	)	)	PUNCT
emaj-257	149	33	global	global	ADJ
emaj-257	149	34	oil	oil	NOUN
emaj-257	149	35	demand	demand	NOUN
emaj-257	149	36	shocks	shock	NOUN
emaj-257	149	37	had	have	VERB
emaj-257	149	38	an	an	DET
emaj-257	149	39	insignificant	insignificant	ADJ
emaj-257	149	40	impact	impact	NOUN
emaj-257	149	41	on	on	ADP
emaj-257	149	42	chinese	chinese	ADJ
emaj-257	149	43	stock	stock	NOUN
emaj-257	149	44	market	market	NOUN
emaj-257	149	45	yields	yield	NOUN
emaj-257	149	46	.	.	PUNCT
emaj-257	150	1	lee	lee	PROPN
emaj-257	150	2	et	et	PROPN
emaj-257	150	3	al	al	PROPN
emaj-257	150	4	.	.	PROPN
emaj-257	151	1	(	(	PUNCT
emaj-257	151	2	2012	2012	NUM
emaj-257	151	3	)	)	PUNCT
emaj-257	151	4	investigated	investigate	VERB
emaj-257	151	5	the	the	DET
emaj-257	151	6	relationship	relationship	NOUN
emaj-257	151	7	between	between	ADP
emaj-257	151	8	oil	oil	NOUN
emaj-257	151	9	prices	price	NOUN
emaj-257	151	10	and	and	CCONJ
emaj-257	151	11	sectoral	sectoral	ADJ
emaj-257	151	12	stock	stock	NOUN
emaj-257	151	13	prices	price	NOUN
emaj-257	151	14	for	for	ADP
emaj-257	151	15	g7	g7	PROPN
emaj-257	151	16	countries	country	NOUN
emaj-257	151	17	for	for	ADP
emaj-257	151	18	the	the	DET
emaj-257	151	19	period	period	NOUN
emaj-257	151	20	of	of	ADP
emaj-257	151	21	1991	1991	NUM
emaj-257	151	22	-	-	SYM
emaj-257	151	23	2009	2009	NUM
emaj-257	151	24	.	.	PUNCT
emaj-257	152	1	they	they	PRON
emaj-257	152	2	observe	observe	VERB
emaj-257	152	3	that	that	SCONJ
emaj-257	152	4	,	,	PUNCT
emaj-257	152	5	oil	oil	NOUN
emaj-257	152	6	price	price	NOUN
emaj-257	152	7	shocks	shock	NOUN
emaj-257	152	8	do	do	AUX
emaj-257	152	9	not	not	PART
emaj-257	152	10	affect	affect	VERB
emaj-257	152	11	the	the	DET
emaj-257	152	12	composite	composite	ADJ
emaj-257	152	13	indices	index	NOUN
emaj-257	152	14	in	in	ADP
emaj-257	152	15	all	all	DET
emaj-257	152	16	these	these	DET
emaj-257	152	17	countries	country	NOUN
emaj-257	152	18	and	and	CCONJ
emaj-257	152	19	a	a	DET
emaj-257	152	20	negative	negative	ADJ
emaj-257	152	21	causality	causality	NOUN
emaj-257	152	22	relationship	relationship	NOUN
emaj-257	152	23	exists	exist	VERB
emaj-257	152	24	between	between	ADP
emaj-257	152	25	oil	oil	NOUN
emaj-257	152	26	prices	price	NOUN
emaj-257	152	27	and	and	CCONJ
emaj-257	152	28	sectoral	sectoral	ADJ
emaj-257	152	29	stocks	stock	NOUN
emaj-257	152	30	.	.	PUNCT
emaj-257	153	1	it	it	PRON
emaj-257	153	2	is	be	AUX
emaj-257	153	3	known	know	VERB
emaj-257	153	4	that	that	SCONJ
emaj-257	153	5	,	,	PUNCT
emaj-257	153	6	gold	gold	NOUN
emaj-257	153	7	prices	price	NOUN
emaj-257	153	8	generally	generally	ADV
emaj-257	153	9	have	have	VERB
emaj-257	153	10	a	a	DET
emaj-257	153	11	negative	negative	ADJ
emaj-257	153	12	correlation	correlation	NOUN
emaj-257	153	13	with	with	ADP
emaj-257	153	14	stock	stock	NOUN
emaj-257	153	15	returns	return	NOUN
emaj-257	153	16	,	,	PUNCT
emaj-257	153	17	and	and	CCONJ
emaj-257	153	18	gold	gold	NOUN
emaj-257	153	19	comes	come	VERB
emaj-257	153	20	to	to	ADP
emaj-257	153	21	the	the	DET
emaj-257	153	22	fore	fore	NOUN
emaj-257	153	23	as	as	ADP
emaj-257	153	24	an	an	DET
emaj-257	153	25	important	important	ADJ
emaj-257	153	26	hedging	hedging	NOUN
emaj-257	153	27	tool	tool	NOUN
emaj-257	153	28	,	,	PUNCT
emaj-257	153	29	especially	especially	ADV
emaj-257	153	30	during	during	ADP
emaj-257	153	31	periods	period	NOUN
emaj-257	153	32	of	of	ADP
emaj-257	153	33	high	high	ADJ
emaj-257	153	34	volatility	volatility	NOUN
emaj-257	153	35	and	and	CCONJ
emaj-257	153	36	negative	negative	ADJ
emaj-257	153	37	returns	return	NOUN
emaj-257	153	38	in	in	ADP
emaj-257	153	39	stock	stock	NOUN
emaj-257	153	40	markets	market	NOUN
emaj-257	153	41	.	.	PUNCT
emaj-257	154	1	triki	triki	PROPN
emaj-257	154	2	and	and	CCONJ
emaj-257	154	3	maatoug	maatoug	PROPN
emaj-257	154	4	(	(	PUNCT
emaj-257	154	5	2020	2020	NUM
emaj-257	154	6	)	)	PUNCT
emaj-257	154	7	studied	study	VERB
emaj-257	154	8	the	the	DET
emaj-257	154	9	relationship	relationship	NOUN
emaj-257	154	10	between	between	ADP
emaj-257	154	11	the	the	DET
emaj-257	154	12	s&p500	s&p500	NOUN
emaj-257	154	13	index	index	NOUN
emaj-257	154	14	and	and	CCONJ
emaj-257	154	15	the	the	DET
emaj-257	154	16	gold	gold	NOUN
emaj-257	154	17	prices	price	NOUN
emaj-257	154	18	for	for	ADP
emaj-257	154	19	the	the	DET
emaj-257	154	20	period	period	NOUN
emaj-257	154	21	of	of	ADP
emaj-257	154	22	19852018	19852018	NUM
emaj-257	154	23	,	,	PUNCT
emaj-257	154	24	together	together	ADV
emaj-257	154	25	with	with	ADP
emaj-257	154	26	the	the	DET
emaj-257	154	27	geopolitical	geopolitical	ADJ
emaj-257	154	28	risk	risk	NOUN
emaj-257	154	29	index	index	NOUN
emaj-257	154	30	,	,	PUNCT
emaj-257	154	31	within	within	ADP
emaj-257	154	32	the	the	DET
emaj-257	154	33	scope	scope	NOUN
emaj-257	154	34	of	of	ADP
emaj-257	154	35	the	the	DET
emaj-257	154	36	existence	existence	NOUN
emaj-257	154	37	of	of	ADP
emaj-257	154	38	geopolitical	geopolitical	ADJ
emaj-257	154	39	tensions	tension	NOUN
emaj-257	154	40	and	and	CCONJ
emaj-257	154	41	conflicts	conflict	NOUN
emaj-257	154	42	.	.	PUNCT
emaj-257	155	1	they	they	PRON
emaj-257	155	2	concluded	conclude	VERB
emaj-257	155	3	that	that	SCONJ
emaj-257	155	4	,	,	PUNCT
emaj-257	155	5	gold	gold	NOUN
emaj-257	155	6	is	be	AUX
emaj-257	155	7	a	a	DET
emaj-257	155	8	good	good	ADJ
emaj-257	155	9	diversification	diversification	NOUN
emaj-257	155	10	tool	tool	NOUN
emaj-257	155	11	and	and	CCONJ
emaj-257	155	12	provides	provide	VERB
emaj-257	155	13	significant	significant	ADJ
emaj-257	155	14	hedging	hedging	NOUN
emaj-257	155	15	against	against	ADP
emaj-257	155	16	the	the	DET
emaj-257	155	17	volatility	volatility	NOUN
emaj-257	155	18	of	of	ADP
emaj-257	155	19	the	the	DET
emaj-257	155	20	s&p500	s&p500	NOUN
emaj-257	155	21	,	,	PUNCT
emaj-257	155	22	especially	especially	ADV
emaj-257	155	23	during	during	ADP
emaj-257	155	24	high	high	ADJ
emaj-257	155	25	tensions	tension	NOUN
emaj-257	155	26	.	.	PUNCT
emaj-257	156	1	in	in	ADP
emaj-257	156	2	similar	similar	ADJ
emaj-257	156	3	studies	study	NOUN
emaj-257	156	4	,	,	PUNCT
emaj-257	156	5	smith	smith	PROPN
emaj-257	156	6	and	and	CCONJ
emaj-257	156	7	cohen	cohen	PROPN
emaj-257	156	8	(	(	PUNCT
emaj-257	156	9	2002	2002	NUM
emaj-257	156	10	)	)	PUNCT
emaj-257	156	11	stated	state	VERB
emaj-257	156	12	that	that	SCONJ
emaj-257	156	13	,	,	PUNCT
emaj-257	156	14	gold	gold	NOUN
emaj-257	156	15	prices	price	NOUN
emaj-257	156	16	increase	increase	VERB
emaj-257	156	17	in	in	ADP
emaj-257	156	18	uncertainty	uncertainty	NOUN
emaj-257	156	19	associated	associate	VERB
emaj-257	156	20	with	with	ADP
emaj-257	156	21	political	political	ADJ
emaj-257	156	22	events	event	NOUN
emaj-257	156	23	that	that	PRON
emaj-257	156	24	cause	cause	VERB
emaj-257	156	25	the	the	DET
emaj-257	156	26	stock	stock	NOUN
emaj-257	156	27	market	market	NOUN
emaj-257	156	28	to	to	PART
emaj-257	156	29	depreciate	depreciate	VERB
emaj-257	156	30	or	or	CCONJ
emaj-257	156	31	with	with	ADP
emaj-257	156	32	increasing	increase	VERB
emaj-257	156	33	financial	financial	ADJ
emaj-257	156	34	risk	risk	NOUN
emaj-257	156	35	.	.	PUNCT
emaj-257	157	1	supporting	support	VERB
emaj-257	157	2	the	the	DET
emaj-257	157	3	idea	idea	NOUN
emaj-257	157	4	that	that	SCONJ
emaj-257	157	5	there	there	PRON
emaj-257	157	6	is	be	VERB
emaj-257	157	7	a	a	DET
emaj-257	157	8	highly	highly	ADV
emaj-257	157	9	significant	significant	ADJ
emaj-257	157	10	indirect	indirect	ADJ
emaj-257	157	11	relationship	relationship	NOUN
emaj-257	157	12	between	between	ADP
emaj-257	157	13	political	political	ADJ
emaj-257	157	14	crises	crisis	NOUN
emaj-257	157	15	and	and	CCONJ
emaj-257	157	16	the	the	DET
emaj-257	157	17	volatility	volatility	NOUN
emaj-257	157	18	in	in	ADP
emaj-257	157	19	the	the	DET
emaj-257	157	20	gold	gold	NOUN
emaj-257	157	21	price	price	NOUN
emaj-257	157	22	in	in	ADP
emaj-257	157	23	response	response	NOUN
emaj-257	157	24	to	to	ADP
emaj-257	157	25	stock	stock	NOUN
emaj-257	157	26	market	market	NOUN
emaj-257	157	27	volatility	volatility	NOUN
emaj-257	157	28	,	,	PUNCT
emaj-257	157	29	draper	draper	NOUN
emaj-257	157	30	et	et	PROPN
emaj-257	157	31	al	al	PROPN
emaj-257	157	32	.	.	PROPN
emaj-257	158	1	(	(	PUNCT
emaj-257	158	2	2006	2006	NUM
emaj-257	158	3	)	)	PUNCT
emaj-257	158	4	stated	state	VERB
emaj-257	158	5	that	that	SCONJ
emaj-257	158	6	gold	gold	NOUN
emaj-257	158	7	has	have	VERB
emaj-257	158	8	a	a	DET
emaj-257	158	9	higher	high	ADJ
emaj-257	158	10	negative	negative	ADJ
emaj-257	158	11	correlation	correlation	NOUN
emaj-257	158	12	in	in	ADP
emaj-257	158	13	periods	period	NOUN
emaj-257	158	14	of	of	ADP
emaj-257	158	15	high	high	ADJ
emaj-257	158	16	volatility	volatility	NOUN
emaj-257	158	17	and	and	CCONJ
emaj-257	158	18	negative	negative	ADJ
emaj-257	158	19	stock	stock	NOUN
emaj-257	158	20	market	market	NOUN
emaj-257	158	21	returns	return	NOUN
emaj-257	158	22	.	.	PUNCT
emaj-257	159	1	hillier	hilli	ADJ
emaj-257	159	2	and	and	CCONJ
emaj-257	159	3	robert	robert	PROPN
emaj-257	159	4	(	(	PUNCT
emaj-257	159	5	2006	2006	NUM
emaj-257	159	6	)	)	PUNCT
emaj-257	159	7	indicated	indicate	VERB
emaj-257	159	8	that	that	SCONJ
emaj-257	159	9	,	,	PUNCT
emaj-257	159	10	the	the	DET
emaj-257	159	11	gold	gold	NOUN
emaj-257	159	12	market	market	NOUN
emaj-257	159	13	is	be	AUX
emaj-257	159	14	crucial	crucial	ADJ
emaj-257	159	15	for	for	ADP
emaj-257	159	16	economic	economic	ADJ
emaj-257	159	17	and	and	CCONJ
emaj-257	159	18	political	political	ADJ
emaj-257	159	19	crisis	crisis	NOUN
emaj-257	159	20	periods	period	NOUN
emaj-257	159	21	when	when	SCONJ
emaj-257	159	22	combined	combine	VERB
emaj-257	159	23	with	with	ADP
emaj-257	159	24	periods	period	NOUN
emaj-257	159	25	of	of	ADP
emaj-257	159	26	crisis	crisis	NOUN
emaj-257	159	27	and	and	CCONJ
emaj-257	159	28	stress	stress	NOUN
emaj-257	159	29	,	,	PUNCT
emaj-257	159	30	and	and	CCONJ
emaj-257	159	31	high	high	ADJ
emaj-257	159	32	stock	stock	NOUN
emaj-257	159	33	market	market	NOUN
emaj-257	159	34	volatility	volatility	NOUN
emaj-257	159	35	.	.	PUNCT
emaj-257	160	1	with	with	ADP
emaj-257	160	2	a	a	DET
emaj-257	160	3	different	different	ADJ
emaj-257	160	4	approach	approach	NOUN
emaj-257	160	5	,	,	PUNCT
emaj-257	160	6	christie	christie	PROPN
emaj-257	160	7	-	-	PUNCT
emaj-257	160	8	david	david	PROPN
emaj-257	160	9	et	et	PROPN
emaj-257	160	10	al	al	PROPN
emaj-257	160	11	.	.	PROPN
emaj-257	161	1	(	(	PUNCT
emaj-257	161	2	2000	2000	NUM
emaj-257	161	3	)	)	PUNCT
emaj-257	161	4	examined	examine	VERB
emaj-257	161	5	many	many	ADJ
emaj-257	161	6	macroeconomic	macroeconomic	ADJ
emaj-257	161	7	effects	effect	NOUN
emaj-257	161	8	that	that	PRON
emaj-257	161	9	affect	affect	VERB
emaj-257	161	10	the	the	DET
emaj-257	161	11	gold	gold	NOUN
emaj-257	161	12	price	price	NOUN
emaj-257	161	13	and	and	CCONJ
emaj-257	161	14	interest	interest	NOUN
emaj-257	161	15	rate	rate	NOUN
emaj-257	161	16	futures	future	NOUN
emaj-257	161	17	in	in	ADP
emaj-257	161	18	the	the	DET
emaj-257	161	19	period	period	NOUN
emaj-257	161	20	1992	1992	NUM
emaj-257	161	21	-	-	SYM
emaj-257	161	22	1995	1995	NUM
emaj-257	161	23	with	with	ADP
emaj-257	161	24	15minute	15minute	NUM
emaj-257	161	25	frequencies	frequency	NOUN
emaj-257	161	26	.	.	PUNCT
emaj-257	162	1	they	they	PRON
emaj-257	162	2	observed	observe	VERB
emaj-257	162	3	that	that	SCONJ
emaj-257	162	4	,	,	PUNCT
emaj-257	162	5	news	news	NOUN
emaj-257	162	6	releases	release	NOUN
emaj-257	162	7	on	on	ADP
emaj-257	162	8	macroeconomic	macroeconomic	ADJ
emaj-257	162	9	indicators	indicator	NOUN
emaj-257	162	10	have	have	VERB
emaj-257	162	11	a	a	DET
emaj-257	162	12	significant	significant	ADJ
emaj-257	162	13	impact	impact	NOUN
emaj-257	162	14	on	on	ADP
emaj-257	162	15	interest	interest	NOUN
emaj-257	162	16	rate	rate	NOUN
emaj-257	162	17	contracts	contract	NOUN
emaj-257	162	18	,	,	PUNCT
emaj-257	162	19	but	but	CCONJ
emaj-257	162	20	have	have	VERB
emaj-257	162	21	a	a	DET
emaj-257	162	22	smaller	small	ADJ
emaj-257	162	23	impact	impact	NOUN
emaj-257	162	24	on	on	ADP
emaj-257	162	25	gold	gold	NOUN
emaj-257	162	26	yields	yield	NOUN
emaj-257	162	27	.	.	PUNCT
emaj-257	163	1	when	when	SCONJ
emaj-257	163	2	the	the	DET
emaj-257	163	3	findings	finding	NOUN
emaj-257	163	4	obtained	obtain	VERB
emaj-257	163	5	in	in	ADP
emaj-257	163	6	this	this	DET
emaj-257	163	7	study	study	NOUN
emaj-257	163	8	are	be	AUX
emaj-257	163	9	compared	compare	VERB
emaj-257	163	10	with	with	ADP
emaj-257	163	11	other	other	ADJ
emaj-257	163	12	results	result	NOUN
emaj-257	163	13	obtained	obtain	VERB
emaj-257	163	14	in	in	ADP
emaj-257	163	15	the	the	DET
emaj-257	163	16	literature	literature	NOUN
emaj-257	163	17	,	,	PUNCT
emaj-257	163	18	they	they	PRON
emaj-257	163	19	generally	generally	ADV
emaj-257	163	20	do	do	AUX
emaj-257	163	21	not	not	PART
emaj-257	163	22	show	show	VERB
emaj-257	163	23	significant	significant	ADJ
emaj-257	163	24	similarities	similarity	NOUN
emaj-257	163	25	.	.	PUNCT
emaj-257	164	1	the	the	DET
emaj-257	164	2	reasons	reason	NOUN
emaj-257	164	3	for	for	ADP
emaj-257	164	4	this	this	PRON
emaj-257	164	5	may	may	AUX
emaj-257	164	6	be	be	AUX
emaj-257	164	7	that	that	SCONJ
emaj-257	164	8	this	this	DET
emaj-257	164	9	study	study	NOUN
emaj-257	164	10	includes	include	VERB
emaj-257	164	11	both	both	DET
emaj-257	164	12	long	long	ADJ
emaj-257	164	13	-	-	PUNCT
emaj-257	164	14	term	term	NOUN
emaj-257	164	15	and	and	CCONJ
emaj-257	164	16	short	short	ADJ
emaj-257	164	17	-	-	PUNCT
emaj-257	164	18	term	term	NOUN
emaj-257	164	19	periods	period	NOUN
emaj-257	164	20	,	,	PUNCT
emaj-257	164	21	and	and	CCONJ
emaj-257	164	22	that	that	SCONJ
emaj-257	164	23	many	many	ADJ
emaj-257	164	24	variables	variable	NOUN
emaj-257	164	25	are	be	AUX
emaj-257	164	26	included	include	VERB
emaj-257	164	27	in	in	ADP
emaj-257	164	28	the	the	DET
emaj-257	164	29	model	model	NOUN
emaj-257	164	30	.	.	PUNCT
emaj-257	165	1	according	accord	VERB
emaj-257	165	2	to	to	ADP
emaj-257	165	3	the	the	DET
emaj-257	165	4	results	result	NOUN
emaj-257	165	5	of	of	ADP
emaj-257	165	6	this	this	DET
emaj-257	165	7	study	study	NOUN
emaj-257	165	8	,	,	PUNCT
emaj-257	165	9	it	it	PRON
emaj-257	165	10	is	be	AUX
emaj-257	165	11	seen	see	VERB
emaj-257	165	12	that	that	SCONJ
emaj-257	165	13	the	the	DET
emaj-257	165	14	effects	effect	NOUN
emaj-257	165	15	of	of	ADP
emaj-257	165	16	most	most	ADJ
emaj-257	165	17	variables	variable	NOUN
emaj-257	165	18	on	on	ADP
emaj-257	165	19	stock	stock	NOUN
emaj-257	165	20	market	market	NOUN
emaj-257	165	21	indices	index	NOUN
emaj-257	165	22	both	both	CCONJ
emaj-257	165	23	in	in	ADP
emaj-257	165	24	terms	term	NOUN
emaj-257	165	25	of	of	ADP
emaj-257	165	26	countries	country	NOUN
emaj-257	165	27	,	,	PUNCT
emaj-257	165	28	direction	direction	NOUN
emaj-257	165	29	and	and	CCONJ
emaj-257	165	30	size	size	NOUN
emaj-257	165	31	are	be	AUX
emaj-257	165	32	different	different	ADJ
emaj-257	165	33	in	in	ADP
emaj-257	165	34	the	the	DET
emaj-257	165	35	long	long	ADV
emaj-257	165	36	-	-	PUNCT
emaj-257	165	37	run	run	VERB
emaj-257	165	38	and	and	CCONJ
emaj-257	165	39	short	short	ADJ
emaj-257	165	40	-	-	PUNCT
emaj-257	165	41	run	run	NOUN
emaj-257	165	42	.	.	PUNCT
emaj-257	166	1	iii	iii	X
emaj-257	166	2	.	.	PUNCT
emaj-257	166	3	data	datum	NOUN
emaj-257	166	4	and	and	CCONJ
emaj-257	166	5	methodology	methodology	NOUN
emaj-257	166	6	data	datum	NOUN
emaj-257	166	7	collection	collection	NOUN
emaj-257	166	8	this	this	DET
emaj-257	166	9	study	study	NOUN
emaj-257	166	10	analyzes	analyze	VERB
emaj-257	166	11	the	the	DET
emaj-257	166	12	dynamic	dynamic	ADJ
emaj-257	166	13	relationship	relationship	NOUN
emaj-257	166	14	among	among	ADP
emaj-257	166	15	the	the	DET
emaj-257	166	16	stock	stock	NOUN
emaj-257	166	17	market	market	NOUN
emaj-257	166	18	indices	index	NOUN
emaj-257	166	19	of	of	ADP
emaj-257	166	20	four	four	NUM
emaj-257	166	21	emerging	emerge	VERB
emaj-257	166	22	countries	country	NOUN
emaj-257	166	23	(	(	PUNCT
emaj-257	166	24	n=4	n=4	NOUN
emaj-257	166	25	)	)	PUNCT
emaj-257	166	26	and	and	CCONJ
emaj-257	166	27	a	a	DET
emaj-257	166	28	set	set	NOUN
emaj-257	166	29	of	of	ADP
emaj-257	166	30	macroeconomic	macroeconomic	ADJ
emaj-257	166	31	regressors	regressor	NOUN
emaj-257	166	32	.	.	PUNCT
emaj-257	167	1	the	the	DET
emaj-257	167	2	complexity	complexity	NOUN
emaj-257	167	3	of	of	ADP
emaj-257	167	4	financial	financial	ADJ
emaj-257	167	5	markets	market	NOUN
emaj-257	167	6	in	in	ADP
emaj-257	167	7	general	general	ADJ
emaj-257	167	8	and	and	CCONJ
emaj-257	167	9	stock	stock	NOUN
emaj-257	167	10	markets	market	NOUN
emaj-257	167	11	,	,	PUNCT
emaj-257	167	12	in	in	ADP
emaj-257	167	13	particular	particular	ADJ
emaj-257	167	14	,	,	PUNCT
emaj-257	167	15	begs	beg	NOUN
emaj-257	167	16	for	for	ADP
emaj-257	167	17	an	an	DET
emaj-257	167	18	in	in	ADP
emaj-257	167	19	-	-	PUNCT
emaj-257	167	20	depth	depth	NOUN
emaj-257	167	21	analysis	analysis	NOUN
emaj-257	167	22	of	of	ADP
emaj-257	167	23	the	the	DET
emaj-257	167	24	variables	variable	NOUN
emaj-257	167	25	,	,	PUNCT
emaj-257	167	26	which	which	PRON
emaj-257	167	27	may	may	AUX
emaj-257	167	28	have	have	VERB
emaj-257	167	29	an	an	DET
emaj-257	167	30	impact	impact	NOUN
emaj-257	167	31	on	on	ADP
emaj-257	167	32	these	these	DET
emaj-257	167	33	markets	market	NOUN
emaj-257	167	34	.	.	PUNCT
emaj-257	168	1	we	we	PRON
emaj-257	168	2	collected	collect	VERB
emaj-257	168	3	the	the	DET
emaj-257	168	4	related	relate	VERB
emaj-257	168	5	data	datum	NOUN
emaj-257	168	6	from	from	ADP
emaj-257	168	7	the	the	DET
emaj-257	168	8	website	website	NOUN
emaj-257	168	9	of	of	ADP
emaj-257	168	10	a	a	DET
emaj-257	168	11	wellknown	wellknown	ADJ
emaj-257	168	12	global	global	ADJ
emaj-257	168	13	financial	financial	ADJ
emaj-257	168	14	data	datum	NOUN
emaj-257	168	15	provider	provider	NOUN
emaj-257	168	16	,	,	PUNCT
emaj-257	168	17	https://tr.investing.com/.	https://tr.investing.com/.	PROPN
emaj-257	168	18	table	table	NOUN
emaj-257	168	19	1	1	NUM
emaj-257	168	20	:	:	PUNCT
emaj-257	168	21	dependent	dependent	ADJ
emaj-257	168	22	and	and	CCONJ
emaj-257	168	23	independent	independent	ADJ
emaj-257	168	24	variables	variable	NOUN
emaj-257	168	25	variables	variable	VERB
emaj-257	168	26	definition	definition	NOUN
emaj-257	168	27	source	source	NOUN
emaj-257	168	28	dependent	dependent	ADJ
emaj-257	168	29	v.	v.	ADP
emaj-257	168	30	stock	stock	NOUN
emaj-257	168	31	stock	stock	PROPN
emaj-257	168	32	exchange	exchange	PROPN
emaj-257	168	33	index	index	NOUN
emaj-257	168	34	(	(	PUNCT
emaj-257	168	35	monthly	monthly	ADJ
emaj-257	168	36	)	)	PUNCT
emaj-257	168	37	turkey	turkey	PROPN
emaj-257	168	38	bist100	bist100	PROPN
emaj-257	168	39	mexico	mexico	PROPN
emaj-257	168	40	bse	bse	PROPN
emaj-257	168	41	sunsex	sunsex	PROPN
emaj-257	168	42	moex	moex	PROPN
emaj-257	168	43	russia	russia	PROPN
emaj-257	168	44	(	(	PUNCT
emaj-257	168	45	imoex	imoex	NOUN
emaj-257	168	46	)	)	PUNCT
emaj-257	168	47	brazil	brazil	PROPN
emaj-257	168	48	bovespa	bovespa	PROPN
emaj-257	168	49	independent	independent	PROPN
emaj-257	168	50	v.	v.	ADP
emaj-257	168	51	bond	bond	PROPN
emaj-257	168	52	5	5	NUM
emaj-257	168	53	-	-	PUNCT
emaj-257	168	54	year	year	NOUN
emaj-257	168	55	bond	bond	NOUN
emaj-257	168	56	yields	yield	NOUN
emaj-257	168	57	(	(	PUNCT
emaj-257	168	58	monthly	monthly	ADJ
emaj-257	168	59	)	)	PUNCT
emaj-257	168	60	investing.com	investing.com	X
emaj-257	168	61	cds	cd	NOUN
emaj-257	168	62	credit	credit	NOUN
emaj-257	168	63	default	default	NOUN
emaj-257	168	64	swaps	swap	NOUN
emaj-257	168	65	-	-	PUNCT
emaj-257	168	66	cds	cd	NOUN
emaj-257	168	67	premiums	premium	NOUN
emaj-257	168	68	(	(	PUNCT
emaj-257	168	69	monthly	monthly	ADJ
emaj-257	168	70	)	)	PUNCT
emaj-257	168	71	vix	vix	PROPN
emaj-257	168	72	s&p500	s&p500	NOUN
emaj-257	168	73	vix	vix	PROPN
emaj-257	168	74	volatility	volatility	NOUN
emaj-257	168	75	index	index	NOUN
emaj-257	168	76	(	(	PUNCT
emaj-257	168	77	monthly	monthly	ADJ
emaj-257	168	78	)	)	PUNCT
emaj-257	168	79	gold	gold	NOUN
emaj-257	168	80	gold	gold	NOUN
emaj-257	168	81	ounce	ounce	NOUN
emaj-257	168	82	prices	price	NOUN
emaj-257	168	83	(	(	PUNCT
emaj-257	168	84	$	$	SYM
emaj-257	168	85	)	)	PUNCT
emaj-257	168	86	(	(	PUNCT
emaj-257	168	87	monthly	monthly	ADV
emaj-257	168	88	)	)	PUNCT
emaj-257	168	89	msci	msci	PROPN
emaj-257	168	90	msci	msci	PROPN
emaj-257	168	91	emerging	emerge	VERB
emaj-257	168	92	markets	market	NOUN
emaj-257	168	93	(	(	PUNCT
emaj-257	168	94	monthly	monthly	ADJ
emaj-257	168	95	)	)	PUNCT
emaj-257	168	96	oil	oil	NOUN
emaj-257	168	97	crude	crude	NOUN
emaj-257	168	98	oil	oil	NOUN
emaj-257	168	99	prices	price	NOUN
emaj-257	168	100	(	(	PUNCT
emaj-257	168	101	monthly	monthly	ADV
emaj-257	168	102	)	)	PUNCT
emaj-257	168	103	ect	ect	VERB
emaj-257	168	104	error	error	NOUN
emaj-257	168	105	correction	correction	NOUN
emaj-257	168	106	term	term	NOUN
emaj-257	168	107	calculated	calculate	VERB
emaj-257	168	108	by	by	ADP
emaj-257	168	109	authors	author	NOUN
emaj-257	168	110	covid-19	covid-19	PROPN
emaj-257	168	111	covid-19	covid-19	PROPN
emaj-257	168	112	dummy	dummy	NOUN
emaj-257	168	113	created	create	VERB
emaj-257	168	114	by	by	ADP
emaj-257	168	115	authors	author	NOUN
emaj-257	168	116	source	source	NOUN
emaj-257	168	117	:	:	PUNCT
emaj-257	168	118	authors	author	NOUN
emaj-257	168	119	’	'	PUNCT
emaj-257	169	1	own	own	ADJ
emaj-257	169	2	compilation	compilation	NOUN
emaj-257	169	3	table	table	NOUN
emaj-257	169	4	1	1	NUM
emaj-257	169	5	presents	present	VERB
emaj-257	169	6	the	the	DET
emaj-257	169	7	operational	operational	ADJ
emaj-257	169	8	definitions	definition	NOUN
emaj-257	169	9	and	and	CCONJ
emaj-257	169	10	sources	source	NOUN
emaj-257	169	11	of	of	ADP
emaj-257	169	12	dependent	dependent	ADJ
emaj-257	169	13	as	as	ADV
emaj-257	169	14	well	well	ADV
emaj-257	169	15	as	as	ADP
emaj-257	169	16	independent	independent	ADJ
emaj-257	169	17	variables	variable	NOUN
emaj-257	169	18	.	.	PUNCT
emaj-257	170	1	the	the	DET
emaj-257	170	2	dependent	dependent	ADJ
emaj-257	170	3	variable	variable	ADJ
emaj-257	170	4	measures	measure	NOUN
emaj-257	170	5	the	the	DET
emaj-257	170	6	stock	stock	NOUN
emaj-257	170	7	exchange	exchange	NOUN
emaj-257	170	8	points	point	NOUN
emaj-257	170	9	of	of	ADP
emaj-257	170	10	the	the	DET
emaj-257	170	11	respective	respective	ADJ
emaj-257	170	12	markets	market	NOUN
emaj-257	170	13	at	at	ADP
emaj-257	170	14	the	the	DET
emaj-257	170	15	beginning	beginning	NOUN
emaj-257	170	16	of	of	ADP
emaj-257	170	17	each	each	DET
emaj-257	170	18	month	month	NOUN
emaj-257	170	19	from	from	ADP
emaj-257	170	20	january	january	PROPN
emaj-257	170	21	2010	2010	NUM
emaj-257	170	22	to	to	ADP
emaj-257	170	23	march	march	PROPN
emaj-257	170	24	2021	2021	NUM
emaj-257	170	25	(	(	PUNCT
emaj-257	170	26	t=135	t=135	NUM
emaj-257	170	27	)	)	PUNCT
emaj-257	170	28	.	.	PUNCT
emaj-257	171	1	independent	independent	ADJ
emaj-257	171	2	variables	variable	NOUN
emaj-257	171	3	consist	consist	VERB
emaj-257	171	4	of	of	ADP
emaj-257	171	5	the	the	DET
emaj-257	171	6	5	5	NUM
emaj-257	171	7	-	-	PUNCT
emaj-257	171	8	year	year	NOUN
emaj-257	171	9	bond	bond	NOUN
emaj-257	171	10	yields	yield	NOUN
emaj-257	171	11	,	,	PUNCT
emaj-257	171	12	cds	cd	NOUN
emaj-257	171	13	premiums	premium	NOUN
emaj-257	171	14	,	,	PUNCT
emaj-257	171	15	vix	vix	NOUN
emaj-257	171	16	futures	future	NOUN
emaj-257	171	17	,	,	PUNCT
emaj-257	171	18	the	the	DET
emaj-257	171	19	price	price	NOUN
emaj-257	171	20	of	of	ADP
emaj-257	171	21	gold	gold	NOUN
emaj-257	171	22	ounce	ounce	NOUN
emaj-257	171	23	in	in	ADP
emaj-257	171	24	usd	usd	NOUN
emaj-257	171	25	,	,	PUNCT
emaj-257	171	26	msci	msci	NOUN
emaj-257	171	27	emerging	emerge	VERB
emaj-257	171	28	market	market	NOUN
emaj-257	171	29	index	index	NOUN
emaj-257	171	30	,	,	PUNCT
emaj-257	171	31	and	and	CCONJ
emaj-257	171	32	oil	oil	NOUN
emaj-257	171	33	future	future	ADJ
emaj-257	171	34	prices	price	NOUN
emaj-257	171	35	in	in	ADP
emaj-257	171	36	usd	usd	NOUN
emaj-257	171	37	in	in	ADP
emaj-257	171	38	the	the	DET
emaj-257	171	39	same	same	ADJ
emaj-257	171	40	period	period	NOUN
emaj-257	171	41	.	.	PUNCT
emaj-257	172	1	while	while	SCONJ
emaj-257	172	2	the	the	DET
emaj-257	172	3	first	first	ADJ
emaj-257	172	4	two	two	NUM
emaj-257	172	5	predictors	predictor	NOUN
emaj-257	172	6	are	be	AUX
emaj-257	172	7	country	country	NOUN
emaj-257	172	8	-	-	PUNCT
emaj-257	172	9	specific	specific	ADJ
emaj-257	172	10	,	,	PUNCT
emaj-257	172	11	the	the	DET
emaj-257	172	12	last	last	ADJ
emaj-257	172	13	four	four	NUM
emaj-257	172	14	are	be	AUX
emaj-257	172	15	cross	cross	NOUN
emaj-257	172	16	sectionally	sectionally	ADV
emaj-257	172	17	invariant	invariant	ADJ
emaj-257	172	18	and	and	CCONJ
emaj-257	172	19	do	do	AUX
emaj-257	172	20	not	not	PART
emaj-257	172	21	vary	vary	VERB
emaj-257	172	22	across	across	ADP
emaj-257	172	23	countries	country	NOUN
emaj-257	172	24	.	.	PUNCT
emaj-257	173	1	we	we	PRON
emaj-257	173	2	used	use	VERB
emaj-257	173	3	the	the	DET
emaj-257	173	4	natural	natural	ADJ
emaj-257	173	5	logarithm	logarithm	NOUN
emaj-257	173	6	of	of	ADP
emaj-257	173	7	the	the	DET
emaj-257	173	8	variables	variable	NOUN
emaj-257	173	9	in	in	ADP
emaj-257	173	10	the	the	DET
emaj-257	173	11	analysis	analysis	NOUN
emaj-257	173	12	.	.	PUNCT
emaj-257	174	1	volume	volume	NOUN
emaj-257	174	2	12	12	NUM
emaj-257	174	3	no	no	DET
emaj-257	174	4	1	1	NUM
emaj-257	174	5	(	(	PUNCT
emaj-257	174	6	2022	2022	NUM
emaj-257	174	7	)	)	PUNCT
emaj-257	174	8	|	|	ADV
emaj-257	174	9	issn	issn	VERB
emaj-257	174	10	2158	2158	NUM
emaj-257	174	11	-	-	SYM
emaj-257	174	12	8708	8708	NUM
emaj-257	174	13	(	(	PUNCT
emaj-257	174	14	online	online	NOUN
emaj-257	174	15	)	)	PUNCT
emaj-257	174	16	|	|	ADV
emaj-257	174	17	doi	doi	X
emaj-257	174	18	10.5195	10.5195	NUM
emaj-257	174	19	/	/	SYM
emaj-257	174	20	emaj.2022.257	emaj.2022.257	NOUN
emaj-257	174	21	|	|	ADV
emaj-257	174	22	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-257	174	23	hülya	hülya	PROPN
emaj-257	174	24	yılmaz	yılmaz	PROPN
emaj-257	174	25	,	,	PUNCT
emaj-257	174	26	bülent	bülent	ADJ
emaj-257	174	27	i̇lhan	i̇lhan	ADJ
emaj-257	174	28	emerging	emerge	VERB
emaj-257	174	29	markets	market	NOUN
emaj-257	174	30	journal	journal	NOUN
emaj-257	174	31	|	|	ADV
emaj-257	174	32	p	p	NOUN
emaj-257	174	33	a	a	DET
emaj-257	174	34	g	g	NOUN
emaj-257	174	35	e	e	X
emaj-257	174	36	|31	|31	X
emaj-257	174	37	figure	figure	NOUN
emaj-257	174	38	1	1	NUM
emaj-257	174	39	.	.	PUNCT
emaj-257	175	1	stock	stock	NOUN
emaj-257	175	2	indices	index	NOUN
emaj-257	175	3	by	by	ADP
emaj-257	175	4	country	country	NOUN
emaj-257	175	5	source	source	NOUN
emaj-257	175	6	:	:	PUNCT
emaj-257	175	7	authors	author	NOUN
emaj-257	175	8	’	'	PUNCT
emaj-257	175	9	own	own	ADJ
emaj-257	175	10	compilation	compilation	NOUN
emaj-257	175	11	figure	figure	NOUN
emaj-257	175	12	1	1	NUM
emaj-257	175	13	shows	show	VERB
emaj-257	175	14	the	the	DET
emaj-257	175	15	line	line	NOUN
emaj-257	175	16	charts	chart	NOUN
emaj-257	175	17	of	of	ADP
emaj-257	175	18	the	the	DET
emaj-257	175	19	stock	stock	NOUN
emaj-257	175	20	markets	market	NOUN
emaj-257	175	21	of	of	ADP
emaj-257	175	22	turkey	turkey	PROPN
emaj-257	175	23	,	,	PUNCT
emaj-257	175	24	mexico	mexico	PROPN
emaj-257	175	25	,	,	PUNCT
emaj-257	175	26	russia	russia	PROPN
emaj-257	175	27	and	and	CCONJ
emaj-257	175	28	brazil	brazil	PROPN
emaj-257	175	29	for	for	ADP
emaj-257	175	30	the	the	DET
emaj-257	175	31	given	give	VERB
emaj-257	175	32	period	period	NOUN
emaj-257	175	33	.	.	PUNCT
emaj-257	176	1	as	as	SCONJ
emaj-257	176	2	seen	see	VERB
emaj-257	176	3	in	in	ADP
emaj-257	176	4	the	the	DET
emaj-257	176	5	figure	figure	NOUN
emaj-257	176	6	,	,	PUNCT
emaj-257	176	7	all	all	DET
emaj-257	176	8	stock	stock	NOUN
emaj-257	176	9	series	series	NOUN
emaj-257	176	10	have	have	VERB
emaj-257	176	11	upward	upward	ADJ
emaj-257	176	12	trends	trend	NOUN
emaj-257	176	13	,	,	PUNCT
emaj-257	176	14	and	and	CCONJ
emaj-257	176	15	the	the	DET
emaj-257	176	16	fluctuations	fluctuation	NOUN
emaj-257	176	17	in	in	ADP
emaj-257	176	18	turkish	turkish	ADJ
emaj-257	176	19	and	and	CCONJ
emaj-257	176	20	brazilian	brazilian	ADJ
emaj-257	176	21	markets	market	NOUN
emaj-257	176	22	are	be	AUX
emaj-257	176	23	much	much	ADV
emaj-257	176	24	more	more	ADV
emaj-257	176	25	visible	visible	ADJ
emaj-257	176	26	than	than	ADP
emaj-257	176	27	the	the	DET
emaj-257	176	28	fluctuations	fluctuation	NOUN
emaj-257	176	29	in	in	ADP
emaj-257	176	30	mexican	mexican	ADJ
emaj-257	176	31	and	and	CCONJ
emaj-257	176	32	russian	russian	ADJ
emaj-257	176	33	markets	market	NOUN
emaj-257	176	34	.	.	PUNCT
emaj-257	177	1	the	the	DET
emaj-257	177	2	biggest	big	ADJ
emaj-257	177	3	plunge	plunge	NOUN
emaj-257	177	4	in	in	ADP
emaj-257	177	5	the	the	DET
emaj-257	177	6	turkish	turkish	ADJ
emaj-257	177	7	,	,	PUNCT
emaj-257	177	8	mexican	mexican	ADJ
emaj-257	177	9	and	and	CCONJ
emaj-257	177	10	brazilian	brazilian	ADJ
emaj-257	177	11	markets	market	NOUN
emaj-257	177	12	occurred	occur	VERB
emaj-257	177	13	in	in	ADP
emaj-257	177	14	the	the	DET
emaj-257	177	15	same	same	ADJ
emaj-257	177	16	period	period	NOUN
emaj-257	177	17	by	by	ADP
emaj-257	177	18	15.4	15.4	NUM
emaj-257	177	19	%	%	NOUN
emaj-257	177	20	,	,	PUNCT
emaj-257	177	21	26	26	NUM
emaj-257	177	22	%	%	NOUN
emaj-257	177	23	,	,	PUNCT
emaj-257	177	24	and	and	CCONJ
emaj-257	177	25	29	29	NUM
emaj-257	177	26	%	%	NOUN
emaj-257	177	27	in	in	ADP
emaj-257	177	28	march	march	PROPN
emaj-257	177	29	2020	2020	NUM
emaj-257	177	30	in	in	ADP
emaj-257	177	31	all	all	DET
emaj-257	177	32	three	three	NUM
emaj-257	177	33	markets	market	NOUN
emaj-257	177	34	,	,	PUNCT
emaj-257	177	35	respectively	respectively	ADV
emaj-257	177	36	.	.	PUNCT
emaj-257	177	37	table	table	NOUN
emaj-257	177	38	2	2	NUM
emaj-257	177	39	:	:	PUNCT
emaj-257	177	40	descriptive	descriptive	ADJ
emaj-257	177	41	statistics	statistic	NOUN
emaj-257	177	42	source	source	NOUN
emaj-257	177	43	:	:	PUNCT
emaj-257	177	44	spss	spss	PROPN
emaj-257	177	45	software	software	NOUN
emaj-257	177	46	output	output	NOUN
emaj-257	177	47	table	table	NOUN
emaj-257	177	48	2	2	NUM
emaj-257	177	49	shows	show	VERB
emaj-257	177	50	the	the	DET
emaj-257	177	51	summary	summary	NOUN
emaj-257	177	52	statistics	statistic	NOUN
emaj-257	177	53	for	for	ADP
emaj-257	177	54	540	540	NUM
emaj-257	177	55	observations	observation	NOUN
emaj-257	177	56	for	for	ADP
emaj-257	177	57	each	each	DET
emaj-257	177	58	variable	variable	NOUN
emaj-257	177	59	with	with	ADP
emaj-257	177	60	no	no	DET
emaj-257	177	61	missing	miss	VERB
emaj-257	177	62	values	value	NOUN
emaj-257	177	63	.	.	PUNCT
emaj-257	178	1	jarque	jarque	NOUN
emaj-257	178	2	-	-	PUNCT
emaj-257	178	3	bera	bera	NOUN
emaj-257	178	4	statistics	statistic	NOUN
emaj-257	178	5	of	of	ADP
emaj-257	178	6	normality	normality	NOUN
emaj-257	178	7	suggest	suggest	VERB
emaj-257	178	8	that	that	SCONJ
emaj-257	178	9	variables	variable	NOUN
emaj-257	178	10	do	do	AUX
emaj-257	178	11	not	not	PART
emaj-257	178	12	have	have	VERB
emaj-257	178	13	normal	normal	ADJ
emaj-257	178	14	distributions	distribution	NOUN
emaj-257	178	15	.	.	PUNCT
emaj-257	179	1	methodology	methodology	NOUN
emaj-257	179	2	the	the	DET
emaj-257	179	3	data	datum	NOUN
emaj-257	179	4	set	set	VERB
emaj-257	179	5	consists	consist	VERB
emaj-257	179	6	of	of	ADP
emaj-257	179	7	135	135	NUM
emaj-257	179	8	time	time	NOUN
emaj-257	179	9	-	-	PUNCT
emaj-257	179	10	series	series	NOUN
emaj-257	179	11	(	(	PUNCT
emaj-257	179	12	t=135	t=135	PROPN
emaj-257	179	13	)	)	PUNCT
emaj-257	179	14	of	of	ADP
emaj-257	179	15	four	four	NUM
emaj-257	179	16	cross	cros	NOUN
emaj-257	179	17	-	-	NOUN
emaj-257	179	18	sections	section	NOUN
emaj-257	179	19	(	(	PUNCT
emaj-257	179	20	n=4	n=4	NOUN
emaj-257	179	21	)	)	PUNCT
emaj-257	179	22	,	,	PUNCT
emaj-257	179	23	which	which	PRON
emaj-257	179	24	needs	need	VERB
emaj-257	179	25	several	several	ADJ
emaj-257	179	26	diagnostic	diagnostic	ADJ
emaj-257	179	27	analyses	analysis	NOUN
emaj-257	179	28	before	before	ADP
emaj-257	179	29	specifying	specify	VERB
emaj-257	179	30	a	a	DET
emaj-257	179	31	model	model	NOUN
emaj-257	179	32	.	.	PUNCT
emaj-257	180	1	we	we	PRON
emaj-257	180	2	tested	test	VERB
emaj-257	180	3	the	the	DET
emaj-257	180	4	data	datum	NOUN
emaj-257	180	5	for	for	ADP
emaj-257	180	6	cross	cross	ADJ
emaj-257	180	7	-	-	ADJ
emaj-257	180	8	sectional	sectional	ADJ
emaj-257	180	9	independence	independence	NOUN
emaj-257	180	10	,	,	PUNCT
emaj-257	180	11	stationarity	stationarity	NOUN
emaj-257	180	12	and	and	CCONJ
emaj-257	180	13	cointegration	cointegration	NOUN
emaj-257	180	14	before	before	ADP
emaj-257	180	15	estimating	estimate	VERB
emaj-257	180	16	the	the	DET
emaj-257	180	17	model	model	NOUN
emaj-257	180	18	for	for	ADP
emaj-257	180	19	the	the	DET
emaj-257	180	20	data	datum	NOUN
emaj-257	180	21	.	.	PUNCT
emaj-257	181	1	after	after	ADP
emaj-257	181	2	fitting	fit	VERB
emaj-257	181	3	the	the	DET
emaj-257	181	4	model	model	NOUN
emaj-257	181	5	,	,	PUNCT
emaj-257	181	6	we	we	PRON
emaj-257	181	7	tested	test	VERB
emaj-257	181	8	for	for	ADP
emaj-257	181	9	cross	cross	ADJ
emaj-257	181	10	-	-	ADJ
emaj-257	181	11	sectional	sectional	ADJ
emaj-257	181	12	dependence	dependence	NOUN
emaj-257	181	13	again	again	ADV
emaj-257	181	14	to	to	PART
emaj-257	181	15	confirm	confirm	VERB
emaj-257	181	16	the	the	DET
emaj-257	181	17	reliability	reliability	NOUN
emaj-257	181	18	of	of	ADP
emaj-257	181	19	the	the	DET
emaj-257	181	20	model	model	NOUN
emaj-257	181	21	coefficients	coefficient	NOUN
emaj-257	181	22	.	.	PUNCT
emaj-257	182	1	we	we	PRON
emaj-257	182	2	also	also	ADV
emaj-257	182	3	tested	test	VERB
emaj-257	182	4	variance	variance	NOUN
emaj-257	182	5	ratio	ratio	NOUN
emaj-257	182	6	of	of	ADP
emaj-257	182	7	the	the	DET
emaj-257	182	8	cointegrating	cointegrate	VERB
emaj-257	182	9	residuals	residual	NOUN
emaj-257	182	10	to	to	PART
emaj-257	182	11	understand	understand	VERB
emaj-257	182	12	whether	whether	SCONJ
emaj-257	182	13	the	the	DET
emaj-257	182	14	present	present	ADJ
emaj-257	182	15	stock	stock	NOUN
emaj-257	182	16	exchange	exchange	NOUN
emaj-257	182	17	points	point	NOUN
emaj-257	182	18	follow	follow	VERB
emaj-257	182	19	the	the	DET
emaj-257	182	20	past	past	ADJ
emaj-257	182	21	stock	stock	NOUN
emaj-257	182	22	exchange	exchange	NOUN
emaj-257	182	23	points	point	NOUN
emaj-257	182	24	.	.	PUNCT
emaj-257	183	1	cross	cross	ADJ
emaj-257	183	2	-	-	ADJ
emaj-257	183	3	sectional	sectional	ADJ
emaj-257	183	4	dependence	dependence	NOUN
emaj-257	183	5	panel	panel	NOUN
emaj-257	183	6	data	datum	NOUN
emaj-257	183	7	analysis	analysis	NOUN
emaj-257	183	8	assumes	assume	VERB
emaj-257	183	9	that	that	SCONJ
emaj-257	183	10	errors	error	NOUN
emaj-257	183	11	of	of	ADP
emaj-257	183	12	crosssectional	crosssectional	ADJ
emaj-257	183	13	units	unit	NOUN
emaj-257	183	14	are	be	AUX
emaj-257	183	15	independently	independently	ADV
emaj-257	183	16	distributed	distribute	VERB
emaj-257	183	17	.	.	PUNCT
emaj-257	184	1	this	this	PRON
emaj-257	184	2	is	be	AUX
emaj-257	184	3	an	an	DET
emaj-257	184	4	assumption	assumption	NOUN
emaj-257	184	5	that	that	PRON
emaj-257	184	6	should	should	AUX
emaj-257	184	7	be	be	AUX
emaj-257	184	8	satisfied	satisfied	ADJ
emaj-257	184	9	before	before	ADP
emaj-257	184	10	making	make	VERB
emaj-257	184	11	an	an	DET
emaj-257	184	12	unbiased	unbiased	ADJ
emaj-257	184	13	prediction	prediction	NOUN
emaj-257	184	14	of	of	ADP
emaj-257	184	15	population	population	NOUN
emaj-257	184	16	parameters	parameter	NOUN
emaj-257	184	17	.	.	PUNCT
emaj-257	185	1	in	in	ADP
emaj-257	185	2	case	case	NOUN
emaj-257	185	3	of	of	ADP
emaj-257	185	4	cross	cross	ADJ
emaj-257	185	5	-	-	ADJ
emaj-257	185	6	sectional	sectional	ADJ
emaj-257	185	7	dependence	dependence	NOUN
emaj-257	185	8	,	,	PUNCT
emaj-257	185	9	which	which	PRON
emaj-257	185	10	is	be	AUX
emaj-257	185	11	endemic	endemic	ADJ
emaj-257	185	12	to	to	ADP
emaj-257	185	13	panel	panel	NOUN
emaj-257	185	14	data	datum	NOUN
emaj-257	185	15	,	,	PUNCT
emaj-257	185	16	we	we	PRON
emaj-257	185	17	need	need	VERB
emaj-257	185	18	to	to	PART
emaj-257	185	19	determine	determine	VERB
emaj-257	185	20	an	an	DET
emaj-257	185	21	appropriate	appropriate	ADJ
emaj-257	185	22	unit	unit	NOUN
emaj-257	185	23	root	root	NOUN
emaj-257	185	24	test	test	NOUN
emaj-257	185	25	and	and	CCONJ
emaj-257	185	26	an	an	DET
emaj-257	185	27	analysis	analysis	NOUN
emaj-257	185	28	method	method	NOUN
emaj-257	185	29	that	that	PRON
emaj-257	185	30	is	be	AUX
emaj-257	185	31	robust	robust	ADJ
emaj-257	185	32	to	to	ADP
emaj-257	185	33	homogeneous	homogeneous	ADJ
emaj-257	185	34	panels	panel	NOUN
emaj-257	185	35	.	.	PUNCT
emaj-257	186	1	we	we	PRON
emaj-257	186	2	conducted	conduct	VERB
emaj-257	186	3	a	a	DET
emaj-257	186	4	baseline	baseline	ADJ
emaj-257	186	5	regression	regression	NOUN
emaj-257	186	6	analysis	analysis	NOUN
emaj-257	186	7	to	to	PART
emaj-257	186	8	detect	detect	VERB
emaj-257	186	9	the	the	DET
emaj-257	186	10	presence	presence	NOUN
emaj-257	186	11	of	of	ADP
emaj-257	186	12	a	a	DET
emaj-257	186	13	possible	possible	ADJ
emaj-257	186	14	cross	cross	ADJ
emaj-257	186	15	-	-	ADJ
emaj-257	186	16	sectional	sectional	ADJ
emaj-257	186	17	dependence	dependence	NOUN
emaj-257	186	18	between	between	ADP
emaj-257	186	19	the	the	DET
emaj-257	186	20	panels	panel	NOUN
emaj-257	186	21	.	.	PUNCT
emaj-257	187	1	the	the	DET
emaj-257	187	2	model	model	NOUN
emaj-257	187	3	is	be	AUX
emaj-257	187	4	a	a	DET
emaj-257	187	5	simple	simple	ADJ
emaj-257	187	6	multivariate	multivariate	NOUN
emaj-257	187	7	regression	regression	NOUN
emaj-257	187	8	model	model	NOUN
emaj-257	187	9	that	that	PRON
emaj-257	187	10	is	be	AUX
emaj-257	187	11	estimated	estimate	VERB
emaj-257	187	12	by	by	ADP
emaj-257	187	13	ordinary	ordinary	ADJ
emaj-257	187	14	least	least	ADJ
emaj-257	187	15	squares	square	NOUN
emaj-257	187	16	(	(	PUNCT
emaj-257	187	17	ols	ol	NOUN
emaj-257	187	18	)	)	PUNCT
emaj-257	187	19	method	method	NOUN
emaj-257	187	20	.	.	PUNCT
emaj-257	188	1	the	the	DET
emaj-257	188	2	residuals	residual	NOUN
emaj-257	188	3	from	from	ADP
emaj-257	188	4	the	the	DET
emaj-257	188	5	estimation	estimation	NOUN
emaj-257	188	6	were	be	AUX
emaj-257	188	7	tested	test	VERB
emaj-257	188	8	for	for	ADP
emaj-257	188	9	cross	cross	ADJ
emaj-257	188	10	-	-	ADJ
emaj-257	188	11	sectional	sectional	ADJ
emaj-257	188	12	dependence	dependence	NOUN
emaj-257	188	13	using	use	VERB
emaj-257	188	14	pesaran	pesaran	NOUN
emaj-257	188	15	’s	’s	PART
emaj-257	188	16	(	(	PUNCT
emaj-257	188	17	2004	2004	NUM
emaj-257	188	18	,	,	PUNCT
emaj-257	188	19	2015	2015	NUM
emaj-257	188	20	)	)	PUNCT
emaj-257	188	21	cd	cd	NOUN
emaj-257	188	22	test	test	NOUN
emaj-257	188	23	.	.	PUNCT
emaj-257	189	1	pesaran	pesaran	PROPN
emaj-257	189	2	cd	cd	PROPN
emaj-257	189	3	statistic	statistic	PROPN
emaj-257	189	4	tests	test	VERB
emaj-257	189	5	the	the	DET
emaj-257	189	6	null	null	ADJ
emaj-257	189	7	hypothesis	hypothesis	NOUN
emaj-257	189	8	of	of	ADP
emaj-257	189	9	crosssectional	crosssectional	ADJ
emaj-257	189	10	independence	independence	NOUN
emaj-257	189	11	(	(	PUNCT
emaj-257	189	12	2004	2004	NUM
emaj-257	189	13	)	)	PUNCT
emaj-257	189	14	or	or	CCONJ
emaj-257	189	15	weak	weak	ADJ
emaj-257	189	16	cross	cross	ADJ
emaj-257	189	17	-	-	ADJ
emaj-257	189	18	sectional	sectional	ADJ
emaj-257	189	19	dependence	dependence	NOUN
emaj-257	189	20	(	(	PUNCT
emaj-257	189	21	2015	2015	NUM
emaj-257	189	22	)	)	PUNCT
emaj-257	189	23	.	.	PUNCT
emaj-257	190	1	table	table	NOUN
emaj-257	190	2	3	3	NUM
emaj-257	190	3	:	:	PUNCT
emaj-257	190	4	pesaran	pesaran	PROPN
emaj-257	190	5	cd	cd	PROPN
emaj-257	190	6	test	test	NOUN
emaj-257	190	7	for	for	ADP
emaj-257	190	8	baseline	baseline	ADJ
emaj-257	190	9	regression	regression	NOUN
emaj-257	190	10	model	model	NOUN
emaj-257	190	11	for	for	ADP
emaj-257	190	12	lnstock	lnstock	PROPN
emaj-257	190	13	source	source	NOUN
emaj-257	190	14	:	:	PUNCT
emaj-257	190	15	spss	spss	PROPN
emaj-257	190	16	software	software	NOUN
emaj-257	190	17	output	output	NOUN
emaj-257	190	18	as	as	SCONJ
emaj-257	190	19	seen	see	VERB
emaj-257	190	20	in	in	ADP
emaj-257	190	21	table	table	NOUN
emaj-257	190	22	3	3	NUM
emaj-257	190	23	,	,	PUNCT
emaj-257	190	24	the	the	DET
emaj-257	190	25	pesaran	pesaran	ADJ
emaj-257	190	26	cd	cd	NOUN
emaj-257	190	27	value	value	NOUN
emaj-257	190	28	(	(	PUNCT
emaj-257	190	29	cd=15.989	cd=15.989	X
emaj-257	190	30	)	)	PUNCT
emaj-257	190	31	is	be	AUX
emaj-257	190	32	statistically	statistically	ADV
emaj-257	190	33	significant	significant	ADJ
emaj-257	190	34	(	(	PUNCT
emaj-257	190	35	p<0,001	p<0,001	NOUN
emaj-257	190	36	)	)	PUNCT
emaj-257	190	37	,	,	PUNCT
emaj-257	190	38	which	which	PRON
emaj-257	190	39	shows	show	VERB
emaj-257	190	40	that	that	SCONJ
emaj-257	190	41	the	the	DET
emaj-257	190	42	null	null	ADJ
emaj-257	190	43	hypothesis	hypothesis	NOUN
emaj-257	190	44	that	that	PRON
emaj-257	190	45	cross	cross	ADJ
emaj-257	190	46	-	-	ADJ
emaj-257	190	47	sectional	sectional	ADJ
emaj-257	190	48	independence	independence	NOUN
emaj-257	190	49	or	or	CCONJ
emaj-257	190	50	weak	weak	ADJ
emaj-257	190	51	cross	cross	ADJ
emaj-257	190	52	-	-	ADJ
emaj-257	190	53	sectional	sectional	ADJ
emaj-257	190	54	dependence	dependence	NOUN
emaj-257	190	55	can	can	AUX
emaj-257	190	56	be	be	AUX
emaj-257	190	57	rejected	reject	VERB
emaj-257	190	58	.	.	PUNCT
emaj-257	191	1	despite	despite	SCONJ
emaj-257	191	2	having	have	VERB
emaj-257	191	3	commonly	commonly	ADV
emaj-257	191	4	observed	observe	VERB
emaj-257	191	5	variables	variable	NOUN
emaj-257	191	6	like	like	ADP
emaj-257	191	7	lnvix	lnvix	NOUN
emaj-257	191	8	,	,	PUNCT
emaj-257	191	9	lngold	lngold	PROPN
emaj-257	191	10	,	,	PUNCT
emaj-257	191	11	lnmsci	lnmsci	PROPN
emaj-257	191	12	and	and	CCONJ
emaj-257	191	13	lnoil	lnoil	NOUN
emaj-257	191	14	in	in	ADP
emaj-257	191	15	the	the	DET
emaj-257	191	16	dataset	dataset	NOUN
emaj-257	191	17	,	,	PUNCT
emaj-257	191	18	the	the	DET
emaj-257	191	19	observed	observed	ADJ
emaj-257	191	20	cross	cross	ADJ
emaj-257	191	21	-	-	ADJ
emaj-257	191	22	sectional	sectional	ADJ
emaj-257	191	23	dependence	dependence	NOUN
emaj-257	191	24	can	can	AUX
emaj-257	191	25	be	be	AUX
emaj-257	191	26	attributed	attribute	VERB
emaj-257	191	27	to	to	ADP
emaj-257	191	28	the	the	DET
emaj-257	191	29	unobserved	unobserved	ADJ
emaj-257	191	30	variables	variable	NOUN
emaj-257	191	31	common	common	ADJ
emaj-257	191	32	to	to	ADP
emaj-257	191	33	all	all	DET
emaj-257	191	34	countries	country	NOUN
emaj-257	191	35	.	.	PUNCT
emaj-257	192	1	to	to	PART
emaj-257	192	2	mitigate	mitigate	VERB
emaj-257	192	3	the	the	DET
emaj-257	192	4	effect	effect	NOUN
emaj-257	192	5	of	of	ADP
emaj-257	192	6	cross	cross	ADJ
emaj-257	192	7	-	-	ADJ
emaj-257	192	8	sectional	sectional	ADJ
emaj-257	192	9	dependence	dependence	NOUN
emaj-257	192	10	,	,	PUNCT
emaj-257	192	11	some	some	DET
emaj-257	192	12	other	other	ADJ
emaj-257	192	13	common	common	ADJ
emaj-257	192	14	factors	factor	NOUN
emaj-257	192	15	can	can	AUX
emaj-257	192	16	be	be	AUX
emaj-257	192	17	identified	identify	VERB
emaj-257	192	18	in	in	ADP
emaj-257	192	19	the	the	DET
emaj-257	192	20	model	model	NOUN
emaj-257	192	21	either	either	CCONJ
emaj-257	192	22	by	by	ADP
emaj-257	192	23	observing	observe	VERB
emaj-257	192	24	them	they	PRON
emaj-257	192	25	later	later	ADV
emaj-257	192	26	or	or	CCONJ
emaj-257	192	27	by	by	ADP
emaj-257	192	28	finding	find	VERB
emaj-257	192	29	them	they	PRON
emaj-257	192	30	in	in	ADP
emaj-257	192	31	the	the	DET
emaj-257	192	32	existing	exist	VERB
emaj-257	192	33	dataset	dataset	NOUN
emaj-257	192	34	.	.	PUNCT
emaj-257	193	1	another	another	DET
emaj-257	193	2	method	method	NOUN
emaj-257	193	3	for	for	ADP
emaj-257	193	4	mitigating	mitigate	VERB
emaj-257	193	5	the	the	DET
emaj-257	193	6	effect	effect	NOUN
emaj-257	193	7	of	of	ADP
emaj-257	193	8	cross	cross	ADJ
emaj-257	193	9	-	-	ADJ
emaj-257	193	10	sectional	sectional	ADJ
emaj-257	193	11	dependence	dependence	NOUN
emaj-257	193	12	is	be	AUX
emaj-257	193	13	to	to	PART
emaj-257	193	14	specify	specify	VERB
emaj-257	193	15	dynamic	dynamic	ADJ
emaj-257	193	16	panel	panel	NOUN
emaj-257	193	17	models	model	NOUN
emaj-257	193	18	in	in	ADP
emaj-257	193	19	which	which	PRON
emaj-257	193	20	variables	variable	NOUN
emaj-257	193	21	are	be	AUX
emaj-257	193	22	included	include	VERB
emaj-257	193	23	with	with	ADP
emaj-257	193	24	their	their	PRON
emaj-257	193	25	lagged	lag	VERB
emaj-257	193	26	values	value	NOUN
emaj-257	193	27	.	.	PUNCT
emaj-257	194	1	this	this	DET
emaj-257	194	2	study	study	NOUN
emaj-257	194	3	controls	control	VERB
emaj-257	194	4	the	the	DET
emaj-257	194	5	cross	cross	ADJ
emaj-257	194	6	-	-	ADJ
emaj-257	194	7	sectional	sectional	ADJ
emaj-257	194	8	dependence	dependence	NOUN
emaj-257	194	9	by	by	ADP
emaj-257	194	10	using	use	VERB
emaj-257	194	11	both	both	CCONJ
emaj-257	194	12	dynamic	dynamic	ADJ
emaj-257	194	13	models	model	NOUN
emaj-257	194	14	in	in	ADP
emaj-257	194	15	the	the	DET
emaj-257	194	16	analysis	analysis	NOUN
emaj-257	194	17	and	and	CCONJ
emaj-257	194	18	dummy	dummy	ADJ
emaj-257	194	19	variables	variable	NOUN
emaj-257	194	20	of	of	ADP
emaj-257	194	21	some	some	DET
emaj-257	194	22	factors	factor	NOUN
emaj-257	194	23	common	common	ADJ
emaj-257	194	24	to	to	ADP
emaj-257	194	25	all	all	DET
emaj-257	194	26	cross	cross	ADJ
emaj-257	194	27	-	-	ADJ
emaj-257	194	28	sectional	sectional	ADJ
emaj-257	194	29	units	unit	NOUN
emaj-257	194	30	.	.	PUNCT
emaj-257	195	1	unit	unit	NOUN
emaj-257	195	2	root	root	NOUN
emaj-257	195	3	tests	test	NOUN
emaj-257	195	4	apart	apart	ADV
emaj-257	195	5	from	from	ADP
emaj-257	195	6	cross	cross	ADJ
emaj-257	195	7	-	-	ADJ
emaj-257	195	8	sectional	sectional	ADJ
emaj-257	195	9	dependence	dependence	NOUN
emaj-257	195	10	,	,	PUNCT
emaj-257	195	11	another	another	DET
emaj-257	195	12	issue	issue	NOUN
emaj-257	195	13	common	common	ADJ
emaj-257	195	14	to	to	ADP
emaj-257	195	15	most	most	ADJ
emaj-257	195	16	panel	panel	NOUN
emaj-257	195	17	data	datum	NOUN
emaj-257	195	18	is	be	AUX
emaj-257	195	19	series	series	NOUN
emaj-257	195	20	with	with	ADP
emaj-257	195	21	unit	unit	NOUN
emaj-257	195	22	root	root	NOUN
emaj-257	195	23	or	or	CCONJ
emaj-257	195	24	non	non	ADJ
emaj-257	195	25	-	-	NOUN
emaj-257	195	26	stationarity	stationarity	NOUN
emaj-257	195	27	.	.	PUNCT
emaj-257	196	1	model	model	NOUN
emaj-257	196	2	estimations	estimation	NOUN
emaj-257	196	3	with	with	ADP
emaj-257	196	4	nonstationary	nonstationary	ADJ
emaj-257	196	5	time	time	NOUN
emaj-257	196	6	-	-	PUNCT
emaj-257	196	7	series	series	NOUN
emaj-257	196	8	may	may	AUX
emaj-257	196	9	result	result	VERB
emaj-257	196	10	in	in	ADP
emaj-257	196	11	spurious	spurious	ADJ
emaj-257	196	12	regression	regression	NOUN
emaj-257	196	13	or	or	CCONJ
emaj-257	196	14	false	false	ADJ
emaj-257	196	15	relationship	relationship	NOUN
emaj-257	196	16	between	between	ADP
emaj-257	196	17	the	the	DET
emaj-257	196	18	variables	variable	NOUN
emaj-257	196	19	that	that	PRON
emaj-257	196	20	do	do	AUX
emaj-257	196	21	not	not	PART
emaj-257	196	22	exist	exist	VERB
emaj-257	196	23	in	in	ADP
emaj-257	196	24	real	real	ADJ
emaj-257	196	25	world	world	NOUN
emaj-257	196	26	(	(	PUNCT
emaj-257	196	27	yule	yule	NOUN
emaj-257	196	28	,	,	PUNCT
emaj-257	196	29	1926	1926	NUM
emaj-257	196	30	;	;	PUNCT
emaj-257	196	31	granger	granger	PROPN
emaj-257	196	32	&	&	CCONJ
emaj-257	196	33	newbold	newbold	PROPN
emaj-257	196	34	,	,	PUNCT
emaj-257	196	35	1974	1974	NUM
emaj-257	196	36	;	;	PUNCT
emaj-257	196	37	phillips	phillip	NOUN
emaj-257	196	38	,	,	PUNCT
emaj-257	196	39	1986	1986	NUM
emaj-257	196	40	)	)	PUNCT
emaj-257	196	41	.	.	PUNCT
emaj-257	197	1	there	there	PRON
emaj-257	197	2	are	be	VERB
emaj-257	197	3	several	several	ADJ
emaj-257	197	4	unit	unit	NOUN
emaj-257	197	5	root	root	NOUN
emaj-257	197	6	tests	test	NOUN
emaj-257	197	7	used	use	VERB
emaj-257	197	8	in	in	ADP
emaj-257	197	9	the	the	DET
emaj-257	197	10	time	time	NOUN
emaj-257	197	11	-	-	PUNCT
emaj-257	197	12	series	series	NOUN
emaj-257	197	13	and	and	CCONJ
emaj-257	197	14	panel	panel	NOUN
emaj-257	197	15	data	datum	NOUN
emaj-257	197	16	analysis	analysis	NOUN
emaj-257	197	17	.	.	PUNCT
emaj-257	198	1	this	this	DET
emaj-257	198	2	study	study	NOUN
emaj-257	198	3	employs	employ	VERB
emaj-257	198	4	a	a	DET
emaj-257	198	5	variant	variant	NOUN
emaj-257	198	6	of	of	ADP
emaj-257	198	7	breitung	breitung	PROPN
emaj-257	198	8	(	(	PUNCT
emaj-257	198	9	2005	2005	NUM
emaj-257	198	10	)	)	PUNCT
emaj-257	198	11	and	and	CCONJ
emaj-257	198	12	hadri	hadri	NOUN
emaj-257	198	13	(	(	PUNCT
emaj-257	198	14	2000	2000	NUM
emaj-257	198	15	)	)	PUNCT
emaj-257	198	16	unit	unit	NOUN
emaj-257	198	17	root	root	NOUN
emaj-257	198	18	tests	test	NOUN
emaj-257	198	19	that	that	PRON
emaj-257	198	20	are	be	AUX
emaj-257	198	21	robust	robust	ADJ
emaj-257	198	22	to	to	ADP
emaj-257	198	23	cross	cross	ADJ
emaj-257	198	24	-	-	ADJ
emaj-257	198	25	sectional	sectional	ADJ
emaj-257	198	26	dependence	dependence	NOUN
emaj-257	198	27	.	.	PUNCT
emaj-257	199	1	while	while	SCONJ
emaj-257	199	2	the	the	DET
emaj-257	199	3	breitung	breitung	NOUN
emaj-257	199	4	test	test	NOUN
emaj-257	199	5	assumes	assume	VERB
emaj-257	199	6	unit	unit	NOUN
emaj-257	199	7	root	root	NOUN
emaj-257	199	8	in	in	ADP
emaj-257	199	9	all	all	DET
emaj-257	199	10	panels	panel	NOUN
emaj-257	199	11	,	,	PUNCT
emaj-257	199	12	the	the	DET
emaj-257	199	13	hadri	hadri	ADJ
emaj-257	199	14	test	test	NOUN
emaj-257	199	15	assumes	assume	VERB
emaj-257	199	16	stationarity	stationarity	NOUN
emaj-257	199	17	of	of	ADP
emaj-257	199	18	all	all	DET
emaj-257	199	19	panels	panel	NOUN
emaj-257	199	20	under	under	ADP
emaj-257	199	21	the	the	DET
emaj-257	199	22	null	null	ADJ
emaj-257	199	23	hypothesis	hypothesis	NOUN
emaj-257	199	24	.	.	PUNCT
emaj-257	200	1	dejong	dejong	PROPN
emaj-257	200	2	and	and	CCONJ
emaj-257	200	3	whiteman	whiteman	NOUN
emaj-257	200	4	(	(	PUNCT
emaj-257	200	5	1994	1994	NUM
emaj-257	200	6	)	)	PUNCT
emaj-257	200	7	suggest	suggest	VERB
emaj-257	200	8	performing	perform	VERB
emaj-257	200	9	unit	unit	NOUN
emaj-257	200	10	root	root	NOUN
emaj-257	200	11	tests	test	NOUN
emaj-257	200	12	of	of	ADP
emaj-257	200	13	these	these	DET
emaj-257	200	14	two	two	NUM
emaj-257	200	15	types	type	NOUN
emaj-257	200	16	together	together	ADV
emaj-257	200	17	in	in	ADP
emaj-257	200	18	time	time	NOUN
emaj-257	200	19	-	-	PUNCT
emaj-257	200	20	series	series	NOUN
emaj-257	200	21	analysis	analysis	NOUN
emaj-257	200	22	.	.	PUNCT
emaj-257	201	1	unit	unit	NOUN
emaj-257	201	2	root	root	NOUN
emaj-257	201	3	tests	test	NOUN
emaj-257	201	4	were	be	AUX
emaj-257	201	5	performed	perform	VERB
emaj-257	201	6	with	with	ADP
emaj-257	201	7	time	time	NOUN
emaj-257	201	8	-	-	PUNCT
emaj-257	201	9	trend	trend	NOUN
emaj-257	201	10	and	and	CCONJ
emaj-257	201	11	without	without	ADP
emaj-257	201	12	time	time	NOUN
emaj-257	201	13	-	-	PUNCT
emaj-257	201	14	trend	trend	NOUN
emaj-257	201	15	options	option	NOUN
emaj-257	201	16	using	use	VERB
emaj-257	201	17	lagged	lag	VERB
emaj-257	201	18	(	(	PUNCT
emaj-257	201	19	4	4	X
emaj-257	201	20	)	)	PUNCT
emaj-257	201	21	version	version	NOUN
emaj-257	201	22	of	of	ADP
emaj-257	201	23	the	the	DET
emaj-257	201	24	series	series	NOUN
emaj-257	201	25	.	.	PUNCT
emaj-257	202	1	volume	volume	NOUN
emaj-257	202	2	12	12	NUM
emaj-257	202	3	no	no	DET
emaj-257	202	4	1	1	NUM
emaj-257	202	5	(	(	PUNCT
emaj-257	202	6	2022	2022	NUM
emaj-257	202	7	)	)	PUNCT
emaj-257	202	8	|	|	ADV
emaj-257	202	9	issn	issn	VERB
emaj-257	202	10	2158	2158	NUM
emaj-257	202	11	-	-	SYM
emaj-257	202	12	8708	8708	NUM
emaj-257	202	13	(	(	PUNCT
emaj-257	202	14	online	online	NOUN
emaj-257	202	15	)	)	PUNCT
emaj-257	202	16	|	|	ADV
emaj-257	202	17	doi	doi	X
emaj-257	202	18	10.5195	10.5195	NUM
emaj-257	202	19	/	/	SYM
emaj-257	202	20	emaj.2022.257	emaj.2022.257	NOUN
emaj-257	202	21	|	|	ADV
emaj-257	202	22	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-257	202	23	determinants	determinant	NOUN
emaj-257	202	24	of	of	ADP
emaj-257	202	25	stock	stock	NOUN
emaj-257	202	26	market	market	NOUN
emaj-257	202	27	indices	index	NOUN
emaj-257	202	28	:	:	PUNCT
emaj-257	202	29	an	an	DET
emaj-257	202	30	analysis	analysis	NOUN
emaj-257	202	31	of	of	ADP
emaj-257	202	32	emerging	emerge	VERB
emaj-257	202	33	markets	market	NOUN
emaj-257	202	34	of	of	ADP
emaj-257	202	35	brazil	brazil	PROPN
emaj-257	202	36	,	,	PUNCT
emaj-257	202	37	mexico	mexico	PROPN
emaj-257	202	38	,	,	PUNCT
emaj-257	202	39	russia	russia	PROPN
emaj-257	202	40	,	,	PUNCT
emaj-257	202	41	and	and	CCONJ
emaj-257	202	42	turkey	turkey	NOUN
emaj-257	202	43	page	page	NOUN
emaj-257	202	44	|32|	|32|	NOUN
emaj-257	202	45	emerging	emerge	VERB
emaj-257	202	46	markets	market	NOUN
emaj-257	202	47	journal	journal	NOUN
emaj-257	202	48	table	table	NOUN
emaj-257	202	49	4	4	NUM
emaj-257	202	50	:	:	PUNCT
emaj-257	202	51	unit	unit	NOUN
emaj-257	202	52	root	root	PROPN
emaj-257	202	53	test-1	test-1	NUM
emaj-257	202	54	source	source	NOUN
emaj-257	202	55	:	:	PUNCT
emaj-257	202	56	spss	spss	PROPN
emaj-257	202	57	software	software	PROPN
emaj-257	202	58	output	output	NOUN
emaj-257	202	59	breitung	breitung	PROPN
emaj-257	202	60	h0	h0	PROPN
emaj-257	202	61	:	:	PUNCT
emaj-257	202	62	panels	panel	NOUN
emaj-257	202	63	contain	contain	VERB
emaj-257	202	64	unit	unit	NOUN
emaj-257	202	65	roots	root	NOUN
emaj-257	202	66	.	.	PUNCT
emaj-257	203	1	hadri	hadri	ADJ
emaj-257	203	2	-	-	PUNCT
emaj-257	203	3	lm	lm	ADJ
emaj-257	203	4	h0=	h0=	PROPN
emaj-257	203	5	all	all	DET
emaj-257	203	6	panels	panel	NOUN
emaj-257	203	7	are	be	AUX
emaj-257	203	8	stationary	stationary	ADJ
emaj-257	203	9	as	as	SCONJ
emaj-257	203	10	seen	see	VERB
emaj-257	203	11	in	in	ADP
emaj-257	203	12	table	table	NOUN
emaj-257	203	13	4	4	NUM
emaj-257	203	14	,	,	PUNCT
emaj-257	203	15	the	the	DET
emaj-257	203	16	results	result	NOUN
emaj-257	203	17	of	of	ADP
emaj-257	203	18	breitung	breitung	PROPN
emaj-257	203	19	's	's	PART
emaj-257	203	20	(	(	PUNCT
emaj-257	203	21	2004	2004	NUM
emaj-257	203	22	)	)	PUNCT
emaj-257	203	23	unit	unit	NOUN
emaj-257	203	24	root	root	NOUN
emaj-257	203	25	test	test	NOUN
emaj-257	203	26	show	show	VERB
emaj-257	203	27	that	that	SCONJ
emaj-257	203	28	series	series	NOUN
emaj-257	203	29	,	,	PUNCT
emaj-257	203	30	except	except	SCONJ
emaj-257	203	31	lncds	lncds	NOUN
emaj-257	203	32	and	and	CCONJ
emaj-257	203	33	lnbond	lnbond	NOUN
emaj-257	203	34	,	,	PUNCT
emaj-257	203	35	contain	contain	VERB
emaj-257	203	36	unit	unit	NOUN
emaj-257	203	37	root	root	NOUN
emaj-257	203	38	in	in	ADP
emaj-257	203	39	all	all	DET
emaj-257	203	40	panels	panel	NOUN
emaj-257	203	41	.	.	PUNCT
emaj-257	204	1	lnoil	lnoil	PROPN
emaj-257	204	2	also	also	ADV
emaj-257	204	3	contains	contain	VERB
emaj-257	204	4	unit	unit	NOUN
emaj-257	204	5	root	root	NOUN
emaj-257	204	6	at	at	ADP
emaj-257	204	7	the	the	DET
emaj-257	204	8	10	10	NUM
emaj-257	204	9	%	%	NOUN
emaj-257	204	10	level	level	NOUN
emaj-257	204	11	,	,	PUNCT
emaj-257	204	12	together	together	ADV
emaj-257	204	13	with	with	ADP
emaj-257	204	14	lncds	lncds	NOUN
emaj-257	204	15	and	and	CCONJ
emaj-257	204	16	lnbond	lnbond	NOUN
emaj-257	204	17	.	.	PUNCT
emaj-257	205	1	on	on	ADP
emaj-257	205	2	the	the	DET
emaj-257	205	3	other	other	ADJ
emaj-257	205	4	hand	hand	NOUN
emaj-257	205	5	,	,	PUNCT
emaj-257	205	6	the	the	DET
emaj-257	205	7	results	result	NOUN
emaj-257	205	8	of	of	ADP
emaj-257	205	9	the	the	DET
emaj-257	205	10	hadrilm	hadrilm	NOUN
emaj-257	205	11	(	(	PUNCT
emaj-257	205	12	2004	2004	NUM
emaj-257	205	13	)	)	PUNCT
emaj-257	205	14	test	test	NOUN
emaj-257	205	15	show	show	NOUN
emaj-257	205	16	that	that	SCONJ
emaj-257	205	17	series	serie	NOUN
emaj-257	205	18	contain	contain	VERB
emaj-257	205	19	unit	unit	NOUN
emaj-257	205	20	roots	root	NOUN
emaj-257	205	21	in	in	ADP
emaj-257	205	22	some	some	DET
emaj-257	205	23	panels	panel	NOUN
emaj-257	205	24	.	.	PUNCT
emaj-257	206	1	the	the	DET
emaj-257	206	2	results	result	NOUN
emaj-257	206	3	remained	remain	VERB
emaj-257	206	4	the	the	DET
emaj-257	206	5	same	same	ADJ
emaj-257	206	6	when	when	SCONJ
emaj-257	206	7	the	the	DET
emaj-257	206	8	tests	test	NOUN
emaj-257	206	9	were	be	AUX
emaj-257	206	10	performed	perform	VERB
emaj-257	206	11	with	with	ADP
emaj-257	206	12	the	the	DET
emaj-257	206	13	time	time	NOUN
emaj-257	206	14	-	-	PUNCT
emaj-257	206	15	trend	trend	NOUN
emaj-257	206	16	option	option	NOUN
emaj-257	206	17	.	.	PUNCT
emaj-257	207	1	table	table	NOUN
emaj-257	207	2	5	5	NUM
emaj-257	207	3	:	:	PUNCT
emaj-257	207	4	unit	unit	NOUN
emaj-257	207	5	root	root	VERB
emaj-257	207	6	test-2	test-2	NUM
emaj-257	207	7	source	source	NOUN
emaj-257	207	8	:	:	PUNCT
emaj-257	207	9	spss	spss	PROPN
emaj-257	207	10	software	software	PROPN
emaj-257	207	11	output	output	NOUN
emaj-257	207	12	breitung	breitung	PROPN
emaj-257	207	13	h0	h0	PROPN
emaj-257	207	14	:	:	PUNCT
emaj-257	207	15	panels	panel	NOUN
emaj-257	207	16	contain	contain	VERB
emaj-257	207	17	unit	unit	NOUN
emaj-257	207	18	roots	root	NOUN
emaj-257	207	19	.	.	PUNCT
emaj-257	208	1	hadri	hadri	ADJ
emaj-257	208	2	-	-	PUNCT
emaj-257	208	3	lm	lm	ADJ
emaj-257	208	4	h0=	h0=	PROPN
emaj-257	208	5	all	all	DET
emaj-257	208	6	panels	panel	NOUN
emaj-257	208	7	are	be	AUX
emaj-257	208	8	stationary	stationary	ADJ
emaj-257	208	9	breitung	breitung	NOUN
emaj-257	208	10	and	and	CCONJ
emaj-257	208	11	hadri	hadri	PROPN
emaj-257	208	12	-	-	PUNCT
emaj-257	208	13	lm	lm	ADJ
emaj-257	208	14	tests	test	NOUN
emaj-257	208	15	were	be	AUX
emaj-257	208	16	reperformed	reperforme	VERB
emaj-257	208	17	using	use	VERB
emaj-257	208	18	the	the	DET
emaj-257	208	19	first	first	ADJ
emaj-257	208	20	differences	difference	NOUN
emaj-257	208	21	of	of	ADP
emaj-257	208	22	the	the	DET
emaj-257	208	23	series	series	NOUN
emaj-257	208	24	.	.	PUNCT
emaj-257	209	1	as	as	SCONJ
emaj-257	209	2	seen	see	VERB
emaj-257	209	3	in	in	ADP
emaj-257	209	4	table	table	NOUN
emaj-257	209	5	5	5	NUM
emaj-257	209	6	,	,	PUNCT
emaj-257	209	7	the	the	DET
emaj-257	209	8	results	result	NOUN
emaj-257	209	9	show	show	VERB
emaj-257	209	10	that	that	SCONJ
emaj-257	209	11	series	serie	NOUN
emaj-257	209	12	are	be	AUX
emaj-257	209	13	stationary	stationary	ADJ
emaj-257	209	14	in	in	ADP
emaj-257	209	15	all	all	DET
emaj-257	209	16	panels	panel	NOUN
emaj-257	209	17	.	.	PUNCT
emaj-257	210	1	the	the	DET
emaj-257	210	2	only	only	ADJ
emaj-257	210	3	exception	exception	NOUN
emaj-257	210	4	is	be	AUX
emaj-257	210	5	lngold	lngold	ADJ
emaj-257	210	6	,	,	PUNCT
emaj-257	210	7	which	which	PRON
emaj-257	210	8	contains	contain	VERB
emaj-257	210	9	unit	unit	NOUN
emaj-257	210	10	root	root	NOUN
emaj-257	210	11	when	when	SCONJ
emaj-257	210	12	tested	test	VERB
emaj-257	210	13	with	with	ADP
emaj-257	210	14	the	the	DET
emaj-257	210	15	intercept	intercept	NOUN
emaj-257	210	16	and	and	CCONJ
emaj-257	210	17	trend	trend	NOUN
emaj-257	210	18	option	option	NOUN
emaj-257	210	19	.	.	PUNCT
emaj-257	211	1	overall	overall	ADV
emaj-257	211	2	,	,	PUNCT
emaj-257	211	3	the	the	DET
emaj-257	211	4	results	result	NOUN
emaj-257	211	5	of	of	ADP
emaj-257	211	6	all	all	DET
emaj-257	211	7	unit	unit	NOUN
emaj-257	211	8	root	root	NOUN
emaj-257	211	9	tests	test	NOUN
emaj-257	211	10	indicated	indicate	VERB
emaj-257	211	11	that	that	SCONJ
emaj-257	211	12	the	the	DET
emaj-257	211	13	panel	panel	NOUN
emaj-257	211	14	dataset	dataset	VERB
emaj-257	211	15	consists	consist	NOUN
emaj-257	211	16	of	of	ADP
emaj-257	211	17	a	a	DET
emaj-257	211	18	dependent	dependent	ADJ
emaj-257	211	19	variable	variable	NOUN
emaj-257	211	20	that	that	PRON
emaj-257	211	21	is	be	AUX
emaj-257	211	22	stationary	stationary	ADJ
emaj-257	211	23	at	at	ADP
emaj-257	211	24	order	order	NOUN
emaj-257	211	25	one	one	NUM
emaj-257	211	26	(	(	PUNCT
emaj-257	211	27	i(1	i(1	PROPN
emaj-257	211	28	)	)	PUNCT
emaj-257	211	29	)	)	PUNCT
emaj-257	211	30	,	,	PUNCT
emaj-257	211	31	and	and	CCONJ
emaj-257	211	32	independent	independent	ADJ
emaj-257	211	33	variables	variable	NOUN
emaj-257	211	34	that	that	PRON
emaj-257	211	35	are	be	AUX
emaj-257	211	36	both	both	ADV
emaj-257	211	37	stationary	stationary	ADJ
emaj-257	211	38	at	at	ADP
emaj-257	211	39	level	level	NOUN
emaj-257	211	40	(	(	PUNCT
emaj-257	211	41	i(0	i(0	PROPN
emaj-257	211	42	)	)	PUNCT
emaj-257	211	43	and	and	CCONJ
emaj-257	211	44	order	order	VERB
emaj-257	211	45	one	one	NUM
emaj-257	211	46	(	(	PUNCT
emaj-257	211	47	i(1	i(1	PROPN
emaj-257	211	48	)	)	PUNCT
emaj-257	211	49	)	)	PUNCT
emaj-257	211	50	.	.	PUNCT
emaj-257	212	1	panel	panel	NOUN
emaj-257	212	2	cointegration	cointegration	NOUN
emaj-257	212	3	test	test	VERB
emaj-257	212	4	the	the	DET
emaj-257	212	5	results	result	NOUN
emaj-257	212	6	of	of	ADP
emaj-257	212	7	the	the	DET
emaj-257	212	8	root	root	NOUN
emaj-257	212	9	test	test	NOUN
emaj-257	212	10	shows	show	VERB
emaj-257	212	11	that	that	SCONJ
emaj-257	212	12	,	,	PUNCT
emaj-257	212	13	most	most	ADJ
emaj-257	212	14	of	of	ADP
emaj-257	212	15	the	the	DET
emaj-257	212	16	series	series	NOUN
emaj-257	212	17	in	in	ADP
emaj-257	212	18	the	the	DET
emaj-257	212	19	panel	panel	NOUN
emaj-257	212	20	are	be	AUX
emaj-257	212	21	not	not	PART
emaj-257	212	22	stationary	stationary	ADJ
emaj-257	212	23	.	.	PUNCT
emaj-257	213	1	this	this	PRON
emaj-257	213	2	also	also	ADV
emaj-257	213	3	suggests	suggest	VERB
emaj-257	213	4	that	that	SCONJ
emaj-257	213	5	there	there	PRON
emaj-257	213	6	may	may	AUX
emaj-257	213	7	be	be	AUX
emaj-257	213	8	a	a	DET
emaj-257	213	9	long	long	ADJ
emaj-257	213	10	-	-	PUNCT
emaj-257	213	11	term	term	NOUN
emaj-257	213	12	equilibrium	equilibrium	NOUN
emaj-257	213	13	relationship	relationship	NOUN
emaj-257	213	14	among	among	ADP
emaj-257	213	15	these	these	DET
emaj-257	213	16	series	series	NOUN
emaj-257	213	17	.	.	PUNCT
emaj-257	214	1	such	such	DET
emaj-257	214	2	a	a	DET
emaj-257	214	3	relationship	relationship	NOUN
emaj-257	214	4	results	result	NOUN
emaj-257	214	5	when	when	SCONJ
emaj-257	214	6	the	the	DET
emaj-257	214	7	combination	combination	NOUN
emaj-257	214	8	of	of	ADP
emaj-257	214	9	two	two	NUM
emaj-257	214	10	or	or	CCONJ
emaj-257	214	11	more	more	ADV
emaj-257	214	12	nonstationary	nonstationary	ADJ
emaj-257	214	13	variables	variable	NOUN
emaj-257	214	14	is	be	AUX
emaj-257	214	15	stationary	stationary	ADJ
emaj-257	214	16	.	.	PUNCT
emaj-257	215	1	panel	panel	NOUN
emaj-257	215	2	data	data	PROPN
emaj-257	215	3	cointegration	cointegration	PROPN
emaj-257	215	4	test	test	NOUN
emaj-257	215	5	examines	examine	VERB
emaj-257	215	6	whether	whether	SCONJ
emaj-257	215	7	there	there	PRON
emaj-257	215	8	is	be	VERB
emaj-257	215	9	a	a	DET
emaj-257	215	10	balanced	balanced	ADJ
emaj-257	215	11	,	,	PUNCT
emaj-257	215	12	long	long	ADJ
emaj-257	215	13	-	-	PUNCT
emaj-257	215	14	term	term	NOUN
emaj-257	215	15	relationship	relationship	NOUN
emaj-257	215	16	in	in	ADP
emaj-257	215	17	the	the	DET
emaj-257	215	18	panels	panel	NOUN
emaj-257	215	19	with	with	ADP
emaj-257	215	20	two	two	NUM
emaj-257	215	21	or	or	CCONJ
emaj-257	215	22	more	more	ADV
emaj-257	215	23	nonstationary	nonstationary	ADJ
emaj-257	215	24	series	series	NOUN
emaj-257	215	25	.	.	PUNCT
emaj-257	216	1	this	this	DET
emaj-257	216	2	study	study	NOUN
emaj-257	216	3	utilizes	utilize	VERB
emaj-257	216	4	kao	kao	PROPN
emaj-257	216	5	(	(	PUNCT
emaj-257	216	6	1999	1999	NUM
emaj-257	216	7	)	)	PUNCT
emaj-257	216	8	,	,	PUNCT
emaj-257	216	9	pedroni	pedroni	NOUN
emaj-257	216	10	(	(	PUNCT
emaj-257	216	11	1999	1999	NUM
emaj-257	216	12	,	,	PUNCT
emaj-257	216	13	2004	2004	NUM
emaj-257	216	14	)	)	PUNCT
emaj-257	216	15	and	and	CCONJ
emaj-257	216	16	westerlund	westerlund	NOUN
emaj-257	216	17	(	(	PUNCT
emaj-257	216	18	2005	2005	NUM
emaj-257	216	19	)	)	PUNCT
emaj-257	216	20	cointegration	cointegration	NOUN
emaj-257	216	21	tests	test	NOUN
emaj-257	216	22	to	to	PART
emaj-257	216	23	analyze	analyze	VERB
emaj-257	216	24	whether	whether	SCONJ
emaj-257	216	25	there	there	PRON
emaj-257	216	26	is	be	VERB
emaj-257	216	27	a	a	DET
emaj-257	216	28	cointegrating	cointegrate	VERB
emaj-257	216	29	relationship	relationship	NOUN
emaj-257	216	30	among	among	ADP
emaj-257	216	31	the	the	DET
emaj-257	216	32	series	series	NOUN
emaj-257	216	33	.	.	PUNCT
emaj-257	217	1	while	while	SCONJ
emaj-257	217	2	the	the	DET
emaj-257	217	3	null	null	ADJ
emaj-257	217	4	hypotheses	hypothesis	NOUN
emaj-257	217	5	of	of	ADP
emaj-257	217	6	these	these	DET
emaj-257	217	7	three	three	NUM
emaj-257	217	8	cointegration	cointegration	NOUN
emaj-257	217	9	tests	test	NOUN
emaj-257	217	10	check	check	VERB
emaj-257	217	11	for	for	ADP
emaj-257	217	12	no	no	DET
emaj-257	217	13	cointegration	cointegration	NOUN
emaj-257	217	14	;	;	PUNCT
emaj-257	217	15	kao	kao	PROPN
emaj-257	217	16	test	test	NOUN
emaj-257	217	17	analyzes	analyze	VERB
emaj-257	217	18	the	the	DET
emaj-257	217	19	alternative	alternative	ADJ
emaj-257	217	20	hypothesis	hypothesis	NOUN
emaj-257	217	21	that	that	PRON
emaj-257	217	22	all	all	DET
emaj-257	217	23	panels	panel	NOUN
emaj-257	217	24	are	be	AUX
emaj-257	217	25	cointegrated	cointegrate	VERB
emaj-257	217	26	where	where	SCONJ
emaj-257	217	27	cointegrating	cointegrate	VERB
emaj-257	217	28	vectors	vector	NOUN
emaj-257	217	29	are	be	AUX
emaj-257	217	30	homogeneous	homogeneous	ADJ
emaj-257	217	31	;	;	PUNCT
emaj-257	217	32	pedroni	pedroni	ADJ
emaj-257	217	33	test	test	NOUN
emaj-257	217	34	,	,	PUNCT
emaj-257	217	35	which	which	PRON
emaj-257	217	36	consists	consist	VERB
emaj-257	217	37	of	of	ADP
emaj-257	217	38	seven	seven	NUM
emaj-257	217	39	test	test	NOUN
emaj-257	217	40	statistics	statistic	NOUN
emaj-257	217	41	,	,	PUNCT
emaj-257	217	42	analyzes	analyze	VERB
emaj-257	217	43	the	the	DET
emaj-257	217	44	alternative	alternative	ADJ
emaj-257	217	45	hypotheses	hypothesis	NOUN
emaj-257	217	46	that	that	SCONJ
emaj-257	217	47	(	(	PUNCT
emaj-257	217	48	a	a	X
emaj-257	217	49	)	)	PUNCT
emaj-257	217	50	all	all	DET
emaj-257	217	51	panels	panel	NOUN
emaj-257	217	52	are	be	AUX
emaj-257	217	53	cointegrated	cointegrate	VERB
emaj-257	217	54	where	where	SCONJ
emaj-257	217	55	cointegrating	cointegrate	VERB
emaj-257	217	56	vectors	vector	NOUN
emaj-257	217	57	and	and	CCONJ
emaj-257	217	58	autoregressive	autoregressive	ADJ
emaj-257	217	59	parameters	parameter	NOUN
emaj-257	217	60	are	be	AUX
emaj-257	217	61	panel	panel	NOUN
emaj-257	217	62	specific	specific	ADJ
emaj-257	217	63	,	,	PUNCT
emaj-257	217	64	(	(	PUNCT
emaj-257	217	65	b	b	X
emaj-257	217	66	)	)	PUNCT
emaj-257	217	67	all	all	DET
emaj-257	217	68	panels	panel	NOUN
emaj-257	217	69	are	be	AUX
emaj-257	217	70	cointegrated	cointegrate	VERB
emaj-257	217	71	where	where	SCONJ
emaj-257	217	72	cointegrating	cointegrate	VERB
emaj-257	217	73	vectors	vector	NOUN
emaj-257	217	74	are	be	AUX
emaj-257	217	75	panel	panel	NOUN
emaj-257	217	76	-	-	PUNCT
emaj-257	217	77	specific	specific	ADJ
emaj-257	217	78	,	,	PUNCT
emaj-257	217	79	but	but	CCONJ
emaj-257	217	80	autoregressive	autoregressive	ADJ
emaj-257	217	81	parameters	parameter	NOUN
emaj-257	217	82	are	be	AUX
emaj-257	217	83	the	the	DET
emaj-257	217	84	same	same	ADJ
emaj-257	217	85	for	for	ADP
emaj-257	217	86	all	all	DET
emaj-257	217	87	panels	panel	NOUN
emaj-257	217	88	;	;	PUNCT
emaj-257	217	89	westerlund	westerlund	NOUN
emaj-257	217	90	test	test	NOUN
emaj-257	217	91	analyzes	analyze	VERB
emaj-257	217	92	the	the	DET
emaj-257	217	93	alternative	alternative	ADJ
emaj-257	217	94	hypotheses	hypothesis	NOUN
emaj-257	217	95	that	that	SCONJ
emaj-257	217	96	(	(	PUNCT
emaj-257	217	97	a	a	X
emaj-257	217	98	)	)	PUNCT
emaj-257	217	99	some	some	DET
emaj-257	217	100	panels	panel	NOUN
emaj-257	217	101	(	(	PUNCT
emaj-257	217	102	at	at	ADP
emaj-257	217	103	least	least	ADV
emaj-257	217	104	one	one	NUM
emaj-257	217	105	)	)	PUNCT
emaj-257	217	106	are	be	AUX
emaj-257	217	107	cointegrated	cointegrate	VERB
emaj-257	217	108	where	where	SCONJ
emaj-257	217	109	cointegrating	cointegrate	VERB
emaj-257	217	110	vectors	vector	NOUN
emaj-257	217	111	and	and	CCONJ
emaj-257	217	112	autoregressive	autoregressive	ADJ
emaj-257	217	113	parameters	parameter	NOUN
emaj-257	217	114	are	be	AUX
emaj-257	217	115	panel	panel	NOUN
emaj-257	217	116	specific	specific	ADJ
emaj-257	217	117	,	,	PUNCT
emaj-257	217	118	(	(	PUNCT
emaj-257	217	119	b	b	X
emaj-257	217	120	)	)	PUNCT
emaj-257	217	121	all	all	DET
emaj-257	217	122	panels	panel	NOUN
emaj-257	217	123	are	be	AUX
emaj-257	217	124	cointegrated	cointegrate	VERB
emaj-257	217	125	where	where	SCONJ
emaj-257	217	126	cointegrating	cointegrate	VERB
emaj-257	217	127	vectors	vector	NOUN
emaj-257	217	128	are	be	AUX
emaj-257	217	129	panel	panel	NOUN
emaj-257	217	130	-	-	PUNCT
emaj-257	217	131	specific	specific	ADJ
emaj-257	217	132	,	,	PUNCT
emaj-257	217	133	but	but	CCONJ
emaj-257	217	134	autoregressive	autoregressive	ADJ
emaj-257	217	135	parameters	parameter	NOUN
emaj-257	217	136	are	be	AUX
emaj-257	217	137	the	the	DET
emaj-257	217	138	same	same	ADJ
emaj-257	217	139	for	for	ADP
emaj-257	217	140	all	all	DET
emaj-257	217	141	panels	panel	NOUN
emaj-257	217	142	.	.	PUNCT
emaj-257	218	1	table	table	NOUN
emaj-257	218	2	6	6	NUM
emaj-257	218	3	:	:	PUNCT
emaj-257	218	4	cointegration	cointegration	NOUN
emaj-257	218	5	tests	test	NOUN
emaj-257	218	6	source	source	NOUN
emaj-257	218	7	:	:	PUNCT
emaj-257	218	8	spss	spss	PROPN
emaj-257	218	9	software	software	PROPN
emaj-257	218	10	output	output	NOUN
emaj-257	218	11	note	note	NOUN
emaj-257	218	12	:	:	PUNCT
emaj-257	218	13	no	no	DET
emaj-257	218	14	time	time	NOUN
emaj-257	218	15	trends	trend	VERB
emaj-257	218	16	eha	eha	NOUN
emaj-257	218	17	:	:	PUNCT
emaj-257	218	18	all	all	DET
emaj-257	218	19	panels	panel	NOUN
emaj-257	218	20	are	be	AUX
emaj-257	218	21	cointegrated	cointegrate	VERB
emaj-257	218	22	(	(	PUNCT
emaj-257	218	23	same	same	ADJ
emaj-257	218	24	ar	ar	NOUN
emaj-257	218	25	)	)	PUNCT
emaj-257	218	26	as	as	SCONJ
emaj-257	218	27	seen	see	VERB
emaj-257	218	28	in	in	ADP
emaj-257	218	29	table	table	NOUN
emaj-257	218	30	6	6	NUM
emaj-257	218	31	,	,	PUNCT
emaj-257	218	32	the	the	DET
emaj-257	218	33	results	result	NOUN
emaj-257	218	34	of	of	ADP
emaj-257	218	35	the	the	DET
emaj-257	218	36	kao	kao	PROPN
emaj-257	218	37	test	test	NOUN
emaj-257	218	38	show	show	VERB
emaj-257	218	39	that	that	SCONJ
emaj-257	218	40	,	,	PUNCT
emaj-257	218	41	the	the	DET
emaj-257	218	42	null	null	ADJ
emaj-257	218	43	hypothesis	hypothesis	NOUN
emaj-257	218	44	of	of	ADP
emaj-257	218	45	no	no	DET
emaj-257	218	46	cointegration	cointegration	NOUN
emaj-257	218	47	can	can	AUX
emaj-257	218	48	be	be	AUX
emaj-257	218	49	rejected	reject	VERB
emaj-257	218	50	in	in	ADP
emaj-257	218	51	favor	favor	NOUN
emaj-257	218	52	of	of	ADP
emaj-257	218	53	the	the	DET
emaj-257	218	54	alternative	alternative	ADJ
emaj-257	218	55	hypothesis	hypothesis	NOUN
emaj-257	218	56	that	that	PRON
emaj-257	218	57	all	all	DET
emaj-257	218	58	panels	panel	NOUN
emaj-257	218	59	are	be	AUX
emaj-257	218	60	cointegrated	cointegrate	VERB
emaj-257	218	61	.	.	PUNCT
emaj-257	219	1	the	the	DET
emaj-257	219	2	results	result	NOUN
emaj-257	219	3	of	of	ADP
emaj-257	219	4	pedroni	pedroni	NOUN
emaj-257	219	5	test	test	NOUN
emaj-257	219	6	,	,	PUNCT
emaj-257	219	7	as	as	SCONJ
emaj-257	219	8	indicated	indicate	VERB
emaj-257	219	9	by	by	ADP
emaj-257	219	10	the	the	DET
emaj-257	219	11	five	five	NUM
emaj-257	219	12	test	test	NOUN
emaj-257	219	13	statistics	statistic	NOUN
emaj-257	219	14	out	out	ADP
emaj-257	219	15	of	of	ADP
emaj-257	219	16	seven	seven	NUM
emaj-257	219	17	,	,	PUNCT
emaj-257	219	18	show	show	VERB
emaj-257	219	19	that	that	SCONJ
emaj-257	219	20	the	the	DET
emaj-257	219	21	null	null	ADJ
emaj-257	219	22	hypothesis	hypothesis	NOUN
emaj-257	219	23	of	of	ADP
emaj-257	219	24	no	no	DET
emaj-257	219	25	cointegration	cointegration	NOUN
emaj-257	219	26	can	can	AUX
emaj-257	219	27	be	be	AUX
emaj-257	219	28	rejected	reject	VERB
emaj-257	219	29	in	in	ADP
emaj-257	219	30	volume	volume	NOUN
emaj-257	219	31	12	12	NUM
emaj-257	219	32	no	no	DET
emaj-257	219	33	1	1	NUM
emaj-257	219	34	(	(	PUNCT
emaj-257	219	35	2022	2022	NUM
emaj-257	219	36	)	)	PUNCT
emaj-257	219	37	|	|	ADV
emaj-257	219	38	issn	issn	VERB
emaj-257	219	39	2158	2158	NUM
emaj-257	219	40	-	-	SYM
emaj-257	219	41	8708	8708	NUM
emaj-257	219	42	(	(	PUNCT
emaj-257	219	43	online	online	NOUN
emaj-257	219	44	)	)	PUNCT
emaj-257	219	45	|	|	ADV
emaj-257	219	46	doi	doi	X
emaj-257	219	47	10.5195	10.5195	NUM
emaj-257	219	48	/	/	SYM
emaj-257	219	49	emaj.2022.257	emaj.2022.257	NOUN
emaj-257	219	50	|	|	ADV
emaj-257	219	51	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-257	219	52	hülya	hülya	PROPN
emaj-257	219	53	yılmaz	yılmaz	PROPN
emaj-257	219	54	,	,	PUNCT
emaj-257	219	55	bülent	bülent	ADJ
emaj-257	219	56	i̇lhan	i̇lhan	ADJ
emaj-257	219	57	emerging	emerge	VERB
emaj-257	219	58	markets	market	NOUN
emaj-257	219	59	journal	journal	NOUN
emaj-257	219	60	|	|	ADV
emaj-257	219	61	p	p	NOUN
emaj-257	219	62	a	a	DET
emaj-257	219	63	g	g	NOUN
emaj-257	219	64	e	e	NOUN
emaj-257	219	65	|33	|33	NOUN
emaj-257	219	66	favor	favor	NOUN
emaj-257	219	67	of	of	ADP
emaj-257	219	68	the	the	DET
emaj-257	219	69	alternative	alternative	ADJ
emaj-257	219	70	hypotheses	hypothesis	NOUN
emaj-257	219	71	that	that	SCONJ
emaj-257	219	72	(	(	PUNCT
emaj-257	219	73	a	a	X
emaj-257	219	74	)	)	PUNCT
emaj-257	219	75	all	all	DET
emaj-257	219	76	panels	panel	NOUN
emaj-257	219	77	are	be	AUX
emaj-257	219	78	cointegrated	cointegrate	VERB
emaj-257	219	79	where	where	SCONJ
emaj-257	219	80	autoregressive	autoregressive	ADJ
emaj-257	219	81	parameters	parameter	NOUN
emaj-257	219	82	are	be	AUX
emaj-257	219	83	panelspecific	panelspecific	ADJ
emaj-257	219	84	and	and	CCONJ
emaj-257	219	85	(	(	PUNCT
emaj-257	219	86	b	b	X
emaj-257	219	87	)	)	PUNCT
emaj-257	219	88	all	all	DET
emaj-257	219	89	panels	panel	NOUN
emaj-257	219	90	are	be	AUX
emaj-257	219	91	cointegrated	cointegrate	VERB
emaj-257	219	92	where	where	SCONJ
emaj-257	219	93	autoregressive	autoregressive	ADJ
emaj-257	219	94	parameters	parameter	NOUN
emaj-257	219	95	are	be	AUX
emaj-257	219	96	the	the	DET
emaj-257	219	97	same	same	ADJ
emaj-257	219	98	for	for	ADP
emaj-257	219	99	all	all	DET
emaj-257	219	100	panels	panel	NOUN
emaj-257	219	101	(	(	PUNCT
emaj-257	219	102	see	see	VERB
emaj-257	219	103	adf	adf	PROPN
emaj-257	219	104	-	-	PUNCT
emaj-257	219	105	t	t	PROPN
emaj-257	219	106	and	and	CCONJ
emaj-257	219	107	pp	pp	PROPN
emaj-257	219	108	-	-	PUNCT
emaj-257	219	109	t	t	NOUN
emaj-257	219	110	tests	test	NOUN
emaj-257	219	111	for	for	ADP
emaj-257	219	112	(	(	PUNCT
emaj-257	219	113	b	b	NOUN
emaj-257	219	114	)	)	PUNCT
emaj-257	219	115	)	)	PUNCT
emaj-257	219	116	.	.	PUNCT
emaj-257	220	1	the	the	DET
emaj-257	220	2	results	result	NOUN
emaj-257	220	3	of	of	ADP
emaj-257	220	4	the	the	DET
emaj-257	220	5	westerlund	westerlund	NOUN
emaj-257	220	6	test	test	NOUN
emaj-257	220	7	show	show	VERB
emaj-257	220	8	that	that	SCONJ
emaj-257	220	9	the	the	DET
emaj-257	220	10	null	null	ADJ
emaj-257	220	11	hypothesis	hypothesis	NOUN
emaj-257	220	12	of	of	ADP
emaj-257	220	13	no	no	DET
emaj-257	220	14	cointegration	cointegration	NOUN
emaj-257	220	15	(	(	PUNCT
emaj-257	220	16	a	a	X
emaj-257	220	17	)	)	PUNCT
emaj-257	220	18	can	can	AUX
emaj-257	220	19	not	not	PART
emaj-257	220	20	be	be	AUX
emaj-257	220	21	rejected	reject	VERB
emaj-257	220	22	in	in	ADP
emaj-257	220	23	favor	favor	NOUN
emaj-257	220	24	of	of	ADP
emaj-257	220	25	the	the	DET
emaj-257	220	26	alternative	alternative	ADJ
emaj-257	220	27	hypothesis	hypothesis	NOUN
emaj-257	220	28	that	that	PRON
emaj-257	220	29	all	all	DET
emaj-257	220	30	panels	panel	NOUN
emaj-257	220	31	are	be	AUX
emaj-257	220	32	cointegrated	cointegrate	VERB
emaj-257	220	33	where	where	SCONJ
emaj-257	220	34	autoregressive	autoregressive	ADJ
emaj-257	220	35	parameters	parameter	NOUN
emaj-257	220	36	are	be	AUX
emaj-257	220	37	the	the	DET
emaj-257	220	38	same	same	ADJ
emaj-257	220	39	across	across	ADP
emaj-257	220	40	panels	panel	NOUN
emaj-257	220	41	,	,	PUNCT
emaj-257	220	42	but	but	CCONJ
emaj-257	220	43	(	(	PUNCT
emaj-257	220	44	b	b	X
emaj-257	220	45	)	)	PUNCT
emaj-257	220	46	can	can	AUX
emaj-257	220	47	be	be	AUX
emaj-257	220	48	rejected	reject	VERB
emaj-257	220	49	in	in	ADP
emaj-257	220	50	favor	favor	NOUN
emaj-257	220	51	of	of	ADP
emaj-257	220	52	alternative	alternative	ADJ
emaj-257	220	53	hypothesis	hypothesis	NOUN
emaj-257	220	54	that	that	PRON
emaj-257	220	55	some	some	DET
emaj-257	220	56	panels	panel	NOUN
emaj-257	220	57	are	be	AUX
emaj-257	220	58	cointegrated	cointegrate	VERB
emaj-257	220	59	where	where	SCONJ
emaj-257	220	60	autoregressive	autoregressive	ADJ
emaj-257	220	61	parameters	parameter	NOUN
emaj-257	220	62	are	be	AUX
emaj-257	220	63	panel	panel	NOUN
emaj-257	220	64	specific	specific	ADJ
emaj-257	220	65	.	.	PUNCT
emaj-257	221	1	overall	overall	ADV
emaj-257	221	2	,	,	PUNCT
emaj-257	221	3	all	all	DET
emaj-257	221	4	three	three	NUM
emaj-257	221	5	tests	test	NOUN
emaj-257	221	6	suggest	suggest	VERB
emaj-257	221	7	that	that	SCONJ
emaj-257	221	8	the	the	DET
emaj-257	221	9	null	null	ADJ
emaj-257	221	10	hypothesis	hypothesis	NOUN
emaj-257	221	11	of	of	ADP
emaj-257	221	12	no	no	DET
emaj-257	221	13	cointegration	cointegration	NOUN
emaj-257	221	14	can	can	AUX
emaj-257	221	15	be	be	AUX
emaj-257	221	16	rejected	reject	VERB
emaj-257	221	17	at	at	ADP
emaj-257	221	18	least	least	ADJ
emaj-257	221	19	for	for	ADP
emaj-257	221	20	some	some	PRON
emaj-257	221	21	,	,	PUNCT
emaj-257	221	22	if	if	SCONJ
emaj-257	221	23	not	not	PART
emaj-257	221	24	for	for	ADP
emaj-257	221	25	all	all	PRON
emaj-257	221	26	,	,	PUNCT
emaj-257	221	27	panels	panel	NOUN
emaj-257	221	28	.	.	PUNCT
emaj-257	222	1	model	model	NOUN
emaj-257	222	2	specification	specification	NOUN
emaj-257	222	3	the	the	DET
emaj-257	222	4	results	result	NOUN
emaj-257	222	5	of	of	ADP
emaj-257	222	6	cointegration	cointegration	NOUN
emaj-257	222	7	tests	test	NOUN
emaj-257	222	8	imply	imply	VERB
emaj-257	222	9	a	a	DET
emaj-257	222	10	longterm	longterm	ADJ
emaj-257	222	11	relationship	relationship	NOUN
emaj-257	222	12	among	among	ADP
emaj-257	222	13	the	the	DET
emaj-257	222	14	series	series	NOUN
emaj-257	222	15	.	.	PUNCT
emaj-257	223	1	in	in	ADP
emaj-257	223	2	other	other	ADJ
emaj-257	223	3	words	word	NOUN
emaj-257	223	4	,	,	PUNCT
emaj-257	223	5	there	there	PRON
emaj-257	223	6	is	be	VERB
emaj-257	223	7	enough	enough	ADJ
emaj-257	223	8	evidence	evidence	NOUN
emaj-257	223	9	showing	show	VERB
emaj-257	223	10	that	that	SCONJ
emaj-257	223	11	stock	stock	NOUN
emaj-257	223	12	indices	index	NOUN
emaj-257	223	13	of	of	ADP
emaj-257	223	14	countries	country	NOUN
emaj-257	223	15	in	in	ADP
emaj-257	223	16	the	the	DET
emaj-257	223	17	panel	panel	NOUN
emaj-257	223	18	are	be	AUX
emaj-257	223	19	in	in	ADP
emaj-257	223	20	a	a	DET
emaj-257	223	21	long	long	ADJ
emaj-257	223	22	-	-	PUNCT
emaj-257	223	23	term	term	NOUN
emaj-257	223	24	equilibrium	equilibrium	NOUN
emaj-257	223	25	with	with	ADP
emaj-257	223	26	the	the	DET
emaj-257	223	27	regressors	regressor	NOUN
emaj-257	223	28	.	.	PUNCT
emaj-257	224	1	the	the	DET
emaj-257	224	2	relationship	relationship	NOUN
emaj-257	224	3	of	of	ADP
emaj-257	224	4	this	this	DET
emaj-257	224	5	type	type	NOUN
emaj-257	224	6	has	have	AUX
emaj-257	224	7	long	long	ADV
emaj-257	224	8	been	be	AUX
emaj-257	224	9	analyzed	analyze	VERB
emaj-257	224	10	through	through	ADP
emaj-257	224	11	error	error	NOUN
emaj-257	224	12	correction	correction	NOUN
emaj-257	224	13	models	model	NOUN
emaj-257	224	14	(	(	PUNCT
emaj-257	224	15	ecm	ecm	NOUN
emaj-257	224	16	)	)	PUNCT
emaj-257	224	17	in	in	ADP
emaj-257	224	18	most	most	ADJ
emaj-257	224	19	fields	field	NOUN
emaj-257	224	20	(	(	PUNCT
emaj-257	224	21	sargan	sargan	PROPN
emaj-257	224	22	,	,	PUNCT
emaj-257	224	23	1964	1964	NUM
emaj-257	224	24	;	;	PUNCT
emaj-257	224	25	engle	engle	PROPN
emaj-257	224	26	&	&	CCONJ
emaj-257	224	27	granger	granger	PROPN
emaj-257	224	28	,	,	PUNCT
emaj-257	224	29	1987	1987	NUM
emaj-257	224	30	;	;	PUNCT
emaj-257	224	31	pesaran	pesaran	PROPN
emaj-257	224	32	&	&	CCONJ
emaj-257	224	33	shin	shin	PROPN
emaj-257	224	34	,	,	PUNCT
emaj-257	224	35	1995	1995	NUM
emaj-257	224	36	)	)	PUNCT
emaj-257	224	37	.	.	PUNCT
emaj-257	225	1	ecms	ecms	PROPN
emaj-257	225	2	can	can	AUX
emaj-257	225	3	measure	measure	VERB
emaj-257	225	4	the	the	DET
emaj-257	225	5	long	long	ADJ
emaj-257	225	6	and	and	CCONJ
emaj-257	225	7	short	short	ADJ
emaj-257	225	8	-	-	PUNCT
emaj-257	225	9	term	term	NOUN
emaj-257	225	10	effects	effect	NOUN
emaj-257	225	11	of	of	ADP
emaj-257	225	12	instantaneous	instantaneous	ADJ
emaj-257	225	13	shocks	shock	NOUN
emaj-257	225	14	in	in	ADP
emaj-257	225	15	time	time	NOUN
emaj-257	225	16	series	series	NOUN
emaj-257	225	17	,	,	PUNCT
emaj-257	225	18	making	make	VERB
emaj-257	225	19	it	it	PRON
emaj-257	225	20	tested	test	VERB
emaj-257	225	21	in	in	ADP
emaj-257	225	22	two	two	NUM
emaj-257	225	23	consecutive	consecutive	ADJ
emaj-257	225	24	steps	step	NOUN
emaj-257	225	25	.	.	PUNCT
emaj-257	226	1	first	first	ADV
emaj-257	226	2	,	,	PUNCT
emaj-257	226	3	series	serie	NOUN
emaj-257	226	4	are	be	AUX
emaj-257	226	5	added	add	VERB
emaj-257	226	6	to	to	ADP
emaj-257	226	7	the	the	DET
emaj-257	226	8	model	model	NOUN
emaj-257	226	9	with	with	ADP
emaj-257	226	10	their	their	PRON
emaj-257	226	11	optimal	optimal	ADJ
emaj-257	226	12	lags	lag	NOUN
emaj-257	226	13	to	to	PART
emaj-257	226	14	estimate	estimate	VERB
emaj-257	226	15	the	the	DET
emaj-257	226	16	longterm	longterm	ADJ
emaj-257	226	17	effects	effect	NOUN
emaj-257	226	18	of	of	ADP
emaj-257	226	19	regressors	regressor	NOUN
emaj-257	226	20	on	on	ADP
emaj-257	226	21	the	the	DET
emaj-257	226	22	outcome	outcome	NOUN
emaj-257	226	23	variable	variable	NOUN
emaj-257	226	24	.	.	PUNCT
emaj-257	227	1	second	second	ADJ
emaj-257	227	2	,	,	PUNCT
emaj-257	227	3	series	serie	NOUN
emaj-257	227	4	are	be	AUX
emaj-257	227	5	added	add	VERB
emaj-257	227	6	to	to	ADP
emaj-257	227	7	the	the	DET
emaj-257	227	8	model	model	NOUN
emaj-257	227	9	with	with	ADP
emaj-257	227	10	their	their	PRON
emaj-257	227	11	first	first	ADJ
emaj-257	227	12	differences	difference	NOUN
emaj-257	227	13	to	to	PART
emaj-257	227	14	estimate	estimate	VERB
emaj-257	227	15	their	their	PRON
emaj-257	227	16	short	short	ADJ
emaj-257	227	17	-	-	PUNCT
emaj-257	227	18	term	term	NOUN
emaj-257	227	19	effects	effect	NOUN
emaj-257	227	20	.	.	PUNCT
emaj-257	228	1	the	the	DET
emaj-257	228	2	first	first	ADJ
emaj-257	228	3	differences	difference	NOUN
emaj-257	228	4	of	of	ADP
emaj-257	228	5	series	series	NOUN
emaj-257	228	6	are	be	AUX
emaj-257	228	7	used	use	VERB
emaj-257	228	8	to	to	PART
emaj-257	228	9	remove	remove	VERB
emaj-257	228	10	the	the	DET
emaj-257	228	11	longterm	longterm	ADJ
emaj-257	228	12	effects	effect	NOUN
emaj-257	228	13	that	that	PRON
emaj-257	228	14	occur	occur	VERB
emaj-257	228	15	due	due	ADJ
emaj-257	228	16	to	to	ADP
emaj-257	228	17	non	non	ADJ
emaj-257	228	18	-	-	ADJ
emaj-257	228	19	stationary	stationary	ADJ
emaj-257	228	20	movements	movement	NOUN
emaj-257	228	21	of	of	ADP
emaj-257	228	22	series	series	NOUN
emaj-257	228	23	in	in	ADP
emaj-257	228	24	time	time	NOUN
emaj-257	228	25	.	.	PUNCT
emaj-257	229	1	the	the	DET
emaj-257	229	2	short	short	ADJ
emaj-257	229	3	-	-	PUNCT
emaj-257	229	4	term	term	NOUN
emaj-257	229	5	model	model	NOUN
emaj-257	229	6	also	also	ADV
emaj-257	229	7	includes	include	VERB
emaj-257	229	8	the	the	DET
emaj-257	229	9	first	first	ADJ
emaj-257	229	10	lag	lag	NOUN
emaj-257	229	11	of	of	ADP
emaj-257	229	12	the	the	DET
emaj-257	229	13	residuals	residual	NOUN
emaj-257	229	14	of	of	ADP
emaj-257	229	15	the	the	DET
emaj-257	229	16	first	first	ADJ
emaj-257	229	17	model	model	NOUN
emaj-257	229	18	to	to	PART
emaj-257	229	19	estimate	estimate	VERB
emaj-257	229	20	(	(	PUNCT
emaj-257	229	21	a	a	X
emaj-257	229	22	)	)	PUNCT
emaj-257	229	23	the	the	DET
emaj-257	229	24	shortterm	shortterm	PROPN
emaj-257	229	25	effects	effect	NOUN
emaj-257	229	26	of	of	ADP
emaj-257	229	27	the	the	DET
emaj-257	229	28	deviations	deviation	NOUN
emaj-257	229	29	from	from	ADP
emaj-257	229	30	the	the	DET
emaj-257	229	31	longterm	longterm	ADJ
emaj-257	229	32	equilibrium	equilibrium	NOUN
emaj-257	229	33	and	and	CCONJ
emaj-257	229	34	(	(	PUNCT
emaj-257	229	35	b	b	X
emaj-257	229	36	)	)	PUNCT
emaj-257	229	37	the	the	DET
emaj-257	229	38	speed	speed	NOUN
emaj-257	229	39	of	of	ADP
emaj-257	229	40	the	the	DET
emaj-257	229	41	dependent	dependent	ADJ
emaj-257	229	42	variable	variable	NOUN
emaj-257	229	43	to	to	PART
emaj-257	229	44	adjust	adjust	VERB
emaj-257	229	45	for	for	ADP
emaj-257	229	46	the	the	DET
emaj-257	229	47	long	long	ADJ
emaj-257	229	48	-	-	PUNCT
emaj-257	229	49	term	term	NOUN
emaj-257	229	50	balance	balance	NOUN
emaj-257	229	51	.	.	PUNCT
emaj-257	230	1	the	the	DET
emaj-257	230	2	long	long	ADJ
emaj-257	230	3	-	-	PUNCT
emaj-257	230	4	term	term	NOUN
emaj-257	230	5	model	model	NOUN
emaj-257	230	6	is	be	AUX
emaj-257	230	7	expressed	express	VERB
emaj-257	230	8	as	as	SCONJ
emaj-257	230	9	follows	follow	VERB
emaj-257	230	10	:	:	PUNCT
emaj-257	231	1	𝑙𝑛𝑠𝑡𝑜𝑐𝑘𝑖𝑡	𝑙𝑛𝑠𝑡𝑜𝑐𝑘𝑖𝑡	PROPN
emaj-257	231	2	=	=	NOUN
emaj-257	231	3	∝𝑖+	∝𝑖+	NOUN
emaj-257	231	4	𝛿𝑖𝑡	𝛿𝑖𝑡	NOUN
emaj-257	231	5	+	+	CCONJ
emaj-257	231	6	𝛽1𝑙𝑛𝑏𝑜𝑛𝑑𝑖𝑡	𝛽1𝑙𝑛𝑏𝑜𝑛𝑑𝑖𝑡	PROPN
emaj-257	231	7	+	+	CCONJ
emaj-257	231	8	𝛽2𝑙𝑛𝑐𝑑𝑠𝑖𝑡	𝛽2𝑙𝑛𝑐𝑑𝑠𝑖𝑡	ADJ
emaj-257	231	9	+	+	CCONJ
emaj-257	231	10	𝛽3𝑙𝑛𝑣𝑖𝑥𝑡	𝛽3𝑙𝑛𝑣𝑖𝑥𝑡	PROPN
emaj-257	231	11	+	+	CCONJ
emaj-257	231	12	𝛽4𝑙𝑛𝑔𝑜𝑙𝑑𝑡	𝛽4𝑙𝑛𝑔𝑜𝑙𝑑𝑡	NOUN
emaj-257	231	13	+	+	CCONJ
emaj-257	231	14	𝛽5𝑙𝑛𝑚𝑠𝑐𝑖𝑡	𝛽5𝑙𝑛𝑚𝑠𝑐𝑖𝑡	VERB
emaj-257	231	15	+	+	CCONJ
emaj-257	231	16	𝛽6𝑙𝑛𝑜𝑖𝑙𝑡	𝛽6𝑙𝑛𝑜𝑖𝑙𝑡	NOUN
emaj-257	231	17	+	+	NUM
emaj-257	231	18	𝑒𝑖𝑡(1	𝑒𝑖𝑡(1	PROPN
emaj-257	231	19	)	)	PUNCT
emaj-257	231	20	where	where	SCONJ
emaj-257	231	21	i	i	PRON
emaj-257	231	22	denotes	denote	VERB
emaj-257	231	23	individual	individual	ADJ
emaj-257	231	24	cross	cross	ADJ
emaj-257	231	25	-	-	ADJ
emaj-257	231	26	sectional	sectional	ADJ
emaj-257	231	27	unit	unit	NOUN
emaj-257	231	28	(	(	PUNCT
emaj-257	231	29	country	country	NOUN
emaj-257	231	30	)	)	PUNCT
emaj-257	231	31	,	,	PUNCT
emaj-257	231	32	t	t	PROPN
emaj-257	231	33	denotes	denote	VERB
emaj-257	231	34	time	time	NOUN
emaj-257	231	35	,	,	PUNCT
emaj-257	231	36	∝𝑖	∝𝑖	PUNCT
emaj-257	231	37	and	and	CCONJ
emaj-257	231	38	𝛿𝑖	𝛿𝑖	PROPN
emaj-257	231	39	are	be	AUX
emaj-257	231	40	individual	individual	ADJ
emaj-257	231	41	and	and	CCONJ
emaj-257	231	42	trend	trend	NOUN
emaj-257	231	43	effects	effect	NOUN
emaj-257	231	44	,	,	PUNCT
emaj-257	231	45	𝛽	𝛽	NOUN
emaj-257	231	46	is	be	AUX
emaj-257	231	47	coefficient	coefficient	NOUN
emaj-257	231	48	for	for	ADP
emaj-257	231	49	independent	independent	ADJ
emaj-257	231	50	variable	variable	NOUN
emaj-257	231	51	,	,	PUNCT
emaj-257	231	52	and	and	CCONJ
emaj-257	231	53	𝑒𝑖𝑡	𝑒𝑖𝑡	PROPN
emaj-257	231	54	is	be	AUX
emaj-257	231	55	the	the	DET
emaj-257	231	56	residual	residual	ADJ
emaj-257	231	57	.	.	PUNCT
emaj-257	232	1	the	the	DET
emaj-257	232	2	null	null	ADJ
emaj-257	232	3	hypothesis	hypothesis	NOUN
emaj-257	232	4	states	state	VERB
emaj-257	232	5	that	that	SCONJ
emaj-257	232	6	dependent	dependent	ADJ
emaj-257	232	7	(	(	PUNCT
emaj-257	232	8	y	y	NOUN
emaj-257	232	9	)	)	PUNCT
emaj-257	232	10	and	and	CCONJ
emaj-257	232	11	independent	independent	ADJ
emaj-257	232	12	(	(	PUNCT
emaj-257	232	13	x	x	NOUN
emaj-257	232	14	)	)	PUNCT
emaj-257	232	15	variables	variable	NOUN
emaj-257	232	16	are	be	AUX
emaj-257	232	17	integrated	integrate	VERB
emaj-257	232	18	at	at	ADP
emaj-257	232	19	order	order	NOUN
emaj-257	232	20	one	one	NUM
emaj-257	232	21	,	,	PUNCT
emaj-257	232	22	i(1	i(1	PROPN
emaj-257	232	23	)	)	PUNCT
emaj-257	232	24	.	.	PUNCT
emaj-257	233	1	under	under	ADP
emaj-257	233	2	the	the	DET
emaj-257	233	3	alternative	alternative	ADJ
emaj-257	233	4	hypothesis	hypothesis	NOUN
emaj-257	233	5	of	of	ADP
emaj-257	233	6	cointegration	cointegration	NOUN
emaj-257	233	7	,	,	PUNCT
emaj-257	233	8	𝑒𝑖𝑡	𝑒𝑖𝑡	PROPN
emaj-257	233	9	equals	equal	VERB
emaj-257	233	10	to	to	ADP
emaj-257	233	11	i(0	i(0	PROPN
emaj-257	233	12	)	)	PUNCT
emaj-257	233	13	.	.	PUNCT
emaj-257	234	1	the	the	DET
emaj-257	234	2	short	short	ADJ
emaj-257	234	3	-	-	PUNCT
emaj-257	234	4	term	term	NOUN
emaj-257	234	5	equation	equation	NOUN
emaj-257	234	6	is	be	AUX
emaj-257	234	7	as	as	SCONJ
emaj-257	234	8	follows	follow	VERB
emaj-257	234	9	:	:	PUNCT
emaj-257	234	10	𝑑.	𝑑.	NOUN
emaj-257	234	11	𝑙𝑛𝑠𝑡𝑜𝑐𝑘	𝑙𝑛𝑠𝑡𝑜𝑐𝑘	NOUN
emaj-257	234	12	=	=	SYM
emaj-257	234	13	𝑐	𝑐	PROPN
emaj-257	235	1	+	+	PUNCT
emaj-257	235	2	𝛽1𝑑.	𝛽1𝑑.	PRON
emaj-257	235	3	𝑙𝑛𝑏𝑜𝑛𝑑	𝑙𝑛𝑏𝑜𝑛𝑑	NOUN
emaj-257	235	4	+	+	CCONJ
emaj-257	235	5	𝛽2𝑑.	𝛽2𝑑.	ADJ
emaj-257	235	6	𝑙𝑛𝑐𝑑𝑠	𝑙𝑛𝑐𝑑𝑠	NOUN
emaj-257	235	7	+	+	CCONJ
emaj-257	235	8	𝛽3𝑑.	𝛽3𝑑.	ADJ
emaj-257	235	9	𝑙𝑛𝑣𝑖𝑥	𝑙𝑛𝑣𝑖𝑥	NOUN
emaj-257	235	10	+	+	CCONJ
emaj-257	235	11	𝛽4𝑑.	𝛽4𝑑.	ADJ
emaj-257	235	12	𝑙𝑛𝑔𝑜𝑙𝑑	𝑙𝑛𝑔𝑜𝑙𝑑	NOUN
emaj-257	236	1	+	+	CCONJ
emaj-257	236	2	𝛽5𝑑.	𝛽5𝑑.	PRON
emaj-257	236	3	𝑙𝑛𝑚𝑠𝑐𝑖	𝑙𝑛𝑚𝑠𝑐𝑖	VERB
emaj-257	236	4	+	+	NUM
emaj-257	236	5	𝛽6𝑑.	𝛽6𝑑.	ADJ
emaj-257	236	6	𝑙𝑛𝑜𝑖𝑙	𝑙𝑛𝑜𝑖𝑙	NOUN
emaj-257	236	7	+	+	CCONJ
emaj-257	236	8	𝐸𝐶𝑇(−1	𝐸𝐶𝑇(−1	NUM
emaj-257	236	9	)	)	PUNCT
emaj-257	236	10	+	+	CCONJ
emaj-257	237	1	𝑒(2	𝑒(2	PROPN
emaj-257	237	2	)	)	PUNCT
emaj-257	237	3	where	where	SCONJ
emaj-257	237	4	d	d	PROPN
emaj-257	237	5	denotes	denote	VERB
emaj-257	237	6	first	first	ADJ
emaj-257	237	7	difference	difference	NOUN
emaj-257	237	8	,	,	PUNCT
emaj-257	237	9	c	c	PROPN
emaj-257	237	10	denotes	denote	NOUN
emaj-257	237	11	constant	constant	ADJ
emaj-257	237	12	,	,	PUNCT
emaj-257	237	13	𝛽	𝛽	NOUN
emaj-257	237	14	is	be	AUX
emaj-257	237	15	coefficient	coefficient	NOUN
emaj-257	237	16	for	for	ADP
emaj-257	237	17	independent	independent	ADJ
emaj-257	237	18	variable	variable	NOUN
emaj-257	237	19	,	,	PUNCT
emaj-257	237	20	ect(1	ect(1	NOUN
emaj-257	237	21	)	)	PUNCT
emaj-257	237	22	is	be	AUX
emaj-257	237	23	first	first	ADJ
emaj-257	237	24	lag	lag	NOUN
emaj-257	237	25	of	of	ADP
emaj-257	237	26	the	the	DET
emaj-257	237	27	error	error	NOUN
emaj-257	237	28	correction	correction	NOUN
emaj-257	237	29	term	term	NOUN
emaj-257	237	30	or	or	CCONJ
emaj-257	237	31	residuals	residual	NOUN
emaj-257	237	32	from	from	ADP
emaj-257	237	33	the	the	DET
emaj-257	237	34	cointegrating	cointegrate	VERB
emaj-257	237	35	(	(	PUNCT
emaj-257	237	36	long	long	ADJ
emaj-257	237	37	-	-	PUNCT
emaj-257	237	38	term	term	NOUN
emaj-257	237	39	)	)	PUNCT
emaj-257	237	40	model	model	NOUN
emaj-257	237	41	,	,	PUNCT
emaj-257	237	42	and	and	CCONJ
emaj-257	237	43	𝑒	𝑒	PROPN
emaj-257	237	44	is	be	AUX
emaj-257	237	45	the	the	DET
emaj-257	237	46	error	error	NOUN
emaj-257	237	47	.	.	PUNCT
emaj-257	238	1	iv	iv	X
emaj-257	238	2	.	.	PUNCT
emaj-257	238	3	empirical	empirical	ADJ
emaj-257	238	4	analysis	analysis	NOUN
emaj-257	238	5	and	and	CCONJ
emaj-257	238	6	findings	finding	VERB
emaj-257	238	7	the	the	DET
emaj-257	238	8	long	long	ADJ
emaj-257	238	9	-	-	PUNCT
emaj-257	238	10	term	term	NOUN
emaj-257	238	11	effects	effect	NOUN
emaj-257	238	12	of	of	ADP
emaj-257	238	13	macroeconomic	macroeconomic	ADJ
emaj-257	238	14	regressors	regressor	NOUN
emaj-257	238	15	on	on	ADP
emaj-257	238	16	the	the	DET
emaj-257	238	17	stock	stock	NOUN
emaj-257	238	18	index	index	NOUN
emaj-257	238	19	points	point	NOUN
emaj-257	238	20	were	be	AUX
emaj-257	238	21	estimated	estimate	VERB
emaj-257	238	22	by	by	ADP
emaj-257	238	23	dynamic	dynamic	ADJ
emaj-257	238	24	ordinary	ordinary	ADJ
emaj-257	238	25	least	least	ADJ
emaj-257	238	26	squares	square	NOUN
emaj-257	238	27	(	(	PUNCT
emaj-257	238	28	dols	dol	NOUN
emaj-257	238	29	)	)	PUNCT
emaj-257	238	30	estimator	estimator	NOUN
emaj-257	238	31	(	(	PUNCT
emaj-257	238	32	table	table	NOUN
emaj-257	238	33	7	7	NUM
emaj-257	238	34	)	)	PUNCT
emaj-257	238	35	.	.	PUNCT
emaj-257	239	1	the	the	DET
emaj-257	239	2	optimal	optimal	ADJ
emaj-257	239	3	lags	lag	NOUN
emaj-257	239	4	of	of	ADP
emaj-257	239	5	variables	variable	NOUN
emaj-257	239	6	were	be	AUX
emaj-257	239	7	determined	determine	VERB
emaj-257	239	8	by	by	ADP
emaj-257	239	9	the	the	DET
emaj-257	239	10	dols	dol	NOUN
emaj-257	239	11	estimator	estimator	NOUN
emaj-257	239	12	automatically	automatically	ADV
emaj-257	239	13	using	use	VERB
emaj-257	239	14	akaike	akaike	ADJ
emaj-257	239	15	informational	informational	ADJ
emaj-257	239	16	criteria	criterion	NOUN
emaj-257	239	17	.	.	PUNCT
emaj-257	240	1	the	the	DET
emaj-257	240	2	explanatory	explanatory	ADJ
emaj-257	240	3	power	power	NOUN
emaj-257	240	4	of	of	ADP
emaj-257	240	5	the	the	DET
emaj-257	240	6	model	model	NOUN
emaj-257	240	7	is	be	AUX
emaj-257	240	8	quite	quite	ADV
emaj-257	240	9	high	high	ADJ
emaj-257	240	10	,	,	PUNCT
emaj-257	240	11	with	with	ADP
emaj-257	240	12	99.8	99.8	NUM
emaj-257	240	13	percent	percent	NOUN
emaj-257	240	14	.	.	PUNCT
emaj-257	241	1	pesaran	pesaran	PROPN
emaj-257	241	2	cd	cd	PROPN
emaj-257	241	3	statistics	statistic	NOUN
emaj-257	241	4	value	value	NOUN
emaj-257	241	5	of	of	ADP
emaj-257	241	6	-1.502	-1.502	PUNCT
emaj-257	241	7	is	be	AUX
emaj-257	241	8	not	not	PART
emaj-257	241	9	statistically	statistically	ADV
emaj-257	241	10	significant	significant	ADJ
emaj-257	241	11	,	,	PUNCT
emaj-257	241	12	which	which	PRON
emaj-257	241	13	indicates	indicate	VERB
emaj-257	241	14	no	no	DET
emaj-257	241	15	cross	cross	ADJ
emaj-257	241	16	-	-	ADJ
emaj-257	241	17	sectional	sectional	ADJ
emaj-257	241	18	dependence	dependence	NOUN
emaj-257	241	19	between	between	ADP
emaj-257	241	20	the	the	DET
emaj-257	241	21	units	unit	NOUN
emaj-257	241	22	.	.	PUNCT
emaj-257	242	1	the	the	DET
emaj-257	242	2	long	long	ADJ
emaj-257	242	3	-	-	PUNCT
emaj-257	242	4	term	term	NOUN
emaj-257	242	5	variance	variance	NOUN
emaj-257	242	6	score	score	NOUN
emaj-257	242	7	is	be	AUX
emaj-257	242	8	the	the	DET
emaj-257	242	9	highest	high	ADJ
emaj-257	242	10	for	for	ADP
emaj-257	242	11	brazil	brazil	PROPN
emaj-257	242	12	,	,	PUNCT
emaj-257	242	13	suggesting	suggest	VERB
emaj-257	242	14	that	that	SCONJ
emaj-257	242	15	the	the	DET
emaj-257	242	16	long	long	ADJ
emaj-257	242	17	-	-	PUNCT
emaj-257	242	18	term	term	NOUN
emaj-257	242	19	effect	effect	NOUN
emaj-257	242	20	is	be	AUX
emaj-257	242	21	stronger	strong	ADJ
emaj-257	242	22	for	for	ADP
emaj-257	242	23	brazil	brazil	PROPN
emaj-257	242	24	compared	compare	VERB
emaj-257	242	25	to	to	ADP
emaj-257	242	26	other	other	ADJ
emaj-257	242	27	countries	country	NOUN
emaj-257	242	28	in	in	ADP
emaj-257	242	29	the	the	DET
emaj-257	242	30	panel	panel	NOUN
emaj-257	242	31	.	.	PUNCT
emaj-257	243	1	table	table	NOUN
emaj-257	243	2	7	7	NUM
emaj-257	243	3	:	:	PUNCT
emaj-257	243	4	lnstock	lnstock	ADJ
emaj-257	243	5	long	long	ADJ
emaj-257	243	6	-	-	PUNCT
emaj-257	243	7	term	term	NOUN
emaj-257	243	8	model	model	NOUN
emaj-257	243	9	source	source	NOUN
emaj-257	243	10	:	:	PUNCT
emaj-257	243	11	spss	spss	PROPN
emaj-257	243	12	software	software	PROPN
emaj-257	243	13	output	output	PROPN
emaj-257	243	14	t	t	PROPN
emaj-257	243	15	statistics	statistic	NOUN
emaj-257	243	16	are	be	AUX
emaj-257	243	17	in	in	ADP
emaj-257	243	18	parentheses	parenthesis	NOUN
emaj-257	243	19	,	,	PUNCT
emaj-257	243	20	*	*	PUNCT
emaj-257	243	21	*	*	PUNCT
emaj-257	243	22	*	*	PUNCT
emaj-257	243	23	p<0,01	p<0,01	NOUN
emaj-257	243	24	,	,	PUNCT
emaj-257	243	25	*	*	PUNCT
emaj-257	243	26	*	*	PUNCT
emaj-257	243	27	p<0,05	p<0,05	ADJ
emaj-257	243	28	,	,	PUNCT
emaj-257	243	29	*	*	PUNCT
emaj-257	243	30	p<0,1	p<0,1	NOUN
emaj-257	243	31	for	for	ADP
emaj-257	243	32	the	the	DET
emaj-257	243	33	entire	entire	ADJ
emaj-257	243	34	panel	panel	NOUN
emaj-257	243	35	,	,	PUNCT
emaj-257	243	36	all	all	DET
emaj-257	243	37	variables	variable	NOUN
emaj-257	243	38	,	,	PUNCT
emaj-257	243	39	except	except	SCONJ
emaj-257	243	40	lnbond	lnbond	NOUN
emaj-257	243	41	,	,	PUNCT
emaj-257	243	42	have	have	VERB
emaj-257	243	43	a	a	DET
emaj-257	243	44	statistically	statistically	ADV
emaj-257	243	45	significant	significant	ADJ
emaj-257	243	46	longterm	longterm	ADJ
emaj-257	243	47	effect	effect	NOUN
emaj-257	243	48	on	on	ADP
emaj-257	243	49	lnstock	lnstock	NOUN
emaj-257	243	50	.	.	PUNCT
emaj-257	244	1	the	the	DET
emaj-257	244	2	direction	direction	NOUN
emaj-257	244	3	of	of	ADP
emaj-257	244	4	effect	effect	NOUN
emaj-257	244	5	is	be	AUX
emaj-257	244	6	negative	negative	ADJ
emaj-257	244	7	for	for	ADP
emaj-257	244	8	lncds	lncds	NOUN
emaj-257	244	9	,	,	PUNCT
emaj-257	244	10	lngold	lngold	ADJ
emaj-257	244	11	,	,	PUNCT
emaj-257	244	12	and	and	CCONJ
emaj-257	244	13	lnoil	lnoil	NOUN
emaj-257	244	14	,	,	PUNCT
emaj-257	244	15	and	and	CCONJ
emaj-257	244	16	positive	positive	ADJ
emaj-257	244	17	for	for	ADP
emaj-257	244	18	lnvix	lnvix	NOUN
emaj-257	244	19	and	and	CCONJ
emaj-257	244	20	lnmsci	lnmsci	NOUN
emaj-257	244	21	.	.	PUNCT
emaj-257	245	1	a	a	DET
emaj-257	245	2	1	1	NUM
emaj-257	245	3	%	%	NOUN
emaj-257	245	4	increase	increase	NOUN
emaj-257	245	5	in	in	ADP
emaj-257	245	6	the	the	DET
emaj-257	245	7	mean	mean	ADJ
emaj-257	245	8	value	value	NOUN
emaj-257	245	9	of	of	ADP
emaj-257	245	10	lncds	lncd	NOUN
emaj-257	245	11	and	and	CCONJ
emaj-257	245	12	lnoil	lnoil	NOUN
emaj-257	245	13	is	be	AUX
emaj-257	245	14	associated	associate	VERB
emaj-257	245	15	with	with	ADP
emaj-257	245	16	a	a	DET
emaj-257	245	17	0,29	0,29	NUM
emaj-257	245	18	%	%	NOUN
emaj-257	245	19	and	and	CCONJ
emaj-257	245	20	0,13	0,13	NOUN
emaj-257	245	21	%	%	NOUN
emaj-257	245	22	decrease	decrease	NOUN
emaj-257	245	23	in	in	ADP
emaj-257	245	24	the	the	DET
emaj-257	245	25	mean	mean	ADJ
emaj-257	245	26	value	value	NOUN
emaj-257	245	27	of	of	ADP
emaj-257	245	28	lnstock	lnstock	NOUN
emaj-257	245	29	,	,	PUNCT
emaj-257	245	30	respectively	respectively	ADV
emaj-257	245	31	.	.	PUNCT
emaj-257	246	1	on	on	ADP
emaj-257	246	2	the	the	DET
emaj-257	246	3	other	other	ADJ
emaj-257	246	4	hand	hand	NOUN
emaj-257	246	5	,	,	PUNCT
emaj-257	246	6	a	a	DET
emaj-257	246	7	1	1	NUM
emaj-257	246	8	%	%	NOUN
emaj-257	246	9	increase	increase	NOUN
emaj-257	246	10	in	in	ADP
emaj-257	246	11	the	the	DET
emaj-257	246	12	mean	mean	ADJ
emaj-257	246	13	value	value	NOUN
emaj-257	246	14	of	of	ADP
emaj-257	246	15	lnvix	lnvix	NOUN
emaj-257	246	16	and	and	CCONJ
emaj-257	246	17	lnmsci	lnmsci	PROPN
emaj-257	246	18	is	be	AUX
emaj-257	246	19	associated	associate	VERB
emaj-257	246	20	with	with	ADP
emaj-257	246	21	a	a	DET
emaj-257	246	22	0,17	0,17	NOUN
emaj-257	246	23	%	%	NOUN
emaj-257	246	24	and	and	CCONJ
emaj-257	246	25	0,53	0,53	NOUN
emaj-257	246	26	%	%	NOUN
emaj-257	246	27	increase	increase	NOUN
emaj-257	246	28	in	in	ADP
emaj-257	246	29	the	the	DET
emaj-257	246	30	mean	mean	ADJ
emaj-257	246	31	value	value	NOUN
emaj-257	246	32	of	of	ADP
emaj-257	246	33	lnstock	lnstock	NOUN
emaj-257	246	34	,	,	PUNCT
emaj-257	246	35	respectively	respectively	ADV
emaj-257	246	36	.	.	PUNCT
emaj-257	247	1	while	while	SCONJ
emaj-257	247	2	the	the	DET
emaj-257	247	3	size	size	NOUN
emaj-257	247	4	of	of	ADP
emaj-257	247	5	the	the	DET
emaj-257	247	6	effect	effect	NOUN
emaj-257	247	7	differs	differ	VERB
emaj-257	247	8	between	between	ADP
emaj-257	247	9	the	the	DET
emaj-257	247	10	units	unit	NOUN
emaj-257	247	11	(	(	PUNCT
emaj-257	247	12	country	country	NOUN
emaj-257	247	13	)	)	PUNCT
emaj-257	247	14	,	,	PUNCT
emaj-257	247	15	the	the	DET
emaj-257	247	16	direction	direction	NOUN
emaj-257	247	17	of	of	ADP
emaj-257	247	18	the	the	DET
emaj-257	247	19	effect	effect	NOUN
emaj-257	247	20	remains	remain	VERB
emaj-257	247	21	the	the	DET
emaj-257	247	22	same	same	ADJ
emaj-257	247	23	in	in	ADP
emaj-257	247	24	most	most	ADJ
emaj-257	247	25	cases	case	NOUN
emaj-257	247	26	.	.	PUNCT
emaj-257	248	1	as	as	SCONJ
emaj-257	248	2	seen	see	VERB
emaj-257	248	3	in	in	ADP
emaj-257	248	4	the	the	DET
emaj-257	248	5	coefficient	coefficient	NOUN
emaj-257	248	6	values	value	NOUN
emaj-257	248	7	,	,	PUNCT
emaj-257	248	8	the	the	DET
emaj-257	248	9	long	long	ADJ
emaj-257	248	10	-	-	PUNCT
emaj-257	248	11	term	term	NOUN
emaj-257	248	12	effect	effect	NOUN
emaj-257	248	13	of	of	ADP
emaj-257	248	14	independent	independent	ADJ
emaj-257	248	15	variables	variable	NOUN
emaj-257	248	16	is	be	AUX
emaj-257	248	17	much	much	ADV
emaj-257	248	18	more	more	ADV
emaj-257	248	19	evident	evident	ADJ
emaj-257	248	20	for	for	ADP
emaj-257	248	21	brazil	brazil	PROPN
emaj-257	248	22	than	than	ADP
emaj-257	248	23	for	for	ADP
emaj-257	248	24	any	any	DET
emaj-257	248	25	other	other	ADJ
emaj-257	248	26	country	country	NOUN
emaj-257	248	27	in	in	ADP
emaj-257	248	28	the	the	DET
emaj-257	248	29	panel	panel	NOUN
emaj-257	248	30	.	.	PUNCT
emaj-257	249	1	the	the	DET
emaj-257	249	2	effect	effect	NOUN
emaj-257	249	3	of	of	ADP
emaj-257	249	4	lncds	lncd	NOUN
emaj-257	249	5	and	and	CCONJ
emaj-257	249	6	lnoil	lnoil	NOUN
emaj-257	249	7	is	be	AUX
emaj-257	249	8	the	the	DET
emaj-257	249	9	highest	high	ADJ
emaj-257	249	10	for	for	ADP
emaj-257	249	11	russia	russia	PROPN
emaj-257	249	12	,	,	PUNCT
emaj-257	249	13	which	which	PRON
emaj-257	249	14	is	be	AUX
emaj-257	249	15	the	the	DET
emaj-257	249	16	only	only	ADJ
emaj-257	249	17	country	country	NOUN
emaj-257	249	18	in	in	ADP
emaj-257	249	19	the	the	DET
emaj-257	249	20	panel	panel	NOUN
emaj-257	249	21	that	that	PRON
emaj-257	249	22	msci	msci	PROPN
emaj-257	249	23	has	have	VERB
emaj-257	249	24	no	no	DET
emaj-257	249	25	significant	significant	ADJ
emaj-257	249	26	longterm	longterm	ADJ
emaj-257	249	27	effect	effect	NOUN
emaj-257	249	28	.	.	PUNCT
emaj-257	250	1	russia	russia	PROPN
emaj-257	250	2	is	be	AUX
emaj-257	250	3	also	also	ADV
emaj-257	250	4	the	the	DET
emaj-257	250	5	only	only	ADJ
emaj-257	250	6	country	country	NOUN
emaj-257	250	7	where	where	SCONJ
emaj-257	250	8	the	the	DET
emaj-257	250	9	effect	effect	NOUN
emaj-257	250	10	of	of	ADP
emaj-257	250	11	lnbond	lnbond	NOUN
emaj-257	250	12	is	be	AUX
emaj-257	250	13	statistically	statistically	ADV
emaj-257	250	14	significant	significant	ADJ
emaj-257	250	15	in	in	ADP
emaj-257	250	16	the	the	DET
emaj-257	250	17	long	long	ADJ
emaj-257	250	18	term	term	NOUN
emaj-257	250	19	.	.	PUNCT
emaj-257	251	1	on	on	ADP
emaj-257	251	2	the	the	DET
emaj-257	251	3	other	other	ADJ
emaj-257	251	4	hand	hand	NOUN
emaj-257	251	5	,	,	PUNCT
emaj-257	251	6	turkey	turkey	PROPN
emaj-257	251	7	is	be	AUX
emaj-257	251	8	the	the	DET
emaj-257	251	9	only	only	ADJ
emaj-257	251	10	country	country	NOUN
emaj-257	251	11	where	where	SCONJ
emaj-257	251	12	lngold	lngold	NOUN
emaj-257	251	13	and	and	CCONJ
emaj-257	251	14	lnoil	lnoil	NOUN
emaj-257	251	15	have	have	VERB
emaj-257	251	16	no	no	DET
emaj-257	251	17	significant	significant	ADJ
emaj-257	251	18	longterm	longterm	ADJ
emaj-257	251	19	effect	effect	NOUN
emaj-257	251	20	.	.	PUNCT
emaj-257	252	1	volume	volume	NOUN
emaj-257	252	2	12	12	NUM
emaj-257	252	3	no	no	DET
emaj-257	252	4	1	1	NUM
emaj-257	252	5	(	(	PUNCT
emaj-257	252	6	2022	2022	NUM
emaj-257	252	7	)	)	PUNCT
emaj-257	252	8	|	|	ADV
emaj-257	252	9	issn	issn	VERB
emaj-257	252	10	2158	2158	NUM
emaj-257	252	11	-	-	SYM
emaj-257	252	12	8708	8708	NUM
emaj-257	252	13	(	(	PUNCT
emaj-257	252	14	online	online	NOUN
emaj-257	252	15	)	)	PUNCT
emaj-257	252	16	|	|	ADV
emaj-257	252	17	doi	doi	X
emaj-257	252	18	10.5195	10.5195	NUM
emaj-257	252	19	/	/	SYM
emaj-257	252	20	emaj.2022.257	emaj.2022.257	NOUN
emaj-257	252	21	|	|	ADV
emaj-257	252	22	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-257	252	23	determinants	determinant	NOUN
emaj-257	252	24	of	of	ADP
emaj-257	252	25	stock	stock	NOUN
emaj-257	252	26	market	market	NOUN
emaj-257	252	27	indices	index	NOUN
emaj-257	252	28	:	:	PUNCT
emaj-257	252	29	an	an	DET
emaj-257	252	30	analysis	analysis	NOUN
emaj-257	252	31	of	of	ADP
emaj-257	252	32	emerging	emerge	VERB
emaj-257	252	33	markets	market	NOUN
emaj-257	252	34	of	of	ADP
emaj-257	252	35	brazil	brazil	PROPN
emaj-257	252	36	,	,	PUNCT
emaj-257	252	37	mexico	mexico	PROPN
emaj-257	252	38	,	,	PUNCT
emaj-257	252	39	russia	russia	PROPN
emaj-257	252	40	,	,	PUNCT
emaj-257	252	41	and	and	CCONJ
emaj-257	252	42	turkey	turkey	NOUN
emaj-257	252	43	page	page	NOUN
emaj-257	252	44	|34|	|34|	VERB
emaj-257	252	45	emerging	emerge	VERB
emaj-257	252	46	markets	market	NOUN
emaj-257	252	47	journal	journal	NOUN
emaj-257	252	48	table	table	NOUN
emaj-257	252	49	8	8	NUM
emaj-257	252	50	:	:	PUNCT
emaj-257	252	51	stationarity	stationarity	NOUN
emaj-257	252	52	test	test	NOUN
emaj-257	252	53	for	for	ADP
emaj-257	252	54	the	the	DET
emaj-257	252	55	residuals	residual	NOUN
emaj-257	252	56	of	of	ADP
emaj-257	252	57	longterm	longterm	PROPN
emaj-257	252	58	model	model	NOUN
emaj-257	252	59	source	source	NOUN
emaj-257	252	60	:	:	PUNCT
emaj-257	252	61	spss	spss	PROPN
emaj-257	252	62	software	software	PROPN
emaj-257	252	63	output	output	NOUN
emaj-257	252	64	breitung	breitung	PROPN
emaj-257	252	65	h0	h0	PROPN
emaj-257	252	66	:	:	PUNCT
emaj-257	252	67	panels	panel	NOUN
emaj-257	252	68	contain	contain	VERB
emaj-257	252	69	unit	unit	NOUN
emaj-257	252	70	roots	root	NOUN
emaj-257	252	71	llc	llc	PROPN
emaj-257	252	72	h0	h0	PROPN
emaj-257	252	73	:	:	PUNCT
emaj-257	252	74	panels	panel	NOUN
emaj-257	252	75	contain	contain	VERB
emaj-257	252	76	unit	unit	NOUN
emaj-257	252	77	roots	root	NOUN
emaj-257	252	78	hadri	hadri	PROPN
emaj-257	252	79	-	-	PUNCT
emaj-257	252	80	lm	lm	ADJ
emaj-257	252	81	h0=	h0=	PROPN
emaj-257	252	82	all	all	DET
emaj-257	252	83	panels	panel	NOUN
emaj-257	252	84	are	be	AUX
emaj-257	252	85	stationary	stationary	ADJ
emaj-257	252	86	ips	ips	PROPN
emaj-257	252	87	h0	h0	PROPN
emaj-257	252	88	:	:	PUNCT
emaj-257	252	89	all	all	DET
emaj-257	252	90	panels	panel	NOUN
emaj-257	252	91	contain	contain	VERB
emaj-257	252	92	unit	unit	NOUN
emaj-257	252	93	roots	root	NOUN
emaj-257	252	94	table	table	VERB
emaj-257	252	95	8	8	NUM
emaj-257	252	96	presents	present	VERB
emaj-257	252	97	the	the	DET
emaj-257	252	98	results	result	NOUN
emaj-257	252	99	of	of	ADP
emaj-257	252	100	the	the	DET
emaj-257	252	101	stationarity	stationarity	NOUN
emaj-257	252	102	test	test	NOUN
emaj-257	252	103	for	for	ADP
emaj-257	252	104	the	the	DET
emaj-257	252	105	residuals	residual	NOUN
emaj-257	252	106	of	of	ADP
emaj-257	252	107	the	the	DET
emaj-257	252	108	long	long	ADJ
emaj-257	252	109	-	-	PUNCT
emaj-257	252	110	term	term	NOUN
emaj-257	252	111	model	model	NOUN
emaj-257	252	112	.	.	PUNCT
emaj-257	253	1	since	since	SCONJ
emaj-257	253	2	breitung	breitung	NOUN
emaj-257	253	3	and	and	CCONJ
emaj-257	253	4	hadri	hadri	PROPN
emaj-257	253	5	-	-	PUNCT
emaj-257	253	6	lm	lm	ADJ
emaj-257	253	7	tests	test	NOUN
emaj-257	253	8	generated	generate	VERB
emaj-257	253	9	contradictory	contradictory	ADJ
emaj-257	253	10	results	result	NOUN
emaj-257	253	11	on	on	ADP
emaj-257	253	12	the	the	DET
emaj-257	253	13	stationarity	stationarity	NOUN
emaj-257	253	14	of	of	ADP
emaj-257	253	15	the	the	DET
emaj-257	253	16	residuals	residual	NOUN
emaj-257	253	17	,	,	PUNCT
emaj-257	253	18	these	these	DET
emaj-257	253	19	tests	test	NOUN
emaj-257	253	20	were	be	AUX
emaj-257	253	21	followed	follow	VERB
emaj-257	253	22	by	by	ADP
emaj-257	253	23	levin	levin	PROPN
emaj-257	253	24	,	,	PUNCT
emaj-257	253	25	lin	lin	PROPN
emaj-257	253	26	,	,	PUNCT
emaj-257	253	27	and	and	CCONJ
emaj-257	253	28	chu	chu	PROPN
emaj-257	253	29	(	(	PUNCT
emaj-257	253	30	2002	2002	NUM
emaj-257	253	31	)	)	PUNCT
emaj-257	253	32	and	and	CCONJ
emaj-257	253	33	i	i	PRON
emaj-257	253	34	m	m	PROPN
emaj-257	253	35	,	,	PUNCT
emaj-257	253	36	pesaran	pesaran	VERB
emaj-257	253	37	,	,	PUNCT
emaj-257	253	38	and	and	CCONJ
emaj-257	253	39	shin	shin	NOUN
emaj-257	253	40	(	(	PUNCT
emaj-257	253	41	2003	2003	NUM
emaj-257	253	42	)	)	PUNCT
emaj-257	253	43	unit	unit	NOUN
emaj-257	253	44	root	root	NOUN
emaj-257	253	45	tests	test	NOUN
emaj-257	253	46	.	.	PUNCT
emaj-257	254	1	the	the	DET
emaj-257	254	2	results	result	NOUN
emaj-257	254	3	indicated	indicate	VERB
emaj-257	254	4	that	that	SCONJ
emaj-257	254	5	the	the	DET
emaj-257	254	6	null	null	ADJ
emaj-257	254	7	hypotheses	hypothesis	NOUN
emaj-257	254	8	of	of	ADP
emaj-257	254	9	the	the	DET
emaj-257	254	10	breitung	breitung	NOUN
emaj-257	254	11	and	and	CCONJ
emaj-257	254	12	llc	llc	PROPN
emaj-257	254	13	test	test	NOUN
emaj-257	254	14	that	that	PRON
emaj-257	254	15	panels	panel	NOUN
emaj-257	254	16	contain	contain	VERB
emaj-257	254	17	unit	unit	NOUN
emaj-257	254	18	roots	root	NOUN
emaj-257	254	19	and	and	CCONJ
emaj-257	254	20	the	the	DET
emaj-257	254	21	ips	ips	PROPN
emaj-257	254	22	test	test	NOUN
emaj-257	254	23	that	that	PRON
emaj-257	254	24	all	all	DET
emaj-257	254	25	panels	panel	NOUN
emaj-257	254	26	contain	contain	VERB
emaj-257	254	27	unit	unit	NOUN
emaj-257	254	28	roots	root	NOUN
emaj-257	254	29	can	can	AUX
emaj-257	254	30	be	be	AUX
emaj-257	254	31	rejected	reject	VERB
emaj-257	254	32	.	.	PUNCT
emaj-257	255	1	overall	overall	ADV
emaj-257	255	2	,	,	PUNCT
emaj-257	255	3	the	the	DET
emaj-257	255	4	findings	finding	NOUN
emaj-257	255	5	of	of	ADP
emaj-257	255	6	breitung	breitung	PROPN
emaj-257	255	7	,	,	PUNCT
emaj-257	255	8	llc	llc	PROPN
emaj-257	255	9	,	,	PUNCT
emaj-257	255	10	and	and	CCONJ
emaj-257	255	11	ips	ips	PROPN
emaj-257	255	12	unit	unit	NOUN
emaj-257	255	13	root	root	NOUN
emaj-257	255	14	tests	test	NOUN
emaj-257	255	15	validate	validate	VERB
emaj-257	255	16	the	the	DET
emaj-257	255	17	cointegration	cointegration	NOUN
emaj-257	255	18	hypothesis	hypothesis	NOUN
emaj-257	255	19	that	that	SCONJ
emaj-257	255	20	the	the	DET
emaj-257	255	21	combination	combination	NOUN
emaj-257	255	22	of	of	ADP
emaj-257	255	23	nonstationary	nonstationary	ADJ
emaj-257	255	24	variables	variable	NOUN
emaj-257	255	25	is	be	AUX
emaj-257	255	26	stationary	stationary	ADJ
emaj-257	255	27	.	.	PUNCT
emaj-257	255	28	table	table	NOUN
emaj-257	255	29	9	9	NUM
emaj-257	255	30	:	:	PUNCT
emaj-257	255	31	variance	variance	NOUN
emaj-257	255	32	ratio	ratio	NOUN
emaj-257	255	33	test	test	NOUN
emaj-257	255	34	of	of	ADP
emaj-257	255	35	cointegration	cointegration	NOUN
emaj-257	255	36	residuals	residual	NOUN
emaj-257	255	37	source	source	NOUN
emaj-257	255	38	:	:	PUNCT
emaj-257	255	39	spss	spss	PROPN
emaj-257	255	40	software	software	PROPN
emaj-257	255	41	output	output	NOUN
emaj-257	255	42	null	null	NOUN
emaj-257	255	43	:	:	PUNCT
emaj-257	255	44	resid02	resid02	PROPN
emaj-257	255	45	is	be	AUX
emaj-257	255	46	a	a	DET
emaj-257	255	47	martingale	martingale	NOUN
emaj-257	255	48	*	*	PUNCT
emaj-257	255	49	*	*	PUNCT
emaj-257	255	50	*	*	PUNCT
emaj-257	255	51	p<0,001	p<0,001	NOUN
emaj-257	255	52	,	,	PUNCT
emaj-257	255	53	*	*	PUNCT
emaj-257	255	54	*	*	PUNCT
emaj-257	255	55	p<0,05	p<0,05	ADJ
emaj-257	255	56	,	,	PUNCT
emaj-257	255	57	*	*	PUNCT
emaj-257	255	58	p<0.1	p<0.1	NOUN
emaj-257	255	59	we	we	PRON
emaj-257	255	60	also	also	ADV
emaj-257	255	61	conducted	conduct	VERB
emaj-257	255	62	a	a	DET
emaj-257	255	63	variance	variance	NOUN
emaj-257	255	64	ratio	ratio	NOUN
emaj-257	255	65	analysis	analysis	NOUN
emaj-257	255	66	on	on	ADP
emaj-257	255	67	the	the	DET
emaj-257	255	68	cointegrating	cointegrate	VERB
emaj-257	255	69	residuals	residual	NOUN
emaj-257	255	70	to	to	PART
emaj-257	255	71	test	test	VERB
emaj-257	255	72	the	the	DET
emaj-257	255	73	null	null	ADJ
emaj-257	255	74	hypothesis	hypothesis	NOUN
emaj-257	255	75	that	that	PRON
emaj-257	255	76	residuals	residual	NOUN
emaj-257	255	77	follow	follow	VERB
emaj-257	255	78	a	a	DET
emaj-257	255	79	random	random	ADJ
emaj-257	255	80	walk	walk	NOUN
emaj-257	255	81	(	(	PUNCT
emaj-257	255	82	table	table	NOUN
emaj-257	255	83	9	9	NUM
emaj-257	255	84	)	)	PUNCT
emaj-257	255	85	.	.	PUNCT
emaj-257	256	1	if	if	SCONJ
emaj-257	256	2	the	the	DET
emaj-257	256	3	null	null	ADJ
emaj-257	256	4	hypothesis	hypothesis	NOUN
emaj-257	256	5	holds	hold	VERB
emaj-257	256	6	,	,	PUNCT
emaj-257	256	7	then	then	ADV
emaj-257	256	8	the	the	DET
emaj-257	256	9	value	value	NOUN
emaj-257	256	10	of	of	ADP
emaj-257	256	11	the	the	DET
emaj-257	256	12	error	error	NOUN
emaj-257	256	13	sequence	sequence	NOUN
emaj-257	256	14	of	of	ADP
emaj-257	256	15	the	the	DET
emaj-257	256	16	dependent	dependent	ADJ
emaj-257	256	17	variable	variable	NOUN
emaj-257	256	18	in	in	ADP
emaj-257	256	19	the	the	DET
emaj-257	256	20	future	future	ADJ
emaj-257	256	21	periods	period	NOUN
emaj-257	256	22	is	be	AUX
emaj-257	256	23	considered	consider	VERB
emaj-257	256	24	equal	equal	ADJ
emaj-257	256	25	to	to	ADP
emaj-257	256	26	the	the	DET
emaj-257	256	27	value	value	NOUN
emaj-257	256	28	of	of	ADP
emaj-257	256	29	the	the	DET
emaj-257	256	30	errors	error	NOUN
emaj-257	256	31	sequence	sequence	NOUN
emaj-257	256	32	in	in	ADP
emaj-257	256	33	the	the	DET
emaj-257	256	34	present	present	ADJ
emaj-257	256	35	period	period	NOUN
emaj-257	256	36	.	.	PUNCT
emaj-257	257	1	the	the	DET
emaj-257	257	2	equality	equality	NOUN
emaj-257	257	3	of	of	ADP
emaj-257	257	4	error	error	NOUN
emaj-257	257	5	sequence	sequence	NOUN
emaj-257	257	6	means	mean	VERB
emaj-257	257	7	that	that	SCONJ
emaj-257	257	8	stock	stock	NOUN
emaj-257	257	9	exchange	exchange	NOUN
emaj-257	257	10	points	point	NOUN
emaj-257	257	11	follow	follow	VERB
emaj-257	257	12	a	a	DET
emaj-257	257	13	random	random	ADJ
emaj-257	257	14	walk	walk	NOUN
emaj-257	257	15	and	and	CCONJ
emaj-257	257	16	that	that	SCONJ
emaj-257	257	17	the	the	DET
emaj-257	257	18	future	future	ADJ
emaj-257	257	19	stock	stock	NOUN
emaj-257	257	20	exchange	exchange	NOUN
emaj-257	257	21	points	point	NOUN
emaj-257	257	22	do	do	AUX
emaj-257	257	23	not	not	PART
emaj-257	257	24	reflect	reflect	VERB
emaj-257	257	25	the	the	DET
emaj-257	257	26	current	current	ADJ
emaj-257	257	27	points	point	NOUN
emaj-257	257	28	.	.	PUNCT
emaj-257	258	1	random	random	ADJ
emaj-257	258	2	walk	walk	NOUN
emaj-257	258	3	residual	residual	ADJ
emaj-257	258	4	is	be	AUX
emaj-257	258	5	considered	consider	VERB
emaj-257	258	6	a	a	DET
emaj-257	258	7	sign	sign	NOUN
emaj-257	258	8	of	of	ADP
emaj-257	258	9	a	a	DET
emaj-257	258	10	weakform	weakform	ADJ
emaj-257	258	11	efficient	efficient	ADJ
emaj-257	258	12	market	market	NOUN
emaj-257	258	13	(	(	PUNCT
emaj-257	258	14	fama	fama	NOUN
emaj-257	258	15	,	,	PUNCT
emaj-257	258	16	1970	1970	NUM
emaj-257	258	17	)	)	PUNCT
emaj-257	258	18	.	.	PUNCT
emaj-257	259	1	max	max	PROPN
emaj-257	259	2	|z|	|z|	VERB
emaj-257	259	3	statistics	statistic	NOUN
emaj-257	259	4	of	of	ADP
emaj-257	259	5	the	the	DET
emaj-257	259	6	fisher	fisher	PROPN
emaj-257	259	7	combined	combine	VERB
emaj-257	259	8	test	test	NOUN
emaj-257	259	9	show	show	VERB
emaj-257	259	10	that	that	SCONJ
emaj-257	259	11	the	the	DET
emaj-257	259	12	null	null	ADJ
emaj-257	259	13	hypothesis	hypothesis	NOUN
emaj-257	259	14	of	of	ADP
emaj-257	259	15	random	random	ADJ
emaj-257	259	16	walk	walk	NOUN
emaj-257	259	17	residuals	residual	NOUN
emaj-257	259	18	does	do	AUX
emaj-257	259	19	not	not	PART
emaj-257	259	20	hold	hold	VERB
emaj-257	259	21	for	for	ADP
emaj-257	259	22	the	the	DET
emaj-257	259	23	panel	panel	NOUN
emaj-257	259	24	as	as	ADV
emaj-257	259	25	well	well	ADV
emaj-257	259	26	for	for	ADP
emaj-257	259	27	turkey	turkey	NOUN
emaj-257	259	28	,	,	PUNCT
emaj-257	259	29	mexico	mexico	PROPN
emaj-257	259	30	,	,	PUNCT
emaj-257	259	31	and	and	CCONJ
emaj-257	259	32	brazil	brazil	PROPN
emaj-257	259	33	.	.	PUNCT
emaj-257	260	1	overall	overall	ADV
emaj-257	260	2	,	,	PUNCT
emaj-257	260	3	the	the	DET
emaj-257	260	4	findings	finding	NOUN
emaj-257	260	5	of	of	ADP
emaj-257	260	6	the	the	DET
emaj-257	260	7	variance	variance	NOUN
emaj-257	260	8	ratio	ratio	NOUN
emaj-257	260	9	test	test	NOUN
emaj-257	260	10	suggest	suggest	VERB
emaj-257	260	11	that	that	SCONJ
emaj-257	260	12	all	all	DET
emaj-257	260	13	countries	country	NOUN
emaj-257	260	14	in	in	ADP
emaj-257	260	15	the	the	DET
emaj-257	260	16	panel	panel	NOUN
emaj-257	260	17	,	,	PUNCT
emaj-257	260	18	except	except	SCONJ
emaj-257	260	19	russia	russia	PROPN
emaj-257	260	20	,	,	PUNCT
emaj-257	260	21	show	show	VERB
emaj-257	260	22	signs	sign	NOUN
emaj-257	260	23	of	of	ADP
emaj-257	260	24	weak	weak	ADJ
emaj-257	260	25	form	form	NOUN
emaj-257	260	26	of	of	ADP
emaj-257	260	27	inefficient	inefficient	ADJ
emaj-257	260	28	market	market	NOUN
emaj-257	260	29	.	.	PUNCT
emaj-257	261	1	table	table	NOUN
emaj-257	261	2	10	10	NUM
emaj-257	261	3	:	:	PUNCT
emaj-257	261	4	lnstock	lnstock	ADJ
emaj-257	261	5	short	short	ADJ
emaj-257	261	6	-	-	PUNCT
emaj-257	261	7	term	term	NOUN
emaj-257	261	8	model	model	NOUN
emaj-257	261	9	source	source	NOUN
emaj-257	261	10	:	:	PUNCT
emaj-257	261	11	spss	spss	PROPN
emaj-257	261	12	software	software	PROPN
emaj-257	261	13	output	output	PROPN
emaj-257	261	14	t	t	PROPN
emaj-257	261	15	statistics	statistic	NOUN
emaj-257	261	16	are	be	AUX
emaj-257	261	17	in	in	ADP
emaj-257	261	18	parentheses	parenthesis	NOUN
emaj-257	261	19	*	*	PUNCT
emaj-257	261	20	*	*	PUNCT
emaj-257	261	21	*	*	PUNCT
emaj-257	261	22	p<0,01	p<0,01	NOUN
emaj-257	261	23	,	,	PUNCT
emaj-257	261	24	*	*	PUNCT
emaj-257	261	25	*	*	PUNCT
emaj-257	261	26	p<0,05	p<0,05	ADJ
emaj-257	261	27	,	,	PUNCT
emaj-257	261	28	*	*	PUNCT
emaj-257	261	29	p<0,1	p<0,1	NOUN
emaj-257	261	30	a	a	DET
emaj-257	261	31	panel	panel	NOUN
emaj-257	261	32	without	without	ADP
emaj-257	261	33	covid-19	covid-19	PROPN
emaj-257	261	34	dummy	dummy	PROPN
emaj-257	261	35	b	b	PROPN
emaj-257	261	36	panel	panel	NOUN
emaj-257	261	37	with	with	ADP
emaj-257	261	38	covid-19	covid-19	PROPN
emaj-257	261	39	dummy	dummy	NOUN
emaj-257	261	40	the	the	DET
emaj-257	261	41	short	short	ADJ
emaj-257	261	42	-	-	PUNCT
emaj-257	261	43	term	term	NOUN
emaj-257	261	44	models	model	NOUN
emaj-257	261	45	for	for	ADP
emaj-257	261	46	the	the	DET
emaj-257	261	47	entire	entire	ADJ
emaj-257	261	48	panel	panel	NOUN
emaj-257	261	49	and	and	CCONJ
emaj-257	261	50	individual	individual	ADJ
emaj-257	261	51	country	country	NOUN
emaj-257	261	52	were	be	AUX
emaj-257	261	53	estimated	estimate	VERB
emaj-257	261	54	using	use	VERB
emaj-257	261	55	the	the	DET
emaj-257	261	56	least	least	ADJ
emaj-257	261	57	square	square	ADJ
emaj-257	261	58	(	(	PUNCT
emaj-257	261	59	ls	ls	PROPN
emaj-257	261	60	)	)	PUNCT
emaj-257	261	61	estimator	estimator	NOUN
emaj-257	261	62	(	(	PUNCT
emaj-257	261	63	table	table	NOUN
emaj-257	261	64	11	11	NUM
emaj-257	261	65	)	)	PUNCT
emaj-257	261	66	.	.	PUNCT
emaj-257	262	1	the	the	DET
emaj-257	262	2	model	model	NOUN
emaj-257	262	3	for	for	ADP
emaj-257	262	4	the	the	DET
emaj-257	262	5	panel	panel	NOUN
emaj-257	262	6	(	(	PUNCT
emaj-257	262	7	panela	panela	PROPN
emaj-257	262	8	)	)	PUNCT
emaj-257	262	9	can	can	AUX
emaj-257	262	10	explain	explain	VERB
emaj-257	262	11	the	the	DET
emaj-257	262	12	52	52	NUM
emaj-257	262	13	%	%	NOUN
emaj-257	262	14	of	of	ADP
emaj-257	262	15	the	the	DET
emaj-257	262	16	variations	variation	NOUN
emaj-257	262	17	in	in	ADP
emaj-257	262	18	lnstock	lnstock	NOUN
emaj-257	262	19	,	,	PUNCT
emaj-257	262	20	which	which	PRON
emaj-257	262	21	is	be	AUX
emaj-257	262	22	statistically	statistically	ADV
emaj-257	262	23	significant	significant	ADJ
emaj-257	262	24	as	as	SCONJ
emaj-257	262	25	seen	see	VERB
emaj-257	262	26	in	in	ADP
emaj-257	262	27	the	the	DET
emaj-257	262	28	f	f	PROPN
emaj-257	262	29	statistic	statistic	NOUN
emaj-257	262	30	and	and	CCONJ
emaj-257	262	31	its	its	PRON
emaj-257	262	32	respective	respective	ADJ
emaj-257	262	33	probability	probability	NOUN
emaj-257	262	34	.	.	PUNCT
emaj-257	263	1	however	however	ADV
emaj-257	263	2	,	,	PUNCT
emaj-257	263	3	the	the	DET
emaj-257	263	4	pesaran	pesaran	ADJ
emaj-257	263	5	cd	cd	PROPN
emaj-257	263	6	statistic	statistic	NOUN
emaj-257	263	7	of	of	ADP
emaj-257	263	8	the	the	DET
emaj-257	263	9	model	model	NOUN
emaj-257	263	10	shows	show	VERB
emaj-257	263	11	that	that	SCONJ
emaj-257	263	12	the	the	DET
emaj-257	263	13	model	model	NOUN
emaj-257	263	14	suffers	suffer	VERB
emaj-257	263	15	from	from	ADP
emaj-257	263	16	cross	cross	ADJ
emaj-257	263	17	-	-	ADJ
emaj-257	263	18	sectional	sectional	ADJ
emaj-257	263	19	dependency	dependency	NOUN
emaj-257	263	20	.	.	PUNCT
emaj-257	264	1	we	we	PRON
emaj-257	264	2	created	create	VERB
emaj-257	264	3	a	a	DET
emaj-257	264	4	new	new	ADJ
emaj-257	264	5	dummy	dummy	ADJ
emaj-257	264	6	variable	variable	NOUN
emaj-257	264	7	to	to	PART
emaj-257	264	8	account	account	VERB
emaj-257	264	9	for	for	ADP
emaj-257	264	10	some	some	PRON
emaj-257	264	11	of	of	ADP
emaj-257	264	12	the	the	DET
emaj-257	264	13	variations	variation	NOUN
emaj-257	264	14	common	common	ADJ
emaj-257	264	15	to	to	ADP
emaj-257	264	16	all	all	DET
emaj-257	264	17	units	unit	NOUN
emaj-257	264	18	and	and	CCONJ
emaj-257	264	19	to	to	PART
emaj-257	264	20	mitigate	mitigate	VERB
emaj-257	264	21	the	the	DET
emaj-257	264	22	effects	effect	NOUN
emaj-257	264	23	of	of	ADP
emaj-257	264	24	crosssectional	crosssectional	ADJ
emaj-257	264	25	dependence	dependence	NOUN
emaj-257	264	26	.	.	PUNCT
emaj-257	265	1	the	the	DET
emaj-257	265	2	new	new	ADJ
emaj-257	265	3	dummy	dummy	ADJ
emaj-257	265	4	variable	variable	NOUN
emaj-257	265	5	has	have	VERB
emaj-257	265	6	two	two	NUM
emaj-257	265	7	values	value	NOUN
emaj-257	265	8	that	that	PRON
emaj-257	265	9	represent	represent	VERB
emaj-257	265	10	“	"	PUNCT
emaj-257	265	11	1	1	NUM
emaj-257	265	12	”	"	PUNCT
emaj-257	265	13	for	for	ADP
emaj-257	265	14	march	march	PROPN
emaj-257	265	15	2020	2020	NUM
emaj-257	265	16	and	and	CCONJ
emaj-257	265	17	“	"	PUNCT
emaj-257	265	18	0	0	NUM
emaj-257	265	19	”	"	PUNCT
emaj-257	265	20	for	for	ADP
emaj-257	265	21	otherwise	otherwise	ADV
emaj-257	265	22	.	.	PUNCT
emaj-257	266	1	from	from	ADP
emaj-257	266	2	the	the	DET
emaj-257	266	3	descriptive	descriptive	ADJ
emaj-257	266	4	statistics	statistic	NOUN
emaj-257	266	5	,	,	PUNCT
emaj-257	266	6	one	one	PRON
emaj-257	266	7	can	can	AUX
emaj-257	266	8	see	see	VERB
emaj-257	266	9	that	that	SCONJ
emaj-257	266	10	the	the	DET
emaj-257	266	11	highest	high	ADJ
emaj-257	266	12	drop	drop	NOUN
emaj-257	266	13	in	in	ADP
emaj-257	266	14	the	the	DET
emaj-257	266	15	stock	stock	NOUN
emaj-257	266	16	markets	market	NOUN
emaj-257	266	17	of	of	ADP
emaj-257	266	18	turkey	turkey	NOUN
emaj-257	266	19	,	,	PUNCT
emaj-257	266	20	mexico	mexico	PROPN
emaj-257	266	21	and	and	CCONJ
emaj-257	266	22	brazil	brazil	PROPN
emaj-257	266	23	occurred	occur	VERB
emaj-257	266	24	in	in	ADP
emaj-257	266	25	march	march	PROPN
emaj-257	266	26	2020	2020	NUM
emaj-257	266	27	.	.	PUNCT
emaj-257	267	1	this	this	DET
emaj-257	267	2	period	period	NOUN
emaj-257	267	3	coincides	coincide	VERB
emaj-257	267	4	with	with	ADP
emaj-257	267	5	the	the	DET
emaj-257	267	6	end	end	NOUN
emaj-257	267	7	of	of	ADP
emaj-257	267	8	february	february	PROPN
emaj-257	267	9	2020	2020	NUM
emaj-257	267	10	,	,	PUNCT
emaj-257	267	11	when	when	SCONJ
emaj-257	267	12	the	the	DET
emaj-257	267	13	covid-19	covid-19	PROPN
emaj-257	267	14	-	-	PUNCT
emaj-257	267	15	related	relate	VERB
emaj-257	267	16	deaths	death	NOUN
emaj-257	267	17	broke	break	VERB
emaj-257	267	18	out	out	ADP
emaj-257	267	19	in	in	ADP
emaj-257	267	20	many	many	ADJ
emaj-257	267	21	countries	country	NOUN
emaj-257	267	22	.	.	PUNCT
emaj-257	268	1	therefore	therefore	ADV
emaj-257	268	2	,	,	PUNCT
emaj-257	268	3	we	we	PRON
emaj-257	268	4	named	name	VERB
emaj-257	268	5	the	the	DET
emaj-257	268	6	new	new	ADJ
emaj-257	268	7	variable	variable	NOUN
emaj-257	268	8	covid-19	covid-19	PROPN
emaj-257	268	9	,	,	PUNCT
emaj-257	268	10	assuming	assume	VERB
emaj-257	268	11	the	the	DET
emaj-257	268	12	drop	drop	NOUN
emaj-257	268	13	in	in	ADP
emaj-257	268	14	stock	stock	NOUN
emaj-257	268	15	exchange	exchange	NOUN
emaj-257	268	16	markets	market	NOUN
emaj-257	268	17	in	in	ADP
emaj-257	268	18	march	march	PROPN
emaj-257	268	19	2020	2020	NUM
emaj-257	268	20	is	be	AUX
emaj-257	268	21	due	due	ADJ
emaj-257	268	22	to	to	ADP
emaj-257	268	23	the	the	DET
emaj-257	268	24	covid-19	covid-19	PROPN
emaj-257	268	25	outbreak	outbreak	NOUN
emaj-257	268	26	.	.	PUNCT
emaj-257	269	1	the	the	DET
emaj-257	269	2	short	short	ADJ
emaj-257	269	3	-	-	PUNCT
emaj-257	269	4	term	term	NOUN
emaj-257	269	5	model	model	NOUN
emaj-257	269	6	for	for	ADP
emaj-257	269	7	the	the	DET
emaj-257	269	8	panel	panel	NOUN
emaj-257	269	9	was	be	AUX
emaj-257	269	10	reestimated	reestimate	VERB
emaj-257	269	11	(	(	PUNCT
emaj-257	269	12	panelb	panelb	NOUN
emaj-257	269	13	)	)	PUNCT
emaj-257	269	14	with	with	ADP
emaj-257	269	15	the	the	DET
emaj-257	269	16	covid-19	covid-19	PROPN
emaj-257	269	17	variable	variable	NOUN
emaj-257	269	18	.	.	PUNCT
emaj-257	270	1	pesaran	pesaran	PROPN
emaj-257	270	2	cd	cd	PROPN
emaj-257	270	3	statistics	statistic	NOUN
emaj-257	270	4	of	of	ADP
emaj-257	270	5	the	the	DET
emaj-257	270	6	new	new	ADJ
emaj-257	270	7	model	model	NOUN
emaj-257	270	8	show	show	VERB
emaj-257	270	9	no	no	DET
emaj-257	270	10	crosssectional	crosssectional	ADJ
emaj-257	270	11	dependence	dependence	NOUN
emaj-257	270	12	between	between	ADP
emaj-257	270	13	the	the	DET
emaj-257	270	14	units	unit	NOUN
emaj-257	270	15	.	.	PUNCT
emaj-257	271	1	the	the	DET
emaj-257	271	2	adjusted	adjust	VERB
emaj-257	271	3	r2	r2	NOUN
emaj-257	271	4	value	value	NOUN
emaj-257	271	5	of	of	ADP
emaj-257	271	6	0.539	0.539	NUM
emaj-257	271	7	indicated	indicate	VERB
emaj-257	271	8	that	that	SCONJ
emaj-257	271	9	the	the	DET
emaj-257	271	10	covid-19	covid-19	PROPN
emaj-257	271	11	increased	increase	VERB
emaj-257	271	12	the	the	DET
emaj-257	271	13	explanatory	explanatory	ADJ
emaj-257	271	14	power	power	NOUN
emaj-257	271	15	of	of	ADP
emaj-257	271	16	the	the	DET
emaj-257	271	17	previous	previous	ADJ
emaj-257	271	18	model	model	NOUN
emaj-257	271	19	by	by	ADP
emaj-257	271	20	2	2	NUM
emaj-257	271	21	percent	percent	NOUN
emaj-257	271	22	.	.	PUNCT
emaj-257	272	1	the	the	DET
emaj-257	272	2	coefficient	coefficient	NOUN
emaj-257	272	3	value	value	NOUN
emaj-257	272	4	of	of	ADP
emaj-257	272	5	0,117	0,117	NUM
emaj-257	272	6	for	for	ADP
emaj-257	272	7	covid-19	covid-19	PROPN
emaj-257	272	8	implies	imply	VERB
emaj-257	272	9	that	that	SCONJ
emaj-257	272	10	the	the	DET
emaj-257	272	11	mean	mean	ADJ
emaj-257	272	12	value	value	NOUN
emaj-257	272	13	of	of	ADP
emaj-257	272	14	lnstock	lnstock	NOUN
emaj-257	272	15	in	in	ADP
emaj-257	272	16	the	the	DET
emaj-257	272	17	covid-19	covid-19	PROPN
emaj-257	272	18	period	period	NOUN
emaj-257	272	19	is	be	AUX
emaj-257	272	20	almost	almost	ADV
emaj-257	272	21	12	12	NUM
emaj-257	272	22	%	%	NOUN
emaj-257	272	23	less	less	ADJ
emaj-257	272	24	than	than	ADP
emaj-257	272	25	the	the	DET
emaj-257	272	26	mean	mean	ADJ
emaj-257	272	27	value	value	NOUN
emaj-257	272	28	of	of	ADP
emaj-257	272	29	lnstock	lnstock	NOUN
emaj-257	272	30	in	in	ADP
emaj-257	272	31	the	the	DET
emaj-257	272	32	non	non	ADJ
emaj-257	272	33	-	-	ADJ
emaj-257	272	34	covid-19	covid-19	ADJ
emaj-257	272	35	period	period	NOUN
emaj-257	272	36	.	.	PUNCT
emaj-257	273	1	the	the	DET
emaj-257	273	2	reestimation	reestimation	NOUN
emaj-257	273	3	of	of	ADP
emaj-257	273	4	the	the	DET
emaj-257	273	5	short	short	ADJ
emaj-257	273	6	-	-	PUNCT
emaj-257	273	7	term	term	NOUN
emaj-257	273	8	model	model	NOUN
emaj-257	273	9	yielded	yield	VERB
emaj-257	273	10	no	no	DET
emaj-257	273	11	significant	significant	ADJ
emaj-257	273	12	change	change	NOUN
emaj-257	273	13	in	in	ADP
emaj-257	273	14	the	the	DET
emaj-257	273	15	estimated	estimate	VERB
emaj-257	273	16	coefficients	coefficient	NOUN
emaj-257	273	17	of	of	ADP
emaj-257	273	18	other	other	ADJ
emaj-257	273	19	variables	variable	NOUN
emaj-257	273	20	.	.	PUNCT
emaj-257	274	1	the	the	DET
emaj-257	274	2	short	short	ADJ
emaj-257	274	3	-	-	PUNCT
emaj-257	274	4	term	term	NOUN
emaj-257	274	5	effects	effect	NOUN
emaj-257	274	6	of	of	ADP
emaj-257	274	7	lnbond	lnbond	NOUN
emaj-257	274	8	and	and	CCONJ
emaj-257	274	9	lnmsci	lnmsci	PROPN
emaj-257	274	10	are	be	AUX
emaj-257	274	11	statistically	statistically	ADV
emaj-257	274	12	significant	significant	ADJ
emaj-257	274	13	at	at	ADP
emaj-257	274	14	the	the	DET
emaj-257	274	15	1	1	NUM
emaj-257	274	16	%	%	NOUN
emaj-257	274	17	level	level	NOUN
emaj-257	274	18	,	,	PUNCT
emaj-257	274	19	and	and	CCONJ
emaj-257	274	20	the	the	DET
emaj-257	274	21	effects	effect	NOUN
emaj-257	274	22	of	of	ADP
emaj-257	274	23	lncds	lncd	NOUN
emaj-257	274	24	and	and	CCONJ
emaj-257	274	25	lnvix	lnvix	NOUN
emaj-257	274	26	are	be	AUX
emaj-257	274	27	significant	significant	ADJ
emaj-257	274	28	at	at	ADP
emaj-257	274	29	the	the	DET
emaj-257	274	30	5	5	NUM
emaj-257	274	31	%	%	NOUN
emaj-257	274	32	level	level	NOUN
emaj-257	274	33	.	.	PUNCT
emaj-257	275	1	a	a	DET
emaj-257	275	2	1	1	NUM
emaj-257	275	3	%	%	NOUN
emaj-257	275	4	increase	increase	NOUN
emaj-257	275	5	in	in	ADP
emaj-257	275	6	lnbond	lnbond	NOUN
emaj-257	275	7	,	,	PUNCT
emaj-257	275	8	lncds	lncds	PROPN
emaj-257	275	9	,	,	PUNCT
emaj-257	275	10	and	and	CCONJ
emaj-257	275	11	lnvix	lnvix	NOUN
emaj-257	275	12	is	be	AUX
emaj-257	275	13	associated	associate	VERB
emaj-257	275	14	with	with	ADP
emaj-257	275	15	a	a	DET
emaj-257	275	16	0,22	0,22	NOUN
emaj-257	275	17	%	%	NOUN
emaj-257	275	18	,	,	PUNCT
emaj-257	275	19	0,04	0,04	NUM
emaj-257	275	20	%	%	NOUN
emaj-257	275	21	,	,	PUNCT
emaj-257	275	22	and	and	CCONJ
emaj-257	275	23	0,03	0,03	NUM
emaj-257	275	24	%	%	NOUN
emaj-257	275	25	decrease	decrease	NOUN
emaj-257	275	26	in	in	ADP
emaj-257	275	27	lnstock	lnstock	NOUN
emaj-257	275	28	,	,	PUNCT
emaj-257	275	29	respectively	respectively	ADV
emaj-257	275	30	.	.	PUNCT
emaj-257	276	1	the	the	DET
emaj-257	276	2	same	same	ADJ
emaj-257	276	3	amount	amount	NOUN
emaj-257	276	4	of	of	ADP
emaj-257	276	5	increase	increase	NOUN
emaj-257	276	6	in	in	ADP
emaj-257	276	7	msci	msci	PROPN
emaj-257	276	8	,	,	PUNCT
emaj-257	276	9	however	however	ADV
emaj-257	276	10	,	,	PUNCT
emaj-257	276	11	is	be	AUX
emaj-257	276	12	associated	associate	VERB
emaj-257	276	13	with	with	ADP
emaj-257	276	14	a	a	DET
emaj-257	276	15	0,44	0,44	NOUN
emaj-257	276	16	%	%	NOUN
emaj-257	276	17	increase	increase	NOUN
emaj-257	276	18	in	in	ADP
emaj-257	276	19	lnstock	lnstock	NOUN
emaj-257	276	20	.	.	PUNCT
emaj-257	277	1	lngold	lngold	PROPN
emaj-257	277	2	and	and	CCONJ
emaj-257	277	3	lnoild	lnoild	NOUN
emaj-257	277	4	seem	seem	VERB
emaj-257	277	5	to	to	PART
emaj-257	277	6	have	have	VERB
emaj-257	277	7	no	no	DET
emaj-257	277	8	significant	significant	ADJ
emaj-257	277	9	short	short	ADJ
emaj-257	277	10	-	-	PUNCT
emaj-257	277	11	term	term	NOUN
emaj-257	277	12	effect	effect	NOUN
emaj-257	277	13	on	on	ADP
emaj-257	277	14	lnstock	lnstock	NOUN
emaj-257	277	15	.	.	PUNCT
emaj-257	278	1	the	the	DET
emaj-257	278	2	volume	volume	NOUN
emaj-257	278	3	12	12	NUM
emaj-257	278	4	no	no	DET
emaj-257	278	5	1	1	NUM
emaj-257	278	6	(	(	PUNCT
emaj-257	278	7	2022	2022	NUM
emaj-257	278	8	)	)	PUNCT
emaj-257	278	9	|	|	ADV
emaj-257	278	10	issn	issn	VERB
emaj-257	278	11	2158	2158	NUM
emaj-257	278	12	-	-	SYM
emaj-257	278	13	8708	8708	NUM
emaj-257	278	14	(	(	PUNCT
emaj-257	278	15	online	online	NOUN
emaj-257	278	16	)	)	PUNCT
emaj-257	278	17	|	|	ADV
emaj-257	278	18	doi	doi	X
emaj-257	278	19	10.5195	10.5195	NUM
emaj-257	278	20	/	/	SYM
emaj-257	278	21	emaj.2022.257	emaj.2022.257	NOUN
emaj-257	278	22	|	|	ADV
emaj-257	278	23	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-257	278	24	hülya	hülya	PROPN
emaj-257	278	25	yılmaz	yılmaz	PROPN
emaj-257	278	26	,	,	PUNCT
emaj-257	278	27	bülent	bülent	ADJ
emaj-257	278	28	i̇lhan	i̇lhan	ADJ
emaj-257	278	29	emerging	emerge	VERB
emaj-257	278	30	markets	market	NOUN
emaj-257	278	31	journal	journal	NOUN
emaj-257	278	32	|	|	ADV
emaj-257	278	33	p	p	NOUN
emaj-257	278	34	a	a	DET
emaj-257	278	35	g	g	NOUN
emaj-257	278	36	e	e	NOUN
emaj-257	278	37	|35	|35	PROPN
emaj-257	278	38	coefficient	coefficient	NOUN
emaj-257	278	39	value	value	NOUN
emaj-257	278	40	of	of	ADP
emaj-257	278	41	the	the	DET
emaj-257	278	42	error	error	NOUN
emaj-257	278	43	correction	correction	NOUN
emaj-257	278	44	term	term	NOUN
emaj-257	278	45	(	(	PUNCT
emaj-257	278	46	ect	ect	X
emaj-257	278	47	)	)	PUNCT
emaj-257	278	48	indicates	indicate	VERB
emaj-257	278	49	that	that	SCONJ
emaj-257	278	50	13	13	NUM
emaj-257	278	51	%	%	NOUN
emaj-257	278	52	of	of	ADP
emaj-257	278	53	the	the	DET
emaj-257	278	54	deviations	deviation	NOUN
emaj-257	278	55	from	from	ADP
emaj-257	278	56	the	the	DET
emaj-257	278	57	past	past	ADJ
emaj-257	278	58	periods	period	NOUN
emaj-257	278	59	are	be	AUX
emaj-257	278	60	corrected	correct	VERB
emaj-257	278	61	in	in	ADP
emaj-257	278	62	the	the	DET
emaj-257	278	63	present	present	ADJ
emaj-257	278	64	period	period	NOUN
emaj-257	278	65	.	.	PUNCT
emaj-257	279	1	the	the	DET
emaj-257	279	2	statistical	statistical	ADJ
emaj-257	279	3	significance	significance	NOUN
emaj-257	279	4	of	of	ADP
emaj-257	279	5	the	the	DET
emaj-257	279	6	error	error	NOUN
emaj-257	279	7	correction	correction	NOUN
emaj-257	279	8	coefficient	coefficient	NOUN
emaj-257	279	9	confirms	confirm	VERB
emaj-257	279	10	the	the	DET
emaj-257	279	11	findings	finding	NOUN
emaj-257	279	12	of	of	ADP
emaj-257	279	13	the	the	DET
emaj-257	279	14	panel	panel	NOUN
emaj-257	279	15	cointegration	cointegration	NOUN
emaj-257	279	16	test	test	NOUN
emaj-257	279	17	that	that	PRON
emaj-257	279	18	all	all	DET
emaj-257	279	19	panels	panel	NOUN
emaj-257	279	20	are	be	AUX
emaj-257	279	21	cointegrated	cointegrate	VERB
emaj-257	279	22	.	.	PUNCT
emaj-257	280	1	there	there	PRON
emaj-257	280	2	are	be	VERB
emaj-257	280	3	significant	significant	ADJ
emaj-257	280	4	differences	difference	NOUN
emaj-257	280	5	in	in	ADP
emaj-257	280	6	the	the	DET
emaj-257	280	7	explanatory	explanatory	ADJ
emaj-257	280	8	powers	power	NOUN
emaj-257	280	9	of	of	ADP
emaj-257	280	10	individual	individual	ADJ
emaj-257	280	11	models	model	NOUN
emaj-257	280	12	.	.	PUNCT
emaj-257	281	1	the	the	DET
emaj-257	281	2	independent	independent	ADJ
emaj-257	281	3	variables	variable	NOUN
emaj-257	281	4	,	,	PUNCT
emaj-257	281	5	combined	combine	VERB
emaj-257	281	6	,	,	PUNCT
emaj-257	281	7	explain	explain	VERB
emaj-257	281	8	almost	almost	ADV
emaj-257	281	9	39	39	NUM
emaj-257	281	10	percent	percent	NOUN
emaj-257	281	11	of	of	ADP
emaj-257	281	12	the	the	DET
emaj-257	281	13	variation	variation	NOUN
emaj-257	281	14	in	in	ADP
emaj-257	281	15	stock	stock	NOUN
emaj-257	281	16	prices	price	NOUN
emaj-257	281	17	for	for	ADP
emaj-257	281	18	russia	russia	PROPN
emaj-257	281	19	,	,	PUNCT
emaj-257	281	20	which	which	PRON
emaj-257	281	21	is	be	AUX
emaj-257	281	22	almost	almost	ADV
emaj-257	281	23	half	half	DET
emaj-257	281	24	the	the	DET
emaj-257	281	25	explanatory	explanatory	ADJ
emaj-257	281	26	power	power	NOUN
emaj-257	281	27	of	of	ADP
emaj-257	281	28	the	the	DET
emaj-257	281	29	model	model	NOUN
emaj-257	281	30	for	for	ADP
emaj-257	281	31	brazil	brazil	PROPN
emaj-257	281	32	.	.	PUNCT
emaj-257	282	1	the	the	DET
emaj-257	282	2	relatively	relatively	ADV
emaj-257	282	3	low	low	ADJ
emaj-257	282	4	explanatory	explanatory	ADJ
emaj-257	282	5	power	power	NOUN
emaj-257	282	6	of	of	ADP
emaj-257	282	7	the	the	DET
emaj-257	282	8	russian	russian	ADJ
emaj-257	282	9	model	model	NOUN
emaj-257	282	10	implies	imply	VERB
emaj-257	282	11	that	that	SCONJ
emaj-257	282	12	moex	moex	NOUN
emaj-257	282	13	russia	russia	PROPN
emaj-257	282	14	has	have	VERB
emaj-257	282	15	different	different	ADJ
emaj-257	282	16	dynamics	dynamic	NOUN
emaj-257	282	17	compared	compare	VERB
emaj-257	282	18	to	to	ADP
emaj-257	282	19	other	other	ADJ
emaj-257	282	20	stock	stock	NOUN
emaj-257	282	21	markets	market	NOUN
emaj-257	282	22	.	.	PUNCT
emaj-257	283	1	the	the	DET
emaj-257	283	2	low	low	ADJ
emaj-257	283	3	rsquared	rsquared	ADJ
emaj-257	283	4	confirms	confirm	VERB
emaj-257	283	5	the	the	DET
emaj-257	283	6	findings	finding	NOUN
emaj-257	283	7	of	of	ADP
emaj-257	283	8	the	the	DET
emaj-257	283	9	variance	variance	NOUN
emaj-257	283	10	ratio	ratio	NOUN
emaj-257	283	11	analysis	analysis	NOUN
emaj-257	283	12	that	that	SCONJ
emaj-257	283	13	the	the	DET
emaj-257	283	14	russian	russian	ADJ
emaj-257	283	15	market	market	NOUN
emaj-257	283	16	is	be	AUX
emaj-257	283	17	a	a	DET
emaj-257	283	18	weak	weak	ADJ
emaj-257	283	19	-	-	PUNCT
emaj-257	283	20	form	form	NOUN
emaj-257	283	21	efficient	efficient	ADJ
emaj-257	283	22	market	market	NOUN
emaj-257	283	23	in	in	ADP
emaj-257	283	24	which	which	PRON
emaj-257	283	25	future	future	ADJ
emaj-257	283	26	stock	stock	NOUN
emaj-257	283	27	points	point	NOUN
emaj-257	283	28	reflect	reflect	VERB
emaj-257	283	29	current	current	ADJ
emaj-257	283	30	stock	stock	NOUN
emaj-257	283	31	points	point	NOUN
emaj-257	283	32	.	.	PUNCT
emaj-257	284	1	other	other	ADJ
emaj-257	284	2	than	than	ADP
emaj-257	284	3	bond	bond	NOUN
emaj-257	284	4	yields	yield	NOUN
emaj-257	284	5	,	,	PUNCT
emaj-257	284	6	which	which	PRON
emaj-257	284	7	is	be	AUX
emaj-257	284	8	a	a	DET
emaj-257	284	9	country	country	NOUN
emaj-257	284	10	specific	specific	ADJ
emaj-257	284	11	variable	variable	NOUN
emaj-257	284	12	,	,	PUNCT
emaj-257	284	13	the	the	DET
emaj-257	284	14	only	only	ADJ
emaj-257	284	15	variable	variable	NOUN
emaj-257	284	16	that	that	PRON
emaj-257	284	17	has	have	VERB
emaj-257	284	18	a	a	DET
emaj-257	284	19	significant	significant	ADJ
emaj-257	284	20	short	short	ADJ
emaj-257	284	21	-	-	PUNCT
emaj-257	284	22	term	term	NOUN
emaj-257	284	23	effect	effect	NOUN
emaj-257	284	24	is	be	AUX
emaj-257	284	25	msci	msci	PROPN
emaj-257	284	26	,	,	PUNCT
emaj-257	284	27	which	which	PRON
emaj-257	284	28	affects	affect	VERB
emaj-257	284	29	bovespa	bovespa	ADV
emaj-257	284	30	more	more	ADJ
emaj-257	284	31	than	than	ADP
emaj-257	284	32	two	two	NUM
emaj-257	284	33	times	time	NOUN
emaj-257	284	34	it	it	PRON
emaj-257	284	35	affects	affect	VERB
emaj-257	284	36	moex	moex	PROPN
emaj-257	284	37	russia	russia	PROPN
emaj-257	284	38	.	.	PUNCT
emaj-257	285	1	further	far	ADV
emaj-257	285	2	,	,	PUNCT
emaj-257	285	3	the	the	DET
emaj-257	285	4	russian	russian	ADJ
emaj-257	285	5	model	model	NOUN
emaj-257	285	6	is	be	AUX
emaj-257	285	7	the	the	DET
emaj-257	285	8	only	only	ADJ
emaj-257	285	9	model	model	NOUN
emaj-257	285	10	that	that	PRON
emaj-257	285	11	covid-19	covid-19	PROPN
emaj-257	285	12	seems	seem	VERB
emaj-257	285	13	to	to	PART
emaj-257	285	14	have	have	VERB
emaj-257	285	15	no	no	DET
emaj-257	285	16	significant	significant	ADJ
emaj-257	285	17	effect	effect	NOUN
emaj-257	285	18	.	.	PUNCT
emaj-257	286	1	despite	despite	SCONJ
emaj-257	286	2	differences	difference	NOUN
emaj-257	286	3	in	in	ADP
emaj-257	286	4	the	the	DET
emaj-257	286	5	size	size	NOUN
emaj-257	286	6	of	of	ADP
emaj-257	286	7	effects	effect	NOUN
emaj-257	286	8	,	,	PUNCT
emaj-257	286	9	bond	bond	NOUN
emaj-257	286	10	yields	yield	NOUN
emaj-257	286	11	and	and	CCONJ
emaj-257	286	12	msci	msci	PROPN
emaj-257	286	13	,	,	PUNCT
emaj-257	286	14	like	like	ADP
emaj-257	286	15	in	in	ADP
emaj-257	286	16	the	the	DET
emaj-257	286	17	russian	russian	ADJ
emaj-257	286	18	model	model	NOUN
emaj-257	286	19	,	,	PUNCT
emaj-257	286	20	are	be	AUX
emaj-257	286	21	two	two	NUM
emaj-257	286	22	variables	variable	NOUN
emaj-257	286	23	,	,	PUNCT
emaj-257	286	24	along	along	ADP
emaj-257	286	25	with	with	ADP
emaj-257	286	26	covid19	covid19	NOUN
emaj-257	286	27	,	,	PUNCT
emaj-257	286	28	with	with	ADP
emaj-257	286	29	a	a	DET
emaj-257	286	30	significant	significant	ADJ
emaj-257	286	31	effect	effect	NOUN
emaj-257	286	32	on	on	ADP
emaj-257	286	33	brazil	brazil	PROPN
emaj-257	286	34	's	's	PART
emaj-257	286	35	stock	stock	NOUN
emaj-257	286	36	prices	price	NOUN
emaj-257	286	37	.	.	PUNCT
emaj-257	287	1	the	the	DET
emaj-257	287	2	model	model	NOUN
emaj-257	287	3	estimated	estimate	VERB
emaj-257	287	4	covid19	covid19	NOUN
emaj-257	287	5	-	-	PUNCT
emaj-257	287	6	effect	effect	NOUN
emaj-257	287	7	in	in	ADP
emaj-257	287	8	the	the	DET
emaj-257	287	9	brazilian	brazilian	ADJ
emaj-257	287	10	model	model	NOUN
emaj-257	287	11	is	be	AUX
emaj-257	287	12	almost	almost	ADV
emaj-257	287	13	half	half	DET
emaj-257	287	14	the	the	DET
emaj-257	287	15	exact	exact	ADJ
emaj-257	287	16	drop	drop	NOUN
emaj-257	287	17	in	in	ADP
emaj-257	287	18	march	march	PROPN
emaj-257	287	19	2020	2020	NUM
emaj-257	287	20	.	.	PUNCT
emaj-257	288	1	the	the	DET
emaj-257	288	2	difference	difference	NOUN
emaj-257	288	3	may	may	AUX
emaj-257	288	4	be	be	AUX
emaj-257	288	5	due	due	ADJ
emaj-257	288	6	to	to	ADP
emaj-257	288	7	the	the	DET
emaj-257	288	8	difference	difference	NOUN
emaj-257	288	9	between	between	ADP
emaj-257	288	10	the	the	DET
emaj-257	288	11	direct	direct	ADJ
emaj-257	288	12	and	and	CCONJ
emaj-257	288	13	indirect	indirect	ADJ
emaj-257	288	14	effects	effect	NOUN
emaj-257	288	15	of	of	ADP
emaj-257	288	16	the	the	DET
emaj-257	288	17	covid-19	covid-19	PROPN
emaj-257	288	18	.	.	PUNCT
emaj-257	289	1	the	the	DET
emaj-257	289	2	short	short	ADJ
emaj-257	289	3	-	-	PUNCT
emaj-257	289	4	term	term	NOUN
emaj-257	289	5	dynamics	dynamic	NOUN
emaj-257	289	6	for	for	ADP
emaj-257	289	7	the	the	DET
emaj-257	289	8	mexican	mexican	ADJ
emaj-257	289	9	stock	stock	NOUN
emaj-257	289	10	market	market	NOUN
emaj-257	289	11	seem	seem	VERB
emaj-257	289	12	to	to	PART
emaj-257	289	13	have	have	VERB
emaj-257	289	14	a	a	DET
emaj-257	289	15	different	different	ADJ
emaj-257	289	16	pattern	pattern	NOUN
emaj-257	289	17	than	than	ADP
emaj-257	289	18	those	those	PRON
emaj-257	289	19	of	of	ADP
emaj-257	289	20	brazil	brazil	PROPN
emaj-257	289	21	despite	despite	SCONJ
emaj-257	289	22	their	their	PRON
emaj-257	289	23	geographic	geographic	ADJ
emaj-257	289	24	proximity	proximity	NOUN
emaj-257	289	25	.	.	PUNCT
emaj-257	290	1	countryspecific	countryspecific	NOUN
emaj-257	290	2	variables	variable	NOUN
emaj-257	290	3	of	of	ADP
emaj-257	290	4	bond	bond	NOUN
emaj-257	290	5	yields	yield	NOUN
emaj-257	290	6	and	and	CCONJ
emaj-257	290	7	cds	cd	NOUN
emaj-257	290	8	premiums	premium	NOUN
emaj-257	290	9	have	have	VERB
emaj-257	290	10	no	no	DET
emaj-257	290	11	significant	significant	ADJ
emaj-257	290	12	short	short	ADJ
emaj-257	290	13	-	-	PUNCT
emaj-257	290	14	term	term	NOUN
emaj-257	290	15	effect	effect	NOUN
emaj-257	290	16	on	on	ADP
emaj-257	290	17	bse	bse	NOUN
emaj-257	290	18	sunsex	sunsex	NOUN
emaj-257	290	19	.	.	PUNCT
emaj-257	291	1	further	far	ADV
emaj-257	291	2	,	,	PUNCT
emaj-257	291	3	mexico	mexico	PROPN
emaj-257	291	4	is	be	AUX
emaj-257	291	5	the	the	DET
emaj-257	291	6	only	only	ADJ
emaj-257	291	7	country	country	NOUN
emaj-257	291	8	in	in	ADP
emaj-257	291	9	the	the	DET
emaj-257	291	10	panel	panel	NOUN
emaj-257	291	11	that	that	PRON
emaj-257	291	12	bond	bond	NOUN
emaj-257	291	13	yields	yield	VERB
emaj-257	291	14	neither	neither	CCONJ
emaj-257	291	15	have	have	VERB
emaj-257	291	16	a	a	DET
emaj-257	291	17	long	long	ADJ
emaj-257	291	18	nor	nor	CCONJ
emaj-257	291	19	a	a	DET
emaj-257	291	20	short	short	ADJ
emaj-257	291	21	-	-	PUNCT
emaj-257	291	22	term	term	NOUN
emaj-257	291	23	impact	impact	NOUN
emaj-257	291	24	.	.	PUNCT
emaj-257	292	1	on	on	ADP
emaj-257	292	2	the	the	DET
emaj-257	292	3	other	other	ADJ
emaj-257	292	4	hand	hand	NOUN
emaj-257	292	5	,	,	PUNCT
emaj-257	292	6	mexico	mexico	PROPN
emaj-257	292	7	is	be	AUX
emaj-257	292	8	the	the	DET
emaj-257	292	9	only	only	ADJ
emaj-257	292	10	country	country	NOUN
emaj-257	292	11	that	that	PRON
emaj-257	292	12	vix	vix	PROPN
emaj-257	292	13	and	and	CCONJ
emaj-257	292	14	oil	oil	NOUN
emaj-257	292	15	prices	price	NOUN
emaj-257	292	16	have	have	VERB
emaj-257	292	17	a	a	DET
emaj-257	292	18	significant	significant	ADJ
emaj-257	292	19	short	short	ADJ
emaj-257	292	20	-	-	PUNCT
emaj-257	292	21	term	term	NOUN
emaj-257	292	22	effect	effect	NOUN
emaj-257	292	23	on	on	ADP
emaj-257	292	24	stock	stock	NOUN
emaj-257	292	25	prices	price	NOUN
emaj-257	292	26	.	.	PUNCT
emaj-257	293	1	model	model	PROPN
emaj-257	293	2	estimated	estimate	VERB
emaj-257	293	3	covid-19	covid-19	PROPN
emaj-257	293	4	-	-	PUNCT
emaj-257	293	5	effect	effect	NOUN
emaj-257	293	6	is	be	AUX
emaj-257	293	7	also	also	ADV
emaj-257	293	8	very	very	ADV
emaj-257	293	9	close	close	ADJ
emaj-257	293	10	to	to	ADP
emaj-257	293	11	the	the	DET
emaj-257	293	12	actual	actual	ADJ
emaj-257	293	13	drop	drop	NOUN
emaj-257	293	14	in	in	ADP
emaj-257	293	15	march	march	PROPN
emaj-257	293	16	2020	2020	NUM
emaj-257	293	17	.	.	PUNCT
emaj-257	294	1	unlike	unlike	ADP
emaj-257	294	2	mexico	mexico	PROPN
emaj-257	294	3	,	,	PUNCT
emaj-257	294	4	country	country	NOUN
emaj-257	294	5	-	-	PUNCT
emaj-257	294	6	specific	specific	ADJ
emaj-257	294	7	variables	variable	NOUN
emaj-257	294	8	have	have	VERB
emaj-257	294	9	a	a	DET
emaj-257	294	10	significant	significant	ADJ
emaj-257	294	11	impact	impact	NOUN
emaj-257	294	12	on	on	ADP
emaj-257	294	13	turkey	turkey	NOUN
emaj-257	294	14	.	.	PUNCT
emaj-257	295	1	further	far	ADV
emaj-257	295	2	,	,	PUNCT
emaj-257	295	3	turkey	turkey	PROPN
emaj-257	295	4	is	be	AUX
emaj-257	295	5	the	the	DET
emaj-257	295	6	only	only	ADJ
emaj-257	295	7	country	country	NOUN
emaj-257	295	8	in	in	ADP
emaj-257	295	9	the	the	DET
emaj-257	295	10	panel	panel	NOUN
emaj-257	295	11	that	that	PRON
emaj-257	295	12	gold	gold	NOUN
emaj-257	295	13	prices	price	NOUN
emaj-257	295	14	have	have	VERB
emaj-257	295	15	a	a	DET
emaj-257	295	16	significant	significant	ADJ
emaj-257	295	17	short	short	ADJ
emaj-257	295	18	-	-	PUNCT
emaj-257	295	19	term	term	NOUN
emaj-257	295	20	effect	effect	NOUN
emaj-257	295	21	.	.	PUNCT
emaj-257	296	1	model	model	PROPN
emaj-257	296	2	estimated	estimate	VERB
emaj-257	296	3	covid19	covid19	NOUN
emaj-257	296	4	-	-	PUNCT
emaj-257	296	5	effect	effect	NOUN
emaj-257	296	6	equals	equal	VERB
emaj-257	296	7	almost	almost	ADV
emaj-257	296	8	half	half	DET
emaj-257	296	9	the	the	DET
emaj-257	296	10	actual	actual	ADJ
emaj-257	296	11	drop	drop	NOUN
emaj-257	296	12	in	in	ADP
emaj-257	296	13	march	march	PROPN
emaj-257	296	14	2020	2020	NUM
emaj-257	296	15	.	.	PUNCT
emaj-257	297	1	as	as	SCONJ
emaj-257	297	2	seen	see	VERB
emaj-257	297	3	in	in	ADP
emaj-257	297	4	the	the	DET
emaj-257	297	5	long	long	ADJ
emaj-257	297	6	-	-	PUNCT
emaj-257	297	7	term	term	NOUN
emaj-257	297	8	variance	variance	NOUN
emaj-257	297	9	score	score	NOUN
emaj-257	297	10	and	and	CCONJ
emaj-257	297	11	speed	speed	NOUN
emaj-257	297	12	of	of	ADP
emaj-257	297	13	adjustment	adjustment	NOUN
emaj-257	297	14	,	,	PUNCT
emaj-257	297	15	in	in	ADP
emaj-257	297	16	turkey	turkey	NOUN
emaj-257	297	17	,	,	PUNCT
emaj-257	297	18	variables	variable	NOUN
emaj-257	297	19	are	be	AUX
emaj-257	297	20	much	much	ADV
emaj-257	297	21	more	more	ADV
emaj-257	297	22	effective	effective	ADJ
emaj-257	297	23	in	in	ADP
emaj-257	297	24	the	the	DET
emaj-257	297	25	short	short	ADJ
emaj-257	297	26	term	term	NOUN
emaj-257	297	27	than	than	SCONJ
emaj-257	297	28	they	they	PRON
emaj-257	297	29	are	be	AUX
emaj-257	297	30	in	in	ADP
emaj-257	297	31	the	the	DET
emaj-257	297	32	long	long	ADJ
emaj-257	297	33	term	term	NOUN
emaj-257	297	34	.	.	PUNCT
emaj-257	298	1	throughout	throughout	ADP
emaj-257	298	2	the	the	DET
emaj-257	298	3	panel	panel	NOUN
emaj-257	298	4	,	,	PUNCT
emaj-257	298	5	one	one	PRON
emaj-257	298	6	can	can	AUX
emaj-257	298	7	see	see	VERB
emaj-257	298	8	that	that	SCONJ
emaj-257	298	9	a	a	DET
emaj-257	298	10	high	high	ADJ
emaj-257	298	11	long	long	ADJ
emaj-257	298	12	-	-	PUNCT
emaj-257	298	13	term	term	NOUN
emaj-257	298	14	variance	variance	NOUN
emaj-257	298	15	score	score	NOUN
emaj-257	298	16	is	be	AUX
emaj-257	298	17	associated	associate	VERB
emaj-257	298	18	with	with	ADP
emaj-257	298	19	a	a	DET
emaj-257	298	20	low	low	ADJ
emaj-257	298	21	speed	speed	NOUN
emaj-257	298	22	of	of	ADP
emaj-257	298	23	adjustment	adjustment	NOUN
emaj-257	298	24	.	.	PUNCT
emaj-257	299	1	the	the	DET
emaj-257	299	2	ect	ect	ADJ
emaj-257	299	3	coefficient	coefficient	NOUN
emaj-257	299	4	of	of	ADP
emaj-257	299	5	-0,32	-0,32	PUNCT
emaj-257	299	6	indicates	indicate	VERB
emaj-257	299	7	that	that	SCONJ
emaj-257	299	8	one	one	NUM
emaj-257	299	9	-	-	PUNCT
emaj-257	299	10	third	third	NOUN
emaj-257	299	11	of	of	ADP
emaj-257	299	12	any	any	DET
emaj-257	299	13	deviation	deviation	NOUN
emaj-257	299	14	from	from	ADP
emaj-257	299	15	the	the	DET
emaj-257	299	16	long	long	ADJ
emaj-257	299	17	-	-	PUNCT
emaj-257	299	18	term	term	NOUN
emaj-257	299	19	equilibrium	equilibrium	NOUN
emaj-257	299	20	in	in	ADP
emaj-257	299	21	the	the	DET
emaj-257	299	22	present	present	ADJ
emaj-257	299	23	period	period	NOUN
emaj-257	299	24	is	be	AUX
emaj-257	299	25	corrected	correct	VERB
emaj-257	299	26	in	in	ADP
emaj-257	299	27	the	the	DET
emaj-257	299	28	next	next	ADJ
emaj-257	299	29	period	period	NOUN
emaj-257	299	30	.	.	PUNCT
emaj-257	300	1	error	error	NOUN
emaj-257	300	2	correction	correction	NOUN
emaj-257	300	3	or	or	CCONJ
emaj-257	300	4	the	the	DET
emaj-257	300	5	speed	speed	NOUN
emaj-257	300	6	of	of	ADP
emaj-257	300	7	adjustment	adjustment	NOUN
emaj-257	300	8	is	be	AUX
emaj-257	300	9	much	much	ADV
emaj-257	300	10	slower	slow	ADJ
emaj-257	300	11	for	for	ADP
emaj-257	300	12	mexico	mexico	PROPN
emaj-257	300	13	,	,	PUNCT
emaj-257	300	14	russia	russia	PROPN
emaj-257	300	15	,	,	PUNCT
emaj-257	300	16	and	and	CCONJ
emaj-257	300	17	brazil	brazil	PROPN
emaj-257	300	18	in	in	ADP
emaj-257	300	19	line	line	NOUN
emaj-257	300	20	with	with	ADP
emaj-257	300	21	their	their	PRON
emaj-257	300	22	long	long	ADJ
emaj-257	300	23	-	-	PUNCT
emaj-257	300	24	term	term	NOUN
emaj-257	300	25	variance	variance	NOUN
emaj-257	300	26	scores	score	NOUN
emaj-257	300	27	.	.	PUNCT
emaj-257	301	1	the	the	DET
emaj-257	301	2	speed	speed	NOUN
emaj-257	301	3	of	of	ADP
emaj-257	301	4	adjustment	adjustment	NOUN
emaj-257	301	5	is	be	AUX
emaj-257	301	6	almost	almost	ADV
emaj-257	301	7	six	six	NUM
emaj-257	301	8	months	month	NOUN
emaj-257	301	9	for	for	ADP
emaj-257	301	10	mexico	mexico	PROPN
emaj-257	301	11	,	,	PUNCT
emaj-257	301	12	ten	ten	NUM
emaj-257	301	13	months	month	NOUN
emaj-257	301	14	for	for	ADP
emaj-257	301	15	russia	russia	PROPN
emaj-257	301	16	,	,	PUNCT
emaj-257	301	17	and	and	CCONJ
emaj-257	301	18	fourteen	fourteen	NUM
emaj-257	301	19	months	month	NOUN
emaj-257	301	20	for	for	ADP
emaj-257	301	21	brazil	brazil	PROPN
emaj-257	301	22	.	.	PUNCT
emaj-257	302	1	v.	v.	ADP
emaj-257	302	2	conclusion	conclusion	NOUN
emaj-257	302	3	according	accord	VERB
emaj-257	302	4	to	to	ADP
emaj-257	302	5	the	the	DET
emaj-257	302	6	analysis	analysis	NOUN
emaj-257	302	7	results	result	NOUN
emaj-257	302	8	,	,	PUNCT
emaj-257	302	9	the	the	DET
emaj-257	302	10	effect	effect	NOUN
emaj-257	302	11	of	of	ADP
emaj-257	302	12	bond	bond	NOUN
emaj-257	302	13	yields	yield	NOUN
emaj-257	302	14	on	on	ADP
emaj-257	302	15	stock	stock	NOUN
emaj-257	302	16	market	market	NOUN
emaj-257	302	17	returns	return	NOUN
emaj-257	302	18	is	be	AUX
emaj-257	302	19	negative	negative	ADJ
emaj-257	302	20	for	for	ADP
emaj-257	302	21	each	each	DET
emaj-257	302	22	country	country	NOUN
emaj-257	302	23	in	in	ADP
emaj-257	302	24	the	the	DET
emaj-257	302	25	short	short	ADJ
emaj-257	302	26	term	term	NOUN
emaj-257	302	27	,	,	PUNCT
emaj-257	302	28	higher	high	ADJ
emaj-257	302	29	for	for	ADP
emaj-257	302	30	brazil	brazil	PROPN
emaj-257	302	31	and	and	CCONJ
emaj-257	302	32	turkey	turkey	NOUN
emaj-257	302	33	,	,	PUNCT
emaj-257	302	34	and	and	CCONJ
emaj-257	302	35	statistically	statistically	ADV
emaj-257	302	36	significant	significant	ADJ
emaj-257	302	37	at	at	ADP
emaj-257	302	38	1	1	NUM
emaj-257	302	39	%	%	NOUN
emaj-257	302	40	probability	probability	NOUN
emaj-257	302	41	level	level	NOUN
emaj-257	302	42	.	.	PUNCT
emaj-257	303	1	however	however	ADV
emaj-257	303	2	,	,	PUNCT
emaj-257	303	3	this	this	DET
emaj-257	303	4	effect	effect	NOUN
emaj-257	303	5	is	be	AUX
emaj-257	303	6	only	only	ADV
emaj-257	303	7	significant	significant	ADJ
emaj-257	303	8	for	for	ADP
emaj-257	303	9	russia	russia	PROPN
emaj-257	303	10	in	in	ADP
emaj-257	303	11	the	the	DET
emaj-257	303	12	long	long	ADJ
emaj-257	303	13	term	term	NOUN
emaj-257	303	14	,	,	PUNCT
emaj-257	303	15	in	in	ADP
emaj-257	303	16	a	a	DET
emaj-257	303	17	high	high	ADJ
emaj-257	303	18	and	and	CCONJ
emaj-257	303	19	positive	positive	ADJ
emaj-257	303	20	direction	direction	NOUN
emaj-257	303	21	,	,	PUNCT
emaj-257	303	22	at	at	ADP
emaj-257	303	23	the	the	DET
emaj-257	303	24	5	5	NUM
emaj-257	303	25	%	%	NOUN
emaj-257	303	26	probability	probability	NOUN
emaj-257	303	27	level	level	NOUN
emaj-257	303	28	.	.	PUNCT
emaj-257	304	1	the	the	DET
emaj-257	304	2	effect	effect	NOUN
emaj-257	304	3	of	of	ADP
emaj-257	304	4	cds	cd	NOUN
emaj-257	304	5	premiums	premium	NOUN
emaj-257	304	6	on	on	ADP
emaj-257	304	7	stock	stock	NOUN
emaj-257	304	8	market	market	NOUN
emaj-257	304	9	returns	return	NOUN
emaj-257	304	10	is	be	AUX
emaj-257	304	11	significant	significant	ADJ
emaj-257	304	12	only	only	ADV
emaj-257	304	13	for	for	ADP
emaj-257	304	14	turkey	turkey	NOUN
emaj-257	304	15	and	and	CCONJ
emaj-257	304	16	higher	high	ADJ
emaj-257	304	17	than	than	ADP
emaj-257	304	18	other	other	ADJ
emaj-257	304	19	countries	country	NOUN
emaj-257	304	20	in	in	ADP
emaj-257	304	21	the	the	DET
emaj-257	304	22	short	short	ADJ
emaj-257	304	23	term	term	NOUN
emaj-257	304	24	.	.	PUNCT
emaj-257	305	1	the	the	DET
emaj-257	305	2	long	long	ADJ
emaj-257	305	3	-	-	PUNCT
emaj-257	305	4	term	term	NOUN
emaj-257	305	5	effect	effect	NOUN
emaj-257	305	6	is	be	AUX
emaj-257	305	7	high	high	ADJ
emaj-257	305	8	and	and	CCONJ
emaj-257	305	9	negative	negative	ADJ
emaj-257	305	10	on	on	ADP
emaj-257	305	11	each	each	DET
emaj-257	305	12	country	country	NOUN
emaj-257	305	13	(	(	PUNCT
emaj-257	305	14	especially	especially	ADV
emaj-257	305	15	on	on	ADP
emaj-257	305	16	russia	russia	PROPN
emaj-257	305	17	)	)	PUNCT
emaj-257	305	18	,	,	PUNCT
emaj-257	305	19	significant	significant	ADJ
emaj-257	305	20	at	at	ADP
emaj-257	305	21	5	5	NUM
emaj-257	305	22	%	%	NOUN
emaj-257	305	23	and	and	CCONJ
emaj-257	305	24	1	1	NUM
emaj-257	305	25	%	%	NOUN
emaj-257	305	26	probability	probability	NOUN
emaj-257	305	27	levels	level	NOUN
emaj-257	305	28	.	.	PUNCT
emaj-257	306	1	the	the	DET
emaj-257	306	2	effect	effect	NOUN
emaj-257	306	3	of	of	ADP
emaj-257	306	4	vix	vix	PROPN
emaj-257	306	5	on	on	ADP
emaj-257	306	6	stock	stock	NOUN
emaj-257	306	7	market	market	NOUN
emaj-257	306	8	returns	return	NOUN
emaj-257	306	9	is	be	AUX
emaj-257	306	10	low	low	ADJ
emaj-257	306	11	and	and	CCONJ
emaj-257	306	12	negative	negative	ADJ
emaj-257	306	13	on	on	ADP
emaj-257	306	14	all	all	DET
emaj-257	306	15	4	4	NUM
emaj-257	306	16	countries	country	NOUN
emaj-257	306	17	in	in	ADP
emaj-257	306	18	the	the	DET
emaj-257	306	19	short	short	ADJ
emaj-257	306	20	term	term	NOUN
emaj-257	306	21	,	,	PUNCT
emaj-257	306	22	but	but	CCONJ
emaj-257	306	23	this	this	DET
emaj-257	306	24	effect	effect	NOUN
emaj-257	306	25	is	be	AUX
emaj-257	306	26	positive	positive	ADJ
emaj-257	306	27	on	on	ADP
emaj-257	306	28	each	each	DET
emaj-257	306	29	country	country	NOUN
emaj-257	306	30	in	in	ADP
emaj-257	306	31	the	the	DET
emaj-257	306	32	long	long	ADJ
emaj-257	306	33	term	term	NOUN
emaj-257	306	34	and	and	CCONJ
emaj-257	306	35	is	be	AUX
emaj-257	306	36	higher	high	ADJ
emaj-257	306	37	and	and	CCONJ
emaj-257	306	38	more	more	ADV
emaj-257	306	39	significant	significant	ADJ
emaj-257	306	40	for	for	ADP
emaj-257	306	41	brazil	brazil	PROPN
emaj-257	306	42	and	and	CCONJ
emaj-257	306	43	russia	russia	PROPN
emaj-257	306	44	.	.	PUNCT
emaj-257	307	1	the	the	DET
emaj-257	307	2	effect	effect	NOUN
emaj-257	307	3	of	of	ADP
emaj-257	307	4	gold	gold	NOUN
emaj-257	307	5	is	be	AUX
emaj-257	307	6	negative	negative	ADJ
emaj-257	307	7	,	,	PUNCT
emaj-257	307	8	high	high	ADJ
emaj-257	307	9	,	,	PUNCT
emaj-257	307	10	and	and	CCONJ
emaj-257	307	11	significant	significant	ADJ
emaj-257	307	12	at	at	ADP
emaj-257	307	13	10	10	NUM
emaj-257	307	14	%	%	NOUN
emaj-257	307	15	probability	probability	NOUN
emaj-257	307	16	level	level	NOUN
emaj-257	307	17	only	only	ADV
emaj-257	307	18	for	for	ADP
emaj-257	307	19	turkey	turkey	NOUN
emaj-257	307	20	in	in	ADP
emaj-257	307	21	the	the	DET
emaj-257	307	22	short	short	ADJ
emaj-257	307	23	term	term	NOUN
emaj-257	307	24	,	,	PUNCT
emaj-257	307	25	but	but	CCONJ
emaj-257	307	26	while	while	SCONJ
emaj-257	307	27	the	the	DET
emaj-257	307	28	effect	effect	NOUN
emaj-257	307	29	on	on	ADP
emaj-257	307	30	turkey	turkey	NOUN
emaj-257	307	31	decreases	decrease	NOUN
emaj-257	307	32	in	in	ADP
emaj-257	307	33	the	the	DET
emaj-257	307	34	long	long	ADJ
emaj-257	307	35	term	term	NOUN
emaj-257	307	36	,	,	PUNCT
emaj-257	307	37	it	it	PRON
emaj-257	307	38	is	be	AUX
emaj-257	307	39	negative	negative	ADJ
emaj-257	307	40	,	,	PUNCT
emaj-257	307	41	high	high	ADJ
emaj-257	307	42	and	and	CCONJ
emaj-257	307	43	statistically	statistically	ADV
emaj-257	307	44	significant	significant	ADJ
emaj-257	307	45	for	for	ADP
emaj-257	307	46	mexico	mexico	PROPN
emaj-257	307	47	and	and	CCONJ
emaj-257	307	48	brazil	brazil	PROPN
emaj-257	307	49	.	.	PUNCT
emaj-257	308	1	the	the	DET
emaj-257	308	2	relationship	relationship	NOUN
emaj-257	308	3	between	between	ADP
emaj-257	308	4	msci	msci	PROPN
emaj-257	308	5	and	and	CCONJ
emaj-257	308	6	stock	stock	NOUN
emaj-257	308	7	market	market	NOUN
emaj-257	308	8	returns	return	NOUN
emaj-257	308	9	is	be	AUX
emaj-257	308	10	the	the	DET
emaj-257	308	11	highest	high	ADJ
emaj-257	308	12	,	,	PUNCT
emaj-257	308	13	positive	positive	ADJ
emaj-257	308	14	,	,	PUNCT
emaj-257	308	15	and	and	CCONJ
emaj-257	308	16	significant	significant	ADJ
emaj-257	308	17	for	for	ADP
emaj-257	308	18	each	each	PRON
emaj-257	308	19	of	of	ADP
emaj-257	308	20	the	the	DET
emaj-257	308	21	4	4	NUM
emaj-257	308	22	countries	country	NOUN
emaj-257	308	23	in	in	ADP
emaj-257	308	24	the	the	DET
emaj-257	308	25	short	short	ADJ
emaj-257	308	26	term	term	NOUN
emaj-257	308	27	.	.	PUNCT
emaj-257	309	1	while	while	SCONJ
emaj-257	309	2	this	this	DET
emaj-257	309	3	effect	effect	NOUN
emaj-257	309	4	on	on	ADP
emaj-257	309	5	russia	russia	PROPN
emaj-257	309	6	decreases	decrease	VERB
emaj-257	309	7	in	in	ADP
emaj-257	309	8	the	the	DET
emaj-257	309	9	long	long	ADJ
emaj-257	309	10	term	term	NOUN
emaj-257	309	11	,	,	PUNCT
emaj-257	309	12	it	it	PRON
emaj-257	309	13	increases	increase	VERB
emaj-257	309	14	on	on	ADP
emaj-257	309	15	other	other	ADJ
emaj-257	309	16	countries	country	NOUN
emaj-257	309	17	,	,	PUNCT
emaj-257	309	18	especially	especially	ADV
emaj-257	309	19	on	on	ADP
emaj-257	309	20	brazil	brazil	PROPN
emaj-257	309	21	.	.	PUNCT
emaj-257	310	1	it	it	PRON
emaj-257	310	2	is	be	AUX
emaj-257	310	3	observed	observe	VERB
emaj-257	310	4	that	that	SCONJ
emaj-257	310	5	the	the	DET
emaj-257	310	6	effect	effect	NOUN
emaj-257	310	7	of	of	ADP
emaj-257	310	8	crude	crude	ADJ
emaj-257	310	9	oil	oil	NOUN
emaj-257	310	10	is	be	AUX
emaj-257	310	11	negative	negative	ADJ
emaj-257	310	12	only	only	ADV
emaj-257	310	13	on	on	ADP
emaj-257	310	14	mexico	mexico	PROPN
emaj-257	310	15	and	and	CCONJ
emaj-257	310	16	significant	significant	ADJ
emaj-257	310	17	at	at	ADP
emaj-257	310	18	1	1	NUM
emaj-257	310	19	%	%	NOUN
emaj-257	310	20	probability	probability	NOUN
emaj-257	310	21	level	level	NOUN
emaj-257	310	22	in	in	ADP
emaj-257	310	23	the	the	DET
emaj-257	310	24	short	short	ADJ
emaj-257	310	25	term	term	NOUN
emaj-257	310	26	,	,	PUNCT
emaj-257	310	27	insignificant	insignificant	ADJ
emaj-257	310	28	on	on	ADP
emaj-257	310	29	turkey	turkey	NOUN
emaj-257	310	30	,	,	PUNCT
emaj-257	310	31	and	and	CCONJ
emaj-257	310	32	negative	negative	ADJ
emaj-257	310	33	and	and	CCONJ
emaj-257	310	34	high	high	ADJ
emaj-257	310	35	on	on	ADP
emaj-257	310	36	other	other	ADJ
emaj-257	310	37	countries	country	NOUN
emaj-257	310	38	in	in	ADP
emaj-257	310	39	the	the	DET
emaj-257	310	40	long	long	ADJ
emaj-257	310	41	term	term	NOUN
emaj-257	310	42	.	.	PUNCT
emaj-257	311	1	it	it	PRON
emaj-257	311	2	is	be	AUX
emaj-257	311	3	seen	see	VERB
emaj-257	311	4	that	that	SCONJ
emaj-257	311	5	the	the	DET
emaj-257	311	6	effect	effect	NOUN
emaj-257	311	7	of	of	ADP
emaj-257	311	8	covid	covid	PROPN
emaj-257	311	9	19	19	NUM
emaj-257	311	10	on	on	ADP
emaj-257	311	11	stock	stock	NOUN
emaj-257	311	12	market	market	NOUN
emaj-257	311	13	returns	return	NOUN
emaj-257	311	14	in	in	ADP
emaj-257	311	15	the	the	DET
emaj-257	311	16	short	short	ADJ
emaj-257	311	17	term	term	NOUN
emaj-257	311	18	is	be	AUX
emaj-257	311	19	negative	negative	ADJ
emaj-257	311	20	in	in	ADP
emaj-257	311	21	other	other	ADJ
emaj-257	311	22	countries	country	NOUN
emaj-257	311	23	except	except	SCONJ
emaj-257	311	24	for	for	ADP
emaj-257	311	25	russia	russia	PROPN
emaj-257	311	26	,	,	PUNCT
emaj-257	311	27	low	low	ADJ
emaj-257	311	28	in	in	ADP
emaj-257	311	29	turkey	turkey	NOUN
emaj-257	311	30	,	,	PUNCT
emaj-257	311	31	and	and	CCONJ
emaj-257	311	32	high	high	ADJ
emaj-257	311	33	in	in	ADP
emaj-257	311	34	mexico	mexico	PROPN
emaj-257	311	35	and	and	CCONJ
emaj-257	311	36	brazil	brazil	PROPN
emaj-257	311	37	.	.	PUNCT
emaj-257	312	1	consequently	consequently	ADV
emaj-257	312	2	,	,	PUNCT
emaj-257	312	3	to	to	PART
emaj-257	312	4	summarize	summarize	VERB
emaj-257	312	5	the	the	DET
emaj-257	312	6	effects	effect	NOUN
emaj-257	312	7	of	of	ADP
emaj-257	312	8	independent	independent	ADJ
emaj-257	312	9	variables	variable	NOUN
emaj-257	312	10	on	on	ADP
emaj-257	312	11	stock	stock	NOUN
emaj-257	312	12	markets	market	NOUN
emaj-257	312	13	of	of	ADP
emaj-257	312	14	the	the	DET
emaj-257	312	15	countries	country	NOUN
emaj-257	312	16	analyzed	analyze	VERB
emaj-257	312	17	in	in	ADP
emaj-257	312	18	this	this	DET
emaj-257	312	19	study	study	NOUN
emaj-257	312	20	,	,	PUNCT
emaj-257	312	21	the	the	DET
emaj-257	312	22	effects	effect	NOUN
emaj-257	312	23	of	of	ADP
emaj-257	312	24	variables	variable	NOUN
emaj-257	312	25	other	other	ADJ
emaj-257	312	26	than	than	ADP
emaj-257	312	27	msci	msci	PROPN
emaj-257	312	28	and	and	CCONJ
emaj-257	312	29	vix	vix	PROPN
emaj-257	312	30	index	index	NOUN
emaj-257	312	31	on	on	ADP
emaj-257	312	32	the	the	DET
emaj-257	312	33	stock	stock	NOUN
emaj-257	312	34	market	market	NOUN
emaj-257	312	35	indices	index	NOUN
emaj-257	312	36	of	of	ADP
emaj-257	312	37	countries	country	NOUN
emaj-257	312	38	differ	differ	VERB
emaj-257	312	39	in	in	ADP
emaj-257	312	40	terms	term	NOUN
emaj-257	312	41	of	of	ADP
emaj-257	312	42	both	both	DET
emaj-257	312	43	size	size	NOUN
emaj-257	312	44	and	and	CCONJ
emaj-257	312	45	direction	direction	NOUN
emaj-257	312	46	.	.	PUNCT
emaj-257	313	1	the	the	DET
emaj-257	313	2	relationship	relationship	NOUN
emaj-257	313	3	between	between	ADP
emaj-257	313	4	stock	stock	NOUN
emaj-257	313	5	market	market	NOUN
emaj-257	313	6	indices	index	NOUN
emaj-257	313	7	and	and	CCONJ
emaj-257	313	8	msci	msci	PROPN
emaj-257	313	9	is	be	AUX
emaj-257	313	10	positive	positive	ADJ
emaj-257	313	11	and	and	CCONJ
emaj-257	313	12	significant	significant	ADJ
emaj-257	313	13	both	both	PRON
emaj-257	313	14	in	in	ADP
emaj-257	313	15	the	the	DET
emaj-257	313	16	short	short	ADJ
emaj-257	313	17	and	and	CCONJ
emaj-257	313	18	long	long	ADJ
emaj-257	313	19	term	term	NOUN
emaj-257	313	20	for	for	ADP
emaj-257	313	21	each	each	PRON
emaj-257	313	22	of	of	ADP
emaj-257	313	23	the	the	DET
emaj-257	313	24	4	4	NUM
emaj-257	313	25	countries	country	NOUN
emaj-257	313	26	.	.	PUNCT
emaj-257	314	1	while	while	SCONJ
emaj-257	314	2	the	the	DET
emaj-257	314	3	effect	effect	NOUN
emaj-257	314	4	of	of	ADP
emaj-257	314	5	the	the	DET
emaj-257	314	6	vix	vix	PROPN
emaj-257	314	7	index	index	NOUN
emaj-257	314	8	is	be	AUX
emaj-257	314	9	low	low	ADJ
emaj-257	314	10	and	and	CCONJ
emaj-257	314	11	negative	negative	ADJ
emaj-257	314	12	in	in	ADP
emaj-257	314	13	the	the	DET
emaj-257	314	14	short	short	ADJ
emaj-257	314	15	term	term	NOUN
emaj-257	314	16	,	,	PUNCT
emaj-257	314	17	it	it	PRON
emaj-257	314	18	is	be	AUX
emaj-257	314	19	seen	see	VERB
emaj-257	314	20	to	to	PART
emaj-257	314	21	have	have	VERB
emaj-257	314	22	a	a	DET
emaj-257	314	23	high	high	ADJ
emaj-257	314	24	positive	positive	ADJ
emaj-257	314	25	effect	effect	NOUN
emaj-257	314	26	in	in	ADP
emaj-257	314	27	the	the	DET
emaj-257	314	28	long	long	ADJ
emaj-257	314	29	term	term	NOUN
emaj-257	314	30	.	.	PUNCT
emaj-257	315	1	the	the	DET
emaj-257	315	2	effects	effect	NOUN
emaj-257	315	3	of	of	ADP
emaj-257	315	4	other	other	ADJ
emaj-257	315	5	variables	variable	NOUN
emaj-257	315	6	are	be	AUX
emaj-257	315	7	briefly	briefly	ADV
emaj-257	315	8	observed	observe	VERB
emaj-257	315	9	as	as	SCONJ
emaj-257	315	10	follows	follow	VERB
emaj-257	315	11	:	:	PUNCT
emaj-257	315	12	in	in	ADP
emaj-257	315	13	the	the	DET
emaj-257	315	14	short	short	ADJ
emaj-257	315	15	-	-	PUNCT
emaj-257	315	16	term	term	NOUN
emaj-257	315	17	model	model	NOUN
emaj-257	315	18	,	,	PUNCT
emaj-257	315	19	the	the	DET
emaj-257	315	20	bond	bond	NOUN
emaj-257	315	21	interest	interest	NOUN
emaj-257	315	22	and	and	CCONJ
emaj-257	315	23	the	the	DET
emaj-257	315	24	covid	covid	PROPN
emaj-257	315	25	19	19	NUM
emaj-257	315	26	negatively	negatively	ADV
emaj-257	315	27	affect	affect	VERB
emaj-257	315	28	the	the	DET
emaj-257	315	29	brazilian	brazilian	ADJ
emaj-257	315	30	stock	stock	NOUN
emaj-257	315	31	market	market	NOUN
emaj-257	315	32	index	index	NOUN
emaj-257	315	33	,	,	PUNCT
emaj-257	315	34	while	while	SCONJ
emaj-257	315	35	the	the	DET
emaj-257	315	36	gold	gold	NOUN
emaj-257	315	37	prices	price	NOUN
emaj-257	315	38	,	,	PUNCT
emaj-257	315	39	bond	bond	NOUN
emaj-257	315	40	yields	yield	NOUN
emaj-257	315	41	,	,	PUNCT
emaj-257	315	42	cds	cd	NOUN
emaj-257	315	43	premiums	premium	NOUN
emaj-257	315	44	and	and	CCONJ
emaj-257	315	45	crude	crude	ADJ
emaj-257	315	46	oil	oil	NOUN
emaj-257	315	47	prices	price	NOUN
emaj-257	315	48	have	have	VERB
emaj-257	315	49	a	a	DET
emaj-257	315	50	negative	negative	ADJ
emaj-257	315	51	effect	effect	NOUN
emaj-257	315	52	in	in	ADP
emaj-257	315	53	the	the	DET
emaj-257	315	54	long	long	ADJ
emaj-257	315	55	-	-	PUNCT
emaj-257	315	56	term	term	NOUN
emaj-257	315	57	model	model	NOUN
emaj-257	315	58	.	.	PUNCT
emaj-257	316	1	mexico	mexico	PROPN
emaj-257	316	2	stock	stock	NOUN
emaj-257	316	3	market	market	NOUN
emaj-257	316	4	index	index	NOUN
emaj-257	316	5	is	be	AUX
emaj-257	316	6	affected	affect	VERB
emaj-257	316	7	negatively	negatively	ADV
emaj-257	316	8	by	by	ADP
emaj-257	316	9	covid	covid	PROPN
emaj-257	316	10	19	19	NUM
emaj-257	316	11	,	,	PUNCT
emaj-257	316	12	crude	crude	ADJ
emaj-257	316	13	oil	oil	NOUN
emaj-257	316	14	prices	price	NOUN
emaj-257	316	15	and	and	CCONJ
emaj-257	316	16	bond	bond	NOUN
emaj-257	316	17	yields	yield	NOUN
emaj-257	316	18	,	,	PUNCT
emaj-257	316	19	in	in	ADP
emaj-257	316	20	the	the	DET
emaj-257	316	21	short	short	ADJ
emaj-257	316	22	term	term	NOUN
emaj-257	316	23	,	,	PUNCT
emaj-257	316	24	while	while	SCONJ
emaj-257	316	25	it	it	PRON
emaj-257	316	26	is	be	AUX
emaj-257	316	27	affected	affect	VERB
emaj-257	316	28	positively	positively	ADV
emaj-257	316	29	by	by	ADP
emaj-257	316	30	bond	bond	NOUN
emaj-257	316	31	yields	yield	NOUN
emaj-257	316	32	,	,	PUNCT
emaj-257	316	33	negatively	negatively	ADV
emaj-257	316	34	by	by	ADP
emaj-257	316	35	gold	gold	NOUN
emaj-257	316	36	prices	price	NOUN
emaj-257	316	37	,	,	PUNCT
emaj-257	316	38	cds	cd	NOUN
emaj-257	316	39	and	and	CCONJ
emaj-257	316	40	crude	crude	ADJ
emaj-257	316	41	oil	oil	NOUN
emaj-257	316	42	prices	price	NOUN
emaj-257	316	43	respectively	respectively	ADV
emaj-257	316	44	in	in	ADP
emaj-257	316	45	the	the	DET
emaj-257	316	46	long	long	ADJ
emaj-257	316	47	term	term	NOUN
emaj-257	316	48	.	.	PUNCT
emaj-257	317	1	on	on	ADP
emaj-257	317	2	the	the	DET
emaj-257	317	3	russian	russian	ADJ
emaj-257	317	4	stock	stock	NOUN
emaj-257	317	5	market	market	NOUN
emaj-257	317	6	index	index	NOUN
emaj-257	317	7	,	,	PUNCT
emaj-257	317	8	bond	bond	NOUN
emaj-257	317	9	yield	yield	NOUN
emaj-257	317	10	has	have	VERB
emaj-257	317	11	a	a	DET
emaj-257	317	12	negative	negative	ADJ
emaj-257	317	13	effect	effect	NOUN
emaj-257	317	14	in	in	ADP
emaj-257	317	15	the	the	DET
emaj-257	317	16	short	short	ADJ
emaj-257	317	17	term	term	NOUN
emaj-257	317	18	.	.	PUNCT
emaj-257	318	1	bond	bond	NOUN
emaj-257	318	2	yield	yield	NOUN
emaj-257	318	3	has	have	VERB
emaj-257	318	4	a	a	DET
emaj-257	318	5	positive	positive	ADJ
emaj-257	318	6	,	,	PUNCT
emaj-257	318	7	cds	cd	NOUN
emaj-257	318	8	premium	premium	NOUN
emaj-257	318	9	and	and	CCONJ
emaj-257	318	10	oil	oil	NOUN
emaj-257	318	11	prices	price	NOUN
emaj-257	318	12	have	have	VERB
emaj-257	318	13	a	a	DET
emaj-257	318	14	negative	negative	ADJ
emaj-257	318	15	effect	effect	NOUN
emaj-257	318	16	in	in	ADP
emaj-257	318	17	the	the	DET
emaj-257	318	18	long	long	ADJ
emaj-257	318	19	term	term	NOUN
emaj-257	318	20	.	.	PUNCT
emaj-257	319	1	it	it	PRON
emaj-257	319	2	is	be	AUX
emaj-257	319	3	observed	observe	VERB
emaj-257	319	4	that	that	SCONJ
emaj-257	319	5	bond	bond	NOUN
emaj-257	319	6	yields	yield	NOUN
emaj-257	319	7	,	,	PUNCT
emaj-257	319	8	gold	gold	NOUN
emaj-257	319	9	prices	price	NOUN
emaj-257	319	10	and	and	CCONJ
emaj-257	319	11	cds	cd	NOUN
emaj-257	319	12	premiums	premium	NOUN
emaj-257	319	13	have	have	VERB
emaj-257	319	14	negative	negative	ADJ
emaj-257	319	15	effect	effect	NOUN
emaj-257	319	16	on	on	ADP
emaj-257	319	17	the	the	DET
emaj-257	319	18	turkish	turkish	ADJ
emaj-257	319	19	stock	stock	NOUN
emaj-257	319	20	market	market	NOUN
emaj-257	319	21	index	index	NOUN
emaj-257	319	22	both	both	CCONJ
emaj-257	319	23	in	in	ADP
emaj-257	319	24	the	the	DET
emaj-257	319	25	short	short	ADJ
emaj-257	319	26	term	term	NOUN
emaj-257	319	27	and	and	CCONJ
emaj-257	319	28	in	in	ADP
emaj-257	319	29	the	the	DET
emaj-257	319	30	long	long	ADJ
emaj-257	319	31	term	term	NOUN
emaj-257	319	32	.	.	PUNCT
emaj-257	320	1	additionally	additionally	ADV
emaj-257	320	2	,	,	PUNCT
emaj-257	320	3	the	the	DET
emaj-257	320	4	ect	ect	NOUN
emaj-257	320	5	that	that	PRON
emaj-257	320	6	indicates	indicate	VERB
emaj-257	320	7	the	the	DET
emaj-257	320	8	speed	speed	NOUN
emaj-257	320	9	of	of	ADP
emaj-257	320	10	adjustment	adjustment	NOUN
emaj-257	320	11	obtained	obtain	VERB
emaj-257	320	12	for	for	ADP
emaj-257	320	13	turkey	turkey	NOUN
emaj-257	320	14	is	be	AUX
emaj-257	320	15	much	much	ADV
emaj-257	320	16	higher	high	ADJ
emaj-257	320	17	compared	compare	VERB
emaj-257	320	18	to	to	ADP
emaj-257	320	19	mexico	mexico	PROPN
emaj-257	320	20	,	,	PUNCT
emaj-257	320	21	russia	russia	PROPN
emaj-257	320	22	and	and	CCONJ
emaj-257	320	23	brazil	brazil	PROPN
emaj-257	320	24	in	in	ADP
emaj-257	320	25	line	line	NOUN
emaj-257	320	26	with	with	ADP
emaj-257	320	27	the	the	DET
emaj-257	320	28	long	long	ADJ
emaj-257	320	29	-	-	PUNCT
emaj-257	320	30	term	term	NOUN
emaj-257	320	31	variance	variance	NOUN
emaj-257	320	32	scores	score	NOUN
emaj-257	320	33	.	.	PUNCT
emaj-257	321	1	the	the	DET
emaj-257	321	2	results	result	NOUN
emaj-257	321	3	of	of	ADP
emaj-257	321	4	the	the	DET
emaj-257	321	5	panel	panel	NOUN
emaj-257	321	6	analysis	analysis	NOUN
emaj-257	321	7	consisting	consist	VERB
emaj-257	321	8	of	of	ADP
emaj-257	321	9	brazil	brazil	PROPN
emaj-257	321	10	,	,	PUNCT
emaj-257	321	11	mexico	mexico	PROPN
emaj-257	321	12	,	,	PUNCT
emaj-257	321	13	russia	russia	PROPN
emaj-257	321	14	and	and	CCONJ
emaj-257	321	15	turkey	turkey	PROPN
emaj-257	321	16	indicate	indicate	VERB
emaj-257	321	17	that	that	SCONJ
emaj-257	321	18	,	,	PUNCT
emaj-257	321	19	the	the	DET
emaj-257	321	20	effects	effect	NOUN
emaj-257	321	21	of	of	ADP
emaj-257	321	22	independent	independent	ADJ
emaj-257	321	23	variables	variable	NOUN
emaj-257	321	24	on	on	ADP
emaj-257	321	25	stock	stock	NOUN
emaj-257	321	26	market	market	NOUN
emaj-257	321	27	indices	index	NOUN
emaj-257	321	28	are	be	AUX
emaj-257	321	29	as	as	SCONJ
emaj-257	321	30	follows	follow	VERB
emaj-257	321	31	:	:	PUNCT
emaj-257	321	32	i	i	NOUN
emaj-257	321	33	)	)	PUNCT
emaj-257	321	34	while	while	SCONJ
emaj-257	321	35	the	the	DET
emaj-257	321	36	bond	bond	NOUN
emaj-257	321	37	yield	yield	NOUN
emaj-257	321	38	has	have	VERB
emaj-257	321	39	no	no	DET
emaj-257	321	40	significant	significant	ADJ
emaj-257	321	41	effect	effect	NOUN
emaj-257	321	42	in	in	ADP
emaj-257	321	43	the	the	DET
emaj-257	321	44	long	long	ADJ
emaj-257	321	45	term	term	NOUN
emaj-257	321	46	,	,	PUNCT
emaj-257	321	47	it	it	PRON
emaj-257	321	48	has	have	VERB
emaj-257	321	49	a	a	DET
emaj-257	321	50	negative	negative	ADJ
emaj-257	321	51	and	and	CCONJ
emaj-257	321	52	high	high	ADJ
emaj-257	321	53	effect	effect	NOUN
emaj-257	321	54	in	in	ADP
emaj-257	321	55	the	the	DET
emaj-257	321	56	short	short	ADJ
emaj-257	321	57	term	term	NOUN
emaj-257	321	58	.	.	PUNCT
emaj-257	322	1	ii	ii	X
emaj-257	322	2	)	)	PUNCT
emaj-257	322	3	the	the	DET
emaj-257	322	4	effect	effect	NOUN
emaj-257	322	5	of	of	ADP
emaj-257	322	6	cds	cd	NOUN
emaj-257	322	7	premium	premium	NOUN
emaj-257	322	8	is	be	AUX
emaj-257	322	9	negative	negative	ADJ
emaj-257	322	10	and	and	CCONJ
emaj-257	322	11	high	high	ADJ
emaj-257	322	12	in	in	ADP
emaj-257	322	13	the	the	DET
emaj-257	322	14	long	long	ADJ
emaj-257	322	15	-	-	PUNCT
emaj-257	322	16	term	term	NOUN
emaj-257	322	17	,	,	PUNCT
emaj-257	322	18	and	and	CCONJ
emaj-257	322	19	negative	negative	ADJ
emaj-257	322	20	and	and	CCONJ
emaj-257	322	21	low	low	ADJ
emaj-257	322	22	in	in	ADP
emaj-257	322	23	the	the	DET
emaj-257	322	24	short	short	ADJ
emaj-257	322	25	-	-	PUNCT
emaj-257	322	26	term	term	NOUN
emaj-257	322	27	.	.	PUNCT
emaj-257	323	1	iii	iii	X
emaj-257	323	2	)	)	PUNCT
emaj-257	323	3	vix	vix	PROPN
emaj-257	323	4	has	have	VERB
emaj-257	323	5	a	a	DET
emaj-257	323	6	positive	positive	ADJ
emaj-257	323	7	and	and	CCONJ
emaj-257	323	8	significant	significant	ADJ
emaj-257	323	9	volume	volume	NOUN
emaj-257	323	10	12	12	NUM
emaj-257	323	11	no	no	DET
emaj-257	323	12	1	1	NUM
emaj-257	323	13	(	(	PUNCT
emaj-257	323	14	2022	2022	NUM
emaj-257	323	15	)	)	PUNCT
emaj-257	323	16	|	|	ADV
emaj-257	323	17	issn	issn	VERB
emaj-257	323	18	2158	2158	NUM
emaj-257	323	19	-	-	SYM
emaj-257	323	20	8708	8708	NUM
emaj-257	323	21	(	(	PUNCT
emaj-257	323	22	online	online	NOUN
emaj-257	323	23	)	)	PUNCT
emaj-257	323	24	|	|	ADV
emaj-257	323	25	doi	doi	X
emaj-257	323	26	10.5195	10.5195	NUM
emaj-257	323	27	/	/	SYM
emaj-257	323	28	emaj.2022.257	emaj.2022.257	NOUN
emaj-257	323	29	|	|	ADV
emaj-257	323	30	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-257	323	31	determinants	determinant	NOUN
emaj-257	323	32	of	of	ADP
emaj-257	323	33	stock	stock	NOUN
emaj-257	323	34	market	market	NOUN
emaj-257	323	35	indices	index	NOUN
emaj-257	323	36	:	:	PUNCT
emaj-257	323	37	an	an	DET
emaj-257	323	38	analysis	analysis	NOUN
emaj-257	323	39	of	of	ADP
emaj-257	323	40	emerging	emerge	VERB
emaj-257	323	41	markets	market	NOUN
emaj-257	323	42	of	of	ADP
emaj-257	323	43	brazil	brazil	PROPN
emaj-257	323	44	,	,	PUNCT
emaj-257	323	45	mexico	mexico	PROPN
emaj-257	323	46	,	,	PUNCT
emaj-257	323	47	russia	russia	PROPN
emaj-257	323	48	,	,	PUNCT
emaj-257	323	49	and	and	CCONJ
emaj-257	323	50	turkey	turkey	NOUN
emaj-257	323	51	page	page	NOUN
emaj-257	323	52	|36|	|36|	VERB
emaj-257	323	53	emerging	emerge	VERB
emaj-257	323	54	markets	market	NOUN
emaj-257	323	55	journal	journal	NOUN
emaj-257	323	56	effect	effect	NOUN
emaj-257	323	57	in	in	ADP
emaj-257	323	58	the	the	DET
emaj-257	323	59	long	long	ADJ
emaj-257	323	60	term	term	NOUN
emaj-257	323	61	,	,	PUNCT
emaj-257	323	62	but	but	CCONJ
emaj-257	323	63	a	a	DET
emaj-257	323	64	negative	negative	ADJ
emaj-257	323	65	and	and	CCONJ
emaj-257	323	66	very	very	ADV
emaj-257	323	67	low	low	ADJ
emaj-257	323	68	effect	effect	NOUN
emaj-257	323	69	in	in	ADP
emaj-257	323	70	the	the	DET
emaj-257	323	71	short	short	ADJ
emaj-257	323	72	term	term	NOUN
emaj-257	323	73	.	.	PUNCT
emaj-257	324	1	iv	iv	X
emaj-257	324	2	)	)	PUNCT
emaj-257	324	3	the	the	DET
emaj-257	324	4	long	long	ADJ
emaj-257	324	5	-	-	PUNCT
emaj-257	324	6	term	term	NOUN
emaj-257	324	7	effect	effect	NOUN
emaj-257	324	8	of	of	ADP
emaj-257	324	9	gold	gold	NOUN
emaj-257	324	10	prices	price	NOUN
emaj-257	324	11	is	be	AUX
emaj-257	324	12	negative	negative	ADJ
emaj-257	324	13	and	and	CCONJ
emaj-257	324	14	high	high	ADJ
emaj-257	324	15	,	,	PUNCT
emaj-257	324	16	but	but	CCONJ
emaj-257	324	17	insignificant	insignificant	ADJ
emaj-257	324	18	in	in	ADP
emaj-257	324	19	the	the	DET
emaj-257	324	20	short	short	ADJ
emaj-257	324	21	-	-	PUNCT
emaj-257	324	22	term	term	NOUN
emaj-257	324	23	.	.	PUNCT
emaj-257	325	1	v	v	X
emaj-257	325	2	)	)	PUNCT
emaj-257	325	3	msci	msci	PROPN
emaj-257	325	4	is	be	AUX
emaj-257	325	5	in	in	ADP
emaj-257	325	6	a	a	DET
emaj-257	325	7	significant	significant	ADJ
emaj-257	325	8	,	,	PUNCT
emaj-257	325	9	positive	positive	ADJ
emaj-257	325	10	and	and	CCONJ
emaj-257	325	11	high	high	ADJ
emaj-257	325	12	relationship	relationship	NOUN
emaj-257	325	13	with	with	ADP
emaj-257	325	14	stock	stock	NOUN
emaj-257	325	15	market	market	NOUN
emaj-257	325	16	indices	indice	VERB
emaj-257	325	17	both	both	CCONJ
emaj-257	325	18	in	in	ADP
emaj-257	325	19	the	the	DET
emaj-257	325	20	long	long	ADJ
emaj-257	325	21	and	and	CCONJ
emaj-257	325	22	the	the	DET
emaj-257	325	23	short	short	ADJ
emaj-257	325	24	term	term	NOUN
emaj-257	325	25	.	.	PUNCT
emaj-257	326	1	vi	vi	X
emaj-257	326	2	)	)	PUNCT
emaj-257	326	3	the	the	DET
emaj-257	326	4	effect	effect	NOUN
emaj-257	326	5	of	of	ADP
emaj-257	326	6	crude	crude	ADJ
emaj-257	326	7	oil	oil	NOUN
emaj-257	326	8	prices	price	NOUN
emaj-257	326	9	is	be	AUX
emaj-257	326	10	significant	significant	ADJ
emaj-257	326	11	and	and	CCONJ
emaj-257	326	12	negative	negative	ADJ
emaj-257	326	13	in	in	ADP
emaj-257	326	14	the	the	DET
emaj-257	326	15	long	long	ADJ
emaj-257	326	16	term	term	NOUN
emaj-257	326	17	and	and	CCONJ
emaj-257	326	18	insignificant	insignificant	ADJ
emaj-257	326	19	in	in	ADP
emaj-257	326	20	the	the	DET
emaj-257	326	21	short	short	ADJ
emaj-257	326	22	term	term	NOUN
emaj-257	326	23	.	.	PUNCT
emaj-257	327	1	vii	vii	PROPN
emaj-257	327	2	)	)	PUNCT
emaj-257	327	3	covid	covid	NOUN
emaj-257	327	4	19	19	NUM
emaj-257	327	5	impact	impact	NOUN
emaj-257	327	6	is	be	AUX
emaj-257	327	7	negative	negative	ADJ
emaj-257	327	8	and	and	CCONJ
emaj-257	327	9	significant	significant	ADJ
emaj-257	327	10	in	in	ADP
emaj-257	327	11	the	the	DET
emaj-257	327	12	short	short	ADJ
emaj-257	327	13	term	term	NOUN
emaj-257	327	14	.	.	PUNCT
emaj-257	328	1	references	reference	NOUN
emaj-257	328	2	acharya	acharya	PROPN
emaj-257	328	3	,	,	PUNCT
emaj-257	328	4	v.	v.	PROPN
emaj-257	328	5	,	,	PUNCT
emaj-257	328	6	johnson	johnson	PROPN
emaj-257	328	7	,	,	PUNCT
emaj-257	328	8	t.c	t.c	PROPN
emaj-257	328	9	.	.	PROPN
emaj-257	328	10	(	(	PUNCT
emaj-257	328	11	2007	2007	NUM
emaj-257	328	12	)	)	PUNCT
emaj-257	328	13	.	.	PUNCT
emaj-257	329	1	insider	insider	NOUN
emaj-257	329	2	trading	trading	NOUN
emaj-257	329	3	in	in	ADP
emaj-257	329	4	credit	credit	NOUN
emaj-257	329	5	derivatives	derivative	NOUN
emaj-257	329	6	.	.	PUNCT
emaj-257	330	1	journal	journal	NOUN
emaj-257	330	2	of	of	ADP
emaj-257	330	3	financial	financial	ADJ
emaj-257	330	4	economics	economic	NOUN
emaj-257	330	5	84	84	NUM
emaj-257	330	6	,	,	PUNCT
emaj-257	330	7	110	110	NUM
emaj-257	330	8	-	-	SYM
emaj-257	330	9	141	141	NUM
emaj-257	330	10	.	.	PUNCT
emaj-257	331	1	adler	adler	PROPN
emaj-257	331	2	,	,	PUNCT
emaj-257	331	3	m.	m.	NOUN
emaj-257	331	4	,	,	PUNCT
emaj-257	331	5	song	song	NOUN
emaj-257	331	6	,	,	PUNCT
emaj-257	331	7	j.	j.	PROPN
emaj-257	331	8	(	(	PUNCT
emaj-257	331	9	2010	2010	NUM
emaj-257	331	10	)	)	PUNCT
emaj-257	331	11	.	.	PUNCT
emaj-257	332	1	the	the	DET
emaj-257	332	2	behavior	behavior	NOUN
emaj-257	332	3	of	of	ADP
emaj-257	332	4	emerging	emerge	VERB
emaj-257	332	5	market	market	NOUN
emaj-257	332	6	sovereigns	sovereign	NOUN
emaj-257	332	7	'	'	PART
emaj-257	332	8	credit	credit	NOUN
emaj-257	332	9	default	default	NOUN
emaj-257	332	10	swap	swap	NOUN
emaj-257	332	11	(	(	PUNCT
emaj-257	332	12	cds	cd	NOUN
emaj-257	332	13	)	)	PUNCT
emaj-257	332	14	premiums	premium	NOUN
emaj-257	332	15	and	and	CCONJ
emaj-257	332	16	bond	bond	NOUN
emaj-257	332	17	yield	yield	NOUN
emaj-257	332	18	spreads	spread	NOUN
emaj-257	332	19	.	.	PUNCT
emaj-257	333	1	int	int	NOUN
emaj-257	333	2	.	.	PUNCT
emaj-257	334	1	j.	j.	PROPN
emaj-257	334	2	financ	financ	PROPN
emaj-257	334	3	.	.	PUNCT
emaj-257	334	4	econ	econ	PROPN
emaj-257	334	5	.	.	PUNCT
emaj-257	334	6	15	15	NUM
emaj-257	334	7	,	,	PUNCT
emaj-257	334	8	31	31	NUM
emaj-257	334	9	-	-	SYM
emaj-257	334	10	58	58	NUM
emaj-257	334	11	.	.	PUNCT
emaj-257	335	1	allard	allard	PROPN
emaj-257	335	2	a	a	PROPN
emaj-257	335	3	-	-	PUNCT
emaj-257	335	4	f.	f.	PROPN
emaj-257	335	5	,	,	PUNCT
emaj-257	335	6	iania	iania	PROPN
emaj-257	335	7	l.	l.	PROPN
emaj-257	335	8	,	,	PUNCT
emaj-257	335	9	smedts	smedts	PROPN
emaj-257	335	10	k.	k.	PROPN
emaj-257	335	11	(	(	PUNCT
emaj-257	335	12	2020	2020	NUM
emaj-257	335	13	)	)	PUNCT
emaj-257	335	14	.	.	PUNCT
emaj-257	336	1	stock	stock	NOUN
emaj-257	336	2	-	-	PUNCT
emaj-257	336	3	bond	bond	NOUN
emaj-257	336	4	return	return	NOUN
emaj-257	336	5	correlations	correlation	NOUN
emaj-257	336	6	:	:	PUNCT
emaj-257	336	7	moving	move	VERB
emaj-257	336	8	away	away	ADV
emaj-257	336	9	from	from	ADP
emaj-257	336	10	“	"	PUNCT
emaj-257	336	11	onefrequency	onefrequency	NOUN
emaj-257	336	12	-	-	PUNCT
emaj-257	336	13	fits	fit	VERB
emaj-257	336	14	-	-	PUNCT
emaj-257	336	15	all	all	PRON
emaj-257	336	16	”	"	PUNCT
emaj-257	336	17	by	by	ADP
emaj-257	336	18	extending	extend	VERB
emaj-257	336	19	the	the	DET
emaj-257	336	20	dccmidas	dccmidas	PROPN
emaj-257	336	21	approach	approach	NOUN
emaj-257	336	22	.	.	PUNCT
emaj-257	337	1	international	international	ADJ
emaj-257	337	2	review	review	NOUN
emaj-257	337	3	of	of	ADP
emaj-257	337	4	financial	financial	ADJ
emaj-257	337	5	analysis	analysis	NOUN
emaj-257	337	6	71	71	NUM
emaj-257	337	7	(	(	PUNCT
emaj-257	337	8	2020	2020	NUM
emaj-257	337	9	)	)	PUNCT
emaj-257	337	10	101557	101557	NUM
emaj-257	337	11	andersson	andersson	PROPN
emaj-257	337	12	,	,	PUNCT
emaj-257	337	13	m.	m.	NOUN
emaj-257	337	14	,	,	PUNCT
emaj-257	337	15	krylova	krylova	PROPN
emaj-257	337	16	,	,	PUNCT
emaj-257	337	17	e.	e.	PROPN
emaj-257	337	18	,	,	PUNCT
emaj-257	337	19	vähämaa	vähämaa	PROPN
emaj-257	337	20	,	,	PUNCT
emaj-257	337	21	s.	s.	PROPN
emaj-257	337	22	(	(	PUNCT
emaj-257	337	23	2008	2008	NUM
emaj-257	337	24	)	)	PUNCT
emaj-257	337	25	.	.	PUNCT
emaj-257	338	1	why	why	SCONJ
emaj-257	338	2	does	do	AUX
emaj-257	338	3	the	the	DET
emaj-257	338	4	correlation	correlation	NOUN
emaj-257	338	5	between	between	ADP
emaj-257	338	6	stock	stock	NOUN
emaj-257	338	7	and	and	CCONJ
emaj-257	338	8	bond	bond	NOUN
emaj-257	338	9	returns	return	NOUN
emaj-257	338	10	vary	vary	VERB
emaj-257	338	11	over	over	ADP
emaj-257	338	12	time	time	NOUN
emaj-257	338	13	?	?	PUNCT
emaj-257	339	1	applied	apply	VERB
emaj-257	339	2	financial	financial	ADJ
emaj-257	339	3	economics	economic	NOUN
emaj-257	339	4	,	,	PUNCT
emaj-257	339	5	18(2	18(2	NUM
emaj-257	339	6	)	)	PUNCT
emaj-257	339	7	,	,	PUNCT
emaj-257	339	8	139–151	139–151	NUM
emaj-257	339	9	.	.	PUNCT
emaj-257	339	10	doi:10.1080/09603100601057854	doi:10.1080/09603100601057854	NOUN
emaj-257	339	11	assefa	assefa	PROPN
emaj-257	339	12	t.	t.	PROPN
emaj-257	339	13	a.	a.	PROPN
emaj-257	339	14	,	,	PUNCT
emaj-257	339	15	esquedab	esquedab	ADV
emaj-257	339	16	o.	o.	PROPN
emaj-257	339	17	a.	a.	PROPN
emaj-257	339	18	,	,	PUNCT
emaj-257	339	19	mollick	mollick	NOUN
emaj-257	339	20	a.	a.	NOUN
emaj-257	339	21	v.	v.	PROPN
emaj-257	340	1	(	(	PUNCT
emaj-257	340	2	2017	2017	NUM
emaj-257	340	3	)	)	PUNCT
emaj-257	340	4	.	.	PUNCT
emaj-257	341	1	stock	stock	NOUN
emaj-257	341	2	returns	return	NOUN
emaj-257	341	3	and	and	CCONJ
emaj-257	341	4	interest	interest	NOUN
emaj-257	341	5	rates	rate	NOUN
emaj-257	341	6	around	around	ADP
emaj-257	341	7	the	the	DET
emaj-257	341	8	world	world	NOUN
emaj-257	341	9	:	:	PUNCT
emaj-257	341	10	a	a	DET
emaj-257	341	11	paneldata	paneldata	NOUN
emaj-257	341	12	approach	approach	NOUN
emaj-257	341	13	.	.	PUNCT
emaj-257	342	1	journal	journal	NOUN
emaj-257	342	2	of	of	ADP
emaj-257	342	3	economics	economic	NOUN
emaj-257	342	4	and	and	CCONJ
emaj-257	342	5	business	business	NOUN
emaj-257	342	6	89	89	NUM
emaj-257	342	7	(	(	PUNCT
emaj-257	342	8	2017	2017	NUM
emaj-257	342	9	)	)	PUNCT
emaj-257	342	10	20	20	NUM
emaj-257	342	11	-	-	SYM
emaj-257	342	12	35	35	NUM
emaj-257	342	13	.	.	PUNCT
emaj-257	343	1	baele	baele	PROPN
emaj-257	343	2	,	,	PUNCT
emaj-257	343	3	l.	l.	PROPN
emaj-257	343	4	,	,	PUNCT
emaj-257	343	5	bekaert	bekaert	NOUN
emaj-257	343	6	,	,	PUNCT
emaj-257	343	7	g.	g.	PROPN
emaj-257	343	8	,	,	PUNCT
emaj-257	343	9	inghelbrecht	inghelbrecht	PROPN
emaj-257	343	10	,	,	PUNCT
emaj-257	343	11	k.	k.	PROPN
emaj-257	343	12	(	(	PUNCT
emaj-257	343	13	2010	2010	NUM
emaj-257	343	14	)	)	PUNCT
emaj-257	343	15	.	.	PUNCT
emaj-257	344	1	the	the	DET
emaj-257	344	2	determinants	determinant	NOUN
emaj-257	344	3	of	of	ADP
emaj-257	344	4	stock	stock	NOUN
emaj-257	344	5	and	and	CCONJ
emaj-257	344	6	bond	bond	NOUN
emaj-257	344	7	return	return	NOUN
emaj-257	344	8	comovements	comovement	NOUN
emaj-257	344	9	.	.	PUNCT
emaj-257	345	1	the	the	DET
emaj-257	345	2	review	review	NOUN
emaj-257	345	3	of	of	ADP
emaj-257	345	4	financial	financial	ADJ
emaj-257	345	5	studies	study	NOUN
emaj-257	345	6	,	,	PUNCT
emaj-257	345	7	23(6	23(6	NUM
emaj-257	345	8	)	)	PUNCT
emaj-257	345	9	,	,	PUNCT
emaj-257	345	10	2374–2428	2374–2428	NUM
emaj-257	345	11	.	.	PUNCT
emaj-257	346	1	https://doi.org/10.1093/rfs/hhq014	https://doi.org/10.1093/rfs/hhq014	PROPN
emaj-257	346	2	.	.	PUNCT
emaj-257	346	3	balcılar	balcılar	ADJ
emaj-257	346	4	m.	m.	NOUN
emaj-257	346	5	,	,	PUNCT
emaj-257	346	6	demirer	demirer	PROPN
emaj-257	346	7	r.	r.	PROPN
emaj-257	346	8	,	,	PUNCT
emaj-257	346	9	hammoudeh	hammoudeh	VERB
emaj-257	346	10	s.	s.	PROPN
emaj-257	346	11	(	(	PUNCT
emaj-257	346	12	2019	2019	NUM
emaj-257	346	13	)	)	PUNCT
emaj-257	346	14	.	.	PUNCT
emaj-257	347	1	quantile	quantile	ADJ
emaj-257	347	2	relationship	relationship	NOUN
emaj-257	347	3	between	between	ADP
emaj-257	347	4	oil	oil	NOUN
emaj-257	347	5	and	and	CCONJ
emaj-257	347	6	stock	stock	NOUN
emaj-257	347	7	returns	return	NOUN
emaj-257	347	8	:	:	PUNCT
emaj-257	347	9	evidence	evidence	NOUN
emaj-257	347	10	from	from	ADP
emaj-257	347	11	emerging	emerge	VERB
emaj-257	347	12	and	and	CCONJ
emaj-257	347	13	frontier	frontier	NOUN
emaj-257	347	14	stock	stock	NOUN
emaj-257	347	15	markets	market	NOUN
emaj-257	347	16	.	.	PUNCT
emaj-257	348	1	energy	energy	NOUN
emaj-257	348	2	policy	policy	NOUN
emaj-257	348	3	134	134	NUM
emaj-257	348	4	(	(	PUNCT
emaj-257	348	5	2019	2019	NUM
emaj-257	348	6	)	)	PUNCT
emaj-257	348	7	110931	110931	NUM
emaj-257	348	8	,	,	PUNCT
emaj-257	348	9	1	1	NUM
emaj-257	348	10	-	-	SYM
emaj-257	348	11	14	14	NUM
emaj-257	348	12	.	.	PUNCT
emaj-257	349	1	barsky	barsky	PROPN
emaj-257	349	2	,	,	PUNCT
emaj-257	349	3	robert	robert	PROPN
emaj-257	349	4	b.	b.	PROPN
emaj-257	349	5	(	(	PUNCT
emaj-257	349	6	1989	1989	NUM
emaj-257	349	7	)	)	PUNCT
emaj-257	349	8	.	.	PUNCT
emaj-257	350	1	why	why	SCONJ
emaj-257	350	2	do	do	AUX
emaj-257	350	3	n’t	not	PART
emaj-257	350	4	the	the	DET
emaj-257	350	5	prices	price	NOUN
emaj-257	350	6	of	of	ADP
emaj-257	350	7	stocks	stock	NOUN
emaj-257	350	8	and	and	CCONJ
emaj-257	350	9	bonds	bond	NOUN
emaj-257	350	10	move	move	VERB
emaj-257	350	11	together	together	ADV
emaj-257	350	12	?	?	PUNCT
emaj-257	350	13	,	,	PUNCT
emaj-257	350	14	american	american	PROPN
emaj-257	350	15	economic	economic	PROPN
emaj-257	350	16	review	review	NOUN
emaj-257	350	17	79	79	NUM
emaj-257	350	18	,	,	PUNCT
emaj-257	350	19	1132	1132	NUM
emaj-257	350	20	-	-	SYM
emaj-257	350	21	1145	1145	NUM
emaj-257	350	22	.	.	PUNCT
emaj-257	351	1	başarır	başarır	PROPN
emaj-257	351	2	ç	ç	PROPN
emaj-257	351	3	.	.	PROPN
emaj-257	351	4	,	,	PUNCT
emaj-257	351	5	keten	keten	ADJ
emaj-257	351	6	m.	m.	NOUN
emaj-257	351	7	(	(	PUNCT
emaj-257	351	8	2016	2016	NUM
emaj-257	351	9	)	)	PUNCT
emaj-257	351	10	.	.	PUNCT
emaj-257	352	1	gelişmekte	gelişmekte	PROPN
emaj-257	352	2	olan	olan	PROPN
emaj-257	352	3	ülkelerin	ülkelerin	PROPN
emaj-257	352	4	cds	cds	PROPN
emaj-257	352	5	primleri	primleri	PROPN
emaj-257	352	6	i̇le	i̇le	VERB
emaj-257	352	7	hisse	hisse	PROPN
emaj-257	352	8	senetleri	senetleri	PROPN
emaj-257	352	9	ve	ve	AUX
emaj-257	352	10	döviz	döviz	VERB
emaj-257	352	11	kurları	kurları	PROPN
emaj-257	352	12	arasındaki	arasındaki	ADV
emaj-257	352	13	kointegrasyon	kointegrasyon	VERB
emaj-257	352	14	i̇lişkisi	i̇lişkisi	PROPN
emaj-257	352	15	.	.	PUNCT
emaj-257	353	1	mehmet	mehmet	PROPN
emaj-257	353	2	akif	akif	PROPN
emaj-257	353	3	ersoy	ersoy	PROPN
emaj-257	353	4	üniversitesi	üniversitesi	PROPN
emaj-257	353	5	sosyal	sosyal	PROPN
emaj-257	353	6	bilimler	bilimler	PROPN
emaj-257	353	7	enstitüsü	enstitüsü	PROPN
emaj-257	353	8	dergisi	dergisi	ADJ
emaj-257	353	9	.	.	PUNCT
emaj-257	354	1	8	8	NUM
emaj-257	354	2	(	(	PUNCT
emaj-257	354	3	1	1	NUM
emaj-257	354	4	)	)	PUNCT
emaj-257	354	5	,	,	PUNCT
emaj-257	354	6	369	369	NUM
emaj-257	354	7	-	-	SYM
emaj-257	354	8	380	380	NUM
emaj-257	354	9	.	.	PUNCT
emaj-257	355	1	benkert	benkert	PROPN
emaj-257	355	2	c.	c.	PROPN
emaj-257	355	3	(	(	PUNCT
emaj-257	355	4	2004	2004	NUM
emaj-257	355	5	)	)	PUNCT
emaj-257	355	6	.	.	PUNCT
emaj-257	356	1	explaining	explain	VERB
emaj-257	356	2	credit	credit	NOUN
emaj-257	356	3	default	default	NOUN
emaj-257	356	4	swap	swap	NOUN
emaj-257	356	5	premia	premia	NOUN
emaj-257	356	6	.	.	PUNCT
emaj-257	357	1	the	the	DET
emaj-257	357	2	journal	journal	PROPN
emaj-257	357	3	of	of	ADP
emaj-257	357	4	futures	future	NOUN
emaj-257	357	5	markets	market	NOUN
emaj-257	357	6	,	,	PUNCT
emaj-257	357	7	vol	vol	NOUN
emaj-257	357	8	.	.	PROPN
emaj-257	357	9	24	24	NUM
emaj-257	357	10	,	,	PUNCT
emaj-257	357	11	no	no	INTJ
emaj-257	357	12	.	.	NOUN
emaj-257	357	13	1	1	NUM
emaj-257	357	14	,	,	PUNCT
emaj-257	357	15	71–92	71–92	NUM
emaj-257	357	16	2004	2004	NUM
emaj-257	357	17	wiley	wiley	PROPN
emaj-257	357	18	periodicals	periodical	NOUN
emaj-257	357	19	,	,	PUNCT
emaj-257	357	20	inc	inc	PROPN
emaj-257	357	21	.	.	PROPN
emaj-257	357	22	doi	doi	PROPN
emaj-257	357	23	:	:	PUNCT
emaj-257	357	24	10.1002	10.1002	NUM
emaj-257	357	25	/	/	SYM
emaj-257	357	26	fut.10112	fut.10112	NUM
emaj-257	357	27	blanco	blanco	PROPN
emaj-257	357	28	,	,	PUNCT
emaj-257	357	29	r.	r.	PROPN
emaj-257	357	30	,	,	PUNCT
emaj-257	357	31	brennan	brennan	PROPN
emaj-257	357	32	,	,	PUNCT
emaj-257	357	33	s.	s.	PROPN
emaj-257	357	34	,	,	PUNCT
emaj-257	357	35	marsh	marsh	PROPN
emaj-257	357	36	,	,	PUNCT
emaj-257	357	37	i.w	i.w	PROPN
emaj-257	357	38	.	.	PROPN
emaj-257	357	39	(	(	PUNCT
emaj-257	357	40	2005	2005	NUM
emaj-257	357	41	)	)	PUNCT
emaj-257	357	42	.	.	PUNCT
emaj-257	358	1	an	an	DET
emaj-257	358	2	empirical	empirical	ADJ
emaj-257	358	3	analysis	analysis	NOUN
emaj-257	358	4	of	of	ADP
emaj-257	358	5	the	the	DET
emaj-257	358	6	dynamic	dynamic	ADJ
emaj-257	358	7	relationship	relationship	NOUN
emaj-257	358	8	between	between	ADP
emaj-257	358	9	investment	investment	NOUN
emaj-257	358	10	grade	grade	NOUN
emaj-257	358	11	bonds	bond	NOUN
emaj-257	358	12	and	and	CCONJ
emaj-257	358	13	credit	credit	NOUN
emaj-257	358	14	default	default	NOUN
emaj-257	358	15	swaps	swap	NOUN
emaj-257	358	16	.	.	PUNCT
emaj-257	359	1	journal	journal	NOUN
emaj-257	359	2	of	of	ADP
emaj-257	359	3	finance	finance	NOUN
emaj-257	359	4	60	60	NUM
emaj-257	359	5	,	,	PUNCT
emaj-257	359	6	2255	2255	NUM
emaj-257	359	7	-	-	SYM
emaj-257	359	8	2281	2281	NUM
emaj-257	359	9	.	.	PUNCT
emaj-257	360	1	breitung	breitung	PROPN
emaj-257	360	2	,	,	PUNCT
emaj-257	360	3	j.	j.	PROPN
emaj-257	360	4	,	,	PUNCT
emaj-257	360	5	&	&	CCONJ
emaj-257	360	6	das	das	PROPN
emaj-257	360	7	,	,	PUNCT
emaj-257	360	8	s.	s.	PROPN
emaj-257	360	9	(	(	PUNCT
emaj-257	360	10	2005	2005	NUM
emaj-257	360	11	)	)	PUNCT
emaj-257	360	12	.	.	PUNCT
emaj-257	361	1	panel	panel	NOUN
emaj-257	361	2	unit	unit	NOUN
emaj-257	361	3	root	root	NOUN
emaj-257	361	4	tests	test	NOUN
emaj-257	361	5	under	under	ADP
emaj-257	361	6	cross‐sectional	cross‐sectional	ADJ
emaj-257	361	7	dependence	dependence	NOUN
emaj-257	361	8	.	.	PUNCT
emaj-257	362	1	statistica	statistica	PROPN
emaj-257	362	2	neerlandica	neerlandica	PROPN
emaj-257	362	3	,	,	PUNCT
emaj-257	362	4	59(4	59(4	NUM
emaj-257	362	5	)	)	PUNCT
emaj-257	362	6	,	,	PUNCT
emaj-257	362	7	414	414	NUM
emaj-257	362	8	-	-	SYM
emaj-257	362	9	433	433	NUM
emaj-257	362	10	.	.	PUNCT
emaj-257	363	1	chan	chan	PROPN
emaj-257	363	2	-	-	PUNCT
emaj-257	363	3	lau	lau	PROPN
emaj-257	363	4	,	,	PUNCT
emaj-257	363	5	jorge	jorge	PROPN
emaj-257	363	6	a.	a.	PROPN
emaj-257	363	7	,	,	PUNCT
emaj-257	363	8	kim	kim	PROPN
emaj-257	363	9	,	,	PUNCT
emaj-257	363	10	yoon	yoon	PROPN
emaj-257	363	11	s.	s.	PROPN
emaj-257	363	12	(	(	PUNCT
emaj-257	363	13	2004	2004	NUM
emaj-257	363	14	)	)	PUNCT
emaj-257	363	15	.	.	PUNCT
emaj-257	364	1	equity	equity	NOUN
emaj-257	364	2	prices	price	NOUN
emaj-257	364	3	,	,	PUNCT
emaj-257	364	4	credit	credit	NOUN
emaj-257	364	5	default	default	NOUN
emaj-257	364	6	swaps	swap	NOUN
emaj-257	364	7	,	,	PUNCT
emaj-257	364	8	and	and	CCONJ
emaj-257	364	9	bond	bond	NOUN
emaj-257	364	10	spreads	spread	VERB
emaj-257	364	11	in	in	ADP
emaj-257	364	12	emerging	emerge	VERB
emaj-257	364	13	markets	market	NOUN
emaj-257	364	14	.	.	PUNCT
emaj-257	365	1	working	work	VERB
emaj-257	365	2	paper	paper	NOUN
emaj-257	365	3	no	no	INTJ
emaj-257	365	4	.	.	PUNCT
emaj-257	366	1	wp/04/27	wp/04/27	PROPN
emaj-257	366	2	,	,	PUNCT
emaj-257	366	3	international	international	ADJ
emaj-257	366	4	monetary	monetary	ADJ
emaj-257	366	5	fund	fund	NOUN
emaj-257	366	6	.	.	PUNCT
emaj-257	367	1	christie	christie	PROPN
emaj-257	367	2	-	-	PUNCT
emaj-257	367	3	david	david	PROPN
emaj-257	367	4	,	,	PUNCT
emaj-257	367	5	r.	r.	PROPN
emaj-257	367	6	,	,	PUNCT
emaj-257	367	7	chaudhry	chaudhry	PROPN
emaj-257	367	8	,	,	PUNCT
emaj-257	367	9	m.	m.	NOUN
emaj-257	367	10	,	,	PUNCT
emaj-257	367	11	koch	koch	PROPN
emaj-257	367	12	,	,	PUNCT
emaj-257	367	13	t.w	t.w	PROPN
emaj-257	367	14	.	.	PROPN
emaj-257	367	15	(	(	PUNCT
emaj-257	367	16	2000	2000	NUM
emaj-257	367	17	)	)	PUNCT
emaj-257	367	18	.	.	PUNCT
emaj-257	368	1	do	do	AUX
emaj-257	368	2	macroeconomics	macroeconomic	NOUN
emaj-257	368	3	news	news	NOUN
emaj-257	368	4	releases	release	NOUN
emaj-257	368	5	affect	affect	VERB
emaj-257	368	6	gold	gold	NOUN
emaj-257	368	7	and	and	CCONJ
emaj-257	368	8	silver	silver	NOUN
emaj-257	368	9	prices	price	NOUN
emaj-257	368	10	?	?	PUNCT
emaj-257	369	1	j.	j.	PROPN
emaj-257	369	2	econ	econ	PROPN
emaj-257	369	3	.	.	PUNCT
emaj-257	370	1	bus	bus	PROPN
emaj-257	370	2	.	.	PUNCT
emaj-257	371	1	52	52	NUM
emaj-257	371	2	,	,	PUNCT
emaj-257	371	3	405	405	NUM
emaj-257	371	4	-	-	SYM
emaj-257	371	5	421	421	NUM
emaj-257	371	6	.	.	PUNCT
emaj-257	372	1	çevik	çevik	PROPN
emaj-257	372	2	n.k	n.k	PROPN
emaj-257	372	3	.	.	PROPN
emaj-257	372	4	,	,	PUNCT
emaj-257	372	5	çevik	çevik	PROPN
emaj-257	372	6	e.i	e.i	PROPN
emaj-257	372	7	.	.	PROPN
emaj-257	372	8	,	,	PUNCT
emaj-257	372	9	dibooglu	dibooglu	PROPN
emaj-257	372	10	.	.	PUNCT
emaj-257	373	1	(	(	PUNCT
emaj-257	373	2	2020	2020	NUM
emaj-257	373	3	)	)	PUNCT
emaj-257	373	4	.	.	PUNCT
emaj-257	374	1	oil	oil	NOUN
emaj-257	374	2	prices	price	NOUN
emaj-257	374	3	,	,	PUNCT
emaj-257	374	4	stock	stock	NOUN
emaj-257	374	5	market	market	NOUN
emaj-257	374	6	returns	return	NOUN
emaj-257	374	7	and	and	CCONJ
emaj-257	374	8	volatility	volatility	NOUN
emaj-257	374	9	spillovers	spillover	NOUN
emaj-257	374	10	:	:	PUNCT
emaj-257	374	11	evidence	evidence	NOUN
emaj-257	374	12	from	from	ADP
emaj-257	374	13	turkey	turkey	PROPN
emaj-257	374	14	.	.	PUNCT
emaj-257	375	1	journal	journal	PROPN
emaj-257	375	2	of	of	ADP
emaj-257	375	3	policy	policy	NOUN
emaj-257	375	4	modeling	model	VERB
emaj-257	375	5	42	42	NUM
emaj-257	375	6	(	(	PUNCT
emaj-257	375	7	2020	2020	NUM
emaj-257	375	8	)	)	PUNCT
emaj-257	375	9	597	597	NUM
emaj-257	375	10	-	-	SYM
emaj-257	375	11	614	614	NUM
emaj-257	375	12	.	.	PUNCT
emaj-257	376	1	dejong	dejong	PROPN
emaj-257	376	2	,	,	PUNCT
emaj-257	376	3	d.	d.	PROPN
emaj-257	376	4	n.	n.	PROPN
emaj-257	376	5	,	,	PUNCT
emaj-257	376	6	&	&	CCONJ
emaj-257	376	7	whiteman	whiteman	PROPN
emaj-257	376	8	,	,	PUNCT
emaj-257	376	9	c.	c.	PROPN
emaj-257	376	10	h.	h.	PROPN
emaj-257	376	11	(	(	PUNCT
emaj-257	376	12	1994	1994	NUM
emaj-257	376	13	)	)	PUNCT
emaj-257	376	14	.	.	PUNCT
emaj-257	377	1	the	the	DET
emaj-257	377	2	forecasting	forecasting	NOUN
emaj-257	377	3	attributes	attribute	NOUN
emaj-257	377	4	of	of	ADP
emaj-257	377	5	trend‐and	trend‐and	PROPN
emaj-257	377	6	difference‐	difference‐	PROPN
emaj-257	377	7	stationary	stationary	ADJ
emaj-257	377	8	representations	representation	NOUN
emaj-257	377	9	for	for	ADP
emaj-257	377	10	macroeconomic	macroeconomic	ADJ
emaj-257	377	11	time	time	NOUN
emaj-257	377	12	series	series	PROPN
emaj-257	377	13	.	.	PUNCT
emaj-257	378	1	journal	journal	PROPN
emaj-257	378	2	of	of	ADP
emaj-257	378	3	forecasting	forecasting	NOUN
emaj-257	378	4	,	,	PUNCT
emaj-257	378	5	13(3	13(3	NUM
emaj-257	378	6	)	)	PUNCT
emaj-257	378	7	,	,	PUNCT
emaj-257	378	8	279297	279297	NUM
emaj-257	378	9	.	.	PUNCT
emaj-257	379	1	demirer	demirer	PROPN
emaj-257	379	2	,	,	PUNCT
emaj-257	379	3	r.	r.	PROPN
emaj-257	379	4	,	,	PUNCT
emaj-257	379	5	ferrer	ferrer	PROPN
emaj-257	379	6	,	,	PUNCT
emaj-257	379	7	r.	r.	PROPN
emaj-257	379	8	,	,	PUNCT
emaj-257	379	9	shahzad	shahzad	PROPN
emaj-257	379	10	,	,	PUNCT
emaj-257	379	11	s.j.h	s.j.h	PROPN
emaj-257	379	12	.	.	PUNCT
emaj-257	380	1	(	(	PUNCT
emaj-257	380	2	2019	2019	NUM
emaj-257	380	3	)	)	PUNCT
emaj-257	380	4	.	.	PUNCT
emaj-257	381	1	oil	oil	NOUN
emaj-257	381	2	price	price	NOUN
emaj-257	381	3	shocks	shock	NOUN
emaj-257	381	4	and	and	CCONJ
emaj-257	381	5	financial	financial	ADJ
emaj-257	381	6	markets	market	NOUN
emaj-257	381	7	:	:	PUNCT
emaj-257	381	8	a	a	DET
emaj-257	381	9	comparative	comparative	ADJ
emaj-257	381	10	analysis	analysis	NOUN
emaj-257	381	11	of	of	ADP
emaj-257	381	12	stock	stock	NOUN
emaj-257	381	13	and	and	CCONJ
emaj-257	381	14	sovereign	sovereign	ADJ
emaj-257	381	15	bond	bond	NOUN
emaj-257	381	16	markets	market	NOUN
emaj-257	381	17	.	.	PUNCT
emaj-257	382	1	working	work	VERB
emaj-257	382	2	paper	paper	NOUN
emaj-257	382	3	(	(	PUNCT
emaj-257	382	4	may	may	PROPN
emaj-257	382	5	2019	2019	NUM
emaj-257	382	6	)	)	PUNCT
emaj-257	382	7	.	.	PUNCT
emaj-257	383	1	draper	draper	NOUN
emaj-257	383	2	,	,	PUNCT
emaj-257	383	3	p.	p.	PROPN
emaj-257	383	4	,	,	PUNCT
emaj-257	383	5	faff	faff	PROPN
emaj-257	383	6	,	,	PUNCT
emaj-257	383	7	r.	r.	PROPN
emaj-257	383	8	,	,	PUNCT
emaj-257	383	9	hillier	hillier	ADV
emaj-257	383	10	,	,	PUNCT
emaj-257	383	11	d.	d.	PROPN
emaj-257	383	12	,	,	PUNCT
emaj-257	383	13	(	(	PUNCT
emaj-257	383	14	2006	2006	NUM
emaj-257	383	15	)	)	PUNCT
emaj-257	383	16	.	.	PUNCT
emaj-257	384	1	do	do	VERB
emaj-257	384	2	precious	precious	ADJ
emaj-257	384	3	metals	metal	NOUN
emaj-257	384	4	shine	shine	VERB
emaj-257	384	5	?	?	PUNCT
emaj-257	385	1	an	an	DET
emaj-257	385	2	investment	investment	NOUN
emaj-257	385	3	perspective	perspective	NOUN
emaj-257	385	4	,	,	PUNCT
emaj-257	385	5	may	may	PROPN
emaj-257	385	6	.	.	PUNCT
emaj-257	386	1	financ	financ	PROPN
emaj-257	386	2	.	.	PUNCT
emaj-257	387	1	anal	anal	PROPN
emaj-257	387	2	.	.	PUNCT
emaj-257	388	1	j.	j.	PROPN
emaj-257	388	2	62	62	NUM
emaj-257	388	3	(	(	PUNCT
emaj-257	388	4	2	2	NUM
emaj-257	388	5	)	)	PUNCT
emaj-257	388	6	.	.	PUNCT
emaj-257	389	1	dupuis	dupuis	PROPN
emaj-257	389	2	,	,	PUNCT
emaj-257	389	3	d.	d.	PROPN
emaj-257	389	4	,	,	PUNCT
emaj-257	389	5	jacquier	jacquier	PROPN
emaj-257	389	6	,	,	PUNCT
emaj-257	389	7	e.	e.	PROPN
emaj-257	389	8	,	,	PUNCT
emaj-257	389	9	papageorgiou	papageorgiou	NOUN
emaj-257	389	10	,	,	PUNCT
emaj-257	389	11	n.	n.	NOUN
emaj-257	389	12	,	,	PUNCT
emaj-257	389	13	rémillard	rémillard	PROPN
emaj-257	389	14	,	,	PUNCT
emaj-257	389	15	b.	b.	PROPN
emaj-257	389	16	(	(	PUNCT
emaj-257	389	17	2009	2009	NUM
emaj-257	389	18	)	)	PUNCT
emaj-257	389	19	.	.	PUNCT
emaj-257	390	1	empirical	empirical	ADJ
emaj-257	390	2	evidence	evidence	NOUN
emaj-257	390	3	on	on	ADP
emaj-257	390	4	the	the	DET
emaj-257	390	5	dependence	dependence	NOUN
emaj-257	390	6	of	of	ADP
emaj-257	390	7	credit	credit	NOUN
emaj-257	390	8	default	default	NOUN
emaj-257	390	9	swaps	swap	NOUN
emaj-257	390	10	and	and	CCONJ
emaj-257	390	11	equity	equity	NOUN
emaj-257	390	12	prices	price	NOUN
emaj-257	390	13	.	.	PUNCT
emaj-257	391	1	journal	journal	PROPN
emaj-257	391	2	of	of	ADP
emaj-257	391	3	futures	future	NOUN
emaj-257	391	4	markets	market	NOUN
emaj-257	391	5	9	9	NUM
emaj-257	391	6	(	(	PUNCT
emaj-257	391	7	8)	8)	NUM
emaj-257	391	8	,	,	PUNCT
emaj-257	391	9	695	695	NUM
emaj-257	391	10	-	-	SYM
emaj-257	391	11	712	712	NUM
emaj-257	391	12	.	.	PUNCT
emaj-257	392	1	fama	fama	PROPN
emaj-257	392	2	,	,	PUNCT
emaj-257	392	3	e.	e.	PROPN
emaj-257	392	4	f.	f.	PROPN
emaj-257	392	5	(	(	PUNCT
emaj-257	392	6	1970	1970	NUM
emaj-257	392	7	)	)	PUNCT
emaj-257	392	8	.	.	PUNCT
emaj-257	393	1	efficient	efficient	ADJ
emaj-257	393	2	capital	capital	NOUN
emaj-257	393	3	markets	market	NOUN
emaj-257	393	4	:	:	PUNCT
emaj-257	393	5	a	a	DET
emaj-257	393	6	review	review	NOUN
emaj-257	393	7	of	of	ADP
emaj-257	393	8	theory	theory	NOUN
emaj-257	393	9	and	and	CCONJ
emaj-257	393	10	empirical	empirical	ADJ
emaj-257	393	11	works	work	NOUN
emaj-257	393	12	.	.	PUNCT
emaj-257	394	1	journal	journal	PROPN
emaj-257	394	2	of	of	ADP
emaj-257	394	3	finance	finance	NOUN
emaj-257	394	4	,	,	PUNCT
emaj-257	394	5	383	383	NUM
emaj-257	394	6	-	-	SYM
emaj-257	394	7	417	417	NUM
emaj-257	394	8	.	.	PUNCT
emaj-257	395	1	fang	fang	PROPN
emaj-257	395	2	c	c	PROPN
emaj-257	395	3	-	-	PUNCT
emaj-257	395	4	r	r	NOUN
emaj-257	395	5	,	,	PUNCT
emaj-257	395	6	you	you	PRON
emaj-257	395	7	s	s	PROPN
emaj-257	395	8	-	-	PUNCT
emaj-257	395	9	y.	y.	NOUN
emaj-257	395	10	(	(	PUNCT
emaj-257	395	11	2014	2014	NUM
emaj-257	395	12	)	)	PUNCT
emaj-257	395	13	.	.	PUNCT
emaj-257	396	1	the	the	DET
emaj-257	396	2	impact	impact	NOUN
emaj-257	396	3	of	of	ADP
emaj-257	396	4	oil	oil	NOUN
emaj-257	396	5	price	price	NOUN
emaj-257	396	6	shocks	shock	NOUN
emaj-257	396	7	on	on	ADP
emaj-257	396	8	the	the	DET
emaj-257	396	9	large	large	ADJ
emaj-257	396	10	emerging	emerge	VERB
emaj-257	396	11	countries	country	NOUN
emaj-257	396	12	’	'	PUNCT
emaj-257	396	13	stock	stock	NOUN
emaj-257	396	14	prices	price	NOUN
emaj-257	396	15	:	:	PUNCT
emaj-257	396	16	evidence	evidence	NOUN
emaj-257	396	17	from	from	ADP
emaj-257	396	18	china	china	PROPN
emaj-257	396	19	,	,	PUNCT
emaj-257	396	20	india	india	PROPN
emaj-257	396	21	and	and	CCONJ
emaj-257	396	22	russia	russia	PROPN
emaj-257	396	23	.	.	PUNCT
emaj-257	397	1	int	int	PROPN
emaj-257	397	2	rev	rev	PROPN
emaj-257	397	3	econ	econ	PROPN
emaj-257	397	4	finance	finance	PROPN
emaj-257	397	5	2014;29:330e8	2014;29:330e8	NUM
emaj-257	397	6	.	.	PUNCT
emaj-257	398	1	forte	forte	PROPN
emaj-257	398	2	,	,	PUNCT
emaj-257	398	3	s.	s.	PROPN
emaj-257	398	4	,	,	PUNCT
emaj-257	398	5	pena	pena	PROPN
emaj-257	398	6	,	,	PUNCT
emaj-257	398	7	j.i	j.i	PROPN
emaj-257	398	8	.	.	PROPN
emaj-257	398	9	(	(	PUNCT
emaj-257	398	10	2009	2009	NUM
emaj-257	398	11	)	)	PUNCT
emaj-257	398	12	.	.	PUNCT
emaj-257	399	1	credit	credit	NOUN
emaj-257	399	2	spreads	spread	VERB
emaj-257	399	3	:	:	PUNCT
emaj-257	399	4	an	an	DET
emaj-257	399	5	empirical	empirical	ADJ
emaj-257	399	6	analysis	analysis	NOUN
emaj-257	399	7	on	on	ADP
emaj-257	399	8	the	the	DET
emaj-257	399	9	informational	informational	ADJ
emaj-257	399	10	content	content	NOUN
emaj-257	399	11	of	of	ADP
emaj-257	399	12	stocks	stock	NOUN
emaj-257	399	13	,	,	PUNCT
emaj-257	399	14	bonds	bond	NOUN
emaj-257	399	15	,	,	PUNCT
emaj-257	399	16	and	and	CCONJ
emaj-257	399	17	cds	cd	NOUN
emaj-257	399	18	.	.	PUNCT
emaj-257	400	1	journal	journal	PROPN
emaj-257	400	2	of	of	ADP
emaj-257	400	3	banking	banking	NOUN
emaj-257	400	4	and	and	CCONJ
emaj-257	400	5	finance	finance	NOUN
emaj-257	400	6	33	33	NUM
emaj-257	400	7	,	,	PUNCT
emaj-257	400	8	2013	2013	NUM
emaj-257	400	9	-	-	SYM
emaj-257	400	10	2025	2025	NUM
emaj-257	400	11	.	.	PUNCT
emaj-257	401	1	fung	fung	PROPN
emaj-257	401	2	,	,	PUNCT
emaj-257	401	3	h.-g	h.-g	PROPN
emaj-257	401	4	.	.	PROPN
emaj-257	401	5	,	,	PUNCT
emaj-257	401	6	gregory	gregory	PROPN
emaj-257	401	7	,	,	PUNCT
emaj-257	401	8	e.	e.	PROPN
emaj-257	401	9	,	,	PUNCT
emaj-257	401	10	sierra	sierra	PROPN
emaj-257	401	11	yau	yau	PROPN
emaj-257	401	12	,	,	PUNCT
emaj-257	401	13	j.	j.	PROPN
emaj-257	401	14	,	,	PUNCT
emaj-257	401	15	zhang	zhang	PROPN
emaj-257	401	16	,	,	PUNCT
emaj-257	401	17	g.	g.	PROPN
emaj-257	401	18	(	(	PUNCT
emaj-257	401	19	2009	2009	NUM
emaj-257	401	20	)	)	PUNCT
emaj-257	401	21	.	.	PUNCT
emaj-257	401	22	are	be	AUX
emaj-257	401	23	the	the	DET
emaj-257	401	24	u.s	u.s	PROPN
emaj-257	401	25	.	.	PROPN
emaj-257	401	26	stock	stock	NOUN
emaj-257	401	27	market	market	NOUN
emaj-257	401	28	and	and	CCONJ
emaj-257	401	29	credit	credit	NOUN
emaj-257	401	30	default	default	NOUN
emaj-257	401	31	swap	swap	NOUN
emaj-257	401	32	market	market	NOUN
emaj-257	401	33	related	relate	VERB
emaj-257	401	34	?	?	PUNCT
emaj-257	402	1	evidence	evidence	NOUN
emaj-257	402	2	from	from	ADP
emaj-257	402	3	the	the	DET
emaj-257	402	4	cdx	cdx	NOUN
emaj-257	402	5	indices	index	NOUN
emaj-257	402	6	.	.	PUNCT
emaj-257	403	1	journal	journal	NOUN
emaj-257	403	2	of	of	ADP
emaj-257	403	3	alternative	alternative	ADJ
emaj-257	403	4	investments	investment	NOUN
emaj-257	403	5	11	11	NUM
emaj-257	403	6	(	(	PUNCT
emaj-257	403	7	1	1	NUM
emaj-257	403	8	)	)	PUNCT
emaj-257	403	9	,	,	PUNCT
emaj-257	403	10	43	43	NUM
emaj-257	403	11	-	-	SYM
emaj-257	403	12	61	61	NUM
emaj-257	403	13	.	.	PUNCT
emaj-257	404	1	volume	volume	NOUN
emaj-257	404	2	12	12	NUM
emaj-257	404	3	no	no	DET
emaj-257	404	4	1	1	NUM
emaj-257	404	5	(	(	PUNCT
emaj-257	404	6	2022	2022	NUM
emaj-257	404	7	)	)	PUNCT
emaj-257	404	8	|	|	ADV
emaj-257	404	9	issn	issn	VERB
emaj-257	404	10	2158	2158	NUM
emaj-257	404	11	-	-	SYM
emaj-257	404	12	8708	8708	NUM
emaj-257	404	13	(	(	PUNCT
emaj-257	404	14	online	online	NOUN
emaj-257	404	15	)	)	PUNCT
emaj-257	404	16	|	|	ADV
emaj-257	404	17	doi	doi	X
emaj-257	404	18	10.5195	10.5195	NUM
emaj-257	404	19	/	/	SYM
emaj-257	404	20	emaj.2022.257	emaj.2022.257	NOUN
emaj-257	404	21	|	|	ADV
emaj-257	404	22	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-257	404	23	hülya	hülya	PROPN
emaj-257	404	24	yılmaz	yılmaz	PROPN
emaj-257	404	25	,	,	PUNCT
emaj-257	404	26	bülent	bülent	ADJ
emaj-257	404	27	i̇lhan	i̇lhan	ADJ
emaj-257	404	28	emerging	emerge	VERB
emaj-257	404	29	markets	market	NOUN
emaj-257	404	30	journal	journal	NOUN
emaj-257	404	31	|	|	ADV
emaj-257	404	32	p	p	NOUN
emaj-257	404	33	a	a	DET
emaj-257	404	34	g	g	PROPN
emaj-257	404	35	e	e	PROPN
emaj-257	404	36	|37	|37	PROPN
emaj-257	404	37	granger	granger	PROPN
emaj-257	404	38	,	,	PUNCT
emaj-257	404	39	c.	c.	PROPN
emaj-257	404	40	w.	w.	PROPN
emaj-257	404	41	,	,	PUNCT
emaj-257	404	42	newbold	newbold	PROPN
emaj-257	404	43	,	,	PUNCT
emaj-257	404	44	p.	p.	PROPN
emaj-257	404	45	,	,	PUNCT
emaj-257	404	46	&	&	CCONJ
emaj-257	404	47	econom	econom	PROPN
emaj-257	404	48	,	,	PUNCT
emaj-257	404	49	j.	j.	PROPN
emaj-257	404	50	(	(	PUNCT
emaj-257	404	51	1974	1974	NUM
emaj-257	404	52	)	)	PUNCT
emaj-257	404	53	.	.	PUNCT
emaj-257	405	1	spurious	spurious	ADJ
emaj-257	405	2	regressions	regression	NOUN
emaj-257	405	3	in	in	ADP
emaj-257	405	4	econometrics	econometric	NOUN
emaj-257	405	5	.	.	PUNCT
emaj-257	406	1	baltagi	baltagi	NOUN
emaj-257	406	2	,	,	PUNCT
emaj-257	406	3	badi	badi	PROPN
emaj-257	406	4	h.	h.	PROPN
emaj-257	406	5	a	a	DET
emaj-257	406	6	companion	companion	NOUN
emaj-257	406	7	of	of	ADP
emaj-257	406	8	theoretical	theoretical	ADJ
emaj-257	406	9	econometrics	econometric	NOUN
emaj-257	406	10	,	,	PUNCT
emaj-257	406	11	557	557	NUM
emaj-257	406	12	-	-	SYM
emaj-257	406	13	561	561	NUM
emaj-257	406	14	.	.	PUNCT
emaj-257	407	1	hadri	hadri	PROPN
emaj-257	407	2	,	,	PUNCT
emaj-257	407	3	k.	k.	PROPN
emaj-257	407	4	(	(	PUNCT
emaj-257	407	5	2000	2000	NUM
emaj-257	407	6	)	)	PUNCT
emaj-257	407	7	.	.	PUNCT
emaj-257	408	1	testing	test	VERB
emaj-257	408	2	for	for	ADP
emaj-257	408	3	stationarity	stationarity	NOUN
emaj-257	408	4	in	in	ADP
emaj-257	408	5	heterogeneous	heterogeneous	ADJ
emaj-257	408	6	panel	panel	NOUN
emaj-257	408	7	data	datum	NOUN
emaj-257	408	8	.	.	PUNCT
emaj-257	409	1	the	the	DET
emaj-257	409	2	econometrics	econometrics	NOUN
emaj-257	409	3	journal	journal	NOUN
emaj-257	409	4	,	,	PUNCT
emaj-257	409	5	3(2	3(2	NUM
emaj-257	409	6	)	)	PUNCT
emaj-257	409	7	,	,	PUNCT
emaj-257	409	8	148	148	NUM
emaj-257	409	9	-	-	SYM
emaj-257	409	10	161	161	NUM
emaj-257	409	11	.	.	PUNCT
emaj-257	410	1	hancı	hancı	PROPN
emaj-257	410	2	,	,	PUNCT
emaj-257	410	3	g.	g.	PROPN
emaj-257	410	4	(	(	PUNCT
emaj-257	410	5	2014	2014	NUM
emaj-257	410	6	)	)	PUNCT
emaj-257	410	7	.	.	PUNCT
emaj-257	411	1	kredi	kredi	PROPN
emaj-257	411	2	temerrüt	temerrüt	PROPN
emaj-257	412	1	takaslar	takaslar	PROPN
emaj-257	412	2	ve	ve	VERB
emaj-257	412	3	bi̇st	bi̇st	ADJ
emaj-257	412	4	100	100	NUM
emaj-257	412	5	arasındaki	arasındaki	ADP
emaj-257	412	6	i̇lişkinin	i̇lişkinin	ADJ
emaj-257	412	7	i̇ncelenmesi	i̇ncelenmesi	NOUN
emaj-257	412	8	,	,	PUNCT
emaj-257	412	9	maliye	maliye	PROPN
emaj-257	412	10	finans	finans	PROPN
emaj-257	412	11	yazıları	yazıları	PROPN
emaj-257	412	12	,	,	PUNCT
emaj-257	412	13	cilt	cilt	ADJ
emaj-257	412	14	.	.	PUNCT
emaj-257	413	1	28	28	NUM
emaj-257	413	2	,	,	PUNCT
emaj-257	413	3	sayı	sayı	ADJ
emaj-257	413	4	.	.	PUNCT
emaj-257	414	1	102	102	NUM
emaj-257	414	2	,	,	PUNCT
emaj-257	414	3	9	9	NUM
emaj-257	414	4	-	-	SYM
emaj-257	414	5	24	24	NUM
emaj-257	414	6	.	.	PUNCT
emaj-257	415	1	hillier	hilli	ADJ
emaj-257	415	2	,	,	PUNCT
emaj-257	415	3	d.	d.	PROPN
emaj-257	415	4	,	,	PUNCT
emaj-257	415	5	robert	robert	PROPN
emaj-257	415	6	,	,	PUNCT
emaj-257	415	7	f.	f.	PROPN
emaj-257	415	8	(	(	PUNCT
emaj-257	415	9	2006	2006	NUM
emaj-257	415	10	)	)	PUNCT
emaj-257	415	11	.	.	PUNCT
emaj-257	416	1	do	do	VERB
emaj-257	416	2	precious	precious	ADJ
emaj-257	416	3	metals	metal	NOUN
emaj-257	416	4	shine	shine	VERB
emaj-257	416	5	?	?	PUNCT
emaj-257	417	1	an	an	DET
emaj-257	417	2	investment	investment	NOUN
emaj-257	417	3	perspective	perspective	NOUN
emaj-257	417	4	.	.	PUNCT
emaj-257	418	1	financ	financ	PROPN
emaj-257	418	2	.	.	PUNCT
emaj-257	419	1	anal	anal	PROPN
emaj-257	419	2	.	.	PUNCT
emaj-257	420	1	j.	j.	PROPN
emaj-257	420	2	62	62	PROPN
emaj-257	420	3	,	,	PUNCT
emaj-257	420	4	98	98	NUM
emaj-257	420	5	-	-	SYM
emaj-257	420	6	106	106	NUM
emaj-257	420	7	.	.	PUNCT
emaj-257	421	1	i	i	PRON
emaj-257	421	2	m	m	PROPN
emaj-257	421	3	,	,	PUNCT
emaj-257	421	4	k.	k.	PROPN
emaj-257	421	5	s.	s.	PROPN
emaj-257	421	6	,	,	PUNCT
emaj-257	421	7	pesaran	pesaran	VERB
emaj-257	421	8	,	,	PUNCT
emaj-257	421	9	m.	m.	PROPN
emaj-257	421	10	h.	h.	PROPN
emaj-257	421	11	,	,	PUNCT
emaj-257	421	12	&	&	CCONJ
emaj-257	421	13	shin	shin	PROPN
emaj-257	421	14	,	,	PUNCT
emaj-257	421	15	y.	y.	PROPN
emaj-257	421	16	(	(	PUNCT
emaj-257	421	17	2003	2003	NUM
emaj-257	421	18	)	)	PUNCT
emaj-257	421	19	.	.	PUNCT
emaj-257	422	1	testing	test	VERB
emaj-257	422	2	for	for	ADP
emaj-257	422	3	unit	unit	NOUN
emaj-257	422	4	roots	root	NOUN
emaj-257	422	5	in	in	ADP
emaj-257	422	6	heterogeneous	heterogeneous	ADJ
emaj-257	422	7	panels	panel	NOUN
emaj-257	422	8	.	.	PUNCT
emaj-257	423	1	journal	journal	PROPN
emaj-257	423	2	of	of	ADP
emaj-257	423	3	econometrics	econometric	NOUN
emaj-257	423	4	,	,	PUNCT
emaj-257	423	5	115(1	115(1	NUM
emaj-257	423	6	)	)	PUNCT
emaj-257	423	7	,	,	PUNCT
emaj-257	423	8	53	53	NUM
emaj-257	423	9	-	-	SYM
emaj-257	423	10	74	74	NUM
emaj-257	423	11	.	.	PUNCT
emaj-257	424	1	jarrow	jarrow	PROPN
emaj-257	424	2	,	,	PUNCT
emaj-257	424	3	r.	r.	PROPN
emaj-257	424	4	a.	a.	PROPN
emaj-257	424	5	,	,	PUNCT
emaj-257	424	6	ve	ve	PROPN
emaj-257	424	7	turnbull	turnbull	PROPN
emaj-257	424	8	,	,	PUNCT
emaj-257	424	9	s.	s.	PROPN
emaj-257	424	10	m.	m.	PROPN
emaj-257	424	11	(	(	PUNCT
emaj-257	424	12	1995	1995	NUM
emaj-257	424	13	)	)	PUNCT
emaj-257	424	14	.	.	PUNCT
emaj-257	425	1	pricing	price	VERB
emaj-257	425	2	derivatives	derivative	NOUN
emaj-257	425	3	on	on	ADP
emaj-257	425	4	financial	financial	ADJ
emaj-257	425	5	securities	security	NOUN
emaj-257	425	6	subject	subject	ADJ
emaj-257	425	7	to	to	ADP
emaj-257	425	8	credit	credit	NOUN
emaj-257	425	9	risk	risk	NOUN
emaj-257	425	10	.	.	PUNCT
emaj-257	426	1	journal	journal	NOUN
emaj-257	426	2	of	of	ADP
emaj-257	426	3	finance	finance	NOUN
emaj-257	426	4	,	,	PUNCT
emaj-257	426	5	53	53	NUM
emaj-257	426	6	-	-	SYM
emaj-257	426	7	85	85	NUM
emaj-257	426	8	.	.	PUNCT
emaj-257	427	1	johansson	johansson	PROPN
emaj-257	427	2	,	,	PUNCT
emaj-257	427	3	a.	a.	PROPN
emaj-257	427	4	c.	c.	PROPN
emaj-257	427	5	(	(	PUNCT
emaj-257	427	6	2010	2010	NUM
emaj-257	427	7	)	)	PUNCT
emaj-257	427	8	.	.	PUNCT
emaj-257	428	1	stock	stock	NOUN
emaj-257	428	2	and	and	CCONJ
emaj-257	428	3	bond	bond	NOUN
emaj-257	428	4	relationships	relationship	NOUN
emaj-257	428	5	in	in	ADP
emaj-257	428	6	asia	asia	PROPN
emaj-257	428	7	,	,	PUNCT
emaj-257	428	8	cerc	cerc	NOUN
emaj-257	428	9	working	work	VERB
emaj-257	428	10	paper	paper	PROPN
emaj-257	428	11	14	14	NUM
emaj-257	428	12	.	.	PUNCT
emaj-257	429	1	stockholm	stockholm	PROPN
emaj-257	429	2	school	school	PROPN
emaj-257	429	3	of	of	ADP
emaj-257	429	4	economics	economic	NOUN
emaj-257	429	5	.	.	PUNCT
emaj-257	430	1	kao	kao	PROPN
emaj-257	430	2	,	,	PUNCT
emaj-257	430	3	c.	c.	PROPN
emaj-257	430	4	(	(	PUNCT
emaj-257	430	5	1999	1999	NUM
emaj-257	430	6	)	)	PUNCT
emaj-257	430	7	.	.	PUNCT
emaj-257	431	1	spurious	spurious	ADJ
emaj-257	431	2	regression	regression	NOUN
emaj-257	431	3	and	and	CCONJ
emaj-257	431	4	residual	residual	ADJ
emaj-257	431	5	-	-	PUNCT
emaj-257	431	6	based	base	VERB
emaj-257	431	7	tests	test	NOUN
emaj-257	431	8	for	for	ADP
emaj-257	431	9	cointegration	cointegration	NOUN
emaj-257	431	10	in	in	ADP
emaj-257	431	11	panel	panel	NOUN
emaj-257	431	12	data	datum	NOUN
emaj-257	431	13	.	.	PUNCT
emaj-257	432	1	journal	journal	PROPN
emaj-257	432	2	of	of	ADP
emaj-257	432	3	econometrics	econometrics	NOUN
emaj-257	432	4	90	90	NUM
emaj-257	432	5	:	:	SYM
emaj-257	432	6	1	1	NUM
emaj-257	432	7	-	-	SYM
emaj-257	432	8	44	44	NUM
emaj-257	432	9	.	.	PUNCT
emaj-257	433	1	kayalar	kayalar	PROPN
emaj-257	433	2	,	,	PUNCT
emaj-257	433	3	d.e	d.e	PROPN
emaj-257	433	4	.	.	PROPN
emaj-257	433	5	,	,	PUNCT
emaj-257	433	6	küçüközmen	küçüközmen	PROPN
emaj-257	433	7	,	,	PUNCT
emaj-257	433	8	c.c	c.c	PROPN
emaj-257	433	9	.	.	PROPN
emaj-257	433	10	,	,	PUNCT
emaj-257	433	11	kestel	kestel	PROPN
emaj-257	433	12	,	,	PUNCT
emaj-257	433	13	a.s	a.s	PROPN
emaj-257	433	14	-	-	PUNCT
emaj-257	433	15	s.	s.	PROPN
emaj-257	433	16	(	(	PUNCT
emaj-257	433	17	2017	2017	NUM
emaj-257	433	18	)	)	PUNCT
emaj-257	433	19	.	.	PUNCT
emaj-257	434	1	the	the	DET
emaj-257	434	2	impact	impact	NOUN
emaj-257	434	3	of	of	ADP
emaj-257	434	4	crude	crude	ADJ
emaj-257	434	5	oil	oil	NOUN
emaj-257	434	6	prices	price	NOUN
emaj-257	434	7	on	on	ADP
emaj-257	434	8	financial	financial	ADJ
emaj-257	434	9	market	market	NOUN
emaj-257	434	10	indicators	indicator	NOUN
emaj-257	434	11	:	:	PUNCT
emaj-257	434	12	copula	copula	ADJ
emaj-257	434	13	approach	approach	NOUN
emaj-257	434	14	.	.	PUNCT
emaj-257	435	1	energy	energy	NOUN
emaj-257	435	2	economics	economic	NOUN
emaj-257	435	3	61	61	NUM
emaj-257	435	4	(	(	PUNCT
emaj-257	435	5	2017	2017	NUM
emaj-257	435	6	)	)	PUNCT
emaj-257	435	7	162	162	NUM
emaj-257	435	8	-	-	SYM
emaj-257	435	9	173	173	NUM
emaj-257	435	10	.	.	PUNCT
emaj-257	436	1	lee	lee	PROPN
emaj-257	436	2	b.-j	b.-j	PROPN
emaj-257	436	3	.	.	PROPN
emaj-257	436	4	,	,	PUNCT
emaj-257	436	5	yang	yang	PROPN
emaj-257	436	6	c.	c.	PROPN
emaj-257	436	7	w.	w.	PROPN
emaj-257	436	8	,	,	PUNCT
emaj-257	436	9	huang	huang	PROPN
emaj-257	436	10	b	b	PROPN
emaj-257	436	11	-	-	PUNCT
emaj-257	436	12	n.	n.	NOUN
emaj-257	436	13	(	(	PUNCT
emaj-257	436	14	2012	2012	NUM
emaj-257	436	15	)	)	PUNCT
emaj-257	436	16	.	.	PUNCT
emaj-257	437	1	oil	oil	NOUN
emaj-257	437	2	price	price	NOUN
emaj-257	437	3	movements	movement	NOUN
emaj-257	437	4	and	and	CCONJ
emaj-257	437	5	stock	stock	NOUN
emaj-257	437	6	markets	market	NOUN
emaj-257	437	7	revisited	revisit	VERB
emaj-257	437	8	:	:	PUNCT
emaj-257	437	9	a	a	DET
emaj-257	437	10	case	case	NOUN
emaj-257	437	11	of	of	ADP
emaj-257	437	12	sector	sector	NOUN
emaj-257	437	13	stock	stock	NOUN
emaj-257	437	14	price	price	NOUN
emaj-257	437	15	i̇ndexes	i̇ndexe	NOUN
emaj-257	437	16	i̇n	i̇n	VERB
emaj-257	437	17	the	the	DET
emaj-257	437	18	g-7	g-7	NOUN
emaj-257	437	19	countries	country	NOUN
emaj-257	437	20	.	.	PUNCT
emaj-257	438	1	energy	energy	NOUN
emaj-257	438	2	economics	economic	NOUN
emaj-257	438	3	volume	volume	NOUN
emaj-257	438	4	34	34	NUM
emaj-257	438	5	,	,	PUNCT
emaj-257	438	6	issue	issue	NOUN
emaj-257	438	7	5	5	NUM
emaj-257	438	8	,	,	PUNCT
emaj-257	438	9	september	september	PROPN
emaj-257	438	10	2012	2012	NUM
emaj-257	438	11	,	,	PUNCT
emaj-257	438	12	1284	1284	NUM
emaj-257	438	13	-	-	SYM
emaj-257	438	14	1300	1300	NUM
emaj-257	438	15	.	.	PUNCT
emaj-257	439	1	levin	levin	PROPN
emaj-257	439	2	,	,	PUNCT
emaj-257	439	3	a.	a.	PROPN
emaj-257	439	4	,	,	PUNCT
emaj-257	439	5	lin	lin	PROPN
emaj-257	439	6	,	,	PUNCT
emaj-257	439	7	c.	c.	PROPN
emaj-257	439	8	f.	f.	PROPN
emaj-257	439	9	,	,	PUNCT
emaj-257	439	10	&	&	CCONJ
emaj-257	439	11	chu	chu	PROPN
emaj-257	439	12	,	,	PUNCT
emaj-257	439	13	c.	c.	PROPN
emaj-257	439	14	s.	s.	PROPN
emaj-257	439	15	j.	j.	PROPN
emaj-257	439	16	(	(	PUNCT
emaj-257	439	17	2002	2002	NUM
emaj-257	439	18	)	)	PUNCT
emaj-257	439	19	.	.	PUNCT
emaj-257	440	1	unit	unit	NOUN
emaj-257	440	2	root	root	NOUN
emaj-257	440	3	tests	test	NOUN
emaj-257	440	4	in	in	ADP
emaj-257	440	5	panel	panel	NOUN
emaj-257	440	6	data	datum	NOUN
emaj-257	440	7	:	:	PUNCT
emaj-257	440	8	asymptotic	asymptotic	ADJ
emaj-257	440	9	and	and	CCONJ
emaj-257	440	10	finitesample	finitesample	NOUN
emaj-257	440	11	properties	property	NOUN
emaj-257	440	12	.	.	PUNCT
emaj-257	441	1	journal	journal	PROPN
emaj-257	441	2	of	of	ADP
emaj-257	441	3	econometrics	econometric	NOUN
emaj-257	441	4	,	,	PUNCT
emaj-257	441	5	108(1	108(1	NUM
emaj-257	441	6	)	)	PUNCT
emaj-257	441	7	,	,	PUNCT
emaj-257	441	8	1	1	NUM
emaj-257	441	9	-	-	SYM
emaj-257	441	10	24	24	NUM
emaj-257	441	11	.	.	PUNCT
emaj-257	442	1	li	li	PROPN
emaj-257	442	2	,	,	PUNCT
emaj-257	442	3	l.	l.	PROPN
emaj-257	442	4	(	(	PUNCT
emaj-257	442	5	2002	2002	NUM
emaj-257	442	6	)	)	PUNCT
emaj-257	442	7	.	.	PUNCT
emaj-257	443	1	macroeconomic	macroeconomic	ADJ
emaj-257	443	2	factors	factor	NOUN
emaj-257	443	3	and	and	CCONJ
emaj-257	443	4	the	the	DET
emaj-257	443	5	correlation	correlation	NOUN
emaj-257	443	6	of	of	ADP
emaj-257	443	7	stock	stock	NOUN
emaj-257	443	8	and	and	CCONJ
emaj-257	443	9	bond	bond	NOUN
emaj-257	443	10	returns	return	NOUN
emaj-257	443	11	.	.	PUNCT
emaj-257	444	1	yale	yale	PROPN
emaj-257	444	2	icf	icf	PROPN
emaj-257	444	3	working	working	PROPN
emaj-257	444	4	paper	paper	PROPN
emaj-257	444	5	no	no	INTJ
emaj-257	444	6	.	.	PROPN
emaj-257	445	1	02	02	NUM
emaj-257	445	2	-	-	SYM
emaj-257	445	3	46	46	NUM
emaj-257	445	4	.	.	PUNCT
emaj-257	446	1	lin	lin	PROPN
emaj-257	446	2	f.-l	f.-l	PROPN
emaj-257	446	3	,	,	PUNCT
emaj-257	446	4	yang	yang	PROPN
emaj-257	446	5	s.-y	s.-y	PROPN
emaj-257	446	6	.	.	PUNCT
emaj-257	446	7	,	,	PUNCT
emaj-257	446	8	marsh	marsh	PROPN
emaj-257	446	9	t.	t.	PROPN
emaj-257	446	10	,	,	PUNCT
emaj-257	446	11	chen	chen	PROPN
emaj-257	446	12	y-.f	y-.f	PROPN
emaj-257	446	13	.	.	PUNCT
emaj-257	447	1	(	(	PUNCT
emaj-257	447	2	2018	2018	NUM
emaj-257	447	3	)	)	PUNCT
emaj-257	447	4	.	.	PUNCT
emaj-257	448	1	stock	stock	NOUN
emaj-257	448	2	and	and	CCONJ
emaj-257	448	3	bond	bond	NOUN
emaj-257	448	4	return	return	NOUN
emaj-257	448	5	relations	relation	NOUN
emaj-257	448	6	and	and	CCONJ
emaj-257	448	7	stock	stock	NOUN
emaj-257	448	8	market	market	NOUN
emaj-257	448	9	uncertainty	uncertainty	NOUN
emaj-257	448	10	:	:	PUNCT
emaj-257	448	11	evidence	evidence	NOUN
emaj-257	448	12	from	from	ADP
emaj-257	448	13	wavelet	wavelet	NOUN
emaj-257	448	14	analysis	analysis	NOUN
emaj-257	448	15	.	.	PUNCT
emaj-257	449	1	international	international	ADJ
emaj-257	449	2	review	review	NOUN
emaj-257	449	3	of	of	ADP
emaj-257	449	4	economics	economic	NOUN
emaj-257	449	5	and	and	CCONJ
emaj-257	449	6	finance	finance	NOUN
emaj-257	449	7	55	55	NUM
emaj-257	449	8	,	,	PUNCT
emaj-257	449	9	285	285	NUM
emaj-257	449	10	-	-	SYM
emaj-257	449	11	294	294	NUM
emaj-257	449	12	.	.	PUNCT
emaj-257	450	1	longstaff	longstaff	PROPN
emaj-257	450	2	,	,	PUNCT
emaj-257	450	3	f.a	f.a	PROPN
emaj-257	450	4	.	.	PROPN
emaj-257	450	5	,	,	PUNCT
emaj-257	450	6	mithal	mithal	PROPN
emaj-257	450	7	,	,	PUNCT
emaj-257	450	8	s.	s.	PROPN
emaj-257	450	9	,	,	PUNCT
emaj-257	450	10	neis	neis	PROPN
emaj-257	450	11	,	,	PUNCT
emaj-257	450	12	e.	e.	PROPN
emaj-257	450	13	(	(	PUNCT
emaj-257	450	14	2003	2003	NUM
emaj-257	450	15	)	)	PUNCT
emaj-257	450	16	.	.	PUNCT
emaj-257	451	1	the	the	DET
emaj-257	451	2	credit	credit	NOUN
emaj-257	451	3	default	default	NOUN
emaj-257	451	4	swap	swap	NOUN
emaj-257	451	5	market	market	NOUN
emaj-257	451	6	:	:	PUNCT
emaj-257	451	7	is	be	AUX
emaj-257	451	8	credit	credit	NOUN
emaj-257	451	9	protection	protection	NOUN
emaj-257	451	10	priced	price	VERB
emaj-257	451	11	correctly	correctly	ADV
emaj-257	451	12	?	?	PUNCT
emaj-257	452	1	working	work	VERB
emaj-257	452	2	paper	paper	NOUN
emaj-257	452	3	,	,	PUNCT
emaj-257	452	4	anderson	anderson	PROPN
emaj-257	452	5	school	school	PROPN
emaj-257	452	6	at	at	ADP
emaj-257	452	7	ucla	ucla	PROPN
emaj-257	452	8	.	.	PUNCT
emaj-257	453	1	merton	merton	PROPN
emaj-257	453	2	,	,	PUNCT
emaj-257	453	3	r.	r.	PROPN
emaj-257	453	4	c.	c.	PROPN
emaj-257	453	5	(	(	PUNCT
emaj-257	453	6	1974	1974	NUM
emaj-257	453	7	)	)	PUNCT
emaj-257	453	8	.	.	PUNCT
emaj-257	454	1	on	on	ADP
emaj-257	454	2	the	the	DET
emaj-257	454	3	pricing	pricing	NOUN
emaj-257	454	4	of	of	ADP
emaj-257	454	5	corporate	corporate	ADJ
emaj-257	454	6	debt	debt	NOUN
emaj-257	454	7	:	:	PUNCT
emaj-257	454	8	the	the	DET
emaj-257	454	9	risk	risk	NOUN
emaj-257	454	10	structure	structure	NOUN
emaj-257	454	11	of	of	ADP
emaj-257	454	12	interest	interest	NOUN
emaj-257	454	13	rates	rate	NOUN
emaj-257	454	14	.	.	PUNCT
emaj-257	455	1	journal	journal	PROPN
emaj-257	455	2	of	of	ADP
emaj-257	455	3	finance	finance	NOUN
emaj-257	455	4	,	,	PUNCT
emaj-257	455	5	29	29	NUM
emaj-257	455	6	,	,	PUNCT
emaj-257	455	7	449	449	NUM
emaj-257	455	8	-	-	SYM
emaj-257	455	9	470	470	NUM
emaj-257	455	10	.	.	PUNCT
emaj-257	456	1	https://doi.org/10.2307/2978814	https://doi.org/10.2307/2978814	PRON
emaj-257	457	1	naifar	naifar	ADV
emaj-257	457	2	n.	n.	NOUN
emaj-257	457	3	(	(	PUNCT
emaj-257	457	4	2012	2012	NUM
emaj-257	457	5	)	)	PUNCT
emaj-257	457	6	.	.	PUNCT
emaj-257	458	1	modeling	model	VERB
emaj-257	458	2	the	the	DET
emaj-257	458	3	dependence	dependence	NOUN
emaj-257	458	4	structure	structure	NOUN
emaj-257	458	5	between	between	ADP
emaj-257	458	6	default	default	NOUN
emaj-257	458	7	risk	risk	NOUN
emaj-257	458	8	premium	premium	NOUN
emaj-257	458	9	,	,	PUNCT
emaj-257	458	10	equity	equity	NOUN
emaj-257	458	11	return	return	NOUN
emaj-257	458	12	volatility	volatility	NOUN
emaj-257	458	13	and	and	CCONJ
emaj-257	458	14	the	the	DET
emaj-257	458	15	jump	jump	NOUN
emaj-257	458	16	risk	risk	NOUN
emaj-257	458	17	:	:	PUNCT
emaj-257	458	18	evidence	evidence	NOUN
emaj-257	458	19	from	from	ADP
emaj-257	458	20	a	a	DET
emaj-257	458	21	financial	financial	ADJ
emaj-257	458	22	crisis	crisis	NOUN
emaj-257	458	23	.	.	PUNCT
emaj-257	459	1	economic	economic	ADJ
emaj-257	459	2	modelling	modelling	NOUN
emaj-257	459	3	29	29	NUM
emaj-257	459	4	,	,	PUNCT
emaj-257	459	5	119131	119131	NUM
emaj-257	459	6	.	.	PUNCT
emaj-257	460	1	narayan	narayan	PROPN
emaj-257	460	2	p.	p.	PROPN
emaj-257	460	3	k.	k.	PROPN
emaj-257	460	4	,	,	PUNCT
emaj-257	460	5	sharma	sharma	PROPN
emaj-257	460	6	s.	s.	PROPN
emaj-257	460	7	s.	s.	PROPN
emaj-257	460	8	,	,	PUNCT
emaj-257	460	9	thuraisamy	thuraisamy	PROPN
emaj-257	460	10	k.	k.	PROPN
emaj-257	460	11	s.	s.	PROPN
emaj-257	460	12	(	(	PUNCT
emaj-257	460	13	2014	2014	NUM
emaj-257	460	14	)	)	PUNCT
emaj-257	460	15	.	.	PUNCT
emaj-257	461	1	an	an	DET
emaj-257	461	2	analysis	analysis	NOUN
emaj-257	461	3	of	of	ADP
emaj-257	461	4	price	price	NOUN
emaj-257	461	5	discovery	discovery	NOUN
emaj-257	461	6	from	from	ADP
emaj-257	461	7	panel	panel	NOUN
emaj-257	461	8	data	datum	NOUN
emaj-257	461	9	models	model	NOUN
emaj-257	461	10	of	of	ADP
emaj-257	461	11	cds	cd	NOUN
emaj-257	461	12	and	and	CCONJ
emaj-257	461	13	equity	equity	NOUN
emaj-257	461	14	returns	return	NOUN
emaj-257	461	15	.	.	PUNCT
emaj-257	462	1	journal	journal	NOUN
emaj-257	462	2	of	of	ADP
emaj-257	462	3	banking	banking	NOUN
emaj-257	462	4	&	&	CCONJ
emaj-257	462	5	finance	finance	PROPN
emaj-257	462	6	41	41	NUM
emaj-257	462	7	(	(	PUNCT
emaj-257	462	8	2014	2014	NUM
emaj-257	462	9	)	)	PUNCT
emaj-257	462	10	,	,	PUNCT
emaj-257	462	11	167	167	NUM
emaj-257	462	12	-	-	SYM
emaj-257	462	13	177	177	NUM
emaj-257	462	14	.	.	PUNCT
emaj-257	463	1	norden	norden	PROPN
emaj-257	463	2	,	,	PUNCT
emaj-257	463	3	l.	l.	PROPN
emaj-257	463	4	,	,	PUNCT
emaj-257	463	5	weber	weber	PROPN
emaj-257	463	6	,	,	PUNCT
emaj-257	463	7	m.	m.	NOUN
emaj-257	463	8	(	(	PUNCT
emaj-257	463	9	2004	2004	NUM
emaj-257	463	10	)	)	PUNCT
emaj-257	463	11	.	.	PUNCT
emaj-257	464	1	the	the	DET
emaj-257	464	2	comovement	comovement	NOUN
emaj-257	464	3	of	of	ADP
emaj-257	464	4	credit	credit	NOUN
emaj-257	464	5	default	default	NOUN
emaj-257	464	6	swap	swap	NOUN
emaj-257	464	7	,	,	PUNCT
emaj-257	464	8	bond	bond	NOUN
emaj-257	464	9	and	and	CCONJ
emaj-257	464	10	stock	stock	NOUN
emaj-257	464	11	markets	market	NOUN
emaj-257	464	12	:	:	PUNCT
emaj-257	464	13	an	an	DET
emaj-257	464	14	empirical	empirical	ADJ
emaj-257	464	15	analysis	analysis	NOUN
emaj-257	464	16	.	.	PUNCT
emaj-257	465	1	working	work	VERB
emaj-257	465	2	paper	paper	NOUN
emaj-257	465	3	,	,	PUNCT
emaj-257	465	4	university	university	NOUN
emaj-257	465	5	of	of	ADP
emaj-257	465	6	mannheim	mannheim	PROPN
emaj-257	465	7	,	,	PUNCT
emaj-257	465	8	germany	germany	PROPN
emaj-257	465	9	.	.	PUNCT
emaj-257	466	1	öcal	öcal	PROPN
emaj-257	466	2	,	,	PUNCT
emaj-257	466	3	h.	h.	PROPN
emaj-257	466	4	,	,	PUNCT
emaj-257	466	5	&	&	CCONJ
emaj-257	466	6	kamil	kamil	PROPN
emaj-257	466	7	,	,	PUNCT
emaj-257	466	8	a.	a.	NOUN
emaj-257	466	9	a.	a.	NOUN
emaj-257	466	10	(	(	PUNCT
emaj-257	466	11	2021	2021	NUM
emaj-257	466	12	)	)	PUNCT
emaj-257	466	13	.	.	PUNCT
emaj-257	467	1	the	the	DET
emaj-257	467	2	impact	impact	NOUN
emaj-257	467	3	of	of	ADP
emaj-257	467	4	risk	risk	NOUN
emaj-257	467	5	indicators	indicator	NOUN
emaj-257	467	6	on	on	ADP
emaj-257	467	7	sustainability	sustainability	NOUN
emaj-257	467	8	(	(	PUNCT
emaj-257	467	9	esg	esg	NOUN
emaj-257	467	10	)	)	PUNCT
emaj-257	467	11	and	and	CCONJ
emaj-257	467	12	broadbased	broadbased	ADJ
emaj-257	467	13	indices	index	NOUN
emaj-257	467	14	:	:	PUNCT
emaj-257	467	15	an	an	DET
emaj-257	467	16	empirical	empirical	ADJ
emaj-257	467	17	analysis	analysis	NOUN
emaj-257	467	18	from	from	ADP
emaj-257	467	19	germany	germany	PROPN
emaj-257	467	20	,	,	PUNCT
emaj-257	467	21	france	france	PROPN
emaj-257	467	22	,	,	PUNCT
emaj-257	467	23	indonesia	indonesia	PROPN
emaj-257	467	24	and	and	CCONJ
emaj-257	467	25	turkey	turkey	PROPN
emaj-257	467	26	.	.	PUNCT
emaj-257	468	1	international	international	ADJ
emaj-257	468	2	journal	journal	NOUN
emaj-257	468	3	of	of	ADP
emaj-257	468	4	sustainable	sustainable	ADJ
emaj-257	468	5	economy	economy	NOUN
emaj-257	468	6	,	,	PUNCT
emaj-257	468	7	13(1	13(1	NUM
emaj-257	468	8	)	)	PUNCT
emaj-257	468	9	,	,	PUNCT
emaj-257	468	10	18	18	NUM
emaj-257	468	11	-	-	SYM
emaj-257	468	12	54	54	NUM
emaj-257	468	13	.	.	PUNCT
emaj-257	469	1	park	park	NOUN
emaj-257	469	2	,	,	PUNCT
emaj-257	469	3	y.	y.	PROPN
emaj-257	469	4	j.	j.	PROPN
emaj-257	469	5	,	,	PUNCT
emaj-257	469	6	kutan	kutan	PROPN
emaj-257	469	7	a.	a.	NOUN
emaj-257	469	8	m.	m.	PROPN
emaj-257	469	9	,	,	PUNCT
emaj-257	469	10	ryu	ryu	PROPN
emaj-257	469	11	d.	d.	PROPN
emaj-257	469	12	(	(	PUNCT
emaj-257	469	13	2019	2019	NUM
emaj-257	469	14	)	)	PUNCT
emaj-257	469	15	.	.	PUNCT
emaj-257	470	1	the	the	DET
emaj-257	470	2	impacts	impact	NOUN
emaj-257	470	3	of	of	ADP
emaj-257	470	4	overseas	overseas	ADJ
emaj-257	470	5	market	market	NOUN
emaj-257	470	6	shocks	shock	NOUN
emaj-257	470	7	on	on	ADP
emaj-257	470	8	the	the	DET
emaj-257	470	9	cds	cd	NOUN
emaj-257	470	10	-	-	PUNCT
emaj-257	470	11	option	option	NOUN
emaj-257	470	12	basis	basis	NOUN
emaj-257	470	13	.	.	PUNCT
emaj-257	471	1	north	north	ADJ
emaj-257	471	2	american	american	PROPN
emaj-257	471	3	journal	journal	PROPN
emaj-257	471	4	of	of	ADP
emaj-257	471	5	economics	economic	NOUN
emaj-257	471	6	and	and	CCONJ
emaj-257	471	7	finance	finance	NOUN
emaj-257	471	8	47	47	NUM
emaj-257	471	9	,	,	PUNCT
emaj-257	471	10	622	622	NUM
emaj-257	471	11	-	-	SYM
emaj-257	471	12	636	636	NUM
emaj-257	471	13	.	.	PUNCT
emaj-257	472	1	pedroni	pedroni	NOUN
emaj-257	472	2	,	,	PUNCT
emaj-257	472	3	p.	p.	NOUN
emaj-257	472	4	(	(	PUNCT
emaj-257	472	5	1999	1999	NUM
emaj-257	472	6	)	)	PUNCT
emaj-257	472	7	.	.	PUNCT
emaj-257	473	1	critical	critical	ADJ
emaj-257	473	2	values	value	NOUN
emaj-257	473	3	for	for	ADP
emaj-257	473	4	cointegration	cointegration	NOUN
emaj-257	473	5	tests	test	NOUN
emaj-257	473	6	in	in	ADP
emaj-257	473	7	heterogeneous	heterogeneous	ADJ
emaj-257	473	8	panels	panel	NOUN
emaj-257	473	9	with	with	ADP
emaj-257	473	10	multiple	multiple	ADJ
emaj-257	473	11	regressors	regressor	NOUN
emaj-257	473	12	.	.	PUNCT
emaj-257	474	1	oxford	oxford	ADJ
emaj-257	474	2	bulletin	bulletin	NOUN
emaj-257	474	3	of	of	ADP
emaj-257	474	4	economics	economic	NOUN
emaj-257	474	5	and	and	CCONJ
emaj-257	474	6	statistics	statistic	NOUN
emaj-257	474	7	61	61	NUM
emaj-257	474	8	:	:	PUNCT
emaj-257	474	9	653	653	NUM
emaj-257	474	10	-	-	SYM
emaj-257	474	11	670	670	NUM
emaj-257	474	12	.	.	PUNCT
emaj-257	475	1	pedroni	pedroni	NOUN
emaj-257	475	2	,	,	PUNCT
emaj-257	475	3	p.	p.	NOUN
emaj-257	475	4	(	(	PUNCT
emaj-257	475	5	2004	2004	NUM
emaj-257	475	6	)	)	PUNCT
emaj-257	475	7	.	.	PUNCT
emaj-257	476	1	panel	panel	NOUN
emaj-257	476	2	cointegration	cointegration	NOUN
emaj-257	476	3	:	:	PUNCT
emaj-257	476	4	asymptotic	asymptotic	ADJ
emaj-257	476	5	and	and	CCONJ
emaj-257	476	6	finite	finite	ADJ
emaj-257	476	7	sample	sample	NOUN
emaj-257	476	8	properties	property	NOUN
emaj-257	476	9	of	of	ADP
emaj-257	476	10	pooled	pool	VERB
emaj-257	476	11	time	time	NOUN
emaj-257	476	12	series	series	NOUN
emaj-257	476	13	tests	test	VERB
emaj-257	476	14	with	with	ADP
emaj-257	476	15	an	an	DET
emaj-257	476	16	application	application	NOUN
emaj-257	476	17	to	to	ADP
emaj-257	476	18	the	the	DET
emaj-257	476	19	ppp	ppp	PROPN
emaj-257	476	20	hypothesis	hypothesis	NOUN
emaj-257	476	21	.	.	PUNCT
emaj-257	477	1	econometric	econometric	PROPN
emaj-257	477	2	theory	theory	NOUN
emaj-257	477	3	20	20	NUM
emaj-257	477	4	:	:	PUNCT
emaj-257	477	5	597	597	NUM
emaj-257	477	6	-	-	SYM
emaj-257	477	7	625	625	NUM
emaj-257	477	8	.	.	PUNCT
emaj-257	478	1	pesaran	pesaran	VERB
emaj-257	478	2	,	,	PUNCT
emaj-257	478	3	m.	m.	PROPN
emaj-257	478	4	h.	h.	PROPN
emaj-257	478	5	,	,	PUNCT
emaj-257	478	6	&	&	CCONJ
emaj-257	478	7	shin	shin	PROPN
emaj-257	478	8	,	,	PUNCT
emaj-257	478	9	y.	y.	PROPN
emaj-257	478	10	(	(	PUNCT
emaj-257	478	11	1995	1995	NUM
emaj-257	478	12	)	)	PUNCT
emaj-257	478	13	.	.	PUNCT
emaj-257	479	1	an	an	DET
emaj-257	479	2	autoregressive	autoregressive	ADJ
emaj-257	479	3	lag	lag	NOUN
emaj-257	479	4	modelling	modelling	NOUN
emaj-257	479	5	approach	approach	NOUN
emaj-257	479	6	to	to	AUX
emaj-257	479	7	cointegration	cointegration	NOUN
emaj-257	479	8	analysis	analysis	NOUN
emaj-257	479	9	(	(	PUNCT
emaj-257	479	10	vol	vol	NOUN
emaj-257	479	11	.	.	PUNCT
emaj-257	479	12	9514	9514	NUM
emaj-257	479	13	)	)	PUNCT
emaj-257	479	14	.	.	PUNCT
emaj-257	480	1	cambridge	cambridge	PROPN
emaj-257	480	2	working	working	PROPN
emaj-257	480	3	papers	paper	NOUN
emaj-257	480	4	in	in	ADP
emaj-257	480	5	economics	economic	NOUN
emaj-257	480	6	.	.	PUNCT
emaj-257	481	1	pesaran	pesaran	PROPN
emaj-257	481	2	,	,	PUNCT
emaj-257	481	3	m.	m.	PROPN
emaj-257	481	4	h.	h.	PROPN
emaj-257	481	5	,	,	PUNCT
emaj-257	481	6	shin	shin	PROPN
emaj-257	481	7	,	,	PUNCT
emaj-257	481	8	y.	y.	PROPN
emaj-257	481	9	,	,	PUNCT
emaj-257	481	10	&	&	CCONJ
emaj-257	481	11	smith	smith	PROPN
emaj-257	481	12	,	,	PUNCT
emaj-257	481	13	r.	r.	PROPN
emaj-257	481	14	p.	p.	PROPN
emaj-257	481	15	(	(	PUNCT
emaj-257	481	16	1999	1999	NUM
emaj-257	481	17	)	)	PUNCT
emaj-257	481	18	.	.	PUNCT
emaj-257	482	1	pooled	pool	VERB
emaj-257	482	2	mean	mean	PROPN
emaj-257	482	3	group	group	NOUN
emaj-257	482	4	estimation	estimation	NOUN
emaj-257	482	5	of	of	ADP
emaj-257	482	6	dynamic	dynamic	ADJ
emaj-257	482	7	heterogeneous	heterogeneous	ADJ
emaj-257	482	8	panels	panel	NOUN
emaj-257	482	9	.	.	PUNCT
emaj-257	483	1	journal	journal	NOUN
emaj-257	483	2	of	of	ADP
emaj-257	483	3	the	the	DET
emaj-257	483	4	american	american	PROPN
emaj-257	483	5	statistical	statistical	PROPN
emaj-257	483	6	association	association	NOUN
emaj-257	483	7	,	,	PUNCT
emaj-257	483	8	94(446	94(446	NOUN
emaj-257	483	9	)	)	PUNCT
emaj-257	483	10	,	,	PUNCT
emaj-257	483	11	621	621	NUM
emaj-257	483	12	-	-	SYM
emaj-257	483	13	634	634	NUM
emaj-257	483	14	.	.	PUNCT
emaj-257	484	1	pesaran	pesaran	VERB
emaj-257	484	2	,	,	PUNCT
emaj-257	484	3	m.	m.	NOUN
emaj-257	484	4	hashem	hashem	PROPN
emaj-257	484	5	(	(	PUNCT
emaj-257	484	6	2004	2004	NUM
emaj-257	484	7	)	)	PUNCT
emaj-257	484	8	.	.	PUNCT
emaj-257	485	1	general	general	ADJ
emaj-257	485	2	diagnostic	diagnostic	ADJ
emaj-257	485	3	tests	test	NOUN
emaj-257	485	4	for	for	ADP
emaj-257	485	5	cross	cross	NOUN
emaj-257	485	6	section	section	NOUN
emaj-257	485	7	dependence	dependence	NOUN
emaj-257	485	8	in	in	ADP
emaj-257	485	9	panels	panel	NOUN
emaj-257	485	10	,	,	PUNCT
emaj-257	485	11	iza	iza	PROPN
emaj-257	485	12	discussion	discussion	PROPN
emaj-257	485	13	paper	paper	PROPN
emaj-257	485	14	no	no	NOUN
emaj-257	485	15	.	.	PROPN
emaj-257	485	16	1240	1240	NUM
emaj-257	485	17	.	.	PUNCT
emaj-257	486	1	pesaran	pesaran	VERB
emaj-257	486	2	,	,	PUNCT
emaj-257	486	3	m.	m.	NOUN
emaj-257	486	4	h.	h.	PROPN
emaj-257	486	5	(	(	PUNCT
emaj-257	486	6	2015	2015	NUM
emaj-257	486	7	)	)	PUNCT
emaj-257	486	8	.	.	PUNCT
emaj-257	487	1	testing	test	VERB
emaj-257	487	2	weak	weak	ADJ
emaj-257	487	3	cross	cross	ADJ
emaj-257	487	4	-	-	ADJ
emaj-257	487	5	sectional	sectional	ADJ
emaj-257	487	6	dependence	dependence	NOUN
emaj-257	487	7	in	in	ADP
emaj-257	487	8	large	large	ADJ
emaj-257	487	9	panels	panel	NOUN
emaj-257	487	10	.	.	PUNCT
emaj-257	488	1	econometric	econometric	ADJ
emaj-257	488	2	reviews	review	NOUN
emaj-257	488	3	34(6	34(6	NUM
emaj-257	488	4	-	-	SYM
emaj-257	488	5	10	10	NUM
emaj-257	488	6	):	):	PUNCT
emaj-257	488	7	1089	1089	NUM
emaj-257	488	8	-	-	SYM
emaj-257	488	9	1117	1117	NUM
emaj-257	488	10	.	.	PUNCT
emaj-257	489	1	sargan	sargan	PROPN
emaj-257	489	2	,	,	PUNCT
emaj-257	489	3	j.	j.	PROPN
emaj-257	489	4	d.	d.	PROPN
emaj-257	489	5	(	(	PUNCT
emaj-257	489	6	1964	1964	NUM
emaj-257	489	7	)	)	PUNCT
emaj-257	489	8	.	.	PUNCT
emaj-257	490	1	wages	wage	NOUN
emaj-257	490	2	and	and	CCONJ
emaj-257	490	3	prices	price	NOUN
emaj-257	490	4	in	in	ADP
emaj-257	490	5	the	the	DET
emaj-257	490	6	united	united	ADJ
emaj-257	490	7	kingdom	kingdom	PROPN
emaj-257	490	8	:	:	PUNCT
emaj-257	490	9	a	a	DET
emaj-257	490	10	study	study	NOUN
emaj-257	490	11	in	in	ADP
emaj-257	490	12	econometric	econometric	ADJ
emaj-257	490	13	methodology	methodology	NOUN
emaj-257	490	14	.	.	PUNCT
emaj-257	491	1	econometric	econometric	ADJ
emaj-257	491	2	analysis	analysis	NOUN
emaj-257	491	3	for	for	ADP
emaj-257	491	4	national	national	ADJ
emaj-257	491	5	economic	economic	ADJ
emaj-257	491	6	planning	planning	NOUN
emaj-257	491	7	,	,	PUNCT
emaj-257	491	8	16	16	NUM
emaj-257	491	9	,	,	PUNCT
emaj-257	491	10	25	25	NUM
emaj-257	491	11	-	-	SYM
emaj-257	491	12	54	54	NUM
emaj-257	491	13	.	.	PUNCT
emaj-257	492	1	volume	volume	NOUN
emaj-257	492	2	12	12	NUM
emaj-257	492	3	no	no	DET
emaj-257	492	4	1	1	NUM
emaj-257	492	5	(	(	PUNCT
emaj-257	492	6	2022	2022	NUM
emaj-257	492	7	)	)	PUNCT
emaj-257	492	8	|	|	ADV
emaj-257	492	9	issn	issn	VERB
emaj-257	492	10	2158	2158	NUM
emaj-257	492	11	-	-	SYM
emaj-257	492	12	8708	8708	NUM
emaj-257	492	13	(	(	PUNCT
emaj-257	492	14	online	online	NOUN
emaj-257	492	15	)	)	PUNCT
emaj-257	492	16	|	|	ADV
emaj-257	492	17	doi	doi	X
emaj-257	492	18	10.5195	10.5195	NUM
emaj-257	492	19	/	/	SYM
emaj-257	492	20	emaj.2022.257	emaj.2022.257	NOUN
emaj-257	492	21	|	|	ADV
emaj-257	492	22	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-257	492	23	determinants	determinant	NOUN
emaj-257	492	24	of	of	ADP
emaj-257	492	25	stock	stock	NOUN
emaj-257	492	26	market	market	NOUN
emaj-257	492	27	indices	index	NOUN
emaj-257	492	28	:	:	PUNCT
emaj-257	492	29	an	an	DET
emaj-257	492	30	analysis	analysis	NOUN
emaj-257	492	31	of	of	ADP
emaj-257	492	32	emerging	emerge	VERB
emaj-257	492	33	markets	market	NOUN
emaj-257	492	34	of	of	ADP
emaj-257	492	35	brazil	brazil	PROPN
emaj-257	492	36	,	,	PUNCT
emaj-257	492	37	mexico	mexico	PROPN
emaj-257	492	38	,	,	PUNCT
emaj-257	492	39	russia	russia	PROPN
emaj-257	492	40	,	,	PUNCT
emaj-257	492	41	and	and	CCONJ
emaj-257	492	42	turkey	turkey	NOUN
emaj-257	492	43	page	page	NOUN
emaj-257	492	44	|38|	|38|	ADJ
emaj-257	492	45	emerging	emerge	VERB
emaj-257	492	46	markets	market	NOUN
emaj-257	492	47	journal	journal	NOUN
emaj-257	492	48	sarıgül	sarıgül	PROPN
emaj-257	492	49	h.	h.	PROPN
emaj-257	492	50	,	,	PUNCT
emaj-257	492	51	şengelen	şengelen	VERB
emaj-257	492	52	h.e	h.e	PROPN
emaj-257	492	53	.	.	PROPN
emaj-257	492	54	(	(	PUNCT
emaj-257	492	55	2020	2020	NUM
emaj-257	492	56	)	)	PUNCT
emaj-257	492	57	.	.	PUNCT
emaj-257	493	1	ülke	ülke	ADV
emaj-257	493	2	kredi	kredi	VERB
emaj-257	493	3	temerrüt	temerrüt	PROPN
emaj-257	493	4	takas	takas	PROPN
emaj-257	493	5	primleri	primleri	PROPN
emaj-257	493	6	ile	ile	PROPN
emaj-257	493	7	hisse	hisse	PROPN
emaj-257	493	8	senedi	senedi	VERB
emaj-257	493	9	fiyatları	fiyatları	PROPN
emaj-257	493	10	arasındaki	arasındaki	PROPN
emaj-257	493	11	i̇lişki	i̇lişki	PROPN
emaj-257	493	12	:	:	PUNCT
emaj-257	493	13	borsa	borsa	PROPN
emaj-257	493	14	i̇stanbul’da	i̇stanbul’da	PROPN
emaj-257	493	15	banka	banka	PROPN
emaj-257	493	16	hisse	hisse	PROPN
emaj-257	493	17	senetleri	senetleri	PROPN
emaj-257	493	18	üzerine	üzerine	PROPN
emaj-257	493	19	ampirik	ampirik	PROPN
emaj-257	493	20	bir	bir	PROPN
emaj-257	493	21	araştırma	araştırma	PROPN
emaj-257	493	22	.	.	PUNCT
emaj-257	494	1	muhasebe	muhasebe	PROPN
emaj-257	494	2	ve	ve	AUX
emaj-257	494	3	finansman	finansman	NOUN
emaj-257	494	4	dergisi	dergisi	ADJ
emaj-257	494	5	–	–	PUNCT
emaj-257	494	6	nisan/2020	nisan/2020	PROPN
emaj-257	494	7	(	(	PUNCT
emaj-257	494	8	86	86	NUM
emaj-257	494	9	):	):	SYM
emaj-257	494	10	205	205	NUM
emaj-257	494	11	-	-	SYM
emaj-257	494	12	222	222	NUM
emaj-257	494	13	issn	issn	NOUN
emaj-257	494	14	:	:	PUNCT
emaj-257	494	15	2146	2146	NUM
emaj-257	494	16	-	-	SYM
emaj-257	494	17	3042	3042	NUM
emaj-257	494	18	doi	doi	NOUN
emaj-257	494	19	:	:	PUNCT
emaj-257	494	20	10.25095	10.25095	NUM
emaj-257	494	21	/	/	SYM
emaj-257	494	22	mufad.710367	mufad.710367	PROPN
emaj-257	494	23	shiller	shiller	PROPN
emaj-257	494	24	,	,	PUNCT
emaj-257	494	25	r.j	r.j	PROPN
emaj-257	494	26	,	,	PUNCT
emaj-257	494	27	&	&	CCONJ
emaj-257	494	28	beltratti	beltratti	VERB
emaj-257	494	29	a.e	a.e	PROPN
emaj-257	494	30	.	.	PROPN
emaj-257	494	31	(	(	PUNCT
emaj-257	494	32	1992	1992	NUM
emaj-257	494	33	)	)	PUNCT
emaj-257	494	34	.	.	PUNCT
emaj-257	495	1	stock	stock	NOUN
emaj-257	495	2	prices	price	NOUN
emaj-257	495	3	and	and	CCONJ
emaj-257	495	4	bond	bond	NOUN
emaj-257	495	5	yields	yield	NOUN
emaj-257	495	6	.	.	PUNCT
emaj-257	496	1	journal	journal	NOUN
emaj-257	496	2	of	of	ADP
emaj-257	496	3	monetary	monetary	ADJ
emaj-257	496	4	economics	economic	NOUN
emaj-257	496	5	30	30	NUM
emaj-257	496	6	,	,	PUNCT
emaj-257	496	7	25	25	NUM
emaj-257	496	8	-	-	SYM
emaj-257	496	9	46	46	NUM
emaj-257	496	10	.	.	PUNCT
emaj-257	497	1	singhal	singhal	PROPN
emaj-257	497	2	s.	s.	PROPN
emaj-257	497	3	,	,	PUNCT
emaj-257	497	4	choudhary	choudhary	PROPN
emaj-257	497	5	s.	s.	PROPN
emaj-257	497	6	,	,	PUNCT
emaj-257	497	7	biswal	biswal	PROPN
emaj-257	497	8	p.	p.	PROPN
emaj-257	497	9	c.	c.	PROPN
emaj-257	497	10	(	(	PUNCT
emaj-257	497	11	2019	2019	NUM
emaj-257	497	12	)	)	PUNCT
emaj-257	497	13	.	.	PUNCT
emaj-257	498	1	return	return	NOUN
emaj-257	498	2	and	and	CCONJ
emaj-257	498	3	volatility	volatility	NOUN
emaj-257	498	4	linkages	linkage	NOUN
emaj-257	498	5	among	among	ADP
emaj-257	498	6	international	international	ADJ
emaj-257	498	7	crude	crude	ADJ
emaj-257	498	8	oil	oil	NOUN
emaj-257	498	9	price	price	NOUN
emaj-257	498	10	,	,	PUNCT
emaj-257	498	11	gold	gold	NOUN
emaj-257	498	12	price	price	NOUN
emaj-257	498	13	,	,	PUNCT
emaj-257	498	14	exchange	exchange	NOUN
emaj-257	498	15	rate	rate	NOUN
emaj-257	498	16	and	and	CCONJ
emaj-257	498	17	stock	stock	NOUN
emaj-257	498	18	markets	market	NOUN
emaj-257	498	19	:	:	PUNCT
emaj-257	498	20	evidence	evidence	NOUN
emaj-257	498	21	from	from	ADP
emaj-257	498	22	mexico	mexico	PROPN
emaj-257	498	23	.	.	PUNCT
emaj-257	499	1	resources	resource	NOUN
emaj-257	499	2	policy	policy	NOUN
emaj-257	499	3	60	60	NUM
emaj-257	499	4	(	(	PUNCT
emaj-257	499	5	2019	2019	NUM
emaj-257	499	6	)	)	PUNCT
emaj-257	499	7	255	255	NUM
emaj-257	499	8	-	-	SYM
emaj-257	499	9	261	261	NUM
emaj-257	499	10	.	.	PUNCT
emaj-257	500	1	smith	smith	PROPN
emaj-257	500	2	,	,	PUNCT
emaj-257	500	3	g.	g.	PROPN
emaj-257	500	4	,	,	PUNCT
emaj-257	500	5	cohen	cohen	PROPN
emaj-257	500	6	,	,	PUNCT
emaj-257	500	7	(	(	PUNCT
emaj-257	500	8	2002	2002	NUM
emaj-257	500	9	)	)	PUNCT
emaj-257	500	10	.	.	PUNCT
emaj-257	501	1	the	the	DET
emaj-257	501	2	methodology	methodology	NOUN
emaj-257	501	3	of	of	ADP
emaj-257	501	4	the	the	DET
emaj-257	501	5	principia	principia	PROPN
emaj-257	501	6	.	.	PUNCT
emaj-257	502	1	in	in	ADP
emaj-257	502	2	:	:	PUNCT
emaj-257	502	3	smith	smith	PROPN
emaj-257	502	4	(	(	PUNCT
emaj-257	502	5	ed	ed	NOUN
emaj-257	502	6	.	.	PUNCT
emaj-257	502	7	)	)	PUNCT
emaj-257	502	8	,	,	PUNCT
emaj-257	502	9	138–173	138–173	NUM
emaj-257	502	10	.	.	PUNCT
emaj-257	502	11	smyth	smyth	PROPN
emaj-257	502	12	r.	r.	PROPN
emaj-257	502	13	,	,	PUNCT
emaj-257	502	14	narayan	narayan	PROPN
emaj-257	502	15	p.	p.	PROPN
emaj-257	502	16	k.	k.	PROPN
emaj-257	502	17	(	(	PUNCT
emaj-257	502	18	2018	2018	NUM
emaj-257	502	19	)	)	PUNCT
emaj-257	502	20	.	.	PUNCT
emaj-257	503	1	what	what	PRON
emaj-257	503	2	do	do	AUX
emaj-257	503	3	we	we	PRON
emaj-257	503	4	know	know	VERB
emaj-257	503	5	about	about	ADP
emaj-257	503	6	oil	oil	NOUN
emaj-257	503	7	prices	price	NOUN
emaj-257	503	8	and	and	CCONJ
emaj-257	503	9	stock	stock	NOUN
emaj-257	503	10	returns	return	NOUN
emaj-257	503	11	?	?	PUNCT
emaj-257	504	1	international	international	ADJ
emaj-257	504	2	review	review	NOUN
emaj-257	504	3	of	of	ADP
emaj-257	504	4	financial	financial	ADJ
emaj-257	504	5	analysis	analysis	NOUN
emaj-257	504	6	57	57	NUM
emaj-257	504	7	(	(	PUNCT
emaj-257	504	8	2018	2018	NUM
emaj-257	504	9	)	)	PUNCT
emaj-257	504	10	148156	148156	NUM
emaj-257	504	11	.	.	PUNCT
emaj-257	505	1	swanson	swanson	PROPN
emaj-257	505	2	,	,	PUNCT
emaj-257	505	3	e.	e.	PROPN
emaj-257	505	4	t.	t.	PROPN
emaj-257	505	5	,	,	PUNCT
emaj-257	505	6	&	&	CCONJ
emaj-257	505	7	williams	williams	PROPN
emaj-257	505	8	,	,	PUNCT
emaj-257	505	9	j.	j.	PROPN
emaj-257	505	10	c.	c.	PROPN
emaj-257	505	11	(	(	PUNCT
emaj-257	505	12	2014	2014	NUM
emaj-257	505	13	)	)	PUNCT
emaj-257	505	14	.	.	PUNCT
emaj-257	506	1	measuring	measure	VERB
emaj-257	506	2	the	the	DET
emaj-257	506	3	effect	effect	NOUN
emaj-257	506	4	of	of	ADP
emaj-257	506	5	the	the	DET
emaj-257	506	6	zero	zero	NUM
emaj-257	506	7	lower	lower	ADV
emaj-257	506	8	bound	bind	VERB
emaj-257	506	9	on	on	ADP
emaj-257	506	10	mediumand	mediumand	NOUN
emaj-257	506	11	longer	long	ADJ
emaj-257	506	12	-	-	PUNCT
emaj-257	506	13	term	term	NOUN
emaj-257	506	14	interest	interest	NOUN
emaj-257	506	15	rates	rate	NOUN
emaj-257	506	16	.	.	PUNCT
emaj-257	507	1	american	american	PROPN
emaj-257	507	2	economicreview	economicreview	PROPN
emaj-257	507	3	,	,	PUNCT
emaj-257	507	4	104(10	104(10	NUM
emaj-257	507	5	)	)	PUNCT
emaj-257	507	6	,	,	PUNCT
emaj-257	507	7	3154	3154	NUM
emaj-257	507	8	-	-	SYM
emaj-257	507	9	3185	3185	NUM
emaj-257	507	10	.	.	PUNCT
emaj-257	508	1	taylor	taylor	PROPN
emaj-257	508	2	,	,	PUNCT
emaj-257	508	3	j.	j.	PROPN
emaj-257	508	4	b.	b.	PROPN
emaj-257	508	5	(	(	PUNCT
emaj-257	508	6	1993	1993	NUM
emaj-257	508	7	)	)	PUNCT
emaj-257	508	8	.	.	PUNCT
emaj-257	509	1	discretion	discretion	NOUN
emaj-257	509	2	versus	versus	ADP
emaj-257	509	3	policy	policy	NOUN
emaj-257	509	4	rules	rule	NOUN
emaj-257	509	5	in	in	ADP
emaj-257	509	6	practice	practice	NOUN
emaj-257	509	7	.	.	PUNCT
emaj-257	510	1	carnegie	carnegie	NOUN
emaj-257	510	2	-	-	PUNCT
emaj-257	510	3	rochester	rochester	PROPN
emaj-257	510	4	conference	conference	NOUN
emaj-257	510	5	series	series	NOUN
emaj-257	510	6	on	on	ADP
emaj-257	510	7	public	public	ADJ
emaj-257	510	8	policy	policy	NOUN
emaj-257	510	9	,	,	PUNCT
emaj-257	510	10	39	39	NUM
emaj-257	510	11	,	,	PUNCT
emaj-257	510	12	195	195	NUM
emaj-257	510	13	-	-	SYM
emaj-257	510	14	214	214	NUM
emaj-257	510	15	.	.	PUNCT
emaj-257	511	1	triki	triki	PROPN
emaj-257	511	2	m.	m.	PROPN
emaj-257	511	3	b.	b.	PROPN
emaj-257	511	4	,	,	PUNCT
emaj-257	511	5	maatoug	maatoug	PROPN
emaj-257	511	6	a.	a.	PROPN
emaj-257	511	7	b.	b.	PROPN
emaj-257	511	8	(	(	PUNCT
emaj-257	511	9	2020	2020	NUM
emaj-257	511	10	)	)	PUNCT
emaj-257	511	11	.	.	PUNCT
emaj-257	512	1	the	the	DET
emaj-257	512	2	gold	gold	NOUN
emaj-257	512	3	market	market	NOUN
emaj-257	512	4	as	as	ADP
emaj-257	512	5	a	a	DET
emaj-257	512	6	safe	safe	ADJ
emaj-257	512	7	haven	haven	NOUN
emaj-257	512	8	against	against	ADP
emaj-257	512	9	the	the	DET
emaj-257	512	10	stock	stock	NOUN
emaj-257	512	11	market	market	NOUN
emaj-257	512	12	uncertainty	uncertainty	NOUN
emaj-257	512	13	:	:	PUNCT
emaj-257	512	14	evidence	evidence	NOUN
emaj-257	512	15	from	from	ADP
emaj-257	512	16	geopolitical	geopolitical	ADJ
emaj-257	512	17	risk	risk	NOUN
emaj-257	512	18	.	.	PUNCT
emaj-257	513	1	resources	resource	NOUN
emaj-257	513	2	policy	policy	NOUN
emaj-257	513	3	,	,	PUNCT
emaj-257	513	4	https://doi.org/10.1016/j.resourpol.2020.10187	https://doi.org/10.1016/j.resourpol.2020.10187	NOUN
emaj-257	513	5	2	2	NUM
emaj-257	513	6	westerlund	westerlund	NOUN
emaj-257	513	7	,	,	PUNCT
emaj-257	513	8	j.	j.	PROPN
emaj-257	513	9	(	(	PUNCT
emaj-257	513	10	2005	2005	NUM
emaj-257	513	11	)	)	PUNCT
emaj-257	513	12	.	.	PUNCT
emaj-257	514	1	new	new	ADJ
emaj-257	514	2	simple	simple	ADJ
emaj-257	514	3	tests	test	NOUN
emaj-257	514	4	for	for	ADP
emaj-257	514	5	panel	panel	NOUN
emaj-257	514	6	cointegration	cointegration	NOUN
emaj-257	514	7	.	.	PUNCT
emaj-257	515	1	econometric	econometric	ADJ
emaj-257	515	2	reviews	review	NOUN
emaj-257	515	3	24	24	NUM
emaj-257	515	4	:	:	SYM
emaj-257	515	5	297316	297316	NUM
emaj-257	515	6	.	.	PUNCT
emaj-257	516	1	yule	yule	NOUN
emaj-257	516	2	,	,	PUNCT
emaj-257	516	3	g.	g.	PROPN
emaj-257	516	4	u.	u.	PROPN
emaj-257	516	5	(	(	PUNCT
emaj-257	516	6	1926	1926	NUM
emaj-257	516	7	)	)	PUNCT
emaj-257	516	8	.	.	PUNCT
emaj-257	517	1	why	why	SCONJ
emaj-257	517	2	do	do	AUX
emaj-257	517	3	we	we	PRON
emaj-257	517	4	sometimes	sometimes	ADV
emaj-257	517	5	get	get	VERB
emaj-257	517	6	nonsensecorrelations	nonsensecorrelation	NOUN
emaj-257	517	7	between	between	ADP
emaj-257	517	8	timeseries	timeserie	NOUN
emaj-257	517	9	?	?	PUNCT
emaj-257	518	1	a	a	DET
emaj-257	518	2	study	study	NOUN
emaj-257	518	3	in	in	ADP
emaj-257	518	4	sampling	sample	VERB
emaj-257	518	5	and	and	CCONJ
emaj-257	518	6	the	the	DET
emaj-257	518	7	nature	nature	NOUN
emaj-257	518	8	of	of	ADP
emaj-257	518	9	time	time	NOUN
emaj-257	518	10	-	-	PUNCT
emaj-257	518	11	series	series	NOUN
emaj-257	518	12	.	.	PUNCT
emaj-257	519	1	journal	journal	PROPN
emaj-257	519	2	of	of	ADP
emaj-257	519	3	the	the	DET
emaj-257	519	4	royal	royal	ADJ
emaj-257	519	5	statistical	statistical	ADJ
emaj-257	519	6	society	society	NOUN
emaj-257	519	7	,	,	PUNCT
emaj-257	519	8	89(1	89(1	NOUN
emaj-257	519	9	)	)	PUNCT
emaj-257	519	10	,	,	PUNCT
emaj-257	519	11	1	1	NUM
emaj-257	519	12	-	-	SYM
emaj-257	519	13	63	63	NUM
emaj-257	519	14	.	.	PUNCT