id	sid	tid	token	lemma	pos
emaj-330	1	1	volume	volume	NOUN
emaj-330	1	2	7	7	NUM
emaj-330	1	3	no	no	DET
emaj-330	1	4	2	2	NUM
emaj-330	1	5	(	(	PUNCT
emaj-330	1	6	2018	2018	NUM
emaj-330	1	7	)	)	PUNCT
emaj-330	2	1	|	|	ADV
emaj-330	2	2	issn	issn	VERB
emaj-330	2	3	2158	2158	NUM
emaj-330	2	4	-	-	SYM
emaj-330	2	5	8708	8708	NUM
emaj-330	2	6	(	(	PUNCT
emaj-330	2	7	online	online	NOUN
emaj-330	2	8	)	)	PUNCT
emaj-330	2	9	|	|	ADV
emaj-330	2	10	doi	doi	X
emaj-330	2	11	10.5195	10.5195	NUM
emaj-330	2	12	/	/	SYM
emaj-330	2	13	emaj.2018.134	emaj.2018.134	PROPN
emaj-330	2	14	|	|	ADV
emaj-330	2	15	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-330	2	16	the	the	DET
emaj-330	2	17	influence	influence	NOUN
emaj-330	2	18	of	of	ADP
emaj-330	2	19	foreign	foreign	ADJ
emaj-330	2	20	investors	investor	NOUN
emaj-330	2	21	on	on	ADP
emaj-330	2	22	the	the	DET
emaj-330	2	23	efficiency	efficiency	NOUN
emaj-330	2	24	of	of	ADP
emaj-330	2	25	the	the	DET
emaj-330	2	26	saudi	saudi	ADJ
emaj-330	2	27	stock	stock	NOUN
emaj-330	2	28	market	market	NOUN
emaj-330	2	29	abdullah	abdullah	PROPN
emaj-330	2	30	alesmaiel	alesmaiel	PROPN
emaj-330	2	31	king	king	PROPN
emaj-330	2	32	faisal	faisal	PROPN
emaj-330	2	33	university	university	PROPN
emaj-330	2	34	,	,	PUNCT
emaj-330	2	35	saudi	saudi	PROPN
emaj-330	2	36	arabia	arabia	PROPN
emaj-330	2	37	|	|	ADV
emaj-330	2	38	e	e	NOUN
emaj-330	2	39	-	-	NOUN
emaj-330	2	40	mail	mail	NOUN
emaj-330	2	41	:	:	PUNCT
emaj-330	2	42	aalesmaiel@kfu.edu.sa	aalesmaiel@kfu.edu.sa	PROPN
emaj-330	2	43	suzanne	suzanne	PROPN
emaj-330	2	44	fifield	fifield	PROPN
emaj-330	2	45	university	university	PROPN
emaj-330	2	46	of	of	ADP
emaj-330	2	47	dundee	dundee	PROPN
emaj-330	2	48	,	,	PUNCT
emaj-330	2	49	united	united	ADJ
emaj-330	2	50	kingdom	kingdom	PROPN
emaj-330	2	51	|	|	PROPN
emaj-330	2	52	e	e	NOUN
emaj-330	2	53	-	-	NOUN
emaj-330	2	54	mail	mail	NOUN
emaj-330	2	55	:	:	PUNCT
emaj-330	2	56	s.g.m.fifield@dundee.ac.uk	s.g.m.fifield@dundee.ac.uk	PROPN
emaj-330	2	57	justin	justin	PROPN
emaj-330	2	58	hof	hof	PROPN
emaj-330	2	59	university	university	PROPN
emaj-330	2	60	of	of	ADP
emaj-330	2	61	dundee	dundee	PROPN
emaj-330	2	62	,	,	PUNCT
emaj-330	2	63	united	united	ADJ
emaj-330	2	64	kingdom	kingdom	PROPN
emaj-330	2	65	|	|	PROPN
emaj-330	2	66	e	e	NOUN
emaj-330	2	67	-	-	NOUN
emaj-330	2	68	mail	mail	NOUN
emaj-330	2	69	:	:	PUNCT
emaj-330	2	70	jhof@dundee.ac.uk	jhof@dundee.ac.uk	ADJ
emaj-330	2	71	abstract	abstract	ADJ
emaj-330	2	72	this	this	DET
emaj-330	2	73	article	article	NOUN
emaj-330	2	74	examines	examine	VERB
emaj-330	2	75	whether	whether	SCONJ
emaj-330	2	76	the	the	DET
emaj-330	2	77	level	level	NOUN
emaj-330	2	78	of	of	ADP
emaj-330	2	79	weak	weak	ADJ
emaj-330	2	80	-	-	PUNCT
emaj-330	2	81	form	form	NOUN
emaj-330	2	82	efficiency	efficiency	NOUN
emaj-330	2	83	of	of	ADP
emaj-330	2	84	the	the	DET
emaj-330	2	85	saudi	saudi	ADJ
emaj-330	2	86	stock	stock	NOUN
emaj-330	2	87	market	market	NOUN
emaj-330	2	88	increased	increase	VERB
emaj-330	2	89	following	follow	VERB
emaj-330	2	90	liberalization	liberalization	NOUN
emaj-330	2	91	in	in	ADP
emaj-330	2	92	june	june	PROPN
emaj-330	2	93	2015	2015	NUM
emaj-330	2	94	when	when	SCONJ
emaj-330	2	95	the	the	DET
emaj-330	2	96	market	market	NOUN
emaj-330	2	97	was	be	AUX
emaj-330	2	98	opened	open	VERB
emaj-330	2	99	up	up	ADP
emaj-330	2	100	to	to	ADP
emaj-330	2	101	foreign	foreign	ADJ
emaj-330	2	102	institutional	institutional	ADJ
emaj-330	2	103	investors	investor	NOUN
emaj-330	2	104	.	.	PUNCT
emaj-330	3	1	the	the	DET
emaj-330	3	2	results	result	NOUN
emaj-330	3	3	revealed	reveal	VERB
emaj-330	3	4	that	that	SCONJ
emaj-330	3	5	most	most	ADJ
emaj-330	3	6	sample	sample	NOUN
emaj-330	3	7	companies	company	NOUN
emaj-330	3	8	and	and	CCONJ
emaj-330	3	9	the	the	DET
emaj-330	3	10	market	market	NOUN
emaj-330	3	11	index	index	NOUN
emaj-330	3	12	did	do	AUX
emaj-330	3	13	not	not	PART
emaj-330	3	14	follow	follow	VERB
emaj-330	3	15	a	a	DET
emaj-330	3	16	random	random	ADJ
emaj-330	3	17	walk	walk	NOUN
emaj-330	3	18	over	over	ADP
emaj-330	3	19	the	the	DET
emaj-330	3	20	sample	sample	NOUN
emaj-330	3	21	period	period	NOUN
emaj-330	3	22	.	.	PUNCT
emaj-330	4	1	however	however	ADV
emaj-330	4	2	,	,	PUNCT
emaj-330	4	3	the	the	DET
emaj-330	4	4	random	random	ADJ
emaj-330	4	5	walk	walk	NOUN
emaj-330	4	6	hypothesis	hypothesis	NOUN
emaj-330	4	7	was	be	AUX
emaj-330	4	8	not	not	PART
emaj-330	4	9	rejected	reject	VERB
emaj-330	4	10	after	after	ADP
emaj-330	4	11	opening	open	VERB
emaj-330	4	12	the	the	DET
emaj-330	4	13	market	market	NOUN
emaj-330	4	14	to	to	ADP
emaj-330	4	15	foreign	foreign	ADJ
emaj-330	4	16	investors	investor	NOUN
emaj-330	4	17	.	.	PUNCT
emaj-330	5	1	this	this	DET
emaj-330	5	2	evidence	evidence	NOUN
emaj-330	5	3	implies	imply	VERB
emaj-330	5	4	that	that	SCONJ
emaj-330	5	5	the	the	DET
emaj-330	5	6	steps	step	NOUN
emaj-330	5	7	taken	take	VERB
emaj-330	5	8	by	by	ADP
emaj-330	5	9	policy	policy	NOUN
emaj-330	5	10	-	-	PUNCT
emaj-330	5	11	makers	maker	NOUN
emaj-330	5	12	to	to	PART
emaj-330	5	13	liberalize	liberalize	VERB
emaj-330	5	14	the	the	DET
emaj-330	5	15	saudi	saudi	ADJ
emaj-330	5	16	stock	stock	NOUN
emaj-330	5	17	market	market	NOUN
emaj-330	5	18	appear	appear	VERB
emaj-330	5	19	to	to	PART
emaj-330	5	20	have	have	AUX
emaj-330	5	21	had	have	VERB
emaj-330	5	22	a	a	DET
emaj-330	5	23	positive	positive	ADJ
emaj-330	5	24	impact	impact	NOUN
emaj-330	5	25	on	on	ADP
emaj-330	5	26	the	the	DET
emaj-330	5	27	level	level	NOUN
emaj-330	5	28	of	of	ADP
emaj-330	5	29	market	market	NOUN
emaj-330	5	30	efficiency	efficiency	NOUN
emaj-330	5	31	.	.	PUNCT
emaj-330	6	1	keywords	keyword	NOUN
emaj-330	6	2	:	:	PUNCT
emaj-330	6	3	saudi	saudi	ADJ
emaj-330	6	4	stock	stock	NOUN
emaj-330	6	5	market	market	NOUN
emaj-330	6	6	,	,	PUNCT
emaj-330	6	7	market	market	NOUN
emaj-330	6	8	efficiency	efficiency	NOUN
emaj-330	6	9	,	,	PUNCT
emaj-330	6	10	non	non	ADJ
emaj-330	6	11	-	-	ADJ
emaj-330	6	12	parametric	parametric	ADJ
emaj-330	6	13	testing	testing	NOUN
emaj-330	6	14	,	,	PUNCT
emaj-330	6	15	market	market	NOUN
emaj-330	6	16	liberalization	liberalization	NOUN
emaj-330	6	17	new	new	ADJ
emaj-330	6	18	articles	article	NOUN
emaj-330	6	19	in	in	ADP
emaj-330	6	20	this	this	DET
emaj-330	6	21	journal	journal	NOUN
emaj-330	6	22	are	be	AUX
emaj-330	6	23	licensed	license	VERB
emaj-330	6	24	under	under	ADP
emaj-330	6	25	a	a	DET
emaj-330	6	26	creative	creative	ADJ
emaj-330	6	27	commons	common	NOUN
emaj-330	6	28	attribution	attribution	NOUN
emaj-330	6	29	3.0	3.0	NUM
emaj-330	6	30	united	unite	VERB
emaj-330	6	31	states	states	PROPN
emaj-330	6	32	license	license	NOUN
emaj-330	6	33	.	.	PUNCT
emaj-330	7	1	this	this	DET
emaj-330	7	2	journal	journal	NOUN
emaj-330	7	3	is	be	AUX
emaj-330	7	4	published	publish	VERB
emaj-330	7	5	by	by	ADP
emaj-330	7	6	the	the	DET
emaj-330	7	7	university	university	NOUN
emaj-330	7	8	library	library	NOUN
emaj-330	7	9	system	system	NOUN
emaj-330	7	10	of	of	ADP
emaj-330	7	11	the	the	DET
emaj-330	7	12	university	university	PROPN
emaj-330	7	13	of	of	ADP
emaj-330	7	14	pittsburgh	pittsburgh	PROPN
emaj-330	7	15	as	as	ADP
emaj-330	7	16	part	part	NOUN
emaj-330	7	17	of	of	ADP
emaj-330	7	18	its	its	PRON
emaj-330	7	19	d	d	NOUN
emaj-330	7	20	-	-	PUNCT
emaj-330	7	21	scribe	scribe	VERB
emaj-330	7	22	digital	digital	ADJ
emaj-330	7	23	publishing	publishing	NOUN
emaj-330	7	24	program	program	NOUN
emaj-330	7	25	,	,	PUNCT
emaj-330	7	26	and	and	CCONJ
emaj-330	7	27	is	be	AUX
emaj-330	7	28	cosponsored	cosponsor	VERB
emaj-330	7	29	by	by	ADP
emaj-330	7	30	the	the	DET
emaj-330	7	31	university	university	PROPN
emaj-330	7	32	of	of	ADP
emaj-330	7	33	pittsburgh	pittsburgh	PROPN
emaj-330	7	34	press	press	NOUN
emaj-330	7	35	.	.	PUNCT
emaj-330	8	1	volume	volume	NOUN
emaj-330	8	2	14	14	NUM
emaj-330	9	1	no	no	DET
emaj-330	9	2	1	1	NUM
emaj-330	9	3	(	(	PUNCT
emaj-330	9	4	2024	2024	NUM
emaj-330	9	5	)	)	PUNCT
emaj-330	9	6	|	|	ADV
emaj-330	9	7	issn	issn	VERB
emaj-330	9	8	2158	2158	NUM
emaj-330	9	9	-	-	SYM
emaj-330	9	10	8708	8708	NUM
emaj-330	9	11	(	(	PUNCT
emaj-330	9	12	online	online	NOUN
emaj-330	9	13	)	)	PUNCT
emaj-330	9	14	|	|	ADV
emaj-330	9	15	doi	doi	X
emaj-330	9	16	10.5195	10.5195	NUM
emaj-330	9	17	/	/	SYM
emaj-330	9	18	emaj.2024.330	emaj.2024.330	PROPN
emaj-330	9	19	|	|	ADV
emaj-330	9	20	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-330	9	21	|	|	ADV
emaj-330	9	22	http://www.library.pitt.edu/	http://www.library.pitt.edu/	PROPN
emaj-330	9	23	http://www.pitt.edu/	http://www.pitt.edu/	NOUN
emaj-330	9	24	http://www.library.pitt.edu/articles/digpubtype/index.html	http://www.library.pitt.edu/articles/digpubtype/index.html	X
emaj-330	9	25	http://www.upress.pitt.edu/upressindex.aspx	http://www.upress.pitt.edu/upressindex.aspx	NUM
emaj-330	9	26	http://creativecommons.org/licenses/by/3.0/us/	http://creativecommons.org/licenses/by/3.0/us/	NOUN
emaj-330	9	27	volume	volume	NOUN
emaj-330	9	28	14	14	NUM
emaj-330	10	1	no	no	DET
emaj-330	10	2	1	1	NUM
emaj-330	10	3	(	(	PUNCT
emaj-330	10	4	2024	2024	NUM
emaj-330	10	5	)	)	PUNCT
emaj-330	10	6	|	|	ADV
emaj-330	10	7	issn	issn	VERB
emaj-330	10	8	2158	2158	NUM
emaj-330	10	9	-	-	SYM
emaj-330	10	10	8708	8708	NUM
emaj-330	10	11	(	(	PUNCT
emaj-330	10	12	online	online	NOUN
emaj-330	10	13	)	)	PUNCT
emaj-330	10	14	|	|	ADV
emaj-330	10	15	doi	doi	X
emaj-330	10	16	10.5195	10.5195	NUM
emaj-330	10	17	/	/	SYM
emaj-330	10	18	emaj.2024.330	emaj.2024.330	PROPN
emaj-330	10	19	|	|	ADV
emaj-330	10	20	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-330	10	21	the	the	DET
emaj-330	10	22	influence	influence	NOUN
emaj-330	10	23	of	of	ADP
emaj-330	10	24	foreign	foreign	ADJ
emaj-330	10	25	investors	investor	NOUN
emaj-330	10	26	on	on	ADP
emaj-330	10	27	the	the	DET
emaj-330	10	28	efficiency	efficiency	NOUN
emaj-330	10	29	of	of	ADP
emaj-330	10	30	the	the	DET
emaj-330	10	31	saudi	saudi	ADJ
emaj-330	10	32	stock	stock	NOUN
emaj-330	10	33	market	market	NOUN
emaj-330	10	34	page	page	NOUN
emaj-330	10	35	|2|	|2|	ADJ
emaj-330	10	36	emerging	emerge	VERB
emaj-330	10	37	markets	market	NOUN
emaj-330	10	38	journal	journal	VERB
emaj-330	10	39	the	the	DET
emaj-330	10	40	influence	influence	NOUN
emaj-330	10	41	of	of	ADP
emaj-330	10	42	foreign	foreign	ADJ
emaj-330	10	43	investors	investor	NOUN
emaj-330	10	44	on	on	ADP
emaj-330	10	45	the	the	DET
emaj-330	10	46	efficiency	efficiency	NOUN
emaj-330	10	47	of	of	ADP
emaj-330	10	48	the	the	DET
emaj-330	10	49	saudi	saudi	ADJ
emaj-330	10	50	stock	stock	NOUN
emaj-330	10	51	market	market	NOUN
emaj-330	10	52	abdullah	abdullah	PROPN
emaj-330	10	53	alesmaiel	alesmaiel	PROPN
emaj-330	10	54	suzanne	suzanne	PROPN
emaj-330	10	55	fifield	fifield	PROPN
emaj-330	10	56	justin	justin	PROPN
emaj-330	10	57	hof	hof	PROPN
emaj-330	10	58	i.	i.	PROPN
emaj-330	10	59	introduction	introduction	NOUN
emaj-330	10	60	the	the	DET
emaj-330	10	61	saudi	saudi	ADJ
emaj-330	10	62	stock	stock	NOUN
emaj-330	10	63	market	market	NOUN
emaj-330	10	64	has	have	AUX
emaj-330	10	65	implemented	implement	VERB
emaj-330	10	66	a	a	DET
emaj-330	10	67	number	number	NOUN
emaj-330	10	68	of	of	ADP
emaj-330	10	69	regulatory	regulatory	ADJ
emaj-330	10	70	changes	change	NOUN
emaj-330	10	71	in	in	ADP
emaj-330	10	72	the	the	DET
emaj-330	10	73	past	past	ADJ
emaj-330	10	74	20	20	NUM
emaj-330	10	75	years	year	NOUN
emaj-330	10	76	.	.	PUNCT
emaj-330	11	1	one	one	NUM
emaj-330	11	2	important	important	ADJ
emaj-330	11	3	change	change	NOUN
emaj-330	11	4	,	,	PUNCT
emaj-330	11	5	which	which	PRON
emaj-330	11	6	took	take	VERB
emaj-330	11	7	place	place	NOUN
emaj-330	11	8	in	in	ADP
emaj-330	11	9	june	june	PROPN
emaj-330	11	10	2015	2015	NUM
emaj-330	11	11	,	,	PUNCT
emaj-330	11	12	was	be	AUX
emaj-330	11	13	opening	open	VERB
emaj-330	11	14	the	the	DET
emaj-330	11	15	market	market	NOUN
emaj-330	11	16	to	to	ADP
emaj-330	11	17	foreign	foreign	ADJ
emaj-330	11	18	institutional	institutional	ADJ
emaj-330	11	19	investors	investor	NOUN
emaj-330	11	20	.	.	PUNCT
emaj-330	12	1	one	one	NUM
emaj-330	12	2	of	of	ADP
emaj-330	12	3	the	the	DET
emaj-330	12	4	key	key	ADJ
emaj-330	12	5	objectives	objective	NOUN
emaj-330	12	6	of	of	ADP
emaj-330	12	7	this	this	DET
emaj-330	12	8	reform	reform	NOUN
emaj-330	12	9	was	be	AUX
emaj-330	12	10	to	to	PART
emaj-330	12	11	enhance	enhance	VERB
emaj-330	12	12	market	market	NOUN
emaj-330	12	13	efficiency	efficiency	NOUN
emaj-330	12	14	(	(	PUNCT
emaj-330	12	15	cma	cma	NOUN
emaj-330	12	16	,	,	PUNCT
emaj-330	12	17	2015	2015	NUM
emaj-330	12	18	)	)	PUNCT
emaj-330	12	19	.	.	PUNCT
emaj-330	13	1	todea	todea	NOUN
emaj-330	13	2	and	and	CCONJ
emaj-330	13	3	pleşoianu	pleşoianu	PROPN
emaj-330	13	4	(	(	PUNCT
emaj-330	13	5	2013	2013	NUM
emaj-330	13	6	)	)	PUNCT
emaj-330	13	7	highlighted	highlight	VERB
emaj-330	13	8	three	three	NUM
emaj-330	13	9	reasons	reason	NOUN
emaj-330	13	10	why	why	SCONJ
emaj-330	13	11	stock	stock	NOUN
emaj-330	13	12	market	market	NOUN
emaj-330	13	13	liberalization	liberalization	NOUN
emaj-330	13	14	is	be	AUX
emaj-330	13	15	expected	expect	VERB
emaj-330	13	16	to	to	PART
emaj-330	13	17	increase	increase	VERB
emaj-330	13	18	market	market	NOUN
emaj-330	13	19	efficiency	efficiency	NOUN
emaj-330	13	20	.	.	PUNCT
emaj-330	14	1	first	first	ADV
emaj-330	14	2	,	,	PUNCT
emaj-330	14	3	the	the	DET
emaj-330	14	4	participation	participation	NOUN
emaj-330	14	5	of	of	ADP
emaj-330	14	6	foreign	foreign	ADJ
emaj-330	14	7	investors	investor	NOUN
emaj-330	14	8	increases	increase	VERB
emaj-330	14	9	market	market	NOUN
emaj-330	14	10	liquidity	liquidity	NOUN
emaj-330	14	11	,	,	PUNCT
emaj-330	14	12	which	which	PRON
emaj-330	14	13	facilitates	facilitate	VERB
emaj-330	14	14	arbitrage	arbitrage	NOUN
emaj-330	14	15	activity	activity	NOUN
emaj-330	14	16	,	,	PUNCT
emaj-330	14	17	and	and	CCONJ
emaj-330	14	18	thus	thus	ADV
emaj-330	14	19	should	should	AUX
emaj-330	14	20	lead	lead	VERB
emaj-330	14	21	to	to	ADP
emaj-330	14	22	faster	fast	ADJ
emaj-330	14	23	incorporation	incorporation	NOUN
emaj-330	14	24	of	of	ADP
emaj-330	14	25	available	available	ADJ
emaj-330	14	26	information	information	NOUN
emaj-330	14	27	into	into	ADP
emaj-330	14	28	stock	stock	NOUN
emaj-330	14	29	prices	price	NOUN
emaj-330	14	30	.	.	PUNCT
emaj-330	15	1	second	second	ADJ
emaj-330	15	2	,	,	PUNCT
emaj-330	15	3	as	as	SCONJ
emaj-330	15	4	foreign	foreign	ADJ
emaj-330	15	5	investors	investor	NOUN
emaj-330	15	6	require	require	VERB
emaj-330	15	7	more	more	ADJ
emaj-330	15	8	transparency	transparency	NOUN
emaj-330	15	9	,	,	PUNCT
emaj-330	15	10	domestic	domestic	ADJ
emaj-330	15	11	companies	company	NOUN
emaj-330	15	12	are	be	AUX
emaj-330	15	13	expected	expect	VERB
emaj-330	15	14	to	to	PART
emaj-330	15	15	supply	supply	VERB
emaj-330	15	16	higher	high	ADJ
emaj-330	15	17	-	-	PUNCT
emaj-330	15	18	quality	quality	NOUN
emaj-330	15	19	information	information	NOUN
emaj-330	15	20	disclosure	disclosure	NOUN
emaj-330	15	21	,	,	PUNCT
emaj-330	15	22	which	which	PRON
emaj-330	15	23	,	,	PUNCT
emaj-330	15	24	in	in	ADP
emaj-330	15	25	turn	turn	NOUN
emaj-330	15	26	,	,	PUNCT
emaj-330	15	27	should	should	AUX
emaj-330	15	28	improve	improve	VERB
emaj-330	15	29	informational	informational	ADJ
emaj-330	15	30	efficiency	efficiency	NOUN
emaj-330	15	31	.	.	PUNCT
emaj-330	16	1	finally	finally	ADV
emaj-330	16	2	,	,	PUNCT
emaj-330	16	3	sophisticated	sophisticated	ADJ
emaj-330	16	4	foreign	foreign	ADJ
emaj-330	16	5	investors	investor	NOUN
emaj-330	16	6	are	be	AUX
emaj-330	16	7	better	well	ADJ
emaj-330	16	8	than	than	ADP
emaj-330	16	9	local	local	ADJ
emaj-330	16	10	investors	investor	NOUN
emaj-330	16	11	at	at	ADP
emaj-330	16	12	incorporating	incorporate	VERB
emaj-330	16	13	global	global	ADJ
emaj-330	16	14	market	market	NOUN
emaj-330	16	15	information	information	NOUN
emaj-330	16	16	(	(	PUNCT
emaj-330	16	17	vo	vo	NOUN
emaj-330	16	18	,	,	PUNCT
emaj-330	16	19	2019	2019	NUM
emaj-330	16	20	)	)	PUNCT
emaj-330	16	21	.	.	PUNCT
emaj-330	17	1	according	accord	VERB
emaj-330	17	2	to	to	ADP
emaj-330	17	3	the	the	DET
emaj-330	17	4	theoretical	theoretical	ADJ
emaj-330	17	5	model	model	NOUN
emaj-330	17	6	proposed	propose	VERB
emaj-330	17	7	by	by	ADP
emaj-330	17	8	albuquerque	albuquerque	PROPN
emaj-330	17	9	et	et	PROPN
emaj-330	17	10	.	.	PUNCT
emaj-330	18	1	al	al	PROPN
emaj-330	18	2	.	.	PROPN
emaj-330	19	1	(	(	PUNCT
emaj-330	19	2	2009	2009	NUM
emaj-330	19	3	)	)	PUNCT
emaj-330	19	4	,	,	PUNCT
emaj-330	19	5	foreign	foreign	ADJ
emaj-330	19	6	investors	investor	NOUN
emaj-330	19	7	react	react	VERB
emaj-330	19	8	quickly	quickly	ADV
emaj-330	19	9	to	to	ADP
emaj-330	19	10	new	new	ADJ
emaj-330	19	11	global	global	ADJ
emaj-330	19	12	market	market	NOUN
emaj-330	19	13	information	information	NOUN
emaj-330	19	14	because	because	SCONJ
emaj-330	19	15	they	they	PRON
emaj-330	19	16	have	have	VERB
emaj-330	19	17	immediate	immediate	ADJ
emaj-330	19	18	access	access	NOUN
emaj-330	19	19	to	to	ADP
emaj-330	19	20	it	it	PRON
emaj-330	19	21	.	.	PUNCT
emaj-330	20	1	by	by	ADP
emaj-330	20	2	contrast	contrast	NOUN
emaj-330	20	3	,	,	PUNCT
emaj-330	20	4	local	local	ADJ
emaj-330	20	5	investors	investor	NOUN
emaj-330	20	6	underreact	underreact	ADJ
emaj-330	20	7	to	to	ADP
emaj-330	20	8	global	global	ADJ
emaj-330	20	9	news	news	NOUN
emaj-330	20	10	because	because	SCONJ
emaj-330	20	11	they	they	PRON
emaj-330	20	12	know	know	VERB
emaj-330	20	13	less	less	ADJ
emaj-330	20	14	about	about	ADP
emaj-330	20	15	it	it	PRON
emaj-330	20	16	and	and	CCONJ
emaj-330	20	17	may	may	AUX
emaj-330	20	18	lack	lack	VERB
emaj-330	20	19	the	the	DET
emaj-330	20	20	necessary	necessary	ADJ
emaj-330	20	21	analytical	analytical	ADJ
emaj-330	20	22	skills	skill	NOUN
emaj-330	20	23	.	.	PUNCT
emaj-330	21	1	this	this	DET
emaj-330	21	2	study	study	NOUN
emaj-330	21	3	aims	aim	VERB
emaj-330	21	4	to	to	PART
emaj-330	21	5	investigate	investigate	VERB
emaj-330	21	6	the	the	DET
emaj-330	21	7	relative	relative	ADJ
emaj-330	21	8	efficiency	efficiency	NOUN
emaj-330	21	9	of	of	ADP
emaj-330	21	10	the	the	DET
emaj-330	21	11	saudi	saudi	ADJ
emaj-330	21	12	stock	stock	NOUN
emaj-330	21	13	market	market	NOUN
emaj-330	21	14	before	before	ADP
emaj-330	21	15	and	and	CCONJ
emaj-330	21	16	after	after	ADP
emaj-330	21	17	the	the	DET
emaj-330	21	18	change	change	NOUN
emaj-330	21	19	in	in	ADP
emaj-330	21	20	regulation	regulation	NOUN
emaj-330	21	21	using	use	VERB
emaj-330	21	22	two	two	NUM
emaj-330	21	23	statistical	statistical	ADJ
emaj-330	21	24	tools	tool	NOUN
emaj-330	21	25	,	,	PUNCT
emaj-330	21	26	namely	namely	ADV
emaj-330	21	27	,	,	PUNCT
emaj-330	21	28	the	the	DET
emaj-330	21	29	parametric	parametric	ADJ
emaj-330	21	30	variance	variance	NOUN
emaj-330	21	31	ratio	ratio	NOUN
emaj-330	21	32	test	test	NOUN
emaj-330	21	33	of	of	ADP
emaj-330	21	34	lo	lo	PROPN
emaj-330	21	35	and	and	CCONJ
emaj-330	21	36	mackinlay	mackinlay	NOUN
emaj-330	21	37	(	(	PUNCT
emaj-330	21	38	1988	1988	NUM
emaj-330	21	39	)	)	PUNCT
emaj-330	21	40	and	and	CCONJ
emaj-330	21	41	the	the	DET
emaj-330	21	42	nonparametric	nonparametric	NOUN
emaj-330	21	43	variance	variance	NOUN
emaj-330	21	44	ratio	ratio	NOUN
emaj-330	21	45	test	test	NOUN
emaj-330	21	46	of	of	ADP
emaj-330	21	47	wright	wright	PROPN
emaj-330	21	48	(	(	PUNCT
emaj-330	21	49	2000	2000	NUM
emaj-330	21	50	)	)	PUNCT
emaj-330	21	51	.	.	PUNCT
emaj-330	22	1	these	these	DET
emaj-330	22	2	tools	tool	NOUN
emaj-330	22	3	are	be	AUX
emaj-330	22	4	more	more	ADV
emaj-330	22	5	powerful	powerful	ADJ
emaj-330	22	6	than	than	ADP
emaj-330	22	7	other	other	ADJ
emaj-330	22	8	statistical	statistical	ADJ
emaj-330	22	9	techniques	technique	NOUN
emaj-330	22	10	that	that	PRON
emaj-330	22	11	were	be	AUX
emaj-330	22	12	designed	design	VERB
emaj-330	22	13	to	to	PART
emaj-330	22	14	test	test	VERB
emaj-330	22	15	the	the	DET
emaj-330	22	16	random	random	ADJ
emaj-330	22	17	walk	walk	NOUN
emaj-330	22	18	hypothesis	hypothesis	NOUN
emaj-330	22	19	(	(	PUNCT
emaj-330	22	20	rwh	rwh	NOUN
emaj-330	22	21	)	)	PUNCT
emaj-330	22	22	,	,	PUNCT
emaj-330	22	23	such	such	ADJ
emaj-330	22	24	as	as	ADP
emaj-330	22	25	the	the	DET
emaj-330	22	26	unit	unit	NOUN
emaj-330	22	27	root	root	NOUN
emaj-330	22	28	test	test	NOUN
emaj-330	22	29	,	,	PUNCT
emaj-330	22	30	the	the	DET
emaj-330	22	31	runs	run	NOUN
emaj-330	22	32	test	test	VERB
emaj-330	22	33	and	and	CCONJ
emaj-330	22	34	autoregressive	autoregressive	ADJ
emaj-330	22	35	models	model	NOUN
emaj-330	22	36	because	because	SCONJ
emaj-330	22	37	they	they	PRON
emaj-330	22	38	are	be	AUX
emaj-330	22	39	robust	robust	ADJ
emaj-330	22	40	to	to	ADP
emaj-330	22	41	heteroscedasticity	heteroscedasticity	NOUN
emaj-330	22	42	and	and	CCONJ
emaj-330	22	43	non	non	ADJ
emaj-330	22	44	-	-	ADJ
emaj-330	22	45	normality1	normality1	ADJ
emaj-330	22	46	(	(	PUNCT
emaj-330	22	47	mobarek	mobarek	NOUN
emaj-330	22	48	and	and	CCONJ
emaj-330	22	49	fiorante	fiorante	ADJ
emaj-330	22	50	,	,	PUNCT
emaj-330	22	51	2014	2014	NUM
emaj-330	22	52	;	;	PUNCT
emaj-330	22	53	aye	aye	DET
emaj-330	22	54	et	et	NOUN
emaj-330	22	55	.al	.al	PROPN
emaj-330	22	56	.	.	PROPN
emaj-330	22	57	,	,	PUNCT
emaj-330	22	58	2017	2017	NUM
emaj-330	22	59	)	)	PUNCT
emaj-330	22	60	.	.	PUNCT
emaj-330	23	1	this	this	DET
emaj-330	23	2	paper	paper	NOUN
emaj-330	23	3	contributes	contribute	VERB
emaj-330	23	4	to	to	ADP
emaj-330	23	5	the	the	DET
emaj-330	23	6	substantive	substantive	ADJ
emaj-330	23	7	literature	literature	NOUN
emaj-330	23	8	in	in	ADP
emaj-330	23	9	two	two	NUM
emaj-330	23	10	ways	way	NOUN
emaj-330	23	11	.	.	PUNCT
emaj-330	24	1	first	first	ADV
emaj-330	24	2	,	,	PUNCT
emaj-330	24	3	it	it	PRON
emaj-330	24	4	investigates	investigate	VERB
emaj-330	24	5	the	the	DET
emaj-330	24	6	effect	effect	NOUN
emaj-330	24	7	of	of	ADP
emaj-330	24	8	the	the	DET
emaj-330	24	9	change	change	NOUN
emaj-330	24	10	in	in	ADP
emaj-330	24	11	ownership	ownership	NOUN
emaj-330	24	12	regulation	regulation	NOUN
emaj-330	24	13	on	on	ADP
emaj-330	24	14	the	the	DET
emaj-330	24	15	pricing	pricing	NOUN
emaj-330	24	16	efficiency	efficiency	NOUN
emaj-330	24	17	of	of	ADP
emaj-330	24	18	the	the	DET
emaj-330	24	19	saudi	saudi	ADJ
emaj-330	24	20	stock	stock	NOUN
emaj-330	24	21	market	market	NOUN
emaj-330	24	22	;	;	PUNCT
emaj-330	24	23	previous	previous	ADJ
emaj-330	24	24	studies	study	NOUN
emaj-330	24	25	have	have	AUX
emaj-330	24	26	not	not	PART
emaj-330	24	27	examined	examine	VERB
emaj-330	24	28	the	the	DET
emaj-330	24	29	efficiency	efficiency	NOUN
emaj-330	24	30	of	of	ADP
emaj-330	24	31	the	the	DET
emaj-330	24	32	market	market	NOUN
emaj-330	24	33	after	after	ADP
emaj-330	24	34	this	this	DET
emaj-330	24	35	change	change	NOUN
emaj-330	24	36	.	.	PUNCT
emaj-330	25	1	second	second	ADV
emaj-330	25	2	,	,	PUNCT
emaj-330	25	3	this	this	DET
emaj-330	25	4	paper	paper	NOUN
emaj-330	25	5	uses	uses	AUX
emaj-330	25	6	disaggregated	disaggregate	VERB
emaj-330	25	7	firm	firm	ADJ
emaj-330	25	8	-	-	PUNCT
emaj-330	25	9	level	level	NOUN
emaj-330	25	10	data	datum	NOUN
emaj-330	25	11	rather	rather	ADV
emaj-330	25	12	than	than	ADP
emaj-330	25	13	index	index	NOUN
emaj-330	25	14	-	-	PUNCT
emaj-330	25	15	level	level	NOUN
emaj-330	25	16	data	datum	NOUN
emaj-330	25	17	,	,	PUNCT
emaj-330	25	18	which	which	PRON
emaj-330	25	19	previous	previous	ADJ
emaj-330	25	20	studies	study	NOUN
emaj-330	25	21	have	have	AUX
emaj-330	25	22	tended	tend	VERB
emaj-330	25	23	to	to	PART
emaj-330	25	24	use	use	VERB
emaj-330	25	25	when	when	SCONJ
emaj-330	25	26	applying	apply	VERB
emaj-330	25	27	the	the	DET
emaj-330	25	28	variance	variance	NOUN
emaj-330	25	29	ratio	ratio	NOUN
emaj-330	25	30	test	test	NOUN
emaj-330	25	31	to	to	ADP
emaj-330	25	32	data	datum	NOUN
emaj-330	25	33	on	on	ADP
emaj-330	25	34	the	the	DET
emaj-330	25	35	saudi	saudi	ADJ
emaj-330	25	36	market	market	NOUN
emaj-330	25	37	.	.	PUNCT
emaj-330	26	1	fama	fama	PROPN
emaj-330	26	2	(	(	PUNCT
emaj-330	26	3	1965	1965	NUM
emaj-330	26	4	)	)	PUNCT
emaj-330	26	5	argued	argue	VERB
emaj-330	26	6	that	that	SCONJ
emaj-330	26	7	analysing	analyse	VERB
emaj-330	26	8	data	datum	NOUN
emaj-330	26	9	at	at	ADP
emaj-330	26	10	the	the	DET
emaj-330	26	11	company	company	NOUN
emaj-330	26	12	level	level	NOUN
emaj-330	26	13	gives	give	VERB
emaj-330	26	14	a	a	DET
emaj-330	26	15	clearer	clear	ADJ
emaj-330	26	16	picture	picture	NOUN
emaj-330	26	17	of	of	ADP
emaj-330	26	18	efficiency	efficiency	NOUN
emaj-330	26	19	as	as	SCONJ
emaj-330	26	20	such	such	ADJ
emaj-330	26	21	data	datum	NOUN
emaj-330	26	22	are	be	AUX
emaj-330	26	23	free	free	ADJ
emaj-330	26	24	from	from	ADP
emaj-330	26	25	the	the	DET
emaj-330	26	26	distortion	distortion	NOUN
emaj-330	26	27	that	that	PRON
emaj-330	26	28	arises	arise	VERB
emaj-330	26	29	from	from	ADP
emaj-330	26	30	the	the	DET
emaj-330	26	31	use	use	NOUN
emaj-330	26	32	of	of	ADP
emaj-330	26	33	index	index	NOUN
emaj-330	26	34	-	-	PUNCT
emaj-330	26	35	level	level	NOUN
emaj-330	26	36	data	datum	NOUN
emaj-330	26	37	.	.	PUNCT
emaj-330	27	1	1	1	NUM
emaj-330	27	2	examining	examine	VERB
emaj-330	27	3	the	the	DET
emaj-330	27	4	random	random	ADJ
emaj-330	27	5	walk	walk	NOUN
emaj-330	27	6	hypothesis	hypothesis	NOUN
emaj-330	27	7	using	use	VERB
emaj-330	27	8	tests	test	NOUN
emaj-330	27	9	that	that	PRON
emaj-330	27	10	are	be	AUX
emaj-330	27	11	not	not	PART
emaj-330	27	12	robust	robust	ADJ
emaj-330	27	13	to	to	ADP
emaj-330	27	14	heteroscedasticity	heteroscedasticity	NOUN
emaj-330	27	15	and	and	CCONJ
emaj-330	27	16	non	non	ADJ
emaj-330	27	17	-	-	ADJ
emaj-330	27	18	normality	normality	ADJ
emaj-330	27	19	is	be	AUX
emaj-330	27	20	problematic	problematic	ADJ
emaj-330	27	21	since	since	SCONJ
emaj-330	27	22	stock	stock	NOUN
emaj-330	27	23	market	market	NOUN
emaj-330	27	24	data	datum	NOUN
emaj-330	27	25	usually	usually	ADV
emaj-330	27	26	deviate	deviate	VERB
emaj-330	27	27	from	from	ADP
emaj-330	27	28	normality	normality	NOUN
emaj-330	27	29	and	and	CCONJ
emaj-330	27	30	have	have	VERB
emaj-330	27	31	time	time	NOUN
emaj-330	27	32	-	-	PUNCT
emaj-330	27	33	varying	vary	VERB
emaj-330	27	34	volatilities	volatility	NOUN
emaj-330	27	35	(	(	PUNCT
emaj-330	27	36	campbell	campbell	PROPN
emaj-330	27	37	et	et	PROPN
emaj-330	27	38	.	.	PUNCT
emaj-330	28	1	al	al	PROPN
emaj-330	28	2	.	.	PROPN
emaj-330	28	3	,	,	PUNCT
emaj-330	28	4	1997	1997	NUM
emaj-330	28	5	)	)	PUNCT
emaj-330	28	6	.	.	PUNCT
emaj-330	29	1	the	the	DET
emaj-330	29	2	remainder	remainder	NOUN
emaj-330	29	3	of	of	ADP
emaj-330	29	4	this	this	DET
emaj-330	29	5	paper	paper	NOUN
emaj-330	29	6	is	be	AUX
emaj-330	29	7	organized	organize	VERB
emaj-330	29	8	as	as	SCONJ
emaj-330	29	9	follows	follow	VERB
emaj-330	29	10	.	.	PUNCT
emaj-330	30	1	section	section	NOUN
emaj-330	30	2	2	2	NUM
emaj-330	30	3	provides	provide	VERB
emaj-330	30	4	a	a	DET
emaj-330	30	5	brief	brief	ADJ
emaj-330	30	6	summary	summary	NOUN
emaj-330	30	7	of	of	ADP
emaj-330	30	8	the	the	DET
emaj-330	30	9	literature	literature	NOUN
emaj-330	30	10	on	on	ADP
emaj-330	30	11	market	market	NOUN
emaj-330	30	12	liberalisation	liberalisation	NOUN
emaj-330	30	13	and	and	CCONJ
emaj-330	30	14	stock	stock	NOUN
emaj-330	30	15	market	market	NOUN
emaj-330	30	16	efficiency	efficiency	NOUN
emaj-330	30	17	,	,	PUNCT
emaj-330	30	18	while	while	SCONJ
emaj-330	30	19	section	section	NOUN
emaj-330	30	20	3	3	NUM
emaj-330	30	21	describes	describe	VERB
emaj-330	30	22	the	the	DET
emaj-330	30	23	data	datum	NOUN
emaj-330	30	24	used	use	VERB
emaj-330	30	25	in	in	ADP
emaj-330	30	26	the	the	DET
emaj-330	30	27	analysis	analysis	NOUN
emaj-330	30	28	.	.	PUNCT
emaj-330	31	1	section	section	NOUN
emaj-330	31	2	4	4	NUM
emaj-330	31	3	details	detail	NOUN
emaj-330	31	4	the	the	DET
emaj-330	31	5	parametric	parametric	ADJ
emaj-330	31	6	and	and	CCONJ
emaj-330	31	7	nonparametric	nonparametric	NOUN
emaj-330	31	8	testing	testing	NOUN
emaj-330	31	9	procedures	procedure	NOUN
emaj-330	31	10	employed	employ	VERB
emaj-330	31	11	in	in	ADP
emaj-330	31	12	the	the	DET
emaj-330	31	13	paper	paper	NOUN
emaj-330	31	14	.	.	PUNCT
emaj-330	32	1	section	section	NOUN
emaj-330	32	2	5	5	NUM
emaj-330	32	3	discusses	discuss	VERB
emaj-330	32	4	the	the	DET
emaj-330	32	5	results	result	NOUN
emaj-330	32	6	and	and	CCONJ
emaj-330	32	7	,	,	PUNCT
emaj-330	32	8	finally	finally	ADV
emaj-330	32	9	,	,	PUNCT
emaj-330	32	10	section	section	NOUN
emaj-330	32	11	6	6	NUM
emaj-330	32	12	offers	offer	VERB
emaj-330	32	13	a	a	DET
emaj-330	32	14	number	number	NOUN
emaj-330	32	15	of	of	ADP
emaj-330	32	16	concluding	conclude	VERB
emaj-330	32	17	observations	observation	NOUN
emaj-330	32	18	.	.	PUNCT
emaj-330	33	1	ii	ii	PROPN
emaj-330	33	2	.	.	PUNCT
emaj-330	34	1	literature	literature	PROPN
emaj-330	34	2	review	review	NOUN
emaj-330	34	3	in	in	ADP
emaj-330	34	4	the	the	DET
emaj-330	34	5	late	late	ADJ
emaj-330	34	6	1980s	1980	NOUN
emaj-330	34	7	and	and	CCONJ
emaj-330	34	8	early	early	ADJ
emaj-330	34	9	1990s	1990	NOUN
emaj-330	34	10	,	,	PUNCT
emaj-330	34	11	many	many	ADJ
emaj-330	34	12	emerging	emerge	VERB
emaj-330	34	13	countries	country	NOUN
emaj-330	34	14	liberalized	liberalize	VERB
emaj-330	34	15	their	their	PRON
emaj-330	34	16	financial	financial	ADJ
emaj-330	34	17	markets	market	NOUN
emaj-330	34	18	to	to	PART
emaj-330	34	19	enhance	enhance	VERB
emaj-330	34	20	and	and	CCONJ
emaj-330	34	21	deepen	deepen	VERB
emaj-330	34	22	their	their	PRON
emaj-330	34	23	equity	equity	NOUN
emaj-330	34	24	markets	market	NOUN
emaj-330	34	25	and	and	CCONJ
emaj-330	34	26	promote	promote	VERB
emaj-330	34	27	economic	economic	ADJ
emaj-330	34	28	growth	growth	NOUN
emaj-330	34	29	(	(	PUNCT
emaj-330	34	30	henry	henry	PROPN
emaj-330	34	31	,	,	PUNCT
emaj-330	34	32	2000	2000	NUM
emaj-330	34	33	;	;	PUNCT
emaj-330	34	34	cajueiro	cajueiro	PROPN
emaj-330	34	35	et	et	PROPN
emaj-330	34	36	.	.	PUNCT
emaj-330	35	1	al	al	PROPN
emaj-330	35	2	.	.	PROPN
emaj-330	35	3	,	,	PUNCT
emaj-330	35	4	2009	2009	NUM
emaj-330	35	5	)	)	PUNCT
emaj-330	35	6	.	.	PUNCT
emaj-330	36	1	as	as	ADP
emaj-330	36	2	a	a	DET
emaj-330	36	3	result	result	NOUN
emaj-330	36	4	,	,	PUNCT
emaj-330	36	5	many	many	ADJ
emaj-330	36	6	studies	study	NOUN
emaj-330	36	7	have	have	AUX
emaj-330	36	8	been	be	AUX
emaj-330	36	9	conducted	conduct	VERB
emaj-330	36	10	to	to	PART
emaj-330	36	11	investigate	investigate	VERB
emaj-330	36	12	the	the	DET
emaj-330	36	13	effect	effect	NOUN
emaj-330	36	14	of	of	ADP
emaj-330	36	15	liberalization	liberalization	NOUN
emaj-330	36	16	on	on	ADP
emaj-330	36	17	return	return	NOUN
emaj-330	36	18	behaviour	behaviour	NOUN
emaj-330	36	19	and	and	CCONJ
emaj-330	36	20	volatility	volatility	NOUN
emaj-330	36	21	,	,	PUNCT
emaj-330	36	22	as	as	ADV
emaj-330	36	23	well	well	ADV
emaj-330	36	24	as	as	ADP
emaj-330	36	25	on	on	ADP
emaj-330	36	26	market	market	NOUN
emaj-330	36	27	integration	integration	NOUN
emaj-330	36	28	and	and	CCONJ
emaj-330	36	29	market	market	NOUN
emaj-330	36	30	efficiency	efficiency	NOUN
emaj-330	36	31	(	(	PUNCT
emaj-330	36	32	kawakatsu	kawakatsu	ADJ
emaj-330	36	33	and	and	CCONJ
emaj-330	36	34	morey	morey	PROPN
emaj-330	36	35	,	,	PUNCT
emaj-330	36	36	1999b	1999b	NUM
emaj-330	36	37	;	;	PUNCT
emaj-330	36	38	laopodis	laopodi	NOUN
emaj-330	36	39	,	,	PUNCT
emaj-330	36	40	2004	2004	NUM
emaj-330	36	41	;	;	PUNCT
emaj-330	36	42	rejeb	rejeb	NOUN
emaj-330	36	43	and	and	CCONJ
emaj-330	36	44	boughrara	boughrara	NOUN
emaj-330	36	45	,	,	PUNCT
emaj-330	36	46	2013	2013	NUM
emaj-330	36	47	;	;	PUNCT
emaj-330	36	48	graham	graham	PROPN
emaj-330	36	49	et	et	PROPN
emaj-330	36	50	.	.	PUNCT
emaj-330	37	1	al	al	PROPN
emaj-330	37	2	.	.	PROPN
emaj-330	37	3	,	,	PUNCT
emaj-330	37	4	2015	2015	NUM
emaj-330	37	5	;	;	PUNCT
emaj-330	37	6	naghavi	naghavi	ADJ
emaj-330	37	7	et	et	PROPN
emaj-330	37	8	.	.	PUNCT
emaj-330	38	1	al	al	PROPN
emaj-330	38	2	.	.	PROPN
emaj-330	38	3	,	,	PUNCT
emaj-330	38	4	2018	2018	NUM
emaj-330	38	5	)	)	PUNCT
emaj-330	38	6	.	.	PUNCT
emaj-330	39	1	however	however	ADV
emaj-330	39	2	,	,	PUNCT
emaj-330	39	3	the	the	DET
emaj-330	39	4	results	result	NOUN
emaj-330	39	5	of	of	ADP
emaj-330	39	6	these	these	DET
emaj-330	39	7	studies	study	NOUN
emaj-330	39	8	have	have	AUX
emaj-330	39	9	provided	provide	VERB
emaj-330	39	10	no	no	DET
emaj-330	39	11	clear	clear	ADJ
emaj-330	39	12	consensus	consensus	NOUN
emaj-330	39	13	on	on	ADP
emaj-330	39	14	whether	whether	SCONJ
emaj-330	39	15	stock	stock	NOUN
emaj-330	39	16	market	market	NOUN
emaj-330	39	17	liberalization	liberalization	NOUN
emaj-330	39	18	affects	affect	VERB
emaj-330	39	19	stock	stock	NOUN
emaj-330	39	20	market	market	NOUN
emaj-330	39	21	efficiency	efficiency	NOUN
emaj-330	39	22	.	.	PUNCT
emaj-330	40	1	some	some	DET
emaj-330	40	2	studies	study	NOUN
emaj-330	40	3	have	have	AUX
emaj-330	40	4	found	find	VERB
emaj-330	40	5	that	that	SCONJ
emaj-330	40	6	stock	stock	NOUN
emaj-330	40	7	market	market	NOUN
emaj-330	40	8	liberalization	liberalization	NOUN
emaj-330	40	9	has	have	AUX
emaj-330	40	10	not	not	PART
emaj-330	40	11	positively	positively	ADV
emaj-330	40	12	affected	affect	VERB
emaj-330	40	13	market	market	NOUN
emaj-330	40	14	efficiency	efficiency	NOUN
emaj-330	40	15	(	(	PUNCT
emaj-330	40	16	groenewold	groenewold	VERB
emaj-330	40	17	and	and	CCONJ
emaj-330	40	18	ariff	ariff	NOUN
emaj-330	40	19	,	,	PUNCT
emaj-330	40	20	1998	1998	NUM
emaj-330	40	21	;	;	PUNCT
emaj-330	40	22	kawakatsu	kawakatsu	VERB
emaj-330	40	23	and	and	CCONJ
emaj-330	40	24	morey	morey	PROPN
emaj-330	40	25	,	,	PUNCT
emaj-330	40	26	1999a	1999a	NUM
emaj-330	40	27	,	,	PUNCT
emaj-330	40	28	b	b	NOUN
emaj-330	40	29	;	;	PUNCT
emaj-330	40	30	basu	basu	PROPN
emaj-330	40	31	et	et	PROPN
emaj-330	40	32	.	.	PUNCT
emaj-330	41	1	al	al	PROPN
emaj-330	41	2	.	.	PROPN
emaj-330	41	3	,	,	PUNCT
emaj-330	41	4	2000	2000	NUM
emaj-330	41	5	;	;	PUNCT
emaj-330	41	6	maghyereh	maghyereh	NOUN
emaj-330	41	7	and	and	CCONJ
emaj-330	41	8	omet	omet	VERB
emaj-330	41	9	,	,	PUNCT
emaj-330	41	10	2002	2002	NUM
emaj-330	41	11	;	;	PUNCT
emaj-330	41	12	laopodis	laopodis	PROPN
emaj-330	41	13	,	,	PUNCT
emaj-330	41	14	2003	2003	NUM
emaj-330	41	15	,	,	PUNCT
emaj-330	41	16	2004	2004	NUM
emaj-330	41	17	;	;	PUNCT
emaj-330	41	18	kim	kim	PROPN
emaj-330	41	19	and	and	CCONJ
emaj-330	41	20	shamsuddin	shamsuddin	NOUN
emaj-330	41	21	,	,	PUNCT
emaj-330	41	22	2008	2008	NUM
emaj-330	41	23	;	;	PUNCT
emaj-330	41	24	graham	graham	PROPN
emaj-330	41	25	et	et	PROPN
emaj-330	41	26	.	.	PUNCT
emaj-330	42	1	al	al	PROPN
emaj-330	42	2	.	.	PROPN
emaj-330	42	3	,	,	PUNCT
emaj-330	42	4	2015	2015	NUM
emaj-330	42	5	)	)	PUNCT
emaj-330	42	6	,	,	PUNCT
emaj-330	42	7	whilst	whilst	SCONJ
emaj-330	42	8	other	other	ADJ
emaj-330	42	9	studies	study	NOUN
emaj-330	42	10	have	have	AUX
emaj-330	42	11	found	find	VERB
emaj-330	42	12	that	that	SCONJ
emaj-330	42	13	liberalization	liberalization	NOUN
emaj-330	42	14	improves	improve	VERB
emaj-330	42	15	the	the	DET
emaj-330	42	16	degree	degree	NOUN
emaj-330	42	17	of	of	ADP
emaj-330	42	18	market	market	NOUN
emaj-330	42	19	efficiency	efficiency	NOUN
emaj-330	42	20	(	(	PUNCT
emaj-330	42	21	kim	kim	PROPN
emaj-330	42	22	and	and	CCONJ
emaj-330	42	23	singal	singal	PROPN
emaj-330	42	24	,	,	PUNCT
emaj-330	42	25	2000a	2000a	NUM
emaj-330	42	26	,	,	PUNCT
emaj-330	42	27	b	b	NOUN
emaj-330	42	28	;	;	PUNCT
emaj-330	42	29	fuss	fuss	NOUN
emaj-330	42	30	,	,	PUNCT
emaj-330	42	31	2005	2005	NUM
emaj-330	42	32	;	;	PUNCT
emaj-330	42	33	fifield	fifield	NOUN
emaj-330	42	34	and	and	CCONJ
emaj-330	42	35	jetty	jetty	NOUN
emaj-330	42	36	,	,	PUNCT
emaj-330	42	37	2008	2008	NUM
emaj-330	42	38	;	;	PUNCT
emaj-330	42	39	cajueiro	cajueiro	PROPN
emaj-330	42	40	et	et	PROPN
emaj-330	42	41	.	.	PUNCT
emaj-330	43	1	al	al	PROPN
emaj-330	43	2	.	.	PROPN
emaj-330	43	3	,	,	PUNCT
emaj-330	43	4	2009	2009	NUM
emaj-330	43	5	;	;	PUNCT
emaj-330	43	6	rejeb	rejeb	NOUN
emaj-330	43	7	and	and	CCONJ
emaj-330	43	8	boughrara	boughrara	NOUN
emaj-330	43	9	,	,	PUNCT
emaj-330	43	10	2013	2013	NUM
emaj-330	43	11	;	;	PUNCT
emaj-330	43	12	naghavi	naghavi	ADJ
emaj-330	43	13	and	and	CCONJ
emaj-330	43	14	lau	lau	PROPN
emaj-330	43	15	,	,	PUNCT
emaj-330	43	16	2014	2014	NUM
emaj-330	43	17	;	;	PUNCT
emaj-330	43	18	naghavi	naghavi	ADJ
emaj-330	43	19	et	et	PROPN
emaj-330	43	20	.	.	PUNCT
emaj-330	44	1	al	al	PROPN
emaj-330	44	2	.	.	PROPN
emaj-330	44	3	,	,	PUNCT
emaj-330	44	4	2018	2018	NUM
emaj-330	44	5	)	)	PUNCT
emaj-330	44	6	.	.	PUNCT
emaj-330	45	1	most	most	ADJ
emaj-330	45	2	of	of	ADP
emaj-330	45	3	the	the	DET
emaj-330	45	4	studies	study	NOUN
emaj-330	45	5	that	that	PRON
emaj-330	45	6	have	have	AUX
emaj-330	45	7	investigated	investigate	VERB
emaj-330	45	8	the	the	DET
emaj-330	45	9	effect	effect	NOUN
emaj-330	45	10	of	of	ADP
emaj-330	45	11	stock	stock	NOUN
emaj-330	45	12	market	market	NOUN
emaj-330	45	13	liberalization	liberalization	NOUN
emaj-330	45	14	on	on	ADP
emaj-330	45	15	the	the	DET
emaj-330	45	16	informational	informational	ADJ
emaj-330	45	17	efficiency	efficiency	NOUN
emaj-330	45	18	of	of	ADP
emaj-330	45	19	emerging	emerge	VERB
emaj-330	45	20	stock	stock	NOUN
emaj-330	45	21	markets	market	NOUN
emaj-330	45	22	,	,	PUNCT
emaj-330	45	23	regardless	regardless	ADV
emaj-330	45	24	of	of	ADP
emaj-330	45	25	their	their	PRON
emaj-330	45	26	findings	finding	NOUN
emaj-330	45	27	,	,	PUNCT
emaj-330	45	28	have	have	AUX
emaj-330	45	29	followed	follow	VERB
emaj-330	45	30	a	a	DET
emaj-330	45	31	similar	similar	ADJ
emaj-330	45	32	approach	approach	NOUN
emaj-330	45	33	,	,	PUNCT
emaj-330	45	34	which	which	PRON
emaj-330	45	35	is	be	AUX
emaj-330	45	36	to	to	PART
emaj-330	45	37	divide	divide	VERB
emaj-330	45	38	the	the	DET
emaj-330	45	39	sample	sample	NOUN
emaj-330	45	40	period	period	NOUN
emaj-330	45	41	into	into	ADP
emaj-330	45	42	two	two	NUM
emaj-330	45	43	subperiods	subperiod	NOUN
emaj-330	45	44	preliberalisation	preliberalisation	NOUN
emaj-330	45	45	and	and	CCONJ
emaj-330	45	46	post	post	NOUN
emaj-330	45	47	-	-	NOUN
emaj-330	45	48	liberalisation	liberalisation	NOUN
emaj-330	45	49	and	and	CCONJ
emaj-330	45	50	then	then	ADV
emaj-330	45	51	compare	compare	VERB
emaj-330	45	52	the	the	DET
emaj-330	45	53	level	level	NOUN
emaj-330	45	54	of	of	ADP
emaj-330	45	55	efficiency	efficiency	NOUN
emaj-330	45	56	before	before	ADP
emaj-330	45	57	and	and	CCONJ
emaj-330	45	58	after	after	ADP
emaj-330	45	59	liberalization	liberalization	NOUN
emaj-330	45	60	.	.	PUNCT
emaj-330	46	1	in	in	ADP
emaj-330	46	2	addition	addition	NOUN
emaj-330	46	3	,	,	PUNCT
emaj-330	46	4	previous	previous	ADJ
emaj-330	46	5	studies	study	NOUN
emaj-330	46	6	have	have	AUX
emaj-330	46	7	tended	tend	VERB
emaj-330	46	8	to	to	PART
emaj-330	46	9	focus	focus	VERB
emaj-330	46	10	on	on	ADP
emaj-330	46	11	indexlevel	indexlevel	NOUN
emaj-330	46	12	rather	rather	ADV
emaj-330	46	13	than	than	ADP
emaj-330	46	14	firm	firm	ADJ
emaj-330	46	15	-	-	PUNCT
emaj-330	46	16	level	level	NOUN
emaj-330	46	17	data	datum	NOUN
emaj-330	46	18	,	,	PUNCT
emaj-330	46	19	which	which	PRON
emaj-330	46	20	could	could	AUX
emaj-330	46	21	be	be	AUX
emaj-330	46	22	a	a	DET
emaj-330	46	23	serious	serious	ADJ
emaj-330	46	24	limitation	limitation	NOUN
emaj-330	46	25	for	for	ADP
emaj-330	46	26	two	two	NUM
emaj-330	46	27	reasons	reason	NOUN
emaj-330	46	28	.	.	PUNCT
emaj-330	47	1	first	first	ADV
emaj-330	47	2	,	,	PUNCT
emaj-330	47	3	the	the	DET
emaj-330	47	4	use	use	NOUN
emaj-330	47	5	of	of	ADP
emaj-330	47	6	index	index	NOUN
emaj-330	47	7	data	datum	NOUN
emaj-330	47	8	may	may	AUX
emaj-330	47	9	mask	mask	VERB
emaj-330	47	10	the	the	DET
emaj-330	47	11	true	true	ADJ
emaj-330	47	12	effect	effect	NOUN
emaj-330	47	13	of	of	ADP
emaj-330	47	14	market	market	NOUN
emaj-330	47	15	liberalization	liberalization	NOUN
emaj-330	47	16	given	give	VERB
emaj-330	47	17	that	that	SCONJ
emaj-330	47	18	,	,	PUNCT
emaj-330	47	19	after	after	ADP
emaj-330	47	20	liberalixation	liberalixation	NOUN
emaj-330	47	21	,	,	PUNCT
emaj-330	47	22	not	not	PART
emaj-330	47	23	all	all	DET
emaj-330	47	24	companies	company	NOUN
emaj-330	47	25	in	in	ADP
emaj-330	47	26	the	the	DET
emaj-330	47	27	market	market	NOUN
emaj-330	47	28	become	become	VERB
emaj-330	47	29	eligible	eligible	ADJ
emaj-330	47	30	for	for	ADP
emaj-330	47	31	foreign	foreign	ADJ
emaj-330	47	32	investment	investment	NOUN
emaj-330	47	33	(	(	PUNCT
emaj-330	47	34	lim	lim	PROPN
emaj-330	47	35	and	and	CCONJ
emaj-330	47	36	kim	kim	PROPN
emaj-330	47	37	,	,	PUNCT
emaj-330	47	38	2011	2011	NUM
emaj-330	47	39	)	)	PUNCT
emaj-330	47	40	.	.	PUNCT
emaj-330	48	1	second	second	ADJ
emaj-330	48	2	,	,	PUNCT
emaj-330	48	3	firm	firm	ADJ
emaj-330	48	4	-	-	PUNCT
emaj-330	48	5	level	level	NOUN
emaj-330	48	6	data	datum	NOUN
emaj-330	48	7	are	be	AUX
emaj-330	48	8	particularly	particularly	ADV
emaj-330	48	9	important	important	ADJ
emaj-330	48	10	to	to	ADP
emaj-330	48	11	investors	investor	NOUN
emaj-330	48	12	as	as	SCONJ
emaj-330	48	13	it	it	PRON
emaj-330	48	14	is	be	AUX
emaj-330	48	15	not	not	PART
emaj-330	48	16	possible	possible	ADJ
emaj-330	48	17	,	,	PUNCT
emaj-330	48	18	or	or	CCONJ
emaj-330	48	19	sometimes	sometimes	ADV
emaj-330	48	20	very	very	ADV
emaj-330	48	21	costly	costly	ADJ
emaj-330	48	22	,	,	PUNCT
emaj-330	48	23	to	to	PART
emaj-330	48	24	invest	invest	VERB
emaj-330	48	25	in	in	ADP
emaj-330	48	26	the	the	DET
emaj-330	48	27	index	index	NOUN
emaj-330	48	28	in	in	ADP
emaj-330	48	29	many	many	ADJ
emaj-330	48	30	emerging	emerge	VERB
emaj-330	48	31	stock	stock	NOUN
emaj-330	48	32	markets	market	NOUN
emaj-330	48	33	(	(	PUNCT
emaj-330	48	34	blitz	blitz	NOUN
emaj-330	48	35	and	and	CCONJ
emaj-330	48	36	huij	huij	PROPN
emaj-330	48	37	,	,	PUNCT
emaj-330	48	38	2012	2012	NUM
emaj-330	48	39	)	)	PUNCT
emaj-330	48	40	.	.	PUNCT
emaj-330	49	1	benjelloun	benjelloun	PROPN
emaj-330	49	2	and	and	CCONJ
emaj-330	49	3	abdullah	abdullah	PROPN
emaj-330	49	4	(	(	PUNCT
emaj-330	49	5	2009	2009	NUM
emaj-330	49	6	)	)	PUNCT
emaj-330	49	7	,	,	PUNCT
emaj-330	49	8	elton	elton	PROPN
emaj-330	49	9	et	et	PROPN
emaj-330	49	10	.	.	PUNCT
emaj-330	50	1	al	al	PROPN
emaj-330	50	2	.	.	PROPN
emaj-330	51	1	(	(	PUNCT
emaj-330	51	2	2019	2019	NUM
emaj-330	51	3	)	)	PUNCT
emaj-330	51	4	,	,	PUNCT
emaj-330	51	5	almudhaf	almudhaf	NOUN
emaj-330	51	6	and	and	CCONJ
emaj-330	51	7	alhashel	alhashel	PROPN
emaj-330	51	8	(	(	PUNCT
emaj-330	51	9	2020	2020	NUM
emaj-330	51	10	)	)	PUNCT
emaj-330	51	11	,	,	PUNCT
emaj-330	51	12	and	and	CCONJ
emaj-330	51	13	zawadzki	zawadzki	NOUN
emaj-330	51	14	(	(	PUNCT
emaj-330	51	15	2020	2020	NUM
emaj-330	51	16	)	)	PUNCT
emaj-330	51	17	,	,	PUNCT
emaj-330	51	18	found	find	VERB
emaj-330	51	19	evidence	evidence	NOUN
emaj-330	51	20	that	that	SCONJ
emaj-330	51	21	it	it	PRON
emaj-330	51	22	was	be	AUX
emaj-330	51	23	difficult	difficult	ADJ
emaj-330	51	24	to	to	PART
emaj-330	51	25	invest	invest	VERB
emaj-330	51	26	in	in	ADP
emaj-330	51	27	the	the	DET
emaj-330	51	28	market	market	NOUN
emaj-330	51	29	index	index	NOUN
emaj-330	51	30	in	in	ADP
emaj-330	51	31	emerging	emerge	VERB
emaj-330	51	32	stock	stock	NOUN
emaj-330	51	33	markets	market	NOUN
emaj-330	51	34	.	.	PUNCT
emaj-330	52	1	for	for	ADP
emaj-330	52	2	example	example	NOUN
emaj-330	52	3	,	,	PUNCT
emaj-330	52	4	elton	elton	PROPN
emaj-330	52	5	et	et	PROPN
emaj-330	52	6	.	.	PUNCT
emaj-330	53	1	al	al	PROPN
emaj-330	53	2	.	.	PROPN
emaj-330	54	1	(	(	PUNCT
emaj-330	54	2	2019	2019	NUM
emaj-330	54	3	)	)	PUNCT
emaj-330	54	4	investigated	investigate	VERB
emaj-330	54	5	the	the	DET
emaj-330	54	6	performance	performance	NOUN
emaj-330	54	7	of	of	ADP
emaj-330	54	8	396	396	NUM
emaj-330	54	9	passively	passively	ADV
emaj-330	54	10	managed	manage	VERB
emaj-330	54	11	index	index	NOUN
emaj-330	54	12	funds	fund	NOUN
emaj-330	54	13	over	over	ADP
emaj-330	54	14	the	the	DET
emaj-330	54	15	period	period	NOUN
emaj-330	54	16	1994	1994	NUM
emaj-330	54	17	to	to	ADP
emaj-330	54	18	2016	2016	NUM
emaj-330	54	19	and	and	CCONJ
emaj-330	54	20	found	find	VERB
emaj-330	54	21	that	that	SCONJ
emaj-330	54	22	index	index	NOUN
emaj-330	54	23	funds	fund	NOUN
emaj-330	54	24	in	in	ADP
emaj-330	54	25	emerging	emerge	VERB
emaj-330	54	26	markets	market	NOUN
emaj-330	54	27	underperformed	underperform	VERB
emaj-330	54	28	their	their	PRON
emaj-330	54	29	underlying	underlie	VERB
emaj-330	54	30	indexes	index	NOUN
emaj-330	54	31	more	more	ADV
emaj-330	54	32	frequently	frequently	ADV
emaj-330	54	33	as	as	SCONJ
emaj-330	54	34	compared	compare	VERB
emaj-330	54	35	to	to	ADP
emaj-330	54	36	their	their	PRON
emaj-330	54	37	developed	develop	VERB
emaj-330	54	38	market	market	NOUN
emaj-330	54	39	counterparts	counterpart	NOUN
emaj-330	54	40	.	.	PUNCT
emaj-330	55	1	furthermore	furthermore	ADV
emaj-330	55	2	,	,	PUNCT
emaj-330	55	3	almudhaf	almudhaf	NOUN
emaj-330	55	4	and	and	CCONJ
emaj-330	55	5	alhashel	alhashel	PROPN
emaj-330	55	6	(	(	PUNCT
emaj-330	55	7	2020	2020	NUM
emaj-330	55	8	)	)	PUNCT
emaj-330	55	9	and	and	CCONJ
emaj-330	55	10	zawadzki	zawadzki	NOUN
emaj-330	55	11	(	(	PUNCT
emaj-330	55	12	2020	2020	NUM
emaj-330	55	13	)	)	PUNCT
emaj-330	55	14	documented	document	VERB
emaj-330	55	15	that	that	SCONJ
emaj-330	55	16	exchange	exchange	NOUN
emaj-330	55	17	-	-	PUNCT
emaj-330	55	18	traded	trade	VERB
emaj-330	55	19	funds	fund	NOUN
emaj-330	55	20	that	that	PRON
emaj-330	55	21	track	track	VERB
emaj-330	55	22	stock	stock	NOUN
emaj-330	55	23	market	market	NOUN
emaj-330	55	24	indices	index	NOUN
emaj-330	55	25	exhibited	exhibit	VERB
emaj-330	55	26	higher	high	ADJ
emaj-330	55	27	tracking	tracking	NOUN
emaj-330	55	28	errors	error	NOUN
emaj-330	55	29	in	in	ADP
emaj-330	55	30	emerging	emerge	VERB
emaj-330	55	31	markets	market	NOUN
emaj-330	55	32	.	.	PUNCT
emaj-330	56	1	in	in	ADP
emaj-330	56	2	volume	volume	NOUN
emaj-330	56	3	14	14	NUM
emaj-330	56	4	no	no	DET
emaj-330	56	5	1	1	NUM
emaj-330	56	6	(	(	PUNCT
emaj-330	56	7	2024	2024	NUM
emaj-330	56	8	)	)	PUNCT
emaj-330	56	9	|	|	ADV
emaj-330	56	10	issn	issn	VERB
emaj-330	56	11	2158	2158	NUM
emaj-330	56	12	-	-	SYM
emaj-330	56	13	8708	8708	NUM
emaj-330	56	14	(	(	PUNCT
emaj-330	56	15	online	online	NOUN
emaj-330	56	16	)	)	PUNCT
emaj-330	56	17	|	|	ADV
emaj-330	56	18	doi	doi	X
emaj-330	56	19	10.5195	10.5195	NUM
emaj-330	56	20	/	/	SYM
emaj-330	56	21	emaj.2024.330	emaj.2024.330	PROPN
emaj-330	56	22	|	|	ADV
emaj-330	56	23	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-330	56	24	abdullah	abdullah	PROPN
emaj-330	56	25	alesmaiel	alesmaiel	PROPN
emaj-330	56	26	,	,	PUNCT
emaj-330	56	27	suzanne	suzanne	PROPN
emaj-330	56	28	fifield	fifield	PROPN
emaj-330	56	29	,	,	PUNCT
emaj-330	56	30	justin	justin	PROPN
emaj-330	56	31	hof	hof	PROPN
emaj-330	56	32	emerging	emerge	VERB
emaj-330	56	33	markets	market	NOUN
emaj-330	56	34	journal	journal	PROPN
emaj-330	56	35	page	page	NOUN
emaj-330	56	36	|3|	|3|	PROPN
emaj-330	56	37	addition	addition	NOUN
emaj-330	56	38	,	,	PUNCT
emaj-330	56	39	due	due	ADP
emaj-330	56	40	to	to	ADP
emaj-330	56	41	the	the	DET
emaj-330	56	42	high	high	ADJ
emaj-330	56	43	costs	cost	NOUN
emaj-330	56	44	of	of	ADP
emaj-330	56	45	investing	invest	VERB
emaj-330	56	46	in	in	ADP
emaj-330	56	47	index	index	NOUN
emaj-330	56	48	funds	fund	NOUN
emaj-330	56	49	,	,	PUNCT
emaj-330	56	50	benjelloun	benjelloun	NOUN
emaj-330	56	51	and	and	CCONJ
emaj-330	56	52	abdullah	abdullah	PROPN
emaj-330	56	53	(	(	PUNCT
emaj-330	56	54	2009	2009	NUM
emaj-330	56	55	)	)	PUNCT
emaj-330	56	56	suggested	suggest	VERB
emaj-330	56	57	that	that	SCONJ
emaj-330	56	58	investors	investor	NOUN
emaj-330	56	59	in	in	ADP
emaj-330	56	60	saudi	saudi	PROPN
emaj-330	56	61	arabia	arabia	PROPN
emaj-330	56	62	are	be	AUX
emaj-330	56	63	better	well	ADJ
emaj-330	56	64	off	off	ADP
emaj-330	56	65	buying	buy	VERB
emaj-330	56	66	individual	individual	ADJ
emaj-330	56	67	shares	share	NOUN
emaj-330	56	68	directly	directly	ADV
emaj-330	56	69	from	from	ADP
emaj-330	56	70	the	the	DET
emaj-330	56	71	market	market	NOUN
emaj-330	56	72	as	as	SCONJ
emaj-330	56	73	opposed	oppose	VERB
emaj-330	56	74	to	to	ADP
emaj-330	56	75	investing	invest	VERB
emaj-330	56	76	in	in	ADP
emaj-330	56	77	index	index	NOUN
emaj-330	56	78	funds	fund	NOUN
emaj-330	56	79	.	.	PUNCT
emaj-330	57	1	groenewold	groenewold	VERB
emaj-330	57	2	and	and	CCONJ
emaj-330	57	3	ariff	ariff	NOUN
emaj-330	57	4	(	(	PUNCT
emaj-330	57	5	1998	1998	NUM
emaj-330	57	6	)	)	PUNCT
emaj-330	57	7	studied	study	VERB
emaj-330	57	8	a	a	DET
emaj-330	57	9	sample	sample	NOUN
emaj-330	57	10	of	of	ADP
emaj-330	57	11	six	six	NUM
emaj-330	57	12	developed	developed	ADJ
emaj-330	57	13	and	and	CCONJ
emaj-330	57	14	four	four	NUM
emaj-330	57	15	emerging	emerge	VERB
emaj-330	57	16	markets	market	NOUN
emaj-330	57	17	to	to	PART
emaj-330	57	18	evaluate	evaluate	VERB
emaj-330	57	19	the	the	DET
emaj-330	57	20	effect	effect	NOUN
emaj-330	57	21	of	of	ADP
emaj-330	57	22	liberalisation	liberalisation	NOUN
emaj-330	57	23	on	on	ADP
emaj-330	57	24	informational	informational	ADJ
emaj-330	57	25	efficiency	efficiency	NOUN
emaj-330	57	26	.	.	PUNCT
emaj-330	58	1	specifically	specifically	ADV
emaj-330	58	2	,	,	PUNCT
emaj-330	58	3	the	the	DET
emaj-330	58	4	authors	author	NOUN
emaj-330	58	5	carried	carry	VERB
emaj-330	58	6	out	out	ADP
emaj-330	58	7	unit	unit	NOUN
emaj-330	58	8	root	root	NOUN
emaj-330	58	9	and	and	CCONJ
emaj-330	58	10	variance	variance	NOUN
emaj-330	58	11	ratio	ratio	NOUN
emaj-330	58	12	tests	test	NOUN
emaj-330	58	13	before	before	ADV
emaj-330	58	14	and	and	CCONJ
emaj-330	58	15	after	after	ADP
emaj-330	58	16	the	the	DET
emaj-330	58	17	process	process	NOUN
emaj-330	58	18	of	of	ADP
emaj-330	58	19	market	market	NOUN
emaj-330	58	20	liberalisation	liberalisation	NOUN
emaj-330	58	21	using	use	VERB
emaj-330	58	22	daily	daily	ADJ
emaj-330	58	23	closing	closing	NOUN
emaj-330	58	24	values	value	NOUN
emaj-330	58	25	for	for	ADP
emaj-330	58	26	share	share	NOUN
emaj-330	58	27	indexes	index	NOUN
emaj-330	58	28	over	over	ADP
emaj-330	58	29	the	the	DET
emaj-330	58	30	period	period	NOUN
emaj-330	58	31	1980	1980	NUM
emaj-330	58	32	to	to	ADP
emaj-330	58	33	1992	1992	NUM
emaj-330	58	34	.	.	PUNCT
emaj-330	59	1	unexpectedly	unexpectedly	ADV
emaj-330	59	2	,	,	PUNCT
emaj-330	59	3	the	the	DET
emaj-330	59	4	results	result	NOUN
emaj-330	59	5	suggested	suggest	VERB
emaj-330	59	6	that	that	SCONJ
emaj-330	59	7	the	the	DET
emaj-330	59	8	predictability	predictability	NOUN
emaj-330	59	9	of	of	ADP
emaj-330	59	10	emerging	emerge	VERB
emaj-330	59	11	stock	stock	NOUN
emaj-330	59	12	markets	market	NOUN
emaj-330	59	13	had	have	AUX
emaj-330	59	14	increased	increase	VERB
emaj-330	59	15	after	after	ADP
emaj-330	59	16	liberalization	liberalization	NOUN
emaj-330	59	17	,	,	PUNCT
emaj-330	59	18	thus	thus	ADV
emaj-330	59	19	indicating	indicate	VERB
emaj-330	59	20	that	that	SCONJ
emaj-330	59	21	the	the	DET
emaj-330	59	22	markets	market	NOUN
emaj-330	59	23	were	be	AUX
emaj-330	59	24	less	less	ADV
emaj-330	59	25	efficient	efficient	ADJ
emaj-330	59	26	.	.	PUNCT
emaj-330	60	1	one	one	NUM
emaj-330	60	2	explanation	explanation	NOUN
emaj-330	60	3	of	of	ADP
emaj-330	60	4	this	this	DET
emaj-330	60	5	counter	counter	ADJ
emaj-330	60	6	-	-	ADJ
emaj-330	60	7	intuitive	intuitive	ADJ
emaj-330	60	8	finding	finding	NOUN
emaj-330	60	9	may	may	AUX
emaj-330	60	10	be	be	AUX
emaj-330	60	11	the	the	DET
emaj-330	60	12	change	change	NOUN
emaj-330	60	13	in	in	ADP
emaj-330	60	14	the	the	DET
emaj-330	60	15	degree	degree	NOUN
emaj-330	60	16	of	of	ADP
emaj-330	60	17	integration	integration	NOUN
emaj-330	60	18	of	of	ADP
emaj-330	60	19	the	the	DET
emaj-330	60	20	sample	sample	NOUN
emaj-330	60	21	markets	market	NOUN
emaj-330	60	22	.	.	PUNCT
emaj-330	61	1	that	that	PRON
emaj-330	61	2	is	is	ADV
emaj-330	61	3	,	,	PUNCT
emaj-330	61	4	opening	open	VERB
emaj-330	61	5	a	a	DET
emaj-330	61	6	market	market	NOUN
emaj-330	61	7	to	to	ADP
emaj-330	61	8	foreign	foreign	ADJ
emaj-330	61	9	investors	investor	NOUN
emaj-330	61	10	exposes	expose	VERB
emaj-330	61	11	it	it	PRON
emaj-330	61	12	more	more	ADJ
emaj-330	61	13	to	to	ADP
emaj-330	61	14	global	global	ADJ
emaj-330	61	15	factors	factor	NOUN
emaj-330	61	16	as	as	SCONJ
emaj-330	61	17	it	it	PRON
emaj-330	61	18	shifts	shift	VERB
emaj-330	61	19	the	the	DET
emaj-330	61	20	market	market	NOUN
emaj-330	61	21	from	from	ADP
emaj-330	61	22	being	be	AUX
emaj-330	61	23	segmented	segment	VERB
emaj-330	61	24	to	to	ADP
emaj-330	61	25	being	be	AUX
emaj-330	61	26	integrated	integrate	VERB
emaj-330	61	27	with	with	ADP
emaj-330	61	28	international	international	ADJ
emaj-330	61	29	markets	market	NOUN
emaj-330	61	30	(	(	PUNCT
emaj-330	61	31	umutlu	umutlu	NOUN
emaj-330	61	32	et	et	PROPN
emaj-330	61	33	.	.	PUNCT
emaj-330	62	1	al	al	PROPN
emaj-330	62	2	.	.	PROPN
emaj-330	62	3	,	,	PUNCT
emaj-330	62	4	2010	2010	NUM
emaj-330	62	5	)	)	PUNCT
emaj-330	62	6	.	.	PUNCT
emaj-330	63	1	this	this	DET
emaj-330	63	2	high	high	ADJ
emaj-330	63	3	degree	degree	NOUN
emaj-330	63	4	of	of	ADP
emaj-330	63	5	integration	integration	NOUN
emaj-330	63	6	may	may	AUX
emaj-330	63	7	increase	increase	VERB
emaj-330	63	8	the	the	DET
emaj-330	63	9	predictability	predictability	NOUN
emaj-330	63	10	of	of	ADP
emaj-330	63	11	stock	stock	NOUN
emaj-330	63	12	prices	price	NOUN
emaj-330	63	13	.	.	PUNCT
emaj-330	64	1	furthermore	furthermore	ADV
emaj-330	64	2	,	,	PUNCT
emaj-330	64	3	kawakatsu	kawakatsu	ADJ
emaj-330	64	4	and	and	CCONJ
emaj-330	64	5	morey	morey	PROPN
emaj-330	64	6	(	(	PUNCT
emaj-330	64	7	1999b	1999b	NUM
emaj-330	64	8	)	)	PUNCT
emaj-330	64	9	conducted	conduct	VERB
emaj-330	64	10	a	a	DET
emaj-330	64	11	similar	similar	ADJ
emaj-330	64	12	study	study	NOUN
emaj-330	64	13	on	on	ADP
emaj-330	64	14	nine	nine	NUM
emaj-330	64	15	emerging	emerge	VERB
emaj-330	64	16	markets	market	NOUN
emaj-330	64	17	that	that	PRON
emaj-330	64	18	were	be	AUX
emaj-330	64	19	liberalized	liberalize	VERB
emaj-330	64	20	in	in	ADP
emaj-330	64	21	the	the	DET
emaj-330	64	22	late	late	ADJ
emaj-330	64	23	1980s	1980	NOUN
emaj-330	64	24	and	and	CCONJ
emaj-330	64	25	early	early	ADJ
emaj-330	64	26	1990s	1990	NOUN
emaj-330	64	27	.	.	PUNCT
emaj-330	65	1	using	use	VERB
emaj-330	65	2	monthly	monthly	ADJ
emaj-330	65	3	data	datum	NOUN
emaj-330	65	4	from	from	ADP
emaj-330	65	5	1976	1976	NUM
emaj-330	65	6	to	to	ADP
emaj-330	65	7	1997	1997	NUM
emaj-330	65	8	,	,	PUNCT
emaj-330	65	9	the	the	DET
emaj-330	65	10	authors	author	NOUN
emaj-330	65	11	tested	test	VERB
emaj-330	65	12	the	the	DET
emaj-330	65	13	usefulness	usefulness	NOUN
emaj-330	65	14	of	of	ADP
emaj-330	65	15	past	past	ADJ
emaj-330	65	16	price	price	NOUN
emaj-330	65	17	data	datum	NOUN
emaj-330	65	18	in	in	ADP
emaj-330	65	19	predicting	predict	VERB
emaj-330	65	20	future	future	ADJ
emaj-330	65	21	share	share	NOUN
emaj-330	65	22	prices	price	NOUN
emaj-330	65	23	by	by	ADP
emaj-330	65	24	making	make	VERB
emaj-330	65	25	use	use	NOUN
emaj-330	65	26	of	of	ADP
emaj-330	65	27	a	a	DET
emaj-330	65	28	first	first	ADJ
emaj-330	65	29	-	-	PUNCT
emaj-330	65	30	order	order	NOUN
emaj-330	65	31	autoregressive	autoregressive	ADJ
emaj-330	65	32	model	model	NOUN
emaj-330	65	33	.	.	PUNCT
emaj-330	66	1	their	their	PRON
emaj-330	66	2	results	result	NOUN
emaj-330	66	3	showed	show	VERB
emaj-330	66	4	there	there	PRON
emaj-330	66	5	was	be	VERB
emaj-330	66	6	no	no	DET
emaj-330	66	7	significant	significant	ADJ
emaj-330	66	8	change	change	NOUN
emaj-330	66	9	in	in	ADP
emaj-330	66	10	the	the	DET
emaj-330	66	11	behavior	behavior	NOUN
emaj-330	66	12	of	of	ADP
emaj-330	66	13	stock	stock	NOUN
emaj-330	66	14	prices	price	NOUN
emaj-330	66	15	before	before	ADP
emaj-330	66	16	or	or	CCONJ
emaj-330	66	17	after	after	ADP
emaj-330	66	18	liberalization	liberalization	NOUN
emaj-330	66	19	,	,	PUNCT
emaj-330	66	20	indicating	indicate	VERB
emaj-330	66	21	that	that	SCONJ
emaj-330	66	22	the	the	DET
emaj-330	66	23	sample	sample	NOUN
emaj-330	66	24	stock	stock	NOUN
emaj-330	66	25	markets	market	NOUN
emaj-330	66	26	were	be	AUX
emaj-330	66	27	efficient	efficient	ADJ
emaj-330	66	28	even	even	ADV
emaj-330	66	29	prior	prior	ADV
emaj-330	66	30	to	to	ADP
emaj-330	66	31	the	the	DET
emaj-330	66	32	liberalization	liberalization	NOUN
emaj-330	66	33	date	date	NOUN
emaj-330	66	34	.	.	PUNCT
emaj-330	67	1	the	the	DET
emaj-330	67	2	authors	author	NOUN
emaj-330	67	3	suggested	suggest	VERB
emaj-330	67	4	that	that	SCONJ
emaj-330	67	5	investors	investor	NOUN
emaj-330	67	6	seemed	seem	VERB
emaj-330	67	7	to	to	PART
emaj-330	67	8	start	start	VERB
emaj-330	67	9	behaving	behave	VERB
emaj-330	67	10	rationally	rationally	ADV
emaj-330	67	11	prior	prior	ADV
emaj-330	67	12	to	to	ADP
emaj-330	67	13	market	market	NOUN
emaj-330	67	14	opening	opening	NOUN
emaj-330	67	15	because	because	SCONJ
emaj-330	67	16	liberalization	liberalization	NOUN
emaj-330	67	17	was	be	AUX
emaj-330	67	18	announced	announce	VERB
emaj-330	67	19	well	well	ADV
emaj-330	67	20	in	in	ADP
emaj-330	67	21	advance	advance	NOUN
emaj-330	67	22	of	of	ADP
emaj-330	67	23	the	the	DET
emaj-330	67	24	actual	actual	ADJ
emaj-330	67	25	liberalisation	liberalisation	NOUN
emaj-330	67	26	date	date	NOUN
emaj-330	67	27	.	.	PUNCT
emaj-330	68	1	upon	upon	SCONJ
emaj-330	68	2	studying	study	VERB
emaj-330	68	3	individual	individual	ADJ
emaj-330	68	4	markets	market	NOUN
emaj-330	68	5	,	,	PUNCT
emaj-330	68	6	maghyereh	maghyereh	NOUN
emaj-330	68	7	and	and	CCONJ
emaj-330	68	8	omet	omet	VERB
emaj-330	68	9	(	(	PUNCT
emaj-330	68	10	2002	2002	NUM
emaj-330	68	11	)	)	PUNCT
emaj-330	68	12	and	and	CCONJ
emaj-330	68	13	laopodis	laopodis	PROPN
emaj-330	68	14	(	(	PUNCT
emaj-330	68	15	2004	2004	NUM
emaj-330	68	16	)	)	PUNCT
emaj-330	68	17	found	find	VERB
emaj-330	68	18	similar	similar	ADJ
emaj-330	68	19	conclusions	conclusion	NOUN
emaj-330	68	20	to	to	ADP
emaj-330	68	21	the	the	DET
emaj-330	68	22	aforementioned	aforementioned	ADJ
emaj-330	68	23	studies	study	NOUN
emaj-330	68	24	.	.	PUNCT
emaj-330	69	1	specifically	specifically	ADV
emaj-330	69	2	,	,	PUNCT
emaj-330	69	3	maghyereh	maghyereh	NOUN
emaj-330	69	4	and	and	CCONJ
emaj-330	69	5	omet	omet	VERB
emaj-330	69	6	(	(	PUNCT
emaj-330	69	7	2002	2002	NUM
emaj-330	69	8	)	)	PUNCT
emaj-330	69	9	examined	examine	VERB
emaj-330	69	10	the	the	DET
emaj-330	69	11	jordanian	jordanian	ADJ
emaj-330	69	12	stock	stock	NOUN
emaj-330	69	13	market	market	NOUN
emaj-330	69	14	and	and	CCONJ
emaj-330	69	15	found	find	VERB
emaj-330	69	16	that	that	SCONJ
emaj-330	69	17	stock	stock	NOUN
emaj-330	69	18	market	market	NOUN
emaj-330	69	19	efficiency	efficiency	NOUN
emaj-330	69	20	had	have	AUX
emaj-330	69	21	not	not	PART
emaj-330	69	22	improved	improve	VERB
emaj-330	69	23	after	after	ADP
emaj-330	69	24	liberalization	liberalization	NOUN
emaj-330	69	25	,	,	PUNCT
emaj-330	69	26	while	while	SCONJ
emaj-330	69	27	laopodis	laopodis	PROPN
emaj-330	69	28	(	(	PUNCT
emaj-330	69	29	2004	2004	NUM
emaj-330	69	30	)	)	PUNCT
emaj-330	69	31	examined	examine	VERB
emaj-330	69	32	the	the	DET
emaj-330	69	33	greek	greek	ADJ
emaj-330	69	34	stock	stock	NOUN
emaj-330	69	35	market	market	NOUN
emaj-330	69	36	during	during	ADP
emaj-330	69	37	the	the	DET
emaj-330	69	38	sample	sample	NOUN
emaj-330	69	39	period	period	NOUN
emaj-330	69	40	from	from	ADP
emaj-330	69	41	january	january	PROPN
emaj-330	69	42	1985	1985	NUM
emaj-330	69	43	to	to	ADP
emaj-330	69	44	december	december	PROPN
emaj-330	69	45	2001	2001	NUM
emaj-330	69	46	.	.	PUNCT
emaj-330	70	1	the	the	DET
emaj-330	70	2	author	author	NOUN
emaj-330	70	3	tested	test	VERB
emaj-330	70	4	for	for	ADP
emaj-330	70	5	autocorrelation	autocorrelation	NOUN
emaj-330	70	6	in	in	ADP
emaj-330	70	7	dollar	dollar	NOUN
emaj-330	70	8	-	-	PUNCT
emaj-330	70	9	equivalent	equivalent	ADJ
emaj-330	70	10	and	and	CCONJ
emaj-330	70	11	local	local	ADJ
emaj-330	70	12	currency	currency	NOUN
emaj-330	70	13	returns	return	NOUN
emaj-330	70	14	and	and	CCONJ
emaj-330	70	15	found	find	VERB
emaj-330	70	16	that	that	SCONJ
emaj-330	70	17	the	the	DET
emaj-330	70	18	greek	greek	ADJ
emaj-330	70	19	stock	stock	NOUN
emaj-330	70	20	market	market	NOUN
emaj-330	70	21	was	be	AUX
emaj-330	70	22	weak	weak	ADJ
emaj-330	70	23	form	form	NOUN
emaj-330	70	24	efficient	efficient	ADJ
emaj-330	70	25	even	even	ADV
emaj-330	70	26	before	before	SCONJ
emaj-330	70	27	any	any	DET
emaj-330	70	28	liberalization	liberalization	NOUN
emaj-330	70	29	announcement	announcement	NOUN
emaj-330	70	30	was	be	AUX
emaj-330	70	31	made	make	VERB
emaj-330	70	32	.	.	PUNCT
emaj-330	71	1	more	more	ADV
emaj-330	71	2	recently	recently	ADV
emaj-330	71	3	,	,	PUNCT
emaj-330	71	4	graham	graham	PROPN
emaj-330	71	5	et	et	PROPN
emaj-330	71	6	.	.	PUNCT
emaj-330	72	1	al	al	PROPN
emaj-330	72	2	.	.	PROPN
emaj-330	73	1	(	(	PUNCT
emaj-330	73	2	2015	2015	NUM
emaj-330	73	3	)	)	PUNCT
emaj-330	73	4	presented	present	VERB
emaj-330	73	5	additional	additional	ADJ
emaj-330	73	6	evidence	evidence	NOUN
emaj-330	73	7	that	that	SCONJ
emaj-330	73	8	capital	capital	NOUN
emaj-330	73	9	market	market	NOUN
emaj-330	73	10	liberalization	liberalization	NOUN
emaj-330	73	11	and	and	CCONJ
emaj-330	73	12	market	market	NOUN
emaj-330	73	13	integration	integration	NOUN
emaj-330	73	14	do	do	AUX
emaj-330	73	15	not	not	PART
emaj-330	73	16	necessarily	necessarily	ADV
emaj-330	73	17	lead	lead	VERB
emaj-330	73	18	to	to	ADP
emaj-330	73	19	improvements	improvement	NOUN
emaj-330	73	20	in	in	ADP
emaj-330	73	21	informational	informational	ADJ
emaj-330	73	22	efficiency	efficiency	NOUN
emaj-330	73	23	.	.	PUNCT
emaj-330	74	1	utilizing	utilize	VERB
emaj-330	74	2	various	various	ADJ
emaj-330	74	3	types	type	NOUN
emaj-330	74	4	of	of	ADP
emaj-330	74	5	variance	variance	NOUN
emaj-330	74	6	ratio	ratio	NOUN
emaj-330	74	7	tests	test	NOUN
emaj-330	74	8	,	,	PUNCT
emaj-330	74	9	graham	graham	PROPN
emaj-330	74	10	et	et	PROPN
emaj-330	74	11	.	.	PUNCT
emaj-330	75	1	al	al	PROPN
emaj-330	75	2	.	.	PROPN
emaj-330	76	1	(	(	PUNCT
emaj-330	76	2	2015	2015	NUM
emaj-330	76	3	)	)	PUNCT
emaj-330	76	4	studied	study	VERB
emaj-330	76	5	the	the	DET
emaj-330	76	6	icelandic	icelandic	ADJ
emaj-330	76	7	stock	stock	NOUN
emaj-330	76	8	market	market	NOUN
emaj-330	76	9	during	during	ADP
emaj-330	76	10	contrasting	contrast	VERB
emaj-330	76	11	periods	period	NOUN
emaj-330	76	12	of	of	ADP
emaj-330	76	13	financial	financial	ADJ
emaj-330	76	14	market	market	NOUN
emaj-330	76	15	openness	openness	NOUN
emaj-330	76	16	and	and	CCONJ
emaj-330	76	17	found	find	VERB
emaj-330	76	18	that	that	SCONJ
emaj-330	76	19	the	the	DET
emaj-330	76	20	market	market	NOUN
emaj-330	76	21	was	be	AUX
emaj-330	76	22	relatively	relatively	ADV
emaj-330	76	23	less	less	ADV
emaj-330	76	24	efficient	efficient	ADJ
emaj-330	76	25	during	during	ADP
emaj-330	76	26	the	the	DET
emaj-330	76	27	period	period	NOUN
emaj-330	76	28	of	of	ADP
emaj-330	76	29	free	free	ADJ
emaj-330	76	30	capital	capital	NOUN
emaj-330	76	31	flows	flow	NOUN
emaj-330	76	32	.	.	PUNCT
emaj-330	77	1	furthermore	furthermore	ADV
emaj-330	77	2	,	,	PUNCT
emaj-330	77	3	kim	kim	PROPN
emaj-330	77	4	and	and	CCONJ
emaj-330	77	5	shamsuddin	shamsuddin	PROPN
emaj-330	77	6	(	(	PUNCT
emaj-330	77	7	2008	2008	NUM
emaj-330	77	8	)	)	PUNCT
emaj-330	77	9	tested	test	VERB
emaj-330	77	10	the	the	DET
emaj-330	77	11	weak	weak	ADJ
emaj-330	77	12	form	form	NOUN
emaj-330	77	13	of	of	ADP
emaj-330	77	14	the	the	DET
emaj-330	77	15	emh	emh	NOUN
emaj-330	77	16	using	use	VERB
emaj-330	77	17	multiple	multiple	ADJ
emaj-330	77	18	variance	variance	NOUN
emaj-330	77	19	ratio	ratio	NOUN
emaj-330	77	20	tests	test	NOUN
emaj-330	77	21	and	and	CCONJ
emaj-330	77	22	weekly	weekly	ADJ
emaj-330	77	23	data	datum	NOUN
emaj-330	77	24	for	for	ADP
emaj-330	77	25	nine	nine	NUM
emaj-330	77	26	asian	asian	ADJ
emaj-330	77	27	markets	market	NOUN
emaj-330	77	28	for	for	ADP
emaj-330	77	29	the	the	DET
emaj-330	77	30	period	period	NOUN
emaj-330	77	31	from	from	ADP
emaj-330	77	32	january	january	PROPN
emaj-330	77	33	1990	1990	NUM
emaj-330	77	34	to	to	ADP
emaj-330	77	35	april	april	PROPN
emaj-330	77	36	2005	2005	NUM
emaj-330	77	37	.	.	PUNCT
emaj-330	78	1	their	their	PRON
emaj-330	78	2	results	result	NOUN
emaj-330	78	3	indicated	indicate	VERB
emaj-330	78	4	that	that	SCONJ
emaj-330	78	5	stock	stock	NOUN
emaj-330	78	6	market	market	NOUN
emaj-330	78	7	liberalization	liberalization	NOUN
emaj-330	78	8	did	do	AUX
emaj-330	78	9	not	not	PART
emaj-330	78	10	improve	improve	VERB
emaj-330	78	11	the	the	DET
emaj-330	78	12	efficiency	efficiency	NOUN
emaj-330	78	13	of	of	ADP
emaj-330	78	14	the	the	DET
emaj-330	78	15	indonesian	indonesian	ADJ
emaj-330	78	16	,	,	PUNCT
emaj-330	78	17	malaysian	malaysian	ADJ
emaj-330	78	18	and	and	CCONJ
emaj-330	78	19	filipino	filipino	ADJ
emaj-330	78	20	markets	market	NOUN
emaj-330	78	21	.	.	PUNCT
emaj-330	79	1	however	however	ADV
emaj-330	79	2	,	,	PUNCT
emaj-330	79	3	their	their	PRON
emaj-330	79	4	results	result	NOUN
emaj-330	79	5	did	do	AUX
emaj-330	79	6	indicate	indicate	VERB
emaj-330	79	7	that	that	SCONJ
emaj-330	79	8	market	market	NOUN
emaj-330	79	9	efficiency	efficiency	NOUN
emaj-330	79	10	depends	depend	VERB
emaj-330	79	11	on	on	ADP
emaj-330	79	12	the	the	DET
emaj-330	79	13	level	level	NOUN
emaj-330	79	14	of	of	ADP
emaj-330	79	15	stock	stock	NOUN
emaj-330	79	16	market	market	NOUN
emaj-330	79	17	development	development	NOUN
emaj-330	79	18	as	as	ADV
emaj-330	79	19	well	well	ADV
emaj-330	79	20	as	as	ADP
emaj-330	79	21	on	on	ADP
emaj-330	79	22	having	have	VERB
emaj-330	79	23	good	good	ADJ
emaj-330	79	24	corporate	corporate	ADJ
emaj-330	79	25	governance	governance	NOUN
emaj-330	79	26	provisions	provision	NOUN
emaj-330	79	27	.	.	PUNCT
emaj-330	80	1	laopodis	laopodis	PROPN
emaj-330	80	2	(	(	PUNCT
emaj-330	80	3	2004	2004	NUM
emaj-330	80	4	)	)	PUNCT
emaj-330	80	5	referred	refer	VERB
emaj-330	80	6	to	to	ADP
emaj-330	80	7	the	the	DET
emaj-330	80	8	importance	importance	NOUN
emaj-330	80	9	and	and	CCONJ
emaj-330	80	10	difficulty	difficulty	NOUN
emaj-330	80	11	of	of	ADP
emaj-330	80	12	identifying	identify	VERB
emaj-330	80	13	appropriate	appropriate	ADJ
emaj-330	80	14	opening	opening	NOUN
emaj-330	80	15	dates	date	NOUN
emaj-330	80	16	when	when	SCONJ
emaj-330	80	17	evaluating	evaluate	VERB
emaj-330	80	18	the	the	DET
emaj-330	80	19	impact	impact	NOUN
emaj-330	80	20	of	of	ADP
emaj-330	80	21	stock	stock	NOUN
emaj-330	80	22	market	market	NOUN
emaj-330	80	23	liberalization	liberalization	NOUN
emaj-330	80	24	on	on	ADP
emaj-330	80	25	the	the	DET
emaj-330	80	26	degree	degree	NOUN
emaj-330	80	27	of	of	ADP
emaj-330	80	28	market	market	NOUN
emaj-330	80	29	efficiency	efficiency	NOUN
emaj-330	80	30	.	.	PUNCT
emaj-330	81	1	according	accord	VERB
emaj-330	81	2	to	to	ADP
emaj-330	81	3	the	the	DET
emaj-330	81	4	author	author	NOUN
emaj-330	81	5	,	,	PUNCT
emaj-330	81	6	there	there	PRON
emaj-330	81	7	are	be	VERB
emaj-330	81	8	two	two	NUM
emaj-330	81	9	main	main	ADJ
emaj-330	81	10	reasons	reason	NOUN
emaj-330	81	11	why	why	SCONJ
emaj-330	81	12	it	it	PRON
emaj-330	81	13	is	be	AUX
emaj-330	81	14	important	important	ADJ
emaj-330	81	15	and	and	CCONJ
emaj-330	81	16	difficult	difficult	ADJ
emaj-330	81	17	to	to	PART
emaj-330	81	18	specify	specify	VERB
emaj-330	81	19	such	such	ADJ
emaj-330	81	20	dates	date	NOUN
emaj-330	81	21	.	.	PUNCT
emaj-330	82	1	first	first	ADV
emaj-330	82	2	,	,	PUNCT
emaj-330	82	3	liberalization	liberalization	NOUN
emaj-330	82	4	is	be	AUX
emaj-330	82	5	a	a	DET
emaj-330	82	6	gradual	gradual	ADJ
emaj-330	82	7	process	process	NOUN
emaj-330	82	8	;	;	PUNCT
emaj-330	82	9	countries	country	NOUN
emaj-330	82	10	usually	usually	ADV
emaj-330	82	11	start	start	VERB
emaj-330	82	12	the	the	DET
emaj-330	82	13	liberalization	liberalization	NOUN
emaj-330	82	14	process	process	NOUN
emaj-330	82	15	by	by	ADP
emaj-330	82	16	allowing	allow	VERB
emaj-330	82	17	foreign	foreign	ADJ
emaj-330	82	18	investors	investor	NOUN
emaj-330	82	19	to	to	PART
emaj-330	82	20	participate	participate	VERB
emaj-330	82	21	only	only	ADV
emaj-330	82	22	through	through	ADP
emaj-330	82	23	mutual	mutual	ADJ
emaj-330	82	24	funds	fund	NOUN
emaj-330	82	25	and	and	CCONJ
emaj-330	82	26	then	then	ADV
emaj-330	82	27	they	they	PRON
emaj-330	82	28	may	may	AUX
emaj-330	82	29	allow	allow	VERB
emaj-330	82	30	them	they	PRON
emaj-330	82	31	to	to	PART
emaj-330	82	32	directly	directly	ADV
emaj-330	82	33	invest	invest	VERB
emaj-330	82	34	in	in	ADP
emaj-330	82	35	the	the	DET
emaj-330	82	36	market	market	NOUN
emaj-330	82	37	but	but	CCONJ
emaj-330	82	38	with	with	ADP
emaj-330	82	39	some	some	DET
emaj-330	82	40	restrictions	restriction	NOUN
emaj-330	82	41	,	,	PUNCT
emaj-330	82	42	such	such	ADJ
emaj-330	82	43	as	as	ADP
emaj-330	82	44	having	have	VERB
emaj-330	82	45	a	a	DET
emaj-330	82	46	minimum	minimum	ADJ
emaj-330	82	47	level	level	NOUN
emaj-330	82	48	of	of	ADP
emaj-330	82	49	funds	fund	NOUN
emaj-330	82	50	invested	invest	VERB
emaj-330	82	51	.	.	PUNCT
emaj-330	83	1	further	further	ADJ
emaj-330	83	2	restrictions	restriction	NOUN
emaj-330	83	3	on	on	ADP
emaj-330	83	4	foreign	foreign	ADJ
emaj-330	83	5	investors	investor	NOUN
emaj-330	83	6	may	may	AUX
emaj-330	83	7	gradually	gradually	ADV
emaj-330	83	8	be	be	AUX
emaj-330	83	9	removed	remove	VERB
emaj-330	83	10	over	over	ADP
emaj-330	83	11	time	time	NOUN
emaj-330	83	12	.	.	PUNCT
emaj-330	84	1	thus	thus	ADV
emaj-330	84	2	,	,	PUNCT
emaj-330	84	3	the	the	DET
emaj-330	84	4	process	process	NOUN
emaj-330	84	5	of	of	ADP
emaj-330	84	6	liberalization	liberalization	NOUN
emaj-330	84	7	sometimes	sometimes	ADV
emaj-330	84	8	takes	take	VERB
emaj-330	84	9	years	year	NOUN
emaj-330	84	10	to	to	PART
emaj-330	84	11	be	be	AUX
emaj-330	84	12	fully	fully	ADV
emaj-330	84	13	implemented	implement	VERB
emaj-330	84	14	,	,	PUNCT
emaj-330	84	15	making	make	VERB
emaj-330	84	16	it	it	PRON
emaj-330	84	17	difficult	difficult	ADJ
emaj-330	84	18	to	to	PART
emaj-330	84	19	select	select	VERB
emaj-330	84	20	a	a	DET
emaj-330	84	21	starting	starting	NOUN
emaj-330	84	22	date	date	NOUN
emaj-330	84	23	.	.	PUNCT
emaj-330	85	1	second	second	ADJ
emaj-330	85	2	,	,	PUNCT
emaj-330	85	3	and	and	CCONJ
emaj-330	85	4	as	as	SCONJ
emaj-330	85	5	previously	previously	ADV
emaj-330	85	6	mentioned	mention	VERB
emaj-330	85	7	,	,	PUNCT
emaj-330	85	8	the	the	DET
emaj-330	85	9	impact	impact	NOUN
emaj-330	85	10	of	of	ADP
emaj-330	85	11	liberalization	liberalization	NOUN
emaj-330	85	12	could	could	AUX
emaj-330	85	13	start	start	VERB
emaj-330	85	14	before	before	SCONJ
emaj-330	85	15	the	the	DET
emaj-330	85	16	actual	actual	ADJ
emaj-330	85	17	liberalisation	liberalisation	NOUN
emaj-330	85	18	takes	take	VERB
emaj-330	85	19	place	place	NOUN
emaj-330	85	20	.	.	PUNCT
emaj-330	86	1	that	that	PRON
emaj-330	86	2	is	be	AUX
emaj-330	86	3	,	,	PUNCT
emaj-330	86	4	after	after	ADP
emaj-330	86	5	the	the	DET
emaj-330	86	6	announcement	announcement	NOUN
emaj-330	86	7	,	,	PUNCT
emaj-330	86	8	investors	investor	NOUN
emaj-330	86	9	anticipate	anticipate	VERB
emaj-330	86	10	the	the	DET
emaj-330	86	11	impact	impact	NOUN
emaj-330	86	12	of	of	ADP
emaj-330	86	13	liberalisation	liberalisation	NOUN
emaj-330	86	14	on	on	ADP
emaj-330	86	15	stock	stock	NOUN
emaj-330	86	16	market	market	NOUN
emaj-330	86	17	returns	return	NOUN
emaj-330	86	18	and	and	CCONJ
emaj-330	86	19	behave	behave	VERB
emaj-330	86	20	accordingly	accordingly	ADV
emaj-330	86	21	.	.	PUNCT
emaj-330	87	1	using	use	VERB
emaj-330	87	2	regression	regression	NOUN
emaj-330	87	3	models	model	NOUN
emaj-330	87	4	,	,	PUNCT
emaj-330	87	5	naghavi	naghavi	ADJ
emaj-330	87	6	and	and	CCONJ
emaj-330	87	7	lau	lau	PROPN
emaj-330	87	8	(	(	PUNCT
emaj-330	87	9	2014	2014	NUM
emaj-330	87	10	)	)	PUNCT
emaj-330	87	11	and	and	CCONJ
emaj-330	87	12	naghavi	naghavi	ADJ
emaj-330	87	13	et	et	PROPN
emaj-330	87	14	.	.	PUNCT
emaj-330	88	1	al	al	PROPN
emaj-330	88	2	.	.	PROPN
emaj-330	89	1	(	(	PUNCT
emaj-330	89	2	2018	2018	NUM
emaj-330	89	3	)	)	PUNCT
emaj-330	89	4	attempted	attempt	VERB
emaj-330	89	5	to	to	PART
emaj-330	89	6	explain	explain	VERB
emaj-330	89	7	the	the	DET
emaj-330	89	8	relationship	relationship	NOUN
emaj-330	89	9	between	between	ADP
emaj-330	89	10	market	market	NOUN
emaj-330	89	11	efficiency	efficiency	NOUN
emaj-330	89	12	and	and	CCONJ
emaj-330	89	13	stock	stock	NOUN
emaj-330	89	14	market	market	NOUN
emaj-330	89	15	liberalization	liberalization	NOUN
emaj-330	89	16	for	for	ADP
emaj-330	89	17	27	27	NUM
emaj-330	89	18	emerging	emerge	VERB
emaj-330	89	19	markets	market	NOUN
emaj-330	89	20	that	that	PRON
emaj-330	89	21	had	have	VERB
emaj-330	89	22	different	different	ADJ
emaj-330	89	23	levels	level	NOUN
emaj-330	89	24	of	of	ADP
emaj-330	89	25	institutional	institutional	ADJ
emaj-330	89	26	development	development	NOUN
emaj-330	89	27	.	.	PUNCT
emaj-330	90	1	for	for	ADP
emaj-330	90	2	instance	instance	NOUN
emaj-330	90	3	,	,	PUNCT
emaj-330	90	4	naghavi	naghavi	ADJ
emaj-330	90	5	and	and	CCONJ
emaj-330	90	6	lau	lau	PROPN
emaj-330	90	7	(	(	PUNCT
emaj-330	90	8	2014	2014	NUM
emaj-330	90	9	)	)	PUNCT
emaj-330	90	10	performed	perform	VERB
emaj-330	90	11	a	a	DET
emaj-330	90	12	regression	regression	NOUN
emaj-330	90	13	analysis	analysis	NOUN
emaj-330	90	14	using	use	VERB
emaj-330	90	15	the	the	DET
emaj-330	90	16	variance	variance	NOUN
emaj-330	90	17	ratio	ratio	NOUN
emaj-330	90	18	as	as	ADP
emaj-330	90	19	the	the	DET
emaj-330	90	20	dependent	dependent	ADJ
emaj-330	90	21	variable	variable	NOUN
emaj-330	90	22	,	,	PUNCT
emaj-330	90	23	and	and	CCONJ
emaj-330	90	24	stock	stock	NOUN
emaj-330	90	25	market	market	NOUN
emaj-330	90	26	liberalization	liberalization	NOUN
emaj-330	90	27	,	,	PUNCT
emaj-330	90	28	measured	measure	VERB
emaj-330	90	29	as	as	ADP
emaj-330	90	30	the	the	DET
emaj-330	90	31	ratio	ratio	NOUN
emaj-330	90	32	of	of	ADP
emaj-330	90	33	capital	capital	NOUN
emaj-330	90	34	flows	flow	NOUN
emaj-330	90	35	to	to	ADP
emaj-330	90	36	gdp	gdp	NOUN
emaj-330	90	37	,	,	PUNCT
emaj-330	90	38	as	as	ADP
emaj-330	90	39	the	the	DET
emaj-330	90	40	independent	independent	ADJ
emaj-330	90	41	variable	variable	NOUN
emaj-330	90	42	.	.	PUNCT
emaj-330	91	1	they	they	PRON
emaj-330	91	2	also	also	ADV
emaj-330	91	3	controlled	control	VERB
emaj-330	91	4	for	for	ADP
emaj-330	91	5	trade	trade	NOUN
emaj-330	91	6	openness	openness	NOUN
emaj-330	91	7	and	and	CCONJ
emaj-330	91	8	the	the	DET
emaj-330	91	9	level	level	NOUN
emaj-330	91	10	of	of	ADP
emaj-330	91	11	institutional	institutional	ADJ
emaj-330	91	12	development	development	NOUN
emaj-330	91	13	.	.	PUNCT
emaj-330	92	1	their	their	PRON
emaj-330	92	2	results	result	NOUN
emaj-330	92	3	showed	show	VERB
emaj-330	92	4	that	that	SCONJ
emaj-330	92	5	the	the	DET
emaj-330	92	6	informational	informational	ADJ
emaj-330	92	7	efficiency	efficiency	NOUN
emaj-330	92	8	of	of	ADP
emaj-330	92	9	stock	stock	NOUN
emaj-330	92	10	markets	market	NOUN
emaj-330	92	11	was	be	AUX
emaj-330	92	12	not	not	PART
emaj-330	92	13	affected	affect	VERB
emaj-330	92	14	by	by	ADP
emaj-330	92	15	financial	financial	ADJ
emaj-330	92	16	liberalization	liberalization	NOUN
emaj-330	92	17	for	for	ADP
emaj-330	92	18	countries	country	NOUN
emaj-330	92	19	with	with	ADP
emaj-330	92	20	a	a	DET
emaj-330	92	21	low	low	ADJ
emaj-330	92	22	level	level	NOUN
emaj-330	92	23	of	of	ADP
emaj-330	92	24	institutional	institutional	ADJ
emaj-330	92	25	development	development	NOUN
emaj-330	92	26	,	,	PUNCT
emaj-330	92	27	whilst	whilst	SCONJ
emaj-330	92	28	market	market	NOUN
emaj-330	92	29	efficiency	efficiency	NOUN
emaj-330	92	30	appeared	appear	VERB
emaj-330	92	31	to	to	PART
emaj-330	92	32	be	be	AUX
emaj-330	92	33	positively	positively	ADV
emaj-330	92	34	impacted	impact	VERB
emaj-330	92	35	by	by	ADP
emaj-330	92	36	liberalization	liberalization	NOUN
emaj-330	92	37	in	in	ADP
emaj-330	92	38	countries	country	NOUN
emaj-330	92	39	with	with	ADP
emaj-330	92	40	a	a	DET
emaj-330	92	41	high	high	ADJ
emaj-330	92	42	level	level	NOUN
emaj-330	92	43	of	of	ADP
emaj-330	92	44	institutional	institutional	ADJ
emaj-330	92	45	development	development	NOUN
emaj-330	92	46	.	.	PUNCT
emaj-330	93	1	the	the	DET
emaj-330	93	2	authors	author	NOUN
emaj-330	93	3	concluded	conclude	VERB
emaj-330	93	4	that	that	SCONJ
emaj-330	93	5	,	,	PUNCT
emaj-330	93	6	in	in	ADP
emaj-330	93	7	order	order	NOUN
emaj-330	93	8	to	to	PART
emaj-330	93	9	reap	reap	VERB
emaj-330	93	10	the	the	DET
emaj-330	93	11	benefits	benefit	NOUN
emaj-330	93	12	of	of	ADP
emaj-330	93	13	stock	stock	NOUN
emaj-330	93	14	market	market	NOUN
emaj-330	93	15	liberalization	liberalization	NOUN
emaj-330	93	16	,	,	PUNCT
emaj-330	93	17	emerging	emerge	VERB
emaj-330	93	18	countries	country	NOUN
emaj-330	93	19	need	need	VERB
emaj-330	93	20	to	to	PART
emaj-330	93	21	have	have	VERB
emaj-330	93	22	strong	strong	ADJ
emaj-330	93	23	institutions	institution	NOUN
emaj-330	93	24	.	.	PUNCT
emaj-330	94	1	kim	kim	PROPN
emaj-330	94	2	and	and	CCONJ
emaj-330	94	3	singal	singal	PROPN
emaj-330	94	4	(	(	PUNCT
emaj-330	94	5	2000	2000	NUM
emaj-330	94	6	)	)	PUNCT
emaj-330	94	7	supported	support	VERB
emaj-330	94	8	the	the	DET
emaj-330	94	9	finding	finding	NOUN
emaj-330	94	10	that	that	SCONJ
emaj-330	94	11	market	market	NOUN
emaj-330	94	12	liberalization	liberalization	NOUN
emaj-330	94	13	has	have	AUX
emaj-330	94	14	a	a	DET
emaj-330	94	15	positive	positive	ADJ
emaj-330	94	16	impact	impact	NOUN
emaj-330	94	17	on	on	ADP
emaj-330	94	18	market	market	NOUN
emaj-330	94	19	efficiency	efficiency	NOUN
emaj-330	94	20	.	.	PUNCT
emaj-330	95	1	they	they	PRON
emaj-330	95	2	applied	apply	VERB
emaj-330	95	3	the	the	DET
emaj-330	95	4	variance	variance	NOUN
emaj-330	95	5	ratio	ratio	NOUN
emaj-330	95	6	test	test	NOUN
emaj-330	95	7	of	of	ADP
emaj-330	95	8	lo	lo	PROPN
emaj-330	95	9	and	and	CCONJ
emaj-330	95	10	mackinlay	mackinlay	NOUN
emaj-330	95	11	(	(	PUNCT
emaj-330	95	12	1988	1988	NUM
emaj-330	95	13	)	)	PUNCT
emaj-330	95	14	to	to	ADP
emaj-330	95	15	18	18	NUM
emaj-330	95	16	emerging	emerge	VERB
emaj-330	95	17	markets	market	NOUN
emaj-330	95	18	covering	cover	VERB
emaj-330	95	19	the	the	DET
emaj-330	95	20	period	period	NOUN
emaj-330	95	21	1976	1976	NUM
emaj-330	95	22	to	to	ADP
emaj-330	95	23	1996	1996	NUM
emaj-330	95	24	.	.	PUNCT
emaj-330	96	1	they	they	PRON
emaj-330	96	2	found	find	VERB
emaj-330	96	3	that	that	SCONJ
emaj-330	96	4	the	the	DET
emaj-330	96	5	benefits	benefit	NOUN
emaj-330	96	6	associated	associate	VERB
emaj-330	96	7	with	with	ADP
emaj-330	96	8	international	international	ADJ
emaj-330	96	9	portfolio	portfolio	NOUN
emaj-330	96	10	equity	equity	NOUN
emaj-330	96	11	flows	flow	NOUN
emaj-330	96	12	were	be	AUX
emaj-330	96	13	likely	likely	ADJ
emaj-330	96	14	to	to	PART
emaj-330	96	15	outweigh	outweigh	VERB
emaj-330	96	16	any	any	DET
emaj-330	96	17	perceived	perceive	VERB
emaj-330	96	18	risks	risk	NOUN
emaj-330	96	19	(	(	PUNCT
emaj-330	96	20	increased	increase	VERB
emaj-330	96	21	volatility	volatility	NOUN
emaj-330	96	22	of	of	ADP
emaj-330	96	23	stock	stock	NOUN
emaj-330	96	24	returns	return	NOUN
emaj-330	96	25	)	)	PUNCT
emaj-330	96	26	as	as	SCONJ
emaj-330	96	27	the	the	DET
emaj-330	96	28	sample	sample	NOUN
emaj-330	96	29	markets	market	NOUN
emaj-330	96	30	exhibited	exhibit	VERB
emaj-330	96	31	lower	low	ADJ
emaj-330	96	32	serial	serial	ADJ
emaj-330	96	33	correlation	correlation	NOUN
emaj-330	96	34	after	after	ADP
emaj-330	96	35	liberalization	liberalization	NOUN
emaj-330	96	36	.	.	PUNCT
emaj-330	97	1	the	the	DET
emaj-330	97	2	authors	author	NOUN
emaj-330	97	3	concluded	conclude	VERB
emaj-330	97	4	that	that	SCONJ
emaj-330	97	5	the	the	DET
emaj-330	97	6	decrease	decrease	NOUN
emaj-330	97	7	in	in	ADP
emaj-330	97	8	the	the	DET
emaj-330	97	9	predictability	predictability	NOUN
emaj-330	97	10	of	of	ADP
emaj-330	97	11	returns	return	NOUN
emaj-330	97	12	in	in	ADP
emaj-330	97	13	these	these	DET
emaj-330	97	14	markets	market	NOUN
emaj-330	97	15	suggested	suggest	VERB
emaj-330	97	16	an	an	DET
emaj-330	97	17	improvement	improvement	NOUN
emaj-330	97	18	in	in	ADP
emaj-330	97	19	market	market	NOUN
emaj-330	97	20	efficiency	efficiency	NOUN
emaj-330	97	21	which	which	PRON
emaj-330	97	22	,	,	PUNCT
emaj-330	97	23	in	in	ADP
emaj-330	97	24	turn	turn	NOUN
emaj-330	97	25	,	,	PUNCT
emaj-330	97	26	should	should	AUX
emaj-330	97	27	lead	lead	VERB
emaj-330	97	28	to	to	ADP
emaj-330	97	29	improved	improve	VERB
emaj-330	97	30	asset	asset	NOUN
emaj-330	97	31	allocation	allocation	NOUN
emaj-330	97	32	.	.	PUNCT
emaj-330	98	1	in	in	ADP
emaj-330	98	2	a	a	DET
emaj-330	98	3	study	study	NOUN
emaj-330	98	4	of	of	ADP
emaj-330	98	5	the	the	DET
emaj-330	98	6	athens	athens	PROPN
emaj-330	98	7	stock	stock	PROPN
emaj-330	98	8	exchange	exchange	PROPN
emaj-330	98	9	,	,	PUNCT
emaj-330	98	10	cajueiro	cajueiro	PROPN
emaj-330	98	11	et	et	PROPN
emaj-330	98	12	.	.	PUNCT
emaj-330	99	1	al	al	PROPN
emaj-330	99	2	.	.	PROPN
emaj-330	100	1	(	(	PUNCT
emaj-330	100	2	2009	2009	NUM
emaj-330	100	3	)	)	PUNCT
emaj-330	100	4	applied	apply	VERB
emaj-330	100	5	the	the	DET
emaj-330	100	6	hurst	hurst	PROPN
emaj-330	100	7	exponent	exponent	NOUN
emaj-330	100	8	using	use	VERB
emaj-330	100	9	a	a	DET
emaj-330	100	10	more	more	ADV
emaj-330	100	11	recent	recent	ADJ
emaj-330	100	12	data	data	NOUN
emaj-330	100	13	sample	sample	NOUN
emaj-330	100	14	from	from	ADP
emaj-330	100	15	january	january	PROPN
emaj-330	100	16	1987	1987	NUM
emaj-330	100	17	to	to	ADP
emaj-330	100	18	april	april	PROPN
emaj-330	100	19	2005	2005	NUM
emaj-330	100	20	.	.	PUNCT
emaj-330	101	1	their	their	PRON
emaj-330	101	2	main	main	ADJ
emaj-330	101	3	findings	finding	NOUN
emaj-330	101	4	were	be	AUX
emaj-330	101	5	in	in	ADP
emaj-330	101	6	favor	favor	NOUN
emaj-330	101	7	of	of	ADP
emaj-330	101	8	market	market	NOUN
emaj-330	101	9	efficiency	efficiency	NOUN
emaj-330	101	10	and	and	CCONJ
emaj-330	101	11	suggested	suggest	VERB
emaj-330	101	12	that	that	SCONJ
emaj-330	101	13	,	,	PUNCT
emaj-330	101	14	after	after	ADP
emaj-330	101	15	liberalization	liberalization	NOUN
emaj-330	101	16	,	,	PUNCT
emaj-330	101	17	stock	stock	NOUN
emaj-330	101	18	markets	market	NOUN
emaj-330	101	19	may	may	AUX
emaj-330	101	20	evolve	evolve	VERB
emaj-330	101	21	and	and	CCONJ
emaj-330	101	22	converge	converge	VERB
emaj-330	101	23	to	to	PART
emaj-330	101	24	become	become	VERB
emaj-330	101	25	more	more	ADV
emaj-330	101	26	mature	mature	ADJ
emaj-330	101	27	.	.	PUNCT
emaj-330	102	1	more	more	ADV
emaj-330	102	2	recently	recently	ADV
emaj-330	102	3	,	,	PUNCT
emaj-330	102	4	rejeb	rejeb	NOUN
emaj-330	102	5	and	and	CCONJ
emaj-330	102	6	boughrara	boughrara	ADJ
emaj-330	102	7	(	(	PUNCT
emaj-330	102	8	2013	2013	NUM
emaj-330	102	9	)	)	PUNCT
emaj-330	102	10	provided	provide	VERB
emaj-330	102	11	evidence	evidence	NOUN
emaj-330	102	12	in	in	ADP
emaj-330	102	13	favor	favor	NOUN
emaj-330	102	14	of	of	ADP
emaj-330	102	15	a	a	DET
emaj-330	102	16	positive	positive	ADJ
emaj-330	102	17	relationship	relationship	NOUN
emaj-330	102	18	between	between	ADP
emaj-330	102	19	market	market	NOUN
emaj-330	102	20	liberalization	liberalization	NOUN
emaj-330	102	21	and	and	CCONJ
emaj-330	102	22	efficiency	efficiency	NOUN
emaj-330	102	23	.	.	PUNCT
emaj-330	103	1	they	they	PRON
emaj-330	103	2	studied	study	VERB
emaj-330	103	3	13	13	NUM
emaj-330	103	4	emerging	emerge	VERB
emaj-330	103	5	markets	market	NOUN
emaj-330	103	6	from	from	ADP
emaj-330	103	7	january	january	PROPN
emaj-330	103	8	1986	1986	NUM
emaj-330	103	9	to	to	ADP
emaj-330	103	10	december	december	PROPN
emaj-330	103	11	2008	2008	NUM
emaj-330	103	12	and	and	CCONJ
emaj-330	103	13	found	find	VERB
emaj-330	103	14	that	that	SCONJ
emaj-330	103	15	financial	financial	ADJ
emaj-330	103	16	market	market	NOUN
emaj-330	103	17	liberalization	liberalization	NOUN
emaj-330	103	18	not	not	PART
emaj-330	103	19	only	only	ADV
emaj-330	103	20	improved	improve	VERB
emaj-330	103	21	volume	volume	NOUN
emaj-330	103	22	14	14	NUM
emaj-330	103	23	no	no	DET
emaj-330	103	24	1	1	NUM
emaj-330	103	25	(	(	PUNCT
emaj-330	103	26	2024	2024	NUM
emaj-330	103	27	)	)	PUNCT
emaj-330	103	28	|	|	ADV
emaj-330	103	29	issn	issn	VERB
emaj-330	103	30	2158	2158	NUM
emaj-330	103	31	-	-	SYM
emaj-330	103	32	8708	8708	NUM
emaj-330	103	33	(	(	PUNCT
emaj-330	103	34	online	online	NOUN
emaj-330	103	35	)	)	PUNCT
emaj-330	103	36	|	|	ADV
emaj-330	103	37	doi	doi	X
emaj-330	103	38	10.5195	10.5195	NUM
emaj-330	103	39	/	/	SYM
emaj-330	103	40	emaj.2024.330	emaj.2024.330	PROPN
emaj-330	103	41	|	|	ADV
emaj-330	103	42	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-330	103	43	the	the	DET
emaj-330	103	44	influence	influence	NOUN
emaj-330	103	45	of	of	ADP
emaj-330	103	46	foreign	foreign	ADJ
emaj-330	103	47	investors	investor	NOUN
emaj-330	103	48	on	on	ADP
emaj-330	103	49	the	the	DET
emaj-330	103	50	efficiency	efficiency	NOUN
emaj-330	103	51	of	of	ADP
emaj-330	103	52	the	the	DET
emaj-330	103	53	saudi	saudi	ADJ
emaj-330	103	54	stock	stock	NOUN
emaj-330	103	55	market	market	NOUN
emaj-330	103	56	page	page	NOUN
emaj-330	103	57	|4|	|4|	PROPN
emaj-330	103	58	emerging	emerge	VERB
emaj-330	103	59	markets	market	NOUN
emaj-330	103	60	journal	journal	NOUN
emaj-330	103	61	market	market	NOUN
emaj-330	103	62	efficiency	efficiency	NOUN
emaj-330	103	63	,	,	PUNCT
emaj-330	103	64	but	but	CCONJ
emaj-330	103	65	also	also	ADV
emaj-330	103	66	minimized	minimize	VERB
emaj-330	103	67	the	the	DET
emaj-330	103	68	probability	probability	NOUN
emaj-330	103	69	of	of	ADP
emaj-330	103	70	a	a	DET
emaj-330	103	71	crisis2	crisis2	NOUN
emaj-330	103	72	.	.	PUNCT
emaj-330	104	1	in	in	ADP
emaj-330	104	2	conclusion	conclusion	NOUN
emaj-330	104	3	,	,	PUNCT
emaj-330	104	4	the	the	DET
emaj-330	104	5	findings	finding	NOUN
emaj-330	104	6	from	from	ADP
emaj-330	104	7	previous	previous	ADJ
emaj-330	104	8	studies	study	NOUN
emaj-330	104	9	on	on	ADP
emaj-330	104	10	this	this	DET
emaj-330	104	11	issue	issue	NOUN
emaj-330	104	12	are	be	AUX
emaj-330	104	13	somewhat	somewhat	ADV
emaj-330	104	14	inconclusive	inconclusive	ADJ
emaj-330	104	15	.	.	PUNCT
emaj-330	105	1	some	some	DET
emaj-330	105	2	studies	study	NOUN
emaj-330	105	3	have	have	AUX
emaj-330	105	4	found	find	VERB
emaj-330	105	5	that	that	SCONJ
emaj-330	105	6	stock	stock	NOUN
emaj-330	105	7	market	market	NOUN
emaj-330	105	8	efficiency	efficiency	NOUN
emaj-330	105	9	did	do	AUX
emaj-330	105	10	not	not	PART
emaj-330	105	11	improve	improve	VERB
emaj-330	105	12	after	after	ADP
emaj-330	105	13	liberalization	liberalization	NOUN
emaj-330	105	14	,	,	PUNCT
emaj-330	105	15	while	while	SCONJ
emaj-330	105	16	other	other	ADJ
emaj-330	105	17	studies	study	NOUN
emaj-330	105	18	have	have	AUX
emaj-330	105	19	documented	document	VERB
emaj-330	105	20	evidence	evidence	NOUN
emaj-330	105	21	of	of	ADP
emaj-330	105	22	positive	positive	ADJ
emaj-330	105	23	effects	effect	NOUN
emaj-330	105	24	on	on	ADP
emaj-330	105	25	market	market	NOUN
emaj-330	105	26	efficiency	efficiency	NOUN
emaj-330	105	27	after	after	ADP
emaj-330	105	28	liberalization	liberalization	NOUN
emaj-330	105	29	.	.	PUNCT
emaj-330	106	1	in	in	ADP
emaj-330	106	2	addition	addition	NOUN
emaj-330	106	3	,	,	PUNCT
emaj-330	106	4	a	a	DET
emaj-330	106	5	number	number	NOUN
emaj-330	106	6	of	of	ADP
emaj-330	106	7	studies	study	NOUN
emaj-330	106	8	have	have	AUX
emaj-330	106	9	concluded	conclude	VERB
emaj-330	106	10	that	that	SCONJ
emaj-330	106	11	stock	stock	NOUN
emaj-330	106	12	markets	market	NOUN
emaj-330	106	13	are	be	AUX
emaj-330	106	14	efficient	efficient	ADJ
emaj-330	106	15	even	even	ADV
emaj-330	106	16	before	before	ADP
emaj-330	106	17	liberalization	liberalization	NOUN
emaj-330	106	18	.	.	PUNCT
emaj-330	107	1	overall	overall	ADV
emaj-330	107	2	,	,	PUNCT
emaj-330	107	3	the	the	DET
emaj-330	107	4	variation	variation	NOUN
emaj-330	107	5	in	in	ADP
emaj-330	107	6	results	result	NOUN
emaj-330	107	7	indicates	indicate	VERB
emaj-330	107	8	that	that	SCONJ
emaj-330	107	9	the	the	DET
emaj-330	107	10	effect	effect	NOUN
emaj-330	107	11	of	of	ADP
emaj-330	107	12	stock	stock	NOUN
emaj-330	107	13	market	market	NOUN
emaj-330	107	14	liberalization	liberalization	NOUN
emaj-330	107	15	on	on	ADP
emaj-330	107	16	informational	informational	ADJ
emaj-330	107	17	efficiency	efficiency	NOUN
emaj-330	107	18	may	may	AUX
emaj-330	107	19	depend	depend	VERB
emaj-330	107	20	upon	upon	SCONJ
emaj-330	107	21	the	the	DET
emaj-330	107	22	level	level	NOUN
emaj-330	107	23	of	of	ADP
emaj-330	107	24	stock	stock	NOUN
emaj-330	107	25	market	market	NOUN
emaj-330	107	26	development	development	NOUN
emaj-330	107	27	.	.	PUNCT
emaj-330	108	1	iii	iii	X
emaj-330	108	2	.	.	PUNCT
emaj-330	108	3	data	datum	NOUN
emaj-330	108	4	and	and	CCONJ
emaj-330	108	5	descriptive	descriptive	ADJ
emaj-330	108	6	statistics	statistic	NOUN
emaj-330	108	7	the	the	DET
emaj-330	108	8	data	datum	NOUN
emaj-330	108	9	used	use	VERB
emaj-330	108	10	in	in	ADP
emaj-330	108	11	this	this	DET
emaj-330	108	12	paper	paper	NOUN
emaj-330	108	13	consist	consist	NOUN
emaj-330	108	14	of	of	ADP
emaj-330	108	15	daily	daily	ADJ
emaj-330	108	16	closing	closing	NOUN
emaj-330	108	17	prices	price	NOUN
emaj-330	108	18	of	of	ADP
emaj-330	108	19	the	the	DET
emaj-330	108	20	main	main	ADJ
emaj-330	108	21	market	market	NOUN
emaj-330	108	22	index	index	NOUN
emaj-330	108	23	and	and	CCONJ
emaj-330	108	24	100	100	NUM
emaj-330	108	25	companies	company	NOUN
emaj-330	108	26	that	that	PRON
emaj-330	108	27	are	be	AUX
emaj-330	108	28	traded	trade	VERB
emaj-330	108	29	on	on	ADP
emaj-330	108	30	the	the	DET
emaj-330	108	31	main	main	ADJ
emaj-330	108	32	saudi	saudi	ADJ
emaj-330	108	33	stock	stock	NOUN
emaj-330	108	34	market	market	NOUN
emaj-330	108	35	.	.	PUNCT
emaj-330	109	1	the	the	DET
emaj-330	109	2	sample	sample	NOUN
emaj-330	109	3	period	period	NOUN
emaj-330	109	4	spans	span	VERB
emaj-330	109	5	the	the	DET
emaj-330	109	6	time	time	NOUN
emaj-330	109	7	from	from	ADP
emaj-330	109	8	1st	1st	ADJ
emaj-330	109	9	january	january	PROPN
emaj-330	109	10	2008	2008	NUM
emaj-330	109	11	to	to	ADP
emaj-330	109	12	31st	31st	NOUN
emaj-330	109	13	december	december	PROPN
emaj-330	109	14	20173	20173	NUM
emaj-330	109	15	.	.	PUNCT
emaj-330	110	1	this	this	DET
emaj-330	110	2	period	period	NOUN
emaj-330	110	3	was	be	AUX
emaj-330	110	4	analyzed	analyze	VERB
emaj-330	110	5	to	to	PART
emaj-330	110	6	include	include	VERB
emaj-330	110	7	as	as	ADP
emaj-330	110	8	many	many	ADJ
emaj-330	110	9	companies	company	NOUN
emaj-330	110	10	as	as	ADP
emaj-330	110	11	possible	possible	ADJ
emaj-330	110	12	whilst	whilst	SCONJ
emaj-330	110	13	,	,	PUNCT
emaj-330	110	14	at	at	ADP
emaj-330	110	15	the	the	DET
emaj-330	110	16	same	same	ADJ
emaj-330	110	17	time	time	NOUN
emaj-330	110	18	,	,	PUNCT
emaj-330	110	19	having	have	VERB
emaj-330	110	20	a	a	DET
emaj-330	110	21	long	long	ADJ
emaj-330	110	22	enough	enough	ADJ
emaj-330	110	23	time	time	NOUN
emaj-330	110	24	period	period	NOUN
emaj-330	110	25	to	to	PART
emaj-330	110	26	investigate	investigate	VERB
emaj-330	110	27	the	the	DET
emaj-330	110	28	effect	effect	NOUN
emaj-330	110	29	of	of	ADP
emaj-330	110	30	market	market	NOUN
emaj-330	110	31	opening	opening	NOUN
emaj-330	110	32	on	on	ADP
emaj-330	110	33	informational	informational	ADJ
emaj-330	110	34	efficiency	efficiency	NOUN
emaj-330	110	35	.	.	PUNCT
emaj-330	111	1	after	after	ADP
emaj-330	111	2	eliminating	eliminate	VERB
emaj-330	111	3	all	all	DET
emaj-330	111	4	non	non	ADJ
emaj-330	111	5	-	-	ADJ
emaj-330	111	6	trading	trading	ADJ
emaj-330	111	7	days	day	NOUN
emaj-330	111	8	(	(	PUNCT
emaj-330	111	9	weekends	weekend	NOUN
emaj-330	111	10	and	and	CCONJ
emaj-330	111	11	holidays	holiday	NOUN
emaj-330	111	12	)	)	PUNCT
emaj-330	111	13	,	,	PUNCT
emaj-330	111	14	the	the	DET
emaj-330	111	15	sample	sample	NOUN
emaj-330	111	16	period	period	NOUN
emaj-330	111	17	consisted	consist	VERB
emaj-330	111	18	of	of	ADP
emaj-330	111	19	2,497	2,497	NUM
emaj-330	111	20	trading	trading	NOUN
emaj-330	111	21	days	day	NOUN
emaj-330	111	22	.	.	PUNCT
emaj-330	112	1	the	the	DET
emaj-330	112	2	data	datum	NOUN
emaj-330	112	3	were	be	AUX
emaj-330	112	4	obtained	obtain	VERB
emaj-330	112	5	mainly	mainly	ADV
emaj-330	112	6	from	from	ADP
emaj-330	112	7	the	the	DET
emaj-330	112	8	tadawul	tadawul	PROPN
emaj-330	112	9	website	website	NOUN
emaj-330	112	10	and	and	CCONJ
emaj-330	112	11	checked	check	VERB
emaj-330	112	12	against	against	ADP
emaj-330	112	13	data	datum	NOUN
emaj-330	112	14	from	from	ADP
emaj-330	112	15	datastream	datastream	NOUN
emaj-330	112	16	.	.	PUNCT
emaj-330	113	1	the	the	DET
emaj-330	113	2	share	share	NOUN
emaj-330	113	3	prices	price	NOUN
emaj-330	113	4	employed	employ	VERB
emaj-330	113	5	in	in	ADP
emaj-330	113	6	this	this	DET
emaj-330	113	7	study	study	NOUN
emaj-330	113	8	were	be	AUX
emaj-330	113	9	adjusted	adjust	VERB
emaj-330	113	10	for	for	ADP
emaj-330	113	11	stock	stock	NOUN
emaj-330	113	12	dividends	dividend	NOUN
emaj-330	113	13	,	,	PUNCT
emaj-330	113	14	stock	stock	NOUN
emaj-330	113	15	splits	split	VERB
emaj-330	113	16	and	and	CCONJ
emaj-330	113	17	share	share	NOUN
emaj-330	113	18	issues	issue	NOUN
emaj-330	113	19	.	.	PUNCT
emaj-330	114	1	however	however	ADV
emaj-330	114	2	,	,	PUNCT
emaj-330	114	3	in	in	ADP
emaj-330	114	4	order	order	NOUN
emaj-330	114	5	to	to	PART
emaj-330	114	6	ensure	ensure	VERB
emaj-330	114	7	consistency	consistency	NOUN
emaj-330	114	8	with	with	ADP
emaj-330	114	9	a	a	DET
emaj-330	114	10	majority	majority	NOUN
emaj-330	114	11	of	of	ADP
emaj-330	114	12	previous	previous	ADJ
emaj-330	114	13	studies	study	NOUN
emaj-330	114	14	,	,	PUNCT
emaj-330	114	15	the	the	DET
emaj-330	114	16	share	share	NOUN
emaj-330	114	17	prices	price	NOUN
emaj-330	114	18	used	use	VERB
emaj-330	114	19	in	in	ADP
emaj-330	114	20	this	this	DET
emaj-330	114	21	analysis	analysis	NOUN
emaj-330	114	22	were	be	AUX
emaj-330	114	23	not	not	PART
emaj-330	114	24	adjusted	adjust	VERB
emaj-330	114	25	for	for	ADP
emaj-330	114	26	cash	cash	NOUN
emaj-330	114	27	dividends	dividend	NOUN
emaj-330	114	28	.	.	PUNCT
emaj-330	115	1	mills	mill	NOUN
emaj-330	115	2	and	and	CCONJ
emaj-330	115	3	coutts	coutts	PROPN
emaj-330	115	4	(	(	PUNCT
emaj-330	115	5	1995	1995	NUM
emaj-330	115	6	)	)	PUNCT
emaj-330	115	7	reviewed	review	VERB
emaj-330	115	8	the	the	DET
emaj-330	115	9	literature	literature	NOUN
emaj-330	115	10	on	on	ADP
emaj-330	115	11	cash	cash	NOUN
emaj-330	115	12	dividends	dividend	NOUN
emaj-330	115	13	and	and	CCONJ
emaj-330	115	14	concluded	conclude	VERB
emaj-330	115	15	that	that	SCONJ
emaj-330	115	16	any	any	DET
emaj-330	115	17	biases	bias	NOUN
emaj-330	115	18	caused	cause	VERB
emaj-330	115	19	by	by	ADP
emaj-330	115	20	the	the	DET
emaj-330	115	21	exclusion	exclusion	NOUN
emaj-330	115	22	of	of	ADP
emaj-330	115	23	cash	cash	NOUN
emaj-330	115	24	dividends	dividend	NOUN
emaj-330	115	25	was	be	AUX
emaj-330	115	26	negligible	negligible	ADJ
emaj-330	115	27	.	.	PUNCT
emaj-330	116	1	in	in	ADP
emaj-330	116	2	addition	addition	NOUN
emaj-330	116	3	,	,	PUNCT
emaj-330	116	4	the	the	DET
emaj-330	116	5	omission	omission	NOUN
emaj-330	116	6	of	of	ADP
emaj-330	116	7	dividends	dividend	NOUN
emaj-330	116	8	is	be	AUX
emaj-330	116	9	unlikely	unlikely	ADJ
emaj-330	116	10	to	to	PART
emaj-330	116	11	alter	alter	VERB
emaj-330	116	12	the	the	DET
emaj-330	116	13	results	result	NOUN
emaj-330	116	14	as	as	SCONJ
emaj-330	116	15	many	many	ADJ
emaj-330	116	16	companies	company	NOUN
emaj-330	116	17	in	in	ADP
emaj-330	116	18	the	the	DET
emaj-330	116	19	saudi	saudi	ADJ
emaj-330	116	20	stock	stock	NOUN
emaj-330	116	21	market	market	NOUN
emaj-330	116	22	tended	tend	VERB
emaj-330	116	23	not	not	PART
emaj-330	116	24	to	to	PART
emaj-330	116	25	distribute	distribute	VERB
emaj-330	116	26	any	any	DET
emaj-330	116	27	dividends	dividend	NOUN
emaj-330	116	28	during	during	ADP
emaj-330	116	29	the	the	DET
emaj-330	116	30	sample	sample	NOUN
emaj-330	116	31	period	period	NOUN
emaj-330	116	32	(	(	PUNCT
emaj-330	116	33	tadawul	tadawul	PROPN
emaj-330	116	34	,	,	PUNCT
emaj-330	116	35	2021	2021	NUM
emaj-330	116	36	)	)	PUNCT
emaj-330	116	37	.	.	PUNCT
emaj-330	117	1	unlike	unlike	ADP
emaj-330	117	2	many	many	ADJ
emaj-330	117	3	previous	previous	ADJ
emaj-330	117	4	studies	study	NOUN
emaj-330	117	5	,	,	PUNCT
emaj-330	117	6	thin	thin	ADJ
emaj-330	117	7	trading	trading	NOUN
emaj-330	117	8	was	be	AUX
emaj-330	117	9	not	not	PART
emaj-330	117	10	considered	consider	VERB
emaj-330	117	11	a	a	DET
emaj-330	117	12	problem	problem	NOUN
emaj-330	117	13	for	for	ADP
emaj-330	117	14	the	the	DET
emaj-330	117	15	current	current	ADJ
emaj-330	117	16	study	study	NOUN
emaj-330	117	17	;	;	PUNCT
emaj-330	117	18	all	all	DET
emaj-330	117	19	100	100	NUM
emaj-330	117	20	companies	company	NOUN
emaj-330	117	21	traded	trade	VERB
emaj-330	117	22	almost	almost	ADV
emaj-330	117	23	every	every	PRON
emaj-330	117	24	day4	day4	NOUN
emaj-330	117	25	.	.	PUNCT
emaj-330	118	1	in	in	ADP
emaj-330	118	2	order	order	NOUN
emaj-330	118	3	to	to	PART
emaj-330	118	4	investigate	investigate	VERB
emaj-330	118	5	the	the	DET
emaj-330	118	6	impact	impact	NOUN
emaj-330	118	7	of	of	ADP
emaj-330	118	8	opening	open	VERB
emaj-330	118	9	the	the	DET
emaj-330	118	10	market	market	NOUN
emaj-330	118	11	to	to	ADP
emaj-330	118	12	foreign	foreign	ADJ
emaj-330	118	13	investors	investor	NOUN
emaj-330	118	14	on	on	ADP
emaj-330	118	15	the	the	DET
emaj-330	118	16	pricing	pricing	NOUN
emaj-330	118	17	efficiency	efficiency	NOUN
emaj-330	118	18	of	of	ADP
emaj-330	118	19	the	the	DET
emaj-330	118	20	saudi	saudi	ADJ
emaj-330	118	21	stock	stock	NOUN
emaj-330	118	22	market	market	NOUN
emaj-330	118	23	,	,	PUNCT
emaj-330	118	24	the	the	DET
emaj-330	118	25	sample	sample	NOUN
emaj-330	118	26	period	period	NOUN
emaj-330	118	27	was	be	AUX
emaj-330	118	28	divided	divide	VERB
emaj-330	118	29	into	into	ADP
emaj-330	118	30	two	two	NUM
emaj-330	118	31	subsample	subsample	ADJ
emaj-330	118	32	periods	period	NOUN
emaj-330	118	33	.	.	PUNCT
emaj-330	119	1	the	the	DET
emaj-330	119	2	first	first	ADJ
emaj-330	119	3	subsample	subsample	ADJ
emaj-330	119	4	period	period	NOUN
emaj-330	119	5	(	(	PUNCT
emaj-330	119	6	preperiod	preperiod	NOUN
emaj-330	119	7	)	)	PUNCT
emaj-330	119	8	covers	cover	VERB
emaj-330	119	9	the	the	DET
emaj-330	119	10	time	time	NOUN
emaj-330	119	11	before	before	ADP
emaj-330	119	12	this	this	DET
emaj-330	119	13	change	change	NOUN
emaj-330	119	14	in	in	ADP
emaj-330	119	15	regulation	regulation	NOUN
emaj-330	119	16	that	that	PRON
emaj-330	119	17	is	be	AUX
emaj-330	119	18	,	,	PUNCT
emaj-330	119	19	from	from	ADP
emaj-330	119	20	1st	1st	ADJ
emaj-330	119	21	january	january	PROPN
emaj-330	119	22	2008	2008	NUM
emaj-330	119	23	to	to	ADP
emaj-330	119	24	14th	14th	NUM
emaj-330	119	25	june	june	PROPN
emaj-330	119	26	2015	2015	NUM
emaj-330	119	27	,	,	PUNCT
emaj-330	119	28	while	while	SCONJ
emaj-330	119	29	the	the	DET
emaj-330	119	30	second	second	ADJ
emaj-330	119	31	subsample	subsample	ADJ
emaj-330	119	32	period	period	NOUN
emaj-330	119	33	(	(	PUNCT
emaj-330	119	34	post	post	NOUN
emaj-330	119	35	-	-	NOUN
emaj-330	119	36	period	period	NOUN
emaj-330	119	37	)	)	PUNCT
emaj-330	119	38	covers	cover	VERB
emaj-330	119	39	the	the	DET
emaj-330	119	40	time	time	NOUN
emaj-330	119	41	after	after	ADP
emaj-330	119	42	the	the	DET
emaj-330	119	43	regulatory	regulatory	ADJ
emaj-330	119	44	change	change	NOUN
emaj-330	119	45	,	,	PUNCT
emaj-330	119	46	from	from	ADP
emaj-330	119	47	15th	15th	PROPN
emaj-330	119	48	june	june	PROPN
emaj-330	119	49	2015	2015	NUM
emaj-330	119	50	to	to	ADP
emaj-330	119	51	31st	31st	NOUN
emaj-330	119	52	december	december	PROPN
emaj-330	119	53	2017	2017	NUM
emaj-330	119	54	.	.	PUNCT
emaj-330	120	1	this	this	DET
emaj-330	120	2	approach	approach	NOUN
emaj-330	120	3	of	of	ADP
emaj-330	120	4	comparing	compare	VERB
emaj-330	120	5	efficiency	efficiency	NOUN
emaj-330	120	6	measures	measure	NOUN
emaj-330	120	7	in	in	ADP
emaj-330	120	8	two	two	NUM
emaj-330	120	9	subperiods	subperiod	NOUN
emaj-330	120	10	is	be	AUX
emaj-330	120	11	commonly	commonly	ADV
emaj-330	120	12	used	use	VERB
emaj-330	120	13	in	in	ADP
emaj-330	120	14	the	the	DET
emaj-330	120	15	literature	literature	NOUN
emaj-330	120	16	to	to	PART
emaj-330	120	17	test	test	VERB
emaj-330	120	18	the	the	DET
emaj-330	120	19	effect	effect	NOUN
emaj-330	120	20	of	of	ADP
emaj-330	120	21	market	market	NOUN
emaj-330	120	22	liberalisation	liberalisation	NOUN
emaj-330	120	23	(	(	PUNCT
emaj-330	120	24	laopodis	laopodis	PROPN
emaj-330	120	25	,	,	PUNCT
emaj-330	120	26	2004	2004	NUM
emaj-330	120	27	;	;	PUNCT
emaj-330	120	28	fifield	fifield	NOUN
emaj-330	120	29	and	and	CCONJ
emaj-330	120	30	jetty	jetty	NOUN
emaj-330	120	31	,	,	PUNCT
emaj-330	120	32	2008	2008	NUM
emaj-330	120	33	;	;	PUNCT
emaj-330	120	34	ulici	ulici	NOUN
emaj-330	120	35	and	and	CCONJ
emaj-330	120	36	nistor	nistor	NOUN
emaj-330	120	37	,	,	PUNCT
emaj-330	120	38	2011	2011	NUM
emaj-330	120	39	;	;	PUNCT
emaj-330	120	40	graham	graham	PROPN
emaj-330	120	41	et	et	PROPN
emaj-330	120	42	al	al	PROPN
emaj-330	120	43	.	.	PROPN
emaj-330	120	44	,	,	PUNCT
emaj-330	120	45	2015	2015	NUM
emaj-330	120	46	)	)	PUNCT
emaj-330	120	47	.	.	PUNCT
emaj-330	121	1	2	2	NUM
emaj-330	121	2	rejeb	rejeb	NOUN
emaj-330	121	3	and	and	CCONJ
emaj-330	121	4	boughrara	boughrara	ADJ
emaj-330	121	5	(	(	PUNCT
emaj-330	121	6	2013	2013	NUM
emaj-330	121	7	)	)	PUNCT
emaj-330	121	8	estimated	estimate	VERB
emaj-330	121	9	a	a	DET
emaj-330	121	10	treatment	treatment	NOUN
emaj-330	121	11	effect	effect	NOUN
emaj-330	121	12	model	model	NOUN
emaj-330	121	13	to	to	PART
emaj-330	121	14	empirically	empirically	ADV
emaj-330	121	15	analyze	analyze	VERB
emaj-330	121	16	the	the	DET
emaj-330	121	17	three	three	NUM
emaj-330	121	18	-	-	PUNCT
emaj-330	121	19	dimensional	dimensional	ADJ
emaj-330	121	20	relationship	relationship	NOUN
emaj-330	121	21	between	between	ADP
emaj-330	121	22	informational	informational	ADJ
emaj-330	121	23	efficiency	efficiency	NOUN
emaj-330	121	24	,	,	PUNCT
emaj-330	121	25	stock	stock	NOUN
emaj-330	121	26	market	market	NOUN
emaj-330	121	27	liberalization	liberalization	NOUN
emaj-330	121	28	and	and	CCONJ
emaj-330	121	29	financial	financial	ADJ
emaj-330	121	30	crises	crisis	NOUN
emaj-330	121	31	.	.	PUNCT
emaj-330	122	1	the	the	DET
emaj-330	122	2	results	result	NOUN
emaj-330	122	3	showed	show	VERB
emaj-330	122	4	that	that	SCONJ
emaj-330	122	5	there	there	PRON
emaj-330	122	6	was	be	VERB
emaj-330	122	7	a	a	DET
emaj-330	122	8	significantly	significantly	ADV
emaj-330	122	9	negative	negative	ADJ
emaj-330	122	10	relationship	relationship	NOUN
emaj-330	122	11	between	between	ADP
emaj-330	122	12	market	market	NOUN
emaj-330	122	13	liberalization	liberalization	NOUN
emaj-330	122	14	and	and	CCONJ
emaj-330	122	15	financial	financial	ADJ
emaj-330	122	16	crisis	crisis	NOUN
emaj-330	122	17	,	,	PUNCT
emaj-330	122	18	and	and	CCONJ
emaj-330	122	19	this	this	DET
emaj-330	122	20	relationship	relationship	NOUN
emaj-330	122	21	was	be	AUX
emaj-330	122	22	present	present	ADJ
emaj-330	122	23	regardless	regardless	ADV
emaj-330	122	24	of	of	ADP
emaj-330	122	25	the	the	DET
emaj-330	122	26	type	type	NOUN
emaj-330	122	27	of	of	ADP
emaj-330	122	28	crisis	crisis	NOUN
emaj-330	122	29	considered	consider	VERB
emaj-330	122	30	.	.	PUNCT
emaj-330	123	1	the	the	DET
emaj-330	123	2	results	result	NOUN
emaj-330	123	3	also	also	ADV
emaj-330	123	4	showed	show	VERB
emaj-330	123	5	that	that	SCONJ
emaj-330	123	6	stock	stock	NOUN
emaj-330	123	7	market	market	NOUN
emaj-330	123	8	liberalization	liberalization	NOUN
emaj-330	123	9	tended	tend	VERB
emaj-330	123	10	to	to	PART
emaj-330	123	11	increase	increase	VERB
emaj-330	123	12	the	the	DET
emaj-330	123	13	informational	informational	ADJ
emaj-330	123	14	efficiency	efficiency	NOUN
emaj-330	123	15	of	of	ADP
emaj-330	123	16	the	the	DET
emaj-330	123	17	sample	sample	NOUN
emaj-330	123	18	markets	market	NOUN
emaj-330	123	19	.	.	PUNCT
emaj-330	124	1	3	3	NUM
emaj-330	124	2	there	there	PRON
emaj-330	124	3	was	be	VERB
emaj-330	124	4	a	a	DET
emaj-330	124	5	total	total	NOUN
emaj-330	124	6	of	of	ADP
emaj-330	124	7	179	179	NUM
emaj-330	124	8	companies	company	NOUN
emaj-330	124	9	listed	list	VERB
emaj-330	124	10	on	on	ADP
emaj-330	124	11	the	the	DET
emaj-330	124	12	saudi	saudi	ADJ
emaj-330	124	13	stock	stock	NOUN
emaj-330	124	14	market	market	NOUN
emaj-330	124	15	as	as	ADP
emaj-330	124	16	of	of	ADP
emaj-330	124	17	31st	31st	NOUN
emaj-330	124	18	december	december	PROPN
emaj-330	124	19	2017	2017	NUM
emaj-330	124	20	.	.	PUNCT
emaj-330	125	1	a	a	DET
emaj-330	125	2	total	total	NOUN
emaj-330	125	3	of	of	ADP
emaj-330	125	4	71	71	NUM
emaj-330	125	5	companies	company	NOUN
emaj-330	125	6	were	be	AUX
emaj-330	125	7	excluded	exclude	VERB
emaj-330	125	8	from	from	ADP
emaj-330	125	9	the	the	DET
emaj-330	125	10	final	final	ADJ
emaj-330	125	11	sample	sample	NOUN
emaj-330	125	12	because	because	SCONJ
emaj-330	125	13	they	they	PRON
emaj-330	125	14	were	be	AUX
emaj-330	125	15	listed	list	VERB
emaj-330	125	16	after	after	ADP
emaj-330	125	17	the	the	DET
emaj-330	125	18	start	start	NOUN
emaj-330	125	19	date	date	NOUN
emaj-330	125	20	of	of	ADP
emaj-330	125	21	the	the	DET
emaj-330	125	22	analysis	analysis	NOUN
emaj-330	125	23	.	.	PUNCT
emaj-330	126	1	in	in	ADP
emaj-330	126	2	addition	addition	NOUN
emaj-330	126	3	,	,	PUNCT
emaj-330	126	4	another	another	DET
emaj-330	126	5	eight	eight	NUM
emaj-330	126	6	companies	company	NOUN
emaj-330	126	7	logged	log	VERB
emaj-330	126	8	returns	return	NOUN
emaj-330	126	9	for	for	ADP
emaj-330	126	10	the	the	DET
emaj-330	126	11	market	market	NOUN
emaj-330	126	12	index	index	NOUN
emaj-330	126	13	and	and	CCONJ
emaj-330	126	14	each	each	DET
emaj-330	126	15	company	company	NOUN
emaj-330	126	16	were	be	AUX
emaj-330	126	17	calculated	calculate	VERB
emaj-330	126	18	according	accord	VERB
emaj-330	126	19	to	to	ADP
emaj-330	126	20	the	the	DET
emaj-330	126	21	following	follow	VERB
emaj-330	126	22	formula	formula	NOUN
emaj-330	126	23	:	:	PUNCT
emaj-330	126	24	𝑅𝑖𝑡	𝑅𝑖𝑡	PROPN
emaj-330	126	25	=	=	SYM
emaj-330	126	26	𝑙𝑛	𝑙𝑛	NOUN
emaj-330	126	27	(	(	PUNCT
emaj-330	126	28	𝑃𝑡	𝑃𝑡	PROPN
emaj-330	126	29	𝑃𝑡−1	𝑃𝑡−1	ADJ
emaj-330	126	30	)	)	PUNCT
emaj-330	126	31	(	(	PUNCT
emaj-330	126	32	1	1	X
emaj-330	126	33	)	)	PUNCT
emaj-330	126	34	where	where	SCONJ
emaj-330	126	35	𝑅𝑖𝑡	𝑅𝑖𝑡	PROPN
emaj-330	126	36	is	be	AUX
emaj-330	126	37	the	the	DET
emaj-330	126	38	daily	daily	ADJ
emaj-330	126	39	return	return	NOUN
emaj-330	126	40	of	of	ADP
emaj-330	126	41	stock	stock	NOUN
emaj-330	126	42	𝑖	𝑖	X
emaj-330	126	43	on	on	ADP
emaj-330	126	44	day	day	NOUN
emaj-330	126	45	𝑡	𝑡	PROPN
emaj-330	126	46	,	,	PUNCT
emaj-330	126	47	𝑃𝑡	𝑃𝑡	PROPN
emaj-330	126	48	and	and	CCONJ
emaj-330	126	49	𝑃𝑡−1	𝑃𝑡−1	NOUN
emaj-330	126	50	are	be	AUX
emaj-330	126	51	the	the	DET
emaj-330	126	52	closing	close	VERB
emaj-330	126	53	prices	price	NOUN
emaj-330	126	54	of	of	ADP
emaj-330	126	55	stock	stock	NOUN
emaj-330	126	56	𝑖	𝑖	PROPN
emaj-330	126	57	on	on	ADP
emaj-330	126	58	day	day	NOUN
emaj-330	126	59	𝑡	𝑡	PROPN
emaj-330	126	60	and	and	CCONJ
emaj-330	126	61	day	day	NOUN
emaj-330	126	62	𝑡	𝑡	PRON
emaj-330	126	63	−	−	NOUN
emaj-330	126	64	1	1	NUM
emaj-330	126	65	respectively	respectively	ADV
emaj-330	126	66	,	,	PUNCT
emaj-330	126	67	and	and	CCONJ
emaj-330	126	68	ln	ln	NOUN
emaj-330	126	69	is	be	AUX
emaj-330	126	70	the	the	DET
emaj-330	126	71	natural	natural	ADJ
emaj-330	126	72	logarithm	logarithm	NOUN
emaj-330	126	73	.	.	PUNCT
emaj-330	127	1	table	table	NOUN
emaj-330	127	2	1	1	NUM
emaj-330	127	3	presents	present	VERB
emaj-330	127	4	descriptive	descriptive	ADJ
emaj-330	127	5	statistics	statistic	NOUN
emaj-330	127	6	of	of	ADP
emaj-330	127	7	the	the	DET
emaj-330	127	8	data	datum	NOUN
emaj-330	127	9	for	for	ADP
emaj-330	127	10	the	the	DET
emaj-330	127	11	full	full	ADJ
emaj-330	127	12	sample	sample	NOUN
emaj-330	127	13	period	period	NOUN
emaj-330	127	14	and	and	CCONJ
emaj-330	127	15	the	the	DET
emaj-330	127	16	two	two	NUM
emaj-330	127	17	subsample	subsample	ADJ
emaj-330	127	18	periods	period	NOUN
emaj-330	127	19	.	.	PUNCT
emaj-330	128	1	in	in	ADP
emaj-330	128	2	particular	particular	ADJ
emaj-330	128	3	,	,	PUNCT
emaj-330	128	4	the	the	DET
emaj-330	128	5	mean	mean	ADJ
emaj-330	128	6	(	(	PUNCT
emaj-330	128	7	mean	mean	ADJ
emaj-330	128	8	)	)	PUNCT
emaj-330	128	9	,	,	PUNCT
emaj-330	128	10	the	the	DET
emaj-330	128	11	standard	standard	ADJ
emaj-330	128	12	deviation	deviation	NOUN
emaj-330	128	13	(	(	PUNCT
emaj-330	128	14	sd	sd	NOUN
emaj-330	128	15	)	)	PUNCT
emaj-330	128	16	,	,	PUNCT
emaj-330	128	17	the	the	DET
emaj-330	128	18	minimum	minimum	ADJ
emaj-330	128	19	(	(	PUNCT
emaj-330	128	20	min	min	NOUN
emaj-330	128	21	)	)	PUNCT
emaj-330	128	22	,	,	PUNCT
emaj-330	128	23	the	the	DET
emaj-330	128	24	maximum	maximum	ADJ
emaj-330	128	25	(	(	PUNCT
emaj-330	128	26	max	max	PROPN
emaj-330	128	27	)	)	PUNCT
emaj-330	128	28	,	,	PUNCT
emaj-330	128	29	skewness	skewness	NOUN
emaj-330	128	30	(	(	PUNCT
emaj-330	128	31	skew	skew	NOUN
emaj-330	128	32	)	)	PUNCT
emaj-330	128	33	,	,	PUNCT
emaj-330	128	34	kurtosis	kurtosis	NOUN
emaj-330	128	35	(	(	PUNCT
emaj-330	128	36	kurt	kurt	PROPN
emaj-330	128	37	)	)	PUNCT
emaj-330	128	38	and	and	CCONJ
emaj-330	128	39	the	the	DET
emaj-330	128	40	jarque	jarque	NOUN
emaj-330	128	41	-	-	PUNCT
emaj-330	128	42	bera	bera	NOUN
emaj-330	128	43	(	(	PUNCT
emaj-330	128	44	jb	jb	PROPN
emaj-330	128	45	)	)	PUNCT
emaj-330	128	46	test	test	NOUN
emaj-330	128	47	statistic	statistic	NOUN
emaj-330	128	48	were	be	AUX
emaj-330	128	49	calculated	calculate	VERB
emaj-330	128	50	for	for	ADP
emaj-330	128	51	the	the	DET
emaj-330	128	52	daily	daily	ADJ
emaj-330	128	53	return	return	NOUN
emaj-330	128	54	series	series	NOUN
emaj-330	128	55	as	as	SCONJ
emaj-330	128	56	described	describe	VERB
emaj-330	128	57	by	by	ADP
emaj-330	128	58	equation	equation	NOUN
emaj-330	128	59	(	(	PUNCT
emaj-330	128	60	1	1	NUM
emaj-330	128	61	)	)	PUNCT
emaj-330	128	62	.	.	PUNCT
emaj-330	129	1	the	the	DET
emaj-330	129	2	table	table	NOUN
emaj-330	129	3	shows	show	VERB
emaj-330	129	4	that	that	SCONJ
emaj-330	129	5	although	although	SCONJ
emaj-330	129	6	the	the	DET
emaj-330	129	7	market	market	NOUN
emaj-330	129	8	index	index	NOUN
emaj-330	129	9	and	and	CCONJ
emaj-330	129	10	the	the	DET
emaj-330	129	11	sample	sample	NOUN
emaj-330	129	12	companies	company	NOUN
emaj-330	129	13	earned	earn	VERB
emaj-330	129	14	negative	negative	ADJ
emaj-330	129	15	mean	mean	ADJ
emaj-330	129	16	daily	daily	ADJ
emaj-330	129	17	returns	return	NOUN
emaj-330	129	18	before	before	ADV
emaj-330	129	19	and	and	CCONJ
emaj-330	129	20	after	after	ADP
emaj-330	129	21	the	the	DET
emaj-330	129	22	regulatory	regulatory	ADJ
emaj-330	129	23	change	change	NOUN
emaj-330	129	24	,	,	PUNCT
emaj-330	129	25	the	the	DET
emaj-330	129	26	returns	return	NOUN
emaj-330	129	27	in	in	ADP
emaj-330	129	28	the	the	DET
emaj-330	129	29	pre	pre	NOUN
emaj-330	129	30	-	-	NOUN
emaj-330	129	31	period	period	NOUN
emaj-330	129	32	were	be	AUX
emaj-330	129	33	higher	high	ADJ
emaj-330	129	34	than	than	ADP
emaj-330	129	35	that	that	PRON
emaj-330	129	36	in	in	ADP
emaj-330	129	37	the	the	DET
emaj-330	129	38	post	post	NOUN
emaj-330	129	39	-	-	NOUN
emaj-330	129	40	period	period	NOUN
emaj-330	129	41	.	.	PUNCT
emaj-330	130	1	for	for	ADP
emaj-330	130	2	instance	instance	NOUN
emaj-330	130	3	,	,	PUNCT
emaj-330	130	4	the	the	DET
emaj-330	130	5	average	average	ADJ
emaj-330	130	6	return	return	NOUN
emaj-330	130	7	of	of	ADP
emaj-330	130	8	the	the	DET
emaj-330	130	9	market	market	NOUN
emaj-330	130	10	index	index	NOUN
emaj-330	130	11	was	be	AUX
emaj-330	130	12	-0.01	-0.01	NUM
emaj-330	130	13	%	%	NOUN
emaj-330	130	14	in	in	ADP
emaj-330	130	15	the	the	DET
emaj-330	130	16	pre	pre	NOUN
emaj-330	130	17	-	-	NOUN
emaj-330	130	18	period	period	NOUN
emaj-330	130	19	,	,	PUNCT
emaj-330	130	20	and	and	CCONJ
emaj-330	130	21	it	it	PRON
emaj-330	130	22	decreased	decrease	VERB
emaj-330	130	23	to	to	ADP
emaj-330	130	24	-0.05	-0.05	NUM
emaj-330	130	25	in	in	ADP
emaj-330	130	26	the	the	DET
emaj-330	130	27	post	post	ADJ
emaj-330	130	28	-	-	ADJ
emaj-330	130	29	liberalization	liberalization	ADJ
emaj-330	130	30	period	period	NOUN
emaj-330	130	31	.	.	PUNCT
emaj-330	131	1	this	this	DET
emaj-330	131	2	noticeable	noticeable	ADJ
emaj-330	131	3	decrease	decrease	NOUN
emaj-330	131	4	in	in	ADP
emaj-330	131	5	the	the	DET
emaj-330	131	6	average	average	ADJ
emaj-330	131	7	return	return	NOUN
emaj-330	131	8	after	after	SCONJ
emaj-330	131	9	market	market	NOUN
emaj-330	131	10	liberalization	liberalization	NOUN
emaj-330	131	11	can	can	AUX
emaj-330	131	12	be	be	AUX
emaj-330	131	13	attributed	attribute	VERB
emaj-330	131	14	to	to	ADP
emaj-330	131	15	the	the	DET
emaj-330	131	16	fact	fact	NOUN
emaj-330	131	17	that	that	SCONJ
emaj-330	131	18	,	,	PUNCT
emaj-330	131	19	in	in	ADP
emaj-330	131	20	the	the	DET
emaj-330	131	21	postliberalization	postliberalization	NOUN
emaj-330	131	22	period	period	NOUN
emaj-330	131	23	,	,	PUNCT
emaj-330	131	24	the	the	DET
emaj-330	131	25	local	local	ADJ
emaj-330	131	26	economy	economy	NOUN
emaj-330	131	27	was	be	AUX
emaj-330	131	28	negatively	negatively	ADV
emaj-330	131	29	affected	affect	VERB
emaj-330	131	30	by	by	ADP
emaj-330	131	31	low	low	ADJ
emaj-330	131	32	oil	oil	NOUN
emaj-330	131	33	prices	price	NOUN
emaj-330	131	34	(	(	PUNCT
emaj-330	131	35	kinninmont	kinninmont	NOUN
emaj-330	131	36	,	,	PUNCT
emaj-330	131	37	2017	2017	NUM
emaj-330	131	38	;	;	PUNCT
emaj-330	131	39	sama	sama	NOUN
emaj-330	131	40	,	,	PUNCT
emaj-330	131	41	2017	2017	NUM
emaj-330	131	42	)	)	PUNCT
emaj-330	131	43	.	.	PUNCT
emaj-330	132	1	table	table	NOUN
emaj-330	132	2	1	1	NUM
emaj-330	132	3	:	:	PUNCT
emaj-330	132	4	descriptive	descriptive	ADJ
emaj-330	132	5	statistics	statistic	NOUN
emaj-330	132	6	for	for	ADP
emaj-330	132	7	daily	daily	ADJ
emaj-330	132	8	returns	return	NOUN
emaj-330	132	9	note	note	VERB
emaj-330	132	10	:	:	PUNCT
emaj-330	132	11	this	this	DET
emaj-330	132	12	table	table	NOUN
emaj-330	132	13	reports	report	VERB
emaj-330	132	14	descriptive	descriptive	ADJ
emaj-330	132	15	statistics	statistic	NOUN
emaj-330	132	16	for	for	ADP
emaj-330	132	17	the	the	DET
emaj-330	132	18	market	market	NOUN
emaj-330	132	19	index	index	NOUN
emaj-330	132	20	,	,	PUNCT
emaj-330	132	21	and	and	CCONJ
emaj-330	132	22	the	the	DET
emaj-330	132	23	average	average	NOUN
emaj-330	132	24	of	of	ADP
emaj-330	132	25	100	100	NUM
emaj-330	132	26	sample	sample	NOUN
emaj-330	132	27	companies	company	NOUN
emaj-330	132	28	for	for	ADP
emaj-330	132	29	the	the	DET
emaj-330	132	30	full	full	ADJ
emaj-330	132	31	sample	sample	NOUN
emaj-330	132	32	period	period	NOUN
emaj-330	132	33	and	and	CCONJ
emaj-330	132	34	two	two	NUM
emaj-330	132	35	subsample	subsample	ADJ
emaj-330	132	36	periods	period	NOUN
emaj-330	132	37	.	.	PUNCT
emaj-330	133	1	the	the	DET
emaj-330	133	2	full	full	ADJ
emaj-330	133	3	period	period	NOUN
emaj-330	133	4	spans	span	VERB
emaj-330	133	5	the	the	DET
emaj-330	133	6	time	time	NOUN
emaj-330	133	7	from	from	ADP
emaj-330	133	8	1st	1st	ADJ
emaj-330	133	9	january	january	PROPN
emaj-330	133	10	2008	2008	NUM
emaj-330	133	11	to	to	ADP
emaj-330	133	12	31st	31st	NOUN
emaj-330	133	13	december	december	PROPN
emaj-330	133	14	2017	2017	NUM
emaj-330	133	15	,	,	PUNCT
emaj-330	133	16	while	while	SCONJ
emaj-330	133	17	the	the	DET
emaj-330	133	18	pre	pre	NOUN
emaj-330	133	19	-	-	ADJ
emaj-330	133	20	and	and	CCONJ
emaj-330	133	21	post	post	ADJ
emaj-330	133	22	-	-	ADJ
emaj-330	133	23	periods	period	NOUN
emaj-330	133	24	cover	cover	VERB
emaj-330	133	25	the	the	DET
emaj-330	133	26	periods	period	NOUN
emaj-330	133	27	before	before	ADV
emaj-330	133	28	and	and	CCONJ
emaj-330	133	29	after	after	ADP
emaj-330	133	30	the	the	DET
emaj-330	133	31	change	change	NOUN
emaj-330	133	32	in	in	ADP
emaj-330	133	33	regulation	regulation	NOUN
emaj-330	133	34	on	on	ADP
emaj-330	133	35	15th	15th	ADJ
emaj-330	133	36	june	june	PROPN
emaj-330	133	37	2015	2015	NUM
emaj-330	133	38	.	.	PUNCT
emaj-330	134	1	sd	sd	NOUN
emaj-330	134	2	indicates	indicate	VERB
emaj-330	134	3	the	the	DET
emaj-330	134	4	standard	standard	ADJ
emaj-330	134	5	deviation	deviation	NOUN
emaj-330	134	6	of	of	ADP
emaj-330	134	7	the	the	DET
emaj-330	134	8	return	return	NOUN
emaj-330	134	9	series	series	NOUN
emaj-330	134	10	.	.	PUNCT
emaj-330	135	1	min	min	PROPN
emaj-330	135	2	and	and	CCONJ
emaj-330	135	3	max	max	PROPN
emaj-330	135	4	indicate	indicate	VERB
emaj-330	135	5	the	the	DET
emaj-330	135	6	minimum	minimum	ADJ
emaj-330	135	7	and	and	CCONJ
emaj-330	135	8	maximum	maximum	ADJ
emaj-330	135	9	returns	return	NOUN
emaj-330	135	10	,	,	PUNCT
emaj-330	135	11	respectively	respectively	ADV
emaj-330	135	12	.	.	PUNCT
emaj-330	136	1	skew	skew	NOUN
emaj-330	136	2	is	be	AUX
emaj-330	136	3	the	the	DET
emaj-330	136	4	kendallstuart	kendallstuart	PROPN
emaj-330	136	5	measure	measure	NOUN
emaj-330	136	6	of	of	ADP
emaj-330	136	7	skewness	skewness	NOUN
emaj-330	136	8	,	,	PUNCT
emaj-330	136	9	and	and	CCONJ
emaj-330	136	10	kurt	kurt	NOUN
emaj-330	136	11	is	be	AUX
emaj-330	136	12	the	the	DET
emaj-330	136	13	kendallstuart	kendallstuart	ADJ
emaj-330	136	14	measure	measure	NOUN
emaj-330	136	15	of	of	ADP
emaj-330	136	16	kurtosis	kurtosis	NOUN
emaj-330	136	17	.	.	PUNCT
emaj-330	137	1	jb	jb	PROPN
emaj-330	137	2	refers	refer	VERB
emaj-330	137	3	to	to	ADP
emaj-330	137	4	the	the	DET
emaj-330	137	5	jarque	jarque	NOUN
emaj-330	137	6	-	-	PUNCT
emaj-330	137	7	bera	bera	NOUN
emaj-330	137	8	test	test	NOUN
emaj-330	137	9	for	for	ADP
emaj-330	137	10	normality	normality	NOUN
emaj-330	137	11	.	.	PUNCT
emaj-330	138	1	*	*	PUNCT
emaj-330	138	2	*	*	PUNCT
emaj-330	138	3	*	*	PUNCT
emaj-330	138	4	indicates	indicate	VERB
emaj-330	138	5	significance	significance	NOUN
emaj-330	138	6	at	at	ADP
emaj-330	138	7	the	the	DET
emaj-330	138	8	one	one	NUM
emaj-330	138	9	per	per	ADP
emaj-330	138	10	cent	cent	NOUN
emaj-330	138	11	level	level	NOUN
emaj-330	138	12	.	.	PUNCT
emaj-330	139	1	in	in	ADP
emaj-330	139	2	addition	addition	NOUN
emaj-330	139	3	,	,	PUNCT
emaj-330	139	4	table	table	NOUN
emaj-330	139	5	1	1	NUM
emaj-330	139	6	shows	show	VERB
emaj-330	139	7	that	that	SCONJ
emaj-330	139	8	the	the	DET
emaj-330	139	9	volatility	volatility	NOUN
emaj-330	139	10	in	in	ADP
emaj-330	139	11	the	the	DET
emaj-330	139	12	pre	pre	NOUN
emaj-330	139	13	-	-	NOUN
emaj-330	139	14	period	period	NOUN
emaj-330	139	15	was	be	AUX
emaj-330	139	16	higher	high	ADJ
emaj-330	139	17	as	as	SCONJ
emaj-330	139	18	compared	compare	VERB
emaj-330	139	19	to	to	ADP
emaj-330	139	20	the	the	DET
emaj-330	139	21	post	post	NOUN
emaj-330	139	22	-	-	NOUN
emaj-330	139	23	period	period	NOUN
emaj-330	139	24	,	,	PUNCT
emaj-330	139	25	were	be	AUX
emaj-330	139	26	excluded	exclude	VERB
emaj-330	139	27	from	from	ADP
emaj-330	139	28	the	the	DET
emaj-330	139	29	sample	sample	NOUN
emaj-330	139	30	as	as	SCONJ
emaj-330	139	31	trading	trading	NOUN
emaj-330	139	32	of	of	ADP
emaj-330	139	33	their	their	PRON
emaj-330	139	34	shares	share	NOUN
emaj-330	139	35	was	be	AUX
emaj-330	139	36	suspended	suspend	VERB
emaj-330	139	37	at	at	ADP
emaj-330	139	38	some	some	DET
emaj-330	139	39	point	point	NOUN
emaj-330	139	40	during	during	ADP
emaj-330	139	41	the	the	DET
emaj-330	139	42	sample	sample	NOUN
emaj-330	139	43	period	period	NOUN
emaj-330	139	44	.	.	PUNCT
emaj-330	140	1	suspension	suspension	NOUN
emaj-330	140	2	durations	duration	NOUN
emaj-330	140	3	varied	vary	VERB
emaj-330	140	4	widely	widely	ADV
emaj-330	140	5	between	between	ADP
emaj-330	140	6	companies	company	NOUN
emaj-330	140	7	and	and	CCONJ
emaj-330	140	8	ranged	range	VERB
emaj-330	140	9	from	from	ADP
emaj-330	140	10	13	13	NUM
emaj-330	140	11	to	to	PART
emaj-330	140	12	1,043	1,043	NUM
emaj-330	140	13	days	day	NOUN
emaj-330	140	14	.	.	PUNCT
emaj-330	141	1	reasons	reason	NOUN
emaj-330	141	2	for	for	ADP
emaj-330	141	3	suspended	suspend	VERB
emaj-330	141	4	trading	trading	NOUN
emaj-330	141	5	included	include	VERB
emaj-330	141	6	failure	failure	NOUN
emaj-330	141	7	to	to	PART
emaj-330	141	8	announce	announce	VERB
emaj-330	141	9	financial	financial	ADJ
emaj-330	141	10	statements	statement	NOUN
emaj-330	141	11	within	within	ADP
emaj-330	141	12	the	the	DET
emaj-330	141	13	specified	specified	ADJ
emaj-330	141	14	period	period	NOUN
emaj-330	141	15	,	,	PUNCT
emaj-330	141	16	exceeding	exceed	VERB
emaj-330	141	17	the	the	DET
emaj-330	141	18	predetermined	predetermine	VERB
emaj-330	141	19	limit	limit	NOUN
emaj-330	141	20	of	of	ADP
emaj-330	141	21	losses	loss	NOUN
emaj-330	141	22	for	for	SCONJ
emaj-330	141	23	a	a	DET
emaj-330	141	24	company	company	NOUN
emaj-330	141	25	to	to	PART
emaj-330	141	26	be	be	AUX
emaj-330	141	27	traded	trade	VERB
emaj-330	141	28	on	on	ADP
emaj-330	141	29	the	the	DET
emaj-330	141	30	exchange	exchange	NOUN
emaj-330	141	31	and	and	CCONJ
emaj-330	141	32	a	a	DET
emaj-330	141	33	lack	lack	NOUN
emaj-330	141	34	of	of	ADP
emaj-330	141	35	accurate	accurate	ADJ
emaj-330	141	36	information	information	NOUN
emaj-330	141	37	about	about	ADP
emaj-330	141	38	the	the	DET
emaj-330	141	39	company	company	NOUN
emaj-330	141	40	.	.	PUNCT
emaj-330	142	1	4	4	NUM
emaj-330	142	2	the	the	DET
emaj-330	142	3	daily	daily	ADJ
emaj-330	142	4	trading	trading	NOUN
emaj-330	142	5	volume	volume	NOUN
emaj-330	142	6	for	for	ADP
emaj-330	142	7	stocks	stock	NOUN
emaj-330	142	8	included	include	VERB
emaj-330	142	9	in	in	ADP
emaj-330	142	10	the	the	DET
emaj-330	142	11	analysis	analysis	NOUN
emaj-330	142	12	showed	show	VERB
emaj-330	142	13	that	that	SCONJ
emaj-330	142	14	88	88	NUM
emaj-330	142	15	out	out	ADP
emaj-330	142	16	of	of	ADP
emaj-330	142	17	the	the	DET
emaj-330	142	18	100	100	NUM
emaj-330	142	19	companies	company	NOUN
emaj-330	142	20	traded	trade	VERB
emaj-330	142	21	on	on	ADP
emaj-330	142	22	100.0	100.0	NUM
emaj-330	142	23	%	%	NOUN
emaj-330	142	24	of	of	ADP
emaj-330	142	25	the	the	DET
emaj-330	142	26	trading	trading	NOUN
emaj-330	142	27	days	day	NOUN
emaj-330	142	28	over	over	ADP
emaj-330	142	29	the	the	DET
emaj-330	142	30	sample	sample	NOUN
emaj-330	142	31	period	period	NOUN
emaj-330	142	32	.	.	PUNCT
emaj-330	143	1	for	for	ADP
emaj-330	143	2	the	the	DET
emaj-330	143	3	remaining	remain	VERB
emaj-330	143	4	companies	company	NOUN
emaj-330	143	5	,	,	PUNCT
emaj-330	143	6	shares	share	NOUN
emaj-330	143	7	were	be	AUX
emaj-330	143	8	traded	trade	VERB
emaj-330	143	9	on	on	ADP
emaj-330	143	10	at	at	ADV
emaj-330	143	11	least	least	ADV
emaj-330	143	12	99.5	99.5	NUM
emaj-330	143	13	%	%	NOUN
emaj-330	143	14	of	of	ADP
emaj-330	143	15	the	the	DET
emaj-330	143	16	trading	trading	NOUN
emaj-330	143	17	days	day	NOUN
emaj-330	143	18	.	.	PUNCT
emaj-330	144	1	volume	volume	NOUN
emaj-330	144	2	14	14	NUM
emaj-330	145	1	no	no	DET
emaj-330	145	2	1	1	NUM
emaj-330	145	3	(	(	PUNCT
emaj-330	145	4	2024	2024	NUM
emaj-330	145	5	)	)	PUNCT
emaj-330	145	6	|	|	ADV
emaj-330	145	7	issn	issn	VERB
emaj-330	145	8	2158	2158	NUM
emaj-330	145	9	-	-	SYM
emaj-330	145	10	8708	8708	NUM
emaj-330	145	11	(	(	PUNCT
emaj-330	145	12	online	online	NOUN
emaj-330	145	13	)	)	PUNCT
emaj-330	145	14	|	|	ADV
emaj-330	145	15	doi	doi	X
emaj-330	145	16	10.5195	10.5195	NUM
emaj-330	145	17	/	/	SYM
emaj-330	145	18	emaj.2024.330	emaj.2024.330	PROPN
emaj-330	145	19	|	|	ADV
emaj-330	145	20	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-330	145	21	abdullah	abdullah	PROPN
emaj-330	145	22	alesmaiel	alesmaiel	PROPN
emaj-330	145	23	,	,	PUNCT
emaj-330	145	24	suzanne	suzanne	PROPN
emaj-330	145	25	fifield	fifield	PROPN
emaj-330	145	26	,	,	PUNCT
emaj-330	145	27	justin	justin	PROPN
emaj-330	145	28	hof	hof	PROPN
emaj-330	145	29	emerging	emerge	VERB
emaj-330	145	30	markets	market	NOUN
emaj-330	145	31	journal	journal	NOUN
emaj-330	145	32	page	page	NOUN
emaj-330	145	33	|5|	|5|	PRON
emaj-330	145	34	indicating	indicate	VERB
emaj-330	145	35	that	that	SCONJ
emaj-330	145	36	the	the	DET
emaj-330	145	37	market	market	NOUN
emaj-330	145	38	became	become	VERB
emaj-330	145	39	less	less	ADV
emaj-330	145	40	volatile	volatile	ADJ
emaj-330	145	41	after	after	ADP
emaj-330	145	42	liberalization	liberalization	NOUN
emaj-330	145	43	.	.	PUNCT
emaj-330	146	1	specifically	specifically	ADV
emaj-330	146	2	,	,	PUNCT
emaj-330	146	3	following	follow	VERB
emaj-330	146	4	the	the	DET
emaj-330	146	5	change	change	NOUN
emaj-330	146	6	in	in	ADP
emaj-330	146	7	regulation	regulation	NOUN
emaj-330	146	8	,	,	PUNCT
emaj-330	146	9	the	the	DET
emaj-330	146	10	standard	standard	ADJ
emaj-330	146	11	deviation	deviation	NOUN
emaj-330	146	12	of	of	ADP
emaj-330	146	13	the	the	DET
emaj-330	146	14	market	market	NOUN
emaj-330	146	15	index	index	NOUN
emaj-330	146	16	decreased	decrease	VERB
emaj-330	146	17	from	from	ADP
emaj-330	146	18	1.45	1.45	NUM
emaj-330	146	19	to	to	ADP
emaj-330	146	20	1.21	1.21	NUM
emaj-330	146	21	%	%	NOUN
emaj-330	146	22	.	.	PUNCT
emaj-330	147	1	this	this	DET
emaj-330	147	2	reduction	reduction	NOUN
emaj-330	147	3	in	in	ADP
emaj-330	147	4	volatility	volatility	NOUN
emaj-330	147	5	after	after	SCONJ
emaj-330	147	6	the	the	DET
emaj-330	147	7	regulatory	regulatory	ADJ
emaj-330	147	8	change	change	NOUN
emaj-330	147	9	is	be	AUX
emaj-330	147	10	also	also	ADV
emaj-330	147	11	reflected	reflect	VERB
emaj-330	147	12	in	in	ADP
emaj-330	147	13	the	the	DET
emaj-330	147	14	difference	difference	NOUN
emaj-330	147	15	between	between	ADP
emaj-330	147	16	the	the	DET
emaj-330	147	17	minimum	minimum	ADJ
emaj-330	147	18	and	and	CCONJ
emaj-330	147	19	maximum	maximum	ADJ
emaj-330	147	20	values	value	NOUN
emaj-330	147	21	in	in	ADP
emaj-330	147	22	each	each	DET
emaj-330	147	23	period	period	NOUN
emaj-330	147	24	;	;	PUNCT
emaj-330	147	25	the	the	DET
emaj-330	147	26	difference	difference	NOUN
emaj-330	147	27	between	between	ADP
emaj-330	147	28	these	these	DET
emaj-330	147	29	values	value	NOUN
emaj-330	147	30	was	be	AUX
emaj-330	147	31	lower	low	ADJ
emaj-330	147	32	in	in	ADP
emaj-330	147	33	the	the	DET
emaj-330	147	34	post	post	NOUN
emaj-330	147	35	-	-	NOUN
emaj-330	147	36	period	period	NOUN
emaj-330	147	37	than	than	ADP
emaj-330	147	38	in	in	ADP
emaj-330	147	39	the	the	DET
emaj-330	147	40	pre	pre	NOUN
emaj-330	147	41	-	-	NOUN
emaj-330	147	42	period	period	NOUN
emaj-330	147	43	.	.	PUNCT
emaj-330	148	1	previous	previous	ADJ
emaj-330	148	2	studies	study	NOUN
emaj-330	148	3	have	have	AUX
emaj-330	148	4	found	find	VERB
emaj-330	148	5	mixed	mixed	ADJ
emaj-330	148	6	results	result	NOUN
emaj-330	148	7	concerning	concern	VERB
emaj-330	148	8	the	the	DET
emaj-330	148	9	changes	change	NOUN
emaj-330	148	10	in	in	ADP
emaj-330	148	11	stock	stock	NOUN
emaj-330	148	12	return	return	NOUN
emaj-330	148	13	volatility	volatility	NOUN
emaj-330	148	14	following	follow	VERB
emaj-330	148	15	market	market	NOUN
emaj-330	148	16	liberalization	liberalization	NOUN
emaj-330	148	17	(	(	PUNCT
emaj-330	148	18	kawakatsu	kawakatsu	ADJ
emaj-330	148	19	and	and	CCONJ
emaj-330	148	20	morey	morey	PROPN
emaj-330	148	21	,	,	PUNCT
emaj-330	148	22	1999	1999	NUM
emaj-330	148	23	;	;	PUNCT
emaj-330	148	24	fuss	fuss	NOUN
emaj-330	148	25	,	,	PUNCT
emaj-330	148	26	2005	2005	NUM
emaj-330	148	27	;	;	PUNCT
emaj-330	148	28	ahmed	ahme	VERB
emaj-330	148	29	,	,	PUNCT
emaj-330	148	30	2016	2016	NUM
emaj-330	148	31	;	;	PUNCT
emaj-330	148	32	sharif	sharif	PROPN
emaj-330	148	33	,	,	PUNCT
emaj-330	148	34	2019	2019	NUM
emaj-330	148	35	)	)	PUNCT
emaj-330	148	36	.	.	PUNCT
emaj-330	149	1	for	for	ADP
emaj-330	149	2	example	example	NOUN
emaj-330	149	3	,	,	PUNCT
emaj-330	149	4	kawakatsu	kawakatsu	ADJ
emaj-330	149	5	and	and	CCONJ
emaj-330	149	6	morey	morey	PROPN
emaj-330	149	7	(	(	PUNCT
emaj-330	149	8	1999	1999	NUM
emaj-330	149	9	)	)	PUNCT
emaj-330	149	10	found	find	VERB
emaj-330	149	11	an	an	DET
emaj-330	149	12	increase	increase	NOUN
emaj-330	149	13	in	in	ADP
emaj-330	149	14	volatility	volatility	NOUN
emaj-330	149	15	after	after	ADP
emaj-330	149	16	stock	stock	NOUN
emaj-330	149	17	market	market	NOUN
emaj-330	149	18	liberalization	liberalization	NOUN
emaj-330	149	19	in	in	ADP
emaj-330	149	20	five	five	NUM
emaj-330	149	21	out	out	ADP
emaj-330	149	22	of	of	ADP
emaj-330	149	23	the	the	DET
emaj-330	149	24	nine	nine	NUM
emaj-330	149	25	markets	market	NOUN
emaj-330	149	26	examined	examine	VERB
emaj-330	149	27	.	.	PUNCT
emaj-330	150	1	finally	finally	ADV
emaj-330	150	2	,	,	PUNCT
emaj-330	150	3	the	the	DET
emaj-330	150	4	table	table	NOUN
emaj-330	150	5	reveals	reveal	VERB
emaj-330	150	6	that	that	SCONJ
emaj-330	150	7	the	the	DET
emaj-330	150	8	returns	return	NOUN
emaj-330	150	9	of	of	ADP
emaj-330	150	10	the	the	DET
emaj-330	150	11	market	market	NOUN
emaj-330	150	12	index	index	NOUN
emaj-330	150	13	and	and	CCONJ
emaj-330	150	14	the	the	DET
emaj-330	150	15	sample	sample	NOUN
emaj-330	150	16	companies	company	NOUN
emaj-330	150	17	were	be	AUX
emaj-330	150	18	highly	highly	ADV
emaj-330	150	19	nonnormal	nonnormal	ADJ
emaj-330	150	20	in	in	ADP
emaj-330	150	21	both	both	DET
emaj-330	150	22	periods	period	NOUN
emaj-330	150	23	,	,	PUNCT
emaj-330	150	24	a	a	DET
emaj-330	150	25	property	property	NOUN
emaj-330	150	26	that	that	PRON
emaj-330	150	27	is	be	AUX
emaj-330	150	28	commonly	commonly	ADV
emaj-330	150	29	found	find	VERB
emaj-330	150	30	in	in	ADP
emaj-330	150	31	stock	stock	NOUN
emaj-330	150	32	market	market	NOUN
emaj-330	150	33	data	datum	NOUN
emaj-330	150	34	(	(	PUNCT
emaj-330	150	35	hull	hull	NOUN
emaj-330	150	36	and	and	CCONJ
emaj-330	150	37	mcgroarty	mcgroarty	NOUN
emaj-330	150	38	,	,	PUNCT
emaj-330	150	39	2014	2014	NUM
emaj-330	150	40	;	;	PUNCT
emaj-330	150	41	seif	seif	PROPN
emaj-330	150	42	et	et	PROPN
emaj-330	150	43	.	.	PUNCT
emaj-330	151	1	al	al	PROPN
emaj-330	151	2	.	.	PROPN
emaj-330	151	3	,	,	PUNCT
emaj-330	151	4	2017	2017	NUM
emaj-330	151	5	)	)	PUNCT
emaj-330	151	6	.	.	PUNCT
emaj-330	152	1	specifically	specifically	ADV
emaj-330	152	2	,	,	PUNCT
emaj-330	152	3	all	all	DET
emaj-330	152	4	return	return	NOUN
emaj-330	152	5	series	series	NOUN
emaj-330	152	6	are	be	AUX
emaj-330	152	7	negatively	negatively	ADV
emaj-330	152	8	skewed	skewed	ADJ
emaj-330	152	9	suggesting	suggest	VERB
emaj-330	152	10	that	that	SCONJ
emaj-330	152	11	they	they	PRON
emaj-330	152	12	are	be	AUX
emaj-330	152	13	more	more	ADV
emaj-330	152	14	likely	likely	ADJ
emaj-330	152	15	to	to	PART
emaj-330	152	16	have	have	VERB
emaj-330	152	17	negative	negative	ADJ
emaj-330	152	18	extreme	extreme	ADJ
emaj-330	152	19	values	value	NOUN
emaj-330	152	20	than	than	ADP
emaj-330	152	21	positive	positive	ADJ
emaj-330	152	22	extreme	extreme	ADJ
emaj-330	152	23	values	value	NOUN
emaj-330	152	24	.	.	PUNCT
emaj-330	153	1	the	the	DET
emaj-330	153	2	return	return	NOUN
emaj-330	153	3	series	series	NOUN
emaj-330	153	4	are	be	AUX
emaj-330	153	5	also	also	ADV
emaj-330	153	6	leptokurtic	leptokurtic	ADJ
emaj-330	153	7	,	,	PUNCT
emaj-330	153	8	implying	imply	VERB
emaj-330	153	9	fatter	fat	ADJ
emaj-330	153	10	tails	tail	NOUN
emaj-330	153	11	.	.	PUNCT
emaj-330	154	1	as	as	ADP
emaj-330	154	2	a	a	DET
emaj-330	154	3	consequence	consequence	NOUN
emaj-330	154	4	of	of	ADP
emaj-330	154	5	these	these	DET
emaj-330	154	6	characteristics	characteristic	NOUN
emaj-330	154	7	,	,	PUNCT
emaj-330	154	8	the	the	DET
emaj-330	154	9	jarque	jarque	NOUN
emaj-330	154	10	-	-	PUNCT
emaj-330	154	11	bera	bera	NOUN
emaj-330	154	12	test	test	NOUN
emaj-330	154	13	rejected	reject	VERB
emaj-330	154	14	the	the	DET
emaj-330	154	15	null	null	ADJ
emaj-330	154	16	hypothesis	hypothesis	NOUN
emaj-330	154	17	of	of	ADP
emaj-330	154	18	normally	normally	ADV
emaj-330	154	19	distributed	distribute	VERB
emaj-330	154	20	data	datum	NOUN
emaj-330	154	21	at	at	ADP
emaj-330	154	22	the	the	DET
emaj-330	154	23	one	one	NUM
emaj-330	154	24	per	per	ADP
emaj-330	154	25	cent	cent	NOUN
emaj-330	154	26	level	level	NOUN
emaj-330	154	27	for	for	ADP
emaj-330	154	28	all	all	DET
emaj-330	154	29	return	return	NOUN
emaj-330	154	30	series	series	NOUN
emaj-330	154	31	considered	consider	VERB
emaj-330	154	32	.	.	PUNCT
emaj-330	155	1	overall	overall	ADV
emaj-330	155	2	,	,	PUNCT
emaj-330	155	3	the	the	DET
emaj-330	155	4	descriptive	descriptive	ADJ
emaj-330	155	5	statistics	statistic	NOUN
emaj-330	155	6	suggest	suggest	VERB
emaj-330	155	7	that	that	SCONJ
emaj-330	155	8	the	the	DET
emaj-330	155	9	results	result	NOUN
emaj-330	155	10	of	of	ADP
emaj-330	155	11	parametric	parametric	ADJ
emaj-330	155	12	tests	test	NOUN
emaj-330	155	13	of	of	ADP
emaj-330	155	14	the	the	DET
emaj-330	155	15	efficient	efficient	ADJ
emaj-330	155	16	market	market	NOUN
emaj-330	155	17	hypothesis	hypothesis	NOUN
emaj-330	155	18	(	(	PUNCT
emaj-330	155	19	emh	emh	PROPN
emaj-330	155	20	)	)	PUNCT
emaj-330	155	21	,	,	PUNCT
emaj-330	155	22	such	such	ADJ
emaj-330	155	23	as	as	ADP
emaj-330	155	24	the	the	DET
emaj-330	155	25	lo	lo	NOUN
emaj-330	155	26	-	-	PUNCT
emaj-330	155	27	mackinlay	mackinlay	PROPN
emaj-330	155	28	variance	variance	NOUN
emaj-330	155	29	ratio	ratio	NOUN
emaj-330	155	30	test	test	NOUN
emaj-330	155	31	,	,	PUNCT
emaj-330	155	32	should	should	AUX
emaj-330	155	33	be	be	AUX
emaj-330	155	34	used	use	VERB
emaj-330	155	35	with	with	ADP
emaj-330	155	36	caution	caution	NOUN
emaj-330	155	37	as	as	SCONJ
emaj-330	155	38	these	these	DET
emaj-330	155	39	tests	test	NOUN
emaj-330	155	40	are	be	AUX
emaj-330	155	41	designed	design	VERB
emaj-330	155	42	for	for	ADP
emaj-330	155	43	normally	normally	ADV
emaj-330	155	44	distributed	distribute	VERB
emaj-330	155	45	data	datum	NOUN
emaj-330	155	46	.	.	PUNCT
emaj-330	156	1	when	when	SCONJ
emaj-330	156	2	the	the	DET
emaj-330	156	3	data	datum	NOUN
emaj-330	156	4	are	be	AUX
emaj-330	156	5	not	not	PART
emaj-330	156	6	normally	normally	ADV
emaj-330	156	7	distributed	distribute	VERB
emaj-330	156	8	,	,	PUNCT
emaj-330	156	9	non	non	ADJ
emaj-330	156	10	-	-	ADJ
emaj-330	156	11	parametric	parametric	ADJ
emaj-330	156	12	techniques	technique	NOUN
emaj-330	156	13	,	,	PUNCT
emaj-330	156	14	such	such	ADJ
emaj-330	156	15	as	as	ADP
emaj-330	156	16	wright	wright	PROPN
emaj-330	156	17	’s	’s	PART
emaj-330	156	18	(	(	PUNCT
emaj-330	156	19	2000	2000	NUM
emaj-330	156	20	)	)	PUNCT
emaj-330	156	21	variance	variance	NOUN
emaj-330	156	22	ratio	ratio	NOUN
emaj-330	156	23	test	test	NOUN
emaj-330	156	24	,	,	PUNCT
emaj-330	156	25	are	be	AUX
emaj-330	156	26	more	more	ADV
emaj-330	156	27	suitable	suitable	ADJ
emaj-330	156	28	for	for	ADP
emaj-330	156	29	testing	test	VERB
emaj-330	156	30	weak	weak	ADJ
emaj-330	156	31	form	form	NOUN
emaj-330	156	32	efficiency	efficiency	NOUN
emaj-330	156	33	.	.	PUNCT
emaj-330	157	1	iv	iv	X
emaj-330	157	2	.	.	PROPN
emaj-330	157	3	method	method	NOUN
emaj-330	157	4	this	this	DET
emaj-330	157	5	study	study	NOUN
emaj-330	157	6	employs	employ	VERB
emaj-330	157	7	the	the	DET
emaj-330	157	8	lo	lo	NOUN
emaj-330	157	9	-	-	PUNCT
emaj-330	157	10	mackinlay	mackinlay	NOUN
emaj-330	157	11	variance	variance	NOUN
emaj-330	157	12	ratio	ratio	NOUN
emaj-330	157	13	test	test	NOUN
emaj-330	157	14	and	and	CCONJ
emaj-330	157	15	wright	wright	PROPN
emaj-330	157	16	’s	’s	PART
emaj-330	157	17	rank	rank	PROPN
emaj-330	157	18	and	and	CCONJ
emaj-330	157	19	sign	sign	VERB
emaj-330	157	20	variance	variance	NOUN
emaj-330	157	21	ratio	ratio	NOUN
emaj-330	157	22	tests	test	NOUN
emaj-330	157	23	to	to	PART
emaj-330	157	24	examine	examine	VERB
emaj-330	157	25	whether	whether	SCONJ
emaj-330	157	26	the	the	DET
emaj-330	157	27	saudi	saudi	ADJ
emaj-330	157	28	stock	stock	NOUN
emaj-330	157	29	market	market	NOUN
emaj-330	157	30	is	be	AUX
emaj-330	157	31	characterized	characterize	VERB
emaj-330	157	32	by	by	ADP
emaj-330	157	33	a	a	DET
emaj-330	157	34	random	random	ADJ
emaj-330	157	35	walk	walk	NOUN
emaj-330	157	36	following	follow	VERB
emaj-330	157	37	the	the	DET
emaj-330	157	38	opening	opening	NOUN
emaj-330	157	39	of	of	ADP
emaj-330	157	40	the	the	DET
emaj-330	157	41	stock	stock	NOUN
emaj-330	157	42	market	market	NOUN
emaj-330	157	43	to	to	ADP
emaj-330	157	44	foreign	foreign	ADJ
emaj-330	157	45	investors	investor	NOUN
emaj-330	157	46	.	.	PUNCT
emaj-330	158	1	according	accord	VERB
emaj-330	158	2	to	to	ADP
emaj-330	158	3	the	the	DET
emaj-330	158	4	rwh	rwh	NOUN
emaj-330	158	5	,	,	PUNCT
emaj-330	158	6	the	the	DET
emaj-330	158	7	variance	variance	NOUN
emaj-330	158	8	of	of	ADP
emaj-330	158	9	random	random	ADJ
emaj-330	158	10	walk	walk	NOUN
emaj-330	158	11	increments	increment	NOUN
emaj-330	158	12	must	must	AUX
emaj-330	158	13	linearly	linearly	ADV
emaj-330	158	14	increase	increase	VERB
emaj-330	158	15	with	with	ADP
emaj-330	158	16	the	the	DET
emaj-330	158	17	time	time	NOUN
emaj-330	158	18	interval	interval	NOUN
emaj-330	158	19	(	(	PUNCT
emaj-330	158	20	alkhazali	alkhazali	PROPN
emaj-330	158	21	,	,	PUNCT
emaj-330	158	22	2011	2011	NUM
emaj-330	158	23	)	)	PUNCT
emaj-330	158	24	.	.	PUNCT
emaj-330	159	1	the	the	DET
emaj-330	159	2	variance	variance	NOUN
emaj-330	159	3	ratio	ratio	NOUN
emaj-330	159	4	test	test	NOUN
emaj-330	159	5	of	of	ADP
emaj-330	159	6	lo	lo	PROPN
emaj-330	159	7	and	and	CCONJ
emaj-330	159	8	mackinlay	mackinlay	NOUN
emaj-330	159	9	(	(	PUNCT
emaj-330	159	10	1988	1988	NUM
emaj-330	159	11	,	,	PUNCT
emaj-330	159	12	1989	1989	NUM
emaj-330	159	13	)	)	PUNCT
emaj-330	159	14	is	be	AUX
emaj-330	159	15	based	base	VERB
emaj-330	159	16	on	on	ADP
emaj-330	159	17	this	this	DET
emaj-330	159	18	central	central	ADJ
emaj-330	159	19	idea	idea	NOUN
emaj-330	159	20	of	of	ADP
emaj-330	159	21	a	a	DET
emaj-330	159	22	random	random	ADJ
emaj-330	159	23	walk	walk	NOUN
emaj-330	159	24	.	.	PUNCT
emaj-330	160	1	the	the	DET
emaj-330	160	2	test	test	NOUN
emaj-330	160	3	compares	compare	VERB
emaj-330	160	4	the	the	DET
emaj-330	160	5	variance	variance	NOUN
emaj-330	160	6	of	of	ADP
emaj-330	160	7	stock	stock	NOUN
emaj-330	160	8	returns	return	NOUN
emaj-330	160	9	over	over	ADP
emaj-330	160	10	different	different	ADJ
emaj-330	160	11	intervals	interval	NOUN
emaj-330	160	12	to	to	PART
emaj-330	160	13	determine	determine	VERB
emaj-330	160	14	if	if	SCONJ
emaj-330	160	15	they	they	PRON
emaj-330	160	16	behave	behave	VERB
emaj-330	160	17	randomly	randomly	ADV
emaj-330	160	18	.	.	PUNCT
emaj-330	161	1	more	more	ADV
emaj-330	161	2	precisely	precisely	ADV
emaj-330	161	3	,	,	PUNCT
emaj-330	161	4	lo	lo	PROPN
emaj-330	161	5	and	and	CCONJ
emaj-330	161	6	mackinlay	mackinlay	NOUN
emaj-330	161	7	proposed	propose	VERB
emaj-330	161	8	that	that	SCONJ
emaj-330	161	9	if	if	SCONJ
emaj-330	161	10	a	a	DET
emaj-330	161	11	stock	stock	NOUN
emaj-330	161	12	’s	’s	PART
emaj-330	161	13	return	return	NOUN
emaj-330	161	14	follows	follow	VERB
emaj-330	161	15	a	a	DET
emaj-330	161	16	random	random	ADJ
emaj-330	161	17	walk	walk	NOUN
emaj-330	161	18	,	,	PUNCT
emaj-330	161	19	the	the	DET
emaj-330	161	20	variance	variance	NOUN
emaj-330	161	21	of	of	ADP
emaj-330	161	22	the	the	DET
emaj-330	161	23	q	q	ADJ
emaj-330	161	24	-	-	PUNCT
emaj-330	161	25	period	period	NOUN
emaj-330	161	26	return	return	NOUN
emaj-330	161	27	is	be	AUX
emaj-330	161	28	q	q	PROPN
emaj-330	161	29	times	time	NOUN
emaj-330	161	30	the	the	DET
emaj-330	161	31	variance	variance	NOUN
emaj-330	161	32	of	of	ADP
emaj-330	161	33	the	the	DET
emaj-330	161	34	one	one	NUM
emaj-330	161	35	-	-	PUNCT
emaj-330	161	36	period	period	NOUN
emaj-330	161	37	return	return	NOUN
emaj-330	161	38	.	.	PUNCT
emaj-330	162	1	for	for	ADP
emaj-330	162	2	example	example	NOUN
emaj-330	162	3	,	,	PUNCT
emaj-330	162	4	if	if	SCONJ
emaj-330	162	5	a	a	DET
emaj-330	162	6	stock	stock	NOUN
emaj-330	162	7	’s	’s	PART
emaj-330	162	8	return	return	NOUN
emaj-330	162	9	follows	follow	VERB
emaj-330	162	10	a	a	DET
emaj-330	162	11	random	random	ADJ
emaj-330	162	12	walk	walk	NOUN
emaj-330	162	13	,	,	PUNCT
emaj-330	162	14	the	the	DET
emaj-330	162	15	variance	variance	NOUN
emaj-330	162	16	of	of	ADP
emaj-330	162	17	its	its	PRON
emaj-330	162	18	five	five	NUM
emaj-330	162	19	-	-	PUNCT
emaj-330	162	20	day	day	NOUN
emaj-330	162	21	return	return	NOUN
emaj-330	162	22	will	will	AUX
emaj-330	162	23	be	be	AUX
emaj-330	162	24	five	five	NUM
emaj-330	162	25	times	time	NOUN
emaj-330	162	26	as	as	ADV
emaj-330	162	27	large	large	ADJ
emaj-330	162	28	as	as	ADP
emaj-330	162	29	the	the	DET
emaj-330	162	30	variance	variance	NOUN
emaj-330	162	31	of	of	ADP
emaj-330	162	32	its	its	PRON
emaj-330	162	33	daily	daily	ADJ
emaj-330	162	34	return	return	NOUN
emaj-330	162	35	.	.	PUNCT
emaj-330	163	1	therefore	therefore	ADV
emaj-330	163	2	,	,	PUNCT
emaj-330	163	3	if	if	SCONJ
emaj-330	163	4	{	{	PUNCT
emaj-330	163	5	𝑦𝑡	𝑦𝑡	NOUN
emaj-330	163	6	}	}	PUNCT
emaj-330	163	7	denotes	denote	VERB
emaj-330	163	8	a	a	DET
emaj-330	163	9	time	time	NOUN
emaj-330	163	10	series	series	NOUN
emaj-330	163	11	consisting	consist	VERB
emaj-330	163	12	of	of	ADP
emaj-330	163	13	𝑇	𝑇	PROPN
emaj-330	163	14	observations	observation	NOUN
emaj-330	163	15	𝑦1	𝑦1	PROPN
emaj-330	163	16	,	,	PUNCT
emaj-330	163	17	…	…	PUNCT
emaj-330	163	18	,	,	PUNCT
emaj-330	163	19	𝑦𝑇	𝑦𝑇	NOUN
emaj-330	163	20	of	of	ADP
emaj-330	163	21	asset	asset	NOUN
emaj-330	163	22	returns	return	NOUN
emaj-330	163	23	,	,	PUNCT
emaj-330	163	24	then	then	ADV
emaj-330	163	25	the	the	DET
emaj-330	163	26	lo	lo	NOUN
emaj-330	163	27	-	-	PUNCT
emaj-330	163	28	mackinlay	mackinlay	NOUN
emaj-330	163	29	variance	variance	NOUN
emaj-330	163	30	ratio	ratio	NOUN
emaj-330	163	31	at	at	ADP
emaj-330	163	32	lag	lag	NOUN
emaj-330	163	33	q	q	NOUN
emaj-330	163	34	is	be	AUX
emaj-330	163	35	defined	define	VERB
emaj-330	163	36	as	as	ADP
emaj-330	163	37	:	:	PUNCT
emaj-330	163	38	𝑉𝑅(𝑞	𝑉𝑅(𝑞	NOUN
emaj-330	163	39	)	)	PUNCT
emaj-330	163	40	=	=	SYM
emaj-330	163	41	𝜎2(𝑞	𝜎2(𝑞	X
emaj-330	163	42	)	)	PUNCT
emaj-330	163	43	𝜎2(1	𝜎2(1	NOUN
emaj-330	163	44	)	)	PUNCT
emaj-330	163	45	(	(	PUNCT
emaj-330	163	46	2	2	X
emaj-330	163	47	)	)	PUNCT
emaj-330	163	48	where	where	SCONJ
emaj-330	163	49	𝜎2(𝑞	𝜎2(𝑞	X
emaj-330	163	50	)	)	PUNCT
emaj-330	163	51	is	be	AUX
emaj-330	163	52	1	1	NUM
emaj-330	163	53	𝑞	𝑞	NOUN
emaj-330	163	54	the	the	DET
emaj-330	163	55	variance	variance	NOUN
emaj-330	163	56	of	of	ADP
emaj-330	163	57	the	the	DET
emaj-330	163	58	q	q	ADJ
emaj-330	163	59	-	-	PUNCT
emaj-330	163	60	period	period	NOUN
emaj-330	163	61	return	return	NOUN
emaj-330	163	62	,	,	PUNCT
emaj-330	163	63	𝜎2(1	𝜎2(1	NOUN
emaj-330	163	64	)	)	PUNCT
emaj-330	163	65	is	be	AUX
emaj-330	163	66	the	the	DET
emaj-330	163	67	variance	variance	NOUN
emaj-330	163	68	of	of	ADP
emaj-330	163	69	the	the	DET
emaj-330	163	70	first	first	ADJ
emaj-330	163	71	period	period	NOUN
emaj-330	163	72	return	return	NOUN
emaj-330	163	73	,	,	PUNCT
emaj-330	163	74	and	and	CCONJ
emaj-330	163	75	𝑞	𝑞	PROPN
emaj-330	163	76	is	be	AUX
emaj-330	163	77	the	the	DET
emaj-330	163	78	number	number	NOUN
emaj-330	163	79	of	of	ADP
emaj-330	163	80	days	day	NOUN
emaj-330	163	81	of	of	ADP
emaj-330	163	82	the	the	DET
emaj-330	163	83	difference	difference	NOUN
emaj-330	163	84	interval	interval	NOUN
emaj-330	163	85	.	.	PUNCT
emaj-330	164	1	if	if	SCONJ
emaj-330	164	2	the	the	DET
emaj-330	164	3	time	time	NOUN
emaj-330	164	4	series	series	NOUN
emaj-330	164	5	of	of	ADP
emaj-330	164	6	returns	return	NOUN
emaj-330	164	7	follow	follow	VERB
emaj-330	164	8	a	a	DET
emaj-330	164	9	random	random	ADJ
emaj-330	164	10	walk	walk	NOUN
emaj-330	164	11	,	,	PUNCT
emaj-330	164	12	then	then	ADV
emaj-330	164	13	the	the	DET
emaj-330	164	14	value	value	NOUN
emaj-330	164	15	of	of	ADP
emaj-330	164	16	𝑉𝑅(𝑞	𝑉𝑅(𝑞	NOUN
emaj-330	164	17	)	)	PUNCT
emaj-330	164	18	should	should	AUX
emaj-330	164	19	be	be	AUX
emaj-330	164	20	equal	equal	ADJ
emaj-330	164	21	to	to	ADP
emaj-330	164	22	one	one	NUM
emaj-330	164	23	for	for	ADP
emaj-330	164	24	all	all	DET
emaj-330	164	25	time	time	NOUN
emaj-330	164	26	horizons	horizon	NOUN
emaj-330	164	27	𝑞.	𝑞.	VERB
emaj-330	164	28	by	by	ADP
emaj-330	164	29	contrast	contrast	NOUN
emaj-330	164	30	,	,	PUNCT
emaj-330	164	31	if	if	SCONJ
emaj-330	164	32	the	the	DET
emaj-330	164	33	time	time	NOUN
emaj-330	164	34	series	series	PROPN
emaj-330	164	35	are	be	AUX
emaj-330	164	36	positively	positively	ADV
emaj-330	164	37	(	(	PUNCT
emaj-330	164	38	negatively	negatively	ADV
emaj-330	164	39	)	)	PUNCT
emaj-330	164	40	autocorrelated	autocorrelate	VERB
emaj-330	164	41	,	,	PUNCT
emaj-330	164	42	the	the	DET
emaj-330	164	43	value	value	NOUN
emaj-330	164	44	of	of	ADP
emaj-330	164	45	𝑉𝑅(𝑞	𝑉𝑅(𝑞	NOUN
emaj-330	164	46	)	)	PUNCT
emaj-330	164	47	should	should	AUX
emaj-330	164	48	be	be	AUX
emaj-330	164	49	larger	large	ADJ
emaj-330	164	50	(	(	PUNCT
emaj-330	164	51	smaller	small	ADJ
emaj-330	164	52	)	)	PUNCT
emaj-330	164	53	than	than	ADP
emaj-330	164	54	one	one	NUM
emaj-330	164	55	.	.	PUNCT
emaj-330	165	1	following	follow	VERB
emaj-330	165	2	lo	lo	PROPN
emaj-330	165	3	and	and	CCONJ
emaj-330	165	4	mackinlay	mackinlay	NOUN
emaj-330	165	5	(	(	PUNCT
emaj-330	165	6	1988	1988	NUM
emaj-330	165	7	,	,	PUNCT
emaj-330	165	8	1989	1989	NUM
emaj-330	165	9	)	)	PUNCT
emaj-330	165	10	,	,	PUNCT
emaj-330	165	11	the	the	DET
emaj-330	165	12	variance	variance	NOUN
emaj-330	165	13	of	of	ADP
emaj-330	165	14	the	the	DET
emaj-330	165	15	q	q	ADJ
emaj-330	165	16	-	-	PUNCT
emaj-330	165	17	period	period	NOUN
emaj-330	165	18	return	return	NOUN
emaj-330	165	19	,	,	PUNCT
emaj-330	165	20	𝜎2(𝑞	𝜎2(𝑞	NOUN
emaj-330	165	21	)	)	PUNCT
emaj-330	165	22	,	,	PUNCT
emaj-330	165	23	and	and	CCONJ
emaj-330	165	24	the	the	DET
emaj-330	165	25	variance	variance	NOUN
emaj-330	165	26	of	of	ADP
emaj-330	165	27	the	the	DET
emaj-330	165	28	first	first	ADJ
emaj-330	165	29	period	period	NOUN
emaj-330	165	30	,	,	PUNCT
emaj-330	165	31	𝜎2(1	𝜎2(1	NOUN
emaj-330	165	32	)	)	PUNCT
emaj-330	165	33	,	,	PUNCT
emaj-330	165	34	are	be	AUX
emaj-330	165	35	computed	compute	VERB
emaj-330	165	36	as	as	SCONJ
emaj-330	165	37	follows	follow	VERB
emaj-330	165	38	:	:	PUNCT
emaj-330	165	39	𝜎2(𝑞	𝜎2(𝑞	X
emaj-330	165	40	)	)	PUNCT
emaj-330	165	41	=	=	SYM
emaj-330	166	1	1	1	NUM
emaj-330	166	2	𝑇𝑞	𝑇𝑞	PROPN
emaj-330	166	3	∑(𝑦𝑡	∑(𝑦𝑡	PROPN
emaj-330	166	4	+	+	CCONJ
emaj-330	166	5	⋯	⋯	PROPN
emaj-330	166	6	+	+	CCONJ
emaj-330	166	7	𝑦𝑡−𝑞+1	𝑦𝑡−𝑞+1	PROPN
emaj-330	166	8	−	−	PROPN
emaj-330	166	9	𝑞	𝑞	PROPN
emaj-330	166	10	�	�	PROPN
emaj-330	166	11	̂	̂	VERB
emaj-330	166	12	�	�	NOUN
emaj-330	166	13	)	)	PUNCT
emaj-330	166	14	2	2	NUM
emaj-330	166	15	𝑇	𝑇	PROPN
emaj-330	166	16	𝑡=𝑞	𝑡=𝑞	PROPN
emaj-330	166	17	(	(	PUNCT
emaj-330	166	18	3	3	NUM
emaj-330	166	19	)	)	PUNCT
emaj-330	166	20	and	and	CCONJ
emaj-330	166	21	:	:	PUNCT
emaj-330	166	22	𝜎2(1	𝜎2(1	NOUN
emaj-330	166	23	)	)	PUNCT
emaj-330	166	24	=	=	PUNCT
emaj-330	166	25	1	1	NUM
emaj-330	166	26	𝑇	𝑇	PROPN
emaj-330	166	27	∑(𝑦𝑡	∑(𝑦𝑡	PROPN
emaj-330	166	28	−	−	PROPN
emaj-330	166	29	�	�	PROPN
emaj-330	166	30	̂	̂	VERB
emaj-330	166	31	�	�	PROPN
emaj-330	166	32	)2	)2	SYM
emaj-330	166	33	𝑇	𝑇	PROPN
emaj-330	166	34	𝑡=1	𝑡=1	PROPN
emaj-330	166	35	(	(	PUNCT
emaj-330	166	36	4	4	NUM
emaj-330	166	37	)	)	PUNCT
emaj-330	166	38	where	where	SCONJ
emaj-330	166	39	:	:	PUNCT
emaj-330	166	40	�	�	PROPN
emaj-330	166	41	̂	̂	VERB
emaj-330	166	42	�	�	NOUN
emaj-330	166	43	=	=	SYM
emaj-330	166	44	1	1	NUM
emaj-330	166	45	𝑇	𝑇	PROPN
emaj-330	166	46	∑	∑	PUNCT
emaj-330	166	47	𝑦𝑡	𝑦𝑡	PROPN
emaj-330	166	48	𝑇	𝑇	PROPN
emaj-330	166	49	𝑡=1	𝑡=1	PROPN
emaj-330	166	50	(	(	PUNCT
emaj-330	166	51	5	5	X
emaj-330	166	52	)	)	PUNCT
emaj-330	166	53	lo	lo	NOUN
emaj-330	166	54	and	and	CCONJ
emaj-330	166	55	mackinlay	mackinlay	NOUN
emaj-330	166	56	(	(	PUNCT
emaj-330	166	57	1988	1988	NUM
emaj-330	166	58	)	)	PUNCT
emaj-330	166	59	developed	develop	VERB
emaj-330	166	60	two	two	NUM
emaj-330	166	61	statistics	statistic	NOUN
emaj-330	166	62	(	(	PUNCT
emaj-330	166	63	𝑀1	𝑀1	PROPN
emaj-330	166	64	and	and	CCONJ
emaj-330	166	65	𝑀2	𝑀2	PROPN
emaj-330	166	66	)	)	PUNCT
emaj-330	166	67	to	to	PART
emaj-330	166	68	test	test	VERB
emaj-330	166	69	the	the	DET
emaj-330	166	70	null	null	ADJ
emaj-330	166	71	hypothesis	hypothesis	NOUN
emaj-330	166	72	of	of	ADP
emaj-330	166	73	the	the	DET
emaj-330	166	74	random	random	ADJ
emaj-330	166	75	walk	walk	NOUN
emaj-330	166	76	.	.	PUNCT
emaj-330	167	1	the	the	DET
emaj-330	167	2	first	first	ADJ
emaj-330	167	3	statistic	statistic	NOUN
emaj-330	167	4	,	,	PUNCT
emaj-330	167	5	𝑀1	𝑀1	PROPN
emaj-330	167	6	,	,	PUNCT
emaj-330	167	7	was	be	AUX
emaj-330	167	8	mainly	mainly	ADV
emaj-330	167	9	designed	design	VERB
emaj-330	167	10	to	to	PART
emaj-330	167	11	test	test	VERB
emaj-330	167	12	the	the	DET
emaj-330	167	13	random	random	ADJ
emaj-330	167	14	walk	walk	NOUN
emaj-330	167	15	that	that	PRON
emaj-330	167	16	assumes	assume	VERB
emaj-330	167	17	homoscedastic	homoscedastic	ADJ
emaj-330	167	18	increments	increment	NOUN
emaj-330	167	19	(	(	PUNCT
emaj-330	167	20	campbell	campbell	PROPN
emaj-330	167	21	et	et	PROPN
emaj-330	167	22	.	.	PUNCT
emaj-330	168	1	al	al	PROPN
emaj-330	168	2	.	.	PROPN
emaj-330	168	3	,	,	PUNCT
emaj-330	168	4	1997	1997	NUM
emaj-330	168	5	)	)	PUNCT
emaj-330	168	6	and	and	CCONJ
emaj-330	168	7	is	be	AUX
emaj-330	168	8	given	give	VERB
emaj-330	168	9	by	by	ADP
emaj-330	168	10	:	:	PUNCT
emaj-330	168	11	𝑀1(𝑞	𝑀1(𝑞	ADJ
emaj-330	168	12	)	)	PUNCT
emaj-330	168	13	=	=	SYM
emaj-330	168	14	𝑉𝑅(𝑞	𝑉𝑅(𝑞	NOUN
emaj-330	168	15	)	)	PUNCT
emaj-330	168	16	−	−	PROPN
emaj-330	168	17	1	1	NUM
emaj-330	169	1	[	[	X
emaj-330	169	2	∅(𝑞	∅(𝑞	ADJ
emaj-330	169	3	)	)	PUNCT
emaj-330	169	4	]	]	PUNCT
emaj-330	169	5	1	1	NUM
emaj-330	169	6	2	2	NUM
emaj-330	169	7	~𝑁(0,1	~𝑁(0,1	NOUN
emaj-330	169	8	)	)	PUNCT
emaj-330	169	9	(	(	PUNCT
emaj-330	169	10	6	6	NUM
emaj-330	169	11	)	)	PUNCT
emaj-330	170	1	where	where	SCONJ
emaj-330	170	2	∅(𝑞	∅(𝑞	VERB
emaj-330	170	3	)	)	PUNCT
emaj-330	170	4	=	=	SYM
emaj-330	171	1	2(2𝑞	2(2𝑞	NUM
emaj-330	171	2	−	−	NUM
emaj-330	172	1	1)(𝑞	1)(𝑞	NUM
emaj-330	172	2	−	−	NOUN
emaj-330	172	3	1	1	NUM
emaj-330	172	4	)	)	PUNCT
emaj-330	172	5	3𝑞𝑇	3𝑞𝑇	NUM
emaj-330	172	6	(	(	PUNCT
emaj-330	172	7	7	7	NUM
emaj-330	172	8	)	)	PUNCT
emaj-330	172	9	under	under	ADP
emaj-330	172	10	homoscedasticity	homoscedasticity	NOUN
emaj-330	173	1	,	,	PUNCT
emaj-330	173	2	the	the	DET
emaj-330	173	3	volatility	volatility	NOUN
emaj-330	173	4	of	of	ADP
emaj-330	173	5	stock	stock	NOUN
emaj-330	173	6	returns	return	NOUN
emaj-330	173	7	is	be	AUX
emaj-330	173	8	assumed	assume	VERB
emaj-330	173	9	to	to	PART
emaj-330	173	10	be	be	AUX
emaj-330	173	11	constant	constant	ADJ
emaj-330	173	12	over	over	ADP
emaj-330	173	13	time	time	NOUN
emaj-330	173	14	,	,	PUNCT
emaj-330	173	15	which	which	PRON
emaj-330	173	16	often	often	ADV
emaj-330	173	17	does	do	AUX
emaj-330	173	18	not	not	PART
emaj-330	173	19	hold	hold	VERB
emaj-330	173	20	in	in	ADP
emaj-330	173	21	practice	practice	NOUN
emaj-330	173	22	.	.	PUNCT
emaj-330	174	1	indeed	indeed	ADV
emaj-330	174	2	,	,	PUNCT
emaj-330	174	3	the	the	DET
emaj-330	174	4	volatility	volatility	NOUN
emaj-330	174	5	of	of	ADP
emaj-330	174	6	stock	stock	NOUN
emaj-330	174	7	returns	return	NOUN
emaj-330	174	8	fluctuates	fluctuate	VERB
emaj-330	174	9	over	over	ADP
emaj-330	174	10	time	time	NOUN
emaj-330	174	11	,	,	PUNCT
emaj-330	174	12	and	and	CCONJ
emaj-330	174	13	this	this	PRON
emaj-330	174	14	can	can	AUX
emaj-330	174	15	lead	lead	VERB
emaj-330	174	16	to	to	ADP
emaj-330	174	17	misleading	mislead	VERB
emaj-330	174	18	conclusions	conclusion	NOUN
emaj-330	174	19	about	about	ADP
emaj-330	174	20	the	the	DET
emaj-330	174	21	emh	emh	NOUN
emaj-330	174	22	when	when	SCONJ
emaj-330	174	23	the	the	DET
emaj-330	174	24	𝑀1	𝑀1	NOUN
emaj-330	174	25	measure	measure	NOUN
emaj-330	174	26	is	be	AUX
emaj-330	174	27	considered	consider	VERB
emaj-330	174	28	(	(	PUNCT
emaj-330	174	29	charles	charle	NOUN
emaj-330	174	30	and	and	CCONJ
emaj-330	174	31	darne	darne	ADJ
emaj-330	174	32	,	,	PUNCT
emaj-330	174	33	2009	2009	NUM
emaj-330	174	34	)	)	PUNCT
emaj-330	174	35	.	.	PUNCT
emaj-330	175	1	thus	thus	ADV
emaj-330	175	2	,	,	PUNCT
emaj-330	175	3	lo	lo	PROPN
emaj-330	175	4	and	and	CCONJ
emaj-330	175	5	mackinlay	mackinlay	NOUN
emaj-330	175	6	(	(	PUNCT
emaj-330	175	7	1988	1988	NUM
emaj-330	175	8	)	)	PUNCT
emaj-330	175	9	developed	develop	VERB
emaj-330	175	10	a	a	DET
emaj-330	175	11	second	second	ADJ
emaj-330	175	12	test	test	NOUN
emaj-330	175	13	statistic	statistic	NOUN
emaj-330	175	14	,	,	PUNCT
emaj-330	175	15	𝑀2	𝑀2	PROPN
emaj-330	175	16	,	,	PUNCT
emaj-330	175	17	which	which	PRON
emaj-330	175	18	tests	test	VERB
emaj-330	175	19	the	the	DET
emaj-330	175	20	type	type	NOUN
emaj-330	175	21	of	of	ADP
emaj-330	175	22	the	the	DET
emaj-330	175	23	rwh	rwh	NOUN
emaj-330	175	24	that	that	PRON
emaj-330	175	25	assumes	assume	VERB
emaj-330	175	26	the	the	DET
emaj-330	175	27	increments	increment	NOUN
emaj-330	175	28	are	be	AUX
emaj-330	175	29	subject	subject	ADJ
emaj-330	175	30	to	to	ADP
emaj-330	175	31	heteroscedasticity	heteroscedasticity	NOUN
emaj-330	175	32	(	(	PUNCT
emaj-330	175	33	mobarek	mobarek	NOUN
emaj-330	175	34	and	and	CCONJ
emaj-330	175	35	fiorante	fiorante	ADJ
emaj-330	175	36	,	,	PUNCT
emaj-330	175	37	2014	2014	NUM
emaj-330	175	38	)	)	PUNCT
emaj-330	175	39	.	.	PUNCT
emaj-330	176	1	this	this	DET
emaj-330	176	2	test	test	NOUN
emaj-330	176	3	statistic	statistic	NOUN
emaj-330	176	4	is	be	AUX
emaj-330	176	5	computed	compute	VERB
emaj-330	176	6	as	as	ADP
emaj-330	176	7	:	:	PUNCT
emaj-330	176	8	𝑀2(𝑞	𝑀2(𝑞	NUM
emaj-330	176	9	)	)	PUNCT
emaj-330	176	10	=	=	SYM
emaj-330	176	11	𝑉𝑅(𝑞	𝑉𝑅(𝑞	NOUN
emaj-330	176	12	)	)	PUNCT
emaj-330	176	13	−	−	NOUN
emaj-330	177	1	1	1	NUM
emaj-330	178	1	[	[	X
emaj-330	178	2	∅∗(𝑞	∅∗(𝑞	X
emaj-330	178	3	)	)	PUNCT
emaj-330	178	4	]	]	PUNCT
emaj-330	178	5	1	1	NUM
emaj-330	178	6	2	2	NUM
emaj-330	178	7	~𝑁(0	~𝑁(0	NUM
emaj-330	178	8	,	,	PUNCT
emaj-330	178	9	1	1	NUM
emaj-330	178	10	)	)	PUNCT
emaj-330	178	11	(	(	PUNCT
emaj-330	178	12	8)	8)	NUM
emaj-330	178	13	where	where	SCONJ
emaj-330	178	14	:	:	PUNCT
emaj-330	178	15	∅∗(𝑞	∅∗(𝑞	X
emaj-330	178	16	)	)	PUNCT
emaj-330	178	17	=	=	PUNCT
emaj-330	178	18	∑	∑	PUNCT
emaj-330	178	19	[	[	PUNCT
emaj-330	178	20	2(𝑞	2(𝑞	NUM
emaj-330	178	21	−	−	NOUN
emaj-330	178	22	𝑗	𝑗	X
emaj-330	178	23	)	)	PUNCT
emaj-330	178	24	𝑞	𝑞	X
emaj-330	178	25	]	]	X
emaj-330	178	26	2	2	NUM
emaj-330	178	27	�	�	PROPN
emaj-330	178	28	̂	̂	SYM
emaj-330	178	29	�	�	NOUN
emaj-330	178	30	(𝑗	(𝑗	NUM
emaj-330	178	31	)	)	PUNCT
emaj-330	178	32	𝑞−1	𝑞−1	PROPN
emaj-330	178	33	𝑗=1	𝑗=1	PROPN
emaj-330	178	34	(	(	PUNCT
emaj-330	178	35	9	9	NUM
emaj-330	178	36	)	)	PUNCT
emaj-330	178	37	and	and	CCONJ
emaj-330	178	38	:	:	PUNCT
emaj-330	178	39	�	�	PROPN
emaj-330	178	40	̂	̂	VERB
emaj-330	178	41	�	�	NOUN
emaj-330	178	42	(𝑗	(𝑗	NUM
emaj-330	178	43	)	)	PUNCT
emaj-330	179	1	=	=	NOUN
emaj-330	180	1	[	[	X
emaj-330	180	2	∑	∑	INTJ
emaj-330	180	3	(	(	PUNCT
emaj-330	180	4	𝑦𝑡	𝑦𝑡	PROPN
emaj-330	180	5	−	−	PROPN
emaj-330	180	6	�	�	PROPN
emaj-330	180	7	̂	̂	NOUN
emaj-330	180	8	�	�	PROPN
emaj-330	180	9	)2𝑇	)2𝑇	PROPN
emaj-330	180	10	𝑡=𝑗+1	𝑡=𝑗+1	PROPN
emaj-330	180	11	(	(	PUNCT
emaj-330	180	12	𝑦𝑡−𝑗	𝑦𝑡−𝑗	NOUN
emaj-330	180	13	−	−	NOUN
emaj-330	180	14	�	�	PROPN
emaj-330	180	15	̂	̂	NOUN
emaj-330	180	16	�	�	NOUN
emaj-330	180	17	)	)	PUNCT
emaj-330	180	18	2	2	NUM
emaj-330	180	19	]	]	PUNCT
emaj-330	181	1	[	[	X
emaj-330	181	2	∑	∑	INTJ
emaj-330	181	3	(	(	PUNCT
emaj-330	181	4	𝑦𝑡	𝑦𝑡	PROPN
emaj-330	181	5	−	−	PROPN
emaj-330	181	6	�	�	PROPN
emaj-330	181	7	̂	̂	SYM
emaj-330	181	8	�	�	PROPN
emaj-330	181	9	)2𝑇	)2𝑇	PROPN
emaj-330	181	10	𝑡=1	𝑡=1	PROPN
emaj-330	181	11	]	]	X
emaj-330	181	12	2	2	NUM
emaj-330	181	13	(	(	PUNCT
emaj-330	181	14	10	10	NUM
emaj-330	181	15	)	)	PUNCT
emaj-330	181	16	a	a	DET
emaj-330	181	17	potential	potential	ADJ
emaj-330	181	18	limitation	limitation	NOUN
emaj-330	181	19	of	of	ADP
emaj-330	181	20	lo	lo	PROPN
emaj-330	181	21	and	and	CCONJ
emaj-330	181	22	mackinlay	mackinlay	NOUN
emaj-330	181	23	’s	’s	PART
emaj-330	181	24	(	(	PUNCT
emaj-330	181	25	1988	1988	NUM
emaj-330	181	26	)	)	PUNCT
emaj-330	181	27	variance	variance	NOUN
emaj-330	181	28	ratio	ratio	NOUN
emaj-330	181	29	test	test	NOUN
emaj-330	181	30	is	be	AUX
emaj-330	181	31	that	that	SCONJ
emaj-330	181	32	it	it	PRON
emaj-330	181	33	assumes	assume	VERB
emaj-330	181	34	stock	stock	NOUN
emaj-330	181	35	returns	return	NOUN
emaj-330	181	36	are	be	AUX
emaj-330	181	37	normally	normally	ADV
emaj-330	181	38	distributed	distribute	VERB
emaj-330	181	39	.	.	PUNCT
emaj-330	182	1	this	this	DET
emaj-330	182	2	assumption	assumption	NOUN
emaj-330	182	3	is	be	AUX
emaj-330	182	4	usually	usually	ADV
emaj-330	182	5	violated	violate	VERB
emaj-330	182	6	in	in	ADP
emaj-330	182	7	stock	stock	NOUN
emaj-330	182	8	returns	return	NOUN
emaj-330	182	9	,	,	PUNCT
emaj-330	182	10	especially	especially	ADV
emaj-330	182	11	in	in	ADP
emaj-330	182	12	emerging	emerge	VERB
emaj-330	182	13	markets	market	NOUN
emaj-330	182	14	such	such	ADJ
emaj-330	182	15	as	as	ADP
emaj-330	182	16	the	the	DET
emaj-330	182	17	saudi	saudi	ADJ
emaj-330	182	18	stock	stock	NOUN
emaj-330	182	19	market	market	NOUN
emaj-330	182	20	(	(	PUNCT
emaj-330	182	21	abdmoulah	abdmoulah	ADJ
emaj-330	182	22	,	,	PUNCT
emaj-330	182	23	2010	2010	NUM
emaj-330	182	24	;	;	PUNCT
emaj-330	182	25	alajmi	alajmi	NOUN
emaj-330	182	26	and	and	CCONJ
emaj-330	182	27	kim	kim	PROPN
emaj-330	182	28	,	,	PUNCT
emaj-330	182	29	2012	2012	NUM
emaj-330	182	30	;	;	PUNCT
emaj-330	182	31	charfeddine	charfeddine	NOUN
emaj-330	182	32	and	and	CCONJ
emaj-330	182	33	khediri	khediri	PROPN
emaj-330	182	34	,	,	PUNCT
emaj-330	182	35	2016	2016	NUM
emaj-330	182	36	)	)	PUNCT
emaj-330	182	37	.	.	PUNCT
emaj-330	183	1	therefore	therefore	ADV
emaj-330	183	2	,	,	PUNCT
emaj-330	183	3	wright	wright	PROPN
emaj-330	183	4	(	(	PUNCT
emaj-330	183	5	2000	2000	NUM
emaj-330	183	6	)	)	PUNCT
emaj-330	183	7	attempted	attempt	VERB
emaj-330	183	8	to	to	PART
emaj-330	183	9	overcome	overcome	VERB
emaj-330	183	10	this	this	DET
emaj-330	183	11	limitation	limitation	NOUN
emaj-330	183	12	by	by	ADP
emaj-330	183	13	introducing	introduce	VERB
emaj-330	183	14	a	a	DET
emaj-330	183	15	more	more	ADV
emaj-330	183	16	powerful	powerful	ADJ
emaj-330	183	17	test	test	NOUN
emaj-330	183	18	than	than	ADP
emaj-330	183	19	that	that	PRON
emaj-330	183	20	proposed	propose	VERB
emaj-330	183	21	by	by	ADP
emaj-330	183	22	lo	lo	PROPN
emaj-330	183	23	and	and	CCONJ
emaj-330	183	24	mackinlay	mackinlay	NOUN
emaj-330	183	25	(	(	PUNCT
emaj-330	183	26	1988	1988	NUM
emaj-330	183	27	)	)	PUNCT
emaj-330	183	28	.	.	PUNCT
emaj-330	184	1	specifically	specifically	ADV
emaj-330	184	2	,	,	PUNCT
emaj-330	184	3	wright	wright	PROPN
emaj-330	184	4	(	(	PUNCT
emaj-330	184	5	2000	2000	NUM
emaj-330	184	6	)	)	PUNCT
emaj-330	184	7	introduced	introduce	VERB
emaj-330	184	8	a	a	DET
emaj-330	184	9	nonparametric	nonparametric	ADJ
emaj-330	184	10	variance	variance	NOUN
emaj-330	184	11	ratio	ratio	NOUN
emaj-330	184	12	test	test	NOUN
emaj-330	184	13	that	that	PRON
emaj-330	184	14	is	be	AUX
emaj-330	184	15	based	base	VERB
emaj-330	184	16	on	on	ADP
emaj-330	184	17	the	the	DET
emaj-330	184	18	ranks	rank	NOUN
emaj-330	184	19	and	and	CCONJ
emaj-330	184	20	signs	sign	NOUN
emaj-330	184	21	of	of	ADP
emaj-330	184	22	the	the	DET
emaj-330	184	23	returns	return	NOUN
emaj-330	184	24	.	.	PUNCT
emaj-330	185	1	in	in	ADP
emaj-330	185	2	the	the	DET
emaj-330	185	3	rank	rank	NOUN
emaj-330	185	4	-	-	PUNCT
emaj-330	185	5	based	base	VERB
emaj-330	185	6	variance	variance	NOUN
emaj-330	185	7	ratio	ratio	NOUN
emaj-330	185	8	test	test	NOUN
emaj-330	185	9	,	,	PUNCT
emaj-330	185	10	the	the	DET
emaj-330	185	11	time	time	NOUN
emaj-330	185	12	series	series	NOUN
emaj-330	185	13	(	(	PUNCT
emaj-330	185	14	stock	stock	NOUN
emaj-330	185	15	returns	return	NOUN
emaj-330	185	16	)	)	PUNCT
emaj-330	185	17	used	use	VERB
emaj-330	185	18	in	in	ADP
emaj-330	185	19	the	the	DET
emaj-330	185	20	lo	lo	NOUN
emaj-330	185	21	-	-	PUNCT
emaj-330	185	22	mackinlay	mackinlay	NOUN
emaj-330	185	23	tests	test	NOUN
emaj-330	185	24	are	be	AUX
emaj-330	185	25	substituted	substitute	VERB
emaj-330	185	26	volume	volume	NOUN
emaj-330	185	27	14	14	NUM
emaj-330	185	28	no	no	DET
emaj-330	185	29	1	1	NUM
emaj-330	185	30	(	(	PUNCT
emaj-330	185	31	2024	2024	NUM
emaj-330	185	32	)	)	PUNCT
emaj-330	185	33	|	|	ADV
emaj-330	185	34	issn	issn	VERB
emaj-330	185	35	2158	2158	NUM
emaj-330	185	36	-	-	SYM
emaj-330	185	37	8708	8708	NUM
emaj-330	185	38	(	(	PUNCT
emaj-330	185	39	online	online	NOUN
emaj-330	185	40	)	)	PUNCT
emaj-330	185	41	|	|	ADV
emaj-330	185	42	doi	doi	X
emaj-330	185	43	10.5195	10.5195	NUM
emaj-330	185	44	/	/	SYM
emaj-330	185	45	emaj.2024.330	emaj.2024.330	PROPN
emaj-330	185	46	|	|	ADV
emaj-330	185	47	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-330	185	48	the	the	DET
emaj-330	185	49	influence	influence	NOUN
emaj-330	185	50	of	of	ADP
emaj-330	185	51	foreign	foreign	ADJ
emaj-330	185	52	investors	investor	NOUN
emaj-330	185	53	on	on	ADP
emaj-330	185	54	the	the	DET
emaj-330	185	55	efficiency	efficiency	NOUN
emaj-330	185	56	of	of	ADP
emaj-330	185	57	the	the	DET
emaj-330	185	58	saudi	saudi	ADJ
emaj-330	185	59	stock	stock	NOUN
emaj-330	185	60	market	market	NOUN
emaj-330	185	61	page	page	NOUN
emaj-330	185	62	|6|	|6|	NOUN
emaj-330	185	63	emerging	emerge	VERB
emaj-330	185	64	markets	market	NOUN
emaj-330	185	65	journal	journal	NOUN
emaj-330	185	66	with	with	ADP
emaj-330	185	67	ranks	rank	NOUN
emaj-330	185	68	of	of	ADP
emaj-330	185	69	the	the	DET
emaj-330	185	70	time	time	NOUN
emaj-330	185	71	series	series	NOUN
emaj-330	185	72	,	,	PUNCT
emaj-330	185	73	in	in	ADP
emaj-330	185	74	order	order	NOUN
emaj-330	185	75	to	to	PART
emaj-330	185	76	obtain	obtain	VERB
emaj-330	185	77	the	the	DET
emaj-330	185	78	test	test	NOUN
emaj-330	185	79	statistics	statistic	NOUN
emaj-330	185	80	𝑅1	𝑅1	PROPN
emaj-330	185	81	and	and	CCONJ
emaj-330	185	82	𝑅2	𝑅2	NOUN
emaj-330	185	83	.	.	PUNCT
emaj-330	186	1	these	these	DET
emaj-330	186	2	test	test	NOUN
emaj-330	186	3	statistics	statistic	NOUN
emaj-330	186	4	are	be	AUX
emaj-330	186	5	defined	define	VERB
emaj-330	186	6	as	as	ADP
emaj-330	186	7	:	:	PUNCT
emaj-330	186	8	𝑅1	𝑅1	PROPN
emaj-330	186	9	=	=	PUNCT
emaj-330	186	10	(	(	PUNCT
emaj-330	186	11	1	1	NUM
emaj-330	186	12	𝑇𝑞	𝑇𝑞	PROPN
emaj-330	186	13	∑	∑	PUNCT
emaj-330	186	14	(	(	PUNCT
emaj-330	186	15	𝑟1𝑡	𝑟1𝑡	PROPN
emaj-330	186	16	+	+	SYM
emaj-330	186	17	⋯	⋯	PROPN
emaj-330	186	18	+	+	ADJ
emaj-330	186	19	𝑟1𝑡−𝑞+1	𝑟1𝑡−𝑞+1	NUM
emaj-330	186	20	)	)	PUNCT
emaj-330	186	21	2𝑇	2𝑇	NOUN
emaj-330	187	1	𝑡=𝑞	𝑡=𝑞	PROPN
emaj-330	187	2	1	1	NUM
emaj-330	187	3	𝑇	𝑇	PROPN
emaj-330	187	4	∑	∑	PROPN
emaj-330	187	5	𝑟1𝑡	𝑟1𝑡	PROPN
emaj-330	187	6	2𝑇	2𝑇	PROPN
emaj-330	187	7	𝑡=1	𝑡=1	PROPN
emaj-330	187	8	−	−	NOUN
emaj-330	187	9	1	1	NUM
emaj-330	187	10	)	)	PUNCT
emaj-330	187	11	×	×	NOUN
emaj-330	187	12	∅(𝑞)−1/2	∅(𝑞)−1/2	NOUN
emaj-330	187	13	(	(	PUNCT
emaj-330	187	14	11	11	NUM
emaj-330	187	15	)	)	PUNCT
emaj-330	187	16	and	and	CCONJ
emaj-330	187	17	𝑅2	𝑅2	NOUN
emaj-330	187	18	=	=	SYM
emaj-330	187	19	(	(	PUNCT
emaj-330	187	20	1	1	NUM
emaj-330	187	21	𝑇𝑞	𝑇𝑞	PROPN
emaj-330	187	22	∑	∑	PROPN
emaj-330	187	23	(	(	PUNCT
emaj-330	187	24	𝑟2𝑡	𝑟2𝑡	X
emaj-330	187	25	+	+	CCONJ
emaj-330	187	26	⋯	⋯	PROPN
emaj-330	187	27	+	+	NOUN
emaj-330	187	28	𝑟2𝑡−𝑞+1	𝑟2𝑡−𝑞+1	NUM
emaj-330	187	29	)	)	PUNCT
emaj-330	187	30	2𝑇	2𝑇	NOUN
emaj-330	187	31	t=𝑞	t=𝑞	PROPN
emaj-330	187	32	1	1	NUM
emaj-330	187	33	𝑇	𝑇	PROPN
emaj-330	187	34	∑	∑	PUNCT
emaj-330	187	35	𝑟2𝑡	𝑟2𝑡	PROPN
emaj-330	187	36	2𝑇	2𝑇	PROPN
emaj-330	187	37	t=1	t=1	PROPN
emaj-330	187	38	−	−	PROPN
emaj-330	187	39	1	1	X
emaj-330	187	40	)	)	PUNCT
emaj-330	187	41	×	×	NOUN
emaj-330	187	42	∅(𝑞)−1/2	∅(𝑞)−1/2	NOUN
emaj-330	187	43	(	(	PUNCT
emaj-330	187	44	12	12	NUM
emaj-330	187	45	)	)	PUNCT
emaj-330	187	46	where	where	SCONJ
emaj-330	187	47	the	the	DET
emaj-330	187	48	standardized	standardized	ADJ
emaj-330	187	49	ranks	rank	NOUN
emaj-330	187	50	𝑟1𝑡	𝑟1𝑡	PROPN
emaj-330	187	51	and	and	CCONJ
emaj-330	187	52	𝑟2𝑡	𝑟2𝑡	PROPN
emaj-330	187	53	are	be	AUX
emaj-330	187	54	given	give	VERB
emaj-330	187	55	by	by	ADP
emaj-330	187	56	:	:	PUNCT
emaj-330	187	57	𝑟1𝑡	𝑟1𝑡	PROPN
emaj-330	187	58	=	=	SYM
emaj-330	187	59	(	(	PUNCT
emaj-330	187	60	𝑟	𝑟	X
emaj-330	187	61	(	(	PUNCT
emaj-330	187	62	𝑦𝑡	𝑦𝑡	PROPN
emaj-330	187	63	−	−	PROPN
emaj-330	187	64	𝑇+1	𝑇+1	PROPN
emaj-330	187	65	2	2	NUM
emaj-330	187	66	)	)	PUNCT
emaj-330	187	67	)	)	PUNCT
emaj-330	188	1	√	√	PROPN
emaj-330	188	2	(	(	PUNCT
emaj-330	188	3	𝑇−1)(𝑇+1	𝑇−1)(𝑇+1	NOUN
emaj-330	188	4	)	)	PUNCT
emaj-330	188	5	12	12	NUM
emaj-330	188	6	(	(	PUNCT
emaj-330	188	7	13	13	NUM
emaj-330	188	8	)	)	PUNCT
emaj-330	188	9	and	and	CCONJ
emaj-330	188	10	:	:	PUNCT
emaj-330	188	11	𝑟2𝑡	𝑟2𝑡	PUNCT
emaj-330	188	12	=	=	PUNCT
emaj-330	189	1	𝛷−1	𝛷−1	PROPN
emaj-330	189	2	𝑟(𝑦𝑡	𝑟(𝑦𝑡	NUM
emaj-330	189	3	)	)	PUNCT
emaj-330	189	4	(	(	PUNCT
emaj-330	189	5	𝑇	𝑇	NOUN
emaj-330	189	6	+	+	CCONJ
emaj-330	189	7	1	1	NUM
emaj-330	189	8	)	)	PUNCT
emaj-330	189	9	(	(	PUNCT
emaj-330	189	10	14	14	NUM
emaj-330	189	11	)	)	PUNCT
emaj-330	189	12	where	where	SCONJ
emaj-330	189	13	∅(𝑞	∅(𝑞	NOUN
emaj-330	189	14	)	)	PUNCT
emaj-330	189	15	is	be	AUX
emaj-330	189	16	defined	define	VERB
emaj-330	189	17	in	in	ADP
emaj-330	189	18	equation	equation	NOUN
emaj-330	189	19	(	(	PUNCT
emaj-330	189	20	8)	8)	NUM
emaj-330	189	21	,	,	PUNCT
emaj-330	189	22	𝑟(𝑦𝑡	𝑟(𝑦𝑡	NUM
emaj-330	189	23	)	)	PUNCT
emaj-330	189	24	is	be	AUX
emaj-330	189	25	the	the	DET
emaj-330	189	26	rank	rank	NOUN
emaj-330	189	27	of	of	ADP
emaj-330	189	28	𝑦𝑡	𝑦𝑡	PROPN
emaj-330	189	29	among	among	ADP
emaj-330	189	30	𝑦1	𝑦1	PROPN
emaj-330	189	31	,	,	PUNCT
emaj-330	189	32	⋯	⋯	PROPN
emaj-330	189	33	,	,	PUNCT
emaj-330	189	34	𝑦𝑇	𝑦𝑇	PROPN
emaj-330	189	35	,	,	PUNCT
emaj-330	189	36	and	and	CCONJ
emaj-330	189	37	𝛷−1	𝛷−1	NOUN
emaj-330	189	38	is	be	AUX
emaj-330	189	39	the	the	DET
emaj-330	189	40	inverse	inverse	NOUN
emaj-330	189	41	of	of	ADP
emaj-330	189	42	the	the	DET
emaj-330	189	43	standard	standard	ADJ
emaj-330	189	44	normal	normal	ADJ
emaj-330	189	45	cumulative	cumulative	ADJ
emaj-330	189	46	distribution	distribution	NOUN
emaj-330	189	47	function	function	NOUN
emaj-330	189	48	.	.	PUNCT
emaj-330	190	1	wright	wright	PROPN
emaj-330	190	2	(	(	PUNCT
emaj-330	190	3	2000	2000	NUM
emaj-330	190	4	)	)	PUNCT
emaj-330	190	5	also	also	ADV
emaj-330	190	6	constructed	construct	VERB
emaj-330	190	7	a	a	DET
emaj-330	190	8	nonparametric	nonparametric	ADJ
emaj-330	190	9	variance	variance	NOUN
emaj-330	190	10	ratio	ratio	NOUN
emaj-330	190	11	test	test	NOUN
emaj-330	190	12	using	use	VERB
emaj-330	190	13	the	the	DET
emaj-330	190	14	signs	sign	NOUN
emaj-330	190	15	of	of	ADP
emaj-330	190	16	the	the	DET
emaj-330	190	17	returns	return	NOUN
emaj-330	190	18	instead	instead	ADV
emaj-330	190	19	of	of	ADP
emaj-330	190	20	the	the	DET
emaj-330	190	21	ranks	rank	NOUN
emaj-330	190	22	.	.	PUNCT
emaj-330	191	1	in	in	ADP
emaj-330	191	2	this	this	DET
emaj-330	191	3	sign	sign	NOUN
emaj-330	191	4	-	-	PUNCT
emaj-330	191	5	based	base	VERB
emaj-330	191	6	variance	variance	NOUN
emaj-330	191	7	ratio	ratio	NOUN
emaj-330	191	8	test	test	NOUN
emaj-330	191	9	,	,	PUNCT
emaj-330	191	10	the	the	DET
emaj-330	191	11	stock	stock	NOUN
emaj-330	191	12	returns	return	NOUN
emaj-330	191	13	used	use	VERB
emaj-330	191	14	in	in	ADP
emaj-330	191	15	the	the	DET
emaj-330	191	16	lo	lo	NOUN
emaj-330	191	17	-	-	PUNCT
emaj-330	191	18	mackinlay	mackinlay	NOUN
emaj-330	191	19	tests	test	NOUN
emaj-330	191	20	are	be	AUX
emaj-330	191	21	substituted	substitute	VERB
emaj-330	191	22	with	with	ADP
emaj-330	191	23	signs	sign	NOUN
emaj-330	191	24	of	of	ADP
emaj-330	191	25	the	the	DET
emaj-330	191	26	stock	stock	NOUN
emaj-330	191	27	returns	return	NOUN
emaj-330	191	28	in	in	ADP
emaj-330	191	29	order	order	NOUN
emaj-330	191	30	to	to	PART
emaj-330	191	31	obtain	obtain	VERB
emaj-330	191	32	the	the	DET
emaj-330	191	33	test	test	NOUN
emaj-330	191	34	statistics	statistic	NOUN
emaj-330	191	35	𝑆1	𝑆1	NOUN
emaj-330	191	36	and	and	CCONJ
emaj-330	191	37	𝑆2	𝑆2	NOUN
emaj-330	191	38	.	.	PUNCT
emaj-330	192	1	this	this	DET
emaj-330	192	2	study	study	NOUN
emaj-330	192	3	does	do	AUX
emaj-330	192	4	not	not	PART
emaj-330	192	5	consider	consider	VERB
emaj-330	192	6	𝑆2	𝑆2	NOUN
emaj-330	192	7	as	as	SCONJ
emaj-330	192	8	it	it	PRON
emaj-330	192	9	is	be	AUX
emaj-330	192	10	inferior	inferior	ADJ
emaj-330	192	11	to	to	PART
emaj-330	192	12	𝑆1	𝑆1	VERB
emaj-330	192	13	.	.	PUNCT
emaj-330	193	1	in	in	ADP
emaj-330	193	2	particular	particular	ADJ
emaj-330	193	3	,	,	PUNCT
emaj-330	193	4	the	the	DET
emaj-330	193	5	results	result	NOUN
emaj-330	193	6	of	of	ADP
emaj-330	193	7	wright	wright	PROPN
emaj-330	193	8	(	(	PUNCT
emaj-330	193	9	2000	2000	NUM
emaj-330	193	10	)	)	PUNCT
emaj-330	193	11	’s	’s	PART
emaj-330	193	12	monte	monte	PROPN
emaj-330	193	13	carlo	carlo	PROPN
emaj-330	193	14	simulations	simulation	NOUN
emaj-330	193	15	showed	show	VERB
emaj-330	193	16	that	that	SCONJ
emaj-330	193	17	𝑆1	𝑆1	NOUN
emaj-330	193	18	has	have	VERB
emaj-330	193	19	better	well	ADJ
emaj-330	193	20	size	size	NOUN
emaj-330	193	21	and	and	CCONJ
emaj-330	193	22	power	power	NOUN
emaj-330	193	23	properties	property	NOUN
emaj-330	193	24	than	than	ADP
emaj-330	193	25	𝑆2	𝑆2	ADJ
emaj-330	193	26	.	.	PUNCT
emaj-330	194	1	the	the	DET
emaj-330	194	2	test	test	NOUN
emaj-330	194	3	statistic	statistic	NOUN
emaj-330	194	4	𝑆1	𝑆1	NOUN
emaj-330	194	5	is	be	AUX
emaj-330	194	6	defined	define	VERB
emaj-330	194	7	as	as	ADP
emaj-330	194	8	:	:	PUNCT
emaj-330	194	9	𝑆1	𝑆1	NOUN
emaj-330	194	10	=	=	SYM
emaj-330	194	11	(	(	PUNCT
emaj-330	194	12	1	1	NUM
emaj-330	194	13	𝑇𝐾	𝑇𝐾	NOUN
emaj-330	194	14	∑	∑	PUNCT
emaj-330	194	15	(	(	PUNCT
emaj-330	194	16	𝑠𝑡	𝑠𝑡	PROPN
emaj-330	194	17	+	+	SYM
emaj-330	194	18	⋯	⋯	PROPN
emaj-330	194	19	+	+	PROPN
emaj-330	194	20	𝑠𝑡−𝑘+1)2𝑇	𝑠𝑡−𝑘+1)2𝑇	PROPN
emaj-330	194	21	𝑡=𝑘	𝑡=𝑘	PROPN
emaj-330	194	22	1	1	NUM
emaj-330	194	23	𝑇	𝑇	PROPN
emaj-330	194	24	∑	∑	PUNCT
emaj-330	194	25	𝑠𝑡	𝑠𝑡	PROPN
emaj-330	194	26	2𝑇	2𝑇	PROPN
emaj-330	194	27	𝑡=1	𝑡=1	PROPN
emaj-330	194	28	−	−	NOUN
emaj-330	194	29	1	1	NUM
emaj-330	194	30	)	)	PUNCT
emaj-330	194	31	×	×	NOUN
emaj-330	194	32	∅(𝑞)−	∅(𝑞)−	PROPN
emaj-330	194	33	1	1	NUM
emaj-330	194	34	2	2	NUM
emaj-330	194	35	(	(	PUNCT
emaj-330	194	36	15	15	NUM
emaj-330	194	37	)	)	PUNCT
emaj-330	194	38	where	where	SCONJ
emaj-330	194	39	∅(𝑞	∅(𝑞	NOUN
emaj-330	194	40	)	)	PUNCT
emaj-330	194	41	is	be	AUX
emaj-330	194	42	defined	define	VERB
emaj-330	194	43	in	in	ADP
emaj-330	194	44	equation	equation	NOUN
emaj-330	194	45	[	[	X
emaj-330	194	46	7	7	NUM
emaj-330	194	47	]	]	PUNCT
emaj-330	194	48	,	,	PUNCT
emaj-330	194	49	𝑠𝑡	𝑠𝑡	PROPN
emaj-330	194	50	=	=	SYM
emaj-330	194	51	2𝑢(𝑦𝑡	2𝑢(𝑦𝑡	NUM
emaj-330	194	52	,	,	PUNCT
emaj-330	194	53	0	0	NUM
emaj-330	194	54	)	)	PUNCT
emaj-330	194	55	,	,	PUNCT
emaj-330	194	56	and	and	CCONJ
emaj-330	194	57	𝑢(𝑦𝑡	𝑢(𝑦𝑡	PROPN
emaj-330	194	58	,	,	PUNCT
emaj-330	194	59	0	0	NUM
emaj-330	194	60	)	)	PUNCT
emaj-330	194	61	=	=	PRON
emaj-330	194	62	{	{	PUNCT
emaj-330	194	63	0.5	0.5	NUM
emaj-330	194	64	−0.5	−0.5	NOUN
emaj-330	194	65	if	if	SCONJ
emaj-330	194	66	𝑦𝑡	𝑦𝑡	PROPN
emaj-330	194	67	>	>	X
emaj-330	194	68	0	0	PROPN
emaj-330	194	69	,	,	PUNCT
emaj-330	194	70	otherwise	otherwise	ADV
emaj-330	194	71	,	,	PUNCT
emaj-330	194	72	v.	v.	CCONJ
emaj-330	194	73	results	result	VERB
emaj-330	194	74	the	the	DET
emaj-330	194	75	null	null	ADJ
emaj-330	194	76	hypothesis	hypothesis	NOUN
emaj-330	194	77	that	that	PRON
emaj-330	194	78	the	the	DET
emaj-330	194	79	market	market	NOUN
emaj-330	194	80	index	index	NOUN
emaj-330	194	81	and	and	CCONJ
emaj-330	194	82	the	the	DET
emaj-330	194	83	sample	sample	NOUN
emaj-330	194	84	companies	company	NOUN
emaj-330	194	85	follow	follow	VERB
emaj-330	194	86	a	a	DET
emaj-330	194	87	random	random	ADJ
emaj-330	194	88	walk	walk	NOUN
emaj-330	194	89	was	be	AUX
emaj-330	194	90	tested	test	VERB
emaj-330	194	91	using	use	VERB
emaj-330	194	92	the	the	DET
emaj-330	194	93	variance	variance	NOUN
emaj-330	194	94	ratio	ratio	NOUN
emaj-330	194	95	tests	test	NOUN
emaj-330	194	96	described	describe	VERB
emaj-330	194	97	in	in	ADP
emaj-330	194	98	the	the	DET
emaj-330	194	99	previous	previous	ADJ
emaj-330	194	100	section	section	NOUN
emaj-330	194	101	.	.	PUNCT
emaj-330	195	1	following	follow	VERB
emaj-330	195	2	fifield	fifield	NOUN
emaj-330	195	3	and	and	CCONJ
emaj-330	195	4	jetty	jetty	PROPN
emaj-330	195	5	(	(	PUNCT
emaj-330	195	6	2008	2008	NUM
emaj-330	195	7	)	)	PUNCT
emaj-330	195	8	,	,	PUNCT
emaj-330	195	9	alkhazali	alkhazali	PROPN
emaj-330	195	10	(	(	PUNCT
emaj-330	195	11	2011	2011	NUM
emaj-330	195	12	)	)	PUNCT
emaj-330	195	13	and	and	CCONJ
emaj-330	195	14	jamaani	jamaani	PROPN
emaj-330	195	15	and	and	CCONJ
emaj-330	195	16	roca	roca	PROPN
emaj-330	195	17	(	(	PUNCT
emaj-330	195	18	2015	2015	NUM
emaj-330	195	19	)	)	PUNCT
emaj-330	195	20	,	,	PUNCT
emaj-330	195	21	the	the	DET
emaj-330	195	22	ratio	ratio	NOUN
emaj-330	195	23	was	be	AUX
emaj-330	195	24	calculated	calculate	VERB
emaj-330	195	25	for	for	ADP
emaj-330	195	26	lags	lag	NOUN
emaj-330	195	27	of	of	ADP
emaj-330	195	28	2	2	NUM
emaj-330	195	29	,	,	PUNCT
emaj-330	195	30	4	4	NUM
emaj-330	195	31	,	,	PUNCT
emaj-330	195	32	8	8	NUM
emaj-330	195	33	and	and	CCONJ
emaj-330	195	34	16	16	NUM
emaj-330	195	35	days	day	NOUN
emaj-330	195	36	,	,	PUNCT
emaj-330	195	37	with	with	ADP
emaj-330	195	38	the	the	DET
emaj-330	195	39	one	one	NUM
emaj-330	195	40	-	-	PUNCT
emaj-330	195	41	day	day	NOUN
emaj-330	195	42	return	return	NOUN
emaj-330	195	43	used	use	VERB
emaj-330	195	44	as	as	ADP
emaj-330	195	45	a	a	DET
emaj-330	195	46	base	base	NOUN
emaj-330	195	47	.	.	PUNCT
emaj-330	196	1	parametric	parametric	ADJ
emaj-330	196	2	variance	variance	NOUN
emaj-330	196	3	ratio	ratio	NOUN
emaj-330	196	4	test	test	NOUN
emaj-330	196	5	the	the	DET
emaj-330	196	6	results	result	NOUN
emaj-330	196	7	of	of	ADP
emaj-330	196	8	the	the	DET
emaj-330	196	9	lo	lo	NOUN
emaj-330	196	10	-	-	PUNCT
emaj-330	196	11	mackinlay	mackinlay	PROPN
emaj-330	196	12	parametric	parametric	ADJ
emaj-330	196	13	variance	variance	NOUN
emaj-330	196	14	ratio	ratio	NOUN
emaj-330	196	15	test	test	NOUN
emaj-330	196	16	for	for	ADP
emaj-330	196	17	the	the	DET
emaj-330	196	18	market	market	NOUN
emaj-330	196	19	index	index	NOUN
emaj-330	196	20	return	return	NOUN
emaj-330	196	21	and	and	CCONJ
emaj-330	196	22	the	the	DET
emaj-330	196	23	returns	return	NOUN
emaj-330	196	24	of	of	ADP
emaj-330	196	25	the	the	DET
emaj-330	196	26	100	100	NUM
emaj-330	196	27	companies	company	NOUN
emaj-330	196	28	are	be	AUX
emaj-330	196	29	reported	report	VERB
emaj-330	196	30	in	in	ADP
emaj-330	196	31	tables	table	NOUN
emaj-330	196	32	2	2	NUM
emaj-330	196	33	and	and	CCONJ
emaj-330	196	34	3	3	NUM
emaj-330	196	35	,	,	PUNCT
emaj-330	196	36	respectively	respectively	ADV
emaj-330	196	37	.	.	PUNCT
emaj-330	197	1	the	the	DET
emaj-330	197	2	left	left	ADJ
emaj-330	197	3	panels	panel	NOUN
emaj-330	197	4	of	of	ADP
emaj-330	197	5	tables	table	NOUN
emaj-330	197	6	2	2	NUM
emaj-330	197	7	and	and	CCONJ
emaj-330	197	8	3	3	NUM
emaj-330	197	9	(	(	PUNCT
emaj-330	197	10	𝑀1	𝑀1	NOUN
emaj-330	197	11	)	)	PUNCT
emaj-330	197	12	report	report	VERB
emaj-330	197	13	the	the	DET
emaj-330	197	14	results	result	NOUN
emaj-330	197	15	under	under	ADP
emaj-330	197	16	the	the	DET
emaj-330	197	17	assumption	assumption	NOUN
emaj-330	197	18	of	of	ADP
emaj-330	197	19	homoscedasticity	homoscedasticity	NOUN
emaj-330	197	20	,	,	PUNCT
emaj-330	197	21	while	while	SCONJ
emaj-330	197	22	the	the	DET
emaj-330	197	23	right	right	ADJ
emaj-330	197	24	panels	panel	NOUN
emaj-330	197	25	(	(	PUNCT
emaj-330	197	26	𝑀2	𝑀2	PROPN
emaj-330	197	27	)	)	PUNCT
emaj-330	197	28	show	show	VERB
emaj-330	197	29	the	the	DET
emaj-330	197	30	results	result	NOUN
emaj-330	197	31	under	under	ADP
emaj-330	197	32	the	the	DET
emaj-330	197	33	assumption	assumption	NOUN
emaj-330	197	34	of	of	ADP
emaj-330	197	35	heteroscedasticity	heteroscedasticity	PROPN
emaj-330	197	36	.	.	PUNCT
emaj-330	198	1	the	the	DET
emaj-330	198	2	𝑀1	𝑀1	PROPN
emaj-330	198	3	market	market	NOUN
emaj-330	198	4	index	index	NOUN
emaj-330	198	5	results	result	VERB
emaj-330	198	6	for	for	ADP
emaj-330	198	7	the	the	DET
emaj-330	198	8	full	full	ADJ
emaj-330	198	9	sample	sample	NOUN
emaj-330	198	10	show	show	VERB
emaj-330	198	11	that	that	SCONJ
emaj-330	198	12	the	the	DET
emaj-330	198	13	variance	variance	NOUN
emaj-330	198	14	ratios	ratio	NOUN
emaj-330	198	15	are	be	AUX
emaj-330	198	16	larger	large	ADJ
emaj-330	198	17	than	than	ADP
emaj-330	198	18	one	one	NUM
emaj-330	198	19	for	for	ADP
emaj-330	198	20	all	all	DET
emaj-330	198	21	lags	lag	NOUN
emaj-330	198	22	selected	select	VERB
emaj-330	198	23	,	,	PUNCT
emaj-330	198	24	indicating	indicate	VERB
emaj-330	198	25	a	a	DET
emaj-330	198	26	positive	positive	ADJ
emaj-330	198	27	correlation	correlation	NOUN
emaj-330	198	28	between	between	ADP
emaj-330	198	29	returns	return	NOUN
emaj-330	198	30	.	.	PUNCT
emaj-330	199	1	table	table	NOUN
emaj-330	199	2	2	2	NUM
emaj-330	199	3	:	:	PUNCT
emaj-330	199	4	parametric	parametric	ADJ
emaj-330	199	5	variance	variance	NOUN
emaj-330	199	6	ratio	ratio	NOUN
emaj-330	199	7	test	test	NOUN
emaj-330	199	8	results	result	NOUN
emaj-330	199	9	:	:	PUNCT
emaj-330	199	10	market	market	NOUN
emaj-330	199	11	index	index	NOUN
emaj-330	199	12	note	note	NOUN
emaj-330	199	13	:	:	PUNCT
emaj-330	199	14	this	this	DET
emaj-330	199	15	table	table	NOUN
emaj-330	199	16	shows	show	VERB
emaj-330	199	17	the	the	DET
emaj-330	199	18	lo	lo	PROPN
emaj-330	199	19	and	and	CCONJ
emaj-330	199	20	mackinlay	mackinlay	PROPN
emaj-330	199	21	parametric	parametric	ADJ
emaj-330	199	22	variance	variance	NOUN
emaj-330	199	23	ratio	ratio	NOUN
emaj-330	199	24	tests	test	NOUN
emaj-330	199	25	for	for	ADP
emaj-330	199	26	daily	daily	ADJ
emaj-330	199	27	saudi	saudi	ADJ
emaj-330	199	28	stock	stock	NOUN
emaj-330	199	29	market	market	NOUN
emaj-330	199	30	returns	return	NOUN
emaj-330	199	31	for	for	ADP
emaj-330	199	32	the	the	DET
emaj-330	199	33	three	three	NUM
emaj-330	199	34	sample	sample	NOUN
emaj-330	199	35	periods	period	NOUN
emaj-330	199	36	.	.	PUNCT
emaj-330	200	1	the	the	DET
emaj-330	200	2	full	full	ADJ
emaj-330	200	3	period	period	NOUN
emaj-330	200	4	spans	span	VERB
emaj-330	200	5	the	the	DET
emaj-330	200	6	time	time	NOUN
emaj-330	200	7	from	from	ADP
emaj-330	200	8	1st	1st	ADJ
emaj-330	200	9	january	january	PROPN
emaj-330	200	10	2008	2008	NUM
emaj-330	200	11	to	to	ADP
emaj-330	200	12	31st	31st	NOUN
emaj-330	200	13	december	december	PROPN
emaj-330	200	14	2017	2017	NUM
emaj-330	200	15	,	,	PUNCT
emaj-330	200	16	while	while	SCONJ
emaj-330	200	17	the	the	DET
emaj-330	200	18	pre	pre	NOUN
emaj-330	200	19	-	-	ADJ
emaj-330	200	20	and	and	CCONJ
emaj-330	200	21	post	post	ADJ
emaj-330	200	22	-	-	ADJ
emaj-330	200	23	periods	period	NOUN
emaj-330	200	24	cover	cover	VERB
emaj-330	200	25	the	the	DET
emaj-330	200	26	periods	period	NOUN
emaj-330	200	27	before	before	ADV
emaj-330	200	28	and	and	CCONJ
emaj-330	200	29	after	after	ADP
emaj-330	200	30	the	the	DET
emaj-330	200	31	change	change	NOUN
emaj-330	200	32	in	in	ADP
emaj-330	200	33	regulation	regulation	NOUN
emaj-330	200	34	on	on	ADP
emaj-330	200	35	15th	15th	ADJ
emaj-330	200	36	june	june	PROPN
emaj-330	200	37	2015	2015	NUM
emaj-330	200	38	.	.	PUNCT
emaj-330	201	1	the	the	DET
emaj-330	201	2	main	main	ADJ
emaj-330	201	3	row	row	NOUN
emaj-330	201	4	in	in	ADP
emaj-330	201	5	each	each	DET
emaj-330	201	6	period	period	NOUN
emaj-330	201	7	reports	report	VERB
emaj-330	201	8	the	the	DET
emaj-330	201	9	variance	variance	NOUN
emaj-330	201	10	ratios	ratio	NOUN
emaj-330	201	11	,	,	PUNCT
emaj-330	201	12	with	with	ADP
emaj-330	201	13	test	test	NOUN
emaj-330	201	14	statistics	statistic	NOUN
emaj-330	201	15	given	give	VERB
emaj-330	201	16	in	in	ADP
emaj-330	201	17	parentheses	parenthesis	NOUN
emaj-330	201	18	.	.	PUNCT
emaj-330	202	1	the	the	DET
emaj-330	202	2	test	test	NOUN
emaj-330	202	3	statistic	statistic	NOUN
emaj-330	202	4	𝑀1	𝑀1	ADV
emaj-330	202	5	assumes	assume	VERB
emaj-330	202	6	homoscedasticity	homoscedasticity	NOUN
emaj-330	202	7	while	while	SCONJ
emaj-330	202	8	the	the	DET
emaj-330	202	9	test	test	NOUN
emaj-330	202	10	statistic	statistic	PROPN
emaj-330	202	11	𝑀2	𝑀2	PROPN
emaj-330	202	12	assumes	assume	VERB
emaj-330	202	13	heteroscedasticity	heteroscedasticity	NOUN
emaj-330	202	14	.	.	PUNCT
emaj-330	203	1	*	*	PUNCT
emaj-330	203	2	,	,	PUNCT
emaj-330	203	3	*	*	PUNCT
emaj-330	203	4	*	*	PUNCT
emaj-330	203	5	,	,	PUNCT
emaj-330	203	6	and	and	CCONJ
emaj-330	203	7	*	*	PUNCT
emaj-330	203	8	*	*	PUNCT
emaj-330	203	9	*	*	PUNCT
emaj-330	203	10	indicate	indicate	VERB
emaj-330	203	11	statistical	statistical	ADJ
emaj-330	203	12	significance	significance	NOUN
emaj-330	203	13	at	at	ADP
emaj-330	203	14	the	the	DET
emaj-330	203	15	ten	ten	NUM
emaj-330	203	16	,	,	PUNCT
emaj-330	203	17	five	five	NUM
emaj-330	203	18	and	and	CCONJ
emaj-330	203	19	one	one	NUM
emaj-330	203	20	per	per	ADP
emaj-330	203	21	cent	cent	NOUN
emaj-330	203	22	levels	level	NOUN
emaj-330	203	23	,	,	PUNCT
emaj-330	203	24	respectively	respectively	ADV
emaj-330	203	25	.	.	PUNCT
emaj-330	203	26	table	table	NOUN
emaj-330	203	27	3	3	NUM
emaj-330	203	28	:	:	PUNCT
emaj-330	203	29	parametric	parametric	ADJ
emaj-330	203	30	variance	variance	NOUN
emaj-330	203	31	ratio	ratio	NOUN
emaj-330	203	32	test	test	NOUN
emaj-330	203	33	results	result	NOUN
emaj-330	203	34	:	:	PUNCT
emaj-330	203	35	individual	individual	ADJ
emaj-330	203	36	companies	company	NOUN
emaj-330	203	37	note	note	VERB
emaj-330	203	38	:	:	PUNCT
emaj-330	203	39	this	this	DET
emaj-330	203	40	table	table	NOUN
emaj-330	203	41	gives	give	VERB
emaj-330	203	42	the	the	DET
emaj-330	203	43	results	result	NOUN
emaj-330	203	44	for	for	ADP
emaj-330	203	45	the	the	DET
emaj-330	203	46	percentage	percentage	NOUN
emaj-330	203	47	of	of	ADP
emaj-330	203	48	companies	company	NOUN
emaj-330	203	49	for	for	ADP
emaj-330	203	50	which	which	PRON
emaj-330	203	51	the	the	DET
emaj-330	203	52	null	null	ADJ
emaj-330	203	53	hypothesis	hypothesis	NOUN
emaj-330	203	54	of	of	ADP
emaj-330	203	55	no	no	DET
emaj-330	203	56	autocorrelation	autocorrelation	NOUN
emaj-330	203	57	was	be	AUX
emaj-330	203	58	rejected	reject	VERB
emaj-330	203	59	for	for	ADP
emaj-330	203	60	the	the	DET
emaj-330	203	61	three	three	NUM
emaj-330	203	62	sample	sample	NOUN
emaj-330	203	63	periods	period	NOUN
emaj-330	203	64	.	.	PUNCT
emaj-330	204	1	the	the	DET
emaj-330	204	2	variance	variance	NOUN
emaj-330	204	3	ratio	ratio	PROPN
emaj-330	204	4	test	test	NOUN
emaj-330	204	5	statistic	statistic	NOUN
emaj-330	204	6	𝑀1	𝑀1	PROPN
emaj-330	204	7	assumes	assume	VERB
emaj-330	204	8	homoscedasticity	homoscedasticity	NOUN
emaj-330	204	9	,	,	PUNCT
emaj-330	204	10	while	while	SCONJ
emaj-330	204	11	the	the	DET
emaj-330	204	12	test	test	NOUN
emaj-330	204	13	statistic	statistic	PROPN
emaj-330	204	14	𝑀2	𝑀2	PROPN
emaj-330	204	15	assumes	assume	VERB
emaj-330	204	16	heteroscedasticity	heteroscedasticity	NOUN
emaj-330	204	17	.	.	PUNCT
emaj-330	205	1	the	the	DET
emaj-330	205	2	full	full	ADJ
emaj-330	205	3	period	period	NOUN
emaj-330	205	4	spans	span	VERB
emaj-330	205	5	the	the	DET
emaj-330	205	6	time	time	NOUN
emaj-330	205	7	from	from	ADP
emaj-330	205	8	1st	1st	ADJ
emaj-330	205	9	january	january	PROPN
emaj-330	205	10	2008	2008	NUM
emaj-330	205	11	to	to	ADP
emaj-330	205	12	31st	31st	NOUN
emaj-330	205	13	december	december	PROPN
emaj-330	205	14	2017	2017	NUM
emaj-330	205	15	,	,	PUNCT
emaj-330	205	16	while	while	SCONJ
emaj-330	205	17	the	the	DET
emaj-330	205	18	pre	pre	NOUN
emaj-330	205	19	-	-	ADJ
emaj-330	205	20	and	and	CCONJ
emaj-330	205	21	post	post	ADJ
emaj-330	205	22	-	-	ADJ
emaj-330	205	23	periods	period	NOUN
emaj-330	205	24	cover	cover	VERB
emaj-330	205	25	the	the	DET
emaj-330	205	26	periods	period	NOUN
emaj-330	205	27	before	before	ADV
emaj-330	205	28	and	and	CCONJ
emaj-330	205	29	after	after	ADP
emaj-330	205	30	the	the	DET
emaj-330	205	31	change	change	NOUN
emaj-330	205	32	in	in	ADP
emaj-330	205	33	regulation	regulation	NOUN
emaj-330	205	34	on	on	ADP
emaj-330	205	35	15th	15th	ADJ
emaj-330	205	36	june	june	PROPN
emaj-330	205	37	2015	2015	NUM
emaj-330	205	38	.	.	PUNCT
emaj-330	206	1	the	the	DET
emaj-330	206	2	first	first	ADJ
emaj-330	206	3	row	row	NOUN
emaj-330	206	4	of	of	ADP
emaj-330	206	5	each	each	DET
emaj-330	206	6	period	period	NOUN
emaj-330	206	7	presents	present	VERB
emaj-330	206	8	the	the	DET
emaj-330	206	9	percentage	percentage	NOUN
emaj-330	206	10	of	of	ADP
emaj-330	206	11	firms	firm	NOUN
emaj-330	206	12	that	that	PRON
emaj-330	206	13	rejected	reject	VERB
emaj-330	206	14	the	the	DET
emaj-330	206	15	null	null	NOUN
emaj-330	206	16	at	at	ADP
emaj-330	206	17	the	the	DET
emaj-330	206	18	one	one	NUM
emaj-330	206	19	per	per	ADP
emaj-330	206	20	cent	cent	NOUN
emaj-330	206	21	level	level	NOUN
emaj-330	206	22	,	,	PUNCT
emaj-330	206	23	while	while	SCONJ
emaj-330	206	24	the	the	DET
emaj-330	206	25	second	second	ADJ
emaj-330	206	26	and	and	CCONJ
emaj-330	206	27	third	third	ADJ
emaj-330	206	28	rows	row	NOUN
emaj-330	206	29	for	for	ADP
emaj-330	206	30	each	each	DET
emaj-330	206	31	period	period	NOUN
emaj-330	206	32	report	report	VERB
emaj-330	206	33	the	the	DET
emaj-330	206	34	percentages	percentage	NOUN
emaj-330	206	35	at	at	ADP
emaj-330	206	36	the	the	DET
emaj-330	206	37	five	five	NUM
emaj-330	206	38	and	and	CCONJ
emaj-330	206	39	ten	ten	NUM
emaj-330	206	40	per	per	NOUN
emaj-330	206	41	cent	cent	NOUN
emaj-330	206	42	levels	level	NOUN
emaj-330	206	43	,	,	PUNCT
emaj-330	206	44	respectively	respectively	ADV
emaj-330	206	45	.	.	PUNCT
emaj-330	207	1	the	the	DET
emaj-330	207	2	variance	variance	NOUN
emaj-330	207	3	ratios	ratio	NOUN
emaj-330	207	4	of	of	ADP
emaj-330	207	5	the	the	DET
emaj-330	207	6	market	market	NOUN
emaj-330	207	7	index	index	NOUN
emaj-330	207	8	range	range	NOUN
emaj-330	207	9	between	between	ADP
emaj-330	207	10	1.12	1.12	NUM
emaj-330	207	11	and	and	CCONJ
emaj-330	207	12	1.26	1.26	NUM
emaj-330	207	13	%	%	NOUN
emaj-330	207	14	and	and	CCONJ
emaj-330	207	15	are	be	AUX
emaj-330	207	16	statistically	statistically	ADV
emaj-330	207	17	significant	significant	ADJ
emaj-330	207	18	at	at	ADP
emaj-330	207	19	the	the	DET
emaj-330	207	20	one	one	NUM
emaj-330	207	21	per	per	ADP
emaj-330	207	22	cent	cent	NOUN
emaj-330	207	23	level	level	NOUN
emaj-330	207	24	for	for	ADP
emaj-330	207	25	three	three	NUM
emaj-330	207	26	lags	lag	NOUN
emaj-330	207	27	and	and	CCONJ
emaj-330	207	28	at	at	ADP
emaj-330	207	29	the	the	DET
emaj-330	207	30	five	five	NUM
emaj-330	207	31	per	per	NOUN
emaj-330	207	32	cent	cent	NOUN
emaj-330	207	33	level	level	NOUN
emaj-330	207	34	for	for	ADP
emaj-330	207	35	one	one	NUM
emaj-330	207	36	lag	lag	NOUN
emaj-330	207	37	.	.	PUNCT
emaj-330	208	1	furthermore	furthermore	ADV
emaj-330	208	2	,	,	PUNCT
emaj-330	208	3	the	the	DET
emaj-330	208	4	company	company	NOUN
emaj-330	208	5	results	result	VERB
emaj-330	208	6	of	of	ADP
emaj-330	208	7	𝑀1	𝑀1	NOUN
emaj-330	208	8	for	for	ADP
emaj-330	208	9	the	the	DET
emaj-330	208	10	full	full	ADJ
emaj-330	208	11	sample	sample	NOUN
emaj-330	208	12	also	also	ADV
emaj-330	208	13	indicate	indicate	VERB
emaj-330	208	14	positive	positive	ADJ
emaj-330	208	15	serial	serial	ADJ
emaj-330	208	16	correlation	correlation	NOUN
emaj-330	208	17	;	;	PUNCT
emaj-330	208	18	the	the	DET
emaj-330	208	19	companies	company	NOUN
emaj-330	208	20	’	’	PART
emaj-330	208	21	variance	variance	NOUN
emaj-330	208	22	ratios	ratio	NOUN
emaj-330	208	23	at	at	ADP
emaj-330	208	24	lag	lag	NOUN
emaj-330	208	25	2	2	NUM
emaj-330	208	26	are	be	AUX
emaj-330	208	27	significantly	significantly	ADV
emaj-330	208	28	larger	large	ADJ
emaj-330	208	29	than	than	ADP
emaj-330	208	30	one	one	NUM
emaj-330	208	31	at	at	ADP
emaj-330	208	32	the	the	DET
emaj-330	208	33	five	five	NUM
emaj-330	208	34	per	per	ADP
emaj-330	208	35	cent	cent	NOUN
emaj-330	208	36	level	level	NOUN
emaj-330	208	37	for	for	ADP
emaj-330	208	38	84.0	84.0	NUM
emaj-330	208	39	%	%	NOUN
emaj-330	208	40	of	of	ADP
emaj-330	208	41	the	the	DET
emaj-330	208	42	sample	sample	NOUN
emaj-330	208	43	companies	company	NOUN
emaj-330	208	44	.	.	PUNCT
emaj-330	209	1	this	this	DET
emaj-330	209	2	non	non	ADJ
emaj-330	209	3	-	-	ADJ
emaj-330	209	4	random	random	ADJ
emaj-330	209	5	behavior	behavior	NOUN
emaj-330	209	6	for	for	ADP
emaj-330	209	7	the	the	DET
emaj-330	209	8	market	market	NOUN
emaj-330	209	9	index	index	NOUN
emaj-330	209	10	and	and	CCONJ
emaj-330	209	11	the	the	DET
emaj-330	209	12	sample	sample	NOUN
emaj-330	209	13	companies	company	NOUN
emaj-330	209	14	implies	imply	VERB
emaj-330	209	15	that	that	SCONJ
emaj-330	209	16	,	,	PUNCT
emaj-330	209	17	volume	volume	NOUN
emaj-330	209	18	14	14	NUM
emaj-330	209	19	no	no	PRON
emaj-330	209	20	1	1	NUM
emaj-330	209	21	(	(	PUNCT
emaj-330	209	22	2024	2024	NUM
emaj-330	209	23	)	)	PUNCT
emaj-330	209	24	|	|	ADV
emaj-330	209	25	issn	issn	VERB
emaj-330	209	26	2158	2158	NUM
emaj-330	209	27	-	-	SYM
emaj-330	209	28	8708	8708	NUM
emaj-330	209	29	(	(	PUNCT
emaj-330	209	30	online	online	NOUN
emaj-330	209	31	)	)	PUNCT
emaj-330	209	32	|	|	ADV
emaj-330	209	33	doi	doi	X
emaj-330	209	34	10.5195	10.5195	NUM
emaj-330	209	35	/	/	SYM
emaj-330	209	36	emaj.2024.330	emaj.2024.330	PROPN
emaj-330	209	37	|	|	ADV
emaj-330	209	38	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-330	209	39	abdullah	abdullah	PROPN
emaj-330	209	40	alesmaiel	alesmaiel	PROPN
emaj-330	209	41	,	,	PUNCT
emaj-330	209	42	suzanne	suzanne	PROPN
emaj-330	209	43	fifield	fifield	PROPN
emaj-330	209	44	,	,	PUNCT
emaj-330	209	45	justin	justin	PROPN
emaj-330	209	46	hof	hof	PROPN
emaj-330	209	47	emerging	emerge	VERB
emaj-330	209	48	markets	market	NOUN
emaj-330	209	49	journal	journal	NOUN
emaj-330	209	50	page	page	NOUN
emaj-330	209	51	|7|	|7|	VERB
emaj-330	209	52	under	under	ADP
emaj-330	209	53	the	the	DET
emaj-330	209	54	assumption	assumption	NOUN
emaj-330	209	55	of	of	ADP
emaj-330	209	56	homoscedasticity	homoscedasticity	NOUN
emaj-330	209	57	,	,	PUNCT
emaj-330	209	58	the	the	DET
emaj-330	209	59	saudi	saudi	ADJ
emaj-330	209	60	stock	stock	NOUN
emaj-330	209	61	market	market	NOUN
emaj-330	209	62	is	be	AUX
emaj-330	209	63	not	not	PART
emaj-330	209	64	weak	weak	ADJ
emaj-330	209	65	form	form	NOUN
emaj-330	209	66	efficient	efficient	ADJ
emaj-330	209	67	.	.	PUNCT
emaj-330	210	1	overall	overall	ADV
emaj-330	210	2	,	,	PUNCT
emaj-330	210	3	the	the	DET
emaj-330	210	4	results	result	NOUN
emaj-330	210	5	corroborate	corroborate	VERB
emaj-330	210	6	those	those	PRON
emaj-330	210	7	documented	document	VERB
emaj-330	210	8	by	by	ADP
emaj-330	210	9	alkhazali	alkhazali	PROPN
emaj-330	210	10	(	(	PUNCT
emaj-330	210	11	2011	2011	NUM
emaj-330	210	12	)	)	PUNCT
emaj-330	210	13	,	,	PUNCT
emaj-330	210	14	bley	bley	NOUN
emaj-330	210	15	(	(	PUNCT
emaj-330	210	16	2011	2011	NUM
emaj-330	210	17	)	)	PUNCT
emaj-330	210	18	and	and	CCONJ
emaj-330	210	19	jamaani	jamaani	PROPN
emaj-330	210	20	and	and	CCONJ
emaj-330	210	21	roca	roca	PROPN
emaj-330	210	22	(	(	PUNCT
emaj-330	210	23	2015	2015	NUM
emaj-330	210	24	)	)	PUNCT
emaj-330	210	25	who	who	PRON
emaj-330	210	26	found	find	VERB
emaj-330	210	27	that	that	SCONJ
emaj-330	210	28	,	,	PUNCT
emaj-330	210	29	under	under	ADP
emaj-330	210	30	the	the	DET
emaj-330	210	31	hypothesis	hypothesis	NOUN
emaj-330	210	32	of	of	ADP
emaj-330	210	33	homoscedasticity	homoscedasticity	NOUN
emaj-330	210	34	,	,	PUNCT
emaj-330	210	35	saudi	saudi	ADJ
emaj-330	210	36	stock	stock	NOUN
emaj-330	210	37	returns	return	NOUN
emaj-330	210	38	do	do	AUX
emaj-330	210	39	not	not	PART
emaj-330	210	40	follow	follow	VERB
emaj-330	210	41	a	a	DET
emaj-330	210	42	random	random	ADJ
emaj-330	210	43	walk	walk	NOUN
emaj-330	210	44	.	.	PUNCT
emaj-330	211	1	the	the	DET
emaj-330	211	2	𝑀1	𝑀1	PROPN
emaj-330	211	3	results	result	NOUN
emaj-330	211	4	also	also	ADV
emaj-330	211	5	show	show	VERB
emaj-330	211	6	that	that	SCONJ
emaj-330	211	7	the	the	DET
emaj-330	211	8	rwh	rwh	NOUN
emaj-330	211	9	is	be	AUX
emaj-330	211	10	rejected	reject	VERB
emaj-330	211	11	before	before	ADV
emaj-330	211	12	and	and	CCONJ
emaj-330	211	13	after	after	ADP
emaj-330	211	14	the	the	DET
emaj-330	211	15	date	date	NOUN
emaj-330	211	16	of	of	ADP
emaj-330	211	17	opening	open	VERB
emaj-330	211	18	the	the	DET
emaj-330	211	19	market	market	NOUN
emaj-330	211	20	to	to	ADP
emaj-330	211	21	foreign	foreign	ADJ
emaj-330	211	22	investors	investor	NOUN
emaj-330	211	23	.	.	PUNCT
emaj-330	212	1	for	for	ADP
emaj-330	212	2	example	example	NOUN
emaj-330	212	3	,	,	PUNCT
emaj-330	212	4	the	the	DET
emaj-330	212	5	null	null	ADJ
emaj-330	212	6	hypothesis	hypothesis	NOUN
emaj-330	212	7	is	be	AUX
emaj-330	212	8	rejected	reject	VERB
emaj-330	212	9	for	for	ADP
emaj-330	212	10	the	the	DET
emaj-330	212	11	market	market	NOUN
emaj-330	212	12	index	index	NOUN
emaj-330	212	13	in	in	ADP
emaj-330	212	14	three	three	NUM
emaj-330	212	15	out	out	ADP
emaj-330	212	16	of	of	ADP
emaj-330	212	17	the	the	DET
emaj-330	212	18	four	four	NUM
emaj-330	212	19	lags	lag	NOUN
emaj-330	212	20	in	in	ADP
emaj-330	212	21	the	the	DET
emaj-330	212	22	pre	pre	ADJ
emaj-330	212	23	-	-	ADJ
emaj-330	212	24	opening	opening	ADJ
emaj-330	212	25	period	period	NOUN
emaj-330	212	26	and	and	CCONJ
emaj-330	212	27	in	in	ADP
emaj-330	212	28	all	all	DET
emaj-330	212	29	lags	lag	NOUN
emaj-330	212	30	in	in	ADP
emaj-330	212	31	the	the	DET
emaj-330	212	32	postopening	postopening	NOUN
emaj-330	212	33	period	period	NOUN
emaj-330	212	34	,	,	PUNCT
emaj-330	212	35	suggesting	suggest	VERB
emaj-330	212	36	the	the	DET
emaj-330	212	37	change	change	NOUN
emaj-330	212	38	in	in	ADP
emaj-330	212	39	regulation	regulation	NOUN
emaj-330	212	40	did	do	AUX
emaj-330	212	41	not	not	PART
emaj-330	212	42	increase	increase	VERB
emaj-330	212	43	the	the	DET
emaj-330	212	44	informational	informational	ADJ
emaj-330	212	45	efficiency	efficiency	NOUN
emaj-330	212	46	of	of	ADP
emaj-330	212	47	the	the	DET
emaj-330	212	48	saudi	saudi	ADJ
emaj-330	212	49	stock	stock	NOUN
emaj-330	212	50	market	market	NOUN
emaj-330	212	51	.	.	PUNCT
emaj-330	213	1	this	this	DET
emaj-330	213	2	finding	finding	NOUN
emaj-330	213	3	is	be	AUX
emaj-330	213	4	consistent	consistent	ADJ
emaj-330	213	5	with	with	ADP
emaj-330	213	6	those	those	PRON
emaj-330	213	7	of	of	ADP
emaj-330	213	8	fuss	fuss	NOUN
emaj-330	213	9	(	(	PUNCT
emaj-330	213	10	2005	2005	NUM
emaj-330	213	11	)	)	PUNCT
emaj-330	213	12	and	and	CCONJ
emaj-330	213	13	ulici	ulici	NOUN
emaj-330	213	14	and	and	CCONJ
emaj-330	213	15	nistor	nistor	NOUN
emaj-330	213	16	(	(	PUNCT
emaj-330	213	17	2011	2011	NUM
emaj-330	213	18	)	)	PUNCT
emaj-330	213	19	who	who	PRON
emaj-330	213	20	found	find	VERB
emaj-330	213	21	that	that	SCONJ
emaj-330	213	22	the	the	DET
emaj-330	213	23	estimated	estimate	VERB
emaj-330	213	24	variance	variance	NOUN
emaj-330	213	25	ratio	ratio	NOUN
emaj-330	213	26	tests	test	NOUN
emaj-330	213	27	,	,	PUNCT
emaj-330	213	28	under	under	ADP
emaj-330	213	29	the	the	DET
emaj-330	213	30	assumption	assumption	NOUN
emaj-330	213	31	of	of	ADP
emaj-330	213	32	homoscedasticity	homoscedasticity	NOUN
emaj-330	213	33	,	,	PUNCT
emaj-330	213	34	were	be	AUX
emaj-330	213	35	statistically	statistically	ADV
emaj-330	213	36	significant	significant	ADJ
emaj-330	213	37	in	in	ADP
emaj-330	213	38	the	the	DET
emaj-330	213	39	pre	pre	ADJ
emaj-330	213	40	and	and	CCONJ
emaj-330	213	41	post	post	ADJ
emaj-330	213	42	-	-	ADJ
emaj-330	213	43	liberalisation	liberalisation	ADJ
emaj-330	213	44	periods	period	NOUN
emaj-330	213	45	for	for	ADP
emaj-330	213	46	the	the	DET
emaj-330	213	47	majority	majority	NOUN
emaj-330	213	48	of	of	ADP
emaj-330	213	49	their	their	PRON
emaj-330	213	50	sample	sample	NOUN
emaj-330	213	51	markets	market	NOUN
emaj-330	213	52	.	.	PUNCT
emaj-330	214	1	for	for	ADP
emaj-330	214	2	instance	instance	NOUN
emaj-330	214	3	,	,	PUNCT
emaj-330	214	4	fuss	fuss	NOUN
emaj-330	214	5	(	(	PUNCT
emaj-330	214	6	2005	2005	NUM
emaj-330	214	7	)	)	PUNCT
emaj-330	214	8	found	find	VERB
emaj-330	214	9	that	that	SCONJ
emaj-330	214	10	the	the	DET
emaj-330	214	11	random	random	ADJ
emaj-330	214	12	walk	walk	NOUN
emaj-330	214	13	hypothesis	hypothesis	NOUN
emaj-330	214	14	was	be	AUX
emaj-330	214	15	rejected	reject	VERB
emaj-330	214	16	before	before	ADP
emaj-330	214	17	and	and	CCONJ
emaj-330	214	18	after	after	ADP
emaj-330	214	19	stock	stock	NOUN
emaj-330	214	20	market	market	NOUN
emaj-330	214	21	liberalization	liberalization	NOUN
emaj-330	214	22	in	in	ADP
emaj-330	214	23	indonesia	indonesia	PROPN
emaj-330	214	24	,	,	PUNCT
emaj-330	214	25	the	the	DET
emaj-330	214	26	philippines	philippine	NOUN
emaj-330	214	27	,	,	PUNCT
emaj-330	214	28	taiwan	taiwan	PROPN
emaj-330	214	29	,	,	PUNCT
emaj-330	214	30	and	and	CCONJ
emaj-330	214	31	thailand	thailand	PROPN
emaj-330	214	32	;	;	PUNCT
emaj-330	214	33	the	the	DET
emaj-330	214	34	variance	variance	NOUN
emaj-330	214	35	ratios	ratio	VERB
emaj-330	214	36	for	for	ADP
emaj-330	214	37	all	all	DET
emaj-330	214	38	markets	market	NOUN
emaj-330	214	39	and	and	CCONJ
emaj-330	214	40	lags	lag	NOUN
emaj-330	214	41	were	be	AUX
emaj-330	214	42	significantly	significantly	ADV
emaj-330	214	43	different	different	ADJ
emaj-330	214	44	from	from	ADP
emaj-330	214	45	one	one	NUM
emaj-330	214	46	at	at	ADP
emaj-330	214	47	the	the	DET
emaj-330	214	48	five	five	NUM
emaj-330	214	49	per	per	NOUN
emaj-330	214	50	cent	cent	NOUN
emaj-330	214	51	level	level	NOUN
emaj-330	214	52	.	.	PUNCT
emaj-330	215	1	the	the	DET
emaj-330	215	2	evidence	evidence	NOUN
emaj-330	215	3	from	from	ADP
emaj-330	215	4	the	the	DET
emaj-330	215	5	company	company	NOUN
emaj-330	215	6	results	result	NOUN
emaj-330	215	7	of	of	ADP
emaj-330	215	8	𝑀1	𝑀1	NOUN
emaj-330	215	9	seem	seem	VERB
emaj-330	215	10	to	to	PART
emaj-330	215	11	support	support	VERB
emaj-330	215	12	this	this	DET
emaj-330	215	13	finding	finding	NOUN
emaj-330	215	14	;	;	PUNCT
emaj-330	215	15	the	the	DET
emaj-330	215	16	null	null	ADJ
emaj-330	215	17	hypothesis	hypothesis	NOUN
emaj-330	215	18	for	for	ADP
emaj-330	215	19	more	more	ADJ
emaj-330	215	20	than	than	ADP
emaj-330	215	21	half	half	NOUN
emaj-330	215	22	of	of	ADP
emaj-330	215	23	the	the	DET
emaj-330	215	24	companies	company	NOUN
emaj-330	215	25	is	be	AUX
emaj-330	215	26	rejected	reject	VERB
emaj-330	215	27	at	at	ADP
emaj-330	215	28	the	the	DET
emaj-330	215	29	five	five	NUM
emaj-330	215	30	per	per	NOUN
emaj-330	215	31	cent	cent	NOUN
emaj-330	215	32	level	level	NOUN
emaj-330	215	33	for	for	ADP
emaj-330	215	34	lags	lag	NOUN
emaj-330	215	35	2	2	NUM
emaj-330	215	36	and	and	CCONJ
emaj-330	215	37	4	4	NUM
emaj-330	215	38	in	in	ADP
emaj-330	215	39	both	both	DET
emaj-330	215	40	subperiods	subperiod	NOUN
emaj-330	215	41	.	.	PUNCT
emaj-330	216	1	for	for	ADP
emaj-330	216	2	instance	instance	NOUN
emaj-330	216	3	,	,	PUNCT
emaj-330	216	4	the	the	DET
emaj-330	216	5	variance	variance	NOUN
emaj-330	216	6	ratios	ratio	NOUN
emaj-330	216	7	for	for	ADP
emaj-330	216	8	lag	lag	NOUN
emaj-330	216	9	4	4	NUM
emaj-330	216	10	are	be	AUX
emaj-330	216	11	significantly	significantly	ADV
emaj-330	216	12	different	different	ADJ
emaj-330	216	13	from	from	ADP
emaj-330	216	14	one	one	NUM
emaj-330	216	15	at	at	ADP
emaj-330	216	16	the	the	DET
emaj-330	216	17	five	five	NUM
emaj-330	216	18	per	per	ADP
emaj-330	216	19	cent	cent	NOUN
emaj-330	216	20	level	level	NOUN
emaj-330	216	21	for	for	ADP
emaj-330	216	22	55.0	55.0	NUM
emaj-330	216	23	and	and	CCONJ
emaj-330	216	24	58.0	58.0	NUM
emaj-330	216	25	%	%	NOUN
emaj-330	216	26	of	of	ADP
emaj-330	216	27	the	the	DET
emaj-330	216	28	companies	company	NOUN
emaj-330	216	29	in	in	ADP
emaj-330	216	30	the	the	DET
emaj-330	216	31	preand	preand	NOUN
emaj-330	216	32	post	post	ADJ
emaj-330	216	33	-	-	ADJ
emaj-330	216	34	opening	opening	ADJ
emaj-330	216	35	periods	period	NOUN
emaj-330	216	36	,	,	PUNCT
emaj-330	216	37	respectively	respectively	ADV
emaj-330	216	38	.	.	PUNCT
emaj-330	217	1	thus	thus	ADV
emaj-330	217	2	,	,	PUNCT
emaj-330	217	3	these	these	DET
emaj-330	217	4	results	result	NOUN
emaj-330	217	5	indicate	indicate	VERB
emaj-330	217	6	that	that	SCONJ
emaj-330	217	7	the	the	DET
emaj-330	217	8	participation	participation	NOUN
emaj-330	217	9	of	of	ADP
emaj-330	217	10	international	international	ADJ
emaj-330	217	11	investors	investor	NOUN
emaj-330	217	12	in	in	ADP
emaj-330	217	13	the	the	DET
emaj-330	217	14	market	market	NOUN
emaj-330	217	15	appears	appear	VERB
emaj-330	217	16	to	to	PART
emaj-330	217	17	have	have	AUX
emaj-330	217	18	had	have	VERB
emaj-330	217	19	no	no	DET
emaj-330	217	20	impact	impact	NOUN
emaj-330	217	21	on	on	ADP
emaj-330	217	22	the	the	DET
emaj-330	217	23	efficiency	efficiency	NOUN
emaj-330	217	24	of	of	ADP
emaj-330	217	25	the	the	DET
emaj-330	217	26	saudi	saudi	ADJ
emaj-330	217	27	stock	stock	NOUN
emaj-330	217	28	market	market	NOUN
emaj-330	217	29	.	.	PUNCT
emaj-330	218	1	however	however	ADV
emaj-330	218	2	,	,	PUNCT
emaj-330	218	3	due	due	ADP
emaj-330	218	4	to	to	ADP
emaj-330	218	5	the	the	DET
emaj-330	218	6	time	time	NOUN
emaj-330	218	7	-	-	PUNCT
emaj-330	218	8	varying	vary	VERB
emaj-330	218	9	volatility	volatility	NOUN
emaj-330	218	10	that	that	PRON
emaj-330	218	11	usually	usually	ADV
emaj-330	218	12	characterizes	characterize	VERB
emaj-330	218	13	stock	stock	NOUN
emaj-330	218	14	market	market	NOUN
emaj-330	218	15	data	datum	NOUN
emaj-330	218	16	the	the	DET
emaj-330	218	17	above	above	ADJ
emaj-330	218	18	results	result	NOUN
emaj-330	218	19	may	may	AUX
emaj-330	218	20	not	not	PART
emaj-330	218	21	be	be	AUX
emaj-330	218	22	robust	robust	ADJ
emaj-330	218	23	.	.	PUNCT
emaj-330	219	1	the	the	DET
emaj-330	219	2	presence	presence	NOUN
emaj-330	219	3	of	of	ADP
emaj-330	219	4	heteroscedasticity	heteroscedasticity	NOUN
emaj-330	219	5	may	may	AUX
emaj-330	219	6	lead	lead	VERB
emaj-330	219	7	to	to	ADP
emaj-330	219	8	a	a	DET
emaj-330	219	9	higher	high	ADJ
emaj-330	219	10	rejection	rejection	NOUN
emaj-330	219	11	of	of	ADP
emaj-330	219	12	the	the	DET
emaj-330	219	13	random	random	ADJ
emaj-330	219	14	walk	walk	NOUN
emaj-330	219	15	hypothesis	hypothesis	NOUN
emaj-330	219	16	.	.	PUNCT
emaj-330	220	1	thus	thus	ADV
emaj-330	220	2	,	,	PUNCT
emaj-330	220	3	an	an	DET
emaj-330	220	4	inspection	inspection	NOUN
emaj-330	220	5	of	of	ADP
emaj-330	220	6	the	the	DET
emaj-330	220	7	𝑀2	𝑀2	NOUN
emaj-330	220	8	results	result	NOUN
emaj-330	220	9	is	be	AUX
emaj-330	220	10	necessary	necessary	ADJ
emaj-330	220	11	to	to	PART
emaj-330	220	12	make	make	VERB
emaj-330	220	13	inferences	inference	NOUN
emaj-330	220	14	about	about	ADP
emaj-330	220	15	the	the	DET
emaj-330	220	16	rwh	rwh	NOUN
emaj-330	220	17	and	and	CCONJ
emaj-330	220	18	market	market	NOUN
emaj-330	220	19	efficiency	efficiency	NOUN
emaj-330	220	20	.	.	PUNCT
emaj-330	221	1	in	in	ADP
emaj-330	221	2	general	general	ADJ
emaj-330	221	3	,	,	PUNCT
emaj-330	221	4	the	the	DET
emaj-330	221	5	𝑀2	𝑀2	PROPN
emaj-330	221	6	results	result	NOUN
emaj-330	221	7	show	show	VERB
emaj-330	221	8	fewer	few	ADJ
emaj-330	221	9	rejections	rejection	NOUN
emaj-330	221	10	of	of	ADP
emaj-330	221	11	the	the	DET
emaj-330	221	12	rwh	rwh	NOUN
emaj-330	221	13	for	for	ADP
emaj-330	221	14	the	the	DET
emaj-330	221	15	market	market	NOUN
emaj-330	221	16	index	index	NOUN
emaj-330	221	17	as	as	ADV
emaj-330	221	18	well	well	ADV
emaj-330	221	19	as	as	ADP
emaj-330	221	20	the	the	DET
emaj-330	221	21	sample	sample	NOUN
emaj-330	221	22	companies	company	NOUN
emaj-330	221	23	.	.	PUNCT
emaj-330	222	1	for	for	ADP
emaj-330	222	2	example	example	NOUN
emaj-330	222	3	,	,	PUNCT
emaj-330	222	4	the	the	DET
emaj-330	222	5	market	market	NOUN
emaj-330	222	6	index	index	NOUN
emaj-330	222	7	variance	variance	NOUN
emaj-330	222	8	ratios	ratio	NOUN
emaj-330	222	9	for	for	ADP
emaj-330	222	10	the	the	DET
emaj-330	222	11	full	full	ADJ
emaj-330	222	12	period	period	NOUN
emaj-330	222	13	are	be	AUX
emaj-330	222	14	larger	large	ADJ
emaj-330	222	15	than	than	ADP
emaj-330	222	16	one	one	NUM
emaj-330	222	17	for	for	ADP
emaj-330	222	18	three	three	NUM
emaj-330	222	19	lags	lag	NOUN
emaj-330	222	20	using	use	VERB
emaj-330	222	21	𝑀2	𝑀2	NOUN
emaj-330	222	22	,	,	PUNCT
emaj-330	222	23	as	as	SCONJ
emaj-330	222	24	opposed	oppose	VERB
emaj-330	222	25	to	to	ADP
emaj-330	222	26	four	four	NUM
emaj-330	222	27	lags	lag	NOUN
emaj-330	222	28	using	use	VERB
emaj-330	222	29	𝑀1	𝑀1	PRON
emaj-330	222	30	.	.	PUNCT
emaj-330	223	1	moreover	moreover	ADV
emaj-330	223	2	,	,	PUNCT
emaj-330	223	3	the	the	DET
emaj-330	223	4	magnitude	magnitude	NOUN
emaj-330	223	5	of	of	ADP
emaj-330	223	6	the	the	DET
emaj-330	223	7	𝑀2	𝑀2	PROPN
emaj-330	223	8	statistics	statistic	NOUN
emaj-330	223	9	are	be	AUX
emaj-330	223	10	smaller	small	ADJ
emaj-330	223	11	than	than	ADP
emaj-330	223	12	those	those	PRON
emaj-330	223	13	for	for	ADP
emaj-330	223	14	𝑀1	𝑀1	PROPN
emaj-330	223	15	.	.	PUNCT
emaj-330	224	1	they	they	PRON
emaj-330	224	2	range	range	VERB
emaj-330	224	3	from	from	ADP
emaj-330	224	4	1.26	1.26	NUM
emaj-330	224	5	to	to	ADP
emaj-330	224	6	2.96	2.96	NUM
emaj-330	224	7	,	,	PUNCT
emaj-330	224	8	while	while	SCONJ
emaj-330	224	9	the	the	DET
emaj-330	224	10	𝑀1	𝑀1	PROPN
emaj-330	224	11	statistics	statistics	PROPN
emaj-330	224	12	range	range	VERB
emaj-330	224	13	from	from	ADP
emaj-330	224	14	2.48	2.48	NUM
emaj-330	224	15	to	to	ADP
emaj-330	224	16	6.01	6.01	NUM
emaj-330	224	17	,	,	PUNCT
emaj-330	224	18	indicating	indicate	VERB
emaj-330	224	19	the	the	DET
emaj-330	224	20	significance	significance	NOUN
emaj-330	224	21	of	of	ADP
emaj-330	224	22	rejection	rejection	NOUN
emaj-330	224	23	is	be	AUX
emaj-330	224	24	weaker	weak	ADJ
emaj-330	224	25	for	for	ADP
emaj-330	224	26	𝑀2	𝑀2	NOUN
emaj-330	224	27	.	.	PUNCT
emaj-330	225	1	furthermore	furthermore	ADV
emaj-330	225	2	,	,	PUNCT
emaj-330	225	3	the	the	DET
emaj-330	225	4	results	result	NOUN
emaj-330	225	5	for	for	ADP
emaj-330	225	6	individual	individual	ADJ
emaj-330	225	7	firms	firm	NOUN
emaj-330	225	8	also	also	ADV
emaj-330	225	9	show	show	VERB
emaj-330	225	10	that	that	SCONJ
emaj-330	225	11	the	the	DET
emaj-330	225	12	rejection	rejection	NOUN
emaj-330	225	13	of	of	ADP
emaj-330	225	14	the	the	DET
emaj-330	225	15	null	null	ADJ
emaj-330	225	16	hypothesis	hypothesis	NOUN
emaj-330	225	17	of	of	ADP
emaj-330	225	18	a	a	DET
emaj-330	225	19	random	random	ADJ
emaj-330	225	20	walk	walk	NOUN
emaj-330	225	21	for	for	ADP
emaj-330	225	22	some	some	DET
emaj-330	225	23	firms	firm	NOUN
emaj-330	225	24	is	be	AUX
emaj-330	225	25	not	not	PART
emaj-330	225	26	robust	robust	ADJ
emaj-330	225	27	to	to	ADP
emaj-330	225	28	heteroscedasticity	heteroscedasticity	NOUN
emaj-330	225	29	.	.	PUNCT
emaj-330	226	1	for	for	ADP
emaj-330	226	2	instance	instance	NOUN
emaj-330	226	3	,	,	PUNCT
emaj-330	226	4	the	the	DET
emaj-330	226	5	percentage	percentage	NOUN
emaj-330	226	6	of	of	ADP
emaj-330	226	7	companies	company	NOUN
emaj-330	226	8	that	that	PRON
emaj-330	226	9	rejected	reject	VERB
emaj-330	226	10	the	the	DET
emaj-330	226	11	null	null	ADJ
emaj-330	226	12	hypothesis	hypothesis	NOUN
emaj-330	226	13	for	for	ADP
emaj-330	226	14	lag	lag	NOUN
emaj-330	226	15	2	2	NUM
emaj-330	226	16	at	at	ADP
emaj-330	226	17	the	the	DET
emaj-330	226	18	five	five	NUM
emaj-330	226	19	per	per	NOUN
emaj-330	226	20	cent	cent	NOUN
emaj-330	226	21	level	level	NOUN
emaj-330	226	22	decreases	decrease	VERB
emaj-330	226	23	from	from	ADP
emaj-330	226	24	84.0	84.0	NUM
emaj-330	226	25	%	%	NOUN
emaj-330	226	26	for	for	ADP
emaj-330	226	27	𝑀1	𝑀1	PROPN
emaj-330	226	28	to	to	ADP
emaj-330	226	29	48.0	48.0	NUM
emaj-330	226	30	%	%	NOUN
emaj-330	226	31	for	for	ADP
emaj-330	226	32	𝑀2	𝑀2	NOUN
emaj-330	226	33	.	.	PUNCT
emaj-330	227	1	however	however	ADV
emaj-330	227	2	,	,	PUNCT
emaj-330	227	3	although	although	SCONJ
emaj-330	227	4	these	these	DET
emaj-330	227	5	findings	finding	NOUN
emaj-330	227	6	for	for	ADP
emaj-330	227	7	the	the	DET
emaj-330	227	8	entire	entire	ADJ
emaj-330	227	9	period	period	NOUN
emaj-330	227	10	indicate	indicate	VERB
emaj-330	227	11	that	that	SCONJ
emaj-330	227	12	some	some	PRON
emaj-330	227	13	of	of	ADP
emaj-330	227	14	the	the	DET
emaj-330	227	15	rejections	rejection	NOUN
emaj-330	227	16	of	of	ADP
emaj-330	227	17	the	the	DET
emaj-330	227	18	rwh	rwh	NOUN
emaj-330	227	19	were	be	AUX
emaj-330	227	20	due	due	ADJ
emaj-330	227	21	to	to	ADP
emaj-330	227	22	changing	change	VERB
emaj-330	227	23	variances	variance	NOUN
emaj-330	227	24	(	(	PUNCT
emaj-330	227	25	heteroscedasticity	heteroscedasticity	NOUN
emaj-330	227	26	)	)	PUNCT
emaj-330	227	27	rather	rather	ADV
emaj-330	227	28	than	than	ADP
emaj-330	227	29	autocorrelation	autocorrelation	NOUN
emaj-330	227	30	,	,	PUNCT
emaj-330	227	31	support	support	NOUN
emaj-330	227	32	for	for	ADP
emaj-330	227	33	weak	weak	ADJ
emaj-330	227	34	form	form	NOUN
emaj-330	227	35	inefficiency	inefficiency	NOUN
emaj-330	227	36	is	be	AUX
emaj-330	227	37	still	still	ADV
emaj-330	227	38	strong	strong	ADJ
emaj-330	227	39	.	.	PUNCT
emaj-330	228	1	although	although	SCONJ
emaj-330	228	2	this	this	DET
emaj-330	228	3	study	study	NOUN
emaj-330	228	4	employs	employ	VERB
emaj-330	228	5	higher	high	ADJ
emaj-330	228	6	frequency	frequency	NOUN
emaj-330	228	7	data	datum	NOUN
emaj-330	228	8	than	than	ADP
emaj-330	228	9	that	that	PRON
emaj-330	228	10	of	of	ADP
emaj-330	228	11	previous	previous	ADJ
emaj-330	228	12	studies	study	NOUN
emaj-330	228	13	,	,	PUNCT
emaj-330	228	14	and	and	CCONJ
emaj-330	228	15	covers	cover	VERB
emaj-330	228	16	a	a	DET
emaj-330	228	17	period	period	NOUN
emaj-330	228	18	where	where	SCONJ
emaj-330	228	19	the	the	DET
emaj-330	228	20	saudi	saudi	ADJ
emaj-330	228	21	stock	stock	NOUN
emaj-330	228	22	market	market	NOUN
emaj-330	228	23	was	be	AUX
emaj-330	228	24	characterized	characterize	VERB
emaj-330	228	25	as	as	ADP
emaj-330	228	26	a	a	DET
emaj-330	228	27	liquid	liquid	ADJ
emaj-330	228	28	market	market	NOUN
emaj-330	228	29	,	,	PUNCT
emaj-330	228	30	the	the	DET
emaj-330	228	31	results	result	NOUN
emaj-330	228	32	are	be	AUX
emaj-330	228	33	in	in	ADP
emaj-330	228	34	line	line	NOUN
emaj-330	228	35	with	with	ADP
emaj-330	228	36	those	those	PRON
emaj-330	228	37	reported	report	VERB
emaj-330	228	38	by	by	ADP
emaj-330	228	39	abraham	abraham	PROPN
emaj-330	228	40	et	et	PROPN
emaj-330	228	41	.	.	PUNCT
emaj-330	229	1	al	al	PROPN
emaj-330	229	2	.	.	PROPN
emaj-330	230	1	(	(	PUNCT
emaj-330	230	2	2002	2002	NUM
emaj-330	230	3	)	)	PUNCT
emaj-330	230	4	and	and	CCONJ
emaj-330	230	5	alkhazali	alkhazali	PROPN
emaj-330	230	6	(	(	PUNCT
emaj-330	230	7	2011	2011	NUM
emaj-330	230	8	)	)	PUNCT
emaj-330	230	9	.	.	PUNCT
emaj-330	231	1	one	one	NUM
emaj-330	231	2	5	5	NUM
emaj-330	231	3	as	as	ADP
emaj-330	231	4	of	of	ADP
emaj-330	231	5	december	december	PROPN
emaj-330	231	6	2017	2017	NUM
emaj-330	231	7	,	,	PUNCT
emaj-330	231	8	there	there	PRON
emaj-330	231	9	was	be	VERB
emaj-330	231	10	a	a	DET
emaj-330	231	11	total	total	NOUN
emaj-330	231	12	of	of	ADP
emaj-330	231	13	179	179	NUM
emaj-330	231	14	companies	company	NOUN
emaj-330	231	15	listed	list	VERB
emaj-330	231	16	on	on	ADP
emaj-330	231	17	the	the	DET
emaj-330	231	18	saudi	saudi	ADJ
emaj-330	231	19	stock	stock	NOUN
emaj-330	231	20	.	.	PUNCT
emaj-330	232	1	the	the	DET
emaj-330	232	2	market	market	NOUN
emaj-330	232	3	capitalization	capitalization	NOUN
emaj-330	232	4	was	be	AUX
emaj-330	232	5	below	below	ADP
emaj-330	232	6	$	$	SYM
emaj-330	232	7	500	500	NUM
emaj-330	232	8	million	million	NUM
emaj-330	232	9	for	for	ADP
emaj-330	232	10	58.1	58.1	NUM
emaj-330	232	11	%	%	NOUN
emaj-330	232	12	of	of	ADP
emaj-330	232	13	these	these	DET
emaj-330	232	14	companies	company	NOUN
emaj-330	232	15	,	,	PUNCT
emaj-330	232	16	possible	possible	ADJ
emaj-330	232	17	reason	reason	NOUN
emaj-330	232	18	for	for	ADP
emaj-330	232	19	the	the	DET
emaj-330	232	20	positive	positive	ADJ
emaj-330	232	21	autocorrelation	autocorrelation	NOUN
emaj-330	232	22	can	can	AUX
emaj-330	232	23	be	be	AUX
emaj-330	232	24	attributed	attribute	VERB
emaj-330	232	25	to	to	ADP
emaj-330	232	26	the	the	DET
emaj-330	232	27	gradual	gradual	ADJ
emaj-330	232	28	information	information	NOUN
emaj-330	232	29	diffusion	diffusion	NOUN
emaj-330	232	30	process	process	NOUN
emaj-330	232	31	in	in	ADP
emaj-330	232	32	small	small	ADJ
emaj-330	232	33	firms	firm	NOUN
emaj-330	232	34	.	.	PUNCT
emaj-330	233	1	small	small	ADJ
emaj-330	233	2	-	-	PUNCT
emaj-330	233	3	capitalised	capitalise	VERB
emaj-330	233	4	firms	firm	NOUN
emaj-330	233	5	tend	tend	VERB
emaj-330	233	6	to	to	PART
emaj-330	233	7	trade	trade	VERB
emaj-330	233	8	less	less	ADV
emaj-330	233	9	frequently	frequently	ADV
emaj-330	233	10	traded	trade	VERB
emaj-330	233	11	than	than	ADP
emaj-330	233	12	large	large	ADJ
emaj-330	233	13	capitalized	capitalize	VERB
emaj-330	233	14	firms	firm	NOUN
emaj-330	233	15	.	.	PUNCT
emaj-330	234	1	they	they	PRON
emaj-330	234	2	also	also	ADV
emaj-330	234	3	tend	tend	VERB
emaj-330	234	4	to	to	PART
emaj-330	234	5	have	have	VERB
emaj-330	234	6	lower	low	ADJ
emaj-330	234	7	analyst	analyst	NOUN
emaj-330	234	8	coverage	coverage	NOUN
emaj-330	234	9	(	(	PUNCT
emaj-330	234	10	hong	hong	PROPN
emaj-330	234	11	et	et	PROPN
emaj-330	234	12	.	.	PUNCT
emaj-330	235	1	al	al	PROPN
emaj-330	235	2	.	.	PROPN
emaj-330	235	3	,	,	PUNCT
emaj-330	235	4	2000	2000	NUM
emaj-330	235	5	)	)	PUNCT
emaj-330	235	6	.	.	PUNCT
emaj-330	236	1	this	this	PRON
emaj-330	236	2	,	,	PUNCT
emaj-330	236	3	in	in	ADP
emaj-330	236	4	turn	turn	NOUN
emaj-330	236	5	,	,	PUNCT
emaj-330	236	6	means	mean	VERB
emaj-330	236	7	information	information	NOUN
emaj-330	236	8	is	be	AUX
emaj-330	236	9	incorporated	incorporate	VERB
emaj-330	236	10	into	into	ADP
emaj-330	236	11	the	the	DET
emaj-330	236	12	share	share	NOUN
emaj-330	236	13	prices	price	NOUN
emaj-330	236	14	of	of	ADP
emaj-330	236	15	small	small	ADJ
emaj-330	236	16	firms	firm	NOUN
emaj-330	236	17	at	at	ADP
emaj-330	236	18	a	a	DET
emaj-330	236	19	slower	slow	ADJ
emaj-330	236	20	speed	speed	NOUN
emaj-330	236	21	.	.	PUNCT
emaj-330	237	1	this	this	DET
emaj-330	237	2	slow	slow	ADJ
emaj-330	237	3	incorporation	incorporation	NOUN
emaj-330	237	4	of	of	ADP
emaj-330	237	5	information	information	NOUN
emaj-330	237	6	for	for	ADP
emaj-330	237	7	some	some	DET
emaj-330	237	8	small	small	ADJ
emaj-330	237	9	firms	firm	NOUN
emaj-330	237	10	causes	cause	VERB
emaj-330	237	11	positive	positive	ADJ
emaj-330	237	12	autocorrelation	autocorrelation	NOUN
emaj-330	237	13	in	in	ADP
emaj-330	237	14	the	the	DET
emaj-330	237	15	market	market	NOUN
emaj-330	237	16	index5	index5	NOUN
emaj-330	237	17	.	.	PUNCT
emaj-330	238	1	however	however	ADV
emaj-330	238	2	,	,	PUNCT
emaj-330	238	3	the	the	DET
emaj-330	238	4	𝑀2	𝑀2	PROPN
emaj-330	238	5	results	result	VERB
emaj-330	238	6	for	for	SCONJ
emaj-330	238	7	the	the	DET
emaj-330	238	8	preand	preand	NOUN
emaj-330	238	9	postopening	postopening	NOUN
emaj-330	238	10	periods	period	NOUN
emaj-330	238	11	reveal	reveal	VERB
emaj-330	238	12	a	a	DET
emaj-330	238	13	different	different	ADJ
emaj-330	238	14	picture	picture	NOUN
emaj-330	238	15	as	as	SCONJ
emaj-330	238	16	compared	compare	VERB
emaj-330	238	17	to	to	ADP
emaj-330	238	18	that	that	PRON
emaj-330	238	19	given	give	VERB
emaj-330	238	20	by	by	ADP
emaj-330	238	21	the	the	DET
emaj-330	238	22	𝑀1	𝑀1	NOUN
emaj-330	238	23	results	result	NOUN
emaj-330	238	24	.	.	PUNCT
emaj-330	239	1	the	the	DET
emaj-330	239	2	𝑀2	𝑀2	PROPN
emaj-330	239	3	results	result	NOUN
emaj-330	239	4	show	show	VERB
emaj-330	239	5	that	that	SCONJ
emaj-330	239	6	most	most	ADJ
emaj-330	239	7	of	of	ADP
emaj-330	239	8	the	the	DET
emaj-330	239	9	variance	variance	NOUN
emaj-330	239	10	ratio	ratio	NOUN
emaj-330	239	11	tests	test	NOUN
emaj-330	239	12	fail	fail	VERB
emaj-330	239	13	to	to	PART
emaj-330	239	14	reject	reject	VERB
emaj-330	239	15	the	the	DET
emaj-330	239	16	random	random	ADJ
emaj-330	239	17	walk	walk	NOUN
emaj-330	239	18	hypothesis	hypothesis	NOUN
emaj-330	239	19	after	after	ADP
emaj-330	239	20	the	the	DET
emaj-330	239	21	change	change	NOUN
emaj-330	239	22	in	in	ADP
emaj-330	239	23	regulation	regulation	NOUN
emaj-330	239	24	.	.	PUNCT
emaj-330	240	1	the	the	DET
emaj-330	240	2	market	market	NOUN
emaj-330	240	3	index	index	NOUN
emaj-330	240	4	variance	variance	NOUN
emaj-330	240	5	ratios	ratio	NOUN
emaj-330	240	6	are	be	AUX
emaj-330	240	7	significantly	significantly	ADV
emaj-330	240	8	larger	large	ADJ
emaj-330	240	9	than	than	ADP
emaj-330	240	10	one	one	NUM
emaj-330	240	11	at	at	ADP
emaj-330	240	12	two	two	NUM
emaj-330	240	13	lags	lag	NOUN
emaj-330	240	14	for	for	ADP
emaj-330	240	15	the	the	DET
emaj-330	240	16	pre	pre	NOUN
emaj-330	240	17	-	-	NOUN
emaj-330	240	18	period	period	NOUN
emaj-330	240	19	,	,	PUNCT
emaj-330	240	20	while	while	SCONJ
emaj-330	240	21	they	they	PRON
emaj-330	240	22	are	be	AUX
emaj-330	240	23	larger	large	ADJ
emaj-330	240	24	than	than	ADP
emaj-330	240	25	one	one	NUM
emaj-330	240	26	at	at	ADP
emaj-330	240	27	only	only	ADV
emaj-330	240	28	one	one	NUM
emaj-330	240	29	lag	lag	NOUN
emaj-330	240	30	for	for	ADP
emaj-330	240	31	the	the	DET
emaj-330	240	32	post	post	NOUN
emaj-330	240	33	-	-	NOUN
emaj-330	240	34	period	period	NOUN
emaj-330	240	35	.	.	PUNCT
emaj-330	241	1	in	in	ADP
emaj-330	241	2	addition	addition	NOUN
emaj-330	241	3	,	,	PUNCT
emaj-330	241	4	the	the	DET
emaj-330	241	5	variance	variance	NOUN
emaj-330	241	6	ratios	ratio	NOUN
emaj-330	241	7	of	of	ADP
emaj-330	241	8	the	the	DET
emaj-330	241	9	individual	individual	ADJ
emaj-330	241	10	companies	company	NOUN
emaj-330	241	11	at	at	ADP
emaj-330	241	12	lag	lag	NOUN
emaj-330	241	13	2	2	NUM
emaj-330	241	14	reject	reject	VERB
emaj-330	241	15	the	the	DET
emaj-330	241	16	rwh	rwh	NOUN
emaj-330	241	17	at	at	ADP
emaj-330	241	18	the	the	DET
emaj-330	241	19	five	five	NUM
emaj-330	241	20	per	per	NOUN
emaj-330	241	21	cent	cent	NOUN
emaj-330	241	22	level	level	NOUN
emaj-330	241	23	in	in	ADP
emaj-330	241	24	only	only	ADV
emaj-330	241	25	22.0	22.0	NUM
emaj-330	241	26	%	%	NOUN
emaj-330	241	27	of	of	ADP
emaj-330	241	28	the	the	DET
emaj-330	241	29	companies	company	NOUN
emaj-330	241	30	for	for	ADP
emaj-330	241	31	the	the	DET
emaj-330	241	32	post	post	NOUN
emaj-330	241	33	-	-	NOUN
emaj-330	241	34	period	period	NOUN
emaj-330	241	35	,	,	PUNCT
emaj-330	241	36	as	as	SCONJ
emaj-330	241	37	opposed	oppose	VERB
emaj-330	241	38	to	to	ADP
emaj-330	241	39	35.0	35.0	NUM
emaj-330	241	40	%	%	NOUN
emaj-330	241	41	for	for	ADP
emaj-330	241	42	the	the	DET
emaj-330	241	43	pre	pre	NOUN
emaj-330	241	44	-	-	NOUN
emaj-330	241	45	period	period	NOUN
emaj-330	241	46	.	.	PUNCT
emaj-330	242	1	this	this	DET
emaj-330	242	2	result	result	NOUN
emaj-330	242	3	indicates	indicate	VERB
emaj-330	242	4	that	that	SCONJ
emaj-330	242	5	opening	open	VERB
emaj-330	242	6	the	the	DET
emaj-330	242	7	market	market	NOUN
emaj-330	242	8	to	to	ADP
emaj-330	242	9	foreign	foreign	ADJ
emaj-330	242	10	institutional	institutional	ADJ
emaj-330	242	11	investors	investor	NOUN
emaj-330	242	12	has	have	AUX
emaj-330	242	13	positively	positively	ADV
emaj-330	242	14	impacted	impact	VERB
emaj-330	242	15	the	the	DET
emaj-330	242	16	efficiency	efficiency	NOUN
emaj-330	242	17	of	of	ADP
emaj-330	242	18	the	the	DET
emaj-330	242	19	saudi	saudi	ADJ
emaj-330	242	20	stock	stock	NOUN
emaj-330	242	21	market	market	NOUN
emaj-330	242	22	,	,	PUNCT
emaj-330	242	23	providing	provide	VERB
emaj-330	242	24	some	some	DET
emaj-330	242	25	support	support	NOUN
emaj-330	242	26	to	to	ADP
emaj-330	242	27	the	the	DET
emaj-330	242	28	findings	finding	NOUN
emaj-330	242	29	of	of	ADP
emaj-330	242	30	kim	kim	PROPN
emaj-330	242	31	and	and	CCONJ
emaj-330	242	32	singal	singal	PROPN
emaj-330	242	33	(	(	PUNCT
emaj-330	242	34	2000	2000	NUM
emaj-330	242	35	)	)	PUNCT
emaj-330	242	36	and	and	CCONJ
emaj-330	242	37	fuss	fuss	NOUN
emaj-330	242	38	(	(	PUNCT
emaj-330	242	39	2005	2005	NUM
emaj-330	242	40	)	)	PUNCT
emaj-330	242	41	.	.	PUNCT
emaj-330	243	1	laopodis	laopodis	PROPN
emaj-330	243	2	(	(	PUNCT
emaj-330	243	3	2004	2004	NUM
emaj-330	243	4	)	)	PUNCT
emaj-330	243	5	also	also	ADV
emaj-330	243	6	used	use	VERB
emaj-330	243	7	the	the	DET
emaj-330	243	8	lo	lo	NOUN
emaj-330	243	9	-	-	PUNCT
emaj-330	243	10	mackinlay	mackinlay	NOUN
emaj-330	243	11	heteroscedastic	heteroscedastic	ADJ
emaj-330	243	12	variance	variance	NOUN
emaj-330	243	13	ratio	ratio	NOUN
emaj-330	243	14	test	test	NOUN
emaj-330	243	15	to	to	PART
emaj-330	243	16	investigate	investigate	VERB
emaj-330	243	17	how	how	SCONJ
emaj-330	243	18	the	the	DET
emaj-330	243	19	greek	greek	ADJ
emaj-330	243	20	stock	stock	NOUN
emaj-330	243	21	market	market	NOUN
emaj-330	243	22	behaved	behave	VERB
emaj-330	243	23	after	after	ADP
emaj-330	243	24	liberalization	liberalization	NOUN
emaj-330	243	25	,	,	PUNCT
emaj-330	243	26	but	but	CCONJ
emaj-330	243	27	he	he	PRON
emaj-330	243	28	documented	document	VERB
emaj-330	243	29	results	result	NOUN
emaj-330	243	30	that	that	PRON
emaj-330	243	31	are	be	AUX
emaj-330	243	32	inconsistent	inconsistent	ADJ
emaj-330	243	33	with	with	ADP
emaj-330	243	34	those	those	PRON
emaj-330	243	35	reported	report	VERB
emaj-330	243	36	here	here	ADV
emaj-330	243	37	.	.	PUNCT
emaj-330	244	1	that	that	PRON
emaj-330	244	2	is	be	AUX
emaj-330	244	3	,	,	PUNCT
emaj-330	244	4	laopodis	laopodis	PROPN
emaj-330	244	5	(	(	PUNCT
emaj-330	244	6	2004	2004	NUM
emaj-330	244	7	)	)	PUNCT
emaj-330	244	8	found	find	VERB
emaj-330	244	9	that	that	SCONJ
emaj-330	244	10	the	the	DET
emaj-330	244	11	greek	greek	ADJ
emaj-330	244	12	stock	stock	NOUN
emaj-330	244	13	market	market	NOUN
emaj-330	244	14	was	be	AUX
emaj-330	244	15	efficient	efficient	ADJ
emaj-330	244	16	before	before	ADV
emaj-330	244	17	and	and	CCONJ
emaj-330	244	18	after	after	ADP
emaj-330	244	19	allowing	allow	VERB
emaj-330	244	20	for	for	ADP
emaj-330	244	21	the	the	DET
emaj-330	244	22	participation	participation	NOUN
emaj-330	244	23	of	of	ADP
emaj-330	244	24	foreign	foreign	ADJ
emaj-330	244	25	investors	investor	NOUN
emaj-330	244	26	.	.	PUNCT
emaj-330	245	1	nonparametric	nonparametric	ADJ
emaj-330	245	2	variance	variance	PROPN
emaj-330	245	3	ratio	ratio	PROPN
emaj-330	245	4	test	test	NOUN
emaj-330	245	5	parametric	parametric	NOUN
emaj-330	245	6	techniques	technique	NOUN
emaj-330	245	7	employed	employ	VERB
emaj-330	245	8	to	to	PART
emaj-330	245	9	test	test	VERB
emaj-330	245	10	the	the	DET
emaj-330	245	11	random	random	ADJ
emaj-330	245	12	walk	walk	NOUN
emaj-330	245	13	hypothesis	hypothesis	NOUN
emaj-330	245	14	require	require	VERB
emaj-330	245	15	stock	stock	NOUN
emaj-330	245	16	returns	return	NOUN
emaj-330	245	17	to	to	PART
emaj-330	245	18	be	be	AUX
emaj-330	245	19	normally	normally	ADV
emaj-330	245	20	distributed	distribute	VERB
emaj-330	245	21	.	.	PUNCT
emaj-330	246	1	thus	thus	ADV
emaj-330	246	2	,	,	PUNCT
emaj-330	246	3	using	use	VERB
emaj-330	246	4	the	the	DET
emaj-330	246	5	parametric	parametric	ADJ
emaj-330	246	6	lomackinlay	lomackinlay	PROPN
emaj-330	246	7	variance	variance	NOUN
emaj-330	246	8	ratio	ratio	NOUN
emaj-330	246	9	test	test	NOUN
emaj-330	246	10	to	to	PART
emaj-330	246	11	examine	examine	VERB
emaj-330	246	12	the	the	DET
emaj-330	246	13	random	random	ADJ
emaj-330	246	14	walk	walk	NOUN
emaj-330	246	15	behavior	behavior	NOUN
emaj-330	246	16	of	of	ADP
emaj-330	246	17	the	the	DET
emaj-330	246	18	saudi	saudi	ADJ
emaj-330	246	19	stock	stock	NOUN
emaj-330	246	20	market	market	NOUN
emaj-330	246	21	suffers	suffer	VERB
emaj-330	246	22	from	from	ADP
emaj-330	246	23	a	a	DET
emaj-330	246	24	critical	critical	ADJ
emaj-330	246	25	limitation	limitation	NOUN
emaj-330	246	26	.	.	PUNCT
emaj-330	247	1	as	as	SCONJ
emaj-330	247	2	reported	report	VERB
emaj-330	247	3	in	in	ADP
emaj-330	247	4	section	section	NOUN
emaj-330	247	5	3	3	NUM
emaj-330	247	6	,	,	PUNCT
emaj-330	247	7	the	the	DET
emaj-330	247	8	returns	return	NOUN
emaj-330	247	9	of	of	ADP
emaj-330	247	10	the	the	DET
emaj-330	247	11	saudi	saudi	ADJ
emaj-330	247	12	stock	stock	NOUN
emaj-330	247	13	market	market	NOUN
emaj-330	247	14	are	be	AUX
emaj-330	247	15	not	not	PART
emaj-330	247	16	normally	normally	ADV
emaj-330	247	17	distributed	distribute	VERB
emaj-330	247	18	.	.	PUNCT
emaj-330	248	1	to	to	PART
emaj-330	248	2	overcome	overcome	VERB
emaj-330	248	3	this	this	DET
emaj-330	248	4	limitation	limitation	NOUN
emaj-330	248	5	,	,	PUNCT
emaj-330	248	6	the	the	DET
emaj-330	248	7	nonparametric	nonparametric	PROPN
emaj-330	248	8	wright	wright	PROPN
emaj-330	248	9	’s	’s	PART
emaj-330	248	10	rank	rank	NOUN
emaj-330	248	11	and	and	CCONJ
emaj-330	248	12	sign	sign	VERB
emaj-330	248	13	variance	variance	NOUN
emaj-330	248	14	ratio	ratio	NOUN
emaj-330	248	15	tests	test	NOUN
emaj-330	248	16	,	,	PUNCT
emaj-330	248	17	which	which	PRON
emaj-330	248	18	are	be	AUX
emaj-330	248	19	robust	robust	ADJ
emaj-330	248	20	to	to	ADP
emaj-330	248	21	the	the	DET
emaj-330	248	22	violation	violation	NOUN
emaj-330	248	23	of	of	ADP
emaj-330	248	24	the	the	DET
emaj-330	248	25	normality	normality	NOUN
emaj-330	248	26	assumption	assumption	NOUN
emaj-330	248	27	,	,	PUNCT
emaj-330	248	28	were	be	AUX
emaj-330	248	29	conducted	conduct	VERB
emaj-330	248	30	.	.	PUNCT
emaj-330	249	1	the	the	DET
emaj-330	249	2	results	result	NOUN
emaj-330	249	3	of	of	ADP
emaj-330	249	4	these	these	DET
emaj-330	249	5	tests	test	NOUN
emaj-330	249	6	are	be	AUX
emaj-330	249	7	reported	report	VERB
emaj-330	249	8	in	in	ADP
emaj-330	249	9	tables	table	NOUN
emaj-330	249	10	4	4	NUM
emaj-330	249	11	and	and	CCONJ
emaj-330	249	12	5	5	NUM
emaj-330	249	13	.	.	PUNCT
emaj-330	249	14	specifically	specifically	ADV
emaj-330	249	15	,	,	PUNCT
emaj-330	249	16	table	table	NOUN
emaj-330	249	17	4	4	NUM
emaj-330	249	18	shows	show	VERB
emaj-330	249	19	the	the	DET
emaj-330	249	20	estimates	estimate	NOUN
emaj-330	249	21	of	of	ADP
emaj-330	249	22	the	the	DET
emaj-330	249	23	variance	variance	NOUN
emaj-330	249	24	ratios	ratio	NOUN
emaj-330	249	25	and	and	CCONJ
emaj-330	249	26	their	their	PRON
emaj-330	249	27	associated	associate	VERB
emaj-330	249	28	tests	test	NOUN
emaj-330	249	29	statistics	statistic	NOUN
emaj-330	249	30	,	,	PUNCT
emaj-330	249	31	𝑅1	𝑅1	PROPN
emaj-330	249	32	,	,	PUNCT
emaj-330	249	33	𝑅2	𝑅2	NOUN
emaj-330	249	34	and	and	CCONJ
emaj-330	249	35	𝑆1	𝑆1	NOUN
emaj-330	249	36	,	,	PUNCT
emaj-330	249	37	for	for	ADP
emaj-330	249	38	the	the	DET
emaj-330	249	39	market	market	NOUN
emaj-330	249	40	index	index	NOUN
emaj-330	249	41	,	,	PUNCT
emaj-330	249	42	while	while	SCONJ
emaj-330	249	43	table	table	NOUN
emaj-330	249	44	5	5	NUM
emaj-330	249	45	displays	display	VERB
emaj-330	249	46	the	the	DET
emaj-330	249	47	percentage	percentage	NOUN
emaj-330	249	48	of	of	ADP
emaj-330	249	49	companies	company	NOUN
emaj-330	249	50	where	where	SCONJ
emaj-330	249	51	the	the	DET
emaj-330	249	52	null	null	ADJ
emaj-330	249	53	hypothesis	hypothesis	NOUN
emaj-330	249	54	of	of	ADP
emaj-330	249	55	a	a	DET
emaj-330	249	56	random	random	ADJ
emaj-330	249	57	walk	walk	NOUN
emaj-330	249	58	at	at	ADP
emaj-330	249	59	three	three	NUM
emaj-330	249	60	different	different	ADJ
emaj-330	249	61	levels	level	NOUN
emaj-330	249	62	of	of	ADP
emaj-330	249	63	significance	significance	NOUN
emaj-330	249	64	are	be	AUX
emaj-330	249	65	rejected	reject	VERB
emaj-330	249	66	.	.	PUNCT
emaj-330	250	1	an	an	DET
emaj-330	250	2	inspection	inspection	NOUN
emaj-330	250	3	of	of	ADP
emaj-330	250	4	the	the	DET
emaj-330	250	5	tables	table	NOUN
emaj-330	250	6	reveals	reveal	VERB
emaj-330	250	7	a	a	DET
emaj-330	250	8	number	number	NOUN
emaj-330	250	9	of	of	ADP
emaj-330	250	10	points	point	NOUN
emaj-330	250	11	.	.	PUNCT
emaj-330	251	1	first	first	ADV
emaj-330	251	2	,	,	PUNCT
emaj-330	251	3	stock	stock	NOUN
emaj-330	251	4	returns	return	NOUN
emaj-330	251	5	in	in	ADP
emaj-330	251	6	the	the	DET
emaj-330	251	7	full	full	ADJ
emaj-330	251	8	period	period	NOUN
emaj-330	251	9	do	do	AUX
emaj-330	251	10	not	not	PART
emaj-330	251	11	follow	follow	VERB
emaj-330	251	12	a	a	DET
emaj-330	251	13	random	random	ADJ
emaj-330	251	14	walk	walk	NOUN
emaj-330	251	15	as	as	SCONJ
emaj-330	251	16	the	the	DET
emaj-330	251	17	market	market	NOUN
emaj-330	251	18	index	index	NOUN
emaj-330	251	19	variance	variance	NOUN
emaj-330	251	20	ratios	ratio	NOUN
emaj-330	251	21	are	be	AUX
emaj-330	251	22	significantly	significantly	ADV
emaj-330	251	23	larger	large	ADJ
emaj-330	251	24	than	than	ADP
emaj-330	251	25	one	one	NUM
emaj-330	251	26	for	for	ADP
emaj-330	251	27	all	all	DET
emaj-330	251	28	test	test	NOUN
emaj-330	251	29	statistics	statistic	NOUN
emaj-330	251	30	considered	consider	VERB
emaj-330	251	31	and	and	CCONJ
emaj-330	251	32	at	at	ADP
emaj-330	251	33	all	all	PRON
emaj-330	251	34	lags	lag	NOUN
emaj-330	251	35	selected	select	VERB
emaj-330	251	36	.	.	PUNCT
emaj-330	252	1	the	the	DET
emaj-330	252	2	variance	variance	NOUN
emaj-330	252	3	ratios	ratio	NOUN
emaj-330	252	4	for	for	ADP
emaj-330	252	5	the	the	DET
emaj-330	252	6	full	full	ADJ
emaj-330	252	7	period	period	NOUN
emaj-330	252	8	range	range	NOUN
emaj-330	252	9	from	from	ADP
emaj-330	252	10	1.07	1.07	NUM
emaj-330	252	11	to	to	ADP
emaj-330	252	12	1.26	1.26	NUM
emaj-330	252	13	,	,	PUNCT
emaj-330	252	14	while	while	SCONJ
emaj-330	252	15	their	their	PRON
emaj-330	252	16	corresponding	correspond	VERB
emaj-330	252	17	test	test	NOUN
emaj-330	252	18	statistics	statistic	NOUN
emaj-330	252	19	range	range	VERB
emaj-330	252	20	from	from	ADP
emaj-330	252	21	2.36	2.36	NUM
emaj-330	252	22	to	to	ADP
emaj-330	252	23	6.06	6.06	NUM
emaj-330	252	24	,	,	PUNCT
emaj-330	252	25	which	which	PRON
emaj-330	252	26	implies	imply	VERB
emaj-330	252	27	that	that	SCONJ
emaj-330	252	28	the	the	DET
emaj-330	252	29	daily	daily	ADJ
emaj-330	252	30	returns	return	NOUN
emaj-330	252	31	are	be	AUX
emaj-330	252	32	positively	positively	ADV
emaj-330	252	33	autocorrelated	autocorrelate	VERB
emaj-330	252	34	.	.	PUNCT
emaj-330	253	1	in	in	ADP
emaj-330	253	2	view	view	NOUN
emaj-330	253	3	of	of	ADP
emaj-330	253	4	equations	equation	NOUN
emaj-330	253	5	(	(	PUNCT
emaj-330	253	6	11	11	NUM
emaj-330	253	7	)	)	PUNCT
emaj-330	253	8	and	and	CCONJ
emaj-330	253	9	(	(	PUNCT
emaj-330	253	10	12	12	NUM
emaj-330	253	11	)	)	PUNCT
emaj-330	253	12	,	,	PUNCT
emaj-330	253	13	variance	variance	NOUN
emaj-330	253	14	ratios	ratio	NOUN
emaj-330	253	15	at	at	ADP
emaj-330	253	16	lag	lag	NOUN
emaj-330	253	17	2	2	NUM
emaj-330	253	18	are	be	AUX
emaj-330	253	19	approximately	approximately	ADV
emaj-330	253	20	equivalent	equivalent	ADJ
emaj-330	253	21	to	to	ADP
emaj-330	253	22	the	the	DET
emaj-330	253	23	first	first	ADJ
emaj-330	253	24	-	-	PUNCT
emaj-330	253	25	order	order	NOUN
emaj-330	253	26	autocorrelation	autocorrelation	NOUN
emaj-330	253	27	plus	plus	CCONJ
emaj-330	253	28	one	one	NUM
emaj-330	253	29	;	;	PUNCT
emaj-330	253	30	hence	hence	ADV
emaj-330	253	31	,	,	PUNCT
emaj-330	253	32	using	use	VERB
emaj-330	253	33	a	a	DET
emaj-330	253	34	base	base	NOUN
emaj-330	253	35	observation	observation	NOUN
emaj-330	253	36	interval	interval	NOUN
emaj-330	253	37	of	of	ADP
emaj-330	253	38	two	two	NUM
emaj-330	253	39	days	day	NOUN
emaj-330	253	40	,	,	PUNCT
emaj-330	253	41	the	the	DET
emaj-330	253	42	𝑅1	𝑅1	PROPN
emaj-330	253	43	variance	variance	NOUN
emaj-330	253	44	ratio	ratio	NOUN
emaj-330	253	45	of	of	ADP
emaj-330	253	46	1.12	1.12	NUM
emaj-330	253	47	indicates	indicate	VERB
emaj-330	253	48	that	that	SCONJ
emaj-330	253	49	the	the	DET
emaj-330	253	50	first	first	ADJ
emaj-330	253	51	-	-	PUNCT
emaj-330	253	52	order	order	NOUN
emaj-330	253	53	autocorrelation	autocorrelation	NOUN
emaj-330	253	54	for	for	ADP
emaj-330	253	55	daily	daily	ADJ
emaj-330	253	56	between	between	ADP
emaj-330	253	57	$	$	SYM
emaj-330	253	58	500	500	NUM
emaj-330	253	59	million	million	NUM
emaj-330	253	60	and	and	CCONJ
emaj-330	253	61	$	$	SYM
emaj-330	253	62	5,000	5,000	NUM
emaj-330	253	63	million	million	NUM
emaj-330	253	64	for	for	ADP
emaj-330	253	65	31.8	31.8	NUM
emaj-330	253	66	%	%	NOUN
emaj-330	253	67	of	of	ADP
emaj-330	253	68	the	the	DET
emaj-330	253	69	companies	company	NOUN
emaj-330	253	70	,	,	PUNCT
emaj-330	253	71	and	and	CCONJ
emaj-330	253	72	above	above	ADP
emaj-330	253	73	$	$	SYM
emaj-330	253	74	5,000	5,000	NUM
emaj-330	253	75	million	million	NUM
emaj-330	253	76	for	for	ADP
emaj-330	253	77	10.0	10.0	NUM
emaj-330	253	78	%	%	NOUN
emaj-330	253	79	of	of	ADP
emaj-330	253	80	the	the	DET
emaj-330	253	81	companies	company	NOUN
emaj-330	253	82	.	.	PUNCT
emaj-330	254	1	volume	volume	NOUN
emaj-330	254	2	14	14	NUM
emaj-330	254	3	no	no	PRON
emaj-330	254	4	1	1	NUM
emaj-330	254	5	(	(	PUNCT
emaj-330	254	6	2024	2024	NUM
emaj-330	254	7	)	)	PUNCT
emaj-330	254	8	|	|	ADV
emaj-330	254	9	issn	issn	VERB
emaj-330	254	10	2158	2158	NUM
emaj-330	254	11	-	-	SYM
emaj-330	254	12	8708	8708	NUM
emaj-330	254	13	(	(	PUNCT
emaj-330	254	14	online	online	NOUN
emaj-330	254	15	)	)	PUNCT
emaj-330	254	16	|	|	ADV
emaj-330	254	17	doi	doi	X
emaj-330	254	18	10.5195	10.5195	NUM
emaj-330	254	19	/	/	SYM
emaj-330	254	20	emaj.2024.330	emaj.2024.330	PROPN
emaj-330	254	21	|	|	ADV
emaj-330	254	22	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-330	254	23	the	the	DET
emaj-330	254	24	influence	influence	NOUN
emaj-330	254	25	of	of	ADP
emaj-330	254	26	foreign	foreign	ADJ
emaj-330	254	27	investors	investor	NOUN
emaj-330	254	28	on	on	ADP
emaj-330	254	29	the	the	DET
emaj-330	254	30	efficiency	efficiency	NOUN
emaj-330	254	31	of	of	ADP
emaj-330	254	32	the	the	DET
emaj-330	254	33	saudi	saudi	ADJ
emaj-330	254	34	stock	stock	NOUN
emaj-330	254	35	market	market	NOUN
emaj-330	254	36	page	page	NOUN
emaj-330	254	37	|8|	|8|	NOUN
emaj-330	254	38	emerging	emerge	VERB
emaj-330	254	39	markets	market	NOUN
emaj-330	254	40	journal	journal	NOUN
emaj-330	254	41	returns	return	NOUN
emaj-330	254	42	is	be	AUX
emaj-330	254	43	nearly	nearly	ADV
emaj-330	254	44	12.0	12.0	NUM
emaj-330	254	45	%	%	NOUN
emaj-330	254	46	.	.	PUNCT
emaj-330	255	1	the	the	DET
emaj-330	255	2	company	company	NOUN
emaj-330	255	3	analysis	analysis	NOUN
emaj-330	255	4	confirms	confirm	VERB
emaj-330	255	5	the	the	DET
emaj-330	255	6	points	point	NOUN
emaj-330	255	7	that	that	PRON
emaj-330	255	8	emerge	emerge	VERB
emaj-330	255	9	from	from	ADP
emaj-330	255	10	the	the	DET
emaj-330	255	11	market	market	NOUN
emaj-330	255	12	index	index	NOUN
emaj-330	255	13	analysis	analysis	NOUN
emaj-330	255	14	as	as	SCONJ
emaj-330	255	15	the	the	DET
emaj-330	255	16	rwh	rwh	NOUN
emaj-330	255	17	is	be	AUX
emaj-330	255	18	rejected	reject	VERB
emaj-330	255	19	for	for	ADP
emaj-330	255	20	a	a	DET
emaj-330	255	21	high	high	ADJ
emaj-330	255	22	proportion	proportion	NOUN
emaj-330	255	23	of	of	ADP
emaj-330	255	24	the	the	DET
emaj-330	255	25	sample	sample	NOUN
emaj-330	255	26	companies	company	NOUN
emaj-330	255	27	.	.	PUNCT
emaj-330	256	1	for	for	ADP
emaj-330	256	2	example	example	NOUN
emaj-330	256	3	,	,	PUNCT
emaj-330	256	4	at	at	ADP
emaj-330	256	5	the	the	DET
emaj-330	256	6	five	five	NUM
emaj-330	256	7	per	per	NOUN
emaj-330	256	8	cent	cent	NOUN
emaj-330	256	9	level	level	NOUN
emaj-330	256	10	of	of	ADP
emaj-330	256	11	significance	significance	NOUN
emaj-330	256	12	,	,	PUNCT
emaj-330	256	13	the	the	DET
emaj-330	256	14	null	null	ADJ
emaj-330	256	15	hypothesis	hypothesis	NOUN
emaj-330	256	16	is	be	AUX
emaj-330	256	17	rejected	reject	VERB
emaj-330	256	18	by	by	ADP
emaj-330	256	19	59.0	59.0	NUM
emaj-330	256	20	%	%	NOUN
emaj-330	256	21	of	of	ADP
emaj-330	256	22	the	the	DET
emaj-330	256	23	companies	company	NOUN
emaj-330	256	24	using	use	VERB
emaj-330	256	25	𝑅1	𝑅1	PROPN
emaj-330	256	26	and	and	CCONJ
emaj-330	256	27	73.0	73.0	NUM
emaj-330	256	28	%	%	NOUN
emaj-330	256	29	using	use	VERB
emaj-330	256	30	𝑅2	𝑅2	NOUN
emaj-330	256	31	.	.	PUNCT
emaj-330	257	1	such	such	ADJ
emaj-330	257	2	findings	finding	NOUN
emaj-330	257	3	suggest	suggest	VERB
emaj-330	257	4	that	that	SCONJ
emaj-330	257	5	trends	trend	NOUN
emaj-330	257	6	were	be	AUX
emaj-330	257	7	present	present	ADJ
emaj-330	257	8	in	in	ADP
emaj-330	257	9	the	the	DET
emaj-330	257	10	share	share	NOUN
emaj-330	257	11	prices	price	NOUN
emaj-330	257	12	examined	examine	VERB
emaj-330	257	13	,	,	PUNCT
emaj-330	257	14	indicating	indicate	VERB
emaj-330	257	15	that	that	SCONJ
emaj-330	257	16	the	the	DET
emaj-330	257	17	saudi	saudi	ADJ
emaj-330	257	18	stock	stock	NOUN
emaj-330	257	19	market	market	NOUN
emaj-330	257	20	was	be	AUX
emaj-330	257	21	weak	weak	ADJ
emaj-330	257	22	form	form	NOUN
emaj-330	257	23	inefficient	inefficient	ADJ
emaj-330	257	24	.	.	PUNCT
emaj-330	258	1	despite	despite	SCONJ
emaj-330	258	2	the	the	DET
emaj-330	258	3	focus	focus	NOUN
emaj-330	258	4	on	on	ADP
emaj-330	258	5	companylevel	companylevel	NOUN
emaj-330	258	6	data	datum	NOUN
emaj-330	258	7	and	and	CCONJ
emaj-330	258	8	the	the	DET
emaj-330	258	9	use	use	NOUN
emaj-330	258	10	of	of	ADP
emaj-330	258	11	a	a	DET
emaj-330	258	12	recent	recent	ADJ
emaj-330	258	13	time	time	NOUN
emaj-330	258	14	period	period	NOUN
emaj-330	258	15	,	,	PUNCT
emaj-330	258	16	the	the	DET
emaj-330	258	17	results	result	NOUN
emaj-330	258	18	of	of	ADP
emaj-330	258	19	this	this	DET
emaj-330	258	20	study	study	NOUN
emaj-330	258	21	are	be	AUX
emaj-330	258	22	consistent	consistent	ADJ
emaj-330	258	23	with	with	ADP
emaj-330	258	24	the	the	DET
emaj-330	258	25	results	result	NOUN
emaj-330	258	26	documented	document	VERB
emaj-330	258	27	by	by	ADP
emaj-330	258	28	al	al	PROPN
emaj-330	258	29	-	-	PUNCT
emaj-330	258	30	khazali	khazali	PROPN
emaj-330	258	31	et	et	PROPN
emaj-330	258	32	.	.	PUNCT
emaj-330	259	1	al	al	PROPN
emaj-330	259	2	.	.	PROPN
emaj-330	260	1	(	(	PUNCT
emaj-330	260	2	2007	2007	NUM
emaj-330	260	3	)	)	PUNCT
emaj-330	260	4	,	,	PUNCT
emaj-330	260	5	alkhazali	alkhazali	PROPN
emaj-330	260	6	(	(	PUNCT
emaj-330	260	7	2011	2011	NUM
emaj-330	260	8	)	)	PUNCT
emaj-330	260	9	,	,	PUNCT
emaj-330	260	10	bley	bley	NOUN
emaj-330	260	11	(	(	PUNCT
emaj-330	260	12	2011	2011	NUM
emaj-330	260	13	)	)	PUNCT
emaj-330	260	14	and	and	CCONJ
emaj-330	260	15	jamaani	jamaani	PROPN
emaj-330	260	16	and	and	CCONJ
emaj-330	260	17	roca	roca	PROPN
emaj-330	260	18	(	(	PUNCT
emaj-330	260	19	2015	2015	NUM
emaj-330	260	20	)	)	PUNCT
emaj-330	260	21	.	.	PUNCT
emaj-330	261	1	one	one	NUM
emaj-330	261	2	plausible	plausible	ADJ
emaj-330	261	3	explanation	explanation	NOUN
emaj-330	261	4	for	for	ADP
emaj-330	261	5	this	this	DET
emaj-330	261	6	lack	lack	NOUN
emaj-330	261	7	of	of	ADP
emaj-330	261	8	efficiency	efficiency	NOUN
emaj-330	261	9	is	be	AUX
emaj-330	261	10	the	the	DET
emaj-330	261	11	irrationality	irrationality	NOUN
emaj-330	261	12	of	of	ADP
emaj-330	261	13	investors	investor	NOUN
emaj-330	261	14	.	.	PUNCT
emaj-330	262	1	for	for	ADP
emaj-330	262	2	example	example	NOUN
emaj-330	262	3	,	,	PUNCT
emaj-330	262	4	investors	investor	NOUN
emaj-330	262	5	in	in	ADP
emaj-330	262	6	the	the	DET
emaj-330	262	7	saudi	saudi	ADJ
emaj-330	262	8	stock	stock	NOUN
emaj-330	262	9	market	market	NOUN
emaj-330	262	10	may	may	AUX
emaj-330	262	11	underor	underor	VERB
emaj-330	262	12	over	over	ADP
emaj-330	262	13	-	-	PUNCT
emaj-330	262	14	react	react	NOUN
emaj-330	262	15	to	to	ADP
emaj-330	262	16	the	the	DET
emaj-330	262	17	arrival	arrival	NOUN
emaj-330	262	18	of	of	ADP
emaj-330	262	19	new	new	ADJ
emaj-330	262	20	information	information	NOUN
emaj-330	262	21	,	,	PUNCT
emaj-330	262	22	causing	cause	VERB
emaj-330	262	23	share	share	NOUN
emaj-330	262	24	prices	price	NOUN
emaj-330	262	25	to	to	PART
emaj-330	262	26	have	have	VERB
emaj-330	262	27	predictable	predictable	ADJ
emaj-330	262	28	patterns	pattern	NOUN
emaj-330	262	29	.	.	PUNCT
emaj-330	263	1	another	another	DET
emaj-330	263	2	plausible	plausible	ADJ
emaj-330	263	3	explanation	explanation	NOUN
emaj-330	263	4	for	for	ADP
emaj-330	263	5	the	the	DET
emaj-330	263	6	finding	finding	NOUN
emaj-330	263	7	of	of	ADP
emaj-330	263	8	market	market	NOUN
emaj-330	263	9	inefficiency	inefficiency	NOUN
emaj-330	263	10	relates	relate	VERB
emaj-330	263	11	to	to	ADP
emaj-330	263	12	the	the	DET
emaj-330	263	13	dominance	dominance	NOUN
emaj-330	263	14	of	of	ADP
emaj-330	263	15	noise	noise	NOUN
emaj-330	263	16	traders	trader	NOUN
emaj-330	263	17	who	who	PRON
emaj-330	263	18	tend	tend	VERB
emaj-330	263	19	to	to	PART
emaj-330	263	20	buy	buy	VERB
emaj-330	263	21	when	when	SCONJ
emaj-330	263	22	share	share	NOUN
emaj-330	263	23	prices	price	NOUN
emaj-330	263	24	rise	rise	VERB
emaj-330	263	25	and	and	CCONJ
emaj-330	263	26	sell	sell	VERB
emaj-330	263	27	when	when	SCONJ
emaj-330	263	28	share	share	NOUN
emaj-330	263	29	prices	price	NOUN
emaj-330	263	30	fall	fall	VERB
emaj-330	263	31	(	(	PUNCT
emaj-330	263	32	park	park	NOUN
emaj-330	263	33	and	and	CCONJ
emaj-330	263	34	irwin	irwin	PROPN
emaj-330	263	35	,	,	PUNCT
emaj-330	263	36	2007	2007	NUM
emaj-330	263	37	)	)	PUNCT
emaj-330	263	38	.	.	PUNCT
emaj-330	264	1	such	such	ADJ
emaj-330	264	2	trendchasing	trendchase	VERB
emaj-330	264	3	behavior	behavior	NOUN
emaj-330	264	4	is	be	AUX
emaj-330	264	5	not	not	PART
emaj-330	264	6	fully	fully	ADV
emaj-330	264	7	justified	justify	VERB
emaj-330	264	8	by	by	ADP
emaj-330	264	9	news	news	NOUN
emaj-330	264	10	or	or	CCONJ
emaj-330	264	11	fundamental	fundamental	ADJ
emaj-330	264	12	factors	factor	NOUN
emaj-330	264	13	and	and	CCONJ
emaj-330	264	14	,	,	PUNCT
emaj-330	264	15	in	in	ADP
emaj-330	264	16	the	the	DET
emaj-330	264	17	absence	absence	NOUN
emaj-330	264	18	of	of	ADP
emaj-330	264	19	arbitragers	arbitrager	NOUN
emaj-330	264	20	,	,	PUNCT
emaj-330	264	21	this	this	DET
emaj-330	264	22	behavior	behavior	NOUN
emaj-330	264	23	leads	lead	VERB
emaj-330	264	24	share	share	NOUN
emaj-330	264	25	prices	price	NOUN
emaj-330	264	26	to	to	PART
emaj-330	264	27	rise	rise	VERB
emaj-330	264	28	or	or	CCONJ
emaj-330	264	29	fall	fall	VERB
emaj-330	264	30	further	far	ADV
emaj-330	264	31	,	,	PUNCT
emaj-330	264	32	causing	cause	VERB
emaj-330	264	33	positive	positive	ADJ
emaj-330	264	34	autocorrelation	autocorrelation	NOUN
emaj-330	264	35	.	.	PUNCT
emaj-330	265	1	table	table	NOUN
emaj-330	265	2	4	4	NUM
emaj-330	265	3	:	:	PUNCT
emaj-330	265	4	non	non	ADJ
emaj-330	265	5	-	-	ADJ
emaj-330	265	6	parametric	parametric	ADJ
emaj-330	265	7	variance	variance	NOUN
emaj-330	265	8	ratio	ratio	NOUN
emaj-330	265	9	test	test	NOUN
emaj-330	265	10	results	result	NOUN
emaj-330	265	11	:	:	PUNCT
emaj-330	265	12	market	market	NOUN
emaj-330	265	13	index	index	NOUN
emaj-330	265	14	note	note	NOUN
emaj-330	265	15	:	:	PUNCT
emaj-330	265	16	this	this	DET
emaj-330	265	17	table	table	NOUN
emaj-330	265	18	shows	show	VERB
emaj-330	265	19	the	the	DET
emaj-330	265	20	results	result	NOUN
emaj-330	265	21	from	from	ADP
emaj-330	265	22	conducting	conduct	VERB
emaj-330	265	23	wright	wright	PROPN
emaj-330	265	24	’s	’s	PART
emaj-330	265	25	non	non	ADJ
emaj-330	265	26	-	-	ADJ
emaj-330	265	27	parametric	parametric	ADJ
emaj-330	265	28	variance	variance	NOUN
emaj-330	265	29	ratio	ratio	NOUN
emaj-330	265	30	test	test	NOUN
emaj-330	265	31	using	use	VERB
emaj-330	265	32	daily	daily	ADJ
emaj-330	265	33	stock	stock	NOUN
emaj-330	265	34	market	market	NOUN
emaj-330	265	35	returns	return	NOUN
emaj-330	265	36	data	datum	NOUN
emaj-330	265	37	for	for	ADP
emaj-330	265	38	saudi	saudi	ADJ
emaj-330	265	39	stock	stock	NOUN
emaj-330	265	40	market	market	NOUN
emaj-330	265	41	for	for	ADP
emaj-330	265	42	the	the	DET
emaj-330	265	43	three	three	NUM
emaj-330	265	44	sample	sample	NOUN
emaj-330	265	45	periods	period	NOUN
emaj-330	265	46	.	.	PUNCT
emaj-330	266	1	the	the	DET
emaj-330	266	2	full	full	ADJ
emaj-330	266	3	period	period	NOUN
emaj-330	266	4	spans	span	VERB
emaj-330	266	5	the	the	DET
emaj-330	266	6	time	time	NOUN
emaj-330	266	7	from	from	ADP
emaj-330	266	8	1st	1st	ADJ
emaj-330	266	9	january	january	PROPN
emaj-330	266	10	2008	2008	NUM
emaj-330	266	11	to	to	ADP
emaj-330	266	12	31st	31st	NOUN
emaj-330	266	13	december	december	PROPN
emaj-330	266	14	2017	2017	NUM
emaj-330	266	15	,	,	PUNCT
emaj-330	266	16	while	while	SCONJ
emaj-330	266	17	the	the	DET
emaj-330	266	18	pre	pre	NOUN
emaj-330	266	19	-	-	ADJ
emaj-330	266	20	and	and	CCONJ
emaj-330	266	21	post	post	ADJ
emaj-330	266	22	-	-	ADJ
emaj-330	266	23	periods	period	NOUN
emaj-330	266	24	cover	cover	VERB
emaj-330	266	25	the	the	DET
emaj-330	266	26	periods	period	NOUN
emaj-330	266	27	before	before	ADV
emaj-330	266	28	and	and	CCONJ
emaj-330	266	29	after	after	ADP
emaj-330	266	30	the	the	DET
emaj-330	266	31	change	change	NOUN
emaj-330	266	32	in	in	ADP
emaj-330	266	33	regulation	regulation	NOUN
emaj-330	266	34	on	on	ADP
emaj-330	266	35	15th	15th	ADJ
emaj-330	266	36	june	june	PROPN
emaj-330	266	37	2015	2015	NUM
emaj-330	266	38	.	.	PUNCT
emaj-330	267	1	the	the	DET
emaj-330	267	2	main	main	ADJ
emaj-330	267	3	row	row	NOUN
emaj-330	267	4	in	in	ADP
emaj-330	267	5	each	each	DET
emaj-330	267	6	period	period	NOUN
emaj-330	267	7	reports	report	VERB
emaj-330	267	8	the	the	DET
emaj-330	267	9	variance	variance	NOUN
emaj-330	267	10	ratios	ratio	NOUN
emaj-330	267	11	,	,	PUNCT
emaj-330	267	12	with	with	ADP
emaj-330	267	13	test	test	NOUN
emaj-330	267	14	statistics	statistic	NOUN
emaj-330	267	15	given	give	VERB
emaj-330	267	16	in	in	ADP
emaj-330	267	17	parentheses	parenthesis	NOUN
emaj-330	267	18	.	.	PUNCT
emaj-330	268	1	*	*	PUNCT
emaj-330	268	2	,	,	PUNCT
emaj-330	268	3	*	*	PUNCT
emaj-330	268	4	*	*	PUNCT
emaj-330	268	5	,	,	PUNCT
emaj-330	268	6	and	and	CCONJ
emaj-330	268	7	*	*	PUNCT
emaj-330	268	8	*	*	PUNCT
emaj-330	268	9	*	*	PUNCT
emaj-330	268	10	indicate	indicate	VERB
emaj-330	268	11	statistical	statistical	ADJ
emaj-330	268	12	significance	significance	NOUN
emaj-330	268	13	at	at	ADP
emaj-330	268	14	the	the	DET
emaj-330	268	15	ten	ten	NUM
emaj-330	268	16	,	,	PUNCT
emaj-330	268	17	five	five	NUM
emaj-330	268	18	and	and	CCONJ
emaj-330	268	19	one	one	NUM
emaj-330	268	20	per	per	ADP
emaj-330	268	21	cent	cent	NOUN
emaj-330	268	22	levels	level	NOUN
emaj-330	268	23	,	,	PUNCT
emaj-330	268	24	respectively	respectively	ADV
emaj-330	268	25	.	.	PUNCT
emaj-330	269	1	second	second	ADJ
emaj-330	269	2	,	,	PUNCT
emaj-330	269	3	the	the	DET
emaj-330	269	4	predictability	predictability	NOUN
emaj-330	269	5	of	of	ADP
emaj-330	269	6	stock	stock	NOUN
emaj-330	269	7	returns	return	NOUN
emaj-330	269	8	altered	alter	VERB
emaj-330	269	9	after	after	ADP
emaj-330	269	10	the	the	DET
emaj-330	269	11	change	change	NOUN
emaj-330	269	12	in	in	ADP
emaj-330	269	13	regulation	regulation	NOUN
emaj-330	269	14	.	.	PUNCT
emaj-330	270	1	in	in	ADP
emaj-330	270	2	particular	particular	ADJ
emaj-330	270	3	,	,	PUNCT
emaj-330	270	4	the	the	DET
emaj-330	270	5	variance	variance	NOUN
emaj-330	270	6	ratio	ratio	NOUN
emaj-330	270	7	tests	test	VERB
emaj-330	270	8	for	for	ADP
emaj-330	270	9	the	the	DET
emaj-330	270	10	market	market	NOUN
emaj-330	270	11	index	index	NOUN
emaj-330	270	12	are	be	AUX
emaj-330	270	13	significantly	significantly	ADV
emaj-330	270	14	larger	large	ADJ
emaj-330	270	15	than	than	ADP
emaj-330	270	16	one	one	NUM
emaj-330	270	17	in	in	ADP
emaj-330	270	18	11	11	NUM
emaj-330	270	19	cases	case	NOUN
emaj-330	270	20	in	in	ADP
emaj-330	270	21	the	the	DET
emaj-330	270	22	pre	pre	ADJ
emaj-330	270	23	-	-	ADJ
emaj-330	270	24	opening	opening	ADJ
emaj-330	270	25	period	period	NOUN
emaj-330	270	26	as	as	SCONJ
emaj-330	270	27	opposed	oppose	VERB
emaj-330	270	28	to	to	ADP
emaj-330	270	29	eight	eight	NUM
emaj-330	270	30	cases	case	NOUN
emaj-330	270	31	in	in	ADP
emaj-330	270	32	the	the	DET
emaj-330	270	33	post	post	ADJ
emaj-330	270	34	-	-	ADJ
emaj-330	270	35	opening	opening	ADJ
emaj-330	270	36	period	period	NOUN
emaj-330	270	37	.	.	PUNCT
emaj-330	271	1	this	this	DET
emaj-330	271	2	reduction	reduction	NOUN
emaj-330	271	3	in	in	ADP
emaj-330	271	4	the	the	DET
emaj-330	271	5	predictability	predictability	NOUN
emaj-330	271	6	of	of	ADP
emaj-330	271	7	returns	return	NOUN
emaj-330	271	8	implies	imply	VERB
emaj-330	271	9	that	that	SCONJ
emaj-330	271	10	there	there	PRON
emaj-330	271	11	was	be	VERB
emaj-330	271	12	an	an	DET
emaj-330	271	13	improvement	improvement	NOUN
emaj-330	271	14	in	in	ADP
emaj-330	271	15	market	market	NOUN
emaj-330	271	16	efficiency	efficiency	NOUN
emaj-330	271	17	after	after	ADP
emaj-330	271	18	allowing	allow	VERB
emaj-330	271	19	foreign	foreign	ADJ
emaj-330	271	20	institutional	institutional	ADJ
emaj-330	271	21	investors	investor	NOUN
emaj-330	271	22	to	to	PART
emaj-330	271	23	participate	participate	VERB
emaj-330	271	24	in	in	ADP
emaj-330	271	25	the	the	DET
emaj-330	271	26	market	market	NOUN
emaj-330	271	27	.	.	PUNCT
emaj-330	272	1	one	one	NUM
emaj-330	272	2	reason	reason	NOUN
emaj-330	272	3	that	that	PRON
emaj-330	272	4	may	may	AUX
emaj-330	272	5	explain	explain	VERB
emaj-330	272	6	the	the	DET
emaj-330	272	7	improvement	improvement	NOUN
emaj-330	272	8	in	in	ADP
emaj-330	272	9	efficiency	efficiency	NOUN
emaj-330	272	10	after	after	SCONJ
emaj-330	272	11	stock	stock	NOUN
emaj-330	272	12	market	market	NOUN
emaj-330	272	13	liberalization	liberalization	NOUN
emaj-330	272	14	is	be	AUX
emaj-330	272	15	that	that	SCONJ
emaj-330	272	16	international	international	ADJ
emaj-330	272	17	investors	investor	NOUN
emaj-330	272	18	are	be	AUX
emaj-330	272	19	faster	fast	ADJ
emaj-330	272	20	and	and	CCONJ
emaj-330	272	21	better	well	ADV
emaj-330	272	22	at	at	ADP
emaj-330	272	23	6	6	NUM
emaj-330	272	24	in	in	ADP
emaj-330	272	25	his	his	PRON
emaj-330	272	26	empirical	empirical	ADJ
emaj-330	272	27	testing	testing	NOUN
emaj-330	272	28	,	,	PUNCT
emaj-330	272	29	wright	wright	PROPN
emaj-330	272	30	(	(	PUNCT
emaj-330	272	31	2000	2000	NUM
emaj-330	272	32	)	)	PUNCT
emaj-330	272	33	showed	show	VERB
emaj-330	272	34	that	that	SCONJ
emaj-330	272	35	tests	test	NOUN
emaj-330	272	36	based	base	VERB
emaj-330	272	37	on	on	ADP
emaj-330	272	38	ranks	rank	NOUN
emaj-330	272	39	are	be	AUX
emaj-330	272	40	robust	robust	ADJ
emaj-330	272	41	under	under	ADP
emaj-330	272	42	the	the	DET
emaj-330	272	43	assumption	assumption	NOUN
emaj-330	272	44	of	of	ADP
emaj-330	272	45	homoscedasticity	homoscedasticity	NOUN
emaj-330	272	46	while	while	SCONJ
emaj-330	272	47	the	the	DET
emaj-330	272	48	tests	test	NOUN
emaj-330	272	49	based	base	VERB
emaj-330	272	50	on	on	ADP
emaj-330	272	51	signs	sign	NOUN
emaj-330	272	52	are	be	AUX
emaj-330	272	53	robust	robust	ADJ
emaj-330	272	54	to	to	ADP
emaj-330	272	55	many	many	ADJ
emaj-330	272	56	forms	form	NOUN
emaj-330	272	57	of	of	ADP
emaj-330	272	58	conditional	conditional	ADJ
emaj-330	272	59	heteroscedasticity	heteroscedasticity	NOUN
emaj-330	272	60	.	.	PUNCT
emaj-330	273	1	incorporating	incorporate	VERB
emaj-330	273	2	global	global	ADJ
emaj-330	273	3	news	news	NOUN
emaj-330	273	4	into	into	ADP
emaj-330	273	5	share	share	NOUN
emaj-330	273	6	prices	price	NOUN
emaj-330	273	7	.	.	PUNCT
emaj-330	274	1	this	this	DET
emaj-330	274	2	result	result	NOUN
emaj-330	274	3	is	be	AUX
emaj-330	274	4	in	in	ADP
emaj-330	274	5	line	line	NOUN
emaj-330	274	6	with	with	ADP
emaj-330	274	7	fifield	fifield	NOUN
emaj-330	274	8	and	and	CCONJ
emaj-330	274	9	jetty	jetty	PROPN
emaj-330	274	10	(	(	PUNCT
emaj-330	274	11	2008	2008	NUM
emaj-330	274	12	)	)	PUNCT
emaj-330	274	13	who	who	PRON
emaj-330	274	14	found	find	VERB
emaj-330	274	15	that	that	SCONJ
emaj-330	274	16	,	,	PUNCT
emaj-330	274	17	when	when	SCONJ
emaj-330	274	18	using	use	VERB
emaj-330	274	19	the	the	DET
emaj-330	274	20	nonparametric	nonparametric	ADJ
emaj-330	274	21	variance	variance	NOUN
emaj-330	274	22	ratio	ratio	NOUN
emaj-330	274	23	test	test	NOUN
emaj-330	274	24	,	,	PUNCT
emaj-330	274	25	the	the	DET
emaj-330	274	26	b	b	NOUN
emaj-330	274	27	-	-	PUNCT
emaj-330	274	28	share	share	NOUN
emaj-330	274	29	chinese	chinese	ADJ
emaj-330	274	30	market	market	NOUN
emaj-330	274	31	had	have	AUX
emaj-330	274	32	become	become	VERB
emaj-330	274	33	more	more	ADV
emaj-330	274	34	informationally	informationally	ADV
emaj-330	274	35	efficient	efficient	ADJ
emaj-330	274	36	in	in	ADP
emaj-330	274	37	the	the	DET
emaj-330	274	38	post	post	ADJ
emaj-330	274	39	-	-	ADJ
emaj-330	274	40	deregulation	deregulation	ADJ
emaj-330	274	41	period	period	NOUN
emaj-330	274	42	.	.	PUNCT
emaj-330	275	1	however	however	ADV
emaj-330	275	2	,	,	PUNCT
emaj-330	275	3	this	this	DET
emaj-330	275	4	result	result	NOUN
emaj-330	275	5	is	be	AUX
emaj-330	275	6	not	not	PART
emaj-330	275	7	in	in	ADP
emaj-330	275	8	line	line	NOUN
emaj-330	275	9	with	with	ADP
emaj-330	275	10	graham	graham	PROPN
emaj-330	275	11	et	et	PROPN
emaj-330	275	12	.	.	PUNCT
emaj-330	276	1	al	al	PROPN
emaj-330	276	2	.	.	PROPN
emaj-330	277	1	(	(	PUNCT
emaj-330	277	2	2015	2015	NUM
emaj-330	277	3	)	)	PUNCT
emaj-330	277	4	,	,	PUNCT
emaj-330	277	5	who	who	PRON
emaj-330	277	6	presented	present	VERB
emaj-330	277	7	evidence	evidence	NOUN
emaj-330	277	8	against	against	ADP
emaj-330	277	9	weak	weak	ADJ
emaj-330	277	10	form	form	NOUN
emaj-330	277	11	efficiency	efficiency	NOUN
emaj-330	277	12	for	for	ADP
emaj-330	277	13	the	the	DET
emaj-330	277	14	icelandic	icelandic	ADJ
emaj-330	277	15	stock	stock	NOUN
emaj-330	277	16	market	market	NOUN
emaj-330	277	17	during	during	ADP
emaj-330	277	18	periods	period	NOUN
emaj-330	277	19	when	when	SCONJ
emaj-330	277	20	foreign	foreign	ADJ
emaj-330	277	21	capital	capital	NOUN
emaj-330	277	22	restrictions	restriction	NOUN
emaj-330	277	23	were	be	AUX
emaj-330	277	24	relaxed	relax	VERB
emaj-330	277	25	.	.	PUNCT
emaj-330	278	1	the	the	DET
emaj-330	278	2	contradictory	contradictory	ADJ
emaj-330	278	3	findings	finding	NOUN
emaj-330	278	4	of	of	ADP
emaj-330	278	5	these	these	DET
emaj-330	278	6	studies	study	NOUN
emaj-330	278	7	are	be	AUX
emaj-330	278	8	possibly	possibly	ADV
emaj-330	278	9	due	due	ADJ
emaj-330	278	10	to	to	ADP
emaj-330	278	11	the	the	DET
emaj-330	278	12	result	result	NOUN
emaj-330	278	13	of	of	ADP
emaj-330	278	14	differences	difference	NOUN
emaj-330	278	15	in	in	ADP
emaj-330	278	16	the	the	DET
emaj-330	278	17	levels	level	NOUN
emaj-330	278	18	of	of	ADP
emaj-330	278	19	stock	stock	NOUN
emaj-330	278	20	market	market	NOUN
emaj-330	278	21	development	development	NOUN
emaj-330	278	22	.	.	PUNCT
emaj-330	279	1	kim	kim	PROPN
emaj-330	279	2	and	and	CCONJ
emaj-330	279	3	shamsuddin	shamsuddin	PROPN
emaj-330	279	4	(	(	PUNCT
emaj-330	279	5	2008	2008	NUM
emaj-330	279	6	)	)	PUNCT
emaj-330	279	7	suggested	suggest	VERB
emaj-330	279	8	that	that	SCONJ
emaj-330	279	9	the	the	DET
emaj-330	279	10	relationship	relationship	NOUN
emaj-330	279	11	between	between	ADP
emaj-330	279	12	stock	stock	NOUN
emaj-330	279	13	market	market	NOUN
emaj-330	279	14	liberalization	liberalization	NOUN
emaj-330	279	15	and	and	CCONJ
emaj-330	279	16	market	market	NOUN
emaj-330	279	17	efficiency	efficiency	NOUN
emaj-330	279	18	depends	depend	VERB
emaj-330	279	19	on	on	ADP
emaj-330	279	20	factors	factor	NOUN
emaj-330	279	21	such	such	ADJ
emaj-330	279	22	as	as	ADP
emaj-330	279	23	market	market	NOUN
emaj-330	279	24	depth	depth	NOUN
emaj-330	279	25	and	and	CCONJ
emaj-330	279	26	breadth	breadth	NOUN
emaj-330	279	27	as	as	ADV
emaj-330	279	28	well	well	ADV
emaj-330	279	29	as	as	ADP
emaj-330	279	30	on	on	ADP
emaj-330	279	31	having	have	VERB
emaj-330	279	32	good	good	ADJ
emaj-330	279	33	corporate	corporate	ADJ
emaj-330	279	34	governance	governance	NOUN
emaj-330	279	35	provisions	provision	NOUN
emaj-330	279	36	.	.	PUNCT
emaj-330	280	1	by	by	ADP
emaj-330	280	2	contrast	contrast	NOUN
emaj-330	280	3	,	,	PUNCT
emaj-330	280	4	the	the	DET
emaj-330	280	5	variance	variance	NOUN
emaj-330	280	6	ratio	ratio	NOUN
emaj-330	280	7	tests	test	VERB
emaj-330	280	8	for	for	ADP
emaj-330	280	9	the	the	DET
emaj-330	280	10	individual	individual	ADJ
emaj-330	280	11	companies	company	NOUN
emaj-330	280	12	yield	yield	VERB
emaj-330	280	13	a	a	DET
emaj-330	280	14	somewhat	somewhat	ADV
emaj-330	280	15	different	different	ADJ
emaj-330	280	16	conclusion	conclusion	NOUN
emaj-330	280	17	.	.	PUNCT
emaj-330	281	1	specifically	specifically	ADV
emaj-330	281	2	,	,	PUNCT
emaj-330	281	3	the	the	DET
emaj-330	281	4	companies	company	NOUN
emaj-330	281	5	whose	whose	DET
emaj-330	281	6	variance	variance	NOUN
emaj-330	281	7	ratios	ratio	NOUN
emaj-330	281	8	did	do	AUX
emaj-330	281	9	not	not	PART
emaj-330	281	10	equal	equal	VERB
emaj-330	281	11	one	one	NUM
emaj-330	281	12	in	in	ADP
emaj-330	281	13	the	the	DET
emaj-330	281	14	post	post	ADJ
emaj-330	281	15	-	-	ADJ
emaj-330	281	16	opening	opening	ADJ
emaj-330	281	17	period	period	NOUN
emaj-330	281	18	are	be	AUX
emaj-330	281	19	,	,	PUNCT
emaj-330	281	20	in	in	ADP
emaj-330	281	21	most	most	ADJ
emaj-330	281	22	cases	case	NOUN
emaj-330	281	23	,	,	PUNCT
emaj-330	281	24	higher	high	ADJ
emaj-330	281	25	than	than	ADP
emaj-330	281	26	those	those	PRON
emaj-330	281	27	in	in	ADP
emaj-330	281	28	the	the	DET
emaj-330	281	29	pre	pre	ADJ
emaj-330	281	30	-	-	ADJ
emaj-330	281	31	opening	opening	ADJ
emaj-330	281	32	period	period	NOUN
emaj-330	281	33	.	.	PUNCT
emaj-330	282	1	for	for	ADP
emaj-330	282	2	example	example	NOUN
emaj-330	282	3	,	,	PUNCT
emaj-330	282	4	the	the	DET
emaj-330	282	5	percentage	percentage	NOUN
emaj-330	282	6	of	of	ADP
emaj-330	282	7	companies	company	NOUN
emaj-330	282	8	that	that	PRON
emaj-330	282	9	reject	reject	VERB
emaj-330	282	10	the	the	DET
emaj-330	282	11	rwh	rwh	NOUN
emaj-330	282	12	(	(	PUNCT
emaj-330	282	13	assuming	assume	VERB
emaj-330	282	14	the	the	DET
emaj-330	282	15	𝑅1	𝑅1	PROPN
emaj-330	282	16	measure	measure	NOUN
emaj-330	282	17	and	and	CCONJ
emaj-330	282	18	a	a	DET
emaj-330	282	19	five	five	NUM
emaj-330	282	20	per	per	NOUN
emaj-330	282	21	cent	cent	NOUN
emaj-330	282	22	significance	significance	NOUN
emaj-330	282	23	level	level	NOUN
emaj-330	282	24	)	)	PUNCT
emaj-330	282	25	increases	increase	NOUN
emaj-330	282	26	from	from	ADP
emaj-330	282	27	42.0	42.0	NUM
emaj-330	282	28	%	%	NOUN
emaj-330	282	29	in	in	ADP
emaj-330	282	30	the	the	DET
emaj-330	282	31	pre	pre	NOUN
emaj-330	282	32	-	-	NOUN
emaj-330	282	33	period	period	NOUN
emaj-330	282	34	to	to	ADP
emaj-330	282	35	53.0	53.0	NUM
emaj-330	282	36	%	%	NOUN
emaj-330	282	37	in	in	ADP
emaj-330	282	38	the	the	DET
emaj-330	282	39	post	post	NOUN
emaj-330	282	40	-	-	NOUN
emaj-330	282	41	period	period	NOUN
emaj-330	282	42	.	.	PUNCT
emaj-330	283	1	the	the	DET
emaj-330	283	2	variation	variation	NOUN
emaj-330	283	3	in	in	ADP
emaj-330	283	4	results	result	NOUN
emaj-330	283	5	between	between	ADP
emaj-330	283	6	market	market	NOUN
emaj-330	283	7	index	index	NOUN
emaj-330	283	8	and	and	CCONJ
emaj-330	283	9	individual	individual	ADJ
emaj-330	283	10	companies	company	NOUN
emaj-330	283	11	is	be	AUX
emaj-330	283	12	consistent	consistent	ADJ
emaj-330	283	13	with	with	ADP
emaj-330	283	14	lo	lo	PROPN
emaj-330	283	15	and	and	CCONJ
emaj-330	283	16	mackinlay	mackinlay	NOUN
emaj-330	283	17	(	(	PUNCT
emaj-330	283	18	1988	1988	NUM
emaj-330	283	19	)	)	PUNCT
emaj-330	283	20	who	who	PRON
emaj-330	283	21	suggested	suggest	VERB
emaj-330	283	22	that	that	SCONJ
emaj-330	283	23	it	it	PRON
emaj-330	283	24	is	be	AUX
emaj-330	283	25	difficult	difficult	ADJ
emaj-330	283	26	to	to	PART
emaj-330	283	27	detect	detect	VERB
emaj-330	283	28	statistically	statistically	ADV
emaj-330	283	29	significant	significant	ADJ
emaj-330	283	30	predictability	predictability	NOUN
emaj-330	283	31	for	for	ADP
emaj-330	283	32	returns	return	NOUN
emaj-330	283	33	of	of	ADP
emaj-330	283	34	individual	individual	ADJ
emaj-330	283	35	firms	firm	NOUN
emaj-330	283	36	because	because	SCONJ
emaj-330	283	37	such	such	ADJ
emaj-330	283	38	returns	return	NOUN
emaj-330	283	39	contain	contain	VERB
emaj-330	283	40	firm	firm	ADJ
emaj-330	283	41	specific	specific	ADJ
emaj-330	283	42	noise	noise	NOUN
emaj-330	283	43	(	(	PUNCT
emaj-330	283	44	campbell	campbell	PROPN
emaj-330	283	45	et	et	PROPN
emaj-330	283	46	.	.	PUNCT
emaj-330	284	1	al	al	PROPN
emaj-330	284	2	.	.	PROPN
emaj-330	284	3	,	,	PUNCT
emaj-330	284	4	1997	1997	NUM
emaj-330	284	5	)	)	PUNCT
emaj-330	284	6	.	.	PUNCT
emaj-330	285	1	third	third	ADJ
emaj-330	285	2	,	,	PUNCT
emaj-330	285	3	an	an	DET
emaj-330	285	4	analysis	analysis	NOUN
emaj-330	285	5	of	of	ADP
emaj-330	285	6	the	the	DET
emaj-330	285	7	results	result	NOUN
emaj-330	285	8	across	across	ADP
emaj-330	285	9	the	the	DET
emaj-330	285	10	three	three	NUM
emaj-330	285	11	different	different	ADJ
emaj-330	285	12	measures	measure	NOUN
emaj-330	285	13	shows	show	VERB
emaj-330	285	14	that	that	SCONJ
emaj-330	285	15	there	there	PRON
emaj-330	285	16	is	be	VERB
emaj-330	285	17	no	no	DET
emaj-330	285	18	material	material	ADJ
emaj-330	285	19	difference	difference	NOUN
emaj-330	285	20	between	between	ADP
emaj-330	285	21	the	the	DET
emaj-330	285	22	conclusions	conclusion	NOUN
emaj-330	285	23	drawn	draw	VERB
emaj-330	285	24	from	from	ADP
emaj-330	285	25	the	the	DET
emaj-330	285	26	𝑅1	𝑅1	NOUN
emaj-330	285	27	and	and	CCONJ
emaj-330	285	28	𝑅2	𝑅2	ADP
emaj-330	285	29	test	test	NOUN
emaj-330	285	30	results	result	NOUN
emaj-330	285	31	;	;	PUNCT
emaj-330	285	32	both	both	DET
emaj-330	285	33	measures	measure	NOUN
emaj-330	285	34	show	show	VERB
emaj-330	285	35	that	that	SCONJ
emaj-330	285	36	the	the	DET
emaj-330	285	37	variance	variance	NOUN
emaj-330	285	38	ratios	ratio	NOUN
emaj-330	285	39	are	be	AUX
emaj-330	285	40	significantly	significantly	ADV
emaj-330	285	41	larger	large	ADJ
emaj-330	285	42	than	than	ADP
emaj-330	285	43	one	one	NUM
emaj-330	285	44	for	for	ADP
emaj-330	285	45	the	the	DET
emaj-330	285	46	market	market	NOUN
emaj-330	285	47	index	index	NOUN
emaj-330	285	48	for	for	ADP
emaj-330	285	49	the	the	DET
emaj-330	285	50	full	full	ADJ
emaj-330	285	51	period	period	NOUN
emaj-330	285	52	and	and	CCONJ
emaj-330	285	53	both	both	DET
emaj-330	285	54	subperiods	subperiod	NOUN
emaj-330	285	55	.	.	PUNCT
emaj-330	286	1	this	this	DET
emaj-330	286	2	result	result	NOUN
emaj-330	286	3	also	also	ADV
emaj-330	286	4	holds	hold	VERB
emaj-330	286	5	for	for	ADP
emaj-330	286	6	the	the	DET
emaj-330	286	7	individual	individual	ADJ
emaj-330	286	8	companies	company	NOUN
emaj-330	286	9	;	;	PUNCT
emaj-330	286	10	in	in	ADP
emaj-330	286	11	general	general	ADJ
emaj-330	286	12	,	,	PUNCT
emaj-330	286	13	the	the	DET
emaj-330	286	14	differences	difference	NOUN
emaj-330	286	15	between	between	ADP
emaj-330	286	16	measures	measure	NOUN
emaj-330	286	17	𝑅1	𝑅1	PROPN
emaj-330	286	18	and	and	CCONJ
emaj-330	286	19	𝑅2	𝑅2	NOUN
emaj-330	286	20	in	in	ADP
emaj-330	286	21	terms	term	NOUN
emaj-330	286	22	of	of	ADP
emaj-330	286	23	the	the	DET
emaj-330	286	24	number	number	NOUN
emaj-330	286	25	of	of	ADP
emaj-330	286	26	companies	company	NOUN
emaj-330	286	27	that	that	PRON
emaj-330	286	28	reject	reject	VERB
emaj-330	286	29	the	the	DET
emaj-330	286	30	null	null	ADJ
emaj-330	286	31	hypothesis	hypothesis	NOUN
emaj-330	286	32	are	be	AUX
emaj-330	286	33	small	small	ADJ
emaj-330	286	34	.	.	PUNCT
emaj-330	287	1	nevertheless	nevertheless	ADV
emaj-330	287	2	,	,	PUNCT
emaj-330	287	3	there	there	PRON
emaj-330	287	4	are	be	VERB
emaj-330	287	5	considerable	considerable	ADJ
emaj-330	287	6	differences	difference	NOUN
emaj-330	287	7	in	in	ADP
emaj-330	287	8	outcomes	outcome	NOUN
emaj-330	287	9	between	between	ADP
emaj-330	287	10	the	the	DET
emaj-330	287	11	rank	rank	NOUN
emaj-330	287	12	-	-	PUNCT
emaj-330	287	13	based	base	VERB
emaj-330	287	14	measures	measure	NOUN
emaj-330	287	15	and	and	CCONJ
emaj-330	287	16	the	the	DET
emaj-330	287	17	signbased	signbase	VERB
emaj-330	287	18	measure	measure	NOUN
emaj-330	287	19	.	.	PUNCT
emaj-330	288	1	specifically	specifically	ADV
emaj-330	288	2	,	,	PUNCT
emaj-330	288	3	the	the	DET
emaj-330	288	4	test	test	NOUN
emaj-330	288	5	results	result	VERB
emaj-330	288	6	for	for	ADP
emaj-330	288	7	𝑅1	𝑅1	PROPN
emaj-330	288	8	and	and	CCONJ
emaj-330	288	9	𝑅2	𝑅2	NOUN
emaj-330	288	10	rejected	reject	VERB
emaj-330	288	11	the	the	DET
emaj-330	288	12	random	random	ADJ
emaj-330	288	13	walk	walk	NOUN
emaj-330	288	14	after	after	ADP
emaj-330	288	15	liberalization	liberalization	NOUN
emaj-330	288	16	,	,	PUNCT
emaj-330	288	17	while	while	SCONJ
emaj-330	288	18	the	the	DET
emaj-330	288	19	test	test	NOUN
emaj-330	288	20	results	result	VERB
emaj-330	288	21	for	for	ADP
emaj-330	288	22	𝑆1	𝑆1	NOUN
emaj-330	288	23	did	do	VERB
emaj-330	288	24	not	not	PART
emaj-330	288	25	.	.	PUNCT
emaj-330	289	1	belaire	belaire	PROPN
emaj-330	289	2	-	-	PUNCT
emaj-330	289	3	franch	franch	PROPN
emaj-330	289	4	and	and	CCONJ
emaj-330	289	5	opong	opong	NOUN
emaj-330	289	6	(	(	PUNCT
emaj-330	289	7	2005	2005	NUM
emaj-330	289	8	)	)	PUNCT
emaj-330	289	9	claimed	claim	VERB
emaj-330	289	10	that	that	SCONJ
emaj-330	289	11	the	the	DET
emaj-330	289	12	sign	sign	NOUN
emaj-330	289	13	-	-	PUNCT
emaj-330	289	14	based	base	VERB
emaj-330	289	15	measure	measure	NOUN
emaj-330	289	16	is	be	AUX
emaj-330	289	17	more	more	ADV
emaj-330	289	18	powerful	powerful	ADJ
emaj-330	289	19	than	than	ADP
emaj-330	289	20	the	the	DET
emaj-330	289	21	𝑅1	𝑅1	NOUN
emaj-330	289	22	and	and	CCONJ
emaj-330	289	23	𝑅2	𝑅2	NOUN
emaj-330	289	24	measures	measure	NOUN
emaj-330	289	25	in	in	ADP
emaj-330	289	26	the	the	DET
emaj-330	289	27	presence	presence	NOUN
emaj-330	289	28	of	of	ADP
emaj-330	289	29	heteroscedasticity	heteroscedasticity	NOUN
emaj-330	289	30	,	,	PUNCT
emaj-330	289	31	and	and	CCONJ
emaj-330	289	32	thus	thus	ADV
emaj-330	289	33	the	the	DET
emaj-330	289	34	𝑆1	𝑆1	NOUN
emaj-330	289	35	test	test	NOUN
emaj-330	289	36	may	may	AUX
emaj-330	289	37	be	be	AUX
emaj-330	289	38	more	more	ADV
emaj-330	289	39	robust	robust	ADJ
emaj-330	289	40	statistically6	statistically6	NOUN
emaj-330	289	41	.	.	PUNCT
emaj-330	290	1	this	this	PRON
emaj-330	290	2	provides	provide	VERB
emaj-330	290	3	additional	additional	ADJ
emaj-330	290	4	support	support	NOUN
emaj-330	290	5	for	for	ADP
emaj-330	290	6	the	the	DET
emaj-330	290	7	nonrejection	nonrejection	NOUN
emaj-330	290	8	of	of	ADP
emaj-330	290	9	the	the	DET
emaj-330	290	10	rwh	rwh	NOUN
emaj-330	290	11	for	for	ADP
emaj-330	290	12	the	the	DET
emaj-330	290	13	saudi	saudi	ADJ
emaj-330	290	14	stock	stock	NOUN
emaj-330	290	15	market	market	NOUN
emaj-330	290	16	in	in	ADP
emaj-330	290	17	the	the	DET
emaj-330	290	18	post	post	ADJ
emaj-330	290	19	-	-	ADJ
emaj-330	290	20	opening	opening	ADJ
emaj-330	290	21	period	period	NOUN
emaj-330	290	22	.	.	PUNCT
emaj-330	291	1	volume	volume	NOUN
emaj-330	291	2	14	14	NUM
emaj-330	292	1	no	no	DET
emaj-330	292	2	1	1	NUM
emaj-330	292	3	(	(	PUNCT
emaj-330	292	4	2024	2024	NUM
emaj-330	292	5	)	)	PUNCT
emaj-330	292	6	|	|	ADV
emaj-330	292	7	issn	issn	VERB
emaj-330	292	8	2158	2158	NUM
emaj-330	292	9	-	-	SYM
emaj-330	292	10	8708	8708	NUM
emaj-330	292	11	(	(	PUNCT
emaj-330	292	12	online	online	NOUN
emaj-330	292	13	)	)	PUNCT
emaj-330	292	14	|	|	ADV
emaj-330	292	15	doi	doi	X
emaj-330	292	16	10.5195	10.5195	NUM
emaj-330	292	17	/	/	SYM
emaj-330	292	18	emaj.2024.330	emaj.2024.330	PROPN
emaj-330	292	19	|	|	ADV
emaj-330	292	20	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-330	292	21	abdullah	abdullah	PROPN
emaj-330	292	22	alesmaiel	alesmaiel	PROPN
emaj-330	292	23	,	,	PUNCT
emaj-330	292	24	suzanne	suzanne	PROPN
emaj-330	292	25	fifield	fifield	PROPN
emaj-330	292	26	,	,	PUNCT
emaj-330	292	27	justin	justin	PROPN
emaj-330	292	28	hof	hof	PROPN
emaj-330	292	29	emerging	emerge	VERB
emaj-330	292	30	markets	market	NOUN
emaj-330	292	31	journal	journal	NOUN
emaj-330	292	32	page	page	NOUN
emaj-330	292	33	|9|	|9|	PROPN
emaj-330	292	34	table	table	NOUN
emaj-330	292	35	5	5	NUM
emaj-330	292	36	:	:	PUNCT
emaj-330	292	37	non	non	ADJ
emaj-330	292	38	-	-	ADJ
emaj-330	292	39	parametric	parametric	ADJ
emaj-330	292	40	variance	variance	NOUN
emaj-330	292	41	ratio	ratio	NOUN
emaj-330	292	42	test	test	NOUN
emaj-330	292	43	results	result	NOUN
emaj-330	292	44	:	:	PUNCT
emaj-330	292	45	individual	individual	ADJ
emaj-330	292	46	companies	company	NOUN
emaj-330	292	47	note	note	VERB
emaj-330	292	48	:	:	PUNCT
emaj-330	292	49	this	this	DET
emaj-330	292	50	table	table	NOUN
emaj-330	292	51	gives	give	VERB
emaj-330	292	52	the	the	DET
emaj-330	292	53	percentage	percentage	NOUN
emaj-330	292	54	of	of	ADP
emaj-330	292	55	companies	company	NOUN
emaj-330	292	56	where	where	SCONJ
emaj-330	292	57	the	the	DET
emaj-330	292	58	null	null	ADJ
emaj-330	292	59	hypothesis	hypothesis	NOUN
emaj-330	292	60	of	of	ADP
emaj-330	292	61	no	no	DET
emaj-330	292	62	autocorrelation	autocorrelation	NOUN
emaj-330	292	63	was	be	AUX
emaj-330	292	64	rejected	reject	VERB
emaj-330	292	65	for	for	ADP
emaj-330	292	66	the	the	DET
emaj-330	292	67	three	three	NUM
emaj-330	292	68	sample	sample	NOUN
emaj-330	292	69	periods	period	NOUN
emaj-330	292	70	at	at	ADP
emaj-330	292	71	three	three	NUM
emaj-330	292	72	different	different	ADJ
emaj-330	292	73	significance	significance	NOUN
emaj-330	292	74	levels	level	NOUN
emaj-330	292	75	.	.	PUNCT
emaj-330	293	1	the	the	DET
emaj-330	293	2	full	full	ADJ
emaj-330	293	3	period	period	NOUN
emaj-330	293	4	spans	span	VERB
emaj-330	293	5	the	the	DET
emaj-330	293	6	time	time	NOUN
emaj-330	293	7	from	from	ADP
emaj-330	293	8	1st	1st	ADJ
emaj-330	293	9	january	january	PROPN
emaj-330	293	10	2008	2008	NUM
emaj-330	293	11	to	to	ADP
emaj-330	293	12	31st	31st	NOUN
emaj-330	293	13	december	december	PROPN
emaj-330	293	14	2017	2017	NUM
emaj-330	293	15	,	,	PUNCT
emaj-330	293	16	while	while	SCONJ
emaj-330	293	17	the	the	DET
emaj-330	293	18	pre	pre	NOUN
emaj-330	293	19	-	-	ADJ
emaj-330	293	20	and	and	CCONJ
emaj-330	293	21	postperiods	postperiod	NOUN
emaj-330	293	22	cover	cover	VERB
emaj-330	293	23	the	the	DET
emaj-330	293	24	periods	period	NOUN
emaj-330	293	25	before	before	ADV
emaj-330	293	26	and	and	CCONJ
emaj-330	293	27	after	after	ADP
emaj-330	293	28	the	the	DET
emaj-330	293	29	change	change	NOUN
emaj-330	293	30	in	in	ADP
emaj-330	293	31	regulation	regulation	NOUN
emaj-330	293	32	on	on	ADP
emaj-330	293	33	15th	15th	ADJ
emaj-330	293	34	june	june	PROPN
emaj-330	293	35	2015	2015	NUM
emaj-330	293	36	.	.	PUNCT
emaj-330	294	1	the	the	DET
emaj-330	294	2	first	first	ADJ
emaj-330	294	3	row	row	NOUN
emaj-330	294	4	of	of	ADP
emaj-330	294	5	each	each	DET
emaj-330	294	6	period	period	NOUN
emaj-330	294	7	presents	present	VERB
emaj-330	294	8	the	the	DET
emaj-330	294	9	percentage	percentage	NOUN
emaj-330	294	10	of	of	ADP
emaj-330	294	11	firms	firm	NOUN
emaj-330	294	12	where	where	SCONJ
emaj-330	294	13	the	the	DET
emaj-330	294	14	null	null	ADJ
emaj-330	294	15	hypothesis	hypothesis	NOUN
emaj-330	294	16	was	be	AUX
emaj-330	294	17	rejected	reject	VERB
emaj-330	294	18	at	at	ADP
emaj-330	294	19	the	the	DET
emaj-330	294	20	one	one	NUM
emaj-330	294	21	per	per	ADP
emaj-330	294	22	cent	cent	NOUN
emaj-330	294	23	level	level	NOUN
emaj-330	294	24	,	,	PUNCT
emaj-330	294	25	while	while	SCONJ
emaj-330	294	26	the	the	DET
emaj-330	294	27	second	second	ADJ
emaj-330	294	28	and	and	CCONJ
emaj-330	294	29	third	third	ADJ
emaj-330	294	30	rows	row	NOUN
emaj-330	294	31	for	for	ADP
emaj-330	294	32	each	each	DET
emaj-330	294	33	period	period	NOUN
emaj-330	294	34	show	show	VERB
emaj-330	294	35	the	the	DET
emaj-330	294	36	percentages	percentage	NOUN
emaj-330	294	37	at	at	ADP
emaj-330	294	38	the	the	DET
emaj-330	294	39	five	five	NUM
emaj-330	294	40	and	and	CCONJ
emaj-330	294	41	ten	ten	NUM
emaj-330	294	42	per	per	NOUN
emaj-330	294	43	cent	cent	NOUN
emaj-330	294	44	levels	level	NOUN
emaj-330	294	45	,	,	PUNCT
emaj-330	294	46	respectively	respectively	ADV
emaj-330	294	47	.	.	PUNCT
emaj-330	295	1	finally	finally	ADV
emaj-330	295	2	,	,	PUNCT
emaj-330	295	3	the	the	DET
emaj-330	295	4	magnitude	magnitude	NOUN
emaj-330	295	5	of	of	ADP
emaj-330	295	6	the	the	DET
emaj-330	295	7	test	test	NOUN
emaj-330	295	8	statistics	statistic	NOUN
emaj-330	295	9	declines	decline	VERB
emaj-330	295	10	with	with	ADP
emaj-330	295	11	the	the	DET
emaj-330	295	12	number	number	NOUN
emaj-330	295	13	of	of	ADP
emaj-330	295	14	lags	lag	NOUN
emaj-330	295	15	(	(	PUNCT
emaj-330	295	16	q	q	X
emaj-330	295	17	)	)	PUNCT
emaj-330	295	18	considered	consider	VERB
emaj-330	295	19	,	,	PUNCT
emaj-330	295	20	which	which	PRON
emaj-330	295	21	indicates	indicate	VERB
emaj-330	295	22	that	that	SCONJ
emaj-330	295	23	the	the	DET
emaj-330	295	24	rejection	rejection	NOUN
emaj-330	295	25	of	of	ADP
emaj-330	295	26	the	the	DET
emaj-330	295	27	rwh	rwh	NOUN
emaj-330	295	28	becomes	become	VERB
emaj-330	295	29	weaker	weak	ADJ
emaj-330	295	30	when	when	SCONJ
emaj-330	295	31	the	the	DET
emaj-330	295	32	variances	variance	NOUN
emaj-330	295	33	of	of	ADP
emaj-330	295	34	longer	long	ADV
emaj-330	295	35	holding	hold	VERB
emaj-330	295	36	periods	period	NOUN
emaj-330	295	37	are	be	AUX
emaj-330	295	38	considered	consider	VERB
emaj-330	295	39	.	.	PUNCT
emaj-330	296	1	more	more	ADV
emaj-330	296	2	importantly	importantly	ADV
emaj-330	296	3	,	,	PUNCT
emaj-330	296	4	this	this	DET
emaj-330	296	5	result	result	NOUN
emaj-330	296	6	holds	hold	VERB
emaj-330	296	7	when	when	SCONJ
emaj-330	296	8	company	company	NOUN
emaj-330	296	9	-	-	PUNCT
emaj-330	296	10	level	level	NOUN
emaj-330	296	11	data	datum	NOUN
emaj-330	296	12	are	be	AUX
emaj-330	296	13	considered	consider	VERB
emaj-330	296	14	.	.	PUNCT
emaj-330	297	1	that	that	PRON
emaj-330	297	2	is	be	AUX
emaj-330	297	3	,	,	PUNCT
emaj-330	297	4	the	the	DET
emaj-330	297	5	percentage	percentage	NOUN
emaj-330	297	6	of	of	ADP
emaj-330	297	7	companies	company	NOUN
emaj-330	297	8	that	that	PRON
emaj-330	297	9	reject	reject	VERB
emaj-330	297	10	the	the	DET
emaj-330	297	11	rwh	rwh	NOUN
emaj-330	297	12	using	use	VERB
emaj-330	297	13	the	the	DET
emaj-330	297	14	rank	rank	NOUN
emaj-330	297	15	-	-	PUNCT
emaj-330	297	16	based	base	VERB
emaj-330	297	17	measures	measure	NOUN
emaj-330	297	18	decreases	decrease	VERB
emaj-330	297	19	as	as	ADP
emaj-330	297	20	the	the	DET
emaj-330	297	21	number	number	NOUN
emaj-330	297	22	of	of	ADP
emaj-330	297	23	lags	lag	NOUN
emaj-330	297	24	(	(	PUNCT
emaj-330	297	25	q	q	X
emaj-330	297	26	)	)	PUNCT
emaj-330	297	27	increases	increase	NOUN
emaj-330	297	28	in	in	ADP
emaj-330	297	29	all	all	DET
emaj-330	297	30	three	three	NUM
emaj-330	297	31	periods	period	NOUN
emaj-330	297	32	,	,	PUNCT
emaj-330	297	33	a	a	DET
emaj-330	297	34	result	result	NOUN
emaj-330	297	35	that	that	PRON
emaj-330	297	36	is	be	AUX
emaj-330	297	37	in	in	ADP
emaj-330	297	38	line	line	NOUN
emaj-330	297	39	with	with	ADP
emaj-330	297	40	fifield	fifield	NOUN
emaj-330	297	41	and	and	CCONJ
emaj-330	297	42	jetty	jetty	NOUN
emaj-330	297	43	(	(	PUNCT
emaj-330	297	44	2008	2008	NUM
emaj-330	297	45	)	)	PUNCT
emaj-330	297	46	.	.	PUNCT
emaj-330	298	1	an	an	DET
emaj-330	298	2	exception	exception	NOUN
emaj-330	298	3	to	to	ADP
emaj-330	298	4	this	this	DET
emaj-330	298	5	generalization	generalization	NOUN
emaj-330	298	6	is	be	AUX
emaj-330	298	7	the	the	DET
emaj-330	298	8	𝑅1	𝑅1	PROPN
emaj-330	298	9	results	result	NOUN
emaj-330	298	10	for	for	ADP
emaj-330	298	11	the	the	DET
emaj-330	298	12	post	post	NOUN
emaj-330	298	13	-	-	NOUN
emaj-330	298	14	period	period	NOUN
emaj-330	298	15	at	at	ADP
emaj-330	298	16	the	the	DET
emaj-330	298	17	one	one	NUM
emaj-330	298	18	per	per	ADP
emaj-330	298	19	cent	cent	NOUN
emaj-330	298	20	level	level	NOUN
emaj-330	298	21	;	;	PUNCT
emaj-330	298	22	the	the	DET
emaj-330	298	23	percentage	percentage	NOUN
emaj-330	298	24	of	of	ADP
emaj-330	298	25	companies	company	NOUN
emaj-330	298	26	that	that	PRON
emaj-330	298	27	reject	reject	VERB
emaj-330	298	28	the	the	DET
emaj-330	298	29	null	null	ADJ
emaj-330	298	30	hypothesis	hypothesis	NOUN
emaj-330	298	31	at	at	ADP
emaj-330	298	32	the	the	DET
emaj-330	298	33	one	one	NUM
emaj-330	298	34	per	per	ADP
emaj-330	298	35	cent	cent	NOUN
emaj-330	298	36	level	level	NOUN
emaj-330	298	37	increases	increase	NOUN
emaj-330	298	38	from	from	ADP
emaj-330	298	39	30.0	30.0	NUM
emaj-330	298	40	%	%	NOUN
emaj-330	298	41	for	for	ADP
emaj-330	298	42	lag	lag	NOUN
emaj-330	298	43	2	2	NUM
emaj-330	298	44	to	to	ADP
emaj-330	298	45	31.0	31.0	NUM
emaj-330	298	46	%	%	NOUN
emaj-330	298	47	for	for	ADP
emaj-330	298	48	lag	lag	NOUN
emaj-330	298	49	4	4	NUM
emaj-330	298	50	.	.	PUNCT
emaj-330	298	51	overall	overall	ADJ
emaj-330	298	52	,	,	PUNCT
emaj-330	298	53	the	the	DET
emaj-330	298	54	results	result	NOUN
emaj-330	298	55	of	of	ADP
emaj-330	298	56	the	the	DET
emaj-330	298	57	parametric	parametric	ADJ
emaj-330	298	58	and	and	CCONJ
emaj-330	298	59	nonparametric	nonparametric	ADJ
emaj-330	298	60	variance	variance	NOUN
emaj-330	298	61	ratio	ratio	NOUN
emaj-330	298	62	tests	test	NOUN
emaj-330	298	63	in	in	ADP
emaj-330	298	64	this	this	DET
emaj-330	298	65	study	study	NOUN
emaj-330	298	66	indicate	indicate	VERB
emaj-330	298	67	that	that	SCONJ
emaj-330	298	68	the	the	DET
emaj-330	298	69	emh	emh	PROPN
emaj-330	298	70	does	do	AUX
emaj-330	298	71	not	not	PART
emaj-330	298	72	hold	hold	VERB
emaj-330	298	73	in	in	ADP
emaj-330	298	74	the	the	DET
emaj-330	298	75	saudi	saudi	ADJ
emaj-330	298	76	stock	stock	NOUN
emaj-330	298	77	market	market	NOUN
emaj-330	298	78	.	.	PUNCT
emaj-330	299	1	these	these	DET
emaj-330	299	2	results	result	NOUN
emaj-330	299	3	support	support	VERB
emaj-330	299	4	conclusions	conclusion	NOUN
emaj-330	299	5	drawn	draw	VERB
emaj-330	299	6	from	from	ADP
emaj-330	299	7	previous	previous	ADJ
emaj-330	299	8	literature	literature	NOUN
emaj-330	299	9	about	about	ADP
emaj-330	299	10	the	the	DET
emaj-330	299	11	efficiency	efficiency	NOUN
emaj-330	299	12	of	of	ADP
emaj-330	299	13	the	the	DET
emaj-330	299	14	saudi	saudi	ADJ
emaj-330	299	15	stock	stock	NOUN
emaj-330	299	16	market	market	NOUN
emaj-330	299	17	,	,	PUNCT
emaj-330	299	18	such	such	ADJ
emaj-330	299	19	as	as	ADP
emaj-330	299	20	abraham	abraham	PROPN
emaj-330	299	21	et	et	PROPN
emaj-330	299	22	.	.	PUNCT
emaj-330	300	1	al	al	PROPN
emaj-330	300	2	.	.	PROPN
emaj-330	301	1	(	(	PUNCT
emaj-330	301	2	2002	2002	NUM
emaj-330	301	3	)	)	PUNCT
emaj-330	301	4	,	,	PUNCT
emaj-330	301	5	al	al	PROPN
emaj-330	301	6	-	-	PUNCT
emaj-330	301	7	khazali	khazali	PROPN
emaj-330	301	8	et	et	PROPN
emaj-330	301	9	.	.	PUNCT
emaj-330	302	1	al	al	PROPN
emaj-330	302	2	.	.	PROPN
emaj-330	303	1	(	(	PUNCT
emaj-330	303	2	2007	2007	NUM
emaj-330	303	3	)	)	PUNCT
emaj-330	303	4	and	and	CCONJ
emaj-330	303	5	jamaani	jamaani	PROPN
emaj-330	303	6	and	and	CCONJ
emaj-330	303	7	roca	roca	PROPN
emaj-330	303	8	(	(	PUNCT
emaj-330	303	9	2015	2015	NUM
emaj-330	303	10	)	)	PUNCT
emaj-330	303	11	.	.	PUNCT
emaj-330	304	1	in	in	ADP
emaj-330	304	2	addition	addition	NOUN
emaj-330	304	3	,	,	PUNCT
emaj-330	304	4	the	the	DET
emaj-330	304	5	results	result	NOUN
emaj-330	304	6	suggest	suggest	VERB
emaj-330	304	7	that	that	SCONJ
emaj-330	304	8	the	the	DET
emaj-330	304	9	market	market	NOUN
emaj-330	304	10	became	become	VERB
emaj-330	304	11	more	more	ADV
emaj-330	304	12	informationally	informationally	ADV
emaj-330	304	13	efficient	efficient	ADJ
emaj-330	304	14	after	after	ADP
emaj-330	304	15	opening	open	VERB
emaj-330	304	16	the	the	DET
emaj-330	304	17	market	market	NOUN
emaj-330	304	18	to	to	ADP
emaj-330	304	19	foreign	foreign	ADJ
emaj-330	304	20	institutional	institutional	ADJ
emaj-330	304	21	investors	investor	NOUN
emaj-330	304	22	.	.	PUNCT
emaj-330	305	1	the	the	DET
emaj-330	305	2	test	test	NOUN
emaj-330	305	3	results	result	NOUN
emaj-330	305	4	for	for	ADP
emaj-330	305	5	𝑀2	𝑀2	NOUN
emaj-330	305	6	and	and	CCONJ
emaj-330	305	7	𝑆1	𝑆1	NOUN
emaj-330	305	8	supported	support	VERB
emaj-330	305	9	the	the	DET
emaj-330	305	10	nonrejection	nonrejection	NOUN
emaj-330	305	11	of	of	ADP
emaj-330	305	12	the	the	DET
emaj-330	305	13	rwh	rwh	NOUN
emaj-330	305	14	in	in	ADP
emaj-330	305	15	the	the	DET
emaj-330	305	16	post	post	ADJ
emaj-330	305	17	-	-	ADJ
emaj-330	305	18	opening	opening	ADJ
emaj-330	305	19	period	period	NOUN
emaj-330	305	20	.	.	PUNCT
emaj-330	306	1	these	these	DET
emaj-330	306	2	results	result	NOUN
emaj-330	306	3	are	be	AUX
emaj-330	306	4	consistent	consistent	ADJ
emaj-330	306	5	with	with	ADP
emaj-330	306	6	some	some	DET
emaj-330	306	7	previous	previous	ADJ
emaj-330	306	8	studies	study	NOUN
emaj-330	306	9	that	that	PRON
emaj-330	306	10	investigated	investigate	VERB
emaj-330	306	11	the	the	DET
emaj-330	306	12	effect	effect	NOUN
emaj-330	306	13	of	of	ADP
emaj-330	306	14	stock	stock	NOUN
emaj-330	306	15	market	market	NOUN
emaj-330	306	16	opening	opening	NOUN
emaj-330	306	17	using	use	VERB
emaj-330	306	18	the	the	DET
emaj-330	306	19	variance	variance	NOUN
emaj-330	306	20	ratio	ratio	NOUN
emaj-330	306	21	tests	test	NOUN
emaj-330	306	22	and	and	CCONJ
emaj-330	306	23	other	other	ADJ
emaj-330	306	24	tests	test	NOUN
emaj-330	306	25	of	of	ADP
emaj-330	306	26	the	the	DET
emaj-330	306	27	random	random	ADJ
emaj-330	306	28	walk	walk	NOUN
emaj-330	306	29	(	(	PUNCT
emaj-330	306	30	kim	kim	PROPN
emaj-330	306	31	and	and	CCONJ
emaj-330	306	32	singal	singal	PROPN
emaj-330	306	33	,	,	PUNCT
emaj-330	306	34	2000	2000	NUM
emaj-330	306	35	;	;	PUNCT
emaj-330	306	36	fuss	fuss	NOUN
emaj-330	306	37	,	,	PUNCT
emaj-330	306	38	2005	2005	NUM
emaj-330	306	39	;	;	PUNCT
emaj-330	306	40	cajueiro	cajueiro	PROPN
emaj-330	306	41	et	et	PROPN
emaj-330	306	42	.	.	PUNCT
emaj-330	307	1	al	al	PROPN
emaj-330	307	2	.	.	PROPN
emaj-330	307	3	,	,	PUNCT
emaj-330	307	4	2009	2009	NUM
emaj-330	307	5	;	;	PUNCT
emaj-330	307	6	ulici	ulici	NOUN
emaj-330	307	7	and	and	CCONJ
emaj-330	307	8	nistor	nistor	NOUN
emaj-330	307	9	,	,	PUNCT
emaj-330	307	10	2011	2011	NUM
emaj-330	307	11	;	;	PUNCT
emaj-330	307	12	rejeb	rejeb	NOUN
emaj-330	307	13	and	and	CCONJ
emaj-330	307	14	boughrara	boughrara	NOUN
emaj-330	307	15	,	,	PUNCT
emaj-330	307	16	2013	2013	NUM
emaj-330	307	17	)	)	PUNCT
emaj-330	307	18	however	however	ADV
emaj-330	307	19	,	,	PUNCT
emaj-330	307	20	the	the	DET
emaj-330	307	21	substantive	substantive	ADJ
emaj-330	307	22	literature	literature	NOUN
emaj-330	307	23	has	have	AUX
emaj-330	307	24	not	not	PART
emaj-330	307	25	always	always	ADV
emaj-330	307	26	documented	document	VERB
emaj-330	307	27	a	a	DET
emaj-330	307	28	positive	positive	ADJ
emaj-330	307	29	impact	impact	NOUN
emaj-330	307	30	of	of	ADP
emaj-330	307	31	stock	stock	NOUN
emaj-330	307	32	market	market	NOUN
emaj-330	307	33	liberalization	liberalization	NOUN
emaj-330	307	34	on	on	ADP
emaj-330	307	35	market	market	NOUN
emaj-330	307	36	efficiency	efficiency	NOUN
emaj-330	307	37	(	(	PUNCT
emaj-330	307	38	groenewold	groenewold	VERB
emaj-330	307	39	and	and	CCONJ
emaj-330	307	40	ariff	ariff	NOUN
emaj-330	307	41	,	,	PUNCT
emaj-330	307	42	1998	1998	NUM
emaj-330	307	43	;	;	PUNCT
emaj-330	307	44	maghyereh	maghyereh	NOUN
emaj-330	307	45	and	and	CCONJ
emaj-330	307	46	omet	omet	VERB
emaj-330	307	47	,	,	PUNCT
emaj-330	307	48	2002	2002	NUM
emaj-330	307	49	;	;	PUNCT
emaj-330	307	50	kim	kim	PROPN
emaj-330	307	51	and	and	CCONJ
emaj-330	307	52	shamsuddin	shamsuddin	NOUN
emaj-330	307	53	,	,	PUNCT
emaj-330	307	54	2008	2008	NUM
emaj-330	307	55	;	;	PUNCT
emaj-330	307	56	naghavi	naghavi	ADJ
emaj-330	307	57	et	et	PROPN
emaj-330	307	58	.	.	PUNCT
emaj-330	308	1	al	al	PROPN
emaj-330	308	2	.	.	PROPN
emaj-330	308	3	,	,	PUNCT
emaj-330	308	4	2018	2018	NUM
emaj-330	308	5	)	)	PUNCT
emaj-330	308	6	.	.	PUNCT
emaj-330	309	1	the	the	DET
emaj-330	309	2	difference	difference	NOUN
emaj-330	309	3	in	in	ADP
emaj-330	309	4	results	result	NOUN
emaj-330	309	5	between	between	ADP
emaj-330	309	6	this	this	DET
emaj-330	309	7	study	study	NOUN
emaj-330	309	8	and	and	CCONJ
emaj-330	309	9	some	some	DET
emaj-330	309	10	previous	previous	ADJ
emaj-330	309	11	studies	study	NOUN
emaj-330	309	12	suggests	suggest	VERB
emaj-330	309	13	that	that	SCONJ
emaj-330	309	14	the	the	DET
emaj-330	309	15	relationship	relationship	NOUN
emaj-330	309	16	between	between	ADP
emaj-330	309	17	stock	stock	NOUN
emaj-330	309	18	market	market	NOUN
emaj-330	309	19	opening	opening	NOUN
emaj-330	309	20	and	and	CCONJ
emaj-330	309	21	informational	informational	ADJ
emaj-330	309	22	efficiency	efficiency	NOUN
emaj-330	309	23	may	may	AUX
emaj-330	309	24	be	be	AUX
emaj-330	309	25	countryspecific	countryspecific	ADJ
emaj-330	309	26	.	.	PUNCT
emaj-330	310	1	vi	vi	X
emaj-330	310	2	.	.	PROPN
emaj-330	310	3	conclusion	conclusion	NOUN
emaj-330	310	4	this	this	DET
emaj-330	310	5	paper	paper	NOUN
emaj-330	310	6	has	have	AUX
emaj-330	310	7	examined	examine	VERB
emaj-330	310	8	the	the	DET
emaj-330	310	9	behavior	behavior	NOUN
emaj-330	310	10	of	of	ADP
emaj-330	310	11	the	the	DET
emaj-330	310	12	saudi	saudi	ADJ
emaj-330	310	13	stock	stock	NOUN
emaj-330	310	14	market	market	NOUN
emaj-330	310	15	using	use	VERB
emaj-330	310	16	the	the	DET
emaj-330	310	17	parametric	parametric	ADJ
emaj-330	310	18	variance	variance	NOUN
emaj-330	310	19	ratio	ratio	NOUN
emaj-330	310	20	test	test	NOUN
emaj-330	310	21	of	of	ADP
emaj-330	310	22	lo	lo	PROPN
emaj-330	310	23	and	and	CCONJ
emaj-330	310	24	mackinlay	mackinlay	NOUN
emaj-330	310	25	(	(	PUNCT
emaj-330	310	26	1988	1988	NUM
emaj-330	310	27	)	)	PUNCT
emaj-330	310	28	as	as	ADV
emaj-330	310	29	well	well	ADV
emaj-330	310	30	as	as	ADP
emaj-330	310	31	the	the	DET
emaj-330	310	32	nonparametric	nonparametric	ADJ
emaj-330	310	33	variance	variance	NOUN
emaj-330	310	34	ratio	ratio	NOUN
emaj-330	310	35	test	test	NOUN
emaj-330	310	36	of	of	ADP
emaj-330	310	37	wright	wright	PROPN
emaj-330	310	38	(	(	PUNCT
emaj-330	310	39	2000	2000	NUM
emaj-330	310	40	)	)	PUNCT
emaj-330	310	41	.	.	PUNCT
emaj-330	311	1	employing	employ	VERB
emaj-330	311	2	these	these	DET
emaj-330	311	3	statistically	statistically	ADV
emaj-330	311	4	robust	robust	ADJ
emaj-330	311	5	techniques	technique	NOUN
emaj-330	311	6	and	and	CCONJ
emaj-330	311	7	using	use	VERB
emaj-330	311	8	marketand	marketand	ADJ
emaj-330	311	9	firmlevel	firmlevel	ADJ
emaj-330	311	10	data	datum	NOUN
emaj-330	311	11	over	over	ADP
emaj-330	311	12	the	the	DET
emaj-330	311	13	ten	ten	NUM
emaj-330	311	14	-	-	PUNCT
emaj-330	311	15	year	year	NOUN
emaj-330	311	16	period	period	NOUN
emaj-330	311	17	2008	2008	NUM
emaj-330	311	18	-	-	SYM
emaj-330	311	19	2017	2017	NUM
emaj-330	311	20	,	,	PUNCT
emaj-330	311	21	this	this	DET
emaj-330	311	22	paper	paper	NOUN
emaj-330	311	23	provides	provide	VERB
emaj-330	311	24	new	new	ADJ
emaj-330	311	25	empirical	empirical	ADJ
emaj-330	311	26	evidence	evidence	NOUN
emaj-330	311	27	on	on	ADP
emaj-330	311	28	the	the	DET
emaj-330	311	29	weak	weak	ADJ
emaj-330	311	30	form	form	NOUN
emaj-330	311	31	of	of	ADP
emaj-330	311	32	the	the	DET
emaj-330	311	33	emh	emh	NOUN
emaj-330	311	34	for	for	ADP
emaj-330	311	35	the	the	DET
emaj-330	311	36	saudi	saudi	ADJ
emaj-330	311	37	stock	stock	NOUN
emaj-330	311	38	market	market	NOUN
emaj-330	311	39	.	.	PUNCT
emaj-330	312	1	in	in	ADP
emaj-330	312	2	addition	addition	NOUN
emaj-330	312	3	,	,	PUNCT
emaj-330	312	4	the	the	DET
emaj-330	312	5	paper	paper	NOUN
emaj-330	312	6	investigated	investigate	VERB
emaj-330	312	7	,	,	PUNCT
emaj-330	312	8	for	for	ADP
emaj-330	312	9	the	the	DET
emaj-330	312	10	first	first	ADJ
emaj-330	312	11	time	time	NOUN
emaj-330	312	12	,	,	PUNCT
emaj-330	312	13	the	the	DET
emaj-330	312	14	impact	impact	NOUN
emaj-330	312	15	of	of	ADP
emaj-330	312	16	opening	open	VERB
emaj-330	312	17	the	the	DET
emaj-330	312	18	market	market	NOUN
emaj-330	312	19	to	to	ADP
emaj-330	312	20	foreign	foreign	ADJ
emaj-330	312	21	institutional	institutional	ADJ
emaj-330	312	22	investors	investor	NOUN
emaj-330	312	23	on	on	ADP
emaj-330	312	24	market	market	NOUN
emaj-330	312	25	efficiency	efficiency	NOUN
emaj-330	312	26	.	.	PUNCT
emaj-330	313	1	to	to	PART
emaj-330	313	2	do	do	VERB
emaj-330	313	3	so	so	ADV
emaj-330	313	4	,	,	PUNCT
emaj-330	313	5	the	the	DET
emaj-330	313	6	paper	paper	NOUN
emaj-330	313	7	divided	divide	VERB
emaj-330	313	8	the	the	DET
emaj-330	313	9	whole	whole	ADJ
emaj-330	313	10	sample	sample	NOUN
emaj-330	313	11	period	period	NOUN
emaj-330	313	12	into	into	ADP
emaj-330	313	13	two	two	NUM
emaj-330	313	14	subperiods	subperiod	NOUN
emaj-330	313	15	based	base	VERB
emaj-330	313	16	on	on	ADP
emaj-330	313	17	the	the	DET
emaj-330	313	18	market	market	NOUN
emaj-330	313	19	opening	opening	NOUN
emaj-330	313	20	date	date	NOUN
emaj-330	313	21	and	and	CCONJ
emaj-330	313	22	then	then	ADV
emaj-330	313	23	compared	compare	VERB
emaj-330	313	24	the	the	DET
emaj-330	313	25	level	level	NOUN
emaj-330	313	26	of	of	ADP
emaj-330	313	27	efficiency	efficiency	NOUN
emaj-330	313	28	in	in	ADP
emaj-330	313	29	the	the	DET
emaj-330	313	30	preopening	preopening	NOUN
emaj-330	313	31	period	period	NOUN
emaj-330	313	32	with	with	ADP
emaj-330	313	33	the	the	DET
emaj-330	313	34	post	post	ADJ
emaj-330	313	35	-	-	ADJ
emaj-330	313	36	opening	opening	ADJ
emaj-330	313	37	period	period	NOUN
emaj-330	313	38	.	.	PUNCT
emaj-330	314	1	the	the	DET
emaj-330	314	2	analysis	analysis	NOUN
emaj-330	314	3	conducted	conduct	VERB
emaj-330	314	4	in	in	ADP
emaj-330	314	5	this	this	DET
emaj-330	314	6	paper	paper	NOUN
emaj-330	314	7	revealed	reveal	VERB
emaj-330	314	8	several	several	ADJ
emaj-330	314	9	key	key	ADJ
emaj-330	314	10	findings	finding	NOUN
emaj-330	314	11	.	.	PUNCT
emaj-330	315	1	first	first	ADV
emaj-330	315	2	,	,	PUNCT
emaj-330	315	3	the	the	DET
emaj-330	315	4	analysis	analysis	NOUN
emaj-330	315	5	of	of	ADP
emaj-330	315	6	the	the	DET
emaj-330	315	7	descriptive	descriptive	ADJ
emaj-330	315	8	statistics	statistic	NOUN
emaj-330	315	9	suggested	suggest	VERB
emaj-330	315	10	that	that	SCONJ
emaj-330	315	11	the	the	DET
emaj-330	315	12	average	average	ADJ
emaj-330	315	13	daily	daily	ADJ
emaj-330	315	14	return	return	NOUN
emaj-330	315	15	for	for	ADP
emaj-330	315	16	the	the	DET
emaj-330	315	17	market	market	NOUN
emaj-330	315	18	index	index	NOUN
emaj-330	315	19	and	and	CCONJ
emaj-330	315	20	the	the	DET
emaj-330	315	21	sample	sample	NOUN
emaj-330	315	22	companies	company	NOUN
emaj-330	315	23	were	be	AUX
emaj-330	315	24	highly	highly	ADV
emaj-330	315	25	skewed	skewed	ADJ
emaj-330	315	26	and	and	CCONJ
emaj-330	315	27	leptokurtic	leptokurtic	ADJ
emaj-330	315	28	implying	imply	VERB
emaj-330	315	29	the	the	DET
emaj-330	315	30	need	need	NOUN
emaj-330	315	31	to	to	PART
emaj-330	315	32	use	use	VERB
emaj-330	315	33	nonparametric	nonparametric	NOUN
emaj-330	315	34	techniques	technique	NOUN
emaj-330	315	35	,	,	PUNCT
emaj-330	315	36	such	such	ADJ
emaj-330	315	37	as	as	ADP
emaj-330	315	38	wright	wright	PROPN
emaj-330	315	39	’s	’s	PART
emaj-330	315	40	(	(	PUNCT
emaj-330	315	41	2000	2000	NUM
emaj-330	315	42	)	)	PUNCT
emaj-330	315	43	variance	variance	NOUN
emaj-330	315	44	ratio	ratio	NOUN
emaj-330	315	45	test	test	NOUN
emaj-330	315	46	,	,	PUNCT
emaj-330	315	47	when	when	SCONJ
emaj-330	315	48	testing	test	VERB
emaj-330	315	49	weak	weak	ADJ
emaj-330	315	50	form	form	NOUN
emaj-330	315	51	efficiency	efficiency	NOUN
emaj-330	315	52	.	.	PUNCT
emaj-330	316	1	second	second	ADJ
emaj-330	316	2	,	,	PUNCT
emaj-330	316	3	the	the	DET
emaj-330	316	4	results	result	NOUN
emaj-330	316	5	from	from	ADP
emaj-330	316	6	the	the	DET
emaj-330	316	7	parametric	parametric	ADJ
emaj-330	316	8	variance	variance	NOUN
emaj-330	316	9	ratio	ratio	NOUN
emaj-330	316	10	test	test	NOUN
emaj-330	316	11	suggested	suggest	VERB
emaj-330	316	12	that	that	SCONJ
emaj-330	316	13	the	the	DET
emaj-330	316	14	rwh	rwh	NOUN
emaj-330	316	15	was	be	AUX
emaj-330	316	16	rejected	reject	VERB
emaj-330	316	17	for	for	ADP
emaj-330	316	18	the	the	DET
emaj-330	316	19	market	market	NOUN
emaj-330	316	20	index	index	NOUN
emaj-330	316	21	and	and	CCONJ
emaj-330	316	22	the	the	DET
emaj-330	316	23	sample	sample	NOUN
emaj-330	316	24	companies	company	NOUN
emaj-330	316	25	,	,	PUNCT
emaj-330	316	26	providing	provide	VERB
emaj-330	316	27	evidence	evidence	NOUN
emaj-330	316	28	against	against	ADP
emaj-330	316	29	weak	weak	ADJ
emaj-330	316	30	form	form	NOUN
emaj-330	316	31	efficiency	efficiency	NOUN
emaj-330	316	32	.	.	PUNCT
emaj-330	317	1	this	this	DET
emaj-330	317	2	result	result	NOUN
emaj-330	317	3	supports	support	VERB
emaj-330	317	4	previous	previous	ADJ
emaj-330	317	5	studies	study	NOUN
emaj-330	317	6	that	that	PRON
emaj-330	317	7	have	have	AUX
emaj-330	317	8	employed	employ	VERB
emaj-330	317	9	various	various	ADJ
emaj-330	317	10	statistical	statistical	ADJ
emaj-330	317	11	tests	test	NOUN
emaj-330	317	12	to	to	PART
emaj-330	317	13	examine	examine	VERB
emaj-330	317	14	the	the	DET
emaj-330	317	15	informational	informational	ADJ
emaj-330	317	16	efficiency	efficiency	NOUN
emaj-330	317	17	of	of	ADP
emaj-330	317	18	the	the	DET
emaj-330	317	19	saudi	saudi	ADJ
emaj-330	317	20	stock	stock	NOUN
emaj-330	317	21	market	market	NOUN
emaj-330	317	22	(	(	PUNCT
emaj-330	317	23	butler	butler	NOUN
emaj-330	317	24	and	and	CCONJ
emaj-330	317	25	malaikah	malaikah	PROPN
emaj-330	317	26	,	,	PUNCT
emaj-330	317	27	1992	1992	NUM
emaj-330	317	28	;	;	PUNCT
emaj-330	317	29	abraham	abraham	PROPN
emaj-330	317	30	et	et	PROPN
emaj-330	317	31	.	.	PUNCT
emaj-330	318	1	al	al	PROPN
emaj-330	318	2	.	.	PROPN
emaj-330	318	3	,	,	PUNCT
emaj-330	318	4	2002	2002	NUM
emaj-330	318	5	;	;	PUNCT
emaj-330	318	6	bley	bley	ADJ
emaj-330	318	7	,	,	PUNCT
emaj-330	318	8	2011	2011	NUM
emaj-330	318	9	;	;	PUNCT
emaj-330	318	10	al	al	PROPN
emaj-330	318	11	-	-	PUNCT
emaj-330	318	12	ajmi	ajmi	PROPN
emaj-330	318	13	and	and	CCONJ
emaj-330	318	14	kim	kim	PROPN
emaj-330	318	15	,	,	PUNCT
emaj-330	318	16	2012	2012	NUM
emaj-330	318	17	;	;	PUNCT
emaj-330	318	18	niemczak	niemczak	NOUN
emaj-330	318	19	and	and	CCONJ
emaj-330	318	20	smith	smith	PROPN
emaj-330	318	21	,	,	PUNCT
emaj-330	318	22	2013	2013	NUM
emaj-330	318	23	;	;	PUNCT
emaj-330	318	24	jamaani	jamaani	NOUN
emaj-330	318	25	and	and	CCONJ
emaj-330	318	26	roca	roca	PROPN
emaj-330	318	27	,	,	PUNCT
emaj-330	318	28	2015	2015	NUM
emaj-330	318	29	)	)	PUNCT
emaj-330	318	30	.	.	PUNCT
emaj-330	319	1	the	the	DET
emaj-330	319	2	variance	variance	NOUN
emaj-330	319	3	ratios	ratio	NOUN
emaj-330	319	4	were	be	AUX
emaj-330	319	5	significantly	significantly	ADV
emaj-330	319	6	larger	large	ADJ
emaj-330	319	7	than	than	ADP
emaj-330	319	8	one	one	NUM
emaj-330	319	9	for	for	ADP
emaj-330	319	10	most	most	ADJ
emaj-330	319	11	lags	lag	NOUN
emaj-330	319	12	used	use	VERB
emaj-330	319	13	.	.	PUNCT
emaj-330	320	1	the	the	DET
emaj-330	320	2	rejection	rejection	NOUN
emaj-330	320	3	of	of	ADP
emaj-330	320	4	the	the	DET
emaj-330	320	5	random	random	ADJ
emaj-330	320	6	walk	walk	NOUN
emaj-330	320	7	hypothesis	hypothesis	NOUN
emaj-330	320	8	was	be	AUX
emaj-330	320	9	also	also	ADV
emaj-330	320	10	robust	robust	ADJ
emaj-330	320	11	to	to	ADP
emaj-330	320	12	heteroscedasticity	heteroscedasticity	PROPN
emaj-330	320	13	.	.	PUNCT
emaj-330	321	1	third	third	ADJ
emaj-330	321	2	,	,	PUNCT
emaj-330	321	3	the	the	DET
emaj-330	321	4	use	use	NOUN
emaj-330	321	5	of	of	ADP
emaj-330	321	6	the	the	DET
emaj-330	321	7	nonparametric	nonparametric	ADJ
emaj-330	321	8	variance	variance	NOUN
emaj-330	321	9	ratio	ratio	NOUN
emaj-330	321	10	test	test	NOUN
emaj-330	321	11	provided	provide	VERB
emaj-330	321	12	further	further	ADJ
emaj-330	321	13	evidence	evidence	NOUN
emaj-330	321	14	against	against	ADP
emaj-330	321	15	weak	weak	ADJ
emaj-330	321	16	form	form	NOUN
emaj-330	321	17	efficiency	efficiency	NOUN
emaj-330	321	18	in	in	ADP
emaj-330	321	19	the	the	DET
emaj-330	321	20	saudi	saudi	ADJ
emaj-330	321	21	stock	stock	NOUN
emaj-330	321	22	market	market	NOUN
emaj-330	321	23	;	;	PUNCT
emaj-330	321	24	the	the	DET
emaj-330	321	25	results	result	NOUN
emaj-330	321	26	for	for	ADP
emaj-330	321	27	𝑅1	𝑅1	PROPN
emaj-330	321	28	,	,	PUNCT
emaj-330	321	29	𝑅2	𝑅2	NOUN
emaj-330	321	30	and	and	CCONJ
emaj-330	321	31	𝑆1	𝑆1	NOUN
emaj-330	321	32	rejected	reject	VERB
emaj-330	321	33	the	the	DET
emaj-330	321	34	random	random	ADJ
emaj-330	321	35	walk	walk	NOUN
emaj-330	321	36	hypothesis	hypothesis	NOUN
emaj-330	321	37	for	for	ADP
emaj-330	321	38	all	all	DET
emaj-330	321	39	lags	lag	NOUN
emaj-330	321	40	selected	select	VERB
emaj-330	321	41	.	.	PUNCT
emaj-330	322	1	this	this	DET
emaj-330	322	2	lack	lack	NOUN
emaj-330	322	3	of	of	ADP
emaj-330	322	4	efficiency	efficiency	NOUN
emaj-330	322	5	can	can	AUX
emaj-330	322	6	be	be	AUX
emaj-330	322	7	explained	explain	VERB
emaj-330	322	8	by	by	ADP
emaj-330	322	9	the	the	DET
emaj-330	322	10	dominance	dominance	NOUN
emaj-330	322	11	of	of	ADP
emaj-330	322	12	irrational	irrational	ADJ
emaj-330	322	13	investors	investor	NOUN
emaj-330	322	14	in	in	ADP
emaj-330	322	15	the	the	DET
emaj-330	322	16	market	market	NOUN
emaj-330	322	17	who	who	PRON
emaj-330	322	18	tend	tend	VERB
emaj-330	322	19	to	to	PART
emaj-330	322	20	trade	trade	VERB
emaj-330	322	21	based	base	VERB
emaj-330	322	22	on	on	ADP
emaj-330	322	23	noise	noise	NOUN
emaj-330	322	24	rather	rather	ADV
emaj-330	322	25	than	than	ADP
emaj-330	322	26	information	information	NOUN
emaj-330	322	27	.	.	PUNCT
emaj-330	323	1	finally	finally	ADV
emaj-330	323	2	,	,	PUNCT
emaj-330	323	3	and	and	CCONJ
emaj-330	323	4	most	most	ADV
emaj-330	323	5	importantly	importantly	ADV
emaj-330	323	6	,	,	PUNCT
emaj-330	323	7	opening	open	VERB
emaj-330	323	8	the	the	DET
emaj-330	323	9	stock	stock	NOUN
emaj-330	323	10	market	market	NOUN
emaj-330	323	11	to	to	ADP
emaj-330	323	12	international	international	ADJ
emaj-330	323	13	investors	investor	NOUN
emaj-330	323	14	seemed	seem	VERB
emaj-330	323	15	to	to	PART
emaj-330	323	16	positively	positively	ADV
emaj-330	323	17	impact	impact	VERB
emaj-330	323	18	the	the	DET
emaj-330	323	19	efficiency	efficiency	NOUN
emaj-330	323	20	of	of	ADP
emaj-330	323	21	the	the	DET
emaj-330	323	22	saudi	saudi	ADJ
emaj-330	323	23	stock	stock	NOUN
emaj-330	323	24	market	market	NOUN
emaj-330	323	25	.	.	PUNCT
emaj-330	324	1	the	the	DET
emaj-330	324	2	results	result	NOUN
emaj-330	324	3	of	of	ADP
emaj-330	324	4	the	the	DET
emaj-330	324	5	𝑀2	𝑀2	PROPN
emaj-330	324	6	measure	measure	NOUN
emaj-330	324	7	,	,	PUNCT
emaj-330	324	8	which	which	PRON
emaj-330	324	9	is	be	AUX
emaj-330	324	10	robust	robust	ADJ
emaj-330	324	11	to	to	ADP
emaj-330	324	12	heteroscedasticity	heteroscedasticity	NOUN
emaj-330	324	13	,	,	PUNCT
emaj-330	324	14	and	and	CCONJ
emaj-330	324	15	the	the	DET
emaj-330	324	16	𝑆1	𝑆1	NOUN
emaj-330	324	17	measure	measure	NOUN
emaj-330	324	18	,	,	PUNCT
emaj-330	324	19	which	which	PRON
emaj-330	324	20	is	be	AUX
emaj-330	324	21	robust	robust	ADJ
emaj-330	324	22	to	to	ADP
emaj-330	324	23	non	non	ADJ
emaj-330	324	24	-	-	ADJ
emaj-330	324	25	normality	normality	ADJ
emaj-330	324	26	,	,	PUNCT
emaj-330	324	27	failed	fail	VERB
emaj-330	324	28	to	to	PART
emaj-330	324	29	reject	reject	VERB
emaj-330	324	30	the	the	DET
emaj-330	324	31	rwh	rwh	NOUN
emaj-330	324	32	in	in	ADP
emaj-330	324	33	the	the	DET
emaj-330	324	34	post	post	ADJ
emaj-330	324	35	-	-	ADJ
emaj-330	324	36	opening	opening	ADJ
emaj-330	324	37	period	period	NOUN
emaj-330	324	38	for	for	ADP
emaj-330	324	39	most	most	ADJ
emaj-330	324	40	lags	lag	NOUN
emaj-330	324	41	.	.	PUNCT
emaj-330	325	1	although	although	SCONJ
emaj-330	325	2	this	this	DET
emaj-330	325	3	study	study	NOUN
emaj-330	325	4	provided	provide	VERB
emaj-330	325	5	evidence	evidence	NOUN
emaj-330	325	6	of	of	ADP
emaj-330	325	7	an	an	DET
emaj-330	325	8	improvement	improvement	NOUN
emaj-330	325	9	in	in	ADP
emaj-330	325	10	market	market	NOUN
emaj-330	325	11	efficiency	efficiency	NOUN
emaj-330	325	12	during	during	ADP
emaj-330	325	13	the	the	DET
emaj-330	325	14	post	post	ADJ
emaj-330	325	15	-	-	ADJ
emaj-330	325	16	opening	opening	ADJ
emaj-330	325	17	period	period	NOUN
emaj-330	325	18	,	,	PUNCT
emaj-330	325	19	this	this	DET
emaj-330	325	20	finding	finding	NOUN
emaj-330	325	21	needs	need	VERB
emaj-330	325	22	to	to	PART
emaj-330	325	23	be	be	AUX
emaj-330	325	24	interpreted	interpret	VERB
emaj-330	325	25	with	with	ADP
emaj-330	325	26	care	care	NOUN
emaj-330	325	27	.	.	PUNCT
emaj-330	326	1	the	the	DET
emaj-330	326	2	post	post	ADJ
emaj-330	326	3	-	-	ADJ
emaj-330	326	4	opening	opening	ADJ
emaj-330	326	5	time	time	NOUN
emaj-330	326	6	period	period	NOUN
emaj-330	326	7	considered	consider	VERB
emaj-330	326	8	in	in	ADP
emaj-330	326	9	this	this	DET
emaj-330	326	10	investigation	investigation	NOUN
emaj-330	326	11	spans	span	VERB
emaj-330	326	12	the	the	DET
emaj-330	326	13	time	time	NOUN
emaj-330	326	14	from	from	ADP
emaj-330	326	15	june	june	PROPN
emaj-330	326	16	2015	2015	NUM
emaj-330	326	17	to	to	ADP
emaj-330	326	18	december	december	PROPN
emaj-330	326	19	2017	2017	NUM
emaj-330	326	20	.	.	PUNCT
emaj-330	327	1	this	this	DET
emaj-330	327	2	relatively	relatively	ADV
emaj-330	327	3	short	short	ADJ
emaj-330	327	4	period	period	NOUN
emaj-330	327	5	of	of	ADP
emaj-330	327	6	two	two	NUM
emaj-330	327	7	-	-	PUNCT
emaj-330	327	8	and	and	CCONJ
emaj-330	327	9	-	-	PUNCT
emaj-330	327	10	a	a	DET
emaj-330	327	11	-	-	PUNCT
emaj-330	327	12	half	half	NOUN
emaj-330	327	13	years	year	NOUN
emaj-330	327	14	might	might	AUX
emaj-330	327	15	not	not	PART
emaj-330	327	16	be	be	AUX
emaj-330	327	17	long	long	ADV
emaj-330	327	18	enough	enough	ADV
emaj-330	327	19	to	to	PART
emaj-330	327	20	fully	fully	ADV
emaj-330	327	21	understand	understand	VERB
emaj-330	327	22	the	the	DET
emaj-330	327	23	impact	impact	NOUN
emaj-330	327	24	of	of	ADP
emaj-330	327	25	stock	stock	NOUN
emaj-330	327	26	market	market	NOUN
emaj-330	327	27	liberalization	liberalization	NOUN
emaj-330	327	28	on	on	ADP
emaj-330	327	29	market	market	NOUN
emaj-330	327	30	efficiency	efficiency	NOUN
emaj-330	327	31	.	.	PUNCT
emaj-330	328	1	the	the	DET
emaj-330	328	2	restrictions	restriction	NOUN
emaj-330	328	3	on	on	ADP
emaj-330	328	4	foreign	foreign	ADJ
emaj-330	328	5	investment	investment	NOUN
emaj-330	328	6	in	in	ADP
emaj-330	328	7	some	some	DET
emaj-330	328	8	countries	country	NOUN
emaj-330	328	9	are	be	AUX
emaj-330	328	10	lifted	lift	VERB
emaj-330	328	11	gradually	gradually	ADV
emaj-330	328	12	and	and	CCONJ
emaj-330	328	13	this	this	PRON
emaj-330	328	14	means	mean	VERB
emaj-330	328	15	the	the	DET
emaj-330	328	16	process	process	NOUN
emaj-330	328	17	of	of	ADP
emaj-330	328	18	stock	stock	NOUN
emaj-330	328	19	market	market	NOUN
emaj-330	328	20	liberalisation	liberalisation	NOUN
emaj-330	328	21	can	can	AUX
emaj-330	328	22	take	take	VERB
emaj-330	328	23	years	year	NOUN
emaj-330	328	24	to	to	PART
emaj-330	328	25	be	be	AUX
emaj-330	328	26	fully	fully	ADV
emaj-330	328	27	implemented	implement	VERB
emaj-330	328	28	.	.	PUNCT
emaj-330	329	1	therefore	therefore	ADV
emaj-330	329	2	,	,	PUNCT
emaj-330	329	3	future	future	ADJ
emaj-330	329	4	work	work	NOUN
emaj-330	329	5	may	may	AUX
emaj-330	329	6	usefully	usefully	ADV
emaj-330	329	7	investigate	investigate	VERB
emaj-330	329	8	the	the	DET
emaj-330	329	9	impact	impact	NOUN
emaj-330	329	10	of	of	ADP
emaj-330	329	11	stock	stock	NOUN
emaj-330	329	12	market	market	NOUN
emaj-330	329	13	liberalization	liberalization	NOUN
emaj-330	329	14	by	by	ADP
emaj-330	329	15	considering	consider	VERB
emaj-330	329	16	a	a	DET
emaj-330	329	17	longer	long	ADJ
emaj-330	329	18	time	time	NOUN
emaj-330	329	19	period	period	NOUN
emaj-330	329	20	.	.	PUNCT
emaj-330	330	1	in	in	ADP
emaj-330	330	2	order	order	NOUN
emaj-330	330	3	to	to	PART
emaj-330	330	4	provide	provide	VERB
emaj-330	330	5	a	a	DET
emaj-330	330	6	better	well	ADJ
emaj-330	330	7	understanding	understanding	NOUN
emaj-330	330	8	of	of	ADP
emaj-330	330	9	the	the	DET
emaj-330	330	10	relationship	relationship	NOUN
emaj-330	330	11	between	between	ADP
emaj-330	330	12	market	market	NOUN
emaj-330	330	13	liberalization	liberalization	NOUN
emaj-330	330	14	and	and	CCONJ
emaj-330	330	15	market	market	NOUN
emaj-330	330	16	efficiency	efficiency	NOUN
emaj-330	330	17	,	,	PUNCT
emaj-330	330	18	future	future	ADJ
emaj-330	330	19	studies	study	NOUN
emaj-330	330	20	could	could	AUX
emaj-330	330	21	volume	volume	VERB
emaj-330	330	22	14	14	NUM
emaj-330	330	23	no	no	DET
emaj-330	330	24	1	1	NUM
emaj-330	330	25	(	(	PUNCT
emaj-330	330	26	2024	2024	NUM
emaj-330	330	27	)	)	PUNCT
emaj-330	330	28	|	|	ADV
emaj-330	330	29	issn	issn	VERB
emaj-330	330	30	2158	2158	NUM
emaj-330	330	31	-	-	SYM
emaj-330	330	32	8708	8708	NUM
emaj-330	330	33	(	(	PUNCT
emaj-330	330	34	online	online	NOUN
emaj-330	330	35	)	)	PUNCT
emaj-330	330	36	|	|	ADV
emaj-330	330	37	doi	doi	X
emaj-330	330	38	10.5195	10.5195	NUM
emaj-330	330	39	/	/	SYM
emaj-330	330	40	emaj.2024.330	emaj.2024.330	PROPN
emaj-330	330	41	|	|	ADV
emaj-330	330	42	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-330	330	43	the	the	DET
emaj-330	330	44	influence	influence	NOUN
emaj-330	330	45	of	of	ADP
emaj-330	330	46	foreign	foreign	ADJ
emaj-330	330	47	investors	investor	NOUN
emaj-330	330	48	on	on	ADP
emaj-330	330	49	the	the	DET
emaj-330	330	50	efficiency	efficiency	NOUN
emaj-330	330	51	of	of	ADP
emaj-330	330	52	the	the	DET
emaj-330	330	53	saudi	saudi	ADJ
emaj-330	330	54	stock	stock	NOUN
emaj-330	330	55	market	market	NOUN
emaj-330	330	56	page	page	NOUN
emaj-330	330	57	|10|	|10|	NOUN
emaj-330	330	58	emerging	emerge	VERB
emaj-330	330	59	markets	market	NOUN
emaj-330	330	60	journal	journal	NOUN
emaj-330	330	61	also	also	ADV
emaj-330	330	62	compare	compare	VERB
emaj-330	330	63	the	the	DET
emaj-330	330	64	share	share	NOUN
emaj-330	330	65	price	price	NOUN
emaj-330	330	66	behavior	behavior	NOUN
emaj-330	330	67	of	of	ADP
emaj-330	330	68	companies	company	NOUN
emaj-330	330	69	whose	whose	DET
emaj-330	330	70	shares	share	NOUN
emaj-330	330	71	are	be	AUX
emaj-330	330	72	held	hold	VERB
emaj-330	330	73	by	by	ADP
emaj-330	330	74	international	international	ADJ
emaj-330	330	75	investors	investor	NOUN
emaj-330	330	76	to	to	ADP
emaj-330	330	77	the	the	DET
emaj-330	330	78	behavior	behavior	NOUN
emaj-330	330	79	of	of	ADP
emaj-330	330	80	companies	company	NOUN
emaj-330	330	81	whose	whose	DET
emaj-330	330	82	shares	share	NOUN
emaj-330	330	83	are	be	AUX
emaj-330	330	84	neglected	neglect	VERB
emaj-330	330	85	by	by	ADP
emaj-330	330	86	the	the	DET
emaj-330	330	87	global	global	ADJ
emaj-330	330	88	community	community	NOUN
emaj-330	330	89	.	.	PUNCT
emaj-330	331	1	references	reference	NOUN
emaj-330	331	2	abdmoulah	abdmoulah	PROPN
emaj-330	331	3	,	,	PUNCT
emaj-330	331	4	w.	w.	PROPN
emaj-330	331	5	(	(	PUNCT
emaj-330	331	6	2010	2010	NUM
emaj-330	331	7	)	)	PUNCT
emaj-330	331	8	.	.	PUNCT
emaj-330	332	1	testing	test	VERB
emaj-330	332	2	the	the	DET
emaj-330	332	3	evolving	evolve	VERB
emaj-330	332	4	efficiency	efficiency	NOUN
emaj-330	332	5	of	of	ADP
emaj-330	332	6	arab	arab	ADJ
emaj-330	332	7	stock	stock	NOUN
emaj-330	332	8	markets	market	NOUN
emaj-330	332	9	.	.	PUNCT
emaj-330	333	1	international	international	ADJ
emaj-330	333	2	review	review	NOUN
emaj-330	333	3	of	of	ADP
emaj-330	333	4	financial	financial	ADJ
emaj-330	333	5	analysis	analysis	NOUN
emaj-330	333	6	,	,	PUNCT
emaj-330	333	7	19(1	19(1	NUM
emaj-330	333	8	)	)	PUNCT
emaj-330	333	9	,	,	PUNCT
emaj-330	333	10	25	25	NUM
emaj-330	333	11	-	-	SYM
emaj-330	333	12	34	34	NUM
emaj-330	333	13	.	.	PUNCT
emaj-330	334	1	abraham	abraham	PROPN
emaj-330	334	2	,	,	PUNCT
emaj-330	334	3	a.	a.	PROPN
emaj-330	334	4	,	,	PUNCT
emaj-330	334	5	seyyed	seyye	VERB
emaj-330	334	6	,	,	PUNCT
emaj-330	334	7	f.	f.	PROPN
emaj-330	334	8	j.	j.	PROPN
emaj-330	334	9	and	and	CCONJ
emaj-330	334	10	alsakran	alsakran	ADJ
emaj-330	334	11	,	,	PUNCT
emaj-330	335	1	s.	s.	PROPN
emaj-330	335	2	a.	a.	PROPN
emaj-330	335	3	(	(	PUNCT
emaj-330	335	4	2002	2002	NUM
emaj-330	335	5	)	)	PUNCT
emaj-330	335	6	.	.	PUNCT
emaj-330	336	1	testing	test	VERB
emaj-330	336	2	the	the	DET
emaj-330	336	3	random	random	ADJ
emaj-330	336	4	walk	walk	NOUN
emaj-330	336	5	behavior	behavior	NOUN
emaj-330	336	6	and	and	CCONJ
emaj-330	336	7	efficiency	efficiency	NOUN
emaj-330	336	8	of	of	ADP
emaj-330	336	9	the	the	DET
emaj-330	336	10	gulf	gulf	PROPN
emaj-330	336	11	stock	stock	NOUN
emaj-330	336	12	markets	market	NOUN
emaj-330	336	13	.	.	PUNCT
emaj-330	337	1	financial	financial	ADJ
emaj-330	337	2	review	review	PROPN
emaj-330	337	3	,	,	PUNCT
emaj-330	337	4	37(3	37(3	NUM
emaj-330	337	5	)	)	PUNCT
emaj-330	337	6	,	,	PUNCT
emaj-330	337	7	469	469	NUM
emaj-330	337	8	-	-	SYM
emaj-330	337	9	480	480	NUM
emaj-330	337	10	.	.	PUNCT
emaj-330	338	1	al	al	PROPN
emaj-330	338	2	-	-	PUNCT
emaj-330	338	3	ajmi	ajmi	PROPN
emaj-330	338	4	,	,	PUNCT
emaj-330	338	5	j.	j.	PROPN
emaj-330	338	6	and	and	CCONJ
emaj-330	338	7	kim	kim	PROPN
emaj-330	338	8	,	,	PUNCT
emaj-330	338	9	j.h	j.h	PROPN
emaj-330	338	10	.	.	PROPN
emaj-330	338	11	(	(	PUNCT
emaj-330	338	12	2012	2012	NUM
emaj-330	338	13	)	)	PUNCT
emaj-330	338	14	.	.	PUNCT
emaj-330	338	15	are	be	AUX
emaj-330	338	16	gulf	gulf	PROPN
emaj-330	338	17	stock	stock	NOUN
emaj-330	338	18	markets	market	NOUN
emaj-330	338	19	efficient	efficient	ADJ
emaj-330	338	20	?	?	PUNCT
emaj-330	339	1	evidence	evidence	NOUN
emaj-330	339	2	from	from	ADP
emaj-330	339	3	new	new	ADJ
emaj-330	339	4	multiple	multiple	ADJ
emaj-330	339	5	variance	variance	NOUN
emaj-330	339	6	ratio	ratio	NOUN
emaj-330	339	7	tests	test	NOUN
emaj-330	339	8	.	.	PUNCT
emaj-330	340	1	applied	apply	VERB
emaj-330	340	2	economics	economic	NOUN
emaj-330	340	3	,	,	PUNCT
emaj-330	340	4	44(14	44(14	NUM
emaj-330	340	5	)	)	PUNCT
emaj-330	340	6	,	,	PUNCT
emaj-330	340	7	17371747	17371747	NUM
emaj-330	340	8	.	.	PUNCT
emaj-330	341	1	al	al	PROPN
emaj-330	341	2	-	-	PUNCT
emaj-330	341	3	khazali	khazali	PROPN
emaj-330	341	4	,	,	PUNCT
emaj-330	341	5	o.	o.	NOUN
emaj-330	341	6	m.	m.	NOUN
emaj-330	341	7	,	,	PUNCT
emaj-330	341	8	ding	ding	PROPN
emaj-330	341	9	,	,	PUNCT
emaj-330	341	10	d.	d.	PROPN
emaj-330	341	11	k.	k.	PROPN
emaj-330	341	12	and	and	CCONJ
emaj-330	341	13	pyun	pyun	PROPN
emaj-330	341	14	,	,	PUNCT
emaj-330	341	15	c.	c.	PROPN
emaj-330	341	16	s.	s.	PROPN
emaj-330	341	17	(	(	PUNCT
emaj-330	341	18	2007	2007	NUM
emaj-330	341	19	)	)	PUNCT
emaj-330	341	20	.	.	PUNCT
emaj-330	342	1	a	a	DET
emaj-330	342	2	new	new	ADJ
emaj-330	342	3	variance	variance	NOUN
emaj-330	342	4	ratio	ratio	NOUN
emaj-330	342	5	test	test	NOUN
emaj-330	342	6	of	of	ADP
emaj-330	342	7	random	random	ADJ
emaj-330	342	8	walk	walk	NOUN
emaj-330	342	9	in	in	ADP
emaj-330	342	10	emerging	emerge	VERB
emaj-330	342	11	markets	market	NOUN
emaj-330	342	12	:	:	PUNCT
emaj-330	342	13	a	a	DET
emaj-330	342	14	revisit	revisit	NOUN
emaj-330	342	15	.	.	PUNCT
emaj-330	343	1	financial	financial	ADJ
emaj-330	343	2	review	review	PROPN
emaj-330	343	3	,	,	PUNCT
emaj-330	343	4	42(2	42(2	PROPN
emaj-330	343	5	)	)	PUNCT
emaj-330	343	6	,	,	PUNCT
emaj-330	343	7	303	303	NUM
emaj-330	343	8	-	-	SYM
emaj-330	343	9	317	317	NUM
emaj-330	343	10	.	.	PUNCT
emaj-330	344	1	albuquerque	albuquerque	PROPN
emaj-330	344	2	,	,	PUNCT
emaj-330	344	3	r.	r.	PROPN
emaj-330	344	4	,	,	PUNCT
emaj-330	344	5	bauer	bauer	PROPN
emaj-330	344	6	,	,	PUNCT
emaj-330	344	7	g.	g.	PROPN
emaj-330	344	8	h.	h.	PROPN
emaj-330	344	9	and	and	CCONJ
emaj-330	344	10	schneider	schneider	PROPN
emaj-330	344	11	,	,	PUNCT
emaj-330	344	12	m.	m.	NOUN
emaj-330	344	13	(	(	PUNCT
emaj-330	344	14	2009	2009	NUM
emaj-330	344	15	)	)	PUNCT
emaj-330	344	16	.	.	PUNCT
emaj-330	345	1	global	global	ADJ
emaj-330	345	2	private	private	ADJ
emaj-330	345	3	information	information	NOUN
emaj-330	345	4	in	in	ADP
emaj-330	345	5	international	international	ADJ
emaj-330	345	6	equity	equity	NOUN
emaj-330	345	7	markets	market	NOUN
emaj-330	345	8	.	.	PUNCT
emaj-330	346	1	journal	journal	NOUN
emaj-330	346	2	of	of	ADP
emaj-330	346	3	financial	financial	ADJ
emaj-330	346	4	economics	economic	NOUN
emaj-330	346	5	,	,	PUNCT
emaj-330	346	6	94(1	94(1	NUM
emaj-330	346	7	)	)	PUNCT
emaj-330	346	8	,	,	PUNCT
emaj-330	346	9	18	18	NUM
emaj-330	346	10	-	-	SYM
emaj-330	346	11	46	46	NUM
emaj-330	346	12	.	.	PUNCT
emaj-330	347	1	alkhazali	alkhazali	PROPN
emaj-330	347	2	,	,	PUNCT
emaj-330	347	3	o.	o.	INTJ
emaj-330	347	4	(	(	PUNCT
emaj-330	347	5	2011	2011	NUM
emaj-330	347	6	)	)	PUNCT
emaj-330	347	7	.	.	PUNCT
emaj-330	348	1	does	do	AUX
emaj-330	348	2	infrequent	infrequent	ADJ
emaj-330	348	3	trading	trading	NOUN
emaj-330	348	4	make	make	VERB
emaj-330	348	5	a	a	DET
emaj-330	348	6	difference	difference	NOUN
emaj-330	348	7	on	on	ADP
emaj-330	348	8	stock	stock	NOUN
emaj-330	348	9	market	market	NOUN
emaj-330	348	10	efficiency	efficiency	NOUN
emaj-330	348	11	?	?	PUNCT
emaj-330	349	1	evidence	evidence	NOUN
emaj-330	349	2	from	from	ADP
emaj-330	349	3	the	the	DET
emaj-330	349	4	gulf	gulf	PROPN
emaj-330	349	5	cooperation	cooperation	NOUN
emaj-330	349	6	council	council	PROPN
emaj-330	349	7	(	(	PUNCT
emaj-330	349	8	gcc	gcc	NOUN
emaj-330	349	9	)	)	PUNCT
emaj-330	349	10	countries	country	NOUN
emaj-330	349	11	.	.	PUNCT
emaj-330	350	1	studies	study	NOUN
emaj-330	350	2	in	in	ADP
emaj-330	350	3	economics	economic	NOUN
emaj-330	350	4	and	and	CCONJ
emaj-330	350	5	finance	finance	NOUN
emaj-330	350	6	,	,	PUNCT
emaj-330	350	7	28(2	28(2	NUM
emaj-330	350	8	)	)	PUNCT
emaj-330	350	9	,	,	PUNCT
emaj-330	350	10	96	96	NUM
emaj-330	350	11	-	-	SYM
emaj-330	350	12	110	110	NUM
emaj-330	350	13	.	.	PUNCT
emaj-330	351	1	aye	aye	PROPN
emaj-330	351	2	,	,	PUNCT
emaj-330	351	3	g.	g.	PROPN
emaj-330	351	4	c.	c.	PROPN
emaj-330	351	5	,	,	PUNCT
emaj-330	351	6	gil	gil	PROPN
emaj-330	351	7	-	-	PROPN
emaj-330	351	8	alana	alana	PROPN
emaj-330	351	9	,	,	PUNCT
emaj-330	351	10	l.	l.	PROPN
emaj-330	351	11	a.	a.	PROPN
emaj-330	351	12	,	,	PUNCT
emaj-330	351	13	gupta	gupta	PROPN
emaj-330	351	14	,	,	PUNCT
emaj-330	351	15	r.	r.	PROPN
emaj-330	351	16	and	and	CCONJ
emaj-330	351	17	wohar	wohar	PROPN
emaj-330	351	18	,	,	PUNCT
emaj-330	351	19	m.	m.	PROPN
emaj-330	351	20	e.	e.	PROPN
emaj-330	351	21	(	(	PUNCT
emaj-330	351	22	2017	2017	NUM
emaj-330	351	23	)	)	PUNCT
emaj-330	351	24	.	.	PUNCT
emaj-330	352	1	the	the	DET
emaj-330	352	2	efficiency	efficiency	NOUN
emaj-330	352	3	of	of	ADP
emaj-330	352	4	the	the	DET
emaj-330	352	5	art	art	NOUN
emaj-330	352	6	market	market	NOUN
emaj-330	352	7	:	:	PUNCT
emaj-330	352	8	evidence	evidence	NOUN
emaj-330	352	9	from	from	ADP
emaj-330	352	10	variance	variance	NOUN
emaj-330	352	11	ratio	ratio	NOUN
emaj-330	352	12	tests	test	NOUN
emaj-330	352	13	,	,	PUNCT
emaj-330	352	14	linear	linear	ADJ
emaj-330	352	15	and	and	CCONJ
emaj-330	352	16	nonlinear	nonlinear	ADJ
emaj-330	352	17	fractional	fractional	ADJ
emaj-330	352	18	integration	integration	NOUN
emaj-330	352	19	approaches	approach	NOUN
emaj-330	352	20	.	.	PUNCT
emaj-330	353	1	international	international	ADJ
emaj-330	353	2	review	review	NOUN
emaj-330	353	3	of	of	ADP
emaj-330	353	4	economics	economics	PROPN
emaj-330	353	5	&	&	CCONJ
emaj-330	353	6	finance	finance	PROPN
emaj-330	353	7	,	,	PUNCT
emaj-330	353	8	51	51	NUM
emaj-330	353	9	,	,	PUNCT
emaj-330	353	10	283	283	NUM
emaj-330	353	11	-	-	SYM
emaj-330	353	12	294	294	NUM
emaj-330	353	13	.	.	PUNCT
emaj-330	354	1	belaire	belaire	PROPN
emaj-330	354	2	-	-	PUNCT
emaj-330	354	3	franch	franch	PROPN
emaj-330	354	4	,	,	PUNCT
emaj-330	354	5	j.	j.	PROPN
emaj-330	354	6	and	and	CCONJ
emaj-330	354	7	opong	opong	PROPN
emaj-330	354	8	,	,	PUNCT
emaj-330	354	9	k.	k.	PROPN
emaj-330	354	10	k.	k.	PROPN
emaj-330	354	11	(	(	PUNCT
emaj-330	354	12	2005	2005	NUM
emaj-330	354	13	)	)	PUNCT
emaj-330	354	14	.	.	PUNCT
emaj-330	355	1	a	a	DET
emaj-330	355	2	variance	variance	NOUN
emaj-330	355	3	ratio	ratio	NOUN
emaj-330	355	4	test	test	NOUN
emaj-330	355	5	of	of	ADP
emaj-330	355	6	the	the	DET
emaj-330	355	7	behaviour	behaviour	NOUN
emaj-330	355	8	of	of	ADP
emaj-330	355	9	some	some	DET
emaj-330	355	10	ftse	ftse	PROPN
emaj-330	355	11	equity	equity	NOUN
emaj-330	355	12	indices	index	NOUN
emaj-330	355	13	using	use	VERB
emaj-330	355	14	ranks	rank	NOUN
emaj-330	355	15	and	and	CCONJ
emaj-330	355	16	signs	sign	NOUN
emaj-330	355	17	.	.	PUNCT
emaj-330	356	1	review	review	NOUN
emaj-330	356	2	of	of	ADP
emaj-330	356	3	quantitative	quantitative	ADJ
emaj-330	356	4	finance	finance	NOUN
emaj-330	356	5	and	and	CCONJ
emaj-330	356	6	accounting	accounting	NOUN
emaj-330	356	7	,	,	PUNCT
emaj-330	356	8	24(1	24(1	NUM
emaj-330	356	9	)	)	PUNCT
emaj-330	356	10	,	,	PUNCT
emaj-330	356	11	93	93	NUM
emaj-330	356	12	-	-	SYM
emaj-330	356	13	107	107	NUM
emaj-330	356	14	.	.	PUNCT
emaj-330	357	1	bley	bley	PROPN
emaj-330	357	2	,	,	PUNCT
emaj-330	357	3	j.	j.	PROPN
emaj-330	357	4	(	(	PUNCT
emaj-330	357	5	2011	2011	NUM
emaj-330	357	6	)	)	PUNCT
emaj-330	357	7	.	.	PUNCT
emaj-330	358	1	are	be	AUX
emaj-330	358	2	gcc	gcc	NOUN
emaj-330	358	3	stock	stock	NOUN
emaj-330	358	4	markets	market	NOUN
emaj-330	358	5	predictable	predictable	ADJ
emaj-330	358	6	?	?	PUNCT
emaj-330	359	1	emerging	emerge	VERB
emaj-330	359	2	markets	market	NOUN
emaj-330	359	3	review	review	VERB
emaj-330	359	4	,	,	PUNCT
emaj-330	359	5	12(3	12(3	NUM
emaj-330	359	6	)	)	PUNCT
emaj-330	359	7	,	,	PUNCT
emaj-330	359	8	217	217	NUM
emaj-330	359	9	-	-	SYM
emaj-330	359	10	237	237	NUM
emaj-330	359	11	.	.	PUNCT
emaj-330	360	1	butler	butler	PROPN
emaj-330	360	2	,	,	PUNCT
emaj-330	360	3	k.c	k.c	PROPN
emaj-330	360	4	.	.	PROPN
emaj-330	360	5	and	and	CCONJ
emaj-330	360	6	malaikah	malaikah	PROPN
emaj-330	360	7	,	,	PUNCT
emaj-330	360	8	s.j	s.j	PROPN
emaj-330	360	9	.	.	PROPN
emaj-330	360	10	(	(	PUNCT
emaj-330	360	11	1992	1992	NUM
emaj-330	360	12	)	)	PUNCT
emaj-330	360	13	.	.	PUNCT
emaj-330	361	1	efficiency	efficiency	NOUN
emaj-330	361	2	and	and	CCONJ
emaj-330	361	3	inefficiency	inefficiency	NOUN
emaj-330	361	4	in	in	ADP
emaj-330	361	5	thinly	thinly	ADV
emaj-330	361	6	traded	trade	VERB
emaj-330	361	7	stock	stock	NOUN
emaj-330	361	8	markets	market	NOUN
emaj-330	361	9	:	:	PUNCT
emaj-330	361	10	kuwait	kuwait	PROPN
emaj-330	361	11	and	and	CCONJ
emaj-330	361	12	saudi	saudi	PROPN
emaj-330	361	13	arabia	arabia	PROPN
emaj-330	361	14	.	.	PUNCT
emaj-330	362	1	journal	journal	PROPN
emaj-330	362	2	of	of	ADP
emaj-330	362	3	banking	banking	NOUN
emaj-330	362	4	&	&	CCONJ
emaj-330	362	5	finance	finance	PROPN
emaj-330	362	6	,	,	PUNCT
emaj-330	362	7	16(1	16(1	NUM
emaj-330	362	8	)	)	PUNCT
emaj-330	362	9	,	,	PUNCT
emaj-330	362	10	197	197	NUM
emaj-330	362	11	-	-	SYM
emaj-330	362	12	210	210	NUM
emaj-330	362	13	.	.	PUNCT
emaj-330	363	1	cajueiro	cajueiro	PROPN
emaj-330	363	2	,	,	PUNCT
emaj-330	363	3	d.	d.	PROPN
emaj-330	363	4	o.	o.	PROPN
emaj-330	363	5	,	,	PUNCT
emaj-330	363	6	gogas	gogas	NOUN
emaj-330	363	7	,	,	PUNCT
emaj-330	363	8	p.	p.	NOUN
emaj-330	363	9	and	and	CCONJ
emaj-330	363	10	tabak	tabak	PROPN
emaj-330	363	11	,	,	PUNCT
emaj-330	363	12	b.	b.	PROPN
emaj-330	363	13	m.	m.	PROPN
emaj-330	363	14	(	(	PUNCT
emaj-330	363	15	2009	2009	NUM
emaj-330	363	16	)	)	PUNCT
emaj-330	363	17	.	.	PUNCT
emaj-330	364	1	does	do	AUX
emaj-330	364	2	financial	financial	ADJ
emaj-330	364	3	market	market	NOUN
emaj-330	364	4	liberalisation	liberalisation	NOUN
emaj-330	364	5	increase	increase	VERB
emaj-330	364	6	the	the	DET
emaj-330	364	7	degree	degree	NOUN
emaj-330	364	8	of	of	ADP
emaj-330	364	9	market	market	NOUN
emaj-330	364	10	efficiency	efficiency	NOUN
emaj-330	364	11	?	?	PUNCT
emaj-330	365	1	the	the	DET
emaj-330	365	2	case	case	NOUN
emaj-330	365	3	of	of	ADP
emaj-330	365	4	the	the	DET
emaj-330	365	5	athens	athens	PROPN
emaj-330	365	6	stock	stock	PROPN
emaj-330	365	7	exchange	exchange	PROPN
emaj-330	365	8	.	.	PUNCT
emaj-330	366	1	international	international	ADJ
emaj-330	366	2	review	review	NOUN
emaj-330	366	3	of	of	ADP
emaj-330	366	4	financial	financial	ADJ
emaj-330	366	5	analysis	analysis	NOUN
emaj-330	366	6	,	,	PUNCT
emaj-330	366	7	18(1	18(1	NUM
emaj-330	366	8	)	)	PUNCT
emaj-330	366	9	,	,	PUNCT
emaj-330	366	10	50	50	NUM
emaj-330	366	11	-	-	SYM
emaj-330	366	12	57	57	NUM
emaj-330	366	13	.	.	PUNCT
emaj-330	367	1	campbell	campbell	PROPN
emaj-330	367	2	,	,	PUNCT
emaj-330	367	3	j.	j.	PROPN
emaj-330	367	4	y.	y.	PROPN
emaj-330	367	5	,	,	PUNCT
emaj-330	367	6	lo	lo	PROPN
emaj-330	367	7	,	,	PUNCT
emaj-330	367	8	a.	a.	NOUN
emaj-330	367	9	w.-c	w.-c	PROPN
emaj-330	367	10	.	.	PUNCT
emaj-330	368	1	and	and	CCONJ
emaj-330	368	2	mackinlay	mackinlay	PROPN
emaj-330	368	3	,	,	PUNCT
emaj-330	368	4	a.	a.	PROPN
emaj-330	368	5	c.	c.	PROPN
emaj-330	368	6	(	(	PUNCT
emaj-330	368	7	1997	1997	NUM
emaj-330	368	8	)	)	PUNCT
emaj-330	368	9	.	.	PUNCT
emaj-330	369	1	the	the	DET
emaj-330	369	2	econometrics	econometric	NOUN
emaj-330	369	3	of	of	ADP
emaj-330	369	4	financial	financial	ADJ
emaj-330	369	5	markets	market	NOUN
emaj-330	369	6	,	,	PUNCT
emaj-330	369	7	new	new	PROPN
emaj-330	369	8	jersey	jersey	PROPN
emaj-330	369	9	:	:	PUNCT
emaj-330	369	10	princeton	princeton	PROPN
emaj-330	369	11	university	university	PROPN
emaj-330	369	12	press	press	NOUN
emaj-330	369	13	.	.	PUNCT
emaj-330	370	1	capital	capital	NOUN
emaj-330	370	2	market	market	NOUN
emaj-330	370	3	authority	authority	NOUN
emaj-330	370	4	(	(	PUNCT
emaj-330	370	5	2015	2015	NUM
emaj-330	370	6	)	)	PUNCT
emaj-330	370	7	.	.	PUNCT
emaj-330	371	1	objectives	objective	NOUN
emaj-330	371	2	of	of	ADP
emaj-330	371	3	opening	open	VERB
emaj-330	371	4	the	the	DET
emaj-330	371	5	smm	smm	NOUN
emaj-330	371	6	for	for	ADP
emaj-330	371	7	foreign	foreign	ADJ
emaj-330	371	8	investment	investment	NOUN
emaj-330	371	9	,	,	PUNCT
emaj-330	371	10	available	available	ADJ
emaj-330	371	11	at	at	ADP
emaj-330	371	12	:	:	PUNCT
emaj-330	371	13	https://bit.ly/392aiwl	https://bit.ly/392aiwl	NOUN
emaj-330	371	14	[	[	VERB
emaj-330	371	15	accessed	access	VERB
emaj-330	371	16	:	:	PUNCT
emaj-330	371	17	04	04	NUM
emaj-330	371	18	december	december	PROPN
emaj-330	371	19	2017	2017	NUM
emaj-330	371	20	]	]	PUNCT
emaj-330	371	21	.	.	PUNCT
emaj-330	372	1	charfeddine	charfeddine	PROPN
emaj-330	372	2	,	,	PUNCT
emaj-330	372	3	l.	l.	PROPN
emaj-330	372	4	and	and	CCONJ
emaj-330	372	5	khediri	khediri	PROPN
emaj-330	372	6	,	,	PUNCT
emaj-330	372	7	k.	k.	PROPN
emaj-330	372	8	b.	b.	PROPN
emaj-330	372	9	(	(	PUNCT
emaj-330	372	10	2016	2016	NUM
emaj-330	372	11	)	)	PUNCT
emaj-330	372	12	.	.	PUNCT
emaj-330	373	1	time	time	NOUN
emaj-330	373	2	varying	vary	VERB
emaj-330	373	3	market	market	NOUN
emaj-330	373	4	efficiency	efficiency	NOUN
emaj-330	373	5	of	of	ADP
emaj-330	373	6	the	the	DET
emaj-330	373	7	gcc	gcc	NOUN
emaj-330	373	8	stock	stock	NOUN
emaj-330	373	9	markets	market	NOUN
emaj-330	373	10	.	.	PUNCT
emaj-330	374	1	physica	physica	VERB
emaj-330	374	2	a	a	DET
emaj-330	374	3	:	:	PUNCT
emaj-330	374	4	statistical	statistical	ADJ
emaj-330	374	5	mechanics	mechanic	NOUN
emaj-330	374	6	and	and	CCONJ
emaj-330	374	7	its	its	PRON
emaj-330	374	8	applications	application	NOUN
emaj-330	374	9	,	,	PUNCT
emaj-330	374	10	444	444	NUM
emaj-330	374	11	,	,	PUNCT
emaj-330	374	12	487	487	NUM
emaj-330	374	13	-	-	SYM
emaj-330	374	14	504	504	NUM
emaj-330	374	15	.	.	PUNCT
emaj-330	375	1	charles	charles	PROPN
emaj-330	375	2	,	,	PUNCT
emaj-330	375	3	a.	a.	NOUN
emaj-330	375	4	and	and	CCONJ
emaj-330	375	5	darné	darné	VERB
emaj-330	375	6	,	,	PUNCT
emaj-330	375	7	o.	o.	PROPN
emaj-330	375	8	(	(	PUNCT
emaj-330	375	9	2009	2009	NUM
emaj-330	375	10	)	)	PUNCT
emaj-330	375	11	.	.	PUNCT
emaj-330	376	1	variance‐ratio	variance‐ratio	NOUN
emaj-330	376	2	tests	test	NOUN
emaj-330	376	3	of	of	ADP
emaj-330	376	4	random	random	ADJ
emaj-330	376	5	walk	walk	NOUN
emaj-330	376	6	:	:	PUNCT
emaj-330	376	7	an	an	DET
emaj-330	376	8	overview	overview	NOUN
emaj-330	376	9	.	.	PUNCT
emaj-330	377	1	journal	journal	NOUN
emaj-330	377	2	of	of	ADP
emaj-330	377	3	economic	economic	ADJ
emaj-330	377	4	surveys	survey	NOUN
emaj-330	377	5	,	,	PUNCT
emaj-330	377	6	23(3	23(3	NUM
emaj-330	377	7	)	)	PUNCT
emaj-330	377	8	,	,	PUNCT
emaj-330	377	9	503	503	NUM
emaj-330	377	10	-	-	SYM
emaj-330	377	11	527	527	NUM
emaj-330	377	12	.	.	PUNCT
emaj-330	378	1	fama	fama	PROPN
emaj-330	378	2	,	,	PUNCT
emaj-330	378	3	e.	e.	PROPN
emaj-330	378	4	f.	f.	PROPN
emaj-330	378	5	(	(	PUNCT
emaj-330	378	6	1965	1965	NUM
emaj-330	378	7	)	)	PUNCT
emaj-330	378	8	.	.	PUNCT
emaj-330	379	1	tomorrow	tomorrow	NOUN
emaj-330	379	2	on	on	ADP
emaj-330	379	3	the	the	DET
emaj-330	379	4	new	new	PROPN
emaj-330	379	5	york	york	PROPN
emaj-330	379	6	stock	stock	PROPN
emaj-330	379	7	exchange	exchange	PROPN
emaj-330	379	8	.	.	PUNCT
emaj-330	380	1	the	the	DET
emaj-330	380	2	journal	journal	NOUN
emaj-330	380	3	of	of	ADP
emaj-330	380	4	business	business	NOUN
emaj-330	380	5	,	,	PUNCT
emaj-330	380	6	38(3	38(3	NUM
emaj-330	380	7	)	)	PUNCT
emaj-330	380	8	,	,	PUNCT
emaj-330	380	9	285299	285299	NUM
emaj-330	380	10	.	.	PUNCT
emaj-330	381	1	fifield	fifield	PROPN
emaj-330	381	2	,	,	PUNCT
emaj-330	381	3	s.	s.	PROPN
emaj-330	381	4	g.	g.	PROPN
emaj-330	381	5	m.	m.	PROPN
emaj-330	381	6	and	and	CCONJ
emaj-330	381	7	jetty	jetty	PROPN
emaj-330	381	8	,	,	PUNCT
emaj-330	381	9	j.	j.	PROPN
emaj-330	381	10	(	(	PUNCT
emaj-330	381	11	2008	2008	NUM
emaj-330	381	12	)	)	PUNCT
emaj-330	381	13	.	.	PUNCT
emaj-330	382	1	further	further	ADJ
emaj-330	382	2	evidence	evidence	NOUN
emaj-330	382	3	on	on	ADP
emaj-330	382	4	the	the	DET
emaj-330	382	5	efficiency	efficiency	NOUN
emaj-330	382	6	of	of	ADP
emaj-330	382	7	the	the	DET
emaj-330	382	8	chinese	chinese	ADJ
emaj-330	382	9	stock	stock	NOUN
emaj-330	382	10	markets	market	NOUN
emaj-330	382	11	:	:	PUNCT
emaj-330	382	12	a	a	DET
emaj-330	382	13	note	note	NOUN
emaj-330	382	14	.	.	PUNCT
emaj-330	383	1	research	research	NOUN
emaj-330	383	2	in	in	ADP
emaj-330	383	3	international	international	ADJ
emaj-330	383	4	business	business	NOUN
emaj-330	383	5	and	and	CCONJ
emaj-330	383	6	finance	finance	NOUN
emaj-330	383	7	,	,	PUNCT
emaj-330	383	8	22(3	22(3	NUM
emaj-330	383	9	)	)	PUNCT
emaj-330	383	10	,	,	PUNCT
emaj-330	383	11	351	351	NUM
emaj-330	383	12	-	-	SYM
emaj-330	383	13	361	361	NUM
emaj-330	383	14	.	.	PUNCT
emaj-330	384	1	füss	füss	NOUN
emaj-330	384	2	,	,	PUNCT
emaj-330	384	3	r.	r.	PROPN
emaj-330	384	4	(	(	PUNCT
emaj-330	384	5	2005	2005	NUM
emaj-330	384	6	)	)	PUNCT
emaj-330	384	7	.	.	PUNCT
emaj-330	385	1	financial	financial	ADJ
emaj-330	385	2	liberalisation	liberalisation	NOUN
emaj-330	385	3	and	and	CCONJ
emaj-330	385	4	stock	stock	NOUN
emaj-330	385	5	price	price	NOUN
emaj-330	385	6	behaviour	behaviour	NOUN
emaj-330	385	7	in	in	ADP
emaj-330	385	8	asian	asian	ADJ
emaj-330	385	9	emerging	emerge	VERB
emaj-330	385	10	markets	market	NOUN
emaj-330	385	11	.	.	PUNCT
emaj-330	386	1	economic	economic	ADJ
emaj-330	386	2	change	change	NOUN
emaj-330	386	3	and	and	CCONJ
emaj-330	386	4	restructuring	restructuring	NOUN
emaj-330	386	5	,	,	PUNCT
emaj-330	386	6	38(1	38(1	NUM
emaj-330	386	7	)	)	PUNCT
emaj-330	386	8	,	,	PUNCT
emaj-330	386	9	3762	3762	NUM
emaj-330	386	10	.	.	PUNCT
emaj-330	387	1	graham	graham	PROPN
emaj-330	387	2	,	,	PUNCT
emaj-330	387	3	m.	m.	NOUN
emaj-330	387	4	,	,	PUNCT
emaj-330	387	5	peltomäki	peltomäki	NOUN
emaj-330	387	6	,	,	PUNCT
emaj-330	387	7	j.	j.	PROPN
emaj-330	387	8	and	and	CCONJ
emaj-330	387	9	sturludóttir	sturludóttir	PROPN
emaj-330	387	10	,	,	PUNCT
emaj-330	387	11	h.	h.	PROPN
emaj-330	387	12	(	(	PUNCT
emaj-330	387	13	2015	2015	NUM
emaj-330	387	14	)	)	PUNCT
emaj-330	387	15	.	.	PUNCT
emaj-330	388	1	do	do	AUX
emaj-330	388	2	capital	capital	NOUN
emaj-330	388	3	controls	control	NOUN
emaj-330	388	4	affect	affect	VERB
emaj-330	388	5	stock	stock	NOUN
emaj-330	388	6	market	market	NOUN
emaj-330	388	7	efficiency	efficiency	NOUN
emaj-330	388	8	?	?	PUNCT
emaj-330	389	1	lessons	lesson	NOUN
emaj-330	389	2	from	from	ADP
emaj-330	389	3	iceland	iceland	PROPN
emaj-330	389	4	.	.	PUNCT
emaj-330	390	1	international	international	ADJ
emaj-330	390	2	review	review	NOUN
emaj-330	390	3	of	of	ADP
emaj-330	390	4	financial	financial	ADJ
emaj-330	390	5	analysis	analysis	NOUN
emaj-330	390	6	,	,	PUNCT
emaj-330	390	7	41	41	NUM
emaj-330	390	8	,	,	PUNCT
emaj-330	390	9	82	82	NUM
emaj-330	390	10	-	-	SYM
emaj-330	390	11	88	88	NUM
emaj-330	390	12	.	.	PUNCT
emaj-330	391	1	groenewold	groenewold	VERB
emaj-330	391	2	,	,	PUNCT
emaj-330	391	3	n.	n.	NOUN
emaj-330	391	4	and	and	CCONJ
emaj-330	391	5	ariff	ariff	NOUN
emaj-330	391	6	,	,	PUNCT
emaj-330	391	7	m.	m.	NOUN
emaj-330	391	8	(	(	PUNCT
emaj-330	391	9	1998	1998	NUM
emaj-330	391	10	)	)	PUNCT
emaj-330	391	11	.	.	PUNCT
emaj-330	392	1	the	the	DET
emaj-330	392	2	effects	effect	NOUN
emaj-330	392	3	of	of	ADP
emaj-330	392	4	deregulation	deregulation	NOUN
emaj-330	392	5	on	on	ADP
emaj-330	392	6	share	share	NOUN
emaj-330	392	7	-	-	PUNCT
emaj-330	392	8	market	market	NOUN
emaj-330	392	9	efficiency	efficiency	NOUN
emaj-330	392	10	in	in	ADP
emaj-330	392	11	the	the	DET
emaj-330	392	12	asia	asia	PROPN
emaj-330	392	13	-	-	PUNCT
emaj-330	392	14	pacific	pacific	PROPN
emaj-330	392	15	.	.	PUNCT
emaj-330	393	1	international	international	ADJ
emaj-330	393	2	economic	economic	ADJ
emaj-330	393	3	journal	journal	NOUN
emaj-330	393	4	,	,	PUNCT
emaj-330	393	5	12(4	12(4	NUM
emaj-330	393	6	)	)	PUNCT
emaj-330	393	7	,	,	PUNCT
emaj-330	393	8	23	23	NUM
emaj-330	393	9	-	-	SYM
emaj-330	393	10	47	47	NUM
emaj-330	393	11	.	.	PUNCT
emaj-330	394	1	hong	hong	PROPN
emaj-330	394	2	,	,	PUNCT
emaj-330	394	3	h.	h.	PROPN
emaj-330	394	4	,	,	PUNCT
emaj-330	394	5	lim	lim	PROPN
emaj-330	394	6	,	,	PUNCT
emaj-330	394	7	t.	t.	PROPN
emaj-330	394	8	and	and	CCONJ
emaj-330	394	9	stein	stein	PROPN
emaj-330	394	10	,	,	PUNCT
emaj-330	394	11	j.	j.	PROPN
emaj-330	394	12	c.	c.	PROPN
emaj-330	394	13	(	(	PUNCT
emaj-330	394	14	2000	2000	NUM
emaj-330	394	15	)	)	PUNCT
emaj-330	394	16	.	.	PUNCT
emaj-330	395	1	bad	bad	ADJ
emaj-330	395	2	news	news	NOUN
emaj-330	395	3	travels	travel	VERB
emaj-330	395	4	slowly	slowly	ADV
emaj-330	395	5	:	:	PUNCT
emaj-330	395	6	size	size	NOUN
emaj-330	395	7	,	,	PUNCT
emaj-330	395	8	analyst	analyst	NOUN
emaj-330	395	9	coverage	coverage	NOUN
emaj-330	395	10	,	,	PUNCT
emaj-330	395	11	and	and	CCONJ
emaj-330	395	12	the	the	DET
emaj-330	395	13	profitability	profitability	NOUN
emaj-330	395	14	of	of	ADP
emaj-330	395	15	momentum	momentum	NOUN
emaj-330	395	16	strategies	strategy	NOUN
emaj-330	395	17	.	.	PUNCT
emaj-330	396	1	the	the	DET
emaj-330	396	2	journal	journal	NOUN
emaj-330	396	3	of	of	ADP
emaj-330	396	4	finance	finance	NOUN
emaj-330	396	5	,	,	PUNCT
emaj-330	396	6	55(1	55(1	NOUN
emaj-330	396	7	)	)	PUNCT
emaj-330	396	8	,	,	PUNCT
emaj-330	396	9	265	265	NUM
emaj-330	396	10	-	-	SYM
emaj-330	396	11	295	295	NUM
emaj-330	396	12	.	.	PUNCT
emaj-330	397	1	hull	hull	NOUN
emaj-330	397	2	,	,	PUNCT
emaj-330	397	3	m.	m.	NOUN
emaj-330	397	4	and	and	CCONJ
emaj-330	397	5	mcgroarty	mcgroarty	NOUN
emaj-330	397	6	,	,	PUNCT
emaj-330	397	7	f.	f.	PROPN
emaj-330	397	8	(	(	PUNCT
emaj-330	397	9	2014	2014	NUM
emaj-330	397	10	)	)	PUNCT
emaj-330	397	11	.	.	PUNCT
emaj-330	398	1	do	do	AUX
emaj-330	398	2	emerging	emerge	VERB
emaj-330	398	3	markets	market	NOUN
emaj-330	398	4	become	become	VERB
emaj-330	398	5	more	more	ADV
emaj-330	398	6	efficient	efficient	ADJ
emaj-330	398	7	as	as	SCONJ
emaj-330	398	8	they	they	PRON
emaj-330	398	9	develop	develop	VERB
emaj-330	398	10	?	?	PUNCT
emaj-330	399	1	long	long	ADJ
emaj-330	399	2	memory	memory	NOUN
emaj-330	399	3	persistence	persistence	NOUN
emaj-330	399	4	in	in	ADP
emaj-330	399	5	equity	equity	NOUN
emaj-330	399	6	indices	index	NOUN
emaj-330	399	7	.	.	PUNCT
emaj-330	400	1	emerging	emerge	VERB
emaj-330	400	2	markets	market	NOUN
emaj-330	400	3	review	review	VERB
emaj-330	400	4	,	,	PUNCT
emaj-330	400	5	18	18	NUM
emaj-330	400	6	,	,	PUNCT
emaj-330	400	7	45	45	NUM
emaj-330	400	8	-	-	SYM
emaj-330	400	9	61	61	NUM
emaj-330	400	10	.	.	PUNCT
emaj-330	401	1	hunter	hunter	NOUN
emaj-330	401	2	,	,	PUNCT
emaj-330	401	3	d.	d.	PROPN
emaj-330	401	4	m.	m.	PROPN
emaj-330	401	5	(	(	PUNCT
emaj-330	401	6	1998	1998	NUM
emaj-330	401	7	)	)	PUNCT
emaj-330	401	8	.	.	PUNCT
emaj-330	402	1	the	the	DET
emaj-330	402	2	performance	performance	NOUN
emaj-330	402	3	of	of	ADP
emaj-330	402	4	filter	filter	NOUN
emaj-330	402	5	rules	rule	NOUN
emaj-330	402	6	on	on	ADP
emaj-330	402	7	the	the	DET
emaj-330	402	8	jamaican	jamaican	ADJ
emaj-330	402	9	stock	stock	PROPN
emaj-330	402	10	exchange	exchange	PROPN
emaj-330	402	11	.	.	PUNCT
emaj-330	403	1	applied	apply	VERB
emaj-330	403	2	economics	economic	NOUN
emaj-330	403	3	letters	letter	NOUN
emaj-330	403	4	,	,	PUNCT
emaj-330	403	5	5(5	5(5	NUM
emaj-330	403	6	)	)	PUNCT
emaj-330	403	7	,	,	PUNCT
emaj-330	403	8	297	297	NUM
emaj-330	403	9	-	-	SYM
emaj-330	403	10	300	300	NUM
emaj-330	403	11	.	.	PUNCT
emaj-330	404	1	jamaani	jamaani	PROPN
emaj-330	404	2	,	,	PUNCT
emaj-330	404	3	f.	f.	PROPN
emaj-330	404	4	and	and	CCONJ
emaj-330	404	5	roca	roca	PROPN
emaj-330	404	6	,	,	PUNCT
emaj-330	404	7	e.	e.	PROPN
emaj-330	404	8	(	(	PUNCT
emaj-330	404	9	2015	2015	NUM
emaj-330	404	10	)	)	PUNCT
emaj-330	404	11	.	.	PUNCT
emaj-330	405	1	are	be	AUX
emaj-330	405	2	the	the	DET
emaj-330	405	3	regional	regional	ADJ
emaj-330	405	4	gulf	gulf	PROPN
emaj-330	405	5	stock	stock	NOUN
emaj-330	405	6	markets	market	NOUN
emaj-330	405	7	weak	weak	ADJ
emaj-330	405	8	-	-	PUNCT
emaj-330	405	9	form	form	NOUN
emaj-330	405	10	efficient	efficient	ADJ
emaj-330	405	11	as	as	ADP
emaj-330	405	12	single	single	ADJ
emaj-330	405	13	stock	stock	NOUN
emaj-330	405	14	markets	market	NOUN
emaj-330	405	15	and	and	CCONJ
emaj-330	405	16	as	as	ADP
emaj-330	405	17	a	a	DET
emaj-330	405	18	regional	regional	ADJ
emaj-330	405	19	stock	stock	NOUN
emaj-330	405	20	market	market	NOUN
emaj-330	405	21	?	?	PUNCT
emaj-330	406	1	research	research	NOUN
emaj-330	406	2	in	in	ADP
emaj-330	406	3	international	international	ADJ
emaj-330	406	4	business	business	NOUN
emaj-330	406	5	and	and	CCONJ
emaj-330	406	6	finance	finance	NOUN
emaj-330	406	7	,	,	PUNCT
emaj-330	406	8	33	33	NUM
emaj-330	406	9	,	,	PUNCT
emaj-330	406	10	221	221	NUM
emaj-330	406	11	-	-	SYM
emaj-330	406	12	246	246	NUM
emaj-330	406	13	.	.	PUNCT
emaj-330	407	1	volume	volume	NOUN
emaj-330	407	2	14	14	NUM
emaj-330	408	1	no	no	DET
emaj-330	408	2	1	1	NUM
emaj-330	408	3	(	(	PUNCT
emaj-330	408	4	2024	2024	NUM
emaj-330	408	5	)	)	PUNCT
emaj-330	408	6	|	|	ADV
emaj-330	408	7	issn	issn	VERB
emaj-330	408	8	2158	2158	NUM
emaj-330	408	9	-	-	SYM
emaj-330	408	10	8708	8708	NUM
emaj-330	408	11	(	(	PUNCT
emaj-330	408	12	online	online	NOUN
emaj-330	408	13	)	)	PUNCT
emaj-330	408	14	|	|	ADV
emaj-330	408	15	doi	doi	X
emaj-330	408	16	10.5195	10.5195	NUM
emaj-330	408	17	/	/	SYM
emaj-330	408	18	emaj.2024.330	emaj.2024.330	PROPN
emaj-330	408	19	|	|	ADV
emaj-330	408	20	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-330	408	21	abdullah	abdullah	PROPN
emaj-330	408	22	alesmaiel	alesmaiel	PROPN
emaj-330	408	23	,	,	PUNCT
emaj-330	408	24	suzanne	suzanne	PROPN
emaj-330	408	25	fifield	fifield	PROPN
emaj-330	408	26	,	,	PUNCT
emaj-330	408	27	justin	justin	PROPN
emaj-330	408	28	hof	hof	PROPN
emaj-330	408	29	emerging	emerge	VERB
emaj-330	408	30	markets	market	NOUN
emaj-330	408	31	journal	journal	PROPN
emaj-330	408	32	page	page	NOUN
emaj-330	408	33	|11|	|11|	NOUN
emaj-330	408	34	kawakatsu	kawakatsu	NOUN
emaj-330	408	35	,	,	PUNCT
emaj-330	408	36	h.	h.	PROPN
emaj-330	408	37	and	and	CCONJ
emaj-330	408	38	morey	morey	PROPN
emaj-330	408	39	,	,	PUNCT
emaj-330	408	40	m.	m.	PROPN
emaj-330	408	41	r.	r.	PROPN
emaj-330	408	42	(	(	PUNCT
emaj-330	408	43	1999	1999	NUM
emaj-330	408	44	)	)	PUNCT
emaj-330	408	45	.	.	PUNCT
emaj-330	409	1	financial	financial	ADJ
emaj-330	409	2	liberalisation	liberalisation	NOUN
emaj-330	409	3	and	and	CCONJ
emaj-330	409	4	stock	stock	NOUN
emaj-330	409	5	market	market	NOUN
emaj-330	409	6	efficiency	efficiency	NOUN
emaj-330	409	7	:	:	PUNCT
emaj-330	409	8	an	an	DET
emaj-330	409	9	empirical	empirical	ADJ
emaj-330	409	10	examination	examination	NOUN
emaj-330	409	11	of	of	ADP
emaj-330	409	12	nine	nine	NUM
emaj-330	409	13	emerging	emerge	VERB
emaj-330	409	14	market	market	NOUN
emaj-330	409	15	countries	country	NOUN
emaj-330	409	16	.	.	PUNCT
emaj-330	410	1	journal	journal	NOUN
emaj-330	410	2	of	of	ADP
emaj-330	410	3	multinational	multinational	ADJ
emaj-330	410	4	financial	financial	ADJ
emaj-330	410	5	management	management	NOUN
emaj-330	410	6	,	,	PUNCT
emaj-330	410	7	9(3	9(3	NUM
emaj-330	410	8	)	)	PUNCT
emaj-330	410	9	,	,	PUNCT
emaj-330	410	10	353	353	NUM
emaj-330	410	11	-	-	SYM
emaj-330	410	12	371	371	NUM
emaj-330	410	13	.	.	PUNCT
emaj-330	411	1	kim	kim	PROPN
emaj-330	411	2	,	,	PUNCT
emaj-330	411	3	h.	h.	PROPN
emaj-330	411	4	and	and	CCONJ
emaj-330	411	5	singal	singal	PROPN
emaj-330	411	6	,	,	PUNCT
emaj-330	411	7	v.	v.	PROPN
emaj-330	411	8	(	(	PUNCT
emaj-330	411	9	2000	2000	NUM
emaj-330	411	10	)	)	PUNCT
emaj-330	411	11	.	.	PUNCT
emaj-330	412	1	the	the	DET
emaj-330	412	2	fear	fear	NOUN
emaj-330	412	3	of	of	ADP
emaj-330	412	4	globalizing	globalize	VERB
emaj-330	412	5	capital	capital	NOUN
emaj-330	412	6	markets	market	NOUN
emaj-330	412	7	.	.	PUNCT
emaj-330	413	1	emerging	emerge	VERB
emaj-330	413	2	markets	market	NOUN
emaj-330	413	3	review	review	VERB
emaj-330	413	4	,	,	PUNCT
emaj-330	413	5	1(3	1(3	NUM
emaj-330	413	6	)	)	PUNCT
emaj-330	413	7	,	,	PUNCT
emaj-330	413	8	183	183	NUM
emaj-330	413	9	-	-	SYM
emaj-330	413	10	198	198	NUM
emaj-330	413	11	.	.	PUNCT
emaj-330	414	1	kim	kim	PROPN
emaj-330	414	2	,	,	PUNCT
emaj-330	414	3	j.	j.	PROPN
emaj-330	414	4	h.	h.	PROPN
emaj-330	414	5	and	and	CCONJ
emaj-330	414	6	shamsuddin	shamsuddin	PROPN
emaj-330	414	7	,	,	PUNCT
emaj-330	414	8	a.	a.	NOUN
emaj-330	414	9	(	(	PUNCT
emaj-330	414	10	2008	2008	NUM
emaj-330	414	11	)	)	PUNCT
emaj-330	414	12	.	.	PUNCT
emaj-330	414	13	are	be	AUX
emaj-330	414	14	asian	asian	ADJ
emaj-330	414	15	stock	stock	NOUN
emaj-330	414	16	markets	market	NOUN
emaj-330	414	17	efficient	efficient	ADJ
emaj-330	414	18	?	?	PUNCT
emaj-330	415	1	evidence	evidence	NOUN
emaj-330	415	2	from	from	ADP
emaj-330	415	3	new	new	ADJ
emaj-330	415	4	multiple	multiple	ADJ
emaj-330	415	5	variance	variance	NOUN
emaj-330	415	6	ratio	ratio	NOUN
emaj-330	415	7	tests	test	NOUN
emaj-330	415	8	.	.	PUNCT
emaj-330	416	1	journal	journal	NOUN
emaj-330	416	2	of	of	ADP
emaj-330	416	3	empirical	empirical	ADJ
emaj-330	416	4	finance	finance	NOUN
emaj-330	416	5	,	,	PUNCT
emaj-330	416	6	15(3	15(3	NUM
emaj-330	416	7	)	)	PUNCT
emaj-330	416	8	,	,	PUNCT
emaj-330	416	9	518	518	NUM
emaj-330	416	10	-	-	SYM
emaj-330	416	11	532	532	NUM
emaj-330	416	12	.	.	PUNCT
emaj-330	416	13	kinninmont	kinninmont	PROPN
emaj-330	416	14	,	,	PUNCT
emaj-330	416	15	j.	j.	PROPN
emaj-330	416	16	(	(	PUNCT
emaj-330	416	17	2017	2017	NUM
emaj-330	416	18	)	)	PUNCT
emaj-330	416	19	.	.	PUNCT
emaj-330	417	1	vision	vision	NOUN
emaj-330	417	2	2030	2030	NUM
emaj-330	417	3	and	and	CCONJ
emaj-330	417	4	saudi	saudi	PROPN
emaj-330	417	5	arabia	arabia	PROPN
emaj-330	417	6	’s	’s	PART
emaj-330	417	7	social	social	ADJ
emaj-330	417	8	contract	contract	NOUN
emaj-330	417	9	austerity	austerity	NOUN
emaj-330	417	10	and	and	CCONJ
emaj-330	417	11	transformation	transformation	NOUN
emaj-330	417	12	.	.	PUNCT
emaj-330	418	1	chatham	chatham	PROPN
emaj-330	418	2	house	house	PROPN
emaj-330	419	1	[	[	X
emaj-330	419	2	online	online	X
emaj-330	419	3	]	]	X
emaj-330	419	4	available	available	ADJ
emaj-330	419	5	at	at	ADP
emaj-330	419	6	:	:	PUNCT
emaj-330	419	7	https://bit.ly/335bnoh	https://bit.ly/335bnoh	NOUN
emaj-330	419	8	[	[	X
emaj-330	419	9	accessed	access	VERB
emaj-330	419	10	:	:	PUNCT
emaj-330	419	11	03	03	NUM
emaj-330	419	12	december	december	PROPN
emaj-330	419	13	2017	2017	NUM
emaj-330	419	14	]	]	PUNCT
emaj-330	419	15	.	.	PUNCT
emaj-330	420	1	laopodis	laopodis	PROPN
emaj-330	420	2	,	,	PUNCT
emaj-330	420	3	n.	n.	NOUN
emaj-330	420	4	t.	t.	PROPN
emaj-330	420	5	(	(	PUNCT
emaj-330	420	6	2004	2004	NUM
emaj-330	420	7	)	)	PUNCT
emaj-330	420	8	.	.	PUNCT
emaj-330	421	1	financial	financial	ADJ
emaj-330	421	2	market	market	NOUN
emaj-330	421	3	liberalisation	liberalisation	NOUN
emaj-330	421	4	and	and	CCONJ
emaj-330	421	5	stock	stock	NOUN
emaj-330	421	6	market	market	NOUN
emaj-330	421	7	efficiency	efficiency	NOUN
emaj-330	421	8	:	:	PUNCT
emaj-330	421	9	evidence	evidence	NOUN
emaj-330	421	10	from	from	ADP
emaj-330	421	11	the	the	DET
emaj-330	421	12	athens	athens	PROPN
emaj-330	421	13	stock	stock	PROPN
emaj-330	421	14	exchange	exchange	PROPN
emaj-330	421	15	.	.	PUNCT
emaj-330	422	1	global	global	ADJ
emaj-330	422	2	finance	finance	PROPN
emaj-330	422	3	journal	journal	NOUN
emaj-330	422	4	,	,	PUNCT
emaj-330	422	5	15(2	15(2	NUM
emaj-330	422	6	)	)	PUNCT
emaj-330	422	7	,	,	PUNCT
emaj-330	422	8	103	103	NUM
emaj-330	422	9	-	-	SYM
emaj-330	422	10	123	123	NUM
emaj-330	422	11	.	.	PUNCT
emaj-330	423	1	lo	lo	PROPN
emaj-330	423	2	,	,	PUNCT
emaj-330	423	3	a.	a.	PROPN
emaj-330	423	4	w.	w.	PROPN
emaj-330	423	5	and	and	CCONJ
emaj-330	423	6	mackinlay	mackinlay	PROPN
emaj-330	423	7	,	,	PUNCT
emaj-330	423	8	a.	a.	PROPN
emaj-330	423	9	c.	c.	PROPN
emaj-330	423	10	(	(	PUNCT
emaj-330	423	11	1988	1988	NUM
emaj-330	423	12	)	)	PUNCT
emaj-330	423	13	.	.	PUNCT
emaj-330	424	1	stock	stock	NOUN
emaj-330	424	2	market	market	NOUN
emaj-330	424	3	prices	price	NOUN
emaj-330	424	4	do	do	AUX
emaj-330	424	5	not	not	PART
emaj-330	424	6	follow	follow	VERB
emaj-330	424	7	random	random	ADJ
emaj-330	424	8	walks	walk	NOUN
emaj-330	424	9	:	:	PUNCT
emaj-330	424	10	evidence	evidence	NOUN
emaj-330	424	11	from	from	ADP
emaj-330	424	12	a	a	DET
emaj-330	424	13	simple	simple	ADJ
emaj-330	424	14	specification	specification	NOUN
emaj-330	424	15	test	test	NOUN
emaj-330	424	16	.	.	PUNCT
emaj-330	425	1	the	the	DET
emaj-330	425	2	review	review	NOUN
emaj-330	425	3	of	of	ADP
emaj-330	425	4	financial	financial	ADJ
emaj-330	425	5	studies	study	NOUN
emaj-330	425	6	,	,	PUNCT
emaj-330	425	7	1(1	1(1	NUM
emaj-330	425	8	)	)	PUNCT
emaj-330	425	9	,	,	PUNCT
emaj-330	425	10	41	41	NUM
emaj-330	425	11	-	-	SYM
emaj-330	425	12	66	66	NUM
emaj-330	425	13	.	.	PUNCT
emaj-330	426	1	lo	lo	PROPN
emaj-330	426	2	,	,	PUNCT
emaj-330	426	3	a.	a.	PROPN
emaj-330	426	4	w.	w.	PROPN
emaj-330	426	5	and	and	CCONJ
emaj-330	426	6	mackinlay	mackinlay	PROPN
emaj-330	426	7	,	,	PUNCT
emaj-330	426	8	a.	a.	PROPN
emaj-330	426	9	c.	c.	PROPN
emaj-330	426	10	(	(	PUNCT
emaj-330	426	11	1989	1989	NUM
emaj-330	426	12	)	)	PUNCT
emaj-330	426	13	.	.	PUNCT
emaj-330	427	1	the	the	DET
emaj-330	427	2	size	size	NOUN
emaj-330	427	3	and	and	CCONJ
emaj-330	427	4	power	power	NOUN
emaj-330	427	5	of	of	ADP
emaj-330	427	6	the	the	DET
emaj-330	427	7	variance	variance	NOUN
emaj-330	427	8	ratio	ratio	NOUN
emaj-330	427	9	test	test	NOUN
emaj-330	427	10	in	in	ADP
emaj-330	427	11	finite	finite	ADJ
emaj-330	427	12	samples	sample	NOUN
emaj-330	427	13	:	:	PUNCT
emaj-330	427	14	a	a	DET
emaj-330	427	15	monte	monte	PROPN
emaj-330	427	16	carlo	carlo	PROPN
emaj-330	427	17	investigation	investigation	PROPN
emaj-330	427	18	.	.	PUNCT
emaj-330	428	1	journal	journal	PROPN
emaj-330	428	2	of	of	ADP
emaj-330	428	3	econometrics	econometrics	PROPN
emaj-330	428	4	,	,	PUNCT
emaj-330	428	5	40(2	40(2	NUM
emaj-330	428	6	)	)	PUNCT
emaj-330	428	7	,	,	PUNCT
emaj-330	428	8	203	203	NUM
emaj-330	428	9	-	-	SYM
emaj-330	428	10	238	238	NUM
emaj-330	428	11	.	.	PUNCT
emaj-330	429	1	maghyereh	maghyereh	NOUN
emaj-330	429	2	,	,	PUNCT
emaj-330	429	3	a.	a.	NOUN
emaj-330	429	4	and	and	CCONJ
emaj-330	429	5	omet	omet	VERB
emaj-330	429	6	,	,	PUNCT
emaj-330	429	7	g.	g.	PROPN
emaj-330	429	8	(	(	PUNCT
emaj-330	429	9	2002	2002	NUM
emaj-330	429	10	)	)	PUNCT
emaj-330	429	11	.	.	PUNCT
emaj-330	430	1	financial	financial	ADJ
emaj-330	430	2	liberalisation	liberalisation	NOUN
emaj-330	430	3	and	and	CCONJ
emaj-330	430	4	stock	stock	NOUN
emaj-330	430	5	market	market	NOUN
emaj-330	430	6	efficiency	efficiency	NOUN
emaj-330	430	7	:	:	PUNCT
emaj-330	430	8	empirical	empirical	ADJ
emaj-330	430	9	evidence	evidence	NOUN
emaj-330	430	10	from	from	ADP
emaj-330	430	11	an	an	DET
emaj-330	430	12	emerging	emerge	VERB
emaj-330	430	13	market	market	NOUN
emaj-330	430	14	.	.	PUNCT
emaj-330	431	1	african	african	ADJ
emaj-330	431	2	finance	finance	PROPN
emaj-330	431	3	journal	journal	NOUN
emaj-330	431	4	,	,	PUNCT
emaj-330	431	5	4(2	4(2	NUM
emaj-330	431	6	)	)	PUNCT
emaj-330	431	7	,	,	PUNCT
emaj-330	431	8	24	24	NUM
emaj-330	431	9	-	-	SYM
emaj-330	431	10	35	35	NUM
emaj-330	431	11	.	.	PUNCT
emaj-330	432	1	mills	mill	NOUN
emaj-330	432	2	,	,	PUNCT
emaj-330	432	3	t.	t.	PROPN
emaj-330	432	4	c.	c.	PROPN
emaj-330	432	5	and	and	CCONJ
emaj-330	432	6	coutts	coutts	PROPN
emaj-330	432	7	,	,	PUNCT
emaj-330	432	8	j.	j.	PROPN
emaj-330	432	9	a.	a.	PROPN
emaj-330	432	10	(	(	PUNCT
emaj-330	432	11	1995	1995	NUM
emaj-330	432	12	)	)	PUNCT
emaj-330	432	13	.	.	PUNCT
emaj-330	433	1	calendar	calendar	NOUN
emaj-330	433	2	effects	effect	NOUN
emaj-330	433	3	in	in	ADP
emaj-330	433	4	the	the	DET
emaj-330	433	5	london	london	PROPN
emaj-330	433	6	stock	stock	NOUN
emaj-330	433	7	exchange	exchange	PROPN
emaj-330	433	8	ft	ft	PROPN
emaj-330	433	9	-	-	PUNCT
emaj-330	433	10	se	se	PROPN
emaj-330	433	11	indices	index	NOUN
emaj-330	433	12	.	.	PUNCT
emaj-330	434	1	the	the	DET
emaj-330	434	2	european	european	PROPN
emaj-330	434	3	journal	journal	PROPN
emaj-330	434	4	of	of	ADP
emaj-330	434	5	finance	finance	NOUN
emaj-330	434	6	,	,	PUNCT
emaj-330	434	7	1(1	1(1	NUM
emaj-330	434	8	)	)	PUNCT
emaj-330	434	9	,	,	PUNCT
emaj-330	434	10	79	79	NUM
emaj-330	434	11	-	-	SYM
emaj-330	434	12	93	93	NUM
emaj-330	434	13	.	.	PUNCT
emaj-330	435	1	mobarek	mobarek	PROPN
emaj-330	435	2	,	,	PUNCT
emaj-330	435	3	a.	a.	NOUN
emaj-330	435	4	and	and	CCONJ
emaj-330	435	5	fiorante	fiorante	ADJ
emaj-330	435	6	,	,	PUNCT
emaj-330	435	7	a.	a.	NOUN
emaj-330	435	8	(	(	PUNCT
emaj-330	435	9	2014	2014	NUM
emaj-330	435	10	)	)	PUNCT
emaj-330	435	11	.	.	PUNCT
emaj-330	436	1	the	the	DET
emaj-330	436	2	prospects	prospect	NOUN
emaj-330	436	3	of	of	ADP
emaj-330	436	4	bric	bric	PROPN
emaj-330	436	5	countries	country	NOUN
emaj-330	436	6	:	:	PUNCT
emaj-330	436	7	testing	test	VERB
emaj-330	436	8	weak	weak	ADJ
emaj-330	436	9	-	-	PUNCT
emaj-330	436	10	form	form	NOUN
emaj-330	436	11	market	market	NOUN
emaj-330	436	12	efficiency	efficiency	NOUN
emaj-330	436	13	.	.	PUNCT
emaj-330	437	1	research	research	NOUN
emaj-330	437	2	in	in	ADP
emaj-330	437	3	international	international	ADJ
emaj-330	437	4	business	business	NOUN
emaj-330	437	5	and	and	CCONJ
emaj-330	437	6	finance	finance	NOUN
emaj-330	437	7	,	,	PUNCT
emaj-330	437	8	30	30	NUM
emaj-330	437	9	,	,	PUNCT
emaj-330	437	10	217	217	NUM
emaj-330	437	11	-	-	SYM
emaj-330	437	12	232	232	NUM
emaj-330	437	13	.	.	PUNCT
emaj-330	438	1	naghavi	naghavi	PROPN
emaj-330	438	2	,	,	PUNCT
emaj-330	438	3	n.	n.	NOUN
emaj-330	438	4	,	,	PUNCT
emaj-330	438	5	mubarik	mubarik	PROPN
emaj-330	438	6	,	,	PUNCT
emaj-330	438	7	m.	m.	NOUN
emaj-330	438	8	s.	s.	PROPN
emaj-330	438	9	and	and	CCONJ
emaj-330	438	10	kaur	kaur	PROPN
emaj-330	438	11	,	,	PUNCT
emaj-330	438	12	d.	d.	PROPN
emaj-330	438	13	(	(	PUNCT
emaj-330	438	14	2018	2018	NUM
emaj-330	438	15	)	)	PUNCT
emaj-330	438	16	.	.	PUNCT
emaj-330	439	1	financial	financial	ADJ
emaj-330	439	2	liberalisation	liberalisation	NOUN
emaj-330	439	3	and	and	CCONJ
emaj-330	439	4	stock	stock	NOUN
emaj-330	439	5	market	market	NOUN
emaj-330	439	6	efficiency	efficiency	NOUN
emaj-330	439	7	:	:	PUNCT
emaj-330	439	8	measuring	measure	VERB
emaj-330	439	9	the	the	DET
emaj-330	439	10	threshold	threshold	NOUN
emaj-330	439	11	effects	effect	NOUN
emaj-330	439	12	of	of	ADP
emaj-330	439	13	governance	governance	NOUN
emaj-330	439	14	.	.	PUNCT
emaj-330	440	1	annals	annal	NOUN
emaj-330	440	2	of	of	ADP
emaj-330	440	3	financial	financial	ADJ
emaj-330	440	4	economics	economic	NOUN
emaj-330	440	5	,	,	PUNCT
emaj-330	440	6	13(04	13(04	NUM
emaj-330	440	7	)	)	PUNCT
emaj-330	440	8	,	,	PUNCT
emaj-330	440	9	1	1	NUM
emaj-330	440	10	-	-	SYM
emaj-330	440	11	24	24	NUM
emaj-330	440	12	.	.	PUNCT
emaj-330	440	13	niemczak	niemczak	NOUN
emaj-330	440	14	,	,	PUNCT
emaj-330	440	15	k.	k.	PROPN
emaj-330	440	16	and	and	CCONJ
emaj-330	440	17	smith	smith	PROPN
emaj-330	440	18	,	,	PUNCT
emaj-330	440	19	g.	g.	PROPN
emaj-330	440	20	(	(	PUNCT
emaj-330	440	21	2013	2013	NUM
emaj-330	440	22	)	)	PUNCT
emaj-330	440	23	.	.	PUNCT
emaj-330	441	1	middle	middle	ADJ
emaj-330	441	2	eastern	eastern	ADJ
emaj-330	441	3	stock	stock	NOUN
emaj-330	441	4	markets	market	NOUN
emaj-330	441	5	:	:	PUNCT
emaj-330	441	6	absolute	absolute	ADJ
emaj-330	441	7	,	,	PUNCT
emaj-330	441	8	evolving	evolve	VERB
emaj-330	441	9	and	and	CCONJ
emaj-330	441	10	relative	relative	ADJ
emaj-330	441	11	efficiency	efficiency	NOUN
emaj-330	441	12	.	.	PUNCT
emaj-330	442	1	applied	apply	VERB
emaj-330	442	2	financial	financial	ADJ
emaj-330	442	3	economics	economic	NOUN
emaj-330	442	4	,	,	PUNCT
emaj-330	442	5	23(3	23(3	NUM
emaj-330	442	6	)	)	PUNCT
emaj-330	442	7	,	,	PUNCT
emaj-330	442	8	181	181	NUM
emaj-330	442	9	-	-	SYM
emaj-330	442	10	198	198	NUM
emaj-330	442	11	.	.	PUNCT
emaj-330	443	1	oxford	oxford	PROPN
emaj-330	443	2	business	business	PROPN
emaj-330	443	3	group	group	NOUN
emaj-330	443	4	(	(	PUNCT
emaj-330	443	5	2018	2018	NUM
emaj-330	443	6	)	)	PUNCT
emaj-330	443	7	.	.	PUNCT
emaj-330	444	1	the	the	DET
emaj-330	444	2	report	report	NOUN
emaj-330	444	3	:	:	PUNCT
emaj-330	444	4	saudi	saudi	PROPN
emaj-330	444	5	arabia	arabia	PROPN
emaj-330	444	6	2018	2018	NUM
emaj-330	444	7	.	.	PUNCT
emaj-330	445	1	[	[	X
emaj-330	445	2	online	online	X
emaj-330	445	3	]	]	X
emaj-330	445	4	available	available	ADJ
emaj-330	445	5	at	at	ADP
emaj-330	445	6	:	:	PUNCT
emaj-330	445	7	https://bit.ly/390zic8	https://bit.ly/390zic8	PROPN
emaj-330	445	8	[	[	X
emaj-330	445	9	accessed	access	VERB
emaj-330	445	10	:	:	PUNCT
emaj-330	445	11	17	17	NUM
emaj-330	445	12	october	october	NOUN
emaj-330	445	13	2019	2019	NUM
emaj-330	445	14	]	]	PUNCT
emaj-330	445	15	.	.	PUNCT
emaj-330	446	1	park	park	PROPN
emaj-330	446	2	,	,	PUNCT
emaj-330	446	3	c.	c.	PROPN
emaj-330	446	4	h.	h.	PROPN
emaj-330	446	5	and	and	CCONJ
emaj-330	446	6	irwin	irwin	PROPN
emaj-330	446	7	,	,	PUNCT
emaj-330	446	8	s.	s.	PROPN
emaj-330	446	9	h.	h.	PROPN
emaj-330	446	10	(	(	PUNCT
emaj-330	446	11	2007	2007	NUM
emaj-330	446	12	)	)	PUNCT
emaj-330	446	13	.	.	PUNCT
emaj-330	447	1	what	what	PRON
emaj-330	447	2	do	do	AUX
emaj-330	447	3	we	we	PRON
emaj-330	447	4	know	know	VERB
emaj-330	447	5	about	about	ADP
emaj-330	447	6	the	the	DET
emaj-330	447	7	profitability	profitability	NOUN
emaj-330	447	8	of	of	ADP
emaj-330	447	9	technical	technical	ADJ
emaj-330	447	10	analysis	analysis	NOUN
emaj-330	447	11	?	?	PUNCT
emaj-330	448	1	journal	journal	NOUN
emaj-330	448	2	of	of	ADP
emaj-330	448	3	economic	economic	ADJ
emaj-330	448	4	surveys	survey	NOUN
emaj-330	448	5	,	,	PUNCT
emaj-330	448	6	21(4	21(4	NUM
emaj-330	448	7	)	)	PUNCT
emaj-330	448	8	,	,	PUNCT
emaj-330	448	9	786	786	NUM
emaj-330	448	10	-	-	SYM
emaj-330	448	11	826	826	NUM
emaj-330	448	12	.	.	PUNCT
emaj-330	449	1	saudi	saudi	ADJ
emaj-330	449	2	arabian	arabian	ADJ
emaj-330	449	3	monetary	monetary	ADJ
emaj-330	449	4	agency	agency	NOUN
emaj-330	449	5	(	(	PUNCT
emaj-330	449	6	2009	2009	NUM
emaj-330	449	7	)	)	PUNCT
emaj-330	449	8	.	.	PUNCT
emaj-330	450	1	forty	forty	NUM
emaj-330	450	2	-	-	PUNCT
emaj-330	450	3	fifth	fifth	ADJ
emaj-330	450	4	annual	annual	ADJ
emaj-330	450	5	report	report	NOUN
emaj-330	450	6	,	,	PUNCT
emaj-330	450	7	riyadh	riyadh	PROPN
emaj-330	450	8	:	:	PUNCT
emaj-330	450	9	research	research	NOUN
emaj-330	450	10	and	and	CCONJ
emaj-330	450	11	statistics	statistics	PROPN
emaj-330	450	12	department	department	PROPN
emaj-330	450	13	.	.	PUNCT
emaj-330	451	1	saudi	saudi	ADJ
emaj-330	451	2	arabian	arabian	ADJ
emaj-330	451	3	monetary	monetary	ADJ
emaj-330	451	4	agency	agency	NOUN
emaj-330	451	5	(	(	PUNCT
emaj-330	451	6	2017	2017	NUM
emaj-330	451	7	)	)	PUNCT
emaj-330	451	8	.	.	PUNCT
emaj-330	452	1	fifty	fifty	NUM
emaj-330	452	2	-	-	PUNCT
emaj-330	452	3	third	third	ADJ
emaj-330	452	4	annual	annual	ADJ
emaj-330	452	5	report	report	NOUN
emaj-330	452	6	,	,	PUNCT
emaj-330	452	7	riyadh	riyadh	PROPN
emaj-330	452	8	:	:	PUNCT
emaj-330	452	9	economic	economic	ADJ
emaj-330	452	10	research	research	NOUN
emaj-330	452	11	department	department	PROPN
emaj-330	452	12	.	.	PUNCT
emaj-330	453	1	seif	seif	PROPN
emaj-330	453	2	,	,	PUNCT
emaj-330	453	3	m.	m.	NOUN
emaj-330	453	4	,	,	PUNCT
emaj-330	453	5	docherty	docherty	PROPN
emaj-330	453	6	,	,	PUNCT
emaj-330	453	7	p.	p.	NOUN
emaj-330	453	8	and	and	CCONJ
emaj-330	453	9	shamsuddin	shamsuddin	PROPN
emaj-330	453	10	,	,	PUNCT
emaj-330	453	11	a.	a.	NOUN
emaj-330	453	12	(	(	PUNCT
emaj-330	453	13	2017	2017	NUM
emaj-330	453	14	)	)	PUNCT
emaj-330	453	15	.	.	PUNCT
emaj-330	454	1	seasonal	seasonal	ADJ
emaj-330	454	2	anomalies	anomaly	NOUN
emaj-330	454	3	in	in	ADP
emaj-330	454	4	advanced	advanced	ADJ
emaj-330	454	5	emerging	emerge	VERB
emaj-330	454	6	stock	stock	NOUN
emaj-330	454	7	markets	market	NOUN
emaj-330	454	8	.	.	PUNCT
emaj-330	455	1	the	the	DET
emaj-330	455	2	quarterly	quarterly	ADJ
emaj-330	455	3	review	review	NOUN
emaj-330	455	4	of	of	ADP
emaj-330	455	5	economics	economic	NOUN
emaj-330	455	6	and	and	CCONJ
emaj-330	455	7	finance	finance	NOUN
emaj-330	455	8	,	,	PUNCT
emaj-330	455	9	66	66	NUM
emaj-330	455	10	,	,	PUNCT
emaj-330	455	11	169	169	NUM
emaj-330	455	12	-	-	SYM
emaj-330	455	13	181	181	NUM
emaj-330	455	14	.	.	PUNCT
emaj-330	456	1	sharif	sharif	PROPN
emaj-330	456	2	,	,	PUNCT
emaj-330	456	3	s.	s.	PROPN
emaj-330	456	4	(	(	PUNCT
emaj-330	456	5	2019	2019	NUM
emaj-330	456	6	)	)	PUNCT
emaj-330	456	7	.	.	PUNCT
emaj-330	457	1	how	how	SCONJ
emaj-330	457	2	foreign	foreign	ADJ
emaj-330	457	3	investors	investor	NOUN
emaj-330	457	4	influence	influence	VERB
emaj-330	457	5	stock	stock	NOUN
emaj-330	457	6	markets	market	NOUN
emaj-330	457	7	?	?	PUNCT
emaj-330	458	1	the	the	DET
emaj-330	458	2	saudi	saudi	ADJ
emaj-330	458	3	arabian	arabian	ADJ
emaj-330	458	4	experience	experience	NOUN
emaj-330	458	5	.	.	PUNCT
emaj-330	459	1	middle	middle	PROPN
emaj-330	459	2	east	east	PROPN
emaj-330	459	3	development	development	PROPN
emaj-330	459	4	journal	journal	PROPN
emaj-330	459	5	,	,	PUNCT
emaj-330	459	6	11(1	11(1	NUM
emaj-330	459	7	)	)	PUNCT
emaj-330	459	8	,	,	PUNCT
emaj-330	459	9	105	105	NUM
emaj-330	459	10	-	-	SYM
emaj-330	459	11	123	123	NUM
emaj-330	459	12	.	.	PUNCT
emaj-330	460	1	tadawul	tadawul	NOUN
emaj-330	460	2	(	(	PUNCT
emaj-330	460	3	2021	2021	NUM
emaj-330	460	4	)	)	PUNCT
emaj-330	460	5	.	.	PUNCT
emaj-330	461	1	saudi	saudi	ADJ
emaj-330	461	2	exchange	exchange	PROPN
emaj-330	462	1	[	[	X
emaj-330	462	2	online	online	X
emaj-330	462	3	]	]	X
emaj-330	462	4	available	available	ADJ
emaj-330	462	5	at	at	ADP
emaj-330	462	6	:	:	PUNCT
emaj-330	462	7	https://bit.ly/378nwwj	https://bit.ly/378nwwj	ADV
emaj-330	463	1	[	[	X
emaj-330	463	2	accessed	access	VERB
emaj-330	463	3	:	:	PUNCT
emaj-330	463	4	11	11	NUM
emaj-330	463	5	february	february	NOUN
emaj-330	463	6	2021	2021	NUM
emaj-330	463	7	]	]	PUNCT
emaj-330	463	8	.	.	PUNCT
emaj-330	464	1	todea	todea	NOUN
emaj-330	464	2	,	,	PUNCT
emaj-330	464	3	a.	a.	NOUN
emaj-330	464	4	and	and	CCONJ
emaj-330	464	5	pleşoianu	pleşoianu	PROPN
emaj-330	464	6	,	,	PUNCT
emaj-330	464	7	a.	a.	NOUN
emaj-330	464	8	(	(	PUNCT
emaj-330	464	9	2013	2013	NUM
emaj-330	464	10	)	)	PUNCT
emaj-330	464	11	.	.	PUNCT
emaj-330	465	1	the	the	DET
emaj-330	465	2	influence	influence	NOUN
emaj-330	465	3	of	of	ADP
emaj-330	465	4	foreign	foreign	ADJ
emaj-330	465	5	portfolio	portfolio	NOUN
emaj-330	465	6	investment	investment	NOUN
emaj-330	465	7	on	on	ADP
emaj-330	465	8	informational	informational	ADJ
emaj-330	465	9	efficiency	efficiency	NOUN
emaj-330	465	10	:	:	PUNCT
emaj-330	465	11	empirical	empirical	ADJ
emaj-330	465	12	evidence	evidence	NOUN
emaj-330	465	13	from	from	ADP
emaj-330	465	14	central	central	ADJ
emaj-330	465	15	and	and	CCONJ
emaj-330	465	16	eastern	eastern	ADJ
emaj-330	465	17	european	european	ADJ
emaj-330	465	18	stock	stock	NOUN
emaj-330	465	19	markets	market	NOUN
emaj-330	465	20	.	.	PUNCT
emaj-330	466	1	economic	economic	ADJ
emaj-330	466	2	modelling	modelling	NOUN
emaj-330	466	3	,	,	PUNCT
emaj-330	466	4	33	33	NUM
emaj-330	466	5	,	,	PUNCT
emaj-330	466	6	34	34	NUM
emaj-330	466	7	-	-	SYM
emaj-330	466	8	41	41	NUM
emaj-330	466	9	.	.	PUNCT
emaj-330	467	1	ulici	ulici	NOUN
emaj-330	467	2	,	,	PUNCT
emaj-330	467	3	m.-l	m.-l	NOUN
emaj-330	467	4	.	.	PUNCT
emaj-330	468	1	and	and	CCONJ
emaj-330	468	2	nistor	nistor	NOUN
emaj-330	468	3	,	,	PUNCT
emaj-330	468	4	i.	i.	NOUN
emaj-330	468	5	a.	a.	PROPN
emaj-330	468	6	(	(	PUNCT
emaj-330	468	7	2011	2011	NUM
emaj-330	468	8	)	)	PUNCT
emaj-330	468	9	.	.	PUNCT
emaj-330	469	1	financial	financial	ADJ
emaj-330	469	2	liberalisation	liberalisation	NOUN
emaj-330	469	3	and	and	CCONJ
emaj-330	469	4	stock	stock	NOUN
emaj-330	469	5	market	market	NOUN
emaj-330	469	6	efficiency	efficiency	NOUN
emaj-330	469	7	.	.	PUNCT
emaj-330	470	1	finante	finante	ADJ
emaj-330	470	2	-	-	PUNCT
emaj-330	470	3	provocarile	provocarile	NOUN
emaj-330	470	4	viitorului	viitorului	NOUN
emaj-330	470	5	(	(	PUNCT
emaj-330	470	6	financechallenges	financechallenge	NOUN
emaj-330	470	7	of	of	ADP
emaj-330	470	8	the	the	DET
emaj-330	470	9	future	future	NOUN
emaj-330	470	10	)	)	PUNCT
emaj-330	470	11	,	,	PUNCT
emaj-330	470	12	1(13	1(13	NUM
emaj-330	470	13	)	)	PUNCT
emaj-330	470	14	,	,	PUNCT
emaj-330	470	15	154	154	NUM
emaj-330	470	16	-	-	SYM
emaj-330	470	17	160	160	NUM
emaj-330	470	18	.	.	PUNCT
emaj-330	471	1	vo	vo	PROPN
emaj-330	471	2	,	,	PUNCT
emaj-330	471	3	x.v	x.v	PROPN
emaj-330	471	4	.	.	PROPN
emaj-330	471	5	(	(	PUNCT
emaj-330	471	6	2019	2019	NUM
emaj-330	471	7	)	)	PUNCT
emaj-330	471	8	.	.	PUNCT
emaj-330	472	1	do	do	AUX
emaj-330	472	2	foreign	foreign	ADJ
emaj-330	472	3	investors	investor	NOUN
emaj-330	472	4	promote	promote	VERB
emaj-330	472	5	stock	stock	NOUN
emaj-330	472	6	price	price	NOUN
emaj-330	472	7	efficiency	efficiency	NOUN
emaj-330	472	8	in	in	ADP
emaj-330	472	9	emerging	emerge	VERB
emaj-330	472	10	markets	market	NOUN
emaj-330	472	11	?	?	PUNCT
emaj-330	473	1	international	international	ADJ
emaj-330	473	2	review	review	NOUN
emaj-330	473	3	of	of	ADP
emaj-330	473	4	finance	finance	NOUN
emaj-330	473	5	,	,	PUNCT
emaj-330	473	6	19(1	19(1	NUM
emaj-330	473	7	)	)	PUNCT
emaj-330	473	8	,	,	PUNCT
emaj-330	473	9	223	223	NUM
emaj-330	473	10	-	-	SYM
emaj-330	473	11	235	235	NUM
emaj-330	473	12	.	.	PUNCT
emaj-330	474	1	wright	wright	PROPN
emaj-330	474	2	,	,	PUNCT
emaj-330	474	3	j.	j.	PROPN
emaj-330	474	4	h.	h.	PROPN
emaj-330	474	5	(	(	PUNCT
emaj-330	474	6	2000	2000	NUM
emaj-330	474	7	)	)	PUNCT
emaj-330	474	8	.	.	PUNCT
emaj-330	475	1	alternative	alternative	ADJ
emaj-330	475	2	variance	variance	NOUN
emaj-330	475	3	-	-	PUNCT
emaj-330	475	4	ratio	ratio	NOUN
emaj-330	475	5	tests	test	NOUN
emaj-330	475	6	using	use	VERB
emaj-330	475	7	ranks	rank	NOUN
emaj-330	475	8	and	and	CCONJ
emaj-330	475	9	signs	sign	NOUN
emaj-330	475	10	.	.	PUNCT
emaj-330	476	1	journal	journal	NOUN
emaj-330	476	2	of	of	ADP
emaj-330	476	3	business	business	PROPN
emaj-330	476	4	&	&	CCONJ
emaj-330	476	5	economic	economic	ADJ
emaj-330	476	6	statistics	statistic	NOUN
emaj-330	476	7	,	,	PUNCT
emaj-330	476	8	18(1	18(1	NUM
emaj-330	476	9	)	)	PUNCT
emaj-330	476	10	1	1	NUM
emaj-330	476	11	-	-	SYM
emaj-330	476	12	9	9	NUM
emaj-330	476	13	.	.	PUNCT
emaj-330	477	1	https://bit.ly/335bnoh	https://bit.ly/335bnoh	ADV
emaj-330	477	2	https://bit.ly/390zic8	https://bit.ly/390zic8	PROPN
emaj-330	477	3	https://bit.ly/378nwwj	https://bit.ly/378nwwj	ADV