id	sid	tid	token	lemma	pos
emaj-88	1	1	volume	volume	NOUN
emaj-88	1	2	6	6	NUM
emaj-88	1	3	no	no	DET
emaj-88	1	4	1	1	NUM
emaj-88	1	5	(	(	PUNCT
emaj-88	1	6	2016	2016	NUM
emaj-88	1	7	)	)	PUNCT
emaj-88	1	8	|	|	ADV
emaj-88	1	9	issn	issn	VERB
emaj-88	1	10	2158	2158	NUM
emaj-88	1	11	-	-	SYM
emaj-88	1	12	8708	8708	NUM
emaj-88	1	13	(	(	PUNCT
emaj-88	1	14	online	online	NOUN
emaj-88	1	15	)	)	PUNCT
emaj-88	1	16	|	|	ADV
emaj-88	1	17	doi	doi	X
emaj-88	1	18	10.5195	10.5195	NUM
emaj-88	1	19	/	/	SYM
emaj-88	1	20	emaj.2016.92	emaj.2016.92	NOUN
emaj-88	1	21	|	|	ADV
emaj-88	1	22	http://emaj.pitt.edu	http://emaj.pitt.edu	X
emaj-88	1	23	global	global	ADJ
emaj-88	1	24	portfolio	portfolio	NOUN
emaj-88	1	25	diversification	diversification	NOUN
emaj-88	1	26	with	with	ADP
emaj-88	1	27	emerging	emerge	VERB
emaj-88	1	28	stock	stock	NOUN
emaj-88	1	29	markets	market	NOUN
emaj-88	1	30	i̇lhan	i̇lhan	PROPN
emaj-88	1	31	meriç	meriç	ADJ
emaj-88	1	32	rider	rider	NOUN
emaj-88	1	33	university	university	NOUN
emaj-88	2	1	|	|	ADV
emaj-88	2	2	meric@rider.edu	meric@rider.edu	PROPN
emaj-88	3	1	jie	jie	PROPN
emaj-88	3	2	ding	ding	PROPN
emaj-88	3	3	rider	rider	NOUN
emaj-88	3	4	university	university	NOUN
emaj-88	3	5	|	|	ADV
emaj-88	3	6	ding@rider.edu	ding@rider.edu	PROPN
emaj-88	3	7	gülser	gülser	PROPN
emaj-88	3	8	meriç	meriç	PROPN
emaj-88	3	9	rowan	rowan	PROPN
emaj-88	3	10	university	university	PROPN
emaj-88	3	11	|	|	ADV
emaj-88	3	12	meric@rowan.edu	meric@rowan.edu	PROPN
emaj-88	4	1	abstract	abstract	ADV
emaj-88	4	2	because	because	SCONJ
emaj-88	4	3	of	of	ADP
emaj-88	4	4	their	their	PRON
emaj-88	4	5	low	low	ADJ
emaj-88	4	6	correlation	correlation	NOUN
emaj-88	4	7	with	with	ADP
emaj-88	4	8	each	each	DET
emaj-88	4	9	other	other	ADJ
emaj-88	4	10	and	and	CCONJ
emaj-88	4	11	with	with	ADP
emaj-88	4	12	developed	develop	VERB
emaj-88	4	13	stock	stock	NOUN
emaj-88	4	14	markets	market	NOUN
emaj-88	4	15	,	,	PUNCT
emaj-88	4	16	emerging	emerge	VERB
emaj-88	4	17	stock	stock	NOUN
emaj-88	4	18	markets	market	NOUN
emaj-88	4	19	are	be	AUX
emaj-88	4	20	generally	generally	ADV
emaj-88	4	21	mentioned	mention	VERB
emaj-88	4	22	as	as	ADP
emaj-88	4	23	attractive	attractive	ADJ
emaj-88	4	24	portfolio	portfolio	NOUN
emaj-88	4	25	diversification	diversification	NOUN
emaj-88	4	26	prospects	prospect	NOUN
emaj-88	4	27	for	for	ADP
emaj-88	4	28	global	global	ADJ
emaj-88	4	29	investors	investor	NOUN
emaj-88	4	30	.	.	PUNCT
emaj-88	5	1	in	in	ADP
emaj-88	5	2	this	this	DET
emaj-88	5	3	paper	paper	NOUN
emaj-88	5	4	,	,	PUNCT
emaj-88	5	5	we	we	PRON
emaj-88	5	6	use	use	VERB
emaj-88	5	7	the	the	DET
emaj-88	5	8	principal	principal	ADJ
emaj-88	5	9	components	component	NOUN
emaj-88	5	10	analysis	analysis	NOUN
emaj-88	5	11	(	(	PUNCT
emaj-88	5	12	pca	pca	NOUN
emaj-88	5	13	)	)	PUNCT
emaj-88	5	14	method	method	NOUN
emaj-88	5	15	to	to	PART
emaj-88	5	16	study	study	VERB
emaj-88	5	17	the	the	DET
emaj-88	5	18	global	global	ADJ
emaj-88	5	19	portfolio	portfolio	NOUN
emaj-88	5	20	diversification	diversification	NOUN
emaj-88	5	21	opportunities	opportunity	NOUN
emaj-88	5	22	for	for	ADP
emaj-88	5	23	the	the	DET
emaj-88	5	24	investors	investor	NOUN
emaj-88	5	25	of	of	ADP
emaj-88	5	26	seven	seven	NUM
emaj-88	5	27	developed	develop	VERB
emaj-88	5	28	stock	stock	NOUN
emaj-88	5	29	markets	market	NOUN
emaj-88	5	30	in	in	ADP
emaj-88	5	31	twenty	twenty	NUM
emaj-88	5	32	emerging	emerge	VERB
emaj-88	5	33	stock	stock	NOUN
emaj-88	5	34	markets	market	NOUN
emaj-88	5	35	with	with	ADP
emaj-88	5	36	data	datum	NOUN
emaj-88	5	37	for	for	ADP
emaj-88	5	38	the	the	DET
emaj-88	5	39	january	january	PROPN
emaj-88	5	40	1	1	NUM
emaj-88	5	41	,	,	PUNCT
emaj-88	5	42	2003	2003	NUM
emaj-88	5	43	-	-	SYM
emaj-88	5	44	january	january	PROPN
emaj-88	5	45	1	1	NUM
emaj-88	5	46	,	,	PUNCT
emaj-88	5	47	2014	2014	NUM
emaj-88	5	48	period	period	NOUN
emaj-88	5	49	.	.	PUNCT
emaj-88	6	1	keywords	keyword	NOUN
emaj-88	6	2	:	:	PUNCT
emaj-88	6	3	global	global	ADJ
emaj-88	6	4	portfolio	portfolio	NOUN
emaj-88	6	5	diversification	diversification	NOUN
emaj-88	6	6	,	,	PUNCT
emaj-88	6	7	emerging	emerge	VERB
emaj-88	6	8	stock	stock	NOUN
emaj-88	6	9	markets	market	NOUN
emaj-88	6	10	,	,	PUNCT
emaj-88	6	11	correlation	correlation	NOUN
emaj-88	6	12	of	of	ADP
emaj-88	6	13	national	national	ADJ
emaj-88	6	14	stock	stock	NOUN
emaj-88	6	15	markets	market	NOUN
emaj-88	6	16	,	,	PUNCT
emaj-88	6	17	principal	principal	ADJ
emaj-88	6	18	components	component	NOUN
emaj-88	6	19	analysis	analysis	NOUN
emaj-88	6	20	,	,	PUNCT
emaj-88	6	21	factor	factor	NOUN
emaj-88	6	22	loadings	loading	NOUN
emaj-88	6	23	of	of	ADP
emaj-88	6	24	principal	principal	ADJ
emaj-88	6	25	components	component	NOUN
emaj-88	6	26	new	new	ADJ
emaj-88	6	27	articles	article	NOUN
emaj-88	6	28	in	in	ADP
emaj-88	6	29	this	this	DET
emaj-88	6	30	journal	journal	NOUN
emaj-88	6	31	are	be	AUX
emaj-88	6	32	licensed	license	VERB
emaj-88	6	33	under	under	ADP
emaj-88	6	34	a	a	DET
emaj-88	6	35	creative	creative	ADJ
emaj-88	6	36	commons	common	NOUN
emaj-88	6	37	attribution	attribution	NOUN
emaj-88	6	38	3.0	3.0	NUM
emaj-88	6	39	united	unite	VERB
emaj-88	6	40	states	states	PROPN
emaj-88	6	41	license	license	NOUN
emaj-88	6	42	.	.	PUNCT
emaj-88	7	1	this	this	DET
emaj-88	7	2	journal	journal	NOUN
emaj-88	7	3	is	be	AUX
emaj-88	7	4	published	publish	VERB
emaj-88	7	5	by	by	ADP
emaj-88	7	6	the	the	DET
emaj-88	7	7	university	university	NOUN
emaj-88	7	8	library	library	NOUN
emaj-88	7	9	system	system	NOUN
emaj-88	7	10	of	of	ADP
emaj-88	7	11	the	the	DET
emaj-88	7	12	university	university	PROPN
emaj-88	7	13	of	of	ADP
emaj-88	7	14	pittsburgh	pittsburgh	PROPN
emaj-88	7	15	as	as	ADP
emaj-88	7	16	part	part	NOUN
emaj-88	7	17	of	of	ADP
emaj-88	7	18	its	its	PRON
emaj-88	7	19	d	d	NOUN
emaj-88	7	20	-	-	PUNCT
emaj-88	7	21	scribe	scribe	VERB
emaj-88	7	22	digital	digital	ADJ
emaj-88	7	23	publishing	publishing	NOUN
emaj-88	7	24	program	program	NOUN
emaj-88	7	25	,	,	PUNCT
emaj-88	7	26	and	and	CCONJ
emaj-88	7	27	is	be	AUX
emaj-88	7	28	cosponsored	cosponsor	VERB
emaj-88	7	29	by	by	ADP
emaj-88	7	30	the	the	DET
emaj-88	7	31	university	university	PROPN
emaj-88	7	32	of	of	ADP
emaj-88	7	33	pittsburgh	pittsburgh	PROPN
emaj-88	7	34	press	press	NOUN
emaj-88	7	35	.	.	PUNCT
emaj-88	8	1	volume	volume	NOUN
emaj-88	8	2	6	6	NUM
emaj-88	9	1	no	no	PRON
emaj-88	9	2	1	1	NUM
emaj-88	9	3	(	(	PUNCT
emaj-88	9	4	2016	2016	NUM
emaj-88	9	5	)	)	PUNCT
emaj-88	10	1	|	|	ADV
emaj-88	10	2	issn	issn	VERB
emaj-88	10	3	2158	2158	NUM
emaj-88	10	4	-	-	SYM
emaj-88	10	5	8708	8708	NUM
emaj-88	10	6	(	(	PUNCT
emaj-88	10	7	online	online	NOUN
emaj-88	10	8	)	)	PUNCT
emaj-88	10	9	|	|	ADV
emaj-88	10	10	doi	doi	X
emaj-88	10	11	10.5195	10.5195	NUM
emaj-88	10	12	/	/	SYM
emaj-88	10	13	emaj.2016.88	emaj.2016.88	NOUN
emaj-88	11	1	|	|	ADV
emaj-88	11	2	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-88	11	3	|	|	ADV
emaj-88	11	4	mailto:meric@rider.edu	mailto:meric@rider.edu	VERB
emaj-88	11	5	mailto:ding@rider.edu	mailto:ding@rider.edu	NOUN
emaj-88	11	6	mailto:meric@rowan.edu	mailto:meric@rowan.edu	PROPN
emaj-88	11	7	http://www.library.pitt.edu/	http://www.library.pitt.edu/	PROPN
emaj-88	11	8	http://www.pitt.edu/	http://www.pitt.edu/	NOUN
emaj-88	11	9	http://www.library.pitt.edu/articles/digpubtype/index.html	http://www.library.pitt.edu/articles/digpubtype/index.html	X
emaj-88	12	1	http://www.upress.pitt.edu/upressindex.aspx	http://www.upress.pitt.edu/upressindex.aspx	NUM
emaj-88	12	2	http://creativecommons.org/licenses/by/3.0/us/	http://creativecommons.org/licenses/by/3.0/us/	NOUN
emaj-88	12	3	volume	volume	NOUN
emaj-88	12	4	6	6	NUM
emaj-88	12	5	no	no	DET
emaj-88	12	6	1	1	NUM
emaj-88	12	7	(	(	PUNCT
emaj-88	12	8	2016	2016	NUM
emaj-88	12	9	)	)	PUNCT
emaj-88	12	10	|	|	ADV
emaj-88	12	11	issn	issn	VERB
emaj-88	12	12	2158	2158	NUM
emaj-88	12	13	-	-	SYM
emaj-88	12	14	8708	8708	NUM
emaj-88	12	15	(	(	PUNCT
emaj-88	12	16	online	online	NOUN
emaj-88	12	17	)	)	PUNCT
emaj-88	12	18	|	|	ADV
emaj-88	12	19	doi	doi	X
emaj-88	12	20	10.5195	10.5195	NUM
emaj-88	12	21	/	/	SYM
emaj-88	12	22	emaj.2016.88	emaj.2016.88	NOUN
emaj-88	13	1	|	|	ADV
emaj-88	13	2	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-88	13	3	ilhan	ilhan	PROPN
emaj-88	13	4	meric	meric	PROPN
emaj-88	13	5	,	,	PUNCT
emaj-88	13	6	jie	jie	PROPN
emaj-88	13	7	ding	ding	PROPN
emaj-88	13	8	,	,	PUNCT
emaj-88	13	9	gulser	gulser	PROPN
emaj-88	13	10	meric	meric	PROPN
emaj-88	13	11	emerging	emerge	VERB
emaj-88	13	12	markets	market	NOUN
emaj-88	13	13	journal	journal	NOUN
emaj-88	13	14	|	|	ADV
emaj-88	13	15	p	p	NOUN
emaj-88	13	16	a	a	PRON
emaj-88	13	17	g	g	PROPN
emaj-88	13	18	e	e	PROPN
emaj-88	13	19	|59	|59	PROPN
emaj-88	13	20	global	global	ADJ
emaj-88	13	21	portfolio	portfolio	NOUN
emaj-88	13	22	diversification	diversification	NOUN
emaj-88	13	23	with	with	ADP
emaj-88	13	24	emerging	emerge	VERB
emaj-88	13	25	stock	stock	NOUN
emaj-88	13	26	markets	market	NOUN
emaj-88	13	27	i̇lhan	i̇lhan	PROPN
emaj-88	13	28	meriç	meriç	PROPN
emaj-88	13	29	jie	jie	PROPN
emaj-88	13	30	ding	ding	PROPN
emaj-88	13	31	gülser	gülser	PROPN
emaj-88	13	32	meriç	meriç	PROPN
emaj-88	13	33	1	1	NUM
emaj-88	13	34	.	.	PUNCT
emaj-88	13	35	introduction	introduction	NOUN
emaj-88	13	36	studying	study	VERB
emaj-88	13	37	the	the	DET
emaj-88	13	38	co	co	NOUN
emaj-88	13	39	-	-	NOUN
emaj-88	13	40	movements	movement	NOUN
emaj-88	13	41	of	of	ADP
emaj-88	13	42	global	global	ADJ
emaj-88	13	43	stock	stock	NOUN
emaj-88	13	44	markets	market	NOUN
emaj-88	13	45	has	have	AUX
emaj-88	13	46	been	be	AUX
emaj-88	13	47	a	a	DET
emaj-88	13	48	popular	popular	ADJ
emaj-88	13	49	research	research	NOUN
emaj-88	13	50	topic	topic	NOUN
emaj-88	13	51	in	in	ADP
emaj-88	13	52	finance	finance	NOUN
emaj-88	13	53	[	[	X
emaj-88	13	54	see	see	INTJ
emaj-88	13	55	,	,	PUNCT
emaj-88	13	56	e.g.	e.g.	ADV
emaj-88	13	57	,	,	PUNCT
emaj-88	13	58	makridakis	makridaki	NOUN
emaj-88	13	59	and	and	CCONJ
emaj-88	13	60	wheelwright	wheelwright	ADJ
emaj-88	13	61	(	(	PUNCT
emaj-88	13	62	1974	1974	NUM
emaj-88	13	63	)	)	PUNCT
emaj-88	13	64	;	;	PUNCT
emaj-88	13	65	philippatos	philippato	NOUN
emaj-88	13	66	et	et	PROPN
emaj-88	13	67	al	al	PROPN
emaj-88	13	68	.	.	PROPN
emaj-88	14	1	(	(	PUNCT
emaj-88	14	2	1983	1983	NUM
emaj-88	14	3	)	)	PUNCT
emaj-88	14	4	;	;	PUNCT
emaj-88	15	1	meric	meric	NOUN
emaj-88	15	2	and	and	CCONJ
emaj-88	15	3	meric	meric	PROPN
emaj-88	15	4	(	(	PUNCT
emaj-88	15	5	1996	1996	NUM
emaj-88	15	6	)	)	PUNCT
emaj-88	15	7	;	;	PUNCT
emaj-88	15	8	meric	meric	PROPN
emaj-88	15	9	et	et	PROPN
emaj-88	15	10	al	al	PROPN
emaj-88	15	11	.	.	PROPN
emaj-88	15	12	(	(	PUNCT
emaj-88	15	13	2001	2001	NUM
emaj-88	15	14	)	)	PUNCT
emaj-88	15	15	]	]	PUNCT
emaj-88	15	16	.	.	PUNCT
emaj-88	16	1	low	low	ADJ
emaj-88	16	2	correlation	correlation	NOUN
emaj-88	16	3	between	between	ADP
emaj-88	16	4	national	national	ADJ
emaj-88	16	5	stock	stock	NOUN
emaj-88	16	6	markets	market	NOUN
emaj-88	16	7	is	be	AUX
emaj-88	16	8	often	often	ADV
emaj-88	16	9	presented	present	VERB
emaj-88	16	10	as	as	ADP
emaj-88	16	11	evidence	evidence	NOUN
emaj-88	16	12	in	in	ADP
emaj-88	16	13	support	support	NOUN
emaj-88	16	14	of	of	ADP
emaj-88	16	15	the	the	DET
emaj-88	16	16	benefit	benefit	NOUN
emaj-88	16	17	of	of	ADP
emaj-88	16	18	global	global	ADJ
emaj-88	16	19	portfolio	portfolio	NOUN
emaj-88	16	20	diversification	diversification	NOUN
emaj-88	17	1	[	[	AUX
emaj-88	17	2	see	see	INTJ
emaj-88	17	3	,	,	PUNCT
emaj-88	17	4	e.g.	e.g.	ADV
emaj-88	17	5	,	,	PUNCT
emaj-88	17	6	levy	levy	NOUN
emaj-88	17	7	and	and	CCONJ
emaj-88	17	8	sarnat	sarnat	NOUN
emaj-88	17	9	(	(	PUNCT
emaj-88	17	10	1970	1970	NUM
emaj-88	17	11	)	)	PUNCT
emaj-88	17	12	,	,	PUNCT
emaj-88	17	13	solnik	solnik	X
emaj-88	17	14	(	(	PUNCT
emaj-88	17	15	1974	1974	NUM
emaj-88	17	16	)	)	PUNCT
emaj-88	17	17	,	,	PUNCT
emaj-88	17	18	lessard	lessard	PROPN
emaj-88	17	19	(	(	PUNCT
emaj-88	17	20	1976	1976	NUM
emaj-88	17	21	)	)	PUNCT
emaj-88	17	22	,	,	PUNCT
emaj-88	17	23	watson	watson	NOUN
emaj-88	17	24	(	(	PUNCT
emaj-88	17	25	1978	1978	NUM
emaj-88	17	26	)	)	PUNCT
emaj-88	17	27	,	,	PUNCT
emaj-88	17	28	meric	meric	NOUN
emaj-88	17	29	and	and	CCONJ
emaj-88	17	30	meric	meric	PROPN
emaj-88	17	31	(	(	PUNCT
emaj-88	17	32	1989	1989	NUM
emaj-88	17	33	,	,	PUNCT
emaj-88	17	34	2004	2004	NUM
emaj-88	17	35	)	)	PUNCT
emaj-88	17	36	,	,	PUNCT
emaj-88	17	37	and	and	CCONJ
emaj-88	17	38	meric	meric	PROPN
emaj-88	17	39	et	et	PROPN
emaj-88	17	40	al	al	PROPN
emaj-88	17	41	.	.	PROPN
emaj-88	18	1	(	(	PUNCT
emaj-88	18	2	2011	2011	NUM
emaj-88	18	3	)	)	PUNCT
emaj-88	18	4	]	]	PUNCT
emaj-88	18	5	.	.	PUNCT
emaj-88	19	1	because	because	SCONJ
emaj-88	19	2	of	of	ADP
emaj-88	19	3	their	their	PRON
emaj-88	19	4	low	low	ADJ
emaj-88	19	5	correlation	correlation	NOUN
emaj-88	19	6	with	with	ADP
emaj-88	19	7	each	each	DET
emaj-88	19	8	other	other	ADJ
emaj-88	19	9	and	and	CCONJ
emaj-88	19	10	with	with	ADP
emaj-88	19	11	developed	develop	VERB
emaj-88	19	12	stock	stock	NOUN
emaj-88	19	13	markets	market	NOUN
emaj-88	19	14	,	,	PUNCT
emaj-88	19	15	emerging	emerge	VERB
emaj-88	19	16	stock	stock	NOUN
emaj-88	19	17	markets	market	NOUN
emaj-88	19	18	can	can	AUX
emaj-88	19	19	provide	provide	VERB
emaj-88	19	20	substantial	substantial	ADJ
emaj-88	19	21	portfolio	portfolio	NOUN
emaj-88	19	22	diversification	diversification	NOUN
emaj-88	19	23	benefit	benefit	NOUN
emaj-88	19	24	to	to	ADP
emaj-88	19	25	global	global	ADJ
emaj-88	19	26	investors	investor	NOUN
emaj-88	19	27	[	[	AUX
emaj-88	19	28	see	see	VERB
emaj-88	19	29	,	,	PUNCT
emaj-88	19	30	e.g.	e.g.	ADV
emaj-88	19	31	,	,	PUNCT
emaj-88	19	32	defusco	defusco	PROPN
emaj-88	19	33	et	et	PROPN
emaj-88	19	34	al	al	PROPN
emaj-88	19	35	.	.	PROPN
emaj-88	20	1	(	(	PUNCT
emaj-88	20	2	1995	1995	NUM
emaj-88	20	3	)	)	PUNCT
emaj-88	20	4	and	and	CCONJ
emaj-88	20	5	ratner	ratner	NOUN
emaj-88	20	6	and	and	CCONJ
emaj-88	20	7	leal	leal	PROPN
emaj-88	20	8	(	(	PUNCT
emaj-88	20	9	1996	1996	NUM
emaj-88	20	10	)	)	PUNCT
emaj-88	20	11	]	]	PUNCT
emaj-88	20	12	.	.	PUNCT
emaj-88	21	1	however	however	ADV
emaj-88	21	2	,	,	PUNCT
emaj-88	21	3	global	global	ADJ
emaj-88	21	4	portfolio	portfolio	NOUN
emaj-88	21	5	diversification	diversification	NOUN
emaj-88	21	6	opportunities	opportunity	NOUN
emaj-88	21	7	with	with	ADP
emaj-88	21	8	emerging	emerge	VERB
emaj-88	21	9	stock	stock	NOUN
emaj-88	21	10	markets	market	NOUN
emaj-88	21	11	have	have	AUX
emaj-88	21	12	not	not	PART
emaj-88	21	13	been	be	AUX
emaj-88	21	14	sufficiently	sufficiently	ADV
emaj-88	21	15	studied	study	VERB
emaj-88	21	16	.	.	PUNCT
emaj-88	22	1	in	in	ADP
emaj-88	22	2	this	this	DET
emaj-88	22	3	paper	paper	NOUN
emaj-88	22	4	,	,	PUNCT
emaj-88	22	5	we	we	PRON
emaj-88	22	6	study	study	VERB
emaj-88	22	7	this	this	DET
emaj-88	22	8	issue	issue	NOUN
emaj-88	22	9	with	with	ADP
emaj-88	22	10	a	a	DET
emaj-88	22	11	sample	sample	NOUN
emaj-88	22	12	of	of	ADP
emaj-88	22	13	seven	seven	NUM
emaj-88	22	14	developed	developed	ADJ
emaj-88	22	15	and	and	CCONJ
emaj-88	22	16	twenty	twenty	NUM
emaj-88	22	17	emerging	emerge	VERB
emaj-88	22	18	stock	stock	NOUN
emaj-88	22	19	markets	market	NOUN
emaj-88	22	20	with	with	ADP
emaj-88	22	21	data	datum	NOUN
emaj-88	22	22	for	for	ADP
emaj-88	22	23	the	the	DET
emaj-88	22	24	january	january	PROPN
emaj-88	22	25	1	1	NUM
emaj-88	22	26	,	,	PUNCT
emaj-88	22	27	2003	2003	NUM
emaj-88	22	28	-	-	SYM
emaj-88	22	29	january	january	PROPN
emaj-88	22	30	1	1	NUM
emaj-88	22	31	,	,	PUNCT
emaj-88	22	32	2014	2014	NUM
emaj-88	22	33	period	period	NOUN
emaj-88	22	34	.	.	PUNCT
emaj-88	23	1	2	2	X
emaj-88	23	2	.	.	X
emaj-88	23	3	emerging	emerge	VERB
emaj-88	23	4	markets1	markets1	NOUN
emaj-88	24	1	according	accord	VERB
emaj-88	24	2	to	to	ADP
emaj-88	24	3	the	the	DET
emaj-88	24	4	world	world	PROPN
emaj-88	24	5	bank	bank	PROPN
emaj-88	24	6	,	,	PUNCT
emaj-88	24	7	the	the	DET
emaj-88	24	8	emerging	emerge	VERB
emaj-88	24	9	markets	market	NOUN
emaj-88	24	10	can	can	AUX
emaj-88	24	11	be	be	AUX
emaj-88	24	12	divided	divide	VERB
emaj-88	24	13	into	into	ADP
emaj-88	24	14	six	six	NUM
emaj-88	24	15	regions	region	NOUN
emaj-88	24	16	:	:	PUNCT
emaj-88	24	17	east	east	PROPN
emaj-88	24	18	asia	asia	PROPN
emaj-88	24	19	&	&	CCONJ
emaj-88	24	20	pacific	pacific	PROPN
emaj-88	24	21	,	,	PUNCT
emaj-88	24	22	europe	europe	PROPN
emaj-88	24	23	&	&	CCONJ
emaj-88	24	24	central	central	PROPN
emaj-88	24	25	asia	asia	PROPN
emaj-88	24	26	,	,	PUNCT
emaj-88	24	27	latin	latin	PROPN
emaj-88	24	28	american	american	PROPN
emaj-88	24	29	&	&	CCONJ
emaj-88	24	30	caribbean	caribbean	PROPN
emaj-88	24	31	,	,	PUNCT
emaj-88	24	32	middle	middle	PROPN
emaj-88	24	33	east	east	PROPN
emaj-88	24	34	&	&	CCONJ
emaj-88	24	35	north	north	PROPN
emaj-88	24	36	africa	africa	PROPN
emaj-88	24	37	,	,	PUNCT
emaj-88	24	38	south	south	PROPN
emaj-88	24	39	asia	asia	PROPN
emaj-88	24	40	,	,	PUNCT
emaj-88	24	41	and	and	CCONJ
emaj-88	24	42	sub	sub	ADJ
emaj-88	24	43	-	-	ADJ
emaj-88	24	44	saharan	saharan	ADJ
emaj-88	24	45	africa	africa	PROPN
emaj-88	24	46	.	.	PUNCT
emaj-88	25	1	in	in	ADP
emaj-88	25	2	table	table	NOUN
emaj-88	25	3	1	1	NUM
emaj-88	25	4	,	,	PUNCT
emaj-88	25	5	we	we	PRON
emaj-88	25	6	compare	compare	VERB
emaj-88	25	7	the	the	DET
emaj-88	25	8	descriptive	descriptive	ADJ
emaj-88	25	9	statistics	statistic	NOUN
emaj-88	25	10	of	of	ADP
emaj-88	25	11	these	these	DET
emaj-88	25	12	six	six	NUM
emaj-88	25	13	emerging	emerge	VERB
emaj-88	25	14	market	market	NOUN
emaj-88	25	15	regions	region	NOUN
emaj-88	25	16	with	with	ADP
emaj-88	25	17	the	the	DET
emaj-88	25	18	world	world	NOUN
emaj-88	25	19	average	average	NOUN
emaj-88	25	20	.	.	PUNCT
emaj-88	26	1	we	we	PRON
emaj-88	26	2	can	can	AUX
emaj-88	26	3	obtain	obtain	VERB
emaj-88	26	4	the	the	DET
emaj-88	26	5	following	follow	VERB
emaj-88	26	6	observations	observation	NOUN
emaj-88	26	7	from	from	ADP
emaj-88	26	8	table	table	NOUN
emaj-88	26	9	1	1	NUM
emaj-88	26	10	:	:	PUNCT
emaj-88	26	11	observation	observation	NOUN
emaj-88	26	12	1	1	NUM
emaj-88	26	13	:	:	PUNCT
emaj-88	26	14	east	east	PROPN
emaj-88	26	15	asia	asia	PROPN
emaj-88	26	16	and	and	CCONJ
emaj-88	26	17	pacific	pacific	PROPN
emaj-88	26	18	is	be	AUX
emaj-88	26	19	the	the	DET
emaj-88	26	20	most	most	ADV
emaj-88	26	21	important	important	ADJ
emaj-88	26	22	region	region	NOUN
emaj-88	26	23	.	.	PUNCT
emaj-88	27	1	its	its	PRON
emaj-88	27	2	gdp	gdp	NOUN
emaj-88	27	3	growth	growth	NOUN
emaj-88	27	4	rate	rate	NOUN
emaj-88	27	5	7.1	7.1	NUM
emaj-88	27	6	%	%	NOUN
emaj-88	27	7	is	be	AUX
emaj-88	27	8	the	the	DET
emaj-88	27	9	highest	high	ADJ
emaj-88	27	10	among	among	ADP
emaj-88	27	11	all	all	DET
emaj-88	27	12	the	the	DET
emaj-88	27	13	regions	region	NOUN
emaj-88	27	14	,	,	PUNCT
emaj-88	27	15	and	and	CCONJ
emaj-88	27	16	is	be	AUX
emaj-88	27	17	also	also	ADV
emaj-88	27	18	higher	high	ADJ
emaj-88	27	19	than	than	ADP
emaj-88	27	20	the	the	DET
emaj-88	27	21	world	world	NOUN
emaj-88	27	22	average	average	NOUN
emaj-88	27	23	(	(	PUNCT
emaj-88	27	24	2.2	2.2	NUM
emaj-88	27	25	%	%	NOUN
emaj-88	27	26	)	)	PUNCT
emaj-88	27	27	.	.	PUNCT
emaj-88	28	1	this	this	DET
emaj-88	28	2	region	region	NOUN
emaj-88	28	3	accounts	account	VERB
emaj-88	28	4	for	for	ADP
emaj-88	28	5	15	15	NUM
emaj-88	28	6	%	%	NOUN
emaj-88	28	7	of	of	ADP
emaj-88	28	8	the	the	DET
emaj-88	28	9	world	world	NOUN
emaj-88	28	10	’s	’s	PART
emaj-88	28	11	gdp	gdp	NOUN
emaj-88	28	12	and	and	CCONJ
emaj-88	28	13	28	28	NUM
emaj-88	28	14	%	%	NOUN
emaj-88	28	15	of	of	ADP
emaj-88	28	16	the	the	DET
emaj-88	28	17	world	world	NOUN
emaj-88	28	18	’s	’s	PART
emaj-88	28	19	population	population	NOUN
emaj-88	28	20	.	.	PUNCT
emaj-88	29	1	observation	observation	NOUN
emaj-88	29	2	2	2	NUM
emaj-88	29	3	:	:	PUNCT
emaj-88	29	4	latin	latin	PROPN
emaj-88	29	5	america	america	PROPN
emaj-88	29	6	&	&	CCONJ
emaj-88	29	7	caribbean	caribbean	PROPN
emaj-88	29	8	is	be	AUX
emaj-88	29	9	the	the	DET
emaj-88	29	10	richest	rich	ADJ
emaj-88	29	11	region	region	NOUN
emaj-88	29	12	.	.	PUNCT
emaj-88	30	1	its	its	PRON
emaj-88	30	2	gdp	gdp	NOUN
emaj-88	30	3	per	per	ADP
emaj-88	30	4	capita	capita	X
emaj-88	30	5	(	(	PUNCT
emaj-88	30	6	us$	us$	SYM
emaj-88	30	7	9,536	9,536	NUM
emaj-88	30	8	)	)	PUNCT
emaj-88	30	9	is	be	AUX
emaj-88	30	10	the	the	DET
emaj-88	30	11	highest	high	ADJ
emaj-88	30	12	among	among	ADP
emaj-88	30	13	all	all	DET
emaj-88	30	14	the	the	DET
emaj-88	30	15	regions	region	NOUN
emaj-88	30	16	,	,	PUNCT
emaj-88	30	17	and	and	CCONJ
emaj-88	30	18	is	be	AUX
emaj-88	30	19	very	very	ADV
emaj-88	30	20	close	close	ADJ
emaj-88	30	21	to	to	ADP
emaj-88	30	22	the	the	DET
emaj-88	30	23	world	world	NOUN
emaj-88	30	24	1	1	NUM
emaj-88	30	25	the	the	DET
emaj-88	30	26	authors	author	NOUN
emaj-88	30	27	acknowledge	acknowledge	VERB
emaj-88	30	28	the	the	DET
emaj-88	30	29	contribution	contribution	NOUN
emaj-88	30	30	of	of	ADP
emaj-88	30	31	dr	dr	PROPN
emaj-88	30	32	.	.	PROPN
emaj-88	30	33	yunxıa	yunxıa	PROPN
emaj-88	30	34	(	(	PUNCT
emaj-88	30	35	peter	peter	PROPN
emaj-88	30	36	)	)	PUNCT
emaj-88	30	37	zhu	zhu	PROPN
emaj-88	30	38	to	to	ADP
emaj-88	30	39	this	this	DET
emaj-88	30	40	section	section	NOUN
emaj-88	30	41	.	.	PUNCT
emaj-88	31	1	average	average	ADJ
emaj-88	31	2	(	(	PUNCT
emaj-88	31	3	us$	us$	SYM
emaj-88	31	4	10,584	10,584	NUM
emaj-88	31	5	)	)	PUNCT
emaj-88	31	6	.	.	PUNCT
emaj-88	32	1	there	there	PRON
emaj-88	32	2	is	be	VERB
emaj-88	32	3	potential	potential	ADJ
emaj-88	32	4	to	to	PART
emaj-88	32	5	increase	increase	VERB
emaj-88	32	6	the	the	DET
emaj-88	32	7	trade	trade	NOUN
emaj-88	32	8	percentage	percentage	NOUN
emaj-88	32	9	of	of	ADP
emaj-88	32	10	the	the	DET
emaj-88	32	11	gdp	gdp	NOUN
emaj-88	32	12	for	for	ADP
emaj-88	32	13	this	this	DET
emaj-88	32	14	region	region	NOUN
emaj-88	32	15	.	.	PUNCT
emaj-88	33	1	observation	observation	NOUN
emaj-88	33	2	3	3	NUM
emaj-88	33	3	:	:	PUNCT
emaj-88	33	4	south	south	PROPN
emaj-88	33	5	asia	asia	PROPN
emaj-88	33	6	and	and	CCONJ
emaj-88	33	7	sub	sub	ADJ
emaj-88	33	8	-	-	ADJ
emaj-88	33	9	saharan	saharan	ADJ
emaj-88	33	10	africa	africa	PROPN
emaj-88	33	11	are	be	AUX
emaj-88	33	12	the	the	DET
emaj-88	33	13	poorest	poor	ADJ
emaj-88	33	14	regions	region	NOUN
emaj-88	33	15	.	.	PUNCT
emaj-88	34	1	their	their	PRON
emaj-88	34	2	gdp	gdp	NOUN
emaj-88	34	3	per	per	ADP
emaj-88	34	4	capita	capita	NOUN
emaj-88	34	5	is	be	AUX
emaj-88	34	6	less	less	ADJ
emaj-88	34	7	than	than	ADP
emaj-88	34	8	20	20	NUM
emaj-88	34	9	%	%	NOUN
emaj-88	34	10	of	of	ADP
emaj-88	34	11	the	the	DET
emaj-88	34	12	world	world	NOUN
emaj-88	34	13	average	average	NOUN
emaj-88	34	14	.	.	PUNCT
emaj-88	35	1	however	however	ADV
emaj-88	35	2	,	,	PUNCT
emaj-88	35	3	the	the	DET
emaj-88	35	4	bright	bright	ADJ
emaj-88	35	5	side	side	NOUN
emaj-88	35	6	for	for	ADP
emaj-88	35	7	these	these	DET
emaj-88	35	8	regions	region	NOUN
emaj-88	35	9	is	be	AUX
emaj-88	35	10	that	that	SCONJ
emaj-88	35	11	they	they	PRON
emaj-88	35	12	are	be	AUX
emaj-88	35	13	experiencing	experience	VERB
emaj-88	35	14	higher	high	ADJ
emaj-88	35	15	gdp	gdp	NOUN
emaj-88	35	16	growth	growth	NOUN
emaj-88	35	17	rate	rate	NOUN
emaj-88	35	18	than	than	ADP
emaj-88	35	19	the	the	DET
emaj-88	35	20	world	world	NOUN
emaj-88	35	21	average	average	NOUN
emaj-88	35	22	.	.	PUNCT
emaj-88	36	1	3	3	X
emaj-88	36	2	.	.	X
emaj-88	36	3	data	datum	NOUN
emaj-88	36	4	and	and	CCONJ
emaj-88	36	5	methodology	methodology	NOUN
emaj-88	36	6	the	the	DET
emaj-88	36	7	weekly	weekly	ADJ
emaj-88	36	8	stock	stock	NOUN
emaj-88	36	9	market	market	NOUN
emaj-88	36	10	index	index	NOUN
emaj-88	36	11	returns	return	NOUN
emaj-88	36	12	used	use	VERB
emaj-88	36	13	in	in	ADP
emaj-88	36	14	the	the	DET
emaj-88	36	15	study	study	NOUN
emaj-88	36	16	are	be	AUX
emaj-88	36	17	computed	compute	VERB
emaj-88	36	18	with	with	ADP
emaj-88	36	19	the	the	DET
emaj-88	36	20	msci	msci	PROPN
emaj-88	36	21	global	global	ADJ
emaj-88	36	22	stock	stock	PROPN
emaj-88	36	23	market	market	NOUN
emaj-88	36	24	indices	index	NOUN
emaj-88	36	25	downloaded	download	VERB
emaj-88	36	26	from	from	ADP
emaj-88	36	27	the	the	DET
emaj-88	36	28	datastream	datastream	ADJ
emaj-88	36	29	database	database	NOUN
emaj-88	36	30	for	for	ADP
emaj-88	36	31	the	the	DET
emaj-88	36	32	january	january	PROPN
emaj-88	36	33	1	1	NUM
emaj-88	36	34	,	,	PUNCT
emaj-88	36	35	2003	2003	NUM
emaj-88	36	36	-	-	SYM
emaj-88	36	37	january	january	PROPN
emaj-88	36	38	1	1	NUM
emaj-88	36	39	,	,	PUNCT
emaj-88	36	40	2014	2014	NUM
emaj-88	36	41	period	period	NOUN
emaj-88	36	42	.	.	PUNCT
emaj-88	37	1	the	the	DET
emaj-88	37	2	study	study	NOUN
emaj-88	37	3	includes	include	VERB
emaj-88	37	4	the	the	DET
emaj-88	37	5	following	follow	VERB
emaj-88	37	6	seven	seven	NUM
emaj-88	37	7	major	major	ADJ
emaj-88	37	8	developed	develop	VERB
emaj-88	37	9	stock	stock	NOUN
emaj-88	37	10	markets	market	NOUN
emaj-88	37	11	:	:	PUNCT
emaj-88	37	12	us	we	PRON
emaj-88	37	13	,	,	PUNCT
emaj-88	37	14	canada	canada	PROPN
emaj-88	37	15	,	,	PUNCT
emaj-88	37	16	germany	germany	PROPN
emaj-88	37	17	,	,	PUNCT
emaj-88	37	18	uk	uk	PROPN
emaj-88	37	19	,	,	PUNCT
emaj-88	37	20	france	france	PROPN
emaj-88	37	21	,	,	PUNCT
emaj-88	37	22	japan	japan	PROPN
emaj-88	37	23	,	,	PUNCT
emaj-88	37	24	and	and	CCONJ
emaj-88	37	25	australia	australia	PROPN
emaj-88	37	26	.	.	PUNCT
emaj-88	38	1	the	the	DET
emaj-88	38	2	following	follow	VERB
emaj-88	38	3	twenty	twenty	NUM
emaj-88	38	4	emerging	emerge	VERB
emaj-88	38	5	stock	stock	NOUN
emaj-88	38	6	markets	market	NOUN
emaj-88	38	7	are	be	AUX
emaj-88	38	8	included	include	VERB
emaj-88	38	9	in	in	ADP
emaj-88	38	10	the	the	DET
emaj-88	38	11	study	study	NOUN
emaj-88	38	12	:	:	PUNCT
emaj-88	38	13	argentina	argentina	PROPN
emaj-88	38	14	,	,	PUNCT
emaj-88	38	15	brazil	brazil	PROPN
emaj-88	38	16	,	,	PUNCT
emaj-88	38	17	chile	chile	PROPN
emaj-88	38	18	,	,	PUNCT
emaj-88	38	19	china	china	PROPN
emaj-88	38	20	,	,	PUNCT
emaj-88	38	21	colombia	colombia	PROPN
emaj-88	38	22	,	,	PUNCT
emaj-88	38	23	egypt	egypt	PROPN
emaj-88	38	24	,	,	PUNCT
emaj-88	38	25	india	india	PROPN
emaj-88	38	26	,	,	PUNCT
emaj-88	38	27	indonesia	indonesia	PROPN
emaj-88	38	28	,	,	PUNCT
emaj-88	38	29	jordan	jordan	PROPN
emaj-88	38	30	,	,	PUNCT
emaj-88	38	31	malaysia	malaysia	PROPN
emaj-88	38	32	,	,	PUNCT
emaj-88	38	33	mexico	mexico	PROPN
emaj-88	38	34	,	,	PUNCT
emaj-88	38	35	morocco	morocco	PROPN
emaj-88	38	36	,	,	PUNCT
emaj-88	38	37	pakistan	pakistan	PROPN
emaj-88	38	38	,	,	PUNCT
emaj-88	38	39	peru	peru	PROPN
emaj-88	38	40	,	,	PUNCT
emaj-88	38	41	philippines	philippine	NOUN
emaj-88	38	42	,	,	PUNCT
emaj-88	38	43	russia	russia	PROPN
emaj-88	38	44	,	,	PUNCT
emaj-88	38	45	south	south	PROPN
emaj-88	38	46	africa	africa	PROPN
emaj-88	38	47	,	,	PUNCT
emaj-88	38	48	south	south	PROPN
emaj-88	38	49	korea	korea	PROPN
emaj-88	38	50	,	,	PUNCT
emaj-88	38	51	thailand	thailand	PROPN
emaj-88	38	52	,	,	PUNCT
emaj-88	38	53	and	and	CCONJ
emaj-88	38	54	turkey	turkey	NOUN
emaj-88	38	55	.	.	PUNCT
emaj-88	39	1	table	table	NOUN
emaj-88	39	2	1	1	NUM
emaj-88	39	3	:	:	PUNCT
emaj-88	39	4	descriptive	descriptive	ADJ
emaj-88	39	5	statistics	statistic	NOUN
emaj-88	39	6	of	of	ADP
emaj-88	39	7	emerging	emerge	VERB
emaj-88	39	8	markets	market	NOUN
emaj-88	39	9	:	:	PUNCT
emaj-88	39	10	2013	2013	NUM
emaj-88	39	11	(	(	PUNCT
emaj-88	39	12	using	use	VERB
emaj-88	39	13	data	datum	NOUN
emaj-88	39	14	from	from	ADP
emaj-88	39	15	the	the	DET
emaj-88	39	16	world	world	PROPN
emaj-88	39	17	bank	bank	PROPN
emaj-88	39	18	)	)	PUNCT
emaj-88	39	19	principal	principal	ADJ
emaj-88	39	20	components	component	NOUN
emaj-88	39	21	analysis	analysis	NOUN
emaj-88	39	22	(	(	PUNCT
emaj-88	39	23	pca	pca	NOUN
emaj-88	39	24	)	)	PUNCT
emaj-88	39	25	is	be	AUX
emaj-88	39	26	a	a	DET
emaj-88	39	27	statistical	statistical	ADJ
emaj-88	39	28	technique	technique	NOUN
emaj-88	39	29	widely	widely	ADV
emaj-88	39	30	used	use	VERB
emaj-88	39	31	in	in	ADP
emaj-88	39	32	empirical	empirical	ADJ
emaj-88	39	33	studies	study	NOUN
emaj-88	39	34	to	to	PART
emaj-88	39	35	analyze	analyze	VERB
emaj-88	39	36	the	the	DET
emaj-88	39	37	contemporaneous	contemporaneous	ADJ
emaj-88	39	38	co	co	NOUN
emaj-88	39	39	-	-	NOUN
emaj-88	39	40	movements	movement	NOUN
emaj-88	39	41	of	of	ADP
emaj-88	39	42	global	global	ADJ
emaj-88	39	43	stock	stock	NOUN
emaj-88	39	44	markets	market	NOUN
emaj-88	39	45	.	.	PUNCT
emaj-88	40	1	a	a	DET
emaj-88	40	2	detailed	detailed	ADJ
emaj-88	40	3	discussion	discussion	NOUN
emaj-88	40	4	of	of	ADP
emaj-88	40	5	the	the	DET
emaj-88	40	6	technique	technique	NOUN
emaj-88	40	7	can	can	AUX
emaj-88	40	8	be	be	AUX
emaj-88	40	9	found	find	VERB
emaj-88	40	10	in	in	ADP
emaj-88	40	11	mardia	mardia	PROPN
emaj-88	40	12	et	et	PROPN
emaj-88	40	13	al	al	PROPN
emaj-88	40	14	.	.	PROPN
emaj-88	41	1	(	(	PUNCT
emaj-88	41	2	1979	1979	NUM
emaj-88	41	3	)	)	PUNCT
emaj-88	41	4	and	and	CCONJ
emaj-88	41	5	marascuilo	marascuilo	ADV
emaj-88	41	6	and	and	CCONJ
emaj-88	41	7	levin	levin	PROPN
emaj-88	41	8	(	(	PUNCT
emaj-88	41	9	1983	1983	NUM
emaj-88	41	10	)	)	PUNCT
emaj-88	41	11	.	.	PUNCT
emaj-88	42	1	the	the	DET
emaj-88	42	2	pca	pca	PROPN
emaj-88	42	3	technique	technique	NOUN
emaj-88	42	4	clusters	cluster	VERB
emaj-88	42	5	global	global	ADJ
emaj-88	42	6	markets	market	NOUN
emaj-88	42	7	with	with	ADP
emaj-88	42	8	similar	similar	ADJ
emaj-88	42	9	movement	movement	NOUN
emaj-88	42	10	patterns	pattern	NOUN
emaj-88	42	11	in	in	ADP
emaj-88	42	12	the	the	DET
emaj-88	42	13	same	same	ADJ
emaj-88	42	14	principal	principal	ADJ
emaj-88	42	15	component	component	NOUN
emaj-88	42	16	.	.	PUNCT
emaj-88	43	1	stock	stock	NOUN
emaj-88	43	2	markets	market	NOUN
emaj-88	43	3	with	with	ADP
emaj-88	43	4	high	high	ADJ
emaj-88	43	5	factor	factor	NOUN
emaj-88	43	6	loadings	loading	NOUN
emaj-88	43	7	in	in	ADP
emaj-88	43	8	the	the	DET
emaj-88	43	9	same	same	ADJ
emaj-88	43	10	principal	principal	ADJ
emaj-88	43	11	component	component	NOUN
emaj-88	43	12	are	be	AUX
emaj-88	43	13	highly	highly	ADV
emaj-88	43	14	correlated	correlate	VERB
emaj-88	43	15	and	and	CCONJ
emaj-88	43	16	can	can	AUX
emaj-88	43	17	provide	provide	VERB
emaj-88	43	18	limited	limited	ADJ
emaj-88	43	19	portfolio	portfolio	NOUN
emaj-88	43	20	diversification	diversification	NOUN
emaj-88	43	21	benefit	benefit	NOUN
emaj-88	43	22	.	.	PUNCT
emaj-88	44	1	global	global	ADJ
emaj-88	44	2	investors	investor	NOUN
emaj-88	44	3	can	can	AUX
emaj-88	44	4	maximize	maximize	VERB
emaj-88	44	5	the	the	DET
emaj-88	44	6	benefit	benefit	NOUN
emaj-88	44	7	of	of	ADP
emaj-88	44	8	portfolio	portfolio	NOUN
emaj-88	44	9	diversification	diversification	NOUN
emaj-88	44	10	by	by	ADP
emaj-88	44	11	choosing	choose	VERB
emaj-88	44	12	stock	stock	NOUN
emaj-88	44	13	markets	market	NOUN
emaj-88	44	14	with	with	ADP
emaj-88	44	15	high	high	ADJ
emaj-88	44	16	factor	factor	NOUN
emaj-88	44	17	loadings	loading	NOUN
emaj-88	44	18	in	in	ADP
emaj-88	44	19	different	different	ADJ
emaj-88	44	20	principal	principal	ADJ
emaj-88	44	21	components	component	NOUN
emaj-88	44	22	.	.	PUNCT
emaj-88	45	1	makridakis	makridaki	NOUN
emaj-88	45	2	and	and	CCONJ
emaj-88	45	3	wheelwright	wheelwright	ADJ
emaj-88	45	4	(	(	PUNCT
emaj-88	45	5	1974	1974	NUM
emaj-88	45	6	)	)	PUNCT
emaj-88	45	7	,	,	PUNCT
emaj-88	45	8	philippatos	philippato	NOUN
emaj-88	45	9	,	,	PUNCT
emaj-88	45	10	christofi	christofi	NOUN
emaj-88	45	11	,	,	PUNCT
emaj-88	45	12	and	and	CCONJ
emaj-88	45	13	christofi	christofi	NOUN
emaj-88	45	14	(	(	PUNCT
emaj-88	45	15	1983	1983	NUM
emaj-88	45	16	)	)	PUNCT
emaj-88	45	17	,	,	PUNCT
emaj-88	45	18	and	and	CCONJ
emaj-88	45	19	meric	meric	NOUN
emaj-88	45	20	and	and	CCONJ
emaj-88	45	21	meric	meric	PROPN
emaj-88	45	22	(	(	PUNCT
emaj-88	45	23	1989	1989	NUM
emaj-88	45	24	)	)	PUNCT
emaj-88	45	25	have	have	AUX
emaj-88	45	26	made	make	VERB
emaj-88	45	27	the	the	DET
emaj-88	45	28	use	use	NOUN
emaj-88	45	29	of	of	ADP
emaj-88	45	30	the	the	DET
emaj-88	45	31	pca	pca	NOUN
emaj-88	45	32	multivariate	multivariate	NOUN
emaj-88	45	33	technique	technique	NOUN
emaj-88	45	34	popular	popular	ADJ
emaj-88	45	35	in	in	ADP
emaj-88	45	36	studying	study	VERB
emaj-88	45	37	the	the	DET
emaj-88	45	38	contemporaneous	contemporaneous	ADJ
emaj-88	45	39	co	co	NOUN
emaj-88	45	40	-	-	NOUN
emaj-88	45	41	movements	movement	NOUN
emaj-88	45	42	of	of	ADP
emaj-88	45	43	national	national	ADJ
emaj-88	45	44	stock	stock	NOUN
emaj-88	45	45	markets	market	NOUN
emaj-88	45	46	.	.	PUNCT
emaj-88	46	1	we	we	PRON
emaj-88	46	2	use	use	VERB
emaj-88	46	3	the	the	DET
emaj-88	46	4	pca	pca	NOUN
emaj-88	46	5	technique	technique	NOUN
emaj-88	46	6	in	in	ADP
emaj-88	46	7	this	this	DET
emaj-88	46	8	paper	paper	NOUN
emaj-88	46	9	to	to	PART
emaj-88	46	10	study	study	VERB
emaj-88	46	11	volume	volume	NOUN
emaj-88	46	12	6	6	NUM
emaj-88	46	13	no	no	DET
emaj-88	46	14	1	1	NUM
emaj-88	46	15	(	(	PUNCT
emaj-88	46	16	2016	2016	NUM
emaj-88	46	17	)	)	PUNCT
emaj-88	46	18	|	|	ADV
emaj-88	46	19	issn	issn	VERB
emaj-88	46	20	2158	2158	NUM
emaj-88	46	21	-	-	SYM
emaj-88	46	22	8708	8708	NUM
emaj-88	46	23	(	(	PUNCT
emaj-88	46	24	online	online	NOUN
emaj-88	46	25	)	)	PUNCT
emaj-88	46	26	|	|	ADV
emaj-88	46	27	doi	doi	X
emaj-88	46	28	10.5195	10.5195	NUM
emaj-88	46	29	/	/	SYM
emaj-88	46	30	emaj.2016.88	emaj.2016.88	NOUN
emaj-88	46	31	|	|	NOUN
emaj-88	46	32	http://emaj.pitt.edu	http://emaj.pitt.edu	X
emaj-88	46	33	global	global	ADJ
emaj-88	46	34	portfolio	portfolio	NOUN
emaj-88	46	35	diversification	diversification	NOUN
emaj-88	46	36	with	with	ADP
emaj-88	46	37	emerging	emerge	VERB
emaj-88	46	38	stock	stock	NOUN
emaj-88	46	39	markets	market	NOUN
emaj-88	46	40	page	page	NOUN
emaj-88	46	41	|60|	|60|	NOUN
emaj-88	46	42	emerging	emerge	VERB
emaj-88	46	43	markets	market	NOUN
emaj-88	46	44	journal	journal	VERB
emaj-88	46	45	the	the	DET
emaj-88	46	46	co	co	NOUN
emaj-88	46	47	-	-	NOUN
emaj-88	46	48	movements	movement	NOUN
emaj-88	46	49	of	of	ADP
emaj-88	46	50	seven	seven	NUM
emaj-88	46	51	developed	developed	ADJ
emaj-88	46	52	and	and	CCONJ
emaj-88	46	53	twenty	twenty	NUM
emaj-88	46	54	emerging	emerge	VERB
emaj-88	46	55	global	global	ADJ
emaj-88	46	56	stock	stock	NOUN
emaj-88	46	57	markets	market	NOUN
emaj-88	46	58	with	with	ADP
emaj-88	46	59	data	datum	NOUN
emaj-88	46	60	for	for	ADP
emaj-88	46	61	the	the	DET
emaj-88	46	62	january	january	PROPN
emaj-88	46	63	1,2003	1,2003	NUM
emaj-88	46	64	-	-	PUNCT
emaj-88	46	65	january	january	PROPN
emaj-88	46	66	1	1	NUM
emaj-88	46	67	,	,	PUNCT
emaj-88	46	68	2014	2014	NUM
emaj-88	46	69	period	period	NOUN
emaj-88	46	70	.	.	PUNCT
emaj-88	47	1	4	4	X
emaj-88	47	2	.	.	X
emaj-88	47	3	principal	principal	ADJ
emaj-88	47	4	components	component	NOUN
emaj-88	47	5	analysis	analysis	NOUN
emaj-88	47	6	method	method	NOUN
emaj-88	47	7	multivariate	multivariate	NOUN
emaj-88	47	8	analysis	analysis	NOUN
emaj-88	47	9	often	often	ADV
emaj-88	47	10	starts	start	VERB
emaj-88	47	11	out	out	ADP
emaj-88	47	12	with	with	ADP
emaj-88	47	13	data	datum	NOUN
emaj-88	47	14	involving	involve	VERB
emaj-88	47	15	a	a	DET
emaj-88	47	16	substantial	substantial	ADJ
emaj-88	47	17	number	number	NOUN
emaj-88	47	18	of	of	ADP
emaj-88	47	19	correlated	correlate	VERB
emaj-88	47	20	variables	variable	NOUN
emaj-88	47	21	.	.	PUNCT
emaj-88	48	1	the	the	DET
emaj-88	48	2	main	main	ADJ
emaj-88	48	3	purpose	purpose	NOUN
emaj-88	48	4	of	of	ADP
emaj-88	48	5	principal	principal	ADJ
emaj-88	48	6	component	component	NOUN
emaj-88	48	7	analysis	analysis	NOUN
emaj-88	48	8	(	(	PUNCT
emaj-88	48	9	pca	pca	NOUN
emaj-88	48	10	)	)	PUNCT
emaj-88	48	11	is	be	AUX
emaj-88	48	12	to	to	PART
emaj-88	48	13	reduce	reduce	VERB
emaj-88	48	14	a	a	DET
emaj-88	48	15	set	set	NOUN
emaj-88	48	16	of	of	ADP
emaj-88	48	17	observed	observed	ADJ
emaj-88	48	18	variables	variable	NOUN
emaj-88	48	19	into	into	ADP
emaj-88	48	20	a	a	DET
emaj-88	48	21	smaller	small	ADJ
emaj-88	48	22	set	set	NOUN
emaj-88	48	23	of	of	ADP
emaj-88	48	24	uncorrelated	uncorrelated	ADJ
emaj-88	48	25	artificial	artificial	ADJ
emaj-88	48	26	variables	variable	NOUN
emaj-88	48	27	called	call	VERB
emaj-88	48	28	principal	principal	ADJ
emaj-88	48	29	components	component	NOUN
emaj-88	48	30	,	,	PUNCT
emaj-88	48	31	with	with	ADP
emaj-88	48	32	minimal	minimal	ADJ
emaj-88	48	33	loss	loss	NOUN
emaj-88	48	34	of	of	ADP
emaj-88	48	35	information	information	NOUN
emaj-88	48	36	.	.	PUNCT
emaj-88	49	1	the	the	DET
emaj-88	49	2	resulting	result	VERB
emaj-88	49	3	principal	principal	ADJ
emaj-88	49	4	components	component	NOUN
emaj-88	49	5	can	can	AUX
emaj-88	49	6	then	then	ADV
emaj-88	49	7	be	be	AUX
emaj-88	49	8	used	use	VERB
emaj-88	49	9	in	in	ADP
emaj-88	49	10	subsequent	subsequent	ADJ
emaj-88	49	11	analyses	analysis	NOUN
emaj-88	49	12	.	.	PUNCT
emaj-88	50	1	pca	pca	PROPN
emaj-88	50	2	is	be	AUX
emaj-88	50	3	a	a	DET
emaj-88	50	4	mathematics	mathematics	NOUN
emaj-88	50	5	procedure	procedure	NOUN
emaj-88	50	6	that	that	PRON
emaj-88	50	7	uses	use	VERB
emaj-88	50	8	an	an	DET
emaj-88	50	9	orthogonal	orthogonal	ADJ
emaj-88	50	10	transformation	transformation	NOUN
emaj-88	50	11	to	to	PART
emaj-88	50	12	convert	convert	VERB
emaj-88	50	13	a	a	DET
emaj-88	50	14	set	set	NOUN
emaj-88	50	15	of	of	ADP
emaj-88	50	16	observations	observation	NOUN
emaj-88	50	17	of	of	ADP
emaj-88	50	18	possibly	possibly	ADV
emaj-88	50	19	correlated	correlate	VERB
emaj-88	50	20	variables	variable	NOUN
emaj-88	50	21	into	into	ADP
emaj-88	50	22	a	a	DET
emaj-88	50	23	set	set	NOUN
emaj-88	50	24	of	of	ADP
emaj-88	50	25	values	value	NOUN
emaj-88	50	26	of	of	ADP
emaj-88	50	27	linearly	linearly	ADV
emaj-88	50	28	uncorrelated	uncorrelated	ADJ
emaj-88	50	29	variables	variable	NOUN
emaj-88	50	30	called	call	VERB
emaj-88	50	31	principal	principal	ADJ
emaj-88	50	32	components	component	NOUN
emaj-88	50	33	.	.	PUNCT
emaj-88	51	1	the	the	DET
emaj-88	51	2	number	number	NOUN
emaj-88	51	3	of	of	ADP
emaj-88	51	4	principal	principal	ADJ
emaj-88	51	5	components	component	NOUN
emaj-88	51	6	is	be	AUX
emaj-88	51	7	less	less	ADJ
emaj-88	51	8	than	than	ADP
emaj-88	51	9	or	or	CCONJ
emaj-88	51	10	equal	equal	ADJ
emaj-88	51	11	to	to	ADP
emaj-88	51	12	the	the	DET
emaj-88	51	13	number	number	NOUN
emaj-88	51	14	of	of	ADP
emaj-88	51	15	original	original	ADJ
emaj-88	51	16	variables	variable	NOUN
emaj-88	51	17	.	.	PUNCT
emaj-88	52	1	this	this	DET
emaj-88	52	2	transformation	transformation	NOUN
emaj-88	52	3	is	be	AUX
emaj-88	52	4	defined	define	VERB
emaj-88	52	5	in	in	ADP
emaj-88	52	6	such	such	DET
emaj-88	52	7	a	a	DET
emaj-88	52	8	way	way	NOUN
emaj-88	52	9	that	that	PRON
emaj-88	52	10	the	the	DET
emaj-88	52	11	first	first	ADJ
emaj-88	52	12	principal	principal	ADJ
emaj-88	52	13	component	component	NOUN
emaj-88	52	14	has	have	VERB
emaj-88	52	15	the	the	DET
emaj-88	52	16	largest	large	ADJ
emaj-88	52	17	possible	possible	ADJ
emaj-88	52	18	variance	variance	NOUN
emaj-88	52	19	(	(	PUNCT
emaj-88	52	20	that	that	ADV
emaj-88	52	21	is	is	ADV
emaj-88	52	22	,	,	PUNCT
emaj-88	52	23	it	it	PRON
emaj-88	52	24	accounts	account	VERB
emaj-88	52	25	for	for	ADP
emaj-88	52	26	as	as	ADV
emaj-88	52	27	much	much	ADJ
emaj-88	52	28	of	of	ADP
emaj-88	52	29	the	the	DET
emaj-88	52	30	variability	variability	NOUN
emaj-88	52	31	in	in	ADP
emaj-88	52	32	the	the	DET
emaj-88	52	33	data	datum	NOUN
emaj-88	52	34	set	set	VERB
emaj-88	52	35	as	as	ADP
emaj-88	52	36	possible	possible	ADJ
emaj-88	52	37	)	)	PUNCT
emaj-88	52	38	,	,	PUNCT
emaj-88	52	39	and	and	CCONJ
emaj-88	52	40	each	each	PRON
emaj-88	52	41	succeeding	succeed	VERB
emaj-88	52	42	principal	principal	ADJ
emaj-88	52	43	component	component	NOUN
emaj-88	52	44	in	in	ADP
emaj-88	52	45	turn	turn	NOUN
emaj-88	52	46	has	have	VERB
emaj-88	52	47	the	the	DET
emaj-88	52	48	highest	high	ADJ
emaj-88	52	49	variance	variance	NOUN
emaj-88	52	50	possible	possible	ADJ
emaj-88	52	51	under	under	ADP
emaj-88	52	52	the	the	DET
emaj-88	52	53	constraint	constraint	NOUN
emaj-88	52	54	that	that	SCONJ
emaj-88	52	55	it	it	PRON
emaj-88	52	56	is	be	AUX
emaj-88	52	57	orthogonal	orthogonal	ADJ
emaj-88	52	58	to	to	PART
emaj-88	52	59	(	(	PUNCT
emaj-88	52	60	i.e.	i.e.	X
emaj-88	52	61	,	,	PUNCT
emaj-88	52	62	uncorrelated	uncorrelate	VERB
emaj-88	52	63	with	with	ADP
emaj-88	52	64	)	)	PUNCT
emaj-88	52	65	the	the	DET
emaj-88	52	66	preceding	precede	VERB
emaj-88	52	67	components	component	NOUN
emaj-88	52	68	.	.	PUNCT
emaj-88	53	1	the	the	DET
emaj-88	53	2	principal	principal	ADJ
emaj-88	53	3	components	component	NOUN
emaj-88	53	4	are	be	AUX
emaj-88	53	5	orthogonal	orthogonal	ADJ
emaj-88	53	6	because	because	SCONJ
emaj-88	53	7	they	they	PRON
emaj-88	53	8	are	be	AUX
emaj-88	53	9	the	the	DET
emaj-88	53	10	eigenvectors	eigenvector	NOUN
emaj-88	53	11	of	of	ADP
emaj-88	53	12	the	the	DET
emaj-88	53	13	covariance	covariance	NOUN
emaj-88	53	14	matrix	matrix	NOUN
emaj-88	53	15	.	.	PUNCT
emaj-88	54	1	that	that	ADV
emaj-88	54	2	is	is	ADV
emaj-88	54	3	,	,	PUNCT
emaj-88	54	4	the	the	DET
emaj-88	54	5	covariance	covariance	NOUN
emaj-88	54	6	matrix	matrix	NOUN
emaj-88	54	7	of	of	ADP
emaj-88	54	8	these	these	DET
emaj-88	54	9	principal	principal	ADJ
emaj-88	54	10	components	component	NOUN
emaj-88	54	11	is	be	AUX
emaj-88	54	12	a	a	DET
emaj-88	54	13	diagonal	diagonal	ADJ
emaj-88	54	14	matrix	matrix	NOUN
emaj-88	54	15	in	in	ADP
emaj-88	54	16	which	which	PRON
emaj-88	54	17	the	the	DET
emaj-88	54	18	entries	entry	NOUN
emaj-88	54	19	outside	outside	ADP
emaj-88	54	20	the	the	DET
emaj-88	54	21	main	main	ADJ
emaj-88	54	22	diagonal	diagonal	NOUN
emaj-88	54	23	are	be	AUX
emaj-88	54	24	all	all	PRON
emaj-88	54	25	zeros	zero	NOUN
emaj-88	54	26	.	.	PUNCT
emaj-88	55	1	the	the	DET
emaj-88	55	2	diagonal	diagonal	ADJ
emaj-88	55	3	values	value	NOUN
emaj-88	55	4	of	of	ADP
emaj-88	55	5	the	the	DET
emaj-88	55	6	covariance	covariance	NOUN
emaj-88	55	7	matrix	matrix	NOUN
emaj-88	55	8	of	of	ADP
emaj-88	55	9	these	these	DET
emaj-88	55	10	principal	principal	ADJ
emaj-88	55	11	components	component	NOUN
emaj-88	55	12	are	be	AUX
emaj-88	55	13	called	call	VERB
emaj-88	55	14	eigenvalues	eigenvalue	NOUN
emaj-88	55	15	and	and	CCONJ
emaj-88	55	16	they	they	PRON
emaj-88	55	17	are	be	AUX
emaj-88	55	18	put	put	VERB
emaj-88	55	19	in	in	ADP
emaj-88	55	20	a	a	DET
emaj-88	55	21	descending	descend	VERB
emaj-88	55	22	order	order	NOUN
emaj-88	55	23	.	.	PUNCT
emaj-88	56	1	these	these	DET
emaj-88	56	2	eigenvalues	eigenvalue	NOUN
emaj-88	56	3	are	be	AUX
emaj-88	56	4	the	the	DET
emaj-88	56	5	variances	variance	NOUN
emaj-88	56	6	of	of	ADP
emaj-88	56	7	all	all	DET
emaj-88	56	8	the	the	DET
emaj-88	56	9	principal	principal	ADJ
emaj-88	56	10	components	component	NOUN
emaj-88	56	11	(	(	PUNCT
emaj-88	56	12	new	new	ADJ
emaj-88	56	13	artificial	artificial	ADJ
emaj-88	56	14	variables	variable	NOUN
emaj-88	56	15	)	)	PUNCT
emaj-88	56	16	.	.	PUNCT
emaj-88	57	1	listed	list	VERB
emaj-88	57	2	below	below	ADV
emaj-88	57	3	are	be	AUX
emaj-88	57	4	the	the	DET
emaj-88	57	5	steps	step	NOUN
emaj-88	57	6	for	for	ADP
emaj-88	57	7	performing	perform	VERB
emaj-88	57	8	a	a	DET
emaj-88	57	9	principal	principal	ADJ
emaj-88	57	10	component	component	NOUN
emaj-88	57	11	analysis	analysis	NOUN
emaj-88	57	12	,	,	PUNCT
emaj-88	57	13	which	which	PRON
emaj-88	57	14	we	we	PRON
emaj-88	57	15	use	use	VERB
emaj-88	57	16	in	in	ADP
emaj-88	57	17	the	the	DET
emaj-88	57	18	next	next	ADJ
emaj-88	57	19	section	section	NOUN
emaj-88	57	20	of	of	ADP
emaj-88	57	21	the	the	DET
emaj-88	57	22	paper	paper	NOUN
emaj-88	57	23	to	to	PART
emaj-88	57	24	analyze	analyze	VERB
emaj-88	57	25	the	the	DET
emaj-88	57	26	co	co	NOUN
emaj-88	57	27	-	-	NOUN
emaj-88	57	28	movements	movement	NOUN
emaj-88	57	29	of	of	ADP
emaj-88	57	30	the	the	DET
emaj-88	57	31	twentyseven	twentyseven	ADJ
emaj-88	57	32	national	national	ADJ
emaj-88	57	33	stock	stock	NOUN
emaj-88	57	34	markets	market	NOUN
emaj-88	57	35	included	include	VERB
emaj-88	57	36	in	in	ADP
emaj-88	57	37	the	the	DET
emaj-88	57	38	study	study	NOUN
emaj-88	57	39	.	.	PUNCT
emaj-88	58	1	1	1	X
emaj-88	58	2	.	.	X
emaj-88	58	3	take	take	VERB
emaj-88	58	4	the	the	DET
emaj-88	58	5	whole	whole	ADJ
emaj-88	58	6	dataset	dataset	NOUN
emaj-88	58	7	consisting	consist	VERB
emaj-88	58	8	of	of	ADP
emaj-88	58	9	ndimensional	ndimensional	ADJ
emaj-88	58	10	samples	sample	NOUN
emaj-88	58	11	and	and	CCONJ
emaj-88	58	12	find	find	VERB
emaj-88	58	13	the	the	DET
emaj-88	58	14	covariance	covariance	NOUN
emaj-88	58	15	matrix	matrix	NOUN
emaj-88	58	16	of	of	ADP
emaj-88	58	17	the	the	DET
emaj-88	58	18	data	datum	NOUN
emaj-88	58	19	set	set	VERB
emaj-88	58	20	2	2	NUM
emaj-88	58	21	.	.	PUNCT
emaj-88	58	22	compute	compute	NOUN
emaj-88	58	23	eigenvectors	eigenvector	NOUN
emaj-88	58	24	and	and	CCONJ
emaj-88	58	25	corresponding	corresponding	ADJ
emaj-88	58	26	eigenvalues	eigenvalue	NOUN
emaj-88	58	27	3	3	NUM
emaj-88	58	28	.	.	NOUN
emaj-88	58	29	sort	sort	VERB
emaj-88	58	30	the	the	DET
emaj-88	58	31	eigenvectors	eigenvector	NOUN
emaj-88	58	32	by	by	ADP
emaj-88	58	33	decreasing	decrease	VERB
emaj-88	58	34	eigenvalues	eigenvalue	NOUN
emaj-88	58	35	4	4	NUM
emaj-88	58	36	.	.	PUNCT
emaj-88	58	37	use	use	VERB
emaj-88	58	38	the	the	DET
emaj-88	58	39	first	first	ADJ
emaj-88	58	40	m	m	NOUN
emaj-88	58	41	-	-	PUNCT
emaj-88	58	42	eigenvectors	eigenvector	NOUN
emaj-88	58	43	(	(	PUNCT
emaj-88	58	44	m	m	VERB
emaj-88	58	45	<	<	X
emaj-88	58	46	n	n	CCONJ
emaj-88	58	47	)	)	PUNCT
emaj-88	58	48	to	to	PART
emaj-88	58	49	transform	transform	VERB
emaj-88	58	50	the	the	DET
emaj-88	58	51	samples	sample	NOUN
emaj-88	58	52	onto	onto	ADP
emaj-88	58	53	the	the	DET
emaj-88	58	54	new	new	ADJ
emaj-88	58	55	subspace	subspace	NOUN
emaj-88	58	56	.	.	PUNCT
emaj-88	59	1	5	5	X
emaj-88	59	2	.	.	X
emaj-88	59	3	empirical	empirical	ADJ
emaj-88	59	4	findings	finding	NOUN
emaj-88	59	5	to	to	PART
emaj-88	59	6	determine	determine	VERB
emaj-88	59	7	the	the	DET
emaj-88	59	8	principal	principal	ADJ
emaj-88	59	9	components	component	NOUN
emaj-88	59	10	of	of	ADP
emaj-88	59	11	the	the	DET
emaj-88	59	12	stock	stock	NOUN
emaj-88	59	13	markets	market	NOUN
emaj-88	59	14	with	with	ADP
emaj-88	59	15	similar	similar	ADJ
emaj-88	59	16	contemporaneous	contemporaneous	ADJ
emaj-88	59	17	movement	movement	NOUN
emaj-88	59	18	patterns	pattern	NOUN
emaj-88	59	19	,	,	PUNCT
emaj-88	59	20	the	the	DET
emaj-88	59	21	covariance	covariance	NOUN
emaj-88	59	22	matrix	matrix	NOUN
emaj-88	59	23	of	of	ADP
emaj-88	59	24	the	the	DET
emaj-88	59	25	weekly	weekly	ADJ
emaj-88	59	26	index	index	NOUN
emaj-88	59	27	returns	return	NOUN
emaj-88	59	28	of	of	ADP
emaj-88	59	29	the	the	DET
emaj-88	59	30	twenty	twenty	NUM
emaj-88	59	31	-	-	PUNCT
emaj-88	59	32	seven	seven	NUM
emaj-88	59	33	global	global	ADJ
emaj-88	59	34	stock	stock	NOUN
emaj-88	59	35	markets	market	NOUN
emaj-88	59	36	is	be	AUX
emaj-88	59	37	used	use	VERB
emaj-88	59	38	as	as	ADP
emaj-88	59	39	input	input	NOUN
emaj-88	59	40	in	in	ADP
emaj-88	59	41	the	the	DET
emaj-88	59	42	spss	spss	PROPN
emaj-88	59	43	/	/	SYM
emaj-88	59	44	pca	pca	PROPN
emaj-88	59	45	computer	computer	NOUN
emaj-88	59	46	program	program	NOUN
emaj-88	59	47	.	.	PUNCT
emaj-88	60	1	the	the	DET
emaj-88	60	2	varimax	varimax	ADJ
emaj-88	60	3	rotation	rotation	NOUN
emaj-88	60	4	is	be	AUX
emaj-88	60	5	employed	employ	VERB
emaj-88	60	6	to	to	PART
emaj-88	60	7	maximize	maximize	VERB
emaj-88	60	8	the	the	DET
emaj-88	60	9	factor	factor	NOUN
emaj-88	60	10	loadings	loading	NOUN
emaj-88	60	11	of	of	ADP
emaj-88	60	12	the	the	DET
emaj-88	60	13	stock	stock	NOUN
emaj-88	60	14	markets	market	NOUN
emaj-88	60	15	in	in	ADP
emaj-88	60	16	each	each	DET
emaj-88	60	17	principal	principal	ADJ
emaj-88	60	18	component	component	NOUN
emaj-88	60	19	with	with	ADP
emaj-88	60	20	similar	similar	ADJ
emaj-88	60	21	movement	movement	NOUN
emaj-88	60	22	patterns	pattern	NOUN
emaj-88	60	23	.	.	PUNCT
emaj-88	61	1	using	use	VERB
emaj-88	61	2	kaiser	kaiser	NOUN
emaj-88	61	3	's	's	PART
emaj-88	61	4	significance	significance	NOUN
emaj-88	61	5	rule	rule	NOUN
emaj-88	61	6	,	,	PUNCT
emaj-88	61	7	statistically	statistically	ADV
emaj-88	61	8	significant	significant	ADJ
emaj-88	61	9	principal	principal	ADJ
emaj-88	61	10	components	component	NOUN
emaj-88	61	11	with	with	ADP
emaj-88	61	12	eigenvalues	eigenvalue	NOUN
emaj-88	61	13	greater	great	ADJ
emaj-88	61	14	than	than	ADP
emaj-88	61	15	unity	unity	NOUN
emaj-88	61	16	are	be	AUX
emaj-88	61	17	retained	retain	VERB
emaj-88	61	18	for	for	ADP
emaj-88	61	19	analysis	analysis	NOUN
emaj-88	61	20	.	.	PUNCT
emaj-88	62	1	the	the	DET
emaj-88	62	2	analysis	analysis	NOUN
emaj-88	62	3	yielded	yield	VERB
emaj-88	62	4	three	three	NUM
emaj-88	62	5	statistically	statistically	ADV
emaj-88	62	6	significant	significant	ADJ
emaj-88	62	7	principal	principal	ADJ
emaj-88	62	8	components	component	NOUN
emaj-88	62	9	.	.	PUNCT
emaj-88	63	1	the	the	DET
emaj-88	63	2	factor	factor	NOUN
emaj-88	63	3	loadings	loading	NOUN
emaj-88	63	4	of	of	ADP
emaj-88	63	5	the	the	DET
emaj-88	63	6	three	three	NUM
emaj-88	63	7	principal	principal	ADJ
emaj-88	63	8	components	component	NOUN
emaj-88	63	9	are	be	AUX
emaj-88	63	10	presented	present	VERB
emaj-88	63	11	in	in	ADP
emaj-88	63	12	table	table	NOUN
emaj-88	63	13	2	2	NUM
emaj-88	63	14	.	.	PUNCT
emaj-88	63	15	table	table	NOUN
emaj-88	63	16	2	2	NUM
emaj-88	63	17	:	:	PUNCT
emaj-88	63	18	principle	principle	ADJ
emaj-88	63	19	components	component	NOUN
emaj-88	63	20	analysis	analysis	NOUN
emaj-88	63	21	:	:	PUNCT
emaj-88	63	22	january	january	PROPN
emaj-88	63	23	1	1	NUM
emaj-88	63	24	,	,	PUNCT
emaj-88	63	25	2003	2003	NUM
emaj-88	63	26	-	-	SYM
emaj-88	63	27	january	january	PROPN
emaj-88	63	28	1	1	NUM
emaj-88	63	29	,	,	PUNCT
emaj-88	63	30	2013	2013	NUM
emaj-88	63	31	stock	stock	NOUN
emaj-88	63	32	markets	market	NOUN
emaj-88	63	33	p.c	p.c	PROPN
emaj-88	63	34	.	.	PROPN
emaj-88	63	35	#	#	SYM
emaj-88	63	36	1	1	NUM
emaj-88	63	37	p.c	p.c	PROPN
emaj-88	63	38	.	.	PROPN
emaj-88	64	1	#	#	SYM
emaj-88	64	2	2	2	NUM
emaj-88	64	3	p.c	p.c	PROPN
emaj-88	64	4	.	.	PROPN
emaj-88	65	1	#	#	SYM
emaj-88	65	2	3	3	NUM
emaj-88	65	3	france	france	PROPN
emaj-88	65	4	canada	canada	PROPN
emaj-88	65	5	uk	uk	PROPN
emaj-88	65	6	us	us	PROPN
emaj-88	65	7	germany	germany	PROPN
emaj-88	65	8	brazil	brazil	PROPN
emaj-88	65	9	south	south	PROPN
emaj-88	65	10	africa	africa	PROPN
emaj-88	65	11	mexico	mexico	PROPN
emaj-88	65	12	peru	peru	PROPN
emaj-88	65	13	australia	australia	PROPN
emaj-88	65	14	russia	russia	PROPN
emaj-88	65	15	chile	chile	PROPN
emaj-88	65	16	argentina	argentina	PROPN
emaj-88	65	17	turkey	turkey	PROPN
emaj-88	65	18	colombia	colombia	PROPN
emaj-88	65	19	0.862	0.862	NUM
emaj-88	65	20	0.853	0.853	NUM
emaj-88	65	21	0.848	0.848	NUM
emaj-88	65	22	0.847	0.847	NUM
emaj-88	65	23	0.846	0.846	NUM
emaj-88	65	24	0.789	0.789	NUM
emaj-88	65	25	0.782	0.782	NUM
emaj-88	65	26	0.745	0.745	NUM
emaj-88	65	27	0.693	0.693	NUM
emaj-88	65	28	0.686	0.686	NUM
emaj-88	65	29	0.662	0.662	NUM
emaj-88	65	30	0.633	0.633	NUM
emaj-88	65	31	0.587	0.587	NUM
emaj-88	65	32	0.521	0.521	NUM
emaj-88	65	33	0.487	0.487	NUM
emaj-88	65	34	0.516	0.516	NUM
emaj-88	65	35	0.443	0.443	NUM
emaj-88	65	36	indonesia	indonesia	PROPN
emaj-88	65	37	philippines	philippine	NOUN
emaj-88	65	38	malaysia	malaysia	PROPN
emaj-88	65	39	thailand	thailand	PROPN
emaj-88	65	40	south	south	PROPN
emaj-88	65	41	korea	korea	PROPN
emaj-88	65	42	china	china	PROPN
emaj-88	65	43	india	india	PROPN
emaj-88	65	44	japan	japan	PROPN
emaj-88	65	45	0.413	0.413	NUM
emaj-88	65	46	0.453	0.453	NUM
emaj-88	65	47	0.422	0.422	NUM
emaj-88	65	48	0.410	0.410	NUM
emaj-88	65	49	0.757	0.757	NUM
emaj-88	65	50	0.732	0.732	NUM
emaj-88	65	51	0.725	0.725	NUM
emaj-88	65	52	0.708	0.708	NUM
emaj-88	65	53	0.687	0.687	NUM
emaj-88	65	54	0.680	0.680	NUM
emaj-88	65	55	0.648	0.648	NUM
emaj-88	65	56	0.517	0.517	NUM
emaj-88	65	57	jordan	jordan	PROPN
emaj-88	65	58	morocco	morocco	PROPN
emaj-88	65	59	egypt	egypt	PROPN
emaj-88	65	60	pakistan	pakistan	PROPN
emaj-88	66	1	0.683	0.683	NUM
emaj-88	66	2	0.629	0.629	NUM
emaj-88	66	3	0.591	0.591	NUM
emaj-88	66	4	0.326	0.326	NUM
emaj-88	66	5	variance	variance	NOUN
emaj-88	66	6	explained	explain	VERB
emaj-88	66	7	34.34	34.34	NUM
emaj-88	66	8	%	%	NOUN
emaj-88	66	9	20.92	20.92	NUM
emaj-88	66	10	%	%	NOUN
emaj-88	66	11	8.34	8.34	NUM
emaj-88	66	12	%	%	NOUN
emaj-88	66	13	cum	cum	NOUN
emaj-88	66	14	.	.	PUNCT
emaj-88	67	1	variance	variance	NOUN
emaj-88	67	2	explained	explain	VERB
emaj-88	67	3	34.34	34.34	NUM
emaj-88	67	4	%	%	NOUN
emaj-88	67	5	55.26	55.26	NUM
emaj-88	67	6	%	%	NOUN
emaj-88	67	7	63.6	63.6	NUM
emaj-88	67	8	%	%	NOUN
emaj-88	67	9	the	the	DET
emaj-88	67	10	factor	factor	NOUN
emaj-88	67	11	loadings	loading	NOUN
emaj-88	67	12	of	of	ADP
emaj-88	67	13	the	the	DET
emaj-88	67	14	stock	stock	NOUN
emaj-88	67	15	markets	market	NOUN
emaj-88	67	16	with	with	ADP
emaj-88	67	17	the	the	DET
emaj-88	67	18	highest	high	ADJ
emaj-88	67	19	factor	factor	NOUN
emaj-88	67	20	loading	loading	NOUN
emaj-88	67	21	in	in	ADP
emaj-88	67	22	each	each	DET
emaj-88	67	23	principal	principal	ADJ
emaj-88	67	24	component	component	NOUN
emaj-88	67	25	are	be	AUX
emaj-88	67	26	shown	show	VERB
emaj-88	67	27	in	in	ADP
emaj-88	67	28	dark	dark	ADJ
emaj-88	67	29	font	font	NOUN
emaj-88	67	30	.	.	PUNCT
emaj-88	68	1	if	if	SCONJ
emaj-88	68	2	a	a	DET
emaj-88	68	3	stock	stock	NOUN
emaj-88	68	4	market	market	NOUN
emaj-88	68	5	also	also	ADV
emaj-88	68	6	has	have	VERB
emaj-88	68	7	a	a	DET
emaj-88	68	8	high	high	ADJ
emaj-88	68	9	factor	factor	NOUN
emaj-88	68	10	loading	loading	NOUN
emaj-88	68	11	in	in	ADP
emaj-88	68	12	another	another	DET
emaj-88	68	13	principle	principle	ADJ
emaj-88	68	14	component	component	NOUN
emaj-88	68	15	,	,	PUNCT
emaj-88	68	16	it	it	PRON
emaj-88	68	17	is	be	AUX
emaj-88	68	18	shown	show	VERB
emaj-88	68	19	in	in	ADP
emaj-88	68	20	italics	italic	NOUN
emaj-88	68	21	in	in	ADP
emaj-88	68	22	light	light	ADJ
emaj-88	68	23	font	font	NOUN
emaj-88	68	24	.	.	PUNCT
emaj-88	69	1	the	the	DET
emaj-88	69	2	first	first	ADJ
emaj-88	69	3	principal	principal	ADJ
emaj-88	69	4	component	component	NOUN
emaj-88	69	5	explains	explain	VERB
emaj-88	69	6	34.34	34.34	NUM
emaj-88	69	7	percent	percent	NOUN
emaj-88	69	8	of	of	ADP
emaj-88	69	9	the	the	DET
emaj-88	69	10	total	total	ADJ
emaj-88	69	11	variation	variation	NOUN
emaj-88	69	12	in	in	ADP
emaj-88	69	13	the	the	DET
emaj-88	69	14	original	original	ADJ
emaj-88	69	15	data	datum	NOUN
emaj-88	69	16	matrix	matrix	NOUN
emaj-88	69	17	.	.	PUNCT
emaj-88	70	1	all	all	PRON
emaj-88	70	2	developed	develop	VERB
emaj-88	70	3	stock	stock	NOUN
emaj-88	70	4	markets	market	NOUN
emaj-88	70	5	,	,	PUNCT
emaj-88	70	6	except	except	SCONJ
emaj-88	70	7	the	the	DET
emaj-88	70	8	japanese	japanese	ADJ
emaj-88	70	9	stock	stock	NOUN
emaj-88	70	10	market	market	NOUN
emaj-88	70	11	,	,	PUNCT
emaj-88	70	12	have	have	VERB
emaj-88	70	13	their	their	PRON
emaj-88	70	14	highest	high	ADJ
emaj-88	70	15	factor	factor	NOUN
emaj-88	70	16	loadings	loading	NOUN
emaj-88	70	17	in	in	ADP
emaj-88	70	18	this	this	DET
emaj-88	70	19	principal	principal	ADJ
emaj-88	70	20	component	component	NOUN
emaj-88	70	21	.	.	PUNCT
emaj-88	71	1	these	these	DET
emaj-88	71	2	stock	stock	NOUN
emaj-88	71	3	markets	market	NOUN
emaj-88	71	4	are	be	AUX
emaj-88	71	5	highly	highly	ADV
emaj-88	71	6	correlated	correlate	VERB
emaj-88	71	7	and	and	CCONJ
emaj-88	71	8	investing	invest	VERB
emaj-88	71	9	in	in	ADP
emaj-88	71	10	these	these	DET
emaj-88	71	11	stock	stock	NOUN
emaj-88	71	12	markets	market	NOUN
emaj-88	71	13	would	would	AUX
emaj-88	71	14	provide	provide	VERB
emaj-88	71	15	only	only	ADV
emaj-88	71	16	a	a	DET
emaj-88	71	17	minimal	minimal	ADJ
emaj-88	71	18	global	global	ADJ
emaj-88	71	19	portfolio	portfolio	NOUN
emaj-88	71	20	diversification	diversification	NOUN
emaj-88	71	21	benefit	benefit	NOUN
emaj-88	71	22	to	to	ADP
emaj-88	71	23	investors	investor	NOUN
emaj-88	71	24	.	.	PUNCT
emaj-88	72	1	investors	investor	NOUN
emaj-88	72	2	who	who	PRON
emaj-88	72	3	invest	invest	VERB
emaj-88	72	4	in	in	ADP
emaj-88	72	5	these	these	DET
emaj-88	72	6	stock	stock	NOUN
emaj-88	72	7	markets	market	NOUN
emaj-88	72	8	would	would	AUX
emaj-88	72	9	maximize	maximize	VERB
emaj-88	72	10	the	the	DET
emaj-88	72	11	benefits	benefit	NOUN
emaj-88	72	12	of	of	ADP
emaj-88	72	13	global	global	ADJ
emaj-88	72	14	portfolio	portfolio	NOUN
emaj-88	72	15	diversification	diversification	NOUN
emaj-88	72	16	by	by	ADP
emaj-88	72	17	investing	invest	VERB
emaj-88	72	18	in	in	ADP
emaj-88	72	19	the	the	DET
emaj-88	72	20	stock	stock	NOUN
emaj-88	72	21	markets	market	NOUN
emaj-88	72	22	with	with	ADP
emaj-88	72	23	high	high	ADJ
emaj-88	72	24	factor	factor	NOUN
emaj-88	72	25	loadings	loading	NOUN
emaj-88	72	26	in	in	ADP
emaj-88	72	27	the	the	DET
emaj-88	72	28	other	other	ADJ
emaj-88	72	29	two	two	NUM
emaj-88	72	30	principal	principal	ADJ
emaj-88	72	31	components	component	NOUN
emaj-88	72	32	such	such	ADJ
emaj-88	72	33	as	as	ADP
emaj-88	72	34	the	the	DET
emaj-88	72	35	indonesian	indonesian	ADJ
emaj-88	72	36	,	,	PUNCT
emaj-88	72	37	philippine	philippine	PROPN
emaj-88	72	38	,	,	PUNCT
emaj-88	72	39	malaysian	malaysian	ADJ
emaj-88	72	40	,	,	PUNCT
emaj-88	72	41	and	and	CCONJ
emaj-88	72	42	thai	thai	ADJ
emaj-88	72	43	stock	stock	NOUN
emaj-88	72	44	markets	market	NOUN
emaj-88	72	45	in	in	ADP
emaj-88	72	46	the	the	DET
emaj-88	72	47	second	second	ADJ
emaj-88	72	48	principal	principal	ADJ
emaj-88	72	49	component	component	NOUN
emaj-88	72	50	and	and	CCONJ
emaj-88	72	51	the	the	DET
emaj-88	72	52	jordanian	jordanian	ADJ
emaj-88	72	53	,	,	PUNCT
emaj-88	72	54	moroccan	moroccan	ADJ
emaj-88	72	55	,	,	PUNCT
emaj-88	72	56	egyptian	egyptian	ADJ
emaj-88	72	57	,	,	PUNCT
emaj-88	72	58	and	and	CCONJ
emaj-88	72	59	pakistani	pakistani	ADJ
emaj-88	72	60	stock	stock	NOUN
emaj-88	72	61	markets	market	NOUN
emaj-88	72	62	in	in	ADP
emaj-88	72	63	the	the	DET
emaj-88	72	64	third	third	ADJ
emaj-88	72	65	principal	principal	ADJ
emaj-88	72	66	component	component	NOUN
emaj-88	72	67	.	.	PUNCT
emaj-88	73	1	volume	volume	NOUN
emaj-88	73	2	6	6	NUM
emaj-88	74	1	no	no	PRON
emaj-88	74	2	1	1	NUM
emaj-88	74	3	(	(	PUNCT
emaj-88	74	4	2016	2016	NUM
emaj-88	74	5	)	)	PUNCT
emaj-88	75	1	|	|	ADV
emaj-88	75	2	issn	issn	VERB
emaj-88	75	3	2158	2158	NUM
emaj-88	75	4	-	-	SYM
emaj-88	75	5	8708	8708	NUM
emaj-88	75	6	(	(	PUNCT
emaj-88	75	7	online	online	NOUN
emaj-88	75	8	)	)	PUNCT
emaj-88	75	9	|	|	ADV
emaj-88	75	10	doi	doi	X
emaj-88	75	11	10.5195	10.5195	NUM
emaj-88	75	12	/	/	SYM
emaj-88	75	13	emaj.2016.88	emaj.2016.88	NOUN
emaj-88	76	1	|	|	ADV
emaj-88	76	2	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-88	76	3	ilhan	ilhan	PROPN
emaj-88	76	4	meric	meric	PROPN
emaj-88	76	5	,	,	PUNCT
emaj-88	76	6	jie	jie	PROPN
emaj-88	76	7	ding	ding	PROPN
emaj-88	76	8	,	,	PUNCT
emaj-88	76	9	gulser	gulser	PROPN
emaj-88	76	10	meric	meric	PROPN
emaj-88	76	11	emerging	emerge	VERB
emaj-88	76	12	markets	market	NOUN
emaj-88	76	13	journal	journal	NOUN
emaj-88	76	14	|	|	ADV
emaj-88	76	15	p	p	NOUN
emaj-88	76	16	a	a	DET
emaj-88	76	17	g	g	NOUN
emaj-88	76	18	e	e	NOUN
emaj-88	76	19	|61	|61	NOUN
emaj-88	76	20	although	although	SCONJ
emaj-88	76	21	they	they	PRON
emaj-88	76	22	have	have	VERB
emaj-88	76	23	their	their	PRON
emaj-88	76	24	highest	high	ADJ
emaj-88	76	25	factor	factor	NOUN
emaj-88	76	26	loadings	loading	NOUN
emaj-88	76	27	in	in	ADP
emaj-88	76	28	the	the	DET
emaj-88	76	29	first	first	ADJ
emaj-88	76	30	principal	principal	ADJ
emaj-88	76	31	component	component	NOUN
emaj-88	76	32	,	,	PUNCT
emaj-88	76	33	the	the	DET
emaj-88	76	34	australian	australian	ADJ
emaj-88	76	35	and	and	CCONJ
emaj-88	76	36	turkish	turkish	ADJ
emaj-88	76	37	stock	stock	NOUN
emaj-88	76	38	markets	market	NOUN
emaj-88	76	39	also	also	ADV
emaj-88	76	40	have	have	VERB
emaj-88	76	41	high	high	ADJ
emaj-88	76	42	factor	factor	NOUN
emaj-88	76	43	loadings	loading	NOUN
emaj-88	76	44	in	in	ADP
emaj-88	76	45	the	the	DET
emaj-88	76	46	second	second	ADJ
emaj-88	76	47	principal	principal	ADJ
emaj-88	76	48	component	component	NOUN
emaj-88	76	49	.	.	PUNCT
emaj-88	77	1	therefore	therefore	ADV
emaj-88	77	2	,	,	PUNCT
emaj-88	77	3	the	the	DET
emaj-88	77	4	investors	investor	NOUN
emaj-88	77	5	in	in	ADP
emaj-88	77	6	the	the	DET
emaj-88	77	7	australian	australian	ADJ
emaj-88	77	8	and	and	CCONJ
emaj-88	77	9	turkish	turkish	ADJ
emaj-88	77	10	stock	stock	NOUN
emaj-88	77	11	markets	market	NOUN
emaj-88	77	12	can	can	AUX
emaj-88	77	13	have	have	VERB
emaj-88	77	14	limited	limit	VERB
emaj-88	77	15	portfolio	portfolio	NOUN
emaj-88	77	16	diversification	diversification	NOUN
emaj-88	77	17	benefit	benefit	NOUN
emaj-88	77	18	if	if	SCONJ
emaj-88	77	19	they	they	PRON
emaj-88	77	20	invest	invest	VERB
emaj-88	77	21	in	in	ADP
emaj-88	77	22	the	the	DET
emaj-88	77	23	stock	stock	NOUN
emaj-88	77	24	markets	market	NOUN
emaj-88	77	25	with	with	ADP
emaj-88	77	26	high	high	ADJ
emaj-88	77	27	factor	factor	NOUN
emaj-88	77	28	loadings	loading	NOUN
emaj-88	77	29	in	in	ADP
emaj-88	77	30	the	the	DET
emaj-88	77	31	second	second	ADJ
emaj-88	77	32	principal	principal	ADJ
emaj-88	77	33	component	component	NOUN
emaj-88	77	34	.	.	PUNCT
emaj-88	78	1	however	however	ADV
emaj-88	78	2	,	,	PUNCT
emaj-88	78	3	they	they	PRON
emaj-88	78	4	can	can	AUX
emaj-88	78	5	obtain	obtain	VERB
emaj-88	78	6	significant	significant	ADJ
emaj-88	78	7	portfolio	portfolio	NOUN
emaj-88	78	8	diversification	diversification	NOUN
emaj-88	78	9	benefit	benefit	NOUN
emaj-88	78	10	by	by	ADP
emaj-88	78	11	investing	invest	VERB
emaj-88	78	12	in	in	ADP
emaj-88	78	13	the	the	DET
emaj-88	78	14	stock	stock	NOUN
emaj-88	78	15	markets	market	NOUN
emaj-88	78	16	with	with	ADP
emaj-88	78	17	high	high	ADJ
emaj-88	78	18	factor	factor	NOUN
emaj-88	78	19	loadings	loading	NOUN
emaj-88	78	20	in	in	ADP
emaj-88	78	21	the	the	DET
emaj-88	78	22	third	third	ADJ
emaj-88	78	23	principal	principal	ADJ
emaj-88	78	24	component	component	NOUN
emaj-88	78	25	.	.	PUNCT
emaj-88	79	1	the	the	DET
emaj-88	79	2	second	second	ADJ
emaj-88	79	3	principal	principal	ADJ
emaj-88	79	4	component	component	NOUN
emaj-88	79	5	explains	explain	VERB
emaj-88	79	6	20.92	20.92	NUM
emaj-88	79	7	percent	percent	NOUN
emaj-88	79	8	of	of	ADP
emaj-88	79	9	the	the	DET
emaj-88	79	10	total	total	ADJ
emaj-88	79	11	variation	variation	NOUN
emaj-88	79	12	in	in	ADP
emaj-88	79	13	the	the	DET
emaj-88	79	14	original	original	ADJ
emaj-88	79	15	data	datum	NOUN
emaj-88	79	16	matrix	matrix	NOUN
emaj-88	79	17	and	and	CCONJ
emaj-88	79	18	it	it	PRON
emaj-88	79	19	is	be	AUX
emaj-88	79	20	dominated	dominate	VERB
emaj-88	79	21	by	by	ADP
emaj-88	79	22	asian	asian	ADJ
emaj-88	79	23	stock	stock	NOUN
emaj-88	79	24	markets	market	NOUN
emaj-88	79	25	.	.	PUNCT
emaj-88	80	1	these	these	DET
emaj-88	80	2	stock	stock	NOUN
emaj-88	80	3	markets	market	NOUN
emaj-88	80	4	are	be	AUX
emaj-88	80	5	highly	highly	ADV
emaj-88	80	6	correlated	correlate	VERB
emaj-88	80	7	and	and	CCONJ
emaj-88	80	8	investing	invest	VERB
emaj-88	80	9	in	in	ADP
emaj-88	80	10	these	these	DET
emaj-88	80	11	stock	stock	NOUN
emaj-88	80	12	markets	market	NOUN
emaj-88	80	13	would	would	AUX
emaj-88	80	14	provide	provide	VERB
emaj-88	80	15	minimal	minimal	ADJ
emaj-88	80	16	global	global	ADJ
emaj-88	80	17	portfolio	portfolio	NOUN
emaj-88	80	18	diversification	diversification	NOUN
emaj-88	80	19	benefit	benefit	NOUN
emaj-88	80	20	to	to	ADP
emaj-88	80	21	investors	investor	NOUN
emaj-88	80	22	.	.	PUNCT
emaj-88	81	1	global	global	ADJ
emaj-88	81	2	investors	investor	NOUN
emaj-88	81	3	who	who	PRON
emaj-88	81	4	invest	invest	VERB
emaj-88	81	5	in	in	ADP
emaj-88	81	6	the	the	DET
emaj-88	81	7	indonesian	indonesian	ADJ
emaj-88	81	8	,	,	PUNCT
emaj-88	81	9	philippine	philippine	PROPN
emaj-88	81	10	,	,	PUNCT
emaj-88	81	11	malaysian	malaysian	ADJ
emaj-88	81	12	,	,	PUNCT
emaj-88	81	13	and	and	CCONJ
emaj-88	81	14	thai	thai	PROPN
emaj-88	81	15	stock	stock	NOUN
emaj-88	81	16	markets	market	NOUN
emaj-88	81	17	,	,	PUNCT
emaj-88	81	18	which	which	PRON
emaj-88	81	19	have	have	VERB
emaj-88	81	20	their	their	PRON
emaj-88	81	21	highest	high	ADJ
emaj-88	81	22	factor	factor	NOUN
emaj-88	81	23	loadings	loading	NOUN
emaj-88	81	24	in	in	ADP
emaj-88	81	25	the	the	DET
emaj-88	81	26	second	second	ADJ
emaj-88	81	27	principal	principal	ADJ
emaj-88	81	28	component	component	NOUN
emaj-88	81	29	,	,	PUNCT
emaj-88	81	30	can	can	AUX
emaj-88	81	31	maximize	maximize	VERB
emaj-88	81	32	their	their	PRON
emaj-88	81	33	global	global	ADJ
emaj-88	81	34	portfolio	portfolio	NOUN
emaj-88	81	35	diversification	diversification	NOUN
emaj-88	81	36	benefits	benefit	NOUN
emaj-88	81	37	by	by	ADP
emaj-88	81	38	investing	invest	VERB
emaj-88	81	39	in	in	ADP
emaj-88	81	40	the	the	DET
emaj-88	81	41	stock	stock	NOUN
emaj-88	81	42	markets	market	NOUN
emaj-88	81	43	with	with	ADP
emaj-88	81	44	high	high	ADJ
emaj-88	81	45	factor	factor	NOUN
emaj-88	81	46	loadings	loading	NOUN
emaj-88	81	47	in	in	ADP
emaj-88	81	48	the	the	DET
emaj-88	81	49	first	first	ADJ
emaj-88	81	50	and	and	CCONJ
emaj-88	81	51	third	third	ADJ
emaj-88	81	52	principal	principal	ADJ
emaj-88	81	53	components	component	NOUN
emaj-88	81	54	.	.	PUNCT
emaj-88	82	1	although	although	SCONJ
emaj-88	82	2	they	they	PRON
emaj-88	82	3	have	have	VERB
emaj-88	82	4	their	their	PRON
emaj-88	82	5	highest	high	ADJ
emaj-88	82	6	factor	factor	NOUN
emaj-88	82	7	loadings	loading	NOUN
emaj-88	82	8	in	in	ADP
emaj-88	82	9	the	the	DET
emaj-88	82	10	second	second	ADJ
emaj-88	82	11	principal	principal	ADJ
emaj-88	82	12	component	component	NOUN
emaj-88	82	13	,	,	PUNCT
emaj-88	82	14	the	the	DET
emaj-88	82	15	south	south	ADJ
emaj-88	82	16	korean	korean	ADJ
emaj-88	82	17	,	,	PUNCT
emaj-88	82	18	chinese	chinese	PROPN
emaj-88	82	19	,	,	PUNCT
emaj-88	82	20	indian	indian	ADJ
emaj-88	82	21	,	,	PUNCT
emaj-88	82	22	and	and	CCONJ
emaj-88	82	23	japanese	japanese	ADJ
emaj-88	82	24	stock	stock	NOUN
emaj-88	82	25	markets	market	NOUN
emaj-88	82	26	also	also	ADV
emaj-88	82	27	have	have	VERB
emaj-88	82	28	high	high	ADJ
emaj-88	82	29	factor	factor	NOUN
emaj-88	82	30	loadings	loading	NOUN
emaj-88	82	31	in	in	ADP
emaj-88	82	32	the	the	DET
emaj-88	82	33	first	first	ADJ
emaj-88	82	34	principal	principal	ADJ
emaj-88	82	35	component	component	NOUN
emaj-88	82	36	.	.	PUNCT
emaj-88	83	1	therefore	therefore	ADV
emaj-88	83	2	,	,	PUNCT
emaj-88	83	3	investors	investor	NOUN
emaj-88	83	4	in	in	ADP
emaj-88	83	5	these	these	DET
emaj-88	83	6	stock	stock	NOUN
emaj-88	83	7	markets	market	NOUN
emaj-88	83	8	can	can	AUX
emaj-88	83	9	only	only	ADV
emaj-88	83	10	have	have	VERB
emaj-88	83	11	limited	limit	VERB
emaj-88	83	12	portfolio	portfolio	NOUN
emaj-88	83	13	diversification	diversification	NOUN
emaj-88	83	14	benefit	benefit	NOUN
emaj-88	83	15	if	if	SCONJ
emaj-88	83	16	they	they	PRON
emaj-88	83	17	invest	invest	VERB
emaj-88	83	18	in	in	ADP
emaj-88	83	19	the	the	DET
emaj-88	83	20	stock	stock	NOUN
emaj-88	83	21	markets	market	NOUN
emaj-88	83	22	with	with	ADP
emaj-88	83	23	high	high	ADJ
emaj-88	83	24	factor	factor	NOUN
emaj-88	83	25	loadings	loading	NOUN
emaj-88	83	26	in	in	ADP
emaj-88	83	27	the	the	DET
emaj-88	83	28	first	first	ADJ
emaj-88	83	29	principal	principal	ADJ
emaj-88	83	30	component	component	NOUN
emaj-88	83	31	.	.	PUNCT
emaj-88	84	1	however	however	ADV
emaj-88	84	2	,	,	PUNCT
emaj-88	84	3	they	they	PRON
emaj-88	84	4	can	can	AUX
emaj-88	84	5	have	have	VERB
emaj-88	84	6	substantial	substantial	ADJ
emaj-88	84	7	portfolio	portfolio	NOUN
emaj-88	84	8	diversification	diversification	NOUN
emaj-88	84	9	benefit	benefit	NOUN
emaj-88	84	10	if	if	SCONJ
emaj-88	84	11	they	they	PRON
emaj-88	84	12	invest	invest	VERB
emaj-88	84	13	in	in	ADP
emaj-88	84	14	the	the	DET
emaj-88	84	15	stock	stock	NOUN
emaj-88	84	16	markets	market	NOUN
emaj-88	84	17	with	with	ADP
emaj-88	84	18	high	high	ADJ
emaj-88	84	19	factor	factor	NOUN
emaj-88	84	20	loadings	loading	NOUN
emaj-88	84	21	in	in	ADP
emaj-88	84	22	the	the	DET
emaj-88	84	23	third	third	ADJ
emaj-88	84	24	principal	principal	ADJ
emaj-88	84	25	component	component	NOUN
emaj-88	84	26	.	.	PUNCT
emaj-88	85	1	the	the	DET
emaj-88	85	2	third	third	ADJ
emaj-88	85	3	principal	principal	ADJ
emaj-88	85	4	component	component	NOUN
emaj-88	85	5	explains	explain	VERB
emaj-88	85	6	8.34	8.34	NUM
emaj-88	85	7	percent	percent	NOUN
emaj-88	85	8	of	of	ADP
emaj-88	85	9	the	the	DET
emaj-88	85	10	total	total	ADJ
emaj-88	85	11	variation	variation	NOUN
emaj-88	85	12	in	in	ADP
emaj-88	85	13	the	the	DET
emaj-88	85	14	original	original	ADJ
emaj-88	85	15	data	datum	NOUN
emaj-88	85	16	matrix	matrix	NOUN
emaj-88	85	17	.	.	PUNCT
emaj-88	86	1	the	the	DET
emaj-88	86	2	jordanian	jordanian	ADJ
emaj-88	86	3	,	,	PUNCT
emaj-88	86	4	moroccan	moroccan	ADJ
emaj-88	86	5	,	,	PUNCT
emaj-88	86	6	egyptian	egyptian	ADJ
emaj-88	86	7	,	,	PUNCT
emaj-88	86	8	and	and	CCONJ
emaj-88	86	9	pakistani	pakistani	ADJ
emaj-88	86	10	stock	stock	NOUN
emaj-88	86	11	markets	market	NOUN
emaj-88	86	12	have	have	VERB
emaj-88	86	13	their	their	PRON
emaj-88	86	14	highest	high	ADJ
emaj-88	86	15	factor	factor	NOUN
emaj-88	86	16	loadings	loading	NOUN
emaj-88	86	17	in	in	ADP
emaj-88	86	18	this	this	DET
emaj-88	86	19	principal	principal	ADJ
emaj-88	86	20	component	component	NOUN
emaj-88	86	21	.	.	PUNCT
emaj-88	87	1	these	these	DET
emaj-88	87	2	stock	stock	NOUN
emaj-88	87	3	markets	market	NOUN
emaj-88	87	4	are	be	AUX
emaj-88	87	5	highly	highly	ADV
emaj-88	87	6	correlated	correlate	VERB
emaj-88	87	7	and	and	CCONJ
emaj-88	87	8	investing	invest	VERB
emaj-88	87	9	in	in	ADP
emaj-88	87	10	these	these	DET
emaj-88	87	11	stock	stock	NOUN
emaj-88	87	12	markets	market	NOUN
emaj-88	87	13	would	would	AUX
emaj-88	87	14	provide	provide	VERB
emaj-88	87	15	minimal	minimal	ADJ
emaj-88	87	16	global	global	ADJ
emaj-88	87	17	portfolio	portfolio	NOUN
emaj-88	87	18	diversification	diversification	NOUN
emaj-88	87	19	benefit	benefit	NOUN
emaj-88	87	20	to	to	ADP
emaj-88	87	21	investors	investor	NOUN
emaj-88	87	22	.	.	PUNCT
emaj-88	88	1	however	however	ADV
emaj-88	88	2	,	,	PUNCT
emaj-88	88	3	the	the	DET
emaj-88	88	4	investors	investor	NOUN
emaj-88	88	5	of	of	ADP
emaj-88	88	6	the	the	DET
emaj-88	88	7	stock	stock	NOUN
emaj-88	88	8	markets	market	NOUN
emaj-88	88	9	with	with	ADP
emaj-88	88	10	high	high	ADJ
emaj-88	88	11	factor	factor	NOUN
emaj-88	88	12	loadings	loading	NOUN
emaj-88	88	13	in	in	ADP
emaj-88	88	14	the	the	DET
emaj-88	88	15	first	first	ADJ
emaj-88	88	16	and	and	CCONJ
emaj-88	88	17	second	second	ADJ
emaj-88	88	18	principal	principal	ADJ
emaj-88	88	19	components	component	NOUN
emaj-88	88	20	can	can	AUX
emaj-88	88	21	obtain	obtain	VERB
emaj-88	88	22	significant	significant	ADJ
emaj-88	88	23	portfolio	portfolio	NOUN
emaj-88	88	24	diversification	diversification	NOUN
emaj-88	88	25	benefit	benefit	NOUN
emaj-88	88	26	by	by	ADP
emaj-88	88	27	investing	invest	VERB
emaj-88	88	28	in	in	ADP
emaj-88	88	29	the	the	DET
emaj-88	88	30	jordanian	jordanian	ADJ
emaj-88	88	31	,	,	PUNCT
emaj-88	88	32	moroccan	moroccan	ADJ
emaj-88	88	33	,	,	PUNCT
emaj-88	88	34	egyptian	egyptian	ADJ
emaj-88	88	35	,	,	PUNCT
emaj-88	88	36	and	and	CCONJ
emaj-88	88	37	pakistani	pakistani	ADJ
emaj-88	88	38	stock	stock	NOUN
emaj-88	88	39	markets	market	NOUN
emaj-88	88	40	.	.	PUNCT
emaj-88	89	1	6	6	X
emaj-88	89	2	.	.	X
emaj-88	89	3	summary	summary	NOUN
emaj-88	89	4	and	and	CCONJ
emaj-88	89	5	conclusions	conclusion	NOUN
emaj-88	89	6	because	because	SCONJ
emaj-88	89	7	of	of	ADP
emaj-88	89	8	their	their	PRON
emaj-88	89	9	low	low	ADJ
emaj-88	89	10	correlation	correlation	NOUN
emaj-88	89	11	with	with	ADP
emaj-88	89	12	each	each	DET
emaj-88	89	13	other	other	ADJ
emaj-88	89	14	and	and	CCONJ
emaj-88	89	15	with	with	ADP
emaj-88	89	16	developed	develop	VERB
emaj-88	89	17	stock	stock	NOUN
emaj-88	89	18	markets	market	NOUN
emaj-88	89	19	,	,	PUNCT
emaj-88	89	20	emerging	emerge	VERB
emaj-88	89	21	stock	stock	NOUN
emaj-88	89	22	markets	market	NOUN
emaj-88	89	23	can	can	AUX
emaj-88	89	24	provide	provide	VERB
emaj-88	89	25	a	a	DET
emaj-88	89	26	substantial	substantial	ADJ
emaj-88	89	27	portfolio	portfolio	NOUN
emaj-88	89	28	diversification	diversification	NOUN
emaj-88	89	29	benefit	benefit	NOUN
emaj-88	89	30	to	to	ADP
emaj-88	89	31	global	global	ADJ
emaj-88	89	32	investors	investor	NOUN
emaj-88	89	33	.	.	PUNCT
emaj-88	90	1	in	in	ADP
emaj-88	90	2	this	this	DET
emaj-88	90	3	paper	paper	NOUN
emaj-88	90	4	,	,	PUNCT
emaj-88	90	5	we	we	PRON
emaj-88	90	6	use	use	VERB
emaj-88	90	7	the	the	DET
emaj-88	90	8	principal	principal	ADJ
emaj-88	90	9	components	component	NOUN
emaj-88	90	10	analysis	analysis	NOUN
emaj-88	90	11	(	(	PUNCT
emaj-88	90	12	pca	pca	NOUN
emaj-88	90	13	)	)	PUNCT
emaj-88	90	14	methodology	methodology	NOUN
emaj-88	90	15	to	to	PART
emaj-88	90	16	study	study	VERB
emaj-88	90	17	the	the	DET
emaj-88	90	18	global	global	ADJ
emaj-88	90	19	portfolio	portfolio	NOUN
emaj-88	90	20	diversification	diversification	NOUN
emaj-88	90	21	prospects	prospect	NOUN
emaj-88	90	22	of	of	ADP
emaj-88	90	23	twenty	twenty	NUM
emaj-88	90	24	emerging	emerge	VERB
emaj-88	90	25	stock	stock	NOUN
emaj-88	90	26	markets	market	NOUN
emaj-88	90	27	for	for	ADP
emaj-88	90	28	the	the	DET
emaj-88	90	29	investors	investor	NOUN
emaj-88	90	30	of	of	ADP
emaj-88	90	31	seven	seven	NUM
emaj-88	90	32	major	major	ADJ
emaj-88	90	33	developed	develop	VERB
emaj-88	90	34	stock	stock	NOUN
emaj-88	90	35	markets	market	NOUN
emaj-88	90	36	with	with	ADP
emaj-88	90	37	data	datum	NOUN
emaj-88	90	38	for	for	ADP
emaj-88	90	39	the	the	DET
emaj-88	90	40	january	january	PROPN
emaj-88	90	41	1	1	NUM
emaj-88	90	42	,	,	PUNCT
emaj-88	90	43	2003	2003	NUM
emaj-88	90	44	-	-	SYM
emaj-88	90	45	january	january	PROPN
emaj-88	90	46	1	1	NUM
emaj-88	90	47	,	,	PUNCT
emaj-88	90	48	1014	1014	NUM
emaj-88	90	49	period	period	NOUN
emaj-88	90	50	.	.	PUNCT
emaj-88	91	1	our	our	PRON
emaj-88	91	2	pca	pca	NOUN
emaj-88	91	3	results	result	NOUN
emaj-88	91	4	yielded	yield	VERB
emaj-88	91	5	three	three	NUM
emaj-88	91	6	statistically	statistically	ADV
emaj-88	91	7	significant	significant	ADJ
emaj-88	91	8	principal	principal	ADJ
emaj-88	91	9	components	component	NOUN
emaj-88	91	10	.	.	PUNCT
emaj-88	92	1	the	the	DET
emaj-88	92	2	pca	pca	PROPN
emaj-88	92	3	technique	technique	NOUN
emaj-88	92	4	clusters	cluster	VERB
emaj-88	92	5	the	the	DET
emaj-88	92	6	stock	stock	NOUN
emaj-88	92	7	markets	market	NOUN
emaj-88	92	8	with	with	ADP
emaj-88	92	9	similar	similar	ADJ
emaj-88	92	10	contemporaneous	contemporaneous	ADJ
emaj-88	92	11	movement	movement	NOUN
emaj-88	92	12	patterns	pattern	NOUN
emaj-88	92	13	into	into	ADP
emaj-88	92	14	the	the	DET
emaj-88	92	15	same	same	ADJ
emaj-88	92	16	principal	principal	ADJ
emaj-88	92	17	component	component	NOUN
emaj-88	92	18	.	.	PUNCT
emaj-88	93	1	stock	stock	NOUN
emaj-88	93	2	markets	market	NOUN
emaj-88	93	3	with	with	ADP
emaj-88	93	4	high	high	ADJ
emaj-88	93	5	factor	factor	NOUN
emaj-88	93	6	loadings	loading	NOUN
emaj-88	93	7	in	in	ADP
emaj-88	93	8	the	the	DET
emaj-88	93	9	same	same	ADJ
emaj-88	93	10	principal	principal	ADJ
emaj-88	93	11	component	component	NOUN
emaj-88	93	12	are	be	AUX
emaj-88	93	13	highly	highly	ADV
emaj-88	93	14	correlated	correlate	VERB
emaj-88	93	15	and	and	CCONJ
emaj-88	93	16	they	they	PRON
emaj-88	93	17	could	could	AUX
emaj-88	93	18	provide	provide	VERB
emaj-88	93	19	only	only	ADV
emaj-88	93	20	a	a	DET
emaj-88	93	21	minimal	minimal	ADJ
emaj-88	93	22	portfolio	portfolio	NOUN
emaj-88	93	23	diversification	diversification	NOUN
emaj-88	93	24	benefit	benefit	NOUN
emaj-88	93	25	.	.	PUNCT
emaj-88	94	1	investors	investor	NOUN
emaj-88	94	2	can	can	AUX
emaj-88	94	3	maximize	maximize	VERB
emaj-88	94	4	the	the	DET
emaj-88	94	5	benefit	benefit	NOUN
emaj-88	94	6	of	of	ADP
emaj-88	94	7	portfolio	portfolio	NOUN
emaj-88	94	8	diversification	diversification	NOUN
emaj-88	94	9	by	by	ADP
emaj-88	94	10	choosing	choose	VERB
emaj-88	94	11	stock	stock	NOUN
emaj-88	94	12	markets	market	NOUN
emaj-88	94	13	with	with	ADP
emaj-88	94	14	high	high	ADJ
emaj-88	94	15	factor	factor	NOUN
emaj-88	94	16	loadings	loading	NOUN
emaj-88	94	17	in	in	ADP
emaj-88	94	18	different	different	ADJ
emaj-88	94	19	principal	principal	ADJ
emaj-88	94	20	components	component	NOUN
emaj-88	94	21	.	.	PUNCT
emaj-88	95	1	we	we	PRON
emaj-88	95	2	find	find	VERB
emaj-88	95	3	that	that	SCONJ
emaj-88	95	4	developed	develop	VERB
emaj-88	95	5	stock	stock	NOUN
emaj-88	95	6	markets	market	NOUN
emaj-88	95	7	are	be	AUX
emaj-88	95	8	generally	generally	ADV
emaj-88	95	9	highly	highly	ADV
emaj-88	95	10	correlated	correlate	VERB
emaj-88	95	11	and	and	CCONJ
emaj-88	95	12	investing	invest	VERB
emaj-88	95	13	in	in	ADP
emaj-88	95	14	these	these	DET
emaj-88	95	15	stock	stock	NOUN
emaj-88	95	16	markets	market	NOUN
emaj-88	95	17	can	can	AUX
emaj-88	95	18	provide	provide	VERB
emaj-88	95	19	limited	limited	ADJ
emaj-88	95	20	diversification	diversification	NOUN
emaj-88	95	21	benefit	benefit	NOUN
emaj-88	95	22	to	to	ADP
emaj-88	95	23	global	global	ADJ
emaj-88	95	24	investors	investor	NOUN
emaj-88	95	25	.	.	PUNCT
emaj-88	96	1	the	the	DET
emaj-88	96	2	investors	investor	NOUN
emaj-88	96	3	who	who	PRON
emaj-88	96	4	invest	invest	VERB
emaj-88	96	5	in	in	ADP
emaj-88	96	6	developed	develop	VERB
emaj-88	96	7	stock	stock	NOUN
emaj-88	96	8	markets	market	NOUN
emaj-88	96	9	can	can	AUX
emaj-88	96	10	obtain	obtain	VERB
emaj-88	96	11	greater	great	ADJ
emaj-88	96	12	portfolio	portfolio	NOUN
emaj-88	96	13	diversification	diversification	NOUN
emaj-88	96	14	benefit	benefit	NOUN
emaj-88	96	15	by	by	ADP
emaj-88	96	16	investing	invest	VERB
emaj-88	96	17	in	in	ADP
emaj-88	96	18	emerging	emerge	VERB
emaj-88	96	19	stock	stock	NOUN
emaj-88	96	20	markets	market	NOUN
emaj-88	96	21	.	.	PUNCT
emaj-88	97	1	however	however	ADV
emaj-88	97	2	,	,	PUNCT
emaj-88	97	3	some	some	DET
emaj-88	97	4	emerging	emerge	VERB
emaj-88	97	5	stock	stock	NOUN
emaj-88	97	6	markets	market	NOUN
emaj-88	97	7	such	such	ADJ
emaj-88	97	8	as	as	ADP
emaj-88	97	9	the	the	DET
emaj-88	97	10	brazilian	brazilian	NOUN
emaj-88	97	11	,	,	PUNCT
emaj-88	97	12	south	south	ADJ
emaj-88	97	13	african	african	PROPN
emaj-88	97	14	,	,	PUNCT
emaj-88	97	15	mexican	mexican	ADJ
emaj-88	97	16	,	,	PUNCT
emaj-88	97	17	peruvian	peruvian	ADJ
emaj-88	97	18	,	,	PUNCT
emaj-88	97	19	russian	russian	ADJ
emaj-88	97	20	,	,	PUNCT
emaj-88	97	21	chilean	chilean	ADJ
emaj-88	97	22	,	,	PUNCT
emaj-88	97	23	argentine	argentine	ADJ
emaj-88	97	24	,	,	PUNCT
emaj-88	97	25	turkish	turkish	ADJ
emaj-88	97	26	,	,	PUNCT
emaj-88	97	27	and	and	CCONJ
emaj-88	97	28	colombian	colombian	ADJ
emaj-88	97	29	stock	stock	NOUN
emaj-88	97	30	markets	market	NOUN
emaj-88	97	31	are	be	AUX
emaj-88	97	32	highly	highly	ADV
emaj-88	97	33	correlated	correlate	VERB
emaj-88	97	34	with	with	ADP
emaj-88	97	35	the	the	DET
emaj-88	97	36	developed	develop	VERB
emaj-88	97	37	stock	stock	NOUN
emaj-88	97	38	markets	market	NOUN
emaj-88	97	39	and	and	CCONJ
emaj-88	97	40	they	they	PRON
emaj-88	97	41	can	can	AUX
emaj-88	97	42	provide	provide	VERB
emaj-88	97	43	a	a	DET
emaj-88	97	44	limited	limited	ADJ
emaj-88	97	45	portfolio	portfolio	NOUN
emaj-88	97	46	diversification	diversification	NOUN
emaj-88	97	47	benefit	benefit	NOUN
emaj-88	97	48	to	to	ADP
emaj-88	97	49	investors	investor	NOUN
emaj-88	97	50	in	in	ADP
emaj-88	97	51	developed	develop	VERB
emaj-88	97	52	stock	stock	NOUN
emaj-88	97	53	markets	market	NOUN
emaj-88	97	54	.	.	PUNCT
emaj-88	98	1	our	our	PRON
emaj-88	98	2	results	result	NOUN
emaj-88	98	3	indicate	indicate	VERB
emaj-88	98	4	that	that	SCONJ
emaj-88	98	5	the	the	DET
emaj-88	98	6	investors	investor	NOUN
emaj-88	98	7	of	of	ADP
emaj-88	98	8	the	the	DET
emaj-88	98	9	us	us	PROPN
emaj-88	98	10	,	,	PUNCT
emaj-88	98	11	canadian	canadian	ADJ
emaj-88	98	12	,	,	PUNCT
emaj-88	98	13	german	german	ADJ
emaj-88	98	14	,	,	PUNCT
emaj-88	98	15	uk	uk	PROPN
emaj-88	98	16	,	,	PUNCT
emaj-88	98	17	and	and	CCONJ
emaj-88	98	18	french	french	ADJ
emaj-88	98	19	stock	stock	NOUN
emaj-88	98	20	markets	market	NOUN
emaj-88	98	21	,	,	PUNCT
emaj-88	98	22	which	which	PRON
emaj-88	98	23	have	have	VERB
emaj-88	98	24	their	their	PRON
emaj-88	98	25	highest	high	ADJ
emaj-88	98	26	factor	factor	NOUN
emaj-88	98	27	loading	loading	NOUN
emaj-88	98	28	in	in	ADP
emaj-88	98	29	the	the	DET
emaj-88	98	30	first	first	ADJ
emaj-88	98	31	principal	principal	ADJ
emaj-88	98	32	component	component	NOUN
emaj-88	98	33	,	,	PUNCT
emaj-88	98	34	can	can	AUX
emaj-88	98	35	obtain	obtain	VERB
emaj-88	98	36	the	the	DET
emaj-88	98	37	greatest	great	ADJ
emaj-88	98	38	portfolio	portfolio	NOUN
emaj-88	98	39	diversification	diversification	NOUN
emaj-88	98	40	benefit	benefit	NOUN
emaj-88	98	41	by	by	ADP
emaj-88	98	42	investing	invest	VERB
emaj-88	98	43	in	in	ADP
emaj-88	98	44	the	the	DET
emaj-88	98	45	indonesian	indonesian	ADJ
emaj-88	98	46	,	,	PUNCT
emaj-88	98	47	philippine	philippine	PROPN
emaj-88	98	48	,	,	PUNCT
emaj-88	98	49	malaysian	malaysian	ADJ
emaj-88	98	50	,	,	PUNCT
emaj-88	98	51	and	and	CCONJ
emaj-88	98	52	thai	thai	ADJ
emaj-88	98	53	emerging	emerge	VERB
emaj-88	98	54	stock	stock	NOUN
emaj-88	98	55	markets	market	NOUN
emaj-88	98	56	,	,	PUNCT
emaj-88	98	57	which	which	PRON
emaj-88	98	58	have	have	VERB
emaj-88	98	59	their	their	PRON
emaj-88	98	60	highest	high	ADJ
emaj-88	98	61	factor	factor	NOUN
emaj-88	98	62	loading	loading	NOUN
emaj-88	98	63	in	in	ADP
emaj-88	98	64	the	the	DET
emaj-88	98	65	second	second	ADJ
emaj-88	98	66	principal	principal	ADJ
emaj-88	98	67	component	component	NOUN
emaj-88	98	68	,	,	PUNCT
emaj-88	98	69	and	and	CCONJ
emaj-88	98	70	in	in	ADP
emaj-88	98	71	the	the	DET
emaj-88	98	72	jordanian	jordanian	ADJ
emaj-88	98	73	,	,	PUNCT
emaj-88	98	74	moroccan	moroccan	ADJ
emaj-88	98	75	,	,	PUNCT
emaj-88	98	76	egyptian	egyptian	ADJ
emaj-88	98	77	and	and	CCONJ
emaj-88	98	78	pakistani	pakistani	ADJ
emaj-88	98	79	emerging	emerge	VERB
emaj-88	98	80	stock	stock	NOUN
emaj-88	98	81	markets	market	NOUN
emaj-88	98	82	,	,	PUNCT
emaj-88	98	83	which	which	PRON
emaj-88	98	84	have	have	VERB
emaj-88	98	85	their	their	PRON
emaj-88	98	86	highest	high	ADJ
emaj-88	98	87	factor	factor	NOUN
emaj-88	98	88	loading	loading	NOUN
emaj-88	98	89	in	in	ADP
emaj-88	98	90	the	the	DET
emaj-88	98	91	third	third	ADJ
emaj-88	98	92	principal	principal	ADJ
emaj-88	98	93	component	component	NOUN
emaj-88	98	94	.	.	PUNCT
emaj-88	99	1	the	the	DET
emaj-88	99	2	investors	investor	NOUN
emaj-88	99	3	of	of	ADP
emaj-88	99	4	the	the	DET
emaj-88	99	5	australian	australian	ADJ
emaj-88	99	6	and	and	CCONJ
emaj-88	99	7	japanese	japanese	ADJ
emaj-88	99	8	stock	stock	NOUN
emaj-88	99	9	markets	market	NOUN
emaj-88	99	10	,	,	PUNCT
emaj-88	99	11	which	which	PRON
emaj-88	99	12	have	have	VERB
emaj-88	99	13	their	their	PRON
emaj-88	99	14	highest	high	ADJ
emaj-88	99	15	factor	factor	NOUN
emaj-88	99	16	loadings	loading	NOUN
emaj-88	99	17	in	in	ADP
emaj-88	99	18	the	the	DET
emaj-88	99	19	first	first	ADJ
emaj-88	99	20	and	and	CCONJ
emaj-88	99	21	second	second	ADJ
emaj-88	99	22	principal	principal	ADJ
emaj-88	99	23	components	component	NOUN
emaj-88	99	24	,	,	PUNCT
emaj-88	99	25	respectively	respectively	ADV
emaj-88	99	26	,	,	PUNCT
emaj-88	99	27	can	can	AUX
emaj-88	99	28	obtain	obtain	VERB
emaj-88	99	29	the	the	DET
emaj-88	99	30	greatest	great	ADJ
emaj-88	99	31	portfolio	portfolio	NOUN
emaj-88	99	32	diversification	diversification	NOUN
emaj-88	99	33	benefit	benefit	NOUN
emaj-88	99	34	by	by	ADP
emaj-88	99	35	investing	invest	VERB
emaj-88	99	36	in	in	ADP
emaj-88	99	37	the	the	DET
emaj-88	99	38	jordanian	jordanian	ADJ
emaj-88	99	39	,	,	PUNCT
emaj-88	99	40	moroccan	moroccan	ADJ
emaj-88	99	41	,	,	PUNCT
emaj-88	99	42	egyptian	egyptian	ADJ
emaj-88	99	43	and	and	CCONJ
emaj-88	99	44	pakistani	pakistani	ADJ
emaj-88	99	45	emerging	emerge	VERB
emaj-88	99	46	stock	stock	NOUN
emaj-88	99	47	markets	market	NOUN
emaj-88	99	48	,	,	PUNCT
emaj-88	99	49	which	which	PRON
emaj-88	99	50	have	have	VERB
emaj-88	99	51	their	their	PRON
emaj-88	99	52	highest	high	ADJ
emaj-88	99	53	factor	factor	NOUN
emaj-88	99	54	loading	loading	NOUN
emaj-88	99	55	in	in	ADP
emaj-88	99	56	the	the	DET
emaj-88	99	57	third	third	ADJ
emaj-88	99	58	principal	principal	ADJ
emaj-88	99	59	component	component	NOUN
emaj-88	99	60	.	.	PUNCT
emaj-88	100	1	references	reference	NOUN
emaj-88	100	2	defusco	defusco	PROPN
emaj-88	100	3	,	,	PUNCT
emaj-88	100	4	r.a	r.a	PROPN
emaj-88	100	5	.	.	PROPN
emaj-88	100	6	,	,	PUNCT
emaj-88	100	7	geppert	geppert	PROPN
emaj-88	100	8	,	,	PUNCT
emaj-88	100	9	j.m	j.m	PROPN
emaj-88	100	10	.	.	PROPN
emaj-88	100	11	and	and	CCONJ
emaj-88	100	12	tsetsekos	tsetsekos	PROPN
emaj-88	100	13	,	,	PUNCT
emaj-88	100	14	g.p	g.p	PROPN
emaj-88	100	15	.	.	PROPN
emaj-88	100	16	(	(	PUNCT
emaj-88	100	17	1995	1995	NUM
emaj-88	100	18	)	)	PUNCT
emaj-88	100	19	,	,	PUNCT
emaj-88	100	20	“	"	PUNCT
emaj-88	100	21	long	long	ADJ
emaj-88	100	22	-	-	PUNCT
emaj-88	100	23	run	run	VERB
emaj-88	100	24	diversification	diversification	NOUN
emaj-88	100	25	potential	potential	NOUN
emaj-88	100	26	in	in	ADP
emaj-88	100	27	emerging	emerge	VERB
emaj-88	100	28	stock	stock	NOUN
emaj-88	100	29	markets	market	NOUN
emaj-88	100	30	”	"	PUNCT
emaj-88	100	31	,	,	PUNCT
emaj-88	100	32	financial	financial	ADJ
emaj-88	100	33	review	review	NOUN
emaj-88	100	34	,	,	PUNCT
emaj-88	100	35	vol	vol	NOUN
emaj-88	100	36	.	.	PROPN
emaj-88	100	37	31	31	NUM
emaj-88	100	38	,	,	PUNCT
emaj-88	100	39	no	no	INTJ
emaj-88	100	40	.	.	NOUN
emaj-88	100	41	2	2	NUM
emaj-88	100	42	,	,	PUNCT
emaj-88	100	43	pp	pp	ADJ
emaj-88	100	44	.	.	PUNCT
emaj-88	101	1	343	343	NUM
emaj-88	101	2	-	-	SYM
emaj-88	101	3	363	363	NUM
emaj-88	101	4	.	.	PUNCT
emaj-88	102	1	lessard	lessard	PROPN
emaj-88	102	2	,	,	PUNCT
emaj-88	102	3	d.r	d.r	PROPN
emaj-88	102	4	.	.	PROPN
emaj-88	102	5	(	(	PUNCT
emaj-88	102	6	1976	1976	NUM
emaj-88	102	7	)	)	PUNCT
emaj-88	102	8	,	,	PUNCT
emaj-88	102	9	“	"	PUNCT
emaj-88	102	10	world	world	NOUN
emaj-88	102	11	,	,	PUNCT
emaj-88	102	12	country	country	NOUN
emaj-88	102	13	,	,	PUNCT
emaj-88	102	14	and	and	CCONJ
emaj-88	102	15	industry	industry	NOUN
emaj-88	102	16	relationships	relationship	NOUN
emaj-88	102	17	in	in	ADP
emaj-88	102	18	equity	equity	NOUN
emaj-88	102	19	returns	return	NOUN
emaj-88	102	20	”	"	PUNCT
emaj-88	102	21	,	,	PUNCT
emaj-88	102	22	financial	financial	ADJ
emaj-88	102	23	analysts	analyst	NOUN
emaj-88	102	24	journal	journal	NOUN
emaj-88	102	25	,	,	PUNCT
emaj-88	102	26	vol	vol	NOUN
emaj-88	102	27	.	.	PROPN
emaj-88	102	28	32	32	NUM
emaj-88	102	29	,	,	PUNCT
emaj-88	102	30	no	no	INTJ
emaj-88	102	31	.	.	NOUN
emaj-88	102	32	1	1	NUM
emaj-88	102	33	,	,	PUNCT
emaj-88	102	34	pp	pp	ADJ
emaj-88	102	35	.	.	PUNCT
emaj-88	103	1	32	32	NUM
emaj-88	103	2	-	-	SYM
emaj-88	103	3	38	38	NUM
emaj-88	103	4	.	.	PUNCT
emaj-88	104	1	levy	levy	NOUN
emaj-88	104	2	,	,	PUNCT
emaj-88	104	3	h.	h.	PROPN
emaj-88	104	4	and	and	CCONJ
emaj-88	104	5	sarnat	sarnat	PROPN
emaj-88	104	6	,	,	PUNCT
emaj-88	104	7	m.	m.	NOUN
emaj-88	104	8	(	(	PUNCT
emaj-88	104	9	1970	1970	NUM
emaj-88	104	10	)	)	PUNCT
emaj-88	104	11	,	,	PUNCT
emaj-88	104	12	“	"	PUNCT
emaj-88	104	13	international	international	ADJ
emaj-88	104	14	diversification	diversification	NOUN
emaj-88	104	15	of	of	ADP
emaj-88	104	16	investment	investment	NOUN
emaj-88	104	17	portfolios	portfolio	NOUN
emaj-88	104	18	”	"	PUNCT
emaj-88	104	19	,	,	PUNCT
emaj-88	104	20	american	american	PROPN
emaj-88	104	21	economic	economic	PROPN
emaj-88	104	22	review	review	PROPN
emaj-88	104	23	,	,	PUNCT
emaj-88	104	24	vol	vol	NOUN
emaj-88	104	25	.	.	PROPN
emaj-88	104	26	60	60	NUM
emaj-88	104	27	,	,	PUNCT
emaj-88	104	28	no	no	INTJ
emaj-88	104	29	.	.	NOUN
emaj-88	104	30	3	3	NUM
emaj-88	104	31	,	,	PUNCT
emaj-88	104	32	pp	pp	ADJ
emaj-88	104	33	.	.	PUNCT
emaj-88	105	1	668	668	NUM
emaj-88	105	2	-	-	SYM
emaj-88	105	3	675	675	NUM
emaj-88	105	4	.	.	PUNCT
emaj-88	106	1	makridakis	makridakis	PROPN
emaj-88	106	2	,	,	PUNCT
emaj-88	106	3	s.g	s.g	PROPN
emaj-88	106	4	.	.	PROPN
emaj-88	106	5	and	and	CCONJ
emaj-88	106	6	wheelwright	wheelwright	ADJ
emaj-88	106	7	,	,	PUNCT
emaj-88	106	8	s.c	s.c	PROPN
emaj-88	106	9	.	.	PROPN
emaj-88	106	10	(	(	PUNCT
emaj-88	106	11	1974	1974	NUM
emaj-88	106	12	)	)	PUNCT
emaj-88	106	13	,	,	PUNCT
emaj-88	106	14	“	"	PUNCT
emaj-88	106	15	an	an	DET
emaj-88	106	16	analysis	analysis	NOUN
emaj-88	106	17	of	of	ADP
emaj-88	106	18	the	the	DET
emaj-88	106	19	interrelationships	interrelationship	NOUN
emaj-88	106	20	among	among	ADP
emaj-88	106	21	the	the	DET
emaj-88	106	22	major	major	ADJ
emaj-88	106	23	world	world	NOUN
emaj-88	106	24	equity	equity	NOUN
emaj-88	106	25	exchanges	exchange	NOUN
emaj-88	106	26	”	"	PUNCT
emaj-88	106	27	,	,	PUNCT
emaj-88	106	28	journal	journal	NOUN
emaj-88	106	29	of	of	ADP
emaj-88	106	30	volume	volume	NOUN
emaj-88	106	31	6	6	NUM
emaj-88	106	32	no	no	DET
emaj-88	106	33	1	1	NUM
emaj-88	106	34	(	(	PUNCT
emaj-88	106	35	2016	2016	NUM
emaj-88	106	36	)	)	PUNCT
emaj-88	106	37	|	|	ADV
emaj-88	106	38	issn	issn	VERB
emaj-88	106	39	2158	2158	NUM
emaj-88	106	40	-	-	SYM
emaj-88	106	41	8708	8708	NUM
emaj-88	106	42	(	(	PUNCT
emaj-88	106	43	online	online	NOUN
emaj-88	106	44	)	)	PUNCT
emaj-88	106	45	|	|	ADV
emaj-88	106	46	doi	doi	X
emaj-88	106	47	10.5195	10.5195	NUM
emaj-88	106	48	/	/	SYM
emaj-88	106	49	emaj.2016.88	emaj.2016.88	NOUN
emaj-88	107	1	|	|	NOUN
emaj-88	107	2	http://emaj.pitt.edu	http://emaj.pitt.edu	X
emaj-88	107	3	global	global	ADJ
emaj-88	107	4	portfolio	portfolio	NOUN
emaj-88	107	5	diversification	diversification	NOUN
emaj-88	107	6	with	with	ADP
emaj-88	107	7	emerging	emerge	VERB
emaj-88	107	8	stock	stock	NOUN
emaj-88	107	9	markets	market	NOUN
emaj-88	107	10	page	page	NOUN
emaj-88	107	11	|62|	|62|	VERB
emaj-88	107	12	emerging	emerge	VERB
emaj-88	107	13	markets	market	NOUN
emaj-88	107	14	journal	journal	NOUN
emaj-88	107	15	business	business	NOUN
emaj-88	107	16	finance	finance	NOUN
emaj-88	107	17	and	and	CCONJ
emaj-88	107	18	accounting	accounting	NOUN
emaj-88	107	19	,	,	PUNCT
emaj-88	107	20	vol	vol	NOUN
emaj-88	107	21	.	.	PROPN
emaj-88	108	1	1	1	NUM
emaj-88	108	2	,	,	PUNCT
emaj-88	108	3	no	no	INTJ
emaj-88	108	4	.	.	NOUN
emaj-88	108	5	2	2	NUM
emaj-88	108	6	,	,	PUNCT
emaj-88	108	7	pp	pp	ADJ
emaj-88	108	8	.	.	PUNCT
emaj-88	109	1	195	195	NUM
emaj-88	109	2	-	-	SYM
emaj-88	109	3	215	215	NUM
emaj-88	109	4	.	.	PUNCT
emaj-88	110	1	marascuilo	marascuilo	PROPN
emaj-88	110	2	,	,	PUNCT
emaj-88	110	3	l.a	l.a	PROPN
emaj-88	110	4	.	.	PROPN
emaj-88	110	5	and	and	CCONJ
emaj-88	110	6	levin	levin	PROPN
emaj-88	110	7	,	,	PUNCT
emaj-88	110	8	j.r	j.r	PROPN
emaj-88	110	9	.	.	PROPN
emaj-88	110	10	(	(	PUNCT
emaj-88	110	11	1983	1983	NUM
emaj-88	110	12	)	)	PUNCT
emaj-88	110	13	,	,	PUNCT
emaj-88	110	14	multivariate	multivariate	NOUN
emaj-88	110	15	statistics	statistic	NOUN
emaj-88	110	16	in	in	ADP
emaj-88	110	17	social	social	ADJ
emaj-88	110	18	sciences	science	NOUN
emaj-88	110	19	:	:	PUNCT
emaj-88	110	20	a	a	DET
emaj-88	110	21	researcher	researcher	NOUN
emaj-88	110	22	’s	’s	PART
emaj-88	110	23	guide	guide	NOUN
emaj-88	110	24	,	,	PUNCT
emaj-88	110	25	brooks	brooks	PROPN
emaj-88	110	26	/	/	SYM
emaj-88	110	27	cole	cole	PROPN
emaj-88	110	28	publishing	publishing	NOUN
emaj-88	110	29	company	company	NOUN
emaj-88	110	30	,	,	PUNCT
emaj-88	110	31	monterey	monterey	NOUN
emaj-88	110	32	,	,	PUNCT
emaj-88	110	33	ca	ca	PROPN
emaj-88	110	34	.	.	PUNCT
emaj-88	110	35	mardia	mardia	PROPN
emaj-88	110	36	,	,	PUNCT
emaj-88	110	37	k.	k.	PROPN
emaj-88	110	38	,	,	PUNCT
emaj-88	110	39	kent	kent	PROPN
emaj-88	110	40	,	,	PUNCT
emaj-88	110	41	j.	j.	PROPN
emaj-88	110	42	and	and	CCONJ
emaj-88	110	43	bibby	bibby	PROPN
emaj-88	110	44	,	,	PUNCT
emaj-88	110	45	j.	j.	PROPN
emaj-88	110	46	(	(	PUNCT
emaj-88	110	47	1979	1979	NUM
emaj-88	110	48	)	)	PUNCT
emaj-88	110	49	,	,	PUNCT
emaj-88	110	50	multivariate	multivariate	VERB
emaj-88	110	51	analysis	analysis	NOUN
emaj-88	110	52	,	,	PUNCT
emaj-88	110	53	academy	academy	NOUN
emaj-88	110	54	press	press	NOUN
emaj-88	110	55	,	,	PUNCT
emaj-88	110	56	new	new	PROPN
emaj-88	110	57	york	york	PROPN
emaj-88	110	58	,	,	PUNCT
emaj-88	110	59	ny	ny	PROPN
emaj-88	110	60	.	.	PROPN
emaj-88	110	61	meric	meric	PROPN
emaj-88	110	62	,	,	PUNCT
emaj-88	110	63	g.	g.	PROPN
emaj-88	110	64	,	,	PUNCT
emaj-88	110	65	leal	leal	PROPN
emaj-88	110	66	,	,	PUNCT
emaj-88	110	67	r.	r.	PROPN
emaj-88	110	68	,	,	PUNCT
emaj-88	110	69	ratner	ratner	PROPN
emaj-88	110	70	,	,	PUNCT
emaj-88	110	71	m.	m.	NOUN
emaj-88	110	72	and	and	CCONJ
emaj-88	110	73	meric	meric	PROPN
emaj-88	110	74	,	,	PUNCT
emaj-88	110	75	i.	i.	PROPN
emaj-88	110	76	(	(	PUNCT
emaj-88	110	77	2001	2001	NUM
emaj-88	110	78	)	)	PUNCT
emaj-88	110	79	,	,	PUNCT
emaj-88	110	80	“	"	PUNCT
emaj-88	110	81	co	co	NOUN
emaj-88	110	82	-	-	NOUN
emaj-88	110	83	movements	movement	NOUN
emaj-88	110	84	of	of	ADP
emaj-88	110	85	u.s	u.s	PROPN
emaj-88	110	86	.	.	PROPN
emaj-88	110	87	and	and	CCONJ
emaj-88	110	88	latin	latin	ADJ
emaj-88	110	89	american	american	ADJ
emaj-88	110	90	stock	stock	NOUN
emaj-88	110	91	markets	market	NOUN
emaj-88	110	92	before	before	ADP
emaj-88	110	93	and	and	CCONJ
emaj-88	110	94	after	after	ADP
emaj-88	110	95	the	the	DET
emaj-88	110	96	1987	1987	NUM
emaj-88	110	97	crash	crash	NOUN
emaj-88	110	98	”	"	PUNCT
emaj-88	110	99	,	,	PUNCT
emaj-88	110	100	international	international	ADJ
emaj-88	110	101	review	review	NOUN
emaj-88	110	102	of	of	ADP
emaj-88	110	103	financial	financial	ADJ
emaj-88	110	104	analysis	analysis	NOUN
emaj-88	110	105	,	,	PUNCT
emaj-88	110	106	vol	vol	NOUN
emaj-88	110	107	.	.	PROPN
emaj-88	110	108	10	10	NUM
emaj-88	110	109	,	,	PUNCT
emaj-88	110	110	no	no	INTJ
emaj-88	110	111	.	.	NOUN
emaj-88	110	112	3	3	NUM
emaj-88	110	113	,	,	PUNCT
emaj-88	110	114	pp	pp	ADJ
emaj-88	110	115	.	.	PUNCT
emaj-88	111	1	219	219	NUM
emaj-88	111	2	-	-	SYM
emaj-88	111	3	235	235	NUM
emaj-88	111	4	.	.	PUNCT
emaj-88	112	1	meric	meric	PROPN
emaj-88	112	2	,	,	PUNCT
emaj-88	112	3	g.	g.	PROPN
emaj-88	112	4	,	,	PUNCT
emaj-88	112	5	pati	pati	PROPN
emaj-88	112	6	,	,	PUNCT
emaj-88	112	7	n.	n.	NOUN
emaj-88	112	8	and	and	CCONJ
emaj-88	112	9	meric	meric	PROPN
emaj-88	112	10	,	,	PUNCT
emaj-88	112	11	i.	i.	PROPN
emaj-88	112	12	(	(	PUNCT
emaj-88	112	13	2011	2011	NUM
emaj-88	112	14	)	)	PUNCT
emaj-88	112	15	,	,	PUNCT
emaj-88	112	16	“	"	PUNCT
emaj-88	112	17	comovements	comovement	NOUN
emaj-88	112	18	of	of	ADP
emaj-88	112	19	the	the	DET
emaj-88	112	20	indian	indian	ADJ
emaj-88	112	21	stock	stock	NOUN
emaj-88	112	22	market	market	NOUN
emaj-88	112	23	with	with	ADP
emaj-88	112	24	other	other	ADJ
emaj-88	112	25	stock	stock	NOUN
emaj-88	112	26	markets	market	NOUN
emaj-88	112	27	:	:	PUNCT
emaj-88	112	28	implications	implication	NOUN
emaj-88	112	29	for	for	ADP
emaj-88	112	30	portfolio	portfolio	NOUN
emaj-88	112	31	diversification	diversification	NOUN
emaj-88	112	32	”	"	PUNCT
emaj-88	112	33	,	,	PUNCT
emaj-88	112	34	indian	indian	ADJ
emaj-88	112	35	journal	journal	NOUN
emaj-88	112	36	of	of	ADP
emaj-88	112	37	finance	finance	NOUN
emaj-88	112	38	,	,	PUNCT
emaj-88	112	39	vol	vol	NOUN
emaj-88	112	40	.	.	PROPN
emaj-88	112	41	5	5	NUM
emaj-88	112	42	,	,	PUNCT
emaj-88	112	43	no	no	INTJ
emaj-88	112	44	.	.	NOUN
emaj-88	112	45	10	10	NUM
emaj-88	112	46	,	,	PUNCT
emaj-88	112	47	pp	pp	ADJ
emaj-88	112	48	.	.	PUNCT
emaj-88	113	1	13	13	NUM
emaj-88	113	2	-	-	SYM
emaj-88	113	3	20	20	NUM
emaj-88	113	4	.	.	PUNCT
emaj-88	114	1	meric	meric	PROPN
emaj-88	114	2	,	,	PUNCT
emaj-88	114	3	i.	i.	NOUN
emaj-88	114	4	and	and	CCONJ
emaj-88	114	5	meric	meric	PROPN
emaj-88	114	6	,	,	PUNCT
emaj-88	114	7	g.	g.	PROPN
emaj-88	114	8	(	(	PUNCT
emaj-88	114	9	1989	1989	NUM
emaj-88	114	10	)	)	PUNCT
emaj-88	114	11	,	,	PUNCT
emaj-88	114	12	“	"	PUNCT
emaj-88	114	13	potential	potential	ADJ
emaj-88	114	14	gains	gain	NOUN
emaj-88	114	15	from	from	ADP
emaj-88	114	16	international	international	ADJ
emaj-88	114	17	portfolio	portfolio	NOUN
emaj-88	114	18	diversification	diversification	NOUN
emaj-88	114	19	and	and	CCONJ
emaj-88	114	20	inter	inter	ADJ
emaj-88	114	21	-	-	ADJ
emaj-88	114	22	temporal	temporal	ADJ
emaj-88	114	23	stability	stability	NOUN
emaj-88	114	24	and	and	CCONJ
emaj-88	114	25	seasonality	seasonality	NOUN
emaj-88	114	26	in	in	ADP
emaj-88	114	27	international	international	ADJ
emaj-88	114	28	stock	stock	NOUN
emaj-88	114	29	market	market	NOUN
emaj-88	114	30	relationships	relationship	NOUN
emaj-88	114	31	”	"	PUNCT
emaj-88	114	32	,	,	PUNCT
emaj-88	114	33	journal	journal	NOUN
emaj-88	114	34	of	of	ADP
emaj-88	114	35	banking	banking	NOUN
emaj-88	114	36	and	and	CCONJ
emaj-88	114	37	finance	finance	NOUN
emaj-88	114	38	,	,	PUNCT
emaj-88	114	39	vol	vol	NOUN
emaj-88	114	40	.	.	PROPN
emaj-88	114	41	13	13	NUM
emaj-88	114	42	,	,	PUNCT
emaj-88	114	43	no	no	INTJ
emaj-88	114	44	.	.	NOUN
emaj-88	114	45	4/5	4/5	NUM
emaj-88	114	46	,	,	PUNCT
emaj-88	114	47	pp	pp	ADV
emaj-88	114	48	.	.	PUNCT
emaj-88	115	1	627	627	NUM
emaj-88	115	2	-	-	SYM
emaj-88	115	3	640	640	NUM
emaj-88	115	4	.	.	PUNCT
emaj-88	116	1	meric	meric	PROPN
emaj-88	116	2	,	,	PUNCT
emaj-88	116	3	i.	i.	NOUN
emaj-88	116	4	and	and	CCONJ
emaj-88	116	5	meric	meric	PROPN
emaj-88	116	6	,	,	PUNCT
emaj-88	116	7	g.	g.	PROPN
emaj-88	116	8	(	(	PUNCT
emaj-88	116	9	1996	1996	NUM
emaj-88	116	10	)	)	PUNCT
emaj-88	116	11	,	,	PUNCT
emaj-88	116	12	“	"	PUNCT
emaj-88	116	13	inter	inter	ADJ
emaj-88	116	14	-	-	ADJ
emaj-88	116	15	temporal	temporal	ADJ
emaj-88	116	16	stability	stability	NOUN
emaj-88	116	17	in	in	ADP
emaj-88	116	18	the	the	DET
emaj-88	116	19	long	long	ADJ
emaj-88	116	20	-	-	PUNCT
emaj-88	116	21	term	term	NOUN
emaj-88	116	22	comovements	comovement	NOUN
emaj-88	116	23	of	of	ADP
emaj-88	116	24	the	the	DET
emaj-88	116	25	world	world	NOUN
emaj-88	116	26	's	's	PART
emaj-88	116	27	stock	stock	NOUN
emaj-88	116	28	markets	market	NOUN
emaj-88	116	29	”	"	PUNCT
emaj-88	116	30	,	,	PUNCT
emaj-88	116	31	journal	journal	NOUN
emaj-88	116	32	of	of	ADP
emaj-88	116	33	multinational	multinational	ADJ
emaj-88	116	34	financial	financial	ADJ
emaj-88	116	35	management	management	NOUN
emaj-88	116	36	,	,	PUNCT
emaj-88	116	37	vol	vol	NOUN
emaj-88	116	38	.	.	PROPN
emaj-88	116	39	6	6	NUM
emaj-88	116	40	,	,	PUNCT
emaj-88	116	41	no	no	INTJ
emaj-88	116	42	.	.	NOUN
emaj-88	116	43	1	1	NUM
emaj-88	116	44	,	,	PUNCT
emaj-88	116	45	pp	pp	ADJ
emaj-88	116	46	.	.	PUNCT
emaj-88	117	1	73	73	NUM
emaj-88	117	2	-	-	SYM
emaj-88	117	3	83	83	NUM
emaj-88	117	4	.	.	PUNCT
emaj-88	118	1	meric	meric	PROPN
emaj-88	118	2	,	,	PUNCT
emaj-88	118	3	i.	i.	PROPN
emaj-88	118	4	,	,	PUNCT
emaj-88	118	5	and	and	CCONJ
emaj-88	118	6	meric	meric	NOUN
emaj-88	118	7	,	,	PUNCT
emaj-88	118	8	g.	g.	PROPN
emaj-88	118	9	(	(	PUNCT
emaj-88	118	10	2004	2004	NUM
emaj-88	118	11	)	)	PUNCT
emaj-88	118	12	,	,	PUNCT
emaj-88	118	13	“	"	PUNCT
emaj-88	118	14	the	the	DET
emaj-88	118	15	diminishing	diminish	VERB
emaj-88	118	16	benefit	benefit	NOUN
emaj-88	118	17	of	of	ADP
emaj-88	118	18	global	global	ADJ
emaj-88	118	19	portfolio	portfolio	NOUN
emaj-88	118	20	diversification	diversification	NOUN
emaj-88	118	21	”	"	PUNCT
emaj-88	118	22	,	,	PUNCT
emaj-88	118	23	global	global	ADJ
emaj-88	118	24	business	business	NOUN
emaj-88	118	25	and	and	CCONJ
emaj-88	118	26	finance	finance	PROPN
emaj-88	118	27	review	review	NOUN
emaj-88	118	28	,	,	PUNCT
emaj-88	118	29	vol	vol	NOUN
emaj-88	118	30	.	.	PROPN
emaj-88	118	31	9	9	NUM
emaj-88	118	32	,	,	PUNCT
emaj-88	118	33	no	no	INTJ
emaj-88	118	34	.	.	NOUN
emaj-88	118	35	2	2	NUM
emaj-88	118	36	,	,	PUNCT
emaj-88	118	37	pp	pp	ADJ
emaj-88	118	38	.	.	PUNCT
emaj-88	119	1	43	43	NUM
emaj-88	119	2	-	-	SYM
emaj-88	119	3	51	51	NUM
emaj-88	119	4	.	.	PUNCT
emaj-88	120	1	philippatos	philippato	NOUN
emaj-88	120	2	,	,	PUNCT
emaj-88	120	3	g.c	g.c	PROPN
emaj-88	120	4	.	.	PROPN
emaj-88	120	5	,	,	PUNCT
emaj-88	120	6	christofi	christofi	NOUN
emaj-88	120	7	,	,	PUNCT
emaj-88	120	8	a.	a.	NOUN
emaj-88	120	9	and	and	CCONJ
emaj-88	120	10	christofi	christofi	PROPN
emaj-88	120	11	,	,	PUNCT
emaj-88	120	12	p.	p.	NOUN
emaj-88	120	13	(	(	PUNCT
emaj-88	120	14	1983	1983	NUM
emaj-88	120	15	)	)	PUNCT
emaj-88	120	16	,	,	PUNCT
emaj-88	120	17	“	"	PUNCT
emaj-88	120	18	the	the	DET
emaj-88	120	19	inter	inter	ADJ
emaj-88	120	20	-	-	ADJ
emaj-88	120	21	temporal	temporal	ADJ
emaj-88	120	22	stability	stability	NOUN
emaj-88	120	23	of	of	ADP
emaj-88	120	24	international	international	ADJ
emaj-88	120	25	stock	stock	NOUN
emaj-88	120	26	market	market	NOUN
emaj-88	120	27	relationships	relationship	NOUN
emaj-88	120	28	:	:	PUNCT
emaj-88	120	29	another	another	DET
emaj-88	120	30	view	view	NOUN
emaj-88	120	31	”	"	PUNCT
emaj-88	120	32	,	,	PUNCT
emaj-88	120	33	financial	financial	ADJ
emaj-88	120	34	management	management	NOUN
emaj-88	120	35	,	,	PUNCT
emaj-88	120	36	vol	vol	NOUN
emaj-88	120	37	.	.	PROPN
emaj-88	121	1	12	12	NUM
emaj-88	121	2	,	,	PUNCT
emaj-88	121	3	no	no	INTJ
emaj-88	121	4	.	.	NOUN
emaj-88	121	5	4	4	NUM
emaj-88	121	6	,	,	PUNCT
emaj-88	121	7	pp	pp	ADJ
emaj-88	121	8	.	.	PUNCT
emaj-88	122	1	6369	6369	NUM
emaj-88	122	2	.	.	PUNCT
emaj-88	123	1	ratner	ratner	PROPN
emaj-88	123	2	,	,	PUNCT
emaj-88	123	3	m.	m.	NOUN
emaj-88	123	4	and	and	CCONJ
emaj-88	123	5	leal	leal	NOUN
emaj-88	123	6	,	,	PUNCT
emaj-88	123	7	r.	r.	PROPN
emaj-88	123	8	(	(	PUNCT
emaj-88	123	9	1996	1996	NUM
emaj-88	123	10	)	)	PUNCT
emaj-88	123	11	,	,	PUNCT
emaj-88	123	12	“	"	PUNCT
emaj-88	123	13	causality	causality	NOUN
emaj-88	123	14	tests	test	VERB
emaj-88	123	15	for	for	ADP
emaj-88	123	16	the	the	DET
emaj-88	123	17	emerging	emerge	VERB
emaj-88	123	18	markets	market	NOUN
emaj-88	123	19	of	of	ADP
emaj-88	123	20	latin	latin	PROPN
emaj-88	123	21	america	america	PROPN
emaj-88	123	22	”	"	PUNCT
emaj-88	123	23	,	,	PUNCT
emaj-88	123	24	journal	journal	NOUN
emaj-88	123	25	of	of	ADP
emaj-88	123	26	emerging	emerge	VERB
emaj-88	123	27	markets	market	NOUN
emaj-88	123	28	,	,	PUNCT
emaj-88	123	29	vol	vol	NOUN
emaj-88	123	30	.	.	PROPN
emaj-88	123	31	1	1	NUM
emaj-88	123	32	,	,	PUNCT
emaj-88	123	33	no	no	INTJ
emaj-88	123	34	.	.	NOUN
emaj-88	123	35	1	1	NUM
emaj-88	123	36	,	,	PUNCT
emaj-88	123	37	pp	pp	ADJ
emaj-88	123	38	.	.	PUNCT
emaj-88	124	1	29	29	NUM
emaj-88	124	2	-	-	SYM
emaj-88	124	3	40	40	NUM
emaj-88	124	4	.	.	PUNCT
emaj-88	125	1	solnik	solnik	PROPN
emaj-88	125	2	,	,	PUNCT
emaj-88	125	3	b.h	b.h	PROPN
emaj-88	125	4	.	.	PUNCT
emaj-88	125	5	(	(	PUNCT
emaj-88	125	6	1974	1974	NUM
emaj-88	125	7	)	)	PUNCT
emaj-88	125	8	,	,	PUNCT
emaj-88	125	9	“	"	PUNCT
emaj-88	125	10	why	why	SCONJ
emaj-88	125	11	not	not	PART
emaj-88	125	12	diversify	diversify	VERB
emaj-88	125	13	internationally	internationally	ADV
emaj-88	125	14	?	?	PUNCT
emaj-88	125	15	”	"	PUNCT
emaj-88	125	16	,	,	PUNCT
emaj-88	125	17	financial	financial	ADJ
emaj-88	125	18	analysts	analyst	NOUN
emaj-88	125	19	journal	journal	NOUN
emaj-88	125	20	,	,	PUNCT
emaj-88	125	21	vol	vol	NOUN
emaj-88	125	22	.	.	PROPN
emaj-88	125	23	30	30	NUM
emaj-88	125	24	,	,	PUNCT
emaj-88	125	25	no	no	INTJ
emaj-88	125	26	.	.	NOUN
emaj-88	125	27	4	4	NUM
emaj-88	125	28	,	,	PUNCT
emaj-88	125	29	pp	pp	ADJ
emaj-88	125	30	.	.	PUNCT
emaj-88	126	1	48	48	NUM
emaj-88	126	2	-	-	SYM
emaj-88	126	3	54	54	NUM
emaj-88	126	4	.	.	PUNCT
emaj-88	126	5	watson	watson	PROPN
emaj-88	126	6	,	,	PUNCT
emaj-88	126	7	j.	j.	PROPN
emaj-88	126	8	(	(	PUNCT
emaj-88	126	9	1978	1978	NUM
emaj-88	126	10	)	)	PUNCT
emaj-88	126	11	,	,	PUNCT
emaj-88	126	12	“	"	PUNCT
emaj-88	126	13	a	a	DET
emaj-88	126	14	study	study	NOUN
emaj-88	126	15	of	of	ADP
emaj-88	126	16	possible	possible	ADJ
emaj-88	126	17	gains	gain	NOUN
emaj-88	126	18	from	from	ADP
emaj-88	126	19	international	international	ADJ
emaj-88	126	20	investment	investment	NOUN
emaj-88	126	21	”	"	PUNCT
emaj-88	126	22	,	,	PUNCT
emaj-88	126	23	journal	journal	NOUN
emaj-88	126	24	of	of	ADP
emaj-88	126	25	business	business	NOUN
emaj-88	126	26	finance	finance	NOUN
emaj-88	126	27	and	and	CCONJ
emaj-88	126	28	accounting	accounting	NOUN
emaj-88	126	29	,	,	PUNCT
emaj-88	126	30	vol	vol	NOUN
emaj-88	126	31	.	.	PROPN
emaj-88	126	32	5	5	NUM
emaj-88	126	33	,	,	PUNCT
emaj-88	126	34	no	no	INTJ
emaj-88	126	35	.	.	NOUN
emaj-88	126	36	2	2	NUM
emaj-88	126	37	,	,	PUNCT
emaj-88	126	38	pp	pp	ADJ
emaj-88	126	39	.	.	PUNCT
emaj-88	127	1	195	195	NUM
emaj-88	127	2	-	-	SYM
emaj-88	127	3	206	206	NUM
emaj-88	127	4	.	.	PUNCT