id	sid	tid	token	lemma	pos
fueconorg-5755	1	1	facta	facta	PROPN
fueconorg-5755	1	2	universitatis	universitatis	PROPN
fueconorg-5755	1	3	series	series	NOUN
fueconorg-5755	1	4	:	:	PUNCT
fueconorg-5755	1	5	economics	economic	NOUN
fueconorg-5755	1	6	and	and	CCONJ
fueconorg-5755	1	7	organization	organization	NOUN
fueconorg-5755	1	8	vol	vol	NOUN
fueconorg-5755	1	9	.	.	PROPN
fueconorg-5755	1	10	17	17	NUM
fueconorg-5755	1	11	,	,	PUNCT
fueconorg-5755	1	12	no	no	DET
fueconorg-5755	1	13	1	1	NUM
fueconorg-5755	1	14	,	,	PUNCT
fueconorg-5755	1	15	2020	2020	NUM
fueconorg-5755	1	16	,	,	PUNCT
fueconorg-5755	1	17	pp	pp	ADV
fueconorg-5755	1	18	.	.	PUNCT
fueconorg-5755	2	1	17	17	NUM
fueconorg-5755	2	2	26	26	NUM
fueconorg-5755	2	3	https://doi.org/10.22190/fueo191016002s	https://doi.org/10.22190/fueo191016002	NOUN
fueconorg-5755	2	4	©	©	PROPN
fueconorg-5755	2	5	2020	2020	NUM
fueconorg-5755	2	6	by	by	ADP
fueconorg-5755	2	7	university	university	PROPN
fueconorg-5755	2	8	of	of	ADP
fueconorg-5755	2	9	niš	niš	PROPN
fueconorg-5755	2	10	,	,	PUNCT
fueconorg-5755	2	11	serbia	serbia	PROPN
fueconorg-5755	2	12	|	|	ADV
fueconorg-5755	2	13	creative	creative	ADJ
fueconorg-5755	2	14	commons	common	NOUN
fueconorg-5755	2	15	licence	licence	NOUN
fueconorg-5755	2	16	:	:	PUNCT
fueconorg-5755	2	17	cc	cc	VERB
fueconorg-5755	2	18	by	by	ADP
fueconorg-5755	2	19	-	-	PUNCT
fueconorg-5755	2	20	nc	nc	VERB
fueconorg-5755	2	21	-	-	PUNCT
fueconorg-5755	2	22	nd	nd	ADV
fueconorg-5755	2	23	original	original	ADJ
fueconorg-5755	2	24	scientific	scientific	ADJ
fueconorg-5755	2	25	paper	paper	NOUN
fueconorg-5755	2	26	effects	effect	NOUN
fueconorg-5755	2	27	of	of	ADP
fueconorg-5755	2	28	applying	apply	VERB
fueconorg-5755	2	29	different	different	ADJ
fueconorg-5755	2	30	risk	risk	NOUN
fueconorg-5755	2	31	measures	measure	NOUN
fueconorg-5755	2	32	on	on	ADP
fueconorg-5755	2	33	the	the	DET
fueconorg-5755	2	34	optimal	optimal	ADJ
fueconorg-5755	2	35	portfolio	portfolio	NOUN
fueconorg-5755	2	36	selection	selection	NOUN
fueconorg-5755	2	37	:	:	PUNCT
fueconorg-5755	2	38	the	the	DET
fueconorg-5755	2	39	case	case	NOUN
fueconorg-5755	2	40	of	of	ADP
fueconorg-5755	2	41	the	the	DET
fueconorg-5755	2	42	belgrade	belgrade	PROPN
fueconorg-5755	2	43	stock	stock	PROPN
fueconorg-5755	2	44	exchange	exchange	PROPN
fueconorg-5755	2	45	1	1	NUM
fueconorg-5755	2	46	udc	udc	NOUN
fueconorg-5755	2	47	336.76(497.11	336.76(497.11	NUM
fueconorg-5755	2	48	)	)	PUNCT
fueconorg-5755	2	49	jelena	jelena	PROPN
fueconorg-5755	2	50	z.	z.	PROPN
fueconorg-5755	2	51	stanković	stanković	PROPN
fueconorg-5755	2	52	,	,	PUNCT
fueconorg-5755	2	53	evica	evica	PROPN
fueconorg-5755	2	54	petrović	petrović	NOUN
fueconorg-5755	2	55	,	,	PUNCT
fueconorg-5755	2	56	ksenija	ksenija	ADJ
fueconorg-5755	2	57	denčić	denčić	PROPN
fueconorg-5755	2	58	-	-	PUNCT
fueconorg-5755	2	59	mihajlov	mihajlov	PROPN
fueconorg-5755	2	60	university	university	PROPN
fueconorg-5755	2	61	of	of	ADP
fueconorg-5755	2	62	niš	niš	PROPN
fueconorg-5755	2	63	,	,	PUNCT
fueconorg-5755	2	64	faculty	faculty	NOUN
fueconorg-5755	2	65	of	of	ADP
fueconorg-5755	2	66	economics	economic	NOUN
fueconorg-5755	2	67	,	,	PUNCT
fueconorg-5755	2	68	niš	niš	NOUN
fueconorg-5755	2	69	,	,	PUNCT
fueconorg-5755	2	70	serbia	serbia	PROPN
fueconorg-5755	2	71	abstract	abstract	ADJ
fueconorg-5755	2	72	.	.	PUNCT
fueconorg-5755	3	1	despite	despite	SCONJ
fueconorg-5755	3	2	its	its	PRON
fueconorg-5755	3	3	wide	wide	ADJ
fueconorg-5755	3	4	use	use	NOUN
fueconorg-5755	3	5	in	in	ADP
fueconorg-5755	3	6	practice	practice	NOUN
fueconorg-5755	3	7	,	,	PUNCT
fueconorg-5755	3	8	modern	modern	ADJ
fueconorg-5755	3	9	portfolio	portfolio	NOUN
fueconorg-5755	3	10	theory	theory	NOUN
fueconorg-5755	3	11	and	and	CCONJ
fueconorg-5755	3	12	markowitz	markowitz	PROPN
fueconorg-5755	3	13	’s	’s	PART
fueconorg-5755	3	14	approach	approach	NOUN
fueconorg-5755	3	15	to	to	ADP
fueconorg-5755	3	16	optimization	optimization	NOUN
fueconorg-5755	3	17	,	,	PUNCT
fueconorg-5755	3	18	which	which	PRON
fueconorg-5755	3	19	is	be	AUX
fueconorg-5755	3	20	based	base	VERB
fueconorg-5755	3	21	on	on	ADP
fueconorg-5755	3	22	quadratic	quadratic	ADJ
fueconorg-5755	3	23	programming	programming	NOUN
fueconorg-5755	3	24	and	and	CCONJ
fueconorg-5755	3	25	the	the	DET
fueconorg-5755	3	26	first	first	ADJ
fueconorg-5755	3	27	two	two	NUM
fueconorg-5755	3	28	moments	moment	NOUN
fueconorg-5755	3	29	of	of	ADP
fueconorg-5755	3	30	the	the	DET
fueconorg-5755	3	31	probability	probability	NOUN
fueconorg-5755	3	32	distribution	distribution	NOUN
fueconorg-5755	3	33	of	of	ADP
fueconorg-5755	3	34	returns	return	NOUN
fueconorg-5755	3	35	as	as	ADP
fueconorg-5755	3	36	major	major	ADJ
fueconorg-5755	3	37	parameters	parameter	NOUN
fueconorg-5755	3	38	,	,	PUNCT
fueconorg-5755	3	39	was	be	AUX
fueconorg-5755	3	40	faced	face	VERB
fueconorg-5755	3	41	with	with	ADP
fueconorg-5755	3	42	criticism	criticism	NOUN
fueconorg-5755	3	43	.	.	PUNCT
fueconorg-5755	4	1	therefore	therefore	ADV
fueconorg-5755	4	2	,	,	PUNCT
fueconorg-5755	4	3	standard	standard	ADJ
fueconorg-5755	4	4	mean	mean	ADJ
fueconorg-5755	4	5	-	-	PUNCT
fueconorg-5755	4	6	variance	variance	NOUN
fueconorg-5755	4	7	approach	approach	NOUN
fueconorg-5755	4	8	had	have	AUX
fueconorg-5755	4	9	been	be	AUX
fueconorg-5755	4	10	modified	modify	VERB
fueconorg-5755	4	11	by	by	ADP
fueconorg-5755	4	12	applying	apply	VERB
fueconorg-5755	4	13	more	more	ADV
fueconorg-5755	4	14	appropriate	appropriate	ADJ
fueconorg-5755	4	15	risk	risk	NOUN
fueconorg-5755	4	16	measures	measure	NOUN
fueconorg-5755	4	17	in	in	ADP
fueconorg-5755	4	18	optimization	optimization	NOUN
fueconorg-5755	4	19	algorithm	algorithm	NOUN
fueconorg-5755	4	20	.	.	PUNCT
fueconorg-5755	5	1	the	the	DET
fueconorg-5755	5	2	aim	aim	NOUN
fueconorg-5755	5	3	of	of	ADP
fueconorg-5755	5	4	this	this	DET
fueconorg-5755	5	5	paper	paper	NOUN
fueconorg-5755	5	6	is	be	AUX
fueconorg-5755	5	7	to	to	PART
fueconorg-5755	5	8	indicate	indicate	VERB
fueconorg-5755	5	9	efficiency	efficiency	NOUN
fueconorg-5755	5	10	of	of	ADP
fueconorg-5755	5	11	these	these	DET
fueconorg-5755	5	12	models	model	NOUN
fueconorg-5755	5	13	as	as	ADV
fueconorg-5755	5	14	well	well	ADV
fueconorg-5755	5	15	as	as	ADP
fueconorg-5755	5	16	justification	justification	NOUN
fueconorg-5755	5	17	of	of	ADP
fueconorg-5755	5	18	their	their	PRON
fueconorg-5755	5	19	usage	usage	NOUN
fueconorg-5755	5	20	in	in	ADP
fueconorg-5755	5	21	managing	manage	VERB
fueconorg-5755	5	22	stocks	stock	NOUN
fueconorg-5755	5	23	portfolio	portfolio	NOUN
fueconorg-5755	5	24	on	on	ADP
fueconorg-5755	5	25	the	the	DET
fueconorg-5755	5	26	belgrade	belgrade	PROPN
fueconorg-5755	5	27	stock	stock	PROPN
fueconorg-5755	5	28	exchange	exchange	PROPN
fueconorg-5755	5	29	.	.	PUNCT
fueconorg-5755	6	1	key	key	ADJ
fueconorg-5755	6	2	words	word	NOUN
fueconorg-5755	6	3	:	:	PUNCT
fueconorg-5755	6	4	portfolio	portfolio	NOUN
fueconorg-5755	6	5	optimization	optimization	NOUN
fueconorg-5755	6	6	,	,	PUNCT
fueconorg-5755	6	7	alternative	alternative	ADJ
fueconorg-5755	6	8	risk	risk	NOUN
fueconorg-5755	6	9	measures	measure	NOUN
fueconorg-5755	6	10	,	,	PUNCT
fueconorg-5755	6	11	belgrade	belgrade	PROPN
fueconorg-5755	6	12	stock	stock	PROPN
fueconorg-5755	6	13	exchange	exchange	PROPN
fueconorg-5755	6	14	jel	jel	PROPN
fueconorg-5755	6	15	classification	classification	NOUN
fueconorg-5755	6	16	:	:	PUNCT
fueconorg-5755	6	17	g32	g32	NOUN
fueconorg-5755	6	18	,	,	PUNCT
fueconorg-5755	6	19	g11	g11	PROPN
fueconorg-5755	6	20	,	,	PUNCT
fueconorg-5755	6	21	o16	o16	X
fueconorg-5755	6	22	.	.	NOUN
fueconorg-5755	6	23	1	1	NUM
fueconorg-5755	6	24	.	.	X
fueconorg-5755	6	25	introduction	introduction	NOUN
fueconorg-5755	6	26	portfolio	portfolio	NOUN
fueconorg-5755	6	27	optimization	optimization	NOUN
fueconorg-5755	6	28	represents	represent	VERB
fueconorg-5755	6	29	one	one	NUM
fueconorg-5755	6	30	of	of	ADP
fueconorg-5755	6	31	the	the	DET
fueconorg-5755	6	32	most	most	ADV
fueconorg-5755	6	33	important	important	ADJ
fueconorg-5755	6	34	aspects	aspect	NOUN
fueconorg-5755	6	35	of	of	ADP
fueconorg-5755	6	36	making	make	VERB
fueconorg-5755	6	37	investment	investment	NOUN
fueconorg-5755	6	38	decisions	decision	NOUN
fueconorg-5755	6	39	,	,	PUNCT
fueconorg-5755	6	40	based	base	VERB
fueconorg-5755	6	41	on	on	ADP
fueconorg-5755	6	42	the	the	DET
fueconorg-5755	6	43	possibility	possibility	NOUN
fueconorg-5755	6	44	of	of	ADP
fueconorg-5755	6	45	a	a	DET
fueconorg-5755	6	46	successful	successful	ADJ
fueconorg-5755	6	47	assessment	assessment	NOUN
fueconorg-5755	6	48	of	of	ADP
fueconorg-5755	6	49	the	the	DET
fueconorg-5755	6	50	relationship	relationship	NOUN
fueconorg-5755	6	51	between	between	ADP
fueconorg-5755	6	52	return	return	NOUN
fueconorg-5755	6	53	and	and	CCONJ
fueconorg-5755	6	54	risk	risk	NOUN
fueconorg-5755	6	55	.	.	PUNCT
fueconorg-5755	7	1	for	for	ADP
fueconorg-5755	7	2	decades	decade	NOUN
fueconorg-5755	7	3	,	,	PUNCT
fueconorg-5755	7	4	in	in	ADP
fueconorg-5755	7	5	the	the	DET
fueconorg-5755	7	6	selection	selection	NOUN
fueconorg-5755	7	7	of	of	ADP
fueconorg-5755	7	8	financial	financial	ADJ
fueconorg-5755	7	9	assets	asset	NOUN
fueconorg-5755	7	10	and	and	CCONJ
fueconorg-5755	7	11	the	the	DET
fueconorg-5755	7	12	formulation	formulation	NOUN
fueconorg-5755	7	13	of	of	ADP
fueconorg-5755	7	14	an	an	DET
fueconorg-5755	7	15	optimal	optimal	ADJ
fueconorg-5755	7	16	portfolio	portfolio	NOUN
fueconorg-5755	7	17	strategy	strategy	NOUN
fueconorg-5755	7	18	investors	investor	NOUN
fueconorg-5755	7	19	have	have	AUX
fueconorg-5755	7	20	been	be	AUX
fueconorg-5755	7	21	dominantly	dominantly	ADV
fueconorg-5755	7	22	using	use	VERB
fueconorg-5755	7	23	the	the	DET
fueconorg-5755	7	24	mean	mean	ADJ
fueconorg-5755	7	25	-	-	PUNCT
fueconorg-5755	7	26	variance	variance	NOUN
fueconorg-5755	7	27	(	(	PUNCT
fueconorg-5755	7	28	mv	mv	NOUN
fueconorg-5755	7	29	)	)	PUNCT
fueconorg-5755	7	30	model	model	NOUN
fueconorg-5755	7	31	(	(	PUNCT
fueconorg-5755	7	32	markowitz	markowitz	PROPN
fueconorg-5755	7	33	,	,	PUNCT
fueconorg-5755	7	34	1952	1952	NUM
fueconorg-5755	7	35	)	)	PUNCT
fueconorg-5755	7	36	,	,	PUNCT
fueconorg-5755	7	37	which	which	PRON
fueconorg-5755	7	38	forms	form	VERB
fueconorg-5755	7	39	the	the	DET
fueconorg-5755	7	40	basis	basis	NOUN
fueconorg-5755	7	41	of	of	ADP
fueconorg-5755	7	42	modern	modern	ADJ
fueconorg-5755	7	43	portfolio	portfolio	NOUN
fueconorg-5755	7	44	theory	theory	NOUN
fueconorg-5755	7	45	.	.	PUNCT
fueconorg-5755	8	1	simplified	simplify	VERB
fueconorg-5755	8	2	starting	start	VERB
fueconorg-5755	8	3	assumptions	assumption	NOUN
fueconorg-5755	8	4	regarding	regard	VERB
fueconorg-5755	8	5	investors	investor	NOUN
fueconorg-5755	8	6	’	’	PART
fueconorg-5755	8	7	preferences	preference	NOUN
fueconorg-5755	8	8	and	and	CCONJ
fueconorg-5755	8	9	return	return	VERB
fueconorg-5755	8	10	distribution	distribution	NOUN
fueconorg-5755	8	11	,	,	PUNCT
fueconorg-5755	8	12	make	make	VERB
fueconorg-5755	8	13	it	it	PRON
fueconorg-5755	8	14	possible	possible	ADJ
fueconorg-5755	8	15	to	to	PART
fueconorg-5755	8	16	form	form	VERB
fueconorg-5755	8	17	an	an	DET
fueconorg-5755	8	18	optimization	optimization	NOUN
fueconorg-5755	8	19	model	model	NOUN
fueconorg-5755	8	20	,	,	PUNCT
fueconorg-5755	8	21	which	which	PRON
fueconorg-5755	8	22	,	,	PUNCT
fueconorg-5755	8	23	according	accord	VERB
fueconorg-5755	8	24	to	to	ADP
fueconorg-5755	8	25	markowitz	markowitz	PROPN
fueconorg-5755	8	26	’s	’s	PART
fueconorg-5755	8	27	approach	approach	NOUN
fueconorg-5755	8	28	,	,	PUNCT
fueconorg-5755	8	29	is	be	AUX
fueconorg-5755	8	30	based	base	VERB
fueconorg-5755	8	31	only	only	ADV
fueconorg-5755	8	32	on	on	ADP
fueconorg-5755	8	33	the	the	DET
fueconorg-5755	8	34	expected	expect	VERB
fueconorg-5755	8	35	return	return	NOUN
fueconorg-5755	8	36	and	and	CCONJ
fueconorg-5755	8	37	risk	risk	NOUN
fueconorg-5755	8	38	.	.	PUNCT
fueconorg-5755	9	1	however	however	ADV
fueconorg-5755	9	2	,	,	PUNCT
fueconorg-5755	9	3	none	none	NOUN
fueconorg-5755	9	4	of	of	ADP
fueconorg-5755	9	5	the	the	DET
fueconorg-5755	9	6	conditions	condition	NOUN
fueconorg-5755	9	7	of	of	ADP
fueconorg-5755	9	8	this	this	DET
fueconorg-5755	9	9	model	model	NOUN
fueconorg-5755	9	10	are	be	AUX
fueconorg-5755	9	11	sustainable	sustainable	ADJ
fueconorg-5755	9	12	in	in	ADP
fueconorg-5755	9	13	reality	reality	NOUN
fueconorg-5755	9	14	.	.	PUNCT
fueconorg-5755	10	1	normal	normal	ADJ
fueconorg-5755	10	2	probability	probability	NOUN
fueconorg-5755	10	3	distribution	distribution	NOUN
fueconorg-5755	10	4	is	be	AUX
fueconorg-5755	10	5	not	not	PART
fueconorg-5755	10	6	an	an	DET
fueconorg-5755	10	7	adequate	adequate	ADJ
fueconorg-5755	10	8	model	model	NOUN
fueconorg-5755	10	9	of	of	ADP
fueconorg-5755	10	10	empirical	empirical	ADJ
fueconorg-5755	10	11	distribution	distribution	NOUN
fueconorg-5755	10	12	of	of	ADP
fueconorg-5755	10	13	returns	return	NOUN
fueconorg-5755	10	14	,	,	PUNCT
fueconorg-5755	10	15	characterized	characterize	VERB
fueconorg-5755	10	16	by	by	ADP
fueconorg-5755	10	17	asymmetry	asymmetry	NOUN
fueconorg-5755	10	18	and	and	CCONJ
fueconorg-5755	10	19	heavy	heavy	ADJ
fueconorg-5755	10	20	tails	tail	NOUN
fueconorg-5755	10	21	,	,	PUNCT
fueconorg-5755	10	22	so	so	ADV
fueconorg-5755	10	23	received	receive	VERB
fueconorg-5755	10	24	october	october	PROPN
fueconorg-5755	10	25	16	16	NUM
fueconorg-5755	10	26	,	,	PUNCT
fueconorg-5755	10	27	2019	2019	NUM
fueconorg-5755	10	28	/	/	SYM
fueconorg-5755	10	29	accepted	accept	VERB
fueconorg-5755	10	30	january	january	PROPN
fueconorg-5755	10	31	21	21	NUM
fueconorg-5755	10	32	,	,	PUNCT
fueconorg-5755	10	33	2020	2020	NUM
fueconorg-5755	10	34	corresponding	correspond	VERB
fueconorg-5755	10	35	author	author	NOUN
fueconorg-5755	10	36	:	:	PUNCT
fueconorg-5755	10	37	jelena	jelena	PROPN
fueconorg-5755	10	38	z.	z.	PROPN
fueconorg-5755	10	39	stanković	stanković	PROPN
fueconorg-5755	10	40	university	university	PROPN
fueconorg-5755	10	41	of	of	ADP
fueconorg-5755	10	42	niš	niš	PROPN
fueconorg-5755	10	43	,	,	PUNCT
fueconorg-5755	10	44	faculty	faculty	NOUN
fueconorg-5755	10	45	of	of	ADP
fueconorg-5755	10	46	economics	economic	NOUN
fueconorg-5755	10	47	,	,	PUNCT
fueconorg-5755	10	48	trg	trg	PROPN
fueconorg-5755	10	49	kralja	kralja	PROPN
fueconorg-5755	10	50	aleksandra	aleksandra	PROPN
fueconorg-5755	10	51	11	11	NUM
fueconorg-5755	10	52	,	,	PUNCT
fueconorg-5755	10	53	18000	18000	NUM
fueconorg-5755	10	54	niš	niš	NOUN
fueconorg-5755	10	55	,	,	PUNCT
fueconorg-5755	10	56	serbia	serbia	PROPN
fueconorg-5755	10	57	e	e	NOUN
fueconorg-5755	10	58	-	-	NOUN
fueconorg-5755	10	59	mail	mail	NOUN
fueconorg-5755	10	60	:	:	PUNCT
fueconorg-5755	10	61	jelenas@eknfak.ni.ac.rs	jelenas@eknfak.ni.ac.rs	PROPN
fueconorg-5755	10	62	18	18	NUM
fueconorg-5755	10	63	j.	j.	PROPN
fueconorg-5755	10	64	z.	z.	PROPN
fueconorg-5755	10	65	stanković	stanković	PROPN
fueconorg-5755	10	66	,	,	PUNCT
fueconorg-5755	10	67	e.	e.	PROPN
fueconorg-5755	10	68	petrović	petrović	PROPN
fueconorg-5755	10	69	,	,	PUNCT
fueconorg-5755	10	70	k.	k.	PROPN
fueconorg-5755	10	71	denĉić	denĉić	PROPN
fueconorg-5755	10	72	-	-	PUNCT
fueconorg-5755	10	73	mihajlov	mihajlov	NOUN
fueconorg-5755	10	74	that	that	SCONJ
fueconorg-5755	10	75	in	in	ADP
fueconorg-5755	10	76	situations	situation	NOUN
fueconorg-5755	10	77	where	where	SCONJ
fueconorg-5755	10	78	there	there	PRON
fueconorg-5755	10	79	is	be	VERB
fueconorg-5755	10	80	a	a	DET
fueconorg-5755	10	81	significant	significant	ADJ
fueconorg-5755	10	82	deviation	deviation	NOUN
fueconorg-5755	10	83	from	from	ADP
fueconorg-5755	10	84	the	the	DET
fueconorg-5755	10	85	expected	expect	VERB
fueconorg-5755	10	86	value	value	NOUN
fueconorg-5755	10	87	,	,	PUNCT
fueconorg-5755	10	88	the	the	DET
fueconorg-5755	10	89	measures	measure	NOUN
fueconorg-5755	10	90	of	of	ADP
fueconorg-5755	10	91	central	central	ADJ
fueconorg-5755	10	92	tendency	tendency	NOUN
fueconorg-5755	10	93	and	and	CCONJ
fueconorg-5755	10	94	dispersion	dispersion	NOUN
fueconorg-5755	10	95	are	be	AUX
fueconorg-5755	10	96	no	no	ADV
fueconorg-5755	10	97	longer	long	ADV
fueconorg-5755	10	98	sufficient	sufficient	ADJ
fueconorg-5755	10	99	parameters	parameter	NOUN
fueconorg-5755	10	100	to	to	PART
fueconorg-5755	10	101	describe	describe	VERB
fueconorg-5755	10	102	the	the	DET
fueconorg-5755	10	103	distribution	distribution	NOUN
fueconorg-5755	10	104	of	of	ADP
fueconorg-5755	10	105	returns	return	NOUN
fueconorg-5755	10	106	or	or	CCONJ
fueconorg-5755	10	107	to	to	PART
fueconorg-5755	10	108	optimize	optimize	VERB
fueconorg-5755	10	109	the	the	DET
fueconorg-5755	10	110	portfolio	portfolio	NOUN
fueconorg-5755	10	111	.	.	PUNCT
fueconorg-5755	11	1	in	in	ADP
fueconorg-5755	11	2	the	the	DET
fueconorg-5755	11	3	mid-1990s	mid-1990	NOUN
fueconorg-5755	11	4	,	,	PUNCT
fueconorg-5755	11	5	the	the	DET
fueconorg-5755	11	6	mv	mv	PROPN
fueconorg-5755	11	7	model	model	NOUN
fueconorg-5755	11	8	began	begin	VERB
fueconorg-5755	11	9	to	to	PART
fueconorg-5755	11	10	be	be	AUX
fueconorg-5755	11	11	critically	critically	ADV
fueconorg-5755	11	12	observed	observe	VERB
fueconorg-5755	11	13	and	and	CCONJ
fueconorg-5755	11	14	innovated	innovate	VERB
fueconorg-5755	11	15	to	to	PART
fueconorg-5755	11	16	respond	respond	VERB
fueconorg-5755	11	17	to	to	ADP
fueconorg-5755	11	18	investors	investor	NOUN
fueconorg-5755	11	19	’	'	PUNCT
fueconorg-5755	11	20	demands	demand	NOUN
fueconorg-5755	11	21	.	.	PUNCT
fueconorg-5755	12	1	most	most	ADJ
fueconorg-5755	12	2	of	of	ADP
fueconorg-5755	12	3	the	the	DET
fueconorg-5755	12	4	criticisms	criticism	NOUN
fueconorg-5755	12	5	relate	relate	VERB
fueconorg-5755	12	6	to	to	ADP
fueconorg-5755	12	7	the	the	DET
fueconorg-5755	12	8	parameters	parameter	NOUN
fueconorg-5755	12	9	of	of	ADP
fueconorg-5755	12	10	the	the	DET
fueconorg-5755	12	11	return	return	NOUN
fueconorg-5755	12	12	distribution	distribution	NOUN
fueconorg-5755	12	13	the	the	DET
fueconorg-5755	12	14	mean	mean	NOUN
fueconorg-5755	12	15	,	,	PUNCT
fueconorg-5755	12	16	as	as	ADP
fueconorg-5755	12	17	a	a	DET
fueconorg-5755	12	18	measure	measure	NOUN
fueconorg-5755	12	19	of	of	ADP
fueconorg-5755	12	20	expected	expect	VERB
fueconorg-5755	12	21	return	return	NOUN
fueconorg-5755	12	22	,	,	PUNCT
fueconorg-5755	12	23	and	and	CCONJ
fueconorg-5755	12	24	the	the	DET
fueconorg-5755	12	25	standard	standard	ADJ
fueconorg-5755	12	26	deviation	deviation	NOUN
fueconorg-5755	12	27	,	,	PUNCT
fueconorg-5755	12	28	as	as	ADP
fueconorg-5755	12	29	a	a	DET
fueconorg-5755	12	30	measure	measure	NOUN
fueconorg-5755	12	31	of	of	ADP
fueconorg-5755	12	32	risk	risk	NOUN
fueconorg-5755	12	33	,	,	PUNCT
fueconorg-5755	12	34	and	and	CCONJ
fueconorg-5755	12	35	their	their	PRON
fueconorg-5755	12	36	role	role	NOUN
fueconorg-5755	12	37	in	in	ADP
fueconorg-5755	12	38	portfolio	portfolio	NOUN
fueconorg-5755	12	39	optimization	optimization	NOUN
fueconorg-5755	12	40	.	.	PUNCT
fueconorg-5755	13	1	due	due	ADP
fueconorg-5755	13	2	to	to	ADP
fueconorg-5755	13	3	the	the	DET
fueconorg-5755	13	4	fact	fact	NOUN
fueconorg-5755	13	5	that	that	SCONJ
fueconorg-5755	13	6	the	the	DET
fueconorg-5755	13	7	normal	normal	ADJ
fueconorg-5755	13	8	distribution	distribution	NOUN
fueconorg-5755	13	9	does	do	AUX
fueconorg-5755	13	10	not	not	PART
fueconorg-5755	13	11	have	have	AUX
fueconorg-5755	13	12	empirical	empirical	ADJ
fueconorg-5755	13	13	significance	significance	NOUN
fueconorg-5755	13	14	in	in	ADP
fueconorg-5755	13	15	modeling	model	VERB
fueconorg-5755	13	16	financial	financial	ADJ
fueconorg-5755	13	17	series	series	NOUN
fueconorg-5755	13	18	from	from	ADP
fueconorg-5755	13	19	contemporary	contemporary	ADJ
fueconorg-5755	13	20	markets	market	NOUN
fueconorg-5755	13	21	,	,	PUNCT
fueconorg-5755	13	22	in	in	ADP
fueconorg-5755	13	23	many	many	ADJ
fueconorg-5755	13	24	cases	case	NOUN
fueconorg-5755	13	25	it	it	PRON
fueconorg-5755	13	26	has	have	AUX
fueconorg-5755	13	27	been	be	AUX
fueconorg-5755	13	28	observed	observe	VERB
fueconorg-5755	13	29	that	that	SCONJ
fueconorg-5755	13	30	the	the	DET
fueconorg-5755	13	31	form	form	NOUN
fueconorg-5755	13	32	of	of	ADP
fueconorg-5755	13	33	distribution	distribution	NOUN
fueconorg-5755	13	34	significantly	significantly	ADV
fueconorg-5755	13	35	influences	influence	VERB
fueconorg-5755	13	36	portfolio	portfolio	NOUN
fueconorg-5755	13	37	performance	performance	NOUN
fueconorg-5755	13	38	as	as	ADV
fueconorg-5755	13	39	well	well	ADV
fueconorg-5755	13	40	as	as	ADP
fueconorg-5755	13	41	the	the	DET
fueconorg-5755	13	42	criteria	criterion	NOUN
fueconorg-5755	13	43	for	for	ADP
fueconorg-5755	13	44	selecting	select	VERB
fueconorg-5755	13	45	financial	financial	ADJ
fueconorg-5755	13	46	assets	asset	NOUN
fueconorg-5755	13	47	(	(	PUNCT
fueconorg-5755	13	48	lamm	lamm	PROPN
fueconorg-5755	13	49	,	,	PUNCT
fueconorg-5755	13	50	2003	2003	NUM
fueconorg-5755	13	51	)	)	PUNCT
fueconorg-5755	13	52	.	.	PUNCT
fueconorg-5755	14	1	technological	technological	ADJ
fueconorg-5755	14	2	development	development	NOUN
fueconorg-5755	14	3	,	,	PUNCT
fueconorg-5755	14	4	especially	especially	ADV
fueconorg-5755	14	5	the	the	DET
fueconorg-5755	14	6	development	development	NOUN
fueconorg-5755	14	7	of	of	ADP
fueconorg-5755	14	8	digital	digital	ADJ
fueconorg-5755	14	9	technologies	technology	NOUN
fueconorg-5755	14	10	,	,	PUNCT
fueconorg-5755	14	11	has	have	AUX
fueconorg-5755	14	12	transformed	transform	VERB
fueconorg-5755	14	13	many	many	ADJ
fueconorg-5755	14	14	industries	industry	NOUN
fueconorg-5755	14	15	and	and	CCONJ
fueconorg-5755	14	16	enlarged	enlarge	VERB
fueconorg-5755	14	17	the	the	DET
fueconorg-5755	14	18	number	number	NOUN
fueconorg-5755	14	19	of	of	ADP
fueconorg-5755	14	20	available	available	ADJ
fueconorg-5755	14	21	investment	investment	NOUN
fueconorg-5755	14	22	options	option	NOUN
fueconorg-5755	14	23	.	.	PUNCT
fueconorg-5755	15	1	in	in	ADP
fueconorg-5755	15	2	cases	case	NOUN
fueconorg-5755	15	3	where	where	SCONJ
fueconorg-5755	15	4	a	a	DET
fueconorg-5755	15	5	large	large	ADJ
fueconorg-5755	15	6	number	number	NOUN
fueconorg-5755	15	7	of	of	ADP
fueconorg-5755	15	8	financial	financial	ADJ
fueconorg-5755	15	9	instruments	instrument	NOUN
fueconorg-5755	15	10	are	be	AUX
fueconorg-5755	15	11	being	be	AUX
fueconorg-5755	15	12	considered	consider	VERB
fueconorg-5755	15	13	,	,	PUNCT
fueconorg-5755	15	14	high	high	ADJ
fueconorg-5755	15	15	dimensionality	dimensionality	NOUN
fueconorg-5755	15	16	can	can	AUX
fueconorg-5755	15	17	prevent	prevent	VERB
fueconorg-5755	15	18	the	the	DET
fueconorg-5755	15	19	precise	precise	ADJ
fueconorg-5755	15	20	evaluation	evaluation	NOUN
fueconorg-5755	15	21	of	of	ADP
fueconorg-5755	15	22	a	a	DET
fueconorg-5755	15	23	complex	complex	ADJ
fueconorg-5755	15	24	correlation	correlation	NOUN
fueconorg-5755	15	25	structure	structure	NOUN
fueconorg-5755	15	26	and	and	CCONJ
fueconorg-5755	15	27	risk	risk	NOUN
fueconorg-5755	15	28	.	.	PUNCT
fueconorg-5755	16	1	under	under	ADP
fueconorg-5755	16	2	the	the	DET
fueconorg-5755	16	3	radically	radically	ADV
fueconorg-5755	16	4	changed	change	VERB
fueconorg-5755	16	5	risk	risk	NOUN
fueconorg-5755	16	6	-	-	PUNCT
fueconorg-5755	16	7	return	return	NOUN
fueconorg-5755	16	8	trade	trade	NOUN
fueconorg-5755	16	9	-	-	PUNCT
fueconorg-5755	16	10	off	off	NOUN
fueconorg-5755	16	11	,	,	PUNCT
fueconorg-5755	16	12	investors	investor	NOUN
fueconorg-5755	16	13	’	'	PUNCT
fueconorg-5755	16	14	risk	risk	NOUN
fueconorg-5755	16	15	aversion	aversion	NOUN
fueconorg-5755	16	16	and	and	CCONJ
fueconorg-5755	16	17	investment	investment	NOUN
fueconorg-5755	16	18	conditions	condition	NOUN
fueconorg-5755	16	19	,	,	PUNCT
fueconorg-5755	16	20	the	the	DET
fueconorg-5755	16	21	application	application	NOUN
fueconorg-5755	16	22	of	of	ADP
fueconorg-5755	16	23	markowitz	markowitz	PROPN
fueconorg-5755	16	24	’s	’s	PART
fueconorg-5755	16	25	model	model	NOUN
fueconorg-5755	16	26	in	in	ADP
fueconorg-5755	16	27	the	the	DET
fueconorg-5755	16	28	optimization	optimization	NOUN
fueconorg-5755	16	29	can	can	AUX
fueconorg-5755	16	30	result	result	VERB
fueconorg-5755	16	31	in	in	ADP
fueconorg-5755	16	32	the	the	DET
fueconorg-5755	16	33	allocation	allocation	NOUN
fueconorg-5755	16	34	of	of	ADP
fueconorg-5755	16	35	financial	financial	ADJ
fueconorg-5755	16	36	resources	resource	NOUN
fueconorg-5755	16	37	to	to	ADP
fueconorg-5755	16	38	suboptimal	suboptimal	ADJ
fueconorg-5755	16	39	investment	investment	NOUN
fueconorg-5755	16	40	alternatives	alternative	NOUN
fueconorg-5755	16	41	.	.	PUNCT
fueconorg-5755	17	1	one	one	NUM
fueconorg-5755	17	2	of	of	ADP
fueconorg-5755	17	3	the	the	DET
fueconorg-5755	17	4	possible	possible	ADJ
fueconorg-5755	17	5	ways	way	NOUN
fueconorg-5755	17	6	to	to	PART
fueconorg-5755	17	7	improve	improve	VERB
fueconorg-5755	17	8	the	the	DET
fueconorg-5755	17	9	mv	mv	PROPN
fueconorg-5755	17	10	model	model	NOUN
fueconorg-5755	17	11	is	be	AUX
fueconorg-5755	17	12	to	to	PART
fueconorg-5755	17	13	incorporate	incorporate	VERB
fueconorg-5755	17	14	various	various	ADJ
fueconorg-5755	17	15	risk	risk	NOUN
fueconorg-5755	17	16	measures	measure	NOUN
fueconorg-5755	17	17	into	into	ADP
fueconorg-5755	17	18	the	the	DET
fueconorg-5755	17	19	portfolio	portfolio	NOUN
fueconorg-5755	17	20	optimization	optimization	NOUN
fueconorg-5755	17	21	model	model	NOUN
fueconorg-5755	17	22	(	(	PUNCT
fueconorg-5755	17	23	konno	konno	NOUN
fueconorg-5755	17	24	et	et	PROPN
fueconorg-5755	17	25	al	al	PROPN
fueconorg-5755	17	26	.	.	PROPN
fueconorg-5755	17	27	,	,	PUNCT
fueconorg-5755	17	28	2002	2002	NUM
fueconorg-5755	17	29	;	;	PUNCT
fueconorg-5755	18	1	chang	chang	PROPN
fueconorg-5755	18	2	et	et	PROPN
fueconorg-5755	18	3	al	al	PROPN
fueconorg-5755	18	4	.	.	PROPN
fueconorg-5755	18	5	,	,	PUNCT
fueconorg-5755	18	6	2009	2009	NUM
fueconorg-5755	18	7	)	)	PUNCT
fueconorg-5755	18	8	.	.	PUNCT
fueconorg-5755	19	1	new	new	ADJ
fueconorg-5755	19	2	technologies	technology	NOUN
fueconorg-5755	19	3	allow	allow	VERB
fueconorg-5755	19	4	designing	design	VERB
fueconorg-5755	19	5	improved	improve	VERB
fueconorg-5755	19	6	computational	computational	ADJ
fueconorg-5755	19	7	frameworks	framework	NOUN
fueconorg-5755	19	8	and	and	CCONJ
fueconorg-5755	19	9	decision	decision	NOUN
fueconorg-5755	19	10	algorithms	algorithm	NOUN
fueconorg-5755	19	11	for	for	ADP
fueconorg-5755	19	12	portfolio	portfolio	NOUN
fueconorg-5755	19	13	optimization	optimization	NOUN
fueconorg-5755	19	14	.	.	PUNCT
fueconorg-5755	20	1	modern	modern	ADJ
fueconorg-5755	20	2	research	research	NOUN
fueconorg-5755	20	3	shows	show	VERB
fueconorg-5755	20	4	that	that	SCONJ
fueconorg-5755	20	5	optimization	optimization	NOUN
fueconorg-5755	20	6	models	model	NOUN
fueconorg-5755	20	7	that	that	PRON
fueconorg-5755	20	8	involve	involve	VERB
fueconorg-5755	20	9	extreme	extreme	ADJ
fueconorg-5755	20	10	risks	risk	NOUN
fueconorg-5755	20	11	and	and	CCONJ
fueconorg-5755	20	12	encompass	encompass	VERB
fueconorg-5755	20	13	the	the	DET
fueconorg-5755	20	14	entire	entire	ADJ
fueconorg-5755	20	15	return	return	NOUN
fueconorg-5755	20	16	distribution	distribution	NOUN
fueconorg-5755	20	17	would	would	AUX
fueconorg-5755	20	18	provide	provide	VERB
fueconorg-5755	20	19	more	more	ADV
fueconorg-5755	20	20	adequate	adequate	ADJ
fueconorg-5755	20	21	solutions	solution	NOUN
fueconorg-5755	20	22	to	to	ADP
fueconorg-5755	20	23	the	the	DET
fueconorg-5755	20	24	problem	problem	NOUN
fueconorg-5755	20	25	,	,	PUNCT
fueconorg-5755	20	26	especially	especially	ADV
fueconorg-5755	20	27	in	in	ADP
fueconorg-5755	20	28	emerging	emerge	VERB
fueconorg-5755	20	29	markets	market	NOUN
fueconorg-5755	20	30	(	(	PUNCT
fueconorg-5755	20	31	stevenson	stevenson	PROPN
fueconorg-5755	20	32	,	,	PUNCT
fueconorg-5755	20	33	2001	2001	NUM
fueconorg-5755	20	34	;	;	PUNCT
fueconorg-5755	20	35	gilmore	gilmore	PROPN
fueconorg-5755	20	36	et	et	PROPN
fueconorg-5755	20	37	al	al	PROPN
fueconorg-5755	20	38	.	.	PROPN
fueconorg-5755	20	39	,	,	PUNCT
fueconorg-5755	20	40	2005	2005	NUM
fueconorg-5755	20	41	)	)	PUNCT
fueconorg-5755	20	42	.	.	PUNCT
fueconorg-5755	21	1	therefore	therefore	ADV
fueconorg-5755	21	2	,	,	PUNCT
fueconorg-5755	21	3	the	the	DET
fueconorg-5755	21	4	aim	aim	NOUN
fueconorg-5755	21	5	of	of	ADP
fueconorg-5755	21	6	this	this	DET
fueconorg-5755	21	7	paper	paper	NOUN
fueconorg-5755	21	8	is	be	AUX
fueconorg-5755	21	9	to	to	PART
fueconorg-5755	21	10	point	point	VERB
fueconorg-5755	21	11	out	out	ADP
fueconorg-5755	21	12	the	the	DET
fueconorg-5755	21	13	shortcomings	shortcoming	NOUN
fueconorg-5755	21	14	of	of	ADP
fueconorg-5755	21	15	the	the	DET
fueconorg-5755	21	16	mv	mv	PROPN
fueconorg-5755	21	17	model	model	NOUN
fueconorg-5755	21	18	in	in	ADP
fueconorg-5755	21	19	the	the	DET
fueconorg-5755	21	20	optimization	optimization	NOUN
fueconorg-5755	21	21	of	of	ADP
fueconorg-5755	21	22	the	the	DET
fueconorg-5755	21	23	securities	security	NOUN
fueconorg-5755	21	24	portfolio	portfolio	NOUN
fueconorg-5755	21	25	of	of	ADP
fueconorg-5755	21	26	the	the	DET
fueconorg-5755	21	27	belgrade	belgrade	PROPN
fueconorg-5755	21	28	stock	stock	PROPN
fueconorg-5755	21	29	exchange	exchange	PROPN
fueconorg-5755	21	30	by	by	ADP
fueconorg-5755	21	31	comparing	compare	VERB
fueconorg-5755	21	32	the	the	DET
fueconorg-5755	21	33	performance	performance	NOUN
fueconorg-5755	21	34	of	of	ADP
fueconorg-5755	21	35	the	the	DET
fueconorg-5755	21	36	optimal	optimal	ADJ
fueconorg-5755	21	37	portfolios	portfolio	NOUN
fueconorg-5755	21	38	obtained	obtain	VERB
fueconorg-5755	21	39	by	by	ADP
fueconorg-5755	21	40	using	use	VERB
fueconorg-5755	21	41	different	different	ADJ
fueconorg-5755	21	42	risk	risk	NOUN
fueconorg-5755	21	43	measures	measure	NOUN
fueconorg-5755	21	44	.	.	PUNCT
fueconorg-5755	22	1	the	the	DET
fueconorg-5755	22	2	measures	measure	NOUN
fueconorg-5755	22	3	used	use	VERB
fueconorg-5755	22	4	to	to	PART
fueconorg-5755	22	5	evaluate	evaluate	VERB
fueconorg-5755	22	6	portfolio	portfolio	NOUN
fueconorg-5755	22	7	risk	risk	NOUN
fueconorg-5755	22	8	in	in	ADP
fueconorg-5755	22	9	this	this	DET
fueconorg-5755	22	10	study	study	NOUN
fueconorg-5755	22	11	are	be	AUX
fueconorg-5755	22	12	the	the	DET
fueconorg-5755	22	13	measures	measure	NOUN
fueconorg-5755	22	14	most	most	ADV
fueconorg-5755	22	15	commonly	commonly	ADV
fueconorg-5755	22	16	used	use	VERB
fueconorg-5755	22	17	in	in	ADP
fueconorg-5755	22	18	research	research	NOUN
fueconorg-5755	22	19	,	,	PUNCT
fueconorg-5755	22	20	as	as	SCONJ
fueconorg-5755	22	21	described	describe	VERB
fueconorg-5755	22	22	in	in	ADP
fueconorg-5755	22	23	the	the	DET
fueconorg-5755	22	24	second	second	ADJ
fueconorg-5755	22	25	part	part	NOUN
fueconorg-5755	22	26	of	of	ADP
fueconorg-5755	22	27	this	this	DET
fueconorg-5755	22	28	paper	paper	NOUN
fueconorg-5755	22	29	.	.	PUNCT
fueconorg-5755	23	1	the	the	DET
fueconorg-5755	23	2	method	method	NOUN
fueconorg-5755	23	3	of	of	ADP
fueconorg-5755	23	4	their	their	PRON
fueconorg-5755	23	5	calculation	calculation	NOUN
fueconorg-5755	23	6	and	and	CCONJ
fueconorg-5755	23	7	implementation	implementation	NOUN
fueconorg-5755	23	8	in	in	ADP
fueconorg-5755	23	9	the	the	DET
fueconorg-5755	23	10	optimization	optimization	NOUN
fueconorg-5755	23	11	algorithms	algorithms	NOUN
fueconorg-5755	23	12	is	be	AUX
fueconorg-5755	23	13	explained	explain	VERB
fueconorg-5755	23	14	in	in	ADP
fueconorg-5755	23	15	the	the	DET
fueconorg-5755	23	16	third	third	ADJ
fueconorg-5755	23	17	part	part	NOUN
fueconorg-5755	23	18	of	of	ADP
fueconorg-5755	23	19	the	the	DET
fueconorg-5755	23	20	paper	paper	NOUN
fueconorg-5755	23	21	,	,	PUNCT
fueconorg-5755	23	22	while	while	SCONJ
fueconorg-5755	23	23	a	a	DET
fueconorg-5755	23	24	comparative	comparative	ADJ
fueconorg-5755	23	25	analysis	analysis	NOUN
fueconorg-5755	23	26	of	of	ADP
fueconorg-5755	23	27	the	the	DET
fueconorg-5755	23	28	results	result	NOUN
fueconorg-5755	23	29	of	of	ADP
fueconorg-5755	23	30	portfolio	portfolio	NOUN
fueconorg-5755	23	31	optimization	optimization	NOUN
fueconorg-5755	23	32	by	by	ADP
fueconorg-5755	23	33	applying	apply	VERB
fueconorg-5755	23	34	different	different	ADJ
fueconorg-5755	23	35	risk	risk	NOUN
fueconorg-5755	23	36	measures	measure	NOUN
fueconorg-5755	23	37	is	be	AUX
fueconorg-5755	23	38	presented	present	VERB
fueconorg-5755	23	39	in	in	ADP
fueconorg-5755	23	40	the	the	DET
fueconorg-5755	23	41	fourth	fourth	ADJ
fueconorg-5755	23	42	part	part	NOUN
fueconorg-5755	23	43	.	.	PUNCT
fueconorg-5755	24	1	concluding	conclude	VERB
fueconorg-5755	24	2	remarks	remark	NOUN
fueconorg-5755	24	3	and	and	CCONJ
fueconorg-5755	24	4	further	further	ADJ
fueconorg-5755	24	5	directions	direction	NOUN
fueconorg-5755	24	6	for	for	ADP
fueconorg-5755	24	7	research	research	NOUN
fueconorg-5755	24	8	are	be	AUX
fueconorg-5755	24	9	presented	present	VERB
fueconorg-5755	24	10	in	in	ADP
fueconorg-5755	24	11	the	the	DET
fueconorg-5755	24	12	fifth	fifth	ADJ
fueconorg-5755	24	13	part	part	NOUN
fueconorg-5755	24	14	of	of	ADP
fueconorg-5755	24	15	the	the	DET
fueconorg-5755	24	16	paper	paper	NOUN
fueconorg-5755	24	17	.	.	PUNCT
fueconorg-5755	25	1	2	2	X
fueconorg-5755	25	2	.	.	X
fueconorg-5755	25	3	literature	literature	NOUN
fueconorg-5755	25	4	review	review	VERB
fueconorg-5755	25	5	the	the	DET
fueconorg-5755	25	6	effects	effect	NOUN
fueconorg-5755	25	7	of	of	ADP
fueconorg-5755	25	8	portfolio	portfolio	NOUN
fueconorg-5755	25	9	diversification	diversification	NOUN
fueconorg-5755	25	10	on	on	ADP
fueconorg-5755	25	11	emerging	emerge	VERB
fueconorg-5755	25	12	markets	market	NOUN
fueconorg-5755	25	13	can	can	AUX
fueconorg-5755	25	14	be	be	AUX
fueconorg-5755	25	15	highlighted	highlight	VERB
fueconorg-5755	25	16	as	as	ADP
fueconorg-5755	25	17	the	the	DET
fueconorg-5755	25	18	most	most	ADV
fueconorg-5755	25	19	significant	significant	ADJ
fueconorg-5755	25	20	feature	feature	NOUN
fueconorg-5755	25	21	of	of	ADP
fueconorg-5755	25	22	financial	financial	ADJ
fueconorg-5755	25	23	globalization	globalization	NOUN
fueconorg-5755	25	24	(	(	PUNCT
fueconorg-5755	25	25	mensi	mensi	NOUN
fueconorg-5755	25	26	et	et	PROPN
fueconorg-5755	25	27	al	al	PROPN
fueconorg-5755	25	28	.	.	PROPN
fueconorg-5755	25	29	,	,	PUNCT
fueconorg-5755	25	30	2017	2017	NUM
fueconorg-5755	25	31	)	)	PUNCT
fueconorg-5755	25	32	.	.	PUNCT
fueconorg-5755	26	1	emerging	emerge	VERB
fueconorg-5755	26	2	and	and	CCONJ
fueconorg-5755	26	3	frontier	frontier	NOUN
fueconorg-5755	26	4	markets	market	NOUN
fueconorg-5755	26	5	are	be	AUX
fueconorg-5755	26	6	usually	usually	ADV
fueconorg-5755	26	7	considered	consider	VERB
fueconorg-5755	26	8	separately	separately	ADV
fueconorg-5755	26	9	from	from	ADP
fueconorg-5755	26	10	developed	develop	VERB
fueconorg-5755	26	11	ones	one	NOUN
fueconorg-5755	26	12	because	because	SCONJ
fueconorg-5755	26	13	of	of	ADP
fueconorg-5755	26	14	their	their	PRON
fueconorg-5755	26	15	specificities	specificity	NOUN
fueconorg-5755	26	16	depth	depth	NOUN
fueconorg-5755	26	17	and	and	CCONJ
fueconorg-5755	26	18	width	width	ADJ
fueconorg-5755	26	19	,	,	PUNCT
fueconorg-5755	26	20	legal	legal	ADJ
fueconorg-5755	26	21	and	and	CCONJ
fueconorg-5755	26	22	institutional	institutional	ADJ
fueconorg-5755	26	23	infrastructure	infrastructure	NOUN
fueconorg-5755	26	24	.	.	PUNCT
fueconorg-5755	27	1	these	these	DET
fueconorg-5755	27	2	new	new	ADJ
fueconorg-5755	27	3	capital	capital	NOUN
fueconorg-5755	27	4	markets	market	NOUN
fueconorg-5755	27	5	of	of	ADP
fueconorg-5755	27	6	transition	transition	NOUN
fueconorg-5755	27	7	countries	country	NOUN
fueconorg-5755	27	8	in	in	ADP
fueconorg-5755	27	9	europe	europe	PROPN
fueconorg-5755	27	10	,	,	PUNCT
fueconorg-5755	27	11	south	south	PROPN
fueconorg-5755	27	12	america	america	PROPN
fueconorg-5755	27	13	,	,	PUNCT
fueconorg-5755	27	14	asia	asia	PROPN
fueconorg-5755	27	15	,	,	PUNCT
fueconorg-5755	27	16	the	the	DET
fueconorg-5755	27	17	middle	middle	PROPN
fueconorg-5755	27	18	east	east	PROPN
fueconorg-5755	27	19	and	and	CCONJ
fueconorg-5755	27	20	africa	africa	PROPN
fueconorg-5755	27	21	offer	offer	VERB
fueconorg-5755	27	22	investors	investor	NOUN
fueconorg-5755	27	23	unusually	unusually	ADV
fueconorg-5755	27	24	high	high	ADJ
fueconorg-5755	27	25	returns	return	NOUN
fueconorg-5755	27	26	,	,	PUNCT
fueconorg-5755	27	27	comparing	compare	VERB
fueconorg-5755	27	28	to	to	ADP
fueconorg-5755	27	29	developed	develop	VERB
fueconorg-5755	27	30	markets	market	NOUN
fueconorg-5755	27	31	,	,	PUNCT
fueconorg-5755	27	32	but	but	CCONJ
fueconorg-5755	27	33	also	also	ADV
fueconorg-5755	27	34	higher	high	ADJ
fueconorg-5755	27	35	level	level	NOUN
fueconorg-5755	27	36	of	of	ADP
fueconorg-5755	27	37	volatility	volatility	NOUN
fueconorg-5755	27	38	(	(	PUNCT
fueconorg-5755	27	39	bekaert	bekaert	NOUN
fueconorg-5755	27	40	&	&	CCONJ
fueconorg-5755	27	41	harvey	harvey	PROPN
fueconorg-5755	27	42	,	,	PUNCT
fueconorg-5755	27	43	2017	2017	NUM
fueconorg-5755	27	44	)	)	PUNCT
fueconorg-5755	27	45	.	.	PUNCT
fueconorg-5755	28	1	the	the	DET
fueconorg-5755	28	2	peculiarities	peculiarity	NOUN
fueconorg-5755	28	3	of	of	ADP
fueconorg-5755	28	4	the	the	DET
fueconorg-5755	28	5	functioning	functioning	NOUN
fueconorg-5755	28	6	of	of	ADP
fueconorg-5755	28	7	these	these	DET
fueconorg-5755	28	8	markets	market	NOUN
fueconorg-5755	28	9	make	make	VERB
fueconorg-5755	28	10	it	it	PRON
fueconorg-5755	28	11	impossible	impossible	ADJ
fueconorg-5755	28	12	to	to	PART
fueconorg-5755	28	13	establish	establish	VERB
fueconorg-5755	28	14	a	a	DET
fueconorg-5755	28	15	strong	strong	ADJ
fueconorg-5755	28	16	correlation	correlation	NOUN
fueconorg-5755	28	17	with	with	ADP
fueconorg-5755	28	18	other	other	ADJ
fueconorg-5755	28	19	world	world	NOUN
fueconorg-5755	28	20	markets	market	NOUN
fueconorg-5755	28	21	,	,	PUNCT
fueconorg-5755	28	22	preserving	preserve	VERB
fueconorg-5755	28	23	them	they	PRON
fueconorg-5755	28	24	from	from	ADP
fueconorg-5755	28	25	the	the	DET
fueconorg-5755	28	26	impact	impact	NOUN
fueconorg-5755	28	27	of	of	ADP
fueconorg-5755	28	28	global	global	ADJ
fueconorg-5755	28	29	trends	trend	NOUN
fueconorg-5755	28	30	(	(	PUNCT
fueconorg-5755	28	31	berger	berger	PROPN
fueconorg-5755	28	32	et	et	PROPN
fueconorg-5755	28	33	al	al	PROPN
fueconorg-5755	28	34	.	.	PROPN
fueconorg-5755	28	35	,	,	PUNCT
fueconorg-5755	28	36	2011	2011	NUM
fueconorg-5755	28	37	)	)	PUNCT
fueconorg-5755	28	38	.	.	PUNCT
fueconorg-5755	29	1	therefore	therefore	ADV
fueconorg-5755	29	2	,	,	PUNCT
fueconorg-5755	29	3	after	after	ADP
fueconorg-5755	29	4	the	the	DET
fueconorg-5755	29	5	financial	financial	ADJ
fueconorg-5755	29	6	crisis	crisis	NOUN
fueconorg-5755	29	7	,	,	PUNCT
fueconorg-5755	29	8	the	the	DET
fueconorg-5755	29	9	economic	economic	ADJ
fueconorg-5755	29	10	importance	importance	NOUN
fueconorg-5755	29	11	of	of	ADP
fueconorg-5755	29	12	emerging	emerge	VERB
fueconorg-5755	29	13	markets	market	NOUN
fueconorg-5755	29	14	significantly	significantly	ADV
fueconorg-5755	29	15	increased	increase	VERB
fueconorg-5755	29	16	and	and	CCONJ
fueconorg-5755	29	17	the	the	DET
fueconorg-5755	29	18	share	share	NOUN
fueconorg-5755	29	19	of	of	ADP
fueconorg-5755	29	20	emerging	emerge	VERB
fueconorg-5755	29	21	market	market	NOUN
fueconorg-5755	29	22	companies	company	NOUN
fueconorg-5755	29	23	’	’	PART
fueconorg-5755	29	24	stocks	stock	NOUN
fueconorg-5755	29	25	in	in	ADP
fueconorg-5755	29	26	the	the	DET
fueconorg-5755	29	27	msci	msci	PROPN
fueconorg-5755	29	28	all	all	DET
fueconorg-5755	29	29	country	country	NOUN
fueconorg-5755	29	30	world	world	NOUN
fueconorg-5755	29	31	index	index	NOUN
fueconorg-5755	29	32	effects	effect	NOUN
fueconorg-5755	29	33	of	of	ADP
fueconorg-5755	29	34	applying	apply	VERB
fueconorg-5755	29	35	different	different	ADJ
fueconorg-5755	29	36	risk	risk	NOUN
fueconorg-5755	29	37	measures	measure	NOUN
fueconorg-5755	29	38	on	on	ADP
fueconorg-5755	29	39	the	the	DET
fueconorg-5755	29	40	optimal	optimal	ADJ
fueconorg-5755	29	41	portfolio	portfolio	NOUN
fueconorg-5755	29	42	selection	selection	NOUN
fueconorg-5755	29	43	:	:	PUNCT
fueconorg-5755	29	44	the	the	DET
fueconorg-5755	29	45	case	case	NOUN
fueconorg-5755	29	46	of	of	ADP
fueconorg-5755	29	47	the	the	DET
fueconorg-5755	29	48	belgrade	belgrade	NOUN
fueconorg-5755	29	49	...	...	PUNCT
fueconorg-5755	29	50	19	19	NUM
fueconorg-5755	29	51	reached	reach	VERB
fueconorg-5755	29	52	14	14	NUM
fueconorg-5755	29	53	%	%	NOUN
fueconorg-5755	29	54	(	(	PUNCT
fueconorg-5755	29	55	melas	mela	NOUN
fueconorg-5755	29	56	,	,	PUNCT
fueconorg-5755	29	57	2019	2019	NUM
fueconorg-5755	29	58	)	)	PUNCT
fueconorg-5755	29	59	.	.	PUNCT
fueconorg-5755	30	1	nevertheless	nevertheless	ADV
fueconorg-5755	30	2	,	,	PUNCT
fueconorg-5755	30	3	investments	investment	NOUN
fueconorg-5755	30	4	in	in	ADP
fueconorg-5755	30	5	the	the	DET
fueconorg-5755	30	6	frontier	frontier	NOUN
fueconorg-5755	30	7	and	and	CCONJ
fueconorg-5755	30	8	emerging	emerge	VERB
fueconorg-5755	30	9	markets	market	NOUN
fueconorg-5755	30	10	are	be	AUX
fueconorg-5755	30	11	fraught	fraught	ADJ
fueconorg-5755	30	12	with	with	ADP
fueconorg-5755	30	13	numerous	numerous	ADJ
fueconorg-5755	30	14	risks	risk	NOUN
fueconorg-5755	30	15	,	,	PUNCT
fueconorg-5755	30	16	which	which	PRON
fueconorg-5755	30	17	can	can	AUX
fueconorg-5755	30	18	not	not	PART
fueconorg-5755	30	19	be	be	AUX
fueconorg-5755	30	20	adequately	adequately	ADV
fueconorg-5755	30	21	measured	measure	VERB
fueconorg-5755	30	22	by	by	ADP
fueconorg-5755	30	23	the	the	DET
fueconorg-5755	30	24	application	application	NOUN
fueconorg-5755	30	25	of	of	ADP
fueconorg-5755	30	26	classic	classic	ADJ
fueconorg-5755	30	27	risk	risk	NOUN
fueconorg-5755	30	28	assessment	assessment	NOUN
fueconorg-5755	30	29	models	model	NOUN
fueconorg-5755	30	30	.	.	PUNCT
fueconorg-5755	31	1	moreover	moreover	ADV
fueconorg-5755	31	2	,	,	PUNCT
fueconorg-5755	31	3	in	in	ADP
fueconorg-5755	31	4	post	post	ADJ
fueconorg-5755	31	5	-	-	ADJ
fueconorg-5755	31	6	crisis	crisis	NOUN
fueconorg-5755	31	7	period	period	NOUN
fueconorg-5755	31	8	modeling	modeling	NOUN
fueconorg-5755	31	9	of	of	ADP
fueconorg-5755	31	10	market	market	NOUN
fueconorg-5755	31	11	risk	risk	NOUN
fueconorg-5755	31	12	is	be	AUX
fueconorg-5755	31	13	heavily	heavily	ADV
fueconorg-5755	31	14	re	re	VERB
fueconorg-5755	31	15	-	-	VERB
fueconorg-5755	31	16	examined	examine	VERB
fueconorg-5755	31	17	,	,	PUNCT
fueconorg-5755	31	18	due	due	ADP
fueconorg-5755	31	19	to	to	ADP
fueconorg-5755	31	20	the	the	DET
fueconorg-5755	31	21	fact	fact	NOUN
fueconorg-5755	31	22	that	that	SCONJ
fueconorg-5755	31	23	existing	exist	VERB
fueconorg-5755	31	24	risk	risk	NOUN
fueconorg-5755	31	25	management	management	NOUN
fueconorg-5755	31	26	models	model	NOUN
fueconorg-5755	31	27	and	and	CCONJ
fueconorg-5755	31	28	practices	practice	NOUN
fueconorg-5755	31	29	have	have	AUX
fueconorg-5755	31	30	not	not	PART
fueconorg-5755	31	31	provided	provide	VERB
fueconorg-5755	31	32	a	a	DET
fueconorg-5755	31	33	reliable	reliable	ADJ
fueconorg-5755	31	34	framework	framework	NOUN
fueconorg-5755	31	35	for	for	ADP
fueconorg-5755	31	36	measuring	measure	VERB
fueconorg-5755	31	37	and	and	CCONJ
fueconorg-5755	31	38	managing	manage	VERB
fueconorg-5755	31	39	risk	risk	NOUN
fueconorg-5755	31	40	(	(	PUNCT
fueconorg-5755	31	41	ball	ball	NOUN
fueconorg-5755	31	42	,	,	PUNCT
fueconorg-5755	31	43	2009	2009	NUM
fueconorg-5755	31	44	;	;	PUNCT
fueconorg-5755	31	45	hansen	hansen	PROPN
fueconorg-5755	31	46	,	,	PUNCT
fueconorg-5755	31	47	2013	2013	NUM
fueconorg-5755	31	48	)	)	PUNCT
fueconorg-5755	31	49	.	.	PUNCT
fueconorg-5755	32	1	despite	despite	SCONJ
fueconorg-5755	32	2	numerous	numerous	ADJ
fueconorg-5755	32	3	empirical	empirical	ADJ
fueconorg-5755	32	4	studies	study	NOUN
fueconorg-5755	32	5	conducted	conduct	VERB
fueconorg-5755	32	6	from	from	ADP
fueconorg-5755	32	7	the	the	DET
fueconorg-5755	32	8	1950s	1950	NOUN
fueconorg-5755	32	9	till	till	SCONJ
fueconorg-5755	32	10	now	now	ADV
fueconorg-5755	32	11	,	,	PUNCT
fueconorg-5755	32	12	there	there	PRON
fueconorg-5755	32	13	is	be	VERB
fueconorg-5755	32	14	no	no	DET
fueconorg-5755	32	15	fundamental	fundamental	ADJ
fueconorg-5755	32	16	theory	theory	NOUN
fueconorg-5755	32	17	that	that	PRON
fueconorg-5755	32	18	offers	offer	VERB
fueconorg-5755	32	19	a	a	DET
fueconorg-5755	32	20	generally	generally	ADV
fueconorg-5755	32	21	accepted	accept	VERB
fueconorg-5755	32	22	statistical	statistical	ADJ
fueconorg-5755	32	23	model	model	NOUN
fueconorg-5755	32	24	based	base	VERB
fueconorg-5755	32	25	on	on	ADP
fueconorg-5755	32	26	some	some	DET
fueconorg-5755	32	27	theoretical	theoretical	ADJ
fueconorg-5755	32	28	return	return	NOUN
fueconorg-5755	32	29	distribution	distribution	NOUN
fueconorg-5755	32	30	that	that	PRON
fueconorg-5755	32	31	takes	take	VERB
fueconorg-5755	32	32	into	into	ADP
fueconorg-5755	32	33	account	account	NOUN
fueconorg-5755	32	34	all	all	DET
fueconorg-5755	32	35	the	the	DET
fueconorg-5755	32	36	observed	observed	ADJ
fueconorg-5755	32	37	characteristics	characteristic	NOUN
fueconorg-5755	32	38	of	of	ADP
fueconorg-5755	32	39	financial	financial	ADJ
fueconorg-5755	32	40	time	time	NOUN
fueconorg-5755	32	41	series	series	NOUN
fueconorg-5755	32	42	,	,	PUNCT
fueconorg-5755	32	43	such	such	ADJ
fueconorg-5755	32	44	as	as	ADP
fueconorg-5755	32	45	:	:	PUNCT
fueconorg-5755	32	46	volatility	volatility	NOUN
fueconorg-5755	32	47	clustering	clustering	NOUN
fueconorg-5755	32	48	,	,	PUNCT
fueconorg-5755	32	49	autoregression	autoregression	NOUN
fueconorg-5755	32	50	and	and	CCONJ
fueconorg-5755	32	51	return	return	NOUN
fueconorg-5755	32	52	asymmetry	asymmetry	NOUN
fueconorg-5755	32	53	,	,	PUNCT
fueconorg-5755	32	54	and	and	CCONJ
fueconorg-5755	32	55	heavy	heavy	ADJ
fueconorg-5755	32	56	tails	tail	NOUN
fueconorg-5755	32	57	and	and	CCONJ
fueconorg-5755	32	58	their	their	PRON
fueconorg-5755	32	59	properties	property	NOUN
fueconorg-5755	32	60	(	(	PUNCT
fueconorg-5755	32	61	stojanov	stojanov	NOUN
fueconorg-5755	32	62	et	et	PROPN
fueconorg-5755	32	63	al	al	PROPN
fueconorg-5755	32	64	.	.	PROPN
fueconorg-5755	32	65	,	,	PUNCT
fueconorg-5755	32	66	2011	2011	NUM
fueconorg-5755	32	67	)	)	PUNCT
fueconorg-5755	32	68	.	.	PUNCT
fueconorg-5755	33	1	therefore	therefore	ADV
fueconorg-5755	33	2	,	,	PUNCT
fueconorg-5755	33	3	it	it	PRON
fueconorg-5755	33	4	is	be	AUX
fueconorg-5755	33	5	necessary	necessary	ADJ
fueconorg-5755	33	6	that	that	SCONJ
fueconorg-5755	33	7	the	the	DET
fueconorg-5755	33	8	methodology	methodology	NOUN
fueconorg-5755	33	9	for	for	ADP
fueconorg-5755	33	10	quantifying	quantify	VERB
fueconorg-5755	33	11	risk	risk	NOUN
fueconorg-5755	33	12	is	be	AUX
fueconorg-5755	33	13	based	base	VERB
fueconorg-5755	33	14	on	on	ADP
fueconorg-5755	33	15	a	a	DET
fueconorg-5755	33	16	model	model	NOUN
fueconorg-5755	33	17	that	that	PRON
fueconorg-5755	33	18	captures	capture	VERB
fueconorg-5755	33	19	the	the	DET
fueconorg-5755	33	20	stated	state	VERB
fueconorg-5755	33	21	properties	property	NOUN
fueconorg-5755	33	22	of	of	ADP
fueconorg-5755	33	23	financial	financial	ADJ
fueconorg-5755	33	24	time	time	NOUN
fueconorg-5755	33	25	series	series	PROPN
fueconorg-5755	33	26	and	and	CCONJ
fueconorg-5755	33	27	,	,	PUNCT
fueconorg-5755	33	28	accordingly	accordingly	ADV
fueconorg-5755	33	29	,	,	PUNCT
fueconorg-5755	33	30	an	an	DET
fueconorg-5755	33	31	appropriate	appropriate	ADJ
fueconorg-5755	33	32	measure	measure	NOUN
fueconorg-5755	33	33	of	of	ADP
fueconorg-5755	33	34	risk	risk	NOUN
fueconorg-5755	33	35	.	.	PUNCT
fueconorg-5755	34	1	research	research	NOUN
fueconorg-5755	34	2	shows	show	VERB
fueconorg-5755	34	3	that	that	SCONJ
fueconorg-5755	34	4	investors	investor	NOUN
fueconorg-5755	34	5	prefer	prefer	VERB
fueconorg-5755	34	6	securities	security	NOUN
fueconorg-5755	34	7	whose	whose	DET
fueconorg-5755	34	8	distribution	distribution	NOUN
fueconorg-5755	34	9	is	be	AUX
fueconorg-5755	34	10	positively	positively	ADV
fueconorg-5755	34	11	asymmetric	asymmetric	ADJ
fueconorg-5755	34	12	if	if	SCONJ
fueconorg-5755	34	13	the	the	DET
fueconorg-5755	34	14	expected	expect	VERB
fueconorg-5755	34	15	return	return	NOUN
fueconorg-5755	34	16	and	and	CCONJ
fueconorg-5755	34	17	standard	standard	ADJ
fueconorg-5755	34	18	deviation	deviation	NOUN
fueconorg-5755	34	19	are	be	AUX
fueconorg-5755	34	20	constant	constant	ADJ
fueconorg-5755	34	21	for	for	ADP
fueconorg-5755	34	22	all	all	DET
fueconorg-5755	34	23	considered	consider	VERB
fueconorg-5755	34	24	securities	security	NOUN
fueconorg-5755	34	25	(	(	PUNCT
fueconorg-5755	34	26	guidolin	guidolin	PROPN
fueconorg-5755	34	27	&	&	CCONJ
fueconorg-5755	34	28	timmermann	timmermann	PROPN
fueconorg-5755	34	29	,	,	PUNCT
fueconorg-5755	34	30	2008	2008	NUM
fueconorg-5755	34	31	;	;	PUNCT
fueconorg-5755	34	32	xiong	xiong	PROPN
fueconorg-5755	34	33	&	&	CCONJ
fueconorg-5755	34	34	idzorek	idzorek	PROPN
fueconorg-5755	34	35	,	,	PUNCT
fueconorg-5755	34	36	2011	2011	NUM
fueconorg-5755	34	37	)	)	PUNCT
fueconorg-5755	34	38	.	.	PUNCT
fueconorg-5755	35	1	this	this	DET
fueconorg-5755	35	2	characteristic	characteristic	NOUN
fueconorg-5755	35	3	of	of	ADP
fueconorg-5755	35	4	investors	investor	NOUN
fueconorg-5755	35	5	is	be	AUX
fueconorg-5755	35	6	particularly	particularly	ADV
fueconorg-5755	35	7	evident	evident	ADJ
fueconorg-5755	35	8	when	when	SCONJ
fueconorg-5755	35	9	referring	refer	VERB
fueconorg-5755	35	10	to	to	ADP
fueconorg-5755	35	11	risk	risk	NOUN
fueconorg-5755	35	12	managers	manager	NOUN
fueconorg-5755	35	13	in	in	ADP
fueconorg-5755	35	14	mutual	mutual	ADJ
fueconorg-5755	35	15	funds	fund	NOUN
fueconorg-5755	35	16	and	and	CCONJ
fueconorg-5755	35	17	insurance	insurance	NOUN
fueconorg-5755	35	18	companies	company	NOUN
fueconorg-5755	35	19	(	(	PUNCT
fueconorg-5755	35	20	zuluaga	zuluaga	NOUN
fueconorg-5755	35	21	&	&	CCONJ
fueconorg-5755	35	22	cox	cox	PROPN
fueconorg-5755	35	23	,	,	PUNCT
fueconorg-5755	35	24	2010	2010	NUM
fueconorg-5755	35	25	)	)	PUNCT
fueconorg-5755	35	26	.	.	PUNCT
fueconorg-5755	36	1	in	in	ADP
fueconorg-5755	36	2	accordance	accordance	NOUN
fueconorg-5755	36	3	with	with	ADP
fueconorg-5755	36	4	investors	investor	NOUN
fueconorg-5755	36	5	’	'	PUNCT
fueconorg-5755	36	6	preferences	preference	NOUN
fueconorg-5755	36	7	,	,	PUNCT
fueconorg-5755	36	8	it	it	PRON
fueconorg-5755	36	9	is	be	AUX
fueconorg-5755	36	10	necessary	necessary	ADJ
fueconorg-5755	36	11	to	to	PART
fueconorg-5755	36	12	apply	apply	VERB
fueconorg-5755	36	13	an	an	DET
fueconorg-5755	36	14	appropriate	appropriate	ADJ
fueconorg-5755	36	15	risk	risk	NOUN
fueconorg-5755	36	16	assessment	assessment	NOUN
fueconorg-5755	36	17	model	model	NOUN
fueconorg-5755	36	18	,	,	PUNCT
fueconorg-5755	36	19	since	since	SCONJ
fueconorg-5755	36	20	an	an	DET
fueconorg-5755	36	21	inadequate	inadequate	ADJ
fueconorg-5755	36	22	model	model	NOUN
fueconorg-5755	36	23	for	for	ADP
fueconorg-5755	36	24	risk	risk	NOUN
fueconorg-5755	36	25	assessment	assessment	NOUN
fueconorg-5755	36	26	in	in	ADP
fueconorg-5755	36	27	portfolio	portfolio	NOUN
fueconorg-5755	36	28	analysis	analysis	NOUN
fueconorg-5755	36	29	can	can	AUX
fueconorg-5755	36	30	lead	lead	VERB
fueconorg-5755	36	31	to	to	ADP
fueconorg-5755	36	32	the	the	DET
fueconorg-5755	36	33	application	application	NOUN
fueconorg-5755	36	34	of	of	ADP
fueconorg-5755	36	35	wrong	wrong	ADJ
fueconorg-5755	36	36	diversification	diversification	NOUN
fueconorg-5755	36	37	and	and	CCONJ
fueconorg-5755	36	38	risk	risk	NOUN
fueconorg-5755	36	39	hedging	hedging	NOUN
fueconorg-5755	36	40	strategies	strategy	NOUN
fueconorg-5755	36	41	(	(	PUNCT
fueconorg-5755	36	42	lee	lee	PROPN
fueconorg-5755	36	43	,	,	PUNCT
fueconorg-5755	36	44	2011	2011	NUM
fueconorg-5755	36	45	)	)	PUNCT
fueconorg-5755	36	46	.	.	PUNCT
fueconorg-5755	37	1	the	the	DET
fueconorg-5755	37	2	appearance	appearance	NOUN
fueconorg-5755	37	3	of	of	ADP
fueconorg-5755	37	4	new	new	ADJ
fueconorg-5755	37	5	financial	financial	ADJ
fueconorg-5755	37	6	instruments	instrument	NOUN
fueconorg-5755	37	7	,	,	PUNCT
fueconorg-5755	37	8	the	the	DET
fueconorg-5755	37	9	different	different	ADJ
fueconorg-5755	37	10	types	type	NOUN
fueconorg-5755	37	11	of	of	ADP
fueconorg-5755	37	12	investors	investor	NOUN
fueconorg-5755	37	13	and	and	CCONJ
fueconorg-5755	37	14	the	the	DET
fueconorg-5755	37	15	circumstances	circumstance	NOUN
fueconorg-5755	37	16	under	under	ADP
fueconorg-5755	37	17	which	which	PRON
fueconorg-5755	37	18	investment	investment	NOUN
fueconorg-5755	37	19	is	be	AUX
fueconorg-5755	37	20	made	make	VERB
fueconorg-5755	37	21	in	in	ADP
fueconorg-5755	37	22	the	the	DET
fueconorg-5755	37	23	capital	capital	NOUN
fueconorg-5755	37	24	markets	market	NOUN
fueconorg-5755	37	25	,	,	PUNCT
fueconorg-5755	37	26	has	have	AUX
fueconorg-5755	37	27	conditioned	condition	VERB
fueconorg-5755	37	28	the	the	DET
fueconorg-5755	37	29	consideration	consideration	NOUN
fueconorg-5755	37	30	of	of	ADP
fueconorg-5755	37	31	an	an	DET
fueconorg-5755	37	32	alternative	alternative	ADJ
fueconorg-5755	37	33	risk	risk	NOUN
fueconorg-5755	37	34	measures	measure	NOUN
fueconorg-5755	37	35	to	to	ADP
fueconorg-5755	37	36	the	the	DET
fueconorg-5755	37	37	variance	variance	NOUN
fueconorg-5755	37	38	(	(	PUNCT
fueconorg-5755	37	39	hoe	hoe	VERB
fueconorg-5755	37	40	et	et	PROPN
fueconorg-5755	37	41	al	al	PROPN
fueconorg-5755	37	42	.	.	PROPN
fueconorg-5755	37	43	,	,	PUNCT
fueconorg-5755	37	44	2010	2010	NUM
fueconorg-5755	37	45	;	;	PUNCT
fueconorg-5755	37	46	zhang	zhang	PROPN
fueconorg-5755	37	47	and	and	CCONJ
fueconorg-5755	37	48	guo	guo	PROPN
fueconorg-5755	37	49	,	,	PUNCT
fueconorg-5755	37	50	2018	2018	NUM
fueconorg-5755	37	51	)	)	PUNCT
fueconorg-5755	37	52	.	.	PUNCT
fueconorg-5755	38	1	implementation	implementation	NOUN
fueconorg-5755	38	2	of	of	ADP
fueconorg-5755	38	3	these	these	DET
fueconorg-5755	38	4	measures	measure	NOUN
fueconorg-5755	38	5	enabled	enable	VERB
fueconorg-5755	38	6	simplification	simplification	NOUN
fueconorg-5755	38	7	of	of	ADP
fueconorg-5755	38	8	portfolio	portfolio	NOUN
fueconorg-5755	38	9	optimization	optimization	NOUN
fueconorg-5755	38	10	algorithms	algorithm	NOUN
fueconorg-5755	38	11	,	,	PUNCT
fueconorg-5755	38	12	since	since	SCONJ
fueconorg-5755	38	13	the	the	DET
fueconorg-5755	38	14	optimal	optimal	ADJ
fueconorg-5755	38	15	portfolio	portfolio	NOUN
fueconorg-5755	38	16	can	can	AUX
fueconorg-5755	38	17	be	be	AUX
fueconorg-5755	38	18	determined	determine	VERB
fueconorg-5755	38	19	by	by	ADP
fueconorg-5755	38	20	using	use	VERB
fueconorg-5755	38	21	linear	linear	ADJ
fueconorg-5755	38	22	programming	programming	NOUN
fueconorg-5755	38	23	.	.	PUNCT
fueconorg-5755	39	1	in	in	ADP
fueconorg-5755	39	2	order	order	NOUN
fueconorg-5755	39	3	to	to	PART
fueconorg-5755	39	4	overcome	overcome	VERB
fueconorg-5755	39	5	the	the	DET
fueconorg-5755	39	6	disadvantages	disadvantage	NOUN
fueconorg-5755	39	7	of	of	ADP
fueconorg-5755	39	8	variance	variance	NOUN
fueconorg-5755	39	9	as	as	ADP
fueconorg-5755	39	10	a	a	DET
fueconorg-5755	39	11	measure	measure	NOUN
fueconorg-5755	39	12	of	of	ADP
fueconorg-5755	39	13	risk	risk	NOUN
fueconorg-5755	39	14	,	,	PUNCT
fueconorg-5755	39	15	konno	konno	NOUN
fueconorg-5755	39	16	and	and	CCONJ
fueconorg-5755	39	17	yamazaki	yamazaki	PROPN
fueconorg-5755	39	18	(	(	PUNCT
fueconorg-5755	39	19	1991	1991	NUM
fueconorg-5755	39	20	)	)	PUNCT
fueconorg-5755	39	21	proposed	propose	VERB
fueconorg-5755	39	22	a	a	DET
fueconorg-5755	39	23	new	new	ADJ
fueconorg-5755	39	24	portfolio	portfolio	NOUN
fueconorg-5755	39	25	optimization	optimization	NOUN
fueconorg-5755	39	26	model	model	NOUN
fueconorg-5755	39	27	that	that	PRON
fueconorg-5755	39	28	captures	capture	VERB
fueconorg-5755	39	29	risk	risk	NOUN
fueconorg-5755	39	30	with	with	ADP
fueconorg-5755	39	31	the	the	DET
fueconorg-5755	39	32	measure	measure	NOUN
fueconorg-5755	39	33	of	of	ADP
fueconorg-5755	39	34	mean	mean	ADJ
fueconorg-5755	39	35	absolute	absolute	ADJ
fueconorg-5755	39	36	deviation	deviation	NOUN
fueconorg-5755	39	37	.	.	PUNCT
fueconorg-5755	40	1	this	this	DET
fueconorg-5755	40	2	model	model	NOUN
fueconorg-5755	40	3	can	can	AUX
fueconorg-5755	40	4	be	be	AUX
fueconorg-5755	40	5	used	use	VERB
fueconorg-5755	40	6	to	to	PART
fueconorg-5755	40	7	select	select	VERB
fueconorg-5755	40	8	assets	asset	NOUN
fueconorg-5755	40	9	from	from	ADP
fueconorg-5755	40	10	a	a	DET
fueconorg-5755	40	11	large	large	ADJ
fueconorg-5755	40	12	set	set	NOUN
fueconorg-5755	40	13	of	of	ADP
fueconorg-5755	40	14	available	available	ADJ
fueconorg-5755	40	15	investment	investment	NOUN
fueconorg-5755	40	16	alternatives	alternative	NOUN
fueconorg-5755	40	17	and	and	CCONJ
fueconorg-5755	40	18	,	,	PUNCT
fueconorg-5755	40	19	unlike	unlike	ADP
fueconorg-5755	40	20	the	the	DET
fueconorg-5755	40	21	markowitz	markowitz	PROPN
fueconorg-5755	40	22	’s	’s	PART
fueconorg-5755	40	23	model	model	NOUN
fueconorg-5755	40	24	,	,	PUNCT
fueconorg-5755	40	25	it	it	PRON
fueconorg-5755	40	26	does	do	AUX
fueconorg-5755	40	27	not	not	PART
fueconorg-5755	40	28	require	require	VERB
fueconorg-5755	40	29	calculation	calculation	NOUN
fueconorg-5755	40	30	of	of	ADP
fueconorg-5755	40	31	the	the	DET
fueconorg-5755	40	32	covariance	covariance	NOUN
fueconorg-5755	40	33	matrix	matrix	NOUN
fueconorg-5755	40	34	.	.	PUNCT
fueconorg-5755	41	1	however	however	ADV
fueconorg-5755	41	2	,	,	PUNCT
fueconorg-5755	41	3	despite	despite	SCONJ
fueconorg-5755	41	4	the	the	DET
fueconorg-5755	41	5	fact	fact	NOUN
fueconorg-5755	41	6	that	that	DET
fueconorg-5755	41	7	variance	variance	NOUN
fueconorg-5755	41	8	and	and	CCONJ
fueconorg-5755	41	9	mean	mean	VERB
fueconorg-5755	41	10	absolute	absolute	ADJ
fueconorg-5755	41	11	deviation	deviation	NOUN
fueconorg-5755	41	12	are	be	AUX
fueconorg-5755	41	13	adequate	adequate	ADJ
fueconorg-5755	41	14	risk	risk	NOUN
fueconorg-5755	41	15	measures	measure	NOUN
fueconorg-5755	41	16	in	in	ADP
fueconorg-5755	41	17	a	a	DET
fueconorg-5755	41	18	large	large	ADJ
fueconorg-5755	41	19	number	number	NOUN
fueconorg-5755	41	20	of	of	ADP
fueconorg-5755	41	21	cases	case	NOUN
fueconorg-5755	41	22	(	(	PUNCT
fueconorg-5755	41	23	byrne	byrne	NOUN
fueconorg-5755	41	24	and	and	CCONJ
fueconorg-5755	41	25	lee	lee	PROPN
fueconorg-5755	41	26	,	,	PUNCT
fueconorg-5755	41	27	2004	2004	NUM
fueconorg-5755	41	28	)	)	PUNCT
fueconorg-5755	41	29	,	,	PUNCT
fueconorg-5755	41	30	investors	investor	NOUN
fueconorg-5755	41	31	’	'	PUNCT
fueconorg-5755	41	32	preferences	preference	NOUN
fueconorg-5755	41	33	towards	towards	ADP
fueconorg-5755	41	34	positive	positive	ADJ
fueconorg-5755	41	35	deviations	deviation	NOUN
fueconorg-5755	41	36	from	from	ADP
fueconorg-5755	41	37	expected	expect	VERB
fueconorg-5755	41	38	returns	return	NOUN
fueconorg-5755	41	39	can	can	AUX
fueconorg-5755	41	40	not	not	PART
fueconorg-5755	41	41	be	be	AUX
fueconorg-5755	41	42	incorporated	incorporate	VERB
fueconorg-5755	41	43	in	in	ADP
fueconorg-5755	41	44	these	these	DET
fueconorg-5755	41	45	models	model	NOUN
fueconorg-5755	41	46	(	(	PUNCT
fueconorg-5755	41	47	lamm	lamm	PROPN
fueconorg-5755	41	48	,	,	PUNCT
fueconorg-5755	41	49	2003	2003	NUM
fueconorg-5755	41	50	)	)	PUNCT
fueconorg-5755	41	51	.	.	PUNCT
fueconorg-5755	42	1	by	by	ADP
fueconorg-5755	42	2	applying	apply	VERB
fueconorg-5755	42	3	downside	downside	ADJ
fueconorg-5755	42	4	risk	risk	NOUN
fueconorg-5755	42	5	measures	measure	NOUN
fueconorg-5755	42	6	in	in	ADP
fueconorg-5755	42	7	the	the	DET
fueconorg-5755	42	8	securities	security	NOUN
fueconorg-5755	42	9	selection	selection	NOUN
fueconorg-5755	42	10	model	model	NOUN
fueconorg-5755	42	11	,	,	PUNCT
fueconorg-5755	42	12	especially	especially	ADV
fueconorg-5755	42	13	when	when	SCONJ
fueconorg-5755	42	14	investing	invest	VERB
fueconorg-5755	42	15	in	in	ADP
fueconorg-5755	42	16	emerging	emerge	VERB
fueconorg-5755	42	17	markets	market	NOUN
fueconorg-5755	42	18	,	,	PUNCT
fueconorg-5755	42	19	these	these	DET
fueconorg-5755	42	20	deficiencies	deficiency	NOUN
fueconorg-5755	42	21	can	can	AUX
fueconorg-5755	42	22	be	be	AUX
fueconorg-5755	42	23	eliminated	eliminate	VERB
fueconorg-5755	42	24	(	(	PUNCT
fueconorg-5755	42	25	stevenson	stevenson	PROPN
fueconorg-5755	42	26	,	,	PUNCT
fueconorg-5755	42	27	2001	2001	NUM
fueconorg-5755	42	28	;	;	PUNCT
fueconorg-5755	42	29	estrada	estrada	PROPN
fueconorg-5755	42	30	,	,	PUNCT
fueconorg-5755	42	31	2006	2006	NUM
fueconorg-5755	42	32	)	)	PUNCT
fueconorg-5755	42	33	.	.	PUNCT
fueconorg-5755	43	1	one	one	NUM
fueconorg-5755	43	2	of	of	ADP
fueconorg-5755	43	3	the	the	DET
fueconorg-5755	43	4	commonly	commonly	ADV
fueconorg-5755	43	5	used	use	VERB
fueconorg-5755	43	6	downside	downside	ADJ
fueconorg-5755	43	7	risk	risk	NOUN
fueconorg-5755	43	8	measures	measure	NOUN
fueconorg-5755	43	9	,	,	PUNCT
fueconorg-5755	43	10	introduced	introduce	VERB
fueconorg-5755	43	11	by	by	ADP
fueconorg-5755	43	12	markowitz	markowitz	PROPN
fueconorg-5755	43	13	(	(	PUNCT
fueconorg-5755	43	14	1959	1959	NUM
fueconorg-5755	43	15	)	)	PUNCT
fueconorg-5755	43	16	into	into	ADP
fueconorg-5755	43	17	portfolio	portfolio	NOUN
fueconorg-5755	43	18	analysis	analysis	NOUN
fueconorg-5755	43	19	,	,	PUNCT
fueconorg-5755	43	20	is	be	AUX
fueconorg-5755	43	21	semivariance	semivariance	NOUN
fueconorg-5755	43	22	.	.	PUNCT
fueconorg-5755	44	1	the	the	DET
fueconorg-5755	44	2	semivariance	semivariance	NOUN
fueconorg-5755	44	3	is	be	AUX
fueconorg-5755	44	4	often	often	ADV
fueconorg-5755	44	5	considered	consider	VERB
fueconorg-5755	44	6	as	as	ADP
fueconorg-5755	44	7	more	more	ADV
fueconorg-5755	44	8	appropriate	appropriate	ADJ
fueconorg-5755	44	9	investors	investor	NOUN
fueconorg-5755	44	10	’	'	PUNCT
fueconorg-5755	44	11	risk	risk	NOUN
fueconorg-5755	44	12	measure	measure	NOUN
fueconorg-5755	44	13	than	than	ADP
fueconorg-5755	44	14	the	the	DET
fueconorg-5755	44	15	variance	variance	NOUN
fueconorg-5755	44	16	.	.	PUNCT
fueconorg-5755	45	1	however	however	ADV
fueconorg-5755	45	2	,	,	PUNCT
fueconorg-5755	45	3	computational	computational	ADJ
fueconorg-5755	45	4	issues	issue	NOUN
fueconorg-5755	45	5	have	have	AUX
fueconorg-5755	45	6	affected	affect	VERB
fueconorg-5755	45	7	academics	academic	NOUN
fueconorg-5755	45	8	and	and	CCONJ
fueconorg-5755	45	9	practitioners	practitioner	NOUN
fueconorg-5755	45	10	to	to	PART
fueconorg-5755	45	11	use	use	VERB
fueconorg-5755	45	12	preferably	preferably	ADV
fueconorg-5755	45	13	mv	mv	VERB
fueconorg-5755	45	14	approach	approach	NOUN
fueconorg-5755	45	15	(	(	PUNCT
fueconorg-5755	45	16	estrada	estrada	PROPN
fueconorg-5755	45	17	,	,	PUNCT
fueconorg-5755	45	18	2008	2008	NUM
fueconorg-5755	45	19	)	)	PUNCT
fueconorg-5755	45	20	.	.	PUNCT
fueconorg-5755	46	1	the	the	DET
fueconorg-5755	46	2	other	other	ADJ
fueconorg-5755	46	3	widely	widely	ADV
fueconorg-5755	46	4	used	use	VERB
fueconorg-5755	46	5	downside	downside	ADJ
fueconorg-5755	46	6	risk	risk	NOUN
fueconorg-5755	46	7	measure	measure	NOUN
fueconorg-5755	46	8	is	be	AUX
fueconorg-5755	46	9	the	the	DET
fueconorg-5755	46	10	semi	semi	ADJ
fueconorg-5755	46	11	-	-	ADJ
fueconorg-5755	46	12	absolute	absolute	ADJ
fueconorg-5755	46	13	deviation	deviation	NOUN
fueconorg-5755	46	14	proposed	propose	VERB
fueconorg-5755	46	15	by	by	ADP
fueconorg-5755	46	16	speranza	speranza	PROPN
fueconorg-5755	46	17	(	(	PUNCT
fueconorg-5755	46	18	1993	1993	NUM
fueconorg-5755	46	19	)	)	PUNCT
fueconorg-5755	46	20	.	.	PUNCT
fueconorg-5755	47	1	although	although	SCONJ
fueconorg-5755	47	2	,	,	PUNCT
fueconorg-5755	47	3	it	it	PRON
fueconorg-5755	47	4	can	can	AUX
fueconorg-5755	47	5	be	be	AUX
fueconorg-5755	47	6	shown	show	VERB
fueconorg-5755	47	7	that	that	SCONJ
fueconorg-5755	47	8	,	,	PUNCT
fueconorg-5755	47	9	under	under	ADP
fueconorg-5755	47	10	certain	certain	ADJ
fueconorg-5755	47	11	assumptions	assumption	NOUN
fueconorg-5755	47	12	,	,	PUNCT
fueconorg-5755	47	13	the	the	DET
fueconorg-5755	47	14	semi	semi	ADJ
fueconorg-5755	47	15	-	-	ADJ
fueconorg-5755	47	16	absolute	absolute	ADJ
fueconorg-5755	47	17	deviation	deviation	NOUN
fueconorg-5755	47	18	is	be	AUX
fueconorg-5755	47	19	equal	equal	ADJ
fueconorg-5755	47	20	to	to	ADP
fueconorg-5755	47	21	one	one	NUM
fueconorg-5755	47	22	half	half	NOUN
fueconorg-5755	47	23	of	of	ADP
fueconorg-5755	47	24	the	the	DET
fueconorg-5755	47	25	absolute	absolute	ADJ
fueconorg-5755	47	26	deviation	deviation	NOUN
fueconorg-5755	47	27	,	,	PUNCT
fueconorg-5755	47	28	as	as	ADV
fueconorg-5755	47	29	well	well	ADV
fueconorg-5755	47	30	as	as	ADP
fueconorg-5755	47	31	equivalent	equivalent	ADJ
fueconorg-5755	47	32	to	to	ADP
fueconorg-5755	47	33	the	the	DET
fueconorg-5755	47	34	variance	variance	NOUN
fueconorg-5755	47	35	(	(	PUNCT
fueconorg-5755	47	36	chiodi	chiodi	PROPN
fueconorg-5755	47	37	et	et	PROPN
fueconorg-5755	47	38	al	al	PROPN
fueconorg-5755	47	39	.	.	PROPN
fueconorg-5755	47	40	,	,	PUNCT
fueconorg-5755	47	41	2003	2003	NUM
fueconorg-5755	47	42	)	)	PUNCT
fueconorg-5755	47	43	,	,	PUNCT
fueconorg-5755	47	44	from	from	ADP
fueconorg-5755	47	45	a	a	DET
fueconorg-5755	47	46	computational	computational	ADJ
fueconorg-5755	47	47	point	point	NOUN
fueconorg-5755	47	48	of	of	ADP
fueconorg-5755	47	49	view	view	NOUN
fueconorg-5755	47	50	,	,	PUNCT
fueconorg-5755	47	51	implementation	implementation	NOUN
fueconorg-5755	47	52	of	of	ADP
fueconorg-5755	47	53	the	the	DET
fueconorg-5755	47	54	semi	semi	ADJ
fueconorg-5755	47	55	-	-	ADJ
fueconorg-5755	47	56	absolute	absolute	ADJ
fueconorg-5755	47	57	deviation	deviation	NOUN
fueconorg-5755	47	58	in	in	ADP
fueconorg-5755	47	59	the	the	DET
fueconorg-5755	47	60	portfolio	portfolio	NOUN
fueconorg-5755	47	61	optimization	optimization	NOUN
fueconorg-5755	47	62	model	model	NOUN
fueconorg-5755	47	63	makes	make	VERB
fueconorg-5755	47	64	its	its	PRON
fueconorg-5755	47	65	evaluation	evaluation	NOUN
fueconorg-5755	47	66	simplified	simplified	ADJ
fueconorg-5755	47	67	(	(	PUNCT
fueconorg-5755	47	68	liu	liu	PROPN
fueconorg-5755	47	69	and	and	CCONJ
fueconorg-5755	47	70	qin	qin	PROPN
fueconorg-5755	47	71	,	,	PUNCT
fueconorg-5755	47	72	2012	2012	NUM
fueconorg-5755	47	73	)	)	PUNCT
fueconorg-5755	47	74	.	.	PUNCT
fueconorg-5755	48	1	in	in	ADP
fueconorg-5755	48	2	recent	recent	ADJ
fueconorg-5755	48	3	years	year	NOUN
fueconorg-5755	48	4	,	,	PUNCT
fueconorg-5755	48	5	due	due	ADP
fueconorg-5755	48	6	to	to	ADP
fueconorg-5755	48	7	finance	finance	NOUN
fueconorg-5755	48	8	and	and	CCONJ
fueconorg-5755	48	9	insurance	insurance	NOUN
fueconorg-5755	48	10	regulation	regulation	NOUN
fueconorg-5755	48	11	,	,	PUNCT
fueconorg-5755	48	12	value	value	NOUN
fueconorg-5755	48	13	at	at	ADP
fueconorg-5755	48	14	risk	risk	NOUN
fueconorg-5755	48	15	(	(	PUNCT
fueconorg-5755	48	16	var	var	NOUN
fueconorg-5755	48	17	)	)	PUNCT
fueconorg-5755	48	18	and	and	CCONJ
fueconorg-5755	48	19	conditional	conditional	ADJ
fueconorg-5755	48	20	value	value	NOUN
fueconorg-5755	48	21	at	at	ADP
fueconorg-5755	48	22	risk	risk	NOUN
fueconorg-5755	48	23	(	(	PUNCT
fueconorg-5755	48	24	cvar	cvar	NOUN
fueconorg-5755	48	25	)	)	PUNCT
fueconorg-5755	48	26	have	have	AUX
fueconorg-5755	48	27	been	be	AUX
fueconorg-5755	48	28	used	use	VERB
fueconorg-5755	48	29	in	in	ADP
fueconorg-5755	48	30	financial	financial	ADJ
fueconorg-5755	48	31	and	and	CCONJ
fueconorg-5755	48	32	risk	risk	NOUN
fueconorg-5755	48	33	management	management	NOUN
fueconorg-5755	48	34	.	.	PUNCT
fueconorg-5755	49	1	the	the	DET
fueconorg-5755	49	2	20	20	NUM
fueconorg-5755	49	3	j.	j.	PROPN
fueconorg-5755	49	4	z.	z.	PROPN
fueconorg-5755	49	5	stanković	stanković	PROPN
fueconorg-5755	49	6	,	,	PUNCT
fueconorg-5755	49	7	e.	e.	PROPN
fueconorg-5755	49	8	petrović	petrović	PROPN
fueconorg-5755	49	9	,	,	PUNCT
fueconorg-5755	49	10	k.	k.	PROPN
fueconorg-5755	49	11	denĉić	denĉić	PROPN
fueconorg-5755	49	12	-	-	PUNCT
fueconorg-5755	49	13	mihajlov	mihajlov	NOUN
fueconorg-5755	49	14	problem	problem	NOUN
fueconorg-5755	49	15	of	of	ADP
fueconorg-5755	49	16	the	the	DET
fueconorg-5755	49	17	choice	choice	NOUN
fueconorg-5755	49	18	between	between	ADP
fueconorg-5755	49	19	var	var	NOUN
fueconorg-5755	49	20	and	and	CCONJ
fueconorg-5755	49	21	cvar	cvar	NOUN
fueconorg-5755	49	22	in	in	ADP
fueconorg-5755	49	23	portfolio	portfolio	NOUN
fueconorg-5755	49	24	optimization	optimization	NOUN
fueconorg-5755	49	25	is	be	AUX
fueconorg-5755	49	26	affected	affect	VERB
fueconorg-5755	49	27	by	by	ADP
fueconorg-5755	49	28	the	the	DET
fueconorg-5755	49	29	differences	difference	NOUN
fueconorg-5755	49	30	in	in	ADP
fueconorg-5755	49	31	mathematical	mathematical	ADJ
fueconorg-5755	49	32	properties	property	NOUN
fueconorg-5755	49	33	of	of	ADP
fueconorg-5755	49	34	these	these	DET
fueconorg-5755	49	35	risk	risk	NOUN
fueconorg-5755	49	36	measures	measure	NOUN
fueconorg-5755	49	37	,	,	PUNCT
fueconorg-5755	49	38	stability	stability	NOUN
fueconorg-5755	49	39	of	of	ADP
fueconorg-5755	49	40	statistical	statistical	ADJ
fueconorg-5755	49	41	estimation	estimation	NOUN
fueconorg-5755	49	42	and	and	CCONJ
fueconorg-5755	49	43	complexity	complexity	NOUN
fueconorg-5755	49	44	of	of	ADP
fueconorg-5755	49	45	optimization	optimization	NOUN
fueconorg-5755	49	46	procedures	procedure	NOUN
fueconorg-5755	49	47	(	(	PUNCT
fueconorg-5755	49	48	sarykalin	sarykalin	PROPN
fueconorg-5755	49	49	et	et	PROPN
fueconorg-5755	49	50	al	al	PROPN
fueconorg-5755	49	51	.	.	PROPN
fueconorg-5755	49	52	,	,	PUNCT
fueconorg-5755	49	53	2008	2008	NUM
fueconorg-5755	49	54	)	)	PUNCT
fueconorg-5755	49	55	.	.	PUNCT
fueconorg-5755	50	1	practical	practical	ADJ
fueconorg-5755	50	2	applications	application	NOUN
fueconorg-5755	50	3	indicate	indicate	VERB
fueconorg-5755	50	4	that	that	SCONJ
fueconorg-5755	50	5	the	the	DET
fueconorg-5755	50	6	minimization	minimization	NOUN
fueconorg-5755	50	7	of	of	ADP
fueconorg-5755	50	8	cvar	cvar	NOUN
fueconorg-5755	50	9	usually	usually	ADV
fueconorg-5755	50	10	leads	lead	VERB
fueconorg-5755	50	11	to	to	ADP
fueconorg-5755	50	12	near	near	ADP
fueconorg-5755	50	13	optimal	optimal	ADJ
fueconorg-5755	50	14	solutions	solution	NOUN
fueconorg-5755	50	15	in	in	ADP
fueconorg-5755	50	16	var	var	NOUN
fueconorg-5755	50	17	terms	term	NOUN
fueconorg-5755	50	18	,	,	PUNCT
fueconorg-5755	50	19	so	so	SCONJ
fueconorg-5755	50	20	it	it	PRON
fueconorg-5755	50	21	can	can	AUX
fueconorg-5755	50	22	be	be	AUX
fueconorg-5755	50	23	concluded	conclude	VERB
fueconorg-5755	50	24	that	that	SCONJ
fueconorg-5755	50	25	portfolios	portfolio	NOUN
fueconorg-5755	50	26	characterized	characterize	VERB
fueconorg-5755	50	27	by	by	ADP
fueconorg-5755	50	28	low	low	ADJ
fueconorg-5755	50	29	cvar	cvar	NOUN
fueconorg-5755	50	30	should	should	AUX
fueconorg-5755	50	31	have	have	VERB
fueconorg-5755	50	32	low	low	ADJ
fueconorg-5755	50	33	var	var	NOUN
fueconorg-5755	50	34	as	as	ADV
fueconorg-5755	50	35	well	well	ADV
fueconorg-5755	50	36	.	.	PUNCT
fueconorg-5755	51	1	however	however	ADV
fueconorg-5755	51	2	,	,	PUNCT
fueconorg-5755	51	3	cvar	cvar	NOUN
fueconorg-5755	51	4	as	as	ADP
fueconorg-5755	51	5	a	a	DET
fueconorg-5755	51	6	coherent	coherent	ADJ
fueconorg-5755	51	7	measure	measure	NOUN
fueconorg-5755	51	8	of	of	ADP
fueconorg-5755	51	9	risk	risk	NOUN
fueconorg-5755	51	10	can	can	AUX
fueconorg-5755	51	11	be	be	AUX
fueconorg-5755	51	12	used	use	VERB
fueconorg-5755	51	13	in	in	ADP
fueconorg-5755	51	14	solving	solve	VERB
fueconorg-5755	51	15	optimization	optimization	NOUN
fueconorg-5755	51	16	problems	problem	NOUN
fueconorg-5755	51	17	of	of	ADP
fueconorg-5755	51	18	large	large	ADJ
fueconorg-5755	51	19	portfolios	portfolio	NOUN
fueconorg-5755	51	20	and	and	CCONJ
fueconorg-5755	51	21	a	a	DET
fueconorg-5755	51	22	large	large	ADJ
fueconorg-5755	51	23	number	number	NOUN
fueconorg-5755	51	24	of	of	ADP
fueconorg-5755	51	25	scenarios	scenario	NOUN
fueconorg-5755	51	26	with	with	ADP
fueconorg-5755	51	27	linear	linear	ADJ
fueconorg-5755	51	28	programming	programming	NOUN
fueconorg-5755	51	29	(	(	PUNCT
fueconorg-5755	51	30	krokhmal	krokhmal	NOUN
fueconorg-5755	51	31	et	et	PROPN
fueconorg-5755	51	32	al	al	PROPN
fueconorg-5755	51	33	.	.	PROPN
fueconorg-5755	51	34	,	,	PUNCT
fueconorg-5755	51	35	2002	2002	NUM
fueconorg-5755	51	36	)	)	PUNCT
fueconorg-5755	51	37	.	.	PUNCT
fueconorg-5755	52	1	the	the	DET
fueconorg-5755	52	2	previous	previous	ADJ
fueconorg-5755	52	3	researches	research	VERB
fueconorg-5755	52	4	on	on	ADP
fueconorg-5755	52	5	the	the	DET
fueconorg-5755	52	6	portfolio	portfolio	NOUN
fueconorg-5755	52	7	optimization	optimization	NOUN
fueconorg-5755	52	8	conducted	conduct	VERB
fueconorg-5755	52	9	on	on	ADP
fueconorg-5755	52	10	the	the	DET
fueconorg-5755	52	11	serbian	serbian	ADJ
fueconorg-5755	52	12	and	and	CCONJ
fueconorg-5755	52	13	neighboring	neighboring	NOUN
fueconorg-5755	52	14	capital	capital	NOUN
fueconorg-5755	52	15	markets	market	NOUN
fueconorg-5755	52	16	,	,	PUNCT
fueconorg-5755	52	17	in	in	ADP
fueconorg-5755	52	18	which	which	PRON
fueconorg-5755	52	19	markowitz	markowitz	PROPN
fueconorg-5755	52	20	’s	’s	PART
fueconorg-5755	52	21	model	model	NOUN
fueconorg-5755	52	22	in	in	ADP
fueconorg-5755	52	23	portfolio	portfolio	NOUN
fueconorg-5755	52	24	selection	selection	NOUN
fueconorg-5755	52	25	was	be	AUX
fueconorg-5755	52	26	applied	apply	VERB
fueconorg-5755	52	27	,	,	PUNCT
fueconorg-5755	52	28	identified	identify	VERB
fueconorg-5755	52	29	numerous	numerous	ADJ
fueconorg-5755	52	30	limiting	limiting	NOUN
fueconorg-5755	52	31	factors	factor	NOUN
fueconorg-5755	52	32	,	,	PUNCT
fueconorg-5755	52	33	such	such	ADJ
fueconorg-5755	52	34	as	as	ADP
fueconorg-5755	52	35	market	market	NOUN
fueconorg-5755	52	36	illiquidity	illiquidity	NOUN
fueconorg-5755	52	37	,	,	PUNCT
fueconorg-5755	52	38	low	low	ADJ
fueconorg-5755	52	39	turnovers	turnover	NOUN
fueconorg-5755	52	40	,	,	PUNCT
fueconorg-5755	52	41	high	high	ADJ
fueconorg-5755	52	42	oscillations	oscillation	NOUN
fueconorg-5755	52	43	of	of	ADP
fueconorg-5755	52	44	returns	return	NOUN
fueconorg-5755	52	45	,	,	PUNCT
fueconorg-5755	52	46	as	as	ADV
fueconorg-5755	52	47	well	well	ADV
fueconorg-5755	52	48	as	as	ADP
fueconorg-5755	52	49	positive	positive	ADJ
fueconorg-5755	52	50	correlation	correlation	NOUN
fueconorg-5755	52	51	among	among	ADP
fueconorg-5755	52	52	the	the	DET
fueconorg-5755	52	53	returns	return	NOUN
fueconorg-5755	52	54	(	(	PUNCT
fueconorg-5755	52	55	zaimović	zaimović	NOUN
fueconorg-5755	52	56	and	and	CCONJ
fueconorg-5755	52	57	delalić	delalić	NOUN
fueconorg-5755	52	58	,	,	PUNCT
fueconorg-5755	52	59	2010	2010	NUM
fueconorg-5755	52	60	;	;	PUNCT
fueconorg-5755	52	61	koĉović	koĉović	PROPN
fueconorg-5755	52	62	et	et	PROPN
fueconorg-5755	52	63	al	al	PROPN
fueconorg-5755	52	64	.	.	PROPN
fueconorg-5755	52	65	,	,	PUNCT
fueconorg-5755	52	66	2015	2015	NUM
fueconorg-5755	52	67	;	;	PUNCT
fueconorg-5755	52	68	radović	radović	PROPN
fueconorg-5755	52	69	et	et	PROPN
fueconorg-5755	52	70	al	al	PROPN
fueconorg-5755	52	71	.	.	PROPN
fueconorg-5755	52	72	,	,	PUNCT
fueconorg-5755	52	73	2018	2018	NUM
fueconorg-5755	52	74	)	)	PUNCT
fueconorg-5755	52	75	.	.	PUNCT
fueconorg-5755	53	1	therefore	therefore	ADV
fueconorg-5755	53	2	,	,	PUNCT
fueconorg-5755	53	3	the	the	DET
fueconorg-5755	53	4	main	main	ADJ
fueconorg-5755	53	5	contribution	contribution	NOUN
fueconorg-5755	53	6	of	of	ADP
fueconorg-5755	53	7	this	this	DET
fueconorg-5755	53	8	paper	paper	NOUN
fueconorg-5755	53	9	is	be	AUX
fueconorg-5755	53	10	to	to	PART
fueconorg-5755	53	11	investigate	investigate	VERB
fueconorg-5755	53	12	the	the	DET
fueconorg-5755	53	13	effects	effect	NOUN
fueconorg-5755	53	14	of	of	ADP
fueconorg-5755	53	15	different	different	ADJ
fueconorg-5755	53	16	risk	risk	NOUN
fueconorg-5755	53	17	measures	measure	VERB
fueconorg-5755	53	18	implementation	implementation	NOUN
fueconorg-5755	53	19	on	on	ADP
fueconorg-5755	53	20	optimal	optimal	ADJ
fueconorg-5755	53	21	portfolio	portfolio	NOUN
fueconorg-5755	53	22	selection	selection	NOUN
fueconorg-5755	53	23	model	model	NOUN
fueconorg-5755	53	24	on	on	ADP
fueconorg-5755	53	25	the	the	DET
fueconorg-5755	53	26	belgrade	belgrade	PROPN
fueconorg-5755	53	27	stock	stock	PROPN
fueconorg-5755	53	28	exchange	exchange	PROPN
fueconorg-5755	53	29	.	.	PUNCT
fueconorg-5755	54	1	3	3	X
fueconorg-5755	54	2	.	.	X
fueconorg-5755	54	3	data	datum	NOUN
fueconorg-5755	54	4	and	and	CCONJ
fueconorg-5755	54	5	methodological	methodological	ADJ
fueconorg-5755	54	6	framework	framework	NOUN
fueconorg-5755	54	7	in	in	ADP
fueconorg-5755	54	8	order	order	NOUN
fueconorg-5755	54	9	to	to	PART
fueconorg-5755	54	10	form	form	VERB
fueconorg-5755	54	11	a	a	DET
fueconorg-5755	54	12	portfolio	portfolio	NOUN
fueconorg-5755	54	13	that	that	PRON
fueconorg-5755	54	14	will	will	AUX
fueconorg-5755	54	15	provide	provide	VERB
fueconorg-5755	54	16	investors	investor	NOUN
fueconorg-5755	54	17	on	on	ADP
fueconorg-5755	54	18	the	the	DET
fueconorg-5755	54	19	belgrade	belgrade	PROPN
fueconorg-5755	54	20	stock	stock	PROPN
fueconorg-5755	54	21	exchange	exchange	VERB
fueconorg-5755	54	22	a	a	DET
fueconorg-5755	54	23	better	well	ADJ
fueconorg-5755	54	24	performance	performance	NOUN
fueconorg-5755	54	25	comparing	compare	VERB
fueconorg-5755	54	26	to	to	ADP
fueconorg-5755	54	27	the	the	DET
fueconorg-5755	54	28	market	market	NOUN
fueconorg-5755	54	29	portfolio	portfolio	NOUN
fueconorg-5755	54	30	,	,	PUNCT
fueconorg-5755	54	31	optimization	optimization	NOUN
fueconorg-5755	54	32	algorithms	algorithm	NOUN
fueconorg-5755	54	33	are	be	AUX
fueconorg-5755	54	34	applied	apply	VERB
fueconorg-5755	54	35	to	to	ADP
fueconorg-5755	54	36	a	a	DET
fueconorg-5755	54	37	group	group	NOUN
fueconorg-5755	54	38	of	of	ADP
fueconorg-5755	54	39	stocks	stock	NOUN
fueconorg-5755	54	40	–	–	PUNCT
fueconorg-5755	54	41	constituents	constituent	NOUN
fueconorg-5755	54	42	of	of	ADP
fueconorg-5755	54	43	the	the	DET
fueconorg-5755	54	44	market	market	NOUN
fueconorg-5755	54	45	indexes	index	NOUN
fueconorg-5755	54	46	belex15	belex15	NOUN
fueconorg-5755	54	47	and	and	CCONJ
fueconorg-5755	54	48	belexline	belexline	NOUN
fueconorg-5755	54	49	baskets	basket	NOUN
fueconorg-5755	54	50	.	.	PUNCT
fueconorg-5755	55	1	the	the	DET
fueconorg-5755	55	2	value	value	NOUN
fueconorg-5755	55	3	of	of	ADP
fueconorg-5755	55	4	belexline	belexline	NOUN
fueconorg-5755	55	5	and	and	CCONJ
fueconorg-5755	55	6	belex15	belex15	ADJ
fueconorg-5755	55	7	indexes	index	NOUN
fueconorg-5755	55	8	are	be	AUX
fueconorg-5755	55	9	determined	determine	VERB
fueconorg-5755	55	10	by	by	ADP
fueconorg-5755	55	11	the	the	DET
fueconorg-5755	55	12	prices	price	NOUN
fueconorg-5755	55	13	of	of	ADP
fueconorg-5755	55	14	the	the	DET
fueconorg-5755	55	15	most	most	ADV
fueconorg-5755	55	16	liquid	liquid	ADJ
fueconorg-5755	55	17	stocks	stock	NOUN
fueconorg-5755	55	18	which	which	PRON
fueconorg-5755	55	19	are	be	AUX
fueconorg-5755	55	20	continuously	continuously	ADV
fueconorg-5755	55	21	being	be	AUX
fueconorg-5755	55	22	traded	trade	VERB
fueconorg-5755	55	23	on	on	ADP
fueconorg-5755	55	24	the	the	DET
fueconorg-5755	55	25	regulated	regulated	ADJ
fueconorg-5755	55	26	market	market	NOUN
fueconorg-5755	55	27	of	of	ADP
fueconorg-5755	55	28	the	the	DET
fueconorg-5755	55	29	belgrade	belgrade	PROPN
fueconorg-5755	55	30	stock	stock	PROPN
fueconorg-5755	55	31	exchange	exchange	PROPN
fueconorg-5755	55	32	.	.	PUNCT
fueconorg-5755	56	1	an	an	DET
fueconorg-5755	56	2	adequate	adequate	ADJ
fueconorg-5755	56	3	evaluation	evaluation	NOUN
fueconorg-5755	56	4	of	of	ADP
fueconorg-5755	56	5	the	the	DET
fueconorg-5755	56	6	basic	basic	ADJ
fueconorg-5755	56	7	characteristics	characteristic	NOUN
fueconorg-5755	56	8	of	of	ADP
fueconorg-5755	56	9	financial	financial	ADJ
fueconorg-5755	56	10	time	time	NOUN
fueconorg-5755	56	11	series	series	PROPN
fueconorg-5755	56	12	requires	require	VERB
fueconorg-5755	56	13	certain	certain	ADJ
fueconorg-5755	56	14	duration	duration	NOUN
fueconorg-5755	56	15	of	of	ADP
fueconorg-5755	56	16	the	the	DET
fueconorg-5755	56	17	series	series	NOUN
fueconorg-5755	56	18	,	,	PUNCT
fueconorg-5755	56	19	which	which	PRON
fueconorg-5755	56	20	reduces	reduce	VERB
fueconorg-5755	56	21	the	the	DET
fueconorg-5755	56	22	number	number	NOUN
fueconorg-5755	56	23	of	of	ADP
fueconorg-5755	56	24	available	available	ADJ
fueconorg-5755	56	25	stocks	stock	NOUN
fueconorg-5755	56	26	to	to	ADP
fueconorg-5755	56	27	29	29	NUM
fueconorg-5755	56	28	.	.	PUNCT
fueconorg-5755	57	1	taking	take	VERB
fueconorg-5755	57	2	into	into	ADP
fueconorg-5755	57	3	consideration	consideration	NOUN
fueconorg-5755	57	4	the	the	DET
fueconorg-5755	57	5	required	require	VERB
fueconorg-5755	57	6	conditions	condition	NOUN
fueconorg-5755	57	7	which	which	PRON
fueconorg-5755	57	8	the	the	DET
fueconorg-5755	57	9	companies	company	NOUN
fueconorg-5755	57	10	issuing	issue	VERB
fueconorg-5755	57	11	the	the	DET
fueconorg-5755	57	12	stocks	stock	NOUN
fueconorg-5755	57	13	need	need	VERB
fueconorg-5755	57	14	to	to	PART
fueconorg-5755	57	15	meet	meet	VERB
fueconorg-5755	57	16	in	in	ADP
fueconorg-5755	57	17	order	order	NOUN
fueconorg-5755	57	18	to	to	PART
fueconorg-5755	57	19	be	be	AUX
fueconorg-5755	57	20	included	include	VERB
fueconorg-5755	57	21	in	in	ADP
fueconorg-5755	57	22	these	these	DET
fueconorg-5755	57	23	lists	list	NOUN
fueconorg-5755	57	24	,	,	PUNCT
fueconorg-5755	57	25	the	the	DET
fueconorg-5755	57	26	starting	starting	NOUN
fueconorg-5755	57	27	point	point	NOUN
fueconorg-5755	57	28	in	in	ADP
fueconorg-5755	57	29	this	this	DET
fueconorg-5755	57	30	study	study	NOUN
fueconorg-5755	57	31	is	be	AUX
fueconorg-5755	57	32	the	the	DET
fueconorg-5755	57	33	assumption	assumption	NOUN
fueconorg-5755	57	34	that	that	SCONJ
fueconorg-5755	57	35	they	they	PRON
fueconorg-5755	57	36	are	be	AUX
fueconorg-5755	57	37	the	the	DET
fueconorg-5755	57	38	most	most	ADV
fueconorg-5755	57	39	liquid	liquid	ADJ
fueconorg-5755	57	40	securities	security	NOUN
fueconorg-5755	57	41	on	on	ADP
fueconorg-5755	57	42	the	the	DET
fueconorg-5755	57	43	belgrade	belgrade	PROPN
fueconorg-5755	57	44	stock	stock	PROPN
fueconorg-5755	57	45	exchange	exchange	PROPN
fueconorg-5755	57	46	.	.	PUNCT
fueconorg-5755	58	1	the	the	DET
fueconorg-5755	58	2	data	datum	NOUN
fueconorg-5755	58	3	used	use	VERB
fueconorg-5755	58	4	in	in	ADP
fueconorg-5755	58	5	this	this	DET
fueconorg-5755	58	6	study	study	NOUN
fueconorg-5755	58	7	were	be	AUX
fueconorg-5755	58	8	taken	take	VERB
fueconorg-5755	58	9	from	from	ADP
fueconorg-5755	58	10	the	the	DET
fueconorg-5755	58	11	website	website	NOUN
fueconorg-5755	58	12	of	of	ADP
fueconorg-5755	58	13	the	the	DET
fueconorg-5755	58	14	belgrade	belgrade	PROPN
fueconorg-5755	58	15	stock	stock	PROPN
fueconorg-5755	58	16	exchange	exchange	PROPN
fueconorg-5755	58	17	(	(	PUNCT
fueconorg-5755	58	18	www.belex.rs	www.belex.rs	PROPN
fueconorg-5755	58	19	)	)	PUNCT
fueconorg-5755	58	20	.	.	PUNCT
fueconorg-5755	59	1	the	the	DET
fueconorg-5755	59	2	series	series	NOUN
fueconorg-5755	59	3	of	of	ADP
fueconorg-5755	59	4	values	value	NOUN
fueconorg-5755	59	5	of	of	ADP
fueconorg-5755	59	6	the	the	DET
fueconorg-5755	59	7	indexes	index	NOUN
fueconorg-5755	59	8	,	,	PUNCT
fueconorg-5755	59	9	as	as	ADV
fueconorg-5755	59	10	well	well	ADV
fueconorg-5755	59	11	as	as	ADP
fueconorg-5755	59	12	of	of	ADP
fueconorg-5755	59	13	individual	individual	ADJ
fueconorg-5755	59	14	stocks	stock	NOUN
fueconorg-5755	59	15	,	,	PUNCT
fueconorg-5755	59	16	include	include	VERB
fueconorg-5755	59	17	records	record	NOUN
fueconorg-5755	59	18	from	from	ADP
fueconorg-5755	59	19	january	january	PROPN
fueconorg-5755	59	20	1st	1st	NOUN
fueconorg-5755	59	21	,	,	PUNCT
fueconorg-5755	59	22	2008	2008	NUM
fueconorg-5755	59	23	to	to	ADP
fueconorg-5755	59	24	december	december	PROPN
fueconorg-5755	59	25	31st	31st	NOUN
fueconorg-5755	59	26	,	,	PUNCT
fueconorg-5755	59	27	2018	2018	NUM
fueconorg-5755	59	28	,	,	PUNCT
fueconorg-5755	59	29	which	which	PRON
fueconorg-5755	59	30	in	in	ADP
fueconorg-5755	59	31	total	total	NOUN
fueconorg-5755	59	32	includes	include	VERB
fueconorg-5755	59	33	2775	2775	NUM
fueconorg-5755	59	34	trading	trading	NOUN
fueconorg-5755	59	35	days	day	NOUN
fueconorg-5755	59	36	.	.	PUNCT
fueconorg-5755	60	1	optimization	optimization	NOUN
fueconorg-5755	60	2	algorithms	algorithm	NOUN
fueconorg-5755	60	3	are	be	AUX
fueconorg-5755	60	4	executed	execute	VERB
fueconorg-5755	60	5	using	use	VERB
fueconorg-5755	60	6	29	29	NUM
fueconorg-5755	60	7	assets	asset	NOUN
fueconorg-5755	60	8	observation	observation	NOUN
fueconorg-5755	60	9	,	,	PUNCT
fueconorg-5755	60	10	each	each	PRON
fueconorg-5755	60	11	of	of	ADP
fueconorg-5755	60	12	which	which	PRON
fueconorg-5755	60	13	with	with	ADP
fueconorg-5755	60	14	the	the	DET
fueconorg-5755	60	15	2524	2524	NUM
fueconorg-5755	60	16	in	in	ADP
fueconorg-5755	60	17	-	-	PUNCT
fueconorg-5755	60	18	sample	sample	NOUN
fueconorg-5755	60	19	trading	trading	NOUN
fueconorg-5755	60	20	data	datum	NOUN
fueconorg-5755	60	21	and	and	CCONJ
fueconorg-5755	60	22	tested	test	VERB
fueconorg-5755	60	23	in	in	ADP
fueconorg-5755	60	24	out	out	ADJ
fueconorg-5755	60	25	-	-	PUNCT
fueconorg-5755	60	26	sample	sample	NOUN
fueconorg-5755	60	27	period	period	NOUN
fueconorg-5755	60	28	of	of	ADP
fueconorg-5755	60	29	250	250	NUM
fueconorg-5755	60	30	trading	trading	NOUN
fueconorg-5755	60	31	data	datum	NOUN
fueconorg-5755	60	32	in	in	ADP
fueconorg-5755	60	33	the	the	DET
fueconorg-5755	60	34	last	last	ADJ
fueconorg-5755	60	35	year	year	NOUN
fueconorg-5755	60	36	.	.	PUNCT
fueconorg-5755	61	1	in	in	ADP
fueconorg-5755	61	2	the	the	DET
fueconorg-5755	61	3	models	model	NOUN
fueconorg-5755	61	4	we	we	PRON
fueconorg-5755	61	5	use	use	VERB
fueconorg-5755	61	6	the	the	DET
fueconorg-5755	61	7	logarithmic	logarithmic	ADJ
fueconorg-5755	61	8	returns	return	NOUN
fueconorg-5755	61	9	of	of	ADP
fueconorg-5755	61	10	the	the	DET
fueconorg-5755	61	11	selected	select	VERB
fueconorg-5755	61	12	stocks	stock	NOUN
fueconorg-5755	61	13	’	'	PUNCT
fueconorg-5755	61	14	values	value	NOUN
fueconorg-5755	61	15	.	.	PUNCT
fueconorg-5755	62	1	the	the	DET
fueconorg-5755	62	2	distributions	distribution	NOUN
fueconorg-5755	62	3	of	of	ADP
fueconorg-5755	62	4	such	such	ADJ
fueconorg-5755	62	5	returns	return	NOUN
fueconorg-5755	62	6	deviate	deviate	VERB
fueconorg-5755	62	7	significantly	significantly	ADV
fueconorg-5755	62	8	from	from	ADP
fueconorg-5755	62	9	the	the	DET
fueconorg-5755	62	10	normal	normal	ADJ
fueconorg-5755	62	11	distribution	distribution	NOUN
fueconorg-5755	62	12	,	,	PUNCT
fueconorg-5755	62	13	while	while	SCONJ
fueconorg-5755	62	14	the	the	DET
fueconorg-5755	62	15	stocks	stock	NOUN
fueconorg-5755	62	16	’	'	PUNCT
fueconorg-5755	62	17	returns	return	NOUN
fueconorg-5755	62	18	have	have	AUX
fueconorg-5755	62	19	been	be	AUX
fueconorg-5755	62	20	positively	positively	ADV
fueconorg-5755	62	21	correlated	correlate	VERB
fueconorg-5755	62	22	(	(	PUNCT
fueconorg-5755	62	23	stanković	stanković	NOUN
fueconorg-5755	62	24	et	et	PROPN
fueconorg-5755	62	25	al	al	PROPN
fueconorg-5755	62	26	.	.	PROPN
fueconorg-5755	62	27	,	,	PUNCT
fueconorg-5755	62	28	2015	2015	NUM
fueconorg-5755	62	29	)	)	PUNCT
fueconorg-5755	62	30	.	.	PUNCT
fueconorg-5755	63	1	if	if	SCONJ
fueconorg-5755	63	2	it	it	PRON
fueconorg-5755	63	3	is	be	AUX
fueconorg-5755	63	4	assumed	assume	VERB
fueconorg-5755	63	5	that	that	SCONJ
fueconorg-5755	63	6	investor	investor	NOUN
fueconorg-5755	63	7	considers	consider	VERB
fueconorg-5755	63	8	investing	invest	VERB
fueconorg-5755	63	9	financial	financial	ADJ
fueconorg-5755	63	10	means	mean	NOUN
fueconorg-5755	63	11	in	in	ADP
fueconorg-5755	63	12	i	i	PRON
fueconorg-5755	63	13	,	,	PUNCT
fueconorg-5755	63	14	i	i	PRON
fueconorg-5755	63	15	=	=	NOUN
fueconorg-5755	63	16	1	1	NUM
fueconorg-5755	63	17	,	,	PUNCT
fueconorg-5755	63	18	2	2	NUM
fueconorg-5755	63	19	,	,	PUNCT
fueconorg-5755	63	20	3	3	NUM
fueconorg-5755	63	21	,	,	PUNCT
fueconorg-5755	63	22	…	…	PUNCT
fueconorg-5755	63	23	,	,	PUNCT
fueconorg-5755	63	24	n	n	CCONJ
fueconorg-5755	63	25	different	different	ADJ
fueconorg-5755	63	26	securities	security	NOUN
fueconorg-5755	63	27	,	,	PUNCT
fueconorg-5755	63	28	which	which	PRON
fueconorg-5755	63	29	returns	return	VERB
fueconorg-5755	63	30	in	in	ADP
fueconorg-5755	63	31	the	the	DET
fueconorg-5755	63	32	time	time	NOUN
fueconorg-5755	63	33	period	period	NOUN
fueconorg-5755	63	34	t	t	PROPN
fueconorg-5755	63	35	,	,	PUNCT
fueconorg-5755	63	36	t	t	NOUN
fueconorg-5755	63	37	=	=	SYM
fueconorg-5755	63	38	1	1	NUM
fueconorg-5755	63	39	,	,	PUNCT
fueconorg-5755	63	40	2	2	NUM
fueconorg-5755	63	41	,	,	PUNCT
fueconorg-5755	63	42	3	3	NUM
fueconorg-5755	63	43	,	,	PUNCT
fueconorg-5755	63	44	…	…	PUNCT
fueconorg-5755	63	45	t	t	PROPN
fueconorg-5755	63	46	are	be	AUX
fueconorg-5755	63	47	ri(t	ri(t	NOUN
fueconorg-5755	63	48	)	)	PUNCT
fueconorg-5755	63	49	,	,	PUNCT
fueconorg-5755	63	50	the	the	DET
fueconorg-5755	63	51	expected	expect	VERB
fueconorg-5755	63	52	return	return	NOUN
fueconorg-5755	63	53	of	of	ADP
fueconorg-5755	63	54	the	the	DET
fueconorg-5755	63	55	investment	investment	NOUN
fueconorg-5755	63	56	portfolio	portfolio	NOUN
fueconorg-5755	63	57	e(rp	e(rp	NOUN
fueconorg-5755	63	58	)	)	PUNCT
fueconorg-5755	63	59	can	can	AUX
fueconorg-5755	63	60	be	be	AUX
fueconorg-5755	63	61	determined	determine	VERB
fueconorg-5755	63	62	using	use	VERB
fueconorg-5755	63	63	the	the	DET
fueconorg-5755	63	64	following	follow	VERB
fueconorg-5755	63	65	formula	formula	NOUN
fueconorg-5755	63	66	:	:	PUNCT
fueconorg-5755	63	67	∑	∑	PUNCT
fueconorg-5755	63	68	(	(	PUNCT
fueconorg-5755	63	69	1	1	X
fueconorg-5755	63	70	)	)	PUNCT
fueconorg-5755	63	71	where	where	SCONJ
fueconorg-5755	63	72	e(ri	e(ri	NOUN
fueconorg-5755	63	73	)	)	PUNCT
fueconorg-5755	63	74	represents	represent	VERB
fueconorg-5755	63	75	the	the	DET
fueconorg-5755	63	76	expected	expect	VERB
fueconorg-5755	63	77	return	return	NOUN
fueconorg-5755	63	78	of	of	ADP
fueconorg-5755	63	79	i	i	PRON
fueconorg-5755	63	80	security	security	NOUN
fueconorg-5755	63	81	measured	measure	VERB
fueconorg-5755	63	82	by	by	ADP
fueconorg-5755	63	83	the	the	DET
fueconorg-5755	63	84	mean	mean	ADJ
fueconorg-5755	63	85	value	value	NOUN
fueconorg-5755	63	86	in	in	ADP
fueconorg-5755	63	87	the	the	DET
fueconorg-5755	63	88	observed	observed	ADJ
fueconorg-5755	63	89	period	period	NOUN
fueconorg-5755	63	90	(	(	PUNCT
fueconorg-5755	63	91	̄	̄	NOUN
fueconorg-5755	63	92	)	)	PUNCT
fueconorg-5755	63	93	,	,	PUNCT
fueconorg-5755	63	94	while	while	SCONJ
fueconorg-5755	63	95	wi	wi	PROPN
fueconorg-5755	63	96	is	be	AUX
fueconorg-5755	63	97	a	a	DET
fueconorg-5755	63	98	share	share	NOUN
fueconorg-5755	63	99	of	of	ADP
fueconorg-5755	63	100	the	the	DET
fueconorg-5755	63	101	i	i	PROPN
fueconorg-5755	63	102	security	security	NOUN
fueconorg-5755	63	103	in	in	ADP
fueconorg-5755	63	104	the	the	DET
fueconorg-5755	63	105	investment	investment	NOUN
fueconorg-5755	63	106	portfolio	portfolio	NOUN
fueconorg-5755	63	107	.	.	PUNCT
fueconorg-5755	64	1	to	to	PART
fueconorg-5755	64	2	determine	determine	VERB
fueconorg-5755	64	3	the	the	DET
fueconorg-5755	64	4	optimal	optimal	ADJ
fueconorg-5755	64	5	portfolio	portfolio	NOUN
fueconorg-5755	64	6	,	,	PUNCT
fueconorg-5755	64	7	we	we	PRON
fueconorg-5755	64	8	use	use	VERB
fueconorg-5755	64	9	different	different	ADJ
fueconorg-5755	64	10	criteria	criterion	NOUN
fueconorg-5755	64	11	.	.	PUNCT
fueconorg-5755	65	1	if	if	SCONJ
fueconorg-5755	65	2	we	we	PRON
fueconorg-5755	65	3	assume	assume	VERB
fueconorg-5755	65	4	that	that	SCONJ
fueconorg-5755	65	5	investors	investor	NOUN
fueconorg-5755	65	6	are	be	AUX
fueconorg-5755	65	7	risk	risk	NOUN
fueconorg-5755	65	8	-	-	PUNCT
fueconorg-5755	65	9	averse	averse	ADJ
fueconorg-5755	65	10	,	,	PUNCT
fueconorg-5755	65	11	they	they	PRON
fueconorg-5755	65	12	will	will	AUX
fueconorg-5755	65	13	select	select	VERB
fueconorg-5755	65	14	securities	security	NOUN
fueconorg-5755	65	15	in	in	ADP
fueconorg-5755	65	16	such	such	DET
fueconorg-5755	65	17	a	a	DET
fueconorg-5755	65	18	manner	manner	NOUN
fueconorg-5755	65	19	to	to	PART
fueconorg-5755	65	20	provide	provide	VERB
fueconorg-5755	65	21	the	the	DET
fueconorg-5755	65	22	maximum	maximum	ADJ
fueconorg-5755	65	23	return	return	NOUN
fueconorg-5755	65	24	for	for	ADP
fueconorg-5755	65	25	an	an	DET
fueconorg-5755	65	26	acceptable	acceptable	ADJ
fueconorg-5755	65	27	level	level	NOUN
fueconorg-5755	65	28	of	of	ADP
fueconorg-5755	65	29	risk	risk	NOUN
fueconorg-5755	65	30	or	or	CCONJ
fueconorg-5755	65	31	to	to	PART
fueconorg-5755	65	32	minimize	minimize	VERB
fueconorg-5755	65	33	risk	risk	NOUN
fueconorg-5755	65	34	for	for	ADP
fueconorg-5755	65	35	a	a	DET
fueconorg-5755	65	36	given	give	VERB
fueconorg-5755	65	37	level	level	NOUN
fueconorg-5755	65	38	of	of	ADP
fueconorg-5755	65	39	return	return	NOUN
fueconorg-5755	65	40	.	.	PUNCT
fueconorg-5755	66	1	portfolio	portfolio	NOUN
fueconorg-5755	66	2	risk	risk	NOUN
fueconorg-5755	66	3	effects	effect	NOUN
fueconorg-5755	66	4	of	of	ADP
fueconorg-5755	66	5	applying	apply	VERB
fueconorg-5755	66	6	different	different	ADJ
fueconorg-5755	66	7	risk	risk	NOUN
fueconorg-5755	66	8	measures	measure	NOUN
fueconorg-5755	66	9	on	on	ADP
fueconorg-5755	66	10	the	the	DET
fueconorg-5755	66	11	optimal	optimal	ADJ
fueconorg-5755	66	12	portfolio	portfolio	NOUN
fueconorg-5755	66	13	selection	selection	NOUN
fueconorg-5755	66	14	:	:	PUNCT
fueconorg-5755	66	15	the	the	DET
fueconorg-5755	66	16	case	case	NOUN
fueconorg-5755	66	17	of	of	ADP
fueconorg-5755	66	18	the	the	DET
fueconorg-5755	66	19	belgrade	belgrade	NOUN
fueconorg-5755	66	20	...	...	PUNCT
fueconorg-5755	66	21	21	21	NUM
fueconorg-5755	66	22	assessment	assessment	NOUN
fueconorg-5755	66	23	includes	include	VERB
fueconorg-5755	66	24	evaluation	evaluation	NOUN
fueconorg-5755	66	25	of	of	ADP
fueconorg-5755	66	26	correlation	correlation	NOUN
fueconorg-5755	66	27	between	between	ADP
fueconorg-5755	66	28	securities	security	NOUN
fueconorg-5755	66	29	in	in	ADP
fueconorg-5755	66	30	the	the	DET
fueconorg-5755	66	31	portfolio	portfolio	NOUN
fueconorg-5755	66	32	,	,	PUNCT
fueconorg-5755	66	33	which	which	PRON
fueconorg-5755	66	34	determine	determine	VERB
fueconorg-5755	66	35	the	the	DET
fueconorg-5755	66	36	level	level	NOUN
fueconorg-5755	66	37	of	of	ADP
fueconorg-5755	66	38	diversification	diversification	NOUN
fueconorg-5755	66	39	.	.	PUNCT
fueconorg-5755	67	1	the	the	DET
fueconorg-5755	67	2	maximum	maximum	ADJ
fueconorg-5755	67	3	reduction	reduction	NOUN
fueconorg-5755	67	4	of	of	ADP
fueconorg-5755	67	5	risk	risk	NOUN
fueconorg-5755	67	6	is	be	AUX
fueconorg-5755	67	7	achieved	achieve	VERB
fueconorg-5755	67	8	by	by	ADP
fueconorg-5755	67	9	a	a	DET
fueconorg-5755	67	10	combination	combination	NOUN
fueconorg-5755	67	11	of	of	ADP
fueconorg-5755	67	12	securities	security	NOUN
fueconorg-5755	67	13	,	,	PUNCT
fueconorg-5755	67	14	whose	whose	DET
fueconorg-5755	67	15	returns	return	NOUN
fueconorg-5755	67	16	are	be	AUX
fueconorg-5755	67	17	perfectly	perfectly	ADV
fueconorg-5755	67	18	negatively	negatively	ADV
fueconorg-5755	67	19	correlated	correlate	VERB
fueconorg-5755	67	20	.	.	PUNCT
fueconorg-5755	68	1	the	the	DET
fueconorg-5755	68	2	degree	degree	NOUN
fueconorg-5755	68	3	and	and	CCONJ
fueconorg-5755	68	4	magnitude	magnitude	NOUN
fueconorg-5755	68	5	of	of	ADP
fueconorg-5755	68	6	changes	change	NOUN
fueconorg-5755	68	7	in	in	ADP
fueconorg-5755	68	8	securities	security	NOUN
fueconorg-5755	68	9	’	'	PUNCT
fueconorg-5755	68	10	return	return	NOUN
fueconorg-5755	68	11	may	may	AUX
fueconorg-5755	68	12	be	be	AUX
fueconorg-5755	68	13	measured	measure	VERB
fueconorg-5755	68	14	using	use	VERB
fueconorg-5755	68	15	covariance	covariance	NOUN
fueconorg-5755	68	16	between	between	ADP
fueconorg-5755	68	17	the	the	DET
fueconorg-5755	68	18	securities	security	NOUN
fueconorg-5755	68	19	’	'	PUNCT
fueconorg-5755	68	20	returns	return	NOUN
fueconorg-5755	68	21	.	.	PUNCT
fueconorg-5755	69	1	the	the	DET
fueconorg-5755	69	2	risk	risk	NOUN
fueconorg-5755	69	3	of	of	ADP
fueconorg-5755	69	4	the	the	DET
fueconorg-5755	69	5	portfolio	portfolio	NOUN
fueconorg-5755	69	6	,	,	PUNCT
fueconorg-5755	69	7	according	accord	VERB
fueconorg-5755	69	8	to	to	ADP
fueconorg-5755	69	9	mv	mv	PROPN
fueconorg-5755	69	10	model	model	NOUN
fueconorg-5755	69	11	,	,	PUNCT
fueconorg-5755	69	12	is	be	AUX
fueconorg-5755	69	13	measured	measure	VERB
fueconorg-5755	69	14	using	using	NOUN
fueconorg-5755	69	15	variance	variance	NOUN
fueconorg-5755	69	16	,	,	PUNCT
fueconorg-5755	69	17	and	and	CCONJ
fueconorg-5755	69	18	can	can	AUX
fueconorg-5755	69	19	be	be	AUX
fueconorg-5755	69	20	determined	determine	VERB
fueconorg-5755	69	21	as	as	SCONJ
fueconorg-5755	69	22	follows	follow	VERB
fueconorg-5755	69	23	:	:	PUNCT
fueconorg-5755	69	24	∑	∑	PUNCT
fueconorg-5755	69	25	∑	∑	PUNCT
fueconorg-5755	69	26	(	(	PUNCT
fueconorg-5755	69	27	2	2	NUM
fueconorg-5755	69	28	)	)	PUNCT
fueconorg-5755	69	29	where	where	SCONJ
fueconorg-5755	69	30	presents	present	NOUN
fueconorg-5755	69	31	expected	expect	VERB
fueconorg-5755	69	32	risk	risk	NOUN
fueconorg-5755	69	33	on	on	ADP
fueconorg-5755	69	34	investment	investment	NOUN
fueconorg-5755	69	35	in	in	ADP
fueconorg-5755	69	36	i	i	PROPN
fueconorg-5755	69	37	security	security	NOUN
fueconorg-5755	69	38	measured	measure	VERB
fueconorg-5755	69	39	as	as	ADP
fueconorg-5755	69	40	a	a	DET
fueconorg-5755	69	41	dispersion	dispersion	NOUN
fueconorg-5755	69	42	of	of	ADP
fueconorg-5755	69	43	the	the	DET
fueconorg-5755	69	44	returns	return	NOUN
fueconorg-5755	69	45	around	around	ADP
fueconorg-5755	69	46	the	the	DET
fueconorg-5755	69	47	expected	expect	VERB
fueconorg-5755	69	48	returns	return	NOUN
fueconorg-5755	69	49	e(ri	e(ri	NUM
fueconorg-5755	69	50	)	)	PUNCT
fueconorg-5755	69	51	,	,	PUNCT
fueconorg-5755	69	52	while	while	SCONJ
fueconorg-5755	69	53	is	be	AUX
fueconorg-5755	69	54	covariance	covariance	NOUN
fueconorg-5755	69	55	between	between	ADP
fueconorg-5755	69	56	the	the	DET
fueconorg-5755	69	57	securities	security	NOUN
fueconorg-5755	69	58	’	'	PUNCT
fueconorg-5755	69	59	returns	return	NOUN
fueconorg-5755	69	60	.	.	PUNCT
fueconorg-5755	70	1	as	as	ADP
fueconorg-5755	70	2	an	an	DET
fueconorg-5755	70	3	alternative	alternative	ADJ
fueconorg-5755	70	4	measure	measure	NOUN
fueconorg-5755	70	5	to	to	PART
fueconorg-5755	70	6	variance	variance	VERB
fueconorg-5755	70	7	,	,	PUNCT
fueconorg-5755	70	8	absolute	absolute	ADJ
fueconorg-5755	70	9	deviation	deviation	NOUN
fueconorg-5755	70	10	(	(	PUNCT
fueconorg-5755	70	11	ad	ad	NOUN
fueconorg-5755	70	12	)	)	PUNCT
fueconorg-5755	70	13	is	be	AUX
fueconorg-5755	70	14	used	use	VERB
fueconorg-5755	70	15	.	.	PUNCT
fueconorg-5755	71	1	the	the	DET
fueconorg-5755	71	2	main	main	ADJ
fueconorg-5755	71	3	advantage	advantage	NOUN
fueconorg-5755	71	4	of	of	ADP
fueconorg-5755	71	5	applying	apply	VERB
fueconorg-5755	71	6	ad	ad	NOUN
fueconorg-5755	71	7	in	in	ADP
fueconorg-5755	71	8	portfolio	portfolio	NOUN
fueconorg-5755	71	9	optimization	optimization	NOUN
fueconorg-5755	71	10	is	be	AUX
fueconorg-5755	71	11	simplicity	simplicity	NOUN
fueconorg-5755	71	12	of	of	ADP
fueconorg-5755	71	13	its	its	PRON
fueconorg-5755	71	14	computing	computing	NOUN
fueconorg-5755	71	15	,	,	PUNCT
fueconorg-5755	71	16	because	because	SCONJ
fueconorg-5755	71	17	the	the	DET
fueconorg-5755	71	18	assessment	assessment	NOUN
fueconorg-5755	71	19	of	of	ADP
fueconorg-5755	71	20	risk	risk	NOUN
fueconorg-5755	71	21	in	in	ADP
fueconorg-5755	71	22	this	this	DET
fueconorg-5755	71	23	manner	manner	NOUN
fueconorg-5755	71	24	can	can	AUX
fueconorg-5755	71	25	be	be	AUX
fueconorg-5755	71	26	made	make	VERB
fueconorg-5755	71	27	without	without	ADP
fueconorg-5755	71	28	the	the	DET
fueconorg-5755	71	29	need	need	NOUN
fueconorg-5755	71	30	to	to	PART
fueconorg-5755	71	31	calculate	calculate	VERB
fueconorg-5755	71	32	covariance	covariance	NOUN
fueconorg-5755	71	33	matrix	matrix	NOUN
fueconorg-5755	71	34	.	.	PUNCT
fueconorg-5755	72	1	moreover	moreover	ADV
fueconorg-5755	72	2	,	,	PUNCT
fueconorg-5755	72	3	when	when	SCONJ
fueconorg-5755	72	4	the	the	DET
fueconorg-5755	72	5	securities	security	NOUN
fueconorg-5755	72	6	are	be	AUX
fueconorg-5755	72	7	highly	highly	ADV
fueconorg-5755	72	8	correlated	correlate	VERB
fueconorg-5755	72	9	,	,	PUNCT
fueconorg-5755	72	10	such	such	ADJ
fueconorg-5755	72	11	as	as	ADP
fueconorg-5755	72	12	the	the	DET
fueconorg-5755	72	13	securities	security	NOUN
fueconorg-5755	72	14	in	in	ADP
fueconorg-5755	72	15	the	the	DET
fueconorg-5755	72	16	observed	observed	ADJ
fueconorg-5755	72	17	sample	sample	NOUN
fueconorg-5755	72	18	,	,	PUNCT
fueconorg-5755	72	19	it	it	PRON
fueconorg-5755	72	20	is	be	AUX
fueconorg-5755	72	21	unnecessary	unnecessary	ADJ
fueconorg-5755	72	22	to	to	PART
fueconorg-5755	72	23	determine	determine	VERB
fueconorg-5755	72	24	the	the	DET
fueconorg-5755	72	25	covariance	covariance	NOUN
fueconorg-5755	72	26	matrix	matrix	NOUN
fueconorg-5755	72	27	.	.	PUNCT
fueconorg-5755	73	1	assuming	assume	VERB
fueconorg-5755	73	2	that	that	SCONJ
fueconorg-5755	73	3	there	there	PRON
fueconorg-5755	73	4	are	be	VERB
fueconorg-5755	73	5	t	t	NOUN
fueconorg-5755	73	6	different	different	ADJ
fueconorg-5755	73	7	scenarios	scenario	NOUN
fueconorg-5755	73	8	,	,	PUNCT
fueconorg-5755	73	9	i.e.	i.e.	X
fueconorg-5755	73	10	t	t	NOUN
fueconorg-5755	73	11	observations	observation	NOUN
fueconorg-5755	73	12	,	,	PUNCT
fueconorg-5755	73	13	ad	ad	NOUN
fueconorg-5755	73	14	can	can	AUX
fueconorg-5755	73	15	be	be	AUX
fueconorg-5755	73	16	calculated	calculate	VERB
fueconorg-5755	73	17	as	as	SCONJ
fueconorg-5755	73	18	follows	follow	VERB
fueconorg-5755	73	19	:	:	PUNCT
fueconorg-5755	73	20	∑	∑	PUNCT
fueconorg-5755	73	21	|∑	|∑	VERB
fueconorg-5755	73	22	|	|	ADV
fueconorg-5755	73	23	(	(	PUNCT
fueconorg-5755	73	24	3	3	X
fueconorg-5755	73	25	)	)	PUNCT
fueconorg-5755	73	26	where	where	SCONJ
fueconorg-5755	73	27	represents	represent	VERB
fueconorg-5755	73	28	the	the	DET
fueconorg-5755	73	29	measurement	measurement	NOUN
fueconorg-5755	73	30	of	of	ADP
fueconorg-5755	73	31	central	central	ADJ
fueconorg-5755	73	32	tendency	tendency	NOUN
fueconorg-5755	73	33	and	and	CCONJ
fueconorg-5755	73	34	in	in	ADP
fueconorg-5755	73	35	this	this	DET
fueconorg-5755	73	36	study	study	NOUN
fueconorg-5755	73	37	,	,	PUNCT
fueconorg-5755	73	38	it	it	PRON
fueconorg-5755	73	39	is	be	AUX
fueconorg-5755	73	40	the	the	DET
fueconorg-5755	73	41	mean	mean	NOUN
fueconorg-5755	73	42	of	of	ADP
fueconorg-5755	73	43	the	the	DET
fueconorg-5755	73	44	return	return	NOUN
fueconorg-5755	73	45	of	of	ADP
fueconorg-5755	73	46	the	the	DET
fueconorg-5755	73	47	observed	observed	ADJ
fueconorg-5755	73	48	sample	sample	NOUN
fueconorg-5755	73	49	.	.	PUNCT
fueconorg-5755	74	1	since	since	SCONJ
fueconorg-5755	74	2	investors	investor	NOUN
fueconorg-5755	74	3	are	be	AUX
fueconorg-5755	74	4	more	more	ADV
fueconorg-5755	74	5	sensitive	sensitive	ADJ
fueconorg-5755	74	6	to	to	ADP
fueconorg-5755	74	7	the	the	DET
fueconorg-5755	74	8	returns	return	NOUN
fueconorg-5755	74	9	’	'	PUNCT
fueconorg-5755	74	10	decline	decline	NOUN
fueconorg-5755	74	11	than	than	ADP
fueconorg-5755	74	12	to	to	ADP
fueconorg-5755	74	13	the	the	DET
fueconorg-5755	74	14	potential	potential	ADJ
fueconorg-5755	74	15	returns	return	NOUN
fueconorg-5755	74	16	’	'	PUNCT
fueconorg-5755	74	17	increase	increase	NOUN
fueconorg-5755	74	18	,	,	PUNCT
fueconorg-5755	74	19	they	they	PRON
fueconorg-5755	74	20	will	will	AUX
fueconorg-5755	74	21	follow	follow	VERB
fueconorg-5755	74	22	“	"	PUNCT
fueconorg-5755	74	23	safety	safety	NOUN
fueconorg-5755	74	24	-	-	PUNCT
fueconorg-5755	74	25	first	first	ADJ
fueconorg-5755	74	26	”	"	PUNCT
fueconorg-5755	74	27	rule	rule	NOUN
fueconorg-5755	74	28	,	,	PUNCT
fueconorg-5755	74	29	meaning	mean	VERB
fueconorg-5755	74	30	that	that	SCONJ
fueconorg-5755	74	31	they	they	PRON
fueconorg-5755	74	32	will	will	AUX
fueconorg-5755	74	33	select	select	VERB
fueconorg-5755	74	34	assets	asset	NOUN
fueconorg-5755	74	35	with	with	ADP
fueconorg-5755	74	36	the	the	DET
fueconorg-5755	74	37	lowest	low	ADJ
fueconorg-5755	74	38	probability	probability	NOUN
fueconorg-5755	74	39	of	of	ADP
fueconorg-5755	74	40	loss	loss	NOUN
fueconorg-5755	74	41	below	below	ADP
fueconorg-5755	74	42	a	a	DET
fueconorg-5755	74	43	certain	certain	ADJ
fueconorg-5755	74	44	or	or	CCONJ
fueconorg-5755	74	45	disaster	disaster	NOUN
fueconorg-5755	74	46	level	level	NOUN
fueconorg-5755	74	47	.	.	PUNCT
fueconorg-5755	75	1	downside	downside	ADJ
fueconorg-5755	75	2	risk	risk	NOUN
fueconorg-5755	75	3	measures	measure	NOUN
fueconorg-5755	75	4	enable	enable	VERB
fueconorg-5755	75	5	investors	investor	NOUN
fueconorg-5755	75	6	to	to	PART
fueconorg-5755	75	7	assess	assess	VERB
fueconorg-5755	75	8	the	the	DET
fueconorg-5755	75	9	risk	risk	NOUN
fueconorg-5755	75	10	below	below	ADP
fueconorg-5755	75	11	average	average	ADJ
fueconorg-5755	75	12	or	or	CCONJ
fueconorg-5755	75	13	expected	expect	VERB
fueconorg-5755	75	14	return	return	NOUN
fueconorg-5755	75	15	,	,	PUNCT
fueconorg-5755	75	16	thereby	thereby	ADV
fueconorg-5755	75	17	not	not	PART
fueconorg-5755	75	18	assuming	assume	VERB
fueconorg-5755	75	19	that	that	SCONJ
fueconorg-5755	75	20	assets	asset	NOUN
fueconorg-5755	75	21	’	'	PUNCT
fueconorg-5755	75	22	return	return	NOUN
fueconorg-5755	75	23	distribution	distribution	NOUN
fueconorg-5755	75	24	follow	follow	VERB
fueconorg-5755	75	25	the	the	DET
fueconorg-5755	75	26	normal	normal	ADJ
fueconorg-5755	75	27	probability	probability	NOUN
fueconorg-5755	75	28	distribution	distribution	NOUN
fueconorg-5755	75	29	.	.	PUNCT
fueconorg-5755	76	1	lower	low	ADJ
fueconorg-5755	76	2	semivariance	semivariance	NOUN
fueconorg-5755	76	3	(	(	PUNCT
fueconorg-5755	76	4	lsv	lsv	NOUN
fueconorg-5755	76	5	)	)	PUNCT
fueconorg-5755	76	6	is	be	AUX
fueconorg-5755	76	7	a	a	DET
fueconorg-5755	76	8	statistical	statistical	ADJ
fueconorg-5755	76	9	measure	measure	NOUN
fueconorg-5755	76	10	,	,	PUNCT
fueconorg-5755	76	11	which	which	PRON
fueconorg-5755	76	12	represents	represent	VERB
fueconorg-5755	76	13	the	the	DET
fueconorg-5755	76	14	squared	square	VERB
fueconorg-5755	76	15	deviation	deviation	NOUN
fueconorg-5755	76	16	of	of	ADP
fueconorg-5755	76	17	the	the	DET
fueconorg-5755	76	18	values	value	NOUN
fueconorg-5755	76	19	lower	low	ADJ
fueconorg-5755	76	20	than	than	ADP
fueconorg-5755	76	21	the	the	DET
fueconorg-5755	76	22	mean	mean	NOUN
fueconorg-5755	76	23	,	,	PUNCT
fueconorg-5755	76	24	and	and	CCONJ
fueconorg-5755	76	25	can	can	AUX
fueconorg-5755	76	26	be	be	AUX
fueconorg-5755	76	27	calculated	calculate	VERB
fueconorg-5755	76	28	in	in	ADP
fueconorg-5755	76	29	the	the	DET
fueconorg-5755	76	30	following	follow	VERB
fueconorg-5755	76	31	manner	manner	NOUN
fueconorg-5755	76	32	(	(	PUNCT
fueconorg-5755	76	33	boasson	boasson	PROPN
fueconorg-5755	76	34	et	et	PROPN
fueconorg-5755	76	35	al	al	PROPN
fueconorg-5755	76	36	.	.	PROPN
fueconorg-5755	76	37	,	,	PUNCT
fueconorg-5755	76	38	2011	2011	NUM
fueconorg-5755	76	39	):	):	PUNCT
fueconorg-5755	76	40	∑	∑	ADP
fueconorg-5755	76	41	∑	∑	INTJ
fueconorg-5755	76	42	,	,	PUNCT
fueconorg-5755	76	43	(	(	PUNCT
fueconorg-5755	76	44	4	4	X
fueconorg-5755	76	45	)	)	PUNCT
fueconorg-5755	76	46	accordingly	accordingly	ADV
fueconorg-5755	76	47	,	,	PUNCT
fueconorg-5755	76	48	lower	low	ADJ
fueconorg-5755	76	49	semi	semi	ADJ
fueconorg-5755	76	50	absolute	absolute	ADJ
fueconorg-5755	76	51	deviation	deviation	NOUN
fueconorg-5755	76	52	(	(	PUNCT
fueconorg-5755	76	53	lsad	lsad	ADJ
fueconorg-5755	76	54	)	)	PUNCT
fueconorg-5755	76	55	is	be	AUX
fueconorg-5755	76	56	a	a	DET
fueconorg-5755	76	57	statistical	statistical	ADJ
fueconorg-5755	76	58	measure	measure	NOUN
fueconorg-5755	76	59	,	,	PUNCT
fueconorg-5755	76	60	which	which	PRON
fueconorg-5755	76	61	shows	show	VERB
fueconorg-5755	76	62	the	the	DET
fueconorg-5755	76	63	absolute	absolute	ADJ
fueconorg-5755	76	64	deviations	deviation	NOUN
fueconorg-5755	76	65	of	of	ADP
fueconorg-5755	76	66	the	the	DET
fueconorg-5755	76	67	values	value	NOUN
fueconorg-5755	76	68	from	from	ADP
fueconorg-5755	76	69	the	the	DET
fueconorg-5755	76	70	mean	mean	NOUN
fueconorg-5755	76	71	,	,	PUNCT
fueconorg-5755	76	72	and	and	CCONJ
fueconorg-5755	76	73	can	can	AUX
fueconorg-5755	76	74	be	be	AUX
fueconorg-5755	76	75	calculated	calculate	VERB
fueconorg-5755	76	76	using	use	VERB
fueconorg-5755	76	77	the	the	DET
fueconorg-5755	76	78	following	follow	VERB
fueconorg-5755	76	79	formula	formula	NOUN
fueconorg-5755	76	80	:	:	PUNCT
fueconorg-5755	76	81	∑	∑	PUNCT
fueconorg-5755	76	82	|∑	|∑	VERB
fueconorg-5755	76	83	|	|	ADV
fueconorg-5755	76	84	,	,	PUNCT
fueconorg-5755	76	85	(	(	PUNCT
fueconorg-5755	76	86	5	5	X
fueconorg-5755	76	87	)	)	PUNCT
fueconorg-5755	76	88	computational	computational	ADJ
fueconorg-5755	76	89	setting	setting	NOUN
fueconorg-5755	76	90	of	of	ADP
fueconorg-5755	76	91	value	value	NOUN
fueconorg-5755	76	92	at	at	ADP
fueconorg-5755	76	93	risk	risk	NOUN
fueconorg-5755	76	94	(	(	PUNCT
fueconorg-5755	76	95	var	var	NOUN
fueconorg-5755	76	96	)	)	PUNCT
fueconorg-5755	76	97	as	as	ADP
fueconorg-5755	76	98	a	a	DET
fueconorg-5755	76	99	risk	risk	NOUN
fueconorg-5755	76	100	measure	measure	NOUN
fueconorg-5755	76	101	was	be	AUX
fueconorg-5755	76	102	presented	present	VERB
fueconorg-5755	76	103	within	within	ADP
fueconorg-5755	76	104	modern	modern	ADJ
fueconorg-5755	76	105	portfolio	portfolio	NOUN
fueconorg-5755	76	106	theory	theory	NOUN
fueconorg-5755	76	107	(	(	PUNCT
fueconorg-5755	76	108	holton	holton	PROPN
fueconorg-5755	76	109	,	,	PUNCT
fueconorg-5755	76	110	2002	2002	NUM
fueconorg-5755	76	111	)	)	PUNCT
fueconorg-5755	76	112	.	.	PUNCT
fueconorg-5755	77	1	today	today	NOUN
fueconorg-5755	77	2	var	var	NOUN
fueconorg-5755	77	3	is	be	AUX
fueconorg-5755	77	4	a	a	DET
fueconorg-5755	77	5	standardized	standardized	ADJ
fueconorg-5755	77	6	risk	risk	NOUN
fueconorg-5755	77	7	measure	measure	NOUN
fueconorg-5755	77	8	,	,	PUNCT
fueconorg-5755	77	9	which	which	PRON
fueconorg-5755	77	10	is	be	AUX
fueconorg-5755	77	11	applied	apply	VERB
fueconorg-5755	77	12	in	in	ADP
fueconorg-5755	77	13	the	the	DET
fueconorg-5755	77	14	risk	risk	NOUN
fueconorg-5755	77	15	assessment	assessment	NOUN
fueconorg-5755	77	16	and	and	CCONJ
fueconorg-5755	77	17	capital	capital	NOUN
fueconorg-5755	77	18	adequacy	adequacy	NOUN
fueconorg-5755	77	19	of	of	ADP
fueconorg-5755	77	20	both	both	CCONJ
fueconorg-5755	77	21	financial	financial	ADJ
fueconorg-5755	77	22	and	and	CCONJ
fueconorg-5755	77	23	nonfinancial	nonfinancial	ADJ
fueconorg-5755	77	24	institutions	institution	NOUN
fueconorg-5755	77	25	.	.	PUNCT
fueconorg-5755	78	1	the	the	DET
fueconorg-5755	78	2	var	var	NOUN
fueconorg-5755	78	3	model	model	NOUN
fueconorg-5755	78	4	is	be	AUX
fueconorg-5755	78	5	determined	determine	VERB
fueconorg-5755	78	6	by	by	ADP
fueconorg-5755	78	7	two	two	NUM
fueconorg-5755	78	8	main	main	ADJ
fueconorg-5755	78	9	parameters	parameter	NOUN
fueconorg-5755	78	10	:	:	PUNCT
fueconorg-5755	78	11	confidence	confidence	NOUN
fueconorg-5755	78	12	interval	interval	NOUN
fueconorg-5755	78	13	α	α	NOUN
fueconorg-5755	78	14	,	,	PUNCT
fueconorg-5755	78	15	α	α	PROPN
fueconorg-5755	78	16	∈	∈	PROPN
fueconorg-5755	78	17	(	(	PUNCT
fueconorg-5755	78	18	0,1	0,1	NOUN
fueconorg-5755	78	19	)	)	PUNCT
fueconorg-5755	78	20	and	and	CCONJ
fueconorg-5755	78	21	holding	hold	VERB
fueconorg-5755	78	22	period	period	NOUN
fueconorg-5755	78	23	h	h	NOUN
fueconorg-5755	78	24	within	within	ADP
fueconorg-5755	78	25	the	the	DET
fueconorg-5755	78	26	var	var	NOUN
fueconorg-5755	78	27	is	be	AUX
fueconorg-5755	78	28	assessed	assess	VERB
fueconorg-5755	78	29	.	.	PUNCT
fueconorg-5755	79	1	for	for	ADP
fueconorg-5755	79	2	the	the	DET
fueconorg-5755	79	3	given	give	VERB
fueconorg-5755	79	4	confidence	confidence	NOUN
fueconorg-5755	79	5	interval	interval	NOUN
fueconorg-5755	79	6	α	α	NOUN
fueconorg-5755	79	7	and	and	CCONJ
fueconorg-5755	79	8	holding	hold	VERB
fueconorg-5755	79	9	period	period	NOUN
fueconorg-5755	79	10	h	h	NOUN
fueconorg-5755	79	11	,	,	PUNCT
fueconorg-5755	79	12	varα	varα	NOUN
fueconorg-5755	79	13	can	can	AUX
fueconorg-5755	79	14	be	be	AUX
fueconorg-5755	79	15	defined	define	VERB
fueconorg-5755	79	16	as	as	ADP
fueconorg-5755	79	17	the	the	DET
fueconorg-5755	79	18	least	least	ADJ
fueconorg-5755	79	19	number	number	NOUN
fueconorg-5755	79	20	l	l	NOUN
fueconorg-5755	79	21	,	,	PUNCT
fueconorg-5755	79	22	such	such	ADJ
fueconorg-5755	79	23	that	that	SCONJ
fueconorg-5755	79	24	in	in	ADP
fueconorg-5755	79	25	the	the	DET
fueconorg-5755	79	26	future	future	ADJ
fueconorg-5755	79	27	period	period	NOUN
fueconorg-5755	79	28	it	it	PRON
fueconorg-5755	79	29	will	will	AUX
fueconorg-5755	79	30	not	not	PART
fueconorg-5755	79	31	be	be	AUX
fueconorg-5755	79	32	greater	great	ADJ
fueconorg-5755	79	33	than	than	SCONJ
fueconorg-5755	79	34	expected	expect	VERB
fueconorg-5755	79	35	loss	loss	NOUN
fueconorg-5755	79	36	l	l	NOUN
fueconorg-5755	79	37	with	with	ADP
fueconorg-5755	79	38	probability	probability	NOUN
fueconorg-5755	79	39	1	1	NUM
fueconorg-5755	79	40	-	-	SYM
fueconorg-5755	79	41	α	α	NOUN
fueconorg-5755	79	42	.	.	PUNCT
fueconorg-5755	80	1	according	accord	VERB
fueconorg-5755	80	2	to	to	ADP
fueconorg-5755	80	3	the	the	DET
fueconorg-5755	80	4	probability	probability	NOUN
fueconorg-5755	80	5	theory	theory	NOUN
fueconorg-5755	80	6	,	,	PUNCT
fueconorg-5755	80	7	var	var	PROPN
fueconorg-5755	80	8	is	be	AUX
fueconorg-5755	80	9	a	a	DET
fueconorg-5755	80	10	lower	low	ADJ
fueconorg-5755	80	11	quantile	quantile	NOUN
fueconorg-5755	80	12	of	of	ADP
fueconorg-5755	80	13	return	return	NOUN
fueconorg-5755	80	14	distribution	distribution	NOUN
fueconorg-5755	80	15	(	(	PUNCT
fueconorg-5755	80	16	mcneil	mcneil	PROPN
fueconorg-5755	80	17	et	et	PROPN
fueconorg-5755	80	18	al	al	PROPN
fueconorg-5755	80	19	.	.	PROPN
fueconorg-5755	80	20	,	,	PUNCT
fueconorg-5755	80	21	2002	2002	NUM
fueconorg-5755	80	22	)	)	PUNCT
fueconorg-5755	80	23	,	,	PUNCT
fueconorg-5755	80	24	that	that	SCONJ
fueconorg-5755	80	25	in	in	ADP
fueconorg-5755	80	26	the	the	DET
fueconorg-5755	80	27	case	case	NOUN
fueconorg-5755	80	28	of	of	ADP
fueconorg-5755	80	29	a	a	DET
fueconorg-5755	80	30	portfolio	portfolio	NOUN
fueconorg-5755	80	31	can	can	AUX
fueconorg-5755	80	32	be	be	AUX
fueconorg-5755	80	33	summarized	summarize	VERB
fueconorg-5755	80	34	as	as	SCONJ
fueconorg-5755	80	35	follows	follow	VERB
fueconorg-5755	80	36	:	:	PUNCT
fueconorg-5755	80	37	22	22	NUM
fueconorg-5755	80	38	j.	j.	PROPN
fueconorg-5755	80	39	z.	z.	PROPN
fueconorg-5755	80	40	stanković	stanković	PROPN
fueconorg-5755	80	41	,	,	PUNCT
fueconorg-5755	80	42	e.	e.	PROPN
fueconorg-5755	80	43	petrović	petrović	PROPN
fueconorg-5755	80	44	,	,	PUNCT
fueconorg-5755	80	45	k.	k.	PROPN
fueconorg-5755	80	46	denĉić	denĉić	PROPN
fueconorg-5755	80	47	-	-	PUNCT
fueconorg-5755	80	48	mihajlov	mihajlov	NOUN
fueconorg-5755	80	49	(	(	PUNCT
fueconorg-5755	80	50	6	6	NUM
fueconorg-5755	80	51	)	)	PUNCT
fueconorg-5755	80	52	however	however	ADV
fueconorg-5755	80	53	,	,	PUNCT
fueconorg-5755	80	54	var	var	NOUN
fueconorg-5755	80	55	as	as	SCONJ
fueconorg-5755	80	56	a	a	DET
fueconorg-5755	80	57	risk	risk	NOUN
fueconorg-5755	80	58	measure	measure	NOUN
fueconorg-5755	80	59	is	be	AUX
fueconorg-5755	80	60	not	not	PART
fueconorg-5755	80	61	subadditive	subadditive	ADJ
fueconorg-5755	80	62	.	.	PUNCT
fueconorg-5755	81	1	moreover	moreover	ADV
fueconorg-5755	81	2	,	,	PUNCT
fueconorg-5755	81	3	var	var	PROPN
fueconorg-5755	81	4	does	do	AUX
fueconorg-5755	81	5	not	not	PART
fueconorg-5755	81	6	provide	provide	VERB
fueconorg-5755	81	7	information	information	NOUN
fueconorg-5755	81	8	regarding	regard	VERB
fueconorg-5755	81	9	the	the	DET
fueconorg-5755	81	10	value	value	NOUN
fueconorg-5755	81	11	of	of	ADP
fueconorg-5755	81	12	the	the	DET
fueconorg-5755	81	13	loss	loss	NOUN
fueconorg-5755	81	14	that	that	PRON
fueconorg-5755	81	15	exceeds	exceed	VERB
fueconorg-5755	81	16	the	the	DET
fueconorg-5755	81	17	value	value	NOUN
fueconorg-5755	81	18	of	of	ADP
fueconorg-5755	81	19	var	var	NOUN
fueconorg-5755	81	20	.	.	PUNCT
fueconorg-5755	82	1	implementation	implementation	NOUN
fueconorg-5755	82	2	of	of	ADP
fueconorg-5755	82	3	this	this	DET
fueconorg-5755	82	4	measure	measure	NOUN
fueconorg-5755	82	5	in	in	ADP
fueconorg-5755	82	6	optimization	optimization	NOUN
fueconorg-5755	82	7	problem	problem	NOUN
fueconorg-5755	82	8	and	and	CCONJ
fueconorg-5755	82	9	risk	risk	NOUN
fueconorg-5755	82	10	management	management	NOUN
fueconorg-5755	82	11	,	,	PUNCT
fueconorg-5755	82	12	contrary	contrary	ADV
fueconorg-5755	82	13	to	to	ADP
fueconorg-5755	82	14	the	the	DET
fueconorg-5755	82	15	expectations	expectation	NOUN
fueconorg-5755	82	16	,	,	PUNCT
fueconorg-5755	82	17	does	do	AUX
fueconorg-5755	82	18	not	not	PART
fueconorg-5755	82	19	contribute	contribute	VERB
fueconorg-5755	82	20	to	to	ADP
fueconorg-5755	82	21	risk	risk	NOUN
fueconorg-5755	82	22	reduction	reduction	NOUN
fueconorg-5755	82	23	and	and	CCONJ
fueconorg-5755	82	24	investors	investor	NOUN
fueconorg-5755	82	25	’	’	PART
fueconorg-5755	82	26	utility	utility	NOUN
fueconorg-5755	82	27	maximization	maximization	NOUN
fueconorg-5755	82	28	rather	rather	ADV
fueconorg-5755	82	29	recommending	recommend	VERB
fueconorg-5755	82	30	the	the	DET
fueconorg-5755	82	31	positions	position	NOUN
fueconorg-5755	82	32	with	with	ADP
fueconorg-5755	82	33	higher	high	ADJ
fueconorg-5755	82	34	risk	risk	NOUN
fueconorg-5755	82	35	exposure	exposure	NOUN
fueconorg-5755	82	36	,	,	PUNCT
fueconorg-5755	82	37	due	due	ADP
fueconorg-5755	82	38	to	to	ADP
fueconorg-5755	82	39	which	which	PRON
fueconorg-5755	82	40	investors	investor	NOUN
fueconorg-5755	82	41	suffer	suffer	VERB
fueconorg-5755	82	42	grater	grater	NOUN
fueconorg-5755	82	43	losses	loss	NOUN
fueconorg-5755	82	44	under	under	ADP
fueconorg-5755	82	45	the	the	DET
fueconorg-5755	82	46	terms	term	NOUN
fueconorg-5755	82	47	of	of	ADP
fueconorg-5755	82	48	significant	significant	ADJ
fueconorg-5755	82	49	volatility	volatility	NOUN
fueconorg-5755	82	50	(	(	PUNCT
fueconorg-5755	82	51	basak	basak	PROPN
fueconorg-5755	82	52	&	&	CCONJ
fueconorg-5755	82	53	shapiro	shapiro	PROPN
fueconorg-5755	82	54	,	,	PUNCT
fueconorg-5755	82	55	2001	2001	NUM
fueconorg-5755	82	56	,	,	PUNCT
fueconorg-5755	82	57	yamai	yamai	PROPN
fueconorg-5755	82	58	&	&	CCONJ
fueconorg-5755	82	59	yoshiba	yoshiba	PROPN
fueconorg-5755	82	60	,	,	PUNCT
fueconorg-5755	82	61	2002	2002	NUM
fueconorg-5755	82	62	)	)	PUNCT
fueconorg-5755	82	63	.	.	PUNCT
fueconorg-5755	83	1	the	the	DET
fueconorg-5755	83	2	drawbacks	drawback	NOUN
fueconorg-5755	83	3	of	of	ADP
fueconorg-5755	83	4	var	var	NOUN
fueconorg-5755	83	5	can	can	AUX
fueconorg-5755	83	6	be	be	AUX
fueconorg-5755	83	7	mitigated	mitigate	VERB
fueconorg-5755	83	8	by	by	ADP
fueconorg-5755	83	9	conditional	conditional	ADJ
fueconorg-5755	83	10	value	value	NOUN
fueconorg-5755	83	11	at	at	ADP
fueconorg-5755	83	12	risk	risk	NOUN
fueconorg-5755	83	13	(	(	PUNCT
fueconorg-5755	83	14	cvar	cvar	PROPN
fueconorg-5755	83	15	)	)	PUNCT
fueconorg-5755	83	16	which	which	PRON
fueconorg-5755	83	17	is	be	AUX
fueconorg-5755	83	18	a	a	DET
fueconorg-5755	83	19	conditional	conditional	ADJ
fueconorg-5755	83	20	expectation	expectation	NOUN
fueconorg-5755	83	21	that	that	PRON
fueconorg-5755	83	22	gives	give	VERB
fueconorg-5755	83	23	the	the	DET
fueconorg-5755	83	24	expected	expect	VERB
fueconorg-5755	83	25	loss	loss	NOUN
fueconorg-5755	83	26	beyond	beyond	ADP
fueconorg-5755	83	27	the	the	DET
fueconorg-5755	83	28	var	var	NOUN
fueconorg-5755	83	29	.	.	PUNCT
fueconorg-5755	84	1	correspondingly	correspondingly	ADV
fueconorg-5755	84	2	to	to	ADP
fueconorg-5755	84	3	var	var	PROPN
fueconorg-5755	84	4	model	model	NOUN
fueconorg-5755	84	5	,	,	PUNCT
fueconorg-5755	84	6	computational	computational	ADJ
fueconorg-5755	84	7	setting	setting	NOUN
fueconorg-5755	84	8	of	of	ADP
fueconorg-5755	84	9	cvar	cvar	NOUN
fueconorg-5755	84	10	model	model	NOUN
fueconorg-5755	84	11	is	be	AUX
fueconorg-5755	84	12	determined	determine	VERB
fueconorg-5755	84	13	by	by	ADP
fueconorg-5755	84	14	two	two	NUM
fueconorg-5755	84	15	main	main	ADJ
fueconorg-5755	84	16	parameters	parameter	NOUN
fueconorg-5755	84	17	:	:	PUNCT
fueconorg-5755	84	18	confidence	confidence	NOUN
fueconorg-5755	84	19	interval	interval	NOUN
fueconorg-5755	84	20	α	α	NOUN
fueconorg-5755	84	21	,	,	PUNCT
fueconorg-5755	84	22	α	α	PROPN
fueconorg-5755	84	23	∈	∈	PROPN
fueconorg-5755	84	24	(	(	PUNCT
fueconorg-5755	84	25	0,1	0,1	NOUN
fueconorg-5755	84	26	)	)	PUNCT
fueconorg-5755	84	27	and	and	CCONJ
fueconorg-5755	84	28	holding	hold	VERB
fueconorg-5755	84	29	period	period	NOUN
fueconorg-5755	84	30	h	h	NOUN
fueconorg-5755	84	31	within	within	ADP
fueconorg-5755	84	32	the	the	DET
fueconorg-5755	84	33	risk	risk	NOUN
fueconorg-5755	84	34	is	be	AUX
fueconorg-5755	84	35	assessed	assess	VERB
fueconorg-5755	84	36	.	.	PUNCT
fueconorg-5755	85	1	for	for	ADP
fueconorg-5755	85	2	the	the	DET
fueconorg-5755	85	3	given	give	VERB
fueconorg-5755	85	4	confidence	confidence	NOUN
fueconorg-5755	85	5	interval	interval	NOUN
fueconorg-5755	85	6	α	α	NOUN
fueconorg-5755	85	7	and	and	CCONJ
fueconorg-5755	85	8	holding	hold	VERB
fueconorg-5755	85	9	period	period	NOUN
fueconorg-5755	85	10	h	h	NOUN
fueconorg-5755	85	11	,	,	PUNCT
fueconorg-5755	85	12	cvarα	cvarα	NOUN
fueconorg-5755	85	13	can	can	AUX
fueconorg-5755	85	14	be	be	AUX
fueconorg-5755	85	15	defined	define	VERB
fueconorg-5755	85	16	as	as	ADP
fueconorg-5755	85	17	a	a	DET
fueconorg-5755	85	18	mean	mean	ADJ
fueconorg-5755	85	19	value	value	NOUN
fueconorg-5755	85	20	of	of	ADP
fueconorg-5755	85	21	α	α	NOUN
fueconorg-5755	85	22	-	-	NOUN
fueconorg-5755	85	23	quantile	quantile	NOUN
fueconorg-5755	85	24	of	of	ADP
fueconorg-5755	85	25	empirical	empirical	ADJ
fueconorg-5755	85	26	distribution	distribution	NOUN
fueconorg-5755	85	27	of	of	ADP
fueconorg-5755	85	28	l	l	NOUN
fueconorg-5755	85	29	,	,	PUNCT
fueconorg-5755	85	30	and	and	CCONJ
fueconorg-5755	85	31	,	,	PUNCT
fueconorg-5755	85	32	according	accord	VERB
fueconorg-5755	85	33	to	to	ADP
fueconorg-5755	85	34	the	the	DET
fueconorg-5755	85	35	formula	formula	NOUN
fueconorg-5755	85	36	(	(	PUNCT
fueconorg-5755	85	37	6	6	NUM
fueconorg-5755	85	38	)	)	PUNCT
fueconorg-5755	85	39	,	,	PUNCT
fueconorg-5755	85	40	it	it	PRON
fueconorg-5755	85	41	can	can	AUX
fueconorg-5755	85	42	be	be	AUX
fueconorg-5755	85	43	quantified	quantify	VERB
fueconorg-5755	85	44	in	in	ADP
fueconorg-5755	85	45	the	the	DET
fueconorg-5755	85	46	following	follow	VERB
fueconorg-5755	85	47	manner	manner	NOUN
fueconorg-5755	85	48	:	:	PUNCT
fueconorg-5755	86	1	|	|	ADV
fueconorg-5755	86	2	(	(	PUNCT
fueconorg-5755	86	3	7	7	X
fueconorg-5755	86	4	)	)	PUNCT
fueconorg-5755	86	5	portfolio	portfolio	NOUN
fueconorg-5755	86	6	optimization	optimization	NOUN
fueconorg-5755	86	7	model	model	NOUN
fueconorg-5755	86	8	under	under	ADP
fueconorg-5755	86	9	the	the	DET
fueconorg-5755	86	10	assumption	assumption	NOUN
fueconorg-5755	86	11	that	that	SCONJ
fueconorg-5755	86	12	investors	investor	NOUN
fueconorg-5755	86	13	tend	tend	VERB
fueconorg-5755	86	14	to	to	PART
fueconorg-5755	86	15	minimize	minimize	VERB
fueconorg-5755	86	16	the	the	DET
fueconorg-5755	86	17	risk	risk	NOUN
fueconorg-5755	86	18	of	of	ADP
fueconorg-5755	86	19	the	the	DET
fueconorg-5755	86	20	portfolio	portfolio	NOUN
fueconorg-5755	86	21	(	(	PUNCT
fueconorg-5755	86	22	lp	lp	NOUN
fueconorg-5755	86	23	)	)	PUNCT
fueconorg-5755	86	24	is	be	AUX
fueconorg-5755	86	25	defined	define	VERB
fueconorg-5755	86	26	using	use	VERB
fueconorg-5755	86	27	the	the	DET
fueconorg-5755	86	28	above	above	ADJ
fueconorg-5755	86	29	described	describe	VERB
fueconorg-5755	86	30	measures	measure	NOUN
fueconorg-5755	86	31	of	of	ADP
fueconorg-5755	86	32	risk	risk	NOUN
fueconorg-5755	86	33	and	and	CCONJ
fueconorg-5755	86	34	in	in	ADP
fueconorg-5755	86	35	general	general	ADJ
fueconorg-5755	86	36	can	can	AUX
fueconorg-5755	86	37	be	be	AUX
fueconorg-5755	86	38	summarized	summarize	VERB
fueconorg-5755	86	39	as	as	SCONJ
fueconorg-5755	86	40	follows	follow	VERB
fueconorg-5755	86	41	:	:	PUNCT
fueconorg-5755	86	42	(	(	PUNCT
fueconorg-5755	87	1	8)	8)	NUM
fueconorg-5755	87	2	subject	subject	NOUN
fueconorg-5755	87	3	to	to	ADP
fueconorg-5755	87	4	:	:	PUNCT
fueconorg-5755	87	5	∑	∑	PUNCT
fueconorg-5755	87	6	(	(	PUNCT
fueconorg-5755	87	7	9	9	NUM
fueconorg-5755	87	8	)	)	PUNCT
fueconorg-5755	87	9	∑	∑	PUNCT
fueconorg-5755	87	10	(	(	PUNCT
fueconorg-5755	87	11	10	10	NUM
fueconorg-5755	87	12	)	)	PUNCT
fueconorg-5755	87	13	the	the	DET
fueconorg-5755	87	14	set	set	NOUN
fueconorg-5755	87	15	constraints	constraint	NOUN
fueconorg-5755	87	16	should	should	AUX
fueconorg-5755	87	17	enable	enable	VERB
fueconorg-5755	87	18	comparison	comparison	NOUN
fueconorg-5755	87	19	with	with	ADP
fueconorg-5755	87	20	market	market	NOUN
fueconorg-5755	87	21	portfolio	portfolio	NOUN
fueconorg-5755	87	22	approximated	approximate	VERB
fueconorg-5755	87	23	by	by	ADP
fueconorg-5755	87	24	the	the	DET
fueconorg-5755	87	25	market	market	NOUN
fueconorg-5755	87	26	indexes	index	NOUN
fueconorg-5755	87	27	belex15	belex15	NOUN
fueconorg-5755	87	28	and	and	CCONJ
fueconorg-5755	87	29	belexline	belexline	NOUN
fueconorg-5755	87	30	.	.	PUNCT
fueconorg-5755	88	1	detailed	detailed	ADJ
fueconorg-5755	88	2	explanation	explanation	NOUN
fueconorg-5755	88	3	of	of	ADP
fueconorg-5755	88	4	applied	apply	VERB
fueconorg-5755	88	5	optimization	optimization	NOUN
fueconorg-5755	88	6	algorithms	algorithm	NOUN
fueconorg-5755	88	7	can	can	AUX
fueconorg-5755	88	8	be	be	AUX
fueconorg-5755	88	9	found	find	VERB
fueconorg-5755	88	10	,	,	PUNCT
fueconorg-5755	88	11	for	for	ADP
fueconorg-5755	88	12	example	example	NOUN
fueconorg-5755	88	13	,	,	PUNCT
fueconorg-5755	88	14	in	in	ADP
fueconorg-5755	88	15	the	the	DET
fueconorg-5755	88	16	studies	study	NOUN
fueconorg-5755	88	17	of	of	ADP
fueconorg-5755	88	18	byrne	byrne	PROPN
fueconorg-5755	88	19	and	and	CCONJ
fueconorg-5755	88	20	lee	lee	PROPN
fueconorg-5755	88	21	(	(	PUNCT
fueconorg-5755	88	22	2004	2004	NUM
fueconorg-5755	88	23	)	)	PUNCT
fueconorg-5755	88	24	,	,	PUNCT
fueconorg-5755	88	25	krokhmal	krokhmal	NOUN
fueconorg-5755	88	26	et	et	PROPN
fueconorg-5755	88	27	al	al	PROPN
fueconorg-5755	88	28	.	.	PROPN
fueconorg-5755	89	1	(	(	PUNCT
fueconorg-5755	89	2	2002	2002	NUM
fueconorg-5755	89	3	)	)	PUNCT
fueconorg-5755	89	4	and	and	CCONJ
fueconorg-5755	89	5	liu	liu	PROPN
fueconorg-5755	89	6	and	and	CCONJ
fueconorg-5755	89	7	qin	qin	PROPN
fueconorg-5755	89	8	(	(	PUNCT
fueconorg-5755	89	9	2012	2012	NUM
fueconorg-5755	89	10	)	)	PUNCT
fueconorg-5755	89	11	.	.	PUNCT
fueconorg-5755	90	1	4	4	X
fueconorg-5755	90	2	.	.	NOUN
fueconorg-5755	90	3	results	result	NOUN
fueconorg-5755	90	4	and	and	CCONJ
fueconorg-5755	90	5	discussion	discussion	NOUN
fueconorg-5755	90	6	optimizing	optimize	VERB
fueconorg-5755	90	7	allocation	allocation	NOUN
fueconorg-5755	90	8	of	of	ADP
fueconorg-5755	90	9	financial	financial	ADJ
fueconorg-5755	90	10	means	mean	NOUN
fueconorg-5755	90	11	on	on	ADP
fueconorg-5755	90	12	the	the	DET
fueconorg-5755	90	13	belgrade	belgrade	PROPN
fueconorg-5755	90	14	stock	stock	PROPN
fueconorg-5755	90	15	exchange	exchange	PROPN
fueconorg-5755	90	16	using	use	VERB
fueconorg-5755	90	17	various	various	ADJ
fueconorg-5755	90	18	measures	measure	NOUN
fueconorg-5755	90	19	of	of	ADP
fueconorg-5755	90	20	risk	risk	NOUN
fueconorg-5755	90	21	presented	present	VERB
fueconorg-5755	90	22	in	in	ADP
fueconorg-5755	90	23	this	this	DET
fueconorg-5755	90	24	study	study	NOUN
fueconorg-5755	90	25	results	result	NOUN
fueconorg-5755	90	26	in	in	ADP
fueconorg-5755	90	27	five	five	NUM
fueconorg-5755	90	28	different	different	ADJ
fueconorg-5755	90	29	investment	investment	NOUN
fueconorg-5755	90	30	portfolios	portfolio	NOUN
fueconorg-5755	90	31	,	,	PUNCT
fueconorg-5755	90	32	which	which	PRON
fueconorg-5755	90	33	achieve	achieve	VERB
fueconorg-5755	90	34	better	well	ADJ
fueconorg-5755	90	35	performance	performance	NOUN
fueconorg-5755	90	36	compared	compare	VERB
fueconorg-5755	90	37	to	to	ADP
fueconorg-5755	90	38	market	market	NOUN
fueconorg-5755	90	39	portfolios	portfolio	NOUN
fueconorg-5755	90	40	in	in	ADP
fueconorg-5755	90	41	the	the	DET
fueconorg-5755	90	42	out	out	ADJ
fueconorg-5755	90	43	-	-	PUNCT
fueconorg-5755	90	44	sample	sample	NOUN
fueconorg-5755	90	45	period	period	NOUN
fueconorg-5755	90	46	(	(	PUNCT
fueconorg-5755	90	47	table	table	NOUN
fueconorg-5755	90	48	1	1	NUM
fueconorg-5755	90	49	)	)	PUNCT
fueconorg-5755	90	50	.	.	PUNCT
fueconorg-5755	91	1	the	the	DET
fueconorg-5755	91	2	effects	effect	NOUN
fueconorg-5755	91	3	of	of	ADP
fueconorg-5755	91	4	these	these	DET
fueconorg-5755	91	5	investments	investment	NOUN
fueconorg-5755	91	6	are	be	AUX
fueconorg-5755	91	7	measured	measure	VERB
fueconorg-5755	91	8	by	by	ADP
fueconorg-5755	91	9	total	total	ADJ
fueconorg-5755	91	10	return	return	NOUN
fueconorg-5755	91	11	,	,	PUNCT
fueconorg-5755	91	12	total	total	ADJ
fueconorg-5755	91	13	risk	risk	NOUN
fueconorg-5755	91	14	and	and	CCONJ
fueconorg-5755	91	15	the	the	DET
fueconorg-5755	91	16	sharpe	sharpe	PROPN
fueconorg-5755	91	17	ratio	ratio	NOUN
fueconorg-5755	91	18	.	.	PUNCT
fueconorg-5755	92	1	although	although	SCONJ
fueconorg-5755	92	2	none	none	NOUN
fueconorg-5755	92	3	of	of	ADP
fueconorg-5755	92	4	the	the	DET
fueconorg-5755	92	5	obtained	obtain	VERB
fueconorg-5755	92	6	portfolios	portfolio	NOUN
fueconorg-5755	92	7	can	can	AUX
fueconorg-5755	92	8	be	be	AUX
fueconorg-5755	92	9	considered	consider	VERB
fueconorg-5755	92	10	effective	effective	ADJ
fueconorg-5755	92	11	in	in	ADP
fueconorg-5755	92	12	terms	term	NOUN
fueconorg-5755	92	13	of	of	ADP
fueconorg-5755	92	14	sharpe	sharpe	NOUN
fueconorg-5755	92	15	ratio	ratio	NOUN
fueconorg-5755	92	16	,	,	PUNCT
fueconorg-5755	92	17	all	all	PRON
fueconorg-5755	92	18	have	have	VERB
fueconorg-5755	92	19	higher	high	ADJ
fueconorg-5755	92	20	sharpe	sharpe	NOUN
fueconorg-5755	92	21	ratio	ratio	NOUN
fueconorg-5755	92	22	than	than	ADP
fueconorg-5755	92	23	belex15	belex15	ADJ
fueconorg-5755	92	24	and	and	CCONJ
fueconorg-5755	92	25	belexline	belexline	NOUN
fueconorg-5755	92	26	index	index	NOUN
fueconorg-5755	92	27	,	,	PUNCT
fueconorg-5755	92	28	with	with	ADP
fueconorg-5755	92	29	significantly	significantly	ADV
fueconorg-5755	92	30	higher	high	ADJ
fueconorg-5755	92	31	returns	return	NOUN
fueconorg-5755	92	32	and	and	CCONJ
fueconorg-5755	92	33	almost	almost	ADV
fueconorg-5755	92	34	identical	identical	ADJ
fueconorg-5755	92	35	risk	risk	NOUN
fueconorg-5755	92	36	,	,	PUNCT
fueconorg-5755	92	37	but	but	CCONJ
fueconorg-5755	92	38	higher	high	ADJ
fueconorg-5755	92	39	risk	risk	NOUN
fueconorg-5755	92	40	comparing	compare	VERB
fueconorg-5755	92	41	to	to	ADP
fueconorg-5755	92	42	market	market	NOUN
fueconorg-5755	92	43	portfolios	portfolio	NOUN
fueconorg-5755	92	44	,	,	PUNCT
fueconorg-5755	92	45	at	at	ADP
fueconorg-5755	92	46	a	a	DET
fueconorg-5755	92	47	level	level	NOUN
fueconorg-5755	92	48	of	of	ADP
fueconorg-5755	92	49	approximately	approximately	ADV
fueconorg-5755	92	50	15	15	NUM
fueconorg-5755	92	51	%	%	NOUN
fueconorg-5755	92	52	.	.	PUNCT
fueconorg-5755	93	1	implementation	implementation	NOUN
fueconorg-5755	93	2	of	of	ADP
fueconorg-5755	93	3	the	the	DET
fueconorg-5755	93	4	standard	standard	ADJ
fueconorg-5755	93	5	mv	mv	PROPN
fueconorg-5755	93	6	approach	approach	NOUN
fueconorg-5755	93	7	in	in	ADP
fueconorg-5755	93	8	portfolio	portfolio	NOUN
fueconorg-5755	93	9	optimization	optimization	NOUN
fueconorg-5755	93	10	lead	lead	NOUN
fueconorg-5755	93	11	to	to	ADP
fueconorg-5755	93	12	portfolio	portfolio	NOUN
fueconorg-5755	93	13	that	that	PRON
fueconorg-5755	93	14	consists	consist	VERB
fueconorg-5755	93	15	of	of	ADP
fueconorg-5755	93	16	27	27	NUM
fueconorg-5755	93	17	stocks	stock	NOUN
fueconorg-5755	93	18	and	and	CCONJ
fueconorg-5755	93	19	it	it	PRON
fueconorg-5755	93	20	enables	enable	VERB
fueconorg-5755	93	21	investors	investor	NOUN
fueconorg-5755	93	22	to	to	PART
fueconorg-5755	93	23	achieve	achieve	VERB
fueconorg-5755	93	24	3.30	3.30	NUM
fueconorg-5755	93	25	%	%	NOUN
fueconorg-5755	93	26	return	return	NOUN
fueconorg-5755	93	27	within	within	ADP
fueconorg-5755	93	28	holding	hold	VERB
fueconorg-5755	93	29	period	period	NOUN
fueconorg-5755	93	30	of	of	ADP
fueconorg-5755	93	31	250	250	NUM
fueconorg-5755	93	32	days	day	NOUN
fueconorg-5755	93	33	.	.	PUNCT
fueconorg-5755	94	1	investors	investor	NOUN
fueconorg-5755	94	2	should	should	AUX
fueconorg-5755	94	3	invest	invest	VERB
fueconorg-5755	94	4	in	in	ADP
fueconorg-5755	94	5	a	a	DET
fueconorg-5755	94	6	similar	similar	ADJ
fueconorg-5755	94	7	number	number	NOUN
fueconorg-5755	94	8	of	of	ADP
fueconorg-5755	94	9	stocks	stock	NOUN
fueconorg-5755	94	10	according	accord	VERB
fueconorg-5755	94	11	to	to	ADP
fueconorg-5755	94	12	msv	msv	PROPN
fueconorg-5755	94	13	model	model	NOUN
fueconorg-5755	94	14	(	(	PUNCT
fueconorg-5755	94	15	26	26	NUM
fueconorg-5755	94	16	)	)	PUNCT
fueconorg-5755	94	17	and	and	CCONJ
fueconorg-5755	94	18	mvar	mvar	PROPN
fueconorg-5755	94	19	model	model	NOUN
fueconorg-5755	94	20	(	(	PUNCT
fueconorg-5755	94	21	23	23	NUM
fueconorg-5755	94	22	)	)	PUNCT
fueconorg-5755	94	23	in	in	ADP
fueconorg-5755	94	24	order	order	NOUN
fueconorg-5755	94	25	to	to	PART
fueconorg-5755	94	26	realize	realize	VERB
fueconorg-5755	94	27	2	2	NUM
fueconorg-5755	94	28	%	%	NOUN
fueconorg-5755	94	29	higher	high	ADJ
fueconorg-5755	94	30	return	return	NOUN
fueconorg-5755	94	31	comparing	compare	VERB
fueconorg-5755	94	32	to	to	ADP
fueconorg-5755	94	33	market	market	NOUN
fueconorg-5755	94	34	portfolio	portfolio	NOUN
fueconorg-5755	94	35	.	.	PUNCT
fueconorg-5755	95	1	however	however	ADV
fueconorg-5755	95	2	,	,	PUNCT
fueconorg-5755	95	3	transaction	transaction	NOUN
fueconorg-5755	95	4	costs	cost	NOUN
fueconorg-5755	95	5	and	and	CCONJ
fueconorg-5755	95	6	belgrade	belgrade	ADJ
fueconorg-5755	95	7	stock	stock	NOUN
fueconorg-5755	95	8	effects	effect	NOUN
fueconorg-5755	95	9	of	of	ADP
fueconorg-5755	95	10	applying	apply	VERB
fueconorg-5755	95	11	different	different	ADJ
fueconorg-5755	95	12	risk	risk	NOUN
fueconorg-5755	95	13	measures	measure	NOUN
fueconorg-5755	95	14	on	on	ADP
fueconorg-5755	95	15	the	the	DET
fueconorg-5755	95	16	optimal	optimal	ADJ
fueconorg-5755	95	17	portfolio	portfolio	NOUN
fueconorg-5755	95	18	selection	selection	NOUN
fueconorg-5755	95	19	:	:	PUNCT
fueconorg-5755	95	20	the	the	DET
fueconorg-5755	95	21	case	case	NOUN
fueconorg-5755	95	22	of	of	ADP
fueconorg-5755	95	23	the	the	DET
fueconorg-5755	95	24	belgrade	belgrade	NOUN
fueconorg-5755	95	25	...	...	PUNCT
fueconorg-5755	95	26	23	23	NUM
fueconorg-5755	95	27	market	market	NOUN
fueconorg-5755	95	28	illiquidity	illiquidity	NOUN
fueconorg-5755	95	29	may	may	AUX
fueconorg-5755	95	30	reduce	reduce	VERB
fueconorg-5755	95	31	the	the	DET
fueconorg-5755	95	32	possibilities	possibility	NOUN
fueconorg-5755	95	33	to	to	PART
fueconorg-5755	95	34	invest	invest	VERB
fueconorg-5755	95	35	in	in	ADP
fueconorg-5755	95	36	stocks	stock	NOUN
fueconorg-5755	95	37	according	accord	VERB
fueconorg-5755	95	38	to	to	ADP
fueconorg-5755	95	39	these	these	DET
fueconorg-5755	95	40	models	model	NOUN
fueconorg-5755	95	41	of	of	ADP
fueconorg-5755	95	42	optimization	optimization	NOUN
fueconorg-5755	95	43	.	.	PUNCT
fueconorg-5755	96	1	on	on	ADP
fueconorg-5755	96	2	the	the	DET
fueconorg-5755	96	3	other	other	ADJ
fueconorg-5755	96	4	hand	hand	NOUN
fueconorg-5755	96	5	,	,	PUNCT
fueconorg-5755	96	6	the	the	DET
fueconorg-5755	96	7	use	use	NOUN
fueconorg-5755	96	8	of	of	ADP
fueconorg-5755	96	9	ad	ad	NOUN
fueconorg-5755	96	10	and	and	CCONJ
fueconorg-5755	96	11	sad	sad	ADJ
fueconorg-5755	96	12	measures	measure	NOUN
fueconorg-5755	96	13	of	of	ADP
fueconorg-5755	96	14	risk	risk	NOUN
fueconorg-5755	96	15	in	in	ADP
fueconorg-5755	96	16	the	the	DET
fueconorg-5755	96	17	portfolio	portfolio	NOUN
fueconorg-5755	96	18	optimization	optimization	NOUN
fueconorg-5755	96	19	model	model	NOUN
fueconorg-5755	96	20	resulted	result	VERB
fueconorg-5755	96	21	in	in	ADP
fueconorg-5755	96	22	portfolios	portfolio	NOUN
fueconorg-5755	96	23	,	,	PUNCT
fueconorg-5755	96	24	whose	whose	DET
fueconorg-5755	96	25	structures	structure	NOUN
fueconorg-5755	96	26	make	make	VERB
fueconorg-5755	96	27	smaller	small	ADJ
fueconorg-5755	96	28	number	number	NOUN
fueconorg-5755	96	29	of	of	ADP
fueconorg-5755	96	30	shares	share	NOUN
fueconorg-5755	96	31	(	(	PUNCT
fueconorg-5755	96	32	5	5	NUM
fueconorg-5755	96	33	)	)	PUNCT
fueconorg-5755	96	34	and	and	CCONJ
fueconorg-5755	96	35	significantly	significantly	ADV
fueconorg-5755	96	36	better	well	ADJ
fueconorg-5755	96	37	performances	performance	NOUN
fueconorg-5755	96	38	in	in	ADP
fueconorg-5755	96	39	comparison	comparison	NOUN
fueconorg-5755	96	40	to	to	ADP
fueconorg-5755	96	41	other	other	ADJ
fueconorg-5755	96	42	alternatives	alternative	NOUN
fueconorg-5755	96	43	.	.	PUNCT
fueconorg-5755	97	1	the	the	DET
fueconorg-5755	97	2	optimal	optimal	ADJ
fueconorg-5755	97	3	portfolios	portfolio	NOUN
fueconorg-5755	97	4	determined	determine	VERB
fueconorg-5755	97	5	by	by	ADP
fueconorg-5755	97	6	using	use	VERB
fueconorg-5755	97	7	msad	msad	ADJ
fueconorg-5755	97	8	and	and	CCONJ
fueconorg-5755	97	9	mad	mad	ADJ
fueconorg-5755	97	10	models	model	NOUN
fueconorg-5755	97	11	realize	realize	VERB
fueconorg-5755	97	12	identical	identical	ADJ
fueconorg-5755	97	13	sharpe	sharpe	NOUN
fueconorg-5755	97	14	ratio	ratio	PROPN
fueconorg-5755	97	15	(	(	PUNCT
fueconorg-5755	97	16	0.81124	0.81124	NUM
fueconorg-5755	97	17	)	)	PUNCT
fueconorg-5755	97	18	and	and	CCONJ
fueconorg-5755	97	19	return	return	NOUN
fueconorg-5755	97	20	of	of	ADP
fueconorg-5755	97	21	12.87	12.87	NUM
fueconorg-5755	97	22	%	%	NOUN
fueconorg-5755	97	23	.	.	PUNCT
fueconorg-5755	98	1	table	table	NOUN
fueconorg-5755	98	2	1	1	NUM
fueconorg-5755	98	3	optimal	optimal	ADJ
fueconorg-5755	98	4	portfolios	portfolio	NOUN
fueconorg-5755	98	5	performances	performance	VERB
fueconorg-5755	98	6	optimizaton	optimizaton	NOUN
fueconorg-5755	98	7	method	method	NOUN
fueconorg-5755	98	8	no	no	INTJ
fueconorg-5755	98	9	.	.	PUNCT
fueconorg-5755	99	1	of	of	ADP
fueconorg-5755	99	2	stocks	stock	NOUN
fueconorg-5755	99	3	sharpe	sharpe	PROPN
fueconorg-5755	99	4	ratio	ratio	PROPN
fueconorg-5755	99	5	holding	hold	VERB
fueconorg-5755	99	6	period	period	NOUN
fueconorg-5755	100	1	return	return	NOUN
fueconorg-5755	100	2	holding	hold	VERB
fueconorg-5755	100	3	period	period	NOUN
fueconorg-5755	100	4	variance	variance	NOUN
fueconorg-5755	100	5	mean	mean	NOUN
fueconorg-5755	100	6	–	–	PUNCT
fueconorg-5755	100	7	variance	variance	NOUN
fueconorg-5755	100	8	(	(	PUNCT
fueconorg-5755	100	9	mv	mv	PROPN
fueconorg-5755	100	10	)	)	PUNCT
fueconorg-5755	100	11	27	27	NUM
fueconorg-5755	100	12	0.21258	0.21258	NUM
fueconorg-5755	100	13	3.30	3.30	NUM
fueconorg-5755	100	14	%	%	NOUN
fueconorg-5755	100	15	15.54	15.54	NUM
fueconorg-5755	100	16	%	%	NOUN
fueconorg-5755	100	17	mean	mean	NOUN
fueconorg-5755	100	18	–	–	PUNCT
fueconorg-5755	100	19	semi	semi	ADJ
fueconorg-5755	100	20	variance	variance	NOUN
fueconorg-5755	100	21	(	(	PUNCT
fueconorg-5755	100	22	msv	msv	X
fueconorg-5755	100	23	)	)	PUNCT
fueconorg-5755	100	24	26	26	NUM
fueconorg-5755	100	25	0.13973	0.13973	NUM
fueconorg-5755	100	26	2.19	2.19	NUM
fueconorg-5755	100	27	%	%	NOUN
fueconorg-5755	100	28	15.64	15.64	NUM
fueconorg-5755	100	29	%	%	NOUN
fueconorg-5755	100	30	mean	mean	NOUN
fueconorg-5755	100	31	–	–	PUNCT
fueconorg-5755	100	32	absolute	absolute	ADJ
fueconorg-5755	100	33	deviation	deviation	NOUN
fueconorg-5755	100	34	(	(	PUNCT
fueconorg-5755	100	35	mad	mad	ADJ
fueconorg-5755	100	36	)	)	PUNCT
fueconorg-5755	100	37	5	5	NUM
fueconorg-5755	100	38	0.81124	0.81124	NUM
fueconorg-5755	100	39	12.87	12.87	NUM
fueconorg-5755	100	40	%	%	NOUN
fueconorg-5755	100	41	15.87	15.87	NUM
fueconorg-5755	100	42	%	%	NOUN
fueconorg-5755	100	43	mean	mean	NOUN
fueconorg-5755	100	44	–	–	PUNCT
fueconorg-5755	100	45	semi	semi	ADJ
fueconorg-5755	100	46	absolute	absolute	ADJ
fueconorg-5755	100	47	deviation	deviation	NOUN
fueconorg-5755	100	48	(	(	PUNCT
fueconorg-5755	100	49	msad	msad	NOUN
fueconorg-5755	100	50	)	)	PUNCT
fueconorg-5755	100	51	5	5	NUM
fueconorg-5755	100	52	0.81124	0.81124	NUM
fueconorg-5755	100	53	12.87	12.87	NUM
fueconorg-5755	100	54	%	%	NOUN
fueconorg-5755	100	55	15.87	15.87	NUM
fueconorg-5755	100	56	%	%	NOUN
fueconorg-5755	100	57	mean	mean	NOUN
fueconorg-5755	100	58	–	–	PUNCT
fueconorg-5755	100	59	value	value	NOUN
fueconorg-5755	100	60	at	at	ADP
fueconorg-5755	100	61	risk	risk	NOUN
fueconorg-5755	100	62	(	(	PUNCT
fueconorg-5755	100	63	mvar	mvar	NOUN
fueconorg-5755	100	64	)	)	PUNCT
fueconorg-5755	100	65	23	23	NUM
fueconorg-5755	100	66	0.17024	0.17024	NUM
fueconorg-5755	100	67	2.68	2.68	NUM
fueconorg-5755	100	68	%	%	NOUN
fueconorg-5755	100	69	15.71	15.71	NUM
fueconorg-5755	100	70	%	%	NOUN
fueconorg-5755	100	71	belex15	belex15	NOUN
fueconorg-5755	100	72	11	11	NUM
fueconorg-5755	100	73	0.02759	0.02759	NUM
fueconorg-5755	100	74	0.25	0.25	NUM
fueconorg-5755	100	75	%	%	NOUN
fueconorg-5755	100	76	9.00	9.00	NUM
fueconorg-5755	100	77	%	%	NOUN
fueconorg-5755	100	78	belexline	belexline	NOUN
fueconorg-5755	100	79	21	21	NUM
fueconorg-5755	100	80	-0.65957	-0.65957	NOUN
fueconorg-5755	100	81	-4.50	-4.50	DET
fueconorg-5755	100	82	%	%	NOUN
fueconorg-5755	100	83	6.83	6.83	NUM
fueconorg-5755	100	84	%	%	NOUN
fueconorg-5755	100	85	source	source	NOUN
fueconorg-5755	100	86	:	:	PUNCT
fueconorg-5755	100	87	authors	author	NOUN
fueconorg-5755	100	88	’	’	PART
fueconorg-5755	100	89	calculation	calculation	NOUN
fueconorg-5755	100	90	in	in	ADP
fueconorg-5755	100	91	order	order	NOUN
fueconorg-5755	100	92	to	to	PART
fueconorg-5755	100	93	compare	compare	VERB
fueconorg-5755	100	94	the	the	DET
fueconorg-5755	100	95	structure	structure	NOUN
fueconorg-5755	100	96	of	of	ADP
fueconorg-5755	100	97	obtained	obtain	VERB
fueconorg-5755	100	98	portfolios	portfolio	NOUN
fueconorg-5755	100	99	we	we	PRON
fueconorg-5755	100	100	estimate	estimate	VERB
fueconorg-5755	100	101	similarity	similarity	NOUN
fueconorg-5755	100	102	index	index	NOUN
fueconorg-5755	100	103	.	.	PUNCT
fueconorg-5755	101	1	portfolio	portfolio	NOUN
fueconorg-5755	101	2	similarity	similarity	PROPN
fueconorg-5755	101	3	index	index	NOUN
fueconorg-5755	101	4	,	,	PUNCT
fueconorg-5755	101	5	as	as	ADP
fueconorg-5755	101	6	a	a	DET
fueconorg-5755	101	7	measure	measure	NOUN
fueconorg-5755	101	8	of	of	ADP
fueconorg-5755	101	9	similarity	similarity	NOUN
fueconorg-5755	101	10	of	of	ADP
fueconorg-5755	101	11	portfolios	portfolio	NOUN
fueconorg-5755	101	12	’	'	PUNCT
fueconorg-5755	101	13	structures	structure	NOUN
fueconorg-5755	101	14	,	,	PUNCT
fueconorg-5755	101	15	includes	include	VERB
fueconorg-5755	101	16	both	both	DET
fueconorg-5755	101	17	similarity	similarity	NOUN
fueconorg-5755	101	18	in	in	ADP
fueconorg-5755	101	19	terms	term	NOUN
fueconorg-5755	101	20	of	of	ADP
fueconorg-5755	101	21	portfolios	portfolio	NOUN
fueconorg-5755	101	22	’	'	PUNCT
fueconorg-5755	101	23	compositions	composition	NOUN
fueconorg-5755	101	24	,	,	PUNCT
fueconorg-5755	101	25	as	as	ADV
fueconorg-5755	101	26	well	well	ADV
fueconorg-5755	101	27	as	as	ADP
fueconorg-5755	101	28	similarity	similarity	NOUN
fueconorg-5755	101	29	between	between	ADP
fueconorg-5755	101	30	the	the	DET
fueconorg-5755	101	31	weights	weight	NOUN
fueconorg-5755	101	32	attached	attach	VERB
fueconorg-5755	101	33	to	to	ADP
fueconorg-5755	101	34	common	common	ADJ
fueconorg-5755	101	35	assets	asset	NOUN
fueconorg-5755	101	36	in	in	ADP
fueconorg-5755	101	37	two	two	NUM
fueconorg-5755	101	38	portfolios	portfolio	NOUN
fueconorg-5755	101	39	.	.	PUNCT
fueconorg-5755	102	1	the	the	DET
fueconorg-5755	102	2	similarity	similarity	NOUN
fueconorg-5755	102	3	in	in	ADP
fueconorg-5755	102	4	portfolio	portfolio	NOUN
fueconorg-5755	102	5	composition	composition	NOUN
fueconorg-5755	102	6	is	be	AUX
fueconorg-5755	102	7	measured	measure	VERB
fueconorg-5755	102	8	by	by	ADP
fueconorg-5755	102	9	the	the	DET
fueconorg-5755	102	10	portfolio	portfolio	NOUN
fueconorg-5755	102	11	overlap	overlap	NOUN
fueconorg-5755	102	12	index	index	NOUN
fueconorg-5755	102	13	that	that	PRON
fueconorg-5755	102	14	is	be	AUX
fueconorg-5755	102	15	calculated	calculate	VERB
fueconorg-5755	102	16	as	as	ADP
fueconorg-5755	102	17	the	the	DET
fueconorg-5755	102	18	share	share	NOUN
fueconorg-5755	102	19	of	of	ADP
fueconorg-5755	102	20	common	common	ADJ
fueconorg-5755	102	21	stocks	stock	NOUN
fueconorg-5755	102	22	in	in	ADP
fueconorg-5755	102	23	two	two	NUM
fueconorg-5755	102	24	portfolios	portfolio	NOUN
fueconorg-5755	102	25	in	in	ADP
fueconorg-5755	102	26	the	the	DET
fueconorg-5755	102	27	average	average	ADJ
fueconorg-5755	102	28	number	number	NOUN
fueconorg-5755	102	29	of	of	ADP
fueconorg-5755	102	30	stocks	stock	NOUN
fueconorg-5755	102	31	in	in	ADP
fueconorg-5755	102	32	observed	observed	ADJ
fueconorg-5755	102	33	portfolios	portfolio	NOUN
fueconorg-5755	102	34	.	.	PUNCT
fueconorg-5755	103	1	however	however	ADV
fueconorg-5755	103	2	,	,	PUNCT
fueconorg-5755	103	3	portfolios	portfolio	NOUN
fueconorg-5755	103	4	even	even	ADV
fueconorg-5755	103	5	of	of	ADP
fueconorg-5755	103	6	exactly	exactly	ADV
fueconorg-5755	103	7	the	the	DET
fueconorg-5755	103	8	same	same	ADJ
fueconorg-5755	103	9	composition	composition	NOUN
fueconorg-5755	103	10	may	may	AUX
fueconorg-5755	103	11	differ	differ	VERB
fueconorg-5755	103	12	in	in	ADP
fueconorg-5755	103	13	the	the	DET
fueconorg-5755	103	14	weights	weight	NOUN
fueconorg-5755	103	15	attached	attach	VERB
fueconorg-5755	103	16	to	to	ADP
fueconorg-5755	103	17	common	common	ADJ
fueconorg-5755	103	18	assets	asset	NOUN
fueconorg-5755	103	19	.	.	PUNCT
fueconorg-5755	104	1	therefore	therefore	ADV
fueconorg-5755	104	2	,	,	PUNCT
fueconorg-5755	104	3	portfolio	portfolio	NOUN
fueconorg-5755	104	4	weight	weight	NOUN
fueconorg-5755	104	5	index	index	NOUN
fueconorg-5755	104	6	is	be	AUX
fueconorg-5755	104	7	assessed	assess	VERB
fueconorg-5755	104	8	by	by	ADP
fueconorg-5755	104	9	summing	sum	VERB
fueconorg-5755	104	10	the	the	DET
fueconorg-5755	104	11	minimum	minimum	ADJ
fueconorg-5755	104	12	weight	weight	NOUN
fueconorg-5755	104	13	attached	attach	VERB
fueconorg-5755	104	14	to	to	ADP
fueconorg-5755	104	15	each	each	DET
fueconorg-5755	104	16	asset	asset	NOUN
fueconorg-5755	104	17	that	that	PRON
fueconorg-5755	104	18	overlaps	overlap	VERB
fueconorg-5755	104	19	two	two	NUM
fueconorg-5755	104	20	portfolios	portfolio	NOUN
fueconorg-5755	104	21	.	.	PUNCT
fueconorg-5755	105	1	following	follow	VERB
fueconorg-5755	105	2	byrne	byrne	PROPN
fueconorg-5755	105	3	and	and	CCONJ
fueconorg-5755	105	4	lee	lee	PROPN
fueconorg-5755	105	5	(	(	PUNCT
fueconorg-5755	105	6	2004	2004	NUM
fueconorg-5755	105	7	)	)	PUNCT
fueconorg-5755	105	8	the	the	DET
fueconorg-5755	105	9	portfolio	portfolio	NOUN
fueconorg-5755	105	10	similarity	similarity	NOUN
fueconorg-5755	105	11	index	index	NOUN
fueconorg-5755	105	12	is	be	AUX
fueconorg-5755	105	13	calculated	calculate	VERB
fueconorg-5755	105	14	by	by	ADP
fueconorg-5755	105	15	multiplying	multiply	VERB
fueconorg-5755	105	16	the	the	DET
fueconorg-5755	105	17	portfolio	portfolio	NOUN
fueconorg-5755	105	18	overlap	overlap	NOUN
fueconorg-5755	105	19	index	index	NOUN
fueconorg-5755	105	20	by	by	ADP
fueconorg-5755	105	21	portfolio	portfolio	NOUN
fueconorg-5755	105	22	weight	weight	NOUN
fueconorg-5755	105	23	index	index	NOUN
fueconorg-5755	105	24	and	and	CCONJ
fueconorg-5755	105	25	the	the	DET
fueconorg-5755	105	26	results	result	NOUN
fueconorg-5755	105	27	of	of	ADP
fueconorg-5755	105	28	portfolio	portfolio	NOUN
fueconorg-5755	105	29	similarity	similarity	NOUN
fueconorg-5755	105	30	analysis	analysis	NOUN
fueconorg-5755	105	31	are	be	AUX
fueconorg-5755	105	32	presented	present	VERB
fueconorg-5755	105	33	in	in	ADP
fueconorg-5755	105	34	table	table	NOUN
fueconorg-5755	105	35	2	2	NUM
fueconorg-5755	105	36	.	.	PUNCT
fueconorg-5755	105	37	table	table	NOUN
fueconorg-5755	105	38	2	2	NUM
fueconorg-5755	105	39	portfolios	portfolio	NOUN
fueconorg-5755	105	40	similarity	similarity	NOUN
fueconorg-5755	105	41	indexes	index	NOUN
fueconorg-5755	105	42	mv	mv	PROPN
fueconorg-5755	105	43	msv	msv	PROPN
fueconorg-5755	105	44	mad	mad	ADJ
fueconorg-5755	105	45	msad	msad	PROPN
fueconorg-5755	105	46	mvar	mvar	PROPN
fueconorg-5755	105	47	mv	mv	PROPN
fueconorg-5755	105	48	100.00	100.00	NUM
fueconorg-5755	105	49	%	%	NOUN
fueconorg-5755	105	50	msv	msv	PROPN
fueconorg-5755	105	51	92.68	92.68	NUM
fueconorg-5755	105	52	%	%	NOUN
fueconorg-5755	105	53	100.00	100.00	NUM
fueconorg-5755	105	54	%	%	NOUN
fueconorg-5755	105	55	mad	mad	ADJ
fueconorg-5755	105	56	17.72	17.72	NUM
fueconorg-5755	105	57	%	%	NOUN
fueconorg-5755	105	58	18.65	18.65	NUM
fueconorg-5755	105	59	%	%	NOUN
fueconorg-5755	105	60	100.00	100.00	NUM
fueconorg-5755	105	61	%	%	NOUN
fueconorg-5755	105	62	msad	msad	NOUN
fueconorg-5755	105	63	17.72	17.72	NUM
fueconorg-5755	105	64	%	%	NOUN
fueconorg-5755	105	65	18.65	18.65	NUM
fueconorg-5755	105	66	%	%	NOUN
fueconorg-5755	105	67	99.22	99.22	NUM
fueconorg-5755	105	68	%	%	NOUN
fueconorg-5755	105	69	100.00	100.00	NUM
fueconorg-5755	105	70	%	%	NOUN
fueconorg-5755	105	71	mvar	mvar	NOUN
fueconorg-5755	105	72	84.68	84.68	NUM
fueconorg-5755	105	73	%	%	NOUN
fueconorg-5755	105	74	87.81	87.81	NUM
fueconorg-5755	105	75	%	%	NOUN
fueconorg-5755	105	76	20.77	20.77	NUM
fueconorg-5755	105	77	%	%	NOUN
fueconorg-5755	105	78	20.77	20.77	NUM
fueconorg-5755	105	79	%	%	NOUN
fueconorg-5755	105	80	100.00	100.00	NUM
fueconorg-5755	105	81	%	%	NOUN
fueconorg-5755	105	82	source	source	NOUN
fueconorg-5755	105	83	:	:	PUNCT
fueconorg-5755	105	84	authors	author	NOUN
fueconorg-5755	105	85	’	’	PART
fueconorg-5755	105	86	calculation	calculation	NOUN
fueconorg-5755	105	87	comparing	compare	VERB
fueconorg-5755	105	88	the	the	DET
fueconorg-5755	105	89	structures	structure	NOUN
fueconorg-5755	105	90	of	of	ADP
fueconorg-5755	105	91	optimal	optimal	ADJ
fueconorg-5755	105	92	portfolios	portfolio	NOUN
fueconorg-5755	105	93	achieved	achieve	VERB
fueconorg-5755	105	94	by	by	ADP
fueconorg-5755	105	95	using	use	VERB
fueconorg-5755	105	96	different	different	ADJ
fueconorg-5755	105	97	risk	risk	NOUN
fueconorg-5755	105	98	measures	measure	NOUN
fueconorg-5755	105	99	in	in	ADP
fueconorg-5755	105	100	optimization	optimization	NOUN
fueconorg-5755	105	101	algorithms	algorithm	NOUN
fueconorg-5755	105	102	,	,	PUNCT
fueconorg-5755	105	103	it	it	PRON
fueconorg-5755	105	104	can	can	AUX
fueconorg-5755	105	105	be	be	AUX
fueconorg-5755	105	106	concluded	conclude	VERB
fueconorg-5755	105	107	that	that	SCONJ
fueconorg-5755	105	108	the	the	DET
fueconorg-5755	105	109	structures	structure	NOUN
fueconorg-5755	105	110	are	be	AUX
fueconorg-5755	105	111	significantly	significantly	ADV
fueconorg-5755	105	112	different	different	ADJ
fueconorg-5755	105	113	.	.	PUNCT
fueconorg-5755	106	1	portfolios	portfolio	NOUN
fueconorg-5755	106	2	obtained	obtain	VERB
fueconorg-5755	106	3	by	by	ADP
fueconorg-5755	106	4	implementing	implement	VERB
fueconorg-5755	106	5	msv	msv	PROPN
fueconorg-5755	106	6	model	model	NOUN
fueconorg-5755	106	7	is	be	AUX
fueconorg-5755	106	8	the	the	DET
fueconorg-5755	106	9	most	most	ADV
fueconorg-5755	106	10	similar	similar	ADJ
fueconorg-5755	106	11	to	to	ADP
fueconorg-5755	106	12	mv	mv	PROPN
fueconorg-5755	106	13	portfolio	portfolio	NOUN
fueconorg-5755	106	14	with	with	ADP
fueconorg-5755	106	15	92.68	92.68	NUM
fueconorg-5755	106	16	%	%	NOUN
fueconorg-5755	106	17	of	of	ADP
fueconorg-5755	106	18	similarity	similarity	NOUN
fueconorg-5755	106	19	.	.	PUNCT
fueconorg-5755	107	1	the	the	DET
fueconorg-5755	107	2	structure	structure	NOUN
fueconorg-5755	107	3	of	of	ADP
fueconorg-5755	107	4	mvar	mvar	PROPN
fueconorg-5755	107	5	optimal	optimal	ADJ
fueconorg-5755	107	6	portfolio	portfolio	NOUN
fueconorg-5755	107	7	is	be	AUX
fueconorg-5755	107	8	different	different	ADJ
fueconorg-5755	107	9	in	in	ADP
fueconorg-5755	107	10	15.32	15.32	NUM
fueconorg-5755	107	11	%	%	NOUN
fueconorg-5755	107	12	from	from	ADP
fueconorg-5755	107	13	mv	mv	PROPN
fueconorg-5755	107	14	portfolio	portfolio	NOUN
fueconorg-5755	107	15	.	.	PUNCT
fueconorg-5755	108	1	on	on	ADP
fueconorg-5755	108	2	the	the	DET
fueconorg-5755	108	3	other	other	ADJ
fueconorg-5755	108	4	hand	hand	NOUN
fueconorg-5755	108	5	,	,	PUNCT
fueconorg-5755	108	6	mad	mad	ADJ
fueconorg-5755	108	7	as	as	ADV
fueconorg-5755	108	8	well	well	ADV
fueconorg-5755	108	9	as	as	ADP
fueconorg-5755	108	10	msad	msad	ADJ
fueconorg-5755	108	11	optimal	optimal	ADJ
fueconorg-5755	108	12	portfolios	portfolio	NOUN
fueconorg-5755	108	13	show	show	VERB
fueconorg-5755	108	14	the	the	DET
fueconorg-5755	108	15	least	least	ADJ
fueconorg-5755	108	16	similarity	similarity	NOUN
fueconorg-5755	108	17	with	with	ADP
fueconorg-5755	108	18	mv	mv	PROPN
fueconorg-5755	108	19	portfolio	portfolio	NOUN
fueconorg-5755	108	20	with	with	ADP
fueconorg-5755	108	21	a	a	DET
fueconorg-5755	108	22	value	value	NOUN
fueconorg-5755	108	23	of	of	ADP
fueconorg-5755	108	24	similarity	similarity	NOUN
fueconorg-5755	108	25	index	index	NOUN
fueconorg-5755	108	26	of	of	ADP
fueconorg-5755	108	27	17.72	17.72	NUM
fueconorg-5755	108	28	%	%	NOUN
fueconorg-5755	108	29	.	.	PUNCT
fueconorg-5755	109	1	considering	consider	VERB
fueconorg-5755	109	2	the	the	DET
fueconorg-5755	109	3	fact	fact	NOUN
fueconorg-5755	109	4	that	that	SCONJ
fueconorg-5755	109	5	mean	mean	VERB
fueconorg-5755	109	6	values	value	NOUN
fueconorg-5755	109	7	of	of	ADP
fueconorg-5755	109	8	the	the	DET
fueconorg-5755	109	9	selected	select	VERB
fueconorg-5755	109	10	stocks	stock	NOUN
fueconorg-5755	109	11	’	'	PUNCT
fueconorg-5755	109	12	returns	return	NOUN
fueconorg-5755	109	13	are	be	AUX
fueconorg-5755	109	14	mostly	mostly	ADV
fueconorg-5755	109	15	negative	negative	ADJ
fueconorg-5755	109	16	24	24	NUM
fueconorg-5755	109	17	j.	j.	PROPN
fueconorg-5755	109	18	z.	z.	PROPN
fueconorg-5755	109	19	stanković	stanković	PROPN
fueconorg-5755	109	20	,	,	PUNCT
fueconorg-5755	109	21	e.	e.	PROPN
fueconorg-5755	109	22	petrović	petrović	PROPN
fueconorg-5755	109	23	,	,	PUNCT
fueconorg-5755	109	24	k.	k.	PROPN
fueconorg-5755	109	25	denĉić	denĉić	PROPN
fueconorg-5755	109	26	-	-	PUNCT
fueconorg-5755	109	27	mihajlov	mihajlov	NOUN
fueconorg-5755	109	28	with	with	ADP
fueconorg-5755	109	29	insignificant	insignificant	ADJ
fueconorg-5755	109	30	deviations	deviation	NOUN
fueconorg-5755	109	31	from	from	ADP
fueconorg-5755	109	32	zero	zero	NUM
fueconorg-5755	109	33	,	,	PUNCT
fueconorg-5755	109	34	the	the	DET
fueconorg-5755	109	35	structures	structure	NOUN
fueconorg-5755	109	36	of	of	ADP
fueconorg-5755	109	37	the	the	DET
fueconorg-5755	109	38	mad	mad	ADJ
fueconorg-5755	109	39	and	and	CCONJ
fueconorg-5755	109	40	msad	msad	ADJ
fueconorg-5755	109	41	optimal	optimal	ADJ
fueconorg-5755	109	42	portfolios	portfolio	NOUN
fueconorg-5755	109	43	are	be	AUX
fueconorg-5755	109	44	almost	almost	ADV
fueconorg-5755	109	45	identical	identical	ADJ
fueconorg-5755	109	46	.	.	PUNCT
fueconorg-5755	110	1	however	however	ADV
fueconorg-5755	110	2	,	,	PUNCT
fueconorg-5755	110	3	these	these	DET
fueconorg-5755	110	4	portfolios	portfolio	NOUN
fueconorg-5755	110	5	provide	provide	VERB
fueconorg-5755	110	6	the	the	DET
fueconorg-5755	110	7	best	good	ADJ
fueconorg-5755	110	8	performances	performance	NOUN
fueconorg-5755	110	9	and	and	CCONJ
fueconorg-5755	110	10	,	,	PUNCT
fueconorg-5755	110	11	despite	despite	SCONJ
fueconorg-5755	110	12	the	the	DET
fueconorg-5755	110	13	investment	investment	NOUN
fueconorg-5755	110	14	conditions	condition	NOUN
fueconorg-5755	110	15	on	on	ADP
fueconorg-5755	110	16	the	the	DET
fueconorg-5755	110	17	serbian	serbian	ADJ
fueconorg-5755	110	18	capital	capital	NOUN
fueconorg-5755	110	19	market	market	NOUN
fueconorg-5755	110	20	,	,	PUNCT
fueconorg-5755	110	21	are	be	AUX
fueconorg-5755	110	22	realizable	realizable	ADJ
fueconorg-5755	110	23	to	to	ADP
fueconorg-5755	110	24	investors	investor	NOUN
fueconorg-5755	110	25	.	.	PUNCT
fueconorg-5755	111	1	5	5	X
fueconorg-5755	111	2	.	.	X
fueconorg-5755	111	3	conclusion	conclusion	NOUN
fueconorg-5755	111	4	modern	modern	ADJ
fueconorg-5755	111	5	portfolio	portfolio	NOUN
fueconorg-5755	111	6	theory	theory	NOUN
fueconorg-5755	111	7	was	be	AUX
fueconorg-5755	111	8	the	the	DET
fueconorg-5755	111	9	common	common	ADJ
fueconorg-5755	111	10	framework	framework	NOUN
fueconorg-5755	111	11	for	for	ADP
fueconorg-5755	111	12	the	the	DET
fueconorg-5755	111	13	development	development	NOUN
fueconorg-5755	111	14	of	of	ADP
fueconorg-5755	111	15	many	many	ADJ
fueconorg-5755	111	16	theories	theory	NOUN
fueconorg-5755	111	17	and	and	CCONJ
fueconorg-5755	111	18	concepts	concept	NOUN
fueconorg-5755	111	19	in	in	ADP
fueconorg-5755	111	20	finance	finance	NOUN
fueconorg-5755	111	21	that	that	PRON
fueconorg-5755	111	22	are	be	AUX
fueconorg-5755	111	23	still	still	ADV
fueconorg-5755	111	24	widely	widely	ADV
fueconorg-5755	111	25	used	use	VERB
fueconorg-5755	111	26	,	,	PUNCT
fueconorg-5755	111	27	but	but	CCONJ
fueconorg-5755	111	28	also	also	ADV
fueconorg-5755	111	29	the	the	DET
fueconorg-5755	111	30	subject	subject	NOUN
fueconorg-5755	111	31	of	of	ADP
fueconorg-5755	111	32	constant	constant	ADJ
fueconorg-5755	111	33	criticism	criticism	NOUN
fueconorg-5755	111	34	.	.	PUNCT
fueconorg-5755	112	1	the	the	DET
fueconorg-5755	112	2	assumption	assumption	NOUN
fueconorg-5755	112	3	that	that	SCONJ
fueconorg-5755	112	4	most	most	ADV
fueconorg-5755	112	5	certainly	certainly	ADV
fueconorg-5755	112	6	brings	bring	VERB
fueconorg-5755	112	7	into	into	ADP
fueconorg-5755	112	8	question	question	NOUN
fueconorg-5755	112	9	the	the	DET
fueconorg-5755	112	10	appearance	appearance	NOUN
fueconorg-5755	112	11	of	of	ADP
fueconorg-5755	112	12	this	this	DET
fueconorg-5755	112	13	theory	theory	NOUN
fueconorg-5755	112	14	is	be	AUX
fueconorg-5755	112	15	the	the	DET
fueconorg-5755	112	16	probability	probability	NOUN
fueconorg-5755	112	17	distribution	distribution	NOUN
fueconorg-5755	112	18	of	of	ADP
fueconorg-5755	112	19	returns	return	NOUN
fueconorg-5755	112	20	on	on	ADP
fueconorg-5755	112	21	financial	financial	ADJ
fueconorg-5755	112	22	assets	asset	NOUN
fueconorg-5755	112	23	,	,	PUNCT
fueconorg-5755	112	24	and	and	CCONJ
fueconorg-5755	112	25	thus	thus	ADV
fueconorg-5755	112	26	the	the	DET
fueconorg-5755	112	27	basic	basic	ADJ
fueconorg-5755	112	28	parameters	parameter	NOUN
fueconorg-5755	112	29	of	of	ADP
fueconorg-5755	112	30	the	the	DET
fueconorg-5755	112	31	optimization	optimization	NOUN
fueconorg-5755	112	32	model	model	NOUN
fueconorg-5755	112	33	.	.	PUNCT
fueconorg-5755	113	1	financial	financial	ADJ
fueconorg-5755	113	2	time	time	NOUN
fueconorg-5755	113	3	series	series	PROPN
fueconorg-5755	113	4	show	show	VERB
fueconorg-5755	113	5	numerous	numerous	ADJ
fueconorg-5755	113	6	anomalies	anomaly	NOUN
fueconorg-5755	113	7	in	in	ADP
fueconorg-5755	113	8	comparison	comparison	NOUN
fueconorg-5755	113	9	with	with	ADP
fueconorg-5755	113	10	the	the	DET
fueconorg-5755	113	11	normal	normal	ADJ
fueconorg-5755	113	12	distribution	distribution	NOUN
fueconorg-5755	113	13	,	,	PUNCT
fueconorg-5755	113	14	which	which	PRON
fueconorg-5755	113	15	require	require	VERB
fueconorg-5755	113	16	consideration	consideration	NOUN
fueconorg-5755	113	17	of	of	ADP
fueconorg-5755	113	18	additional	additional	ADJ
fueconorg-5755	113	19	parameters	parameter	NOUN
fueconorg-5755	113	20	necessary	necessary	ADJ
fueconorg-5755	113	21	for	for	ADP
fueconorg-5755	113	22	the	the	DET
fueconorg-5755	113	23	adequate	adequate	ADJ
fueconorg-5755	113	24	assessment	assessment	NOUN
fueconorg-5755	113	25	of	of	ADP
fueconorg-5755	113	26	return	return	NOUN
fueconorg-5755	113	27	and	and	CCONJ
fueconorg-5755	113	28	risk	risk	NOUN
fueconorg-5755	113	29	.	.	PUNCT
fueconorg-5755	114	1	the	the	DET
fueconorg-5755	114	2	emergence	emergence	NOUN
fueconorg-5755	114	3	of	of	ADP
fueconorg-5755	114	4	new	new	ADJ
fueconorg-5755	114	5	financial	financial	ADJ
fueconorg-5755	114	6	instruments	instrument	NOUN
fueconorg-5755	114	7	,	,	PUNCT
fueconorg-5755	114	8	as	as	ADV
fueconorg-5755	114	9	well	well	ADV
fueconorg-5755	114	10	as	as	ADP
fueconorg-5755	114	11	different	different	ADJ
fueconorg-5755	114	12	types	type	NOUN
fueconorg-5755	114	13	of	of	ADP
fueconorg-5755	114	14	investors	investor	NOUN
fueconorg-5755	114	15	,	,	PUNCT
fueconorg-5755	114	16	have	have	AUX
fueconorg-5755	114	17	made	make	VERB
fueconorg-5755	114	18	it	it	PRON
fueconorg-5755	114	19	necessary	necessary	ADJ
fueconorg-5755	114	20	to	to	PART
fueconorg-5755	114	21	consider	consider	VERB
fueconorg-5755	114	22	the	the	DET
fueconorg-5755	114	23	effects	effect	NOUN
fueconorg-5755	114	24	of	of	ADP
fueconorg-5755	114	25	extreme	extreme	ADJ
fueconorg-5755	114	26	risks	risk	NOUN
fueconorg-5755	114	27	in	in	ADP
fueconorg-5755	114	28	the	the	DET
fueconorg-5755	114	29	portfolio	portfolio	NOUN
fueconorg-5755	114	30	optimization	optimization	NOUN
fueconorg-5755	114	31	models	model	NOUN
fueconorg-5755	114	32	.	.	PUNCT
fueconorg-5755	115	1	considering	consider	VERB
fueconorg-5755	115	2	the	the	DET
fueconorg-5755	115	3	statistical	statistical	ADJ
fueconorg-5755	115	4	parameters	parameter	NOUN
fueconorg-5755	115	5	of	of	ADP
fueconorg-5755	115	6	return	return	NOUN
fueconorg-5755	115	7	distributions	distribution	NOUN
fueconorg-5755	115	8	,	,	PUNCT
fueconorg-5755	115	9	investors	investor	NOUN
fueconorg-5755	115	10	will	will	AUX
fueconorg-5755	115	11	prefer	prefer	VERB
fueconorg-5755	115	12	to	to	PART
fueconorg-5755	115	13	allocate	allocate	VERB
fueconorg-5755	115	14	their	their	PRON
fueconorg-5755	115	15	funds	fund	NOUN
fueconorg-5755	115	16	in	in	ADP
fueconorg-5755	115	17	the	the	DET
fueconorg-5755	115	18	financial	financial	ADJ
fueconorg-5755	115	19	assets	asset	NOUN
fueconorg-5755	115	20	,	,	PUNCT
fueconorg-5755	115	21	whose	whose	DET
fueconorg-5755	115	22	return	return	NOUN
fueconorg-5755	115	23	distribution	distribution	NOUN
fueconorg-5755	115	24	is	be	AUX
fueconorg-5755	115	25	positively	positively	ADV
fueconorg-5755	115	26	asymmetrical	asymmetrical	ADJ
fueconorg-5755	115	27	,	,	PUNCT
fueconorg-5755	115	28	while	while	SCONJ
fueconorg-5755	115	29	they	they	PRON
fueconorg-5755	115	30	will	will	AUX
fueconorg-5755	115	31	be	be	AUX
fueconorg-5755	115	32	averse	averse	ADJ
fueconorg-5755	115	33	toward	toward	ADP
fueconorg-5755	115	34	the	the	DET
fueconorg-5755	115	35	financial	financial	ADJ
fueconorg-5755	115	36	assets	asset	NOUN
fueconorg-5755	115	37	,	,	PUNCT
fueconorg-5755	115	38	whose	whose	DET
fueconorg-5755	115	39	return	return	NOUN
fueconorg-5755	115	40	distribution	distribution	NOUN
fueconorg-5755	115	41	is	be	AUX
fueconorg-5755	115	42	long	long	ADV
fueconorg-5755	115	43	tailed	tail	VERB
fueconorg-5755	115	44	.	.	PUNCT
fueconorg-5755	116	1	in	in	ADP
fueconorg-5755	116	2	such	such	ADJ
fueconorg-5755	116	3	terms	term	NOUN
fueconorg-5755	116	4	,	,	PUNCT
fueconorg-5755	116	5	the	the	DET
fueconorg-5755	116	6	variance	variance	NOUN
fueconorg-5755	116	7	as	as	ADP
fueconorg-5755	116	8	a	a	DET
fueconorg-5755	116	9	commonly	commonly	ADV
fueconorg-5755	116	10	used	use	VERB
fueconorg-5755	116	11	measure	measure	NOUN
fueconorg-5755	116	12	of	of	ADP
fueconorg-5755	116	13	risk	risk	NOUN
fueconorg-5755	116	14	in	in	ADP
fueconorg-5755	116	15	portfolio	portfolio	NOUN
fueconorg-5755	116	16	optimization	optimization	NOUN
fueconorg-5755	116	17	models	model	NOUN
fueconorg-5755	116	18	should	should	AUX
fueconorg-5755	116	19	be	be	AUX
fueconorg-5755	116	20	replaced	replace	VERB
fueconorg-5755	116	21	by	by	ADP
fueconorg-5755	116	22	the	the	DET
fueconorg-5755	116	23	downside	downside	ADJ
fueconorg-5755	116	24	risk	risk	NOUN
fueconorg-5755	116	25	measures	measure	NOUN
fueconorg-5755	116	26	.	.	PUNCT
fueconorg-5755	117	1	the	the	DET
fueconorg-5755	117	2	need	need	NOUN
fueconorg-5755	117	3	to	to	PART
fueconorg-5755	117	4	incorporate	incorporate	VERB
fueconorg-5755	117	5	alternative	alternative	ADJ
fueconorg-5755	117	6	risk	risk	NOUN
fueconorg-5755	117	7	measures	measure	NOUN
fueconorg-5755	117	8	in	in	ADP
fueconorg-5755	117	9	portfolio	portfolio	NOUN
fueconorg-5755	117	10	optimization	optimization	NOUN
fueconorg-5755	117	11	algorithms	algorithm	NOUN
fueconorg-5755	117	12	is	be	AUX
fueconorg-5755	117	13	even	even	ADV
fueconorg-5755	117	14	more	more	ADV
fueconorg-5755	117	15	pronounced	pronounced	ADJ
fueconorg-5755	117	16	on	on	ADP
fueconorg-5755	117	17	the	the	DET
fueconorg-5755	117	18	emerging	emerge	VERB
fueconorg-5755	117	19	capital	capital	NOUN
fueconorg-5755	117	20	markets	market	NOUN
fueconorg-5755	117	21	,	,	PUNCT
fueconorg-5755	117	22	such	such	ADJ
fueconorg-5755	117	23	as	as	ADP
fueconorg-5755	117	24	the	the	DET
fueconorg-5755	117	25	belgrade	belgrade	PROPN
fueconorg-5755	117	26	stock	stock	PROPN
fueconorg-5755	117	27	exchange	exchange	PROPN
fueconorg-5755	117	28	,	,	PUNCT
fueconorg-5755	117	29	considering	consider	VERB
fueconorg-5755	117	30	the	the	DET
fueconorg-5755	117	31	statistical	statistical	ADJ
fueconorg-5755	117	32	characteristics	characteristic	NOUN
fueconorg-5755	117	33	of	of	ADP
fueconorg-5755	117	34	the	the	DET
fueconorg-5755	117	35	financial	financial	ADJ
fueconorg-5755	117	36	time	time	NOUN
fueconorg-5755	117	37	series	series	PROPN
fueconorg-5755	117	38	.	.	PUNCT
fueconorg-5755	118	1	the	the	DET
fueconorg-5755	118	2	contribution	contribution	NOUN
fueconorg-5755	118	3	of	of	ADP
fueconorg-5755	118	4	this	this	DET
fueconorg-5755	118	5	research	research	NOUN
fueconorg-5755	118	6	results	result	NOUN
fueconorg-5755	118	7	is	be	AUX
fueconorg-5755	118	8	substantial	substantial	ADJ
fueconorg-5755	118	9	,	,	PUNCT
fueconorg-5755	118	10	taking	take	VERB
fueconorg-5755	118	11	into	into	ADP
fueconorg-5755	118	12	consideration	consideration	NOUN
fueconorg-5755	118	13	that	that	SCONJ
fueconorg-5755	118	14	portfolio	portfolio	NOUN
fueconorg-5755	118	15	specialists	specialist	NOUN
fueconorg-5755	118	16	working	work	VERB
fueconorg-5755	118	17	at	at	ADP
fueconorg-5755	118	18	the	the	DET
fueconorg-5755	118	19	serbian	serbian	ADJ
fueconorg-5755	118	20	capital	capital	NOUN
fueconorg-5755	118	21	market	market	NOUN
fueconorg-5755	118	22	,	,	PUNCT
fueconorg-5755	118	23	as	as	ADP
fueconorg-5755	118	24	an	an	DET
fueconorg-5755	118	25	emerging	emerge	VERB
fueconorg-5755	118	26	market	market	NOUN
fueconorg-5755	118	27	,	,	PUNCT
fueconorg-5755	118	28	have	have	AUX
fueconorg-5755	118	29	not	not	PART
fueconorg-5755	118	30	widely	widely	ADV
fueconorg-5755	118	31	incorporated	incorporate	VERB
fueconorg-5755	118	32	optimization	optimization	NOUN
fueconorg-5755	118	33	models	model	NOUN
fueconorg-5755	118	34	into	into	ADP
fueconorg-5755	118	35	their	their	PRON
fueconorg-5755	118	36	common	common	ADJ
fueconorg-5755	118	37	practice	practice	NOUN
fueconorg-5755	118	38	.	.	PUNCT
fueconorg-5755	119	1	one	one	NUM
fueconorg-5755	119	2	possible	possible	ADJ
fueconorg-5755	119	3	explanation	explanation	NOUN
fueconorg-5755	119	4	of	of	ADP
fueconorg-5755	119	5	such	such	DET
fueconorg-5755	119	6	a	a	DET
fueconorg-5755	119	7	situation	situation	NOUN
fueconorg-5755	119	8	is	be	AUX
fueconorg-5755	119	9	that	that	SCONJ
fueconorg-5755	119	10	extreme	extreme	ADJ
fueconorg-5755	119	11	events	event	NOUN
fueconorg-5755	119	12	and	and	CCONJ
fueconorg-5755	119	13	economic	economic	ADJ
fueconorg-5755	119	14	disturbances	disturbance	NOUN
fueconorg-5755	119	15	,	,	PUNCT
fueconorg-5755	119	16	such	such	ADJ
fueconorg-5755	119	17	as	as	ADP
fueconorg-5755	119	18	global	global	ADJ
fueconorg-5755	119	19	financial	financial	ADJ
fueconorg-5755	119	20	crisis	crisis	NOUN
fueconorg-5755	119	21	from	from	ADP
fueconorg-5755	119	22	2008	2008	NUM
fueconorg-5755	119	23	,	,	PUNCT
fueconorg-5755	119	24	change	change	VERB
fueconorg-5755	119	25	financial	financial	ADJ
fueconorg-5755	119	26	environment	environment	NOUN
fueconorg-5755	119	27	so	so	SCONJ
fueconorg-5755	119	28	that	that	SCONJ
fueconorg-5755	119	29	past	past	ADJ
fueconorg-5755	119	30	data	datum	NOUN
fueconorg-5755	119	31	have	have	VERB
fueconorg-5755	119	32	low	low	ADJ
fueconorg-5755	119	33	importance	importance	NOUN
fueconorg-5755	119	34	when	when	SCONJ
fueconorg-5755	119	35	predicting	predict	VERB
fueconorg-5755	119	36	future	future	NOUN
fueconorg-5755	119	37	.	.	PUNCT
fueconorg-5755	120	1	however	however	ADV
fueconorg-5755	120	2	,	,	PUNCT
fueconorg-5755	120	3	global	global	ADJ
fueconorg-5755	120	4	changes	change	NOUN
fueconorg-5755	120	5	in	in	ADP
fueconorg-5755	120	6	living	living	NOUN
fueconorg-5755	120	7	and	and	CCONJ
fueconorg-5755	120	8	business	business	NOUN
fueconorg-5755	120	9	environment	environment	NOUN
fueconorg-5755	120	10	are	be	AUX
fueconorg-5755	120	11	posing	pose	VERB
fueconorg-5755	120	12	a	a	DET
fueconorg-5755	120	13	complex	complex	ADJ
fueconorg-5755	120	14	set	set	NOUN
fueconorg-5755	120	15	of	of	ADP
fueconorg-5755	120	16	emerging	emerge	VERB
fueconorg-5755	120	17	risks	risk	NOUN
fueconorg-5755	120	18	,	,	PUNCT
fueconorg-5755	120	19	so	so	SCONJ
fueconorg-5755	120	20	the	the	DET
fueconorg-5755	120	21	future	future	ADJ
fueconorg-5755	120	22	research	research	NOUN
fueconorg-5755	120	23	will	will	AUX
fueconorg-5755	120	24	be	be	AUX
fueconorg-5755	120	25	aimed	aim	VERB
fueconorg-5755	120	26	at	at	ADP
fueconorg-5755	120	27	sustainable	sustainable	ADJ
fueconorg-5755	120	28	portfolio	portfolio	NOUN
fueconorg-5755	120	29	management	management	NOUN
fueconorg-5755	120	30	.	.	PUNCT
fueconorg-5755	121	1	acknowledgement	acknowledgement	NOUN
fueconorg-5755	121	2	:	:	PUNCT
fueconorg-5755	121	3	the	the	DET
fueconorg-5755	121	4	paper	paper	NOUN
fueconorg-5755	121	5	is	be	AUX
fueconorg-5755	121	6	a	a	DET
fueconorg-5755	121	7	part	part	NOUN
fueconorg-5755	121	8	of	of	ADP
fueconorg-5755	121	9	the	the	DET
fueconorg-5755	121	10	research	research	NOUN
fueconorg-5755	121	11	done	do	VERB
fueconorg-5755	121	12	with	with	ADP
fueconorg-5755	121	13	the	the	DET
fueconorg-5755	121	14	support	support	NOUN
fueconorg-5755	121	15	of	of	ADP
fueconorg-5755	121	16	the	the	DET
fueconorg-5755	121	17	erasmus+	erasmus+	NOUN
fueconorg-5755	121	18	programme	programme	NOUN
fueconorg-5755	121	19	of	of	ADP
fueconorg-5755	121	20	the	the	DET
fueconorg-5755	121	21	european	european	PROPN
fueconorg-5755	121	22	union	union	PROPN
fueconorg-5755	121	23	within	within	ADP
fueconorg-5755	121	24	the	the	DET
fueconorg-5755	121	25	project	project	NOUN
fueconorg-5755	121	26	no	no	NOUN
fueconorg-5755	121	27	.	.	NOUN
fueconorg-5755	122	1	611831	611831	NUM
fueconorg-5755	122	2	-	-	PUNCT
fueconorg-5755	122	3	epp-1	epp-1	NOUN
fueconorg-5755	122	4	-	-	PUNCT
fueconorg-5755	122	5	2019	2019	NUM
fueconorg-5755	122	6	-	-	PUNCT
fueconorg-5755	122	7	1	1	NUM
fueconorg-5755	122	8	-	-	PUNCT
fueconorg-5755	122	9	rs	rs	NOUN
fueconorg-5755	122	10	-	-	PUNCT
fueconorg-5755	122	11	eppjmomodule	eppjmomodule	NOUN
fueconorg-5755	122	12	.	.	PUNCT
fueconorg-5755	123	1	references	reference	NOUN
fueconorg-5755	123	2	ball	ball	PROPN
fueconorg-5755	123	3	,	,	PUNCT
fueconorg-5755	123	4	r.	r.	PROPN
fueconorg-5755	123	5	(	(	PUNCT
fueconorg-5755	123	6	2009	2009	NUM
fueconorg-5755	123	7	)	)	PUNCT
fueconorg-5755	123	8	.	.	PUNCT
fueconorg-5755	124	1	the	the	DET
fueconorg-5755	124	2	global	global	ADJ
fueconorg-5755	124	3	financial	financial	ADJ
fueconorg-5755	124	4	crisis	crisis	NOUN
fueconorg-5755	124	5	and	and	CCONJ
fueconorg-5755	124	6	the	the	DET
fueconorg-5755	124	7	efficient	efficient	ADJ
fueconorg-5755	124	8	market	market	NOUN
fueconorg-5755	124	9	hypothesis	hypothesis	NOUN
fueconorg-5755	124	10	:	:	PUNCT
fueconorg-5755	124	11	what	what	PRON
fueconorg-5755	124	12	have	have	AUX
fueconorg-5755	124	13	we	we	PRON
fueconorg-5755	124	14	learned	learn	VERB
fueconorg-5755	124	15	?	?	PUNCT
fueconorg-5755	124	16	.	.	PUNCT
fueconorg-5755	125	1	journal	journal	PROPN
fueconorg-5755	125	2	of	of	ADP
fueconorg-5755	125	3	applied	apply	VERB
fueconorg-5755	125	4	corporate	corporate	ADJ
fueconorg-5755	125	5	finance	finance	NOUN
fueconorg-5755	125	6	,	,	PUNCT
fueconorg-5755	125	7	21(4	21(4	NUM
fueconorg-5755	125	8	)	)	PUNCT
fueconorg-5755	125	9	,	,	PUNCT
fueconorg-5755	125	10	8	8	NUM
fueconorg-5755	125	11	-	-	SYM
fueconorg-5755	125	12	16	16	NUM
fueconorg-5755	125	13	.	.	PUNCT
fueconorg-5755	126	1	bekaert	bekaert	PROPN
fueconorg-5755	126	2	,	,	PUNCT
fueconorg-5755	126	3	g.	g.	PROPN
fueconorg-5755	126	4	,	,	PUNCT
fueconorg-5755	126	5	&	&	CCONJ
fueconorg-5755	126	6	harvey	harvey	PROPN
fueconorg-5755	126	7	,	,	PUNCT
fueconorg-5755	126	8	c.	c.	PROPN
fueconorg-5755	126	9	r.	r.	PROPN
fueconorg-5755	126	10	(	(	PUNCT
fueconorg-5755	126	11	2017	2017	NUM
fueconorg-5755	126	12	)	)	PUNCT
fueconorg-5755	126	13	.	.	PUNCT
fueconorg-5755	127	1	emerging	emerge	VERB
fueconorg-5755	127	2	equity	equity	NOUN
fueconorg-5755	127	3	markets	market	NOUN
fueconorg-5755	127	4	in	in	ADP
fueconorg-5755	127	5	a	a	DET
fueconorg-5755	127	6	globalizing	globalize	VERB
fueconorg-5755	127	7	world	world	NOUN
fueconorg-5755	127	8	.	.	PUNCT
fueconorg-5755	128	1	available	available	ADJ
fueconorg-5755	128	2	at	at	ADP
fueconorg-5755	128	3	ssrn	ssrn	PROPN
fueconorg-5755	128	4	2344817	2344817	NUM
fueconorg-5755	128	5	.	.	PUNCT
fueconorg-5755	129	1	boasson	boasson	PROPN
fueconorg-5755	129	2	,	,	PUNCT
fueconorg-5755	129	3	v.	v.	ADV
fueconorg-5755	129	4	,	,	PUNCT
fueconorg-5755	129	5	boasson	boasson	PROPN
fueconorg-5755	129	6	,	,	PUNCT
fueconorg-5755	129	7	e.	e.	PROPN
fueconorg-5755	129	8	,	,	PUNCT
fueconorg-5755	129	9	&	&	CCONJ
fueconorg-5755	129	10	zhou	zhou	PROPN
fueconorg-5755	129	11	,	,	PUNCT
fueconorg-5755	129	12	z.	z.	PROPN
fueconorg-5755	129	13	(	(	PUNCT
fueconorg-5755	129	14	2011	2011	NUM
fueconorg-5755	129	15	)	)	PUNCT
fueconorg-5755	129	16	.	.	PUNCT
fueconorg-5755	130	1	portfolio	portfolio	NOUN
fueconorg-5755	130	2	optimization	optimization	NOUN
fueconorg-5755	130	3	in	in	ADP
fueconorg-5755	130	4	a	a	DET
fueconorg-5755	130	5	mean	mean	ADJ
fueconorg-5755	130	6	-	-	PUNCT
fueconorg-5755	130	7	semivariance	semivariance	NOUN
fueconorg-5755	130	8	framework	framework	NOUN
fueconorg-5755	130	9	.	.	PUNCT
fueconorg-5755	131	1	innovations	innovation	NOUN
fueconorg-5755	131	2	,	,	PUNCT
fueconorg-5755	131	3	8	8	NUM
fueconorg-5755	131	4	,	,	PUNCT
fueconorg-5755	131	5	3	3	NUM
fueconorg-5755	131	6	.	.	X
fueconorg-5755	131	7	byrne	byrne	PROPN
fueconorg-5755	131	8	,	,	PUNCT
fueconorg-5755	131	9	p.	p.	PROPN
fueconorg-5755	131	10	,	,	PUNCT
fueconorg-5755	131	11	&	&	CCONJ
fueconorg-5755	131	12	lee	lee	PROPN
fueconorg-5755	131	13	,	,	PUNCT
fueconorg-5755	131	14	s.	s.	PROPN
fueconorg-5755	131	15	(	(	PUNCT
fueconorg-5755	131	16	2004	2004	NUM
fueconorg-5755	131	17	)	)	PUNCT
fueconorg-5755	131	18	.	.	PUNCT
fueconorg-5755	132	1	different	different	ADJ
fueconorg-5755	132	2	risk	risk	NOUN
fueconorg-5755	132	3	measures	measure	NOUN
fueconorg-5755	132	4	:	:	PUNCT
fueconorg-5755	132	5	different	different	ADJ
fueconorg-5755	132	6	portfolio	portfolio	NOUN
fueconorg-5755	132	7	compositions	composition	NOUN
fueconorg-5755	132	8	?	?	PUNCT
fueconorg-5755	132	9	.	.	PUNCT
fueconorg-5755	133	1	journal	journal	PROPN
fueconorg-5755	133	2	of	of	ADP
fueconorg-5755	133	3	property	property	NOUN
fueconorg-5755	133	4	investment	investment	NOUN
fueconorg-5755	133	5	&	&	CCONJ
fueconorg-5755	133	6	finance	finance	PROPN
fueconorg-5755	133	7	,	,	PUNCT
fueconorg-5755	133	8	22(6	22(6	NUM
fueconorg-5755	133	9	)	)	PUNCT
fueconorg-5755	133	10	,	,	PUNCT
fueconorg-5755	133	11	501	501	NUM
fueconorg-5755	133	12	-	-	SYM
fueconorg-5755	133	13	511	511	NUM
fueconorg-5755	133	14	.	.	PUNCT
fueconorg-5755	134	1	effects	effect	NOUN
fueconorg-5755	134	2	of	of	ADP
fueconorg-5755	134	3	applying	apply	VERB
fueconorg-5755	134	4	different	different	ADJ
fueconorg-5755	134	5	risk	risk	NOUN
fueconorg-5755	134	6	measures	measure	NOUN
fueconorg-5755	134	7	on	on	ADP
fueconorg-5755	134	8	the	the	DET
fueconorg-5755	134	9	optimal	optimal	ADJ
fueconorg-5755	134	10	portfolio	portfolio	NOUN
fueconorg-5755	134	11	selection	selection	NOUN
fueconorg-5755	134	12	:	:	PUNCT
fueconorg-5755	134	13	the	the	DET
fueconorg-5755	134	14	case	case	NOUN
fueconorg-5755	134	15	of	of	ADP
fueconorg-5755	134	16	the	the	DET
fueconorg-5755	134	17	belgrade	belgrade	NOUN
fueconorg-5755	134	18	...	...	PUNCT
fueconorg-5755	134	19	25	25	NUM
fueconorg-5755	134	20	chang	chang	PROPN
fueconorg-5755	134	21	,	,	PUNCT
fueconorg-5755	134	22	t.	t.	PROPN
fueconorg-5755	134	23	j.	j.	PROPN
fueconorg-5755	134	24	,	,	PUNCT
fueconorg-5755	134	25	yang	yang	PROPN
fueconorg-5755	134	26	,	,	PUNCT
fueconorg-5755	134	27	s.	s.	PROPN
fueconorg-5755	134	28	c.	c.	PROPN
fueconorg-5755	134	29	,	,	PUNCT
fueconorg-5755	134	30	&	&	CCONJ
fueconorg-5755	134	31	chang	chang	PROPN
fueconorg-5755	134	32	,	,	PUNCT
fueconorg-5755	134	33	k.	k.	PROPN
fueconorg-5755	134	34	j.	j.	PROPN
fueconorg-5755	134	35	(	(	PUNCT
fueconorg-5755	134	36	2009	2009	NUM
fueconorg-5755	134	37	)	)	PUNCT
fueconorg-5755	134	38	.	.	PUNCT
fueconorg-5755	135	1	portfolio	portfolio	NOUN
fueconorg-5755	135	2	optimization	optimization	NOUN
fueconorg-5755	135	3	problems	problem	NOUN
fueconorg-5755	135	4	in	in	ADP
fueconorg-5755	135	5	different	different	ADJ
fueconorg-5755	135	6	risk	risk	NOUN
fueconorg-5755	135	7	measures	measure	NOUN
fueconorg-5755	135	8	using	use	VERB
fueconorg-5755	135	9	genetic	genetic	ADJ
fueconorg-5755	135	10	algorithm	algorithm	NOUN
fueconorg-5755	135	11	.	.	PUNCT
fueconorg-5755	136	1	expert	expert	NOUN
fueconorg-5755	136	2	systems	system	NOUN
fueconorg-5755	136	3	with	with	ADP
fueconorg-5755	136	4	applications	application	NOUN
fueconorg-5755	136	5	,	,	PUNCT
fueconorg-5755	136	6	36(7	36(7	NUM
fueconorg-5755	136	7	)	)	PUNCT
fueconorg-5755	136	8	,	,	PUNCT
fueconorg-5755	136	9	10529	10529	NUM
fueconorg-5755	136	10	-	-	SYM
fueconorg-5755	136	11	10537	10537	NUM
fueconorg-5755	136	12	.	.	PUNCT
fueconorg-5755	137	1	chiodi	chiodi	PROPN
fueconorg-5755	137	2	,	,	PUNCT
fueconorg-5755	137	3	l.	l.	PROPN
fueconorg-5755	137	4	,	,	PUNCT
fueconorg-5755	137	5	mansini	mansini	PROPN
fueconorg-5755	137	6	,	,	PUNCT
fueconorg-5755	137	7	r.	r.	PROPN
fueconorg-5755	137	8	,	,	PUNCT
fueconorg-5755	137	9	&	&	CCONJ
fueconorg-5755	137	10	speranza	speranza	PROPN
fueconorg-5755	137	11	,	,	PUNCT
fueconorg-5755	137	12	m.	m.	NOUN
fueconorg-5755	137	13	g.	g.	PROPN
fueconorg-5755	137	14	(	(	PUNCT
fueconorg-5755	137	15	2003	2003	NUM
fueconorg-5755	137	16	)	)	PUNCT
fueconorg-5755	137	17	.	.	PUNCT
fueconorg-5755	138	1	semi	semi	ADJ
fueconorg-5755	138	2	-	-	ADJ
fueconorg-5755	138	3	absolute	absolute	ADJ
fueconorg-5755	138	4	deviation	deviation	NOUN
fueconorg-5755	138	5	rule	rule	NOUN
fueconorg-5755	138	6	for	for	ADP
fueconorg-5755	138	7	mutual	mutual	ADJ
fueconorg-5755	138	8	funds	fund	NOUN
fueconorg-5755	138	9	portfolio	portfolio	NOUN
fueconorg-5755	138	10	selection	selection	NOUN
fueconorg-5755	138	11	.	.	PUNCT
fueconorg-5755	139	1	annals	annal	NOUN
fueconorg-5755	139	2	of	of	ADP
fueconorg-5755	139	3	operations	operation	NOUN
fueconorg-5755	139	4	research	research	NOUN
fueconorg-5755	139	5	,	,	PUNCT
fueconorg-5755	139	6	124(1	124(1	NUM
fueconorg-5755	139	7	-	-	SYM
fueconorg-5755	139	8	4	4	NUM
fueconorg-5755	139	9	)	)	PUNCT
fueconorg-5755	139	10	,	,	PUNCT
fueconorg-5755	139	11	245	245	NUM
fueconorg-5755	139	12	-	-	SYM
fueconorg-5755	139	13	265	265	NUM
fueconorg-5755	139	14	.	.	PUNCT
fueconorg-5755	140	1	estrada	estrada	PROPN
fueconorg-5755	140	2	,	,	PUNCT
fueconorg-5755	140	3	j.	j.	PROPN
fueconorg-5755	140	4	(	(	PUNCT
fueconorg-5755	140	5	2006	2006	NUM
fueconorg-5755	140	6	)	)	PUNCT
fueconorg-5755	140	7	.	.	PUNCT
fueconorg-5755	141	1	downside	downside	ADJ
fueconorg-5755	141	2	risk	risk	NOUN
fueconorg-5755	141	3	in	in	ADP
fueconorg-5755	141	4	practice	practice	NOUN
fueconorg-5755	141	5	.	.	PUNCT
fueconorg-5755	142	1	journal	journal	NOUN
fueconorg-5755	142	2	of	of	ADP
fueconorg-5755	142	3	applied	apply	VERB
fueconorg-5755	142	4	corporate	corporate	ADJ
fueconorg-5755	142	5	finance	finance	NOUN
fueconorg-5755	142	6	,	,	PUNCT
fueconorg-5755	142	7	18(1	18(1	NUM
fueconorg-5755	142	8	)	)	PUNCT
fueconorg-5755	142	9	,	,	PUNCT
fueconorg-5755	142	10	117	117	NUM
fueconorg-5755	142	11	-	-	SYM
fueconorg-5755	142	12	125	125	NUM
fueconorg-5755	142	13	.	.	PUNCT
fueconorg-5755	143	1	estrada	estrada	PROPN
fueconorg-5755	143	2	,	,	PUNCT
fueconorg-5755	143	3	j.	j.	PROPN
fueconorg-5755	143	4	(	(	PUNCT
fueconorg-5755	143	5	2008	2008	NUM
fueconorg-5755	143	6	)	)	PUNCT
fueconorg-5755	143	7	.	.	PUNCT
fueconorg-5755	144	1	mean	mean	ADJ
fueconorg-5755	144	2	-	-	PUNCT
fueconorg-5755	144	3	semivariance	semivariance	NOUN
fueconorg-5755	144	4	optimization	optimization	NOUN
fueconorg-5755	144	5	:	:	PUNCT
fueconorg-5755	144	6	a	a	DET
fueconorg-5755	144	7	heuristic	heuristic	ADJ
fueconorg-5755	144	8	approach	approach	NOUN
fueconorg-5755	144	9	.	.	PUNCT
fueconorg-5755	145	1	journal	journal	NOUN
fueconorg-5755	145	2	of	of	ADP
fueconorg-5755	145	3	applied	apply	VERB
fueconorg-5755	145	4	finance	finance	NOUN
fueconorg-5755	145	5	(	(	PUNCT
fueconorg-5755	145	6	formerly	formerly	ADV
fueconorg-5755	145	7	financial	financial	ADJ
fueconorg-5755	145	8	practice	practice	NOUN
fueconorg-5755	145	9	and	and	CCONJ
fueconorg-5755	145	10	education	education	NOUN
fueconorg-5755	145	11	)	)	PUNCT
fueconorg-5755	145	12	,	,	PUNCT
fueconorg-5755	145	13	18(1	18(1	NUM
fueconorg-5755	145	14	)	)	PUNCT
fueconorg-5755	145	15	.	.	PUNCT
fueconorg-5755	146	1	gilmore	gilmore	PROPN
fueconorg-5755	146	2	,	,	PUNCT
fueconorg-5755	146	3	c.	c.	PROPN
fueconorg-5755	146	4	g.	g.	PROPN
fueconorg-5755	146	5	,	,	PUNCT
fueconorg-5755	146	6	mcmanus	mcmanus	PROPN
fueconorg-5755	146	7	,	,	PUNCT
fueconorg-5755	146	8	g.	g.	PROPN
fueconorg-5755	146	9	m.	m.	PROPN
fueconorg-5755	146	10	,	,	PUNCT
fueconorg-5755	146	11	&	&	CCONJ
fueconorg-5755	146	12	tezel	tezel	PROPN
fueconorg-5755	146	13	,	,	PUNCT
fueconorg-5755	146	14	a.	a.	NOUN
fueconorg-5755	146	15	(	(	PUNCT
fueconorg-5755	146	16	2005	2005	NUM
fueconorg-5755	146	17	)	)	PUNCT
fueconorg-5755	146	18	.	.	PUNCT
fueconorg-5755	147	1	portfolio	portfolio	NOUN
fueconorg-5755	147	2	allocations	allocation	NOUN
fueconorg-5755	147	3	and	and	CCONJ
fueconorg-5755	147	4	the	the	DET
fueconorg-5755	147	5	emerging	emerge	VERB
fueconorg-5755	147	6	equity	equity	NOUN
fueconorg-5755	147	7	markets	market	NOUN
fueconorg-5755	147	8	of	of	ADP
fueconorg-5755	147	9	central	central	PROPN
fueconorg-5755	147	10	europe	europe	PROPN
fueconorg-5755	147	11	.	.	PUNCT
fueconorg-5755	148	1	journal	journal	PROPN
fueconorg-5755	148	2	of	of	ADP
fueconorg-5755	148	3	multinational	multinational	ADJ
fueconorg-5755	148	4	financial	financial	ADJ
fueconorg-5755	148	5	management	management	NOUN
fueconorg-5755	148	6	,	,	PUNCT
fueconorg-5755	148	7	15(3	15(3	NUM
fueconorg-5755	148	8	)	)	PUNCT
fueconorg-5755	148	9	,	,	PUNCT
fueconorg-5755	148	10	287	287	NUM
fueconorg-5755	148	11	-	-	SYM
fueconorg-5755	148	12	300	300	NUM
fueconorg-5755	148	13	.	.	PUNCT
fueconorg-5755	149	1	guidolin	guidolin	NOUN
fueconorg-5755	149	2	,	,	PUNCT
fueconorg-5755	149	3	m.	m.	NOUN
fueconorg-5755	149	4	,	,	PUNCT
fueconorg-5755	149	5	&	&	CCONJ
fueconorg-5755	149	6	timmermann	timmermann	PROPN
fueconorg-5755	149	7	,	,	PUNCT
fueconorg-5755	149	8	a.	a.	NOUN
fueconorg-5755	149	9	(	(	PUNCT
fueconorg-5755	149	10	2008	2008	NUM
fueconorg-5755	149	11	)	)	PUNCT
fueconorg-5755	149	12	.	.	PUNCT
fueconorg-5755	150	1	international	international	ADJ
fueconorg-5755	150	2	asset	asset	NOUN
fueconorg-5755	150	3	allocation	allocation	NOUN
fueconorg-5755	150	4	under	under	ADP
fueconorg-5755	150	5	regime	regime	NOUN
fueconorg-5755	150	6	switching	switching	NOUN
fueconorg-5755	150	7	,	,	PUNCT
fueconorg-5755	150	8	skew	skew	ADJ
fueconorg-5755	150	9	,	,	PUNCT
fueconorg-5755	150	10	and	and	CCONJ
fueconorg-5755	150	11	kurtosis	kurtosis	VERB
fueconorg-5755	150	12	preferences	preference	NOUN
fueconorg-5755	150	13	.	.	PUNCT
fueconorg-5755	151	1	the	the	DET
fueconorg-5755	151	2	review	review	NOUN
fueconorg-5755	151	3	of	of	ADP
fueconorg-5755	151	4	financial	financial	ADJ
fueconorg-5755	151	5	studies	study	NOUN
fueconorg-5755	151	6	,	,	PUNCT
fueconorg-5755	151	7	21(2	21(2	NUM
fueconorg-5755	151	8	)	)	PUNCT
fueconorg-5755	151	9	,	,	PUNCT
fueconorg-5755	151	10	889	889	NUM
fueconorg-5755	151	11	-	-	SYM
fueconorg-5755	151	12	935	935	NUM
fueconorg-5755	151	13	.	.	PUNCT
fueconorg-5755	152	1	hansen	hansen	PROPN
fueconorg-5755	152	2	,	,	PUNCT
fueconorg-5755	152	3	l.	l.	PROPN
fueconorg-5755	152	4	p.	p.	PROPN
fueconorg-5755	152	5	(	(	PUNCT
fueconorg-5755	152	6	2013	2013	NUM
fueconorg-5755	152	7	)	)	PUNCT
fueconorg-5755	152	8	.	.	PUNCT
fueconorg-5755	153	1	challenges	challenge	NOUN
fueconorg-5755	153	2	in	in	ADP
fueconorg-5755	153	3	identifying	identify	VERB
fueconorg-5755	153	4	and	and	CCONJ
fueconorg-5755	153	5	measuring	measure	VERB
fueconorg-5755	153	6	systemic	systemic	ADJ
fueconorg-5755	153	7	risk	risk	NOUN
fueconorg-5755	153	8	.	.	PUNCT
fueconorg-5755	154	1	in	in	ADP
fueconorg-5755	154	2	risk	risk	NOUN
fueconorg-5755	154	3	topography	topography	NOUN
fueconorg-5755	154	4	:	:	PUNCT
fueconorg-5755	154	5	systemic	systemic	ADJ
fueconorg-5755	154	6	risk	risk	NOUN
fueconorg-5755	154	7	and	and	CCONJ
fueconorg-5755	154	8	macro	macro	ADJ
fueconorg-5755	154	9	modeling	modeling	NOUN
fueconorg-5755	154	10	(	(	PUNCT
fueconorg-5755	154	11	pp	pp	ADJ
fueconorg-5755	154	12	.	.	PUNCT
fueconorg-5755	155	1	15	15	NUM
fueconorg-5755	155	2	-	-	SYM
fueconorg-5755	155	3	30	30	NUM
fueconorg-5755	155	4	)	)	PUNCT
fueconorg-5755	155	5	.	.	PUNCT
fueconorg-5755	156	1	university	university	NOUN
fueconorg-5755	156	2	of	of	ADP
fueconorg-5755	156	3	chicago	chicago	PROPN
fueconorg-5755	156	4	press	press	NOUN
fueconorg-5755	156	5	.	.	PUNCT
fueconorg-5755	157	1	hoe	hoe	PROPN
fueconorg-5755	157	2	,	,	PUNCT
fueconorg-5755	157	3	l.	l.	PROPN
fueconorg-5755	157	4	w.	w.	PROPN
fueconorg-5755	157	5	,	,	PUNCT
fueconorg-5755	157	6	hafizah	hafizah	PROPN
fueconorg-5755	157	7	,	,	PUNCT
fueconorg-5755	157	8	j.	j.	PROPN
fueconorg-5755	157	9	s.	s.	PROPN
fueconorg-5755	157	10	,	,	PUNCT
fueconorg-5755	157	11	&	&	CCONJ
fueconorg-5755	157	12	zaidi	zaidi	PROPN
fueconorg-5755	157	13	,	,	PUNCT
fueconorg-5755	157	14	i.	i.	PROPN
fueconorg-5755	157	15	(	(	PUNCT
fueconorg-5755	157	16	2010	2010	NUM
fueconorg-5755	157	17	)	)	PUNCT
fueconorg-5755	157	18	.	.	PUNCT
fueconorg-5755	158	1	an	an	DET
fueconorg-5755	158	2	empirical	empirical	ADJ
fueconorg-5755	158	3	comparison	comparison	NOUN
fueconorg-5755	158	4	of	of	ADP
fueconorg-5755	158	5	different	different	ADJ
fueconorg-5755	158	6	risk	risk	NOUN
fueconorg-5755	158	7	measures	measure	NOUN
fueconorg-5755	158	8	in	in	ADP
fueconorg-5755	158	9	portfolio	portfolio	NOUN
fueconorg-5755	158	10	optimization	optimization	NOUN
fueconorg-5755	158	11	.	.	PUNCT
fueconorg-5755	159	1	business	business	NOUN
fueconorg-5755	159	2	and	and	CCONJ
fueconorg-5755	159	3	economic	economic	ADJ
fueconorg-5755	159	4	horizons	horizon	NOUN
fueconorg-5755	159	5	,	,	PUNCT
fueconorg-5755	159	6	1(1	1(1	NUM
fueconorg-5755	159	7	)	)	PUNCT
fueconorg-5755	159	8	,	,	PUNCT
fueconorg-5755	159	9	39	39	NUM
fueconorg-5755	159	10	-	-	SYM
fueconorg-5755	159	11	45	45	NUM
fueconorg-5755	159	12	.	.	PUNCT
fueconorg-5755	160	1	koĉović	koĉović	PROPN
fueconorg-5755	160	2	,	,	PUNCT
fueconorg-5755	160	3	j.	j.	PROPN
fueconorg-5755	160	4	,	,	PUNCT
fueconorg-5755	160	5	paunović	paunović	PROPN
fueconorg-5755	160	6	,	,	PUNCT
fueconorg-5755	160	7	b.	b.	PROPN
fueconorg-5755	160	8	,	,	PUNCT
fueconorg-5755	160	9	&	&	CCONJ
fueconorg-5755	160	10	jovović	jovović	PROPN
fueconorg-5755	160	11	,	,	PUNCT
fueconorg-5755	160	12	m.	m.	NOUN
fueconorg-5755	160	13	(	(	PUNCT
fueconorg-5755	160	14	2015	2015	NUM
fueconorg-5755	160	15	)	)	PUNCT
fueconorg-5755	160	16	.	.	PUNCT
fueconorg-5755	161	1	possibilities	possibility	NOUN
fueconorg-5755	161	2	of	of	ADP
fueconorg-5755	161	3	creating	create	VERB
fueconorg-5755	161	4	optimal	optimal	ADJ
fueconorg-5755	161	5	investment	investment	NOUN
fueconorg-5755	161	6	portfolio	portfolio	NOUN
fueconorg-5755	161	7	of	of	ADP
fueconorg-5755	161	8	insurance	insurance	NOUN
fueconorg-5755	161	9	companies	company	NOUN
fueconorg-5755	161	10	in	in	ADP
fueconorg-5755	161	11	serbia	serbia	PROPN
fueconorg-5755	161	12	.	.	PUNCT
fueconorg-5755	162	1	ekonomika	ekonomika	PROPN
fueconorg-5755	162	2	preduzeća	preduzeća	ADV
fueconorg-5755	162	3	,	,	PUNCT
fueconorg-5755	162	4	63(7	63(7	PROPN
fueconorg-5755	162	5	-	-	SYM
fueconorg-5755	162	6	8)	8)	NUM
fueconorg-5755	162	7	,	,	PUNCT
fueconorg-5755	162	8	385	385	NUM
fueconorg-5755	162	9	-	-	SYM
fueconorg-5755	162	10	398	398	NUM
fueconorg-5755	162	11	.	.	PUNCT
fueconorg-5755	163	1	konno	konno	NOUN
fueconorg-5755	163	2	,	,	PUNCT
fueconorg-5755	163	3	h.	h.	PROPN
fueconorg-5755	163	4	,	,	PUNCT
fueconorg-5755	163	5	&	&	CCONJ
fueconorg-5755	163	6	yamazaki	yamazaki	PROPN
fueconorg-5755	163	7	,	,	PUNCT
fueconorg-5755	163	8	h.	h.	PROPN
fueconorg-5755	163	9	(	(	PUNCT
fueconorg-5755	163	10	1991	1991	NUM
fueconorg-5755	163	11	)	)	PUNCT
fueconorg-5755	163	12	.	.	PUNCT
fueconorg-5755	164	1	mean	mean	ADJ
fueconorg-5755	164	2	-	-	PUNCT
fueconorg-5755	164	3	absolute	absolute	ADJ
fueconorg-5755	164	4	deviation	deviation	NOUN
fueconorg-5755	164	5	portfolio	portfolio	NOUN
fueconorg-5755	164	6	optimization	optimization	NOUN
fueconorg-5755	164	7	model	model	NOUN
fueconorg-5755	164	8	and	and	CCONJ
fueconorg-5755	164	9	its	its	PRON
fueconorg-5755	164	10	applications	application	NOUN
fueconorg-5755	164	11	to	to	ADP
fueconorg-5755	164	12	tokyo	tokyo	PROPN
fueconorg-5755	164	13	stock	stock	NOUN
fueconorg-5755	164	14	market	market	NOUN
fueconorg-5755	164	15	.	.	PUNCT
fueconorg-5755	165	1	management	management	NOUN
fueconorg-5755	165	2	science	science	NOUN
fueconorg-5755	165	3	,	,	PUNCT
fueconorg-5755	165	4	37(5	37(5	NUM
fueconorg-5755	165	5	)	)	PUNCT
fueconorg-5755	165	6	,	,	PUNCT
fueconorg-5755	165	7	519	519	NUM
fueconorg-5755	165	8	-	-	SYM
fueconorg-5755	165	9	531	531	NUM
fueconorg-5755	165	10	.	.	PUNCT
fueconorg-5755	166	1	konno	konno	NOUN
fueconorg-5755	166	2	,	,	PUNCT
fueconorg-5755	166	3	h.	h.	PROPN
fueconorg-5755	166	4	,	,	PUNCT
fueconorg-5755	166	5	waki	waki	PROPN
fueconorg-5755	166	6	,	,	PUNCT
fueconorg-5755	166	7	h.	h.	PROPN
fueconorg-5755	166	8	,	,	PUNCT
fueconorg-5755	166	9	&	&	CCONJ
fueconorg-5755	166	10	yuuki	yuuki	NOUN
fueconorg-5755	166	11	,	,	PUNCT
fueconorg-5755	166	12	a.	a.	NOUN
fueconorg-5755	166	13	(	(	PUNCT
fueconorg-5755	166	14	2002	2002	NUM
fueconorg-5755	166	15	)	)	PUNCT
fueconorg-5755	166	16	.	.	PUNCT
fueconorg-5755	167	1	portfolio	portfolio	NOUN
fueconorg-5755	167	2	optimization	optimization	NOUN
fueconorg-5755	167	3	under	under	ADP
fueconorg-5755	167	4	lower	low	ADJ
fueconorg-5755	167	5	partial	partial	ADJ
fueconorg-5755	167	6	risk	risk	NOUN
fueconorg-5755	167	7	measures	measure	NOUN
fueconorg-5755	167	8	.	.	PUNCT
fueconorg-5755	168	1	asiapacific	asiapacific	ADJ
fueconorg-5755	168	2	financial	financial	ADJ
fueconorg-5755	168	3	markets	market	NOUN
fueconorg-5755	168	4	,	,	PUNCT
fueconorg-5755	168	5	9(2	9(2	NUM
fueconorg-5755	168	6	)	)	PUNCT
fueconorg-5755	168	7	,	,	PUNCT
fueconorg-5755	168	8	127	127	NUM
fueconorg-5755	168	9	-	-	SYM
fueconorg-5755	168	10	140	140	NUM
fueconorg-5755	168	11	.	.	PUNCT
fueconorg-5755	169	1	krokhmal	krokhmal	PROPN
fueconorg-5755	169	2	,	,	PUNCT
fueconorg-5755	169	3	p.	p.	NOUN
fueconorg-5755	169	4	,	,	PUNCT
fueconorg-5755	169	5	palmquist	palmquist	NOUN
fueconorg-5755	169	6	,	,	PUNCT
fueconorg-5755	169	7	j.	j.	PROPN
fueconorg-5755	169	8	,	,	PUNCT
fueconorg-5755	169	9	&	&	CCONJ
fueconorg-5755	169	10	uryasev	uryasev	PROPN
fueconorg-5755	169	11	,	,	PUNCT
fueconorg-5755	169	12	s.	s.	PROPN
fueconorg-5755	169	13	(	(	PUNCT
fueconorg-5755	169	14	2002	2002	NUM
fueconorg-5755	169	15	)	)	PUNCT
fueconorg-5755	169	16	.	.	PUNCT
fueconorg-5755	170	1	portfolio	portfolio	NOUN
fueconorg-5755	170	2	optimization	optimization	NOUN
fueconorg-5755	170	3	with	with	ADP
fueconorg-5755	170	4	conditional	conditional	ADJ
fueconorg-5755	170	5	value	value	NOUN
fueconorg-5755	170	6	-	-	PUNCT
fueconorg-5755	170	7	at	at	ADP
fueconorg-5755	170	8	-	-	PUNCT
fueconorg-5755	170	9	risk	risk	NOUN
fueconorg-5755	170	10	objective	objective	NOUN
fueconorg-5755	170	11	and	and	CCONJ
fueconorg-5755	170	12	constraints	constraint	NOUN
fueconorg-5755	170	13	.	.	PUNCT
fueconorg-5755	171	1	journal	journal	NOUN
fueconorg-5755	171	2	of	of	ADP
fueconorg-5755	171	3	risk	risk	NOUN
fueconorg-5755	171	4	,	,	PUNCT
fueconorg-5755	171	5	4	4	NUM
fueconorg-5755	171	6	,	,	PUNCT
fueconorg-5755	171	7	43	43	NUM
fueconorg-5755	171	8	-	-	SYM
fueconorg-5755	171	9	68	68	NUM
fueconorg-5755	171	10	.	.	PUNCT
fueconorg-5755	172	1	lamm	lamm	PROPN
fueconorg-5755	172	2	,	,	PUNCT
fueconorg-5755	172	3	r.	r.	PROPN
fueconorg-5755	172	4	m.	m.	PROPN
fueconorg-5755	172	5	(	(	PUNCT
fueconorg-5755	172	6	2003	2003	NUM
fueconorg-5755	172	7	)	)	PUNCT
fueconorg-5755	172	8	.	.	PUNCT
fueconorg-5755	173	1	asymmetric	asymmetric	ADJ
fueconorg-5755	173	2	returns	return	NOUN
fueconorg-5755	173	3	and	and	CCONJ
fueconorg-5755	173	4	optimal	optimal	ADJ
fueconorg-5755	173	5	hedge	hedge	NOUN
fueconorg-5755	173	6	fund	fund	NOUN
fueconorg-5755	173	7	portfolios	portfolio	NOUN
fueconorg-5755	173	8	.	.	PUNCT
fueconorg-5755	174	1	the	the	DET
fueconorg-5755	174	2	journal	journal	NOUN
fueconorg-5755	174	3	of	of	ADP
fueconorg-5755	174	4	alternative	alternative	ADJ
fueconorg-5755	174	5	investments	investment	NOUN
fueconorg-5755	174	6	,	,	PUNCT
fueconorg-5755	174	7	6(2	6(2	NUM
fueconorg-5755	174	8	)	)	PUNCT
fueconorg-5755	174	9	,	,	PUNCT
fueconorg-5755	174	10	9	9	NUM
fueconorg-5755	174	11	-	-	SYM
fueconorg-5755	174	12	21	21	NUM
fueconorg-5755	174	13	.	.	PUNCT
fueconorg-5755	175	1	lee	lee	PROPN
fueconorg-5755	175	2	,	,	PUNCT
fueconorg-5755	175	3	w.	w.	PROPN
fueconorg-5755	175	4	(	(	PUNCT
fueconorg-5755	175	5	2011	2011	NUM
fueconorg-5755	175	6	)	)	PUNCT
fueconorg-5755	175	7	.	.	PUNCT
fueconorg-5755	176	1	risk	risk	NOUN
fueconorg-5755	176	2	-	-	PUNCT
fueconorg-5755	176	3	based	base	VERB
fueconorg-5755	176	4	asset	asset	NOUN
fueconorg-5755	176	5	allocation	allocation	NOUN
fueconorg-5755	176	6	:	:	PUNCT
fueconorg-5755	176	7	a	a	DET
fueconorg-5755	176	8	new	new	ADJ
fueconorg-5755	176	9	answer	answer	NOUN
fueconorg-5755	176	10	to	to	ADP
fueconorg-5755	176	11	an	an	DET
fueconorg-5755	176	12	old	old	ADJ
fueconorg-5755	176	13	question	question	NOUN
fueconorg-5755	176	14	?	?	PUNCT
fueconorg-5755	176	15	.	.	PUNCT
fueconorg-5755	177	1	the	the	DET
fueconorg-5755	177	2	journal	journal	PROPN
fueconorg-5755	177	3	of	of	ADP
fueconorg-5755	177	4	portfolio	portfolio	NOUN
fueconorg-5755	177	5	management	management	NOUN
fueconorg-5755	177	6	,	,	PUNCT
fueconorg-5755	177	7	37(4	37(4	PROPN
fueconorg-5755	177	8	)	)	PUNCT
fueconorg-5755	177	9	,	,	PUNCT
fueconorg-5755	177	10	11	11	NUM
fueconorg-5755	177	11	-	-	SYM
fueconorg-5755	177	12	28	28	NUM
fueconorg-5755	177	13	.	.	PUNCT
fueconorg-5755	178	1	liu	liu	PROPN
fueconorg-5755	178	2	,	,	PUNCT
fueconorg-5755	178	3	y.	y.	PROPN
fueconorg-5755	178	4	,	,	PUNCT
fueconorg-5755	178	5	&	&	CCONJ
fueconorg-5755	178	6	qin	qin	PROPN
fueconorg-5755	178	7	,	,	PUNCT
fueconorg-5755	178	8	z.	z.	PROPN
fueconorg-5755	178	9	(	(	PUNCT
fueconorg-5755	178	10	2012	2012	NUM
fueconorg-5755	178	11	)	)	PUNCT
fueconorg-5755	178	12	.	.	PUNCT
fueconorg-5755	179	1	mean	mean	VERB
fueconorg-5755	179	2	semi	semi	ADJ
fueconorg-5755	179	3	-	-	ADJ
fueconorg-5755	179	4	absolute	absolute	ADJ
fueconorg-5755	179	5	deviation	deviation	NOUN
fueconorg-5755	179	6	model	model	NOUN
fueconorg-5755	179	7	for	for	ADP
fueconorg-5755	179	8	uncertain	uncertain	ADJ
fueconorg-5755	179	9	portfolio	portfolio	NOUN
fueconorg-5755	179	10	optimization	optimization	NOUN
fueconorg-5755	179	11	problem	problem	NOUN
fueconorg-5755	179	12	.	.	PUNCT
fueconorg-5755	180	1	journal	journal	NOUN
fueconorg-5755	180	2	of	of	ADP
fueconorg-5755	180	3	uncertain	uncertain	ADJ
fueconorg-5755	180	4	systems	system	NOUN
fueconorg-5755	180	5	,	,	PUNCT
fueconorg-5755	180	6	6(4	6(4	NOUN
fueconorg-5755	180	7	)	)	PUNCT
fueconorg-5755	180	8	,	,	PUNCT
fueconorg-5755	180	9	299	299	NUM
fueconorg-5755	180	10	-	-	SYM
fueconorg-5755	180	11	307	307	NUM
fueconorg-5755	180	12	.	.	PUNCT
fueconorg-5755	181	1	markovitz	markovitz	ADJ
fueconorg-5755	181	2	,	,	PUNCT
fueconorg-5755	181	3	h.	h.	PROPN
fueconorg-5755	181	4	(	(	PUNCT
fueconorg-5755	181	5	1959	1959	NUM
fueconorg-5755	181	6	)	)	PUNCT
fueconorg-5755	181	7	.	.	PUNCT
fueconorg-5755	182	1	portfolio	portfolio	NOUN
fueconorg-5755	182	2	selection	selection	NOUN
fueconorg-5755	182	3	:	:	PUNCT
fueconorg-5755	182	4	efficient	efficient	ADJ
fueconorg-5755	182	5	diversification	diversification	NOUN
fueconorg-5755	182	6	of	of	ADP
fueconorg-5755	182	7	investments	investment	NOUN
fueconorg-5755	182	8	.	.	PUNCT
fueconorg-5755	183	1	ny	ny	PROPN
fueconorg-5755	183	2	:	:	PUNCT
fueconorg-5755	183	3	john	john	PROPN
fueconorg-5755	183	4	wiley	wiley	PROPN
fueconorg-5755	183	5	.	.	PUNCT
fueconorg-5755	184	1	markowitz	markowitz	PROPN
fueconorg-5755	184	2	,	,	PUNCT
fueconorg-5755	184	3	h.	h.	PROPN
fueconorg-5755	184	4	(	(	PUNCT
fueconorg-5755	184	5	1952	1952	NUM
fueconorg-5755	184	6	)	)	PUNCT
fueconorg-5755	184	7	.	.	PUNCT
fueconorg-5755	185	1	portfolio	portfolio	NOUN
fueconorg-5755	185	2	selection	selection	PROPN
fueconorg-5755	185	3	*	*	PUNCT
fueconorg-5755	185	4	.	.	PUNCT
fueconorg-5755	186	1	the	the	DET
fueconorg-5755	186	2	journal	journal	NOUN
fueconorg-5755	186	3	of	of	ADP
fueconorg-5755	186	4	finance	finance	NOUN
fueconorg-5755	186	5	,	,	PUNCT
fueconorg-5755	186	6	7(1),77	7(1),77	NUM
fueconorg-5755	186	7	-	-	SYM
fueconorg-5755	186	8	91	91	NUM
fueconorg-5755	186	9	.	.	PUNCT
fueconorg-5755	187	1	melas	mela	NOUN
fueconorg-5755	187	2	,	,	PUNCT
fueconorg-5755	187	3	d.	d.	PROPN
fueconorg-5755	187	4	(	(	PUNCT
fueconorg-5755	187	5	2019	2019	NUM
fueconorg-5755	187	6	)	)	PUNCT
fueconorg-5755	187	7	.	.	PUNCT
fueconorg-5755	188	1	the	the	DET
fueconorg-5755	188	2	future	future	NOUN
fueconorg-5755	188	3	of	of	ADP
fueconorg-5755	188	4	emerging	emerge	VERB
fueconorg-5755	188	5	markets	market	NOUN
fueconorg-5755	188	6	–	–	PUNCT
fueconorg-5755	188	7	30	30	NUM
fueconorg-5755	188	8	years	year	NOUN
fueconorg-5755	188	9	on	on	ADP
fueconorg-5755	188	10	from	from	ADP
fueconorg-5755	188	11	the	the	DET
fueconorg-5755	188	12	launch	launch	NOUN
fueconorg-5755	188	13	of	of	ADP
fueconorg-5755	188	14	the	the	DET
fueconorg-5755	188	15	msci	msci	PROPN
fueconorg-5755	188	16	emerging	emerge	VERB
fueconorg-5755	188	17	market	market	NOUN
fueconorg-5755	188	18	index	index	NOUN
fueconorg-5755	188	19	.	.	PUNCT
fueconorg-5755	189	1	msci	msci	PROPN
fueconorg-5755	189	2	.	.	PUNCT
fueconorg-5755	189	3	available	available	ADJ
fueconorg-5755	189	4	from	from	ADP
fueconorg-5755	189	5	internet	internet	NOUN
fueconorg-5755	189	6	:	:	PUNCT
fueconorg-5755	189	7	https://www.msci.com/www/research-paper/the-future-of-emergingmarkets/01323047429	https://www.msci.com/www/research-paper/the-future-of-emergingmarkets/01323047429	PROPN
fueconorg-5755	189	8	mensi	mensi	PROPN
fueconorg-5755	189	9	,	,	PUNCT
fueconorg-5755	189	10	w.	w.	PROPN
fueconorg-5755	189	11	,	,	PUNCT
fueconorg-5755	189	12	shahzad	shahzad	PROPN
fueconorg-5755	189	13	,	,	PUNCT
fueconorg-5755	189	14	s.	s.	PROPN
fueconorg-5755	189	15	j.	j.	PROPN
fueconorg-5755	189	16	h.	h.	PROPN
fueconorg-5755	189	17	,	,	PUNCT
fueconorg-5755	189	18	hammoudeh	hammoudeh	PROPN
fueconorg-5755	189	19	,	,	PUNCT
fueconorg-5755	189	20	s.	s.	PROPN
fueconorg-5755	189	21	,	,	PUNCT
fueconorg-5755	189	22	zeitun	zeitun	PROPN
fueconorg-5755	189	23	,	,	PUNCT
fueconorg-5755	189	24	r.	r.	PROPN
fueconorg-5755	189	25	,	,	PUNCT
fueconorg-5755	189	26	&	&	CCONJ
fueconorg-5755	189	27	rehman	rehman	PROPN
fueconorg-5755	189	28	,	,	PUNCT
fueconorg-5755	189	29	m.	m.	NOUN
fueconorg-5755	189	30	u.	u.	PROPN
fueconorg-5755	189	31	(	(	PUNCT
fueconorg-5755	189	32	2017	2017	NUM
fueconorg-5755	189	33	)	)	PUNCT
fueconorg-5755	189	34	.	.	PUNCT
fueconorg-5755	190	1	diversification	diversification	NOUN
fueconorg-5755	190	2	potential	potential	NOUN
fueconorg-5755	190	3	of	of	ADP
fueconorg-5755	190	4	asian	asian	ADJ
fueconorg-5755	190	5	frontier	frontier	NOUN
fueconorg-5755	190	6	,	,	PUNCT
fueconorg-5755	190	7	bric	bric	PROPN
fueconorg-5755	190	8	emerging	emerge	VERB
fueconorg-5755	190	9	and	and	CCONJ
fueconorg-5755	190	10	major	major	ADJ
fueconorg-5755	190	11	developed	develop	VERB
fueconorg-5755	190	12	stock	stock	NOUN
fueconorg-5755	190	13	markets	market	NOUN
fueconorg-5755	190	14	:	:	PUNCT
fueconorg-5755	190	15	a	a	DET
fueconorg-5755	190	16	wavelet	wavelet	NOUN
fueconorg-5755	190	17	-	-	PUNCT
fueconorg-5755	190	18	based	base	VERB
fueconorg-5755	190	19	value	value	NOUN
fueconorg-5755	190	20	at	at	ADP
fueconorg-5755	190	21	risk	risk	NOUN
fueconorg-5755	190	22	approach	approach	NOUN
fueconorg-5755	190	23	.	.	PUNCT
fueconorg-5755	191	1	emerging	emerge	VERB
fueconorg-5755	191	2	markets	market	NOUN
fueconorg-5755	191	3	review	review	NOUN
fueconorg-5755	191	4	,	,	PUNCT
fueconorg-5755	191	5	32	32	NUM
fueconorg-5755	191	6	,	,	PUNCT
fueconorg-5755	191	7	130	130	NUM
fueconorg-5755	191	8	-	-	SYM
fueconorg-5755	191	9	147	147	NUM
fueconorg-5755	191	10	.	.	PUNCT
fueconorg-5755	192	1	radović	radović	PROPN
fueconorg-5755	192	2	,	,	PUNCT
fueconorg-5755	192	3	m.	m.	NOUN
fueconorg-5755	192	4	,	,	PUNCT
fueconorg-5755	192	5	radukić	radukić	NOUN
fueconorg-5755	192	6	,	,	PUNCT
fueconorg-5755	192	7	s.	s.	PROPN
fueconorg-5755	192	8	,	,	PUNCT
fueconorg-5755	192	9	&	&	CCONJ
fueconorg-5755	192	10	njegomir	njegomir	PROPN
fueconorg-5755	192	11	,	,	PUNCT
fueconorg-5755	192	12	v.	v.	CCONJ
fueconorg-5755	192	13	(	(	PUNCT
fueconorg-5755	192	14	2018	2018	NUM
fueconorg-5755	192	15	)	)	PUNCT
fueconorg-5755	192	16	.	.	PUNCT
fueconorg-5755	193	1	the	the	DET
fueconorg-5755	193	2	application	application	NOUN
fueconorg-5755	193	3	of	of	ADP
fueconorg-5755	193	4	the	the	DET
fueconorg-5755	193	5	markowitz	markowitz	PROPN
fueconorg-5755	193	6	’s	’s	PART
fueconorg-5755	193	7	model	model	NOUN
fueconorg-5755	193	8	in	in	ADP
fueconorg-5755	193	9	efficient	efficient	ADJ
fueconorg-5755	193	10	portfolio	portfolio	NOUN
fueconorg-5755	193	11	forming	form	VERB
fueconorg-5755	193	12	on	on	ADP
fueconorg-5755	193	13	the	the	DET
fueconorg-5755	193	14	capital	capital	NOUN
fueconorg-5755	193	15	market	market	NOUN
fueconorg-5755	193	16	in	in	ADP
fueconorg-5755	193	17	the	the	DET
fueconorg-5755	193	18	republic	republic	NOUN
fueconorg-5755	193	19	of	of	ADP
fueconorg-5755	193	20	serbia	serbia	PROPN
fueconorg-5755	193	21	.	.	PUNCT
fueconorg-5755	194	1	economic	economic	ADJ
fueconorg-5755	194	2	themes	theme	NOUN
fueconorg-5755	194	3	,	,	PUNCT
fueconorg-5755	194	4	56(1	56(1	NUM
fueconorg-5755	194	5	)	)	PUNCT
fueconorg-5755	194	6	,	,	PUNCT
fueconorg-5755	194	7	17	17	NUM
fueconorg-5755	194	8	-	-	SYM
fueconorg-5755	194	9	34	34	NUM
fueconorg-5755	194	10	.	.	PUNCT
fueconorg-5755	195	1	sarykalin	sarykalin	PROPN
fueconorg-5755	195	2	,	,	PUNCT
fueconorg-5755	195	3	s.	s.	PROPN
fueconorg-5755	195	4	,	,	PUNCT
fueconorg-5755	195	5	serraino	serraino	PROPN
fueconorg-5755	195	6	,	,	PUNCT
fueconorg-5755	195	7	g.	g.	PROPN
fueconorg-5755	195	8	,	,	PUNCT
fueconorg-5755	195	9	&	&	CCONJ
fueconorg-5755	195	10	uryasev	uryasev	PROPN
fueconorg-5755	195	11	,	,	PUNCT
fueconorg-5755	195	12	s.	s.	PROPN
fueconorg-5755	195	13	(	(	PUNCT
fueconorg-5755	195	14	2008	2008	NUM
fueconorg-5755	195	15	)	)	PUNCT
fueconorg-5755	195	16	.	.	PUNCT
fueconorg-5755	196	1	value	value	NOUN
fueconorg-5755	196	2	-	-	PUNCT
fueconorg-5755	196	3	at	at	ADP
fueconorg-5755	196	4	-	-	PUNCT
fueconorg-5755	196	5	risk	risk	NOUN
fueconorg-5755	196	6	vs.	vs.	ADP
fueconorg-5755	196	7	conditional	conditional	ADJ
fueconorg-5755	196	8	value	value	NOUN
fueconorg-5755	196	9	-	-	PUNCT
fueconorg-5755	196	10	at	at	ADP
fueconorg-5755	196	11	-	-	PUNCT
fueconorg-5755	196	12	risk	risk	NOUN
fueconorg-5755	196	13	in	in	ADP
fueconorg-5755	196	14	risk	risk	NOUN
fueconorg-5755	196	15	management	management	NOUN
fueconorg-5755	196	16	and	and	CCONJ
fueconorg-5755	196	17	optimization	optimization	NOUN
fueconorg-5755	196	18	.	.	PUNCT
fueconorg-5755	197	1	in	in	ADP
fueconorg-5755	197	2	state	state	NOUN
fueconorg-5755	197	3	-	-	PUNCT
fueconorg-5755	197	4	of	of	ADP
fueconorg-5755	197	5	-	-	PUNCT
fueconorg-5755	197	6	the	the	DET
fueconorg-5755	197	7	-	-	PUNCT
fueconorg-5755	197	8	art	art	NOUN
fueconorg-5755	197	9	decision	decision	NOUN
fueconorg-5755	197	10	-	-	PUNCT
fueconorg-5755	197	11	making	make	VERB
fueconorg-5755	197	12	tools	tool	NOUN
fueconorg-5755	197	13	in	in	ADP
fueconorg-5755	197	14	the	the	DET
fueconorg-5755	197	15	information	information	NOUN
fueconorg-5755	197	16	-	-	PUNCT
fueconorg-5755	197	17	intensive	intensive	ADJ
fueconorg-5755	197	18	age	age	NOUN
fueconorg-5755	197	19	(	(	PUNCT
fueconorg-5755	197	20	pp	pp	ADJ
fueconorg-5755	197	21	.	.	PUNCT
fueconorg-5755	197	22	270	270	NUM
fueconorg-5755	197	23	-	-	NUM
fueconorg-5755	197	24	294	294	NUM
fueconorg-5755	197	25	)	)	PUNCT
fueconorg-5755	197	26	.	.	PUNCT
fueconorg-5755	198	1	informs	inform	VERB
fueconorg-5755	198	2	.	.	PUNCT
fueconorg-5755	199	1	speranza	speranza	PROPN
fueconorg-5755	199	2	,	,	PUNCT
fueconorg-5755	199	3	m.	m.	NOUN
fueconorg-5755	199	4	g.	g.	PROPN
fueconorg-5755	199	5	(	(	PUNCT
fueconorg-5755	199	6	1993	1993	NUM
fueconorg-5755	199	7	)	)	PUNCT
fueconorg-5755	199	8	.	.	PUNCT
fueconorg-5755	200	1	linear	linear	ADJ
fueconorg-5755	200	2	programming	programming	NOUN
fueconorg-5755	200	3	models	model	NOUN
fueconorg-5755	200	4	for	for	ADP
fueconorg-5755	200	5	portfolio	portfolio	NOUN
fueconorg-5755	200	6	optimization	optimization	NOUN
fueconorg-5755	200	7	.	.	PUNCT
fueconorg-5755	201	1	finance	finance	NOUN
fueconorg-5755	201	2	,	,	PUNCT
fueconorg-5755	201	3	14	14	NUM
fueconorg-5755	201	4	,	,	PUNCT
fueconorg-5755	201	5	107	107	NUM
fueconorg-5755	201	6	-	-	SYM
fueconorg-5755	201	7	123	123	NUM
fueconorg-5755	201	8	.	.	PUNCT
fueconorg-5755	202	1	stanković	stanković	PROPN
fueconorg-5755	202	2	,	,	PUNCT
fueconorg-5755	202	3	j.	j.	PROPN
fueconorg-5755	202	4	z.	z.	PROPN
fueconorg-5755	202	5	,	,	PUNCT
fueconorg-5755	202	6	marković	marković	PROPN
fueconorg-5755	202	7	,	,	PUNCT
fueconorg-5755	202	8	i.	i.	PROPN
fueconorg-5755	202	9	,	,	PUNCT
fueconorg-5755	202	10	&	&	CCONJ
fueconorg-5755	202	11	radović	radović	PROPN
fueconorg-5755	202	12	,	,	PUNCT
fueconorg-5755	202	13	o.	o.	PROPN
fueconorg-5755	202	14	(	(	PUNCT
fueconorg-5755	202	15	2015	2015	NUM
fueconorg-5755	202	16	)	)	PUNCT
fueconorg-5755	202	17	.	.	PUNCT
fueconorg-5755	203	1	trend	trend	NOUN
fueconorg-5755	203	2	prediction	prediction	NOUN
fueconorg-5755	203	3	of	of	ADP
fueconorg-5755	203	4	the	the	DET
fueconorg-5755	203	5	belex15	belex15	ADJ
fueconorg-5755	203	6	index	index	NOUN
fueconorg-5755	203	7	and	and	CCONJ
fueconorg-5755	203	8	its	its	PRON
fueconorg-5755	203	9	constituents	constituent	NOUN
fueconorg-5755	203	10	using	use	VERB
fueconorg-5755	203	11	ls	ls	ADJ
fueconorg-5755	203	12	-	-	PUNCT
fueconorg-5755	203	13	svm	svm	NOUN
fueconorg-5755	203	14	.	.	PROPN
fueconorg-5755	203	15	anali	anali	VERB
fueconorg-5755	203	16	ekonomskog	ekonomskog	PROPN
fueconorg-5755	203	17	fakulteta	fakulteta	PROPN
fueconorg-5755	203	18	u	u	PROPN
fueconorg-5755	203	19	subotici	subotici	NOUN
fueconorg-5755	203	20	,	,	PUNCT
fueconorg-5755	203	21	34	34	NUM
fueconorg-5755	203	22	,	,	PUNCT
fueconorg-5755	203	23	251	251	NUM
fueconorg-5755	203	24	-	-	SYM
fueconorg-5755	203	25	264	264	NUM
fueconorg-5755	203	26	.	.	PUNCT
fueconorg-5755	204	1	stevenson	stevenson	PROPN
fueconorg-5755	204	2	,	,	PUNCT
fueconorg-5755	204	3	s.	s.	PROPN
fueconorg-5755	204	4	(	(	PUNCT
fueconorg-5755	204	5	2001	2001	NUM
fueconorg-5755	204	6	)	)	PUNCT
fueconorg-5755	204	7	.	.	PUNCT
fueconorg-5755	205	1	emerging	emerge	VERB
fueconorg-5755	205	2	markets	market	NOUN
fueconorg-5755	205	3	,	,	PUNCT
fueconorg-5755	205	4	downside	downside	ADJ
fueconorg-5755	205	5	risk	risk	NOUN
fueconorg-5755	205	6	and	and	CCONJ
fueconorg-5755	205	7	the	the	DET
fueconorg-5755	205	8	asset	asset	NOUN
fueconorg-5755	205	9	allocation	allocation	NOUN
fueconorg-5755	205	10	decision	decision	NOUN
fueconorg-5755	205	11	.	.	PUNCT
fueconorg-5755	206	1	emerging	emerge	VERB
fueconorg-5755	206	2	markets	market	NOUN
fueconorg-5755	206	3	review	review	VERB
fueconorg-5755	206	4	,	,	PUNCT
fueconorg-5755	206	5	2(1	2(1	NUM
fueconorg-5755	206	6	)	)	PUNCT
fueconorg-5755	206	7	,	,	PUNCT
fueconorg-5755	206	8	50	50	NUM
fueconorg-5755	206	9	-	-	SYM
fueconorg-5755	206	10	66	66	NUM
fueconorg-5755	206	11	.	.	PUNCT
fueconorg-5755	207	1	stoyanov	stoyanov	PROPN
fueconorg-5755	207	2	,	,	PUNCT
fueconorg-5755	207	3	s.	s.	PROPN
fueconorg-5755	207	4	v.	v.	PROPN
fueconorg-5755	207	5	,	,	PUNCT
fueconorg-5755	207	6	rachev	rachev	VERB
fueconorg-5755	207	7	,	,	PUNCT
fueconorg-5755	207	8	s.	s.	PROPN
fueconorg-5755	207	9	t.	t.	PROPN
fueconorg-5755	207	10	,	,	PUNCT
fueconorg-5755	207	11	racheva	racheva	PROPN
fueconorg-5755	207	12	-	-	PUNCT
fueconorg-5755	207	13	yotova	yotova	PROPN
fueconorg-5755	207	14	,	,	PUNCT
fueconorg-5755	207	15	b.	b.	PROPN
fueconorg-5755	207	16	,	,	PUNCT
fueconorg-5755	207	17	&	&	CCONJ
fueconorg-5755	207	18	fabozzi	fabozzi	PROPN
fueconorg-5755	207	19	,	,	PUNCT
fueconorg-5755	207	20	f.	f.	PROPN
fueconorg-5755	207	21	j.	j.	PROPN
fueconorg-5755	207	22	(	(	PUNCT
fueconorg-5755	207	23	2011	2011	NUM
fueconorg-5755	207	24	)	)	PUNCT
fueconorg-5755	207	25	.	.	PUNCT
fueconorg-5755	208	1	fat	fat	ADJ
fueconorg-5755	208	2	-	-	PUNCT
fueconorg-5755	208	3	tailed	tail	VERB
fueconorg-5755	208	4	models	model	NOUN
fueconorg-5755	208	5	for	for	ADP
fueconorg-5755	208	6	risk	risk	NOUN
fueconorg-5755	208	7	estimation	estimation	NOUN
fueconorg-5755	208	8	.	.	PUNCT
fueconorg-5755	209	1	the	the	DET
fueconorg-5755	209	2	journal	journal	PROPN
fueconorg-5755	209	3	of	of	ADP
fueconorg-5755	209	4	portfolio	portfolio	PROPN
fueconorg-5755	209	5	management	management	PROPN
fueconorg-5755	209	6	,	,	PUNCT
fueconorg-5755	209	7	37(2	37(2	PROPN
fueconorg-5755	209	8	)	)	PUNCT
fueconorg-5755	209	9	,	,	PUNCT
fueconorg-5755	209	10	107	107	NUM
fueconorg-5755	209	11	-	-	SYM
fueconorg-5755	209	12	117	117	NUM
fueconorg-5755	209	13	.	.	PUNCT
fueconorg-5755	210	1	xiong	xiong	PROPN
fueconorg-5755	210	2	,	,	PUNCT
fueconorg-5755	210	3	j.	j.	PROPN
fueconorg-5755	210	4	x.	x.	PROPN
fueconorg-5755	210	5	,	,	PUNCT
fueconorg-5755	210	6	&	&	CCONJ
fueconorg-5755	210	7	idzorek	idzorek	NOUN
fueconorg-5755	210	8	,	,	PUNCT
fueconorg-5755	210	9	t.	t.	NOUN
fueconorg-5755	210	10	m.	m.	NOUN
fueconorg-5755	210	11	(	(	PUNCT
fueconorg-5755	210	12	2011	2011	NUM
fueconorg-5755	210	13	)	)	PUNCT
fueconorg-5755	210	14	.	.	PUNCT
fueconorg-5755	211	1	the	the	DET
fueconorg-5755	211	2	impact	impact	NOUN
fueconorg-5755	211	3	of	of	ADP
fueconorg-5755	211	4	skewness	skewness	NOUN
fueconorg-5755	211	5	and	and	CCONJ
fueconorg-5755	211	6	fat	fat	ADJ
fueconorg-5755	211	7	tails	tail	NOUN
fueconorg-5755	211	8	on	on	ADP
fueconorg-5755	211	9	the	the	DET
fueconorg-5755	211	10	asset	asset	NOUN
fueconorg-5755	211	11	allocation	allocation	NOUN
fueconorg-5755	211	12	decision	decision	NOUN
fueconorg-5755	211	13	.	.	PUNCT
fueconorg-5755	212	1	financial	financial	ADJ
fueconorg-5755	212	2	analysts	analyst	NOUN
fueconorg-5755	212	3	journal	journal	PROPN
fueconorg-5755	212	4	,	,	PUNCT
fueconorg-5755	212	5	67(2	67(2	NUM
fueconorg-5755	212	6	)	)	PUNCT
fueconorg-5755	212	7	,	,	PUNCT
fueconorg-5755	212	8	23	23	NUM
fueconorg-5755	212	9	-	-	SYM
fueconorg-5755	212	10	35	35	NUM
fueconorg-5755	212	11	.	.	PUNCT
fueconorg-5755	213	1	zaimović	zaimović	PROPN
fueconorg-5755	213	2	,	,	PUNCT
fueconorg-5755	213	3	a.	a.	PROPN
fueconorg-5755	213	4	,	,	PUNCT
fueconorg-5755	213	5	&	&	CCONJ
fueconorg-5755	213	6	delalić	delalić	NOUN
fueconorg-5755	213	7	,	,	PUNCT
fueconorg-5755	213	8	a.	a.	NOUN
fueconorg-5755	213	9	(	(	PUNCT
fueconorg-5755	213	10	2010	2010	NUM
fueconorg-5755	213	11	)	)	PUNCT
fueconorg-5755	213	12	.	.	PUNCT
fueconorg-5755	214	1	possibilities	possibility	NOUN
fueconorg-5755	214	2	of	of	ADP
fueconorg-5755	214	3	risk	risk	NOUN
fueconorg-5755	214	4	diversification	diversification	NOUN
fueconorg-5755	214	5	in	in	ADP
fueconorg-5755	214	6	regional	regional	ADJ
fueconorg-5755	214	7	stock	stock	NOUN
fueconorg-5755	214	8	exchanges	exchange	NOUN
fueconorg-5755	214	9	.	.	PUNCT
fueconorg-5755	215	1	economic	economic	ADJ
fueconorg-5755	215	2	research	research	NOUN
fueconorg-5755	215	3	-	-	PUNCT
fueconorg-5755	215	4	ekonomska	ekonomska	ADJ
fueconorg-5755	215	5	istraživanja	istraživanja	NOUN
fueconorg-5755	215	6	,	,	PUNCT
fueconorg-5755	215	7	23(1	23(1	NUM
fueconorg-5755	215	8	)	)	PUNCT
fueconorg-5755	215	9	,	,	PUNCT
fueconorg-5755	215	10	30	30	NUM
fueconorg-5755	215	11	-	-	SYM
fueconorg-5755	215	12	46	46	NUM
fueconorg-5755	215	13	.	.	PUNCT
fueconorg-5755	216	1	zhang	zhang	PROPN
fueconorg-5755	216	2	,	,	PUNCT
fueconorg-5755	216	3	y.	y.	PROPN
fueconorg-5755	216	4	,	,	PUNCT
fueconorg-5755	216	5	li	li	PROPN
fueconorg-5755	216	6	,	,	PUNCT
fueconorg-5755	216	7	x.	x.	NOUN
fueconorg-5755	216	8	,	,	PUNCT
fueconorg-5755	216	9	&	&	CCONJ
fueconorg-5755	216	10	guo	guo	PROPN
fueconorg-5755	216	11	,	,	PUNCT
fueconorg-5755	216	12	s.	s.	PROPN
fueconorg-5755	216	13	(	(	PUNCT
fueconorg-5755	216	14	2018	2018	NUM
fueconorg-5755	216	15	)	)	PUNCT
fueconorg-5755	216	16	.	.	PUNCT
fueconorg-5755	217	1	portfolio	portfolio	NOUN
fueconorg-5755	217	2	selection	selection	NOUN
fueconorg-5755	217	3	problems	problem	NOUN
fueconorg-5755	217	4	with	with	ADP
fueconorg-5755	217	5	markowitz	markowitz	PROPN
fueconorg-5755	217	6	’s	’s	PART
fueconorg-5755	217	7	mean	mean	ADJ
fueconorg-5755	217	8	–	–	PUNCT
fueconorg-5755	217	9	variance	variance	NOUN
fueconorg-5755	217	10	framework	framework	NOUN
fueconorg-5755	217	11	:	:	PUNCT
fueconorg-5755	217	12	a	a	DET
fueconorg-5755	217	13	review	review	NOUN
fueconorg-5755	217	14	of	of	ADP
fueconorg-5755	217	15	literature	literature	NOUN
fueconorg-5755	217	16	.	.	PUNCT
fueconorg-5755	218	1	fuzzy	fuzzy	ADJ
fueconorg-5755	218	2	optimization	optimization	NOUN
fueconorg-5755	218	3	and	and	CCONJ
fueconorg-5755	218	4	decision	decision	NOUN
fueconorg-5755	218	5	making	making	NOUN
fueconorg-5755	218	6	,	,	PUNCT
fueconorg-5755	218	7	17(2	17(2	NUM
fueconorg-5755	218	8	)	)	PUNCT
fueconorg-5755	218	9	,	,	PUNCT
fueconorg-5755	218	10	125	125	NUM
fueconorg-5755	218	11	-	-	SYM
fueconorg-5755	218	12	158	158	NUM
fueconorg-5755	218	13	.	.	PUNCT
fueconorg-5755	219	1	zuluaga	zuluaga	PROPN
fueconorg-5755	219	2	,	,	PUNCT
fueconorg-5755	219	3	l.	l.	PROPN
fueconorg-5755	219	4	f.	f.	PROPN
fueconorg-5755	219	5	,	,	PUNCT
fueconorg-5755	219	6	cox	cox	PROPN
fueconorg-5755	219	7	,	,	PUNCT
fueconorg-5755	219	8	s.	s.	PROPN
fueconorg-5755	219	9	h.	h.	PROPN
fueconorg-5755	219	10	(	(	PUNCT
fueconorg-5755	219	11	2010	2010	NUM
fueconorg-5755	219	12	)	)	PUNCT
fueconorg-5755	219	13	.	.	PUNCT
fueconorg-5755	220	1	improving	improve	VERB
fueconorg-5755	220	2	skewness	skewness	NOUN
fueconorg-5755	220	3	of	of	ADP
fueconorg-5755	220	4	mean	mean	ADJ
fueconorg-5755	220	5	-	-	PUNCT
fueconorg-5755	220	6	variance	variance	NOUN
fueconorg-5755	220	7	portfolios	portfolio	NOUN
fueconorg-5755	220	8	.	.	PUNCT
fueconorg-5755	221	1	north	north	ADJ
fueconorg-5755	221	2	american	american	ADJ
fueconorg-5755	221	3	actuarial	actuarial	ADJ
fueconorg-5755	221	4	journal	journal	NOUN
fueconorg-5755	221	5	,	,	PUNCT
fueconorg-5755	221	6	14(1	14(1	NUM
fueconorg-5755	221	7	)	)	PUNCT
fueconorg-5755	221	8	,	,	PUNCT
fueconorg-5755	221	9	59	59	NUM
fueconorg-5755	221	10	-	-	SYM
fueconorg-5755	221	11	67	67	NUM
fueconorg-5755	221	12	.	.	PUNCT
fueconorg-5755	221	13	26	26	NUM
fueconorg-5755	221	14	j.	j.	PROPN
fueconorg-5755	221	15	z.	z.	PROPN
fueconorg-5755	221	16	stanković	stanković	PROPN
fueconorg-5755	221	17	,	,	PUNCT
fueconorg-5755	221	18	e.	e.	PROPN
fueconorg-5755	221	19	petrović	petrović	PROPN
fueconorg-5755	221	20	,	,	PUNCT
fueconorg-5755	221	21	k.	k.	PROPN
fueconorg-5755	221	22	denĉić	denĉić	PROPN
fueconorg-5755	221	23	-	-	PUNCT
fueconorg-5755	221	24	mihajlov	mihajlov	NOUN
fueconorg-5755	221	25	efekti	efekti	NOUN
fueconorg-5755	221	26	primene	primene	NOUN
fueconorg-5755	221	27	različitih	različitih	NOUN
fueconorg-5755	221	28	mera	mera	NOUN
fueconorg-5755	221	29	rizika	rizika	PROPN
fueconorg-5755	221	30	na	na	PROPN
fueconorg-5755	221	31	izbor	izbor	PROPN
fueconorg-5755	221	32	optimalnog	optimalnog	PROPN
fueconorg-5755	221	33	portfolija	portfolija	PROPN
fueconorg-5755	221	34	:	:	PUNCT
fueconorg-5755	221	35	slučaj	slučaj	PROPN
fueconorg-5755	221	36	beogradske	beogradske	PROPN
fueconorg-5755	221	37	berze	berze	PROPN
fueconorg-5755	221	38	savremena	savremena	PROPN
fueconorg-5755	222	1	portfolio	portfolio	NOUN
fueconorg-5755	222	2	teorija	teorija	NOUN
fueconorg-5755	222	3	i	i	PRON
fueconorg-5755	222	4	markovicev	markovicev	PROPN
fueconorg-5755	222	5	pristup	pristup	PROPN
fueconorg-5755	222	6	optimizaciji	optimizaciji	PROPN
fueconorg-5755	222	7	,	,	PUNCT
fueconorg-5755	222	8	koji	koji	PROPN
fueconorg-5755	222	9	se	se	PROPN
fueconorg-5755	222	10	zasniva	zasniva	VERB
fueconorg-5755	222	11	na	na	PROPN
fueconorg-5755	222	12	kvadratnom	kvadratnom	NOUN
fueconorg-5755	222	13	programiranju	programiranju	NOUN
fueconorg-5755	223	1	i	i	PRON
fueconorg-5755	223	2	čiji	čiji	PROPN
fueconorg-5755	223	3	su	su	PROPN
fueconorg-5755	223	4	osnovni	osnovni	PROPN
fueconorg-5755	223	5	parametri	parametri	PROPN
fueconorg-5755	223	6	prva	prva	PROPN
fueconorg-5755	223	7	dva	dva	PROPN
fueconorg-5755	223	8	momenta	momenta	PROPN
fueconorg-5755	223	9	raspodele	raspodele	PROPN
fueconorg-5755	223	10	verovatnoće	verovatnoće	PROPN
fueconorg-5755	223	11	prinosa	prinosa	PROPN
fueconorg-5755	223	12	,	,	PUNCT
fueconorg-5755	223	13	uprkos	uprkos	ADJ
fueconorg-5755	223	14	širokoj	širokoj	NOUN
fueconorg-5755	223	15	primeni	primeni	ADJ
fueconorg-5755	223	16	u	u	PROPN
fueconorg-5755	223	17	praksi	praksi	NOUN
fueconorg-5755	223	18	,	,	PUNCT
fueconorg-5755	223	19	suočila	suočila	PROPN
fueconorg-5755	223	20	se	se	PROPN
fueconorg-5755	223	21	sa	sa	PROPN
fueconorg-5755	223	22	brojnim	brojnim	PROPN
fueconorg-5755	223	23	kritikama	kritikama	PROPN
fueconorg-5755	223	24	.	.	PUNCT
fueconorg-5755	224	1	stoga	stoga	PROPN
fueconorg-5755	224	2	su	su	PROPN
fueconorg-5755	224	3	razvijeni	razvijeni	PROPN
fueconorg-5755	224	4	modeli	modeli	PROPN
fueconorg-5755	224	5	,	,	PUNCT
fueconorg-5755	224	6	koji	koji	PROPN
fueconorg-5755	224	7	na	na	PROPN
fueconorg-5755	224	8	adekvatniji	adekvatniji	PROPN
fueconorg-5755	224	9	način	način	PROPN
fueconorg-5755	224	10	inkorporiraju	inkorporiraju	PROPN
fueconorg-5755	224	11	rizik	rizik	NOUN
fueconorg-5755	224	12	u	u	PROPN
fueconorg-5755	224	13	model	model	NOUN
fueconorg-5755	224	14	optimizacije	optimizacije	PROPN
fueconorg-5755	224	15	.	.	PUNCT
fueconorg-5755	225	1	cilj	cilj	ADJ
fueconorg-5755	225	2	ovog	ovog	PROPN
fueconorg-5755	225	3	rada	rada	PROPN
fueconorg-5755	225	4	je	je	PROPN
fueconorg-5755	225	5	da	da	PROPN
fueconorg-5755	225	6	ukaže	ukaže	PROPN
fueconorg-5755	225	7	na	na	AUX
fueconorg-5755	225	8	efikasnost	efikasnost	VERB
fueconorg-5755	225	9	ovako	ovako	PROPN
fueconorg-5755	225	10	formiranih	formiranih	PROPN
fueconorg-5755	225	11	modela	modela	PROPN
fueconorg-5755	225	12	optimizacije	optimizacije	PROPN
fueconorg-5755	225	13	i	i	PRON
fueconorg-5755	225	14	opravdanost	opravdanost	VERB
fueconorg-5755	225	15	njihove	njihove	VERB
fueconorg-5755	225	16	primene	primene	PROPN
fueconorg-5755	225	17	u	u	PROPN
fueconorg-5755	225	18	upravljanju	upravljanju	ADJ
fueconorg-5755	225	19	portfoliom	portfoliom	NOUN
fueconorg-5755	225	20	hartija	hartija	VERB
fueconorg-5755	225	21	od	od	PROPN
fueconorg-5755	225	22	vrednosti	vrednosti	PROPN
fueconorg-5755	225	23	na	na	AUX
fueconorg-5755	225	24	beogradskoj	beogradskoj	VERB
fueconorg-5755	225	25	berzi	berzi	NOUN
fueconorg-5755	225	26	.	.	PUNCT
fueconorg-5755	226	1	kljuĉne	kljuĉne	PROPN
fueconorg-5755	226	2	reĉi	reĉi	PROPN
fueconorg-5755	226	3	:	:	PUNCT
fueconorg-5755	226	4	optimizacija	optimizacija	PROPN
fueconorg-5755	226	5	portfolija	portfolija	PROPN
fueconorg-5755	226	6	,	,	PUNCT
fueconorg-5755	226	7	alternativne	alternativne	ADV
fueconorg-5755	226	8	mere	mere	ADJ
fueconorg-5755	226	9	rizika	rizika	NOUN
fueconorg-5755	226	10	,	,	PUNCT
fueconorg-5755	226	11	beogradska	beogradska	VERB
fueconorg-5755	226	12	berza	berza	PROPN
fueconorg-5755	226	13	.	.	PUNCT