id	sid	tid	token	lemma	pos
framr-1735	1	1	14	14	NUM
framr-1735	1	2	©	©	PROPN
framr-1735	1	3	2020	2020	NUM
framr-1735	1	4	conscientia	conscientia	PROPN
framr-1735	1	5	beam	beam	PROPN
framr-1735	1	6	.	.	PUNCT
framr-1735	2	1	all	all	DET
framr-1735	2	2	rights	right	NOUN
framr-1735	2	3	reserved	reserve	VERB
framr-1735	2	4	.	.	PUNCT
framr-1735	3	1	evaluating	evaluate	VERB
framr-1735	3	2	the	the	DET
framr-1735	3	3	effectiveness	effectiveness	NOUN
framr-1735	3	4	of	of	ADP
framr-1735	3	5	capm	capm	PROPN
framr-1735	3	6	and	and	CCONJ
framr-1735	3	7	apt	apt	ADJ
framr-1735	3	8	for	for	ADP
framr-1735	3	9	risk	risk	NOUN
framr-1735	3	10	measuring	measuring	NOUN
framr-1735	3	11	and	and	CCONJ
framr-1735	3	12	assets	asset	NOUN
framr-1735	3	13	pricing	price	VERB
framr-1735	3	14	fahim	fahim	PRON
framr-1735	3	15	afzal1	afzal1	NOUN
framr-1735	3	16	+	+	CCONJ
framr-1735	3	17	pan	pan	ADJ
framr-1735	3	18	haiying2	haiying2	PROPN
framr-1735	3	19	1,2business	1,2business	NUM
framr-1735	3	20	school	school	NOUN
framr-1735	3	21	of	of	ADP
framr-1735	3	22	hohai	hohai	PROPN
framr-1735	3	23	university	university	PROPN
framr-1735	3	24	,	,	PUNCT
framr-1735	3	25	nanjing	nanjing	PROPN
framr-1735	3	26	,	,	PUNCT
framr-1735	3	27	jiangsu	jiangsu	PROPN
framr-1735	3	28	,	,	PUNCT
framr-1735	3	29	pr	pr	NOUN
framr-1735	3	30	.	.	PUNCT
framr-1735	4	1	china	china	PROPN
framr-1735	4	2	.	.	PUNCT
framr-1735	5	1	(	(	PUNCT
framr-1735	5	2	+	+	CCONJ
framr-1735	5	3	corresponding	correspond	VERB
framr-1735	5	4	author	author	NOUN
framr-1735	5	5	)	)	PUNCT
framr-1735	5	6	abstract	abstract	ADJ
framr-1735	5	7	article	article	NOUN
framr-1735	5	8	history	history	NOUN
framr-1735	5	9	received	receive	VERB
framr-1735	5	10	:	:	PUNCT
framr-1735	5	11	26	26	NUM
framr-1735	5	12	november	november	PROPN
framr-1735	5	13	2019	2019	NUM
framr-1735	5	14	revised	revise	VERB
framr-1735	5	15	:	:	PUNCT
framr-1735	5	16	30	30	NUM
framr-1735	5	17	december	december	PROPN
framr-1735	5	18	2019	2019	NUM
framr-1735	5	19	accepted	accept	VERB
framr-1735	5	20	:	:	PUNCT
framr-1735	5	21	4	4	NUM
framr-1735	5	22	february	february	NOUN
framr-1735	5	23	2020	2020	NUM
framr-1735	5	24	published	publish	VERB
framr-1735	5	25	:	:	PUNCT
framr-1735	5	26	18	18	NUM
framr-1735	5	27	march	march	NOUN
framr-1735	5	28	2020	2020	NUM
framr-1735	5	29	keywords	keyword	VERB
framr-1735	5	30	capm	capm	PROPN
framr-1735	5	31	apt	apt	ADJ
framr-1735	5	32	risk	risk	NOUN
framr-1735	5	33	analysis	analysis	NOUN
framr-1735	5	34	stock	stock	NOUN
framr-1735	5	35	return	return	NOUN
framr-1735	5	36	stock	stock	NOUN
framr-1735	5	37	risk	risk	NOUN
framr-1735	5	38	asset	asset	NOUN
framr-1735	5	39	pricing	pricing	NOUN
framr-1735	5	40	.	.	PUNCT
framr-1735	6	1	jel	jel	PROPN
framr-1735	6	2	classification	classification	NOUN
framr-1735	6	3	:	:	PUNCT
framr-1735	6	4	g32	g32	NOUN
framr-1735	6	5	,	,	PUNCT
framr-1735	6	6	e44	e44	PROPN
framr-1735	6	7	,	,	PUNCT
framr-1735	6	8	g10	g10	PROPN
framr-1735	6	9	.	.	PUNCT
framr-1735	7	1	persistent	persistent	PROPN
framr-1735	7	2	with	with	ADP
framr-1735	7	3	the	the	DET
framr-1735	7	4	problem	problem	NOUN
framr-1735	7	5	of	of	ADP
framr-1735	7	6	quantifying	quantify	VERB
framr-1735	7	7	the	the	DET
framr-1735	7	8	risk	risk	NOUN
framr-1735	7	9	associated	associate	VERB
framr-1735	7	10	with	with	ADP
framr-1735	7	11	securities	security	NOUN
framr-1735	7	12	,	,	PUNCT
framr-1735	7	13	this	this	DET
framr-1735	7	14	study	study	NOUN
framr-1735	7	15	examines	examine	VERB
framr-1735	7	16	the	the	DET
framr-1735	7	17	applicability	applicability	NOUN
framr-1735	7	18	and	and	CCONJ
framr-1735	7	19	validity	validity	NOUN
framr-1735	7	20	of	of	ADP
framr-1735	7	21	capital	capital	NOUN
framr-1735	7	22	asset	asset	NOUN
framr-1735	7	23	pricing	pricing	NOUN
framr-1735	7	24	model	model	NOUN
framr-1735	7	25	(	(	PUNCT
framr-1735	7	26	capm	capm	PROPN
framr-1735	7	27	)	)	PUNCT
framr-1735	7	28	and	and	CCONJ
framr-1735	7	29	arbitrage	arbitrage	NOUN
framr-1735	7	30	pricing	pricing	NOUN
framr-1735	7	31	theory	theory	NOUN
framr-1735	7	32	(	(	PUNCT
framr-1735	7	33	apt	apt	ADJ
framr-1735	7	34	)	)	PUNCT
framr-1735	7	35	while	while	SCONJ
framr-1735	7	36	evaluating	evaluate	VERB
framr-1735	7	37	the	the	DET
framr-1735	7	38	stock	stock	NOUN
framr-1735	7	39	prices	price	NOUN
framr-1735	7	40	and	and	CCONJ
framr-1735	7	41	returns	return	NOUN
framr-1735	7	42	of	of	ADP
framr-1735	7	43	listed	list	VERB
framr-1735	7	44	companies	company	NOUN
framr-1735	7	45	in	in	ADP
framr-1735	7	46	the	the	DET
framr-1735	7	47	pakistan	pakistan	PROPN
framr-1735	7	48	stock	stock	PROPN
framr-1735	7	49	exchange	exchange	PROPN
framr-1735	7	50	.	.	PUNCT
framr-1735	8	1	while	while	SCONJ
framr-1735	8	2	examining	examine	VERB
framr-1735	8	3	the	the	DET
framr-1735	8	4	applicability	applicability	NOUN
framr-1735	8	5	of	of	ADP
framr-1735	8	6	capm	capm	PROPN
framr-1735	8	7	and	and	CCONJ
framr-1735	8	8	apt	apt	PROPN
framr-1735	8	9	,	,	PUNCT
framr-1735	8	10	this	this	DET
framr-1735	8	11	study	study	NOUN
framr-1735	8	12	considers	consider	VERB
framr-1735	8	13	the	the	DET
framr-1735	8	14	stock	stock	NOUN
framr-1735	8	15	return	return	NOUN
framr-1735	8	16	of	of	ADP
framr-1735	8	17	top	top	ADJ
framr-1735	8	18	ten	ten	NUM
framr-1735	8	19	sectors	sector	NOUN
framr-1735	8	20	listed	list	VERB
framr-1735	8	21	in	in	ADP
framr-1735	8	22	stock	stock	NOUN
framr-1735	8	23	exchange	exchange	NOUN
framr-1735	8	24	from	from	ADP
framr-1735	8	25	the	the	DET
framr-1735	8	26	period	period	NOUN
framr-1735	8	27	of	of	ADP
framr-1735	8	28	2014	2014	NUM
framr-1735	8	29	to	to	ADP
framr-1735	8	30	2019	2019	NUM
framr-1735	8	31	.	.	PUNCT
framr-1735	9	1	the	the	DET
framr-1735	9	2	result	result	NOUN
framr-1735	9	3	shows	show	VERB
framr-1735	9	4	that	that	SCONJ
framr-1735	9	5	the	the	DET
framr-1735	9	6	application	application	NOUN
framr-1735	9	7	of	of	ADP
framr-1735	9	8	apt	apt	ADJ
framr-1735	9	9	for	for	ADP
framr-1735	9	10	risk	risk	NOUN
framr-1735	9	11	estimations	estimation	NOUN
framr-1735	9	12	may	may	AUX
framr-1735	9	13	not	not	PART
framr-1735	9	14	be	be	AUX
framr-1735	9	15	showing	show	VERB
framr-1735	9	16	satisfactory	satisfactory	ADJ
framr-1735	9	17	results	result	NOUN
framr-1735	9	18	from	from	ADP
framr-1735	9	19	the	the	DET
framr-1735	9	20	observed	observe	VERB
framr-1735	9	21	data	datum	NOUN
framr-1735	9	22	.	.	PUNCT
framr-1735	10	1	on	on	ADP
framr-1735	10	2	average	average	ADJ
framr-1735	10	3	,	,	PUNCT
framr-1735	10	4	the	the	DET
framr-1735	10	5	p	p	NOUN
framr-1735	10	6	-	-	PUNCT
framr-1735	10	7	value	value	NOUN
framr-1735	10	8	is	be	AUX
framr-1735	10	9	more	more	ADJ
framr-1735	10	10	than	than	ADP
framr-1735	10	11	30	30	NUM
framr-1735	10	12	%	%	NOUN
framr-1735	10	13	for	for	ADP
framr-1735	10	14	all	all	DET
framr-1735	10	15	factors	factor	NOUN
framr-1735	10	16	which	which	PRON
framr-1735	10	17	should	should	AUX
framr-1735	10	18	be	be	AUX
framr-1735	10	19	less	less	ADJ
framr-1735	10	20	than	than	ADP
framr-1735	10	21	5	5	NUM
framr-1735	10	22	%	%	NOUN
framr-1735	10	23	.	.	PUNCT
framr-1735	11	1	therefore	therefore	ADV
framr-1735	11	2	,	,	PUNCT
framr-1735	11	3	in	in	ADP
framr-1735	11	4	order	order	NOUN
framr-1735	11	5	to	to	PART
framr-1735	11	6	compare	compare	VERB
framr-1735	11	7	the	the	DET
framr-1735	11	8	application	application	NOUN
framr-1735	11	9	of	of	ADP
framr-1735	11	10	methods	method	NOUN
framr-1735	11	11	and	and	CCONJ
framr-1735	11	12	find	find	VERB
framr-1735	11	13	out	out	ADP
framr-1735	11	14	the	the	DET
framr-1735	11	15	stock	stock	NOUN
framr-1735	11	16	risk	risk	NOUN
framr-1735	11	17	,	,	PUNCT
framr-1735	11	18	it	it	PRON
framr-1735	11	19	can	can	AUX
framr-1735	11	20	be	be	AUX
framr-1735	11	21	concluded	conclude	VERB
framr-1735	11	22	that	that	SCONJ
framr-1735	11	23	capm	capm	PROPN
framr-1735	11	24	approach	approach	NOUN
framr-1735	11	25	is	be	AUX
framr-1735	11	26	more	more	ADV
framr-1735	11	27	reliable	reliable	ADJ
framr-1735	11	28	than	than	ADP
framr-1735	11	29	apt	apt	ADJ
framr-1735	11	30	.	.	PUNCT
framr-1735	12	1	thus	thus	ADV
framr-1735	12	2	,	,	PUNCT
framr-1735	12	3	it	it	PRON
framr-1735	12	4	is	be	AUX
framr-1735	12	5	suggested	suggest	VERB
framr-1735	12	6	to	to	PART
framr-1735	12	7	adopt	adopt	VERB
framr-1735	12	8	the	the	DET
framr-1735	12	9	capm	capm	PROPN
framr-1735	12	10	approach	approach	NOUN
framr-1735	12	11	to	to	PART
framr-1735	12	12	estimate	estimate	VERB
framr-1735	12	13	the	the	DET
framr-1735	12	14	realistic	realistic	ADJ
framr-1735	12	15	stock	stock	NOUN
framr-1735	12	16	returns	return	NOUN
framr-1735	12	17	.	.	PUNCT
framr-1735	13	1	additionally	additionally	ADV
framr-1735	13	2	,	,	PUNCT
framr-1735	13	3	the	the	DET
framr-1735	13	4	investor	investor	NOUN
framr-1735	13	5	can	can	AUX
framr-1735	13	6	also	also	ADV
framr-1735	13	7	consider	consider	VERB
framr-1735	13	8	different	different	ADJ
framr-1735	13	9	indigenous	indigenous	ADJ
framr-1735	13	10	and	and	CCONJ
framr-1735	13	11	exogenous	exogenous	ADJ
framr-1735	13	12	economic	economic	ADJ
framr-1735	13	13	factors	factor	NOUN
framr-1735	13	14	according	accord	VERB
framr-1735	13	15	for	for	ADP
framr-1735	13	16	calculating	calculate	VERB
framr-1735	13	17	market	market	NOUN
framr-1735	13	18	risk	risk	NOUN
framr-1735	13	19	and	and	CCONJ
framr-1735	13	20	maximizing	maximize	VERB
framr-1735	13	21	the	the	DET
framr-1735	13	22	return	return	NOUN
framr-1735	13	23	.	.	PUNCT
framr-1735	14	1	contribution	contribution	NOUN
framr-1735	14	2	/	/	SYM
framr-1735	14	3	originality	originality	NOUN
framr-1735	14	4	:	:	PUNCT
framr-1735	14	5	this	this	DET
framr-1735	14	6	study	study	NOUN
framr-1735	14	7	contributes	contribute	VERB
framr-1735	14	8	in	in	ADP
framr-1735	14	9	the	the	DET
framr-1735	14	10	existing	exist	VERB
framr-1735	14	11	literature	literature	NOUN
framr-1735	14	12	in	in	ADP
framr-1735	14	13	a	a	DET
framr-1735	14	14	way	way	NOUN
framr-1735	14	15	to	to	PART
framr-1735	14	16	show	show	VERB
framr-1735	14	17	that	that	SCONJ
framr-1735	14	18	capm	capm	PROPN
framr-1735	14	19	is	be	AUX
framr-1735	14	20	still	still	ADV
framr-1735	14	21	a	a	DET
framr-1735	14	22	valid	valid	ADJ
framr-1735	14	23	tool	tool	NOUN
framr-1735	14	24	to	to	PART
framr-1735	14	25	estimate	estimate	VERB
framr-1735	14	26	the	the	DET
framr-1735	14	27	return	return	NOUN
framr-1735	14	28	in	in	ADP
framr-1735	14	29	pakistani	pakistani	ADJ
framr-1735	14	30	capital	capital	NOUN
framr-1735	14	31	market	market	NOUN
framr-1735	14	32	,	,	PUNCT
framr-1735	14	33	which	which	PRON
framr-1735	14	34	implies	imply	VERB
framr-1735	14	35	that	that	SCONJ
framr-1735	14	36	the	the	DET
framr-1735	14	37	market	market	NOUN
framr-1735	14	38	risk	risk	NOUN
framr-1735	14	39	can	can	AUX
framr-1735	14	40	better	well	ADV
framr-1735	14	41	be	be	AUX
framr-1735	14	42	estimated	estimate	VERB
framr-1735	14	43	by	by	ADP
framr-1735	14	44	the	the	DET
framr-1735	14	45	companies	company	NOUN
framr-1735	14	46	.	.	PUNCT
framr-1735	15	1	investors	investor	NOUN
framr-1735	15	2	must	must	AUX
framr-1735	15	3	consider	consider	VERB
framr-1735	15	4	the	the	DET
framr-1735	15	5	market	market	NOUN
framr-1735	15	6	index	index	NOUN
framr-1735	15	7	performance	performance	NOUN
framr-1735	15	8	for	for	ADP
framr-1735	15	9	realistic	realistic	ADJ
framr-1735	15	10	stock	stock	NOUN
framr-1735	15	11	return	return	NOUN
framr-1735	15	12	rather	rather	ADV
framr-1735	15	13	to	to	PART
framr-1735	15	14	follow	follow	VERB
framr-1735	15	15	other	other	ADJ
framr-1735	15	16	economic	economic	ADJ
framr-1735	15	17	indicators	indicator	NOUN
framr-1735	15	18	.	.	PUNCT
framr-1735	16	1	1	1	X
framr-1735	16	2	.	.	X
framr-1735	16	3	introduction	introduction	NOUN
framr-1735	16	4	pricing	price	VERB
framr-1735	16	5	an	an	DET
framr-1735	16	6	asset	asset	NOUN
framr-1735	16	7	is	be	AUX
framr-1735	16	8	a	a	DET
framr-1735	16	9	very	very	ADV
framr-1735	16	10	technical	technical	ADJ
framr-1735	16	11	but	but	CCONJ
framr-1735	16	12	crucial	crucial	ADJ
framr-1735	16	13	phase	phase	NOUN
framr-1735	16	14	for	for	ADP
framr-1735	16	15	investors	investor	NOUN
framr-1735	16	16	in	in	ADP
framr-1735	16	17	the	the	DET
framr-1735	16	18	stock	stock	NOUN
framr-1735	16	19	markets	market	NOUN
framr-1735	16	20	to	to	PART
framr-1735	16	21	predict	predict	VERB
framr-1735	16	22	the	the	DET
framr-1735	16	23	future	future	ADJ
framr-1735	16	24	price	price	NOUN
framr-1735	16	25	of	of	ADP
framr-1735	16	26	the	the	DET
framr-1735	16	27	stock	stock	NOUN
framr-1735	16	28	,	,	PUNCT
framr-1735	16	29	where	where	SCONJ
framr-1735	16	30	they	they	PRON
framr-1735	16	31	are	be	AUX
framr-1735	16	32	investing	invest	VERB
framr-1735	16	33	.	.	PUNCT
framr-1735	17	1	different	different	ADJ
framr-1735	17	2	techniques	technique	NOUN
framr-1735	17	3	have	have	AUX
framr-1735	17	4	been	be	AUX
framr-1735	17	5	used	use	VERB
framr-1735	17	6	by	by	ADP
framr-1735	17	7	investors	investor	NOUN
framr-1735	17	8	to	to	PART
framr-1735	17	9	predict	predict	VERB
framr-1735	17	10	the	the	DET
framr-1735	17	11	expected	expect	VERB
framr-1735	17	12	prices	price	NOUN
framr-1735	17	13	of	of	ADP
framr-1735	17	14	assets	asset	NOUN
framr-1735	17	15	.	.	PUNCT
framr-1735	18	1	stock	stock	NOUN
framr-1735	18	2	investors	investor	NOUN
framr-1735	18	3	are	be	AUX
framr-1735	18	4	always	always	ADV
framr-1735	18	5	looking	look	VERB
framr-1735	18	6	for	for	ADP
framr-1735	18	7	specialized	specialized	ADJ
framr-1735	18	8	instruments	instrument	NOUN
framr-1735	18	9	that	that	PRON
framr-1735	18	10	can	can	AUX
framr-1735	18	11	capture	capture	VERB
framr-1735	18	12	the	the	DET
framr-1735	18	13	risks	risk	NOUN
framr-1735	18	14	associated	associate	VERB
framr-1735	18	15	to	to	ADP
framr-1735	18	16	their	their	PRON
framr-1735	18	17	investments	investment	NOUN
framr-1735	18	18	in	in	ADP
framr-1735	18	19	order	order	NOUN
framr-1735	18	20	to	to	PART
framr-1735	18	21	maximize	maximize	VERB
framr-1735	18	22	their	their	PRON
framr-1735	18	23	profit	profit	NOUN
framr-1735	18	24	returns	return	NOUN
framr-1735	18	25	regardless	regardless	ADV
framr-1735	18	26	of	of	ADP
framr-1735	18	27	risk	risk	NOUN
framr-1735	18	28	levels	level	NOUN
framr-1735	18	29	.	.	PUNCT
framr-1735	19	1	recently	recently	ADV
framr-1735	19	2	,	,	PUNCT
framr-1735	19	3	most	most	ADV
framr-1735	19	4	efficient	efficient	ADJ
framr-1735	19	5	methods	method	NOUN
framr-1735	19	6	through	through	ADP
framr-1735	19	7	which	which	PRON
framr-1735	19	8	the	the	DET
framr-1735	19	9	risk	risk	NOUN
framr-1735	19	10	and	and	CCONJ
framr-1735	19	11	return	return	NOUN
framr-1735	19	12	can	can	AUX
framr-1735	19	13	be	be	AUX
framr-1735	19	14	calculated	calculate	VERB
framr-1735	19	15	are	be	AUX
framr-1735	19	16	capital	capital	NOUN
framr-1735	19	17	asset	asset	NOUN
framr-1735	19	18	pricing	pricing	NOUN
framr-1735	19	19	model	model	NOUN
framr-1735	19	20	(	(	PUNCT
framr-1735	19	21	capm	capm	PROPN
framr-1735	19	22	)	)	PUNCT
framr-1735	19	23	,	,	PUNCT
framr-1735	19	24	and	and	CCONJ
framr-1735	19	25	arbitrage	arbitrage	NOUN
framr-1735	19	26	pricing	pricing	NOUN
framr-1735	19	27	theory	theory	NOUN
framr-1735	19	28	(	(	PUNCT
framr-1735	19	29	apt	apt	ADJ
framr-1735	19	30	)	)	PUNCT
framr-1735	19	31	are	be	AUX
framr-1735	19	32	two	two	NUM
framr-1735	19	33	models	model	NOUN
framr-1735	19	34	,	,	PUNCT
framr-1735	19	35	which	which	PRON
framr-1735	19	36	are	be	AUX
framr-1735	19	37	useful	useful	ADJ
framr-1735	19	38	to	to	PART
framr-1735	19	39	predict	predict	VERB
framr-1735	19	40	the	the	DET
framr-1735	19	41	expected	expect	VERB
framr-1735	19	42	value	value	NOUN
framr-1735	19	43	of	of	ADP
framr-1735	19	44	stocks	stock	NOUN
framr-1735	19	45	and	and	CCONJ
framr-1735	19	46	also	also	ADV
framr-1735	19	47	helpful	helpful	ADJ
framr-1735	19	48	to	to	ADP
framr-1735	19	49	individual	individual	ADJ
framr-1735	19	50	and	and	CCONJ
framr-1735	19	51	institutional	institutional	ADJ
framr-1735	19	52	investors	investor	NOUN
framr-1735	19	53	regarding	regard	VERB
framr-1735	19	54	the	the	DET
framr-1735	19	55	pricing	pricing	NOUN
framr-1735	19	56	of	of	ADP
framr-1735	19	57	stocks	stock	NOUN
framr-1735	19	58	.	.	PUNCT
framr-1735	20	1	this	this	DET
framr-1735	20	2	study	study	NOUN
framr-1735	20	3	examines	examine	VERB
framr-1735	20	4	the	the	DET
framr-1735	20	5	applicability	applicability	NOUN
framr-1735	20	6	and	and	CCONJ
framr-1735	20	7	validity	validity	NOUN
framr-1735	20	8	of	of	ADP
framr-1735	20	9	capm	capm	PROPN
framr-1735	20	10	and	and	CCONJ
framr-1735	20	11	apt	apt	ADJ
framr-1735	20	12	while	while	SCONJ
framr-1735	20	13	evaluating	evaluate	VERB
framr-1735	20	14	the	the	DET
framr-1735	20	15	stock	stock	NOUN
framr-1735	20	16	prices	price	NOUN
framr-1735	20	17	and	and	CCONJ
framr-1735	20	18	returns	return	NOUN
framr-1735	20	19	of	of	ADP
framr-1735	20	20	listed	list	VERB
framr-1735	20	21	companies	company	NOUN
framr-1735	20	22	in	in	ADP
framr-1735	20	23	the	the	DET
framr-1735	20	24	pakistan	pakistan	PROPN
framr-1735	20	25	stock	stock	PROPN
framr-1735	20	26	exchange	exchange	PROPN
framr-1735	20	27	(	(	PUNCT
framr-1735	20	28	psx	psx	PROPN
framr-1735	20	29	)	)	PUNCT
framr-1735	20	30	.	.	PUNCT
framr-1735	21	1	capm	capm	PROPN
framr-1735	21	2	of	of	ADP
framr-1735	21	3	sharpe	sharpe	PROPN
framr-1735	21	4	(	(	PUNCT
framr-1735	21	5	1964	1964	NUM
framr-1735	21	6	)	)	PUNCT
framr-1735	21	7	and	and	CCONJ
framr-1735	21	8	lintner	lintner	X
framr-1735	21	9	(	(	PUNCT
framr-1735	21	10	1965	1965	NUM
framr-1735	21	11	)	)	PUNCT
framr-1735	21	12	are	be	AUX
framr-1735	21	13	the	the	DET
framr-1735	21	14	presenters	presenter	NOUN
framr-1735	21	15	of	of	ADP
framr-1735	21	16	the	the	DET
framr-1735	21	17	apt	apt	ADJ
framr-1735	21	18	,	,	PUNCT
framr-1735	21	19	and	and	CCONJ
framr-1735	21	20	there	there	PRON
framr-1735	21	21	were	be	VERB
framr-1735	21	22	no	no	DET
framr-1735	21	23	asset	asset	NOUN
framr-1735	21	24	pricing	pricing	NOUN
framr-1735	21	25	models	model	NOUN
framr-1735	21	26	that	that	PRON
framr-1735	21	27	exist	exist	VERB
framr-1735	21	28	in	in	ADP
framr-1735	21	29	the	the	DET
framr-1735	21	30	financial	financial	ADJ
framr-1735	21	31	world	world	NOUN
framr-1735	21	32	before	before	ADP
framr-1735	21	33	the	the	DET
framr-1735	21	34	development	development	NOUN
framr-1735	21	35	of	of	ADP
framr-1735	21	36	capm	capm	PROPN
framr-1735	21	37	and	and	CCONJ
framr-1735	21	38	apt	apt	ADJ
framr-1735	21	39	which	which	PRON
framr-1735	21	40	boosts	boost	VERB
framr-1735	21	41	the	the	DET
framr-1735	21	42	trust	trust	NOUN
framr-1735	21	43	of	of	ADP
framr-1735	21	44	investors	investor	NOUN
framr-1735	21	45	in	in	ADP
framr-1735	21	46	order	order	NOUN
framr-1735	21	47	to	to	PART
framr-1735	21	48	capture	capture	VERB
framr-1735	21	49	the	the	DET
framr-1735	21	50	risks	risk	NOUN
framr-1735	21	51	associated	associate	VERB
framr-1735	21	52	to	to	ADP
framr-1735	21	53	their	their	PRON
framr-1735	21	54	assets	asset	NOUN
framr-1735	21	55	.	.	PUNCT
framr-1735	22	1	till	till	SCONJ
framr-1735	22	2	date	date	NOUN
framr-1735	22	3	,	,	PUNCT
framr-1735	22	4	the	the	DET
framr-1735	22	5	capm	capm	PROPN
framr-1735	22	6	is	be	AUX
framr-1735	22	7	being	be	AUX
framr-1735	22	8	used	use	VERB
framr-1735	22	9	by	by	ADP
framr-1735	22	10	investors	investor	NOUN
framr-1735	22	11	in	in	ADP
framr-1735	22	12	risk	risk	NOUN
framr-1735	22	13	applications	application	NOUN
framr-1735	22	14	in	in	ADP
framr-1735	22	15	order	order	NOUN
framr-1735	22	16	to	to	PART
framr-1735	22	17	estimate	estimate	VERB
framr-1735	22	18	the	the	DET
framr-1735	22	19	cost	cost	NOUN
framr-1735	22	20	of	of	ADP
framr-1735	22	21	equity	equity	NOUN
framr-1735	22	22	financial	financial	ADJ
framr-1735	22	23	risk	risk	NOUN
framr-1735	22	24	and	and	CCONJ
framr-1735	22	25	management	management	NOUN
framr-1735	22	26	reviews	review	NOUN
framr-1735	22	27	2020	2020	NUM
framr-1735	22	28	vol	vol	NOUN
framr-1735	22	29	.	.	PROPN
framr-1735	23	1	6	6	NUM
framr-1735	23	2	,	,	PUNCT
framr-1735	23	3	no	no	INTJ
framr-1735	23	4	.	.	NOUN
framr-1735	23	5	1	1	NUM
framr-1735	23	6	,	,	PUNCT
framr-1735	23	7	pp	pp	ADJ
framr-1735	23	8	.	.	PUNCT
framr-1735	24	1	14	14	NUM
framr-1735	24	2	-	-	SYM
framr-1735	24	3	21	21	NUM
framr-1735	24	4	.	.	PUNCT
framr-1735	25	1	issn(e	issn(e	INTJ
framr-1735	25	2	):	):	PUNCT
framr-1735	25	3	2411	2411	NUM
framr-1735	25	4	-	-	SYM
framr-1735	25	5	6408	6408	NUM
framr-1735	25	6	issn(p	issn(p	NUM
framr-1735	25	7	):	):	PUNCT
framr-1735	25	8	2412	2412	NUM
framr-1735	25	9	-	-	SYM
framr-1735	25	10	3404	3404	NUM
framr-1735	25	11	doi	doi	NOUN
framr-1735	25	12	:	:	PUNCT
framr-1735	25	13	10.18488	10.18488	NUM
framr-1735	25	14	/	/	SYM
framr-1735	25	15	journal.89.2020.61.14.21	journal.89.2020.61.14.21	PROPN
framr-1735	25	16	©	©	PROPN
framr-1735	25	17	2020	2020	NUM
framr-1735	25	18	conscientia	conscientia	PROPN
framr-1735	25	19	beam	beam	PROPN
framr-1735	25	20	.	.	PUNCT
framr-1735	26	1	all	all	DET
framr-1735	26	2	rights	right	NOUN
framr-1735	26	3	reserved	reserve	VERB
framr-1735	26	4	.	.	PUNCT
framr-1735	27	1	https://orcid.org/0000-0001-6292-8531	https://orcid.org/0000-0001-6292-8531	ADJ
framr-1735	27	2	https://www.doi.org/10.18488/journal.89.2020.61.14.21	https://www.doi.org/10.18488/journal.89.2020.61.14.21	ADJ
framr-1735	27	3	financial	financial	ADJ
framr-1735	27	4	risk	risk	NOUN
framr-1735	27	5	and	and	CCONJ
framr-1735	27	6	management	management	NOUN
framr-1735	27	7	reviews	review	NOUN
framr-1735	27	8	,	,	PUNCT
framr-1735	27	9	2020	2020	NUM
framr-1735	27	10	,	,	PUNCT
framr-1735	27	11	6(1	6(1	NUM
framr-1735	27	12	):	):	PUNCT
framr-1735	27	13	14	14	NUM
framr-1735	27	14	-	-	SYM
framr-1735	27	15	21	21	NUM
framr-1735	27	16	15	15	NUM
framr-1735	27	17	©	©	PROPN
framr-1735	27	18	2020	2020	NUM
framr-1735	27	19	conscientia	conscientia	PROPN
framr-1735	27	20	beam	beam	PROPN
framr-1735	27	21	.	.	PUNCT
framr-1735	28	1	all	all	DET
framr-1735	28	2	rights	right	NOUN
framr-1735	28	3	reserved	reserve	VERB
framr-1735	28	4	.	.	PUNCT
framr-1735	29	1	capital	capital	NOUN
framr-1735	29	2	and	and	CCONJ
framr-1735	29	3	for	for	ADP
framr-1735	29	4	portfolios	portfolio	NOUN
framr-1735	29	5	performance	performance	NOUN
framr-1735	29	6	evaluation	evaluation	NOUN
framr-1735	29	7	.	.	PUNCT
framr-1735	30	1	ataullah	ataullah	PROPN
framr-1735	30	2	(	(	PUNCT
framr-1735	30	3	2001	2001	NUM
framr-1735	30	4	)	)	PUNCT
framr-1735	30	5	states	state	VERB
framr-1735	30	6	that	that	SCONJ
framr-1735	30	7	the	the	DET
framr-1735	30	8	macroeconomic	macroeconomic	ADJ
framr-1735	30	9	indicators	indicator	NOUN
framr-1735	30	10	exchange	exchange	NOUN
framr-1735	30	11	rate	rate	NOUN
framr-1735	30	12	,	,	PUNCT
framr-1735	30	13	oil	oil	NOUN
framr-1735	30	14	prices	price	NOUN
framr-1735	30	15	,	,	PUNCT
framr-1735	30	16	balance	balance	NOUN
framr-1735	30	17	of	of	ADP
framr-1735	30	18	trade	trade	NOUN
framr-1735	30	19	and	and	CCONJ
framr-1735	30	20	inflation	inflation	NOUN
framr-1735	30	21	are	be	AUX
framr-1735	30	22	the	the	DET
framr-1735	30	23	principal	principal	ADJ
framr-1735	30	24	source	source	NOUN
framr-1735	30	25	of	of	ADP
framr-1735	30	26	systematic	systematic	ADJ
framr-1735	30	27	risk	risk	NOUN
framr-1735	30	28	in	in	ADP
framr-1735	30	29	the	the	DET
framr-1735	30	30	psx	psx	NOUN
framr-1735	30	31	,	,	PUNCT
framr-1735	30	32	and	and	CCONJ
framr-1735	30	33	the	the	DET
framr-1735	30	34	apt	apt	ADJ
framr-1735	30	35	pricing	pricing	NOUN
framr-1735	30	36	restrictions	restriction	NOUN
framr-1735	30	37	hold	hold	VERB
framr-1735	30	38	.	.	PUNCT
framr-1735	31	1	the	the	DET
framr-1735	31	2	findings	finding	NOUN
framr-1735	31	3	can	can	AUX
framr-1735	31	4	help	help	VERB
framr-1735	31	5	the	the	DET
framr-1735	31	6	individual	individual	NOUN
framr-1735	31	7	as	as	ADV
framr-1735	31	8	well	well	ADV
framr-1735	31	9	as	as	ADP
framr-1735	31	10	corporate	corporate	ADJ
framr-1735	31	11	investment	investment	NOUN
framr-1735	31	12	managers	manager	NOUN
framr-1735	31	13	including	include	VERB
framr-1735	31	14	brokers	broker	NOUN
framr-1735	31	15	efficiently	efficiently	ADV
framr-1735	31	16	manage	manage	VERB
framr-1735	31	17	the	the	DET
framr-1735	31	18	cost	cost	NOUN
framr-1735	31	19	of	of	ADP
framr-1735	31	20	capital	capital	NOUN
framr-1735	31	21	estimations	estimation	NOUN
framr-1735	31	22	.	.	PUNCT
framr-1735	32	1	the	the	DET
framr-1735	32	2	quantification	quantification	NOUN
framr-1735	32	3	of	of	ADP
framr-1735	32	4	risk	risk	NOUN
framr-1735	32	5	is	be	AUX
framr-1735	32	6	the	the	DET
framr-1735	32	7	main	main	ADJ
framr-1735	32	8	challenge	challenge	NOUN
framr-1735	32	9	for	for	ADP
framr-1735	32	10	the	the	DET
framr-1735	32	11	investors	investor	NOUN
framr-1735	32	12	and	and	CCONJ
framr-1735	32	13	practitioners	practitioner	NOUN
framr-1735	32	14	that	that	PRON
framr-1735	32	15	are	be	AUX
framr-1735	32	16	associated	associate	VERB
framr-1735	32	17	with	with	ADP
framr-1735	32	18	securities	security	NOUN
framr-1735	32	19	in	in	ADP
framr-1735	32	20	which	which	PRON
framr-1735	32	21	they	they	PRON
framr-1735	32	22	are	be	AUX
framr-1735	32	23	investing	invest	VERB
framr-1735	32	24	.	.	PUNCT
framr-1735	33	1	therefore	therefore	ADV
framr-1735	33	2	,	,	PUNCT
framr-1735	33	3	the	the	DET
framr-1735	33	4	main	main	ADJ
framr-1735	33	5	objective	objective	NOUN
framr-1735	33	6	of	of	ADP
framr-1735	33	7	this	this	DET
framr-1735	33	8	study	study	NOUN
framr-1735	33	9	is	be	AUX
framr-1735	33	10	to	to	PART
framr-1735	33	11	determine	determine	VERB
framr-1735	33	12	how	how	SCONJ
framr-1735	33	13	accurately	accurately	ADV
framr-1735	33	14	the	the	DET
framr-1735	33	15	capm	capm	NOUN
framr-1735	33	16	and	and	CCONJ
framr-1735	33	17	apt	apt	ADJ
framr-1735	33	18	predict	predict	VERB
framr-1735	33	19	the	the	DET
framr-1735	33	20	expected	expect	VERB
framr-1735	33	21	return	return	NOUN
framr-1735	33	22	from	from	ADP
framr-1735	33	23	psx	psx	PROPN
framr-1735	33	24	.	.	PUNCT
framr-1735	34	1	so	so	ADV
framr-1735	34	2	in	in	ADP
framr-1735	34	3	this	this	DET
framr-1735	34	4	study	study	NOUN
framr-1735	34	5	from	from	ADP
framr-1735	34	6	the	the	DET
framr-1735	34	7	top	top	ADJ
framr-1735	34	8	ten	ten	NUM
framr-1735	34	9	sectors	sector	NOUN
framr-1735	34	10	,	,	PUNCT
framr-1735	34	11	ten	ten	NUM
framr-1735	34	12	companies	company	NOUN
framr-1735	34	13	have	have	AUX
framr-1735	34	14	been	be	AUX
framr-1735	34	15	selected	select	VERB
framr-1735	34	16	from	from	ADP
framr-1735	34	17	each	each	DET
framr-1735	34	18	sector	sector	NOUN
framr-1735	34	19	according	accord	VERB
framr-1735	34	20	to	to	ADP
framr-1735	34	21	their	their	PRON
framr-1735	34	22	high	high	ADJ
framr-1735	34	23	market	market	NOUN
framr-1735	34	24	capitalization	capitalization	NOUN
framr-1735	34	25	.	.	PUNCT
framr-1735	35	1	this	this	DET
framr-1735	35	2	study	study	NOUN
framr-1735	35	3	helps	help	VERB
framr-1735	35	4	the	the	DET
framr-1735	35	5	individual	individual	NOUN
framr-1735	35	6	as	as	ADV
framr-1735	35	7	well	well	ADV
framr-1735	35	8	as	as	ADP
framr-1735	35	9	institutional	institutional	ADJ
framr-1735	35	10	investors	investor	NOUN
framr-1735	35	11	to	to	PART
framr-1735	35	12	decide	decide	VERB
framr-1735	35	13	to	to	ADP
framr-1735	35	14	what	what	DET
framr-1735	35	15	extent	extent	NOUN
framr-1735	35	16	they	they	PRON
framr-1735	35	17	can	can	AUX
framr-1735	35	18	rely	rely	VERB
framr-1735	35	19	on	on	ADP
framr-1735	35	20	capm	capm	PROPN
framr-1735	35	21	and	and	CCONJ
framr-1735	35	22	apt	apt	ADJ
framr-1735	35	23	while	while	SCONJ
framr-1735	35	24	making	make	VERB
framr-1735	35	25	investments	investment	NOUN
framr-1735	35	26	in	in	ADP
framr-1735	35	27	stocks	stock	NOUN
framr-1735	35	28	.	.	PUNCT
framr-1735	36	1	2	2	X
framr-1735	36	2	.	.	X
framr-1735	36	3	literature	literature	NOUN
framr-1735	36	4	review	review	PROPN
framr-1735	36	5	nowadays	nowadays	ADV
framr-1735	36	6	,	,	PUNCT
framr-1735	36	7	the	the	DET
framr-1735	36	8	stock	stock	NOUN
framr-1735	36	9	investors	investor	NOUN
framr-1735	36	10	are	be	AUX
framr-1735	36	11	always	always	ADV
framr-1735	36	12	having	have	VERB
framr-1735	36	13	the	the	DET
framr-1735	36	14	main	main	ADJ
framr-1735	36	15	focus	focus	NOUN
framr-1735	36	16	on	on	ADP
framr-1735	36	17	how	how	SCONJ
framr-1735	36	18	to	to	PART
framr-1735	36	19	maximize	maximize	VERB
framr-1735	36	20	the	the	DET
framr-1735	36	21	returns	return	NOUN
framr-1735	36	22	by	by	ADP
framr-1735	36	23	minimizing	minimize	VERB
framr-1735	36	24	the	the	DET
framr-1735	36	25	risks	risk	NOUN
framr-1735	36	26	associated	associate	VERB
framr-1735	36	27	to	to	ADP
framr-1735	36	28	their	their	PRON
framr-1735	36	29	investments	investment	NOUN
framr-1735	36	30	,	,	PUNCT
framr-1735	36	31	even	even	ADV
framr-1735	36	32	if	if	SCONJ
framr-1735	36	33	they	they	PRON
framr-1735	36	34	are	be	AUX
framr-1735	36	35	investing	invest	VERB
framr-1735	36	36	in	in	ADP
framr-1735	36	37	the	the	DET
framr-1735	36	38	assets	asset	NOUN
framr-1735	36	39	or	or	CCONJ
framr-1735	36	40	securities	security	NOUN
framr-1735	36	41	or	or	CCONJ
framr-1735	36	42	business	business	NOUN
framr-1735	36	43	projects	project	NOUN
framr-1735	36	44	with	with	ADP
framr-1735	36	45	higher	high	ADJ
framr-1735	36	46	risks	risk	NOUN
framr-1735	36	47	.	.	PUNCT
framr-1735	37	1	to	to	PART
framr-1735	37	2	achieve	achieve	VERB
framr-1735	37	3	this	this	DET
framr-1735	37	4	target	target	NOUN
framr-1735	37	5	,	,	PUNCT
framr-1735	37	6	investors	investor	NOUN
framr-1735	37	7	are	be	AUX
framr-1735	37	8	always	always	ADV
framr-1735	37	9	wondering	wonder	VERB
framr-1735	37	10	to	to	PART
framr-1735	37	11	find	find	VERB
framr-1735	37	12	new	new	ADJ
framr-1735	37	13	tools	tool	NOUN
framr-1735	37	14	to	to	PART
framr-1735	37	15	quantify	quantify	VERB
framr-1735	37	16	the	the	DET
framr-1735	37	17	risk	risk	NOUN
framr-1735	37	18	and	and	CCONJ
framr-1735	37	19	return	return	VERB
framr-1735	37	20	association	association	NOUN
framr-1735	37	21	upon	upon	SCONJ
framr-1735	37	22	their	their	PRON
framr-1735	37	23	investments	investment	NOUN
framr-1735	37	24	.	.	PUNCT
framr-1735	38	1	therefore	therefore	ADV
framr-1735	38	2	they	they	PRON
framr-1735	38	3	implement	implement	VERB
framr-1735	38	4	different	different	ADJ
framr-1735	38	5	models	model	NOUN
framr-1735	38	6	for	for	ADP
framr-1735	38	7	their	their	PRON
framr-1735	38	8	risk	risk	NOUN
framr-1735	38	9	quantifications	quantification	NOUN
framr-1735	38	10	.	.	PUNCT
framr-1735	39	1	in	in	ADP
framr-1735	39	2	this	this	DET
framr-1735	39	3	regard	regard	NOUN
framr-1735	39	4	,	,	PUNCT
framr-1735	39	5	the	the	DET
framr-1735	39	6	capm	capm	NOUN
framr-1735	39	7	has	have	AUX
framr-1735	39	8	been	be	AUX
framr-1735	39	9	widely	widely	ADV
framr-1735	39	10	used	use	VERB
framr-1735	39	11	by	by	ADP
framr-1735	39	12	the	the	DET
framr-1735	39	13	risk	risk	NOUN
framr-1735	39	14	managers	manager	NOUN
framr-1735	39	15	for	for	ADP
framr-1735	39	16	the	the	DET
framr-1735	39	17	risk	risk	NOUN
framr-1735	39	18	and	and	CCONJ
framr-1735	39	19	return	return	VERB
framr-1735	39	20	quantifications	quantification	NOUN
framr-1735	39	21	(	(	PUNCT
framr-1735	39	22	jagannathan	jagannathan	PROPN
framr-1735	39	23	&	&	CCONJ
framr-1735	39	24	wang	wang	PROPN
framr-1735	39	25	,	,	PUNCT
framr-1735	39	26	1996	1996	NUM
framr-1735	39	27	)	)	PUNCT
framr-1735	39	28	.	.	PUNCT
framr-1735	40	1	since	since	SCONJ
framr-1735	40	2	the	the	DET
framr-1735	40	3	development	development	NOUN
framr-1735	40	4	of	of	ADP
framr-1735	40	5	the	the	DET
framr-1735	40	6	capm	capm	NOUN
framr-1735	40	7	,	,	PUNCT
framr-1735	40	8	to	to	PART
framr-1735	40	9	evaluate	evaluate	VERB
framr-1735	40	10	the	the	DET
framr-1735	40	11	validity	validity	NOUN
framr-1735	40	12	of	of	ADP
framr-1735	40	13	capm	capm	PROPN
framr-1735	40	14	,	,	PUNCT
framr-1735	40	15	multiple	multiple	ADJ
framr-1735	40	16	efforts	effort	NOUN
framr-1735	40	17	have	have	AUX
framr-1735	40	18	been	be	AUX
framr-1735	40	19	ardent	ardent	ADJ
framr-1735	40	20	,	,	PUNCT
framr-1735	40	21	a	a	DET
framr-1735	40	22	valuable	valuable	ADJ
framr-1735	40	23	contribution	contribution	NOUN
framr-1735	40	24	,	,	PUNCT
framr-1735	40	25	and	and	CCONJ
framr-1735	40	26	unique	unique	ADJ
framr-1735	40	27	development	development	NOUN
framr-1735	40	28	in	in	ADP
framr-1735	40	29	the	the	DET
framr-1735	40	30	field	field	NOUN
framr-1735	40	31	of	of	ADP
framr-1735	40	32	finance	finance	NOUN
framr-1735	40	33	.	.	PUNCT
framr-1735	41	1	some	some	DET
framr-1735	41	2	studies	study	NOUN
framr-1735	41	3	that	that	PRON
framr-1735	41	4	have	have	AUX
framr-1735	41	5	been	be	AUX
framr-1735	41	6	conducted	conduct	VERB
framr-1735	41	7	related	relate	VERB
framr-1735	41	8	to	to	ADP
framr-1735	41	9	the	the	DET
framr-1735	41	10	use	use	NOUN
framr-1735	41	11	of	of	ADP
framr-1735	41	12	capm	capm	PROPN
framr-1735	41	13	support	support	VERB
framr-1735	41	14	the	the	DET
framr-1735	41	15	principle	principle	NOUN
framr-1735	41	16	of	of	ADP
framr-1735	41	17	the	the	DET
framr-1735	41	18	model	model	NOUN
framr-1735	41	19	while	while	SCONJ
framr-1735	41	20	few	few	ADJ
framr-1735	41	21	contradict	contradict	VERB
framr-1735	41	22	the	the	DET
framr-1735	41	23	model	model	NOUN
framr-1735	41	24	.	.	PUNCT
framr-1735	42	1	the	the	DET
framr-1735	42	2	capm	capm	PROPN
framr-1735	42	3	of	of	ADP
framr-1735	42	4	sharpe	sharpe	PROPN
framr-1735	42	5	(	(	PUNCT
framr-1735	42	6	1964	1964	NUM
framr-1735	42	7	)	)	PUNCT
framr-1735	42	8	and	and	CCONJ
framr-1735	42	9	black	black	ADJ
framr-1735	42	10	,	,	PUNCT
framr-1735	42	11	jensen	jensen	PROPN
framr-1735	42	12	,	,	PUNCT
framr-1735	42	13	and	and	CCONJ
framr-1735	42	14	scholes	schole	NOUN
framr-1735	42	15	(	(	PUNCT
framr-1735	42	16	1972	1972	NUM
framr-1735	42	17	)	)	PUNCT
framr-1735	42	18	has	have	AUX
framr-1735	42	19	been	be	AUX
framr-1735	42	20	proved	prove	VERB
framr-1735	42	21	to	to	PART
framr-1735	42	22	be	be	AUX
framr-1735	42	23	one	one	NUM
framr-1735	42	24	of	of	ADP
framr-1735	42	25	the	the	DET
framr-1735	42	26	most	most	ADV
framr-1735	42	27	efficient	efficient	ADJ
framr-1735	42	28	tools	tool	NOUN
framr-1735	42	29	to	to	PART
framr-1735	42	30	explain	explain	VERB
framr-1735	42	31	the	the	DET
framr-1735	42	32	association	association	NOUN
framr-1735	42	33	of	of	ADP
framr-1735	42	34	risks	risk	NOUN
framr-1735	42	35	and	and	CCONJ
framr-1735	42	36	returns	return	NOUN
framr-1735	42	37	briefly	briefly	ADV
framr-1735	42	38	.	.	PUNCT
framr-1735	43	1	the	the	DET
framr-1735	43	2	capm	capm	PROPN
framr-1735	43	3	model	model	NOUN
framr-1735	43	4	measures	measure	VERB
framr-1735	43	5	the	the	DET
framr-1735	43	6	risk	risk	NOUN
framr-1735	43	7	of	of	ADP
framr-1735	43	8	an	an	DET
framr-1735	43	9	asset	asset	NOUN
framr-1735	43	10	by	by	ADP
framr-1735	43	11	the	the	DET
framr-1735	43	12	covariance	covariance	NOUN
framr-1735	43	13	of	of	ADP
framr-1735	43	14	an	an	DET
framr-1735	43	15	asset	asset	NOUN
framr-1735	43	16	’s	’s	PART
framr-1735	43	17	return	return	NOUN
framr-1735	43	18	with	with	ADP
framr-1735	43	19	the	the	DET
framr-1735	43	20	market	market	NOUN
framr-1735	43	21	return	return	NOUN
framr-1735	43	22	.	.	PUNCT
framr-1735	44	1	the	the	DET
framr-1735	44	2	linearity	linearity	NOUN
framr-1735	44	3	of	of	ADP
framr-1735	44	4	expected	expect	VERB
framr-1735	44	5	returns	return	NOUN
framr-1735	44	6	related	relate	VERB
framr-1735	44	7	to	to	ADP
framr-1735	44	8	asset	asset	NOUN
framr-1735	44	9	covariance	covariance	NOUN
framr-1735	44	10	of	of	ADP
framr-1735	44	11	market	market	NOUN
framr-1735	44	12	return	return	NOUN
framr-1735	44	13	is	be	AUX
framr-1735	44	14	the	the	DET
framr-1735	44	15	main	main	ADJ
framr-1735	44	16	implications	implication	NOUN
framr-1735	44	17	of	of	ADP
framr-1735	44	18	the	the	DET
framr-1735	44	19	model	model	NOUN
framr-1735	44	20	,	,	PUNCT
framr-1735	44	21	called	call	VERB
framr-1735	44	22	the	the	DET
framr-1735	44	23	beta	beta	ADJ
framr-1735	44	24	risk	risk	NOUN
framr-1735	44	25	that	that	PRON
framr-1735	44	26	is	be	AUX
framr-1735	44	27	higher	high	ADJ
framr-1735	44	28	the	the	DET
framr-1735	44	29	beta	beta	NOUN
framr-1735	44	30	,	,	PUNCT
framr-1735	44	31	higher	high	ADJ
framr-1735	44	32	the	the	DET
framr-1735	44	33	risk	risk	NOUN
framr-1735	44	34	association	association	NOUN
framr-1735	44	35	.	.	PUNCT
framr-1735	45	1	qu	qu	PROPN
framr-1735	45	2	and	and	CCONJ
framr-1735	45	3	perron	perron	PROPN
framr-1735	45	4	(	(	PUNCT
framr-1735	45	5	2007	2007	NUM
framr-1735	45	6	)	)	PUNCT
framr-1735	45	7	explained	explain	VERB
framr-1735	45	8	that	that	SCONJ
framr-1735	45	9	if	if	SCONJ
framr-1735	45	10	the	the	DET
framr-1735	45	11	new	new	ADJ
framr-1735	45	12	capm	capm	PROPN
framr-1735	45	13	model	model	NOUN
framr-1735	45	14	is	be	AUX
framr-1735	45	15	providing	provide	VERB
framr-1735	45	16	efficient	efficient	ADJ
framr-1735	45	17	results	result	NOUN
framr-1735	45	18	in	in	ADP
framr-1735	45	19	the	the	DET
framr-1735	45	20	estimation	estimation	NOUN
framr-1735	45	21	of	of	ADP
framr-1735	45	22	returns	return	NOUN
framr-1735	45	23	or	or	CCONJ
framr-1735	45	24	not	not	PART
framr-1735	45	25	.	.	PUNCT
framr-1735	46	1	they	they	PRON
framr-1735	46	2	used	use	VERB
framr-1735	46	3	the	the	DET
framr-1735	46	4	data	datum	NOUN
framr-1735	46	5	set	set	VERB
framr-1735	46	6	of	of	ADP
framr-1735	46	7	new	new	PROPN
framr-1735	46	8	york	york	PROPN
framr-1735	46	9	stock	stock	PROPN
framr-1735	46	10	exchange	exchange	PROPN
framr-1735	46	11	from	from	ADP
framr-1735	46	12	the	the	DET
framr-1735	46	13	period	period	NOUN
framr-1735	46	14	of	of	ADP
framr-1735	46	15	1978	1978	NUM
framr-1735	46	16	to	to	ADP
framr-1735	46	17	2004	2004	NUM
framr-1735	46	18	with	with	ADP
framr-1735	46	19	the	the	DET
framr-1735	46	20	sample	sample	NOUN
framr-1735	46	21	size	size	NOUN
framr-1735	46	22	of	of	ADP
framr-1735	46	23	50	50	NUM
framr-1735	46	24	securities	security	NOUN
framr-1735	46	25	on	on	ADP
framr-1735	46	26	the	the	DET
framr-1735	46	27	us	us	PROPN
framr-1735	46	28	stock	stock	NOUN
framr-1735	46	29	market	market	NOUN
framr-1735	46	30	and	and	CCONJ
framr-1735	46	31	concluded	conclude	VERB
framr-1735	46	32	that	that	SCONJ
framr-1735	46	33	the	the	DET
framr-1735	46	34	capm	capm	PROPN
framr-1735	46	35	only	only	ADV
framr-1735	46	36	identifies	identify	VERB
framr-1735	46	37	a	a	DET
framr-1735	46	38	single	single	ADJ
framr-1735	46	39	-	-	PUNCT
framr-1735	46	40	equation	equation	NOUN
framr-1735	46	41	factor	factor	NOUN
framr-1735	46	42	which	which	PRON
framr-1735	46	43	leads	lead	VERB
framr-1735	46	44	to	to	ADP
framr-1735	46	45	the	the	DET
framr-1735	46	46	insignificant	insignificant	ADJ
framr-1735	46	47	findings	finding	NOUN
framr-1735	46	48	.	.	PUNCT
framr-1735	47	1	another	another	DET
framr-1735	47	2	study	study	NOUN
framr-1735	47	3	conducted	conduct	VERB
framr-1735	47	4	by	by	ADP
framr-1735	47	5	elbannan	elbannan	X
framr-1735	47	6	(	(	PUNCT
framr-1735	47	7	2015	2015	NUM
framr-1735	47	8	)	)	PUNCT
framr-1735	47	9	examined	examine	VERB
framr-1735	47	10	the	the	DET
framr-1735	47	11	emerging	emerge	VERB
framr-1735	47	12	greek	greek	ADJ
framr-1735	47	13	securities	security	NOUN
framr-1735	47	14	market	market	NOUN
framr-1735	47	15	by	by	ADP
framr-1735	47	16	using	use	VERB
framr-1735	47	17	the	the	DET
framr-1735	47	18	weekly	weekly	ADJ
framr-1735	47	19	data	datum	NOUN
framr-1735	47	20	of	of	ADP
framr-1735	47	21	100	100	NUM
framr-1735	47	22	companies	company	NOUN
framr-1735	47	23	from	from	ADP
framr-1735	47	24	the	the	DET
framr-1735	47	25	period	period	NOUN
framr-1735	47	26	of	of	ADP
framr-1735	47	27	1999	1999	NUM
framr-1735	47	28	to	to	ADP
framr-1735	47	29	2002	2002	NUM
framr-1735	47	30	,	,	PUNCT
framr-1735	47	31	listed	list	VERB
framr-1735	47	32	on	on	ADP
framr-1735	47	33	the	the	DET
framr-1735	47	34	athens	athens	PROPN
framr-1735	47	35	stock	stock	PROPN
framr-1735	47	36	exchange	exchange	PROPN
framr-1735	47	37	.	.	PUNCT
framr-1735	48	1	their	their	PRON
framr-1735	48	2	results	result	NOUN
framr-1735	48	3	do	do	AUX
framr-1735	48	4	not	not	PART
framr-1735	48	5	support	support	VERB
framr-1735	48	6	the	the	DET
framr-1735	48	7	basic	basic	ADJ
framr-1735	48	8	statement	statement	NOUN
framr-1735	48	9	of	of	ADP
framr-1735	48	10	capm	capm	PROPN
framr-1735	48	11	that	that	PRON
framr-1735	48	12	higher	high	ADJ
framr-1735	48	13	beta	beta	NOUN
framr-1735	48	14	leads	lead	VERB
framr-1735	48	15	to	to	PART
framr-1735	48	16	generate	generate	VERB
framr-1735	48	17	higher	high	ADJ
framr-1735	48	18	returns	return	NOUN
framr-1735	48	19	.	.	PUNCT
framr-1735	49	1	al	al	PROPN
framr-1735	49	2	refai	refai	NOUN
framr-1735	49	3	(	(	PUNCT
framr-1735	49	4	2011	2011	NUM
framr-1735	49	5	)	)	PUNCT
framr-1735	49	6	inspected	inspect	VERB
framr-1735	49	7	the	the	DET
framr-1735	49	8	relationship	relationship	NOUN
framr-1735	49	9	of	of	ADP
framr-1735	49	10	risks	risk	NOUN
framr-1735	49	11	and	and	CCONJ
framr-1735	49	12	returns	return	NOUN
framr-1735	49	13	on	on	ADP
framr-1735	49	14	jordan	jordan	PROPN
framr-1735	49	15	’s	’s	PART
framr-1735	49	16	stock	stock	NOUN
framr-1735	49	17	market	market	NOUN
framr-1735	49	18	portfolios	portfolio	NOUN
framr-1735	49	19	by	by	ADP
framr-1735	49	20	using	use	VERB
framr-1735	49	21	the	the	DET
framr-1735	49	22	monthly	monthly	ADJ
framr-1735	49	23	data	datum	NOUN
framr-1735	49	24	from	from	ADP
framr-1735	49	25	the	the	DET
framr-1735	49	26	period	period	NOUN
framr-1735	49	27	of	of	ADP
framr-1735	49	28	1999	1999	NUM
framr-1735	49	29	to	to	ADP
framr-1735	49	30	2008	2008	NUM
framr-1735	49	31	,	,	PUNCT
framr-1735	49	32	which	which	PRON
framr-1735	49	33	concluded	conclude	VERB
framr-1735	49	34	that	that	SCONJ
framr-1735	49	35	the	the	DET
framr-1735	49	36	positive	positive	ADJ
framr-1735	49	37	relationship	relationship	NOUN
framr-1735	49	38	of	of	ADP
framr-1735	49	39	risk	risk	NOUN
framr-1735	49	40	and	and	CCONJ
framr-1735	49	41	returns	return	NOUN
framr-1735	49	42	between	between	ADP
framr-1735	49	43	emerging	emerge	VERB
framr-1735	49	44	markets	market	NOUN
framr-1735	49	45	was	be	AUX
framr-1735	49	46	rejected	reject	VERB
framr-1735	49	47	.	.	PUNCT
framr-1735	50	1	bhatti	bhatti	PROPN
framr-1735	50	2	and	and	CCONJ
framr-1735	50	3	hanif	hanif	PROPN
framr-1735	50	4	(	(	PUNCT
framr-1735	50	5	2010	2010	NUM
framr-1735	50	6	)	)	PUNCT
framr-1735	50	7	also	also	ADV
framr-1735	50	8	examined	examine	VERB
framr-1735	50	9	the	the	DET
framr-1735	50	10	capm	capm	NOUN
framr-1735	50	11	in	in	ADP
framr-1735	50	12	different	different	ADJ
framr-1735	50	13	institutes	institute	NOUN
framr-1735	50	14	of	of	ADP
framr-1735	50	15	pakistan	pakistan	PROPN
framr-1735	50	16	.	.	PUNCT
framr-1735	51	1	they	they	PRON
framr-1735	51	2	inspected	inspect	VERB
framr-1735	51	3	the	the	DET
framr-1735	51	4	capm	capm	PROPN
framr-1735	51	5	application	application	NOUN
framr-1735	51	6	on	on	ADP
framr-1735	51	7	psx	psx	PROPN
framr-1735	51	8	to	to	PART
framr-1735	51	9	build	build	VERB
framr-1735	51	10	an	an	DET
framr-1735	51	11	opinion	opinion	NOUN
framr-1735	51	12	about	about	ADP
framr-1735	51	13	the	the	DET
framr-1735	51	14	model	model	NOUN
framr-1735	51	15	reliability	reliability	NOUN
framr-1735	51	16	and	and	CCONJ
framr-1735	51	17	validity	validity	NOUN
framr-1735	51	18	by	by	ADP
framr-1735	51	19	applying	apply	VERB
framr-1735	51	20	to	to	ADP
framr-1735	51	21	the	the	DET
framr-1735	51	22	different	different	ADJ
framr-1735	51	23	institutional	institutional	ADJ
framr-1735	51	24	frameworks	framework	NOUN
framr-1735	51	25	.	.	PUNCT
framr-1735	52	1	they	they	PRON
framr-1735	52	2	studied	study	VERB
framr-1735	52	3	sixty	sixty	NUM
framr-1735	52	4	companies	company	NOUN
framr-1735	52	5	chosen	choose	VERB
framr-1735	52	6	from	from	ADP
framr-1735	52	7	the	the	DET
framr-1735	52	8	kse-100	kse-100	PROPN
framr-1735	52	9	index	index	NOUN
framr-1735	52	10	using	use	VERB
framr-1735	52	11	the	the	DET
framr-1735	52	12	data	datum	NOUN
framr-1735	52	13	from	from	ADP
framr-1735	52	14	2003	2003	NUM
framr-1735	52	15	to	to	ADP
framr-1735	52	16	2008	2008	NUM
framr-1735	52	17	.	.	PUNCT
framr-1735	53	1	the	the	DET
framr-1735	53	2	variance	variance	NOUN
framr-1735	53	3	-	-	PUNCT
framr-1735	53	4	covariance	covariance	NOUN
framr-1735	53	5	approach	approach	NOUN
framr-1735	53	6	has	have	AUX
framr-1735	53	7	been	be	AUX
framr-1735	53	8	used	use	VERB
framr-1735	53	9	to	to	PART
framr-1735	53	10	calculate	calculate	VERB
framr-1735	53	11	the	the	DET
framr-1735	53	12	beta	beta	NOUN
framr-1735	53	13	in	in	ADP
framr-1735	53	14	the	the	DET
framr-1735	53	15	prediction	prediction	NOUN
framr-1735	53	16	of	of	ADP
framr-1735	53	17	desired	desire	VERB
framr-1735	53	18	returns	return	NOUN
framr-1735	53	19	from	from	ADP
framr-1735	53	20	specific	specific	ADJ
framr-1735	53	21	security	security	NOUN
framr-1735	53	22	.	.	PUNCT
framr-1735	54	1	according	accord	VERB
framr-1735	54	2	to	to	ADP
framr-1735	54	3	the	the	DET
framr-1735	54	4	results	result	NOUN
framr-1735	54	5	extracted	extract	VERB
framr-1735	54	6	suggested	suggest	VERB
framr-1735	54	7	that	that	SCONJ
framr-1735	54	8	out	out	ADP
framr-1735	54	9	of	of	ADP
framr-1735	54	10	360	360	NUM
framr-1735	54	11	observations	observation	NOUN
framr-1735	54	12	,	,	PUNCT
framr-1735	54	13	there	there	PRON
framr-1735	54	14	are	be	VERB
framr-1735	54	15	only	only	ADV
framr-1735	54	16	28	28	NUM
framr-1735	54	17	companies	company	NOUN
framr-1735	54	18	supports	support	VERB
framr-1735	54	19	the	the	DET
framr-1735	54	20	capm	capm	NOUN
framr-1735	54	21	,	,	PUNCT
framr-1735	54	22	that	that	PRON
framr-1735	54	23	accurately	accurately	ADV
framr-1735	54	24	measures	measure	VERB
framr-1735	54	25	the	the	DET
framr-1735	54	26	systematic	systematic	ADJ
framr-1735	54	27	risks	risk	NOUN
framr-1735	54	28	between	between	ADP
framr-1735	54	29	the	the	DET
framr-1735	54	30	securities	security	NOUN
framr-1735	54	31	,	,	PUNCT
framr-1735	54	32	whereas	whereas	SCONJ
framr-1735	54	33	remaining	remain	VERB
framr-1735	54	34	332	332	NUM
framr-1735	54	35	companies	company	NOUN
framr-1735	54	36	does	do	AUX
framr-1735	54	37	not	not	PART
framr-1735	54	38	support	support	VERB
framr-1735	54	39	the	the	DET
framr-1735	54	40	primary	primary	ADJ
framr-1735	54	41	application	application	NOUN
framr-1735	54	42	of	of	ADP
framr-1735	54	43	capm	capm	PROPN
framr-1735	54	44	,	,	PUNCT
framr-1735	54	45	findings	finding	NOUN
framr-1735	54	46	suggested	suggest	VERB
framr-1735	54	47	that	that	SCONJ
framr-1735	54	48	the	the	DET
framr-1735	54	49	capm	capm	PROPN
framr-1735	54	50	gives	give	VERB
framr-1735	54	51	accurate	accurate	ADJ
framr-1735	54	52	results	result	NOUN
framr-1735	54	53	for	for	ADP
framr-1735	54	54	a	a	DET
framr-1735	54	55	limited	limited	ADJ
framr-1735	54	56	period	period	NOUN
framr-1735	54	57	and	and	CCONJ
framr-1735	54	58	few	few	ADJ
framr-1735	54	59	companies	company	NOUN
framr-1735	54	60	only	only	ADV
framr-1735	54	61	.	.	PUNCT
framr-1735	55	1	hundal	hundal	NOUN
framr-1735	55	2	,	,	PUNCT
framr-1735	55	3	eskola	eskola	PROPN
framr-1735	55	4	,	,	PUNCT
framr-1735	55	5	and	and	CCONJ
framr-1735	55	6	tuan	tuan	PROPN
framr-1735	55	7	(	(	PUNCT
framr-1735	55	8	2019	2019	NUM
framr-1735	55	9	)	)	PUNCT
framr-1735	55	10	examine	examine	VERB
framr-1735	55	11	the	the	DET
framr-1735	55	12	relationship	relationship	NOUN
framr-1735	55	13	between	between	ADP
framr-1735	55	14	risk	risk	NOUN
framr-1735	55	15	and	and	CCONJ
framr-1735	55	16	stock	stock	NOUN
framr-1735	55	17	returns	return	NOUN
framr-1735	55	18	in	in	ADP
framr-1735	55	19	the	the	DET
framr-1735	55	20	finnish	finnish	ADJ
framr-1735	55	21	stock	stock	NOUN
framr-1735	55	22	market	market	NOUN
framr-1735	55	23	,	,	PUNCT
framr-1735	55	24	and	and	CCONJ
framr-1735	55	25	secondly	secondly	ADV
framr-1735	55	26	,	,	PUNCT
framr-1735	55	27	they	they	PRON
framr-1735	55	28	examine	examine	VERB
framr-1735	55	29	to	to	PART
framr-1735	55	30	identify	identify	VERB
framr-1735	55	31	the	the	DET
framr-1735	55	32	performance	performance	NOUN
framr-1735	55	33	of	of	ADP
framr-1735	55	34	finnish	finnish	ADJ
framr-1735	55	35	companies	company	NOUN
framr-1735	55	36	if	if	SCONJ
framr-1735	55	37	the	the	DET
framr-1735	55	38	realized	realize	VERB
framr-1735	55	39	returns	return	NOUN
framr-1735	55	40	are	be	AUX
framr-1735	55	41	financial	financial	ADJ
framr-1735	55	42	risk	risk	NOUN
framr-1735	55	43	and	and	CCONJ
framr-1735	55	44	management	management	NOUN
framr-1735	55	45	reviews	review	NOUN
framr-1735	55	46	,	,	PUNCT
framr-1735	55	47	2020	2020	NUM
framr-1735	55	48	,	,	PUNCT
framr-1735	55	49	6(1	6(1	NUM
framr-1735	55	50	):	):	PUNCT
framr-1735	55	51	14	14	NUM
framr-1735	55	52	-	-	SYM
framr-1735	55	53	21	21	NUM
framr-1735	55	54	16	16	NUM
framr-1735	55	55	©	©	PROPN
framr-1735	55	56	2020	2020	NUM
framr-1735	55	57	conscientia	conscientia	PROPN
framr-1735	55	58	beam	beam	PROPN
framr-1735	55	59	.	.	PUNCT
framr-1735	56	1	all	all	DET
framr-1735	56	2	rights	right	NOUN
framr-1735	56	3	reserved	reserve	VERB
framr-1735	56	4	.	.	PUNCT
framr-1735	57	1	under	under	ADV
framr-1735	57	2	-	-	PUNCT
framr-1735	57	3	performed	perform	VERB
framr-1735	57	4	or	or	CCONJ
framr-1735	57	5	over	over	ADV
framr-1735	57	6	-	-	PUNCT
framr-1735	57	7	performed	perform	VERB
framr-1735	57	8	.	.	PUNCT
framr-1735	58	1	their	their	PRON
framr-1735	58	2	principal	principal	ADJ
framr-1735	58	3	findings	finding	NOUN
framr-1735	58	4	indicated	indicate	VERB
framr-1735	58	5	the	the	DET
framr-1735	58	6	relationship	relationship	NOUN
framr-1735	58	7	between	between	ADP
framr-1735	58	8	risk	risk	NOUN
framr-1735	58	9	and	and	CCONJ
framr-1735	58	10	returned	return	VERB
framr-1735	58	11	worked	work	VERB
framr-1735	58	12	in	in	ADP
framr-1735	58	13	a	a	DET
framr-1735	58	14	synchronized	synchronize	VERB
framr-1735	58	15	way	way	NOUN
framr-1735	58	16	and	and	CCONJ
framr-1735	58	17	stock	stock	NOUN
framr-1735	58	18	return	return	NOUN
framr-1735	58	19	of	of	ADP
framr-1735	58	20	observed	observed	ADJ
framr-1735	58	21	companies	company	NOUN
framr-1735	58	22	is	be	AUX
framr-1735	58	23	observed	observe	VERB
framr-1735	58	24	to	to	PART
framr-1735	58	25	be	be	AUX
framr-1735	58	26	less	less	ADV
framr-1735	58	27	volatile	volatile	ADJ
framr-1735	58	28	as	as	ADP
framr-1735	58	29	compared	compare	VERB
framr-1735	58	30	to	to	ADP
framr-1735	58	31	the	the	DET
framr-1735	58	32	market	market	NOUN
framr-1735	58	33	index	index	NOUN
framr-1735	58	34	.	.	PUNCT
framr-1735	59	1	a	a	DET
framr-1735	59	2	multi	multi	ADJ
framr-1735	59	3	-	-	ADJ
framr-1735	59	4	factor	factor	NOUN
framr-1735	59	5	model	model	NOUN
framr-1735	59	6	known	know	VERB
framr-1735	59	7	as	as	ADP
framr-1735	59	8	apt	apt	ADJ
framr-1735	59	9	has	have	AUX
framr-1735	59	10	been	be	AUX
framr-1735	59	11	developed	develop	VERB
framr-1735	59	12	in	in	ADP
framr-1735	59	13	need	need	NOUN
framr-1735	59	14	,	,	PUNCT
framr-1735	59	15	because	because	SCONJ
framr-1735	59	16	many	many	ADJ
framr-1735	59	17	researchers	researcher	NOUN
framr-1735	59	18	believed	believe	VERB
framr-1735	59	19	that	that	SCONJ
framr-1735	59	20	capm	capm	PROPN
framr-1735	59	21	is	be	AUX
framr-1735	59	22	unable	unable	ADJ
framr-1735	59	23	to	to	PART
framr-1735	59	24	capture	capture	VERB
framr-1735	59	25	all	all	DET
framr-1735	59	26	the	the	DET
framr-1735	59	27	factors	factor	NOUN
framr-1735	59	28	that	that	PRON
framr-1735	59	29	affect	affect	VERB
framr-1735	59	30	the	the	DET
framr-1735	59	31	stock	stock	NOUN
framr-1735	59	32	returns	return	NOUN
framr-1735	59	33	,	,	PUNCT
framr-1735	59	34	which	which	PRON
framr-1735	59	35	was	be	AUX
framr-1735	59	36	further	far	ADV
framr-1735	59	37	used	use	VERB
framr-1735	59	38	by	by	ADP
framr-1735	59	39	ross	ross	PROPN
framr-1735	59	40	(	(	PUNCT
framr-1735	59	41	1976	1976	NUM
framr-1735	59	42	)	)	PUNCT
framr-1735	59	43	as	as	SCONJ
framr-1735	59	44	cited	cite	VERB
framr-1735	59	45	in	in	ADP
framr-1735	59	46	laubscher	laubscher	NOUN
framr-1735	59	47	(	(	PUNCT
framr-1735	59	48	2019	2019	NUM
framr-1735	59	49	)	)	PUNCT
framr-1735	59	50	.	.	PUNCT
framr-1735	60	1	by	by	ADP
framr-1735	60	2	using	use	VERB
framr-1735	60	3	this	this	DET
framr-1735	60	4	model	model	NOUN
framr-1735	60	5	,	,	PUNCT
framr-1735	60	6	it	it	PRON
framr-1735	60	7	can	can	AUX
framr-1735	60	8	be	be	AUX
framr-1735	60	9	determined	determine	VERB
framr-1735	60	10	or	or	CCONJ
framr-1735	60	11	explain	explain	VERB
framr-1735	60	12	the	the	DET
framr-1735	60	13	relationship	relationship	NOUN
framr-1735	60	14	between	between	ADP
framr-1735	60	15	risks	risk	NOUN
framr-1735	60	16	and	and	CCONJ
framr-1735	60	17	return	return	VERB
framr-1735	60	18	that	that	SCONJ
framr-1735	60	19	an	an	DET
framr-1735	60	20	investor	investor	NOUN
framr-1735	60	21	wants	want	VERB
framr-1735	60	22	to	to	PART
framr-1735	60	23	take	take	VERB
framr-1735	60	24	from	from	ADP
framr-1735	60	25	his	his	PRON
framr-1735	60	26	investments	investment	NOUN
framr-1735	60	27	.	.	PUNCT
framr-1735	61	1	javid	javid	PROPN
framr-1735	61	2	and	and	CCONJ
framr-1735	61	3	eatzaz	eatzaz	VERB
framr-1735	61	4	(	(	PUNCT
framr-1735	61	5	2009	2009	NUM
framr-1735	61	6	)	)	PUNCT
framr-1735	61	7	made	make	VERB
framr-1735	61	8	compares	compare	VERB
framr-1735	61	9	the	the	DET
framr-1735	61	10	conditional	conditional	ADJ
framr-1735	61	11	multi	multi	ADJ
framr-1735	61	12	-	-	ADJ
framr-1735	61	13	risk	risk	ADJ
framr-1735	61	14	factor	factor	NOUN
framr-1735	61	15	model	model	NOUN
framr-1735	61	16	and	and	CCONJ
framr-1735	61	17	capm	capm	NOUN
framr-1735	61	18	by	by	ADP
framr-1735	61	19	using	use	VERB
framr-1735	61	20	the	the	DET
framr-1735	61	21	data	datum	NOUN
framr-1735	61	22	of	of	ADP
framr-1735	61	23	49	49	NUM
framr-1735	61	24	companies	company	NOUN
framr-1735	61	25	of	of	ADP
framr-1735	61	26	psx	psx	NOUN
framr-1735	61	27	from	from	ADP
framr-1735	61	28	the	the	DET
framr-1735	61	29	period	period	NOUN
framr-1735	61	30	of	of	ADP
framr-1735	61	31	1993	1993	NUM
framr-1735	61	32	to	to	ADP
framr-1735	61	33	2004	2004	NUM
framr-1735	61	34	.	.	PUNCT
framr-1735	62	1	the	the	DET
framr-1735	62	2	results	result	NOUN
framr-1735	62	3	concluded	conclude	VERB
framr-1735	62	4	that	that	SCONJ
framr-1735	62	5	the	the	DET
framr-1735	62	6	capm	capm	PROPN
framr-1735	62	7	model	model	NOUN
framr-1735	62	8	is	be	AUX
framr-1735	62	9	just	just	ADV
framr-1735	62	10	applicable	applicable	ADJ
framr-1735	62	11	and	and	CCONJ
framr-1735	62	12	can	can	AUX
framr-1735	62	13	give	give	VERB
framr-1735	62	14	satisfactory	satisfactory	ADJ
framr-1735	62	15	results	result	NOUN
framr-1735	62	16	for	for	ADP
framr-1735	62	17	few	few	ADJ
framr-1735	62	18	securities	security	NOUN
framr-1735	62	19	in	in	ADP
framr-1735	62	20	just	just	ADV
framr-1735	62	21	a	a	DET
framr-1735	62	22	few	few	ADJ
framr-1735	62	23	years	year	NOUN
framr-1735	62	24	.	.	PUNCT
framr-1735	63	1	it	it	PRON
framr-1735	63	2	can	can	AUX
framr-1735	63	3	be	be	AUX
framr-1735	63	4	helpful	helpful	ADJ
framr-1735	63	5	for	for	ADP
framr-1735	63	6	some	some	DET
framr-1735	63	7	times	time	NOUN
framr-1735	63	8	in	in	ADP
framr-1735	63	9	psx	psx	PROPN
framr-1735	63	10	if	if	SCONJ
framr-1735	63	11	the	the	DET
framr-1735	63	12	investor	investor	NOUN
framr-1735	63	13	is	be	AUX
framr-1735	63	14	investing	invest	VERB
framr-1735	63	15	in	in	ADP
framr-1735	63	16	low	low	ADJ
framr-1735	63	17	-	-	PUNCT
framr-1735	63	18	risk	risk	NOUN
framr-1735	63	19	securities	security	NOUN
framr-1735	63	20	.	.	PUNCT
framr-1735	64	1	they	they	PRON
framr-1735	64	2	concluded	conclude	VERB
framr-1735	64	3	that	that	SCONJ
framr-1735	64	4	the	the	DET
framr-1735	64	5	conditional	conditional	ADJ
framr-1735	64	6	multifactor	multifactor	NOUN
framr-1735	64	7	model	model	NOUN
framr-1735	64	8	gives	give	VERB
framr-1735	64	9	much	much	ADV
framr-1735	64	10	more	more	ADV
framr-1735	64	11	efficient	efficient	ADJ
framr-1735	64	12	results	result	NOUN
framr-1735	64	13	as	as	ADP
framr-1735	64	14	compared	compare	VERB
framr-1735	64	15	to	to	ADP
framr-1735	64	16	the	the	DET
framr-1735	64	17	single	single	ADJ
framr-1735	64	18	-	-	PUNCT
framr-1735	64	19	factor	factor	NOUN
framr-1735	64	20	model	model	NOUN
framr-1735	64	21	of	of	ADP
framr-1735	64	22	decision	decision	NOUN
framr-1735	64	23	making	making	NOUN
framr-1735	64	24	.	.	PUNCT
framr-1735	65	1	shamim	shamim	PROPN
framr-1735	65	2	,	,	PUNCT
framr-1735	65	3	abid	abid	PROPN
framr-1735	65	4	,	,	PUNCT
framr-1735	65	5	and	and	CCONJ
framr-1735	65	6	shaikh	shaikh	PROPN
framr-1735	65	7	(	(	PUNCT
framr-1735	65	8	2014	2014	NUM
framr-1735	65	9	)	)	PUNCT
framr-1735	65	10	examined	examine	VERB
framr-1735	65	11	the	the	DET
framr-1735	65	12	data	datum	NOUN
framr-1735	65	13	of	of	ADP
framr-1735	65	14	70	70	NUM
framr-1735	65	15	companies	company	NOUN
framr-1735	65	16	from	from	ADP
framr-1735	65	17	the	the	DET
framr-1735	65	18	period	period	NOUN
framr-1735	65	19	of	of	ADP
framr-1735	65	20	1994	1994	NUM
framr-1735	65	21	to	to	ADP
framr-1735	65	22	2005	2005	NUM
framr-1735	65	23	listed	list	VERB
framr-1735	65	24	in	in	ADP
framr-1735	65	25	the	the	DET
framr-1735	65	26	nasdaq	nasdaq	PROPN
framr-1735	65	27	stock	stock	NOUN
framr-1735	65	28	exchange	exchange	PROPN
framr-1735	65	29	.	.	PUNCT
framr-1735	66	1	the	the	DET
framr-1735	66	2	result	result	NOUN
framr-1735	66	3	concluded	conclude	VERB
framr-1735	66	4	that	that	SCONJ
framr-1735	66	5	the	the	DET
framr-1735	66	6	model	model	NOUN
framr-1735	66	7	for	for	ADP
framr-1735	66	8	the	the	DET
framr-1735	66	9	prediction	prediction	NOUN
framr-1735	66	10	of	of	ADP
framr-1735	66	11	future	future	ADJ
framr-1735	66	12	returns	return	NOUN
framr-1735	66	13	had	have	AUX
framr-1735	66	14	been	be	AUX
framr-1735	66	15	changed	change	VERB
framr-1735	66	16	but	but	CCONJ
framr-1735	66	17	the	the	DET
framr-1735	66	18	capm	capm	PROPN
framr-1735	66	19	is	be	AUX
framr-1735	66	20	only	only	ADV
framr-1735	66	21	useful	useful	ADJ
framr-1735	66	22	for	for	ADP
framr-1735	66	23	the	the	DET
framr-1735	66	24	estimation	estimation	NOUN
framr-1735	66	25	of	of	ADP
framr-1735	66	26	the	the	DET
framr-1735	66	27	cost	cost	NOUN
framr-1735	66	28	of	of	ADP
framr-1735	66	29	capital	capital	NOUN
framr-1735	66	30	.	.	PUNCT
framr-1735	67	1	furthermore	furthermore	ADV
framr-1735	67	2	,	,	PUNCT
framr-1735	67	3	when	when	SCONJ
framr-1735	67	4	they	they	PRON
framr-1735	67	5	compared	compare	VERB
framr-1735	67	6	the	the	DET
framr-1735	67	7	results	result	NOUN
framr-1735	67	8	generated	generate	VERB
framr-1735	67	9	from	from	ADP
framr-1735	67	10	capm	capm	PROPN
framr-1735	67	11	and	and	CCONJ
framr-1735	67	12	apt	apt	ADJ
framr-1735	67	13	,	,	PUNCT
framr-1735	67	14	showed	show	VERB
framr-1735	67	15	that	that	SCONJ
framr-1735	67	16	the	the	DET
framr-1735	67	17	apt	apt	ADJ
framr-1735	67	18	model	model	NOUN
framr-1735	67	19	gives	give	VERB
framr-1735	67	20	more	more	ADV
framr-1735	67	21	accurate	accurate	ADJ
framr-1735	67	22	measures	measure	NOUN
framr-1735	67	23	of	of	ADP
framr-1735	67	24	future	future	ADJ
framr-1735	67	25	returns	return	NOUN
framr-1735	67	26	ad	ad	NOUN
framr-1735	67	27	capm	capm	PROPN
framr-1735	67	28	gives	give	VERB
framr-1735	67	29	much	much	ADV
framr-1735	67	30	less	less	ADJ
framr-1735	67	31	returns	return	NOUN
framr-1735	67	32	than	than	ADP
framr-1735	67	33	apt	apt	ADJ
framr-1735	67	34	.	.	PROPN
framr-1735	67	35	iqbal	iqbal	PROPN
framr-1735	67	36	and	and	CCONJ
framr-1735	67	37	haider	haider	PROPN
framr-1735	67	38	(	(	PUNCT
framr-1735	67	39	2005	2005	NUM
framr-1735	67	40	)	)	PUNCT
framr-1735	67	41	examined	examine	VERB
framr-1735	67	42	the	the	DET
framr-1735	67	43	portfolios	portfolio	NOUN
framr-1735	67	44	from	from	ADP
framr-1735	67	45	the	the	DET
framr-1735	67	46	bombay	bombay	PROPN
framr-1735	67	47	stock	stock	NOUN
framr-1735	67	48	market	market	NOUN
framr-1735	67	49	and	and	CCONJ
framr-1735	67	50	the	the	DET
framr-1735	67	51	national	national	ADJ
framr-1735	67	52	stock	stock	NOUN
framr-1735	67	53	market	market	NOUN
framr-1735	67	54	of	of	ADP
framr-1735	67	55	india	india	PROPN
framr-1735	67	56	.	.	PUNCT
framr-1735	68	1	they	they	PRON
framr-1735	68	2	concluded	conclude	VERB
framr-1735	68	3	that	that	SCONJ
framr-1735	68	4	the	the	DET
framr-1735	68	5	apt	apt	ADJ
framr-1735	68	6	model	model	NOUN
framr-1735	68	7	gives	give	VERB
framr-1735	68	8	more	more	ADV
framr-1735	68	9	accurate	accurate	ADJ
framr-1735	68	10	measures	measure	NOUN
framr-1735	68	11	than	than	ADP
framr-1735	68	12	capm	capm	PROPN
framr-1735	68	13	.	.	PUNCT
framr-1735	69	1	furthermore	furthermore	ADV
framr-1735	69	2	,	,	PUNCT
framr-1735	69	3	they	they	PRON
framr-1735	69	4	suggested	suggest	VERB
framr-1735	69	5	that	that	SCONJ
framr-1735	69	6	the	the	DET
framr-1735	69	7	apt	apt	ADJ
framr-1735	69	8	model	model	NOUN
framr-1735	69	9	explains	explain	VERB
framr-1735	69	10	the	the	DET
framr-1735	69	11	process	process	NOUN
framr-1735	69	12	of	of	ADP
framr-1735	69	13	return	return	NOUN
framr-1735	69	14	generation	generation	NOUN
framr-1735	69	15	more	more	ADV
framr-1735	69	16	accurately	accurately	ADV
framr-1735	69	17	than	than	ADP
framr-1735	69	18	capm	capm	PROPN
framr-1735	69	19	(	(	PUNCT
framr-1735	69	20	harshita	harshita	PROPN
framr-1735	69	21	,	,	PUNCT
framr-1735	69	22	singh	singh	PROPN
framr-1735	69	23	,	,	PUNCT
framr-1735	69	24	&	&	CCONJ
framr-1735	69	25	surendra	surendra	PROPN
framr-1735	69	26	,	,	PUNCT
framr-1735	69	27	2015	2015	NUM
framr-1735	69	28	)	)	PUNCT
framr-1735	69	29	.	.	PUNCT
framr-1735	70	1	dash	dash	NOUN
framr-1735	70	2	and	and	CCONJ
framr-1735	70	3	rishika	rishika	NOUN
framr-1735	70	4	(	(	PUNCT
framr-1735	70	5	2011	2011	NUM
framr-1735	70	6	)	)	PUNCT
framr-1735	70	7	examined	examine	VERB
framr-1735	70	8	the	the	DET
framr-1735	70	9	most	most	ADV
framr-1735	70	10	important	important	ADJ
framr-1735	70	11	industries	industry	NOUN
framr-1735	70	12	in	in	ADP
framr-1735	70	13	the	the	DET
framr-1735	70	14	national	national	PROPN
framr-1735	70	15	stock	stock	PROPN
framr-1735	70	16	exchange	exchange	PROPN
framr-1735	70	17	of	of	ADP
framr-1735	70	18	india	india	PROPN
framr-1735	70	19	.	.	PUNCT
framr-1735	71	1	the	the	DET
framr-1735	71	2	main	main	ADJ
framr-1735	71	3	objective	objective	NOUN
framr-1735	71	4	of	of	ADP
framr-1735	71	5	their	their	PRON
framr-1735	71	6	research	research	NOUN
framr-1735	71	7	was	be	AUX
framr-1735	71	8	to	to	PART
framr-1735	71	9	check	check	VERB
framr-1735	71	10	the	the	DET
framr-1735	71	11	applicability	applicability	NOUN
framr-1735	71	12	of	of	ADP
framr-1735	71	13	apt	apt	ADJ
framr-1735	71	14	and	and	CCONJ
framr-1735	71	15	capm	capm	PROPN
framr-1735	71	16	in	in	ADP
framr-1735	71	17	capital	capital	NOUN
framr-1735	71	18	markets	market	NOUN
framr-1735	71	19	of	of	ADP
framr-1735	71	20	india	india	PROPN
framr-1735	71	21	and	and	CCONJ
framr-1735	71	22	to	to	PART
framr-1735	71	23	check	check	VERB
framr-1735	71	24	how	how	SCONJ
framr-1735	71	25	macroeconomic	macroeconomic	ADJ
framr-1735	71	26	factors	factor	NOUN
framr-1735	71	27	play	play	VERB
framr-1735	71	28	their	their	PRON
framr-1735	71	29	role	role	NOUN
framr-1735	71	30	in	in	ADP
framr-1735	71	31	the	the	DET
framr-1735	71	32	generation	generation	NOUN
framr-1735	71	33	of	of	ADP
framr-1735	71	34	securities	security	NOUN
framr-1735	71	35	returns	return	NOUN
framr-1735	71	36	.	.	PUNCT
framr-1735	72	1	the	the	DET
framr-1735	72	2	results	result	NOUN
framr-1735	72	3	of	of	ADP
framr-1735	72	4	their	their	PRON
framr-1735	72	5	research	research	NOUN
framr-1735	72	6	suggest	suggest	VERB
framr-1735	72	7	that	that	SCONJ
framr-1735	72	8	the	the	DET
framr-1735	72	9	apt	apt	ADJ
framr-1735	72	10	model	model	NOUN
framr-1735	72	11	does	do	AUX
framr-1735	72	12	not	not	PART
framr-1735	72	13	have	have	VERB
framr-1735	72	14	adequate	adequate	ADJ
framr-1735	72	15	power	power	NOUN
framr-1735	72	16	when	when	SCONJ
framr-1735	72	17	compared	compare	VERB
framr-1735	72	18	to	to	ADP
framr-1735	72	19	capm	capm	PROPN
framr-1735	72	20	in	in	ADP
framr-1735	72	21	indian	indian	ADJ
framr-1735	72	22	stock	stock	NOUN
framr-1735	72	23	markets	market	NOUN
framr-1735	72	24	.	.	PUNCT
framr-1735	73	1	numerous	numerous	ADJ
framr-1735	73	2	studies	study	NOUN
framr-1735	73	3	have	have	AUX
framr-1735	73	4	been	be	AUX
framr-1735	73	5	done	do	VERB
framr-1735	73	6	to	to	PART
framr-1735	73	7	check	check	VERB
framr-1735	73	8	different	different	ADJ
framr-1735	73	9	economic	economic	ADJ
framr-1735	73	10	factors	factor	NOUN
framr-1735	73	11	and	and	CCONJ
framr-1735	73	12	their	their	PRON
framr-1735	73	13	influence	influence	NOUN
framr-1735	73	14	on	on	ADP
framr-1735	73	15	the	the	DET
framr-1735	73	16	stock	stock	NOUN
framr-1735	73	17	market	market	NOUN
framr-1735	73	18	returns	return	NOUN
framr-1735	73	19	but	but	CCONJ
framr-1735	73	20	the	the	DET
framr-1735	73	21	majority	majority	NOUN
framr-1735	73	22	concluded	conclude	VERB
framr-1735	73	23	that	that	SCONJ
framr-1735	73	24	apt	apt	ADJ
framr-1735	73	25	is	be	AUX
framr-1735	73	26	far	far	ADV
framr-1735	73	27	better	well	ADJ
framr-1735	73	28	than	than	ADP
framr-1735	73	29	capm	capm	PROPN
framr-1735	73	30	.	.	PUNCT
framr-1735	73	31	siregar	siregar	PROPN
framr-1735	73	32	and	and	CCONJ
framr-1735	73	33	diana	diana	PROPN
framr-1735	73	34	(	(	PUNCT
framr-1735	73	35	2019	2019	NUM
framr-1735	73	36	)	)	PUNCT
framr-1735	73	37	study	study	VERB
framr-1735	73	38	the	the	DET
framr-1735	73	39	indonesia	indonesia	PROPN
framr-1735	73	40	stock	stock	PROPN
framr-1735	73	41	exchange	exchange	PROPN
framr-1735	73	42	using	use	VERB
framr-1735	73	43	the	the	DET
framr-1735	73	44	sample	sample	NOUN
framr-1735	73	45	data	datum	NOUN
framr-1735	73	46	of	of	ADP
framr-1735	73	47	194	194	NUM
framr-1735	73	48	companies	company	NOUN
framr-1735	73	49	from	from	ADP
framr-1735	73	50	the	the	DET
framr-1735	73	51	period	period	NOUN
framr-1735	73	52	of	of	ADP
framr-1735	73	53	2007	2007	NUM
framr-1735	73	54	to	to	ADP
framr-1735	73	55	2017	2017	NUM
framr-1735	73	56	to	to	PART
framr-1735	73	57	examine	examine	VERB
framr-1735	73	58	the	the	DET
framr-1735	73	59	macroeconomic	macroeconomic	ADJ
framr-1735	73	60	factors	factor	NOUN
framr-1735	73	61	on	on	ADP
framr-1735	73	62	stock	stock	NOUN
framr-1735	73	63	returns	return	NOUN
framr-1735	73	64	by	by	ADP
framr-1735	73	65	using	use	VERB
framr-1735	73	66	the	the	DET
framr-1735	73	67	apt	apt	ADJ
framr-1735	73	68	approach	approach	NOUN
framr-1735	73	69	.	.	PUNCT
framr-1735	74	1	the	the	DET
framr-1735	74	2	findings	finding	NOUN
framr-1735	74	3	of	of	ADP
framr-1735	74	4	their	their	PRON
framr-1735	74	5	research	research	NOUN
framr-1735	74	6	depict	depict	NOUN
framr-1735	74	7	that	that	SCONJ
framr-1735	74	8	different	different	ADJ
framr-1735	74	9	economic	economic	ADJ
framr-1735	74	10	factors	factor	NOUN
framr-1735	74	11	have	have	VERB
framr-1735	74	12	different	different	ADJ
framr-1735	74	13	influences	influence	NOUN
framr-1735	74	14	on	on	ADP
framr-1735	74	15	the	the	DET
framr-1735	74	16	stock	stock	NOUN
framr-1735	74	17	returns	return	NOUN
framr-1735	74	18	and	and	CCONJ
framr-1735	74	19	they	they	PRON
framr-1735	74	20	categorized	categorize	VERB
framr-1735	74	21	the	the	DET
framr-1735	74	22	period	period	NOUN
framr-1735	74	23	in	in	ADP
framr-1735	74	24	three	three	NUM
framr-1735	74	25	observational	observational	ADJ
framr-1735	74	26	ways	way	NOUN
framr-1735	74	27	that	that	PRON
framr-1735	74	28	include	include	VERB
framr-1735	74	29	economic	economic	ADJ
framr-1735	74	30	growth	growth	NOUN
framr-1735	74	31	,	,	PUNCT
framr-1735	74	32	increase	increase	VERB
framr-1735	74	33	stock	stock	NOUN
framr-1735	74	34	returns	return	NOUN
framr-1735	74	35	and	and	CCONJ
framr-1735	74	36	increased	increase	VERB
framr-1735	74	37	market	market	NOUN
framr-1735	74	38	risk	risk	NOUN
framr-1735	74	39	.	.	PUNCT
framr-1735	75	1	the	the	DET
framr-1735	75	2	solidification	solidification	NOUN
framr-1735	75	3	of	of	ADP
framr-1735	75	4	the	the	DET
framr-1735	75	5	rupiah	rupiah	NOUN
framr-1735	75	6	concerning	concern	VERB
framr-1735	75	7	the	the	DET
framr-1735	75	8	usd	usd	NOUN
framr-1735	75	9	is	be	AUX
framr-1735	75	10	a	a	DET
framr-1735	75	11	significant	significant	ADJ
framr-1735	75	12	signal	signal	NOUN
framr-1735	75	13	for	for	ADP
framr-1735	75	14	stock	stock	NOUN
framr-1735	75	15	market	market	NOUN
framr-1735	75	16	investors	investor	NOUN
framr-1735	75	17	who	who	PRON
framr-1735	75	18	had	have	VERB
framr-1735	75	19	full	full	ADJ
framr-1735	75	20	confidence	confidence	NOUN
framr-1735	75	21	in	in	ADP
framr-1735	75	22	the	the	DET
framr-1735	75	23	country	country	NOUN
framr-1735	75	24	’s	’s	PART
framr-1735	75	25	economic	economic	ADJ
framr-1735	75	26	situation	situation	NOUN
framr-1735	75	27	.	.	PUNCT
framr-1735	76	1	political	political	ADJ
framr-1735	76	2	risk	risk	NOUN
framr-1735	76	3	studied	study	VERB
framr-1735	76	4	to	to	PART
framr-1735	76	5	be	be	AUX
framr-1735	76	6	one	one	NUM
framr-1735	76	7	of	of	ADP
framr-1735	76	8	the	the	DET
framr-1735	76	9	factors	factor	NOUN
framr-1735	76	10	that	that	PRON
framr-1735	76	11	are	be	AUX
framr-1735	76	12	important	important	ADJ
framr-1735	76	13	in	in	ADP
framr-1735	76	14	determining	determine	VERB
framr-1735	76	15	the	the	DET
framr-1735	76	16	stock	stock	NOUN
framr-1735	76	17	returns	return	NOUN
framr-1735	76	18	comparative	comparative	ADJ
framr-1735	76	19	to	to	ADP
framr-1735	76	20	market	market	NOUN
framr-1735	76	21	risk	risk	NOUN
framr-1735	76	22	and	and	CCONJ
framr-1735	76	23	macroeconomic	macroeconomic	ADJ
framr-1735	76	24	factors	factor	NOUN
framr-1735	76	25	.	.	PUNCT
framr-1735	77	1	3	3	X
framr-1735	77	2	.	.	X
framr-1735	77	3	research	research	NOUN
framr-1735	77	4	methodology	methodology	NOUN
framr-1735	77	5	the	the	DET
framr-1735	77	6	research	research	NOUN
framr-1735	77	7	purpose	purpose	NOUN
framr-1735	77	8	is	be	AUX
framr-1735	77	9	to	to	PART
framr-1735	77	10	check	check	VERB
framr-1735	77	11	that	that	SCONJ
framr-1735	77	12	“	"	PUNCT
framr-1735	77	13	which	which	DET
framr-1735	77	14	model	model	NOUN
framr-1735	77	15	is	be	AUX
framr-1735	77	16	applicable	applicable	ADJ
framr-1735	77	17	on	on	ADP
framr-1735	77	18	psx	psx	PROPN
framr-1735	77	19	for	for	ADP
framr-1735	77	20	capm	capm	PROPN
framr-1735	77	21	or	or	CCONJ
framr-1735	77	22	apt	apt	ADJ
framr-1735	77	23	?	?	PUNCT
framr-1735	77	24	”	"	PUNCT
framr-1735	77	25	for	for	ADP
framr-1735	77	26	this	this	DET
framr-1735	77	27	purpose	purpose	NOUN
framr-1735	77	28	,	,	PUNCT
framr-1735	77	29	the	the	DET
framr-1735	77	30	following	follow	VERB
framr-1735	77	31	methodology	methodology	NOUN
framr-1735	77	32	has	have	AUX
framr-1735	77	33	been	be	AUX
framr-1735	77	34	used	use	VERB
framr-1735	77	35	,	,	PUNCT
framr-1735	77	36	and	and	CCONJ
framr-1735	77	37	through	through	ADP
framr-1735	77	38	different	different	ADJ
framr-1735	77	39	studies	study	NOUN
framr-1735	77	40	from	from	ADP
framr-1735	77	41	different	different	ADJ
framr-1735	77	42	articles	article	NOUN
framr-1735	77	43	,	,	PUNCT
framr-1735	77	44	it	it	PRON
framr-1735	77	45	will	will	AUX
framr-1735	77	46	also	also	ADV
framr-1735	77	47	guide	guide	VERB
framr-1735	77	48	an	an	DET
framr-1735	77	49	investor	investor	NOUN
framr-1735	77	50	that	that	SCONJ
framr-1735	77	51	whether	whether	SCONJ
framr-1735	77	52	capm	capm	PROPN
framr-1735	77	53	or	or	CCONJ
framr-1735	77	54	opt	opt	NOUN
framr-1735	77	55	provides	provide	VERB
framr-1735	77	56	valid	valid	ADJ
framr-1735	77	57	results	result	NOUN
framr-1735	77	58	in	in	ADP
framr-1735	77	59	psx	psx	NOUN
framr-1735	77	60	,	,	PUNCT
framr-1735	77	61	and	and	CCONJ
framr-1735	77	62	does	do	AUX
framr-1735	77	63	it	it	PRON
framr-1735	77	64	prove	prove	VERB
framr-1735	77	65	to	to	PART
framr-1735	77	66	be	be	AUX
framr-1735	77	67	helpful	helpful	ADJ
framr-1735	77	68	to	to	ADP
framr-1735	77	69	the	the	DET
framr-1735	77	70	investors	investor	NOUN
framr-1735	77	71	?	?	PUNCT
framr-1735	78	1	psx	psx	PROPN
framr-1735	78	2	has	have	AUX
framr-1735	78	3	been	be	AUX
framr-1735	78	4	selected	select	VERB
framr-1735	78	5	for	for	ADP
framr-1735	78	6	this	this	DET
framr-1735	78	7	study	study	NOUN
framr-1735	78	8	by	by	ADP
framr-1735	78	9	considering	consider	VERB
framr-1735	78	10	ten	ten	NUM
framr-1735	78	11	sectors	sector	NOUN
framr-1735	78	12	of	of	ADP
framr-1735	78	13	psx	psx	NOUN
framr-1735	78	14	from	from	ADP
framr-1735	78	15	the	the	DET
framr-1735	78	16	period	period	NOUN
framr-1735	78	17	of	of	ADP
framr-1735	78	18	2014	2014	NUM
framr-1735	78	19	to	to	ADP
framr-1735	78	20	2019	2019	NUM
framr-1735	78	21	see	see	VERB
framr-1735	78	22	table	table	NOUN
framr-1735	78	23	3	3	X
framr-1735	78	24	.	.	PUNCT
framr-1735	79	1	furthermore	furthermore	ADV
framr-1735	79	2	,	,	PUNCT
framr-1735	79	3	to	to	PART
framr-1735	79	4	simplify	simplify	VERB
framr-1735	79	5	the	the	DET
framr-1735	79	6	study	study	NOUN
framr-1735	79	7	,	,	PUNCT
framr-1735	79	8	from	from	ADP
framr-1735	79	9	each	each	DET
framr-1735	79	10	selected	select	VERB
framr-1735	79	11	sector	sector	NOUN
framr-1735	79	12	,	,	PUNCT
framr-1735	79	13	only	only	ADV
framr-1735	79	14	one	one	NUM
framr-1735	79	15	company	company	NOUN
framr-1735	79	16	has	have	AUX
framr-1735	79	17	been	be	AUX
framr-1735	79	18	chosen	choose	VERB
framr-1735	79	19	based	base	VERB
framr-1735	79	20	on	on	ADP
framr-1735	79	21	market	market	NOUN
framr-1735	79	22	capitalization	capitalization	NOUN
framr-1735	79	23	.	.	PUNCT
framr-1735	80	1	secondary	secondary	ADJ
framr-1735	80	2	data	datum	NOUN
framr-1735	80	3	is	be	AUX
framr-1735	80	4	taken	take	VERB
framr-1735	80	5	,	,	PUNCT
framr-1735	80	6	which	which	PRON
framr-1735	80	7	has	have	AUX
framr-1735	80	8	been	be	AUX
framr-1735	80	9	collected	collect	VERB
framr-1735	80	10	from	from	ADP
framr-1735	80	11	different	different	ADJ
framr-1735	80	12	reliable	reliable	ADJ
framr-1735	80	13	sources	source	NOUN
framr-1735	80	14	.	.	PUNCT
framr-1735	81	1	the	the	DET
framr-1735	81	2	primary	primary	ADJ
framr-1735	81	3	source	source	NOUN
framr-1735	81	4	is	be	AUX
framr-1735	81	5	the	the	DET
framr-1735	81	6	official	official	ADJ
framr-1735	81	7	websites	website	NOUN
framr-1735	81	8	of	of	ADP
framr-1735	81	9	psx	psx	PROPN
framr-1735	81	10	.	.	PUNCT
framr-1735	82	1	other	other	ADJ
framr-1735	82	2	sources	source	NOUN
framr-1735	82	3	are	be	AUX
framr-1735	82	4	financial	financial	ADJ
framr-1735	82	5	statements	statement	NOUN
framr-1735	82	6	,	,	PUNCT
framr-1735	82	7	national	national	ADJ
framr-1735	82	8	security	security	NOUN
framr-1735	82	9	website	website	NOUN
framr-1735	82	10	and	and	CCONJ
framr-1735	82	11	google	google	PROPN
framr-1735	82	12	finance	finance	NOUN
framr-1735	82	13	.	.	PUNCT
framr-1735	83	1	secondary	secondary	ADJ
framr-1735	83	2	data	datum	NOUN
framr-1735	83	3	(	(	PUNCT
framr-1735	83	4	a	a	DET
framr-1735	83	5	stock	stock	NOUN
framr-1735	83	6	price	price	NOUN
framr-1735	83	7	or	or	CCONJ
framr-1735	83	8	the	the	DET
framr-1735	83	9	share	share	NOUN
framr-1735	83	10	prices	price	NOUN
framr-1735	83	11	of	of	ADP
framr-1735	83	12	the	the	DET
framr-1735	83	13	companies	company	NOUN
framr-1735	83	14	)	)	PUNCT
framr-1735	83	15	considered	consider	VERB
framr-1735	83	16	for	for	ADP
framr-1735	83	17	this	this	DET
framr-1735	83	18	study	study	NOUN
framr-1735	83	19	,	,	PUNCT
framr-1735	83	20	have	have	AUX
framr-1735	83	21	been	be	AUX
framr-1735	83	22	financial	financial	ADJ
framr-1735	83	23	risk	risk	NOUN
framr-1735	83	24	and	and	CCONJ
framr-1735	83	25	management	management	NOUN
framr-1735	83	26	reviews	review	NOUN
framr-1735	83	27	,	,	PUNCT
framr-1735	83	28	2020	2020	NUM
framr-1735	83	29	,	,	PUNCT
framr-1735	83	30	6(1	6(1	NUM
framr-1735	83	31	):	):	PUNCT
framr-1735	83	32	14	14	NUM
framr-1735	83	33	-	-	SYM
framr-1735	83	34	21	21	NUM
framr-1735	83	35	17	17	NUM
framr-1735	83	36	©	©	PROPN
framr-1735	83	37	2020	2020	NUM
framr-1735	83	38	conscientia	conscientia	PROPN
framr-1735	83	39	beam	beam	PROPN
framr-1735	83	40	.	.	PUNCT
framr-1735	84	1	all	all	DET
framr-1735	84	2	rights	right	NOUN
framr-1735	84	3	reserved	reserve	VERB
framr-1735	84	4	.	.	PUNCT
framr-1735	85	1	taken	take	VERB
framr-1735	85	2	from	from	ADP
framr-1735	85	3	the	the	DET
framr-1735	85	4	website	website	NOUN
framr-1735	85	5	of	of	ADP
framr-1735	85	6	psx	psx	PROPN
framr-1735	85	7	.	.	PUNCT
framr-1735	86	1	capm	capm	PROPN
framr-1735	86	2	and	and	CCONJ
framr-1735	86	3	apt	apt	ADJ
framr-1735	86	4	have	have	AUX
framr-1735	86	5	been	be	AUX
framr-1735	86	6	used	use	VERB
framr-1735	86	7	to	to	PART
framr-1735	86	8	calculate	calculate	VERB
framr-1735	86	9	the	the	DET
framr-1735	86	10	expected	expect	VERB
framr-1735	86	11	return	return	NOUN
framr-1735	86	12	of	of	ADP
framr-1735	86	13	the	the	DET
framr-1735	86	14	stocks	stock	NOUN
framr-1735	86	15	.	.	PUNCT
framr-1735	87	1	because	because	SCONJ
framr-1735	87	2	by	by	ADP
framr-1735	87	3	using	use	VERB
framr-1735	87	4	these	these	DET
framr-1735	87	5	models	model	NOUN
framr-1735	87	6	on	on	ADP
framr-1735	87	7	both	both	DET
framr-1735	87	8	stocks	stock	NOUN
framr-1735	87	9	,	,	PUNCT
framr-1735	87	10	then	then	ADV
framr-1735	87	11	they	they	PRON
framr-1735	87	12	will	will	AUX
framr-1735	87	13	guide	guide	VERB
framr-1735	87	14	the	the	DET
framr-1735	87	15	investors	investor	NOUN
framr-1735	87	16	to	to	PART
framr-1735	87	17	invest	invest	VERB
framr-1735	87	18	in	in	ADP
framr-1735	87	19	which	which	DET
framr-1735	87	20	type	type	NOUN
framr-1735	87	21	of	of	ADP
framr-1735	87	22	stock	stock	NOUN
framr-1735	87	23	.	.	PUNCT
framr-1735	88	1	3.1	3.1	NUM
framr-1735	88	2	.	.	PUNCT
framr-1735	88	3	capital	capital	NOUN
framr-1735	88	4	asset	asset	NOUN
framr-1735	88	5	pricing	pricing	NOUN
framr-1735	88	6	model	model	NOUN
framr-1735	88	7	the	the	DET
framr-1735	88	8	capm	capm	PROPN
framr-1735	88	9	is	be	AUX
framr-1735	88	10	a	a	DET
framr-1735	88	11	model	model	NOUN
framr-1735	88	12	that	that	PRON
framr-1735	88	13	explains	explain	VERB
framr-1735	88	14	the	the	DET
framr-1735	88	15	relationship	relationship	NOUN
framr-1735	88	16	of	of	ADP
framr-1735	88	17	risk	risk	NOUN
framr-1735	88	18	and	and	CCONJ
framr-1735	88	19	returns	return	NOUN
framr-1735	88	20	,	,	PUNCT
framr-1735	88	21	and	and	CCONJ
framr-1735	88	22	that	that	PRON
framr-1735	88	23	is	be	AUX
framr-1735	88	24	utilized	utilize	VERB
framr-1735	88	25	in	in	ADP
framr-1735	88	26	risky	risky	ADJ
framr-1735	88	27	portfolios	portfolio	NOUN
framr-1735	88	28	pricing	pricing	NOUN
framr-1735	88	29	.	.	PUNCT
framr-1735	89	1	risk	risk	NOUN
framr-1735	89	2	and	and	CCONJ
framr-1735	89	3	the	the	DET
framr-1735	89	4	time	time	NOUN
framr-1735	89	5	value	value	NOUN
framr-1735	89	6	of	of	ADP
framr-1735	89	7	money	money	NOUN
framr-1735	89	8	are	be	AUX
framr-1735	89	9	the	the	DET
framr-1735	89	10	two	two	NUM
framr-1735	89	11	key	key	ADJ
framr-1735	89	12	ways	way	NOUN
framr-1735	89	13	that	that	PRON
framr-1735	89	14	need	need	VERB
framr-1735	89	15	to	to	PART
framr-1735	89	16	be	be	AUX
framr-1735	89	17	compensated	compensate	VERB
framr-1735	89	18	in	in	ADP
framr-1735	89	19	the	the	DET
framr-1735	89	20	capm	capm	PROPN
framr-1735	89	21	model	model	NOUN
framr-1735	89	22	.	.	PUNCT
framr-1735	90	1	in	in	ADP
framr-1735	90	2	equation	equation	NOUN
framr-1735	90	3	1	1	NUM
framr-1735	90	4	,	,	PUNCT
framr-1735	90	5	the	the	DET
framr-1735	90	6	risk	risk	NOUN
framr-1735	90	7	-	-	PUNCT
framr-1735	90	8	free	free	ADJ
framr-1735	90	9	rate	rate	NOUN
framr-1735	90	10	is	be	AUX
framr-1735	90	11	the	the	DET
framr-1735	90	12	time	time	NOUN
framr-1735	90	13	value	value	NOUN
framr-1735	90	14	of	of	ADP
framr-1735	90	15	money	money	NOUN
framr-1735	90	16	and	and	CCONJ
framr-1735	90	17	compensates	compensate	VERB
framr-1735	90	18	the	the	DET
framr-1735	90	19	investors	investor	NOUN
framr-1735	90	20	to	to	PART
framr-1735	90	21	invest	invest	VERB
framr-1735	90	22	their	their	PRON
framr-1735	90	23	savings	saving	NOUN
framr-1735	90	24	in	in	ADP
framr-1735	90	25	any	any	DET
framr-1735	90	26	security	security	NOUN
framr-1735	90	27	over	over	ADP
framr-1735	90	28	some	some	DET
framr-1735	90	29	time	time	NOUN
framr-1735	90	30	.	.	PUNCT
framr-1735	91	1	the	the	DET
framr-1735	91	2	second	second	ADJ
framr-1735	91	3	half	half	NOUN
framr-1735	91	4	of	of	ADP
framr-1735	91	5	equation	equation	NOUN
framr-1735	91	6	1	1	NUM
framr-1735	91	7	represents	represent	VERB
framr-1735	91	8	the	the	DET
framr-1735	91	9	risk	risk	NOUN
framr-1735	91	10	and	and	CCONJ
framr-1735	91	11	helps	help	VERB
framr-1735	91	12	the	the	DET
framr-1735	91	13	investors	investor	NOUN
framr-1735	91	14	to	to	PART
framr-1735	91	15	estimate	estimate	VERB
framr-1735	91	16	the	the	DET
framr-1735	91	17	compensation	compensation	NOUN
framr-1735	91	18	amount	amount	NOUN
framr-1735	91	19	that	that	PRON
framr-1735	91	20	needs	need	VERB
framr-1735	91	21	to	to	PART
framr-1735	91	22	have	have	VERB
framr-1735	91	23	additional	additional	ADJ
framr-1735	91	24	risk	risk	NOUN
framr-1735	91	25	.	.	PUNCT
framr-1735	92	1	this	this	PRON
framr-1735	92	2	is	be	AUX
framr-1735	92	3	calculated	calculate	VERB
framr-1735	92	4	by	by	ADP
framr-1735	92	5	estimating	estimate	VERB
framr-1735	92	6	the	the	DET
framr-1735	92	7	risk	risk	NOUN
framr-1735	92	8	-	-	PUNCT
framr-1735	92	9	measure	measure	NOUN
framr-1735	92	10	(	(	PUNCT
framr-1735	92	11	beta	beta	NOUN
framr-1735	92	12	)	)	PUNCT
framr-1735	92	13	that	that	PRON
framr-1735	92	14	compares	compare	VERB
framr-1735	92	15	the	the	DET
framr-1735	92	16	asset	asset	NOUN
framr-1735	92	17	returns	return	NOUN
framr-1735	92	18	to	to	ADP
framr-1735	92	19	the	the	DET
framr-1735	92	20	market	market	NOUN
framr-1735	92	21	over	over	ADP
framr-1735	92	22	a	a	DET
framr-1735	92	23	period	period	NOUN
framr-1735	92	24	and	and	CCONJ
framr-1735	92	25	to	to	ADP
framr-1735	92	26	the	the	DET
framr-1735	92	27	market	market	NOUN
framr-1735	92	28	premium	premium	NOUN
framr-1735	92	29	.	.	PUNCT
framr-1735	93	1	capm	capm	PROPN
framr-1735	93	2	has	have	AUX
framr-1735	93	3	been	be	AUX
framr-1735	93	4	calculated	calculate	VERB
framr-1735	93	5	by	by	ADP
framr-1735	93	6	equation	equation	NOUN
framr-1735	93	7	1	1	NUM
framr-1735	93	8	;	;	PUNCT
framr-1735	93	9	(	(	PUNCT
framr-1735	93	10	)	)	PUNCT
framr-1735	93	11	s	s	PART
framr-1735	93	12	m	m	PROPN
framr-1735	93	13			PROPN
framr-1735	93	14			PROPN
framr-1735	93	15			NUM
framr-1735	93	16			PROPN
framr-1735	93	17			PROPN
framr-1735	93	18			PROPN
framr-1735	93	19			NOUN
framr-1735	93	20	(	(	PUNCT
framr-1735	93	21	1	1	NUM
framr-1735	93	22	)	)	PUNCT
framr-1735	93	23	where	where	SCONJ
framr-1735	93	24	s	s	PROPN
framr-1735	93	25	signifies	signify	VERB
framr-1735	93	26	the	the	DET
framr-1735	93	27	expected	expected	ADJ
framr-1735	93	28	stock	stock	NOUN
framr-1735	93	29	returns	return	NOUN
framr-1735	93	30	.	.	PUNCT
framr-1735	94	1			NUM
framr-1735	94	2	is	be	AUX
framr-1735	94	3	the	the	DET
framr-1735	94	4	return	return	NOUN
framr-1735	94	5	on	on	ADP
framr-1735	94	6	risk	risk	NOUN
framr-1735	94	7	-	-	PUNCT
framr-1735	94	8	free	free	ADJ
framr-1735	94	9	rate	rate	NOUN
framr-1735	94	10	m	m	PROPN
framr-1735	94	11	shows	show	VERB
framr-1735	94	12	the	the	DET
framr-1735	94	13	market	market	NOUN
framr-1735	94	14	return	return	NOUN
framr-1735	94	15	and	and	CCONJ
framr-1735	94	16	β	β	X
framr-1735	94	17	is	be	AUX
framr-1735	94	18	covariance	covariance	NOUN
framr-1735	94	19	of	of	ADP
framr-1735	94	20	stock	stock	NOUN
framr-1735	94	21	and	and	CCONJ
framr-1735	94	22	market	market	NOUN
framr-1735	94	23	/	/	SYM
framr-1735	94	24	variance	variance	NOUN
framr-1735	94	25	of	of	ADP
framr-1735	94	26	market	market	NOUN
framr-1735	94	27	.	.	PUNCT
framr-1735	95	1	3.2	3.2	NUM
framr-1735	95	2	.	.	PUNCT
framr-1735	96	1	arbitrage	arbitrage	NOUN
framr-1735	96	2	pricing	pricing	NOUN
framr-1735	96	3	theory	theory	NOUN
framr-1735	96	4	the	the	DET
framr-1735	96	5	apt	apt	ADJ
framr-1735	96	6	model	model	NOUN
framr-1735	96	7	explains	explain	VERB
framr-1735	96	8	the	the	DET
framr-1735	96	9	relationship	relationship	NOUN
framr-1735	96	10	of	of	ADP
framr-1735	96	11	single	single	ADJ
framr-1735	96	12	assets	asset	NOUN
framr-1735	96	13	by	by	ADP
framr-1735	96	14	using	use	VERB
framr-1735	96	15	the	the	DET
framr-1735	96	16	linear	linear	ADJ
framr-1735	96	17	combination	combination	NOUN
framr-1735	96	18	of	of	ADP
framr-1735	96	19	macroeconomic	macroeconomic	ADJ
framr-1735	96	20	factors	factor	NOUN
framr-1735	96	21	and	and	CCONJ
framr-1735	96	22	the	the	DET
framr-1735	96	23	returns	return	NOUN
framr-1735	96	24	of	of	ADP
framr-1735	96	25	portfolios	portfolio	NOUN
framr-1735	96	26	.	.	PUNCT
framr-1735	97	1	the	the	DET
framr-1735	97	2	apt	apt	ADJ
framr-1735	97	3	defines	define	VERB
framr-1735	97	4	the	the	DET
framr-1735	97	5	price	price	NOUN
framr-1735	97	6	where	where	SCONJ
framr-1735	97	7	a	a	DET
framr-1735	97	8	mispriced	mispriced	ADJ
framr-1735	97	9	asset	asset	NOUN
framr-1735	97	10	is	be	AUX
framr-1735	97	11	likely	likely	ADJ
framr-1735	97	12	to	to	PART
framr-1735	97	13	be	be	AUX
framr-1735	97	14	.	.	PUNCT
framr-1735	98	1	since	since	SCONJ
framr-1735	98	2	the	the	DET
framr-1735	98	3	assumption	assumption	NOUN
framr-1735	98	4	power	power	NOUN
framr-1735	98	5	and	and	CCONJ
framr-1735	98	6	requirements	requirement	NOUN
framr-1735	98	7	of	of	ADP
framr-1735	98	8	apt	apt	ADJ
framr-1735	98	9	considered	consider	VERB
framr-1735	98	10	to	to	PART
framr-1735	98	11	be	be	AUX
framr-1735	98	12	very	very	ADV
framr-1735	98	13	flexible	flexible	ADJ
framr-1735	98	14	but	but	CCONJ
framr-1735	98	15	considered	consider	VERB
framr-1735	98	16	to	to	PART
framr-1735	98	17	be	be	AUX
framr-1735	98	18	as	as	ADP
framr-1735	98	19	an	an	DET
framr-1735	98	20	alternate	alternate	NOUN
framr-1735	98	21	of	of	ADP
framr-1735	98	22	capm	capm	PROPN
framr-1735	98	23	.	.	PUNCT
framr-1735	99	1	whereas	whereas	SCONJ
framr-1735	99	2	the	the	DET
framr-1735	99	3	capm	capm	PROPN
framr-1735	99	4	requires	require	VERB
framr-1735	99	5	the	the	DET
framr-1735	99	6	expected	expected	ADJ
framr-1735	99	7	market	market	NOUN
framr-1735	99	8	return	return	NOUN
framr-1735	99	9	,	,	PUNCT
framr-1735	99	10	but	but	CCONJ
framr-1735	99	11	apt	apt	ADJ
framr-1735	99	12	only	only	ADV
framr-1735	99	13	requires	require	VERB
framr-1735	99	14	the	the	DET
framr-1735	99	15	expected	expect	VERB
framr-1735	99	16	returns	return	NOUN
framr-1735	99	17	of	of	ADP
framr-1735	99	18	the	the	DET
framr-1735	99	19	assets	asset	NOUN
framr-1735	99	20	that	that	PRON
framr-1735	99	21	are	be	AUX
framr-1735	99	22	risky	risky	ADJ
framr-1735	99	23	and	and	CCONJ
framr-1735	99	24	risk	risk	VERB
framr-1735	99	25	premiums	premium	NOUN
framr-1735	99	26	of	of	ADP
framr-1735	99	27	different	different	ADJ
framr-1735	99	28	macroeconomic	macroeconomic	ADJ
framr-1735	99	29	variables	variable	NOUN
framr-1735	99	30	.	.	PUNCT
framr-1735	100	1	apt	apt	ADJ
framr-1735	100	2	is	be	AUX
framr-1735	100	3	calculated	calculate	VERB
framr-1735	100	4	by	by	ADP
framr-1735	100	5	equation	equation	NOUN
framr-1735	100	6	2	2	NUM
framr-1735	100	7	;	;	PUNCT
framr-1735	100	8	1	1	NUM
framr-1735	100	9	1	1	NUM
framr-1735	100	10	2	2	NUM
framr-1735	100	11	2	2	NUM
framr-1735	100	12	3	3	NUM
framr-1735	100	13	3	3	NUM
framr-1735	100	14	4	4	NUM
framr-1735	100	15	4	4	NUM
framr-1735	100	16	......	......	PUNCT
framr-1735	100	17	a	a	DET
framr-1735	100	18	n	n	PRON
framr-1735	100	19	n	n	PROPN
framr-1735	100	20			PROPN
framr-1735	100	21			NUM
framr-1735	100	22			ADP
framr-1735	100	23			NUM
framr-1735	100	24			ADP
framr-1735	100	25			NUM
framr-1735	100	26			ADP
framr-1735	100	27			PROPN
framr-1735	100	28			ADP
framr-1735	100	29			PROPN
framr-1735	100	30			PROPN
framr-1735	100	31			PROPN
framr-1735	100	32			PROPN
framr-1735	100	33			PUNCT
framr-1735	100	34			PROPN
framr-1735	100	35			PROPN
framr-1735	100	36			PUNCT
framr-1735	100	37			X
framr-1735	100	38	(	(	PUNCT
framr-1735	100	39	2	2	X
framr-1735	100	40	)	)	PUNCT
framr-1735	100	41	where	where	SCONJ
framr-1735	100	42	the	the	DET
framr-1735	100	43	rate	rate	NOUN
framr-1735	100	44	of	of	ADP
framr-1735	100	45	return	return	NOUN
framr-1735	100	46	of	of	ADP
framr-1735	100	47	an	an	DET
framr-1735	100	48	asset	asset	NOUN
framr-1735	100	49	is	be	AUX
framr-1735	100	50	s	s	ADJ
framr-1735	100	51	,	,	PUNCT
framr-1735	100	52			PROPN
framr-1735	100	53	labels	label	VERB
framr-1735	100	54	the	the	DET
framr-1735	100	55	risk	risk	NOUN
framr-1735	100	56	-	-	PUNCT
framr-1735	100	57	free	free	ADJ
framr-1735	100	58	rate	rate	NOUN
framr-1735	100	59	1	1	PROPN
framr-1735	100	60	shows	show	VERB
framr-1735	100	61	the	the	DET
framr-1735	100	62	asset	asset	NOUN
framr-1735	100	63	returns	return	VERB
framr-1735	100	64	sensitivity	sensitivity	NOUN
framr-1735	100	65	of	of	ADP
framr-1735	100	66	specific	specific	ADJ
framr-1735	100	67	macroeconomic	macroeconomic	ADJ
framr-1735	100	68	factors	factor	NOUN
framr-1735	100	69	and	and	CCONJ
framr-1735	100	70	1	1	NUM
framr-1735	100	71	is	be	AUX
framr-1735	100	72	the	the	DET
framr-1735	100	73	risk	risk	NOUN
framr-1735	100	74	premium	premium	NOUN
framr-1735	100	75	related	relate	VERB
framr-1735	100	76	to	to	ADP
framr-1735	100	77	the	the	DET
framr-1735	100	78	specific	specific	ADJ
framr-1735	100	79	macroeconomic	macroeconomic	ADJ
framr-1735	100	80	factor	factor	NOUN
framr-1735	100	81	.	.	PUNCT
framr-1735	101	1	and	and	CCONJ
framr-1735	101	2	asset	asset	NOUN
framr-1735	101	3	returns	return	NOUN
framr-1735	101	4			ADV
framr-1735	101	5	have	have	AUX
framr-1735	101	6	been	be	AUX
framr-1735	101	7	calculated	calculate	VERB
framr-1735	101	8	by	by	ADP
framr-1735	101	9	equation	equation	NOUN
framr-1735	101	10	3	3	NUM
framr-1735	101	11	,	,	PUNCT
framr-1735	101	12	where	where	SCONJ
framr-1735	101	13	1	1	PROPN
framr-1735	101	14	reflects	reflect	VERB
framr-1735	101	15	the	the	DET
framr-1735	101	16	recent	recent	ADJ
framr-1735	101	17	price	price	NOUN
framr-1735	101	18	of	of	ADP
framr-1735	101	19	stocks	stock	NOUN
framr-1735	101	20	and	and	CCONJ
framr-1735	101	21	0	0	NOUN
framr-1735	101	22	is	be	AUX
framr-1735	101	23	the	the	DET
framr-1735	101	24	price	price	NOUN
framr-1735	101	25	of	of	ADP
framr-1735	101	26	stocks	stock	NOUN
framr-1735	101	27	last	last	ADJ
framr-1735	101	28	month	month	NOUN
framr-1735	101	29	.	.	PUNCT
framr-1735	102	1	1	1	NUM
framr-1735	102	2	0	0	NUM
framr-1735	102	3	0	0	NUM
framr-1735	102	4			PROPN
framr-1735	102	5			VERB
framr-1735	102	6			ADV
framr-1735	102	7			PROPN
framr-1735	102	8			PROPN
framr-1735	102	9	(	(	PUNCT
framr-1735	102	10	3	3	NUM
framr-1735	102	11	)	)	PUNCT
framr-1735	102	12	figure	figure	NOUN
framr-1735	102	13	1	1	NUM
framr-1735	102	14	of	of	ADP
framr-1735	102	15	a	a	DET
framr-1735	102	16	framework	framework	NOUN
framr-1735	102	17	shows	show	VERB
framr-1735	102	18	that	that	SCONJ
framr-1735	102	19	apt	apt	ADJ
framr-1735	102	20	has	have	VERB
framr-1735	102	21	four	four	NUM
framr-1735	102	22	independent	independent	ADJ
framr-1735	102	23	factors	factor	NOUN
framr-1735	102	24	,	,	PUNCT
framr-1735	102	25	which	which	PRON
framr-1735	102	26	include	include	VERB
framr-1735	102	27	inflation	inflation	NOUN
framr-1735	102	28	,	,	PUNCT
framr-1735	102	29	money	money	NOUN
framr-1735	102	30	supply	supply	NOUN
framr-1735	102	31	,	,	PUNCT
framr-1735	102	32	unemployment	unemployment	NOUN
framr-1735	102	33	&	&	CCONJ
framr-1735	102	34	foreign	foreign	ADJ
framr-1735	102	35	exchange	exchange	NOUN
framr-1735	102	36	rate	rate	NOUN
framr-1735	102	37	,	,	PUNCT
framr-1735	102	38	and	and	CCONJ
framr-1735	102	39	one	one	NUM
framr-1735	102	40	dependent	dependent	ADJ
framr-1735	102	41	factor	factor	NOUN
framr-1735	102	42	which	which	PRON
framr-1735	102	43	is	be	AUX
framr-1735	102	44	expected	expect	VERB
framr-1735	102	45	stock	stock	NOUN
framr-1735	102	46	returns	return	NOUN
framr-1735	102	47	.	.	PUNCT
framr-1735	103	1	these	these	DET
framr-1735	103	2	four	four	NUM
framr-1735	103	3	independent	independent	ADJ
framr-1735	103	4	factors	factor	NOUN
framr-1735	103	5	can	can	AUX
framr-1735	103	6	influence	influence	VERB
framr-1735	103	7	on	on	ADP
framr-1735	103	8	expected	expect	VERB
framr-1735	103	9	stock	stock	NOUN
framr-1735	103	10	returns	return	NOUN
framr-1735	103	11	.	.	PUNCT
framr-1735	104	1	capm	capm	PROPN
framr-1735	104	2	has	have	VERB
framr-1735	104	3	only	only	ADV
framr-1735	104	4	one	one	NUM
framr-1735	104	5	factor	factor	NOUN
framr-1735	104	6	that	that	PRON
framr-1735	104	7	is	be	AUX
framr-1735	104	8	market	market	NOUN
framr-1735	104	9	risk	risk	NOUN
framr-1735	104	10	premium	premium	NOUN
framr-1735	104	11	which	which	PRON
framr-1735	104	12	can	can	AUX
framr-1735	104	13	influence	influence	VERB
framr-1735	104	14	on	on	ADP
framr-1735	104	15	expected	expect	VERB
framr-1735	104	16	stock	stock	NOUN
framr-1735	104	17	returns	return	NOUN
framr-1735	104	18	.	.	PUNCT
framr-1735	105	1	4	4	X
framr-1735	105	2	.	.	X
framr-1735	105	3	data	datum	NOUN
framr-1735	105	4	analysis	analysis	NOUN
framr-1735	105	5	our	our	PRON
framr-1735	105	6	research	research	NOUN
framr-1735	105	7	results	result	NOUN
framr-1735	105	8	are	be	AUX
framr-1735	105	9	showing	show	VERB
framr-1735	105	10	significant	significant	ADJ
framr-1735	105	11	results	result	NOUN
framr-1735	105	12	by	by	ADP
framr-1735	105	13	regression	regression	NOUN
framr-1735	105	14	analysis	analysis	NOUN
framr-1735	105	15	from	from	ADP
framr-1735	105	16	data	datum	NOUN
framr-1735	105	17	that	that	PRON
framr-1735	105	18	has	have	AUX
framr-1735	105	19	been	be	AUX
framr-1735	105	20	used	use	VERB
framr-1735	105	21	in	in	ADP
framr-1735	105	22	this	this	DET
framr-1735	105	23	research	research	NOUN
framr-1735	105	24	.	.	PUNCT
framr-1735	106	1	because	because	SCONJ
framr-1735	106	2	the	the	DET
framr-1735	106	3	results	result	NOUN
framr-1735	106	4	of	of	ADP
framr-1735	106	5	the	the	DET
framr-1735	106	6	p	p	NOUN
framr-1735	106	7	-	-	PUNCT
framr-1735	106	8	value	value	NOUN
framr-1735	106	9	for	for	ADP
framr-1735	106	10	all	all	DET
framr-1735	106	11	companies	company	NOUN
framr-1735	106	12	is	be	AUX
framr-1735	106	13	showing	show	VERB
framr-1735	106	14	less	less	ADJ
framr-1735	106	15	than	than	ADP
framr-1735	106	16	5	5	NUM
framr-1735	106	17	%	%	NOUN
framr-1735	106	18	except	except	SCONJ
framr-1735	106	19	ppl	ppl	PROPN
framr-1735	106	20	.	.	PUNCT
framr-1735	107	1	on	on	ADP
framr-1735	107	2	the	the	DET
framr-1735	107	3	average	average	ADJ
framr-1735	107	4	t	t	PROPN
framr-1735	107	5	-	-	PUNCT
framr-1735	107	6	stats	stat	NOUN
framr-1735	107	7	is	be	AUX
framr-1735	107	8	showing	show	VERB
framr-1735	107	9	positive	positive	ADJ
framr-1735	107	10	signs	sign	NOUN
framr-1735	107	11	.	.	PUNCT
framr-1735	108	1	moreover	moreover	ADV
framr-1735	108	2	,	,	PUNCT
framr-1735	108	3	r	r	NOUN
framr-1735	108	4	-	-	PUNCT
framr-1735	108	5	squared	square	VERB
framr-1735	108	6	is	be	AUX
framr-1735	108	7	showing	show	VERB
framr-1735	108	8	insignificant	insignificant	ADJ
framr-1735	108	9	results	result	NOUN
framr-1735	108	10	with	with	ADP
framr-1735	108	11	an	an	DET
framr-1735	108	12	average	average	NOUN
framr-1735	108	13	of	of	ADP
framr-1735	108	14	26	26	NUM
framr-1735	108	15	%	%	NOUN
framr-1735	108	16	of	of	ADP
framr-1735	108	17	explanatory	explanatory	ADJ
framr-1735	108	18	power	power	NOUN
framr-1735	108	19	see	see	VERB
framr-1735	108	20	table	table	NOUN
framr-1735	108	21	1	1	NUM
framr-1735	108	22	.	.	PUNCT
framr-1735	109	1	however	however	ADV
framr-1735	109	2	,	,	PUNCT
framr-1735	109	3	apt	apt	ADJ
framr-1735	109	4	was	be	AUX
framr-1735	109	5	not	not	PART
framr-1735	109	6	showing	show	VERB
framr-1735	109	7	the	the	DET
framr-1735	109	8	most	most	ADV
framr-1735	109	9	satisfactory	satisfactory	ADJ
framr-1735	109	10	results	result	NOUN
framr-1735	109	11	in	in	ADP
framr-1735	109	12	psx	psx	NOUN
framr-1735	109	13	from	from	ADP
framr-1735	109	14	selected	select	VERB
framr-1735	109	15	financial	financial	ADJ
framr-1735	109	16	risk	risk	NOUN
framr-1735	109	17	and	and	CCONJ
framr-1735	109	18	management	management	NOUN
framr-1735	109	19	reviews	review	NOUN
framr-1735	109	20	,	,	PUNCT
framr-1735	109	21	2020	2020	NUM
framr-1735	109	22	,	,	PUNCT
framr-1735	109	23	6(1	6(1	NUM
framr-1735	109	24	):	):	PUNCT
framr-1735	109	25	14	14	NUM
framr-1735	109	26	-	-	SYM
framr-1735	109	27	21	21	NUM
framr-1735	109	28	18	18	NUM
framr-1735	109	29	©	©	PROPN
framr-1735	109	30	2020	2020	NUM
framr-1735	109	31	conscientia	conscientia	PROPN
framr-1735	109	32	beam	beam	PROPN
framr-1735	109	33	.	.	PUNCT
framr-1735	110	1	all	all	DET
framr-1735	110	2	rights	right	NOUN
framr-1735	110	3	reserved	reserve	VERB
framr-1735	110	4	.	.	PUNCT
framr-1735	111	1	data	datum	NOUN
framr-1735	111	2	in	in	ADP
framr-1735	111	3	this	this	DET
framr-1735	111	4	research	research	NOUN
framr-1735	111	5	.	.	PUNCT
framr-1735	112	1	because	because	SCONJ
framr-1735	112	2	on	on	ADP
framr-1735	112	3	p	p	NOUN
framr-1735	112	4	-	-	PUNCT
framr-1735	112	5	value	value	NOUN
framr-1735	112	6	it	it	PRON
framr-1735	112	7	is	be	AUX
framr-1735	112	8	more	more	ADJ
framr-1735	112	9	than	than	ADP
framr-1735	112	10	30	30	NUM
framr-1735	112	11	%	%	NOUN
framr-1735	112	12	for	for	ADP
framr-1735	112	13	all	all	DET
framr-1735	112	14	factors	factor	NOUN
framr-1735	112	15	which	which	PRON
framr-1735	112	16	have	have	AUX
framr-1735	112	17	been	be	AUX
framr-1735	112	18	used	use	VERB
framr-1735	112	19	in	in	ADP
framr-1735	112	20	the	the	DET
framr-1735	112	21	apt	apt	ADJ
framr-1735	112	22	model	model	NOUN
framr-1735	112	23	&	&	CCONJ
framr-1735	112	24	it	it	PRON
framr-1735	112	25	should	should	AUX
framr-1735	112	26	be	be	AUX
framr-1735	112	27	less	less	ADJ
framr-1735	112	28	than	than	ADP
framr-1735	112	29	5	5	NUM
framr-1735	112	30	%	%	NOUN
framr-1735	112	31	.	.	PUNCT
framr-1735	113	1	figure-1	figure-1	NOUN
framr-1735	113	2	.	.	PUNCT
framr-1735	113	3	theoretical	theoretical	ADJ
framr-1735	113	4	framework	framework	NOUN
framr-1735	113	5	.	.	PUNCT
framr-1735	114	1	on	on	ADP
framr-1735	114	2	the	the	DET
framr-1735	114	3	other	other	ADJ
framr-1735	114	4	hand	hand	NOUN
framr-1735	114	5	,	,	PUNCT
framr-1735	114	6	the	the	DET
framr-1735	114	7	average	average	ADJ
framr-1735	114	8	value	value	NOUN
framr-1735	114	9	of	of	ADP
framr-1735	114	10	t	t	PROPN
framr-1735	114	11	-	-	PUNCT
framr-1735	114	12	stats	stat	NOUN
framr-1735	114	13	is	be	AUX
framr-1735	114	14	showing	show	VERB
framr-1735	114	15	a	a	DET
framr-1735	114	16	negative	negative	ADJ
framr-1735	114	17	sign	sign	NOUN
framr-1735	114	18	for	for	SCONJ
framr-1735	114	19	the	the	DET
framr-1735	114	20	inflation	inflation	NOUN
framr-1735	114	21	factor	factor	NOUN
framr-1735	114	22	see	see	VERB
framr-1735	114	23	table	table	NOUN
framr-1735	114	24	2	2	NUM
framr-1735	114	25	.	.	PUNCT
framr-1735	114	26	moreover	moreover	ADV
framr-1735	114	27	,	,	PUNCT
framr-1735	114	28	showing	show	VERB
framr-1735	114	29	a	a	DET
framr-1735	114	30	positive	positive	ADJ
framr-1735	114	31	sign	sign	NOUN
framr-1735	114	32	for	for	ADP
framr-1735	114	33	the	the	DET
framr-1735	114	34	other	other	ADJ
framr-1735	114	35	three	three	NUM
framr-1735	114	36	factors	factor	NOUN
framr-1735	114	37	.	.	PUNCT
framr-1735	115	1	furthermore	furthermore	ADV
framr-1735	115	2	,	,	PUNCT
framr-1735	115	3	average	average	ADJ
framr-1735	115	4	explanatory	explanatory	ADJ
framr-1735	115	5	power	power	NOUN
framr-1735	115	6	is	be	AUX
framr-1735	115	7	9.8	9.8	NUM
framr-1735	115	8	%	%	NOUN
framr-1735	115	9	see	see	NOUN
framr-1735	115	10	figure	figure	NOUN
framr-1735	115	11	2	2	NUM
framr-1735	115	12	and	and	CCONJ
framr-1735	115	13	figure	figure	VERB
framr-1735	115	14	3	3	NUM
framr-1735	115	15	.	.	PUNCT
framr-1735	116	1	table-1	table-1	NUM
framr-1735	116	2	.	.	PUNCT
framr-1735	117	1	results	result	NOUN
framr-1735	117	2	of	of	ADP
framr-1735	117	3	the	the	DET
framr-1735	117	4	capm	capm	PROPN
framr-1735	117	5	model	model	PROPN
framr-1735	117	6	.	.	PUNCT
framr-1735	118	1	index	index	NOUN
framr-1735	118	2	r	r	NOUN
framr-1735	118	3	-	-	PUNCT
framr-1735	118	4	squared	square	VERB
framr-1735	118	5	t	t	NOUN
framr-1735	118	6	-	-	PUNCT
framr-1735	118	7	stat	stat	NOUN
framr-1735	118	8	p	p	NOUN
framr-1735	118	9	-	-	PUNCT
framr-1735	118	10	value	value	NOUN
framr-1735	118	11	significance	significance	NOUN
framr-1735	118	12	luck	luck	VERB
framr-1735	118	13	0.340	0.340	NUM
framr-1735	118	14	5.471	5.471	NUM
framr-1735	118	15	0.000	0.000	NUM
framr-1735	118	16	0.000	0.000	NUM
framr-1735	118	17	engro	engro	NOUN
framr-1735	118	18	0.257	0.257	NUM
framr-1735	118	19	4.477	4.477	NUM
framr-1735	118	20	0.000	0.000	NUM
framr-1735	118	21	0.000	0.000	NUM
framr-1735	118	22	kel	kel	NOUN
framr-1735	118	23	0.257	0.257	NUM
framr-1735	118	24	4.482	4.482	NUM
framr-1735	118	25	0.000	0.000	NUM
framr-1735	118	26	0.000	0.000	NUM
framr-1735	118	27	ptcl	ptcl	NOUN
framr-1735	118	28	0.265	0.265	NUM
framr-1735	118	29	4.577	4.577	NUM
framr-1735	118	30	0.000	0.000	NUM
framr-1735	118	31	0.000	0.000	NUM
framr-1735	118	32	ppl	ppl	NOUN
framr-1735	118	33	0.002	0.002	NUM
framr-1735	118	34	0.328	0.328	NUM
framr-1735	118	35	0.744	0.744	NUM
framr-1735	118	36	0.744	0.744	NUM
framr-1735	118	37	nishat	nishat	NOUN
framr-1735	118	38	0.506	0.506	NUM
framr-1735	118	39	7.710	7.710	NUM
framr-1735	118	40	0.000	0.000	NUM
framr-1735	118	41	0.000	0.000	NUM
framr-1735	118	42	mcb	mcb	NOUN
framr-1735	118	43	0.538	0.538	NUM
framr-1735	118	44	8.212	8.212	NUM
framr-1735	118	45	0.000	0.000	NUM
framr-1735	118	46	0.000	0.000	NUM
framr-1735	118	47	aicl	aicl	NOUN
framr-1735	118	48	0.287	0.287	NUM
framr-1735	118	49	4.828	4.828	NUM
framr-1735	118	50	0.000	0.000	NUM
framr-1735	118	51	0.000	0.000	NUM
framr-1735	118	52	ffc	ffc	NOUN
framr-1735	118	53	0.152	0.152	NUM
framr-1735	118	54	3.224	3.224	NUM
framr-1735	118	55	0.002	0.002	NUM
framr-1735	118	56	0.002	0.002	NUM
framr-1735	118	57	upfl	upfl	ADJ
framr-1735	118	58	0.052	0.052	NUM
framr-1735	118	59	1.787	1.787	NUM
framr-1735	118	60	0.079	0.079	NUM
framr-1735	118	61	0.079	0.079	NUM
framr-1735	118	62	table-2	table-2	NUM
framr-1735	118	63	.	.	PUNCT
framr-1735	118	64	results	result	NOUN
framr-1735	118	65	of	of	ADP
framr-1735	118	66	the	the	DET
framr-1735	118	67	apt	apt	ADJ
framr-1735	118	68	model	model	NOUN
framr-1735	118	69	.	.	PUNCT
framr-1735	119	1	index	index	NOUN
framr-1735	119	2	r	r	NOUN
framr-1735	119	3	-	-	PUNCT
framr-1735	119	4	squared	square	VERB
framr-1735	119	5	beta	beta	ADJ
framr-1735	119	6	inflation	inflation	NOUN
framr-1735	119	7	money	money	NOUN
framr-1735	119	8	supply	supply	NOUN
framr-1735	119	9	unemployment	unemployment	NOUN
framr-1735	119	10	forex	forex	ADJ
framr-1735	119	11	luck	luck	NOUN
framr-1735	119	12	0.084	0.084	NUM
framr-1735	119	13	0.960	0.960	NUM
framr-1735	119	14	0.301	0.301	NUM
framr-1735	119	15	0.905	0.905	NUM
framr-1735	119	16	0.633	0.633	NUM
framr-1735	119	17	0.075	0.075	NUM
framr-1735	119	18	engro	engro	ADV
framr-1735	119	19	0.078	0.078	NUM
framr-1735	119	20	0.301	0.301	NUM
framr-1735	119	21	0.755	0.755	NUM
framr-1735	119	22	0.072	0.072	NUM
framr-1735	119	23	0.133	0.133	NUM
framr-1735	119	24	0.923	0.923	NUM
framr-1735	119	25	kel	kel	NOUN
framr-1735	119	26	0.019	0.019	NUM
framr-1735	119	27	0.642	0.642	NUM
framr-1735	119	28	0.463	0.463	NUM
framr-1735	119	29	0.685	0.685	NUM
framr-1735	119	30	0.757	0.757	NUM
framr-1735	119	31	0.804	0.804	NUM
framr-1735	119	32	ptcl	ptcl	NOUN
framr-1735	119	33	0.092	0.092	NUM
framr-1735	119	34	0.684	0.684	NUM
framr-1735	119	35	0.232	0.232	NUM
framr-1735	119	36	0.094	0.094	NUM
framr-1735	119	37	0.165	0.165	NUM
framr-1735	119	38	0.598	0.598	NUM
framr-1735	119	39	ppl	ppl	PROPN
framr-1735	119	40	0.025	0.025	NUM
framr-1735	119	41	1.442	1.442	NUM
framr-1735	119	42	0.384	0.384	NUM
framr-1735	119	43	0.965	0.965	NUM
framr-1735	119	44	0.518	0.518	NUM
framr-1735	119	45	0.963	0.963	NUM
framr-1735	119	46	nishat	nishat	NOUN
framr-1735	119	47	0.162	0.162	NUM
framr-1735	119	48	1.678	1.678	NUM
framr-1735	119	49	0.266	0.266	NUM
framr-1735	119	50	0.022	0.022	NUM
framr-1735	119	51	0.262	0.262	NUM
framr-1735	119	52	0.155	0.155	NUM
framr-1735	119	53	mcb	mcb	PROPN
framr-1735	119	54	0.154	0.154	NUM
framr-1735	119	55	1.112	1.112	NUM
framr-1735	119	56	0.461	0.461	NUM
framr-1735	119	57	0.021	0.021	NUM
framr-1735	119	58	0.913	0.913	NUM
framr-1735	119	59	0.240	0.240	NUM
framr-1735	119	60	aicl	aicl	NOUN
framr-1735	119	61	0.141	0.141	NUM
framr-1735	119	62	1.462	1.462	NUM
framr-1735	119	63	0.203	0.203	NUM
framr-1735	119	64	0.007	0.007	NUM
framr-1735	119	65	0.233	0.233	NUM
framr-1735	119	66	0.667	0.667	NUM
framr-1735	119	67	ffc	ffc	NOUN
framr-1735	119	68	0.044	0.044	NUM
framr-1735	119	69	1.280	1.280	NUM
framr-1735	119	70	0.700	0.700	NUM
framr-1735	119	71	0.472	0.472	NUM
framr-1735	119	72	0.703	0.703	NUM
framr-1735	119	73	0.246	0.246	NUM
framr-1735	119	74	upfl	upfl	VERB
framr-1735	119	75	0.186	0.186	NUM
framr-1735	119	76	1.524	1.524	NUM
framr-1735	119	77	0.646	0.646	NUM
framr-1735	119	78	0.185	0.185	NUM
framr-1735	119	79	0.003	0.003	NUM
framr-1735	119	80	0.467	0.467	NUM
framr-1735	119	81	financial	financial	ADJ
framr-1735	119	82	risk	risk	NOUN
framr-1735	119	83	and	and	CCONJ
framr-1735	119	84	management	management	NOUN
framr-1735	119	85	reviews	review	NOUN
framr-1735	119	86	,	,	PUNCT
framr-1735	119	87	2020	2020	NUM
framr-1735	119	88	,	,	PUNCT
framr-1735	119	89	6(1	6(1	NUM
framr-1735	119	90	):	):	PUNCT
framr-1735	119	91	14	14	NUM
framr-1735	119	92	-	-	SYM
framr-1735	119	93	21	21	NUM
framr-1735	119	94	19	19	NUM
framr-1735	119	95	©	©	PROPN
framr-1735	119	96	2020	2020	NUM
framr-1735	119	97	conscientia	conscientia	PROPN
framr-1735	119	98	beam	beam	PROPN
framr-1735	119	99	.	.	PUNCT
framr-1735	120	1	all	all	DET
framr-1735	120	2	rights	right	NOUN
framr-1735	120	3	reserved	reserve	VERB
framr-1735	120	4	.	.	PUNCT
framr-1735	121	1	apt	apt	ADJ
framr-1735	121	2	may	may	AUX
framr-1735	121	3	not	not	PART
framr-1735	121	4	be	be	AUX
framr-1735	121	5	showing	show	VERB
framr-1735	121	6	satisfactory	satisfactory	ADJ
framr-1735	121	7	results	result	NOUN
framr-1735	121	8	from	from	ADP
framr-1735	121	9	the	the	DET
framr-1735	121	10	observed	observe	VERB
framr-1735	121	11	data	datum	NOUN
framr-1735	121	12	.	.	PUNCT
framr-1735	122	1	on	on	ADP
framr-1735	122	2	average	average	ADJ
framr-1735	122	3	,	,	PUNCT
framr-1735	122	4	the	the	DET
framr-1735	122	5	p	p	NOUN
framr-1735	122	6	-	-	PUNCT
framr-1735	122	7	value	value	NOUN
framr-1735	122	8	is	be	AUX
framr-1735	122	9	more	more	ADJ
framr-1735	122	10	than	than	ADP
framr-1735	122	11	30	30	NUM
framr-1735	122	12	%	%	NOUN
framr-1735	122	13	for	for	ADP
framr-1735	122	14	all	all	DET
framr-1735	122	15	factors	factor	NOUN
framr-1735	122	16	,	,	PUNCT
framr-1735	122	17	which	which	PRON
framr-1735	122	18	should	should	AUX
framr-1735	122	19	be	be	AUX
framr-1735	122	20	less	less	ADJ
framr-1735	122	21	than	than	ADP
framr-1735	122	22	5	5	NUM
framr-1735	122	23	%	%	NOUN
framr-1735	122	24	.	.	PUNCT
framr-1735	123	1	the	the	DET
framr-1735	123	2	average	average	ADJ
framr-1735	123	3	value	value	NOUN
framr-1735	123	4	of	of	ADP
framr-1735	123	5	t	t	PROPN
framr-1735	123	6	-	-	PUNCT
framr-1735	123	7	stats	stat	NOUN
framr-1735	123	8	is	be	AUX
framr-1735	123	9	negative	negative	ADJ
framr-1735	123	10	for	for	ADP
framr-1735	123	11	inflation	inflation	NOUN
framr-1735	123	12	and	and	CCONJ
framr-1735	123	13	the	the	DET
framr-1735	123	14	other	other	ADJ
framr-1735	123	15	three	three	NUM
framr-1735	123	16	factors	factor	NOUN
framr-1735	123	17	are	be	AUX
framr-1735	123	18	positive	positive	ADJ
framr-1735	123	19	.	.	PUNCT
framr-1735	124	1	figure-2	figure-2	X
framr-1735	124	2	.	.	PUNCT
framr-1735	125	1	the	the	DET
framr-1735	125	2	beta	beta	NOUN
framr-1735	125	3	of	of	ADP
framr-1735	125	4	capm	capm	PROPN
framr-1735	125	5	for	for	ADP
framr-1735	125	6	psx	psx	PROPN
framr-1735	125	7	.	.	PUNCT
framr-1735	126	1	figure-3	figure-3	PROPN
framr-1735	126	2	.	.	PUNCT
framr-1735	127	1	betas	beta	NOUN
framr-1735	127	2	of	of	ADP
framr-1735	127	3	apt	apt	ADJ
framr-1735	127	4	for	for	ADP
framr-1735	127	5	psx	psx	NOUN
framr-1735	127	6	.	.	PUNCT
framr-1735	128	1	5	5	X
framr-1735	128	2	.	.	X
framr-1735	128	3	conclusion	conclusion	NOUN
framr-1735	128	4	this	this	DET
framr-1735	128	5	study	study	NOUN
framr-1735	128	6	has	have	AUX
framr-1735	128	7	been	be	AUX
framr-1735	128	8	done	do	VERB
framr-1735	128	9	with	with	ADP
framr-1735	128	10	several	several	ADJ
framr-1735	128	11	objectives	objective	NOUN
framr-1735	128	12	in	in	ADP
framr-1735	128	13	mind	mind	NOUN
framr-1735	128	14	.	.	PUNCT
framr-1735	129	1	first	first	ADV
framr-1735	129	2	of	of	ADP
framr-1735	129	3	all	all	PRON
framr-1735	129	4	,	,	PUNCT
framr-1735	129	5	it	it	PRON
framr-1735	129	6	was	be	AUX
framr-1735	129	7	to	to	PART
framr-1735	129	8	determine	determine	VERB
framr-1735	129	9	which	which	DET
framr-1735	129	10	model	model	NOUN
framr-1735	129	11	is	be	AUX
framr-1735	129	12	providing	provide	VERB
framr-1735	129	13	more	more	ADV
framr-1735	129	14	significant	significant	ADJ
framr-1735	129	15	results	result	NOUN
framr-1735	129	16	for	for	SCONJ
framr-1735	129	17	expected	expect	VERB
framr-1735	129	18	stock	stock	NOUN
framr-1735	129	19	returns	return	NOUN
framr-1735	129	20	.	.	PUNCT
framr-1735	130	1	for	for	ADP
framr-1735	130	2	this	this	DET
framr-1735	130	3	purpose	purpose	NOUN
framr-1735	130	4	,	,	PUNCT
framr-1735	130	5	time	time	NOUN
framr-1735	130	6	series	series	NOUN
framr-1735	130	7	analysis	analysis	NOUN
framr-1735	130	8	has	have	AUX
framr-1735	130	9	been	be	AUX
framr-1735	130	10	done	do	VERB
framr-1735	130	11	for	for	ADP
framr-1735	130	12	five	five	NUM
framr-1735	130	13	years	year	NOUN
framr-1735	130	14	using	use	VERB
framr-1735	130	15	two	two	NUM
framr-1735	130	16	models	model	NOUN
framr-1735	130	17	capm	capm	NOUN
framr-1735	130	18	and	and	CCONJ
framr-1735	130	19	apt	apt	PROPN
framr-1735	130	20	.	.	PUNCT
framr-1735	131	1	the	the	DET
framr-1735	131	2	other	other	ADJ
framr-1735	131	3	objective	objective	NOUN
framr-1735	131	4	was	be	AUX
framr-1735	131	5	to	to	PART
framr-1735	131	6	determine	determine	VERB
framr-1735	131	7	which	which	PRON
framr-1735	131	8	stock	stock	NOUN
framr-1735	131	9	exchange	exchange	NOUN
framr-1735	131	10	gives	give	VERB
framr-1735	131	11	more	more	ADJ
framr-1735	131	12	return	return	NOUN
framr-1735	131	13	based	base	VERB
framr-1735	131	14	on	on	ADP
framr-1735	131	15	the	the	DET
framr-1735	131	16	estimation	estimation	NOUN
framr-1735	131	17	of	of	ADP
framr-1735	131	18	these	these	DET
framr-1735	131	19	models	model	NOUN
framr-1735	131	20	.	.	PUNCT
framr-1735	132	1	for	for	ADP
framr-1735	132	2	this	this	DET
framr-1735	132	3	purpose	purpose	NOUN
framr-1735	132	4	time	time	NOUN
framr-1735	132	5	series	series	NOUN
framr-1735	132	6	analysis	analysis	NOUN
framr-1735	132	7	has	have	AUX
framr-1735	132	8	been	be	AUX
framr-1735	132	9	done	do	VERB
framr-1735	132	10	for	for	ADP
framr-1735	132	11	psx	psx	NOUN
framr-1735	132	12	taking	take	VERB
framr-1735	132	13	ten	ten	NUM
framr-1735	132	14	companies	company	NOUN
framr-1735	132	15	from	from	ADP
framr-1735	132	16	each	each	DET
framr-1735	132	17	sector	sector	NOUN
framr-1735	132	18	.	.	PUNCT
framr-1735	133	1	firstly	firstly	ADV
framr-1735	133	2	the	the	DET
framr-1735	133	3	explanatory	explanatory	ADJ
framr-1735	133	4	power	power	NOUN
framr-1735	133	5	of	of	ADP
framr-1735	133	6	psx	psx	PROPN
framr-1735	133	7	capm	capm	PROPN
framr-1735	133	8	and	and	CCONJ
framr-1735	133	9	apt	apt	ADJ
framr-1735	133	10	26.4	26.4	NUM
framr-1735	133	11	%	%	NOUN
framr-1735	133	12	and	and	CCONJ
framr-1735	133	13	9.47	9.47	NUM
framr-1735	133	14	%	%	NOUN
framr-1735	133	15	respectively	respectively	ADV
framr-1735	133	16	.	.	PUNCT
framr-1735	134	1	overall	overall	ADV
framr-1735	134	2	,	,	PUNCT
framr-1735	134	3	capm	capm	PROPN
framr-1735	134	4	is	be	AUX
framr-1735	134	5	showing	show	VERB
framr-1735	134	6	more	more	ADV
framr-1735	134	7	significant	significant	ADJ
framr-1735	134	8	results	result	NOUN
framr-1735	134	9	for	for	ADP
framr-1735	134	10	the	the	DET
framr-1735	134	11	stock	stock	NOUN
framr-1735	134	12	exchange	exchange	NOUN
framr-1735	134	13	,	,	PUNCT
framr-1735	134	14	whereas	whereas	SCONJ
framr-1735	134	15	apt	apt	ADJ
framr-1735	134	16	is	be	AUX
framr-1735	134	17	showing	show	VERB
framr-1735	134	18	mixed	mixed	ADJ
framr-1735	134	19	results	result	NOUN
framr-1735	134	20	and	and	CCONJ
framr-1735	134	21	for	for	ADP
framr-1735	134	22	factors	factor	NOUN
framr-1735	134	23	like	like	ADP
framr-1735	134	24	unemployment	unemployment	NOUN
framr-1735	134	25	rate	rate	NOUN
framr-1735	134	26	and	and	CCONJ
framr-1735	134	27	exchange	exchange	NOUN
framr-1735	134	28	rate	rate	NOUN
framr-1735	134	29	,	,	PUNCT
framr-1735	134	30	they	they	PRON
framr-1735	134	31	are	be	AUX
framr-1735	134	32	not	not	PART
framr-1735	134	33	even	even	ADV
framr-1735	134	34	close	close	ADJ
framr-1735	134	35	to	to	ADP
framr-1735	134	36	significant	significant	ADJ
framr-1735	134	37	.	.	PUNCT
framr-1735	135	1	the	the	DET
framr-1735	135	2	average	average	ADJ
framr-1735	135	3	p	p	NOUN
framr-1735	135	4	-	-	PUNCT
framr-1735	135	5	value	value	NOUN
framr-1735	135	6	for	for	ADP
framr-1735	135	7	both	both	DET
framr-1735	135	8	factors	factor	NOUN
framr-1735	135	9	is	be	AUX
framr-1735	135	10	58	58	NUM
framr-1735	135	11	%	%	NOUN
framr-1735	135	12	and	and	CCONJ
framr-1735	135	13	60	60	NUM
framr-1735	135	14	%	%	NOUN
framr-1735	135	15	respectively	respectively	ADV
framr-1735	135	16	which	which	PRON
framr-1735	135	17	should	should	AUX
framr-1735	135	18	be	be	AUX
framr-1735	135	19	less	less	ADJ
framr-1735	135	20	than	than	ADP
framr-1735	135	21	5	5	NUM
framr-1735	135	22	%	%	NOUN
framr-1735	135	23	.	.	PUNCT
framr-1735	136	1	so	so	ADV
framr-1735	136	2	based	base	VERB
framr-1735	136	3	on	on	ADP
framr-1735	136	4	these	these	DET
framr-1735	136	5	results	result	NOUN
framr-1735	136	6	,	,	PUNCT
framr-1735	136	7	it	it	PRON
framr-1735	136	8	can	can	AUX
framr-1735	136	9	be	be	AUX
framr-1735	136	10	concluded	conclude	VERB
framr-1735	136	11	that	that	SCONJ
framr-1735	136	12	capm	capm	PROPN
framr-1735	136	13	is	be	AUX
framr-1735	136	14	more	more	ADV
framr-1735	136	15	reliable	reliable	ADJ
framr-1735	136	16	than	than	ADP
framr-1735	136	17	apt	apt	ADJ
framr-1735	136	18	.	.	PUNCT
framr-1735	137	1	as	as	ADV
framr-1735	137	2	far	far	ADV
framr-1735	137	3	as	as	SCONJ
framr-1735	137	4	apt	apt	ADJ
framr-1735	137	5	is	be	AUX
framr-1735	137	6	concerned	concern	VERB
framr-1735	137	7	,	,	PUNCT
framr-1735	137	8	it	it	PRON
framr-1735	137	9	can	can	AUX
framr-1735	137	10	not	not	PART
framr-1735	137	11	be	be	AUX
framr-1735	137	12	denied	deny	VERB
framr-1735	137	13	that	that	SCONJ
framr-1735	137	14	the	the	DET
framr-1735	137	15	sample	sample	NOUN
framr-1735	137	16	was	be	AUX
framr-1735	137	17	short	short	ADJ
framr-1735	137	18	and	and	CCONJ
framr-1735	137	19	some	some	DET
framr-1735	137	20	factors	factor	NOUN
framr-1735	137	21	work	work	VERB
framr-1735	137	22	differently	differently	ADV
framr-1735	137	23	on	on	ADP
framr-1735	137	24	different	different	ADJ
framr-1735	137	25	companies	company	NOUN
framr-1735	137	26	.	.	PUNCT
framr-1735	138	1	so	so	ADV
framr-1735	138	2	,	,	PUNCT
framr-1735	138	3	if	if	SCONJ
framr-1735	138	4	there	there	PRON
framr-1735	138	5	would	would	AUX
framr-1735	138	6	have	have	AUX
framr-1735	138	7	been	be	AUX
framr-1735	138	8	different	different	ADJ
framr-1735	138	9	factors	factor	NOUN
framr-1735	138	10	like	like	ADP
framr-1735	138	11	gdp	gdp	NOUN
framr-1735	138	12	growth	growth	NOUN
framr-1735	138	13	rate	rate	NOUN
framr-1735	138	14	or	or	CCONJ
framr-1735	138	15	oil	oil	NOUN
framr-1735	138	16	prices	price	NOUN
framr-1735	138	17	,	,	PUNCT
framr-1735	138	18	then	then	ADV
framr-1735	138	19	maybe	maybe	ADV
framr-1735	138	20	there	there	PRON
framr-1735	138	21	would	would	AUX
framr-1735	138	22	have	have	AUX
framr-1735	138	23	been	be	AUX
framr-1735	138	24	different	different	ADJ
framr-1735	138	25	and	and	CCONJ
framr-1735	138	26	more	more	ADV
framr-1735	138	27	reliable	reliable	ADJ
framr-1735	138	28	results	result	NOUN
framr-1735	138	29	for	for	ADP
framr-1735	138	30	apt	apt	ADJ
framr-1735	138	31	.	.	PUNCT
framr-1735	139	1	according	accord	VERB
framr-1735	139	2	to	to	ADP
framr-1735	139	3	the	the	DET
framr-1735	139	4	results	result	NOUN
framr-1735	139	5	of	of	ADP
framr-1735	139	6	this	this	DET
framr-1735	139	7	study	study	NOUN
framr-1735	139	8	,	,	PUNCT
framr-1735	139	9	capm	capm	PROPN
framr-1735	139	10	is	be	AUX
framr-1735	139	11	suggested	suggest	VERB
framr-1735	139	12	for	for	SCONJ
framr-1735	139	13	investors	investor	NOUN
framr-1735	139	14	to	to	PART
framr-1735	139	15	estimate	estimate	VERB
framr-1735	139	16	the	the	DET
framr-1735	139	17	stock	stock	NOUN
framr-1735	139	18	returns	return	NOUN
framr-1735	139	19	but	but	CCONJ
framr-1735	139	20	an	an	DET
framr-1735	139	21	investor	investor	NOUN
framr-1735	139	22	can	can	AUX
framr-1735	139	23	also	also	ADV
framr-1735	139	24	use	use	VERB
framr-1735	139	25	different	different	ADJ
framr-1735	139	26	factors	factor	NOUN
framr-1735	139	27	according	accord	VERB
framr-1735	139	28	to	to	ADP
framr-1735	139	29	his	his	PRON
framr-1735	139	30	requirements	requirement	NOUN
framr-1735	139	31	for	for	ADP
framr-1735	139	32	apt	apt	ADJ
framr-1735	139	33	as	as	SCONJ
framr-1735	139	34	every	every	DET
framr-1735	139	35	factor	factor	NOUN
framr-1735	139	36	affects	affect	VERB
framr-1735	139	37	differently	differently	ADV
framr-1735	139	38	on	on	ADP
framr-1735	139	39	the	the	DET
framr-1735	139	40	apt	apt	ADJ
framr-1735	139	41	model	model	NOUN
framr-1735	139	42	.	.	PUNCT
framr-1735	140	1	for	for	ADP
framr-1735	140	2	further	further	ADJ
framr-1735	140	3	research	research	NOUN
framr-1735	140	4	,	,	PUNCT
framr-1735	140	5	new	new	ADJ
framr-1735	140	6	researchers	researcher	NOUN
framr-1735	140	7	can	can	AUX
framr-1735	140	8	take	take	VERB
framr-1735	140	9	a	a	DET
framr-1735	140	10	more	more	ADJ
framr-1735	140	11	than	than	ADP
framr-1735	140	12	five	five	NUM
framr-1735	140	13	-	-	PUNCT
framr-1735	140	14	year	year	NOUN
framr-1735	140	15	time	time	NOUN
framr-1735	140	16	span	span	NOUN
framr-1735	140	17	and	and	CCONJ
framr-1735	140	18	also	also	ADV
framr-1735	140	19	take	take	VERB
framr-1735	140	20	other	other	ADJ
framr-1735	140	21	factors	factor	NOUN
framr-1735	140	22	of	of	ADP
framr-1735	140	23	apt	apt	ADJ
framr-1735	140	24	like	like	ADP
framr-1735	140	25	oil	oil	NOUN
framr-1735	140	26	prices	price	NOUN
framr-1735	140	27	and	and	CCONJ
framr-1735	140	28	gdp	gdp	NOUN
framr-1735	140	29	growth	growth	NOUN
framr-1735	140	30	rate	rate	NOUN
framr-1735	140	31	to	to	PART
framr-1735	140	32	check	check	VERB
framr-1735	140	33	the	the	DET
framr-1735	140	34	validity	validity	NOUN
framr-1735	140	35	of	of	ADP
framr-1735	140	36	apt	apt	ADJ
framr-1735	140	37	.	.	PUNCT
framr-1735	140	38	financial	financial	ADJ
framr-1735	140	39	risk	risk	NOUN
framr-1735	140	40	and	and	CCONJ
framr-1735	140	41	management	management	NOUN
framr-1735	140	42	reviews	review	NOUN
framr-1735	140	43	,	,	PUNCT
framr-1735	140	44	2020	2020	NUM
framr-1735	140	45	,	,	PUNCT
framr-1735	140	46	6(1	6(1	NUM
framr-1735	140	47	):	):	PUNCT
framr-1735	140	48	14	14	NUM
framr-1735	140	49	-	-	SYM
framr-1735	140	50	21	21	NUM
framr-1735	140	51	20	20	NUM
framr-1735	140	52	©	©	PROPN
framr-1735	140	53	2020	2020	NUM
framr-1735	140	54	conscientia	conscientia	PROPN
framr-1735	140	55	beam	beam	PROPN
framr-1735	140	56	.	.	PUNCT
framr-1735	141	1	all	all	DET
framr-1735	141	2	rights	right	NOUN
framr-1735	141	3	reserved	reserve	VERB
framr-1735	141	4	.	.	PUNCT
framr-1735	142	1	table-3	table-3	X
framr-1735	142	2	.	.	PUNCT
framr-1735	142	3	list	list	NOUN
framr-1735	142	4	of	of	ADP
framr-1735	142	5	acronyms	acronym	NOUN
framr-1735	142	6	.	.	PUNCT
framr-1735	142	7	index	index	NOUN
framr-1735	142	8	abbreviation	abbreviation	NOUN
framr-1735	142	9	luck	luck	NOUN
framr-1735	142	10	lucky	lucky	ADJ
framr-1735	142	11	cement	cement	NOUN
framr-1735	142	12	limited	limit	VERB
framr-1735	142	13	engro	engro	PROPN
framr-1735	142	14	engro	engro	PROPN
framr-1735	142	15	corporation	corporation	PROPN
framr-1735	142	16	limited	limit	VERB
framr-1735	142	17	kel	kel	PROPN
framr-1735	142	18	k	k	PROPN
framr-1735	142	19	-	-	ADJ
framr-1735	142	20	electric	electric	ADJ
framr-1735	142	21	limited	limited	ADJ
framr-1735	142	22	ptcl	ptcl	PROPN
framr-1735	142	23	pakistan	pakistan	PROPN
framr-1735	142	24	telecommunications	telecommunications	PROPN
framr-1735	142	25	company	company	NOUN
framr-1735	142	26	limited	limit	VERB
framr-1735	142	27	ppl	ppl	PROPN
framr-1735	142	28	pakistan	pakistan	PROPN
framr-1735	142	29	petroleum	petroleum	PROPN
framr-1735	142	30	limited	limited	PROPN
framr-1735	142	31	nishat	nishat	PROPN
framr-1735	142	32	nishat	nishat	PROPN
framr-1735	142	33	mills	mill	NOUN
framr-1735	142	34	limited	limit	VERB
framr-1735	142	35	mcb	mcb	PROPN
framr-1735	142	36	mcb	mcb	PROPN
framr-1735	142	37	bank	bank	PROPN
framr-1735	142	38	limited	limit	VERB
framr-1735	142	39	aicl	aicl	PROPN
framr-1735	142	40	adamjee	adamjee	PROPN
framr-1735	142	41	insurance	insurance	PROPN
framr-1735	142	42	company	company	NOUN
framr-1735	142	43	limited	limit	VERB
framr-1735	142	44	ffc	ffc	PROPN
framr-1735	142	45	fauji	fauji	PROPN
framr-1735	142	46	fertilizer	fertilizer	PROPN
framr-1735	142	47	company	company	PROPN
framr-1735	142	48	limited	limit	VERB
framr-1735	142	49	upfl	upfl	PROPN
framr-1735	142	50	unilever	unilever	PROPN
framr-1735	142	51	pakistan	pakistan	PROPN
framr-1735	142	52	foods	foods	PROPN
framr-1735	142	53	limited	limited	ADJ
framr-1735	142	54	funding	funding	NOUN
framr-1735	142	55	:	:	PUNCT
framr-1735	142	56	this	this	DET
framr-1735	142	57	study	study	NOUN
framr-1735	142	58	received	receive	VERB
framr-1735	142	59	no	no	DET
framr-1735	142	60	specific	specific	ADJ
framr-1735	142	61	financial	financial	ADJ
framr-1735	142	62	support	support	NOUN
framr-1735	142	63	.	.	PUNCT
framr-1735	143	1	competing	compete	VERB
framr-1735	143	2	interests	interest	NOUN
framr-1735	143	3	:	:	PUNCT
framr-1735	143	4	the	the	DET
framr-1735	143	5	authors	author	NOUN
framr-1735	143	6	declare	declare	VERB
framr-1735	143	7	that	that	SCONJ
framr-1735	143	8	they	they	PRON
framr-1735	143	9	have	have	VERB
framr-1735	143	10	no	no	DET
framr-1735	143	11	competing	compete	VERB
framr-1735	143	12	interests	interest	NOUN
framr-1735	143	13	.	.	PUNCT
framr-1735	144	1	acknowledgement	acknowledgement	NOUN
framr-1735	144	2	:	:	PUNCT
framr-1735	144	3	both	both	DET
framr-1735	144	4	authors	author	NOUN
framr-1735	144	5	contributed	contribute	VERB
framr-1735	144	6	equally	equally	ADV
framr-1735	144	7	to	to	ADP
framr-1735	144	8	the	the	DET
framr-1735	144	9	conception	conception	NOUN
framr-1735	144	10	and	and	CCONJ
framr-1735	144	11	design	design	NOUN
framr-1735	144	12	of	of	ADP
framr-1735	144	13	the	the	DET
framr-1735	144	14	study	study	NOUN
framr-1735	144	15	.	.	PUNCT
framr-1735	145	1	references	reference	NOUN
framr-1735	145	2	al	al	PROPN
framr-1735	145	3	refai	refai	PROPN
framr-1735	145	4	,	,	PUNCT
framr-1735	145	5	h.	h.	PROPN
framr-1735	145	6	(	(	PUNCT
framr-1735	145	7	2011	2011	NUM
framr-1735	145	8	)	)	PUNCT
framr-1735	145	9	.	.	PUNCT
framr-1735	146	1	empirical	empirical	ADJ
framr-1735	146	2	test	test	NOUN
framr-1735	146	3	of	of	ADP
framr-1735	146	4	the	the	DET
framr-1735	146	5	relationship	relationship	NOUN
framr-1735	146	6	between	between	ADP
framr-1735	146	7	risk	risk	NOUN
framr-1735	146	8	and	and	CCONJ
framr-1735	146	9	returns	return	NOUN
framr-1735	146	10	in	in	ADP
framr-1735	146	11	jordan	jordan	PROPN
framr-1735	146	12	capital	capital	PROPN
framr-1735	146	13	market	market	NOUN
framr-1735	146	14	.	.	PUNCT
framr-1735	147	1	available	available	ADJ
framr-1735	147	2	at	at	ADP
framr-1735	147	3	:	:	PUNCT
framr-1735	147	4	ssrn	ssrn	PROPN
framr-1735	147	5	1443367	1443367	NUM
framr-1735	147	6	.	.	PUNCT
framr-1735	148	1	ataullah	ataullah	PROPN
framr-1735	148	2	,	,	PUNCT
framr-1735	148	3	a.	a.	NOUN
framr-1735	148	4	(	(	PUNCT
framr-1735	148	5	2001	2001	NUM
framr-1735	148	6	)	)	PUNCT
framr-1735	148	7	.	.	PUNCT
framr-1735	149	1	macroeconomic	macroeconomic	ADJ
framr-1735	149	2	variables	variable	NOUN
framr-1735	149	3	as	as	ADP
framr-1735	149	4	common	common	ADJ
framr-1735	149	5	pervasive	pervasive	ADJ
framr-1735	149	6	risk	risk	NOUN
framr-1735	149	7	factors	factor	NOUN
framr-1735	149	8	and	and	CCONJ
framr-1735	149	9	empirical	empirical	ADJ
framr-1735	149	10	content	content	NOUN
framr-1735	149	11	of	of	ADP
framr-1735	149	12	the	the	DET
framr-1735	149	13	arbitrage	arbitrage	NOUN
framr-1735	149	14	pricing	pricing	NOUN
framr-1735	149	15	theory	theory	NOUN
framr-1735	149	16	in	in	ADP
framr-1735	149	17	pakistan	pakistan	PROPN
framr-1735	149	18	ali	ali	PROPN
framr-1735	149	19	ataullah	ataullah	PROPN
framr-1735	149	20	.	.	PUNCT
framr-1735	150	1	lahore	lahore	PROPN
framr-1735	150	2	journal	journal	PROPN
framr-1735	150	3	of	of	ADP
framr-1735	150	4	economics	economic	NOUN
framr-1735	150	5	,	,	PUNCT
framr-1735	150	6	6(1	6(1	NUM
framr-1735	150	7	)	)	PUNCT
framr-1735	150	8	,	,	PUNCT
framr-1735	150	9	56	56	NUM
framr-1735	150	10	-	-	SYM
framr-1735	150	11	74	74	NUM
framr-1735	150	12	.	.	PUNCT
framr-1735	151	1	available	available	ADJ
framr-1735	151	2	at	at	ADP
framr-1735	151	3	:	:	PUNCT
framr-1735	151	4	https://doi.org/10.35536/lje.2001.v6.i1.a3	https://doi.org/10.35536/lje.2001.v6.i1.a3	ADJ
framr-1735	151	5	.	.	PUNCT
framr-1735	152	1	bhatti	bhatti	PROPN
framr-1735	152	2	,	,	PUNCT
framr-1735	152	3	u.	u.	PROPN
framr-1735	152	4	,	,	PUNCT
framr-1735	152	5	&	&	CCONJ
framr-1735	152	6	hanif	hanif	PROPN
framr-1735	152	7	,	,	PUNCT
framr-1735	152	8	m.	m.	NOUN
framr-1735	152	9	(	(	PUNCT
framr-1735	152	10	2010	2010	NUM
framr-1735	152	11	)	)	PUNCT
framr-1735	152	12	.	.	PUNCT
framr-1735	153	1	validity	validity	NOUN
framr-1735	153	2	of	of	ADP
framr-1735	153	3	capital	capital	NOUN
framr-1735	153	4	assets	asset	NOUN
framr-1735	153	5	pricing	pricing	NOUN
framr-1735	153	6	model	model	NOUN
framr-1735	153	7	:	:	PUNCT
framr-1735	153	8	evidence	evidence	NOUN
framr-1735	153	9	from	from	ADP
framr-1735	153	10	kse	kse	NOUN
framr-1735	153	11	-	-	PUNCT
framr-1735	153	12	pakistan	pakistan	ADJ
framr-1735	153	13	.	.	PUNCT
framr-1735	154	1	european	european	PROPN
framr-1735	154	2	journal	journal	PROPN
framr-1735	154	3	of	of	ADP
framr-1735	154	4	economics	economic	NOUN
framr-1735	154	5	,	,	PUNCT
framr-1735	154	6	finance	finance	NOUN
framr-1735	154	7	and	and	CCONJ
framr-1735	154	8	administrative	administrative	ADJ
framr-1735	154	9	sciences	science	NOUN
framr-1735	154	10	,	,	PUNCT
framr-1735	154	11	20	20	NUM
framr-1735	154	12	.	.	PUNCT
framr-1735	155	1	black	black	PROPN
framr-1735	155	2	,	,	PUNCT
framr-1735	155	3	f.	f.	PROPN
framr-1735	155	4	,	,	PUNCT
framr-1735	155	5	jensen	jensen	PROPN
framr-1735	155	6	,	,	PUNCT
framr-1735	155	7	m.	m.	PROPN
framr-1735	155	8	c.	c.	PROPN
framr-1735	155	9	,	,	PUNCT
framr-1735	155	10	&	&	CCONJ
framr-1735	155	11	scholes	scholes	PROPN
framr-1735	155	12	,	,	PUNCT
framr-1735	155	13	m.	m.	NOUN
framr-1735	155	14	(	(	PUNCT
framr-1735	155	15	1972	1972	NUM
framr-1735	155	16	)	)	PUNCT
framr-1735	155	17	.	.	PUNCT
framr-1735	156	1	the	the	DET
framr-1735	156	2	capital	capital	NOUN
framr-1735	156	3	asset	asset	NOUN
framr-1735	156	4	pricing	pricing	NOUN
framr-1735	156	5	model	model	NOUN
framr-1735	156	6	:	:	PUNCT
framr-1735	156	7	some	some	DET
framr-1735	156	8	empirical	empirical	ADJ
framr-1735	156	9	tests	test	NOUN
framr-1735	156	10	.	.	PUNCT
framr-1735	157	1	studies	study	NOUN
framr-1735	157	2	in	in	ADP
framr-1735	157	3	the	the	DET
framr-1735	157	4	theory	theory	NOUN
framr-1735	157	5	of	of	ADP
framr-1735	157	6	capital	capital	NOUN
framr-1735	157	7	markets	market	NOUN
framr-1735	157	8	,	,	PUNCT
framr-1735	157	9	81(3	81(3	NUM
framr-1735	157	10	)	)	PUNCT
framr-1735	157	11	,	,	PUNCT
framr-1735	157	12	79	79	NUM
framr-1735	157	13	-	-	SYM
framr-1735	157	14	121	121	NUM
framr-1735	157	15	.	.	PUNCT
framr-1735	157	16	available	available	ADJ
framr-1735	157	17	at	at	ADP
framr-1735	157	18	:	:	PUNCT
framr-1735	157	19	https://doi.org/10.1111/j.1467-629x.1989.tb00155.x	https://doi.org/10.1111/j.1467-629x.1989.tb00155.x	NOUN
framr-1735	157	20	.	.	PUNCT
framr-1735	158	1	dash	dash	NOUN
framr-1735	158	2	,	,	PUNCT
framr-1735	158	3	m.	m.	NOUN
framr-1735	158	4	,	,	PUNCT
framr-1735	158	5	&	&	CCONJ
framr-1735	158	6	rishika	rishika	PROPN
framr-1735	158	7	,	,	PUNCT
framr-1735	158	8	r.	r.	PROPN
framr-1735	158	9	(	(	PUNCT
framr-1735	158	10	2011	2011	NUM
framr-1735	158	11	)	)	PUNCT
framr-1735	158	12	.	.	PUNCT
framr-1735	159	1	asset	asset	NOUN
framr-1735	159	2	pricing	pricing	NOUN
framr-1735	159	3	models	model	NOUN
framr-1735	159	4	in	in	ADP
framr-1735	159	5	indian	indian	ADJ
framr-1735	159	6	capital	capital	NOUN
framr-1735	159	7	markets	market	NOUN
framr-1735	159	8	.	.	PUNCT
framr-1735	160	1	indian	indian	ADJ
framr-1735	160	2	journal	journal	PROPN
framr-1735	160	3	of	of	ADP
framr-1735	160	4	finance	finance	NOUN
framr-1735	160	5	,	,	PUNCT
framr-1735	160	6	5(11	5(11	NUM
framr-1735	160	7	)	)	PUNCT
framr-1735	160	8	,	,	PUNCT
framr-1735	160	9	4	4	NUM
framr-1735	160	10	-	-	SYM
framr-1735	160	11	10	10	NUM
framr-1735	160	12	.	.	PUNCT
framr-1735	161	1	elbannan	elbannan	PROPN
framr-1735	161	2	,	,	PUNCT
framr-1735	161	3	m.	m.	NOUN
framr-1735	161	4	a.	a.	NOUN
framr-1735	161	5	(	(	PUNCT
framr-1735	161	6	2015	2015	NUM
framr-1735	161	7	)	)	PUNCT
framr-1735	161	8	.	.	PUNCT
framr-1735	162	1	the	the	DET
framr-1735	162	2	capital	capital	NOUN
framr-1735	162	3	asset	asset	NOUN
framr-1735	162	4	pricing	pricing	NOUN
framr-1735	162	5	model	model	NOUN
framr-1735	162	6	:	:	PUNCT
framr-1735	162	7	an	an	DET
framr-1735	162	8	overview	overview	NOUN
framr-1735	162	9	of	of	ADP
framr-1735	162	10	the	the	DET
framr-1735	162	11	theory	theory	NOUN
framr-1735	162	12	.	.	PUNCT
framr-1735	163	1	international	international	ADJ
framr-1735	163	2	journal	journal	PROPN
framr-1735	163	3	of	of	ADP
framr-1735	163	4	economics	economic	NOUN
framr-1735	163	5	and	and	CCONJ
framr-1735	163	6	finance	finance	NOUN
framr-1735	163	7	,	,	PUNCT
framr-1735	163	8	7(1	7(1	NUM
framr-1735	163	9	)	)	PUNCT
framr-1735	163	10	,	,	PUNCT
framr-1735	163	11	216	216	NUM
framr-1735	163	12	-	-	SYM
framr-1735	163	13	228	228	NUM
framr-1735	163	14	.	.	PUNCT
framr-1735	163	15	available	available	ADJ
framr-1735	163	16	at	at	ADP
framr-1735	163	17	:	:	PUNCT
framr-1735	163	18	https://doi.org/10.5539/ijef.v7n1p216	https://doi.org/10.5539/ijef.v7n1p216	PROPN
framr-1735	163	19	.	.	PUNCT
framr-1735	163	20	harshita	harshita	PROPN
framr-1735	163	21	,	,	PUNCT
framr-1735	163	22	s.	s.	PROPN
framr-1735	163	23	,	,	PUNCT
framr-1735	163	24	singh	singh	PROPN
framr-1735	163	25	,	,	PUNCT
framr-1735	163	26	&	&	CCONJ
framr-1735	163	27	surendra	surendra	PROPN
framr-1735	163	28	,	,	PUNCT
framr-1735	163	29	s.	s.	PROPN
framr-1735	163	30	y.	y.	PROPN
framr-1735	163	31	(	(	PUNCT
framr-1735	163	32	2015	2015	NUM
framr-1735	163	33	)	)	PUNCT
framr-1735	163	34	.	.	PUNCT
framr-1735	164	1	indian	indian	ADJ
framr-1735	164	2	stock	stock	NOUN
framr-1735	164	3	market	market	NOUN
framr-1735	164	4	and	and	CCONJ
framr-1735	164	5	the	the	DET
framr-1735	164	6	asset	asset	NOUN
framr-1735	164	7	pricing	pricing	NOUN
framr-1735	164	8	models	model	NOUN
framr-1735	164	9	.	.	PUNCT
framr-1735	165	1	procedia	procedia	NOUN
framr-1735	165	2	economics	economic	NOUN
framr-1735	165	3	and	and	CCONJ
framr-1735	165	4	finance	finance	NOUN
framr-1735	165	5	.	.	PUNCT
framr-1735	166	1	hundal	hundal	NOUN
framr-1735	166	2	,	,	PUNCT
framr-1735	166	3	s.	s.	PROPN
framr-1735	166	4	,	,	PUNCT
framr-1735	166	5	eskola	eskola	PROPN
framr-1735	166	6	,	,	PUNCT
framr-1735	166	7	a.	a.	PROPN
framr-1735	166	8	,	,	PUNCT
framr-1735	166	9	&	&	CCONJ
framr-1735	166	10	tuan	tuan	PROPN
framr-1735	166	11	,	,	PUNCT
framr-1735	166	12	d.	d.	PROPN
framr-1735	166	13	(	(	PUNCT
framr-1735	166	14	2019	2019	NUM
framr-1735	166	15	)	)	PUNCT
framr-1735	166	16	.	.	PUNCT
framr-1735	167	1	risk	risk	NOUN
framr-1735	167	2	–	–	PUNCT
framr-1735	167	3	return	return	NOUN
framr-1735	167	4	relationship	relationship	NOUN
framr-1735	167	5	in	in	ADP
framr-1735	167	6	the	the	DET
framr-1735	167	7	finnish	finnish	ADJ
framr-1735	167	8	stock	stock	NOUN
framr-1735	167	9	market	market	NOUN
framr-1735	167	10	in	in	ADP
framr-1735	167	11	the	the	DET
framr-1735	167	12	light	light	NOUN
framr-1735	167	13	of	of	ADP
framr-1735	167	14	capital	capital	NOUN
framr-1735	167	15	asset	asset	NOUN
framr-1735	167	16	pricing	pricing	NOUN
framr-1735	167	17	model	model	NOUN
framr-1735	167	18	(	(	PUNCT
framr-1735	167	19	capm	capm	PROPN
framr-1735	167	20	)	)	PUNCT
framr-1735	167	21	.	.	PUNCT
framr-1735	168	1	journal	journal	PROPN
framr-1735	168	2	of	of	ADP
framr-1735	168	3	transnational	transnational	ADJ
framr-1735	168	4	management	management	NOUN
framr-1735	168	5	,	,	PUNCT
framr-1735	168	6	24(4	24(4	NOUN
framr-1735	168	7	)	)	PUNCT
framr-1735	168	8	,	,	PUNCT
framr-1735	168	9	305	305	NUM
framr-1735	168	10	-	-	SYM
framr-1735	168	11	322	322	NUM
framr-1735	168	12	.	.	PUNCT
framr-1735	168	13	available	available	ADJ
framr-1735	168	14	at	at	ADP
framr-1735	168	15	:	:	PUNCT
framr-1735	168	16	https://doi.org/10.1080/15475778.2019.1641394	https://doi.org/10.1080/15475778.2019.1641394	X
framr-1735	168	17	.	.	PUNCT
framr-1735	169	1	iqbal	iqbal	PROPN
framr-1735	169	2	,	,	PUNCT
framr-1735	169	3	j.	j.	PROPN
framr-1735	169	4	,	,	PUNCT
framr-1735	169	5	&	&	CCONJ
framr-1735	169	6	haider	haider	PROPN
framr-1735	169	7	,	,	PUNCT
framr-1735	169	8	a.	a.	NOUN
framr-1735	169	9	(	(	PUNCT
framr-1735	169	10	2005	2005	NUM
framr-1735	169	11	)	)	PUNCT
framr-1735	169	12	.	.	PUNCT
framr-1735	170	1	arbitrage	arbitrage	NOUN
framr-1735	170	2	pricing	pricing	NOUN
framr-1735	170	3	theory	theory	NOUN
framr-1735	170	4	:	:	PUNCT
framr-1735	170	5	evidence	evidence	NOUN
framr-1735	170	6	from	from	ADP
framr-1735	170	7	an	an	DET
framr-1735	170	8	emerging	emerge	VERB
framr-1735	170	9	stock	stock	NOUN
framr-1735	170	10	market	market	NOUN
framr-1735	170	11	.	.	PUNCT
framr-1735	171	1	lahore	lahore	PROPN
framr-1735	171	2	journal	journal	PROPN
framr-1735	171	3	of	of	ADP
framr-1735	171	4	economics	economic	NOUN
framr-1735	171	5	,	,	PUNCT
framr-1735	171	6	10(1	10(1	NUM
framr-1735	171	7	)	)	PUNCT
framr-1735	171	8	,	,	PUNCT
framr-1735	171	9	123	123	NUM
framr-1735	171	10	-	-	SYM
framr-1735	171	11	139	139	NUM
framr-1735	171	12	.	.	PUNCT
framr-1735	172	1	available	available	ADJ
framr-1735	172	2	at	at	ADP
framr-1735	172	3	:	:	PUNCT
framr-1735	172	4	https://doi.org/10.35536/lje.2005.v10.i1.a8	https://doi.org/10.35536/lje.2005.v10.i1.a8	PROPN
framr-1735	172	5	.	.	PUNCT
framr-1735	173	1	jagannathan	jagannathan	PROPN
framr-1735	173	2	,	,	PUNCT
framr-1735	173	3	r.	r.	PROPN
framr-1735	173	4	,	,	PUNCT
framr-1735	173	5	&	&	CCONJ
framr-1735	173	6	wang	wang	PROPN
framr-1735	173	7	,	,	PUNCT
framr-1735	173	8	z.	z.	PROPN
framr-1735	173	9	(	(	PUNCT
framr-1735	173	10	1996	1996	NUM
framr-1735	173	11	)	)	PUNCT
framr-1735	173	12	.	.	PUNCT
framr-1735	174	1	the	the	DET
framr-1735	174	2	conditional	conditional	ADJ
framr-1735	174	3	capm	capm	PROPN
framr-1735	174	4	and	and	CCONJ
framr-1735	174	5	the	the	DET
framr-1735	174	6	cross‐section	cross‐section	NOUN
framr-1735	174	7	of	of	ADP
framr-1735	174	8	expected	expect	VERB
framr-1735	174	9	returns	return	NOUN
framr-1735	174	10	.	.	PUNCT
framr-1735	175	1	the	the	DET
framr-1735	175	2	journal	journal	PROPN
framr-1735	175	3	of	of	ADP
framr-1735	175	4	finance	finance	NOUN
framr-1735	175	5	,	,	PUNCT
framr-1735	175	6	51(1	51(1	NUM
framr-1735	175	7	)	)	PUNCT
framr-1735	175	8	,	,	PUNCT
framr-1735	175	9	3	3	NUM
framr-1735	175	10	-	-	SYM
framr-1735	175	11	53	53	NUM
framr-1735	175	12	.	.	PUNCT
framr-1735	175	13	available	available	ADJ
framr-1735	175	14	at	at	ADP
framr-1735	175	15	:	:	PUNCT
framr-1735	175	16	https://doi.org/10.1111/j.1540-6261.1996.tb05201.x	https://doi.org/10.1111/j.1540-6261.1996.tb05201.x	PROPN
framr-1735	175	17	.	.	PUNCT
framr-1735	175	18	javid	javid	PROPN
framr-1735	175	19	,	,	PUNCT
framr-1735	175	20	a.	a.	NOUN
framr-1735	175	21	y.	y.	PROPN
framr-1735	175	22	,	,	PUNCT
framr-1735	175	23	&	&	CCONJ
framr-1735	175	24	eatzaz	eatzaz	VERB
framr-1735	175	25	,	,	PUNCT
framr-1735	175	26	a.	a.	NOUN
framr-1735	175	27	(	(	PUNCT
framr-1735	175	28	2009	2009	NUM
framr-1735	175	29	)	)	PUNCT
framr-1735	175	30	.	.	PUNCT
framr-1735	176	1	testing	test	VERB
framr-1735	176	2	multifactor	multifactor	NOUN
framr-1735	176	3	capital	capital	NOUN
framr-1735	176	4	asset	asset	NOUN
framr-1735	176	5	pricing	pricing	NOUN
framr-1735	176	6	model	model	NOUN
framr-1735	176	7	in	in	ADP
framr-1735	176	8	case	case	NOUN
framr-1735	176	9	of	of	ADP
framr-1735	176	10	pakistani	pakistani	ADJ
framr-1735	176	11	market	market	NOUN
framr-1735	176	12	.	.	PUNCT
framr-1735	177	1	international	international	ADJ
framr-1735	177	2	research	research	PROPN
framr-1735	177	3	journal	journal	NOUN
framr-1735	177	4	of	of	ADP
framr-1735	177	5	finance	finance	NOUN
framr-1735	177	6	and	and	CCONJ
framr-1735	177	7	economics	economic	NOUN
framr-1735	177	8	,	,	PUNCT
framr-1735	177	9	25(2009	25(2009	NUM
framr-1735	177	10	)	)	PUNCT
framr-1735	177	11	,	,	PUNCT
framr-1735	177	12	114	114	NUM
framr-1735	177	13	-	-	SYM
framr-1735	177	14	138	138	NUM
framr-1735	177	15	.	.	PUNCT
framr-1735	178	1	laubscher	laubscher	PROPN
framr-1735	178	2	,	,	PUNCT
framr-1735	178	3	e.	e.	PROPN
framr-1735	178	4	r.	r.	PROPN
framr-1735	178	5	(	(	PUNCT
framr-1735	178	6	2019	2019	NUM
framr-1735	178	7	)	)	PUNCT
framr-1735	178	8	.	.	PUNCT
framr-1735	179	1	a	a	DET
framr-1735	179	2	review	review	NOUN
framr-1735	179	3	of	of	ADP
framr-1735	179	4	the	the	DET
framr-1735	179	5	theory	theory	NOUN
framr-1735	179	6	of	of	ADP
framr-1735	179	7	and	and	CCONJ
framr-1735	179	8	evidence	evidence	NOUN
framr-1735	179	9	on	on	ADP
framr-1735	179	10	the	the	DET
framr-1735	179	11	use	use	NOUN
framr-1735	179	12	of	of	ADP
framr-1735	179	13	the	the	DET
framr-1735	179	14	capital	capital	NOUN
framr-1735	179	15	asset	asset	NOUN
framr-1735	179	16	pricing	pricing	NOUN
framr-1735	179	17	model	model	NOUN
framr-1735	179	18	to	to	PART
framr-1735	179	19	estimate	estimate	VERB
framr-1735	179	20	expected	expect	VERB
framr-1735	179	21	share	share	NOUN
framr-1735	179	22	returns	return	NOUN
framr-1735	179	23	.	.	PUNCT
framr-1735	180	1	meditari	meditari	ADJ
framr-1735	180	2	accountancy	accountancy	NOUN
framr-1735	180	3	research	research	NOUN
framr-1735	180	4	,	,	PUNCT
framr-1735	180	5	10(1	10(1	NUM
framr-1735	180	6	)	)	PUNCT
framr-1735	180	7	,	,	PUNCT
framr-1735	180	8	131	131	NUM
framr-1735	180	9	-	-	SYM
framr-1735	180	10	146	146	NUM
framr-1735	180	11	.	.	PUNCT
framr-1735	180	12	lintner	lintner	PROPN
framr-1735	180	13	,	,	PUNCT
framr-1735	180	14	j.	j.	PROPN
framr-1735	180	15	(	(	PUNCT
framr-1735	180	16	1965	1965	NUM
framr-1735	180	17	)	)	PUNCT
framr-1735	180	18	.	.	PUNCT
framr-1735	181	1	security	security	NOUN
framr-1735	181	2	prices	price	NOUN
framr-1735	181	3	,	,	PUNCT
framr-1735	181	4	risk	risk	NOUN
framr-1735	181	5	,	,	PUNCT
framr-1735	181	6	and	and	CCONJ
framr-1735	181	7	maximal	maximal	ADJ
framr-1735	181	8	gains	gain	NOUN
framr-1735	181	9	from	from	ADP
framr-1735	181	10	diversification	diversification	NOUN
framr-1735	181	11	.	.	PUNCT
framr-1735	182	1	the	the	DET
framr-1735	182	2	journal	journal	PROPN
framr-1735	182	3	of	of	ADP
framr-1735	182	4	finance	finance	NOUN
framr-1735	182	5	,	,	PUNCT
framr-1735	182	6	20(4	20(4	NOUN
framr-1735	182	7	)	)	PUNCT
framr-1735	182	8	,	,	PUNCT
framr-1735	182	9	587	587	NUM
framr-1735	182	10	-	-	SYM
framr-1735	182	11	615	615	NUM
framr-1735	182	12	.	.	PUNCT
framr-1735	182	13	available	available	ADJ
framr-1735	182	14	at	at	ADP
framr-1735	182	15	:	:	PUNCT
framr-1735	182	16	https://doi.org/10.2307/2977249	https://doi.org/10.2307/2977249	X
framr-1735	182	17	.	.	PUNCT
framr-1735	183	1	qu	qu	PROPN
framr-1735	183	2	,	,	PUNCT
framr-1735	183	3	z.	z.	PROPN
framr-1735	183	4	,	,	PUNCT
framr-1735	183	5	&	&	CCONJ
framr-1735	183	6	perron	perron	PROPN
framr-1735	183	7	,	,	PUNCT
framr-1735	183	8	p.	p.	NOUN
framr-1735	183	9	(	(	PUNCT
framr-1735	183	10	2007	2007	NUM
framr-1735	183	11	)	)	PUNCT
framr-1735	183	12	.	.	PUNCT
framr-1735	184	1	estimating	estimate	VERB
framr-1735	184	2	and	and	CCONJ
framr-1735	184	3	testing	test	VERB
framr-1735	184	4	structural	structural	ADJ
framr-1735	184	5	changes	change	NOUN
framr-1735	184	6	in	in	ADP
framr-1735	184	7	multivariate	multivariate	NOUN
framr-1735	184	8	regressions	regression	NOUN
framr-1735	184	9	.	.	PUNCT
framr-1735	185	1	econometrica	econometrica	PROPN
framr-1735	185	2	,	,	PUNCT
framr-1735	185	3	75(2	75(2	NUM
framr-1735	185	4	)	)	PUNCT
framr-1735	185	5	,	,	PUNCT
framr-1735	185	6	459	459	NUM
framr-1735	185	7	-	-	SYM
framr-1735	185	8	502	502	NUM
framr-1735	185	9	.	.	PUNCT
framr-1735	185	10	available	available	ADJ
framr-1735	185	11	at	at	ADP
framr-1735	185	12	:	:	PUNCT
framr-1735	185	13	https://doi.org/10.1111/j.1468-0262.2006.00754.x	https://doi.org/10.1111/j.1468-0262.2006.00754.x	X
framr-1735	185	14	.	.	PUNCT
framr-1735	186	1	ross	ross	PROPN
framr-1735	186	2	,	,	PUNCT
framr-1735	186	3	s.	s.	PROPN
framr-1735	186	4	(	(	PUNCT
framr-1735	186	5	1976	1976	NUM
framr-1735	186	6	)	)	PUNCT
framr-1735	186	7	.	.	PUNCT
framr-1735	187	1	the	the	DET
framr-1735	187	2	arbitrage	arbitrage	NOUN
framr-1735	187	3	theory	theory	NOUN
framr-1735	187	4	of	of	ADP
framr-1735	187	5	capital	capital	NOUN
framr-1735	187	6	asset	asset	NOUN
framr-1735	187	7	pricing	pricing	NOUN
framr-1735	187	8	.	.	PUNCT
framr-1735	188	1	journal	journal	NOUN
framr-1735	188	2	of	of	ADP
framr-1735	188	3	economic	economic	ADJ
framr-1735	188	4	theory	theory	NOUN
framr-1735	188	5	,	,	PUNCT
framr-1735	188	6	13(3	13(3	NUM
framr-1735	188	7	)	)	PUNCT
framr-1735	188	8	,	,	PUNCT
framr-1735	188	9	341	341	NUM
framr-1735	188	10	-	-	SYM
framr-1735	188	11	360	360	NUM
framr-1735	188	12	.	.	PUNCT
framr-1735	189	1	financial	financial	ADJ
framr-1735	189	2	risk	risk	NOUN
framr-1735	189	3	and	and	CCONJ
framr-1735	189	4	management	management	NOUN
framr-1735	189	5	reviews	review	NOUN
framr-1735	189	6	,	,	PUNCT
framr-1735	189	7	2020	2020	NUM
framr-1735	189	8	,	,	PUNCT
framr-1735	189	9	6(1	6(1	NUM
framr-1735	189	10	):	):	PUNCT
framr-1735	189	11	14	14	NUM
framr-1735	189	12	-	-	SYM
framr-1735	189	13	21	21	NUM
framr-1735	189	14	21	21	NUM
framr-1735	189	15	©	©	PROPN
framr-1735	189	16	2020	2020	NUM
framr-1735	189	17	conscientia	conscientia	PROPN
framr-1735	189	18	beam	beam	PROPN
framr-1735	189	19	.	.	PUNCT
framr-1735	190	1	all	all	DET
framr-1735	190	2	rights	right	NOUN
framr-1735	190	3	reserved	reserve	VERB
framr-1735	190	4	.	.	PUNCT
framr-1735	191	1	shamim	shamim	PROPN
framr-1735	191	2	,	,	PUNCT
framr-1735	191	3	m.	m.	NOUN
framr-1735	191	4	a.	a.	PROPN
framr-1735	191	5	,	,	PUNCT
framr-1735	191	6	abid	abid	PROPN
framr-1735	191	7	,	,	PUNCT
framr-1735	191	8	y.	y.	PROPN
framr-1735	191	9	,	,	PUNCT
framr-1735	191	10	&	&	CCONJ
framr-1735	191	11	shaikh	shaikh	PROPN
framr-1735	191	12	,	,	PUNCT
framr-1735	191	13	e.	e.	PROPN
framr-1735	191	14	a.	a.	PROPN
framr-1735	191	15	(	(	PUNCT
framr-1735	191	16	2014	2014	NUM
framr-1735	191	17	)	)	PUNCT
framr-1735	191	18	.	.	PUNCT
framr-1735	192	1	validity	validity	NOUN
framr-1735	192	2	of	of	ADP
framr-1735	192	3	capital	capital	NOUN
framr-1735	192	4	asset	asset	NOUN
framr-1735	192	5	ricing	ricing	NOUN
framr-1735	192	6	model	model	NOUN
framr-1735	192	7	in	in	ADP
framr-1735	192	8	pakistan	pakistan	PROPN
framr-1735	192	9	’s	’s	PART
framr-1735	192	10	capital	capital	NOUN
framr-1735	192	11	market	market	NOUN
framr-1735	192	12	(	(	PUNCT
framr-1735	192	13	karachi	karachi	PROPN
framr-1735	192	14	stock	stock	PROPN
framr-1735	192	15	exchange	exchange	PROPN
framr-1735	192	16	)	)	PUNCT
framr-1735	192	17	.	.	PUNCT
framr-1735	193	1	journal	journal	NOUN
framr-1735	193	2	of	of	ADP
framr-1735	193	3	emerging	emerge	VERB
framr-1735	193	4	issues	issue	NOUN
framr-1735	193	5	in	in	ADP
framr-1735	193	6	economics	economic	NOUN
framr-1735	193	7	,	,	PUNCT
framr-1735	193	8	finance	finance	NOUN
framr-1735	193	9	and	and	CCONJ
framr-1735	193	10	banking	banking	NOUN
framr-1735	193	11	,	,	PUNCT
framr-1735	193	12	3(4	3(4	NUM
framr-1735	193	13	)	)	PUNCT
framr-1735	193	14	,	,	PUNCT
framr-1735	193	15	1141	1141	NUM
framr-1735	193	16	-	-	SYM
framr-1735	193	17	1149	1149	NUM
framr-1735	193	18	.	.	PUNCT
framr-1735	194	1	sharpe	sharpe	PROPN
framr-1735	194	2	,	,	PUNCT
framr-1735	194	3	w.	w.	PROPN
framr-1735	194	4	f.	f.	PROPN
framr-1735	194	5	(	(	PUNCT
framr-1735	194	6	1964	1964	NUM
framr-1735	194	7	)	)	PUNCT
framr-1735	194	8	.	.	PUNCT
framr-1735	195	1	capital	capital	NOUN
framr-1735	195	2	asset	asset	NOUN
framr-1735	195	3	prices	price	NOUN
framr-1735	195	4	:	:	PUNCT
framr-1735	195	5	a	a	DET
framr-1735	195	6	theory	theory	NOUN
framr-1735	195	7	of	of	ADP
framr-1735	195	8	market	market	NOUN
framr-1735	195	9	equilibrium	equilibrium	NOUN
framr-1735	195	10	under	under	ADP
framr-1735	195	11	conditions	condition	NOUN
framr-1735	195	12	of	of	ADP
framr-1735	195	13	risk	risk	NOUN
framr-1735	195	14	.	.	PUNCT
framr-1735	196	1	the	the	DET
framr-1735	196	2	journal	journal	PROPN
framr-1735	196	3	of	of	ADP
framr-1735	196	4	finance	finance	NOUN
framr-1735	196	5	,	,	PUNCT
framr-1735	196	6	19(3	19(3	NUM
framr-1735	196	7	)	)	PUNCT
framr-1735	196	8	,	,	PUNCT
framr-1735	196	9	425–442	425–442	NUM
framr-1735	196	10	.	.	PUNCT
framr-1735	196	11	available	available	ADJ
framr-1735	196	12	at	at	ADP
framr-1735	196	13	:	:	PUNCT
framr-1735	196	14	https://doi.org/10.2307/2977928	https://doi.org/10.2307/2977928	PROPN
framr-1735	196	15	.	.	NOUN
framr-1735	196	16	siregar	siregar	NOUN
framr-1735	196	17	,	,	PUNCT
framr-1735	196	18	e.	e.	PROPN
framr-1735	196	19	i.	i.	PROPN
framr-1735	196	20	,	,	PUNCT
framr-1735	196	21	&	&	CCONJ
framr-1735	196	22	diana	diana	PROPN
framr-1735	196	23	.	.	PUNCT
framr-1735	197	1	(	(	PUNCT
framr-1735	197	2	2019	2019	NUM
framr-1735	197	3	)	)	PUNCT
framr-1735	197	4	.	.	PUNCT
framr-1735	198	1	the	the	DET
framr-1735	198	2	impact	impact	NOUN
framr-1735	198	3	of	of	ADP
framr-1735	198	4	political	political	ADJ
framr-1735	198	5	risk	risk	NOUN
framr-1735	198	6	and	and	CCONJ
framr-1735	198	7	macro	macro	ADJ
framr-1735	198	8	economics	economic	NOUN
framr-1735	198	9	on	on	ADP
framr-1735	198	10	stock	stock	NOUN
framr-1735	198	11	return	return	NOUN
framr-1735	198	12	at	at	ADP
framr-1735	198	13	indonesia	indonesia	PROPN
framr-1735	198	14	stock	stock	PROPN
framr-1735	198	15	exchange	exchange	PROPN
framr-1735	198	16	(	(	PUNCT
framr-1735	198	17	an	an	DET
framr-1735	198	18	approach	approach	NOUN
framr-1735	198	19	of	of	ADP
framr-1735	198	20	arbritage	arbritage	NOUN
framr-1735	198	21	pricing	pricing	NOUN
framr-1735	198	22	theory	theory	NOUN
framr-1735	198	23	(	(	PUNCT
framr-1735	198	24	apt	apt	ADJ
framr-1735	198	25	)	)	PUNCT
framr-1735	198	26	.	.	PUNCT
framr-1735	199	1	kne	kne	PROPN
framr-1735	199	2	social	social	PROPN
framr-1735	199	3	sciences	sciences	PROPN
framr-1735	199	4	,	,	PUNCT
framr-1735	199	5	3(26	3(26	NUM
framr-1735	199	6	)	)	PUNCT
framr-1735	199	7	,	,	PUNCT
framr-1735	199	8	744	744	NUM
framr-1735	199	9	-	-	SYM
framr-1735	199	10	772	772	NUM
framr-1735	199	11	.	.	PUNCT
framr-1735	199	12	available	available	ADJ
framr-1735	199	13	at	at	ADP
framr-1735	199	14	:	:	PUNCT
framr-1735	199	15	https://doi.org/10.18502/kss.v3i26.5412	https://doi.org/10.18502/kss.v3i26.5412	PROPN
framr-1735	199	16	.	.	PUNCT
framr-1735	200	1	views	view	NOUN
framr-1735	200	2	and	and	CCONJ
framr-1735	200	3	opinions	opinion	NOUN
framr-1735	200	4	expressed	express	VERB
framr-1735	200	5	in	in	ADP
framr-1735	200	6	this	this	DET
framr-1735	200	7	article	article	NOUN
framr-1735	200	8	are	be	AUX
framr-1735	200	9	the	the	DET
framr-1735	200	10	views	view	NOUN
framr-1735	200	11	and	and	CCONJ
framr-1735	200	12	opinions	opinion	NOUN
framr-1735	200	13	of	of	ADP
framr-1735	200	14	the	the	DET
framr-1735	200	15	author(s	author(s	NOUN
framr-1735	200	16	)	)	PUNCT
framr-1735	200	17	,	,	PUNCT
framr-1735	200	18	financial	financial	ADJ
framr-1735	200	19	risk	risk	NOUN
framr-1735	200	20	and	and	CCONJ
framr-1735	200	21	management	management	NOUN
framr-1735	200	22	reviews	review	NOUN
framr-1735	200	23	shall	shall	AUX
framr-1735	200	24	not	not	PART
framr-1735	200	25	be	be	AUX
framr-1735	200	26	responsible	responsible	ADJ
framr-1735	200	27	or	or	CCONJ
framr-1735	200	28	answerable	answerable	ADJ
framr-1735	200	29	for	for	ADP
framr-1735	200	30	any	any	DET
framr-1735	200	31	loss	loss	NOUN
framr-1735	200	32	,	,	PUNCT
framr-1735	200	33	damage	damage	NOUN
framr-1735	200	34	or	or	CCONJ
framr-1735	200	35	liability	liability	NOUN
framr-1735	200	36	etc	etc	X
framr-1735	200	37	.	.	X
framr-1735	201	1	caused	cause	VERB
framr-1735	201	2	in	in	ADP
framr-1735	201	3	relation	relation	NOUN
framr-1735	201	4	to	to	PART
framr-1735	201	5	/	/	PUNCT
framr-1735	201	6	arising	arise	VERB
framr-1735	201	7	out	out	ADP
framr-1735	201	8	of	of	ADP
framr-1735	201	9	the	the	DET
framr-1735	201	10	use	use	NOUN
framr-1735	201	11	of	of	ADP
framr-1735	201	12	the	the	DET
framr-1735	201	13	content	content	NOUN
framr-1735	201	14	.	.	PUNCT