id	sid	tid	token	lemma	pos
fbem-1472	1	1	frontiers	frontier	NOUN
fbem-1472	1	2	in	in	ADP
fbem-1472	1	3	business	business	NOUN
fbem-1472	1	4	,	,	PUNCT
fbem-1472	1	5	economics	economic	NOUN
fbem-1472	1	6	and	and	CCONJ
fbem-1472	1	7	management	management	NOUN
fbem-1472	1	8	issn	issn	PROPN
fbem-1472	1	9	:	:	PUNCT
fbem-1472	1	10	2766	2766	NUM
fbem-1472	1	11	-	-	PUNCT
fbem-1472	1	12	824x	824x	NUM
fbem-1472	1	13	|	|	ADJ
fbem-1472	1	14	vol	vol	NOUN
fbem-1472	1	15	.	.	PROPN
fbem-1472	2	1	5	5	NUM
fbem-1472	2	2	,	,	PUNCT
fbem-1472	2	3	no	no	INTJ
fbem-1472	2	4	.	.	NOUN
fbem-1472	2	5	1	1	NUM
fbem-1472	2	6	,	,	PUNCT
fbem-1472	2	7	2022	2022	NUM
fbem-1472	2	8	94	94	NUM
fbem-1472	2	9	correlation	correlation	NOUN
fbem-1472	2	10	analysis	analysis	NOUN
fbem-1472	2	11	between	between	ADP
fbem-1472	2	12	stock	stock	NOUN
fbem-1472	2	13	index	index	NOUN
fbem-1472	2	14	and	and	CCONJ
fbem-1472	2	15	spot	spot	NOUN
fbem-1472	2	16	index	index	NOUN
fbem-1472	2	17	-an	-an	ADP
fbem-1472	2	18	empirical	empirical	ADJ
fbem-1472	2	19	study	study	NOUN
fbem-1472	2	20	based	base	VERB
fbem-1472	2	21	on	on	ADP
fbem-1472	2	22	vecm	vecm	NOUN
fbem-1472	2	23	model	model	PROPN
fbem-1472	2	24	yixuan	yixuan	PROPN
fbem-1472	2	25	liu	liu	PROPN
fbem-1472	2	26	guangzhou	guangzhou	PROPN
fbem-1472	2	27	huashang	huashang	PROPN
fbem-1472	2	28	college	college	PROPN
fbem-1472	2	29	,	,	PUNCT
fbem-1472	2	30	guangzhou	guangzhou	PROPN
fbem-1472	2	31	,	,	PUNCT
fbem-1472	2	32	china	china	PROPN
fbem-1472	2	33	abstract	abstract	PROPN
fbem-1472	2	34	:	:	PUNCT
fbem-1472	2	35	since	since	SCONJ
fbem-1472	2	36	the	the	DET
fbem-1472	2	37	reform	reform	NOUN
fbem-1472	2	38	and	and	CCONJ
fbem-1472	2	39	opening	opening	NOUN
fbem-1472	2	40	up	up	ADP
fbem-1472	2	41	,	,	PUNCT
fbem-1472	2	42	with	with	ADP
fbem-1472	2	43	the	the	DET
fbem-1472	2	44	continuous	continuous	ADJ
fbem-1472	2	45	strengthening	strengthening	NOUN
fbem-1472	2	46	of	of	ADP
fbem-1472	2	47	china	china	PROPN
fbem-1472	2	48	's	's	PART
fbem-1472	2	49	economic	economic	ADJ
fbem-1472	2	50	strength	strength	NOUN
fbem-1472	2	51	,	,	PUNCT
fbem-1472	2	52	the	the	DET
fbem-1472	2	53	continuous	continuous	ADJ
fbem-1472	2	54	improvement	improvement	NOUN
fbem-1472	2	55	of	of	ADP
fbem-1472	2	56	the	the	DET
fbem-1472	2	57	financial	financial	ADJ
fbem-1472	2	58	market	market	NOUN
fbem-1472	2	59	,	,	PUNCT
fbem-1472	2	60	and	and	CCONJ
fbem-1472	2	61	the	the	DET
fbem-1472	2	62	increasing	increase	VERB
fbem-1472	2	63	appeal	appeal	NOUN
fbem-1472	2	64	of	of	ADP
fbem-1472	2	65	investors	investor	NOUN
fbem-1472	2	66	to	to	PART
fbem-1472	2	67	avoid	avoid	VERB
fbem-1472	2	68	market	market	NOUN
fbem-1472	2	69	risks	risk	NOUN
fbem-1472	2	70	.	.	PUNCT
fbem-1472	3	1	since	since	SCONJ
fbem-1472	3	2	china	china	PROPN
fbem-1472	3	3	's	's	PART
fbem-1472	3	4	first	first	ADJ
fbem-1472	3	5	stock	stock	NOUN
fbem-1472	3	6	index	index	NOUN
fbem-1472	3	7	futures	future	NOUN
fbem-1472	3	8	contract	contract	NOUN
fbem-1472	3	9	was	be	AUX
fbem-1472	3	10	listed	list	VERB
fbem-1472	3	11	and	and	CCONJ
fbem-1472	3	12	traded	trade	VERB
fbem-1472	3	13	,	,	PUNCT
fbem-1472	3	14	the	the	DET
fbem-1472	3	15	research	research	NOUN
fbem-1472	3	16	on	on	ADP
fbem-1472	3	17	the	the	DET
fbem-1472	3	18	relationship	relationship	NOUN
fbem-1472	3	19	between	between	ADP
fbem-1472	3	20	this	this	DET
fbem-1472	3	21	financial	financial	ADJ
fbem-1472	3	22	derivative	derivative	NOUN
fbem-1472	3	23	and	and	CCONJ
fbem-1472	3	24	the	the	DET
fbem-1472	3	25	corresponding	corresponding	ADJ
fbem-1472	3	26	spot	spot	NOUN
fbem-1472	3	27	market	market	NOUN
fbem-1472	3	28	has	have	AUX
fbem-1472	3	29	been	be	AUX
fbem-1472	3	30	a	a	DET
fbem-1472	3	31	hot	hot	ADJ
fbem-1472	3	32	spot	spot	NOUN
fbem-1472	3	33	in	in	ADP
fbem-1472	3	34	academic	academic	ADJ
fbem-1472	3	35	circles	circle	NOUN
fbem-1472	3	36	.	.	PUNCT
fbem-1472	4	1	it	it	PRON
fbem-1472	4	2	refers	refer	VERB
fbem-1472	4	3	to	to	ADP
fbem-1472	4	4	the	the	DET
fbem-1472	4	5	hot	hot	ADJ
fbem-1472	4	6	events	event	NOUN
fbem-1472	4	7	triggered	trigger	VERB
fbem-1472	4	8	by	by	ADP
fbem-1472	4	9	the	the	DET
fbem-1472	4	10	futures	future	NOUN
fbem-1472	4	11	market	market	NOUN
fbem-1472	4	12	,	,	PUNCT
fbem-1472	4	13	and	and	CCONJ
fbem-1472	4	14	it	it	PRON
fbem-1472	4	15	has	have	AUX
fbem-1472	4	16	also	also	ADV
fbem-1472	4	17	been	be	AUX
fbem-1472	4	18	widely	widely	ADV
fbem-1472	4	19	concerned	concern	VERB
fbem-1472	4	20	by	by	ADP
fbem-1472	4	21	the	the	DET
fbem-1472	4	22	media	medium	NOUN
fbem-1472	4	23	,	,	PUNCT
fbem-1472	4	24	the	the	DET
fbem-1472	4	25	government	government	NOUN
fbem-1472	4	26	and	and	CCONJ
fbem-1472	4	27	the	the	DET
fbem-1472	4	28	people	people	NOUN
fbem-1472	4	29	.	.	PUNCT
fbem-1472	5	1	china	china	PROPN
fbem-1472	5	2	's	's	PART
fbem-1472	5	3	financial	financial	ADJ
fbem-1472	5	4	derivatives	derivative	NOUN
fbem-1472	5	5	market	market	NOUN
fbem-1472	5	6	is	be	AUX
fbem-1472	5	7	still	still	ADV
fbem-1472	5	8	in	in	ADP
fbem-1472	5	9	its	its	PRON
fbem-1472	5	10	infancy	infancy	NOUN
fbem-1472	5	11	,	,	PUNCT
fbem-1472	5	12	the	the	DET
fbem-1472	5	13	market	market	NOUN
fbem-1472	5	14	system	system	NOUN
fbem-1472	5	15	is	be	AUX
fbem-1472	5	16	not	not	PART
fbem-1472	5	17	yet	yet	ADV
fbem-1472	5	18	perfect	perfect	ADJ
fbem-1472	5	19	,	,	PUNCT
fbem-1472	5	20	and	and	CCONJ
fbem-1472	5	21	the	the	DET
fbem-1472	5	22	professional	professional	ADJ
fbem-1472	5	23	quality	quality	NOUN
fbem-1472	5	24	of	of	ADP
fbem-1472	5	25	institutions	institution	NOUN
fbem-1472	5	26	and	and	CCONJ
fbem-1472	5	27	individuals	individual	NOUN
fbem-1472	5	28	engaged	engage	VERB
fbem-1472	5	29	in	in	ADP
fbem-1472	5	30	trading	trading	NOUN
fbem-1472	5	31	still	still	ADV
fbem-1472	5	32	lags	lag	VERB
fbem-1472	5	33	far	far	ADV
fbem-1472	5	34	behind	behind	ADP
fbem-1472	5	35	that	that	PRON
fbem-1472	5	36	of	of	ADP
fbem-1472	5	37	investors	investor	NOUN
fbem-1472	5	38	in	in	ADP
fbem-1472	5	39	western	western	ADJ
fbem-1472	5	40	mature	mature	ADJ
fbem-1472	5	41	markets	market	NOUN
fbem-1472	5	42	.	.	PUNCT
fbem-1472	6	1	how	how	SCONJ
fbem-1472	6	2	to	to	PART
fbem-1472	6	3	improve	improve	VERB
fbem-1472	6	4	the	the	DET
fbem-1472	6	5	futures	future	NOUN
fbem-1472	6	6	index	index	NOUN
fbem-1472	6	7	market	market	NOUN
fbem-1472	6	8	mechanism	mechanism	NOUN
fbem-1472	6	9	and	and	CCONJ
fbem-1472	6	10	maintain	maintain	VERB
fbem-1472	6	11	the	the	DET
fbem-1472	6	12	stable	stable	ADJ
fbem-1472	6	13	operation	operation	NOUN
fbem-1472	6	14	of	of	ADP
fbem-1472	6	15	the	the	DET
fbem-1472	6	16	market	market	NOUN
fbem-1472	6	17	deserves	deserve	VERB
fbem-1472	6	18	the	the	DET
fbem-1472	6	19	government	government	NOUN
fbem-1472	6	20	's	's	PART
fbem-1472	6	21	in	in	ADP
fbem-1472	6	22	-	-	PUNCT
fbem-1472	6	23	depth	depth	NOUN
fbem-1472	6	24	consideration	consideration	NOUN
fbem-1472	6	25	.	.	PUNCT
fbem-1472	7	1	china	china	PROPN
fbem-1472	7	2	's	's	PART
fbem-1472	7	3	financial	financial	ADJ
fbem-1472	7	4	futures	future	NOUN
fbem-1472	7	5	market	market	NOUN
fbem-1472	7	6	supervision	supervision	NOUN
fbem-1472	7	7	authorities	authority	NOUN
fbem-1472	7	8	should	should	AUX
fbem-1472	7	9	continue	continue	VERB
fbem-1472	7	10	to	to	PART
fbem-1472	7	11	vigorously	vigorously	ADV
fbem-1472	7	12	promote	promote	VERB
fbem-1472	7	13	the	the	DET
fbem-1472	7	14	improvement	improvement	NOUN
fbem-1472	7	15	and	and	CCONJ
fbem-1472	7	16	development	development	NOUN
fbem-1472	7	17	of	of	ADP
fbem-1472	7	18	china	china	PROPN
fbem-1472	7	19	's	's	PART
fbem-1472	7	20	stock	stock	NOUN
fbem-1472	7	21	index	index	NOUN
fbem-1472	7	22	futures	future	NOUN
fbem-1472	7	23	market	market	NOUN
fbem-1472	7	24	.	.	PUNCT
fbem-1472	8	1	specific	specific	ADJ
fbem-1472	8	2	measures	measure	NOUN
fbem-1472	8	3	include	include	VERB
fbem-1472	8	4	:	:	PUNCT
fbem-1472	8	5	speeding	speed	VERB
fbem-1472	8	6	up	up	ADP
fbem-1472	8	7	the	the	DET
fbem-1472	8	8	introduction	introduction	NOUN
fbem-1472	8	9	of	of	ADP
fbem-1472	8	10	institutional	institutional	ADJ
fbem-1472	8	11	investors	investor	NOUN
fbem-1472	8	12	to	to	PART
fbem-1472	8	13	participate	participate	VERB
fbem-1472	8	14	in	in	ADP
fbem-1472	8	15	futures	future	NOUN
fbem-1472	8	16	trading	trading	NOUN
fbem-1472	8	17	and	and	CCONJ
fbem-1472	8	18	cultivating	cultivate	VERB
fbem-1472	8	19	mature	mature	ADJ
fbem-1472	8	20	market	market	NOUN
fbem-1472	8	21	trading	trading	NOUN
fbem-1472	8	22	subjects	subject	NOUN
fbem-1472	8	23	;	;	PUNCT
fbem-1472	8	24	establish	establish	VERB
fbem-1472	8	25	an	an	DET
fbem-1472	8	26	investor	investor	NOUN
fbem-1472	8	27	suitability	suitability	NOUN
fbem-1472	8	28	management	management	NOUN
fbem-1472	8	29	system	system	NOUN
fbem-1472	8	30	to	to	PART
fbem-1472	8	31	lower	lower	VERB
fbem-1472	8	32	the	the	DET
fbem-1472	8	33	entry	entry	NOUN
fbem-1472	8	34	threshold	threshold	NOUN
fbem-1472	8	35	of	of	ADP
fbem-1472	8	36	the	the	DET
fbem-1472	8	37	stock	stock	NOUN
fbem-1472	8	38	index	index	NOUN
fbem-1472	8	39	futures	future	NOUN
fbem-1472	8	40	market	market	NOUN
fbem-1472	8	41	;	;	PUNCT
fbem-1472	8	42	perfecting	perfect	VERB
fbem-1472	8	43	the	the	DET
fbem-1472	8	44	risk	risk	NOUN
fbem-1472	8	45	management	management	NOUN
fbem-1472	8	46	system	system	NOUN
fbem-1472	8	47	of	of	ADP
fbem-1472	8	48	the	the	DET
fbem-1472	8	49	futures	future	NOUN
fbem-1472	8	50	market	market	NOUN
fbem-1472	8	51	will	will	AUX
fbem-1472	8	52	provide	provide	VERB
fbem-1472	8	53	the	the	DET
fbem-1472	8	54	necessary	necessary	ADJ
fbem-1472	8	55	risk	risk	NOUN
fbem-1472	8	56	barrier	barrier	NOUN
fbem-1472	8	57	for	for	ADP
fbem-1472	8	58	the	the	DET
fbem-1472	8	59	healthy	healthy	ADJ
fbem-1472	8	60	and	and	CCONJ
fbem-1472	8	61	stable	stable	ADJ
fbem-1472	8	62	development	development	NOUN
fbem-1472	8	63	of	of	ADP
fbem-1472	8	64	china	china	PROPN
fbem-1472	8	65	's	's	PART
fbem-1472	8	66	financial	financial	ADJ
fbem-1472	8	67	market	market	NOUN
fbem-1472	8	68	.	.	PUNCT
fbem-1472	9	1	keywords	keyword	NOUN
fbem-1472	9	2	:	:	PUNCT
fbem-1472	9	3	stock	stock	NOUN
fbem-1472	9	4	index	index	NOUN
fbem-1472	9	5	futures	future	NOUN
fbem-1472	9	6	,	,	PUNCT
fbem-1472	9	7	spot	spot	NOUN
fbem-1472	9	8	index	index	NOUN
fbem-1472	9	9	,	,	PUNCT
fbem-1472	9	10	correlation	correlation	NOUN
fbem-1472	9	11	analysis	analysis	NOUN
fbem-1472	9	12	,	,	PUNCT
fbem-1472	9	13	vecm	vecm	NOUN
fbem-1472	9	14	model	model	NOUN
fbem-1472	9	15	.	.	PUNCT
fbem-1472	10	1	1	1	X
fbem-1472	10	2	.	.	X
fbem-1472	10	3	introduction	introduction	NOUN
fbem-1472	10	4	although	although	SCONJ
fbem-1472	10	5	the	the	DET
fbem-1472	10	6	history	history	NOUN
fbem-1472	10	7	of	of	ADP
fbem-1472	10	8	stock	stock	NOUN
fbem-1472	10	9	price	price	NOUN
fbem-1472	10	10	index	index	NOUN
fbem-1472	10	11	futures	future	NOUN
fbem-1472	10	12	contract	contract	NOUN
fbem-1472	10	13	trading	trading	NOUN
fbem-1472	10	14	has	have	AUX
fbem-1472	10	15	been	be	AUX
fbem-1472	10	16	more	more	ADJ
fbem-1472	10	17	than	than	ADP
fbem-1472	10	18	30	30	NUM
fbem-1472	10	19	years	year	NOUN
fbem-1472	10	20	,	,	PUNCT
fbem-1472	10	21	the	the	DET
fbem-1472	10	22	stock	stock	NOUN
fbem-1472	10	23	index	index	NOUN
fbem-1472	10	24	futures	future	NOUN
fbem-1472	10	25	trading	trading	NOUN
fbem-1472	10	26	in	in	ADP
fbem-1472	10	27	china	china	PROPN
fbem-1472	10	28	has	have	AUX
fbem-1472	10	29	just	just	ADV
fbem-1472	10	30	started	start	VERB
fbem-1472	10	31	due	due	ADP
fbem-1472	10	32	to	to	ADP
fbem-1472	10	33	the	the	DET
fbem-1472	10	34	lagging	lag	VERB
fbem-1472	10	35	development	development	NOUN
fbem-1472	10	36	of	of	ADP
fbem-1472	10	37	china	china	PROPN
fbem-1472	10	38	's	's	PART
fbem-1472	10	39	securities	security	NOUN
fbem-1472	10	40	market	market	NOUN
fbem-1472	10	41	[	[	X
fbem-1472	10	42	1	1	NUM
fbem-1472	10	43	]	]	PUNCT
fbem-1472	10	44	.	.	PUNCT
fbem-1472	11	1	as	as	ADV
fbem-1472	11	2	early	early	ADV
fbem-1472	11	3	as	as	ADP
fbem-1472	11	4	1970s	1970	NOUN
fbem-1472	11	5	,	,	PUNCT
fbem-1472	11	6	with	with	ADP
fbem-1472	11	7	the	the	DET
fbem-1472	11	8	announcement	announcement	NOUN
fbem-1472	11	9	of	of	ADP
fbem-1472	11	10	the	the	DET
fbem-1472	11	11	abandonment	abandonment	NOUN
fbem-1472	11	12	of	of	ADP
fbem-1472	11	13	the	the	DET
fbem-1472	11	14	"	"	PUNCT
fbem-1472	11	15	gold	gold	ADJ
fbem-1472	11	16	standard	standard	NOUN
fbem-1472	11	17	"	"	PUNCT
fbem-1472	11	18	by	by	ADP
fbem-1472	11	19	the	the	DET
fbem-1472	11	20	american	american	ADJ
fbem-1472	11	21	government	government	NOUN
fbem-1472	11	22	,	,	PUNCT
fbem-1472	11	23	the	the	DET
fbem-1472	11	24	fixed	fix	VERB
fbem-1472	11	25	exchange	exchange	NOUN
fbem-1472	11	26	rate	rate	NOUN
fbem-1472	11	27	system	system	NOUN
fbem-1472	11	28	completely	completely	ADV
fbem-1472	11	29	collapsed	collapse	VERB
fbem-1472	11	30	with	with	ADP
fbem-1472	11	31	the	the	DET
fbem-1472	11	32	collapse	collapse	NOUN
fbem-1472	11	33	of	of	ADP
fbem-1472	11	34	the	the	DET
fbem-1472	11	35	bretton	bretton	PROPN
fbem-1472	11	36	woods	wood	NOUN
fbem-1472	11	37	system	system	NOUN
fbem-1472	11	38	,	,	PUNCT
fbem-1472	11	39	and	and	CCONJ
fbem-1472	11	40	the	the	DET
fbem-1472	11	41	floating	float	VERB
fbem-1472	11	42	exchange	exchange	NOUN
fbem-1472	11	43	rate	rate	NOUN
fbem-1472	11	44	system	system	NOUN
fbem-1472	11	45	in	in	ADP
fbem-1472	11	46	the	the	DET
fbem-1472	11	47	world	world	NOUN
fbem-1472	11	48	began	begin	VERB
fbem-1472	11	49	to	to	PART
fbem-1472	11	50	take	take	VERB
fbem-1472	11	51	shape	shape	NOUN
fbem-1472	11	52	gradually	gradually	ADV
fbem-1472	11	53	[	[	X
fbem-1472	11	54	2	2	NUM
fbem-1472	11	55	]	]	PUNCT
fbem-1472	11	56	.	.	PUNCT
fbem-1472	12	1	under	under	ADP
fbem-1472	12	2	the	the	DET
fbem-1472	12	3	floating	float	VERB
fbem-1472	12	4	exchange	exchange	NOUN
fbem-1472	12	5	rate	rate	NOUN
fbem-1472	12	6	system	system	NOUN
fbem-1472	12	7	,	,	PUNCT
fbem-1472	12	8	the	the	DET
fbem-1472	12	9	currency	currency	NOUN
fbem-1472	12	10	price	price	NOUN
fbem-1472	12	11	is	be	AUX
fbem-1472	12	12	completely	completely	ADV
fbem-1472	12	13	determined	determine	VERB
fbem-1472	12	14	by	by	ADP
fbem-1472	12	15	the	the	DET
fbem-1472	12	16	relationship	relationship	NOUN
fbem-1472	12	17	between	between	ADP
fbem-1472	12	18	market	market	NOUN
fbem-1472	12	19	supply	supply	NOUN
fbem-1472	12	20	and	and	CCONJ
fbem-1472	12	21	demand	demand	NOUN
fbem-1472	12	22	.	.	PUNCT
fbem-1472	13	1	because	because	SCONJ
fbem-1472	13	2	the	the	DET
fbem-1472	13	3	basis	basis	NOUN
fbem-1472	13	4	of	of	ADP
fbem-1472	13	5	exchange	exchange	NOUN
fbem-1472	13	6	rate	rate	NOUN
fbem-1472	13	7	determination	determination	NOUN
fbem-1472	13	8	has	have	AUX
fbem-1472	13	9	become	become	VERB
fbem-1472	13	10	very	very	ADV
fbem-1472	13	11	unstable	unstable	ADJ
fbem-1472	13	12	,	,	PUNCT
fbem-1472	13	13	and	and	CCONJ
fbem-1472	13	14	the	the	DET
fbem-1472	13	15	factors	factor	NOUN
fbem-1472	13	16	affecting	affect	VERB
fbem-1472	13	17	the	the	DET
fbem-1472	13	18	relationship	relationship	NOUN
fbem-1472	13	19	between	between	ADP
fbem-1472	13	20	foreign	foreign	ADJ
fbem-1472	13	21	exchange	exchange	NOUN
fbem-1472	13	22	supply	supply	NOUN
fbem-1472	13	23	and	and	CCONJ
fbem-1472	13	24	demand	demand	NOUN
fbem-1472	13	25	are	be	AUX
fbem-1472	13	26	complicated	complicate	VERB
fbem-1472	13	27	,	,	PUNCT
fbem-1472	13	28	the	the	DET
fbem-1472	13	29	exchange	exchange	NOUN
fbem-1472	13	30	rate	rate	NOUN
fbem-1472	13	31	changes	change	NOUN
fbem-1472	13	32	frequently	frequently	ADV
fbem-1472	13	33	,	,	PUNCT
fbem-1472	13	34	which	which	PRON
fbem-1472	13	35	brings	bring	VERB
fbem-1472	13	36	great	great	ADJ
fbem-1472	13	37	price	price	NOUN
fbem-1472	13	38	risks	risk	NOUN
fbem-1472	13	39	to	to	ADP
fbem-1472	13	40	the	the	DET
fbem-1472	13	41	foreign	foreign	ADJ
fbem-1472	13	42	exchange	exchange	NOUN
fbem-1472	13	43	market	market	NOUN
fbem-1472	13	44	.	.	PUNCT
fbem-1472	14	1	the	the	DET
fbem-1472	14	2	high	high	ADJ
fbem-1472	14	3	leverage	leverage	NOUN
fbem-1472	14	4	,	,	PUNCT
fbem-1472	14	5	low	low	ADJ
fbem-1472	14	6	cost	cost	NOUN
fbem-1472	14	7	,	,	PUNCT
fbem-1472	14	8	hedging	hedging	NOUN
fbem-1472	14	9	and	and	CCONJ
fbem-1472	14	10	short	short	ADJ
fbem-1472	14	11	selling	selling	NOUN
fbem-1472	14	12	of	of	ADP
fbem-1472	14	13	stock	stock	NOUN
fbem-1472	14	14	index	index	NOUN
fbem-1472	14	15	provide	provide	VERB
fbem-1472	14	16	investors	investor	NOUN
fbem-1472	14	17	with	with	ADP
fbem-1472	14	18	effective	effective	ADJ
fbem-1472	14	19	tools	tool	NOUN
fbem-1472	14	20	to	to	PART
fbem-1472	14	21	avoid	avoid	VERB
fbem-1472	14	22	market	market	NOUN
fbem-1472	14	23	risks	risk	NOUN
fbem-1472	14	24	,	,	PUNCT
fbem-1472	14	25	and	and	CCONJ
fbem-1472	14	26	at	at	ADP
fbem-1472	14	27	the	the	DET
fbem-1472	14	28	same	same	ADJ
fbem-1472	14	29	time	time	NOUN
fbem-1472	14	30	broaden	broaden	VERB
fbem-1472	14	31	their	their	PRON
fbem-1472	14	32	investment	investment	NOUN
fbem-1472	14	33	channels	channel	NOUN
fbem-1472	14	34	[	[	X
fbem-1472	14	35	3	3	NUM
fbem-1472	14	36	]	]	PUNCT
fbem-1472	14	37	.	.	PUNCT
fbem-1472	15	1	nowadays	nowadays	ADV
fbem-1472	15	2	,	,	PUNCT
fbem-1472	15	3	the	the	DET
fbem-1472	15	4	trading	trading	NOUN
fbem-1472	15	5	scope	scope	NOUN
fbem-1472	15	6	of	of	ADP
fbem-1472	15	7	futures	future	NOUN
fbem-1472	15	8	contracts	contract	NOUN
fbem-1472	15	9	is	be	AUX
fbem-1472	15	10	not	not	PART
fbem-1472	15	11	limited	limit	VERB
fbem-1472	15	12	to	to	ADP
fbem-1472	15	13	physical	physical	ADJ
fbem-1472	15	14	goods	good	NOUN
fbem-1472	15	15	and	and	CCONJ
fbem-1472	15	16	monetary	monetary	ADJ
fbem-1472	15	17	bonds	bond	NOUN
fbem-1472	15	18	,	,	PUNCT
fbem-1472	15	19	such	such	ADJ
fbem-1472	15	20	as	as	ADP
fbem-1472	15	21	commodity	commodity	NOUN
fbem-1472	15	22	price	price	NOUN
fbem-1472	15	23	index	index	NOUN
fbem-1472	15	24	futures	future	NOUN
fbem-1472	15	25	contracts	contract	NOUN
fbem-1472	15	26	with	with	ADP
fbem-1472	15	27	consumer	consumer	NOUN
fbem-1472	15	28	price	price	NOUN
fbem-1472	15	29	index	index	NOUN
fbem-1472	15	30	as	as	ADP
fbem-1472	15	31	the	the	DET
fbem-1472	15	32	target	target	NOUN
fbem-1472	15	33	.	.	PUNCT
fbem-1472	16	1	morton	morton	PROPN
fbem-1472	16	2	miller	miller	PROPN
fbem-1472	16	3	,	,	PUNCT
fbem-1472	16	4	the	the	DET
fbem-1472	16	5	nobel	nobel	PROPN
fbem-1472	16	6	laureate	laureate	NOUN
fbem-1472	16	7	in	in	ADP
fbem-1472	16	8	economics	economic	NOUN
fbem-1472	16	9	,	,	PUNCT
fbem-1472	16	10	even	even	ADV
fbem-1472	16	11	praised	praise	VERB
fbem-1472	16	12	that	that	SCONJ
fbem-1472	16	13	"	"	PUNCT
fbem-1472	16	14	financial	financial	ADJ
fbem-1472	16	15	futures	future	NOUN
fbem-1472	16	16	are	be	AUX
fbem-1472	16	17	the	the	DET
fbem-1472	16	18	biggest	big	ADJ
fbem-1472	16	19	financial	financial	ADJ
fbem-1472	16	20	innovation	innovation	NOUN
fbem-1472	16	21	in	in	ADP
fbem-1472	16	22	the	the	DET
fbem-1472	16	23	past	past	ADJ
fbem-1472	16	24	twenty	twenty	NUM
fbem-1472	16	25	years	year	NOUN
fbem-1472	16	26	"	"	PUNCT
fbem-1472	16	27	[	[	X
fbem-1472	16	28	4	4	NUM
fbem-1472	16	29	]	]	PUNCT
fbem-1472	16	30	.	.	PUNCT
fbem-1472	17	1	the	the	DET
fbem-1472	17	2	birth	birth	NOUN
fbem-1472	17	3	of	of	ADP
fbem-1472	17	4	financial	financial	ADJ
fbem-1472	17	5	futures	future	NOUN
fbem-1472	17	6	,	,	PUNCT
fbem-1472	17	7	especially	especially	ADV
fbem-1472	17	8	stock	stock	NOUN
fbem-1472	17	9	index	index	NOUN
fbem-1472	17	10	futures	future	NOUN
fbem-1472	17	11	,	,	PUNCT
fbem-1472	17	12	is	be	AUX
fbem-1472	17	13	the	the	DET
fbem-1472	17	14	need	need	NOUN
fbem-1472	17	15	of	of	ADP
fbem-1472	17	16	the	the	DET
fbem-1472	17	17	times	time	NOUN
fbem-1472	17	18	.	.	PUNCT
fbem-1472	18	1	it	it	PRON
fbem-1472	18	2	not	not	PART
fbem-1472	18	3	only	only	ADV
fbem-1472	18	4	achieved	achieve	VERB
fbem-1472	18	5	rapid	rapid	ADJ
fbem-1472	18	6	development	development	NOUN
fbem-1472	18	7	and	and	CCONJ
fbem-1472	18	8	great	great	ADJ
fbem-1472	18	9	success	success	NOUN
fbem-1472	18	10	in	in	ADP
fbem-1472	18	11	the	the	DET
fbem-1472	18	12	united	united	PROPN
fbem-1472	18	13	states	states	PROPN
fbem-1472	18	14	,	,	PUNCT
fbem-1472	18	15	but	but	CCONJ
fbem-1472	18	16	also	also	ADV
fbem-1472	18	17	quickly	quickly	ADV
fbem-1472	18	18	spread	spread	VERB
fbem-1472	18	19	to	to	ADP
fbem-1472	18	20	all	all	DET
fbem-1472	18	21	parts	part	NOUN
fbem-1472	18	22	of	of	ADP
fbem-1472	18	23	the	the	DET
fbem-1472	18	24	world	world	NOUN
fbem-1472	18	25	,	,	PUNCT
fbem-1472	18	26	providing	provide	VERB
fbem-1472	18	27	safe	safe	ADJ
fbem-1472	18	28	haven	haven	NOUN
fbem-1472	18	29	for	for	ADP
fbem-1472	18	30	investors	investor	NOUN
fbem-1472	18	31	all	all	ADV
fbem-1472	18	32	over	over	ADP
fbem-1472	18	33	the	the	DET
fbem-1472	18	34	world	world	NOUN
fbem-1472	19	1	[	[	X
fbem-1472	19	2	5	5	NUM
fbem-1472	19	3	]	]	PUNCT
fbem-1472	19	4	.	.	PUNCT
fbem-1472	20	1	at	at	ADP
fbem-1472	20	2	the	the	DET
fbem-1472	20	3	same	same	ADJ
fbem-1472	20	4	time	time	NOUN
fbem-1472	20	5	,	,	PUNCT
fbem-1472	20	6	the	the	DET
fbem-1472	20	7	birth	birth	NOUN
fbem-1472	20	8	of	of	ADP
fbem-1472	20	9	stock	stock	NOUN
fbem-1472	20	10	index	index	NOUN
fbem-1472	20	11	futures	future	NOUN
fbem-1472	20	12	has	have	AUX
fbem-1472	20	13	become	become	VERB
fbem-1472	20	14	the	the	DET
fbem-1472	20	15	most	most	ADV
fbem-1472	20	16	effective	effective	ADJ
fbem-1472	20	17	righthand	righthand	NOUN
fbem-1472	20	18	man	man	NOUN
fbem-1472	20	19	of	of	ADP
fbem-1472	20	20	modern	modern	ADJ
fbem-1472	20	21	portfolio	portfolio	NOUN
fbem-1472	20	22	theory	theory	NOUN
fbem-1472	20	23	.	.	PUNCT
fbem-1472	21	1	information	information	NOUN
fbem-1472	21	2	transmission	transmission	NOUN
fbem-1472	21	3	in	in	ADP
fbem-1472	21	4	an	an	DET
fbem-1472	21	5	efficient	efficient	ADJ
fbem-1472	21	6	financial	financial	ADJ
fbem-1472	21	7	market	market	NOUN
fbem-1472	21	8	is	be	AUX
fbem-1472	21	9	unimpeded	unimpeded	ADJ
fbem-1472	21	10	,	,	PUNCT
fbem-1472	21	11	and	and	CCONJ
fbem-1472	21	12	the	the	DET
fbem-1472	21	13	reception	reception	NOUN
fbem-1472	21	14	of	of	ADP
fbem-1472	21	15	new	new	ADJ
fbem-1472	21	16	information	information	NOUN
fbem-1472	21	17	in	in	ADP
fbem-1472	21	18	all	all	DET
fbem-1472	21	19	markets	market	NOUN
fbem-1472	21	20	is	be	AUX
fbem-1472	21	21	consistent	consistent	ADJ
fbem-1472	21	22	[	[	X
fbem-1472	21	23	6	6	NUM
fbem-1472	21	24	]	]	PUNCT
fbem-1472	21	25	.	.	PUNCT
fbem-1472	22	1	this	this	PRON
fbem-1472	22	2	is	be	AUX
fbem-1472	22	3	not	not	PART
fbem-1472	22	4	the	the	DET
fbem-1472	22	5	case	case	NOUN
fbem-1472	22	6	.	.	PUNCT
fbem-1472	23	1	in	in	ADP
fbem-1472	23	2	reality	reality	NOUN
fbem-1472	23	3	,	,	PUNCT
fbem-1472	23	4	the	the	DET
fbem-1472	23	5	securities	security	NOUN
fbem-1472	23	6	market	market	NOUN
fbem-1472	23	7	has	have	VERB
fbem-1472	23	8	friction	friction	NOUN
fbem-1472	23	9	,	,	PUNCT
fbem-1472	23	10	and	and	CCONJ
fbem-1472	23	11	there	there	PRON
fbem-1472	23	12	are	be	VERB
fbem-1472	23	13	differences	difference	NOUN
fbem-1472	23	14	in	in	ADP
fbem-1472	23	15	the	the	DET
fbem-1472	23	16	degree	degree	NOUN
fbem-1472	23	17	of	of	ADP
fbem-1472	23	18	friction	friction	NOUN
fbem-1472	23	19	in	in	ADP
fbem-1472	23	20	different	different	ADJ
fbem-1472	23	21	markets	market	NOUN
fbem-1472	23	22	.	.	PUNCT
fbem-1472	24	1	therefore	therefore	ADV
fbem-1472	24	2	,	,	PUNCT
fbem-1472	24	3	the	the	DET
fbem-1472	24	4	reaction	reaction	NOUN
fbem-1472	24	5	speed	speed	NOUN
fbem-1472	24	6	of	of	ADP
fbem-1472	24	7	the	the	DET
fbem-1472	24	8	two	two	NUM
fbem-1472	24	9	cities	city	NOUN
fbem-1472	24	10	to	to	ADP
fbem-1472	24	11	new	new	ADJ
fbem-1472	24	12	information	information	NOUN
fbem-1472	24	13	is	be	AUX
fbem-1472	24	14	also	also	ADV
fbem-1472	24	15	different	different	ADJ
fbem-1472	24	16	,	,	PUNCT
fbem-1472	24	17	that	that	ADV
fbem-1472	24	18	is	is	ADV
fbem-1472	24	19	,	,	PUNCT
fbem-1472	24	20	there	there	PRON
fbem-1472	24	21	is	be	VERB
fbem-1472	24	22	a	a	DET
fbem-1472	24	23	leading	lead	VERB
fbem-1472	24	24	lag	lag	NOUN
fbem-1472	24	25	phenomenon	phenomenon	NOUN
fbem-1472	24	26	[	[	X
fbem-1472	24	27	7	7	NUM
fbem-1472	24	28	]	]	PUNCT
fbem-1472	24	29	.	.	PUNCT
fbem-1472	25	1	there	there	PRON
fbem-1472	25	2	is	be	VERB
fbem-1472	25	3	a	a	DET
fbem-1472	25	4	strong	strong	ADJ
fbem-1472	25	5	correlation	correlation	NOUN
fbem-1472	25	6	between	between	ADP
fbem-1472	25	7	the	the	DET
fbem-1472	25	8	two	two	NUM
fbem-1472	25	9	cities	city	NOUN
fbem-1472	25	10	.	.	PUNCT
fbem-1472	26	1	therefore	therefore	ADV
fbem-1472	26	2	,	,	PUNCT
fbem-1472	26	3	it	it	PRON
fbem-1472	26	4	is	be	AUX
fbem-1472	26	5	of	of	ADP
fbem-1472	26	6	far	far	ADV
fbem-1472	26	7	-	-	PUNCT
fbem-1472	26	8	reaching	reach	VERB
fbem-1472	26	9	significance	significance	NOUN
fbem-1472	26	10	for	for	ADP
fbem-1472	26	11	chinese	chinese	ADJ
fbem-1472	26	12	investors	investor	NOUN
fbem-1472	26	13	and	and	CCONJ
fbem-1472	26	14	regulators	regulator	NOUN
fbem-1472	26	15	in	in	ADP
fbem-1472	26	16	theory	theory	NOUN
fbem-1472	26	17	and	and	CCONJ
fbem-1472	26	18	practice	practice	NOUN
fbem-1472	26	19	to	to	PART
fbem-1472	26	20	study	study	VERB
fbem-1472	26	21	the	the	DET
fbem-1472	26	22	lead	lead	ADJ
fbem-1472	26	23	-	-	PUNCT
fbem-1472	26	24	lag	lag	NOUN
fbem-1472	26	25	relationship	relationship	NOUN
fbem-1472	26	26	and	and	CCONJ
fbem-1472	26	27	volatility	volatility	NOUN
fbem-1472	26	28	spillover	spillover	VERB
fbem-1472	26	29	effect	effect	NOUN
fbem-1472	26	30	between	between	ADP
fbem-1472	26	31	the	the	DET
fbem-1472	26	32	two	two	NUM
fbem-1472	26	33	cities	city	NOUN
fbem-1472	26	34	.	.	PUNCT
fbem-1472	27	1	modern	modern	ADJ
fbem-1472	27	2	portfolio	portfolio	NOUN
fbem-1472	27	3	theory	theory	NOUN
fbem-1472	27	4	can	can	AUX
fbem-1472	27	5	avoid	avoid	VERB
fbem-1472	27	6	non	non	ADJ
fbem-1472	27	7	-	-	ADJ
fbem-1472	27	8	systemic	systemic	ADJ
fbem-1472	27	9	risks	risk	NOUN
fbem-1472	27	10	to	to	ADP
fbem-1472	27	11	the	the	DET
fbem-1472	27	12	greatest	great	ADJ
fbem-1472	27	13	extent	extent	NOUN
fbem-1472	27	14	by	by	ADP
fbem-1472	27	15	putting	put	VERB
fbem-1472	27	16	eggs	egg	NOUN
fbem-1472	27	17	in	in	ADP
fbem-1472	27	18	different	different	ADJ
fbem-1472	27	19	baskets	basket	NOUN
fbem-1472	27	20	,	,	PUNCT
fbem-1472	27	21	but	but	CCONJ
fbem-1472	27	22	it	it	PRON
fbem-1472	27	23	is	be	AUX
fbem-1472	27	24	helpless	helpless	ADJ
fbem-1472	27	25	to	to	ADP
fbem-1472	27	26	systemic	systemic	ADJ
fbem-1472	27	27	risks	risk	NOUN
fbem-1472	27	28	.	.	PUNCT
fbem-1472	28	1	the	the	DET
fbem-1472	28	2	emergence	emergence	NOUN
fbem-1472	28	3	of	of	ADP
fbem-1472	28	4	stock	stock	NOUN
fbem-1472	28	5	index	index	NOUN
fbem-1472	28	6	futures	future	NOUN
fbem-1472	28	7	just	just	ADV
fbem-1472	28	8	makes	make	VERB
fbem-1472	28	9	up	up	ADP
fbem-1472	28	10	for	for	ADP
fbem-1472	28	11	this	this	DET
fbem-1472	28	12	defect	defect	NOUN
fbem-1472	28	13	[	[	X
fbem-1472	28	14	8	8	NUM
fbem-1472	28	15	]	]	SYM
fbem-1472	28	16	.	.	PUNCT
fbem-1472	29	1	2	2	X
fbem-1472	29	2	.	.	X
fbem-1472	29	3	method	method	PROPN
fbem-1472	29	4	2.1	2.1	NUM
fbem-1472	29	5	.	.	PUNCT
fbem-1472	29	6	related	relate	VERB
fbem-1472	29	7	theories	theory	NOUN
fbem-1472	29	8	of	of	ADP
fbem-1472	29	9	stock	stock	NOUN
fbem-1472	29	10	index	index	NOUN
fbem-1472	29	11	-	-	PUNCT
fbem-1472	29	12	based	base	VERB
fbem-1472	29	13	on	on	ADP
fbem-1472	29	14	vecm	vecm	NOUN
fbem-1472	29	15	model	model	PROPN
fbem-1472	29	16	stock	stock	NOUN
fbem-1472	29	17	price	price	NOUN
fbem-1472	29	18	index	index	NOUN
fbem-1472	29	19	refers	refer	VERB
fbem-1472	29	20	to	to	ADP
fbem-1472	29	21	stock	stock	NOUN
fbem-1472	29	22	price	price	NOUN
fbem-1472	29	23	index	index	NOUN
fbem-1472	29	24	,	,	PUNCT
fbem-1472	29	25	stock	stock	NOUN
fbem-1472	29	26	index	index	NOUN
fbem-1472	29	27	or	or	CCONJ
fbem-1472	29	28	stock	stock	NOUN
fbem-1472	29	29	index	index	NOUN
fbem-1472	29	30	for	for	ADP
fbem-1472	29	31	short	short	ADJ
fbem-1472	29	32	.	.	PUNCT
fbem-1472	30	1	it	it	PRON
fbem-1472	30	2	is	be	AUX
fbem-1472	30	3	usually	usually	ADV
fbem-1472	30	4	compiled	compile	VERB
fbem-1472	30	5	by	by	ADP
fbem-1472	30	6	stock	stock	NOUN
fbem-1472	30	7	exchanges	exchange	NOUN
fbem-1472	30	8	or	or	CCONJ
fbem-1472	30	9	financial	financial	ADJ
fbem-1472	30	10	service	service	NOUN
fbem-1472	30	11	institutions	institution	NOUN
fbem-1472	30	12	to	to	PART
fbem-1472	30	13	measure	measure	VERB
fbem-1472	30	14	the	the	DET
fbem-1472	30	15	market	market	NOUN
fbem-1472	30	16	average	average	ADJ
fbem-1472	30	17	price	price	NOUN
fbem-1472	30	18	level	level	NOUN
fbem-1472	30	19	and	and	CCONJ
fbem-1472	30	20	changes	change	NOUN
fbem-1472	30	21	of	of	ADP
fbem-1472	30	22	all	all	DET
fbem-1472	30	23	the	the	DET
fbem-1472	30	24	stocks	stock	NOUN
fbem-1472	30	25	contained	contain	VERB
fbem-1472	30	26	in	in	ADP
fbem-1472	30	27	the	the	DET
fbem-1472	30	28	stock	stock	NOUN
fbem-1472	30	29	index	index	NOUN
fbem-1472	30	30	[	[	X
fbem-1472	30	31	9	9	NUM
fbem-1472	30	32	]	]	PUNCT
fbem-1472	30	33	.	.	PUNCT
fbem-1472	31	1	generally	generally	ADV
fbem-1472	31	2	,	,	PUNCT
fbem-1472	31	3	the	the	DET
fbem-1472	31	4	stock	stock	NOUN
fbem-1472	31	5	price	price	NOUN
fbem-1472	31	6	index	index	NOUN
fbem-1472	31	7	refers	refer	VERB
fbem-1472	31	8	to	to	ADP
fbem-1472	31	9	"	"	PUNCT
fbem-1472	31	10	stock	stock	NOUN
fbem-1472	31	11	index	index	NOUN
fbem-1472	31	12	point	point	NOUN
fbem-1472	31	13	"	"	PUNCT
fbem-1472	31	14	to	to	PART
fbem-1472	31	15	measure	measure	VERB
fbem-1472	31	16	the	the	DET
fbem-1472	31	17	price	price	NOUN
fbem-1472	31	18	level	level	NOUN
fbem-1472	31	19	of	of	ADP
fbem-1472	31	20	the	the	DET
fbem-1472	31	21	whole	whole	ADJ
fbem-1472	31	22	stock	stock	NOUN
fbem-1472	31	23	market	market	NOUN
fbem-1472	31	24	or	or	CCONJ
fbem-1472	31	25	a	a	DET
fbem-1472	31	26	certain	certain	ADJ
fbem-1472	31	27	industry	industry	NOUN
fbem-1472	31	28	or	or	CCONJ
fbem-1472	31	29	plate	plate	NOUN
fbem-1472	31	30	stock	stock	NOUN
fbem-1472	31	31	.	.	PUNCT
fbem-1472	32	1	according	accord	VERB
fbem-1472	32	2	to	to	ADP
fbem-1472	32	3	the	the	DET
fbem-1472	32	4	number	number	NOUN
fbem-1472	32	5	of	of	ADP
fbem-1472	32	6	sample	sample	NOUN
fbem-1472	32	7	stocks	stock	NOUN
fbem-1472	32	8	,	,	PUNCT
fbem-1472	32	9	the	the	DET
fbem-1472	32	10	stock	stock	NOUN
fbem-1472	32	11	price	price	NOUN
fbem-1472	32	12	index	index	NOUN
fbem-1472	32	13	includes	include	VERB
fbem-1472	32	14	comprehensive	comprehensive	ADJ
fbem-1472	32	15	stock	stock	NOUN
fbem-1472	32	16	price	price	NOUN
fbem-1472	32	17	index	index	NOUN
fbem-1472	32	18	and	and	CCONJ
fbem-1472	32	19	component	component	NOUN
fbem-1472	32	20	stock	stock	NOUN
fbem-1472	32	21	price	price	NOUN
fbem-1472	32	22	index	index	NOUN
fbem-1472	32	23	.	.	PUNCT
fbem-1472	33	1	the	the	DET
fbem-1472	33	2	comprehensive	comprehensive	ADJ
fbem-1472	33	3	stock	stock	NOUN
fbem-1472	33	4	price	price	NOUN
fbem-1472	33	5	index	index	NOUN
fbem-1472	33	6	generally	generally	ADV
fbem-1472	33	7	includes	include	VERB
fbem-1472	33	8	all	all	DET
fbem-1472	33	9	the	the	DET
fbem-1472	33	10	listed	list	VERB
fbem-1472	33	11	stocks	stock	NOUN
fbem-1472	33	12	of	of	ADP
fbem-1472	33	13	a	a	DET
fbem-1472	33	14	stock	stock	NOUN
fbem-1472	33	15	exchange	exchange	NOUN
fbem-1472	33	16	,	,	PUNCT
fbem-1472	33	17	such	such	ADJ
fbem-1472	33	18	as	as	ADP
fbem-1472	33	19	the	the	DET
fbem-1472	33	20	shanghai	shanghai	PROPN
fbem-1472	33	21	composite	composite	PROPN
fbem-1472	33	22	index	index	NOUN
fbem-1472	33	23	;	;	PUNCT
fbem-1472	33	24	sample	sample	NOUN
fbem-1472	33	25	stocks	stock	NOUN
fbem-1472	33	26	of	of	ADP
fbem-1472	33	27	components	component	NOUN
fbem-1472	33	28	are	be	AUX
fbem-1472	33	29	usually	usually	ADV
fbem-1472	33	30	some	some	DET
fbem-1472	33	31	listed	list	VERB
fbem-1472	33	32	stocks	stock	NOUN
fbem-1472	33	33	of	of	ADP
fbem-1472	33	34	a	a	DET
fbem-1472	33	35	stock	stock	NOUN
fbem-1472	33	36	95	95	NUM
fbem-1472	33	37	exchange	exchange	NOUN
fbem-1472	33	38	[	[	X
fbem-1472	33	39	10	10	NUM
fbem-1472	33	40	]	]	PUNCT
fbem-1472	33	41	.	.	PUNCT
fbem-1472	34	1	divided	divide	VERB
fbem-1472	34	2	according	accord	VERB
fbem-1472	34	3	to	to	ADP
fbem-1472	34	4	the	the	DET
fbem-1472	34	5	market	market	NOUN
fbem-1472	34	6	value	value	NOUN
fbem-1472	34	7	of	of	ADP
fbem-1472	34	8	circulation	circulation	NOUN
fbem-1472	34	9	,	,	PUNCT
fbem-1472	34	10	including	include	VERB
fbem-1472	34	11	big	big	ADJ
fbem-1472	34	12	market	market	NOUN
fbem-1472	34	13	index	index	NOUN
fbem-1472	34	14	,	,	PUNCT
fbem-1472	34	15	middle	middle	ADJ
fbem-1472	34	16	market	market	NOUN
fbem-1472	34	17	index	index	NOUN
fbem-1472	34	18	and	and	CCONJ
fbem-1472	34	19	small	small	ADJ
fbem-1472	34	20	market	market	NOUN
fbem-1472	34	21	index	index	NOUN
fbem-1472	34	22	;	;	PUNCT
fbem-1472	34	23	in	in	ADP
fbem-1472	34	24	addition	addition	NOUN
fbem-1472	34	25	,	,	PUNCT
fbem-1472	34	26	stock	stock	NOUN
fbem-1472	34	27	exchanges	exchange	NOUN
fbem-1472	34	28	or	or	CCONJ
fbem-1472	34	29	financial	financial	ADJ
fbem-1472	34	30	institutions	institution	NOUN
fbem-1472	34	31	will	will	AUX
fbem-1472	34	32	compile	compile	VERB
fbem-1472	34	33	special	special	ADJ
fbem-1472	34	34	industry	industry	NOUN
fbem-1472	34	35	indexes	index	NOUN
fbem-1472	34	36	for	for	ADP
fbem-1472	34	37	listed	list	VERB
fbem-1472	34	38	companies	company	NOUN
fbem-1472	34	39	with	with	ADP
fbem-1472	34	40	obvious	obvious	ADJ
fbem-1472	34	41	industry	industry	NOUN
fbem-1472	34	42	characteristics	characteristic	NOUN
fbem-1472	34	43	.	.	PUNCT
fbem-1472	35	1	vecm	vecm	NOUN
fbem-1472	35	2	model	model	PROPN
fbem-1472	35	3	test	test	NOUN
fbem-1472	35	4	includes	include	VERB
fbem-1472	35	5	the	the	DET
fbem-1472	35	6	stationarity	stationarity	NOUN
fbem-1472	35	7	test	test	NOUN
fbem-1472	35	8	of	of	ADP
fbem-1472	35	9	var	var	PROPN
fbem-1472	35	10	model	model	NOUN
fbem-1472	35	11	(	(	PUNCT
fbem-1472	35	12	first	first	ADJ
fbem-1472	35	13	-	-	PUNCT
fbem-1472	35	14	order	order	NOUN
fbem-1472	35	15	difference	difference	NOUN
fbem-1472	35	16	)	)	PUNCT
fbem-1472	35	17	and	and	CCONJ
fbem-1472	35	18	the	the	DET
fbem-1472	35	19	independence	independence	NOUN
fbem-1472	35	20	test	test	NOUN
fbem-1472	35	21	of	of	ADP
fbem-1472	35	22	residual	residual	ADJ
fbem-1472	35	23	error	error	NOUN
fbem-1472	35	24	.	.	PUNCT
fbem-1472	36	1	the	the	DET
fbem-1472	36	2	independence	independence	NOUN
fbem-1472	36	3	test	test	NOUN
fbem-1472	36	4	of	of	ADP
fbem-1472	36	5	residual	residual	ADJ
fbem-1472	36	6	error	error	NOUN
fbem-1472	36	7	needs	need	VERB
fbem-1472	36	8	to	to	PART
fbem-1472	36	9	analyze	analyze	VERB
fbem-1472	36	10	the	the	DET
fbem-1472	36	11	autocorrelation	autocorrelation	NOUN
fbem-1472	36	12	diagram	diagram	NOUN
fbem-1472	36	13	,	,	PUNCT
fbem-1472	36	14	and	and	CCONJ
fbem-1472	36	15	if	if	SCONJ
fbem-1472	36	16	there	there	PRON
fbem-1472	36	17	is	be	VERB
fbem-1472	36	18	no	no	DET
fbem-1472	36	19	autocorrelation	autocorrelation	NOUN
fbem-1472	36	20	in	in	ADP
fbem-1472	36	21	the	the	DET
fbem-1472	36	22	residual	residual	ADJ
fbem-1472	36	23	error	error	NOUN
fbem-1472	36	24	,	,	PUNCT
fbem-1472	36	25	it	it	PRON
fbem-1472	36	26	means	mean	VERB
fbem-1472	36	27	that	that	SCONJ
fbem-1472	36	28	the	the	DET
fbem-1472	36	29	residual	residual	ADJ
fbem-1472	36	30	error	error	NOUN
fbem-1472	36	31	is	be	AUX
fbem-1472	36	32	independent	independent	ADJ
fbem-1472	36	33	.	.	PUNCT
fbem-1472	37	1	the	the	DET
fbem-1472	37	2	stationarity	stationarity	NOUN
fbem-1472	37	3	test	test	NOUN
fbem-1472	37	4	is	be	AUX
fbem-1472	37	5	the	the	DET
fbem-1472	37	6	unit	unit	NOUN
fbem-1472	37	7	root	root	NOUN
fbem-1472	37	8	test	test	NOUN
fbem-1472	37	9	,	,	PUNCT
fbem-1472	37	10	which	which	PRON
fbem-1472	37	11	observes	observe	VERB
fbem-1472	37	12	whether	whether	SCONJ
fbem-1472	37	13	the	the	DET
fbem-1472	37	14	heels	heel	NOUN
fbem-1472	37	15	of	of	ADP
fbem-1472	37	16	the	the	DET
fbem-1472	37	17	characteristic	characteristic	ADJ
fbem-1472	37	18	equations	equation	NOUN
fbem-1472	37	19	of	of	ADP
fbem-1472	37	20	the	the	DET
fbem-1472	37	21	model	model	NOUN
fbem-1472	37	22	fall	fall	NOUN
fbem-1472	37	23	in	in	ADP
fbem-1472	37	24	the	the	DET
fbem-1472	37	25	unit	unit	NOUN
fbem-1472	37	26	circle	circle	NOUN
fbem-1472	37	27	.	.	PUNCT
fbem-1472	38	1	if	if	SCONJ
fbem-1472	38	2	the	the	DET
fbem-1472	38	3	characteristic	characteristic	ADJ
fbem-1472	38	4	roots	root	NOUN
fbem-1472	38	5	are	be	AUX
fbem-1472	38	6	all	all	PRON
fbem-1472	38	7	in	in	ADP
fbem-1472	38	8	the	the	DET
fbem-1472	38	9	unit	unit	NOUN
fbem-1472	38	10	circle	circle	NOUN
fbem-1472	38	11	,	,	PUNCT
fbem-1472	38	12	the	the	DET
fbem-1472	38	13	model	model	NOUN
fbem-1472	38	14	is	be	AUX
fbem-1472	38	15	stable	stable	ADJ
fbem-1472	38	16	.	.	PUNCT
fbem-1472	39	1	first	first	ADV
fbem-1472	39	2	,	,	PUNCT
fbem-1472	39	3	the	the	DET
fbem-1472	39	4	independence	independence	NOUN
fbem-1472	39	5	test	test	NOUN
fbem-1472	39	6	of	of	ADP
fbem-1472	39	7	residual	residual	ADJ
fbem-1472	39	8	error	error	NOUN
fbem-1472	39	9	is	be	AUX
fbem-1472	39	10	carried	carry	VERB
fbem-1472	39	11	out	out	ADP
fbem-1472	39	12	,	,	PUNCT
fbem-1472	39	13	as	as	SCONJ
fbem-1472	39	14	shown	show	VERB
fbem-1472	39	15	in	in	ADP
fbem-1472	39	16	table	table	NOUN
fbem-1472	39	17	1	1	NUM
fbem-1472	39	18	.	.	PUNCT
fbem-1472	39	19	table	table	NOUN
fbem-1472	39	20	1	1	NUM
fbem-1472	39	21	.	.	PUNCT
fbem-1472	40	1	vecm	vecm	NOUN
fbem-1472	40	2	model	model	NOUN
fbem-1472	40	3	correlation	correlation	NOUN
fbem-1472	40	4	test	test	NOUN
fbem-1472	40	5	lag	lag	NOUN
fbem-1472	40	6	chic2	chic2	NOUN
fbem-1472	40	7	df	df	PROPN
fbem-1472	40	8	prod	prod	NOUN
fbem-1472	40	9	<	<	X
fbem-1472	40	10	chi2	chi2	PROPN
fbem-1472	40	11	1	1	NUM
fbem-1472	40	12	6.6235	6.6235	NUM
fbem-1472	40	13	38	38	NUM
fbem-1472	40	14	0.67239	0.67239	NUM
fbem-1472	40	15	2	2	NUM
fbem-1472	40	16	29.5698	29.5698	NUM
fbem-1472	40	17	38	38	NUM
fbem-1472	40	18	0.77519	0.77519	NUM
fbem-1472	40	19	the	the	DET
fbem-1472	40	20	original	original	ADJ
fbem-1472	40	21	hypothesis	hypothesis	NOUN
fbem-1472	40	22	of	of	ADP
fbem-1472	40	23	"	"	PUNCT
fbem-1472	40	24	no	no	DET
fbem-1472	40	25	autocorrelation	autocorrelation	NOUN
fbem-1472	40	26	"	"	PUNCT
fbem-1472	40	27	is	be	AUX
fbem-1472	40	28	accepted	accept	VERB
fbem-1472	40	29	at	at	ADP
fbem-1472	40	30	5	5	NUM
fbem-1472	40	31	%	%	NOUN
fbem-1472	40	32	significance	significance	NOUN
fbem-1472	40	33	level	level	NOUN
fbem-1472	40	34	.	.	PUNCT
fbem-1472	41	1	secondly	secondly	ADV
fbem-1472	41	2	,	,	PUNCT
fbem-1472	41	3	the	the	DET
fbem-1472	41	4	stability	stability	NOUN
fbem-1472	41	5	of	of	ADP
fbem-1472	41	6	vecm	vecm	NOUN
fbem-1472	41	7	system	system	NOUN
fbem-1472	41	8	is	be	AUX
fbem-1472	41	9	tested	test	VERB
fbem-1472	41	10	,	,	PUNCT
fbem-1472	41	11	and	and	CCONJ
fbem-1472	41	12	the	the	DET
fbem-1472	41	13	results	result	NOUN
fbem-1472	41	14	show	show	VERB
fbem-1472	41	15	that	that	SCONJ
fbem-1472	41	16	all	all	DET
fbem-1472	41	17	the	the	DET
fbem-1472	41	18	roots	root	NOUN
fbem-1472	41	19	of	of	ADP
fbem-1472	41	20	the	the	DET
fbem-1472	41	21	system	system	NOUN
fbem-1472	41	22	fall	fall	VERB
fbem-1472	41	23	within	within	ADP
fbem-1472	41	24	the	the	DET
fbem-1472	41	25	unit	unit	NOUN
fbem-1472	41	26	circle	circle	NOUN
fbem-1472	41	27	,	,	PUNCT
fbem-1472	41	28	which	which	PRON
fbem-1472	41	29	satisfies	satisfy	VERB
fbem-1472	41	30	the	the	DET
fbem-1472	41	31	stability	stability	NOUN
fbem-1472	41	32	condition	condition	NOUN
fbem-1472	41	33	of	of	ADP
fbem-1472	41	34	the	the	DET
fbem-1472	41	35	system	system	NOUN
fbem-1472	41	36	.	.	PUNCT
fbem-1472	42	1	the	the	DET
fbem-1472	42	2	precondition	precondition	NOUN
fbem-1472	42	3	of	of	ADP
fbem-1472	42	4	vecm	vecm	NOUN
fbem-1472	42	5	model	model	NOUN
fbem-1472	42	6	analysis	analysis	NOUN
fbem-1472	42	7	is	be	AUX
fbem-1472	42	8	that	that	SCONJ
fbem-1472	42	9	"	"	PUNCT
fbem-1472	42	10	all	all	DET
fbem-1472	42	11	the	the	DET
fbem-1472	42	12	roots	root	NOUN
fbem-1472	42	13	of	of	ADP
fbem-1472	42	14	the	the	DET
fbem-1472	42	15	equation	equation	NOUN
fbem-1472	42	16	fall	fall	VERB
fbem-1472	42	17	in	in	ADP
fbem-1472	42	18	the	the	DET
fbem-1472	42	19	unit	unit	NOUN
fbem-1472	42	20	circle	circle	NOUN
fbem-1472	42	21	,	,	PUNCT
fbem-1472	42	22	that	that	ADV
fbem-1472	42	23	is	is	ADV
fbem-1472	42	24	,	,	PUNCT
fbem-1472	42	25	the	the	DET
fbem-1472	42	26	stationary	stationary	ADJ
fbem-1472	42	27	process	process	NOUN
fbem-1472	42	28	"	"	PUNCT
fbem-1472	42	29	.	.	PUNCT
fbem-1472	43	1	however	however	ADV
fbem-1472	43	2	,	,	PUNCT
fbem-1472	43	3	some	some	DET
fbem-1472	43	4	effective	effective	ADJ
fbem-1472	43	5	information	information	NOUN
fbem-1472	43	6	will	will	AUX
fbem-1472	43	7	be	be	AUX
fbem-1472	43	8	lost	lose	VERB
fbem-1472	43	9	in	in	ADP
fbem-1472	43	10	the	the	DET
fbem-1472	43	11	process	process	NOUN
fbem-1472	43	12	of	of	ADP
fbem-1472	43	13	using	use	VERB
fbem-1472	43	14	data	datum	NOUN
fbem-1472	43	15	difference	difference	NOUN
fbem-1472	43	16	to	to	PART
fbem-1472	43	17	get	get	VERB
fbem-1472	43	18	the	the	DET
fbem-1472	43	19	data	datum	NOUN
fbem-1472	43	20	stationary	stationary	NOUN
fbem-1472	43	21	,	,	PUNCT
fbem-1472	43	22	and	and	CCONJ
fbem-1472	43	23	more	more	ADJ
fbem-1472	43	24	attention	attention	NOUN
fbem-1472	43	25	will	will	AUX
fbem-1472	43	26	be	be	AUX
fbem-1472	43	27	paid	pay	VERB
fbem-1472	43	28	to	to	ADP
fbem-1472	43	29	the	the	DET
fbem-1472	43	30	short	short	ADJ
fbem-1472	43	31	-	-	PUNCT
fbem-1472	43	32	term	term	NOUN
fbem-1472	43	33	change	change	NOUN
fbem-1472	43	34	process	process	NOUN
fbem-1472	43	35	between	between	ADP
fbem-1472	43	36	variables	variable	NOUN
fbem-1472	43	37	,	,	PUNCT
fbem-1472	43	38	often	often	ADV
fbem-1472	43	39	less	less	ADJ
fbem-1472	43	40	attention	attention	NOUN
fbem-1472	43	41	will	will	AUX
fbem-1472	43	42	be	be	AUX
fbem-1472	43	43	paid	pay	VERB
fbem-1472	43	44	to	to	ADP
fbem-1472	43	45	the	the	DET
fbem-1472	43	46	long	long	ADJ
fbem-1472	43	47	-	-	PUNCT
fbem-1472	43	48	term	term	NOUN
fbem-1472	43	49	change	change	NOUN
fbem-1472	43	50	process	process	NOUN
fbem-1472	43	51	.	.	PUNCT
fbem-1472	44	1	in	in	ADP
fbem-1472	44	2	order	order	NOUN
fbem-1472	44	3	to	to	PART
fbem-1472	44	4	keep	keep	VERB
fbem-1472	44	5	the	the	DET
fbem-1472	44	6	original	original	ADJ
fbem-1472	44	7	appearance	appearance	NOUN
fbem-1472	44	8	of	of	ADP
fbem-1472	44	9	data	datum	NOUN
fbem-1472	44	10	and	and	CCONJ
fbem-1472	44	11	get	get	VERB
fbem-1472	44	12	the	the	DET
fbem-1472	44	13	long	long	ADJ
fbem-1472	44	14	-	-	PUNCT
fbem-1472	44	15	term	term	NOUN
fbem-1472	44	16	equilibrium	equilibrium	NOUN
fbem-1472	44	17	relationship	relationship	NOUN
fbem-1472	44	18	between	between	ADP
fbem-1472	44	19	time	time	NOUN
fbem-1472	44	20	series	series	PROPN
fbem-1472	44	21	,	,	PUNCT
fbem-1472	44	22	vecm	vecm	NOUN
fbem-1472	44	23	model	model	NOUN
fbem-1472	44	24	can	can	AUX
fbem-1472	44	25	be	be	AUX
fbem-1472	44	26	established	establish	VERB
fbem-1472	44	27	to	to	PART
fbem-1472	44	28	investigate	investigate	VERB
fbem-1472	44	29	the	the	DET
fbem-1472	44	30	long	long	ADJ
fbem-1472	44	31	-	-	PUNCT
fbem-1472	44	32	term	term	NOUN
fbem-1472	44	33	equilibrium	equilibrium	NOUN
fbem-1472	44	34	relationship	relationship	NOUN
fbem-1472	44	35	between	between	ADP
fbem-1472	44	36	time	time	NOUN
fbem-1472	44	37	series	series	PROPN
fbem-1472	44	38	vectors	vector	NOUN
fbem-1472	44	39	.	.	PUNCT
fbem-1472	45	1	when	when	SCONJ
fbem-1472	45	2	the	the	DET
fbem-1472	45	3	spot	spot	NOUN
fbem-1472	45	4	index	index	NOUN
fbem-1472	45	5	changes	change	NOUN
fbem-1472	45	6	by	by	ADP
fbem-1472	45	7	one	one	NUM
fbem-1472	45	8	unit	unit	NOUN
fbem-1472	45	9	,	,	PUNCT
fbem-1472	45	10	its	its	PRON
fbem-1472	45	11	own	own	ADJ
fbem-1472	45	12	influence	influence	NOUN
fbem-1472	45	13	is	be	AUX
fbem-1472	45	14	positive	positive	ADJ
fbem-1472	45	15	,	,	PUNCT
fbem-1472	45	16	showing	show	VERB
fbem-1472	45	17	a	a	DET
fbem-1472	45	18	trend	trend	NOUN
fbem-1472	45	19	of	of	ADP
fbem-1472	45	20	first	first	ADV
fbem-1472	45	21	decreasing	decrease	VERB
fbem-1472	45	22	and	and	CCONJ
fbem-1472	45	23	then	then	ADV
fbem-1472	45	24	stabilizing	stabilize	VERB
fbem-1472	45	25	;	;	PUNCT
fbem-1472	45	26	the	the	DET
fbem-1472	45	27	impact	impact	NOUN
fbem-1472	45	28	on	on	ADP
fbem-1472	45	29	stock	stock	NOUN
fbem-1472	45	30	index	index	NOUN
fbem-1472	45	31	futures	future	NOUN
fbem-1472	45	32	is	be	AUX
fbem-1472	45	33	gradually	gradually	ADV
fbem-1472	45	34	increasing	increase	VERB
fbem-1472	45	35	.	.	PUNCT
fbem-1472	46	1	with	with	ADP
fbem-1472	46	2	the	the	DET
fbem-1472	46	3	development	development	NOUN
fbem-1472	46	4	of	of	ADP
fbem-1472	46	5	economy	economy	NOUN
fbem-1472	46	6	,	,	PUNCT
fbem-1472	46	7	financial	financial	ADJ
fbem-1472	46	8	futures	future	NOUN
fbem-1472	46	9	contracts	contract	NOUN
fbem-1472	46	10	are	be	AUX
fbem-1472	46	11	emerging	emerge	VERB
fbem-1472	46	12	,	,	PUNCT
fbem-1472	46	13	and	and	CCONJ
fbem-1472	46	14	their	their	PRON
fbem-1472	46	15	development	development	NOUN
fbem-1472	46	16	momentum	momentum	NOUN
fbem-1472	46	17	is	be	AUX
fbem-1472	46	18	particularly	particularly	ADV
fbem-1472	46	19	fierce	fierce	ADJ
fbem-1472	46	20	,	,	PUNCT
fbem-1472	46	21	accounting	account	VERB
fbem-1472	46	22	for	for	ADP
fbem-1472	46	23	80	80	NUM
fbem-1472	46	24	%	%	NOUN
fbem-1472	46	25	of	of	ADP
fbem-1472	46	26	the	the	DET
fbem-1472	46	27	futures	future	NOUN
fbem-1472	46	28	market	market	NOUN
fbem-1472	46	29	and	and	CCONJ
fbem-1472	46	30	becoming	become	VERB
fbem-1472	46	31	an	an	DET
fbem-1472	46	32	important	important	ADJ
fbem-1472	46	33	part	part	NOUN
fbem-1472	46	34	of	of	ADP
fbem-1472	46	35	the	the	DET
fbem-1472	46	36	futures	future	NOUN
fbem-1472	46	37	market	market	NOUN
fbem-1472	46	38	.	.	PUNCT
fbem-1472	47	1	the	the	DET
fbem-1472	47	2	stock	stock	NOUN
fbem-1472	47	3	index	index	NOUN
fbem-1472	47	4	contract	contract	NOUN
fbem-1472	47	5	is	be	AUX
fbem-1472	47	6	one	one	NUM
fbem-1472	47	7	of	of	ADP
fbem-1472	47	8	the	the	DET
fbem-1472	47	9	financial	financial	ADJ
fbem-1472	47	10	futures	future	NOUN
fbem-1472	47	11	contracts	contract	NOUN
fbem-1472	47	12	,	,	PUNCT
fbem-1472	47	13	which	which	PRON
fbem-1472	47	14	came	come	VERB
fbem-1472	47	15	into	into	ADP
fbem-1472	47	16	being	be	AUX
fbem-1472	47	17	late	late	ADJ
fbem-1472	47	18	,	,	PUNCT
fbem-1472	47	19	but	but	CCONJ
fbem-1472	47	20	developed	develop	VERB
fbem-1472	47	21	rapidly	rapidly	ADV
fbem-1472	47	22	.	.	PUNCT
fbem-1472	48	1	since	since	SCONJ
fbem-1472	48	2	it	it	PRON
fbem-1472	48	3	came	come	VERB
fbem-1472	48	4	into	into	ADP
fbem-1472	48	5	being	be	AUX
fbem-1472	48	6	on	on	ADP
fbem-1472	48	7	february	february	PROPN
fbem-1472	48	8	24	24	NUM
fbem-1472	48	9	,	,	PUNCT
fbem-1472	48	10	1982	1982	NUM
fbem-1472	48	11	,	,	PUNCT
fbem-1472	48	12	it	it	PRON
fbem-1472	48	13	quickly	quickly	ADV
fbem-1472	48	14	seized	seize	VERB
fbem-1472	48	15	the	the	DET
fbem-1472	48	16	market	market	NOUN
fbem-1472	48	17	and	and	CCONJ
fbem-1472	48	18	occupied	occupy	VERB
fbem-1472	48	19	a	a	DET
fbem-1472	48	20	pivotal	pivotal	ADJ
fbem-1472	48	21	position	position	NOUN
fbem-1472	48	22	.	.	PUNCT
fbem-1472	49	1	since	since	SCONJ
fbem-1472	49	2	the	the	DET
fbem-1472	49	3	birth	birth	NOUN
fbem-1472	49	4	of	of	ADP
fbem-1472	49	5	the	the	DET
fbem-1472	49	6	stock	stock	NOUN
fbem-1472	49	7	index	index	NOUN
fbem-1472	49	8	,	,	PUNCT
fbem-1472	49	9	its	its	PRON
fbem-1472	49	10	scale	scale	NOUN
fbem-1472	49	11	has	have	AUX
fbem-1472	49	12	developed	develop	VERB
fbem-1472	49	13	rapidly	rapidly	ADV
fbem-1472	49	14	.	.	PUNCT
fbem-1472	50	1	we	we	PRON
fbem-1472	50	2	can	can	AUX
fbem-1472	50	3	divide	divide	VERB
fbem-1472	50	4	the	the	DET
fbem-1472	50	5	whole	whole	ADJ
fbem-1472	50	6	process	process	NOUN
fbem-1472	50	7	into	into	ADP
fbem-1472	50	8	birth	birth	NOUN
fbem-1472	50	9	stage	stage	NOUN
fbem-1472	50	10	,	,	PUNCT
fbem-1472	50	11	growth	growth	NOUN
fbem-1472	50	12	stage	stage	NOUN
fbem-1472	50	13	,	,	PUNCT
fbem-1472	50	14	downturn	downturn	NOUN
fbem-1472	50	15	stage	stage	NOUN
fbem-1472	50	16	and	and	CCONJ
fbem-1472	50	17	prosperity	prosperity	NOUN
fbem-1472	50	18	stage	stage	NOUN
fbem-1472	50	19	.	.	PUNCT
fbem-1472	51	1	with	with	ADP
fbem-1472	51	2	the	the	DET
fbem-1472	51	3	deepening	deepening	NOUN
fbem-1472	51	4	of	of	ADP
fbem-1472	51	5	academic	academic	ADJ
fbem-1472	51	6	research	research	NOUN
fbem-1472	51	7	on	on	ADP
fbem-1472	51	8	financial	financial	ADJ
fbem-1472	51	9	market	market	NOUN
fbem-1472	51	10	volatility	volatility	NOUN
fbem-1472	51	11	,	,	PUNCT
fbem-1472	51	12	in	in	ADP
fbem-1472	51	13	the	the	DET
fbem-1472	51	14	1990s	1990	NOUN
fbem-1472	51	15	,	,	PUNCT
fbem-1472	51	16	more	more	ADJ
fbem-1472	51	17	foreign	foreign	ADJ
fbem-1472	51	18	scholars	scholar	NOUN
fbem-1472	51	19	turned	turn	VERB
fbem-1472	51	20	their	their	PRON
fbem-1472	51	21	focus	focus	NOUN
fbem-1472	51	22	to	to	ADP
fbem-1472	51	23	the	the	DET
fbem-1472	51	24	mean	mean	ADJ
fbem-1472	51	25	spillover	spillover	NOUN
fbem-1472	51	26	and	and	CCONJ
fbem-1472	51	27	volatility	volatility	NOUN
fbem-1472	51	28	spillover	spillover	VERB
fbem-1472	51	29	between	between	ADP
fbem-1472	51	30	securities	security	NOUN
fbem-1472	51	31	markets	market	NOUN
fbem-1472	51	32	.	.	PUNCT
fbem-1472	52	1	that	that	PRON
fbem-1472	52	2	is	be	AUX
fbem-1472	52	3	to	to	PART
fbem-1472	52	4	say	say	VERB
fbem-1472	52	5	,	,	PUNCT
fbem-1472	52	6	the	the	DET
fbem-1472	52	7	research	research	NOUN
fbem-1472	52	8	angle	angle	NOUN
fbem-1472	52	9	has	have	AUX
fbem-1472	52	10	shifted	shift	VERB
fbem-1472	52	11	from	from	ADP
fbem-1472	52	12	the	the	DET
fbem-1472	52	13	one	one	NUM
fbem-1472	52	14	-	-	PUNCT
fbem-1472	52	15	way	way	NOUN
fbem-1472	52	16	fluctuation	fluctuation	NOUN
fbem-1472	52	17	influence	influence	NOUN
fbem-1472	52	18	of	of	ADP
fbem-1472	52	19	the	the	DET
fbem-1472	52	20	futures	future	NOUN
fbem-1472	52	21	market	market	NOUN
fbem-1472	52	22	on	on	ADP
fbem-1472	52	23	the	the	DET
fbem-1472	52	24	spot	spot	NOUN
fbem-1472	52	25	market	market	NOUN
fbem-1472	52	26	to	to	ADP
fbem-1472	52	27	the	the	DET
fbem-1472	52	28	fluctuation	fluctuation	NOUN
fbem-1472	52	29	relation	relation	NOUN
fbem-1472	52	30	between	between	ADP
fbem-1472	52	31	the	the	DET
fbem-1472	52	32	two	two	NUM
fbem-1472	52	33	markets	market	NOUN
fbem-1472	52	34	.	.	PUNCT
fbem-1472	53	1	this	this	PRON
fbem-1472	53	2	means	mean	VERB
fbem-1472	53	3	that	that	SCONJ
fbem-1472	53	4	the	the	DET
fbem-1472	53	5	academic	academic	ADJ
fbem-1472	53	6	circles	circle	NOUN
fbem-1472	53	7	have	have	AUX
fbem-1472	53	8	started	start	VERB
fbem-1472	53	9	to	to	PART
fbem-1472	53	10	study	study	VERB
fbem-1472	53	11	the	the	DET
fbem-1472	53	12	volatility	volatility	NOUN
fbem-1472	53	13	of	of	ADP
fbem-1472	53	14	the	the	DET
fbem-1472	53	15	futures	future	NOUN
fbem-1472	53	16	and	and	CCONJ
fbem-1472	53	17	spot	spot	NOUN
fbem-1472	53	18	markets	market	NOUN
fbem-1472	53	19	in	in	ADP
fbem-1472	53	20	various	various	ADJ
fbem-1472	53	21	directions	direction	NOUN
fbem-1472	53	22	.	.	PUNCT
fbem-1472	54	1	china	china	PROPN
fbem-1472	54	2	's	's	PART
fbem-1472	54	3	securities	security	NOUN
fbem-1472	54	4	market	market	NOUN
fbem-1472	54	5	has	have	AUX
fbem-1472	54	6	not	not	PART
fbem-1472	54	7	experienced	experience	VERB
fbem-1472	54	8	big	big	ADJ
fbem-1472	54	9	twists	twist	NOUN
fbem-1472	54	10	and	and	CCONJ
fbem-1472	54	11	turns	turn	VERB
fbem-1472	54	12	in	in	ADP
fbem-1472	54	13	more	more	ADJ
fbem-1472	54	14	than	than	ADP
fbem-1472	54	15	20	20	NUM
fbem-1472	54	16	years	year	NOUN
fbem-1472	54	17	,	,	PUNCT
fbem-1472	54	18	and	and	CCONJ
fbem-1472	54	19	its	its	PRON
fbem-1472	54	20	development	development	NOUN
fbem-1472	54	21	is	be	AUX
fbem-1472	54	22	relatively	relatively	ADV
fbem-1472	54	23	smooth	smooth	ADJ
fbem-1472	54	24	.	.	PUNCT
fbem-1472	55	1	the	the	DET
fbem-1472	55	2	market	market	NOUN
fbem-1472	55	3	has	have	AUX
fbem-1472	55	4	begun	begin	VERB
fbem-1472	55	5	to	to	PART
fbem-1472	55	6	take	take	VERB
fbem-1472	55	7	shape	shape	NOUN
fbem-1472	55	8	,	,	PUNCT
fbem-1472	55	9	and	and	CCONJ
fbem-1472	55	10	it	it	PRON
fbem-1472	55	11	has	have	VERB
fbem-1472	55	12	a	a	DET
fbem-1472	55	13	certain	certain	ADJ
fbem-1472	55	14	buffering	buffering	NOUN
fbem-1472	55	15	capacity	capacity	NOUN
fbem-1472	55	16	even	even	ADV
fbem-1472	55	17	if	if	SCONJ
fbem-1472	55	18	it	it	PRON
fbem-1472	55	19	is	be	AUX
fbem-1472	55	20	impacted	impact	VERB
fbem-1472	55	21	by	by	ADP
fbem-1472	55	22	the	the	DET
fbem-1472	55	23	outside	outside	ADJ
fbem-1472	55	24	world	world	NOUN
fbem-1472	55	25	.	.	PUNCT
fbem-1472	56	1	in	in	ADP
fbem-1472	56	2	addition	addition	NOUN
fbem-1472	56	3	,	,	PUNCT
fbem-1472	56	4	in	in	ADP
fbem-1472	56	5	recent	recent	ADJ
fbem-1472	56	6	years	year	NOUN
fbem-1472	56	7	,	,	PUNCT
fbem-1472	56	8	china	china	PROPN
fbem-1472	56	9	has	have	AUX
fbem-1472	56	10	carried	carry	VERB
fbem-1472	56	11	out	out	ADP
fbem-1472	56	12	a	a	DET
fbem-1472	56	13	series	series	NOUN
fbem-1472	56	14	of	of	ADP
fbem-1472	56	15	reforms	reform	NOUN
fbem-1472	56	16	aimed	aim	VERB
fbem-1472	56	17	at	at	ADP
fbem-1472	56	18	the	the	DET
fbem-1472	56	19	financial	financial	ADJ
fbem-1472	56	20	and	and	CCONJ
fbem-1472	56	21	securities	security	NOUN
fbem-1472	56	22	markets	market	NOUN
fbem-1472	56	23	,	,	PUNCT
fbem-1472	56	24	which	which	PRON
fbem-1472	56	25	has	have	AUX
fbem-1472	56	26	gradually	gradually	ADV
fbem-1472	56	27	pushed	push	VERB
fbem-1472	56	28	china	china	PROPN
fbem-1472	56	29	's	's	PART
fbem-1472	56	30	securities	security	NOUN
fbem-1472	56	31	market	market	NOUN
fbem-1472	56	32	to	to	ADP
fbem-1472	56	33	the	the	DET
fbem-1472	56	34	international	international	ADJ
fbem-1472	56	35	market	market	NOUN
fbem-1472	56	36	.	.	PUNCT
fbem-1472	57	1	the	the	DET
fbem-1472	57	2	establishment	establishment	NOUN
fbem-1472	57	3	of	of	ADP
fbem-1472	57	4	the	the	DET
fbem-1472	57	5	stock	stock	NOUN
fbem-1472	57	6	index	index	NOUN
fbem-1472	57	7	market	market	NOUN
fbem-1472	57	8	not	not	PART
fbem-1472	57	9	only	only	ADV
fbem-1472	57	10	brings	bring	VERB
fbem-1472	57	11	valuable	valuable	ADJ
fbem-1472	57	12	practical	practical	ADJ
fbem-1472	57	13	experience	experience	NOUN
fbem-1472	57	14	for	for	ADP
fbem-1472	57	15	the	the	DET
fbem-1472	57	16	follow	follow	VERB
fbem-1472	57	17	-	-	PUNCT
fbem-1472	57	18	up	up	ADP
fbem-1472	57	19	development	development	NOUN
fbem-1472	57	20	of	of	ADP
fbem-1472	57	21	financial	financial	ADJ
fbem-1472	57	22	derivatives	derivative	NOUN
fbem-1472	57	23	in	in	ADP
fbem-1472	57	24	china	china	PROPN
fbem-1472	57	25	,	,	PUNCT
fbem-1472	57	26	but	but	CCONJ
fbem-1472	57	27	also	also	ADV
fbem-1472	57	28	allows	allow	VERB
fbem-1472	57	29	relevant	relevant	ADJ
fbem-1472	57	30	scholars	scholar	NOUN
fbem-1472	57	31	in	in	ADP
fbem-1472	57	32	china	china	PROPN
fbem-1472	57	33	to	to	PART
fbem-1472	57	34	study	study	VERB
fbem-1472	57	35	their	their	PRON
fbem-1472	57	36	own	own	ADJ
fbem-1472	57	37	futures	future	NOUN
fbem-1472	57	38	market	market	NOUN
fbem-1472	57	39	.	.	PUNCT
fbem-1472	58	1	2.2	2.2	NUM
fbem-1472	58	2	.	.	PUNCT
fbem-1472	59	1	correlation	correlation	NOUN
fbem-1472	59	2	analysis	analysis	NOUN
fbem-1472	59	3	of	of	ADP
fbem-1472	59	4	stock	stock	NOUN
fbem-1472	59	5	index	index	NOUN
fbem-1472	59	6	and	and	CCONJ
fbem-1472	59	7	spot	spot	NOUN
fbem-1472	59	8	index	index	NOUN
fbem-1472	59	9	a	a	DET
fbem-1472	59	10	futures	future	NOUN
fbem-1472	59	11	contract	contract	NOUN
fbem-1472	59	12	is	be	AUX
fbem-1472	59	13	a	a	DET
fbem-1472	59	14	standardized	standardized	ADJ
fbem-1472	59	15	contract	contract	NOUN
fbem-1472	59	16	formulated	formulate	VERB
fbem-1472	59	17	by	by	ADP
fbem-1472	59	18	a	a	DET
fbem-1472	59	19	futures	future	NOUN
fbem-1472	59	20	exchange	exchange	NOUN
fbem-1472	59	21	,	,	PUNCT
fbem-1472	59	22	which	which	PRON
fbem-1472	59	23	stipulates	stipulate	VERB
fbem-1472	59	24	that	that	SCONJ
fbem-1472	59	25	an	an	DET
fbem-1472	59	26	agreed	agree	VERB
fbem-1472	59	27	number	number	NOUN
fbem-1472	59	28	of	of	ADP
fbem-1472	59	29	subject	subject	ADJ
fbem-1472	59	30	matter	matter	NOUN
fbem-1472	59	31	will	will	AUX
fbem-1472	59	32	be	be	AUX
fbem-1472	59	33	delivered	deliver	VERB
fbem-1472	59	34	at	at	ADP
fbem-1472	59	35	a	a	DET
fbem-1472	59	36	certain	certain	ADJ
fbem-1472	59	37	time	time	NOUN
fbem-1472	59	38	and	and	CCONJ
fbem-1472	59	39	place	place	NOUN
fbem-1472	59	40	in	in	ADP
fbem-1472	59	41	the	the	DET
fbem-1472	59	42	future	future	NOUN
fbem-1472	59	43	.	.	PUNCT
fbem-1472	60	1	the	the	DET
fbem-1472	60	2	subject	subject	NOUN
fbem-1472	60	3	matter	matter	NOUN
fbem-1472	60	4	,	,	PUNCT
fbem-1472	60	5	also	also	ADV
fbem-1472	60	6	called	call	VERB
fbem-1472	60	7	basic	basic	ADJ
fbem-1472	60	8	assets	asset	NOUN
fbem-1472	60	9	,	,	PUNCT
fbem-1472	60	10	can	can	AUX
fbem-1472	60	11	be	be	AUX
fbem-1472	60	12	physical	physical	ADJ
fbem-1472	60	13	commodities	commodity	NOUN
fbem-1472	60	14	,	,	PUNCT
fbem-1472	60	15	such	such	ADJ
fbem-1472	60	16	as	as	ADP
fbem-1472	60	17	gold	gold	NOUN
fbem-1472	60	18	,	,	PUNCT
fbem-1472	60	19	crude	crude	ADJ
fbem-1472	60	20	oil	oil	NOUN
fbem-1472	60	21	,	,	PUNCT
fbem-1472	60	22	agricultural	agricultural	ADJ
fbem-1472	60	23	and	and	CCONJ
fbem-1472	60	24	sideline	sideline	NOUN
fbem-1472	60	25	products	product	NOUN
fbem-1472	60	26	,	,	PUNCT
fbem-1472	60	27	or	or	CCONJ
fbem-1472	60	28	virtual	virtual	ADJ
fbem-1472	60	29	indexes	index	NOUN
fbem-1472	60	30	,	,	PUNCT
fbem-1472	60	31	such	such	ADJ
fbem-1472	60	32	as	as	ADP
fbem-1472	60	33	stock	stock	NOUN
fbem-1472	60	34	price	price	NOUN
fbem-1472	60	35	index	index	NOUN
fbem-1472	60	36	.	.	PUNCT
fbem-1472	61	1	futures	future	NOUN
fbem-1472	61	2	exchanges	exchange	NOUN
fbem-1472	61	3	provide	provide	VERB
fbem-1472	61	4	a	a	DET
fbem-1472	61	5	place	place	NOUN
fbem-1472	61	6	for	for	ADP
fbem-1472	61	7	people	people	NOUN
fbem-1472	61	8	who	who	PRON
fbem-1472	61	9	need	need	VERB
fbem-1472	61	10	to	to	PART
fbem-1472	61	11	buy	buy	VERB
fbem-1472	61	12	or	or	CCONJ
fbem-1472	61	13	sell	sell	VERB
fbem-1472	61	14	an	an	DET
fbem-1472	61	15	asset	asset	NOUN
fbem-1472	61	16	at	at	ADP
fbem-1472	61	17	some	some	DET
fbem-1472	61	18	point	point	NOUN
fbem-1472	61	19	in	in	ADP
fbem-1472	61	20	the	the	DET
fbem-1472	61	21	future	future	NOUN
fbem-1472	61	22	.	.	PUNCT
fbem-1472	62	1	with	with	ADP
fbem-1472	62	2	the	the	DET
fbem-1472	62	3	development	development	NOUN
fbem-1472	62	4	of	of	ADP
fbem-1472	62	5	modern	modern	ADJ
fbem-1472	62	6	computer	computer	NOUN
fbem-1472	62	7	information	information	NOUN
fbem-1472	62	8	and	and	CCONJ
fbem-1472	62	9	network	network	NOUN
fbem-1472	62	10	technology	technology	NOUN
fbem-1472	62	11	,	,	PUNCT
fbem-1472	62	12	the	the	DET
fbem-1472	62	13	trading	trading	NOUN
fbem-1472	62	14	mode	mode	NOUN
fbem-1472	62	15	of	of	ADP
fbem-1472	62	16	securities	security	NOUN
fbem-1472	62	17	and	and	CCONJ
fbem-1472	62	18	futures	future	NOUN
fbem-1472	62	19	has	have	AUX
fbem-1472	62	20	gradually	gradually	ADV
fbem-1472	62	21	evolved	evolve	VERB
fbem-1472	62	22	from	from	ADP
fbem-1472	62	23	the	the	DET
fbem-1472	62	24	previous	previous	ADJ
fbem-1472	62	25	open	open	ADJ
fbem-1472	62	26	bidding	bidding	NOUN
fbem-1472	62	27	auction	auction	NOUN
fbem-1472	62	28	to	to	ADP
fbem-1472	62	29	today	today	NOUN
fbem-1472	62	30	's	's	PART
fbem-1472	62	31	electronic	electronic	ADJ
fbem-1472	62	32	trading	trading	NOUN
fbem-1472	62	33	.	.	PUNCT
fbem-1472	63	1	due	due	ADP
fbem-1472	63	2	to	to	ADP
fbem-1472	63	3	the	the	DET
fbem-1472	63	4	unique	unique	ADJ
fbem-1472	63	5	trading	trading	NOUN
fbem-1472	63	6	form	form	NOUN
fbem-1472	63	7	of	of	ADP
fbem-1472	63	8	forward	forward	ADJ
fbem-1472	63	9	delivery	delivery	NOUN
fbem-1472	63	10	of	of	ADP
fbem-1472	63	11	futures	future	NOUN
fbem-1472	63	12	contracts	contract	NOUN
fbem-1472	63	13	,	,	PUNCT
fbem-1472	63	14	the	the	DET
fbem-1472	63	15	price	price	NOUN
fbem-1472	63	16	between	between	ADP
fbem-1472	63	17	futures	future	NOUN
fbem-1472	63	18	contracts	contract	NOUN
fbem-1472	63	19	and	and	CCONJ
fbem-1472	63	20	spot	spot	NOUN
fbem-1472	63	21	prices	price	NOUN
fbem-1472	63	22	is	be	AUX
fbem-1472	63	23	often	often	ADV
fbem-1472	63	24	inconsistent	inconsistent	ADJ
fbem-1472	63	25	due	due	ADJ
fbem-1472	63	26	to	to	ADP
fbem-1472	63	27	factors	factor	NOUN
fbem-1472	63	28	such	such	ADJ
fbem-1472	63	29	as	as	ADP
fbem-1472	63	30	holding	hold	VERB
fbem-1472	63	31	costs	cost	NOUN
fbem-1472	63	32	and	and	CCONJ
fbem-1472	63	33	market	market	NOUN
fbem-1472	63	34	participants	participant	NOUN
fbem-1472	63	35	'	'	PART
fbem-1472	63	36	expectations	expectation	NOUN
fbem-1472	63	37	.	.	PUNCT
fbem-1472	64	1	when	when	SCONJ
fbem-1472	64	2	the	the	DET
fbem-1472	64	3	time	time	NOUN
fbem-1472	64	4	is	be	AUX
fbem-1472	64	5	very	very	ADV
fbem-1472	64	6	close	close	ADJ
fbem-1472	64	7	to	to	ADP
fbem-1472	64	8	the	the	DET
fbem-1472	64	9	last	last	ADJ
fbem-1472	64	10	trading	trading	NOUN
fbem-1472	64	11	day	day	NOUN
fbem-1472	64	12	of	of	ADP
fbem-1472	64	13	the	the	DET
fbem-1472	64	14	futures	future	NOUN
fbem-1472	64	15	contract	contract	NOUN
fbem-1472	64	16	,	,	PUNCT
fbem-1472	64	17	the	the	DET
fbem-1472	64	18	traded	trade	VERB
fbem-1472	64	19	futures	future	NOUN
fbem-1472	64	20	contract	contract	NOUN
fbem-1472	64	21	will	will	AUX
fbem-1472	64	22	be	be	AUX
fbem-1472	64	23	faced	face	VERB
fbem-1472	64	24	with	with	ADP
fbem-1472	64	25	physical	physical	ADJ
fbem-1472	64	26	delivery	delivery	NOUN
fbem-1472	64	27	or	or	CCONJ
fbem-1472	64	28	hedging	hedging	NOUN
fbem-1472	64	29	liquidation	liquidation	NOUN
fbem-1472	64	30	,	,	PUNCT
fbem-1472	64	31	so	so	CCONJ
fbem-1472	64	32	the	the	DET
fbem-1472	64	33	price	price	NOUN
fbem-1472	64	34	of	of	ADP
fbem-1472	64	35	the	the	DET
fbem-1472	64	36	futures	future	NOUN
fbem-1472	64	37	contract	contract	NOUN
fbem-1472	64	38	will	will	AUX
fbem-1472	64	39	fluctuate	fluctuate	VERB
fbem-1472	64	40	strongly	strongly	ADV
fbem-1472	64	41	around	around	ADP
fbem-1472	64	42	the	the	DET
fbem-1472	64	43	spot	spot	NOUN
fbem-1472	64	44	price	price	NOUN
fbem-1472	64	45	and	and	CCONJ
fbem-1472	64	46	be	be	AUX
fbem-1472	64	47	consistent	consistent	ADJ
fbem-1472	64	48	before	before	SCONJ
fbem-1472	64	49	the	the	DET
fbem-1472	64	50	last	last	ADJ
fbem-1472	64	51	trading	trading	NOUN
fbem-1472	64	52	day	day	NOUN
fbem-1472	64	53	stops	stop	VERB
fbem-1472	64	54	.	.	PUNCT
fbem-1472	65	1	therefore	therefore	ADV
fbem-1472	65	2	,	,	PUNCT
fbem-1472	65	3	in	in	ADP
fbem-1472	65	4	general	general	ADJ
fbem-1472	65	5	,	,	PUNCT
fbem-1472	65	6	although	although	SCONJ
fbem-1472	65	7	there	there	PRON
fbem-1472	65	8	is	be	VERB
fbem-1472	65	9	a	a	DET
fbem-1472	65	10	price	price	NOUN
fbem-1472	65	11	inconsistency	inconsistency	NOUN
fbem-1472	65	12	between	between	ADP
fbem-1472	65	13	the	the	DET
fbem-1472	65	14	futures	future	NOUN
fbem-1472	65	15	price	price	NOUN
fbem-1472	65	16	and	and	CCONJ
fbem-1472	65	17	the	the	DET
fbem-1472	65	18	spot	spot	NOUN
fbem-1472	65	19	price	price	NOUN
fbem-1472	65	20	,	,	PUNCT
fbem-1472	65	21	the	the	DET
fbem-1472	65	22	futures	future	NOUN
fbem-1472	65	23	price	price	NOUN
fbem-1472	65	24	will	will	AUX
fbem-1472	65	25	not	not	PART
fbem-1472	65	26	deviate	deviate	VERB
fbem-1472	65	27	from	from	ADP
fbem-1472	65	28	the	the	DET
fbem-1472	65	29	spot	spot	NOUN
fbem-1472	65	30	price	price	NOUN
fbem-1472	65	31	indefinitely	indefinitely	ADV
fbem-1472	65	32	due	due	ADP
fbem-1472	65	33	to	to	ADP
fbem-1472	65	34	the	the	DET
fbem-1472	65	35	inherent	inherent	ADJ
fbem-1472	65	36	delivery	delivery	NOUN
fbem-1472	65	37	requirements	requirement	NOUN
fbem-1472	65	38	of	of	ADP
fbem-1472	65	39	the	the	DET
fbem-1472	65	40	futures	future	NOUN
fbem-1472	65	41	contract	contract	NOUN
fbem-1472	65	42	.	.	PUNCT
fbem-1472	66	1	in	in	ADP
fbem-1472	66	2	addition	addition	NOUN
fbem-1472	66	3	,	,	PUNCT
fbem-1472	66	4	generally	generally	ADV
fbem-1472	66	5	speaking	speak	VERB
fbem-1472	66	6	,	,	PUNCT
fbem-1472	66	7	the	the	DET
fbem-1472	66	8	futures	future	NOUN
fbem-1472	66	9	and	and	CCONJ
fbem-1472	66	10	spot	spot	NOUN
fbem-1472	66	11	prices	price	NOUN
fbem-1472	66	12	of	of	ADP
fbem-1472	66	13	the	the	DET
fbem-1472	66	14	same	same	ADJ
fbem-1472	66	15	commodity	commodity	NOUN
fbem-1472	66	16	are	be	AUX
fbem-1472	66	17	affected	affect	VERB
fbem-1472	66	18	by	by	ADP
fbem-1472	66	19	both	both	DET
fbem-1472	66	20	supply	supply	NOUN
fbem-1472	66	21	and	and	CCONJ
fbem-1472	66	22	demand	demand	NOUN
fbem-1472	66	23	.	.	PUNCT
fbem-1472	67	1	the	the	DET
fbem-1472	67	2	futures	future	NOUN
fbem-1472	67	3	market	market	NOUN
fbem-1472	67	4	is	be	AUX
fbem-1472	67	5	born	bear	VERB
fbem-1472	67	6	out	out	ADP
fbem-1472	67	7	of	of	ADP
fbem-1472	67	8	the	the	DET
fbem-1472	67	9	spot	spot	NOUN
fbem-1472	67	10	market	market	NOUN
fbem-1472	67	11	,	,	PUNCT
fbem-1472	67	12	but	but	CCONJ
fbem-1472	67	13	the	the	DET
fbem-1472	67	14	differences	difference	NOUN
fbem-1472	67	15	between	between	ADP
fbem-1472	67	16	the	the	DET
fbem-1472	67	17	two	two	NUM
fbem-1472	67	18	are	be	AUX
fbem-1472	67	19	far	far	ADV
fbem-1472	67	20	more	more	ADJ
fbem-1472	67	21	than	than	ADP
fbem-1472	67	22	the	the	DET
fbem-1472	67	23	similarities	similarity	NOUN
fbem-1472	67	24	.	.	PUNCT
fbem-1472	68	1	generally	generally	ADV
fbem-1472	68	2	speaking	speak	VERB
fbem-1472	68	3	,	,	PUNCT
fbem-1472	68	4	the	the	DET
fbem-1472	68	5	two	two	NUM
fbem-1472	68	6	parties	party	NOUN
fbem-1472	68	7	to	to	ADP
fbem-1472	68	8	the	the	DET
fbem-1472	68	9	spot	spot	NOUN
fbem-1472	68	10	transaction	transaction	NOUN
fbem-1472	68	11	of	of	ADP
fbem-1472	68	12	bulk	bulk	ADJ
fbem-1472	68	13	commodities	commodity	NOUN
fbem-1472	68	14	often	often	ADV
fbem-1472	68	15	have	have	VERB
fbem-1472	68	16	to	to	PART
fbem-1472	68	17	negotiate	negotiate	VERB
fbem-1472	68	18	and	and	CCONJ
fbem-1472	68	19	sign	sign	VERB
fbem-1472	68	20	a	a	DET
fbem-1472	68	21	legally	legally	ADV
fbem-1472	68	22	binding	binding	ADJ
fbem-1472	68	23	contract	contract	NOUN
fbem-1472	68	24	,	,	PUNCT
fbem-1472	68	25	the	the	DET
fbem-1472	68	26	specific	specific	ADJ
fbem-1472	68	27	content	content	NOUN
fbem-1472	68	28	of	of	ADP
fbem-1472	68	29	which	which	PRON
fbem-1472	68	30	includes	include	VERB
fbem-1472	68	31	the	the	DET
fbem-1472	68	32	price	price	NOUN
fbem-1472	68	33	and	and	CCONJ
fbem-1472	68	34	quantity	quantity	NOUN
fbem-1472	68	35	agreed	agree	VERB
fbem-1472	68	36	by	by	ADP
fbem-1472	68	37	both	both	DET
fbem-1472	68	38	parties	party	NOUN
fbem-1472	68	39	.	.	PUNCT
fbem-1472	69	1	spot	spot	NOUN
fbem-1472	69	2	transactions	transaction	NOUN
fbem-1472	69	3	are	be	AUX
fbem-1472	69	4	generally	generally	ADV
fbem-1472	69	5	transactions	transaction	NOUN
fbem-1472	69	6	of	of	ADP
fbem-1472	69	7	one	one	NUM
fbem-1472	69	8	-	-	PUNCT
fbem-1472	69	9	handed	hand	VERB
fbem-1472	69	10	payment	payment	NOUN
fbem-1472	69	11	and	and	CCONJ
fbem-1472	69	12	onehanded	onehande	VERB
fbem-1472	69	13	delivery	delivery	NOUN
fbem-1472	69	14	.	.	PUNCT
fbem-1472	70	1	in	in	ADP
fbem-1472	70	2	the	the	DET
fbem-1472	70	3	spot	spot	NOUN
fbem-1472	70	4	market	market	NOUN
fbem-1472	70	5	,	,	PUNCT
fbem-1472	70	6	the	the	DET
fbem-1472	70	7	purpose	purpose	NOUN
fbem-1472	70	8	of	of	ADP
fbem-1472	70	9	buyers	buyer	NOUN
fbem-1472	70	10	and	and	CCONJ
fbem-1472	70	11	sellers	seller	NOUN
fbem-1472	70	12	is	be	AUX
fbem-1472	70	13	to	to	PART
fbem-1472	70	14	obtain	obtain	VERB
fbem-1472	70	15	commercial	commercial	ADJ
fbem-1472	70	16	profits	profit	NOUN
fbem-1472	70	17	by	by	ADP
fbem-1472	70	18	acquiring	acquire	VERB
fbem-1472	70	19	or	or	CCONJ
fbem-1472	70	20	transferring	transfer	VERB
fbem-1472	70	21	the	the	DET
fbem-1472	70	22	ownership	ownership	NOUN
fbem-1472	70	23	of	of	ADP
fbem-1472	70	24	commodities	commodity	NOUN
fbem-1472	70	25	.	.	PUNCT
fbem-1472	71	1	in	in	ADP
fbem-1472	71	2	the	the	DET
fbem-1472	71	3	futures	future	NOUN
fbem-1472	71	4	market	market	NOUN
fbem-1472	71	5	,	,	PUNCT
fbem-1472	71	6	it	it	PRON
fbem-1472	71	7	is	be	AUX
fbem-1472	71	8	not	not	PART
fbem-1472	71	9	always	always	ADV
fbem-1472	71	10	the	the	DET
fbem-1472	71	11	case	case	NOUN
fbem-1472	71	12	.	.	PUNCT
fbem-1472	72	1	generally	generally	ADV
fbem-1472	72	2	speaking	speak	VERB
fbem-1472	72	3	,	,	PUNCT
fbem-1472	72	4	futures	future	NOUN
fbem-1472	72	5	trading	trading	NOUN
fbem-1472	72	6	does	do	AUX
fbem-1472	72	7	not	not	PART
fbem-1472	72	8	want	want	VERB
fbem-1472	72	9	to	to	PART
fbem-1472	72	10	acquire	acquire	VERB
fbem-1472	72	11	the	the	DET
fbem-1472	72	12	ownership	ownership	NOUN
fbem-1472	72	13	of	of	ADP
fbem-1472	72	14	the	the	DET
fbem-1472	72	15	real	real	ADJ
fbem-1472	72	16	thing	thing	NOUN
fbem-1472	72	17	at	at	ADP
fbem-1472	72	18	the	the	DET
fbem-1472	72	19	expiration	expiration	NOUN
fbem-1472	72	20	date	date	NOUN
fbem-1472	72	21	,	,	PUNCT
fbem-1472	72	22	but	but	CCONJ
fbem-1472	72	23	to	to	PART
fbem-1472	72	24	close	close	VERB
fbem-1472	72	25	the	the	DET
fbem-1472	72	26	position	position	NOUN
fbem-1472	72	27	before	before	ADP
fbem-1472	72	28	the	the	DET
fbem-1472	72	29	expiration	expiration	NOUN
fbem-1472	72	30	date	date	NOUN
fbem-1472	72	31	.	.	PUNCT
fbem-1472	73	1	hedgers	hedger	NOUN
fbem-1472	73	2	avoid	avoid	VERB
fbem-1472	73	3	market	market	NOUN
fbem-1472	73	4	risks	risk	NOUN
fbem-1472	73	5	through	through	ADP
fbem-1472	73	6	futures	future	NOUN
fbem-1472	73	7	trading	trading	NOUN
fbem-1472	73	8	,	,	PUNCT
fbem-1472	73	9	arbitrageurs	arbitrageur	NOUN
fbem-1472	73	10	hedge	hedge	VERB
fbem-1472	73	11	their	their	PRON
fbem-1472	73	12	positions	position	NOUN
fbem-1472	73	13	to	to	PART
fbem-1472	73	14	obtain	obtain	VERB
fbem-1472	73	15	risk	risk	NOUN
fbem-1472	73	16	-	-	PUNCT
fbem-1472	73	17	free	free	ADJ
fbem-1472	73	18	profits	profit	NOUN
fbem-1472	73	19	,	,	PUNCT
fbem-1472	73	20	while	while	SCONJ
fbem-1472	73	21	speculators	speculator	NOUN
fbem-1472	73	22	seek	seek	VERB
fbem-1472	73	23	risk	risk	NOUN
fbem-1472	73	24	profits	profit	NOUN
fbem-1472	73	25	through	through	ADP
fbem-1472	73	26	futures	future	NOUN
fbem-1472	73	27	trading	trading	NOUN
fbem-1472	73	28	.	.	PUNCT
fbem-1472	74	1	the	the	DET
fbem-1472	74	2	similarities	similarity	NOUN
fbem-1472	74	3	and	and	CCONJ
fbem-1472	74	4	differences	difference	NOUN
fbem-1472	74	5	between	between	ADP
fbem-1472	74	6	the	the	DET
fbem-1472	74	7	two	two	NUM
fbem-1472	74	8	markets	market	NOUN
fbem-1472	74	9	are	be	AUX
fbem-1472	74	10	shown	show	VERB
fbem-1472	74	11	in	in	ADP
fbem-1472	74	12	table	table	NOUN
fbem-1472	74	13	2	2	NUM
fbem-1472	74	14	.	.	X
fbem-1472	74	15	96	96	NUM
fbem-1472	74	16	table	table	NOUN
fbem-1472	74	17	2	2	NUM
fbem-1472	74	18	.	.	X
fbem-1472	74	19	comparison	comparison	NOUN
fbem-1472	74	20	between	between	ADP
fbem-1472	74	21	spot	spot	NOUN
fbem-1472	74	22	and	and	CCONJ
fbem-1472	74	23	futures	future	NOUN
fbem-1472	74	24	contract	contract	NOUN
fbem-1472	74	25	details	detail	NOUN
fbem-1472	74	26	spot	spot	NOUN
fbem-1472	74	27	contract	contract	NOUN
fbem-1472	74	28	futures	future	NOUN
fbem-1472	74	29	contracts	contract	NOUN
fbem-1472	74	30	trading	trading	NOUN
fbem-1472	74	31	variety	variety	NOUN
fbem-1472	74	32	all	all	DET
fbem-1472	74	33	circulating	circulate	VERB
fbem-1472	74	34	commodities	commodity	NOUN
fbem-1472	74	35	limited	limit	VERB
fbem-1472	74	36	commodity	commodity	NOUN
fbem-1472	74	37	trading	trading	NOUN
fbem-1472	74	38	place	place	NOUN
fbem-1472	74	39	any	any	DET
fbem-1472	74	40	place	place	NOUN
fbem-1472	74	41	futures	future	NOUN
fbem-1472	74	42	exchange	exchange	PROPN
fbem-1472	74	43	&	&	CCONJ
fbem-1472	74	44	some	some	DET
fbem-1472	74	45	commodity	commodity	NOUN
fbem-1472	74	46	exchanges	exchange	NOUN
fbem-1472	74	47	contract	contract	NOUN
fbem-1472	74	48	format	format	NOUN
fbem-1472	74	49	non	non	ADJ
fbem-1472	74	50	-	-	ADJ
fbem-1472	74	51	standardized	standardized	ADJ
fbem-1472	74	52	contract	contract	NOUN
fbem-1472	74	53	standardized	standardize	VERB
fbem-1472	74	54	contract	contract	NOUN
fbem-1472	74	55	settlement	settlement	NOUN
fbem-1472	74	56	method	method	NOUN
fbem-1472	74	57	pay	pay	VERB
fbem-1472	74	58	off	off	ADP
fbem-1472	74	59	the	the	DET
fbem-1472	74	60	loan	loan	NOUN
fbem-1472	74	61	daily	daily	ADJ
fbem-1472	74	62	mark	mark	NOUN
fbem-1472	74	63	-	-	PUNCT
fbem-1472	74	64	to	to	ADP
fbem-1472	74	65	-	-	PUNCT
fbem-1472	74	66	market	market	NOUN
fbem-1472	74	67	settlement	settlement	NOUN
fbem-1472	74	68	delivery	delivery	NOUN
fbem-1472	74	69	method	method	NOUN
fbem-1472	74	70	physical	physical	ADJ
fbem-1472	74	71	delivery	delivery	NOUN
fbem-1472	74	72	daily	daily	ADJ
fbem-1472	74	73	liquidation	liquidation	NOUN
fbem-1472	74	74	credit	credit	NOUN
fbem-1472	74	75	risk	risk	NOUN
fbem-1472	74	76	uncertain	uncertain	ADJ
fbem-1472	74	77	credit	credit	NOUN
fbem-1472	74	78	risk	risk	NOUN
fbem-1472	74	79	the	the	DET
fbem-1472	74	80	credit	credit	NOUN
fbem-1472	74	81	risk	risk	NOUN
fbem-1472	74	82	is	be	AUX
fbem-1472	74	83	minimal	minimal	ADJ
fbem-1472	74	84	academic	academic	ADJ
fbem-1472	74	85	relevance	relevance	NOUN
fbem-1472	74	86	is	be	AUX
fbem-1472	74	87	defined	define	VERB
fbem-1472	74	88	as	as	ADP
fbem-1472	74	89	not	not	PART
fbem-1472	74	90	only	only	ADV
fbem-1472	74	91	a	a	DET
fbem-1472	74	92	certain	certain	ADJ
fbem-1472	74	93	degree	degree	NOUN
fbem-1472	74	94	of	of	ADP
fbem-1472	74	95	relationship	relationship	NOUN
fbem-1472	74	96	between	between	ADP
fbem-1472	74	97	two	two	NUM
fbem-1472	74	98	objects	object	NOUN
fbem-1472	74	99	,	,	PUNCT
fbem-1472	74	100	but	but	CCONJ
fbem-1472	74	101	also	also	ADV
fbem-1472	74	102	a	a	DET
fbem-1472	74	103	certain	certain	ADJ
fbem-1472	74	104	degree	degree	NOUN
fbem-1472	74	105	of	of	ADP
fbem-1472	74	106	linkage	linkage	NOUN
fbem-1472	74	107	.	.	PUNCT
fbem-1472	75	1	linkage	linkage	NOUN
fbem-1472	75	2	or	or	CCONJ
fbem-1472	75	3	linkage	linkage	NOUN
fbem-1472	75	4	effect	effect	NOUN
fbem-1472	75	5	is	be	AUX
fbem-1472	75	6	the	the	DET
fbem-1472	75	7	key	key	ADJ
fbem-1472	75	8	point	point	NOUN
fbem-1472	75	9	to	to	PART
fbem-1472	75	10	examine	examine	VERB
fbem-1472	75	11	the	the	DET
fbem-1472	75	12	relationship	relationship	NOUN
fbem-1472	75	13	between	between	ADP
fbem-1472	75	14	them	they	PRON
fbem-1472	75	15	.	.	PUNCT
fbem-1472	76	1	academics	academic	NOUN
fbem-1472	76	2	agree	agree	VERB
fbem-1472	76	3	that	that	SCONJ
fbem-1472	76	4	there	there	PRON
fbem-1472	76	5	is	be	VERB
fbem-1472	76	6	a	a	DET
fbem-1472	76	7	linkage	linkage	NOUN
fbem-1472	76	8	effect	effect	NOUN
fbem-1472	76	9	in	in	ADP
fbem-1472	76	10	the	the	DET
fbem-1472	76	11	financial	financial	ADJ
fbem-1472	76	12	market	market	NOUN
fbem-1472	76	13	,	,	PUNCT
fbem-1472	76	14	whether	whether	SCONJ
fbem-1472	76	15	it	it	PRON
fbem-1472	76	16	is	be	AUX
fbem-1472	76	17	a	a	DET
fbem-1472	76	18	mature	mature	ADJ
fbem-1472	76	19	market	market	NOUN
fbem-1472	76	20	or	or	CCONJ
fbem-1472	76	21	a	a	DET
fbem-1472	76	22	developing	develop	VERB
fbem-1472	76	23	market	market	NOUN
fbem-1472	76	24	.	.	PUNCT
fbem-1472	77	1	this	this	DET
fbem-1472	77	2	effect	effect	NOUN
fbem-1472	77	3	is	be	AUX
fbem-1472	77	4	developing	develop	VERB
fbem-1472	77	5	rapidly	rapidly	ADV
fbem-1472	77	6	today	today	NOUN
fbem-1472	77	7	,	,	PUNCT
fbem-1472	77	8	and	and	CCONJ
fbem-1472	77	9	the	the	DET
fbem-1472	77	10	innovative	innovative	ADJ
fbem-1472	77	11	global	global	ADJ
fbem-1472	77	12	financial	financial	ADJ
fbem-1472	77	13	market	market	NOUN
fbem-1472	77	14	is	be	AUX
fbem-1472	77	15	becoming	become	VERB
fbem-1472	77	16	more	more	ADV
fbem-1472	77	17	and	and	CCONJ
fbem-1472	77	18	more	more	ADV
fbem-1472	77	19	prominent	prominent	ADJ
fbem-1472	77	20	.	.	PUNCT
fbem-1472	78	1	the	the	DET
fbem-1472	78	2	pace	pace	NOUN
fbem-1472	78	3	of	of	ADP
fbem-1472	78	4	global	global	ADJ
fbem-1472	78	5	securities	security	NOUN
fbem-1472	78	6	markets	market	NOUN
fbem-1472	78	7	is	be	AUX
fbem-1472	78	8	becoming	become	VERB
fbem-1472	78	9	more	more	ADV
fbem-1472	78	10	and	and	CCONJ
fbem-1472	78	11	more	more	ADJ
fbem-1472	78	12	convergent	convergent	NOUN
fbem-1472	78	13	,	,	PUNCT
fbem-1472	78	14	and	and	CCONJ
fbem-1472	78	15	the	the	DET
fbem-1472	78	16	mutual	mutual	ADJ
fbem-1472	78	17	influence	influence	NOUN
fbem-1472	78	18	is	be	AUX
fbem-1472	78	19	much	much	ADV
fbem-1472	78	20	more	more	ADV
fbem-1472	78	21	obvious	obvious	ADJ
fbem-1472	78	22	than	than	ADP
fbem-1472	78	23	before	before	ADV
fbem-1472	78	24	.	.	PUNCT
fbem-1472	79	1	with	with	ADP
fbem-1472	79	2	the	the	DET
fbem-1472	79	3	rapid	rapid	ADJ
fbem-1472	79	4	development	development	NOUN
fbem-1472	79	5	of	of	ADP
fbem-1472	79	6	science	science	NOUN
fbem-1472	79	7	and	and	CCONJ
fbem-1472	79	8	technology	technology	NOUN
fbem-1472	79	9	,	,	PUNCT
fbem-1472	79	10	the	the	DET
fbem-1472	79	11	academic	academic	ADJ
fbem-1472	79	12	circles	circle	NOUN
fbem-1472	79	13	think	think	VERB
fbem-1472	79	14	that	that	SCONJ
fbem-1472	79	15	the	the	DET
fbem-1472	79	16	it	it	PRON
fbem-1472	79	17	technology	technology	NOUN
fbem-1472	79	18	applied	apply	VERB
fbem-1472	79	19	in	in	ADP
fbem-1472	79	20	the	the	DET
fbem-1472	79	21	securities	security	NOUN
fbem-1472	79	22	market	market	NOUN
fbem-1472	79	23	makes	make	VERB
fbem-1472	79	24	the	the	DET
fbem-1472	79	25	correlation	correlation	NOUN
fbem-1472	79	26	between	between	ADP
fbem-1472	79	27	the	the	DET
fbem-1472	79	28	two	two	NUM
fbem-1472	79	29	markets	market	NOUN
fbem-1472	79	30	much	much	ADV
fbem-1472	79	31	higher	high	ADJ
fbem-1472	79	32	than	than	ADP
fbem-1472	79	33	before	before	ADV
fbem-1472	79	34	.	.	PUNCT
fbem-1472	80	1	the	the	DET
fbem-1472	80	2	information	information	NOUN
fbem-1472	80	3	transmission	transmission	NOUN
fbem-1472	80	4	speed	speed	NOUN
fbem-1472	80	5	is	be	AUX
fbem-1472	80	6	extremely	extremely	ADV
fbem-1472	80	7	fast	fast	ADJ
fbem-1472	80	8	,	,	PUNCT
fbem-1472	80	9	resulting	result	VERB
fbem-1472	80	10	in	in	ADP
fbem-1472	80	11	an	an	DET
fbem-1472	80	12	increase	increase	NOUN
fbem-1472	80	13	in	in	ADP
fbem-1472	80	14	the	the	DET
fbem-1472	80	15	frequency	frequency	NOUN
fbem-1472	80	16	of	of	ADP
fbem-1472	80	17	arbitrage	arbitrage	NOUN
fbem-1472	80	18	transactions	transaction	NOUN
fbem-1472	80	19	by	by	ADP
fbem-1472	80	20	arbitrageurs	arbitrageur	NOUN
fbem-1472	80	21	.	.	PUNCT
fbem-1472	81	1	once	once	ADV
fbem-1472	81	2	the	the	DET
fbem-1472	81	3	risk	risk	NOUN
fbem-1472	81	4	-	-	PUNCT
fbem-1472	81	5	free	free	ADJ
fbem-1472	81	6	arbitrage	arbitrage	NOUN
fbem-1472	81	7	space	space	NOUN
fbem-1472	81	8	between	between	ADP
fbem-1472	81	9	markets	market	NOUN
fbem-1472	81	10	is	be	AUX
fbem-1472	81	11	found	find	VERB
fbem-1472	81	12	,	,	PUNCT
fbem-1472	81	13	the	the	DET
fbem-1472	81	14	arbitrageurs	arbitrageur	NOUN
fbem-1472	81	15	will	will	AUX
fbem-1472	81	16	immediately	immediately	ADV
fbem-1472	81	17	seize	seize	VERB
fbem-1472	81	18	the	the	DET
fbem-1472	81	19	opportunity	opportunity	NOUN
fbem-1472	81	20	to	to	PART
fbem-1472	81	21	carry	carry	VERB
fbem-1472	81	22	out	out	ADP
fbem-1472	81	23	arbitrage	arbitrage	NOUN
fbem-1472	81	24	operations	operation	NOUN
fbem-1472	81	25	.	.	PUNCT
fbem-1472	82	1	moreover	moreover	ADV
fbem-1472	82	2	,	,	PUNCT
fbem-1472	82	3	due	due	ADP
fbem-1472	82	4	to	to	ADP
fbem-1472	82	5	effective	effective	ADJ
fbem-1472	82	6	trading	trading	NOUN
fbem-1472	82	7	,	,	PUNCT
fbem-1472	82	8	the	the	DET
fbem-1472	82	9	price	price	NOUN
fbem-1472	82	10	difference	difference	NOUN
fbem-1472	82	11	between	between	ADP
fbem-1472	82	12	futures	future	NOUN
fbem-1472	82	13	and	and	CCONJ
fbem-1472	82	14	cash	cash	NOUN
fbem-1472	82	15	will	will	AUX
fbem-1472	82	16	be	be	AUX
fbem-1472	82	17	narrowed	narrow	VERB
fbem-1472	82	18	,	,	PUNCT
fbem-1472	82	19	and	and	CCONJ
fbem-1472	82	20	the	the	DET
fbem-1472	82	21	prices	price	NOUN
fbem-1472	82	22	of	of	ADP
fbem-1472	82	23	both	both	DET
fbem-1472	82	24	markets	market	NOUN
fbem-1472	82	25	will	will	AUX
fbem-1472	82	26	surely	surely	ADV
fbem-1472	82	27	move	move	VERB
fbem-1472	82	28	in	in	ADP
fbem-1472	82	29	one	one	NUM
fbem-1472	82	30	direction	direction	NOUN
fbem-1472	82	31	,	,	PUNCT
fbem-1472	82	32	and	and	CCONJ
fbem-1472	82	33	the	the	DET
fbem-1472	82	34	arbitrage	arbitrage	NOUN
fbem-1472	82	35	space	space	NOUN
fbem-1472	82	36	will	will	AUX
fbem-1472	82	37	eventually	eventually	ADV
fbem-1472	82	38	disappear	disappear	VERB
fbem-1472	82	39	.	.	PUNCT
fbem-1472	83	1	although	although	SCONJ
fbem-1472	83	2	the	the	DET
fbem-1472	83	3	price	price	NOUN
fbem-1472	83	4	difference	difference	NOUN
fbem-1472	83	5	may	may	AUX
fbem-1472	83	6	increase	increase	VERB
fbem-1472	83	7	,	,	PUNCT
fbem-1472	83	8	the	the	DET
fbem-1472	83	9	futures	future	NOUN
fbem-1472	83	10	price	price	NOUN
fbem-1472	83	11	may	may	AUX
fbem-1472	83	12	have	have	VERB
fbem-1472	83	13	different	different	ADJ
fbem-1472	83	14	trends	trend	NOUN
fbem-1472	83	15	in	in	ADP
fbem-1472	83	16	a	a	DET
fbem-1472	83	17	certain	certain	ADJ
fbem-1472	83	18	period	period	NOUN
fbem-1472	83	19	of	of	ADP
fbem-1472	83	20	time	time	NOUN
fbem-1472	83	21	,	,	PUNCT
fbem-1472	83	22	but	but	CCONJ
fbem-1472	83	23	the	the	DET
fbem-1472	83	24	futures	future	NOUN
fbem-1472	83	25	price	price	NOUN
fbem-1472	83	26	and	and	CCONJ
fbem-1472	83	27	the	the	DET
fbem-1472	83	28	spot	spot	NOUN
fbem-1472	83	29	price	price	NOUN
fbem-1472	83	30	finally	finally	ADV
fbem-1472	83	31	converge	converge	VERB
fbem-1472	83	32	and	and	CCONJ
fbem-1472	83	33	converge	converge	VERB
fbem-1472	83	34	with	with	ADP
fbem-1472	83	35	each	each	DET
fbem-1472	83	36	other	other	ADJ
fbem-1472	83	37	.	.	PUNCT
fbem-1472	84	1	3	3	X
fbem-1472	84	2	.	.	X
fbem-1472	84	3	analysis	analysis	NOUN
fbem-1472	84	4	and	and	CCONJ
fbem-1472	84	5	discussion	discussion	NOUN
fbem-1472	84	6	of	of	ADP
fbem-1472	84	7	results	result	NOUN
fbem-1472	84	8	impulse	impulse	ADJ
fbem-1472	84	9	response	response	NOUN
fbem-1472	84	10	function	function	NOUN
fbem-1472	84	11	can	can	AUX
fbem-1472	84	12	be	be	AUX
fbem-1472	84	13	used	use	VERB
fbem-1472	84	14	to	to	PART
fbem-1472	84	15	describe	describe	VERB
fbem-1472	84	16	the	the	DET
fbem-1472	84	17	impact	impact	NOUN
fbem-1472	84	18	of	of	ADP
fbem-1472	84	19	a	a	DET
fbem-1472	84	20	standard	standard	ADJ
fbem-1472	84	21	deviation	deviation	NOUN
fbem-1472	84	22	on	on	ADP
fbem-1472	84	23	the	the	DET
fbem-1472	84	24	random	random	ADJ
fbem-1472	84	25	error	error	NOUN
fbem-1472	84	26	term	term	NOUN
fbem-1472	84	27	,	,	PUNCT
fbem-1472	84	28	reflecting	reflect	VERB
fbem-1472	84	29	the	the	DET
fbem-1472	84	30	current	current	ADJ
fbem-1472	84	31	and	and	CCONJ
fbem-1472	84	32	future	future	ADJ
fbem-1472	84	33	impact	impact	NOUN
fbem-1472	84	34	on	on	ADP
fbem-1472	84	35	endogenous	endogenous	ADJ
fbem-1472	84	36	variables	variable	NOUN
fbem-1472	84	37	.	.	PUNCT
fbem-1472	85	1	(	(	PUNCT
fbem-1472	85	2	a	a	X
fbem-1472	85	3	)	)	PUNCT
fbem-1472	85	4	~	~	PUNCT
fbem-1472	85	5	(	(	PUNCT
fbem-1472	85	6	e	e	NOUN
fbem-1472	85	7	)	)	PUNCT
fbem-1472	85	8	are	be	AUX
fbem-1472	85	9	impulse	impulse	ADJ
fbem-1472	85	10	response	response	NOUN
fbem-1472	85	11	functions	function	NOUN
fbem-1472	85	12	representing	represent	VERB
fbem-1472	85	13	the	the	DET
fbem-1472	85	14	impact	impact	NOUN
fbem-1472	85	15	of	of	ADP
fbem-1472	85	16	gdp	gdp	NOUN
fbem-1472	85	17	,	,	PUNCT
fbem-1472	85	18	internet	internet	NOUN
fbem-1472	85	19	development	development	NOUN
fbem-1472	85	20	level	level	NOUN
fbem-1472	85	21	,	,	PUNCT
fbem-1472	85	22	cost	cost	NOUN
fbem-1472	85	23	-	-	PUNCT
fbem-1472	85	24	income	income	NOUN
fbem-1472	85	25	ratio	ratio	NOUN
fbem-1472	85	26	,	,	PUNCT
fbem-1472	85	27	net	net	ADJ
fbem-1472	85	28	interest	interest	NOUN
fbem-1472	85	29	margin	margin	NOUN
fbem-1472	85	30	and	and	CCONJ
fbem-1472	85	31	non	non	ADJ
fbem-1472	85	32	-	-	ADJ
fbem-1472	85	33	performing	perform	VERB
fbem-1472	85	34	loan	loan	NOUN
fbem-1472	85	35	ratio	ratio	NOUN
fbem-1472	85	36	on	on	ADP
fbem-1472	85	37	the	the	DET
fbem-1472	85	38	average	average	ADJ
fbem-1472	85	39	return	return	NOUN
fbem-1472	85	40	on	on	ADP
fbem-1472	85	41	assets	asset	NOUN
fbem-1472	85	42	,	,	PUNCT
fbem-1472	85	43	respectively	respectively	ADV
fbem-1472	85	44	.	.	PUNCT
fbem-1472	86	1	figure	figure	NOUN
fbem-1472	86	2	1	1	NUM
fbem-1472	86	3	depicts	depict	VERB
fbem-1472	86	4	the	the	DET
fbem-1472	86	5	changes	change	NOUN
fbem-1472	86	6	of	of	ADP
fbem-1472	86	7	implied	imply	VERB
fbem-1472	86	8	volatility	volatility	NOUN
fbem-1472	86	9	of	of	ADP
fbem-1472	86	10	call	call	NOUN
fbem-1472	86	11	options	option	NOUN
fbem-1472	86	12	in	in	ADP
fbem-1472	86	13	different	different	ADJ
fbem-1472	86	14	value	value	NOUN
fbem-1472	86	15	states	state	NOUN
fbem-1472	86	16	.	.	PUNCT
fbem-1472	87	1	figure	figure	VERB
fbem-1472	87	2	1	1	NUM
fbem-1472	87	3	.	.	PUNCT
fbem-1472	88	1	changes	change	NOUN
fbem-1472	88	2	of	of	ADP
fbem-1472	88	3	implied	imply	VERB
fbem-1472	88	4	volatility	volatility	NOUN
fbem-1472	88	5	of	of	ADP
fbem-1472	88	6	call	call	NOUN
fbem-1472	88	7	options	option	NOUN
fbem-1472	88	8	in	in	ADP
fbem-1472	88	9	different	different	ADJ
fbem-1472	88	10	states	state	NOUN
fbem-1472	88	11	the	the	DET
fbem-1472	88	12	change	change	NOUN
fbem-1472	88	13	trend	trend	NOUN
fbem-1472	88	14	of	of	ADP
fbem-1472	88	15	implied	imply	VERB
fbem-1472	88	16	volatility	volatility	NOUN
fbem-1472	88	17	of	of	ADP
fbem-1472	88	18	call	call	NOUN
fbem-1472	88	19	options	option	NOUN
fbem-1472	88	20	in	in	ADP
fbem-1472	88	21	different	different	ADJ
fbem-1472	88	22	value	value	NOUN
fbem-1472	88	23	states	state	NOUN
fbem-1472	88	24	is	be	AUX
fbem-1472	88	25	very	very	ADV
fbem-1472	88	26	close	close	ADJ
fbem-1472	88	27	.	.	PUNCT
fbem-1472	89	1	for	for	ADP
fbem-1472	89	2	otm	otm	PROPN
fbem-1472	89	3	,	,	PUNCT
fbem-1472	89	4	ntm	ntm	PROPN
fbem-1472	89	5	and	and	CCONJ
fbem-1472	89	6	itmh	itmh	PROPN
fbem-1472	89	7	groups	group	NOUN
fbem-1472	89	8	,	,	PUNCT
fbem-1472	89	9	the	the	DET
fbem-1472	89	10	correlation	correlation	NOUN
fbem-1472	89	11	coefficient	coefficient	NOUN
fbem-1472	89	12	between	between	ADP
fbem-1472	89	13	two	two	NUM
fbem-1472	89	14	groups	group	NOUN
fbem-1472	89	15	is	be	AUX
fbem-1472	89	16	as	as	ADV
fbem-1472	89	17	high	high	ADJ
fbem-1472	89	18	as	as	ADP
fbem-1472	89	19	0.89w	0.89w	NOUN
fbem-1472	89	20	.	.	PUNCT
fbem-1472	90	1	the	the	DET
fbem-1472	90	2	assimilation	assimilation	NOUN
fbem-1472	90	3	otm	otm	PROPN
fbem-1472	90	4	group	group	NOUN
fbem-1472	90	5	and	and	CCONJ
fbem-1472	90	6	ntm	ntm	PROPN
fbem-1472	90	7	group	group	PROPN
fbem-1472	90	8	are	be	AUX
fbem-1472	90	9	particularly	particularly	ADV
fbem-1472	90	10	close	close	ADJ
fbem-1472	90	11	,	,	PUNCT
fbem-1472	90	12	and	and	CCONJ
fbem-1472	90	13	the	the	DET
fbem-1472	90	14	average	average	ADJ
fbem-1472	90	15	values	value	NOUN
fbem-1472	90	16	in	in	ADP
fbem-1472	90	17	the	the	DET
fbem-1472	90	18	sample	sample	NOUN
fbem-1472	90	19	interval	interval	NOUN
fbem-1472	90	20	are	be	AUX
fbem-1472	90	21	40	40	NUM
fbem-1472	90	22	and	and	CCONJ
fbem-1472	90	23	0.39	0.39	NUM
fbem-1472	90	24	respectively	respectively	ADV
fbem-1472	90	25	.	.	PUNCT
fbem-1472	91	1	compared	compare	VERB
fbem-1472	91	2	with	with	ADP
fbem-1472	91	3	itm	itm	PROPN
fbem-1472	91	4	group	group	NOUN
fbem-1472	91	5	,	,	PUNCT
fbem-1472	91	6	the	the	DET
fbem-1472	91	7	itm	itm	PROPN
fbem-1472	91	8	group	group	NOUN
fbem-1472	91	9	was	be	AUX
fbem-1472	91	10	0.33	0.33	NUM
fbem-1472	91	11	.	.	PUNCT
fbem-1472	92	1	the	the	DET
fbem-1472	92	2	lowest	low	ADJ
fbem-1472	92	3	value	value	NOUN
fbem-1472	92	4	in	in	ADP
fbem-1472	92	5	ditm	ditm	PROPN
fbem-1472	92	6	group	group	NOUN
fbem-1472	92	7	is	be	AUX
fbem-1472	92	8	0.22	0.22	NUM
fbem-1472	92	9	.	.	PUNCT
fbem-1472	93	1	an	an	DET
fbem-1472	93	2	impact	impact	NOUN
fbem-1472	93	3	of	of	ADP
fbem-1472	93	4	the	the	DET
fbem-1472	93	5	development	development	NOUN
fbem-1472	93	6	of	of	ADP
fbem-1472	93	7	the	the	DET
fbem-1472	93	8	internet	internet	NOUN
fbem-1472	93	9	has	have	VERB
fbem-1472	93	10	a	a	DET
fbem-1472	93	11	positive	positive	ADJ
fbem-1472	93	12	impact	impact	NOUN
fbem-1472	93	13	on	on	ADP
fbem-1472	93	14	the	the	DET
fbem-1472	93	15	average	average	ADJ
fbem-1472	93	16	return	return	NOUN
fbem-1472	93	17	on	on	ADP
fbem-1472	93	18	assets	asset	NOUN
fbem-1472	93	19	of	of	ADP
fbem-1472	93	20	commercial	commercial	ADJ
fbem-1472	93	21	banks	bank	NOUN
fbem-1472	93	22	,	,	PUNCT
fbem-1472	93	23	which	which	PRON
fbem-1472	93	24	can	can	AUX
fbem-1472	93	25	also	also	ADV
fbem-1472	93	26	be	be	AUX
fbem-1472	93	27	verified	verify	VERB
fbem-1472	93	28	by	by	ADP
fbem-1472	93	29	the	the	DET
fbem-1472	93	30	regression	regression	NOUN
fbem-1472	93	31	results	result	NOUN
fbem-1472	93	32	of	of	ADP
fbem-1472	93	33	vecm	vecm	NOUN
fbem-1472	93	34	modified	modify	VERB
fbem-1472	93	35	equation	equation	NOUN
fbem-1472	93	36	.	.	PUNCT
fbem-1472	94	1	this	this	PRON
fbem-1472	94	2	is	be	AUX
fbem-1472	94	3	mainly	mainly	ADV
fbem-1472	94	4	because	because	SCONJ
fbem-1472	94	5	the	the	DET
fbem-1472	94	6	development	development	NOUN
fbem-1472	94	7	of	of	ADP
fbem-1472	94	8	internet	internet	NOUN
fbem-1472	94	9	technology	technology	NOUN
fbem-1472	94	10	has	have	AUX
fbem-1472	94	11	driven	drive	VERB
fbem-1472	94	12	the	the	DET
fbem-1472	94	13	development	development	NOUN
fbem-1472	94	14	of	of	ADP
fbem-1472	94	15	internet	internet	NOUN
fbem-1472	94	16	financial	financial	ADJ
fbem-1472	94	17	industry	industry	NOUN
fbem-1472	94	18	,	,	PUNCT
fbem-1472	94	19	providing	provide	VERB
fbem-1472	94	20	more	more	ADJ
fbem-1472	94	21	profit	profit	NOUN
fbem-1472	94	22	channels	channel	NOUN
fbem-1472	94	23	and	and	CCONJ
fbem-1472	94	24	ways	way	NOUN
fbem-1472	94	25	for	for	ADP
fbem-1472	94	26	commercial	commercial	ADJ
fbem-1472	94	27	banks	bank	NOUN
fbem-1472	94	28	.	.	PUNCT
fbem-1472	95	1	commercial	commercial	ADJ
fbem-1472	95	2	banks	bank	NOUN
fbem-1472	95	3	use	use	VERB
fbem-1472	95	4	the	the	DET
fbem-1472	95	5	development	development	NOUN
fbem-1472	95	6	of	of	ADP
fbem-1472	95	7	internet	internet	NOUN
fbem-1472	95	8	technology	technology	NOUN
fbem-1472	95	9	to	to	PART
fbem-1472	95	10	innovate	innovate	VERB
fbem-1472	95	11	financial	financial	ADJ
fbem-1472	95	12	products	product	NOUN
fbem-1472	95	13	,	,	PUNCT
fbem-1472	95	14	thus	thus	ADV
fbem-1472	95	15	reducing	reduce	VERB
fbem-1472	95	16	their	their	PRON
fbem-1472	95	17	dependence	dependence	NOUN
fbem-1472	95	18	on	on	ADP
fbem-1472	95	19	the	the	DET
fbem-1472	95	20	difference	difference	NOUN
fbem-1472	95	21	between	between	ADP
fbem-1472	95	22	deposits	deposit	NOUN
fbem-1472	95	23	and	and	CCONJ
fbem-1472	95	24	loans	loan	NOUN
fbem-1472	95	25	in	in	ADP
fbem-1472	95	26	traditional	traditional	ADJ
fbem-1472	95	27	businesses	business	NOUN
fbem-1472	95	28	.	.	PUNCT
fbem-1472	96	1	in	in	ADP
fbem-1472	96	2	97	97	NUM
fbem-1472	96	3	addition	addition	NOUN
fbem-1472	96	4	,	,	PUNCT
fbem-1472	96	5	commercial	commercial	ADJ
fbem-1472	96	6	banks	bank	NOUN
fbem-1472	96	7	use	use	VERB
fbem-1472	96	8	internet	internet	NOUN
fbem-1472	96	9	technology	technology	NOUN
fbem-1472	96	10	to	to	PART
fbem-1472	96	11	make	make	VERB
fbem-1472	96	12	financial	financial	ADJ
fbem-1472	96	13	transactions	transaction	NOUN
fbem-1472	96	14	more	more	ADV
fbem-1472	96	15	convenient	convenient	ADJ
fbem-1472	96	16	,	,	PUNCT
fbem-1472	96	17	save	save	VERB
fbem-1472	96	18	customer	customer	NOUN
fbem-1472	96	19	business	business	NOUN
fbem-1472	96	20	costs	cost	NOUN
fbem-1472	96	21	,	,	PUNCT
fbem-1472	96	22	enhance	enhance	VERB
fbem-1472	96	23	customer	customer	NOUN
fbem-1472	96	24	attachment	attachment	NOUN
fbem-1472	96	25	,	,	PUNCT
fbem-1472	96	26	make	make	VERB
fbem-1472	96	27	the	the	DET
fbem-1472	96	28	stock	stock	NOUN
fbem-1472	96	29	of	of	ADP
fbem-1472	96	30	customers	customer	NOUN
fbem-1472	96	31	more	more	ADV
fbem-1472	96	32	stable	stable	ADJ
fbem-1472	96	33	,	,	PUNCT
fbem-1472	96	34	and	and	CCONJ
fbem-1472	96	35	indirectly	indirectly	ADV
fbem-1472	96	36	increase	increase	VERB
fbem-1472	96	37	profits	profit	NOUN
fbem-1472	96	38	.	.	PUNCT
fbem-1472	97	1	therefore	therefore	ADV
fbem-1472	97	2	,	,	PUNCT
fbem-1472	97	3	the	the	DET
fbem-1472	97	4	more	more	ADV
fbem-1472	97	5	developed	develop	VERB
fbem-1472	97	6	the	the	DET
fbem-1472	97	7	internet	internet	NOUN
fbem-1472	97	8	degree	degree	NOUN
fbem-1472	97	9	of	of	ADP
fbem-1472	97	10	commercial	commercial	ADJ
fbem-1472	97	11	banks	bank	NOUN
fbem-1472	97	12	,	,	PUNCT
fbem-1472	97	13	the	the	PRON
fbem-1472	97	14	more	more	ADJ
fbem-1472	97	15	it	it	PRON
fbem-1472	97	16	will	will	AUX
fbem-1472	97	17	help	help	VERB
fbem-1472	97	18	to	to	PART
fbem-1472	97	19	improve	improve	VERB
fbem-1472	97	20	the	the	DET
fbem-1472	97	21	average	average	ADJ
fbem-1472	97	22	return	return	NOUN
fbem-1472	97	23	on	on	ADP
fbem-1472	97	24	assets	asset	NOUN
fbem-1472	97	25	of	of	ADP
fbem-1472	97	26	commercial	commercial	ADJ
fbem-1472	97	27	banks	bank	NOUN
fbem-1472	97	28	.	.	PUNCT
fbem-1472	98	1	4	4	X
fbem-1472	98	2	.	.	X
fbem-1472	98	3	conclusions	conclusion	NOUN
fbem-1472	98	4	since	since	SCONJ
fbem-1472	98	5	the	the	DET
fbem-1472	98	6	listing	listing	NOUN
fbem-1472	98	7	of	of	ADP
fbem-1472	98	8	china	china	PROPN
fbem-1472	98	9	's	's	PART
fbem-1472	98	10	stock	stock	NOUN
fbem-1472	98	11	index	index	NOUN
fbem-1472	98	12	futures	future	NOUN
fbem-1472	98	13	,	,	PUNCT
fbem-1472	98	14	china	china	PROPN
fbem-1472	98	15	's	's	PART
fbem-1472	98	16	spot	spot	NOUN
fbem-1472	98	17	market	market	NOUN
fbem-1472	98	18	has	have	AUX
fbem-1472	98	19	been	be	AUX
fbem-1472	98	20	in	in	ADP
fbem-1472	98	21	a	a	DET
fbem-1472	98	22	low	low	ADJ
fbem-1472	98	23	state	state	NOUN
fbem-1472	98	24	for	for	ADP
fbem-1472	98	25	a	a	DET
fbem-1472	98	26	long	long	ADJ
fbem-1472	98	27	time	time	NOUN
fbem-1472	98	28	,	,	PUNCT
fbem-1472	98	29	so	so	CCONJ
fbem-1472	98	30	the	the	DET
fbem-1472	98	31	correlation	correlation	NOUN
fbem-1472	98	32	between	between	ADP
fbem-1472	98	33	the	the	DET
fbem-1472	98	34	function	function	NOUN
fbem-1472	98	35	of	of	ADP
fbem-1472	98	36	stock	stock	NOUN
fbem-1472	98	37	index	index	NOUN
fbem-1472	98	38	futures	future	NOUN
fbem-1472	98	39	and	and	CCONJ
fbem-1472	98	40	the	the	DET
fbem-1472	98	41	fluctuation	fluctuation	NOUN
fbem-1472	98	42	of	of	ADP
fbem-1472	98	43	the	the	DET
fbem-1472	98	44	spot	spot	NOUN
fbem-1472	98	45	market	market	NOUN
fbem-1472	98	46	has	have	AUX
fbem-1472	98	47	always	always	ADV
fbem-1472	98	48	been	be	AUX
fbem-1472	98	49	a	a	DET
fbem-1472	98	50	research	research	NOUN
fbem-1472	98	51	hotspot	hotspot	NOUN
fbem-1472	98	52	in	in	ADP
fbem-1472	98	53	academic	academic	ADJ
fbem-1472	98	54	circles	circle	NOUN
fbem-1472	98	55	.	.	PUNCT
fbem-1472	99	1	at	at	ADP
fbem-1472	99	2	present	present	ADJ
fbem-1472	99	3	,	,	PUNCT
fbem-1472	99	4	china	china	PROPN
fbem-1472	99	5	has	have	AUX
fbem-1472	99	6	entered	enter	VERB
fbem-1472	99	7	the	the	DET
fbem-1472	99	8	"	"	PUNCT
fbem-1472	99	9	innovation	innovation	NOUN
fbem-1472	99	10	period	period	NOUN
fbem-1472	99	11	"	"	PUNCT
fbem-1472	99	12	of	of	ADP
fbem-1472	99	13	digital	digital	ADJ
fbem-1472	99	14	finance	finance	NOUN
fbem-1472	99	15	,	,	PUNCT
fbem-1472	99	16	and	and	CCONJ
fbem-1472	99	17	digital	digital	ADJ
fbem-1472	99	18	technology	technology	NOUN
fbem-1472	99	19	has	have	AUX
fbem-1472	99	20	pushed	push	VERB
fbem-1472	99	21	internet	internet	NOUN
fbem-1472	99	22	finance	finance	NOUN
fbem-1472	99	23	to	to	ADP
fbem-1472	99	24	a	a	DET
fbem-1472	99	25	new	new	ADJ
fbem-1472	99	26	height	height	NOUN
fbem-1472	99	27	.	.	PUNCT
fbem-1472	100	1	in	in	ADP
fbem-1472	100	2	the	the	DET
fbem-1472	100	3	new	new	ADJ
fbem-1472	100	4	period	period	NOUN
fbem-1472	100	5	,	,	PUNCT
fbem-1472	100	6	commercial	commercial	ADJ
fbem-1472	100	7	banks	bank	NOUN
fbem-1472	100	8	should	should	AUX
fbem-1472	100	9	face	face	VERB
fbem-1472	100	10	new	new	ADJ
fbem-1472	100	11	opportunities	opportunity	NOUN
fbem-1472	100	12	and	and	CCONJ
fbem-1472	100	13	challenges	challenge	NOUN
fbem-1472	100	14	,	,	PUNCT
fbem-1472	100	15	make	make	VERB
fbem-1472	100	16	full	full	ADJ
fbem-1472	100	17	use	use	NOUN
fbem-1472	100	18	of	of	ADP
fbem-1472	100	19	digital	digital	ADJ
fbem-1472	100	20	technology	technology	NOUN
fbem-1472	100	21	to	to	PART
fbem-1472	100	22	establish	establish	VERB
fbem-1472	100	23	more	more	ADJ
fbem-1472	100	24	business	business	NOUN
fbem-1472	100	25	channels	channel	NOUN
fbem-1472	100	26	,	,	PUNCT
fbem-1472	100	27	innovate	innovate	VERB
fbem-1472	100	28	more	more	ADJ
fbem-1472	100	29	business	business	NOUN
fbem-1472	100	30	models	model	NOUN
fbem-1472	100	31	,	,	PUNCT
fbem-1472	100	32	and	and	CCONJ
fbem-1472	100	33	enhance	enhance	VERB
fbem-1472	100	34	their	their	PRON
fbem-1472	100	35	own	own	ADJ
fbem-1472	100	36	operating	operating	NOUN
fbem-1472	100	37	efficiency	efficiency	NOUN
fbem-1472	100	38	.	.	PUNCT
fbem-1472	101	1	from	from	ADP
fbem-1472	101	2	the	the	DET
fbem-1472	101	3	results	result	NOUN
fbem-1472	101	4	of	of	ADP
fbem-1472	101	5	vecm	vecm	NOUN
fbem-1472	101	6	model	model	NOUN
fbem-1472	101	7	,	,	PUNCT
fbem-1472	101	8	the	the	DET
fbem-1472	101	9	price	price	NOUN
fbem-1472	101	10	equilibrium	equilibrium	NOUN
fbem-1472	101	11	relationship	relationship	NOUN
fbem-1472	101	12	between	between	ADP
fbem-1472	101	13	futures	future	NOUN
fbem-1472	101	14	index	index	NOUN
fbem-1472	101	15	and	and	CCONJ
fbem-1472	101	16	stock	stock	NOUN
fbem-1472	101	17	index	index	NOUN
fbem-1472	101	18	spot	spot	NOUN
fbem-1472	101	19	index	index	NOUN
fbem-1472	101	20	has	have	AUX
fbem-1472	101	21	existed	exist	VERB
fbem-1472	101	22	for	for	ADP
fbem-1472	101	23	a	a	DET
fbem-1472	101	24	long	long	ADJ
fbem-1472	101	25	time	time	NOUN
fbem-1472	101	26	,	,	PUNCT
fbem-1472	101	27	and	and	CCONJ
fbem-1472	101	28	when	when	SCONJ
fbem-1472	101	29	the	the	DET
fbem-1472	101	30	price	price	NOUN
fbem-1472	101	31	equilibrium	equilibrium	NOUN
fbem-1472	101	32	between	between	ADP
fbem-1472	101	33	them	they	PRON
fbem-1472	101	34	is	be	AUX
fbem-1472	101	35	broken	break	VERB
fbem-1472	101	36	,	,	PUNCT
fbem-1472	101	37	ecm	ecm	NOUN
fbem-1472	101	38	correction	correction	NOUN
fbem-1472	101	39	can	can	AUX
fbem-1472	101	40	adjust	adjust	VERB
fbem-1472	101	41	the	the	DET
fbem-1472	101	42	current	current	ADJ
fbem-1472	101	43	price	price	NOUN
fbem-1472	101	44	of	of	ADP
fbem-1472	101	45	the	the	DET
fbem-1472	101	46	subject	subject	ADJ
fbem-1472	101	47	matter	matter	NOUN
fbem-1472	101	48	in	in	ADP
fbem-1472	101	49	both	both	DET
fbem-1472	101	50	directions	direction	NOUN
fbem-1472	101	51	.	.	PUNCT
fbem-1472	102	1	there	there	PRON
fbem-1472	102	2	is	be	VERB
fbem-1472	102	3	a	a	DET
fbem-1472	102	4	long	long	ADJ
fbem-1472	102	5	-	-	PUNCT
fbem-1472	102	6	term	term	NOUN
fbem-1472	102	7	equilibrium	equilibrium	NOUN
fbem-1472	102	8	relationship	relationship	NOUN
fbem-1472	102	9	between	between	ADP
fbem-1472	102	10	the	the	DET
fbem-1472	102	11	logarithmic	logarithmic	ADJ
fbem-1472	102	12	price	price	NOUN
fbem-1472	102	13	series	series	NOUN
fbem-1472	102	14	of	of	ADP
fbem-1472	102	15	the	the	DET
fbem-1472	102	16	two	two	NUM
fbem-1472	102	17	cities	city	NOUN
fbem-1472	102	18	.	.	PUNCT
fbem-1472	103	1	once	once	ADV
fbem-1472	103	2	the	the	DET
fbem-1472	103	3	prices	price	NOUN
fbem-1472	103	4	of	of	ADP
fbem-1472	103	5	the	the	DET
fbem-1472	103	6	two	two	NUM
fbem-1472	103	7	cities	city	NOUN
fbem-1472	103	8	deviate	deviate	VERB
fbem-1472	103	9	from	from	ADP
fbem-1472	103	10	the	the	DET
fbem-1472	103	11	equilibrium	equilibrium	NOUN
fbem-1472	103	12	state	state	NOUN
fbem-1472	103	13	,	,	PUNCT
fbem-1472	103	14	they	they	PRON
fbem-1472	103	15	can	can	AUX
fbem-1472	103	16	quickly	quickly	ADV
fbem-1472	103	17	return	return	VERB
fbem-1472	103	18	to	to	ADP
fbem-1472	103	19	the	the	DET
fbem-1472	103	20	long	long	ADJ
fbem-1472	103	21	-	-	PUNCT
fbem-1472	103	22	term	term	NOUN
fbem-1472	103	23	equilibrium	equilibrium	NOUN
fbem-1472	103	24	level	level	NOUN
fbem-1472	103	25	under	under	ADP
fbem-1472	103	26	the	the	DET
fbem-1472	103	27	action	action	NOUN
fbem-1472	103	28	of	of	ADP
fbem-1472	103	29	arbitrage	arbitrage	NOUN
fbem-1472	103	30	mechanism	mechanism	NOUN
fbem-1472	103	31	.	.	PUNCT
fbem-1472	104	1	however	however	ADV
fbem-1472	104	2	,	,	PUNCT
fbem-1472	104	3	due	due	ADP
fbem-1472	104	4	to	to	ADP
fbem-1472	104	5	the	the	DET
fbem-1472	104	6	fact	fact	NOUN
fbem-1472	104	7	that	that	SCONJ
fbem-1472	104	8	the	the	DET
fbem-1472	104	9	market	market	NOUN
fbem-1472	104	10	is	be	AUX
fbem-1472	104	11	not	not	PART
fbem-1472	104	12	completely	completely	ADV
fbem-1472	104	13	efficient	efficient	ADJ
fbem-1472	104	14	,	,	PUNCT
fbem-1472	104	15	that	that	ADV
fbem-1472	104	16	is	is	ADV
fbem-1472	104	17	,	,	PUNCT
fbem-1472	104	18	there	there	PRON
fbem-1472	104	19	is	be	VERB
fbem-1472	104	20	friction	friction	NOUN
fbem-1472	104	21	in	in	ADP
fbem-1472	104	22	the	the	DET
fbem-1472	104	23	market	market	NOUN
fbem-1472	104	24	,	,	PUNCT
fbem-1472	104	25	so	so	CCONJ
fbem-1472	104	26	there	there	PRON
fbem-1472	104	27	is	be	VERB
fbem-1472	104	28	a	a	DET
fbem-1472	104	29	basis	basis	NOUN
fbem-1472	104	30	difference	difference	NOUN
fbem-1472	104	31	between	between	ADP
fbem-1472	104	32	the	the	DET
fbem-1472	104	33	two	two	NUM
fbem-1472	104	34	cities	city	NOUN
fbem-1472	104	35	,	,	PUNCT
fbem-1472	104	36	and	and	CCONJ
fbem-1472	104	37	the	the	DET
fbem-1472	104	38	basis	basis	NOUN
fbem-1472	104	39	difference	difference	NOUN
fbem-1472	104	40	may	may	AUX
fbem-1472	104	41	gradually	gradually	ADV
fbem-1472	104	42	decrease	decrease	VERB
fbem-1472	104	43	due	due	ADP
fbem-1472	104	44	to	to	ADP
fbem-1472	104	45	the	the	DET
fbem-1472	104	46	influence	influence	NOUN
fbem-1472	104	47	of	of	ADP
fbem-1472	104	48	the	the	DET
fbem-1472	104	49	delivery	delivery	NOUN
fbem-1472	104	50	date	date	NOUN
fbem-1472	104	51	and	and	CCONJ
fbem-1472	104	52	other	other	ADJ
fbem-1472	104	53	factors	factor	NOUN
fbem-1472	104	54	.	.	PUNCT
fbem-1472	105	1	references	reference	NOUN
fbem-1472	105	2	[	[	X
fbem-1472	105	3	1	1	NUM
fbem-1472	105	4	]	]	PUNCT
fbem-1472	105	5	wei	wei	PROPN
fbem-1472	105	6	ruxia	ruxia	PROPN
fbem-1472	105	7	.	.	PUNCT
fbem-1472	106	1	correlation	correlation	NOUN
fbem-1472	106	2	analysis	analysis	NOUN
fbem-1472	106	3	between	between	ADP
fbem-1472	106	4	stock	stock	NOUN
fbem-1472	106	5	index	index	NOUN
fbem-1472	106	6	futures	future	NOUN
fbem-1472	106	7	and	and	CCONJ
fbem-1472	106	8	spot	spot	NOUN
fbem-1472	106	9	index	index	NOUN
fbem-1472	106	10	-	-	PUNCT
fbem-1472	106	11	based	base	VERB
fbem-1472	106	12	on	on	ADP
fbem-1472	106	13	vecm	vecm	NOUN
fbem-1472	106	14	model	model	NOUN
fbem-1472	107	1	[	[	X
fbem-1472	107	2	j	j	X
fbem-1472	107	3	]	]	X
fbem-1472	107	4	.	.	PUNCT
fbem-1472	108	1	modern	modern	ADJ
fbem-1472	108	2	economic	economic	ADJ
fbem-1472	108	3	information	information	NOUN
fbem-1472	108	4	,	,	PUNCT
fbem-1472	108	5	2018(16):1	2018(16):1	NUM
fbem-1472	108	6	.	.	PUNCT
fbem-1472	109	1	[	[	X
fbem-1472	109	2	2	2	NUM
fbem-1472	109	3	]	]	PUNCT
fbem-1472	109	4	shen	shen	NOUN
fbem-1472	109	5	mengyun	mengyun	PROPN
fbem-1472	109	6	,	,	PUNCT
fbem-1472	109	7	zhao	zhao	PROPN
fbem-1472	109	8	yan	yan	PROPN
fbem-1472	109	9	,	,	PUNCT
fbem-1472	109	10	zhao	zhao	PROPN
fbem-1472	109	11	jiale	jiale	PROPN
fbem-1472	109	12	.	.	PUNCT
fbem-1472	110	1	inquiry	inquiry	NOUN
fbem-1472	110	2	into	into	ADP
fbem-1472	110	3	the	the	DET
fbem-1472	110	4	impact	impact	NOUN
fbem-1472	110	5	of	of	ADP
fbem-1472	110	6	stock	stock	NOUN
fbem-1472	110	7	index	index	NOUN
fbem-1472	110	8	futures	future	NOUN
fbem-1472	110	9	on	on	ADP
fbem-1472	110	10	the	the	DET
fbem-1472	110	11	spot	spot	NOUN
fbem-1472	110	12	market	market	NOUN
fbem-1472	111	1	[	[	X
fbem-1472	111	2	j	j	X
fbem-1472	111	3	]	]	X
fbem-1472	111	4	.	.	PUNCT
fbem-1472	112	1	times	times	PROPN
fbem-1472	112	2	finance	finance	PROPN
fbem-1472	112	3	,	,	PUNCT
fbem-1472	112	4	2020(6):2	2020(6):2	NUM
fbem-1472	112	5	.	.	PUNCT
fbem-1472	113	1	[	[	X
fbem-1472	113	2	3	3	NUM
fbem-1472	113	3	]	]	X
fbem-1472	113	4	wu	wu	PROPN
fbem-1472	113	5	siqiong	siqiong	NOUN
fbem-1472	113	6	.	.	PUNCT
fbem-1472	114	1	the	the	DET
fbem-1472	114	2	impact	impact	NOUN
fbem-1472	114	3	of	of	ADP
fbem-1472	114	4	china	china	PROPN
fbem-1472	114	5	's	's	PART
fbem-1472	114	6	stock	stock	NOUN
fbem-1472	114	7	index	index	NOUN
fbem-1472	114	8	futures	future	NOUN
fbem-1472	114	9	on	on	ADP
fbem-1472	114	10	the	the	DET
fbem-1472	114	11	volatility	volatility	NOUN
fbem-1472	114	12	of	of	ADP
fbem-1472	114	13	spot	spot	NOUN
fbem-1472	114	14	index	index	NOUN
fbem-1472	114	15	prices	price	NOUN
fbem-1472	115	1	[	[	X
fbem-1472	115	2	j	j	X
fbem-1472	115	3	]	]	X
fbem-1472	115	4	.	.	PUNCT
fbem-1472	116	1	caixin	caixin	PROPN
fbem-1472	116	2	,	,	PUNCT
fbem-1472	116	3	2017(34):1	2017(34):1	NUM
fbem-1472	116	4	.	.	PUNCT
fbem-1472	117	1	[	[	X
fbem-1472	117	2	4	4	NUM
fbem-1472	117	3	]	]	X
fbem-1472	117	4	fang	fang	X
fbem-1472	117	5	jianwu	jianwu	NOUN
fbem-1472	117	6	,	,	PUNCT
fbem-1472	117	7	zhu	zhu	PROPN
fbem-1472	117	8	liwei	liwei	NOUN
fbem-1472	117	9	.	.	PUNCT
fbem-1472	118	1	analysis	analysis	NOUN
fbem-1472	118	2	of	of	ADP
fbem-1472	118	3	the	the	DET
fbem-1472	118	4	influence	influence	NOUN
fbem-1472	118	5	of	of	ADP
fbem-1472	118	6	stock	stock	NOUN
fbem-1472	118	7	index	index	NOUN
fbem-1472	118	8	futures	future	NOUN
fbem-1472	118	9	on	on	ADP
fbem-1472	118	10	the	the	DET
fbem-1472	118	11	spot	spot	NOUN
fbem-1472	118	12	volatility	volatility	NOUN
fbem-1472	118	13	of	of	ADP
fbem-1472	118	14	the	the	DET
fbem-1472	118	15	index	index	NOUN
fbem-1472	118	16	during	during	ADP
fbem-1472	118	17	the	the	DET
fbem-1472	118	18	period	period	NOUN
fbem-1472	118	19	of	of	ADP
fbem-1472	118	20	sharp	sharp	ADJ
fbem-1472	118	21	fluctuations	fluctuation	NOUN
fbem-1472	118	22	in	in	ADP
fbem-1472	118	23	china	china	PROPN
fbem-1472	118	24	's	's	PART
fbem-1472	118	25	stock	stock	NOUN
fbem-1472	118	26	market	market	NOUN
fbem-1472	119	1	[	[	X
fbem-1472	119	2	j	j	X
fbem-1472	119	3	]	]	X
fbem-1472	119	4	.	.	PUNCT
fbem-1472	120	1	journal	journal	PROPN
fbem-1472	120	2	of	of	ADP
fbem-1472	120	3	chang	chang	PROPN
fbem-1472	120	4	'	'	PROPN
fbem-1472	120	5	an	an	DET
fbem-1472	120	6	university	university	NOUN
fbem-1472	120	7	(	(	PUNCT
fbem-1472	120	8	social	social	ADJ
fbem-1472	120	9	science	science	NOUN
fbem-1472	120	10	edition	edition	PROPN
fbem-1472	120	11	)	)	PUNCT
fbem-1472	120	12	,	,	PUNCT
fbem-1472	120	13	2017	2017	NUM
fbem-1472	120	14	,	,	PUNCT
fbem-1472	120	15	19(02):64	19(02):64	NUM
fbem-1472	120	16	-	-	SYM
fbem-1472	120	17	71	71	NUM
fbem-1472	120	18	.	.	PUNCT
fbem-1472	121	1	[	[	X
fbem-1472	121	2	5	5	NUM
fbem-1472	121	3	]	]	PUNCT
fbem-1472	121	4	yao	yao	NOUN
fbem-1472	121	5	dengbao	dengbao	VERB
fbem-1472	121	6	.	.	PUNCT
fbem-1472	122	1	the	the	DET
fbem-1472	122	2	cyclical	cyclical	ADJ
fbem-1472	122	3	linkage	linkage	NOUN
fbem-1472	122	4	effect	effect	NOUN
fbem-1472	122	5	between	between	ADP
fbem-1472	122	6	stock	stock	NOUN
fbem-1472	122	7	index	index	NOUN
fbem-1472	122	8	futures	future	NOUN
fbem-1472	122	9	and	and	CCONJ
fbem-1472	122	10	spot	spot	NOUN
fbem-1472	122	11	market	market	NOUN
fbem-1472	122	12	liquidity	liquidity	NOUN
fbem-1472	123	1	[	[	X
fbem-1472	123	2	j	j	X
fbem-1472	123	3	]	]	X
fbem-1472	123	4	.	.	PUNCT
fbem-1472	124	1	journal	journal	PROPN
fbem-1472	124	2	of	of	ADP
fbem-1472	124	3	zhejiang	zhejiang	PROPN
fbem-1472	124	4	gongshang	gongshang	PROPN
fbem-1472	124	5	university	university	PROPN
fbem-1472	124	6	,	,	PUNCT
fbem-1472	124	7	2019	2019	NUM
fbem-1472	124	8	,	,	PUNCT
fbem-1472	124	9	000(002):89	000(002):89	NOUN
fbem-1472	124	10	-	-	SYM
fbem-1472	124	11	100	100	NUM
fbem-1472	124	12	.	.	PUNCT
fbem-1472	125	1	[	[	X
fbem-1472	125	2	6	6	NUM
fbem-1472	125	3	]	]	PUNCT
fbem-1472	125	4	wang	wang	PROPN
fbem-1472	125	5	yanan	yanan	PROPN
fbem-1472	125	6	.	.	PUNCT
fbem-1472	126	1	empirical	empirical	ADJ
fbem-1472	126	2	analysis	analysis	NOUN
fbem-1472	126	3	of	of	ADP
fbem-1472	126	4	the	the	DET
fbem-1472	126	5	relationship	relationship	NOUN
fbem-1472	126	6	between	between	ADP
fbem-1472	126	7	china	china	PROPN
fbem-1472	126	8	's	's	PART
fbem-1472	126	9	stock	stock	NOUN
fbem-1472	126	10	index	index	NOUN
fbem-1472	126	11	futures	future	NOUN
fbem-1472	126	12	market	market	NOUN
fbem-1472	126	13	and	and	CCONJ
fbem-1472	126	14	the	the	DET
fbem-1472	126	15	spot	spot	NOUN
fbem-1472	126	16	market	market	NOUN
fbem-1472	127	1	[	[	X
fbem-1472	127	2	d	d	X
fbem-1472	127	3	]	]	X
fbem-1472	127	4	.	.	PUNCT
fbem-1472	128	1	tianjin	tianjin	PROPN
fbem-1472	128	2	university	university	PROPN
fbem-1472	128	3	,	,	PUNCT
fbem-1472	128	4	2017	2017	NUM
fbem-1472	128	5	.	.	PUNCT
fbem-1472	129	1	[	[	X
fbem-1472	129	2	7	7	X
fbem-1472	129	3	]	]	X
fbem-1472	129	4	zhangxin	zhangxin	PROPN
fbem-1472	129	5	.	.	PUNCT
fbem-1472	130	1	research	research	NOUN
fbem-1472	130	2	on	on	ADP
fbem-1472	130	3	the	the	DET
fbem-1472	130	4	relationship	relationship	NOUN
fbem-1472	130	5	between	between	ADP
fbem-1472	130	6	china	china	PROPN
fbem-1472	130	7	's	's	PART
fbem-1472	130	8	stock	stock	NOUN
fbem-1472	130	9	index	index	NOUN
fbem-1472	130	10	futures	future	NOUN
fbem-1472	130	11	and	and	CCONJ
fbem-1472	130	12	stock	stock	NOUN
fbem-1472	130	13	spot	spot	NOUN
fbem-1472	131	1	[	[	X
fbem-1472	131	2	j	j	X
fbem-1472	131	3	]	]	X
fbem-1472	131	4	.	.	PUNCT
fbem-1472	132	1	consumer	consumer	NOUN
fbem-1472	132	2	guide	guide	NOUN
fbem-1472	132	3	,	,	PUNCT
fbem-1472	132	4	2018	2018	NUM
fbem-1472	132	5	.	.	PUNCT
fbem-1472	133	1	[	[	X
fbem-1472	133	2	8	8	NUM
fbem-1472	133	3	]	]	X
fbem-1472	133	4	ceng	ceng	PROPN
fbem-1472	133	5	li	li	PROPN
fbem-1472	133	6	,	,	PUNCT
fbem-1472	133	7	li	li	PROPN
fbem-1472	133	8	chun	chun	PROPN
fbem-1472	133	9	.	.	PUNCT
fbem-1472	134	1	research	research	NOUN
fbem-1472	134	2	on	on	ADP
fbem-1472	134	3	the	the	DET
fbem-1472	134	4	correlation	correlation	NOUN
fbem-1472	134	5	between	between	ADP
fbem-1472	134	6	futures	future	NOUN
fbem-1472	134	7	,	,	PUNCT
fbem-1472	134	8	spot	spot	NOUN
fbem-1472	134	9	and	and	CCONJ
fbem-1472	134	10	hang	hang	PROPN
fbem-1472	134	11	seng	seng	PROPN
fbem-1472	134	12	index	index	NOUN
fbem-1472	134	13	of	of	ADP
fbem-1472	134	14	shanghai	shanghai	PROPN
fbem-1472	134	15	and	and	CCONJ
fbem-1472	134	16	shenzhen	shenzhen	PROPN
fbem-1472	134	17	300	300	NUM
fbem-1472	134	18	stock	stock	NOUN
fbem-1472	134	19	indexes	index	NOUN
fbem-1472	135	1	[	[	X
fbem-1472	135	2	j	j	X
fbem-1472	135	3	]	]	X
fbem-1472	135	4	.	.	PUNCT
fbem-1472	136	1	journal	journal	PROPN
fbem-1472	136	2	of	of	ADP
fbem-1472	136	3	chongqing	chongqing	PROPN
fbem-1472	136	4	technology	technology	PROPN
fbem-1472	136	5	and	and	CCONJ
fbem-1472	136	6	business	business	NOUN
fbem-1472	136	7	university	university	NOUN
fbem-1472	136	8	:	:	PUNCT
fbem-1472	136	9	natural	natural	ADJ
fbem-1472	136	10	science	science	NOUN
fbem-1472	136	11	edition	edition	NOUN
fbem-1472	136	12	,	,	PUNCT
fbem-1472	136	13	2017(2	2017(2	PROPN
fbem-1472	136	14	)	)	PUNCT
fbem-1472	136	15	.	.	PUNCT
fbem-1472	137	1	[	[	X
fbem-1472	137	2	9	9	NUM
fbem-1472	137	3	]	]	X
fbem-1472	137	4	jia	jia	PROPN
fbem-1472	137	5	cunrui	cunrui	PROPN
fbem-1472	137	6	,	,	PUNCT
fbem-1472	137	7	wang	wang	PROPN
fbem-1472	137	8	yongmao	yongmao	PROPN
fbem-1472	137	9	.	.	PUNCT
fbem-1472	138	1	research	research	NOUN
fbem-1472	138	2	on	on	ADP
fbem-1472	138	3	the	the	DET
fbem-1472	138	4	correlation	correlation	NOUN
fbem-1472	138	5	between	between	ADP
fbem-1472	138	6	stock	stock	NOUN
fbem-1472	138	7	index	index	NOUN
fbem-1472	138	8	futures	future	NOUN
fbem-1472	138	9	and	and	CCONJ
fbem-1472	138	10	spot	spot	NOUN
fbem-1472	138	11	market	market	NOUN
fbem-1472	139	1	[	[	X
fbem-1472	139	2	j	j	X
fbem-1472	139	3	]	]	X
fbem-1472	139	4	.	.	PUNCT
fbem-1472	140	1	china	china	PROPN
fbem-1472	140	2	market	market	PROPN
fbem-1472	140	3	,	,	PUNCT
fbem-1472	140	4	2022(2):3	2022(2):3	X
fbem-1472	140	5	.	.	PUNCT
fbem-1472	141	1	[	[	X
fbem-1472	141	2	10	10	NUM
fbem-1472	141	3	]	]	X
fbem-1472	141	4	zhang	zhang	PROPN
fbem-1472	141	5	chen	chen	PROPN
fbem-1472	141	6	,	,	PUNCT
fbem-1472	141	7	zhou	zhou	PROPN
fbem-1472	141	8	xinmiao	xinmiao	PROPN
fbem-1472	141	9	.	.	PUNCT
fbem-1472	142	1	the	the	DET
fbem-1472	142	2	impact	impact	NOUN
fbem-1472	142	3	of	of	ADP
fbem-1472	142	4	stock	stock	NOUN
fbem-1472	142	5	index	index	NOUN
fbem-1472	142	6	futures	future	NOUN
fbem-1472	142	7	on	on	ADP
fbem-1472	142	8	the	the	DET
fbem-1472	142	9	volatility	volatility	NOUN
fbem-1472	142	10	and	and	CCONJ
fbem-1472	142	11	asymmetry	asymmetry	NOUN
fbem-1472	142	12	of	of	ADP
fbem-1472	142	13	the	the	DET
fbem-1472	142	14	stock	stock	NOUN
fbem-1472	142	15	market	market	NOUN
fbem-1472	142	16	-	-	PUNCT
fbem-1472	142	17	an	an	DET
fbem-1472	142	18	empirical	empirical	ADJ
fbem-1472	142	19	study	study	NOUN
fbem-1472	142	20	based	base	VERB
fbem-1472	142	21	on	on	ADP
fbem-1472	142	22	egarch	egarch	NOUN
fbem-1472	142	23	model	model	NOUN
fbem-1472	143	1	[	[	X
fbem-1472	143	2	j	j	X
fbem-1472	143	3	]	]	X
fbem-1472	143	4	.	.	PUNCT
fbem-1472	144	1	productivity	productivity	NOUN
fbem-1472	144	2	research	research	NOUN
fbem-1472	144	3	,	,	PUNCT
fbem-1472	144	4	2020(10):7	2020(10):7	NUM
fbem-1472	144	5	.	.	PUNCT