id	sid	tid	token	lemma	pos
fbem-31716	1	1	frontiers	frontier	NOUN
fbem-31716	1	2	in	in	ADP
fbem-31716	1	3	business	business	NOUN
fbem-31716	1	4	,	,	PUNCT
fbem-31716	1	5	economics	economic	NOUN
fbem-31716	1	6	and	and	CCONJ
fbem-31716	1	7	management	management	NOUN
fbem-31716	1	8	issn	issn	PROPN
fbem-31716	1	9	:	:	PUNCT
fbem-31716	1	10	2766	2766	NUM
fbem-31716	1	11	-	-	PUNCT
fbem-31716	1	12	824x	824x	NUM
fbem-31716	1	13	|	|	ADJ
fbem-31716	1	14	vol	vol	NOUN
fbem-31716	1	15	.	.	PROPN
fbem-31716	1	16	20	20	NUM
fbem-31716	1	17	,	,	PUNCT
fbem-31716	1	18	no	no	INTJ
fbem-31716	1	19	.	.	NOUN
fbem-31716	1	20	3	3	NUM
fbem-31716	1	21	,	,	PUNCT
fbem-31716	1	22	2025	2025	NUM
fbem-31716	1	23	132	132	NUM
fbem-31716	1	24	frontier	frontier	NOUN
fbem-31716	1	25	markets	market	NOUN
fbem-31716	1	26	under	under	ADP
fbem-31716	1	27	external	external	ADJ
fbem-31716	1	28	factors	factor	NOUN
fbem-31716	1	29	consideration	consideration	NOUN
fbem-31716	1	30	:	:	PUNCT
fbem-31716	1	31	over	over	ADP
fbem-31716	1	32	-	-	PUNCT
fbem-31716	1	33	diversification	diversification	NOUN
fbem-31716	1	34	,	,	PUNCT
fbem-31716	1	35	risk	risk	NOUN
fbem-31716	1	36	,	,	PUNCT
fbem-31716	1	37	and	and	CCONJ
fbem-31716	1	38	portfolio	portfolio	NOUN
fbem-31716	1	39	choices	choice	NOUN
fbem-31716	1	40	(	(	PUNCT
fbem-31716	1	41	2015	2015	NUM
fbem-31716	1	42	–	–	PUNCT
fbem-31716	1	43	2024	2024	NUM
fbem-31716	1	44	)	)	PUNCT
fbem-31716	1	45	jingtian	jingtian	PROPN
fbem-31716	1	46	lan	lan	PROPN
fbem-31716	1	47	university	university	PROPN
fbem-31716	1	48	of	of	ADP
fbem-31716	1	49	dundee	dundee	PROPN
fbem-31716	1	50	,	,	PUNCT
fbem-31716	1	51	dundee	dundee	PROPN
fbem-31716	1	52	,	,	PUNCT
fbem-31716	1	53	united	united	PROPN
fbem-31716	1	54	kingdom	kingdom	PROPN
fbem-31716	1	55	ljt18861192188@163.com	ljt18861192188@163.com	PROPN
fbem-31716	1	56	abstract	abstract	PROPN
fbem-31716	1	57	:	:	PUNCT
fbem-31716	1	58	aiming	aim	VERB
fbem-31716	1	59	to	to	PART
fbem-31716	1	60	optimize	optimize	VERB
fbem-31716	1	61	the	the	DET
fbem-31716	1	62	portfolio	portfolio	NOUN
fbem-31716	1	63	benefits	benefit	NOUN
fbem-31716	1	64	,	,	PUNCT
fbem-31716	1	65	frontier	frontier	NOUN
fbem-31716	1	66	markets	market	NOUN
fbem-31716	1	67	are	be	AUX
fbem-31716	1	68	widely	widely	ADV
fbem-31716	1	69	used	use	VERB
fbem-31716	1	70	for	for	ADP
fbem-31716	1	71	portfolio	portfolio	NOUN
fbem-31716	1	72	diversification	diversification	NOUN
fbem-31716	1	73	strategies	strategy	NOUN
fbem-31716	1	74	,	,	PUNCT
fbem-31716	1	75	but	but	CCONJ
fbem-31716	1	76	their	their	PRON
fbem-31716	1	77	high	high	ADJ
fbem-31716	1	78	risk	risk	NOUN
fbem-31716	1	79	profiles	profile	NOUN
fbem-31716	1	80	and	and	CCONJ
fbem-31716	1	81	sensitivity	sensitivity	NOUN
fbem-31716	1	82	to	to	ADP
fbem-31716	1	83	external	external	ADJ
fbem-31716	1	84	shocks	shock	NOUN
fbem-31716	1	85	also	also	ADV
fbem-31716	1	86	brought	bring	VERB
fbem-31716	1	87	uncertainty	uncertainty	NOUN
fbem-31716	1	88	to	to	ADP
fbem-31716	1	89	the	the	DET
fbem-31716	1	90	investment	investment	NOUN
fbem-31716	1	91	choices	choice	NOUN
fbem-31716	1	92	.	.	PUNCT
fbem-31716	2	1	this	this	DET
fbem-31716	2	2	article	article	NOUN
fbem-31716	2	3	examined	examine	VERB
fbem-31716	2	4	the	the	DET
fbem-31716	2	5	impact	impact	NOUN
fbem-31716	2	6	of	of	ADP
fbem-31716	2	7	integration	integration	NOUN
fbem-31716	2	8	in	in	ADP
fbem-31716	2	9	diversity	diversity	NOUN
fbem-31716	2	10	on	on	ADP
fbem-31716	2	11	performance	performance	NOUN
fbem-31716	2	12	in	in	ADP
fbem-31716	2	13	frontier	frontier	NOUN
fbem-31716	2	14	markets	market	NOUN
fbem-31716	2	15	,	,	PUNCT
fbem-31716	2	16	the	the	DET
fbem-31716	2	17	influence	influence	NOUN
fbem-31716	2	18	of	of	ADP
fbem-31716	2	19	exogenous	exogenous	ADJ
fbem-31716	2	20	shocks	shock	NOUN
fbem-31716	2	21	on	on	ADP
fbem-31716	2	22	portfolio	portfolio	NOUN
fbem-31716	2	23	outcomes	outcome	NOUN
fbem-31716	2	24	,	,	PUNCT
fbem-31716	2	25	and	and	CCONJ
fbem-31716	2	26	the	the	DET
fbem-31716	2	27	risk	risk	NOUN
fbem-31716	2	28	-	-	PUNCT
fbem-31716	2	29	adjusted	adjust	VERB
fbem-31716	2	30	priorities	priority	NOUN
fbem-31716	2	31	investors	investor	NOUN
fbem-31716	2	32	should	should	AUX
fbem-31716	2	33	adopt	adopt	VERB
fbem-31716	2	34	.	.	PUNCT
fbem-31716	3	1	in	in	ADP
fbem-31716	3	2	terms	term	NOUN
fbem-31716	3	3	of	of	ADP
fbem-31716	3	4	methodologies	methodology	NOUN
fbem-31716	3	5	,	,	PUNCT
fbem-31716	3	6	it	it	PRON
fbem-31716	3	7	is	be	AUX
fbem-31716	3	8	possible	possible	ADJ
fbem-31716	3	9	to	to	PART
fbem-31716	3	10	use	use	VERB
fbem-31716	3	11	minitab	minitab	NOUN
fbem-31716	3	12	-	-	PUNCT
fbem-31716	3	13	based	base	VERB
fbem-31716	3	14	theoretical	theoretical	ADJ
fbem-31716	3	15	optimization	optimization	NOUN
fbem-31716	3	16	portfolios	portfolio	NOUN
fbem-31716	3	17	with	with	ADP
fbem-31716	3	18	ex	ex	NOUN
fbem-31716	3	19	-	-	NOUN
fbem-31716	3	20	post	post	VERB
fbem-31716	3	21	back	back	NOUN
fbem-31716	3	22	-	-	PUNCT
fbem-31716	3	23	tests	test	NOUN
fbem-31716	3	24	across	across	ADP
fbem-31716	3	25	two	two	NUM
fbem-31716	3	26	sub	sub	NOUN
fbem-31716	3	27	-	-	ADJ
fbem-31716	3	28	periods	period	NOUN
fbem-31716	3	29	(	(	PUNCT
fbem-31716	3	30	2015–2019	2015–2019	NUM
fbem-31716	3	31	;	;	PUNCT
fbem-31716	3	32	2020–2024	2020–2024	NUM
fbem-31716	3	33	)	)	PUNCT
fbem-31716	3	34	,	,	PUNCT
fbem-31716	3	35	using	use	VERB
fbem-31716	3	36	mrpur	mrpur	NOUN
fbem-31716	3	37	,	,	PUNCT
fbem-31716	3	38	volatility	volatility	NOUN
fbem-31716	3	39	,	,	PUNCT
fbem-31716	3	40	correlation	correlation	NOUN
fbem-31716	3	41	,	,	PUNCT
fbem-31716	3	42	skewness	skewness	NOUN
fbem-31716	3	43	,	,	PUNCT
fbem-31716	3	44	and	and	CCONJ
fbem-31716	3	45	drawdown	drawdown	ADJ
fbem-31716	3	46	diagnostics	diagnostic	NOUN
fbem-31716	3	47	on	on	ADP
fbem-31716	3	48	portfolios	portfolio	NOUN
fbem-31716	3	49	spanning	span	VERB
fbem-31716	3	50	morocco	morocco	PROPN
fbem-31716	3	51	(	(	PUNCT
fbem-31716	3	52	mor	mor	PROPN
fbem-31716	3	53	)	)	PUNCT
fbem-31716	3	54	,	,	PUNCT
fbem-31716	3	55	namibia	namibia	PROPN
fbem-31716	3	56	(	(	PUNCT
fbem-31716	3	57	nam	nam	PROPN
fbem-31716	3	58	)	)	PUNCT
fbem-31716	3	59	,	,	PUNCT
fbem-31716	3	60	kenya	kenya	PROPN
fbem-31716	3	61	(	(	PUNCT
fbem-31716	3	62	ken	ken	PROPN
fbem-31716	3	63	)	)	PUNCT
fbem-31716	3	64	,	,	PUNCT
fbem-31716	3	65	and	and	CCONJ
fbem-31716	3	66	central	central	PROPN
fbem-31716	3	67	africa	africa	PROPN
fbem-31716	3	68	(	(	PUNCT
fbem-31716	3	69	cen	cen	PROPN
fbem-31716	3	70	)	)	PUNCT
fbem-31716	3	71	under	under	ADP
fbem-31716	3	72	the	the	DET
fbem-31716	3	73	covid-19	covid-19	PROPN
fbem-31716	3	74	shock	shock	NOUN
fbem-31716	3	75	.	.	PUNCT
fbem-31716	4	1	the	the	DET
fbem-31716	4	2	results	result	NOUN
fbem-31716	4	3	illustrated	illustrate	VERB
fbem-31716	4	4	that	that	SCONJ
fbem-31716	4	5	adding	add	VERB
fbem-31716	4	6	ken	ken	PROPN
fbem-31716	4	7	did	do	AUX
fbem-31716	4	8	not	not	PART
fbem-31716	4	9	reduce	reduce	VERB
fbem-31716	4	10	risk	risk	NOUN
fbem-31716	4	11	and	and	CCONJ
fbem-31716	4	12	diluted	dilute	VERB
fbem-31716	4	13	realized	realize	VERB
fbem-31716	4	14	returns	return	NOUN
fbem-31716	4	15	materially	materially	ADV
fbem-31716	4	16	,	,	PUNCT
fbem-31716	4	17	while	while	SCONJ
fbem-31716	4	18	a	a	DET
fbem-31716	4	19	selective	selective	ADJ
fbem-31716	4	20	mor+nam	mor+nam	NOUN
fbem-31716	4	21	allocation	allocation	NOUN
fbem-31716	4	22	delivered	deliver	VERB
fbem-31716	4	23	premium	premium	NOUN
fbem-31716	4	24	performance	performance	NOUN
fbem-31716	4	25	;	;	PUNCT
fbem-31716	4	26	investors	investor	NOUN
fbem-31716	4	27	should	should	AUX
fbem-31716	4	28	avoid	avoid	VERB
fbem-31716	4	29	over	over	ADP
fbem-31716	4	30	-	-	PUNCT
fbem-31716	4	31	diversification	diversification	NOUN
fbem-31716	4	32	,	,	PUNCT
fbem-31716	4	33	and	and	CCONJ
fbem-31716	4	34	it	it	PRON
fbem-31716	4	35	is	be	AUX
fbem-31716	4	36	better	well	ADJ
fbem-31716	4	37	to	to	PART
fbem-31716	4	38	adopt	adopt	VERB
fbem-31716	4	39	dynamic	dynamic	ADJ
fbem-31716	4	40	allocation	allocation	NOUN
fbem-31716	4	41	across	across	ADP
fbem-31716	4	42	observation	observation	NOUN
fbem-31716	4	43	countries	country	NOUN
fbem-31716	4	44	.	.	PUNCT
fbem-31716	5	1	keywords	keyword	NOUN
fbem-31716	5	2	:	:	PUNCT
fbem-31716	5	3	frontier	frontier	NOUN
fbem-31716	5	4	markets	market	NOUN
fbem-31716	5	5	;	;	PUNCT
fbem-31716	5	6	diversification	diversification	NOUN
fbem-31716	5	7	;	;	PUNCT
fbem-31716	5	8	external	external	ADJ
fbem-31716	5	9	shocks	shock	NOUN
fbem-31716	5	10	;	;	PUNCT
fbem-31716	5	11	portfolio	portfolio	NOUN
fbem-31716	5	12	optimization	optimization	NOUN
fbem-31716	5	13	;	;	PUNCT
fbem-31716	5	14	investment	investment	NOUN
fbem-31716	5	15	risk	risk	NOUN
fbem-31716	5	16	.	.	PUNCT
fbem-31716	6	1	1	1	X
fbem-31716	6	2	.	.	X
fbem-31716	6	3	introduction	introduction	NOUN
fbem-31716	6	4	in	in	ADP
fbem-31716	6	5	spite	spite	NOUN
fbem-31716	6	6	of	of	ADP
fbem-31716	6	7	the	the	DET
fbem-31716	6	8	fact	fact	NOUN
fbem-31716	6	9	that	that	SCONJ
fbem-31716	6	10	the	the	DET
fbem-31716	6	11	premise	premise	NOUN
fbem-31716	6	12	of	of	ADP
fbem-31716	6	13	diversification	diversification	NOUN
fbem-31716	6	14	was	be	AUX
fbem-31716	6	15	an	an	DET
fbem-31716	6	16	issue	issue	NOUN
fbem-31716	6	17	of	of	ADP
fbem-31716	6	18	extensive	extensive	ADJ
fbem-31716	6	19	dispute	dispute	NOUN
fbem-31716	6	20	,	,	PUNCT
fbem-31716	6	21	the	the	DET
fbem-31716	6	22	high	high	ADJ
fbem-31716	6	23	-	-	PUNCT
fbem-31716	6	24	risk	risk	NOUN
fbem-31716	6	25	profile	profile	NOUN
fbem-31716	6	26	and	and	CCONJ
fbem-31716	6	27	shocksensitive	shocksensitive	ADJ
fbem-31716	6	28	correlations	correlation	NOUN
fbem-31716	6	29	of	of	ADP
fbem-31716	6	30	frontier	frontier	NOUN
fbem-31716	6	31	markets	market	NOUN
fbem-31716	6	32	were	be	AUX
fbem-31716	6	33	major	major	ADJ
fbem-31716	6	34	conditions	condition	NOUN
fbem-31716	6	35	in	in	ADP
fbem-31716	6	36	the	the	DET
fbem-31716	6	37	establishment	establishment	NOUN
fbem-31716	6	38	of	of	ADP
fbem-31716	6	39	diversified	diversified	ADJ
fbem-31716	6	40	strategies	strategy	NOUN
fbem-31716	6	41	.	.	PUNCT
fbem-31716	7	1	in	in	ADP
fbem-31716	7	2	the	the	DET
fbem-31716	7	3	context	context	NOUN
fbem-31716	7	4	of	of	ADP
fbem-31716	7	5	“	"	PUNCT
fbem-31716	7	6	over	over	ADP
fbem-31716	7	7	-	-	PUNCT
fbem-31716	7	8	diversification	diversification	NOUN
fbem-31716	7	9	,	,	PUNCT
fbem-31716	7	10	”	"	PUNCT
fbem-31716	7	11	which	which	PRON
fbem-31716	7	12	is	be	AUX
fbem-31716	7	13	a	a	DET
fbem-31716	7	14	condition	condition	NOUN
fbem-31716	7	15	that	that	SCONJ
fbem-31716	7	16	marginal	marginal	ADJ
fbem-31716	7	17	benefits	benefit	NOUN
fbem-31716	7	18	would	would	AUX
fbem-31716	7	19	diminish	diminish	VERB
fbem-31716	7	20	due	due	ADP
fbem-31716	7	21	to	to	ADP
fbem-31716	7	22	high	high	ADJ
fbem-31716	7	23	correlation	correlation	NOUN
fbem-31716	7	24	and	and	CCONJ
fbem-31716	7	25	non	non	ADJ
fbem-31716	7	26	-	-	ADJ
fbem-31716	7	27	trivial	trivial	ADJ
fbem-31716	7	28	trading	trading	NOUN
fbem-31716	7	29	frictions	friction	NOUN
fbem-31716	7	30	rapidly	rapidly	ADV
fbem-31716	7	31	,	,	PUNCT
fbem-31716	7	32	and	and	CCONJ
fbem-31716	7	33	where	where	SCONJ
fbem-31716	7	34	theoretical	theoretical	ADJ
fbem-31716	7	35	diversification	diversification	NOUN
fbem-31716	7	36	benefits	benefit	NOUN
fbem-31716	7	37	do	do	AUX
fbem-31716	7	38	not	not	PART
fbem-31716	7	39	translate	translate	VERB
fbem-31716	7	40	into	into	ADP
fbem-31716	7	41	realized	realize	VERB
fbem-31716	7	42	risk	risk	NOUN
fbem-31716	7	43	relief	relief	NOUN
fbem-31716	7	44	automatically	automatically	ADV
fbem-31716	7	45	,	,	PUNCT
fbem-31716	7	46	the	the	DET
fbem-31716	7	47	purpose	purpose	NOUN
fbem-31716	7	48	of	of	ADP
fbem-31716	7	49	this	this	DET
fbem-31716	7	50	paper	paper	NOUN
fbem-31716	7	51	is	be	AUX
fbem-31716	7	52	to	to	PART
fbem-31716	7	53	evaluate	evaluate	VERB
fbem-31716	7	54	the	the	DET
fbem-31716	7	55	debates	debate	NOUN
fbem-31716	7	56	in	in	ADP
fbem-31716	7	57	terms	term	NOUN
fbem-31716	7	58	of	of	ADP
fbem-31716	7	59	over	over	ADP
fbem-31716	7	60	-	-	PUNCT
fbem-31716	7	61	diversification	diversification	NOUN
fbem-31716	7	62	,	,	PUNCT
fbem-31716	7	63	risk	risk	NOUN
fbem-31716	7	64	,	,	PUNCT
fbem-31716	7	65	and	and	CCONJ
fbem-31716	7	66	portfolio	portfolio	NOUN
fbem-31716	7	67	choices	choice	NOUN
fbem-31716	7	68	.	.	PUNCT
fbem-31716	8	1	the	the	DET
fbem-31716	8	2	study	study	NOUN
fbem-31716	8	3	analyzes	analyze	VERB
fbem-31716	8	4	the	the	DET
fbem-31716	8	5	degree	degree	NOUN
fbem-31716	8	6	to	to	PART
fbem-31716	8	7	which	which	PRON
fbem-31716	8	8	portfolio	portfolio	NOUN
fbem-31716	8	9	performance	performance	NOUN
fbem-31716	8	10	could	could	AUX
fbem-31716	8	11	be	be	AUX
fbem-31716	8	12	enhanced	enhance	VERB
fbem-31716	8	13	by	by	ADP
fbem-31716	8	14	diversification	diversification	NOUN
fbem-31716	8	15	in	in	ADP
fbem-31716	8	16	frontier	frontier	NOUN
fbem-31716	8	17	markets	market	NOUN
fbem-31716	8	18	consistently	consistently	ADV
fbem-31716	8	19	,	,	PUNCT
fbem-31716	8	20	investigates	investigate	VERB
fbem-31716	8	21	the	the	DET
fbem-31716	8	22	manner	manner	NOUN
fbem-31716	8	23	in	in	ADP
fbem-31716	8	24	which	which	PRON
fbem-31716	8	25	external	external	ADJ
fbem-31716	8	26	disruptions	disruption	NOUN
fbem-31716	8	27	alter	alter	VERB
fbem-31716	8	28	outcomes	outcome	NOUN
fbem-31716	8	29	across	across	ADP
fbem-31716	8	30	regimes	regime	NOUN
fbem-31716	8	31	,	,	PUNCT
fbem-31716	8	32	and	and	CCONJ
fbem-31716	8	33	formulates	formulate	VERB
fbem-31716	8	34	risk	risk	NOUN
fbem-31716	8	35	management	management	NOUN
fbem-31716	8	36	strategies	strategy	NOUN
fbem-31716	8	37	for	for	ADP
fbem-31716	8	38	environments	environment	NOUN
fbem-31716	8	39	that	that	PRON
fbem-31716	8	40	are	be	AUX
fbem-31716	8	41	distinguished	distinguish	VERB
fbem-31716	8	42	by	by	ADP
fbem-31716	8	43	significant	significant	ADJ
fbem-31716	8	44	transaction	transaction	NOUN
fbem-31716	8	45	costs	cost	NOUN
fbem-31716	8	46	and	and	CCONJ
fbem-31716	8	47	elevated	elevated	ADJ
fbem-31716	8	48	volatility	volatility	NOUN
fbem-31716	8	49	.	.	PUNCT
fbem-31716	9	1	the	the	DET
fbem-31716	9	2	empirical	empirical	ADJ
fbem-31716	9	3	setting	setting	NOUN
fbem-31716	9	4	integrates	integrate	NOUN
fbem-31716	9	5	covid-19	covid-19	PROPN
fbem-31716	9	6	as	as	ADP
fbem-31716	9	7	a	a	DET
fbem-31716	9	8	salient	salient	ADJ
fbem-31716	9	9	external	external	ADJ
fbem-31716	9	10	shock	shock	NOUN
fbem-31716	9	11	and	and	CCONJ
fbem-31716	9	12	treats	treat	NOUN
fbem-31716	9	13	2020–2024	2020–2024	NUM
fbem-31716	9	14	as	as	ADP
fbem-31716	9	15	a	a	DET
fbem-31716	9	16	distinct	distinct	ADJ
fbem-31716	9	17	regime	regime	NOUN
fbem-31716	9	18	relative	relative	ADJ
fbem-31716	9	19	to	to	ADP
fbem-31716	9	20	2015–2019	2015–2019	NUM
fbem-31716	9	21	,	,	PUNCT
fbem-31716	9	22	reflecting	reflect	VERB
fbem-31716	9	23	the	the	DET
fbem-31716	9	24	pandemic	pandemic	NOUN
fbem-31716	9	25	's	's	PART
fbem-31716	9	26	macro	macro	ADJ
fbem-31716	9	27	-	-	ADJ
fbem-31716	9	28	financial	financial	ADJ
fbem-31716	9	29	impact	impact	NOUN
fbem-31716	9	30	on	on	ADP
fbem-31716	9	31	frontier	frontier	NOUN
fbem-31716	9	32	markets	market	NOUN
fbem-31716	9	33	.	.	PUNCT
fbem-31716	10	1	the	the	DET
fbem-31716	10	2	paper	paper	NOUN
fbem-31716	10	3	has	have	VERB
fbem-31716	10	4	contributions	contribution	NOUN
fbem-31716	10	5	in	in	ADP
fbem-31716	10	6	three	three	NUM
fbem-31716	10	7	dimensions	dimension	NOUN
fbem-31716	10	8	.	.	PUNCT
fbem-31716	11	1	first	first	ADV
fbem-31716	11	2	,	,	PUNCT
fbem-31716	11	3	it	it	PRON
fbem-31716	11	4	tested	test	VERB
fbem-31716	11	5	the	the	DET
fbem-31716	11	6	concept	concept	NOUN
fbem-31716	11	7	by	by	ADP
fbem-31716	11	8	comparing	compare	VERB
fbem-31716	11	9	minitab	minitab	NOUN
fbem-31716	11	10	-	-	PUNCT
fbem-31716	11	11	based	base	VERB
fbem-31716	11	12	optimal	optimal	ADJ
fbem-31716	11	13	portfolios	portfolio	NOUN
fbem-31716	11	14	with	with	ADP
fbem-31716	11	15	ex	ex	NOUN
fbem-31716	11	16	-	-	NOUN
fbem-31716	11	17	post	post	VERB
fbem-31716	11	18	back	back	NOUN
fbem-31716	11	19	-	-	PUNCT
fbem-31716	11	20	tests	test	NOUN
fbem-31716	11	21	from	from	ADP
fbem-31716	11	22	the	the	DET
fbem-31716	11	23	two	two	NUM
fbem-31716	11	24	sub	sub	NOUN
fbem-31716	11	25	-	-	NOUN
fbem-31716	11	26	periods	period	NOUN
fbem-31716	11	27	.	.	PUNCT
fbem-31716	12	1	it	it	PRON
fbem-31716	12	2	accomplished	accomplish	VERB
fbem-31716	12	3	this	this	PRON
fbem-31716	12	4	using	use	VERB
fbem-31716	12	5	a	a	DET
fbem-31716	12	6	single	single	ADJ
fbem-31716	12	7	set	set	NOUN
fbem-31716	12	8	of	of	ADP
fbem-31716	12	9	diagnostics	diagnostic	NOUN
fbem-31716	12	10	that	that	PRON
fbem-31716	12	11	included	include	VERB
fbem-31716	12	12	volatility	volatility	NOUN
fbem-31716	12	13	,	,	PUNCT
fbem-31716	12	14	correlation	correlation	NOUN
fbem-31716	12	15	,	,	PUNCT
fbem-31716	12	16	skewness	skewness	NOUN
fbem-31716	12	17	,	,	PUNCT
fbem-31716	12	18	and	and	CCONJ
fbem-31716	12	19	drawdown	drawdown	NOUN
fbem-31716	12	20	.	.	PUNCT
fbem-31716	13	1	it	it	PRON
fbem-31716	13	2	also	also	ADV
fbem-31716	13	3	includes	include	VERB
fbem-31716	13	4	the	the	DET
fbem-31716	13	5	pandemic	pandemic	NOUN
fbem-31716	13	6	as	as	ADP
fbem-31716	13	7	an	an	DET
fbem-31716	13	8	outside	outside	ADJ
fbem-31716	13	9	factor	factor	NOUN
fbem-31716	13	10	and	and	CCONJ
fbem-31716	13	11	shows	show	VERB
fbem-31716	13	12	that	that	SCONJ
fbem-31716	13	13	performance	performance	NOUN
fbem-31716	13	14	depended	depend	VERB
fbem-31716	13	15	on	on	ADP
fbem-31716	13	16	the	the	DET
fbem-31716	13	17	regime	regime	NOUN
fbem-31716	13	18	,	,	PUNCT
fbem-31716	13	19	with	with	ADP
fbem-31716	13	20	bigger	big	ADJ
fbem-31716	13	21	drawdowns	drawdown	NOUN
fbem-31716	13	22	and	and	CCONJ
fbem-31716	13	23	less	less	ADV
fbem-31716	13	24	stable	stable	ADJ
fbem-31716	13	25	returns	return	NOUN
fbem-31716	13	26	during	during	ADP
fbem-31716	13	27	the	the	DET
fbem-31716	13	28	shock	shock	NOUN
fbem-31716	13	29	period	period	NOUN
fbem-31716	13	30	.	.	PUNCT
fbem-31716	14	1	eventually	eventually	ADV
fbem-31716	14	2	,	,	PUNCT
fbem-31716	14	3	it	it	PRON
fbem-31716	14	4	reflected	reflect	VERB
fbem-31716	14	5	the	the	DET
fbem-31716	14	6	limitations	limitation	NOUN
fbem-31716	14	7	of	of	ADP
fbem-31716	14	8	indiscriminate	indiscriminate	ADJ
fbem-31716	14	9	diversification	diversification	NOUN
fbem-31716	14	10	—	—	PUNCT
fbem-31716	14	11	exemplified	exemplify	VERB
fbem-31716	14	12	by	by	ADP
fbem-31716	14	13	the	the	DET
fbem-31716	14	14	limited	limited	ADJ
fbem-31716	14	15	risk	risk	NOUN
fbem-31716	14	16	reduction	reduction	NOUN
fbem-31716	14	17	and	and	CCONJ
fbem-31716	14	18	diluted	dilute	VERB
fbem-31716	14	19	realized	realize	VERB
fbem-31716	14	20	returns	return	NOUN
fbem-31716	14	21	when	when	SCONJ
fbem-31716	14	22	adding	add	VERB
fbem-31716	14	23	kenya	kenya	PROPN
fbem-31716	14	24	(	(	PUNCT
fbem-31716	14	25	ken)—and	ken)—and	PROPN
fbem-31716	14	26	provided	provide	VERB
fbem-31716	14	27	the	the	DET
fbem-31716	14	28	evidence	evidence	NOUN
fbem-31716	14	29	for	for	ADP
fbem-31716	14	30	investor	investor	NOUN
fbem-31716	14	31	advice	advice	NOUN
fbem-31716	14	32	that	that	PRON
fbem-31716	14	33	prioritizes	prioritize	VERB
fbem-31716	14	34	selective	selective	ADJ
fbem-31716	14	35	diversification	diversification	NOUN
fbem-31716	14	36	and	and	CCONJ
fbem-31716	14	37	dynamic	dynamic	ADJ
fbem-31716	14	38	allocation	allocation	NOUN
fbem-31716	14	39	over	over	ADP
fbem-31716	14	40	breadth	breadth	NOUN
fbem-31716	14	41	.	.	PUNCT
fbem-31716	15	1	2	2	X
fbem-31716	15	2	.	.	X
fbem-31716	15	3	literature	literature	NOUN
fbem-31716	15	4	review	review	VERB
fbem-31716	15	5	classical	classical	ADJ
fbem-31716	15	6	portfolio	portfolio	NOUN
fbem-31716	15	7	theory	theory	NOUN
fbem-31716	15	8	provides	provide	VERB
fbem-31716	15	9	the	the	DET
fbem-31716	15	10	logic	logic	NOUN
fbem-31716	15	11	of	of	ADP
fbem-31716	15	12	diversification	diversification	NOUN
fbem-31716	15	13	under	under	ADP
fbem-31716	15	14	mean	mean	ADJ
fbem-31716	15	15	-	-	PUNCT
fbem-31716	15	16	variance	variance	NOUN
fbem-31716	15	17	trade	trade	NOUN
fbem-31716	15	18	-	-	PUNCT
fbem-31716	15	19	offs	off	NOUN
fbem-31716	15	20	,	,	PUNCT
fbem-31716	15	21	but	but	CCONJ
fbem-31716	15	22	in	in	ADP
fbem-31716	15	23	the	the	DET
fbem-31716	15	24	real	real	ADJ
fbem-31716	15	25	world	world	NOUN
fbem-31716	15	26	,	,	PUNCT
fbem-31716	15	27	constraints	constraint	NOUN
fbem-31716	15	28	such	such	ADJ
fbem-31716	15	29	as	as	ADP
fbem-31716	15	30	time	time	NOUN
fbem-31716	15	31	-	-	PUNCT
fbem-31716	15	32	varying	vary	VERB
fbem-31716	15	33	correlations	correlation	NOUN
fbem-31716	15	34	,	,	PUNCT
fbem-31716	15	35	market	market	NOUN
fbem-31716	15	36	frictions	friction	NOUN
fbem-31716	15	37	,	,	PUNCT
fbem-31716	15	38	and	and	CCONJ
fbem-31716	15	39	co	co	NOUN
fbem-31716	15	40	-	-	NOUN
fbem-31716	15	41	movement	movement	NOUN
fbem-31716	15	42	by	by	ADP
fbem-31716	15	43	shocks	shock	NOUN
fbem-31716	15	44	restrict	restrict	VERB
fbem-31716	15	45	the	the	DET
fbem-31716	15	46	theoretical	theoretical	ADJ
fbem-31716	15	47	profits	profit	NOUN
fbem-31716	15	48	(	(	PUNCT
fbem-31716	15	49	markowitz	markowitz	PROPN
fbem-31716	15	50	,	,	PUNCT
fbem-31716	15	51	1952	1952	NUM
fbem-31716	15	52	;	;	PUNCT
fbem-31716	15	53	fama	fama	PROPN
fbem-31716	15	54	and	and	CCONJ
fbem-31716	15	55	french	french	ADJ
fbem-31716	15	56	,	,	PUNCT
fbem-31716	15	57	1992	1992	NUM
fbem-31716	15	58	)	)	PUNCT
fbem-31716	16	1	[	[	X
fbem-31716	16	2	1	1	NUM
fbem-31716	16	3	-	-	SYM
fbem-31716	16	4	2	2	NUM
fbem-31716	16	5	]	]	PUNCT
fbem-31716	16	6	.	.	PUNCT
fbem-31716	17	1	recent	recent	ADJ
fbem-31716	17	2	studies	study	NOUN
fbem-31716	17	3	have	have	AUX
fbem-31716	17	4	shown	show	VERB
fbem-31716	17	5	that	that	SCONJ
fbem-31716	17	6	,	,	PUNCT
fbem-31716	17	7	as	as	SCONJ
fbem-31716	17	8	financial	financial	ADJ
fbem-31716	17	9	integration	integration	NOUN
fbem-31716	17	10	has	have	AUX
fbem-31716	17	11	intensified	intensify	VERB
fbem-31716	17	12	,	,	PUNCT
fbem-31716	17	13	the	the	DET
fbem-31716	17	14	diversification	diversification	NOUN
fbem-31716	17	15	advantages	advantage	NOUN
fbem-31716	17	16	of	of	ADP
fbem-31716	17	17	frontier	frontier	NOUN
fbem-31716	17	18	markets	market	NOUN
fbem-31716	17	19	have	have	AUX
fbem-31716	17	20	diminished	diminish	VERB
fbem-31716	17	21	,	,	PUNCT
fbem-31716	17	22	especially	especially	ADV
fbem-31716	17	23	during	during	ADP
fbem-31716	17	24	periods	period	NOUN
fbem-31716	17	25	of	of	ADP
fbem-31716	17	26	international	international	ADJ
fbem-31716	17	27	stress	stress	NOUN
fbem-31716	17	28	(	(	PUNCT
fbem-31716	17	29	abidi	abidi	PROPN
fbem-31716	17	30	et	et	PROPN
fbem-31716	17	31	al	al	PROPN
fbem-31716	17	32	.	.	PROPN
fbem-31716	17	33	,	,	PUNCT
fbem-31716	17	34	2019	2019	NUM
fbem-31716	17	35	;	;	PUNCT
fbem-31716	17	36	evans	evans	PROPN
fbem-31716	17	37	and	and	CCONJ
fbem-31716	17	38	van	van	PROPN
fbem-31716	17	39	vuuren	vuuren	PROPN
fbem-31716	17	40	,	,	PUNCT
fbem-31716	17	41	2019	2019	NUM
fbem-31716	17	42	;	;	PUNCT
fbem-31716	17	43	thomas	thomas	PROPN
fbem-31716	17	44	et	et	PROPN
fbem-31716	17	45	al	al	PROPN
fbem-31716	17	46	.	.	PROPN
fbem-31716	17	47	,	,	PUNCT
fbem-31716	17	48	2017	2017	NUM
fbem-31716	17	49	)	)	PUNCT
fbem-31716	18	1	[	[	X
fbem-31716	18	2	3	3	NUM
fbem-31716	18	3	-	-	SYM
fbem-31716	18	4	5	5	NUM
fbem-31716	18	5	]	]	PUNCT
fbem-31716	18	6	.	.	PUNCT
fbem-31716	19	1	2.1	2.1	NUM
fbem-31716	19	2	.	.	PUNCT
fbem-31716	19	3	frontier	frontier	NOUN
fbem-31716	19	4	market	market	NOUN
fbem-31716	19	5	risks	risk	VERB
fbem-31716	19	6	the	the	DET
fbem-31716	19	7	risk	risk	NOUN
fbem-31716	19	8	profile	profile	NOUN
fbem-31716	19	9	of	of	ADP
fbem-31716	19	10	frontier	frontier	NOUN
fbem-31716	19	11	markets	market	NOUN
fbem-31716	19	12	is	be	AUX
fbem-31716	19	13	based	base	VERB
fbem-31716	19	14	on	on	ADP
fbem-31716	19	15	structural	structural	ADJ
fbem-31716	19	16	and	and	CCONJ
fbem-31716	19	17	institutional	institutional	ADJ
fbem-31716	19	18	factors	factor	NOUN
fbem-31716	19	19	.	.	PUNCT
fbem-31716	20	1	the	the	DET
fbem-31716	20	2	risk	risk	NOUN
fbem-31716	20	3	profile	profile	NOUN
fbem-31716	20	4	of	of	ADP
fbem-31716	20	5	most	most	ADJ
fbem-31716	20	6	frontier	frontier	NOUN
fbem-31716	20	7	markets	market	NOUN
fbem-31716	20	8	is	be	AUX
fbem-31716	20	9	largely	largely	ADV
fbem-31716	20	10	based	base	VERB
fbem-31716	20	11	on	on	ADP
fbem-31716	20	12	poor	poor	ADJ
fbem-31716	20	13	political	political	ADJ
fbem-31716	20	14	governance	governance	NOUN
fbem-31716	20	15	.	.	PUNCT
fbem-31716	21	1	policy	policy	NOUN
fbem-31716	21	2	instability	instability	NOUN
fbem-31716	21	3	and	and	CCONJ
fbem-31716	21	4	ineffective	ineffective	ADJ
fbem-31716	21	5	implementation	implementation	NOUN
fbem-31716	21	6	of	of	ADP
fbem-31716	21	7	policies	policy	NOUN
fbem-31716	21	8	reduce	reduce	VERB
fbem-31716	21	9	long	long	ADJ
fbem-31716	21	10	-	-	PUNCT
fbem-31716	21	11	term	term	NOUN
fbem-31716	21	12	attractiveness	attractiveness	NOUN
fbem-31716	21	13	to	to	ADP
fbem-31716	21	14	investors	investor	NOUN
fbem-31716	21	15	and	and	CCONJ
fbem-31716	21	16	reduce	reduce	VERB
fbem-31716	21	17	risk	risk	NOUN
fbem-31716	21	18	premia	premia	NOUN
fbem-31716	21	19	.	.	PUNCT
fbem-31716	22	1	the	the	DET
fbem-31716	22	2	inefficiencies	inefficiency	NOUN
fbem-31716	22	3	of	of	ADP
fbem-31716	22	4	the	the	DET
fbem-31716	22	5	regulatory	regulatory	ADJ
fbem-31716	22	6	and	and	CCONJ
fbem-31716	22	7	market	market	NOUN
fbem-31716	22	8	environment	environment	NOUN
fbem-31716	22	9	—	—	PUNCT
fbem-31716	22	10	weaker	weak	ADJ
fbem-31716	22	11	enforcement	enforcement	NOUN
fbem-31716	22	12	,	,	PUNCT
fbem-31716	22	13	less	less	ADV
fbem-31716	22	14	developed	developed	ADJ
fbem-31716	22	15	market	market	NOUN
fbem-31716	22	16	mechanisms	mechanism	NOUN
fbem-31716	22	17	,	,	PUNCT
fbem-31716	22	18	and	and	CCONJ
fbem-31716	22	19	weaker	weak	ADJ
fbem-31716	22	20	protection	protection	NOUN
fbem-31716	22	21	of	of	ADP
fbem-31716	22	22	investors	investor	NOUN
fbem-31716	22	23	—	—	PUNCT
fbem-31716	22	24	lead	lead	VERB
fbem-31716	22	25	to	to	ADP
fbem-31716	22	26	lower	low	ADJ
fbem-31716	22	27	stability	stability	NOUN
fbem-31716	22	28	in	in	ADP
fbem-31716	22	29	frontier	frontier	NOUN
fbem-31716	22	30	markets	market	NOUN
fbem-31716	22	31	compared	compare	VERB
fbem-31716	22	32	to	to	ADP
fbem-31716	22	33	developed	develop	VERB
fbem-31716	22	34	markets	market	NOUN
fbem-31716	22	35	,	,	PUNCT
fbem-31716	22	36	increasing	increase	VERB
fbem-31716	22	37	the	the	DET
fbem-31716	22	38	risk	risk	NOUN
fbem-31716	22	39	of	of	ADP
fbem-31716	22	40	large	large	ADJ
fbem-31716	22	41	jumps	jump	NOUN
fbem-31716	22	42	and	and	CCONJ
fbem-31716	22	43	fat	fat	ADJ
fbem-31716	22	44	-	-	PUNCT
fbem-31716	22	45	tailed	tail	VERB
fbem-31716	22	46	behaviour	behaviour	NOUN
fbem-31716	22	47	(	(	PUNCT
fbem-31716	22	48	ferreira	ferreira	PROPN
fbem-31716	22	49	et	et	PROPN
fbem-31716	22	50	al	al	PROPN
fbem-31716	22	51	.	.	PROPN
fbem-31716	22	52	,	,	PUNCT
fbem-31716	22	53	2021	2021	NUM
fbem-31716	22	54	;	;	PUNCT
fbem-31716	22	55	fifield	fifield	PROPN
fbem-31716	22	56	et	et	PROPN
fbem-31716	22	57	al	al	PROPN
fbem-31716	22	58	.	.	PROPN
fbem-31716	22	59	,	,	PUNCT
fbem-31716	22	60	1996	1996	NUM
fbem-31716	22	61	;	;	PUNCT
fbem-31716	22	62	mandelbrot	mandelbrot	PROPN
fbem-31716	22	63	,	,	PUNCT
fbem-31716	22	64	1963	1963	NUM
fbem-31716	22	65	;	;	PUNCT
fbem-31716	22	66	kaboneka	kaboneka	VERB
fbem-31716	22	67	et	et	PROPN
fbem-31716	22	68	al	al	PROPN
fbem-31716	22	69	.	.	PROPN
fbem-31716	22	70	,	,	PUNCT
fbem-31716	22	71	2014	2014	NUM
fbem-31716	22	72	;	;	PUNCT
fbem-31716	22	73	african	african	PROPN
fbem-31716	22	74	development	development	PROPN
fbem-31716	22	75	bank	bank	PROPN
fbem-31716	22	76	,	,	PUNCT
fbem-31716	22	77	2023	2023	NUM
fbem-31716	22	78	)	)	PUNCT
fbem-31716	23	1	[	[	X
fbem-31716	23	2	6	6	NUM
fbem-31716	23	3	-	-	SYM
fbem-31716	23	4	10	10	NUM
fbem-31716	23	5	]	]	PUNCT
fbem-31716	23	6	.	.	PUNCT
fbem-31716	24	1	also	also	ADV
fbem-31716	24	2	,	,	PUNCT
fbem-31716	24	3	the	the	DET
fbem-31716	24	4	hidden	hide	VERB
fbem-31716	24	5	prices	price	NOUN
fbem-31716	24	6	of	of	ADP
fbem-31716	24	7	foreign	foreign	ADJ
fbem-31716	24	8	markets	market	NOUN
fbem-31716	24	9	are	be	AUX
fbem-31716	24	10	hard	hard	ADJ
fbem-31716	24	11	for	for	SCONJ
fbem-31716	24	12	outside	outside	ADJ
fbem-31716	24	13	investors	investor	NOUN
fbem-31716	24	14	to	to	PART
fbem-31716	24	15	see	see	VERB
fbem-31716	24	16	,	,	PUNCT
fbem-31716	24	17	and	and	CCONJ
fbem-31716	24	18	the	the	DET
fbem-31716	24	19	danger	danger	NOUN
fbem-31716	24	20	of	of	ADP
fbem-31716	24	21	adverse	adverse	ADJ
fbem-31716	24	22	selection	selection	NOUN
fbem-31716	24	23	is	be	AUX
fbem-31716	24	24	increased	increase	VERB
fbem-31716	24	25	(	(	PUNCT
fbem-31716	24	26	guney	guney	NOUN
fbem-31716	24	27	et	et	PROPN
fbem-31716	24	28	al	al	PROPN
fbem-31716	24	29	.	.	PROPN
fbem-31716	24	30	,	,	PUNCT
fbem-31716	24	31	2017	2017	NUM
fbem-31716	24	32	)	)	PUNCT
fbem-31716	25	1	[	[	X
fbem-31716	25	2	11	11	NUM
fbem-31716	25	3	]	]	PUNCT
fbem-31716	25	4	.	.	PUNCT
fbem-31716	25	5	increased	increase	VERB
fbem-31716	25	6	trading	trading	NOUN
fbem-31716	25	7	costs	cost	NOUN
fbem-31716	25	8	,	,	PUNCT
fbem-31716	25	9	such	such	ADJ
fbem-31716	25	10	as	as	ADP
fbem-31716	25	11	large	large	ADJ
fbem-31716	25	12	bid	bid	NOUN
fbem-31716	25	13	-	-	PUNCT
fbem-31716	25	14	ask	ask	NOUN
fbem-31716	25	15	spreads	spread	NOUN
fbem-31716	25	16	,	,	PUNCT
fbem-31716	25	17	higher	high	ADJ
fbem-31716	25	18	custody	custody	NOUN
fbem-31716	25	19	and	and	CCONJ
fbem-31716	25	20	settlement	settlement	NOUN
fbem-31716	25	21	costs	cost	NOUN
fbem-31716	25	22	,	,	PUNCT
fbem-31716	25	23	and	and	CCONJ
fbem-31716	25	24	significant	significant	ADJ
fbem-31716	25	25	price	price	NOUN
fbem-31716	25	26	changes	change	NOUN
fbem-31716	25	27	,	,	PUNCT
fbem-31716	25	28	are	be	AUX
fbem-31716	25	29	an	an	DET
fbem-31716	25	30	important	important	ADJ
fbem-31716	25	31	factor	factor	NOUN
fbem-31716	25	32	to	to	PART
fbem-31716	25	33	consider	consider	VERB
fbem-31716	25	34	.	.	PUNCT
fbem-31716	26	1	these	these	DET
fbem-31716	26	2	costs	cost	NOUN
fbem-31716	26	3	may	may	AUX
fbem-31716	26	4	offset	offset	VERB
fbem-31716	26	5	the	the	DET
fbem-31716	26	6	theoretical	theoretical	ADJ
fbem-31716	26	7	advantages	advantage	NOUN
fbem-31716	26	8	of	of	ADP
fbem-31716	26	9	unrestricted	unrestricted	ADJ
fbem-31716	26	10	optimisers	optimiser	NOUN
fbem-31716	26	11	,	,	PUNCT
fbem-31716	26	12	especially	especially	ADV
fbem-31716	26	13	for	for	ADP
fbem-31716	26	14	rebalancing	rebalancing	NOUN
fbem-31716	26	15	strategies	strategy	NOUN
fbem-31716	26	16	(	(	PUNCT
fbem-31716	26	17	fifield	fifield	PROPN
fbem-31716	26	18	et	et	PROPN
fbem-31716	26	19	al	al	PROPN
fbem-31716	26	20	.	.	PROPN
fbem-31716	26	21	,	,	PUNCT
fbem-31716	26	22	1996	1996	NUM
fbem-31716	26	23	;	;	PUNCT
fbem-31716	26	24	marshall	marshall	PROPN
fbem-31716	26	25	et	et	PROPN
fbem-31716	26	26	al	al	PROPN
fbem-31716	26	27	.	.	PROPN
fbem-31716	26	28	,	,	PUNCT
fbem-31716	26	29	2013	2013	NUM
fbem-31716	26	30	;	;	PUNCT
fbem-31716	26	31	naumoski	naumoski	PROPN
fbem-31716	26	32	et	et	PROPN
fbem-31716	26	33	al	al	PROPN
fbem-31716	26	34	.	.	PROPN
fbem-31716	26	35	,	,	PUNCT
fbem-31716	26	36	2017	2017	NUM
fbem-31716	26	37	;	;	PUNCT
fbem-31716	26	38	pandey	pandey	PROPN
fbem-31716	26	39	,	,	PUNCT
fbem-31716	26	40	2012	2012	NUM
fbem-31716	26	41	)	)	PUNCT
fbem-31716	27	1	[	[	X
fbem-31716	27	2	7	7	NUM
fbem-31716	27	3	,	,	PUNCT
fbem-31716	27	4	12	12	NUM
fbem-31716	27	5	-	-	SYM
fbem-31716	27	6	14	14	NUM
fbem-31716	27	7	]	]	PUNCT
fbem-31716	27	8	.	.	PUNCT
fbem-31716	28	1	secondly	secondly	ADV
fbem-31716	28	2	,	,	PUNCT
fbem-31716	28	3	the	the	DET
fbem-31716	28	4	integration	integration	NOUN
fbem-31716	28	5	of	of	ADP
fbem-31716	28	6	the	the	DET
fbem-31716	28	7	markets	market	NOUN
fbem-31716	28	8	also	also	ADV
fbem-31716	28	9	increases	increase	VERB
fbem-31716	28	10	risk	risk	NOUN
fbem-31716	28	11	.	.	PUNCT
fbem-31716	29	1	the	the	DET
fbem-31716	29	2	ability	ability	NOUN
fbem-31716	29	3	to	to	PART
fbem-31716	29	4	exchange	exchange	VERB
fbem-31716	29	5	133	133	NUM
fbem-31716	29	6	currencies	currency	NOUN
fbem-31716	29	7	,	,	PUNCT
fbem-31716	29	8	capital	capital	NOUN
fbem-31716	29	9	controls	control	NOUN
fbem-31716	29	10	,	,	PUNCT
fbem-31716	29	11	and	and	CCONJ
fbem-31716	29	12	temporary	temporary	ADJ
fbem-31716	29	13	suspensions	suspension	NOUN
fbem-31716	29	14	of	of	ADP
fbem-31716	29	15	trading	trading	NOUN
fbem-31716	29	16	increase	increase	VERB
fbem-31716	29	17	the	the	DET
fbem-31716	29	18	risk	risk	NOUN
fbem-31716	29	19	of	of	ADP
fbem-31716	29	20	illiquidity	illiquidity	NOUN
fbem-31716	29	21	and	and	CCONJ
fbem-31716	29	22	can	can	AUX
fbem-31716	29	23	turn	turn	VERB
fbem-31716	29	24	a	a	DET
fbem-31716	29	25	small	small	ADJ
fbem-31716	29	26	change	change	NOUN
fbem-31716	29	27	in	in	ADP
fbem-31716	29	28	the	the	DET
fbem-31716	29	29	correlation	correlation	NOUN
fbem-31716	29	30	into	into	ADP
fbem-31716	29	31	a	a	DET
fbem-31716	29	32	big	big	ADJ
fbem-31716	29	33	loss	loss	NOUN
fbem-31716	29	34	(	(	PUNCT
fbem-31716	29	35	narayan	narayan	NOUN
fbem-31716	29	36	and	and	CCONJ
fbem-31716	29	37	rehman	rehman	PROPN
fbem-31716	29	38	,	,	PUNCT
fbem-31716	29	39	2018	2018	NUM
fbem-31716	29	40	)	)	PUNCT
fbem-31716	30	1	[	[	X
fbem-31716	30	2	15	15	NUM
fbem-31716	30	3	]	]	PUNCT
fbem-31716	30	4	.	.	PUNCT
fbem-31716	31	1	cross	cross	ADJ
fbem-31716	31	2	-	-	ADJ
fbem-31716	31	3	border	border	ADJ
fbem-31716	31	4	integration	integration	NOUN
fbem-31716	31	5	creates	create	VERB
fbem-31716	31	6	a	a	DET
fbem-31716	31	7	second	second	ADJ
fbem-31716	31	8	layer	layer	NOUN
fbem-31716	31	9	of	of	ADP
fbem-31716	31	10	risk	risk	NOUN
fbem-31716	31	11	.	.	PUNCT
fbem-31716	32	1	since	since	SCONJ
fbem-31716	32	2	the	the	DET
fbem-31716	32	3	integration	integration	NOUN
fbem-31716	32	4	with	with	ADP
fbem-31716	32	5	developed	develop	VERB
fbem-31716	32	6	markets	market	NOUN
fbem-31716	32	7	has	have	AUX
fbem-31716	32	8	reduced	reduce	VERB
fbem-31716	32	9	the	the	DET
fbem-31716	32	10	diversification	diversification	NOUN
fbem-31716	32	11	advantage	advantage	NOUN
fbem-31716	32	12	,	,	PUNCT
fbem-31716	32	13	the	the	DET
fbem-31716	32	14	share	share	NOUN
fbem-31716	32	15	price	price	NOUN
fbem-31716	32	16	is	be	AUX
fbem-31716	32	17	increasingly	increasingly	ADV
fbem-31716	32	18	affected	affect	VERB
fbem-31716	32	19	by	by	ADP
fbem-31716	32	20	global	global	ADJ
fbem-31716	32	21	risk	risk	NOUN
fbem-31716	32	22	factors	factor	NOUN
fbem-31716	32	23	such	such	ADJ
fbem-31716	32	24	as	as	ADP
fbem-31716	32	25	the	the	DET
fbem-31716	32	26	us	us	PROPN
fbem-31716	32	27	dollar	dollar	NOUN
fbem-31716	32	28	cycle	cycle	NOUN
fbem-31716	32	29	,	,	PUNCT
fbem-31716	32	30	the	the	DET
fbem-31716	32	31	world	world	NOUN
fbem-31716	32	32	rate	rate	NOUN
fbem-31716	32	33	and	and	CCONJ
fbem-31716	32	34	the	the	DET
fbem-31716	32	35	risk	risk	NOUN
fbem-31716	32	36	appetite	appetite	NOUN
fbem-31716	32	37	(	(	PUNCT
fbem-31716	32	38	pätäri	pätäri	NOUN
fbem-31716	32	39	et	et	PROPN
fbem-31716	32	40	al	al	PROPN
fbem-31716	32	41	.	.	PROPN
fbem-31716	32	42	,	,	PUNCT
fbem-31716	32	43	2018	2018	NUM
fbem-31716	32	44	;	;	PUNCT
fbem-31716	32	45	evans	evans	PROPN
fbem-31716	32	46	and	and	CCONJ
fbem-31716	32	47	van	van	PROPN
fbem-31716	32	48	vuuren	vuuren	PROPN
fbem-31716	32	49	,	,	PUNCT
fbem-31716	32	50	2018	2018	NUM
fbem-31716	32	51	;	;	PUNCT
fbem-31716	32	52	world	world	PROPN
fbem-31716	32	53	bank	bank	PROPN
fbem-31716	32	54	,	,	PUNCT
fbem-31716	32	55	2020	2020	NUM
fbem-31716	32	56	)	)	PUNCT
fbem-31716	33	1	[	[	X
fbem-31716	33	2	1618	1618	NUM
fbem-31716	33	3	]	]	PUNCT
fbem-31716	33	4	.	.	PUNCT
fbem-31716	34	1	2.2	2.2	NUM
fbem-31716	34	2	.	.	PUNCT
fbem-31716	35	1	external	external	ADJ
fbem-31716	35	2	shocks	shock	NOUN
fbem-31716	35	3	exogenous	exogenous	ADJ
fbem-31716	35	4	shocks	shock	NOUN
fbem-31716	35	5	are	be	AUX
fbem-31716	35	6	transmitted	transmit	VERB
fbem-31716	35	7	to	to	ADP
fbem-31716	35	8	the	the	DET
fbem-31716	35	9	frontier	frontier	NOUN
fbem-31716	35	10	economies	economy	NOUN
fbem-31716	35	11	through	through	ADP
fbem-31716	35	12	trade	trade	NOUN
fbem-31716	35	13	,	,	PUNCT
fbem-31716	35	14	capital	capital	NOUN
fbem-31716	35	15	flows	flow	NOUN
fbem-31716	35	16	,	,	PUNCT
fbem-31716	35	17	remittances	remittance	NOUN
fbem-31716	35	18	,	,	PUNCT
fbem-31716	35	19	and	and	CCONJ
fbem-31716	35	20	the	the	DET
fbem-31716	35	21	mobility	mobility	NOUN
fbem-31716	35	22	of	of	ADP
fbem-31716	35	23	people	people	NOUN
fbem-31716	35	24	,	,	PUNCT
fbem-31716	35	25	and	and	CCONJ
fbem-31716	35	26	also	also	ADV
fbem-31716	35	27	through	through	ADP
fbem-31716	35	28	domestic	domestic	ADJ
fbem-31716	35	29	fiscal	fiscal	ADJ
fbem-31716	35	30	space	space	NOUN
fbem-31716	35	31	and	and	CCONJ
fbem-31716	35	32	capacity	capacity	NOUN
fbem-31716	35	33	.	.	PUNCT
fbem-31716	36	1	various	various	ADJ
fbem-31716	36	2	sources	source	NOUN
fbem-31716	36	3	suggest	suggest	VERB
fbem-31716	36	4	that	that	SCONJ
fbem-31716	36	5	in	in	ADP
fbem-31716	36	6	the	the	DET
fbem-31716	36	7	frontier	frontier	NOUN
fbem-31716	36	8	economies	economy	NOUN
fbem-31716	36	9	,	,	PUNCT
fbem-31716	36	10	a	a	DET
fbem-31716	36	11	significant	significant	ADJ
fbem-31716	36	12	contraction	contraction	NOUN
fbem-31716	36	13	took	take	VERB
fbem-31716	36	14	place	place	NOUN
fbem-31716	36	15	in	in	ADP
fbem-31716	36	16	2020	2020	NUM
fbem-31716	36	17	(	(	PUNCT
fbem-31716	36	18	imf	imf	PROPN
fbem-31716	36	19	,	,	PUNCT
fbem-31716	36	20	2020	2020	NUM
fbem-31716	36	21	;	;	PUNCT
fbem-31716	36	22	world	world	PROPN
fbem-31716	36	23	bank	bank	PROPN
fbem-31716	36	24	,	,	PUNCT
fbem-31716	36	25	2021	2021	NUM
fbem-31716	36	26	)	)	PUNCT
fbem-31716	37	1	[	[	X
fbem-31716	37	2	19	19	NUM
fbem-31716	37	3	-	-	SYM
fbem-31716	37	4	20	20	NUM
fbem-31716	37	5	]	]	PUNCT
fbem-31716	37	6	,	,	PUNCT
fbem-31716	37	7	and	and	CCONJ
fbem-31716	37	8	that	that	SCONJ
fbem-31716	37	9	sub	sub	ADJ
fbem-31716	37	10	-	-	ADJ
fbem-31716	37	11	saharan	saharan	ADJ
fbem-31716	37	12	africa	africa	PROPN
fbem-31716	37	13	,	,	PUNCT
fbem-31716	37	14	in	in	ADP
fbem-31716	37	15	particular	particular	ADJ
fbem-31716	37	16	,	,	PUNCT
fbem-31716	37	17	experienced	experience	VERB
fbem-31716	37	18	the	the	DET
fbem-31716	37	19	first	first	ADJ
fbem-31716	37	20	decline	decline	NOUN
fbem-31716	37	21	in	in	ADP
fbem-31716	37	22	its	its	PRON
fbem-31716	37	23	gdp	gdp	NOUN
fbem-31716	37	24	in	in	ADP
fbem-31716	37	25	25	25	NUM
fbem-31716	37	26	years	year	NOUN
fbem-31716	37	27	(	(	PUNCT
fbem-31716	37	28	in	in	ADP
fbem-31716	37	29	2020	2020	NUM
fbem-31716	37	30	,	,	PUNCT
fbem-31716	37	31	a	a	DET
fbem-31716	37	32	decrease	decrease	NOUN
fbem-31716	37	33	between	between	ADP
fbem-31716	37	34	2.1	2.1	NUM
fbem-31716	37	35	and	and	CCONJ
fbem-31716	37	36	5.1	5.1	NUM
fbem-31716	37	37	percent	percent	NOUN
fbem-31716	37	38	was	be	AUX
fbem-31716	37	39	often	often	ADV
fbem-31716	37	40	reported	report	VERB
fbem-31716	37	41	)	)	PUNCT
fbem-31716	37	42	(	(	PUNCT
fbem-31716	37	43	african	african	PROPN
fbem-31716	37	44	development	development	PROPN
fbem-31716	37	45	bank	bank	PROPN
fbem-31716	37	46	,	,	PUNCT
fbem-31716	37	47	2023	2023	NUM
fbem-31716	37	48	;	;	PUNCT
fbem-31716	37	49	world	world	PROPN
fbem-31716	37	50	bank	bank	PROPN
fbem-31716	37	51	,	,	PUNCT
fbem-31716	37	52	2021	2021	NUM
fbem-31716	37	53	)	)	PUNCT
fbem-31716	38	1	[	[	X
fbem-31716	38	2	10	10	NUM
fbem-31716	38	3	,	,	PUNCT
fbem-31716	38	4	20	20	NUM
fbem-31716	38	5	]	]	PUNCT
fbem-31716	38	6	.	.	PUNCT
fbem-31716	39	1	during	during	ADP
fbem-31716	39	2	the	the	DET
fbem-31716	39	3	pandemic	pandemic	NOUN
fbem-31716	39	4	,	,	PUNCT
fbem-31716	39	5	the	the	DET
fbem-31716	39	6	financial	financial	ADJ
fbem-31716	39	7	markets	market	NOUN
fbem-31716	39	8	were	be	AUX
fbem-31716	39	9	largely	largely	ADV
fbem-31716	39	10	affected	affect	VERB
fbem-31716	39	11	,	,	PUNCT
fbem-31716	39	12	especially	especially	ADV
fbem-31716	39	13	in	in	ADP
fbem-31716	39	14	the	the	DET
fbem-31716	39	15	years	year	NOUN
fbem-31716	39	16	2020–2021	2020–2021	NUM
fbem-31716	39	17	.	.	PUNCT
fbem-31716	40	1	for	for	ADP
fbem-31716	40	2	the	the	DET
fbem-31716	40	3	majority	majority	NOUN
fbem-31716	40	4	of	of	ADP
fbem-31716	40	5	african	african	ADJ
fbem-31716	40	6	countries	country	NOUN
fbem-31716	40	7	,	,	PUNCT
fbem-31716	40	8	the	the	DET
fbem-31716	40	9	increase	increase	NOUN
fbem-31716	40	10	in	in	ADP
fbem-31716	40	11	external	external	ADJ
fbem-31716	40	12	debt	debt	NOUN
fbem-31716	40	13	and	and	CCONJ
fbem-31716	40	14	the	the	DET
fbem-31716	40	15	deterioration	deterioration	NOUN
fbem-31716	40	16	in	in	ADP
fbem-31716	40	17	the	the	DET
fbem-31716	40	18	external	external	ADJ
fbem-31716	40	19	situation	situation	NOUN
fbem-31716	40	20	exacerbated	exacerbate	VERB
fbem-31716	40	21	the	the	DET
fbem-31716	40	22	burden	burden	NOUN
fbem-31716	40	23	of	of	ADP
fbem-31716	40	24	debt	debt	NOUN
fbem-31716	40	25	service	service	NOUN
fbem-31716	40	26	and	and	CCONJ
fbem-31716	40	27	increased	increase	VERB
fbem-31716	40	28	the	the	DET
fbem-31716	40	29	risk	risk	NOUN
fbem-31716	40	30	of	of	ADP
fbem-31716	40	31	default	default	NOUN
fbem-31716	40	32	in	in	ADP
fbem-31716	40	33	the	the	DET
fbem-31716	40	34	short	short	ADJ
fbem-31716	40	35	term	term	NOUN
fbem-31716	40	36	(	(	PUNCT
fbem-31716	40	37	see	see	VERB
fbem-31716	40	38	imf	imf	PROPN
fbem-31716	40	39	,	,	PUNCT
fbem-31716	40	40	march	march	PROPN
fbem-31716	40	41	20	20	NUM
fbem-31716	40	42	,	,	PUNCT
fbem-31716	40	43	2020	2020	NUM
fbem-31716	40	44	;	;	PUNCT
fbem-31716	40	45	nb	nb	PROPN
fbem-31716	40	46	,	,	PUNCT
fbem-31716	40	47	march	march	PROPN
fbem-31716	40	48	20	20	NUM
fbem-31716	40	49	,	,	PUNCT
fbem-31716	40	50	2020	2020	NUM
fbem-31716	40	51	)	)	PUNCT
fbem-31716	40	52	.	.	PUNCT
fbem-31716	41	1	“	"	PUNCT
fbem-31716	41	2	macro	macro	ADJ
fbem-31716	41	3	shocks	shock	NOUN
fbem-31716	41	4	have	have	VERB
fbem-31716	41	5	a	a	DET
fbem-31716	41	6	direct	direct	ADJ
fbem-31716	41	7	impact	impact	NOUN
fbem-31716	41	8	on	on	ADP
fbem-31716	41	9	asset	asset	NOUN
fbem-31716	41	10	prices	price	NOUN
fbem-31716	41	11	.	.	PUNCT
fbem-31716	42	1	in	in	ADP
fbem-31716	42	2	turbulent	turbulent	ADJ
fbem-31716	42	3	periods	period	NOUN
fbem-31716	42	4	correlations	correlation	NOUN
fbem-31716	42	5	between	between	ADP
fbem-31716	42	6	risk	risk	NOUN
fbem-31716	42	7	assets	asset	NOUN
fbem-31716	42	8	rise	rise	VERB
fbem-31716	42	9	,	,	PUNCT
fbem-31716	42	10	common	common	ADJ
fbem-31716	42	11	factors	factor	NOUN
fbem-31716	42	12	dominate	dominate	VERB
fbem-31716	42	13	returns	return	NOUN
fbem-31716	42	14	,	,	PUNCT
fbem-31716	42	15	liquidity	liquidity	NOUN
fbem-31716	42	16	evaporates	evaporate	VERB
fbem-31716	42	17	,	,	PUNCT
fbem-31716	42	18	and	and	CCONJ
fbem-31716	42	19	withdrawal	withdrawal	NOUN
fbem-31716	42	20	costs	cost	NOUN
fbem-31716	42	21	rise	rise	VERB
fbem-31716	42	22	at	at	ADP
fbem-31716	42	23	precisely	precisely	ADV
fbem-31716	42	24	the	the	DET
fbem-31716	42	25	time	time	NOUN
fbem-31716	42	26	when	when	SCONJ
fbem-31716	42	27	investors	investor	NOUN
fbem-31716	42	28	are	be	AUX
fbem-31716	42	29	most	most	ADV
fbem-31716	42	30	eager	eager	ADJ
fbem-31716	42	31	to	to	PART
fbem-31716	42	32	rebalance	rebalance	VERB
fbem-31716	42	33	their	their	PRON
fbem-31716	42	34	portfolios	portfolio	NOUN
fbem-31716	42	35	(	(	PUNCT
fbem-31716	42	36	ferreira	ferreira	PROPN
fbem-31716	42	37	et	et	PROPN
fbem-31716	42	38	al	al	PROPN
fbem-31716	42	39	.	.	PROPN
fbem-31716	42	40	,	,	PUNCT
fbem-31716	42	41	2021	2021	NUM
fbem-31716	42	42	;	;	PUNCT
fbem-31716	42	43	thomas	thomas	PROPN
fbem-31716	42	44	et	et	PROPN
fbem-31716	42	45	al	al	PROPN
fbem-31716	42	46	.	.	PROPN
fbem-31716	42	47	,	,	PUNCT
fbem-31716	42	48	2022	2022	NUM
fbem-31716	42	49	)	)	PUNCT
fbem-31716	43	1	[	[	X
fbem-31716	43	2	6	6	NUM
fbem-31716	43	3	,	,	PUNCT
fbem-31716	43	4	21	21	NUM
fbem-31716	43	5	]	]	PUNCT
fbem-31716	43	6	.	.	PUNCT
fbem-31716	44	1	and	and	CCONJ
fbem-31716	44	2	indeed	indeed	ADV
fbem-31716	44	3	,	,	PUNCT
fbem-31716	44	4	when	when	SCONJ
fbem-31716	44	5	dividing	divide	VERB
fbem-31716	44	6	samples	sample	NOUN
fbem-31716	44	7	between	between	ADP
fbem-31716	44	8	periods	period	NOUN
fbem-31716	44	9	of	of	ADP
fbem-31716	44	10	calm	calm	ADJ
fbem-31716	44	11	and	and	CCONJ
fbem-31716	44	12	periods	period	NOUN
fbem-31716	44	13	of	of	ADP
fbem-31716	44	14	turbulence	turbulence	NOUN
fbem-31716	44	15	,	,	PUNCT
fbem-31716	44	16	studies	study	NOUN
fbem-31716	44	17	have	have	AUX
fbem-31716	44	18	found	find	VERB
fbem-31716	44	19	higher	high	ADJ
fbem-31716	44	20	realised	realise	VERB
fbem-31716	44	21	volatility	volatility	NOUN
fbem-31716	44	22	,	,	PUNCT
fbem-31716	44	23	deeper	deep	ADJ
fbem-31716	44	24	left	left	ADJ
fbem-31716	44	25	tails	tail	NOUN
fbem-31716	44	26	,	,	PUNCT
fbem-31716	44	27	and	and	CCONJ
fbem-31716	44	28	worse	bad	ADJ
fbem-31716	44	29	risk	risk	NOUN
fbem-31716	44	30	-	-	PUNCT
fbem-31716	44	31	adjusted	adjust	VERB
fbem-31716	44	32	profiles	profile	NOUN
fbem-31716	44	33	in	in	ADP
fbem-31716	44	34	the	the	DET
fbem-31716	44	35	years	year	NOUN
fbem-31716	44	36	of	of	ADP
fbem-31716	44	37	the	the	DET
fbem-31716	44	38	pandemic	pandemic	ADJ
fbem-31716	44	39	(	(	PUNCT
fbem-31716	44	40	dania	dania	PROPN
fbem-31716	44	41	and	and	CCONJ
fbem-31716	44	42	maysami	maysami	PROPN
fbem-31716	44	43	,	,	PUNCT
fbem-31716	44	44	2017	2017	NUM
fbem-31716	44	45	;	;	PUNCT
fbem-31716	45	1	evans	evans	PROPN
fbem-31716	45	2	and	and	CCONJ
fbem-31716	45	3	van	van	PROPN
fbem-31716	45	4	vuuren	vuuren	PROPN
fbem-31716	45	5	,	,	PUNCT
fbem-31716	45	6	2019	2019	NUM
fbem-31716	45	7	)	)	PUNCT
fbem-31716	46	1	[	[	X
fbem-31716	46	2	22	22	NUM
fbem-31716	46	3	,	,	PUNCT
fbem-31716	46	4	4	4	NUM
fbem-31716	46	5	]	]	PUNCT
fbem-31716	46	6	.	.	PUNCT
fbem-31716	47	1	as	as	ADP
fbem-31716	47	2	a	a	DET
fbem-31716	47	3	matter	matter	NOUN
fbem-31716	47	4	of	of	ADP
fbem-31716	47	5	methodology	methodology	NOUN
fbem-31716	47	6	,	,	PUNCT
fbem-31716	47	7	dynamic	dynamic	ADJ
fbem-31716	47	8	covariance	covariance	NOUN
fbem-31716	47	9	cyclicality	cyclicality	NOUN
fbem-31716	47	10	and	and	CCONJ
fbem-31716	47	11	regime	regime	NOUN
fbem-31716	47	12	-	-	PUNCT
fbem-31716	47	13	switching	switch	VERB
fbem-31716	47	14	models	model	NOUN
fbem-31716	47	15	are	be	AUX
fbem-31716	47	16	more	more	ADV
fbem-31716	47	17	likely	likely	ADJ
fbem-31716	47	18	to	to	PART
fbem-31716	47	19	reflect	reflect	VERB
fbem-31716	47	20	the	the	DET
fbem-31716	47	21	nonlinear	nonlinear	ADJ
fbem-31716	47	22	deconstruction	deconstruction	NOUN
fbem-31716	47	23	of	of	ADP
fbem-31716	47	24	diversification	diversification	NOUN
fbem-31716	47	25	in	in	ADP
fbem-31716	47	26	periods	period	NOUN
fbem-31716	47	27	of	of	ADP
fbem-31716	47	28	turbulence	turbulence	NOUN
fbem-31716	47	29	than	than	ADP
fbem-31716	47	30	the	the	DET
fbem-31716	47	31	matrices	matrix	NOUN
fbem-31716	47	32	in	in	ADP
fbem-31716	47	33	the	the	DET
fbem-31716	47	34	pre	pre	ADJ
fbem-31716	47	35	-	-	ADJ
fbem-31716	47	36	pandemic	pandemic	ADJ
fbem-31716	47	37	period	period	NOUN
fbem-31716	47	38	(	(	PUNCT
fbem-31716	47	39	hoang	hoang	PROPN
fbem-31716	47	40	,	,	PUNCT
fbem-31716	47	41	2021	2021	NUM
fbem-31716	47	42	;	;	PUNCT
fbem-31716	47	43	phanrattinon	phanrattinon	NOUN
fbem-31716	47	44	et	et	PROPN
fbem-31716	47	45	al	al	PROPN
fbem-31716	47	46	.	.	PROPN
fbem-31716	47	47	,	,	PUNCT
fbem-31716	47	48	2020	2020	NUM
fbem-31716	47	49	)	)	PUNCT
fbem-31716	48	1	[	[	X
fbem-31716	48	2	23	23	NUM
fbem-31716	48	3	-	-	SYM
fbem-31716	48	4	24	24	NUM
fbem-31716	48	5	]	]	PUNCT
fbem-31716	48	6	.	.	PUNCT
fbem-31716	49	1	2.3	2.3	NUM
fbem-31716	49	2	.	.	PUNCT
fbem-31716	50	1	investment	investment	NOUN
fbem-31716	50	2	:	:	PUNCT
fbem-31716	50	3	diversification	diversification	NOUN
fbem-31716	50	4	,	,	PUNCT
fbem-31716	50	5	implementation	implementation	NOUN
fbem-31716	50	6	,	,	PUNCT
fbem-31716	50	7	and	and	CCONJ
fbem-31716	50	8	over	over	ADP
fbem-31716	50	9	-	-	PUNCT
fbem-31716	50	10	diversification	diversification	NOUN
fbem-31716	50	11	during	during	ADP
fbem-31716	50	12	times	time	NOUN
fbem-31716	50	13	of	of	ADP
fbem-31716	50	14	peace	peace	NOUN
fbem-31716	50	15	,	,	PUNCT
fbem-31716	50	16	exposure	exposure	NOUN
fbem-31716	50	17	to	to	ADP
fbem-31716	50	18	countries	country	NOUN
fbem-31716	50	19	with	with	ADP
fbem-31716	50	20	relatively	relatively	ADV
fbem-31716	50	21	stronger	strong	ADJ
fbem-31716	50	22	institutions	institution	NOUN
fbem-31716	50	23	and	and	CCONJ
fbem-31716	50	24	more	more	ADV
fbem-31716	50	25	robust	robust	ADJ
fbem-31716	50	26	microstructures	microstructure	NOUN
fbem-31716	50	27	does	do	AUX
fbem-31716	50	28	offer	offer	VERB
fbem-31716	50	29	some	some	DET
fbem-31716	50	30	improvement	improvement	NOUN
fbem-31716	50	31	in	in	ADP
fbem-31716	50	32	riskadjusted	riskadjuste	VERB
fbem-31716	50	33	returns	return	NOUN
fbem-31716	50	34	as	as	SCONJ
fbem-31716	50	35	measured	measure	VERB
fbem-31716	50	36	not	not	PART
fbem-31716	50	37	only	only	ADV
fbem-31716	50	38	by	by	ADP
fbem-31716	50	39	conventional	conventional	ADJ
fbem-31716	50	40	ratios	ratio	NOUN
fbem-31716	50	41	but	but	CCONJ
fbem-31716	50	42	also	also	ADV
fbem-31716	50	43	by	by	ADP
fbem-31716	50	44	simple	simple	ADJ
fbem-31716	50	45	indicators	indicator	NOUN
fbem-31716	50	46	such	such	ADJ
fbem-31716	50	47	as	as	ADP
fbem-31716	50	48	the	the	DET
fbem-31716	50	49	mean	mean	ADJ
fbem-31716	50	50	return	return	NOUN
fbem-31716	50	51	per	per	ADP
fbem-31716	50	52	unit	unit	NOUN
fbem-31716	50	53	of	of	ADP
fbem-31716	50	54	risk	risk	NOUN
fbem-31716	50	55	(	(	PUNCT
fbem-31716	50	56	mrpur).1	mrpur).1	ADV
fbem-31716	50	57	however	however	ADV
fbem-31716	50	58	,	,	PUNCT
fbem-31716	50	59	in	in	ADP
fbem-31716	50	60	recent	recent	ADJ
fbem-31716	50	61	times	time	NOUN
fbem-31716	50	62	the	the	DET
fbem-31716	50	63	closer	close	ADJ
fbem-31716	50	64	comovement	comovement	NOUN
fbem-31716	50	65	with	with	ADP
fbem-31716	50	66	the	the	DET
fbem-31716	50	67	international	international	ADJ
fbem-31716	50	68	factors	factor	NOUN
fbem-31716	50	69	and	and	CCONJ
fbem-31716	50	70	the	the	DET
fbem-31716	50	71	persisting	persist	VERB
fbem-31716	50	72	impact	impact	NOUN
fbem-31716	50	73	of	of	ADP
fbem-31716	50	74	frictions	friction	NOUN
fbem-31716	50	75	have	have	AUX
fbem-31716	50	76	eroded	erode	VERB
fbem-31716	50	77	these	these	DET
fbem-31716	50	78	benefits	benefit	NOUN
fbem-31716	50	79	(	(	PUNCT
fbem-31716	50	80	abidi	abidi	PROPN
fbem-31716	50	81	et	et	PROPN
fbem-31716	50	82	al	al	PROPN
fbem-31716	50	83	.	.	PROPN
fbem-31716	50	84	,	,	PUNCT
fbem-31716	50	85	2016	2016	NUM
fbem-31716	50	86	;	;	PUNCT
fbem-31716	50	87	thomas	thomas	PROPN
fbem-31716	50	88	et	et	PROPN
fbem-31716	50	89	al	al	PROPN
fbem-31716	50	90	.	.	PROPN
fbem-31716	50	91	,	,	PUNCT
fbem-31716	50	92	2018	2018	NUM
fbem-31716	50	93	)	)	PUNCT
fbem-31716	51	1	[	[	X
fbem-31716	51	2	25	25	NUM
fbem-31716	51	3	-	-	SYM
fbem-31716	51	4	26	26	NUM
fbem-31716	51	5	]	]	PUNCT
fbem-31716	51	6	.	.	PUNCT
fbem-31716	52	1	then	then	ADV
fbem-31716	52	2	comes	come	VERB
fbem-31716	52	3	the	the	DET
fbem-31716	52	4	argument	argument	NOUN
fbem-31716	52	5	about	about	ADP
fbem-31716	52	6	over	over	NOUN
fbem-31716	52	7	-	-	PUNCT
fbem-31716	52	8	diversification	diversification	NOUN
fbem-31716	52	9	.	.	PUNCT
fbem-31716	53	1	recent	recent	ADJ
fbem-31716	53	2	research	research	NOUN
fbem-31716	53	3	on	on	ADP
fbem-31716	53	4	country	country	NOUN
fbem-31716	53	5	combinations	combination	NOUN
fbem-31716	53	6	has	have	AUX
fbem-31716	53	7	indicated	indicate	VERB
fbem-31716	53	8	that	that	SCONJ
fbem-31716	53	9	a	a	DET
fbem-31716	53	10	shift	shift	NOUN
fbem-31716	53	11	from	from	ADP
fbem-31716	53	12	a	a	DET
fbem-31716	53	13	selective	selective	ADJ
fbem-31716	53	14	twoor	twoor	NOUN
fbem-31716	53	15	three	three	NUM
fbem-31716	53	16	-	-	PUNCT
fbem-31716	53	17	country	country	NOUN
fbem-31716	53	18	basket	basket	NOUN
fbem-31716	53	19	to	to	ADP
fbem-31716	53	20	a	a	DET
fbem-31716	53	21	broader	broad	ADJ
fbem-31716	53	22	regional	regional	ADJ
fbem-31716	53	23	basket	basket	NOUN
fbem-31716	53	24	does	do	AUX
fbem-31716	53	25	not	not	PART
fbem-31716	53	26	necessarily	necessarily	ADV
fbem-31716	53	27	reduce	reduce	VERB
fbem-31716	53	28	the	the	DET
fbem-31716	53	29	variance	variance	NOUN
fbem-31716	53	30	after	after	ADP
fbem-31716	53	31	costs	cost	NOUN
fbem-31716	53	32	and	and	CCONJ
fbem-31716	53	33	can	can	AUX
fbem-31716	53	34	even	even	ADV
fbem-31716	53	35	lower	lower	VERB
fbem-31716	53	36	the	the	DET
fbem-31716	53	37	average	average	ADJ
fbem-31716	53	38	return	return	NOUN
fbem-31716	53	39	by	by	ADP
fbem-31716	53	40	increasing	increase	VERB
fbem-31716	53	41	turnover	turnover	NOUN
fbem-31716	53	42	and	and	CCONJ
fbem-31716	53	43	exit	exit	NOUN
fbem-31716	53	44	costs	cost	NOUN
fbem-31716	53	45	during	during	ADP
fbem-31716	53	46	crises	crisis	NOUN
fbem-31716	53	47	(	(	PUNCT
fbem-31716	53	48	sukumaran	sukumaran	NOUN
fbem-31716	53	49	et	et	PROPN
fbem-31716	53	50	al	al	PROPN
fbem-31716	53	51	.	.	PROPN
fbem-31716	53	52	,	,	PUNCT
fbem-31716	53	53	2015	2015	NUM
fbem-31716	53	54	;	;	PUNCT
fbem-31716	53	55	naumoski	naumoski	PROPN
fbem-31716	53	56	et	et	PROPN
fbem-31716	53	57	al	al	PROPN
fbem-31716	53	58	.	.	PROPN
fbem-31716	53	59	,	,	PUNCT
fbem-31716	53	60	2017	2017	NUM
fbem-31716	53	61	)	)	PUNCT
fbem-31716	54	1	[	[	X
fbem-31716	54	2	27	27	NUM
fbem-31716	54	3	,	,	PUNCT
fbem-31716	54	4	13	13	NUM
fbem-31716	54	5	]	]	PUNCT
fbem-31716	54	6	.	.	PUNCT
fbem-31716	55	1	by	by	ADP
fbem-31716	55	2	introducing	introduce	VERB
fbem-31716	55	3	a	a	DET
fbem-31716	55	4	marginal	marginal	ADJ
fbem-31716	55	5	asset	asset	NOUN
fbem-31716	55	6	,	,	PUNCT
fbem-31716	55	7	the	the	DET
fbem-31716	55	8	fund	fund	NOUN
fbem-31716	55	9	manager	manager	NOUN
fbem-31716	55	10	can	can	AUX
fbem-31716	55	11	reach	reach	VERB
fbem-31716	55	12	an	an	DET
fbem-31716	55	13	equilibrium	equilibrium	NOUN
fbem-31716	55	14	point	point	NOUN
fbem-31716	55	15	where	where	SCONJ
fbem-31716	55	16	the	the	DET
fbem-31716	55	17	diversification	diversification	NOUN
fbem-31716	55	18	benefit	benefit	NOUN
fbem-31716	55	19	is	be	AUX
fbem-31716	55	20	zero	zero	NUM
fbem-31716	55	21	.	.	PUNCT
fbem-31716	56	1	when	when	SCONJ
fbem-31716	56	2	the	the	DET
fbem-31716	56	3	marginal	marginal	ADJ
fbem-31716	56	4	asset	asset	NOUN
fbem-31716	56	5	has	have	VERB
fbem-31716	56	6	a	a	DET
fbem-31716	56	7	high	high	ADJ
fbem-31716	56	8	degree	degree	NOUN
fbem-31716	56	9	of	of	ADP
fbem-31716	56	10	correlation	correlation	NOUN
fbem-31716	56	11	with	with	ADP
fbem-31716	56	12	the	the	DET
fbem-31716	56	13	existing	exist	VERB
fbem-31716	56	14	portfolio	portfolio	NOUN
fbem-31716	56	15	,	,	PUNCT
fbem-31716	56	16	high	high	ADJ
fbem-31716	56	17	transaction	transaction	NOUN
fbem-31716	56	18	costs	cost	NOUN
fbem-31716	56	19	and	and	CCONJ
fbem-31716	56	20	liquidity	liquidity	NOUN
fbem-31716	56	21	costs	cost	NOUN
fbem-31716	56	22	,	,	PUNCT
fbem-31716	56	23	and	and	CCONJ
fbem-31716	56	24	higher	high	ADJ
fbem-31716	56	25	tail	tail	NOUN
fbem-31716	56	26	risk	risk	NOUN
fbem-31716	56	27	,	,	PUNCT
fbem-31716	56	28	the	the	DET
fbem-31716	56	29	marginal	marginal	ADJ
fbem-31716	56	30	benefits	benefit	NOUN
fbem-31716	56	31	of	of	ADP
fbem-31716	56	32	diversification	diversification	NOUN
fbem-31716	56	33	rapidly	rapidly	ADV
fbem-31716	56	34	diminish	diminish	VERB
fbem-31716	56	35	and	and	CCONJ
fbem-31716	56	36	can	can	AUX
fbem-31716	56	37	even	even	ADV
fbem-31716	56	38	become	become	VERB
fbem-31716	56	39	negative	negative	ADJ
fbem-31716	56	40	after	after	ADP
fbem-31716	56	41	costs	cost	NOUN
fbem-31716	56	42	(	(	PUNCT
fbem-31716	56	43	evans	evans	PROPN
fbem-31716	56	44	and	and	CCONJ
fbem-31716	56	45	van	van	PROPN
fbem-31716	56	46	vuuren	vuuren	PROPN
fbem-31716	56	47	,	,	PUNCT
fbem-31716	56	48	forthcoming	forthcoming	ADJ
fbem-31716	56	49	;	;	PUNCT
fbem-31716	56	50	patari	patari	PROPN
fbem-31716	56	51	et	et	PROPN
fbem-31716	56	52	al	al	PROPN
fbem-31716	56	53	.	.	PROPN
fbem-31716	56	54	,	,	PUNCT
fbem-31716	56	55	forthcoming	forthcoming	ADJ
fbem-31716	56	56	;	;	PUNCT
fbem-31716	56	57	marshall	marshall	PROPN
fbem-31716	56	58	et	et	PROPN
fbem-31716	56	59	al	al	PROPN
fbem-31716	56	60	.	.	PROPN
fbem-31716	56	61	,	,	PUNCT
fbem-31716	56	62	forthcoming	forthcoming	ADJ
fbem-31716	56	63	)	)	PUNCT
fbem-31716	56	64	.	.	PUNCT
fbem-31716	57	1	further	further	ADJ
fbem-31716	57	2	diversification	diversification	NOUN
fbem-31716	57	3	does	do	AUX
fbem-31716	57	4	not	not	PART
fbem-31716	57	5	seem	seem	VERB
fbem-31716	57	6	to	to	PART
fbem-31716	57	7	increase	increase	VERB
fbem-31716	57	8	risk	risk	NOUN
fbem-31716	57	9	as	as	SCONJ
fbem-31716	57	10	correlations	correlation	NOUN
fbem-31716	57	11	rise	rise	VERB
fbem-31716	57	12	and	and	CCONJ
fbem-31716	57	13	trading	trading	NOUN
fbem-31716	57	14	costs	cost	NOUN
fbem-31716	57	15	rise	rise	NOUN
fbem-31716	57	16	(	(	PUNCT
fbem-31716	57	17	pandey	pandey	PROPN
fbem-31716	57	18	,	,	PUNCT
fbem-31716	57	19	2012	2012	NUM
fbem-31716	57	20	;	;	PUNCT
fbem-31716	57	21	guney	guney	NOUN
fbem-31716	57	22	et	et	PROPN
fbem-31716	57	23	al	al	PROPN
fbem-31716	57	24	.	.	PROPN
fbem-31716	57	25	,	,	PUNCT
fbem-31716	57	26	2017	2017	NUM
fbem-31716	57	27	)	)	PUNCT
fbem-31716	58	1	[	[	X
fbem-31716	58	2	14	14	NUM
fbem-31716	58	3	,	,	PUNCT
fbem-31716	58	4	11	11	NUM
fbem-31716	58	5	]	]	PUNCT
fbem-31716	58	6	.	.	PUNCT
fbem-31716	59	1	one	one	NUM
fbem-31716	59	2	approach	approach	NOUN
fbem-31716	59	3	is	be	AUX
fbem-31716	59	4	to	to	PART
fbem-31716	59	5	prefer	prefer	VERB
fbem-31716	59	6	constrained	constrained	ADJ
fbem-31716	59	7	optimization	optimization	NOUN
fbem-31716	59	8	,	,	PUNCT
fbem-31716	59	9	which	which	PRON
fbem-31716	59	10	include	include	VERB
fbem-31716	59	11	turnover	turnover	NOUN
fbem-31716	59	12	,	,	PUNCT
fbem-31716	59	13	spread	spread	NOUN
fbem-31716	59	14	,	,	PUNCT
fbem-31716	59	15	and	and	CCONJ
fbem-31716	59	16	transaction	transaction	NOUN
fbem-31716	59	17	costs	cost	NOUN
fbem-31716	59	18	,	,	PUNCT
fbem-31716	59	19	over	over	ADP
fbem-31716	59	20	unconstrained	unconstrained	ADJ
fbem-31716	59	21	ones	one	NOUN
fbem-31716	59	22	,	,	PUNCT
fbem-31716	59	23	which	which	PRON
fbem-31716	59	24	do	do	VERB
fbem-31716	59	25	not	not	PART
fbem-31716	59	26	.	.	PUNCT
fbem-31716	60	1	this	this	PRON
fbem-31716	60	2	is	be	AUX
fbem-31716	60	3	because	because	SCONJ
fbem-31716	60	4	it	it	PRON
fbem-31716	60	5	takes	take	VERB
fbem-31716	60	6	into	into	ADP
fbem-31716	60	7	account	account	NOUN
fbem-31716	60	8	the	the	DET
fbem-31716	60	9	operational	operational	ADJ
fbem-31716	60	10	constraints	constraint	NOUN
fbem-31716	60	11	of	of	ADP
fbem-31716	60	12	real	real	ADJ
fbem-31716	60	13	portfolios	portfolio	NOUN
fbem-31716	60	14	.	.	PUNCT
fbem-31716	61	1	this	this	PRON
fbem-31716	61	2	is	be	AUX
fbem-31716	61	3	why	why	SCONJ
fbem-31716	61	4	the	the	DET
fbem-31716	61	5	literature	literature	NOUN
fbem-31716	61	6	has	have	AUX
fbem-31716	61	7	shifted	shift	VERB
fbem-31716	61	8	from	from	ADP
fbem-31716	61	9	'	'	PUNCT
fbem-31716	61	10	diversification	diversification	NOUN
fbem-31716	61	11	at	at	ADP
fbem-31716	61	12	all	all	DET
fbem-31716	61	13	costs	cost	NOUN
fbem-31716	61	14	'	'	PUNCT
fbem-31716	61	15	to	to	ADP
fbem-31716	61	16	'	'	PUNCT
fbem-31716	61	17	selective	selective	ADJ
fbem-31716	61	18	diversification	diversification	NOUN
fbem-31716	61	19	'	'	PUNCT
fbem-31716	61	20	and	and	CCONJ
fbem-31716	61	21	'	'	PUNCT
fbem-31716	61	22	dynamic	dynamic	ADJ
fbem-31716	61	23	allocation	allocation	NOUN
fbem-31716	61	24	'	'	PUNCT
fbem-31716	61	25	.	.	PUNCT
fbem-31716	62	1	with	with	ADP
fbem-31716	62	2	this	this	PRON
fbem-31716	62	3	in	in	ADP
fbem-31716	62	4	mind	mind	NOUN
fbem-31716	62	5	and	and	CCONJ
fbem-31716	62	6	consistent	consistent	ADJ
fbem-31716	62	7	with	with	ADP
fbem-31716	62	8	the	the	DET
fbem-31716	62	9	findings	finding	NOUN
fbem-31716	62	10	of	of	ADP
fbem-31716	62	11	this	this	DET
fbem-31716	62	12	dissertation	dissertation	NOUN
fbem-31716	62	13	,	,	PUNCT
fbem-31716	62	14	it	it	PRON
fbem-31716	62	15	is	be	AUX
fbem-31716	62	16	better	well	ADJ
fbem-31716	62	17	to	to	PART
fbem-31716	62	18	adopt	adopt	VERB
fbem-31716	62	19	dynamic	dynamic	ADJ
fbem-31716	62	20	allocations	allocation	NOUN
fbem-31716	62	21	across	across	ADP
fbem-31716	62	22	countries	country	NOUN
fbem-31716	62	23	,	,	PUNCT
fbem-31716	62	24	keep	keep	VERB
fbem-31716	62	25	the	the	DET
fbem-31716	62	26	portfolio	portfolio	NOUN
fbem-31716	62	27	narrow	narrow	ADJ
fbem-31716	62	28	and	and	CCONJ
fbem-31716	62	29	of	of	ADP
fbem-31716	62	30	high	high	ADJ
fbem-31716	62	31	quality	quality	NOUN
fbem-31716	62	32	in	in	ADP
fbem-31716	62	33	high	high	ADJ
fbem-31716	62	34	-	-	PUNCT
fbem-31716	62	35	cost	cost	NOUN
fbem-31716	62	36	settings	setting	NOUN
fbem-31716	62	37	,	,	PUNCT
fbem-31716	62	38	and	and	CCONJ
fbem-31716	62	39	only	only	ADV
fbem-31716	62	40	to	to	PART
fbem-31716	62	41	diversify	diversify	VERB
fbem-31716	62	42	into	into	ADP
fbem-31716	62	43	new	new	ADJ
fbem-31716	62	44	markets	market	NOUN
fbem-31716	62	45	when	when	SCONJ
fbem-31716	62	46	they	they	PRON
fbem-31716	62	47	provide	provide	VERB
fbem-31716	62	48	truly	truly	ADV
fbem-31716	62	49	orthogonal	orthogonal	ADJ
fbem-31716	62	50	outcomes	outcome	NOUN
fbem-31716	62	51	after	after	ADP
fbem-31716	62	52	costs	cost	NOUN
fbem-31716	62	53	(	(	PUNCT
fbem-31716	62	54	abidi	abidi	PROPN
fbem-31716	62	55	et	et	PROPN
fbem-31716	62	56	al	al	PROPN
fbem-31716	62	57	.	.	PROPN
fbem-31716	62	58	,	,	PUNCT
fbem-31716	62	59	2019	2019	NUM
fbem-31716	62	60	;	;	PUNCT
fbem-31716	62	61	world	world	NOUN
fbem-31716	62	62	bank	bank	PROPN
fbem-31716	62	63	,	,	PUNCT
fbem-31716	62	64	2021	2021	NUM
fbem-31716	62	65	)	)	PUNCT
fbem-31716	63	1	[	[	X
fbem-31716	63	2	3	3	NUM
fbem-31716	63	3	,	,	PUNCT
fbem-31716	63	4	20	20	NUM
fbem-31716	63	5	]	]	PUNCT
fbem-31716	63	6	.	.	PUNCT
fbem-31716	64	1	second	second	ADJ
fbem-31716	64	2	,	,	PUNCT
fbem-31716	64	3	tools	tool	NOUN
fbem-31716	64	4	based	base	VERB
fbem-31716	64	5	on	on	ADP
fbem-31716	64	6	time	time	NOUN
fbem-31716	64	7	-	-	PUNCT
fbem-31716	64	8	varying	vary	VERB
fbem-31716	64	9	correlations	correlation	NOUN
fbem-31716	64	10	help	help	VERB
fbem-31716	64	11	to	to	PART
fbem-31716	64	12	avoid	avoid	VERB
fbem-31716	64	13	a	a	DET
fbem-31716	64	14	dependence	dependence	NOUN
fbem-31716	64	15	on	on	ADP
fbem-31716	64	16	static	static	ADJ
fbem-31716	64	17	correlations	correlation	NOUN
fbem-31716	64	18	,	,	PUNCT
fbem-31716	64	19	which	which	PRON
fbem-31716	64	20	can	can	AUX
fbem-31716	64	21	break	break	VERB
fbem-31716	64	22	down	down	ADP
fbem-31716	64	23	in	in	ADP
fbem-31716	64	24	shocks	shock	NOUN
fbem-31716	64	25	(	(	PUNCT
fbem-31716	64	26	hoang	hoang	PROPN
fbem-31716	64	27	,	,	PUNCT
fbem-31716	64	28	2022	2022	NUM
fbem-31716	64	29	;	;	PUNCT
fbem-31716	64	30	phanrattinon	phanrattinon	NOUN
fbem-31716	64	31	,	,	PUNCT
fbem-31716	64	32	2021	2021	NUM
fbem-31716	64	33	)	)	PUNCT
fbem-31716	65	1	[	[	X
fbem-31716	65	2	23	23	NUM
fbem-31716	65	3	-	-	SYM
fbem-31716	65	4	24	24	NUM
fbem-31716	65	5	]	]	PUNCT
fbem-31716	65	6	.	.	PUNCT
fbem-31716	66	1	third	third	ADJ
fbem-31716	66	2	,	,	PUNCT
fbem-31716	66	3	using	use	VERB
fbem-31716	66	4	clustering	clustering	NOUN
fbem-31716	66	5	by	by	ADP
fbem-31716	66	6	common	common	ADJ
fbem-31716	66	7	exposures	exposure	NOUN
fbem-31716	66	8	,	,	PUNCT
fbem-31716	66	9	such	such	ADJ
fbem-31716	66	10	as	as	ADP
fbem-31716	66	11	currency	currency	NOUN
fbem-31716	66	12	,	,	PUNCT
fbem-31716	66	13	commodity	commodity	NOUN
fbem-31716	66	14	,	,	PUNCT
fbem-31716	66	15	or	or	CCONJ
fbem-31716	66	16	governance	governance	NOUN
fbem-31716	66	17	and	and	CCONJ
fbem-31716	66	18	quality	quality	NOUN
fbem-31716	66	19	,	,	PUNCT
fbem-31716	66	20	to	to	PART
fbem-31716	66	21	build	build	VERB
fbem-31716	66	22	a	a	DET
fbem-31716	66	23	portfolio	portfolio	NOUN
fbem-31716	66	24	and	and	CCONJ
fbem-31716	66	25	then	then	ADV
fbem-31716	66	26	diversifying	diversify	VERB
fbem-31716	66	27	across	across	ADP
fbem-31716	66	28	clusters	cluster	NOUN
fbem-31716	66	29	can	can	AUX
fbem-31716	66	30	help	help	VERB
fbem-31716	66	31	to	to	PART
fbem-31716	66	32	reduce	reduce	VERB
fbem-31716	66	33	the	the	DET
fbem-31716	66	34	redundancy	redundancy	NOUN
fbem-31716	66	35	of	of	ADP
fbem-31716	66	36	breadth	breadth	NOUN
fbem-31716	66	37	.	.	PUNCT
fbem-31716	67	1	3	3	X
fbem-31716	67	2	.	.	X
fbem-31716	67	3	quantitative	quantitative	ADJ
fbem-31716	67	4	analytic	analytic	ADJ
fbem-31716	67	5	and	and	CCONJ
fbem-31716	67	6	backtesting	backteste	VERB
fbem-31716	67	7	3.1	3.1	NUM
fbem-31716	67	8	.	.	PUNCT
fbem-31716	68	1	generally	generally	ADV
fbem-31716	68	2	description	description	NOUN
fbem-31716	68	3	for	for	ADP
fbem-31716	68	4	each	each	PRON
fbem-31716	68	5	of	of	ADP
fbem-31716	68	6	the	the	DET
fbem-31716	68	7	african	african	ADJ
fbem-31716	68	8	frontier	frontier	NOUN
fbem-31716	68	9	markets	market	NOUN
fbem-31716	68	10	,	,	PUNCT
fbem-31716	68	11	daily	daily	ADJ
fbem-31716	68	12	closing	closing	NOUN
fbem-31716	68	13	price	price	NOUN
fbem-31716	68	14	indices	index	NOUN
fbem-31716	68	15	for	for	ADP
fbem-31716	68	16	the	the	DET
fbem-31716	68	17	period	period	NOUN
fbem-31716	68	18	2015–2024	2015–2024	NUM
fbem-31716	68	19	were	be	AUX
fbem-31716	68	20	used	use	VERB
fbem-31716	68	21	.	.	PUNCT
fbem-31716	69	1	the	the	DET
fbem-31716	69	2	trading	trading	NOUN
fbem-31716	69	3	calendars	calendar	NOUN
fbem-31716	69	4	for	for	ADP
fbem-31716	69	5	each	each	DET
fbem-31716	69	6	market	market	NOUN
fbem-31716	69	7	were	be	AUX
fbem-31716	69	8	matched	match	VERB
fbem-31716	69	9	to	to	ADP
fbem-31716	69	10	each	each	DET
fbem-31716	69	11	other	other	ADJ
fbem-31716	69	12	,	,	PUNCT
fbem-31716	69	13	nonoverlapping	nonoverlapping	ADJ
fbem-31716	69	14	non	non	ADJ
fbem-31716	69	15	-	-	ADJ
fbem-31716	69	16	trading	trading	ADJ
fbem-31716	69	17	days	day	NOUN
fbem-31716	69	18	were	be	AUX
fbem-31716	69	19	removed	remove	VERB
fbem-31716	69	20	,	,	PUNCT
fbem-31716	69	21	and	and	CCONJ
fbem-31716	69	22	daily	daily	ADJ
fbem-31716	69	23	returns	return	NOUN
fbem-31716	69	24	were	be	AUX
fbem-31716	69	25	calculated	calculate	VERB
fbem-31716	69	26	as	as	ADP
fbem-31716	69	27	the	the	DET
fbem-31716	69	28	percentage	percentage	NOUN
fbem-31716	69	29	change	change	NOUN
fbem-31716	69	30	in	in	ADP
fbem-31716	69	31	the	the	DET
fbem-31716	69	32	natural	natural	ADJ
fbem-31716	69	33	logarithm	logarithm	NOUN
fbem-31716	69	34	of	of	ADP
fbem-31716	69	35	the	the	DET
fbem-31716	69	36	difference	difference	NOUN
fbem-31716	69	37	between	between	ADP
fbem-31716	69	38	the	the	DET
fbem-31716	69	39	closing	close	VERB
fbem-31716	69	40	prices	price	NOUN
fbem-31716	69	41	of	of	ADP
fbem-31716	69	42	the	the	DET
fbem-31716	69	43	previous	previous	ADJ
fbem-31716	69	44	day	day	NOUN
fbem-31716	69	45	and	and	CCONJ
fbem-31716	69	46	the	the	DET
fbem-31716	69	47	closing	closing	NOUN
fbem-31716	69	48	price	price	NOUN
fbem-31716	69	49	of	of	ADP
fbem-31716	69	50	the	the	DET
fbem-31716	69	51	current	current	ADJ
fbem-31716	69	52	day	day	NOUN
fbem-31716	69	53	.	.	PUNCT
fbem-31716	70	1	then	then	ADV
fbem-31716	70	2	the	the	DET
fbem-31716	70	3	daily	daily	ADJ
fbem-31716	70	4	returns	return	NOUN
fbem-31716	70	5	were	be	AUX
fbem-31716	70	6	summed	sum	VERB
fbem-31716	70	7	to	to	PART
fbem-31716	70	8	obtain	obtain	VERB
fbem-31716	70	9	cumulative	cumulative	ADJ
fbem-31716	70	10	returns	return	NOUN
fbem-31716	70	11	normalized	normalize	VERB
fbem-31716	70	12	by	by	ADP
fbem-31716	70	13	the	the	DET
fbem-31716	70	14	january	january	PROPN
fbem-31716	70	15	1	1	NUM
fbem-31716	70	16	,	,	PUNCT
fbem-31716	70	17	2015	2015	NUM
fbem-31716	70	18	,	,	PUNCT
fbem-31716	70	19	return	return	NOUN
fbem-31716	70	20	.	.	PUNCT
fbem-31716	71	1	figure	figure	NOUN
fbem-31716	71	2	1	1	NUM
fbem-31716	71	3	is	be	AUX
fbem-31716	71	4	the	the	DET
fbem-31716	71	5	summary	summary	NOUN
fbem-31716	71	6	figure	figure	NOUN
fbem-31716	71	7	;	;	PUNCT
fbem-31716	71	8	figures	figure	NOUN
fbem-31716	71	9	2–4	2–4	PROPN
fbem-31716	71	10	are	be	AUX
fbem-31716	71	11	the	the	DET
fbem-31716	71	12	micro	micro	NOUN
fbem-31716	71	13	-	-	NOUN
fbem-31716	71	14	components	component	NOUN
fbem-31716	71	15	,	,	PUNCT
fbem-31716	71	16	it	it	PRON
fbem-31716	71	17	illustrated	illustrate	VERB
fbem-31716	71	18	the	the	DET
fbem-31716	71	19	performance	performance	NOUN
fbem-31716	71	20	of	of	ADP
fbem-31716	71	21	four	four	NUM
fbem-31716	71	22	portfolios	portfolio	NOUN
fbem-31716	71	23	over	over	ADP
fbem-31716	71	24	the	the	DET
fbem-31716	71	25	two	two	NUM
fbem-31716	71	26	periods	period	NOUN
fbem-31716	71	27	.	.	PUNCT
fbem-31716	72	1	portfolio	portfolio	NOUN
fbem-31716	72	2	1	1	NUM
fbem-31716	72	3	invested	invest	VERB
fbem-31716	72	4	in	in	ADP
fbem-31716	72	5	mor	mor	PROPN
fbem-31716	72	6	,	,	PUNCT
fbem-31716	72	7	nam	nam	PROPN
fbem-31716	72	8	,	,	PUNCT
fbem-31716	72	9	and	and	CCONJ
fbem-31716	72	10	ken	ken	NOUN
fbem-31716	72	11	during	during	ADP
fbem-31716	72	12	period	period	NOUN
fbem-31716	72	13	1	1	NUM
fbem-31716	72	14	;	;	PUNCT
fbem-31716	72	15	portfolio	portfolio	NOUN
fbem-31716	72	16	2	2	NUM
fbem-31716	72	17	invested	invest	VERB
fbem-31716	72	18	in	in	ADP
fbem-31716	72	19	mor	mor	PROPN
fbem-31716	72	20	,	,	PUNCT
fbem-31716	72	21	nam	nam	PROPN
fbem-31716	72	22	,	,	PUNCT
fbem-31716	72	23	and	and	CCONJ
fbem-31716	72	24	ken	ken	NOUN
fbem-31716	72	25	during	during	ADP
fbem-31716	72	26	period	period	NOUN
fbem-31716	72	27	1	1	NUM
fbem-31716	72	28	;	;	PUNCT
fbem-31716	72	29	and	and	CCONJ
fbem-31716	72	30	portfolio	portfolio	NOUN
fbem-31716	72	31	3	3	NUM
fbem-31716	72	32	invested	invest	VERB
fbem-31716	72	33	in	in	ADP
fbem-31716	72	34	mor	mor	PROPN
fbem-31716	72	35	and	and	CCONJ
fbem-31716	72	36	nam	nam	NOUN
fbem-31716	72	37	during	during	ADP
fbem-31716	72	38	period	period	NOUN
fbem-31716	72	39	1	1	NUM
fbem-31716	72	40	and	and	CCONJ
fbem-31716	72	41	switched	switch	VERB
fbem-31716	72	42	to	to	PART
fbem-31716	72	43	cen	cen	VERB
fbem-31716	72	44	in	in	ADP
fbem-31716	72	45	period	period	NOUN
fbem-31716	72	46	2	2	NUM
fbem-31716	72	47	.	.	PUNCT
fbem-31716	73	1	portfolio	portfolio	NOUN
fbem-31716	73	2	4	4	NUM
fbem-31716	73	3	is	be	AUX
fbem-31716	73	4	the	the	DET
fbem-31716	73	5	overall	overall	ADJ
fbem-31716	73	6	return	return	NOUN
fbem-31716	73	7	compared	compare	VERB
fbem-31716	73	8	with	with	ADP
fbem-31716	73	9	us	us	PROPN
fbem-31716	73	10	market	market	NOUN
fbem-31716	73	11	.	.	PUNCT
fbem-31716	74	1	134	134	NUM
fbem-31716	74	2	figure	figure	NOUN
fbem-31716	74	3	1	1	NUM
fbem-31716	74	4	.	.	PUNCT
fbem-31716	75	1	portfolios	portfolio	NOUN
fbem-31716	75	2	performance	performance	NOUN
fbem-31716	75	3	in	in	ADP
fbem-31716	75	4	whole	whole	ADJ
fbem-31716	75	5	period	period	NOUN
fbem-31716	75	6	summary	summary	NOUN
fbem-31716	75	7	source	source	NOUN
fbem-31716	75	8	:	:	PUNCT
fbem-31716	75	9	author	author	NOUN
fbem-31716	75	10	’s	’s	PART
fbem-31716	75	11	work	work	NOUN
fbem-31716	75	12	.	.	PUNCT
fbem-31716	76	1	figure	figure	NOUN
fbem-31716	76	2	2	2	NUM
fbem-31716	76	3	.	.	NUM
fbem-31716	76	4	changed	change	VERB
fbem-31716	76	5	portfolio	portfolio	NOUN
fbem-31716	76	6	1	1	NUM
fbem-31716	76	7	performance	performance	NOUN
fbem-31716	76	8	vs	vs	ADP
fbem-31716	76	9	us	us	PROPN
fbem-31716	76	10	market	market	NOUN
fbem-31716	76	11	source	source	NOUN
fbem-31716	76	12	:	:	PUNCT
fbem-31716	76	13	author	author	NOUN
fbem-31716	76	14	’s	’s	PART
fbem-31716	76	15	work	work	NOUN
fbem-31716	76	16	.	.	PUNCT
fbem-31716	77	1	figure	figure	VERB
fbem-31716	77	2	3	3	NUM
fbem-31716	77	3	.	.	PUNCT
fbem-31716	77	4	changed	change	VERB
fbem-31716	77	5	portfolio	portfolio	NOUN
fbem-31716	77	6	2	2	NUM
fbem-31716	77	7	performance	performance	NOUN
fbem-31716	77	8	vs	vs	ADP
fbem-31716	77	9	us	us	PROPN
fbem-31716	77	10	market	market	NOUN
fbem-31716	77	11	source	source	NOUN
fbem-31716	77	12	:	:	PUNCT
fbem-31716	77	13	author	author	NOUN
fbem-31716	77	14	’s	’s	PART
fbem-31716	77	15	work	work	NOUN
fbem-31716	77	16	.	.	PUNCT
fbem-31716	78	1	135	135	NUM
fbem-31716	78	2	figure	figure	NOUN
fbem-31716	78	3	4	4	NUM
fbem-31716	78	4	.	.	PUNCT
fbem-31716	78	5	non	non	ADJ
fbem-31716	78	6	-	-	ADJ
fbem-31716	78	7	changed	changed	ADJ
fbem-31716	78	8	portfolio	portfolio	NOUN
fbem-31716	78	9	3	3	NUM
fbem-31716	78	10	performance	performance	NOUN
fbem-31716	78	11	vs	vs	ADP
fbem-31716	78	12	us	us	PROPN
fbem-31716	78	13	market	market	NOUN
fbem-31716	78	14	source	source	NOUN
fbem-31716	78	15	:	:	PUNCT
fbem-31716	78	16	author	author	NOUN
fbem-31716	78	17	’s	’s	PART
fbem-31716	78	18	work	work	NOUN
fbem-31716	78	19	.	.	PUNCT
fbem-31716	79	1	all	all	DET
fbem-31716	79	2	portfolios	portfolio	NOUN
fbem-31716	79	3	are	be	AUX
fbem-31716	79	4	constructed	construct	VERB
fbem-31716	79	5	under	under	ADP
fbem-31716	79	6	the	the	DET
fbem-31716	79	7	long	long	ADV
fbem-31716	79	8	-	-	PUNCT
fbem-31716	79	9	only	only	ADV
fbem-31716	79	10	constraint	constraint	NOUN
fbem-31716	79	11	,	,	PUNCT
fbem-31716	79	12	which	which	PRON
fbem-31716	79	13	means	mean	VERB
fbem-31716	79	14	that	that	SCONJ
fbem-31716	79	15	the	the	DET
fbem-31716	79	16	weights	weight	NOUN
fbem-31716	79	17	must	must	AUX
fbem-31716	79	18	add	add	VERB
fbem-31716	79	19	up	up	ADP
fbem-31716	79	20	to	to	ADP
fbem-31716	79	21	one	one	NUM
fbem-31716	79	22	,	,	PUNCT
fbem-31716	79	23	and	and	CCONJ
fbem-31716	79	24	no	no	DET
fbem-31716	79	25	leverage	leverage	NOUN
fbem-31716	79	26	or	or	CCONJ
fbem-31716	79	27	shorting	shorting	NOUN
fbem-31716	79	28	is	be	AUX
fbem-31716	79	29	allowed	allow	VERB
fbem-31716	79	30	.	.	PUNCT
fbem-31716	80	1	for	for	ADP
fbem-31716	80	2	the	the	DET
fbem-31716	80	3	changedperiod	changedperiod	ADJ
fbem-31716	80	4	strategies	strategy	NOUN
fbem-31716	80	5	,	,	PUNCT
fbem-31716	80	6	we	we	PRON
fbem-31716	80	7	take	take	VERB
fbem-31716	80	8	the	the	DET
fbem-31716	80	9	allocations	allocation	NOUN
fbem-31716	80	10	for	for	ADP
fbem-31716	80	11	period	period	NOUN
fbem-31716	80	12	1	1	NUM
fbem-31716	80	13	from	from	ADP
fbem-31716	80	14	the	the	DET
fbem-31716	80	15	optimiser	optimiser	NOUN
fbem-31716	80	16	in	in	ADP
fbem-31716	80	17	figure	figure	NOUN
fbem-31716	80	18	2	2	NUM
fbem-31716	80	19	,	,	PUNCT
fbem-31716	80	20	and	and	CCONJ
fbem-31716	80	21	at	at	ADP
fbem-31716	80	22	the	the	DET
fbem-31716	80	23	beginning	beginning	NOUN
fbem-31716	80	24	of	of	ADP
fbem-31716	80	25	the	the	DET
fbem-31716	80	26	year	year	NOUN
fbem-31716	80	27	2020	2020	NUM
fbem-31716	80	28	,	,	PUNCT
fbem-31716	80	29	the	the	DET
fbem-31716	80	30	portfolios	portfolio	NOUN
fbem-31716	80	31	are	be	AUX
fbem-31716	80	32	fully	fully	ADV
fbem-31716	80	33	converted	convert	VERB
fbem-31716	80	34	into	into	ADP
fbem-31716	80	35	cen	cen	NOUN
fbem-31716	80	36	.	.	PUNCT
fbem-31716	81	1	role	role	NOUN
fbem-31716	81	2	of	of	ADP
fbem-31716	81	3	figures	figure	NOUN
fbem-31716	81	4	2–4	2–4	NUM
fbem-31716	81	5	:	:	PUNCT
fbem-31716	81	6	the	the	DET
fbem-31716	81	7	rankings	ranking	NOUN
fbem-31716	81	8	for	for	ADP
fbem-31716	81	9	the	the	DET
fbem-31716	81	10	period	period	NOUN
fbem-31716	81	11	1	1	NUM
fbem-31716	81	12	optimizer	optimizer	NOUN
fbem-31716	81	13	and	and	CCONJ
fbem-31716	81	14	the	the	DET
fbem-31716	81	15	mrpur	mrpur	NOUN
fbem-31716	81	16	criterion	criterion	NOUN
fbem-31716	81	17	for	for	ADP
fbem-31716	81	18	the	the	DET
fbem-31716	81	19	market	market	NOUN
fbem-31716	81	20	baskets	basket	NOUN
fbem-31716	81	21	are	be	AUX
fbem-31716	81	22	shown	show	VERB
fbem-31716	81	23	in	in	ADP
fbem-31716	81	24	figure	figure	NOUN
fbem-31716	81	25	2	2	NUM
fbem-31716	81	26	.	.	PUNCT
fbem-31716	81	27	figure	figure	NOUN
fbem-31716	81	28	3	3	NUM
fbem-31716	81	29	compares	compare	VERB
fbem-31716	81	30	the	the	DET
fbem-31716	81	31	realized	realize	VERB
fbem-31716	81	32	performance	performance	NOUN
fbem-31716	81	33	of	of	ADP
fbem-31716	81	34	the	the	DET
fbem-31716	81	35	baskets	basket	NOUN
fbem-31716	81	36	chosen	choose	VERB
fbem-31716	81	37	in	in	ADP
fbem-31716	81	38	figure	figure	NOUN
fbem-31716	81	39	2	2	NUM
fbem-31716	81	40	with	with	ADP
fbem-31716	81	41	the	the	DET
fbem-31716	81	42	averages	average	NOUN
fbem-31716	81	43	of	of	ADP
fbem-31716	81	44	the	the	DET
fbem-31716	81	45	four	four	NUM
fbem-31716	81	46	other	other	ADJ
fbem-31716	81	47	baskets	basket	NOUN
fbem-31716	81	48	.	.	PUNCT
fbem-31716	82	1	period	period	PROPN
fbem-31716	82	2	ii	ii	PROPN
fbem-31716	82	3	,	,	PUNCT
fbem-31716	82	4	a	a	DET
fbem-31716	82	5	portfolio	portfolio	NOUN
fbem-31716	82	6	change	change	NOUN
fbem-31716	82	7	,	,	PUNCT
fbem-31716	82	8	and	and	CCONJ
fbem-31716	82	9	the	the	DET
fbem-31716	82	10	period	period	NOUN
fbem-31716	82	11	switch	switch	NOUN
fbem-31716	82	12	are	be	AUX
fbem-31716	82	13	tested	test	VERB
fbem-31716	82	14	in	in	ADP
fbem-31716	82	15	figure	figure	NOUN
fbem-31716	82	16	4	4	NUM
fbem-31716	82	17	.	.	PUNCT
fbem-31716	82	18	figure	figure	VERB
fbem-31716	82	19	1	1	NUM
fbem-31716	82	20	aggregates	aggregate	VERB
fbem-31716	82	21	the	the	DET
fbem-31716	82	22	results	result	NOUN
fbem-31716	82	23	of	of	ADP
fbem-31716	82	24	figures	figure	NOUN
fbem-31716	82	25	2–4	2–4	PROPN
fbem-31716	82	26	to	to	PART
fbem-31716	82	27	show	show	VERB
fbem-31716	82	28	the	the	DET
fbem-31716	82	29	results	result	NOUN
fbem-31716	82	30	for	for	ADP
fbem-31716	82	31	the	the	DET
fbem-31716	82	32	entire	entire	ADJ
fbem-31716	82	33	sample	sample	NOUN
fbem-31716	82	34	in	in	ADP
fbem-31716	82	35	one	one	NUM
fbem-31716	82	36	figure	figure	NOUN
fbem-31716	82	37	.	.	PUNCT
fbem-31716	83	1	interpretive	interpretive	ADJ
fbem-31716	83	2	frame	frame	NOUN
fbem-31716	83	3	:	:	PUNCT
fbem-31716	83	4	this	this	PRON
fbem-31716	83	5	explains	explain	VERB
fbem-31716	83	6	why	why	SCONJ
fbem-31716	83	7	any	any	DET
fbem-31716	83	8	additional	additional	ADJ
fbem-31716	83	9	market	market	NOUN
fbem-31716	83	10	which	which	PRON
fbem-31716	83	11	increases	increase	VERB
fbem-31716	83	12	volatility	volatility	NOUN
fbem-31716	83	13	more	more	ADJ
fbem-31716	83	14	than	than	SCONJ
fbem-31716	83	15	it	it	PRON
fbem-31716	83	16	increases	increase	VERB
fbem-31716	83	17	the	the	DET
fbem-31716	83	18	mean	mean	NOUN
fbem-31716	83	19	will	will	AUX
fbem-31716	83	20	reduce	reduce	VERB
fbem-31716	83	21	this	this	DET
fbem-31716	83	22	ratio	ratio	NOUN
fbem-31716	83	23	and	and	CCONJ
fbem-31716	83	24	weaken	weaken	VERB
fbem-31716	83	25	the	the	DET
fbem-31716	83	26	compounding	compounding	NOUN
fbem-31716	83	27	of	of	ADP
fbem-31716	83	28	the	the	DET
fbem-31716	83	29	results	result	NOUN
fbem-31716	83	30	.	.	PUNCT
fbem-31716	84	1	the	the	DET
fbem-31716	84	2	average	average	ADJ
fbem-31716	84	3	return	return	NOUN
fbem-31716	84	4	per	per	ADP
fbem-31716	84	5	unit	unit	NOUN
fbem-31716	84	6	of	of	ADP
fbem-31716	84	7	risk	risk	NOUN
fbem-31716	84	8	(	(	PUNCT
fbem-31716	84	9	mrpur	mrpur	NOUN
fbem-31716	84	10	)	)	PUNCT
fbem-31716	84	11	is	be	AUX
fbem-31716	84	12	the	the	DET
fbem-31716	84	13	ratio	ratio	NOUN
fbem-31716	84	14	of	of	ADP
fbem-31716	84	15	the	the	DET
fbem-31716	84	16	average	average	ADJ
fbem-31716	84	17	return	return	NOUN
fbem-31716	84	18	to	to	ADP
fbem-31716	84	19	the	the	DET
fbem-31716	84	20	volatility	volatility	NOUN
fbem-31716	84	21	.	.	PUNCT
fbem-31716	85	1	the	the	DET
fbem-31716	85	2	main	main	ADJ
fbem-31716	85	3	source	source	NOUN
fbem-31716	85	4	of	of	ADP
fbem-31716	85	5	the	the	DET
fbem-31716	85	6	gap	gap	NOUN
fbem-31716	85	7	between	between	ADP
fbem-31716	85	8	theoretically	theoretically	ADV
fbem-31716	85	9	optimum	optimum	ADJ
fbem-31716	85	10	performance	performance	NOUN
fbem-31716	85	11	and	and	CCONJ
fbem-31716	85	12	the	the	DET
fbem-31716	85	13	realized	realize	VERB
fbem-31716	85	14	performance	performance	NOUN
fbem-31716	85	15	is	be	AUX
fbem-31716	85	16	the	the	DET
fbem-31716	85	17	market	market	NOUN
fbem-31716	85	18	friction	friction	NOUN
fbem-31716	85	19	and	and	CCONJ
fbem-31716	85	20	the	the	DET
fbem-31716	85	21	varying	vary	VERB
fbem-31716	85	22	correlation	correlation	NOUN
fbem-31716	85	23	of	of	ADP
fbem-31716	85	24	prices	price	NOUN
fbem-31716	85	25	.	.	PUNCT
fbem-31716	86	1	in	in	ADP
fbem-31716	86	2	general	general	ADJ
fbem-31716	86	3	,	,	PUNCT
fbem-31716	86	4	the	the	DET
fbem-31716	86	5	minitab	minitab	PROPN
fbem-31716	86	6	theoretical	theoretical	ADJ
fbem-31716	86	7	optimization	optimization	NOUN
fbem-31716	86	8	in	in	ADP
fbem-31716	86	9	figure	figure	NOUN
fbem-31716	86	10	1	1	NUM
fbem-31716	86	11	identified	identify	VERB
fbem-31716	86	12	mor	mor	PROPN
fbem-31716	86	13	+	+	CCONJ
fbem-31716	86	14	nam	nam	PROPN
fbem-31716	86	15	+	+	CCONJ
fbem-31716	86	16	ken	ken	PROPN
fbem-31716	86	17	(	(	PUNCT
fbem-31716	86	18	portfolio	portfolio	NOUN
fbem-31716	86	19	1	1	NUM
fbem-31716	86	20	)	)	PUNCT
fbem-31716	86	21	as	as	ADP
fbem-31716	86	22	the	the	DET
fbem-31716	86	23	optimal	optimal	ADJ
fbem-31716	86	24	portfolio	portfolio	NOUN
fbem-31716	86	25	for	for	ADP
fbem-31716	86	26	period	period	NOUN
fbem-31716	86	27	1	1	NUM
fbem-31716	86	28	(	(	PUNCT
fbem-31716	86	29	2015–2019	2015–2019	NUM
fbem-31716	86	30	)	)	PUNCT
fbem-31716	86	31	,	,	PUNCT
fbem-31716	86	32	which	which	PRON
fbem-31716	86	33	achieved	achieve	VERB
fbem-31716	86	34	the	the	DET
fbem-31716	86	35	highest	high	ADJ
fbem-31716	86	36	mrpur	mrpur	NOUN
fbem-31716	86	37	of	of	ADP
fbem-31716	86	38	0.02652	0.02652	NUM
fbem-31716	86	39	.	.	PUNCT
fbem-31716	87	1	however	however	ADV
fbem-31716	87	2	,	,	PUNCT
fbem-31716	87	3	the	the	DET
fbem-31716	87	4	statistical	statistical	ADJ
fbem-31716	87	5	backtest	backt	ADJ
fbem-31716	87	6	results	result	NOUN
fbem-31716	87	7	in	in	ADP
fbem-31716	87	8	figure	figure	NOUN
fbem-31716	87	9	5	5	NUM
fbem-31716	87	10	reveals	reveal	VERB
fbem-31716	87	11	that	that	SCONJ
fbem-31716	87	12	mor	mor	PROPN
fbem-31716	87	13	+	+	CCONJ
fbem-31716	87	14	nam	nam	PROPN
fbem-31716	87	15	(	(	PUNCT
fbem-31716	87	16	portfolio	portfolio	NOUN
fbem-31716	87	17	2	2	NUM
fbem-31716	87	18	)	)	PUNCT
fbem-31716	87	19	yielded	yield	VERB
fbem-31716	87	20	the	the	DET
fbem-31716	87	21	best	well	ADV
fbem-31716	87	22	realized	realize	VERB
fbem-31716	87	23	return	return	NOUN
fbem-31716	87	24	,	,	PUNCT
fbem-31716	87	25	so	so	CCONJ
fbem-31716	87	26	the	the	DET
fbem-31716	87	27	question	question	NOUN
fbem-31716	87	28	should	should	AUX
fbem-31716	87	29	be	be	AUX
fbem-31716	87	30	provided	provide	VERB
fbem-31716	87	31	by	by	ADP
fbem-31716	87	32	the	the	DET
fbem-31716	87	33	bias	bias	NOUN
fbem-31716	87	34	between	between	ADP
fbem-31716	87	35	the	the	DET
fbem-31716	87	36	back	back	NOUN
fbem-31716	87	37	-	-	PUNCT
fbem-31716	87	38	test	test	NOUN
fbem-31716	87	39	and	and	CCONJ
fbem-31716	87	40	theoretical	theoretical	ADJ
fbem-31716	87	41	findings	finding	NOUN
fbem-31716	87	42	in	in	ADP
fbem-31716	87	43	terms	term	NOUN
fbem-31716	87	44	of	of	ADP
fbem-31716	87	45	kenya	kenya	PROPN
fbem-31716	87	46	(	(	PUNCT
fbem-31716	87	47	ken	ken	PROPN
fbem-31716	87	48	)	)	PUNCT
fbem-31716	87	49	.	.	PUNCT
fbem-31716	88	1	3.1.1	3.1.1	X
fbem-31716	88	2	.	.	PUNCT
fbem-31716	88	3	risk	risk	NOUN
fbem-31716	88	4	-	-	PUNCT
fbem-31716	88	5	adjusted	adjust	VERB
fbem-31716	88	6	return	return	NOUN
fbem-31716	88	7	efficiency	efficiency	NOUN
fbem-31716	88	8	(	(	PUNCT
fbem-31716	88	9	figure	figure	NOUN
fbem-31716	88	10	5	5	NUM
fbem-31716	88	11	and	and	CCONJ
fbem-31716	88	12	figure	figure	VERB
fbem-31716	88	13	6	6	NUM
fbem-31716	88	14	in	in	ADP
fbem-31716	88	15	period	period	NOUN
fbem-31716	88	16	1	1	NUM
fbem-31716	88	17	)	)	PUNCT
fbem-31716	88	18	figure	figure	NOUN
fbem-31716	88	19	5	5	NUM
fbem-31716	88	20	tracks	track	VERB
fbem-31716	88	21	the	the	DET
fbem-31716	88	22	cumulative	cumulative	ADJ
fbem-31716	88	23	return	return	NOUN
fbem-31716	88	24	performance	performance	NOUN
fbem-31716	88	25	in	in	ADP
fbem-31716	88	26	period	period	NOUN
fbem-31716	88	27	1	1	NUM
fbem-31716	88	28	;	;	PUNCT
fbem-31716	88	29	it	it	PRON
fbem-31716	88	30	shows	show	VERB
fbem-31716	88	31	that	that	SCONJ
fbem-31716	88	32	mor	mor	PROPN
fbem-31716	88	33	+	+	CCONJ
fbem-31716	88	34	nam	nam	PROPN
fbem-31716	88	35	outperformed	outperform	VERB
fbem-31716	88	36	mor	mor	PROPN
fbem-31716	89	1	+	+	CCONJ
fbem-31716	89	2	nam	nam	PROPN
fbem-31716	89	3	+	+	CCONJ
fbem-31716	89	4	ken	ken	PROPN
fbem-31716	89	5	by	by	ADP
fbem-31716	89	6	2019	2019	NUM
fbem-31716	89	7	,	,	PUNCT
fbem-31716	89	8	achieving	achieve	VERB
fbem-31716	89	9	a	a	DET
fbem-31716	89	10	cumulative	cumulative	ADJ
fbem-31716	89	11	return	return	NOUN
fbem-31716	89	12	of	of	ADP
fbem-31716	89	13	24.5	24.5	NUM
fbem-31716	89	14	per	per	ADP
fbem-31716	89	15	cent	cent	NOUN
fbem-31716	89	16	compared	compare	VERB
fbem-31716	89	17	to	to	ADP
fbem-31716	89	18	21.3	21.3	NUM
fbem-31716	89	19	per	per	ADP
fbem-31716	89	20	cent	cent	NOUN
fbem-31716	89	21	for	for	ADP
fbem-31716	89	22	mor	mor	PROPN
fbem-31716	89	23	+	+	CCONJ
fbem-31716	89	24	nam	nam	PROPN
fbem-31716	89	25	+	+	CCONJ
fbem-31716	89	26	ken	ken	PROPN
fbem-31716	89	27	.	.	PUNCT
fbem-31716	90	1	this	this	DET
fbem-31716	90	2	finding	finding	NOUN
fbem-31716	90	3	indicates	indicate	VERB
fbem-31716	90	4	that	that	SCONJ
fbem-31716	90	5	,	,	PUNCT
fbem-31716	90	6	although	although	SCONJ
fbem-31716	90	7	ken	ken	PROPN
fbem-31716	90	8	contributed	contribute	VERB
fbem-31716	90	9	marginally	marginally	ADV
fbem-31716	90	10	to	to	ADP
fbem-31716	90	11	the	the	DET
fbem-31716	90	12	theoretical	theoretical	ADJ
fbem-31716	90	13	optimal	optimal	ADJ
fbem-31716	90	14	portfolio	portfolio	NOUN
fbem-31716	90	15	,	,	PUNCT
fbem-31716	90	16	it	it	PRON
fbem-31716	90	17	failed	fail	VERB
fbem-31716	90	18	to	to	PART
fbem-31716	90	19	enhance	enhance	AUX
fbem-31716	90	20	realized	realize	VERB
fbem-31716	90	21	return	return	NOUN
fbem-31716	90	22	efficiency	efficiency	NOUN
fbem-31716	90	23	and	and	CCONJ
fbem-31716	90	24	instead	instead	ADV
fbem-31716	90	25	introduced	introduce	VERB
fbem-31716	90	26	higher	high	ADJ
fbem-31716	90	27	performance	performance	NOUN
fbem-31716	90	28	volatility	volatility	NOUN
fbem-31716	90	29	.	.	PUNCT
fbem-31716	91	1	figure	figure	NOUN
fbem-31716	91	2	5	5	NUM
fbem-31716	91	3	.	.	PUNCT
fbem-31716	91	4	max	max	PROPN
fbem-31716	91	5	drawdown	drawdown	PROPN
fbem-31716	91	6	source	source	NOUN
fbem-31716	91	7	:	:	PUNCT
fbem-31716	91	8	author	author	NOUN
fbem-31716	91	9	’s	’s	PART
fbem-31716	91	10	work	work	NOUN
fbem-31716	91	11	.	.	PUNCT
fbem-31716	92	1	3.1.2	3.1.2	X
fbem-31716	92	2	.	.	PUNCT
fbem-31716	92	3	volatility	volatility	NOUN
fbem-31716	92	4	impact	impact	NOUN
fbem-31716	92	5	(	(	PUNCT
fbem-31716	92	6	figure	figure	NOUN
fbem-31716	92	7	6	6	NUM
fbem-31716	92	8	and	and	CCONJ
fbem-31716	92	9	figure	figure	VERB
fbem-31716	92	10	7	7	NUM
fbem-31716	92	11	in	in	ADP
fbem-31716	92	12	period	period	NOUN
fbem-31716	92	13	1	1	NUM
fbem-31716	92	14	)	)	PUNCT
fbem-31716	92	15	the	the	DET
fbem-31716	92	16	assumption	assumption	NOUN
fbem-31716	92	17	that	that	SCONJ
fbem-31716	92	18	diversified	diversified	ADJ
fbem-31716	92	19	risk	risk	NOUN
fbem-31716	92	20	(	(	PUNCT
fbem-31716	92	21	adding	add	VERB
fbem-31716	92	22	kenya	kenya	PROPN
fbem-31716	92	23	(	(	PUNCT
fbem-31716	92	24	ken	ken	PROPN
fbem-31716	92	25	)	)	PUNCT
fbem-31716	92	26	)	)	PUNCT
fbem-31716	92	27	to	to	PART
fbem-31716	92	28	reduce	reduce	VERB
fbem-31716	92	29	volatility	volatility	NOUN
fbem-31716	92	30	was	be	AUX
fbem-31716	92	31	not	not	PART
fbem-31716	92	32	supported	support	VERB
fbem-31716	92	33	by	by	ADP
fbem-31716	92	34	empirical	empirical	ADJ
fbem-31716	92	35	evidence	evidence	NOUN
fbem-31716	92	36	.	.	PUNCT
fbem-31716	93	1	figure	figure	VERB
fbem-31716	93	2	6	6	NUM
fbem-31716	93	3	presents	present	VERB
fbem-31716	93	4	the	the	DET
fbem-31716	93	5	period	period	NOUN
fbem-31716	93	6	1	1	NUM
fbem-31716	93	7	performance	performance	NOUN
fbem-31716	93	8	data	datum	NOUN
fbem-31716	93	9	,	,	PUNCT
fbem-31716	93	10	reflecting	reflect	VERB
fbem-31716	93	11	that	that	SCONJ
fbem-31716	93	12	the	the	DET
fbem-31716	93	13	volatility	volatility	NOUN
fbem-31716	93	14	of	of	ADP
fbem-31716	93	15	mor	mor	PROPN
fbem-31716	93	16	+	+	CCONJ
fbem-31716	93	17	nam	nam	PROPN
fbem-31716	93	18	+	+	CCONJ
fbem-31716	93	19	ken	ken	PROPN
fbem-31716	93	20	(	(	PUNCT
fbem-31716	93	21	0.10432	0.10432	NUM
fbem-31716	93	22	)	)	PUNCT
fbem-31716	93	23	was	be	AUX
fbem-31716	93	24	slightly	slightly	ADV
fbem-31716	93	25	lower	low	ADJ
fbem-31716	93	26	than	than	ADP
fbem-31716	93	27	mor	mor	PROPN
fbem-31716	94	1	+	+	CCONJ
fbem-31716	94	2	nam	nam	NOUN
fbem-31716	94	3	(	(	PUNCT
fbem-31716	94	4	0.10831	0.10831	NUM
fbem-31716	94	5	)	)	PUNCT
fbem-31716	94	6	.	.	PUNCT
fbem-31716	95	1	this	this	DET
fbem-31716	95	2	result	result	NOUN
fbem-31716	95	3	contradicts	contradict	VERB
fbem-31716	95	4	the	the	DET
fbem-31716	95	5	expectations	expectation	NOUN
fbem-31716	95	6	that	that	SCONJ
fbem-31716	95	7	diversification	diversification	NOUN
fbem-31716	95	8	should	should	AUX
fbem-31716	95	9	have	have	AUX
fbem-31716	95	10	led	lead	VERB
fbem-31716	95	11	to	to	ADP
fbem-31716	95	12	a	a	DET
fbem-31716	95	13	substantial	substantial	ADJ
fbem-31716	95	14	volatility	volatility	NOUN
fbem-31716	95	15	reduction	reduction	NOUN
fbem-31716	95	16	.	.	PUNCT
fbem-31716	96	1	additionally	additionally	ADV
fbem-31716	96	2	,	,	PUNCT
fbem-31716	96	3	standard	standard	ADJ
fbem-31716	96	4	deviation	deviation	NOUN
fbem-31716	96	5	data	datum	NOUN
fbem-31716	96	6	in	in	ADP
fbem-31716	96	7	figure	figure	NOUN
fbem-31716	96	8	7	7	NUM
fbem-31716	96	9	confirms	confirm	VERB
fbem-31716	96	10	that	that	SCONJ
fbem-31716	96	11	kenya	kenya	PROPN
fbem-31716	96	12	(	(	PUNCT
fbem-31716	96	13	0.01041	0.01041	NUM
fbem-31716	96	14	)	)	PUNCT
fbem-31716	96	15	had	have	VERB
fbem-31716	96	16	higher	high	ADJ
fbem-31716	96	17	volatility	volatility	NOUN
fbem-31716	96	18	than	than	ADP
fbem-31716	96	19	morocco	morocco	PROPN
fbem-31716	96	20	(	(	PUNCT
fbem-31716	96	21	0.00754	0.00754	NUM
fbem-31716	96	22	)	)	PUNCT
fbem-31716	96	23	and	and	CCONJ
fbem-31716	96	24	namibia	namibia	PROPN
fbem-31716	96	25	(	(	PUNCT
fbem-31716	96	26	0.00682	0.00682	NUM
fbem-31716	96	27	)	)	PUNCT
fbem-31716	96	28	.	.	PUNCT
fbem-31716	97	1	this	this	DET
fbem-31716	97	2	evidence	evidence	NOUN
fbem-31716	97	3	suggests	suggest	VERB
fbem-31716	97	4	that	that	SCONJ
fbem-31716	97	5	kenya	kenya	PROPN
fbem-31716	97	6	’s	’s	PART
fbem-31716	97	7	inclusion	inclusion	NOUN
fbem-31716	97	8	did	do	AUX
fbem-31716	97	9	not	not	PART
fbem-31716	97	10	significantly	significantly	ADV
fbem-31716	97	11	reduce	reduce	VERB
fbem-31716	97	12	overall	overall	ADJ
fbem-31716	97	13	portfolio	portfolio	NOUN
fbem-31716	97	14	risk	risk	NOUN
fbem-31716	97	15	in	in	ADP
fbem-31716	97	16	period	period	NOUN
fbem-31716	97	17	1	1	NUM
fbem-31716	97	18	and	and	CCONJ
fbem-31716	97	19	brought	bring	VERB
fbem-31716	97	20	unnecessary	unnecessary	ADJ
fbem-31716	97	21	exposure	exposure	NOUN
fbem-31716	97	22	to	to	ADP
fbem-31716	97	23	volatility	volatility	NOUN
fbem-31716	97	24	.	.	PUNCT
fbem-31716	98	1	136	136	NUM
fbem-31716	98	2	figure	figure	NOUN
fbem-31716	98	3	6	6	NUM
fbem-31716	98	4	.	.	PUNCT
fbem-31716	98	5	annualized	annualize	VERB
fbem-31716	98	6	return	return	NOUN
fbem-31716	98	7	,	,	PUNCT
fbem-31716	98	8	volatility	volatility	NOUN
fbem-31716	98	9	and	and	CCONJ
fbem-31716	98	10	sharp	sharp	ADJ
fbem-31716	98	11	ratio	ratio	NOUN
fbem-31716	98	12	source	source	NOUN
fbem-31716	98	13	:	:	PUNCT
fbem-31716	98	14	author	author	NOUN
fbem-31716	98	15	’s	’s	PART
fbem-31716	98	16	work	work	NOUN
fbem-31716	98	17	.	.	PUNCT
fbem-31716	99	1	figure	figure	VERB
fbem-31716	99	2	7	7	NUM
fbem-31716	99	3	.	.	PUNCT
fbem-31716	99	4	standard	standard	ADJ
fbem-31716	99	5	deviation	deviation	NOUN
fbem-31716	99	6	in	in	ADP
fbem-31716	99	7	different	different	ADJ
fbem-31716	99	8	period	period	NOUN
fbem-31716	99	9	source	source	NOUN
fbem-31716	99	10	:	:	PUNCT
fbem-31716	99	11	author	author	NOUN
fbem-31716	99	12	’s	’s	PART
fbem-31716	99	13	work	work	NOUN
fbem-31716	99	14	.	.	PUNCT
fbem-31716	100	1	3.2	3.2	NUM
fbem-31716	100	2	.	.	PUNCT
fbem-31716	100	3	reason	reason	NOUN
fbem-31716	100	4	for	for	ADP
fbem-31716	100	5	choosing	choose	VERB
fbem-31716	100	6	mor+nam	mor+nam	NOUN
fbem-31716	100	7	in	in	ADP
fbem-31716	100	8	period	period	NOUN
fbem-31716	100	9	1	1	NUM
fbem-31716	100	10	as	as	ADP
fbem-31716	100	11	the	the	DET
fbem-31716	100	12	optimal	optimal	ADJ
fbem-31716	100	13	portfolio	portfolio	NOUN
fbem-31716	100	14	3.2.1	3.2.1	NUM
fbem-31716	100	15	.	.	PUNCT
fbem-31716	101	1	mor	mor	PROPN
fbem-31716	102	1	+	+	CCONJ
fbem-31716	102	2	nam	nam	PROPN
fbem-31716	102	3	can	can	AUX
fbem-31716	102	4	achieve	achieve	VERB
fbem-31716	102	5	higher	high	ADJ
fbem-31716	102	6	annualized	annualize	VERB
fbem-31716	102	7	returns	return	NOUN
fbem-31716	102	8	in	in	ADP
fbem-31716	102	9	period	period	NOUN
fbem-31716	102	10	1	1	NUM
fbem-31716	102	11	(	(	PUNCT
fbem-31716	102	12	figure	figure	NOUN
fbem-31716	102	13	6	6	NUM
fbem-31716	102	14	)	)	PUNCT
fbem-31716	102	15	according	accord	VERB
fbem-31716	102	16	to	to	PART
fbem-31716	102	17	figure	figure	VERB
fbem-31716	102	18	6	6	NUM
fbem-31716	102	19	,	,	PUNCT
fbem-31716	102	20	the	the	DET
fbem-31716	102	21	annualized	annualize	VERB
fbem-31716	102	22	return	return	NOUN
fbem-31716	102	23	for	for	ADP
fbem-31716	102	24	mor	mor	PROPN
fbem-31716	102	25	+	+	CCONJ
fbem-31716	102	26	nam	nam	NOUN
fbem-31716	102	27	was	be	AUX
fbem-31716	102	28	3.954	3.954	NUM
fbem-31716	102	29	per	per	ADP
fbem-31716	102	30	cent	cent	NOUN
fbem-31716	102	31	,	,	PUNCT
fbem-31716	102	32	while	while	SCONJ
fbem-31716	102	33	mor	mor	PROPN
fbem-31716	102	34	+	+	CCONJ
fbem-31716	102	35	nam	nam	PROPN
fbem-31716	102	36	+	+	CCONJ
fbem-31716	102	37	ken	ken	PROPN
fbem-31716	102	38	achieved	achieve	VERB
fbem-31716	102	39	only	only	ADV
fbem-31716	102	40	3.124	3.124	NUM
fbem-31716	102	41	per	per	ADP
fbem-31716	102	42	cent	cent	NOUN
fbem-31716	102	43	.	.	PUNCT
fbem-31716	103	1	this	this	DET
fbem-31716	103	2	finding	finding	NOUN
fbem-31716	103	3	indicates	indicate	VERB
fbem-31716	103	4	that	that	SCONJ
fbem-31716	103	5	the	the	DET
fbem-31716	103	6	theoretical	theoretical	ADJ
fbem-31716	103	7	assumption	assumption	NOUN
fbem-31716	103	8	that	that	SCONJ
fbem-31716	103	9	ken	ken	PROPN
fbem-31716	103	10	would	would	AUX
fbem-31716	103	11	enhance	enhance	VERB
fbem-31716	103	12	returns	return	NOUN
fbem-31716	103	13	was	be	AUX
fbem-31716	103	14	not	not	PART
fbem-31716	103	15	validated	validate	VERB
fbem-31716	103	16	in	in	ADP
fbem-31716	103	17	actual	actual	ADJ
fbem-31716	103	18	market	market	NOUN
fbem-31716	103	19	conditions	condition	NOUN
fbem-31716	103	20	.	.	PUNCT
fbem-31716	104	1	in	in	ADP
fbem-31716	104	2	contrast	contrast	NOUN
fbem-31716	104	3	,	,	PUNCT
fbem-31716	104	4	mor	mor	PROPN
fbem-31716	104	5	+	+	CCONJ
fbem-31716	104	6	nam	nam	PROPN
fbem-31716	104	7	outperformed	outperform	VERB
fbem-31716	104	8	in	in	ADP
fbem-31716	104	9	terms	term	NOUN
fbem-31716	104	10	of	of	ADP
fbem-31716	104	11	realized	realize	VERB
fbem-31716	104	12	annualized	annualize	VERB
fbem-31716	104	13	returns	return	NOUN
fbem-31716	104	14	,	,	PUNCT
fbem-31716	104	15	suggesting	suggest	VERB
fbem-31716	104	16	that	that	SCONJ
fbem-31716	104	17	this	this	DET
fbem-31716	104	18	portfolio	portfolio	NOUN
fbem-31716	104	19	was	be	AUX
fbem-31716	104	20	more	more	ADV
fbem-31716	104	21	effective	effective	ADJ
fbem-31716	104	22	in	in	ADP
fbem-31716	104	23	obtaining	obtain	VERB
fbem-31716	104	24	long	long	ADJ
fbem-31716	104	25	-	-	PUNCT
fbem-31716	104	26	term	term	NOUN
fbem-31716	104	27	benefits	benefit	NOUN
fbem-31716	104	28	over	over	ADP
fbem-31716	104	29	the	the	DET
fbem-31716	104	30	investment	investment	NOUN
fbem-31716	104	31	period	period	NOUN
fbem-31716	104	32	.	.	PUNCT
fbem-31716	105	1	3.2.2	3.2.2	X
fbem-31716	105	2	.	.	PUNCT
fbem-31716	106	1	mor	mor	PROPN
fbem-31716	107	1	+	+	PUNCT
fbem-31716	107	2	nam	nam	PROPN
fbem-31716	107	3	provided	provide	VERB
fbem-31716	107	4	more	more	ADV
fbem-31716	107	5	stable	stable	ADJ
fbem-31716	107	6	volatility	volatility	NOUN
fbem-31716	107	7	and	and	CCONJ
fbem-31716	107	8	correlation	correlation	NOUN
fbem-31716	107	9	characteristics	characteristic	NOUN
fbem-31716	107	10	(	(	PUNCT
fbem-31716	107	11	figures	figure	NOUN
fbem-31716	107	12	7	7	NUM
fbem-31716	107	13	&	&	CCONJ
fbem-31716	107	14	8)	8)	NUM
fbem-31716	107	15	according	accord	VERB
fbem-31716	107	16	to	to	PART
fbem-31716	107	17	figure	figure	VERB
fbem-31716	107	18	7	7	NUM
fbem-31716	107	19	,	,	PUNCT
fbem-31716	107	20	kenya	kenya	NOUN
fbem-31716	107	21	(	(	PUNCT
fbem-31716	107	22	0.01041	0.01041	NUM
fbem-31716	107	23	)	)	PUNCT
fbem-31716	107	24	exhibited	exhibit	VERB
fbem-31716	107	25	a	a	DET
fbem-31716	107	26	higher	high	ADJ
fbem-31716	107	27	volatility	volatility	NOUN
fbem-31716	107	28	compared	compare	VERB
fbem-31716	107	29	to	to	ADP
fbem-31716	107	30	morocco	morocco	PROPN
fbem-31716	107	31	(	(	PUNCT
fbem-31716	107	32	0.00754	0.00754	NUM
fbem-31716	107	33	)	)	PUNCT
fbem-31716	107	34	and	and	CCONJ
fbem-31716	107	35	namibia	namibia	PROPN
fbem-31716	107	36	(	(	PUNCT
fbem-31716	107	37	0.00682	0.00682	NUM
fbem-31716	107	38	)	)	PUNCT
fbem-31716	107	39	.	.	PUNCT
fbem-31716	108	1	it	it	PRON
fbem-31716	108	2	means	mean	VERB
fbem-31716	108	3	the	the	DET
fbem-31716	108	4	inclusion	inclusion	NOUN
fbem-31716	108	5	of	of	ADP
fbem-31716	108	6	ken	ken	PROPN
fbem-31716	108	7	increased	increase	VERB
fbem-31716	108	8	risk	risk	NOUN
fbem-31716	108	9	.	.	PUNCT
fbem-31716	109	1	furthermore	furthermore	ADV
fbem-31716	109	2	,	,	PUNCT
fbem-31716	109	3	figure	figure	VERB
fbem-31716	109	4	8	8	NUM
fbem-31716	109	5	shows	show	VERB
fbem-31716	109	6	that	that	SCONJ
fbem-31716	109	7	the	the	DET
fbem-31716	109	8	correlation	correlation	NOUN
fbem-31716	109	9	between	between	ADP
fbem-31716	109	10	morocco	morocco	PROPN
fbem-31716	109	11	and	and	CCONJ
fbem-31716	109	12	namibia	namibia	PROPN
fbem-31716	109	13	(	(	PUNCT
fbem-31716	109	14	0.148	0.148	NUM
fbem-31716	109	15	)	)	PUNCT
fbem-31716	109	16	was	be	AUX
fbem-31716	109	17	stronger	strong	ADJ
fbem-31716	109	18	than	than	ADP
fbem-31716	109	19	kenya	kenya	PROPN
fbem-31716	109	20	’s	’s	PART
fbem-31716	109	21	correlation	correlation	NOUN
fbem-31716	109	22	with	with	ADP
fbem-31716	109	23	either	either	CCONJ
fbem-31716	109	24	morocco	morocco	PROPN
fbem-31716	109	25	(	(	PUNCT
fbem-31716	109	26	0.075	0.075	NUM
fbem-31716	109	27	)	)	PUNCT
fbem-31716	109	28	or	or	CCONJ
fbem-31716	109	29	namibia	namibia	PROPN
fbem-31716	109	30	(	(	PUNCT
fbem-31716	109	31	-0.0001	-0.0001	NOUN
fbem-31716	109	32	)	)	PUNCT
fbem-31716	109	33	.	.	PUNCT
fbem-31716	110	1	by	by	ADP
fbem-31716	110	2	the	the	DET
fbem-31716	110	3	reason	reason	NOUN
fbem-31716	110	4	of	of	ADP
fbem-31716	110	5	ken	ken	PROPN
fbem-31716	110	6	’s	’s	PART
fbem-31716	110	7	weak	weak	ADJ
fbem-31716	110	8	or	or	CCONJ
fbem-31716	110	9	negative	negative	ADJ
fbem-31716	110	10	correlation	correlation	NOUN
fbem-31716	110	11	,	,	PUNCT
fbem-31716	110	12	it	it	PRON
fbem-31716	110	13	failed	fail	VERB
fbem-31716	110	14	to	to	PART
fbem-31716	110	15	enhance	enhance	VERB
fbem-31716	110	16	diversification	diversification	NOUN
fbem-31716	110	17	benefits	benefit	NOUN
fbem-31716	110	18	in	in	ADP
fbem-31716	110	19	the	the	DET
fbem-31716	110	20	portfolio	portfolio	NOUN
fbem-31716	110	21	efficiently	efficiently	ADV
fbem-31716	110	22	,	,	PUNCT
fbem-31716	110	23	so	so	CCONJ
fbem-31716	110	24	its	its	PRON
fbem-31716	110	25	inclusion	inclusion	NOUN
fbem-31716	110	26	in	in	ADP
fbem-31716	110	27	the	the	DET
fbem-31716	110	28	portfolio	portfolio	NOUN
fbem-31716	110	29	did	do	AUX
fbem-31716	110	30	not	not	PART
fbem-31716	110	31	improve	improve	VERB
fbem-31716	110	32	overall	overall	ADJ
fbem-31716	110	33	risk	risk	NOUN
fbem-31716	110	34	reduction	reduction	NOUN
fbem-31716	110	35	,	,	PUNCT
fbem-31716	110	36	which	which	PRON
fbem-31716	110	37	made	make	VERB
fbem-31716	110	38	the	the	DET
fbem-31716	110	39	mor	mor	PROPN
fbem-31716	110	40	+	+	CCONJ
fbem-31716	110	41	nam	nam	NOUN
fbem-31716	110	42	the	the	DET
fbem-31716	110	43	more	more	ADV
fbem-31716	110	44	stable	stable	ADJ
fbem-31716	110	45	and	and	CCONJ
fbem-31716	110	46	effective	effective	ADJ
fbem-31716	110	47	choice	choice	NOUN
fbem-31716	110	48	in	in	ADP
fbem-31716	110	49	a	a	DET
fbem-31716	110	50	portfolio	portfolio	NOUN
fbem-31716	110	51	.	.	PUNCT
fbem-31716	111	1	137	137	NUM
fbem-31716	111	2	figure	figure	NOUN
fbem-31716	111	3	8	8	NUM
fbem-31716	111	4	.	.	PUNCT
fbem-31716	111	5	sorted	sort	VERB
fbem-31716	111	6	market	market	NOUN
fbem-31716	111	7	correlations	correlation	NOUN
fbem-31716	111	8	source	source	NOUN
fbem-31716	111	9	:	:	PUNCT
fbem-31716	111	10	author	author	NOUN
fbem-31716	111	11	’s	’s	PART
fbem-31716	111	12	work	work	NOUN
fbem-31716	111	13	.	.	PUNCT
fbem-31716	112	1	4	4	X
fbem-31716	112	2	.	.	X
fbem-31716	112	3	comparative	comparative	ADJ
fbem-31716	112	4	analysis	analysis	NOUN
fbem-31716	112	5	of	of	ADP
fbem-31716	112	6	three	three	NUM
fbem-31716	112	7	portfolio	portfolio	NOUN
fbem-31716	112	8	performance	performance	NOUN
fbem-31716	112	9	4.1	4.1	NUM
fbem-31716	112	10	.	.	PUNCT
fbem-31716	113	1	clarifying	clarify	VERB
fbem-31716	113	2	the	the	DET
fbem-31716	113	3	baseline	baseline	NOUN
fbem-31716	113	4	in	in	ADP
fbem-31716	113	5	figures	figure	NOUN
fbem-31716	113	6	1	1	NUM
fbem-31716	113	7	-	-	SYM
fbem-31716	113	8	4	4	NUM
fbem-31716	113	9	,	,	PUNCT
fbem-31716	113	10	the	the	DET
fbem-31716	113	11	baseline	baseline	NOUN
fbem-31716	113	12	value	value	NOUN
fbem-31716	113	13	of	of	ADP
fbem-31716	113	14	“	"	PUNCT
fbem-31716	113	15	1	1	NUM
fbem-31716	113	16	”	"	PUNCT
fbem-31716	113	17	indicates	indicate	VERB
fbem-31716	113	18	the	the	DET
fbem-31716	113	19	break	break	NOUN
fbem-31716	113	20	-	-	PUNCT
fbem-31716	113	21	even	even	ADV
fbem-31716	113	22	point	point	NOUN
fbem-31716	113	23	.	.	PUNCT
fbem-31716	114	1	it	it	PRON
fbem-31716	114	2	represents	represent	VERB
fbem-31716	114	3	neither	neither	CCONJ
fbem-31716	114	4	profit	profit	NOUN
fbem-31716	114	5	nor	nor	CCONJ
fbem-31716	114	6	loss	loss	NOUN
fbem-31716	114	7	.	.	PUNCT
fbem-31716	115	1	for	for	ADP
fbem-31716	115	2	instance	instance	NOUN
fbem-31716	115	3	,	,	PUNCT
fbem-31716	115	4	while	while	SCONJ
fbem-31716	115	5	figure	figure	NOUN
fbem-31716	115	6	2	2	NUM
fbem-31716	115	7	illustrates	illustrate	VERB
fbem-31716	115	8	the	the	DET
fbem-31716	115	9	performance	performance	NOUN
fbem-31716	115	10	trajectory	trajectory	NOUN
fbem-31716	115	11	of	of	ADP
fbem-31716	115	12	a	a	DET
fbem-31716	115	13	portfolio	portfolio	NOUN
fbem-31716	115	14	transitioning	transition	VERB
fbem-31716	115	15	from	from	ADP
fbem-31716	115	16	mor	mor	PROPN
fbem-31716	115	17	+	+	CCONJ
fbem-31716	115	18	nam	nam	PROPN
fbem-31716	115	19	+	+	CCONJ
fbem-31716	115	20	ken	ken	PROPN
fbem-31716	115	21	in	in	ADP
fbem-31716	115	22	period	period	NOUN
fbem-31716	115	23	1	1	NUM
fbem-31716	115	24	to	to	PART
fbem-31716	115	25	cen	cen	VERB
fbem-31716	115	26	only	only	ADV
fbem-31716	115	27	in	in	ADP
fbem-31716	115	28	period	period	NOUN
fbem-31716	115	29	2	2	NUM
fbem-31716	115	30	,	,	PUNCT
fbem-31716	115	31	the	the	DET
fbem-31716	115	32	actual	actual	ADJ
fbem-31716	115	33	total	total	ADJ
fbem-31716	115	34	portfolio	portfolio	NOUN
fbem-31716	115	35	cumulative	cumulative	ADJ
fbem-31716	115	36	return	return	NOUN
fbem-31716	115	37	was	be	AUX
fbem-31716	115	38	specified	specify	VERB
fbem-31716	115	39	shown	show	VERB
fbem-31716	115	40	in	in	ADP
fbem-31716	115	41	figure	figure	NOUN
fbem-31716	115	42	9	9	NUM
fbem-31716	115	43	as	as	ADP
fbem-31716	115	44	-0.0726	-0.0726	PROPN
fbem-31716	115	45	,	,	PUNCT
fbem-31716	115	46	it	it	PRON
fbem-31716	115	47	reflected	reflect	VERB
fbem-31716	115	48	a	a	DET
fbem-31716	115	49	loss	loss	NOUN
fbem-31716	115	50	in	in	ADP
fbem-31716	115	51	total	total	NOUN
fbem-31716	115	52	.	.	PUNCT
fbem-31716	116	1	4.2	4.2	NUM
fbem-31716	116	2	.	.	PUNCT
fbem-31716	116	3	impact	impact	NOUN
fbem-31716	116	4	of	of	ADP
fbem-31716	116	5	kenya	kenya	PROPN
fbem-31716	116	6	(	(	PUNCT
fbem-31716	116	7	ken	ken	PROPN
fbem-31716	116	8	)	)	PUNCT
fbem-31716	116	9	on	on	ADP
fbem-31716	116	10	portfolio	portfolio	NOUN
fbem-31716	116	11	’s	’s	PART
fbem-31716	116	12	volatility	volatility	NOUN
fbem-31716	116	13	and	and	CCONJ
fbem-31716	116	14	performance	performance	NOUN
fbem-31716	116	15	the	the	DET
fbem-31716	116	16	inclusion	inclusion	NOUN
fbem-31716	116	17	of	of	ADP
fbem-31716	116	18	kenya	kenya	PROPN
fbem-31716	116	19	(	(	PUNCT
fbem-31716	116	20	ken	ken	PROPN
fbem-31716	116	21	)	)	PUNCT
fbem-31716	116	22	into	into	ADP
fbem-31716	116	23	the	the	DET
fbem-31716	116	24	portfolio	portfolio	NOUN
fbem-31716	116	25	influenced	influence	VERB
fbem-31716	116	26	the	the	DET
fbem-31716	116	27	portfolio	portfolio	NOUN
fbem-31716	116	28	’s	’s	PART
fbem-31716	116	29	volatility	volatility	NOUN
fbem-31716	116	30	and	and	CCONJ
fbem-31716	116	31	overall	overall	ADJ
fbem-31716	116	32	performance	performance	NOUN
fbem-31716	116	33	.	.	PUNCT
fbem-31716	117	1	according	accord	VERB
fbem-31716	117	2	to	to	ADP
fbem-31716	117	3	figures	figure	NOUN
fbem-31716	117	4	1	1	NUM
fbem-31716	117	5	and	and	CCONJ
fbem-31716	117	6	2	2	NUM
fbem-31716	117	7	,	,	PUNCT
fbem-31716	117	8	portfolios	portfolio	NOUN
fbem-31716	117	9	that	that	PRON
fbem-31716	117	10	included	include	VERB
fbem-31716	117	11	ken	ken	PROPN
fbem-31716	117	12	exhibited	exhibit	VERB
fbem-31716	117	13	more	more	ADJ
fbem-31716	117	14	fluctuations	fluctuation	NOUN
fbem-31716	117	15	in	in	ADP
fbem-31716	117	16	volatility	volatility	NOUN
fbem-31716	117	17	and	and	CCONJ
fbem-31716	117	18	draw	draw	NOUN
fbem-31716	117	19	-	-	PUNCT
fbem-31716	117	20	downs	down	NOUN
fbem-31716	117	21	.	.	PUNCT
fbem-31716	118	1	specifically	specifically	ADV
fbem-31716	118	2	,	,	PUNCT
fbem-31716	118	3	figure	figure	VERB
fbem-31716	118	4	5	5	NUM
fbem-31716	118	5	indicates	indicate	VERB
fbem-31716	118	6	that	that	SCONJ
fbem-31716	118	7	portfolios	portfolio	NOUN
fbem-31716	118	8	such	such	ADJ
fbem-31716	118	9	as	as	ADP
fbem-31716	118	10	the	the	DET
fbem-31716	118	11	period1_1	period1_1	NOUN
fbem-31716	118	12	which	which	PRON
fbem-31716	118	13	included	include	VERB
fbem-31716	118	14	ken	ken	PROPN
fbem-31716	118	15	,	,	PUNCT
fbem-31716	118	16	experienced	experience	VERB
fbem-31716	118	17	maximum	maximum	ADJ
fbem-31716	118	18	draw	draw	NOUN
fbem-31716	118	19	-	-	PUNCT
fbem-31716	118	20	downs	down	NOUN
fbem-31716	118	21	of	of	ADP
fbem-31716	118	22	0.4671	0.4671	NUM
fbem-31716	118	23	.	.	PUNCT
fbem-31716	119	1	in	in	ADP
fbem-31716	119	2	contrast	contrast	NOUN
fbem-31716	119	3	,	,	PUNCT
fbem-31716	119	4	the	the	DET
fbem-31716	119	5	mor	mor	ADV
fbem-31716	119	6	-	-	PUNCT
fbem-31716	119	7	only	only	ADV
fbem-31716	119	8	portfolio	portfolio	NOUN
fbem-31716	119	9	(	(	PUNCT
fbem-31716	119	10	wholeperiod_1	wholeperiod_1	NOUN
fbem-31716	119	11	)	)	PUNCT
fbem-31716	119	12	had	have	VERB
fbem-31716	119	13	a	a	DET
fbem-31716	119	14	lower	low	ADJ
fbem-31716	119	15	draw	draw	NOUN
fbem-31716	119	16	-	-	PUNCT
fbem-31716	119	17	down	down	NOUN
fbem-31716	119	18	of	of	ADP
fbem-31716	119	19	-0.4068	-0.4068	NOUN
fbem-31716	119	20	.	.	PUNCT
fbem-31716	120	1	this	this	PRON
fbem-31716	120	2	suggests	suggest	VERB
fbem-31716	120	3	that	that	SCONJ
fbem-31716	120	4	the	the	DET
fbem-31716	120	5	inclusion	inclusion	NOUN
fbem-31716	120	6	of	of	ADP
fbem-31716	120	7	ken	ken	PROPN
fbem-31716	120	8	increased	increase	VERB
fbem-31716	120	9	the	the	DET
fbem-31716	120	10	exposure	exposure	NOUN
fbem-31716	120	11	to	to	ADP
fbem-31716	120	12	market	market	NOUN
fbem-31716	120	13	fluctuations	fluctuation	NOUN
fbem-31716	120	14	,	,	PUNCT
fbem-31716	120	15	potentially	potentially	ADV
fbem-31716	120	16	because	because	SCONJ
fbem-31716	120	17	of	of	ADP
fbem-31716	120	18	kenya	kenya	PROPN
fbem-31716	120	19	's	's	PART
fbem-31716	120	20	economic	economic	ADJ
fbem-31716	120	21	vulnerabilities	vulnerability	NOUN
fbem-31716	120	22	during	during	ADP
fbem-31716	120	23	the	the	DET
fbem-31716	120	24	period	period	NOUN
fbem-31716	120	25	under	under	ADP
fbem-31716	120	26	review	review	NOUN
fbem-31716	120	27	.	.	PUNCT
fbem-31716	121	1	notably	notably	ADV
fbem-31716	121	2	,	,	PUNCT
fbem-31716	121	3	the	the	DET
fbem-31716	121	4	frontier	frontier	NOUN
fbem-31716	121	5	economies	economy	NOUN
fbem-31716	121	6	faced	face	VERB
fbem-31716	121	7	increased	increase	VERB
fbem-31716	121	8	risk	risk	NOUN
fbem-31716	121	9	of	of	ADP
fbem-31716	121	10	debt	debt	NOUN
fbem-31716	121	11	defaults	default	NOUN
fbem-31716	121	12	in	in	ADP
fbem-31716	121	13	the	the	DET
fbem-31716	121	14	medium	medium	ADJ
fbem-31716	121	15	term	term	NOUN
fbem-31716	121	16	,	,	PUNCT
fbem-31716	121	17	which	which	PRON
fbem-31716	121	18	could	could	AUX
fbem-31716	121	19	have	have	AUX
fbem-31716	121	20	contributed	contribute	VERB
fbem-31716	121	21	to	to	ADP
fbem-31716	121	22	the	the	DET
fbem-31716	121	23	observed	observed	ADJ
fbem-31716	121	24	volatility	volatility	NOUN
fbem-31716	121	25	in	in	ADP
fbem-31716	121	26	portfolios	portfolio	NOUN
fbem-31716	121	27	which	which	PRON
fbem-31716	121	28	included	include	VERB
fbem-31716	121	29	ken	ken	PROPN
fbem-31716	121	30	(	(	PUNCT
fbem-31716	121	31	african	african	PROPN
fbem-31716	121	32	development	development	PROPN
fbem-31716	121	33	bank	bank	PROPN
fbem-31716	121	34	,	,	PUNCT
fbem-31716	121	35	2023	2023	NUM
fbem-31716	121	36	)	)	PUNCT
fbem-31716	121	37	.	.	PUNCT
fbem-31716	122	1	4.3	4.3	NUM
fbem-31716	122	2	.	.	PUNCT
fbem-31716	122	3	external	external	ADJ
fbem-31716	122	4	variable	variable	NOUN
fbem-31716	122	5	for	for	ADP
fbem-31716	122	6	economic	economic	ADJ
fbem-31716	122	7	shocks	shock	NOUN
fbem-31716	122	8	:	:	PUNCT
fbem-31716	122	9	the	the	DET
fbem-31716	122	10	covid-19	covid-19	PROPN
fbem-31716	122	11	pandemic	pandemic	NOUN
fbem-31716	122	12	’s	’s	PART
fbem-31716	122	13	influence	influence	NOUN
fbem-31716	122	14	the	the	DET
fbem-31716	122	15	covid-19	covid-19	PROPN
fbem-31716	122	16	pandemic	pandemic	NOUN
fbem-31716	122	17	impacted	impact	VERB
fbem-31716	122	18	the	the	DET
fbem-31716	122	19	global	global	ADJ
fbem-31716	122	20	financial	financial	ADJ
fbem-31716	122	21	markets	market	NOUN
fbem-31716	122	22	during	during	ADP
fbem-31716	122	23	the	the	DET
fbem-31716	122	24	period	period	NOUN
fbem-31716	122	25	2020	2020	NUM
fbem-31716	122	26	-	-	SYM
fbem-31716	122	27	2022	2022	NUM
fbem-31716	122	28	(	(	PUNCT
fbem-31716	122	29	period	period	NOUN
fbem-31716	122	30	2	2	NUM
fbem-31716	122	31	)	)	PUNCT
fbem-31716	122	32	.	.	PUNCT
fbem-31716	123	1	because	because	SCONJ
fbem-31716	123	2	of	of	ADP
fbem-31716	123	3	the	the	DET
fbem-31716	123	4	nature	nature	NOUN
fbem-31716	123	5	of	of	ADP
fbem-31716	123	6	vulnerability	vulnerability	NOUN
fbem-31716	123	7	in	in	ADP
fbem-31716	123	8	the	the	DET
fbem-31716	123	9	traditional	traditional	ADJ
fbem-31716	123	10	economic	economic	ADJ
fbem-31716	123	11	system	system	NOUN
fbem-31716	123	12	,	,	PUNCT
fbem-31716	123	13	most	most	ADJ
fbem-31716	123	14	frontier	frontier	NOUN
fbem-31716	123	15	markets	market	NOUN
fbem-31716	123	16	experienced	experience	VERB
fbem-31716	123	17	significant	significant	ADJ
fbem-31716	123	18	economic	economic	ADJ
fbem-31716	123	19	contractions	contraction	NOUN
fbem-31716	123	20	.	.	PUNCT
fbem-31716	124	1	for	for	ADP
fbem-31716	124	2	instance	instance	NOUN
fbem-31716	124	3	,	,	PUNCT
fbem-31716	124	4	in	in	ADP
fbem-31716	124	5	sub	sub	ADJ
fbem-31716	124	6	-	-	ADJ
fbem-31716	124	7	saharan	saharan	ADJ
fbem-31716	124	8	africa	africa	PROPN
fbem-31716	124	9	,	,	PUNCT
fbem-31716	124	10	the	the	DET
fbem-31716	124	11	pandemic	pandemic	NOUN
fbem-31716	124	12	led	lead	VERB
fbem-31716	124	13	to	to	ADP
fbem-31716	124	14	the	the	DET
fbem-31716	124	15	region	region	NOUN
fbem-31716	124	16	's	's	PART
fbem-31716	124	17	first	first	ADJ
fbem-31716	124	18	recession	recession	NOUN
fbem-31716	124	19	in	in	ADP
fbem-31716	124	20	25	25	NUM
fbem-31716	124	21	years	year	NOUN
fbem-31716	124	22	;	;	PUNCT
fbem-31716	124	23	in	in	ADP
fbem-31716	124	24	2020	2020	NUM
fbem-31716	124	25	,	,	PUNCT
fbem-31716	124	26	economies	economy	NOUN
fbem-31716	124	27	shrank	shrink	VERB
fbem-31716	124	28	by	by	ADP
fbem-31716	124	29	2.1	2.1	NUM
fbem-31716	124	30	–	–	PUNCT
fbem-31716	124	31	5.1	5.1	NUM
fbem-31716	124	32	per	per	ADP
fbem-31716	124	33	cent	cent	NOUN
fbem-31716	124	34	(	(	PUNCT
fbem-31716	124	35	world	world	PROPN
fbem-31716	124	36	bank	bank	NOUN
fbem-31716	124	37	,	,	PUNCT
fbem-31716	124	38	2021	2021	NUM
fbem-31716	124	39	)	)	PUNCT
fbem-31716	124	40	.	.	PUNCT
fbem-31716	125	1	this	this	DET
fbem-31716	125	2	economic	economic	ADJ
fbem-31716	125	3	downturn	downturn	NOUN
fbem-31716	125	4	adversely	adversely	ADV
fbem-31716	125	5	affected	affect	VERB
fbem-31716	125	6	portfolios	portfolio	NOUN
fbem-31716	125	7	with	with	ADP
fbem-31716	125	8	substantial	substantial	ADJ
fbem-31716	125	9	exposure	exposure	NOUN
fbem-31716	125	10	to	to	ADP
fbem-31716	125	11	these	these	DET
fbem-31716	125	12	markets	market	NOUN
fbem-31716	125	13	.	.	PUNCT
fbem-31716	126	1	figure	figure	NOUN
fbem-31716	126	2	5	5	NUM
fbem-31716	126	3	reveals	reveal	VERB
fbem-31716	126	4	that	that	SCONJ
fbem-31716	126	5	the	the	DET
fbem-31716	126	6	portfolio	portfolio	NOUN
fbem-31716	126	7	period2_1	period2_1	VERB
fbem-31716	126	8	,	,	PUNCT
fbem-31716	126	9	which	which	PRON
fbem-31716	126	10	transitioned	transition	VERB
fbem-31716	126	11	to	to	PART
fbem-31716	126	12	cen	cen	VERB
fbem-31716	126	13	only	only	ADV
fbem-31716	126	14	during	during	ADP
fbem-31716	126	15	the	the	DET
fbem-31716	126	16	pandemic	pandemic	NOUN
fbem-31716	126	17	,	,	PUNCT
fbem-31716	126	18	suffered	suffer	VERB
fbem-31716	126	19	the	the	DET
fbem-31716	126	20	most	most	ADV
fbem-31716	126	21	severe	severe	ADJ
fbem-31716	126	22	draw	draw	NOUN
fbem-31716	126	23	-	-	PUNCT
fbem-31716	126	24	down	down	NOUN
fbem-31716	126	25	of	of	ADP
fbem-31716	126	26	-0.6125	-0.6125	NOUN
fbem-31716	126	27	.	.	PUNCT
fbem-31716	127	1	this	this	DET
fbem-31716	127	2	significant	significant	ADJ
fbem-31716	127	3	loss	loss	NOUN
fbem-31716	127	4	indicated	indicate	VERB
fbem-31716	127	5	the	the	DET
fbem-31716	127	6	heightened	heighten	VERB
fbem-31716	127	7	vulnerability	vulnerability	NOUN
fbem-31716	127	8	of	of	ADP
fbem-31716	127	9	certain	certain	ADJ
fbem-31716	127	10	sample	sample	NOUN
fbem-31716	127	11	frontier	frontier	NOUN
fbem-31716	127	12	markets	market	NOUN
fbem-31716	127	13	to	to	ADP
fbem-31716	127	14	global	global	ADJ
fbem-31716	127	15	economic	economic	ADJ
fbem-31716	127	16	shocks	shock	NOUN
fbem-31716	127	17	;	;	PUNCT
fbem-31716	127	18	it	it	PRON
fbem-31716	127	19	illustrates	illustrate	VERB
fbem-31716	127	20	the	the	DET
fbem-31716	127	21	importance	importance	NOUN
fbem-31716	127	22	of	of	ADP
fbem-31716	127	23	the	the	DET
fbem-31716	127	24	inclusion	inclusion	NOUN
fbem-31716	127	25	of	of	ADP
fbem-31716	127	26	external	external	ADJ
fbem-31716	127	27	factors	factor	NOUN
fbem-31716	127	28	when	when	SCONJ
fbem-31716	127	29	assessing	assess	VERB
fbem-31716	127	30	portfolio	portfolio	NOUN
fbem-31716	127	31	risk	risk	NOUN
fbem-31716	127	32	and	and	CCONJ
fbem-31716	127	33	performance	performance	NOUN
fbem-31716	127	34	.	.	PUNCT
fbem-31716	128	1	4.4	4.4	NUM
fbem-31716	128	2	.	.	PUNCT
fbem-31716	128	3	achieve	achieve	VERB
fbem-31716	128	4	a	a	DET
fbem-31716	128	5	balance	balance	NOUN
fbem-31716	128	6	between	between	ADP
fbem-31716	128	7	stability	stability	NOUN
fbem-31716	128	8	and	and	CCONJ
fbem-31716	128	9	growth	growth	NOUN
fbem-31716	128	10	:	:	PUNCT
fbem-31716	128	11	evaluating	evaluate	VERB
fbem-31716	128	12	whole	whole	ADJ
fbem-31716	128	13	-	-	PUNCT
fbem-31716	128	14	period	period	NOUN
fbem-31716	128	15	and	and	CCONJ
fbem-31716	128	16	changing	change	VERB
fbem-31716	128	17	-	-	PUNCT
fbem-31716	128	18	period	period	NOUN
fbem-31716	128	19	portfolios	portfolio	NOUN
fbem-31716	128	20	according	accord	VERB
fbem-31716	128	21	to	to	PART
fbem-31716	128	22	figure	figure	VERB
fbem-31716	128	23	5	5	NUM
fbem-31716	128	24	and	and	CCONJ
fbem-31716	128	25	figure	figure	VERB
fbem-31716	128	26	6	6	NUM
fbem-31716	128	27	through	through	ADP
fbem-31716	128	28	figures	figure	NOUN
fbem-31716	128	29	5	5	NUM
fbem-31716	128	30	and	and	CCONJ
fbem-31716	128	31	6	6	NUM
fbem-31716	128	32	,	,	PUNCT
fbem-31716	128	33	it	it	PRON
fbem-31716	128	34	is	be	AUX
fbem-31716	128	35	obvious	obvious	ADJ
fbem-31716	128	36	that	that	SCONJ
fbem-31716	128	37	the	the	DET
fbem-31716	128	38	analysis	analysis	NOUN
fbem-31716	128	39	between	between	ADP
fbem-31716	128	40	whole	whole	ADJ
fbem-31716	128	41	-	-	PUNCT
fbem-31716	128	42	period	period	NOUN
fbem-31716	128	43	and	and	CCONJ
fbem-31716	128	44	changing	change	VERB
fbem-31716	128	45	-	-	PUNCT
fbem-31716	128	46	period	period	NOUN
fbem-31716	128	47	portfolios	portfolio	NOUN
fbem-31716	128	48	reveals	reveal	VERB
fbem-31716	128	49	a	a	DET
fbem-31716	128	50	trade	trade	NOUN
fbem-31716	128	51	-	-	PUNCT
fbem-31716	128	52	off	off	NOUN
fbem-31716	128	53	between	between	ADP
fbem-31716	128	54	stability	stability	NOUN
fbem-31716	128	55	and	and	CCONJ
fbem-31716	128	56	growth	growth	NOUN
fbem-31716	128	57	potential	potential	NOUN
fbem-31716	128	58	.	.	PUNCT
fbem-31716	129	1	primarily	primarily	ADV
fbem-31716	129	2	,	,	PUNCT
fbem-31716	129	3	all	all	DET
fbem-31716	129	4	portfolios	portfolio	NOUN
fbem-31716	129	5	’	'	PUNCT
fbem-31716	129	6	cumulative	cumulative	ADJ
fbem-31716	129	7	returns	return	NOUN
fbem-31716	129	8	were	be	AUX
fbem-31716	129	9	less	less	ADJ
fbem-31716	129	10	than	than	ADP
fbem-31716	129	11	the	the	DET
fbem-31716	129	12	s&p	s&p	PROPN
fbem-31716	129	13	500	500	NUM
fbem-31716	129	14	index	index	NOUN
fbem-31716	129	15	(	(	PUNCT
fbem-31716	129	16	1.857	1.857	NUM
fbem-31716	129	17	)	)	PUNCT
fbem-31716	129	18	;	;	PUNCT
fbem-31716	129	19	it	it	PRON
fbem-31716	129	20	reveals	reveal	VERB
fbem-31716	129	21	the	the	DET
fbem-31716	129	22	challenges	challenge	NOUN
fbem-31716	129	23	of	of	ADP
fbem-31716	129	24	achieving	achieve	VERB
fbem-31716	129	25	returns	return	NOUN
fbem-31716	129	26	comparable	comparable	ADJ
fbem-31716	129	27	to	to	ADP
fbem-31716	129	28	developed	develop	VERB
fbem-31716	129	29	market	market	NOUN
fbem-31716	129	30	indices	index	NOUN
fbem-31716	129	31	of	of	ADP
fbem-31716	129	32	diversified	diversified	ADJ
fbem-31716	129	33	portfolios	portfolio	NOUN
fbem-31716	129	34	in	in	ADP
fbem-31716	129	35	frontier	frontier	NOUN
fbem-31716	129	36	sample	sample	NOUN
fbem-31716	129	37	markets	market	NOUN
fbem-31716	129	38	.	.	PUNCT
fbem-31716	130	1	then	then	ADV
fbem-31716	130	2	,	,	PUNCT
fbem-31716	130	3	the	the	DET
fbem-31716	130	4	mor	mor	ADV
fbem-31716	130	5	-	-	PUNCT
fbem-31716	130	6	only	only	ADV
fbem-31716	130	7	portfolio	portfolio	NOUN
fbem-31716	130	8	(	(	PUNCT
fbem-31716	130	9	wholeperiod_1	wholeperiod_1	NOUN
fbem-31716	130	10	)	)	PUNCT
fbem-31716	130	11	demonstrated	demonstrate	VERB
fbem-31716	130	12	a	a	DET
fbem-31716	130	13	greater	great	ADJ
fbem-31716	130	14	stability	stability	NOUN
fbem-31716	130	15	,	,	PUNCT
fbem-31716	130	16	which	which	PRON
fbem-31716	130	17	had	have	VERB
fbem-31716	130	18	a	a	DET
fbem-31716	130	19	maximum	maximum	ADJ
fbem-31716	130	20	draw	draw	NOUN
fbem-31716	130	21	-	-	PUNCT
fbem-31716	130	22	down	down	NOUN
fbem-31716	130	23	of	of	ADP
fbem-31716	130	24	-0.4069	-0.4069	NOUN
fbem-31716	130	25	(	(	PUNCT
fbem-31716	130	26	figure	figure	NOUN
fbem-31716	130	27	5	5	NUM
fbem-31716	130	28	)	)	PUNCT
fbem-31716	130	29	.	.	PUNCT
fbem-31716	131	1	however	however	ADV
fbem-31716	131	2	,	,	PUNCT
fbem-31716	131	3	its	its	PRON
fbem-31716	131	4	cumulative	cumulative	ADJ
fbem-31716	131	5	return	return	NOUN
fbem-31716	131	6	was	be	AUX
fbem-31716	131	7	located	locate	VERB
fbem-31716	131	8	at	at	ADP
fbem-31716	131	9	the	the	DET
fbem-31716	131	10	medium	medium	NOUN
fbem-31716	131	11	at	at	ADP
fbem-31716	131	12	0.3762	0.3762	NUM
fbem-31716	131	13	(	(	PUNCT
fbem-31716	131	14	figure	figure	NOUN
fbem-31716	131	15	9	9	NUM
fbem-31716	131	16	)	)	PUNCT
fbem-31716	131	17	.	.	PUNCT
fbem-31716	132	1	conversely	conversely	ADV
fbem-31716	132	2	,	,	PUNCT
fbem-31716	132	3	the	the	DET
fbem-31716	132	4	portfolio	portfolio	NOUN
fbem-31716	132	5	that	that	PRON
fbem-31716	132	6	transitioned	transition	VERB
fbem-31716	132	7	from	from	ADP
fbem-31716	132	8	mor	mor	PROPN
fbem-31716	132	9	+	+	CCONJ
fbem-31716	132	10	nam	nam	PROPN
fbem-31716	132	11	to	to	PART
fbem-31716	132	12	cen	cen	VERB
fbem-31716	132	13	(	(	PUNCT
fbem-31716	132	14	period	period	NOUN
fbem-31716	132	15	1_2	1_2	NUM
fbem-31716	132	16	to	to	PART
fbem-31716	132	17	period	period	NOUN
fbem-31716	132	18	2_1	2_1	NUM
fbem-31716	132	19	)	)	PUNCT
fbem-31716	132	20	achieved	achieve	VERB
fbem-31716	132	21	a	a	DET
fbem-31716	132	22	higher	high	ADJ
fbem-31716	132	23	cumulative	cumulative	ADJ
fbem-31716	132	24	return	return	NOUN
fbem-31716	132	25	of	of	ADP
fbem-31716	132	26	1.113	1.113	NUM
fbem-31716	132	27	(	(	PUNCT
fbem-31716	132	28	figure	figure	NOUN
fbem-31716	132	29	9	9	NUM
fbem-31716	132	30	)	)	PUNCT
fbem-31716	132	31	but	but	CCONJ
fbem-31716	132	32	experienced	experience	VERB
fbem-31716	132	33	a	a	DET
fbem-31716	132	34	larger	large	ADJ
fbem-31716	132	35	draw	draw	NOUN
fbem-31716	132	36	-	-	PUNCT
fbem-31716	132	37	down	down	NOUN
fbem-31716	132	38	of	of	ADP
fbem-31716	132	39	-0.6125	-0.6125	PUNCT
fbem-31716	132	40	(	(	PUNCT
fbem-31716	132	41	figure	figure	NOUN
fbem-31716	132	42	5	5	NUM
fbem-31716	132	43	)	)	PUNCT
fbem-31716	132	44	.	.	PUNCT
fbem-31716	133	1	this	this	PRON
fbem-31716	133	2	could	could	AUX
fbem-31716	133	3	be	be	AUX
fbem-31716	133	4	strong	strong	ADJ
fbem-31716	133	5	evidence	evidence	NOUN
fbem-31716	133	6	that	that	SCONJ
fbem-31716	133	7	a	a	DET
fbem-31716	133	8	diversification	diversification	NOUN
fbem-31716	133	9	strategy	strategy	NOUN
fbem-31716	133	10	and	and	CCONJ
fbem-31716	133	11	strategic	strategic	ADJ
fbem-31716	133	12	transitions	transition	NOUN
fbem-31716	133	13	in	in	ADP
fbem-31716	133	14	portfolios	portfolio	NOUN
fbem-31716	133	15	could	could	AUX
fbem-31716	133	16	enhance	enhance	VERB
fbem-31716	133	17	returns	return	NOUN
fbem-31716	133	18	,	,	PUNCT
fbem-31716	133	19	but	but	CCONJ
fbem-31716	133	20	they	they	PRON
fbem-31716	133	21	also	also	ADV
fbem-31716	133	22	increase	increase	VERB
fbem-31716	133	23	the	the	DET
fbem-31716	133	24	exposure	exposure	NOUN
fbem-31716	133	25	to	to	ADP
fbem-31716	133	26	market	market	NOUN
fbem-31716	133	27	volatility	volatility	NOUN
fbem-31716	133	28	;	;	PUNCT
fbem-31716	133	29	it	it	PRON
fbem-31716	133	30	is	be	AUX
fbem-31716	133	31	necessary	necessary	ADJ
fbem-31716	133	32	to	to	PART
fbem-31716	133	33	achieve	achieve	VERB
fbem-31716	133	34	a	a	DET
fbem-31716	133	35	balance	balance	NOUN
fbem-31716	133	36	between	between	ADP
fbem-31716	133	37	risk	risk	NOUN
fbem-31716	133	38	and	and	CCONJ
fbem-31716	133	39	reward	reward	NOUN
fbem-31716	133	40	.	.	PUNCT
fbem-31716	134	1	furthermore	furthermore	ADV
fbem-31716	134	2	,	,	PUNCT
fbem-31716	134	3	the	the	DET
fbem-31716	134	4	portfolio	portfolio	NOUN
fbem-31716	134	5	like	like	ADP
fbem-31716	134	6	mor+nam+ken	mor+nam+ken	PROPN
fbem-31716	134	7	to	to	PART
fbem-31716	134	8	cen	cen	PROPN
fbem-31716	134	9	(	(	PUNCT
fbem-31716	134	10	period1_3	period1_3	NOUN
fbem-31716	134	11	to	to	PART
fbem-31716	134	12	period2_1	period2_1	VERB
fbem-31716	134	13	)	)	PUNCT
fbem-31716	134	14	obtained	obtain	VERB
fbem-31716	134	15	a	a	DET
fbem-31716	134	16	negative	negative	ADJ
fbem-31716	134	17	cumulative	cumulative	ADJ
fbem-31716	134	18	return	return	NOUN
fbem-31716	134	19	of	of	ADP
fbem-31716	134	20	-0.07259906	-0.07259906	NOUN
fbem-31716	134	21	.	.	PUNCT
fbem-31716	135	1	it	it	PRON
fbem-31716	135	2	illustrates	illustrate	VERB
fbem-31716	135	3	the	the	DET
fbem-31716	135	4	potential	potential	ADJ
fbem-31716	135	5	pitfalls	pitfall	NOUN
fbem-31716	135	6	of	of	ADP
fbem-31716	135	7	138	138	NUM
fbem-31716	135	8	over	over	ADP
fbem-31716	135	9	-	-	PUNCT
fbem-31716	135	10	diversification	diversification	NOUN
fbem-31716	135	11	.	.	PUNCT
fbem-31716	136	1	and	and	CCONJ
fbem-31716	136	2	it	it	PRON
fbem-31716	136	3	is	be	AUX
fbem-31716	136	4	safe	safe	ADJ
fbem-31716	136	5	to	to	PART
fbem-31716	136	6	obtain	obtain	VERB
fbem-31716	136	7	a	a	DET
fbem-31716	136	8	conclusion	conclusion	NOUN
fbem-31716	136	9	based	base	VERB
fbem-31716	136	10	on	on	ADP
fbem-31716	136	11	this	this	DET
fbem-31716	136	12	comparative	comparative	ADJ
fbem-31716	136	13	analysis	analysis	NOUN
fbem-31716	136	14	that	that	SCONJ
fbem-31716	136	15	over	over	NOUN
fbem-31716	136	16	-	-	PUNCT
fbem-31716	136	17	diversification	diversification	NOUN
fbem-31716	136	18	could	could	AUX
fbem-31716	136	19	diminish	diminish	VERB
fbem-31716	136	20	returns	return	NOUN
fbem-31716	136	21	while	while	SCONJ
fbem-31716	136	22	the	the	DET
fbem-31716	136	23	risk	risk	NOUN
fbem-31716	136	24	reduction	reduction	NOUN
fbem-31716	136	25	is	be	AUX
fbem-31716	136	26	not	not	PART
fbem-31716	136	27	significant	significant	ADJ
fbem-31716	136	28	,	,	PUNCT
fbem-31716	136	29	as	as	ADP
fbem-31716	136	30	the	the	DET
fbem-31716	136	31	benefits	benefit	NOUN
fbem-31716	136	32	of	of	ADP
fbem-31716	136	33	diversification	diversification	NOUN
fbem-31716	136	34	plateau	plateau	NOUN
fbem-31716	136	35	beyond	beyond	ADP
fbem-31716	136	36	the	the	DET
fbem-31716	136	37	equilibrium	equilibrium	NOUN
fbem-31716	136	38	point	point	NOUN
fbem-31716	136	39	.	.	PUNCT
fbem-31716	137	1	figure	figure	NOUN
fbem-31716	137	2	9	9	NUM
fbem-31716	137	3	.	.	PUNCT
fbem-31716	138	1	the	the	DET
fbem-31716	138	2	total	total	ADJ
fbem-31716	138	3	cumulative	cumulative	ADJ
fbem-31716	138	4	return	return	NOUN
fbem-31716	138	5	source	source	NOUN
fbem-31716	138	6	:	:	PUNCT
fbem-31716	138	7	author	author	NOUN
fbem-31716	138	8	’s	’s	PART
fbem-31716	138	9	work	work	NOUN
fbem-31716	138	10	.	.	PUNCT
fbem-31716	139	1	5	5	X
fbem-31716	139	2	.	.	X
fbem-31716	139	3	conclusion	conclusion	NOUN
fbem-31716	139	4	and	and	CCONJ
fbem-31716	139	5	limitations	limitation	NOUN
fbem-31716	139	6	this	this	DET
fbem-31716	139	7	study	study	NOUN
fbem-31716	139	8	evaluated	evaluate	VERB
fbem-31716	139	9	the	the	DET
fbem-31716	139	10	diversification	diversification	NOUN
fbem-31716	139	11	benefits	benefit	NOUN
fbem-31716	139	12	of	of	ADP
fbem-31716	139	13	investing	invest	VERB
fbem-31716	139	14	in	in	ADP
fbem-31716	139	15	targeted	target	VERB
fbem-31716	139	16	african	african	ADJ
fbem-31716	139	17	frontier	frontier	NOUN
fbem-31716	139	18	stock	stock	NOUN
fbem-31716	139	19	markets	market	NOUN
fbem-31716	139	20	.	.	PUNCT
fbem-31716	140	1	while	while	SCONJ
fbem-31716	140	2	the	the	DET
fbem-31716	140	3	comparatively	comparatively	ADV
fbem-31716	140	4	limited	limited	ADJ
fbem-31716	140	5	integration	integration	NOUN
fbem-31716	140	6	of	of	ADP
fbem-31716	140	7	these	these	DET
fbem-31716	140	8	markets	market	NOUN
fbem-31716	140	9	with	with	ADP
fbem-31716	140	10	industrialised	industrialise	VERB
fbem-31716	140	11	economies	economy	NOUN
fbem-31716	140	12	could	could	AUX
fbem-31716	140	13	enhance	enhance	VERB
fbem-31716	140	14	portfolio	portfolio	NOUN
fbem-31716	140	15	diversification	diversification	NOUN
fbem-31716	140	16	,	,	PUNCT
fbem-31716	140	17	the	the	DET
fbem-31716	140	18	analysis	analysis	NOUN
fbem-31716	140	19	also	also	ADV
fbem-31716	140	20	highlighted	highlight	VERB
fbem-31716	140	21	associated	associated	ADJ
fbem-31716	140	22	challenges	challenge	NOUN
fbem-31716	140	23	such	such	ADJ
fbem-31716	140	24	as	as	ADP
fbem-31716	140	25	political	political	ADJ
fbem-31716	140	26	instability	instability	NOUN
fbem-31716	140	27	,	,	PUNCT
fbem-31716	140	28	regulatory	regulatory	ADJ
fbem-31716	140	29	inefficiency	inefficiency	NOUN
fbem-31716	140	30	and	and	CCONJ
fbem-31716	140	31	a	a	DET
fbem-31716	140	32	lack	lack	NOUN
fbem-31716	140	33	of	of	ADP
fbem-31716	140	34	liquidity	liquidity	NOUN
fbem-31716	140	35	.	.	PUNCT
fbem-31716	141	1	the	the	DET
fbem-31716	141	2	study	study	NOUN
fbem-31716	141	3	utilises	utilise	NOUN
fbem-31716	141	4	mean	mean	VERB
fbem-31716	141	5	return	return	NOUN
fbem-31716	141	6	per	per	ADP
fbem-31716	141	7	unit	unit	NOUN
fbem-31716	141	8	of	of	ADP
fbem-31716	141	9	risk	risk	NOUN
fbem-31716	141	10	(	(	PUNCT
fbem-31716	141	11	mrpur	mrpur	NOUN
fbem-31716	141	12	)	)	PUNCT
fbem-31716	141	13	,	,	PUNCT
fbem-31716	141	14	pairwise	pairwise	NOUN
fbem-31716	141	15	correlations	correlation	NOUN
fbem-31716	141	16	and	and	CCONJ
fbem-31716	141	17	portfoliooptimisation	portfoliooptimisation	NOUN
fbem-31716	141	18	backtests	backtest	NOUN
fbem-31716	141	19	to	to	PART
fbem-31716	141	20	provide	provide	VERB
fbem-31716	141	21	an	an	DET
fbem-31716	141	22	empirical	empirical	ADJ
fbem-31716	141	23	assessment	assessment	NOUN
fbem-31716	141	24	of	of	ADP
fbem-31716	141	25	frontier	frontier	NOUN
fbem-31716	141	26	markets	market	NOUN
fbem-31716	141	27	'	'	PART
fbem-31716	141	28	involvement	involvement	NOUN
fbem-31716	141	29	in	in	ADP
fbem-31716	141	30	global	global	ADJ
fbem-31716	141	31	portfolios	portfolio	NOUN
fbem-31716	141	32	.	.	PUNCT
fbem-31716	142	1	the	the	DET
fbem-31716	142	2	resulting	result	VERB
fbem-31716	142	3	segmentation	segmentation	NOUN
fbem-31716	142	4	in	in	ADP
fbem-31716	142	5	african	african	ADJ
fbem-31716	142	6	markets	market	NOUN
fbem-31716	142	7	—	—	PUNCT
fbem-31716	142	8	manifested	manifest	VERB
fbem-31716	142	9	in	in	ADP
fbem-31716	142	10	persistently	persistently	ADV
fbem-31716	142	11	low	low	ADJ
fbem-31716	142	12	return	return	NOUN
fbem-31716	142	13	correlations	correlation	NOUN
fbem-31716	142	14	with	with	ADP
fbem-31716	142	15	global	global	ADJ
fbem-31716	142	16	indices	index	NOUN
fbem-31716	142	17	—	—	PUNCT
fbem-31716	142	18	can	can	AUX
fbem-31716	142	19	dampen	dampen	VERB
fbem-31716	142	20	portfolio	portfolio	NOUN
fbem-31716	142	21	volatility	volatility	NOUN
fbem-31716	142	22	and	and	CCONJ
fbem-31716	142	23	improve	improve	VERB
fbem-31716	142	24	riskadjusted	riskadjusted	ADJ
fbem-31716	142	25	performance	performance	NOUN
fbem-31716	142	26	during	during	ADP
fbem-31716	142	27	periods	period	NOUN
fbem-31716	142	28	of	of	ADP
fbem-31716	142	29	macroeconomic	macroeconomic	ADJ
fbem-31716	142	30	stress	stress	NOUN
fbem-31716	142	31	.	.	PUNCT
fbem-31716	143	1	empirically	empirically	ADV
fbem-31716	143	2	,	,	PUNCT
fbem-31716	143	3	morocco	morocco	PROPN
fbem-31716	143	4	and	and	CCONJ
fbem-31716	143	5	namibia	namibia	PROPN
fbem-31716	143	6	(	(	PUNCT
fbem-31716	143	7	2015–2019	2015–2019	NUM
fbem-31716	143	8	)	)	PUNCT
fbem-31716	143	9	and	and	CCONJ
fbem-31716	143	10	senegal	senegal	PROPN
fbem-31716	143	11	(	(	PUNCT
fbem-31716	143	12	cen	cen	PROPN
fbem-31716	143	13	,	,	PUNCT
fbem-31716	143	14	2020–2024	2020–2024	NUM
fbem-31716	143	15	)	)	PUNCT
fbem-31716	143	16	combined	combine	VERB
fbem-31716	143	17	moderate	moderate	ADJ
fbem-31716	143	18	risk	risk	NOUN
fbem-31716	143	19	profiles	profile	NOUN
fbem-31716	143	20	with	with	ADP
fbem-31716	143	21	consistent	consistent	ADJ
fbem-31716	143	22	returns	return	NOUN
fbem-31716	143	23	,	,	PUNCT
fbem-31716	143	24	rendering	render	VERB
fbem-31716	143	25	them	they	PRON
fbem-31716	143	26	attractive	attractive	ADJ
fbem-31716	143	27	for	for	ADP
fbem-31716	143	28	longhorizon	longhorizon	NOUN
fbem-31716	143	29	investors	investor	NOUN
fbem-31716	143	30	.	.	PUNCT
fbem-31716	144	1	the	the	DET
fbem-31716	144	2	study	study	NOUN
fbem-31716	144	3	also	also	ADV
fbem-31716	144	4	measures	measure	VERB
fbem-31716	144	5	the	the	DET
fbem-31716	144	6	evolving	evolve	VERB
fbem-31716	144	7	character	character	NOUN
fbem-31716	144	8	of	of	ADP
fbem-31716	144	9	frontier	frontier	NOUN
fbem-31716	144	10	markets	market	NOUN
fbem-31716	144	11	over	over	ADP
fbem-31716	144	12	the	the	DET
fbem-31716	144	13	past	past	ADJ
fbem-31716	144	14	10	10	NUM
fbem-31716	144	15	years	year	NOUN
fbem-31716	144	16	as	as	ADP
fbem-31716	144	17	a	a	DET
fbem-31716	144	18	period	period	NOUN
fbem-31716	144	19	.	.	PUNCT
fbem-31716	145	1	the	the	DET
fbem-31716	145	2	tendency	tendency	NOUN
fbem-31716	145	3	of	of	ADP
fbem-31716	145	4	raising	raise	VERB
fbem-31716	145	5	globalisation	globalisation	NOUN
fbem-31716	145	6	and	and	CCONJ
fbem-31716	145	7	capital	capital	NOUN
fbem-31716	145	8	flows	flow	NOUN
fbem-31716	145	9	has	have	AUX
fbem-31716	145	10	altered	alter	VERB
fbem-31716	145	11	correlation	correlation	NOUN
fbem-31716	145	12	structures	structure	NOUN
fbem-31716	145	13	and	and	CCONJ
fbem-31716	145	14	provided	provide	VERB
fbem-31716	145	15	time	time	NOUN
fbem-31716	145	16	-	-	PUNCT
fbem-31716	145	17	varying	vary	VERB
fbem-31716	145	18	opportunities	opportunity	NOUN
fbem-31716	145	19	for	for	ADP
fbem-31716	145	20	diversification	diversification	NOUN
fbem-31716	145	21	.	.	PUNCT
fbem-31716	146	1	especially	especially	ADV
fbem-31716	146	2	,	,	PUNCT
fbem-31716	146	3	senegal	senegal	PROPN
fbem-31716	146	4	emerged	emerge	VERB
fbem-31716	146	5	as	as	ADP
fbem-31716	146	6	a	a	DET
fbem-31716	146	7	strong	strong	ADJ
fbem-31716	146	8	performer	performer	NOUN
fbem-31716	146	9	in	in	ADP
fbem-31716	146	10	2020–2024	2020–2024	NUM
fbem-31716	146	11	,	,	PUNCT
fbem-31716	146	12	whereas	whereas	SCONJ
fbem-31716	146	13	namibia	namibia	PROPN
fbem-31716	146	14	’s	’s	PART
fbem-31716	146	15	performance	performance	NOUN
fbem-31716	146	16	weakened	weaken	VERB
fbem-31716	146	17	amid	amid	ADP
fbem-31716	146	18	elevated	elevated	ADJ
fbem-31716	146	19	uncertainty	uncertainty	NOUN
fbem-31716	146	20	linked	link	VERB
fbem-31716	146	21	to	to	ADP
fbem-31716	146	22	global	global	ADJ
fbem-31716	146	23	disruptions	disruption	NOUN
fbem-31716	146	24	such	such	ADJ
fbem-31716	146	25	as	as	ADP
fbem-31716	146	26	the	the	DET
fbem-31716	146	27	covid-19	covid-19	PROPN
fbem-31716	146	28	pandemic	pandemic	NOUN
fbem-31716	146	29	.	.	PUNCT
fbem-31716	147	1	these	these	DET
fbem-31716	147	2	dynamics	dynamic	NOUN
fbem-31716	147	3	suggest	suggest	VERB
fbem-31716	147	4	that	that	SCONJ
fbem-31716	147	5	static	static	ADJ
fbem-31716	147	6	allocation	allocation	NOUN
fbem-31716	147	7	rules	rule	NOUN
fbem-31716	147	8	are	be	AUX
fbem-31716	147	9	unlikely	unlikely	ADJ
fbem-31716	147	10	to	to	PART
fbem-31716	147	11	remain	remain	VERB
fbem-31716	147	12	optimal	optimal	ADJ
fbem-31716	147	13	during	during	ADP
fbem-31716	147	14	changing	change	VERB
fbem-31716	147	15	market	market	NOUN
fbem-31716	147	16	conditions	condition	NOUN
fbem-31716	147	17	.	.	PUNCT
fbem-31716	148	1	even	even	ADV
fbem-31716	148	2	though	though	SCONJ
fbem-31716	148	3	the	the	DET
fbem-31716	148	4	diversified	diversified	ADJ
fbem-31716	148	5	allocational	allocational	ADJ
fbem-31716	148	6	portfolios	portfolio	NOUN
fbem-31716	148	7	have	have	VERB
fbem-31716	148	8	theoretical	theoretical	ADJ
fbem-31716	148	9	benefits	benefit	NOUN
fbem-31716	148	10	,	,	PUNCT
fbem-31716	148	11	frontier	frontier	NOUN
fbem-31716	148	12	-	-	PUNCT
fbem-31716	148	13	market	market	NOUN
fbem-31716	148	14	investing	investing	NOUN
fbem-31716	148	15	is	be	AUX
fbem-31716	148	16	not	not	PART
fbem-31716	148	17	free	free	ADJ
fbem-31716	148	18	of	of	ADP
fbem-31716	148	19	material	material	NOUN
fbem-31716	148	20	constraints	constraint	NOUN
fbem-31716	148	21	.	.	PUNCT
fbem-31716	149	1	elevated	elevated	ADJ
fbem-31716	149	2	transaction	transaction	NOUN
fbem-31716	149	3	costs	cost	NOUN
fbem-31716	149	4	,	,	PUNCT
fbem-31716	149	5	limited	limited	ADJ
fbem-31716	149	6	transparency	transparency	NOUN
fbem-31716	149	7	,	,	PUNCT
fbem-31716	149	8	regulatory	regulatory	ADJ
fbem-31716	149	9	inconsistencies	inconsistency	NOUN
fbem-31716	149	10	,	,	PUNCT
fbem-31716	149	11	and	and	CCONJ
fbem-31716	149	12	episodes	episode	NOUN
fbem-31716	149	13	of	of	ADP
fbem-31716	149	14	political	political	ADJ
fbem-31716	149	15	instability	instability	NOUN
fbem-31716	149	16	—	—	PUNCT
fbem-31716	149	17	particularly	particularly	ADV
fbem-31716	149	18	acute	acute	ADJ
fbem-31716	149	19	in	in	ADP
fbem-31716	149	20	parts	part	NOUN
fbem-31716	149	21	of	of	ADP
fbem-31716	149	22	africa	africa	PROPN
fbem-31716	149	23	—	—	PUNCT
fbem-31716	149	24	can	can	AUX
fbem-31716	149	25	impair	impair	VERB
fbem-31716	149	26	execution	execution	NOUN
fbem-31716	149	27	and	and	CCONJ
fbem-31716	149	28	raise	raise	VERB
fbem-31716	149	29	required	required	ADJ
fbem-31716	149	30	returns	return	NOUN
fbem-31716	149	31	.	.	PUNCT
fbem-31716	150	1	recognising	recognise	VERB
fbem-31716	150	2	both	both	CCONJ
fbem-31716	150	3	diversification	diversification	NOUN
fbem-31716	150	4	potential	potential	ADJ
fbem-31716	150	5	and	and	CCONJ
fbem-31716	150	6	operational	operational	ADJ
fbem-31716	150	7	risks	risk	NOUN
fbem-31716	150	8	is	be	AUX
fbem-31716	150	9	therefore	therefore	ADV
fbem-31716	150	10	essential	essential	ADJ
fbem-31716	150	11	when	when	SCONJ
fbem-31716	150	12	integrating	integrate	VERB
fbem-31716	150	13	frontier	frontier	NOUN
fbem-31716	150	14	exposures	exposure	NOUN
fbem-31716	150	15	into	into	ADP
fbem-31716	150	16	globally	globally	ADV
fbem-31716	150	17	diversified	diversify	VERB
fbem-31716	150	18	portfolios	portfolio	NOUN
fbem-31716	150	19	.	.	PUNCT
fbem-31716	151	1	primarily	primarily	ADV
fbem-31716	151	2	,	,	PUNCT
fbem-31716	151	3	the	the	DET
fbem-31716	151	4	minitab	minitab	PROPN
fbem-31716	151	5	program	program	PROPN
fbem-31716	151	6	fixed	fix	VERB
fbem-31716	151	7	portfolio	portfolio	NOUN
fbem-31716	151	8	weights	weight	NOUN
fbem-31716	151	9	assume	assume	VERB
fbem-31716	151	10	an	an	DET
fbem-31716	151	11	equal	equal	ADJ
fbem-31716	151	12	or	or	CCONJ
fbem-31716	151	13	predefined	predefine	VERB
fbem-31716	151	14	allocation	allocation	NOUN
fbem-31716	151	15	,	,	PUNCT
fbem-31716	151	16	which	which	PRON
fbem-31716	151	17	does	do	AUX
fbem-31716	151	18	not	not	PART
fbem-31716	151	19	align	align	VERB
fbem-31716	151	20	with	with	ADP
fbem-31716	151	21	real	real	ADJ
fbem-31716	151	22	-	-	PUNCT
fbem-31716	151	23	world	world	NOUN
fbem-31716	151	24	investment	investment	NOUN
fbem-31716	151	25	portfolios	portfolio	NOUN
fbem-31716	151	26	.	.	PUNCT
fbem-31716	152	1	real	real	ADJ
fbem-31716	152	2	investors	investor	NOUN
fbem-31716	152	3	adjust	adjust	VERB
fbem-31716	152	4	portfolio	portfolio	NOUN
fbem-31716	152	5	weights	weight	NOUN
fbem-31716	152	6	typically	typically	ADV
fbem-31716	152	7	based	base	VERB
fbem-31716	152	8	on	on	ADP
fbem-31716	152	9	market	market	NOUN
fbem-31716	152	10	conditions	condition	NOUN
fbem-31716	152	11	and	and	CCONJ
fbem-31716	152	12	risk	risk	NOUN
fbem-31716	152	13	tolerance	tolerance	NOUN
fbem-31716	152	14	and	and	CCONJ
fbem-31716	152	15	expected	expect	VERB
fbem-31716	152	16	returns	return	NOUN
fbem-31716	152	17	.	.	PUNCT
fbem-31716	153	1	the	the	DET
fbem-31716	153	2	portfolios	portfolio	NOUN
fbem-31716	153	3	that	that	PRON
fbem-31716	153	4	relied	rely	VERB
fbem-31716	153	5	on	on	ADP
fbem-31716	153	6	default	default	NOUN
fbem-31716	153	7	weights	weight	NOUN
fbem-31716	153	8	might	might	AUX
fbem-31716	153	9	lead	lead	VERB
fbem-31716	153	10	to	to	ADP
fbem-31716	153	11	a	a	DET
fbem-31716	153	12	sub	sub	ADJ
fbem-31716	153	13	-	-	ADJ
fbem-31716	153	14	optimal	optimal	ADJ
fbem-31716	153	15	portfolio	portfolio	NOUN
fbem-31716	153	16	performance	performance	NOUN
fbem-31716	153	17	and	and	CCONJ
fbem-31716	153	18	have	have	VERB
fbem-31716	153	19	bias	bias	NOUN
fbem-31716	153	20	in	in	ADP
fbem-31716	153	21	real	real	ADJ
fbem-31716	153	22	diversified	diversify	VERB
fbem-31716	153	23	portfolios	portfolio	NOUN
fbem-31716	153	24	.	.	PUNCT
fbem-31716	154	1	additionally	additionally	ADV
fbem-31716	154	2	,	,	PUNCT
fbem-31716	154	3	the	the	DET
fbem-31716	154	4	study	study	NOUN
fbem-31716	154	5	is	be	AUX
fbem-31716	154	6	ex	ex	NOUN
fbem-31716	154	7	-	-	NOUN
fbem-31716	154	8	post	post	NOUN
fbem-31716	154	9	in	in	ADP
fbem-31716	154	10	nature	nature	NOUN
fbem-31716	154	11	,	,	PUNCT
fbem-31716	154	12	it	it	PRON
fbem-31716	154	13	analyzed	analyze	VERB
fbem-31716	154	14	past	past	ADJ
fbem-31716	154	15	market	market	NOUN
fbem-31716	154	16	data	datum	NOUN
fbem-31716	154	17	without	without	ADP
fbem-31716	154	18	considering	consider	VERB
fbem-31716	154	19	ex	ex	NOUN
fbem-31716	154	20	-	-	NOUN
fbem-31716	154	21	ante	ante	NOUN
fbem-31716	154	22	forecasting	forecasting	NOUN
fbem-31716	154	23	.	.	PUNCT
fbem-31716	155	1	without	without	ADP
fbem-31716	155	2	predictive	predictive	ADJ
fbem-31716	155	3	models	model	NOUN
fbem-31716	155	4	,	,	PUNCT
fbem-31716	155	5	the	the	DET
fbem-31716	155	6	findings	finding	NOUN
fbem-31716	155	7	would	would	AUX
fbem-31716	155	8	have	have	VERB
fbem-31716	155	9	limitations	limitation	NOUN
fbem-31716	155	10	on	on	ADP
fbem-31716	155	11	guiding	guide	VERB
fbem-31716	155	12	future	future	ADJ
fbem-31716	155	13	investment	investment	NOUN
fbem-31716	155	14	decisions	decision	NOUN
fbem-31716	155	15	.	.	PUNCT
fbem-31716	156	1	market	market	NOUN
fbem-31716	156	2	conditions	condition	NOUN
fbem-31716	156	3	evolve	evolve	VERB
fbem-31716	156	4	,	,	PUNCT
fbem-31716	156	5	and	and	CCONJ
fbem-31716	156	6	historical	historical	ADJ
fbem-31716	156	7	performance	performance	NOUN
fbem-31716	156	8	also	also	ADV
fbem-31716	156	9	has	have	VERB
fbem-31716	156	10	limitations	limitation	NOUN
fbem-31716	156	11	on	on	ADP
fbem-31716	156	12	reflecting	reflect	VERB
fbem-31716	156	13	future	future	ADJ
fbem-31716	156	14	trends	trend	NOUN
fbem-31716	156	15	.	.	PUNCT
fbem-31716	157	1	these	these	DET
fbem-31716	157	2	limitations	limitation	NOUN
fbem-31716	157	3	reduced	reduce	VERB
fbem-31716	157	4	the	the	DET
fbem-31716	157	5	study	study	NOUN
fbem-31716	157	6	’s	’s	PART
fbem-31716	157	7	practical	practical	ADJ
fbem-31716	157	8	relevance	relevance	NOUN
fbem-31716	157	9	for	for	ADP
fbem-31716	157	10	forward	forward	ADV
fbem-31716	157	11	-	-	PUNCT
fbem-31716	157	12	looking	look	VERB
fbem-31716	157	13	portfolio	portfolio	NOUN
fbem-31716	157	14	optimization	optimization	NOUN
fbem-31716	157	15	.	.	PUNCT
fbem-31716	158	1	moreover	moreover	ADV
fbem-31716	158	2	,	,	PUNCT
fbem-31716	158	3	market	market	NOUN
fbem-31716	158	4	liquidity	liquidity	NOUN
fbem-31716	158	5	and	and	CCONJ
fbem-31716	158	6	data	data	NOUN
fbem-31716	158	7	gaps	gap	NOUN
fbem-31716	158	8	in	in	ADP
fbem-31716	158	9	samples	sample	NOUN
fbem-31716	158	10	bring	bring	VERB
fbem-31716	158	11	challenges	challenge	NOUN
fbem-31716	158	12	in	in	ADP
fbem-31716	158	13	frontier	frontier	NOUN
fbem-31716	158	14	market	market	NOUN
fbem-31716	158	15	samples	sample	NOUN
fbem-31716	158	16	.	.	PUNCT
fbem-31716	159	1	low	low	ADJ
fbem-31716	159	2	trading	trading	NOUN
fbem-31716	159	3	volumes	volume	NOUN
fbem-31716	159	4	and	and	CCONJ
fbem-31716	159	5	inconsistent	inconsistent	ADJ
fbem-31716	159	6	data	datum	NOUN
fbem-31716	159	7	availability	availability	NOUN
fbem-31716	159	8	in	in	ADP
fbem-31716	159	9	samples	sample	NOUN
fbem-31716	159	10	could	could	AUX
fbem-31716	159	11	have	have	VERB
fbem-31716	159	12	bias	bias	NOUN
fbem-31716	159	13	on	on	ADP
fbem-31716	159	14	return	return	NOUN
fbem-31716	159	15	calculations	calculation	NOUN
fbem-31716	159	16	and	and	CCONJ
fbem-31716	159	17	statistical	statistical	ADJ
fbem-31716	159	18	reliability	reliability	NOUN
fbem-31716	159	19	.	.	PUNCT
fbem-31716	160	1	additionally	additionally	ADV
fbem-31716	160	2	,	,	PUNCT
fbem-31716	160	3	the	the	DET
fbem-31716	160	4	exclusion	exclusion	NOUN
fbem-31716	160	5	of	of	ADP
fbem-31716	160	6	certain	certain	ADJ
fbem-31716	160	7	markets	market	NOUN
fbem-31716	160	8	due	due	ADJ
fbem-31716	160	9	to	to	ADP
fbem-31716	160	10	missing	miss	VERB
fbem-31716	160	11	data	datum	NOUN
fbem-31716	160	12	could	could	AUX
fbem-31716	160	13	result	result	VERB
fbem-31716	160	14	in	in	ADP
fbem-31716	160	15	bias	bias	NOUN
fbem-31716	160	16	,	,	PUNCT
fbem-31716	160	17	it	it	PRON
fbem-31716	160	18	has	have	VERB
fbem-31716	160	19	limitation	limitation	NOUN
fbem-31716	160	20	on	on	ADP
fbem-31716	160	21	the	the	DET
fbem-31716	160	22	broader	broad	ADJ
fbem-31716	160	23	applicability	applicability	NOUN
fbem-31716	160	24	of	of	ADP
fbem-31716	160	25	the	the	DET
fbem-31716	160	26	findings	finding	NOUN
fbem-31716	160	27	.	.	PUNCT
fbem-31716	161	1	references	reference	NOUN
fbem-31716	161	2	[	[	X
fbem-31716	161	3	1	1	NUM
fbem-31716	161	4	]	]	X
fbem-31716	161	5	markowitz	markowitz	PROPN
fbem-31716	161	6	,	,	PUNCT
fbem-31716	161	7	h.	h.	PROPN
fbem-31716	161	8	(	(	PUNCT
fbem-31716	161	9	1952	1952	NUM
fbem-31716	161	10	)	)	PUNCT
fbem-31716	161	11	‘	'	PUNCT
fbem-31716	161	12	portfolio	portfolio	NOUN
fbem-31716	161	13	selection	selection	NOUN
fbem-31716	161	14	.	.	PUNCT
fbem-31716	161	15	’	'	PUNCT
fbem-31716	162	1	the	the	DET
fbem-31716	162	2	journal	journal	PROPN
fbem-31716	162	3	of	of	ADP
fbem-31716	162	4	finance	finance	NOUN
fbem-31716	162	5	,	,	PUNCT
fbem-31716	162	6	7(1	7(1	NUM
fbem-31716	162	7	)	)	PUNCT
fbem-31716	162	8	,	,	PUNCT
fbem-31716	162	9	pp	pp	ADP
fbem-31716	162	10	.	.	PUNCT
fbem-31716	163	1	77–91	77–91	NUM
fbem-31716	163	2	.	.	PUNCT
fbem-31716	164	1	[	[	X
fbem-31716	164	2	2	2	NUM
fbem-31716	164	3	]	]	PUNCT
fbem-31716	164	4	fama	fama	NOUN
fbem-31716	164	5	,	,	PUNCT
fbem-31716	164	6	e.f	e.f	PROPN
fbem-31716	164	7	.	.	PROPN
fbem-31716	164	8	and	and	CCONJ
fbem-31716	164	9	french	french	PROPN
fbem-31716	164	10	,	,	PUNCT
fbem-31716	164	11	k.r	k.r	PROPN
fbem-31716	164	12	.	.	PROPN
fbem-31716	164	13	(	(	PUNCT
fbem-31716	164	14	1992	1992	NUM
fbem-31716	164	15	)	)	PUNCT
fbem-31716	164	16	‘	'	PUNCT
fbem-31716	164	17	the	the	DET
fbem-31716	164	18	cross	cross	NOUN
fbem-31716	164	19	-	-	NOUN
fbem-31716	164	20	section	section	NOUN
fbem-31716	164	21	of	of	ADP
fbem-31716	164	22	expected	expect	VERB
fbem-31716	164	23	stock	stock	NOUN
fbem-31716	164	24	returns	return	NOUN
fbem-31716	164	25	.	.	PUNCT
fbem-31716	164	26	’	'	PUNCT
fbem-31716	164	27	journal	journal	NOUN
fbem-31716	164	28	of	of	ADP
fbem-31716	164	29	finance	finance	PROPN
fbem-31716	164	30	,	,	PUNCT
fbem-31716	164	31	47(2	47(2	PROPN
fbem-31716	164	32	)	)	PUNCT
fbem-31716	164	33	,	,	PUNCT
fbem-31716	164	34	pp	pp	ADP
fbem-31716	164	35	.	.	PUNCT
fbem-31716	165	1	427–465	427–465	NUM
fbem-31716	165	2	.	.	PUNCT
fbem-31716	166	1	[	[	X
fbem-31716	166	2	3	3	NUM
fbem-31716	166	3	]	]	X
fbem-31716	166	4	abidi	abidi	PROPN
fbem-31716	166	5	,	,	PUNCT
fbem-31716	166	6	n.	n.	NOUN
fbem-31716	166	7	,	,	PUNCT
fbem-31716	166	8	hacibedel	hacibedel	NOUN
fbem-31716	166	9	,	,	PUNCT
fbem-31716	166	10	b.	b.	PROPN
fbem-31716	166	11	and	and	CCONJ
fbem-31716	166	12	nkusu	nkusu	PROPN
fbem-31716	166	13	,	,	PUNCT
fbem-31716	166	14	m.	m.	NOUN
fbem-31716	166	15	(	(	PUNCT
fbem-31716	166	16	2019	2019	NUM
fbem-31716	166	17	)	)	PUNCT
fbem-31716	166	18	‘	'	PUNCT
fbem-31716	166	19	frontier	frontier	NOUN
fbem-31716	166	20	and	and	CCONJ
fbem-31716	166	21	emerging	emerge	VERB
fbem-31716	166	22	markets	market	NOUN
fbem-31716	166	23	:	:	PUNCT
fbem-31716	166	24	a	a	DET
fbem-31716	166	25	perspective	perspective	NOUN
fbem-31716	166	26	from	from	ADP
fbem-31716	166	27	portfolio	portfolio	NOUN
fbem-31716	166	28	flows	flow	NOUN
fbem-31716	166	29	and	and	CCONJ
fbem-31716	166	30	financial	financial	ADJ
fbem-31716	166	31	integration	integration	NOUN
fbem-31716	166	32	.	.	PUNCT
fbem-31716	166	33	’	'	PUNCT
fbem-31716	167	1	journal	journal	NOUN
fbem-31716	167	2	of	of	ADP
fbem-31716	167	3	banking	banking	NOUN
fbem-31716	167	4	and	and	CCONJ
fbem-31716	167	5	financial	financial	ADJ
fbem-31716	167	6	economics	economic	NOUN
fbem-31716	167	7	,	,	PUNCT
fbem-31716	167	8	1(11	1(11	NUM
fbem-31716	167	9	)	)	PUNCT
fbem-31716	167	10	,	,	PUNCT
fbem-31716	167	11	pp	pp	ADJ
fbem-31716	167	12	.	.	PUNCT
fbem-31716	168	1	19–45	19–45	X
fbem-31716	168	2	.	.	PUNCT
fbem-31716	168	3	139	139	NUM
fbem-31716	169	1	[	[	X
fbem-31716	169	2	4	4	NUM
fbem-31716	169	3	]	]	PUNCT
fbem-31716	169	4	evans	evans	PROPN
fbem-31716	169	5	,	,	PUNCT
fbem-31716	169	6	c.	c.	PROPN
fbem-31716	169	7	and	and	CCONJ
fbem-31716	169	8	van	van	PROPN
fbem-31716	169	9	vuuren	vuuren	PROPN
fbem-31716	169	10	,	,	PUNCT
fbem-31716	169	11	g.	g.	PROPN
fbem-31716	169	12	(	(	PUNCT
fbem-31716	169	13	2019	2019	NUM
fbem-31716	169	14	)	)	PUNCT
fbem-31716	169	15	‘	'	PUNCT
fbem-31716	169	16	frontier	frontier	NOUN
fbem-31716	169	17	markets	market	NOUN
fbem-31716	169	18	and	and	CCONJ
fbem-31716	169	19	portfolio	portfolio	NOUN
fbem-31716	169	20	diversification	diversification	NOUN
fbem-31716	169	21	:	:	PUNCT
fbem-31716	169	22	an	an	DET
fbem-31716	169	23	empirical	empirical	ADJ
fbem-31716	169	24	analysis	analysis	NOUN
fbem-31716	169	25	.	.	PUNCT
fbem-31716	169	26	’	'	PUNCT
fbem-31716	170	1	emerging	emerge	VERB
fbem-31716	170	2	markets	market	NOUN
fbem-31716	170	3	review	review	VERB
fbem-31716	170	4	,	,	PUNCT
fbem-31716	170	5	25(1	25(1	NUM
fbem-31716	170	6	)	)	PUNCT
fbem-31716	170	7	,	,	PUNCT
fbem-31716	170	8	pp	pp	ADP
fbem-31716	170	9	.	.	PUNCT
fbem-31716	171	1	112–130	112–130	NUM
fbem-31716	171	2	.	.	PUNCT
fbem-31716	172	1	[	[	X
fbem-31716	172	2	5	5	NUM
fbem-31716	172	3	]	]	PUNCT
fbem-31716	172	4	thomas	thomas	PROPN
fbem-31716	172	5	,	,	PUNCT
fbem-31716	172	6	n.m	n.m	PROPN
fbem-31716	172	7	.	.	PROPN
fbem-31716	172	8	,	,	PUNCT
fbem-31716	172	9	kashiramka	kashiramka	PROPN
fbem-31716	172	10	,	,	PUNCT
fbem-31716	172	11	s.	s.	PROPN
fbem-31716	172	12	and	and	CCONJ
fbem-31716	172	13	yadav	yadav	PROPN
fbem-31716	172	14	,	,	PUNCT
fbem-31716	172	15	s.s	s.s	PROPN
fbem-31716	172	16	.	.	PROPN
fbem-31716	172	17	(	(	PUNCT
fbem-31716	172	18	2017	2017	NUM
fbem-31716	172	19	)	)	PUNCT
fbem-31716	172	20	‘	'	PUNCT
fbem-31716	172	21	dynamic	dynamic	ADJ
fbem-31716	172	22	linkages	linkage	NOUN
fbem-31716	172	23	among	among	ADP
fbem-31716	172	24	emerging	emerge	VERB
fbem-31716	172	25	equity	equity	NOUN
fbem-31716	172	26	markets	market	NOUN
fbem-31716	172	27	.	.	PUNCT
fbem-31716	172	28	’	'	PUNCT
fbem-31716	172	29	journal	journal	NOUN
fbem-31716	172	30	of	of	ADP
fbem-31716	172	31	advances	advance	NOUN
fbem-31716	172	32	in	in	ADP
fbem-31716	172	33	management	management	NOUN
fbem-31716	172	34	research	research	NOUN
fbem-31716	172	35	,	,	PUNCT
fbem-31716	172	36	14(3	14(3	NUM
fbem-31716	172	37	)	)	PUNCT
fbem-31716	172	38	,	,	PUNCT
fbem-31716	172	39	pp	pp	ADP
fbem-31716	172	40	.	.	PUNCT
fbem-31716	173	1	332–351	332–351	NUM
fbem-31716	173	2	.	.	PUNCT
fbem-31716	174	1	[	[	X
fbem-31716	174	2	6	6	NUM
fbem-31716	174	3	]	]	SYM
fbem-31716	174	4	ferreira	ferreira	PROPN
fbem-31716	174	5	,	,	PUNCT
fbem-31716	174	6	p.j.s	p.j.s	PROPN
fbem-31716	174	7	.	.	PUNCT
fbem-31716	174	8	,	,	PUNCT
fbem-31716	174	9	aslam	aslam	PROPN
fbem-31716	174	10	,	,	PUNCT
fbem-31716	174	11	m.-f	m.-f	NOUN
fbem-31716	174	12	.	.	PUNCT
fbem-31716	174	13	and	and	CCONJ
fbem-31716	174	14	mothi	mothi	PROPN
fbem-31716	174	15	,	,	PUNCT
fbem-31716	174	16	w.	w.	PROPN
fbem-31716	174	17	(	(	PUNCT
fbem-31716	174	18	2021	2021	NUM
fbem-31716	174	19	)	)	PUNCT
fbem-31716	174	20	‘	'	PUNCT
fbem-31716	174	21	investigating	investigate	VERB
fbem-31716	174	22	frontier	frontier	NOUN
fbem-31716	174	23	market	market	NOUN
fbem-31716	174	24	risk	risk	NOUN
fbem-31716	174	25	–	–	PUNCT
fbem-31716	174	26	return	return	NOUN
fbem-31716	174	27	under	under	ADP
fbem-31716	174	28	stress	stress	NOUN
fbem-31716	174	29	.	.	PUNCT
fbem-31716	174	30	’	'	PUNCT
fbem-31716	175	1	international	international	ADJ
fbem-31716	175	2	journal	journal	NOUN
fbem-31716	175	3	of	of	ADP
fbem-31716	175	4	emerging	emerge	VERB
fbem-31716	175	5	markets	market	NOUN
fbem-31716	175	6	,	,	PUNCT
fbem-31716	175	7	18(7	18(7	NUM
fbem-31716	175	8	)	)	PUNCT
fbem-31716	175	9	,	,	PUNCT
fbem-31716	175	10	pp	pp	ADP
fbem-31716	175	11	.	.	PUNCT
fbem-31716	175	12	1650	1650	NUM
fbem-31716	175	13	–	–	PUNCT
fbem-31716	175	14	1676	1676	NUM
fbem-31716	175	15	.	.	PUNCT
fbem-31716	176	1	[	[	X
fbem-31716	176	2	7	7	NUM
fbem-31716	176	3	]	]	X
fbem-31716	176	4	fifield	fifield	NOUN
fbem-31716	176	5	,	,	PUNCT
fbem-31716	176	6	s.g.m	s.g.m	PROPN
fbem-31716	176	7	.	.	PROPN
fbem-31716	176	8	,	,	PUNCT
fbem-31716	176	9	lonie	lonie	PROPN
fbem-31716	176	10	,	,	PUNCT
fbem-31716	176	11	a.a	a.a	PROPN
fbem-31716	176	12	.	.	PROPN
fbem-31716	176	13	,	,	PUNCT
fbem-31716	176	14	power	power	NOUN
fbem-31716	176	15	,	,	PUNCT
fbem-31716	176	16	d.m	d.m	PROPN
fbem-31716	176	17	.	.	PROPN
fbem-31716	176	18	&	&	CCONJ
fbem-31716	176	19	sinclair	sinclair	PROPN
fbem-31716	176	20	,	,	PUNCT
fbem-31716	176	21	c.d	c.d	PROPN
fbem-31716	176	22	.	.	PROPN
fbem-31716	176	23	,	,	PUNCT
fbem-31716	176	24	1996	1996	NUM
fbem-31716	176	25	.	.	PUNCT
fbem-31716	177	1	emerging	emerge	VERB
fbem-31716	177	2	markets	market	NOUN
fbem-31716	177	3	:	:	PUNCT
fbem-31716	177	4	a	a	DET
fbem-31716	177	5	disaggregated	disaggregate	VERB
fbem-31716	177	6	perspective	perspective	NOUN
fbem-31716	177	7	on	on	ADP
fbem-31716	177	8	the	the	DET
fbem-31716	177	9	gains	gain	NOUN
fbem-31716	177	10	from	from	ADP
fbem-31716	177	11	investing	invest	VERB
fbem-31716	177	12	internationally	internationally	ADV
fbem-31716	177	13	.	.	PUNCT
fbem-31716	178	1	dundee	dundee	PROPN
fbem-31716	178	2	:	:	PUNCT
fbem-31716	178	3	university	university	NOUN
fbem-31716	178	4	of	of	ADP
fbem-31716	178	5	dundee	dundee	PROPN
fbem-31716	178	6	.	.	PUNCT
fbem-31716	179	1	[	[	X
fbem-31716	179	2	8	8	NUM
fbem-31716	179	3	]	]	X
fbem-31716	179	4	mandelbrot	mandelbrot	PROPN
fbem-31716	179	5	,	,	PUNCT
fbem-31716	179	6	b.	b.	PROPN
fbem-31716	179	7	(	(	PUNCT
fbem-31716	179	8	1963	1963	NUM
fbem-31716	179	9	)	)	PUNCT
fbem-31716	179	10	‘	'	PUNCT
fbem-31716	179	11	the	the	DET
fbem-31716	179	12	variation	variation	NOUN
fbem-31716	179	13	of	of	ADP
fbem-31716	179	14	certain	certain	ADJ
fbem-31716	179	15	speculative	speculative	ADJ
fbem-31716	179	16	prices	price	NOUN
fbem-31716	179	17	.	.	PUNCT
fbem-31716	179	18	’	'	PUNCT
fbem-31716	179	19	journal	journal	NOUN
fbem-31716	179	20	of	of	ADP
fbem-31716	179	21	business	business	NOUN
fbem-31716	179	22	,	,	PUNCT
fbem-31716	179	23	36(4	36(4	NUM
fbem-31716	179	24	)	)	PUNCT
fbem-31716	179	25	,	,	PUNCT
fbem-31716	179	26	pp	pp	ADP
fbem-31716	179	27	.	.	PUNCT
fbem-31716	180	1	394–419	394–419	NUM
fbem-31716	180	2	.	.	PUNCT
fbem-31716	181	1	[	[	X
fbem-31716	181	2	9	9	NUM
fbem-31716	181	3	]	]	PUNCT
fbem-31716	181	4	kaboneka	kaboneka	NOUN
fbem-31716	181	5	,	,	PUNCT
fbem-31716	181	6	p.	p.	PROPN
fbem-31716	181	7	,	,	PUNCT
fbem-31716	181	8	charles	charles	PROPN
fbem-31716	181	9	,	,	PUNCT
fbem-31716	181	10	w.m	w.m	PROPN
fbem-31716	181	11	.	.	PROPN
fbem-31716	181	12	and	and	CCONJ
fbem-31716	181	13	mirau	mirau	NOUN
fbem-31716	181	14	,	,	PUNCT
fbem-31716	181	15	s.	s.	PROPN
fbem-31716	181	16	(	(	PUNCT
fbem-31716	181	17	2014	2014	NUM
fbem-31716	181	18	)	)	PUNCT
fbem-31716	181	19	‘	'	PUNCT
fbem-31716	181	20	analysis	analysis	NOUN
fbem-31716	181	21	of	of	ADP
fbem-31716	181	22	the	the	DET
fbem-31716	181	23	efficient	efficient	ADJ
fbem-31716	181	24	frontier	frontier	NOUN
fbem-31716	181	25	portfolio	portfolio	NOUN
fbem-31716	181	26	.	.	PUNCT
fbem-31716	181	27	’	'	PUNCT
fbem-31716	181	28	applied	apply	VERB
fbem-31716	181	29	and	and	CCONJ
fbem-31716	181	30	computational	computational	ADJ
fbem-31716	181	31	mathematics	mathematic	NOUN
fbem-31716	181	32	,	,	PUNCT
fbem-31716	181	33	3(5	3(5	NUM
fbem-31716	181	34	)	)	PUNCT
fbem-31716	181	35	,	,	PUNCT
fbem-31716	181	36	pp	pp	ADJ
fbem-31716	181	37	.	.	PUNCT
fbem-31716	182	1	205–216	205–216	NUM
fbem-31716	182	2	.	.	PUNCT
fbem-31716	183	1	[	[	X
fbem-31716	183	2	10	10	NUM
fbem-31716	183	3	]	]	X
fbem-31716	183	4	african	african	PROPN
fbem-31716	183	5	development	development	PROPN
fbem-31716	183	6	bank	bank	PROPN
fbem-31716	183	7	(	(	PUNCT
fbem-31716	183	8	2023	2023	NUM
fbem-31716	183	9	)	)	PUNCT
fbem-31716	183	10	africa	africa	PROPN
fbem-31716	183	11	’s	’s	PART
fbem-31716	183	12	economic	economic	ADJ
fbem-31716	183	13	performance	performance	NOUN
fbem-31716	183	14	and	and	CCONJ
fbem-31716	183	15	outlook	outlook	NOUN
fbem-31716	183	16	.	.	PUNCT
fbem-31716	184	1	[	[	X
fbem-31716	184	2	11	11	NUM
fbem-31716	184	3	]	]	SYM
fbem-31716	184	4	guney	guney	NOUN
fbem-31716	184	5	,	,	PUNCT
fbem-31716	184	6	y.	y.	PROPN
fbem-31716	184	7	,	,	PUNCT
fbem-31716	184	8	kallinterakis	kallinteraki	NOUN
fbem-31716	184	9	,	,	PUNCT
fbem-31716	184	10	v.	v.	ADP
fbem-31716	184	11	and	and	CCONJ
fbem-31716	184	12	komba	komba	PROPN
fbem-31716	184	13	,	,	PUNCT
fbem-31716	184	14	g.	g.	PROPN
fbem-31716	184	15	(	(	PUNCT
fbem-31716	184	16	2017	2017	NUM
fbem-31716	184	17	)	)	PUNCT
fbem-31716	184	18	‘	'	PUNCT
fbem-31716	184	19	herding	herd	VERB
fbem-31716	184	20	in	in	ADP
fbem-31716	184	21	frontier	frontier	NOUN
fbem-31716	184	22	markets	market	NOUN
fbem-31716	184	23	.	.	PUNCT
fbem-31716	184	24	’	'	PUNCT
fbem-31716	185	1	international	international	ADJ
fbem-31716	185	2	financial	financial	ADJ
fbem-31716	185	3	markets	market	NOUN
fbem-31716	185	4	,	,	PUNCT
fbem-31716	185	5	institutions	institution	NOUN
fbem-31716	185	6	&	&	CCONJ
fbem-31716	185	7	money	money	NOUN
fbem-31716	185	8	,	,	PUNCT
fbem-31716	185	9	47	47	NUM
fbem-31716	185	10	,	,	PUNCT
fbem-31716	185	11	pp	pp	ADJ
fbem-31716	185	12	.	.	PUNCT
fbem-31716	186	1	152–175	152–175	NUM
fbem-31716	186	2	.	.	PUNCT
fbem-31716	187	1	[	[	X
fbem-31716	187	2	12	12	NUM
fbem-31716	187	3	]	]	X
fbem-31716	187	4	marshall	marshall	PROPN
fbem-31716	187	5	,	,	PUNCT
fbem-31716	187	6	b.r	b.r	PROPN
fbem-31716	187	7	.	.	PROPN
fbem-31716	187	8	,	,	PUNCT
fbem-31716	187	9	nguyen	nguyen	PROPN
fbem-31716	187	10	,	,	PUNCT
fbem-31716	187	11	n.h	n.h	PROPN
fbem-31716	187	12	.	.	PROPN
fbem-31716	187	13	and	and	CCONJ
fbem-31716	187	14	tran	tran	PROPN
fbem-31716	187	15	,	,	PUNCT
fbem-31716	187	16	t.	t.	PROPN
fbem-31716	187	17	(	(	PUNCT
fbem-31716	187	18	2013	2013	NUM
fbem-31716	187	19	)	)	PUNCT
fbem-31716	187	20	‘	'	PUNCT
fbem-31716	187	21	frontier	frontier	NOUN
fbem-31716	187	22	market	market	NOUN
fbem-31716	187	23	trading	trading	NOUN
fbem-31716	187	24	costs	cost	NOUN
fbem-31716	187	25	and	and	CCONJ
fbem-31716	187	26	diversification	diversification	NOUN
fbem-31716	187	27	.	.	PUNCT
fbem-31716	187	28	’	'	PUNCT
fbem-31716	188	1	financial	financial	ADJ
fbem-31716	188	2	markets	market	NOUN
fbem-31716	188	3	journal	journal	NOUN
fbem-31716	188	4	,	,	PUNCT
fbem-31716	188	5	8(1	8(1	NOUN
fbem-31716	188	6	)	)	PUNCT
fbem-31716	188	7	,	,	PUNCT
fbem-31716	188	8	pp	pp	ADJ
fbem-31716	188	9	.	.	PUNCT
fbem-31716	189	1	12–29	12–29	NUM
fbem-31716	189	2	.	.	PUNCT
fbem-31716	190	1	[	[	X
fbem-31716	190	2	13	13	NUM
fbem-31716	190	3	]	]	X
fbem-31716	190	4	naumoski	naumoski	NOUN
fbem-31716	190	5	,	,	PUNCT
fbem-31716	190	6	a.	a.	PROPN
fbem-31716	190	7	,	,	PUNCT
fbem-31716	190	8	gaber	gaber	PROPN
fbem-31716	190	9	,	,	PUNCT
fbem-31716	190	10	s.	s.	PROPN
fbem-31716	190	11	and	and	CCONJ
fbem-31716	190	12	gaber	gaber	PROPN
fbem-31716	190	13	-	-	PUNCT
fbem-31716	190	14	naumoska	naumoska	PROPN
fbem-31716	190	15	,	,	PUNCT
fbem-31716	190	16	v.	v.	PROPN
fbem-31716	190	17	(	(	PUNCT
fbem-31716	190	18	2017	2017	NUM
fbem-31716	190	19	)	)	PUNCT
fbem-31716	190	20	‘	'	PUNCT
fbem-31716	190	21	empirical	empirical	ADJ
fbem-31716	190	22	evidence	evidence	NOUN
fbem-31716	190	23	on	on	ADP
fbem-31716	190	24	frontier	frontier	NOUN
fbem-31716	190	25	market	market	NOUN
fbem-31716	190	26	diversification	diversification	NOUN
fbem-31716	190	27	.	.	PUNCT
fbem-31716	190	28	’	'	PUNCT
fbem-31716	191	1	working	work	VERB
fbem-31716	191	2	paper	paper	NOUN
fbem-31716	191	3	.	.	PUNCT
fbem-31716	192	1	[	[	X
fbem-31716	192	2	14	14	NUM
fbem-31716	192	3	]	]	X
fbem-31716	192	4	pandey	pandey	PROPN
fbem-31716	192	5	,	,	PUNCT
fbem-31716	192	6	m.	m.	NOUN
fbem-31716	192	7	(	(	PUNCT
fbem-31716	192	8	2012	2012	NUM
fbem-31716	192	9	)	)	PUNCT
fbem-31716	192	10	‘	'	PUNCT
fbem-31716	192	11	application	application	NOUN
fbem-31716	192	12	of	of	ADP
fbem-31716	192	13	markowitz	markowitz	PROPN
fbem-31716	192	14	model	model	PROPN
fbem-31716	192	15	in	in	ADP
fbem-31716	192	16	analysing	analyse	VERB
fbem-31716	192	17	risk	risk	NOUN
fbem-31716	192	18	and	and	CCONJ
fbem-31716	192	19	return	return	NOUN
fbem-31716	192	20	.	.	PUNCT
fbem-31716	192	21	’	'	PUNCT
fbem-31716	193	1	finance	finance	NOUN
fbem-31716	193	2	&	&	CCONJ
fbem-31716	193	3	control	control	PROPN
fbem-31716	193	4	:	:	PUNCT
fbem-31716	193	5	financial	financial	ADJ
fbem-31716	193	6	markets	market	NOUN
fbem-31716	193	7	&	&	CCONJ
fbem-31716	193	8	institutions	institution	NOUN
fbem-31716	193	9	,	,	PUNCT
fbem-31716	193	10	2(1	2(1	NUM
fbem-31716	193	11	)	)	PUNCT
fbem-31716	193	12	,	,	PUNCT
fbem-31716	193	13	pp	pp	ADP
fbem-31716	193	14	.	.	PUNCT
fbem-31716	194	1	7–15	7–15	NOUN
fbem-31716	194	2	.	.	PUNCT
fbem-31716	195	1	[	[	X
fbem-31716	195	2	15	15	NUM
fbem-31716	195	3	]	]	X
fbem-31716	195	4	narayan	narayan	NOUN
fbem-31716	195	5	,	,	PUNCT
fbem-31716	195	6	s.w	s.w	PROPN
fbem-31716	195	7	.	.	PROPN
fbem-31716	195	8	and	and	CCONJ
fbem-31716	195	9	rehman	rehman	PROPN
fbem-31716	195	10	,	,	PUNCT
fbem-31716	195	11	m.u	m.u	PROPN
fbem-31716	195	12	.	.	PROPN
fbem-31716	195	13	(	(	PUNCT
fbem-31716	195	14	2018	2018	NUM
fbem-31716	195	15	)	)	PUNCT
fbem-31716	195	16	‘	'	PUNCT
fbem-31716	195	17	portfolio	portfolio	NOUN
fbem-31716	195	18	diversification	diversification	NOUN
fbem-31716	195	19	opportunities	opportunity	NOUN
fbem-31716	195	20	in	in	ADP
fbem-31716	195	21	frontier	frontier	NOUN
fbem-31716	195	22	economies	economy	NOUN
fbem-31716	195	23	.	.	PUNCT
fbem-31716	195	24	’	'	PUNCT
fbem-31716	195	25	bulletin	bulletin	NOUN
fbem-31716	195	26	of	of	ADP
fbem-31716	195	27	monetary	monetary	ADJ
fbem-31716	195	28	economics	economic	NOUN
fbem-31716	195	29	and	and	CCONJ
fbem-31716	195	30	banking	banking	NOUN
fbem-31716	195	31	,	,	PUNCT
fbem-31716	195	32	21(1	21(1	NUM
fbem-31716	195	33	)	)	PUNCT
fbem-31716	195	34	,	,	PUNCT
fbem-31716	195	35	pp	pp	PROPN
fbem-31716	195	36	.	.	PUNCT
fbem-31716	196	1	1–22	1–22	NOUN
fbem-31716	196	2	.	.	PUNCT
fbem-31716	197	1	[	[	X
fbem-31716	197	2	16	16	NUM
fbem-31716	197	3	]	]	X
fbem-31716	197	4	pätäri	pätäri	PROPN
fbem-31716	197	5	,	,	PUNCT
fbem-31716	197	6	e.	e.	PROPN
fbem-31716	197	7	,	,	PUNCT
fbem-31716	197	8	ahmed	ahmed	PROPN
fbem-31716	197	9	,	,	PUNCT
fbem-31716	197	10	s.	s.	PROPN
fbem-31716	197	11	,	,	PUNCT
fbem-31716	197	12	john	john	PROPN
fbem-31716	197	13	,	,	PUNCT
fbem-31716	197	14	e.	e.	PROPN
fbem-31716	197	15	and	and	CCONJ
fbem-31716	197	16	karell	karell	PROPN
fbem-31716	197	17	,	,	PUNCT
fbem-31716	197	18	v.	v.	PROPN
fbem-31716	197	19	(	(	PUNCT
fbem-31716	197	20	2019	2019	NUM
fbem-31716	197	21	)	)	PUNCT
fbem-31716	197	22	‘	'	PUNCT
fbem-31716	197	23	the	the	DET
fbem-31716	197	24	changing	change	VERB
fbem-31716	197	25	role	role	NOUN
fbem-31716	197	26	of	of	ADP
fbem-31716	197	27	emerging	emerge	VERB
fbem-31716	197	28	and	and	CCONJ
fbem-31716	197	29	frontier	frontier	NOUN
fbem-31716	197	30	markets	market	NOUN
fbem-31716	197	31	in	in	ADP
fbem-31716	197	32	global	global	ADJ
fbem-31716	197	33	portfolio	portfolio	NOUN
fbem-31716	197	34	diversification	diversification	NOUN
fbem-31716	197	35	’	'	PUNCT
fbem-31716	197	36	,	,	PUNCT
fbem-31716	197	37	cogent	cogent	NOUN
fbem-31716	197	38	economics	economic	NOUN
fbem-31716	197	39	&	&	CCONJ
fbem-31716	197	40	finance	finance	PROPN
fbem-31716	197	41	,	,	PUNCT
fbem-31716	197	42	7(1	7(1	NUM
fbem-31716	197	43	)	)	PUNCT
fbem-31716	197	44	,	,	PUNCT
fbem-31716	197	45	1701910	1701910	NUM
fbem-31716	197	46	.	.	PUNCT
fbem-31716	198	1	[	[	X
fbem-31716	198	2	17	17	NUM
fbem-31716	198	3	]	]	PUNCT
fbem-31716	198	4	evans	evans	PROPN
fbem-31716	198	5	,	,	PUNCT
fbem-31716	198	6	c.	c.	PROPN
fbem-31716	198	7	and	and	CCONJ
fbem-31716	198	8	van	van	PROPN
fbem-31716	198	9	vuuren	vuuren	PROPN
fbem-31716	198	10	,	,	PUNCT
fbem-31716	198	11	g.	g.	PROPN
fbem-31716	198	12	(	(	PUNCT
fbem-31716	198	13	2018	2018	NUM
fbem-31716	198	14	)	)	PUNCT
fbem-31716	198	15	‘	'	PUNCT
fbem-31716	198	16	frontier	frontier	NOUN
fbem-31716	198	17	markets	market	NOUN
fbem-31716	198	18	and	and	CCONJ
fbem-31716	198	19	portfolio	portfolio	NOUN
fbem-31716	198	20	diversification	diversification	NOUN
fbem-31716	198	21	.	.	PUNCT
fbem-31716	198	22	’	'	PUNCT
fbem-31716	199	1	working	work	VERB
fbem-31716	199	2	paper	paper	NOUN
fbem-31716	199	3	.	.	PUNCT
fbem-31716	200	1	[	[	X
fbem-31716	200	2	18	18	NUM
fbem-31716	200	3	]	]	PUNCT
fbem-31716	200	4	world	world	PROPN
fbem-31716	200	5	bank	bank	PROPN
fbem-31716	200	6	(	(	PUNCT
fbem-31716	200	7	2020	2020	NUM
fbem-31716	200	8	)	)	PUNCT
fbem-31716	200	9	.	.	PUNCT
fbem-31716	201	1	global	global	ADJ
fbem-31716	201	2	financial	financial	PROPN
fbem-31716	201	3	development	development	PROPN
fbem-31716	201	4	report	report	PROPN
fbem-31716	201	5	2019/2020	2019/2020	NUM
fbem-31716	201	6	:	:	PUNCT
fbem-31716	201	7	bank	bank	NOUN
fbem-31716	201	8	regulation	regulation	NOUN
fbem-31716	201	9	and	and	CCONJ
fbem-31716	201	10	supervision	supervision	NOUN
fbem-31716	201	11	a	a	DET
fbem-31716	201	12	decade	decade	NOUN
fbem-31716	201	13	after	after	ADP
fbem-31716	201	14	the	the	DET
fbem-31716	201	15	global	global	ADJ
fbem-31716	201	16	financial	financial	ADJ
fbem-31716	201	17	crisis	crisis	NOUN
fbem-31716	201	18	.	.	PUNCT
fbem-31716	202	1	washington	washington	PROPN
fbem-31716	202	2	,	,	PUNCT
fbem-31716	202	3	dc	dc	PROPN
fbem-31716	202	4	:	:	PUNCT
fbem-31716	202	5	world	world	PROPN
fbem-31716	202	6	bank	bank	PROPN
fbem-31716	202	7	.	.	PUNCT
fbem-31716	203	1	[	[	X
fbem-31716	203	2	19	19	NUM
fbem-31716	203	3	]	]	X
fbem-31716	203	4	international	international	ADJ
fbem-31716	203	5	monetary	monetary	ADJ
fbem-31716	203	6	fund	fund	NOUN
fbem-31716	203	7	(	(	PUNCT
fbem-31716	203	8	2020	2020	NUM
fbem-31716	203	9	)	)	PUNCT
fbem-31716	203	10	world	world	NOUN
fbem-31716	203	11	economic	economic	ADJ
fbem-31716	203	12	outlook	outlook	NOUN
fbem-31716	203	13	:	:	PUNCT
fbem-31716	203	14	a	a	DET
fbem-31716	203	15	long	long	ADJ
fbem-31716	203	16	and	and	CCONJ
fbem-31716	203	17	difficult	difficult	ADJ
fbem-31716	203	18	ascent	ascent	NOUN
fbem-31716	203	19	.	.	PUNCT
fbem-31716	204	1	washington	washington	PROPN
fbem-31716	204	2	,	,	PUNCT
fbem-31716	204	3	dc	dc	PROPN
fbem-31716	204	4	:	:	PUNCT
fbem-31716	204	5	imf	imf	PROPN
fbem-31716	204	6	.	.	PUNCT
fbem-31716	205	1	[	[	X
fbem-31716	205	2	20	20	NUM
fbem-31716	205	3	]	]	PUNCT
fbem-31716	205	4	world	world	PROPN
fbem-31716	205	5	bank	bank	PROPN
fbem-31716	205	6	(	(	PUNCT
fbem-31716	205	7	2021	2021	NUM
fbem-31716	205	8	)	)	PUNCT
fbem-31716	205	9	global	global	ADJ
fbem-31716	205	10	financial	financial	PROPN
fbem-31716	205	11	development	development	PROPN
fbem-31716	205	12	report	report	PROPN
fbem-31716	205	13	:	:	PUNCT
fbem-31716	205	14	frontier	frontier	NOUN
fbem-31716	205	15	markets	market	NOUN
fbem-31716	205	16	and	and	CCONJ
fbem-31716	205	17	the	the	DET
fbem-31716	205	18	post	post	ADJ
fbem-31716	205	19	-	-	ADJ
fbem-31716	205	20	crisis	crisis	NOUN
fbem-31716	205	21	integration	integration	NOUN
fbem-31716	205	22	landscape	landscape	NOUN
fbem-31716	205	23	.	.	PUNCT
fbem-31716	206	1	washington	washington	PROPN
fbem-31716	206	2	,	,	PUNCT
fbem-31716	206	3	dc	dc	PROPN
fbem-31716	206	4	:	:	PUNCT
fbem-31716	206	5	world	world	PROPN
fbem-31716	206	6	bank	bank	PROPN
fbem-31716	206	7	.	.	PUNCT
fbem-31716	207	1	[	[	X
fbem-31716	207	2	21	21	NUM
fbem-31716	207	3	]	]	X
fbem-31716	207	4	thomas	thomas	PROPN
fbem-31716	207	5	,	,	PUNCT
fbem-31716	207	6	n.m	n.m	PROPN
fbem-31716	207	7	.	.	PROPN
fbem-31716	207	8	,	,	PUNCT
fbem-31716	207	9	kashiramka	kashiramka	PROPN
fbem-31716	207	10	,	,	PUNCT
fbem-31716	207	11	s.	s.	PROPN
fbem-31716	207	12	,	,	PUNCT
fbem-31716	207	13	yadav	yadav	PROPN
fbem-31716	207	14	,	,	PUNCT
fbem-31716	207	15	s.s	s.s	PROPN
fbem-31716	207	16	.	.	PROPN
fbem-31716	207	17	and	and	CCONJ
fbem-31716	207	18	paul	paul	PROPN
fbem-31716	207	19	,	,	PUNCT
fbem-31716	207	20	j.	j.	PROPN
fbem-31716	207	21	(	(	PUNCT
fbem-31716	207	22	2022	2022	NUM
fbem-31716	207	23	)	)	PUNCT
fbem-31716	207	24	‘	'	PUNCT
fbem-31716	207	25	role	role	NOUN
fbem-31716	207	26	of	of	ADP
fbem-31716	207	27	emerging	emerge	VERB
fbem-31716	207	28	markets	market	NOUN
fbem-31716	207	29	vis	vis	X
fbem-31716	207	30	-	-	ADJ
fbem-31716	207	31	à	à	X
fbem-31716	207	32	-	-	PUNCT
fbem-31716	207	33	vis	vis	X
fbem-31716	207	34	frontier	frontier	NOUN
fbem-31716	207	35	markets	market	NOUN
fbem-31716	207	36	in	in	ADP
fbem-31716	207	37	improving	improve	VERB
fbem-31716	207	38	portfolio	portfolio	NOUN
fbem-31716	207	39	diversification	diversification	NOUN
fbem-31716	207	40	benefits	benefit	NOUN
fbem-31716	207	41	’	'	PUNCT
fbem-31716	207	42	,	,	PUNCT
fbem-31716	207	43	international	international	ADJ
fbem-31716	207	44	review	review	NOUN
fbem-31716	207	45	of	of	ADP
fbem-31716	207	46	economics	economics	PROPN
fbem-31716	207	47	&	&	CCONJ
fbem-31716	207	48	finance	finance	PROPN
fbem-31716	207	49	,	,	PUNCT
fbem-31716	207	50	78	78	NUM
fbem-31716	207	51	,	,	PUNCT
fbem-31716	207	52	pp	pp	ADJ
fbem-31716	207	53	.	.	PUNCT
fbem-31716	208	1	95–121	95–121	NUM
fbem-31716	208	2	.	.	PUNCT
fbem-31716	209	1	[	[	X
fbem-31716	209	2	22	22	NUM
fbem-31716	209	3	]	]	X
fbem-31716	209	4	dania	dania	PROPN
fbem-31716	209	5	,	,	PUNCT
fbem-31716	209	6	r.a	r.a	PROPN
fbem-31716	209	7	.	.	PROPN
fbem-31716	209	8	and	and	CCONJ
fbem-31716	209	9	maysami	maysami	PROPN
fbem-31716	209	10	,	,	PUNCT
fbem-31716	209	11	r.	r.	PROPN
fbem-31716	209	12	(	(	PUNCT
fbem-31716	209	13	2017	2017	NUM
fbem-31716	209	14	)	)	PUNCT
fbem-31716	209	15	‘	'	PUNCT
fbem-31716	209	16	diversification	diversification	NOUN
fbem-31716	209	17	in	in	ADP
fbem-31716	209	18	frontier	frontier	NOUN
fbem-31716	209	19	markets	market	NOUN
fbem-31716	209	20	:	:	PUNCT
fbem-31716	209	21	a	a	DET
fbem-31716	209	22	study	study	NOUN
fbem-31716	209	23	on	on	ADP
fbem-31716	209	24	risk	risk	NOUN
fbem-31716	209	25	and	and	CCONJ
fbem-31716	209	26	return	return	NOUN
fbem-31716	209	27	.	.	PUNCT
fbem-31716	209	28	’	'	PUNCT
fbem-31716	210	1	journal	journal	NOUN
fbem-31716	210	2	of	of	ADP
fbem-31716	210	3	financial	financial	ADJ
fbem-31716	210	4	economics	economic	NOUN
fbem-31716	210	5	,	,	PUNCT
fbem-31716	210	6	10(2	10(2	NUM
fbem-31716	210	7	)	)	PUNCT
fbem-31716	210	8	,	,	PUNCT
fbem-31716	210	9	pp	pp	ADP
fbem-31716	210	10	.	.	PUNCT
fbem-31716	211	1	123–145	123–145	NUM
fbem-31716	211	2	.	.	PUNCT
fbem-31716	212	1	[	[	X
fbem-31716	212	2	23	23	NUM
fbem-31716	212	3	]	]	X
fbem-31716	212	4	hoang	hoang	PROPN
fbem-31716	212	5	,	,	PUNCT
fbem-31716	212	6	t.	t.	PROPN
fbem-31716	212	7	(	(	PUNCT
fbem-31716	212	8	2022	2022	NUM
fbem-31716	212	9	)	)	PUNCT
fbem-31716	212	10	‘	'	PUNCT
fbem-31716	212	11	time	time	NOUN
fbem-31716	212	12	-	-	PUNCT
fbem-31716	212	13	varying	vary	VERB
fbem-31716	212	14	covariance	covariance	NOUN
fbem-31716	212	15	and	and	CCONJ
fbem-31716	212	16	diversification	diversification	NOUN
fbem-31716	212	17	in	in	ADP
fbem-31716	212	18	emerging	emerge	VERB
fbem-31716	212	19	/	/	SYM
fbem-31716	212	20	frontier	frontier	NOUN
fbem-31716	212	21	markets	market	NOUN
fbem-31716	212	22	.	.	PUNCT
fbem-31716	212	23	’	'	PUNCT
fbem-31716	212	24	preprint	preprint	NOUN
fbem-31716	212	25	.	.	PUNCT
fbem-31716	213	1	[	[	X
fbem-31716	213	2	24	24	NUM
fbem-31716	213	3	]	]	PUNCT
fbem-31716	213	4	phanrattinon	phanrattinon	NOUN
fbem-31716	213	5	,	,	PUNCT
fbem-31716	213	6	n.	n.	NOUN
fbem-31716	213	7	,	,	PUNCT
fbem-31716	213	8	lenbury	lenbury	NOUN
fbem-31716	213	9	,	,	PUNCT
fbem-31716	213	10	y.	y.	NOUN
fbem-31716	213	11	,	,	PUNCT
fbem-31716	213	12	misiran	misiran	NOUN
fbem-31716	213	13	,	,	PUNCT
fbem-31716	213	14	m.	m.	NOUN
fbem-31716	213	15	and	and	CCONJ
fbem-31716	213	16	phewchean	phewchean	ADJ
fbem-31716	213	17	,	,	PUNCT
fbem-31716	213	18	n.	n.	PROPN
fbem-31716	213	19	(	(	PUNCT
fbem-31716	213	20	2020	2020	NUM
fbem-31716	213	21	)	)	PUNCT
fbem-31716	213	22	‘	'	PUNCT
fbem-31716	213	23	dynamic	dynamic	ADJ
fbem-31716	213	24	conditional	conditional	ADJ
fbem-31716	213	25	correlation	correlation	NOUN
fbem-31716	213	26	models	model	NOUN
fbem-31716	213	27	for	for	ADP
fbem-31716	213	28	portfolio	portfolio	NOUN
fbem-31716	213	29	allocation	allocation	NOUN
fbem-31716	213	30	.	.	PUNCT
fbem-31716	213	31	’	'	PUNCT
fbem-31716	213	32	circuit	circuit	NOUN
fbem-31716	213	33	systems	system	NOUN
fbem-31716	213	34	and	and	CCONJ
fbem-31716	213	35	signal	signal	NOUN
fbem-31716	213	36	.	.	PUNCT
fbem-31716	214	1	[	[	X
fbem-31716	214	2	25	25	NUM
fbem-31716	214	3	]	]	X
fbem-31716	214	4	abidi	abidi	PROPN
fbem-31716	214	5	,	,	PUNCT
fbem-31716	214	6	n.	n.	NOUN
fbem-31716	214	7	,	,	PUNCT
fbem-31716	214	8	hacibedel	hacibedel	NOUN
fbem-31716	214	9	,	,	PUNCT
fbem-31716	214	10	b.	b.	PROPN
fbem-31716	214	11	and	and	CCONJ
fbem-31716	214	12	nkusu	nkusu	PROPN
fbem-31716	214	13	,	,	PUNCT
fbem-31716	214	14	m.	m.	NOUN
fbem-31716	214	15	(	(	PUNCT
fbem-31716	214	16	2016	2016	NUM
fbem-31716	214	17	)	)	PUNCT
fbem-31716	214	18	changing	change	VERB
fbem-31716	214	19	times	time	NOUN
fbem-31716	214	20	for	for	ADP
fbem-31716	214	21	frontier	frontier	NOUN
fbem-31716	214	22	markets	market	NOUN
fbem-31716	214	23	:	:	PUNCT
fbem-31716	214	24	a	a	DET
fbem-31716	214	25	perspective	perspective	NOUN
fbem-31716	214	26	from	from	ADP
fbem-31716	214	27	portfolio	portfolio	NOUN
fbem-31716	214	28	investment	investment	NOUN
fbem-31716	214	29	flows	flow	NOUN
fbem-31716	214	30	and	and	CCONJ
fbem-31716	214	31	financial	financial	ADJ
fbem-31716	214	32	integration	integration	NOUN
fbem-31716	214	33	.	.	PUNCT
fbem-31716	215	1	imf	imf	PROPN
fbem-31716	215	2	working	working	PROPN
fbem-31716	215	3	paper	paper	PROPN
fbem-31716	215	4	no	no	INTJ
fbem-31716	215	5	.	.	PUNCT
fbem-31716	216	1	16/177	16/177	NUM
fbem-31716	216	2	.	.	PUNCT
fbem-31716	217	1	washington	washington	PROPN
fbem-31716	217	2	,	,	PUNCT
fbem-31716	217	3	dc	dc	PROPN
fbem-31716	217	4	:	:	PUNCT
fbem-31716	217	5	international	international	ADJ
fbem-31716	217	6	monetary	monetary	ADJ
fbem-31716	217	7	fund	fund	NOUN
fbem-31716	217	8	.	.	PUNCT
fbem-31716	218	1	[	[	X
fbem-31716	218	2	26	26	NUM
fbem-31716	218	3	]	]	X
fbem-31716	218	4	thomas	thomas	PROPN
fbem-31716	218	5	,	,	PUNCT
fbem-31716	218	6	n.m	n.m	PROPN
fbem-31716	218	7	.	.	PROPN
fbem-31716	218	8	,	,	PUNCT
fbem-31716	218	9	kashiramka	kashiramka	PROPN
fbem-31716	218	10	,	,	PUNCT
fbem-31716	218	11	s.	s.	PROPN
fbem-31716	218	12	and	and	CCONJ
fbem-31716	218	13	yadav	yadav	PROPN
fbem-31716	218	14	,	,	PUNCT
fbem-31716	218	15	s.s	s.s	PROPN
fbem-31716	218	16	.	.	PROPN
fbem-31716	218	17	(	(	PUNCT
fbem-31716	218	18	2018	2018	NUM
fbem-31716	218	19	)	)	PUNCT
fbem-31716	218	20	‘	'	PUNCT
fbem-31716	218	21	do	do	AUX
fbem-31716	218	22	emerging	emerge	VERB
fbem-31716	218	23	and	and	CCONJ
fbem-31716	218	24	frontier	frontier	NOUN
fbem-31716	218	25	stock	stock	NOUN
fbem-31716	218	26	markets	market	NOUN
fbem-31716	218	27	of	of	ADP
fbem-31716	218	28	middle	middle	PROPN
fbem-31716	218	29	east	east	PROPN
fbem-31716	218	30	and	and	CCONJ
fbem-31716	218	31	north	north	PROPN
fbem-31716	218	32	africa	africa	PROPN
fbem-31716	218	33	(	(	PUNCT
fbem-31716	218	34	mena	mena	PROPN
fbem-31716	218	35	)	)	PUNCT
fbem-31716	218	36	region	region	NOUN
fbem-31716	218	37	provide	provide	VERB
fbem-31716	218	38	diversification	diversification	NOUN
fbem-31716	218	39	opportunities	opportunity	NOUN
fbem-31716	218	40	?	?	PUNCT
fbem-31716	218	41	’	'	PUNCT
fbem-31716	218	42	,	,	PUNCT
fbem-31716	218	43	in	in	ADP
fbem-31716	218	44	tsounis	tsounis	NOUN
fbem-31716	218	45	,	,	PUNCT
fbem-31716	218	46	n.	n.	NOUN
fbem-31716	218	47	and	and	CCONJ
fbem-31716	218	48	vlachvei	vlachvei	NOUN
fbem-31716	218	49	,	,	PUNCT
fbem-31716	218	50	a.	a.	NOUN
fbem-31716	218	51	(	(	PUNCT
fbem-31716	218	52	eds	eds	PROPN
fbem-31716	218	53	)	)	PUNCT
fbem-31716	218	54	advances	advance	NOUN
fbem-31716	218	55	in	in	ADP
fbem-31716	218	56	time	time	NOUN
fbem-31716	218	57	series	series	PROPN
fbem-31716	218	58	data	data	NOUN
fbem-31716	218	59	methods	method	NOUN
fbem-31716	218	60	in	in	ADP
fbem-31716	218	61	applied	apply	VERB
fbem-31716	218	62	economic	economic	ADJ
fbem-31716	218	63	research	research	NOUN
fbem-31716	218	64	.	.	PUNCT
fbem-31716	219	1	cham	cham	PROPN
fbem-31716	219	2	:	:	PUNCT
fbem-31716	219	3	springer	springer	NOUN
fbem-31716	219	4	,	,	PUNCT
fbem-31716	219	5	pp	pp	X
fbem-31716	219	6	.	.	PUNCT
fbem-31716	220	1	191–203	191–203	NUM
fbem-31716	220	2	.	.	PUNCT
fbem-31716	221	1	[	[	X
fbem-31716	221	2	27	27	NUM
fbem-31716	221	3	]	]	PUNCT
fbem-31716	221	4	sukumaran	sukumaran	NOUN
fbem-31716	221	5	,	,	PUNCT
fbem-31716	221	6	a.	a.	NOUN
fbem-31716	221	7	,	,	PUNCT
fbem-31716	221	8	gupta	gupta	PROPN
fbem-31716	221	9	,	,	PUNCT
fbem-31716	221	10	r.	r.	PROPN
fbem-31716	221	11	and	and	CCONJ
fbem-31716	221	12	jithendranathan	jithendranathan	PROPN
fbem-31716	221	13	,	,	PUNCT
fbem-31716	221	14	t.	t.	PROPN
fbem-31716	221	15	(	(	PUNCT
fbem-31716	221	16	2015	2015	NUM
fbem-31716	221	17	)	)	PUNCT
fbem-31716	221	18	‘	'	PUNCT
fbem-31716	221	19	looking	look	VERB
fbem-31716	221	20	at	at	ADP
fbem-31716	221	21	diversification	diversification	NOUN
fbem-31716	221	22	in	in	ADP
fbem-31716	221	23	frontier	frontier	NOUN
fbem-31716	221	24	equities	equity	NOUN
fbem-31716	221	25	.	.	PUNCT
fbem-31716	221	26	’	'	PUNCT
fbem-31716	222	1	international	international	ADJ
fbem-31716	222	2	journal	journal	NOUN
fbem-31716	222	3	of	of	ADP
fbem-31716	222	4	managerial	managerial	ADJ
fbem-31716	222	5	finance	finance	NOUN
fbem-31716	222	6	,	,	PUNCT
fbem-31716	222	7	11(1	11(1	NUM
fbem-31716	222	8	)	)	PUNCT
fbem-31716	222	9	,	,	PUNCT
fbem-31716	222	10	pp	pp	ADP
fbem-31716	222	11	.	.	PUNCT
fbem-31716	223	1	97–116	97–116	X
fbem-31716	223	2	.	.	PUNCT