id	sid	tid	token	lemma	pos
fbem-32349	1	1	frontiers	frontier	NOUN
fbem-32349	1	2	in	in	ADP
fbem-32349	1	3	business	business	NOUN
fbem-32349	1	4	,	,	PUNCT
fbem-32349	1	5	economics	economic	NOUN
fbem-32349	1	6	and	and	CCONJ
fbem-32349	1	7	management	management	NOUN
fbem-32349	1	8	issn	issn	PROPN
fbem-32349	1	9	:	:	PUNCT
fbem-32349	1	10	2766	2766	NUM
fbem-32349	1	11	-	-	PUNCT
fbem-32349	1	12	824x	824x	NUM
fbem-32349	1	13	|	|	ADJ
fbem-32349	1	14	vol	vol	NOUN
fbem-32349	1	15	.	.	PROPN
fbem-32349	1	16	21	21	NUM
fbem-32349	1	17	,	,	PUNCT
fbem-32349	1	18	no	no	INTJ
fbem-32349	1	19	.	.	NOUN
fbem-32349	1	20	2	2	NUM
fbem-32349	1	21	,	,	PUNCT
fbem-32349	1	22	2025	2025	NUM
fbem-32349	1	23	106	106	NUM
fbem-32349	1	24	research	research	NOUN
fbem-32349	1	25	on	on	ADP
fbem-32349	1	26	corporate	corporate	ADJ
fbem-32349	1	27	overseas	overseas	ADJ
fbem-32349	1	28	asset	asset	NOUN
fbem-32349	1	29	allocation	allocation	NOUN
fbem-32349	1	30	under	under	ADP
fbem-32349	1	31	the	the	DET
fbem-32349	1	32	contagion	contagion	NOUN
fbem-32349	1	33	of	of	ADP
fbem-32349	1	34	geopolitical	geopolitical	ADJ
fbem-32349	1	35	risks	risk	NOUN
fbem-32349	1	36	rui	rui	PROPN
fbem-32349	1	37	lu	lu	PROPN
fbem-32349	1	38	1	1	NUM
fbem-32349	1	39	,	,	PUNCT
fbem-32349	1	40	yi	yi	PROPN
fbem-32349	1	41	jiang	jiang	PROPN
fbem-32349	1	42	2	2	NUM
fbem-32349	1	43	,	,	PUNCT
fbem-32349	1	44	jiaai	jiaai	PROPN
fbem-32349	1	45	wang	wang	PROPN
fbem-32349	1	46	3	3	NUM
fbem-32349	1	47	1	1	NUM
fbem-32349	1	48	school	school	NOUN
fbem-32349	1	49	of	of	ADP
fbem-32349	1	50	finance	finance	NOUN
fbem-32349	1	51	,	,	PUNCT
fbem-32349	1	52	anhui	anhui	PROPN
fbem-32349	1	53	university	university	PROPN
fbem-32349	1	54	of	of	ADP
fbem-32349	1	55	finance	finance	PROPN
fbem-32349	1	56	&	&	CCONJ
fbem-32349	1	57	economics	economic	NOUN
fbem-32349	1	58	,	,	PUNCT
fbem-32349	1	59	bengbu	bengbu	NOUN
fbem-32349	1	60	anhui	anhui	PROPN
fbem-32349	1	61	233030	233030	NUM
fbem-32349	1	62	,	,	PUNCT
fbem-32349	1	63	china	china	PROPN
fbem-32349	1	64	2	2	NUM
fbem-32349	1	65	school	school	NOUN
fbem-32349	1	66	of	of	ADP
fbem-32349	1	67	languages	language	NOUN
fbem-32349	1	68	and	and	CCONJ
fbem-32349	1	69	media	medium	NOUN
fbem-32349	1	70	,	,	PUNCT
fbem-32349	1	71	anhui	anhui	PROPN
fbem-32349	1	72	university	university	PROPN
fbem-32349	1	73	of	of	ADP
fbem-32349	1	74	finance	finance	PROPN
fbem-32349	1	75	&	&	CCONJ
fbem-32349	1	76	economics	economic	NOUN
fbem-32349	1	77	,	,	PUNCT
fbem-32349	1	78	bengbu	bengbu	NOUN
fbem-32349	1	79	anhui	anhui	PROPN
fbem-32349	1	80	233030	233030	NUM
fbem-32349	1	81	,	,	PUNCT
fbem-32349	1	82	china	china	PROPN
fbem-32349	1	83	3	3	NUM
fbem-32349	1	84	institute	institute	PROPN
fbem-32349	1	85	of	of	ADP
fbem-32349	1	86	finance	finance	NOUN
fbem-32349	1	87	and	and	CCONJ
fbem-32349	1	88	public	public	ADJ
fbem-32349	1	89	management	management	NOUN
fbem-32349	1	90	,	,	PUNCT
fbem-32349	1	91	anhui	anhui	PROPN
fbem-32349	1	92	university	university	PROPN
fbem-32349	1	93	of	of	ADP
fbem-32349	1	94	finance	finance	PROPN
fbem-32349	1	95	&	&	CCONJ
fbem-32349	1	96	economics	economic	NOUN
fbem-32349	1	97	,	,	PUNCT
fbem-32349	1	98	bengbu	bengbu	NOUN
fbem-32349	1	99	anhui	anhui	PROPN
fbem-32349	1	100	233030	233030	NUM
fbem-32349	1	101	,	,	PUNCT
fbem-32349	1	102	china	china	PROPN
fbem-32349	1	103	abstract	abstract	NOUN
fbem-32349	1	104	:	:	PUNCT
fbem-32349	1	105	based	base	VERB
fbem-32349	1	106	on	on	ADP
fbem-32349	1	107	the	the	DET
fbem-32349	1	108	country	country	NOUN
fbem-32349	1	109	-	-	PUNCT
fbem-32349	1	110	specific	specific	ADJ
fbem-32349	1	111	distribution	distribution	NOUN
fbem-32349	1	112	data	datum	NOUN
fbem-32349	1	113	of	of	ADP
fbem-32349	1	114	overseas	overseas	ADJ
fbem-32349	1	115	assets	asset	NOUN
fbem-32349	1	116	of	of	ADP
fbem-32349	1	117	586	586	NUM
fbem-32349	1	118	a	a	DET
fbem-32349	1	119	-	-	PUNCT
fbem-32349	1	120	share	share	NOUN
fbem-32349	1	121	listed	list	VERB
fbem-32349	1	122	companies	company	NOUN
fbem-32349	1	123	in	in	ADP
fbem-32349	1	124	china	china	PROPN
fbem-32349	1	125	from	from	ADP
fbem-32349	1	126	2018	2018	NUM
fbem-32349	1	127	to	to	ADP
fbem-32349	1	128	2023	2023	NUM
fbem-32349	1	129	,	,	PUNCT
fbem-32349	1	130	this	this	DET
fbem-32349	1	131	paper	paper	NOUN
fbem-32349	1	132	constructs	construct	VERB
fbem-32349	1	133	an	an	DET
fbem-32349	1	134	overseas	overseas	ADJ
fbem-32349	1	135	asset	asset	NOUN
fbem-32349	1	136	diversification	diversification	NOUN
fbem-32349	1	137	index	index	NOUN
fbem-32349	1	138	(	(	PUNCT
fbem-32349	1	139	hhi	hhi	NOUN
fbem-32349	1	140	)	)	PUNCT
fbem-32349	1	141	and	and	CCONJ
fbem-32349	1	142	uses	use	VERB
fbem-32349	1	143	a	a	DET
fbem-32349	1	144	two	two	NUM
fbem-32349	1	145	-way	-way	ADV
fbem-32349	1	146	fixed	fix	VERB
fbem-32349	1	147	effects	effect	NOUN
fbem-32349	1	148	model	model	NOUN
fbem-32349	1	149	and	and	CCONJ
fbem-32349	1	150	event	event	NOUN
fbem-32349	1	151	study	study	NOUN
fbem-32349	1	152	method	method	NOUN
fbem-32349	1	153	to	to	PART
fbem-32349	1	154	systematically	systematically	ADV
fbem-32349	1	155	explore	explore	VERB
fbem-32349	1	156	the	the	DET
fbem-32349	1	157	dynamic	dynamic	ADJ
fbem-32349	1	158	impact	impact	NOUN
fbem-32349	1	159	of	of	ADP
fbem-32349	1	160	geopolitical	geopolitical	ADJ
fbem-32349	1	161	risks	risk	NOUN
fbem-32349	1	162	on	on	ADP
fbem-32349	1	163	corporate	corporate	ADJ
fbem-32349	1	164	overseas	overseas	ADJ
fbem-32349	1	165	asset	asset	NOUN
fbem-32349	1	166	allocation	allocation	NOUN
fbem-32349	1	167	.	.	PUNCT
fbem-32349	2	1	the	the	DET
fbem-32349	2	2	study	study	NOUN
fbem-32349	2	3	found	find	VERB
fbem-32349	2	4	that	that	SCONJ
fbem-32349	2	5	:	:	PUNCT
fbem-32349	2	6	(	(	PUNCT
fbem-32349	2	7	1	1	X
fbem-32349	2	8	)	)	PUNCT
fbem-32349	2	9	for	for	ADP
fbem-32349	2	10	every	every	DET
fbem-32349	2	11	standard	standard	ADJ
fbem-32349	2	12	deviation	deviation	NOUN
fbem-32349	2	13	increase	increase	NOUN
fbem-32349	2	14	in	in	ADP
fbem-32349	2	15	the	the	DET
fbem-32349	2	16	gpr	gpr	PROPN
fbem-32349	2	17	index	index	NOUN
fbem-32349	2	18	,	,	PUNCT
fbem-32349	2	19	the	the	DET
fbem-32349	2	20	overseas	overseas	ADJ
fbem-32349	2	21	asset	asset	NOUN
fbem-32349	2	22	diversification	diversification	NOUN
fbem-32349	2	23	of	of	ADP
fbem-32349	2	24	enter	enter	VERB
fbem-32349	2	25	prises	prise	NOUN
fbem-32349	2	26	decreased	decrease	VERB
fbem-32349	2	27	significantly	significantly	ADV
fbem-32349	2	28	by	by	ADP
fbem-32349	2	29	0.009	0.009	NUM
fbem-32349	2	30	,	,	PUNCT
fbem-32349	2	31	indicating	indicate	VERB
fbem-32349	2	32	that	that	SCONJ
fbem-32349	2	33	enterprises	enterprise	NOUN
fbem-32349	2	34	hedged	hedge	VERB
fbem-32349	2	35	geopolitical	geopolitical	ADJ
fbem-32349	2	36	risks	risk	NOUN
fbem-32349	2	37	through	through	ADP
fbem-32349	2	38	a	a	DET
fbem-32349	2	39	"	"	PUNCT
fbem-32349	2	40	multi	multi	ADJ
fbem-32349	2	41	-regional	-regional	ADJ
fbem-32349	2	42	diversification	diversification	NOUN
fbem-32349	2	43	"	"	PUNCT
fbem-32349	2	44	strategy	strategy	NOUN
fbem-32349	2	45	;	;	PUNCT
fbem-32349	2	46	(	(	PUNCT
fbem-32349	2	47	2	2	X
fbem-32349	2	48	)	)	PUNCT
fbem-32349	2	49	taking	take	VERB
fbem-32349	2	50	the	the	DET
fbem-32349	2	51	russia	russia	PROPN
fbem-32349	2	52	-	-	PUNCT
fbem-32349	2	53	ukraine	ukraine	PROPN
fbem-32349	2	54	conflict	conflict	NOUN
fbem-32349	2	55	in	in	ADP
fbem-32349	2	56	2022	2022	NUM
fbem-32349	2	57	as	as	ADP
fbem-32349	2	58	an	an	DET
fbem-32349	2	59	exogenous	exogenous	ADJ
fbem-32349	2	60	event	event	NOUN
fbem-32349	2	61	,	,	PUNCT
fbem-32349	2	62	the	the	DET
fbem-32349	2	63	average	average	ADJ
fbem-32349	2	64	cumulative	cumulative	ADJ
fbem-32349	2	65	abnormal	abnormal	ADJ
fbem-32349	2	66	return	return	NOUN
fbem-32349	2	67	of	of	ADP
fbem-32349	2	68	sample	sample	NOUN
fbem-32349	2	69	companies	company	NOUN
fbem-32349	2	70	within	within	ADP
fbem-32349	2	71	the	the	DET
fbem-32349	2	72	event	event	NOUN
fbem-32349	2	73	window	window	NOUN
fbem-32349	2	74	of	of	ADP
fbem-32349	2	75	−5	−5	ADP
fbem-32349	2	76	to	to	ADP
fbem-32349	2	77	+20	+20	NUM
fbem-32349	2	78	was	be	AUX
fbem-32349	2	79	positive	positive	ADJ
fbem-32349	2	80	;	;	PUNCT
fbem-32349	2	81	(	(	PUNCT
fbem-32349	2	82	3	3	X
fbem-32349	2	83	)	)	PUNCT
fbem-32349	2	84	enterprises	enterprise	NOUN
fbem-32349	2	85	with	with	ADP
fbem-32349	2	86	high	high	ADJ
fbem-32349	2	87	-risk	-risk	NOUN
fbem-32349	2	88	exposure	exposure	NOUN
fbem-32349	2	89	adjusted	adjust	VERB
fbem-32349	2	90	their	their	PRON
fbem-32349	2	91	assets	asset	NOUN
fbem-32349	2	92	significantly	significantly	ADV
fbem-32349	2	93	more	more	ADV
fbem-32349	2	94	than	than	ADP
fbem-32349	2	95	those	those	PRON
fbem-32349	2	96	with	with	ADP
fbem-32349	2	97	low	low	ADJ
fbem-32349	2	98	-	-	PUNCT
fbem-32349	2	99	risk	risk	NOUN
fbem-32349	2	100	exposure	exposure	NOUN
fbem-32349	2	101	when	when	SCONJ
fbem-32349	2	102	geopolitical	geopolitical	ADJ
fbem-32349	2	103	risks	risk	NOUN
fbem-32349	2	104	increased	increase	VERB
fbem-32349	2	105	.	.	PUNCT
fbem-32349	3	1	this	this	DET
fbem-32349	3	2	paper	paper	NOUN
fbem-32349	3	3	aims	aim	VERB
fbem-32349	3	4	to	to	PART
fbem-32349	3	5	provide	provide	VERB
fbem-32349	3	6	a	a	DET
fbem-32349	3	7	micro	micro	ADJ
fbem-32349	3	8	-	-	NOUN
fbem-32349	3	9	level	level	ADJ
fbem-32349	3	10	decision	decision	NOUN
fbem-32349	3	11	-	-	PUNCT
fbem-32349	3	12	making	making	NOUN
fbem-32349	3	13	basis	basis	NOUN
fbem-32349	3	14	for	for	ADP
fbem-32349	3	15	corporate	corporate	ADJ
fbem-32349	3	16	overseas	overseas	ADJ
fbem-32349	3	17	asset	asset	NOUN
fbem-32349	3	18	allocation	allocation	NOUN
fbem-32349	3	19	,	,	PUNCT
fbem-32349	3	20	and	and	CCONJ
fbem-32349	3	21	at	at	ADP
fbem-32349	3	22	the	the	DET
fbem-32349	3	23	same	same	ADJ
fbem-32349	3	24	time	time	NOUN
fbem-32349	3	25	provide	provide	VERB
fbem-32349	3	26	a	a	DET
fbem-32349	3	27	systematic	systematic	ADJ
fbem-32349	3	28	reference	reference	NOUN
fbem-32349	3	29	for	for	SCONJ
fbem-32349	3	30	enterprises	enterprise	NOUN
fbem-32349	3	31	to	to	PART
fbem-32349	3	32	optimize	optimize	VERB
fbem-32349	3	33	their	their	PRON
fbem-32349	3	34	global	global	ADJ
fbem-32349	3	35	layout	layout	NOUN
fbem-32349	3	36	and	and	CCONJ
fbem-32349	3	37	for	for	SCONJ
fbem-32349	3	38	governments	government	NOUN
fbem-32349	3	39	to	to	PART
fbem-32349	3	40	improve	improve	VERB
fbem-32349	3	41	their	their	PRON
fbem-32349	3	42	cross	cross	NOUN
fbem-32349	3	43	-border	-border	NOUN
fbem-32349	3	44	risk	risk	NOUN
fbem-32349	3	45	management	management	NOUN
fbem-32349	3	46	system	system	NOUN
fbem-32349	3	47	.	.	PUNCT
fbem-32349	4	1	keywords	keyword	NOUN
fbem-32349	4	2	:	:	PUNCT
fbem-32349	4	3	geopolitical	geopolitical	ADJ
fbem-32349	4	4	risk	risk	NOUN
fbem-32349	4	5	;	;	PUNCT
fbem-32349	4	6	overseas	overseas	ADJ
fbem-32349	4	7	asset	asset	NOUN
fbem-32349	4	8	allocation	allocation	NOUN
fbem-32349	4	9	;	;	PUNCT
fbem-32349	4	10	asset	asset	NOUN
fbem-32349	4	11	diversification	diversification	NOUN
fbem-32349	4	12	.	.	PUNCT
fbem-32349	5	1	1	1	X
fbem-32349	5	2	.	.	X
fbem-32349	5	3	introduction	introduction	NOUN
fbem-32349	5	4	with	with	ADP
fbem-32349	5	5	the	the	DET
fbem-32349	5	6	deepening	deepening	NOUN
fbem-32349	5	7	of	of	ADP
fbem-32349	5	8	globalization	globalization	NOUN
fbem-32349	5	9	and	and	CCONJ
fbem-32349	5	10	the	the	DET
fbem-32349	5	11	intensification	intensification	NOUN
fbem-32349	5	12	of	of	ADP
fbem-32349	5	13	great	great	ADJ
fbem-32349	5	14	power	power	NOUN
fbem-32349	5	15	competition	competition	NOUN
fbem-32349	5	16	,	,	PUNCT
fbem-32349	5	17	such	such	ADJ
fbem-32349	5	18	as	as	ADP
fbem-32349	5	19	the	the	DET
fbem-32349	5	20	sino	sino	ADJ
fbem-32349	5	21	-us	-us	ADJ
fbem-32349	5	22	trade	trade	NOUN
fbem-32349	5	23	friction	friction	NOUN
fbem-32349	5	24	and	and	CCONJ
fbem-32349	5	25	the	the	DET
fbem-32349	5	26	russia	russia	PROPN
fbem-32349	5	27	-	-	PUNCT
fbem-32349	5	28	ukraine	ukraine	PROPN
fbem-32349	5	29	conflict	conflict	NOUN
fbem-32349	5	30	,	,	PUNCT
fbem-32349	5	31	geopolitical	geopolitical	ADJ
fbem-32349	5	32	risk	risk	NOUN
fbem-32349	5	33	(	(	PUNCT
fbem-32349	5	34	gpr	gpr	PROPN
fbem-32349	5	35	)	)	PUNCT
fbem-32349	5	36	has	have	AUX
fbem-32349	5	37	become	become	VERB
fbem-32349	5	38	a	a	DET
fbem-32349	5	39	core	core	NOUN
fbem-32349	5	40	constraint	constraint	NOUN
fbem-32349	5	41	on	on	ADP
fbem-32349	5	42	multinational	multinational	ADJ
fbem-32349	5	43	corporations	corporation	NOUN
fbem-32349	5	44	'	'	PART
fbem-32349	5	45	overseas	overseas	ADJ
fbem-32349	5	46	investments	investment	NOUN
fbem-32349	6	1	[	[	X
fbem-32349	6	2	1	1	NUM
fbem-32349	6	3	]	]	PUNCT
fbem-32349	6	4	.	.	PUNCT
fbem-32349	7	1	a	a	DET
fbem-32349	7	2	world	world	NOUN
fbem-32349	7	3	bank	bank	NOUN
fbem-32349	7	4	report	report	NOUN
fbem-32349	7	5	(	(	PUNCT
fbem-32349	7	6	2022	2022	NUM
fbem-32349	7	7	)	)	PUNCT
fbem-32349	7	8	indicates	indicate	VERB
fbem-32349	7	9	that	that	SCONJ
fbem-32349	7	10	from	from	ADP
fbem-32349	7	11	2010	2010	NUM
fbem-32349	7	12	to	to	ADP
fbem-32349	7	13	2022	2022	NUM
fbem-32349	7	14	,	,	PUNCT
fbem-32349	7	15	global	global	ADJ
fbem-32349	7	16	geopolitical	geopolitical	ADJ
fbem-32349	7	17	conflicts	conflict	NOUN
fbem-32349	7	18	increased	increase	VERB
fbem-32349	7	19	by	by	ADP
fbem-32349	7	20	an	an	DET
fbem-32349	7	21	average	average	NOUN
fbem-32349	7	22	of	of	ADP
fbem-32349	7	23	12	12	NUM
fbem-32349	7	24	%	%	NOUN
fbem-32349	7	25	annually	annually	ADV
fbem-32349	7	26	,	,	PUNCT
fbem-32349	7	27	resulting	result	VERB
fbem-32349	7	28	in	in	ADP
fbem-32349	7	29	annual	annual	ADJ
fbem-32349	7	30	losses	loss	NOUN
fbem-32349	7	31	of	of	ADP
fbem-32349	7	32	up	up	ADP
fbem-32349	7	33	to	to	PART
fbem-32349	7	34	$	$	SYM
fbem-32349	7	35	230	230	NUM
fbem-32349	7	36	billion	billion	NUM
fbem-32349	7	37	for	for	ADP
fbem-32349	7	38	companies	company	NOUN
fbem-32349	7	39	'	'	PART
fbem-32349	7	40	overseas	overseas	ADJ
fbem-32349	7	41	assets	asset	NOUN
fbem-32349	7	42	due	due	ADJ
fbem-32349	7	43	to	to	ADP
fbem-32349	7	44	risks	risk	NOUN
fbem-32349	7	45	such	such	ADJ
fbem-32349	7	46	as	as	ADP
fbem-32349	7	47	sanctions	sanction	NOUN
fbem-32349	7	48	and	and	CCONJ
fbem-32349	7	49	war	war	NOUN
fbem-32349	7	50	.	.	PUNCT
fbem-32349	8	1	meanwhile	meanwhile	ADV
fbem-32349	8	2	,	,	PUNCT
fbem-32349	8	3	china	china	PROPN
fbem-32349	8	4	's	's	PART
fbem-32349	8	5	outward	outward	ADJ
fbem-32349	8	6	direct	direct	ADJ
fbem-32349	8	7	investment	investment	NOUN
fbem-32349	8	8	stock	stock	NOUN
fbem-32349	8	9	reached	reach	VERB
fbem-32349	8	10	$	$	SYM
fbem-32349	8	11	2.96	2.96	NUM
fbem-32349	8	12	trillion	trillion	NUM
fbem-32349	8	13	,	,	PUNCT
fbem-32349	8	14	ranking	rank	VERB
fbem-32349	8	15	among	among	ADP
fbem-32349	8	16	the	the	DET
fbem-32349	8	17	top	top	ADJ
fbem-32349	8	18	three	three	NUM
fbem-32349	8	19	globally	globally	ADV
fbem-32349	8	20	for	for	ADP
fbem-32349	8	21	seven	seven	NUM
fbem-32349	8	22	consecutive	consecutive	ADJ
fbem-32349	8	23	years	year	NOUN
fbem-32349	8	24	.	.	PUNCT
fbem-32349	9	1	in	in	ADP
fbem-32349	9	2	the	the	DET
fbem-32349	9	3	same	same	ADJ
fbem-32349	9	4	year	year	NOUN
fbem-32349	9	5	,	,	PUNCT
fbem-32349	9	6	domestic	domestic	ADJ
fbem-32349	9	7	investors	investor	NOUN
fbem-32349	9	8	established	establish	VERB
fbem-32349	9	9	48,000	48,000	NUM
fbem-32349	9	10	overseas	overseas	ADJ
fbem-32349	9	11	enterprises	enterprise	NOUN
fbem-32349	9	12	in	in	ADP
fbem-32349	9	13	189	189	NUM
fbem-32349	9	14	countries	country	NOUN
fbem-32349	9	15	and	and	CCONJ
fbem-32349	9	16	regions	region	NOUN
fbem-32349	9	17	worldwide	worldwide	ADV
fbem-32349	9	18	.	.	PUNCT
fbem-32349	10	1	most	most	ADJ
fbem-32349	10	2	of	of	ADP
fbem-32349	10	3	these	these	DET
fbem-32349	10	4	overseas	overseas	ADJ
fbem-32349	10	5	enterprises	enterprise	NOUN
fbem-32349	10	6	were	be	AUX
fbem-32349	10	7	profitable	profitable	ADJ
fbem-32349	10	8	or	or	CCONJ
fbem-32349	10	9	broke	break	VERB
fbem-32349	10	10	even	even	ADV
fbem-32349	10	11	,	,	PUNCT
fbem-32349	10	12	making	make	VERB
fbem-32349	10	13	overseas	overseas	ADJ
fbem-32349	10	14	asset	asset	NOUN
fbem-32349	10	15	allocation	allocation	NOUN
fbem-32349	10	16	a	a	DET
fbem-32349	10	17	significant	significant	ADJ
fbem-32349	10	18	source	source	NOUN
fbem-32349	10	19	of	of	ADP
fbem-32349	10	20	corporate	corporate	ADJ
fbem-32349	10	21	value	value	NOUN
fbem-32349	10	22	creation	creation	NOUN
fbem-32349	10	23	,	,	PUNCT
fbem-32349	10	24	but	but	CCONJ
fbem-32349	10	25	also	also	ADV
fbem-32349	10	26	a	a	DET
fbem-32349	10	27	major	major	ADJ
fbem-32349	10	28	channel	channel	NOUN
fbem-32349	10	29	for	for	ADP
fbem-32349	10	30	risk	risk	NOUN
fbem-32349	10	31	exposure	exposure	NOUN
fbem-32349	10	32	[	[	X
fbem-32349	10	33	2	2	NUM
fbem-32349	10	34	]	]	PUNCT
fbem-32349	10	35	.	.	PUNCT
fbem-32349	11	1	traditional	traditional	ADJ
fbem-32349	11	2	macroeconomic	macroeconomic	ADJ
fbem-32349	11	3	research	research	NOUN
fbem-32349	11	4	focuses	focus	VERB
fbem-32349	11	5	on	on	ADP
fbem-32349	11	6	national	national	ADJ
fbem-32349	11	7	level	level	NOUN
fbem-32349	11	8	capital	capital	NOUN
fbem-32349	11	9	flows	flow	NOUN
fbem-32349	11	10	and	and	CCONJ
fbem-32349	11	11	trade	trade	NOUN
fbem-32349	11	12	barriers	barrier	NOUN
fbem-32349	11	13	,	,	PUNCT
fbem-32349	11	14	with	with	ADP
fbem-32349	11	15	limited	limited	ADJ
fbem-32349	11	16	discussion	discussion	NOUN
fbem-32349	11	17	of	of	ADP
fbem-32349	11	18	how	how	SCONJ
fbem-32349	11	19	micro	micro	NOUN
fbem-32349	11	20	-	-	NOUN
fbem-32349	11	21	enterprises	enterprise	NOUN
fbem-32349	11	22	manage	manage	VERB
fbem-32349	11	23	their	their	PRON
fbem-32349	11	24	overseas	overseas	ADJ
fbem-32349	11	25	assets	asset	NOUN
fbem-32349	11	26	through	through	ADP
fbem-32349	11	27	"	"	PUNCT
fbem-32349	11	28	risk	risk	NOUN
fbem-32349	11	29	perception	perception	NOUN
fbem-32349	11	30	,	,	PUNCT
fbem-32349	11	31	short	short	ADJ
fbem-32349	11	32	-	-	PUNCT
fbem-32349	11	33	term	term	NOUN
fbem-32349	11	34	adjustment	adjustment	NOUN
fbem-32349	11	35	,	,	PUNCT
fbem-32349	11	36	and	and	CCONJ
fbem-32349	11	37	longterm	longterm	VERB
fbem-32349	11	38	rebalancing	rebalancing	NOUN
fbem-32349	11	39	.	.	PUNCT
fbem-32349	11	40	"	"	PUNCT
fbem-32349	12	1	while	while	SCONJ
fbem-32349	12	2	corporate	corporate	ADJ
fbem-32349	12	3	finance	finance	NOUN
fbem-32349	12	4	literature	literature	NOUN
fbem-32349	12	5	emphasizes	emphasize	VERB
fbem-32349	12	6	that	that	SCONJ
fbem-32349	12	7	diversification	diversification	NOUN
fbem-32349	12	8	can	can	AUX
fbem-32349	12	9	reduce	reduce	VERB
fbem-32349	12	10	exchange	exchange	NOUN
fbem-32349	12	11	rate	rate	NOUN
fbem-32349	12	12	,	,	PUNCT
fbem-32349	12	13	market	market	NOUN
fbem-32349	12	14	,	,	PUNCT
fbem-32349	12	15	and	and	CCONJ
fbem-32349	12	16	institutional	institutional	ADJ
fbem-32349	12	17	risks	risk	NOUN
fbem-32349	12	18	,	,	PUNCT
fbem-32349	12	19	it	it	PRON
fbem-32349	12	20	pays	pay	VERB
fbem-32349	12	21	less	less	ADJ
fbem-32349	12	22	attention	attention	NOUN
fbem-32349	12	23	to	to	ADP
fbem-32349	12	24	the	the	DET
fbem-32349	12	25	contagion	contagion	NOUN
fbem-32349	12	26	mechanism	mechanism	NOUN
fbem-32349	12	27	of	of	ADP
fbem-32349	12	28	geopolitical	geopolitical	ADJ
fbem-32349	12	29	risks	risk	NOUN
fbem-32349	12	30	—	—	PUNCT
fbem-32349	12	31	an	an	DET
fbem-32349	12	32	exogenous	exogenous	ADJ
fbem-32349	12	33	,	,	PUNCT
fbem-32349	12	34	high	high	ADJ
fbem-32349	12	35	-	-	PUNCT
fbem-32349	12	36	frequency	frequency	NOUN
fbem-32349	12	37	,	,	PUNCT
fbem-32349	12	38	and	and	CCONJ
fbem-32349	12	39	non	non	ADJ
fbem-32349	12	40	-	-	ADJ
fbem-32349	12	41	economic	economic	ADJ
fbem-32349	12	42	factor	factor	NOUN
fbem-32349	12	43	[	[	X
fbem-32349	12	44	3	3	NUM
fbem-32349	12	45	]	]	PUNCT
fbem-32349	12	46	.	.	PUNCT
fbem-32349	13	1	in	in	ADP
fbem-32349	13	2	the	the	DET
fbem-32349	13	3	chinese	chinese	ADJ
fbem-32349	13	4	context	context	NOUN
fbem-32349	13	5	,	,	PUNCT
fbem-32349	13	6	enterprises	enterprise	NOUN
fbem-32349	13	7	face	face	VERB
fbem-32349	13	8	dual	dual	ADJ
fbem-32349	13	9	constraints	constraint	NOUN
fbem-32349	13	10	of	of	ADP
fbem-32349	13	11	"	"	PUNCT
fbem-32349	13	12	policy	policy	NOUN
fbem-32349	13	13	and	and	CCONJ
fbem-32349	13	14	market	market	NOUN
fbem-32349	13	15	"	"	PUNCT
fbem-32349	13	16	:	:	PUNCT
fbem-32349	13	17	they	they	PRON
fbem-32349	13	18	must	must	AUX
fbem-32349	13	19	respond	respond	VERB
fbem-32349	13	20	to	to	ADP
fbem-32349	13	21	the	the	DET
fbem-32349	13	22	national	national	ADJ
fbem-32349	13	23	"	"	PUNCT
fbem-32349	13	24	belt	belt	NOUN
fbem-32349	13	25	and	and	CCONJ
fbem-32349	13	26	road	road	NOUN
fbem-32349	13	27	"	"	PUNCT
fbem-32349	13	28	initiative	initiative	NOUN
fbem-32349	13	29	while	while	SCONJ
fbem-32349	13	30	also	also	ADV
fbem-32349	13	31	rapidly	rapidly	ADV
fbem-32349	13	32	rescuing	rescue	VERB
fbem-32349	13	33	themselves	themselves	PRON
fbem-32349	13	34	in	in	ADP
fbem-32349	13	35	the	the	DET
fbem-32349	13	36	event	event	NOUN
fbem-32349	13	37	of	of	ADP
fbem-32349	13	38	escalating	escalate	VERB
fbem-32349	13	39	sanctions	sanction	NOUN
fbem-32349	13	40	or	or	CCONJ
fbem-32349	13	41	sudden	sudden	ADJ
fbem-32349	13	42	political	political	ADJ
fbem-32349	13	43	changes	change	NOUN
fbem-32349	13	44	in	in	ADP
fbem-32349	13	45	host	host	NOUN
fbem-32349	13	46	countries	country	NOUN
fbem-32349	13	47	.	.	PUNCT
fbem-32349	14	1	therefore	therefore	ADV
fbem-32349	14	2	,	,	PUNCT
fbem-32349	14	3	exploring	explore	VERB
fbem-32349	14	4	the	the	DET
fbem-32349	14	5	dynamic	dynamic	ADJ
fbem-32349	14	6	path	path	NOUN
fbem-32349	14	7	of	of	ADP
fbem-32349	14	8	how	how	SCONJ
fbem-32349	14	9	geopolitical	geopolitical	ADJ
fbem-32349	14	10	risks	risk	NOUN
fbem-32349	14	11	affect	affect	VERB
fbem-32349	14	12	the	the	DET
fbem-32349	14	13	overseas	overseas	ADJ
fbem-32349	14	14	asset	asset	NOUN
fbem-32349	14	15	allocation	allocation	NOUN
fbem-32349	14	16	of	of	ADP
fbem-32349	14	17	enterprises	enterprise	NOUN
fbem-32349	14	18	is	be	AUX
fbem-32349	14	19	both	both	CCONJ
fbem-32349	14	20	a	a	DET
fbem-32349	14	21	practical	practical	ADJ
fbem-32349	14	22	need	need	NOUN
fbem-32349	14	23	for	for	SCONJ
fbem-32349	14	24	chinese	chinese	ADJ
fbem-32349	14	25	enterprises	enterprise	NOUN
fbem-32349	14	26	to	to	PART
fbem-32349	14	27	enhance	enhance	VERB
fbem-32349	14	28	their	their	PRON
fbem-32349	14	29	resilience	resilience	NOUN
fbem-32349	14	30	in	in	ADP
fbem-32349	14	31	transnational	transnational	ADJ
fbem-32349	14	32	operations	operation	NOUN
fbem-32349	14	33	and	and	CCONJ
fbem-32349	14	34	a	a	DET
fbem-32349	14	35	theoretical	theoretical	ADJ
fbem-32349	14	36	gap	gap	NOUN
fbem-32349	14	37	in	in	ADP
fbem-32349	14	38	improving	improve	VERB
fbem-32349	14	39	cross	cross	ADJ
fbem-32349	14	40	-	-	ADJ
fbem-32349	14	41	border	border	ADJ
fbem-32349	14	42	risk	risk	NOUN
fbem-32349	14	43	management	management	NOUN
fbem-32349	14	44	systems	system	NOUN
fbem-32349	14	45	[	[	X
fbem-32349	14	46	4	4	NUM
fbem-32349	14	47	]	]	PUNCT
fbem-32349	14	48	.	.	PUNCT
fbem-32349	15	1	2	2	X
fbem-32349	15	2	.	.	X
fbem-32349	15	3	literature	literature	NOUN
fbem-32349	15	4	review	review	PROPN
fbem-32349	15	5	and	and	CCONJ
fbem-32349	15	6	theoretical	theoretical	ADJ
fbem-32349	15	7	hypotheses	hypothesis	NOUN
fbem-32349	15	8	2.1	2.1	NUM
fbem-32349	15	9	.	.	PUNCT
fbem-32349	16	1	the	the	DET
fbem-32349	16	2	economic	economic	ADJ
fbem-32349	16	3	consequences	consequence	NOUN
fbem-32349	16	4	of	of	ADP
fbem-32349	16	5	geopolitical	geopolitical	ADJ
fbem-32349	16	6	risks	risk	NOUN
fbem-32349	16	7	the	the	DET
fbem-32349	16	8	measurement	measurement	NOUN
fbem-32349	16	9	and	and	CCONJ
fbem-32349	16	10	impact	impact	NOUN
fbem-32349	16	11	of	of	ADP
fbem-32349	16	12	geopolitical	geopolitical	ADJ
fbem-32349	16	13	risk	risk	NOUN
fbem-32349	16	14	has	have	AUX
fbem-32349	16	15	become	become	VERB
fbem-32349	16	16	a	a	DET
fbem-32349	16	17	research	research	NOUN
fbem-32349	16	18	hotspot	hotspot	NOUN
fbem-32349	16	19	in	in	ADP
fbem-32349	16	20	recent	recent	ADJ
fbem-32349	16	21	years	year	NOUN
fbem-32349	16	22	.	.	PUNCT
fbem-32349	17	1	mainstream	mainstream	NOUN
fbem-32349	17	2	studies	study	NOUN
fbem-32349	17	3	employ	employ	VERB
fbem-32349	17	4	textual	textual	ADJ
fbem-32349	17	5	analysis	analysis	NOUN
fbem-32349	17	6	to	to	PART
fbem-32349	17	7	construct	construct	VERB
fbem-32349	17	8	indices	index	NOUN
fbem-32349	17	9	,	,	PUNCT
fbem-32349	17	10	such	such	ADJ
fbem-32349	17	11	as	as	ADP
fbem-32349	17	12	caldara	caldara	NOUN
fbem-32349	17	13	&	&	CCONJ
fbem-32349	17	14	iacoviello	iacoviello	PROPN
fbem-32349	17	15	's	's	PART
fbem-32349	17	16	(	(	PUNCT
fbem-32349	17	17	2022	2022	NUM
fbem-32349	17	18	)	)	PUNCT
fbem-32349	17	19	gpr	gpr	PROPN
fbem-32349	17	20	index	index	NOUN
fbem-32349	17	21	and	and	CCONJ
fbem-32349	17	22	baker	baker	PROPN
fbem-32349	17	23	et	et	PROPN
fbem-32349	17	24	al	al	PROPN
fbem-32349	17	25	.	.	PROPN
fbem-32349	17	26	's	's	PART
fbem-32349	17	27	(	(	PUNCT
fbem-32349	17	28	2016	2016	NUM
fbem-32349	17	29	)	)	PUNCT
fbem-32349	17	30	economic	economic	ADJ
fbem-32349	17	31	policy	policy	NOUN
fbem-32349	17	32	uncertainty	uncertainty	NOUN
fbem-32349	17	33	(	(	PUNCT
fbem-32349	17	34	epu	epu	PROPN
fbem-32349	17	35	)	)	PUNCT
fbem-32349	17	36	index	index	NOUN
fbem-32349	17	37	.	.	PUNCT
fbem-32349	18	1	balcilar	balcilar	PROPN
fbem-32349	18	2	(	(	PUNCT
fbem-32349	18	3	2018	2018	NUM
fbem-32349	18	4	)	)	PUNCT
fbem-32349	18	5	et	et	PROPN
fbem-32349	18	6	al	al	PROPN
fbem-32349	18	7	.	.	PROPN
fbem-32349	18	8	studied	study	VERB
fbem-32349	18	9	the	the	DET
fbem-32349	18	10	impact	impact	NOUN
fbem-32349	18	11	of	of	ADP
fbem-32349	18	12	geopolitical	geopolitical	ADJ
fbem-32349	18	13	risk	risk	NOUN
fbem-32349	18	14	on	on	ADP
fbem-32349	18	15	the	the	DET
fbem-32349	18	16	brics	bric	NOUN
fbem-32349	18	17	stock	stock	NOUN
fbem-32349	18	18	markets	market	NOUN
fbem-32349	18	19	.	.	PUNCT
fbem-32349	19	1	their	their	PRON
fbem-32349	19	2	paper	paper	NOUN
fbem-32349	19	3	used	use	VERB
fbem-32349	19	4	the	the	DET
fbem-32349	19	5	geopolitical	geopolitical	ADJ
fbem-32349	19	6	risk	risk	NOUN
fbem-32349	19	7	index	index	NOUN
fbem-32349	19	8	constructed	construct	VERB
fbem-32349	19	9	by	by	ADP
fbem-32349	19	10	caldara	caldara	NOUN
fbem-32349	19	11	and	and	CCONJ
fbem-32349	19	12	iacoviello	iacoviello	PROPN
fbem-32349	19	13	(	(	PUNCT
fbem-32349	19	14	2022	2022	NUM
fbem-32349	19	15	)	)	PUNCT
fbem-32349	19	16	and	and	CCONJ
fbem-32349	19	17	concluded	conclude	VERB
fbem-32349	19	18	that	that	SCONJ
fbem-32349	19	19	rising	rise	VERB
fbem-32349	19	20	geopolitical	geopolitical	ADJ
fbem-32349	19	21	risk	risk	NOUN
fbem-32349	19	22	significantl	significantl	NOUN
fbem-32349	19	23	y	y	PROPN
fbem-32349	19	24	increases	increase	VERB
fbem-32349	19	25	the	the	DET
fbem-32349	19	26	volatility	volatility	NOUN
fbem-32349	19	27	of	of	ADP
fbem-32349	19	28	brics	brics	PROPN
fbem-32349	19	29	stock	stock	NOUN
fbem-32349	19	30	markets	market	NOUN
fbem-32349	19	31	and	and	CCONJ
fbem-32349	19	32	reduces	reduce	VERB
fbem-32349	19	33	stock	stock	NOUN
fbem-32349	19	34	market	market	NOUN
fbem-32349	19	35	returns	return	NOUN
fbem-32349	19	36	.	.	PUNCT
fbem-32349	20	1	using	use	VERB
fbem-32349	20	2	the	the	DET
fbem-32349	20	3	same	same	ADJ
fbem-32349	20	4	index	index	NOUN
fbem-32349	20	5	,	,	PUNCT
fbem-32349	20	6	li	li	PROPN
fbem-32349	20	7	et	et	PROPN
fbem-32349	20	8	al	al	PROPN
fbem-32349	20	9	.	.	PROPN
fbem-32349	21	1	(	(	PUNCT
fbem-32349	21	2	2021	2021	NUM
fbem-32349	21	3	)	)	PUNCT
fbem-32349	21	4	analyzed	analyze	VERB
fbem-32349	21	5	the	the	DET
fbem-32349	21	6	longand	longand	NOUN
fbem-32349	21	7	short	short	ADJ
fbem-32349	21	8	-	-	PUNCT
fbem-32349	21	9	term	term	NOUN
fbem-32349	21	10	impacts	impact	NOUN
fbem-32349	21	11	of	of	ADP
fbem-32349	21	12	geopolitical	geopolitical	ADJ
fbem-32349	21	13	risk	risk	NOUN
fbem-32349	21	14	on	on	ADP
fbem-32349	21	15	international	international	ADJ
fbem-32349	21	16	crude	crude	ADJ
fbem-32349	21	17	oil	oil	NOUN
fbem-32349	21	18	price	price	NOUN
fbem-32349	21	19	fluctuations	fluctuation	NOUN
fbem-32349	21	20	using	use	VERB
fbem-32349	21	21	the	the	DET
fbem-32349	21	22	garch	garch	NOUN
fbem-32349	21	23	-	-	PUNCT
fbem-32349	21	24	midas	midas	PROPN
fbem-32349	21	25	model	model	NOUN
fbem-32349	21	26	.	.	PUNCT
fbem-32349	22	1	miao	miao	PROPN
fbem-32349	22	2	et	et	PROPN
fbem-32349	22	3	al	al	PROPN
fbem-32349	22	4	.	.	PROPN
fbem-32349	23	1	(	(	PUNCT
fbem-32349	23	2	2021	2021	NUM
fbem-32349	23	3	)	)	PUNCT
fbem-32349	23	4	used	use	VERB
fbem-32349	23	5	the	the	DET
fbem-32349	23	6	tvp	tvp	PROPN
fbem-32349	23	7	var	var	NOUN
fbem-32349	23	8	model	model	NOUN
fbem-32349	23	9	to	to	PART
fbem-32349	23	10	analyze	analyze	VERB
fbem-32349	23	11	the	the	DET
fbem-32349	23	12	important	important	ADJ
fbem-32349	23	13	mediating	mediate	VERB
fbem-32349	23	14	role	role	NOUN
fbem-32349	23	15	of	of	ADP
fbem-32349	23	16	interest	interest	NOUN
fbem-32349	23	17	rate	rate	NOUN
fbem-32349	23	18	differentials	differential	NOUN
fbem-32349	23	19	and	and	CCONJ
fbem-32349	23	20	the	the	DET
fbem-32349	23	21	us	us	PROPN
fbem-32349	23	22	dollar	dollar	NOUN
fbem-32349	23	23	index	index	NOUN
fbem-32349	23	24	on	on	ADP
fbem-32349	23	25	cross	cross	ADJ
fbem-32349	23	26	-	-	ADJ
fbem-32349	23	27	border	border	ADJ
fbem-32349	23	28	capital	capital	NOUN
fbem-32349	23	29	flows	flow	VERB
fbem-32349	23	30	under	under	ADP
fbem-32349	23	31	the	the	DET
fbem-32349	23	32	influence	influence	NOUN
fbem-32349	23	33	of	of	ADP
fbem-32349	23	34	geopolitical	geopolitical	ADJ
fbem-32349	23	35	risk	risk	NOUN
fbem-32349	23	36	[	[	X
fbem-32349	23	37	5	5	NUM
fbem-32349	23	38	]	]	PUNCT
fbem-32349	23	39	.	.	PUNCT
fbem-32349	24	1	due	due	ADP
fbem-32349	24	2	to	to	ADP
fbem-32349	24	3	policy	policy	NOUN
fbem-32349	24	4	uncertainties	uncertainty	NOUN
fbem-32349	24	5	in	in	ADP
fbem-32349	24	6	different	different	ADJ
fbem-32349	24	7	countries	country	NOUN
fbem-32349	24	8	,	,	PUNCT
fbem-32349	24	9	some	some	DET
fbem-32349	24	10	scholars	scholar	NOUN
fbem-32349	24	11	have	have	AUX
fbem-32349	24	12	pointed	point	VERB
fbem-32349	24	13	out	out	ADP
fbem-32349	24	14	that	that	SCONJ
fbem-32349	24	15	policy	policy	NOUN
fbem-32349	24	16	risks	risk	NOUN
fbem-32349	24	17	can	can	AUX
fbem-32349	24	18	be	be	AUX
fbem-32349	24	19	diversified	diversify	VERB
fbem-32349	24	20	,	,	PUNCT
fbem-32349	24	21	and	and	CCONJ
fbem-32349	24	22	companies	company	NOUN
fbem-32349	24	23	can	can	AUX
fbem-32349	24	24	reduce	reduce	VERB
fbem-32349	24	25	the	the	DET
fbem-32349	24	26	risk	risk	NOUN
fbem-32349	24	27	of	of	ADP
fbem-32349	24	28	a	a	DET
fbem-32349	24	29	single	single	ADJ
fbem-32349	24	30	market	market	NOUN
fbem-32349	24	31	by	by	ADP
fbem-32349	24	32	allocating	allocate	VERB
fbem-32349	24	33	assets	asset	NOUN
fbem-32349	24	34	in	in	ADP
fbem-32349	24	35	different	different	ADJ
fbem-32349	24	36	countries	country	NOUN
fbem-32349	24	37	and	and	CCONJ
fbem-32349	24	38	regions	region	NOUN
fbem-32349	24	39	.	.	PUNCT
fbem-32349	25	1	(	(	PUNCT
fbem-32349	25	2	zhang	zhang	PROPN
fbem-32349	25	3	ming	ming	PROPN
fbem-32349	25	4	,	,	PUNCT
fbem-32349	25	5	2014	2014	NUM
fbem-32349	25	6	)	)	PUNCT
fbem-32349	25	7	2.2	2.2	NUM
fbem-32349	25	8	.	.	PUNCT
fbem-32349	26	1	factors	factor	NOUN
fbem-32349	26	2	affecting	affect	VERB
fbem-32349	26	3	enterprises	enterprise	NOUN
fbem-32349	26	4	'	'	PART
fbem-32349	26	5	overseas	overseas	ADJ
fbem-32349	26	6	asset	asset	NOUN
fbem-32349	26	7	allocation	allocation	NOUN
fbem-32349	26	8	the	the	DET
fbem-32349	26	9	diversification	diversification	NOUN
fbem-32349	26	10	of	of	ADP
fbem-32349	26	11	an	an	DET
fbem-32349	26	12	enterprise	enterprise	NOUN
fbem-32349	26	13	's	's	PART
fbem-32349	26	14	overseas	overseas	ADJ
fbem-32349	26	15	asset	asset	NOUN
fbem-32349	26	16	allocation	allocation	NOUN
fbem-32349	26	17	refers	refer	VERB
fbem-32349	26	18	to	to	ADP
fbem-32349	26	19	the	the	DET
fbem-32349	26	20	degree	degree	NOUN
fbem-32349	26	21	to	to	PART
fbem-32349	26	22	which	which	PRON
fbem-32349	26	23	an	an	DET
fbem-32349	26	24	enterprise	enterprise	NOUN
fbem-32349	26	25	allocates	allocate	VERB
fbem-32349	26	26	assets	asset	NOUN
fbem-32349	26	27	in	in	ADP
fbem-32349	26	28	different	different	ADJ
fbem-32349	26	29	countries	country	NOUN
fbem-32349	26	30	and	and	CCONJ
fbem-32349	26	31	regions	region	NOUN
fbem-32349	26	32	.	.	PUNCT
fbem-32349	27	1	regarding	regard	VERB
fbem-32349	27	2	the	the	DET
fbem-32349	27	3	influencing	influence	VERB
fbem-32349	27	4	factors	factor	NOUN
fbem-32349	27	5	of	of	ADP
fbem-32349	27	6	an	an	DET
fbem-32349	27	7	enterprise	enterprise	NOUN
fbem-32349	27	8	's	's	PART
fbem-32349	27	9	overseas	overseas	ADJ
fbem-32349	27	10	asset	asset	NOUN
fbem-32349	27	11	allocation	allocation	NOUN
fbem-32349	27	12	107	107	NUM
fbem-32349	27	13	diversification	diversification	NOUN
fbem-32349	27	14	,	,	PUNCT
fbem-32349	27	15	domestic	domestic	ADJ
fbem-32349	27	16	scholars	scholar	NOUN
fbem-32349	27	17	generally	generally	ADV
fbem-32349	27	18	believe	believe	VERB
fbem-32349	27	19	there	there	PRON
fbem-32349	27	20	are	be	VERB
fbem-32349	27	21	two	two	NUM
fbem-32349	27	22	aspects	aspect	NOUN
fbem-32349	27	23	.	.	PUNCT
fbem-32349	28	1	first	first	ADV
fbem-32349	28	2	,	,	PUNCT
fbem-32349	28	3	enterprise	enterprise	NOUN
fbem-32349	28	4	characteristics	characteristic	NOUN
fbem-32349	28	5	.	.	PUNCT
fbem-32349	29	1	zhang	zhang	PROPN
fbem-32349	29	2	ming	ming	PROPN
fbem-32349	29	3	(	(	PUNCT
fbem-32349	29	4	2014	2014	NUM
fbem-32349	29	5	)	)	PUNCT
fbem-32349	29	6	argues	argue	VERB
fbem-32349	29	7	that	that	SCONJ
fbem-32349	29	8	large	large	ADJ
fbem-32349	29	9	-	-	PUNCT
fbem-32349	29	10	scale	scale	NOUN
fbem-32349	29	11	enterprises	enterprise	NOUN
fbem-32349	29	12	typically	typically	ADV
fbem-32349	29	13	have	have	VERB
fbem-32349	29	14	broader	broad	ADJ
fbem-32349	29	15	resource	resource	NOUN
fbem-32349	29	16	and	and	CCONJ
fbem-32349	29	17	information	information	NOUN
fbem-32349	29	18	networks	network	NOUN
fbem-32349	29	19	,	,	PUNCT
fbem-32349	29	20	making	make	VERB
fbem-32349	29	21	it	it	PRON
fbem-32349	29	22	easier	easy	ADJ
fbem-32349	29	23	for	for	SCONJ
fbem-32349	29	24	them	they	PRON
fbem-32349	29	25	to	to	PART
fbem-32349	29	26	access	access	VERB
fbem-32349	29	27	overseas	overseas	ADJ
fbem-32349	29	28	investment	investment	NOUN
fbem-32349	29	29	opportunities	opportunity	NOUN
fbem-32349	29	30	;	;	PUNCT
fbem-32349	29	31	therefore	therefore	ADV
fbem-32349	29	32	,	,	PUNCT
fbem-32349	29	33	their	their	PRON
fbem-32349	29	34	overseas	overseas	ADJ
fbem-32349	29	35	asset	asset	NOUN
fbem-32349	29	36	allocation	allocation	NOUN
fbem-32349	29	37	diversification	diversification	NOUN
fbem-32349	29	38	is	be	AUX
fbem-32349	29	39	often	often	ADV
fbem-32349	29	40	higher	high	ADJ
fbem-32349	29	41	.	.	PUNCT
fbem-32349	30	1	wu	wu	PROPN
fbem-32349	30	2	yonggang	yonggang	PROPN
fbem-32349	30	3	(	(	PUNCT
fbem-32349	30	4	2022	2022	NUM
fbem-32349	30	5	)	)	PUNCT
fbem-32349	30	6	points	point	VERB
fbem-32349	30	7	out	out	ADP
fbem-32349	30	8	that	that	SCONJ
fbem-32349	30	9	enterprises	enterprise	NOUN
fbem-32349	30	10	with	with	ADP
fbem-32349	30	11	a	a	DET
fbem-32349	30	12	longer	long	ADJ
fbem-32349	30	13	history	history	NOUN
fbem-32349	30	14	may	may	AUX
fbem-32349	30	15	have	have	VERB
fbem-32349	30	16	higher	high	ADJ
fbem-32349	30	17	overseas	overseas	ADJ
fbem-32349	30	18	asset	asset	NOUN
fbem-32349	30	19	allocation	allocation	NOUN
fbem-32349	30	20	diversification	diversification	NOUN
fbem-32349	30	21	because	because	SCONJ
fbem-32349	30	22	they	they	PRON
fbem-32349	30	23	have	have	AUX
fbem-32349	30	24	accumulated	accumulate	VERB
fbem-32349	30	25	rich	rich	ADJ
fbem-32349	30	26	overseas	overseas	ADJ
fbem-32349	30	27	investment	investment	NOUN
fbem-32349	30	28	experience	experience	NOUN
fbem-32349	31	1	[	[	X
fbem-32349	31	2	6	6	NUM
fbem-32349	31	3	]	]	PUNCT
fbem-32349	31	4	.	.	PUNCT
fbem-32349	32	1	li	li	PROPN
fbem-32349	32	2	zheng	zheng	PROPN
fbem-32349	32	3	(	(	PUNCT
fbem-32349	32	4	2021	2021	NUM
fbem-32349	32	5	)	)	PUNCT
fbem-32349	32	6	demonstrates	demonstrate	VERB
fbem-32349	32	7	the	the	DET
fbem-32349	32	8	differences	difference	NOUN
fbem-32349	32	9	in	in	ADP
fbem-32349	32	10	overseas	overseas	ADJ
fbem-32349	32	11	asset	asset	NOUN
fbem-32349	32	12	allocation	allocation	NOUN
fbem-32349	32	13	diversification	diversification	NOUN
fbem-32349	32	14	among	among	ADP
fbem-32349	32	15	enterprises	enterprise	NOUN
fbem-32349	32	16	in	in	ADP
fbem-32349	32	17	different	different	ADJ
fbem-32349	32	18	industries	industry	NOUN
fbem-32349	32	19	,	,	PUNCT
fbem-32349	32	20	showing	show	VERB
fbem-32349	32	21	that	that	SCONJ
fbem-32349	32	22	resource	resource	NOUN
fbem-32349	32	23	-	-	PUNCT
fbem-32349	32	24	based	base	VERB
fbem-32349	32	25	enterprises	enterprise	NOUN
fbem-32349	32	26	may	may	AUX
fbem-32349	32	27	be	be	AUX
fbem-32349	32	28	more	more	ADV
fbem-32349	32	29	inclined	inclined	ADJ
fbem-32349	32	30	to	to	PART
fbem-32349	32	31	invest	invest	VERB
fbem-32349	32	32	in	in	ADP
fbem-32349	32	33	resource	resource	NOUN
fbem-32349	32	34	-	-	PUNCT
fbem-32349	32	35	rich	rich	ADJ
fbem-32349	32	36	countries	country	NOUN
fbem-32349	32	37	,	,	PUNCT
fbem-32349	32	38	while	while	SCONJ
fbem-32349	32	39	manufacturing	manufacturing	NOUN
fbem-32349	32	40	enterprises	enterprise	NOUN
fbem-32349	32	41	may	may	AUX
fbem-32349	32	42	focus	focus	VERB
fbem-32349	32	43	more	more	ADV
fbem-32349	32	44	on	on	ADP
fbem-32349	32	45	establishing	establish	VERB
fbem-32349	32	46	production	production	NOUN
fbem-32349	32	47	bases	basis	NOUN
fbem-32349	32	48	in	in	ADP
fbem-32349	32	49	countries	country	NOUN
fbem-32349	32	50	with	with	ADP
fbem-32349	32	51	low	low	ADJ
fbem-32349	32	52	labor	labor	NOUN
fbem-32349	32	53	costs	cost	NOUN
fbem-32349	32	54	.	.	PUNCT
fbem-32349	33	1	second	second	ADV
fbem-32349	33	2	,	,	PUNCT
fbem-32349	33	3	the	the	DET
fbem-32349	33	4	macroeconomic	macroeconomic	ADJ
fbem-32349	33	5	environment	environment	NOUN
fbem-32349	33	6	.	.	PUNCT
fbem-32349	34	1	liu	liu	PROPN
fbem-32349	34	2	wenge	wenge	PROPN
fbem-32349	34	3	(	(	PUNCT
fbem-32349	34	4	2020	2020	NUM
fbem-32349	34	5	)	)	PUNCT
fbem-32349	34	6	indicates	indicate	VERB
fbem-32349	34	7	that	that	SCONJ
fbem-32349	34	8	economic	economic	ADJ
fbem-32349	34	9	globalization	globalization	NOUN
fbem-32349	34	10	has	have	AUX
fbem-32349	34	11	promoted	promote	VERB
fbem-32349	34	12	the	the	DET
fbem-32349	34	13	development	development	NOUN
fbem-32349	34	14	of	of	ADP
fbem-32349	34	15	enterprise	enterprise	NOUN
fbem-32349	34	16	overseas	overseas	ADJ
fbem-32349	34	17	investment	investment	NOUN
fbem-32349	34	18	,	,	PUNCT
fbem-32349	34	19	driving	drive	VERB
fbem-32349	34	20	enterprises	enterprise	NOUN
fbem-32349	34	21	to	to	PART
fbem-32349	34	22	allocate	allocate	VERB
fbem-32349	34	23	assets	asset	NOUN
fbem-32349	34	24	globally	globally	ADV
fbem-32349	34	25	,	,	PUNCT
fbem-32349	34	26	and	and	CCONJ
fbem-32349	34	27	policies	policy	NOUN
fbem-32349	34	28	and	and	CCONJ
fbem-32349	34	29	the	the	DET
fbem-32349	34	30	environment	environment	NOUN
fbem-32349	34	31	have	have	AUX
fbem-32349	34	32	also	also	ADV
fbem-32349	34	33	promoted	promote	VERB
fbem-32349	34	34	overseas	overseas	ADJ
fbem-32349	34	35	investment	investment	NOUN
fbem-32349	34	36	behavior	behavior	NOUN
fbem-32349	34	37	(	(	PUNCT
fbem-32349	34	38	zhao	zhao	PROPN
fbem-32349	34	39	qian	qian	PROPN
fbem-32349	34	40	,	,	PUNCT
fbem-32349	34	41	2020	2020	NUM
fbem-32349	34	42	)	)	PUNCT
fbem-32349	34	43	.	.	PUNCT
fbem-32349	35	1	2.3	2.3	NUM
fbem-32349	35	2	.	.	PUNCT
fbem-32349	36	1	literature	literature	NOUN
fbem-32349	36	2	review	review	PROPN
fbem-32349	36	3	and	and	CCONJ
fbem-32349	36	4	the	the	DET
fbem-32349	36	5	innovations	innovation	NOUN
fbem-32349	36	6	of	of	ADP
fbem-32349	36	7	this	this	DET
fbem-32349	36	8	paper	paper	NOUN
fbem-32349	36	9	existing	exist	VERB
fbem-32349	36	10	research	research	NOUN
fbem-32349	36	11	largely	largely	ADV
fbem-32349	36	12	focuses	focus	VERB
fbem-32349	36	13	on	on	ADP
fbem-32349	36	14	the	the	DET
fbem-32349	36	15	macroeconomic	macroeconomic	ADJ
fbem-32349	36	16	impacts	impact	NOUN
fbem-32349	36	17	of	of	ADP
fbem-32349	36	18	geopolitical	geopolitical	ADJ
fbem-32349	36	19	risks	risk	NOUN
fbem-32349	36	20	on	on	ADP
fbem-32349	36	21	international	international	ADJ
fbem-32349	36	22	trade	trade	NOUN
fbem-32349	36	23	and	and	CCONJ
fbem-32349	36	24	capital	capital	NOUN
fbem-32349	36	25	flows	flow	NOUN
fbem-32349	36	26	,	,	PUNCT
fbem-32349	36	27	with	with	ADP
fbem-32349	36	28	insufficient	insufficient	ADJ
fbem-32349	36	29	attention	attention	NOUN
fbem-32349	36	30	paid	pay	VERB
fbem-32349	36	31	to	to	ADP
fbem-32349	36	32	the	the	DET
fbem-32349	36	33	micro	micro	ADJ
fbem-32349	36	34	-level	-level	PROPN
fbem-32349	36	35	behavioral	behavioral	ADJ
fbem-32349	36	36	mechanisms	mechanism	NOUN
fbem-32349	36	37	of	of	ADP
fbem-32349	36	38	enterprises	enterprise	NOUN
fbem-32349	36	39	[	[	X
fbem-32349	36	40	7	7	NUM
fbem-32349	36	41	]	]	PUNCT
fbem-32349	36	42	.	.	PUNCT
fbem-32349	37	1	while	while	SCONJ
fbem-32349	37	2	research	research	NOUN
fbem-32349	37	3	on	on	ADP
fbem-32349	37	4	the	the	DET
fbem-32349	37	5	diversification	diversification	NOUN
fbem-32349	37	6	of	of	ADP
fbem-32349	37	7	enterprises	enterprise	NOUN
fbem-32349	37	8	'	'	PART
fbem-32349	37	9	overseas	overseas	ADJ
fbem-32349	37	10	asset	asset	NOUN
fbem-32349	37	11	allocation	allocation	NOUN
fbem-32349	37	12	emphasizes	emphasize	VERB
fbem-32349	37	13	the	the	DET
fbem-32349	37	14	value	value	NOUN
fbem-32349	37	15	of	of	ADP
fbem-32349	37	16	risk	risk	NOUN
fbem-32349	37	17	diversification	diversification	NOUN
fbem-32349	37	18	,	,	PUNCT
fbem-32349	37	19	it	it	PRON
fbem-32349	37	20	rarely	rarely	ADV
fbem-32349	37	21	emphasizes	emphasize	VERB
fbem-32349	37	22	the	the	DET
fbem-32349	37	23	heterogeneity	heterogeneity	NOUN
fbem-32349	37	24	of	of	ADP
fbem-32349	37	25	enterprises	enterprise	NOUN
fbem-32349	37	26	'	'	PART
fbem-32349	37	27	dynamic	dynamic	ADJ
fbem-32349	37	28	adjustments	adjustment	NOUN
fbem-32349	37	29	under	under	ADP
fbem-32349	37	30	the	the	DET
fbem-32349	37	31	contagion	contagion	NOUN
fbem-32349	37	32	of	of	ADP
fbem-32349	37	33	geopolitical	geopolitical	ADJ
fbem-32349	37	34	risks	risk	NOUN
fbem-32349	37	35	.	.	PUNCT
fbem-32349	38	1	furthermore	furthermore	ADV
fbem-32349	38	2	,	,	PUNCT
fbem-32349	38	3	the	the	DET
fbem-32349	38	4	significantly	significantly	ADV
fbem-32349	38	5	higher	high	ADJ
fbem-32349	38	6	focus	focus	NOUN
fbem-32349	38	7	on	on	ADP
fbem-32349	38	8	european	european	ADJ
fbem-32349	38	9	and	and	CCONJ
fbem-32349	38	10	american	american	ADJ
fbem-32349	38	11	enterprises	enterprise	NOUN
fbem-32349	38	12	compared	compare	VERB
fbem-32349	38	13	to	to	ADP
fbem-32349	38	14	chinese	chinese	ADJ
fbem-32349	38	15	enterprises	enterprise	NOUN
fbem-32349	38	16	has	have	AUX
fbem-32349	38	17	resulted	result	VERB
fbem-32349	38	18	in	in	ADP
fbem-32349	38	19	relatively	relatively	ADV
fbem-32349	38	20	weak	weak	ADJ
fbem-32349	38	21	research	research	NOUN
fbem-32349	38	22	on	on	ADP
fbem-32349	38	23	chinese	chinese	ADJ
fbem-32349	38	24	enterprises	enterprise	NOUN
fbem-32349	38	25	;	;	PUNCT
fbem-32349	38	26	in	in	ADP
fbem-32349	38	27	addition	addition	NOUN
fbem-32349	38	28	,	,	PUNCT
fbem-32349	38	29	static	static	ADJ
fbem-32349	38	30	analysis	analysis	NOUN
fbem-32349	38	31	and	and	CCONJ
fbem-32349	38	32	dynamic	dynamic	ADJ
fbem-32349	38	33	adjustment	adjustment	NOUN
fbem-32349	38	34	have	have	VERB
fbem-32349	38	35	different	different	ADJ
fbem-32349	38	36	emphases	emphasis	NOUN
fbem-32349	38	37	,	,	PUNCT
fbem-32349	38	38	with	with	ADP
fbem-32349	38	39	even	even	ADV
fbem-32349	38	40	less	less	ADJ
fbem-32349	38	41	research	research	NOUN
fbem-32349	38	42	on	on	ADP
fbem-32349	38	43	the	the	DET
fbem-32349	38	44	dynamic	dynamic	ADJ
fbem-32349	38	45	adjustment	adjustment	NOUN
fbem-32349	38	46	process	process	NOUN
fbem-32349	38	47	of	of	ADP
fbem-32349	38	48	enterprises	enterprise	NOUN
fbem-32349	38	49	during	during	ADP
fbem-32349	38	50	crises	crisis	NOUN
fbem-32349	38	51	[	[	X
fbem-32349	38	52	8	8	NUM
fbem-32349	38	53	]	]	PUNCT
fbem-32349	38	54	.	.	PUNCT
fbem-32349	39	1	2.4	2.4	NUM
fbem-32349	39	2	.	.	PUNCT
fbem-32349	40	1	theoretical	theoretical	ADJ
fbem-32349	40	2	basis	basis	NOUN
fbem-32349	40	3	2.4.1	2.4.1	NUM
fbem-32349	40	4	.	.	PUNCT
fbem-32349	41	1	financing	financing	NOUN
fbem-32349	41	2	constraint	constraint	NOUN
fbem-32349	41	3	theory	theory	NOUN
fbem-32349	41	4	modigliani	modigliani	PROPN
fbem-32349	41	5	&	&	CCONJ
fbem-32349	41	6	miller	miller	PROPN
fbem-32349	41	7	(	(	PUNCT
fbem-32349	41	8	1958	1958	NUM
fbem-32349	41	9	)	)	PUNCT
fbem-32349	41	10	derived	derive	VERB
fbem-32349	41	11	the	the	DET
fbem-32349	41	12	classic	classic	ADJ
fbem-32349	41	13	proposition	proposition	NOUN
fbem-32349	41	14	that	that	SCONJ
fbem-32349	41	15	corporate	corporate	ADJ
fbem-32349	41	16	investment	investment	NOUN
fbem-32349	41	17	and	and	CCONJ
fbem-32349	41	18	financing	financing	NOUN
fbem-32349	41	19	decisions	decision	NOUN
fbem-32349	41	20	are	be	AUX
fbem-32349	41	21	unrelated	unrelated	ADJ
fbem-32349	41	22	within	within	ADP
fbem-32349	41	23	a	a	DET
fbem-32349	41	24	frictionless	frictionless	NOUN
fbem-32349	41	25	framework	framework	NOUN
fbem-32349	41	26	.	.	PUNCT
fbem-32349	42	1	however	however	ADV
fbem-32349	42	2	,	,	PUNCT
fbem-32349	42	3	in	in	ADP
fbem-32349	42	4	reality	reality	NOUN
fbem-32349	42	5	,	,	PUNCT
fbem-32349	42	6	information	information	NOUN
fbem-32349	42	7	asymmetry	asymmetry	NOUN
fbem-32349	42	8	and	and	CCONJ
fbem-32349	42	9	agency	agency	NOUN
fbem-32349	42	10	problems	problem	NOUN
fbem-32349	42	11	make	make	VERB
fbem-32349	42	12	external	external	ADJ
fbem-32349	42	13	financing	financing	NOUN
fbem-32349	42	14	costs	cost	NOUN
fbem-32349	42	15	significantly	significantly	ADV
fbem-32349	42	16	higher	high	ADJ
fbem-32349	42	17	than	than	ADP
fbem-32349	42	18	internal	internal	ADJ
fbem-32349	42	19	funding	funding	NOUN
fbem-32349	42	20	,	,	PUNCT
fbem-32349	42	21	creating	create	VERB
fbem-32349	42	22	a	a	DET
fbem-32349	42	23	"	"	PUNCT
fbem-32349	42	24	financing	financing	NOUN
fbem-32349	42	25	constraint	constraint	NOUN
fbem-32349	42	26	"	"	PUNCT
fbem-32349	42	27	(	(	PUNCT
fbem-32349	42	28	fazzari	fazzari	PROPN
fbem-32349	42	29	et	et	PROPN
fbem-32349	42	30	al	al	PROPN
fbem-32349	42	31	.	.	PROPN
fbem-32349	42	32	,	,	PUNCT
fbem-32349	42	33	1988	1988	NUM
fbem-32349	42	34	)	)	PUNCT
fbem-32349	42	35	.	.	PUNCT
fbem-32349	43	1	the	the	PRON
fbem-32349	43	2	higher	high	ADJ
fbem-32349	43	3	the	the	DET
fbem-32349	43	4	degree	degree	NOUN
fbem-32349	43	5	of	of	ADP
fbem-32349	43	6	financing	financing	NOUN
fbem-32349	43	7	constraint	constraint	NOUN
fbem-32349	43	8	,	,	PUNCT
fbem-32349	43	9	the	the	PRON
fbem-32349	43	10	more	more	ADV
fbem-32349	43	11	sensitive	sensitive	ADJ
fbem-32349	43	12	the	the	DET
fbem-32349	43	13	firm	firm	NOUN
fbem-32349	43	14	is	be	AUX
fbem-32349	43	15	to	to	ADP
fbem-32349	43	16	external	external	ADJ
fbem-32349	43	17	shocks	shock	NOUN
fbem-32349	43	18	,	,	PUNCT
fbem-32349	43	19	and	and	CCONJ
fbem-32349	43	20	its	its	PRON
fbem-32349	43	21	overseas	overseas	ADJ
fbem-32349	43	22	asset	asset	NOUN
fbem-32349	43	23	allocation	allocation	NOUN
fbem-32349	43	24	tends	tend	VERB
fbem-32349	43	25	to	to	PART
fbem-32349	43	26	be	be	AUX
fbem-32349	43	27	more	more	ADV
fbem-32349	43	28	"	"	PUNCT
fbem-32349	43	29	hedging	hedging	NOUN
fbem-32349	43	30	"	"	PUNCT
fbem-32349	43	31	rather	rather	ADV
fbem-32349	43	32	than	than	ADP
fbem-32349	43	33	"	"	PUNCT
fbem-32349	43	34	expansion"—when	expansion"—when	X
fbem-32349	43	35	geopolitical	geopolitical	ADJ
fbem-32349	43	36	risks	risk	NOUN
fbem-32349	43	37	in	in	ADP
fbem-32349	43	38	host	host	NOUN
fbem-32349	43	39	countries	country	NOUN
fbem-32349	43	40	rise	rise	VERB
fbem-32349	43	41	,	,	PUNCT
fbem-32349	43	42	high	high	ADV
fbem-32349	43	43	ly	ly	ADP
fbem-32349	43	44	constrained	constrained	ADJ
fbem-32349	43	45	firms	firm	NOUN
fbem-32349	43	46	will	will	AUX
fbem-32349	43	47	quickly	quickly	ADV
fbem-32349	43	48	reduce	reduce	VERB
fbem-32349	43	49	or	or	CCONJ
fbem-32349	43	50	withdraw	withdraw	VERB
fbem-32349	43	51	local	local	ADJ
fbem-32349	43	52	assets	asset	NOUN
fbem-32349	43	53	to	to	PART
fbem-32349	43	54	avoid	avoid	VERB
fbem-32349	43	55	cash	cash	NOUN
fbem-32349	43	56	flow	flow	NOUN
fbem-32349	43	57	disruptions	disruption	NOUN
fbem-32349	43	58	(	(	PUNCT
fbem-32349	43	59	almeida	almeida	PROPN
fbem-32349	43	60	et	et	PROPN
fbem-32349	43	61	al	al	PROPN
fbem-32349	43	62	.	.	PROPN
fbem-32349	43	63	,	,	PUNCT
fbem-32349	43	64	2004	2004	NUM
fbem-32349	43	65	)	)	PUNCT
fbem-32349	43	66	.	.	PUNCT
fbem-32349	44	1	chinese	chinese	ADJ
fbem-32349	44	2	a	a	DET
fbem-32349	44	3	-	-	PUNCT
fbem-32349	44	4	share	share	NOUN
fbem-32349	44	5	listed	list	VERB
fbem-32349	44	6	companies	company	NOUN
fbem-32349	44	7	generally	generally	ADV
fbem-32349	44	8	exhibit	exhibit	VERB
fbem-32349	44	9	characteristics	characteristic	NOUN
fbem-32349	44	10	of	of	ADP
fbem-32349	44	11	concentrated	concentrate	VERB
fbem-32349	44	12	shareholding	shareholding	NOUN
fbem-32349	44	13	and	and	CCONJ
fbem-32349	44	14	high	high	ADJ
fbem-32349	44	15	dependence	dependence	NOUN
fbem-32349	44	16	on	on	ADP
fbem-32349	44	17	bond	bond	NOUN
fbem-32349	44	18	financing	financing	NOUN
fbem-32349	44	19	;	;	PUNCT
fbem-32349	44	20	therefore	therefore	ADV
fbem-32349	44	21	,	,	PUNCT
fbem-32349	44	22	financing	financing	NOUN
fbem-32349	44	23	constraints	constraint	NOUN
fbem-32349	44	24	become	become	VERB
fbem-32349	44	25	an	an	DET
fbem-32349	44	26	important	important	ADJ
fbem-32349	44	27	micro	micro	NOUN
fbem-32349	44	28	-	-	NOUN
fbem-32349	44	29	foundation	foundation	NOUN
fbem-32349	44	30	for	for	ADP
fbem-32349	44	31	explaining	explain	VERB
fbem-32349	44	32	the	the	DET
fbem-32349	44	33	dynamic	dynamic	ADJ
fbem-32349	44	34	adjustments	adjustment	NOUN
fbem-32349	44	35	of	of	ADP
fbem-32349	44	36	their	their	PRON
fbem-32349	44	37	overseas	overseas	ADJ
fbem-32349	44	38	assets	asset	NOUN
fbem-32349	44	39	.	.	PUNCT
fbem-32349	45	1	2.4.2	2.4.2	NUM
fbem-32349	45	2	.	.	PUNCT
fbem-32349	45	3	dynamic	dynamic	ADJ
fbem-32349	45	4	asset	asset	NOUN
fbem-32349	45	5	allocation	allocation	NOUN
fbem-32349	45	6	theory	theory	NOUN
fbem-32349	45	7	markowitz	markowitz	PROPN
fbem-32349	45	8	's	's	PART
fbem-32349	45	9	(	(	PUNCT
fbem-32349	45	10	1952	1952	NUM
fbem-32349	45	11	)	)	PUNCT
fbem-32349	45	12	mean	mean	ADJ
fbem-32349	45	13	-	-	PUNCT
fbem-32349	45	14	variance	variance	NOUN
fbem-32349	45	15	framework	framework	NOUN
fbem-32349	45	16	laid	lay	VERB
fbem-32349	45	17	the	the	DET
fbem-32349	45	18	foundation	foundation	NOUN
fbem-32349	45	19	for	for	ADP
fbem-32349	45	20	modern	modern	ADJ
fbem-32349	45	21	asset	asset	NOUN
fbem-32349	45	22	allocation	allocation	NOUN
fbem-32349	45	23	theory	theory	NOUN
fbem-32349	45	24	,	,	PUNCT
fbem-32349	45	25	but	but	CCONJ
fbem-32349	45	26	traditional	traditional	ADJ
fbem-32349	45	27	models	model	NOUN
fbem-32349	45	28	assume	assume	VERB
fbem-32349	45	29	that	that	SCONJ
fbem-32349	45	30	asset	asset	NOUN
fbem-32349	45	31	returns	return	NOUN
fbem-32349	45	32	are	be	AUX
fbem-32349	45	33	exogenous	exogenous	ADJ
fbem-32349	45	34	and	and	CCONJ
fbem-32349	45	35	constant	constant	ADJ
fbem-32349	45	36	.	.	PUNCT
fbem-32349	46	1	merton	merton	PROPN
fbem-32349	46	2	(	(	PUNCT
fbem-32349	46	3	1973	1973	NUM
fbem-32349	46	4	)	)	PUNCT
fbem-32349	46	5	introduced	introduce	VERB
fbem-32349	46	6	state	state	NOUN
fbem-32349	46	7	variables	variable	NOUN
fbem-32349	46	8	into	into	ADP
fbem-32349	46	9	continuoustime	continuoustime	ADJ
fbem-32349	46	10	models	model	NOUN
fbem-32349	46	11	,	,	PUNCT
fbem-32349	46	12	proposing	propose	VERB
fbem-32349	46	13	the	the	DET
fbem-32349	46	14	concept	concept	NOUN
fbem-32349	46	15	of	of	ADP
fbem-32349	46	16	"	"	PUNCT
fbem-32349	46	17	dynamic	dynamic	ADJ
fbem-32349	46	18	asset	asset	NOUN
fbem-32349	46	19	allocation	allocation	NOUN
fbem-32349	46	20	"	"	PUNCT
fbem-32349	46	21	:	:	PUNCT
fbem-32349	46	22	investors	investor	NOUN
fbem-32349	46	23	can	can	AUX
fbem-32349	46	24	continuously	continuously	ADV
fbem-32349	46	25	adjust	adjust	VERB
fbem-32349	46	26	weights	weight	NOUN
fbem-32349	46	27	based	base	VERB
fbem-32349	46	28	on	on	ADP
fbem-32349	46	29	new	new	ADJ
fbem-32349	46	30	information	information	NOUN
fbem-32349	46	31	to	to	PART
fbem-32349	46	32	maximize	maximize	VERB
fbem-32349	46	33	intertemporal	intertemporal	ADJ
fbem-32349	46	34	utility	utility	NOUN
fbem-32349	46	35	.	.	PUNCT
fbem-32349	47	1	in	in	ADP
fbem-32349	47	2	the	the	DET
fbem-32349	47	3	context	context	NOUN
fbem-32349	47	4	of	of	ADP
fbem-32349	47	5	geopolitical	geopolitical	ADJ
fbem-32349	47	6	risk	risk	NOUN
fbem-32349	47	7	,	,	PUNCT
fbem-32349	47	8	firms	firm	NOUN
fbem-32349	47	9	face	face	VERB
fbem-32349	47	10	an	an	DET
fbem-32349	47	11	intertemporal	intertemporal	ADJ
fbem-32349	47	12	decision	decision	NOUN
fbem-32349	47	13	-	-	PUNCT
fbem-32349	47	14	making	make	VERB
fbem-32349	47	15	problem	problem	NOUN
fbem-32349	47	16	where	where	SCONJ
fbem-32349	47	17	"	"	PUNCT
fbem-32349	47	18	state	state	NOUN
fbem-32349	47	19	variables	variable	NOUN
fbem-32349	47	20	"	"	PUNCT
fbem-32349	47	21	suddenly	suddenly	ADV
fbem-32349	47	22	deteriorate	deteriorate	VERB
fbem-32349	47	23	—	—	PUNCT
fbem-32349	47	24	risk	risk	NOUN
fbem-32349	47	25	premiums	premium	NOUN
fbem-32349	47	26	,	,	PUNCT
fbem-32349	47	27	capital	capital	NOUN
fbem-32349	47	28	costs	cost	NOUN
fbem-32349	47	29	,	,	PUNCT
fbem-32349	47	30	and	and	CCONJ
fbem-32349	47	31	cash	cash	NOUN
fbem-32349	47	32	flow	flow	NOUN
fbem-32349	47	33	expectations	expectation	NOUN
fbem-32349	47	34	change	change	VERB
fbem-32349	47	35	simultaneously	simultaneously	ADV
fbem-32349	47	36	,	,	PUNCT
fbem-32349	47	37	causing	cause	VERB
fbem-32349	47	38	the	the	DET
fbem-32349	47	39	original	original	ADJ
fbem-32349	47	40	overseas	overseas	ADJ
fbem-32349	47	41	weights	weight	NOUN
fbem-32349	47	42	to	to	PART
fbem-32349	47	43	become	become	VERB
fbem-32349	47	44	suboptimal	suboptimal	ADJ
fbem-32349	47	45	.	.	PUNCT
fbem-32349	48	1	dynamic	dynamic	ADJ
fbem-32349	48	2	asset	asset	NOUN
fbem-32349	48	3	allocation	allocation	NOUN
fbem-32349	48	4	theory	theory	NOUN
fbem-32349	48	5	predicts	predict	VERB
fbem-32349	48	6	that	that	SCONJ
fbem-32349	48	7	firms	firm	NOUN
fbem-32349	48	8	will	will	AUX
fbem-32349	48	9	rapidly	rapidly	ADV
fbem-32349	48	10	reduce	reduce	VERB
fbem-32349	48	11	the	the	DET
fbem-32349	48	12	weights	weight	NOUN
fbem-32349	48	13	of	of	ADP
fbem-32349	48	14	high	high	ADJ
fbem-32349	48	15	-	-	PUNCT
fbem-32349	48	16	risk	risk	NOUN
fbem-32349	48	17	regions	region	NOUN
fbem-32349	48	18	through	through	ADP
fbem-32349	48	19	"	"	PUNCT
fbem-32349	48	20	short	short	ADJ
fbem-32349	48	21	-	-	PUNCT
fbem-32349	48	22	term	term	NOUN
fbem-32349	48	23	rebalancing	rebalancing	NOUN
fbem-32349	48	24	"	"	PUNCT
fbem-32349	48	25	and	and	CCONJ
fbem-32349	48	26	gradually	gradually	ADV
fbem-32349	48	27	restructure	restructure	VERB
fbem-32349	48	28	their	their	PRON
fbem-32349	48	29	global	global	ADJ
fbem-32349	48	30	portfolios	portfolio	NOUN
fbem-32349	48	31	in	in	ADP
fbem-32349	48	32	the	the	DET
fbem-32349	48	33	long	long	ADJ
fbem-32349	48	34	term	term	NOUN
fbem-32349	48	35	,	,	PUNCT
fbem-32349	48	36	forming	form	VERB
fbem-32349	48	37	a	a	DET
fbem-32349	48	38	three	three	NUM
fbem-32349	48	39	-	-	PUNCT
fbem-32349	48	40	stage	stage	NOUN
fbem-32349	48	41	dynamic	dynamic	ADJ
fbem-32349	48	42	path	path	NOUN
fbem-32349	48	43	of	of	ADP
fbem-32349	48	44	"	"	PUNCT
fbem-32349	48	45	risk	risk	NOUN
fbem-32349	48	46	contagion	contagion	NOUN
fbem-32349	48	47	→	→	ADP
fbem-32349	48	48	short	short	ADJ
fbem-32349	48	49	-	-	PUNCT
fbem-32349	48	50	term	term	NOUN
fbem-32349	48	51	adjustment	adjustment	NOUN
fbem-32349	48	52	→	→	PUNCT
fbem-32349	48	53	long	long	ADJ
fbem-32349	48	54	-	-	PUNCT
fbem-32349	48	55	term	term	NOUN
fbem-32349	48	56	rebalancing	rebalancing	NOUN
fbem-32349	48	57	"	"	PUNCT
fbem-32349	48	58	(	(	PUNCT
fbem-32349	48	59	campbell	campbell	PROPN
fbem-32349	48	60	&	&	CCONJ
fbem-32349	48	61	viceira	viceira	PROPN
fbem-32349	48	62	,	,	PUNCT
fbem-32349	48	63	2002	2002	NUM
fbem-32349	48	64	)	)	PUNCT
fbem-32349	48	65	.	.	PUNCT
fbem-32349	49	1	2.4.3	2.4.3	X
fbem-32349	49	2	.	.	PUNCT
fbem-32349	49	3	risk	risk	NOUN
fbem-32349	49	4	contagion	contagion	NOUN
fbem-32349	49	5	theory	theory	NOUN
fbem-32349	49	6	risk	risk	NOUN
fbem-32349	49	7	contagion	contagion	NOUN
fbem-32349	49	8	was	be	AUX
fbem-32349	49	9	initially	initially	ADV
fbem-32349	49	10	used	use	VERB
fbem-32349	49	11	to	to	PART
fbem-32349	49	12	explain	explain	VERB
fbem-32349	49	13	the	the	DET
fbem-32349	49	14	crossborder	crossborder	NOUN
fbem-32349	49	15	spread	spread	NOUN
fbem-32349	49	16	of	of	ADP
fbem-32349	49	17	financial	financial	ADJ
fbem-32349	49	18	crises	crisis	NOUN
fbem-32349	49	19	(	(	PUNCT
fbem-32349	49	20	forbes	forbes	PROPN
fbem-32349	49	21	&	&	CCONJ
fbem-32349	49	22	rigobon	rigobon	PROPN
fbem-32349	49	23	,	,	PUNCT
fbem-32349	49	24	2002	2002	NUM
fbem-32349	49	25	)	)	PUNCT
fbem-32349	49	26	.	.	PUNCT
fbem-32349	50	1	its	its	PRON
fbem-32349	50	2	core	core	NOUN
fbem-32349	50	3	mechanisms	mechanism	NOUN
fbem-32349	50	4	include	include	VERB
fbem-32349	50	5	two	two	NUM
fbem-32349	50	6	categories	category	NOUN
fbem-32349	50	7	:	:	PUNCT
fbem-32349	50	8	"	"	PUNCT
fbem-32349	50	9	fundamental	fundamental	ADJ
fbem-32349	50	10	contagion	contagion	NOUN
fbem-32349	50	11	"	"	PUNCT
fbem-32349	50	12	and	and	CCONJ
fbem-32349	50	13	"	"	PUNCT
fbem-32349	50	14	investor	investor	NOUN
fbem-32349	50	15	behavior	behavior	NOUN
fbem-32349	50	16	contagion	contagion	NOUN
fbem-32349	50	17	.	.	PUNCT
fbem-32349	50	18	"	"	PUNCT
fbem-32349	51	1	geopolitical	geopolitical	ADJ
fbem-32349	51	2	risk	risk	NOUN
fbem-32349	51	3	,	,	PUNCT
fbem-32349	51	4	as	as	ADP
fbem-32349	51	5	a	a	DET
fbem-32349	51	6	typical	typical	ADJ
fbem-32349	51	7	"	"	PUNCT
fbem-32349	51	8	exogenous	exogenous	ADJ
fbem-32349	51	9	political	political	ADJ
fbem-32349	51	10	shock	shock	NOUN
fbem-32349	51	11	,	,	PUNCT
fbem-32349	51	12	"	"	PUNCT
fbem-32349	51	13	can	can	AUX
fbem-32349	51	14	spread	spread	VERB
fbem-32349	51	15	to	to	ADP
fbem-32349	51	16	companies	company	NOUN
fbem-32349	51	17	'	'	PART
fbem-32349	51	18	overseas	overseas	ADJ
fbem-32349	51	19	assets	asset	NOUN
fbem-32349	51	20	through	through	ADP
fbem-32349	51	21	the	the	DET
fbem-32349	51	22	following	follow	VERB
fbem-32349	51	23	channels	channel	NOUN
fbem-32349	51	24	:	:	PUNCT
fbem-32349	51	25	trade	trade	NOUN
fbem-32349	51	26	and	and	CCONJ
fbem-32349	51	27	supply	supply	NOUN
fbem-32349	51	28	chain	chain	NOUN
fbem-32349	51	29	channels	channel	NOUN
fbem-32349	51	30	:	:	PUNCT
fbem-32349	51	31	conflicts	conflict	NOUN
fbem-32349	51	32	have	have	AUX
fbem-32349	51	33	led	lead	VERB
fbem-32349	51	34	to	to	ADP
fbem-32349	51	35	transportation	transportation	NOUN
fbem-32349	51	36	disruptions	disruption	NOUN
fbem-32349	51	37	,	,	PUNCT
fbem-32349	51	38	tariff	tariff	NOUN
fbem-32349	51	39	increases	increase	NOUN
fbem-32349	51	40	,	,	PUNCT
fbem-32349	51	41	and	and	CCONJ
fbem-32349	51	42	a	a	DET
fbem-32349	51	43	decline	decline	NOUN
fbem-32349	51	44	in	in	ADP
fbem-32349	51	45	overseas	overseas	ADJ
fbem-32349	51	46	revenue	revenue	NOUN
fbem-32349	51	47	for	for	ADP
fbem-32349	51	48	businesses	business	NOUN
fbem-32349	51	49	;	;	PUNCT
fbem-32349	51	50	financial	financial	ADJ
fbem-32349	51	51	channels	channel	NOUN
fbem-32349	51	52	:	:	PUNCT
fbem-32349	51	53	a	a	DET
fbem-32349	51	54	sharp	sharp	ADJ
fbem-32349	51	55	drop	drop	NOUN
fbem-32349	51	56	in	in	ADP
fbem-32349	51	57	the	the	DET
fbem-32349	51	58	host	host	NOUN
fbem-32349	51	59	country	country	NOUN
fbem-32349	51	60	's	's	PART
fbem-32349	51	61	currency	currency	NOUN
fbem-32349	51	62	,	,	PUNCT
fbem-32349	51	63	capital	capital	NOUN
fbem-32349	51	64	controls	control	NOUN
fbem-32349	51	65	,	,	PUNCT
fbem-32349	51	66	or	or	CCONJ
fbem-32349	51	67	soaring	soar	VERB
fbem-32349	51	68	interest	interest	NOUN
fbem-32349	51	69	rates	rate	NOUN
fbem-32349	51	70	increase	increase	VERB
fbem-32349	51	71	financing	financing	NOUN
fbem-32349	51	72	costs	cost	NOUN
fbem-32349	51	73	and	and	CCONJ
fbem-32349	51	74	exchange	exchange	NOUN
fbem-32349	51	75	losses	loss	NOUN
fbem-32349	51	76	;	;	PUNCT
fbem-32349	51	77	institutional	institutional	ADJ
fbem-32349	51	78	and	and	CCONJ
fbem-32349	51	79	policy	policy	NOUN
fbem-32349	51	80	channels	channel	NOUN
fbem-32349	51	81	:	:	PUNCT
fbem-32349	51	82	sanctions	sanction	NOUN
fbem-32349	51	83	,	,	PUNCT
fbem-32349	51	84	requisition	requisition	NOUN
fbem-32349	51	85	,	,	PUNCT
fbem-32349	51	86	or	or	CCONJ
fbem-32349	51	87	access	access	NOUN
fbem-32349	51	88	restrictions	restriction	NOUN
fbem-32349	51	89	directly	directly	ADV
fbem-32349	51	90	threaten	threaten	VERB
fbem-32349	51	91	asset	asset	NOUN
fbem-32349	51	92	security	security	NOUN
fbem-32349	51	93	.	.	PUNCT
fbem-32349	52	1	when	when	SCONJ
fbem-32349	52	2	the	the	DET
fbem-32349	52	3	contagion	contagion	NOUN
fbem-32349	52	4	intensity	intensity	NOUN
fbem-32349	52	5	exceeds	exceed	VERB
fbem-32349	52	6	a	a	DET
fbem-32349	52	7	firm	firm	NOUN
fbem-32349	52	8	's	's	PART
fbem-32349	52	9	risk	risk	NOUN
fbem-32349	52	10	tolerance	tolerance	NOUN
fbem-32349	52	11	threshold	threshold	NOUN
fbem-32349	52	12	,	,	PUNCT
fbem-32349	52	13	management	management	NOUN
fbem-32349	52	14	will	will	AUX
fbem-32349	52	15	initiate	initiate	VERB
fbem-32349	52	16	a	a	DET
fbem-32349	52	17	"	"	PUNCT
fbem-32349	52	18	rapid	rapid	ADJ
fbem-32349	52	19	rebalancing	rebalancing	NOUN
fbem-32349	52	20	"	"	PUNCT
fbem-32349	52	21	mechanism	mechanism	NOUN
fbem-32349	52	22	to	to	PART
fbem-32349	52	23	reduce	reduce	VERB
fbem-32349	52	24	risk	risk	NOUN
fbem-32349	52	25	exposure	exposure	NOUN
fbem-32349	52	26	through	through	ADP
fbem-32349	52	27	methods	method	NOUN
fbem-32349	52	28	such	such	ADJ
fbem-32349	52	29	as	as	ADP
fbem-32349	52	30	share	share	NOUN
fbem-32349	52	31	reduction	reduction	NOUN
fbem-32349	52	32	,	,	PUNCT
fbem-32349	52	33	divestment	divestment	NOUN
fbem-32349	52	34	,	,	PUNCT
fbem-32349	52	35	or	or	CCONJ
fbem-32349	52	36	transfer	transfer	NOUN
fbem-32349	52	37	pricing	pricing	NOUN
fbem-32349	52	38	(	(	PUNCT
fbem-32349	52	39	caldara	caldara	NOUN
fbem-32349	52	40	&	&	CCONJ
fbem-32349	52	41	iacoviello	iacoviello	PROPN
fbem-32349	52	42	,	,	PUNCT
fbem-32349	52	43	2022	2022	NUM
fbem-32349	52	44	)	)	PUNCT
fbem-32349	52	45	.	.	PUNCT
fbem-32349	53	1	the	the	DET
fbem-32349	53	2	risk	risk	NOUN
fbem-32349	53	3	contagion	contagion	NOUN
fbem-32349	53	4	theory	theory	NOUN
fbem-32349	53	5	provides	provide	VERB
fbem-32349	53	6	a	a	DET
fbem-32349	53	7	logical	logical	ADJ
fbem-32349	53	8	bridge	bridge	NOUN
fbem-32349	53	9	between	between	ADP
fbem-32349	53	10	"	"	PUNCT
fbem-32349	53	11	macro	macro	ADJ
fbem-32349	53	12	-risk	-risk	NOUN
fbem-32349	53	13	→	→	SYM
fbem-32349	53	14	micro	micro	NOUN
fbem-32349	53	15	-	-	NOUN
fbem-32349	53	16	response	response	NOUN
fbem-32349	53	17	"	"	PUNCT
fbem-32349	53	18	for	for	ADP
fbem-32349	53	19	this	this	DET
fbem-32349	53	20	study	study	NOUN
fbem-32349	53	21	,	,	PUNCT
fbem-32349	53	22	explaining	explain	VERB
fbem-32349	53	23	why	why	SCONJ
fbem-32349	53	24	the	the	DET
fbem-32349	53	25	same	same	ADJ
fbem-32349	53	26	event	event	NOUN
fbem-32349	53	27	can	can	AUX
fbem-32349	53	28	generate	generate	VERB
fbem-32349	53	29	heterogeneous	heterogeneous	ADJ
fbem-32349	53	30	risk	risk	NOUN
fbem-32349	53	31	profiles	profile	NOUN
fbem-32349	53	32	(	(	PUNCT
fbem-32349	53	33	cars	car	NOUN
fbem-32349	53	34	)	)	PUNCT
fbem-32349	53	35	among	among	ADP
fbem-32349	53	36	different	different	ADJ
fbem-32349	53	37	firms	firm	NOUN
fbem-32349	53	38	.	.	PUNCT
fbem-32349	54	1	2.5	2.5	NUM
fbem-32349	54	2	.	.	PUNCT
fbem-32349	55	1	theoretical	theoretical	ADJ
fbem-32349	55	2	integration	integration	NOUN
fbem-32349	55	3	and	and	CCONJ
fbem-32349	55	4	research	research	NOUN
fbem-32349	55	5	hypotheses	hypothesis	NOUN
fbem-32349	55	6	based	base	VERB
fbem-32349	55	7	on	on	ADP
fbem-32349	55	8	the	the	DET
fbem-32349	55	9	above	above	ADJ
fbem-32349	55	10	three	three	NUM
fbem-32349	55	11	theories	theory	NOUN
fbem-32349	55	12	,	,	PUNCT
fbem-32349	55	13	this	this	DET
fbem-32349	55	14	paper	paper	NOUN
fbem-32349	55	15	constructs	construct	VERB
fbem-32349	55	16	the	the	DET
fbem-32349	55	17	following	follow	VERB
fbem-32349	55	18	analytical	analytical	ADJ
fbem-32349	55	19	framework	framework	NOUN
fbem-32349	55	20	:	:	PUNCT
fbem-32349	55	21	financing	financing	NOUN
fbem-32349	55	22	constraints	constraint	NOUN
fbem-32349	55	23	determine	determine	VERB
fbem-32349	55	24	a	a	DET
fbem-32349	55	25	company	company	NOUN
fbem-32349	55	26	's	's	PART
fbem-32349	55	27	dependence	dependence	NOUN
fbem-32349	55	28	on	on	ADP
fbem-32349	55	29	external	external	ADJ
fbem-32349	55	30	funding	funding	NOUN
fbem-32349	55	31	;	;	PUNCT
fbem-32349	55	32	the	the	PRON
fbem-32349	55	33	higher	high	ADJ
fbem-32349	55	34	the	the	DET
fbem-32349	55	35	constraints	constraint	NOUN
fbem-32349	55	36	,	,	PUNCT
fbem-32349	55	37	the	the	PRON
fbem-32349	55	38	more	more	ADV
fbem-32349	55	39	drastic	drastic	ADJ
fbem-32349	55	40	the	the	DET
fbem-32349	55	41	asset	asset	NOUN
fbem-32349	55	42	adjustments	adjustment	NOUN
fbem-32349	55	43	under	under	ADP
fbem-32349	55	44	risk	risk	NOUN
fbem-32349	55	45	shocks	shock	NOUN
fbem-32349	55	46	.	.	PUNCT
fbem-32349	56	1	dynamic	dynamic	ADJ
fbem-32349	56	2	asset	asset	NOUN
fbem-32349	56	3	allocation	allocation	NOUN
fbem-32349	56	4	mechanisms	mechanism	NOUN
fbem-32349	56	5	prompt	prompt	VERB
fbem-32349	56	6	companies	company	NOUN
fbem-32349	56	7	to	to	PART
fbem-32349	56	8	quickly	quickly	ADV
fbem-32349	56	9	reduce	reduce	VERB
fbem-32349	56	10	the	the	DET
fbem-32349	56	11	weight	weight	NOUN
fbem-32349	56	12	of	of	ADP
fbem-32349	56	13	high	high	ADJ
fbem-32349	56	14	-	-	PUNCT
fbem-32349	56	15	risk	risk	NOUN
fbem-32349	56	16	regions	region	NOUN
fbem-32349	56	17	through	through	ADP
fbem-32349	56	18	"	"	PUNCT
fbem-32349	56	19	short	short	ADJ
fbem-32349	56	20	-	-	PUNCT
fbem-32349	56	21	term	term	NOUN
fbem-32349	56	22	rebalancing	rebalancing	NOUN
fbem-32349	56	23	.	.	PUNCT
fbem-32349	56	24	"	"	PUNCT
fbem-32349	57	1	the	the	DET
fbem-32349	57	2	intensity	intensity	NOUN
fbem-32349	57	3	of	of	ADP
fbem-32349	57	4	risk	risk	NOUN
fbem-32349	57	5	contagion	contagion	NOUN
fbem-32349	57	6	affects	affect	VERB
fbem-32349	57	7	the	the	DET
fbem-32349	57	8	magnitude	magnitude	NOUN
fbem-32349	57	9	and	and	CCONJ
fbem-32349	57	10	speed	speed	NOUN
fbem-32349	57	11	of	of	ADP
fbem-32349	57	12	rebalancing	rebalancing	NOUN
fbem-32349	57	13	;	;	PUNCT
fbem-32349	57	14	the	the	PRON
fbem-32349	57	15	stronger	strong	ADJ
fbem-32349	57	16	the	the	DET
fbem-32349	57	17	contagion	contagion	NOUN
fbem-32349	57	18	,	,	PUNCT
fbem-32349	57	19	the	the	PRON
fbem-32349	57	20	larger	large	ADJ
fbem-32349	57	21	the	the	DET
fbem-32349	57	22	absolute	absolute	ADJ
fbem-32349	57	23	value	value	NOUN
fbem-32349	57	24	of	of	ADP
fbem-32349	57	25	car	car	NOUN
fbem-32349	57	26	.	.	PUNCT
fbem-32349	58	1	based	base	VERB
fbem-32349	58	2	on	on	ADP
fbem-32349	58	3	this	this	PRON
fbem-32349	58	4	,	,	PUNCT
fbem-32349	58	5	this	this	DET
fbem-32349	58	6	paper	paper	NOUN
fbem-32349	58	7	proposes	propose	VERB
fbem-32349	58	8	the	the	DET
fbem-32349	58	9	following	follow	VERB
fbem-32349	58	10	hypotheses	hypothesis	NOUN
fbem-32349	58	11	to	to	PART
fbem-32349	58	12	be	be	AUX
fbem-32349	58	13	tested	test	VERB
fbem-32349	58	14	:	:	PUNCT
fbem-32349	58	15	h1	h1	PROPN
fbem-32349	58	16	:	:	PUNCT
fbem-32349	58	17	on	on	ADP
fbem-32349	58	18	the	the	DET
fbem-32349	58	19	day	day	NOUN
fbem-32349	58	20	of	of	ADP
fbem-32349	58	21	a	a	DET
fbem-32349	58	22	sudden	sudden	ADJ
fbem-32349	58	23	geopolitical	geopolitical	ADJ
fbem-32349	58	24	risk	risk	NOUN
fbem-32349	58	25	,	,	PUNCT
fbem-32349	58	26	the	the	DET
fbem-32349	58	27	average	average	ADJ
fbem-32349	58	28	car	car	NOUN
fbem-32349	58	29	of	of	ADP
fbem-32349	58	30	the	the	DET
fbem-32349	58	31	sample	sample	NOUN
fbem-32349	58	32	companies	company	NOUN
fbem-32349	58	33	was	be	AUX
fbem-32349	58	34	significantly	significantly	ADV
fbem-32349	58	35	not	not	PART
fbem-32349	58	36	zero	zero	NUM
fbem-32349	58	37	;	;	PUNCT
fbem-32349	58	38	h2	h2	NOUN
fbem-32349	58	39	:	:	PUNCT
fbem-32349	58	40	the	the	PRON
fbem-32349	58	41	higher	high	ADJ
fbem-32349	58	42	the	the	DET
fbem-32349	58	43	degree	degree	NOUN
fbem-32349	58	44	of	of	ADP
fbem-32349	58	45	financing	financing	NOUN
fbem-32349	58	46	constraints	constraint	NOUN
fbem-32349	58	47	,	,	PUNCT
fbem-32349	58	48	the	the	PRON
fbem-32349	58	49	larger	large	ADJ
fbem-32349	58	50	the	the	DET
fbem-32349	58	51	absolute	absolute	ADJ
fbem-32349	58	52	value	value	NOUN
fbem-32349	58	53	of	of	ADP
fbem-32349	58	54	car	car	NOUN
fbem-32349	58	55	;	;	PUNCT
fbem-32349	58	56	h3	h3	VERB
fbem-32349	58	57	:	:	PUNCT
fbem-32349	58	58	the	the	PRON
fbem-32349	58	59	higher	high	ADJ
fbem-32349	58	60	the	the	DET
fbem-32349	58	61	industry	industry	NOUN
fbem-32349	58	62	risk	risk	NOUN
fbem-32349	58	63	exposure	exposure	NOUN
fbem-32349	58	64	or	or	CCONJ
fbem-32349	58	65	the	the	DET
fbem-32349	58	66	proportion	proportion	NOUN
fbem-32349	58	67	of	of	ADP
fbem-32349	58	68	overseas	overseas	ADJ
fbem-32349	58	69	assets	asset	NOUN
fbem-32349	58	70	,	,	PUNCT
fbem-32349	58	71	the	the	PRON
fbem-32349	58	72	more	more	ADV
fbem-32349	58	73	significantly	significantly	ADV
fbem-32349	58	74	the	the	DET
fbem-32349	58	75	car	car	NOUN
fbem-32349	58	76	differs	differ	VERB
fbem-32349	58	77	from	from	ADP
fbem-32349	58	78	the	the	DET
fbem-32349	58	79	low	low	ADJ
fbem-32349	58	80	exposure	exposure	NOUN
fbem-32349	58	81	group	group	NOUN
fbem-32349	58	82	.	.	PUNCT
fbem-32349	59	1	108	108	NUM
fbem-32349	59	2	3	3	NUM
fbem-32349	59	3	.	.	PUNCT
fbem-32349	59	4	econometric	econometric	ADJ
fbem-32349	59	5	models	model	NOUN
fbem-32349	59	6	and	and	CCONJ
fbem-32349	59	7	variables	variable	NOUN
fbem-32349	59	8	3.1	3.1	NUM
fbem-32349	59	9	.	.	PUNCT
fbem-32349	59	10	model	model	NOUN
fbem-32349	59	11	setting	set	VERB
fbem-32349	59	12	3.1.1	3.1.1	NUM
fbem-32349	59	13	.	.	PUNCT
fbem-32349	60	1	long	long	ADJ
fbem-32349	60	2	-	-	PUNCT
fbem-32349	60	3	term	term	NOUN
fbem-32349	60	4	effects	effect	NOUN
fbem-32349	60	5	:	:	PUNCT
fbem-32349	60	6	two	two	NUM
fbem-32349	60	7	-	-	PUNCT
fbem-32349	60	8	way	way	NOUN
fbem-32349	60	9	fixed	fix	VERB
fbem-32349	60	10	effects	effect	NOUN
fbem-32349	60	11	model	model	NOUN
fbem-32349	60	12	(	(	PUNCT
fbem-32349	60	13	1	1	NUM
fbem-32349	60	14	)	)	PUNCT
fbem-32349	60	15	baseline	baseline	NOUN
fbem-32349	60	16	model	model	NOUN
fbem-32349	60	17	hhiit	hhiit	PROPN
fbem-32349	60	18	=	=	SYM
fbem-32349	60	19	α+β1	α+β1	ADJ
fbem-32349	60	20	gprjt	gprjt	NOUN
fbem-32349	60	21	+	+	PROPN
fbem-32349	60	22	β2epujt	β2epujt	PROPN
fbem-32349	60	23	+	+	SYM
fbem-32349	60	24	γ+μi	γ+μi	PROPN
fbem-32349	60	25	+	+	NOUN
fbem-32349	60	26	δt	δt	X
fbem-32349	60	27	+	+	NOUN
fbem-32349	60	28	εit	εit	VERB
fbem-32349	60	29	key	key	ADJ
fbem-32349	60	30	explanatory	explanatory	ADJ
fbem-32349	60	31	variables	variable	NOUN
fbem-32349	60	32	:	:	PUNCT
fbem-32349	60	33	geopolitical	geopolitical	ADJ
fbem-32349	60	34	risk	risk	NOUN
fbem-32349	60	35	index	index	NOUN
fbem-32349	60	36	(	(	PUNCT
fbem-32349	60	37	gpr	gpr	PROPN
fbem-32349	60	38	):	):	PUNCT
fbem-32349	60	39	monthly	monthly	ADJ
fbem-32349	60	40	index	index	NOUN
fbem-32349	60	41	constructed	construct	VERB
fbem-32349	60	42	by	by	ADP
fbem-32349	60	43	caldara	caldara	NOUN
fbem-32349	60	44	and	and	CCONJ
fbem-32349	60	45	iacoviello	iacoviello	PROPN
fbem-32349	60	46	(	(	PUNCT
fbem-32349	60	47	2022	2022	NUM
fbem-32349	60	48	)	)	PUNCT
fbem-32349	60	49	;	;	PUNCT
fbem-32349	60	50	economic	economic	ADJ
fbem-32349	60	51	policy	policy	NOUN
fbem-32349	60	52	uncertainty	uncertainty	NOUN
fbem-32349	60	53	index	index	NOUN
fbem-32349	60	54	(	(	PUNCT
fbem-32349	60	55	epu	epu	PROPN
fbem-32349	60	56	):	):	PUNCT
fbem-32349	60	57	country	country	NOUN
fbem-32349	60	58	-specific	-specific	PROPN
fbem-32349	60	59	data	datum	NOUN
fbem-32349	60	60	from	from	ADP
fbem-32349	60	61	baker	baker	PROPN
fbem-32349	60	62	et	et	PROPN
fbem-32349	60	63	al	al	PROPN
fbem-32349	60	64	.	.	PUNCT
fbem-32349	61	1	(	(	PUNCT
fbem-32349	61	2	2016	2016	NUM
fbem-32349	61	3	)	)	PUNCT
fbem-32349	61	4	.	.	PUNCT
fbem-32349	62	1	dependent	dependent	ADJ
fbem-32349	62	2	variable	variable	NOUN
fbem-32349	62	3	:	:	PUNCT
fbem-32349	62	4	overseas	overseas	ADJ
fbem-32349	62	5	asset	asset	NOUN
fbem-32349	62	6	allocation	allocation	NOUN
fbem-32349	62	7	diversification	diversification	NOUN
fbem-32349	62	8	(	(	PUNCT
fbem-32349	62	9	hhi	hhi	NOUN
fbem-32349	62	10	index	index	NOUN
fbem-32349	62	11	)	)	PUNCT
fbem-32349	62	12	,	,	PUNCT
fbem-32349	62	13	formula	formula	NOUN
fbem-32349	62	14	:	:	PUNCT
fbem-32349	62	15	hhiit	hhiit	PROPN
fbem-32349	62	16	=	=	SYM
fbem-32349	62	17	1∑	1∑	PROPN
fbem-32349	62	18	(	(	PUNCT
fbem-32349	62	19	host	host	NOUN
fbem-32349	62	20	country	country	NOUN
fbem-32349	62	21	's	's	PART
fbem-32349	62	22	k	k	PROPN
fbem-32349	62	23	asset	asset	NOUN
fbem-32349	62	24	scale	scale	NOUN
fbem-32349	62	25	overseas	overseas	ADJ
fbem-32349	62	26	total	total	ADJ
fbem-32349	62	27	assets	asset	NOUN
fbem-32349	62	28	)	)	PUNCT
fbem-32349	62	29	2k	2k	PROPN
fbem-32349	62	30	k=1	k=1	PUNCT
fbem-32349	63	1	the	the	DET
fbem-32349	63	2	control	control	NOUN
fbem-32349	63	3	variables	variable	VERB
fbem-32349	63	4	xit	xit	PROPN
fbem-32349	63	5	are	be	AUX
fbem-32349	63	6	set	set	VERB
fbem-32349	63	7	as	as	ADP
fbem-32349	63	8	firm	firm	ADJ
fbem-32349	63	9	size	size	NOUN
fbem-32349	63	10	(	(	PUNCT
fbem-32349	63	11	logarithm	logarithm	NOUN
fbem-32349	63	12	of	of	ADP
fbem-32349	63	13	total	total	ADJ
fbem-32349	63	14	assets	asset	NOUN
fbem-32349	63	15	)	)	PUNCT
fbem-32349	63	16	,	,	PUNCT
fbem-32349	63	17	profitability	profitability	NOUN
fbem-32349	63	18	(	(	PUNCT
fbem-32349	63	19	roa	roa	NOUN
fbem-32349	63	20	)	)	PUNCT
fbem-32349	63	21	,	,	PUNCT
fbem-32349	63	22	debt	debt	NOUN
fbem-32349	63	23	-	-	PUNCT
fbem-32349	63	24	to	to	ADP
fbem-32349	63	25	-	-	PUNCT
fbem-32349	63	26	equity	equity	NOUN
fbem-32349	63	27	ratio	ratio	NOUN
fbem-32349	63	28	,	,	PUNCT
fbem-32349	63	29	industry	industry	NOUN
fbem-32349	63	30	concentration	concentration	NOUN
fbem-32349	63	31	,	,	PUNCT
fbem-32349	63	32	etc	etc	X
fbem-32349	63	33	.	.	X
fbem-32349	64	1	3.1.2	3.1.2	X
fbem-32349	64	2	.	.	PUNCT
fbem-32349	64	3	short	short	ADJ
fbem-32349	64	4	-	-	PUNCT
fbem-32349	64	5	term	term	NOUN
fbem-32349	64	6	shocks	shock	NOUN
fbem-32349	64	7	:	:	PUNCT
fbem-32349	64	8	event	event	NOUN
fbem-32349	64	9	study	study	NOUN
fbem-32349	64	10	methodology	methodology	NOUN
fbem-32349	64	11	quantifies	quantify	VERB
fbem-32349	64	12	the	the	DET
fbem-32349	64	13	short	short	ADJ
fbem-32349	64	14	-	-	PUNCT
fbem-32349	64	15	term	term	NOUN
fbem-32349	64	16	impact	impact	NOUN
fbem-32349	64	17	of	of	ADP
fbem-32349	64	18	the	the	DET
fbem-32349	64	19	"	"	PUNCT
fbem-32349	64	20	russia	russia	PROPN
fbem-32349	64	21	-	-	PUNCT
fbem-32349	64	22	ukraine	ukraine	PROPN
fbem-32349	64	23	conflict	conflict	NOUN
fbem-32349	64	24	"	"	PUNCT
fbem-32349	64	25	geopolitical	geopolitical	ADJ
fbem-32349	64	26	event	event	NOUN
fbem-32349	64	27	on	on	ADP
fbem-32349	64	28	corporate	corporate	ADJ
fbem-32349	64	29	stock	stock	NOUN
fbem-32349	64	30	prices	price	NOUN
fbem-32349	64	31	,	,	PUNCT
fbem-32349	64	32	revealing	reveal	VERB
fbem-32349	64	33	the	the	DET
fbem-32349	64	34	capital	capital	NOUN
fbem-32349	64	35	market	market	NOUN
fbem-32349	64	36	reaction	reaction	NOUN
fbem-32349	64	37	and	and	CCONJ
fbem-32349	64	38	corporate	corporate	ADJ
fbem-32349	64	39	short	short	ADJ
fbem-32349	64	40	-term	-term	NOUN
fbem-32349	64	41	response	response	NOUN
fbem-32349	64	42	strategies	strategy	NOUN
fbem-32349	64	43	.	.	PUNCT
fbem-32349	65	1	the	the	DET
fbem-32349	65	2	short	short	ADJ
fbem-32349	65	3	-	-	PUNCT
fbem-32349	65	4	term	term	NOUN
fbem-32349	65	5	impact	impact	NOUN
fbem-32349	65	6	is	be	AUX
fbem-32349	65	7	measured	measure	VERB
fbem-32349	65	8	using	use	VERB
fbem-32349	65	9	the	the	DET
fbem-32349	65	10	event	event	NOUN
fbem-32349	65	11	study	study	NOUN
fbem-32349	65	12	methodology	methodology	NOUN
fbem-32349	65	13	to	to	PART
fbem-32349	65	14	quantify	quantify	VERB
fbem-32349	65	15	the	the	DET
fbem-32349	65	16	influence	influence	NOUN
fbem-32349	65	17	of	of	ADP
fbem-32349	65	18	specific	specific	ADJ
fbem-32349	65	19	geopolitical	geopolitical	ADJ
fbem-32349	65	20	events	event	NOUN
fbem-32349	65	21	.	.	PUNCT
fbem-32349	66	1	(	(	PUNCT
fbem-32349	66	2	1	1	X
fbem-32349	66	3	)	)	PUNCT
fbem-32349	66	4	select	select	VERB
fbem-32349	66	5	the	the	DET
fbem-32349	66	6	event	event	NOUN
fbem-32349	66	7	window	window	NOUN
fbem-32349	66	8	.	.	PUNCT
fbem-32349	67	1	the	the	DET
fbem-32349	67	2	event	event	NOUN
fbem-32349	67	3	date	date	NOUN
fbem-32349	67	4	is	be	AUX
fbem-32349	67	5	set	set	VERB
fbem-32349	67	6	as	as	ADP
fbem-32349	67	7	the	the	DET
fbem-32349	67	8	date	date	NOUN
fbem-32349	67	9	of	of	ADP
fbem-32349	67	10	the	the	DET
fbem-32349	67	11	outbreak	outbreak	NOUN
fbem-32349	67	12	of	of	ADP
fbem-32349	67	13	the	the	DET
fbem-32349	67	14	russia	russia	PROPN
fbem-32349	67	15	-	-	PUNCT
fbem-32349	67	16	ukraine	ukraine	PROPN
fbem-32349	67	17	conflict	conflict	NOUN
fbem-32349	67	18	(	(	PUNCT
fbem-32349	67	19	february	february	PROPN
fbem-32349	67	20	24	24	NUM
fbem-32349	67	21	,	,	PUNCT
fbem-32349	67	22	2022	2022	NUM
fbem-32349	67	23	)	)	PUNCT
fbem-32349	67	24	,	,	PUNCT
fbem-32349	67	25	and	and	CCONJ
fbem-32349	67	26	a	a	DET
fbem-32349	67	27	window	window	NOUN
fbem-32349	67	28	period	period	NOUN
fbem-32349	67	29	of	of	ADP
fbem-32349	67	30	[	[	X
fbem-32349	67	31	-5	-5	INTJ
fbem-32349	67	32	,	,	PUNCT
fbem-32349	67	33	+20	+20	NUM
fbem-32349	67	34	]	]	X
fbem-32349	67	35	trading	trading	NOUN
fbem-32349	67	36	days	day	NOUN
fbem-32349	67	37	is	be	AUX
fbem-32349	67	38	set	set	VERB
fbem-32349	67	39	to	to	PART
fbem-32349	67	40	examine	examine	VERB
fbem-32349	67	41	the	the	DET
fbem-32349	67	42	market	market	NOUN
fbem-32349	67	43	reaction	reaction	NOUN
fbem-32349	67	44	before	before	ADP
fbem-32349	67	45	and	and	CCONJ
fbem-32349	67	46	after	after	ADP
fbem-32349	67	47	the	the	DET
fbem-32349	67	48	event	event	NOUN
fbem-32349	67	49	.	.	PUNCT
fbem-32349	68	1	(	(	PUNCT
fbem-32349	68	2	2	2	X
fbem-32349	68	3	)	)	PUNCT
fbem-32349	68	4	select	select	VERB
fbem-32349	68	5	the	the	DET
fbem-32349	68	6	estimation	estimation	NOUN
fbem-32349	68	7	window	window	NOUN
fbem-32349	68	8	.	.	PUNCT
fbem-32349	69	1	select	select	VERB
fbem-32349	69	2	the	the	DET
fbem-32349	69	3	120	120	NUM
fbem-32349	69	4	trading	trading	NOUN
fbem-32349	69	5	days	day	NOUN
fbem-32349	69	6	prior	prior	ADV
fbem-32349	69	7	to	to	ADP
fbem-32349	69	8	the	the	DET
fbem-32349	69	9	event	event	NOUN
fbem-32349	69	10	to	to	PART
fbem-32349	69	11	calculate	calculate	VERB
fbem-32349	69	12	the	the	DET
fbem-32349	69	13	normal	normal	ADJ
fbem-32349	69	14	rate	rate	NOUN
fbem-32349	69	15	of	of	ADP
fbem-32349	69	16	return	return	NOUN
fbem-32349	69	17	.	.	PUNCT
fbem-32349	70	1	(	(	PUNCT
fbem-32349	70	2	3	3	X
fbem-32349	70	3	)	)	PUNCT
fbem-32349	70	4	calculate	calculate	VERB
fbem-32349	70	5	the	the	DET
fbem-32349	70	6	normal	normal	ADJ
fbem-32349	70	7	rate	rate	NOUN
fbem-32349	70	8	of	of	ADP
fbem-32349	70	9	return	return	NOUN
fbem-32349	70	10	.	.	PUNCT
fbem-32349	71	1	the	the	DET
fbem-32349	71	2	normal	normal	ADJ
fbem-32349	71	3	rate	rate	NOUN
fbem-32349	71	4	of	of	ADP
fbem-32349	71	5	return	return	NOUN
fbem-32349	71	6	(	(	PUNCT
fbem-32349	71	7	capm	capm	NOUN
fbem-32349	71	8	)	)	PUNCT
fbem-32349	71	9	is	be	AUX
fbem-32349	71	10	estimated	estimate	VERB
fbem-32349	71	11	using	use	VERB
fbem-32349	71	12	a	a	DET
fbem-32349	71	13	market	market	NOUN
fbem-32349	71	14	model	model	NOUN
fbem-32349	71	15	,	,	PUNCT
fbem-32349	71	16	with	with	ADP
fbem-32349	71	17	the	the	DET
fbem-32349	71	18	following	follow	VERB
fbem-32349	71	19	formula	formula	NOUN
fbem-32349	71	20	:	:	PUNCT
fbem-32349	72	1	rit	rit	NOUN
fbem-32349	72	2	=	=	NOUN
fbem-32349	72	3	αi+βi	αi+βi	ADV
fbem-32349	72	4	rmt+ϵit	rmt+ϵit	PROPN
fbem-32349	72	5	rit	rit	NOUN
fbem-32349	72	6	actual	actual	ADJ
fbem-32349	72	7	return	return	NOUN
fbem-32349	72	8	of	of	ADP
fbem-32349	72	9	the	the	DET
fbem-32349	72	10	enterprise	enterprise	NOUN
fbem-32349	72	11	i	i	PRON
fbem-32349	72	12	on	on	ADP
fbem-32349	72	13	day	day	NOUN
fbem-32349	72	14	t	t	NOUN
fbem-32349	72	15	,	,	PUNCT
fbem-32349	72	16	rmt	rmt	NOUN
fbem-32349	72	17	refers	refer	VERB
fbem-32349	72	18	to	to	ADP
fbem-32349	72	19	market	market	NOUN
fbem-32349	72	20	yield	yield	NOUN
fbem-32349	72	21	.	.	PUNCT
fbem-32349	73	1	(	(	PUNCT
fbem-32349	73	2	4	4	X
fbem-32349	73	3	)	)	PUNCT
fbem-32349	73	4	calculate	calculate	VERB
fbem-32349	73	5	the	the	DET
fbem-32349	73	6	abnormal	abnormal	ADJ
fbem-32349	73	7	return	return	NOUN
fbem-32349	73	8	rate	rate	NOUN
fbem-32349	73	9	(	(	PUNCT
fbem-32349	73	10	ar	ar	NOUN
fbem-32349	73	11	)	)	PUNCT
fbem-32349	73	12	and	and	CCONJ
fbem-32349	73	13	the	the	DET
fbem-32349	73	14	cumulative	cumulative	ADJ
fbem-32349	73	15	abnormal	abnormal	ADJ
fbem-32349	73	16	return	return	NOUN
fbem-32349	73	17	rate	rate	NOUN
fbem-32349	73	18	(	(	PUNCT
fbem-32349	73	19	car	car	NOUN
fbem-32349	73	20	)	)	PUNCT
fbem-32349	73	21	.	.	PUNCT
fbem-32349	74	1	calculate	calculate	VERB
fbem-32349	74	2	the	the	DET
fbem-32349	74	3	abnormal	abnormal	ADJ
fbem-32349	74	4	return	return	NOUN
fbem-32349	74	5	rate	rate	NOUN
fbem-32349	74	6	(	(	PUNCT
fbem-32349	74	7	ar	ar	NOUN
fbem-32349	74	8	)	)	PUNCT
fbem-32349	74	9	,	,	PUNCT
fbem-32349	74	10	the	the	DET
fbem-32349	74	11	calculation	calculation	NOUN
fbem-32349	74	12	method	method	NOUN
fbem-32349	74	13	is	be	AUX
fbem-32349	74	14	as	as	SCONJ
fbem-32349	74	15	follows	follow	VERB
fbem-32349	74	16	:	:	PUNCT
fbem-32349	74	17	arit	arit	ADP
fbem-32349	74	18	=	=	PUNCT
fbem-32349	74	19	rit-(αi	rit-(αi	VERB
fbem-32349	74	20	+	+	NOUN
fbem-32349	74	21	βi	βi	NOUN
fbem-32349	74	22	rmt	rmt	NOUN
fbem-32349	74	23	)	)	PUNCT
fbem-32349	74	24	the	the	DET
fbem-32349	74	25	cumulative	cumulative	ADJ
fbem-32349	74	26	abnormal	abnormal	ADJ
fbem-32349	74	27	return	return	NOUN
fbem-32349	74	28	(	(	PUNCT
fbem-32349	74	29	car	car	NOUN
fbem-32349	74	30	)	)	PUNCT
fbem-32349	74	31	is	be	AUX
fbem-32349	74	32	calculated	calculate	VERB
fbem-32349	74	33	to	to	PART
fbem-32349	74	34	measure	measure	VERB
fbem-32349	74	35	the	the	DET
fbem-32349	74	36	short	short	ADJ
fbem-32349	74	37	-	-	PUNCT
fbem-32349	74	38	term	term	NOUN
fbem-32349	74	39	response	response	NOUN
fbem-32349	74	40	of	of	ADP
fbem-32349	74	41	a	a	DET
fbem-32349	74	42	company	company	NOUN
fbem-32349	74	43	's	's	PART
fbem-32349	74	44	stock	stock	NOUN
fbem-32349	74	45	price	price	NOUN
fbem-32349	74	46	to	to	PART
fbem-32349	74	47	risk	risk	VERB
fbem-32349	74	48	within	within	ADP
fbem-32349	74	49	an	an	DET
fbem-32349	74	50	event	event	NOUN
fbem-32349	74	51	window	window	NOUN
fbem-32349	74	52	.	.	PUNCT
fbem-32349	75	1	the	the	DET
fbem-32349	75	2	calculation	calculation	NOUN
fbem-32349	75	3	method	method	NOUN
fbem-32349	75	4	is	be	AUX
fbem-32349	75	5	as	as	SCONJ
fbem-32349	75	6	follows	follow	VERB
fbem-32349	75	7	:	:	PUNCT
fbem-32349	75	8	cari,[t1,t2	cari,[t1,t2	X
fbem-32349	75	9	]	]	PUNCT
fbem-32349	75	10	=	=	PUNCT
fbem-32349	75	11	∑	∑	PUNCT
fbem-32349	75	12	arit	arit	ADP
fbem-32349	75	13	t2	t2	PROPN
fbem-32349	75	14	t	t	PROPN
fbem-32349	75	15	=	=	PROPN
fbem-32349	75	16	t1	t1	NOUN
fbem-32349	75	17	(	(	PUNCT
fbem-32349	75	18	5	5	NUM
fbem-32349	75	19	)	)	PUNCT
fbem-32349	75	20	robustness	robustness	NOUN
fbem-32349	75	21	test	test	NOUN
fbem-32349	75	22	the	the	DET
fbem-32349	75	23	window	window	NOUN
fbem-32349	75	24	length	length	NOUN
fbem-32349	75	25	will	will	AUX
fbem-32349	75	26	be	be	AUX
fbem-32349	75	27	changed	change	VERB
fbem-32349	75	28	.	.	PUNCT
fbem-32349	76	1	the	the	DET
fbem-32349	76	2	baseline	baseline	NOUN
fbem-32349	76	3	window	window	NOUN
fbem-32349	76	4	is	be	AUX
fbem-32349	76	5	[	[	X
fbem-32349	76	6	-5	-5	INTJ
fbem-32349	76	7	,	,	PUNCT
fbem-32349	76	8	+20	+20	NUM
fbem-32349	76	9	]	]	X
fbem-32349	76	10	trading	trading	NOUN
fbem-32349	76	11	days	day	NOUN
fbem-32349	76	12	,	,	PUNCT
fbem-32349	76	13	and	and	CCONJ
fbem-32349	76	14	the	the	DET
fbem-32349	76	15	adjusted	adjust	VERB
fbem-32349	76	16	windows	window	NOUN
fbem-32349	76	17	are	be	AUX
fbem-32349	76	18	planned	plan	VERB
fbem-32349	76	19	to	to	PART
fbem-32349	76	20	be	be	AUX
fbem-32349	76	21	[	[	X
fbem-32349	76	22	-3	-3	ADJ
fbem-32349	76	23	,	,	PUNCT
fbem-32349	76	24	+10	+10	NOUN
fbem-32349	76	25	]	]	PUNCT
fbem-32349	76	26	and	and	CCONJ
fbem-32349	77	1	[	[	X
fbem-32349	77	2	-7	-7	INTJ
fbem-32349	77	3	,	,	PUNCT
fbem-32349	77	4	+15	+15	PROPN
fbem-32349	77	5	]	]	PUNCT
fbem-32349	77	6	to	to	PART
fbem-32349	77	7	ensure	ensure	VERB
fbem-32349	77	8	coverage	coverage	NOUN
fbem-32349	77	9	of	of	ADP
fbem-32349	77	10	potential	potential	ADJ
fbem-32349	77	11	early	early	ADJ
fbem-32349	77	12	reactions	reaction	NOUN
fbem-32349	77	13	and	and	CCONJ
fbem-32349	77	14	lag	lag	NOUN
fbem-32349	77	15	effects	effect	NOUN
fbem-32349	77	16	of	of	ADP
fbem-32349	77	17	event	event	NOUN
fbem-32349	77	18	shocks	shock	NOUN
fbem-32349	77	19	.	.	PUNCT
fbem-32349	78	1	secondly	secondly	ADV
fbem-32349	78	2	,	,	PUNCT
fbem-32349	78	3	the	the	DET
fbem-32349	78	4	cumulative	cumulative	ADJ
fbem-32349	78	5	abnormal	abnormal	ADJ
fbem-32349	78	6	return	return	NOUN
fbem-32349	78	7	(	(	PUNCT
fbem-32349	78	8	car	car	NOUN
fbem-32349	78	9	)	)	PUNCT
fbem-32349	78	10	will	will	AUX
fbem-32349	78	11	be	be	AUX
fbem-32349	78	12	recalculated	recalculate	VERB
fbem-32349	78	13	within	within	ADP
fbem-32349	78	14	each	each	DET
fbem-32349	78	15	window	window	NOUN
fbem-32349	78	16	period	period	NOUN
fbem-32349	78	17	to	to	PART
fbem-32349	78	18	maintain	maintain	VERB
fbem-32349	78	19	consistency	consistency	NOUN
fbem-32349	78	20	in	in	ADP
fbem-32349	78	21	the	the	DET
fbem-32349	78	22	expected	expect	VERB
fbem-32349	78	23	return	return	NOUN
fbem-32349	78	24	model	model	NOUN
fbem-32349	78	25	and	and	CCONJ
fbem-32349	78	26	avoid	avoid	VERB
fbem-32349	78	27	interference	interference	NOUN
fbem-32349	78	28	from	from	ADP
fbem-32349	78	29	methodological	methodological	ADJ
fbem-32349	78	30	differences	difference	NOUN
fbem-32349	78	31	.	.	PUNCT
fbem-32349	79	1	then	then	ADV
fbem-32349	79	2	,	,	PUNCT
fbem-32349	79	3	the	the	DET
fbem-32349	79	4	significance	significance	NOUN
fbem-32349	79	5	level	level	NOUN
fbem-32349	79	6	,	,	PUNCT
fbem-32349	79	7	direction	direction	NOUN
fbem-32349	79	8	,	,	PUNCT
fbem-32349	79	9	and	and	CCONJ
fbem-32349	79	10	magnitude	magnitude	NOUN
fbem-32349	79	11	of	of	ADP
fbem-32349	79	12	car	car	NOUN
fbem-32349	79	13	under	under	ADP
fbem-32349	79	14	different	different	ADJ
fbem-32349	79	15	window	window	NOUN
fbem-32349	79	16	periods	period	NOUN
fbem-32349	79	17	will	will	AUX
fbem-32349	79	18	be	be	AUX
fbem-32349	79	19	compared	compare	VERB
fbem-32349	79	20	.	.	PUNCT
fbem-32349	80	1	if	if	SCONJ
fbem-32349	80	2	car	car	NOUN
fbem-32349	80	3	turns	turn	VERB
fbem-32349	80	4	from	from	ADP
fbem-32349	80	5	negative	negative	ADJ
fbem-32349	80	6	to	to	ADP
fbem-32349	80	7	positive	positive	ADJ
fbem-32349	80	8	or	or	CCONJ
fbem-32349	80	9	other	other	ADJ
fbem-32349	80	10	significant	significant	ADJ
fbem-32349	80	11	differences	difference	NOUN
fbem-32349	80	12	occur	occur	VERB
fbem-32349	80	13	after	after	SCONJ
fbem-32349	80	14	the	the	DET
fbem-32349	80	15	window	window	NOUN
fbem-32349	80	16	is	be	AUX
fbem-32349	80	17	extended	extend	VERB
fbem-32349	80	18	,	,	PUNCT
fbem-32349	80	19	the	the	DET
fbem-32349	80	20	reasons	reason	NOUN
fbem-32349	80	21	need	need	VERB
fbem-32349	80	22	to	to	PART
fbem-32349	80	23	be	be	AUX
fbem-32349	80	24	analyzed	analyze	VERB
fbem-32349	80	25	in	in	ADP
fbem-32349	80	26	conjunction	conjunction	NOUN
fbem-32349	80	27	with	with	ADP
fbem-32349	80	28	the	the	DET
fbem-32349	80	29	nature	nature	NOUN
fbem-32349	80	30	of	of	ADP
fbem-32349	80	31	the	the	DET
fbem-32349	80	32	event	event	NOUN
fbem-32349	80	33	.	.	PUNCT
fbem-32349	81	1	3.1.3	3.1.3	X
fbem-32349	81	2	.	.	PUNCT
fbem-32349	81	3	heterogeneity	heterogeneity	PROPN
fbem-32349	81	4	test	test	NOUN
fbem-32349	81	5	(	(	PUNCT
fbem-32349	81	6	1	1	X
fbem-32349	81	7	)	)	PUNCT
fbem-32349	81	8	testing	testing	NOUN
fbem-32349	81	9	differences	difference	NOUN
fbem-32349	81	10	in	in	ADP
fbem-32349	81	11	industry	industry	NOUN
fbem-32349	81	12	risk	risk	NOUN
fbem-32349	81	13	sensitivity	sensitivity	NOUN
fbem-32349	81	14	.	.	PUNCT
fbem-32349	82	1	based	base	VERB
fbem-32349	82	2	on	on	ADP
fbem-32349	82	3	industry	industry	NOUN
fbem-32349	82	4	characteristics	characteristic	NOUN
fbem-32349	82	5	,	,	PUNCT
fbem-32349	82	6	a	a	DET
fbem-32349	82	7	differentiated	differentiated	ADJ
fbem-32349	82	8	analysis	analysis	NOUN
fbem-32349	82	9	framework	framework	NOUN
fbem-32349	82	10	should	should	AUX
fbem-32349	82	11	be	be	AUX
fbem-32349	82	12	constructed	construct	VERB
fbem-32349	82	13	.	.	PUNCT
fbem-32349	83	1	the	the	DET
fbem-32349	83	2	plan	plan	NOUN
fbem-32349	83	3	is	be	AUX
fbem-32349	83	4	to	to	PART
fbem-32349	83	5	examine	examine	VERB
fbem-32349	83	6	the	the	DET
fbem-32349	83	7	risk	risk	NOUN
fbem-32349	83	8	of	of	ADP
fbem-32349	83	9	resource	resource	NOUN
fbem-32349	83	10	supply	supply	NOUN
fbem-32349	83	11	disruptions	disruption	NOUN
fbem-32349	83	12	caused	cause	VERB
fbem-32349	83	13	by	by	ADP
fbem-32349	83	14	geopolitical	geopolitical	ADJ
fbem-32349	83	15	conflicts	conflict	NOUN
fbem-32349	83	16	in	in	ADP
fbem-32349	83	17	the	the	DET
fbem-32349	83	18	energy	energy	NOUN
fbem-32349	83	19	industry	industry	NOUN
fbem-32349	83	20	,	,	PUNCT
fbem-32349	83	21	introducing	introduce	VERB
fbem-32349	83	22	the	the	DET
fbem-32349	83	23	concentration	concentration	NOUN
fbem-32349	83	24	of	of	ADP
fbem-32349	83	25	enterprise	enterprise	NOUN
fbem-32349	83	26	resource	resource	NOUN
fbem-32349	83	27	imports	import	NOUN
fbem-32349	83	28	as	as	ADP
fbem-32349	83	29	a	a	DET
fbem-32349	83	30	moderating	moderate	VERB
fbem-32349	83	31	variable	variable	NOUN
fbem-32349	83	32	to	to	PART
fbem-32349	83	33	verify	verify	VERB
fbem-32349	83	34	whether	whether	SCONJ
fbem-32349	83	35	highly	highly	ADV
fbem-32349	83	36	concentrated	concentrate	VERB
fbem-32349	83	37	energy	energy	NOUN
fbem-32349	83	38	enterprises	enterprise	NOUN
fbem-32349	83	39	adjust	adjust	VERB
fbem-32349	83	40	their	their	PRON
fbem-32349	83	41	asset	asset	NOUN
fbem-32349	83	42	allocation	allocation	NOUN
fbem-32349	83	43	more	more	ADV
fbem-32349	83	44	significantly	significantly	ADV
fbem-32349	83	45	when	when	SCONJ
fbem-32349	83	46	geopolitical	geopolitical	ADJ
fbem-32349	83	47	risks	risk	NOUN
fbem-32349	83	48	escalate	escalate	VERB
fbem-32349	83	49	.	.	PUNCT
fbem-32349	84	1	for	for	ADP
fbem-32349	84	2	the	the	DET
fbem-32349	84	3	technology	technology	NOUN
fbem-32349	84	4	industry	industry	NOUN
fbem-32349	84	5	,	,	PUNCT
fbem-32349	84	6	the	the	DET
fbem-32349	84	7	focus	focus	NOUN
fbem-32349	84	8	is	be	AUX
fbem-32349	84	9	on	on	ADP
fbem-32349	84	10	the	the	DET
fbem-32349	84	11	transmission	transmission	NOUN
fbem-32349	84	12	mechanism	mechanism	NOUN
fbem-32349	84	13	of	of	ADP
fbem-32349	84	14	technology	technology	NOUN
fbem-32349	84	15	control	control	NOUN
fbem-32349	84	16	risks	risk	NOUN
fbem-32349	84	17	,	,	PUNCT
fbem-32349	84	18	using	use	VERB
fbem-32349	84	19	the	the	DET
fbem-32349	84	20	degree	degree	NOUN
fbem-32349	84	21	of	of	ADP
fbem-32349	84	22	internationalization	internationalization	NOUN
fbem-32349	84	23	of	of	ADP
fbem-32349	84	24	enterprise	enterprise	NOUN
fbem-32349	84	25	r&d	r&d	NOUN
fbem-32349	84	26	and	and	CCONJ
fbem-32349	84	27	the	the	DET
fbem-32349	84	28	proportion	proportion	NOUN
fbem-32349	84	29	of	of	ADP
fbem-32349	84	30	overseas	overseas	ADJ
fbem-32349	84	31	r&d	r&d	NOUN
fbem-32349	84	32	centers	center	NOUN
fbem-32349	84	33	as	as	ADP
fbem-32349	84	34	the	the	DET
fbem-32349	84	35	grouping	group	VERB
fbem-32349	84	36	basis	basis	NOUN
fbem-32349	84	37	to	to	PART
fbem-32349	84	38	analyze	analyze	VERB
fbem-32349	84	39	the	the	DET
fbem-32349	84	40	impact	impact	NOUN
fbem-32349	84	41	elasticity	elasticity	NOUN
fbem-32349	84	42	of	of	ADP
fbem-32349	84	43	technology	technology	NOUN
fbem-32349	84	44	bl	bl	AUX
fbem-32349	84	45	ockade	ockade	VERB
fbem-32349	84	46	events	event	NOUN
fbem-32349	84	47	on	on	ADP
fbem-32349	84	48	highly	highly	ADV
fbem-32349	84	49	internationalized	internationalized	ADJ
fbem-32349	84	50	r&d	r&d	NOUN
fbem-32349	84	51	enterprises	enterprise	NOUN
fbem-32349	84	52	.	.	PUNCT
fbem-32349	85	1	through	through	ADP
fbem-32349	85	2	subsample	subsample	ADJ
fbem-32349	85	3	regression	regression	NOUN
fbem-32349	85	4	and	and	CCONJ
fbem-32349	85	5	interaction	interaction	NOUN
fbem-32349	85	6	term	term	NOUN
fbem-32349	85	7	testing	testing	NOUN
fbem-32349	85	8	,	,	PUNCT
fbem-32349	85	9	the	the	DET
fbem-32349	85	10	path	path	NOUN
fbem-32349	85	11	of	of	ADP
fbem-32349	85	12	industry	industry	NOUN
fbem-32349	85	13	heterogeneity	heterogeneity	NOUN
fbem-32349	85	14	impact	impact	NOUN
fbem-32349	85	15	will	will	AUX
fbem-32349	85	16	be	be	AUX
fbem-32349	85	17	revealed	reveal	VERB
fbem-32349	85	18	.	.	PUNCT
fbem-32349	86	1	(	(	PUNCT
fbem-32349	86	2	2	2	X
fbem-32349	86	3	)	)	PUNCT
fbem-32349	86	4	heterogeneity	heterogeneity	NOUN
fbem-32349	86	5	test	test	NOUN
fbem-32349	86	6	of	of	ADP
fbem-32349	86	7	enterprise	enterprise	NOUN
fbem-32349	86	8	risk	risk	NOUN
fbem-32349	86	9	exposure	exposure	NOUN
fbem-32349	86	10	risk	risk	NOUN
fbem-32349	86	11	exposure	exposure	NOUN
fbem-32349	86	12	levels	level	NOUN
fbem-32349	86	13	are	be	AUX
fbem-32349	86	14	categorized	categorize	VERB
fbem-32349	86	15	based	base	VERB
fbem-32349	86	16	on	on	ADP
fbem-32349	86	17	overseas	overseas	ADJ
fbem-32349	86	18	asset	asset	NOUN
fbem-32349	86	19	allocation	allocation	NOUN
fbem-32349	86	20	structure	structure	NOUN
fbem-32349	86	21	.	.	PUNCT
fbem-32349	87	1	companies	company	NOUN
fbem-32349	87	2	are	be	AUX
fbem-32349	87	3	ranked	rank	VERB
fbem-32349	87	4	in	in	ADP
fbem-32349	87	5	order	order	NOUN
fbem-32349	87	6	of	of	ADP
fbem-32349	87	7	overseas	overseas	ADJ
fbem-32349	87	8	asset	asset	NOUN
fbem-32349	87	9	proportion	proportion	NOUN
fbem-32349	87	10	or	or	CCONJ
fbem-32349	87	11	regional	regional	ADJ
fbem-32349	87	12	concentration	concentration	NOUN
fbem-32349	87	13	(	(	PUNCT
fbem-32349	87	14	hhi	hhi	NOUN
fbem-32349	87	15	)	)	PUNCT
fbem-32349	87	16	,	,	PUNCT
fbem-32349	87	17	and	and	CCONJ
fbem-32349	87	18	the	the	DET
fbem-32349	87	19	median	median	NOUN
fbem-32349	87	20	or	or	CCONJ
fbem-32349	87	21	mean	mean	NOUN
fbem-32349	87	22	is	be	AUX
fbem-32349	87	23	used	use	VERB
fbem-32349	87	24	as	as	ADP
fbem-32349	87	25	the	the	DET
fbem-32349	87	26	standard	standard	NOUN
fbem-32349	87	27	for	for	ADP
fbem-32349	87	28	defining	define	VERB
fbem-32349	87	29	high	high	ADJ
fbem-32349	87	30	/	/	SYM
fbem-32349	87	31	low	low	ADJ
fbem-32349	87	32	risk	risk	NOUN
fbem-32349	87	33	groups	group	NOUN
fbem-32349	87	34	.	.	PUNCT
fbem-32349	88	1	the	the	DET
fbem-32349	88	2	russia	russia	PROPN
fbem-32349	88	3	-	-	PUNCT
fbem-32349	88	4	ukraine	ukraine	PROPN
fbem-32349	88	5	conflict	conflict	NOUN
fbem-32349	88	6	,	,	PUNCT
fbem-32349	88	7	an	an	DET
fbem-32349	88	8	exogenous	exogenous	ADJ
fbem-32349	88	9	geopolitical	geopolitical	ADJ
fbem-32349	88	10	risk	risk	NOUN
fbem-32349	88	11	event	event	NOUN
fbem-32349	88	12	,	,	PUNCT
fbem-32349	88	13	is	be	AUX
fbem-32349	88	14	used	use	VERB
fbem-32349	88	15	as	as	ADP
fbem-32349	88	16	the	the	DET
fbem-32349	88	17	shock	shock	NOUN
fbem-32349	88	18	variable	variable	NOUN
fbem-32349	88	19	to	to	PART
fbem-32349	88	20	compare	compare	VERB
fbem-32349	88	21	the	the	DET
fbem-32349	88	22	responses	response	NOUN
fbem-32349	88	23	of	of	ADP
fbem-32349	88	24	the	the	DET
fbem-32349	88	25	two	two	NUM
fbem-32349	88	26	groups	group	NOUN
fbem-32349	88	27	of	of	ADP
fbem-32349	88	28	companies	company	NOUN
fbem-32349	88	29	to	to	ADP
fbem-32349	88	30	geopolitical	geopolitical	ADJ
fbem-32349	88	31	conflicts	conflict	NOUN
fbem-32349	88	32	.	.	PUNCT
fbem-32349	89	1	4	4	X
fbem-32349	89	2	.	.	X
fbem-32349	89	3	empirical	empirical	ADJ
fbem-32349	89	4	results	result	NOUN
fbem-32349	89	5	and	and	CCONJ
fbem-32349	89	6	analysis	analysis	NOUN
fbem-32349	89	7	4.1	4.1	NUM
fbem-32349	89	8	.	.	PUNCT
fbem-32349	90	1	long	long	ADJ
fbem-32349	90	2	-	-	PUNCT
fbem-32349	90	3	term	term	NOUN
fbem-32349	90	4	impacts	impact	NOUN
fbem-32349	90	5	based	base	VERB
fbem-32349	90	6	on	on	ADP
fbem-32349	90	7	observations	observation	NOUN
fbem-32349	90	8	of	of	ADP
fbem-32349	90	9	586	586	NUM
fbem-32349	90	10	a	a	DET
fbem-32349	90	11	-	-	PUNCT
fbem-32349	90	12	share	share	NOUN
fbem-32349	90	13	listed	list	VERB
fbem-32349	90	14	companies	company	NOUN
fbem-32349	90	15	and	and	CCONJ
fbem-32349	90	16	2031	2031	NUM
fbem-32349	90	17	companies	company	NOUN
fbem-32349	90	18	annually	annually	ADV
fbem-32349	90	19	from	from	ADP
fbem-32349	90	20	2018	2018	NUM
fbem-32349	90	21	to	to	ADP
fbem-32349	90	22	2023	2023	NUM
fbem-32349	90	23	,	,	PUNCT
fbem-32349	90	24	column	column	NOUN
fbem-32349	90	25	(	(	PUNCT
fbem-32349	90	26	1	1	NUM
fbem-32349	90	27	)	)	PUNCT
fbem-32349	90	28	of	of	ADP
fbem-32349	90	29	figure	figure	NOUN
fbem-32349	90	30	1	1	NUM
fbem-32349	90	31	reports	report	VERB
fbem-32349	90	32	the	the	DET
fbem-32349	90	33	two	two	NUM
fbem-32349	90	34	-	-	PUNCT
fbem-32349	90	35	way	way	NOUN
fbem-32349	90	36	fixed	fix	VERB
fbem-32349	90	37	effect	effect	NOUN
fbem-32349	90	38	estimation	estimation	NOUN
fbem-32349	90	39	results	result	NOUN
fbem-32349	90	40	of	of	ADP
fbem-32349	90	41	geopolitical	geopolitical	ADJ
fbem-32349	90	42	risk	risk	NOUN
fbem-32349	90	43	(	(	PUNCT
fbem-32349	90	44	gpr	gpr	PROPN
fbem-32349	90	45	)	)	PUNCT
fbem-32349	90	46	on	on	ADP
fbem-32349	90	47	overseas	overseas	ADJ
fbem-32349	90	48	asset	asset	NOUN
fbem-32349	90	49	concentration	concentration	NOUN
fbem-32349	90	50	(	(	PUNCT
fbem-32349	90	51	hhi	hhi	NOUN
fbem-32349	90	52	)	)	PUNCT
fbem-32349	90	53	.	.	PUNCT
fbem-32349	91	1	the	the	DET
fbem-32349	91	2	key	key	ADJ
fbem-32349	91	3	findings	finding	NOUN
fbem-32349	91	4	are	be	AUX
fbem-32349	91	5	as	as	SCONJ
fbem-32349	91	6	follows	follow	VERB
fbem-32349	91	7	:	:	PUNCT
fbem-32349	91	8	(	(	PUNCT
fbem-32349	91	9	1	1	X
fbem-32349	91	10	)	)	PUNCT
fbem-32349	91	11	geopolitical	geopolitical	ADJ
fbem-32349	91	12	risks	risk	NOUN
fbem-32349	91	13	significantly	significantly	ADV
fbem-32349	91	14	reduce	reduce	VERB
fbem-32349	91	15	the	the	DET
fbem-32349	91	16	concentration	concentration	NOUN
fbem-32349	91	17	of	of	ADP
fbem-32349	91	18	overseas	overseas	ADJ
fbem-32349	91	19	assets	asset	NOUN
fbem-32349	91	20	of	of	ADP
fbem-32349	91	21	enterprises	enterprise	NOUN
fbem-32349	91	22	.	.	PUNCT
fbem-32349	92	1	the	the	DET
fbem-32349	92	2	coefficient	coefficient	NOUN
fbem-32349	92	3	of	of	ADP
fbem-32349	92	4	gpr	gpr	PROPN
fbem-32349	92	5	is	be	AUX
fbem-32349	92	6	−0.00041	−0.00041	PROPN
fbem-32349	92	7	(	(	PUNCT
fbem-32349	92	8	t=−2.21	t=−2.21	NOUN
fbem-32349	92	9	,	,	PUNCT
fbem-32349	92	10	p=0.028	p=0.028	NOUN
fbem-32349	92	11	)	)	PUNCT
fbem-32349	92	12	,	,	PUNCT
fbem-32349	92	13	which	which	PRON
fbem-32349	92	14	has	have	VERB
fbem-32349	92	15	obvious	obvious	ADJ
fbem-32349	92	16	economic	economic	ADJ
fbem-32349	92	17	significance	significance	NOUN
fbem-32349	92	18	:	:	PUNCT
fbem-32349	92	19	calculated	calculate	VERB
fbem-32349	92	20	based	base	VERB
fbem-32349	92	21	on	on	ADP
fbem-32349	92	22	the	the	DET
fbem-32349	92	23	standard	standard	ADJ
fbem-32349	92	24	deviation	deviation	NOUN
fbem-32349	92	25	of	of	ADP
fbem-32349	92	26	gpr	gpr	PROPN
fbem-32349	92	27	(	(	PUNCT
fbem-32349	92	28	21.1	21.1	NUM
fbem-32349	92	29	)	)	PUNCT
fbem-32349	92	30	during	during	ADP
fbem-32349	92	31	the	the	DET
fbem-32349	92	32	sample	sample	NOUN
fbem-32349	92	33	period	period	NOUN
fbem-32349	92	34	,	,	PUNCT
fbem-32349	92	35	for	for	ADP
fbem-32349	92	36	every	every	DET
fbem-32349	92	37	standard	standard	ADJ
fbem-32349	92	38	deviation	deviation	NOUN
fbem-32349	92	39	increase	increase	NOUN
fbem-32349	92	40	in	in	ADP
fbem-32349	92	41	gpr	gpr	PROPN
fbem-32349	92	42	,	,	PUNCT
fbem-32349	92	43	hhi	hhi	NOUN
fbem-32349	92	44	decreases	decrease	VERB
fbem-32349	92	45	by	by	ADP
fbem-32349	92	46	0.009	0.009	NUM
fbem-32349	92	47	,	,	PUNCT
fbem-32349	92	48	which	which	PRON
fbem-32349	92	49	is	be	AUX
fbem-32349	92	50	equivalent	equivalent	ADJ
fbem-32349	92	51	to	to	ADP
fbem-32349	92	52	11.5	11.5	NUM
fbem-32349	92	53	%	%	NOUN
fbem-32349	92	54	of	of	ADP
fbem-32349	92	55	the	the	DET
fbem-32349	92	56	sample	sample	NOUN
fbem-32349	92	57	mean	mean	NOUN
fbem-32349	92	58	(	(	PUNCT
fbem-32349	92	59	0.078	0.078	NUM
fbem-32349	92	60	)	)	PUNCT
fbem-32349	92	61	.	.	PUNCT
fbem-32349	93	1	this	this	PRON
fbem-32349	93	2	indicates	indicate	VERB
fbem-32349	93	3	that	that	SCONJ
fbem-32349	93	4	against	against	ADP
fbem-32349	93	5	the	the	DET
fbem-32349	93	6	long	long	ADJ
fbem-32349	93	7	-term	-term	NOUN
fbem-32349	93	8	background	background	NOUN
fbem-32349	93	9	of	of	ADP
fbem-32349	93	10	escalating	escalate	VERB
fbem-32349	93	11	geopolitical	geopolitical	ADJ
fbem-32349	93	12	conflicts	conflict	NOUN
fbem-32349	93	13	,	,	PUNCT
fbem-32349	93	14	enterprises	enterprise	NOUN
fbem-32349	93	15	have	have	AUX
fbem-32349	93	16	n	n	AUX
fbem-32349	93	17	ot	ot	ADV
fbem-32349	93	18	chosen	choose	VERB
fbem-32349	93	19	to	to	PART
fbem-32349	93	20	"	"	PUNCT
fbem-32349	93	21	re	re	VERB
fbem-32349	93	22	-	-	VERB
fbem-32349	93	23	concentrate	concentrate	VERB
fbem-32349	93	24	in	in	ADP
fbem-32349	93	25	safe	safe	ADJ
fbem-32349	93	26	areas	area	NOUN
fbem-32349	93	27	"	"	PUNCT
fbem-32349	93	28	.	.	PUNCT
fbem-32349	94	1	instead	instead	ADV
fbem-32349	94	2	,	,	PUNCT
fbem-32349	94	3	they	they	PRON
fbem-32349	94	4	have	have	AUX
fbem-32349	94	5	diversified	diversify	VERB
fbem-32349	94	6	the	the	DET
fbem-32349	94	7	risks	risk	NOUN
fbem-32349	94	8	of	of	ADP
fbem-32349	94	9	potential	potential	ADJ
fbem-32349	94	10	sanctions	sanction	NOUN
fbem-32349	94	11	,	,	PUNCT
fbem-32349	94	12	supply	supply	NOUN
fbem-32349	94	13	disruptions	disruption	NOUN
fbem-32349	94	14	and	and	CCONJ
fbem-32349	94	15	exchange	exchange	NOUN
fbem-32349	94	16	controls	control	NOUN
fbem-32349	94	17	by	by	ADP
fbem-32349	94	18	increasing	increase	VERB
fbem-32349	94	19	the	the	DET
fbem-32349	94	20	number	number	NOUN
fbem-32349	94	21	of	of	ADP
fbem-32349	94	22	host	host	NOUN
fbem-32349	94	23	countries	country	NOUN
fbem-32349	94	24	and	and	CCONJ
fbem-32349	94	25	reducing	reduce	VERB
fbem-32349	94	26	the	the	DET
fbem-32349	94	27	proportion	proportion	NOUN
fbem-32349	94	28	of	of	ADP
fbem-32349	94	29	assets	asset	NOUN
fbem-32349	94	30	in	in	ADP
fbem-32349	94	31	a	a	DET
fbem-32349	94	32	single	single	ADJ
fbem-32349	94	33	country	country	NOUN
fbem-32349	94	34	,	,	PUNCT
fbem-32349	94	35	showing	show	VERB
fbem-32349	94	36	a	a	DET
fbem-32349	94	37	"	"	PUNCT
fbem-32349	94	38	multi	multi	ADJ
fbem-32349	94	39	-	-	ADJ
fbem-32349	94	40	basket	basket	ADJ
fbem-32349	94	41	"	"	PUNCT
fbem-32349	94	42	hedging	hedge	VERB
fbem-32349	94	43	characteristic	characteristic	NOUN
fbem-32349	94	44	.	.	PUNCT
fbem-32349	95	1	(	(	PUNCT
fbem-32349	95	2	2	2	X
fbem-32349	95	3	)	)	PUNCT
fbem-32349	95	4	economic	economic	ADJ
fbem-32349	95	5	policy	policy	NOUN
fbem-32349	95	6	uncertainty	uncertainty	NOUN
fbem-32349	95	7	has	have	VERB
fbem-32349	95	8	a	a	DET
fbem-32349	95	9	small	small	ADJ
fbem-32349	95	10	but	but	CCONJ
fbem-32349	95	11	significant	significant	ADJ
fbem-32349	95	12	positive	positive	ADJ
fbem-32349	95	13	impact	impact	NOUN
fbem-32349	95	14	on	on	ADP
fbem-32349	95	15	concentration	concentration	NOUN
fbem-32349	95	16	.	.	PUNCT
fbem-32349	96	1	the	the	DET
fbem-32349	96	2	coefficient	coefficient	NOUN
fbem-32349	96	3	is	be	AUX
fbem-32349	96	4	0.00011	0.00011	NUM
fbem-32349	96	5	(	(	PUNCT
fbem-32349	96	6	t=2.68	t=2.68	NOUN
fbem-32349	96	7	,	,	PUNCT
fbem-32349	96	8	p=0.008	p=0.008	NOUN
fbem-32349	96	9	)	)	PUNCT
fbem-32349	96	10	,	,	PUNCT
fbem-32349	96	11	indicating	indicate	VERB
fbem-32349	96	12	that	that	SCONJ
fbem-32349	96	13	the	the	DET
fbem-32349	96	14	more	more	ADV
fbem-32349	96	15	uncertain	uncertain	ADJ
fbem-32349	96	16	the	the	DET
fbem-32349	96	17	domestic	domestic	ADJ
fbem-32349	96	18	policy	policy	NOUN
fbem-32349	96	19	environment	environment	NOUN
fbem-32349	96	20	,	,	PUNCT
fbem-32349	96	21	the	the	PRON
fbem-32349	96	22	more	more	ADJ
fbem-32349	96	23	enterprises	enterprise	NOUN
fbem-32349	96	24	tend	tend	VERB
fbem-32349	96	25	to	to	PART
fbem-32349	96	26	shrink	shrink	VERB
fbem-32349	96	27	their	their	PRON
fbem-32349	96	28	overseas	overseas	ADJ
fbem-32349	96	29	assets	asset	NOUN
fbem-32349	96	30	to	to	ADP
fbem-32349	96	31	at	at	ADV
fbem-32349	96	32	least	least	ADJ
fbem-32349	96	33	a	a	DET
fbem-32349	96	34	few	few	ADJ
fbem-32349	96	35	"	"	PUNCT
fbem-32349	96	36	familiar	familiar	ADJ
fbem-32349	96	37	"	"	PUNCT
fbem-32349	96	38	countries	country	NOUN
fbem-32349	96	39	in	in	ADP
fbem-32349	96	40	order	order	NOUN
fbem-32349	96	41	to	to	PART
fbem-32349	96	42	reduce	reduce	VERB
fbem-32349	96	43	information	information	NOUN
fbem-32349	96	44	costs	cost	NOUN
fbem-32349	96	45	and	and	CCONJ
fbem-32349	96	46	compliance	compliance	NOUN
fbem-32349	96	47	risks	risk	NOUN
fbem-32349	96	48	,	,	PUNCT
fbem-32349	96	49	which	which	PRON
fbem-32349	96	50	is	be	AUX
fbem-32349	96	51	in	in	ADP
fbem-32349	96	52	stark	stark	ADJ
fbem-32349	96	53	contrast	contrast	NOUN
fbem-32349	96	54	to	to	ADP
fbem-32349	96	55	the	the	DET
fbem-32349	96	56	"	"	PUNCT
fbem-32349	96	57	diffusion	diffusion	NOUN
fbem-32349	96	58	"	"	PUNCT
fbem-32349	96	59	effect	effect	NOUN
fbem-32349	96	60	of	of	ADP
fbem-32349	96	61	gpr	gpr	PROPN
fbem-32349	96	62	.	.	PUNCT
fbem-32349	97	1	(	(	PUNCT
fbem-32349	97	2	3	3	X
fbem-32349	97	3	)	)	PUNCT
fbem-32349	97	4	the	the	DET
fbem-32349	97	5	control	control	NOUN
fbem-32349	97	6	variables	variable	NOUN
fbem-32349	97	7	are	be	AUX
fbem-32349	97	8	consistent	consistent	ADJ
fbem-32349	97	9	with	with	ADP
fbem-32349	97	10	expectations	expectation	NOUN
fbem-32349	97	11	.	.	PUNCT
fbem-32349	98	1	the	the	DET
fbem-32349	98	2	company	company	NOUN
fbem-32349	98	3	size	size	NOUN
fbem-32349	98	4	coefficient	coefficient	NOUN
fbem-32349	98	5	is	be	AUX
fbem-32349	98	6	0.0295	0.0295	NUM
fbem-32349	98	7	(	(	PUNCT
fbem-32349	98	8	t=5.12	t=5.12	NOUN
fbem-32349	98	9	,	,	PUNCT
fbem-32349	98	10	p<0.01	p<0.01	PROPN
fbem-32349	98	11	)	)	PUNCT
fbem-32349	98	12	.	.	PUNCT
fbem-32349	99	1	the	the	PRON
fbem-32349	99	2	larger	large	ADJ
fbem-32349	99	3	the	the	DET
fbem-32349	99	4	company	company	NOUN
fbem-32349	99	5	size	size	NOUN
fbem-32349	99	6	,	,	PUNCT
fbem-32349	99	7	the	the	PRON
fbem-32349	99	8	more	more	ADV
fbem-32349	99	9	diversified	diversify	VERB
fbem-32349	99	10	its	its	PRON
fbem-32349	99	11	overseas	overseas	ADJ
fbem-32349	99	12	assets	asset	NOUN
fbem-32349	99	13	are	be	AUX
fbem-32349	99	14	,	,	PUNCT
fbem-32349	99	15	which	which	PRON
fbem-32349	99	16	is	be	AUX
fbem-32349	99	17	consistent	consistent	ADJ
fbem-32349	99	18	with	with	ADP
fbem-32349	99	19	the	the	DET
fbem-32349	99	20	theoretical	theoretical	ADJ
fbem-32349	99	21	expectation	expectation	NOUN
fbem-32349	99	22	109	109	NUM
fbem-32349	99	23	that	that	SCONJ
fbem-32349	99	24	large	large	ADJ
fbem-32349	99	25	enterprises	enterprise	NOUN
fbem-32349	99	26	have	have	AUX
fbem-32349	99	27	stronger	strong	ADJ
fbem-32349	99	28	resource	resource	NOUN
fbem-32349	99	29	allocation	allocation	NOUN
fbem-32349	99	30	and	and	CCONJ
fbem-32349	99	31	risk	risk	NOUN
fbem-32349	99	32	tolerance	tolerance	NOUN
fbem-32349	99	33	.	.	PUNCT
fbem-32349	100	1	therefore	therefore	ADV
fbem-32349	100	2	,	,	PUNCT
fbem-32349	100	3	from	from	ADP
fbem-32349	100	4	a	a	DET
fbem-32349	100	5	long	long	ADJ
fbem-32349	100	6	-	-	PUNCT
fbem-32349	100	7	term	term	NOUN
fbem-32349	100	8	perspective	perspective	NOUN
fbem-32349	100	9	,	,	PUNCT
fbem-32349	100	10	rising	rise	VERB
fbem-32349	100	11	geopolitical	geopolitical	ADJ
fbem-32349	100	12	risks	risk	NOUN
fbem-32349	100	13	have	have	AUX
fbem-32349	100	14	not	not	PART
fbem-32349	100	15	triggered	trigger	VERB
fbem-32349	100	16	"	"	PUNCT
fbem-32349	100	17	risk	risk	NOUN
fbem-32349	100	18	-averse	-averse	ADJ
fbem-32349	100	19	reconcentration	reconcentration	NOUN
fbem-32349	100	20	,	,	PUNCT
fbem-32349	100	21	"	"	PUNCT
fbem-32349	100	22	but	but	CCONJ
fbem-32349	100	23	rather	rather	ADV
fbem-32349	100	24	have	have	AUX
fbem-32349	100	25	been	be	AUX
fbem-32349	100	26	offset	offset	VERB
fbem-32349	100	27	by	by	ADP
fbem-32349	100	28	"	"	PUNCT
fbem-32349	100	29	decentralization	decentralization	NOUN
fbem-32349	100	30	"	"	PUNCT
fbem-32349	100	31	strategies	strategy	NOUN
fbem-32349	100	32	to	to	PART
fbem-32349	100	33	mitigate	mitigate	VERB
fbem-32349	100	34	risks	risk	NOUN
fbem-32349	100	35	associated	associate	VERB
fbem-32349	100	36	with	with	ADP
fbem-32349	100	37	a	a	DET
fbem-32349	100	38	single	single	ADJ
fbem-32349	100	39	country	country	NOUN
fbem-32349	100	40	.	.	PUNCT
fbem-32349	101	1	figure	figure	NOUN
fbem-32349	101	2	1	1	NUM
fbem-32349	101	3	.	.	PUNCT
fbem-32349	102	1	based	base	VERB
fbem-32349	102	2	on	on	ADP
fbem-32349	102	3	the	the	DET
fbem-32349	102	4	annual	annual	ADJ
fbem-32349	102	5	observations	observation	NOUN
fbem-32349	102	6	of	of	ADP
fbem-32349	102	7	586	586	NUM
fbem-32349	102	8	a	a	DET
fbem-32349	102	9	-	-	PUNCT
fbem-32349	102	10	share	share	NOUN
fbem-32349	102	11	listed	list	VERB
fbem-32349	102	12	companies	company	NOUN
fbem-32349	102	13	and	and	CCONJ
fbem-32349	102	14	2,031	2,031	NUM
fbem-32349	102	15	company	company	NOUN
fbem-32349	102	16	-	-	PUNCT
fbem-32349	102	17	year	year	NOUN
fbem-32349	102	18	observations	observation	NOUN
fbem-32349	102	19	from	from	ADP
fbem-32349	102	20	2018	2018	NUM
fbem-32349	102	21	to	to	ADP
fbem-32349	102	22	2023	2023	NUM
fbem-32349	102	23	4.2	4.2	NUM
fbem-32349	102	24	.	.	PUNCT
fbem-32349	103	1	short	short	ADJ
fbem-32349	103	2	-	-	PUNCT
fbem-32349	103	3	term	term	NOUN
fbem-32349	103	4	shock	shock	NOUN
fbem-32349	103	5	results	result	NOUN
fbem-32349	103	6	to	to	PART
fbem-32349	103	7	examine	examine	VERB
fbem-32349	103	8	the	the	DET
fbem-32349	103	9	short	short	ADJ
fbem-32349	103	10	-	-	PUNCT
fbem-32349	103	11	term	term	NOUN
fbem-32349	103	12	market	market	NOUN
fbem-32349	103	13	response	response	NOUN
fbem-32349	103	14	of	of	ADP
fbem-32349	103	15	chinese	chinese	ADJ
fbem-32349	103	16	listed	list	VERB
fbem-32349	103	17	companies	company	NOUN
fbem-32349	103	18	'	'	PART
fbem-32349	103	19	overseas	overseas	ADJ
fbem-32349	103	20	asset	asset	NOUN
fbem-32349	103	21	allocation	allocation	NOUN
fbem-32349	103	22	under	under	ADP
fbem-32349	103	23	a	a	DET
fbem-32349	103	24	geopolitical	geopolitical	ADJ
fbem-32349	103	25	risk	risk	NOUN
fbem-32349	103	26	contingency	contingency	NOUN
fbem-32349	103	27	scenario	scenario	NOUN
fbem-32349	103	28	,	,	PUNCT
fbem-32349	103	29	this	this	DET
fbem-32349	103	30	paper	paper	NOUN
fbem-32349	103	31	employs	employ	VERB
fbem-32349	103	32	an	an	DET
fbem-32349	103	33	event	event	NOUN
fbem-32349	103	34	study	study	NOUN
fbem-32349	103	35	methodology	methodology	NOUN
fbem-32349	103	36	to	to	PART
fbem-32349	103	37	examine	examine	VERB
fbem-32349	103	38	the	the	DET
fbem-32349	103	39	outbreak	outbreak	NOUN
fbem-32349	103	40	of	of	ADP
fbem-32349	103	41	the	the	DET
fbem-32349	103	42	russia	russia	PROPN
fbem-32349	103	43	-	-	PUNCT
fbem-32349	103	44	ukraine	ukraine	PROPN
fbem-32349	103	45	conflict	conflict	NOUN
fbem-32349	103	46	on	on	ADP
fbem-32349	103	47	february	february	PROPN
fbem-32349	103	48	24	24	NUM
fbem-32349	103	49	,	,	PUNCT
fbem-32349	103	50	2022	2022	NUM
fbem-32349	103	51	.	.	PUNCT
fbem-32349	104	1	the	the	DET
fbem-32349	104	2	event	event	NOUN
fbem-32349	104	3	window	window	NOUN
fbem-32349	104	4	was	be	AUX
fbem-32349	104	5	set	set	VERB
fbem-32349	104	6	to	to	ADP
fbem-32349	104	7	26	26	NUM
fbem-32349	104	8	trading	trading	NOUN
fbem-32349	104	9	days	day	NOUN
fbem-32349	105	1	[	[	X
fbem-32349	105	2	t-5	t-5	X
fbem-32349	105	3	,	,	PUNCT
fbem-32349	105	4	t+20	t+20	NOUN
fbem-32349	105	5	]	]	PUNCT
fbem-32349	105	6	,	,	PUNCT
fbem-32349	105	7	and	and	CCONJ
fbem-32349	105	8	the	the	DET
fbem-32349	105	9	estimation	estimation	NOUN
fbem-32349	105	10	window	window	NOUN
fbem-32349	105	11	was	be	AUX
fbem-32349	105	12	[	[	X
fbem-32349	105	13	t-120	t-120	NUM
fbem-32349	105	14	,	,	PUNCT
fbem-32349	105	15	t-1	t-1	PROPN
fbem-32349	105	16	]	]	PUNCT
fbem-32349	105	17	to	to	PART
fbem-32349	105	18	ensure	ensure	VERB
fbem-32349	105	19	that	that	SCONJ
fbem-32349	105	20	parameter	parameter	NOUN
fbem-32349	105	21	estimation	estimation	NOUN
fbem-32349	105	22	was	be	AUX
fbem-32349	105	23	not	not	PART
fbem-32349	105	24	affected	affect	VERB
fbem-32349	105	25	by	by	ADP
fbem-32349	105	26	the	the	DET
fbem-32349	105	27	event	event	NOUN
fbem-32349	105	28	.	.	PUNCT
fbem-32349	106	1	the	the	DET
fbem-32349	106	2	sample	sample	NOUN
fbem-32349	106	3	covered	cover	VERB
fbem-32349	106	4	all	all	DET
fbem-32349	106	5	a	a	DET
fbem-32349	106	6	-	-	PUNCT
fbem-32349	106	7	share	share	NOUN
fbem-32349	106	8	listed	list	VERB
fbem-32349	106	9	companies	company	NOUN
fbem-32349	106	10	up	up	ADP
fbem-32349	106	11	to	to	ADP
fbem-32349	106	12	april	april	PROPN
fbem-32349	106	13	2022	2022	NUM
fbem-32349	106	14	.	.	PUNCT
fbem-32349	107	1	after	after	ADP
fbem-32349	107	2	exclu	exclu	PROPN
fbem-32349	107	3	ding	ding	PROPN
fbem-32349	107	4	financial	financial	ADJ
fbem-32349	107	5	companies	company	NOUN
fbem-32349	107	6	,	,	PUNCT
fbem-32349	107	7	st	st	PROPN
fbem-32349	107	8	companies	company	NOUN
fbem-32349	107	9	,	,	PUNCT
fbem-32349	107	10	and	and	CCONJ
fbem-32349	107	11	companies	company	NOUN
fbem-32349	107	12	listed	list	VERB
fbem-32349	107	13	for	for	ADP
fbem-32349	107	14	less	less	ADJ
fbem-32349	107	15	than	than	ADP
fbem-32349	107	16	180	180	NUM
fbem-32349	107	17	days	day	NOUN
fbem-32349	107	18	,	,	PUNCT
fbem-32349	107	19	a	a	DET
fbem-32349	107	20	total	total	NOUN
fbem-32349	107	21	of	of	ADP
fbem-32349	107	22	4,407	4,407	NUM
fbem-32349	107	23	companies	company	NOUN
fbem-32349	107	24	and	and	CCONJ
fbem-32349	107	25	435,293	435,293	NUM
fbem-32349	107	26	daily	daily	ADJ
fbem-32349	107	27	observations	observation	NOUN
fbem-32349	107	28	were	be	AUX
fbem-32349	107	29	obtained	obtain	VERB
fbem-32349	107	30	.	.	PUNCT
fbem-32349	108	1	convert	convert	VERB
fbem-32349	108	2	the	the	DET
fbem-32349	108	3	original	original	ADJ
fbem-32349	108	4	dates	date	NOUN
fbem-32349	108	5	in	in	ADP
fbem-32349	108	6	excel	excel	NOUN
fbem-32349	108	7	to	to	ADP
fbem-32349	108	8	stata	stata	VERB
fbem-32349	108	9	date	date	NOUN
fbem-32349	108	10	variables	variable	NOUN
fbem-32349	108	11	in	in	ADP
fbem-32349	108	12	the	the	DET
fbem-32349	108	13	format	format	NOUN
fbem-32349	108	14	%	%	NOUN
fbem-32349	108	15	td	td	NOUN
fbem-32349	108	16	;	;	PUNCT
fbem-32349	108	17	generate	generate	VERB
fbem-32349	108	18	the	the	DET
fbem-32349	108	19	estimation	estimation	NOUN
fbem-32349	108	20	window	window	NOUN
fbem-32349	108	21	identifier	identifier	NOUN
fbem-32349	108	22	est	est	PROPN
fbem-32349	108	23	and	and	CCONJ
fbem-32349	108	24	the	the	DET
fbem-32349	108	25	event	event	NOUN
fbem-32349	108	26	window	window	NOUN
fbem-32349	108	27	identifier	identifier	NOUN
fbem-32349	108	28	ev	ev	PROPN
fbem-32349	108	29	,	,	PUNCT
fbem-32349	108	30	ensuring	ensure	VERB
fbem-32349	108	31	strict	strict	ADJ
fbem-32349	108	32	correspondence	correspondence	NOUN
fbem-32349	108	33	between	between	ADP
fbem-32349	108	34	the	the	DET
fbem-32349	108	35	window	window	NOUN
fbem-32349	108	36	boundaries	boundary	NOUN
fbem-32349	108	37	;	;	PUNCT
fbem-32349	108	38	use	use	VERB
fbem-32349	108	39	postfile	postfile	ADJ
fbem-32349	108	40	loop	loop	NOUN
fbem-32349	108	41	to	to	ADP
fbem-32349	108	42	regress	regress	NOUN
fbem-32349	108	43	each	each	DET
fbem-32349	108	44	stock	stock	NOUN
fbem-32349	108	45	individually	individually	ADV
fbem-32349	108	46	,	,	PUNCT
fbem-32349	108	47	automatically	automatically	ADV
fbem-32349	108	48	skipping	skip	VERB
fbem-32349	108	49	companies	company	NOUN
fbem-32349	108	50	with	with	ADP
fbem-32349	108	51	less	less	ADJ
fbem-32349	108	52	than	than	ADP
fbem-32349	108	53	10	10	NUM
fbem-32349	108	54	days	day	NOUN
fbem-32349	108	55	of	of	ADP
fbem-32349	108	56	observation	observation	NOUN
fbem-32349	108	57	in	in	ADP
fbem-32349	108	58	the	the	DET
fbem-32349	108	59	estimation	estimation	NOUN
fbem-32349	108	60	window	window	NOUN
fbem-32349	108	61	,	,	PUNCT
fbem-32349	108	62	ultimately	ultimately	ADV
fbem-32349	108	63	obtaining	obtain	VERB
fbem-32349	108	64	effective	effective	ADJ
fbem-32349	108	65	α	α	NOUN
fbem-32349	108	66	and	and	CCONJ
fbem-32349	108	67	β	β	NOUN
fbem-32349	108	68	estimates	estimate	NOUN
fbem-32349	108	69	for	for	ADP
fbem-32349	108	70	4,390	4,390	NUM
fbem-32349	108	71	stocks	stock	NOUN
fbem-32349	108	72	;	;	PUNCT
fbem-32349	108	73	combine	combine	VERB
fbem-32349	108	74	the	the	DET
fbem-32349	108	75	individual	individual	ADJ
fbem-32349	108	76	stock	stock	NOUN
fbem-32349	108	77	α	α	PROPN
fbem-32349	108	78	and	and	CCONJ
fbem-32349	108	79	β	β	X
fbem-32349	108	80	with	with	ADP
fbem-32349	108	81	the	the	DET
fbem-32349	108	82	daily	daily	ADJ
fbem-32349	108	83	returns	return	NOUN
fbem-32349	108	84	of	of	ADP
fbem-32349	108	85	the	the	DET
fbem-32349	108	86	ev	ev	PROPN
fbem-32349	108	87	ent	ent	PROPN
fbem-32349	108	88	window	window	NOUN
fbem-32349	108	89	to	to	PART
fbem-32349	108	90	predict	predict	VERB
fbem-32349	108	91	normal	normal	ADJ
fbem-32349	108	92	returns	return	NOUN
fbem-32349	108	93	and	and	CCONJ
fbem-32349	108	94	calculate	calculate	NOUN
fbem-32349	108	95	ar	ar	PROPN
fbem-32349	108	96	;	;	PUNCT
fbem-32349	108	97	use	use	VERB
fbem-32349	108	98	collapse(sum)ar	collapse(sum)ar	NOUN
fbem-32349	108	99	,	,	PUNCT
fbem-32349	108	100	by(stkcd	by(stkcd	NOUN
fbem-32349	108	101	)	)	PUNCT
fbem-32349	108	102	to	to	PART
fbem-32349	108	103	obtain	obtain	VERB
fbem-32349	108	104	car	car	NOUN
fbem-32349	108	105	,	,	PUNCT
fbem-32349	108	106	and	and	CCONJ
fbem-32349	108	107	export	export	VERB
fbem-32349	108	108	it	it	PRON
fbem-32349	108	109	to	to	PART
fbem-32349	108	110	excel	excel	VERB
fbem-32349	108	111	for	for	ADP
fbem-32349	108	112	subsequent	subsequent	ADJ
fbem-32349	108	113	grouping	grouping	NOUN
fbem-32349	108	114	tests	test	NOUN
fbem-32349	108	115	.	.	PUNCT
fbem-32349	109	1	figure	figure	NOUN
fbem-32349	109	2	2	2	NUM
fbem-32349	109	3	.	.	PUNCT
fbem-32349	109	4	distribution	distribution	NOUN
fbem-32349	109	5	characteristics	characteristic	NOUN
fbem-32349	109	6	figure	figure	NOUN
fbem-32349	109	7	2	2	NUM
fbem-32349	109	8	shows	show	VERB
fbem-32349	109	9	the	the	DET
fbem-32349	109	10	distribution	distribution	NOUN
fbem-32349	109	11	characteristics	characteristic	NOUN
fbem-32349	109	12	of	of	ADP
fbem-32349	109	13	car	car	NOUN
fbem-32349	109	14	within	within	ADP
fbem-32349	109	15	the	the	DET
fbem-32349	109	16	event	event	NOUN
fbem-32349	109	17	window	window	NOUN
fbem-32349	110	1	[	[	X
fbem-32349	110	2	t-5	t-5	NOUN
fbem-32349	110	3	,	,	PUNCT
fbem-32349	110	4	t+20	t+20	NOUN
fbem-32349	110	5	]	]	PUNCT
fbem-32349	110	6	.	.	PUNCT
fbem-32349	111	1	the	the	DET
fbem-32349	111	2	sample	sample	NOUN
fbem-32349	111	3	mean	mean	VERB
fbem-32349	111	4	is	be	AUX
fbem-32349	111	5	0.27	0.27	NUM
fbem-32349	111	6	,	,	PUNCT
fbem-32349	111	7	the	the	DET
fbem-32349	111	8	standard	standard	ADJ
fbem-32349	111	9	deviation	deviation	NOUN
fbem-32349	111	10	is	be	AUX
fbem-32349	111	11	0.18	0.18	NUM
fbem-32349	111	12	,	,	PUNCT
fbem-32349	111	13	the	the	DET
fbem-32349	111	14	minimum	minimum	NOUN
fbem-32349	111	15	is	be	AUX
fbem-32349	111	16	-0.47	-0.47	ADJ
fbem-32349	111	17	,	,	PUNCT
fbem-32349	111	18	and	and	CCONJ
fbem-32349	111	19	the	the	DET
fbem-32349	111	20	maximum	maximum	NOUN
fbem-32349	111	21	is	be	AUX
fbem-32349	111	22	1.93	1.93	NUM
fbem-32349	111	23	,	,	PUNCT
fbem-32349	111	24	indicating	indicate	VERB
fbem-32349	111	25	that	that	SCONJ
fbem-32349	111	26	the	the	DET
fbem-32349	111	27	a	a	DET
fbem-32349	111	28	-	-	PUNCT
fbem-32349	111	29	share	share	NOUN
fbem-32349	111	30	market	market	NOUN
fbem-32349	111	31	as	as	ADP
fbem-32349	111	32	a	a	DET
fbem-32349	111	33	whole	whole	NOUN
fbem-32349	111	34	showed	show	VERB
fbem-32349	111	35	a	a	DET
fbem-32349	111	36	significant	significant	ADJ
fbem-32349	111	37	po	po	NOUN
fbem-32349	111	38	sitive	sitive	ADJ
fbem-32349	111	39	market	market	NOUN
fbem-32349	111	40	reaction	reaction	NOUN
fbem-32349	111	41	after	after	ADP
fbem-32349	111	42	the	the	DET
fbem-32349	111	43	sudden	sudden	ADJ
fbem-32349	111	44	geopolitical	geopolitical	ADJ
fbem-32349	111	45	risk	risk	NOUN
fbem-32349	111	46	,	,	PUNCT
fbem-32349	111	47	and	and	CCONJ
fbem-32349	111	48	there	there	PRON
fbem-32349	111	49	were	be	VERB
fbem-32349	111	50	large	large	ADJ
fbem-32349	111	51	differences	difference	NOUN
fbem-32349	111	52	between	between	ADP
fbem-32349	111	53	individuals	individual	NOUN
fbem-32349	111	54	.	.	PUNCT
fbem-32349	112	1	4.3	4.3	NUM
fbem-32349	112	2	.	.	PUNCT
fbem-32349	113	1	heterogeneity	heterogeneity	NOUN
fbem-32349	113	2	analysis	analysis	NOUN
fbem-32349	113	3	columns	column	NOUN
fbem-32349	113	4	(	(	PUNCT
fbem-32349	113	5	1)-(3	1)-(3	NUM
fbem-32349	113	6	)	)	PUNCT
fbem-32349	113	7	report	report	VERB
fbem-32349	113	8	the	the	DET
fbem-32349	113	9	industry	industry	NOUN
fbem-32349	113	10	-	-	PUNCT
fbem-32349	113	11	specific	specific	ADJ
fbem-32349	113	12	regression	regression	NOUN
fbem-32349	113	13	results	result	NOUN
fbem-32349	113	14	.	.	PUNCT
fbem-32349	114	1	the	the	DET
fbem-32349	114	2	negative	negative	ADJ
fbem-32349	114	3	effect	effect	NOUN
fbem-32349	114	4	of	of	ADP
fbem-32349	114	5	gpr	gpr	PROPN
fbem-32349	114	6	on	on	ADP
fbem-32349	114	7	hhi	hhi	NOUN
fbem-32349	114	8	is	be	AUX
fbem-32349	114	9	most	most	ADV
fbem-32349	114	10	prominent	prominent	ADJ
fbem-32349	114	11	in	in	ADP
fbem-32349	114	12	the	the	DET
fbem-32349	114	13	energy	energy	NOUN
fbem-32349	114	14	sector	sector	NOUN
fbem-32349	114	15	,	,	PUNCT
fbem-32349	114	16	with	with	SCONJ
fbem-32349	114	17	a	a	DET
fbem-32349	114	18	coefficient	coefficient	NOUN
fbem-32349	114	19	of	of	ADP
fbem-32349	114	20	−0.0008	−0.0008	NOUN
fbem-32349	114	21	and	and	CCONJ
fbem-32349	114	22	t=−2.78	t=−2.78	PROPN
fbem-32349	114	23	,	,	PUNCT
fbem-32349	114	24	representing	represent	VERB
fbem-32349	114	25	an	an	DET
fbem-32349	114	26	economic	economic	ADJ
fbem-32349	114	27	magnitude	magnitude	NOUN
fbem-32349	114	28	of	of	ADP
fbem-32349	114	29	15.3	15.3	NUM
fbem-32349	114	30	%	%	NOUN
fbem-32349	114	31	of	of	ADP
fbem-32349	114	32	the	the	DET
fbem-32349	114	33	sample	sample	NOUN
fbem-32349	114	34	mean	mean	VERB
fbem-32349	114	35	.	.	PUNCT
fbem-32349	115	1	the	the	DET
fbem-32349	115	2	coefficient	coefficient	NOUN
fbem-32349	115	3	for	for	ADP
fbem-32349	115	4	the	the	DET
fbem-32349	115	5	technology	technology	NOUN
fbem-32349	115	6	sector	sector	NOUN
fbem-32349	115	7	is	be	AUX
fbem-32349	115	8	−0.0002	−0.0002	NUM
fbem-32349	115	9	and	and	CCONJ
fbem-32349	115	10	is	be	AUX
fbem-32349	115	11	not	not	PART
fbem-32349	115	12	significant	significant	ADJ
fbem-32349	115	13	,	,	PUNCT
fbem-32349	115	14	while	while	SCONJ
fbem-32349	115	15	other	other	ADJ
fbem-32349	115	16	sectors	sector	NOUN
fbem-32349	115	17	fall	fall	VERB
fbem-32349	115	18	between	between	ADP
fbem-32349	115	19	the	the	DET
fbem-32349	115	20	two	two	NUM
fbem-32349	115	21	.	.	PUNCT
fbem-32349	116	1	figure	figure	NOUN
fbem-32349	116	2	3	3	NUM
fbem-32349	116	3	visually	visually	ADV
fbem-32349	116	4	shows	show	VERB
fbem-32349	116	5	that	that	SCONJ
fbem-32349	116	6	during	during	ADP
fbem-32349	116	7	the	the	DET
fbem-32349	116	8	period	period	NOUN
fbem-32349	116	9	of	of	ADP
fbem-32349	116	10	gpr	gpr	PROPN
fbem-32349	116	11	increase	increase	NOUN
fbem-32349	116	12	from	from	ADP
fbem-32349	116	13	2020	2020	NUM
fbem-32349	116	14	to	to	ADP
fbem-32349	116	15	2022	2022	NUM
fbem-32349	116	16	,	,	PUNCT
fbem-32349	116	17	the	the	DET
fbem-32349	116	18	mean	mean	ADJ
fbem-32349	116	19	hhi	hhi	NOUN
fbem-32349	116	20	of	of	ADP
fbem-32349	116	21	the	the	DET
fbem-32349	116	22	energy	energy	NOUN
fbem-32349	116	23	subsample	subsample	NOUN
fbem-32349	116	24	decreased	decrease	VERB
fbem-32349	116	25	by	by	ADP
fbem-32349	116	26	0.012	0.012	NUM
fbem-32349	116	27	,	,	PUNCT
fbem-32349	116	28	far	far	ADV
fbem-32349	116	29	hi	hi	INTJ
fbem-32349	116	30	gher	gher	NOUN
fbem-32349	116	31	than	than	ADP
fbem-32349	116	32	the	the	DET
fbem-32349	116	33	0.003	0.003	NUM
fbem-32349	116	34	of	of	ADP
fbem-32349	116	35	the	the	DET
fbem-32349	116	36	technology	technology	NOUN
fbem-32349	116	37	subsample	subsample	NOUN
fbem-32349	116	38	.	.	PUNCT
fbem-32349	117	1	this	this	PRON
fbem-32349	117	2	indicates	indicate	VERB
fbem-32349	117	3	that	that	SCONJ
fbem-32349	117	4	resource	resource	NOUN
fbem-32349	117	5	-	-	PUNCT
fbem-32349	117	6	based	base	VERB
fbem-32349	117	7	enterprises	enterprise	NOUN
fbem-32349	117	8	tend	tend	VERB
fbem-32349	117	9	to	to	PART
fbem-32349	117	10	diversify	diversify	VERB
fbem-32349	117	11	their	their	PRON
fbem-32349	117	12	portfolios	portfolio	NOUN
fbem-32349	117	13	to	to	PART
fbem-32349	117	14	avoid	avoid	VERB
fbem-32349	117	15	the	the	DET
fbem-32349	117	16	risks	risk	NOUN
fbem-32349	117	17	of	of	ADP
fbem-32349	117	18	sanctions	sanction	NOUN
fbem-32349	117	19	and	and	CCONJ
fbem-32349	117	20	supply	supply	NOUN
fbem-32349	117	21	disruptions	disruption	NOUN
fbem-32349	117	22	from	from	ADP
fbem-32349	117	23	a	a	DET
fbem-32349	117	24	single	single	ADJ
fbem-32349	117	25	country	country	NOUN
fbem-32349	117	26	when	when	SCONJ
fbem-32349	117	27	facing	face	VERB
fbem-32349	117	28	geopolitical	geopolitical	ADJ
fbem-32349	117	29	conflicts	conflict	NOUN
fbem-32349	117	30	;	;	PUNCT
fbem-32349	117	31	while	while	SCONJ
fbem-32349	117	32	technology	technology	NOUN
fbem-32349	117	33	enterprises	enterprise	NOUN
fbem-32349	117	34	are	be	AUX
fbem-32349	117	35	affected	affect	VERB
fbem-32349	117	36	by	by	ADP
fbem-32349	117	37	expectations	expectation	NOUN
fbem-32349	117	38	of	of	ADP
fbem-32349	117	39	technology	technology	NOUN
fbem-32349	117	40	controls	control	NOUN
fbem-32349	117	41	,	,	PUNCT
fbem-32349	117	42	but	but	CCONJ
fbem-32349	117	43	their	their	PRON
fbem-32349	117	44	overseas	overseas	ADJ
fbem-32349	117	45	assets	asset	NOUN
fbem-32349	117	46	are	be	AUX
fbem-32349	117	47	already	already	ADV
fbem-32349	117	48	diversified	diversify	VERB
fbem-32349	117	49	,	,	PUNCT
fbem-32349	117	50	leaving	leave	VERB
fbem-32349	117	51	limited	limited	ADJ
fbem-32349	117	52	room	room	NOUN
fbem-32349	117	53	for	for	ADP
fbem-32349	117	54	adjustment	adjustment	NOUN
fbem-32349	117	55	.	.	PUNCT
fbem-32349	118	1	column	column	NOUN
fbem-32349	118	2	(	(	PUNCT
fbem-32349	118	3	4	4	X
fbem-32349	118	4	)	)	PUNCT
fbem-32349	118	5	introduces	introduce	VERB
fbem-32349	118	6	the	the	DET
fbem-32349	118	7	gpr×high_fc	gpr×high_fc	NOUN
fbem-32349	118	8	interaction	interaction	NOUN
fbem-32349	118	9	term	term	NOUN
fbem-32349	118	10	.	.	PUNCT
fbem-32349	119	1	the	the	DET
fbem-32349	119	2	interaction	interaction	NOUN
fbem-32349	119	3	coefficient	coefficient	NOUN
fbem-32349	119	4	is	be	AUX
fbem-32349	119	5	−0.0005	−0.0005	NUM
fbem-32349	119	6	(	(	PUNCT
fbem-32349	119	7	t=−2.46	t=−2.46	PROPN
fbem-32349	119	8	)	)	PUNCT
fbem-32349	119	9	,	,	PUNCT
fbem-32349	119	10	meaning	mean	VERB
fbem-32349	119	11	that	that	SCONJ
fbem-32349	119	12	firms	firm	NOUN
fbem-32349	119	13	with	with	ADP
fbem-32349	119	14	high	high	ADJ
fbem-32349	119	15	financing	financing	NOUN
fbem-32349	119	16	constraints	constraint	NOUN
fbem-32349	119	17	are	be	AUX
fbem-32349	119	18	2.1	2.1	NUM
fbem-32349	119	19	times	time	NOUN
fbem-32349	119	20	more	more	ADV
fbem-32349	119	21	likely	likely	ADJ
fbem-32349	119	22	to	to	PART
fbem-32349	119	23	redistribute	redistribute	VERB
fbem-32349	119	24	their	their	PRON
fbem-32349	119	25	assets	asset	NOUN
fbem-32349	119	26	when	when	SCONJ
fbem-32349	119	27	geopolitical	geopolitical	ADJ
fbem-32349	119	28	risks	risk	NOUN
fbem-32349	119	29	rise	rise	VERB
fbem-32349	119	30	than	than	ADP
fbem-32349	119	31	those	those	PRON
fbem-32349	119	32	with	with	ADP
fbem-32349	119	33	low	low	ADJ
fbem-32349	119	34	constraints	constraint	NOUN
fbem-32349	119	35	.	.	PUNCT
fbem-32349	120	1	the	the	DET
fbem-32349	120	2	marginal	marginal	ADJ
fbem-32349	120	3	effect	effect	NOUN
fbem-32349	120	4	diagram	diagram	NOUN
fbem-32349	120	5	in	in	ADP
fbem-32349	120	6	figure	figure	NOUN
fbem-32349	120	7	4	4	NUM
fbem-32349	120	8	shows	show	VERB
fbem-32349	120	9	that	that	SCONJ
fbem-32349	120	10	when	when	SCONJ
fbem-32349	120	11	the	the	DET
fbem-32349	120	12	gpr	gpr	PROPN
fbem-32349	120	13	rises	rise	VERB
fbem-32349	120	14	from	from	ADP
fbem-32349	120	15	th	th	NOUN
fbem-32349	120	16	e	e	PROPN
fbem-32349	120	17	25th	25th	NOUN
fbem-32349	120	18	percentile	percentile	ADJ
fbem-32349	120	19	to	to	ADP
fbem-32349	120	20	the	the	DET
fbem-32349	120	21	75th	75th	ADJ
fbem-32349	120	22	percentile	percentile	NOUN
fbem-32349	120	23	,	,	PUNCT
fbem-32349	120	24	the	the	DET
fbem-32349	120	25	hhi	hhi	NOUN
fbem-32349	120	26	of	of	ADP
fbem-32349	120	27	the	the	DET
fbem-32349	120	28	high	high	ADJ
fbem-32349	120	29	constraint	constraint	NOUN
fbem-32349	120	30	group	group	NOUN
fbem-32349	120	31	decreases	decrease	VERB
fbem-32349	120	32	by	by	ADP
fbem-32349	120	33	0.010	0.010	NUM
fbem-32349	120	34	,	,	PUNCT
fbem-32349	120	35	while	while	SCONJ
fbem-32349	120	36	that	that	PRON
fbem-32349	120	37	of	of	ADP
fbem-32349	120	38	the	the	DET
fbem-32349	120	39	lowconstraint	lowconstraint	NOUN
fbem-32349	120	40	group	group	NOUN
fbem-32349	120	41	decreases	decrease	VERB
fbem-32349	120	42	by	by	ADP
fbem-32349	120	43	only	only	ADV
fbem-32349	120	44	0.005	0.005	NUM
fbem-32349	120	45	.	.	PUNCT
fbem-32349	121	1	due	due	ADP
fbem-32349	121	2	to	to	ADP
fbem-32349	121	3	tighter	tight	ADJ
fbem-32349	121	4	bank	bank	NOUN
fbem-32349	121	5	credit	credit	NOUN
fbem-32349	121	6	lines	line	NOUN
fbem-32349	121	7	,	,	PUNCT
fbem-32349	121	8	firms	firm	NOUN
fbem-32349	121	9	with	with	ADP
fbem-32349	121	10	high	high	ADJ
fbem-32349	121	11	constraints	constraint	NOUN
fbem-32349	121	12	are	be	AUX
fbem-32349	121	13	more	more	ADV
fbem-32349	121	14	inclined	inclined	ADJ
fbem-32349	121	15	to	to	PART
fbem-32349	121	16	repatriate	repatriate	VERB
fbem-32349	121	17	assets	asset	NOUN
fbem-32349	121	18	in	in	ADP
fbem-32349	121	19	"	"	PUNCT
fbem-32349	121	20	safe	safe	ADJ
fbem-32349	121	21	countries	country	NOUN
fbem-32349	121	22	"	"	PUNCT
fbem-32349	121	23	and	and	CCONJ
fbem-32349	121	24	diversify	diversify	VERB
fbem-32349	121	25	them	they	PRON
fbem-32349	121	26	to	to	ADP
fbem-32349	121	27	friendly	friendly	ADJ
fbem-32349	121	28	countries	country	NOUN
fbem-32349	121	29	to	to	PART
fbem-32349	121	30	ensure	ensure	VERB
fbem-32349	121	31	liquidity	liquidity	NOUN
fbem-32349	121	32	security	security	NOUN
fbem-32349	121	33	.	.	PUNCT
fbem-32349	122	1	columns	column	NOUN
fbem-32349	122	2	(	(	PUNCT
fbem-32349	122	3	5	5	NUM
fbem-32349	122	4	)	)	PUNCT
fbem-32349	122	5	and	and	CCONJ
fbem-32349	122	6	(	(	PUNCT
fbem-32349	122	7	6	6	NUM
fbem-32349	122	8	)	)	PUNCT
fbem-32349	122	9	are	be	AUX
fbem-32349	122	10	grouped	group	VERB
fbem-32349	122	11	by	by	ADP
fbem-32349	122	12	the	the	DET
fbem-32349	122	13	median	median	ADJ
fbem-32349	122	14	proportion	proportion	NOUN
fbem-32349	122	15	of	of	ADP
fbem-32349	122	16	overseas	overseas	ADJ
fbem-32349	122	17	assets	asset	NOUN
fbem-32349	122	18	.	.	PUNCT
fbem-32349	123	1	the	the	DET
fbem-32349	123	2	gpr	gpr	PROPN
fbem-32349	123	3	coefficient	coefficient	NOUN
fbem-32349	123	4	for	for	ADP
fbem-32349	123	5	the	the	DET
fbem-32349	123	6	high	high	ADJ
fbem-32349	123	7	-exposure	-exposure	NOUN
fbem-32349	123	8	group	group	NOUN
fbem-32349	123	9	is	be	AUX
fbem-32349	123	10	−0.0007	−0.0007	ADJ
fbem-32349	123	11	(	(	PUNCT
fbem-32349	123	12	t=−3.02	t=−3.02	NOUN
fbem-32349	123	13	)	)	PUNCT
fbem-32349	123	14	,	,	PUNCT
fbem-32349	123	15	and	and	CCONJ
fbem-32349	123	16	for	for	ADP
fbem-32349	123	17	the	the	DET
fbem-32349	123	18	low	low	ADJ
fbem-32349	123	19	-	-	PUNCT
fbem-32349	123	20	exposure	exposure	NOUN
fbem-32349	123	21	group	group	NOUN
fbem-32349	123	22	it	it	PRON
fbem-32349	123	23	is	be	AUX
fbem-32349	123	24	−0.0003	−0.0003	NOUN
fbem-32349	123	25	(	(	PUNCT
fbem-32349	123	26	t=−1.33	t=−1.33	PROPN
fbem-32349	123	27	)	)	PUNCT
fbem-32349	123	28	;	;	PUNCT
fbem-32349	123	29	the	the	DET
fbem-32349	123	30	confidence	confidence	NOUN
fbem-32349	123	31	intervals	interval	NOUN
fbem-32349	123	32	for	for	ADP
fbem-32349	123	33	the	the	DET
fbem-32349	123	34	coefficient	coefficient	NOUN
fbem-32349	123	35	differences	difference	NOUN
fbem-32349	123	36	in	in	ADP
fbem-32349	123	37	figure	figure	NOUN
fbem-32349	123	38	5	5	NUM
fbem-32349	123	39	are	be	AUX
fbem-32349	123	40	significant	significant	ADJ
fbem-32349	123	41	at	at	ADP
fbem-32349	123	42	the	the	DET
fbem-32349	123	43	95	95	NUM
fbem-32349	123	44	%	%	NOUN
fbem-32349	123	45	level	level	NOUN
fbem-32349	123	46	.	.	PUNCT
fbem-32349	124	1	the	the	DET
fbem-32349	124	2	event	event	NOUN
fbem-32349	124	3	study	study	VERB
fbem-32349	124	4	further	far	ADV
fbem-32349	124	5	shows	show	VERB
fbem-32349	124	6	that	that	SCONJ
fbem-32349	124	7	within	within	ADP
fbem-32349	124	8	the	the	DET
fbem-32349	124	9	russia	russia	PROPN
fbem-32349	124	10	ukraine	ukraine	PROPN
fbem-32349	124	11	conflict	conflict	NOUN
fbem-32349	124	12	window	window	NOUN
fbem-32349	125	1	[	[	X
fbem-32349	125	2	−5	−5	ADV
fbem-32349	125	3	,	,	PUNCT
fbem-32349	125	4	+20	+20	PROPN
fbem-32349	125	5	]	]	PUNCT
fbem-32349	125	6	,	,	PUNCT
fbem-32349	125	7	the	the	DET
fbem-32349	125	8	car	car	NOUN
fbem-32349	125	9	for	for	ADP
fbem-32349	125	10	the	the	DET
fbem-32349	125	11	highexposure	highexposure	NOUN
fbem-32349	125	12	group	group	NOUN
fbem-32349	125	13	is	be	AUX
fbem-32349	125	14	−3.18	−3.18	X
fbem-32349	125	15	%	%	NOUN
fbem-32349	125	16	,	,	PUNCT
fbem-32349	125	17	and	and	CCONJ
fbem-32349	125	18	for	for	ADP
fbem-32349	125	19	the	the	DET
fbem-32349	125	20	low	low	ADJ
fbem-32349	125	21	-	-	PUNCT
fbem-32349	125	22	exposure	exposure	NOUN
fbem-32349	125	23	group	group	NOUN
fbem-32349	125	24	it	it	PRON
fbem-32349	125	25	is	be	AUX
fbem-32349	125	26	−1.46	−1.46	NOUN
fbem-32349	125	27	%	%	NOUN
fbem-32349	125	28	,	,	PUNCT
fbem-32349	125	29	consistent	consistent	ADJ
fbem-32349	125	30	with	with	ADP
fbem-32349	125	31	the	the	DET
fbem-32349	125	32	long	long	ADJ
fbem-32349	125	33	-term	-term	NOUN
fbem-32349	125	34	results	result	NOUN
fbem-32349	125	35	,	,	PUNCT
fbem-32349	125	36	verifying	verify	VERB
fbem-32349	125	37	the	the	DET
fbem-32349	125	38	"	"	PUNCT
fbem-32349	125	39	high	high	ADJ
fbem-32349	125	40	exposure	exposure	NOUN
fbem-32349	125	41	—	—	PUNCT
fbem-32349	125	42	high	high	ADJ
fbem-32349	125	43	sensitivity	sensitivity	NOUN
fbem-32349	125	44	"	"	PUNCT
fbem-32349	125	45	logic	logic	NOUN
fbem-32349	125	46	.	.	PUNCT
fbem-32349	126	1	5	5	X
fbem-32349	126	2	.	.	X
fbem-32349	126	3	conclusions	conclusion	NOUN
fbem-32349	126	4	and	and	CCONJ
fbem-32349	126	5	policy	policy	NOUN
fbem-32349	126	6	recommendations	recommendation	NOUN
fbem-32349	126	7	5.1	5.1	NUM
fbem-32349	126	8	.	.	PUNCT
fbem-32349	127	1	research	research	NOUN
fbem-32349	127	2	conclusions	conclusion	NOUN
fbem-32349	127	3	geopolitical	geopolitical	ADJ
fbem-32349	127	4	risks	risk	NOUN
fbem-32349	127	5	significantly	significantly	ADV
fbem-32349	127	6	reduce	reduce	VERB
fbem-32349	127	7	the	the	DET
fbem-32349	127	8	diversification	diversification	NOUN
fbem-32349	127	9	of	of	ADP
fbem-32349	127	10	overseas	overseas	ADJ
fbem-32349	127	11	assets	asset	NOUN
fbem-32349	127	12	,	,	PUNCT
fbem-32349	127	13	short	short	ADJ
fbem-32349	127	14	-	-	PUNCT
fbem-32349	127	15	term	term	NOUN
fbem-32349	127	16	stock	stock	NOUN
fbem-32349	127	17	price	price	NOUN
fbem-32349	127	18	impacts	impact	NOUN
fbem-32349	127	19	are	be	AUX
fbem-32349	127	20	negative	negative	ADJ
fbem-32349	127	21	,	,	PUNCT
fbem-32349	127	22	and	and	CCONJ
fbem-32349	127	23	industry	industry	NOUN
fbem-32349	127	24	/	/	SYM
fbem-32349	127	25	risk	risk	NOUN
fbem-32349	127	26	exposure	exposure	NOUN
fbem-32349	127	27	heterogeneity	heterogeneity	NOUN
fbem-32349	127	28	is	be	AUX
fbem-32349	127	29	significant	significant	ADJ
fbem-32349	127	30	.	.	PUNCT
fbem-32349	128	1	5.2	5.2	NUM
fbem-32349	128	2	.	.	PUNCT
fbem-32349	129	1	policy	policy	NOUN
fbem-32349	129	2	recommendations	recommendation	NOUN
fbem-32349	129	3	given	give	VERB
fbem-32349	129	4	that	that	SCONJ
fbem-32349	129	5	geopolitical	geopolitical	ADJ
fbem-32349	129	6	risks	risk	NOUN
fbem-32349	129	7	have	have	AUX
fbem-32349	129	8	become	become	VERB
fbem-32349	129	9	a	a	DET
fbem-32349	129	10	core	core	NOUN
fbem-32349	129	11	constraint	constraint	NOUN
fbem-32349	129	12	on	on	ADP
fbem-32349	129	13	overseas	overseas	ADJ
fbem-32349	129	14	asset	asset	NOUN
fbem-32349	129	15	allocation	allocation	NOUN
fbem-32349	129	16	,	,	PUNCT
fbem-32349	129	17	this	this	DET
fbem-32349	129	18	article	article	NOUN
fbem-32349	129	19	proposes	propose	VERB
fbem-32349	129	20	a	a	DET
fbem-32349	129	21	two	two	NUM
fbem-32349	129	22	-tiered	-tiered	ADJ
fbem-32349	129	23	suggestion	suggestion	NOUN
fbem-32349	129	24	for	for	ADP
fbem-32349	129	25	collaboration	collaboration	NOUN
fbem-32349	129	26	between	between	ADP
fbem-32349	129	27	enterprises	enterprise	NOUN
fbem-32349	129	28	and	and	CCONJ
fbem-32349	129	29	governments	government	NOUN
fbem-32349	129	30	.	.	PUNCT
fbem-32349	130	1	(	(	PUNCT
fbem-32349	130	2	1	1	X
fbem-32349	130	3	)	)	PUNCT
fbem-32349	130	4	at	at	ADP
fbem-32349	130	5	the	the	DET
fbem-32349	130	6	enterprise	enterprise	NOUN
fbem-32349	130	7	level	level	NOUN
fbem-32349	130	8	,	,	PUNCT
fbem-32349	130	9	gpr	gpr	PROPN
fbem-32349	130	10	and	and	CCONJ
fbem-32349	130	11	epu	epu	PROPN
fbem-32349	130	12	indices	index	NOUN
fbem-32349	130	13	can	can	AUX
fbem-32349	130	14	be	be	AUX
fbem-32349	130	15	embedded	embed	VERB
fbem-32349	130	16	into	into	ADP
fbem-32349	130	17	the	the	DET
fbem-32349	130	18	investment	investment	NOUN
fbem-32349	130	19	decision	decision	NOUN
fbem-32349	130	20	-making	-make	VERB
fbem-32349	130	21	process	process	NOUN
fbem-32349	130	22	.	.	PUNCT
fbem-32349	131	1	when	when	SCONJ
fbem-32349	131	2	gpr	gpr	PROPN
fbem-32349	131	3	is	be	AUX
fbem-32349	131	4	above	above	ADP
fbem-32349	131	5	the	the	DET
fbem-32349	131	6	historical	historical	ADJ
fbem-32349	131	7	75th	75th	ADJ
fbem-32349	131	8	percentile	percentile	NOUN
fbem-32349	131	9	for	for	ADP
fbem-32349	131	10	three	three	NUM
fbem-32349	131	11	consecutive	consecutive	ADJ
fbem-32349	131	12	months	month	NOUN
fbem-32349	131	13	or	or	CCONJ
fbem-32349	131	14	when	when	SCONJ
fbem-32349	131	15	an	an	DET
fbem-32349	131	16	unexpected	unexpected	ADJ
fbem-32349	131	17	event	event	NOUN
fbem-32349	131	18	is	be	AUX
fbem-32349	131	19	triggered	trigger	VERB
fbem-32349	131	20	,	,	PUNCT
fbem-32349	131	21	a	a	DET
fbem-32349	131	22	"	"	PUNCT
fbem-32349	131	23	20	20	NUM
fbem-32349	131	24	-	-	PUNCT
fbem-32349	131	25	trading	trading	NOUN
fbem-32349	131	26	-	-	PUNCT
fbem-32349	131	27	day	day	NOUN
fbem-32349	131	28	window	window	NOUN
fbem-32349	131	29	response	response	NOUN
fbem-32349	131	30	"	"	PUNCT
fbem-32349	131	31	will	will	AUX
fbem-32349	131	32	be	be	AUX
fbem-32349	131	33	automatically	automatically	ADV
fbem-32349	131	34	initiated	initiate	VERB
fbem-32349	131	35	—	—	PUNCT
fbem-32349	131	36	suspending	suspend	VERB
fbem-32349	131	37	new	new	ADJ
fbem-32349	131	38	investments	investment	NOUN
fbem-32349	131	39	in	in	ADP
fbem-32349	131	40	high	high	ADJ
fbem-32349	131	41	-	-	PUNCT
fbem-32349	131	42	risk	risk	NOUN
fbem-32349	131	43	countries	country	NOUN
fbem-32349	131	44	and	and	CCONJ
fbem-32349	131	45	reassessing	reassess	VERB
fbem-32349	131	46	the	the	DET
fbem-32349	131	47	asset	asset	NOUN
fbem-32349	131	48	weights	weight	NOUN
fbem-32349	131	49	of	of	ADP
fbem-32349	131	50	existing	exist	VERB
fbem-32349	131	51	projects	project	NOUN
fbem-32349	131	52	.	.	PUNCT
fbem-32349	132	1	(	(	PUNCT
fbem-32349	132	2	2	2	X
fbem-32349	132	3	)	)	PUNCT
fbem-32349	132	4	at	at	ADP
fbem-32349	132	5	the	the	DET
fbem-32349	132	6	government	government	NOUN
fbem-32349	132	7	level	level	NOUN
fbem-32349	132	8	,	,	PUNCT
fbem-32349	132	9	export	export	NOUN
fbem-32349	132	10	credit	credit	NOUN
fbem-32349	132	11	insurance	insurance	NOUN
fbem-32349	132	12	rates	rate	NOUN
fbem-32349	132	13	will	will	AUX
fbem-32349	132	14	be	be	AUX
fbem-32349	132	15	increased	increase	VERB
fbem-32349	132	16	by	by	ADP
fbem-32349	132	17	30	30	NUM
fbem-32349	132	18	%	%	NOUN
fbem-32349	132	19	for	for	ADP
fbem-32349	132	20	sensitive	sensitive	ADJ
fbem-32349	132	21	industries	industry	NOUN
fbem-32349	132	22	such	such	ADJ
fbem-32349	132	23	as	as	ADP
fbem-32349	132	24	energy	energy	NOUN
fbem-32349	132	25	and	and	CCONJ
fbem-32349	132	26	high	high	ADJ
fbem-32349	132	27	technology	technology	NOUN
fbem-32349	132	28	.	.	PUNCT
fbem-32349	133	1	the	the	DET
fbem-32349	133	2	annual	annual	ADJ
fbem-32349	133	3	"	"	PUNCT
fbem-32349	133	4	white	white	ADJ
fbem-32349	133	5	paper	paper	NOUN
fbem-32349	133	6	on	on	ADP
fbem-32349	133	7	110	110	NUM
fbem-32349	133	8	geopolitical	geopolitical	ADJ
fbem-32349	133	9	risks	risk	NOUN
fbem-32349	133	10	of	of	ADP
fbem-32349	133	11	overseas	overseas	ADJ
fbem-32349	133	12	investment	investment	NOUN
fbem-32349	133	13	"	"	PUNCT
fbem-32349	133	14	will	will	AUX
fbem-32349	133	15	publicly	publicly	ADV
fbem-32349	133	16	disclose	disclose	VERB
fbem-32349	133	17	country	country	NOUN
fbem-32349	133	18	-	-	PUNCT
fbem-32349	133	19	specific	specific	ADJ
fbem-32349	133	20	default	default	NOUN
fbem-32349	133	21	rates	rate	NOUN
fbem-32349	133	22	,	,	PUNCT
fbem-32349	133	23	foreign	foreign	ADJ
fbem-32349	133	24	exchange	exchange	NOUN
fbem-32349	133	25	freeze	freeze	NOUN
fbem-32349	133	26	cases	case	NOUN
fbem-32349	133	27	,	,	PUNCT
fbem-32349	133	28	and	and	CCONJ
fbem-32349	133	29	best	good	ADJ
fbem-32349	133	30	practices	practice	NOUN
fbem-32349	133	31	for	for	ADP
fbem-32349	133	32	rebalancing	rebalancing	NOUN
fbem-32349	133	33	,	,	PUNCT
fbem-32349	133	34	reducing	reduce	VERB
fbem-32349	133	35	information	information	NOUN
fbem-32349	133	36	costs	cost	NOUN
fbem-32349	133	37	for	for	ADP
fbem-32349	133	38	smes	sme	NOUN
fbem-32349	133	39	.	.	PUNCT
fbem-32349	134	1	simultaneously	simultaneously	ADV
fbem-32349	134	2	,	,	PUNCT
fbem-32349	134	3	gpr	gpr	PROPN
fbem-32349	134	4	/	/	SYM
fbem-32349	134	5	epu	epu	PROPN
fbem-32349	134	6	will	will	AUX
fbem-32349	134	7	be	be	AUX
fbem-32349	134	8	included	include	VERB
fbem-32349	134	9	in	in	ADP
fbem-32349	134	10	macro	macro	ADJ
fbem-32349	134	11	-	-	ADJ
fbem-32349	134	12	prudential	prudential	ADJ
fbem-32349	134	13	monitoring	monitoring	NOUN
fbem-32349	134	14	,	,	PUNCT
fbem-32349	134	15	and	and	CCONJ
fbem-32349	134	16	countercyclical	countercyclical	ADJ
fbem-32349	134	17	adjustments	adjustment	NOUN
fbem-32349	134	18	will	will	AUX
fbem-32349	134	19	be	be	AUX
fbem-32349	134	20	made	make	VERB
fbem-32349	134	21	to	to	ADP
fbem-32349	134	22	the	the	DET
fbem-32349	134	23	growth	growth	NOUN
fbem-32349	134	24	rate	rate	NOUN
fbem-32349	134	25	of	of	ADP
fbem-32349	134	26	banks	bank	NOUN
fbem-32349	134	27	'	'	PART
fbem-32349	134	28	overseas	overseas	ADJ
fbem-32349	134	29	lending	lending	NOUN
fbem-32349	134	30	when	when	SCONJ
fbem-32349	134	31	the	the	DET
fbem-32349	134	32	index	index	NOUN
fbem-32349	134	33	exceeds	exceed	VERB
fbem-32349	134	34	a	a	DET
fbem-32349	134	35	threshold	threshold	NOUN
fbem-32349	134	36	,	,	PUNCT
fbem-32349	134	37	preventing	prevent	VERB
fbem-32349	134	38	financial	financial	ADJ
fbem-32349	134	39	institutions	institution	NOUN
fbem-32349	134	40	from	from	ADP
fbem-32349	134	41	abruptly	abruptly	ADV
fbem-32349	134	42	withdrawing	withdraw	VERB
fbem-32349	134	43	loans	loan	NOUN
fbem-32349	134	44	and	and	CCONJ
fbem-32349	134	45	exacerbating	exacerbate	VERB
fbem-32349	134	46	passive	passive	ADJ
fbem-32349	134	47	contraction	contraction	NOUN
fbem-32349	134	48	of	of	ADP
fbem-32349	134	49	ent	ent	NOUN
fbem-32349	134	50	erprises	erprise	NOUN
fbem-32349	134	51	.	.	PUNCT
fbem-32349	135	1	5.3	5.3	NUM
fbem-32349	135	2	.	.	PUNCT
fbem-32349	135	3	research	research	NOUN
fbem-32349	135	4	limitations	limitation	NOUN
fbem-32349	135	5	and	and	CCONJ
fbem-32349	135	6	prospects	prospect	VERB
fbem-32349	135	7	the	the	DET
fbem-32349	135	8	limitations	limitation	NOUN
fbem-32349	135	9	of	of	ADP
fbem-32349	135	10	this	this	DET
fbem-32349	135	11	paper	paper	NOUN
fbem-32349	135	12	are	be	AUX
fbem-32349	135	13	mainly	mainly	ADV
fbem-32349	135	14	reflected	reflect	VERB
fbem-32349	135	15	in	in	ADP
fbem-32349	135	16	two	two	NUM
fbem-32349	135	17	aspects	aspect	NOUN
fbem-32349	135	18	:	:	PUNCT
fbem-32349	135	19	first	first	ADV
fbem-32349	135	20	,	,	PUNCT
fbem-32349	135	21	the	the	DET
fbem-32349	135	22	micro	micro	ADJ
fbem-32349	135	23	-	-	NOUN
fbem-32349	135	24	level	level	ADJ
fbem-32349	135	25	data	data	NOUN
fbem-32349	135	26	remains	remain	VERB
fbem-32349	135	27	at	at	ADP
fbem-32349	135	28	the	the	DET
fbem-32349	135	29	"	"	PUNCT
fbem-32349	135	30	companyyear	companyyear	ADJ
fbem-32349	135	31	-	-	PUNCT
fbem-32349	135	32	country	country	NOUN
fbem-32349	135	33	"	"	PUNCT
fbem-32349	135	34	level	level	NOUN
fbem-32349	135	35	,	,	PUNCT
fbem-32349	135	36	making	make	VERB
fbem-32349	135	37	it	it	PRON
fbem-32349	135	38	difficult	difficult	ADJ
fbem-32349	135	39	to	to	PART
fbem-32349	135	40	capture	capture	VERB
fbem-32349	135	41	the	the	DET
fbem-32349	135	42	concentration	concentration	NOUN
fbem-32349	135	43	differences	difference	NOUN
fbem-32349	135	44	among	among	ADP
fbem-32349	135	45	different	different	ADJ
fbem-32349	135	46	projects	project	NOUN
fbem-32349	135	47	within	within	ADP
fbem-32349	135	48	the	the	DET
fbem-32349	135	49	same	same	ADJ
fbem-32349	135	50	host	host	NOUN
fbem-32349	135	51	country	country	NOUN
fbem-32349	135	52	;	;	PUNCT
fbem-32349	135	53	second	second	X
fbem-32349	135	54	,	,	PUNCT
fbem-32349	135	55	risk	risk	NOUN
fbem-32349	135	56	measurement	measurement	NOUN
fbem-32349	135	57	relies	rely	VERB
fbem-32349	135	58	on	on	ADP
fbem-32349	135	59	the	the	DET
fbem-32349	135	60	macro	macro	ADJ
fbem-32349	135	61	gpr	gpr	PROPN
fbem-32349	135	62	/	/	SYM
fbem-32349	135	63	epu	epu	PROPN
fbem-32349	135	64	index	index	NOUN
fbem-32349	135	65	,	,	PUNCT
fbem-32349	135	66	failing	fail	VERB
fbem-32349	135	67	to	to	PART
fbem-32349	135	68	consider	consider	VERB
fbem-32349	135	69	heterogeneity	heterogeneity	NOUN
fbem-32349	135	70	such	such	ADJ
fbem-32349	135	71	as	as	ADP
fbem-32349	135	72	management	management	NOUN
fbem-32349	135	73	risk	risk	NOUN
fbem-32349	135	74	preferences	preference	NOUN
fbem-32349	135	75	.	.	PUNCT
fbem-32349	136	1	future	future	ADJ
fbem-32349	136	2	research	research	NOUN
fbem-32349	136	3	could	could	AUX
fbem-32349	136	4	construct	construct	VERB
fbem-32349	136	5	a	a	DET
fbem-32349	136	6	three	three	NUM
fbem-32349	136	7	-	-	PUNCT
fbem-32349	136	8	level	level	NOUN
fbem-32349	136	9	panel	panel	NOUN
fbem-32349	136	10	of	of	ADP
fbem-32349	136	11	"	"	PUNCT
fbem-32349	136	12	company	company	NOUN
fbem-32349	136	13	-	-	PUNCT
fbem-32349	136	14	host	host	NOUN
fbem-32349	136	15	country	country	NOUN
fbem-32349	136	16	-	-	PUNCT
fbem-32349	136	17	year	year	NOUN
fbem-32349	136	18	"	"	PUNCT
fbem-32349	136	19	data	datum	NOUN
fbem-32349	136	20	and	and	CCONJ
fbem-32349	136	21	combine	combine	VERB
fbem-32349	136	22	it	it	PRON
fbem-32349	136	23	with	with	ADP
fbem-32349	136	24	annual	annual	ADJ
fbem-32349	136	25	report	report	NOUN
fbem-32349	136	26	tex	tex	PROPN
fbem-32349	136	27	t	t	PROPN
fbem-32349	136	28	mining	mining	NOUN
fbem-32349	136	29	to	to	PART
fbem-32349	136	30	form	form	VERB
fbem-32349	136	31	a	a	DET
fbem-32349	136	32	company	company	NOUN
fbem-32349	136	33	-	-	PUNCT
fbem-32349	136	34	specific	specific	ADJ
fbem-32349	136	35	geopolitical	geopolitical	ADJ
fbem-32349	136	36	risk	risk	NOUN
fbem-32349	136	37	perception	perception	NOUN
fbem-32349	136	38	index	index	NOUN
fbem-32349	136	39	;	;	PUNCT
fbem-32349	136	40	simultaneously	simultaneously	ADV
fbem-32349	136	41	,	,	PUNCT
fbem-32349	136	42	it	it	PRON
fbem-32349	136	43	could	could	AUX
fbem-32349	136	44	introduce	introduce	VERB
fbem-32349	136	45	a	a	DET
fbem-32349	136	46	machine	machine	NOUN
fbem-32349	136	47	learning	learn	VERB
fbem-32349	136	48	framework	framework	NOUN
fbem-32349	136	49	,	,	PUNCT
fbem-32349	136	50	integrating	integrate	VERB
fbem-32349	136	51	high	high	ADJ
fbem-32349	136	52	-	-	PUNCT
fbem-32349	136	53	frequency	frequency	NOUN
fbem-32349	136	54	commodity	commodity	NOUN
fbem-32349	136	55	prices	price	NOUN
fbem-32349	136	56	,	,	PUNCT
fbem-32349	136	57	shipping	shipping	NOUN
fbem-32349	136	58	data	datum	NOUN
fbem-32349	136	59	,	,	PUNCT
fbem-32349	136	60	and	and	CCONJ
fbem-32349	136	61	social	social	ADJ
fbem-32349	136	62	media	medium	NOUN
fbem-32349	136	63	sentiment	sentiment	NOUN
fbem-32349	136	64	,	,	PUNCT
fbem-32349	136	65	to	to	PART
fbem-32349	136	66	predict	predict	VERB
fbem-32349	136	67	the	the	DET
fbem-32349	136	68	probability	probability	NOUN
fbem-32349	136	69	of	of	ADP
fbem-32349	136	70	impairment	impairment	NOUN
fbem-32349	136	71	of	of	ADP
fbem-32349	136	72	companies	company	NOUN
fbem-32349	136	73	'	'	PART
fbem-32349	136	74	overseas	overseas	ADJ
fbem-32349	136	75	assets	asset	NOUN
fbem-32349	136	76	1	1	NUM
fbem-32349	136	77	-3	-3	NUM
fbem-32349	136	78	months	month	NOUN
fbem-32349	136	79	in	in	ADP
fbem-32349	136	80	advance	advance	NOUN
fbem-32349	136	81	,	,	PUNCT
fbem-32349	136	82	providing	provide	VERB
fbem-32349	136	83	real	real	ADJ
fbem-32349	136	84	-	-	PUNCT
fbem-32349	136	85	time	time	NOUN
fbem-32349	136	86	signals	signal	NOUN
fbem-32349	136	87	for	for	ADP
fbem-32349	136	88	investment	investment	NOUN
fbem-32349	136	89	decisions	decision	NOUN
fbem-32349	136	90	.	.	PUNCT
fbem-32349	137	1	acknowledgements	acknowledgement	NOUN
fbem-32349	137	2	this	this	DET
fbem-32349	137	3	work	work	NOUN
fbem-32349	137	4	is	be	AUX
fbem-32349	137	5	supported	support	VERB
fbem-32349	137	6	by	by	ADP
fbem-32349	137	7	anhui	anhui	PROPN
fbem-32349	137	8	university	university	PROPN
fbem-32349	137	9	of	of	ADP
fbem-32349	137	10	finance	finance	PROPN
fbem-32349	137	11	&	&	CCONJ
fbem-32349	137	12	economics	economics	PROPN
fbem-32349	137	13	2025	2025	NUM
fbem-32349	137	14	undergraduate	undergraduate	NOUN
fbem-32349	137	15	research	research	NOUN
fbem-32349	137	16	innovation	innovation	NOUN
fbem-32349	137	17	fund	fund	NOUN
fbem-32349	137	18	project	project	NOUN
fbem-32349	137	19	fund	fund	NOUN
fbem-32349	137	20	,	,	PUNCT
fbem-32349	137	21	project	project	NOUN
fbem-32349	137	22	number	number	NOUN
fbem-32349	137	23	:	:	PUNCT
fbem-32349	137	24	xsky25094	xsky25094	PROPN
fbem-32349	137	25	.	.	PUNCT
fbem-32349	138	1	references	reference	NOUN
fbem-32349	138	2	[	[	X
fbem-32349	138	3	1	1	NUM
fbem-32349	138	4	]	]	PUNCT
fbem-32349	138	5	modigliani	modigliani	PROPN
fbem-32349	138	6	,	,	PUNCT
fbem-32349	138	7	f.	f.	PROPN
fbem-32349	138	8	,	,	PUNCT
fbem-32349	138	9	&	&	CCONJ
fbem-32349	138	10	miller	miller	PROPN
fbem-32349	138	11	,	,	PUNCT
fbem-32349	138	12	mh	mh	PROPN
fbem-32349	138	13	(	(	PUNCT
fbem-32349	138	14	1958	1958	NUM
fbem-32349	138	15	)	)	PUNCT
fbem-32349	138	16	.	.	PUNCT
fbem-32349	139	1	the	the	DET
fbem-32349	139	2	cost	cost	NOUN
fbem-32349	139	3	of	of	ADP
fbem-32349	139	4	capital	capital	NOUN
fbem-32349	139	5	,	,	PUNCT
fbem-32349	139	6	corporation	corporation	NOUN
fbem-32349	139	7	finance	finance	NOUN
fbem-32349	139	8	and	and	CCONJ
fbem-32349	139	9	the	the	DET
fbem-32349	139	10	theory	theory	NOUN
fbem-32349	139	11	of	of	ADP
fbem-32349	139	12	investment	investment	NOUN
fbem-32349	139	13	.	.	PUNCT
fbem-32349	140	1	american	american	PROPN
fbem-32349	140	2	economic	economic	PROPN
fbem-32349	140	3	review	review	PROPN
fbem-32349	140	4	,	,	PUNCT
fbem-32349	140	5	48(3	48(3	PROPN
fbem-32349	140	6	)	)	PUNCT
fbem-32349	140	7	,	,	PUNCT
fbem-32349	140	8	261	261	NUM
fbem-32349	140	9	-	-	SYM
fbem-32349	140	10	297	297	NUM
fbem-32349	140	11	.	.	PUNCT
fbem-32349	141	1	[	[	X
fbem-32349	141	2	2	2	NUM
fbem-32349	141	3	]	]	PUNCT
fbem-32349	141	4	fazzari	fazzari	NOUN
fbem-32349	141	5	,	,	PUNCT
fbem-32349	141	6	sm	sm	PROPN
fbem-32349	141	7	,	,	PUNCT
fbem-32349	141	8	hubbard	hubbard	PROPN
fbem-32349	141	9	,	,	PUNCT
fbem-32349	141	10	rg	rg	PROPN
fbem-32349	141	11	,	,	PUNCT
fbem-32349	141	12	&	&	CCONJ
fbem-32349	141	13	petersen	petersen	PROPN
fbem-32349	141	14	,	,	PUNCT
fbem-32349	141	15	bc	bc	PROPN
fbem-32349	141	16	(	(	PUNCT
fbem-32349	141	17	1988	1988	NUM
fbem-32349	141	18	)	)	PUNCT
fbem-32349	141	19	.	.	PUNCT
fbem-32349	142	1	financing	financing	NOUN
fbem-32349	142	2	constraints	constraint	NOUN
fbem-32349	142	3	and	and	CCONJ
fbem-32349	142	4	corporate	corporate	ADJ
fbem-32349	142	5	investment	investment	NOUN
fbem-32349	142	6	.	.	PUNCT
fbem-32349	143	1	brookings	brookings	PROPN
fbem-32349	143	2	papers	paper	NOUN
fbem-32349	143	3	on	on	ADP
fbem-32349	143	4	economic	economic	ADJ
fbem-32349	143	5	activity	activity	NOUN
fbem-32349	143	6	,	,	PUNCT
fbem-32349	143	7	(	(	PUNCT
fbem-32349	143	8	1	1	NUM
fbem-32349	143	9	)	)	PUNCT
fbem-32349	143	10	,	,	PUNCT
fbem-32349	143	11	141	141	NUM
fbem-32349	143	12	-	-	SYM
fbem-32349	143	13	206	206	NUM
fbem-32349	143	14	.	.	PUNCT
fbem-32349	144	1	[	[	X
fbem-32349	144	2	3	3	NUM
fbem-32349	144	3	]	]	X
fbem-32349	144	4	almeida	almeida	PROPN
fbem-32349	144	5	,	,	PUNCT
fbem-32349	144	6	h.	h.	PROPN
fbem-32349	144	7	,	,	PUNCT
fbem-32349	144	8	campello	campello	PROPN
fbem-32349	144	9	,	,	PUNCT
fbem-32349	144	10	m.	m.	NOUN
fbem-32349	144	11	,	,	PUNCT
fbem-32349	144	12	&	&	CCONJ
fbem-32349	144	13	weisbach	weisbach	NOUN
fbem-32349	144	14	,	,	PUNCT
fbem-32349	144	15	ms	ms	PROPN
fbem-32349	144	16	(	(	PUNCT
fbem-32349	144	17	2004	2004	NUM
fbem-32349	144	18	)	)	PUNCT
fbem-32349	144	19	.	.	PUNCT
fbem-32349	145	1	the	the	DET
fbem-32349	145	2	cash	cash	NOUN
fbem-32349	145	3	flow	flow	NOUN
fbem-32349	145	4	sensitivity	sensitivity	NOUN
fbem-32349	145	5	of	of	ADP
fbem-32349	145	6	cash	cash	NOUN
fbem-32349	145	7	.	.	PUNCT
fbem-32349	146	1	journal	journal	PROPN
fbem-32349	146	2	of	of	ADP
fbem-32349	146	3	finance	finance	NOUN
fbem-32349	146	4	,	,	PUNCT
fbem-32349	146	5	59(4	59(4	NUM
fbem-32349	146	6	)	)	PUNCT
fbem-32349	146	7	,	,	PUNCT
fbem-32349	146	8	1777	1777	NUM
fbem-32349	146	9	-	-	SYM
fbem-32349	146	10	1804	1804	NUM
fbem-32349	146	11	.	.	PUNCT
fbem-32349	147	1	[	[	X
fbem-32349	147	2	4	4	NUM
fbem-32349	147	3	]	]	X
fbem-32349	147	4	markowitz	markowitz	PROPN
fbem-32349	147	5	,	,	PUNCT
fbem-32349	147	6	h.	h.	PROPN
fbem-32349	147	7	(	(	PUNCT
fbem-32349	147	8	1952	1952	NUM
fbem-32349	147	9	)	)	PUNCT
fbem-32349	147	10	.	.	PUNCT
fbem-32349	148	1	portfolio	portfolio	NOUN
fbem-32349	148	2	selection	selection	NOUN
fbem-32349	148	3	.	.	PUNCT
fbem-32349	149	1	journal	journal	PROPN
fbem-32349	149	2	of	of	ADP
fbem-32349	149	3	finance	finance	NOUN
fbem-32349	149	4	,	,	PUNCT
fbem-32349	149	5	7(1	7(1	NUM
fbem-32349	149	6	)	)	PUNCT
fbem-32349	149	7	,	,	PUNCT
fbem-32349	149	8	77	77	NUM
fbem-32349	149	9	-	-	SYM
fbem-32349	149	10	91	91	NUM
fbem-32349	149	11	.	.	PUNCT
fbem-32349	150	1	[	[	X
fbem-32349	150	2	5	5	NUM
fbem-32349	150	3	]	]	SYM
fbem-32349	150	4	merton	merton	PROPN
fbem-32349	150	5	,	,	PUNCT
fbem-32349	150	6	rc	rc	PROPN
fbem-32349	150	7	(	(	PUNCT
fbem-32349	150	8	1973	1973	NUM
fbem-32349	150	9	)	)	PUNCT
fbem-32349	150	10	.	.	PUNCT
fbem-32349	151	1	an	an	DET
fbem-32349	151	2	intertemporal	intertemporal	ADJ
fbem-32349	151	3	capital	capital	NOUN
fbem-32349	151	4	asset	asset	NOUN
fbem-32349	151	5	pricing	pricing	NOUN
fbem-32349	151	6	model	model	NOUN
fbem-32349	151	7	.	.	PUNCT
fbem-32349	152	1	econometrica	econometrica	PROPN
fbem-32349	152	2	,	,	PUNCT
fbem-32349	152	3	41(5	41(5	NUM
fbem-32349	152	4	)	)	PUNCT
fbem-32349	152	5	,	,	PUNCT
fbem-32349	152	6	867	867	NUM
fbem-32349	152	7	-	-	SYM
fbem-32349	152	8	887	887	NUM
fbem-32349	152	9	.	.	PUNCT
fbem-32349	153	1	[	[	X
fbem-32349	153	2	6	6	NUM
fbem-32349	153	3	]	]	X
fbem-32349	153	4	campbell	campbell	PROPN
fbem-32349	153	5	,	,	PUNCT
fbem-32349	153	6	jy	jy	PROPN
fbem-32349	153	7	,	,	PUNCT
fbem-32349	153	8	&	&	CCONJ
fbem-32349	153	9	viceira	viceira	PROPN
fbem-32349	153	10	,	,	PUNCT
fbem-32349	153	11	lm	lm	INTJ
fbem-32349	153	12	(	(	PUNCT
fbem-32349	153	13	2002	2002	NUM
fbem-32349	153	14	)	)	PUNCT
fbem-32349	153	15	.	.	PUNCT
fbem-32349	153	16	strategic	strategic	ADJ
fbem-32349	153	17	asset	asset	NOUN
fbem-32349	153	18	allocatio	allocatio	NOUN
fbem-32349	153	19	n	n	PROPN
fbem-32349	153	20	.	.	PUNCT
fbem-32349	154	1	oxford	oxford	PROPN
fbem-32349	154	2	university	university	PROPN
fbem-32349	154	3	press	press	NOUN
fbem-32349	154	4	.	.	PUNCT
fbem-32349	155	1	[	[	X
fbem-32349	155	2	7	7	X
fbem-32349	155	3	]	]	X
fbem-32349	155	4	forbes	forbes	PROPN
fbem-32349	155	5	,	,	PUNCT
fbem-32349	155	6	kj	kj	PROPN
fbem-32349	155	7	,	,	PUNCT
fbem-32349	155	8	&	&	CCONJ
fbem-32349	155	9	rigobon	rigobon	PROPN
fbem-32349	155	10	,	,	PUNCT
fbem-32349	155	11	r.	r.	PROPN
fbem-32349	155	12	(	(	PUNCT
fbem-32349	155	13	2002	2002	NUM
fbem-32349	155	14	)	)	PUNCT
fbem-32349	155	15	.	.	PUNCT
fbem-32349	156	1	no	no	DET
fbem-32349	156	2	contagion	contagion	NOUN
fbem-32349	156	3	,	,	PUNCT
fbem-32349	156	4	only	only	ADV
fbem-32349	156	5	interdependence	interdependence	NOUN
fbem-32349	156	6	:	:	PUNCT
fbem-32349	156	7	measuring	measure	VERB
fbem-32349	156	8	stock	stock	NOUN
fbem-32349	156	9	market	market	NOUN
fbem-32349	156	10	comovements	comovement	NOUN
fbem-32349	156	11	.	.	PUNCT
fbem-32349	157	1	journal	journal	PROPN
fbem-32349	157	2	of	of	ADP
fbem-32349	157	3	finance	finance	NOUN
fbem-32349	157	4	,	,	PUNCT
fbem-32349	157	5	57(5	57(5	NOUN
fbem-32349	157	6	)	)	PUNCT
fbem-32349	157	7	,	,	PUNCT
fbem-32349	157	8	2223	2223	NUM
fbem-32349	157	9	-	-	SYM
fbem-32349	157	10	2261	2261	NUM
fbem-32349	157	11	.	.	PUNCT
fbem-32349	158	1	[	[	X
fbem-32349	158	2	8	8	NUM
fbem-32349	158	3	]	]	SYM
fbem-32349	158	4	caldara	caldara	NOUN
fbem-32349	158	5	,	,	PUNCT
fbem-32349	158	6	d.	d.	PROPN
fbem-32349	158	7	,	,	PUNCT
fbem-32349	158	8	&	&	CCONJ
fbem-32349	158	9	iacoviello	iacoviello	PROPN
fbem-32349	158	10	,	,	PUNCT
fbem-32349	158	11	m.	m.	NOUN
fbem-32349	158	12	(	(	PUNCT
fbem-32349	158	13	2022	2022	NUM
fbem-32349	158	14	)	)	PUNCT
fbem-32349	158	15	.	.	PUNCT
fbem-32349	159	1	measuring	measure	VERB
fbem-32349	159	2	geopolitical	geopolitical	ADJ
fbem-32349	159	3	risk	risk	NOUN
fbem-32349	159	4	.	.	PUNCT
fbem-32349	160	1	american	american	PROPN
fbem-32349	160	2	economic	economic	PROPN
fbem-32349	160	3	review	review	PROPN
fbem-32349	160	4	,	,	PUNCT
fbem-32349	160	5	112(4	112(4	NUM
fbem-32349	160	6	)	)	PUNCT
fbem-32349	160	7	,	,	PUNCT
fbem-32349	160	8	1194	1194	NUM
fbem-32349	160	9	-	-	SYM
fbem-32349	160	10	1225	1225	NUM
fbem-32349	160	11	.	.	PUNCT