id	sid	tid	token	lemma	pos
fbem-9137	1	1	frontiers	frontier	NOUN
fbem-9137	1	2	in	in	ADP
fbem-9137	1	3	business	business	NOUN
fbem-9137	1	4	,	,	PUNCT
fbem-9137	1	5	economics	economic	NOUN
fbem-9137	1	6	and	and	CCONJ
fbem-9137	1	7	management	management	NOUN
fbem-9137	1	8	issn	issn	PROPN
fbem-9137	1	9	:	:	PUNCT
fbem-9137	1	10	2766	2766	NUM
fbem-9137	1	11	-	-	PUNCT
fbem-9137	1	12	824x	824x	NUM
fbem-9137	1	13	|	|	ADJ
fbem-9137	1	14	vol	vol	NOUN
fbem-9137	1	15	.	.	PROPN
fbem-9137	2	1	9	9	NUM
fbem-9137	2	2	,	,	PUNCT
fbem-9137	2	3	no	no	INTJ
fbem-9137	2	4	.	.	NOUN
fbem-9137	2	5	2	2	NUM
fbem-9137	2	6	,	,	PUNCT
fbem-9137	2	7	2023	2023	NUM
fbem-9137	2	8	112	112	NUM
fbem-9137	2	9	research	research	NOUN
fbem-9137	2	10	on	on	ADP
fbem-9137	2	11	the	the	DET
fbem-9137	2	12	spillover	spillover	NOUN
fbem-9137	2	13	effects	effect	NOUN
fbem-9137	2	14	of	of	ADP
fbem-9137	2	15	systemic	systemic	ADJ
fbem-9137	2	16	risk	risk	NOUN
fbem-9137	2	17	in	in	ADP
fbem-9137	2	18	china	china	PROPN
fbem-9137	2	19	's	's	PART
fbem-9137	2	20	financial	financial	ADJ
fbem-9137	2	21	market	market	NOUN
fbem-9137	2	22	on	on	ADP
fbem-9137	2	23	the	the	DET
fbem-9137	2	24	securities	security	NOUN
fbem-9137	2	25	industry	industry	NOUN
fbem-9137	2	26	lei	lei	PROPN
fbem-9137	2	27	guo1	guo1	PROPN
fbem-9137	2	28	,	,	PUNCT
fbem-9137	2	29	*	*	PUNCT
fbem-9137	3	1	1nanjing	1nanjing	NUM
fbem-9137	3	2	normal	normal	ADJ
fbem-9137	3	3	university	university	NOUN
fbem-9137	3	4	,	,	PUNCT
fbem-9137	3	5	nanjing	nanjing	PROPN
fbem-9137	3	6	,	,	PUNCT
fbem-9137	3	7	jiangsu	jiangsu	PROPN
fbem-9137	3	8	,	,	PUNCT
fbem-9137	3	9	china	china	PROPN
fbem-9137	3	10	*	*	PUNCT
fbem-9137	3	11	corresponding	correspond	VERB
fbem-9137	3	12	author	author	NOUN
fbem-9137	3	13	abstract	abstract	NOUN
fbem-9137	3	14	:	:	PUNCT
fbem-9137	3	15	in	in	ADP
fbem-9137	3	16	recent	recent	ADJ
fbem-9137	3	17	years	year	NOUN
fbem-9137	3	18	,	,	PUNCT
fbem-9137	3	19	with	with	ADP
fbem-9137	3	20	the	the	DET
fbem-9137	3	21	increasing	increase	VERB
fbem-9137	3	22	openness	openness	NOUN
fbem-9137	3	23	of	of	ADP
fbem-9137	3	24	china	china	PROPN
fbem-9137	3	25	's	's	PART
fbem-9137	3	26	financial	financial	ADJ
fbem-9137	3	27	market	market	NOUN
fbem-9137	3	28	,	,	PUNCT
fbem-9137	3	29	continuous	continuous	ADJ
fbem-9137	3	30	deepening	deepening	NOUN
fbem-9137	3	31	of	of	ADP
fbem-9137	3	32	financial	financial	ADJ
fbem-9137	3	33	reforms	reform	NOUN
fbem-9137	3	34	,	,	PUNCT
fbem-9137	3	35	and	and	CCONJ
fbem-9137	3	36	growing	grow	VERB
fbem-9137	3	37	financial	financial	ADJ
fbem-9137	3	38	innovation	innovation	NOUN
fbem-9137	3	39	,	,	PUNCT
fbem-9137	3	40	the	the	DET
fbem-9137	3	41	chinese	chinese	ADJ
fbem-9137	3	42	securities	security	NOUN
fbem-9137	3	43	market	market	NOUN
fbem-9137	3	44	has	have	AUX
fbem-9137	3	45	become	become	VERB
fbem-9137	3	46	increasingly	increasingly	ADV
fbem-9137	3	47	complex	complex	ADJ
fbem-9137	3	48	,	,	PUNCT
fbem-9137	3	49	leading	lead	VERB
fbem-9137	3	50	to	to	ADP
fbem-9137	3	51	a	a	DET
fbem-9137	3	52	gradual	gradual	ADJ
fbem-9137	3	53	increase	increase	NOUN
fbem-9137	3	54	in	in	ADP
fbem-9137	3	55	the	the	DET
fbem-9137	3	56	probability	probability	NOUN
fbem-9137	3	57	of	of	ADP
fbem-9137	3	58	systemic	systemic	ADJ
fbem-9137	3	59	risk	risk	NOUN
fbem-9137	3	60	.	.	PUNCT
fbem-9137	4	1	this	this	DET
fbem-9137	4	2	study	study	NOUN
fbem-9137	4	3	focuses	focus	VERB
fbem-9137	4	4	on	on	ADP
fbem-9137	4	5	the	the	DET
fbem-9137	4	6	daily	daily	ADJ
fbem-9137	4	7	closing	closing	NOUN
fbem-9137	4	8	prices	price	NOUN
fbem-9137	4	9	of	of	ADP
fbem-9137	4	10	stocks	stock	NOUN
fbem-9137	4	11	from	from	ADP
fbem-9137	4	12	eight	eight	NUM
fbem-9137	4	13	large	large	ADJ
fbem-9137	4	14	-	-	PUNCT
fbem-9137	4	15	scale	scale	NOUN
fbem-9137	4	16	listed	list	VERB
fbem-9137	4	17	bond	bond	NOUN
fbem-9137	4	18	companies	company	NOUN
fbem-9137	4	19	,	,	PUNCT
fbem-9137	4	20	including	include	VERB
fbem-9137	4	21	citic	citic	ADJ
fbem-9137	4	22	securities	security	NOUN
fbem-9137	4	23	and	and	CCONJ
fbem-9137	4	24	gf	gf	NOUN
fbem-9137	4	25	securities	security	NOUN
fbem-9137	4	26	,	,	PUNCT
fbem-9137	4	27	and	and	CCONJ
fbem-9137	4	28	incorporates	incorporate	VERB
fbem-9137	4	29	the	the	DET
fbem-9137	4	30	stock	stock	NOUN
fbem-9137	4	31	,	,	PUNCT
fbem-9137	4	32	currency	currency	NOUN
fbem-9137	4	33	,	,	PUNCT
fbem-9137	4	34	bond	bond	NOUN
fbem-9137	4	35	,	,	PUNCT
fbem-9137	4	36	foreign	foreign	ADJ
fbem-9137	4	37	exchange	exchange	NOUN
fbem-9137	4	38	,	,	PUNCT
fbem-9137	4	39	and	and	CCONJ
fbem-9137	4	40	real	real	ADJ
fbem-9137	4	41	estate	estate	NOUN
fbem-9137	4	42	markets	market	NOUN
fbem-9137	4	43	into	into	ADP
fbem-9137	4	44	the	the	DET
fbem-9137	4	45	covar	covar	NOUN
fbem-9137	4	46	model	model	NOUN
fbem-9137	4	47	to	to	PART
fbem-9137	4	48	analyze	analyze	VERB
fbem-9137	4	49	the	the	DET
fbem-9137	4	50	spillover	spillover	NOUN
fbem-9137	4	51	effects	effect	NOUN
fbem-9137	4	52	and	and	CCONJ
fbem-9137	4	53	transmission	transmission	NOUN
fbem-9137	4	54	channels	channel	NOUN
fbem-9137	4	55	of	of	ADP
fbem-9137	4	56	these	these	DET
fbem-9137	4	57	five	five	NUM
fbem-9137	4	58	markets	market	NOUN
fbem-9137	4	59	on	on	ADP
fbem-9137	4	60	systemic	systemic	ADJ
fbem-9137	4	61	risk	risk	NOUN
fbem-9137	4	62	in	in	ADP
fbem-9137	4	63	the	the	DET
fbem-9137	4	64	securities	security	NOUN
fbem-9137	4	65	industry	industry	NOUN
fbem-9137	4	66	.	.	PUNCT
fbem-9137	5	1	the	the	DET
fbem-9137	5	2	empirical	empirical	ADJ
fbem-9137	5	3	results	result	NOUN
fbem-9137	5	4	indicate	indicate	VERB
fbem-9137	5	5	that	that	SCONJ
fbem-9137	5	6	the	the	DET
fbem-9137	5	7	stock	stock	NOUN
fbem-9137	5	8	market	market	NOUN
fbem-9137	5	9	,	,	PUNCT
fbem-9137	5	10	currency	currency	NOUN
fbem-9137	5	11	market	market	NOUN
fbem-9137	5	12	,	,	PUNCT
fbem-9137	5	13	bond	bond	NOUN
fbem-9137	5	14	market	market	NOUN
fbem-9137	5	15	,	,	PUNCT
fbem-9137	5	16	and	and	CCONJ
fbem-9137	5	17	foreign	foreign	ADJ
fbem-9137	5	18	exchange	exchange	NOUN
fbem-9137	5	19	market	market	NOUN
fbem-9137	5	20	have	have	VERB
fbem-9137	5	21	significant	significant	ADJ
fbem-9137	5	22	negative	negative	ADJ
fbem-9137	5	23	spillover	spillover	NOUN
fbem-9137	5	24	effects	effect	NOUN
fbem-9137	5	25	on	on	ADP
fbem-9137	5	26	systemic	systemic	ADJ
fbem-9137	5	27	risk	risk	NOUN
fbem-9137	5	28	in	in	ADP
fbem-9137	5	29	the	the	DET
fbem-9137	5	30	securities	security	NOUN
fbem-9137	5	31	industry	industry	NOUN
fbem-9137	5	32	,	,	PUNCT
fbem-9137	5	33	while	while	SCONJ
fbem-9137	5	34	the	the	DET
fbem-9137	5	35	real	real	ADJ
fbem-9137	5	36	estate	estate	NOUN
fbem-9137	5	37	market	market	NOUN
fbem-9137	5	38	has	have	VERB
fbem-9137	5	39	a	a	DET
fbem-9137	5	40	positive	positive	ADJ
fbem-9137	5	41	spillover	spillover	NOUN
fbem-9137	5	42	effect	effect	NOUN
fbem-9137	5	43	.	.	PUNCT
fbem-9137	6	1	the	the	DET
fbem-9137	6	2	empirical	empirical	ADJ
fbem-9137	6	3	results	result	NOUN
fbem-9137	6	4	also	also	ADV
fbem-9137	6	5	suggest	suggest	VERB
fbem-9137	6	6	that	that	SCONJ
fbem-9137	6	7	among	among	ADP
fbem-9137	6	8	the	the	DET
fbem-9137	6	9	transmission	transmission	NOUN
fbem-9137	6	10	channels	channel	NOUN
fbem-9137	6	11	of	of	ADP
fbem-9137	6	12	spillover	spillover	NOUN
fbem-9137	6	13	effects	effect	NOUN
fbem-9137	6	14	,	,	PUNCT
fbem-9137	6	15	the	the	DET
fbem-9137	6	16	currency	currency	NOUN
fbem-9137	6	17	market	market	NOUN
fbem-9137	6	18	exhibits	exhibit	VERB
fbem-9137	6	19	the	the	DET
fbem-9137	6	20	strongest	strong	ADJ
fbem-9137	6	21	risk	risk	NOUN
fbem-9137	6	22	volatility	volatility	NOUN
fbem-9137	6	23	,	,	PUNCT
fbem-9137	6	24	individual	individual	ADJ
fbem-9137	6	25	securities	security	NOUN
fbem-9137	6	26	companies	company	NOUN
fbem-9137	6	27	have	have	VERB
fbem-9137	6	28	the	the	DET
fbem-9137	6	29	highest	high	ADJ
fbem-9137	6	30	sensitivity	sensitivity	NOUN
fbem-9137	6	31	to	to	ADP
fbem-9137	6	32	changes	change	NOUN
fbem-9137	6	33	in	in	ADP
fbem-9137	6	34	the	the	DET
fbem-9137	6	35	stock	stock	NOUN
fbem-9137	6	36	market	market	NOUN
fbem-9137	6	37	risk	risk	NOUN
fbem-9137	6	38	,	,	PUNCT
fbem-9137	6	39	and	and	CCONJ
fbem-9137	6	40	compared	compare	VERB
fbem-9137	6	41	to	to	ADP
fbem-9137	6	42	the	the	DET
fbem-9137	6	43	real	real	ADJ
fbem-9137	6	44	estate	estate	NOUN
fbem-9137	6	45	market	market	NOUN
fbem-9137	6	46	,	,	PUNCT
fbem-9137	6	47	the	the	DET
fbem-9137	6	48	rich	rich	ADJ
fbem-9137	6	49	information	information	NOUN
fbem-9137	6	50	content	content	NOUN
fbem-9137	6	51	of	of	ADP
fbem-9137	6	52	the	the	DET
fbem-9137	6	53	four	four	NUM
fbem-9137	6	54	financial	financial	ADJ
fbem-9137	6	55	sub	sub	NOUN
fbem-9137	6	56	-	-	NOUN
fbem-9137	6	57	markets	market	NOUN
fbem-9137	6	58	has	have	VERB
fbem-9137	6	59	a	a	DET
fbem-9137	6	60	greater	great	ADJ
fbem-9137	6	61	impact	impact	NOUN
fbem-9137	6	62	on	on	ADP
fbem-9137	6	63	the	the	DET
fbem-9137	6	64	spillover	spillover	NOUN
fbem-9137	6	65	effects	effect	NOUN
fbem-9137	6	66	of	of	ADP
fbem-9137	6	67	systemic	systemic	ADJ
fbem-9137	6	68	risk	risk	NOUN
fbem-9137	6	69	in	in	ADP
fbem-9137	6	70	the	the	DET
fbem-9137	6	71	securities	security	NOUN
fbem-9137	6	72	industry	industry	NOUN
fbem-9137	6	73	.	.	PUNCT
fbem-9137	7	1	keywords	keyword	NOUN
fbem-9137	7	2	:	:	PUNCT
fbem-9137	7	3	financial	financial	ADJ
fbem-9137	7	4	markets	market	NOUN
fbem-9137	7	5	,	,	PUNCT
fbem-9137	7	6	systemic	systemic	ADJ
fbem-9137	7	7	risk	risk	NOUN
fbem-9137	7	8	of	of	ADP
fbem-9137	7	9	securities	security	NOUN
fbem-9137	7	10	industry	industry	NOUN
fbem-9137	7	11	,	,	PUNCT
fbem-9137	7	12	spillover	spillover	VERB
fbem-9137	7	13	effect	effect	NOUN
fbem-9137	7	14	,	,	PUNCT
fbem-9137	7	15	△	△	X
fbem-9137	7	16	covar	covar	NOUN
fbem-9137	7	17	model	model	NOUN
fbem-9137	7	18	.	.	PUNCT
fbem-9137	8	1	1	1	X
fbem-9137	8	2	.	.	X
fbem-9137	8	3	introduction	introduction	NOUN
fbem-9137	8	4	since	since	SCONJ
fbem-9137	8	5	the	the	DET
fbem-9137	8	6	outbreak	outbreak	NOUN
fbem-9137	8	7	of	of	ADP
fbem-9137	8	8	the	the	DET
fbem-9137	8	9	covid-19	covid-19	PROPN
fbem-9137	8	10	pandemic	pandemic	NOUN
fbem-9137	8	11	in	in	ADP
fbem-9137	8	12	early	early	ADJ
fbem-9137	8	13	2020	2020	NUM
fbem-9137	8	14	,	,	PUNCT
fbem-9137	8	15	china	china	PROPN
fbem-9137	8	16	has	have	AUX
fbem-9137	8	17	vigorously	vigorously	ADV
fbem-9137	8	18	pursued	pursue	VERB
fbem-9137	8	19	a	a	DET
fbem-9137	8	20	dual	dual	ADJ
fbem-9137	8	21	circulation	circulation	NOUN
fbem-9137	8	22	development	development	NOUN
fbem-9137	8	23	strategy	strategy	NOUN
fbem-9137	8	24	,	,	PUNCT
fbem-9137	8	25	focusing	focus	VERB
fbem-9137	8	26	on	on	ADP
fbem-9137	8	27	both	both	CCONJ
fbem-9137	8	28	domestic	domestic	ADJ
fbem-9137	8	29	and	and	CCONJ
fbem-9137	8	30	international	international	ADJ
fbem-9137	8	31	markets	market	NOUN
fbem-9137	8	32	.	.	PUNCT
fbem-9137	9	1	the	the	DET
fbem-9137	9	2	chinese	chinese	ADJ
fbem-9137	9	3	capital	capital	NOUN
fbem-9137	9	4	market	market	NOUN
fbem-9137	9	5	has	have	AUX
fbem-9137	9	6	also	also	ADV
fbem-9137	9	7	accelerated	accelerate	VERB
fbem-9137	9	8	its	its	PRON
fbem-9137	9	9	process	process	NOUN
fbem-9137	9	10	of	of	ADP
fbem-9137	9	11	opening	opening	NOUN
fbem-9137	9	12	up	up	ADP
fbem-9137	9	13	to	to	ADP
fbem-9137	9	14	the	the	DET
fbem-9137	9	15	outside	outside	ADJ
fbem-9137	9	16	world	world	NOUN
fbem-9137	9	17	and	and	CCONJ
fbem-9137	9	18	undergoing	undergo	VERB
fbem-9137	9	19	internal	internal	ADJ
fbem-9137	9	20	reforms	reform	NOUN
fbem-9137	9	21	.	.	PUNCT
fbem-9137	10	1	externally	externally	ADV
fbem-9137	10	2	,	,	PUNCT
fbem-9137	10	3	the	the	DET
fbem-9137	10	4	securities	security	NOUN
fbem-9137	10	5	industry	industry	NOUN
fbem-9137	10	6	has	have	AUX
fbem-9137	10	7	lifted	lift	VERB
fbem-9137	10	8	capital	capital	NOUN
fbem-9137	10	9	restrictions	restriction	NOUN
fbem-9137	10	10	,	,	PUNCT
fbem-9137	10	11	abolished	abolish	VERB
fbem-9137	10	12	limits	limit	NOUN
fbem-9137	10	13	on	on	ADP
fbem-9137	10	14	foreign	foreign	ADJ
fbem-9137	10	15	ownership	ownership	NOUN
fbem-9137	10	16	ratios	ratio	NOUN
fbem-9137	10	17	,	,	PUNCT
fbem-9137	10	18	and	and	CCONJ
fbem-9137	10	19	granted	grant	VERB
fbem-9137	10	20	national	national	ADJ
fbem-9137	10	21	treatment	treatment	NOUN
fbem-9137	10	22	to	to	ADP
fbem-9137	10	23	foreign	foreign	ADJ
fbem-9137	10	24	investors	investor	NOUN
fbem-9137	10	25	.	.	PUNCT
fbem-9137	11	1	internally	internally	ADV
fbem-9137	11	2	,	,	PUNCT
fbem-9137	11	3	the	the	DET
fbem-9137	11	4	registration	registration	NOUN
fbem-9137	11	5	-	-	PUNCT
fbem-9137	11	6	based	base	VERB
fbem-9137	11	7	ipo	ipo	NOUN
fbem-9137	11	8	system	system	NOUN
fbem-9137	11	9	reform	reform	NOUN
fbem-9137	11	10	for	for	ADP
fbem-9137	11	11	the	the	DET
fbem-9137	11	12	growth	growth	NOUN
fbem-9137	11	13	enterprise	enterprise	NOUN
fbem-9137	11	14	market	market	NOUN
fbem-9137	11	15	has	have	AUX
fbem-9137	11	16	been	be	AUX
fbem-9137	11	17	formally	formally	ADV
fbem-9137	11	18	implemented	implement	VERB
fbem-9137	11	19	,	,	PUNCT
fbem-9137	11	20	actively	actively	ADV
fbem-9137	11	21	guiding	guide	VERB
fbem-9137	11	22	capital	capital	NOUN
fbem-9137	11	23	flow	flow	NOUN
fbem-9137	11	24	towards	towards	ADP
fbem-9137	11	25	the	the	DET
fbem-9137	11	26	real	real	ADJ
fbem-9137	11	27	economy	economy	NOUN
fbem-9137	11	28	.	.	PUNCT
fbem-9137	12	1	the	the	DET
fbem-9137	12	2	bold	bold	ADJ
fbem-9137	12	3	reforms	reform	NOUN
fbem-9137	12	4	in	in	ADP
fbem-9137	12	5	china	china	PROPN
fbem-9137	12	6	's	's	PART
fbem-9137	12	7	capital	capital	NOUN
fbem-9137	12	8	market	market	NOUN
fbem-9137	12	9	have	have	AUX
fbem-9137	12	10	,	,	PUNCT
fbem-9137	12	11	on	on	ADP
fbem-9137	12	12	one	one	NUM
fbem-9137	12	13	hand	hand	NOUN
fbem-9137	12	14	,	,	PUNCT
fbem-9137	12	15	accelerated	accelerate	VERB
fbem-9137	12	16	capital	capital	NOUN
fbem-9137	12	17	mobility	mobility	NOUN
fbem-9137	12	18	and	and	CCONJ
fbem-9137	12	19	improved	improve	VERB
fbem-9137	12	20	resource	resource	NOUN
fbem-9137	12	21	utilization	utilization	NOUN
fbem-9137	12	22	efficiency	efficiency	NOUN
fbem-9137	12	23	.	.	PUNCT
fbem-9137	13	1	on	on	ADP
fbem-9137	13	2	the	the	DET
fbem-9137	13	3	other	other	ADJ
fbem-9137	13	4	hand	hand	NOUN
fbem-9137	13	5	,	,	PUNCT
fbem-9137	13	6	they	they	PRON
fbem-9137	13	7	have	have	AUX
fbem-9137	13	8	intensified	intensify	VERB
fbem-9137	13	9	competition	competition	NOUN
fbem-9137	13	10	among	among	ADP
fbem-9137	13	11	domestic	domestic	ADJ
fbem-9137	13	12	financial	financial	ADJ
fbem-9137	13	13	institutions	institution	NOUN
fbem-9137	13	14	and	and	CCONJ
fbem-9137	13	15	increased	increase	VERB
fbem-9137	13	16	risks	risk	NOUN
fbem-9137	13	17	associated	associate	VERB
fbem-9137	13	18	with	with	ADP
fbem-9137	13	19	the	the	DET
fbem-9137	13	20	reforms	reform	NOUN
fbem-9137	13	21	.	.	PUNCT
fbem-9137	14	1	factors	factor	NOUN
fbem-9137	14	2	such	such	ADJ
fbem-9137	14	3	as	as	ADP
fbem-9137	14	4	cross	cross	ADJ
fbem-9137	14	5	-	-	ADJ
fbem-9137	14	6	border	border	ADJ
fbem-9137	14	7	loans	loan	NOUN
fbem-9137	14	8	,	,	PUNCT
fbem-9137	14	9	investment	investment	NOUN
fbem-9137	14	10	networks	network	NOUN
fbem-9137	14	11	,	,	PUNCT
fbem-9137	14	12	trade	trade	NOUN
fbem-9137	14	13	relationships	relationship	NOUN
fbem-9137	14	14	,	,	PUNCT
fbem-9137	14	15	and	and	CCONJ
fbem-9137	14	16	supply	supply	NOUN
fbem-9137	14	17	chains	chain	NOUN
fbem-9137	14	18	have	have	AUX
fbem-9137	14	19	led	lead	VERB
fbem-9137	14	20	to	to	ADP
fbem-9137	14	21	increasing	increase	VERB
fbem-9137	14	22	interdependence	interdependence	NOUN
fbem-9137	14	23	within	within	ADP
fbem-9137	14	24	the	the	DET
fbem-9137	14	25	existing	exist	VERB
fbem-9137	14	26	economic	economic	ADJ
fbem-9137	14	27	system	system	NOUN
fbem-9137	14	28	.	.	PUNCT
fbem-9137	15	1	financial	financial	ADJ
fbem-9137	15	2	institutions	institution	NOUN
fbem-9137	15	3	such	such	ADJ
fbem-9137	15	4	as	as	ADP
fbem-9137	15	5	banks	bank	NOUN
fbem-9137	15	6	,	,	PUNCT
fbem-9137	15	7	securities	security	NOUN
fbem-9137	15	8	firms	firm	NOUN
fbem-9137	15	9	,	,	PUNCT
fbem-9137	15	10	trust	trust	NOUN
fbem-9137	15	11	companies	company	NOUN
fbem-9137	15	12	,	,	PUNCT
fbem-9137	15	13	and	and	CCONJ
fbem-9137	15	14	insurance	insurance	NOUN
fbem-9137	15	15	companies	company	NOUN
fbem-9137	15	16	have	have	AUX
fbem-9137	15	17	increasingly	increasingly	ADV
fbem-9137	15	18	intertwined	intertwine	VERB
fbem-9137	15	19	their	their	PRON
fbem-9137	15	20	operations	operation	NOUN
fbem-9137	15	21	,	,	PUNCT
fbem-9137	15	22	leading	lead	VERB
fbem-9137	15	23	to	to	ADP
fbem-9137	15	24	a	a	DET
fbem-9137	15	25	more	more	ADV
fbem-9137	15	26	evident	evident	ADJ
fbem-9137	15	27	network	network	NOUN
fbem-9137	15	28	structure	structure	NOUN
fbem-9137	15	29	within	within	ADP
fbem-9137	15	30	the	the	DET
fbem-9137	15	31	entire	entire	ADJ
fbem-9137	15	32	financial	financial	ADJ
fbem-9137	15	33	system	system	NOUN
fbem-9137	15	34	.	.	PUNCT
fbem-9137	16	1	the	the	DET
fbem-9137	16	2	distress	distress	NOUN
fbem-9137	16	3	of	of	ADP
fbem-9137	16	4	a	a	DET
fbem-9137	16	5	particular	particular	ADJ
fbem-9137	16	6	institution	institution	NOUN
fbem-9137	16	7	or	or	CCONJ
fbem-9137	16	8	market	market	NOUN
fbem-9137	16	9	may	may	AUX
fbem-9137	16	10	evolve	evolve	VERB
fbem-9137	16	11	into	into	ADP
fbem-9137	16	12	a	a	DET
fbem-9137	16	13	regional	regional	ADJ
fbem-9137	16	14	or	or	CCONJ
fbem-9137	16	15	global	global	ADJ
fbem-9137	16	16	financial	financial	ADJ
fbem-9137	16	17	crisis	crisis	NOUN
fbem-9137	16	18	,	,	PUNCT
fbem-9137	16	19	characterized	characterize	VERB
fbem-9137	16	20	by	by	ADP
fbem-9137	16	21	strong	strong	ADJ
fbem-9137	16	22	contagion	contagion	NOUN
fbem-9137	16	23	and	and	CCONJ
fbem-9137	16	24	destructiveness	destructiveness	NOUN
fbem-9137	16	25	,	,	PUNCT
fbem-9137	16	26	as	as	SCONJ
fbem-9137	16	27	exemplified	exemplify	VERB
fbem-9137	16	28	by	by	ADP
fbem-9137	16	29	the	the	DET
fbem-9137	16	30	collapse	collapse	NOUN
fbem-9137	16	31	of	of	ADP
fbem-9137	16	32	lehman	lehman	NOUN
fbem-9137	16	33	brothers	brother	NOUN
fbem-9137	16	34	marking	mark	VERB
fbem-9137	16	35	the	the	DET
fbem-9137	16	36	onset	onset	NOUN
fbem-9137	16	37	of	of	ADP
fbem-9137	16	38	the	the	DET
fbem-9137	16	39	global	global	ADJ
fbem-9137	16	40	financial	financial	ADJ
fbem-9137	16	41	crisis	crisis	NOUN
fbem-9137	16	42	.	.	PUNCT
fbem-9137	17	1	the	the	DET
fbem-9137	17	2	prevalence	prevalence	NOUN
fbem-9137	17	3	and	and	CCONJ
fbem-9137	17	4	high	high	ADJ
fbem-9137	17	5	destructive	destructive	ADJ
fbem-9137	17	6	nature	nature	NOUN
fbem-9137	17	7	of	of	ADP
fbem-9137	17	8	systemic	systemic	ADJ
fbem-9137	17	9	risk	risk	NOUN
fbem-9137	17	10	have	have	AUX
fbem-9137	17	11	made	make	VERB
fbem-9137	17	12	it	it	PRON
fbem-9137	17	13	a	a	DET
fbem-9137	17	14	focal	focal	ADJ
fbem-9137	17	15	point	point	NOUN
fbem-9137	17	16	of	of	ADP
fbem-9137	17	17	attention	attention	NOUN
fbem-9137	17	18	for	for	ADP
fbem-9137	17	19	global	global	ADJ
fbem-9137	17	20	financial	financial	ADJ
fbem-9137	17	21	regulatory	regulatory	ADJ
fbem-9137	17	22	institutions	institution	NOUN
fbem-9137	17	23	,	,	PUNCT
fbem-9137	17	24	scholars	scholar	NOUN
fbem-9137	17	25	,	,	PUNCT
fbem-9137	17	26	and	and	CCONJ
fbem-9137	17	27	practitioners	practitioner	NOUN
fbem-9137	17	28	.	.	PUNCT
fbem-9137	18	1	due	due	ADP
fbem-9137	18	2	to	to	ADP
fbem-9137	18	3	the	the	DET
fbem-9137	18	4	diversity	diversity	NOUN
fbem-9137	18	5	,	,	PUNCT
fbem-9137	18	6	uncertainty	uncertainty	NOUN
fbem-9137	18	7	,	,	PUNCT
fbem-9137	18	8	and	and	CCONJ
fbem-9137	18	9	interrelatedness	interrelatedness	NOUN
fbem-9137	18	10	of	of	ADP
fbem-9137	18	11	risk	risk	NOUN
fbem-9137	18	12	sources	source	NOUN
fbem-9137	18	13	,	,	PUNCT
fbem-9137	18	14	systemic	systemic	ADJ
fbem-9137	18	15	financial	financial	ADJ
fbem-9137	18	16	risk	risk	NOUN
fbem-9137	18	17	has	have	AUX
fbem-9137	18	18	become	become	VERB
fbem-9137	18	19	a	a	DET
fbem-9137	18	20	complex	complex	ADJ
fbem-9137	18	21	phenomenon	phenomenon	NOUN
fbem-9137	18	22	,	,	PUNCT
fbem-9137	18	23	posing	pose	VERB
fbem-9137	18	24	significant	significant	ADJ
fbem-9137	18	25	challenges	challenge	NOUN
fbem-9137	18	26	for	for	ADP
fbem-9137	18	27	prevention	prevention	NOUN
fbem-9137	18	28	.	.	PUNCT
fbem-9137	19	1	as	as	SCONJ
fbem-9137	19	2	the	the	DET
fbem-9137	19	3	securities	security	NOUN
fbem-9137	19	4	industry	industry	NOUN
fbem-9137	19	5	is	be	AUX
fbem-9137	19	6	a	a	DET
fbem-9137	19	7	key	key	ADJ
fbem-9137	19	8	component	component	NOUN
fbem-9137	19	9	of	of	ADP
fbem-9137	19	10	china	china	PROPN
fbem-9137	19	11	's	's	PART
fbem-9137	19	12	financial	financial	ADJ
fbem-9137	19	13	market	market	NOUN
fbem-9137	19	14	and	and	CCONJ
fbem-9137	19	15	its	its	PRON
fbem-9137	19	16	interconnectedness	interconnectedness	NOUN
fbem-9137	19	17	with	with	ADP
fbem-9137	19	18	other	other	ADJ
fbem-9137	19	19	financial	financial	ADJ
fbem-9137	19	20	sectors	sector	NOUN
fbem-9137	19	21	continues	continue	VERB
fbem-9137	19	22	to	to	PART
fbem-9137	19	23	strengthen	strengthen	VERB
fbem-9137	19	24	,	,	PUNCT
fbem-9137	19	25	the	the	DET
fbem-9137	19	26	risks	risk	NOUN
fbem-9137	19	27	it	it	PRON
fbem-9137	19	28	faces	face	VERB
fbem-9137	19	29	are	be	AUX
fbem-9137	19	30	growing	grow	VERB
fbem-9137	19	31	.	.	PUNCT
fbem-9137	20	1	therefore	therefore	ADV
fbem-9137	20	2	,	,	PUNCT
fbem-9137	20	3	conducting	conduct	VERB
fbem-9137	20	4	research	research	NOUN
fbem-9137	20	5	on	on	ADP
fbem-9137	20	6	the	the	DET
fbem-9137	20	7	systemic	systemic	ADJ
fbem-9137	20	8	risk	risk	NOUN
fbem-9137	20	9	faced	face	VERB
fbem-9137	20	10	by	by	ADP
fbem-9137	20	11	china	china	PROPN
fbem-9137	20	12	's	's	PART
fbem-9137	20	13	securities	security	NOUN
fbem-9137	20	14	industry	industry	NOUN
fbem-9137	20	15	can	can	AUX
fbem-9137	20	16	contribute	contribute	VERB
fbem-9137	20	17	to	to	ADP
fbem-9137	20	18	better	well	ADV
fbem-9137	20	19	preventing	prevent	VERB
fbem-9137	20	20	systemic	systemic	ADJ
fbem-9137	20	21	risks	risk	NOUN
fbem-9137	20	22	in	in	ADP
fbem-9137	20	23	the	the	DET
fbem-9137	20	24	chinese	chinese	ADJ
fbem-9137	20	25	financial	financial	ADJ
fbem-9137	20	26	system	system	NOUN
fbem-9137	20	27	.	.	PUNCT
fbem-9137	21	1	2	2	X
fbem-9137	21	2	.	.	X
fbem-9137	21	3	related	relate	VERB
fbem-9137	21	4	work	work	NOUN
fbem-9137	21	5	in	in	ADP
fbem-9137	21	6	domestic	domestic	ADJ
fbem-9137	21	7	and	and	CCONJ
fbem-9137	21	8	international	international	ADJ
fbem-9137	21	9	research	research	NOUN
fbem-9137	21	10	on	on	ADP
fbem-9137	21	11	systemic	systemic	ADJ
fbem-9137	21	12	risk	risk	NOUN
fbem-9137	21	13	in	in	ADP
fbem-9137	21	14	the	the	DET
fbem-9137	21	15	financial	financial	ADJ
fbem-9137	21	16	system	system	NOUN
fbem-9137	21	17	,	,	PUNCT
fbem-9137	21	18	it	it	PRON
fbem-9137	21	19	can	can	AUX
fbem-9137	21	20	be	be	AUX
fbem-9137	21	21	classified	classify	VERB
fbem-9137	21	22	into	into	ADP
fbem-9137	21	23	the	the	DET
fbem-9137	21	24	following	follow	VERB
fbem-9137	21	25	categories	category	NOUN
fbem-9137	21	26	:	:	PUNCT
fbem-9137	21	27	(	(	PUNCT
fbem-9137	21	28	1	1	X
fbem-9137	21	29	)	)	PUNCT
fbem-9137	21	30	research	research	NOUN
fbem-9137	21	31	on	on	ADP
fbem-9137	21	32	the	the	DET
fbem-9137	21	33	meaning	meaning	NOUN
fbem-9137	21	34	of	of	ADP
fbem-9137	21	35	systemic	systemic	ADJ
fbem-9137	21	36	financial	financial	ADJ
fbem-9137	21	37	risk	risk	NOUN
fbem-9137	21	38	.	.	PUNCT
fbem-9137	22	1	after	after	ADP
fbem-9137	22	2	the	the	DET
fbem-9137	22	3	global	global	ADJ
fbem-9137	22	4	financial	financial	ADJ
fbem-9137	22	5	crisis	crisis	NOUN
fbem-9137	22	6	triggered	trigger	VERB
fbem-9137	22	7	by	by	ADP
fbem-9137	22	8	the	the	DET
fbem-9137	22	9	2008	2008	NUM
fbem-9137	22	10	u.s	u.s	PROPN
fbem-9137	22	11	.	.	PROPN
fbem-9137	22	12	subprime	subprime	ADJ
fbem-9137	22	13	mortgage	mortgage	NOUN
fbem-9137	22	14	crisis	crisis	NOUN
fbem-9137	22	15	,	,	PUNCT
fbem-9137	22	16	scholars	scholar	NOUN
fbem-9137	22	17	have	have	AUX
fbem-9137	22	18	delved	delve	VERB
fbem-9137	22	19	deeper	deeply	ADV
fbem-9137	22	20	into	into	ADP
fbem-9137	22	21	the	the	DET
fbem-9137	22	22	study	study	NOUN
fbem-9137	22	23	of	of	ADP
fbem-9137	22	24	systemic	systemic	ADJ
fbem-9137	22	25	financial	financial	ADJ
fbem-9137	22	26	risk	risk	NOUN
fbem-9137	22	27	.	.	PUNCT
fbem-9137	23	1	billio	billio	NOUN
fbem-9137	23	2	et	et	PROPN
fbem-9137	23	3	al	al	PROPN
fbem-9137	23	4	.	.	PROPN
fbem-9137	24	1	(	(	PUNCT
fbem-9137	24	2	2012	2012	NUM
fbem-9137	24	3	)	)	PUNCT
fbem-9137	24	4	argue	argue	VERB
fbem-9137	24	5	that	that	SCONJ
fbem-9137	24	6	the	the	DET
fbem-9137	24	7	interconnectivity	interconnectivity	NOUN
fbem-9137	24	8	between	between	ADP
fbem-9137	24	9	financial	financial	ADJ
fbem-9137	24	10	institutions	institution	NOUN
fbem-9137	24	11	leads	lead	VERB
fbem-9137	24	12	to	to	ADP
fbem-9137	24	13	the	the	DET
fbem-9137	24	14	easy	easy	ADJ
fbem-9137	24	15	transmission	transmission	NOUN
fbem-9137	24	16	of	of	ADP
fbem-9137	24	17	losses	loss	NOUN
fbem-9137	24	18	and	and	CCONJ
fbem-9137	24	19	risks	risk	NOUN
fbem-9137	24	20	,	,	PUNCT
fbem-9137	24	21	giving	give	VERB
fbem-9137	24	22	rise	rise	NOUN
fbem-9137	24	23	to	to	ADP
fbem-9137	24	24	systemic	systemic	ADJ
fbem-9137	24	25	risk	risk	NOUN
fbem-9137	24	26	.	.	PUNCT
fbem-9137	25	1	zhu	zhu	PROPN
fbem-9137	25	2	yuanqian	yuanqian	PROPN
fbem-9137	25	3	and	and	CCONJ
fbem-9137	25	4	miao	miao	PROPN
fbem-9137	25	5	yufeng	yufeng	PROPN
fbem-9137	25	6	(	(	PUNCT
fbem-9137	25	7	2012	2012	NUM
fbem-9137	25	8	)	)	PUNCT
fbem-9137	25	9	believe	believe	VERB
fbem-9137	25	10	that	that	SCONJ
fbem-9137	25	11	the	the	DET
fbem-9137	25	12	outbreak	outbreak	NOUN
fbem-9137	25	13	of	of	ADP
fbem-9137	25	14	this	this	DET
fbem-9137	25	15	financial	financial	ADJ
fbem-9137	25	16	crisis	crisis	NOUN
fbem-9137	25	17	has	have	AUX
fbem-9137	25	18	provided	provide	VERB
fbem-9137	25	19	a	a	DET
fbem-9137	25	20	clearer	clear	ADJ
fbem-9137	25	21	definition	definition	NOUN
fbem-9137	25	22	and	and	CCONJ
fbem-9137	25	23	a	a	DET
fbem-9137	25	24	fresh	fresh	ADJ
fbem-9137	25	25	perspective	perspective	NOUN
fbem-9137	25	26	on	on	ADP
fbem-9137	25	27	systemic	systemic	ADJ
fbem-9137	25	28	risk	risk	NOUN
fbem-9137	25	29	.	.	PUNCT
fbem-9137	26	1	in	in	ADP
fbem-9137	26	2	addition	addition	NOUN
fbem-9137	26	3	to	to	ADP
fbem-9137	26	4	the	the	DET
fbem-9137	26	5	impact	impact	NOUN
fbem-9137	26	6	on	on	ADP
fbem-9137	26	7	the	the	DET
fbem-9137	26	8	financial	financial	ADJ
fbem-9137	26	9	system	system	NOUN
fbem-9137	26	10	,	,	PUNCT
fbem-9137	26	11	the	the	DET
fbem-9137	26	12	international	international	ADJ
fbem-9137	26	13	community	community	NOUN
fbem-9137	26	14	also	also	ADV
fbem-9137	26	15	emphasizes	emphasize	VERB
fbem-9137	26	16	the	the	DET
fbem-9137	26	17	impact	impact	NOUN
fbem-9137	26	18	of	of	ADP
fbem-9137	26	19	systemic	systemic	ADJ
fbem-9137	26	20	risk	risk	NOUN
fbem-9137	26	21	on	on	ADP
fbem-9137	26	22	the	the	DET
fbem-9137	26	23	real	real	ADJ
fbem-9137	26	24	economy	economy	NOUN
fbem-9137	26	25	.	.	PUNCT
fbem-9137	27	1	adrian	adrian	PROPN
fbem-9137	27	2	and	and	CCONJ
fbem-9137	27	3	brunnermeier	brunnermei	ADJ
fbem-9137	27	4	(	(	PUNCT
fbem-9137	27	5	2016	2016	NUM
fbem-9137	27	6	)	)	PUNCT
fbem-9137	27	7	suggest	suggest	VERB
fbem-9137	27	8	that	that	SCONJ
fbem-9137	27	9	systemic	systemic	ADJ
fbem-9137	27	10	risk	risk	NOUN
fbem-9137	27	11	is	be	AUX
fbem-9137	27	12	the	the	DET
fbem-9137	27	13	possibility	possibility	NOUN
fbem-9137	27	14	of	of	ADP
fbem-9137	27	15	a	a	DET
fbem-9137	27	16	widespread	widespread	ADJ
fbem-9137	27	17	collapse	collapse	NOUN
fbem-9137	27	18	of	of	ADP
fbem-9137	27	19	the	the	DET
fbem-9137	27	20	financial	financial	ADJ
fbem-9137	27	21	system	system	NOUN
fbem-9137	27	22	triggered	trigger	VERB
fbem-9137	27	23	by	by	ADP
fbem-9137	27	24	systemic	systemic	ADJ
fbem-9137	27	25	events	event	NOUN
fbem-9137	27	26	,	,	PUNCT
fbem-9137	27	27	and	and	CCONJ
fbem-9137	27	28	it	it	PRON
fbem-9137	27	29	exerts	exert	VERB
fbem-9137	27	30	strong	strong	ADJ
fbem-9137	27	31	negative	negative	ADJ
fbem-9137	27	32	externalities	externality	NOUN
fbem-9137	27	33	on	on	ADP
fbem-9137	27	34	both	both	DET
fbem-9137	27	35	financial	financial	ADJ
fbem-9137	27	36	markets	market	NOUN
fbem-9137	27	37	and	and	CCONJ
fbem-9137	27	38	the	the	DET
fbem-9137	27	39	real	real	ADJ
fbem-9137	27	40	economy	economy	NOUN
fbem-9137	27	41	.	.	PUNCT
fbem-9137	28	1	(	(	PUNCT
fbem-9137	28	2	2	2	X
fbem-9137	28	3	)	)	PUNCT
fbem-9137	28	4	research	research	NOUN
fbem-9137	28	5	on	on	ADP
fbem-9137	28	6	systemic	systemic	ADJ
fbem-9137	28	7	risk	risk	NOUN
fbem-9137	28	8	in	in	ADP
fbem-9137	28	9	china	china	PROPN
fbem-9137	28	10	's	's	PART
fbem-9137	28	11	securities	security	NOUN
fbem-9137	28	12	industry	industry	NOUN
fbem-9137	28	13	currently	currently	ADV
fbem-9137	28	14	,	,	PUNCT
fbem-9137	28	15	some	some	DET
fbem-9137	28	16	scholars	scholar	NOUN
fbem-9137	28	17	in	in	ADP
fbem-9137	28	18	china	china	PROPN
fbem-9137	28	19	have	have	AUX
fbem-9137	28	20	conducted	conduct	VERB
fbem-9137	28	21	research	research	NOUN
fbem-9137	28	22	on	on	ADP
fbem-9137	28	23	systemic	systemic	ADJ
fbem-9137	28	24	risk	risk	NOUN
fbem-9137	28	25	in	in	ADP
fbem-9137	28	26	the	the	DET
fbem-9137	28	27	securities	security	NOUN
fbem-9137	28	28	industry	industry	NOUN
fbem-9137	28	29	,	,	PUNCT
fbem-9137	28	30	with	with	ADP
fbem-9137	28	31	the	the	DET
fbem-9137	28	32	covar	covar	NOUN
fbem-9137	28	33	model	model	NOUN
fbem-9137	28	34	being	be	AUX
fbem-9137	28	35	the	the	DET
fbem-9137	28	36	main	main	ADJ
fbem-9137	28	37	measurement	measurement	NOUN
fbem-9137	28	38	method	method	NOUN
fbem-9137	28	39	.	.	PUNCT
fbem-9137	29	1	cao	cao	PROPN
fbem-9137	29	2	yuanfang	yuanfang	PROPN
fbem-9137	29	3	and	and	CCONJ
fbem-9137	29	4	cai	cai	PROPN
fbem-9137	29	5	zexiang	zexiang	PROPN
fbem-9137	29	6	(	(	PUNCT
fbem-9137	29	7	2015	2015	NUM
fbem-9137	29	8	)	)	PUNCT
fbem-9137	29	9	used	use	VERB
fbem-9137	29	10	a	a	DET
fbem-9137	29	11	time	time	NOUN
fbem-9137	29	12	-	-	PUNCT
fbem-9137	29	13	varying	vary	VERB
fbem-9137	29	14	covar	covar	NOUN
fbem-9137	29	15	model	model	NOUN
fbem-9137	29	16	to	to	PART
fbem-9137	29	17	measure	measure	VERB
fbem-9137	29	18	the	the	DET
fbem-9137	29	19	systemic	systemic	ADJ
fbem-9137	29	20	risk	risk	NOUN
fbem-9137	29	21	of	of	ADP
fbem-9137	29	22	both	both	CCONJ
fbem-9137	29	23	the	the	DET
fbem-9137	29	24	securities	security	NOUN
fbem-9137	29	25	industry	industry	NOUN
fbem-9137	29	26	and	and	CCONJ
fbem-9137	29	27	the	the	DET
fbem-9137	29	28	banking	banking	NOUN
fbem-9137	29	29	industry	industry	NOUN
fbem-9137	29	30	,	,	PUNCT
fbem-9137	29	31	and	and	CCONJ
fbem-9137	29	32	found	find	VERB
fbem-9137	29	33	that	that	SCONJ
fbem-9137	29	34	the	the	DET
fbem-9137	29	35	systemic	systemic	ADJ
fbem-9137	29	36	risk	risk	NOUN
fbem-9137	29	37	in	in	ADP
fbem-9137	29	38	the	the	DET
fbem-9137	29	39	securities	security	NOUN
fbem-9137	29	40	industry	industry	NOUN
fbem-9137	29	41	was	be	AUX
fbem-9137	29	42	lower	low	ADJ
fbem-9137	29	43	than	than	ADP
fbem-9137	29	44	that	that	PRON
fbem-9137	29	45	in	in	ADP
fbem-9137	29	46	the	the	DET
fbem-9137	29	47	banking	banking	NOUN
fbem-9137	29	48	industry	industry	NOUN
fbem-9137	29	49	.	.	PUNCT
fbem-9137	30	1	she	she	PRON
fbem-9137	30	2	xiaohe	xiaohe	VERB
fbem-9137	30	3	et	et	PROPN
fbem-9137	31	1	al	al	PROPN
fbem-9137	31	2	.	.	PROPN
fbem-9137	32	1	(	(	PUNCT
fbem-9137	32	2	2019	2019	NUM
fbem-9137	32	3	)	)	PUNCT
fbem-9137	32	4	measured	measure	VERB
fbem-9137	32	5	systemic	systemic	ADJ
fbem-9137	32	6	risk	risk	NOUN
fbem-9137	32	7	in	in	ADP
fbem-9137	32	8	the	the	DET
fbem-9137	32	9	113	113	NUM
fbem-9137	32	10	securities	security	NOUN
fbem-9137	32	11	industry	industry	NOUN
fbem-9137	32	12	from	from	ADP
fbem-9137	32	13	a	a	DET
fbem-9137	32	14	tail	tail	NOUN
fbem-9137	32	15	dependence	dependence	NOUN
fbem-9137	32	16	perspective	perspective	NOUN
fbem-9137	32	17	by	by	ADP
fbem-9137	32	18	establishing	establish	VERB
fbem-9137	32	19	various	various	ADJ
fbem-9137	32	20	types	type	NOUN
fbem-9137	32	21	of	of	ADP
fbem-9137	32	22	copula	copula	NOUN
fbem-9137	32	23	models	model	NOUN
fbem-9137	32	24	.	.	PUNCT
fbem-9137	33	1	in	in	ADP
fbem-9137	33	2	terms	term	NOUN
fbem-9137	33	3	of	of	ADP
fbem-9137	33	4	risk	risk	NOUN
fbem-9137	33	5	spillover	spillover	NOUN
fbem-9137	33	6	between	between	ADP
fbem-9137	33	7	the	the	DET
fbem-9137	33	8	securities	security	NOUN
fbem-9137	33	9	industry	industry	NOUN
fbem-9137	33	10	and	and	CCONJ
fbem-9137	33	11	other	other	ADJ
fbem-9137	33	12	related	related	ADJ
fbem-9137	33	13	industries	industry	NOUN
fbem-9137	33	14	,	,	PUNCT
fbem-9137	33	15	shen	shen	NOUN
fbem-9137	33	16	yue	yue	PROPN
fbem-9137	33	17	et	et	PROPN
fbem-9137	33	18	al	al	PROPN
fbem-9137	33	19	.	.	PROPN
fbem-9137	34	1	(	(	PUNCT
fbem-9137	34	2	2014	2014	NUM
fbem-9137	34	3	)	)	PUNCT
fbem-9137	34	4	constructed	construct	VERB
fbem-9137	34	5	an	an	DET
fbem-9137	34	6	extended	extended	ADJ
fbem-9137	34	7	garch	garch	NOUN
fbem-9137	34	8	-	-	PUNCT
fbem-9137	34	9	copula	copula	NOUN
fbem-9137	34	10	-	-	PUNCT
fbem-9137	34	11	covar	covar	NOUN
fbem-9137	34	12	model	model	NOUN
fbem-9137	34	13	to	to	PART
fbem-9137	34	14	measure	measure	VERB
fbem-9137	34	15	the	the	DET
fbem-9137	34	16	systemic	systemic	ADJ
fbem-9137	34	17	risk	risk	NOUN
fbem-9137	34	18	contribution	contribution	NOUN
fbem-9137	34	19	of	of	ADP
fbem-9137	34	20	banks	bank	NOUN
fbem-9137	34	21	,	,	PUNCT
fbem-9137	34	22	insurance	insurance	NOUN
fbem-9137	34	23	companies	company	NOUN
fbem-9137	34	24	,	,	PUNCT
fbem-9137	34	25	securities	security	NOUN
fbem-9137	34	26	firms	firm	NOUN
fbem-9137	34	27	,	,	PUNCT
fbem-9137	34	28	and	and	CCONJ
fbem-9137	34	29	trust	trust	NOUN
fbem-9137	34	30	companies	company	NOUN
fbem-9137	34	31	to	to	ADP
fbem-9137	34	32	the	the	DET
fbem-9137	34	33	financial	financial	ADJ
fbem-9137	34	34	industry	industry	NOUN
fbem-9137	34	35	,	,	PUNCT
fbem-9137	34	36	as	as	ADV
fbem-9137	34	37	well	well	ADV
fbem-9137	34	38	as	as	ADP
fbem-9137	34	39	the	the	DET
fbem-9137	34	40	degree	degree	NOUN
fbem-9137	34	41	of	of	ADP
fbem-9137	34	42	risk	risk	NOUN
fbem-9137	34	43	spillover	spillover	VERB
fbem-9137	34	44	among	among	ADP
fbem-9137	34	45	them	they	PRON
fbem-9137	34	46	.	.	PUNCT
fbem-9137	35	1	yang	yang	PROPN
fbem-9137	35	2	yang	yang	PROPN
fbem-9137	35	3	and	and	CCONJ
fbem-9137	35	4	xu	xu	PROPN
fbem-9137	35	5	hui	hui	PROPN
fbem-9137	36	1	(	(	PUNCT
fbem-9137	36	2	2018	2018	NUM
fbem-9137	36	3	)	)	PUNCT
fbem-9137	36	4	studied	study	VERB
fbem-9137	36	5	risk	risk	NOUN
fbem-9137	36	6	transmission	transmission	NOUN
fbem-9137	36	7	and	and	CCONJ
fbem-9137	36	8	spillover	spillover	VERB
fbem-9137	36	9	effects	effect	NOUN
fbem-9137	36	10	among	among	ADP
fbem-9137	36	11	the	the	DET
fbem-9137	36	12	banking	banking	NOUN
fbem-9137	36	13	,	,	PUNCT
fbem-9137	36	14	securities	security	NOUN
fbem-9137	36	15	,	,	PUNCT
fbem-9137	36	16	and	and	CCONJ
fbem-9137	36	17	insurance	insurance	NOUN
fbem-9137	36	18	subsystems	subsystem	NOUN
fbem-9137	36	19	using	use	VERB
fbem-9137	36	20	static	static	ADJ
fbem-9137	36	21	and	and	CCONJ
fbem-9137	36	22	dynamic	dynamic	ADJ
fbem-9137	36	23	covar	covar	NOUN
fbem-9137	36	24	models	model	NOUN
fbem-9137	36	25	.	.	PUNCT
fbem-9137	37	1	yang	yang	PROPN
fbem-9137	37	2	zihui	zihui	PROPN
fbem-9137	37	3	et	et	PROPN
fbem-9137	37	4	al	al	PROPN
fbem-9137	37	5	.	.	PROPN
fbem-9137	38	1	(	(	PUNCT
fbem-9137	38	2	2018	2018	NUM
fbem-9137	38	3	)	)	PUNCT
fbem-9137	38	4	studied	study	VERB
fbem-9137	38	5	cross	cross	ADJ
fbem-9137	38	6	-	-	ADJ
fbem-9137	38	7	sector	sector	ADJ
fbem-9137	38	8	contagion	contagion	NOUN
fbem-9137	38	9	of	of	ADP
fbem-9137	38	10	financial	financial	ADJ
fbem-9137	38	11	risks	risk	NOUN
fbem-9137	38	12	in	in	ADP
fbem-9137	38	13	china	china	PROPN
fbem-9137	38	14	using	use	VERB
fbem-9137	38	15	four	four	NUM
fbem-9137	38	16	measures	measure	NOUN
fbem-9137	38	17	:	:	PUNCT
fbem-9137	38	18	var	var	NOUN
fbem-9137	38	19	,	,	PUNCT
fbem-9137	38	20	mes	me	NOUN
fbem-9137	38	21	,	,	PUNCT
fbem-9137	38	22	covar	covar	NOUN
fbem-9137	38	23	,	,	PUNCT
fbem-9137	38	24	and	and	CCONJ
fbem-9137	38	25	△	△	NOUN
fbem-9137	38	26	covar	covar	NOUN
fbem-9137	38	27	.	.	PUNCT
fbem-9137	39	1	they	they	PRON
fbem-9137	39	2	found	find	VERB
fbem-9137	39	3	that	that	SCONJ
fbem-9137	39	4	the	the	DET
fbem-9137	39	5	real	real	ADJ
fbem-9137	39	6	estate	estate	NOUN
fbem-9137	39	7	and	and	CCONJ
fbem-9137	39	8	securities	security	NOUN
fbem-9137	39	9	sectors	sector	NOUN
fbem-9137	39	10	would	would	AUX
fbem-9137	39	11	become	become	VERB
fbem-9137	39	12	the	the	DET
fbem-9137	39	13	central	central	ADJ
fbem-9137	39	14	nodes	node	NOUN
fbem-9137	39	15	of	of	ADP
fbem-9137	39	16	risk	risk	NOUN
fbem-9137	39	17	contagion	contagion	NOUN
fbem-9137	39	18	in	in	ADP
fbem-9137	39	19	the	the	DET
fbem-9137	39	20	event	event	NOUN
fbem-9137	39	21	of	of	ADP
fbem-9137	39	22	a	a	DET
fbem-9137	39	23	"	"	PUNCT
fbem-9137	39	24	circuit	circuit	NOUN
fbem-9137	39	25	breaker	breaker	NOUN
fbem-9137	39	26	"	"	PUNCT
fbem-9137	39	27	mechanism	mechanism	NOUN
fbem-9137	39	28	.	.	PUNCT
fbem-9137	40	1	li	li	PROPN
fbem-9137	40	2	zheng	zheng	PROPN
fbem-9137	40	3	et	et	PROPN
fbem-9137	40	4	al	al	PROPN
fbem-9137	40	5	.	.	PROPN
fbem-9137	41	1	(	(	PUNCT
fbem-9137	41	2	2019	2019	NUM
fbem-9137	41	3	)	)	PUNCT
fbem-9137	41	4	studied	study	VERB
fbem-9137	41	5	the	the	DET
fbem-9137	41	6	systemic	systemic	ADJ
fbem-9137	41	7	risk	risk	NOUN
fbem-9137	41	8	spillover	spillover	VERB
fbem-9137	41	9	effects	effect	NOUN
fbem-9137	41	10	among	among	ADP
fbem-9137	41	11	the	the	DET
fbem-9137	41	12	securities	security	NOUN
fbem-9137	41	13	,	,	PUNCT
fbem-9137	41	14	banking	banking	NOUN
fbem-9137	41	15	,	,	PUNCT
fbem-9137	41	16	and	and	CCONJ
fbem-9137	41	17	insurance	insurance	NOUN
fbem-9137	41	18	industries	industry	NOUN
fbem-9137	41	19	in	in	ADP
fbem-9137	41	20	china	china	PROPN
fbem-9137	41	21	using	use	VERB
fbem-9137	41	22	the	the	DET
fbem-9137	41	23	upand	upand	NOUN
fbem-9137	41	24	down	down	ADP
fbem-9137	41	25	-	-	PUNCT
fbem-9137	41	26	side	side	NOUN
fbem-9137	41	27	△	△	NOUN
fbem-9137	41	28	coes	coe	NOUN
fbem-9137	41	29	indicators	indicator	NOUN
fbem-9137	41	30	,	,	PUNCT
fbem-9137	41	31	and	and	CCONJ
fbem-9137	41	32	pointed	point	VERB
fbem-9137	41	33	out	out	ADP
fbem-9137	41	34	that	that	SCONJ
fbem-9137	41	35	the	the	DET
fbem-9137	41	36	securities	security	NOUN
fbem-9137	41	37	industry	industry	NOUN
fbem-9137	41	38	is	be	AUX
fbem-9137	41	39	the	the	DET
fbem-9137	41	40	main	main	ADJ
fbem-9137	41	41	recipient	recipient	NOUN
fbem-9137	41	42	of	of	ADP
fbem-9137	41	43	systemic	systemic	ADJ
fbem-9137	41	44	risk	risk	NOUN
fbem-9137	41	45	.	.	PUNCT
fbem-9137	42	1	zhou	zhou	PROPN
fbem-9137	42	2	liang	liang	PROPN
fbem-9137	42	3	(	(	PUNCT
fbem-9137	42	4	2021	2021	NUM
fbem-9137	42	5	)	)	PUNCT
fbem-9137	42	6	also	also	ADV
fbem-9137	42	7	used	use	VERB
fbem-9137	42	8	the	the	DET
fbem-9137	42	9	covar	covar	NOUN
fbem-9137	42	10	model	model	NOUN
fbem-9137	42	11	to	to	PART
fbem-9137	42	12	study	study	VERB
fbem-9137	42	13	the	the	DET
fbem-9137	42	14	risk	risk	NOUN
fbem-9137	42	15	spillover	spillover	VERB
fbem-9137	42	16	effects	effect	NOUN
fbem-9137	42	17	among	among	ADP
fbem-9137	42	18	different	different	ADJ
fbem-9137	42	19	financial	financial	ADJ
fbem-9137	42	20	industries	industry	NOUN
fbem-9137	42	21	.	.	PUNCT
fbem-9137	43	1	the	the	DET
fbem-9137	43	2	empirical	empirical	ADJ
fbem-9137	43	3	results	result	NOUN
fbem-9137	43	4	showed	show	VERB
fbem-9137	43	5	that	that	SCONJ
fbem-9137	43	6	the	the	DET
fbem-9137	43	7	net	net	ADJ
fbem-9137	43	8	spillover	spillover	NOUN
fbem-9137	43	9	value	value	NOUN
fbem-9137	43	10	of	of	ADP
fbem-9137	43	11	the	the	DET
fbem-9137	43	12	securities	security	NOUN
fbem-9137	43	13	industry	industry	NOUN
fbem-9137	43	14	would	would	AUX
fbem-9137	43	15	significantly	significantly	ADV
fbem-9137	43	16	increase	increase	VERB
fbem-9137	43	17	during	during	ADP
fbem-9137	43	18	risk	risk	NOUN
fbem-9137	43	19	outbreaks	outbreak	NOUN
fbem-9137	43	20	,	,	PUNCT
fbem-9137	43	21	indicating	indicate	VERB
fbem-9137	43	22	a	a	DET
fbem-9137	43	23	closer	close	ADJ
fbem-9137	43	24	contagion	contagion	NOUN
fbem-9137	43	25	of	of	ADP
fbem-9137	43	26	systemic	systemic	ADJ
fbem-9137	43	27	risk	risk	NOUN
fbem-9137	43	28	within	within	ADP
fbem-9137	43	29	the	the	DET
fbem-9137	43	30	securities	security	NOUN
fbem-9137	43	31	industry	industry	NOUN
fbem-9137	43	32	.	.	PUNCT
fbem-9137	44	1	(	(	PUNCT
fbem-9137	44	2	3	3	X
fbem-9137	44	3	)	)	PUNCT
fbem-9137	44	4	the	the	DET
fbem-9137	44	5	impact	impact	NOUN
fbem-9137	44	6	of	of	ADP
fbem-9137	44	7	the	the	DET
fbem-9137	44	8	real	real	ADJ
fbem-9137	44	9	estate	estate	NOUN
fbem-9137	44	10	market	market	NOUN
fbem-9137	44	11	on	on	ADP
fbem-9137	44	12	systemic	systemic	ADJ
fbem-9137	44	13	financial	financial	ADJ
fbem-9137	44	14	risk	risk	NOUN
fbem-9137	44	15	international	international	ADJ
fbem-9137	44	16	experience	experience	NOUN
fbem-9137	44	17	and	and	CCONJ
fbem-9137	44	18	extensive	extensive	ADJ
fbem-9137	44	19	research	research	NOUN
fbem-9137	44	20	have	have	AUX
fbem-9137	44	21	shown	show	VERB
fbem-9137	44	22	that	that	SCONJ
fbem-9137	44	23	real	real	ADJ
fbem-9137	44	24	estate	estate	NOUN
fbem-9137	44	25	prices	price	NOUN
fbem-9137	44	26	and	and	CCONJ
fbem-9137	44	27	real	real	ADJ
fbem-9137	44	28	estate	estate	NOUN
fbem-9137	44	29	credit	credit	NOUN
fbem-9137	44	30	are	be	AUX
fbem-9137	44	31	important	important	ADJ
fbem-9137	44	32	factors	factor	NOUN
fbem-9137	44	33	influencing	influence	VERB
fbem-9137	44	34	financial	financial	ADJ
fbem-9137	44	35	system	system	NOUN
fbem-9137	44	36	stability	stability	NOUN
fbem-9137	44	37	.	.	PUNCT
fbem-9137	45	1	in	in	ADP
fbem-9137	45	2	the	the	DET
fbem-9137	45	3	early	early	ADJ
fbem-9137	45	4	stages	stage	NOUN
fbem-9137	45	5	,	,	PUNCT
fbem-9137	45	6	chinese	chinese	ADJ
fbem-9137	45	7	scholars	scholar	NOUN
fbem-9137	45	8	such	such	ADJ
fbem-9137	45	9	as	as	ADP
fbem-9137	45	10	wu	wu	PROPN
fbem-9137	45	11	kangping	kangpe	VERB
fbem-9137	45	12	et	et	PROPN
fbem-9137	45	13	al	al	PROPN
fbem-9137	45	14	.	.	PROPN
fbem-9137	45	15	(	(	PUNCT
fbem-9137	45	16	2004	2004	NUM
fbem-9137	45	17	)	)	PUNCT
fbem-9137	45	18	argued	argue	VERB
fbem-9137	45	19	that	that	SCONJ
fbem-9137	45	20	both	both	CCONJ
fbem-9137	45	21	the	the	DET
fbem-9137	45	22	real	real	ADJ
fbem-9137	45	23	estate	estate	NOUN
fbem-9137	45	24	market	market	NOUN
fbem-9137	45	25	and	and	CCONJ
fbem-9137	45	26	the	the	DET
fbem-9137	45	27	financial	financial	ADJ
fbem-9137	45	28	market	market	NOUN
fbem-9137	45	29	are	be	AUX
fbem-9137	45	30	important	important	ADJ
fbem-9137	45	31	carriers	carrier	NOUN
fbem-9137	45	32	of	of	ADP
fbem-9137	45	33	risk	risk	NOUN
fbem-9137	45	34	aggregation	aggregation	NOUN
fbem-9137	45	35	,	,	PUNCT
fbem-9137	45	36	and	and	CCONJ
fbem-9137	45	37	their	their	PRON
fbem-9137	45	38	symbiotic	symbiotic	ADJ
fbem-9137	45	39	relationship	relationship	NOUN
fbem-9137	45	40	leads	lead	VERB
fbem-9137	45	41	to	to	ADP
fbem-9137	45	42	the	the	DET
fbem-9137	45	43	positive	positive	ADJ
fbem-9137	45	44	accumulation	accumulation	NOUN
fbem-9137	45	45	of	of	ADP
fbem-9137	45	46	risks	risk	NOUN
fbem-9137	45	47	between	between	ADP
fbem-9137	45	48	the	the	DET
fbem-9137	45	49	two	two	NUM
fbem-9137	45	50	markets	market	NOUN
fbem-9137	45	51	.	.	PUNCT
fbem-9137	46	1	after	after	ADP
fbem-9137	46	2	the	the	DET
fbem-9137	46	3	2008	2008	NUM
fbem-9137	46	4	us	us	PROPN
fbem-9137	46	5	subprime	subprime	ADJ
fbem-9137	46	6	mortgage	mortgage	NOUN
fbem-9137	46	7	crisis	crisis	NOUN
fbem-9137	46	8	,	,	PUNCT
fbem-9137	46	9	more	more	ADJ
fbem-9137	46	10	scholars	scholar	NOUN
fbem-9137	46	11	(	(	PUNCT
fbem-9137	46	12	koetter	koetter	NOUN
fbem-9137	46	13	and	and	CCONJ
fbem-9137	46	14	poghosyan	poghosyan	PROPN
fbem-9137	46	15	,	,	PUNCT
fbem-9137	46	16	2010	2010	NUM
fbem-9137	46	17	;	;	PUNCT
fbem-9137	46	18	capozza	capozza	NOUN
fbem-9137	46	19	and	and	CCONJ
fbem-9137	46	20	order	order	NOUN
fbem-9137	46	21	,	,	PUNCT
fbem-9137	46	22	2011	2011	NUM
fbem-9137	46	23	;	;	PUNCT
fbem-9137	46	24	bai	bai	PROPN
fbem-9137	46	25	hexiang	hexiang	PROPN
fbem-9137	46	26	,	,	PUNCT
fbem-9137	46	27	2020	2020	NUM
fbem-9137	46	28	)	)	PUNCT
fbem-9137	46	29	pointed	point	VERB
fbem-9137	46	30	out	out	ADP
fbem-9137	46	31	that	that	SCONJ
fbem-9137	46	32	the	the	DET
fbem-9137	46	33	real	real	ADJ
fbem-9137	46	34	estate	estate	NOUN
fbem-9137	46	35	market	market	NOUN
fbem-9137	46	36	transmits	transmit	VERB
fbem-9137	46	37	risks	risk	NOUN
fbem-9137	46	38	to	to	ADP
fbem-9137	46	39	the	the	DET
fbem-9137	46	40	financial	financial	ADJ
fbem-9137	46	41	market	market	NOUN
fbem-9137	46	42	through	through	ADP
fbem-9137	46	43	the	the	DET
fbem-9137	46	44	interaction	interaction	NOUN
fbem-9137	46	45	of	of	ADP
fbem-9137	46	46	rising	rise	VERB
fbem-9137	46	47	house	house	NOUN
fbem-9137	46	48	prices	price	NOUN
fbem-9137	46	49	and	and	CCONJ
fbem-9137	46	50	credit	credit	NOUN
fbem-9137	46	51	expansion	expansion	NOUN
fbem-9137	46	52	,	,	PUNCT
fbem-9137	46	53	risk	risk	NOUN
fbem-9137	46	54	spillover	spillover	VERB
fbem-9137	46	55	across	across	ADP
fbem-9137	46	56	sectors	sector	NOUN
fbem-9137	46	57	after	after	SCONJ
fbem-9137	46	58	house	house	NOUN
fbem-9137	46	59	price	price	NOUN
fbem-9137	46	60	declines	decline	VERB
fbem-9137	46	61	,	,	PUNCT
fbem-9137	46	62	and	and	CCONJ
fbem-9137	46	63	risk	risk	NOUN
fbem-9137	46	64	contagion	contagion	NOUN
fbem-9137	46	65	among	among	ADP
fbem-9137	46	66	financial	financial	ADJ
fbem-9137	46	67	institutions	institution	NOUN
fbem-9137	46	68	based	base	VERB
fbem-9137	46	69	on	on	ADP
fbem-9137	46	70	bilateral	bilateral	ADJ
fbem-9137	46	71	debt	debt	NOUN
fbem-9137	46	72	structures	structure	NOUN
fbem-9137	46	73	.	.	PUNCT
fbem-9137	47	1	since	since	SCONJ
fbem-9137	47	2	the	the	DET
fbem-9137	47	3	initiation	initiation	NOUN
fbem-9137	47	4	of	of	ADP
fbem-9137	47	5	housing	housing	NOUN
fbem-9137	47	6	system	system	NOUN
fbem-9137	47	7	reforms	reform	NOUN
fbem-9137	47	8	in	in	ADP
fbem-9137	47	9	china	china	PROPN
fbem-9137	47	10	in	in	ADP
fbem-9137	47	11	1998	1998	NUM
fbem-9137	47	12	,	,	PUNCT
fbem-9137	47	13	the	the	DET
fbem-9137	47	14	chinese	chinese	ADJ
fbem-9137	47	15	real	real	ADJ
fbem-9137	47	16	estate	estate	NOUN
fbem-9137	47	17	market	market	NOUN
fbem-9137	47	18	has	have	AUX
fbem-9137	47	19	experienced	experience	VERB
fbem-9137	47	20	significant	significant	ADJ
fbem-9137	47	21	growth	growth	NOUN
fbem-9137	47	22	,	,	PUNCT
fbem-9137	47	23	accompanied	accompany	VERB
fbem-9137	47	24	by	by	ADP
fbem-9137	47	25	continuous	continuous	ADJ
fbem-9137	47	26	expansion	expansion	NOUN
fbem-9137	47	27	of	of	ADP
fbem-9137	47	28	real	real	ADJ
fbem-9137	47	29	estate	estate	NOUN
fbem-9137	47	30	credit	credit	NOUN
fbem-9137	47	31	.	.	PUNCT
fbem-9137	48	1	as	as	ADP
fbem-9137	48	2	a	a	DET
fbem-9137	48	3	result	result	NOUN
fbem-9137	48	4	,	,	PUNCT
fbem-9137	48	5	the	the	DET
fbem-9137	48	6	linkages	linkage	NOUN
fbem-9137	48	7	between	between	ADP
fbem-9137	48	8	the	the	DET
fbem-9137	48	9	real	real	ADJ
fbem-9137	48	10	estate	estate	NOUN
fbem-9137	48	11	market	market	NOUN
fbem-9137	48	12	and	and	CCONJ
fbem-9137	48	13	the	the	DET
fbem-9137	48	14	financial	financial	ADJ
fbem-9137	48	15	market	market	NOUN
fbem-9137	48	16	have	have	AUX
fbem-9137	48	17	become	become	VERB
fbem-9137	48	18	increasingly	increasingly	ADV
fbem-9137	48	19	close	close	ADJ
fbem-9137	48	20	,	,	PUNCT
fbem-9137	48	21	posing	pose	VERB
fbem-9137	48	22	potential	potential	ADJ
fbem-9137	48	23	risks	risk	NOUN
fbem-9137	48	24	to	to	ADP
fbem-9137	48	25	systemic	systemic	ADJ
fbem-9137	48	26	risk	risk	NOUN
fbem-9137	48	27	in	in	ADP
fbem-9137	48	28	the	the	DET
fbem-9137	48	29	securities	security	NOUN
fbem-9137	48	30	industry	industry	NOUN
fbem-9137	48	31	.	.	PUNCT
fbem-9137	49	1	this	this	PRON
fbem-9137	49	2	indicates	indicate	VERB
fbem-9137	49	3	that	that	SCONJ
fbem-9137	49	4	when	when	SCONJ
fbem-9137	49	5	studying	study	VERB
fbem-9137	49	6	the	the	DET
fbem-9137	49	7	spillover	spillover	NOUN
fbem-9137	49	8	effects	effect	NOUN
fbem-9137	49	9	of	of	ADP
fbem-9137	49	10	the	the	DET
fbem-9137	49	11	financial	financial	ADJ
fbem-9137	49	12	market	market	NOUN
fbem-9137	49	13	on	on	ADP
fbem-9137	49	14	systemic	systemic	ADJ
fbem-9137	49	15	risk	risk	NOUN
fbem-9137	49	16	in	in	ADP
fbem-9137	49	17	the	the	DET
fbem-9137	49	18	securities	security	NOUN
fbem-9137	49	19	industry	industry	NOUN
fbem-9137	49	20	,	,	PUNCT
fbem-9137	49	21	the	the	DET
fbem-9137	49	22	real	real	ADJ
fbem-9137	49	23	estate	estate	NOUN
fbem-9137	49	24	market	market	NOUN
fbem-9137	49	25	as	as	ADP
fbem-9137	49	26	an	an	DET
fbem-9137	49	27	important	important	ADJ
fbem-9137	49	28	source	source	NOUN
fbem-9137	49	29	of	of	ADP
fbem-9137	49	30	risk	risk	NOUN
fbem-9137	49	31	can	can	AUX
fbem-9137	49	32	not	not	PART
fbem-9137	49	33	be	be	AUX
fbem-9137	49	34	ignored	ignore	VERB
fbem-9137	49	35	.	.	PUNCT
fbem-9137	50	1	(	(	PUNCT
fbem-9137	50	2	4	4	X
fbem-9137	50	3	)	)	PUNCT
fbem-9137	50	4	literature	literature	NOUN
fbem-9137	50	5	review	review	NOUN
fbem-9137	50	6	currently	currently	ADV
fbem-9137	50	7	,	,	PUNCT
fbem-9137	50	8	research	research	NOUN
fbem-9137	50	9	in	in	ADP
fbem-9137	50	10	china	china	PROPN
fbem-9137	50	11	on	on	ADP
fbem-9137	50	12	systemic	systemic	ADJ
fbem-9137	50	13	financial	financial	ADJ
fbem-9137	50	14	risk	risk	NOUN
fbem-9137	50	15	in	in	ADP
fbem-9137	50	16	the	the	DET
fbem-9137	50	17	financial	financial	ADJ
fbem-9137	50	18	market	market	NOUN
fbem-9137	50	19	primarily	primarily	ADV
fbem-9137	50	20	focuses	focus	VERB
fbem-9137	50	21	on	on	ADP
fbem-9137	50	22	systemic	systemic	ADJ
fbem-9137	50	23	risk	risk	NOUN
fbem-9137	50	24	in	in	ADP
fbem-9137	50	25	the	the	DET
fbem-9137	50	26	banking	banking	NOUN
fbem-9137	50	27	industry	industry	NOUN
fbem-9137	50	28	and	and	CCONJ
fbem-9137	50	29	the	the	DET
fbem-9137	50	30	spillover	spillover	NOUN
fbem-9137	50	31	effects	effect	NOUN
fbem-9137	50	32	of	of	ADP
fbem-9137	50	33	systemic	systemic	ADJ
fbem-9137	50	34	risk	risk	NOUN
fbem-9137	50	35	between	between	ADP
fbem-9137	50	36	different	different	ADJ
fbem-9137	50	37	financial	financial	ADJ
fbem-9137	50	38	sectors	sector	NOUN
fbem-9137	50	39	.	.	PUNCT
fbem-9137	51	1	there	there	PRON
fbem-9137	51	2	has	have	AUX
fbem-9137	51	3	been	be	AUX
fbem-9137	51	4	relatively	relatively	ADV
fbem-9137	51	5	less	less	ADJ
fbem-9137	51	6	research	research	NOUN
fbem-9137	51	7	on	on	ADP
fbem-9137	51	8	systemic	systemic	ADJ
fbem-9137	51	9	risk	risk	NOUN
fbem-9137	51	10	in	in	ADP
fbem-9137	51	11	the	the	DET
fbem-9137	51	12	securities	security	NOUN
fbem-9137	51	13	industry	industry	NOUN
fbem-9137	51	14	.	.	PUNCT
fbem-9137	52	1	existing	exist	VERB
fbem-9137	52	2	literature	literature	NOUN
fbem-9137	52	3	has	have	AUX
fbem-9137	52	4	studied	study	VERB
fbem-9137	52	5	systemic	systemic	ADJ
fbem-9137	52	6	risk	risk	NOUN
fbem-9137	52	7	in	in	ADP
fbem-9137	52	8	the	the	DET
fbem-9137	52	9	securities	security	NOUN
fbem-9137	52	10	industry	industry	NOUN
fbem-9137	52	11	and	and	CCONJ
fbem-9137	52	12	its	its	PRON
fbem-9137	52	13	spillover	spillover	NOUN
fbem-9137	52	14	relationship	relationship	NOUN
fbem-9137	52	15	with	with	ADP
fbem-9137	52	16	related	related	ADJ
fbem-9137	52	17	industries	industry	NOUN
fbem-9137	52	18	,	,	PUNCT
fbem-9137	52	19	but	but	CCONJ
fbem-9137	52	20	it	it	PRON
fbem-9137	52	21	has	have	AUX
fbem-9137	52	22	not	not	PART
fbem-9137	52	23	considered	consider	VERB
fbem-9137	52	24	the	the	DET
fbem-9137	52	25	spillover	spillover	ADJ
fbem-9137	52	26	effects	effect	NOUN
fbem-9137	52	27	of	of	ADP
fbem-9137	52	28	the	the	DET
fbem-9137	52	29	financial	financial	ADJ
fbem-9137	52	30	market	market	NOUN
fbem-9137	52	31	on	on	ADP
fbem-9137	52	32	the	the	DET
fbem-9137	52	33	securities	security	NOUN
fbem-9137	52	34	industry	industry	NOUN
fbem-9137	52	35	.	.	PUNCT
fbem-9137	53	1	however	however	ADV
fbem-9137	53	2	,	,	PUNCT
fbem-9137	53	3	based	base	VERB
fbem-9137	53	4	on	on	ADP
fbem-9137	53	5	the	the	DET
fbem-9137	53	6	operational	operational	ADJ
fbem-9137	53	7	practices	practice	NOUN
fbem-9137	53	8	of	of	ADP
fbem-9137	53	9	the	the	DET
fbem-9137	53	10	chinese	chinese	ADJ
fbem-9137	53	11	financial	financial	ADJ
fbem-9137	53	12	system	system	NOUN
fbem-9137	53	13	,	,	PUNCT
fbem-9137	53	14	the	the	DET
fbem-9137	53	15	securities	security	NOUN
fbem-9137	53	16	industry	industry	NOUN
fbem-9137	53	17	is	be	AUX
fbem-9137	53	18	an	an	DET
fbem-9137	53	19	integral	integral	ADJ
fbem-9137	53	20	part	part	NOUN
fbem-9137	53	21	of	of	ADP
fbem-9137	53	22	the	the	DET
fbem-9137	53	23	financial	financial	ADJ
fbem-9137	53	24	system	system	NOUN
fbem-9137	53	25	,	,	PUNCT
fbem-9137	53	26	and	and	CCONJ
fbem-9137	53	27	its	its	PRON
fbem-9137	53	28	risk	risk	NOUN
fbem-9137	53	29	conditions	condition	NOUN
fbem-9137	53	30	are	be	AUX
fbem-9137	53	31	not	not	PART
fbem-9137	53	32	only	only	ADV
fbem-9137	53	33	influenced	influence	VERB
fbem-9137	53	34	by	by	ADP
fbem-9137	53	35	risks	risk	NOUN
fbem-9137	53	36	within	within	ADP
fbem-9137	53	37	the	the	DET
fbem-9137	53	38	securities	security	NOUN
fbem-9137	53	39	industry	industry	NOUN
fbem-9137	53	40	but	but	CCONJ
fbem-9137	53	41	also	also	ADV
fbem-9137	53	42	by	by	ADP
fbem-9137	53	43	risks	risk	NOUN
fbem-9137	53	44	from	from	ADP
fbem-9137	53	45	other	other	ADJ
fbem-9137	53	46	financial	financial	ADJ
fbem-9137	53	47	submarkets	submarket	NOUN
fbem-9137	53	48	.	.	PUNCT
fbem-9137	54	1	especially	especially	ADV
fbem-9137	54	2	with	with	ADP
fbem-9137	54	3	the	the	DET
fbem-9137	54	4	accelerated	accelerate	VERB
fbem-9137	54	5	liberalization	liberalization	NOUN
fbem-9137	54	6	of	of	ADP
fbem-9137	54	7	china	china	PROPN
fbem-9137	54	8	's	's	PART
fbem-9137	54	9	interest	interest	NOUN
fbem-9137	54	10	rate	rate	NOUN
fbem-9137	54	11	market	market	NOUN
fbem-9137	54	12	and	and	CCONJ
fbem-9137	54	13	exchange	exchange	NOUN
fbem-9137	54	14	rate	rate	NOUN
fbem-9137	54	15	market	market	NOUN
fbem-9137	54	16	,	,	PUNCT
fbem-9137	54	17	financial	financial	ADJ
fbem-9137	54	18	institutions	institution	NOUN
fbem-9137	54	19	hold	hold	VERB
fbem-9137	54	20	assets	asset	NOUN
fbem-9137	54	21	and	and	CCONJ
fbem-9137	54	22	liabilities	liability	NOUN
fbem-9137	54	23	among	among	ADP
fbem-9137	54	24	each	each	DET
fbem-9137	54	25	other	other	ADJ
fbem-9137	54	26	through	through	ADP
fbem-9137	54	27	the	the	DET
fbem-9137	54	28	stock	stock	NOUN
fbem-9137	54	29	market	market	NOUN
fbem-9137	54	30	,	,	PUNCT
fbem-9137	54	31	money	money	NOUN
fbem-9137	54	32	market	market	NOUN
fbem-9137	54	33	,	,	PUNCT
fbem-9137	54	34	bond	bond	NOUN
fbem-9137	54	35	market	market	NOUN
fbem-9137	54	36	,	,	PUNCT
fbem-9137	54	37	and	and	CCONJ
fbem-9137	54	38	foreign	foreign	ADJ
fbem-9137	54	39	exchange	exchange	NOUN
fbem-9137	54	40	market	market	NOUN
fbem-9137	54	41	,	,	PUNCT
fbem-9137	54	42	creating	create	VERB
fbem-9137	54	43	closer	close	ADJ
fbem-9137	54	44	linkages	linkage	NOUN
fbem-9137	54	45	between	between	ADP
fbem-9137	54	46	china	china	PROPN
fbem-9137	54	47	's	's	PART
fbem-9137	54	48	stock	stock	NOUN
fbem-9137	54	49	market	market	NOUN
fbem-9137	54	50	,	,	PUNCT
fbem-9137	54	51	money	money	NOUN
fbem-9137	54	52	market	market	NOUN
fbem-9137	54	53	,	,	PUNCT
fbem-9137	54	54	bond	bond	NOUN
fbem-9137	54	55	market	market	NOUN
fbem-9137	54	56	,	,	PUNCT
fbem-9137	54	57	foreign	foreign	ADJ
fbem-9137	54	58	exchange	exchange	NOUN
fbem-9137	54	59	market	market	NOUN
fbem-9137	54	60	,	,	PUNCT
fbem-9137	54	61	and	and	CCONJ
fbem-9137	54	62	the	the	DET
fbem-9137	54	63	securities	security	NOUN
fbem-9137	54	64	industry	industry	NOUN
fbem-9137	54	65	.	.	PUNCT
fbem-9137	55	1	therefore	therefore	ADV
fbem-9137	55	2	,	,	PUNCT
fbem-9137	55	3	it	it	PRON
fbem-9137	55	4	is	be	AUX
fbem-9137	55	5	necessary	necessary	ADJ
fbem-9137	55	6	to	to	PART
fbem-9137	55	7	incorporate	incorporate	VERB
fbem-9137	55	8	the	the	DET
fbem-9137	55	9	securities	security	NOUN
fbem-9137	55	10	industry	industry	NOUN
fbem-9137	55	11	into	into	ADP
fbem-9137	55	12	the	the	DET
fbem-9137	55	13	broader	broad	ADJ
fbem-9137	55	14	financial	financial	ADJ
fbem-9137	55	15	system	system	NOUN
fbem-9137	55	16	,	,	PUNCT
fbem-9137	55	17	including	include	VERB
fbem-9137	55	18	the	the	DET
fbem-9137	55	19	financial	financial	ADJ
fbem-9137	55	20	market	market	NOUN
fbem-9137	55	21	,	,	PUNCT
fbem-9137	55	22	in	in	ADP
fbem-9137	55	23	order	order	NOUN
fbem-9137	55	24	to	to	PART
fbem-9137	55	25	study	study	VERB
fbem-9137	55	26	not	not	PART
fbem-9137	55	27	only	only	ADV
fbem-9137	55	28	the	the	DET
fbem-9137	55	29	internal	internal	ADJ
fbem-9137	55	30	connections	connection	NOUN
fbem-9137	55	31	within	within	ADP
fbem-9137	55	32	the	the	DET
fbem-9137	55	33	securities	security	NOUN
fbem-9137	55	34	industry	industry	NOUN
fbem-9137	55	35	but	but	CCONJ
fbem-9137	55	36	also	also	ADV
fbem-9137	55	37	the	the	DET
fbem-9137	55	38	spillover	spillover	NOUN
fbem-9137	55	39	effects	effect	NOUN
fbem-9137	55	40	of	of	ADP
fbem-9137	55	41	the	the	DET
fbem-9137	55	42	financial	financial	ADJ
fbem-9137	55	43	market	market	NOUN
fbem-9137	55	44	on	on	ADP
fbem-9137	55	45	systemic	systemic	ADJ
fbem-9137	55	46	risk	risk	NOUN
fbem-9137	55	47	in	in	ADP
fbem-9137	55	48	the	the	DET
fbem-9137	55	49	securities	security	NOUN
fbem-9137	55	50	industry	industry	NOUN
fbem-9137	55	51	.	.	PUNCT
fbem-9137	56	1	3	3	X
fbem-9137	56	2	.	.	X
fbem-9137	56	3	method	method	NOUN
fbem-9137	56	4	this	this	DET
fbem-9137	56	5	study	study	NOUN
fbem-9137	56	6	draws	draw	VERB
fbem-9137	56	7	on	on	ADP
fbem-9137	56	8	the	the	DET
fbem-9137	56	9	research	research	NOUN
fbem-9137	56	10	of	of	ADP
fbem-9137	56	11	fang	fang	X
fbem-9137	56	12	et	et	PROPN
fbem-9137	56	13	al	al	PROPN
fbem-9137	56	14	.	.	PROPN
fbem-9137	57	1	(	(	PUNCT
fbem-9137	57	2	2018	2018	NUM
fbem-9137	57	3	)	)	PUNCT
fbem-9137	58	1	and	and	CCONJ
fbem-9137	58	2	introduces	introduce	VERB
fbem-9137	58	3	four	four	NUM
fbem-9137	58	4	financial	financial	ADJ
fbem-9137	58	5	submarkets	submarket	NOUN
fbem-9137	58	6	(	(	PUNCT
fbem-9137	58	7	stock	stock	NOUN
fbem-9137	58	8	market	market	NOUN
fbem-9137	58	9	,	,	PUNCT
fbem-9137	58	10	money	money	NOUN
fbem-9137	58	11	market	market	NOUN
fbem-9137	58	12	,	,	PUNCT
fbem-9137	58	13	bond	bond	NOUN
fbem-9137	58	14	market	market	NOUN
fbem-9137	58	15	,	,	PUNCT
fbem-9137	58	16	foreign	foreign	ADJ
fbem-9137	58	17	exchange	exchange	NOUN
fbem-9137	58	18	market	market	NOUN
fbem-9137	58	19	)	)	PUNCT
fbem-9137	58	20	as	as	ADV
fbem-9137	58	21	well	well	ADV
fbem-9137	58	22	as	as	ADP
fbem-9137	58	23	the	the	DET
fbem-9137	58	24	real	real	ADJ
fbem-9137	58	25	estate	estate	NOUN
fbem-9137	58	26	market	market	NOUN
fbem-9137	58	27	as	as	ADP
fbem-9137	58	28	risk	risk	NOUN
fbem-9137	58	29	factors	factor	NOUN
fbem-9137	58	30	.	.	PUNCT
fbem-9137	59	1	it	it	PRON
fbem-9137	59	2	constructs	construct	VERB
fbem-9137	59	3	a	a	DET
fbem-9137	59	4	covar	covar	NOUN
fbem-9137	59	5	model	model	NOUN
fbem-9137	59	6	to	to	PART
fbem-9137	59	7	examine	examine	VERB
fbem-9137	59	8	systemic	systemic	ADJ
fbem-9137	59	9	risk	risk	NOUN
fbem-9137	59	10	in	in	ADP
fbem-9137	59	11	the	the	DET
fbem-9137	59	12	securities	security	NOUN
fbem-9137	59	13	industry	industry	NOUN
fbem-9137	59	14	and	and	CCONJ
fbem-9137	59	15	further	far	ADV
fbem-9137	59	16	investigates	investigate	VERB
fbem-9137	59	17	the	the	DET
fbem-9137	59	18	spillover	spillover	NOUN
fbem-9137	59	19	effects	effect	NOUN
fbem-9137	59	20	of	of	ADP
fbem-9137	59	21	different	different	ADJ
fbem-9137	59	22	financial	financial	ADJ
fbem-9137	59	23	submarkets	submarket	NOUN
fbem-9137	59	24	on	on	ADP
fbem-9137	59	25	systemic	systemic	ADJ
fbem-9137	59	26	risk	risk	NOUN
fbem-9137	59	27	in	in	ADP
fbem-9137	59	28	the	the	DET
fbem-9137	59	29	securities	security	NOUN
fbem-9137	59	30	industry	industry	NOUN
fbem-9137	59	31	.	.	PUNCT
fbem-9137	60	1	the	the	DET
fbem-9137	60	2	aim	aim	NOUN
fbem-9137	60	3	is	be	AUX
fbem-9137	60	4	to	to	PART
fbem-9137	60	5	provide	provide	VERB
fbem-9137	60	6	quantitative	quantitative	ADJ
fbem-9137	60	7	references	reference	NOUN
fbem-9137	60	8	for	for	ADP
fbem-9137	60	9	better	well	ADJ
fbem-9137	60	10	preventing	preventing	NOUN
fbem-9137	60	11	and	and	CCONJ
fbem-9137	60	12	regulating	regulate	VERB
fbem-9137	60	13	systemic	systemic	ADJ
fbem-9137	60	14	risk	risk	NOUN
fbem-9137	60	15	in	in	ADP
fbem-9137	60	16	the	the	DET
fbem-9137	60	17	securities	security	NOUN
fbem-9137	60	18	industry	industry	NOUN
fbem-9137	60	19	and	and	CCONJ
fbem-9137	60	20	enhancing	enhance	VERB
fbem-9137	60	21	the	the	DET
fbem-9137	60	22	risk	risk	NOUN
fbem-9137	60	23	resilience	resilience	NOUN
fbem-9137	60	24	of	of	ADP
fbem-9137	60	25	china	china	PROPN
fbem-9137	60	26	's	's	PART
fbem-9137	60	27	securities	security	NOUN
fbem-9137	60	28	industry	industry	NOUN
fbem-9137	60	29	.	.	PUNCT
fbem-9137	61	1	(	(	PUNCT
fbem-9137	61	2	1	1	X
fbem-9137	61	3	)	)	PUNCT
fbem-9137	61	4	conditional	conditional	ADJ
fbem-9137	61	5	value	value	NOUN
fbem-9137	61	6	-	-	PUNCT
fbem-9137	61	7	at	at	ADP
fbem-9137	61	8	-	-	PUNCT
fbem-9137	61	9	risk	risk	NOUN
fbem-9137	61	10	(	(	PUNCT
fbem-9137	61	11	covar	covar	NOUN
fbem-9137	61	12	)	)	PUNCT
fbem-9137	61	13	theory	theory	NOUN
fbem-9137	61	14	the	the	DET
fbem-9137	61	15	covar	covar	NOUN
fbem-9137	61	16	method	method	NOUN
fbem-9137	61	17	is	be	AUX
fbem-9137	61	18	an	an	DET
fbem-9137	61	19	extension	extension	NOUN
fbem-9137	61	20	of	of	ADP
fbem-9137	61	21	the	the	DET
fbem-9137	61	22	value	value	NOUN
fbem-9137	61	23	-	-	PUNCT
fbem-9137	61	24	at	at	ADP
fbem-9137	61	25	-	-	PUNCT
fbem-9137	61	26	risk	risk	NOUN
fbem-9137	61	27	(	(	PUNCT
fbem-9137	61	28	var	var	NOUN
fbem-9137	61	29	)	)	PUNCT
fbem-9137	61	30	method	method	NOUN
fbem-9137	61	31	.	.	PUNCT
fbem-9137	62	1	the	the	DET
fbem-9137	62	2	var	var	NOUN
fbem-9137	62	3	method	method	NOUN
fbem-9137	62	4	only	only	ADV
fbem-9137	62	5	measures	measure	VERB
fbem-9137	62	6	the	the	DET
fbem-9137	62	7	maximum	maximum	ADJ
fbem-9137	62	8	loss	loss	NOUN
fbem-9137	62	9	of	of	ADP
fbem-9137	62	10	an	an	DET
fbem-9137	62	11	individual	individual	ADJ
fbem-9137	62	12	institution	institution	NOUN
fbem-9137	62	13	at	at	ADP
fbem-9137	62	14	a	a	DET
fbem-9137	62	15	certain	certain	ADJ
fbem-9137	62	16	confidence	confidence	NOUN
fbem-9137	62	17	level	level	NOUN
fbem-9137	62	18	without	without	ADP
fbem-9137	62	19	considering	consider	VERB
fbem-9137	62	20	the	the	DET
fbem-9137	62	21	risk	risk	NOUN
fbem-9137	62	22	spillover	spillover	VERB
fbem-9137	62	23	effects	effect	NOUN
fbem-9137	62	24	among	among	ADP
fbem-9137	62	25	financial	financial	ADJ
fbem-9137	62	26	institutions	institution	NOUN
fbem-9137	62	27	,	,	PUNCT
fbem-9137	62	28	which	which	PRON
fbem-9137	62	29	has	have	VERB
fbem-9137	62	30	certain	certain	ADJ
fbem-9137	62	31	limitations	limitation	NOUN
fbem-9137	62	32	.	.	PUNCT
fbem-9137	63	1	therefore	therefore	ADV
fbem-9137	63	2	,	,	PUNCT
fbem-9137	63	3	adrian	adrian	NOUN
fbem-9137	63	4	and	and	CCONJ
fbem-9137	63	5	brunnermeier	brunnermei	ADJ
fbem-9137	63	6	(	(	PUNCT
fbem-9137	63	7	2016	2016	NUM
fbem-9137	63	8	)	)	PUNCT
fbem-9137	63	9	proposed	propose	VERB
fbem-9137	63	10	the	the	DET
fbem-9137	63	11	covar	covar	NOUN
fbem-9137	63	12	method	method	NOUN
fbem-9137	63	13	,	,	PUNCT
fbem-9137	63	14	which	which	PRON
fbem-9137	63	15	allows	allow	VERB
fbem-9137	63	16	for	for	ADP
fbem-9137	63	17	interconnections	interconnection	NOUN
fbem-9137	63	18	among	among	ADP
fbem-9137	63	19	financial	financial	ADJ
fbem-9137	63	20	institutions	institution	NOUN
fbem-9137	63	21	.	.	PUNCT
fbem-9137	64	1	it	it	PRON
fbem-9137	64	2	measures	measure	VERB
fbem-9137	64	3	the	the	DET
fbem-9137	64	4	maximum	maximum	ADJ
fbem-9137	64	5	loss	loss	NOUN
fbem-9137	64	6	faced	face	VERB
fbem-9137	64	7	by	by	ADP
fbem-9137	64	8	another	another	DET
fbem-9137	64	9	financial	financial	ADJ
fbem-9137	64	10	institution	institution	NOUN
fbem-9137	64	11	or	or	CCONJ
fbem-9137	64	12	the	the	DET
fbem-9137	64	13	entire	entire	ADJ
fbem-9137	64	14	financial	financial	ADJ
fbem-9137	64	15	market	market	NOUN
fbem-9137	64	16	when	when	SCONJ
fbem-9137	64	17	one	one	NUM
fbem-9137	64	18	financial	financial	ADJ
fbem-9137	64	19	institution	institution	NOUN
fbem-9137	64	20	experiences	experience	VERB
fbem-9137	64	21	distress	distress	NOUN
fbem-9137	64	22	or	or	CCONJ
fbem-9137	64	23	failure	failure	NOUN
fbem-9137	64	24	.	.	PUNCT
fbem-9137	65	1	(	(	PUNCT
fbem-9137	65	2	2	2	X
fbem-9137	65	3	)	)	PUNCT
fbem-9137	65	4	measurement	measurement	NOUN
fbem-9137	65	5	of	of	ADP
fbem-9137	65	6	systemic	systemic	ADJ
fbem-9137	65	7	risk	risk	NOUN
fbem-9137	65	8	in	in	ADP
fbem-9137	65	9	the	the	DET
fbem-9137	65	10	securities	security	NOUN
fbem-9137	65	11	industry	industry	NOUN
fbem-9137	65	12	building	building	NOUN
fbem-9137	65	13	upon	upon	SCONJ
fbem-9137	65	14	the	the	DET
fbem-9137	65	15	covar	covar	NOUN
fbem-9137	65	16	(	(	PUNCT
fbem-9137	65	17	conditional	conditional	ADJ
fbem-9137	65	18	value	value	NOUN
fbem-9137	65	19	-	-	PUNCT
fbem-9137	65	20	at	at	ADP
fbem-9137	65	21	-	-	PUNCT
fbem-9137	65	22	risk	risk	NOUN
fbem-9137	65	23	)	)	PUNCT
fbem-9137	65	24	model	model	NOUN
fbem-9137	65	25	proposed	propose	VERB
fbem-9137	65	26	by	by	ADP
fbem-9137	65	27	adrian	adrian	PROPN
fbem-9137	65	28	and	and	CCONJ
fbem-9137	65	29	brunnermeier	brunnermei	ADJ
fbem-9137	65	30	(	(	PUNCT
fbem-9137	65	31	2016	2016	NUM
fbem-9137	65	32	)	)	PUNCT
fbem-9137	65	33	,	,	PUNCT
fbem-9137	65	34	this	this	DET
fbem-9137	65	35	study	study	NOUN
fbem-9137	65	36	introduces	introduce	VERB
fbem-9137	65	37	various	various	ADJ
fbem-9137	65	38	financial	financial	ADJ
fbem-9137	65	39	market	market	NOUN
fbem-9137	65	40	returns	return	NOUN
fbem-9137	65	41	as	as	ADP
fbem-9137	65	42	state	state	NOUN
fbem-9137	65	43	variables	variable	NOUN
fbem-9137	65	44	for	for	ADP
fbem-9137	65	45	improvement	improvement	NOUN
fbem-9137	65	46	.	.	PUNCT
fbem-9137	66	1	firstly	firstly	ADV
fbem-9137	66	2	,	,	PUNCT
fbem-9137	66	3	the	the	DET
fbem-9137	66	4	systemic	systemic	ADJ
fbem-9137	66	5	loss	loss	NOUN
fbem-9137	66	6	rate	rate	NOUN
fbem-9137	66	7	in	in	ADP
fbem-9137	66	8	the	the	DET
fbem-9137	66	9	securities	security	NOUN
fbem-9137	66	10	industry	industry	NOUN
fbem-9137	66	11	(	(	PUNCT
fbem-9137	66	12	system_t	system_t	ADJ
fbem-9137	66	13	,	,	PUNCT
fbem-9137	66	14	negative	negative	ADJ
fbem-9137	66	15	values	value	NOUN
fbem-9137	66	16	of	of	ADP
fbem-9137	66	17	returns	return	NOUN
fbem-9137	66	18	)	)	PUNCT
fbem-9137	66	19	is	be	AUX
fbem-9137	66	20	taken	take	VERB
fbem-9137	66	21	as	as	ADP
fbem-9137	66	22	the	the	DET
fbem-9137	66	23	dependent	dependent	ADJ
fbem-9137	66	24	variable	variable	NOUN
fbem-9137	66	25	,	,	PUNCT
fbem-9137	66	26	while	while	SCONJ
fbem-9137	66	27	the	the	DET
fbem-9137	66	28	individual	individual	ADJ
fbem-9137	66	29	securities	security	NOUN
fbem-9137	66	30	institution	institution	NOUN
fbem-9137	66	31	's	's	PART
fbem-9137	66	32	loss	loss	NOUN
fbem-9137	66	33	rate	rate	NOUN
fbem-9137	66	34	(	(	PUNCT
fbem-9137	66	35	x_(i	x_(i	NUM
fbem-9137	66	36	,	,	PUNCT
fbem-9137	66	37	t	t	PROPN
fbem-9137	66	38	)	)	PUNCT
fbem-9137	66	39	,	,	PUNCT
fbem-9137	66	40	negative	negative	ADJ
fbem-9137	66	41	values	value	NOUN
fbem-9137	66	42	of	of	ADP
fbem-9137	66	43	returns	return	NOUN
fbem-9137	66	44	)	)	PUNCT
fbem-9137	66	45	is	be	AUX
fbem-9137	66	46	taken	take	VERB
fbem-9137	66	47	as	as	ADP
fbem-9137	66	48	the	the	DET
fbem-9137	66	49	explanatory	explanatory	ADJ
fbem-9137	66	50	variable	variable	NOUN
fbem-9137	66	51	.	.	PUNCT
fbem-9137	67	1	a	a	DET
fbem-9137	67	2	quantile	quantile	ADJ
fbem-9137	67	3	regression	regression	NOUN
fbem-9137	67	4	model	model	NOUN
fbem-9137	67	5	is	be	AUX
fbem-9137	67	6	constructed	construct	VERB
fbem-9137	67	7	at	at	ADP
fbem-9137	67	8	the	the	DET
fbem-9137	67	9	q%	q%	NOUN
fbem-9137	67	10	quantile	quantile	ADJ
fbem-9137	67	11	level	level	NOUN
fbem-9137	67	12	.	.	PUNCT
fbem-9137	68	1	the	the	DET
fbem-9137	68	2	specific	specific	ADJ
fbem-9137	68	3	form	form	NOUN
fbem-9137	68	4	is	be	AUX
fbem-9137	68	5	as	as	SCONJ
fbem-9137	68	6	follows	follow	VERB
fbem-9137	68	7	:	:	PUNCT
fbem-9137	68	8	titk	titk	ADJ
fbem-9137	68	9	k	k	PROPN
fbem-9137	68	10	q	q	PROPN
fbem-9137	69	1	kiti	kiti	PROPN
fbem-9137	69	2	q	q	X
fbem-9137	70	1	i	i	PRON
fbem-9137	70	2	q	q	NOUN
fbem-9137	71	1	i	i	PRON
fbem-9137	71	2	q	q	PROPN
fbem-9137	71	3	t	t	NOUN
fbem-9137	71	4	mxsystem	mxsystem	NOUN
fbem-9137	71	5	,	,	PUNCT
fbem-9137	71	6	,	,	PUNCT
fbem-9137	71	7	5	5	NUM
fbem-9137	71	8	1	1	NUM
fbem-9137	71	9	,	,	PUNCT
fbem-9137	71	10	,	,	PUNCT
fbem-9137	71	11			PROPN
fbem-9137	71	12			X
fbem-9137	71	13			X
fbem-9137	72	1			PROPN
fbem-9137	72	2	(	(	PUNCT
fbem-9137	72	3	1	1	NUM
fbem-9137	72	4	)	)	PUNCT
fbem-9137	72	5	where	where	SCONJ
fbem-9137	72	6	m_(k	m_(k	NOUN
fbem-9137	72	7	,	,	PUNCT
fbem-9137	72	8	t	t	PROPN
fbem-9137	72	9	)	)	PUNCT
fbem-9137	72	10	represents	represent	VERB
fbem-9137	72	11	the	the	DET
fbem-9137	72	12	fundamental	fundamental	ADJ
fbem-9137	72	13	state	state	NOUN
fbem-9137	72	14	variables	variable	NOUN
fbem-9137	72	15	of	of	ADP
fbem-9137	72	16	the	the	DET
fbem-9137	72	17	k	k	NOUN
fbem-9137	72	18	-	-	PUNCT
fbem-9137	72	19	th	th	VERB
fbem-9137	72	20	market	market	NOUN
fbem-9137	72	21	,	,	PUNCT
fbem-9137	72	22	where	where	SCONJ
fbem-9137	72	23	k	k	PROPN
fbem-9137	72	24	∈	∈	PROPN
fbem-9137	72	25	{	{	PUNCT
fbem-9137	72	26	1	1	NUM
fbem-9137	72	27	,	,	PUNCT
fbem-9137	72	28	2	2	NUM
fbem-9137	72	29	,	,	PUNCT
fbem-9137	72	30	3	3	NUM
fbem-9137	72	31	,	,	PUNCT
fbem-9137	72	32	4	4	NUM
fbem-9137	72	33	,	,	PUNCT
fbem-9137	72	34	5	5	NUM
fbem-9137	72	35	}	}	PUNCT
fbem-9137	72	36	,	,	PUNCT
fbem-9137	72	37	referring	refer	VERB
fbem-9137	72	38	to	to	ADP
fbem-9137	72	39	the	the	DET
fbem-9137	72	40	stock	stock	NOUN
fbem-9137	72	41	market	market	NOUN
fbem-9137	72	42	,	,	PUNCT
fbem-9137	72	43	money	money	NOUN
fbem-9137	72	44	market	market	NOUN
fbem-9137	72	45	,	,	PUNCT
fbem-9137	72	46	bond	bond	NOUN
fbem-9137	72	47	market	market	NOUN
fbem-9137	72	48	,	,	PUNCT
fbem-9137	72	49	foreign	foreign	ADJ
fbem-9137	72	50	exchange	exchange	NOUN
fbem-9137	72	51	market	market	NOUN
fbem-9137	72	52	,	,	PUNCT
fbem-9137	72	53	and	and	CCONJ
fbem-9137	72	54	real	real	ADJ
fbem-9137	72	55	estate	estate	NOUN
fbem-9137	72	56	market	market	NOUN
fbem-9137	72	57	.	.	PUNCT
fbem-9137	73	1	meanwhile	meanwhile	ADV
fbem-9137	73	2	,	,	PUNCT
fbem-9137	73	3	i	i	PRON
fbem-9137	73	4	refers	refer	VERB
fbem-9137	73	5	to	to	ADP
fbem-9137	73	6	the	the	DET
fbem-9137	73	7	i	i	PROPN
fbem-9137	73	8	-	-	PUNCT
fbem-9137	73	9	th	th	VERB
fbem-9137	73	10	securities	security	NOUN
fbem-9137	73	11	institution	institution	NOUN
fbem-9137	73	12	.	.	PUNCT
fbem-9137	74	1	tk	tk	PROPN
fbem-9137	75	1	k	k	PROPN
fbem-9137	75	2	q	q	X
fbem-9137	76	1	ki	ki	PROPN
fbem-9137	76	2	q	q	PROPN
fbem-9137	76	3	ti	ti	PROPN
fbem-9137	76	4	q	q	NOUN
fbem-9137	77	1	i	i	PRON
fbem-9137	77	2	q	q	NOUN
fbem-9137	78	1	i	i	PRON
fbem-9137	78	2	q	q	NOUN
fbem-9137	78	3	ti	ti	NOUN
fbem-9137	78	4	mvarcovar	mvarcovar	NOUN
fbem-9137	78	5	,	,	PUNCT
fbem-9137	78	6	5	5	NUM
fbem-9137	78	7	1	1	NUM
fbem-9137	78	8	,	,	PUNCT
fbem-9137	78	9	,	,	PUNCT
fbem-9137	78	10	,	,	PUNCT
fbem-9137	78	11			X
fbem-9137	78	12			NUM
fbem-9137	78	13			NOUN
fbem-9137	78	14			PUNCT
fbem-9137	78	15			PROPN
fbem-9137	78	16	(	(	PUNCT
fbem-9137	78	17	2	2	NUM
fbem-9137	78	18	)	)	PUNCT
fbem-9137	78	19	114	114	NUM
fbem-9137	78	20	where	where	SCONJ
fbem-9137	78	21	the	the	DET
fbem-9137	78	22	symbol	symbol	NOUN
fbem-9137	78	23	"	"	PUNCT
fbem-9137	78	24	∧	∧	PROPN
fbem-9137	78	25	"	"	PUNCT
fbem-9137	78	26	represents	represent	VERB
fbem-9137	78	27	the	the	DET
fbem-9137	78	28	estimated	estimate	VERB
fbem-9137	78	29	parameter	parameter	NOUN
fbem-9137	78	30	values	value	NOUN
fbem-9137	78	31	.	.	PUNCT
fbem-9137	79	1	to	to	PART
fbem-9137	79	2	measure	measure	VERB
fbem-9137	79	3	the	the	DET
fbem-9137	79	4	spillover	spillover	NOUN
fbem-9137	79	5	effects	effect	NOUN
fbem-9137	79	6	of	of	ADP
fbem-9137	79	7	financial	financial	ADJ
fbem-9137	79	8	markets	market	NOUN
fbem-9137	79	9	on	on	ADP
fbem-9137	79	10	systemic	systemic	ADJ
fbem-9137	79	11	risk	risk	NOUN
fbem-9137	79	12	in	in	ADP
fbem-9137	79	13	the	the	DET
fbem-9137	79	14	securities	security	NOUN
fbem-9137	79	15	industry	industry	NOUN
fbem-9137	79	16	,	,	PUNCT
fbem-9137	79	17	this	this	DET
fbem-9137	79	18	study	study	NOUN
fbem-9137	79	19	draws	draw	VERB
fbem-9137	79	20	on	on	ADP
fbem-9137	79	21	the	the	DET
fbem-9137	79	22	research	research	NOUN
fbem-9137	79	23	by	by	ADP
fbem-9137	79	24	fang	fang	PROPN
fbem-9137	79	25	et	et	PROPN
fbem-9137	79	26	al	al	PROPN
fbem-9137	79	27	.	.	PROPN
fbem-9137	80	1	(	(	PUNCT
fbem-9137	80	2	2018	2018	NUM
fbem-9137	80	3	)	)	PUNCT
fbem-9137	80	4	.	.	PUNCT
fbem-9137	81	1	it	it	PRON
fbem-9137	81	2	considers	consider	VERB
fbem-9137	81	3	the	the	DET
fbem-9137	81	4	fundamental	fundamental	ADJ
fbem-9137	81	5	state	state	NOUN
fbem-9137	81	6	variables	variable	NOUN
fbem-9137	81	7	of	of	ADP
fbem-9137	81	8	financial	financial	ADJ
fbem-9137	81	9	sub	sub	NOUN
fbem-9137	81	10	-	-	NOUN
fbem-9137	81	11	markets	market	NOUN
fbem-9137	81	12	and	and	CCONJ
fbem-9137	81	13	the	the	DET
fbem-9137	81	14	real	real	ADJ
fbem-9137	81	15	estate	estate	NOUN
fbem-9137	81	16	market	market	NOUN
fbem-9137	81	17	as	as	ADP
fbem-9137	81	18	the	the	DET
fbem-9137	81	19	dependent	dependent	ADJ
fbem-9137	81	20	variables	variable	NOUN
fbem-9137	81	21	,	,	PUNCT
fbem-9137	81	22	with	with	ADP
fbem-9137	81	23	a	a	DET
fbem-9137	81	24	constant	constant	ADJ
fbem-9137	81	25	term	term	NOUN
fbem-9137	81	26	as	as	ADP
fbem-9137	81	27	the	the	DET
fbem-9137	81	28	explanatory	explanatory	ADJ
fbem-9137	81	29	variable	variable	NOUN
fbem-9137	81	30	in	in	ADP
fbem-9137	81	31	quantile	quantile	ADJ
fbem-9137	81	32	regression	regression	NOUN
fbem-9137	81	33	.	.	PUNCT
fbem-9137	82	1	additionally	additionally	ADV
fbem-9137	82	2	,	,	PUNCT
fbem-9137	82	3	a	a	DET
fbem-9137	82	4	fixed	fix	VERB
fbem-9137	82	5	window	window	NOUN
fbem-9137	82	6	of	of	ADP
fbem-9137	82	7	120	120	NUM
fbem-9137	82	8	trading	trading	NOUN
fbem-9137	82	9	days	day	NOUN
fbem-9137	82	10	is	be	AUX
fbem-9137	82	11	selected	select	VERB
fbem-9137	82	12	for	for	ADP
fbem-9137	82	13	dynamic	dynamic	ADJ
fbem-9137	82	14	estimation	estimation	NOUN
fbem-9137	82	15	.	.	PUNCT
fbem-9137	83	1	by	by	ADP
fbem-9137	83	2	incorporating	incorporate	VERB
fbem-9137	83	3	the	the	DET
fbem-9137	83	4	risk	risk	NOUN
fbem-9137	83	5	state	state	NOUN
fbem-9137	83	6	variables	variable	NOUN
fbem-9137	83	7	of	of	ADP
fbem-9137	83	8	financial	financial	ADJ
fbem-9137	83	9	markets	market	NOUN
fbem-9137	83	10	and	and	CCONJ
fbem-9137	83	11	the	the	DET
fbem-9137	83	12	real	real	ADJ
fbem-9137	83	13	estate	estate	NOUN
fbem-9137	83	14	market	market	NOUN
fbem-9137	83	15	,	,	PUNCT
fbem-9137	83	16	the	the	DET
fbem-9137	83	17	conditional	conditional	ADJ
fbem-9137	83	18	value	value	NOUN
fbem-9137	83	19	-	-	PUNCT
fbem-9137	83	20	at	at	ADP
fbem-9137	83	21	-	-	PUNCT
fbem-9137	83	22	risk	risk	NOUN
fbem-9137	83	23	(	(	PUNCT
fbem-9137	83	24	cvar	cvar	NOUN
fbem-9137	83	25	)	)	PUNCT
fbem-9137	83	26	for	for	ADP
fbem-9137	83	27	the	the	DET
fbem-9137	83	28	securities	security	NOUN
fbem-9137	83	29	industry	industry	NOUN
fbem-9137	83	30	,	,	PUNCT
fbem-9137	83	31	considering	consider	VERB
fbem-9137	83	32	the	the	DET
fbem-9137	83	33	risk	risk	NOUN
fbem-9137	83	34	values	value	NOUN
fbem-9137	83	35	of	of	ADP
fbem-9137	83	36	individual	individual	ADJ
fbem-9137	83	37	securities	security	NOUN
fbem-9137	83	38	institutions	institution	NOUN
fbem-9137	83	39	and	and	CCONJ
fbem-9137	83	40	the	the	DET
fbem-9137	83	41	risk	risk	NOUN
fbem-9137	83	42	state	state	NOUN
fbem-9137	83	43	variables	variable	NOUN
fbem-9137	83	44	of	of	ADP
fbem-9137	83	45	specific	specific	ADJ
fbem-9137	83	46	markets	market	NOUN
fbem-9137	83	47	,	,	PUNCT
fbem-9137	83	48	can	can	AUX
fbem-9137	83	49	be	be	AUX
fbem-9137	83	50	obtained	obtain	VERB
fbem-9137	83	51	by	by	ADP
fbem-9137	83	52	substituting	substitute	VERB
fbem-9137	83	53	them	they	PRON
fbem-9137	83	54	into	into	ADP
fbem-9137	83	55	equation	equation	NOUN
fbem-9137	83	56	(	(	PUNCT
fbem-9137	83	57	2	2	NUM
fbem-9137	83	58	)	)	PUNCT
fbem-9137	83	59	.	.	PUNCT
fbem-9137	84	1	q	q	PROPN
fbem-9137	85	1	m	m	VERB
fbem-9137	85	2	q	q	X
fbem-9137	85	3	ki	ki	PROPN
fbem-9137	85	4	varq	varq	PROPN
fbem-9137	85	5	ti	ti	PROPN
fbem-9137	85	6	q	q	PROPN
fbem-9137	86	1	i	i	PRON
fbem-9137	86	2	q	q	NOUN
fbem-9137	87	1	i	i	PRON
fbem-9137	87	2	varvars	varvar	VERB
fbem-9137	87	3	q	q	PROPN
fbem-9137	87	4	tk	tk	PROPN
fbem-9137	87	5	q	q	PROPN
fbem-9137	87	6	tkm	tkm	PROPN
fbem-9137	87	7	q	q	PROPN
fbem-9137	87	8	ti	ti	PROPN
fbem-9137	87	9	q	q	PROPN
fbem-9137	87	10	tkm	tkm	PROPN
fbem-9137	87	11	varvarcovar	varvarcovar	NOUN
fbem-9137	87	12	,	,	PUNCT
fbem-9137	87	13	,	,	PUNCT
fbem-9137	87	14	,	,	PUNCT
fbem-9137	87	15	,	,	PUNCT
fbem-9137	87	16	,	,	PUNCT
fbem-9137	87	17	,	,	PUNCT
fbem-9137	87	18	&	&	CCONJ
fbem-9137	87	19			PROPN
fbem-9137	87	20			PROPN
fbem-9137	87	21			PUNCT
fbem-9137	87	22			NUM
fbem-9137	87	23	(	(	PUNCT
fbem-9137	87	24	3	3	X
fbem-9137	87	25	)	)	PUNCT
fbem-9137	87	26	the	the	DET
fbem-9137	87	27	left	left	ADJ
fbem-9137	87	28	side	side	NOUN
fbem-9137	87	29	of	of	ADP
fbem-9137	87	30	the	the	DET
fbem-9137	87	31	equation	equation	NOUN
fbem-9137	87	32	represents	represent	VERB
fbem-9137	87	33	the	the	DET
fbem-9137	87	34	systemic	systemic	ADJ
fbem-9137	87	35	risk	risk	NOUN
fbem-9137	87	36	of	of	ADP
fbem-9137	87	37	the	the	DET
fbem-9137	87	38	securities	security	NOUN
fbem-9137	87	39	industry	industry	NOUN
fbem-9137	87	40	when	when	SCONJ
fbem-9137	87	41	all	all	DET
fbem-9137	87	42	four	four	NUM
fbem-9137	87	43	financial	financial	ADJ
fbem-9137	87	44	sub	sub	NOUN
fbem-9137	87	45	-	-	NOUN
fbem-9137	87	46	markets	market	NOUN
fbem-9137	87	47	and	and	CCONJ
fbem-9137	87	48	the	the	DET
fbem-9137	87	49	real	real	ADJ
fbem-9137	87	50	estate	estate	NOUN
fbem-9137	87	51	market	market	NOUN
fbem-9137	87	52	are	be	AUX
fbem-9137	87	53	under	under	ADP
fbem-9137	87	54	stress	stress	NOUN
fbem-9137	87	55	,	,	PUNCT
fbem-9137	87	56	and	and	CCONJ
fbem-9137	87	57	the	the	DET
fbem-9137	87	58	individual	individual	ADJ
fbem-9137	87	59	securities	security	NOUN
fbem-9137	87	60	institution	institution	NOUN
fbem-9137	87	61	i	i	PRON
fbem-9137	87	62	is	be	AUX
fbem-9137	87	63	also	also	ADV
fbem-9137	87	64	under	under	ADP
fbem-9137	87	65	stress	stress	NOUN
fbem-9137	87	66	.	.	PUNCT
fbem-9137	88	1	furthermore	furthermore	ADV
fbem-9137	88	2	,	,	PUNCT
fbem-9137	88	3	when	when	SCONJ
fbem-9137	88	4	the	the	DET
fbem-9137	88	5	four	four	NUM
fbem-9137	88	6	financial	financial	ADJ
fbem-9137	88	7	sub	sub	NOUN
fbem-9137	88	8	-	-	NOUN
fbem-9137	88	9	markets	market	NOUN
fbem-9137	88	10	and	and	CCONJ
fbem-9137	88	11	the	the	DET
fbem-9137	88	12	real	real	ADJ
fbem-9137	88	13	estate	estate	NOUN
fbem-9137	88	14	market	market	NOUN
fbem-9137	88	15	as	as	ADP
fbem-9137	88	16	a	a	DET
fbem-9137	88	17	whole	whole	ADJ
fbem-9137	88	18	transition	transition	NOUN
fbem-9137	88	19	from	from	ADP
fbem-9137	88	20	a	a	DET
fbem-9137	88	21	normal	normal	ADJ
fbem-9137	88	22	state	state	NOUN
fbem-9137	88	23	to	to	ADP
fbem-9137	88	24	a	a	DET
fbem-9137	88	25	risk	risk	NOUN
fbem-9137	88	26	state	state	NOUN
fbem-9137	88	27	,	,	PUNCT
fbem-9137	88	28	and	and	CCONJ
fbem-9137	88	29	the	the	DET
fbem-9137	88	30	individual	individual	ADJ
fbem-9137	88	31	securities	security	NOUN
fbem-9137	88	32	institution	institution	NOUN
fbem-9137	88	33	transitions	transition	NOUN
fbem-9137	88	34	from	from	ADP
fbem-9137	88	35	a	a	DET
fbem-9137	88	36	normal	normal	ADJ
fbem-9137	88	37	state	state	NOUN
fbem-9137	88	38	to	to	ADP
fbem-9137	88	39	a	a	DET
fbem-9137	88	40	stress	stress	NOUN
fbem-9137	88	41	state	state	NOUN
fbem-9137	88	42	due	due	ADP
fbem-9137	88	43	to	to	ADP
fbem-9137	88	44	changes	change	NOUN
fbem-9137	88	45	in	in	ADP
fbem-9137	88	46	the	the	DET
fbem-9137	88	47	risk	risk	NOUN
fbem-9137	88	48	state	state	NOUN
fbem-9137	88	49	of	of	ADP
fbem-9137	88	50	financial	financial	ADJ
fbem-9137	88	51	markets	market	NOUN
fbem-9137	88	52	and	and	CCONJ
fbem-9137	88	53	the	the	DET
fbem-9137	88	54	real	real	ADJ
fbem-9137	88	55	estate	estate	NOUN
fbem-9137	88	56	market	market	NOUN
fbem-9137	88	57	,	,	PUNCT
fbem-9137	88	58	the	the	DET
fbem-9137	88	59	contribution	contribution	NOUN
fbem-9137	88	60	of	of	ADP
fbem-9137	88	61	the	the	DET
fbem-9137	88	62	changes	change	NOUN
fbem-9137	88	63	in	in	ADP
fbem-9137	88	64	the	the	DET
fbem-9137	88	65	risk	risk	NOUN
fbem-9137	88	66	state	state	NOUN
fbem-9137	88	67	of	of	ADP
fbem-9137	88	68	financial	financial	ADJ
fbem-9137	88	69	markets	market	NOUN
fbem-9137	88	70	and	and	CCONJ
fbem-9137	88	71	the	the	DET
fbem-9137	88	72	real	real	ADJ
fbem-9137	88	73	estate	estate	NOUN
fbem-9137	88	74	market	market	NOUN
fbem-9137	88	75	to	to	ADP
fbem-9137	88	76	the	the	DET
fbem-9137	88	77	systemic	systemic	ADJ
fbem-9137	88	78	risk	risk	NOUN
fbem-9137	88	79	of	of	ADP
fbem-9137	88	80	the	the	DET
fbem-9137	88	81	securities	security	NOUN
fbem-9137	88	82	industry	industry	NOUN
fbem-9137	88	83	can	can	AUX
fbem-9137	88	84	be	be	AUX
fbem-9137	88	85	expressed	express	VERB
fbem-9137	88	86	as	as	SCONJ
fbem-9137	88	87	follows	follow	VERB
fbem-9137	88	88	:	:	PUNCT
fbem-9137	88	89	50	50	NUM
fbem-9137	88	90	,	,	PUNCT
fbem-9137	88	91	50	50	NUM
fbem-9137	88	92	,	,	PUNCT
fbem-9137	88	93	,	,	PUNCT
fbem-9137	88	94	,	,	PUNCT
fbem-9137	88	95	&	&	CCONJ
fbem-9137	88	96	&	&	CCONJ
fbem-9137	88	97	*	*	PROPN
fbem-9137	88	98	,	,	PUNCT
fbem-9137	88	99	titkm	titkm	NOUN
fbem-9137	88	100	q	q	NOUN
fbem-9137	88	101	ti	ti	PROPN
fbem-9137	88	102	q	q	PROPN
fbem-9137	88	103	tkm	tkm	PROPN
fbem-9137	88	104	varvars	varvars	PROPN
fbem-9137	88	105	q	q	PROPN
fbem-9137	88	106	varvars	varvar	NOUN
fbem-9137	88	107	qti	qti	ADV
fbem-9137	88	108	covarcovarcovar	covarcovarcovar	PROPN
fbem-9137	88	109			PROPN
fbem-9137	88	110			PROPN
fbem-9137	88	111	(	(	PUNCT
fbem-9137	88	112	4	4	NUM
fbem-9137	88	113	)	)	PUNCT
fbem-9137	88	114	finally	finally	ADV
fbem-9137	88	115	,	,	PUNCT
fbem-9137	88	116	the	the	DET
fbem-9137	88	117	contribution	contribution	NOUN
fbem-9137	88	118	of	of	ADP
fbem-9137	88	119	individual	individual	ADJ
fbem-9137	88	120	securities	security	NOUN
fbem-9137	88	121	firms	firm	NOUN
fbem-9137	88	122	to	to	ADP
fbem-9137	88	123	the	the	DET
fbem-9137	88	124	systemic	systemic	ADJ
fbem-9137	88	125	risk	risk	NOUN
fbem-9137	88	126	of	of	ADP
fbem-9137	88	127	the	the	DET
fbem-9137	88	128	securities	security	NOUN
fbem-9137	88	129	industry	industry	NOUN
fbem-9137	88	130	is	be	AUX
fbem-9137	88	131	weighted	weight	VERB
fbem-9137	88	132	by	by	ADP
fbem-9137	88	133	their	their	PRON
fbem-9137	88	134	proportion	proportion	NOUN
fbem-9137	88	135	of	of	ADP
fbem-9137	88	136	total	total	ADJ
fbem-9137	88	137	asset	asset	NOUN
fbem-9137	88	138	value	value	NOUN
fbem-9137	88	139	,	,	PUNCT
fbem-9137	88	140	resulting	result	VERB
fbem-9137	88	141	in	in	ADP
fbem-9137	88	142	a	a	DET
fbem-9137	88	143	weighted	weighted	ADJ
fbem-9137	88	144	average	average	NOUN
fbem-9137	88	145	.	.	PUNCT
fbem-9137	89	1	this	this	DET
fbem-9137	89	2	approach	approach	NOUN
fbem-9137	89	3	considers	consider	VERB
fbem-9137	89	4	the	the	DET
fbem-9137	89	5	relative	relative	ADJ
fbem-9137	89	6	size	size	NOUN
fbem-9137	89	7	effect	effect	NOUN
fbem-9137	89	8	of	of	ADP
fbem-9137	89	9	securities	security	NOUN
fbem-9137	89	10	firms	firm	NOUN
fbem-9137	89	11	and	and	CCONJ
fbem-9137	89	12	provides	provide	VERB
fbem-9137	89	13	a	a	DET
fbem-9137	89	14	measure	measure	NOUN
fbem-9137	89	15	of	of	ADP
fbem-9137	89	16	the	the	DET
fbem-9137	89	17	systemic	systemic	ADJ
fbem-9137	89	18	risk	risk	NOUN
fbem-9137	89	19	of	of	ADP
fbem-9137	89	20	the	the	DET
fbem-9137	89	21	securities	security	NOUN
fbem-9137	89	22	industry	industry	NOUN
fbem-9137	89	23	that	that	PRON
fbem-9137	89	24	takes	take	VERB
fbem-9137	89	25	into	into	ADP
fbem-9137	89	26	account	account	NOUN
fbem-9137	89	27	the	the	DET
fbem-9137	89	28	scale	scale	NOUN
fbem-9137	89	29	of	of	ADP
fbem-9137	89	30	individual	individual	ADJ
fbem-9137	89	31	securities	security	NOUN
fbem-9137	89	32	firms	firm	NOUN
fbem-9137	89	33	.	.	PUNCT
fbem-9137	90	1	*	*	PUNCT
fbem-9137	90	2	,	,	PUNCT
fbem-9137	90	3	5	5	NUM
fbem-9137	90	4	1	1	NUM
fbem-9137	90	5	,	,	PUNCT
fbem-9137	90	6	,	,	PUNCT
fbem-9137	90	7	*	*	PUNCT
fbem-9137	90	8	ti	ti	VERB
fbem-9137	91	1	i	i	PRON
fbem-9137	91	2	ti	ti	NOUN
fbem-9137	91	3	ti	ti	NOUN
fbem-9137	91	4	i	i	PRON
fbem-9137	91	5	covar	covar	VERB
fbem-9137	91	6	a	a	DET
fbem-9137	91	7	a	a	DET
fbem-9137	91	8	covar	covar	NOUN
fbem-9137	91	9			NOUN
fbem-9137	91	10			ADP
fbem-9137	91	11	(	(	PUNCT
fbem-9137	91	12	5	5	NUM
fbem-9137	91	13	)	)	PUNCT
fbem-9137	91	14	(	(	PUNCT
fbem-9137	91	15	3	3	X
fbem-9137	91	16	)	)	PUNCT
fbem-9137	91	17	measurement	measurement	NOUN
fbem-9137	91	18	model	model	NOUN
fbem-9137	91	19	for	for	ADP
fbem-9137	91	20	spillover	spillover	NOUN
fbem-9137	91	21	effects	effect	NOUN
fbem-9137	91	22	of	of	ADP
fbem-9137	91	23	individual	individual	ADJ
fbem-9137	91	24	financial	financial	ADJ
fbem-9137	91	25	sub	sub	NOUN
fbem-9137	91	26	-	-	NOUN
fbem-9137	91	27	markets	market	NOUN
fbem-9137	91	28	when	when	SCONJ
fbem-9137	91	29	a	a	DET
fbem-9137	91	30	specific	specific	ADJ
fbem-9137	91	31	financial	financial	ADJ
fbem-9137	91	32	sub	sub	NOUN
fbem-9137	91	33	-	-	NOUN
fbem-9137	91	34	market	market	NOUN
fbem-9137	91	35	or	or	CCONJ
fbem-9137	91	36	the	the	DET
fbem-9137	91	37	real	real	ADJ
fbem-9137	91	38	estate	estate	NOUN
fbem-9137	91	39	market	market	NOUN
fbem-9137	91	40	and	and	CCONJ
fbem-9137	91	41	an	an	DET
fbem-9137	91	42	individual	individual	ADJ
fbem-9137	91	43	securities	security	NOUN
fbem-9137	91	44	firm	firm	NOUN
fbem-9137	91	45	are	be	AUX
fbem-9137	91	46	both	both	PRON
fbem-9137	91	47	in	in	ADP
fbem-9137	91	48	a	a	DET
fbem-9137	91	49	risk	risk	NOUN
fbem-9137	91	50	state	state	NOUN
fbem-9137	91	51	,	,	PUNCT
fbem-9137	91	52	the	the	DET
fbem-9137	91	53	systemic	systemic	ADJ
fbem-9137	91	54	financial	financial	ADJ
fbem-9137	91	55	risk	risk	NOUN
fbem-9137	91	56	of	of	ADP
fbem-9137	91	57	the	the	DET
fbem-9137	91	58	securities	security	NOUN
fbem-9137	91	59	industry	industry	NOUN
fbem-9137	91	60	can	can	AUX
fbem-9137	91	61	be	be	AUX
fbem-9137	91	62	expressed	express	VERB
fbem-9137	91	63	as	as	ADP
fbem-9137	91	64	:	:	PUNCT
fbem-9137	91	65			X
fbem-9137	91	66			NOUN
fbem-9137	92	1			NUM
fbem-9137	92	2			NOUN
fbem-9137	92	3	jk	jk	PROPN
fbem-9137	92	4	tk	tk	PROPN
fbem-9137	92	5	q	q	PROPN
fbem-9137	93	1	ki	ki	PROPN
fbem-9137	93	2	q	q	PROPN
fbem-9137	93	3	m	m	VERB
fbem-9137	93	4	q	q	PROPN
fbem-9137	93	5	ji	ji	PROPN
fbem-9137	93	6	varq	varq	PROPN
fbem-9137	94	1	ti	ti	PROPN
fbem-9137	94	2	q	q	PROPN
fbem-9137	95	1	i	i	PRON
fbem-9137	95	2	q	q	NOUN
fbem-9137	96	1	i	i	PRON
fbem-9137	96	2	varvar	varvar	NOUN
fbem-9137	97	1	ti	ti	INTJ
fbem-9137	97	2	mvarvarcovar	mvarvarcovar	NOUN
fbem-9137	97	3	tj	tj	PROPN
fbem-9137	97	4	q	q	PROPN
fbem-9137	97	5	tjm	tjm	NOUN
fbem-9137	97	6	q	q	X
fbem-9137	97	7	ti	ti	PROPN
fbem-9137	97	8	q	q	NOUN
fbem-9137	97	9	tjm	tjm	NOUN
fbem-9137	97	10	,	,	PUNCT
fbem-9137	97	11	,	,	PUNCT
fbem-9137	97	12	,	,	PUNCT
fbem-9137	97	13	,	,	PUNCT
fbem-9137	97	14	&	&	CCONJ
fbem-9137	97	15	,	,	PUNCT
fbem-9137	97	16	,	,	PUNCT
fbem-9137	97	17	,	,	PUNCT
fbem-9137	97	18	,	,	PUNCT
fbem-9137	97	19	,	,	PUNCT
fbem-9137	97	20			PROPN
fbem-9137	97	21	(	(	PUNCT
fbem-9137	97	22	6	6	NUM
fbem-9137	97	23	)	)	PUNCT
fbem-9137	97	24	furthermore	furthermore	ADV
fbem-9137	97	25	,	,	PUNCT
fbem-9137	97	26	when	when	SCONJ
fbem-9137	97	27	an	an	DET
fbem-9137	97	28	individual	individual	ADJ
fbem-9137	97	29	market	market	NOUN
fbem-9137	97	30	and	and	CCONJ
fbem-9137	97	31	an	an	DET
fbem-9137	97	32	individual	individual	ADJ
fbem-9137	97	33	securities	security	NOUN
fbem-9137	97	34	firm	firm	NOUN
fbem-9137	97	35	transition	transition	NOUN
fbem-9137	97	36	from	from	ADP
fbem-9137	97	37	a	a	DET
fbem-9137	97	38	normal	normal	ADJ
fbem-9137	97	39	state	state	NOUN
fbem-9137	97	40	to	to	ADP
fbem-9137	97	41	a	a	DET
fbem-9137	97	42	risk	risk	NOUN
fbem-9137	97	43	state	state	NOUN
fbem-9137	97	44	,	,	PUNCT
fbem-9137	97	45	they	they	PRON
fbem-9137	97	46	generate	generate	VERB
fbem-9137	97	47	a	a	DET
fbem-9137	97	48	spill	spill	NOUN
fbem-9137	97	49	-	-	PUNCT
fbem-9137	97	50	over	over	ADP
fbem-9137	97	51	effect	effect	NOUN
fbem-9137	97	52	on	on	ADP
fbem-9137	97	53	the	the	DET
fbem-9137	97	54	systemic	systemic	ADJ
fbem-9137	97	55	risk	risk	NOUN
fbem-9137	97	56	of	of	ADP
fbem-9137	97	57	the	the	DET
fbem-9137	97	58	securities	security	NOUN
fbem-9137	97	59	industry	industry	NOUN
fbem-9137	97	60	.	.	PUNCT
fbem-9137	98	1	this	this	DET
fbem-9137	98	2	spill	spill	NOUN
fbem-9137	98	3	-	-	PUNCT
fbem-9137	98	4	over	over	ADP
fbem-9137	98	5	effect	effect	NOUN
fbem-9137	98	6	can	can	AUX
fbem-9137	98	7	be	be	AUX
fbem-9137	98	8	represented	represent	VERB
fbem-9137	98	9	as	as	ADP
fbem-9137	98	10	:	:	PUNCT
fbem-9137	98	11	)	)	PUNCT
fbem-9137	98	12	(	(	PUNCT
fbem-9137	98	13	)	)	PUNCT
fbem-9137	98	14	(	(	PUNCT
fbem-9137	98	15	5	5	NUM
fbem-9137	98	16	,	,	PUNCT
fbem-9137	98	17	50	50	NUM
fbem-9137	98	18	,	,	PUNCT
fbem-9137	98	19	,	,	PUNCT
fbem-9137	98	20	&	&	CCONJ
fbem-9137	98	21	,	,	PUNCT
fbem-9137	98	22	&	&	CCONJ
fbem-9137	98	23	,	,	PUNCT
fbem-9137	98	24	*	*	PUNCT
fbem-9137	98	25	,	,	PUNCT
fbem-9137	98	26	,	,	PUNCT
fbem-9137	98	27	,	,	PUNCT
fbem-9137	98	28	,	,	PUNCT
fbem-9137	98	29	,	,	PUNCT
fbem-9137	98	30	50	50	NUM
fbem-9137	98	31	,	,	PUNCT
fbem-9137	98	32	50	50	NUM
fbem-9137	98	33	,	,	PUNCT
fbem-9137	98	34	,	,	PUNCT
fbem-9137	98	35	,	,	PUNCT
fbem-9137	98	36	tktk	tktk	PROPN
fbem-9137	99	1	q	q	PROPN
fbem-9137	99	2	tkm	tkm	PROPN
fbem-9137	99	3	q	q	PROPN
fbem-9137	99	4	tkm	tkm	PROPN
fbem-9137	99	5	titjm	titjm	PROPN
fbem-9137	99	6	q	q	PROPN
fbem-9137	99	7	ti	ti	PROPN
fbem-9137	99	8	q	q	X
fbem-9137	99	9	tkm	tkm	PROPN
fbem-9137	99	10	m	m	PROPN
fbem-9137	99	11	q	q	NOUN
fbem-9137	99	12	m	m	VERB
fbem-9137	99	13	q	q	X
fbem-9137	99	14	ji	ji	PROPN
fbem-9137	99	15	var	var	NOUN
fbem-9137	99	16	ti	ti	PROPN
fbem-9137	99	17	varq	varq	PROPN
fbem-9137	99	18	ti	ti	PROPN
fbem-9137	99	19	q	q	PROPN
fbem-9137	100	1	i	i	PRON
fbem-9137	100	2	varvar	varvar	NOUN
fbem-9137	100	3	ti	ti	PROPN
fbem-9137	100	4	varvar	varvar	PROPN
fbem-9137	100	5	titik	titik	PROPN
fbem-9137	100	6	varvarvarvar	varvarvarvar	NOUN
fbem-9137	100	7	covarcovarcovarm	covarcovarcovarm	PROPN
fbem-9137	100	8			VERB
fbem-9137	100	9			PROPN
fbem-9137	100	10			ADV
fbem-9137	100	11			PROPN
fbem-9137	101	1	(	(	PUNCT
fbem-9137	102	1	7	7	X
fbem-9137	102	2	)	)	PUNCT
fbem-9137	102	3	finally	finally	ADV
fbem-9137	102	4	,	,	PUNCT
fbem-9137	102	5	by	by	ADP
fbem-9137	102	6	applying	apply	VERB
fbem-9137	102	7	market	market	NOUN
fbem-9137	102	8	value	value	NOUN
fbem-9137	102	9	weighting	weighting	NOUN
fbem-9137	102	10	,	,	PUNCT
fbem-9137	102	11	we	we	PRON
fbem-9137	102	12	can	can	AUX
fbem-9137	102	13	obtain	obtain	VERB
fbem-9137	102	14	the	the	DET
fbem-9137	102	15	spill	spill	NOUN
fbem-9137	102	16	-	-	PUNCT
fbem-9137	102	17	over	over	ADP
fbem-9137	102	18	effect	effect	NOUN
fbem-9137	102	19	of	of	ADP
fbem-9137	102	20	an	an	DET
fbem-9137	102	21	individual	individual	ADJ
fbem-9137	102	22	financial	financial	ADJ
fbem-9137	102	23	market	market	NOUN
fbem-9137	102	24	or	or	CCONJ
fbem-9137	102	25	the	the	DET
fbem-9137	102	26	real	real	ADJ
fbem-9137	102	27	estate	estate	NOUN
fbem-9137	102	28	market	market	NOUN
fbem-9137	102	29	on	on	ADP
fbem-9137	102	30	the	the	DET
fbem-9137	102	31	systemic	systemic	ADJ
fbem-9137	102	32	risk	risk	NOUN
fbem-9137	102	33	of	of	ADP
fbem-9137	102	34	the	the	DET
fbem-9137	102	35	securities	security	NOUN
fbem-9137	102	36	industry	industry	NOUN
fbem-9137	102	37	as	as	ADP
fbem-9137	102	38	:	:	PUNCT
fbem-9137	102	39			PROPN
fbem-9137	102	40			ADJ
fbem-9137	102	41			PROPN
fbem-9137	102	42			PRON
fbem-9137	102	43			NOUN
fbem-9137	102	44			VERB
fbem-9137	102	45			PROPN
fbem-9137	102	46			PROPN
fbem-9137	102	47			NUM
fbem-9137	102	48			PRON
fbem-9137	102	49			PROPN
fbem-9137	102	50			PROPN
fbem-9137	102	51			NOUN
fbem-9137	102	52			PROPN
fbem-9137	103	1			PROPN
fbem-9137	103	2			PROPN
fbem-9137	103	3			PRON
fbem-9137	103	4	50	50	NUM
fbem-9137	103	5	,	,	PUNCT
fbem-9137	103	6	50	50	NUM
fbem-9137	103	7	,	,	PUNCT
fbem-9137	103	8	,	,	PUNCT
fbem-9137	103	9	1	1	NUM
fbem-9137	103	10	,	,	PUNCT
fbem-9137	103	11	,	,	PUNCT
fbem-9137	103	12	*	*	PUNCT
fbem-9137	103	13	,	,	PUNCT
fbem-9137	103	14	,	,	PUNCT
fbem-9137	103	15	50	50	NUM
fbem-9137	103	16	,	,	PUNCT
fbem-9137	103	17	,	,	PUNCT
fbem-9137	103	18	tktk	tktk	PROPN
fbem-9137	103	19	tkm	tkm	PROPN
fbem-9137	103	20	q	q	PROPN
fbem-9137	103	21	tkm	tkm	PROPN
fbem-9137	103	22	m	m	PROPN
fbem-9137	103	23	q	q	NOUN
fbem-9137	103	24	m	m	VERB
fbem-9137	103	25	q	q	X
fbem-9137	103	26	ji	ji	PROPN
fbem-9137	103	27	var	var	NOUN
fbem-9137	103	28	ti	ti	PROPN
fbem-9137	103	29	varq	varq	PROPN
fbem-9137	103	30	ti	ti	PROPN
fbem-9137	104	1	n	n	PROPN
fbem-9137	104	2	i	i	PRON
fbem-9137	104	3	ti	ti	NOUN
fbem-9137	104	4	ti	ti	PROPN
fbem-9137	104	5	tk	tk	PROPN
fbem-9137	104	6	varvarvarvar	varvarvarvar	PROPN
fbem-9137	104	7	a	a	DET
fbem-9137	104	8	a	a	DET
fbem-9137	104	9	covarm	covarm	NOUN
fbem-9137	104	10			PROPN
fbem-9137	104	11	(	(	PUNCT
fbem-9137	104	12	8)	8)	NUM
fbem-9137	104	13	4	4	NUM
fbem-9137	104	14	.	.	PUNCT
fbem-9137	104	15	data	datum	NOUN
fbem-9137	104	16	source	source	NOUN
fbem-9137	104	17	and	and	CCONJ
fbem-9137	104	18	variable	variable	ADJ
fbem-9137	104	19	description	description	NOUN
fbem-9137	104	20	(	(	PUNCT
fbem-9137	104	21	1	1	X
fbem-9137	104	22	)	)	PUNCT
fbem-9137	104	23	data	datum	NOUN
fbem-9137	104	24	source	source	NOUN
fbem-9137	104	25	this	this	DET
fbem-9137	104	26	study	study	NOUN
fbem-9137	104	27	selected	select	VERB
fbem-9137	104	28	the	the	DET
fbem-9137	104	29	closing	closing	NOUN
fbem-9137	104	30	prices	price	NOUN
fbem-9137	104	31	of	of	ADP
fbem-9137	104	32	eight	eight	NUM
fbem-9137	104	33	a	a	DET
fbem-9137	104	34	-	-	PUNCT
fbem-9137	104	35	share	share	NOUN
fbem-9137	104	36	listed	list	VERB
fbem-9137	104	37	securities	security	NOUN
fbem-9137	104	38	firms	firm	NOUN
fbem-9137	104	39	as	as	ADP
fbem-9137	104	40	the	the	DET
fbem-9137	104	41	sample	sample	NOUN
fbem-9137	104	42	for	for	ADP
fbem-9137	104	43	research	research	NOUN
fbem-9137	104	44	.	.	PUNCT
fbem-9137	105	1	in	in	ADP
fbem-9137	105	2	order	order	NOUN
fbem-9137	105	3	to	to	PART
fbem-9137	105	4	fully	fully	ADV
fbem-9137	105	5	investigate	investigate	VERB
fbem-9137	105	6	the	the	DET
fbem-9137	105	7	impact	impact	NOUN
fbem-9137	105	8	of	of	ADP
fbem-9137	105	9	rapidly	rapidly	ADV
fbem-9137	105	10	developing	develop	VERB
fbem-9137	105	11	securities	security	NOUN
fbem-9137	105	12	firms	firm	NOUN
fbem-9137	105	13	on	on	ADP
fbem-9137	105	14	the	the	DET
fbem-9137	105	15	securities	security	NOUN
fbem-9137	105	16	industry	industry	NOUN
fbem-9137	105	17	in	in	ADP
fbem-9137	105	18	recent	recent	ADJ
fbem-9137	105	19	years	year	NOUN
fbem-9137	105	20	,	,	PUNCT
fbem-9137	105	21	this	this	DET
fbem-9137	105	22	study	study	NOUN
fbem-9137	105	23	selected	select	VERB
fbem-9137	105	24	the	the	DET
fbem-9137	105	25	top	top	ADJ
fbem-9137	105	26	eight	eight	NUM
fbem-9137	105	27	securities	security	NOUN
fbem-9137	105	28	firms	firm	NOUN
fbem-9137	105	29	in	in	ADP
fbem-9137	105	30	terms	term	NOUN
fbem-9137	105	31	of	of	ADP
fbem-9137	105	32	market	market	NOUN
fbem-9137	105	33	capitalization	capitalization	NOUN
fbem-9137	105	34	in	in	ADP
fbem-9137	105	35	2020	2020	NUM
fbem-9137	105	36	as	as	ADP
fbem-9137	105	37	the	the	DET
fbem-9137	105	38	research	research	NOUN
fbem-9137	105	39	objects	object	VERB
fbem-9137	105	40	.	.	PUNCT
fbem-9137	106	1	specifically	specifically	ADV
fbem-9137	106	2	,	,	PUNCT
fbem-9137	106	3	they	they	PRON
fbem-9137	106	4	are	be	AUX
fbem-9137	106	5	citic	citic	ADJ
fbem-9137	106	6	securities	security	NOUN
fbem-9137	106	7	,	,	PUNCT
fbem-9137	106	8	huatai	huatai	NOUN
fbem-9137	106	9	securities	security	NOUN
fbem-9137	106	10	,	,	PUNCT
fbem-9137	106	11	guotai	guotai	PROPN
fbem-9137	106	12	junan	junan	PROPN
fbem-9137	106	13	,	,	PUNCT
fbem-9137	106	14	china	china	PROPN
fbem-9137	106	15	merchants	merchant	NOUN
fbem-9137	106	16	securities	security	NOUN
fbem-9137	106	17	,	,	PUNCT
fbem-9137	106	18	shenwan	shenwan	PROPN
fbem-9137	106	19	hongyuan	hongyuan	PROPN
fbem-9137	106	20	securities	securities	PROPN
fbem-9137	106	21	,	,	PUNCT
fbem-9137	106	22	haitong	haitong	PROPN
fbem-9137	106	23	securities	securities	PROPN
fbem-9137	106	24	,	,	PUNCT
fbem-9137	106	25	gf	gf	PROPN
fbem-9137	106	26	securities	security	NOUN
fbem-9137	106	27	,	,	PUNCT
fbem-9137	106	28	and	and	CCONJ
fbem-9137	106	29	galaxy	galaxy	NOUN
fbem-9137	106	30	securities	security	NOUN
fbem-9137	106	31	.	.	PUNCT
fbem-9137	107	1	the	the	DET
fbem-9137	107	2	sample	sample	NOUN
fbem-9137	107	3	period	period	NOUN
fbem-9137	107	4	is	be	AUX
fbem-9137	107	5	from	from	ADP
fbem-9137	107	6	july	july	PROPN
fbem-9137	107	7	1	1	NUM
fbem-9137	107	8	,	,	PUNCT
fbem-9137	107	9	2016	2016	NUM
fbem-9137	107	10	,	,	PUNCT
fbem-9137	107	11	to	to	ADP
fbem-9137	107	12	june	june	PROPN
fbem-9137	107	13	30	30	NUM
fbem-9137	107	14	,	,	PUNCT
fbem-9137	107	15	2021	2021	NUM
fbem-9137	107	16	,	,	PUNCT
fbem-9137	107	17	with	with	ADP
fbem-9137	107	18	a	a	DET
fbem-9137	107	19	total	total	NOUN
fbem-9137	107	20	of	of	ADP
fbem-9137	107	21	1215	1215	NUM
fbem-9137	107	22	trading	trading	NOUN
fbem-9137	107	23	days	day	NOUN
fbem-9137	107	24	.	.	PUNCT
fbem-9137	108	1	the	the	DET
fbem-9137	108	2	sample	sample	NOUN
fbem-9137	108	3	data	datum	NOUN
fbem-9137	108	4	is	be	AUX
fbem-9137	108	5	sourced	source	VERB
fbem-9137	108	6	from	from	ADP
fbem-9137	108	7	the	the	DET
fbem-9137	108	8	tonghuashun	tonghuashun	PROPN
fbem-9137	108	9	database	database	NOUN
fbem-9137	108	10	and	and	CCONJ
fbem-9137	108	11	guotaian	guotaian	ADJ
fbem-9137	108	12	database	database	NOUN
fbem-9137	108	13	.	.	PUNCT
fbem-9137	109	1	table	table	NOUN
fbem-9137	109	2	1	1	NUM
fbem-9137	109	3	.	.	X
fbem-9137	109	4	list	list	NOUN
fbem-9137	109	5	of	of	ADP
fbem-9137	109	6	variables	variable	NOUN
fbem-9137	109	7	variable	variable	ADJ
fbem-9137	109	8	type	type	NOUN
fbem-9137	109	9	variable	variable	ADJ
fbem-9137	109	10	symbol	symbol	NOUN
fbem-9137	109	11	variable	variable	ADJ
fbem-9137	109	12	name	name	NOUN
fbem-9137	109	13	variable	variable	ADJ
fbem-9137	109	14	interpretation	interpretation	NOUN
fbem-9137	109	15	basic	basic	ADJ
fbem-9137	109	16	state	state	NOUN
fbem-9137	109	17	of	of	ADP
fbem-9137	109	18	financial	financial	ADJ
fbem-9137	109	19	markets	market	NOUN
fbem-9137	109	20	𝑀	𝑀	PROPN
fbem-9137	109	21	stock	stock	NOUN
fbem-9137	109	22	market	market	NOUN
fbem-9137	109	23	status	status	NOUN
fbem-9137	109	24	csi	csi	PROPN
fbem-9137	109	25	300	300	NUM
fbem-9137	109	26	index	index	NOUN
fbem-9137	109	27	loss	loss	NOUN
fbem-9137	109	28	rate	rate	NOUN
fbem-9137	109	29	𝑀	𝑀	PROPN
fbem-9137	109	30	state	state	NOUN
fbem-9137	109	31	of	of	ADP
fbem-9137	109	32	the	the	DET
fbem-9137	109	33	money	money	NOUN
fbem-9137	109	34	market	market	NOUN
fbem-9137	109	35	shanghai	shanghai	PROPN
fbem-9137	109	36	overnight	overnight	ADV
fbem-9137	109	37	interbank	interbank	NOUN
fbem-9137	109	38	lending	lending	NOUN
fbem-9137	109	39	rate	rate	NOUN
fbem-9137	109	40	loss	loss	NOUN
fbem-9137	109	41	rate	rate	NOUN
fbem-9137	109	42	𝑀	𝑀	PROPN
fbem-9137	109	43	state	state	NOUN
fbem-9137	109	44	of	of	ADP
fbem-9137	109	45	the	the	DET
fbem-9137	109	46	bond	bond	NOUN
fbem-9137	109	47	market	market	NOUN
fbem-9137	109	48	in	in	ADP
fbem-9137	109	49	the	the	DET
fbem-9137	109	50	bond	bond	NOUN
fbem-9137	109	51	composite	composite	ADJ
fbem-9137	109	52	index	index	NOUN
fbem-9137	109	53	loss	loss	NOUN
fbem-9137	109	54	rate	rate	NOUN
fbem-9137	109	55	𝑀	𝑀	PROPN
fbem-9137	109	56	foreign	foreign	ADJ
fbem-9137	109	57	exchange	exchange	NOUN
fbem-9137	109	58	market	market	NOUN
fbem-9137	109	59	status	status	NOUN
fbem-9137	109	60	loss	loss	NOUN
fbem-9137	109	61	rate	rate	NOUN
fbem-9137	109	62	of	of	ADP
fbem-9137	109	63	rmb	rmb	PROPN
fbem-9137	109	64	/	/	SYM
fbem-9137	109	65	usd	usd	NOUN
fbem-9137	109	66	central	central	ADJ
fbem-9137	109	67	parity	parity	NOUN
fbem-9137	109	68	rate	rate	NOUN
fbem-9137	109	69	basic	basic	ADJ
fbem-9137	109	70	state	state	NOUN
fbem-9137	109	71	of	of	ADP
fbem-9137	109	72	the	the	DET
fbem-9137	109	73	real	real	ADJ
fbem-9137	109	74	estate	estate	NOUN
fbem-9137	109	75	market	market	NOUN
fbem-9137	109	76	𝑀	𝑀	PROPN
fbem-9137	109	77	state	state	NOUN
fbem-9137	109	78	of	of	ADP
fbem-9137	109	79	the	the	DET
fbem-9137	109	80	real	real	ADJ
fbem-9137	109	81	estate	estate	NOUN
fbem-9137	109	82	market	market	NOUN
fbem-9137	109	83	shanghai	shanghai	PROPN
fbem-9137	109	84	real	real	ADJ
fbem-9137	109	85	estate	estate	NOUN
fbem-9137	109	86	index	index	NOUN
fbem-9137	109	87	loss	loss	NOUN
fbem-9137	109	88	rate	rate	NOUN
fbem-9137	109	89	basic	basic	ADJ
fbem-9137	109	90	state	state	NOUN
fbem-9137	109	91	of	of	ADP
fbem-9137	109	92	individual	individual	ADJ
fbem-9137	109	93	securities	security	NOUN
fbem-9137	109	94	𝑋	𝑋	NOUN
fbem-9137	109	95	,	,	PUNCT
fbem-9137	109	96	market	market	NOUN
fbem-9137	109	97	status	status	NOUN
fbem-9137	109	98	of	of	ADP
fbem-9137	109	99	monovalent	monovalent	NOUN
fbem-9137	109	100	securities	security	NOUN
fbem-9137	109	101	rate	rate	NOUN
fbem-9137	109	102	of	of	ADP
fbem-9137	109	103	loss	loss	NOUN
fbem-9137	109	104	in	in	ADP
fbem-9137	109	105	the	the	DET
fbem-9137	109	106	closing	closing	NOUN
fbem-9137	109	107	price	price	NOUN
fbem-9137	109	108	of	of	ADP
fbem-9137	109	109	a	a	DET
fbem-9137	109	110	single	single	ADJ
fbem-9137	109	111	security	security	NOUN
fbem-9137	109	112	stock	stock	NOUN
fbem-9137	109	113	basic	basic	ADJ
fbem-9137	109	114	state	state	NOUN
fbem-9137	109	115	of	of	ADP
fbem-9137	109	116	securities	security	NOUN
fbem-9137	109	117	industry	industry	NOUN
fbem-9137	109	118	system	system	NOUN
fbem-9137	109	119	𝑠𝑦𝑠𝑡𝑒𝑚	𝑠𝑦𝑠𝑡𝑒𝑚	NOUN
fbem-9137	109	120	securities	security	NOUN
fbem-9137	109	121	industry	industry	NOUN
fbem-9137	109	122	system	system	NOUN
fbem-9137	109	123	loss	loss	NOUN
fbem-9137	109	124	rate	rate	NOUN
fbem-9137	109	125	market	market	NOUN
fbem-9137	109	126	capitalization	capitalization	NOUN
fbem-9137	109	127	weighted	weight	VERB
fbem-9137	109	128	loss	loss	NOUN
fbem-9137	109	129	rate	rate	NOUN
fbem-9137	109	130	of	of	ADP
fbem-9137	109	131	sample	sample	NOUN
fbem-9137	109	132	securities	security	NOUN
fbem-9137	109	133	firms	firm	NOUN
fbem-9137	109	134	(	(	PUNCT
fbem-9137	109	135	2	2	NUM
fbem-9137	109	136	)	)	PUNCT
fbem-9137	109	137	variable	variable	ADJ
fbem-9137	109	138	description	description	NOUN
fbem-9137	109	139	and	and	CCONJ
fbem-9137	109	140	descriptive	descriptive	ADJ
fbem-9137	109	141	statistics	statistic	NOUN
fbem-9137	109	142	analysis	analysis	NOUN
fbem-9137	109	143	to	to	PART
fbem-9137	109	144	study	study	VERB
fbem-9137	109	145	the	the	DET
fbem-9137	109	146	systemic	systemic	ADJ
fbem-9137	109	147	financial	financial	ADJ
fbem-9137	109	148	risk	risk	NOUN
fbem-9137	109	149	of	of	ADP
fbem-9137	109	150	the	the	DET
fbem-9137	109	151	sample	sample	NOUN
fbem-9137	109	152	securities	security	NOUN
fbem-9137	109	153	firms	firm	NOUN
fbem-9137	109	154	and	and	CCONJ
fbem-9137	109	155	their	their	PRON
fbem-9137	109	156	spillover	spillover	NOUN
fbem-9137	109	157	effects	effect	NOUN
fbem-9137	109	158	,	,	PUNCT
fbem-9137	109	159	this	this	DET
fbem-9137	109	160	study	study	NOUN
fbem-9137	109	161	selected	select	VERB
fbem-9137	109	162	the	the	DET
fbem-9137	109	163	115	115	NUM
fbem-9137	109	164	individual	individual	ADJ
fbem-9137	109	165	securities	security	NOUN
fbem-9137	109	166	firm	firm	NOUN
fbem-9137	109	167	's	's	PART
fbem-9137	109	168	loss	loss	NOUN
fbem-9137	109	169	rate	rate	NOUN
fbem-9137	109	170	and	and	CCONJ
fbem-9137	109	171	the	the	DET
fbem-9137	109	172	securities	security	NOUN
fbem-9137	109	173	industry	industry	NOUN
fbem-9137	109	174	's	's	PART
fbem-9137	109	175	systemic	systemic	ADJ
fbem-9137	109	176	loss	loss	NOUN
fbem-9137	109	177	rate	rate	NOUN
fbem-9137	109	178	as	as	ADP
fbem-9137	109	179	dependent	dependent	ADJ
fbem-9137	109	180	variables	variable	NOUN
fbem-9137	109	181	.	.	PUNCT
fbem-9137	110	1	since	since	SCONJ
fbem-9137	110	2	this	this	DET
fbem-9137	110	3	study	study	NOUN
fbem-9137	110	4	focuses	focus	VERB
fbem-9137	110	5	on	on	ADP
fbem-9137	110	6	the	the	DET
fbem-9137	110	7	spillover	spillover	NOUN
fbem-9137	110	8	effects	effect	NOUN
fbem-9137	110	9	of	of	ADP
fbem-9137	110	10	the	the	DET
fbem-9137	110	11	stock	stock	NOUN
fbem-9137	110	12	market	market	NOUN
fbem-9137	110	13	,	,	PUNCT
fbem-9137	110	14	money	money	NOUN
fbem-9137	110	15	market	market	NOUN
fbem-9137	110	16	,	,	PUNCT
fbem-9137	110	17	bond	bond	NOUN
fbem-9137	110	18	market	market	NOUN
fbem-9137	110	19	,	,	PUNCT
fbem-9137	110	20	foreign	foreign	ADJ
fbem-9137	110	21	exchange	exchange	NOUN
fbem-9137	110	22	market	market	NOUN
fbem-9137	110	23	,	,	PUNCT
fbem-9137	110	24	and	and	CCONJ
fbem-9137	110	25	real	real	ADJ
fbem-9137	110	26	estate	estate	NOUN
fbem-9137	110	27	market	market	NOUN
fbem-9137	110	28	on	on	ADP
fbem-9137	110	29	the	the	DET
fbem-9137	110	30	securities	security	NOUN
fbem-9137	110	31	industry	industry	NOUN
fbem-9137	110	32	,	,	PUNCT
fbem-9137	110	33	representative	representative	ADJ
fbem-9137	110	34	data	datum	NOUN
fbem-9137	110	35	from	from	ADP
fbem-9137	110	36	these	these	DET
fbem-9137	110	37	five	five	NUM
fbem-9137	110	38	markets	market	NOUN
fbem-9137	110	39	are	be	AUX
fbem-9137	110	40	selected	select	VERB
fbem-9137	110	41	as	as	ADP
fbem-9137	110	42	state	state	NOUN
fbem-9137	110	43	variables	variable	NOUN
fbem-9137	110	44	to	to	PART
fbem-9137	110	45	measure	measure	VERB
fbem-9137	110	46	the	the	DET
fbem-9137	110	47	systemic	systemic	ADJ
fbem-9137	110	48	risk	risk	NOUN
fbem-9137	110	49	of	of	ADP
fbem-9137	110	50	the	the	DET
fbem-9137	110	51	securities	security	NOUN
fbem-9137	110	52	industry	industry	NOUN
fbem-9137	110	53	and	and	CCONJ
fbem-9137	110	54	its	its	PRON
fbem-9137	110	55	spillover	spillover	NOUN
fbem-9137	110	56	effects	effect	NOUN
fbem-9137	110	57	.	.	PUNCT
fbem-9137	111	1	specific	specific	ADJ
fbem-9137	111	2	data	datum	NOUN
fbem-9137	111	3	indicators	indicator	NOUN
fbem-9137	111	4	are	be	AUX
fbem-9137	111	5	shown	show	VERB
fbem-9137	111	6	in	in	ADP
fbem-9137	111	7	table	table	NOUN
fbem-9137	111	8	1	1	NUM
fbem-9137	111	9	.	.	PUNCT
fbem-9137	112	1	regarding	regard	VERB
fbem-9137	112	2	the	the	DET
fbem-9137	112	3	sample	sample	NOUN
fbem-9137	112	4	frequency	frequency	NOUN
fbem-9137	112	5	,	,	PUNCT
fbem-9137	112	6	the	the	DET
fbem-9137	112	7	individual	individual	ADJ
fbem-9137	112	8	securities	security	NOUN
fbem-9137	112	9	firm	firm	NOUN
fbem-9137	112	10	's	's	PART
fbem-9137	112	11	loss	loss	NOUN
fbem-9137	112	12	rate	rate	NOUN
fbem-9137	112	13	,	,	PUNCT
fbem-9137	112	14	the	the	DET
fbem-9137	112	15	securities	security	NOUN
fbem-9137	112	16	industry	industry	NOUN
fbem-9137	112	17	's	's	PART
fbem-9137	112	18	systemic	systemic	ADJ
fbem-9137	112	19	loss	loss	NOUN
fbem-9137	112	20	rate	rate	NOUN
fbem-9137	112	21	,	,	PUNCT
fbem-9137	112	22	and	and	CCONJ
fbem-9137	112	23	the	the	DET
fbem-9137	112	24	state	state	NOUN
fbem-9137	112	25	variables	variable	NOUN
fbem-9137	112	26	of	of	ADP
fbem-9137	112	27	different	different	ADJ
fbem-9137	112	28	markets	market	NOUN
fbem-9137	112	29	are	be	AUX
fbem-9137	112	30	all	all	PRON
fbem-9137	112	31	daily	daily	ADJ
fbem-9137	112	32	frequency	frequency	NOUN
fbem-9137	112	33	.	.	PUNCT
fbem-9137	113	1	additionally	additionally	ADV
fbem-9137	113	2	,	,	PUNCT
fbem-9137	113	3	the	the	DET
fbem-9137	113	4	normal	normal	ADJ
fbem-9137	113	5	state	state	NOUN
fbem-9137	113	6	and	and	CCONJ
fbem-9137	113	7	risk	risk	NOUN
fbem-9137	113	8	state	state	NOUN
fbem-9137	113	9	in	in	ADP
fbem-9137	113	10	this	this	DET
fbem-9137	113	11	study	study	NOUN
fbem-9137	113	12	are	be	AUX
fbem-9137	113	13	defined	define	VERB
fbem-9137	113	14	as	as	ADP
fbem-9137	113	15	the	the	DET
fbem-9137	113	16	50th	50th	ADJ
fbem-9137	113	17	percentile	percentile	ADJ
fbem-9137	113	18	level	level	NOUN
fbem-9137	113	19	and	and	CCONJ
fbem-9137	113	20	the	the	DET
fbem-9137	113	21	95th	95th	ADJ
fbem-9137	113	22	percentile	percentile	ADJ
fbem-9137	113	23	level	level	NOUN
fbem-9137	113	24	,	,	PUNCT
fbem-9137	113	25	respectively	respectively	ADV
fbem-9137	113	26	.	.	PUNCT
fbem-9137	113	27	table	table	NOUN
fbem-9137	113	28	2	2	NUM
fbem-9137	113	29	provides	provide	VERB
fbem-9137	113	30	the	the	DET
fbem-9137	113	31	descriptive	descriptive	ADJ
fbem-9137	113	32	statistics	statistic	NOUN
fbem-9137	113	33	of	of	ADP
fbem-9137	113	34	the	the	DET
fbem-9137	113	35	eight	eight	NUM
fbem-9137	113	36	major	major	ADJ
fbem-9137	113	37	securities	security	NOUN
fbem-9137	113	38	firms	firm	NOUN
fbem-9137	113	39	and	and	CCONJ
fbem-9137	113	40	the	the	DET
fbem-9137	113	41	securities	security	NOUN
fbem-9137	113	42	industry	industry	NOUN
fbem-9137	113	43	's	's	PART
fbem-9137	113	44	loss	loss	NOUN
fbem-9137	113	45	rate	rate	NOUN
fbem-9137	113	46	series	series	NOUN
fbem-9137	113	47	.	.	PUNCT
fbem-9137	114	1	from	from	ADP
fbem-9137	114	2	the	the	DET
fbem-9137	114	3	table	table	NOUN
fbem-9137	114	4	,	,	PUNCT
fbem-9137	114	5	it	it	PRON
fbem-9137	114	6	can	can	AUX
fbem-9137	114	7	be	be	AUX
fbem-9137	114	8	observed	observe	VERB
fbem-9137	114	9	that	that	SCONJ
fbem-9137	114	10	the	the	DET
fbem-9137	114	11	mean	mean	NOUN
fbem-9137	114	12	of	of	ADP
fbem-9137	114	13	the	the	DET
fbem-9137	114	14	loss	loss	NOUN
fbem-9137	114	15	rate	rate	NOUN
fbem-9137	114	16	series	series	NOUN
fbem-9137	114	17	for	for	ADP
fbem-9137	114	18	each	each	DET
fbem-9137	114	19	securities	security	NOUN
fbem-9137	114	20	firm	firm	NOUN
fbem-9137	114	21	and	and	CCONJ
fbem-9137	114	22	the	the	DET
fbem-9137	114	23	securities	security	NOUN
fbem-9137	114	24	industry	industry	NOUN
fbem-9137	114	25	fluctuates	fluctuate	VERB
fbem-9137	114	26	around	around	ADV
fbem-9137	114	27	0	0	NUM
fbem-9137	114	28	and	and	CCONJ
fbem-9137	114	29	is	be	AUX
fbem-9137	114	30	greater	great	ADJ
fbem-9137	114	31	than	than	ADP
fbem-9137	114	32	0	0	NUM
fbem-9137	114	33	.	.	PUNCT
fbem-9137	115	1	the	the	DET
fbem-9137	115	2	standard	standard	ADJ
fbem-9137	115	3	deviation	deviation	NOUN
fbem-9137	115	4	hovers	hover	VERB
fbem-9137	115	5	around	around	ADP
fbem-9137	115	6	2.5	2.5	NUM
fbem-9137	115	7	,	,	PUNCT
fbem-9137	115	8	and	and	CCONJ
fbem-9137	115	9	the	the	DET
fbem-9137	115	10	kurtosis	kurtosis	NOUN
fbem-9137	115	11	of	of	ADP
fbem-9137	115	12	the	the	DET
fbem-9137	115	13	loss	loss	NOUN
fbem-9137	115	14	rate	rate	NOUN
fbem-9137	115	15	series	series	NOUN
fbem-9137	115	16	is	be	AUX
fbem-9137	115	17	greater	great	ADJ
fbem-9137	115	18	than	than	ADP
fbem-9137	115	19	3	3	NUM
fbem-9137	115	20	,	,	PUNCT
fbem-9137	115	21	indicating	indicate	VERB
fbem-9137	115	22	a	a	DET
fbem-9137	115	23	typical	typical	ADJ
fbem-9137	115	24	"	"	PUNCT
fbem-9137	115	25	leptokurtic	leptokurtic	ADJ
fbem-9137	115	26	"	"	PUNCT
fbem-9137	115	27	distribution	distribution	NOUN
fbem-9137	115	28	with	with	ADP
fbem-9137	115	29	heavy	heavy	ADJ
fbem-9137	115	30	tails	tail	NOUN
fbem-9137	115	31	.	.	PUNCT
fbem-9137	116	1	table	table	NOUN
fbem-9137	116	2	2	2	NUM
fbem-9137	116	3	.	.	PUNCT
fbem-9137	116	4	results	result	NOUN
fbem-9137	116	5	of	of	ADP
fbem-9137	116	6	descriptive	descriptive	ADJ
fbem-9137	116	7	statistics	statistic	NOUN
fbem-9137	116	8	mean	mean	VERB
fbem-9137	116	9	standard	standard	ADJ
fbem-9137	116	10	deviation	deviation	NOUN
fbem-9137	116	11	variance	variance	NOUN
fbem-9137	116	12	minimum	minimum	ADJ
fbem-9137	116	13	maximum	maximum	PROPN
fbem-9137	116	14	skewness	skewness	NOUN
fbem-9137	116	15	kurtosis	kurtosis	VERB
fbem-9137	116	16	citic	citic	ADJ
fbem-9137	116	17	securities	security	NOUN
fbem-9137	116	18	0.0005	0.0005	NUM
fbem-9137	116	19	2.3605	2.3605	NUM
fbem-9137	116	20	5.7100	5.7100	NUM
fbem-9137	116	21	9.5617	9.5617	NUM
fbem-9137	116	22	10.5631	10.5631	NUM
fbem-9137	116	23	0.1954	0.1954	NUM
fbem-9137	116	24	8.5320	8.5320	NUM
fbem-9137	116	25	guotai	guotai	NOUN
fbem-9137	116	26	junan	junan	PROPN
fbem-9137	116	27	0.0462	0.0462	NUM
fbem-9137	116	28	2.2600	2.2600	NUM
fbem-9137	117	1	5.2100	5.2100	NUM
fbem-9137	117	2	9.5511	9.5511	NUM
fbem-9137	117	3	10.5489	10.5489	NUM
fbem-9137	117	4	0.4559	0.4559	NUM
fbem-9137	117	5	9.1210	9.1210	NUM
fbem-9137	117	6	haitong	haitong	NOUN
fbem-9137	117	7	securities	security	NOUN
fbem-9137	117	8	0.0401	0.0401	NUM
fbem-9137	117	9	2.2558	2.2558	NUM
fbem-9137	117	10	5.0200	5.0200	NUM
fbem-9137	117	11	9.6012	9.6012	NUM
fbem-9137	117	12	10.5501	10.5501	NUM
fbem-9137	117	13	0.1302	0.1302	NUM
fbem-9137	117	14	8.7990	8.7990	NUM
fbem-9137	117	15	huatai	huatai	NOUN
fbem-9137	117	16	securities	security	NOUN
fbem-9137	117	17	0.0120	0.0120	NUM
fbem-9137	117	18	2.5795	2.5795	NUM
fbem-9137	117	19	6.3200	6.3200	NUM
fbem-9137	117	20	9.5713	9.5713	NUM
fbem-9137	117	21	10.5631	10.5631	NUM
fbem-9137	117	22	0.0365	0.0365	NUM
fbem-9137	117	23	7.1996	7.1996	NUM
fbem-9137	117	24	gf	gf	NOUN
fbem-9137	117	25	securities	security	NOUN
fbem-9137	117	26	0.0278	0.0278	NUM
fbem-9137	117	27	2.3631	2.3631	NUM
fbem-9137	117	28	6.0100	6.0100	NUM
fbem-9137	117	29	9.5497	9.5497	NUM
fbem-9137	117	30	10.5701	10.5701	NUM
fbem-9137	117	31	0.2587	0.2587	NUM
fbem-9137	117	32	8.6643	8.6643	NUM
fbem-9137	117	33	china	china	PROPN
fbem-9137	117	34	merchants	merchant	NOUN
fbem-9137	117	35	securities	security	NOUN
fbem-9137	117	36	0.0058	0.0058	NUM
fbem-9137	117	37	2.3590	2.3590	NUM
fbem-9137	117	38	5.5800	5.5800	NUM
fbem-9137	117	39	9.5503	9.5503	NUM
fbem-9137	117	40	10.5500	10.5500	NUM
fbem-9137	117	41	0.1603	0.1603	NUM
fbem-9137	117	42	7.9985	7.9985	NUM
fbem-9137	117	43	shen	shen	NOUN
fbem-9137	117	44	wanhongyuan	wanhongyuan	PROPN
fbem-9137	117	45	0.0701	0.0701	NUM
fbem-9137	117	46	2.0988	2.0988	NUM
fbem-9137	117	47	4.7100	4.7100	NUM
fbem-9137	117	48	9.6352	9.6352	NUM
fbem-9137	117	49	10.5699	10.5699	NUM
fbem-9137	117	50	0.5500	0.5500	NUM
fbem-9137	117	51	10.4298	10.4298	NUM
fbem-9137	117	52	galaxy	galaxy	NOUN
fbem-9137	117	53	securities	security	NOUN
fbem-9137	117	54	0.0526	0.0526	NUM
fbem-9137	117	55	2.4987	2.4987	NUM
fbem-9137	117	56	6.4400	6.4400	NUM
fbem-9137	117	57	9.5563	9.5563	NUM
fbem-9137	117	58	10.5456	10.5456	NUM
fbem-9137	117	59	0.1297	0.1297	NUM
fbem-9137	117	60	7.7154	7.7154	NUM
fbem-9137	117	61	securities	security	NOUN
fbem-9137	117	62	industry	industry	NOUN
fbem-9137	117	63	0.0231	0.0231	NUM
fbem-9137	117	64	2.3065	2.3065	NUM
fbem-9137	117	65	4.9700	4.9700	NUM
fbem-9137	117	66	9.5423	9.5423	NUM
fbem-9137	117	67	10.5378	10.5378	NUM
fbem-9137	117	68	0.2189	0.2189	NUM
fbem-9137	117	69	9.1378	9.1378	NUM
fbem-9137	117	70	table	table	NOUN
fbem-9137	117	71	3	3	NUM
fbem-9137	117	72	.	.	PUNCT
fbem-9137	117	73	descriptive	descriptive	ADJ
fbem-9137	117	74	statistics	statistic	NOUN
fbem-9137	117	75	of	of	ADP
fbem-9137	117	76	loss	loss	NOUN
fbem-9137	117	77	rates	rate	NOUN
fbem-9137	117	78	in	in	ADP
fbem-9137	117	79	financial	financial	ADJ
fbem-9137	117	80	markets	market	NOUN
fbem-9137	117	81	and	and	CCONJ
fbem-9137	117	82	real	real	ADJ
fbem-9137	117	83	estate	estate	NOUN
fbem-9137	117	84	markets	market	NOUN
fbem-9137	117	85	mean	mean	VERB
fbem-9137	117	86	standard	standard	ADJ
fbem-9137	117	87	deviation	deviation	NOUN
fbem-9137	117	88	variance	variance	NOUN
fbem-9137	117	89	minimum	minimum	ADJ
fbem-9137	117	90	maximum	maximum	PROPN
fbem-9137	117	91	skewness	skewness	NOUN
fbem-9137	117	92	kurtosis	kurtosis	VERB
fbem-9137	117	93	stock	stock	NOUN
fbem-9137	117	94	market	market	NOUN
fbem-9137	117	95	0.0061	0.0061	NUM
fbem-9137	117	96	1.512	1.512	NUM
fbem-9137	117	97	2.1392	2.1392	NUM
fbem-9137	117	98	6.1059	6.1059	NUM
fbem-9137	117	99	9.0988	9.0988	NUM
fbem-9137	117	100	1.0645	1.0645	NUM
fbem-9137	117	101	10.0124	10.0124	NUM
fbem-9137	117	102	money	money	NOUN
fbem-9137	117	103	market	market	NOUN
fbem-9137	117	104	0.0301	0.0301	NUM
fbem-9137	117	105	7.990	7.990	NUM
fbem-9137	117	106	73.8743	73.8743	NUM
fbem-9137	117	107	103.7852	103.7852	NUM
fbem-9137	117	108	40.9766	40.9766	NUM
fbem-9137	117	109	2.6709	2.6709	NUM
fbem-9137	117	110	29.9564	29.9564	NUM
fbem-9137	117	111	the	the	DET
fbem-9137	117	112	bond	bond	NOUN
fbem-9137	117	113	market	market	NOUN
fbem-9137	117	114	0.0182	0.0182	NUM
fbem-9137	117	115	1.8721	1.8721	NUM
fbem-9137	117	116	0.0061	0.0061	NUM
fbem-9137	117	117	0.6437	0.6437	NUM
fbem-9137	117	118	0.6756	0.6756	NUM
fbem-9137	117	119	0.1097	0.1097	NUM
fbem-9137	117	120	20.0024	20.0024	NUM
fbem-9137	117	121	foreign	foreign	ADJ
fbem-9137	117	122	exchange	exchange	NOUN
fbem-9137	117	123	market	market	NOUN
fbem-9137	117	124	0.0133	0.0133	NUM
fbem-9137	117	125	0.2301	0.2301	NUM
fbem-9137	117	126	0.0499	0.0499	NUM
fbem-9137	117	127	1.7956	1.7956	NUM
fbem-9137	117	128	0.9009	0.9009	NUM
fbem-9137	117	129	0.7789	0.7789	NUM
fbem-9137	117	130	9.6355	9.6355	NUM
fbem-9137	117	131	real	real	ADJ
fbem-9137	117	132	estate	estate	NOUN
fbem-9137	117	133	market	market	NOUN
fbem-9137	117	134	0.0189	0.0189	NUM
fbem-9137	117	135	1.8021	1.8021	NUM
fbem-9137	117	136	3.4338	3.4338	NUM
fbem-9137	117	137	9.9921	9.9921	NUM
fbem-9137	117	138	8.2768	8.2768	NUM
fbem-9137	117	139	0.7312	0.7312	NUM
fbem-9137	117	140	8.9854	8.9854	NUM
fbem-9137	117	141	table	table	NOUN
fbem-9137	117	142	3	3	NUM
fbem-9137	117	143	presents	present	VERB
fbem-9137	117	144	the	the	DET
fbem-9137	117	145	descriptive	descriptive	ADJ
fbem-9137	117	146	statistics	statistic	NOUN
fbem-9137	117	147	of	of	ADP
fbem-9137	117	148	the	the	DET
fbem-9137	117	149	loss	loss	NOUN
fbem-9137	117	150	rate	rate	NOUN
fbem-9137	117	151	series	series	NOUN
fbem-9137	117	152	for	for	ADP
fbem-9137	117	153	the	the	DET
fbem-9137	117	154	four	four	NUM
fbem-9137	117	155	financial	financial	ADJ
fbem-9137	117	156	markets	market	NOUN
fbem-9137	117	157	and	and	CCONJ
fbem-9137	117	158	the	the	DET
fbem-9137	117	159	real	real	ADJ
fbem-9137	117	160	estate	estate	NOUN
fbem-9137	117	161	market	market	NOUN
fbem-9137	117	162	.	.	PUNCT
fbem-9137	118	1	looking	look	VERB
fbem-9137	118	2	at	at	ADP
fbem-9137	118	3	the	the	DET
fbem-9137	118	4	average	average	ADJ
fbem-9137	118	5	values	value	NOUN
fbem-9137	118	6	,	,	PUNCT
fbem-9137	118	7	among	among	ADP
fbem-9137	118	8	the	the	DET
fbem-9137	118	9	five	five	NUM
fbem-9137	118	10	markets	market	NOUN
fbem-9137	118	11	,	,	PUNCT
fbem-9137	118	12	only	only	ADV
fbem-9137	118	13	the	the	DET
fbem-9137	118	14	stock	stock	NOUN
fbem-9137	118	15	market	market	NOUN
fbem-9137	118	16	has	have	VERB
fbem-9137	118	17	a	a	DET
fbem-9137	118	18	positive	positive	ADJ
fbem-9137	118	19	loss	loss	NOUN
fbem-9137	118	20	rate	rate	NOUN
fbem-9137	118	21	,	,	PUNCT
fbem-9137	118	22	while	while	SCONJ
fbem-9137	118	23	the	the	DET
fbem-9137	118	24	other	other	ADJ
fbem-9137	118	25	three	three	NUM
fbem-9137	118	26	financial	financial	ADJ
fbem-9137	118	27	markets	market	NOUN
fbem-9137	118	28	and	and	CCONJ
fbem-9137	118	29	the	the	DET
fbem-9137	118	30	real	real	ADJ
fbem-9137	118	31	estate	estate	NOUN
fbem-9137	118	32	market	market	NOUN
fbem-9137	118	33	have	have	VERB
fbem-9137	118	34	negative	negative	ADJ
fbem-9137	118	35	loss	loss	NOUN
fbem-9137	118	36	rates	rate	NOUN
fbem-9137	118	37	.	.	PUNCT
fbem-9137	119	1	this	this	PRON
fbem-9137	119	2	suggests	suggest	VERB
fbem-9137	119	3	that	that	SCONJ
fbem-9137	119	4	the	the	DET
fbem-9137	119	5	stock	stock	NOUN
fbem-9137	119	6	market	market	NOUN
fbem-9137	119	7	,	,	PUNCT
fbem-9137	119	8	since	since	SCONJ
fbem-9137	119	9	transitioning	transition	VERB
fbem-9137	119	10	from	from	ADP
fbem-9137	119	11	a	a	DET
fbem-9137	119	12	bull	bull	NOUN
fbem-9137	119	13	market	market	NOUN
fbem-9137	119	14	to	to	ADP
fbem-9137	119	15	a	a	DET
fbem-9137	119	16	bear	bear	NOUN
fbem-9137	119	17	market	market	NOUN
fbem-9137	119	18	in	in	ADP
fbem-9137	119	19	2015	2015	NUM
fbem-9137	119	20	,	,	PUNCT
fbem-9137	119	21	has	have	AUX
fbem-9137	119	22	been	be	AUX
fbem-9137	119	23	relatively	relatively	ADV
fbem-9137	119	24	weak	weak	ADJ
fbem-9137	119	25	overall	overall	ADJ
fbem-9137	119	26	,	,	PUNCT
fbem-9137	119	27	with	with	ADP
fbem-9137	119	28	slight	slight	ADJ
fbem-9137	119	29	losses	loss	NOUN
fbem-9137	119	30	,	,	PUNCT
fbem-9137	119	31	while	while	SCONJ
fbem-9137	119	32	the	the	DET
fbem-9137	119	33	other	other	ADJ
fbem-9137	119	34	three	three	NUM
fbem-9137	119	35	financial	financial	ADJ
fbem-9137	119	36	markets	market	NOUN
fbem-9137	119	37	and	and	CCONJ
fbem-9137	119	38	the	the	DET
fbem-9137	119	39	real	real	ADJ
fbem-9137	119	40	estate	estate	NOUN
fbem-9137	119	41	market	market	NOUN
fbem-9137	119	42	have	have	AUX
fbem-9137	119	43	generally	generally	ADV
fbem-9137	119	44	shown	show	VERB
fbem-9137	119	45	slight	slight	ADJ
fbem-9137	119	46	profitability	profitability	NOUN
fbem-9137	119	47	.	.	PUNCT
fbem-9137	120	1	in	in	ADP
fbem-9137	120	2	terms	term	NOUN
fbem-9137	120	3	of	of	ADP
fbem-9137	120	4	standard	standard	ADJ
fbem-9137	120	5	deviation	deviation	NOUN
fbem-9137	120	6	,	,	PUNCT
fbem-9137	120	7	the	the	DET
fbem-9137	120	8	loss	loss	NOUN
fbem-9137	120	9	rate	rate	NOUN
fbem-9137	120	10	volatility	volatility	NOUN
fbem-9137	120	11	is	be	AUX
fbem-9137	120	12	most	most	ADV
fbem-9137	120	13	significant	significant	ADJ
fbem-9137	120	14	in	in	ADP
fbem-9137	120	15	the	the	DET
fbem-9137	120	16	money	money	NOUN
fbem-9137	120	17	market	market	NOUN
fbem-9137	120	18	,	,	PUNCT
fbem-9137	120	19	while	while	SCONJ
fbem-9137	120	20	the	the	DET
fbem-9137	120	21	foreign	foreign	ADJ
fbem-9137	120	22	exchange	exchange	NOUN
fbem-9137	120	23	market	market	NOUN
fbem-9137	120	24	has	have	VERB
fbem-9137	120	25	the	the	DET
fbem-9137	120	26	lowest	low	ADJ
fbem-9137	120	27	volatility	volatility	NOUN
fbem-9137	120	28	,	,	PUNCT
fbem-9137	120	29	which	which	PRON
fbem-9137	120	30	can	can	AUX
fbem-9137	120	31	also	also	ADV
fbem-9137	120	32	be	be	AUX
fbem-9137	120	33	observed	observe	VERB
fbem-9137	120	34	from	from	ADP
fbem-9137	120	35	the	the	DET
fbem-9137	120	36	maximum	maximum	ADJ
fbem-9137	120	37	and	and	CCONJ
fbem-9137	120	38	minimum	minimum	ADJ
fbem-9137	120	39	values	value	NOUN
fbem-9137	120	40	.	.	PUNCT
fbem-9137	121	1	additionally	additionally	ADV
fbem-9137	121	2	,	,	PUNCT
fbem-9137	121	3	the	the	DET
fbem-9137	121	4	loss	loss	NOUN
fbem-9137	121	5	rate	rate	NOUN
fbem-9137	121	6	in	in	ADP
fbem-9137	121	7	financial	financial	ADJ
fbem-9137	121	8	markets	market	NOUN
fbem-9137	121	9	also	also	ADV
fbem-9137	121	10	exhibits	exhibit	VERB
fbem-9137	121	11	the	the	DET
fbem-9137	121	12	"	"	PUNCT
fbem-9137	121	13	leptokurtic	leptokurtic	ADJ
fbem-9137	121	14	"	"	PUNCT
fbem-9137	121	15	characteristics	characteristic	NOUN
fbem-9137	121	16	with	with	ADP
fbem-9137	121	17	heavy	heavy	ADJ
fbem-9137	121	18	tails	tail	NOUN
fbem-9137	121	19	.	.	PUNCT
fbem-9137	122	1	(	(	PUNCT
fbem-9137	122	2	note	note	VERB
fbem-9137	122	3	:	:	PUNCT
fbem-9137	122	4	the	the	DET
fbem-9137	122	5	reference	reference	NOUN
fbem-9137	122	6	to	to	AUX
fbem-9137	122	7	"	"	PUNCT
fbem-9137	122	8	table	table	VERB
fbem-9137	122	9	1	1	NUM
fbem-9137	122	10	"	"	PUNCT
fbem-9137	122	11	in	in	ADP
fbem-9137	122	12	the	the	DET
fbem-9137	122	13	explanation	explanation	NOUN
fbem-9137	122	14	refers	refer	VERB
fbem-9137	122	15	to	to	ADP
fbem-9137	122	16	a	a	DET
fbem-9137	122	17	table	table	NOUN
fbem-9137	122	18	that	that	PRON
fbem-9137	122	19	is	be	AUX
fbem-9137	122	20	not	not	PART
fbem-9137	122	21	included	include	VERB
fbem-9137	122	22	in	in	ADP
fbem-9137	122	23	the	the	DET
fbem-9137	122	24	provided	provide	VERB
fbem-9137	122	25	context	context	NOUN
fbem-9137	122	26	.	.	PUNCT
fbem-9137	123	1	please	please	INTJ
fbem-9137	123	2	refer	refer	VERB
fbem-9137	123	3	to	to	ADP
fbem-9137	123	4	the	the	DET
fbem-9137	123	5	original	original	ADJ
fbem-9137	123	6	source	source	NOUN
fbem-9137	123	7	or	or	CCONJ
fbem-9137	123	8	document	document	NOUN
fbem-9137	123	9	for	for	ADP
fbem-9137	123	10	the	the	DET
fbem-9137	123	11	specific	specific	ADJ
fbem-9137	123	12	data	datum	NOUN
fbem-9137	123	13	indicators	indicator	NOUN
fbem-9137	123	14	mentioned	mention	VERB
fbem-9137	123	15	.	.	PUNCT
fbem-9137	123	16	)	)	PUNCT
fbem-9137	124	1	(	(	PUNCT
fbem-9137	124	2	2	2	X
fbem-9137	124	3	)	)	PUNCT
fbem-9137	124	4	appropriately	appropriately	ADV
fbem-9137	124	5	weaken	weaken	VERB
fbem-9137	124	6	the	the	DET
fbem-9137	124	7	significance	significance	NOUN
fbem-9137	124	8	of	of	ADP
fbem-9137	124	9	traditional	traditional	ADJ
fbem-9137	124	10	chinese	chinese	ADJ
fbem-9137	124	11	embroidery	embroidery	NOUN
fbem-9137	124	12	patterns	pattern	NOUN
fbem-9137	124	13	5	5	NUM
fbem-9137	124	14	.	.	PUNCT
fbem-9137	124	15	empirical	empirical	ADJ
fbem-9137	124	16	process	process	NOUN
fbem-9137	124	17	and	and	CCONJ
fbem-9137	124	18	result	result	VERB
fbem-9137	124	19	analysis	analysis	NOUN
fbem-9137	124	20	(	(	PUNCT
fbem-9137	124	21	1	1	X
fbem-9137	124	22	)	)	PUNCT
fbem-9137	124	23	analysis	analysis	NOUN
fbem-9137	124	24	of	of	ADP
fbem-9137	124	25	the	the	DET
fbem-9137	124	26	spillover	spillover	ADJ
fbem-9137	124	27	effect	effect	NOUN
fbem-9137	124	28	of	of	ADP
fbem-9137	124	29	systematic	systematic	ADJ
fbem-9137	124	30	risk	risk	NOUN
fbem-9137	124	31	in	in	ADP
fbem-9137	124	32	the	the	DET
fbem-9137	124	33	securities	security	NOUN
fbem-9137	124	34	industry	industry	NOUN
fbem-9137	124	35	table	table	NOUN
fbem-9137	124	36	4	4	NUM
fbem-9137	124	37	presents	present	VERB
fbem-9137	124	38	the	the	DET
fbem-9137	124	39	average	average	ADJ
fbem-9137	124	40	spillover	spillover	NOUN
fbem-9137	124	41	effects	effect	NOUN
fbem-9137	124	42	of	of	ADP
fbem-9137	124	43	individual	individual	ADJ
fbem-9137	124	44	securities	security	NOUN
fbem-9137	124	45	firms	firm	NOUN
fbem-9137	124	46	on	on	ADP
fbem-9137	124	47	systemic	systemic	ADJ
fbem-9137	124	48	risk	risk	NOUN
fbem-9137	124	49	in	in	ADP
fbem-9137	124	50	the	the	DET
fbem-9137	124	51	securities	security	NOUN
fbem-9137	124	52	industry	industry	NOUN
fbem-9137	124	53	when	when	SCONJ
fbem-9137	124	54	all	all	DET
fbem-9137	124	55	four	four	NUM
fbem-9137	124	56	financial	financial	ADJ
fbem-9137	124	57	markets	market	NOUN
fbem-9137	124	58	and	and	CCONJ
fbem-9137	124	59	the	the	DET
fbem-9137	124	60	real	real	ADJ
fbem-9137	124	61	estate	estate	NOUN
fbem-9137	124	62	market	market	NOUN
fbem-9137	124	63	are	be	AUX
fbem-9137	124	64	in	in	ADP
fbem-9137	124	65	a	a	DET
fbem-9137	124	66	risk	risk	NOUN
fbem-9137	124	67	state	state	NOUN
fbem-9137	124	68	,	,	PUNCT
fbem-9137	124	69	as	as	ADV
fbem-9137	124	70	well	well	ADV
fbem-9137	124	71	as	as	ADP
fbem-9137	124	72	when	when	SCONJ
fbem-9137	124	73	a	a	DET
fbem-9137	124	74	single	single	ADJ
fbem-9137	124	75	market	market	NOUN
fbem-9137	124	76	is	be	AUX
fbem-9137	124	77	in	in	ADP
fbem-9137	124	78	a	a	DET
fbem-9137	124	79	risk	risk	NOUN
fbem-9137	124	80	state	state	NOUN
fbem-9137	124	81	.	.	PUNCT
fbem-9137	125	1	furthermore	furthermore	ADV
fbem-9137	125	2	,	,	PUNCT
fbem-9137	125	3	a	a	DET
fbem-9137	125	4	market	market	NOUN
fbem-9137	125	5	-	-	PUNCT
fbem-9137	125	6	value	value	NOUN
fbem-9137	125	7	-	-	PUNCT
fbem-9137	125	8	weighted	weight	VERB
fbem-9137	125	9	approach	approach	NOUN
fbem-9137	125	10	is	be	AUX
fbem-9137	125	11	applied	apply	VERB
fbem-9137	125	12	to	to	PART
fbem-9137	125	13	obtain	obtain	VERB
fbem-9137	125	14	the	the	DET
fbem-9137	125	15	average	average	ADJ
fbem-9137	125	16	spillover	spillover	NOUN
fbem-9137	125	17	effects	effect	NOUN
fbem-9137	125	18	of	of	ADP
fbem-9137	125	19	the	the	DET
fbem-9137	125	20	financial	financial	ADJ
fbem-9137	125	21	markets	market	NOUN
fbem-9137	125	22	and	and	CCONJ
fbem-9137	125	23	real	real	ADJ
fbem-9137	125	24	estate	estate	NOUN
fbem-9137	125	25	market	market	NOUN
fbem-9137	125	26	on	on	ADP
fbem-9137	125	27	systemic	systemic	ADJ
fbem-9137	125	28	risk	risk	NOUN
fbem-9137	125	29	in	in	ADP
fbem-9137	125	30	the	the	DET
fbem-9137	125	31	securities	security	NOUN
fbem-9137	125	32	industry	industry	NOUN
fbem-9137	125	33	.	.	PUNCT
fbem-9137	126	1	from	from	ADP
fbem-9137	126	2	table	table	NOUN
fbem-9137	126	3	4	4	NUM
fbem-9137	126	4	,	,	PUNCT
fbem-9137	126	5	it	it	PRON
fbem-9137	126	6	can	can	AUX
fbem-9137	126	7	be	be	AUX
fbem-9137	126	8	observed	observe	VERB
fbem-9137	126	9	that	that	SCONJ
fbem-9137	126	10	the	the	DET
fbem-9137	126	11	systemic	systemic	ADJ
fbem-9137	126	12	risk	risk	NOUN
fbem-9137	126	13	spillover	spillover	VERB
fbem-9137	126	14	effect	effect	NOUN
fbem-9137	126	15	in	in	ADP
fbem-9137	126	16	the	the	DET
fbem-9137	126	17	securities	security	NOUN
fbem-9137	126	18	industry	industry	NOUN
fbem-9137	126	19	is	be	AUX
fbem-9137	126	20	0.0181	0.0181	NUM
fbem-9137	126	21	,	,	PUNCT
fbem-9137	126	22	indicating	indicate	VERB
fbem-9137	126	23	that	that	SCONJ
fbem-9137	126	24	simultaneous	simultaneous	ADJ
fbem-9137	126	25	changes	change	NOUN
fbem-9137	126	26	in	in	ADP
fbem-9137	126	27	the	the	DET
fbem-9137	126	28	risk	risk	NOUN
fbem-9137	126	29	states	state	NOUN
fbem-9137	126	30	of	of	ADP
fbem-9137	126	31	the	the	DET
fbem-9137	126	32	four	four	NUM
fbem-9137	126	33	financial	financial	ADJ
fbem-9137	126	34	markets	market	NOUN
fbem-9137	126	35	and	and	CCONJ
fbem-9137	126	36	the	the	DET
fbem-9137	126	37	real	real	ADJ
fbem-9137	126	38	estate	estate	NOUN
fbem-9137	126	39	market	market	NOUN
fbem-9137	126	40	exacerbate	exacerbate	VERB
fbem-9137	126	41	the	the	DET
fbem-9137	126	42	overall	overall	ADJ
fbem-9137	126	43	systemic	systemic	ADJ
fbem-9137	126	44	risk	risk	NOUN
fbem-9137	126	45	in	in	ADP
fbem-9137	126	46	the	the	DET
fbem-9137	126	47	securities	security	NOUN
fbem-9137	126	48	industry	industry	NOUN
fbem-9137	126	49	.	.	PUNCT
fbem-9137	127	1	however	however	ADV
fbem-9137	127	2	,	,	PUNCT
fbem-9137	127	3	when	when	SCONJ
fbem-9137	127	4	the	the	DET
fbem-9137	127	5	risk	risk	NOUN
fbem-9137	127	6	states	state	NOUN
fbem-9137	127	7	of	of	ADP
fbem-9137	127	8	the	the	DET
fbem-9137	127	9	financial	financial	ADJ
fbem-9137	127	10	markets	market	NOUN
fbem-9137	127	11	and	and	CCONJ
fbem-9137	127	12	real	real	ADJ
fbem-9137	127	13	estate	estate	NOUN
fbem-9137	127	14	market	market	NOUN
fbem-9137	127	15	change	change	NOUN
fbem-9137	127	16	simultaneously	simultaneously	ADV
fbem-9137	127	17	,	,	PUNCT
fbem-9137	127	18	china	china	PROPN
fbem-9137	127	19	securities	securities	PROPN
fbem-9137	127	20	and	and	CCONJ
fbem-9137	127	21	haitong	haitong	PROPN
fbem-9137	127	22	securities	security	NOUN
fbem-9137	127	23	have	have	VERB
fbem-9137	127	24	a	a	DET
fbem-9137	127	25	negative	negative	ADJ
fbem-9137	127	26	contribution	contribution	NOUN
fbem-9137	127	27	to	to	ADP
fbem-9137	127	28	the	the	DET
fbem-9137	127	29	systemic	systemic	ADJ
fbem-9137	127	30	risk	risk	NOUN
fbem-9137	127	31	in	in	ADP
fbem-9137	127	32	the	the	DET
fbem-9137	127	33	securities	security	NOUN
fbem-9137	127	34	industry	industry	NOUN
fbem-9137	127	35	.	.	PUNCT
fbem-9137	128	1	considering	consider	VERB
fbem-9137	128	2	that	that	SCONJ
fbem-9137	128	3	china	china	PROPN
fbem-9137	128	4	securities	security	NOUN
fbem-9137	128	5	has	have	AUX
fbem-9137	128	6	been	be	AUX
fbem-9137	128	7	expanding	expand	VERB
fbem-9137	128	8	its	its	PRON
fbem-9137	128	9	operational	operational	ADJ
fbem-9137	128	10	scale	scale	NOUN
fbem-9137	128	11	through	through	ADP
fbem-9137	128	12	acquisitions	acquisition	NOUN
fbem-9137	128	13	and	and	CCONJ
fbem-9137	128	14	mergers	merger	NOUN
fbem-9137	128	15	,	,	PUNCT
fbem-9137	128	16	and	and	CCONJ
fbem-9137	128	17	haotong	haotong	PROPN
fbem-9137	128	18	securities	security	NOUN
fbem-9137	128	19	is	be	AUX
fbem-9137	128	20	a	a	DET
fbem-9137	128	21	leader	leader	NOUN
fbem-9137	128	22	in	in	ADP
fbem-9137	128	23	china	china	PROPN
fbem-9137	128	24	's	's	PART
fbem-9137	128	25	securities	security	NOUN
fbem-9137	128	26	industry	industry	NOUN
fbem-9137	128	27	international	international	ADJ
fbem-9137	128	28	business	business	NOUN
fbem-9137	128	29	,	,	PUNCT
fbem-9137	128	30	they	they	PRON
fbem-9137	128	31	can	can	AUX
fbem-9137	128	32	be	be	AUX
fbem-9137	128	33	considered	consider	VERB
fbem-9137	128	34	"	"	PUNCT
fbem-9137	128	35	systemically	systemically	ADV
fbem-9137	128	36	important	important	ADJ
fbem-9137	128	37	financial	financial	ADJ
fbem-9137	128	38	institutions	institution	NOUN
fbem-9137	128	39	"	"	PUNCT
fbem-9137	128	40	116	116	NUM
fbem-9137	128	41	based	base	VERB
fbem-9137	128	42	on	on	ADP
fbem-9137	128	43	the	the	DET
fbem-9137	128	44	guidance	guidance	NOUN
fbem-9137	128	45	issued	issue	VERB
fbem-9137	128	46	by	by	ADP
fbem-9137	128	47	the	the	DET
fbem-9137	128	48	people	people	NOUN
fbem-9137	128	49	's	's	PART
fbem-9137	128	50	bank	bank	PROPN
fbem-9137	128	51	of	of	ADP
fbem-9137	128	52	china	china	PROPN
fbem-9137	128	53	,	,	PUNCT
fbem-9137	128	54	china	china	PROPN
fbem-9137	128	55	banking	banking	PROPN
fbem-9137	128	56	and	and	CCONJ
fbem-9137	128	57	insurance	insurance	NOUN
fbem-9137	128	58	regulatory	regulatory	ADJ
fbem-9137	128	59	commission	commission	NOUN
fbem-9137	128	60	,	,	PUNCT
fbem-9137	128	61	and	and	CCONJ
fbem-9137	128	62	china	china	PROPN
fbem-9137	128	63	securities	securities	PROPN
fbem-9137	128	64	regulatory	regulatory	PROPN
fbem-9137	128	65	commission	commission	PROPN
fbem-9137	128	66	in	in	ADP
fbem-9137	128	67	late	late	ADJ
fbem-9137	128	68	2018	2018	NUM
fbem-9137	128	69	to	to	PART
fbem-9137	128	70	improve	improve	VERB
fbem-9137	128	71	the	the	DET
fbem-9137	128	72	supervision	supervision	NOUN
fbem-9137	128	73	of	of	ADP
fbem-9137	128	74	systemically	systemically	ADV
fbem-9137	128	75	important	important	ADJ
fbem-9137	128	76	financial	financial	ADJ
fbem-9137	128	77	institutions	institution	NOUN
fbem-9137	128	78	.	.	PUNCT
fbem-9137	129	1	therefore	therefore	ADV
fbem-9137	129	2	,	,	PUNCT
fbem-9137	129	3	this	this	DET
fbem-9137	129	4	study	study	NOUN
fbem-9137	129	5	suggests	suggest	VERB
fbem-9137	129	6	that	that	SCONJ
fbem-9137	129	7	the	the	DET
fbem-9137	129	8	risk	risk	NOUN
fbem-9137	129	9	fluctuations	fluctuation	NOUN
fbem-9137	129	10	of	of	ADP
fbem-9137	129	11	these	these	DET
fbem-9137	129	12	two	two	NUM
fbem-9137	129	13	securities	security	NOUN
fbem-9137	129	14	firms	firm	NOUN
fbem-9137	129	15	serve	serve	VERB
fbem-9137	129	16	as	as	ADP
fbem-9137	129	17	early	early	ADJ
fbem-9137	129	18	warnings	warning	NOUN
fbem-9137	129	19	.	.	PUNCT
fbem-9137	130	1	once	once	ADV
fbem-9137	130	2	there	there	PRON
fbem-9137	130	3	is	be	VERB
fbem-9137	130	4	an	an	DET
fbem-9137	130	5	increase	increase	NOUN
fbem-9137	130	6	in	in	ADP
fbem-9137	130	7	the	the	DET
fbem-9137	130	8	volatility	volatility	NOUN
fbem-9137	130	9	of	of	ADP
fbem-9137	130	10	institutional	institutional	ADJ
fbem-9137	130	11	risk	risk	NOUN
fbem-9137	130	12	fluctuations	fluctuation	NOUN
fbem-9137	130	13	,	,	PUNCT
fbem-9137	130	14	the	the	DET
fbem-9137	130	15	influence	influence	NOUN
fbem-9137	130	16	of	of	ADP
fbem-9137	130	17	their	their	PRON
fbem-9137	130	18	early	early	ADJ
fbem-9137	130	19	warnings	warning	NOUN
fbem-9137	130	20	makes	make	VERB
fbem-9137	130	21	it	it	PRON
fbem-9137	130	22	easier	easy	ADJ
fbem-9137	130	23	to	to	PART
fbem-9137	130	24	attract	attract	VERB
fbem-9137	130	25	attention	attention	NOUN
fbem-9137	130	26	from	from	ADP
fbem-9137	130	27	the	the	DET
fbem-9137	130	28	entire	entire	ADJ
fbem-9137	130	29	securities	security	NOUN
fbem-9137	130	30	industry	industry	NOUN
fbem-9137	130	31	,	,	PUNCT
fbem-9137	130	32	prompting	prompt	VERB
fbem-9137	130	33	regulatory	regulatory	ADJ
fbem-9137	130	34	authorities	authority	NOUN
fbem-9137	130	35	to	to	PART
fbem-9137	130	36	strengthen	strengthen	VERB
fbem-9137	130	37	risk	risk	NOUN
fbem-9137	130	38	supervision	supervision	NOUN
fbem-9137	130	39	.	.	PUNCT
fbem-9137	131	1	as	as	ADP
fbem-9137	131	2	a	a	DET
fbem-9137	131	3	result	result	NOUN
fbem-9137	131	4	,	,	PUNCT
fbem-9137	131	5	the	the	DET
fbem-9137	131	6	overall	overall	ADJ
fbem-9137	131	7	risk	risk	NOUN
fbem-9137	131	8	volatility	volatility	NOUN
fbem-9137	131	9	in	in	ADP
fbem-9137	131	10	the	the	DET
fbem-9137	131	11	securities	security	NOUN
fbem-9137	131	12	industry	industry	NOUN
fbem-9137	131	13	is	be	AUX
fbem-9137	131	14	reduced	reduce	VERB
fbem-9137	131	15	.	.	PUNCT
fbem-9137	132	1	for	for	ADP
fbem-9137	132	2	individual	individual	ADJ
fbem-9137	132	3	financial	financial	ADJ
fbem-9137	132	4	markets	market	NOUN
fbem-9137	132	5	,	,	PUNCT
fbem-9137	132	6	the	the	DET
fbem-9137	132	7	spillover	spillover	NOUN
fbem-9137	132	8	effects	effect	NOUN
fbem-9137	132	9	of	of	ADP
fbem-9137	132	10	the	the	DET
fbem-9137	132	11	stock	stock	NOUN
fbem-9137	132	12	market	market	NOUN
fbem-9137	132	13	,	,	PUNCT
fbem-9137	132	14	money	money	NOUN
fbem-9137	132	15	market	market	NOUN
fbem-9137	132	16	,	,	PUNCT
fbem-9137	132	17	bond	bond	NOUN
fbem-9137	132	18	market	market	NOUN
fbem-9137	132	19	,	,	PUNCT
fbem-9137	132	20	and	and	CCONJ
fbem-9137	132	21	foreign	foreign	ADJ
fbem-9137	132	22	exchange	exchange	NOUN
fbem-9137	132	23	market	market	NOUN
fbem-9137	132	24	on	on	ADP
fbem-9137	132	25	systemic	systemic	ADJ
fbem-9137	132	26	risk	risk	NOUN
fbem-9137	132	27	in	in	ADP
fbem-9137	132	28	the	the	DET
fbem-9137	132	29	securities	security	NOUN
fbem-9137	132	30	industry	industry	NOUN
fbem-9137	132	31	are	be	AUX
fbem-9137	132	32	all	all	ADV
fbem-9137	132	33	negative	negative	ADJ
fbem-9137	132	34	.	.	PUNCT
fbem-9137	133	1	among	among	ADP
fbem-9137	133	2	them	they	PRON
fbem-9137	133	3	,	,	PUNCT
fbem-9137	133	4	the	the	DET
fbem-9137	133	5	negative	negative	ADJ
fbem-9137	133	6	spillover	spillover	ADJ
fbem-9137	133	7	effect	effect	NOUN
fbem-9137	133	8	of	of	ADP
fbem-9137	133	9	the	the	DET
fbem-9137	133	10	foreign	foreign	ADJ
fbem-9137	133	11	exchange	exchange	NOUN
fbem-9137	133	12	market	market	NOUN
fbem-9137	133	13	is	be	AUX
fbem-9137	133	14	the	the	DET
fbem-9137	133	15	most	most	ADV
fbem-9137	133	16	pronounced	pronounce	VERB
fbem-9137	133	17	,	,	PUNCT
fbem-9137	133	18	as	as	ADP
fbem-9137	133	19	evident	evident	ADJ
fbem-9137	133	20	from	from	ADP
fbem-9137	133	21	table	table	NOUN
fbem-9137	133	22	4	4	NUM
fbem-9137	133	23	,	,	PUNCT
fbem-9137	133	24	mainly	mainly	ADV
fbem-9137	133	25	due	due	ADP
fbem-9137	133	26	to	to	ADP
fbem-9137	133	27	the	the	DET
fbem-9137	133	28	significant	significant	ADJ
fbem-9137	133	29	systemic	systemic	ADJ
fbem-9137	133	30	risk	risk	NOUN
fbem-9137	133	31	spillover	spillover	VERB
fbem-9137	133	32	effect	effect	NOUN
fbem-9137	133	33	of	of	ADP
fbem-9137	133	34	haotong	haotong	NOUN
fbem-9137	133	35	securities	security	NOUN
fbem-9137	133	36	.	.	PUNCT
fbem-9137	134	1	as	as	SCONJ
fbem-9137	134	2	mentioned	mention	VERB
fbem-9137	134	3	earlier	early	ADV
fbem-9137	134	4	,	,	PUNCT
fbem-9137	134	5	haotong	haotong	NOUN
fbem-9137	134	6	securities	security	NOUN
fbem-9137	134	7	,	,	PUNCT
fbem-9137	134	8	as	as	ADP
fbem-9137	134	9	a	a	DET
fbem-9137	134	10	leader	leader	NOUN
fbem-9137	134	11	in	in	ADP
fbem-9137	134	12	china	china	PROPN
fbem-9137	134	13	's	's	PART
fbem-9137	134	14	securities	security	NOUN
fbem-9137	134	15	industry	industry	NOUN
fbem-9137	134	16	international	international	ADJ
fbem-9137	134	17	business	business	NOUN
fbem-9137	134	18	,	,	PUNCT
fbem-9137	134	19	has	have	AUX
fbem-9137	134	20	made	make	VERB
fbem-9137	134	21	international	international	ADJ
fbem-9137	134	22	business	business	NOUN
fbem-9137	134	23	a	a	DET
fbem-9137	134	24	significant	significant	ADJ
fbem-9137	134	25	source	source	NOUN
fbem-9137	134	26	of	of	ADP
fbem-9137	134	27	company	company	NOUN
fbem-9137	134	28	revenue	revenue	NOUN
fbem-9137	134	29	and	and	CCONJ
fbem-9137	134	30	possesses	possess	VERB
fbem-9137	134	31	rich	rich	ADJ
fbem-9137	134	32	risk	risk	NOUN
fbem-9137	134	33	management	management	NOUN
fbem-9137	134	34	experience	experience	NOUN
fbem-9137	134	35	.	.	PUNCT
fbem-9137	135	1	therefore	therefore	ADV
fbem-9137	135	2	,	,	PUNCT
fbem-9137	135	3	when	when	SCONJ
fbem-9137	135	4	there	there	PRON
fbem-9137	135	5	are	be	VERB
fbem-9137	135	6	changes	change	NOUN
fbem-9137	135	7	in	in	ADP
fbem-9137	135	8	risk	risk	NOUN
fbem-9137	135	9	states	state	NOUN
fbem-9137	135	10	in	in	ADP
fbem-9137	135	11	the	the	DET
fbem-9137	135	12	foreign	foreign	ADJ
fbem-9137	135	13	exchange	exchange	NOUN
fbem-9137	135	14	market	market	NOUN
fbem-9137	135	15	,	,	PUNCT
fbem-9137	135	16	haotong	haotong	PROPN
fbem-9137	135	17	securities	security	NOUN
fbem-9137	135	18	is	be	AUX
fbem-9137	135	19	better	well	ADJ
fbem-9137	135	20	able	able	ADJ
fbem-9137	135	21	to	to	PART
fbem-9137	135	22	reduce	reduce	VERB
fbem-9137	135	23	systemic	systemic	ADJ
fbem-9137	135	24	risk	risk	NOUN
fbem-9137	135	25	in	in	ADP
fbem-9137	135	26	the	the	DET
fbem-9137	135	27	securities	security	NOUN
fbem-9137	135	28	industry	industry	NOUN
fbem-9137	135	29	compared	compare	VERB
fbem-9137	135	30	to	to	ADP
fbem-9137	135	31	other	other	ADJ
fbem-9137	135	32	securities	security	NOUN
fbem-9137	135	33	firms	firm	NOUN
fbem-9137	135	34	.	.	PUNCT
fbem-9137	136	1	table	table	NOUN
fbem-9137	136	2	4	4	NUM
fbem-9137	136	3	.	.	PUNCT
fbem-9137	137	1	mean	mean	ADJ
fbem-9137	137	2	value	value	NOUN
fbem-9137	137	3	of	of	ADP
fbem-9137	137	4	spillover	spillover	ADJ
fbem-9137	137	5	effect	effect	NOUN
fbem-9137	137	6	of	of	ADP
fbem-9137	137	7	systematic	systematic	ADJ
fbem-9137	137	8	risk	risk	NOUN
fbem-9137	137	9	in	in	ADP
fbem-9137	137	10	securities	security	NOUN
fbem-9137	137	11	industry	industry	NOUN
fbem-9137	137	12	*	*	PUNCT
fbem-9137	137	13	covar	covar	PROPN
fbem-9137	137	14	*	*	SYM
fbem-9137	137	15	1	1	NUM
fbem-9137	137	16	covarm	covarm	NOUN
fbem-9137	137	17			NOUN
fbem-9137	138	1	*	*	SYM
fbem-9137	138	2	2	2	NUM
fbem-9137	138	3	covarm	covarm	NOUN
fbem-9137	138	4			NOUN
fbem-9137	139	1	*	*	SYM
fbem-9137	139	2	3	3	NUM
fbem-9137	139	3	covarm	covarm	NOUN
fbem-9137	139	4			NOUN
fbem-9137	140	1	*	*	PUNCT
fbem-9137	140	2	4	4	NUM
fbem-9137	140	3	covarm	covarm	NOUN
fbem-9137	140	4			NOUN
fbem-9137	141	1	*	*	PUNCT
fbem-9137	141	2	5	5	NUM
fbem-9137	141	3	covarm	covarm	NOUN
fbem-9137	141	4			NOUN
fbem-9137	141	5	stock	stock	NOUN
fbem-9137	141	6	market	market	NOUN
fbem-9137	141	7	monetary	monetary	ADJ
fbem-9137	141	8	market	market	NOUN
fbem-9137	141	9	bond	bond	NOUN
fbem-9137	141	10	market	market	NOUN
fbem-9137	141	11	forex	forex	ADJ
fbem-9137	141	12	market	market	NOUN
fbem-9137	141	13	real	real	ADJ
fbem-9137	141	14	estate	estate	NOUN
fbem-9137	141	15	market	market	NOUN
fbem-9137	141	16	citic	citic	ADJ
fbem-9137	141	17	securities	security	NOUN
fbem-9137	141	18	0.0299	0.0299	NUM
fbem-9137	141	19	4.5598	4.5598	NUM
fbem-9137	141	20	0.8399	0.8399	NUM
fbem-9137	141	21	5.9789	5.9789	NUM
fbem-9137	141	22	8.3290	8.3290	NUM
fbem-9137	141	23	6.4600	6.4600	NUM
fbem-9137	141	24	guotai	guotai	NOUN
fbem-9137	141	25	junan	junan	PROPN
fbem-9137	141	26	0.0162	0.0162	NUM
fbem-9137	141	27	4.2110	4.2110	NUM
fbem-9137	141	28	0.5405	0.5405	NUM
fbem-9137	141	29	4.7201	4.7201	NUM
fbem-9137	141	30	2.3019	2.3019	NUM
fbem-9137	141	31	6.6098	6.6098	NUM
fbem-9137	141	32	haitong	haitong	NOUN
fbem-9137	141	33	securities	security	NOUN
fbem-9137	141	34	0.0377	0.0377	NUM
fbem-9137	141	35	3.9603	3.9603	NUM
fbem-9137	141	36	0.4987	0.4987	NUM
fbem-9137	141	37	3.7120	3.7120	NUM
fbem-9137	141	38	13.0097	13.0097	NUM
fbem-9137	141	39	3.4892	3.4892	NUM
fbem-9137	141	40	huatai	huatai	NOUN
fbem-9137	141	41	securities	security	NOUN
fbem-9137	141	42	0.0299	0.0299	NUM
fbem-9137	142	1	4.2375	4.2375	NUM
fbem-9137	142	2	0.9843	0.9843	NUM
fbem-9137	142	3	5.6798	5.6798	NUM
fbem-9137	142	4	1.9100	1.9100	NUM
fbem-9137	142	5	7.3009	7.3009	NUM
fbem-9137	142	6	gf	gf	NOUN
fbem-9137	142	7	securities	security	NOUN
fbem-9137	142	8	0.0015	0.0015	NUM
fbem-9137	142	9	4.2560	4.2560	NUM
fbem-9137	142	10	0.4609	0.4609	NUM
fbem-9137	142	11	3.3775	3.3775	NUM
fbem-9137	142	12	2.7551	2.7551	NUM
fbem-9137	142	13	3.9778	3.9778	NUM
fbem-9137	142	14	china	china	PROPN
fbem-9137	142	15	merchants	merchant	NOUN
fbem-9137	142	16	securities	security	NOUN
fbem-9137	142	17	0.0603	0.0603	NUM
fbem-9137	142	18	4.2661	4.2661	NUM
fbem-9137	142	19	0.8499	0.8499	NUM
fbem-9137	142	20	4.9210	4.9210	NUM
fbem-9137	142	21	2.8753	2.8753	NUM
fbem-9137	142	22	7.5536	7.5536	NUM
fbem-9137	142	23	shen	shen	NOUN
fbem-9137	142	24	wanhongyuan	wanhongyuan	NOUN
fbem-9137	142	25	0.0657	0.0657	NUM
fbem-9137	143	1	4.0629	4.0629	NUM
fbem-9137	143	2	0.3631	0.3631	NUM
fbem-9137	143	3	3.7918	3.7918	NUM
fbem-9137	143	4	3.4421	3.4421	NUM
fbem-9137	143	5	3.0998	3.0998	NUM
fbem-9137	143	6	galaxy	galaxy	NOUN
fbem-9137	143	7	securities	security	NOUN
fbem-9137	143	8	0.1400	0.1400	NUM
fbem-9137	143	9	4.4601	4.4601	NUM
fbem-9137	143	10	0.4078	0.4078	NUM
fbem-9137	143	11	5.8201	5.8201	NUM
fbem-9137	143	12	6.0189	6.0189	NUM
fbem-9137	143	13	6.2109	6.2109	NUM
fbem-9137	143	14	securities	security	NOUN
fbem-9137	143	15	industry	industry	NOUN
fbem-9137	143	16	0.0181	0.0181	NUM
fbem-9137	143	17	4.3398	4.3398	NUM
fbem-9137	143	18	0.6387	0.6387	NUM
fbem-9137	143	19	4.7214	4.7214	NUM
fbem-9137	143	20	5.4669	5.4669	NUM
fbem-9137	143	21	5.5502	5.5502	NUM
fbem-9137	143	22	table	table	NOUN
fbem-9137	143	23	5	5	NUM
fbem-9137	143	24	.	.	PUNCT
fbem-9137	143	25	sensitivity	sensitivity	NOUN
fbem-9137	143	26	of	of	ADP
fbem-9137	143	27	the	the	DET
fbem-9137	143	28	risk	risk	NOUN
fbem-9137	143	29	of	of	ADP
fbem-9137	143	30	a	a	DET
fbem-9137	143	31	single	single	ADJ
fbem-9137	143	32	securities	security	NOUN
fbem-9137	143	33	company	company	NOUN
fbem-9137	143	34	to	to	ADP
fbem-9137	143	35	the	the	DET
fbem-9137	143	36	financial	financial	ADJ
fbem-9137	143	37	market	market	NOUN
fbem-9137	143	38	stock	stock	NOUN
fbem-9137	143	39	market	market	NOUN
fbem-9137	143	40	monetary	monetary	ADJ
fbem-9137	143	41	market	market	NOUN
fbem-9137	143	42	bond	bond	NOUN
fbem-9137	143	43	market	market	NOUN
fbem-9137	143	44	forex	forex	ADJ
fbem-9137	143	45	market	market	NOUN
fbem-9137	143	46	real	real	ADJ
fbem-9137	143	47	estate	estate	NOUN
fbem-9137	143	48	market	market	NOUN
fbem-9137	143	49	citic	citic	ADJ
fbem-9137	143	50	securities	security	NOUN
fbem-9137	143	51	2.6022	2.6022	NUM
fbem-9137	143	52	2.2109	2.2109	NUM
fbem-9137	143	53	2.1999	2.1999	NUM
fbem-9137	143	54	2.1931	2.1931	NUM
fbem-9137	143	55	2.1324	2.1324	NUM
fbem-9137	143	56	guotai	guotai	NOUN
fbem-9137	143	57	junan	junan	PROPN
fbem-9137	143	58	2.2839	2.2839	NUM
fbem-9137	143	59	1.9521	1.9521	NUM
fbem-9137	143	60	1.9754	1.9754	NUM
fbem-9137	143	61	1.9879	1.9879	NUM
fbem-9137	143	62	2.1000	2.1000	NUM
fbem-9137	143	63	haitong	haitong	NOUN
fbem-9137	143	64	securities	security	NOUN
fbem-9137	143	65	2.5790	2.5790	NUM
fbem-9137	143	66	2.2010	2.2010	NUM
fbem-9137	143	67	2.2641	2.2641	NUM
fbem-9137	143	68	2.3091	2.3091	NUM
fbem-9137	143	69	2.2531	2.2531	NUM
fbem-9137	143	70	huatai	huatai	NOUN
fbem-9137	143	71	securities	security	NOUN
fbem-9137	143	72	3.0932	3.0932	NUM
fbem-9137	143	73	2.5775	2.5775	NUM
fbem-9137	143	74	2.7003	2.7003	NUM
fbem-9137	143	75	2.5983	2.5983	NUM
fbem-9137	143	76	2.4465	2.4465	NUM
fbem-9137	143	77	gf	gf	NOUN
fbem-9137	143	78	securities	security	NOUN
fbem-9137	143	79	2.6402	2.6402	NUM
fbem-9137	143	80	2.1208	2.1208	NUM
fbem-9137	143	81	2.1499	2.1499	NUM
fbem-9137	143	82	2.2165	2.2165	NUM
fbem-9137	143	83	2.1322	2.1322	NUM
fbem-9137	143	84	china	china	PROPN
fbem-9137	143	85	merchants	merchant	NOUN
fbem-9137	143	86	securities	securitie	VERB
fbem-9137	143	87	2.7212	2.7212	NUM
fbem-9137	143	88	2.5009	2.5009	NUM
fbem-9137	143	89	2.500	2.500	NUM
fbem-9137	143	90	2.5003	2.5003	NUM
fbem-9137	143	91	2.4278	2.4278	NUM
fbem-9137	143	92	shen	shen	NOUN
fbem-9137	143	93	wanhongyuan	wanhongyuan	PROPN
fbem-9137	143	94	2.2399	2.2399	NUM
fbem-9137	143	95	2.0879	2.0879	NUM
fbem-9137	143	96	2.0428	2.0428	NUM
fbem-9137	143	97	2.0051	2.0051	NUM
fbem-9137	143	98	1.9956	1.9956	NUM
fbem-9137	143	99	galaxy	galaxy	NOUN
fbem-9137	143	100	securities	security	NOUN
fbem-9137	143	101	3.1289	3.1289	NUM
fbem-9137	144	1	2.9980	2.9980	NUM
fbem-9137	144	2	2.8990	2.8990	NUM
fbem-9137	144	3	1.8991	1.8991	NUM
fbem-9137	144	4	2.6521	2.6521	NUM
fbem-9137	144	5	on	on	ADP
fbem-9137	144	6	the	the	DET
fbem-9137	144	7	other	other	ADJ
fbem-9137	144	8	hand	hand	NOUN
fbem-9137	144	9	,	,	PUNCT
fbem-9137	144	10	the	the	DET
fbem-9137	144	11	change	change	NOUN
fbem-9137	144	12	in	in	ADP
fbem-9137	144	13	risk	risk	NOUN
fbem-9137	144	14	state	state	NOUN
fbem-9137	144	15	in	in	ADP
fbem-9137	144	16	the	the	DET
fbem-9137	144	17	real	real	ADJ
fbem-9137	144	18	estate	estate	NOUN
fbem-9137	144	19	market	market	NOUN
fbem-9137	144	20	has	have	VERB
fbem-9137	144	21	a	a	DET
fbem-9137	144	22	positive	positive	ADJ
fbem-9137	144	23	spillover	spillover	NOUN
fbem-9137	144	24	effect	effect	NOUN
fbem-9137	144	25	on	on	ADP
fbem-9137	144	26	systemic	systemic	ADJ
fbem-9137	144	27	risk	risk	NOUN
fbem-9137	144	28	in	in	ADP
fbem-9137	144	29	the	the	DET
fbem-9137	144	30	securities	security	NOUN
fbem-9137	144	31	industry	industry	NOUN
fbem-9137	144	32	.	.	PUNCT
fbem-9137	145	1	this	this	PRON
fbem-9137	145	2	may	may	AUX
fbem-9137	145	3	be	be	AUX
fbem-9137	145	4	because	because	SCONJ
fbem-9137	145	5	when	when	SCONJ
fbem-9137	145	6	the	the	DET
fbem-9137	145	7	real	real	ADJ
fbem-9137	145	8	estate	estate	NOUN
fbem-9137	145	9	market	market	NOUN
fbem-9137	145	10	experiences	experience	VERB
fbem-9137	145	11	significant	significant	ADJ
fbem-9137	145	12	fluctuations	fluctuation	NOUN
fbem-9137	145	13	due	due	ADP
fbem-9137	145	14	to	to	ADP
fbem-9137	145	15	fluctuations	fluctuation	NOUN
fbem-9137	145	16	in	in	ADP
fbem-9137	145	17	housing	housing	NOUN
fbem-9137	145	18	prices	price	NOUN
fbem-9137	145	19	and	and	CCONJ
fbem-9137	145	20	imbalances	imbalance	NOUN
fbem-9137	145	21	in	in	ADP
fbem-9137	145	22	supply	supply	NOUN
fbem-9137	145	23	and	and	CCONJ
fbem-9137	145	24	demand	demand	NOUN
fbem-9137	145	25	,	,	PUNCT
fbem-9137	145	26	investors	investor	NOUN
fbem-9137	145	27	may	may	AUX
fbem-9137	145	28	choose	choose	VERB
fbem-9137	145	29	other	other	ADJ
fbem-9137	145	30	financial	financial	ADJ
fbem-9137	145	31	products	product	NOUN
fbem-9137	145	32	for	for	ADP
fbem-9137	145	33	investment	investment	NOUN
fbem-9137	145	34	due	due	ADP
fbem-9137	145	35	to	to	ADP
fbem-9137	145	36	substitution	substitution	NOUN
fbem-9137	145	37	effects	effect	NOUN
fbem-9137	145	38	.	.	PUNCT
fbem-9137	146	1	as	as	ADP
fbem-9137	146	2	an	an	DET
fbem-9137	146	3	intermediary	intermediary	NOUN
fbem-9137	146	4	,	,	PUNCT
fbem-9137	146	5	securities	security	NOUN
fbem-9137	146	6	firms	firm	NOUN
fbem-9137	146	7	increase	increase	VERB
fbem-9137	146	8	their	their	PRON
fbem-9137	146	9	business	business	NOUN
fbem-9137	146	10	scale	scale	NOUN
fbem-9137	146	11	and	and	CCONJ
fbem-9137	146	12	product	product	NOUN
fbem-9137	146	13	variety	variety	NOUN
fbem-9137	146	14	accordingly	accordingly	ADV
fbem-9137	146	15	,	,	PUNCT
fbem-9137	146	16	leading	lead	VERB
fbem-9137	146	17	to	to	ADP
fbem-9137	146	18	an	an	DET
fbem-9137	146	19	exacerbation	exacerbation	NOUN
fbem-9137	146	20	of	of	ADP
fbem-9137	146	21	the	the	DET
fbem-9137	146	22	systemic	systemic	ADJ
fbem-9137	146	23	risk	risk	NOUN
fbem-9137	146	24	level	level	NOUN
fbem-9137	146	25	in	in	ADP
fbem-9137	146	26	the	the	DET
fbem-9137	146	27	securities	security	NOUN
fbem-9137	146	28	industry	industry	NOUN
fbem-9137	146	29	.	.	PUNCT
fbem-9137	147	1	(	(	PUNCT
fbem-9137	147	2	2	2	X
fbem-9137	147	3	)	)	PUNCT
fbem-9137	147	4	channel	channel	NOUN
fbem-9137	147	5	analysis	analysis	NOUN
fbem-9137	147	6	of	of	ADP
fbem-9137	147	7	the	the	DET
fbem-9137	147	8	spillover	spillover	ADJ
fbem-9137	147	9	effect	effect	NOUN
fbem-9137	147	10	of	of	ADP
fbem-9137	147	11	financial	financial	ADJ
fbem-9137	147	12	market	market	NOUN
fbem-9137	147	13	on	on	ADP
fbem-9137	147	14	the	the	DET
fbem-9137	147	15	systematic	systematic	ADJ
fbem-9137	147	16	risk	risk	NOUN
fbem-9137	147	17	of	of	ADP
fbem-9137	147	18	securities	security	NOUN
fbem-9137	147	19	industry	industry	NOUN
fbem-9137	147	20	.	.	PUNCT
fbem-9137	148	1	according	accord	VERB
fbem-9137	148	2	to	to	ADP
fbem-9137	148	3	equation	equation	NOUN
fbem-9137	148	4	(	(	PUNCT
fbem-9137	148	5	7	7	NUM
fbem-9137	148	6	)	)	PUNCT
fbem-9137	148	7	,	,	PUNCT
fbem-9137	148	8	it	it	PRON
fbem-9137	148	9	can	can	AUX
fbem-9137	148	10	be	be	AUX
fbem-9137	148	11	inferred	infer	VERB
fbem-9137	148	12	that	that	SCONJ
fbem-9137	148	13	the	the	DET
fbem-9137	148	14	spillover	spillover	NOUN
fbem-9137	148	15	effects	effect	NOUN
fbem-9137	148	16	of	of	ADP
fbem-9137	148	17	individual	individual	ADJ
fbem-9137	148	18	financial	financial	ADJ
fbem-9137	148	19	markets	market	NOUN
fbem-9137	148	20	on	on	ADP
fbem-9137	148	21	securities	security	NOUN
fbem-9137	148	22	firms	firm	NOUN
fbem-9137	148	23	can	can	AUX
fbem-9137	148	24	be	be	AUX
fbem-9137	148	25	analyzed	analyze	VERB
fbem-9137	148	26	through	through	ADP
fbem-9137	148	27	three	three	NUM
fbem-9137	148	28	channels	channel	NOUN
fbem-9137	148	29	:	:	PUNCT
fbem-9137	148	30	the	the	DET
fbem-9137	148	31	risk	risk	NOUN
fbem-9137	148	32	of	of	ADP
fbem-9137	148	33	the	the	DET
fbem-9137	148	34	financial	financial	ADJ
fbem-9137	148	35	market	market	NOUN
fbem-9137	148	36	itself	itself	PRON
fbem-9137	148	37	,	,	PUNCT
fbem-9137	148	38	the	the	DET
fbem-9137	148	39	sensitivity	sensitivity	NOUN
fbem-9137	148	40	of	of	ADP
fbem-9137	148	41	individual	individual	ADJ
fbem-9137	148	42	securities	security	NOUN
fbem-9137	148	43	firms	firm	NOUN
fbem-9137	148	44	'	'	PART
fbem-9137	148	45	risk	risk	NOUN
fbem-9137	148	46	to	to	ADP
fbem-9137	148	47	the	the	DET
fbem-9137	148	48	financial	financial	ADJ
fbem-9137	148	49	market	market	NOUN
fbem-9137	148	50	,	,	PUNCT
fbem-9137	148	51	and	and	CCONJ
fbem-9137	148	52	the	the	DET
fbem-9137	148	53	information	information	NOUN
fbem-9137	148	54	spillover	spillover	VERB
fbem-9137	148	55	channel	channel	NOUN
fbem-9137	148	56	from	from	ADP
fbem-9137	148	57	the	the	DET
fbem-9137	148	58	financial	financial	ADJ
fbem-9137	148	59	market	market	NOUN
fbem-9137	148	60	to	to	ADP
fbem-9137	148	61	systemic	systemic	ADJ
fbem-9137	148	62	risk	risk	NOUN
fbem-9137	148	63	in	in	ADP
fbem-9137	148	64	the	the	DET
fbem-9137	148	65	securities	security	NOUN
fbem-9137	148	66	industry	industry	NOUN
fbem-9137	148	67	.	.	PUNCT
fbem-9137	149	1	1	1	X
fbem-9137	149	2	.	.	X
fbem-9137	149	3	analysis	analysis	NOUN
fbem-9137	149	4	of	of	ADP
fbem-9137	149	5	the	the	DET
fbem-9137	149	6	changes	change	NOUN
fbem-9137	149	7	in	in	ADP
fbem-9137	149	8	financial	financial	ADJ
fbem-9137	149	9	market	market	NOUN
fbem-9137	149	10	risk	risk	NOUN
fbem-9137	149	11	during	during	ADP
fbem-9137	149	12	the	the	DET
fbem-9137	149	13	period	period	NOUN
fbem-9137	149	14	from	from	ADP
fbem-9137	149	15	2015	2015	NUM
fbem-9137	149	16	to	to	ADP
fbem-9137	149	17	2020	2020	NUM
fbem-9137	149	18	,	,	PUNCT
fbem-9137	149	19	the	the	DET
fbem-9137	149	20	risk	risk	NOUN
fbem-9137	149	21	control	control	NOUN
fbem-9137	149	22	in	in	ADP
fbem-9137	149	23	china	china	PROPN
fbem-9137	149	24	's	's	PART
fbem-9137	149	25	bond	bond	NOUN
fbem-9137	149	26	market	market	NOUN
fbem-9137	149	27	and	and	CCONJ
fbem-9137	149	28	foreign	foreign	ADJ
fbem-9137	149	29	exchange	exchange	NOUN
fbem-9137	149	30	market	market	NOUN
fbem-9137	149	31	was	be	AUX
fbem-9137	149	32	relatively	relatively	ADV
fbem-9137	149	33	good	good	ADJ
fbem-9137	149	34	,	,	PUNCT
fbem-9137	149	35	with	with	ADP
fbem-9137	149	36	minimal	minimal	ADJ
fbem-9137	149	37	risk	risk	NOUN
fbem-9137	149	38	fluctuations	fluctuation	NOUN
fbem-9137	149	39	.	.	PUNCT
fbem-9137	150	1	this	this	PRON
fbem-9137	150	2	is	be	AUX
fbem-9137	150	3	mainly	mainly	ADV
fbem-9137	150	4	because	because	SCONJ
fbem-9137	150	5	the	the	DET
fbem-9137	150	6	chinese	chinese	ADJ
fbem-9137	150	7	bond	bond	NOUN
fbem-9137	150	8	market	market	NOUN
fbem-9137	150	9	mainly	mainly	ADV
fbem-9137	150	10	consists	consist	VERB
fbem-9137	150	11	of	of	ADP
fbem-9137	150	12	safe	safe	ADJ
fbem-9137	150	13	and	and	CCONJ
fbem-9137	150	14	highly	highly	ADV
fbem-9137	150	15	liquid	liquid	ADJ
fbem-9137	150	16	bonds	bond	NOUN
fbem-9137	150	17	,	,	PUNCT
fbem-9137	150	18	such	such	ADJ
fbem-9137	150	19	as	as	ADP
fbem-9137	150	20	government	government	NOUN
fbem-9137	150	21	bonds	bond	NOUN
fbem-9137	150	22	and	and	CCONJ
fbem-9137	150	23	financial	financial	ADJ
fbem-9137	150	24	bonds	bond	NOUN
fbem-9137	150	25	,	,	PUNCT
fbem-9137	150	26	which	which	PRON
fbem-9137	150	27	contribute	contribute	VERB
fbem-9137	150	28	to	to	ADP
fbem-9137	150	29	the	the	DET
fbem-9137	150	30	stable	stable	ADJ
fbem-9137	150	31	operation	operation	NOUN
fbem-9137	150	32	of	of	ADP
fbem-9137	150	33	the	the	DET
fbem-9137	150	34	bond	bond	NOUN
fbem-9137	150	35	market	market	NOUN
fbem-9137	150	36	.	.	PUNCT
fbem-9137	151	1	additionally	additionally	ADV
fbem-9137	151	2	,	,	PUNCT
fbem-9137	151	3	the	the	DET
fbem-9137	151	4	foreign	foreign	ADJ
fbem-9137	151	5	exchange	exchange	NOUN
fbem-9137	151	6	market	market	NOUN
fbem-9137	151	7	in	in	ADP
fbem-9137	151	8	china	china	PROPN
fbem-9137	151	9	operates	operate	VERB
fbem-9137	151	10	under	under	ADP
fbem-9137	151	11	a	a	DET
fbem-9137	151	12	managed	manage	VERB
fbem-9137	151	13	floating	float	VERB
fbem-9137	151	14	exchange	exchange	NOUN
fbem-9137	151	15	rate	rate	NOUN
fbem-9137	151	16	system	system	NOUN
fbem-9137	151	17	,	,	PUNCT
fbem-9137	151	18	and	and	CCONJ
fbem-9137	151	19	international	international	ADJ
fbem-9137	151	20	investment	investment	NOUN
fbem-9137	151	21	activities	activity	NOUN
fbem-9137	151	22	have	have	AUX
fbem-9137	151	23	not	not	PART
fbem-9137	151	24	yet	yet	ADV
fbem-9137	151	25	become	become	VERB
fbem-9137	151	26	systematic	systematic	ADJ
fbem-9137	151	27	,	,	PUNCT
fbem-9137	151	28	leading	lead	VERB
fbem-9137	151	29	to	to	ADP
fbem-9137	151	30	effective	effective	ADJ
fbem-9137	151	31	risk	risk	NOUN
fbem-9137	151	32	control	control	NOUN
fbem-9137	151	33	and	and	CCONJ
fbem-9137	151	34	minimal	minimal	ADJ
fbem-9137	151	35	risk	risk	NOUN
fbem-9137	151	36	volatility	volatility	NOUN
fbem-9137	151	37	.	.	PUNCT
fbem-9137	152	1	the	the	DET
fbem-9137	152	2	stock	stock	NOUN
fbem-9137	152	3	market	market	NOUN
fbem-9137	152	4	and	and	CCONJ
fbem-9137	152	5	real	real	ADJ
fbem-9137	152	6	estate	estate	NOUN
fbem-9137	152	7	market	market	NOUN
fbem-9137	152	8	also	also	ADV
fbem-9137	152	9	experienced	experience	VERB
fbem-9137	152	10	relatively	relatively	ADV
fbem-9137	152	11	small	small	ADJ
fbem-9137	152	12	risk	risk	NOUN
fbem-9137	152	13	fluctuations	fluctuation	NOUN
fbem-9137	152	14	,	,	PUNCT
fbem-9137	152	15	which	which	PRON
fbem-9137	152	16	further	far	ADV
fbem-9137	152	17	contracted	contract	VERB
fbem-9137	152	18	after	after	ADP
fbem-9137	152	19	2015	2015	NUM
fbem-9137	152	20	.	.	PUNCT
fbem-9137	153	1	this	this	PRON
fbem-9137	153	2	indicates	indicate	VERB
fbem-9137	153	3	that	that	SCONJ
fbem-9137	153	4	china	china	PROPN
fbem-9137	153	5	's	's	PART
fbem-9137	153	6	financial	financial	ADJ
fbem-9137	153	7	risk	risk	NOUN
fbem-9137	153	8	regulation	regulation	NOUN
fbem-9137	153	9	efforts	effort	NOUN
fbem-9137	153	10	have	have	AUX
fbem-9137	153	11	been	be	AUX
fbem-9137	153	12	effective	effective	ADJ
fbem-9137	153	13	following	follow	VERB
fbem-9137	153	14	the	the	DET
fbem-9137	153	15	stock	stock	NOUN
fbem-9137	153	16	market	market	NOUN
fbem-9137	153	17	crisis	crisis	NOUN
fbem-9137	153	18	in	in	ADP
fbem-9137	153	19	2015	2015	NUM
fbem-9137	153	20	.	.	PUNCT
fbem-9137	154	1	the	the	DET
fbem-9137	154	2	currency	currency	NOUN
fbem-9137	154	3	market	market	NOUN
fbem-9137	154	4	exhibited	exhibit	VERB
fbem-9137	154	5	the	the	DET
fbem-9137	154	6	highest	high	ADJ
fbem-9137	154	7	risk	risk	NOUN
fbem-9137	154	8	volatility	volatility	NOUN
fbem-9137	154	9	.	.	PUNCT
fbem-9137	155	1	with	with	ADP
fbem-9137	155	2	the	the	DET
fbem-9137	155	3	continuous	continuous	ADJ
fbem-9137	155	4	opening	opening	NOUN
fbem-9137	155	5	up	up	ADP
fbem-9137	155	6	of	of	ADP
fbem-9137	155	7	china	china	PROPN
fbem-9137	155	8	's	's	PART
fbem-9137	155	9	financial	financial	ADJ
fbem-9137	155	10	market	market	NOUN
fbem-9137	155	11	and	and	CCONJ
fbem-9137	155	12	the	the	DET
fbem-9137	155	13	ongoing	ongoing	ADJ
fbem-9137	155	14	improvement	improvement	NOUN
fbem-9137	155	15	of	of	ADP
fbem-9137	155	16	interest	interest	NOUN
fbem-9137	155	17	rate	rate	NOUN
fbem-9137	155	18	liberalization	liberalization	NOUN
fbem-9137	155	19	,	,	PUNCT
fbem-9137	155	20	the	the	DET
fbem-9137	155	21	transmission	transmission	NOUN
fbem-9137	155	22	mechanism	mechanism	NOUN
fbem-9137	155	23	in	in	ADP
fbem-9137	155	24	the	the	DET
fbem-9137	155	25	currency	currency	NOUN
fbem-9137	155	26	market	market	NOUN
fbem-9137	155	27	has	have	AUX
fbem-9137	155	28	become	become	VERB
fbem-9137	155	29	more	more	ADV
fbem-9137	155	30	unobstructed	unobstructed	ADJ
fbem-9137	155	31	.	.	PUNCT
fbem-9137	156	1	the	the	DET
fbem-9137	156	2	interest	interest	NOUN
fbem-9137	156	3	rates	rate	NOUN
fbem-9137	156	4	in	in	ADP
fbem-9137	156	5	the	the	DET
fbem-9137	156	6	chinese	chinese	ADJ
fbem-9137	156	7	currency	currency	NOUN
fbem-9137	156	8	market	market	NOUN
fbem-9137	156	9	are	be	AUX
fbem-9137	156	10	increasingly	increasingly	ADV
fbem-9137	156	11	influenced	influence	VERB
fbem-9137	156	12	by	by	ADP
fbem-9137	156	13	both	both	CCONJ
fbem-9137	156	14	domestic	domestic	ADJ
fbem-9137	156	15	and	and	CCONJ
fbem-9137	156	16	international	international	ADJ
fbem-9137	156	17	economic	economic	ADJ
fbem-9137	156	18	conditions	condition	NOUN
fbem-9137	156	19	.	.	PUNCT
fbem-9137	157	1	particularly	particularly	ADV
fbem-9137	157	2	after	after	ADP
fbem-9137	157	3	2016	2016	NUM
fbem-9137	157	4	,	,	PUNCT
fbem-9137	157	5	events	event	NOUN
fbem-9137	157	6	such	such	ADJ
fbem-9137	157	7	as	as	ADP
fbem-9137	157	8	brexit	brexit	NOUN
fbem-9137	157	9	,	,	PUNCT
fbem-9137	157	10	the	the	DET
fbem-9137	157	11	us	us	PROPN
fbem-9137	157	12	-	-	PUNCT
fbem-9137	157	13	china	china	PROPN
fbem-9137	157	14	trade	trade	NOUN
fbem-9137	157	15	friction	friction	NOUN
fbem-9137	157	16	,	,	PUNCT
fbem-9137	157	17	and	and	CCONJ
fbem-9137	157	18	the	the	DET
fbem-9137	157	19	covid-19	covid-19	PROPN
fbem-9137	157	20	pandemic	pandemic	NOUN
fbem-9137	157	21	have	have	AUX
fbem-9137	157	22	intensified	intensify	VERB
fbem-9137	157	23	the	the	DET
fbem-9137	157	24	risk	risk	NOUN
fbem-9137	157	25	volatility	volatility	NOUN
fbem-9137	157	26	in	in	ADP
fbem-9137	157	27	china	china	PROPN
fbem-9137	157	28	's	's	PART
fbem-9137	157	29	currency	currency	NOUN
fbem-9137	157	30	market	market	NOUN
fbem-9137	157	31	.	.	PUNCT
fbem-9137	158	1	2	2	X
fbem-9137	158	2	.	.	X
fbem-9137	158	3	analysis	analysis	NOUN
fbem-9137	158	4	of	of	ADP
fbem-9137	158	5	the	the	DET
fbem-9137	158	6	sensitivity	sensitivity	NOUN
fbem-9137	158	7	of	of	ADP
fbem-9137	158	8	individual	individual	ADJ
fbem-9137	158	9	securities	security	NOUN
fbem-9137	158	10	117	117	NUM
fbem-9137	158	11	companies	company	NOUN
fbem-9137	158	12	'	'	PART
fbem-9137	158	13	risk	risk	NOUN
fbem-9137	158	14	to	to	ADP
fbem-9137	158	15	financial	financial	ADJ
fbem-9137	158	16	markets	market	NOUN
fbem-9137	158	17	the	the	DET
fbem-9137	158	18	sensitivity	sensitivity	NOUN
fbem-9137	158	19	of	of	ADP
fbem-9137	158	20	individual	individual	ADJ
fbem-9137	158	21	securities	security	NOUN
fbem-9137	158	22	companies	company	NOUN
fbem-9137	158	23	'	'	PART
fbem-9137	158	24	risk	risk	NOUN
fbem-9137	158	25	to	to	ADP
fbem-9137	158	26	financial	financial	ADJ
fbem-9137	158	27	markets	market	NOUN
fbem-9137	158	28	can	can	AUX
fbem-9137	158	29	be	be	AUX
fbem-9137	158	30	calculated	calculate	VERB
fbem-9137	158	31	to	to	PART
fbem-9137	158	32	reflect	reflect	VERB
fbem-9137	158	33	the	the	DET
fbem-9137	158	34	extent	extent	NOUN
fbem-9137	158	35	to	to	PART
fbem-9137	158	36	which	which	PRON
fbem-9137	158	37	the	the	DET
fbem-9137	158	38	risk	risk	NOUN
fbem-9137	158	39	status	status	NOUN
fbem-9137	158	40	of	of	ADP
fbem-9137	158	41	securities	security	NOUN
fbem-9137	158	42	companies	company	NOUN
fbem-9137	158	43	changes	change	VERB
fbem-9137	158	44	with	with	ADP
fbem-9137	158	45	the	the	DET
fbem-9137	158	46	changing	change	VERB
fbem-9137	158	47	risk	risk	NOUN
fbem-9137	158	48	status	status	NOUN
fbem-9137	158	49	of	of	ADP
fbem-9137	158	50	individual	individual	ADJ
fbem-9137	158	51	financial	financial	ADJ
fbem-9137	158	52	market	market	NOUN
fbem-9137	158	53	segments	segment	NOUN
fbem-9137	158	54	.	.	PUNCT
fbem-9137	159	1	table	table	NOUN
fbem-9137	159	2	5	5	NUM
fbem-9137	159	3	presents	present	VERB
fbem-9137	159	4	the	the	DET
fbem-9137	159	5	average	average	ADJ
fbem-9137	159	6	degree	degree	NOUN
fbem-9137	159	7	of	of	ADP
fbem-9137	159	8	change	change	NOUN
fbem-9137	159	9	in	in	ADP
fbem-9137	159	10	the	the	DET
fbem-9137	159	11	risk	risk	NOUN
fbem-9137	159	12	status	status	NOUN
fbem-9137	159	13	of	of	ADP
fbem-9137	159	14	securities	security	NOUN
fbem-9137	159	15	companies	company	NOUN
fbem-9137	159	16	when	when	SCONJ
fbem-9137	159	17	the	the	DET
fbem-9137	159	18	risk	risk	NOUN
fbem-9137	159	19	status	status	NOUN
fbem-9137	159	20	of	of	ADP
fbem-9137	159	21	individual	individual	ADJ
fbem-9137	159	22	financial	financial	ADJ
fbem-9137	159	23	market	market	NOUN
fbem-9137	159	24	segments	segment	NOUN
fbem-9137	159	25	and	and	CCONJ
fbem-9137	159	26	the	the	DET
fbem-9137	159	27	real	real	ADJ
fbem-9137	159	28	estate	estate	NOUN
fbem-9137	159	29	market	market	NOUN
fbem-9137	159	30	changes	change	NOUN
fbem-9137	159	31	.	.	PUNCT
fbem-9137	160	1	it	it	PRON
fbem-9137	160	2	can	can	AUX
fbem-9137	160	3	be	be	AUX
fbem-9137	160	4	observed	observe	VERB
fbem-9137	160	5	that	that	SCONJ
fbem-9137	160	6	all	all	DET
fbem-9137	160	7	four	four	NUM
fbem-9137	160	8	financial	financial	ADJ
fbem-9137	160	9	market	market	NOUN
fbem-9137	160	10	segments	segment	NOUN
fbem-9137	160	11	and	and	CCONJ
fbem-9137	160	12	the	the	DET
fbem-9137	160	13	real	real	ADJ
fbem-9137	160	14	estate	estate	NOUN
fbem-9137	160	15	market	market	NOUN
fbem-9137	160	16	have	have	VERB
fbem-9137	160	17	a	a	DET
fbem-9137	160	18	negative	negative	ADJ
fbem-9137	160	19	impact	impact	NOUN
fbem-9137	160	20	on	on	ADP
fbem-9137	160	21	the	the	DET
fbem-9137	160	22	risk	risk	NOUN
fbem-9137	160	23	status	status	NOUN
fbem-9137	160	24	of	of	ADP
fbem-9137	160	25	individual	individual	ADJ
fbem-9137	160	26	securities	security	NOUN
fbem-9137	160	27	companies	company	NOUN
fbem-9137	160	28	.	.	PUNCT
fbem-9137	161	1	this	this	PRON
fbem-9137	161	2	indicates	indicate	VERB
fbem-9137	161	3	that	that	SCONJ
fbem-9137	161	4	when	when	SCONJ
fbem-9137	161	5	the	the	DET
fbem-9137	161	6	risk	risk	NOUN
fbem-9137	161	7	volatility	volatility	NOUN
fbem-9137	161	8	increases	increase	VERB
fbem-9137	161	9	in	in	ADP
fbem-9137	161	10	the	the	DET
fbem-9137	161	11	four	four	NUM
fbem-9137	161	12	financial	financial	ADJ
fbem-9137	161	13	market	market	NOUN
fbem-9137	161	14	segments	segment	NOUN
fbem-9137	161	15	and	and	CCONJ
fbem-9137	161	16	the	the	DET
fbem-9137	161	17	real	real	ADJ
fbem-9137	161	18	estate	estate	NOUN
fbem-9137	161	19	market	market	NOUN
fbem-9137	161	20	,	,	PUNCT
fbem-9137	161	21	the	the	DET
fbem-9137	161	22	risk	risk	NOUN
fbem-9137	161	23	volatility	volatility	NOUN
fbem-9137	161	24	of	of	ADP
fbem-9137	161	25	securities	security	NOUN
fbem-9137	161	26	companies	company	NOUN
fbem-9137	161	27	tends	tend	VERB
fbem-9137	161	28	to	to	PART
fbem-9137	161	29	decrease	decrease	VERB
fbem-9137	161	30	.	.	PUNCT
fbem-9137	162	1	among	among	ADP
fbem-9137	162	2	them	they	PRON
fbem-9137	162	3	,	,	PUNCT
fbem-9137	162	4	individual	individual	ADJ
fbem-9137	162	5	securities	security	NOUN
fbem-9137	162	6	companies	company	NOUN
fbem-9137	162	7	are	be	AUX
fbem-9137	162	8	most	most	ADV
fbem-9137	162	9	sensitive	sensitive	ADJ
fbem-9137	162	10	to	to	ADP
fbem-9137	162	11	the	the	DET
fbem-9137	162	12	stock	stock	NOUN
fbem-9137	162	13	market	market	NOUN
fbem-9137	162	14	.	.	PUNCT
fbem-9137	163	1	this	this	DET
fbem-9137	163	2	study	study	NOUN
fbem-9137	163	3	believes	believe	VERB
fbem-9137	163	4	that	that	SCONJ
fbem-9137	163	5	financial	financial	ADJ
fbem-9137	163	6	markets	market	NOUN
fbem-9137	163	7	serve	serve	VERB
fbem-9137	163	8	as	as	ADP
fbem-9137	163	9	signals	signal	NOUN
fbem-9137	163	10	for	for	ADP
fbem-9137	163	11	securities	security	NOUN
fbem-9137	163	12	institutions	institution	NOUN
fbem-9137	163	13	,	,	PUNCT
fbem-9137	163	14	and	and	CCONJ
fbem-9137	163	15	their	their	PRON
fbem-9137	163	16	risk	risk	NOUN
fbem-9137	163	17	fluctuations	fluctuation	NOUN
fbem-9137	163	18	act	act	VERB
fbem-9137	163	19	as	as	ADP
fbem-9137	163	20	table	table	NOUN
fbem-9137	163	21	6	6	NUM
fbem-9137	164	1	.	.	PUNCT
fbem-9137	164	2	impact	impact	NOUN
fbem-9137	164	3	of	of	ADP
fbem-9137	164	4	financial	financial	ADJ
fbem-9137	164	5	market	market	NOUN
fbem-9137	164	6	risk	risk	NOUN
fbem-9137	164	7	volatility	volatility	NOUN
fbem-9137	164	8	on	on	ADP
fbem-9137	164	9	spillover	spillover	ADJ
fbem-9137	164	10	effect	effect	NOUN
fbem-9137	164	11	stock	stock	NOUN
fbem-9137	164	12	market	market	NOUN
fbem-9137	164	13	monetary	monetary	ADJ
fbem-9137	164	14	market	market	NOUN
fbem-9137	164	15	bond	bond	NOUN
fbem-9137	164	16	market	market	NOUN
fbem-9137	164	17	forex	forex	ADJ
fbem-9137	164	18	market	market	NOUN
fbem-9137	164	19	real	real	ADJ
fbem-9137	164	20	estate	estate	NOUN
fbem-9137	164	21	market	market	NOUN
fbem-9137	164	22	citic	citic	ADJ
fbem-9137	164	23	securities	security	NOUN
fbem-9137	164	24	0.5287	0.5287	NUM
fbem-9137	165	1	0.2439	0.2439	NUM
fbem-9137	165	2	2.4166	2.4166	NUM
fbem-9137	165	3	4.6982	4.6982	NUM
fbem-9137	165	4	3.5483	3.5483	NUM
fbem-9137	165	5	guotai	guotai	NOUN
fbem-9137	165	6	junan	junan	PROPN
fbem-9137	165	7	0.3199	0.3199	NUM
fbem-9137	165	8	0.1897	0.1897	NUM
fbem-9137	166	1	1.6702	1.6702	NUM
fbem-9137	166	2	1.0501	1.0501	NUM
fbem-9137	166	3	3.1092	3.1092	NUM
fbem-9137	166	4	haitong	haitong	NOUN
fbem-9137	166	5	securities	security	NOUN
fbem-9137	166	6	0.3200	0.3200	NUM
fbem-9137	166	7	0.1421	0.1421	NUM
fbem-9137	166	8	1.1301	1.1301	NUM
fbem-9137	166	9	5.0499	5.0499	NUM
fbem-9137	166	10	3.1731	3.1731	NUM
fbem-9137	166	11	huatai	huatai	NOUN
fbem-9137	166	12	securities	security	NOUN
fbem-9137	166	13	0.2798	0.2798	NUM
fbem-9137	166	14	0.2600	0.2600	NUM
fbem-9137	166	15	1.9110	1.9110	NUM
fbem-9137	166	16	0.7102	0.7102	NUM
fbem-9137	166	17	3.4998	3.4998	NUM
fbem-9137	166	18	gf	gf	NOUN
fbem-9137	166	19	securities	security	NOUN
fbem-9137	166	20	0.3667	0.3667	NUM
fbem-9137	166	21	0.1071	0.1071	NUM
fbem-9137	166	22	0.9178	0.9178	NUM
fbem-9137	166	23	1.2310	1.2310	NUM
fbem-9137	166	24	1.9765	1.9765	NUM
fbem-9137	166	25	china	china	PROPN
fbem-9137	166	26	merchants	merchant	NOUN
fbem-9137	166	27	securities	securitie	VERB
fbem-9137	166	28	0.3769	0.3769	NUM
fbem-9137	166	29	0.2517	0.2517	NUM
fbem-9137	167	1	1.6287	1.6287	NUM
fbem-9137	167	2	1.0301	1.0301	NUM
fbem-9137	167	3	3.5999	3.5999	NUM
fbem-9137	167	4	shen	shen	NOUN
fbem-9137	167	5	wanhongyuan	wanhongyuan	PROPN
fbem-9137	167	6	0.3701	0.3701	NUM
fbem-9137	167	7	0.0801	0.0801	NUM
fbem-9137	167	8	0.8431	0.8431	NUM
fbem-9137	167	9	1.6447	1.6447	NUM
fbem-9137	167	10	1.3879	1.3879	NUM
fbem-9137	167	11	galaxy	galaxy	NOUN
fbem-9137	167	12	securities	security	NOUN
fbem-9137	167	13	0.5459	0.5459	NUM
fbem-9137	167	14	0.1430	0.1430	NUM
fbem-9137	167	15	1.6780	1.6780	NUM
fbem-9137	167	16	1.9211	1.9211	NUM
fbem-9137	167	17	2.3503	2.3503	NUM
fbem-9137	167	18	early	early	ADJ
fbem-9137	167	19	warnings	warning	NOUN
fbem-9137	167	20	for	for	ADP
fbem-9137	167	21	the	the	DET
fbem-9137	167	22	overall	overall	ADJ
fbem-9137	167	23	risk	risk	NOUN
fbem-9137	167	24	changes	change	NOUN
fbem-9137	167	25	in	in	ADP
fbem-9137	167	26	the	the	DET
fbem-9137	167	27	capital	capital	NOUN
fbem-9137	167	28	market	market	NOUN
fbem-9137	167	29	.	.	PUNCT
fbem-9137	168	1	at	at	ADP
fbem-9137	168	2	such	such	ADJ
fbem-9137	168	3	times	time	NOUN
fbem-9137	168	4	,	,	PUNCT
fbem-9137	168	5	securities	security	NOUN
fbem-9137	168	6	companies	company	NOUN
fbem-9137	168	7	proactively	proactively	ADV
fbem-9137	168	8	control	control	VERB
fbem-9137	168	9	risks	risk	NOUN
fbem-9137	168	10	by	by	ADP
fbem-9137	168	11	adjusting	adjust	VERB
fbem-9137	168	12	their	their	PRON
fbem-9137	168	13	business	business	NOUN
fbem-9137	168	14	and	and	CCONJ
fbem-9137	168	15	asset	asset	NOUN
fbem-9137	168	16	structures	structure	NOUN
fbem-9137	168	17	,	,	PUNCT
fbem-9137	168	18	thereby	thereby	ADV
fbem-9137	168	19	reducing	reduce	VERB
fbem-9137	168	20	risk	risk	NOUN
fbem-9137	168	21	volatility	volatility	NOUN
fbem-9137	168	22	.	.	PUNCT
fbem-9137	169	1	3	3	X
fbem-9137	169	2	.	.	X
fbem-9137	169	3	analysis	analysis	NOUN
fbem-9137	169	4	of	of	ADP
fbem-9137	169	5	the	the	DET
fbem-9137	169	6	information	information	NOUN
fbem-9137	169	7	spillover	spillover	VERB
fbem-9137	169	8	channels	channel	NOUN
fbem-9137	169	9	of	of	ADP
fbem-9137	169	10	financial	financial	ADJ
fbem-9137	169	11	markets	market	NOUN
fbem-9137	169	12	on	on	ADP
fbem-9137	169	13	systemic	systemic	ADJ
fbem-9137	169	14	risk	risk	NOUN
fbem-9137	169	15	in	in	ADP
fbem-9137	169	16	the	the	DET
fbem-9137	169	17	securities	security	NOUN
fbem-9137	169	18	industry	industry	NOUN
fbem-9137	169	19	this	this	DET
fbem-9137	169	20	analysis	analysis	NOUN
fbem-9137	169	21	examines	examine	VERB
fbem-9137	169	22	the	the	DET
fbem-9137	169	23	impact	impact	NOUN
fbem-9137	169	24	of	of	ADP
fbem-9137	169	25	risk	risk	NOUN
fbem-9137	169	26	fluctuations	fluctuation	NOUN
fbem-9137	169	27	in	in	ADP
fbem-9137	169	28	individual	individual	ADJ
fbem-9137	169	29	financial	financial	ADJ
fbem-9137	169	30	market	market	NOUN
fbem-9137	169	31	segments	segment	NOUN
fbem-9137	169	32	on	on	ADP
fbem-9137	169	33	the	the	DET
fbem-9137	169	34	spillover	spillover	ADJ
fbem-9137	169	35	effect	effect	NOUN
fbem-9137	169	36	of	of	ADP
fbem-9137	169	37	systemic	systemic	ADJ
fbem-9137	169	38	risk	risk	NOUN
fbem-9137	169	39	in	in	ADP
fbem-9137	169	40	the	the	DET
fbem-9137	169	41	securities	security	NOUN
fbem-9137	169	42	industry	industry	NOUN
fbem-9137	169	43	.	.	PUNCT
fbem-9137	170	1	from	from	ADP
fbem-9137	170	2	table	table	NOUN
fbem-9137	170	3	6	6	NUM
fbem-9137	170	4	,	,	PUNCT
fbem-9137	170	5	it	it	PRON
fbem-9137	170	6	can	can	AUX
fbem-9137	170	7	be	be	AUX
fbem-9137	170	8	observed	observe	VERB
fbem-9137	170	9	that	that	SCONJ
fbem-9137	170	10	the	the	DET
fbem-9137	170	11	coefficients	coefficient	NOUN
fbem-9137	170	12	for	for	ADP
fbem-9137	170	13	the	the	DET
fbem-9137	170	14	stock	stock	NOUN
fbem-9137	170	15	market	market	NOUN
fbem-9137	170	16	,	,	PUNCT
fbem-9137	170	17	money	money	NOUN
fbem-9137	170	18	market	market	NOUN
fbem-9137	170	19	,	,	PUNCT
fbem-9137	170	20	bond	bond	NOUN
fbem-9137	170	21	market	market	NOUN
fbem-9137	170	22	,	,	PUNCT
fbem-9137	170	23	and	and	CCONJ
fbem-9137	170	24	foreign	foreign	ADJ
fbem-9137	170	25	exchange	exchange	NOUN
fbem-9137	170	26	market	market	NOUN
fbem-9137	170	27	are	be	AUX
fbem-9137	170	28	all	all	ADV
fbem-9137	170	29	positive	positive	ADJ
fbem-9137	170	30	,	,	PUNCT
fbem-9137	170	31	indicating	indicate	VERB
fbem-9137	170	32	that	that	SCONJ
fbem-9137	170	33	the	the	DET
fbem-9137	170	34	risk	risk	NOUN
fbem-9137	170	35	fluctuations	fluctuation	NOUN
fbem-9137	170	36	in	in	ADP
fbem-9137	170	37	these	these	DET
fbem-9137	170	38	four	four	NUM
fbem-9137	170	39	financial	financial	ADJ
fbem-9137	170	40	market	market	NOUN
fbem-9137	170	41	segments	segment	NOUN
fbem-9137	170	42	have	have	VERB
fbem-9137	170	43	a	a	DET
fbem-9137	170	44	positive	positive	ADJ
fbem-9137	170	45	spillover	spillover	NOUN
fbem-9137	170	46	effect	effect	NOUN
fbem-9137	170	47	on	on	ADP
fbem-9137	170	48	systemic	systemic	ADJ
fbem-9137	170	49	risk	risk	NOUN
fbem-9137	170	50	in	in	ADP
fbem-9137	170	51	the	the	DET
fbem-9137	170	52	securities	security	NOUN
fbem-9137	170	53	industry	industry	NOUN
fbem-9137	170	54	.	.	PUNCT
fbem-9137	171	1	on	on	ADP
fbem-9137	171	2	the	the	DET
fbem-9137	171	3	other	other	ADJ
fbem-9137	171	4	hand	hand	NOUN
fbem-9137	171	5	,	,	PUNCT
fbem-9137	171	6	the	the	DET
fbem-9137	171	7	coefficient	coefficient	NOUN
fbem-9137	171	8	for	for	ADP
fbem-9137	171	9	the	the	DET
fbem-9137	171	10	real	real	ADJ
fbem-9137	171	11	estate	estate	NOUN
fbem-9137	171	12	market	market	NOUN
fbem-9137	171	13	is	be	AUX
fbem-9137	171	14	negative	negative	ADJ
fbem-9137	171	15	,	,	PUNCT
fbem-9137	171	16	indicating	indicate	VERB
fbem-9137	171	17	that	that	SCONJ
fbem-9137	171	18	the	the	DET
fbem-9137	171	19	risk	risk	NOUN
fbem-9137	171	20	fluctuations	fluctuation	NOUN
fbem-9137	171	21	in	in	ADP
fbem-9137	171	22	the	the	DET
fbem-9137	171	23	real	real	ADJ
fbem-9137	171	24	estate	estate	NOUN
fbem-9137	171	25	market	market	NOUN
fbem-9137	171	26	have	have	VERB
fbem-9137	171	27	a	a	DET
fbem-9137	171	28	negative	negative	ADJ
fbem-9137	171	29	effect	effect	NOUN
fbem-9137	171	30	on	on	ADP
fbem-9137	171	31	risk	risk	NOUN
fbem-9137	171	32	spillover	spillover	VERB
fbem-9137	171	33	in	in	ADP
fbem-9137	171	34	the	the	DET
fbem-9137	171	35	securities	security	NOUN
fbem-9137	171	36	industry	industry	NOUN
fbem-9137	171	37	.	.	PUNCT
fbem-9137	172	1	when	when	SCONJ
fbem-9137	172	2	the	the	DET
fbem-9137	172	3	risk	risk	NOUN
fbem-9137	172	4	in	in	ADP
fbem-9137	172	5	the	the	DET
fbem-9137	172	6	real	real	ADJ
fbem-9137	172	7	estate	estate	NOUN
fbem-9137	172	8	market	market	NOUN
fbem-9137	172	9	increases	increase	NOUN
fbem-9137	172	10	,	,	PUNCT
fbem-9137	172	11	the	the	DET
fbem-9137	172	12	spillover	spillover	ADJ
fbem-9137	172	13	effect	effect	NOUN
fbem-9137	172	14	of	of	ADP
fbem-9137	172	15	risk	risk	NOUN
fbem-9137	172	16	in	in	ADP
fbem-9137	172	17	the	the	DET
fbem-9137	172	18	securities	security	NOUN
fbem-9137	172	19	industry	industry	NOUN
fbem-9137	172	20	decreases	decrease	VERB
fbem-9137	172	21	.	.	PUNCT
fbem-9137	173	1	from	from	ADP
fbem-9137	173	2	the	the	DET
fbem-9137	173	3	perspective	perspective	NOUN
fbem-9137	173	4	of	of	ADP
fbem-9137	173	5	information	information	NOUN
fbem-9137	173	6	spillover	spillover	VERB
fbem-9137	173	7	channels	channel	NOUN
fbem-9137	173	8	,	,	PUNCT
fbem-9137	173	9	this	this	DET
fbem-9137	173	10	study	study	NOUN
fbem-9137	173	11	suggests	suggest	VERB
fbem-9137	173	12	that	that	SCONJ
fbem-9137	173	13	this	this	PRON
fbem-9137	173	14	may	may	AUX
fbem-9137	173	15	be	be	AUX
fbem-9137	173	16	because	because	SCONJ
fbem-9137	173	17	compared	compare	VERB
fbem-9137	173	18	to	to	ADP
fbem-9137	173	19	the	the	DET
fbem-9137	173	20	four	four	NUM
fbem-9137	173	21	financial	financial	ADJ
fbem-9137	173	22	market	market	NOUN
fbem-9137	173	23	segments	segment	NOUN
fbem-9137	173	24	,	,	PUNCT
fbem-9137	173	25	the	the	DET
fbem-9137	173	26	real	real	ADJ
fbem-9137	173	27	estate	estate	NOUN
fbem-9137	173	28	market	market	NOUN
fbem-9137	173	29	has	have	VERB
fbem-9137	173	30	lower	low	ADJ
fbem-9137	173	31	trading	trading	NOUN
fbem-9137	173	32	activity	activity	NOUN
fbem-9137	173	33	and	and	CCONJ
fbem-9137	173	34	lower	low	ADJ
fbem-9137	173	35	frequency	frequency	NOUN
fbem-9137	173	36	of	of	ADP
fbem-9137	173	37	market	market	NOUN
fbem-9137	173	38	price	price	NOUN
fbem-9137	173	39	fluctuations	fluctuation	NOUN
fbem-9137	173	40	,	,	PUNCT
fbem-9137	173	41	resulting	result	VERB
fbem-9137	173	42	in	in	ADP
fbem-9137	173	43	relatively	relatively	ADV
fbem-9137	173	44	less	less	ADJ
fbem-9137	173	45	information	information	NOUN
fbem-9137	173	46	being	be	AUX
fbem-9137	173	47	incorporated	incorporate	VERB
fbem-9137	173	48	.	.	PUNCT
fbem-9137	174	1	therefore	therefore	ADV
fbem-9137	174	2	,	,	PUNCT
fbem-9137	174	3	the	the	DET
fbem-9137	174	4	abundant	abundant	ADJ
fbem-9137	174	5	information	information	NOUN
fbem-9137	174	6	in	in	ADP
fbem-9137	174	7	the	the	DET
fbem-9137	174	8	stock	stock	NOUN
fbem-9137	174	9	market	market	NOUN
fbem-9137	174	10	,	,	PUNCT
fbem-9137	174	11	money	money	NOUN
fbem-9137	174	12	market	market	NOUN
fbem-9137	174	13	,	,	PUNCT
fbem-9137	174	14	bond	bond	NOUN
fbem-9137	174	15	market	market	NOUN
fbem-9137	174	16	,	,	PUNCT
fbem-9137	174	17	and	and	CCONJ
fbem-9137	174	18	foreign	foreign	ADJ
fbem-9137	174	19	exchange	exchange	NOUN
fbem-9137	174	20	market	market	NOUN
fbem-9137	174	21	has	have	VERB
fbem-9137	174	22	a	a	DET
fbem-9137	174	23	greater	great	ADJ
fbem-9137	174	24	impact	impact	NOUN
fbem-9137	174	25	on	on	ADP
fbem-9137	174	26	the	the	DET
fbem-9137	174	27	spillover	spillover	ADJ
fbem-9137	174	28	effect	effect	NOUN
fbem-9137	174	29	of	of	ADP
fbem-9137	174	30	systemic	systemic	ADJ
fbem-9137	174	31	risk	risk	NOUN
fbem-9137	174	32	in	in	ADP
fbem-9137	174	33	the	the	DET
fbem-9137	174	34	securities	security	NOUN
fbem-9137	174	35	industry	industry	NOUN
fbem-9137	174	36	.	.	PUNCT
fbem-9137	175	1	6	6	X
fbem-9137	175	2	.	.	X
fbem-9137	175	3	conclusion	conclusion	NOUN
fbem-9137	175	4	discussing	discuss	VERB
fbem-9137	175	5	the	the	DET
fbem-9137	175	6	spillover	spillover	NOUN
fbem-9137	175	7	effects	effect	NOUN
fbem-9137	175	8	of	of	ADP
fbem-9137	175	9	financial	financial	ADJ
fbem-9137	175	10	markets	market	NOUN
fbem-9137	175	11	on	on	ADP
fbem-9137	175	12	systemic	systemic	ADJ
fbem-9137	175	13	financial	financial	ADJ
fbem-9137	175	14	risk	risk	NOUN
fbem-9137	175	15	in	in	ADP
fbem-9137	175	16	the	the	DET
fbem-9137	175	17	chinese	chinese	ADJ
fbem-9137	175	18	securities	security	NOUN
fbem-9137	175	19	industry	industry	NOUN
fbem-9137	175	20	can	can	AUX
fbem-9137	175	21	help	help	VERB
fbem-9137	175	22	us	we	PRON
fbem-9137	175	23	understand	understand	VERB
fbem-9137	175	24	the	the	DET
fbem-9137	175	25	generation	generation	NOUN
fbem-9137	175	26	of	of	ADP
fbem-9137	175	27	systemic	systemic	ADJ
fbem-9137	175	28	risk	risk	NOUN
fbem-9137	175	29	in	in	ADP
fbem-9137	175	30	the	the	DET
fbem-9137	175	31	securities	security	NOUN
fbem-9137	175	32	industry	industry	NOUN
fbem-9137	175	33	and	and	CCONJ
fbem-9137	175	34	further	far	ADV
fbem-9137	175	35	stabilize	stabilize	VERB
fbem-9137	175	36	the	the	DET
fbem-9137	175	37	chinese	chinese	ADJ
fbem-9137	175	38	financial	financial	ADJ
fbem-9137	175	39	markets	market	NOUN
fbem-9137	175	40	.	.	PUNCT
fbem-9137	176	1	this	this	DET
fbem-9137	176	2	study	study	NOUN
fbem-9137	176	3	focuses	focus	VERB
fbem-9137	176	4	on	on	ADP
fbem-9137	176	5	eight	eight	NUM
fbem-9137	176	6	listed	list	VERB
fbem-9137	176	7	securities	security	NOUN
fbem-9137	176	8	institutions	institution	NOUN
fbem-9137	176	9	such	such	ADJ
fbem-9137	176	10	as	as	ADP
fbem-9137	176	11	citic	citic	ADJ
fbem-9137	176	12	securities	security	NOUN
fbem-9137	176	13	and	and	CCONJ
fbem-9137	176	14	guotai	guotai	PROPN
fbem-9137	176	15	junan	junan	PROPN
fbem-9137	176	16	and	and	CCONJ
fbem-9137	176	17	incorporates	incorporate	VERB
fbem-9137	176	18	the	the	DET
fbem-9137	176	19	stock	stock	NOUN
fbem-9137	176	20	market	market	NOUN
fbem-9137	176	21	,	,	PUNCT
fbem-9137	176	22	money	money	NOUN
fbem-9137	176	23	market	market	NOUN
fbem-9137	176	24	,	,	PUNCT
fbem-9137	176	25	bond	bond	NOUN
fbem-9137	176	26	market	market	NOUN
fbem-9137	176	27	,	,	PUNCT
fbem-9137	176	28	foreign	foreign	ADJ
fbem-9137	176	29	exchange	exchange	NOUN
fbem-9137	176	30	market	market	NOUN
fbem-9137	176	31	,	,	PUNCT
fbem-9137	176	32	and	and	CCONJ
fbem-9137	176	33	real	real	ADJ
fbem-9137	176	34	estate	estate	NOUN
fbem-9137	176	35	market	market	NOUN
fbem-9137	176	36	into	into	ADP
fbem-9137	176	37	the	the	DET
fbem-9137	176	38	conditional	conditional	ADJ
fbem-9137	176	39	value	value	NOUN
fbem-9137	176	40	-	-	PUNCT
fbem-9137	176	41	at	at	ADP
fbem-9137	176	42	-	-	PUNCT
fbem-9137	176	43	risk	risk	NOUN
fbem-9137	176	44	model	model	NOUN
fbem-9137	176	45	to	to	PART
fbem-9137	176	46	analyze	analyze	VERB
fbem-9137	176	47	the	the	DET
fbem-9137	176	48	spillover	spillover	NOUN
fbem-9137	176	49	effects	effect	NOUN
fbem-9137	176	50	of	of	ADP
fbem-9137	176	51	financial	financial	ADJ
fbem-9137	176	52	markets	market	NOUN
fbem-9137	176	53	on	on	ADP
fbem-9137	176	54	systemic	systemic	ADJ
fbem-9137	176	55	risk	risk	NOUN
fbem-9137	176	56	in	in	ADP
fbem-9137	176	57	the	the	DET
fbem-9137	176	58	chinese	chinese	ADJ
fbem-9137	176	59	securities	security	NOUN
fbem-9137	176	60	industry	industry	NOUN
fbem-9137	176	61	.	.	PUNCT
fbem-9137	177	1	the	the	DET
fbem-9137	177	2	empirical	empirical	ADJ
fbem-9137	177	3	results	result	NOUN
fbem-9137	177	4	show	show	VERB
fbem-9137	177	5	that	that	SCONJ
fbem-9137	177	6	:	:	PUNCT
fbem-9137	177	7	(	(	PUNCT
fbem-9137	177	8	1	1	X
fbem-9137	177	9	)	)	PUNCT
fbem-9137	177	10	the	the	DET
fbem-9137	177	11	stock	stock	NOUN
fbem-9137	177	12	market	market	NOUN
fbem-9137	177	13	,	,	PUNCT
fbem-9137	177	14	money	money	NOUN
fbem-9137	177	15	market	market	NOUN
fbem-9137	177	16	,	,	PUNCT
fbem-9137	177	17	bond	bond	NOUN
fbem-9137	177	18	market	market	NOUN
fbem-9137	177	19	,	,	PUNCT
fbem-9137	177	20	and	and	CCONJ
fbem-9137	177	21	foreign	foreign	ADJ
fbem-9137	177	22	exchange	exchange	NOUN
fbem-9137	177	23	market	market	NOUN
fbem-9137	177	24	have	have	VERB
fbem-9137	177	25	negative	negative	ADJ
fbem-9137	177	26	spillover	spillover	ADJ
fbem-9137	177	27	effects	effect	NOUN
fbem-9137	177	28	on	on	ADP
fbem-9137	177	29	systemic	systemic	ADJ
fbem-9137	177	30	risk	risk	NOUN
fbem-9137	177	31	in	in	ADP
fbem-9137	177	32	the	the	DET
fbem-9137	177	33	securities	security	NOUN
fbem-9137	177	34	industry	industry	NOUN
fbem-9137	177	35	,	,	PUNCT
fbem-9137	177	36	while	while	SCONJ
fbem-9137	177	37	the	the	DET
fbem-9137	177	38	real	real	ADJ
fbem-9137	177	39	estate	estate	NOUN
fbem-9137	177	40	market	market	NOUN
fbem-9137	177	41	has	have	VERB
fbem-9137	177	42	a	a	DET
fbem-9137	177	43	positive	positive	ADJ
fbem-9137	177	44	spillover	spillover	NOUN
fbem-9137	177	45	effect	effect	NOUN
fbem-9137	177	46	on	on	ADP
fbem-9137	177	47	systemic	systemic	ADJ
fbem-9137	177	48	risk	risk	NOUN
fbem-9137	177	49	in	in	ADP
fbem-9137	177	50	the	the	DET
fbem-9137	177	51	securities	security	NOUN
fbem-9137	177	52	industry	industry	NOUN
fbem-9137	177	53	.	.	PUNCT
fbem-9137	178	1	(	(	PUNCT
fbem-9137	178	2	2	2	NUM
fbem-9137	178	3	)	)	PUNCT
fbem-9137	178	4	among	among	ADP
fbem-9137	178	5	the	the	DET
fbem-9137	178	6	channels	channel	NOUN
fbem-9137	178	7	through	through	ADP
fbem-9137	178	8	which	which	PRON
fbem-9137	178	9	financial	financial	ADJ
fbem-9137	178	10	markets	market	NOUN
fbem-9137	178	11	transmit	transmit	VERB
fbem-9137	178	12	spillover	spillover	NOUN
fbem-9137	178	13	effects	effect	NOUN
fbem-9137	178	14	on	on	ADP
fbem-9137	178	15	systemic	systemic	ADJ
fbem-9137	178	16	risk	risk	NOUN
fbem-9137	178	17	in	in	ADP
fbem-9137	178	18	the	the	DET
fbem-9137	178	19	securities	security	NOUN
fbem-9137	178	20	industry	industry	NOUN
fbem-9137	178	21	,	,	PUNCT
fbem-9137	178	22	the	the	DET
fbem-9137	178	23	money	money	NOUN
fbem-9137	178	24	market	market	NOUN
fbem-9137	178	25	exhibits	exhibit	VERB
fbem-9137	178	26	the	the	DET
fbem-9137	178	27	highest	high	ADJ
fbem-9137	178	28	risk	risk	NOUN
fbem-9137	178	29	volatility	volatility	NOUN
fbem-9137	178	30	.	.	PUNCT
fbem-9137	179	1	single	single	ADJ
fbem-9137	179	2	securities	security	NOUN
fbem-9137	179	3	firms	firm	NOUN
fbem-9137	179	4	show	show	VERB
fbem-9137	179	5	the	the	DET
fbem-9137	179	6	strongest	strong	ADJ
fbem-9137	179	7	sensitivity	sensitivity	NOUN
fbem-9137	179	8	to	to	ADP
fbem-9137	179	9	changes	change	NOUN
fbem-9137	179	10	in	in	ADP
fbem-9137	179	11	the	the	DET
fbem-9137	179	12	stock	stock	NOUN
fbem-9137	179	13	market	market	NOUN
fbem-9137	179	14	risk	risk	NOUN
fbem-9137	179	15	.	.	PUNCT
fbem-9137	180	1	compared	compare	VERB
fbem-9137	180	2	to	to	ADP
fbem-9137	180	3	the	the	DET
fbem-9137	180	4	real	real	ADJ
fbem-9137	180	5	estate	estate	NOUN
fbem-9137	180	6	market	market	NOUN
fbem-9137	180	7	,	,	PUNCT
fbem-9137	180	8	the	the	DET
fbem-9137	180	9	abundant	abundant	ADJ
fbem-9137	180	10	information	information	NOUN
fbem-9137	180	11	in	in	ADP
fbem-9137	180	12	the	the	DET
fbem-9137	180	13	stock	stock	NOUN
fbem-9137	180	14	market	market	NOUN
fbem-9137	180	15	,	,	PUNCT
fbem-9137	180	16	money	money	NOUN
fbem-9137	180	17	market	market	NOUN
fbem-9137	180	18	,	,	PUNCT
fbem-9137	180	19	bond	bond	NOUN
fbem-9137	180	20	market	market	NOUN
fbem-9137	180	21	,	,	PUNCT
fbem-9137	180	22	and	and	CCONJ
fbem-9137	180	23	foreign	foreign	ADJ
fbem-9137	180	24	exchange	exchange	NOUN
fbem-9137	180	25	market	market	NOUN
fbem-9137	180	26	has	have	VERB
fbem-9137	180	27	a	a	DET
fbem-9137	180	28	greater	great	ADJ
fbem-9137	180	29	impact	impact	NOUN
fbem-9137	180	30	on	on	ADP
fbem-9137	180	31	the	the	DET
fbem-9137	180	32	spillover	spillover	NOUN
fbem-9137	180	33	effects	effect	NOUN
fbem-9137	180	34	of	of	ADP
fbem-9137	180	35	systemic	systemic	ADJ
fbem-9137	180	36	risk	risk	NOUN
fbem-9137	180	37	in	in	ADP
fbem-9137	180	38	the	the	DET
fbem-9137	180	39	securities	security	NOUN
fbem-9137	180	40	industry	industry	NOUN
fbem-9137	180	41	.	.	PUNCT
fbem-9137	181	1	based	base	VERB
fbem-9137	181	2	on	on	ADP
fbem-9137	181	3	the	the	DET
fbem-9137	181	4	conclusions	conclusion	NOUN
fbem-9137	181	5	drawn	draw	VERB
fbem-9137	181	6	and	and	CCONJ
fbem-9137	181	7	considering	consider	VERB
fbem-9137	181	8	the	the	DET
fbem-9137	181	9	current	current	ADJ
fbem-9137	181	10	development	development	NOUN
fbem-9137	181	11	situation	situation	NOUN
fbem-9137	181	12	in	in	ADP
fbem-9137	181	13	china	china	PROPN
fbem-9137	181	14	,	,	PUNCT
fbem-9137	181	15	this	this	DET
fbem-9137	181	16	paper	paper	NOUN
fbem-9137	181	17	proposes	propose	VERB
fbem-9137	181	18	the	the	DET
fbem-9137	181	19	following	follow	VERB
fbem-9137	181	20	recommendations	recommendation	NOUN
fbem-9137	181	21	:	:	PUNCT
fbem-9137	181	22	first	first	ADV
fbem-9137	181	23	,	,	PUNCT
fbem-9137	181	24	managing	manage	VERB
fbem-9137	181	25	systemic	systemic	ADJ
fbem-9137	181	26	risk	risk	NOUN
fbem-9137	181	27	in	in	ADP
fbem-9137	181	28	the	the	DET
fbem-9137	181	29	securities	security	NOUN
fbem-9137	181	30	industry	industry	NOUN
fbem-9137	181	31	can	can	AUX
fbem-9137	181	32	start	start	VERB
fbem-9137	181	33	by	by	ADP
fbem-9137	181	34	focusing	focus	VERB
fbem-9137	181	35	on	on	ADP
fbem-9137	181	36	financial	financial	ADJ
fbem-9137	181	37	markets	market	NOUN
fbem-9137	181	38	.	.	PUNCT
fbem-9137	182	1	regulatory	regulatory	ADJ
fbem-9137	182	2	authorities	authority	NOUN
fbem-9137	182	3	should	should	AUX
fbem-9137	182	4	not	not	PART
fbem-9137	182	5	only	only	ADV
fbem-9137	182	6	pay	pay	VERB
fbem-9137	182	7	attention	attention	NOUN
fbem-9137	182	8	to	to	ADP
fbem-9137	182	9	the	the	DET
fbem-9137	182	10	internal	internal	ADJ
fbem-9137	182	11	risk	risk	NOUN
fbem-9137	182	12	contagion	contagion	NOUN
fbem-9137	182	13	within	within	ADP
fbem-9137	182	14	the	the	DET
fbem-9137	182	15	securities	security	NOUN
fbem-9137	182	16	industry	industry	NOUN
fbem-9137	182	17	but	but	CCONJ
fbem-9137	182	18	also	also	ADV
fbem-9137	182	19	closely	closely	ADV
fbem-9137	182	20	monitor	monitor	VERB
fbem-9137	182	21	the	the	DET
fbem-9137	182	22	risk	risk	NOUN
fbem-9137	182	23	trends	trend	NOUN
fbem-9137	182	24	in	in	ADP
fbem-9137	182	25	financial	financial	ADJ
fbem-9137	182	26	markets	market	NOUN
fbem-9137	182	27	and	and	CCONJ
fbem-9137	182	28	the	the	DET
fbem-9137	182	29	real	real	ADJ
fbem-9137	182	30	estate	estate	NOUN
fbem-9137	182	31	market	market	NOUN
fbem-9137	182	32	,	,	PUNCT
fbem-9137	182	33	especially	especially	ADV
fbem-9137	182	34	the	the	DET
fbem-9137	182	35	changes	change	NOUN
fbem-9137	182	36	in	in	ADP
fbem-9137	182	37	real	real	ADJ
fbem-9137	182	38	estate	estate	NOUN
fbem-9137	182	39	market	market	NOUN
fbem-9137	182	40	risk	risk	NOUN
fbem-9137	182	41	.	.	PUNCT
fbem-9137	183	1	this	this	PRON
fbem-9137	183	2	will	will	AUX
fbem-9137	183	3	help	help	VERB
fbem-9137	183	4	reduce	reduce	VERB
fbem-9137	183	5	systemic	systemic	ADJ
fbem-9137	183	6	risk	risk	NOUN
fbem-9137	183	7	in	in	ADP
fbem-9137	183	8	the	the	DET
fbem-9137	183	9	securities	security	NOUN
fbem-9137	183	10	industry	industry	NOUN
fbem-9137	183	11	.	.	PUNCT
fbem-9137	184	1	additionally	additionally	ADV
fbem-9137	184	2	,	,	PUNCT
fbem-9137	184	3	regulatory	regulatory	ADJ
fbem-9137	184	4	authorities	authority	NOUN
fbem-9137	184	5	can	can	AUX
fbem-9137	184	6	establish	establish	VERB
fbem-9137	184	7	financial	financial	ADJ
fbem-9137	184	8	firewalls	firewall	NOUN
fbem-9137	184	9	to	to	PART
fbem-9137	184	10	prevent	prevent	VERB
fbem-9137	184	11	rapid	rapid	ADJ
fbem-9137	184	12	contagion	contagion	NOUN
fbem-9137	184	13	of	of	ADP
fbem-9137	184	14	financial	financial	ADJ
fbem-9137	184	15	risks	risk	NOUN
fbem-9137	184	16	across	across	ADP
fbem-9137	184	17	different	different	ADJ
fbem-9137	184	18	industries	industry	NOUN
fbem-9137	184	19	.	.	PUNCT
fbem-9137	185	1	second	second	ADJ
fbem-9137	185	2	,	,	PUNCT
fbem-9137	185	3	continuous	continuous	ADJ
fbem-9137	185	4	attention	attention	NOUN
fbem-9137	185	5	should	should	AUX
fbem-9137	185	6	be	be	AUX
fbem-9137	185	7	given	give	VERB
fbem-9137	185	8	to	to	ADP
fbem-9137	185	9	the	the	DET
fbem-9137	185	10	risk	risk	NOUN
fbem-9137	185	11	situation	situation	NOUN
fbem-9137	185	12	of	of	ADP
fbem-9137	185	13	securities	security	NOUN
fbem-9137	185	14	firms	firm	NOUN
fbem-9137	185	15	.	.	PUNCT
fbem-9137	186	1	regulatory	regulatory	ADJ
fbem-9137	186	2	oversight	oversight	NOUN
fbem-9137	186	3	should	should	AUX
fbem-9137	186	4	be	be	AUX
fbem-9137	186	5	timely	timely	ADJ
fbem-9137	186	6	and	and	CCONJ
fbem-9137	186	7	comprehensive	comprehensive	ADJ
fbem-9137	186	8	,	,	PUNCT
fbem-9137	186	9	considering	consider	VERB
fbem-9137	186	10	factors	factor	NOUN
fbem-9137	186	11	such	such	ADJ
fbem-9137	186	12	as	as	ADP
fbem-9137	186	13	asset	asset	NOUN
fbem-9137	186	14	size	size	NOUN
fbem-9137	186	15	and	and	CCONJ
fbem-9137	186	16	business	business	NOUN
fbem-9137	186	17	interconnections	interconnection	NOUN
fbem-9137	186	18	.	.	PUNCT
fbem-9137	187	1	key	key	ADJ
fbem-9137	187	2	focus	focus	NOUN
fbem-9137	187	3	should	should	AUX
fbem-9137	187	4	be	be	AUX
fbem-9137	187	5	placed	place	VERB
fbem-9137	187	6	on	on	ADP
fbem-9137	187	7	controlling	control	VERB
fbem-9137	187	8	prominent	prominent	ADJ
fbem-9137	187	9	business	business	NOUN
fbem-9137	187	10	risks	risk	NOUN
fbem-9137	187	11	,	,	PUNCT
fbem-9137	187	12	such	such	ADJ
fbem-9137	187	13	as	as	ADP
fbem-9137	187	14	the	the	DET
fbem-9137	187	15	international	international	ADJ
fbem-9137	187	16	operations	operation	NOUN
fbem-9137	187	17	of	of	ADP
fbem-9137	187	18	securities	security	NOUN
fbem-9137	187	19	firms	firm	NOUN
fbem-9137	187	20	like	like	ADP
fbem-9137	187	21	haitong	haitong	PROPN
fbem-9137	187	22	securities	security	NOUN
fbem-9137	187	23	.	.	PUNCT
fbem-9137	188	1	proactive	proactive	ADJ
fbem-9137	188	2	measures	measure	NOUN
fbem-9137	188	3	should	should	AUX
fbem-9137	188	4	be	be	AUX
fbem-9137	188	5	taken	take	VERB
fbem-9137	188	6	to	to	PART
fbem-9137	188	7	address	address	VERB
fbem-9137	188	8	violations	violation	NOUN
fbem-9137	188	9	,	,	PUNCT
fbem-9137	188	10	evasion	evasion	NOUN
fbem-9137	188	11	of	of	ADP
fbem-9137	188	12	regulations	regulation	NOUN
fbem-9137	188	13	,	,	PUNCT
fbem-9137	188	14	and	and	CCONJ
fbem-9137	188	15	other	other	ADJ
fbem-9137	188	16	misconduct	misconduct	NOUN
fbem-9137	188	17	by	by	ADP
fbem-9137	188	18	securities	security	NOUN
fbem-9137	188	19	firms	firm	NOUN
fbem-9137	188	20	.	.	PUNCT
fbem-9137	189	1	efforts	effort	NOUN
fbem-9137	189	2	should	should	AUX
fbem-9137	189	3	be	be	AUX
fbem-9137	189	4	made	make	VERB
fbem-9137	189	5	to	to	PART
fbem-9137	189	6	enhance	enhance	VERB
fbem-9137	189	7	the	the	DET
fbem-9137	189	8	professionalism	professionalism	NOUN
fbem-9137	189	9	of	of	ADP
fbem-9137	189	10	chinese	chinese	ADJ
fbem-9137	189	11	securities	security	NOUN
fbem-9137	189	12	firms	firm	NOUN
fbem-9137	189	13	,	,	PUNCT
fbem-9137	189	14	improve	improve	VERB
fbem-9137	189	15	their	their	PRON
fbem-9137	189	16	corporate	corporate	ADJ
fbem-9137	189	17	governance	governance	NOUN
fbem-9137	189	18	practices	practice	NOUN
fbem-9137	189	19	,	,	PUNCT
fbem-9137	189	20	and	and	CCONJ
fbem-9137	189	21	standardize	standardize	VERB
fbem-9137	189	22	their	their	PRON
fbem-9137	189	23	institutional	institutional	ADJ
fbem-9137	189	24	arrangements	arrangement	NOUN
fbem-9137	189	25	in	in	ADP
fbem-9137	189	26	areas	area	NOUN
fbem-9137	189	27	such	such	ADJ
fbem-9137	189	28	as	as	ADP
fbem-9137	189	29	corporate	corporate	ADJ
fbem-9137	189	30	governance	governance	NOUN
fbem-9137	189	31	,	,	PUNCT
fbem-9137	189	32	internal	internal	ADJ
fbem-9137	189	33	controls	control	NOUN
fbem-9137	189	34	,	,	PUNCT
fbem-9137	189	35	and	and	CCONJ
fbem-9137	189	36	risk	risk	NOUN
fbem-9137	189	37	management	management	NOUN
fbem-9137	189	38	.	.	PUNCT
fbem-9137	190	1	this	this	PRON
fbem-9137	190	2	will	will	AUX
fbem-9137	190	3	strengthen	strengthen	VERB
fbem-9137	190	4	their	their	PRON
fbem-9137	190	5	risk	risk	NOUN
fbem-9137	190	6	resilience	resilience	NOUN
fbem-9137	190	7	and	and	CCONJ
fbem-9137	190	8	help	help	VERB
fbem-9137	190	9	prevent	prevent	VERB
fbem-9137	190	10	the	the	DET
fbem-9137	190	11	occurrence	occurrence	NOUN
fbem-9137	190	12	of	of	ADP
fbem-9137	190	13	systemic	systemic	ADJ
fbem-9137	190	14	financial	financial	ADJ
fbem-9137	190	15	risks	risk	NOUN
fbem-9137	190	16	in	in	ADP
fbem-9137	190	17	china	china	PROPN
fbem-9137	190	18	.	.	PUNCT
fbem-9137	191	1	118	118	NUM
fbem-9137	191	2	references	reference	NOUN
fbem-9137	191	3	[	[	X
fbem-9137	191	4	1	1	NUM
fbem-9137	191	5	]	]	X
fbem-9137	191	6	bai	bai	PROPN
fbem-9137	191	7	,	,	PUNCT
fbem-9137	191	8	h.	h.	PROPN
fbem-9137	191	9	,	,	PUNCT
fbem-9137	191	10	liu	liu	PROPN
fbem-9137	191	11	,	,	PUNCT
fbem-9137	191	12	s.	s.	PROPN
fbem-9137	191	13	,	,	PUNCT
fbem-9137	191	14	luo	luo	PROPN
fbem-9137	191	15	,	,	PUNCT
fbem-9137	191	16	x.	x.	PROPN
fbem-9137	191	17	,	,	PUNCT
fbem-9137	191	18	liu	liu	PROPN
fbem-9137	191	19	,	,	PUNCT
fbem-9137	191	20	l.	l.	PROPN
fbem-9137	191	21	,	,	PUNCT
fbem-9137	191	22	&	&	CCONJ
fbem-9137	191	23	hao	hao	PROPN
fbem-9137	191	24	,	,	PUNCT
fbem-9137	191	25	w.	w.	PROPN
fbem-9137	191	26	(	(	PUNCT
fbem-9137	191	27	2020	2020	NUM
fbem-9137	191	28	)	)	PUNCT
fbem-9137	191	29	.	.	PUNCT
fbem-9137	192	1	measurement	measurement	NOUN
fbem-9137	192	2	and	and	CCONJ
fbem-9137	192	3	early	early	ADJ
fbem-9137	192	4	warning	warning	NOUN
fbem-9137	192	5	of	of	ADP
fbem-9137	192	6	china	china	PROPN
fbem-9137	192	7	's	's	PART
fbem-9137	192	8	systemic	systemic	ADJ
fbem-9137	192	9	financial	financial	ADJ
fbem-9137	192	10	risk	risk	NOUN
fbem-9137	192	11	based	base	VERB
fbem-9137	192	12	on	on	ADP
fbem-9137	192	13	the	the	DET
fbem-9137	192	14	real	real	ADJ
fbem-9137	192	15	estate	estate	NOUN
fbem-9137	192	16	market	market	NOUN
fbem-9137	192	17	.	.	PUNCT
fbem-9137	193	1	financial	financial	ADJ
fbem-9137	193	2	research	research	NOUN
fbem-9137	193	3	,	,	PUNCT
fbem-9137	193	4	(	(	PUNCT
fbem-9137	193	5	08	08	NUM
fbem-9137	193	6	)	)	PUNCT
fbem-9137	193	7	,	,	PUNCT
fbem-9137	193	8	54	54	NUM
fbem-9137	193	9	-	-	SYM
fbem-9137	193	10	73	73	NUM
fbem-9137	193	11	.	.	PUNCT
fbem-9137	194	1	[	[	X
fbem-9137	194	2	2	2	NUM
fbem-9137	194	3	]	]	PUNCT
fbem-9137	194	4	cao	cao	PROPN
fbem-9137	194	5	,	,	PUNCT
fbem-9137	194	6	y.	y.	PROPN
fbem-9137	194	7	,	,	PUNCT
fbem-9137	194	8	&	&	CCONJ
fbem-9137	194	9	cai	cai	PROPN
fbem-9137	194	10	,	,	PUNCT
fbem-9137	194	11	z.	z.	PROPN
fbem-9137	194	12	(	(	PUNCT
fbem-9137	194	13	2015	2015	NUM
fbem-9137	194	14	)	)	PUNCT
fbem-9137	194	15	.	.	PUNCT
fbem-9137	194	16	is	be	AUX
fbem-9137	194	17	the	the	DET
fbem-9137	194	18	systemic	systemic	ADJ
fbem-9137	194	19	risk	risk	NOUN
fbem-9137	194	20	of	of	ADP
fbem-9137	194	21	the	the	DET
fbem-9137	194	22	securities	security	NOUN
fbem-9137	194	23	industry	industry	NOUN
fbem-9137	194	24	really	really	ADV
fbem-9137	194	25	higher	high	ADJ
fbem-9137	194	26	than	than	ADP
fbem-9137	194	27	that	that	PRON
fbem-9137	194	28	of	of	ADP
fbem-9137	194	29	the	the	DET
fbem-9137	194	30	banking	banking	NOUN
fbem-9137	194	31	industry	industry	NOUN
fbem-9137	194	32	?	?	PUNCT
fbem-9137	195	1	evidence	evidence	NOUN
fbem-9137	195	2	from	from	ADP
fbem-9137	195	3	stock	stock	NOUN
fbem-9137	195	4	returns	return	NOUN
fbem-9137	195	5	of	of	ADP
fbem-9137	195	6	listed	list	VERB
fbem-9137	195	7	companies	company	NOUN
fbem-9137	195	8	in	in	ADP
fbem-9137	195	9	china	china	PROPN
fbem-9137	195	10	.	.	PUNCT
fbem-9137	196	1	economic	economic	ADJ
fbem-9137	196	2	issues	issue	NOUN
fbem-9137	196	3	,	,	PUNCT
fbem-9137	196	4	(	(	PUNCT
fbem-9137	196	5	10	10	NUM
fbem-9137	196	6	)	)	PUNCT
fbem-9137	196	7	,	,	PUNCT
fbem-9137	196	8	58	58	NUM
fbem-9137	196	9	-	-	SYM
fbem-9137	196	10	63	63	NUM
fbem-9137	196	11	+	+	NOUN
fbem-9137	196	12	98	98	NUM
fbem-9137	196	13	.	.	PUNCT
fbem-9137	197	1	[	[	X
fbem-9137	197	2	3	3	NUM
fbem-9137	197	3	]	]	X
fbem-9137	197	4	fang	fang	X
fbem-9137	197	5	,	,	PUNCT
fbem-9137	197	6	y.	y.	PROPN
fbem-9137	197	7	,	,	PUNCT
fbem-9137	197	8	chen	chen	PROPN
fbem-9137	197	9	,	,	PUNCT
fbem-9137	197	10	m.	m.	NOUN
fbem-9137	197	11	,	,	PUNCT
fbem-9137	197	12	&	&	CCONJ
fbem-9137	197	13	yang	yang	PROPN
fbem-9137	197	14	,	,	PUNCT
fbem-9137	197	15	y.	y.	PROPN
fbem-9137	197	16	(	(	PUNCT
fbem-9137	197	17	2018	2018	NUM
fbem-9137	197	18	)	)	PUNCT
fbem-9137	197	19	.	.	PUNCT
fbem-9137	198	1	spillover	spillover	VERB
fbem-9137	198	2	effects	effect	NOUN
fbem-9137	198	3	and	and	CCONJ
fbem-9137	198	4	channel	channel	NOUN
fbem-9137	198	5	identification	identification	NOUN
fbem-9137	198	6	of	of	ADP
fbem-9137	198	7	financial	financial	ADJ
fbem-9137	198	8	markets	market	NOUN
fbem-9137	198	9	on	on	ADP
fbem-9137	198	10	systemic	systemic	ADJ
fbem-9137	198	11	risk	risk	NOUN
fbem-9137	198	12	in	in	ADP
fbem-9137	198	13	the	the	DET
fbem-9137	198	14	banking	banking	NOUN
fbem-9137	198	15	industry	industry	NOUN
fbem-9137	198	16	.	.	PUNCT
fbem-9137	199	1	nankai	nankai	ADJ
fbem-9137	199	2	economic	economic	ADJ
fbem-9137	199	3	studies	study	NOUN
fbem-9137	199	4	,	,	PUNCT
fbem-9137	199	5	(	(	PUNCT
fbem-9137	199	6	05	05	NUM
fbem-9137	199	7	)	)	PUNCT
fbem-9137	199	8	,	,	PUNCT
fbem-9137	199	9	58	58	NUM
fbem-9137	199	10	-	-	SYM
fbem-9137	199	11	75	75	NUM
fbem-9137	199	12	.	.	PUNCT
fbem-9137	200	1	[	[	X
fbem-9137	200	2	4	4	NUM
fbem-9137	200	3	]	]	X
fbem-9137	200	4	liu	liu	PROPN
fbem-9137	200	5	,	,	PUNCT
fbem-9137	200	6	y.	y.	PROPN
fbem-9137	200	7	(	(	PUNCT
fbem-9137	200	8	2014	2014	NUM
fbem-9137	200	9	)	)	PUNCT
fbem-9137	200	10	.	.	PUNCT
fbem-9137	201	1	measurement	measurement	NOUN
fbem-9137	201	2	of	of	ADP
fbem-9137	201	3	systemic	systemic	ADJ
fbem-9137	201	4	risk	risk	NOUN
fbem-9137	201	5	in	in	ADP
fbem-9137	201	6	china	china	PROPN
fbem-9137	201	7	's	's	PART
fbem-9137	201	8	securities	security	NOUN
fbem-9137	201	9	industry	industry	NOUN
fbem-9137	201	10	based	base	VERB
fbem-9137	201	11	on	on	ADP
fbem-9137	201	12	covar	covar	NOUN
fbem-9137	201	13	method	method	NOUN
fbem-9137	201	14	.	.	PUNCT
fbem-9137	202	1	[	[	X
fbem-9137	202	2	doctoral	doctoral	ADJ
fbem-9137	202	3	dissertation	dissertation	NOUN
fbem-9137	202	4	,	,	PUNCT
fbem-9137	202	5	xiamen	xiamen	PROPN
fbem-9137	202	6	university	university	PROPN
fbem-9137	202	7	]	]	PUNCT
fbem-9137	202	8	.	.	PUNCT
fbem-9137	203	1	[	[	X
fbem-9137	203	2	5	5	NUM
fbem-9137	203	3	]	]	SYM
fbem-9137	203	4	li	li	PROPN
fbem-9137	203	5	,	,	PUNCT
fbem-9137	203	6	z.	z.	PROPN
fbem-9137	203	7	,	,	PUNCT
fbem-9137	203	8	zhu	zhu	PROPN
fbem-9137	203	9	,	,	PUNCT
fbem-9137	203	10	m.	m.	NOUN
fbem-9137	203	11	,	,	PUNCT
fbem-9137	203	12	&	&	CCONJ
fbem-9137	203	13	fan	fan	PROPN
fbem-9137	203	14	,	,	PUNCT
fbem-9137	203	15	y.	y.	PROPN
fbem-9137	203	16	(	(	PUNCT
fbem-9137	203	17	2019	2019	NUM
fbem-9137	203	18	)	)	PUNCT
fbem-9137	203	19	.	.	PUNCT
fbem-9137	204	1	contagion	contagion	NOUN
fbem-9137	204	2	risk	risk	NOUN
fbem-9137	204	3	and	and	CCONJ
fbem-9137	204	4	systemic	systemic	ADJ
fbem-9137	204	5	risk	risk	NOUN
fbem-9137	204	6	contributions	contribution	NOUN
fbem-9137	204	7	of	of	ADP
fbem-9137	204	8	chinese	chinese	ADJ
fbem-9137	204	9	financial	financial	ADJ
fbem-9137	204	10	institutions	institution	NOUN
fbem-9137	204	11	:	:	PUNCT
fbem-9137	204	12	a	a	DET
fbem-9137	204	13	study	study	NOUN
fbem-9137	204	14	based	base	VERB
fbem-9137	204	15	on	on	ADP
fbem-9137	204	16	extreme	extreme	ADJ
fbem-9137	204	17	risk	risk	NOUN
fbem-9137	204	18	network	network	NOUN
fbem-9137	204	19	perspective	perspective	NOUN
fbem-9137	204	20	.	.	PUNCT
fbem-9137	205	1	nankai	nankai	ADJ
fbem-9137	205	2	economic	economic	ADJ
fbem-9137	205	3	studies	study	NOUN
fbem-9137	205	4	,	,	PUNCT
fbem-9137	205	5	(	(	PUNCT
fbem-9137	205	6	06	06	NUM
fbem-9137	205	7	)	)	PUNCT
fbem-9137	205	8	,	,	PUNCT
fbem-9137	205	9	132	132	NUM
fbem-9137	205	10	-	-	SYM
fbem-9137	205	11	157	157	NUM
fbem-9137	205	12	.	.	PUNCT
fbem-9137	206	1	[	[	X
fbem-9137	206	2	6	6	NUM
fbem-9137	206	3	]	]	PUNCT
fbem-9137	206	4	she	she	PRON
fbem-9137	206	5	,	,	PUNCT
fbem-9137	206	6	x.	x.	PROPN
fbem-9137	206	7	,	,	PUNCT
fbem-9137	206	8	ai	ai	VERB
fbem-9137	206	9	,	,	PUNCT
fbem-9137	206	10	w.	w.	PROPN
fbem-9137	206	11	,	,	PUNCT
fbem-9137	206	12	yuan	yuan	PROPN
fbem-9137	206	13	,	,	PUNCT
fbem-9137	206	14	f.	f.	PROPN
fbem-9137	206	15	,	,	PUNCT
fbem-9137	206	16	&	&	CCONJ
fbem-9137	206	17	xu	xu	PROPN
fbem-9137	206	18	,	,	PUNCT
fbem-9137	206	19	y.	y.	PROPN
fbem-9137	206	20	(	(	PUNCT
fbem-9137	206	21	2019	2019	NUM
fbem-9137	206	22	)	)	PUNCT
fbem-9137	206	23	.	.	PUNCT
fbem-9137	207	1	measurement	measurement	NOUN
fbem-9137	207	2	of	of	ADP
fbem-9137	207	3	systemic	systemic	ADJ
fbem-9137	207	4	risk	risk	NOUN
fbem-9137	207	5	in	in	ADP
fbem-9137	207	6	the	the	DET
fbem-9137	207	7	securities	security	NOUN
fbem-9137	207	8	industry	industry	NOUN
fbem-9137	207	9	based	base	VERB
fbem-9137	207	10	on	on	ADP
fbem-9137	207	11	tail	tail	NOUN
fbem-9137	207	12	dependence	dependence	NOUN
fbem-9137	207	13	.	.	PUNCT
fbem-9137	208	1	statistics	statistic	NOUN
fbem-9137	208	2	and	and	CCONJ
fbem-9137	208	3	decision	decision	NOUN
fbem-9137	208	4	,	,	PUNCT
fbem-9137	208	5	35(17	35(17	NUM
fbem-9137	208	6	)	)	PUNCT
fbem-9137	208	7	,	,	PUNCT
fbem-9137	208	8	162	162	NUM
fbem-9137	208	9	-	-	SYM
fbem-9137	208	10	165	165	NUM
fbem-9137	208	11	.	.	PUNCT
fbem-9137	209	1	[	[	X
fbem-9137	209	2	7	7	NUM
fbem-9137	209	3	]	]	X
fbem-9137	209	4	shen	shen	NOUN
fbem-9137	209	5	,	,	PUNCT
fbem-9137	209	6	y.	y.	PROPN
fbem-9137	209	7	,	,	PUNCT
fbem-9137	209	8	dai	dai	PROPN
fbem-9137	209	9	,	,	PUNCT
fbem-9137	209	10	s.	s.	PROPN
fbem-9137	209	11	,	,	PUNCT
fbem-9137	209	12	&	&	CCONJ
fbem-9137	209	13	luo	luo	PROPN
fbem-9137	209	14	,	,	PUNCT
fbem-9137	209	15	x.	x.	NOUN
fbem-9137	209	16	(	(	PUNCT
fbem-9137	209	17	2014	2014	NUM
fbem-9137	209	18	)	)	PUNCT
fbem-9137	209	19	.	.	PUNCT
fbem-9137	210	1	measurement	measurement	NOUN
fbem-9137	210	2	of	of	ADP
fbem-9137	210	3	spillover	spillover	ADJ
fbem-9137	210	4	effects	effect	NOUN
fbem-9137	210	5	of	of	ADP
fbem-9137	210	6	systemic	systemic	ADJ
fbem-9137	210	7	risk	risk	NOUN
fbem-9137	210	8	in	in	ADP
fbem-9137	210	9	china	china	PROPN
fbem-9137	210	10	's	's	PART
fbem-9137	210	11	financial	financial	ADJ
fbem-9137	210	12	industry	industry	NOUN
fbem-9137	210	13	:	:	PUNCT
fbem-9137	210	14	a	a	DET
fbem-9137	210	15	study	study	NOUN
fbem-9137	210	16	based	base	VERB
fbem-9137	210	17	on	on	ADP
fbem-9137	210	18	garch	garch	NOUN
fbem-9137	210	19	-	-	PUNCT
fbem-9137	210	20	copula	copula	NOUN
fbem-9137	210	21	-	-	PUNCT
fbem-9137	210	22	covar	covar	NOUN
fbem-9137	210	23	model	model	NOUN
fbem-9137	210	24	.	.	PUNCT
fbem-9137	211	1	contemporary	contemporary	ADJ
fbem-9137	211	2	economic	economic	ADJ
fbem-9137	211	3	science	science	NOUN
fbem-9137	211	4	,	,	PUNCT
fbem-9137	211	5	36(06	36(06	NUM
fbem-9137	211	6	)	)	PUNCT
fbem-9137	211	7	,	,	PUNCT
fbem-9137	211	8	30	30	NUM
fbem-9137	211	9	-	-	SYM
fbem-9137	211	10	38	38	NUM
fbem-9137	211	11	+	+	NUM
fbem-9137	211	12	123	123	NUM
fbem-9137	211	13	.	.	PUNCT
fbem-9137	212	1	[	[	X
fbem-9137	212	2	8	8	NUM
fbem-9137	212	3	]	]	SYM
fbem-9137	212	4	wu	wu	PROPN
fbem-9137	212	5	,	,	PUNCT
fbem-9137	212	6	k.	k.	PROPN
fbem-9137	212	7	,	,	PUNCT
fbem-9137	212	8	pi	pi	PROPN
fbem-9137	212	9	,	,	PUNCT
fbem-9137	212	10	s.	s.	PROPN
fbem-9137	212	11	,	,	PUNCT
fbem-9137	212	12	&	&	CCONJ
fbem-9137	212	13	lu	lu	PROPN
fbem-9137	212	14	,	,	PUNCT
fbem-9137	212	15	g.	g.	PROPN
fbem-9137	212	16	(	(	PUNCT
fbem-9137	212	17	2004	2004	NUM
fbem-9137	212	18	)	)	PUNCT
fbem-9137	212	19	.	.	PUNCT
fbem-9137	213	1	general	general	ADJ
fbem-9137	213	2	equilibrium	equilibrium	NOUN
fbem-9137	213	3	analysis	analysis	NOUN
fbem-9137	213	4	of	of	ADP
fbem-9137	213	5	symbiosis	symbiosis	NOUN
fbem-9137	213	6	between	between	ADP
fbem-9137	213	7	china	china	PROPN
fbem-9137	213	8	's	's	PART
fbem-9137	213	9	real	real	ADJ
fbem-9137	213	10	estate	estate	NOUN
fbem-9137	213	11	market	market	NOUN
fbem-9137	213	12	and	and	CCONJ
fbem-9137	213	13	financial	financial	ADJ
fbem-9137	213	14	market	market	NOUN
fbem-9137	213	15	.	.	PUNCT
fbem-9137	214	1	quantitative	quantitative	PROPN
fbem-9137	214	2	&	&	CCONJ
fbem-9137	214	3	technical	technical	ADJ
fbem-9137	214	4	economics	economics	PROPN
fbem-9137	214	5	research	research	NOUN
fbem-9137	214	6	,	,	PUNCT
fbem-9137	214	7	(	(	PUNCT
fbem-9137	214	8	10	10	NUM
fbem-9137	214	9	)	)	PUNCT
fbem-9137	214	10	,	,	PUNCT
fbem-9137	214	11	24	24	NUM
fbem-9137	214	12	-	-	SYM
fbem-9137	214	13	32	32	NUM
fbem-9137	214	14	.	.	PUNCT
fbem-9137	215	1	[	[	X
fbem-9137	215	2	9	9	NUM
fbem-9137	215	3	]	]	SYM
fbem-9137	215	4	yang	yang	PROPN
fbem-9137	215	5	,	,	PUNCT
fbem-9137	215	6	y.	y.	PROPN
fbem-9137	215	7	,	,	PUNCT
fbem-9137	215	8	&	&	CCONJ
fbem-9137	215	9	xu	xu	PROPN
fbem-9137	215	10	,	,	PUNCT
fbem-9137	215	11	h.	h.	PROPN
fbem-9137	215	12	(	(	PUNCT
fbem-9137	215	13	2018	2018	NUM
fbem-9137	215	14	)	)	PUNCT
fbem-9137	215	15	.	.	PUNCT
fbem-9137	216	1	research	research	NOUN
fbem-9137	216	2	on	on	ADP
fbem-9137	216	3	systemic	systemic	ADJ
fbem-9137	216	4	risk	risk	NOUN
fbem-9137	216	5	transmission	transmission	NOUN
fbem-9137	216	6	and	and	CCONJ
fbem-9137	216	7	spillover	spillover	VERB
fbem-9137	216	8	effects	effect	NOUN
fbem-9137	216	9	among	among	ADP
fbem-9137	216	10	financial	financial	ADJ
fbem-9137	216	11	markets	market	NOUN
fbem-9137	216	12	,	,	PUNCT
fbem-9137	216	13	banking	banking	NOUN
fbem-9137	216	14	,	,	PUNCT
fbem-9137	216	15	securities	security	NOUN
fbem-9137	216	16	,	,	PUNCT
fbem-9137	216	17	and	and	CCONJ
fbem-9137	216	18	insurance	insurance	NOUN
fbem-9137	216	19	:	:	PUNCT
fbem-9137	216	20	analysis	analysis	NOUN
fbem-9137	216	21	based	base	VERB
fbem-9137	216	22	on	on	ADP
fbem-9137	216	23	static	static	ADJ
fbem-9137	216	24	and	and	CCONJ
fbem-9137	216	25	dynamic	dynamic	ADJ
fbem-9137	216	26	covar	covar	NOUN
fbem-9137	216	27	models	model	NOUN
fbem-9137	216	28	.	.	PUNCT
fbem-9137	217	1	regional	regional	ADJ
fbem-9137	217	2	financial	financial	ADJ
fbem-9137	217	3	research	research	NOUN
fbem-9137	217	4	,	,	PUNCT
fbem-9137	217	5	(	(	PUNCT
fbem-9137	217	6	12	12	NUM
fbem-9137	217	7	)	)	PUNCT
fbem-9137	217	8	,	,	PUNCT
fbem-9137	217	9	25	25	NUM
fbem-9137	217	10	-	-	SYM
fbem-9137	217	11	32	32	NUM
fbem-9137	217	12	.	.	PUNCT
fbem-9137	218	1	[	[	X
fbem-9137	218	2	10	10	NUM
fbem-9137	218	3	]	]	SYM
fbem-9137	218	4	yang	yang	PROPN
fbem-9137	218	5	,	,	PUNCT
fbem-9137	218	6	z.	z.	PROPN
fbem-9137	218	7	,	,	PUNCT
fbem-9137	218	8	chen	chen	PROPN
fbem-9137	218	9	,	,	PUNCT
fbem-9137	218	10	y.	y.	PROPN
fbem-9137	218	11	,	,	PUNCT
fbem-9137	218	12	lin	lin	PROPN
fbem-9137	218	13	,	,	PUNCT
fbem-9137	218	14	s.	s.	PROPN
fbem-9137	218	15	,	,	PUNCT
fbem-9137	218	16	&	&	CCONJ
fbem-9137	218	17	guan	guan	PROPN
fbem-9137	218	18	,	,	PUNCT
fbem-9137	218	19	z.	z.	PROPN
fbem-9137	218	20	(	(	PUNCT
fbem-9137	218	21	2021	2021	NUM
fbem-9137	218	22	)	)	PUNCT
fbem-9137	218	23	.	.	PUNCT
fbem-9137	219	1	nonlinear	nonlinear	ADJ
fbem-9137	219	2	study	study	NOUN
fbem-9137	219	3	on	on	ADP
fbem-9137	219	4	factors	factor	NOUN
fbem-9137	219	5	influencing	influence	VERB
fbem-9137	219	6	tail	tail	NOUN
fbem-9137	219	7	risk	risk	NOUN
fbem-9137	219	8	of	of	ADP
fbem-9137	219	9	chinese	chinese	ADJ
fbem-9137	219	10	financial	financial	ADJ
fbem-9137	219	11	institutions	institution	NOUN
fbem-9137	219	12	:	:	PUNCT
fbem-9137	219	13	new	new	ADJ
fbem-9137	219	14	evidence	evidence	NOUN
fbem-9137	219	15	from	from	ADP
fbem-9137	219	16	panel	panel	NOUN
fbem-9137	219	17	smooth	smooth	ADJ
fbem-9137	219	18	transition	transition	NOUN
fbem-9137	219	19	regression	regression	NOUN
fbem-9137	219	20	model	model	NOUN
fbem-9137	219	21	.	.	PUNCT
fbem-9137	220	1	financial	financial	ADJ
fbem-9137	220	2	research	research	NOUN
fbem-9137	220	3	,	,	PUNCT
fbem-9137	220	4	(	(	PUNCT
fbem-9137	220	5	03	03	NUM
fbem-9137	220	6	)	)	PUNCT
fbem-9137	220	7	,	,	PUNCT
fbem-9137	220	8	38	38	NUM
fbem-9137	220	9	-	-	SYM
fbem-9137	220	10	57	57	NUM
fbem-9137	220	11	.	.	PUNCT
fbem-9137	221	1	[	[	X
fbem-9137	221	2	11	11	NUM
fbem-9137	221	3	]	]	X
fbem-9137	221	4	zhu	zhu	PROPN
fbem-9137	221	5	,	,	PUNCT
fbem-9137	221	6	y.	y.	PROPN
fbem-9137	221	7	,	,	PUNCT
fbem-9137	221	8	&	&	CCONJ
fbem-9137	221	9	miao	miao	PROPN
fbem-9137	221	10	,	,	PUNCT
fbem-9137	221	11	y.	y.	NOUN
fbem-9137	221	12	(	(	PUNCT
fbem-9137	221	13	2012	2012	NUM
fbem-9137	221	14	)	)	PUNCT
fbem-9137	221	15	.	.	PUNCT
fbem-9137	222	1	a	a	DET
fbem-9137	222	2	review	review	NOUN
fbem-9137	222	3	of	of	ADP
fbem-9137	222	4	models	model	NOUN
fbem-9137	222	5	for	for	ADP
fbem-9137	222	6	measuring	measure	VERB
fbem-9137	222	7	and	and	CCONJ
fbem-9137	222	8	predicting	predict	VERB
fbem-9137	222	9	systemic	systemic	ADJ
fbem-9137	222	10	risk	risk	NOUN
fbem-9137	222	11	.	.	PUNCT
fbem-9137	223	1	international	international	ADJ
fbem-9137	223	2	financial	financial	ADJ
fbem-9137	223	3	research	research	NOUN
fbem-9137	223	4	,	,	PUNCT
fbem-9137	223	5	(	(	PUNCT
fbem-9137	223	6	01	01	NUM
fbem-9137	223	7	)	)	PUNCT
fbem-9137	223	8	,	,	PUNCT
fbem-9137	223	9	79	79	NUM
fbem-9137	223	10	-	-	SYM
fbem-9137	223	11	88	88	NUM
fbem-9137	223	12	.	.	PUNCT
fbem-9137	224	1	[	[	X
fbem-9137	224	2	12	12	NUM
fbem-9137	224	3	]	]	X
fbem-9137	224	4	zhou	zhou	PROPN
fbem-9137	224	5	,	,	PUNCT
fbem-9137	224	6	l.	l.	PROPN
fbem-9137	224	7	(	(	PUNCT
fbem-9137	224	8	2021	2021	NUM
fbem-9137	224	9	)	)	PUNCT
fbem-9137	224	10	.	.	PUNCT
fbem-9137	225	1	research	research	NOUN
fbem-9137	225	2	on	on	ADP
fbem-9137	225	3	systemic	systemic	ADJ
fbem-9137	225	4	financial	financial	ADJ
fbem-9137	225	5	risk	risk	NOUN
fbem-9137	225	6	based	base	VERB
fbem-9137	225	7	on	on	ADP
fbem-9137	225	8	the	the	DET
fbem-9137	225	9	overflow	overflow	NOUN
fbem-9137	225	10	characteristics	characteristic	NOUN
fbem-9137	225	11	of	of	ADP
fbem-9137	225	12	covar	covar	NOUN
fbem-9137	225	13	.	.	PUNCT
fbem-9137	226	1	journal	journal	PROPN
fbem-9137	226	2	of	of	ADP
fbem-9137	226	3	jiangxi	jiangxi	PROPN
fbem-9137	226	4	university	university	PROPN
fbem-9137	226	5	of	of	ADP
fbem-9137	226	6	finance	finance	NOUN
fbem-9137	226	7	and	and	CCONJ
fbem-9137	226	8	economics	economic	NOUN
fbem-9137	226	9	,	,	PUNCT
fbem-9137	226	10	(	(	PUNCT
fbem-9137	226	11	02	02	NUM
fbem-9137	226	12	)	)	PUNCT
fbem-9137	226	13	,	,	PUNCT
fbem-9137	226	14	40	40	NUM
fbem-9137	226	15	-	-	SYM
fbem-9137	226	16	54	54	NUM
fbem-9137	226	17	.	.	PUNCT
fbem-9137	227	1	[	[	X
fbem-9137	227	2	13	13	NUM
fbem-9137	227	3	]	]	X
fbem-9137	227	4	billio	billio	NOUN
fbem-9137	227	5	,	,	PUNCT
fbem-9137	227	6	m.	m.	NOUN
fbem-9137	227	7	,	,	PUNCT
fbem-9137	227	8	getmansky	getmansky	NOUN
fbem-9137	227	9	,	,	PUNCT
fbem-9137	227	10	m.	m.	NOUN
fbem-9137	227	11	,	,	PUNCT
fbem-9137	227	12	lo	lo	PROPN
fbem-9137	227	13	,	,	PUNCT
fbem-9137	227	14	a.w	a.w	PROPN
fbem-9137	227	15	.	.	PROPN
fbem-9137	227	16	and	and	CCONJ
fbem-9137	227	17	pelizzon	pelizzon	PROPN
fbem-9137	227	18	,	,	PUNCT
fbem-9137	227	19	l.	l.	PROPN
fbem-9137	227	20	(	(	PUNCT
fbem-9137	227	21	2012	2012	NUM
fbem-9137	227	22	)	)	PUNCT
fbem-9137	227	23	econometric	econometric	ADJ
fbem-9137	227	24	measures	measure	NOUN
fbem-9137	227	25	of	of	ADP
fbem-9137	227	26	connectedness	connectedness	NOUN
fbem-9137	227	27	and	and	CCONJ
fbem-9137	227	28	systemic	systemic	ADJ
fbem-9137	227	29	risk	risk	NOUN
fbem-9137	227	30	in	in	ADP
fbem-9137	227	31	the	the	DET
fbem-9137	227	32	finance	finance	NOUN
fbem-9137	227	33	and	and	CCONJ
fbem-9137	227	34	insurance	insurance	NOUN
fbem-9137	227	35	sectors	sector	NOUN
fbem-9137	227	36	.	.	PUNCT
fbem-9137	228	1	journal	journal	PROPN
fbem-9137	228	2	of	of	ADP
fbem-9137	228	3	financial	financial	ADJ
fbem-9137	228	4	economics	economic	NOUN
fbem-9137	228	5	,	,	PUNCT
fbem-9137	228	6	104	104	NUM
fbem-9137	228	7	,	,	PUNCT
fbem-9137	228	8	535	535	NUM
fbem-9137	228	9	-	-	SYM
fbem-9137	228	10	559	559	NUM
fbem-9137	228	11	.	.	PUNCT
fbem-9137	229	1	[	[	X
fbem-9137	229	2	14	14	NUM
fbem-9137	229	3	]	]	X
fbem-9137	229	4	adrian	adrian	PROPN
fbem-9137	229	5	,	,	PUNCT
fbem-9137	229	6	t.	t.	NOUN
fbem-9137	229	7	and	and	CCONJ
fbem-9137	229	8	brunnermeier	brunnermei	ADJ
fbem-9137	229	9	,	,	PUNCT
fbem-9137	229	10	m.k	m.k	PROPN
fbem-9137	229	11	.	.	PUNCT
fbem-9137	229	12	(	(	PUNCT
fbem-9137	229	13	2016	2016	NUM
fbem-9137	229	14	)	)	PUNCT
fbem-9137	229	15	covar	covar	NOUN
fbem-9137	229	16	.	.	PUNCT
fbem-9137	230	1	american	american	PROPN
fbem-9137	230	2	economic	economic	PROPN
fbem-9137	230	3	review	review	PROPN
fbem-9137	230	4	,	,	PUNCT
fbem-9137	230	5	106	106	NUM
fbem-9137	230	6	,	,	PUNCT
fbem-9137	230	7	1705	1705	NUM
fbem-9137	230	8	-	-	SYM
fbem-9137	230	9	1741	1741	NUM
fbem-9137	230	10	.	.	PUNCT
fbem-9137	231	1	[	[	X
fbem-9137	231	2	15	15	NUM
fbem-9137	231	3	]	]	X
fbem-9137	231	4	koetter	koetter	NOUN
fbem-9137	231	5	,	,	PUNCT
fbem-9137	231	6	m.	m.	NOUN
fbem-9137	231	7	,	,	PUNCT
fbem-9137	231	8	&	&	CCONJ
fbem-9137	231	9	poghosyan	poghosyan	PROPN
fbem-9137	231	10	,	,	PUNCT
fbem-9137	231	11	t.	t.	PROPN
fbem-9137	231	12	(	(	PUNCT
fbem-9137	231	13	2010	2010	NUM
fbem-9137	231	14	)	)	PUNCT
fbem-9137	231	15	.	.	PUNCT
fbem-9137	232	1	real	real	ADJ
fbem-9137	232	2	estate	estate	NOUN
fbem-9137	232	3	prices	price	NOUN
fbem-9137	232	4	and	and	CCONJ
fbem-9137	232	5	bank	bank	NOUN
fbem-9137	232	6	stability	stability	NOUN
fbem-9137	232	7	.	.	PUNCT
fbem-9137	233	1	journal	journal	NOUN
fbem-9137	233	2	of	of	ADP
fbem-9137	233	3	banking	banking	NOUN
fbem-9137	233	4	and	and	CCONJ
fbem-9137	233	5	finance	finance	NOUN
fbem-9137	233	6	,	,	PUNCT
fbem-9137	233	7	34(6	34(6	NUM
fbem-9137	233	8	)	)	PUNCT
fbem-9137	233	9	,	,	PUNCT
fbem-9137	233	10	11291138	11291138	NUM
fbem-9137	233	11	.	.	PUNCT
fbem-9137	234	1	[	[	X
fbem-9137	234	2	16	16	NUM
fbem-9137	234	3	]	]	X
fbem-9137	234	4	charles	charles	PROPN
fbem-9137	234	5	d.	d.	PROPN
fbem-9137	234	6	anderson	anderson	PROPN
fbem-9137	234	7	&	&	CCONJ
fbem-9137	234	8	dennis	dennis	PROPN
fbem-9137	234	9	r.	r.	PROPN
fbem-9137	234	10	capozza	capozza	PROPN
fbem-9137	234	11	&	&	CCONJ
fbem-9137	234	12	robert	robert	PROPN
fbem-9137	234	13	van	van	PROPN
fbem-9137	234	14	order	order	NOUN
fbem-9137	234	15	,	,	PUNCT
fbem-9137	234	16	2011	2011	NUM
fbem-9137	234	17	.	.	PUNCT
fbem-9137	235	1	"	"	PUNCT
fbem-9137	235	2	deconstructing	deconstruct	VERB
fbem-9137	235	3	a	a	DET
fbem-9137	235	4	mortgage	mortgage	NOUN
fbem-9137	235	5	meltdown	meltdown	NOUN
fbem-9137	235	6	:	:	PUNCT
fbem-9137	235	7	a	a	DET
fbem-9137	235	8	methodology	methodology	NOUN
fbem-9137	235	9	for	for	ADP
fbem-9137	235	10	decomposing	decompose	VERB
fbem-9137	235	11	underwriting	underwriting	NOUN
fbem-9137	235	12	quality	quality	NOUN
fbem-9137	235	13	,	,	PUNCT
fbem-9137	235	14	"	"	PUNCT
fbem-9137	235	15	journal	journal	NOUN
fbem-9137	235	16	of	of	ADP
fbem-9137	235	17	money	money	NOUN
fbem-9137	235	18	,	,	PUNCT
fbem-9137	235	19	credit	credit	NOUN
fbem-9137	235	20	and	and	CCONJ
fbem-9137	235	21	banking	banking	NOUN
fbem-9137	235	22	,	,	PUNCT
fbem-9137	235	23	blackwell	blackwell	NOUN
fbem-9137	235	24	publishing	publishing	NOUN
fbem-9137	235	25	,	,	PUNCT
fbem-9137	235	26	vol	vol	NOUN
fbem-9137	235	27	.	.	PUNCT
fbem-9137	235	28	43(4	43(4	NOUN
fbem-9137	235	29	)	)	PUNCT
fbem-9137	235	30	,	,	PUNCT
fbem-9137	235	31	pages	page	NOUN
fbem-9137	235	32	609	609	NUM
fbem-9137	235	33	-	-	SYM
fbem-9137	235	34	631	631	NUM
fbem-9137	235	35	,	,	PUNCT
fbem-9137	235	36	june	june	PROPN
fbem-9137	235	37	.	.	PUNCT
fbem-9137	236	1	[	[	X
fbem-9137	236	2	17	17	NUM
fbem-9137	236	3	]	]	X
fbem-9137	236	4	adrian	adrian	PROPN
fbem-9137	236	5	,	,	PUNCT
fbem-9137	236	6	tobias	tobias	PROPN
fbem-9137	236	7	,	,	PUNCT
fbem-9137	236	8	and	and	CCONJ
fbem-9137	236	9	markus	markus	PROPN
fbem-9137	236	10	k.	k.	PROPN
fbem-9137	236	11	brunnermeier	brunnermeier	PROPN
fbem-9137	236	12	.	.	PUNCT
fbem-9137	237	1	2016	2016	NUM
fbem-9137	237	2	.	.	PUNCT
fbem-9137	238	1	"	"	PUNCT
fbem-9137	238	2	covar	covar	NOUN
fbem-9137	238	3	.	.	PUNCT
fbem-9137	238	4	"	"	PUNCT
fbem-9137	239	1	american	american	PROPN
fbem-9137	239	2	economic	economic	PROPN
fbem-9137	239	3	review	review	PROPN
fbem-9137	239	4	,	,	PUNCT
fbem-9137	239	5	106	106	NUM
fbem-9137	239	6	(	(	PUNCT
fbem-9137	239	7	7	7	NUM
fbem-9137	239	8	):	):	PUNCT
fbem-9137	239	9	1705	1705	NUM
fbem-9137	239	10	-	-	SYM
fbem-9137	239	11	41	41	NUM
fbem-9137	239	12	.	.	PUNCT
fbem-9137	240	1	[	[	X
fbem-9137	240	2	18	18	NUM
fbem-9137	240	3	]	]	PUNCT
fbem-9137	240	4	lehar	lehar	NOUN
fbem-9137	240	5	,	,	PUNCT
fbem-9137	240	6	alfred	alfred	PROPN
fbem-9137	240	7	.	.	PUNCT
fbem-9137	241	1	"	"	PUNCT
fbem-9137	241	2	measuring	measure	VERB
fbem-9137	241	3	systemic	systemic	ADJ
fbem-9137	241	4	risk	risk	NOUN
fbem-9137	241	5	:	:	PUNCT
fbem-9137	241	6	a	a	DET
fbem-9137	241	7	risk	risk	NOUN
fbem-9137	241	8	management	management	NOUN
fbem-9137	241	9	approach	approach	NOUN
fbem-9137	241	10	.	.	PUNCT
fbem-9137	241	11	"	"	PUNCT
fbem-9137	241	12	journal	journal	NOUN
fbem-9137	241	13	of	of	ADP
fbem-9137	241	14	banking	banking	NOUN
fbem-9137	241	15	&	&	CCONJ
fbem-9137	241	16	finance	finance	PROPN
fbem-9137	241	17	29	29	NUM
fbem-9137	241	18	,	,	PUNCT
fbem-9137	241	19	no	no	INTJ
fbem-9137	241	20	.	.	NOUN
fbem-9137	241	21	10	10	NUM
fbem-9137	241	22	(	(	PUNCT
fbem-9137	241	23	2005	2005	NUM
fbem-9137	241	24	):	):	PUNCT
fbem-9137	241	25	2577	2577	NUM
fbem-9137	241	26	-	-	SYM
fbem-9137	241	27	2603	2603	NUM
fbem-9137	241	28	.	.	PUNCT
fbem-9137	242	1	[	[	X
fbem-9137	242	2	19	19	NUM
fbem-9137	242	3	]	]	X
fbem-9137	242	4	nikolaus	nikolaus	PROPN
fbem-9137	242	5	hautsch	hautsch	PROPN
fbem-9137	242	6	,	,	PUNCT
fbem-9137	242	7	julia	julia	PROPN
fbem-9137	242	8	schaumburg	schaumburg	PROPN
fbem-9137	242	9	,	,	PUNCT
fbem-9137	242	10	melanie	melanie	PROPN
fbem-9137	242	11	schienle	schienle	PROPN
fbem-9137	242	12	,	,	PUNCT
fbem-9137	242	13	financial	financial	ADJ
fbem-9137	242	14	network	network	NOUN
fbem-9137	242	15	systemic	systemic	ADJ
fbem-9137	242	16	risk	risk	NOUN
fbem-9137	242	17	contributions	contribution	NOUN
fbem-9137	242	18	,	,	PUNCT
fbem-9137	242	19	review	review	NOUN
fbem-9137	242	20	of	of	ADP
fbem-9137	242	21	finance	finance	NOUN
fbem-9137	242	22	,	,	PUNCT
fbem-9137	242	23	volume	volume	NOUN
fbem-9137	242	24	19	19	NUM
fbem-9137	242	25	,	,	PUNCT
fbem-9137	242	26	issue	issue	NOUN
fbem-9137	242	27	2	2	NUM
fbem-9137	242	28	,	,	PUNCT
fbem-9137	242	29	march	march	PROPN
fbem-9137	242	30	2015	2015	NUM
fbem-9137	242	31	,	,	PUNCT
fbem-9137	242	32	pages	page	NOUN
fbem-9137	242	33	685–738	685–738	NUM
fbem-9137	242	34	,	,	PUNCT
fbem-9137	242	35	https://doi.org/10.1093/rof/rfu010	https://doi.org/10.1093/rof/rfu010	NOUN
fbem-9137	242	36	.	.	PUNCT