id	sid	tid	token	lemma	pos
fbem-9139	1	1	frontiers	frontier	NOUN
fbem-9139	1	2	in	in	ADP
fbem-9139	1	3	business	business	NOUN
fbem-9139	1	4	,	,	PUNCT
fbem-9139	1	5	economics	economic	NOUN
fbem-9139	1	6	and	and	CCONJ
fbem-9139	1	7	management	management	NOUN
fbem-9139	1	8	issn	issn	PROPN
fbem-9139	1	9	:	:	PUNCT
fbem-9139	1	10	2766	2766	NUM
fbem-9139	1	11	-	-	PUNCT
fbem-9139	1	12	824x	824x	NUM
fbem-9139	1	13	|	|	ADJ
fbem-9139	1	14	vol	vol	NOUN
fbem-9139	1	15	.	.	PROPN
fbem-9139	2	1	9	9	NUM
fbem-9139	2	2	,	,	PUNCT
fbem-9139	2	3	no	no	INTJ
fbem-9139	2	4	.	.	NOUN
fbem-9139	2	5	2	2	NUM
fbem-9139	2	6	,	,	PUNCT
fbem-9139	2	7	2023	2023	NUM
fbem-9139	2	8	124	124	NUM
fbem-9139	2	9	the	the	DET
fbem-9139	2	10	relationship	relationship	NOUN
fbem-9139	2	11	between	between	ADP
fbem-9139	2	12	investor	investor	NOUN
fbem-9139	2	13	sentiment	sentiment	NOUN
fbem-9139	2	14	and	and	CCONJ
fbem-9139	2	15	stock	stock	NOUN
fbem-9139	2	16	market	market	NOUN
fbem-9139	2	17	price	price	NOUN
fbem-9139	2	18	qi	qi	PROPN
fbem-9139	2	19	guo	guo	PROPN
fbem-9139	2	20	business	business	PROPN
fbem-9139	2	21	college	college	PROPN
fbem-9139	2	22	,	,	PUNCT
fbem-9139	2	23	nanjing	nanjing	PROPN
fbem-9139	2	24	normal	normal	ADJ
fbem-9139	2	25	university	university	PROPN
fbem-9139	2	26	,	,	PUNCT
fbem-9139	2	27	nanjing	nanjing	PROPN
fbem-9139	2	28	,	,	PUNCT
fbem-9139	2	29	china	china	PROPN
fbem-9139	2	30	abstract	abstract	NOUN
fbem-9139	2	31	:	:	PUNCT
fbem-9139	2	32	with	with	ADP
fbem-9139	2	33	the	the	DET
fbem-9139	2	34	birth	birth	NOUN
fbem-9139	2	35	of	of	ADP
fbem-9139	2	36	behavioral	behavioral	ADJ
fbem-9139	2	37	finance	finance	NOUN
fbem-9139	2	38	,	,	PUNCT
fbem-9139	2	39	more	more	ADJ
fbem-9139	2	40	and	and	CCONJ
fbem-9139	2	41	more	more	ADJ
fbem-9139	2	42	researchers	researcher	NOUN
fbem-9139	2	43	have	have	AUX
fbem-9139	2	44	brought	bring	VERB
fbem-9139	2	45	the	the	DET
fbem-9139	2	46	individual	individual	ADJ
fbem-9139	2	47	psychology	psychology	NOUN
fbem-9139	2	48	of	of	ADP
fbem-9139	2	49	investors	investor	NOUN
fbem-9139	2	50	and	and	CCONJ
fbem-9139	2	51	the	the	DET
fbem-9139	2	52	behaviors	behavior	NOUN
fbem-9139	2	53	that	that	PRON
fbem-9139	2	54	it	it	PRON
fbem-9139	2	55	fosters	foster	VERB
fbem-9139	2	56	into	into	ADP
fbem-9139	2	57	the	the	DET
fbem-9139	2	58	theoretical	theoretical	ADJ
fbem-9139	2	59	research	research	NOUN
fbem-9139	2	60	scope	scope	NOUN
fbem-9139	2	61	of	of	ADP
fbem-9139	2	62	finance	finance	NOUN
fbem-9139	2	63	.	.	PUNCT
fbem-9139	3	1	from	from	ADP
fbem-9139	3	2	the	the	DET
fbem-9139	3	3	perspective	perspective	NOUN
fbem-9139	3	4	of	of	ADP
fbem-9139	3	5	micro	micro	PROPN
fbem-9139	3	6	individual	individual	ADJ
fbem-9139	3	7	behavior	behavior	NOUN
fbem-9139	3	8	,	,	PUNCT
fbem-9139	3	9	they	they	PRON
fbem-9139	3	10	try	try	VERB
fbem-9139	3	11	to	to	PART
fbem-9139	3	12	explain	explain	VERB
fbem-9139	3	13	the	the	DET
fbem-9139	3	14	causes	cause	NOUN
fbem-9139	3	15	of	of	ADP
fbem-9139	3	16	complex	complex	ADJ
fbem-9139	3	17	phenomena	phenomenon	NOUN
fbem-9139	3	18	in	in	ADP
fbem-9139	3	19	the	the	DET
fbem-9139	3	20	financial	financial	ADJ
fbem-9139	3	21	market	market	NOUN
fbem-9139	3	22	with	with	ADP
fbem-9139	3	23	psychological	psychological	ADJ
fbem-9139	3	24	factors	factor	NOUN
fbem-9139	3	25	such	such	ADJ
fbem-9139	3	26	as	as	ADP
fbem-9139	3	27	behavioral	behavioral	ADJ
fbem-9139	3	28	motivation	motivation	NOUN
fbem-9139	3	29	.	.	PUNCT
fbem-9139	4	1	this	this	DET
fbem-9139	4	2	paper	paper	NOUN
fbem-9139	4	3	mainly	mainly	ADV
fbem-9139	4	4	analyzes	analyze	VERB
fbem-9139	4	5	the	the	DET
fbem-9139	4	6	impact	impact	NOUN
fbem-9139	4	7	of	of	ADP
fbem-9139	4	8	investor	investor	NOUN
fbem-9139	4	9	sentiment	sentiment	NOUN
fbem-9139	4	10	on	on	ADP
fbem-9139	4	11	the	the	DET
fbem-9139	4	12	price	price	NOUN
fbem-9139	4	13	volatility	volatility	NOUN
fbem-9139	4	14	of	of	ADP
fbem-9139	4	15	china	china	PROPN
fbem-9139	4	16	's	's	PART
fbem-9139	4	17	stock	stock	NOUN
fbem-9139	4	18	market	market	NOUN
fbem-9139	4	19	.	.	PUNCT
fbem-9139	5	1	on	on	ADP
fbem-9139	5	2	the	the	DET
fbem-9139	5	3	basis	basis	NOUN
fbem-9139	5	4	of	of	ADP
fbem-9139	5	5	combing	comb	VERB
fbem-9139	5	6	the	the	DET
fbem-9139	5	7	existing	exist	VERB
fbem-9139	5	8	theoretical	theoretical	ADJ
fbem-9139	5	9	literature	literature	NOUN
fbem-9139	5	10	,	,	PUNCT
fbem-9139	5	11	based	base	VERB
fbem-9139	5	12	on	on	ADP
fbem-9139	5	13	the	the	DET
fbem-9139	5	14	daily	daily	ADJ
fbem-9139	5	15	chinese	chinese	ADJ
fbem-9139	5	16	investor	investor	NOUN
fbem-9139	5	17	sentiment	sentiment	NOUN
fbem-9139	5	18	index	index	NOUN
fbem-9139	5	19	published	publish	VERB
fbem-9139	5	20	by	by	ADP
fbem-9139	5	21	the	the	DET
fbem-9139	5	22	national	national	PROPN
fbem-9139	5	23	development	development	PROPN
fbem-9139	5	24	research	research	PROPN
fbem-9139	5	25	institute	institute	PROPN
fbem-9139	5	26	of	of	ADP
fbem-9139	5	27	peking	peking	PROPN
fbem-9139	5	28	university	university	PROPN
fbem-9139	5	29	and	and	CCONJ
fbem-9139	5	30	the	the	DET
fbem-9139	5	31	return	return	NOUN
fbem-9139	5	32	of	of	ADP
fbem-9139	5	33	the	the	DET
fbem-9139	5	34	csi	csi	ADJ
fbem-9139	5	35	300	300	NUM
fbem-9139	5	36	index	index	NOUN
fbem-9139	5	37	,	,	PUNCT
fbem-9139	5	38	the	the	DET
fbem-9139	5	39	research	research	NOUN
fbem-9139	5	40	hypothesis	hypothesis	NOUN
fbem-9139	5	41	is	be	AUX
fbem-9139	5	42	put	put	VERB
fbem-9139	5	43	forward	forward	ADV
fbem-9139	5	44	.	.	PUNCT
fbem-9139	6	1	first	first	ADV
fbem-9139	6	2	,	,	PUNCT
fbem-9139	6	3	the	the	DET
fbem-9139	6	4	garch	garch	NOUN
fbem-9139	6	5	model	model	NOUN
fbem-9139	6	6	is	be	AUX
fbem-9139	6	7	constructed	construct	VERB
fbem-9139	6	8	to	to	PART
fbem-9139	6	9	calculate	calculate	VERB
fbem-9139	6	10	the	the	DET
fbem-9139	6	11	daily	daily	ADJ
fbem-9139	6	12	volatility	volatility	NOUN
fbem-9139	6	13	of	of	ADP
fbem-9139	6	14	the	the	DET
fbem-9139	6	15	return	return	NOUN
fbem-9139	6	16	of	of	ADP
fbem-9139	6	17	the	the	DET
fbem-9139	6	18	csi	csi	ADJ
fbem-9139	6	19	300	300	NUM
fbem-9139	6	20	index	index	NOUN
fbem-9139	6	21	and	and	CCONJ
fbem-9139	6	22	the	the	DET
fbem-9139	6	23	granger	granger	PROPN
fbem-9139	6	24	causality	causality	NOUN
fbem-9139	6	25	is	be	AUX
fbem-9139	6	26	used	use	VERB
fbem-9139	6	27	to	to	PART
fbem-9139	6	28	test	test	VERB
fbem-9139	6	29	the	the	DET
fbem-9139	6	30	relationship	relationship	NOUN
fbem-9139	6	31	between	between	ADP
fbem-9139	6	32	investor	investor	NOUN
fbem-9139	6	33	sentiment	sentiment	NOUN
fbem-9139	6	34	,	,	PUNCT
fbem-9139	6	35	stock	stock	NOUN
fbem-9139	6	36	price	price	NOUN
fbem-9139	6	37	return	return	NOUN
fbem-9139	6	38	and	and	CCONJ
fbem-9139	6	39	volatility	volatility	NOUN
fbem-9139	6	40	.	.	PUNCT
fbem-9139	7	1	secondly	secondly	ADV
fbem-9139	7	2	,	,	PUNCT
fbem-9139	7	3	the	the	DET
fbem-9139	7	4	paper	paper	NOUN
fbem-9139	7	5	empirically	empirically	ADV
fbem-9139	7	6	analyzes	analyze	VERB
fbem-9139	7	7	the	the	DET
fbem-9139	7	8	relationship	relationship	NOUN
fbem-9139	7	9	between	between	ADP
fbem-9139	7	10	investor	investor	NOUN
fbem-9139	7	11	sentiment	sentiment	NOUN
fbem-9139	7	12	and	and	CCONJ
fbem-9139	7	13	stock	stock	NOUN
fbem-9139	7	14	price	price	NOUN
fbem-9139	7	15	volatility	volatility	NOUN
fbem-9139	7	16	by	by	ADP
fbem-9139	7	17	constructing	construct	VERB
fbem-9139	7	18	var	var	NOUN
fbem-9139	7	19	model	model	NOUN
fbem-9139	7	20	,	,	PUNCT
fbem-9139	7	21	and	and	CCONJ
fbem-9139	7	22	finds	find	VERB
fbem-9139	7	23	that	that	SCONJ
fbem-9139	7	24	investor	investor	NOUN
fbem-9139	7	25	sentiment	sentiment	NOUN
fbem-9139	7	26	will	will	AUX
fbem-9139	7	27	indeed	indeed	ADV
fbem-9139	7	28	have	have	VERB
fbem-9139	7	29	the	the	DET
fbem-9139	7	30	same	same	ADJ
fbem-9139	7	31	impact	impact	NOUN
fbem-9139	7	32	on	on	ADP
fbem-9139	7	33	the	the	DET
fbem-9139	7	34	price	price	NOUN
fbem-9139	7	35	volatility	volatility	NOUN
fbem-9139	7	36	of	of	ADP
fbem-9139	7	37	china	china	PROPN
fbem-9139	7	38	's	's	PART
fbem-9139	7	39	stock	stock	NOUN
fbem-9139	7	40	market	market	NOUN
fbem-9139	7	41	,	,	PUNCT
fbem-9139	7	42	and	and	CCONJ
fbem-9139	7	43	the	the	DET
fbem-9139	7	44	stock	stock	NOUN
fbem-9139	7	45	price	price	NOUN
fbem-9139	7	46	volatility	volatility	NOUN
fbem-9139	7	47	will	will	AUX
fbem-9139	7	48	react	react	VERB
fbem-9139	7	49	on	on	ADP
fbem-9139	7	50	investor	investor	NOUN
fbem-9139	7	51	sentiment	sentiment	NOUN
fbem-9139	7	52	and	and	CCONJ
fbem-9139	7	53	form	form	VERB
fbem-9139	7	54	an	an	DET
fbem-9139	7	55	interactive	interactive	ADJ
fbem-9139	7	56	impact	impact	NOUN
fbem-9139	7	57	,	,	PUNCT
fbem-9139	7	58	which	which	PRON
fbem-9139	7	59	will	will	AUX
fbem-9139	7	60	gradually	gradually	ADV
fbem-9139	7	61	weaken	weaken	VERB
fbem-9139	7	62	over	over	ADP
fbem-9139	7	63	time	time	NOUN
fbem-9139	7	64	.	.	PUNCT
fbem-9139	8	1	finally	finally	ADV
fbem-9139	8	2	,	,	PUNCT
fbem-9139	8	3	from	from	ADP
fbem-9139	8	4	investors	investor	NOUN
fbem-9139	8	5	the	the	DET
fbem-9139	8	6	government	government	NOUN
fbem-9139	8	7	and	and	CCONJ
fbem-9139	8	8	other	other	ADJ
fbem-9139	8	9	aspects	aspect	NOUN
fbem-9139	8	10	put	put	VERB
fbem-9139	8	11	forward	forward	ADP
fbem-9139	8	12	suggestions	suggestion	NOUN
fbem-9139	8	13	to	to	PART
fbem-9139	8	14	further	far	ADV
fbem-9139	8	15	improve	improve	VERB
fbem-9139	8	16	the	the	DET
fbem-9139	8	17	operation	operation	NOUN
fbem-9139	8	18	of	of	ADP
fbem-9139	8	19	china	china	PROPN
fbem-9139	8	20	's	's	PART
fbem-9139	8	21	stock	stock	NOUN
fbem-9139	8	22	market	market	NOUN
fbem-9139	8	23	.	.	PUNCT
fbem-9139	9	1	keywords	keyword	NOUN
fbem-9139	9	2	:	:	PUNCT
fbem-9139	9	3	investor	investor	NOUN
fbem-9139	9	4	sentiment	sentiment	NOUN
fbem-9139	9	5	,	,	PUNCT
fbem-9139	9	6	stock	stock	NOUN
fbem-9139	9	7	price	price	NOUN
fbem-9139	9	8	volatility	volatility	NOUN
fbem-9139	9	9	,	,	PUNCT
fbem-9139	9	10	garch	garch	NOUN
fbem-9139	9	11	model	model	NOUN
fbem-9139	9	12	,	,	PUNCT
fbem-9139	9	13	var	var	PROPN
fbem-9139	9	14	model	model	NOUN
fbem-9139	9	15	.	.	PUNCT
fbem-9139	10	1	1	1	X
fbem-9139	10	2	.	.	X
fbem-9139	10	3	introduction	introduction	NOUN
fbem-9139	10	4	in	in	ADP
fbem-9139	10	5	the	the	DET
fbem-9139	10	6	early	early	ADJ
fbem-9139	10	7	1990s	1990	NOUN
fbem-9139	10	8	,	,	PUNCT
fbem-9139	10	9	the	the	DET
fbem-9139	10	10	shanghai	shanghai	PROPN
fbem-9139	10	11	stock	stock	PROPN
fbem-9139	10	12	exchange	exchange	PROPN
fbem-9139	10	13	and	and	CCONJ
fbem-9139	10	14	shenzhen	shenzhen	PROPN
fbem-9139	10	15	stock	stock	PROPN
fbem-9139	10	16	exchange	exchange	PROPN
fbem-9139	10	17	were	be	AUX
fbem-9139	10	18	listed	list	VERB
fbem-9139	10	19	and	and	CCONJ
fbem-9139	10	20	established	establish	VERB
fbem-9139	10	21	successively	successively	ADV
fbem-9139	10	22	,	,	PUNCT
fbem-9139	10	23	and	and	CCONJ
fbem-9139	10	24	china	china	PROPN
fbem-9139	10	25	's	's	PART
fbem-9139	10	26	capital	capital	NOUN
fbem-9139	10	27	market	market	NOUN
fbem-9139	10	28	has	have	AUX
fbem-9139	10	29	seen	see	VERB
fbem-9139	10	30	vigorous	vigorous	ADJ
fbem-9139	10	31	development	development	NOUN
fbem-9139	10	32	since	since	SCONJ
fbem-9139	10	33	then	then	ADV
fbem-9139	10	34	.	.	PUNCT
fbem-9139	11	1	through	through	ADP
fbem-9139	11	2	30	30	NUM
fbem-9139	11	3	years	year	NOUN
fbem-9139	11	4	of	of	ADP
fbem-9139	11	5	rapid	rapid	ADJ
fbem-9139	11	6	development	development	NOUN
fbem-9139	11	7	,	,	PUNCT
fbem-9139	11	8	the	the	DET
fbem-9139	11	9	efficiency	efficiency	NOUN
fbem-9139	11	10	of	of	ADP
fbem-9139	11	11	china	china	PROPN
fbem-9139	11	12	's	's	PART
fbem-9139	11	13	securities	security	NOUN
fbem-9139	11	14	market	market	NOUN
fbem-9139	11	15	has	have	AUX
fbem-9139	11	16	improved	improve	VERB
fbem-9139	11	17	at	at	ADP
fbem-9139	11	18	a	a	DET
fbem-9139	11	19	speed	speed	NOUN
fbem-9139	11	20	that	that	PRON
fbem-9139	11	21	is	be	AUX
fbem-9139	11	22	obvious	obvious	ADJ
fbem-9139	11	23	to	to	ADP
fbem-9139	11	24	all	all	PRON
fbem-9139	11	25	.	.	PUNCT
fbem-9139	12	1	it	it	PRON
fbem-9139	12	2	plays	play	VERB
fbem-9139	12	3	an	an	DET
fbem-9139	12	4	increasingly	increasingly	ADV
fbem-9139	12	5	important	important	ADJ
fbem-9139	12	6	role	role	NOUN
fbem-9139	12	7	in	in	ADP
fbem-9139	12	8	financing	financing	NOUN
fbem-9139	12	9	,	,	PUNCT
fbem-9139	12	10	optimizing	optimize	VERB
fbem-9139	12	11	capital	capital	NOUN
fbem-9139	12	12	allocation	allocation	NOUN
fbem-9139	12	13	,	,	PUNCT
fbem-9139	12	14	and	and	CCONJ
fbem-9139	12	15	dispersing	disperse	VERB
fbem-9139	12	16	financial	financial	ADJ
fbem-9139	12	17	risks	risk	NOUN
fbem-9139	12	18	.	.	PUNCT
fbem-9139	13	1	however	however	ADV
fbem-9139	13	2	,	,	PUNCT
fbem-9139	13	3	while	while	SCONJ
fbem-9139	13	4	affirming	affirm	VERB
fbem-9139	13	5	its	its	PRON
fbem-9139	13	6	positive	positive	ADJ
fbem-9139	13	7	role	role	NOUN
fbem-9139	13	8	,	,	PUNCT
fbem-9139	13	9	we	we	PRON
fbem-9139	13	10	should	should	AUX
fbem-9139	13	11	calmly	calmly	ADV
fbem-9139	13	12	analyze	analyze	VERB
fbem-9139	13	13	the	the	DET
fbem-9139	13	14	gap	gap	NOUN
fbem-9139	13	15	between	between	ADP
fbem-9139	13	16	china	china	PROPN
fbem-9139	13	17	's	's	PART
fbem-9139	13	18	capital	capital	NOUN
fbem-9139	13	19	market	market	NOUN
fbem-9139	13	20	and	and	CCONJ
fbem-9139	13	21	the	the	DET
fbem-9139	13	22	united	united	PROPN
fbem-9139	13	23	states	states	PROPN
fbem-9139	13	24	and	and	CCONJ
fbem-9139	13	25	other	other	ADJ
fbem-9139	13	26	western	western	ADJ
fbem-9139	13	27	developed	develop	VERB
fbem-9139	13	28	economies	economy	NOUN
fbem-9139	13	29	.	.	PUNCT
fbem-9139	14	1	it	it	PRON
fbem-9139	14	2	is	be	AUX
fbem-9139	14	3	undeniable	undeniable	ADJ
fbem-9139	14	4	that	that	SCONJ
fbem-9139	14	5	compared	compare	VERB
fbem-9139	14	6	with	with	ADP
fbem-9139	14	7	china	china	PROPN
fbem-9139	14	8	's	's	PART
fbem-9139	14	9	capital	capital	NOUN
fbem-9139	14	10	market	market	NOUN
fbem-9139	14	11	,	,	PUNCT
fbem-9139	14	12	china	china	PROPN
fbem-9139	14	13	's	's	PART
fbem-9139	14	14	capital	capital	NOUN
fbem-9139	14	15	market	market	NOUN
fbem-9139	14	16	still	still	ADV
fbem-9139	14	17	has	have	VERB
fbem-9139	14	18	many	many	ADJ
fbem-9139	14	19	immature	immature	ADJ
fbem-9139	14	20	aspects	aspect	NOUN
fbem-9139	14	21	,	,	PUNCT
fbem-9139	14	22	whether	whether	SCONJ
fbem-9139	14	23	in	in	ADP
fbem-9139	14	24	terms	term	NOUN
fbem-9139	14	25	of	of	ADP
fbem-9139	14	26	scale	scale	NOUN
fbem-9139	14	27	,	,	PUNCT
fbem-9139	14	28	information	information	NOUN
fbem-9139	14	29	release	release	NOUN
fbem-9139	14	30	,	,	PUNCT
fbem-9139	14	31	legal	legal	ADJ
fbem-9139	14	32	supervision	supervision	NOUN
fbem-9139	14	33	or	or	CCONJ
fbem-9139	14	34	market	market	NOUN
fbem-9139	14	35	effectiveness	effectiveness	NOUN
fbem-9139	14	36	,	,	PUNCT
fbem-9139	14	37	there	there	PRON
fbem-9139	14	38	is	be	VERB
fbem-9139	14	39	a	a	DET
fbem-9139	14	40	certain	certain	ADJ
fbem-9139	14	41	gap	gap	NOUN
fbem-9139	14	42	between	between	ADP
fbem-9139	14	43	china	china	PROPN
fbem-9139	14	44	and	and	CCONJ
fbem-9139	14	45	the	the	DET
fbem-9139	14	46	united	united	PROPN
fbem-9139	14	47	states	states	PROPN
fbem-9139	14	48	securities	security	NOUN
fbem-9139	14	49	market	market	NOUN
fbem-9139	14	50	.	.	PUNCT
fbem-9139	15	1	a	a	DET
fbem-9139	15	2	prominent	prominent	ADJ
fbem-9139	15	3	feature	feature	NOUN
fbem-9139	15	4	of	of	ADP
fbem-9139	15	5	china	china	PROPN
fbem-9139	15	6	's	's	PART
fbem-9139	15	7	securities	security	NOUN
fbem-9139	15	8	exchange	exchange	NOUN
fbem-9139	15	9	market	market	NOUN
fbem-9139	15	10	is	be	AUX
fbem-9139	15	11	that	that	SCONJ
fbem-9139	15	12	the	the	DET
fbem-9139	15	13	proportion	proportion	NOUN
fbem-9139	15	14	of	of	ADP
fbem-9139	15	15	natural	natural	ADJ
fbem-9139	15	16	person	person	NOUN
fbem-9139	15	17	investors	investor	NOUN
fbem-9139	15	18	is	be	AUX
fbem-9139	15	19	relatively	relatively	ADV
fbem-9139	15	20	high	high	ADJ
fbem-9139	15	21	.	.	PUNCT
fbem-9139	16	1	the	the	DET
fbem-9139	16	2	traditional	traditional	ADJ
fbem-9139	16	3	financial	financial	ADJ
fbem-9139	16	4	theory	theory	NOUN
fbem-9139	16	5	is	be	AUX
fbem-9139	16	6	based	base	VERB
fbem-9139	16	7	on	on	ADP
fbem-9139	16	8	the	the	DET
fbem-9139	16	9	rational	rational	ADJ
fbem-9139	16	10	person	person	NOUN
fbem-9139	16	11	hypothesis	hypothesis	NOUN
fbem-9139	16	12	and	and	CCONJ
fbem-9139	16	13	the	the	DET
fbem-9139	16	14	efficient	efficient	ADJ
fbem-9139	16	15	market	market	NOUN
fbem-9139	16	16	hypothesis	hypothesis	NOUN
fbem-9139	16	17	.	.	PUNCT
fbem-9139	17	1	because	because	SCONJ
fbem-9139	17	2	investors	investor	NOUN
fbem-9139	17	3	are	be	AUX
fbem-9139	17	4	"	"	PUNCT
fbem-9139	17	5	rational	rational	ADJ
fbem-9139	17	6	people	people	NOUN
fbem-9139	17	7	"	"	PUNCT
fbem-9139	17	8	in	in	ADP
fbem-9139	17	9	the	the	DET
fbem-9139	17	10	market	market	NOUN
fbem-9139	17	11	,	,	PUNCT
fbem-9139	17	12	the	the	DET
fbem-9139	17	13	market	market	NOUN
fbem-9139	17	14	will	will	AUX
fbem-9139	17	15	automatically	automatically	ADV
fbem-9139	17	16	reach	reach	VERB
fbem-9139	17	17	an	an	DET
fbem-9139	17	18	efficient	efficient	ADJ
fbem-9139	17	19	state	state	NOUN
fbem-9139	17	20	.	.	PUNCT
fbem-9139	18	1	however	however	ADV
fbem-9139	18	2	,	,	PUNCT
fbem-9139	18	3	the	the	DET
fbem-9139	18	4	traditional	traditional	ADJ
fbem-9139	18	5	theory	theory	NOUN
fbem-9139	18	6	of	of	ADP
fbem-9139	18	7	finance	finance	NOUN
fbem-9139	18	8	lacks	lack	VERB
fbem-9139	18	9	explanatory	explanatory	ADJ
fbem-9139	18	10	power	power	NOUN
fbem-9139	18	11	in	in	ADP
fbem-9139	18	12	explaining	explain	VERB
fbem-9139	18	13	the	the	DET
fbem-9139	18	14	complicated	complicated	ADJ
fbem-9139	18	15	market	market	NOUN
fbem-9139	18	16	phenomena	phenomenon	NOUN
fbem-9139	18	17	in	in	ADP
fbem-9139	18	18	today	today	NOUN
fbem-9139	18	19	's	's	PART
fbem-9139	18	20	financial	financial	ADJ
fbem-9139	18	21	market	market	NOUN
fbem-9139	18	22	.	.	PUNCT
fbem-9139	19	1	investors	investor	NOUN
fbem-9139	19	2	often	often	ADV
fbem-9139	19	3	show	show	VERB
fbem-9139	19	4	some	some	DET
fbem-9139	19	5	irrationality	irrationality	NOUN
fbem-9139	19	6	,	,	PUNCT
fbem-9139	19	7	such	such	ADJ
fbem-9139	19	8	as	as	ADP
fbem-9139	19	9	selective	selective	ADJ
fbem-9139	19	10	bias	bias	NOUN
fbem-9139	19	11	and	and	CCONJ
fbem-9139	19	12	conservative	conservative	ADJ
fbem-9139	19	13	bias	bias	NOUN
fbem-9139	19	14	.	.	PUNCT
fbem-9139	20	1	this	this	PRON
fbem-9139	20	2	prompted	prompt	VERB
fbem-9139	20	3	financial	financial	ADJ
fbem-9139	20	4	scholars	scholar	NOUN
fbem-9139	20	5	to	to	PART
fbem-9139	20	6	adjust	adjust	VERB
fbem-9139	20	7	their	their	PRON
fbem-9139	20	8	research	research	NOUN
fbem-9139	20	9	perspective	perspective	NOUN
fbem-9139	20	10	,	,	PUNCT
fbem-9139	20	11	and	and	CCONJ
fbem-9139	20	12	on	on	ADP
fbem-9139	20	13	the	the	DET
fbem-9139	20	14	basis	basis	NOUN
fbem-9139	20	15	of	of	ADP
fbem-9139	20	16	relaxing	relax	VERB
fbem-9139	20	17	the	the	DET
fbem-9139	20	18	basic	basic	ADJ
fbem-9139	20	19	assumptions	assumption	NOUN
fbem-9139	20	20	of	of	ADP
fbem-9139	20	21	traditional	traditional	ADJ
fbem-9139	20	22	finance	finance	NOUN
fbem-9139	20	23	,	,	PUNCT
fbem-9139	20	24	they	they	PRON
fbem-9139	20	25	tried	try	VERB
fbem-9139	20	26	to	to	PART
fbem-9139	20	27	explain	explain	VERB
fbem-9139	20	28	the	the	DET
fbem-9139	20	29	various	various	ADJ
fbem-9139	20	30	abnormal	abnormal	ADJ
fbem-9139	20	31	phenomena	phenomenon	NOUN
fbem-9139	20	32	in	in	ADP
fbem-9139	20	33	the	the	DET
fbem-9139	20	34	financial	financial	ADJ
fbem-9139	20	35	market	market	NOUN
fbem-9139	20	36	from	from	ADP
fbem-9139	20	37	the	the	DET
fbem-9139	20	38	perspective	perspective	NOUN
fbem-9139	20	39	of	of	ADP
fbem-9139	20	40	behavioral	behavioral	ADJ
fbem-9139	20	41	,	,	PUNCT
fbem-9139	20	42	psychological	psychological	ADJ
fbem-9139	20	43	and	and	CCONJ
fbem-9139	20	44	sociological	sociological	ADJ
fbem-9139	20	45	.	.	PUNCT
fbem-9139	21	1	behavioral	behavioral	ADJ
fbem-9139	21	2	finance	finance	NOUN
fbem-9139	21	3	,	,	PUNCT
fbem-9139	21	4	a	a	DET
fbem-9139	21	5	new	new	ADJ
fbem-9139	21	6	emerging	emerge	VERB
fbem-9139	21	7	discipline	discipline	NOUN
fbem-9139	21	8	,	,	PUNCT
fbem-9139	21	9	emerged	emerge	VERB
fbem-9139	21	10	at	at	ADP
fbem-9139	21	11	the	the	DET
fbem-9139	21	12	historic	historic	ADJ
fbem-9139	21	13	moment	moment	NOUN
fbem-9139	21	14	.	.	PUNCT
fbem-9139	22	1	as	as	ADP
fbem-9139	22	2	one	one	NUM
fbem-9139	22	3	of	of	ADP
fbem-9139	22	4	the	the	DET
fbem-9139	22	5	pillars	pillar	NOUN
fbem-9139	22	6	of	of	ADP
fbem-9139	22	7	behavioral	behavioral	ADJ
fbem-9139	22	8	finance	finance	NOUN
fbem-9139	22	9	theory	theory	NOUN
fbem-9139	22	10	,	,	PUNCT
fbem-9139	22	11	investor	investor	NOUN
fbem-9139	22	12	sentiment	sentiment	NOUN
fbem-9139	22	13	and	and	CCONJ
fbem-9139	22	14	its	its	PRON
fbem-9139	22	15	impact	impact	NOUN
fbem-9139	22	16	on	on	ADP
fbem-9139	22	17	the	the	DET
fbem-9139	22	18	financial	financial	ADJ
fbem-9139	22	19	market	market	NOUN
fbem-9139	22	20	have	have	AUX
fbem-9139	22	21	also	also	ADV
fbem-9139	22	22	been	be	AUX
fbem-9139	22	23	widely	widely	ADV
fbem-9139	22	24	concerned	concern	VERB
fbem-9139	22	25	by	by	ADP
fbem-9139	22	26	scholars	scholar	NOUN
fbem-9139	22	27	.	.	PUNCT
fbem-9139	23	1	the	the	DET
fbem-9139	23	2	investor	investor	NOUN
fbem-9139	23	3	sentiment	sentiment	NOUN
fbem-9139	23	4	was	be	AUX
fbem-9139	23	5	formally	formally	ADV
fbem-9139	23	6	put	put	VERB
fbem-9139	23	7	forward	forward	ADV
fbem-9139	23	8	by	by	ADP
fbem-9139	23	9	lee	lee	PROPN
fbem-9139	23	10	,	,	PUNCT
fbem-9139	23	11	shleifer	shleifer	NOUN
fbem-9139	23	12	and	and	CCONJ
fbem-9139	23	13	thaler[1	thaler[1	NOUN
fbem-9139	23	14	]	]	X
fbem-9139	23	15	,	,	PUNCT
fbem-9139	23	16	and	and	CCONJ
fbem-9139	23	17	used	use	VERB
fbem-9139	23	18	it	it	PRON
fbem-9139	23	19	to	to	PART
fbem-9139	23	20	explain	explain	VERB
fbem-9139	23	21	the	the	DET
fbem-9139	23	22	reason	reason	NOUN
fbem-9139	23	23	for	for	ADP
fbem-9139	23	24	the	the	DET
fbem-9139	23	25	long	long	ADJ
fbem-9139	23	26	-	-	PUNCT
fbem-9139	23	27	term	term	NOUN
fbem-9139	23	28	discount	discount	NOUN
fbem-9139	23	29	of	of	ADP
fbem-9139	23	30	closed	close	VERB
fbem-9139	23	31	-	-	PUNCT
fbem-9139	23	32	end	end	NOUN
fbem-9139	23	33	funds	fund	NOUN
fbem-9139	23	34	.	.	PUNCT
fbem-9139	24	1	baker	baker	PROPN
fbem-9139	24	2	et	et	PROPN
fbem-9139	24	3	al[2	al[2	PROPN
fbem-9139	24	4	]	]	PUNCT
fbem-9139	24	5	believed	believe	VERB
fbem-9139	24	6	that	that	SCONJ
fbem-9139	24	7	investor	investor	NOUN
fbem-9139	24	8	sentiment	sentiment	NOUN
fbem-9139	24	9	was	be	AUX
fbem-9139	24	10	an	an	DET
fbem-9139	24	11	important	important	ADJ
fbem-9139	24	12	factor	factor	NOUN
fbem-9139	24	13	affecting	affect	VERB
fbem-9139	24	14	stock	stock	NOUN
fbem-9139	24	15	returns	return	NOUN
fbem-9139	24	16	.	.	PUNCT
fbem-9139	25	1	for	for	ADP
fbem-9139	25	2	china	china	PROPN
fbem-9139	25	3	,	,	PUNCT
fbem-9139	25	4	a	a	DET
fbem-9139	25	5	securities	security	NOUN
fbem-9139	25	6	market	market	NOUN
fbem-9139	25	7	with	with	ADP
fbem-9139	25	8	a	a	DET
fbem-9139	25	9	majority	majority	NOUN
fbem-9139	25	10	of	of	ADP
fbem-9139	25	11	natural	natural	ADJ
fbem-9139	25	12	person	person	NOUN
fbem-9139	25	13	investors	investor	NOUN
fbem-9139	25	14	,	,	PUNCT
fbem-9139	25	15	it	it	PRON
fbem-9139	25	16	is	be	AUX
fbem-9139	25	17	of	of	ADP
fbem-9139	25	18	practical	practical	ADJ
fbem-9139	25	19	significance	significance	NOUN
fbem-9139	25	20	to	to	PART
fbem-9139	25	21	study	study	VERB
fbem-9139	25	22	investor	investor	NOUN
fbem-9139	25	23	sentiment	sentiment	NOUN
fbem-9139	25	24	and	and	CCONJ
fbem-9139	25	25	its	its	PRON
fbem-9139	25	26	impact	impact	NOUN
fbem-9139	25	27	on	on	ADP
fbem-9139	25	28	the	the	DET
fbem-9139	25	29	return	return	NOUN
fbem-9139	25	30	and	and	CCONJ
fbem-9139	25	31	volatility	volatility	NOUN
fbem-9139	25	32	of	of	ADP
fbem-9139	25	33	the	the	DET
fbem-9139	25	34	stock	stock	NOUN
fbem-9139	25	35	market	market	NOUN
fbem-9139	25	36	.	.	PUNCT
fbem-9139	26	1	this	this	DET
fbem-9139	26	2	paper	paper	NOUN
fbem-9139	26	3	mainly	mainly	ADV
fbem-9139	26	4	includes	include	VERB
fbem-9139	26	5	four	four	NUM
fbem-9139	26	6	aspects	aspect	NOUN
fbem-9139	26	7	:	:	PUNCT
fbem-9139	26	8	firstly	firstly	ADV
fbem-9139	26	9	,	,	PUNCT
fbem-9139	26	10	it	it	PRON
fbem-9139	26	11	sorts	sort	VERB
fbem-9139	26	12	out	out	ADP
fbem-9139	26	13	and	and	CCONJ
fbem-9139	26	14	comments	comment	NOUN
fbem-9139	26	15	on	on	ADP
fbem-9139	26	16	the	the	DET
fbem-9139	26	17	literature	literature	NOUN
fbem-9139	26	18	of	of	ADP
fbem-9139	26	19	investor	investor	NOUN
fbem-9139	26	20	sentiment	sentiment	NOUN
fbem-9139	26	21	and	and	CCONJ
fbem-9139	26	22	its	its	PRON
fbem-9139	26	23	impact	impact	NOUN
fbem-9139	26	24	on	on	ADP
fbem-9139	26	25	the	the	DET
fbem-9139	26	26	return	return	NOUN
fbem-9139	26	27	and	and	CCONJ
fbem-9139	26	28	volatility	volatility	NOUN
fbem-9139	26	29	of	of	ADP
fbem-9139	26	30	the	the	DET
fbem-9139	26	31	stock	stock	NOUN
fbem-9139	26	32	market	market	NOUN
fbem-9139	26	33	;	;	PUNCT
fbem-9139	26	34	the	the	DET
fbem-9139	26	35	second	second	NOUN
fbem-9139	26	36	is	be	AUX
fbem-9139	26	37	to	to	PART
fbem-9139	26	38	calculate	calculate	VERB
fbem-9139	26	39	the	the	DET
fbem-9139	26	40	volatility	volatility	NOUN
fbem-9139	26	41	of	of	ADP
fbem-9139	26	42	the	the	DET
fbem-9139	26	43	csi	csi	ADJ
fbem-9139	26	44	300	300	NUM
fbem-9139	26	45	index	index	NOUN
fbem-9139	26	46	by	by	ADP
fbem-9139	26	47	building	build	VERB
fbem-9139	26	48	the	the	DET
fbem-9139	26	49	garch	garch	NOUN
fbem-9139	26	50	model	model	NOUN
fbem-9139	26	51	;	;	PUNCT
fbem-9139	26	52	the	the	DET
fbem-9139	26	53	third	third	NOUN
fbem-9139	26	54	is	be	AUX
fbem-9139	26	55	to	to	PART
fbem-9139	26	56	use	use	VERB
fbem-9139	26	57	granger	granger	PROPN
fbem-9139	26	58	causality	causality	NOUN
fbem-9139	26	59	test	test	NOUN
fbem-9139	26	60	to	to	PART
fbem-9139	26	61	analyze	analyze	VERB
fbem-9139	26	62	the	the	DET
fbem-9139	26	63	interaction	interaction	NOUN
fbem-9139	26	64	between	between	ADP
fbem-9139	26	65	investor	investor	NOUN
fbem-9139	26	66	sentiment	sentiment	NOUN
fbem-9139	26	67	,	,	PUNCT
fbem-9139	26	68	the	the	DET
fbem-9139	26	69	yield	yield	NOUN
fbem-9139	26	70	and	and	CCONJ
fbem-9139	26	71	volatility	volatility	NOUN
fbem-9139	26	72	of	of	ADP
fbem-9139	26	73	the	the	DET
fbem-9139	26	74	csi	csi	ADJ
fbem-9139	26	75	300	300	NUM
fbem-9139	26	76	index	index	NOUN
fbem-9139	26	77	,	,	PUNCT
fbem-9139	26	78	and	and	CCONJ
fbem-9139	26	79	then	then	ADV
fbem-9139	26	80	further	far	ADV
fbem-9139	26	81	analyze	analyze	VERB
fbem-9139	26	82	the	the	DET
fbem-9139	26	83	interrelationship	interrelationship	NOUN
fbem-9139	26	84	of	of	ADP
fbem-9139	26	85	variables	variable	NOUN
fbem-9139	26	86	through	through	ADP
fbem-9139	26	87	var	var	PROPN
fbem-9139	26	88	model	model	NOUN
fbem-9139	26	89	;	;	PUNCT
fbem-9139	26	90	fourth	fourth	X
fbem-9139	26	91	,	,	PUNCT
fbem-9139	26	92	the	the	DET
fbem-9139	26	93	research	research	NOUN
fbem-9139	26	94	conclusions	conclusion	NOUN
fbem-9139	26	95	and	and	CCONJ
fbem-9139	26	96	policy	policy	NOUN
fbem-9139	26	97	recommendations	recommendation	NOUN
fbem-9139	26	98	of	of	ADP
fbem-9139	26	99	this	this	DET
fbem-9139	26	100	paper	paper	NOUN
fbem-9139	26	101	.	.	PUNCT
fbem-9139	27	1	2	2	X
fbem-9139	27	2	.	.	X
fbem-9139	27	3	literature	literature	NOUN
fbem-9139	27	4	review	review	VERB
fbem-9139	27	5	the	the	DET
fbem-9139	27	6	research	research	NOUN
fbem-9139	27	7	on	on	ADP
fbem-9139	27	8	investor	investor	NOUN
fbem-9139	27	9	sentiment	sentiment	NOUN
fbem-9139	27	10	has	have	AUX
fbem-9139	27	11	been	be	AUX
fbem-9139	27	12	widely	widely	ADV
fbem-9139	27	13	concerned	concern	VERB
fbem-9139	27	14	by	by	ADP
fbem-9139	27	15	scholars	scholar	NOUN
fbem-9139	27	16	.	.	PUNCT
fbem-9139	28	1	brown	brown	ADJ
fbem-9139	28	2	et	et	PROPN
fbem-9139	28	3	al[3]believed	al[3]believe	VERB
fbem-9139	28	4	that	that	SCONJ
fbem-9139	28	5	investor	investor	NOUN
fbem-9139	28	6	sentiment	sentiment	NOUN
fbem-9139	28	7	was	be	AUX
fbem-9139	28	8	caused	cause	VERB
fbem-9139	28	9	by	by	ADP
fbem-9139	28	10	investors	investor	NOUN
fbem-9139	28	11	'	'	PART
fbem-9139	28	12	false	false	ADJ
fbem-9139	28	13	expectations	expectation	NOUN
fbem-9139	28	14	of	of	ADP
fbem-9139	28	15	the	the	DET
fbem-9139	28	16	future	future	ADJ
fbem-9139	28	17	price	price	NOUN
fbem-9139	28	18	of	of	ADP
fbem-9139	28	19	stocks	stock	NOUN
fbem-9139	28	20	,	,	PUNCT
fbem-9139	28	21	which	which	PRON
fbem-9139	28	22	often	often	ADV
fbem-9139	28	23	showed	show	VERB
fbem-9139	28	24	excessive	excessive	ADJ
fbem-9139	28	25	optimism	optimism	NOUN
fbem-9139	28	26	or	or	CCONJ
fbem-9139	28	27	pessimism	pessimism	NOUN
fbem-9139	28	28	towards	towards	ADP
fbem-9139	28	29	the	the	DET
fbem-9139	28	30	stock	stock	NOUN
fbem-9139	28	31	market	market	NOUN
fbem-9139	28	32	.	.	PUNCT
fbem-9139	29	1	as	as	ADP
fbem-9139	29	2	for	for	ADP
fbem-9139	29	3	the	the	DET
fbem-9139	29	4	measurement	measurement	NOUN
fbem-9139	29	5	of	of	ADP
fbem-9139	29	6	investor	investor	NOUN
fbem-9139	29	7	sentiment	sentiment	NOUN
fbem-9139	29	8	,	,	PUNCT
fbem-9139	29	9	there	there	PRON
fbem-9139	29	10	are	be	VERB
fbem-9139	29	11	currently	currently	ADV
fbem-9139	29	12	two	two	NUM
fbem-9139	29	13	main	main	ADJ
fbem-9139	29	14	methods	method	NOUN
fbem-9139	29	15	used	use	VERB
fbem-9139	29	16	by	by	ADP
fbem-9139	29	17	the	the	DET
fbem-9139	29	18	academic	academic	ADJ
fbem-9139	29	19	community	community	NOUN
fbem-9139	29	20	:	:	PUNCT
fbem-9139	29	21	one	one	NUM
fbem-9139	29	22	is	be	AUX
fbem-9139	29	23	the	the	DET
fbem-9139	29	24	direct	direct	ADJ
fbem-9139	29	25	indicator	indicator	NOUN
fbem-9139	29	26	method	method	NOUN
fbem-9139	29	27	,	,	PUNCT
fbem-9139	29	28	which	which	PRON
fbem-9139	29	29	is	be	AUX
fbem-9139	29	30	to	to	PART
fbem-9139	29	31	collect	collect	VERB
fbem-9139	29	32	investors	investor	NOUN
fbem-9139	29	33	'	'	PART
fbem-9139	29	34	views	view	NOUN
fbem-9139	29	35	on	on	ADP
fbem-9139	29	36	the	the	DET
fbem-9139	29	37	stock	stock	NOUN
fbem-9139	29	38	market	market	NOUN
fbem-9139	29	39	expectations	expectation	NOUN
fbem-9139	29	40	through	through	ADP
fbem-9139	29	41	questionnaires	questionnaire	NOUN
fbem-9139	29	42	.	.	PUNCT
fbem-9139	30	1	the	the	DET
fbem-9139	30	2	investor	investor	NOUN
fbem-9139	30	3	sentiment	sentiment	NOUN
fbem-9139	30	4	measured	measure	VERB
fbem-9139	30	5	by	by	ADP
fbem-9139	30	6	this	this	DET
fbem-9139	30	7	method	method	NOUN
fbem-9139	30	8	mainly	mainly	ADV
fbem-9139	30	9	includes	include	VERB
fbem-9139	30	10	investor	investor	NOUN
fbem-9139	30	11	sentiment	sentiment	NOUN
fbem-9139	30	12	index	index	NOUN
fbem-9139	30	13	(	(	PUNCT
fbem-9139	30	14	solt	solt	NOUN
fbem-9139	30	15	and	and	CCONJ
fbem-9139	30	16	statman[4	statman[4	NOUN
fbem-9139	30	17	]	]	PUNCT
fbem-9139	30	18	)	)	PUNCT
fbem-9139	30	19	,	,	PUNCT
fbem-9139	30	20	cctv	cctv	PROPN
fbem-9139	30	21	market	market	NOUN
fbem-9139	30	22	data	datum	NOUN
fbem-9139	30	23	(	(	PUNCT
fbem-9139	30	24	wang	wang	PROPN
fbem-9139	30	25	mei	mei	PROPN
fbem-9139	30	26	and	and	CCONJ
fbem-9139	30	27	sun	sun	PROPN
fbem-9139	30	28	jianjun[5	jianjun[5	PROPN
fbem-9139	30	29	]	]	PUNCT
fbem-9139	30	30	)	)	PUNCT
fbem-9139	30	31	,	,	PUNCT
fbem-9139	30	32	investor	investor	NOUN
fbem-9139	30	33	confidence	confidence	NOUN
fbem-9139	30	34	index	index	NOUN
fbem-9139	30	35	(	(	PUNCT
fbem-9139	30	36	china	china	PROPN
fbem-9139	30	37	securities	securities	PROPN
fbem-9139	30	38	investor	investor	PROPN
fbem-9139	30	39	protection	protection	PROPN
fbem-9139	30	40	fund	fund	PROPN
fbem-9139	30	41	co.	co.	PROPN
fbem-9139	30	42	,	,	PUNCT
fbem-9139	30	43	ltd	ltd	PROPN
fbem-9139	30	44	)	)	PUNCT
fbem-9139	30	45	and	and	CCONJ
fbem-9139	30	46	china	china	PROPN
fbem-9139	30	47	investor	investor	NOUN
fbem-9139	30	48	sentiment	sentiment	NOUN
fbem-9139	30	49	index	index	NOUN
fbem-9139	30	50	(	(	PUNCT
fbem-9139	30	51	national	national	PROPN
fbem-9139	30	52	development	development	PROPN
fbem-9139	30	53	research	research	PROPN
fbem-9139	30	54	institute	institute	PROPN
fbem-9139	30	55	,	,	PUNCT
fbem-9139	30	56	peking	peking	PROPN
fbem-9139	30	57	university	university	PROPN
fbem-9139	30	58	)	)	PUNCT
fbem-9139	30	59	.	.	PUNCT
fbem-9139	31	1	the	the	DET
fbem-9139	31	2	other	other	ADJ
fbem-9139	31	3	is	be	AUX
fbem-9139	31	4	the	the	DET
fbem-9139	31	5	indirect	indirect	ADJ
fbem-9139	31	6	indicator	indicator	NOUN
fbem-9139	31	7	method	method	NOUN
fbem-9139	31	8	,	,	PUNCT
fbem-9139	31	9	that	that	ADV
fbem-9139	31	10	is	is	ADV
fbem-9139	31	11	,	,	PUNCT
fbem-9139	31	12	selecting	select	VERB
fbem-9139	31	13	some	some	DET
fbem-9139	31	14	125	125	NUM
fbem-9139	31	15	objective	objective	ADJ
fbem-9139	31	16	indicators	indicator	NOUN
fbem-9139	31	17	in	in	ADP
fbem-9139	31	18	the	the	DET
fbem-9139	31	19	financial	financial	ADJ
fbem-9139	31	20	market	market	NOUN
fbem-9139	31	21	and	and	CCONJ
fbem-9139	31	22	using	use	VERB
fbem-9139	31	23	principal	principal	ADJ
fbem-9139	31	24	component	component	NOUN
fbem-9139	31	25	analysis	analysis	NOUN
fbem-9139	31	26	,	,	PUNCT
fbem-9139	31	27	factor	factor	NOUN
fbem-9139	31	28	analysis	analysis	NOUN
fbem-9139	31	29	,	,	PUNCT
fbem-9139	31	30	kalman	kalman	NOUN
fbem-9139	31	31	filter	filter	NOUN
fbem-9139	31	32	and	and	CCONJ
fbem-9139	31	33	other	other	ADJ
fbem-9139	31	34	methods	method	NOUN
fbem-9139	31	35	to	to	PART
fbem-9139	31	36	form	form	VERB
fbem-9139	31	37	a	a	DET
fbem-9139	31	38	comprehensive	comprehensive	ADJ
fbem-9139	31	39	indicator	indicator	NOUN
fbem-9139	31	40	to	to	PART
fbem-9139	31	41	measure	measure	VERB
fbem-9139	31	42	investor	investor	NOUN
fbem-9139	31	43	sentiment	sentiment	NOUN
fbem-9139	31	44	.	.	PUNCT
fbem-9139	32	1	the	the	DET
fbem-9139	32	2	selected	select	VERB
fbem-9139	32	3	objective	objective	ADJ
fbem-9139	32	4	indicators	indicator	NOUN
fbem-9139	32	5	include	include	VERB
fbem-9139	32	6	the	the	DET
fbem-9139	32	7	number	number	NOUN
fbem-9139	32	8	of	of	ADP
fbem-9139	32	9	new	new	ADJ
fbem-9139	32	10	investor	investor	NOUN
fbem-9139	32	11	accounts	account	NOUN
fbem-9139	32	12	(	(	PUNCT
fbem-9139	32	13	lu	lu	NOUN
fbem-9139	32	14	xunfa	xunfa	PROPN
fbem-9139	32	15	and	and	CCONJ
fbem-9139	32	16	li	li	PROPN
fbem-9139	32	17	jianqiang[6	jianqiang[6	PROPN
fbem-9139	32	18	]	]	X
fbem-9139	32	19	)	)	PUNCT
fbem-9139	32	20	,	,	PUNCT
fbem-9139	32	21	the	the	DET
fbem-9139	32	22	discount	discount	NOUN
fbem-9139	32	23	of	of	ADP
fbem-9139	32	24	closed	closed	ADJ
fbem-9139	32	25	-	-	PUNCT
fbem-9139	32	26	end	end	NOUN
fbem-9139	32	27	funds	fund	NOUN
fbem-9139	32	28	(	(	PUNCT
fbem-9139	32	29	delong[7	delong[7	PROPN
fbem-9139	32	30	]	]	X
fbem-9139	32	31	)	)	PUNCT
fbem-9139	32	32	,	,	PUNCT
fbem-9139	32	33	the	the	DET
fbem-9139	32	34	number	number	NOUN
fbem-9139	32	35	of	of	ADP
fbem-9139	32	36	ipos	ipos	NOUN
fbem-9139	32	37	and	and	CCONJ
fbem-9139	32	38	the	the	DET
fbem-9139	32	39	first	first	ADJ
fbem-9139	32	40	day	day	NOUN
fbem-9139	32	41	of	of	ADP
fbem-9139	32	42	listing	listing	NOUN
fbem-9139	32	43	(	(	PUNCT
fbem-9139	32	44	baker	baker	PROPN
fbem-9139	32	45	and	and	CCONJ
fbem-9139	32	46	wurgler[2	wurgler[2	NOUN
fbem-9139	32	47	]	]	PUNCT
fbem-9139	32	48	)	)	PUNCT
fbem-9139	32	49	and	and	CCONJ
fbem-9139	32	50	the	the	DET
fbem-9139	32	51	turnover	turnover	NOUN
fbem-9139	32	52	rate	rate	NOUN
fbem-9139	32	53	(	(	PUNCT
fbem-9139	32	54	zhou	zhou	NOUN
fbem-9139	32	55	liang[8	liang[8	PROPN
fbem-9139	32	56	]	]	NUM
fbem-9139	32	57	)	)	PUNCT
fbem-9139	32	58	.	.	PUNCT
fbem-9139	33	1	as	as	ADP
fbem-9139	33	2	for	for	ADP
fbem-9139	33	3	the	the	DET
fbem-9139	33	4	relationship	relationship	NOUN
fbem-9139	33	5	between	between	ADP
fbem-9139	33	6	investor	investor	NOUN
fbem-9139	33	7	sentiment	sentiment	NOUN
fbem-9139	33	8	and	and	CCONJ
fbem-9139	33	9	stock	stock	NOUN
fbem-9139	33	10	market	market	NOUN
fbem-9139	33	11	returns	return	NOUN
fbem-9139	33	12	,	,	PUNCT
fbem-9139	33	13	there	there	PRON
fbem-9139	33	14	are	be	VERB
fbem-9139	33	15	differences	difference	NOUN
fbem-9139	33	16	in	in	ADP
fbem-9139	33	17	the	the	DET
fbem-9139	33	18	conclusions	conclusion	NOUN
fbem-9139	33	19	drawn	draw	VERB
fbem-9139	33	20	by	by	ADP
fbem-9139	33	21	domestic	domestic	ADJ
fbem-9139	33	22	and	and	CCONJ
fbem-9139	33	23	foreign	foreign	ADJ
fbem-9139	33	24	scholars	scholar	NOUN
fbem-9139	33	25	.	.	PUNCT
fbem-9139	34	1	foreign	foreign	ADJ
fbem-9139	34	2	scholars	scholar	NOUN
fbem-9139	34	3	have	have	AUX
fbem-9139	34	4	found	find	VERB
fbem-9139	34	5	that	that	SCONJ
fbem-9139	34	6	there	there	PRON
fbem-9139	34	7	is	be	VERB
fbem-9139	34	8	a	a	DET
fbem-9139	34	9	significant	significant	ADJ
fbem-9139	34	10	correlation	correlation	NOUN
fbem-9139	34	11	between	between	ADP
fbem-9139	34	12	investor	investor	NOUN
fbem-9139	34	13	sentiment	sentiment	NOUN
fbem-9139	34	14	and	and	CCONJ
fbem-9139	34	15	stock	stock	NOUN
fbem-9139	34	16	market	market	NOUN
fbem-9139	34	17	returns	return	NOUN
fbem-9139	34	18	.	.	PUNCT
fbem-9139	35	1	benrephael[9]research	benrephael[9]research	NOUN
fbem-9139	35	2	shows	show	VERB
fbem-9139	35	3	that	that	SCONJ
fbem-9139	35	4	there	there	PRON
fbem-9139	35	5	is	be	VERB
fbem-9139	35	6	a	a	DET
fbem-9139	35	7	positive	positive	ADJ
fbem-9139	35	8	correlation	correlation	NOUN
fbem-9139	35	9	between	between	ADP
fbem-9139	35	10	investor	investor	NOUN
fbem-9139	35	11	sentiment	sentiment	NOUN
fbem-9139	35	12	and	and	CCONJ
fbem-9139	35	13	the	the	DET
fbem-9139	35	14	excess	excess	ADJ
fbem-9139	35	15	return	return	NOUN
fbem-9139	35	16	rate	rate	NOUN
fbem-9139	35	17	of	of	ADP
fbem-9139	35	18	the	the	DET
fbem-9139	35	19	stock	stock	NOUN
fbem-9139	35	20	market	market	NOUN
fbem-9139	35	21	in	in	ADP
fbem-9139	35	22	the	the	DET
fbem-9139	35	23	same	same	ADJ
fbem-9139	35	24	period	period	NOUN
fbem-9139	35	25	,	,	PUNCT
fbem-9139	35	26	while	while	SCONJ
fbem-9139	35	27	there	there	PRON
fbem-9139	35	28	is	be	VERB
fbem-9139	35	29	a	a	DET
fbem-9139	35	30	negative	negative	ADJ
fbem-9139	35	31	correlation	correlation	NOUN
fbem-9139	35	32	between	between	ADP
fbem-9139	35	33	investor	investor	NOUN
fbem-9139	35	34	sentiment	sentiment	NOUN
fbem-9139	35	35	and	and	CCONJ
fbem-9139	35	36	the	the	DET
fbem-9139	35	37	excess	excess	ADJ
fbem-9139	35	38	return	return	NOUN
fbem-9139	35	39	rate	rate	NOUN
fbem-9139	35	40	in	in	ADP
fbem-9139	35	41	the	the	DET
fbem-9139	35	42	later	later	ADJ
fbem-9139	35	43	period	period	NOUN
fbem-9139	35	44	.	.	PUNCT
fbem-9139	36	1	domestic	domestic	ADJ
fbem-9139	36	2	scholars	scholar	NOUN
fbem-9139	36	3	have	have	AUX
fbem-9139	36	4	found	find	VERB
fbem-9139	36	5	that	that	SCONJ
fbem-9139	36	6	investor	investor	NOUN
fbem-9139	36	7	sentiment	sentiment	NOUN
fbem-9139	36	8	has	have	VERB
fbem-9139	36	9	a	a	DET
fbem-9139	36	10	one	one	NUM
fbem-9139	36	11	-	-	PUNCT
fbem-9139	36	12	way	way	NOUN
fbem-9139	36	13	impact	impact	NOUN
fbem-9139	36	14	on	on	ADP
fbem-9139	36	15	stock	stock	NOUN
fbem-9139	36	16	market	market	NOUN
fbem-9139	36	17	returns	return	NOUN
fbem-9139	36	18	.	.	PUNCT
fbem-9139	37	1	lu	lu	PROPN
fbem-9139	37	2	xun	xun	PROPN
fbem-9139	37	3	fa	fa	PROPN
fbem-9139	37	4	and	and	CCONJ
fbem-9139	37	5	li	li	PROPN
fbem-9139	37	6	jianqiang[6	jianqiang[6	PROPN
fbem-9139	37	7	]	]	PUNCT
fbem-9139	37	8	selected	select	VERB
fbem-9139	37	9	the	the	DET
fbem-9139	37	10	number	number	NOUN
fbem-9139	37	11	of	of	ADP
fbem-9139	37	12	new	new	ADJ
fbem-9139	37	13	investor	investor	NOUN
fbem-9139	37	14	accounts	account	NOUN
fbem-9139	37	15	as	as	ADP
fbem-9139	37	16	the	the	DET
fbem-9139	37	17	measurement	measurement	NOUN
fbem-9139	37	18	index	index	NOUN
fbem-9139	37	19	of	of	ADP
fbem-9139	37	20	investor	investor	NOUN
fbem-9139	37	21	sentiment	sentiment	NOUN
fbem-9139	37	22	,	,	PUNCT
fbem-9139	37	23	and	and	CCONJ
fbem-9139	37	24	analyzed	analyze	VERB
fbem-9139	37	25	the	the	DET
fbem-9139	37	26	asymmetric	asymmetric	ADJ
fbem-9139	37	27	impact	impact	NOUN
fbem-9139	37	28	of	of	ADP
fbem-9139	37	29	investor	investor	NOUN
fbem-9139	37	30	sentiment	sentiment	NOUN
fbem-9139	37	31	on	on	ADP
fbem-9139	37	32	the	the	DET
fbem-9139	37	33	yield	yield	NOUN
fbem-9139	37	34	of	of	ADP
fbem-9139	37	35	the	the	DET
fbem-9139	37	36	shanghai	shanghai	PROPN
fbem-9139	37	37	and	and	CCONJ
fbem-9139	37	38	shenzhen	shenzhen	PROPN
fbem-9139	37	39	300	300	NUM
fbem-9139	37	40	index	index	NOUN
fbem-9139	37	41	and	and	CCONJ
fbem-9139	37	42	the	the	DET
fbem-9139	37	43	causal	causal	ADJ
fbem-9139	37	44	relationship	relationship	NOUN
fbem-9139	37	45	between	between	ADP
fbem-9139	37	46	them	they	PRON
fbem-9139	37	47	through	through	ADP
fbem-9139	37	48	the	the	DET
fbem-9139	37	49	construction	construction	NOUN
fbem-9139	37	50	of	of	ADP
fbem-9139	37	51	arma	arma	ADJ
fbem-9139	37	52	-	-	PUNCT
fbem-9139	37	53	tarch	tarch	NOUN
fbem-9139	37	54	model	model	NOUN
fbem-9139	37	55	and	and	CCONJ
fbem-9139	37	56	granger	granger	PROPN
fbem-9139	37	57	causality	causality	PROPN
fbem-9139	37	58	test	test	NOUN
fbem-9139	37	59	.	.	PUNCT
fbem-9139	38	1	the	the	DET
fbem-9139	38	2	result	result	NOUN
fbem-9139	38	3	shows	show	VERB
fbem-9139	38	4	that	that	SCONJ
fbem-9139	38	5	the	the	DET
fbem-9139	38	6	yield	yield	NOUN
fbem-9139	38	7	of	of	ADP
fbem-9139	38	8	the	the	DET
fbem-9139	38	9	csi	csi	ADJ
fbem-9139	38	10	300	300	NUM
fbem-9139	38	11	index	index	NOUN
fbem-9139	38	12	is	be	AUX
fbem-9139	38	13	the	the	DET
fbem-9139	38	14	granger	granger	NOUN
fbem-9139	38	15	reason	reason	NOUN
fbem-9139	38	16	for	for	ADP
fbem-9139	38	17	the	the	DET
fbem-9139	38	18	change	change	NOUN
fbem-9139	38	19	of	of	ADP
fbem-9139	38	20	investor	investor	NOUN
fbem-9139	38	21	sentiment	sentiment	NOUN
fbem-9139	38	22	.	.	PUNCT
fbem-9139	39	1	on	on	ADP
fbem-9139	39	2	the	the	DET
fbem-9139	39	3	relationship	relationship	NOUN
fbem-9139	39	4	between	between	ADP
fbem-9139	39	5	investor	investor	NOUN
fbem-9139	39	6	sentiment	sentiment	NOUN
fbem-9139	39	7	and	and	CCONJ
fbem-9139	39	8	stock	stock	NOUN
fbem-9139	39	9	market	market	NOUN
fbem-9139	39	10	volatility	volatility	NOUN
fbem-9139	39	11	,	,	PUNCT
fbem-9139	39	12	scholars	scholar	NOUN
fbem-9139	39	13	at	at	ADP
fbem-9139	39	14	home	home	ADV
fbem-9139	39	15	and	and	CCONJ
fbem-9139	39	16	abroad	abroad	ADV
fbem-9139	39	17	have	have	AUX
fbem-9139	39	18	reached	reach	VERB
fbem-9139	39	19	relatively	relatively	ADV
fbem-9139	39	20	consistent	consistent	ADJ
fbem-9139	39	21	conclusions	conclusion	NOUN
fbem-9139	39	22	.	.	PUNCT
fbem-9139	40	1	he	he	PRON
fbem-9139	40	2	ping	ping	PROPN
fbem-9139	40	3	,	,	PUNCT
fbem-9139	40	4	wu	wu	PROPN
fbem-9139	40	5	tian	tian	PROPN
fbem-9139	40	6	,	,	PUNCT
fbem-9139	40	7	et	et	NOUN
fbem-9139	40	8	al[10	al[10	CCONJ
fbem-9139	40	9	]	]	PUNCT
fbem-9139	40	10	selected	select	VERB
fbem-9139	40	11	indicators	indicator	NOUN
fbem-9139	40	12	such	such	ADJ
fbem-9139	40	13	as	as	ADP
fbem-9139	40	14	the	the	DET
fbem-9139	40	15	number	number	NOUN
fbem-9139	40	16	of	of	ADP
fbem-9139	40	17	new	new	ADJ
fbem-9139	40	18	a	a	DET
fbem-9139	40	19	-	-	PUNCT
fbem-9139	40	20	share	share	NOUN
fbem-9139	40	21	individual	individual	ADJ
fbem-9139	40	22	accounts	account	NOUN
fbem-9139	40	23	opened	open	VERB
fbem-9139	40	24	,	,	PUNCT
fbem-9139	40	25	the	the	DET
fbem-9139	40	26	net	net	ADJ
fbem-9139	40	27	redemption	redemption	NOUN
fbem-9139	40	28	rate	rate	NOUN
fbem-9139	40	29	of	of	ADP
fbem-9139	40	30	funds	fund	NOUN
fbem-9139	40	31	and	and	CCONJ
fbem-9139	40	32	the	the	DET
fbem-9139	40	33	average	average	ADJ
fbem-9139	40	34	market	market	NOUN
fbem-9139	40	35	monthly	monthly	ADJ
fbem-9139	40	36	trading	trading	NOUN
fbem-9139	40	37	volume	volume	NOUN
fbem-9139	40	38	,	,	PUNCT
fbem-9139	40	39	and	and	CCONJ
fbem-9139	40	40	used	use	VERB
fbem-9139	40	41	the	the	DET
fbem-9139	40	42	principal	principal	ADJ
fbem-9139	40	43	component	component	NOUN
fbem-9139	40	44	analysis	analysis	NOUN
fbem-9139	40	45	method	method	NOUN
fbem-9139	40	46	to	to	PART
fbem-9139	40	47	construct	construct	VERB
fbem-9139	40	48	the	the	DET
fbem-9139	40	49	investor	investor	NOUN
fbem-9139	40	50	sentiment	sentiment	NOUN
fbem-9139	40	51	index	index	NOUN
fbem-9139	40	52	,	,	PUNCT
fbem-9139	40	53	and	and	CCONJ
fbem-9139	40	54	took	take	VERB
fbem-9139	40	55	2454	2454	NUM
fbem-9139	40	56	stock	stock	NOUN
fbem-9139	40	57	data	datum	NOUN
fbem-9139	40	58	from	from	ADP
fbem-9139	40	59	2003	2003	NUM
fbem-9139	40	60	to	to	ADP
fbem-9139	40	61	2011	2011	NUM
fbem-9139	40	62	as	as	SCONJ
fbem-9139	40	63	samples	sample	NOUN
fbem-9139	40	64	to	to	PART
fbem-9139	40	65	quantitatively	quantitatively	ADV
fbem-9139	40	66	analyze	analyze	VERB
fbem-9139	40	67	the	the	DET
fbem-9139	40	68	impact	impact	NOUN
fbem-9139	40	69	of	of	ADP
fbem-9139	40	70	investor	investor	NOUN
fbem-9139	40	71	sentiment	sentiment	NOUN
fbem-9139	40	72	on	on	ADP
fbem-9139	40	73	the	the	DET
fbem-9139	40	74	volatility	volatility	NOUN
fbem-9139	40	75	of	of	ADP
fbem-9139	40	76	the	the	DET
fbem-9139	40	77	stock	stock	NOUN
fbem-9139	40	78	market	market	NOUN
fbem-9139	40	79	.	.	PUNCT
fbem-9139	41	1	the	the	DET
fbem-9139	41	2	results	result	NOUN
fbem-9139	41	3	show	show	VERB
fbem-9139	41	4	that	that	SCONJ
fbem-9139	41	5	investor	investor	NOUN
fbem-9139	41	6	sentiment	sentiment	NOUN
fbem-9139	41	7	has	have	VERB
fbem-9139	41	8	a	a	DET
fbem-9139	41	9	significant	significant	ADJ
fbem-9139	41	10	impact	impact	NOUN
fbem-9139	41	11	on	on	ADP
fbem-9139	41	12	stock	stock	NOUN
fbem-9139	41	13	market	market	NOUN
fbem-9139	41	14	volatility	volatility	NOUN
fbem-9139	41	15	.	.	PUNCT
fbem-9139	42	1	zhou	zhou	PROPN
fbem-9139	42	2	yang[11	yang[11	PROPN
fbem-9139	42	3	]	]	PUNCT
fbem-9139	42	4	selected	select	VERB
fbem-9139	42	5	the	the	DET
fbem-9139	42	6	closed	close	VERB
fbem-9139	42	7	-	-	PUNCT
fbem-9139	42	8	end	end	NOUN
fbem-9139	42	9	fund	fund	NOUN
fbem-9139	42	10	price	price	NOUN
fbem-9139	42	11	rate	rate	NOUN
fbem-9139	42	12	,	,	PUNCT
fbem-9139	42	13	the	the	DET
fbem-9139	42	14	number	number	NOUN
fbem-9139	42	15	of	of	ADP
fbem-9139	42	16	new	new	ADJ
fbem-9139	42	17	investors	investor	NOUN
fbem-9139	42	18	opening	open	VERB
fbem-9139	42	19	accounts	account	NOUN
fbem-9139	42	20	,	,	PUNCT
fbem-9139	42	21	the	the	DET
fbem-9139	42	22	turnover	turnover	NOUN
fbem-9139	42	23	rate	rate	NOUN
fbem-9139	42	24	,	,	PUNCT
fbem-9139	42	25	the	the	DET
fbem-9139	42	26	average	average	ADJ
fbem-9139	42	27	first	first	ADJ
fbem-9139	42	28	-	-	PUNCT
fbem-9139	42	29	day	day	NOUN
fbem-9139	42	30	yield	yield	NOUN
fbem-9139	42	31	of	of	ADP
fbem-9139	42	32	ipo	ipo	NOUN
fbem-9139	42	33	and	and	CCONJ
fbem-9139	42	34	the	the	DET
fbem-9139	42	35	number	number	NOUN
fbem-9139	42	36	of	of	ADP
fbem-9139	42	37	ipo	ipo	NOUN
fbem-9139	42	38	issuance	issuance	NOUN
fbem-9139	42	39	as	as	ADP
fbem-9139	42	40	the	the	DET
fbem-9139	42	41	proxy	proxy	NOUN
fbem-9139	42	42	variables	variable	NOUN
fbem-9139	42	43	,	,	PUNCT
fbem-9139	42	44	constructed	construct	VERB
fbem-9139	42	45	the	the	DET
fbem-9139	42	46	investor	investor	NOUN
fbem-9139	42	47	sentiment	sentiment	NOUN
fbem-9139	42	48	index	index	NOUN
fbem-9139	42	49	through	through	ADP
fbem-9139	42	50	the	the	DET
fbem-9139	42	51	principal	principal	ADJ
fbem-9139	42	52	component	component	NOUN
fbem-9139	42	53	analysis	analysis	NOUN
fbem-9139	42	54	method	method	NOUN
fbem-9139	42	55	,	,	PUNCT
fbem-9139	42	56	and	and	CCONJ
fbem-9139	42	57	established	establish	VERB
fbem-9139	42	58	the	the	DET
fbem-9139	42	59	egarch	egarch	NOUN
fbem-9139	42	60	model	model	NOUN
fbem-9139	42	61	to	to	PART
fbem-9139	42	62	empirically	empirically	ADV
fbem-9139	42	63	analyze	analyze	VERB
fbem-9139	42	64	the	the	DET
fbem-9139	42	65	impact	impact	NOUN
fbem-9139	42	66	of	of	ADP
fbem-9139	42	67	investor	investor	NOUN
fbem-9139	42	68	sentiment	sentiment	NOUN
fbem-9139	42	69	on	on	ADP
fbem-9139	42	70	the	the	DET
fbem-9139	42	71	volatility	volatility	NOUN
fbem-9139	42	72	of	of	ADP
fbem-9139	42	73	the	the	DET
fbem-9139	42	74	stock	stock	NOUN
fbem-9139	42	75	market	market	NOUN
fbem-9139	42	76	.	.	PUNCT
fbem-9139	43	1	the	the	DET
fbem-9139	43	2	result	result	NOUN
fbem-9139	43	3	shows	show	VERB
fbem-9139	43	4	that	that	SCONJ
fbem-9139	43	5	investor	investor	NOUN
fbem-9139	43	6	sentiment	sentiment	NOUN
fbem-9139	43	7	is	be	AUX
fbem-9139	43	8	one	one	NUM
fbem-9139	43	9	of	of	ADP
fbem-9139	43	10	the	the	DET
fbem-9139	43	11	factors	factor	NOUN
fbem-9139	43	12	that	that	PRON
fbem-9139	43	13	lead	lead	VERB
fbem-9139	43	14	to	to	ADP
fbem-9139	43	15	systemic	systemic	ADJ
fbem-9139	43	16	risk	risk	NOUN
fbem-9139	43	17	in	in	ADP
fbem-9139	43	18	the	the	DET
fbem-9139	43	19	stock	stock	NOUN
fbem-9139	43	20	market	market	NOUN
fbem-9139	43	21	.	.	PUNCT
fbem-9139	44	1	many	many	ADJ
fbem-9139	44	2	studies	study	NOUN
fbem-9139	44	3	have	have	AUX
fbem-9139	44	4	been	be	AUX
fbem-9139	44	5	done	do	VERB
fbem-9139	44	6	to	to	PART
fbem-9139	44	7	measure	measure	VERB
fbem-9139	44	8	investor	investor	NOUN
fbem-9139	44	9	sentiment	sentiment	NOUN
fbem-9139	44	10	index	index	NOUN
fbem-9139	44	11	using	use	VERB
fbem-9139	44	12	indirect	indirect	ADJ
fbem-9139	44	13	index	index	NOUN
fbem-9139	44	14	method	method	NOUN
fbem-9139	44	15	,	,	PUNCT
fbem-9139	44	16	and	and	CCONJ
fbem-9139	44	17	analyze	analyze	VERB
fbem-9139	44	18	the	the	DET
fbem-9139	44	19	relationship	relationship	NOUN
fbem-9139	44	20	between	between	ADP
fbem-9139	44	21	investor	investor	NOUN
fbem-9139	44	22	sentiment	sentiment	NOUN
fbem-9139	44	23	and	and	CCONJ
fbem-9139	44	24	stock	stock	NOUN
fbem-9139	44	25	market	market	NOUN
fbem-9139	44	26	yield	yield	NOUN
fbem-9139	44	27	and	and	CCONJ
fbem-9139	44	28	volatility	volatility	NOUN
fbem-9139	44	29	on	on	ADP
fbem-9139	44	30	this	this	DET
fbem-9139	44	31	basis	basis	NOUN
fbem-9139	44	32	.	.	PUNCT
fbem-9139	45	1	with	with	ADP
fbem-9139	45	2	the	the	DET
fbem-9139	45	3	help	help	NOUN
fbem-9139	45	4	of	of	ADP
fbem-9139	45	5	the	the	DET
fbem-9139	45	6	daily	daily	ADJ
fbem-9139	45	7	investor	investor	NOUN
fbem-9139	45	8	sentiment	sentiment	NOUN
fbem-9139	45	9	index	index	NOUN
fbem-9139	45	10	obtained	obtain	VERB
fbem-9139	45	11	by	by	ADP
fbem-9139	45	12	the	the	DET
fbem-9139	45	13	national	national	PROPN
fbem-9139	45	14	development	development	PROPN
fbem-9139	45	15	research	research	PROPN
fbem-9139	45	16	institute	institute	PROPN
fbem-9139	45	17	of	of	ADP
fbem-9139	45	18	peking	peking	PROPN
fbem-9139	45	19	university	university	PROPN
fbem-9139	45	20	through	through	ADP
fbem-9139	45	21	big	big	ADJ
fbem-9139	45	22	data	datum	NOUN
fbem-9139	45	23	and	and	CCONJ
fbem-9139	45	24	in	in	ADP
fbem-9139	45	25	-	-	PUNCT
fbem-9139	45	26	depth	depth	NOUN
fbem-9139	45	27	learning	learning	NOUN
fbem-9139	45	28	methods	method	NOUN
fbem-9139	45	29	,	,	PUNCT
fbem-9139	45	30	this	this	DET
fbem-9139	45	31	paper	paper	NOUN
fbem-9139	45	32	accurately	accurately	ADV
fbem-9139	45	33	analyzes	analyze	VERB
fbem-9139	45	34	the	the	DET
fbem-9139	45	35	relationship	relationship	NOUN
fbem-9139	45	36	between	between	ADP
fbem-9139	45	37	investor	investor	NOUN
fbem-9139	45	38	sentiment	sentiment	NOUN
fbem-9139	45	39	and	and	CCONJ
fbem-9139	45	40	the	the	DET
fbem-9139	45	41	yield	yield	NOUN
fbem-9139	45	42	and	and	CCONJ
fbem-9139	45	43	volatility	volatility	NOUN
fbem-9139	45	44	of	of	ADP
fbem-9139	45	45	the	the	DET
fbem-9139	45	46	csi	csi	ADJ
fbem-9139	45	47	300	300	NUM
fbem-9139	45	48	index	index	NOUN
fbem-9139	45	49	.	.	PUNCT
fbem-9139	46	1	3	3	X
fbem-9139	46	2	.	.	X
fbem-9139	46	3	research	research	NOUN
fbem-9139	46	4	methodology	methodology	NOUN
fbem-9139	46	5	(	(	PUNCT
fbem-9139	46	6	1	1	NUM
fbem-9139	46	7	)	)	PUNCT
fbem-9139	46	8	sample	sample	NOUN
fbem-9139	46	9	selection	selection	NOUN
fbem-9139	46	10	for	for	ADP
fbem-9139	46	11	investor	investor	NOUN
fbem-9139	46	12	sentiment	sentiment	NOUN
fbem-9139	46	13	data	datum	NOUN
fbem-9139	46	14	,	,	PUNCT
fbem-9139	46	15	the	the	DET
fbem-9139	46	16	national	national	PROPN
fbem-9139	46	17	development	development	PROPN
fbem-9139	46	18	research	research	PROPN
fbem-9139	46	19	institute	institute	PROPN
fbem-9139	46	20	of	of	ADP
fbem-9139	46	21	peking	peking	PROPN
fbem-9139	46	22	university	university	PROPN
fbem-9139	46	23	and	and	CCONJ
fbem-9139	46	24	the	the	DET
fbem-9139	46	25	percentage	percentage	NOUN
fbem-9139	46	26	company	company	NOUN
fbem-9139	46	27	jointly	jointly	ADV
fbem-9139	46	28	collected	collect	VERB
fbem-9139	46	29	the	the	DET
fbem-9139	46	30	big	big	ADJ
fbem-9139	46	31	data	datum	NOUN
fbem-9139	46	32	of	of	ADP
fbem-9139	46	33	financial	financial	ADJ
fbem-9139	46	34	texts	text	NOUN
fbem-9139	46	35	and	and	CCONJ
fbem-9139	46	36	used	use	VERB
fbem-9139	46	37	the	the	DET
fbem-9139	46	38	in	in	ADP
fbem-9139	46	39	-	-	PUNCT
fbem-9139	46	40	depth	depth	NOUN
fbem-9139	46	41	learning	learning	NOUN
fbem-9139	46	42	method	method	NOUN
fbem-9139	46	43	to	to	PART
fbem-9139	46	44	calculate	calculate	VERB
fbem-9139	46	45	and	and	CCONJ
fbem-9139	46	46	publish	publish	VERB
fbem-9139	46	47	the	the	DET
fbem-9139	46	48	chinese	chinese	ADJ
fbem-9139	46	49	investor	investor	NOUN
fbem-9139	46	50	sentiment	sentiment	NOUN
fbem-9139	46	51	index	index	NOUN
fbem-9139	46	52	in	in	ADP
fbem-9139	46	53	december	december	PROPN
fbem-9139	46	54	2018	2018	NUM
fbem-9139	46	55	.	.	PUNCT
fbem-9139	47	1	this	this	DET
fbem-9139	47	2	paper	paper	NOUN
fbem-9139	47	3	directly	directly	ADV
fbem-9139	47	4	uses	use	VERB
fbem-9139	47	5	the	the	DET
fbem-9139	47	6	daily	daily	ADJ
fbem-9139	47	7	index	index	NOUN
fbem-9139	47	8	data	datum	NOUN
fbem-9139	47	9	(	(	PUNCT
fbem-9139	47	10	expressed	express	VERB
fbem-9139	47	11	by	by	ADP
fbem-9139	47	12	is	be	AUX
fbem-9139	47	13	)	)	PUNCT
fbem-9139	47	14	to	to	PART
fbem-9139	47	15	analyze	analyze	VERB
fbem-9139	47	16	the	the	DET
fbem-9139	47	17	relationship	relationship	NOUN
fbem-9139	47	18	between	between	ADP
fbem-9139	47	19	investor	investor	NOUN
fbem-9139	47	20	sentiment	sentiment	NOUN
fbem-9139	47	21	and	and	CCONJ
fbem-9139	47	22	the	the	DET
fbem-9139	47	23	yield	yield	NOUN
fbem-9139	47	24	and	and	CCONJ
fbem-9139	47	25	volatility	volatility	NOUN
fbem-9139	47	26	of	of	ADP
fbem-9139	47	27	the	the	DET
fbem-9139	47	28	csi	csi	ADJ
fbem-9139	47	29	300	300	NUM
fbem-9139	47	30	index	index	NOUN
fbem-9139	47	31	.	.	PUNCT
fbem-9139	48	1	since	since	SCONJ
fbem-9139	48	2	the	the	DET
fbem-9139	48	3	national	national	PROPN
fbem-9139	48	4	development	development	PROPN
fbem-9139	48	5	research	research	PROPN
fbem-9139	48	6	institute	institute	PROPN
fbem-9139	48	7	of	of	ADP
fbem-9139	48	8	peking	peking	PROPN
fbem-9139	48	9	university	university	PROPN
fbem-9139	48	10	has	have	AUX
fbem-9139	48	11	released	release	VERB
fbem-9139	48	12	the	the	DET
fbem-9139	48	13	daily	daily	ADJ
fbem-9139	48	14	investor	investor	NOUN
fbem-9139	48	15	sentiment	sentiment	NOUN
fbem-9139	48	16	index	index	NOUN
fbem-9139	48	17	since	since	SCONJ
fbem-9139	48	18	january	january	PROPN
fbem-9139	48	19	2019	2019	NUM
fbem-9139	48	20	,	,	PUNCT
fbem-9139	48	21	the	the	DET
fbem-9139	48	22	sample	sample	NOUN
fbem-9139	48	23	range	range	NOUN
fbem-9139	48	24	of	of	ADP
fbem-9139	48	25	this	this	DET
fbem-9139	48	26	article	article	NOUN
fbem-9139	48	27	is	be	AUX
fbem-9139	48	28	from	from	ADP
fbem-9139	48	29	january	january	PROPN
fbem-9139	48	30	2	2	NUM
fbem-9139	48	31	,	,	PUNCT
fbem-9139	48	32	2019	2019	NUM
fbem-9139	48	33	to	to	ADP
fbem-9139	48	34	august	august	PROPN
fbem-9139	48	35	31	31	NUM
fbem-9139	48	36	,	,	PUNCT
fbem-9139	48	37	2021	2021	NUM
fbem-9139	48	38	,	,	PUNCT
fbem-9139	48	39	with	with	ADP
fbem-9139	48	40	a	a	DET
fbem-9139	48	41	total	total	NOUN
fbem-9139	48	42	of	of	ADP
fbem-9139	48	43	649	649	NUM
fbem-9139	48	44	data	datum	NOUN
fbem-9139	48	45	,	,	PUNCT
fbem-9139	48	46	which	which	PRON
fbem-9139	48	47	is	be	AUX
fbem-9139	48	48	from	from	ADP
fbem-9139	48	49	the	the	DET
fbem-9139	48	50	collation	collation	NOUN
fbem-9139	48	51	of	of	ADP
fbem-9139	48	52	china	china	PROPN
fbem-9139	48	53	securities	security	NOUN
fbem-9139	48	54	network	network	NOUN
fbem-9139	48	55	.	.	PUNCT
fbem-9139	49	1	the	the	DET
fbem-9139	49	2	shanghai	shanghai	PROPN
fbem-9139	49	3	and	and	CCONJ
fbem-9139	49	4	shenzhen	shenzhen	PROPN
fbem-9139	49	5	300	300	NUM
fbem-9139	49	6	index	index	NOUN
fbem-9139	49	7	is	be	AUX
fbem-9139	49	8	selected	select	VERB
fbem-9139	49	9	as	as	ADP
fbem-9139	49	10	the	the	DET
fbem-9139	49	11	stock	stock	NOUN
fbem-9139	49	12	market	market	NOUN
fbem-9139	49	13	yield	yield	NOUN
fbem-9139	49	14	variable	variable	NOUN
fbem-9139	49	15	.	.	PUNCT
fbem-9139	50	1	the	the	DET
fbem-9139	50	2	daily	daily	ADJ
fbem-9139	50	3	closing	closing	NOUN
fbem-9139	50	4	price	price	NOUN
fbem-9139	50	5	data	datum	NOUN
fbem-9139	50	6	of	of	ADP
fbem-9139	50	7	the	the	DET
fbem-9139	50	8	shanghai	shanghai	PROPN
fbem-9139	50	9	and	and	CCONJ
fbem-9139	50	10	shenzhen	shenzhen	PROPN
fbem-9139	50	11	300	300	NUM
fbem-9139	50	12	index	index	NOUN
fbem-9139	50	13	in	in	ADP
fbem-9139	50	14	the	the	DET
fbem-9139	50	15	same	same	ADJ
fbem-9139	50	16	period	period	NOUN
fbem-9139	50	17	can	can	AUX
fbem-9139	50	18	be	be	AUX
fbem-9139	50	19	obtained	obtain	VERB
fbem-9139	50	20	through	through	ADP
fbem-9139	50	21	the	the	DET
fbem-9139	50	22	official	official	ADJ
fbem-9139	50	23	website	website	NOUN
fbem-9139	50	24	of	of	ADP
fbem-9139	50	25	yahoo	yahoo	PROPN
fbem-9139	50	26	finance	finance	PROPN
fbem-9139	50	27	(	(	PUNCT
fbem-9139	50	28	www.finance	www.finance	NOUN
fbem-9139	50	29	.	.	PUNCT
fbem-9139	51	1	yahoo	yahoo	PROPN
fbem-9139	51	2	.	.	PROPN
fbem-9139	51	3	com	com	PROPN
fbem-9139	51	4	)	)	PUNCT
fbem-9139	51	5	,	,	PUNCT
fbem-9139	51	6	which	which	PRON
fbem-9139	51	7	is	be	AUX
fbem-9139	51	8	recorded	record	VERB
fbem-9139	51	9	as	as	ADP
fbem-9139	51	10	pt	pt	PROPN
fbem-9139	51	11	.	.	PUNCT
fbem-9139	51	12	the	the	DET
fbem-9139	51	13	daily	daily	ADJ
fbem-9139	51	14	logarithmic	logarithmic	ADJ
fbem-9139	51	15	rate	rate	NOUN
fbem-9139	51	16	of	of	ADP
fbem-9139	51	17	return	return	NOUN
fbem-9139	51	18	of	of	ADP
fbem-9139	51	19	the	the	DET
fbem-9139	51	20	csi	csi	ADJ
fbem-9139	51	21	300	300	NUM
fbem-9139	51	22	index	index	NOUN
fbem-9139	51	23	is	be	AUX
fbem-9139	51	24	calculated	calculate	VERB
fbem-9139	51	25	by	by	ADP
fbem-9139	51	26	the	the	DET
fbem-9139	51	27	following	follow	VERB
fbem-9139	51	28	formula	formula	NOUN
fbem-9139	51	29	:	:	PUNCT
fbem-9139	51	30	hs	hs	PROPN
fbem-9139	51	31	in	in	ADP
fbem-9139	51	32	1	1	NUM
fbem-9139	51	33	inp	inp	PROPN
fbem-9139	51	34	inp	inp	PROPN
fbem-9139	51	35	(	(	PUNCT
fbem-9139	51	36	1	1	NUM
fbem-9139	51	37	)	)	PUNCT
fbem-9139	51	38	where	where	SCONJ
fbem-9139	51	39	,	,	PUNCT
fbem-9139	51	40	hst	hst	PROPN
fbem-9139	51	41	represents	represent	VERB
fbem-9139	51	42	the	the	DET
fbem-9139	51	43	daily	daily	ADJ
fbem-9139	51	44	logarithmic	logarithmic	ADJ
fbem-9139	51	45	yield	yield	NOUN
fbem-9139	51	46	of	of	ADP
fbem-9139	51	47	the	the	DET
fbem-9139	51	48	csi	csi	ADJ
fbem-9139	51	49	300	300	NUM
fbem-9139	51	50	index	index	NOUN
fbem-9139	51	51	;	;	PUNCT
fbem-9139	51	52	pt	pt	PROPN
fbem-9139	51	53	represents	represent	VERB
fbem-9139	51	54	the	the	DET
fbem-9139	51	55	daily	daily	ADJ
fbem-9139	51	56	closing	closing	NOUN
fbem-9139	51	57	price	price	NOUN
fbem-9139	51	58	of	of	ADP
fbem-9139	51	59	the	the	DET
fbem-9139	51	60	csi	csi	ADJ
fbem-9139	51	61	300	300	NUM
fbem-9139	51	62	index.the	index.the	PRON
fbem-9139	51	63	descriptive	descriptive	ADJ
fbem-9139	51	64	analysis	analysis	NOUN
fbem-9139	51	65	results	result	NOUN
fbem-9139	51	66	show	show	VERB
fbem-9139	51	67	that	that	SCONJ
fbem-9139	51	68	the	the	DET
fbem-9139	51	69	skewness	skewness	NOUN
fbem-9139	51	70	value	value	NOUN
fbem-9139	51	71	of	of	ADP
fbem-9139	51	72	hst	hst	PROPN
fbem-9139	51	73	in	in	ADP
fbem-9139	51	74	the	the	DET
fbem-9139	51	75	daily	daily	ADJ
fbem-9139	51	76	yield	yield	NOUN
fbem-9139	51	77	series	series	NOUN
fbem-9139	51	78	of	of	ADP
fbem-9139	51	79	the	the	DET
fbem-9139	51	80	shanghai	shanghai	PROPN
fbem-9139	51	81	and	and	CCONJ
fbem-9139	51	82	shenzhen	shenzhen	PROPN
fbem-9139	51	83	300	300	NUM
fbem-9139	51	84	index	index	NOUN
fbem-9139	51	85	is	be	AUX
fbem-9139	51	86	-.409856	-.409856	PUNCT
fbem-9139	51	87	,	,	PUNCT
fbem-9139	51	88	and	and	CCONJ
fbem-9139	51	89	the	the	DET
fbem-9139	51	90	kurtosis	kurtosis	NOUN
fbem-9139	51	91	value	value	NOUN
fbem-9139	51	92	is	be	AUX
fbem-9139	51	93	6.638939	6.638939	NUM
fbem-9139	51	94	.	.	PUNCT
fbem-9139	52	1	the	the	DET
fbem-9139	52	2	data	data	NOUN
fbem-9139	52	3	distribution	distribution	NOUN
fbem-9139	52	4	is	be	AUX
fbem-9139	52	5	left	leave	VERB
fbem-9139	52	6	skewed	skewed	ADJ
fbem-9139	52	7	and	and	CCONJ
fbem-9139	52	8	"	"	PUNCT
fbem-9139	52	9	peak	peak	VERB
fbem-9139	52	10	thick	thick	ADJ
fbem-9139	52	11	tail	tail	NOUN
fbem-9139	52	12	"	"	PUNCT
fbem-9139	52	13	.	.	PUNCT
fbem-9139	53	1	by	by	ADP
fbem-9139	53	2	testing	test	VERB
fbem-9139	53	3	the	the	DET
fbem-9139	53	4	normality	normality	NOUN
fbem-9139	53	5	of	of	ADP
fbem-9139	53	6	the	the	DET
fbem-9139	53	7	data	datum	NOUN
fbem-9139	53	8	,	,	PUNCT
fbem-9139	53	9	we	we	PRON
fbem-9139	53	10	can	can	AUX
fbem-9139	53	11	find	find	VERB
fbem-9139	53	12	that	that	SCONJ
fbem-9139	53	13	the	the	DET
fbem-9139	53	14	skewness	skewness	NOUN
fbem-9139	53	15	kurtosis	kurtosis	VERB
fbem-9139	53	16	statistic	statistic	NOUN
fbem-9139	53	17	of	of	ADP
fbem-9139	53	18	the	the	DET
fbem-9139	53	19	data	datum	NOUN
fbem-9139	53	20	normality	normality	NOUN
fbem-9139	53	21	is	be	AUX
fbem-9139	53	22	61.59	61.59	NUM
fbem-9139	53	23	,	,	PUNCT
fbem-9139	53	24	and	and	CCONJ
fbem-9139	53	25	the	the	DET
fbem-9139	53	26	corresponding	correspond	VERB
fbem-9139	53	27	probability	probability	NOUN
fbem-9139	53	28	value	value	NOUN
fbem-9139	53	29	is	be	AUX
fbem-9139	53	30	0.000	0.000	NUM
fbem-9139	53	31	,	,	PUNCT
fbem-9139	53	32	which	which	PRON
fbem-9139	53	33	further	far	ADV
fbem-9139	53	34	verifies	verifie	NOUN
fbem-9139	53	35	the	the	DET
fbem-9139	53	36	non	non	NOUN
fbem-9139	53	37	-	-	NOUN
fbem-9139	53	38	normality	normality	NOUN
fbem-9139	53	39	of	of	ADP
fbem-9139	53	40	the	the	DET
fbem-9139	53	41	daily	daily	ADJ
fbem-9139	53	42	yield	yield	NOUN
fbem-9139	53	43	series	series	NOUN
fbem-9139	53	44	of	of	ADP
fbem-9139	53	45	the	the	DET
fbem-9139	53	46	csi	csi	ADJ
fbem-9139	53	47	300	300	NUM
fbem-9139	53	48	index	index	NOUN
fbem-9139	53	49	.	.	PUNCT
fbem-9139	54	1	therefore	therefore	ADV
fbem-9139	54	2	,	,	PUNCT
fbem-9139	54	3	it	it	PRON
fbem-9139	54	4	is	be	AUX
fbem-9139	54	5	necessary	necessary	ADJ
fbem-9139	54	6	to	to	PART
fbem-9139	54	7	establish	establish	VERB
fbem-9139	54	8	a	a	DET
fbem-9139	54	9	garch	garch	NOUN
fbem-9139	54	10	model	model	NOUN
fbem-9139	54	11	to	to	PART
fbem-9139	54	12	describe	describe	VERB
fbem-9139	54	13	the	the	DET
fbem-9139	54	14	distribution	distribution	NOUN
fbem-9139	54	15	characteristics	characteristic	NOUN
fbem-9139	54	16	of	of	ADP
fbem-9139	54	17	the	the	DET
fbem-9139	54	18	yield	yield	NOUN
fbem-9139	54	19	series	series	NOUN
fbem-9139	54	20	,	,	PUNCT
fbem-9139	54	21	and	and	CCONJ
fbem-9139	54	22	then	then	ADV
fbem-9139	54	23	measure	measure	VERB
fbem-9139	54	24	the	the	DET
fbem-9139	54	25	volatility	volatility	NOUN
fbem-9139	54	26	of	of	ADP
fbem-9139	54	27	the	the	DET
fbem-9139	54	28	csi	csi	ADJ
fbem-9139	54	29	300	300	NUM
fbem-9139	54	30	index	index	NOUN
fbem-9139	54	31	.	.	PUNCT
fbem-9139	55	1	(	(	PUNCT
fbem-9139	55	2	2	2	X
fbem-9139	55	3	)	)	PUNCT
fbem-9139	55	4	calculation	calculation	NOUN
fbem-9139	55	5	of	of	ADP
fbem-9139	55	6	the	the	DET
fbem-9139	55	7	volatility	volatility	NOUN
fbem-9139	55	8	of	of	ADP
fbem-9139	55	9	the	the	DET
fbem-9139	55	10	csi	csi	ADJ
fbem-9139	55	11	300	300	NUM
fbem-9139	55	12	index	index	NOUN
fbem-9139	55	13	the	the	DET
fbem-9139	55	14	problem	problem	NOUN
fbem-9139	55	15	of	of	ADP
fbem-9139	55	16	data	datum	NOUN
fbem-9139	55	17	volatility	volatility	NOUN
fbem-9139	55	18	aggregation	aggregation	NOUN
fbem-9139	55	19	needs	need	VERB
fbem-9139	55	20	special	special	ADJ
fbem-9139	55	21	attention	attention	NOUN
fbem-9139	55	22	in	in	ADP
fbem-9139	55	23	the	the	DET
fbem-9139	55	24	time	time	NOUN
fbem-9139	55	25	series	series	PROPN
fbem-9139	55	26	analysis	analysis	NOUN
fbem-9139	55	27	of	of	ADP
fbem-9139	55	28	financial	financial	ADJ
fbem-9139	55	29	data	datum	NOUN
fbem-9139	55	30	,	,	PUNCT
fbem-9139	55	31	because	because	SCONJ
fbem-9139	55	32	the	the	DET
fbem-9139	55	33	existence	existence	NOUN
fbem-9139	55	34	of	of	ADP
fbem-9139	55	35	this	this	DET
fbem-9139	55	36	phenomenon	phenomenon	NOUN
fbem-9139	55	37	will	will	AUX
fbem-9139	55	38	lead	lead	VERB
fbem-9139	55	39	to	to	ADP
fbem-9139	55	40	the	the	DET
fbem-9139	55	41	"	"	PUNCT
fbem-9139	55	42	peak	peak	NOUN
fbem-9139	55	43	and	and	CCONJ
fbem-9139	55	44	thick	thick	ADJ
fbem-9139	55	45	tail	tail	NOUN
fbem-9139	55	46	"	"	PUNCT
fbem-9139	55	47	of	of	ADP
fbem-9139	55	48	data	datum	NOUN
fbem-9139	55	49	,	,	PUNCT
fbem-9139	55	50	and	and	CCONJ
fbem-9139	55	51	then	then	ADV
fbem-9139	55	52	deviate	deviate	VERB
fbem-9139	55	53	from	from	ADP
fbem-9139	55	54	the	the	DET
fbem-9139	55	55	normal	normal	ADJ
fbem-9139	55	56	hypothesis	hypothesis	NOUN
fbem-9139	55	57	of	of	ADP
fbem-9139	55	58	efficient	efficient	ADJ
fbem-9139	55	59	market	market	NOUN
fbem-9139	55	60	.	.	PUNCT
fbem-9139	56	1	to	to	PART
fbem-9139	56	2	solve	solve	VERB
fbem-9139	56	3	this	this	DET
fbem-9139	56	4	problem	problem	NOUN
fbem-9139	56	5	,	,	PUNCT
fbem-9139	56	6	we	we	PRON
fbem-9139	56	7	can	can	AUX
fbem-9139	56	8	build	build	VERB
fbem-9139	56	9	garch	garch	NOUN
fbem-9139	56	10	model	model	NOUN
fbem-9139	56	11	.	.	PUNCT
fbem-9139	57	1	the	the	DET
fbem-9139	57	2	arch	arch	ADJ
fbem-9139	57	3	model	model	NOUN
fbem-9139	57	4	,	,	PUNCT
fbem-9139	57	5	which	which	PRON
fbem-9139	57	6	is	be	AUX
fbem-9139	57	7	still	still	ADV
fbem-9139	57	8	widely	widely	ADV
fbem-9139	57	9	used	use	VERB
fbem-9139	57	10	in	in	ADP
fbem-9139	57	11	the	the	DET
fbem-9139	57	12	analysis	analysis	NOUN
fbem-9139	57	13	of	of	ADP
fbem-9139	57	14	financial	financial	ADJ
fbem-9139	57	15	time	time	NOUN
fbem-9139	57	16	series	series	NOUN
fbem-9139	57	17	,	,	PUNCT
fbem-9139	57	18	was	be	AUX
fbem-9139	57	19	born	bear	VERB
fbem-9139	57	20	in	in	ADP
fbem-9139	57	21	the	the	DET
fbem-9139	57	22	early	early	ADJ
fbem-9139	57	23	1980s	1980	NOUN
fbem-9139	57	24	and	and	CCONJ
fbem-9139	57	25	was	be	AUX
fbem-9139	57	26	put	put	VERB
fbem-9139	57	27	forward	forward	ADV
fbem-9139	57	28	by	by	ADP
fbem-9139	57	29	the	the	DET
fbem-9139	57	30	economist	economist	NOUN
fbem-9139	57	31	robert	robert	PROPN
fbem-9139	57	32	engle	engle	PROPN
fbem-9139	57	33	.	.	PUNCT
fbem-9139	58	1	it	it	PRON
fbem-9139	58	2	can	can	AUX
fbem-9139	58	3	well	well	ADV
fbem-9139	58	4	solve	solve	VERB
fbem-9139	58	5	the	the	DET
fbem-9139	58	6	problems	problem	NOUN
fbem-9139	58	7	caused	cause	VERB
fbem-9139	58	8	by	by	ADP
fbem-9139	58	9	the	the	DET
fbem-9139	58	10	constant	constant	ADJ
fbem-9139	58	11	variance	variance	NOUN
fbem-9139	58	12	hypothesis	hypothesis	NOUN
fbem-9139	58	13	of	of	ADP
fbem-9139	58	14	the	the	DET
fbem-9139	58	15	traditional	traditional	ADJ
fbem-9139	58	16	model	model	NOUN
fbem-9139	58	17	.	.	PUNCT
fbem-9139	59	1	the	the	DET
fbem-9139	59	2	basic	basic	ADJ
fbem-9139	59	3	form	form	NOUN
fbem-9139	59	4	of	of	ADP
fbem-9139	59	5	variance	variance	NOUN
fbem-9139	59	6	of	of	ADP
fbem-9139	59	7	the	the	DET
fbem-9139	59	8	model	model	NOUN
fbem-9139	59	9	is	be	AUX
fbem-9139	59	10	as	as	SCONJ
fbem-9139	59	11	follows	follow	VERB
fbem-9139	59	12	:	:	PUNCT
fbem-9139	59	13	𝑢	𝑢	PRON
fbem-9139	59	14	𝛼	𝛼	X
fbem-9139	59	15	𝛼	𝛼	X
fbem-9139	59	16	𝑢	𝑢	NOUN
fbem-9139	59	17	𝛼	𝛼	X
fbem-9139	59	18	𝑢	𝑢	X
fbem-9139	59	19	𝛼	𝛼	X
fbem-9139	59	20	𝑢	𝑢	PRON
fbem-9139	59	21	⋯	⋯	PROPN
fbem-9139	59	22	𝛼	𝛼	PROPN
fbem-9139	59	23	𝑢	𝑢	PRON
fbem-9139	59	24	𝜀	𝜀	X
fbem-9139	59	25	(	(	PUNCT
fbem-9139	59	26	2	2	NUM
fbem-9139	59	27	)	)	PUNCT
fbem-9139	59	28	based	base	VERB
fbem-9139	59	29	on	on	ADP
fbem-9139	59	30	this	this	DET
fbem-9139	59	31	formula	formula	NOUN
fbem-9139	59	32	,	,	PUNCT
fbem-9139	59	33	the	the	DET
fbem-9139	59	34	residual	residual	NOUN
fbem-9139	59	35	of	of	ADP
fbem-9139	59	36	a	a	DET
fbem-9139	59	37	regression	regression	NOUN
fbem-9139	59	38	model	model	NOUN
fbem-9139	59	39	can	can	AUX
fbem-9139	59	40	be	be	AUX
fbem-9139	59	41	directly	directly	ADV
fbem-9139	59	42	tested	test	VERB
fbem-9139	59	43	for	for	ADP
fbem-9139	59	44	arch	arch	ADJ
fbem-9139	59	45	effect	effect	NOUN
fbem-9139	59	46	.	.	PUNCT
fbem-9139	60	1	because	because	SCONJ
fbem-9139	60	2	arch	arch	ADJ
fbem-9139	60	3	model	model	NOUN
fbem-9139	60	4	lacks	lack	VERB
fbem-9139	60	5	the	the	DET
fbem-9139	60	6	applicability	applicability	NOUN
fbem-9139	60	7	of	of	ADP
fbem-9139	60	8	volatility	volatility	NOUN
fbem-9139	60	9	analysis	analysis	NOUN
fbem-9139	60	10	and	and	CCONJ
fbem-9139	60	11	detection	detection	NOUN
fbem-9139	60	12	to	to	ADP
fbem-9139	60	13	some	some	DET
fbem-9139	60	14	extent	extent	NOUN
fbem-9139	60	15	,	,	PUNCT
fbem-9139	60	16	in	in	ADP
fbem-9139	60	17	order	order	NOUN
fbem-9139	60	18	to	to	PART
fbem-9139	60	19	make	make	VERB
fbem-9139	60	20	the	the	DET
fbem-9139	60	21	model	model	NOUN
fbem-9139	60	22	more	more	ADV
fbem-9139	60	23	close	close	ADV
fbem-9139	60	24	to	to	ADP
fbem-9139	60	25	the	the	DET
fbem-9139	60	26	actual	actual	ADJ
fbem-9139	60	27	analysis	analysis	NOUN
fbem-9139	60	28	needs	need	NOUN
fbem-9139	60	29	,	,	PUNCT
fbem-9139	60	30	t.	t.	PROPN
fbem-9139	60	31	bollerslev	bollerslev	NOUN
fbem-9139	60	32	proposed	propose	VERB
fbem-9139	60	33	the	the	DET
fbem-9139	60	34	garch	garch	NOUN
fbem-9139	60	35	model	model	NOUN
fbem-9139	60	36	in	in	ADP
fbem-9139	60	37	the	the	DET
fbem-9139	60	38	late	late	ADJ
fbem-9139	60	39	1980s	1980s	NUM
fbem-9139	60	40	.	.	PUNCT
fbem-9139	61	1	different	different	ADJ
fbem-9139	61	2	from	from	ADP
fbem-9139	61	3	arch	arch	ADJ
fbem-9139	61	4	model	model	NOUN
fbem-9139	61	5	,	,	PUNCT
fbem-9139	61	6	garch	garch	NOUN
fbem-9139	61	7	model	model	NOUN
fbem-9139	61	8	adds	add	VERB
fbem-9139	61	9	2	2	NUM
fbem-9139	61	10	t	t	NOUN
fbem-9139	61	11	lag	lag	NOUN
fbem-9139	61	12	term	term	NOUN
fbem-9139	61	13	on	on	ADP
fbem-9139	61	14	the	the	DET
fbem-9139	61	15	basis	basis	NOUN
fbem-9139	61	16	of	of	ADP
fbem-9139	61	17	the	the	DET
fbem-9139	61	18	former	former	ADJ
fbem-9139	61	19	,	,	PUNCT
fbem-9139	61	20	and	and	CCONJ
fbem-9139	61	21	the	the	DET
fbem-9139	61	22	specific	specific	ADJ
fbem-9139	61	23	formula	formula	NOUN
fbem-9139	61	24	is	be	AUX
fbem-9139	61	25	as	as	SCONJ
fbem-9139	61	26	follows	follow	VERB
fbem-9139	61	27	:	:	PUNCT
fbem-9139	61	28	𝑦	𝑦	NUM
fbem-9139	61	29	𝛼	𝛼	NOUN
fbem-9139	61	30	𝛽	𝛽	NOUN
fbem-9139	61	31	𝑥	𝑥	X
fbem-9139	62	1	𝛽	𝛽	NOUN
fbem-9139	62	2	𝑥	𝑥	PRON
fbem-9139	62	3	𝛽	𝛽	NOUN
fbem-9139	62	4	𝑥	𝑥	PRON
fbem-9139	62	5	⋯	⋯	PROPN
fbem-9139	62	6	𝛽	𝛽	PROPN
fbem-9139	62	7	𝑥	𝑥	X
fbem-9139	62	8	𝑢	𝑢	X
fbem-9139	62	9	，	，	PUNCT
fbem-9139	62	10	𝑢	𝑢	X
fbem-9139	62	11	~𝑁	~𝑁	ADP
fbem-9139	62	12	0，𝜎	0，𝜎	NUM
fbem-9139	62	13	(	(	PUNCT
fbem-9139	62	14	3	3	NUM
fbem-9139	62	15	)	)	PUNCT
fbem-9139	62	16	126	126	NUM
fbem-9139	62	17	𝜎	𝜎	NOUN
fbem-9139	62	18	𝛼	𝛼	PART
fbem-9139	62	19	∑	∑	PROPN
fbem-9139	62	20	𝛼	𝛼	PROPN
fbem-9139	62	21	𝑢	𝑢	X
fbem-9139	62	22	∑	∑	PROPN
fbem-9139	62	23	𝛽	𝛽	PROPN
fbem-9139	62	24	𝜎	𝜎	PROPN
fbem-9139	62	25	(	(	PUNCT
fbem-9139	62	26	4	4	NUM
fbem-9139	62	27	)	)	PUNCT
fbem-9139	62	28	as	as	ADP
fbem-9139	62	29	for	for	ADP
fbem-9139	62	30	the	the	DET
fbem-9139	62	31	setting	setting	NOUN
fbem-9139	62	32	of	of	ADP
fbem-9139	62	33	the	the	DET
fbem-9139	62	34	volatility	volatility	NOUN
fbem-9139	62	35	equation	equation	NOUN
fbem-9139	62	36	,	,	PUNCT
fbem-9139	62	37	the	the	DET
fbem-9139	62	38	analysis	analysis	NOUN
fbem-9139	62	39	found	find	VERB
fbem-9139	62	40	that	that	SCONJ
fbem-9139	62	41	the	the	DET
fbem-9139	62	42	asymmetric	asymmetric	ADJ
fbem-9139	62	43	effect	effect	NOUN
fbem-9139	62	44	of	of	ADP
fbem-9139	62	45	positive	positive	ADJ
fbem-9139	62	46	and	and	CCONJ
fbem-9139	62	47	negative	negative	ADJ
fbem-9139	62	48	returns	return	NOUN
fbem-9139	62	49	on	on	ADP
fbem-9139	62	50	the	the	DET
fbem-9139	62	51	daily	daily	ADJ
fbem-9139	62	52	logarithmic	logarithmic	ADJ
fbem-9139	62	53	returns	return	NOUN
fbem-9139	62	54	of	of	ADP
fbem-9139	62	55	the	the	DET
fbem-9139	62	56	csi	csi	ADJ
fbem-9139	62	57	300	300	NUM
fbem-9139	62	58	index	index	NOUN
fbem-9139	62	59	is	be	AUX
fbem-9139	62	60	not	not	PART
fbem-9139	62	61	obvious	obvious	ADJ
fbem-9139	62	62	in	in	ADP
fbem-9139	62	63	the	the	DET
fbem-9139	62	64	sample	sample	NOUN
fbem-9139	62	65	range	range	NOUN
fbem-9139	62	66	selected	select	VERB
fbem-9139	62	67	in	in	ADP
fbem-9139	62	68	this	this	DET
fbem-9139	62	69	paper	paper	NOUN
fbem-9139	62	70	.	.	PUNCT
fbem-9139	63	1	therefore	therefore	ADV
fbem-9139	63	2	,	,	PUNCT
fbem-9139	63	3	a	a	DET
fbem-9139	63	4	garch	garch	NOUN
fbem-9139	63	5	(	(	PUNCT
fbem-9139	63	6	p	p	X
fbem-9139	63	7	,	,	PUNCT
fbem-9139	63	8	q	q	NOUN
fbem-9139	63	9	)	)	PUNCT
fbem-9139	63	10	model	model	NOUN
fbem-9139	63	11	can	can	AUX
fbem-9139	63	12	be	be	AUX
fbem-9139	63	13	fitted	fit	VERB
fbem-9139	63	14	for	for	ADP
fbem-9139	63	15	the	the	DET
fbem-9139	63	16	sequence	sequence	NOUN
fbem-9139	63	17	.	.	PUNCT
fbem-9139	64	1	according	accord	VERB
fbem-9139	64	2	to	to	ADP
fbem-9139	64	3	previous	previous	ADJ
fbem-9139	64	4	studies	study	NOUN
fbem-9139	64	5	,	,	PUNCT
fbem-9139	64	6	the	the	DET
fbem-9139	64	7	low	low	ADJ
fbem-9139	64	8	-	-	PUNCT
fbem-9139	64	9	order	order	NOUN
fbem-9139	64	10	garch	garch	NOUN
fbem-9139	64	11	model	model	NOUN
fbem-9139	64	12	is	be	AUX
fbem-9139	64	13	more	more	ADV
fbem-9139	64	14	common	common	ADJ
fbem-9139	64	15	for	for	ADP
fbem-9139	64	16	most	most	ADJ
fbem-9139	64	17	financial	financial	ADJ
fbem-9139	64	18	time	time	NOUN
fbem-9139	64	19	series	series	NOUN
fbem-9139	64	20	.	.	PUNCT
fbem-9139	65	1	the	the	DET
fbem-9139	65	2	lm	lm	PROPN
fbem-9139	65	3	test	test	NOUN
fbem-9139	65	4	is	be	AUX
fbem-9139	65	5	carried	carry	VERB
fbem-9139	65	6	out	out	ADP
fbem-9139	65	7	on	on	ADP
fbem-9139	65	8	the	the	DET
fbem-9139	65	9	yield	yield	NOUN
fbem-9139	65	10	of	of	ADP
fbem-9139	65	11	shanghai	shanghai	PROPN
fbem-9139	65	12	and	and	CCONJ
fbem-9139	65	13	shenzhen	shenzhen	PROPN
fbem-9139	65	14	300	300	NUM
fbem-9139	65	15	to	to	PART
fbem-9139	65	16	determine	determine	VERB
fbem-9139	65	17	whether	whether	SCONJ
fbem-9139	65	18	there	there	PRON
fbem-9139	65	19	is	be	VERB
fbem-9139	65	20	arch	arch	ADJ
fbem-9139	65	21	effect	effect	NOUN
fbem-9139	65	22	.	.	PUNCT
fbem-9139	66	1	the	the	DET
fbem-9139	66	2	results	result	NOUN
fbem-9139	66	3	show	show	VERB
fbem-9139	66	4	that	that	SCONJ
fbem-9139	66	5	when	when	SCONJ
fbem-9139	66	6	the	the	DET
fbem-9139	66	7	lag	lag	NOUN
fbem-9139	66	8	term	term	NOUN
fbem-9139	66	9	is	be	AUX
fbem-9139	66	10	the	the	DET
fbem-9139	66	11	first	first	ADJ
fbem-9139	66	12	order	order	NOUN
fbem-9139	66	13	and	and	CCONJ
fbem-9139	66	14	the	the	DET
fbem-9139	66	15	second	second	ADJ
fbem-9139	66	16	order	order	NOUN
fbem-9139	66	17	p	p	NOUN
fbem-9139	66	18	values	value	NOUN
fbem-9139	66	19	are	be	AUX
fbem-9139	66	20	0.0203	0.0203	NUM
fbem-9139	66	21	and	and	CCONJ
fbem-9139	66	22	0.0593	0.0593	NUM
fbem-9139	66	23	respectively	respectively	ADV
fbem-9139	66	24	,	,	PUNCT
fbem-9139	66	25	there	there	PRON
fbem-9139	66	26	is	be	VERB
fbem-9139	66	27	no	no	DET
fbem-9139	66	28	nihility	nihility	NOUN
fbem-9139	66	29	assumption	assumption	NOUN
fbem-9139	66	30	of	of	ADP
fbem-9139	66	31	rejecting	reject	VERB
fbem-9139	66	32	arch	arch	ADJ
fbem-9139	66	33	effect	effect	NOUN
fbem-9139	66	34	at	at	ADP
fbem-9139	66	35	the	the	DET
fbem-9139	66	36	significance	significance	NOUN
fbem-9139	66	37	level	level	NOUN
fbem-9139	66	38	of	of	ADP
fbem-9139	66	39	5	5	NUM
fbem-9139	66	40	%	%	NOUN
fbem-9139	66	41	.	.	PUNCT
fbem-9139	67	1	therefore	therefore	ADV
fbem-9139	67	2	,	,	PUNCT
fbem-9139	67	3	the	the	DET
fbem-9139	67	4	coefficient	coefficient	NOUN
fbem-9139	67	5	can	can	AUX
fbem-9139	67	6	be	be	AUX
fbem-9139	67	7	estimated	estimate	VERB
fbem-9139	67	8	by	by	ADP
fbem-9139	67	9	specifying	specify	VERB
fbem-9139	67	10	the	the	DET
fbem-9139	67	11	model	model	NOUN
fbem-9139	67	12	,	,	PUNCT
fbem-9139	67	13	and	and	CCONJ
fbem-9139	67	14	several	several	ADJ
fbem-9139	67	15	garch	garch	NOUN
fbem-9139	67	16	models	model	NOUN
fbem-9139	67	17	with	with	ADP
fbem-9139	67	18	different	different	ADJ
fbem-9139	67	19	orders	order	NOUN
fbem-9139	67	20	can	can	AUX
fbem-9139	67	21	be	be	AUX
fbem-9139	67	22	fitted	fit	VERB
fbem-9139	67	23	,	,	PUNCT
fbem-9139	67	24	and	and	CCONJ
fbem-9139	67	25	the	the	DET
fbem-9139	67	26	results	result	NOUN
fbem-9139	67	27	are	be	AUX
fbem-9139	67	28	shown	show	VERB
fbem-9139	67	29	in	in	ADP
fbem-9139	67	30	table	table	NOUN
fbem-9139	67	31	1	1	NUM
fbem-9139	67	32	.	.	PUNCT
fbem-9139	67	33	table	table	NOUN
fbem-9139	67	34	1	1	NUM
fbem-9139	67	35	.	.	PUNCT
fbem-9139	67	36	garch	garch	NOUN
fbem-9139	67	37	model	model	NOUN
fbem-9139	67	38	for	for	ADP
fbem-9139	67	39	fitting	fit	VERB
fbem-9139	67	40	the	the	DET
fbem-9139	67	41	daily	daily	ADJ
fbem-9139	67	42	logarithmic	logarithmic	ADJ
fbem-9139	67	43	return	return	NOUN
fbem-9139	67	44	of	of	ADP
fbem-9139	67	45	the	the	DET
fbem-9139	67	46	csi	csi	ADJ
fbem-9139	67	47	300	300	NUM
fbem-9139	67	48	index	index	NOUN
fbem-9139	67	49	.	.	PUNCT
fbem-9139	68	1	model	model	PROPN
fbem-9139	68	2	garch	garch	PROPN
fbem-9139	68	3	(	(	PUNCT
fbem-9139	68	4	1	1	NUM
fbem-9139	68	5	,	,	PUNCT
fbem-9139	68	6	1	1	NUM
fbem-9139	68	7	)	)	PUNCT
fbem-9139	68	8	garch	garch	NOUN
fbem-9139	68	9	(	(	PUNCT
fbem-9139	68	10	1	1	NUM
fbem-9139	68	11	,	,	PUNCT
fbem-9139	68	12	2	2	NUM
fbem-9139	68	13	)	)	PUNCT
fbem-9139	68	14	garch	garch	NOUN
fbem-9139	68	15	(	(	PUNCT
fbem-9139	68	16	2	2	NUM
fbem-9139	68	17	,	,	PUNCT
fbem-9139	68	18	1	1	NUM
fbem-9139	68	19	)	)	PUNCT
fbem-9139	68	20	garch	garch	NOUN
fbem-9139	68	21	(	(	PUNCT
fbem-9139	68	22	2	2	NUM
fbem-9139	68	23	,	,	PUNCT
fbem-9139	68	24	2	2	NUM
fbem-9139	68	25	)	)	PUNCT
fbem-9139	68	26	hs	hs	NOUN
fbem-9139	69	1	_	_	NOUN
fbem-9139	69	2	cons	con	NOUN
fbem-9139	69	3	0.0908	0.0908	NUM
fbem-9139	69	4	(	(	PUNCT
fbem-9139	69	5	1.82	1.82	NUM
fbem-9139	69	6	)	)	PUNCT
fbem-9139	69	7	0.0819	0.0819	NUM
fbem-9139	69	8	(	(	PUNCT
fbem-9139	69	9	1.64	1.64	NUM
fbem-9139	69	10	)	)	PUNCT
fbem-9139	69	11	0.0813	0.0813	NUM
fbem-9139	69	12	(	(	PUNCT
fbem-9139	69	13	1.61	1.61	NUM
fbem-9139	69	14	)	)	PUNCT
fbem-9139	69	15	0.0798	0.0798	NUM
fbem-9139	69	16	(	(	PUNCT
fbem-9139	69	17	1.58	1.58	NUM
fbem-9139	69	18	)	)	PUNCT
fbem-9139	69	19	arch	arch	NOUN
fbem-9139	69	20	l1.arch	l1.arch	NOUN
fbem-9139	70	1	0.119	0.119	NUM
fbem-9139	70	2	*	*	PUNCT
fbem-9139	70	3	*	*	PUNCT
fbem-9139	70	4	*	*	PUNCT
fbem-9139	70	5	(	(	PUNCT
fbem-9139	70	6	7.75	7.75	NUM
fbem-9139	70	7	)	)	PUNCT
fbem-9139	70	8	0.151	0.151	NUM
fbem-9139	70	9	*	*	PUNCT
fbem-9139	70	10	*	*	PUNCT
fbem-9139	70	11	*	*	PUNCT
fbem-9139	70	12	(	(	PUNCT
fbem-9139	70	13	8.09	8.09	NUM
fbem-9139	70	14	)	)	PUNCT
fbem-9139	70	15	0.177	0.177	NUM
fbem-9139	70	16	*	*	PUNCT
fbem-9139	70	17	*	*	PUNCT
fbem-9139	70	18	*	*	PUNCT
fbem-9139	70	19	(	(	PUNCT
fbem-9139	70	20	7.10	7.10	NUM
fbem-9139	70	21	)	)	PUNCT
fbem-9139	70	22	0.177	0.177	NUM
fbem-9139	70	23	*	*	PUNCT
fbem-9139	70	24	*	*	PUNCT
fbem-9139	70	25	*	*	PUNCT
fbem-9139	70	26	(	(	PUNCT
fbem-9139	70	27	6.65	6.65	NUM
fbem-9139	70	28	)	)	PUNCT
fbem-9139	70	29	l2.arch	l2.arch	PROPN
fbem-9139	70	30	-0.0918	-0.0918	NOUN
fbem-9139	70	31	*	*	PUNCT
fbem-9139	70	32	(	(	PUNCT
fbem-9139	70	33	-2.36	-2.36	NOUN
fbem-9139	70	34	)	)	PUNCT
fbem-9139	70	35	-0.0740	-0.0740	NOUN
fbem-9139	70	36	(	(	PUNCT
fbem-9139	70	37	-0.92	-0.92	ADJ
fbem-9139	70	38	)	)	PUNCT
fbem-9139	71	1	l1.garch	l1.garch	NOUN
fbem-9139	71	2	0.833	0.833	NUM
fbem-9139	71	3	*	*	PUNCT
fbem-9139	71	4	*	*	PUNCT
fbem-9139	71	5	*	*	PUNCT
fbem-9139	71	6	(	(	PUNCT
fbem-9139	71	7	38.93	38.93	NUM
fbem-9139	71	8	)	)	PUNCT
fbem-9139	71	9	0.364	0.364	NUM
fbem-9139	71	10	(	(	PUNCT
fbem-9139	71	11	1.62	1.62	NUM
fbem-9139	71	12	)	)	PUNCT
fbem-9139	71	13	0.884	0.884	NUM
fbem-9139	71	14	*	*	PUNCT
fbem-9139	71	15	*	*	PUNCT
fbem-9139	71	16	*	*	PUNCT
fbem-9139	71	17	(	(	PUNCT
fbem-9139	71	18	25.24	25.24	NUM
fbem-9139	71	19	)	)	PUNCT
fbem-9139	71	20	0.709	0.709	NUM
fbem-9139	71	21	(	(	PUNCT
fbem-9139	71	22	1.36	1.36	NUM
fbem-9139	71	23	)	)	PUNCT
fbem-9139	71	24	l2.garch	l2.garch	PROPN
fbem-9139	71	25	0.425	0.425	NUM
fbem-9139	71	26	(	(	PUNCT
fbem-9139	71	27	1.95	1.95	NUM
fbem-9139	71	28	)	)	PUNCT
fbem-9139	71	29	0.149	0.149	NUM
fbem-9139	71	30	(	(	PUNCT
fbem-9139	71	31	0.34	0.34	NUM
fbem-9139	71	32	)	)	PUNCT
fbem-9139	72	1	_	_	NOUN
fbem-9139	72	2	cons	con	NOUN
fbem-9139	72	3	0.0993	0.0993	NUM
fbem-9139	72	4	*	*	PUNCT
fbem-9139	72	5	*	*	PUNCT
fbem-9139	72	6	(	(	PUNCT
fbem-9139	72	7	3.28	3.28	NUM
fbem-9139	72	8	)	)	PUNCT
fbem-9139	72	9	0.122	0.122	NUM
fbem-9139	72	10	*	*	SYM
fbem-9139	72	11	*	*	PUNCT
fbem-9139	72	12	(	(	PUNCT
fbem-9139	72	13	3.15	3.15	NUM
fbem-9139	72	14	)	)	PUNCT
fbem-9139	72	15	0.0643	0.0643	NUM
fbem-9139	72	16	*	*	SYM
fbem-9139	72	17	(	(	PUNCT
fbem-9139	72	18	2.30	2.30	NUM
fbem-9139	72	19	)	)	PUNCT
fbem-9139	72	20	0.0797	0.0797	NUM
fbem-9139	72	21	(	(	PUNCT
fbem-9139	72	22	1.28	1.28	NUM
fbem-9139	72	23	)	)	PUNCT
fbem-9139	72	24	aic	aic	PROPN
fbem-9139	73	1	2174.102	2174.102	PROPN
fbem-9139	73	2	2173.733	2173.733	NUM
fbem-9139	73	3	2173.257	2173.257	NUM
fbem-9139	73	4	2175.025	2175.025	NUM
fbem-9139	73	5	bic	bic	PROPN
fbem-9139	73	6	2192.004	2192.004	PROPN
fbem-9139	73	7	2196.11	2196.11	NUM
fbem-9139	73	8	2195.634	2195.634	NUM
fbem-9139	73	9	2201.877	2201.877	NUM
fbem-9139	73	10	n	n	NUM
fbem-9139	73	11	649	649	NUM
fbem-9139	73	12	649	649	NUM
fbem-9139	73	13	649	649	NUM
fbem-9139	73	14	649	649	NUM
fbem-9139	73	15	note:*p	note:*p	NOUN
fbem-9139	73	16	<	<	X
fbem-9139	73	17	0.1	0.1	NUM
fbem-9139	73	18	,	,	PUNCT
fbem-9139	73	19	*	*	PUNCT
fbem-9139	73	20	*	*	PUNCT
fbem-9139	73	21	p	p	X
fbem-9139	73	22	<	<	X
fbem-9139	73	23	0.05	0.05	NUM
fbem-9139	73	24	,	,	PUNCT
fbem-9139	73	25	*	*	PUNCT
fbem-9139	73	26	*	*	PUNCT
fbem-9139	73	27	*	*	PUNCT
fbem-9139	73	28	p	p	X
fbem-9139	73	29	<	<	X
fbem-9139	73	30	0.01	0.01	NUM
fbem-9139	73	31	.	.	PUNCT
fbem-9139	74	1	the	the	DET
fbem-9139	74	2	order	order	NOUN
fbem-9139	74	3	of	of	ADP
fbem-9139	74	4	garch	garch	NOUN
fbem-9139	74	5	model	model	NOUN
fbem-9139	74	6	is	be	AUX
fbem-9139	74	7	determined	determine	VERB
fbem-9139	74	8	according	accord	VERB
fbem-9139	74	9	to	to	ADP
fbem-9139	74	10	akaike	akaike	ADJ
fbem-9139	74	11	info	info	NOUN
fbem-9139	74	12	criteria	criterion	NOUN
fbem-9139	74	13	(	(	PUNCT
fbem-9139	74	14	aic	aic	PROPN
fbem-9139	74	15	)	)	PUNCT
fbem-9139	74	16	and	and	CCONJ
fbem-9139	74	17	schwarz	schwarz	PROPN
fbem-9139	74	18	criteria	criterion	NOUN
fbem-9139	74	19	(	(	PUNCT
fbem-9139	74	20	bic	bic	PROPN
fbem-9139	74	21	)	)	PUNCT
fbem-9139	74	22	.	.	PUNCT
fbem-9139	75	1	it	it	PRON
fbem-9139	75	2	can	can	AUX
fbem-9139	75	3	be	be	AUX
fbem-9139	75	4	seen	see	VERB
fbem-9139	75	5	from	from	ADP
fbem-9139	75	6	table	table	NOUN
fbem-9139	75	7	1	1	NUM
fbem-9139	75	8	that	that	SCONJ
fbem-9139	75	9	the	the	DET
fbem-9139	75	10	garch	garch	NOUN
fbem-9139	75	11	(	(	PUNCT
fbem-9139	75	12	1,1	1,1	NUM
fbem-9139	75	13	)	)	PUNCT
fbem-9139	75	14	model	model	NOUN
fbem-9139	75	15	is	be	AUX
fbem-9139	75	16	selected	select	VERB
fbem-9139	75	17	based	base	VERB
fbem-9139	75	18	on	on	ADP
fbem-9139	75	19	the	the	DET
fbem-9139	75	20	aic	aic	PROPN
fbem-9139	75	21	,	,	PUNCT
fbem-9139	75	22	bic	bic	PROPN
fbem-9139	75	23	criteria	criterion	NOUN
fbem-9139	75	24	and	and	CCONJ
fbem-9139	75	25	the	the	DET
fbem-9139	75	26	significance	significance	NOUN
fbem-9139	75	27	of	of	ADP
fbem-9139	75	28	the	the	DET
fbem-9139	75	29	corresponding	corresponding	ADJ
fbem-9139	75	30	coefficient	coefficient	NOUN
fbem-9139	75	31	,	,	PUNCT
fbem-9139	75	32	and	and	CCONJ
fbem-9139	75	33	the	the	DET
fbem-9139	75	34	final	final	ADJ
fbem-9139	75	35	fitting	fitting	ADJ
fbem-9139	75	36	model	model	NOUN
fbem-9139	75	37	is	be	AUX
fbem-9139	75	38	:	:	PUNCT
fbem-9139	75	39	𝐻𝑆	𝐻𝑆	VERB
fbem-9139	75	40	0.0908	0.0908	NUM
fbem-9139	75	41	𝛼	𝛼	NOUN
fbem-9139	75	42	，	，	PROPN
fbem-9139	75	43	𝛼	𝛼	PROPN
fbem-9139	75	44	𝜎	𝜎	PROPN
fbem-9139	75	45	𝜀	𝜀	X
fbem-9139	75	46	(	(	PUNCT
fbem-9139	75	47	5	5	NUM
fbem-9139	75	48	)	)	PUNCT
fbem-9139	75	49	𝜎	𝜎	PROPN
fbem-9139	75	50	0.0993	0.0993	NUM
fbem-9139	75	51	0.119𝛼	0.119𝛼	NOUN
fbem-9139	75	52	0.833𝜎	0.833𝜎	PROPN
fbem-9139	75	53	(	(	PUNCT
fbem-9139	75	54	6	6	NUM
fbem-9139	75	55	)	)	PUNCT
fbem-9139	75	56	after	after	ADP
fbem-9139	75	57	calculating	calculate	VERB
fbem-9139	75	58	the	the	DET
fbem-9139	75	59	sample	sample	NOUN
fbem-9139	75	60	autocorrelation	autocorrelation	NOUN
fbem-9139	75	61	function	function	NOUN
fbem-9139	75	62	(	(	PUNCT
fbem-9139	75	63	acf	acf	PROPN
fbem-9139	75	64	)	)	PUNCT
fbem-9139	75	65	and	and	CCONJ
fbem-9139	75	66	partial	partial	ADJ
fbem-9139	75	67	autocorrelation	autocorrelation	NOUN
fbem-9139	75	68	function	function	NOUN
fbem-9139	75	69	(	(	PUNCT
fbem-9139	75	70	pacf	pacf	NOUN
fbem-9139	75	71	)	)	PUNCT
fbem-9139	75	72	of	of	ADP
fbem-9139	75	73	the	the	DET
fbem-9139	75	74	standardized	standardized	ADJ
fbem-9139	75	75	residuals	residual	NOUN
fbem-9139	75	76	of	of	ADP
fbem-9139	75	77	the	the	DET
fbem-9139	75	78	above	above	ADJ
fbem-9139	75	79	garch	garch	NOUN
fbem-9139	75	80	(	(	PUNCT
fbem-9139	75	81	1,1	1,1	NUM
fbem-9139	75	82	)	)	PUNCT
fbem-9139	75	83	model	model	NOUN
fbem-9139	75	84	,	,	PUNCT
fbem-9139	75	85	it	it	PRON
fbem-9139	75	86	is	be	AUX
fbem-9139	75	87	found	find	VERB
fbem-9139	75	88	that	that	SCONJ
fbem-9139	75	89	the	the	DET
fbem-9139	75	90	sample	sample	NOUN
fbem-9139	75	91	acf	acf	NOUN
fbem-9139	75	92	and	and	CCONJ
fbem-9139	75	93	pacf	pacf	NOUN
fbem-9139	75	94	of	of	ADP
fbem-9139	75	95	all	all	DET
fbem-9139	75	96	lag	lag	NOUN
fbem-9139	75	97	orders	order	NOUN
fbem-9139	75	98	are	be	AUX
fbem-9139	75	99	not	not	PART
fbem-9139	75	100	significant	significant	ADJ
fbem-9139	75	101	at	at	ADP
fbem-9139	75	102	the	the	DET
fbem-9139	75	103	significance	significance	NOUN
fbem-9139	75	104	level	level	NOUN
fbem-9139	75	105	of	of	ADP
fbem-9139	75	106	5	5	NUM
fbem-9139	75	107	%	%	NOUN
fbem-9139	75	108	,	,	PUNCT
fbem-9139	75	109	indicating	indicate	VERB
fbem-9139	75	110	that	that	SCONJ
fbem-9139	75	111	the	the	DET
fbem-9139	75	112	standardized	standardized	ADJ
fbem-9139	75	113	residuals	residual	NOUN
fbem-9139	75	114	do	do	AUX
fbem-9139	75	115	not	not	PART
fbem-9139	75	116	have	have	VERB
fbem-9139	75	117	sequence	sequence	NOUN
fbem-9139	75	118	correlation	correlation	NOUN
fbem-9139	75	119	.	.	PUNCT
fbem-9139	76	1	in	in	ADP
fbem-9139	76	2	addition	addition	NOUN
fbem-9139	76	3	,	,	PUNCT
fbem-9139	76	4	the	the	DET
fbem-9139	76	5	p	p	NOUN
fbem-9139	76	6	value	value	NOUN
fbem-9139	76	7	corresponding	correspond	VERB
fbem-9139	76	8	to	to	ADP
fbem-9139	76	9	the	the	DET
fbem-9139	76	10	statistics	statistic	NOUN
fbem-9139	76	11	of	of	ADP
fbem-9139	76	12	the	the	DET
fbem-9139	76	13	standardized	standardized	ADJ
fbem-9139	76	14	residual	residual	NOUN
fbem-9139	76	15	is	be	AUX
fbem-9139	76	16	0.728	0.728	NUM
fbem-9139	76	17	,	,	PUNCT
fbem-9139	76	18	which	which	PRON
fbem-9139	76	19	indicates	indicate	VERB
fbem-9139	76	20	that	that	SCONJ
fbem-9139	76	21	the	the	DET
fbem-9139	76	22	garch	garch	NOUN
fbem-9139	76	23	(	(	PUNCT
fbem-9139	76	24	1,1	1,1	NUM
fbem-9139	76	25	)	)	PUNCT
fbem-9139	76	26	model	model	NOUN
fbem-9139	76	27	constructed	construct	VERB
fbem-9139	76	28	can	can	AUX
fbem-9139	76	29	fully	fully	ADV
fbem-9139	76	30	describe	describe	VERB
fbem-9139	76	31	the	the	DET
fbem-9139	76	32	conditional	conditional	ADJ
fbem-9139	76	33	heteroscedasticity	heteroscedasticity	NOUN
fbem-9139	76	34	of	of	ADP
fbem-9139	76	35	the	the	DET
fbem-9139	76	36	daily	daily	ADJ
fbem-9139	76	37	logarithmic	logarithmic	ADJ
fbem-9139	76	38	return	return	NOUN
fbem-9139	76	39	series	series	NOUN
fbem-9139	76	40	of	of	ADP
fbem-9139	76	41	the	the	DET
fbem-9139	76	42	shanghai	shanghai	PROPN
fbem-9139	76	43	and	and	CCONJ
fbem-9139	76	44	shenzhen	shenzhen	PROPN
fbem-9139	76	45	300	300	NUM
fbem-9139	76	46	index	index	NOUN
fbem-9139	76	47	.	.	PUNCT
fbem-9139	77	1	according	accord	VERB
fbem-9139	77	2	to	to	ADP
fbem-9139	77	3	the	the	DET
fbem-9139	77	4	fitted	fit	VERB
fbem-9139	77	5	garch	garch	NOUN
fbem-9139	77	6	(	(	PUNCT
fbem-9139	77	7	1,1	1,1	NUM
fbem-9139	77	8	)	)	PUNCT
fbem-9139	77	9	model	model	NOUN
fbem-9139	77	10	,	,	PUNCT
fbem-9139	77	11	the	the	DET
fbem-9139	77	12	volatility	volatility	NOUN
fbem-9139	77	13	series	series	NOUN
fbem-9139	77	14	of	of	ADP
fbem-9139	77	15	daily	daily	ADJ
fbem-9139	77	16	logarithmic	logarithmic	ADJ
fbem-9139	77	17	returns	return	NOUN
fbem-9139	77	18	of	of	ADP
fbem-9139	77	19	the	the	DET
fbem-9139	77	20	csi	csi	ADJ
fbem-9139	77	21	300	300	NUM
fbem-9139	77	22	index	index	NOUN
fbem-9139	77	23	can	can	AUX
fbem-9139	77	24	be	be	AUX
fbem-9139	77	25	further	far	ADV
fbem-9139	77	26	calculated	calculate	VERB
fbem-9139	77	27	,	,	PUNCT
fbem-9139	77	28	which	which	PRON
fbem-9139	77	29	is	be	AUX
fbem-9139	77	30	recorded	record	VERB
fbem-9139	77	31	as	as	ADP
fbem-9139	77	32	vart	vart	PROPN
fbem-9139	77	33	.	.	PUNCT
fbem-9139	78	1	the	the	DET
fbem-9139	78	2	timing	timing	NOUN
fbem-9139	78	3	chart	chart	NOUN
fbem-9139	78	4	of	of	ADP
fbem-9139	78	5	the	the	DET
fbem-9139	78	6	volatility	volatility	NOUN
fbem-9139	78	7	sequence	sequence	NOUN
fbem-9139	78	8	is	be	AUX
fbem-9139	78	9	shown	show	VERB
fbem-9139	78	10	in	in	ADP
fbem-9139	78	11	figure	figure	NOUN
fbem-9139	78	12	1	1	NUM
fbem-9139	78	13	:	:	PUNCT
fbem-9139	78	14	figure	figure	NOUN
fbem-9139	78	15	1	1	NUM
fbem-9139	78	16	.	.	PUNCT
fbem-9139	79	1	daily	daily	ADJ
fbem-9139	79	2	volatility	volatility	NOUN
fbem-9139	79	3	series	series	NOUN
fbem-9139	79	4	of	of	ADP
fbem-9139	79	5	the	the	DET
fbem-9139	79	6	csi	csi	ADJ
fbem-9139	79	7	300	300	NUM
fbem-9139	79	8	index	index	NOUN
fbem-9139	79	9	.	.	PUNCT
fbem-9139	80	1	127	127	NUM
fbem-9139	80	2	the	the	DET
fbem-9139	80	3	volatility	volatility	NOUN
fbem-9139	80	4	of	of	ADP
fbem-9139	80	5	the	the	DET
fbem-9139	80	6	csi	csi	ADJ
fbem-9139	80	7	300	300	NUM
fbem-9139	80	8	index	index	NOUN
fbem-9139	80	9	has	have	VERB
fbem-9139	80	10	obvious	obvious	ADJ
fbem-9139	80	11	aggregation	aggregation	NOUN
fbem-9139	80	12	phenomenon	phenomenon	NOUN
fbem-9139	80	13	,	,	PUNCT
fbem-9139	80	14	that	that	ADV
fbem-9139	80	15	is	is	ADV
fbem-9139	80	16	,	,	PUNCT
fbem-9139	80	17	the	the	DET
fbem-9139	80	18	volatility	volatility	NOUN
fbem-9139	80	19	between	between	ADP
fbem-9139	80	20	january	january	PROPN
fbem-9139	80	21	30	30	NUM
fbem-9139	80	22	,	,	PUNCT
fbem-9139	80	23	2019	2019	NUM
fbem-9139	80	24	and	and	CCONJ
fbem-9139	80	25	july	july	PROPN
fbem-9139	80	26	9	9	NUM
fbem-9139	80	27	,	,	PUNCT
fbem-9139	80	28	2019	2019	NUM
fbem-9139	80	29	is	be	AUX
fbem-9139	80	30	relatively	relatively	ADV
fbem-9139	80	31	large	large	ADJ
fbem-9139	80	32	,	,	PUNCT
fbem-9139	80	33	and	and	CCONJ
fbem-9139	80	34	the	the	DET
fbem-9139	80	35	volatility	volatility	NOUN
fbem-9139	80	36	from	from	ADP
fbem-9139	80	37	then	then	ADV
fbem-9139	80	38	on	on	ADP
fbem-9139	80	39	to	to	ADP
fbem-9139	80	40	january	january	PROPN
fbem-9139	80	41	17	17	NUM
fbem-9139	80	42	,	,	PUNCT
fbem-9139	80	43	2020	2020	NUM
fbem-9139	80	44	is	be	AUX
fbem-9139	80	45	relatively	relatively	ADV
fbem-9139	80	46	small	small	ADJ
fbem-9139	80	47	.	.	PUNCT
fbem-9139	81	1	however	however	ADV
fbem-9139	81	2	,	,	PUNCT
fbem-9139	81	3	since	since	SCONJ
fbem-9139	81	4	late	late	ADJ
fbem-9139	81	5	january	january	PROPN
fbem-9139	81	6	2020	2020	NUM
fbem-9139	81	7	,	,	PUNCT
fbem-9139	81	8	the	the	DET
fbem-9139	81	9	csi	csi	PROPN
fbem-9139	81	10	300	300	NUM
fbem-9139	81	11	index	index	NOUN
fbem-9139	81	12	has	have	AUX
fbem-9139	81	13	shown	show	VERB
fbem-9139	81	14	greater	great	ADJ
fbem-9139	81	15	volatility	volatility	NOUN
fbem-9139	81	16	,	,	PUNCT
fbem-9139	81	17	which	which	PRON
fbem-9139	81	18	may	may	AUX
fbem-9139	81	19	be	be	AUX
fbem-9139	81	20	due	due	ADJ
fbem-9139	81	21	to	to	ADP
fbem-9139	81	22	the	the	DET
fbem-9139	81	23	irrational	irrational	ADJ
fbem-9139	81	24	behavior	behavior	NOUN
fbem-9139	81	25	of	of	ADP
fbem-9139	81	26	investors	investor	NOUN
fbem-9139	81	27	in	in	ADP
fbem-9139	81	28	the	the	DET
fbem-9139	81	29	stock	stock	NOUN
fbem-9139	81	30	market	market	NOUN
fbem-9139	81	31	due	due	ADP
fbem-9139	81	32	to	to	ADP
fbem-9139	81	33	the	the	DET
fbem-9139	81	34	impact	impact	NOUN
fbem-9139	81	35	of	of	ADP
fbem-9139	81	36	the	the	DET
fbem-9139	81	37	covid19	covid19	NOUN
fbem-9139	81	38	.	.	PUNCT
fbem-9139	82	1	it	it	PRON
fbem-9139	82	2	is	be	AUX
fbem-9139	82	3	relatively	relatively	ADV
fbem-9139	82	4	stable	stable	ADJ
fbem-9139	82	5	after	after	ADP
fbem-9139	82	6	2020	2020	NUM
fbem-9139	82	7	,	,	PUNCT
fbem-9139	82	8	and	and	CCONJ
fbem-9139	82	9	fluctuates	fluctuate	NOUN
fbem-9139	82	10	again	again	ADV
fbem-9139	82	11	at	at	ADP
fbem-9139	82	12	the	the	DET
fbem-9139	82	13	beginning	beginning	NOUN
fbem-9139	82	14	of	of	ADP
fbem-9139	82	15	2021	2021	NUM
fbem-9139	82	16	,	,	PUNCT
fbem-9139	82	17	which	which	PRON
fbem-9139	82	18	may	may	AUX
fbem-9139	82	19	be	be	AUX
fbem-9139	82	20	due	due	ADJ
fbem-9139	82	21	to	to	ADP
fbem-9139	82	22	the	the	DET
fbem-9139	82	23	repeated	repeat	VERB
fbem-9139	82	24	epidemic	epidemic	NOUN
fbem-9139	82	25	and	and	CCONJ
fbem-9139	82	26	the	the	DET
fbem-9139	82	27	impact	impact	NOUN
fbem-9139	82	28	of	of	ADP
fbem-9139	82	29	policy	policy	NOUN
fbem-9139	82	30	uncertainty	uncertainty	NOUN
fbem-9139	82	31	.	.	PUNCT
fbem-9139	83	1	4	4	X
fbem-9139	83	2	.	.	X
fbem-9139	83	3	empirical	empirical	ADJ
fbem-9139	83	4	results	result	NOUN
fbem-9139	83	5	granger	granger	PROPN
fbem-9139	83	6	causality	causality	PROPN
fbem-9139	83	7	test	test	NOUN
fbem-9139	83	8	under	under	ADP
fbem-9139	83	9	the	the	DET
fbem-9139	83	10	condition	condition	NOUN
fbem-9139	83	11	that	that	SCONJ
fbem-9139	83	12	the	the	DET
fbem-9139	83	13	three	three	NUM
fbem-9139	83	14	time	time	NOUN
fbem-9139	83	15	series	series	NOUN
fbem-9139	83	16	of	of	ADP
fbem-9139	83	17	daily	daily	ADJ
fbem-9139	83	18	investor	investor	NOUN
fbem-9139	83	19	sentiment	sentiment	NOUN
fbem-9139	83	20	index	index	NOUN
fbem-9139	83	21	ist	ist	NOUN
fbem-9139	83	22	,	,	PUNCT
fbem-9139	83	23	daily	daily	ADJ
fbem-9139	83	24	logarithmic	logarithmic	ADJ
fbem-9139	83	25	return	return	NOUN
fbem-9139	83	26	hst	hst	PROPN
fbem-9139	83	27	and	and	CCONJ
fbem-9139	83	28	volatility	volatility	NOUN
fbem-9139	83	29	vart	vart	NOUN
fbem-9139	83	30	of	of	ADP
fbem-9139	83	31	the	the	DET
fbem-9139	83	32	csi	csi	ADJ
fbem-9139	83	33	300	300	NUM
fbem-9139	83	34	index	index	NOUN
fbem-9139	83	35	are	be	AUX
fbem-9139	83	36	stable	stable	ADJ
fbem-9139	83	37	,	,	PUNCT
fbem-9139	83	38	the	the	DET
fbem-9139	83	39	granger	granger	PROPN
fbem-9139	83	40	causality	causality	NOUN
fbem-9139	83	41	test	test	NOUN
fbem-9139	83	42	can	can	AUX
fbem-9139	83	43	be	be	AUX
fbem-9139	83	44	used	use	VERB
fbem-9139	83	45	to	to	PART
fbem-9139	83	46	quantitatively	quantitatively	ADV
fbem-9139	83	47	analyze	analyze	VERB
fbem-9139	83	48	the	the	DET
fbem-9139	83	49	relationship	relationship	NOUN
fbem-9139	83	50	between	between	ADP
fbem-9139	83	51	the	the	DET
fbem-9139	83	52	three	three	NUM
fbem-9139	83	53	.	.	PUNCT
fbem-9139	84	1	the	the	DET
fbem-9139	84	2	advantage	advantage	NOUN
fbem-9139	84	3	of	of	ADP
fbem-9139	84	4	granger	granger	PROPN
fbem-9139	84	5	causality	causality	PROPN
fbem-9139	84	6	test	test	NOUN
fbem-9139	84	7	is	be	AUX
fbem-9139	84	8	that	that	SCONJ
fbem-9139	84	9	it	it	PRON
fbem-9139	84	10	can	can	AUX
fbem-9139	84	11	not	not	PART
fbem-9139	84	12	only	only	ADV
fbem-9139	84	13	analyze	analyze	VERB
fbem-9139	84	14	the	the	DET
fbem-9139	84	15	relationship	relationship	NOUN
fbem-9139	84	16	between	between	ADP
fbem-9139	84	17	variables	variable	NOUN
fbem-9139	84	18	,	,	PUNCT
fbem-9139	84	19	but	but	CCONJ
fbem-9139	84	20	also	also	ADV
fbem-9139	84	21	determine	determine	VERB
fbem-9139	84	22	the	the	DET
fbem-9139	84	23	direction	direction	NOUN
fbem-9139	84	24	of	of	ADP
fbem-9139	84	25	interaction	interaction	NOUN
fbem-9139	84	26	between	between	ADP
fbem-9139	84	27	variables	variable	NOUN
fbem-9139	84	28	.	.	PUNCT
fbem-9139	85	1	the	the	DET
fbem-9139	85	2	granger	granger	PROPN
fbem-9139	85	3	causality	causality	PROPN
fbem-9139	85	4	test	test	NOUN
fbem-9139	85	5	results	result	NOUN
fbem-9139	85	6	of	of	ADP
fbem-9139	85	7	ist	ist	NOUN
fbem-9139	85	8	,	,	PUNCT
fbem-9139	85	9	hst	hst	PROPN
fbem-9139	85	10	and	and	CCONJ
fbem-9139	85	11	vart	vart	PROPN
fbem-9139	85	12	sequences	sequence	NOUN
fbem-9139	85	13	are	be	AUX
fbem-9139	85	14	shown	show	VERB
fbem-9139	85	15	in	in	ADP
fbem-9139	85	16	table	table	NOUN
fbem-9139	85	17	2	2	NUM
fbem-9139	85	18	.	.	PUNCT
fbem-9139	85	19	table	table	NOUN
fbem-9139	85	20	2	2	NUM
fbem-9139	85	21	.	.	PUNCT
fbem-9139	86	1	granger	granger	PROPN
fbem-9139	86	2	causality	causality	PROPN
fbem-9139	86	3	test	test	NOUN
fbem-9139	86	4	results	result	NOUN
fbem-9139	86	5	h0	h0	VERB
fbem-9139	86	6	lag	lag	NOUN
fbem-9139	86	7	order	order	NOUN
fbem-9139	86	8	f	f	PROPN
fbem-9139	86	9	statistics	statistics	PROPN
fbem-9139	86	10	probability	probability	PROPN
fbem-9139	86	11	value	value	NOUN
fbem-9139	86	12	hst	hst	PROPN
fbem-9139	86	13	is	be	AUX
fbem-9139	86	14	not	not	PART
fbem-9139	86	15	the	the	DET
fbem-9139	86	16	granger	granger	NOUN
fbem-9139	86	17	reason	reason	NOUN
fbem-9139	86	18	for	for	ADP
fbem-9139	86	19	the	the	DET
fbem-9139	86	20	change	change	NOUN
fbem-9139	86	21	of	of	ADP
fbem-9139	86	22	ist	ist	NOUN
fbem-9139	86	23	1	1	NUM
fbem-9139	86	24	31.76	31.76	NUM
fbem-9139	86	25	0.0000	0.0000	NUM
fbem-9139	86	26	ist	ist	NOUN
fbem-9139	86	27	is	be	AUX
fbem-9139	86	28	not	not	PART
fbem-9139	86	29	the	the	DET
fbem-9139	86	30	granger	granger	NOUN
fbem-9139	86	31	reason	reason	NOUN
fbem-9139	86	32	for	for	ADP
fbem-9139	86	33	the	the	DET
fbem-9139	86	34	change	change	NOUN
fbem-9139	86	35	of	of	ADP
fbem-9139	86	36	hst	hst	PROPN
fbem-9139	86	37	1	1	NUM
fbem-9139	86	38	1.40	1.40	NUM
fbem-9139	86	39	0.2377	0.2377	NUM
fbem-9139	86	40	vart	vart	NOUN
fbem-9139	86	41	is	be	AUX
fbem-9139	86	42	not	not	PART
fbem-9139	86	43	the	the	DET
fbem-9139	86	44	granger	granger	NOUN
fbem-9139	86	45	reason	reason	NOUN
fbem-9139	86	46	for	for	ADP
fbem-9139	86	47	the	the	DET
fbem-9139	86	48	change	change	NOUN
fbem-9139	86	49	of	of	ADP
fbem-9139	86	50	ist	ist	NOUN
fbem-9139	86	51	2	2	NUM
fbem-9139	86	52	3.51	3.51	NUM
fbem-9139	86	53	0.0303	0.0303	NUM
fbem-9139	86	54	ist	ist	NOUN
fbem-9139	86	55	is	be	AUX
fbem-9139	86	56	not	not	PART
fbem-9139	86	57	the	the	DET
fbem-9139	86	58	granger	granger	NOUN
fbem-9139	86	59	reason	reason	NOUN
fbem-9139	86	60	for	for	ADP
fbem-9139	86	61	the	the	DET
fbem-9139	86	62	change	change	NOUN
fbem-9139	86	63	of	of	ADP
fbem-9139	86	64	vart	vart	PROPN
fbem-9139	86	65	10	10	NUM
fbem-9139	86	66	2.96	2.96	NUM
fbem-9139	86	67	0.0012	0.0012	NUM
fbem-9139	86	68	hst	hst	NOUN
fbem-9139	86	69	is	be	AUX
fbem-9139	86	70	not	not	PART
fbem-9139	86	71	the	the	DET
fbem-9139	86	72	granger	granger	NOUN
fbem-9139	86	73	reason	reason	NOUN
fbem-9139	86	74	for	for	ADP
fbem-9139	86	75	the	the	DET
fbem-9139	86	76	change	change	NOUN
fbem-9139	86	77	of	of	ADP
fbem-9139	86	78	vart	vart	PROPN
fbem-9139	86	79	1	1	NUM
fbem-9139	86	80	22.94	22.94	NUM
fbem-9139	86	81	0.0000	0.0000	NUM
fbem-9139	86	82	vart	vart	NOUN
fbem-9139	86	83	is	be	AUX
fbem-9139	86	84	not	not	PART
fbem-9139	86	85	the	the	DET
fbem-9139	86	86	granger	granger	NOUN
fbem-9139	86	87	reason	reason	NOUN
fbem-9139	86	88	for	for	ADP
fbem-9139	86	89	the	the	DET
fbem-9139	86	90	change	change	NOUN
fbem-9139	86	91	of	of	ADP
fbem-9139	86	92	hst	hst	PROPN
fbem-9139	86	93	10	10	NUM
fbem-9139	86	94	1.45	1.45	NUM
fbem-9139	86	95	0.1553	0.1553	NUM
fbem-9139	86	96	the	the	DET
fbem-9139	86	97	granger	granger	PROPN
fbem-9139	86	98	causality	causality	PROPN
fbem-9139	86	99	test	test	NOUN
fbem-9139	86	100	results	result	NOUN
fbem-9139	86	101	in	in	ADP
fbem-9139	86	102	table	table	NOUN
fbem-9139	86	103	2	2	NUM
fbem-9139	86	104	are	be	AUX
fbem-9139	86	105	expressed	express	VERB
fbem-9139	86	106	in	in	ADP
fbem-9139	86	107	the	the	DET
fbem-9139	86	108	form	form	NOUN
fbem-9139	86	109	shown	show	VERB
fbem-9139	86	110	in	in	ADP
fbem-9139	86	111	figure	figure	NOUN
fbem-9139	86	112	2	2	NUM
fbem-9139	86	113	,	,	PUNCT
fbem-9139	86	114	which	which	PRON
fbem-9139	86	115	can	can	AUX
fbem-9139	86	116	more	more	ADV
fbem-9139	86	117	intuitively	intuitively	ADV
fbem-9139	86	118	see	see	VERB
fbem-9139	86	119	the	the	DET
fbem-9139	86	120	relationship	relationship	NOUN
fbem-9139	86	121	between	between	ADP
fbem-9139	86	122	the	the	DET
fbem-9139	86	123	three	three	NUM
fbem-9139	86	124	time	time	NOUN
fbem-9139	86	125	series	series	NOUN
fbem-9139	86	126	of	of	ADP
fbem-9139	86	127	daily	daily	ADJ
fbem-9139	86	128	investor	investor	NOUN
fbem-9139	86	129	sentiment	sentiment	NOUN
fbem-9139	86	130	index	index	NOUN
fbem-9139	86	131	ist	ist	NOUN
fbem-9139	86	132	,	,	PUNCT
fbem-9139	86	133	daily	daily	ADJ
fbem-9139	86	134	logarithmic	logarithmic	ADJ
fbem-9139	86	135	return	return	NOUN
fbem-9139	86	136	hst	hst	PROPN
fbem-9139	86	137	of	of	ADP
fbem-9139	86	138	the	the	DET
fbem-9139	86	139	shanghai	shanghai	PROPN
fbem-9139	86	140	and	and	CCONJ
fbem-9139	86	141	shenzhen	shenzhen	PROPN
fbem-9139	86	142	300	300	NUM
fbem-9139	86	143	index	index	NOUN
fbem-9139	86	144	and	and	CCONJ
fbem-9139	86	145	its	its	PRON
fbem-9139	86	146	volatility	volatility	NOUN
fbem-9139	86	147	vart	vart	NOUN
fbem-9139	86	148	and	and	CCONJ
fbem-9139	86	149	the	the	DET
fbem-9139	86	150	direction	direction	NOUN
fbem-9139	86	151	of	of	ADP
fbem-9139	86	152	their	their	PRON
fbem-9139	86	153	impact	impact	NOUN
fbem-9139	86	154	.	.	PUNCT
fbem-9139	87	1	figure	figure	NOUN
fbem-9139	87	2	2	2	NUM
fbem-9139	87	3	.	.	PUNCT
fbem-9139	88	1	the	the	DET
fbem-9139	88	2	relationship	relationship	NOUN
fbem-9139	88	3	between	between	ADP
fbem-9139	88	4	investor	investor	NOUN
fbem-9139	88	5	sentiment	sentiment	NOUN
fbem-9139	88	6	and	and	CCONJ
fbem-9139	88	7	the	the	DET
fbem-9139	88	8	yield	yield	NOUN
fbem-9139	88	9	and	and	CCONJ
fbem-9139	88	10	volatility	volatility	NOUN
fbem-9139	88	11	of	of	ADP
fbem-9139	88	12	the	the	DET
fbem-9139	88	13	csi	csi	ADJ
fbem-9139	88	14	300	300	NUM
fbem-9139	88	15	index	index	NOUN
fbem-9139	88	16	.	.	PUNCT
fbem-9139	89	1	the	the	DET
fbem-9139	89	2	results	result	NOUN
fbem-9139	89	3	show	show	VERB
fbem-9139	89	4	that	that	SCONJ
fbem-9139	89	5	when	when	SCONJ
fbem-9139	89	6	the	the	DET
fbem-9139	89	7	lag	lag	NOUN
fbem-9139	89	8	order	order	NOUN
fbem-9139	89	9	is	be	AUX
fbem-9139	89	10	1	1	NUM
fbem-9139	89	11	,	,	PUNCT
fbem-9139	89	12	the	the	DET
fbem-9139	89	13	zero	zero	NUM
fbem-9139	89	14	hypothesis	hypothesis	NOUN
fbem-9139	89	15	that	that	SCONJ
fbem-9139	89	16	the	the	DET
fbem-9139	89	17	return	return	NOUN
fbem-9139	89	18	of	of	ADP
fbem-9139	89	19	the	the	DET
fbem-9139	89	20	csi	csi	ADJ
fbem-9139	89	21	300	300	NUM
fbem-9139	89	22	index	index	NOUN
fbem-9139	89	23	is	be	AUX
fbem-9139	89	24	not	not	PART
fbem-9139	89	25	the	the	DET
fbem-9139	89	26	granger	granger	NOUN
fbem-9139	89	27	cause	cause	PROPN
fbem-9139	89	28	of	of	ADP
fbem-9139	89	29	investor	investor	NOUN
fbem-9139	89	30	sentiment	sentiment	NOUN
fbem-9139	89	31	change	change	NOUN
fbem-9139	89	32	is	be	AUX
fbem-9139	89	33	rejected	reject	VERB
fbem-9139	89	34	at	at	ADP
fbem-9139	89	35	the	the	DET
fbem-9139	89	36	significance	significance	NOUN
fbem-9139	89	37	level	level	NOUN
fbem-9139	89	38	of	of	ADP
fbem-9139	89	39	1	1	NUM
fbem-9139	89	40	%	%	NOUN
fbem-9139	89	41	,	,	PUNCT
fbem-9139	89	42	that	that	ADV
fbem-9139	89	43	is	is	ADV
fbem-9139	89	44	,	,	PUNCT
fbem-9139	89	45	the	the	DET
fbem-9139	89	46	change	change	NOUN
fbem-9139	89	47	of	of	ADP
fbem-9139	89	48	the	the	DET
fbem-9139	89	49	return	return	NOUN
fbem-9139	89	50	of	of	ADP
fbem-9139	89	51	the	the	DET
fbem-9139	89	52	stock	stock	NOUN
fbem-9139	89	53	market	market	NOUN
fbem-9139	89	54	will	will	AUX
fbem-9139	89	55	lead	lead	VERB
fbem-9139	89	56	to	to	ADP
fbem-9139	89	57	the	the	DET
fbem-9139	89	58	change	change	NOUN
fbem-9139	89	59	of	of	ADP
fbem-9139	89	60	investor	investor	NOUN
fbem-9139	89	61	sentiment	sentiment	NOUN
fbem-9139	89	62	.	.	PUNCT
fbem-9139	90	1	this	this	PRON
fbem-9139	90	2	is	be	AUX
fbem-9139	90	3	easy	easy	ADJ
fbem-9139	90	4	to	to	PART
fbem-9139	90	5	understand	understand	VERB
fbem-9139	90	6	in	in	ADP
fbem-9139	90	7	common	common	ADJ
fbem-9139	90	8	sense	sense	NOUN
fbem-9139	90	9	.	.	PUNCT
fbem-9139	91	1	when	when	SCONJ
fbem-9139	91	2	the	the	DET
fbem-9139	91	3	yield	yield	NOUN
fbem-9139	91	4	is	be	AUX
fbem-9139	91	5	positive	positive	ADJ
fbem-9139	91	6	(	(	PUNCT
fbem-9139	91	7	or	or	CCONJ
fbem-9139	91	8	negative	negative	ADJ
fbem-9139	91	9	)	)	PUNCT
fbem-9139	91	10	and	and	CCONJ
fbem-9139	91	11	the	the	DET
fbem-9139	91	12	stock	stock	NOUN
fbem-9139	91	13	market	market	NOUN
fbem-9139	91	14	is	be	AUX
fbem-9139	91	15	in	in	ADP
fbem-9139	91	16	an	an	DET
fbem-9139	91	17	upward	upward	ADJ
fbem-9139	91	18	(	(	PUNCT
fbem-9139	91	19	or	or	CCONJ
fbem-9139	91	20	downward	downward	ADJ
fbem-9139	91	21	)	)	PUNCT
fbem-9139	91	22	channel	channel	NOUN
fbem-9139	91	23	,	,	PUNCT
fbem-9139	91	24	investors	investor	NOUN
fbem-9139	91	25	will	will	AUX
fbem-9139	91	26	form	form	VERB
fbem-9139	91	27	a	a	DET
fbem-9139	91	28	bullish	bullish	ADJ
fbem-9139	91	29	(	(	PUNCT
fbem-9139	91	30	or	or	CCONJ
fbem-9139	91	31	bearish	bearish	ADJ
fbem-9139	91	32	)	)	PUNCT
fbem-9139	91	33	judgment	judgment	NOUN
fbem-9139	91	34	of	of	ADP
fbem-9139	91	35	the	the	DET
fbem-9139	91	36	stock	stock	NOUN
fbem-9139	91	37	market	market	NOUN
fbem-9139	91	38	based	base	VERB
fbem-9139	91	39	on	on	ADP
fbem-9139	91	40	this	this	PRON
fbem-9139	91	41	,	,	PUNCT
fbem-9139	91	42	and	and	CCONJ
fbem-9139	91	43	the	the	DET
fbem-9139	91	44	investor	investor	NOUN
fbem-9139	91	45	sentiment	sentiment	NOUN
fbem-9139	91	46	will	will	AUX
fbem-9139	91	47	then	then	ADV
fbem-9139	91	48	tend	tend	VERB
fbem-9139	91	49	to	to	PART
fbem-9139	91	50	be	be	AUX
fbem-9139	91	51	optimistic	optimistic	ADJ
fbem-9139	91	52	(	(	PUNCT
fbem-9139	91	53	or	or	CCONJ
fbem-9139	91	54	pessimistic	pessimistic	ADJ
fbem-9139	91	55	)	)	PUNCT
fbem-9139	91	56	.	.	PUNCT
fbem-9139	92	1	when	when	SCONJ
fbem-9139	92	2	the	the	DET
fbem-9139	92	3	lag	lag	NOUN
fbem-9139	92	4	order	order	NOUN
fbem-9139	92	5	is	be	AUX
fbem-9139	92	6	10	10	NUM
fbem-9139	92	7	and	and	CCONJ
fbem-9139	92	8	5	5	NUM
fbem-9139	92	9	respectively	respectively	ADV
fbem-9139	92	10	,	,	PUNCT
fbem-9139	92	11	at	at	ADP
fbem-9139	92	12	the	the	DET
fbem-9139	92	13	significance	significance	NOUN
fbem-9139	92	14	level	level	NOUN
fbem-9139	92	15	of	of	ADP
fbem-9139	92	16	5	5	NUM
fbem-9139	92	17	%	%	NOUN
fbem-9139	92	18	,	,	PUNCT
fbem-9139	92	19	investors	investor	NOUN
fbem-9139	92	20	'	'	PART
fbem-9139	92	21	sentiment	sentiment	NOUN
fbem-9139	92	22	is	be	AUX
fbem-9139	92	23	not	not	PART
fbem-9139	92	24	the	the	DET
fbem-9139	92	25	granger	granger	NOUN
fbem-9139	92	26	reason	reason	NOUN
fbem-9139	92	27	for	for	ADP
fbem-9139	92	28	the	the	DET
fbem-9139	92	29	change	change	NOUN
fbem-9139	92	30	of	of	ADP
fbem-9139	92	31	the	the	DET
fbem-9139	92	32	volatility	volatility	NOUN
fbem-9139	92	33	of	of	ADP
fbem-9139	92	34	the	the	DET
fbem-9139	92	35	csi	csi	ADJ
fbem-9139	92	36	300	300	NUM
fbem-9139	92	37	index	index	NOUN
fbem-9139	92	38	,	,	PUNCT
fbem-9139	92	39	and	and	CCONJ
fbem-9139	92	40	the	the	DET
fbem-9139	92	41	return	return	NOUN
fbem-9139	92	42	of	of	ADP
fbem-9139	92	43	the	the	DET
fbem-9139	92	44	csi	csi	ADJ
fbem-9139	92	45	300	300	NUM
fbem-9139	92	46	index	index	NOUN
fbem-9139	92	47	is	be	AUX
fbem-9139	92	48	not	not	PART
fbem-9139	92	49	the	the	DET
fbem-9139	92	50	granger	granger	NOUN
fbem-9139	92	51	reason	reason	NOUN
fbem-9139	92	52	for	for	ADP
fbem-9139	92	53	the	the	DET
fbem-9139	92	54	change	change	NOUN
fbem-9139	92	55	of	of	ADP
fbem-9139	92	56	the	the	DET
fbem-9139	92	57	volatility	volatility	NOUN
fbem-9139	92	58	,	,	PUNCT
fbem-9139	92	59	that	that	ADV
fbem-9139	92	60	is	is	ADV
fbem-9139	92	61	,	,	PUNCT
fbem-9139	92	62	the	the	DET
fbem-9139	92	63	change	change	NOUN
fbem-9139	92	64	of	of	ADP
fbem-9139	92	65	the	the	DET
fbem-9139	92	66	return	return	NOUN
fbem-9139	92	67	of	of	ADP
fbem-9139	92	68	the	the	DET
fbem-9139	92	69	stock	stock	NOUN
fbem-9139	92	70	index	index	NOUN
fbem-9139	92	71	and	and	CCONJ
fbem-9139	92	72	the	the	DET
fbem-9139	92	73	investor	investor	NOUN
fbem-9139	92	74	's	's	PART
fbem-9139	92	75	sentiment	sentiment	NOUN
fbem-9139	92	76	will	will	AUX
fbem-9139	92	77	lead	lead	VERB
fbem-9139	92	78	to	to	ADP
fbem-9139	92	79	the	the	DET
fbem-9139	92	80	change	change	NOUN
fbem-9139	92	81	of	of	ADP
fbem-9139	92	82	the	the	DET
fbem-9139	92	83	volatility	volatility	NOUN
fbem-9139	92	84	.	.	PUNCT
fbem-9139	93	1	this	this	PRON
fbem-9139	93	2	can	can	AUX
fbem-9139	93	3	also	also	ADV
fbem-9139	93	4	be	be	AUX
fbem-9139	93	5	explained	explain	VERB
fbem-9139	93	6	in	in	ADP
fbem-9139	93	7	common	common	ADJ
fbem-9139	93	8	sense	sense	NOUN
fbem-9139	93	9	.	.	PUNCT
fbem-9139	94	1	since	since	SCONJ
fbem-9139	94	2	the	the	DET
fbem-9139	94	3	previous	previous	ADJ
fbem-9139	94	4	article	article	NOUN
fbem-9139	94	5	has	have	AUX
fbem-9139	94	6	verified	verify	VERB
fbem-9139	94	7	that	that	SCONJ
fbem-9139	94	8	changes	change	NOUN
fbem-9139	94	9	in	in	ADP
fbem-9139	94	10	stock	stock	NOUN
fbem-9139	94	11	returns	return	NOUN
fbem-9139	94	12	will	will	AUX
fbem-9139	94	13	lead	lead	VERB
fbem-9139	94	14	to	to	ADP
fbem-9139	94	15	changes	change	NOUN
fbem-9139	94	16	in	in	ADP
fbem-9139	94	17	investor	investor	NOUN
fbem-9139	94	18	sentiment	sentiment	NOUN
fbem-9139	94	19	,	,	PUNCT
fbem-9139	94	20	and	and	CCONJ
fbem-9139	94	21	changes	change	NOUN
fbem-9139	94	22	in	in	ADP
fbem-9139	94	23	investor	investor	NOUN
fbem-9139	94	24	sentiment	sentiment	NOUN
fbem-9139	94	25	will	will	AUX
fbem-9139	94	26	inevitably	inevitably	ADV
fbem-9139	94	27	affect	affect	VERB
fbem-9139	94	28	their	their	PRON
fbem-9139	94	29	investment	investment	NOUN
fbem-9139	94	30	behavior	behavior	NOUN
fbem-9139	94	31	,	,	PUNCT
fbem-9139	94	32	leading	lead	VERB
fbem-9139	94	33	to	to	ADP
fbem-9139	94	34	changes	change	NOUN
fbem-9139	94	35	in	in	ADP
fbem-9139	94	36	stock	stock	NOUN
fbem-9139	94	37	market	market	NOUN
fbem-9139	94	38	volatility	volatility	NOUN
fbem-9139	94	39	.	.	PUNCT
fbem-9139	95	1	this	this	DET
fbem-9139	95	2	research	research	NOUN
fbem-9139	95	3	result	result	NOUN
fbem-9139	95	4	is	be	AUX
fbem-9139	95	5	also	also	ADV
fbem-9139	95	6	consistent	consistent	ADJ
fbem-9139	95	7	with	with	ADP
fbem-9139	95	8	the	the	DET
fbem-9139	95	9	conclusions	conclusion	NOUN
fbem-9139	95	10	of	of	ADP
fbem-9139	95	11	previous	previous	ADJ
fbem-9139	95	12	studies	study	NOUN
fbem-9139	95	13	.	.	PUNCT
fbem-9139	96	1	in	in	ADP
fbem-9139	96	2	addition	addition	NOUN
fbem-9139	96	3	,	,	PUNCT
fbem-9139	96	4	the	the	DET
fbem-9139	96	5	research	research	NOUN
fbem-9139	96	6	results	result	NOUN
fbem-9139	96	7	also	also	ADV
fbem-9139	96	8	show	show	VERB
fbem-9139	96	9	that	that	SCONJ
fbem-9139	96	10	when	when	SCONJ
fbem-9139	96	11	the	the	DET
fbem-9139	96	12	lag	lag	NOUN
fbem-9139	96	13	order	order	NOUN
fbem-9139	96	14	is	be	AUX
fbem-9139	96	15	1	1	NUM
fbem-9139	96	16	,	,	PUNCT
fbem-9139	96	17	under	under	ADP
fbem-9139	96	18	the	the	DET
fbem-9139	96	19	significance	significance	NOUN
fbem-9139	96	20	level	level	NOUN
fbem-9139	96	21	of	of	ADP
fbem-9139	96	22	5	5	NUM
fbem-9139	96	23	%	%	NOUN
fbem-9139	96	24	,	,	PUNCT
fbem-9139	96	25	investor	investor	NOUN
fbem-9139	96	26	sentiment	sentiment	NOUN
fbem-9139	96	27	can	can	AUX
fbem-9139	96	28	not	not	PART
fbem-9139	96	29	be	be	AUX
fbem-9139	96	30	rejected	reject	VERB
fbem-9139	96	31	as	as	ADP
fbem-9139	96	32	the	the	DET
fbem-9139	96	33	granger	granger	NOUN
fbem-9139	96	34	reason	reason	NOUN
fbem-9139	96	35	for	for	ADP
fbem-9139	96	36	the	the	DET
fbem-9139	96	37	change	change	NOUN
fbem-9139	96	38	of	of	ADP
fbem-9139	96	39	the	the	DET
fbem-9139	96	40	return	return	NOUN
fbem-9139	96	41	of	of	ADP
fbem-9139	96	42	the	the	DET
fbem-9139	96	43	csi	csi	ADJ
fbem-9139	96	44	300	300	NUM
fbem-9139	96	45	index	index	NOUN
fbem-9139	96	46	,	,	PUNCT
fbem-9139	96	47	that	that	ADV
fbem-9139	96	48	is	is	ADV
fbem-9139	96	49	,	,	PUNCT
fbem-9139	96	50	the	the	DET
fbem-9139	96	51	change	change	NOUN
fbem-9139	96	52	of	of	ADP
fbem-9139	96	53	investor	investor	NOUN
fbem-9139	96	54	sentiment	sentiment	NOUN
fbem-9139	96	55	will	will	AUX
fbem-9139	96	56	not	not	PART
fbem-9139	96	57	lead	lead	VERB
fbem-9139	96	58	to	to	ADP
fbem-9139	96	59	the	the	DET
fbem-9139	96	60	change	change	NOUN
fbem-9139	96	61	of	of	ADP
fbem-9139	96	62	the	the	DET
fbem-9139	96	63	return	return	NOUN
fbem-9139	96	64	of	of	ADP
fbem-9139	96	65	the	the	DET
fbem-9139	96	66	stock	stock	NOUN
fbem-9139	96	67	market	market	NOUN
fbem-9139	96	68	.	.	PUNCT
fbem-9139	97	1	although	although	SCONJ
fbem-9139	97	2	this	this	DET
fbem-9139	97	3	conclusion	conclusion	NOUN
fbem-9139	97	4	deviates	deviate	VERB
fbem-9139	97	5	from	from	ADP
fbem-9139	97	6	the	the	DET
fbem-9139	97	7	conclusions	conclusion	NOUN
fbem-9139	97	8	of	of	ADP
fbem-9139	97	9	some	some	DET
fbem-9139	97	10	foreign	foreign	ADJ
fbem-9139	97	11	scholars	scholar	NOUN
fbem-9139	97	12	,	,	PUNCT
fbem-9139	97	13	it	it	PRON
fbem-9139	97	14	is	be	AUX
fbem-9139	97	15	mutually	mutually	ADV
fbem-9139	97	16	verified	verify	VERB
fbem-9139	97	17	with	with	ADP
fbem-9139	97	18	the	the	DET
fbem-9139	97	19	research	research	NOUN
fbem-9139	97	20	conclusions	conclusion	NOUN
fbem-9139	97	21	of	of	ADP
fbem-9139	97	22	some	some	DET
fbem-9139	97	23	domestic	domestic	ADJ
fbem-9139	97	24	scholars	scholar	NOUN
fbem-9139	97	25	.	.	PUNCT
fbem-9139	98	1	(	(	PUNCT
fbem-9139	98	2	2	2	X
fbem-9139	98	3	)	)	PUNCT
fbem-9139	98	4	var	var	NOUN
fbem-9139	98	5	model	model	NOUN
fbem-9139	98	6	the	the	DET
fbem-9139	98	7	research	research	NOUN
fbem-9139	98	8	on	on	ADP
fbem-9139	98	9	the	the	DET
fbem-9139	98	10	relationship	relationship	NOUN
fbem-9139	98	11	between	between	ADP
fbem-9139	98	12	investor	investor	NOUN
fbem-9139	98	13	sentiment	sentiment	NOUN
fbem-9139	98	14	and	and	CCONJ
fbem-9139	98	15	price	price	NOUN
fbem-9139	98	16	volatility	volatility	NOUN
fbem-9139	98	17	in	in	ADP
fbem-9139	98	18	china	china	PROPN
fbem-9139	98	19	's	's	PART
fbem-9139	98	20	stock	stock	NOUN
fbem-9139	98	21	market	market	NOUN
fbem-9139	98	22	can	can	AUX
fbem-9139	98	23	be	be	AUX
fbem-9139	98	24	advanced	advanced	ADJ
fbem-9139	98	25	to	to	ADP
fbem-9139	98	26	the	the	DET
fbem-9139	98	27	construction	construction	NOUN
fbem-9139	98	28	of	of	ADP
fbem-9139	98	29	var	var	NOUN
fbem-9139	98	30	model	model	NOUN
fbem-9139	98	31	for	for	ADP
fbem-9139	98	32	further	further	ADJ
fbem-9139	98	33	research	research	NOUN
fbem-9139	98	34	.	.	PUNCT
fbem-9139	99	1	through	through	ADP
fbem-9139	99	2	reading	read	VERB
fbem-9139	99	3	the	the	DET
fbem-9139	99	4	existing	exist	VERB
fbem-9139	99	5	literature	literature	NOUN
fbem-9139	99	6	and	and	CCONJ
fbem-9139	99	7	the	the	DET
fbem-9139	99	8	actual	actual	ADJ
fbem-9139	99	9	statistical	statistical	ADJ
fbem-9139	99	10	analysis	analysis	NOUN
fbem-9139	99	11	test	test	NOUN
fbem-9139	99	12	,	,	PUNCT
fbem-9139	99	13	the	the	DET
fbem-9139	99	14	order	order	NOUN
fbem-9139	99	15	of	of	ADP
fbem-9139	99	16	var	var	NOUN
fbem-9139	99	17	model	model	NOUN
fbem-9139	99	18	is	be	AUX
fbem-9139	99	19	identified	identify	VERB
fbem-9139	99	20	.	.	PUNCT
fbem-9139	100	1	here	here	ADV
fbem-9139	100	2	,	,	PUNCT
fbem-9139	100	3	the	the	DET
fbem-9139	100	4	sic	sic	ADJ
fbem-9139	100	5	minimum	minimum	ADJ
fbem-9139	100	6	criterion	criterion	NOUN
fbem-9139	100	7	is	be	AUX
fbem-9139	100	8	used	use	VERB
fbem-9139	100	9	.	.	PUNCT
fbem-9139	101	1	the	the	DET
fbem-9139	101	2	calculation	calculation	NOUN
fbem-9139	101	3	shows	show	VERB
fbem-9139	101	4	that	that	SCONJ
fbem-9139	101	5	the	the	DET
fbem-9139	101	6	aic	aic	PROPN
fbem-9139	101	7	corresponding	corresponding	NOUN
fbem-9139	101	8	to	to	ADP
fbem-9139	101	9	the	the	DET
fbem-9139	101	10	fourth	fourth	ADJ
fbem-9139	101	11	order	order	NOUN
fbem-9139	101	12	is	be	AUX
fbem-9139	101	13	5.67318	5.67318	NUM
fbem-9139	101	14	,	,	PUNCT
fbem-9139	101	15	which	which	PRON
fbem-9139	101	16	is	be	AUX
fbem-9139	101	17	the	the	DET
fbem-9139	101	18	minimum	minimum	ADJ
fbem-9139	101	19	value	value	NOUN
fbem-9139	101	20	.	.	PUNCT
fbem-9139	102	1	the	the	DET
fbem-9139	102	2	lag	lag	NOUN
fbem-9139	102	3	order	order	NOUN
fbem-9139	102	4	selected	select	VERB
fbem-9139	102	5	128	128	NUM
fbem-9139	102	6	for	for	ADP
fbem-9139	102	7	the	the	DET
fbem-9139	102	8	model	model	NOUN
fbem-9139	102	9	is	be	AUX
fbem-9139	102	10	the	the	DET
fbem-9139	102	11	fourth	fourth	ADJ
fbem-9139	102	12	order	order	NOUN
fbem-9139	102	13	.	.	PUNCT
fbem-9139	103	1	the	the	DET
fbem-9139	103	2	analysis	analysis	NOUN
fbem-9139	103	3	results	result	NOUN
fbem-9139	103	4	of	of	ADP
fbem-9139	103	5	var	var	NOUN
fbem-9139	103	6	model	model	NOUN
fbem-9139	103	7	are	be	AUX
fbem-9139	103	8	shown	show	VERB
fbem-9139	103	9	in	in	ADP
fbem-9139	103	10	the	the	DET
fbem-9139	103	11	following	follow	VERB
fbem-9139	103	12	table	table	NOUN
fbem-9139	103	13	:	:	PUNCT
fbem-9139	103	14	table	table	NOUN
fbem-9139	103	15	3	3	NUM
fbem-9139	103	16	.	.	PUNCT
fbem-9139	103	17	var	var	PROPN
fbem-9139	103	18	regression	regression	PROPN
fbem-9139	103	19	results	result	NOUN
fbem-9139	103	20	ist	ist	VERB
fbem-9139	103	21	vart	vart	PROPN
fbem-9139	103	22	_	_	PROPN
fbem-9139	103	23	cons	con	NOUN
fbem-9139	103	24	10.50	10.50	NUM
fbem-9139	103	25	*	*	PUNCT
fbem-9139	103	26	*	*	PUNCT
fbem-9139	103	27	*	*	PUNCT
fbem-9139	103	28	-0.136	-0.136	PUNCT
fbem-9139	103	29	l1.is	l1.i	VERB
fbem-9139	103	30	0.450	0.450	NUM
fbem-9139	103	31	*	*	PUNCT
fbem-9139	103	32	*	*	PUNCT
fbem-9139	103	33	*	*	PUNCT
fbem-9139	103	34	0.0391	0.0391	NUM
fbem-9139	103	35	*	*	PUNCT
fbem-9139	103	36	*	*	PUNCT
fbem-9139	103	37	*	*	PUNCT
fbem-9139	104	1	l2.is	l2.i	VERB
fbem-9139	104	2	0.117	0.117	NUM
fbem-9139	104	3	*	*	PUNCT
fbem-9139	104	4	*	*	PUNCT
fbem-9139	104	5	-0.0236	-0.0236	PROPN
fbem-9139	105	1	*	*	PUNCT
fbem-9139	106	1	l3.is	l3.is	PROPN
fbem-9139	106	2	0.0661	0.0661	NUM
fbem-9139	106	3	-0.0117	-0.0117	NOUN
fbem-9139	106	4	l4.is	l4.i	VERB
fbem-9139	106	5	0.118	0.118	NUM
fbem-9139	106	6	*	*	PUNCT
fbem-9139	106	7	*	*	PUNCT
fbem-9139	107	1	0.00378	0.00378	NUM
fbem-9139	107	2	l1.var	l1.var	NOUN
fbem-9139	107	3	-0.326	-0.326	PUNCT
fbem-9139	107	4	*	*	PUNCT
fbem-9139	107	5	0.911	0.911	NUM
fbem-9139	107	6	*	*	PUNCT
fbem-9139	107	7	*	*	PUNCT
fbem-9139	107	8	*	*	PUNCT
fbem-9139	107	9	l2.var	l2.var	NOUN
fbem-9139	107	10	0.135	0.135	NUM
fbem-9139	107	11	-0.0375	-0.0375	NOUN
fbem-9139	107	12	l3.var	l3.var	NOUN
fbem-9139	108	1	0.0262	0.0262	NUM
fbem-9139	108	2	0.000800	0.000800	NUM
fbem-9139	108	3	l4.var	l4.var	NOUN
fbem-9139	108	4	0.0918	0.0918	NUM
fbem-9139	108	5	0.0277	0.0277	NUM
fbem-9139	108	6	note:*p	note:*p	PROPN
fbem-9139	108	7	<	<	X
fbem-9139	108	8	0.1	0.1	NUM
fbem-9139	108	9	,	,	PUNCT
fbem-9139	108	10	*	*	PUNCT
fbem-9139	108	11	*	*	PUNCT
fbem-9139	108	12	p	p	X
fbem-9139	108	13	<	<	X
fbem-9139	108	14	0.05	0.05	NUM
fbem-9139	108	15	,	,	PUNCT
fbem-9139	108	16	*	*	PUNCT
fbem-9139	108	17	*	*	PUNCT
fbem-9139	108	18	*	*	PUNCT
fbem-9139	108	19	p	p	X
fbem-9139	108	20	<	<	X
fbem-9139	108	21	0.01	0.01	NUM
fbem-9139	108	22	.	.	PUNCT
fbem-9139	109	1	according	accord	VERB
fbem-9139	109	2	to	to	ADP
fbem-9139	109	3	the	the	DET
fbem-9139	109	4	regression	regression	NOUN
fbem-9139	109	5	results	result	NOUN
fbem-9139	109	6	,	,	PUNCT
fbem-9139	109	7	the	the	DET
fbem-9139	109	8	following	follow	VERB
fbem-9139	109	9	conclusions	conclusion	NOUN
fbem-9139	109	10	can	can	AUX
fbem-9139	109	11	be	be	AUX
fbem-9139	109	12	drawn	draw	VERB
fbem-9139	109	13	:	:	PUNCT
fbem-9139	109	14	there	there	PRON
fbem-9139	109	15	is	be	VERB
fbem-9139	109	16	a	a	DET
fbem-9139	109	17	positive	positive	ADJ
fbem-9139	109	18	correlation	correlation	NOUN
fbem-9139	109	19	between	between	ADP
fbem-9139	109	20	investor	investor	NOUN
fbem-9139	109	21	sentiment	sentiment	NOUN
fbem-9139	109	22	and	and	CCONJ
fbem-9139	109	23	stock	stock	NOUN
fbem-9139	109	24	price	price	NOUN
fbem-9139	109	25	volatility	volatility	NOUN
fbem-9139	109	26	,	,	PUNCT
fbem-9139	109	27	that	that	ADV
fbem-9139	109	28	is	is	ADV
fbem-9139	109	29	,	,	PUNCT
fbem-9139	109	30	the	the	DET
fbem-9139	109	31	volatility	volatility	NOUN
fbem-9139	109	32	of	of	ADP
fbem-9139	109	33	investor	investor	NOUN
fbem-9139	109	34	sentiment	sentiment	NOUN
fbem-9139	109	35	and	and	CCONJ
fbem-9139	109	36	the	the	DET
fbem-9139	109	37	volatility	volatility	NOUN
fbem-9139	109	38	of	of	ADP
fbem-9139	109	39	china	china	PROPN
fbem-9139	109	40	's	's	PART
fbem-9139	109	41	stock	stock	NOUN
fbem-9139	109	42	market	market	NOUN
fbem-9139	109	43	price	price	NOUN
fbem-9139	109	44	are	be	AUX
fbem-9139	109	45	in	in	ADP
fbem-9139	109	46	the	the	DET
fbem-9139	109	47	same	same	ADJ
fbem-9139	109	48	direction	direction	NOUN
fbem-9139	109	49	.	.	PUNCT
fbem-9139	110	1	it	it	PRON
fbem-9139	110	2	can	can	AUX
fbem-9139	110	3	be	be	AUX
fbem-9139	110	4	seen	see	VERB
fbem-9139	110	5	from	from	ADP
fbem-9139	110	6	table	table	NOUN
fbem-9139	110	7	5	5	NUM
fbem-9139	110	8	that	that	SCONJ
fbem-9139	110	9	the	the	DET
fbem-9139	110	10	correlation	correlation	NOUN
fbem-9139	110	11	coefficient	coefficient	NOUN
fbem-9139	110	12	between	between	ADP
fbem-9139	110	13	the	the	DET
fbem-9139	110	14	investor	investor	NOUN
fbem-9139	110	15	sentiment	sentiment	NOUN
fbem-9139	110	16	composite	composite	ADJ
fbem-9139	110	17	index	index	NOUN
fbem-9139	110	18	and	and	CCONJ
fbem-9139	110	19	the	the	DET
fbem-9139	110	20	stock	stock	NOUN
fbem-9139	110	21	price	price	NOUN
fbem-9139	110	22	volatility	volatility	NOUN
fbem-9139	110	23	index	index	NOUN
fbem-9139	110	24	is	be	AUX
fbem-9139	110	25	positive	positive	ADJ
fbem-9139	110	26	and	and	CCONJ
fbem-9139	110	27	statistically	statistically	ADV
fbem-9139	110	28	significant	significant	ADJ
fbem-9139	110	29	when	when	SCONJ
fbem-9139	110	30	the	the	DET
fbem-9139	110	31	lag	lag	NOUN
fbem-9139	110	32	order	order	NOUN
fbem-9139	110	33	is	be	AUX
fbem-9139	110	34	1	1	NUM
fbem-9139	110	35	,	,	PUNCT
fbem-9139	110	36	so	so	ADV
fbem-9139	110	37	the	the	DET
fbem-9139	110	38	interaction	interaction	NOUN
fbem-9139	110	39	between	between	ADP
fbem-9139	110	40	the	the	DET
fbem-9139	110	41	two	two	NUM
fbem-9139	110	42	is	be	AUX
fbem-9139	110	43	positive	positive	ADJ
fbem-9139	110	44	.	.	PUNCT
fbem-9139	111	1	the	the	DET
fbem-9139	111	2	fluctuation	fluctuation	NOUN
fbem-9139	111	3	of	of	ADP
fbem-9139	111	4	investor	investor	NOUN
fbem-9139	111	5	sentiment	sentiment	NOUN
fbem-9139	111	6	will	will	AUX
fbem-9139	111	7	have	have	VERB
fbem-9139	111	8	an	an	DET
fbem-9139	111	9	impact	impact	NOUN
fbem-9139	111	10	on	on	ADP
fbem-9139	111	11	the	the	DET
fbem-9139	111	12	price	price	NOUN
fbem-9139	111	13	fluctuation	fluctuation	NOUN
fbem-9139	111	14	of	of	ADP
fbem-9139	111	15	china	china	PROPN
fbem-9139	111	16	's	's	PART
fbem-9139	111	17	stock	stock	NOUN
fbem-9139	111	18	market	market	NOUN
fbem-9139	111	19	,	,	PUNCT
fbem-9139	111	20	and	and	CCONJ
fbem-9139	111	21	this	this	DET
fbem-9139	111	22	impact	impact	NOUN
fbem-9139	111	23	has	have	VERB
fbem-9139	111	24	a	a	DET
fbem-9139	111	25	cross	cross	ADJ
fbem-9139	111	26	-	-	ADJ
fbem-9139	111	27	period	period	ADJ
fbem-9139	111	28	nature	nature	NOUN
fbem-9139	111	29	,	,	PUNCT
fbem-9139	111	30	that	that	ADV
fbem-9139	111	31	is	is	ADV
fbem-9139	111	32	,	,	PUNCT
fbem-9139	111	33	the	the	DET
fbem-9139	111	34	current	current	ADJ
fbem-9139	111	35	investor	investor	NOUN
fbem-9139	111	36	sentiment	sentiment	NOUN
fbem-9139	111	37	fluctuation	fluctuation	NOUN
fbem-9139	111	38	will	will	AUX
fbem-9139	111	39	affect	affect	VERB
fbem-9139	111	40	the	the	DET
fbem-9139	111	41	price	price	NOUN
fbem-9139	111	42	volatility	volatility	NOUN
fbem-9139	111	43	of	of	ADP
fbem-9139	111	44	the	the	DET
fbem-9139	111	45	stock	stock	NOUN
fbem-9139	111	46	market	market	NOUN
fbem-9139	111	47	in	in	ADP
fbem-9139	111	48	the	the	DET
fbem-9139	111	49	next	next	ADJ
fbem-9139	111	50	several	several	ADJ
fbem-9139	111	51	periods	period	NOUN
fbem-9139	111	52	,	,	PUNCT
fbem-9139	111	53	and	and	CCONJ
fbem-9139	111	54	this	this	DET
fbem-9139	111	55	impact	impact	NOUN
fbem-9139	111	56	will	will	AUX
fbem-9139	111	57	decrease	decrease	VERB
fbem-9139	111	58	with	with	ADP
fbem-9139	111	59	the	the	DET
fbem-9139	111	60	increase	increase	NOUN
fbem-9139	111	61	of	of	ADP
fbem-9139	111	62	the	the	DET
fbem-9139	111	63	number	number	NOUN
fbem-9139	111	64	of	of	ADP
fbem-9139	111	65	periods	period	NOUN
fbem-9139	111	66	,	,	PUNCT
fbem-9139	111	67	and	and	CCONJ
fbem-9139	111	68	the	the	DET
fbem-9139	111	69	impact	impact	NOUN
fbem-9139	111	70	of	of	ADP
fbem-9139	111	71	investor	investor	NOUN
fbem-9139	111	72	sentiment	sentiment	NOUN
fbem-9139	111	73	on	on	ADP
fbem-9139	111	74	the	the	DET
fbem-9139	111	75	stock	stock	NOUN
fbem-9139	111	76	price	price	NOUN
fbem-9139	111	77	will	will	AUX
fbem-9139	111	78	weaken	weaken	VERB
fbem-9139	111	79	with	with	ADP
fbem-9139	111	80	the	the	DET
fbem-9139	111	81	passage	passage	NOUN
fbem-9139	111	82	of	of	ADP
fbem-9139	111	83	time	time	NOUN
fbem-9139	111	84	.	.	PUNCT
fbem-9139	112	1	it	it	PRON
fbem-9139	112	2	can	can	AUX
fbem-9139	112	3	be	be	AUX
fbem-9139	112	4	seen	see	VERB
fbem-9139	112	5	from	from	ADP
fbem-9139	112	6	table	table	NOUN
fbem-9139	112	7	5	5	NUM
fbem-9139	112	8	that	that	SCONJ
fbem-9139	112	9	the	the	DET
fbem-9139	112	10	correlation	correlation	NOUN
fbem-9139	112	11	coefficient	coefficient	NOUN
fbem-9139	112	12	between	between	ADP
fbem-9139	112	13	the	the	DET
fbem-9139	112	14	stock	stock	NOUN
fbem-9139	112	15	price	price	NOUN
fbem-9139	112	16	volatility	volatility	NOUN
fbem-9139	112	17	and	and	CCONJ
fbem-9139	112	18	the	the	DET
fbem-9139	112	19	comprehensive	comprehensive	ADJ
fbem-9139	112	20	index	index	NOUN
fbem-9139	112	21	of	of	ADP
fbem-9139	112	22	investor	investor	NOUN
fbem-9139	112	23	sentiment	sentiment	NOUN
fbem-9139	112	24	with	with	ADP
fbem-9139	112	25	a	a	DET
fbem-9139	112	26	lag	lag	NOUN
fbem-9139	112	27	of	of	ADP
fbem-9139	112	28	one	one	NUM
fbem-9139	112	29	period	period	NOUN
fbem-9139	112	30	and	and	CCONJ
fbem-9139	112	31	two	two	NUM
fbem-9139	112	32	periods	period	NOUN
fbem-9139	112	33	is	be	AUX
fbem-9139	112	34	0.0391	0.0391	NUM
fbem-9139	112	35	and	and	CCONJ
fbem-9139	112	36	-0.0236	-0.0236	PROPN
fbem-9139	112	37	.	.	PUNCT
fbem-9139	113	1	the	the	DET
fbem-9139	113	2	correlation	correlation	NOUN
fbem-9139	113	3	coefficient	coefficient	NOUN
fbem-9139	113	4	decreases	decrease	VERB
fbem-9139	113	5	with	with	ADP
fbem-9139	113	6	the	the	DET
fbem-9139	113	7	increase	increase	NOUN
fbem-9139	113	8	of	of	ADP
fbem-9139	113	9	the	the	DET
fbem-9139	113	10	lag	lag	NOUN
fbem-9139	113	11	order	order	NOUN
fbem-9139	113	12	and	and	CCONJ
fbem-9139	113	13	decreases	decrease	VERB
fbem-9139	113	14	significantly	significantly	ADV
fbem-9139	113	15	,	,	PUNCT
fbem-9139	113	16	but	but	CCONJ
fbem-9139	113	17	it	it	PRON
fbem-9139	113	18	is	be	AUX
fbem-9139	113	19	completely	completely	ADV
fbem-9139	113	20	insignificant	insignificant	ADJ
fbem-9139	113	21	in	in	ADP
fbem-9139	113	22	the	the	DET
fbem-9139	113	23	third	third	ADJ
fbem-9139	113	24	lag	lag	NOUN
fbem-9139	113	25	order	order	NOUN
fbem-9139	113	26	.	.	PUNCT
fbem-9139	114	1	the	the	DET
fbem-9139	114	2	reason	reason	NOUN
fbem-9139	114	3	for	for	ADP
fbem-9139	114	4	this	this	DET
fbem-9139	114	5	result	result	NOUN
fbem-9139	114	6	may	may	AUX
fbem-9139	114	7	be	be	AUX
fbem-9139	114	8	that	that	SCONJ
fbem-9139	114	9	investors	investor	NOUN
fbem-9139	114	10	'	'	PART
fbem-9139	114	11	emotions	emotion	NOUN
fbem-9139	114	12	fluctuate	fluctuate	NOUN
fbem-9139	114	13	due	due	ADP
fbem-9139	114	14	to	to	ADP
fbem-9139	114	15	external	external	ADJ
fbem-9139	114	16	information	information	NOUN
fbem-9139	114	17	,	,	PUNCT
fbem-9139	114	18	and	and	CCONJ
fbem-9139	114	19	the	the	DET
fbem-9139	114	20	impact	impact	NOUN
fbem-9139	114	21	of	of	ADP
fbem-9139	114	22	this	this	DET
fbem-9139	114	23	event	event	NOUN
fbem-9139	114	24	will	will	AUX
fbem-9139	114	25	last	last	VERB
fbem-9139	114	26	for	for	ADP
fbem-9139	114	27	a	a	DET
fbem-9139	114	28	period	period	NOUN
fbem-9139	114	29	of	of	ADP
fbem-9139	114	30	time	time	NOUN
fbem-9139	114	31	,	,	PUNCT
fbem-9139	114	32	and	and	CCONJ
fbem-9139	114	33	the	the	DET
fbem-9139	114	34	stock	stock	NOUN
fbem-9139	114	35	price	price	NOUN
fbem-9139	114	36	will	will	AUX
fbem-9139	114	37	fluctuate	fluctuate	VERB
fbem-9139	114	38	for	for	ADP
fbem-9139	114	39	many	many	ADJ
fbem-9139	114	40	days	day	NOUN
fbem-9139	114	41	in	in	ADP
fbem-9139	114	42	the	the	DET
fbem-9139	114	43	future	future	NOUN
fbem-9139	114	44	by	by	ADP
fbem-9139	114	45	affecting	affect	VERB
fbem-9139	114	46	investors	investor	NOUN
fbem-9139	114	47	'	'	PART
fbem-9139	114	48	expectations	expectation	NOUN
fbem-9139	114	49	of	of	ADP
fbem-9139	114	50	the	the	DET
fbem-9139	114	51	future	future	NOUN
fbem-9139	114	52	.	.	PUNCT
fbem-9139	115	1	the	the	DET
fbem-9139	115	2	fluctuation	fluctuation	NOUN
fbem-9139	115	3	of	of	ADP
fbem-9139	115	4	stock	stock	NOUN
fbem-9139	115	5	price	price	NOUN
fbem-9139	115	6	will	will	AUX
fbem-9139	115	7	also	also	ADV
fbem-9139	115	8	affect	affect	VERB
fbem-9139	115	9	the	the	DET
fbem-9139	115	10	fluctuation	fluctuation	NOUN
fbem-9139	115	11	of	of	ADP
fbem-9139	115	12	investor	investor	NOUN
fbem-9139	115	13	sentiment	sentiment	NOUN
fbem-9139	115	14	in	in	ADP
fbem-9139	115	15	turn	turn	NOUN
fbem-9139	115	16	,	,	PUNCT
fbem-9139	115	17	but	but	CCONJ
fbem-9139	115	18	there	there	PRON
fbem-9139	115	19	will	will	AUX
fbem-9139	115	20	be	be	AUX
fbem-9139	115	21	no	no	DET
fbem-9139	115	22	intertemporal	intertemporal	ADJ
fbem-9139	115	23	nature	nature	NOUN
fbem-9139	115	24	,	,	PUNCT
fbem-9139	115	25	that	that	ADV
fbem-9139	115	26	is	is	ADV
fbem-9139	115	27	,	,	PUNCT
fbem-9139	115	28	the	the	DET
fbem-9139	115	29	fluctuation	fluctuation	NOUN
fbem-9139	115	30	of	of	ADP
fbem-9139	115	31	stock	stock	NOUN
fbem-9139	115	32	price	price	NOUN
fbem-9139	115	33	in	in	ADP
fbem-9139	115	34	the	the	DET
fbem-9139	115	35	current	current	ADJ
fbem-9139	115	36	period	period	NOUN
fbem-9139	115	37	will	will	AUX
fbem-9139	115	38	not	not	PART
fbem-9139	115	39	affect	affect	VERB
fbem-9139	115	40	the	the	DET
fbem-9139	115	41	investor	investor	NOUN
fbem-9139	115	42	sentiment	sentiment	NOUN
fbem-9139	115	43	in	in	ADP
fbem-9139	115	44	the	the	DET
fbem-9139	115	45	following	following	ADJ
fbem-9139	115	46	periods	period	NOUN
fbem-9139	115	47	.	.	PUNCT
fbem-9139	116	1	it	it	PRON
fbem-9139	116	2	can	can	AUX
fbem-9139	116	3	be	be	AUX
fbem-9139	116	4	seen	see	VERB
fbem-9139	116	5	from	from	ADP
fbem-9139	116	6	table	table	NOUN
fbem-9139	116	7	5	5	NUM
fbem-9139	116	8	that	that	SCONJ
fbem-9139	116	9	the	the	DET
fbem-9139	116	10	correlation	correlation	NOUN
fbem-9139	116	11	coefficients	coefficient	NOUN
fbem-9139	116	12	of	of	ADP
fbem-9139	116	13	the	the	DET
fbem-9139	116	14	stock	stock	NOUN
fbem-9139	116	15	price	price	NOUN
fbem-9139	116	16	volatility	volatility	NOUN
fbem-9139	116	17	indicators	indicator	NOUN
fbem-9139	116	18	of	of	ADP
fbem-9139	116	19	the	the	DET
fbem-9139	116	20	investor	investor	NOUN
fbem-9139	116	21	sentiment	sentiment	NOUN
fbem-9139	116	22	composite	composite	ADJ
fbem-9139	116	23	index	index	NOUN
fbem-9139	116	24	lagging	lag	VERB
fbem-9139	116	25	behind	behind	ADP
fbem-9139	116	26	the	the	DET
fbem-9139	116	27	two	two	NUM
fbem-9139	116	28	periods	period	NOUN
fbem-9139	116	29	are	be	AUX
fbem-9139	116	30	-0.135	-0.135	NOUN
fbem-9139	116	31	,	,	PUNCT
fbem-9139	116	32	but	but	CCONJ
fbem-9139	116	33	not	not	PART
fbem-9139	116	34	statistically	statistically	ADV
fbem-9139	116	35	significant	significant	ADJ
fbem-9139	116	36	.	.	PUNCT
fbem-9139	117	1	when	when	SCONJ
fbem-9139	117	2	the	the	DET
fbem-9139	117	3	current	current	ADJ
fbem-9139	117	4	stock	stock	NOUN
fbem-9139	117	5	price	price	NOUN
fbem-9139	117	6	volatility	volatility	NOUN
fbem-9139	117	7	intensifies	intensifie	NOUN
fbem-9139	117	8	,	,	PUNCT
fbem-9139	117	9	due	due	ADP
fbem-9139	117	10	to	to	ADP
fbem-9139	117	11	the	the	DET
fbem-9139	117	12	instability	instability	NOUN
fbem-9139	117	13	of	of	ADP
fbem-9139	117	14	the	the	DET
fbem-9139	117	15	yield	yield	NOUN
fbem-9139	117	16	and	and	CCONJ
fbem-9139	117	17	the	the	DET
fbem-9139	117	18	increase	increase	NOUN
fbem-9139	117	19	of	of	ADP
fbem-9139	117	20	risk	risk	NOUN
fbem-9139	117	21	information	information	NOUN
fbem-9139	117	22	,	,	PUNCT
fbem-9139	117	23	investor	investor	NOUN
fbem-9139	117	24	sentiment	sentiment	NOUN
fbem-9139	117	25	will	will	AUX
fbem-9139	117	26	be	be	AUX
fbem-9139	117	27	restrained	restrain	VERB
fbem-9139	117	28	,	,	PUNCT
fbem-9139	117	29	that	that	ADV
fbem-9139	117	30	is	is	ADV
fbem-9139	117	31	,	,	PUNCT
fbem-9139	117	32	the	the	DET
fbem-9139	117	33	common	common	ADJ
fbem-9139	117	34	post	post	ADJ
fbem-9139	117	35	-	-	ADJ
fbem-9139	117	36	volatility	volatility	ADJ
fbem-9139	117	37	consolidation	consolidation	NOUN
fbem-9139	117	38	in	in	ADP
fbem-9139	117	39	the	the	DET
fbem-9139	117	40	market	market	NOUN
fbem-9139	117	41	.	.	PUNCT
fbem-9139	118	1	over	over	ADP
fbem-9139	118	2	time	time	NOUN
fbem-9139	118	3	,	,	PUNCT
fbem-9139	118	4	the	the	DET
fbem-9139	118	5	inhibitory	inhibitory	ADJ
fbem-9139	118	6	effect	effect	NOUN
fbem-9139	118	7	of	of	ADP
fbem-9139	118	8	this	this	DET
fbem-9139	118	9	stock	stock	NOUN
fbem-9139	118	10	price	price	NOUN
fbem-9139	118	11	fluctuation	fluctuation	NOUN
fbem-9139	118	12	on	on	ADP
fbem-9139	118	13	investor	investor	NOUN
fbem-9139	118	14	sentiment	sentiment	NOUN
fbem-9139	118	15	will	will	AUX
fbem-9139	118	16	weaken	weaken	VERB
fbem-9139	118	17	until	until	SCONJ
fbem-9139	118	18	it	it	PRON
fbem-9139	118	19	turns	turn	VERB
fbem-9139	118	20	to	to	ADP
fbem-9139	118	21	a	a	DET
fbem-9139	118	22	positive	positive	ADJ
fbem-9139	118	23	effect	effect	NOUN
fbem-9139	118	24	,	,	PUNCT
fbem-9139	118	25	that	that	ADV
fbem-9139	118	26	is	is	ADV
fbem-9139	118	27	,	,	PUNCT
fbem-9139	118	28	sentiment	sentiment	NOUN
fbem-9139	118	29	and	and	CCONJ
fbem-9139	118	30	market	market	NOUN
fbem-9139	118	31	will	will	AUX
fbem-9139	118	32	warm	warm	VERB
fbem-9139	118	33	up	up	ADP
fbem-9139	118	34	.	.	PUNCT
fbem-9139	119	1	(	(	PUNCT
fbem-9139	119	2	3	3	X
fbem-9139	119	3	)	)	PUNCT
fbem-9139	119	4	impulse	impulse	ADJ
fbem-9139	119	5	response	response	NOUN
fbem-9139	119	6	in	in	ADP
fbem-9139	119	7	order	order	NOUN
fbem-9139	119	8	to	to	PART
fbem-9139	119	9	better	well	ADV
fbem-9139	119	10	explain	explain	VERB
fbem-9139	119	11	the	the	DET
fbem-9139	119	12	internal	internal	ADJ
fbem-9139	119	13	relationship	relationship	NOUN
fbem-9139	119	14	between	between	ADP
fbem-9139	119	15	investor	investor	NOUN
fbem-9139	119	16	sentiment	sentiment	NOUN
fbem-9139	119	17	and	and	CCONJ
fbem-9139	119	18	price	price	NOUN
fbem-9139	119	19	volatility	volatility	NOUN
fbem-9139	119	20	in	in	ADP
fbem-9139	119	21	china	china	PROPN
fbem-9139	119	22	's	's	PART
fbem-9139	119	23	stock	stock	NOUN
fbem-9139	119	24	market	market	NOUN
fbem-9139	119	25	,	,	PUNCT
fbem-9139	119	26	impulse	impulse	ADJ
fbem-9139	119	27	response	response	NOUN
fbem-9139	119	28	analysis	analysis	NOUN
fbem-9139	119	29	is	be	AUX
fbem-9139	119	30	conducted	conduct	VERB
fbem-9139	119	31	for	for	ADP
fbem-9139	119	32	both	both	PRON
fbem-9139	119	33	,	,	PUNCT
fbem-9139	119	34	and	and	CCONJ
fbem-9139	119	35	the	the	DET
fbem-9139	119	36	results	result	NOUN
fbem-9139	119	37	are	be	AUX
fbem-9139	119	38	shown	show	VERB
fbem-9139	119	39	in	in	ADP
fbem-9139	119	40	the	the	DET
fbem-9139	119	41	figure	figure	NOUN
fbem-9139	119	42	below	below	ADV
fbem-9139	119	43	.	.	PUNCT
fbem-9139	120	1	figure	figure	VERB
fbem-9139	120	2	3	3	NUM
fbem-9139	120	3	.	.	PUNCT
fbem-9139	120	4	impulse	impulse	ADJ
fbem-9139	120	5	response	response	NOUN
fbem-9139	120	6	diagram	diagram	NOUN
fbem-9139	120	7	.	.	PUNCT
fbem-9139	121	1	the	the	DET
fbem-9139	121	2	upper	upper	ADJ
fbem-9139	121	3	right	right	ADJ
fbem-9139	121	4	corner	corner	NOUN
fbem-9139	121	5	shows	show	VERB
fbem-9139	121	6	the	the	DET
fbem-9139	121	7	impulse	impulse	ADJ
fbem-9139	121	8	response	response	NOUN
fbem-9139	121	9	of	of	ADP
fbem-9139	121	10	investor	investor	NOUN
fbem-9139	121	11	sentiment	sentiment	NOUN
fbem-9139	121	12	to	to	ADP
fbem-9139	121	13	stock	stock	NOUN
fbem-9139	121	14	price	price	NOUN
fbem-9139	121	15	fluctuations	fluctuation	NOUN
fbem-9139	121	16	.	.	PUNCT
fbem-9139	122	1	it	it	PRON
fbem-9139	122	2	can	can	AUX
fbem-9139	122	3	be	be	AUX
fbem-9139	122	4	seen	see	VERB
fbem-9139	122	5	that	that	SCONJ
fbem-9139	122	6	in	in	ADP
fbem-9139	122	7	the	the	DET
fbem-9139	122	8	current	current	ADJ
fbem-9139	122	9	period	period	NOUN
fbem-9139	122	10	,	,	PUNCT
fbem-9139	122	11	the	the	DET
fbem-9139	122	12	investor	investor	NOUN
fbem-9139	122	13	sentiment	sentiment	NOUN
fbem-9139	122	14	was	be	AUX
fbem-9139	122	15	positively	positively	ADV
fbem-9139	122	16	impacted	impact	VERB
fbem-9139	122	17	,	,	PUNCT
fbem-9139	122	18	and	and	CCONJ
fbem-9139	122	19	the	the	DET
fbem-9139	122	20	stock	stock	NOUN
fbem-9139	122	21	price	price	NOUN
fbem-9139	122	22	fluctuations	fluctuation	NOUN
fbem-9139	122	23	showed	show	VERB
fbem-9139	122	24	129	129	NUM
fbem-9139	122	25	a	a	DET
fbem-9139	122	26	positive	positive	ADJ
fbem-9139	122	27	response	response	NOUN
fbem-9139	122	28	,	,	PUNCT
fbem-9139	122	29	and	and	CCONJ
fbem-9139	122	30	weakened	weaken	VERB
fbem-9139	122	31	after	after	ADP
fbem-9139	122	32	the	the	DET
fbem-9139	122	33	first	first	ADJ
fbem-9139	122	34	period	period	NOUN
fbem-9139	122	35	of	of	ADP
fbem-9139	122	36	the	the	DET
fbem-9139	122	37	study	study	NOUN
fbem-9139	122	38	period	period	NOUN
fbem-9139	122	39	.	.	PUNCT
fbem-9139	123	1	this	this	PRON
fbem-9139	123	2	indicates	indicate	VERB
fbem-9139	123	3	that	that	SCONJ
fbem-9139	123	4	the	the	DET
fbem-9139	123	5	high	high	ADJ
fbem-9139	123	6	investor	investor	NOUN
fbem-9139	123	7	sentiment	sentiment	NOUN
fbem-9139	123	8	will	will	AUX
fbem-9139	123	9	positively	positively	ADV
fbem-9139	123	10	affect	affect	VERB
fbem-9139	123	11	the	the	DET
fbem-9139	123	12	volatility	volatility	NOUN
fbem-9139	123	13	of	of	ADP
fbem-9139	123	14	stock	stock	NOUN
fbem-9139	123	15	prices	price	NOUN
fbem-9139	123	16	and	and	CCONJ
fbem-9139	123	17	weaken	weaken	VERB
fbem-9139	123	18	in	in	ADP
fbem-9139	123	19	the	the	DET
fbem-9139	123	20	following	following	ADJ
fbem-9139	123	21	time	time	NOUN
fbem-9139	123	22	.	.	PUNCT
fbem-9139	124	1	the	the	DET
fbem-9139	124	2	lower	low	ADJ
fbem-9139	124	3	left	left	ADJ
fbem-9139	124	4	corner	corner	NOUN
fbem-9139	124	5	shows	show	VERB
fbem-9139	124	6	the	the	DET
fbem-9139	124	7	impulse	impulse	ADJ
fbem-9139	124	8	response	response	NOUN
fbem-9139	124	9	of	of	ADP
fbem-9139	124	10	stock	stock	NOUN
fbem-9139	124	11	price	price	NOUN
fbem-9139	124	12	fluctuations	fluctuation	NOUN
fbem-9139	124	13	to	to	ADP
fbem-9139	124	14	investor	investor	NOUN
fbem-9139	124	15	sentiment	sentiment	NOUN
fbem-9139	124	16	.	.	PUNCT
fbem-9139	125	1	it	it	PRON
fbem-9139	125	2	can	can	AUX
fbem-9139	125	3	be	be	AUX
fbem-9139	125	4	seen	see	VERB
fbem-9139	125	5	that	that	SCONJ
fbem-9139	125	6	when	when	SCONJ
fbem-9139	125	7	the	the	DET
fbem-9139	125	8	current	current	ADJ
fbem-9139	125	9	positive	positive	ADJ
fbem-9139	125	10	impact	impact	NOUN
fbem-9139	125	11	on	on	ADP
fbem-9139	125	12	stock	stock	NOUN
fbem-9139	125	13	price	price	NOUN
fbem-9139	125	14	fluctuations	fluctuation	NOUN
fbem-9139	125	15	,	,	PUNCT
fbem-9139	125	16	investor	investor	NOUN
fbem-9139	125	17	sentiment	sentiment	NOUN
fbem-9139	125	18	presents	present	VERB
fbem-9139	125	19	a	a	DET
fbem-9139	125	20	reverse	reverse	ADJ
fbem-9139	125	21	reaction	reaction	NOUN
fbem-9139	125	22	,	,	PUNCT
fbem-9139	125	23	and	and	CCONJ
fbem-9139	125	24	changes	change	VERB
fbem-9139	125	25	direction	direction	NOUN
fbem-9139	125	26	after	after	ADP
fbem-9139	125	27	the	the	DET
fbem-9139	125	28	first	first	ADJ
fbem-9139	125	29	period	period	NOUN
fbem-9139	125	30	in	in	ADP
fbem-9139	125	31	the	the	DET
fbem-9139	125	32	research	research	NOUN
fbem-9139	125	33	period	period	NOUN
fbem-9139	125	34	,	,	PUNCT
fbem-9139	125	35	and	and	CCONJ
fbem-9139	125	36	gradually	gradually	ADV
fbem-9139	125	37	eases	ease	VERB
fbem-9139	125	38	and	and	CCONJ
fbem-9139	125	39	tends	tend	VERB
fbem-9139	125	40	to	to	PART
fbem-9139	125	41	disappear	disappear	VERB
fbem-9139	125	42	.	.	PUNCT
fbem-9139	126	1	this	this	PRON
fbem-9139	126	2	indicates	indicate	VERB
fbem-9139	126	3	that	that	SCONJ
fbem-9139	126	4	the	the	DET
fbem-9139	126	5	intensification	intensification	NOUN
fbem-9139	126	6	of	of	ADP
fbem-9139	126	7	stock	stock	NOUN
fbem-9139	126	8	price	price	NOUN
fbem-9139	126	9	fluctuations	fluctuation	NOUN
fbem-9139	126	10	will	will	AUX
fbem-9139	126	11	inhibit	inhibit	VERB
fbem-9139	126	12	investor	investor	NOUN
fbem-9139	126	13	sentiment	sentiment	NOUN
fbem-9139	126	14	,	,	PUNCT
fbem-9139	126	15	but	but	CCONJ
fbem-9139	126	16	will	will	AUX
fbem-9139	126	17	usher	usher	VERB
fbem-9139	126	18	in	in	ADP
fbem-9139	126	19	a	a	DET
fbem-9139	126	20	rebound	rebound	NOUN
fbem-9139	126	21	in	in	ADP
fbem-9139	126	22	the	the	DET
fbem-9139	126	23	next	next	ADJ
fbem-9139	126	24	period	period	NOUN
fbem-9139	126	25	,	,	PUNCT
fbem-9139	126	26	that	that	ADV
fbem-9139	126	27	is	is	ADV
fbem-9139	126	28	,	,	PUNCT
fbem-9139	126	29	after	after	ADP
fbem-9139	126	30	one	one	NUM
fbem-9139	126	31	month	month	NOUN
fbem-9139	126	32	's	's	PART
fbem-9139	126	33	adjustment	adjustment	NOUN
fbem-9139	126	34	,	,	PUNCT
fbem-9139	126	35	investor	investor	NOUN
fbem-9139	126	36	sentiment	sentiment	NOUN
fbem-9139	126	37	will	will	AUX
fbem-9139	126	38	tend	tend	VERB
fbem-9139	126	39	to	to	PART
fbem-9139	126	40	rise	rise	VERB
fbem-9139	126	41	and	and	CCONJ
fbem-9139	126	42	the	the	DET
fbem-9139	126	43	market	market	NOUN
fbem-9139	126	44	will	will	AUX
fbem-9139	126	45	tend	tend	VERB
fbem-9139	126	46	to	to	PART
fbem-9139	126	47	warm	warm	VERB
fbem-9139	126	48	up	up	ADP
fbem-9139	126	49	.	.	PUNCT
fbem-9139	127	1	5	5	X
fbem-9139	127	2	.	.	X
fbem-9139	127	3	conclusion	conclusion	NOUN
fbem-9139	127	4	this	this	DET
fbem-9139	127	5	paper	paper	NOUN
fbem-9139	127	6	uses	use	VERB
fbem-9139	127	7	granger	granger	PROPN
fbem-9139	127	8	causality	causality	PROPN
fbem-9139	127	9	test	test	NOUN
fbem-9139	127	10	to	to	PART
fbem-9139	127	11	further	far	ADV
fbem-9139	127	12	judge	judge	VERB
fbem-9139	127	13	the	the	DET
fbem-9139	127	14	direction	direction	NOUN
fbem-9139	127	15	of	of	ADP
fbem-9139	127	16	the	the	DET
fbem-9139	127	17	interaction	interaction	NOUN
fbem-9139	127	18	between	between	ADP
fbem-9139	127	19	investor	investor	NOUN
fbem-9139	127	20	sentiment	sentiment	NOUN
fbem-9139	127	21	,	,	PUNCT
fbem-9139	127	22	the	the	DET
fbem-9139	127	23	yield	yield	NOUN
fbem-9139	127	24	of	of	ADP
fbem-9139	127	25	the	the	DET
fbem-9139	127	26	csi	csi	ADJ
fbem-9139	127	27	300	300	NUM
fbem-9139	127	28	index	index	NOUN
fbem-9139	127	29	and	and	CCONJ
fbem-9139	127	30	its	its	PRON
fbem-9139	127	31	volatility	volatility	NOUN
fbem-9139	127	32	.	.	PUNCT
fbem-9139	128	1	the	the	DET
fbem-9139	128	2	results	result	NOUN
fbem-9139	128	3	show	show	VERB
fbem-9139	128	4	that	that	SCONJ
fbem-9139	128	5	the	the	DET
fbem-9139	128	6	return	return	NOUN
fbem-9139	128	7	of	of	ADP
fbem-9139	128	8	the	the	DET
fbem-9139	128	9	csi	csi	ADJ
fbem-9139	128	10	300	300	NUM
fbem-9139	128	11	index	index	NOUN
fbem-9139	128	12	is	be	AUX
fbem-9139	128	13	the	the	DET
fbem-9139	128	14	reason	reason	NOUN
fbem-9139	128	15	for	for	ADP
fbem-9139	128	16	the	the	DET
fbem-9139	128	17	change	change	NOUN
fbem-9139	128	18	of	of	ADP
fbem-9139	128	19	investor	investor	NOUN
fbem-9139	128	20	sentiment	sentiment	NOUN
fbem-9139	128	21	under	under	ADP
fbem-9139	128	22	the	the	DET
fbem-9139	128	23	significance	significance	NOUN
fbem-9139	128	24	level	level	NOUN
fbem-9139	128	25	of	of	ADP
fbem-9139	128	26	1	1	NUM
fbem-9139	128	27	%	%	NOUN
fbem-9139	128	28	;	;	PUNCT
fbem-9139	128	29	both	both	DET
fbem-9139	128	30	investor	investor	NOUN
fbem-9139	128	31	sentiment	sentiment	NOUN
fbem-9139	128	32	and	and	CCONJ
fbem-9139	128	33	the	the	DET
fbem-9139	128	34	yield	yield	NOUN
fbem-9139	128	35	of	of	ADP
fbem-9139	128	36	the	the	DET
fbem-9139	128	37	csi	csi	ADJ
fbem-9139	128	38	300	300	NUM
fbem-9139	128	39	index	index	NOUN
fbem-9139	128	40	at	at	ADP
fbem-9139	128	41	the	the	DET
fbem-9139	128	42	5	5	NUM
fbem-9139	128	43	%	%	NOUN
fbem-9139	128	44	significance	significance	NOUN
fbem-9139	128	45	level	level	NOUN
fbem-9139	128	46	are	be	AUX
fbem-9139	128	47	the	the	DET
fbem-9139	128	48	reasons	reason	NOUN
fbem-9139	128	49	for	for	ADP
fbem-9139	128	50	the	the	DET
fbem-9139	128	51	volatility	volatility	NOUN
fbem-9139	128	52	change	change	NOUN
fbem-9139	128	53	;	;	PUNCT
fbem-9139	128	54	however	however	ADV
fbem-9139	128	55	,	,	PUNCT
fbem-9139	128	56	at	at	ADP
fbem-9139	128	57	the	the	DET
fbem-9139	128	58	significance	significance	NOUN
fbem-9139	128	59	level	level	NOUN
fbem-9139	128	60	of	of	ADP
fbem-9139	128	61	5	5	NUM
fbem-9139	128	62	%	%	NOUN
fbem-9139	128	63	,	,	PUNCT
fbem-9139	128	64	the	the	DET
fbem-9139	128	65	change	change	NOUN
fbem-9139	128	66	of	of	ADP
fbem-9139	128	67	investor	investor	NOUN
fbem-9139	128	68	sentiment	sentiment	NOUN
fbem-9139	128	69	is	be	AUX
fbem-9139	128	70	not	not	PART
fbem-9139	128	71	the	the	DET
fbem-9139	128	72	reason	reason	NOUN
fbem-9139	128	73	for	for	ADP
fbem-9139	128	74	the	the	DET
fbem-9139	128	75	change	change	NOUN
fbem-9139	128	76	of	of	ADP
fbem-9139	128	77	the	the	DET
fbem-9139	128	78	yield	yield	NOUN
fbem-9139	128	79	of	of	ADP
fbem-9139	128	80	the	the	DET
fbem-9139	128	81	csi	csi	ADJ
fbem-9139	128	82	300	300	NUM
fbem-9139	128	83	index	index	NOUN
fbem-9139	128	84	.	.	PUNCT
fbem-9139	129	1	and	and	CCONJ
fbem-9139	129	2	there	there	PRON
fbem-9139	129	3	is	be	VERB
fbem-9139	129	4	a	a	DET
fbem-9139	129	5	significant	significant	ADJ
fbem-9139	129	6	relationship	relationship	NOUN
fbem-9139	129	7	between	between	ADP
fbem-9139	129	8	daily	daily	ADJ
fbem-9139	129	9	investor	investor	NOUN
fbem-9139	129	10	sentiment	sentiment	NOUN
fbem-9139	129	11	and	and	CCONJ
fbem-9139	129	12	stock	stock	NOUN
fbem-9139	129	13	index	index	NOUN
fbem-9139	129	14	volatility	volatility	NOUN
fbem-9139	129	15	.	.	PUNCT
fbem-9139	130	1	through	through	ADP
fbem-9139	130	2	the	the	DET
fbem-9139	130	3	detailed	detailed	ADJ
fbem-9139	130	4	analysis	analysis	NOUN
fbem-9139	130	5	of	of	ADP
fbem-9139	130	6	the	the	DET
fbem-9139	130	7	mechanism	mechanism	NOUN
fbem-9139	130	8	between	between	ADP
fbem-9139	130	9	the	the	DET
fbem-9139	130	10	two	two	NUM
fbem-9139	130	11	through	through	ADP
fbem-9139	130	12	the	the	DET
fbem-9139	130	13	var	var	NOUN
fbem-9139	130	14	model	model	NOUN
fbem-9139	130	15	,	,	PUNCT
fbem-9139	130	16	the	the	DET
fbem-9139	130	17	overall	overall	ADJ
fbem-9139	130	18	conclusions	conclusion	NOUN
fbem-9139	130	19	are	be	AUX
fbem-9139	130	20	as	as	SCONJ
fbem-9139	130	21	follows	follow	VERB
fbem-9139	130	22	:	:	PUNCT
fbem-9139	130	23	(	(	PUNCT
fbem-9139	130	24	1	1	X
fbem-9139	130	25	)	)	PUNCT
fbem-9139	130	26	the	the	DET
fbem-9139	130	27	effect	effect	NOUN
fbem-9139	130	28	of	of	ADP
fbem-9139	130	29	investor	investor	NOUN
fbem-9139	130	30	sentiment	sentiment	NOUN
fbem-9139	130	31	on	on	ADP
fbem-9139	130	32	stock	stock	NOUN
fbem-9139	130	33	price	price	NOUN
fbem-9139	130	34	volatility	volatility	NOUN
fbem-9139	130	35	is	be	AUX
fbem-9139	130	36	positive	positive	ADJ
fbem-9139	130	37	,	,	PUNCT
fbem-9139	130	38	the	the	DET
fbem-9139	130	39	rise	rise	NOUN
fbem-9139	130	40	of	of	ADP
fbem-9139	130	41	investor	investor	NOUN
fbem-9139	130	42	sentiment	sentiment	NOUN
fbem-9139	130	43	will	will	AUX
fbem-9139	130	44	lead	lead	VERB
fbem-9139	130	45	to	to	ADP
fbem-9139	130	46	the	the	DET
fbem-9139	130	47	increase	increase	NOUN
fbem-9139	130	48	of	of	ADP
fbem-9139	130	49	stock	stock	NOUN
fbem-9139	130	50	price	price	NOUN
fbem-9139	130	51	volatility	volatility	NOUN
fbem-9139	130	52	,	,	PUNCT
fbem-9139	130	53	and	and	CCONJ
fbem-9139	130	54	the	the	DET
fbem-9139	130	55	fall	fall	NOUN
fbem-9139	130	56	of	of	ADP
fbem-9139	130	57	investor	investor	NOUN
fbem-9139	130	58	sentiment	sentiment	NOUN
fbem-9139	130	59	will	will	AUX
fbem-9139	130	60	lead	lead	VERB
fbem-9139	130	61	to	to	ADP
fbem-9139	130	62	the	the	DET
fbem-9139	130	63	reduction	reduction	NOUN
fbem-9139	130	64	of	of	ADP
fbem-9139	130	65	stock	stock	NOUN
fbem-9139	130	66	price	price	NOUN
fbem-9139	130	67	volatility	volatility	NOUN
fbem-9139	130	68	,	,	PUNCT
fbem-9139	130	69	and	and	CCONJ
fbem-9139	130	70	this	this	DET
fbem-9139	130	71	effect	effect	NOUN
fbem-9139	130	72	has	have	VERB
fbem-9139	130	73	a	a	DET
fbem-9139	130	74	cross	cross	ADJ
fbem-9139	130	75	-	-	ADJ
fbem-9139	130	76	period	period	ADJ
fbem-9139	130	77	nature	nature	NOUN
fbem-9139	130	78	,	,	PUNCT
fbem-9139	130	79	that	that	ADV
fbem-9139	130	80	is	is	ADV
fbem-9139	130	81	,	,	PUNCT
fbem-9139	130	82	the	the	DET
fbem-9139	130	83	current	current	ADJ
fbem-9139	130	84	investor	investor	NOUN
fbem-9139	130	85	sentiment	sentiment	NOUN
fbem-9139	130	86	volatility	volatility	NOUN
fbem-9139	130	87	will	will	AUX
fbem-9139	130	88	affect	affect	VERB
fbem-9139	130	89	the	the	DET
fbem-9139	130	90	stock	stock	NOUN
fbem-9139	130	91	price	price	NOUN
fbem-9139	130	92	volatility	volatility	NOUN
fbem-9139	130	93	in	in	ADP
fbem-9139	130	94	the	the	DET
fbem-9139	130	95	following	following	ADJ
fbem-9139	130	96	periods	period	NOUN
fbem-9139	130	97	,	,	PUNCT
fbem-9139	130	98	moreover	moreover	ADV
fbem-9139	130	99	,	,	PUNCT
fbem-9139	130	100	this	this	DET
fbem-9139	130	101	impact	impact	NOUN
fbem-9139	130	102	will	will	AUX
fbem-9139	130	103	decrease	decrease	VERB
fbem-9139	130	104	with	with	ADP
fbem-9139	130	105	the	the	DET
fbem-9139	130	106	number	number	NOUN
fbem-9139	130	107	of	of	ADP
fbem-9139	130	108	spanning	span	VERB
fbem-9139	130	109	periods	period	NOUN
fbem-9139	130	110	,	,	PUNCT
fbem-9139	130	111	and	and	CCONJ
fbem-9139	130	112	the	the	DET
fbem-9139	130	113	impact	impact	NOUN
fbem-9139	130	114	will	will	AUX
fbem-9139	130	115	weaken	weaken	VERB
fbem-9139	130	116	with	with	ADP
fbem-9139	130	117	time	time	NOUN
fbem-9139	130	118	.	.	PUNCT
fbem-9139	131	1	(	(	PUNCT
fbem-9139	131	2	2	2	X
fbem-9139	131	3	)	)	PUNCT
fbem-9139	131	4	it	it	PRON
fbem-9139	131	5	is	be	AUX
fbem-9139	131	6	not	not	PART
fbem-9139	131	7	only	only	ADV
fbem-9139	131	8	investor	investor	NOUN
fbem-9139	131	9	sentiment	sentiment	NOUN
fbem-9139	131	10	that	that	PRON
fbem-9139	131	11	has	have	VERB
fbem-9139	131	12	a	a	DET
fbem-9139	131	13	one	one	NUM
fbem-9139	131	14	-	-	PUNCT
fbem-9139	131	15	way	way	NOUN
fbem-9139	131	16	impact	impact	NOUN
fbem-9139	131	17	on	on	ADP
fbem-9139	131	18	the	the	DET
fbem-9139	131	19	price	price	NOUN
fbem-9139	131	20	fluctuation	fluctuation	NOUN
fbem-9139	131	21	of	of	ADP
fbem-9139	131	22	china	china	PROPN
fbem-9139	131	23	's	's	PART
fbem-9139	131	24	stock	stock	NOUN
fbem-9139	131	25	market	market	NOUN
fbem-9139	131	26	,	,	PUNCT
fbem-9139	131	27	but	but	CCONJ
fbem-9139	131	28	also	also	ADV
fbem-9139	131	29	the	the	DET
fbem-9139	131	30	price	price	NOUN
fbem-9139	131	31	fluctuation	fluctuation	NOUN
fbem-9139	131	32	of	of	ADP
fbem-9139	131	33	china	china	PROPN
fbem-9139	131	34	's	's	PART
fbem-9139	131	35	stock	stock	NOUN
fbem-9139	131	36	market	market	NOUN
fbem-9139	131	37	will	will	AUX
fbem-9139	131	38	in	in	ADP
fbem-9139	131	39	turn	turn	NOUN
fbem-9139	131	40	affect	affect	VERB
fbem-9139	131	41	the	the	DET
fbem-9139	131	42	volatility	volatility	NOUN
fbem-9139	131	43	of	of	ADP
fbem-9139	131	44	investor	investor	NOUN
fbem-9139	131	45	sentiment	sentiment	NOUN
fbem-9139	131	46	,	,	PUNCT
fbem-9139	131	47	but	but	CCONJ
fbem-9139	131	48	this	this	DET
fbem-9139	131	49	impact	impact	NOUN
fbem-9139	131	50	is	be	AUX
fbem-9139	131	51	reversed	reverse	VERB
fbem-9139	131	52	at	at	ADP
fbem-9139	131	53	the	the	DET
fbem-9139	131	54	initial	initial	ADJ
fbem-9139	131	55	stage	stage	NOUN
fbem-9139	131	56	,	,	PUNCT
fbem-9139	131	57	and	and	CCONJ
fbem-9139	131	58	then	then	ADV
fbem-9139	131	59	will	will	AUX
fbem-9139	131	60	turn	turn	VERB
fbem-9139	131	61	positive	positive	ADJ
fbem-9139	131	62	.	.	PUNCT
fbem-9139	132	1	acknowledgment	acknowledgment	NOUN
fbem-9139	132	2	the	the	DET
fbem-9139	132	3	author	author	NOUN
fbem-9139	132	4	is	be	AUX
fbem-9139	132	5	very	very	ADV
fbem-9139	132	6	grateful	grateful	ADJ
fbem-9139	132	7	for	for	ADP
fbem-9139	132	8	the	the	DET
fbem-9139	132	9	support	support	NOUN
fbem-9139	132	10	and	and	CCONJ
fbem-9139	132	11	assistance	assistance	NOUN
fbem-9139	132	12	of	of	ADP
fbem-9139	132	13	my	my	PRON
fbem-9139	132	14	supervisor	supervisor	NOUN
fbem-9139	132	15	and	and	CCONJ
fbem-9139	132	16	classmates	classmate	NOUN
fbem-9139	132	17	.	.	PUNCT
fbem-9139	133	1	references	reference	NOUN
fbem-9139	133	2	[	[	X
fbem-9139	133	3	1	1	NUM
fbem-9139	133	4	]	]	X
fbem-9139	133	5	andrei	andrei	NOUN
fbem-9139	133	6	shleifer	shleifer	PROPN
fbem-9139	133	7	,	,	PUNCT
fbem-9139	133	8	richard	richard	PROPN
fbem-9139	133	9	h.thaler	h.thaler	PROPN
fbem-9139	133	10	,	,	PUNCT
fbem-9139	133	11	charles	charles	PROPN
fbem-9139	133	12	m	m	PROPN
fbem-9139	133	13	c	c	PROPN
fbem-9139	133	14	lee	lee	PROPN
fbem-9139	133	15	.	.	PUNCT
fbem-9139	134	1	‘investor	‘investor	NOUN
fbem-9139	134	2	sentiment	sentiment	NOUN
fbem-9139	134	3	and	and	CCONJ
fbem-9139	134	4	closed	closed	ADJ
fbem-9139	134	5	-	-	PUNCT
fbem-9139	134	6	end	end	NOUN
fbem-9139	134	7	fund	fund	NOUN
fbem-9139	134	8	puzzle	puzzle	NOUN
fbem-9139	135	1	[	[	X
fbem-9139	135	2	j	j	X
fbem-9139	135	3	]	]	X
fbem-9139	135	4	.	.	PUNCT
fbem-9139	136	1	journal	journal	PROPN
fbem-9139	136	2	of	of	ADP
fbem-9139	136	3	finance	finance	NOUN
fbem-9139	136	4	,	,	PUNCT
fbem-9139	136	5	1991	1991	NUM
fbem-9139	136	6	,	,	PUNCT
fbem-9139	136	7	46(1):75	46(1):75	PROPN
fbem-9139	136	8	-	-	PUNCT
fbem-9139	136	9	109	109	NUM
fbem-9139	136	10	.	.	PUNCT
fbem-9139	137	1	[	[	X
fbem-9139	137	2	2	2	X
fbem-9139	137	3	]	]	X
fbem-9139	137	4	baker	baker	PROPN
fbem-9139	137	5	m	m	PROPN
fbem-9139	137	6	,	,	PUNCT
fbem-9139	137	7	wurgler	wurgler	NOUN
fbem-9139	137	8	j.investor	j.investor	NOUN
fbem-9139	137	9	sentiment	sentiment	NOUN
fbem-9139	137	10	and	and	CCONJ
fbem-9139	137	11	the	the	DET
fbem-9139	137	12	crosssection	crosssection	NOUN
fbem-9139	137	13	of	of	ADP
fbem-9139	137	14	stock	stock	NOUN
fbem-9139	137	15	returns[j].the	returns[j].the	DET
fbem-9139	137	16	journal	journal	PROPN
fbem-9139	137	17	of	of	ADP
fbem-9139	137	18	finance	finance	NOUN
fbem-9139	137	19	,	,	PUNCT
fbem-9139	137	20	2006	2006	NUM
fbem-9139	137	21	(	(	PUNCT
fbem-9139	137	22	4	4	NUM
fbem-9139	137	23	):	):	PUNCT
fbem-9139	137	24	1645	1645	NUM
fbem-9139	137	25	-	-	SYM
fbem-9139	137	26	1680	1680	NUM
fbem-9139	137	27	.	.	PUNCT
fbem-9139	138	1	[	[	X
fbem-9139	138	2	3	3	NUM
fbem-9139	138	3	]	]	X
fbem-9139	138	4	brown	brown	NOUN
fbem-9139	138	5	g	g	PROPN
fbem-9139	138	6	w	w	PROPN
fbem-9139	138	7	,	,	PUNCT
fbem-9139	138	8	cliff	cliff	NOUN
fbem-9139	138	9	m	m	NOUN
fbem-9139	138	10	t.investor	t.investor	NOUN
fbem-9139	138	11	sentiment	sentiment	NOUN
fbem-9139	138	12	and	and	CCONJ
fbem-9139	138	13	asset	asset	NOUN
fbem-9139	138	14	valuation	valuation	NOUN
fbem-9139	139	1	[	[	X
fbem-9139	139	2	j	j	X
fbem-9139	139	3	]	]	X
fbem-9139	139	4	.	.	PUNCT
fbem-9139	140	1	journal	journal	PROPN
fbem-9139	140	2	of	of	ADP
fbem-9139	140	3	business,2005,78(2):405	business,2005,78(2):405	PROPN
fbem-9139	140	4	-	-	PUNCT
fbem-9139	140	5	440	440	NUM
fbem-9139	140	6	.	.	PUNCT
fbem-9139	141	1	[	[	X
fbem-9139	141	2	4	4	NUM
fbem-9139	141	3	]	]	PUNCT
fbem-9139	141	4	solt	solt	NOUN
fbem-9139	141	5	,	,	PUNCT
fbem-9139	141	6	michael	michael	PROPN
fbem-9139	141	7	e.	e.	PROPN
fbem-9139	141	8	,meir	,meir	PROPN
fbem-9139	141	9	statman.how	statman.how	PROPN
fbem-9139	141	10	useful	useful	ADJ
fbem-9139	141	11	is	be	AUX
fbem-9139	141	12	the	the	DET
fbem-9139	141	13	sentiment	sentiment	NOUN
fbem-9139	141	14	index	index	NOUN
fbem-9139	141	15	?	?	PUNCT
fbem-9139	142	1	[	[	X
fbem-9139	142	2	j	j	X
fbem-9139	142	3	]	]	X
fbem-9139	142	4	.	.	PUNCT
fbem-9139	143	1	financial	financial	ADJ
fbem-9139	143	2	analysts	analyst	NOUN
fbem-9139	143	3	lournfl	lournfl	PROPN
fbem-9139	143	4	l	l	PROPN
fbem-9139	143	5	,	,	PUNCT
fbem-9139	143	6	1988	1988	NUM
fbem-9139	143	7	(	(	PUNCT
fbem-9139	143	8	44	44	NUM
fbem-9139	143	9	)	)	PUNCT
fbem-9139	143	10	(	(	PUNCT
fbem-9139	143	11	september	september	PROPN
fbem-9139	143	12	/	/	SYM
fbem-9139	143	13	october):45	october):45	PROPN
fbem-9139	143	14	-	-	PUNCT
fbem-9139	143	15	55	55	NUM
fbem-9139	143	16	.	.	PUNCT
fbem-9139	144	1	[	[	X
fbem-9139	144	2	5	5	X
fbem-9139	144	3	]	]	PUNCT
fbem-9139	144	4	wang	wang	PROPN
fbem-9139	144	5	mei	mei	PROPN
fbem-9139	144	6	jin	jin	PROPN
fbem-9139	144	7	,	,	PUNCT
fbem-9139	144	8	sun	sun	PROPN
fbem-9139	144	9	jian	jian	PROPN
fbem-9139	144	10	jun	jun	PROPN
fbem-9139	144	11	,	,	PUNCT
fbem-9139	144	12	2004	2004	NUM
fbem-9139	144	13	,	,	PUNCT
fbem-9139	144	14	stock	stock	NOUN
fbem-9139	144	15	market	market	NOUN
fbem-9139	144	16	returns	return	NOUN
fbem-9139	144	17	,	,	PUNCT
fbem-9139	144	18	volatility	volatility	NOUN
fbem-9139	144	19	and	and	CCONJ
fbem-9139	144	20	the	the	DET
fbem-9139	144	21	role	role	NOUN
fbem-9139	144	22	of	of	ADP
fbem-9139	144	23	investor	investor	NOUN
fbem-9139	144	24	sentiment	sentiment	NOUN
fbem-9139	144	25	in	in	ADP
fbem-9139	144	26	china	china	PROPN
fbem-9139	145	1	[	[	X
fbem-9139	145	2	j	j	X
fbem-9139	145	3	]	]	X
fbem-9139	145	4	.	.	PUNCT
fbem-9139	146	1	economic	economic	ADJ
fbem-9139	146	2	research	research	NOUN
fbem-9139	146	3	journal,10:75	journal,10:75	PROPN
fbem-9139	146	4	-	-	PUNCT
fbem-9139	146	5	83	83	NUM
fbem-9139	146	6	.	.	PUNCT
fbem-9139	147	1	[	[	X
fbem-9139	147	2	6	6	NUM
fbem-9139	147	3	]	]	X
fbem-9139	147	4	lu	lu	PROPN
fbem-9139	147	5	xun	xun	PROPN
fbem-9139	147	6	fa	fa	PROPN
fbem-9139	147	7	,	,	PUNCT
fbem-9139	147	8	li	li	PROPN
fbem-9139	147	9	jian	jian	PROPN
fbem-9139	147	10	qiang	qiang	PROPN
fbem-9139	147	11	,	,	PUNCT
fbem-9139	147	12	2012	2012	NUM
fbem-9139	147	13	,	,	PUNCT
fbem-9139	147	14	relationship	relationship	NOUN
fbem-9139	147	15	between	between	ADP
fbem-9139	147	16	stock	stock	NOUN
fbem-9139	147	17	indices	index	NOUN
fbem-9139	147	18	and	and	CCONJ
fbem-9139	147	19	investors'sentiment	investors'sentiment	NOUN
fbem-9139	147	20	index	index	NOUN
fbem-9139	147	21	in	in	ADP
fbem-9139	147	22	chinese	chinese	ADJ
fbem-9139	147	23	financial	financial	ADJ
fbem-9139	147	24	market	market	NOUN
fbem-9139	148	1	[	[	X
fbem-9139	148	2	j	j	X
fbem-9139	148	3	]	]	X
fbem-9139	148	4	.	.	PUNCT
fbem-9139	149	1	systems	system	NOUN
fbem-9139	149	2	engineering	engineering	NOUN
fbem-9139	149	3	-	-	PUNCT
fbem-9139	149	4	theory	theory	NOUN
fbem-9139	149	5	&	&	CCONJ
fbem-9139	149	6	practice	practice	NOUN
fbem-9139	149	7	,	,	PUNCT
fbem-9139	149	8	32(03	32(03	NUM
fbem-9139	149	9	):	):	PUNCT
fbem-9139	149	10	621	621	NUM
fbem-9139	149	11	-	-	SYM
fbem-9139	149	12	629	629	NUM
fbem-9139	149	13	.	.	PUNCT
fbem-9139	150	1	[	[	X
fbem-9139	150	2	7	7	NUM
fbem-9139	150	3	]	]	X
fbem-9139	150	4	delong	delong	PROPN
fbem-9139	150	5	,	,	PUNCT
fbem-9139	150	6	m.r	m.r	PROPN
fbem-9139	150	7	.	.	PROPN
fbem-9139	150	8	,	,	PUNCT
fbem-9139	150	9	1990	1990	NUM
fbem-9139	150	10	,	,	PUNCT
fbem-9139	150	11	primate	primate	NOUN
fbem-9139	150	12	models	model	NOUN
fbem-9139	150	13	of	of	ADP
fbem-9139	150	14	movement	movement	NOUN
fbem-9139	150	15	disorders	disorder	NOUN
fbem-9139	150	16	of	of	ADP
fbem-9139	150	17	basal	basal	ADJ
fbem-9139	150	18	ganglia[j].trends	ganglia[j].trend	NOUN
fbem-9139	150	19	in	in	ADP
fbem-9139	150	20	neurosciences,13(7):281	neurosciences,13(7):281	NOUN
fbem-9139	150	21	-	-	NUM
fbem-9139	150	22	285	285	NUM
fbem-9139	150	23	.	.	PUNCT
fbem-9139	151	1	[	[	X
fbem-9139	151	2	8	8	NUM
fbem-9139	151	3	]	]	X
fbem-9139	151	4	zhou	zhou	X
fbem-9139	151	5	liang,2018,the	liang,2018,the	PROPN
fbem-9139	151	6	impact	impact	NOUN
fbem-9139	151	7	of	of	ADP
fbem-9139	151	8	investor	investor	NOUN
fbem-9139	151	9	sentiment	sentiment	NOUN
fbem-9139	151	10	on	on	ADP
fbem-9139	151	11	stock	stock	NOUN
fbem-9139	151	12	market	market	NOUN
fbem-9139	151	13	returns	return	NOUN
fbem-9139	151	14	-a	-a	X
fbem-9139	151	15	study	study	NOUN
fbem-9139	151	16	of	of	ADP
fbem-9139	151	17	instrumental	instrumental	ADJ
fbem-9139	151	18	variables	variable	NOUN
fbem-9139	151	19	based	base	VERB
fbem-9139	151	20	on	on	ADP
fbem-9139	151	21	futures	future	NOUN
fbem-9139	151	22	market	market	NOUN
fbem-9139	151	23	data[j].south	data[j].south	PROPN
fbem-9139	151	24	china	china	PROPN
fbem-9139	151	25	finance,505(09):73	finance,505(09):73	PROPN
fbem-9139	151	26	-	-	PUNCT
fbem-9139	151	27	82	82	NUM
fbem-9139	151	28	.	.	PUNCT
fbem-9139	152	1	[	[	X
fbem-9139	152	2	9	9	NUM
fbem-9139	152	3	]	]	X
fbem-9139	152	4	ben	ben	PROPN
fbem-9139	152	5	-	-	PUNCT
fbem-9139	152	6	raphael	raphael	PROPN
fbem-9139	152	7	,	,	PUNCT
fbem-9139	152	8	a.	a.	PROPN
fbem-9139	152	9	,	,	PUNCT
fbem-9139	152	10	kandel	kandel	PROPN
fbem-9139	152	11	,	,	PUNCT
fbem-9139	152	12	s.	s.	PROPN
fbem-9139	152	13	,wohl	,wohl	PROPN
fbem-9139	152	14	,	,	PUNCT
fbem-9139	152	15	a.	a.	NOUN
fbem-9139	152	16	,2012,measuring	,2012,measuring	PUNCT
fbem-9139	152	17	investor	investor	NOUN
fbem-9139	152	18	sentiment	sentiment	NOUN
fbem-9139	152	19	with	with	ADP
fbem-9139	152	20	mutual	mutual	ADJ
fbem-9139	152	21	fund	fund	NOUN
fbem-9139	152	22	flows	flow	VERB
fbem-9139	152	23	”	"	PUNCT
fbem-9139	153	1	[	[	X
fbem-9139	153	2	j	j	X
fbem-9139	153	3	]	]	X
fbem-9139	153	4	.	.	PUNCT
fbem-9139	154	1	journal	journal	PROPN
fbem-9139	154	2	of	of	ADP
fbem-9139	154	3	financial	financial	ADJ
fbem-9139	154	4	economics	economic	NOUN
fbem-9139	154	5	,	,	PUNCT
fbem-9139	154	6	104	104	NUM
fbem-9139	154	7	(	(	PUNCT
fbem-9139	154	8	2	2	NUM
fbem-9139	154	9	):	):	PUNCT
fbem-9139	154	10	363	363	NUM
fbem-9139	154	11	-	-	SYM
fbem-9139	154	12	382	382	NUM
fbem-9139	154	13	.	.	PUNCT
fbem-9139	155	1	[	[	X
fbem-9139	155	2	10	10	NUM
fbem-9139	155	3	]	]	PUNCT
fbem-9139	155	4	he	he	PRON
fbem-9139	155	5	ping	ping	PROPN
fbem-9139	155	6	,	,	PUNCT
fbem-9139	155	7	wu	wu	PROPN
fbem-9139	155	8	tian	tian	PROPN
fbem-9139	155	9	,	,	PUNCT
fbem-9139	155	10	jiang	jiang	PROPN
fbem-9139	155	11	lei	lei	PROPN
fbem-9139	155	12	,	,	PUNCT
fbem-9139	155	13	wu	wu	PROPN
fbem-9139	155	14	liang	liang	PROPN
fbem-9139	155	15	jie,2014,”investor	jie,2014,”investor	PROPN
fbem-9139	155	16	sentiment	sentiment	NOUN
fbem-9139	155	17	and	and	CCONJ
fbem-9139	155	18	idiosyncratic	idiosyncratic	ADJ
fbem-9139	155	19	volatility	volatility	NOUN
fbem-9139	155	20	:	:	PUNCT
fbem-9139	155	21	a	a	DET
fbem-9139	155	22	micro	micro	ADJ
fbem-9139	155	23	-	-	NOUN
fbem-9139	155	24	levei	levei	NOUN
fbem-9139	155	25	test	test	NOUN
fbem-9139	155	26	”	"	PUNCT
fbem-9139	155	27	,	,	PUNCT
fbem-9139	155	28	journal	journal	NOUN
fbem-9139	155	29	of	of	ADP
fbem-9139	155	30	tsinghua	tsinghua	PROPN
fbem-9139	155	31	university	university	PROPN
fbem-9139	155	32	(	(	PUNCT
fbem-9139	155	33	science	science	NOUN
fbem-9139	155	34	and	and	CCONJ
fbem-9139	155	35	technology	technology	NOUN
fbem-9139	155	36	)	)	PUNCT
fbem-9139	155	37	,	,	PUNCT
fbem-9139	155	38	54(05	54(05	NUM
fbem-9139	155	39	):	):	PUNCT
fbem-9139	155	40	655	655	NUM
fbem-9139	155	41	-	-	PUNCT
fbem-9139	155	42	663	663	NUM
fbem-9139	155	43	.	.	PUNCT
fbem-9139	156	1	[	[	X
fbem-9139	156	2	11	11	NUM
fbem-9139	156	3	]	]	X
fbem-9139	156	4	zhou	zhou	NOUN
fbem-9139	156	5	yang,2013,”the	yang,2013,”the	DET
fbem-9139	156	6	construction	construction	NOUN
fbem-9139	156	7	of	of	ADP
fbem-9139	156	8	investor	investor	NOUN
fbem-9139	156	9	sentiment	sentiment	NOUN
fbem-9139	156	10	index	index	NOUN
fbem-9139	156	11	and	and	CCONJ
fbem-9139	156	12	the	the	DET
fbem-9139	156	13	impact	impact	NOUN
fbem-9139	156	14	of	of	ADP
fbem-9139	156	15	investor	investor	NOUN
fbem-9139	156	16	sentiment	sentiment	NOUN
fbem-9139	156	17	on	on	ADP
fbem-9139	156	18	stock	stock	NOUN
fbem-9139	156	19	market	market	NOUN
fbem-9139	156	20	volatility	volatility	NOUN
fbem-9139	156	21	”	"	PUNCT
fbem-9139	156	22	,	,	PUNCT
fbem-9139	156	23	finance	finance	NOUN
fbem-9139	156	24	economy	economy	NOUN
fbem-9139	156	25	366(24):106	366(24):106	NUM
fbem-9139	156	26	-	-	SYM
fbem-9139	156	27	107	107	NUM
fbem-9139	156	28	.	.	PUNCT