id	sid	tid	token	lemma	pos
fbem-9486	1	1	frontiers	frontier	NOUN
fbem-9486	1	2	in	in	ADP
fbem-9486	1	3	business	business	NOUN
fbem-9486	1	4	,	,	PUNCT
fbem-9486	1	5	economics	economic	NOUN
fbem-9486	1	6	and	and	CCONJ
fbem-9486	1	7	management	management	NOUN
fbem-9486	1	8	issn	issn	PROPN
fbem-9486	1	9	:	:	PUNCT
fbem-9486	1	10	2766	2766	NUM
fbem-9486	1	11	-	-	PUNCT
fbem-9486	1	12	824x	824x	NUM
fbem-9486	1	13	|	|	ADJ
fbem-9486	1	14	vol	vol	NOUN
fbem-9486	1	15	.	.	PROPN
fbem-9486	2	1	9	9	NUM
fbem-9486	2	2	,	,	PUNCT
fbem-9486	2	3	no	no	INTJ
fbem-9486	2	4	.	.	NOUN
fbem-9486	2	5	3	3	NUM
fbem-9486	2	6	,	,	PUNCT
fbem-9486	2	7	2023	2023	NUM
fbem-9486	2	8	41	41	NUM
fbem-9486	2	9	an	an	DET
fbem-9486	2	10	empirical	empirical	ADJ
fbem-9486	2	11	study	study	NOUN
fbem-9486	2	12	on	on	ADP
fbem-9486	2	13	the	the	DET
fbem-9486	2	14	calendar	calendar	NOUN
fbem-9486	2	15	effect	effect	NOUN
fbem-9486	2	16	of	of	ADP
fbem-9486	2	17	the	the	DET
fbem-9486	2	18	shanghai	shanghai	PROPN
fbem-9486	2	19	index	index	PROPN
fbem-9486	2	20	in	in	ADP
fbem-9486	2	21	china	china	PROPN
fbem-9486	2	22	aibo	aibo	PROPN
fbem-9486	2	23	zhang1	zhang1	PROPN
fbem-9486	2	24	,	,	PUNCT
fbem-9486	2	25	*	*	PUNCT
fbem-9486	3	1	1school	1school	NUM
fbem-9486	3	2	of	of	ADP
fbem-9486	3	3	business	business	NOUN
fbem-9486	3	4	,	,	PUNCT
fbem-9486	3	5	hunan	hunan	PROPN
fbem-9486	3	6	university	university	PROPN
fbem-9486	3	7	of	of	ADP
fbem-9486	3	8	science	science	NOUN
fbem-9486	3	9	and	and	CCONJ
fbem-9486	3	10	technology	technology	NOUN
fbem-9486	3	11	,	,	PUNCT
fbem-9486	3	12	xiangtan	xiangtan	PROPN
fbem-9486	3	13	411201	411201	NUM
fbem-9486	3	14	,	,	PUNCT
fbem-9486	3	15	china	china	PROPN
fbem-9486	3	16	*	*	PUNCT
fbem-9486	3	17	corresponding	correspond	VERB
fbem-9486	3	18	author	author	NOUN
fbem-9486	3	19	abstract	abstract	NOUN
fbem-9486	3	20	:	:	PUNCT
fbem-9486	3	21	the	the	DET
fbem-9486	3	22	premise	premise	NOUN
fbem-9486	3	23	of	of	ADP
fbem-9486	3	24	traditional	traditional	ADJ
fbem-9486	3	25	financial	financial	ADJ
fbem-9486	3	26	theory	theory	NOUN
fbem-9486	3	27	is	be	AUX
fbem-9486	3	28	efficient	efficient	ADJ
fbem-9486	3	29	market	market	NOUN
fbem-9486	3	30	theory	theory	NOUN
fbem-9486	3	31	and	and	CCONJ
fbem-9486	3	32	rational	rational	ADJ
fbem-9486	3	33	man	man	NOUN
fbem-9486	3	34	hypothesis	hypothesis	NOUN
fbem-9486	3	35	,	,	PUNCT
fbem-9486	3	36	while	while	SCONJ
fbem-9486	3	37	the	the	DET
fbem-9486	3	38	market	market	NOUN
fbem-9486	3	39	anomaly	anomaly	NOUN
fbem-9486	3	40	which	which	PRON
fbem-9486	3	41	can	can	AUX
fbem-9486	3	42	not	not	PART
fbem-9486	3	43	be	be	AUX
fbem-9486	3	44	explained	explain	VERB
fbem-9486	3	45	by	by	ADP
fbem-9486	3	46	traditional	traditional	ADJ
fbem-9486	3	47	financial	financial	ADJ
fbem-9486	3	48	theory	theory	NOUN
fbem-9486	3	49	such	such	ADJ
fbem-9486	3	50	as	as	SCONJ
fbem-9486	3	51	the	the	DET
fbem-9486	3	52	calendar	calendar	NOUN
fbem-9486	3	53	effect	effect	NOUN
fbem-9486	3	54	poses	pose	VERB
fbem-9486	3	55	a	a	DET
fbem-9486	3	56	great	great	ADJ
fbem-9486	3	57	challenge	challenge	NOUN
fbem-9486	3	58	to	to	ADP
fbem-9486	3	59	traditional	traditional	ADJ
fbem-9486	3	60	financial	financial	ADJ
fbem-9486	3	61	theory	theory	NOUN
fbem-9486	3	62	.	.	PUNCT
fbem-9486	4	1	this	this	DET
fbem-9486	4	2	paper	paper	NOUN
fbem-9486	4	3	uses	use	VERB
fbem-9486	4	4	the	the	DET
fbem-9486	4	5	daily	daily	ADJ
fbem-9486	4	6	closing	closing	NOUN
fbem-9486	4	7	price	price	NOUN
fbem-9486	4	8	data	datum	NOUN
fbem-9486	4	9	of	of	ADP
fbem-9486	4	10	the	the	DET
fbem-9486	4	11	shanghai	shanghai	PROPN
fbem-9486	4	12	composite	composite	ADJ
fbem-9486	4	13	index	index	NOUN
fbem-9486	4	14	from	from	ADP
fbem-9486	4	15	december	december	PROPN
fbem-9486	4	16	19	19	NUM
fbem-9486	4	17	,	,	PUNCT
fbem-9486	4	18	1999	1999	NUM
fbem-9486	4	19	,	,	PUNCT
fbem-9486	4	20	to	to	PART
fbem-9486	4	21	may	may	PROPN
fbem-9486	4	22	6	6	NUM
fbem-9486	4	23	,	,	PUNCT
fbem-9486	4	24	2022	2022	NUM
fbem-9486	4	25	,	,	PUNCT
fbem-9486	4	26	to	to	PART
fbem-9486	4	27	investigate	investigate	VERB
fbem-9486	4	28	the	the	DET
fbem-9486	4	29	calendar	calendar	NOUN
fbem-9486	4	30	effect	effect	NOUN
fbem-9486	4	31	of	of	ADP
fbem-9486	4	32	the	the	DET
fbem-9486	4	33	logarithmic	logarithmic	ADJ
fbem-9486	4	34	return	return	NOUN
fbem-9486	4	35	of	of	ADP
fbem-9486	4	36	the	the	DET
fbem-9486	4	37	shanghai	shanghai	PROPN
fbem-9486	4	38	composite	composite	PROPN
fbem-9486	4	39	index	index	NOUN
fbem-9486	4	40	.	.	PUNCT
fbem-9486	5	1	the	the	DET
fbem-9486	5	2	research	research	NOUN
fbem-9486	5	3	results	result	NOUN
fbem-9486	5	4	show	show	VERB
fbem-9486	5	5	that	that	SCONJ
fbem-9486	5	6	china	china	PROPN
fbem-9486	5	7	's	's	PART
fbem-9486	5	8	shenzhen	shenzhen	PROPN
fbem-9486	5	9	stock	stock	NOUN
fbem-9486	5	10	market	market	NOUN
fbem-9486	5	11	is	be	AUX
fbem-9486	5	12	inefficient	inefficient	ADJ
fbem-9486	5	13	and	and	CCONJ
fbem-9486	5	14	has	have	VERB
fbem-9486	5	15	a	a	DET
fbem-9486	5	16	negative	negative	ADJ
fbem-9486	5	17	tuesday	tuesday	PROPN
fbem-9486	5	18	effect	effect	NOUN
fbem-9486	5	19	,	,	PUNCT
fbem-9486	5	20	which	which	PRON
fbem-9486	5	21	empirically	empirically	ADV
fbem-9486	5	22	proves	prove	VERB
fbem-9486	5	23	the	the	DET
fbem-9486	5	24	non	non	ADJ
fbem-9486	5	25	-	-	NOUN
fbem-9486	5	26	efficiency	efficiency	NOUN
fbem-9486	5	27	of	of	ADP
fbem-9486	5	28	china	china	PROPN
fbem-9486	5	29	's	's	PART
fbem-9486	5	30	stock	stock	NOUN
fbem-9486	5	31	market	market	NOUN
fbem-9486	5	32	and	and	CCONJ
fbem-9486	5	33	the	the	DET
fbem-9486	5	34	calendar	calendar	NOUN
fbem-9486	5	35	effect	effect	NOUN
fbem-9486	5	36	in	in	ADP
fbem-9486	5	37	behavioral	behavioral	ADJ
fbem-9486	5	38	finance	finance	NOUN
fbem-9486	5	39	in	in	ADP
fbem-9486	5	40	china	china	PROPN
fbem-9486	5	41	's	's	PART
fbem-9486	5	42	stock	stock	NOUN
fbem-9486	5	43	market	market	NOUN
fbem-9486	5	44	.	.	PUNCT
fbem-9486	6	1	keywords	keyword	NOUN
fbem-9486	6	2	:	:	PUNCT
fbem-9486	6	3	intra	intra	ADJ
fbem-9486	6	4	-	-	ADJ
fbem-9486	6	5	week	week	ADJ
fbem-9486	6	6	effect	effect	NOUN
fbem-9486	6	7	,	,	PUNCT
fbem-9486	6	8	efficient	efficient	ADJ
fbem-9486	6	9	markets	market	NOUN
fbem-9486	6	10	,	,	PUNCT
fbem-9486	6	11	calendar	calendar	NOUN
fbem-9486	6	12	effect	effect	NOUN
fbem-9486	6	13	,	,	PUNCT
fbem-9486	6	14	shanghai	shanghai	PROPN
fbem-9486	6	15	composite	composite	PROPN
fbem-9486	6	16	index	index	NOUN
fbem-9486	6	17	.	.	PUNCT
fbem-9486	7	1	1	1	X
fbem-9486	7	2	.	.	X
fbem-9486	7	3	introduction	introduction	NOUN
fbem-9486	7	4	in	in	ADP
fbem-9486	7	5	1970	1970	NUM
fbem-9486	7	6	,	,	PUNCT
fbem-9486	7	7	yuri	yuri	PROPN
fbem-9486	7	8	fama	fama	PROPN
fbem-9486	7	9	(	(	PUNCT
fbem-9486	7	10	fama	fama	PROPN
fbem-9486	7	11	)	)	PUNCT
fbem-9486	7	12	proposed	propose	VERB
fbem-9486	7	13	the	the	DET
fbem-9486	7	14	efficient	efficient	ADJ
fbem-9486	7	15	market	market	NOUN
fbem-9486	7	16	hypothesis[1	hypothesis[1	NOUN
fbem-9486	7	17	]	]	PUNCT
fbem-9486	7	18	,	,	PUNCT
fbem-9486	7	19	which	which	PRON
fbem-9486	7	20	provided	provide	VERB
fbem-9486	7	21	the	the	DET
fbem-9486	7	22	theoretical	theoretical	ADJ
fbem-9486	7	23	basis	basis	NOUN
fbem-9486	7	24	for	for	ADP
fbem-9486	7	25	many	many	ADJ
fbem-9486	7	26	traditional	traditional	ADJ
fbem-9486	7	27	financial	financial	ADJ
fbem-9486	7	28	theory	theory	NOUN
fbem-9486	7	29	studies	study	NOUN
fbem-9486	7	30	.	.	PUNCT
fbem-9486	8	1	however	however	ADV
fbem-9486	8	2	,	,	PUNCT
fbem-9486	8	3	as	as	SCONJ
fbem-9486	8	4	scholars	scholar	NOUN
fbem-9486	8	5	continue	continue	VERB
fbem-9486	8	6	to	to	PART
fbem-9486	8	7	explore	explore	VERB
fbem-9486	8	8	and	and	CCONJ
fbem-9486	8	9	the	the	DET
fbem-9486	8	10	securities	security	NOUN
fbem-9486	8	11	market	market	NOUN
fbem-9486	8	12	develops	develop	VERB
fbem-9486	8	13	,	,	PUNCT
fbem-9486	8	14	they	they	PRON
fbem-9486	8	15	have	have	AUX
fbem-9486	8	16	used	use	VERB
fbem-9486	8	17	a	a	DET
fbem-9486	8	18	series	series	NOUN
fbem-9486	8	19	of	of	ADP
fbem-9486	8	20	research	research	NOUN
fbem-9486	8	21	results	result	NOUN
fbem-9486	8	22	to	to	PART
fbem-9486	8	23	show	show	VERB
fbem-9486	8	24	that	that	SCONJ
fbem-9486	8	25	there	there	PRON
fbem-9486	8	26	are	be	VERB
fbem-9486	8	27	still	still	ADV
fbem-9486	8	28	many	many	ADJ
fbem-9486	8	29	anomalies	anomaly	NOUN
fbem-9486	8	30	in	in	ADP
fbem-9486	8	31	the	the	DET
fbem-9486	8	32	market	market	NOUN
fbem-9486	8	33	.	.	PUNCT
fbem-9486	9	1	the	the	DET
fbem-9486	9	2	calendar	calendar	NOUN
fbem-9486	9	3	effect	effect	NOUN
fbem-9486	9	4	is	be	AUX
fbem-9486	9	5	one	one	NUM
fbem-9486	9	6	of	of	ADP
fbem-9486	9	7	the	the	DET
fbem-9486	9	8	typical	typical	ADJ
fbem-9486	9	9	representatives	representative	NOUN
fbem-9486	9	10	of	of	ADP
fbem-9486	9	11	these	these	DET
fbem-9486	9	12	anomalies	anomaly	NOUN
fbem-9486	9	13	,	,	PUNCT
fbem-9486	9	14	questioning	question	VERB
fbem-9486	9	15	the	the	DET
fbem-9486	9	16	efficient	efficient	ADJ
fbem-9486	9	17	market	market	NOUN
fbem-9486	9	18	hypothesis	hypothesis	NOUN
fbem-9486	9	19	,	,	PUNCT
fbem-9486	9	20	and	and	CCONJ
fbem-9486	9	21	has	have	AUX
fbem-9486	9	22	been	be	AUX
fbem-9486	9	23	demonstrated	demonstrate	VERB
fbem-9486	9	24	in	in	ADP
fbem-9486	9	25	many	many	ADJ
fbem-9486	9	26	well	well	ADV
fbem-9486	9	27	-	-	PUNCT
fbem-9486	9	28	developed	develop	VERB
fbem-9486	9	29	securities	security	NOUN
fbem-9486	9	30	markets	market	NOUN
fbem-9486	9	31	,	,	PUNCT
fbem-9486	9	32	such	such	ADJ
fbem-9486	9	33	as	as	ADP
fbem-9486	9	34	those	those	PRON
fbem-9486	9	35	in	in	ADP
fbem-9486	9	36	europe	europe	PROPN
fbem-9486	9	37	and	and	CCONJ
fbem-9486	9	38	the	the	DET
fbem-9486	9	39	united	united	PROPN
fbem-9486	9	40	states	states	PROPN
fbem-9486	9	41	.	.	PUNCT
fbem-9486	10	1	this	this	DET
fbem-9486	10	2	paper	paper	NOUN
fbem-9486	10	3	takes	take	VERB
fbem-9486	10	4	the	the	DET
fbem-9486	10	5	intra	intra	ADJ
fbem-9486	10	6	-	-	ADJ
fbem-9486	10	7	week	week	ADJ
fbem-9486	10	8	effect	effect	NOUN
fbem-9486	10	9	,	,	PUNCT
fbem-9486	10	10	one	one	NUM
fbem-9486	10	11	of	of	ADP
fbem-9486	10	12	the	the	DET
fbem-9486	10	13	calendar	calendar	NOUN
fbem-9486	10	14	effects	effect	NOUN
fbem-9486	10	15	,	,	PUNCT
fbem-9486	10	16	as	as	ADP
fbem-9486	10	17	a	a	DET
fbem-9486	10	18	starting	starting	NOUN
fbem-9486	10	19	point	point	NOUN
fbem-9486	10	20	to	to	PART
fbem-9486	10	21	analyze	analyze	VERB
fbem-9486	10	22	whether	whether	SCONJ
fbem-9486	10	23	there	there	PRON
fbem-9486	10	24	is	be	VERB
fbem-9486	10	25	an	an	DET
fbem-9486	10	26	intra	intra	ADJ
fbem-9486	10	27	-	-	ADJ
fbem-9486	10	28	week	week	ADJ
fbem-9486	10	29	effect	effect	NOUN
fbem-9486	10	30	in	in	ADP
fbem-9486	10	31	the	the	DET
fbem-9486	10	32	chinese	chinese	ADJ
fbem-9486	10	33	stock	stock	NOUN
fbem-9486	10	34	market	market	NOUN
fbem-9486	10	35	.	.	PUNCT
fbem-9486	11	1	the	the	DET
fbem-9486	11	2	analysis	analysis	NOUN
fbem-9486	11	3	of	of	ADP
fbem-9486	11	4	the	the	DET
fbem-9486	11	5	manifestation	manifestation	NOUN
fbem-9486	11	6	of	of	ADP
fbem-9486	11	7	the	the	DET
fbem-9486	11	8	intraweek	intraweek	ADJ
fbem-9486	11	9	effect	effect	NOUN
fbem-9486	11	10	in	in	ADP
fbem-9486	11	11	the	the	DET
fbem-9486	11	12	chinese	chinese	ADJ
fbem-9486	11	13	stock	stock	NOUN
fbem-9486	11	14	market	market	NOUN
fbem-9486	11	15	deepens	deepen	VERB
fbem-9486	11	16	the	the	DET
fbem-9486	11	17	understanding	understanding	NOUN
fbem-9486	11	18	of	of	ADP
fbem-9486	11	19	the	the	DET
fbem-9486	11	20	market	market	NOUN
fbem-9486	11	21	operation	operation	NOUN
fbem-9486	11	22	rules	rule	NOUN
fbem-9486	11	23	,	,	PUNCT
fbem-9486	11	24	provides	provide	VERB
fbem-9486	11	25	theoretical	theoretical	ADJ
fbem-9486	11	26	support	support	NOUN
fbem-9486	11	27	for	for	ADP
fbem-9486	11	28	the	the	DET
fbem-9486	11	29	existence	existence	NOUN
fbem-9486	11	30	of	of	ADP
fbem-9486	11	31	market	market	NOUN
fbem-9486	11	32	anomalies	anomaly	NOUN
fbem-9486	11	33	,	,	PUNCT
fbem-9486	11	34	and	and	CCONJ
fbem-9486	11	35	provides	provide	VERB
fbem-9486	11	36	a	a	DET
fbem-9486	11	37	reference	reference	NOUN
fbem-9486	11	38	for	for	ADP
fbem-9486	11	39	investors	investor	NOUN
fbem-9486	11	40	'	'	PART
fbem-9486	11	41	investment	investment	NOUN
fbem-9486	11	42	decisions	decision	NOUN
fbem-9486	11	43	.	.	PUNCT
fbem-9486	12	1	the	the	DET
fbem-9486	12	2	calendar	calendar	NOUN
fbem-9486	12	3	effect	effect	NOUN
fbem-9486	12	4	,	,	PUNCT
fbem-9486	12	5	as	as	ADP
fbem-9486	12	6	a	a	DET
fbem-9486	12	7	typical	typical	ADJ
fbem-9486	12	8	stock	stock	NOUN
fbem-9486	12	9	market	market	NOUN
fbem-9486	12	10	anomaly	anomaly	NOUN
fbem-9486	12	11	,	,	PUNCT
fbem-9486	12	12	refers	refer	VERB
fbem-9486	12	13	to	to	ADP
fbem-9486	12	14	the	the	DET
fbem-9486	12	15	phenomenon	phenomenon	NOUN
fbem-9486	12	16	that	that	SCONJ
fbem-9486	12	17	abnormal	abnormal	ADJ
fbem-9486	12	18	returns	return	NOUN
fbem-9486	12	19	can	can	AUX
fbem-9486	12	20	be	be	AUX
fbem-9486	12	21	obtained	obtain	VERB
fbem-9486	12	22	through	through	ADP
fbem-9486	12	23	trading	trading	NOUN
fbem-9486	12	24	at	at	ADP
fbem-9486	12	25	certain	certain	ADJ
fbem-9486	12	26	periods	period	NOUN
fbem-9486	12	27	in	in	ADP
fbem-9486	12	28	the	the	DET
fbem-9486	12	29	stock	stock	NOUN
fbem-9486	12	30	market	market	NOUN
fbem-9486	12	31	,	,	PUNCT
fbem-9486	12	32	mainly	mainly	ADV
fbem-9486	12	33	including	include	VERB
fbem-9486	12	34	intra	intra	ADJ
fbem-9486	12	35	-	-	ADJ
fbem-9486	12	36	week	week	ADJ
fbem-9486	12	37	,	,	PUNCT
fbem-9486	12	38	holiday	holiday	NOUN
fbem-9486	12	39	,	,	PUNCT
fbem-9486	12	40	and	and	CCONJ
fbem-9486	12	41	month	month	NOUN
fbem-9486	12	42	effects	effect	NOUN
fbem-9486	12	43	.	.	PUNCT
fbem-9486	13	1	the	the	DET
fbem-9486	13	2	discovery	discovery	NOUN
fbem-9486	13	3	of	of	ADP
fbem-9486	13	4	the	the	DET
fbem-9486	13	5	calendar	calendar	NOUN
fbem-9486	13	6	effect	effect	NOUN
fbem-9486	13	7	indicates	indicate	VERB
fbem-9486	13	8	that	that	SCONJ
fbem-9486	13	9	the	the	DET
fbem-9486	13	10	stock	stock	NOUN
fbem-9486	13	11	market	market	NOUN
fbem-9486	13	12	is	be	AUX
fbem-9486	13	13	non	non	ADJ
fbem-9486	13	14	-	-	ADJ
fbem-9486	13	15	effective	effective	ADJ
fbem-9486	13	16	,	,	PUNCT
fbem-9486	13	17	and	and	CCONJ
fbem-9486	13	18	investors	investor	NOUN
fbem-9486	13	19	can	can	AUX
fbem-9486	13	20	obtain	obtain	VERB
fbem-9486	13	21	excess	excess	ADJ
fbem-9486	13	22	returns	return	NOUN
fbem-9486	13	23	by	by	ADP
fbem-9486	13	24	analyzing	analyze	VERB
fbem-9486	13	25	the	the	DET
fbem-9486	13	26	calendar	calendar	NOUN
fbem-9486	13	27	effect	effect	NOUN
fbem-9486	13	28	pattern	pattern	NOUN
fbem-9486	13	29	.	.	PUNCT
fbem-9486	14	1	there	there	PRON
fbem-9486	14	2	is	be	VERB
fbem-9486	14	3	a	a	DET
fbem-9486	14	4	wealth	wealth	NOUN
fbem-9486	14	5	of	of	ADP
fbem-9486	14	6	research	research	NOUN
fbem-9486	14	7	on	on	ADP
fbem-9486	14	8	the	the	DET
fbem-9486	14	9	calendar	calendar	NOUN
fbem-9486	14	10	effect	effect	NOUN
fbem-9486	14	11	by	by	ADP
fbem-9486	14	12	global	global	ADJ
fbem-9486	14	13	scholars	scholar	NOUN
fbem-9486	14	14	,	,	PUNCT
fbem-9486	14	15	and	and	CCONJ
fbem-9486	14	16	it	it	PRON
fbem-9486	14	17	is	be	AUX
fbem-9486	14	18	generally	generally	ADV
fbem-9486	14	19	agreed	agree	VERB
fbem-9486	14	20	that	that	SCONJ
fbem-9486	14	21	the	the	DET
fbem-9486	14	22	calendar	calendar	NOUN
fbem-9486	14	23	effect	effect	NOUN
fbem-9486	14	24	exists	exist	VERB
fbem-9486	14	25	in	in	ADP
fbem-9486	14	26	the	the	DET
fbem-9486	14	27	chinese	chinese	ADJ
fbem-9486	14	28	a	a	DET
fbem-9486	14	29	-	-	PUNCT
fbem-9486	14	30	share	share	NOUN
fbem-9486	14	31	market	market	NOUN
fbem-9486	14	32	.	.	PUNCT
fbem-9486	15	1	2	2	X
fbem-9486	15	2	.	.	X
fbem-9486	15	3	literature	literature	NOUN
fbem-9486	15	4	review	review	VERB
fbem-9486	15	5	the	the	DET
fbem-9486	15	6	earliest	early	ADJ
fbem-9486	15	7	verification	verification	NOUN
fbem-9486	15	8	of	of	ADP
fbem-9486	15	9	the	the	DET
fbem-9486	15	10	intra	intra	ADJ
fbem-9486	15	11	-	-	ADJ
fbem-9486	15	12	week	week	ADJ
fbem-9486	15	13	effect	effect	NOUN
fbem-9486	15	14	by	by	ADP
fbem-9486	15	15	scholars	scholar	NOUN
fbem-9486	15	16	can	can	AUX
fbem-9486	15	17	be	be	AUX
fbem-9486	15	18	traced	trace	VERB
fbem-9486	15	19	back	back	ADV
fbem-9486	15	20	to	to	ADP
fbem-9486	15	21	a	a	DET
fbem-9486	15	22	1931	1931	NUM
fbem-9486	15	23	article	article	NOUN
fbem-9486	15	24	entitled	entitle	VERB
fbem-9486	15	25	"	"	PUNCT
fbem-9486	15	26	stock	stock	NOUN
fbem-9486	15	27	price	price	NOUN
fbem-9486	15	28	:	:	PUNCT
fbem-9486	15	29	a	a	DET
fbem-9486	15	30	problem	problem	NOUN
fbem-9486	15	31	in	in	ADP
fbem-9486	15	32	verification	verification	NOUN
fbem-9486	15	33	"	"	PUNCT
fbem-9486	15	34	by	by	ADP
fbem-9486	15	35	fields	field	NOUN
fbem-9486	15	36	,	,	PUNCT
fbem-9486	15	37	which	which	PRON
fbem-9486	15	38	first	first	ADV
fbem-9486	15	39	mentioned	mention	VERB
fbem-9486	15	40	the	the	DET
fbem-9486	15	41	intra	intra	ADJ
fbem-9486	15	42	-	-	ADJ
fbem-9486	15	43	week	week	ADJ
fbem-9486	15	44	effect	effect	NOUN
fbem-9486	15	45	and	and	CCONJ
fbem-9486	15	46	analyzed	analyze	VERB
fbem-9486	15	47	the	the	DET
fbem-9486	15	48	intra	intra	ADJ
fbem-9486	15	49	-	-	ADJ
fbem-9486	15	50	week	week	ADJ
fbem-9486	15	51	effect	effect	NOUN
fbem-9486	15	52	of	of	ADP
fbem-9486	15	53	the	the	DET
fbem-9486	15	54	market	market	NOUN
fbem-9486	15	55	and	and	CCONJ
fbem-9486	15	56	received	receive	VERB
fbem-9486	15	57	wide	wide	ADJ
fbem-9486	15	58	attention	attention	NOUN
fbem-9486	15	59	from	from	ADP
fbem-9486	15	60	scholars	scholar	NOUN
fbem-9486	15	61	[	[	X
fbem-9486	15	62	2	2	NUM
fbem-9486	15	63	]	]	PUNCT
fbem-9486	15	64	.	.	PUNCT
fbem-9486	16	1	this	this	DET
fbem-9486	16	2	article	article	NOUN
fbem-9486	16	3	first	first	ADV
fbem-9486	16	4	mentioned	mention	VERB
fbem-9486	16	5	the	the	DET
fbem-9486	16	6	intra	intra	ADJ
fbem-9486	16	7	-	-	ADJ
fbem-9486	16	8	week	week	ADJ
fbem-9486	16	9	effect	effect	NOUN
fbem-9486	16	10	and	and	CCONJ
fbem-9486	16	11	analyzed	analyze	VERB
fbem-9486	16	12	the	the	DET
fbem-9486	16	13	intra	intra	ADJ
fbem-9486	16	14	-	-	ADJ
fbem-9486	16	15	week	week	ADJ
fbem-9486	16	16	effect	effect	NOUN
fbem-9486	16	17	of	of	ADP
fbem-9486	16	18	the	the	DET
fbem-9486	16	19	market	market	NOUN
fbem-9486	16	20	,	,	PUNCT
fbem-9486	16	21	which	which	PRON
fbem-9486	16	22	received	receive	VERB
fbem-9486	16	23	a	a	DET
fbem-9486	16	24	lot	lot	NOUN
fbem-9486	16	25	of	of	ADP
fbem-9486	16	26	attention	attention	NOUN
fbem-9486	16	27	from	from	ADP
fbem-9486	16	28	scholars	scholar	NOUN
fbem-9486	16	29	[	[	X
fbem-9486	16	30	2	2	NUM
fbem-9486	16	31	]	]	PUNCT
fbem-9486	16	32	.	.	PUNCT
fbem-9486	17	1	the	the	DET
fbem-9486	17	2	discovery	discovery	NOUN
fbem-9486	17	3	of	of	ADP
fbem-9486	17	4	the	the	DET
fbem-9486	17	5	intra	intra	ADJ
fbem-9486	17	6	-	-	ADJ
fbem-9486	17	7	week	week	ADJ
fbem-9486	17	8	effect	effect	NOUN
fbem-9486	17	9	implies	imply	VERB
fbem-9486	17	10	that	that	SCONJ
fbem-9486	17	11	there	there	PRON
fbem-9486	17	12	may	may	AUX
fbem-9486	17	13	be	be	AUX
fbem-9486	17	14	room	room	NOUN
fbem-9486	17	15	for	for	ADP
fbem-9486	17	16	arbitrage	arbitrage	NOUN
fbem-9486	17	17	in	in	ADP
fbem-9486	17	18	the	the	DET
fbem-9486	17	19	market	market	NOUN
fbem-9486	17	20	due	due	ADP
fbem-9486	17	21	to	to	ADP
fbem-9486	17	22	the	the	DET
fbem-9486	17	23	presence	presence	NOUN
fbem-9486	17	24	of	of	ADP
fbem-9486	17	25	a	a	DET
fbem-9486	17	26	large	large	ADJ
fbem-9486	17	27	number	number	NOUN
fbem-9486	17	28	of	of	ADP
fbem-9486	17	29	excess	excess	ADJ
fbem-9486	17	30	return	return	NOUN
fbem-9486	17	31	seekers	seeker	NOUN
fbem-9486	17	32	in	in	ADP
fbem-9486	17	33	the	the	DET
fbem-9486	17	34	market	market	NOUN
fbem-9486	17	35	.	.	PUNCT
fbem-9486	18	1	subsequently	subsequently	ADV
fbem-9486	18	2	,	,	PUNCT
fbem-9486	18	3	more	more	ADJ
fbem-9486	18	4	researchers	researcher	NOUN
fbem-9486	18	5	continued	continue	VERB
fbem-9486	18	6	to	to	PART
fbem-9486	18	7	study	study	VERB
fbem-9486	18	8	the	the	DET
fbem-9486	18	9	market	market	NOUN
fbem-9486	18	10	anomalies	anomaly	NOUN
fbem-9486	18	11	based	base	VERB
fbem-9486	18	12	on	on	ADP
fbem-9486	18	13	fields	field	NOUN
fbem-9486	18	14	'	'	PART
fbem-9486	18	15	analysis	analysis	NOUN
fbem-9486	18	16	,	,	PUNCT
fbem-9486	18	17	further	far	ADV
fbem-9486	18	18	enriching	enrich	VERB
fbem-9486	18	19	the	the	DET
fbem-9486	18	20	theories	theory	NOUN
fbem-9486	18	21	related	relate	VERB
fbem-9486	18	22	to	to	ADP
fbem-9486	18	23	stock	stock	NOUN
fbem-9486	18	24	market	market	NOUN
fbem-9486	18	25	anomalies	anomaly	NOUN
fbem-9486	18	26	.	.	PUNCT
fbem-9486	19	1	cross	cross	PROPN
fbem-9486	19	2	(	(	PUNCT
fbem-9486	19	3	1973	1973	NUM
fbem-9486	19	4	)	)	PUNCT
fbem-9486	19	5	found	find	VERB
fbem-9486	19	6	negative	negative	ADJ
fbem-9486	19	7	monday	monday	PROPN
fbem-9486	19	8	effects	effect	NOUN
fbem-9486	19	9	and	and	CCONJ
fbem-9486	19	10	positive	positive	ADJ
fbem-9486	19	11	friday	friday	PROPN
fbem-9486	19	12	effects	effect	NOUN
fbem-9486	19	13	in	in	ADP
fbem-9486	19	14	the	the	DET
fbem-9486	19	15	u.s	u.s	PROPN
fbem-9486	19	16	.	.	PROPN
fbem-9486	19	17	market	market	NOUN
fbem-9486	19	18	using	use	VERB
fbem-9486	19	19	the	the	DET
fbem-9486	19	20	s&p	s&p	PROPN
fbem-9486	19	21	500	500	NUM
fbem-9486	19	22	index	index	NOUN
fbem-9486	19	23	returns	return	NOUN
fbem-9486	19	24	from	from	ADP
fbem-9486	19	25	1953	1953	NUM
fbem-9486	19	26	-	-	SYM
fbem-9486	19	27	1970	1970	NUM
fbem-9486	19	28	as	as	ADP
fbem-9486	19	29	a	a	DET
fbem-9486	19	30	sample	sample	NOUN
fbem-9486	20	1	[	[	X
fbem-9486	20	2	3	3	NUM
fbem-9486	20	3	]	]	PUNCT
fbem-9486	20	4	.	.	PUNCT
fbem-9486	21	1	french	french	PROPN
fbem-9486	21	2	(	(	PUNCT
fbem-9486	21	3	1980	1980	NUM
fbem-9486	21	4	)	)	PUNCT
fbem-9486	21	5	selected	select	VERB
fbem-9486	21	6	new	new	ADJ
fbem-9486	21	7	french	french	NOUN
fbem-9486	21	8	(	(	PUNCT
fbem-9486	21	9	1980	1980	NUM
fbem-9486	21	10	)	)	PUNCT
fbem-9486	21	11	again	again	ADV
fbem-9486	21	12	verified	verify	VERB
fbem-9486	21	13	the	the	DET
fbem-9486	21	14	validity	validity	NOUN
fbem-9486	21	15	of	of	ADP
fbem-9486	21	16	the	the	DET
fbem-9486	21	17	u.s	u.s	PROPN
fbem-9486	21	18	.	.	PROPN
fbem-9486	21	19	stock	stock	NOUN
fbem-9486	21	20	market	market	NOUN
fbem-9486	21	21	by	by	ADP
fbem-9486	21	22	selecting	select	VERB
fbem-9486	21	23	new	new	ADJ
fbem-9486	21	24	data	datum	NOUN
fbem-9486	21	25	,	,	PUNCT
fbem-9486	21	26	with	with	ADP
fbem-9486	21	27	the	the	DET
fbem-9486	21	28	same	same	ADJ
fbem-9486	21	29	conclusion	conclusion	NOUN
fbem-9486	21	30	as	as	ADP
fbem-9486	21	31	cross	cross	NOUN
fbem-9486	21	32	[	[	X
fbem-9486	21	33	4	4	NUM
fbem-9486	21	34	]	]	PUNCT
fbem-9486	21	35	.	.	PUNCT
fbem-9486	22	1	meanwhile	meanwhile	ADV
fbem-9486	22	2	,	,	PUNCT
fbem-9486	22	3	intra	intra	ADJ
fbem-9486	22	4	-	-	ADJ
fbem-9486	22	5	week	week	NOUN
fbem-9486	22	6	effects	effect	NOUN
fbem-9486	22	7	have	have	AUX
fbem-9486	22	8	been	be	AUX
fbem-9486	22	9	shown	show	VERB
fbem-9486	22	10	to	to	PART
fbem-9486	22	11	exist	exist	VERB
fbem-9486	22	12	in	in	ADP
fbem-9486	22	13	different	different	ADJ
fbem-9486	22	14	markets	market	NOUN
fbem-9486	22	15	one	one	NUM
fbem-9486	22	16	after	after	ADP
fbem-9486	22	17	another	another	PRON
fbem-9486	22	18	,	,	PUNCT
fbem-9486	22	19	but	but	CCONJ
fbem-9486	22	20	the	the	DET
fbem-9486	22	21	manifestation	manifestation	NOUN
fbem-9486	22	22	of	of	ADP
fbem-9486	22	23	intra	intra	ADJ
fbem-9486	22	24	-	-	ADJ
fbem-9486	22	25	week	week	NOUN
fbem-9486	22	26	effects	effect	NOUN
fbem-9486	22	27	may	may	AUX
fbem-9486	22	28	vary	vary	VERB
fbem-9486	22	29	among	among	ADP
fbem-9486	22	30	countries	country	NOUN
fbem-9486	22	31	depending	depend	VERB
fbem-9486	22	32	on	on	ADP
fbem-9486	22	33	the	the	DET
fbem-9486	22	34	cultural	cultural	ADJ
fbem-9486	22	35	background	background	NOUN
fbem-9486	22	36	and	and	CCONJ
fbem-9486	22	37	the	the	DET
fbem-9486	22	38	degree	degree	NOUN
fbem-9486	22	39	of	of	ADP
fbem-9486	22	40	stock	stock	NOUN
fbem-9486	22	41	market	market	NOUN
fbem-9486	22	42	development	development	NOUN
fbem-9486	22	43	.	.	PUNCT
fbem-9486	23	1	aggarawal	aggarawal	NOUN
fbem-9486	23	2	and	and	CCONJ
fbem-9486	23	3	rivoli	rivoli	NOUN
fbem-9486	23	4	(	(	PUNCT
fbem-9486	23	5	1985	1985	NUM
fbem-9486	23	6	)	)	PUNCT
fbem-9486	23	7	find	find	VERB
fbem-9486	23	8	that	that	SCONJ
fbem-9486	23	9	emerging	emerge	VERB
fbem-9486	23	10	markets	market	NOUN
fbem-9486	23	11	such	such	ADJ
fbem-9486	23	12	as	as	ADP
fbem-9486	23	13	the	the	DET
fbem-9486	23	14	philippines	philippine	NOUN
fbem-9486	23	15	have	have	VERB
fbem-9486	23	16	negative	negative	ADJ
fbem-9486	23	17	monday	monday	PROPN
fbem-9486	23	18	-	-	PUNCT
fbem-9486	23	19	tuesday	tuesday	PROPN
fbem-9486	23	20	abnormal	abnormal	ADJ
fbem-9486	23	21	returns	return	NOUN
fbem-9486	23	22	[	[	X
fbem-9486	23	23	6	6	NUM
fbem-9486	23	24	]	]	PUNCT
fbem-9486	23	25	.	.	PUNCT
fbem-9486	24	1	this	this	PRON
fbem-9486	24	2	shows	show	VERB
fbem-9486	24	3	that	that	SCONJ
fbem-9486	24	4	there	there	PRON
fbem-9486	24	5	are	be	VERB
fbem-9486	24	6	differences	difference	NOUN
fbem-9486	24	7	in	in	ADP
fbem-9486	24	8	the	the	DET
fbem-9486	24	9	manifestation	manifestation	NOUN
fbem-9486	24	10	of	of	ADP
fbem-9486	24	11	intraweek	intraweek	ADJ
fbem-9486	24	12	effects	effect	NOUN
fbem-9486	24	13	in	in	ADP
fbem-9486	24	14	different	different	ADJ
fbem-9486	24	15	periods	period	NOUN
fbem-9486	24	16	and	and	CCONJ
fbem-9486	24	17	markets	market	NOUN
fbem-9486	24	18	.	.	PUNCT
fbem-9486	25	1	with	with	ADP
fbem-9486	25	2	the	the	DET
fbem-9486	25	3	continuous	continuous	ADJ
fbem-9486	25	4	development	development	NOUN
fbem-9486	25	5	of	of	ADP
fbem-9486	25	6	the	the	DET
fbem-9486	25	7	chinese	chinese	ADJ
fbem-9486	25	8	securities	security	NOUN
fbem-9486	25	9	market	market	NOUN
fbem-9486	25	10	,	,	PUNCT
fbem-9486	25	11	a	a	DET
fbem-9486	25	12	large	large	ADJ
fbem-9486	25	13	number	number	NOUN
fbem-9486	25	14	of	of	ADP
fbem-9486	25	15	scholars	scholar	NOUN
fbem-9486	25	16	have	have	AUX
fbem-9486	25	17	likewise	likewise	ADV
fbem-9486	25	18	conducted	conduct	VERB
fbem-9486	25	19	research	research	NOUN
fbem-9486	25	20	and	and	CCONJ
fbem-9486	25	21	analysis	analysis	NOUN
fbem-9486	25	22	on	on	ADP
fbem-9486	25	23	the	the	DET
fbem-9486	25	24	anomalies	anomaly	NOUN
fbem-9486	25	25	in	in	ADP
fbem-9486	25	26	the	the	DET
fbem-9486	25	27	chinese	chinese	ADJ
fbem-9486	25	28	stock	stock	NOUN
fbem-9486	25	29	market	market	NOUN
fbem-9486	25	30	.	.	PUNCT
fbem-9486	26	1	due	due	ADP
fbem-9486	26	2	to	to	ADP
fbem-9486	26	3	certain	certain	ADJ
fbem-9486	26	4	differences	difference	NOUN
fbem-9486	26	5	between	between	ADP
fbem-9486	26	6	the	the	DET
fbem-9486	26	7	chinese	chinese	ADJ
fbem-9486	26	8	cultural	cultural	ADJ
fbem-9486	26	9	background	background	NOUN
fbem-9486	26	10	and	and	CCONJ
fbem-9486	26	11	institutional	institutional	ADJ
fbem-9486	26	12	system	system	NOUN
fbem-9486	26	13	and	and	CCONJ
fbem-9486	26	14	foreign	foreign	ADJ
fbem-9486	26	15	countries	country	NOUN
fbem-9486	26	16	,	,	PUNCT
fbem-9486	26	17	the	the	DET
fbem-9486	26	18	chinese	chinese	ADJ
fbem-9486	26	19	stock	stock	NOUN
fbem-9486	26	20	market	market	NOUN
fbem-9486	26	21	has	have	VERB
fbem-9486	26	22	its	its	PRON
fbem-9486	26	23	unique	unique	ADJ
fbem-9486	26	24	characteristics	characteristic	NOUN
fbem-9486	26	25	and	and	CCONJ
fbem-9486	26	26	therefore	therefore	ADV
fbem-9486	26	27	differs	differ	VERB
fbem-9486	26	28	in	in	ADP
fbem-9486	26	29	the	the	DET
fbem-9486	26	30	manifestation	manifestation	NOUN
fbem-9486	26	31	of	of	ADP
fbem-9486	26	32	the	the	DET
fbem-9486	26	33	intra	intra	ADJ
fbem-9486	26	34	-	-	ADJ
fbem-9486	26	35	week	week	ADJ
fbem-9486	26	36	effect	effect	NOUN
fbem-9486	26	37	.	.	PUNCT
fbem-9486	27	1	yu	yu	PROPN
fbem-9486	27	2	,	,	PUNCT
fbem-9486	27	3	qiao	qiao	PROPN
fbem-9486	27	4	(	(	PUNCT
fbem-9486	27	5	1994	1994	NUM
fbem-9486	27	6	)	)	PUNCT
fbem-9486	27	7	analyzed	analyze	VERB
fbem-9486	27	8	the	the	DET
fbem-9486	27	9	returns	return	NOUN
fbem-9486	27	10	of	of	ADP
fbem-9486	27	11	chinese	chinese	ADJ
fbem-9486	27	12	sse	sse	NOUN
fbem-9486	27	13	and	and	CCONJ
fbem-9486	27	14	szse	szse	NOUN
fbem-9486	27	15	,	,	PUNCT
fbem-9486	27	16	selecting	select	VERB
fbem-9486	27	17	data	datum	NOUN
fbem-9486	27	18	from	from	ADP
fbem-9486	27	19	1990	1990	NUM
fbem-9486	27	20	to	to	ADP
fbem-9486	27	21	1994	1994	NUM
fbem-9486	27	22	and	and	CCONJ
fbem-9486	27	23	applying	apply	VERB
fbem-9486	27	24	econometric	econometric	ADJ
fbem-9486	27	25	methods	method	NOUN
fbem-9486	27	26	to	to	ADP
fbem-9486	27	27	the	the	DET
fbem-9486	27	28	analysis	analysis	NOUN
fbem-9486	27	29	for	for	ADP
fbem-9486	27	30	the	the	DET
fbem-9486	27	31	first	first	ADJ
fbem-9486	27	32	time	time	NOUN
fbem-9486	27	33	,	,	PUNCT
fbem-9486	27	34	and	and	CCONJ
fbem-9486	27	35	found	find	VERB
fbem-9486	27	36	that	that	SCONJ
fbem-9486	27	37	the	the	DET
fbem-9486	27	38	average	average	ADJ
fbem-9486	27	39	return	return	NOUN
fbem-9486	27	40	of	of	ADP
fbem-9486	27	41	shanghai	shanghai	PROPN
fbem-9486	27	42	stocks	stock	NOUN
fbem-9486	27	43	was	be	AUX
fbem-9486	27	44	negative	negative	ADJ
fbem-9486	27	45	and	and	CCONJ
fbem-9486	27	46	the	the	DET
fbem-9486	27	47	lowest	low	ADJ
fbem-9486	27	48	on	on	ADP
fbem-9486	27	49	monday	monday	PROPN
fbem-9486	27	50	,	,	PUNCT
fbem-9486	27	51	and	and	CCONJ
fbem-9486	27	52	then	then	ADV
fbem-9486	27	53	gradually	gradually	ADV
fbem-9486	27	54	increased	increase	VERB
fbem-9486	27	55	,	,	PUNCT
fbem-9486	27	56	reaching	reach	VERB
fbem-9486	27	57	the	the	DET
fbem-9486	27	58	highest	high	ADJ
fbem-9486	27	59	point	point	NOUN
fbem-9486	27	60	in	in	ADP
fbem-9486	27	61	the	the	DET
fbem-9486	27	62	week	week	NOUN
fbem-9486	27	63	on	on	ADP
fbem-9486	27	64	thursday	thursday	PROPN
fbem-9486	27	65	,	,	PUNCT
fbem-9486	27	66	while	while	SCONJ
fbem-9486	27	67	a	a	DET
fbem-9486	27	68	similar	similar	ADJ
fbem-9486	27	69	situation	situation	NOUN
fbem-9486	27	70	existed	exist	VERB
fbem-9486	27	71	for	for	ADP
fbem-9486	27	72	sz	sz	NOUN
fbem-9486	27	73	stocks	stock	NOUN
fbem-9486	27	74	[	[	X
fbem-9486	27	75	7	7	NUM
fbem-9486	27	76	]	]	PUNCT
fbem-9486	27	77	.	.	PUNCT
fbem-9486	28	1	feng	feng	PROPN
fbem-9486	28	2	,	,	PUNCT
fbem-9486	28	3	l.	l.	PROPN
fbem-9486	28	4	cheng	cheng	PROPN
fbem-9486	28	5	(	(	PUNCT
fbem-9486	28	6	2000	2000	NUM
fbem-9486	28	7	)	)	PUNCT
fbem-9486	28	8	analyzed	analyze	VERB
fbem-9486	28	9	shanghai	shanghai	PROPN
fbem-9486	28	10	and	and	CCONJ
fbem-9486	28	11	shenzhen	shenzhen	PROPN
fbem-9486	28	12	markets	market	NOUN
fbem-9486	28	13	separately	separately	ADV
fbem-9486	28	14	and	and	CCONJ
fbem-9486	28	15	found	find	VERB
fbem-9486	28	16	a	a	DET
fbem-9486	28	17	significantly	significantly	ADV
fbem-9486	28	18	negative	negative	ADJ
fbem-9486	28	19	tuesday	tuesday	PROPN
fbem-9486	28	20	effect	effect	NOUN
fbem-9486	28	21	and	and	CCONJ
fbem-9486	28	22	a	a	DET
fbem-9486	28	23	significantly	significantly	ADV
fbem-9486	28	24	positive	positive	ADJ
fbem-9486	28	25	friday	friday	PROPN
fbem-9486	28	26	effect	effect	NOUN
fbem-9486	28	27	in	in	ADP
fbem-9486	28	28	shanghai	shanghai	PROPN
fbem-9486	28	29	,	,	PUNCT
fbem-9486	28	30	supported	support	VERB
fbem-9486	28	31	by	by	ADP
fbem-9486	28	32	strong	strong	ADJ
fbem-9486	28	33	evidence	evidence	NOUN
fbem-9486	28	34	.	.	PUNCT
fbem-9486	29	1	the	the	DET
fbem-9486	29	2	situation	situation	NOUN
fbem-9486	29	3	is	be	AUX
fbem-9486	29	4	similar	similar	ADJ
fbem-9486	29	5	for	for	ADP
fbem-9486	29	6	the	the	DET
fbem-9486	29	7	shenzhen	shenzhen	PROPN
fbem-9486	29	8	market	market	NOUN
fbem-9486	29	9	,	,	PUNCT
fbem-9486	29	10	but	but	CCONJ
fbem-9486	29	11	the	the	DET
fbem-9486	29	12	evidence	evidence	NOUN
fbem-9486	29	13	is	be	AUX
fbem-9486	29	14	weaker	weak	ADJ
fbem-9486	29	15	in	in	ADP
fbem-9486	29	16	support	support	NOUN
fbem-9486	29	17	[	[	X
fbem-9486	29	18	8	8	NUM
fbem-9486	29	19	]	]	PUNCT
fbem-9486	29	20	.	.	PUNCT
fbem-9486	30	1	chao	chao	PROPN
fbem-9486	30	2	chen	chen	PROPN
fbem-9486	30	3	and	and	CCONJ
fbem-9486	30	4	ping	ping	PROPN
fbem-9486	30	5	qian	qian	PROPN
fbem-9486	30	6	(	(	PUNCT
fbem-9486	30	7	2002	2002	NUM
fbem-9486	30	8	)	)	PUNCT
fbem-9486	30	9	analyzed	analyze	VERB
fbem-9486	30	10	feng	feng	PROPN
fbem-9486	30	11	licheng	licheng	PROPN
fbem-9486	30	12	's	's	PART
fbem-9486	30	13	study	study	NOUN
fbem-9486	30	14	and	and	CCONJ
fbem-9486	30	15	concluded	conclude	VERB
fbem-9486	30	16	that	that	SCONJ
fbem-9486	30	17	he	he	PRON
fbem-9486	30	18	did	do	AUX
fbem-9486	30	19	not	not	PART
fbem-9486	30	20	consider	consider	VERB
fbem-9486	30	21	the	the	DET
fbem-9486	30	22	factors	factor	NOUN
fbem-9486	30	23	comprehensively	comprehensively	ADV
fbem-9486	30	24	and	and	CCONJ
fbem-9486	30	25	ignored	ignore	VERB
fbem-9486	30	26	the	the	DET
fbem-9486	30	27	impact	impact	NOUN
fbem-9486	30	28	of	of	ADP
fbem-9486	30	29	the	the	DET
fbem-9486	30	30	stop	stop	NOUN
fbem-9486	30	31	system	system	NOUN
fbem-9486	30	32	on	on	ADP
fbem-9486	30	33	the	the	DET
fbem-9486	30	34	stock	stock	NOUN
fbem-9486	30	35	market	market	NOUN
fbem-9486	30	36	;	;	PUNCT
fbem-9486	30	37	therefore	therefore	ADV
fbem-9486	30	38	,	,	PUNCT
fbem-9486	30	39	they	they	PRON
fbem-9486	30	40	divided	divide	VERB
fbem-9486	30	41	the	the	DET
fbem-9486	30	42	data	datum	NOUN
fbem-9486	30	43	into	into	ADP
fbem-9486	30	44	two	two	NUM
fbem-9486	30	45	phases	phase	NOUN
fbem-9486	30	46	before	before	ADP
fbem-9486	30	47	and	and	CCONJ
fbem-9486	30	48	after	after	ADP
fbem-9486	30	49	the	the	DET
fbem-9486	30	50	implementation	implementation	NOUN
fbem-9486	30	51	of	of	ADP
fbem-9486	30	52	the	the	DET
fbem-9486	30	53	stop	stop	NOUN
fbem-9486	30	54	system	system	NOUN
fbem-9486	30	55	as	as	ADP
fbem-9486	30	56	the	the	DET
fbem-9486	30	57	boundary	boundary	NOUN
fbem-9486	30	58	and	and	CCONJ
fbem-9486	30	59	found	find	VERB
fbem-9486	30	60	that	that	SCONJ
fbem-9486	30	61	there	there	PRON
fbem-9486	30	62	was	be	VERB
fbem-9486	30	63	an	an	DET
fbem-9486	30	64	intra	intra	ADJ
fbem-9486	30	65	-	-	ADJ
fbem-9486	30	66	weekly	weekly	ADJ
fbem-9486	30	67	42	42	NUM
fbem-9486	30	68	effect	effect	NOUN
fbem-9486	30	69	in	in	ADP
fbem-9486	30	70	shanghai	shanghai	PROPN
fbem-9486	30	71	and	and	CCONJ
fbem-9486	30	72	shenzhen	shenzhen	PROPN
fbem-9486	30	73	markets	market	NOUN
fbem-9486	30	74	,	,	PUNCT
fbem-9486	30	75	but	but	CCONJ
fbem-9486	30	76	when	when	SCONJ
fbem-9486	30	77	the	the	DET
fbem-9486	30	78	data	datum	NOUN
fbem-9486	30	79	were	be	AUX
fbem-9486	30	80	tested	test	VERB
fbem-9486	30	81	year	year	NOUN
fbem-9486	30	82	by	by	ADP
fbem-9486	30	83	year	year	NOUN
fbem-9486	30	84	,	,	PUNCT
fbem-9486	30	85	only	only	ADV
fbem-9486	30	86	the	the	DET
fbem-9486	30	87	intra	intra	ADJ
fbem-9486	30	88	-	-	ADJ
fbem-9486	30	89	weekly	weekly	ADJ
fbem-9486	30	90	effect	effect	NOUN
fbem-9486	30	91	existed	exist	VERB
fbem-9486	30	92	in	in	ADP
fbem-9486	30	93	shanghai	shanghai	PROPN
fbem-9486	30	94	in	in	ADP
fbem-9486	30	95	1996	1996	NUM
fbem-9486	30	96	,	,	PUNCT
fbem-9486	30	97	thus	thus	ADV
fbem-9486	30	98	arguing	argue	VERB
fbem-9486	30	99	that	that	SCONJ
fbem-9486	30	100	this	this	DET
fbem-9486	30	101	anomaly	anomaly	NOUN
fbem-9486	30	102	was	be	AUX
fbem-9486	30	103	found	find	VERB
fbem-9486	30	104	to	to	PART
fbem-9486	30	105	be	be	AUX
fbem-9486	30	106	a	a	DET
fbem-9486	30	107	coincidence	coincidence	NOUN
fbem-9486	31	1	[	[	X
fbem-9486	31	2	9	9	NUM
fbem-9486	31	3	]	]	PUNCT
fbem-9486	31	4	.	.	PUNCT
fbem-9486	32	1	zhang	zhang	PROPN
fbem-9486	32	2	and	and	CCONJ
fbem-9486	32	3	bing	bing	NOUN
fbem-9486	32	4	(	(	PUNCT
fbem-9486	32	5	2005	2005	NUM
fbem-9486	32	6	)	)	PUNCT
fbem-9486	32	7	innovated	innovate	VERB
fbem-9486	32	8	the	the	DET
fbem-9486	32	9	processing	processing	NOUN
fbem-9486	32	10	of	of	ADP
fbem-9486	32	11	the	the	DET
fbem-9486	32	12	data	datum	NOUN
fbem-9486	32	13	by	by	ADP
fbem-9486	32	14	using	use	VERB
fbem-9486	32	15	a	a	DET
fbem-9486	32	16	rolling	rolling	ADJ
fbem-9486	32	17	sample	sample	NOUN
fbem-9486	32	18	test	test	NOUN
fbem-9486	32	19	for	for	ADP
fbem-9486	32	20	the	the	DET
fbem-9486	32	21	first	first	ADJ
fbem-9486	32	22	time	time	NOUN
fbem-9486	32	23	to	to	PART
fbem-9486	32	24	bring	bring	VERB
fbem-9486	32	25	out	out	ADP
fbem-9486	32	26	the	the	DET
fbem-9486	32	27	time	time	NOUN
fbem-9486	32	28	-	-	PUNCT
fbem-9486	32	29	varying	vary	VERB
fbem-9486	32	30	characteristics	characteristic	NOUN
fbem-9486	32	31	of	of	ADP
fbem-9486	32	32	the	the	DET
fbem-9486	32	33	calendar	calendar	NOUN
fbem-9486	32	34	effect	effect	NOUN
fbem-9486	32	35	and	and	CCONJ
fbem-9486	32	36	found	find	VERB
fbem-9486	32	37	that	that	SCONJ
fbem-9486	32	38	the	the	DET
fbem-9486	32	39	intraweek	intraweek	ADJ
fbem-9486	32	40	effect	effect	NOUN
fbem-9486	32	41	only	only	ADV
fbem-9486	32	42	appeared	appear	VERB
fbem-9486	32	43	in	in	ADP
fbem-9486	32	44	the	the	DET
fbem-9486	32	45	early	early	ADJ
fbem-9486	32	46	years	year	NOUN
fbem-9486	32	47	of	of	ADP
fbem-9486	32	48	the	the	DET
fbem-9486	32	49	chinese	chinese	ADJ
fbem-9486	32	50	stock	stock	NOUN
fbem-9486	32	51	market	market	NOUN
fbem-9486	32	52	and	and	CCONJ
fbem-9486	32	53	gradually	gradually	ADV
fbem-9486	32	54	disappeared	disappear	VERB
fbem-9486	32	55	with	with	ADP
fbem-9486	32	56	the	the	DET
fbem-9486	32	57	development	development	NOUN
fbem-9486	32	58	of	of	ADP
fbem-9486	32	59	the	the	DET
fbem-9486	32	60	market	market	NOUN
fbem-9486	32	61	,	,	PUNCT
fbem-9486	32	62	without	without	ADP
fbem-9486	32	63	robustness	robustness	NOUN
fbem-9486	32	64	[	[	X
fbem-9486	32	65	10	10	NUM
fbem-9486	32	66	]	]	PUNCT
fbem-9486	32	67	.	.	PUNCT
fbem-9486	33	1	che	che	PROPN
fbem-9486	33	2	-	-	PROPN
fbem-9486	33	3	yun	yun	PROPN
fbem-9486	33	4	ji	ji	PROPN
fbem-9486	33	5	(	(	PUNCT
fbem-9486	33	6	2018	2018	NUM
fbem-9486	33	7	)	)	PUNCT
fbem-9486	33	8	found	find	VERB
fbem-9486	33	9	a	a	DET
fbem-9486	33	10	significantly	significantly	ADV
fbem-9486	33	11	negative	negative	ADJ
fbem-9486	33	12	thursday	thursday	PROPN
fbem-9486	33	13	effect	effect	NOUN
fbem-9486	33	14	for	for	ADP
fbem-9486	33	15	the	the	DET
fbem-9486	33	16	sse	sse	PROPN
fbem-9486	33	17	index	index	NOUN
fbem-9486	33	18	returns	return	NOUN
fbem-9486	33	19	[	[	X
fbem-9486	33	20	11	11	NUM
fbem-9486	33	21	]	]	PUNCT
fbem-9486	33	22	.	.	PUNCT
fbem-9486	34	1	lin	lin	PROPN
fbem-9486	34	2	xiangyou	xiangyou	PROPN
fbem-9486	34	3	(	(	PUNCT
fbem-9486	34	4	2016	2016	NUM
fbem-9486	34	5	)	)	PUNCT
fbem-9486	34	6	conducted	conduct	VERB
fbem-9486	34	7	a	a	DET
fbem-9486	34	8	study	study	NOUN
fbem-9486	34	9	on	on	ADP
fbem-9486	34	10	the	the	DET
fbem-9486	34	11	intra	intra	ADJ
fbem-9486	34	12	-	-	ADJ
fbem-9486	34	13	weekly	weekly	ADJ
fbem-9486	34	14	effect	effect	NOUN
fbem-9486	34	15	from	from	ADP
fbem-9486	34	16	the	the	DET
fbem-9486	34	17	perspective	perspective	NOUN
fbem-9486	34	18	of	of	ADP
fbem-9486	34	19	the	the	DET
fbem-9486	34	20	stock	stock	NOUN
fbem-9486	34	21	index	index	NOUN
fbem-9486	34	22	futures	future	NOUN
fbem-9486	34	23	market	market	NOUN
fbem-9486	34	24	and	and	CCONJ
fbem-9486	34	25	found	find	VERB
fbem-9486	34	26	that	that	SCONJ
fbem-9486	34	27	the	the	DET
fbem-9486	34	28	chinese	chinese	ADJ
fbem-9486	34	29	stock	stock	PROPN
fbem-9486	34	30	index	index	NOUN
fbem-9486	34	31	futures	future	NOUN
fbem-9486	34	32	market	market	NOUN
fbem-9486	34	33	has	have	VERB
fbem-9486	34	34	a	a	DET
fbem-9486	34	35	certain	certain	ADJ
fbem-9486	34	36	degree	degree	NOUN
fbem-9486	34	37	of	of	ADP
fbem-9486	34	38	bootstrapping	bootstrappe	VERB
fbem-9486	34	39	effect	effect	NOUN
fbem-9486	34	40	on	on	ADP
fbem-9486	34	41	the	the	DET
fbem-9486	34	42	securities	security	NOUN
fbem-9486	34	43	market	market	NOUN
fbem-9486	34	44	in	in	ADP
fbem-9486	34	45	terms	term	NOUN
fbem-9486	34	46	of	of	ADP
fbem-9486	34	47	the	the	DET
fbem-9486	34	48	pattern	pattern	NOUN
fbem-9486	34	49	of	of	ADP
fbem-9486	34	50	the	the	DET
fbem-9486	34	51	intra	intra	ADJ
fbem-9486	34	52	-	-	ADJ
fbem-9486	34	53	weekly	weekly	ADJ
fbem-9486	34	54	effect	effect	NOUN
fbem-9486	34	55	[	[	X
fbem-9486	34	56	12	12	NUM
fbem-9486	34	57	]	]	PUNCT
fbem-9486	34	58	.	.	PUNCT
fbem-9486	35	1	3	3	X
fbem-9486	35	2	.	.	X
fbem-9486	35	3	empirical	empirical	ADJ
fbem-9486	35	4	results	result	NOUN
fbem-9486	35	5	3.1	3.1	NUM
fbem-9486	35	6	.	.	PUNCT
fbem-9486	36	1	data	datum	NOUN
fbem-9486	36	2	source	source	NOUN
fbem-9486	36	3	we	we	PRON
fbem-9486	36	4	select	select	VERB
fbem-9486	36	5	the	the	DET
fbem-9486	36	6	sse	sse	PROPN
fbem-9486	36	7	composite	composite	ADJ
fbem-9486	36	8	index	index	NOUN
fbem-9486	36	9	(	(	PUNCT
fbem-9486	36	10	sh	sh	PROPN
fbem-9486	36	11	000001	000001	NUM
fbem-9486	36	12	)	)	PUNCT
fbem-9486	36	13	from	from	ADP
fbem-9486	36	14	the	the	DET
fbem-9486	36	15	guotaian	guotaian	PROPN
fbem-9486	36	16	csmar	csmar	PROPN
fbem-9486	36	17	for	for	ADP
fbem-9486	36	18	the	the	DET
fbem-9486	36	19	period	period	NOUN
fbem-9486	36	20	from	from	ADP
fbem-9486	36	21	december	december	PROPN
fbem-9486	36	22	19	19	NUM
fbem-9486	36	23	,	,	PUNCT
fbem-9486	36	24	1999	1999	NUM
fbem-9486	36	25	,	,	PUNCT
fbem-9486	36	26	to	to	PART
fbem-9486	36	27	may	may	PROPN
fbem-9486	36	28	6	6	NUM
fbem-9486	36	29	,	,	PUNCT
fbem-9486	36	30	2022	2022	NUM
fbem-9486	36	31	.	.	PUNCT
fbem-9486	37	1	we	we	PRON
fbem-9486	37	2	select	select	VERB
fbem-9486	37	3	the	the	DET
fbem-9486	37	4	closing	closing	NOUN
fbem-9486	37	5	price	price	NOUN
fbem-9486	37	6	index	index	NOUN
fbem-9486	37	7	and	and	CCONJ
fbem-9486	37	8	calculate	calculate	VERB
fbem-9486	37	9	the	the	DET
fbem-9486	37	10	returns	return	NOUN
fbem-9486	37	11	and	and	CCONJ
fbem-9486	37	12	perform	perform	VERB
fbem-9486	37	13	empirical	empirical	ADJ
fbem-9486	37	14	analysis	analysis	NOUN
fbem-9486	37	15	using	use	VERB
fbem-9486	37	16	stata	stata	NOUN
fbem-9486	37	17	software	software	NOUN
fbem-9486	37	18	:	:	PUNCT
fbem-9486	37	19	table	table	NOUN
fbem-9486	37	20	i	i	PRON
fbem-9486	37	21	shows	show	VERB
fbem-9486	37	22	the	the	DET
fbem-9486	37	23	descriptive	descriptive	ADJ
fbem-9486	37	24	statistics	statistic	NOUN
fbem-9486	37	25	of	of	ADP
fbem-9486	37	26	returns	return	NOUN
fbem-9486	37	27	for	for	ADP
fbem-9486	37	28	each	each	DET
fbem-9486	37	29	variable	variable	NOUN
fbem-9486	37	30	,	,	PUNCT
fbem-9486	37	31	d1	d1	PROPN
fbem-9486	37	32	,	,	PUNCT
fbem-9486	37	33	d2	d2	PROPN
fbem-9486	37	34	,	,	PUNCT
fbem-9486	37	35	d3	d3	PROPN
fbem-9486	37	36	,	,	PUNCT
fbem-9486	37	37	d4	d4	PROPN
fbem-9486	37	38	,	,	PUNCT
fbem-9486	37	39	and	and	CCONJ
fbem-9486	37	40	d5	d5	NOUN
fbem-9486	37	41	denote	denote	VERB
fbem-9486	37	42	monday	monday	PROPN
fbem-9486	37	43	's	's	PART
fbem-9486	37	44	return	return	NOUN
fbem-9486	37	45	,	,	PUNCT
fbem-9486	37	46	tuesday	tuesday	PROPN
fbem-9486	37	47	's	's	PART
fbem-9486	37	48	return	return	NOUN
fbem-9486	37	49	,	,	PUNCT
fbem-9486	37	50	wednesday	wednesday	PROPN
fbem-9486	37	51	's	's	PART
fbem-9486	37	52	return	return	NOUN
fbem-9486	37	53	,	,	PUNCT
fbem-9486	37	54	thursday	thursday	PROPN
fbem-9486	37	55	's	's	PART
fbem-9486	37	56	return	return	NOUN
fbem-9486	37	57	,	,	PUNCT
fbem-9486	37	58	and	and	CCONJ
fbem-9486	37	59	friday	friday	PROPN
fbem-9486	37	60	's	's	PART
fbem-9486	37	61	logarithmic	logarithmic	ADJ
fbem-9486	37	62	return	return	NOUN
fbem-9486	37	63	,	,	PUNCT
fbem-9486	37	64	respectively	respectively	ADV
fbem-9486	37	65	,	,	PUNCT
fbem-9486	37	66	and	and	CCONJ
fbem-9486	37	67	r	r	NOUN
fbem-9486	37	68	denotes	denote	VERB
fbem-9486	37	69	the	the	DET
fbem-9486	37	70	full	full	ADJ
fbem-9486	37	71	logarithmic	logarithmic	ADJ
fbem-9486	37	72	return	return	NOUN
fbem-9486	37	73	.	.	PUNCT
fbem-9486	38	1	table	table	NOUN
fbem-9486	38	2	1	1	NUM
fbem-9486	38	3	.	.	PUNCT
fbem-9486	38	4	descriptive	descriptive	ADJ
fbem-9486	38	5	statistics	statistic	NOUN
fbem-9486	38	6	of	of	ADP
fbem-9486	38	7	log	log	NOUN
fbem-9486	38	8	returns	return	VERB
fbem-9486	38	9	variable	variable	ADJ
fbem-9486	38	10	obs	ob	NOUN
fbem-9486	38	11	mean	mean	VERB
fbem-9486	38	12	std	std	PROPN
fbem-9486	38	13	.	.	PROPN
fbem-9486	39	1	dev	dev	PROPN
fbem-9486	39	2	.	.	PUNCT
fbem-9486	40	1	min	min	PROPN
fbem-9486	40	2	max	max	PROPN
fbem-9486	40	3	d1	d1	PROPN
fbem-9486	40	4	1508	1508	NUM
fbem-9486	40	5	0.0000	0.0000	NUM
fbem-9486	40	6	0.0240	0.0240	NUM
fbem-9486	40	7	-0.1400	-0.1400	NOUN
fbem-9486	40	8	0.2890	0.2890	NUM
fbem-9486	40	9	d2	d2	PROPN
fbem-9486	40	10	1539	1539	NUM
fbem-9486	40	11	-0.0010	-0.0010	NOUN
fbem-9486	40	12	0.0190	0.0190	NUM
fbem-9486	40	13	-0.1790	-0.1790	NOUN
fbem-9486	40	14	0.1110	0.1110	NUM
fbem-9486	40	15	d3	d3	PROPN
fbem-9486	40	16	1547	1547	NUM
fbem-9486	40	17	0.0010	0.0010	NUM
fbem-9486	40	18	0.0200	0.0200	NUM
fbem-9486	40	19	-0.1130	-0.1130	NOUN
fbem-9486	40	20	0.2620	0.2620	NUM
fbem-9486	40	21	d4	d4	PROPN
fbem-9486	40	22	1542	1542	NUM
fbem-9486	40	23	0.0000	0.0000	NUM
fbem-9486	40	24	0.0270	0.0270	NUM
fbem-9486	40	25	-0.1120	-0.1120	NOUN
fbem-9486	40	26	0.7190	0.7190	NUM
fbem-9486	40	27	d5	d5	NOUN
fbem-9486	40	28	1529	1529	NUM
fbem-9486	40	29	0.0020	0.0020	NUM
fbem-9486	40	30	0.0180	0.0180	NUM
fbem-9486	40	31	-0.0770	-0.0770	NOUN
fbem-9486	40	32	0.1940	0.1940	NUM
fbem-9486	40	33	r	r	NOUN
fbem-9486	40	34	7665	7665	NUM
fbem-9486	40	35	0.0000	0.0000	NUM
fbem-9486	40	36	0.0220	0.0220	NUM
fbem-9486	40	37	-0.1790	-0.1790	NOUN
fbem-9486	40	38	0.7190	0.7190	NUM
fbem-9486	40	39	3.2	3.2	NUM
fbem-9486	40	40	.	.	PUNCT
fbem-9486	41	1	normal	normal	ADJ
fbem-9486	41	2	distribution	distribution	NOUN
fbem-9486	41	3	test	test	NOUN
fbem-9486	41	4	we	we	PRON
fbem-9486	41	5	draw	draw	VERB
fbem-9486	41	6	histograms	histogram	NOUN
fbem-9486	41	7	of	of	ADP
fbem-9486	41	8	log	log	NOUN
fbem-9486	41	9	returns	return	NOUN
fbem-9486	41	10	,	,	PUNCT
fbem-9486	41	11	kernel	kernel	PROPN
fbem-9486	41	12	density	density	NOUN
fbem-9486	41	13	plots	plot	NOUN
fbem-9486	41	14	,	,	PUNCT
fbem-9486	41	15	and	and	CCONJ
fbem-9486	41	16	qq	qq	NUM
fbem-9486	41	17	plots	plot	NOUN
fbem-9486	41	18	,	,	PUNCT
fbem-9486	41	19	respectively	respectively	ADV
fbem-9486	41	20	.	.	PUNCT
fbem-9486	42	1	as	as	SCONJ
fbem-9486	42	2	shown	show	VERB
fbem-9486	42	3	in	in	ADP
fbem-9486	42	4	figures	figure	NOUN
fbem-9486	42	5	1	1	NUM
fbem-9486	42	6	,	,	PUNCT
fbem-9486	42	7	2	2	NUM
fbem-9486	42	8	,	,	PUNCT
fbem-9486	42	9	and	and	CCONJ
fbem-9486	42	10	3	3	NUM
fbem-9486	42	11	,	,	PUNCT
fbem-9486	42	12	determine	determine	VERB
fbem-9486	42	13	whether	whether	SCONJ
fbem-9486	42	14	they	they	PRON
fbem-9486	42	15	conform	conform	VERB
fbem-9486	42	16	to	to	ADP
fbem-9486	42	17	a	a	DET
fbem-9486	42	18	normal	normal	ADJ
fbem-9486	42	19	distribution	distribution	NOUN
fbem-9486	42	20	by	by	ADP
fbem-9486	42	21	statistically	statistically	ADV
fbem-9486	42	22	calculating	calculate	VERB
fbem-9486	42	23	their	their	PRON
fbem-9486	42	24	skewness	skewness	NOUN
fbem-9486	42	25	and	and	CCONJ
fbem-9486	42	26	kurtosis	kurtosis	NOUN
fbem-9486	42	27	as	as	ADV
fbem-9486	42	28	well	well	ADV
fbem-9486	42	29	as	as	ADP
fbem-9486	42	30	by	by	ADP
fbem-9486	42	31	their	their	PRON
fbem-9486	42	32	p	p	NOUN
fbem-9486	42	33	-	-	PUNCT
fbem-9486	42	34	values	value	NOUN
fbem-9486	42	35	:	:	PUNCT
fbem-9486	42	36	figure	figure	NOUN
fbem-9486	42	37	1	1	NUM
fbem-9486	42	38	.	.	PUNCT
fbem-9486	42	39	histogram	histogram	NOUN
fbem-9486	42	40	of	of	ADP
fbem-9486	42	41	the	the	DET
fbem-9486	42	42	logarithmic	logarithmic	ADJ
fbem-9486	42	43	rate	rate	NOUN
fbem-9486	42	44	of	of	ADP
fbem-9486	42	45	return	return	NOUN
fbem-9486	42	46	r	r	NOUN
fbem-9486	42	47	figure	figure	NOUN
fbem-9486	42	48	2	2	NUM
fbem-9486	42	49	.	.	PUNCT
fbem-9486	42	50	sum	sum	NOUN
fbem-9486	42	51	-	-	PUNCT
fbem-9486	42	52	density	density	NOUN
fbem-9486	42	53	plot	plot	NOUN
fbem-9486	42	54	of	of	ADP
fbem-9486	42	55	log	log	NOUN
fbem-9486	42	56	returns	return	NOUN
fbem-9486	42	57	43	43	NUM
fbem-9486	42	58	figure	figure	NOUN
fbem-9486	42	59	3	3	NUM
fbem-9486	42	60	.	.	PUNCT
fbem-9486	43	1	qq	qq	PROPN
fbem-9486	43	2	chart	chart	NOUN
fbem-9486	43	3	of	of	ADP
fbem-9486	43	4	log	log	NOUN
fbem-9486	43	5	returns	return	NOUN
fbem-9486	43	6	table	table	NOUN
fbem-9486	43	7	2	2	NUM
fbem-9486	43	8	.	.	X
fbem-9486	43	9	normal	normal	ADJ
fbem-9486	43	10	distribution	distribution	NOUN
fbem-9486	43	11	test	test	NOUN
fbem-9486	43	12	variables	variable	NOUN
fbem-9486	43	13	obs	obs	PROPN
fbem-9486	43	14	mean	mean	VERB
fbem-9486	43	15	std.dev	std.dev	NUM
fbem-9486	43	16	min	min	PROPN
fbem-9486	43	17	max	max	PROPN
fbem-9486	43	18	skew	skew	PROPN
fbem-9486	43	19	.	.	PUNCT
fbem-9486	44	1	kurt	kurt	PROPN
fbem-9486	44	2	.	.	PUNCT
fbem-9486	45	1	r	r	NOUN
fbem-9486	45	2	7665	7665	NUM
fbem-9486	45	3	0.0000	0.0000	NUM
fbem-9486	45	4	0.0220	0.0220	NUM
fbem-9486	45	5	-0.1790	-0.1790	NOUN
fbem-9486	45	6	0.7190	0.7190	NUM
fbem-9486	45	7	5.3690	5.3690	NUM
fbem-9486	45	8	167.0140	167.0140	NUM
fbem-9486	45	9	for	for	ADP
fbem-9486	45	10	the	the	DET
fbem-9486	45	11	overall	overall	ADJ
fbem-9486	45	12	sample	sample	NOUN
fbem-9486	45	13	analysis	analysis	NOUN
fbem-9486	45	14	,	,	PUNCT
fbem-9486	45	15	first	first	ADV
fbem-9486	45	16	,	,	PUNCT
fbem-9486	45	17	there	there	PRON
fbem-9486	45	18	are	be	VERB
fbem-9486	45	19	distribution	distribution	NOUN
fbem-9486	45	20	characteristics	characteristic	NOUN
fbem-9486	45	21	of	of	ADP
fbem-9486	45	22	spikes	spike	NOUN
fbem-9486	45	23	and	and	CCONJ
fbem-9486	45	24	thick	thick	ADJ
fbem-9486	45	25	tails	tail	NOUN
fbem-9486	45	26	.	.	PUNCT
fbem-9486	46	1	the	the	DET
fbem-9486	46	2	kurtosis	kurtosis	NOUN
fbem-9486	46	3	can	can	AUX
fbem-9486	46	4	be	be	AUX
fbem-9486	46	5	used	use	VERB
fbem-9486	46	6	to	to	PART
fbem-9486	46	7	determine	determine	VERB
fbem-9486	46	8	whether	whether	SCONJ
fbem-9486	46	9	the	the	DET
fbem-9486	46	10	log	log	NOUN
fbem-9486	46	11	returns	return	NOUN
fbem-9486	46	12	obey	obey	VERB
fbem-9486	46	13	a	a	DET
fbem-9486	46	14	normal	normal	ADJ
fbem-9486	46	15	distribution	distribution	NOUN
fbem-9486	46	16	,	,	PUNCT
fbem-9486	46	17	and	and	CCONJ
fbem-9486	46	18	the	the	DET
fbem-9486	46	19	kurtosis	kurtosis	NOUN
fbem-9486	46	20	coefficient	coefficient	NOUN
fbem-9486	46	21	k	k	PROPN
fbem-9486	46	22	of	of	ADP
fbem-9486	46	23	the	the	DET
fbem-9486	46	24	normal	normal	ADJ
fbem-9486	46	25	distribution	distribution	NOUN
fbem-9486	46	26	is	be	AUX
fbem-9486	46	27	close	close	ADJ
fbem-9486	46	28	to	to	ADP
fbem-9486	46	29	3	3	NUM
fbem-9486	46	30	.	.	PUNCT
fbem-9486	47	1	the	the	DET
fbem-9486	47	2	k	k	PROPN
fbem-9486	47	3	value	value	NOUN
fbem-9486	47	4	of	of	ADP
fbem-9486	47	5	the	the	DET
fbem-9486	47	6	sse	sse	NOUN
fbem-9486	47	7	is	be	AUX
fbem-9486	47	8	167.014	167.014	NUM
fbem-9486	47	9	greater	great	ADJ
fbem-9486	47	10	than	than	ADP
fbem-9486	47	11	3	3	NUM
fbem-9486	47	12	,	,	PUNCT
fbem-9486	47	13	indicating	indicate	VERB
fbem-9486	47	14	that	that	SCONJ
fbem-9486	47	15	the	the	DET
fbem-9486	47	16	returns	return	NOUN
fbem-9486	47	17	have	have	VERB
fbem-9486	47	18	the	the	DET
fbem-9486	47	19	characteristics	characteristic	NOUN
fbem-9486	47	20	of	of	ADP
fbem-9486	47	21	spikes	spike	NOUN
fbem-9486	47	22	and	and	CCONJ
fbem-9486	47	23	thick	thick	ADJ
fbem-9486	47	24	tails	tail	NOUN
fbem-9486	47	25	;	;	PUNCT
fbem-9486	47	26	the	the	DET
fbem-9486	47	27	skewness	skewness	NOUN
fbem-9486	47	28	is	be	AUX
fbem-9486	47	29	used	use	VERB
fbem-9486	47	30	to	to	PART
fbem-9486	47	31	measure	measure	VERB
fbem-9486	47	32	whether	whether	SCONJ
fbem-9486	47	33	the	the	DET
fbem-9486	47	34	probability	probability	NOUN
fbem-9486	47	35	distribution	distribution	NOUN
fbem-9486	47	36	of	of	ADP
fbem-9486	47	37	the	the	DET
fbem-9486	47	38	random	random	ADJ
fbem-9486	47	39	variable	variable	NOUN
fbem-9486	47	40	is	be	AUX
fbem-9486	47	41	symmetric	symmetric	ADJ
fbem-9486	47	42	around	around	ADP
fbem-9486	47	43	its	its	PRON
fbem-9486	47	44	mean	mean	NOUN
fbem-9486	47	45	,	,	PUNCT
fbem-9486	47	46	and	and	CCONJ
fbem-9486	47	47	the	the	DET
fbem-9486	47	48	skewness	skewness	NOUN
fbem-9486	47	49	coefficient	coefficient	NOUN
fbem-9486	47	50	of	of	ADP
fbem-9486	47	51	the	the	DET
fbem-9486	47	52	sse	sse	NOUN
fbem-9486	47	53	is	be	AUX
fbem-9486	47	54	s=5.369	s=5.369	PROPN
fbem-9486	47	55	,	,	PUNCT
fbem-9486	47	56	indicating	indicate	VERB
fbem-9486	47	57	that	that	SCONJ
fbem-9486	47	58	there	there	PRON
fbem-9486	47	59	is	be	VERB
fbem-9486	47	60	a	a	DET
fbem-9486	47	61	long	long	ADJ
fbem-9486	47	62	right	right	ADJ
fbem-9486	47	63	trailing	trailing	NOUN
fbem-9486	47	64	tail	tail	NOUN
fbem-9486	47	65	and	and	CCONJ
fbem-9486	47	66	the	the	DET
fbem-9486	47	67	series	series	NOUN
fbem-9486	47	68	is	be	AUX
fbem-9486	47	69	skewed	skewed	ADJ
fbem-9486	47	70	.	.	PUNCT
fbem-9486	48	1	second	second	ADJ
fbem-9486	48	2	,	,	PUNCT
fbem-9486	48	3	the	the	DET
fbem-9486	48	4	sample	sample	NOUN
fbem-9486	48	5	corresponds	correspond	VERB
fbem-9486	48	6	to	to	ADP
fbem-9486	48	7	a	a	DET
fbem-9486	48	8	significant	significant	ADJ
fbem-9486	48	9	p	p	NOUN
fbem-9486	48	10	-	-	PUNCT
fbem-9486	48	11	value	value	NOUN
fbem-9486	48	12	,	,	PUNCT
fbem-9486	48	13	from	from	ADP
fbem-9486	48	14	which	which	PRON
fbem-9486	48	15	it	it	PRON
fbem-9486	48	16	is	be	AUX
fbem-9486	48	17	possible	possible	ADJ
fbem-9486	48	18	that	that	SCONJ
fbem-9486	48	19	the	the	DET
fbem-9486	48	20	daily	daily	ADJ
fbem-9486	48	21	returns	return	NOUN
fbem-9486	48	22	of	of	ADP
fbem-9486	48	23	the	the	DET
fbem-9486	48	24	sse	sse	NOUN
fbem-9486	48	25	do	do	AUX
fbem-9486	48	26	not	not	PART
fbem-9486	48	27	obey	obey	VERB
fbem-9486	48	28	a	a	DET
fbem-9486	48	29	normal	normal	ADJ
fbem-9486	48	30	distribution	distribution	NOUN
fbem-9486	48	31	and	and	CCONJ
fbem-9486	48	32	the	the	DET
fbem-9486	48	33	original	original	ADJ
fbem-9486	48	34	hypothesis	hypothesis	NOUN
fbem-9486	48	35	is	be	AUX
fbem-9486	48	36	rejected	reject	VERB
fbem-9486	48	37	.	.	PUNCT
fbem-9486	49	1	arch	arch	ADJ
fbem-9486	49	2	/	/	SYM
fbem-9486	49	3	garch	garch	NOUN
fbem-9486	49	4	effects	effect	NOUN
fbem-9486	49	5	may	may	AUX
fbem-9486	49	6	exist	exist	VERB
fbem-9486	49	7	.	.	PUNCT
fbem-9486	50	1	the	the	DET
fbem-9486	50	2	comparison	comparison	NOUN
fbem-9486	50	3	of	of	ADP
fbem-9486	50	4	the	the	DET
fbem-9486	50	5	monday	monday	PROPN
fbem-9486	50	6	to	to	ADP
fbem-9486	50	7	friday	friday	PROPN
fbem-9486	50	8	samples	sample	NOUN
fbem-9486	50	9	,	,	PUNCT
fbem-9486	50	10	as	as	SCONJ
fbem-9486	50	11	can	can	AUX
fbem-9486	50	12	be	be	AUX
fbem-9486	50	13	seen	see	VERB
fbem-9486	50	14	from	from	ADP
fbem-9486	50	15	table	table	NOUN
fbem-9486	50	16	2	2	NUM
fbem-9486	50	17	,	,	PUNCT
fbem-9486	50	18	first	first	ADV
fbem-9486	50	19	,	,	PUNCT
fbem-9486	50	20	the	the	DET
fbem-9486	50	21	highest	high	ADJ
fbem-9486	50	22	average	average	ADJ
fbem-9486	50	23	log	log	NOUN
fbem-9486	50	24	return	return	NOUN
fbem-9486	50	25	of	of	ADP
fbem-9486	50	26	the	the	DET
fbem-9486	50	27	shanghai	shanghai	PROPN
fbem-9486	50	28	market	market	NOUN
fbem-9486	50	29	occurs	occur	VERB
fbem-9486	50	30	on	on	ADP
fbem-9486	50	31	friday	friday	PROPN
fbem-9486	50	32	,	,	PUNCT
fbem-9486	50	33	at	at	ADP
fbem-9486	50	34	0.002	0.002	NUM
fbem-9486	50	35	,	,	PUNCT
fbem-9486	50	36	and	and	CCONJ
fbem-9486	50	37	the	the	DET
fbem-9486	50	38	lowest	low	ADJ
fbem-9486	50	39	occurs	occur	VERB
fbem-9486	50	40	on	on	ADP
fbem-9486	50	41	tuesday	tuesday	PROPN
fbem-9486	50	42	,	,	PUNCT
fbem-9486	50	43	at	at	ADP
fbem-9486	50	44	-0.001	-0.001	NUM
fbem-9486	50	45	,	,	PUNCT
fbem-9486	50	46	and	and	CCONJ
fbem-9486	50	47	the	the	DET
fbem-9486	50	48	average	average	NOUN
fbem-9486	50	49	of	of	ADP
fbem-9486	50	50	the	the	DET
fbem-9486	50	51	other	other	ADJ
fbem-9486	50	52	three	three	NUM
fbem-9486	50	53	trading	trading	NOUN
fbem-9486	50	54	days	day	NOUN
fbem-9486	50	55	are	be	AUX
fbem-9486	50	56	all	all	ADV
fbem-9486	50	57	positive	positive	ADJ
fbem-9486	50	58	and	and	CCONJ
fbem-9486	50	59	slightly	slightly	ADV
fbem-9486	50	60	lower	low	ADJ
fbem-9486	50	61	than	than	ADP
fbem-9486	50	62	friday	friday	PROPN
fbem-9486	50	63	.	.	PUNCT
fbem-9486	51	1	as	as	SCONJ
fbem-9486	51	2	can	can	AUX
fbem-9486	51	3	be	be	AUX
fbem-9486	51	4	seen	see	VERB
fbem-9486	51	5	,	,	PUNCT
fbem-9486	51	6	by	by	ADP
fbem-9486	51	7	the	the	DET
fbem-9486	51	8	standard	standard	ADJ
fbem-9486	51	9	deviation	deviation	NOUN
fbem-9486	51	10	,	,	PUNCT
fbem-9486	51	11	the	the	DET
fbem-9486	51	12	maximum	maximum	ADJ
fbem-9486	51	13	standard	standard	ADJ
fbem-9486	51	14	deviation	deviation	NOUN
fbem-9486	51	15	occurs	occur	VERB
fbem-9486	51	16	on	on	ADP
fbem-9486	51	17	thursday	thursday	PROPN
fbem-9486	51	18	at	at	ADP
fbem-9486	51	19	0.027	0.027	NUM
fbem-9486	51	20	,	,	PUNCT
fbem-9486	51	21	indicating	indicate	VERB
fbem-9486	51	22	that	that	SCONJ
fbem-9486	51	23	the	the	DET
fbem-9486	51	24	shanghai	shanghai	PROPN
fbem-9486	51	25	market	market	NOUN
fbem-9486	51	26	is	be	AUX
fbem-9486	51	27	most	most	ADV
fbem-9486	51	28	volatile	volatile	ADJ
fbem-9486	51	29	on	on	ADP
fbem-9486	51	30	thursday	thursday	PROPN
fbem-9486	51	31	.	.	PUNCT
fbem-9486	52	1	the	the	DET
fbem-9486	52	2	smallest	small	ADJ
fbem-9486	52	3	occurs	occur	VERB
fbem-9486	52	4	on	on	ADP
fbem-9486	52	5	friday	friday	PROPN
fbem-9486	52	6	,	,	PUNCT
fbem-9486	52	7	indicating	indicate	VERB
fbem-9486	52	8	more	more	ADV
fbem-9486	52	9	stable	stable	ADJ
fbem-9486	52	10	trading	trading	NOUN
fbem-9486	52	11	on	on	ADP
fbem-9486	52	12	friday	friday	PROPN
fbem-9486	52	13	.	.	PUNCT
fbem-9486	53	1	the	the	DET
fbem-9486	53	2	fact	fact	NOUN
fbem-9486	53	3	that	that	SCONJ
fbem-9486	53	4	returns	return	NOUN
fbem-9486	53	5	and	and	CCONJ
fbem-9486	53	6	risks	risk	NOUN
fbem-9486	53	7	are	be	AUX
fbem-9486	53	8	not	not	PART
fbem-9486	53	9	proportional	proportional	ADJ
fbem-9486	53	10	indicates	indicate	VERB
fbem-9486	53	11	that	that	SCONJ
fbem-9486	53	12	there	there	PRON
fbem-9486	53	13	may	may	AUX
fbem-9486	53	14	be	be	AUX
fbem-9486	53	15	market	market	NOUN
fbem-9486	53	16	anomalies	anomaly	NOUN
fbem-9486	53	17	.	.	PUNCT
fbem-9486	54	1	the	the	DET
fbem-9486	54	2	smoothness	smoothness	ADJ
fbem-9486	54	3	test	test	NOUN
fbem-9486	54	4	(	(	PUNCT
fbem-9486	54	5	log	log	NOUN
fbem-9486	54	6	-	-	PUNCT
fbem-9486	54	7	return	return	NOUN
fbem-9486	54	8	time	time	NOUN
fbem-9486	54	9	series	series	PROPN
fbem-9486	54	10	)	)	PUNCT
fbem-9486	54	11	,	,	PUNCT
fbem-9486	54	12	since	since	SCONJ
fbem-9486	54	13	the	the	DET
fbem-9486	54	14	smoothness	smoothness	NOUN
fbem-9486	54	15	of	of	ADP
fbem-9486	54	16	the	the	DET
fbem-9486	54	17	time	time	NOUN
fbem-9486	54	18	series	series	NOUN
fbem-9486	54	19	is	be	AUX
fbem-9486	54	20	an	an	DET
fbem-9486	54	21	important	important	ADJ
fbem-9486	54	22	prerequisite	prerequisite	NOUN
fbem-9486	54	23	for	for	ADP
fbem-9486	54	24	time	time	NOUN
fbem-9486	54	25	series	series	PROPN
fbem-9486	54	26	analysis	analysis	NOUN
fbem-9486	54	27	,	,	PUNCT
fbem-9486	54	28	is	be	AUX
fbem-9486	54	29	used	use	VERB
fbem-9486	54	30	to	to	PART
fbem-9486	54	31	test	test	VERB
fbem-9486	54	32	the	the	DET
fbem-9486	54	33	nature	nature	NOUN
fbem-9486	54	34	and	and	CCONJ
fbem-9486	54	35	stochastic	stochastic	ADJ
fbem-9486	54	36	structure	structure	NOUN
fbem-9486	54	37	of	of	ADP
fbem-9486	54	38	the	the	DET
fbem-9486	54	39	time	time	NOUN
fbem-9486	54	40	series	series	PROPN
fbem-9486	54	41	using	use	VERB
fbem-9486	54	42	the	the	DET
fbem-9486	54	43	augmented	augment	VERB
fbem-9486	54	44	dickeyfuller	dickeyfuller	NOUN
fbem-9486	54	45	(	(	PUNCT
fbem-9486	54	46	adf	adf	NOUN
fbem-9486	54	47	)	)	PUNCT
fbem-9486	54	48	test	test	NOUN
fbem-9486	54	49	.	.	PUNCT
fbem-9486	55	1	the	the	DET
fbem-9486	55	2	assumption	assumption	NOUN
fbem-9486	55	3	is	be	AUX
fbem-9486	55	4	that	that	SCONJ
fbem-9486	55	5	the	the	DET
fbem-9486	55	6	variables	variable	NOUN
fbem-9486	55	7	are	be	AUX
fbem-9486	55	8	non	non	ADJ
fbem-9486	55	9	-	-	ADJ
fbem-9486	55	10	stationary	stationary	ADJ
fbem-9486	55	11	.	.	PUNCT
fbem-9486	56	1	the	the	DET
fbem-9486	56	2	results	result	NOUN
fbem-9486	56	3	are	be	AUX
fbem-9486	56	4	shown	show	VERB
fbem-9486	56	5	in	in	ADP
fbem-9486	56	6	table	table	NOUN
fbem-9486	56	7	3	3	NUM
fbem-9486	56	8	:	:	PUNCT
fbem-9486	56	9	the	the	DET
fbem-9486	56	10	results	result	NOUN
fbem-9486	56	11	significantly	significantly	ADV
fbem-9486	56	12	reject	reject	VERB
fbem-9486	56	13	the	the	DET
fbem-9486	56	14	original	original	ADJ
fbem-9486	56	15	hypothesis	hypothesis	NOUN
fbem-9486	56	16	,	,	PUNCT
fbem-9486	56	17	i.e.	i.e.	X
fbem-9486	56	18	,	,	PUNCT
fbem-9486	56	19	the	the	DET
fbem-9486	56	20	logarithmic	logarithmic	ADJ
fbem-9486	56	21	rate	rate	NOUN
fbem-9486	56	22	of	of	ADP
fbem-9486	56	23	return	return	NOUN
fbem-9486	56	24	r	r	NOUN
fbem-9486	56	25	is	be	AUX
fbem-9486	56	26	smooth	smooth	ADJ
fbem-9486	56	27	.	.	PUNCT
fbem-9486	57	1	table	table	NOUN
fbem-9486	57	2	3	3	NUM
fbem-9486	57	3	.	.	PUNCT
fbem-9486	58	1	adf	adf	PROPN
fbem-9486	58	2	test	test	NOUN
fbem-9486	58	3	variable	variable	PROPN
fbem-9486	58	4	statistic	statistic	PROPN
fbem-9486	58	5	test	test	NOUN
fbem-9486	58	6	1	1	NUM
fbem-9486	58	7	%	%	NOUN
fbem-9486	58	8	critical	critical	ADJ
fbem-9486	58	9	5	5	NUM
fbem-9486	58	10	%	%	NOUN
fbem-9486	58	11	critical	critical	ADJ
fbem-9486	58	12	10	10	NUM
fbem-9486	58	13	%	%	NOUN
fbem-9486	58	14	critical	critical	ADJ
fbem-9486	58	15	z(t	z(t	NOUN
fbem-9486	58	16	)	)	PUNCT
fbem-9486	58	17	-82.5940	-82.5940	PUNCT
fbem-9486	58	18	-3.4300	-3.4300	PROPN
fbem-9486	58	19	-2.8600	-2.8600	NOUN
fbem-9486	58	20	-2.5700	-2.5700	ADJ
fbem-9486	58	21	3.3	3.3	NUM
fbem-9486	58	22	.	.	PUNCT
fbem-9486	59	1	regression	regression	NOUN
fbem-9486	59	2	modeling	modeling	NOUN
fbem-9486	59	3	in	in	ADP
fbem-9486	59	4	a	a	DET
fbem-9486	59	5	general	general	ADJ
fbem-9486	59	6	sense	sense	NOUN
fbem-9486	59	7	,	,	PUNCT
fbem-9486	59	8	the	the	DET
fbem-9486	59	9	return	return	NOUN
fbem-9486	59	10	of	of	ADP
fbem-9486	59	11	a	a	DET
fbem-9486	59	12	financial	financial	ADJ
fbem-9486	59	13	asset	asset	NOUN
fbem-9486	59	14	is	be	AUX
fbem-9486	59	15	closely	closely	ADV
fbem-9486	59	16	related	relate	VERB
fbem-9486	59	17	to	to	ADP
fbem-9486	59	18	its	its	PRON
fbem-9486	59	19	risk	risk	NOUN
fbem-9486	59	20	.	.	PUNCT
fbem-9486	60	1	the	the	DET
fbem-9486	60	2	garch	garch	NOUN
fbem-9486	60	3	-	-	PUNCT
fbem-9486	60	4	m	m	NOUN
fbem-9486	60	5	model	model	NOUN
fbem-9486	60	6	introduces	introduce	NOUN
fbem-9486	60	7	risk	risk	NOUN
fbem-9486	60	8	factors	factor	NOUN
fbem-9486	60	9	into	into	ADP
fbem-9486	60	10	the	the	DET
fbem-9486	60	11	process	process	NOUN
fbem-9486	60	12	of	of	ADP
fbem-9486	60	13	pricing	price	VERB
fbem-9486	60	14	financial	financial	ADJ
fbem-9486	60	15	assets	asset	NOUN
fbem-9486	60	16	.	.	PUNCT
fbem-9486	61	1	in	in	ADP
fbem-9486	61	2	this	this	DET
fbem-9486	61	3	paper	paper	NOUN
fbem-9486	61	4	,	,	PUNCT
fbem-9486	61	5	the	the	DET
fbem-9486	61	6	following	follow	VERB
fbem-9486	61	7	equation	equation	NOUN
fbem-9486	61	8	is	be	AUX
fbem-9486	61	9	used	use	VERB
fbem-9486	61	10	to	to	PART
fbem-9486	61	11	study	study	VERB
fbem-9486	61	12	the	the	DET
fbem-9486	61	13	intra	intra	ADJ
fbem-9486	61	14	-	-	ADJ
fbem-9486	61	15	week	week	NOUN
fbem-9486	61	16	effects	effect	NOUN
fbem-9486	61	17	in	in	ADP
fbem-9486	61	18	the	the	DET
fbem-9486	61	19	stock	stock	NOUN
fbem-9486	61	20	market	market	NOUN
fbem-9486	61	21	(	(	PUNCT
fbem-9486	61	22	garch	garch	NOUN
fbem-9486	61	23	m	m	PROPN
fbem-9486	61	24	(	(	PUNCT
fbem-9486	61	25	1	1	NUM
fbem-9486	61	26	,	,	PUNCT
fbem-9486	61	27	1	1	NUM
fbem-9486	61	28	)	)	PUNCT
fbem-9486	61	29	model	model	NOUN
fbem-9486	61	30	)	)	PUNCT
fbem-9486	61	31	.	.	PUNCT
fbem-9486	62	1	𝑅	𝑅	NOUN
fbem-9486	62	2	𝛼	𝛼	PROPN
fbem-9486	62	3	∑	∑	PROPN
fbem-9486	62	4	𝐷	𝐷	PROPN
fbem-9486	62	5	𝛼	𝛼	NOUN
fbem-9486	62	6	𝜀	𝜀	X
fbem-9486	62	7	(	(	PUNCT
fbem-9486	62	8	1	1	NUM
fbem-9486	62	9	)	)	PUNCT
fbem-9486	62	10	𝑦	𝑦	NOUN
fbem-9486	62	11	𝑋𝛽	𝑋𝛽	PROPN
fbem-9486	62	12	𝛿	𝛿	ADJ
fbem-9486	62	13	∙	∙	PROPN
fbem-9486	62	14	𝑔	𝑔	PROPN
fbem-9486	62	15	ℎ	ℎ	PROPN
fbem-9486	62	16	𝜀	𝜀	PROPN
fbem-9486	62	17	(	(	PUNCT
fbem-9486	62	18	2	2	NUM
fbem-9486	62	19	)	)	PUNCT
fbem-9486	62	20	where	where	SCONJ
fbem-9486	62	21	𝑅	𝑅	PROPN
fbem-9486	62	22	represents	represent	VERB
fbem-9486	62	23	the	the	DET
fbem-9486	62	24	return	return	NOUN
fbem-9486	62	25	at	at	ADP
fbem-9486	62	26	day	day	NOUN
fbem-9486	62	27	t	t	PROPN
fbem-9486	62	28	,	,	PUNCT
fbem-9486	62	29	𝐷	𝐷	PROPN
fbem-9486	62	30	is	be	AUX
fbem-9486	62	31	the	the	DET
fbem-9486	62	32	weekly	weekly	ADJ
fbem-9486	62	33	control	control	NOUN
fbem-9486	62	34	variable	variable	NOUN
fbem-9486	62	35	,	,	PUNCT
fbem-9486	62	36	𝜀	𝜀	PROPN
fbem-9486	62	37	is	be	AUX
fbem-9486	62	38	the	the	DET
fbem-9486	62	39	residual	residual	ADJ
fbem-9486	62	40	term	term	NOUN
fbem-9486	62	41	,	,	PUNCT
fbem-9486	62	42	𝛿	𝛿	ADJ
fbem-9486	62	43	∙	∙	PROPN
fbem-9486	62	44	𝑔	𝑔	PROPN
fbem-9486	62	45	ℎ	ℎ	PROPN
fbem-9486	62	46	is	be	AUX
fbem-9486	62	47	used	use	VERB
fbem-9486	62	48	to	to	PART
fbem-9486	62	49	measure	measure	VERB
fbem-9486	62	50	the	the	DET
fbem-9486	62	51	risk	risk	NOUN
fbem-9486	62	52	factor	factor	NOUN
fbem-9486	62	53	,	,	PUNCT
fbem-9486	62	54	and	and	CCONJ
fbem-9486	62	55	𝑦	𝑦	NOUN
fbem-9486	62	56	is	be	AUX
fbem-9486	62	57	the	the	DET
fbem-9486	62	58	expected	expect	VERB
fbem-9486	62	59	return	return	NOUN
fbem-9486	62	60	.	.	PUNCT
fbem-9486	63	1	3.4	3.4	NUM
fbem-9486	63	2	.	.	PUNCT
fbem-9486	64	1	regression	regression	NOUN
fbem-9486	64	2	results	result	VERB
fbem-9486	64	3	yields	yield	NOUN
fbem-9486	64	4	show	show	VERB
fbem-9486	64	5	"	"	PUNCT
fbem-9486	64	6	clustering	cluster	VERB
fbem-9486	64	7	"	"	PUNCT
fbem-9486	64	8	of	of	ADP
fbem-9486	64	9	volatility	volatility	NOUN
fbem-9486	64	10	,	,	PUNCT
fbem-9486	64	11	with	with	ADP
fbem-9486	64	12	clustering	cluster	VERB
fbem-9486	64	13	in	in	ADP
fbem-9486	64	14	the	the	DET
fbem-9486	64	15	magnitude	magnitude	NOUN
fbem-9486	64	16	of	of	ADP
fbem-9486	64	17	volatility	volatility	NOUN
fbem-9486	64	18	and	and	CCONJ
fbem-9486	64	19	clustering	clustering	NOUN
fbem-9486	64	20	in	in	ADP
fbem-9486	64	21	the	the	DET
fbem-9486	64	22	stability	stability	NOUN
fbem-9486	64	23	of	of	ADP
fbem-9486	64	24	volatility	volatility	NOUN
fbem-9486	64	25	,	,	PUNCT
fbem-9486	64	26	indicating	indicate	VERB
fbem-9486	64	27	that	that	SCONJ
fbem-9486	64	28	the	the	DET
fbem-9486	64	29	variance	variance	NOUN
fbem-9486	64	30	of	of	ADP
fbem-9486	64	31	yields	yield	NOUN
fbem-9486	64	32	is	be	AUX
fbem-9486	64	33	unstable	unstable	ADJ
fbem-9486	64	34	and	and	CCONJ
fbem-9486	64	35	in	in	ADP
fbem-9486	64	36	a	a	DET
fbem-9486	64	37	constant	constant	ADJ
fbem-9486	64	38	state	state	NOUN
fbem-9486	64	39	of	of	ADP
fbem-9486	64	40	flux	flux	NOUN
fbem-9486	64	41	.	.	PUNCT
fbem-9486	65	1	all	all	DET
fbem-9486	65	2	these	these	PRON
fbem-9486	65	3	indicate	indicate	VERB
fbem-9486	65	4	the	the	DET
fbem-9486	65	5	ineffectiveness	ineffectiveness	NOUN
fbem-9486	65	6	of	of	ADP
fbem-9486	65	7	the	the	DET
fbem-9486	65	8	chinese	chinese	ADJ
fbem-9486	65	9	securities	security	NOUN
fbem-9486	65	10	market	market	NOUN
fbem-9486	65	11	.	.	PUNCT
fbem-9486	66	1	as	as	SCONJ
fbem-9486	66	2	shown	show	VERB
fbem-9486	66	3	in	in	ADP
fbem-9486	66	4	figure	figure	NOUN
fbem-9486	66	5	4	4	NUM
fbem-9486	66	6	.	.	NOUN
fbem-9486	66	7	44	44	NUM
fbem-9486	66	8	figure	figure	NOUN
fbem-9486	66	9	4	4	NUM
fbem-9486	66	10	.	.	PUNCT
fbem-9486	66	11	fluctuation	fluctuation	NOUN
fbem-9486	66	12	chart	chart	NOUN
fbem-9486	66	13	of	of	ADP
fbem-9486	66	14	yield	yield	NOUN
fbem-9486	66	15	as	as	SCONJ
fbem-9486	66	16	shown	show	VERB
fbem-9486	66	17	in	in	ADP
fbem-9486	66	18	table	table	NOUN
fbem-9486	66	19	4	4	NUM
fbem-9486	66	20	,	,	PUNCT
fbem-9486	66	21	the	the	DET
fbem-9486	66	22	test	test	NOUN
fbem-9486	66	23	results	result	NOUN
fbem-9486	66	24	indicate	indicate	VERB
fbem-9486	66	25	that	that	SCONJ
fbem-9486	66	26	the	the	DET
fbem-9486	66	27	ar(1	ar(1	PROPN
fbem-9486	66	28	)	)	PUNCT
fbem-9486	66	29	model	model	NOUN
fbem-9486	66	30	should	should	AUX
fbem-9486	66	31	be	be	AUX
fbem-9486	66	32	selected	select	VERB
fbem-9486	66	33	,	,	PUNCT
fbem-9486	66	34	and	and	CCONJ
fbem-9486	66	35	therefore	therefore	ADV
fbem-9486	66	36	the	the	DET
fbem-9486	66	37	ar(1	ar(1	PROPN
fbem-9486	66	38	)	)	PUNCT
fbem-9486	66	39	model	model	NOUN
fbem-9486	66	40	is	be	AUX
fbem-9486	66	41	chosen	choose	VERB
fbem-9486	66	42	for	for	ADP
fbem-9486	66	43	the	the	DET
fbem-9486	66	44	ols	ol	NOUN
fbem-9486	66	45	estimation	estimation	NOUN
fbem-9486	66	46	.	.	PUNCT
fbem-9486	67	1	table	table	NOUN
fbem-9486	67	2	4	4	NUM
fbem-9486	67	3	.	.	PUNCT
fbem-9486	67	4	lagged	lag	VERB
fbem-9486	67	5	term	term	NOUN
fbem-9486	67	6	test	test	NOUN
fbem-9486	67	7	lag	lag	NOUN
fbem-9486	67	8	ll	ll	AUX
fbem-9486	67	9	lr	lr	VERB
fbem-9486	67	10	df	df	PROPN
fbem-9486	67	11	p	p	PROPN
fbem-9486	67	12	fpe	fpe	PROPN
fbem-9486	67	13	aic	aic	PROPN
fbem-9486	67	14	hqic	hqic	PROPN
fbem-9486	67	15	sbic	sbic	PROPN
fbem-9486	67	16	0	0	NUM
fbem-9486	67	17	18365	18365	NUM
fbem-9486	67	18	0.0000	0.0000	NUM
fbem-9486	67	19	-4.7970	-4.7970	PUNCT
fbem-9486	67	20	-4.796	-4.796	PUNCT
fbem-9486	67	21	-4.7960	-4.7960	PUNCT
fbem-9486	68	1	1	1	NUM
fbem-9486	68	2	18377	18377	NUM
fbem-9486	68	3	23.9420	23.9420	NUM
fbem-9486	68	4	*	*	PUNCT
fbem-9486	68	5	1.0000	1.0000	NUM
fbem-9486	68	6	0.0000	0.0000	NUM
fbem-9486	68	7	0.0005	0.0005	NUM
fbem-9486	68	8	*	*	PUNCT
fbem-9486	68	9	-4.7995	-4.7995	PROPN
fbem-9486	68	10	*	*	PUNCT
fbem-9486	68	11	-4.7989	-4.7989	PROPN
fbem-9486	68	12	*	*	PUNCT
fbem-9486	69	1	-4.7977	-4.7977	NOUN
fbem-9486	69	2	*	*	PUNCT
fbem-9486	69	3	2	2	NUM
fbem-9486	69	4	18377	18377	NUM
fbem-9486	69	5	0.1600	0.1600	NUM
fbem-9486	69	6	1.0000	1.0000	NUM
fbem-9486	69	7	0.6890	0.6890	NUM
fbem-9486	69	8	0.0000	0.0000	NUM
fbem-9486	69	9	-4.7990	-4.7990	PUNCT
fbem-9486	70	1	-4.7980	-4.7980	X
fbem-9486	70	2	-4.7970	-4.7970	PROPN
fbem-9486	71	1	3	3	NUM
fbem-9486	71	2	18377	18377	NUM
fbem-9486	71	3	1.1260	1.1260	NUM
fbem-9486	71	4	1.0000	1.0000	NUM
fbem-9486	71	5	0.2890	0.2890	NUM
fbem-9486	71	6	0.0000	0.0000	NUM
fbem-9486	71	7	-4.7990	-4.7990	PUNCT
fbem-9486	72	1	-4.7980	-4.7980	NOUN
fbem-9486	72	2	-4.7960	-4.7960	VERB
fbem-9486	73	1	4	4	NUM
fbem-9486	73	2	18378	18378	NUM
fbem-9486	73	3	2.4110	2.4110	NUM
fbem-9486	73	4	1.0000	1.0000	NUM
fbem-9486	73	5	0.1210	0.1210	NUM
fbem-9486	73	6	0.0000	0.0000	NUM
fbem-9486	73	7	-4.7990	-4.7990	PUNCT
fbem-9486	73	8	-4.7980	-4.7980	NOUN
fbem-9486	73	9	-4.7950	-4.7950	PROPN
fbem-9486	73	10	5	5	NUM
fbem-9486	73	11	18378	18378	NUM
fbem-9486	73	12	0.0440	0.0440	NUM
fbem-9486	73	13	1.0000	1.0000	NUM
fbem-9486	73	14	0.8340	0.8340	NUM
fbem-9486	73	15	0.0000	0.0000	NUM
fbem-9486	73	16	-4.7990	-4.7990	PUNCT
fbem-9486	73	17	-4.7970	-4.7970	ADJ
fbem-9486	74	1	-4.7940	-4.7940	NOUN
fbem-9486	74	2	6	6	NUM
fbem-9486	74	3	18380	18380	NUM
fbem-9486	74	4	2.3410	2.3410	NUM
fbem-9486	74	5	1.0000	1.0000	NUM
fbem-9486	74	6	0.1260	0.1260	NUM
fbem-9486	74	7	0.0000	0.0000	NUM
fbem-9486	74	8	-4.7990	-4.7990	PUNCT
fbem-9486	75	1	-4.7970	-4.7970	PROPN
fbem-9486	75	2	-4.7930	-4.7930	PROPN
fbem-9486	75	3	7	7	NUM
fbem-9486	75	4	18381	18381	NUM
fbem-9486	75	5	1.9850	1.9850	NUM
fbem-9486	75	6	1.0000	1.0000	NUM
fbem-9486	75	7	0.1590	0.1590	NUM
fbem-9486	75	8	0.0000	0.0000	NUM
fbem-9486	75	9	-4.7990	-4.7990	PUNCT
fbem-9486	76	1	-4.7970	-4.7970	PROPN
fbem-9486	76	2	-4.7920	-4.7920	PROPN
fbem-9486	77	1	8	8	NUM
fbem-9486	77	2	18382	18382	NUM
fbem-9486	77	3	2.4510	2.4510	NUM
fbem-9486	77	4	1.0000	1.0000	NUM
fbem-9486	77	5	0.1170	0.1170	NUM
fbem-9486	77	6	0.0000	0.0000	NUM
fbem-9486	77	7	-4.7990	-4.7990	NOUN
fbem-9486	77	8	-4.7960	-4.7960	VERB
fbem-9486	77	9	-4.7910	-4.7910	PROPN
fbem-9486	77	10	as	as	SCONJ
fbem-9486	77	11	shown	show	VERB
fbem-9486	77	12	in	in	ADP
fbem-9486	77	13	table	table	NOUN
fbem-9486	77	14	5	5	NUM
fbem-9486	77	15	,	,	PUNCT
fbem-9486	77	16	the	the	DET
fbem-9486	77	17	test	test	NOUN
fbem-9486	77	18	reveals	reveal	VERB
fbem-9486	77	19	that	that	SCONJ
fbem-9486	77	20	the	the	DET
fbem-9486	77	21	coefficients	coefficient	NOUN
fbem-9486	77	22	after	after	ADP
fbem-9486	77	23	the	the	DET
fbem-9486	77	24	1st	1st	ADJ
fbem-9486	77	25	-	-	PUNCT
fbem-9486	77	26	order	order	NOUN
fbem-9486	77	27	lag	lag	NOUN
fbem-9486	77	28	term	term	NOUN
fbem-9486	77	29	are	be	AUX
fbem-9486	77	30	significantly	significantly	ADV
fbem-9486	77	31	non	non	ADJ
fbem-9486	77	32	-	-	ADJ
fbem-9486	77	33	zero	zero	NUM
fbem-9486	77	34	.	.	PUNCT
fbem-9486	78	1	the	the	DET
fbem-9486	78	2	following	follow	VERB
fbem-9486	78	3	lm	lm	INTJ
fbem-9486	78	4	test	test	NOUN
fbem-9486	78	5	is	be	AUX
fbem-9486	78	6	conducted	conduct	VERB
fbem-9486	78	7	for	for	ADP
fbem-9486	78	8	the	the	DET
fbem-9486	78	9	presence	presence	NOUN
fbem-9486	78	10	of	of	ADP
fbem-9486	78	11	arch	arch	ADJ
fbem-9486	78	12	effects	effect	NOUN
fbem-9486	78	13	on	on	ADP
fbem-9486	78	14	the	the	DET
fbem-9486	78	15	ols	ol	NOUN
fbem-9486	78	16	residuals	residual	NOUN
fbem-9486	78	17	.	.	PUNCT
fbem-9486	79	1	table	table	NOUN
fbem-9486	79	2	5	5	NUM
fbem-9486	79	3	.	.	PUNCT
fbem-9486	80	1	autoregression	autoregression	PROPN
fbem-9486	80	2	r	r	PROPN
fbem-9486	80	3	coef	coef	PROPN
fbem-9486	80	4	.	.	PUNCT
fbem-9486	81	1	st.err	st.err	PROPN
fbem-9486	81	2	.	.	PROPN
fbem-9486	82	1	t	t	NOUN
fbem-9486	82	2	-	-	PUNCT
fbem-9486	82	3	value	value	NOUN
fbem-9486	82	4	p	p	NOUN
fbem-9486	82	5	-	-	PUNCT
fbem-9486	82	6	value	value	NOUN
fbem-9486	82	7	[	[	X
fbem-9486	82	8	95	95	NUM
fbem-9486	82	9	%	%	NOUN
fbem-9486	82	10	conf	conf	NOUN
fbem-9486	82	11	interval	interval	NOUN
fbem-9486	82	12	]	]	PUNCT
fbem-9486	82	13	sig	sig	NOUN
fbem-9486	83	1	l	l	NOUN
fbem-9486	83	2	0.0560	0.0560	NUM
fbem-9486	83	3	0.0110	0.0110	NUM
fbem-9486	83	4	4.9200	4.9200	NUM
fbem-9486	83	5	0.0000	0.0000	NUM
fbem-9486	83	6	0.0340	0.0340	NUM
fbem-9486	83	7	0.0790	0.0790	NUM
fbem-9486	83	8	*	*	PUNCT
fbem-9486	83	9	*	*	PUNCT
fbem-9486	83	10	*	*	PUNCT
fbem-9486	83	11	l2	l2	NOUN
fbem-9486	83	12	0.0060	0.0060	NUM
fbem-9486	83	13	0.0110	0.0110	NUM
fbem-9486	83	14	0.5000	0.5000	NUM
fbem-9486	83	15	0.6210	0.6210	NUM
fbem-9486	83	16	-0.0170	-0.0170	PUNCT
fbem-9486	83	17	0.0280	0.0280	NUM
fbem-9486	83	18	l3	l3	NOUN
fbem-9486	83	19	-0.0130	-0.0130	NOUN
fbem-9486	83	20	0.0110	0.0110	NUM
fbem-9486	83	21	-1.1100	-1.1100	PROPN
fbem-9486	83	22	0.2680	0.2680	NUM
fbem-9486	83	23	-0.0350	-0.0350	PROPN
fbem-9486	83	24	0.0100	0.0100	NUM
fbem-9486	83	25	l4	l4	PROPN
fbem-9486	84	1	0.0180	0.0180	NUM
fbem-9486	84	2	0.0110	0.0110	NUM
fbem-9486	84	3	1.5800	1.5800	NUM
fbem-9486	84	4	0.1140	0.1140	NUM
fbem-9486	84	5	-0.0040	-0.0040	NOUN
fbem-9486	84	6	0.0400	0.0400	NUM
fbem-9486	84	7	l5	l5	PROPN
fbem-9486	84	8	0.0020	0.0020	NUM
fbem-9486	84	9	0.0110	0.0110	NUM
fbem-9486	84	10	0.2100	0.2100	NUM
fbem-9486	84	11	0.8320	0.8320	NUM
fbem-9486	84	12	-0.0200	-0.0200	PUNCT
fbem-9486	85	1	0.0250	0.0250	NUM
fbem-9486	85	2	constant	constant	ADJ
fbem-9486	85	3	0.0000	0.0000	NUM
fbem-9486	85	4	0.0000	0.0000	NUM
fbem-9486	85	5	1.5500	1.5500	NUM
fbem-9486	85	6	0.1210	0.1210	NUM
fbem-9486	85	7	0.0000	0.0000	NUM
fbem-9486	85	8	0.0010	0.0010	NUM
fbem-9486	85	9	*	*	PUNCT
fbem-9486	85	10	*	*	PUNCT
fbem-9486	85	11	*	*	PUNCT
fbem-9486	85	12	p<.01	p<.01	VERB
fbem-9486	85	13	,	,	PUNCT
fbem-9486	85	14	*	*	PUNCT
fbem-9486	85	15	*	*	NOUN
fbem-9486	85	16	p<.05	p<.05	NOUN
fbem-9486	85	17	,	,	PUNCT
fbem-9486	85	18	*	*	PUNCT
fbem-9486	85	19	p<.1	p<.1	PROPN
fbem-9486	85	20	as	as	SCONJ
fbem-9486	85	21	shown	show	VERB
fbem-9486	85	22	in	in	ADP
fbem-9486	85	23	table	table	NOUN
fbem-9486	85	24	6	6	NUM
fbem-9486	85	25	,	,	PUNCT
fbem-9486	85	26	arch(1)-arch(5	arch(1)-arch(5	NOUN
fbem-9486	85	27	)	)	PUNCT
fbem-9486	85	28	all	all	PRON
fbem-9486	85	29	indicate	indicate	VERB
fbem-9486	85	30	that	that	SCONJ
fbem-9486	85	31	there	there	PRON
fbem-9486	85	32	is	be	VERB
fbem-9486	85	33	a	a	DET
fbem-9486	85	34	significant	significant	ADJ
fbem-9486	85	35	arch	arch	ADJ
fbem-9486	85	36	effect	effect	NOUN
fbem-9486	85	37	.	.	PUNCT
fbem-9486	86	1	table	table	NOUN
fbem-9486	86	2	6	6	NUM
fbem-9486	86	3	.	.	PUNCT
fbem-9486	86	4	arch	arch	NOUN
fbem-9486	86	5	-	-	PUNCT
fbem-9486	86	6	lm	lm	PROPN
fbem-9486	86	7	test	test	NOUN
fbem-9486	86	8	chi2	chi2	PROPN
fbem-9486	86	9	df	df	PROPN
fbem-9486	86	10	prob	prob	PROPN
fbem-9486	86	11	>	>	PROPN
fbem-9486	86	12	chi2	chi2	PROPN
fbem-9486	86	13	3.0910	3.0910	NUM
fbem-9486	86	14	1	1	NUM
fbem-9486	86	15	0.0790	0.0790	NUM
fbem-9486	86	16	6.9140	6.9140	NUM
fbem-9486	86	17	2	2	NUM
fbem-9486	86	18	0.0320	0.0320	NUM
fbem-9486	86	19	10.6970	10.6970	NUM
fbem-9486	86	20	3	3	NUM
fbem-9486	86	21	0.0130	0.0130	NUM
fbem-9486	86	22	21.3810	21.3810	NUM
fbem-9486	86	23	4	4	NUM
fbem-9486	86	24	0.0000	0.0000	NUM
fbem-9486	86	25	21.4540	21.4540	NUM
fbem-9486	86	26	5	5	NUM
fbem-9486	86	27	0.0010	0.0010	NUM
fbem-9486	86	28	from	from	ADP
fbem-9486	86	29	the	the	DET
fbem-9486	86	30	regression	regression	NOUN
fbem-9486	86	31	results	result	NOUN
fbem-9486	86	32	in	in	ADP
fbem-9486	86	33	table	table	NOUN
fbem-9486	86	34	7	7	NUM
fbem-9486	86	35	,	,	PUNCT
fbem-9486	86	36	it	it	PRON
fbem-9486	86	37	can	can	AUX
fbem-9486	86	38	be	be	AUX
fbem-9486	86	39	seen	see	VERB
fbem-9486	86	40	that	that	SCONJ
fbem-9486	86	41	there	there	PRON
fbem-9486	86	42	is	be	VERB
fbem-9486	86	43	a	a	DET
fbem-9486	86	44	significant	significant	ADJ
fbem-9486	86	45	negative	negative	ADJ
fbem-9486	86	46	tuesday	tuesday	PROPN
fbem-9486	86	47	return	return	NOUN
fbem-9486	86	48	effect	effect	NOUN
fbem-9486	86	49	in	in	ADP
fbem-9486	86	50	the	the	DET
fbem-9486	86	51	chinese	chinese	ADJ
fbem-9486	86	52	stock	stock	NOUN
fbem-9486	86	53	market	market	NOUN
fbem-9486	86	54	,	,	PUNCT
fbem-9486	86	55	which	which	PRON
fbem-9486	86	56	is	be	AUX
fbem-9486	86	57	significant	significant	ADJ
fbem-9486	86	58	at	at	ADP
fbem-9486	86	59	the	the	DET
fbem-9486	86	60	one	one	NUM
fbem-9486	86	61	percent	percent	NOUN
fbem-9486	86	62	level	level	NOUN
fbem-9486	86	63	with	with	ADP
fbem-9486	86	64	a	a	DET
fbem-9486	86	65	correlation	correlation	NOUN
fbem-9486	86	66	coefficient	coefficient	NOUN
fbem-9486	86	67	of	of	ADP
fbem-9486	86	68	-0.069	-0.069	NOUN
fbem-9486	86	69	,	,	PUNCT
fbem-9486	86	70	while	while	SCONJ
fbem-9486	86	71	the	the	DET
fbem-9486	86	72	other	other	ADJ
fbem-9486	86	73	trading	trading	NOUN
fbem-9486	86	74	days	day	NOUN
fbem-9486	86	75	are	be	AUX
fbem-9486	86	76	not	not	PART
fbem-9486	86	77	significant	significant	ADJ
fbem-9486	86	78	and	and	CCONJ
fbem-9486	86	79	there	there	PRON
fbem-9486	86	80	is	be	VERB
fbem-9486	86	81	no	no	DET
fbem-9486	86	82	anomaly	anomaly	NOUN
fbem-9486	86	83	.	.	PUNCT
fbem-9486	87	1	therefore	therefore	ADV
fbem-9486	87	2	,	,	PUNCT
fbem-9486	87	3	it	it	PRON
fbem-9486	87	4	can	can	AUX
fbem-9486	87	5	be	be	AUX
fbem-9486	87	6	seen	see	VERB
fbem-9486	87	7	that	that	SCONJ
fbem-9486	87	8	there	there	PRON
fbem-9486	87	9	is	be	VERB
fbem-9486	87	10	a	a	DET
fbem-9486	87	11	significant	significant	ADJ
fbem-9486	87	12	negative	negative	ADJ
fbem-9486	87	13	tuesday	tuesday	PROPN
fbem-9486	87	14	effect	effect	NOUN
fbem-9486	87	15	in	in	ADP
fbem-9486	87	16	the	the	DET
fbem-9486	87	17	chinese	chinese	ADJ
fbem-9486	87	18	stock	stock	NOUN
fbem-9486	87	19	market	market	NOUN
fbem-9486	87	20	,	,	PUNCT
fbem-9486	87	21	confirming	confirm	VERB
fbem-9486	87	22	the	the	DET
fbem-9486	87	23	existence	existence	NOUN
fbem-9486	87	24	of	of	ADP
fbem-9486	87	25	a	a	DET
fbem-9486	87	26	calendar	calendar	NOUN
fbem-9486	87	27	effect	effect	NOUN
fbem-9486	87	28	in	in	ADP
fbem-9486	87	29	the	the	DET
fbem-9486	87	30	sse	sse	NOUN
fbem-9486	87	31	stock	stock	NOUN
fbem-9486	87	32	market	market	NOUN
fbem-9486	87	33	.	.	PUNCT
fbem-9486	88	1	45	45	NUM
fbem-9486	88	2	table	table	NOUN
fbem-9486	88	3	7	7	NUM
fbem-9486	88	4	.	.	PUNCT
fbem-9486	88	5	garch	garch	NOUN
fbem-9486	88	6	-	-	PUNCT
fbem-9486	88	7	m(1,1	m(1,1	NOUN
fbem-9486	88	8	)	)	PUNCT
fbem-9486	88	9	regression	regression	NOUN
fbem-9486	88	10	r	r	PROPN
fbem-9486	88	11	coef	coef	PROPN
fbem-9486	88	12	.	.	PUNCT
fbem-9486	89	1	st.err	st.err	PROPN
fbem-9486	89	2	.	.	PROPN
fbem-9486	90	1	t	t	NOUN
fbem-9486	90	2	-	-	PUNCT
fbem-9486	90	3	value	value	NOUN
fbem-9486	90	4	p	p	NOUN
fbem-9486	90	5	-	-	PUNCT
fbem-9486	90	6	value	value	NOUN
fbem-9486	90	7	[	[	X
fbem-9486	90	8	95	95	NUM
fbem-9486	90	9	%	%	NOUN
fbem-9486	90	10	conf	conf	NOUN
fbem-9486	90	11	interval	interval	NOUN
fbem-9486	90	12	]	]	PUNCT
fbem-9486	90	13	sig	sig	PRON
fbem-9486	90	14	d1	d1	PROPN
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fbem-9486	90	16	0.0150	0.0150	NUM
fbem-9486	90	17	-1.2600	-1.2600	NOUN
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fbem-9486	90	20	0.0100	0.0100	NUM
fbem-9486	90	21	d2	d2	PROPN
fbem-9486	90	22	-0.0690	-0.0690	NOUN
fbem-9486	90	23	0.0100	0.0100	NUM
fbem-9486	90	24	-7.1300	-7.1300	NOUN
fbem-9486	90	25	0.0000	0.0000	NUM
fbem-9486	90	26	-0.0880	-0.0880	ADJ
fbem-9486	90	27	-0.0500	-0.0500	NOUN
fbem-9486	91	1	*	*	PUNCT
fbem-9486	91	2	*	*	PUNCT
fbem-9486	91	3	*	*	PUNCT
fbem-9486	91	4	d3	d3	PROPN
fbem-9486	91	5	-0.0140	-0.0140	PROPN
fbem-9486	91	6	0.0190	0.0190	NUM
fbem-9486	91	7	-0.7500	-0.7500	NOUN
fbem-9486	91	8	0.4520	0.4520	NUM
fbem-9486	91	9	-0.0520	-0.0520	NOUN
fbem-9486	91	10	0.0230	0.0230	NUM
fbem-9486	91	11	d4	d4	PROPN
fbem-9486	91	12	-0.0010	-0.0010	NOUN
fbem-9486	91	13	0.0160	0.0160	NUM
fbem-9486	91	14	-0.0800	-0.0800	NOUN
fbem-9486	91	15	0.9330	0.9330	NUM
fbem-9486	91	16	-0.0320	-0.0320	NOUN
fbem-9486	91	17	0.0290	0.0290	NUM
fbem-9486	91	18	d5	d5	NOUN
fbem-9486	91	19	-0.0110	-0.0110	NOUN
fbem-9486	91	20	0.0190	0.0190	NUM
fbem-9486	91	21	-0.5900	-0.5900	NOUN
fbem-9486	91	22	0.5550	0.5550	NUM
fbem-9486	91	23	-0.0480	-0.0480	NOUN
fbem-9486	91	24	0.0260	0.0260	NUM
fbem-9486	91	25	constant	constant	ADJ
fbem-9486	91	26	0.0040	0.0040	NUM
fbem-9486	91	27	0.0000	0.0000	NUM
fbem-9486	91	28	17.0600	17.0600	NUM
fbem-9486	91	29	0.0000	0.0000	NUM
fbem-9486	91	30	0.0040	0.0040	NUM
fbem-9486	91	31	0.0050	0.0050	NUM
fbem-9486	92	1	*	*	PUNCT
fbem-9486	92	2	*	*	PUNCT
fbem-9486	92	3	*	*	PUNCT
fbem-9486	92	4	sigma2	sigma2	NOUN
fbem-9486	92	5	-0.6890	-0.6890	NOUN
fbem-9486	92	6	0.2300	0.2300	NUM
fbem-9486	92	7	-2.9900	-2.9900	NOUN
fbem-9486	92	8	0.0030	0.0030	NUM
fbem-9486	92	9	-1.1400	-1.1400	NOUN
fbem-9486	92	10	-0.2370	-0.2370	PUNCT
fbem-9486	93	1	*	*	PUNCT
fbem-9486	93	2	*	*	PUNCT
fbem-9486	93	3	*	*	NOUN
fbem-9486	93	4	l.arch	l.arch	NOUN
fbem-9486	93	5	0.4810	0.4810	NUM
fbem-9486	93	6	0.0130	0.0130	NUM
fbem-9486	93	7	38.1000	38.1000	NUM
fbem-9486	93	8	0.0000	0.0000	NUM
fbem-9486	93	9	0.4570	0.4570	NUM
fbem-9486	93	10	0.5060	0.5060	NUM
fbem-9486	94	1	*	*	PUNCT
fbem-9486	94	2	*	*	PUNCT
fbem-9486	94	3	*	*	NOUN
fbem-9486	94	4	l.garch	l.garch	NUM
fbem-9486	94	5	0.7690	0.7690	NUM
fbem-9486	94	6	0.0050	0.0050	NUM
fbem-9486	94	7	165.2100	165.2100	NUM
fbem-9486	94	8	0.0000	0.0000	NUM
fbem-9486	94	9	0.7600	0.7600	NUM
fbem-9486	94	10	0.7780	0.7780	NUM
fbem-9486	94	11	*	*	PUNCT
fbem-9486	94	12	*	*	PUNCT
fbem-9486	94	13	*	*	PUNCT
fbem-9486	94	14	constant	constant	ADJ
fbem-9486	94	15	0.0000	0.0000	NUM
fbem-9486	94	16	0.0000	0.0000	NUM
fbem-9486	94	17	0.8800	0.8800	NUM
fbem-9486	94	18	0.3780	0.3780	NUM
fbem-9486	94	19	0.0000	0.0000	NUM
fbem-9486	94	20	0.0000	0.0000	NUM
fbem-9486	95	1	*	*	PUNCT
fbem-9486	95	2	*	*	PUNCT
fbem-9486	95	3	*	*	PUNCT
fbem-9486	95	4	p<.01	p<.01	VERB
fbem-9486	95	5	,	,	PUNCT
fbem-9486	95	6	*	*	PUNCT
fbem-9486	95	7	*	*	NOUN
fbem-9486	95	8	p<.05	p<.05	NOUN
fbem-9486	95	9	,	,	PUNCT
fbem-9486	95	10	*	*	PUNCT
fbem-9486	95	11	p<.1	p<.1	VERB
fbem-9486	95	12	3.5	3.5	NUM
fbem-9486	95	13	.	.	PUNCT
fbem-9486	96	1	proportionality	proportionality	NOUN
fbem-9486	96	2	test	test	NOUN
fbem-9486	96	3	in	in	ADP
fbem-9486	96	4	the	the	DET
fbem-9486	96	5	stock	stock	NOUN
fbem-9486	96	6	market	market	NOUN
fbem-9486	96	7	,	,	PUNCT
fbem-9486	96	8	the	the	DET
fbem-9486	96	9	effects	effect	NOUN
fbem-9486	96	10	of	of	ADP
fbem-9486	96	11	good	good	ADJ
fbem-9486	96	12	news	news	NOUN
fbem-9486	96	13	and	and	CCONJ
fbem-9486	96	14	bad	bad	ADJ
fbem-9486	96	15	news	news	NOUN
fbem-9486	96	16	are	be	AUX
fbem-9486	96	17	likely	likely	ADJ
fbem-9486	96	18	to	to	PART
fbem-9486	96	19	be	be	AUX
fbem-9486	96	20	asymmetric	asymmetric	ADJ
fbem-9486	96	21	,	,	PUNCT
fbem-9486	96	22	and	and	CCONJ
fbem-9486	96	23	their	their	PRON
fbem-9486	96	24	impacts	impact	NOUN
fbem-9486	96	25	are	be	AUX
fbem-9486	96	26	often	often	ADV
fbem-9486	96	27	different	different	ADJ
fbem-9486	96	28	,	,	PUNCT
fbem-9486	96	29	and	and	CCONJ
fbem-9486	96	30	investors	investor	NOUN
fbem-9486	96	31	often	often	ADV
fbem-9486	96	32	react	react	VERB
fbem-9486	96	33	differently	differently	ADV
fbem-9486	96	34	to	to	ADP
fbem-9486	96	35	good	good	ADJ
fbem-9486	96	36	news	news	NOUN
fbem-9486	96	37	and	and	CCONJ
fbem-9486	96	38	bad	bad	ADJ
fbem-9486	96	39	news	news	NOUN
fbem-9486	96	40	,	,	PUNCT
fbem-9486	96	41	with	with	ADP
fbem-9486	96	42	negative	negative	ADJ
fbem-9486	96	43	information	information	NOUN
fbem-9486	96	44	often	often	ADV
fbem-9486	96	45	increasing	increase	VERB
fbem-9486	96	46	stock	stock	NOUN
fbem-9486	96	47	market	market	NOUN
fbem-9486	96	48	volatility	volatility	NOUN
fbem-9486	96	49	more	more	ADV
fbem-9486	96	50	than	than	ADP
fbem-9486	96	51	good	good	ADJ
fbem-9486	96	52	information	information	NOUN
fbem-9486	96	53	.	.	PUNCT
fbem-9486	97	1	to	to	PART
fbem-9486	97	2	make	make	VERB
fbem-9486	97	3	the	the	DET
fbem-9486	97	4	model	model	NOUN
fbem-9486	97	5	closer	close	ADV
fbem-9486	97	6	to	to	ADP
fbem-9486	97	7	the	the	DET
fbem-9486	97	8	real	real	ADJ
fbem-9486	97	9	market	market	NOUN
fbem-9486	97	10	,	,	PUNCT
fbem-9486	97	11	we	we	PRON
fbem-9486	97	12	choose	choose	VERB
fbem-9486	97	13	the	the	DET
fbem-9486	97	14	tarch	tarch	NOUN
fbem-9486	97	15	model	model	NOUN
fbem-9486	97	16	to	to	PART
fbem-9486	97	17	test	test	VERB
fbem-9486	97	18	the	the	DET
fbem-9486	97	19	leverage	leverage	NOUN
fbem-9486	97	20	effect	effect	NOUN
fbem-9486	97	21	of	of	ADP
fbem-9486	97	22	the	the	DET
fbem-9486	97	23	chinese	chinese	ADJ
fbem-9486	97	24	stock	stock	NOUN
fbem-9486	97	25	market	market	NOUN
fbem-9486	97	26	.	.	PUNCT
fbem-9486	98	1	tarch	tarch	NOUN
fbem-9486	98	2	model	model	NOUN
fbem-9486	98	3	:	:	PUNCT
fbem-9486	98	4	𝑅	𝑅	NOUN
fbem-9486	98	5	𝛼	𝛼	PROPN
fbem-9486	98	6	∑	∑	PROPN
fbem-9486	98	7	𝐷	𝐷	PROPN
fbem-9486	98	8	𝛼	𝛼	NOUN
fbem-9486	98	9	𝑢	𝑢	NOUN
fbem-9486	98	10	(	(	PUNCT
fbem-9486	98	11	3	3	NUM
fbem-9486	98	12	)	)	PUNCT
fbem-9486	98	13	ℎ	ℎ	PROPN
fbem-9486	98	14	𝛾	𝛾	NOUN
fbem-9486	98	15	𝑢	𝑢	PRON
fbem-9486	98	16	𝛾	𝛾	ADP
fbem-9486	98	17	𝜔	𝜔	X
fbem-9486	98	18	∙	∙	PROPN
fbem-9486	98	19	𝑢	𝑢	ADP
fbem-9486	98	20	𝑑	𝑑	PROPN
fbem-9486	98	21	𝜀	𝜀	X
fbem-9486	98	22	(	(	PUNCT
fbem-9486	98	23	4	4	NUM
fbem-9486	98	24	)	)	PUNCT
fbem-9486	98	25	𝑢	𝑢	PRON
fbem-9486	98	26	is	be	AUX
fbem-9486	98	27	the	the	DET
fbem-9486	98	28	variance	variance	NOUN
fbem-9486	98	29	of	of	ADP
fbem-9486	98	30	the	the	DET
fbem-9486	98	31	residuals	residual	NOUN
fbem-9486	98	32	of	of	ADP
fbem-9486	98	33	the	the	DET
fbem-9486	98	34	yield	yield	NOUN
fbem-9486	98	35	equation	equation	NOUN
fbem-9486	98	36	𝑢	𝑢	NOUN
fbem-9486	98	37	is	be	AUX
fbem-9486	98	38	the	the	DET
fbem-9486	98	39	lagged	lag	VERB
fbem-9486	98	40	term	term	NOUN
fbem-9486	98	41	of	of	ADP
fbem-9486	98	42	𝜎	𝜎	NOUN
fbem-9486	98	43	;	;	PUNCT
fbem-9486	98	44	𝜇	𝜇	X
fbem-9486	98	45	is	be	AUX
fbem-9486	98	46	the	the	DET
fbem-9486	98	47	lagged	lag	VERB
fbem-9486	98	48	term	term	NOUN
fbem-9486	98	49	of	of	ADP
fbem-9486	98	50	the	the	DET
fbem-9486	98	51	residual	residual	ADJ
fbem-9486	98	52	𝜇	𝜇	X
fbem-9486	98	53	.	.	PUNCT
fbem-9486	99	1	in	in	ADP
fbem-9486	99	2	this	this	DET
fbem-9486	99	3	paper	paper	NOUN
fbem-9486	99	4	,	,	PUNCT
fbem-9486	99	5	the	the	DET
fbem-9486	99	6	model	model	NOUN
fbem-9486	99	7	does	do	AUX
fbem-9486	99	8	not	not	PART
fbem-9486	99	9	include	include	VERB
fbem-9486	99	10	the	the	DET
fbem-9486	99	11	lagged	lag	VERB
fbem-9486	99	12	term	term	NOUN
fbem-9486	99	13	of	of	ADP
fbem-9486	99	14	returns	return	NOUN
fbem-9486	99	15	because	because	SCONJ
fbem-9486	99	16	,	,	PUNCT
fbem-9486	99	17	on	on	ADP
fbem-9486	99	18	the	the	DET
fbem-9486	99	19	one	one	NUM
fbem-9486	99	20	hand	hand	NOUN
fbem-9486	99	21	,	,	PUNCT
fbem-9486	99	22	none	none	NOUN
fbem-9486	99	23	of	of	ADP
fbem-9486	99	24	the	the	DET
fbem-9486	99	25	lagged	lag	VERB
fbem-9486	99	26	terms	term	NOUN
fbem-9486	99	27	of	of	ADP
fbem-9486	99	28	returns	return	NOUN
fbem-9486	99	29	are	be	AUX
fbem-9486	99	30	significant	significant	ADJ
fbem-9486	99	31	in	in	ADP
fbem-9486	99	32	several	several	ADJ
fbem-9486	99	33	empirical	empirical	ADJ
fbem-9486	99	34	results	result	NOUN
fbem-9486	99	35	of	of	ADP
fbem-9486	99	36	calendar	calendar	NOUN
fbem-9486	99	37	effects	effect	NOUN
fbem-9486	99	38	based	base	VERB
fbem-9486	99	39	on	on	ADP
fbem-9486	99	40	the	the	DET
fbem-9486	99	41	garch	garch	NOUN
fbem-9486	99	42	model	model	NOUN
fbem-9486	99	43	,	,	PUNCT
fbem-9486	99	44	and	and	CCONJ
fbem-9486	99	45	adding	add	VERB
fbem-9486	99	46	the	the	DET
fbem-9486	99	47	lagged	lag	VERB
fbem-9486	99	48	term	term	NOUN
fbem-9486	99	49	does	do	AUX
fbem-9486	99	50	not	not	PART
fbem-9486	99	51	improve	improve	VERB
fbem-9486	99	52	the	the	DET
fbem-9486	99	53	explanatory	explanatory	ADJ
fbem-9486	99	54	power	power	NOUN
fbem-9486	99	55	of	of	ADP
fbem-9486	99	56	the	the	DET
fbem-9486	99	57	model	model	NOUN
fbem-9486	99	58	well	well	ADV
fbem-9486	99	59	,	,	PUNCT
fbem-9486	99	60	but	but	CCONJ
fbem-9486	99	61	consumes	consume	VERB
fbem-9486	99	62	the	the	DET
fbem-9486	99	63	degrees	degree	NOUN
fbem-9486	99	64	of	of	ADP
fbem-9486	99	65	freedom	freedom	NOUN
fbem-9486	99	66	;	;	PUNCT
fbem-9486	99	67	on	on	ADP
fbem-9486	99	68	the	the	DET
fbem-9486	99	69	other	other	ADJ
fbem-9486	99	70	hand	hand	NOUN
fbem-9486	99	71	,	,	PUNCT
fbem-9486	99	72	past	past	ADJ
fbem-9486	99	73	returns	return	NOUN
fbem-9486	99	74	are	be	AUX
fbem-9486	99	75	mainly	mainly	ADV
fbem-9486	99	76	transmitted	transmit	VERB
fbem-9486	99	77	to	to	ADP
fbem-9486	99	78	the	the	DET
fbem-9486	99	79	current	current	ADJ
fbem-9486	99	80	period	period	NOUN
fbem-9486	99	81	through	through	ADP
fbem-9486	99	82	the	the	DET
fbem-9486	99	83	volatility	volatility	NOUN
fbem-9486	99	84	pooling	pool	VERB
fbem-9486	99	85	effect	effect	NOUN
fbem-9486	99	86	of	of	ADP
fbem-9486	99	87	historical	historical	ADJ
fbem-9486	99	88	risks	risk	NOUN
fbem-9486	99	89	,	,	PUNCT
fbem-9486	99	90	so	so	SCONJ
fbem-9486	99	91	the	the	DET
fbem-9486	99	92	relationship	relationship	NOUN
fbem-9486	99	93	between	between	ADP
fbem-9486	99	94	historical	historical	ADJ
fbem-9486	99	95	returns	return	NOUN
fbem-9486	99	96	and	and	CCONJ
fbem-9486	99	97	current	current	ADJ
fbem-9486	99	98	period	period	NOUN
fbem-9486	99	99	the	the	DET
fbem-9486	99	100	relationship	relationship	NOUN
fbem-9486	99	101	between	between	ADP
fbem-9486	99	102	historical	historical	ADJ
fbem-9486	99	103	returns	return	NOUN
fbem-9486	99	104	and	and	CCONJ
fbem-9486	99	105	current	current	ADJ
fbem-9486	99	106	period	period	NOUN
fbem-9486	99	107	returns	return	NOUN
fbem-9486	99	108	can	can	AUX
fbem-9486	99	109	be	be	AUX
fbem-9486	99	110	extracted	extract	VERB
fbem-9486	99	111	by	by	ADP
fbem-9486	99	112	volatility	volatility	NOUN
fbem-9486	99	113	.	.	PUNCT
fbem-9486	100	1	when	when	SCONJ
fbem-9486	100	2	volatility	volatility	NOUN
fbem-9486	100	3	proxy	proxy	NOUN
fbem-9486	100	4	variables	variable	NOUN
fbem-9486	100	5	are	be	AUX
fbem-9486	100	6	already	already	ADV
fbem-9486	100	7	included	include	VERB
fbem-9486	100	8	in	in	ADP
fbem-9486	100	9	the	the	DET
fbem-9486	100	10	mean	mean	ADJ
fbem-9486	100	11	model	model	NOUN
fbem-9486	100	12	equation	equation	NOUN
fbem-9486	100	13	,	,	PUNCT
fbem-9486	100	14	there	there	PRON
fbem-9486	100	15	is	be	VERB
fbem-9486	100	16	no	no	DET
fbem-9486	100	17	need	need	NOUN
fbem-9486	100	18	to	to	PART
fbem-9486	100	19	include	include	VERB
fbem-9486	100	20	the	the	DET
fbem-9486	100	21	lagged	lag	VERB
fbem-9486	100	22	term	term	NOUN
fbem-9486	100	23	of	of	ADP
fbem-9486	100	24	return	return	NOUN
fbem-9486	100	25	,	,	PUNCT
fbem-9486	100	26	otherwise	otherwise	ADV
fbem-9486	100	27	,	,	PUNCT
fbem-9486	100	28	there	there	PRON
fbem-9486	100	29	is	be	VERB
fbem-9486	100	30	a	a	DET
fbem-9486	100	31	suspicion	suspicion	NOUN
fbem-9486	100	32	of	of	ADP
fbem-9486	100	33	repetition	repetition	NOUN
fbem-9486	100	34	and	and	CCONJ
fbem-9486	100	35	endogeneity	endogeneity	NOUN
fbem-9486	100	36	problems	problem	NOUN
fbem-9486	100	37	will	will	AUX
fbem-9486	100	38	arise	arise	VERB
fbem-9486	100	39	.	.	PUNCT
fbem-9486	101	1	from	from	ADP
fbem-9486	101	2	the	the	DET
fbem-9486	101	3	regression	regression	NOUN
fbem-9486	101	4	results	result	NOUN
fbem-9486	101	5	in	in	ADP
fbem-9486	101	6	table	table	NOUN
fbem-9486	101	7	8	8	NUM
fbem-9486	101	8	,	,	PUNCT
fbem-9486	101	9	we	we	PRON
fbem-9486	101	10	find	find	VERB
fbem-9486	101	11	that	that	SCONJ
fbem-9486	101	12	tuesday	tuesday	PROPN
fbem-9486	101	13	is	be	AUX
fbem-9486	101	14	still	still	ADV
fbem-9486	101	15	significant	significant	ADJ
fbem-9486	101	16	at	at	ADP
fbem-9486	101	17	the	the	DET
fbem-9486	101	18	one	one	NUM
fbem-9486	101	19	percent	percent	NOUN
fbem-9486	101	20	level	level	NOUN
fbem-9486	101	21	with	with	ADP
fbem-9486	101	22	a	a	DET
fbem-9486	101	23	coefficient	coefficient	NOUN
fbem-9486	101	24	of	of	ADP
fbem-9486	101	25	not	not	PART
fbem-9486	101	26	-0.054	-0.054	PUNCT
fbem-9486	101	27	and	and	CCONJ
fbem-9486	101	28	a	a	DET
fbem-9486	101	29	significant	significant	ADJ
fbem-9486	101	30	tarch	tarch	NOUN
fbem-9486	101	31	term	term	NOUN
fbem-9486	101	32	,	,	PUNCT
fbem-9486	101	33	confirming	confirm	VERB
fbem-9486	101	34	the	the	DET
fbem-9486	101	35	existence	existence	NOUN
fbem-9486	101	36	of	of	ADP
fbem-9486	101	37	volatility	volatility	NOUN
fbem-9486	101	38	non	non	ADJ
fbem-9486	101	39	-	-	ADJ
fbem-9486	101	40	mean	mean	ADJ
fbem-9486	101	41	.	.	PUNCT
fbem-9486	102	1	table	table	NOUN
fbem-9486	102	2	8	8	NUM
fbem-9486	102	3	.	.	PUNCT
fbem-9486	103	1	tarch	tarch	NOUN
fbem-9486	103	2	model	model	NOUN
fbem-9486	103	3	r	r	PROPN
fbem-9486	103	4	coef	coef	PROPN
fbem-9486	103	5	.	.	PUNCT
fbem-9486	104	1	st.err	st.err	PROPN
fbem-9486	104	2	.	.	PROPN
fbem-9486	105	1	t	t	NOUN
fbem-9486	105	2	-	-	PUNCT
fbem-9486	105	3	value	value	NOUN
fbem-9486	105	4	p	p	NOUN
fbem-9486	105	5	-	-	PUNCT
fbem-9486	105	6	value	value	NOUN
fbem-9486	105	7	[	[	X
fbem-9486	105	8	95	95	NUM
fbem-9486	105	9	%	%	NOUN
fbem-9486	105	10	conf	conf	NOUN
fbem-9486	105	11	interval	interval	NOUN
fbem-9486	105	12	]	]	PUNCT
fbem-9486	105	13	sig	sig	PRON
fbem-9486	105	14	d1	d1	PROPN
fbem-9486	105	15	-0.0140	-0.0140	NOUN
fbem-9486	106	1	0.0140	0.0140	NUM
fbem-9486	106	2	-0.9700	-0.9700	NOUN
fbem-9486	106	3	0.3310	0.3310	NUM
fbem-9486	106	4	-0.0420	-0.0420	NOUN
fbem-9486	106	5	0.0140	0.0140	NUM
fbem-9486	106	6	d2	d2	PROPN
fbem-9486	106	7	-0.0540	-0.0540	PROPN
fbem-9486	106	8	0.0110	0.0110	NUM
fbem-9486	106	9	-4.7400	-4.7400	NOUN
fbem-9486	106	10	0.0000	0.0000	NUM
fbem-9486	106	11	-0.0770	-0.0770	NOUN
fbem-9486	106	12	-0.0320	-0.0320	NOUN
fbem-9486	107	1	*	*	PUNCT
fbem-9486	107	2	*	*	PUNCT
fbem-9486	107	3	*	*	PUNCT
fbem-9486	107	4	d3	d3	PROPN
fbem-9486	107	5	-0.0160	-0.0160	NOUN
fbem-9486	107	6	0.0190	0.0190	NUM
fbem-9486	107	7	-0.8100	-0.8100	NOUN
fbem-9486	107	8	0.4160	0.4160	NUM
fbem-9486	107	9	-0.0540	-0.0540	NOUN
fbem-9486	107	10	0.0220	0.0220	NUM
fbem-9486	107	11	d4	d4	PROPN
fbem-9486	107	12	0.0000	0.0000	NUM
fbem-9486	107	13	0.0160	0.0160	NUM
fbem-9486	107	14	-0.0100	-0.0100	NOUN
fbem-9486	107	15	0.9890	0.9890	NUM
fbem-9486	107	16	-0.0320	-0.0320	NOUN
fbem-9486	107	17	0.0320	0.0320	NUM
fbem-9486	107	18	d5	d5	NOUN
fbem-9486	107	19	-0.0100	-0.0100	PUNCT
fbem-9486	108	1	0.0190	0.0190	NUM
fbem-9486	108	2	-0.5000	-0.5000	NUM
fbem-9486	108	3	0.6180	0.6180	NUM
fbem-9486	108	4	-0.0470	-0.0470	NOUN
fbem-9486	108	5	0.0280	0.0280	NUM
fbem-9486	108	6	constant	constant	ADJ
fbem-9486	108	7	0.0050	0.0050	NUM
fbem-9486	108	8	0.0000	0.0000	NUM
fbem-9486	108	9	14.7200	14.7200	NUM
fbem-9486	108	10	0.0000	0.0000	NUM
fbem-9486	108	11	0.0040	0.0040	NUM
fbem-9486	108	12	0.0060	0.0060	NUM
fbem-9486	108	13	*	*	PUNCT
fbem-9486	108	14	*	*	PUNCT
fbem-9486	108	15	*	*	PUNCT
fbem-9486	108	16	sigma2	sigma2	NOUN
fbem-9486	108	17	-0.4550	-0.4550	NOUN
fbem-9486	109	1	0.3260	0.3260	NUM
fbem-9486	109	2	-1.4000	-1.4000	NOUN
fbem-9486	109	3	0.1630	0.1630	NUM
fbem-9486	109	4	-1.0940	-1.0940	VERB
fbem-9486	109	5	0.1840	0.1840	NUM
fbem-9486	109	6	l.arch	l.arch	NOUN
fbem-9486	109	7	0.3810	0.3810	NUM
fbem-9486	109	8	0.0300	0.0300	NUM
fbem-9486	109	9	12.8400	12.8400	NUM
fbem-9486	109	10	0.0000	0.0000	NUM
fbem-9486	109	11	0.3230	0.3230	NUM
fbem-9486	109	12	0.4390	0.4390	NUM
fbem-9486	109	13	*	*	PUNCT
fbem-9486	109	14	*	*	PUNCT
fbem-9486	109	15	*	*	PUNCT
fbem-9486	109	16	l.tarch	l.tarch	NOUN
fbem-9486	109	17	0.1980	0.1980	NUM
fbem-9486	109	18	0.0420	0.0420	NUM
fbem-9486	109	19	4.7400	4.7400	NUM
fbem-9486	109	20	0.0000	0.0000	NUM
fbem-9486	109	21	0.1160	0.1160	NUM
fbem-9486	109	22	0.2800	0.2800	NUM
fbem-9486	109	23	*	*	PUNCT
fbem-9486	110	1	*	*	PUNCT
fbem-9486	110	2	*	*	PUNCT
fbem-9486	110	3	l.garch	l.garch	NUM
fbem-9486	110	4	0.7710	0.7710	NUM
fbem-9486	110	5	0.0060	0.0060	NUM
fbem-9486	110	6	135.8300	135.8300	NUM
fbem-9486	110	7	0.0000	0.0000	NUM
fbem-9486	110	8	0.7600	0.7600	NUM
fbem-9486	110	9	0.7820	0.7820	NUM
fbem-9486	111	1	*	*	PUNCT
fbem-9486	111	2	*	*	PUNCT
fbem-9486	111	3	*	*	PUNCT
fbem-9486	112	1	constant	constant	ADJ
fbem-9486	112	2	0.0000	0.0000	NUM
fbem-9486	112	3	0.0000	0.0000	NUM
fbem-9486	112	4	1.9400	1.9400	NUM
fbem-9486	112	5	0.0520	0.0520	NUM
fbem-9486	112	6	0.0000	0.0000	NUM
fbem-9486	112	7	0.0000	0.0000	NUM
fbem-9486	112	8	*	*	PUNCT
fbem-9486	113	1	*	*	PUNCT
fbem-9486	113	2	*	*	PUNCT
fbem-9486	113	3	*	*	PUNCT
fbem-9486	113	4	p<.01	p<.01	VERB
fbem-9486	113	5	,	,	PUNCT
fbem-9486	113	6	*	*	PUNCT
fbem-9486	113	7	*	*	NOUN
fbem-9486	113	8	p<.05	p<.05	NOUN
fbem-9486	113	9	,	,	PUNCT
fbem-9486	113	10	*	*	PUNCT
fbem-9486	113	11	p<.1	p<.1	PROPN
fbem-9486	113	12	friday	friday	PROPN
fbem-9486	113	13	's	's	PART
fbem-9486	113	14	volatility	volatility	NOUN
fbem-9486	113	15	was	be	AUX
fbem-9486	113	16	the	the	DET
fbem-9486	113	17	highest	high	ADJ
fbem-9486	113	18	,	,	PUNCT
fbem-9486	113	19	likely	likely	ADJ
fbem-9486	113	20	due	due	ADP
fbem-9486	113	21	to	to	ADP
fbem-9486	113	22	investors	investor	NOUN
fbem-9486	113	23	'	'	PART
fbem-9486	113	24	risk	risk	NOUN
fbem-9486	113	25	aversion	aversion	NOUN
fbem-9486	113	26	to	to	ADP
fbem-9486	113	27	the	the	DET
fbem-9486	113	28	potential	potential	ADJ
fbem-9486	113	29	policies	policy	NOUN
fbem-9486	113	30	related	relate	VERB
fbem-9486	113	31	to	to	ADP
fbem-9486	113	32	the	the	DET
fbem-9486	113	33	weekend	weekend	NOUN
fbem-9486	113	34	and	and	CCONJ
fbem-9486	113	35	some	some	DET
fbem-9486	113	36	industry	industry	NOUN
fbem-9486	113	37	regulations	regulation	NOUN
fbem-9486	113	38	,	,	PUNCT
fbem-9486	113	39	and	and	CCONJ
fbem-9486	113	40	tuesday	tuesday	PROPN
fbem-9486	113	41	's	's	PART
fbem-9486	113	42	volatility	volatility	NOUN
fbem-9486	113	43	was	be	AUX
fbem-9486	113	44	the	the	PRON
fbem-9486	113	45	lowest	low	ADJ
fbem-9486	113	46	,	,	PUNCT
fbem-9486	113	47	most	most	ADV
fbem-9486	113	48	likely	likely	ADJ
fbem-9486	113	49	due	due	ADP
fbem-9486	113	50	to	to	ADP
fbem-9486	113	51	monday	monday	PROPN
fbem-9486	113	52	absorbing	absorb	VERB
fbem-9486	113	53	the	the	DET
fbem-9486	113	54	news	news	NOUN
fbem-9486	113	55	from	from	ADP
fbem-9486	113	56	saturday	saturday	PROPN
fbem-9486	113	57	and	and	CCONJ
fbem-9486	113	58	sunday	sunday	PROPN
fbem-9486	113	59	,	,	PUNCT
fbem-9486	113	60	with	with	ADP
fbem-9486	113	61	most	most	ADJ
fbem-9486	113	62	of	of	ADP
fbem-9486	113	63	the	the	DET
fbem-9486	113	64	information	information	NOUN
fbem-9486	113	65	already	already	ADV
fbem-9486	113	66	reacting	react	VERB
fbem-9486	113	67	in	in	ADP
fbem-9486	113	68	the	the	DET
fbem-9486	113	69	price	price	NOUN
fbem-9486	113	70	.	.	PUNCT
fbem-9486	114	1	tuesday	tuesday	PROPN
fbem-9486	114	2	's	's	PART
fbem-9486	114	3	significant	significant	ADJ
fbem-9486	114	4	negative	negative	ADJ
fbem-9486	114	5	return	return	NOUN
fbem-9486	114	6	is	be	AUX
fbem-9486	114	7	likely	likely	ADJ
fbem-9486	114	8	due	due	ADP
fbem-9486	114	9	to	to	ADP
fbem-9486	114	10	the	the	DET
fbem-9486	114	11	herding	herding	NOUN
fbem-9486	114	12	effect	effect	NOUN
fbem-9486	114	13	,	,	PUNCT
fbem-9486	114	14	so	so	SCONJ
fbem-9486	114	15	that	that	SCONJ
fbem-9486	114	16	monday	monday	PROPN
fbem-9486	114	17	's	's	PART
fbem-9486	114	18	negative	negative	ADJ
fbem-9486	114	19	news	news	NOUN
fbem-9486	114	20	continues	continue	VERB
fbem-9486	114	21	,	,	PUNCT
fbem-9486	114	22	most	most	ADJ
fbem-9486	114	23	of	of	ADP
fbem-9486	114	24	the	the	DET
fbem-9486	114	25	followers	follower	NOUN
fbem-9486	114	26	sell	sell	VERB
fbem-9486	114	27	resulting	result	VERB
fbem-9486	114	28	in	in	ADP
fbem-9486	114	29	a	a	DET
fbem-9486	114	30	significant	significant	ADJ
fbem-9486	114	31	negative	negative	ADJ
fbem-9486	114	32	return	return	NOUN
fbem-9486	114	33	,	,	PUNCT
fbem-9486	114	34	using	use	VERB
fbem-9486	114	35	this	this	DET
fbem-9486	114	36	law	law	NOUN
fbem-9486	114	37	,	,	PUNCT
fbem-9486	114	38	fund	fund	NOUN
fbem-9486	114	39	managers	manager	NOUN
fbem-9486	114	40	in	in	ADP
fbem-9486	114	41	the	the	DET
fbem-9486	114	42	long	long	ADJ
fbem-9486	114	43	term	term	NOUN
fbem-9486	114	44	to	to	PART
fbem-9486	114	45	open	open	VERB
fbem-9486	114	46	positions	position	NOUN
fbem-9486	114	47	can	can	AUX
fbem-9486	114	48	try	try	VERB
fbem-9486	114	49	to	to	PART
fbem-9486	114	50	choose	choose	VERB
fbem-9486	114	51	tuesday	tuesday	PROPN
fbem-9486	114	52	to	to	PART
fbem-9486	114	53	open	open	VERB
fbem-9486	114	54	positions	position	NOUN
fbem-9486	114	55	,	,	PUNCT
fbem-9486	114	56	in	in	ADP
fbem-9486	114	57	reducing	reduce	VERB
fbem-9486	114	58	positions	position	NOUN
fbem-9486	114	59	should	should	AUX
fbem-9486	114	60	try	try	VERB
fbem-9486	114	61	to	to	PART
fbem-9486	114	62	avoid	avoid	VERB
fbem-9486	114	63	tuesday	tuesday	PROPN
fbem-9486	114	64	,	,	PUNCT
fbem-9486	114	65	to	to	PART
fbem-9486	114	66	prevent	prevent	VERB
fbem-9486	114	67	a	a	DET
fbem-9486	114	68	negative	negative	ADJ
fbem-9486	114	69	premium	premium	NOUN
fbem-9486	114	70	return	return	NOUN
fbem-9486	114	71	.	.	PUNCT
fbem-9486	115	1	4	4	X
fbem-9486	115	2	.	.	X
fbem-9486	115	3	conclusion	conclusion	NOUN
fbem-9486	115	4	first	first	ADV
fbem-9486	115	5	,	,	PUNCT
fbem-9486	115	6	this	this	DET
fbem-9486	115	7	paper	paper	NOUN
fbem-9486	115	8	takes	take	VERB
fbem-9486	115	9	the	the	DET
fbem-9486	115	10	daily	daily	ADJ
fbem-9486	115	11	data	datum	NOUN
fbem-9486	115	12	of	of	ADP
fbem-9486	115	13	the	the	DET
fbem-9486	115	14	sse	sse	PROPN
fbem-9486	115	15	composite	composite	ADJ
fbem-9486	115	16	index	index	NOUN
fbem-9486	115	17	closing	closing	NOUN
fbem-9486	115	18	price	price	NOUN
fbem-9486	115	19	for	for	ADP
fbem-9486	115	20	the	the	DET
fbem-9486	115	21	period	period	NOUN
fbem-9486	115	22	from	from	ADP
fbem-9486	115	23	december	december	PROPN
fbem-9486	115	24	19	19	NUM
fbem-9486	115	25	,	,	PUNCT
fbem-9486	115	26	1999	1999	NUM
fbem-9486	115	27	,	,	PUNCT
fbem-9486	115	28	to	to	PART
fbem-9486	115	29	may	may	PROPN
fbem-9486	115	30	6	6	NUM
fbem-9486	115	31	,	,	PUNCT
fbem-9486	115	32	2022	2022	NUM
fbem-9486	115	33	,	,	PUNCT
fbem-9486	115	34	as	as	ADP
fbem-9486	115	35	the	the	DET
fbem-9486	115	36	sample	sample	NOUN
fbem-9486	115	37	,	,	PUNCT
fbem-9486	115	38	with	with	ADP
fbem-9486	115	39	a	a	DET
fbem-9486	115	40	total	total	NOUN
fbem-9486	115	41	of	of	ADP
fbem-9486	115	42	7665	7665	NUM
fbem-9486	115	43	data	datum	NOUN
fbem-9486	115	44	,	,	PUNCT
fbem-9486	115	45	and	and	CCONJ
fbem-9486	115	46	performs	perform	VERB
fbem-9486	115	47	correlation	correlation	NOUN
fbem-9486	115	48	processing	processing	NOUN
fbem-9486	115	49	and	and	CCONJ
fbem-9486	115	50	descriptive	descriptive	ADJ
fbem-9486	115	51	statistical	statistical	ADJ
fbem-9486	115	52	analysis	analysis	NOUN
fbem-9486	115	53	on	on	ADP
fbem-9486	115	54	the	the	DET
fbem-9486	115	55	data	datum	NOUN
fbem-9486	115	56	to	to	PART
fbem-9486	115	57	test	test	VERB
fbem-9486	115	58	whether	whether	SCONJ
fbem-9486	115	59	the	the	DET
fbem-9486	115	60	data	datum	NOUN
fbem-9486	115	61	are	be	AUX
fbem-9486	115	62	normally	normally	ADV
fbem-9486	115	63	distributed	distribute	VERB
fbem-9486	115	64	or	or	CCONJ
fbem-9486	115	65	not	not	PART
fbem-9486	115	66	.	.	PUNCT
fbem-9486	116	1	after	after	ADP
fbem-9486	116	2	that	that	PRON
fbem-9486	116	3	,	,	PUNCT
fbem-9486	116	4	an	an	DET
fbem-9486	116	5	adf	adf	NOUN
fbem-9486	116	6	test	test	NOUN
fbem-9486	116	7	is	be	AUX
fbem-9486	116	8	conducted	conduct	VERB
fbem-9486	116	9	to	to	PART
fbem-9486	116	10	test	test	VERB
fbem-9486	116	11	the	the	DET
fbem-9486	116	12	data	datum	NOUN
fbem-9486	116	13	for	for	ADP
fbem-9486	116	14	smoothness	smoothness	NOUN
fbem-9486	116	15	.	.	PUNCT
fbem-9486	117	1	based	base	VERB
fbem-9486	117	2	on	on	ADP
fbem-9486	117	3	satisfying	satisfy	VERB
fbem-9486	117	4	the	the	DET
fbem-9486	117	5	smoothness	smoothness	NOUN
fbem-9486	117	6	,	,	PUNCT
fbem-9486	117	7	the	the	DET
fbem-9486	117	8	arch	arch	ADJ
fbem-9486	117	9	model	model	NOUN
fbem-9486	117	10	,	,	PUNCT
fbem-9486	117	11	garch	garch	NOUN
fbem-9486	117	12	-	-	PUNCT
fbem-9486	117	13	m	m	NOUN
fbem-9486	117	14	model	model	NOUN
fbem-9486	117	15	,	,	PUNCT
fbem-9486	117	16	and	and	CCONJ
fbem-9486	117	17	tarch	tarch	NOUN
fbem-9486	117	18	model	model	NOUN
fbem-9486	117	19	are	be	AUX
fbem-9486	117	20	used	use	VERB
fbem-9486	117	21	to	to	PART
fbem-9486	117	22	analyze	analyze	VERB
fbem-9486	117	23	and	and	CCONJ
fbem-9486	117	24	test	test	VERB
fbem-9486	117	25	the	the	DET
fbem-9486	117	26	sse	sse	PROPN
fbem-9486	117	27	composite	composite	ADJ
fbem-9486	117	28	index	index	NOUN
fbem-9486	117	29	(	(	PUNCT
fbem-9486	117	30	shanghai	shanghai	PROPN
fbem-9486	117	31	)	)	PUNCT
fbem-9486	117	32	returns	return	NOUN
fbem-9486	117	33	respectively	respectively	ADV
fbem-9486	117	34	,	,	PUNCT
fbem-9486	117	35	and	and	CCONJ
fbem-9486	117	36	it	it	PRON
fbem-9486	117	37	is	be	AUX
fbem-9486	117	38	found	find	VERB
fbem-9486	117	39	that	that	SCONJ
fbem-9486	117	40	there	there	PRON
fbem-9486	117	41	is	be	VERB
fbem-9486	117	42	a	a	DET
fbem-9486	117	43	significantly	significantly	ADV
fbem-9486	117	44	negative	negative	ADJ
fbem-9486	117	45	tuesday	tuesday	PROPN
fbem-9486	117	46	effect	effect	NOUN
fbem-9486	117	47	in	in	ADP
fbem-9486	117	48	the	the	DET
fbem-9486	117	49	market	market	NOUN
fbem-9486	117	50	.	.	PUNCT
fbem-9486	118	1	the	the	DET
fbem-9486	118	2	analysis	analysis	NOUN
fbem-9486	118	3	of	of	ADP
fbem-9486	118	4	the	the	DET
fbem-9486	118	5	intra	intra	ADJ
fbem-9486	118	6	-	-	ADJ
fbem-9486	118	7	weekly	weekly	ADJ
fbem-9486	118	8	effect	effect	NOUN
fbem-9486	118	9	in	in	ADP
fbem-9486	118	10	the	the	DET
fbem-9486	118	11	chinese	chinese	ADJ
fbem-9486	118	12	stock	stock	NOUN
fbem-9486	118	13	market	market	NOUN
fbem-9486	118	14	can	can	AUX
fbem-9486	118	15	provide	provide	VERB
fbem-9486	118	16	46	46	NUM
fbem-9486	118	17	some	some	DET
fbem-9486	118	18	reference	reference	NOUN
fbem-9486	118	19	for	for	SCONJ
fbem-9486	118	20	investors	investor	NOUN
fbem-9486	118	21	to	to	PART
fbem-9486	118	22	choose	choose	VERB
fbem-9486	118	23	their	their	PRON
fbem-9486	118	24	investment	investment	NOUN
fbem-9486	118	25	timing	timing	NOUN
fbem-9486	118	26	and	and	CCONJ
fbem-9486	118	27	can	can	AUX
fbem-9486	118	28	allow	allow	VERB
fbem-9486	118	29	market	market	NOUN
fbem-9486	118	30	regulators	regulator	NOUN
fbem-9486	118	31	to	to	AUX
fbem-9486	118	32	more	more	ADV
fbem-9486	118	33	fully	fully	ADV
fbem-9486	118	34	understand	understand	VERB
fbem-9486	118	35	the	the	DET
fbem-9486	118	36	current	current	ADJ
fbem-9486	118	37	characteristics	characteristic	NOUN
fbem-9486	118	38	of	of	ADP
fbem-9486	118	39	the	the	DET
fbem-9486	118	40	market	market	NOUN
fbem-9486	118	41	,	,	PUNCT
fbem-9486	118	42	which	which	PRON
fbem-9486	118	43	can	can	AUX
fbem-9486	118	44	be	be	AUX
fbem-9486	118	45	useful	useful	ADJ
fbem-9486	118	46	for	for	ADP
fbem-9486	118	47	both	both	CCONJ
fbem-9486	118	48	the	the	DET
fbem-9486	118	49	revision	revision	NOUN
fbem-9486	118	50	of	of	ADP
fbem-9486	118	51	the	the	DET
fbem-9486	118	52	stock	stock	NOUN
fbem-9486	118	53	market	market	NOUN
fbem-9486	118	54	regulatory	regulatory	ADJ
fbem-9486	118	55	system	system	NOUN
fbem-9486	118	56	and	and	CCONJ
fbem-9486	118	57	the	the	DET
fbem-9486	118	58	prevention	prevention	NOUN
fbem-9486	118	59	of	of	ADP
fbem-9486	118	60	systemic	systemic	ADJ
fbem-9486	118	61	risks	risk	NOUN
fbem-9486	118	62	.	.	PUNCT
fbem-9486	119	1	second	second	ADJ
fbem-9486	119	2	,	,	PUNCT
fbem-9486	119	3	by	by	ADP
fbem-9486	119	4	comparing	compare	VERB
fbem-9486	119	5	the	the	DET
fbem-9486	119	6	findings	finding	NOUN
fbem-9486	119	7	with	with	ADP
fbem-9486	119	8	those	those	PRON
fbem-9486	119	9	of	of	ADP
fbem-9486	119	10	other	other	ADJ
fbem-9486	119	11	scholars	scholar	NOUN
fbem-9486	119	12	,	,	PUNCT
fbem-9486	119	13	it	it	PRON
fbem-9486	119	14	can	can	AUX
fbem-9486	119	15	be	be	AUX
fbem-9486	119	16	found	find	VERB
fbem-9486	119	17	that	that	SCONJ
fbem-9486	119	18	the	the	DET
fbem-9486	119	19	findings	finding	NOUN
fbem-9486	119	20	of	of	ADP
fbem-9486	119	21	this	this	DET
fbem-9486	119	22	paper	paper	NOUN
fbem-9486	119	23	are	be	AUX
fbem-9486	119	24	not	not	PART
fbem-9486	119	25	entirely	entirely	ADV
fbem-9486	119	26	consistent	consistent	ADJ
fbem-9486	119	27	with	with	ADP
fbem-9486	119	28	previous	previous	ADJ
fbem-9486	119	29	studies	study	NOUN
fbem-9486	119	30	,	,	PUNCT
fbem-9486	119	31	and	and	CCONJ
fbem-9486	119	32	the	the	DET
fbem-9486	119	33	main	main	ADJ
fbem-9486	119	34	reason	reason	NOUN
fbem-9486	119	35	for	for	ADP
fbem-9486	119	36	this	this	DET
fbem-9486	119	37	phenomenon	phenomenon	NOUN
fbem-9486	119	38	is	be	AUX
fbem-9486	119	39	that	that	SCONJ
fbem-9486	119	40	the	the	DET
fbem-9486	119	41	data	datum	NOUN
fbem-9486	119	42	selected	select	VERB
fbem-9486	119	43	are	be	AUX
fbem-9486	119	44	different	different	ADJ
fbem-9486	119	45	,	,	PUNCT
fbem-9486	119	46	and	and	CCONJ
fbem-9486	119	47	the	the	DET
fbem-9486	119	48	relevant	relevant	ADJ
fbem-9486	119	49	conclusions	conclusion	NOUN
fbem-9486	119	50	are	be	AUX
fbem-9486	119	51	often	often	ADV
fbem-9486	119	52	different	different	ADJ
fbem-9486	119	53	when	when	SCONJ
fbem-9486	119	54	using	use	VERB
fbem-9486	119	55	data	datum	NOUN
fbem-9486	119	56	from	from	ADP
fbem-9486	119	57	different	different	ADJ
fbem-9486	119	58	times	time	NOUN
fbem-9486	119	59	and	and	CCONJ
fbem-9486	119	60	markets	market	NOUN
fbem-9486	119	61	.	.	PUNCT
fbem-9486	120	1	however	however	ADV
fbem-9486	120	2	,	,	PUNCT
fbem-9486	120	3	the	the	DET
fbem-9486	120	4	intra	intra	ADJ
fbem-9486	120	5	-	-	ADJ
fbem-9486	120	6	week	week	ADJ
fbem-9486	120	7	effect	effect	NOUN
fbem-9486	120	8	has	have	AUX
fbem-9486	120	9	always	always	ADV
fbem-9486	120	10	been	be	AUX
fbem-9486	120	11	present	present	ADJ
fbem-9486	120	12	in	in	ADP
fbem-9486	120	13	the	the	DET
fbem-9486	120	14	development	development	NOUN
fbem-9486	120	15	of	of	ADP
fbem-9486	120	16	the	the	DET
fbem-9486	120	17	chinese	chinese	ADJ
fbem-9486	120	18	securities	security	NOUN
fbem-9486	120	19	market	market	NOUN
fbem-9486	120	20	,	,	PUNCT
fbem-9486	120	21	but	but	CCONJ
fbem-9486	120	22	with	with	ADP
fbem-9486	120	23	the	the	DET
fbem-9486	120	24	improvement	improvement	NOUN
fbem-9486	120	25	and	and	CCONJ
fbem-9486	120	26	development	development	NOUN
fbem-9486	120	27	of	of	ADP
fbem-9486	120	28	the	the	DET
fbem-9486	120	29	market	market	NOUN
fbem-9486	120	30	,	,	PUNCT
fbem-9486	120	31	the	the	DET
fbem-9486	120	32	expression	expression	NOUN
fbem-9486	120	33	of	of	ADP
fbem-9486	120	34	the	the	DET
fbem-9486	120	35	intra	intra	ADJ
fbem-9486	120	36	-	-	ADJ
fbem-9486	120	37	week	week	ADJ
fbem-9486	120	38	effect	effect	NOUN
fbem-9486	120	39	will	will	AUX
fbem-9486	120	40	change	change	VERB
fbem-9486	120	41	.	.	PUNCT
fbem-9486	121	1	compared	compare	VERB
fbem-9486	121	2	with	with	ADP
fbem-9486	121	3	many	many	ADJ
fbem-9486	121	4	developed	develop	VERB
fbem-9486	121	5	countries	country	NOUN
fbem-9486	121	6	in	in	ADP
fbem-9486	121	7	the	the	DET
fbem-9486	121	8	west	west	NOUN
fbem-9486	121	9	,	,	PUNCT
fbem-9486	121	10	the	the	DET
fbem-9486	121	11	chinese	chinese	ADJ
fbem-9486	121	12	securities	security	NOUN
fbem-9486	121	13	market	market	NOUN
fbem-9486	121	14	is	be	AUX
fbem-9486	121	15	still	still	ADV
fbem-9486	121	16	in	in	ADP
fbem-9486	121	17	the	the	DET
fbem-9486	121	18	development	development	NOUN
fbem-9486	121	19	stage	stage	NOUN
fbem-9486	121	20	,	,	PUNCT
fbem-9486	121	21	and	and	CCONJ
fbem-9486	121	22	many	many	ADJ
fbem-9486	121	23	systems	system	NOUN
fbem-9486	121	24	in	in	ADP
fbem-9486	121	25	the	the	DET
fbem-9486	121	26	securities	security	NOUN
fbem-9486	121	27	market	market	NOUN
fbem-9486	121	28	are	be	AUX
fbem-9486	121	29	still	still	ADV
fbem-9486	121	30	immature	immature	ADJ
fbem-9486	121	31	and	and	CCONJ
fbem-9486	121	32	influenced	influence	VERB
fbem-9486	121	33	by	by	ADP
fbem-9486	121	34	policies	policy	NOUN
fbem-9486	121	35	,	,	PUNCT
fbem-9486	121	36	so	so	CCONJ
fbem-9486	121	37	the	the	DET
fbem-9486	121	38	specific	specific	ADJ
fbem-9486	121	39	expression	expression	NOUN
fbem-9486	121	40	of	of	ADP
fbem-9486	121	41	the	the	DET
fbem-9486	121	42	intra	intra	ADJ
fbem-9486	121	43	-	-	ADJ
fbem-9486	121	44	week	week	ADJ
fbem-9486	121	45	effect	effect	NOUN
fbem-9486	121	46	will	will	AUX
fbem-9486	121	47	take	take	VERB
fbem-9486	121	48	different	different	ADJ
fbem-9486	121	49	forms	form	NOUN
fbem-9486	121	50	with	with	ADP
fbem-9486	121	51	the	the	DET
fbem-9486	121	52	development	development	NOUN
fbem-9486	121	53	of	of	ADP
fbem-9486	121	54	the	the	DET
fbem-9486	121	55	market	market	NOUN
fbem-9486	121	56	.	.	PUNCT
fbem-9486	122	1	third	third	ADJ
fbem-9486	122	2	,	,	PUNCT
fbem-9486	122	3	for	for	ADP
fbem-9486	122	4	the	the	DET
fbem-9486	122	5	result	result	NOUN
fbem-9486	122	6	of	of	ADP
fbem-9486	122	7	the	the	DET
fbem-9486	122	8	"	"	PUNCT
fbem-9486	122	9	significant	significant	ADJ
fbem-9486	122	10	negative	negative	ADJ
fbem-9486	122	11	tuesday	tuesday	PROPN
fbem-9486	122	12	effect	effect	NOUN
fbem-9486	122	13	"	"	PUNCT
fbem-9486	122	14	,	,	PUNCT
fbem-9486	122	15	a	a	DET
fbem-9486	122	16	possible	possible	ADJ
fbem-9486	122	17	explanation	explanation	NOUN
fbem-9486	122	18	is	be	AUX
fbem-9486	122	19	that	that	SCONJ
fbem-9486	122	20	the	the	DET
fbem-9486	122	21	market	market	NOUN
fbem-9486	122	22	is	be	AUX
fbem-9486	122	23	closed	close	VERB
fbem-9486	122	24	on	on	ADP
fbem-9486	122	25	saturday	saturday	PROPN
fbem-9486	122	26	,	,	PUNCT
fbem-9486	122	27	so	so	SCONJ
fbem-9486	122	28	investors	investor	NOUN
fbem-9486	122	29	can	can	AUX
fbem-9486	122	30	use	use	VERB
fbem-9486	122	31	this	this	DET
fbem-9486	122	32	time	time	NOUN
fbem-9486	122	33	to	to	PART
fbem-9486	122	34	analyze	analyze	VERB
fbem-9486	122	35	the	the	DET
fbem-9486	122	36	general	general	ADJ
fbem-9486	122	37	market	market	NOUN
fbem-9486	122	38	trend	trend	NOUN
fbem-9486	122	39	(	(	PUNCT
fbem-9486	122	40	historical	historical	ADJ
fbem-9486	122	41	data	datum	NOUN
fbem-9486	122	42	)	)	PUNCT
fbem-9486	122	43	and	and	CCONJ
fbem-9486	122	44	information	information	NOUN
fbem-9486	122	45	about	about	ADP
fbem-9486	122	46	the	the	DET
fbem-9486	122	47	stocks	stock	NOUN
fbem-9486	122	48	they	they	PRON
fbem-9486	122	49	are	be	AUX
fbem-9486	122	50	concerned	concerned	ADJ
fbem-9486	122	51	about	about	ADP
fbem-9486	122	52	,	,	PUNCT
fbem-9486	122	53	while	while	SCONJ
fbem-9486	122	54	investors	investor	NOUN
fbem-9486	122	55	have	have	VERB
fbem-9486	122	56	more	more	ADJ
fbem-9486	122	57	than	than	ADP
fbem-9486	122	58	enough	enough	ADJ
fbem-9486	122	59	time	time	NOUN
fbem-9486	122	60	to	to	PART
fbem-9486	122	61	explore	explore	VERB
fbem-9486	122	62	quality	quality	NOUN
fbem-9486	122	63	stocks	stock	NOUN
fbem-9486	122	64	during	during	ADP
fbem-9486	122	65	this	this	DET
fbem-9486	122	66	period	period	NOUN
fbem-9486	122	67	,	,	PUNCT
fbem-9486	122	68	and	and	CCONJ
fbem-9486	122	69	can	can	AUX
fbem-9486	122	70	have	have	VERB
fbem-9486	122	71	a	a	DET
fbem-9486	122	72	good	good	ADJ
fbem-9486	122	73	understanding	understanding	NOUN
fbem-9486	122	74	of	of	ADP
fbem-9486	122	75	the	the	DET
fbem-9486	122	76	recent	recent	ADJ
fbem-9486	122	77	newly	newly	ADV
fbem-9486	122	78	released	release	VERB
fbem-9486	122	79	information	information	NOUN
fbem-9486	122	80	can	can	AUX
fbem-9486	122	81	be	be	AUX
fbem-9486	122	82	fully	fully	ADV
fbem-9486	122	83	analyzed	analyze	VERB
fbem-9486	122	84	.	.	PUNCT
fbem-9486	123	1	for	for	ADP
fbem-9486	123	2	example	example	NOUN
fbem-9486	123	3	,	,	PUNCT
fbem-9486	123	4	some	some	DET
fbem-9486	123	5	institutional	institutional	ADJ
fbem-9486	123	6	investors	investor	NOUN
fbem-9486	123	7	,	,	PUNCT
fbem-9486	123	8	as	as	ADV
fbem-9486	123	9	well	well	ADV
fbem-9486	123	10	as	as	ADP
fbem-9486	123	11	some	some	DET
fbem-9486	123	12	information	information	NOUN
fbem-9486	123	13	traders	trader	NOUN
fbem-9486	123	14	,	,	PUNCT
fbem-9486	123	15	will	will	AUX
fbem-9486	123	16	make	make	VERB
fbem-9486	123	17	operations	operation	NOUN
fbem-9486	123	18	and	and	CCONJ
fbem-9486	123	19	related	relate	VERB
fbem-9486	123	20	layouts	layout	NOUN
fbem-9486	123	21	in	in	ADP
fbem-9486	123	22	advance	advance	NOUN
fbem-9486	123	23	on	on	ADP
fbem-9486	123	24	friday	friday	PROPN
fbem-9486	123	25	,	,	PUNCT
fbem-9486	123	26	while	while	SCONJ
fbem-9486	123	27	many	many	ADJ
fbem-9486	123	28	policies	policy	NOUN
fbem-9486	123	29	and	and	CCONJ
fbem-9486	123	30	some	some	DET
fbem-9486	123	31	information	information	NOUN
fbem-9486	123	32	related	relate	VERB
fbem-9486	123	33	to	to	ADP
fbem-9486	123	34	companies	company	NOUN
fbem-9486	123	35	that	that	PRON
fbem-9486	123	36	affect	affect	VERB
fbem-9486	123	37	stock	stock	NOUN
fbem-9486	123	38	prices	price	NOUN
fbem-9486	123	39	will	will	AUX
fbem-9486	123	40	be	be	AUX
fbem-9486	123	41	announced	announce	VERB
fbem-9486	123	42	at	at	ADP
fbem-9486	123	43	the	the	DET
fbem-9486	123	44	end	end	NOUN
fbem-9486	123	45	of	of	ADP
fbem-9486	123	46	the	the	DET
fbem-9486	123	47	week	week	NOUN
fbem-9486	123	48	,	,	PUNCT
fbem-9486	123	49	and	and	CCONJ
fbem-9486	123	50	on	on	ADP
fbem-9486	123	51	monday	monday	PROPN
fbem-9486	123	52	,	,	PUNCT
fbem-9486	123	53	information	information	NOUN
fbem-9486	123	54	traders	trader	NOUN
fbem-9486	123	55	,	,	PUNCT
fbem-9486	123	56	as	as	ADV
fbem-9486	123	57	well	well	ADV
fbem-9486	123	58	as	as	ADP
fbem-9486	123	59	traders	trader	NOUN
fbem-9486	123	60	who	who	PRON
fbem-9486	123	61	react	react	VERB
fbem-9486	123	62	quickly	quickly	ADV
fbem-9486	123	63	to	to	ADP
fbem-9486	123	64	information	information	NOUN
fbem-9486	123	65	,	,	PUNCT
fbem-9486	123	66	will	will	AUX
fbem-9486	123	67	make	make	VERB
fbem-9486	123	68	relevant	relevant	ADJ
fbem-9486	123	69	operations	operation	NOUN
fbem-9486	123	70	on	on	ADP
fbem-9486	123	71	monday	monday	PROPN
fbem-9486	123	72	,	,	PUNCT
fbem-9486	123	73	while	while	SCONJ
fbem-9486	123	74	on	on	ADP
fbem-9486	123	75	tuesday	tuesday	PROPN
fbem-9486	123	76	,	,	PUNCT
fbem-9486	123	77	due	due	ADP
fbem-9486	123	78	to	to	ADP
fbem-9486	123	79	the	the	DET
fbem-9486	123	80	existence	existence	NOUN
fbem-9486	123	81	of	of	ADP
fbem-9486	123	82	the	the	DET
fbem-9486	123	83	herding	herding	NOUN
fbem-9486	123	84	effect	effect	NOUN
fbem-9486	123	85	and	and	CCONJ
fbem-9486	123	86	the	the	DET
fbem-9486	123	87	slow	slow	ADJ
fbem-9486	123	88	embodiment	embodiment	NOUN
fbem-9486	123	89	of	of	ADP
fbem-9486	123	90	information	information	NOUN
fbem-9486	123	91	in	in	ADP
fbem-9486	123	92	prices	price	NOUN
fbem-9486	123	93	,	,	PUNCT
fbem-9486	123	94	lagging	lag	VERB
fbem-9486	123	95	on	on	ADP
fbem-9486	123	96	tuesday	tuesday	PROPN
fbem-9486	123	97	,	,	PUNCT
fbem-9486	123	98	due	due	ADP
fbem-9486	123	99	to	to	ADP
fbem-9486	123	100	the	the	DET
fbem-9486	123	101	herding	herding	NOUN
fbem-9486	123	102	effect	effect	NOUN
fbem-9486	123	103	and	and	CCONJ
fbem-9486	123	104	the	the	DET
fbem-9486	123	105	slow	slow	ADJ
fbem-9486	123	106	embodiment	embodiment	NOUN
fbem-9486	123	107	of	of	ADP
fbem-9486	123	108	information	information	NOUN
fbem-9486	123	109	in	in	ADP
fbem-9486	123	110	the	the	DET
fbem-9486	123	111	price	price	NOUN
fbem-9486	123	112	,	,	PUNCT
fbem-9486	123	113	the	the	DET
fbem-9486	123	114	lagging	lag	VERB
fbem-9486	123	115	investors	investor	NOUN
fbem-9486	123	116	sell	sell	VERB
fbem-9486	123	117	the	the	DET
fbem-9486	123	118	stock	stock	NOUN
fbem-9486	123	119	,	,	PUNCT
fbem-9486	123	120	thus	thus	ADV
fbem-9486	123	121	causing	cause	VERB
fbem-9486	123	122	the	the	DET
fbem-9486	123	123	stock	stock	NOUN
fbem-9486	123	124	price	price	NOUN
fbem-9486	123	125	to	to	PART
fbem-9486	123	126	fall	fall	VERB
fbem-9486	123	127	on	on	ADP
fbem-9486	123	128	tuesday	tuesday	PROPN
fbem-9486	123	129	.	.	PUNCT
fbem-9486	124	1	from	from	ADP
fbem-9486	124	2	a	a	DET
fbem-9486	124	3	behavioral	behavioral	ADJ
fbem-9486	124	4	finance	finance	NOUN
fbem-9486	124	5	perspective	perspective	NOUN
fbem-9486	124	6	,	,	PUNCT
fbem-9486	124	7	the	the	DET
fbem-9486	124	8	intra	intra	ADJ
fbem-9486	124	9	-	-	ADJ
fbem-9486	124	10	week	week	ADJ
fbem-9486	124	11	effect	effect	NOUN
fbem-9486	124	12	is	be	AUX
fbem-9486	124	13	a	a	DET
fbem-9486	124	14	market	market	NOUN
fbem-9486	124	15	anomaly	anomaly	NOUN
fbem-9486	124	16	that	that	PRON
fbem-9486	124	17	reflects	reflect	VERB
fbem-9486	124	18	the	the	DET
fbem-9486	124	19	fact	fact	NOUN
fbem-9486	124	20	that	that	SCONJ
fbem-9486	124	21	the	the	DET
fbem-9486	124	22	chinese	chinese	ADJ
fbem-9486	124	23	stock	stock	NOUN
fbem-9486	124	24	market	market	NOUN
fbem-9486	124	25	does	do	AUX
fbem-9486	124	26	not	not	PART
fbem-9486	124	27	satisfy	satisfy	VERB
fbem-9486	124	28	the	the	DET
fbem-9486	124	29	efficient	efficient	ADJ
fbem-9486	124	30	market	market	NOUN
fbem-9486	124	31	hypothesis	hypothesis	NOUN
fbem-9486	124	32	,	,	PUNCT
fbem-9486	124	33	investors	investor	NOUN
fbem-9486	124	34	do	do	AUX
fbem-9486	124	35	not	not	PART
fbem-9486	124	36	satisfy	satisfy	VERB
fbem-9486	124	37	the	the	DET
fbem-9486	124	38	perfectly	perfectly	ADV
fbem-9486	124	39	rational	rational	ADJ
fbem-9486	124	40	person	person	NOUN
fbem-9486	124	41	hypothesis	hypothesis	NOUN
fbem-9486	124	42	,	,	PUNCT
fbem-9486	124	43	and	and	CCONJ
fbem-9486	124	44	there	there	PRON
fbem-9486	124	45	are	be	VERB
fbem-9486	124	46	a	a	DET
fbem-9486	124	47	large	large	ADJ
fbem-9486	124	48	number	number	NOUN
fbem-9486	124	49	of	of	ADP
fbem-9486	124	50	noise	noise	NOUN
fbem-9486	124	51	traders	trader	NOUN
fbem-9486	124	52	and	and	CCONJ
fbem-9486	124	53	arbitrage	arbitrage	NOUN
fbem-9486	124	54	opportunities	opportunity	NOUN
fbem-9486	124	55	.	.	PUNCT
fbem-9486	125	1	acknowledgment	acknowledgment	NOUN
fbem-9486	125	2	research	research	NOUN
fbem-9486	125	3	on	on	ADP
fbem-9486	125	4	the	the	DET
fbem-9486	125	5	path	path	NOUN
fbem-9486	125	6	and	and	CCONJ
fbem-9486	125	7	risk	risk	NOUN
fbem-9486	125	8	of	of	ADP
fbem-9486	125	9	digital	digital	ADJ
fbem-9486	125	10	finance	finance	NOUN
fbem-9486	125	11	to	to	PART
fbem-9486	125	12	unleash	unleash	VERB
fbem-9486	125	13	the	the	DET
fbem-9486	125	14	consumption	consumption	NOUN
fbem-9486	125	15	potential	potential	NOUN
fbem-9486	125	16	of	of	ADP
fbem-9486	125	17	residents	resident	NOUN
fbem-9486	125	18	"	"	PUNCT
fbem-9486	125	19	(	(	PUNCT
fbem-9486	125	20	grant	grant	VERB
fbem-9486	125	21	no	no	INTJ
fbem-9486	125	22	.	.	PUNCT
fbem-9486	126	1	cx20221078	cx20221078	PROPN
fbem-9486	126	2	)	)	PUNCT
fbem-9486	126	3	references	reference	NOUN
fbem-9486	126	4	[	[	X
fbem-9486	126	5	1	1	NUM
fbem-9486	126	6	]	]	X
fbem-9486	126	7	e.f	e.f	PROPN
fbem-9486	126	8	.	.	PROPN
fbem-9486	126	9	fama	fama	PROPN
fbem-9486	126	10	:	:	PUNCT
fbem-9486	126	11	efficient	efficient	ADJ
fbem-9486	126	12	capital	capital	NOUN
fbem-9486	126	13	markets	market	NOUN
fbem-9486	126	14	:	:	PUNCT
fbem-9486	126	15	a	a	DET
fbem-9486	126	16	review	review	NOUN
fbem-9486	126	17	of	of	ADP
fbem-9486	126	18	theory	theory	NOUN
fbem-9486	126	19	and	and	CCONJ
fbem-9486	126	20	empirical	empirical	ADJ
fbem-9486	126	21	work	work	NOUN
fbem-9486	126	22	,	,	PUNCT
fbem-9486	126	23	the	the	DET
fbem-9486	126	24	journal	journal	NOUN
fbem-9486	126	25	of	of	ADP
fbem-9486	126	26	finance	finance	NOUN
fbem-9486	126	27	,	,	PUNCT
fbem-9486	126	28	vol	vol	NOUN
fbem-9486	126	29	.	.	PROPN
fbem-9486	127	1	25	25	NUM
fbem-9486	127	2	(	(	PUNCT
fbem-9486	127	3	1970	1970	NUM
fbem-9486	127	4	)	)	PUNCT
fbem-9486	127	5	no.2	no.2	PROPN
fbem-9486	127	6	,	,	PUNCT
fbem-9486	127	7	p.383	p.383	ADP
fbem-9486	127	8	-	-	PUNCT
fbem-9486	127	9	417	417	NUM
fbem-9486	127	10	.	.	PUNCT
fbem-9486	128	1	[	[	X
fbem-9486	128	2	2	2	NUM
fbem-9486	128	3	]	]	X
fbem-9486	128	4	m.j	m.j	PROPN
fbem-9486	128	5	.	.	PROPN
fbem-9486	128	6	fields	field	NOUN
fbem-9486	128	7	:	:	PUNCT
fbem-9486	128	8	stock	stock	NOUN
fbem-9486	128	9	prices	price	NOUN
fbem-9486	128	10	:	:	PUNCT
fbem-9486	128	11	a	a	DET
fbem-9486	128	12	problem	problem	NOUN
fbem-9486	128	13	in	in	ADP
fbem-9486	128	14	verification	verification	NOUN
fbem-9486	128	15	,	,	PUNCT
fbem-9486	128	16	journal	journal	NOUN
fbem-9486	128	17	of	of	ADP
fbem-9486	128	18	business	business	NOUN
fbem-9486	128	19	,	,	PUNCT
fbem-9486	128	20	vol	vol	NOUN
fbem-9486	128	21	.	.	PROPN
fbem-9486	128	22	12	12	NUM
fbem-9486	128	23	(	(	PUNCT
fbem-9486	128	24	1931	1931	NUM
fbem-9486	128	25	)	)	PUNCT
fbem-9486	128	26	no.10	no.10	ADJ
fbem-9486	128	27	,	,	PUNCT
fbem-9486	128	28	p.415	p.415	NUM
fbem-9486	128	29	-	-	PUNCT
fbem-9486	128	30	418	418	NUM
fbem-9486	128	31	.	.	PUNCT
fbem-9486	129	1	[	[	X
fbem-9486	129	2	3	3	NUM
fbem-9486	129	3	]	]	X
fbem-9486	129	4	f.	f.	PROPN
fbem-9486	129	5	cross	cross	PROPN
fbem-9486	129	6	:	:	PUNCT
fbem-9486	129	7	the	the	DET
fbem-9486	129	8	behavior	behavior	NOUN
fbem-9486	129	9	of	of	ADP
fbem-9486	129	10	stock	stock	NOUN
fbem-9486	129	11	prices	price	NOUN
fbem-9486	129	12	on	on	ADP
fbem-9486	129	13	fridays	friday	NOUN
fbem-9486	129	14	and	and	CCONJ
fbem-9486	129	15	mondays	monday	NOUN
fbem-9486	129	16	,	,	PUNCT
fbem-9486	129	17	financial	financial	ADJ
fbem-9486	129	18	analysts	analyst	NOUN
fbem-9486	129	19	journal	journal	NOUN
fbem-9486	129	20	,	,	PUNCT
fbem-9486	129	21	vol	vol	NOUN
fbem-9486	129	22	.	.	PROPN
fbem-9486	129	23	29	29	NUM
fbem-9486	129	24	(	(	PUNCT
fbem-9486	129	25	1973	1973	NUM
fbem-9486	129	26	)	)	PUNCT
fbem-9486	129	27	no.6	no.6	PROPN
fbem-9486	129	28	,	,	PUNCT
fbem-9486	129	29	p.67	p.67	NOUN
fbem-9486	129	30	-	-	NOUN
fbem-9486	129	31	69	69	NUM
fbem-9486	129	32	.	.	PUNCT
fbem-9486	130	1	[	[	X
fbem-9486	130	2	4	4	X
fbem-9486	130	3	]	]	X
fbem-9486	130	4	k.r	k.r	PROPN
fbem-9486	130	5	.	.	PROPN
fbem-9486	130	6	french	french	PROPN
fbem-9486	130	7	:	:	PUNCT
fbem-9486	130	8	stock	stock	NOUN
fbem-9486	130	9	returns	return	NOUN
fbem-9486	130	10	and	and	CCONJ
fbem-9486	130	11	the	the	DET
fbem-9486	130	12	weekend	weekend	NOUN
fbem-9486	130	13	effect	effect	NOUN
fbem-9486	130	14	,	,	PUNCT
fbem-9486	130	15	journal	journal	NOUN
fbem-9486	130	16	of	of	ADP
fbem-9486	130	17	financial	financial	ADJ
fbem-9486	130	18	economics	economic	NOUN
fbem-9486	130	19	,	,	PUNCT
fbem-9486	130	20	vol	vol	NOUN
fbem-9486	130	21	.	.	NOUN
fbem-9486	130	22	8	8	NUM
fbem-9486	130	23	(	(	PUNCT
fbem-9486	130	24	1980	1980	NUM
fbem-9486	130	25	)	)	PUNCT
fbem-9486	130	26	no.1	no.1	NOUN
fbem-9486	130	27	,	,	PUNCT
fbem-9486	130	28	p.55	p.55	NOUN
fbem-9486	130	29	-	-	NOUN
fbem-9486	130	30	69	69	NUM
fbem-9486	130	31	.	.	PUNCT
fbem-9486	131	1	[	[	X
fbem-9486	131	2	5	5	X
fbem-9486	131	3	]	]	PUNCT
fbem-9486	131	4	j.	j.	PROPN
fbem-9486	131	5	jaffe	jaffe	PROPN
fbem-9486	131	6	,	,	PUNCT
fbem-9486	131	7	r.	r.	PROPN
fbem-9486	131	8	westerfield	westerfield	PROPN
fbem-9486	131	9	:	:	PUNCT
fbem-9486	131	10	the	the	DET
fbem-9486	131	11	week‐end	week‐end	NOUN
fbem-9486	131	12	effect	effect	NOUN
fbem-9486	131	13	in	in	ADP
fbem-9486	131	14	common	common	ADJ
fbem-9486	131	15	stock	stock	NOUN
fbem-9486	131	16	returns	return	NOUN
fbem-9486	131	17	:	:	PUNCT
fbem-9486	131	18	the	the	DET
fbem-9486	131	19	international	international	ADJ
fbem-9486	131	20	evidence	evidence	NOUN
fbem-9486	131	21	,	,	PUNCT
fbem-9486	131	22	the	the	DET
fbem-9486	131	23	journal	journal	NOUN
fbem-9486	131	24	of	of	ADP
fbem-9486	131	25	finance	finance	NOUN
fbem-9486	131	26	,	,	PUNCT
fbem-9486	131	27	vol.40	vol.40	NOUN
fbem-9486	131	28	(	(	PUNCT
fbem-9486	131	29	1985	1985	NUM
fbem-9486	131	30	)	)	PUNCT
fbem-9486	131	31	no.2	no.2	PROPN
fbem-9486	131	32	,	,	PUNCT
fbem-9486	131	33	p.433	p.433	NOUN
fbem-9486	131	34	-	-	NOUN
fbem-9486	131	35	454	454	NUM
fbem-9486	131	36	.	.	PUNCT
fbem-9486	132	1	[	[	X
fbem-9486	132	2	6	6	NUM
fbem-9486	132	3	]	]	X
fbem-9486	132	4	r.	r.	PROPN
fbem-9486	132	5	aggarwal	aggarwal	PROPN
fbem-9486	132	6	,	,	PUNCT
fbem-9486	132	7	p.	p.	NOUN
fbem-9486	132	8	rivoli	rivoli	NOUN
fbem-9486	132	9	:	:	PUNCT
fbem-9486	132	10	seasonal	seasonal	ADJ
fbem-9486	132	11	and	and	CCONJ
fbem-9486	132	12	day‐of‐the‐week	day‐of‐the‐week	VERB
fbem-9486	132	13	effects	effect	NOUN
fbem-9486	132	14	in	in	ADP
fbem-9486	132	15	four	four	NUM
fbem-9486	132	16	emerging	emerge	VERB
fbem-9486	132	17	stock	stock	NOUN
fbem-9486	132	18	markets	market	NOUN
fbem-9486	132	19	,	,	PUNCT
fbem-9486	132	20	financial	financial	ADJ
fbem-9486	132	21	review	review	NOUN
fbem-9486	132	22	,	,	PUNCT
fbem-9486	132	23	vol.24	vol.24	NOUN
fbem-9486	132	24	(	(	PUNCT
fbem-9486	132	25	1989	1989	NUM
fbem-9486	132	26	)	)	PUNCT
fbem-9486	132	27	no.4	no.4	PROPN
fbem-9486	132	28	,	,	PUNCT
fbem-9486	132	29	p.541	p.541	NOUN
fbem-9486	132	30	-	-	SYM
fbem-9486	132	31	550	550	NUM
fbem-9486	132	32	.	.	PUNCT
fbem-9486	133	1	[	[	X
fbem-9486	133	2	7	7	X
fbem-9486	133	3	]	]	X
fbem-9486	133	4	q.	q.	PROPN
fbem-9486	133	5	yu	yu	PROPN
fbem-9486	133	6	:	:	PUNCT
fbem-9486	133	7	market	market	NOUN
fbem-9486	133	8	efficiencies	efficiency	NOUN
fbem-9486	133	9	cyclical	cyclical	ADJ
fbem-9486	133	10	anomalies	anomaly	NOUN
fbem-9486	133	11	and	and	CCONJ
fbem-9486	133	12	stock	stock	NOUN
fbem-9486	133	13	price	price	NOUN
fbem-9486	133	14	volatility	volatility	NOUN
fbem-9486	133	15	an	an	DET
fbem-9486	133	16	empirical	empirical	ADJ
fbem-9486	133	17	analysis	analysis	NOUN
fbem-9486	133	18	of	of	ADP
fbem-9486	133	19	the	the	DET
fbem-9486	133	20	shanghai	shanghai	PROPN
fbem-9486	133	21	and	and	CCONJ
fbem-9486	133	22	shenzhen	shenzhen	PROPN
fbem-9486	133	23	stock	stock	PROPN
fbem-9486	133	24	markets	market	NOUN
fbem-9486	133	25	,	,	PUNCT
fbem-9486	133	26	journal	journal	NOUN
fbem-9486	133	27	of	of	ADP
fbem-9486	133	28	economic	economic	ADJ
fbem-9486	133	29	research	research	NOUN
fbem-9486	133	30	,	,	PUNCT
fbem-9486	133	31	vol.12	vol.12	NOUN
fbem-9486	133	32	(	(	PUNCT
fbem-9486	133	33	1994	1994	NUM
fbem-9486	133	34	)	)	PUNCT
fbem-9486	133	35	no.9	no.9	PROPN
fbem-9486	133	36	,	,	PUNCT
fbem-9486	133	37	p.43	p.43	NOUN
fbem-9486	133	38	-	-	SYM
fbem-9486	133	39	50	50	NUM
fbem-9486	133	40	.	.	PUNCT
fbem-9486	134	1	[	[	X
fbem-9486	134	2	8	8	NUM
fbem-9486	134	3	]	]	X
fbem-9486	134	4	l.c	l.c	PROPN
fbem-9486	134	5	.	.	PROPN
fbem-9486	134	6	feng	feng	PROPN
fbem-9486	134	7	:	:	PUNCT
fbem-9486	135	1	the	the	DET
fbem-9486	135	2	"	"	PUNCT
fbem-9486	135	3	intra	intra	ADJ
fbem-9486	135	4	-	-	ADJ
fbem-9486	135	5	week	week	ADJ
fbem-9486	135	6	effect	effect	NOUN
fbem-9486	135	7	"	"	PUNCT
fbem-9486	135	8	in	in	ADP
fbem-9486	135	9	the	the	DET
fbem-9486	135	10	chinese	chinese	ADJ
fbem-9486	135	11	stock	stock	NOUN
fbem-9486	135	12	market	market	NOUN
fbem-9486	135	13	,	,	PUNCT
fbem-9486	135	14	journal	journal	NOUN
fbem-9486	135	15	of	of	ADP
fbem-9486	135	16	economic	economic	ADJ
fbem-9486	135	17	research	research	NOUN
fbem-9486	135	18	,	,	PUNCT
fbem-9486	135	19	vol.12	vol.12	NOUN
fbem-9486	135	20	(	(	PUNCT
fbem-9486	135	21	2000	2000	NUM
fbem-9486	135	22	)	)	PUNCT
fbem-9486	135	23	no.11	no.11	NOUN
fbem-9486	135	24	,	,	PUNCT
fbem-9486	135	25	p.50	p.50	PROPN
fbem-9486	135	26	-	-	X
fbem-9486	135	27	57	57	NUM
fbem-9486	135	28	.	.	PUNCT
fbem-9486	136	1	[	[	X
fbem-9486	136	2	9	9	NUM
fbem-9486	136	3	]	]	X
fbem-9486	136	4	c.	c.	PROPN
fbem-9486	136	5	chen	chen	PROPN
fbem-9486	136	6	,	,	PUNCT
fbem-9486	136	7	p.	p.	PROPN
fbem-9486	136	8	qian	qian	PROPN
fbem-9486	136	9	:	:	PUNCT
fbem-9486	136	10	china	china	PROPN
fbem-9486	136	11	's	's	PART
fbem-9486	136	12	stock	stock	NOUN
fbem-9486	136	13	market	market	NOUN
fbem-9486	136	14	"	"	PUNCT
fbem-9486	136	15	intra	intra	ADJ
fbem-9486	136	16	-	-	ADJ
fbem-9486	136	17	week	week	ADJ
fbem-9486	136	18	effect	effect	NOUN
fbem-9486	136	19	"	"	PUNCT
fbem-9486	136	20	re	re	VERB
fbem-9486	136	21	-	-	VERB
fbem-9486	136	22	examined	examined	ADJ
fbem-9486	136	23	,	,	PUNCT
fbem-9486	136	24	journal	journal	NOUN
fbem-9486	136	25	of	of	ADP
fbem-9486	136	26	economic	economic	ADJ
fbem-9486	136	27	sciences	science	NOUN
fbem-9486	136	28	,	,	PUNCT
fbem-9486	136	29	vol.6	vol.6	PROPN
fbem-9486	136	30	(	(	PUNCT
fbem-9486	136	31	2002	2002	NUM
fbem-9486	136	32	)	)	PUNCT
fbem-9486	136	33	no.1	no.1	NOUN
fbem-9486	136	34	,	,	PUNCT
fbem-9486	136	35	p.85	p.85	NOUN
fbem-9486	136	36	-	-	PUNCT
fbem-9486	136	37	91	91	NUM
fbem-9486	136	38	.	.	PUNCT
fbem-9486	137	1	[	[	X
fbem-9486	137	2	10	10	NUM
fbem-9486	137	3	]	]	PUNCT
fbem-9486	137	4	b.	b.	PROPN
fbem-9486	137	5	zhang	zhang	PROPN
fbem-9486	137	6	:	:	PUNCT
fbem-9486	137	7	a	a	DET
fbem-9486	137	8	study	study	NOUN
fbem-9486	137	9	of	of	ADP
fbem-9486	137	10	the	the	DET
fbem-9486	137	11	calendar	calendar	NOUN
fbem-9486	137	12	effect	effect	NOUN
fbem-9486	137	13	in	in	ADP
fbem-9486	137	14	the	the	DET
fbem-9486	137	15	chinese	chinese	ADJ
fbem-9486	137	16	stock	stock	NOUN
fbem-9486	137	17	market	market	NOUN
fbem-9486	137	18	:	:	PUNCT
fbem-9486	137	19	a	a	DET
fbem-9486	137	20	rolling	rolling	ADJ
fbem-9486	137	21	sample	sample	NOUN
fbem-9486	137	22	test	test	NOUN
fbem-9486	137	23	-	-	PUNCT
fbem-9486	137	24	based	base	VERB
fbem-9486	137	25	approach	approach	NOUN
fbem-9486	137	26	,	,	PUNCT
fbem-9486	137	27	journal	journal	NOUN
fbem-9486	137	28	of	of	ADP
fbem-9486	137	29	financial	financial	ADJ
fbem-9486	137	30	research	research	NOUN
fbem-9486	137	31	,	,	PUNCT
fbem-9486	137	32	vol.12	vol.12	NOUN
fbem-9486	137	33	(	(	PUNCT
fbem-9486	137	34	2005	2005	NUM
fbem-9486	137	35	)	)	PUNCT
fbem-9486	137	36	no.7	no.7	PROPN
fbem-9486	137	37	,	,	PUNCT
fbem-9486	137	38	p.33	p.33	PROPN
fbem-9486	137	39	-	-	PUNCT
fbem-9486	137	40	44	44	NUM
fbem-9486	137	41	.	.	PUNCT
fbem-9486	138	1	[	[	X
fbem-9486	138	2	11	11	NUM
fbem-9486	138	3	]	]	X
fbem-9486	138	4	c.y	c.y	PROPN
fbem-9486	138	5	.	.	PROPN
fbem-9486	139	1	ji	ji	PROPN
fbem-9486	139	2	:	:	PUNCT
fbem-9486	139	3	an	an	DET
fbem-9486	139	4	empirical	empirical	ADJ
fbem-9486	139	5	analysis	analysis	NOUN
fbem-9486	139	6	of	of	ADP
fbem-9486	139	7	the	the	DET
fbem-9486	139	8	intra	intra	ADJ
fbem-9486	139	9	-	-	ADJ
fbem-9486	139	10	weekly	weekly	ADJ
fbem-9486	139	11	effect	effect	NOUN
fbem-9486	139	12	of	of	ADP
fbem-9486	139	13	the	the	DET
fbem-9486	139	14	chinese	chinese	PROPN
fbem-9486	139	15	shanghai	shanghai	PROPN
fbem-9486	139	16	market	market	NOUN
fbem-9486	139	17	based	base	VERB
fbem-9486	139	18	on	on	ADP
fbem-9486	139	19	the	the	DET
fbem-9486	139	20	garch	garch	NOUN
fbem-9486	139	21	model	model	NOUN
fbem-9486	139	22	,	,	PUNCT
fbem-9486	139	23	journal	journal	NOUN
fbem-9486	139	24	of	of	ADP
fbem-9486	139	25	economic	economic	ADJ
fbem-9486	139	26	and	and	CCONJ
fbem-9486	139	27	trade	trade	NOUN
fbem-9486	139	28	practice	practice	NOUN
fbem-9486	139	29	,	,	PUNCT
fbem-9486	139	30	vol.24	vol.24	NOUN
fbem-9486	139	31	(	(	PUNCT
fbem-9486	139	32	2018	2018	NUM
fbem-9486	139	33	)	)	PUNCT
fbem-9486	139	34	no.13	no.13	NOUN
fbem-9486	139	35	,	,	PUNCT
fbem-9486	139	36	p.28	p.28	NOUN
fbem-9486	139	37	-	-	PUNCT
fbem-9486	139	38	29	29	NUM
fbem-9486	139	39	.	.	PUNCT
fbem-9486	140	1	[	[	X
fbem-9486	140	2	12	12	NUM
fbem-9486	140	3	]	]	X
fbem-9486	140	4	x.y	x.y	PROPN
fbem-9486	140	5	.	.	PROPN
fbem-9486	140	6	ling	ling	PROPN
fbem-9486	140	7	,	,	PUNCT
fbem-9486	140	8	h.x	h.x	PROPN
fbem-9486	140	9	.	.	PROPN
fbem-9486	140	10	dai	dai	PROPN
fbem-9486	140	11	:	:	PUNCT
fbem-9486	140	12	a	a	DET
fbem-9486	140	13	study	study	NOUN
fbem-9486	140	14	of	of	ADP
fbem-9486	140	15	the	the	DET
fbem-9486	140	16	impact	impact	NOUN
fbem-9486	140	17	of	of	ADP
fbem-9486	140	18	stock	stock	NOUN
fbem-9486	140	19	index	index	NOUN
fbem-9486	140	20	futures	future	NOUN
fbem-9486	140	21	on	on	ADP
fbem-9486	140	22	the	the	DET
fbem-9486	140	23	pattern	pattern	NOUN
fbem-9486	140	24	of	of	ADP
fbem-9486	140	25	intra	intra	ADJ
fbem-9486	140	26	-	-	ADJ
fbem-9486	140	27	week	week	NOUN
fbem-9486	140	28	effects	effect	NOUN
fbem-9486	140	29	in	in	ADP
fbem-9486	140	30	the	the	DET
fbem-9486	140	31	securities	security	NOUN
fbem-9486	140	32	market	market	NOUN
fbem-9486	140	33	,	,	PUNCT
fbem-9486	140	34	journal	journal	NOUN
fbem-9486	140	35	of	of	ADP
fbem-9486	140	36	economics	economic	NOUN
fbem-9486	140	37	and	and	CCONJ
fbem-9486	140	38	management	management	NOUN
fbem-9486	140	39	review	review	NOUN
fbem-9486	140	40	,	,	PUNCT
fbem-9486	140	41	vol.32	vol.32	VERB
fbem-9486	140	42	(	(	PUNCT
fbem-9486	140	43	2016	2016	NUM
fbem-9486	140	44	)	)	PUNCT
fbem-9486	140	45	no.3	no.3	NOUN
fbem-9486	140	46	,	,	PUNCT
fbem-9486	140	47	p.130	p.130	NOUN
fbem-9486	140	48	-	-	PUNCT
fbem-9486	140	49	138	138	NUM
fbem-9486	140	50	.	.	PUNCT