id	sid	tid	token	lemma	pos
gujaf-430	1	1	microsoft	microsoft	PROPN
gujaf-430	1	2	word	word	NOUN
gujaf-430	1	3	upload	upload	VERB
gujaf-430	1	4	to	to	ADP
gujaf-430	1	5	me	i	PRON
gujaf-430	1	6	hassan	hassan	ADJ
gujaf-430	1	7	gujaf	gujaf	NOUN
gujaf-430	1	8	vol	vol	NOUN
gujaf-430	1	9	6	6	NUM
gujaf-430	1	10	issue	issue	NOUN
gujaf-430	1	11	2	2	NUM
gujaf-430	1	12	april	april	PROPN
gujaf-430	1	13	mr	mr	PROPN
gujaf-430	1	14	hassan	hassan	PROPN
gujaf-430	1	15	2222[1][1	2222[1][1	PROPN
gujaf-430	1	16	]	]	X
gujaf-430	1	17	gusau	gusau	ADJ
gujaf-430	1	18	journal	journal	NOUN
gujaf-430	1	19	of	of	ADP
gujaf-430	1	20	accounting	accounting	NOUN
gujaf-430	1	21	and	and	CCONJ
gujaf-430	1	22	finance	finance	NOUN
gujaf-430	1	23	,	,	PUNCT
gujaf-430	1	24	vol.6	vol.6	PROPN
gujaf-430	1	25	,	,	PUNCT
gujaf-430	1	26	issue	issue	NOUN
gujaf-430	1	27	2	2	NUM
gujaf-430	1	28	,	,	PUNCT
gujaf-430	1	29	april	april	PROPN
gujaf-430	1	30	,	,	PUNCT
gujaf-430	1	31	2025	2025	NUM
gujaf-430	1	32	284	284	NUM
gujaf-430	1	33	macroeconomic	macroeconomic	ADJ
gujaf-430	1	34	variables	variable	NOUN
gujaf-430	1	35	and	and	CCONJ
gujaf-430	1	36	stock	stock	NOUN
gujaf-430	1	37	market	market	NOUN
gujaf-430	1	38	performance	performance	NOUN
gujaf-430	1	39	in	in	ADP
gujaf-430	1	40	nigeria	nigeria	PROPN
gujaf-430	1	41	kayode	kayode	PROPN
gujaf-430	1	42	david	david	PROPN
gujaf-430	1	43	kolawole	kolawole	PROPN
gujaf-430	1	44	faculty	faculty	NOUN
gujaf-430	1	45	of	of	ADP
gujaf-430	1	46	economic	economic	ADJ
gujaf-430	1	47	and	and	CCONJ
gujaf-430	1	48	financial	financial	ADJ
gujaf-430	1	49	sciences	sciences	PROPN
gujaf-430	1	50	walter	walter	PROPN
gujaf-430	1	51	sisulu	sisulu	PROPN
gujaf-430	1	52	university	university	PROPN
gujaf-430	1	53	,	,	PUNCT
gujaf-430	1	54	mthatha	mthatha	NOUN
gujaf-430	1	55	,	,	PUNCT
gujaf-430	1	56	private	private	ADJ
gujaf-430	1	57	bag	bag	NOUN
gujaf-430	1	58	x1	x1	PROPN
gujaf-430	1	59	,	,	PUNCT
gujaf-430	1	60	unitra	unitra	PROPN
gujaf-430	1	61	,	,	PUNCT
gujaf-430	1	62	5117	5117	NUM
gujaf-430	1	63	,	,	PUNCT
gujaf-430	1	64	south	south	PROPN
gujaf-430	1	65	africa	africa	PROPN
gujaf-430	1	66	.	.	PUNCT
gujaf-430	2	1	kolawolekayode@yahoo.com	kolawolekayode@yahoo.com	PROPN
gujaf-430	2	2	0000	0000	NUM
gujaf-430	2	3	-	-	PUNCT
gujaf-430	2	4	0002	0002	NUM
gujaf-430	2	5	-	-	PUNCT
gujaf-430	2	6	6704	6704	NUM
gujaf-430	2	7	-	-	PUNCT
gujaf-430	2	8	2673	2673	NUM
gujaf-430	2	9	https://doi.org/10.57233/gujaf.v6i2.18	https://doi.org/10.57233/gujaf.v6i2.18	NOUN
gujaf-430	2	10	abstract	abstract	ADJ
gujaf-430	2	11	this	this	DET
gujaf-430	2	12	study	study	NOUN
gujaf-430	2	13	examined	examine	VERB
gujaf-430	2	14	macroeconomic	macroeconomic	ADJ
gujaf-430	2	15	variables	variable	NOUN
gujaf-430	2	16	and	and	CCONJ
gujaf-430	2	17	stock	stock	NOUN
gujaf-430	2	18	market	market	NOUN
gujaf-430	2	19	performance	performance	NOUN
gujaf-430	2	20	in	in	ADP
gujaf-430	2	21	nigeria	nigeria	PROPN
gujaf-430	2	22	,	,	PUNCT
gujaf-430	2	23	using	use	VERB
gujaf-430	2	24	secondary	secondary	ADJ
gujaf-430	2	25	data	datum	NOUN
gujaf-430	2	26	from	from	ADP
gujaf-430	2	27	the	the	DET
gujaf-430	2	28	central	central	ADJ
gujaf-430	2	29	bank	bank	PROPN
gujaf-430	2	30	of	of	ADP
gujaf-430	2	31	nigeria	nigeria	PROPN
gujaf-430	2	32	.	.	PUNCT
gujaf-430	3	1	the	the	DET
gujaf-430	3	2	study	study	NOUN
gujaf-430	3	3	adopted	adopt	VERB
gujaf-430	3	4	the	the	DET
gujaf-430	3	5	autoregressive	autoregressive	ADJ
gujaf-430	3	6	distributed	distribute	VERB
gujaf-430	3	7	lag	lag	NOUN
gujaf-430	3	8	model	model	NOUN
gujaf-430	3	9	(	(	PUNCT
gujaf-430	3	10	ardl	ardl	NOUN
gujaf-430	3	11	)	)	PUNCT
gujaf-430	3	12	technique	technique	NOUN
gujaf-430	3	13	to	to	PART
gujaf-430	3	14	analyze	analyze	VERB
gujaf-430	3	15	the	the	DET
gujaf-430	3	16	data	datum	NOUN
gujaf-430	3	17	obtained	obtain	VERB
gujaf-430	3	18	for	for	ADP
gujaf-430	3	19	the	the	DET
gujaf-430	3	20	study	study	NOUN
gujaf-430	3	21	.	.	PUNCT
gujaf-430	4	1	furthermore	furthermore	ADV
gujaf-430	4	2	,	,	PUNCT
gujaf-430	4	3	the	the	DET
gujaf-430	4	4	results	result	NOUN
gujaf-430	4	5	revealed	reveal	VERB
gujaf-430	4	6	that	that	SCONJ
gujaf-430	4	7	exchange	exchange	NOUN
gujaf-430	4	8	rate	rate	NOUN
gujaf-430	4	9	fluctuations	fluctuation	NOUN
gujaf-430	4	10	significantly	significantly	ADV
gujaf-430	4	11	affect	affect	VERB
gujaf-430	4	12	stock	stock	NOUN
gujaf-430	4	13	market	market	NOUN
gujaf-430	4	14	performance	performance	NOUN
gujaf-430	4	15	with	with	ADP
gujaf-430	4	16	a	a	DET
gujaf-430	4	17	p	p	NOUN
gujaf-430	4	18	-	-	PUNCT
gujaf-430	4	19	value	value	NOUN
gujaf-430	4	20	of	of	ADP
gujaf-430	4	21	(	(	PUNCT
gujaf-430	4	22	p<0.01	p<0.01	PROPN
gujaf-430	4	23	)	)	PUNCT
gujaf-430	4	24	.	.	PUNCT
gujaf-430	5	1	interest	interest	NOUN
gujaf-430	5	2	rate	rate	NOUN
gujaf-430	5	3	is	be	AUX
gujaf-430	5	4	also	also	ADV
gujaf-430	5	5	significantly	significantly	ADV
gujaf-430	5	6	related	relate	VERB
gujaf-430	5	7	to	to	ADP
gujaf-430	5	8	stock	stock	NOUN
gujaf-430	5	9	market	market	NOUN
gujaf-430	5	10	performance	performance	NOUN
gujaf-430	5	11	,	,	PUNCT
gujaf-430	5	12	with	with	ADP
gujaf-430	5	13	a	a	DET
gujaf-430	5	14	p	p	NOUN
gujaf-430	5	15	-	-	PUNCT
gujaf-430	5	16	value	value	NOUN
gujaf-430	5	17	of	of	ADP
gujaf-430	5	18	(	(	PUNCT
gujaf-430	5	19	p	p	X
gujaf-430	5	20	<	<	X
gujaf-430	5	21	0.01	0.01	NUM
gujaf-430	5	22	)	)	PUNCT
gujaf-430	5	23	.	.	PUNCT
gujaf-430	6	1	inflation	inflation	NOUN
gujaf-430	6	2	also	also	ADV
gujaf-430	6	3	significantly	significantly	ADV
gujaf-430	6	4	affects	affect	VERB
gujaf-430	6	5	stock	stock	NOUN
gujaf-430	6	6	market	market	NOUN
gujaf-430	6	7	performance	performance	NOUN
gujaf-430	6	8	with	with	ADP
gujaf-430	6	9	a	a	DET
gujaf-430	6	10	p	p	NOUN
gujaf-430	6	11	-	-	PUNCT
gujaf-430	6	12	value	value	NOUN
gujaf-430	6	13	of	of	ADP
gujaf-430	6	14	0.01	0.01	NUM
gujaf-430	6	15	.	.	PUNCT
gujaf-430	7	1	finally	finally	ADV
gujaf-430	7	2	,	,	PUNCT
gujaf-430	7	3	gross	gross	ADJ
gujaf-430	7	4	domestic	domestic	ADJ
gujaf-430	7	5	product	product	NOUN
gujaf-430	7	6	significantly	significantly	ADV
gujaf-430	7	7	impacts	impact	VERB
gujaf-430	7	8	the	the	DET
gujaf-430	7	9	performance	performance	NOUN
gujaf-430	7	10	of	of	ADP
gujaf-430	7	11	the	the	DET
gujaf-430	7	12	stock	stock	NOUN
gujaf-430	7	13	market	market	NOUN
gujaf-430	7	14	in	in	ADP
gujaf-430	7	15	nigeria	nigeria	PROPN
gujaf-430	7	16	with	with	ADP
gujaf-430	7	17	a	a	DET
gujaf-430	7	18	coefficient	coefficient	NOUN
gujaf-430	7	19	value	value	NOUN
gujaf-430	7	20	of	of	ADP
gujaf-430	7	21	(	(	PUNCT
gujaf-430	7	22	0.0000000137	0.0000000137	NUM
gujaf-430	7	23	)	)	PUNCT
gujaf-430	7	24	and	and	CCONJ
gujaf-430	7	25	a	a	DET
gujaf-430	7	26	p	p	NOUN
gujaf-430	7	27	-	-	PUNCT
gujaf-430	7	28	value	value	NOUN
gujaf-430	7	29	of	of	ADP
gujaf-430	7	30	(	(	PUNCT
gujaf-430	7	31	0.0269	0.0269	NUM
gujaf-430	7	32	)	)	PUNCT
gujaf-430	7	33	.	.	PUNCT
gujaf-430	8	1	based	base	VERB
gujaf-430	8	2	on	on	ADP
gujaf-430	8	3	the	the	DET
gujaf-430	8	4	findings	finding	NOUN
gujaf-430	8	5	,	,	PUNCT
gujaf-430	8	6	the	the	DET
gujaf-430	8	7	study	study	NOUN
gujaf-430	8	8	concluded	conclude	VERB
gujaf-430	8	9	that	that	SCONJ
gujaf-430	8	10	macroeconomic	macroeconomic	ADJ
gujaf-430	8	11	fundamentals	fundamental	NOUN
gujaf-430	8	12	exert	exert	VERB
gujaf-430	8	13	a	a	DET
gujaf-430	8	14	substantial	substantial	ADJ
gujaf-430	8	15	and	and	CCONJ
gujaf-430	8	16	measurable	measurable	ADJ
gujaf-430	8	17	influence	influence	NOUN
gujaf-430	8	18	on	on	ADP
gujaf-430	8	19	stock	stock	NOUN
gujaf-430	8	20	market	market	NOUN
gujaf-430	8	21	performance	performance	NOUN
gujaf-430	8	22	in	in	ADP
gujaf-430	8	23	nigeria	nigeria	PROPN
gujaf-430	8	24	.	.	PUNCT
gujaf-430	9	1	therefore	therefore	ADV
gujaf-430	9	2	,	,	PUNCT
gujaf-430	9	3	the	the	DET
gujaf-430	9	4	study	study	NOUN
gujaf-430	9	5	recommended	recommend	VERB
gujaf-430	9	6	that	that	SCONJ
gujaf-430	9	7	policymakers	policymaker	NOUN
gujaf-430	9	8	should	should	AUX
gujaf-430	9	9	implement	implement	VERB
gujaf-430	9	10	strategies	strategy	NOUN
gujaf-430	9	11	to	to	PART
gujaf-430	9	12	stabilize	stabilize	VERB
gujaf-430	9	13	the	the	DET
gujaf-430	9	14	naira	naira	NOUN
gujaf-430	9	15	by	by	ADP
gujaf-430	9	16	promoting	promote	VERB
gujaf-430	9	17	foreign	foreign	ADJ
gujaf-430	9	18	investment	investment	NOUN
gujaf-430	9	19	,	,	PUNCT
gujaf-430	9	20	reducing	reduce	VERB
gujaf-430	9	21	overreliance	overreliance	NOUN
gujaf-430	9	22	on	on	ADP
gujaf-430	9	23	oil	oil	NOUN
gujaf-430	9	24	exports	export	NOUN
gujaf-430	9	25	,	,	PUNCT
gujaf-430	9	26	and	and	CCONJ
gujaf-430	9	27	diversifying	diversify	VERB
gujaf-430	9	28	the	the	DET
gujaf-430	9	29	economy	economy	NOUN
gujaf-430	9	30	.	.	PUNCT
gujaf-430	10	1	1.0	1.0	NUM
gujaf-430	10	2	introduction	introduction	NOUN
gujaf-430	10	3	the	the	DET
gujaf-430	10	4	interaction	interaction	NOUN
gujaf-430	10	5	of	of	ADP
gujaf-430	10	6	macroeconomic	macroeconomic	ADJ
gujaf-430	10	7	variables	variable	NOUN
gujaf-430	10	8	with	with	ADP
gujaf-430	10	9	stock	stock	NOUN
gujaf-430	10	10	market	market	NOUN
gujaf-430	10	11	performance	performance	NOUN
gujaf-430	10	12	has	have	AUX
gujaf-430	10	13	remained	remain	VERB
gujaf-430	10	14	a	a	DET
gujaf-430	10	15	topic	topic	NOUN
gujaf-430	10	16	of	of	ADP
gujaf-430	10	17	intense	intense	ADJ
gujaf-430	10	18	debate	debate	NOUN
gujaf-430	10	19	in	in	ADP
gujaf-430	10	20	financial	financial	ADJ
gujaf-430	10	21	and	and	CCONJ
gujaf-430	10	22	economic	economic	ADJ
gujaf-430	10	23	research	research	NOUN
gujaf-430	10	24	.	.	PUNCT
gujaf-430	11	1	the	the	DET
gujaf-430	11	2	stock	stock	NOUN
gujaf-430	11	3	market	market	NOUN
gujaf-430	11	4	plays	play	VERB
gujaf-430	11	5	an	an	DET
gujaf-430	11	6	essential	essential	ADJ
gujaf-430	11	7	role	role	NOUN
gujaf-430	11	8	in	in	ADP
gujaf-430	11	9	achieving	achieve	VERB
gujaf-430	11	10	economic	economic	ADJ
gujaf-430	11	11	development	development	NOUN
gujaf-430	11	12	with	with	ADP
gujaf-430	11	13	the	the	DET
gujaf-430	11	14	provision	provision	NOUN
gujaf-430	11	15	of	of	ADP
gujaf-430	11	16	a	a	DET
gujaf-430	11	17	platform	platform	NOUN
gujaf-430	11	18	for	for	ADP
gujaf-430	11	19	capital	capital	NOUN
gujaf-430	11	20	formation	formation	NOUN
gujaf-430	11	21	and	and	CCONJ
gujaf-430	11	22	investment	investment	NOUN
gujaf-430	11	23	.	.	PUNCT
gujaf-430	12	1	however	however	ADV
gujaf-430	12	2	,	,	PUNCT
gujaf-430	12	3	the	the	DET
gujaf-430	12	4	unpredictability	unpredictability	NOUN
gujaf-430	12	5	of	of	ADP
gujaf-430	12	6	the	the	DET
gujaf-430	12	7	nigerian	nigerian	ADJ
gujaf-430	12	8	stock	stock	NOUN
gujaf-430	12	9	market	market	NOUN
gujaf-430	12	10	raises	raise	VERB
gujaf-430	12	11	concerns	concern	NOUN
gujaf-430	12	12	about	about	ADP
gujaf-430	12	13	the	the	DET
gujaf-430	12	14	extent	extent	NOUN
gujaf-430	12	15	to	to	PART
gujaf-430	12	16	which	which	PRON
gujaf-430	12	17	key	key	ADJ
gujaf-430	12	18	economic	economic	ADJ
gujaf-430	12	19	indicators	indicator	NOUN
gujaf-430	12	20	impact	impact	VERB
gujaf-430	12	21	market	market	NOUN
gujaf-430	12	22	performance	performance	NOUN
gujaf-430	12	23	(	(	PUNCT
gujaf-430	12	24	agunobi	agunobi	PROPN
gujaf-430	12	25	,	,	PUNCT
gujaf-430	12	26	efionayi	efionayi	ADV
gujaf-430	12	27	,	,	PUNCT
gujaf-430	12	28	&	&	CCONJ
gujaf-430	12	29	akutson	akutson	PROPN
gujaf-430	12	30	,	,	PUNCT
gujaf-430	12	31	2024	2024	NUM
gujaf-430	12	32	)	)	PUNCT
gujaf-430	12	33	.	.	PUNCT
gujaf-430	13	1	despite	despite	SCONJ
gujaf-430	13	2	various	various	ADJ
gujaf-430	13	3	policy	policy	NOUN
gujaf-430	13	4	interventions	intervention	NOUN
gujaf-430	13	5	aimed	aim	VERB
gujaf-430	13	6	at	at	ADP
gujaf-430	13	7	stabilizing	stabilize	VERB
gujaf-430	13	8	the	the	DET
gujaf-430	13	9	nigerian	nigerian	ADJ
gujaf-430	13	10	economy	economy	NOUN
gujaf-430	13	11	,	,	PUNCT
gujaf-430	13	12	fluctuations	fluctuation	NOUN
gujaf-430	13	13	in	in	ADP
gujaf-430	13	14	these	these	DET
gujaf-430	13	15	economic	economic	ADJ
gujaf-430	13	16	indicators	indicator	NOUN
gujaf-430	13	17	have	have	AUX
gujaf-430	13	18	persisted	persist	VERB
gujaf-430	13	19	,	,	PUNCT
gujaf-430	13	20	often	often	ADV
gujaf-430	13	21	leading	lead	VERB
gujaf-430	13	22	to	to	ADP
gujaf-430	13	23	uncertainty	uncertainty	NOUN
gujaf-430	13	24	among	among	ADP
gujaf-430	13	25	investors	investor	NOUN
gujaf-430	13	26	.	.	PUNCT
gujaf-430	14	1	for	for	ADP
gujaf-430	14	2	instance	instance	NOUN
gujaf-430	14	3	,	,	PUNCT
gujaf-430	14	4	the	the	DET
gujaf-430	14	5	nigerian	nigerian	ADJ
gujaf-430	14	6	economy	economy	NOUN
gujaf-430	14	7	faced	face	VERB
gujaf-430	14	8	a	a	DET
gujaf-430	14	9	recession	recession	NOUN
gujaf-430	14	10	in	in	ADP
gujaf-430	14	11	2020	2020	NUM
gujaf-430	14	12	due	due	ADP
gujaf-430	14	13	to	to	ADP
gujaf-430	14	14	the	the	DET
gujaf-430	14	15	covid-19	covid-19	PROPN
gujaf-430	14	16	pandemic	pandemic	NOUN
gujaf-430	14	17	,	,	PUNCT
gujaf-430	14	18	significantly	significantly	ADV
gujaf-430	14	19	affecting	affect	VERB
gujaf-430	14	20	gdp	gdp	NOUN
gujaf-430	14	21	growth	growth	NOUN
gujaf-430	14	22	and	and	CCONJ
gujaf-430	14	23	causing	cause	VERB
gujaf-430	14	24	sharp	sharp	ADJ
gujaf-430	14	25	declines	decline	NOUN
gujaf-430	14	26	in	in	ADP
gujaf-430	14	27	stock	stock	NOUN
gujaf-430	14	28	prices	price	NOUN
gujaf-430	14	29	(	(	PUNCT
gujaf-430	14	30	world	world	PROPN
gujaf-430	14	31	bank	bank	NOUN
gujaf-430	14	32	,	,	PUNCT
gujaf-430	14	33	2021	2021	NUM
gujaf-430	14	34	)	)	PUNCT
gujaf-430	14	35	.	.	PUNCT
gujaf-430	15	1	recent	recent	ADJ
gujaf-430	15	2	reports	report	NOUN
gujaf-430	15	3	highlight	highlight	VERB
gujaf-430	15	4	nigeria	nigeria	PROPN
gujaf-430	15	5	's	's	PART
gujaf-430	15	6	economic	economic	ADJ
gujaf-430	15	7	growth	growth	NOUN
gujaf-430	15	8	,	,	PUNCT
gujaf-430	15	9	with	with	ADP
gujaf-430	15	10	gdp	gdp	NOUN
gujaf-430	15	11	increasing	increase	VERB
gujaf-430	15	12	by	by	ADP
gujaf-430	15	13	3.84	3.84	NUM
gujaf-430	15	14	%	%	NOUN
gujaf-430	15	15	in	in	ADP
gujaf-430	15	16	the	the	DET
gujaf-430	15	17	fourth	fourth	ADJ
gujaf-430	15	18	quarter	quarter	NOUN
gujaf-430	15	19	of	of	ADP
gujaf-430	15	20	2024	2024	NUM
gujaf-430	15	21	,	,	PUNCT
gujaf-430	15	22	the	the	DET
gujaf-430	15	23	fastest	fast	ADJ
gujaf-430	15	24	in	in	ADP
gujaf-430	15	25	three	three	NUM
gujaf-430	15	26	years	year	NOUN
gujaf-430	15	27	,	,	PUNCT
gujaf-430	15	28	primarily	primarily	ADV
gujaf-430	15	29	driven	drive	VERB
gujaf-430	15	30	by	by	ADP
gujaf-430	15	31	the	the	DET
gujaf-430	15	32	services	service	NOUN
gujaf-430	15	33	sector	sector	NOUN
gujaf-430	15	34	.	.	PUNCT
gujaf-430	16	1	similarly	similarly	ADV
gujaf-430	16	2	,	,	PUNCT
gujaf-430	16	3	exchange	exchange	NOUN
gujaf-430	16	4	rate	rate	NOUN
gujaf-430	16	5	volatility	volatility	NOUN
gujaf-430	16	6	has	have	AUX
gujaf-430	16	7	been	be	AUX
gujaf-430	16	8	a	a	DET
gujaf-430	16	9	major	major	ADJ
gujaf-430	16	10	concern	concern	NOUN
gujaf-430	16	11	,	,	PUNCT
gujaf-430	16	12	as	as	SCONJ
gujaf-430	16	13	the	the	DET
gujaf-430	16	14	naira	naira	PROPN
gujaf-430	16	15	has	have	AUX
gujaf-430	16	16	experienced	experience	VERB
gujaf-430	16	17	significant	significant	ADJ
gujaf-430	16	18	depreciation	depreciation	NOUN
gujaf-430	16	19	,	,	PUNCT
gujaf-430	16	20	affecting	affect	VERB
gujaf-430	16	21	foreign	foreign	ADJ
gujaf-430	16	22	investment	investment	NOUN
gujaf-430	16	23	in	in	ADP
gujaf-430	16	24	the	the	DET
gujaf-430	16	25	stock	stock	NOUN
gujaf-430	16	26	market	market	NOUN
gujaf-430	16	27	(	(	PUNCT
gujaf-430	16	28	shettima	shettima	PROPN
gujaf-430	16	29	,	,	PUNCT
gujaf-430	16	30	abdussalam	abdussalam	PROPN
gujaf-430	16	31	,	,	PUNCT
gujaf-430	16	32	&	&	CCONJ
gujaf-430	16	33	olayinka	olayinka	PROPN
gujaf-430	16	34	,	,	PUNCT
gujaf-430	16	35	2023	2023	NUM
gujaf-430	16	36	)	)	PUNCT
gujaf-430	16	37	.	.	PUNCT
gujaf-430	17	1	economic	economic	ADJ
gujaf-430	17	2	policy	policy	NOUN
gujaf-430	17	3	uncertainty	uncertainty	NOUN
gujaf-430	17	4	significantly	significantly	ADV
gujaf-430	17	5	affects	affect	VERB
gujaf-430	17	6	stock	stock	NOUN
gujaf-430	17	7	market	market	NOUN
gujaf-430	17	8	returns	return	NOUN
gujaf-430	17	9	and	and	CCONJ
gujaf-430	17	10	liquidity	liquidity	NOUN
gujaf-430	17	11	,	,	PUNCT
gujaf-430	17	12	while	while	SCONJ
gujaf-430	17	13	its	its	PRON
gujaf-430	17	14	effect	effect	NOUN
gujaf-430	17	15	on	on	ADP
gujaf-430	17	16	market	market	NOUN
gujaf-430	17	17	volatility	volatility	NOUN
gujaf-430	17	18	is	be	AUX
gujaf-430	17	19	notably	notably	ADV
gujaf-430	17	20	negative	negative	ADJ
gujaf-430	17	21	.	.	PUNCT
gujaf-430	18	1	additionally	additionally	ADV
gujaf-430	18	2	,	,	PUNCT
gujaf-430	18	3	exchange	exchange	NOUN
gujaf-430	18	4	rate	rate	NOUN
gujaf-430	18	5	volatility	volatility	NOUN
gujaf-430	18	6	positively	positively	ADV
gujaf-430	18	7	influences	influence	VERB
gujaf-430	18	8	stock	stock	NOUN
gujaf-430	18	9	market	market	NOUN
gujaf-430	18	10	returns	return	NOUN
gujaf-430	18	11	and	and	CCONJ
gujaf-430	18	12	liquidity	liquidity	NOUN
gujaf-430	18	13	,	,	PUNCT
gujaf-430	18	14	though	though	SCONJ
gujaf-430	18	15	its	its	PRON
gujaf-430	18	16	impact	impact	NOUN
gujaf-430	18	17	on	on	ADP
gujaf-430	18	18	market	market	NOUN
gujaf-430	18	19	volatility	volatility	NOUN
gujaf-430	18	20	was	be	AUX
gujaf-430	18	21	insignificant	insignificant	ADJ
gujaf-430	18	22	.	.	PUNCT
gujaf-430	19	1	(	(	PUNCT
gujaf-430	19	2	uhunmwangho	uhunmwangho	PROPN
gujaf-430	19	3	&	&	CCONJ
gujaf-430	19	4	izekor	izekor	PROPN
gujaf-430	19	5	,	,	PUNCT
gujaf-430	19	6	2024	2024	NUM
gujaf-430	19	7	)	)	PUNCT
gujaf-430	19	8	.	.	PUNCT
gujaf-430	20	1	interest	interest	NOUN
gujaf-430	20	2	rates	rate	NOUN
gujaf-430	20	3	also	also	ADV
gujaf-430	20	4	play	play	VERB
gujaf-430	20	5	a	a	DET
gujaf-430	20	6	crucial	crucial	ADJ
gujaf-430	20	7	role	role	NOUN
gujaf-430	20	8	in	in	ADP
gujaf-430	20	9	stock	stock	NOUN
gujaf-430	20	10	market	market	NOUN
gujaf-430	20	11	performance	performance	NOUN
gujaf-430	20	12	.	.	PUNCT
gujaf-430	21	1	a	a	DET
gujaf-430	21	2	high	high	ADJ
gujaf-430	21	3	-	-	PUNCT
gujaf-430	21	4	interest	interest	NOUN
gujaf-430	21	5	-	-	PUNCT
gujaf-430	21	6	rate	rate	NOUN
gujaf-430	21	7	environment	environment	NOUN
gujaf-430	21	8	often	often	ADV
gujaf-430	21	9	discourages	discourage	VERB
gujaf-430	21	10	equity	equity	NOUN
gujaf-430	21	11	investment	investment	NOUN
gujaf-430	21	12	as	as	SCONJ
gujaf-430	21	13	investors	investor	NOUN
gujaf-430	21	14	prefer	prefer	VERB
gujaf-430	21	15	fixed	fix	VERB
gujaf-430	21	16	-	-	PUNCT
gujaf-430	21	17	income	income	NOUN
gujaf-430	21	18	securities	security	NOUN
gujaf-430	21	19	,	,	PUNCT
gujaf-430	21	20	thereby	thereby	ADV
gujaf-430	21	21	affecting	affect	VERB
gujaf-430	21	22	stock	stock	NOUN
gujaf-430	21	23	market	market	NOUN
gujaf-430	21	24	liquidity	liquidity	NOUN
gujaf-430	21	25	(	(	PUNCT
gujaf-430	21	26	peter	peter	PROPN
gujaf-430	21	27	et	et	PROPN
gujaf-430	21	28	al	al	PROPN
gujaf-430	21	29	.	.	PROPN
gujaf-430	21	30	,	,	PUNCT
gujaf-430	21	31	2024	2024	NUM
gujaf-430	21	32	)	)	PUNCT
gujaf-430	21	33	.	.	PUNCT
gujaf-430	22	1	the	the	DET
gujaf-430	22	2	broad	broad	ADJ
gujaf-430	22	3	money	money	NOUN
gujaf-430	22	4	supply	supply	NOUN
gujaf-430	22	5	,	,	PUNCT
gujaf-430	22	6	all	all	DET
gujaf-430	22	7	-	-	PUNCT
gujaf-430	22	8	share	share	NOUN
gujaf-430	22	9	index	index	NOUN
gujaf-430	22	10	,	,	PUNCT
gujaf-430	22	11	and	and	CCONJ
gujaf-430	22	12	financial	financial	ADJ
gujaf-430	22	13	deepening	deepening	NOUN
gujaf-430	22	14	have	have	VERB
gujaf-430	22	15	significant	significant	ADJ
gujaf-430	22	16	effects	effect	NOUN
gujaf-430	22	17	on	on	ADP
gujaf-430	22	18	total	total	ADJ
gujaf-430	22	19	market	market	NOUN
gujaf-430	22	20	capitalization	capitalization	NOUN
gujaf-430	22	21	,	,	PUNCT
gujaf-430	22	22	whereas	whereas	SCONJ
gujaf-430	22	23	interest	interest	NOUN
gujaf-430	22	24	rates	rate	NOUN
gujaf-430	22	25	did	do	AUX
gujaf-430	22	26	not	not	PART
gujaf-430	22	27	exhibit	exhibit	VERB
gujaf-430	22	28	a	a	DET
gujaf-430	22	29	significant	significant	ADJ
gujaf-430	22	30	impact	impact	NOUN
gujaf-430	22	31	.	.	PUNCT
gujaf-430	23	1	(	(	PUNCT
gujaf-430	23	2	agunobi	agunobi	PROPN
gujaf-430	23	3	,	,	PUNCT
gujaf-430	23	4	efionayi	efionayi	ADV
gujaf-430	23	5	,	,	PUNCT
gujaf-430	23	6	&	&	CCONJ
gujaf-430	23	7	akutson	akutson	PROPN
gujaf-430	23	8	,	,	PUNCT
gujaf-430	23	9	2024	2024	NUM
gujaf-430	23	10	)	)	PUNCT
gujaf-430	23	11	.	.	PUNCT
gujaf-430	24	1	additionally	additionally	ADV
gujaf-430	24	2	,	,	PUNCT
gujaf-430	24	3	inflation	inflation	NOUN
gujaf-430	24	4	remains	remain	VERB
gujaf-430	24	5	a	a	DET
gujaf-430	24	6	persistent	persistent	ADJ
gujaf-430	24	7	issue	issue	NOUN
gujaf-430	24	8	,	,	PUNCT
gujaf-430	24	9	eroding	erode	VERB
gujaf-430	24	10	purchasing	purchasing	NOUN
gujaf-430	24	11	power	power	NOUN
gujaf-430	24	12	and	and	CCONJ
gujaf-430	24	13	influencing	influence	VERB
gujaf-430	24	14	investor	investor	NOUN
gujaf-430	24	15	confidence	confidence	NOUN
gujaf-430	24	16	in	in	ADP
gujaf-430	24	17	the	the	DET
gujaf-430	24	18	market	market	NOUN
gujaf-430	24	19	(	(	PUNCT
gujaf-430	24	20	iortyer	iortyer	PROPN
gujaf-430	24	21	&	&	CCONJ
gujaf-430	24	22	maji	maji	PROPN
gujaf-430	24	23	,	,	PUNCT
gujaf-430	24	24	2022	2022	NUM
gujaf-430	24	25	)	)	PUNCT
gujaf-430	24	26	.	.	PUNCT
gujaf-430	25	1	the	the	DET
gujaf-430	25	2	private	private	ADJ
gujaf-430	25	3	sector	sector	NOUN
gujaf-430	25	4	credit	credit	NOUN
gujaf-430	25	5	,	,	PUNCT
gujaf-430	25	6	exchange	exchange	NOUN
gujaf-430	25	7	rate	rate	NOUN
gujaf-430	25	8	,	,	PUNCT
gujaf-430	25	9	and	and	CCONJ
gujaf-430	25	10	interest	interest	NOUN
gujaf-430	25	11	rate	rate	NOUN
gujaf-430	25	12	have	have	VERB
gujaf-430	25	13	a	a	DET
gujaf-430	25	14	significant	significant	ADJ
gujaf-430	25	15	effect	effect	NOUN
gujaf-430	25	16	on	on	ADP
gujaf-430	25	17	the	the	DET
gujaf-430	25	18	all	all	DET
gujaf-430	25	19	-	-	PUNCT
gujaf-430	25	20	share	share	NOUN
gujaf-430	25	21	index	index	NOUN
gujaf-430	25	22	,	,	PUNCT
gujaf-430	25	23	while	while	SCONJ
gujaf-430	25	24	inflation	inflation	NOUN
gujaf-430	25	25	exhibited	exhibit	VERB
gujaf-430	25	26	a	a	DET
gujaf-430	25	27	negative	negative	ADJ
gujaf-430	25	28	but	but	CCONJ
gujaf-430	25	29	insignificant	insignificant	ADJ
gujaf-430	25	30	influence	influence	NOUN
gujaf-430	25	31	.	.	PUNCT
gujaf-430	26	1	this	this	PRON
gujaf-430	26	2	suggests	suggest	VERB
gujaf-430	26	3	that	that	SCONJ
gujaf-430	26	4	while	while	SCONJ
gujaf-430	26	5	certain	certain	ADJ
gujaf-430	26	6	gusau	gusau	ADJ
gujaf-430	26	7	journal	journal	NOUN
gujaf-430	26	8	of	of	ADP
gujaf-430	26	9	accounting	accounting	NOUN
gujaf-430	26	10	and	and	CCONJ
gujaf-430	26	11	finance	finance	NOUN
gujaf-430	26	12	,	,	PUNCT
gujaf-430	26	13	vol.6	vol.6	PROPN
gujaf-430	26	14	,	,	PUNCT
gujaf-430	26	15	issue	issue	NOUN
gujaf-430	26	16	2	2	NUM
gujaf-430	26	17	,	,	PUNCT
gujaf-430	26	18	april	april	PROPN
gujaf-430	26	19	,	,	PUNCT
gujaf-430	26	20	2025	2025	NUM
gujaf-430	26	21	285	285	NUM
gujaf-430	26	22	macroeconomic	macroeconomic	ADJ
gujaf-430	26	23	variables	variable	NOUN
gujaf-430	26	24	directly	directly	ADV
gujaf-430	26	25	impact	impact	VERB
gujaf-430	26	26	stock	stock	NOUN
gujaf-430	26	27	market	market	NOUN
gujaf-430	26	28	performance	performance	NOUN
gujaf-430	26	29	,	,	PUNCT
gujaf-430	26	30	the	the	DET
gujaf-430	26	31	effect	effect	NOUN
gujaf-430	26	32	of	of	ADP
gujaf-430	26	33	inflation	inflation	NOUN
gujaf-430	26	34	may	may	AUX
gujaf-430	26	35	be	be	AUX
gujaf-430	26	36	more	more	ADV
gujaf-430	26	37	nuanced	nuanced	ADJ
gujaf-430	26	38	.	.	PUNCT
gujaf-430	27	1	(	(	PUNCT
gujaf-430	27	2	okoebor	okoebor	NOUN
gujaf-430	27	3	,	,	PUNCT
gujaf-430	27	4	2020	2020	NUM
gujaf-430	27	5	)	)	PUNCT
gujaf-430	27	6	.	.	PUNCT
gujaf-430	28	1	several	several	ADJ
gujaf-430	28	2	studies	study	NOUN
gujaf-430	28	3	such	such	ADJ
gujaf-430	28	4	as	as	ADP
gujaf-430	28	5	bello	bello	PROPN
gujaf-430	28	6	et	et	PROPN
gujaf-430	28	7	al	al	PROPN
gujaf-430	28	8	.	.	PROPN
gujaf-430	28	9	,	,	PUNCT
gujaf-430	28	10	(	(	PUNCT
gujaf-430	28	11	2020	2020	NUM
gujaf-430	28	12	)	)	PUNCT
gujaf-430	28	13	,	,	PUNCT
gujaf-430	28	14	examined	examine	VERB
gujaf-430	28	15	macroeconomic	macroeconomic	ADJ
gujaf-430	28	16	variables	variable	NOUN
gujaf-430	28	17	on	on	ADP
gujaf-430	28	18	market	market	NOUN
gujaf-430	28	19	capitalization	capitalization	NOUN
gujaf-430	28	20	.	.	PUNCT
gujaf-430	29	1	these	these	DET
gujaf-430	29	2	past	past	ADJ
gujaf-430	29	3	studies	study	NOUN
gujaf-430	29	4	considered	consider	VERB
gujaf-430	29	5	macroeconomic	macroeconomic	ADJ
gujaf-430	29	6	variables	variable	NOUN
gujaf-430	29	7	such	such	ADJ
gujaf-430	29	8	as	as	ADP
gujaf-430	29	9	exchange	exchange	NOUN
gujaf-430	29	10	rate	rate	NOUN
gujaf-430	29	11	,	,	PUNCT
gujaf-430	29	12	interest	interest	NOUN
gujaf-430	29	13	rate	rate	NOUN
gujaf-430	29	14	and	and	CCONJ
gujaf-430	29	15	inflation	inflation	NOUN
gujaf-430	29	16	rate	rate	NOUN
gujaf-430	29	17	while	while	SCONJ
gujaf-430	29	18	neglecting	neglect	VERB
gujaf-430	29	19	other	other	ADJ
gujaf-430	29	20	important	important	ADJ
gujaf-430	29	21	macroeconomic	macroeconomic	ADJ
gujaf-430	29	22	variables	variable	NOUN
gujaf-430	29	23	such	such	ADJ
gujaf-430	29	24	as	as	ADP
gujaf-430	29	25	gross	gross	ADJ
gujaf-430	29	26	domestic	domestic	ADJ
gujaf-430	29	27	product	product	NOUN
gujaf-430	29	28	,	,	PUNCT
gujaf-430	29	29	foreign	foreign	ADJ
gujaf-430	29	30	direct	direct	ADJ
gujaf-430	29	31	investment	investment	NOUN
gujaf-430	29	32	and	and	CCONJ
gujaf-430	29	33	public	public	ADJ
gujaf-430	29	34	spending	spending	NOUN
gujaf-430	29	35	.	.	PUNCT
gujaf-430	30	1	this	this	DET
gujaf-430	30	2	study	study	NOUN
gujaf-430	30	3	will	will	AUX
gujaf-430	30	4	uniquely	uniquely	ADV
gujaf-430	30	5	consider	consider	VERB
gujaf-430	30	6	these	these	DET
gujaf-430	30	7	omitted	omit	VERB
gujaf-430	30	8	variables	variable	NOUN
gujaf-430	30	9	.	.	PUNCT
gujaf-430	31	1	this	this	DET
gujaf-430	31	2	study	study	NOUN
gujaf-430	31	3	also	also	ADV
gujaf-430	31	4	adopts	adopt	VERB
gujaf-430	31	5	the	the	DET
gujaf-430	31	6	ardl	ardl	NOUN
gujaf-430	31	7	model	model	NOUN
gujaf-430	31	8	.	.	PUNCT
gujaf-430	32	1	the	the	DET
gujaf-430	32	2	ardl	ardl	NOUN
gujaf-430	32	3	model	model	NOUN
gujaf-430	32	4	is	be	AUX
gujaf-430	32	5	the	the	DET
gujaf-430	32	6	most	most	ADV
gujaf-430	32	7	suitable	suitable	ADJ
gujaf-430	32	8	for	for	ADP
gujaf-430	32	9	dual	dual	ADJ
gujaf-430	32	10	stationarity	stationarity	NOUN
gujaf-430	32	11	of	of	ADP
gujaf-430	32	12	variables	variable	NOUN
gujaf-430	32	13	.	.	PUNCT
gujaf-430	33	1	the	the	DET
gujaf-430	33	2	next	next	ADJ
gujaf-430	33	3	section	section	NOUN
gujaf-430	33	4	considers	consider	VERB
gujaf-430	33	5	the	the	DET
gujaf-430	33	6	literature	literature	PROPN
gujaf-430	33	7	review	review	NOUN
gujaf-430	33	8	,	,	PUNCT
gujaf-430	33	9	while	while	SCONJ
gujaf-430	33	10	the	the	DET
gujaf-430	33	11	methodology	methodology	NOUN
gujaf-430	33	12	will	will	AUX
gujaf-430	33	13	be	be	AUX
gujaf-430	33	14	discussed	discuss	VERB
gujaf-430	33	15	next	next	ADV
gujaf-430	33	16	.	.	PUNCT
gujaf-430	34	1	the	the	DET
gujaf-430	34	2	fourth	fourth	ADJ
gujaf-430	34	3	section	section	NOUN
gujaf-430	34	4	deals	deal	VERB
gujaf-430	34	5	with	with	ADP
gujaf-430	34	6	data	datum	NOUN
gujaf-430	34	7	presentation	presentation	NOUN
gujaf-430	34	8	and	and	CCONJ
gujaf-430	34	9	analysis	analysis	NOUN
gujaf-430	34	10	.	.	PUNCT
gujaf-430	35	1	finally	finally	ADV
gujaf-430	35	2	,	,	PUNCT
gujaf-430	35	3	the	the	DET
gujaf-430	35	4	fifth	fifth	ADJ
gujaf-430	35	5	section	section	NOUN
gujaf-430	35	6	considers	consider	VERB
gujaf-430	35	7	the	the	DET
gujaf-430	35	8	conclusion	conclusion	NOUN
gujaf-430	35	9	and	and	CCONJ
gujaf-430	35	10	recommendations	recommendation	NOUN
gujaf-430	35	11	.	.	PUNCT
gujaf-430	36	1	2.0	2.0	NUM
gujaf-430	36	2	theoretical	theoretical	ADJ
gujaf-430	36	3	and	and	CCONJ
gujaf-430	36	4	empirical	empirical	ADJ
gujaf-430	36	5	review	review	NOUN
gujaf-430	36	6	the	the	DET
gujaf-430	36	7	efficient	efficient	ADJ
gujaf-430	36	8	market	market	NOUN
gujaf-430	36	9	hypothesis	hypothesis	NOUN
gujaf-430	36	10	(	(	PUNCT
gujaf-430	36	11	emh	emh	PROPN
gujaf-430	36	12	)	)	PUNCT
gujaf-430	36	13	posits	posit	NOUN
gujaf-430	36	14	that	that	SCONJ
gujaf-430	36	15	financial	financial	ADJ
gujaf-430	36	16	markets	market	NOUN
gujaf-430	36	17	are	be	AUX
gujaf-430	36	18	inherently	inherently	ADV
gujaf-430	36	19	efficient	efficient	ADJ
gujaf-430	36	20	,	,	PUNCT
gujaf-430	36	21	implying	imply	VERB
gujaf-430	36	22	that	that	SCONJ
gujaf-430	36	23	asset	asset	NOUN
gujaf-430	36	24	prices	price	NOUN
gujaf-430	36	25	fully	fully	ADV
gujaf-430	36	26	incorporate	incorporate	VERB
gujaf-430	36	27	all	all	DET
gujaf-430	36	28	available	available	ADJ
gujaf-430	36	29	information	information	NOUN
gujaf-430	36	30	at	at	ADP
gujaf-430	36	31	any	any	DET
gujaf-430	36	32	given	give	VERB
gujaf-430	36	33	time	time	NOUN
gujaf-430	36	34	.	.	PUNCT
gujaf-430	37	1	this	this	DET
gujaf-430	37	2	theory	theory	NOUN
gujaf-430	37	3	,	,	PUNCT
gujaf-430	37	4	first	first	ADV
gujaf-430	37	5	introduced	introduce	VERB
gujaf-430	37	6	by	by	ADP
gujaf-430	37	7	fama	fama	PROPN
gujaf-430	37	8	(	(	PUNCT
gujaf-430	37	9	1970	1970	NUM
gujaf-430	37	10	)	)	PUNCT
gujaf-430	37	11	,	,	PUNCT
gujaf-430	37	12	suggests	suggest	VERB
gujaf-430	37	13	that	that	SCONJ
gujaf-430	37	14	no	no	DET
gujaf-430	37	15	investor	investor	NOUN
gujaf-430	37	16	can	can	AUX
gujaf-430	37	17	consistently	consistently	ADV
gujaf-430	37	18	achieve	achieve	VERB
gujaf-430	37	19	abnormal	abnormal	ADJ
gujaf-430	37	20	returns	return	NOUN
gujaf-430	37	21	above	above	ADP
gujaf-430	37	22	the	the	DET
gujaf-430	37	23	market	market	NOUN
gujaf-430	37	24	average	average	NOUN
gujaf-430	37	25	since	since	SCONJ
gujaf-430	37	26	prices	price	NOUN
gujaf-430	37	27	adjust	adjust	VERB
gujaf-430	37	28	instantaneously	instantaneously	ADV
gujaf-430	37	29	to	to	ADP
gujaf-430	37	30	new	new	ADJ
gujaf-430	37	31	information	information	NOUN
gujaf-430	37	32	.	.	PUNCT
gujaf-430	38	1	the	the	DET
gujaf-430	38	2	emh	emh	PROPN
gujaf-430	38	3	serves	serve	VERB
gujaf-430	38	4	as	as	ADP
gujaf-430	38	5	a	a	DET
gujaf-430	38	6	foundation	foundation	NOUN
gujaf-430	38	7	for	for	ADP
gujaf-430	38	8	modern	modern	ADJ
gujaf-430	38	9	financial	financial	ADJ
gujaf-430	38	10	theory	theory	NOUN
gujaf-430	38	11	and	and	CCONJ
gujaf-430	38	12	investment	investment	NOUN
gujaf-430	38	13	strategies	strategy	NOUN
gujaf-430	38	14	,	,	PUNCT
gujaf-430	38	15	arguing	argue	VERB
gujaf-430	38	16	that	that	SCONJ
gujaf-430	38	17	financial	financial	ADJ
gujaf-430	38	18	markets	market	NOUN
gujaf-430	38	19	function	function	VERB
gujaf-430	38	20	as	as	ADP
gujaf-430	38	21	rational	rational	ADJ
gujaf-430	38	22	mechanisms	mechanism	NOUN
gujaf-430	38	23	where	where	SCONJ
gujaf-430	38	24	all	all	DET
gujaf-430	38	25	participants	participant	NOUN
gujaf-430	38	26	have	have	VERB
gujaf-430	38	27	access	access	NOUN
gujaf-430	38	28	to	to	ADP
gujaf-430	38	29	the	the	DET
gujaf-430	38	30	same	same	ADJ
gujaf-430	38	31	publicly	publicly	ADV
gujaf-430	38	32	available	available	ADJ
gujaf-430	38	33	data	datum	NOUN
gujaf-430	38	34	.	.	PUNCT
gujaf-430	39	1	under	under	ADP
gujaf-430	39	2	this	this	DET
gujaf-430	39	3	framework	framework	NOUN
gujaf-430	39	4	,	,	PUNCT
gujaf-430	39	5	investors	investor	NOUN
gujaf-430	39	6	can	can	AUX
gujaf-430	39	7	not	not	PART
gujaf-430	39	8	systematically	systematically	ADV
gujaf-430	39	9	outperform	outperform	VERB
gujaf-430	39	10	the	the	DET
gujaf-430	39	11	market	market	NOUN
gujaf-430	39	12	through	through	ADP
gujaf-430	39	13	active	active	ADJ
gujaf-430	39	14	trading	trading	NOUN
gujaf-430	39	15	,	,	PUNCT
gujaf-430	39	16	as	as	SCONJ
gujaf-430	39	17	price	price	NOUN
gujaf-430	39	18	movements	movement	NOUN
gujaf-430	39	19	are	be	AUX
gujaf-430	39	20	largely	largely	ADV
gujaf-430	39	21	unpredictable	unpredictable	ADJ
gujaf-430	39	22	and	and	CCONJ
gujaf-430	39	23	follow	follow	VERB
gujaf-430	39	24	a	a	DET
gujaf-430	39	25	random	random	ADJ
gujaf-430	39	26	walk	walk	NOUN
gujaf-430	39	27	.	.	PUNCT
gujaf-430	40	1	emh	emh	PROPN
gujaf-430	40	2	is	be	AUX
gujaf-430	40	3	classified	classify	VERB
gujaf-430	40	4	into	into	ADP
gujaf-430	40	5	three	three	NUM
gujaf-430	40	6	forms	form	NOUN
gujaf-430	40	7	based	base	VERB
gujaf-430	40	8	on	on	ADP
gujaf-430	40	9	the	the	DET
gujaf-430	40	10	nature	nature	NOUN
gujaf-430	40	11	of	of	ADP
gujaf-430	40	12	information	information	NOUN
gujaf-430	40	13	reflected	reflect	VERB
gujaf-430	40	14	in	in	ADP
gujaf-430	40	15	stock	stock	NOUN
gujaf-430	40	16	prices	price	NOUN
gujaf-430	40	17	.	.	PUNCT
gujaf-430	41	1	the	the	DET
gujaf-430	41	2	weak	weak	ADJ
gujaf-430	41	3	-	-	PUNCT
gujaf-430	41	4	form	form	NOUN
gujaf-430	41	5	efficiency	efficiency	NOUN
gujaf-430	41	6	assumes	assume	VERB
gujaf-430	41	7	asset	asset	NOUN
gujaf-430	41	8	prices	price	NOUN
gujaf-430	41	9	should	should	AUX
gujaf-430	41	10	be	be	AUX
gujaf-430	41	11	reflective	reflective	ADJ
gujaf-430	41	12	of	of	ADP
gujaf-430	41	13	historical	historical	ADJ
gujaf-430	41	14	prices	price	NOUN
gujaf-430	41	15	,	,	PUNCT
gujaf-430	41	16	making	make	VERB
gujaf-430	41	17	technical	technical	ADJ
gujaf-430	41	18	analysis	analysis	NOUN
gujaf-430	41	19	ineffective	ineffective	ADJ
gujaf-430	41	20	for	for	ADP
gujaf-430	41	21	forecasting	forecast	VERB
gujaf-430	41	22	stock	stock	NOUN
gujaf-430	41	23	movements	movement	NOUN
gujaf-430	41	24	.	.	PUNCT
gujaf-430	42	1	the	the	DET
gujaf-430	42	2	semi	semi	ADJ
gujaf-430	42	3	-	-	ADJ
gujaf-430	42	4	strong	strong	ADJ
gujaf-430	42	5	form	form	NOUN
gujaf-430	42	6	efficiency	efficiency	NOUN
gujaf-430	42	7	posits	posit	NOUN
gujaf-430	42	8	that	that	SCONJ
gujaf-430	42	9	prices	price	NOUN
gujaf-430	42	10	should	should	AUX
gujaf-430	42	11	be	be	AUX
gujaf-430	42	12	reflective	reflective	ADJ
gujaf-430	42	13	of	of	ADP
gujaf-430	42	14	all	all	DET
gujaf-430	42	15	publicly	publicly	ADV
gujaf-430	42	16	information	information	NOUN
gujaf-430	42	17	;	;	PUNCT
gujaf-430	42	18	reflecting	reflect	VERB
gujaf-430	42	19	information	information	NOUN
gujaf-430	42	20	of	of	ADP
gujaf-430	42	21	financial	financial	ADJ
gujaf-430	42	22	statements	statement	NOUN
gujaf-430	42	23	,	,	PUNCT
gujaf-430	42	24	that	that	PRON
gujaf-430	42	25	of	of	ADP
gujaf-430	42	26	news	news	NOUN
gujaf-430	42	27	releases	release	NOUN
gujaf-430	42	28	,	,	PUNCT
gujaf-430	42	29	as	as	ADV
gujaf-430	42	30	well	well	ADV
gujaf-430	42	31	as	as	ADP
gujaf-430	42	32	macroeconomic	macroeconomic	ADJ
gujaf-430	42	33	indicators	indicator	NOUN
gujaf-430	42	34	,	,	PUNCT
gujaf-430	42	35	thereby	thereby	ADV
gujaf-430	42	36	rendering	render	VERB
gujaf-430	42	37	both	both	CCONJ
gujaf-430	42	38	technical	technical	ADJ
gujaf-430	42	39	and	and	CCONJ
gujaf-430	42	40	fundamental	fundamental	ADJ
gujaf-430	42	41	analysis	analysis	NOUN
gujaf-430	42	42	ineffective	ineffective	ADJ
gujaf-430	42	43	for	for	ADP
gujaf-430	42	44	generating	generate	VERB
gujaf-430	42	45	excess	excess	ADJ
gujaf-430	42	46	returns	return	NOUN
gujaf-430	42	47	.	.	PUNCT
gujaf-430	43	1	the	the	DET
gujaf-430	43	2	strong	strong	ADJ
gujaf-430	43	3	-	-	PUNCT
gujaf-430	43	4	form	form	NOUN
gujaf-430	43	5	efficiency	efficiency	NOUN
gujaf-430	43	6	contends	contend	VERB
gujaf-430	43	7	that	that	SCONJ
gujaf-430	43	8	stock	stock	NOUN
gujaf-430	43	9	prices	price	NOUN
gujaf-430	43	10	reflect	reflect	VERB
gujaf-430	43	11	all	all	DET
gujaf-430	43	12	information	information	NOUN
gujaf-430	43	13	,	,	PUNCT
gujaf-430	43	14	both	both	CCONJ
gujaf-430	43	15	public	public	ADJ
gujaf-430	43	16	and	and	CCONJ
gujaf-430	43	17	private	private	ADJ
gujaf-430	43	18	,	,	PUNCT
gujaf-430	43	19	meaning	mean	VERB
gujaf-430	43	20	that	that	SCONJ
gujaf-430	43	21	insider	insider	NOUN
gujaf-430	43	22	trading	trading	NOUN
gujaf-430	43	23	could	could	AUX
gujaf-430	43	24	not	not	PART
gujaf-430	43	25	give	give	VERB
gujaf-430	43	26	an	an	DET
gujaf-430	43	27	advantage	advantage	NOUN
gujaf-430	43	28	(	(	PUNCT
gujaf-430	43	29	financial	financial	ADJ
gujaf-430	43	30	times	time	NOUN
gujaf-430	43	31	,	,	PUNCT
gujaf-430	43	32	2023	2023	NUM
gujaf-430	43	33	)	)	PUNCT
gujaf-430	43	34	.	.	PUNCT
gujaf-430	44	1	while	while	SCONJ
gujaf-430	44	2	the	the	DET
gujaf-430	44	3	weak	weak	ADJ
gujaf-430	44	4	and	and	CCONJ
gujaf-430	44	5	semi	semi	ADJ
gujaf-430	44	6	-	-	ADJ
gujaf-430	44	7	strong	strong	ADJ
gujaf-430	44	8	forms	form	NOUN
gujaf-430	44	9	of	of	ADP
gujaf-430	44	10	emh	emh	PROPN
gujaf-430	44	11	find	find	VERB
gujaf-430	44	12	empirical	empirical	ADJ
gujaf-430	44	13	support	support	NOUN
gujaf-430	44	14	in	in	ADP
gujaf-430	44	15	developed	develop	VERB
gujaf-430	44	16	markets	market	NOUN
gujaf-430	44	17	,	,	PUNCT
gujaf-430	44	18	strong	strong	ADJ
gujaf-430	44	19	-	-	PUNCT
gujaf-430	44	20	form	form	NOUN
gujaf-430	44	21	efficiency	efficiency	NOUN
gujaf-430	44	22	is	be	AUX
gujaf-430	44	23	widely	widely	ADV
gujaf-430	44	24	contested	contest	VERB
gujaf-430	44	25	,	,	PUNCT
gujaf-430	44	26	particularly	particularly	ADV
gujaf-430	44	27	in	in	ADP
gujaf-430	44	28	emerging	emerge	VERB
gujaf-430	44	29	economies	economy	NOUN
gujaf-430	44	30	where	where	SCONJ
gujaf-430	44	31	insider	insider	NOUN
gujaf-430	44	32	information	information	NOUN
gujaf-430	44	33	can	can	AUX
gujaf-430	44	34	still	still	ADV
gujaf-430	44	35	impact	impact	VERB
gujaf-430	44	36	stock	stock	NOUN
gujaf-430	44	37	prices	price	NOUN
gujaf-430	44	38	.	.	PUNCT
gujaf-430	45	1	oladipo	oladipo	NOUN
gujaf-430	45	2	and	and	CCONJ
gujaf-430	45	3	adebayo	adebayo	PROPN
gujaf-430	45	4	(	(	PUNCT
gujaf-430	45	5	2023	2023	NUM
gujaf-430	45	6	)	)	PUNCT
gujaf-430	45	7	study	study	NOUN
gujaf-430	45	8	on	on	ADP
gujaf-430	45	9	government	government	NOUN
gujaf-430	45	10	expenditure	expenditure	NOUN
gujaf-430	45	11	and	and	CCONJ
gujaf-430	45	12	stock	stock	NOUN
gujaf-430	45	13	market	market	NOUN
gujaf-430	45	14	performance	performance	NOUN
gujaf-430	45	15	in	in	ADP
gujaf-430	45	16	nigeria	nigeria	PROPN
gujaf-430	45	17	,	,	PUNCT
gujaf-430	45	18	focused	focus	VERB
gujaf-430	45	19	on	on	ADP
gujaf-430	45	20	how	how	SCONJ
gujaf-430	45	21	public	public	ADJ
gujaf-430	45	22	spending	spending	NOUN
gujaf-430	45	23	influences	influence	VERB
gujaf-430	45	24	stock	stock	NOUN
gujaf-430	45	25	market	market	NOUN
gujaf-430	45	26	returns	return	NOUN
gujaf-430	45	27	.	.	PUNCT
gujaf-430	46	1	the	the	DET
gujaf-430	46	2	results	result	NOUN
gujaf-430	46	3	indicated	indicate	VERB
gujaf-430	46	4	that	that	SCONJ
gujaf-430	46	5	government	government	NOUN
gujaf-430	46	6	expenditure	expenditure	NOUN
gujaf-430	46	7	positively	positively	ADV
gujaf-430	46	8	affects	affect	VERB
gujaf-430	46	9	stock	stock	NOUN
gujaf-430	46	10	market	market	NOUN
gujaf-430	46	11	performance	performance	NOUN
gujaf-430	46	12	in	in	ADP
gujaf-430	46	13	the	the	DET
gujaf-430	46	14	long	long	ADJ
gujaf-430	46	15	run	run	NOUN
gujaf-430	46	16	,	,	PUNCT
gujaf-430	46	17	suggesting	suggest	VERB
gujaf-430	46	18	that	that	SCONJ
gujaf-430	46	19	increased	increase	VERB
gujaf-430	46	20	public	public	ADJ
gujaf-430	46	21	spending	spending	NOUN
gujaf-430	46	22	boosts	boost	VERB
gujaf-430	46	23	economic	economic	ADJ
gujaf-430	46	24	activities	activity	NOUN
gujaf-430	46	25	,	,	PUNCT
gujaf-430	46	26	thereby	thereby	ADV
gujaf-430	46	27	enhancing	enhance	VERB
gujaf-430	46	28	investor	investor	NOUN
gujaf-430	46	29	confidence	confidence	NOUN
gujaf-430	46	30	.	.	PUNCT
gujaf-430	47	1	however	however	ADV
gujaf-430	47	2	,	,	PUNCT
gujaf-430	47	3	in	in	ADP
gujaf-430	47	4	the	the	DET
gujaf-430	47	5	short	short	ADJ
gujaf-430	47	6	run	run	NOUN
gujaf-430	47	7	,	,	PUNCT
gujaf-430	47	8	excessive	excessive	ADJ
gujaf-430	47	9	government	government	NOUN
gujaf-430	47	10	spending	spending	NOUN
gujaf-430	47	11	was	be	AUX
gujaf-430	47	12	found	find	VERB
gujaf-430	47	13	to	to	PART
gujaf-430	47	14	contribute	contribute	VERB
gujaf-430	47	15	to	to	ADP
gujaf-430	47	16	inflationary	inflationary	ADJ
gujaf-430	47	17	pressures	pressure	NOUN
gujaf-430	47	18	and	and	CCONJ
gujaf-430	47	19	interest	interest	NOUN
gujaf-430	47	20	rate	rate	NOUN
gujaf-430	47	21	fluctuations	fluctuation	NOUN
gujaf-430	47	22	,	,	PUNCT
gujaf-430	47	23	which	which	PRON
gujaf-430	47	24	can	can	AUX
gujaf-430	47	25	negatively	negatively	ADV
gujaf-430	47	26	impact	impact	VERB
gujaf-430	47	27	stock	stock	NOUN
gujaf-430	47	28	returns	return	NOUN
gujaf-430	47	29	.	.	PUNCT
gujaf-430	48	1	the	the	DET
gujaf-430	48	2	study	study	NOUN
gujaf-430	48	3	recommended	recommend	VERB
gujaf-430	48	4	that	that	SCONJ
gujaf-430	48	5	policymakers	policymaker	NOUN
gujaf-430	48	6	ensure	ensure	VERB
gujaf-430	48	7	fiscal	fiscal	ADJ
gujaf-430	48	8	discipline	discipline	NOUN
gujaf-430	48	9	and	and	CCONJ
gujaf-430	48	10	allocate	allocate	ADJ
gujaf-430	48	11	government	government	NOUN
gujaf-430	48	12	expenditure	expenditure	NOUN
gujaf-430	48	13	efficiently	efficiently	ADV
gujaf-430	48	14	to	to	ADP
gujaf-430	48	15	sectors	sector	NOUN
gujaf-430	48	16	that	that	PRON
gujaf-430	48	17	promote	promote	VERB
gujaf-430	48	18	sustainable	sustainable	ADJ
gujaf-430	48	19	stock	stock	NOUN
gujaf-430	48	20	market	market	NOUN
gujaf-430	48	21	growth	growth	NOUN
gujaf-430	48	22	in	in	ADP
gujaf-430	48	23	nigeria	nigeria	PROPN
gujaf-430	48	24	.	.	PUNCT
gujaf-430	49	1	zhang	zhang	PROPN
gujaf-430	49	2	and	and	CCONJ
gujaf-430	49	3	wang	wang	PROPN
gujaf-430	49	4	(	(	PUNCT
gujaf-430	49	5	2023	2023	NUM
gujaf-430	49	6	)	)	PUNCT
gujaf-430	49	7	explored	explore	VERB
gujaf-430	49	8	the	the	DET
gujaf-430	49	9	relationship	relationship	NOUN
gujaf-430	49	10	between	between	ADP
gujaf-430	49	11	economic	economic	ADJ
gujaf-430	49	12	fundamentals	fundamental	NOUN
gujaf-430	49	13	and	and	CCONJ
gujaf-430	49	14	stock	stock	NOUN
gujaf-430	49	15	market	market	NOUN
gujaf-430	49	16	valuation	valuation	NOUN
gujaf-430	49	17	using	use	VERB
gujaf-430	49	18	the	the	DET
gujaf-430	49	19	cyclically	cyclically	ADV
gujaf-430	49	20	adjusted	adjust	VERB
gujaf-430	49	21	price	price	NOUN
gujaf-430	49	22	-	-	PUNCT
gujaf-430	49	23	to	to	ADP
gujaf-430	49	24	-	-	PUNCT
gujaf-430	49	25	earnings	earning	NOUN
gujaf-430	49	26	(	(	PUNCT
gujaf-430	49	27	cape	cape	NOUN
gujaf-430	49	28	)	)	PUNCT
gujaf-430	49	29	ratio	ratio	NOUN
gujaf-430	49	30	as	as	ADP
gujaf-430	49	31	a	a	DET
gujaf-430	49	32	valuation	valuation	NOUN
gujaf-430	49	33	metric	metric	NOUN
gujaf-430	49	34	.	.	PUNCT
gujaf-430	50	1	the	the	DET
gujaf-430	50	2	study	study	NOUN
gujaf-430	50	3	analyzed	analyze	VERB
gujaf-430	50	4	macroeconomic	macroeconomic	ADJ
gujaf-430	50	5	indicators	indicator	NOUN
gujaf-430	50	6	such	such	ADJ
gujaf-430	50	7	as	as	ADP
gujaf-430	50	8	gdp	gdp	NOUN
gujaf-430	50	9	growth	growth	NOUN
gujaf-430	50	10	,	,	PUNCT
gujaf-430	50	11	inflation	inflation	NOUN
gujaf-430	50	12	,	,	PUNCT
gujaf-430	50	13	interest	interest	NOUN
gujaf-430	50	14	rates	rate	NOUN
gujaf-430	50	15	,	,	PUNCT
gujaf-430	50	16	and	and	CCONJ
gujaf-430	50	17	corporate	corporate	ADJ
gujaf-430	50	18	earnings	earning	NOUN
gujaf-430	50	19	to	to	PART
gujaf-430	50	20	determine	determine	VERB
gujaf-430	50	21	their	their	PRON
gujaf-430	50	22	impact	impact	NOUN
gujaf-430	50	23	on	on	ADP
gujaf-430	50	24	stock	stock	NOUN
gujaf-430	50	25	market	market	NOUN
gujaf-430	50	26	valuation	valuation	NOUN
gujaf-430	50	27	across	across	ADP
gujaf-430	50	28	different	different	ADJ
gujaf-430	50	29	economic	economic	ADJ
gujaf-430	50	30	cycles	cycle	NOUN
gujaf-430	50	31	.	.	PUNCT
gujaf-430	51	1	employing	employ	VERB
gujaf-430	51	2	a	a	DET
gujaf-430	51	3	panel	panel	NOUN
gujaf-430	51	4	data	datum	NOUN
gujaf-430	51	5	regression	regression	NOUN
gujaf-430	51	6	model	model	NOUN
gujaf-430	51	7	with	with	ADP
gujaf-430	51	8	data	datum	NOUN
gujaf-430	51	9	spanning	span	VERB
gujaf-430	51	10	multiple	multiple	ADJ
gujaf-430	51	11	economies	economy	NOUN
gujaf-430	51	12	,	,	PUNCT
gujaf-430	51	13	the	the	DET
gujaf-430	51	14	findings	finding	NOUN
gujaf-430	51	15	revealed	reveal	VERB
gujaf-430	51	16	that	that	SCONJ
gujaf-430	51	17	gdp	gdp	NOUN
gujaf-430	51	18	growth	growth	NOUN
gujaf-430	51	19	and	and	CCONJ
gujaf-430	51	20	corporate	corporate	ADJ
gujaf-430	51	21	earnings	earning	NOUN
gujaf-430	51	22	have	have	VERB
gujaf-430	51	23	a	a	DET
gujaf-430	51	24	significant	significant	ADJ
gujaf-430	51	25	positive	positive	ADJ
gujaf-430	51	26	effect	effect	NOUN
gujaf-430	51	27	on	on	ADP
gujaf-430	51	28	stock	stock	NOUN
gujaf-430	51	29	market	market	NOUN
gujaf-430	51	30	valuation	valuation	NOUN
gujaf-430	51	31	,	,	PUNCT
gujaf-430	51	32	while	while	SCONJ
gujaf-430	51	33	inflation	inflation	NOUN
gujaf-430	51	34	and	and	CCONJ
gujaf-430	51	35	high	high	ADJ
gujaf-430	51	36	interest	interest	NOUN
gujaf-430	51	37	rates	rate	NOUN
gujaf-430	51	38	exert	exert	VERB
gujaf-430	51	39	a	a	DET
gujaf-430	51	40	negative	negative	ADJ
gujaf-430	51	41	impact	impact	NOUN
gujaf-430	51	42	.	.	PUNCT
gujaf-430	52	1	the	the	DET
gujaf-430	52	2	study	study	NOUN
gujaf-430	52	3	also	also	ADV
gujaf-430	52	4	highlighted	highlight	VERB
gujaf-430	52	5	that	that	SCONJ
gujaf-430	52	6	markets	market	NOUN
gujaf-430	52	7	with	with	ADP
gujaf-430	52	8	strong	strong	ADJ
gujaf-430	52	9	institutional	institutional	ADJ
gujaf-430	52	10	frameworks	framework	NOUN
gujaf-430	52	11	and	and	CCONJ
gujaf-430	52	12	stable	stable	ADJ
gujaf-430	52	13	economic	economic	ADJ
gujaf-430	52	14	policies	policy	NOUN
gujaf-430	52	15	tend	tend	VERB
gujaf-430	52	16	to	to	PART
gujaf-430	52	17	exhibit	exhibit	VERB
gujaf-430	52	18	more	more	ADV
gujaf-430	52	19	predictable	predictable	ADJ
gujaf-430	52	20	gusau	gusau	ADJ
gujaf-430	52	21	journal	journal	NOUN
gujaf-430	52	22	of	of	ADP
gujaf-430	52	23	accounting	accounting	NOUN
gujaf-430	52	24	and	and	CCONJ
gujaf-430	52	25	finance	finance	NOUN
gujaf-430	52	26	,	,	PUNCT
gujaf-430	52	27	vol.6	vol.6	PROPN
gujaf-430	52	28	,	,	PUNCT
gujaf-430	52	29	issue	issue	NOUN
gujaf-430	52	30	2	2	NUM
gujaf-430	52	31	,	,	PUNCT
gujaf-430	52	32	april	april	PROPN
gujaf-430	52	33	,	,	PUNCT
gujaf-430	52	34	2025	2025	NUM
gujaf-430	52	35	286	286	NUM
gujaf-430	52	36	valuation	valuation	NOUN
gujaf-430	52	37	trends	trend	NOUN
gujaf-430	52	38	.	.	PUNCT
gujaf-430	53	1	the	the	DET
gujaf-430	53	2	authors	author	NOUN
gujaf-430	53	3	recommended	recommend	VERB
gujaf-430	53	4	that	that	SCONJ
gujaf-430	53	5	investors	investor	NOUN
gujaf-430	53	6	and	and	CCONJ
gujaf-430	53	7	policymakers	policymaker	NOUN
gujaf-430	53	8	consider	consider	VERB
gujaf-430	53	9	economic	economic	ADJ
gujaf-430	53	10	fundamentals	fundamental	NOUN
gujaf-430	53	11	when	when	SCONJ
gujaf-430	53	12	making	make	VERB
gujaf-430	53	13	long	long	ADJ
gujaf-430	53	14	-	-	PUNCT
gujaf-430	53	15	term	term	NOUN
gujaf-430	53	16	investment	investment	NOUN
gujaf-430	53	17	decisions	decision	NOUN
gujaf-430	53	18	,	,	PUNCT
gujaf-430	53	19	emphasizing	emphasize	VERB
gujaf-430	53	20	the	the	DET
gujaf-430	53	21	need	need	NOUN
gujaf-430	53	22	for	for	ADP
gujaf-430	53	23	stable	stable	ADJ
gujaf-430	53	24	macroeconomic	macroeconomic	ADJ
gujaf-430	53	25	policies	policy	NOUN
gujaf-430	53	26	to	to	PART
gujaf-430	53	27	enhance	enhance	VERB
gujaf-430	53	28	market	market	NOUN
gujaf-430	53	29	efficiency	efficiency	NOUN
gujaf-430	53	30	.	.	PUNCT
gujaf-430	54	1	li	li	PROPN
gujaf-430	54	2	and	and	CCONJ
gujaf-430	54	3	chen	chen	PROPN
gujaf-430	54	4	(	(	PUNCT
gujaf-430	54	5	2022	2022	NUM
gujaf-430	54	6	)	)	PUNCT
gujaf-430	54	7	focused	focus	VERB
gujaf-430	54	8	on	on	ADP
gujaf-430	54	9	the	the	DET
gujaf-430	54	10	economy	economy	NOUN
gujaf-430	54	11	of	of	ADP
gujaf-430	54	12	china	china	PROPN
gujaf-430	54	13	.	.	PUNCT
gujaf-430	55	1	the	the	DET
gujaf-430	55	2	study	study	NOUN
gujaf-430	55	3	employed	employ	VERB
gujaf-430	55	4	an	an	DET
gujaf-430	55	5	econometric	econometric	ADJ
gujaf-430	55	6	approach	approach	NOUN
gujaf-430	55	7	,	,	PUNCT
gujaf-430	55	8	utilizing	utilize	VERB
gujaf-430	55	9	a	a	DET
gujaf-430	55	10	vector	vector	NOUN
gujaf-430	55	11	autoregression	autoregression	NOUN
gujaf-430	55	12	(	(	PUNCT
gujaf-430	55	13	var	var	NOUN
gujaf-430	55	14	)	)	PUNCT
gujaf-430	55	15	model	model	NOUN
gujaf-430	55	16	to	to	PART
gujaf-430	55	17	analyze	analyze	VERB
gujaf-430	55	18	the	the	DET
gujaf-430	55	19	dynamic	dynamic	ADJ
gujaf-430	55	20	interactions	interaction	NOUN
gujaf-430	55	21	between	between	ADP
gujaf-430	55	22	stock	stock	NOUN
gujaf-430	55	23	market	market	NOUN
gujaf-430	55	24	indicators	indicator	NOUN
gujaf-430	55	25	,	,	PUNCT
gujaf-430	55	26	such	such	ADJ
gujaf-430	55	27	as	as	ADP
gujaf-430	55	28	market	market	NOUN
gujaf-430	55	29	capitalization	capitalization	NOUN
gujaf-430	55	30	and	and	CCONJ
gujaf-430	55	31	trading	trading	NOUN
gujaf-430	55	32	volume	volume	NOUN
gujaf-430	55	33	,	,	PUNCT
gujaf-430	55	34	and	and	CCONJ
gujaf-430	55	35	macroeconomic	macroeconomic	ADJ
gujaf-430	55	36	variables	variable	NOUN
gujaf-430	55	37	.	.	PUNCT
gujaf-430	56	1	the	the	DET
gujaf-430	56	2	findings	finding	NOUN
gujaf-430	56	3	indicated	indicate	VERB
gujaf-430	56	4	that	that	SCONJ
gujaf-430	56	5	stock	stock	NOUN
gujaf-430	56	6	market	market	NOUN
gujaf-430	56	7	performance	performance	NOUN
gujaf-430	56	8	has	have	VERB
gujaf-430	56	9	a	a	DET
gujaf-430	56	10	significant	significant	ADJ
gujaf-430	56	11	short	short	ADJ
gujaf-430	56	12	-	-	PUNCT
gujaf-430	56	13	term	term	NOUN
gujaf-430	56	14	impact	impact	NOUN
gujaf-430	56	15	on	on	ADP
gujaf-430	56	16	economic	economic	ADJ
gujaf-430	56	17	growth	growth	NOUN
gujaf-430	56	18	,	,	PUNCT
gujaf-430	56	19	mainly	mainly	ADV
gujaf-430	56	20	through	through	ADP
gujaf-430	56	21	wealth	wealth	NOUN
gujaf-430	56	22	effects	effect	NOUN
gujaf-430	56	23	and	and	CCONJ
gujaf-430	56	24	investment	investment	NOUN
gujaf-430	56	25	channels	channel	NOUN
gujaf-430	56	26	.	.	PUNCT
gujaf-430	57	1	however	however	ADV
gujaf-430	57	2	,	,	PUNCT
gujaf-430	57	3	in	in	ADP
gujaf-430	57	4	the	the	DET
gujaf-430	57	5	long	long	ADJ
gujaf-430	57	6	run	run	NOUN
gujaf-430	57	7	,	,	PUNCT
gujaf-430	57	8	the	the	DET
gujaf-430	57	9	stock	stock	NOUN
gujaf-430	57	10	market	market	NOUN
gujaf-430	57	11	’s	’s	PART
gujaf-430	57	12	influence	influence	NOUN
gujaf-430	57	13	on	on	ADP
gujaf-430	57	14	real	real	ADJ
gujaf-430	57	15	economic	economic	ADJ
gujaf-430	57	16	activities	activity	NOUN
gujaf-430	57	17	was	be	AUX
gujaf-430	57	18	found	find	VERB
gujaf-430	57	19	to	to	PART
gujaf-430	57	20	be	be	AUX
gujaf-430	57	21	limited	limit	VERB
gujaf-430	57	22	due	due	ADP
gujaf-430	57	23	to	to	ADP
gujaf-430	57	24	structural	structural	ADJ
gujaf-430	57	25	inefficiencies	inefficiency	NOUN
gujaf-430	57	26	and	and	CCONJ
gujaf-430	57	27	speculative	speculative	ADJ
gujaf-430	57	28	trading	trading	NOUN
gujaf-430	57	29	behaviors	behavior	NOUN
gujaf-430	57	30	.	.	PUNCT
gujaf-430	58	1	the	the	DET
gujaf-430	58	2	authors	author	NOUN
gujaf-430	58	3	recommended	recommend	VERB
gujaf-430	58	4	the	the	DET
gujaf-430	58	5	implementation	implementation	NOUN
gujaf-430	58	6	of	of	ADP
gujaf-430	58	7	stronger	strong	ADJ
gujaf-430	58	8	regulatory	regulatory	ADJ
gujaf-430	58	9	measures	measure	NOUN
gujaf-430	58	10	to	to	PART
gujaf-430	58	11	enhance	enhance	VERB
gujaf-430	58	12	market	market	NOUN
gujaf-430	58	13	stability	stability	NOUN
gujaf-430	58	14	and	and	CCONJ
gujaf-430	58	15	improve	improve	VERB
gujaf-430	58	16	the	the	DET
gujaf-430	58	17	linkage	linkage	NOUN
gujaf-430	58	18	between	between	ADP
gujaf-430	58	19	the	the	DET
gujaf-430	58	20	financial	financial	ADJ
gujaf-430	58	21	market	market	NOUN
gujaf-430	58	22	and	and	CCONJ
gujaf-430	58	23	the	the	DET
gujaf-430	58	24	real	real	ADJ
gujaf-430	58	25	economy	economy	NOUN
gujaf-430	58	26	,	,	PUNCT
gujaf-430	58	27	ensuring	ensure	VERB
gujaf-430	58	28	sustainable	sustainable	ADJ
gujaf-430	58	29	economic	economic	ADJ
gujaf-430	58	30	development	development	NOUN
gujaf-430	58	31	.	.	PUNCT
gujaf-430	59	1	bello	bello	PROPN
gujaf-430	59	2	and	and	CCONJ
gujaf-430	59	3	sanusi	sanusi	PROPN
gujaf-430	59	4	(	(	PUNCT
gujaf-430	59	5	2023	2023	NUM
gujaf-430	59	6	)	)	PUNCT
gujaf-430	59	7	considered	consider	VERB
gujaf-430	59	8	foreign	foreign	ADJ
gujaf-430	59	9	direct	direct	ADJ
gujaf-430	59	10	investment	investment	NOUN
gujaf-430	59	11	(	(	PUNCT
gujaf-430	59	12	fdi	fdi	NOUN
gujaf-430	59	13	)	)	PUNCT
gujaf-430	59	14	and	and	CCONJ
gujaf-430	59	15	stock	stock	NOUN
gujaf-430	59	16	market	market	NOUN
gujaf-430	59	17	performance	performance	NOUN
gujaf-430	59	18	in	in	ADP
gujaf-430	59	19	nigeria	nigeria	PROPN
gujaf-430	59	20	,	,	PUNCT
gujaf-430	59	21	analyzing	analyze	VERB
gujaf-430	59	22	how	how	SCONJ
gujaf-430	59	23	capital	capital	NOUN
gujaf-430	59	24	inflows	inflow	NOUN
gujaf-430	59	25	impact	impact	VERB
gujaf-430	59	26	stock	stock	NOUN
gujaf-430	59	27	market	market	NOUN
gujaf-430	59	28	growth	growth	NOUN
gujaf-430	59	29	and	and	CCONJ
gujaf-430	59	30	stability	stability	NOUN
gujaf-430	59	31	.	.	PUNCT
gujaf-430	60	1	the	the	DET
gujaf-430	60	2	study	study	NOUN
gujaf-430	60	3	employed	employ	VERB
gujaf-430	60	4	the	the	DET
gujaf-430	60	5	ardl	ardl	NOUN
gujaf-430	60	6	model	model	NOUN
gujaf-430	60	7	to	to	PART
gujaf-430	60	8	analyze	analyze	VERB
gujaf-430	60	9	the	the	DET
gujaf-430	60	10	data	datum	NOUN
gujaf-430	60	11	.	.	PUNCT
gujaf-430	61	1	fdi	fdi	NOUN
gujaf-430	61	2	was	be	AUX
gujaf-430	61	3	revealed	reveal	VERB
gujaf-430	61	4	to	to	PART
gujaf-430	61	5	positively	positively	ADV
gujaf-430	61	6	influence	influence	VERB
gujaf-430	61	7	stock	stock	NOUN
gujaf-430	61	8	market	market	NOUN
gujaf-430	61	9	performance	performance	NOUN
gujaf-430	61	10	in	in	ADP
gujaf-430	61	11	the	the	DET
gujaf-430	61	12	long	long	ADJ
gujaf-430	61	13	run	run	NOUN
gujaf-430	61	14	,	,	PUNCT
gujaf-430	61	15	as	as	SCONJ
gujaf-430	61	16	increased	increase	VERB
gujaf-430	61	17	foreign	foreign	ADJ
gujaf-430	61	18	investment	investment	NOUN
gujaf-430	61	19	enhances	enhance	VERB
gujaf-430	61	20	market	market	NOUN
gujaf-430	61	21	liquidity	liquidity	NOUN
gujaf-430	61	22	and	and	CCONJ
gujaf-430	61	23	investor	investor	NOUN
gujaf-430	61	24	confidence	confidence	NOUN
gujaf-430	61	25	.	.	PUNCT
gujaf-430	62	1	however	however	ADV
gujaf-430	62	2	,	,	PUNCT
gujaf-430	62	3	short	short	ADJ
gujaf-430	62	4	-	-	PUNCT
gujaf-430	62	5	term	term	NOUN
gujaf-430	62	6	fluctuations	fluctuation	NOUN
gujaf-430	62	7	in	in	ADP
gujaf-430	62	8	fdi	fdi	NOUN
gujaf-430	62	9	were	be	AUX
gujaf-430	62	10	found	find	VERB
gujaf-430	62	11	to	to	PART
gujaf-430	62	12	contribute	contribute	VERB
gujaf-430	62	13	to	to	ADP
gujaf-430	62	14	stock	stock	NOUN
gujaf-430	62	15	market	market	NOUN
gujaf-430	62	16	volatility	volatility	NOUN
gujaf-430	62	17	,	,	PUNCT
gujaf-430	62	18	indicating	indicate	VERB
gujaf-430	62	19	the	the	DET
gujaf-430	62	20	sensitivity	sensitivity	NOUN
gujaf-430	62	21	of	of	ADP
gujaf-430	62	22	nigeria	nigeria	PROPN
gujaf-430	62	23	’s	’s	PART
gujaf-430	62	24	capital	capital	NOUN
gujaf-430	62	25	market	market	NOUN
gujaf-430	62	26	to	to	ADP
gujaf-430	62	27	external	external	ADJ
gujaf-430	62	28	economic	economic	ADJ
gujaf-430	62	29	shocks	shock	NOUN
gujaf-430	62	30	.	.	PUNCT
gujaf-430	63	1	the	the	DET
gujaf-430	63	2	authors	author	NOUN
gujaf-430	63	3	recommended	recommend	VERB
gujaf-430	63	4	policies	policy	NOUN
gujaf-430	63	5	aimed	aim	VERB
gujaf-430	63	6	at	at	ADP
gujaf-430	63	7	improving	improve	VERB
gujaf-430	63	8	nigeria	nigeria	PROPN
gujaf-430	63	9	’s	’s	PART
gujaf-430	63	10	investment	investment	NOUN
gujaf-430	63	11	climate	climate	NOUN
gujaf-430	63	12	,	,	PUNCT
gujaf-430	63	13	including	include	VERB
gujaf-430	63	14	regulatory	regulatory	ADJ
gujaf-430	63	15	stability	stability	NOUN
gujaf-430	63	16	,	,	PUNCT
gujaf-430	63	17	infrastructure	infrastructure	NOUN
gujaf-430	63	18	development	development	NOUN
gujaf-430	63	19	,	,	PUNCT
gujaf-430	63	20	and	and	CCONJ
gujaf-430	63	21	financial	financial	ADJ
gujaf-430	63	22	market	market	NOUN
gujaf-430	63	23	reforms	reform	NOUN
gujaf-430	63	24	,	,	PUNCT
gujaf-430	63	25	to	to	PART
gujaf-430	63	26	attract	attract	VERB
gujaf-430	63	27	and	and	CCONJ
gujaf-430	63	28	sustain	sustain	VERB
gujaf-430	63	29	foreign	foreign	ADJ
gujaf-430	63	30	investment	investment	NOUN
gujaf-430	63	31	for	for	ADP
gujaf-430	63	32	long	long	ADJ
gujaf-430	63	33	-	-	PUNCT
gujaf-430	63	34	term	term	NOUN
gujaf-430	63	35	stock	stock	NOUN
gujaf-430	63	36	market	market	NOUN
gujaf-430	63	37	growth	growth	NOUN
gujaf-430	63	38	.	.	PUNCT
gujaf-430	64	1	khan	khan	PROPN
gujaf-430	64	2	and	and	CCONJ
gujaf-430	64	3	khan	khan	PROPN
gujaf-430	64	4	(	(	PUNCT
gujaf-430	64	5	2021	2021	NUM
gujaf-430	64	6	)	)	PUNCT
gujaf-430	64	7	investigated	investigate	VERB
gujaf-430	64	8	the	the	DET
gujaf-430	64	9	impact	impact	NOUN
gujaf-430	64	10	of	of	ADP
gujaf-430	64	11	macroeconomic	macroeconomic	ADJ
gujaf-430	64	12	variables	variable	NOUN
gujaf-430	64	13	on	on	ADP
gujaf-430	64	14	stock	stock	NOUN
gujaf-430	64	15	market	market	NOUN
gujaf-430	64	16	performance	performance	NOUN
gujaf-430	64	17	using	use	VERB
gujaf-430	64	18	evidence	evidence	NOUN
gujaf-430	64	19	from	from	ADP
gujaf-430	64	20	the	the	DET
gujaf-430	64	21	karachi	karachi	PROPN
gujaf-430	64	22	stock	stock	PROPN
gujaf-430	64	23	exchange	exchange	PROPN
gujaf-430	64	24	(	(	PUNCT
gujaf-430	64	25	kse	kse	PROPN
gujaf-430	64	26	)	)	PUNCT
gujaf-430	64	27	.	.	PUNCT
gujaf-430	65	1	vecm	vecm	NOUN
gujaf-430	65	2	was	be	AUX
gujaf-430	65	3	used	use	VERB
gujaf-430	65	4	to	to	PART
gujaf-430	65	5	analyze	analyze	VERB
gujaf-430	65	6	interest	interest	NOUN
gujaf-430	65	7	rates	rate	NOUN
gujaf-430	65	8	,	,	PUNCT
gujaf-430	65	9	inflation	inflation	NOUN
gujaf-430	65	10	,	,	PUNCT
gujaf-430	65	11	exchange	exchange	NOUN
gujaf-430	65	12	rates	rate	NOUN
gujaf-430	65	13	,	,	PUNCT
gujaf-430	65	14	and	and	CCONJ
gujaf-430	65	15	money	money	NOUN
gujaf-430	65	16	supply	supply	NOUN
gujaf-430	65	17	on	on	ADP
gujaf-430	65	18	stock	stock	NOUN
gujaf-430	65	19	market	market	NOUN
gujaf-430	65	20	returns	return	NOUN
gujaf-430	65	21	.	.	PUNCT
gujaf-430	66	1	the	the	DET
gujaf-430	66	2	findings	finding	NOUN
gujaf-430	66	3	indicated	indicate	VERB
gujaf-430	66	4	that	that	SCONJ
gujaf-430	66	5	exchange	exchange	NOUN
gujaf-430	66	6	rates	rate	NOUN
gujaf-430	66	7	and	and	CCONJ
gujaf-430	66	8	money	money	NOUN
gujaf-430	66	9	supply	supply	NOUN
gujaf-430	66	10	significantly	significantly	ADV
gujaf-430	66	11	impact	impact	VERB
gujaf-430	66	12	stock	stock	NOUN
gujaf-430	66	13	market	market	NOUN
gujaf-430	66	14	performance	performance	NOUN
gujaf-430	66	15	,	,	PUNCT
gujaf-430	66	16	while	while	SCONJ
gujaf-430	66	17	inflation	inflation	NOUN
gujaf-430	66	18	and	and	CCONJ
gujaf-430	66	19	interest	interest	NOUN
gujaf-430	66	20	rates	rate	NOUN
gujaf-430	66	21	exhibited	exhibit	VERB
gujaf-430	66	22	a	a	DET
gujaf-430	66	23	negative	negative	ADJ
gujaf-430	66	24	relationship	relationship	NOUN
gujaf-430	66	25	with	with	ADP
gujaf-430	66	26	stock	stock	NOUN
gujaf-430	66	27	returns	return	NOUN
gujaf-430	66	28	.	.	PUNCT
gujaf-430	67	1	the	the	DET
gujaf-430	67	2	study	study	NOUN
gujaf-430	67	3	highlighted	highlight	VERB
gujaf-430	67	4	the	the	DET
gujaf-430	67	5	importance	importance	NOUN
gujaf-430	67	6	of	of	ADP
gujaf-430	67	7	stable	stable	ADJ
gujaf-430	67	8	macroeconomic	macroeconomic	ADJ
gujaf-430	67	9	policies	policy	NOUN
gujaf-430	67	10	in	in	ADP
gujaf-430	67	11	fostering	foster	VERB
gujaf-430	67	12	stock	stock	NOUN
gujaf-430	67	13	market	market	NOUN
gujaf-430	67	14	growth	growth	NOUN
gujaf-430	67	15	and	and	CCONJ
gujaf-430	67	16	recommended	recommend	VERB
gujaf-430	67	17	that	that	SCONJ
gujaf-430	67	18	policymakers	policymaker	NOUN
gujaf-430	67	19	focus	focus	VERB
gujaf-430	67	20	on	on	ADP
gujaf-430	67	21	controlling	control	VERB
gujaf-430	67	22	inflation	inflation	NOUN
gujaf-430	67	23	and	and	CCONJ
gujaf-430	67	24	ensuring	ensure	VERB
gujaf-430	67	25	a	a	DET
gujaf-430	67	26	stable	stable	ADJ
gujaf-430	67	27	exchange	exchange	NOUN
gujaf-430	67	28	rate	rate	NOUN
gujaf-430	67	29	environment	environment	NOUN
gujaf-430	67	30	to	to	PART
gujaf-430	67	31	enhance	enhance	VERB
gujaf-430	67	32	investor	investor	NOUN
gujaf-430	67	33	confidence	confidence	NOUN
gujaf-430	67	34	and	and	CCONJ
gujaf-430	67	35	market	market	NOUN
gujaf-430	67	36	efficiency	efficiency	NOUN
gujaf-430	67	37	.	.	PUNCT
gujaf-430	68	1	3	3	X
gujaf-430	68	2	.	.	X
gujaf-430	68	3	methodology	methodology	NOUN
gujaf-430	68	4	secondary	secondary	ADJ
gujaf-430	68	5	data	datum	NOUN
gujaf-430	68	6	was	be	AUX
gujaf-430	68	7	utilized	utilize	VERB
gujaf-430	68	8	in	in	ADP
gujaf-430	68	9	the	the	DET
gujaf-430	68	10	study	study	NOUN
gujaf-430	68	11	,	,	PUNCT
gujaf-430	68	12	which	which	PRON
gujaf-430	68	13	was	be	AUX
gujaf-430	68	14	obtained	obtain	VERB
gujaf-430	68	15	from	from	ADP
gujaf-430	68	16	the	the	DET
gujaf-430	68	17	statistical	statistical	ADJ
gujaf-430	68	18	bulletins	bulletin	NOUN
gujaf-430	68	19	of	of	ADP
gujaf-430	68	20	the	the	DET
gujaf-430	68	21	central	central	ADJ
gujaf-430	68	22	bank	bank	PROPN
gujaf-430	68	23	of	of	ADP
gujaf-430	68	24	nigeria	nigeria	PROPN
gujaf-430	68	25	from	from	ADP
gujaf-430	68	26	1985	1985	NUM
gujaf-430	68	27	-	-	SYM
gujaf-430	68	28	2023	2023	NUM
gujaf-430	68	29	,	,	PUNCT
gujaf-430	68	30	covering	cover	VERB
gujaf-430	68	31	thirty	thirty	NUM
gujaf-430	68	32	-	-	PUNCT
gujaf-430	68	33	eight	eight	NUM
gujaf-430	68	34	(	(	PUNCT
gujaf-430	68	35	38	38	NUM
gujaf-430	68	36	)	)	PUNCT
gujaf-430	68	37	years	year	NOUN
gujaf-430	68	38	.	.	PUNCT
gujaf-430	69	1	this	this	DET
gujaf-430	69	2	study	study	NOUN
gujaf-430	69	3	employed	employ	VERB
gujaf-430	69	4	a	a	DET
gujaf-430	69	5	time	time	NOUN
gujaf-430	69	6	series	series	PROPN
gujaf-430	69	7	econometric	econometric	ADJ
gujaf-430	69	8	approach	approach	NOUN
gujaf-430	69	9	to	to	PART
gujaf-430	69	10	examine	examine	VERB
gujaf-430	69	11	macroeconomic	macroeconomic	ADJ
gujaf-430	69	12	variables	variable	NOUN
gujaf-430	69	13	on	on	ADP
gujaf-430	69	14	stock	stock	NOUN
gujaf-430	69	15	market	market	NOUN
gujaf-430	69	16	performance	performance	NOUN
gujaf-430	69	17	in	in	ADP
gujaf-430	69	18	nigeria	nigeria	PROPN
gujaf-430	69	19	over	over	ADP
gujaf-430	69	20	the	the	DET
gujaf-430	69	21	period	period	NOUN
gujaf-430	69	22	1986	1986	NUM
gujaf-430	69	23	to	to	ADP
gujaf-430	69	24	2023	2023	NUM
gujaf-430	69	25	.	.	PUNCT
gujaf-430	70	1	the	the	DET
gujaf-430	70	2	analysis	analysis	NOUN
gujaf-430	70	3	is	be	AUX
gujaf-430	70	4	based	base	VERB
gujaf-430	70	5	on	on	ADP
gujaf-430	70	6	annual	annual	ADJ
gujaf-430	70	7	data	datum	NOUN
gujaf-430	70	8	for	for	ADP
gujaf-430	70	9	key	key	ADJ
gujaf-430	70	10	macroeconomic	macroeconomic	ADJ
gujaf-430	70	11	indicators	indicator	NOUN
gujaf-430	70	12	:	:	PUNCT
gujaf-430	70	13	exchange	exchange	NOUN
gujaf-430	70	14	rate	rate	NOUN
gujaf-430	70	15	,	,	PUNCT
gujaf-430	70	16	interest	interest	NOUN
gujaf-430	70	17	rate	rate	NOUN
gujaf-430	70	18	,	,	PUNCT
gujaf-430	70	19	inflation	inflation	NOUN
gujaf-430	70	20	rate	rate	NOUN
gujaf-430	70	21	,	,	PUNCT
gujaf-430	70	22	and	and	CCONJ
gujaf-430	70	23	gross	gross	ADJ
gujaf-430	70	24	domestic	domestic	ADJ
gujaf-430	70	25	product	product	NOUN
gujaf-430	70	26	(	(	PUNCT
gujaf-430	70	27	gdp	gdp	NOUN
gujaf-430	70	28	)	)	PUNCT
gujaf-430	70	29	.	.	PUNCT
gujaf-430	71	1	stock	stock	NOUN
gujaf-430	71	2	market	market	NOUN
gujaf-430	71	3	performance	performance	NOUN
gujaf-430	71	4	is	be	AUX
gujaf-430	71	5	proxied	proxie	VERB
gujaf-430	71	6	by	by	ADP
gujaf-430	71	7	the	the	DET
gujaf-430	71	8	annual	annual	ADJ
gujaf-430	71	9	volume	volume	NOUN
gujaf-430	71	10	of	of	ADP
gujaf-430	71	11	transactions	transaction	NOUN
gujaf-430	71	12	on	on	ADP
gujaf-430	71	13	the	the	DET
gujaf-430	71	14	nigerian	nigerian	ADJ
gujaf-430	71	15	stock	stock	NOUN
gujaf-430	71	16	exchange	exchange	NOUN
gujaf-430	71	17	.	.	PUNCT
gujaf-430	72	1	before	before	ADP
gujaf-430	72	2	the	the	DET
gujaf-430	72	3	main	main	ADJ
gujaf-430	72	4	regression	regression	NOUN
gujaf-430	72	5	analysis	analysis	NOUN
gujaf-430	72	6	,	,	PUNCT
gujaf-430	72	7	all	all	DET
gujaf-430	72	8	variables	variable	NOUN
gujaf-430	72	9	were	be	AUX
gujaf-430	72	10	subjected	subject	VERB
gujaf-430	72	11	to	to	ADP
gujaf-430	72	12	a	a	DET
gujaf-430	72	13	stationarity	stationarity	NOUN
gujaf-430	72	14	test	test	NOUN
gujaf-430	72	15	using	use	VERB
gujaf-430	72	16	the	the	DET
gujaf-430	72	17	augmented	augment	VERB
gujaf-430	72	18	dickey	dickey	NOUN
gujaf-430	72	19	-	-	PUNCT
gujaf-430	72	20	fuller	full	ADJ
gujaf-430	72	21	(	(	PUNCT
gujaf-430	72	22	adf	adf	NOUN
gujaf-430	72	23	)	)	PUNCT
gujaf-430	72	24	unit	unit	NOUN
gujaf-430	72	25	root	root	NOUN
gujaf-430	72	26	test	test	NOUN
gujaf-430	72	27	to	to	PART
gujaf-430	72	28	determine	determine	VERB
gujaf-430	72	29	their	their	PRON
gujaf-430	72	30	order	order	NOUN
gujaf-430	72	31	of	of	ADP
gujaf-430	72	32	integration	integration	NOUN
gujaf-430	72	33	.	.	PUNCT
gujaf-430	73	1	this	this	PRON
gujaf-430	73	2	is	be	AUX
gujaf-430	73	3	crucial	crucial	ADJ
gujaf-430	73	4	for	for	ADP
gujaf-430	73	5	avoiding	avoid	VERB
gujaf-430	73	6	spurious	spurious	ADJ
gujaf-430	73	7	regression	regression	NOUN
gujaf-430	73	8	and	and	CCONJ
gujaf-430	73	9	ensuring	ensure	VERB
gujaf-430	73	10	the	the	DET
gujaf-430	73	11	robustness	robustness	NOUN
gujaf-430	73	12	of	of	ADP
gujaf-430	73	13	the	the	DET
gujaf-430	73	14	results	result	NOUN
gujaf-430	73	15	.	.	PUNCT
gujaf-430	74	1	the	the	DET
gujaf-430	74	2	study	study	NOUN
gujaf-430	74	3	also	also	ADV
gujaf-430	74	4	applied	apply	VERB
gujaf-430	74	5	the	the	DET
gujaf-430	74	6	autoregressive	autoregressive	ADJ
gujaf-430	74	7	distributed	distribute	VERB
gujaf-430	74	8	lag	lag	NOUN
gujaf-430	74	9	(	(	PUNCT
gujaf-430	74	10	ardl	ardl	NOUN
gujaf-430	74	11	)	)	PUNCT
gujaf-430	74	12	model	model	NOUN
gujaf-430	74	13	to	to	PART
gujaf-430	74	14	capture	capture	VERB
gujaf-430	74	15	both	both	CCONJ
gujaf-430	74	16	the	the	DET
gujaf-430	74	17	short	short	ADJ
gujaf-430	74	18	-	-	PUNCT
gujaf-430	74	19	run	run	NOUN
gujaf-430	74	20	dynamics	dynamic	NOUN
gujaf-430	74	21	and	and	CCONJ
gujaf-430	74	22	long	long	ADV
gujaf-430	74	23	-	-	PUNCT
gujaf-430	74	24	run	run	VERB
gujaf-430	74	25	equilibrium	equilibrium	NOUN
gujaf-430	74	26	relationships	relationship	NOUN
gujaf-430	74	27	between	between	ADP
gujaf-430	74	28	macroeconomic	macroeconomic	ADJ
gujaf-430	74	29	variables	variable	NOUN
gujaf-430	74	30	and	and	CCONJ
gujaf-430	74	31	stock	stock	NOUN
gujaf-430	74	32	market	market	NOUN
gujaf-430	74	33	performance	performance	NOUN
gujaf-430	74	34	in	in	ADP
gujaf-430	74	35	nigeria	nigeria	PROPN
gujaf-430	74	36	.	.	PUNCT
gujaf-430	75	1	model	model	PROPN
gujaf-430	75	2	specification	specification	PROPN
gujaf-430	75	3	asi	asi	NOUN
gujaf-430	75	4	=	=	PROPN
gujaf-430	75	5	f	f	PROPN
gujaf-430	75	6	(	(	PUNCT
gujaf-430	75	7	er	er	INTJ
gujaf-430	75	8	,	,	PUNCT
gujaf-430	75	9	ir	ir	PROPN
gujaf-430	75	10	,	,	PUNCT
gujaf-430	75	11	ifr	ifr	PROPN
gujaf-430	75	12	,	,	PUNCT
gujaf-430	75	13	gdp	gdp	PROPN
gujaf-430	75	14	,	,	PUNCT
gujaf-430	75	15	unp	unp	PROPN
gujaf-430	75	16	,	,	PUNCT
gujaf-430	75	17	fdi	fdi	PROPN
gujaf-430	75	18	,	,	PUNCT
gujaf-430	75	19	ces	ces	PROPN
gujaf-430	75	20	,	,	PUNCT
gujaf-430	75	21	psg	psg	PROPN
gujaf-430	75	22	)	)	PUNCT
gujaf-430	75	23	…	…	PUNCT
gujaf-430	75	24	…	…	PUNCT
gujaf-430	75	25	…	…	PUNCT
gujaf-430	75	26	…	…	PUNCT
gujaf-430	75	27	…	…	PUNCT
gujaf-430	75	28	…	…	PUNCT
gujaf-430	75	29	…	…	PUNCT
gujaf-430	75	30	……	……	NOUN
gujaf-430	75	31	……	……	NOUN
gujaf-430	75	32	……	……	NOUN
gujaf-430	75	33	……	……	NOUN
gujaf-430	75	34	……	……	NOUN
gujaf-430	75	35	.	.	PUNCT
gujaf-430	76	1	(	(	PUNCT
gujaf-430	76	2	1	1	X
gujaf-430	76	3	)	)	PUNCT
gujaf-430	76	4	econometrically	econometrically	ADV
gujaf-430	76	5	,	,	PUNCT
gujaf-430	76	6	the	the	DET
gujaf-430	76	7	model	model	NOUN
gujaf-430	76	8	is	be	AUX
gujaf-430	76	9	stated	state	VERB
gujaf-430	76	10	as	as	ADP
gujaf-430	76	11	:	:	PUNCT
gujaf-430	76	12	asiₜ	asiₜ	ADJ
gujaf-430	76	13	=	=	SYM
gujaf-430	76	14	β₀	β₀	PROPN
gujaf-430	76	15	+	+	PUNCT
gujaf-430	76	16	β₁erₜ	β₁erₜ	PUNCT
gujaf-430	77	1	+	+	NUM
gujaf-430	77	2	β₂irₜ	β₂irₜ	NOUN
gujaf-430	77	3	+	+	CCONJ
gujaf-430	77	4	β₃ifrₜ	β₃ifrₜ	NOUN
gujaf-430	78	1	+	+	NUM
gujaf-430	78	2	β4gdpₜ	β4gdpₜ	NOUN
gujaf-430	78	3	+	+	NOUN
gujaf-430	79	1	β5unpₜ	β5unpₜ	ADV
gujaf-430	79	2	+	+	ADP
gujaf-430	80	1	β6fdiₜ	β6fdiₜ	ADJ
gujaf-430	81	1	+	+	CCONJ
gujaf-430	81	2	β7psgₜ	β7psgₜ	ADJ
gujaf-430	81	3	+	+	CCONJ
gujaf-430	81	4	ɛₜ	ɛₜ	NUM
gujaf-430	81	5	…	…	PUNCT
gujaf-430	81	6	.....................	.....................	PUNCT
gujaf-430	81	7	(	(	PUNCT
gujaf-430	81	8	2	2	X
gujaf-430	81	9	)	)	PUNCT
gujaf-430	81	10	gusau	gusau	ADJ
gujaf-430	81	11	journal	journal	NOUN
gujaf-430	81	12	of	of	ADP
gujaf-430	81	13	accounting	accounting	NOUN
gujaf-430	81	14	and	and	CCONJ
gujaf-430	81	15	finance	finance	NOUN
gujaf-430	81	16	,	,	PUNCT
gujaf-430	81	17	vol.6	vol.6	PROPN
gujaf-430	81	18	,	,	PUNCT
gujaf-430	81	19	issue	issue	NOUN
gujaf-430	81	20	2	2	NUM
gujaf-430	81	21	,	,	PUNCT
gujaf-430	81	22	april	april	PROPN
gujaf-430	81	23	,	,	PUNCT
gujaf-430	81	24	2025	2025	NUM
gujaf-430	81	25	287	287	NUM
gujaf-430	81	26	where	where	SCONJ
gujaf-430	81	27	:	:	PUNCT
gujaf-430	81	28	asi	asi	X
gujaf-430	81	29	=	=	PUNCT
gujaf-430	81	30	all	all	DET
gujaf-430	81	31	share	share	VERB
gujaf-430	81	32	index	index	NOUN
gujaf-430	81	33	er	er	INTJ
gujaf-430	81	34	=	=	NOUN
gujaf-430	81	35	exchange	exchange	NOUN
gujaf-430	81	36	rate	rate	NOUN
gujaf-430	81	37	ir	ir	PROPN
gujaf-430	81	38	=	=	NOUN
gujaf-430	81	39	interest	interest	NOUN
gujaf-430	81	40	rate	rate	NOUN
gujaf-430	81	41	ifr	ifr	NOUN
gujaf-430	81	42	=	=	PUNCT
gujaf-430	81	43	inflation	inflation	NOUN
gujaf-430	81	44	rate	rate	NOUN
gujaf-430	81	45	gdp	gdp	NOUN
gujaf-430	81	46	=	=	PROPN
gujaf-430	81	47	gross	gross	ADJ
gujaf-430	81	48	domestic	domestic	ADJ
gujaf-430	81	49	product	product	NOUN
gujaf-430	81	50	unp	unp	NOUN
gujaf-430	81	51	=	=	NOUN
gujaf-430	81	52	unemployment	unemployment	NOUN
gujaf-430	81	53	rate	rate	NOUN
gujaf-430	81	54	fdi	fdi	NOUN
gujaf-430	81	55	=	=	PUNCT
gujaf-430	81	56	foreign	foreign	ADJ
gujaf-430	81	57	direct	direct	ADJ
gujaf-430	81	58	investments	investment	NOUN
gujaf-430	81	59	psg	psg	PROPN
gujaf-430	82	1	=	=	SYM
gujaf-430	82	2	public	public	ADJ
gujaf-430	82	3	spending	spending	NOUN
gujaf-430	82	4	β0	β0	NOUN
gujaf-430	82	5	is	be	AUX
gujaf-430	82	6	the	the	DET
gujaf-430	82	7	constant	constant	ADJ
gujaf-430	82	8	term	term	NOUN
gujaf-430	82	9	,	,	PUNCT
gujaf-430	82	10	β1	β1	PROPN
gujaf-430	82	11	,	,	PUNCT
gujaf-430	82	12	β2	β2	NOUN
gujaf-430	82	13	,	,	PUNCT
gujaf-430	82	14	β3	β3	VERB
gujaf-430	82	15	,	,	PUNCT
gujaf-430	82	16	and	and	CCONJ
gujaf-430	82	17	β4	β4	PROPN
gujaf-430	82	18	are	be	AUX
gujaf-430	82	19	the	the	DET
gujaf-430	82	20	slope	slope	NOUN
gujaf-430	82	21	parameters	parameter	NOUN
gujaf-430	82	22	,	,	PUNCT
gujaf-430	82	23	and	and	CCONJ
gujaf-430	82	24	εt	εt	PROPN
gujaf-430	82	25	is	be	AUX
gujaf-430	82	26	the	the	DET
gujaf-430	82	27	stochastic	stochastic	ADJ
gujaf-430	82	28	error	error	NOUN
gujaf-430	82	29	term.x	term.x	PUNCT
gujaf-430	82	30	.	.	PUNCT
gujaf-430	83	1	4	4	X
gujaf-430	83	2	.	.	X
gujaf-430	83	3	data	datum	NOUN
gujaf-430	83	4	analysis	analysis	NOUN
gujaf-430	83	5	table	table	NOUN
gujaf-430	83	6	1	1	NUM
gujaf-430	83	7	:	:	PUNCT
gujaf-430	83	8	descriptive	descriptive	ADJ
gujaf-430	83	9	statistics	statistics	PROPN
gujaf-430	83	10	asi	asi	PROPN
gujaf-430	83	11	er	er	INTJ
gujaf-430	83	12	ifr	ifr	PROPN
gujaf-430	83	13	ir	ir	PROPN
gujaf-430	83	14	gdp	gdp	PROPN
gujaf-430	83	15	fdi	fdi	PROPN
gujaf-430	83	16	(	(	PUNCT
gujaf-430	83	17	%	%	NOUN
gujaf-430	83	18	of	of	ADP
gujaf-430	83	19	gdp	gdp	NOUN
gujaf-430	83	20	)	)	PUNCT
gujaf-430	83	21	public	public	ADJ
gujaf-430	83	22	spending	spending	NOUN
gujaf-430	83	23	mean	mean	NOUN
gujaf-430	83	24	19,449.8900	19,449.8900	NUM
gujaf-430	83	25	141.1169	141.1169	NUM
gujaf-430	83	26	19.2532	19.2532	NUM
gujaf-430	83	27	17.8328	17.8328	NUM
gujaf-430	83	28	50,660.6500	50,660.6500	NUM
gujaf-430	83	29	1.3141	1.3141	NUM
gujaf-430	83	30	3,512.2190	3,512.2190	NUM
gujaf-430	83	31	median	median	NOUN
gujaf-430	83	32	22,876.7200	22,876.7200	NUM
gujaf-430	83	33	125.8300	125.8300	NUM
gujaf-430	83	34	12.8766	12.8766	NUM
gujaf-430	83	35	17.5550	17.5550	NUM
gujaf-430	83	36	18,124.0600	18,124.0600	NUM
gujaf-430	83	37	1.1591	1.1591	NUM
gujaf-430	83	38	1,504.2000	1,504.2000	NUM
gujaf-430	83	39	maximum	maximum	NOUN
gujaf-430	83	40	62,088.5200	62,088.5200	NUM
gujaf-430	83	41	645.1900	645.1900	NUM
gujaf-430	83	42	72.8355	72.8355	NUM
gujaf-430	83	43	29.8000	29.8000	NUM
gujaf-430	83	44	234,425.9000	234,425.9000	NUM
gujaf-430	83	45	4.2821	4.2821	NUM
gujaf-430	83	46	19,808.4400	19,808.4400	NUM
gujaf-430	84	1	minimum	minimum	ADJ
gujaf-430	84	2	117.2833	117.2833	NUM
gujaf-430	84	3	0.8900	0.8900	NUM
gujaf-430	84	4	5.3880	5.3880	NUM
gujaf-430	84	5	9.2500	9.2500	NUM
gujaf-430	84	6	187.8306	187.8306	NUM
gujaf-430	84	7	(	(	PUNCT
gujaf-430	84	8	0.0391	0.0391	NUM
gujaf-430	84	9	)	)	PUNCT
gujaf-430	84	10	13.0411	13.0411	NUM
gujaf-430	84	11	std	std	NOUN
gujaf-430	84	12	.	.	PUNCT
gujaf-430	84	13	dev	dev	PROPN
gujaf-430	84	14	.	.	PROPN
gujaf-430	84	15	17,352.0600	17,352.0600	NUM
gujaf-430	85	1	143.6582	143.6582	NUM
gujaf-430	85	2	16.9991	16.9991	NUM
gujaf-430	85	3	4.1939	4.1939	NUM
gujaf-430	85	4	63,943.5200	63,943.5200	NUM
gujaf-430	85	5	0.9452	0.9452	NUM
gujaf-430	85	6	4,578.9540	4,578.9540	NUM
gujaf-430	85	7	skewness	skewness	NOUN
gujaf-430	85	8	0.5507	0.5507	NUM
gujaf-430	85	9	1.4759	1.4759	NUM
gujaf-430	85	10	1.7921	1.7921	NUM
gujaf-430	85	11	0.5668	0.5668	NUM
gujaf-430	85	12	1.2877	1.2877	NUM
gujaf-430	85	13	0.8446	0.8446	NUM
gujaf-430	85	14	1.8082	1.8082	NUM
gujaf-430	85	15	kurtosis	kurtosis	NOUN
gujaf-430	85	16	2.3227	2.3227	NUM
gujaf-430	85	17	5.3360	5.3360	NUM
gujaf-430	85	18	5.0222	5.0222	NUM
gujaf-430	85	19	3.9887	3.9887	NUM
gujaf-430	85	20	3.6870	3.6870	NUM
gujaf-430	85	21	3.6895	3.6895	NUM
gujaf-430	85	22	6.0970	6.0970	NUM
gujaf-430	85	23	jarque	jarque	NOUN
gujaf-430	85	24	-	-	PUNCT
gujaf-430	85	25	bera	bera	NOUN
gujaf-430	85	26	2.7169	2.7169	NUM
gujaf-430	85	27	23.0269	23.0269	NUM
gujaf-430	85	28	27.5215	27.5215	NUM
gujaf-430	85	29	3.6764	3.6764	NUM
gujaf-430	85	30	11.5448	11.5448	NUM
gujaf-430	85	31	5.4093	5.4093	NUM
gujaf-430	85	32	36.8391	36.8391	NUM
gujaf-430	85	33	probability	probability	NOUN
gujaf-430	85	34	0.2571	0.2571	NUM
gujaf-430	85	35	0.0000	0.0000	NUM
gujaf-430	85	36	0.0000	0.0000	NUM
gujaf-430	85	37	0.1591	0.1591	NUM
gujaf-430	85	38	0.0031	0.0031	NUM
gujaf-430	85	39	0.0669	0.0669	NUM
gujaf-430	85	40	0.0000	0.0000	NUM
gujaf-430	85	41	observations	observation	NOUN
gujaf-430	85	42	39	39	NUM
gujaf-430	85	43	39	39	NUM
gujaf-430	85	44	39	39	NUM
gujaf-430	85	45	39	39	NUM
gujaf-430	85	46	39	39	NUM
gujaf-430	85	47	39	39	NUM
gujaf-430	85	48	39	39	NUM
gujaf-430	85	49	source	source	NOUN
gujaf-430	85	50	:	:	PUNCT
gujaf-430	85	51	researcher	researcher	NOUN
gujaf-430	85	52	’s	’s	PART
gujaf-430	85	53	computation	computation	NOUN
gujaf-430	85	54	,	,	PUNCT
gujaf-430	85	55	2025	2025	NUM
gujaf-430	85	56	.	.	PUNCT
gujaf-430	86	1	the	the	DET
gujaf-430	86	2	all	all	DET
gujaf-430	86	3	-	-	PUNCT
gujaf-430	86	4	share	share	NOUN
gujaf-430	86	5	index	index	NOUN
gujaf-430	86	6	(	(	PUNCT
gujaf-430	86	7	asi	asi	NOUN
gujaf-430	86	8	)	)	PUNCT
gujaf-430	86	9	,	,	PUNCT
gujaf-430	86	10	which	which	PRON
gujaf-430	86	11	reflects	reflect	VERB
gujaf-430	86	12	the	the	DET
gujaf-430	86	13	performance	performance	NOUN
gujaf-430	86	14	of	of	ADP
gujaf-430	86	15	the	the	DET
gujaf-430	86	16	nigerian	nigerian	ADJ
gujaf-430	86	17	stock	stock	NOUN
gujaf-430	86	18	market	market	NOUN
gujaf-430	86	19	,	,	PUNCT
gujaf-430	86	20	has	have	VERB
gujaf-430	86	21	a	a	DET
gujaf-430	86	22	mean	mean	NOUN
gujaf-430	86	23	of	of	ADP
gujaf-430	86	24	19,449.89	19,449.89	NUM
gujaf-430	86	25	,	,	PUNCT
gujaf-430	86	26	with	with	ADP
gujaf-430	86	27	a	a	DET
gujaf-430	86	28	wide	wide	ADJ
gujaf-430	86	29	range	range	NOUN
gujaf-430	86	30	between	between	ADP
gujaf-430	86	31	the	the	DET
gujaf-430	86	32	minimum	minimum	NOUN
gujaf-430	86	33	(	(	PUNCT
gujaf-430	86	34	117.28	117.28	NUM
gujaf-430	86	35	)	)	PUNCT
gujaf-430	86	36	and	and	CCONJ
gujaf-430	86	37	maximum	maximum	ADJ
gujaf-430	86	38	(	(	PUNCT
gujaf-430	86	39	62,088.52	62,088.52	NUM
gujaf-430	86	40	)	)	PUNCT
gujaf-430	86	41	,	,	PUNCT
gujaf-430	86	42	indicating	indicate	VERB
gujaf-430	86	43	substantial	substantial	ADJ
gujaf-430	86	44	volatility	volatility	NOUN
gujaf-430	86	45	over	over	ADP
gujaf-430	86	46	time	time	NOUN
gujaf-430	86	47	.	.	PUNCT
gujaf-430	87	1	the	the	DET
gujaf-430	87	2	high	high	ADJ
gujaf-430	87	3	standard	standard	ADJ
gujaf-430	87	4	deviation	deviation	NOUN
gujaf-430	87	5	(	(	PUNCT
gujaf-430	87	6	17,352.06	17,352.06	NUM
gujaf-430	87	7	)	)	PUNCT
gujaf-430	87	8	further	far	ADV
gujaf-430	87	9	confirms	confirm	VERB
gujaf-430	87	10	this	this	DET
gujaf-430	87	11	variability	variability	NOUN
gujaf-430	87	12	,	,	PUNCT
gujaf-430	87	13	while	while	SCONJ
gujaf-430	87	14	the	the	DET
gujaf-430	87	15	skewness	skewness	NOUN
gujaf-430	87	16	(	(	PUNCT
gujaf-430	87	17	0.55	0.55	NUM
gujaf-430	87	18	)	)	PUNCT
gujaf-430	87	19	and	and	CCONJ
gujaf-430	87	20	kurtosis	kurtosis	VERB
gujaf-430	87	21	(	(	PUNCT
gujaf-430	87	22	2.32	2.32	NUM
gujaf-430	87	23	)	)	PUNCT
gujaf-430	87	24	show	show	VERB
gujaf-430	87	25	a	a	DET
gujaf-430	87	26	moderately	moderately	ADV
gujaf-430	87	27	right	right	ADJ
gujaf-430	87	28	-	-	PUNCT
gujaf-430	87	29	skewed	skewed	ADJ
gujaf-430	87	30	distribution	distribution	NOUN
gujaf-430	87	31	gusau	gusau	PROPN
gujaf-430	87	32	journal	journal	NOUN
gujaf-430	87	33	of	of	ADP
gujaf-430	87	34	accounting	accounting	NOUN
gujaf-430	87	35	and	and	CCONJ
gujaf-430	87	36	finance	finance	NOUN
gujaf-430	87	37	,	,	PUNCT
gujaf-430	87	38	vol.6	vol.6	PROPN
gujaf-430	87	39	,	,	PUNCT
gujaf-430	87	40	issue	issue	NOUN
gujaf-430	87	41	2	2	NUM
gujaf-430	87	42	,	,	PUNCT
gujaf-430	87	43	april	april	PROPN
gujaf-430	87	44	,	,	PUNCT
gujaf-430	87	45	2025	2025	NUM
gujaf-430	87	46	288	288	NUM
gujaf-430	87	47	that	that	PRON
gujaf-430	87	48	is	be	AUX
gujaf-430	87	49	not	not	PART
gujaf-430	87	50	excessively	excessively	ADV
gujaf-430	87	51	peaked	peak	VERB
gujaf-430	87	52	.	.	PUNCT
gujaf-430	88	1	the	the	DET
gujaf-430	88	2	jarque	jarque	NOUN
gujaf-430	88	3	-	-	PUNCT
gujaf-430	88	4	bera	bera	NOUN
gujaf-430	88	5	probability	probability	NOUN
gujaf-430	88	6	of	of	ADP
gujaf-430	88	7	0.2571	0.2571	NUM
gujaf-430	88	8	indicates	indicate	VERB
gujaf-430	88	9	that	that	SCONJ
gujaf-430	88	10	the	the	DET
gujaf-430	88	11	asi	asi	PROPN
gujaf-430	88	12	series	series	PROPN
gujaf-430	88	13	is	be	AUX
gujaf-430	88	14	approximately	approximately	ADV
gujaf-430	88	15	normally	normally	ADV
gujaf-430	88	16	distributed	distribute	VERB
gujaf-430	88	17	.	.	PUNCT
gujaf-430	89	1	the	the	DET
gujaf-430	89	2	exchange	exchange	NOUN
gujaf-430	89	3	rate	rate	NOUN
gujaf-430	89	4	has	have	VERB
gujaf-430	89	5	a	a	DET
gujaf-430	89	6	mean	mean	NOUN
gujaf-430	89	7	of	of	ADP
gujaf-430	89	8	₦	₦	X
gujaf-430	89	9	141.12	141.12	NUM
gujaf-430	89	10	per	per	ADP
gujaf-430	89	11	us	we	PRON
gujaf-430	89	12	dollar	dollar	NOUN
gujaf-430	89	13	with	with	ADP
gujaf-430	89	14	a	a	DET
gujaf-430	89	15	large	large	ADJ
gujaf-430	89	16	standard	standard	ADJ
gujaf-430	89	17	deviation	deviation	NOUN
gujaf-430	89	18	of	of	ADP
gujaf-430	89	19	143.66	143.66	NUM
gujaf-430	89	20	,	,	PUNCT
gujaf-430	89	21	indicating	indicate	VERB
gujaf-430	89	22	significant	significant	ADJ
gujaf-430	89	23	fluctuations	fluctuation	NOUN
gujaf-430	89	24	during	during	ADP
gujaf-430	89	25	the	the	DET
gujaf-430	89	26	sample	sample	NOUN
gujaf-430	89	27	period	period	NOUN
gujaf-430	89	28	.	.	PUNCT
gujaf-430	90	1	the	the	DET
gujaf-430	90	2	minimum	minimum	ADJ
gujaf-430	90	3	value	value	NOUN
gujaf-430	90	4	of	of	ADP
gujaf-430	90	5	₦	₦	ADV
gujaf-430	90	6	0.89	0.89	NUM
gujaf-430	90	7	and	and	CCONJ
gujaf-430	90	8	the	the	DET
gujaf-430	90	9	maximum	maximum	NOUN
gujaf-430	90	10	of	of	ADP
gujaf-430	90	11	₦	₦	PROPN
gujaf-430	90	12	645.19	645.19	NUM
gujaf-430	90	13	reflect	reflect	VERB
gujaf-430	90	14	nigeria	nigeria	PROPN
gujaf-430	90	15	’s	’s	PART
gujaf-430	90	16	movement	movement	NOUN
gujaf-430	90	17	from	from	ADP
gujaf-430	90	18	a	a	DET
gujaf-430	90	19	fixed	fix	VERB
gujaf-430	90	20	to	to	ADP
gujaf-430	90	21	a	a	DET
gujaf-430	90	22	floating	float	VERB
gujaf-430	90	23	exchange	exchange	NOUN
gujaf-430	90	24	rate	rate	NOUN
gujaf-430	90	25	system	system	NOUN
gujaf-430	90	26	.	.	PUNCT
gujaf-430	91	1	the	the	DET
gujaf-430	91	2	distribution	distribution	NOUN
gujaf-430	91	3	is	be	AUX
gujaf-430	91	4	positively	positively	ADV
gujaf-430	91	5	skewed	skewed	ADJ
gujaf-430	91	6	(	(	PUNCT
gujaf-430	91	7	1.48	1.48	NUM
gujaf-430	91	8	)	)	PUNCT
gujaf-430	91	9	and	and	CCONJ
gujaf-430	91	10	leptokurtic	leptokurtic	ADJ
gujaf-430	91	11	(	(	PUNCT
gujaf-430	91	12	5.34	5.34	NUM
gujaf-430	91	13	)	)	PUNCT
gujaf-430	91	14	,	,	PUNCT
gujaf-430	91	15	with	with	ADP
gujaf-430	91	16	a	a	DET
gujaf-430	91	17	jarque	jarque	NOUN
gujaf-430	91	18	-	-	PUNCT
gujaf-430	91	19	bera	bera	NOUN
gujaf-430	91	20	p	p	NOUN
gujaf-430	91	21	-	-	PUNCT
gujaf-430	91	22	value	value	NOUN
gujaf-430	91	23	of	of	ADP
gujaf-430	91	24	0.0000	0.0000	NUM
gujaf-430	91	25	,	,	PUNCT
gujaf-430	91	26	indicating	indicate	VERB
gujaf-430	91	27	that	that	SCONJ
gujaf-430	91	28	the	the	DET
gujaf-430	91	29	data	data	NOUN
gujaf-430	91	30	is	be	AUX
gujaf-430	91	31	not	not	PART
gujaf-430	91	32	normally	normally	ADV
gujaf-430	91	33	distributed	distribute	VERB
gujaf-430	91	34	and	and	CCONJ
gujaf-430	91	35	contains	contain	VERB
gujaf-430	91	36	extreme	extreme	ADJ
gujaf-430	91	37	values	value	NOUN
gujaf-430	91	38	likely	likely	ADV
gujaf-430	91	39	associated	associate	VERB
gujaf-430	91	40	with	with	ADP
gujaf-430	91	41	policy	policy	NOUN
gujaf-430	91	42	shifts	shift	NOUN
gujaf-430	91	43	and	and	CCONJ
gujaf-430	91	44	currency	currency	NOUN
gujaf-430	91	45	devaluations	devaluation	NOUN
gujaf-430	91	46	.	.	PUNCT
gujaf-430	92	1	the	the	DET
gujaf-430	92	2	inflation	inflation	NOUN
gujaf-430	92	3	rate	rate	NOUN
gujaf-430	92	4	has	have	VERB
gujaf-430	92	5	a	a	DET
gujaf-430	92	6	mean	mean	NOUN
gujaf-430	92	7	of	of	ADP
gujaf-430	92	8	19.25	19.25	NUM
gujaf-430	92	9	%	%	NOUN
gujaf-430	92	10	and	and	CCONJ
gujaf-430	92	11	is	be	AUX
gujaf-430	92	12	also	also	ADV
gujaf-430	92	13	characterized	characterize	VERB
gujaf-430	92	14	by	by	ADP
gujaf-430	92	15	high	high	ADJ
gujaf-430	92	16	volatility	volatility	NOUN
gujaf-430	92	17	,	,	PUNCT
gujaf-430	92	18	as	as	SCONJ
gujaf-430	92	19	shown	show	VERB
gujaf-430	92	20	by	by	ADP
gujaf-430	92	21	the	the	DET
gujaf-430	92	22	standard	standard	ADJ
gujaf-430	92	23	deviation	deviation	NOUN
gujaf-430	92	24	of	of	ADP
gujaf-430	92	25	16.99	16.99	NUM
gujaf-430	92	26	.	.	PUNCT
gujaf-430	93	1	the	the	DET
gujaf-430	93	2	maximum	maximum	ADJ
gujaf-430	93	3	inflation	inflation	NOUN
gujaf-430	93	4	rate	rate	NOUN
gujaf-430	93	5	of	of	ADP
gujaf-430	93	6	72.83	72.83	NUM
gujaf-430	93	7	%	%	NOUN
gujaf-430	93	8	and	and	CCONJ
gujaf-430	93	9	the	the	DET
gujaf-430	93	10	minimum	minimum	NOUN
gujaf-430	93	11	of	of	ADP
gujaf-430	93	12	5.39	5.39	NUM
gujaf-430	93	13	%	%	NOUN
gujaf-430	93	14	suggest	suggest	VERB
gujaf-430	93	15	periods	period	NOUN
gujaf-430	93	16	of	of	ADP
gujaf-430	93	17	macroeconomic	macroeconomic	ADJ
gujaf-430	93	18	instability	instability	NOUN
gujaf-430	93	19	.	.	PUNCT
gujaf-430	94	1	the	the	DET
gujaf-430	94	2	distribution	distribution	NOUN
gujaf-430	94	3	is	be	AUX
gujaf-430	94	4	heavily	heavily	ADV
gujaf-430	94	5	skewed	skewed	ADJ
gujaf-430	94	6	to	to	ADP
gujaf-430	94	7	the	the	DET
gujaf-430	94	8	right	right	NOUN
gujaf-430	94	9	(	(	PUNCT
gujaf-430	94	10	1.79	1.79	NUM
gujaf-430	94	11	)	)	PUNCT
gujaf-430	94	12	and	and	CCONJ
gujaf-430	94	13	has	have	VERB
gujaf-430	94	14	a	a	DET
gujaf-430	94	15	kurtosis	kurtosis	NOUN
gujaf-430	94	16	of	of	ADP
gujaf-430	94	17	5.02	5.02	NUM
gujaf-430	94	18	,	,	PUNCT
gujaf-430	94	19	with	with	ADP
gujaf-430	94	20	a	a	DET
gujaf-430	94	21	jarque	jarque	NOUN
gujaf-430	94	22	-	-	PUNCT
gujaf-430	94	23	bera	bera	NOUN
gujaf-430	94	24	p	p	NOUN
gujaf-430	94	25	-	-	PUNCT
gujaf-430	94	26	value	value	NOUN
gujaf-430	94	27	of	of	ADP
gujaf-430	94	28	0.0000	0.0000	NUM
gujaf-430	94	29	,	,	PUNCT
gujaf-430	94	30	indicating	indicate	VERB
gujaf-430	94	31	strong	strong	ADJ
gujaf-430	94	32	evidence	evidence	NOUN
gujaf-430	94	33	against	against	ADP
gujaf-430	94	34	normality	normality	NOUN
gujaf-430	94	35	in	in	ADP
gujaf-430	94	36	the	the	DET
gujaf-430	94	37	inflation	inflation	NOUN
gujaf-430	94	38	data	datum	NOUN
gujaf-430	94	39	.	.	PUNCT
gujaf-430	95	1	interest	interest	NOUN
gujaf-430	95	2	rate	rate	NOUN
gujaf-430	95	3	,	,	PUNCT
gujaf-430	95	4	with	with	ADP
gujaf-430	95	5	a	a	DET
gujaf-430	95	6	mean	mean	NOUN
gujaf-430	95	7	of	of	ADP
gujaf-430	95	8	17.83	17.83	NUM
gujaf-430	95	9	%	%	NOUN
gujaf-430	95	10	and	and	CCONJ
gujaf-430	95	11	a	a	DET
gujaf-430	95	12	standard	standard	ADJ
gujaf-430	95	13	deviation	deviation	NOUN
gujaf-430	95	14	of	of	ADP
gujaf-430	95	15	4.19	4.19	NUM
gujaf-430	95	16	,	,	PUNCT
gujaf-430	95	17	shows	show	VERB
gujaf-430	95	18	relatively	relatively	ADV
gujaf-430	95	19	less	less	ADJ
gujaf-430	95	20	variation	variation	NOUN
gujaf-430	95	21	.	.	PUNCT
gujaf-430	96	1	its	its	PRON
gujaf-430	96	2	distribution	distribution	NOUN
gujaf-430	96	3	is	be	AUX
gujaf-430	96	4	nearly	nearly	ADV
gujaf-430	96	5	symmetric	symmetric	ADJ
gujaf-430	96	6	and	and	CCONJ
gujaf-430	96	7	closer	close	ADJ
gujaf-430	96	8	to	to	ADP
gujaf-430	96	9	normal	normal	ADJ
gujaf-430	96	10	,	,	PUNCT
gujaf-430	96	11	as	as	SCONJ
gujaf-430	96	12	shown	show	VERB
gujaf-430	96	13	by	by	ADP
gujaf-430	96	14	a	a	DET
gujaf-430	96	15	jarquebera	jarquebera	PROPN
gujaf-430	96	16	p	p	NOUN
gujaf-430	96	17	-	-	PUNCT
gujaf-430	96	18	value	value	NOUN
gujaf-430	96	19	of	of	ADP
gujaf-430	96	20	0.1591	0.1591	NUM
gujaf-430	96	21	.	.	PUNCT
gujaf-430	97	1	gross	gross	ADJ
gujaf-430	97	2	domestic	domestic	ADJ
gujaf-430	97	3	product	product	NOUN
gujaf-430	97	4	(	(	PUNCT
gujaf-430	97	5	gdp	gdp	NOUN
gujaf-430	97	6	)	)	PUNCT
gujaf-430	97	7	,	,	PUNCT
gujaf-430	97	8	measured	measure	VERB
gujaf-430	97	9	in	in	ADP
gujaf-430	97	10	billions	billion	NOUN
gujaf-430	97	11	of	of	ADP
gujaf-430	97	12	naira	naira	NUM
gujaf-430	97	13	,	,	PUNCT
gujaf-430	97	14	shows	show	VERB
gujaf-430	97	15	a	a	DET
gujaf-430	97	16	mean	mean	NOUN
gujaf-430	97	17	of	of	ADP
gujaf-430	97	18	₦	₦	PROPN
gujaf-430	97	19	50,660.65	50,660.65	NUM
gujaf-430	97	20	billion	billion	NUM
gujaf-430	97	21	with	with	ADP
gujaf-430	97	22	a	a	DET
gujaf-430	97	23	large	large	ADJ
gujaf-430	97	24	variation	variation	NOUN
gujaf-430	97	25	from	from	ADP
gujaf-430	97	26	₦	₦	PROPN
gujaf-430	97	27	187.83	187.83	NUM
gujaf-430	97	28	billion	billion	NUM
gujaf-430	97	29	to	to	ADP
gujaf-430	97	30	₦	₦	PROPN
gujaf-430	97	31	234,425.90	234,425.90	NUM
gujaf-430	97	32	billion	billion	NUM
gujaf-430	97	33	.	.	PUNCT
gujaf-430	98	1	the	the	DET
gujaf-430	98	2	high	high	ADJ
gujaf-430	98	3	standard	standard	ADJ
gujaf-430	98	4	deviation	deviation	NOUN
gujaf-430	98	5	of	of	ADP
gujaf-430	98	6	₦	₦	ADV
gujaf-430	98	7	63,943.52	63,943.52	NUM
gujaf-430	98	8	billion	billion	NUM
gujaf-430	98	9	reflects	reflect	VERB
gujaf-430	98	10	the	the	DET
gujaf-430	98	11	substantial	substantial	ADJ
gujaf-430	98	12	growth	growth	NOUN
gujaf-430	98	13	in	in	ADP
gujaf-430	98	14	the	the	DET
gujaf-430	98	15	nigerian	nigerian	ADJ
gujaf-430	98	16	economy	economy	NOUN
gujaf-430	98	17	over	over	ADP
gujaf-430	98	18	time	time	NOUN
gujaf-430	98	19	.	.	PUNCT
gujaf-430	99	1	the	the	DET
gujaf-430	99	2	distribution	distribution	NOUN
gujaf-430	99	3	is	be	AUX
gujaf-430	99	4	right	right	ADV
gujaf-430	99	5	-	-	PUNCT
gujaf-430	99	6	skewed	skewed	ADJ
gujaf-430	99	7	(	(	PUNCT
gujaf-430	99	8	1.29	1.29	NUM
gujaf-430	99	9	)	)	PUNCT
gujaf-430	99	10	and	and	CCONJ
gujaf-430	99	11	leptokurtic	leptokurtic	ADJ
gujaf-430	99	12	(	(	PUNCT
gujaf-430	99	13	3.69	3.69	NUM
gujaf-430	99	14	)	)	PUNCT
gujaf-430	99	15	,	,	PUNCT
gujaf-430	99	16	with	with	ADP
gujaf-430	99	17	a	a	DET
gujaf-430	99	18	jarque	jarque	NOUN
gujaf-430	99	19	-	-	PUNCT
gujaf-430	99	20	bera	bera	NOUN
gujaf-430	99	21	p	p	NOUN
gujaf-430	99	22	-	-	PUNCT
gujaf-430	99	23	value	value	NOUN
gujaf-430	99	24	of	of	ADP
gujaf-430	99	25	0.0031	0.0031	NUM
gujaf-430	99	26	,	,	PUNCT
gujaf-430	99	27	indicating	indicate	VERB
gujaf-430	99	28	nonnormality	nonnormality	NOUN
gujaf-430	99	29	,	,	PUNCT
gujaf-430	99	30	likely	likely	ADJ
gujaf-430	99	31	due	due	ADP
gujaf-430	99	32	to	to	ADP
gujaf-430	99	33	structural	structural	ADJ
gujaf-430	99	34	economic	economic	ADJ
gujaf-430	99	35	changes	change	NOUN
gujaf-430	99	36	and	and	CCONJ
gujaf-430	99	37	inflation	inflation	NOUN
gujaf-430	99	38	adjustments	adjustment	NOUN
gujaf-430	99	39	over	over	ADP
gujaf-430	99	40	time	time	NOUN
gujaf-430	99	41	.	.	PUNCT
gujaf-430	100	1	fdi	fdi	NOUN
gujaf-430	100	2	inflows	inflow	NOUN
gujaf-430	100	3	,	,	PUNCT
gujaf-430	100	4	expressed	express	VERB
gujaf-430	100	5	as	as	ADP
gujaf-430	100	6	a	a	DET
gujaf-430	100	7	percentage	percentage	NOUN
gujaf-430	100	8	of	of	ADP
gujaf-430	100	9	gdp	gdp	NOUN
gujaf-430	100	10	,	,	PUNCT
gujaf-430	100	11	have	have	VERB
gujaf-430	100	12	a	a	DET
gujaf-430	100	13	relatively	relatively	ADV
gujaf-430	100	14	low	low	ADJ
gujaf-430	100	15	average	average	NOUN
gujaf-430	100	16	of	of	ADP
gujaf-430	100	17	1.31	1.31	NUM
gujaf-430	100	18	%	%	NOUN
gujaf-430	100	19	and	and	CCONJ
gujaf-430	100	20	a	a	DET
gujaf-430	100	21	standard	standard	ADJ
gujaf-430	100	22	deviation	deviation	NOUN
gujaf-430	100	23	of	of	ADP
gujaf-430	100	24	0.95	0.95	NUM
gujaf-430	100	25	,	,	PUNCT
gujaf-430	100	26	suggesting	suggest	VERB
gujaf-430	100	27	modest	modest	ADJ
gujaf-430	100	28	inflows	inflow	NOUN
gujaf-430	100	29	with	with	ADP
gujaf-430	100	30	occasional	occasional	ADJ
gujaf-430	100	31	spikes	spike	NOUN
gujaf-430	100	32	.	.	PUNCT
gujaf-430	101	1	its	its	PRON
gujaf-430	101	2	jarque	jarque	NOUN
gujaf-430	101	3	-	-	PUNCT
gujaf-430	101	4	bera	bera	NOUN
gujaf-430	101	5	p	p	NOUN
gujaf-430	101	6	-	-	PUNCT
gujaf-430	101	7	value	value	NOUN
gujaf-430	101	8	of	of	ADP
gujaf-430	101	9	0.0669	0.0669	NUM
gujaf-430	101	10	shows	show	VERB
gujaf-430	101	11	slight	slight	ADJ
gujaf-430	101	12	deviation	deviation	NOUN
gujaf-430	101	13	from	from	ADP
gujaf-430	101	14	normality	normality	NOUN
gujaf-430	101	15	.	.	PUNCT
gujaf-430	102	1	public	public	ADJ
gujaf-430	102	2	spending	spending	NOUN
gujaf-430	102	3	has	have	VERB
gujaf-430	102	4	a	a	DET
gujaf-430	102	5	mean	mean	NOUN
gujaf-430	102	6	of	of	ADP
gujaf-430	102	7	₦	₦	PROPN
gujaf-430	102	8	3,512.22	3,512.22	NUM
gujaf-430	102	9	billion	billion	NUM
gujaf-430	102	10	and	and	CCONJ
gujaf-430	102	11	varies	vary	VERB
gujaf-430	102	12	significantly	significantly	ADV
gujaf-430	102	13	over	over	ADP
gujaf-430	102	14	time	time	NOUN
gujaf-430	102	15	,	,	PUNCT
gujaf-430	102	16	ranging	range	VERB
gujaf-430	102	17	from	from	ADP
gujaf-430	102	18	₦	₦	PROPN
gujaf-430	102	19	13.04	13.04	NUM
gujaf-430	102	20	billion	billion	NUM
gujaf-430	102	21	to	to	ADP
gujaf-430	102	22	₦	₦	PROPN
gujaf-430	102	23	19,808.44	19,808.44	NUM
gujaf-430	102	24	billion	billion	NUM
gujaf-430	102	25	.	.	PUNCT
gujaf-430	103	1	its	its	PRON
gujaf-430	103	2	distribution	distribution	NOUN
gujaf-430	103	3	is	be	AUX
gujaf-430	103	4	highly	highly	ADV
gujaf-430	103	5	skewed	skewed	ADJ
gujaf-430	103	6	(	(	PUNCT
gujaf-430	103	7	1.81	1.81	NUM
gujaf-430	103	8	)	)	PUNCT
gujaf-430	103	9	and	and	CCONJ
gujaf-430	103	10	leptokurtic	leptokurtic	ADJ
gujaf-430	103	11	(	(	PUNCT
gujaf-430	103	12	6.10	6.10	NUM
gujaf-430	103	13	)	)	PUNCT
gujaf-430	103	14	,	,	PUNCT
gujaf-430	103	15	and	and	CCONJ
gujaf-430	103	16	the	the	DET
gujaf-430	103	17	jarque	jarque	NOUN
gujaf-430	103	18	-	-	PUNCT
gujaf-430	103	19	bera	bera	NOUN
gujaf-430	103	20	p	p	NOUN
gujaf-430	103	21	-	-	PUNCT
gujaf-430	103	22	value	value	NOUN
gujaf-430	103	23	of	of	ADP
gujaf-430	103	24	0.0000	0.0000	NUM
gujaf-430	103	25	shows	show	VERB
gujaf-430	103	26	significant	significant	ADJ
gujaf-430	103	27	deviation	deviation	NOUN
gujaf-430	103	28	from	from	ADP
gujaf-430	103	29	normality	normality	NOUN
gujaf-430	103	30	.	.	PUNCT
gujaf-430	104	1	overall	overall	ADV
gujaf-430	104	2	,	,	PUNCT
gujaf-430	104	3	the	the	DET
gujaf-430	104	4	descriptive	descriptive	ADJ
gujaf-430	104	5	statistics	statistic	NOUN
gujaf-430	104	6	reveal	reveal	VERB
gujaf-430	104	7	that	that	SCONJ
gujaf-430	104	8	most	most	ADJ
gujaf-430	104	9	of	of	ADP
gujaf-430	104	10	the	the	DET
gujaf-430	104	11	variables	variable	NOUN
gujaf-430	104	12	exhibit	exhibit	VERB
gujaf-430	104	13	substantial	substantial	ADJ
gujaf-430	104	14	variability	variability	NOUN
gujaf-430	104	15	,	,	PUNCT
gujaf-430	104	16	skewness	skewness	NOUN
gujaf-430	104	17	,	,	PUNCT
gujaf-430	104	18	and	and	CCONJ
gujaf-430	104	19	deviations	deviation	NOUN
gujaf-430	104	20	from	from	ADP
gujaf-430	104	21	normality	normality	NOUN
gujaf-430	104	22	,	,	PUNCT
gujaf-430	104	23	indicating	indicate	VERB
gujaf-430	104	24	the	the	DET
gujaf-430	104	25	presence	presence	NOUN
gujaf-430	104	26	of	of	ADP
gujaf-430	104	27	macroeconomic	macroeconomic	ADJ
gujaf-430	104	28	instability	instability	NOUN
gujaf-430	104	29	and	and	CCONJ
gujaf-430	104	30	structural	structural	ADJ
gujaf-430	104	31	transformations	transformation	NOUN
gujaf-430	104	32	over	over	ADP
gujaf-430	104	33	time	time	NOUN
gujaf-430	104	34	.	.	PUNCT
gujaf-430	105	1	these	these	DET
gujaf-430	105	2	characteristics	characteristic	NOUN
gujaf-430	105	3	suggest	suggest	VERB
gujaf-430	105	4	the	the	DET
gujaf-430	105	5	need	need	NOUN
gujaf-430	105	6	for	for	ADP
gujaf-430	105	7	formal	formal	ADJ
gujaf-430	105	8	stationarity	stationarity	NOUN
gujaf-430	105	9	testing	testing	NOUN
gujaf-430	105	10	to	to	PART
gujaf-430	105	11	assess	assess	VERB
gujaf-430	105	12	the	the	DET
gujaf-430	105	13	suitability	suitability	NOUN
gujaf-430	105	14	of	of	ADP
gujaf-430	105	15	these	these	DET
gujaf-430	105	16	series	series	NOUN
gujaf-430	105	17	for	for	ADP
gujaf-430	105	18	econometric	econometric	ADJ
gujaf-430	105	19	modeling	modeling	NOUN
gujaf-430	105	20	.	.	PUNCT
gujaf-430	106	1	the	the	DET
gujaf-430	106	2	next	next	ADJ
gujaf-430	106	3	section	section	NOUN
gujaf-430	106	4	will	will	AUX
gujaf-430	106	5	address	address	VERB
gujaf-430	106	6	this	this	PRON
gujaf-430	106	7	through	through	ADP
gujaf-430	106	8	unit	unit	NOUN
gujaf-430	106	9	root	root	NOUN
gujaf-430	106	10	tests	test	NOUN
gujaf-430	106	11	to	to	PART
gujaf-430	106	12	determine	determine	VERB
gujaf-430	106	13	the	the	DET
gujaf-430	106	14	order	order	NOUN
gujaf-430	106	15	of	of	ADP
gujaf-430	106	16	integration	integration	NOUN
gujaf-430	106	17	of	of	ADP
gujaf-430	106	18	each	each	DET
gujaf-430	106	19	variable	variable	NOUN
gujaf-430	106	20	.	.	PUNCT
gujaf-430	107	1	table	table	NOUN
gujaf-430	107	2	2	2	NUM
gujaf-430	107	3	:	:	PUNCT
gujaf-430	107	4	panel	panel	NOUN
gujaf-430	107	5	unit	unit	NOUN
gujaf-430	107	6	root	root	PROPN
gujaf-430	107	7	test	test	NOUN
gujaf-430	107	8	results	result	NOUN
gujaf-430	107	9	(	(	PUNCT
gujaf-430	107	10	adf	adf	NOUN
gujaf-430	107	11	approach	approach	NOUN
gujaf-430	107	12	)	)	PUNCT
gujaf-430	107	13	variables	variables	PROPN
gujaf-430	107	14	adf	adf	PROPN
gujaf-430	107	15	test	test	NOUN
gujaf-430	107	16	stat	stat	PROPN
gujaf-430	107	17	.	.	PUNCT
gujaf-430	108	1	(	(	PUNCT
gujaf-430	108	2	pvalue	pvalue	NOUN
gujaf-430	108	3	)	)	PUNCT
gujaf-430	108	4	order	order	NOUN
gujaf-430	108	5	of	of	ADP
gujaf-430	108	6	integration	integration	NOUN
gujaf-430	108	7	asi	asi	NOUN
gujaf-430	108	8	0.0000	0.0000	NUM
gujaf-430	108	9	i(1	i(1	NOUN
gujaf-430	108	10	)	)	PUNCT
gujaf-430	109	1	er	er	VERB
gujaf-430	109	2	0.0002	0.0002	NUM
gujaf-430	109	3	i(1	i(1	PROPN
gujaf-430	109	4	)	)	PUNCT
gujaf-430	109	5	ifr	ifr	PROPN
gujaf-430	109	6	0.0011	0.0011	NUM
gujaf-430	109	7	i(1	i(1	PROPN
gujaf-430	109	8	)	)	PUNCT
gujaf-430	109	9	ir	ir	PROPN
gujaf-430	110	1	0.0093	0.0093	PROPN
gujaf-430	110	2	i(0	i(0	PROPN
gujaf-430	110	3	)	)	PUNCT
gujaf-430	110	4	gdp	gdp	NOUN
gujaf-430	110	5	0.0106	0.0106	NUM
gujaf-430	110	6	i(1	i(1	PROPN
gujaf-430	110	7	)	)	PUNCT
gujaf-430	110	8	fdi	fdi	NOUN
gujaf-430	110	9	0.0163	0.0163	NUM
gujaf-430	110	10	i(0	i(0	PROPN
gujaf-430	110	11	)	)	PUNCT
gujaf-430	110	12	psg	psg	PROPN
gujaf-430	110	13	0.0000	0.0000	NUM
gujaf-430	110	14	i(1	i(1	PROPN
gujaf-430	110	15	)	)	PUNCT
gujaf-430	110	16	source	source	NOUN
gujaf-430	110	17	:	:	PUNCT
gujaf-430	110	18	researcher	researcher	NOUN
gujaf-430	110	19	’s	’s	PART
gujaf-430	110	20	computation	computation	NOUN
gujaf-430	110	21	,	,	PUNCT
gujaf-430	110	22	2025	2025	NUM
gujaf-430	110	23	.	.	PUNCT
gujaf-430	111	1	gusau	gusau	PROPN
gujaf-430	111	2	journal	journal	PROPN
gujaf-430	111	3	of	of	ADP
gujaf-430	111	4	accounting	accounting	NOUN
gujaf-430	111	5	and	and	CCONJ
gujaf-430	111	6	finance	finance	NOUN
gujaf-430	111	7	,	,	PUNCT
gujaf-430	111	8	vol.6	vol.6	PROPN
gujaf-430	111	9	,	,	PUNCT
gujaf-430	111	10	issue	issue	NOUN
gujaf-430	111	11	2	2	NUM
gujaf-430	111	12	,	,	PUNCT
gujaf-430	111	13	april	april	PROPN
gujaf-430	111	14	,	,	PUNCT
gujaf-430	111	15	2025	2025	NUM
gujaf-430	111	16	289	289	NUM
gujaf-430	111	17	interest	interest	NOUN
gujaf-430	111	18	rate	rate	NOUN
gujaf-430	111	19	(	(	PUNCT
gujaf-430	111	20	ir	ir	NOUN
gujaf-430	111	21	)	)	PUNCT
gujaf-430	111	22	and	and	CCONJ
gujaf-430	111	23	foreign	foreign	ADJ
gujaf-430	111	24	direct	direct	ADJ
gujaf-430	111	25	investment	investment	NOUN
gujaf-430	111	26	(	(	PUNCT
gujaf-430	111	27	fdi	fdi	NOUN
gujaf-430	111	28	)	)	PUNCT
gujaf-430	111	29	appear	appear	VERB
gujaf-430	111	30	to	to	PART
gujaf-430	111	31	be	be	AUX
gujaf-430	111	32	stationary	stationary	ADJ
gujaf-430	111	33	at	at	ADP
gujaf-430	111	34	the	the	DET
gujaf-430	111	35	level	level	NOUN
gujaf-430	111	36	,	,	PUNCT
gujaf-430	111	37	indicating	indicate	VERB
gujaf-430	111	38	i(0	i(0	PROPN
gujaf-430	111	39	)	)	PUNCT
gujaf-430	111	40	,	,	PUNCT
gujaf-430	111	41	while	while	SCONJ
gujaf-430	111	42	gdp	gdp	NOUN
gujaf-430	111	43	(	(	PUNCT
gujaf-430	111	44	in	in	ADP
gujaf-430	111	45	logarithmic	logarithmic	ADJ
gujaf-430	111	46	form	form	NOUN
gujaf-430	111	47	)	)	PUNCT
gujaf-430	111	48	is	be	AUX
gujaf-430	111	49	found	find	VERB
gujaf-430	111	50	to	to	PART
gujaf-430	111	51	be	be	AUX
gujaf-430	111	52	stationary	stationary	ADJ
gujaf-430	111	53	at	at	ADP
gujaf-430	111	54	first	first	ADJ
gujaf-430	111	55	difference	difference	NOUN
gujaf-430	111	56	,	,	PUNCT
gujaf-430	111	57	confirming	confirm	VERB
gujaf-430	111	58	it	it	PRON
gujaf-430	111	59	is	be	AUX
gujaf-430	111	60	i(1	i(1	NOUN
gujaf-430	111	61	)	)	PUNCT
gujaf-430	111	62	.	.	PUNCT
gujaf-430	112	1	these	these	DET
gujaf-430	112	2	findings	finding	NOUN
gujaf-430	112	3	are	be	AUX
gujaf-430	112	4	important	important	ADJ
gujaf-430	112	5	for	for	ADP
gujaf-430	112	6	choosing	choose	VERB
gujaf-430	112	7	the	the	DET
gujaf-430	112	8	appropriate	appropriate	ADJ
gujaf-430	112	9	estimation	estimation	NOUN
gujaf-430	112	10	technique	technique	NOUN
gujaf-430	112	11	for	for	ADP
gujaf-430	112	12	subsequent	subsequent	ADJ
gujaf-430	112	13	regression	regression	NOUN
gujaf-430	112	14	analysis	analysis	NOUN
gujaf-430	112	15	.	.	PUNCT
gujaf-430	113	1	since	since	SCONJ
gujaf-430	113	2	the	the	DET
gujaf-430	113	3	variables	variable	NOUN
gujaf-430	113	4	are	be	AUX
gujaf-430	113	5	integrated	integrate	VERB
gujaf-430	113	6	at	at	ADP
gujaf-430	113	7	various	various	ADJ
gujaf-430	113	8	orders	order	NOUN
gujaf-430	113	9	(	(	PUNCT
gujaf-430	113	10	i(0	i(0	PROPN
gujaf-430	113	11	)	)	PUNCT
gujaf-430	113	12	and	and	CCONJ
gujaf-430	113	13	i(1	i(1	NOUN
gujaf-430	113	14	)	)	PUNCT
gujaf-430	113	15	)	)	PUNCT
gujaf-430	113	16	,	,	PUNCT
gujaf-430	113	17	techniques	technique	NOUN
gujaf-430	113	18	that	that	PRON
gujaf-430	113	19	assume	assume	VERB
gujaf-430	113	20	all	all	DET
gujaf-430	113	21	series	serie	NOUN
gujaf-430	113	22	are	be	AUX
gujaf-430	113	23	of	of	ADP
gujaf-430	113	24	the	the	DET
gujaf-430	113	25	same	same	ADJ
gujaf-430	113	26	order	order	NOUN
gujaf-430	113	27	of	of	ADP
gujaf-430	113	28	integration	integration	NOUN
gujaf-430	113	29	,	,	PUNCT
gujaf-430	113	30	such	such	ADJ
gujaf-430	113	31	as	as	ADP
gujaf-430	113	32	standard	standard	ADJ
gujaf-430	113	33	ols	ol	NOUN
gujaf-430	113	34	,	,	PUNCT
gujaf-430	113	35	may	may	AUX
gujaf-430	113	36	not	not	PART
gujaf-430	113	37	be	be	AUX
gujaf-430	113	38	appropriate	appropriate	ADJ
gujaf-430	113	39	.	.	PUNCT
gujaf-430	114	1	this	this	DET
gujaf-430	114	2	mixture	mixture	NOUN
gujaf-430	114	3	calls	call	VERB
gujaf-430	114	4	for	for	ADP
gujaf-430	114	5	methods	method	NOUN
gujaf-430	114	6	such	such	ADJ
gujaf-430	114	7	as	as	ADP
gujaf-430	114	8	the	the	DET
gujaf-430	114	9	ardl	ardl	NOUN
gujaf-430	114	10	model	model	NOUN
gujaf-430	114	11	,	,	PUNCT
gujaf-430	114	12	which	which	PRON
gujaf-430	114	13	is	be	AUX
gujaf-430	114	14	fit	fit	ADJ
gujaf-430	114	15	for	for	ADP
gujaf-430	114	16	a	a	DET
gujaf-430	114	17	mixture	mixture	NOUN
gujaf-430	114	18	of	of	ADP
gujaf-430	114	19	i(0	i(0	PROPN
gujaf-430	114	20	)	)	PUNCT
gujaf-430	114	21	and	and	CCONJ
gujaf-430	114	22	i(1	i(1	PROPN
gujaf-430	114	23	)	)	PUNCT
gujaf-430	114	24	variables	variable	NOUN
gujaf-430	114	25	,	,	PUNCT
gujaf-430	114	26	or	or	CCONJ
gujaf-430	114	27	more	more	ADV
gujaf-430	114	28	advanced	advanced	ADJ
gujaf-430	114	29	panel	panel	NOUN
gujaf-430	114	30	cointegration	cointegration	NOUN
gujaf-430	114	31	approaches	approach	NOUN
gujaf-430	114	32	if	if	SCONJ
gujaf-430	114	33	long	long	ADV
gujaf-430	114	34	-	-	PUNCT
gujaf-430	114	35	run	run	NOUN
gujaf-430	114	36	relationships	relationship	NOUN
gujaf-430	114	37	are	be	AUX
gujaf-430	114	38	to	to	PART
gujaf-430	114	39	be	be	AUX
gujaf-430	114	40	established	establish	VERB
gujaf-430	114	41	.	.	PUNCT
gujaf-430	115	1	table	table	NOUN
gujaf-430	115	2	3	3	NUM
gujaf-430	115	3	:	:	PUNCT
gujaf-430	115	4	ardl	ardl	NOUN
gujaf-430	115	5	bounds	bound	NOUN
gujaf-430	115	6	test	test	NOUN
gujaf-430	115	7	(	(	PUNCT
gujaf-430	115	8	co	co	NOUN
gujaf-430	115	9	-	-	NOUN
gujaf-430	115	10	integration	integration	NOUN
gujaf-430	115	11	)	)	PUNCT
gujaf-430	115	12	test	test	NOUN
gujaf-430	115	13	statistic	statistic	NOUN
gujaf-430	115	14	value	value	NOUN
gujaf-430	115	15	significance	significance	NOUN
gujaf-430	115	16	level	level	NOUN
gujaf-430	115	17	i(0	i(0	PROPN
gujaf-430	115	18	)	)	PUNCT
gujaf-430	115	19	i(1	i(1	PROPN
gujaf-430	115	20	)	)	PUNCT
gujaf-430	115	21	f	f	X
gujaf-430	115	22	-	-	PUNCT
gujaf-430	115	23	statistic	statistic	NOUN
gujaf-430	115	24	24.90932	24.90932	NUM
gujaf-430	115	25	10	10	NUM
gujaf-430	115	26	%	%	NOUN
gujaf-430	115	27	2.53	2.53	NUM
gujaf-430	115	28	3.59	3.59	NUM
gujaf-430	115	29	5	5	NUM
gujaf-430	115	30	%	%	NOUN
gujaf-430	115	31	2.87	2.87	NUM
gujaf-430	115	32	4	4	NUM
gujaf-430	115	33	2.50	2.50	NUM
gujaf-430	115	34	%	%	NOUN
gujaf-430	115	35	3.19	3.19	NUM
gujaf-430	115	36	4.38	4.38	NUM
gujaf-430	115	37	1	1	NUM
gujaf-430	115	38	%	%	NOUN
gujaf-430	115	39	3.6	3.6	NUM
gujaf-430	115	40	4.9	4.9	NUM
gujaf-430	115	41	k	k	NOUN
gujaf-430	115	42	(	(	PUNCT
gujaf-430	115	43	no	no	INTJ
gujaf-430	115	44	.	.	NOUN
gujaf-430	115	45	of	of	ADP
gujaf-430	115	46	regressors	regressor	NOUN
gujaf-430	115	47	)	)	PUNCT
gujaf-430	115	48	6	6	NUM
gujaf-430	115	49	source	source	NOUN
gujaf-430	115	50	:	:	PUNCT
gujaf-430	115	51	researcher	researcher	NOUN
gujaf-430	115	52	’s	’s	PART
gujaf-430	115	53	computation	computation	NOUN
gujaf-430	115	54	,	,	PUNCT
gujaf-430	115	55	2025	2025	NUM
gujaf-430	115	56	.	.	PUNCT
gujaf-430	116	1	the	the	DET
gujaf-430	116	2	f	f	NOUN
gujaf-430	116	3	-	-	PUNCT
gujaf-430	116	4	statistic	statistic	ADJ
gujaf-430	116	5	value	value	NOUN
gujaf-430	116	6	of	of	ADP
gujaf-430	116	7	24.90932	24.90932	NUM
gujaf-430	116	8	significantly	significantly	ADV
gujaf-430	116	9	exceeds	exceed	VERB
gujaf-430	116	10	all	all	DET
gujaf-430	116	11	the	the	DET
gujaf-430	116	12	upper	upper	ADJ
gujaf-430	116	13	critical	critical	ADJ
gujaf-430	116	14	bounds	bound	NOUN
gujaf-430	116	15	.	.	PUNCT
gujaf-430	117	1	this	this	DET
gujaf-430	117	2	outcome	outcome	NOUN
gujaf-430	117	3	implies	imply	VERB
gujaf-430	117	4	that	that	SCONJ
gujaf-430	117	5	a	a	DET
gujaf-430	117	6	statistically	statistically	ADV
gujaf-430	117	7	significant	significant	ADJ
gujaf-430	117	8	long	long	ADJ
gujaf-430	117	9	-	-	PUNCT
gujaf-430	117	10	run	run	VERB
gujaf-430	117	11	co	co	ADJ
gujaf-430	117	12	-	-	ADJ
gujaf-430	117	13	integrating	integrating	ADJ
gujaf-430	117	14	relationship	relationship	NOUN
gujaf-430	117	15	exists	exist	VERB
gujaf-430	117	16	between	between	ADP
gujaf-430	117	17	asi	asi	NOUN
gujaf-430	117	18	and	and	CCONJ
gujaf-430	117	19	the	the	DET
gujaf-430	117	20	set	set	NOUN
gujaf-430	117	21	of	of	ADP
gujaf-430	117	22	macroeconomic	macroeconomic	ADJ
gujaf-430	117	23	variables	variable	NOUN
gujaf-430	117	24	included	include	VERB
gujaf-430	117	25	in	in	ADP
gujaf-430	117	26	the	the	DET
gujaf-430	117	27	model	model	NOUN
gujaf-430	117	28	.	.	PUNCT
gujaf-430	118	1	the	the	DET
gujaf-430	118	2	presence	presence	NOUN
gujaf-430	118	3	of	of	ADP
gujaf-430	118	4	co	co	NOUN
gujaf-430	118	5	-	-	NOUN
gujaf-430	118	6	integration	integration	NOUN
gujaf-430	118	7	validates	validate	VERB
gujaf-430	118	8	the	the	DET
gujaf-430	118	9	appropriateness	appropriateness	NOUN
gujaf-430	118	10	of	of	ADP
gujaf-430	118	11	applying	apply	VERB
gujaf-430	118	12	the	the	DET
gujaf-430	118	13	ardl	ardl	NOUN
gujaf-430	118	14	-	-	PUNCT
gujaf-430	118	15	ecm	ecm	NOUN
gujaf-430	118	16	approach	approach	NOUN
gujaf-430	118	17	to	to	PART
gujaf-430	118	18	examine	examine	VERB
gujaf-430	118	19	both	both	CCONJ
gujaf-430	118	20	the	the	DET
gujaf-430	118	21	short	short	ADJ
gujaf-430	118	22	-	-	PUNCT
gujaf-430	118	23	run	run	NOUN
gujaf-430	118	24	dynamics	dynamic	NOUN
gujaf-430	118	25	and	and	CCONJ
gujaf-430	118	26	long	long	ADV
gujaf-430	118	27	-	-	PUNCT
gujaf-430	118	28	run	run	VERB
gujaf-430	118	29	equilibrium	equilibrium	NOUN
gujaf-430	118	30	of	of	ADP
gujaf-430	118	31	the	the	DET
gujaf-430	118	32	relationship	relationship	NOUN
gujaf-430	118	33	.	.	PUNCT
gujaf-430	119	1	this	this	DET
gujaf-430	119	2	result	result	NOUN
gujaf-430	119	3	is	be	AUX
gujaf-430	119	4	consistent	consistent	ADJ
gujaf-430	119	5	with	with	ADP
gujaf-430	119	6	economic	economic	ADJ
gujaf-430	119	7	theory	theory	NOUN
gujaf-430	119	8	,	,	PUNCT
gujaf-430	119	9	which	which	PRON
gujaf-430	119	10	postulates	postulate	VERB
gujaf-430	119	11	that	that	SCONJ
gujaf-430	119	12	stock	stock	NOUN
gujaf-430	119	13	market	market	NOUN
gujaf-430	119	14	performance	performance	NOUN
gujaf-430	119	15	tends	tend	VERB
gujaf-430	119	16	to	to	PART
gujaf-430	119	17	move	move	VERB
gujaf-430	119	18	in	in	ADP
gujaf-430	119	19	the	the	DET
gujaf-430	119	20	long	long	ADJ
gujaf-430	119	21	run	run	NOUN
gujaf-430	119	22	with	with	ADP
gujaf-430	119	23	fundamental	fundamental	ADJ
gujaf-430	119	24	macroeconomic	macroeconomic	ADJ
gujaf-430	119	25	indicators	indicator	NOUN
gujaf-430	119	26	.	.	PUNCT
gujaf-430	120	1	the	the	DET
gujaf-430	120	2	confirmation	confirmation	NOUN
gujaf-430	120	3	of	of	ADP
gujaf-430	120	4	a	a	DET
gujaf-430	120	5	longrun	longrun	NOUN
gujaf-430	120	6	relationship	relationship	NOUN
gujaf-430	120	7	also	also	ADV
gujaf-430	120	8	suggests	suggest	VERB
gujaf-430	120	9	that	that	SCONJ
gujaf-430	120	10	policy	policy	NOUN
gujaf-430	120	11	or	or	CCONJ
gujaf-430	120	12	structural	structural	ADJ
gujaf-430	120	13	shocks	shock	NOUN
gujaf-430	120	14	to	to	ADP
gujaf-430	120	15	any	any	PRON
gujaf-430	120	16	of	of	ADP
gujaf-430	120	17	these	these	DET
gujaf-430	120	18	variables	variable	NOUN
gujaf-430	120	19	can	can	AUX
gujaf-430	120	20	have	have	VERB
gujaf-430	120	21	enduring	enduring	ADJ
gujaf-430	120	22	impacts	impact	NOUN
gujaf-430	120	23	on	on	ADP
gujaf-430	120	24	the	the	DET
gujaf-430	120	25	nigerian	nigerian	ADJ
gujaf-430	120	26	stock	stock	NOUN
gujaf-430	120	27	market	market	NOUN
gujaf-430	120	28	.	.	PUNCT
gujaf-430	121	1	ardl	ardl	NOUN
gujaf-430	121	2	regression	regression	PROPN
gujaf-430	121	3	results	result	NOUN
gujaf-430	121	4	table	table	VERB
gujaf-430	121	5	4	4	NUM
gujaf-430	121	6	:	:	PUNCT
gujaf-430	121	7	long	long	ADJ
gujaf-430	121	8	-	-	PUNCT
gujaf-430	121	9	run	run	VERB
gujaf-430	121	10	coefficients	coefficient	NOUN
gujaf-430	121	11	from	from	ADP
gujaf-430	121	12	ardl	ardl	NOUN
gujaf-430	121	13	model	model	NOUN
gujaf-430	121	14	variable	variable	ADJ
gujaf-430	121	15	coefficient	coefficient	NOUN
gujaf-430	121	16	std	std	PROPN
gujaf-430	121	17	.	.	NOUN
gujaf-430	121	18	error	error	NOUN
gujaf-430	121	19	t	t	NOUN
gujaf-430	121	20	-	-	PUNCT
gujaf-430	121	21	statistic	statistic	NOUN
gujaf-430	121	22	prob	prob	NOUN
gujaf-430	121	23	.	.	PUNCT
gujaf-430	122	1	er	er	INTJ
gujaf-430	122	2	-1610.46	-1610.46	NUM
gujaf-430	122	3	198.5833	198.5833	NUM
gujaf-430	122	4	-8.10837	-8.10837	X
gujaf-430	122	5	0.0014	0.0014	NUM
gujaf-430	122	6	ifr	ifr	PROPN
gujaf-430	122	7	13978.66	13978.66	NUM
gujaf-430	122	8	764.4482	764.4482	NUM
gujaf-430	122	9	18.28703	18.28703	NUM
gujaf-430	122	10	0.0003	0.0003	NUM
gujaf-430	122	11	ir	ir	PROPN
gujaf-430	122	12	2138.724	2138.724	NUM
gujaf-430	122	13	451.2657	451.2657	NUM
gujaf-430	122	14	4.738249	4.738249	NUM
gujaf-430	122	15	0.0089	0.0089	NUM
gujaf-430	122	16	log	log	PROPN
gujaf-430	122	17	gdp	gdp	NOUN
gujaf-430	122	18	137000000	137000000	NUM
gujaf-430	122	19	39949412	39949412	NUM
gujaf-430	122	20	3.433778	3.433778	NUM
gujaf-430	122	21	0.0269	0.0269	NUM
gujaf-430	122	22	fdi	fdi	NOUN
gujaf-430	122	23	-35337.30	-35337.30	NUM
gujaf-430	122	24	2783.74	2783.74	NUM
gujaf-430	122	25	-12.6962	-12.6962	NUM
gujaf-430	122	26	0.0007	0.0007	NUM
gujaf-430	122	27	log	log	NOUN
gujaf-430	122	28	psg	psg	PROPN
gujaf-430	122	29	27600000	27600000	NUM
gujaf-430	122	30	4487259	4487259	NUM
gujaf-430	123	1	6.147413	6.147413	NUM
gujaf-430	123	2	0.0032	0.0032	NUM
gujaf-430	123	3	c	c	NOUN
gujaf-430	123	4	-1380000000	-1380000000	PROPN
gujaf-430	123	5	345000000	345000000	NUM
gujaf-430	123	6	-3.9935	-3.9935	NOUN
gujaf-430	123	7	0.0174	0.0174	NUM
gujaf-430	123	8	@trend	@trend	PROPN
gujaf-430	124	1	-23470.7	-23470.7	NOUN
gujaf-430	124	2	1310.321	1310.321	PROPN
gujaf-430	124	3	-17.9141	-17.9141	NUM
gujaf-430	124	4	0.0003	0.0003	NUM
gujaf-430	124	5	source	source	NOUN
gujaf-430	124	6	:	:	PUNCT
gujaf-430	124	7	researcher	researcher	NOUN
gujaf-430	124	8	’s	’s	PART
gujaf-430	124	9	computation	computation	NOUN
gujaf-430	124	10	,	,	PUNCT
gujaf-430	124	11	2025	2025	NUM
gujaf-430	124	12	.	.	PUNCT
gujaf-430	125	1	gusau	gusau	PROPN
gujaf-430	125	2	journal	journal	PROPN
gujaf-430	125	3	of	of	ADP
gujaf-430	125	4	accounting	accounting	NOUN
gujaf-430	125	5	and	and	CCONJ
gujaf-430	125	6	finance	finance	NOUN
gujaf-430	125	7	,	,	PUNCT
gujaf-430	125	8	vol.6	vol.6	PROPN
gujaf-430	125	9	,	,	PUNCT
gujaf-430	125	10	issue	issue	NOUN
gujaf-430	125	11	2	2	NUM
gujaf-430	125	12	,	,	PUNCT
gujaf-430	125	13	april	april	PROPN
gujaf-430	125	14	,	,	PUNCT
gujaf-430	125	15	2025	2025	NUM
gujaf-430	125	16	290	290	NUM
gujaf-430	125	17	from	from	ADP
gujaf-430	125	18	the	the	DET
gujaf-430	125	19	long	long	ADJ
gujaf-430	125	20	run	run	NOUN
gujaf-430	125	21	table	table	NOUN
gujaf-430	125	22	,	,	PUNCT
gujaf-430	125	23	the	the	DET
gujaf-430	125	24	exchange	exchange	NOUN
gujaf-430	125	25	rate	rate	NOUN
gujaf-430	125	26	(	(	PUNCT
gujaf-430	125	27	er	er	INTJ
gujaf-430	125	28	)	)	PUNCT
gujaf-430	125	29	exhibits	exhibit	VERB
gujaf-430	125	30	a	a	DET
gujaf-430	125	31	statistically	statistically	ADV
gujaf-430	125	32	significant	significant	ADJ
gujaf-430	125	33	negative	negative	ADJ
gujaf-430	125	34	effect	effect	NOUN
gujaf-430	125	35	on	on	ADP
gujaf-430	125	36	the	the	DET
gujaf-430	125	37	nigerian	nigerian	ADJ
gujaf-430	125	38	all	all	DET
gujaf-430	125	39	share	share	NOUN
gujaf-430	125	40	index	index	NOUN
gujaf-430	125	41	(	(	PUNCT
gujaf-430	125	42	asi	asi	NOUN
gujaf-430	125	43	)	)	PUNCT
gujaf-430	125	44	in	in	ADP
gujaf-430	125	45	the	the	DET
gujaf-430	125	46	long	long	ADJ
gujaf-430	125	47	run	run	NOUN
gujaf-430	125	48	with	with	ADP
gujaf-430	125	49	a	a	DET
gujaf-430	125	50	p	p	NOUN
gujaf-430	125	51	-	-	PUNCT
gujaf-430	125	52	value	value	NOUN
gujaf-430	125	53	less	less	ADJ
gujaf-430	125	54	than	than	ADP
gujaf-430	125	55	0.01	0.01	NUM
gujaf-430	125	56	,	,	PUNCT
gujaf-430	125	57	this	this	DET
gujaf-430	125	58	finding	finding	NOUN
gujaf-430	125	59	suggests	suggest	VERB
gujaf-430	125	60	that	that	SCONJ
gujaf-430	125	61	a	a	DET
gujaf-430	125	62	depreciation	depreciation	NOUN
gujaf-430	125	63	of	of	ADP
gujaf-430	125	64	the	the	DET
gujaf-430	125	65	naira	naira	PROPN
gujaf-430	125	66	tends	tend	VERB
gujaf-430	125	67	to	to	PART
gujaf-430	125	68	reduce	reduce	VERB
gujaf-430	125	69	stock	stock	NOUN
gujaf-430	125	70	market	market	NOUN
gujaf-430	125	71	performance	performance	NOUN
gujaf-430	125	72	.	.	PUNCT
gujaf-430	126	1	this	this	DET
gujaf-430	126	2	result	result	NOUN
gujaf-430	126	3	shows	show	VERB
gujaf-430	126	4	that	that	SCONJ
gujaf-430	126	5	currency	currency	NOUN
gujaf-430	126	6	depreciation	depreciation	NOUN
gujaf-430	126	7	often	often	ADV
gujaf-430	126	8	erodes	erode	VERB
gujaf-430	126	9	investor	investor	NOUN
gujaf-430	126	10	confidence	confidence	NOUN
gujaf-430	126	11	,	,	PUNCT
gujaf-430	126	12	increases	increase	VERB
gujaf-430	126	13	transaction	transaction	NOUN
gujaf-430	126	14	costs	cost	NOUN
gujaf-430	126	15	,	,	PUNCT
gujaf-430	126	16	and	and	CCONJ
gujaf-430	126	17	creates	create	VERB
gujaf-430	126	18	uncertainty	uncertainty	NOUN
gujaf-430	126	19	around	around	ADP
gujaf-430	126	20	future	future	ADJ
gujaf-430	126	21	cash	cash	NOUN
gujaf-430	126	22	flows	flow	NOUN
gujaf-430	126	23	.	.	PUNCT
gujaf-430	127	1	conversely	conversely	ADV
gujaf-430	127	2	,	,	PUNCT
gujaf-430	127	3	the	the	DET
gujaf-430	127	4	inflation	inflation	NOUN
gujaf-430	127	5	rate	rate	NOUN
gujaf-430	127	6	(	(	PUNCT
gujaf-430	127	7	ifr	ifr	PROPN
gujaf-430	127	8	)	)	PUNCT
gujaf-430	127	9	shows	show	VERB
gujaf-430	127	10	a	a	DET
gujaf-430	127	11	positive	positive	ADJ
gujaf-430	127	12	and	and	CCONJ
gujaf-430	127	13	statistically	statistically	ADV
gujaf-430	127	14	significant	significant	ADJ
gujaf-430	127	15	relationship	relationship	NOUN
gujaf-430	127	16	with	with	ADP
gujaf-430	127	17	asi	asi	NOUN
gujaf-430	127	18	in	in	ADP
gujaf-430	127	19	the	the	DET
gujaf-430	127	20	long	long	ADJ
gujaf-430	127	21	term	term	NOUN
gujaf-430	127	22	,	,	PUNCT
gujaf-430	127	23	with	with	ADP
gujaf-430	127	24	a	a	DET
gujaf-430	127	25	coefficient	coefficient	NOUN
gujaf-430	127	26	of	of	ADP
gujaf-430	127	27	13,978.66	13,978.66	NUM
gujaf-430	127	28	and	and	CCONJ
gujaf-430	127	29	a	a	DET
gujaf-430	127	30	p	p	NOUN
gujaf-430	127	31	-	-	PUNCT
gujaf-430	127	32	value	value	NOUN
gujaf-430	127	33	below	below	ADP
gujaf-430	127	34	0.01	0.01	NUM
gujaf-430	127	35	.	.	PUNCT
gujaf-430	128	1	at	at	ADP
gujaf-430	128	2	first	first	ADJ
gujaf-430	128	3	glance	glance	NOUN
gujaf-430	128	4	,	,	PUNCT
gujaf-430	128	5	this	this	DET
gujaf-430	128	6	result	result	NOUN
gujaf-430	128	7	may	may	AUX
gujaf-430	128	8	appear	appear	VERB
gujaf-430	128	9	counterintuitive	counterintuitive	ADJ
gujaf-430	128	10	,	,	PUNCT
gujaf-430	128	11	as	as	SCONJ
gujaf-430	128	12	high	high	ADJ
gujaf-430	128	13	inflation	inflation	NOUN
gujaf-430	128	14	is	be	AUX
gujaf-430	128	15	generally	generally	ADV
gujaf-430	128	16	associated	associate	VERB
gujaf-430	128	17	with	with	ADP
gujaf-430	128	18	macroeconomic	macroeconomic	ADJ
gujaf-430	128	19	instability	instability	NOUN
gujaf-430	128	20	.	.	PUNCT
gujaf-430	129	1	however	however	ADV
gujaf-430	129	2	,	,	PUNCT
gujaf-430	129	3	in	in	ADP
gujaf-430	129	4	the	the	DET
gujaf-430	129	5	nigerian	nigerian	ADJ
gujaf-430	129	6	context	context	NOUN
gujaf-430	129	7	,	,	PUNCT
gujaf-430	129	8	it	it	PRON
gujaf-430	129	9	reflects	reflect	VERB
gujaf-430	129	10	nominal	nominal	ADJ
gujaf-430	129	11	gains	gain	NOUN
gujaf-430	129	12	in	in	ADP
gujaf-430	129	13	corporate	corporate	ADJ
gujaf-430	129	14	revenues	revenue	NOUN
gujaf-430	129	15	,	,	PUNCT
gujaf-430	129	16	asset	asset	NOUN
gujaf-430	129	17	revaluations	revaluation	NOUN
gujaf-430	129	18	,	,	PUNCT
gujaf-430	129	19	or	or	CCONJ
gujaf-430	129	20	inflation	inflation	NOUN
gujaf-430	129	21	hedging	hedging	NOUN
gujaf-430	129	22	behaviors	behavior	NOUN
gujaf-430	129	23	in	in	ADP
gujaf-430	129	24	the	the	DET
gujaf-430	129	25	equity	equity	NOUN
gujaf-430	129	26	market	market	NOUN
gujaf-430	129	27	.	.	PUNCT
gujaf-430	130	1	investors	investor	NOUN
gujaf-430	130	2	may	may	AUX
gujaf-430	130	3	also	also	ADV
gujaf-430	130	4	anticipate	anticipate	VERB
gujaf-430	130	5	higher	high	ADJ
gujaf-430	130	6	future	future	ADJ
gujaf-430	130	7	earnings	earning	NOUN
gujaf-430	130	8	from	from	ADP
gujaf-430	130	9	firms	firm	NOUN
gujaf-430	130	10	with	with	ADP
gujaf-430	130	11	pricing	pricing	NOUN
gujaf-430	130	12	power	power	NOUN
gujaf-430	130	13	,	,	PUNCT
gujaf-430	130	14	which	which	PRON
gujaf-430	130	15	allows	allow	VERB
gujaf-430	130	16	them	they	PRON
gujaf-430	130	17	to	to	PART
gujaf-430	130	18	pass	pass	VERB
gujaf-430	130	19	inflationary	inflationary	ADJ
gujaf-430	130	20	costs	cost	NOUN
gujaf-430	130	21	to	to	ADP
gujaf-430	130	22	consumers	consumer	NOUN
gujaf-430	130	23	,	,	PUNCT
gujaf-430	130	24	thereby	thereby	ADV
gujaf-430	130	25	supporting	support	VERB
gujaf-430	130	26	stock	stock	NOUN
gujaf-430	130	27	valuations	valuation	NOUN
gujaf-430	130	28	.	.	PUNCT
gujaf-430	131	1	the	the	DET
gujaf-430	131	2	interest	interest	NOUN
gujaf-430	131	3	rate	rate	NOUN
gujaf-430	131	4	(	(	PUNCT
gujaf-430	131	5	ir	ir	NOUN
gujaf-430	131	6	)	)	PUNCT
gujaf-430	131	7	also	also	ADV
gujaf-430	131	8	has	have	VERB
gujaf-430	131	9	a	a	DET
gujaf-430	131	10	positive	positive	ADJ
gujaf-430	131	11	and	and	CCONJ
gujaf-430	131	12	statistically	statistically	ADV
gujaf-430	131	13	significant	significant	ADJ
gujaf-430	131	14	long	long	ADJ
gujaf-430	131	15	-	-	PUNCT
gujaf-430	131	16	run	run	VERB
gujaf-430	131	17	effect	effect	NOUN
gujaf-430	131	18	on	on	ADP
gujaf-430	131	19	asi	asi	NOUN
gujaf-430	131	20	,	,	PUNCT
gujaf-430	131	21	with	with	ADP
gujaf-430	131	22	a	a	DET
gujaf-430	131	23	coefficient	coefficient	NOUN
gujaf-430	131	24	of	of	ADP
gujaf-430	131	25	2,138.72	2,138.72	NUM
gujaf-430	131	26	(	(	PUNCT
gujaf-430	131	27	p	p	X
gujaf-430	131	28	<	<	X
gujaf-430	131	29	0.01	0.01	NUM
gujaf-430	131	30	)	)	PUNCT
gujaf-430	131	31	.	.	PUNCT
gujaf-430	132	1	this	this	PRON
gujaf-430	132	2	may	may	AUX
gujaf-430	132	3	imply	imply	VERB
gujaf-430	132	4	that	that	SCONJ
gujaf-430	132	5	higher	high	ADJ
gujaf-430	132	6	interest	interest	NOUN
gujaf-430	132	7	rates	rate	NOUN
gujaf-430	132	8	increase	increase	VERB
gujaf-430	132	9	income	income	NOUN
gujaf-430	132	10	from	from	ADP
gujaf-430	132	11	savings	saving	NOUN
gujaf-430	132	12	and	and	CCONJ
gujaf-430	132	13	fixed	fix	VERB
gujaf-430	132	14	-	-	PUNCT
gujaf-430	132	15	income	income	NOUN
gujaf-430	132	16	instruments	instrument	NOUN
gujaf-430	132	17	,	,	PUNCT
gujaf-430	132	18	which	which	PRON
gujaf-430	132	19	can	can	AUX
gujaf-430	132	20	lead	lead	VERB
gujaf-430	132	21	to	to	ADP
gujaf-430	132	22	portfolio	portfolio	NOUN
gujaf-430	132	23	rebalancing	rebalancing	NOUN
gujaf-430	132	24	toward	toward	ADP
gujaf-430	132	25	equities	equity	NOUN
gujaf-430	132	26	in	in	ADP
gujaf-430	132	27	search	search	NOUN
gujaf-430	132	28	of	of	ADP
gujaf-430	132	29	higher	high	ADJ
gujaf-430	132	30	returns	return	NOUN
gujaf-430	132	31	.	.	PUNCT
gujaf-430	133	1	further	far	ADV
gujaf-430	133	2	reinforcing	reinforce	VERB
gujaf-430	133	3	the	the	DET
gujaf-430	133	4	connection	connection	NOUN
gujaf-430	133	5	between	between	ADP
gujaf-430	133	6	macroeconomic	macroeconomic	ADJ
gujaf-430	133	7	health	health	NOUN
gujaf-430	133	8	and	and	CCONJ
gujaf-430	133	9	the	the	DET
gujaf-430	133	10	stock	stock	NOUN
gujaf-430	133	11	market	market	NOUN
gujaf-430	133	12	,	,	PUNCT
gujaf-430	133	13	the	the	DET
gujaf-430	133	14	gdp	gdp	NOUN
gujaf-430	133	15	carries	carry	VERB
gujaf-430	133	16	a	a	DET
gujaf-430	133	17	large	large	ADJ
gujaf-430	133	18	,	,	PUNCT
gujaf-430	133	19	positive	positive	ADJ
gujaf-430	133	20	,	,	PUNCT
gujaf-430	133	21	and	and	CCONJ
gujaf-430	133	22	statistically	statistically	ADV
gujaf-430	133	23	significant	significant	ADJ
gujaf-430	133	24	coefficient	coefficient	NOUN
gujaf-430	133	25	(	(	PUNCT
gujaf-430	133	26	β	β	PROPN
gujaf-430	133	27	≈	≈	NUM
gujaf-430	133	28	1.37	1.37	NUM
gujaf-430	133	29	×	×	NOUN
gujaf-430	133	30	10⁸	10⁸	NUM
gujaf-430	133	31	;	;	PUNCT
gujaf-430	133	32	p	p	PROPN
gujaf-430	133	33	≈	≈	PROPN
gujaf-430	133	34	0.0269	0.0269	NUM
gujaf-430	133	35	)	)	PUNCT
gujaf-430	133	36	.	.	PUNCT
gujaf-430	134	1	this	this	DET
gujaf-430	134	2	result	result	NOUN
gujaf-430	134	3	confirms	confirm	VERB
gujaf-430	134	4	that	that	SCONJ
gujaf-430	134	5	long	long	ADJ
gujaf-430	134	6	-	-	PUNCT
gujaf-430	134	7	term	term	NOUN
gujaf-430	134	8	economic	economic	ADJ
gujaf-430	134	9	growth	growth	NOUN
gujaf-430	134	10	supports	support	VERB
gujaf-430	134	11	stock	stock	NOUN
gujaf-430	134	12	market	market	NOUN
gujaf-430	134	13	expansion	expansion	NOUN
gujaf-430	134	14	by	by	ADP
gujaf-430	134	15	enhancing	enhance	VERB
gujaf-430	134	16	corporate	corporate	ADJ
gujaf-430	134	17	profitability	profitability	NOUN
gujaf-430	134	18	,	,	PUNCT
gujaf-430	134	19	increasing	increase	VERB
gujaf-430	134	20	disposable	disposable	ADJ
gujaf-430	134	21	income	income	NOUN
gujaf-430	134	22	,	,	PUNCT
gujaf-430	134	23	and	and	CCONJ
gujaf-430	134	24	encouraging	encourage	VERB
gujaf-430	134	25	both	both	CCONJ
gujaf-430	134	26	domestic	domestic	ADJ
gujaf-430	134	27	and	and	CCONJ
gujaf-430	134	28	foreign	foreign	ADJ
gujaf-430	134	29	investment	investment	NOUN
gujaf-430	134	30	in	in	ADP
gujaf-430	134	31	equities	equity	NOUN
gujaf-430	134	32	.	.	PUNCT
gujaf-430	135	1	as	as	SCONJ
gujaf-430	135	2	gdp	gdp	NOUN
gujaf-430	135	3	rises	rise	NOUN
gujaf-430	135	4	,	,	PUNCT
gujaf-430	135	5	market	market	NOUN
gujaf-430	135	6	fundamentals	fundamental	NOUN
gujaf-430	135	7	improve	improve	VERB
gujaf-430	135	8	,	,	PUNCT
gujaf-430	135	9	providing	provide	VERB
gujaf-430	135	10	a	a	DET
gujaf-430	135	11	fertile	fertile	ADJ
gujaf-430	135	12	environment	environment	NOUN
gujaf-430	135	13	for	for	ADP
gujaf-430	135	14	capital	capital	NOUN
gujaf-430	135	15	market	market	NOUN
gujaf-430	135	16	development	development	NOUN
gujaf-430	135	17	.	.	PUNCT
gujaf-430	136	1	in	in	ADP
gujaf-430	136	2	contrast	contrast	NOUN
gujaf-430	136	3	,	,	PUNCT
gujaf-430	136	4	fdi	fdi	NOUN
gujaf-430	136	5	shows	show	VERB
gujaf-430	136	6	a	a	DET
gujaf-430	136	7	significant	significant	ADJ
gujaf-430	136	8	but	but	CCONJ
gujaf-430	136	9	negative	negative	ADJ
gujaf-430	136	10	effect	effect	NOUN
gujaf-430	136	11	on	on	ADP
gujaf-430	136	12	asi	asi	NOUN
gujaf-430	136	13	in	in	ADP
gujaf-430	136	14	the	the	DET
gujaf-430	136	15	long	long	ADJ
gujaf-430	136	16	run	run	NOUN
gujaf-430	136	17	,	,	PUNCT
gujaf-430	136	18	with	with	ADP
gujaf-430	136	19	a	a	DET
gujaf-430	136	20	coefficient	coefficient	NOUN
gujaf-430	136	21	of	of	ADP
gujaf-430	136	22	–	–	PUNCT
gujaf-430	136	23	35,337.27	35,337.27	PROPN
gujaf-430	136	24	and	and	CCONJ
gujaf-430	136	25	a	a	DET
gujaf-430	136	26	p	p	NOUN
gujaf-430	136	27	-	-	PUNCT
gujaf-430	136	28	value	value	NOUN
gujaf-430	136	29	below	below	ADP
gujaf-430	136	30	0.01	0.01	NUM
gujaf-430	136	31	.	.	PUNCT
gujaf-430	137	1	this	this	DET
gujaf-430	137	2	finding	finding	NOUN
gujaf-430	137	3	may	may	AUX
gujaf-430	137	4	suggest	suggest	VERB
gujaf-430	137	5	that	that	SCONJ
gujaf-430	137	6	fdi	fdi	NOUN
gujaf-430	137	7	inflows	inflow	NOUN
gujaf-430	137	8	are	be	AUX
gujaf-430	137	9	channeled	channel	VERB
gujaf-430	137	10	predominantly	predominantly	ADV
gujaf-430	137	11	into	into	ADP
gujaf-430	137	12	non	non	ADJ
gujaf-430	137	13	-	-	ADJ
gujaf-430	137	14	equity	equity	ADJ
gujaf-430	137	15	sectors	sector	NOUN
gujaf-430	137	16	such	such	ADJ
gujaf-430	137	17	as	as	ADP
gujaf-430	137	18	oil	oil	NOUN
gujaf-430	137	19	,	,	PUNCT
gujaf-430	137	20	infrastructure	infrastructure	NOUN
gujaf-430	137	21	,	,	PUNCT
gujaf-430	137	22	or	or	CCONJ
gujaf-430	137	23	real	real	ADJ
gujaf-430	137	24	estate	estate	NOUN
gujaf-430	137	25	,	,	PUNCT
gujaf-430	137	26	thereby	thereby	ADV
gujaf-430	137	27	limiting	limit	VERB
gujaf-430	137	28	their	their	PRON
gujaf-430	137	29	direct	direct	ADJ
gujaf-430	137	30	impact	impact	NOUN
gujaf-430	137	31	on	on	ADP
gujaf-430	137	32	the	the	DET
gujaf-430	137	33	stock	stock	NOUN
gujaf-430	137	34	market	market	NOUN
gujaf-430	137	35	.	.	PUNCT
gujaf-430	138	1	additionally	additionally	ADV
gujaf-430	138	2	,	,	PUNCT
gujaf-430	138	3	fdi	fdi	NOUN
gujaf-430	138	4	may	may	AUX
gujaf-430	138	5	lead	lead	VERB
gujaf-430	138	6	to	to	ADP
gujaf-430	138	7	increased	increase	VERB
gujaf-430	138	8	repatriation	repatriation	NOUN
gujaf-430	138	9	of	of	ADP
gujaf-430	138	10	profits	profit	NOUN
gujaf-430	138	11	or	or	CCONJ
gujaf-430	138	12	crowding	crowd	VERB
gujaf-430	138	13	out	out	ADP
gujaf-430	138	14	of	of	ADP
gujaf-430	138	15	local	local	ADJ
gujaf-430	138	16	firms	firm	NOUN
gujaf-430	138	17	,	,	PUNCT
gujaf-430	138	18	which	which	PRON
gujaf-430	138	19	could	could	AUX
gujaf-430	138	20	depress	depress	VERB
gujaf-430	138	21	domestic	domestic	ADJ
gujaf-430	138	22	investor	investor	NOUN
gujaf-430	138	23	participation	participation	NOUN
gujaf-430	138	24	in	in	ADP
gujaf-430	138	25	the	the	DET
gujaf-430	138	26	stock	stock	NOUN
gujaf-430	138	27	exchange	exchange	NOUN
gujaf-430	138	28	.	.	PUNCT
gujaf-430	139	1	the	the	DET
gujaf-430	139	2	log	log	NOUN
gujaf-430	139	3	of	of	ADP
gujaf-430	139	4	public	public	ADJ
gujaf-430	139	5	sector	sector	NOUN
gujaf-430	139	6	growth	growth	NOUN
gujaf-430	139	7	is	be	AUX
gujaf-430	139	8	associated	associate	VERB
gujaf-430	139	9	with	with	ADP
gujaf-430	139	10	a	a	DET
gujaf-430	139	11	strong	strong	ADJ
gujaf-430	139	12	positive	positive	ADJ
gujaf-430	139	13	and	and	CCONJ
gujaf-430	139	14	statistically	statistically	ADV
gujaf-430	139	15	significant	significant	ADJ
gujaf-430	139	16	effect	effect	NOUN
gujaf-430	139	17	on	on	ADP
gujaf-430	139	18	asi	asi	NOUN
gujaf-430	139	19	in	in	ADP
gujaf-430	139	20	the	the	DET
gujaf-430	139	21	long	long	ADJ
gujaf-430	139	22	run	run	NOUN
gujaf-430	139	23	(	(	PUNCT
gujaf-430	139	24	β	β	X
gujaf-430	139	25	≈	≈	PROPN
gujaf-430	139	26	2.76	2.76	NUM
gujaf-430	139	27	×	×	PROPN
gujaf-430	139	28	10⁷	10⁷	NUM
gujaf-430	139	29	;	;	PUNCT
gujaf-430	139	30	p	p	X
gujaf-430	139	31	<	<	X
gujaf-430	139	32	0.01	0.01	NUM
gujaf-430	139	33	)	)	PUNCT
gujaf-430	139	34	.	.	PUNCT
gujaf-430	140	1	this	this	PRON
gujaf-430	140	2	suggests	suggest	VERB
gujaf-430	140	3	that	that	SCONJ
gujaf-430	140	4	public	public	ADJ
gujaf-430	140	5	sector	sector	NOUN
gujaf-430	140	6	expansion	expansion	NOUN
gujaf-430	140	7	,	,	PUNCT
gujaf-430	140	8	through	through	ADP
gujaf-430	140	9	government	government	NOUN
gujaf-430	140	10	spending	spending	NOUN
gujaf-430	140	11	on	on	ADP
gujaf-430	140	12	infrastructure	infrastructure	NOUN
gujaf-430	140	13	,	,	PUNCT
gujaf-430	140	14	education	education	NOUN
gujaf-430	140	15	,	,	PUNCT
gujaf-430	140	16	health	health	NOUN
gujaf-430	140	17	,	,	PUNCT
gujaf-430	140	18	and	and	CCONJ
gujaf-430	140	19	social	social	ADJ
gujaf-430	140	20	programs	program	NOUN
gujaf-430	140	21	,	,	PUNCT
gujaf-430	140	22	can	can	AUX
gujaf-430	140	23	stimulate	stimulate	VERB
gujaf-430	140	24	business	business	NOUN
gujaf-430	140	25	activity	activity	NOUN
gujaf-430	140	26	and	and	CCONJ
gujaf-430	140	27	investor	investor	NOUN
gujaf-430	140	28	confidence	confidence	NOUN
gujaf-430	140	29	,	,	PUNCT
gujaf-430	140	30	ultimately	ultimately	ADV
gujaf-430	140	31	boosting	boost	VERB
gujaf-430	140	32	the	the	DET
gujaf-430	140	33	stock	stock	NOUN
gujaf-430	140	34	market	market	NOUN
gujaf-430	140	35	.	.	PUNCT
gujaf-430	141	1	public	public	ADJ
gujaf-430	141	2	investments	investment	NOUN
gujaf-430	141	3	may	may	AUX
gujaf-430	141	4	also	also	ADV
gujaf-430	141	5	catalyze	catalyze	VERB
gujaf-430	141	6	private	private	ADJ
gujaf-430	141	7	-	-	PUNCT
gujaf-430	141	8	sector	sector	NOUN
gujaf-430	141	9	growth	growth	NOUN
gujaf-430	141	10	,	,	PUNCT
gujaf-430	141	11	especially	especially	ADV
gujaf-430	141	12	when	when	SCONJ
gujaf-430	141	13	they	they	PRON
gujaf-430	141	14	enhance	enhance	VERB
gujaf-430	141	15	productivity	productivity	NOUN
gujaf-430	141	16	and	and	CCONJ
gujaf-430	141	17	reduce	reduce	VERB
gujaf-430	141	18	the	the	DET
gujaf-430	141	19	cost	cost	NOUN
gujaf-430	141	20	of	of	ADP
gujaf-430	141	21	doing	do	VERB
gujaf-430	141	22	business	business	NOUN
gujaf-430	141	23	.	.	PUNCT
gujaf-430	142	1	table	table	NOUN
gujaf-430	142	2	5	5	NUM
gujaf-430	142	3	:	:	PUNCT
gujaf-430	142	4	short	short	ADJ
gujaf-430	142	5	-	-	PUNCT
gujaf-430	142	6	run	run	NOUN
gujaf-430	142	7	dynamics	dynamic	NOUN
gujaf-430	142	8	of	of	ADP
gujaf-430	142	9	the	the	DET
gujaf-430	142	10	ardl	ardl	NOUN
gujaf-430	142	11	model	model	NOUN
gujaf-430	142	12	(	(	PUNCT
gujaf-430	142	13	ecm	ecm	PROPN
gujaf-430	142	14	regression	regression	NOUN
gujaf-430	142	15	results	result	NOUN
gujaf-430	142	16	)	)	PUNCT
gujaf-430	142	17	variable	variable	ADJ
gujaf-430	142	18	coefficient	coefficient	NOUN
gujaf-430	142	19	std	std	PROPN
gujaf-430	142	20	.	.	NOUN
gujaf-430	142	21	error	error	NOUN
gujaf-430	142	22	t	t	NOUN
gujaf-430	142	23	-	-	PUNCT
gujaf-430	142	24	statistic	statistic	NOUN
gujaf-430	142	25	prob	prob	NOUN
gujaf-430	142	26	.	.	PUNCT
gujaf-430	143	1	d(er	d(er	NOUN
gujaf-430	143	2	)	)	PUNCT
gujaf-430	143	3	222.3405	222.3405	NUM
gujaf-430	143	4	13.9303	13.9303	NUM
gujaf-430	143	5	15.9609	15.9609	NUM
gujaf-430	143	6	0.0005	0.0005	NUM
gujaf-430	143	7	d(er(-1	d(er(-1	NOUN
gujaf-430	143	8	)	)	PUNCT
gujaf-430	143	9	)	)	PUNCT
gujaf-430	144	1	-694.782	-694.782	X
gujaf-430	144	2	46.0024	46.0024	NUM
gujaf-430	144	3	-15.1032	-15.1032	NUM
gujaf-430	144	4	0.0006	0.0006	NUM
gujaf-430	144	5	d(er(-2	d(er(-2	NOUN
gujaf-430	144	6	)	)	PUNCT
gujaf-430	144	7	)	)	PUNCT
gujaf-430	145	1	-479.088	-479.088	NUM
gujaf-430	145	2	27.8952	27.8952	NUM
gujaf-430	145	3	-17.1745	-17.1745	SYM
gujaf-430	145	4	0.0004	0.0004	NUM
gujaf-430	145	5	d(er(-3	d(er(-3	NOUN
gujaf-430	145	6	)	)	PUNCT
gujaf-430	145	7	)	)	PUNCT
gujaf-430	146	1	-1295.91	-1295.91	X
gujaf-430	146	2	62.6807	62.6807	NUM
gujaf-430	146	3	-20.6749	-20.6749	SYM
gujaf-430	146	4	0.0002	0.0002	NUM
gujaf-430	146	5	d(ifr(-1	d(ifr(-1	NUM
gujaf-430	146	6	)	)	PUNCT
gujaf-430	146	7	)	)	PUNCT
gujaf-430	147	1	8395.049	8395.049	PROPN
gujaf-430	148	1	393.9582	393.9582	NUM
gujaf-430	148	2	21.3095	21.3095	NUM
gujaf-430	148	3	0.0002	0.0002	NUM
gujaf-430	148	4	d(ifr(-2	d(ifr(-2	NOUN
gujaf-430	148	5	)	)	PUNCT
gujaf-430	148	6	)	)	PUNCT
gujaf-430	149	1	4732.472	4732.472	NUM
gujaf-430	150	1	212.8287	212.8287	NUM
gujaf-430	150	2	22.2361	22.2361	NUM
gujaf-430	150	3	0.0002	0.0002	NUM
gujaf-430	150	4	d(ifr(-3	d(ifr(-3	PROPN
gujaf-430	150	5	)	)	PUNCT
gujaf-430	150	6	)	)	PUNCT
gujaf-430	151	1	2562.894	2562.894	NUM
gujaf-430	151	2	130.7181	130.7181	NUM
gujaf-430	151	3	19.6063	19.6063	NUM
gujaf-430	151	4	0.0003	0.0003	NUM
gujaf-430	151	5	d(ir	d(ir	NOUN
gujaf-430	151	6	)	)	PUNCT
gujaf-430	151	7	3611.946	3611.946	PROPN
gujaf-430	151	8	208.5722	208.5722	NUM
gujaf-430	151	9	17.3175	17.3175	NUM
gujaf-430	151	10	0.0004	0.0004	NUM
gujaf-430	151	11	d(ir(-2	d(ir(-2	ADJ
gujaf-430	151	12	)	)	PUNCT
gujaf-430	151	13	)	)	PUNCT
gujaf-430	152	1	-7526.63	-7526.63	PROPN
gujaf-430	152	2	431.8371	431.8371	NUM
gujaf-430	152	3	-17.4293	-17.4293	SYM
gujaf-430	152	4	0.0004	0.0004	NUM
gujaf-430	152	5	d(log	d(log	PROPN
gujaf-430	152	6	gdp(-2	gdp(-2	PROPN
gujaf-430	152	7	)	)	PUNCT
gujaf-430	152	8	)	)	PUNCT
gujaf-430	153	1	225308.3	225308.3	NUM
gujaf-430	153	2	10772.37	10772.37	NUM
gujaf-430	153	3	20.9154	20.9154	NUM
gujaf-430	153	4	0.0002	0.0002	NUM
gujaf-430	153	5	d(fdi	d(fdi	PRON
gujaf-430	153	6	)	)	PUNCT
gujaf-430	153	7	-57876.1	-57876.1	PROPN
gujaf-430	154	1	2619.167	2619.167	NUM
gujaf-430	154	2	-22.0971	-22.0971	NUM
gujaf-430	154	3	0.0002	0.0002	NUM
gujaf-430	154	4	d(fdi(-1	d(fdi(-1	NOUN
gujaf-430	154	5	)	)	PUNCT
gujaf-430	154	6	)	)	PUNCT
gujaf-430	155	1	-31948.6	-31948.6	PUNCT
gujaf-430	155	2	1627.156	1627.156	NUM
gujaf-430	155	3	-19.6346	-19.6346	NUM
gujaf-430	155	4	0.0003	0.0003	NUM
gujaf-430	155	5	d(fdi(-2	d(fdi(-2	PROPN
gujaf-430	155	6	)	)	PUNCT
gujaf-430	155	7	)	)	PUNCT
gujaf-430	156	1	-17595	-17595	VERB
gujaf-430	156	2	1041.368	1041.368	NUM
gujaf-430	156	3	-16.8961	-16.8961	SYM
gujaf-430	156	4	0.0005	0.0005	NUM
gujaf-430	156	5	gusau	gusau	ADJ
gujaf-430	156	6	journal	journal	NOUN
gujaf-430	156	7	of	of	ADP
gujaf-430	156	8	accounting	accounting	NOUN
gujaf-430	156	9	and	and	CCONJ
gujaf-430	156	10	finance	finance	NOUN
gujaf-430	156	11	,	,	PUNCT
gujaf-430	156	12	vol.6	vol.6	PROPN
gujaf-430	156	13	,	,	PUNCT
gujaf-430	156	14	issue	issue	NOUN
gujaf-430	156	15	2	2	NUM
gujaf-430	156	16	,	,	PUNCT
gujaf-430	156	17	april	april	PROPN
gujaf-430	156	18	,	,	PUNCT
gujaf-430	156	19	2025	2025	NUM
gujaf-430	156	20	291	291	NUM
gujaf-430	156	21	d(fdi(-3	d(fdi(-3	NOUN
gujaf-430	156	22	)	)	PUNCT
gujaf-430	156	23	)	)	PUNCT
gujaf-430	157	1	4153.728	4153.728	PROPN
gujaf-430	157	2	568.806	568.806	NUM
gujaf-430	157	3	7.3025	7.3025	NUM
gujaf-430	157	4	0.0053	0.0053	NUM
gujaf-430	157	5	d(log_psg	d(log_psg	NOUN
gujaf-430	157	6	)	)	PUNCT
gujaf-430	157	7	10831.26	10831.26	NUM
gujaf-430	157	8	3096.47	3096.47	NUM
gujaf-430	157	9	3.4979	3.4979	NUM
gujaf-430	157	10	0.0395	0.0395	NUM
gujaf-430	157	11	d(log_psg(-1	d(log_psg(-1	NOUN
gujaf-430	157	12	)	)	PUNCT
gujaf-430	157	13	)	)	PUNCT
gujaf-430	158	1	339623.9	339623.9	NUM
gujaf-430	158	2	16088.62	16088.62	NUM
gujaf-430	158	3	21.1096	21.1096	NUM
gujaf-430	158	4	0.0002	0.0002	NUM
gujaf-430	158	5	d(log_psg(-2	d(log_psg(-2	NOUN
gujaf-430	158	6	)	)	PUNCT
gujaf-430	158	7	)	)	PUNCT
gujaf-430	158	8	284849.7	284849.7	NUM
gujaf-430	158	9	12601.06	12601.06	NUM
gujaf-430	158	10	22.6052	22.6052	NUM
gujaf-430	158	11	0.0002	0.0002	NUM
gujaf-430	158	12	d(log_psg(-3	d(log_psg(-3	NOUN
gujaf-430	158	13	)	)	PUNCT
gujaf-430	158	14	)	)	PUNCT
gujaf-430	158	15	117670.3	117670.3	NUM
gujaf-430	158	16	5619.019	5619.019	NUM
gujaf-430	158	17	20.9414	20.9414	NUM
gujaf-430	158	18	0.0002	0.0002	NUM
gujaf-430	158	19	cointeq(-1	cointeq(-1	NOUN
gujaf-430	158	20	)	)	PUNCT
gujaf-430	158	21	–	–	PUNCT
gujaf-430	158	22	0.94187	0.94187	NUM
gujaf-430	158	23	0.06533	0.06533	NUM
gujaf-430	158	24	–	–	PUNCT
gujaf-430	158	25	22.8713	22.8713	NUM
gujaf-430	158	26	0.0002	0.0002	NUM
gujaf-430	158	27	dependent	dependent	ADJ
gujaf-430	158	28	variable	variable	NOUN
gujaf-430	158	29	:	:	PUNCT
gujaf-430	158	30	d(asi	d(asi	PROPN
gujaf-430	158	31	)	)	PUNCT
gujaf-430	158	32	;	;	PUNCT
gujaf-430	158	33	selected	select	VERB
gujaf-430	158	34	model	model	NOUN
gujaf-430	158	35	:	:	PUNCT
gujaf-430	158	36	ardl	ardl	NOUN
gujaf-430	158	37	(	(	PUNCT
gujaf-430	158	38	2	2	NUM
gujaf-430	158	39	,	,	PUNCT
gujaf-430	158	40	4	4	NUM
gujaf-430	158	41	,	,	PUNCT
gujaf-430	158	42	4	4	NUM
gujaf-430	158	43	,	,	PUNCT
gujaf-430	158	44	3	3	NUM
gujaf-430	158	45	,	,	PUNCT
gujaf-430	158	46	3	3	NUM
gujaf-430	158	47	,	,	PUNCT
gujaf-430	158	48	4	4	NUM
gujaf-430	158	49	,	,	PUNCT
gujaf-430	158	50	4	4	NUM
gujaf-430	158	51	)	)	PUNCT
gujaf-430	158	52	;	;	PUNCT
gujaf-430	158	53	model	model	NOUN
gujaf-430	158	54	summary	summary	NOUN
gujaf-430	158	55	:	:	PUNCT
gujaf-430	158	56	r	r	X
gujaf-430	158	57	-	-	PUNCT
gujaf-430	158	58	squared	square	VERB
gujaf-430	158	59	=	=	NOUN
gujaf-430	158	60	0.7922	0.7922	NUM
gujaf-430	158	61	;	;	PUNCT
gujaf-430	158	62	adjusted	adjust	VERB
gujaf-430	158	63	r	r	NOUN
gujaf-430	158	64	-	-	PUNCT
gujaf-430	158	65	squared	square	VERB
gujaf-430	158	66	=	=	SYM
gujaf-430	158	67	0.7704	0.7704	NUM
gujaf-430	158	68	;	;	PUNCT
gujaf-430	158	69	f	f	X
gujaf-430	158	70	-	-	PUNCT
gujaf-430	158	71	statistic	statistic	NOUN
gujaf-430	158	72	=	=	SYM
gujaf-430	158	73	45.65	45.65	NUM
gujaf-430	158	74	(	(	PUNCT
gujaf-430	158	75	prob	prob	NOUN
gujaf-430	158	76	=	=	NOUN
gujaf-430	158	77	0.000001	0.000001	NUM
gujaf-430	158	78	)	)	PUNCT
gujaf-430	158	79	;	;	PUNCT
gujaf-430	158	80	durbin	durbin	ADJ
gujaf-430	158	81	-	-	PUNCT
gujaf-430	158	82	watson	watson	NOUN
gujaf-430	158	83	stat	stat	NOUN
gujaf-430	158	84	=	=	PROPN
gujaf-430	158	85	3.12	3.12	NUM
gujaf-430	158	86	source	source	NOUN
gujaf-430	158	87	:	:	PUNCT
gujaf-430	158	88	researcher	researcher	NOUN
gujaf-430	158	89	’s	’s	PART
gujaf-430	158	90	computation	computation	NOUN
gujaf-430	158	91	,	,	PUNCT
gujaf-430	158	92	2025	2025	NUM
gujaf-430	158	93	.	.	PUNCT
gujaf-430	159	1	the	the	DET
gujaf-430	159	2	short	short	ADJ
gujaf-430	159	3	-	-	PUNCT
gujaf-430	159	4	run	run	NOUN
gujaf-430	159	5	dynamics	dynamic	NOUN
gujaf-430	159	6	of	of	ADP
gujaf-430	159	7	the	the	DET
gujaf-430	159	8	ardl	ardl	NOUN
gujaf-430	159	9	model	model	NOUN
gujaf-430	159	10	provide	provide	VERB
gujaf-430	159	11	important	important	ADJ
gujaf-430	159	12	insights	insight	NOUN
gujaf-430	159	13	into	into	ADP
gujaf-430	159	14	the	the	DET
gujaf-430	159	15	immediate	immediate	ADJ
gujaf-430	159	16	effects	effect	NOUN
gujaf-430	159	17	of	of	ADP
gujaf-430	159	18	macroeconomic	macroeconomic	ADJ
gujaf-430	159	19	variables	variable	NOUN
gujaf-430	159	20	on	on	ADP
gujaf-430	159	21	the	the	DET
gujaf-430	159	22	nigerian	nigerian	ADJ
gujaf-430	159	23	stock	stock	NOUN
gujaf-430	159	24	market	market	NOUN
gujaf-430	159	25	,	,	PUNCT
gujaf-430	159	26	as	as	SCONJ
gujaf-430	159	27	captured	capture	VERB
gujaf-430	159	28	by	by	ADP
gujaf-430	159	29	the	the	DET
gujaf-430	159	30	all	all	DET
gujaf-430	159	31	-	-	PUNCT
gujaf-430	159	32	share	share	NOUN
gujaf-430	159	33	index	index	NOUN
gujaf-430	159	34	(	(	PUNCT
gujaf-430	159	35	asi	asi	NOUN
gujaf-430	159	36	)	)	PUNCT
gujaf-430	159	37	.	.	PUNCT
gujaf-430	160	1	central	central	ADJ
gujaf-430	160	2	to	to	ADP
gujaf-430	160	3	this	this	DET
gujaf-430	160	4	short	short	ADJ
gujaf-430	160	5	-	-	PUNCT
gujaf-430	160	6	run	run	NOUN
gujaf-430	160	7	model	model	NOUN
gujaf-430	160	8	is	be	AUX
gujaf-430	160	9	the	the	DET
gujaf-430	160	10	error	error	NOUN
gujaf-430	160	11	correction	correction	NOUN
gujaf-430	160	12	term	term	NOUN
gujaf-430	160	13	(	(	PUNCT
gujaf-430	160	14	cointeq(–1	cointeq(–1	NOUN
gujaf-430	160	15	)	)	PUNCT
gujaf-430	160	16	)	)	PUNCT
gujaf-430	160	17	,	,	PUNCT
gujaf-430	160	18	which	which	PRON
gujaf-430	160	19	is	be	AUX
gujaf-430	160	20	statistically	statistically	ADV
gujaf-430	160	21	significant	significant	ADJ
gujaf-430	160	22	and	and	CCONJ
gujaf-430	160	23	correctly	correctly	ADV
gujaf-430	160	24	signed	sign	VERB
gujaf-430	160	25	.	.	PUNCT
gujaf-430	161	1	with	with	ADP
gujaf-430	161	2	a	a	DET
gujaf-430	161	3	coefficient	coefficient	NOUN
gujaf-430	161	4	of	of	ADP
gujaf-430	161	5	–	–	PUNCT
gujaf-430	161	6	0.94187	0.94187	NUM
gujaf-430	161	7	(	(	PUNCT
gujaf-430	161	8	p	p	X
gujaf-430	161	9	<	<	X
gujaf-430	161	10	0.01	0.01	NUM
gujaf-430	161	11	)	)	PUNCT
gujaf-430	161	12	,	,	PUNCT
gujaf-430	161	13	it	it	PRON
gujaf-430	161	14	indicates	indicate	VERB
gujaf-430	161	15	that	that	SCONJ
gujaf-430	161	16	approximately	approximately	ADV
gujaf-430	161	17	94.2	94.2	NUM
gujaf-430	161	18	%	%	NOUN
gujaf-430	161	19	of	of	ADP
gujaf-430	161	20	any	any	DET
gujaf-430	161	21	deviation	deviation	NOUN
gujaf-430	161	22	from	from	ADP
gujaf-430	161	23	the	the	DET
gujaf-430	161	24	long	long	ADV
gujaf-430	161	25	-	-	PUNCT
gujaf-430	161	26	run	run	NOUN
gujaf-430	161	27	equilibrium	equilibrium	NOUN
gujaf-430	161	28	is	be	AUX
gujaf-430	161	29	corrected	correct	VERB
gujaf-430	161	30	within	within	ADP
gujaf-430	161	31	one	one	NUM
gujaf-430	161	32	period	period	NOUN
gujaf-430	161	33	.	.	PUNCT
gujaf-430	162	1	among	among	ADP
gujaf-430	162	2	the	the	DET
gujaf-430	162	3	macroeconomic	macroeconomic	ADJ
gujaf-430	162	4	indicators	indicator	NOUN
gujaf-430	162	5	,	,	PUNCT
gujaf-430	162	6	the	the	DET
gujaf-430	162	7	exchange	exchange	NOUN
gujaf-430	162	8	rate	rate	NOUN
gujaf-430	162	9	(	(	PUNCT
gujaf-430	162	10	er	er	INTJ
gujaf-430	162	11	)	)	PUNCT
gujaf-430	162	12	shows	show	VERB
gujaf-430	162	13	significant	significant	ADJ
gujaf-430	162	14	short	short	ADJ
gujaf-430	162	15	-	-	PUNCT
gujaf-430	162	16	run	run	NOUN
gujaf-430	162	17	volatility	volatility	NOUN
gujaf-430	162	18	.	.	PUNCT
gujaf-430	163	1	the	the	DET
gujaf-430	163	2	contemporaneous	contemporaneous	ADJ
gujaf-430	163	3	change	change	NOUN
gujaf-430	163	4	in	in	ADP
gujaf-430	163	5	er	er	INTJ
gujaf-430	163	6	(	(	PUNCT
gujaf-430	163	7	d(er	d(er	NOUN
gujaf-430	163	8	)	)	PUNCT
gujaf-430	163	9	)	)	PUNCT
gujaf-430	163	10	has	have	VERB
gujaf-430	163	11	a	a	DET
gujaf-430	163	12	strong	strong	ADJ
gujaf-430	163	13	positive	positive	ADJ
gujaf-430	163	14	effect	effect	NOUN
gujaf-430	163	15	(	(	PUNCT
gujaf-430	163	16	222.34	222.34	NUM
gujaf-430	163	17	;	;	PUNCT
gujaf-430	163	18	p	p	X
gujaf-430	163	19	<	<	X
gujaf-430	163	20	0.01	0.01	NUM
gujaf-430	163	21	)	)	PUNCT
gujaf-430	163	22	,	,	PUNCT
gujaf-430	163	23	suggesting	suggest	VERB
gujaf-430	163	24	that	that	SCONJ
gujaf-430	163	25	a	a	DET
gujaf-430	163	26	temporary	temporary	ADJ
gujaf-430	163	27	depreciation	depreciation	NOUN
gujaf-430	163	28	of	of	ADP
gujaf-430	163	29	the	the	DET
gujaf-430	163	30	naira	naira	NOUN
gujaf-430	163	31	may	may	AUX
gujaf-430	163	32	initially	initially	ADV
gujaf-430	163	33	lead	lead	VERB
gujaf-430	163	34	to	to	ADP
gujaf-430	163	35	a	a	DET
gujaf-430	163	36	rise	rise	NOUN
gujaf-430	163	37	in	in	ADP
gujaf-430	163	38	stock	stock	NOUN
gujaf-430	163	39	prices	price	NOUN
gujaf-430	163	40	,	,	PUNCT
gujaf-430	163	41	possibly	possibly	ADV
gujaf-430	163	42	due	due	ADP
gujaf-430	163	43	to	to	ADP
gujaf-430	163	44	increased	increase	VERB
gujaf-430	163	45	export	export	NOUN
gujaf-430	163	46	competitiveness	competitiveness	NOUN
gujaf-430	163	47	.	.	PUNCT
gujaf-430	164	1	however	however	ADV
gujaf-430	164	2	,	,	PUNCT
gujaf-430	164	3	the	the	DET
gujaf-430	164	4	lagged	lag	VERB
gujaf-430	164	5	terms	term	NOUN
gujaf-430	164	6	of	of	ADP
gujaf-430	164	7	er	er	INTJ
gujaf-430	164	8	(	(	PUNCT
gujaf-430	164	9	e.g.	e.g.	ADJ
gujaf-430	164	10	,	,	PUNCT
gujaf-430	164	11	d(er(-1	d(er(-1	NOUN
gujaf-430	164	12	)	)	PUNCT
gujaf-430	164	13	)	)	PUNCT
gujaf-430	164	14	,	,	PUNCT
gujaf-430	164	15	d(er(-2	d(er(-2	NOUN
gujaf-430	164	16	)	)	PUNCT
gujaf-430	164	17	)	)	PUNCT
gujaf-430	164	18	,	,	PUNCT
gujaf-430	164	19	and	and	CCONJ
gujaf-430	164	20	d(er(-3	d(er(-3	NOUN
gujaf-430	164	21	)	)	PUNCT
gujaf-430	164	22	)	)	PUNCT
gujaf-430	164	23	)	)	PUNCT
gujaf-430	164	24	exhibit	exhibit	VERB
gujaf-430	164	25	significantly	significantly	ADV
gujaf-430	164	26	negative	negative	ADJ
gujaf-430	164	27	coefficients	coefficient	NOUN
gujaf-430	164	28	,	,	PUNCT
gujaf-430	164	29	indicating	indicate	VERB
gujaf-430	164	30	that	that	SCONJ
gujaf-430	164	31	continued	continue	VERB
gujaf-430	164	32	depreciation	depreciation	NOUN
gujaf-430	164	33	over	over	ADP
gujaf-430	164	34	time	time	NOUN
gujaf-430	164	35	reverses	reverse	VERB
gujaf-430	164	36	any	any	DET
gujaf-430	164	37	initial	initial	ADJ
gujaf-430	164	38	gains	gain	NOUN
gujaf-430	164	39	and	and	CCONJ
gujaf-430	164	40	leads	lead	VERB
gujaf-430	164	41	to	to	ADP
gujaf-430	164	42	declining	decline	VERB
gujaf-430	164	43	investor	investor	NOUN
gujaf-430	164	44	confidence	confidence	NOUN
gujaf-430	164	45	and	and	CCONJ
gujaf-430	164	46	lower	low	ADJ
gujaf-430	164	47	asi	asi	NOUN
gujaf-430	164	48	levels	level	NOUN
gujaf-430	164	49	.	.	PUNCT
gujaf-430	165	1	this	this	PRON
gujaf-430	165	2	reflects	reflect	VERB
gujaf-430	165	3	a	a	DET
gujaf-430	165	4	delayed	delay	VERB
gujaf-430	165	5	market	market	NOUN
gujaf-430	165	6	correction	correction	NOUN
gujaf-430	165	7	as	as	SCONJ
gujaf-430	165	8	the	the	DET
gujaf-430	165	9	longer	long	ADJ
gujaf-430	165	10	-	-	PUNCT
gujaf-430	165	11	term	term	NOUN
gujaf-430	165	12	risks	risk	NOUN
gujaf-430	165	13	of	of	ADP
gujaf-430	165	14	currency	currency	NOUN
gujaf-430	165	15	weakness	weakness	NOUN
gujaf-430	165	16	materialize	materialize	VERB
gujaf-430	165	17	.	.	PUNCT
gujaf-430	166	1	the	the	DET
gujaf-430	166	2	inflation	inflation	NOUN
gujaf-430	166	3	rate	rate	NOUN
gujaf-430	166	4	(	(	PUNCT
gujaf-430	166	5	ifr	ifr	PROPN
gujaf-430	166	6	)	)	PUNCT
gujaf-430	166	7	also	also	ADV
gujaf-430	166	8	shows	show	VERB
gujaf-430	166	9	dynamic	dynamic	ADJ
gujaf-430	166	10	short	short	ADJ
gujaf-430	166	11	-	-	PUNCT
gujaf-430	166	12	run	run	NOUN
gujaf-430	166	13	effects	effect	NOUN
gujaf-430	166	14	.	.	PUNCT
gujaf-430	167	1	while	while	SCONJ
gujaf-430	167	2	the	the	DET
gujaf-430	167	3	current	current	ADJ
gujaf-430	167	4	change	change	NOUN
gujaf-430	167	5	in	in	ADP
gujaf-430	167	6	ifr	ifr	PROPN
gujaf-430	167	7	is	be	AUX
gujaf-430	167	8	statistically	statistically	ADV
gujaf-430	167	9	insignificant	insignificant	ADJ
gujaf-430	167	10	,	,	PUNCT
gujaf-430	167	11	the	the	DET
gujaf-430	167	12	lagged	lag	VERB
gujaf-430	167	13	terms	term	NOUN
gujaf-430	167	14	,	,	PUNCT
gujaf-430	167	15	especially	especially	ADV
gujaf-430	167	16	d(ifr(-1	d(ifr(-1	NUM
gujaf-430	167	17	)	)	PUNCT
gujaf-430	167	18	)	)	PUNCT
gujaf-430	167	19	through	through	ADP
gujaf-430	167	20	d(ifr(-3	d(ifr(-3	PROPN
gujaf-430	167	21	)	)	PUNCT
gujaf-430	167	22	)	)	PUNCT
gujaf-430	167	23	,	,	PUNCT
gujaf-430	167	24	are	be	AUX
gujaf-430	167	25	positive	positive	ADJ
gujaf-430	167	26	and	and	CCONJ
gujaf-430	167	27	highly	highly	ADV
gujaf-430	167	28	significant	significant	ADJ
gujaf-430	167	29	(	(	PUNCT
gujaf-430	167	30	p	p	X
gujaf-430	167	31	<	<	X
gujaf-430	167	32	0.01	0.01	NUM
gujaf-430	167	33	)	)	PUNCT
gujaf-430	167	34	.	.	PUNCT
gujaf-430	168	1	these	these	DET
gujaf-430	168	2	results	result	NOUN
gujaf-430	168	3	suggest	suggest	VERB
gujaf-430	168	4	a	a	DET
gujaf-430	168	5	lagging	lag	VERB
gujaf-430	168	6	positive	positive	ADJ
gujaf-430	168	7	response	response	NOUN
gujaf-430	168	8	of	of	ADP
gujaf-430	168	9	the	the	DET
gujaf-430	168	10	stock	stock	NOUN
gujaf-430	168	11	market	market	NOUN
gujaf-430	168	12	to	to	ADP
gujaf-430	168	13	rising	rise	VERB
gujaf-430	168	14	inflation	inflation	NOUN
gujaf-430	168	15	,	,	PUNCT
gujaf-430	168	16	possibly	possibly	ADV
gujaf-430	168	17	due	due	ADP
gujaf-430	168	18	to	to	ADP
gujaf-430	168	19	nominal	nominal	ADJ
gujaf-430	168	20	revenue	revenue	NOUN
gujaf-430	168	21	increases	increase	NOUN
gujaf-430	168	22	,	,	PUNCT
gujaf-430	168	23	inflation	inflation	NOUN
gujaf-430	168	24	hedging	hedging	NOUN
gujaf-430	168	25	behavior	behavior	NOUN
gujaf-430	168	26	,	,	PUNCT
gujaf-430	168	27	or	or	CCONJ
gujaf-430	168	28	asset	asset	NOUN
gujaf-430	168	29	revaluation	revaluation	NOUN
gujaf-430	168	30	effects	effect	NOUN
gujaf-430	168	31	in	in	ADP
gujaf-430	168	32	the	the	DET
gujaf-430	168	33	short	short	ADJ
gujaf-430	168	34	run	run	NOUN
gujaf-430	168	35	.	.	PUNCT
gujaf-430	169	1	however	however	ADV
gujaf-430	169	2	,	,	PUNCT
gujaf-430	169	3	this	this	PRON
gujaf-430	169	4	does	do	AUX
gujaf-430	169	5	not	not	PART
gujaf-430	169	6	necessarily	necessarily	ADV
gujaf-430	169	7	imply	imply	VERB
gujaf-430	169	8	that	that	SCONJ
gujaf-430	169	9	inflation	inflation	NOUN
gujaf-430	169	10	is	be	AUX
gujaf-430	169	11	beneficial	beneficial	ADJ
gujaf-430	169	12	overall	overall	ADV
gujaf-430	169	13	,	,	PUNCT
gujaf-430	169	14	as	as	SCONJ
gujaf-430	169	15	its	its	PRON
gujaf-430	169	16	long	long	ADJ
gujaf-430	169	17	-	-	PUNCT
gujaf-430	169	18	term	term	NOUN
gujaf-430	169	19	effect	effect	NOUN
gujaf-430	169	20	must	must	AUX
gujaf-430	169	21	be	be	AUX
gujaf-430	169	22	assessed	assess	VERB
gujaf-430	169	23	in	in	ADP
gujaf-430	169	24	conjunction	conjunction	NOUN
gujaf-430	169	25	with	with	ADP
gujaf-430	169	26	structural	structural	ADJ
gujaf-430	169	27	fundamentals	fundamental	NOUN
gujaf-430	169	28	.	.	PUNCT
gujaf-430	170	1	similarly	similarly	ADV
gujaf-430	170	2	,	,	PUNCT
gujaf-430	170	3	interest	interest	NOUN
gujaf-430	170	4	rates	rate	NOUN
gujaf-430	170	5	(	(	PUNCT
gujaf-430	170	6	ir	ir	NOUN
gujaf-430	170	7	)	)	PUNCT
gujaf-430	170	8	influence	influence	NOUN
gujaf-430	170	9	asi	asi	NOUN
gujaf-430	170	10	in	in	ADP
gujaf-430	170	11	a	a	DET
gujaf-430	170	12	complex	complex	ADJ
gujaf-430	170	13	manner	manner	NOUN
gujaf-430	170	14	.	.	PUNCT
gujaf-430	171	1	the	the	DET
gujaf-430	171	2	immediate	immediate	ADJ
gujaf-430	171	3	change	change	NOUN
gujaf-430	171	4	(	(	PUNCT
gujaf-430	171	5	d(ir	d(ir	PROPN
gujaf-430	171	6	)	)	PUNCT
gujaf-430	171	7	)	)	PUNCT
gujaf-430	171	8	is	be	AUX
gujaf-430	171	9	strongly	strongly	ADV
gujaf-430	171	10	positive	positive	ADJ
gujaf-430	171	11	and	and	CCONJ
gujaf-430	171	12	significant	significant	ADJ
gujaf-430	171	13	(	(	PUNCT
gujaf-430	171	14	3611.95	3611.95	NUM
gujaf-430	171	15	;	;	PUNCT
gujaf-430	171	16	p	p	X
gujaf-430	171	17	<	<	X
gujaf-430	171	18	0.01	0.01	NUM
gujaf-430	171	19	)	)	PUNCT
gujaf-430	171	20	,	,	PUNCT
gujaf-430	171	21	implying	imply	VERB
gujaf-430	171	22	that	that	SCONJ
gujaf-430	171	23	short	short	ADJ
gujaf-430	171	24	-	-	PUNCT
gujaf-430	171	25	term	term	NOUN
gujaf-430	171	26	interest	interest	NOUN
gujaf-430	171	27	rate	rate	NOUN
gujaf-430	171	28	hikes	hike	NOUN
gujaf-430	171	29	may	may	AUX
gujaf-430	171	30	be	be	AUX
gujaf-430	171	31	interpreted	interpret	VERB
gujaf-430	171	32	by	by	ADP
gujaf-430	171	33	the	the	DET
gujaf-430	171	34	market	market	NOUN
gujaf-430	171	35	as	as	ADP
gujaf-430	171	36	policy	policy	NOUN
gujaf-430	171	37	measures	measure	NOUN
gujaf-430	171	38	to	to	PART
gujaf-430	171	39	stabilize	stabilize	VERB
gujaf-430	171	40	the	the	DET
gujaf-430	171	41	economy	economy	NOUN
gujaf-430	171	42	,	,	PUNCT
gujaf-430	171	43	thereby	thereby	ADV
gujaf-430	171	44	improving	improve	VERB
gujaf-430	171	45	investor	investor	NOUN
gujaf-430	171	46	confidence	confidence	NOUN
gujaf-430	171	47	.	.	PUNCT
gujaf-430	172	1	however	however	ADV
gujaf-430	172	2	,	,	PUNCT
gujaf-430	172	3	the	the	DET
gujaf-430	172	4	second	second	ADJ
gujaf-430	172	5	lag	lag	NOUN
gujaf-430	172	6	(	(	PUNCT
gujaf-430	172	7	d(ir(-2	d(ir(-2	ADJ
gujaf-430	172	8	)	)	PUNCT
gujaf-430	172	9	)	)	PUNCT
gujaf-430	172	10	)	)	PUNCT
gujaf-430	172	11	turns	turn	VERB
gujaf-430	172	12	significantly	significantly	ADV
gujaf-430	172	13	negative	negative	ADJ
gujaf-430	172	14	(	(	PUNCT
gujaf-430	172	15	–	–	PUNCT
gujaf-430	172	16	7526.63	7526.63	NUM
gujaf-430	172	17	;	;	PUNCT
gujaf-430	172	18	p	p	X
gujaf-430	172	19	<	<	X
gujaf-430	172	20	0.01	0.01	NUM
gujaf-430	172	21	)	)	PUNCT
gujaf-430	172	22	,	,	PUNCT
gujaf-430	172	23	showing	show	VERB
gujaf-430	172	24	that	that	PRON
gujaf-430	172	25	prolonged	prolong	VERB
gujaf-430	172	26	high	high	ADJ
gujaf-430	172	27	interest	interest	NOUN
gujaf-430	172	28	rates	rate	NOUN
gujaf-430	172	29	may	may	AUX
gujaf-430	172	30	eventually	eventually	ADV
gujaf-430	172	31	suppress	suppress	VERB
gujaf-430	172	32	equity	equity	NOUN
gujaf-430	172	33	investments	investment	NOUN
gujaf-430	172	34	due	due	ADJ
gujaf-430	172	35	to	to	ADP
gujaf-430	172	36	rising	rise	VERB
gujaf-430	172	37	borrowing	borrowing	NOUN
gujaf-430	172	38	costs	cost	NOUN
gujaf-430	172	39	and	and	CCONJ
gujaf-430	172	40	reduced	reduce	VERB
gujaf-430	172	41	corporate	corporate	ADJ
gujaf-430	172	42	earnings	earning	NOUN
gujaf-430	172	43	.	.	PUNCT
gujaf-430	173	1	in	in	ADP
gujaf-430	173	2	terms	term	NOUN
gujaf-430	173	3	of	of	ADP
gujaf-430	173	4	broader	broad	ADJ
gujaf-430	173	5	economic	economic	ADJ
gujaf-430	173	6	conditions	condition	NOUN
gujaf-430	173	7	,	,	PUNCT
gujaf-430	173	8	changes	change	NOUN
gujaf-430	173	9	in	in	ADP
gujaf-430	173	10	log	log	NOUN
gujaf-430	173	11	gdp	gdp	NOUN
gujaf-430	173	12	reveal	reveal	VERB
gujaf-430	173	13	mixed	mixed	ADJ
gujaf-430	173	14	short	short	ADJ
gujaf-430	173	15	-	-	PUNCT
gujaf-430	173	16	run	run	NOUN
gujaf-430	173	17	effects	effect	NOUN
gujaf-430	173	18	.	.	PUNCT
gujaf-430	174	1	the	the	DET
gujaf-430	174	2	contemporaneous	contemporaneous	ADJ
gujaf-430	174	3	change	change	NOUN
gujaf-430	174	4	(	(	PUNCT
gujaf-430	174	5	d(log_gdp	d(log_gdp	NOUN
gujaf-430	174	6	)	)	PUNCT
gujaf-430	174	7	)	)	PUNCT
gujaf-430	174	8	is	be	AUX
gujaf-430	174	9	significantly	significantly	ADV
gujaf-430	174	10	negative	negative	ADJ
gujaf-430	174	11	,	,	PUNCT
gujaf-430	174	12	while	while	SCONJ
gujaf-430	174	13	the	the	DET
gujaf-430	174	14	second	second	ADJ
gujaf-430	174	15	lag	lag	NOUN
gujaf-430	174	16	(	(	PUNCT
gujaf-430	174	17	d(log_gdp(2	d(log_gdp(2	NOUN
gujaf-430	174	18	)	)	PUNCT
gujaf-430	174	19	)	)	PUNCT
gujaf-430	174	20	)	)	PUNCT
gujaf-430	174	21	turns	turn	VERB
gujaf-430	174	22	strongly	strongly	ADV
gujaf-430	174	23	positive	positive	ADJ
gujaf-430	174	24	.	.	PUNCT
gujaf-430	175	1	this	this	PRON
gujaf-430	175	2	suggests	suggest	VERB
gujaf-430	175	3	a	a	DET
gujaf-430	175	4	short	short	ADJ
gujaf-430	175	5	-	-	PUNCT
gujaf-430	175	6	term	term	NOUN
gujaf-430	175	7	downturn	downturn	NOUN
gujaf-430	175	8	or	or	CCONJ
gujaf-430	175	9	adjustment	adjustment	NOUN
gujaf-430	175	10	effect	effect	NOUN
gujaf-430	175	11	following	follow	VERB
gujaf-430	175	12	economic	economic	ADJ
gujaf-430	175	13	shocks	shock	NOUN
gujaf-430	175	14	,	,	PUNCT
gujaf-430	175	15	but	but	CCONJ
gujaf-430	175	16	a	a	DET
gujaf-430	175	17	delayed	delay	VERB
gujaf-430	175	18	rebound	rebound	NOUN
gujaf-430	175	19	as	as	SCONJ
gujaf-430	175	20	market	market	NOUN
gujaf-430	175	21	fundamentals	fundamental	NOUN
gujaf-430	175	22	recover	recover	VERB
gujaf-430	175	23	.	.	PUNCT
gujaf-430	176	1	for	for	ADP
gujaf-430	176	2	foreign	foreign	ADJ
gujaf-430	176	3	direct	direct	ADJ
gujaf-430	176	4	investment	investment	NOUN
gujaf-430	176	5	(	(	PUNCT
gujaf-430	176	6	fdi	fdi	PROPN
gujaf-430	176	7	)	)	PUNCT
gujaf-430	176	8	,	,	PUNCT
gujaf-430	176	9	the	the	DET
gujaf-430	176	10	short	short	ADJ
gujaf-430	176	11	-	-	PUNCT
gujaf-430	176	12	run	run	NOUN
gujaf-430	176	13	coefficients	coefficient	NOUN
gujaf-430	176	14	are	be	AUX
gujaf-430	176	15	predominantly	predominantly	ADV
gujaf-430	176	16	negative	negative	ADJ
gujaf-430	176	17	and	and	CCONJ
gujaf-430	176	18	significant	significant	ADJ
gujaf-430	176	19	.	.	PUNCT
gujaf-430	177	1	both	both	DET
gujaf-430	177	2	d(fdi	d(fdi	PRON
gujaf-430	177	3	)	)	PUNCT
gujaf-430	177	4	,	,	PUNCT
gujaf-430	177	5	d(fdi(-1	d(fdi(-1	NOUN
gujaf-430	177	6	)	)	PUNCT
gujaf-430	177	7	)	)	PUNCT
gujaf-430	177	8	,	,	PUNCT
gujaf-430	177	9	and	and	CCONJ
gujaf-430	177	10	d(fdi(-2	d(fdi(-2	PROPN
gujaf-430	177	11	)	)	PUNCT
gujaf-430	177	12	)	)	PUNCT
gujaf-430	177	13	display	display	VERB
gujaf-430	177	14	substantial	substantial	ADJ
gujaf-430	177	15	negative	negative	ADJ
gujaf-430	177	16	effects	effect	NOUN
gujaf-430	177	17	on	on	ADP
gujaf-430	177	18	asi	asi	NOUN
gujaf-430	177	19	,	,	PUNCT
gujaf-430	177	20	with	with	ADP
gujaf-430	177	21	only	only	ADJ
gujaf-430	177	22	d(fdi(-3	d(fdi(-3	PROPN
gujaf-430	177	23	)	)	PUNCT
gujaf-430	177	24	)	)	PUNCT
gujaf-430	178	1	showing	show	VERB
gujaf-430	178	2	a	a	DET
gujaf-430	178	3	delayed	delay	VERB
gujaf-430	178	4	positive	positive	ADJ
gujaf-430	178	5	response	response	NOUN
gujaf-430	178	6	.	.	PUNCT
gujaf-430	179	1	this	this	PRON
gujaf-430	179	2	suggests	suggest	VERB
gujaf-430	179	3	that	that	SCONJ
gujaf-430	179	4	in	in	ADP
gujaf-430	179	5	the	the	DET
gujaf-430	179	6	short	short	ADJ
gujaf-430	179	7	run	run	NOUN
gujaf-430	179	8	,	,	PUNCT
gujaf-430	179	9	fdi	fdi	NOUN
gujaf-430	179	10	inflows	inflow	NOUN
gujaf-430	179	11	might	might	AUX
gujaf-430	179	12	initially	initially	ADV
gujaf-430	179	13	displace	displace	VERB
gujaf-430	179	14	domestic	domestic	ADJ
gujaf-430	179	15	investments	investment	NOUN
gujaf-430	179	16	or	or	CCONJ
gujaf-430	179	17	signal	signal	VERB
gujaf-430	179	18	foreign	foreign	ADJ
gujaf-430	179	19	dominance	dominance	NOUN
gujaf-430	179	20	in	in	ADP
gujaf-430	179	21	non	non	ADJ
gujaf-430	179	22	-	-	ADJ
gujaf-430	179	23	equity	equity	ADJ
gujaf-430	179	24	sectors	sector	NOUN
gujaf-430	179	25	,	,	PUNCT
gujaf-430	179	26	dampening	dampen	VERB
gujaf-430	179	27	local	local	ADJ
gujaf-430	179	28	investor	investor	NOUN
gujaf-430	179	29	sentiment	sentiment	NOUN
gujaf-430	179	30	.	.	PUNCT
gujaf-430	180	1	lastly	lastly	ADV
gujaf-430	180	2	,	,	PUNCT
gujaf-430	180	3	public	public	ADJ
gujaf-430	180	4	sector	sector	NOUN
gujaf-430	180	5	growth	growth	NOUN
gujaf-430	180	6	(	(	PUNCT
gujaf-430	180	7	log_psg	log_psg	X
gujaf-430	180	8	)	)	PUNCT
gujaf-430	180	9	demonstrates	demonstrate	VERB
gujaf-430	180	10	strong	strong	ADJ
gujaf-430	180	11	and	and	CCONJ
gujaf-430	180	12	consistently	consistently	ADV
gujaf-430	180	13	positive	positive	ADJ
gujaf-430	180	14	short	short	ADJ
gujaf-430	180	15	-	-	PUNCT
gujaf-430	180	16	run	run	NOUN
gujaf-430	180	17	effects	effect	NOUN
gujaf-430	180	18	.	.	PUNCT
gujaf-430	181	1	all	all	DET
gujaf-430	181	2	lags	lag	NOUN
gujaf-430	181	3	(	(	PUNCT
gujaf-430	181	4	d(log_psg	d(log_psg	NOUN
gujaf-430	181	5	)	)	PUNCT
gujaf-430	181	6	,	,	PUNCT
gujaf-430	181	7	d(log_psg(-1	d(log_psg(-1	NOUN
gujaf-430	181	8	)	)	PUNCT
gujaf-430	181	9	)	)	PUNCT
gujaf-430	181	10	,	,	PUNCT
gujaf-430	181	11	d(log_psg(-2	d(log_psg(-2	NOUN
gujaf-430	181	12	)	)	PUNCT
gujaf-430	181	13	)	)	PUNCT
gujaf-430	181	14	,	,	PUNCT
gujaf-430	181	15	and	and	CCONJ
gujaf-430	181	16	d(log_psg(-3	d(log_psg(-3	ADJ
gujaf-430	181	17	)	)	PUNCT
gujaf-430	181	18	)	)	PUNCT
gujaf-430	181	19	)	)	PUNCT
gujaf-430	181	20	are	be	AUX
gujaf-430	181	21	highly	highly	ADV
gujaf-430	181	22	significant	significant	ADJ
gujaf-430	181	23	,	,	PUNCT
gujaf-430	181	24	indicating	indicate	VERB
gujaf-430	181	25	that	that	SCONJ
gujaf-430	181	26	expansionary	expansionary	ADJ
gujaf-430	181	27	fiscal	fiscal	ADJ
gujaf-430	181	28	activity	activity	NOUN
gujaf-430	181	29	or	or	CCONJ
gujaf-430	181	30	public	public	ADJ
gujaf-430	181	31	gusau	gusau	ADJ
gujaf-430	181	32	journal	journal	NOUN
gujaf-430	181	33	of	of	ADP
gujaf-430	181	34	accounting	accounting	NOUN
gujaf-430	181	35	and	and	CCONJ
gujaf-430	181	36	finance	finance	NOUN
gujaf-430	181	37	,	,	PUNCT
gujaf-430	181	38	vol.6	vol.6	PROPN
gujaf-430	181	39	,	,	PUNCT
gujaf-430	181	40	issue	issue	NOUN
gujaf-430	181	41	2	2	NUM
gujaf-430	181	42	,	,	PUNCT
gujaf-430	181	43	april	april	PROPN
gujaf-430	181	44	,	,	PUNCT
gujaf-430	181	45	2025	2025	NUM
gujaf-430	181	46	292	292	NUM
gujaf-430	181	47	investment	investment	NOUN
gujaf-430	181	48	stimulates	stimulate	VERB
gujaf-430	181	49	market	market	NOUN
gujaf-430	181	50	optimism	optimism	NOUN
gujaf-430	181	51	and	and	CCONJ
gujaf-430	181	52	stock	stock	NOUN
gujaf-430	181	53	performance	performance	NOUN
gujaf-430	181	54	in	in	ADP
gujaf-430	181	55	both	both	CCONJ
gujaf-430	181	56	the	the	DET
gujaf-430	181	57	immediate	immediate	ADJ
gujaf-430	181	58	and	and	CCONJ
gujaf-430	181	59	lagged	lag	VERB
gujaf-430	181	60	periods	period	NOUN
gujaf-430	181	61	.	.	PUNCT
gujaf-430	182	1	in	in	ADP
gujaf-430	182	2	summary	summary	NOUN
gujaf-430	182	3	,	,	PUNCT
gujaf-430	182	4	the	the	DET
gujaf-430	182	5	short	short	ADJ
gujaf-430	182	6	-	-	PUNCT
gujaf-430	182	7	run	run	NOUN
gujaf-430	182	8	ardl	ardl	NOUN
gujaf-430	182	9	results	result	NOUN
gujaf-430	182	10	confirm	confirm	VERB
gujaf-430	182	11	that	that	SCONJ
gujaf-430	182	12	nigeria	nigeria	PROPN
gujaf-430	182	13	’s	’s	PART
gujaf-430	182	14	stock	stock	NOUN
gujaf-430	182	15	market	market	NOUN
gujaf-430	182	16	is	be	AUX
gujaf-430	182	17	highly	highly	ADV
gujaf-430	182	18	sensitive	sensitive	ADJ
gujaf-430	182	19	to	to	ADP
gujaf-430	182	20	fluctuations	fluctuation	NOUN
gujaf-430	182	21	in	in	ADP
gujaf-430	182	22	key	key	ADJ
gujaf-430	182	23	macroeconomic	macroeconomic	ADJ
gujaf-430	182	24	indicators	indicator	NOUN
gujaf-430	182	25	,	,	PUNCT
gujaf-430	182	26	especially	especially	ADV
gujaf-430	182	27	the	the	DET
gujaf-430	182	28	exchange	exchange	NOUN
gujaf-430	182	29	rate	rate	NOUN
gujaf-430	182	30	,	,	PUNCT
gujaf-430	182	31	inflation	inflation	NOUN
gujaf-430	182	32	,	,	PUNCT
gujaf-430	182	33	interest	interest	NOUN
gujaf-430	182	34	rates	rate	NOUN
gujaf-430	182	35	,	,	PUNCT
gujaf-430	182	36	and	and	CCONJ
gujaf-430	182	37	government	government	NOUN
gujaf-430	182	38	activity	activity	NOUN
gujaf-430	182	39	.	.	PUNCT
gujaf-430	183	1	while	while	SCONJ
gujaf-430	183	2	some	some	DET
gujaf-430	183	3	variables	variable	NOUN
gujaf-430	183	4	show	show	VERB
gujaf-430	183	5	temporary	temporary	ADJ
gujaf-430	183	6	benefits	benefit	NOUN
gujaf-430	183	7	(	(	PUNCT
gujaf-430	183	8	e.g.	e.g.	ADV
gujaf-430	183	9	,	,	PUNCT
gujaf-430	183	10	er	er	INTJ
gujaf-430	183	11	and	and	CCONJ
gujaf-430	183	12	ir	ir	NOUN
gujaf-430	183	13	)	)	PUNCT
gujaf-430	183	14	,	,	PUNCT
gujaf-430	183	15	their	their	PRON
gujaf-430	183	16	lagged	lag	VERB
gujaf-430	183	17	negative	negative	ADJ
gujaf-430	183	18	effects	effect	NOUN
gujaf-430	183	19	highlight	highlight	VERB
gujaf-430	183	20	the	the	DET
gujaf-430	183	21	importance	importance	NOUN
gujaf-430	183	22	of	of	ADP
gujaf-430	183	23	stability	stability	NOUN
gujaf-430	183	24	and	and	CCONJ
gujaf-430	183	25	policy	policy	NOUN
gujaf-430	183	26	consistency	consistency	NOUN
gujaf-430	183	27	in	in	ADP
gujaf-430	183	28	sustaining	sustain	VERB
gujaf-430	183	29	investor	investor	NOUN
gujaf-430	183	30	confidence	confidence	NOUN
gujaf-430	183	31	.	.	PUNCT
gujaf-430	184	1	5.0	5.0	NUM
gujaf-430	184	2	conclusion	conclusion	NOUN
gujaf-430	184	3	and	and	CCONJ
gujaf-430	184	4	recommendations	recommendation	NOUN
gujaf-430	184	5	this	this	DET
gujaf-430	184	6	study	study	NOUN
gujaf-430	184	7	concludes	conclude	VERB
gujaf-430	184	8	that	that	SCONJ
gujaf-430	184	9	macroeconomic	macroeconomic	ADJ
gujaf-430	184	10	fundamentals	fundamental	NOUN
gujaf-430	184	11	exert	exert	VERB
gujaf-430	184	12	a	a	DET
gujaf-430	184	13	substantial	substantial	ADJ
gujaf-430	184	14	and	and	CCONJ
gujaf-430	184	15	measurable	measurable	ADJ
gujaf-430	184	16	influence	influence	NOUN
gujaf-430	184	17	on	on	ADP
gujaf-430	184	18	stock	stock	NOUN
gujaf-430	184	19	market	market	NOUN
gujaf-430	184	20	performance	performance	NOUN
gujaf-430	184	21	in	in	ADP
gujaf-430	184	22	nigeria	nigeria	PROPN
gujaf-430	184	23	.	.	PUNCT
gujaf-430	185	1	the	the	DET
gujaf-430	185	2	empirical	empirical	ADJ
gujaf-430	185	3	evidence	evidence	NOUN
gujaf-430	185	4	demonstrates	demonstrate	VERB
gujaf-430	185	5	that	that	SCONJ
gujaf-430	185	6	fluctuations	fluctuation	NOUN
gujaf-430	185	7	in	in	ADP
gujaf-430	185	8	the	the	DET
gujaf-430	185	9	exchange	exchange	NOUN
gujaf-430	185	10	rate	rate	NOUN
gujaf-430	185	11	,	,	PUNCT
gujaf-430	185	12	interest	interest	NOUN
gujaf-430	185	13	rate	rate	NOUN
gujaf-430	185	14	,	,	PUNCT
gujaf-430	185	15	and	and	CCONJ
gujaf-430	185	16	inflation	inflation	NOUN
gujaf-430	185	17	rate	rate	NOUN
gujaf-430	185	18	significantly	significantly	ADV
gujaf-430	185	19	impact	impact	VERB
gujaf-430	185	20	the	the	DET
gujaf-430	185	21	nigerian	nigerian	ADJ
gujaf-430	185	22	all	all	DET
gujaf-430	185	23	share	share	NOUN
gujaf-430	185	24	index	index	NOUN
gujaf-430	185	25	(	(	PUNCT
gujaf-430	185	26	asi	asi	NOUN
gujaf-430	185	27	)	)	PUNCT
gujaf-430	185	28	in	in	ADP
gujaf-430	185	29	the	the	DET
gujaf-430	185	30	long	long	ADJ
gujaf-430	185	31	run	run	NOUN
gujaf-430	185	32	.	.	PUNCT
gujaf-430	186	1	policymakers	policymaker	NOUN
gujaf-430	186	2	should	should	AUX
gujaf-430	186	3	implement	implement	VERB
gujaf-430	186	4	strategies	strategy	NOUN
gujaf-430	186	5	to	to	PART
gujaf-430	186	6	stabilize	stabilize	VERB
gujaf-430	186	7	the	the	DET
gujaf-430	186	8	naira	naira	NOUN
gujaf-430	186	9	by	by	ADP
gujaf-430	186	10	promoting	promote	VERB
gujaf-430	186	11	foreign	foreign	ADJ
gujaf-430	186	12	investment	investment	NOUN
gujaf-430	186	13	,	,	PUNCT
gujaf-430	186	14	reducing	reduce	VERB
gujaf-430	186	15	overreliance	overreliance	NOUN
gujaf-430	186	16	on	on	ADP
gujaf-430	186	17	oil	oil	NOUN
gujaf-430	186	18	exports	export	NOUN
gujaf-430	186	19	,	,	PUNCT
gujaf-430	186	20	and	and	CCONJ
gujaf-430	186	21	diversifying	diversify	VERB
gujaf-430	186	22	the	the	DET
gujaf-430	186	23	economy	economy	NOUN
gujaf-430	186	24	.	.	PUNCT
gujaf-430	187	1	exchange	exchange	NOUN
gujaf-430	187	2	rate	rate	NOUN
gujaf-430	187	3	volatility	volatility	NOUN
gujaf-430	187	4	deters	deter	VERB
gujaf-430	187	5	investor	investor	NOUN
gujaf-430	187	6	participation	participation	NOUN
gujaf-430	187	7	and	and	CCONJ
gujaf-430	187	8	undermines	undermine	VERB
gujaf-430	187	9	market	market	NOUN
gujaf-430	187	10	stability	stability	NOUN
gujaf-430	187	11	.	.	PUNCT
gujaf-430	188	1	the	the	DET
gujaf-430	188	2	central	central	ADJ
gujaf-430	188	3	bank	bank	PROPN
gujaf-430	188	4	of	of	ADP
gujaf-430	188	5	nigeria	nigeria	PROPN
gujaf-430	188	6	(	(	PUNCT
gujaf-430	188	7	cbn	cbn	PROPN
gujaf-430	188	8	)	)	PUNCT
gujaf-430	188	9	should	should	AUX
gujaf-430	188	10	maintain	maintain	VERB
gujaf-430	188	11	a	a	DET
gujaf-430	188	12	balanced	balanced	ADJ
gujaf-430	188	13	interest	interest	NOUN
gujaf-430	188	14	rate	rate	NOUN
gujaf-430	188	15	regime	regime	NOUN
gujaf-430	188	16	that	that	PRON
gujaf-430	188	17	supports	support	VERB
gujaf-430	188	18	investment	investment	NOUN
gujaf-430	188	19	and	and	CCONJ
gujaf-430	188	20	economic	economic	ADJ
gujaf-430	188	21	productivity	productivity	NOUN
gujaf-430	188	22	.	.	PUNCT
gujaf-430	189	1	while	while	SCONJ
gujaf-430	189	2	inflation	inflation	NOUN
gujaf-430	189	3	targeting	target	VERB
gujaf-430	189	4	remains	remain	VERB
gujaf-430	189	5	vital	vital	ADJ
gujaf-430	189	6	,	,	PUNCT
gujaf-430	189	7	excessively	excessively	ADV
gujaf-430	189	8	high	high	ADJ
gujaf-430	189	9	interest	interest	NOUN
gujaf-430	189	10	rates	rate	NOUN
gujaf-430	189	11	can	can	AUX
gujaf-430	189	12	dampen	dampen	VERB
gujaf-430	189	13	stock	stock	NOUN
gujaf-430	189	14	market	market	NOUN
gujaf-430	189	15	performance	performance	NOUN
gujaf-430	189	16	.	.	PUNCT
gujaf-430	190	1	references	reference	NOUN
gujaf-430	190	2	adebayo	adebayo	PROPN
gujaf-430	190	3	,	,	PUNCT
gujaf-430	190	4	t.	t.	PROPN
gujaf-430	190	5	,	,	PUNCT
gujaf-430	190	6	&	&	CCONJ
gujaf-430	190	7	okonkwo	okonkwo	PROPN
gujaf-430	190	8	,	,	PUNCT
gujaf-430	190	9	j.	j.	PROPN
gujaf-430	190	10	(	(	PUNCT
gujaf-430	190	11	2022	2022	NUM
gujaf-430	190	12	)	)	PUNCT
gujaf-430	190	13	.	.	PUNCT
gujaf-430	191	1	macroeconomic	macroeconomic	ADJ
gujaf-430	191	2	volatility	volatility	NOUN
gujaf-430	191	3	and	and	CCONJ
gujaf-430	191	4	stock	stock	NOUN
gujaf-430	191	5	market	market	NOUN
gujaf-430	191	6	dynamics	dynamic	NOUN
gujaf-430	191	7	in	in	ADP
gujaf-430	191	8	nigeria	nigeria	PROPN
gujaf-430	191	9	.	.	PUNCT
gujaf-430	192	1	african	african	ADJ
gujaf-430	192	2	journal	journal	PROPN
gujaf-430	192	3	of	of	ADP
gujaf-430	192	4	financial	financial	ADJ
gujaf-430	192	5	studies	study	NOUN
gujaf-430	192	6	,	,	PUNCT
gujaf-430	192	7	18(2	18(2	NUM
gujaf-430	192	8	)	)	PUNCT
gujaf-430	192	9	,	,	PUNCT
gujaf-430	192	10	45	45	NUM
gujaf-430	192	11	-	-	SYM
gujaf-430	192	12	67	67	NUM
gujaf-430	192	13	.	.	PUNCT
gujaf-430	193	1	adebayo	adebayo	PROPN
gujaf-430	193	2	,	,	PUNCT
gujaf-430	193	3	t.	t.	PROPN
gujaf-430	193	4	,	,	PUNCT
gujaf-430	193	5	&	&	CCONJ
gujaf-430	193	6	yusuf	yusuf	PROPN
gujaf-430	193	7	,	,	PUNCT
gujaf-430	193	8	a.	a.	NOUN
gujaf-430	193	9	(	(	PUNCT
gujaf-430	193	10	2021	2021	NUM
gujaf-430	193	11	)	)	PUNCT
gujaf-430	193	12	.	.	PUNCT
gujaf-430	194	1	economic	economic	ADJ
gujaf-430	194	2	growth	growth	NOUN
gujaf-430	194	3	determinants	determinant	NOUN
gujaf-430	194	4	in	in	ADP
gujaf-430	194	5	emerging	emerge	VERB
gujaf-430	194	6	markets	market	NOUN
gujaf-430	194	7	.	.	PUNCT
gujaf-430	195	1	journal	journal	PROPN
gujaf-430	195	2	of	of	ADP
gujaf-430	195	3	economics	economic	NOUN
gujaf-430	195	4	and	and	CCONJ
gujaf-430	195	5	policy	policy	NOUN
gujaf-430	195	6	research	research	NOUN
gujaf-430	195	7	,	,	PUNCT
gujaf-430	195	8	15(3	15(3	NUM
gujaf-430	195	9	)	)	PUNCT
gujaf-430	195	10	,	,	PUNCT
gujaf-430	195	11	45	45	NUM
gujaf-430	195	12	-	-	SYM
gujaf-430	195	13	62	62	NUM
gujaf-430	195	14	.	.	PUNCT
gujaf-430	196	1	adebisi	adebisi	VERB
gujaf-430	196	2	,	,	PUNCT
gujaf-430	196	3	t.	t.	PROPN
gujaf-430	196	4	,	,	PUNCT
gujaf-430	196	5	&	&	CCONJ
gujaf-430	196	6	ojo	ojo	PROPN
gujaf-430	196	7	,	,	PUNCT
gujaf-430	196	8	k.	k.	PROPN
gujaf-430	196	9	(	(	PUNCT
gujaf-430	196	10	2021	2021	NUM
gujaf-430	196	11	)	)	PUNCT
gujaf-430	196	12	.	.	PUNCT
gujaf-430	197	1	macroeconomic	macroeconomic	ADJ
gujaf-430	197	2	indicators	indicator	NOUN
gujaf-430	197	3	and	and	CCONJ
gujaf-430	197	4	stock	stock	NOUN
gujaf-430	197	5	market	market	NOUN
gujaf-430	197	6	performance	performance	NOUN
gujaf-430	197	7	in	in	ADP
gujaf-430	197	8	nigeria	nigeria	PROPN
gujaf-430	197	9	.	.	PUNCT
gujaf-430	198	1	journal	journal	PROPN
gujaf-430	198	2	of	of	ADP
gujaf-430	198	3	financial	financial	ADJ
gujaf-430	198	4	economics	economic	NOUN
gujaf-430	198	5	,	,	PUNCT
gujaf-430	198	6	15(2	15(2	NUM
gujaf-430	198	7	)	)	PUNCT
gujaf-430	198	8	,	,	PUNCT
gujaf-430	198	9	98	98	NUM
gujaf-430	198	10	-	-	SYM
gujaf-430	198	11	115	115	NUM
gujaf-430	198	12	.	.	PUNCT
gujaf-430	199	1	adegbite	adegbite	ADJ
gujaf-430	199	2	,	,	PUNCT
gujaf-430	199	3	m.	m.	NOUN
gujaf-430	199	4	(	(	PUNCT
gujaf-430	199	5	2023	2023	NUM
gujaf-430	199	6	)	)	PUNCT
gujaf-430	199	7	.	.	PUNCT
gujaf-430	200	1	structural	structural	ADJ
gujaf-430	200	2	challenges	challenge	NOUN
gujaf-430	200	3	in	in	ADP
gujaf-430	200	4	the	the	DET
gujaf-430	200	5	nigerian	nigerian	ADJ
gujaf-430	200	6	stock	stock	NOUN
gujaf-430	200	7	market	market	NOUN
gujaf-430	200	8	:	:	PUNCT
gujaf-430	200	9	a	a	DET
gujaf-430	200	10	regulatory	regulatory	ADJ
gujaf-430	200	11	perspective	perspective	NOUN
gujaf-430	200	12	.	.	PUNCT
gujaf-430	201	1	nigerian	nigerian	ADJ
gujaf-430	201	2	journal	journal	PROPN
gujaf-430	201	3	of	of	ADP
gujaf-430	201	4	economic	economic	ADJ
gujaf-430	201	5	policy	policy	NOUN
gujaf-430	201	6	,	,	PUNCT
gujaf-430	201	7	25(1	25(1	NUM
gujaf-430	201	8	)	)	PUNCT
gujaf-430	201	9	,	,	PUNCT
gujaf-430	201	10	89	89	NUM
gujaf-430	201	11	-	-	SYM
gujaf-430	201	12	106	106	NUM
gujaf-430	201	13	.	.	PUNCT
gujaf-430	202	1	adefemi	adefemi	ADV
gujaf-430	202	2	,	,	PUNCT
gujaf-430	202	3	s.	s.	PROPN
gujaf-430	202	4	,	,	PUNCT
gujaf-430	202	5	&	&	CCONJ
gujaf-430	202	6	yusuf	yusuf	PROPN
gujaf-430	202	7	,	,	PUNCT
gujaf-430	202	8	k.	k.	PROPN
gujaf-430	202	9	(	(	PUNCT
gujaf-430	202	10	2022	2022	NUM
gujaf-430	202	11	)	)	PUNCT
gujaf-430	202	12	.	.	PUNCT
gujaf-430	203	1	market	market	NOUN
gujaf-430	203	2	concentration	concentration	NOUN
gujaf-430	203	3	and	and	CCONJ
gujaf-430	203	4	stock	stock	NOUN
gujaf-430	203	5	price	price	NOUN
gujaf-430	203	6	distortions	distortion	NOUN
gujaf-430	203	7	in	in	ADP
gujaf-430	203	8	nigeria	nigeria	PROPN
gujaf-430	203	9	.	.	PUNCT
gujaf-430	204	1	international	international	ADJ
gujaf-430	204	2	journal	journal	PROPN
gujaf-430	204	3	of	of	ADP
gujaf-430	204	4	financial	financial	ADJ
gujaf-430	204	5	research	research	NOUN
gujaf-430	204	6	,	,	PUNCT
gujaf-430	204	7	19(3	19(3	NUM
gujaf-430	204	8	)	)	PUNCT
gujaf-430	204	9	,	,	PUNCT
gujaf-430	204	10	101	101	NUM
gujaf-430	204	11	-	-	SYM
gujaf-430	204	12	120	120	NUM
gujaf-430	204	13	.	.	PUNCT
gujaf-430	205	1	adewale	adewale	PROPN
gujaf-430	205	2	,	,	PUNCT
gujaf-430	205	3	a.r	a.r	PROPN
gujaf-430	205	4	.	.	PROPN
gujaf-430	205	5	,	,	PUNCT
gujaf-430	205	6	&	&	CCONJ
gujaf-430	205	7	lawal	lawal	PROPN
gujaf-430	205	8	,	,	PUNCT
gujaf-430	205	9	a.i	a.i	PROPN
gujaf-430	205	10	.	.	PROPN
gujaf-430	205	11	(	(	PUNCT
gujaf-430	205	12	2022	2022	NUM
gujaf-430	205	13	)	)	PUNCT
gujaf-430	205	14	.	.	PUNCT
gujaf-430	206	1	exchange	exchange	NOUN
gujaf-430	206	2	rate	rate	NOUN
gujaf-430	206	3	volatility	volatility	NOUN
gujaf-430	206	4	and	and	CCONJ
gujaf-430	206	5	stock	stock	NOUN
gujaf-430	206	6	market	market	NOUN
gujaf-430	206	7	performance	performance	NOUN
gujaf-430	206	8	in	in	ADP
gujaf-430	206	9	nigeria	nigeria	PROPN
gujaf-430	206	10	.	.	PUNCT
gujaf-430	207	1	journal	journal	PROPN
gujaf-430	207	2	of	of	ADP
gujaf-430	207	3	economics	economic	NOUN
gujaf-430	207	4	and	and	CCONJ
gujaf-430	207	5	international	international	ADJ
gujaf-430	207	6	finance	finance	NOUN
gujaf-430	207	7	,	,	PUNCT
gujaf-430	207	8	14(2	14(2	NUM
gujaf-430	207	9	)	)	PUNCT
gujaf-430	207	10	,	,	PUNCT
gujaf-430	207	11	56	56	NUM
gujaf-430	207	12	-	-	SYM
gujaf-430	207	13	66	66	NUM
gujaf-430	207	14	.	.	PUNCT
gujaf-430	208	1	adewuyi	adewuyi	PROPN
gujaf-430	208	2	,	,	PUNCT
gujaf-430	208	3	b.	b.	PROPN
gujaf-430	208	4	,	,	PUNCT
gujaf-430	208	5	&	&	CCONJ
gujaf-430	208	6	olayemi	olayemi	PROPN
gujaf-430	208	7	,	,	PUNCT
gujaf-430	208	8	s.	s.	PROPN
gujaf-430	208	9	(	(	PUNCT
gujaf-430	208	10	2021	2021	NUM
gujaf-430	208	11	)	)	PUNCT
gujaf-430	208	12	.	.	PUNCT
gujaf-430	209	1	the	the	DET
gujaf-430	209	2	impact	impact	NOUN
gujaf-430	209	3	of	of	ADP
gujaf-430	209	4	gdp	gdp	NOUN
gujaf-430	209	5	growth	growth	NOUN
gujaf-430	209	6	on	on	ADP
gujaf-430	209	7	stock	stock	NOUN
gujaf-430	209	8	market	market	NOUN
gujaf-430	209	9	development	development	NOUN
gujaf-430	209	10	in	in	ADP
gujaf-430	209	11	emerging	emerge	VERB
gujaf-430	209	12	economies	economy	NOUN
gujaf-430	209	13	.	.	PUNCT
gujaf-430	210	1	african	african	ADJ
gujaf-430	210	2	journal	journal	PROPN
gujaf-430	210	3	of	of	ADP
gujaf-430	210	4	economic	economic	ADJ
gujaf-430	210	5	studies	study	NOUN
gujaf-430	210	6	,	,	PUNCT
gujaf-430	210	7	20(3	20(3	NOUN
gujaf-430	210	8	)	)	PUNCT
gujaf-430	210	9	,	,	PUNCT
gujaf-430	210	10	45	45	NUM
gujaf-430	210	11	-	-	SYM
gujaf-430	210	12	63	63	NUM
gujaf-430	210	13	.	.	PUNCT
gujaf-430	211	1	afolabi	afolabi	NOUN
gujaf-430	211	2	,	,	PUNCT
gujaf-430	211	3	l.	l.	PROPN
gujaf-430	211	4	,	,	PUNCT
gujaf-430	211	5	&	&	CCONJ
gujaf-430	211	6	oladipupo	oladipupo	PROPN
gujaf-430	211	7	,	,	PUNCT
gujaf-430	211	8	a.	a.	NOUN
gujaf-430	211	9	(	(	PUNCT
gujaf-430	211	10	2021	2021	NUM
gujaf-430	211	11	)	)	PUNCT
gujaf-430	211	12	.	.	PUNCT
gujaf-430	212	1	macroeconomic	macroeconomic	ADJ
gujaf-430	212	2	variables	variable	NOUN
gujaf-430	212	3	and	and	CCONJ
gujaf-430	212	4	stock	stock	NOUN
gujaf-430	212	5	market	market	NOUN
gujaf-430	212	6	performance	performance	NOUN
gujaf-430	212	7	in	in	ADP
gujaf-430	212	8	nigeria	nigeria	PROPN
gujaf-430	212	9	.	.	PUNCT
gujaf-430	213	1	journal	journal	PROPN
gujaf-430	213	2	of	of	ADP
gujaf-430	213	3	economics	economic	NOUN
gujaf-430	213	4	and	and	CCONJ
gujaf-430	213	5	finance	finance	NOUN
gujaf-430	213	6	,	,	PUNCT
gujaf-430	213	7	12(3	12(3	NUM
gujaf-430	213	8	)	)	PUNCT
gujaf-430	213	9	,	,	PUNCT
gujaf-430	213	10	15	15	NUM
gujaf-430	213	11	-	-	SYM
gujaf-430	213	12	25	25	NUM
gujaf-430	213	13	.	.	PUNCT
gujaf-430	214	1	ajao	ajao	PROPN
gujaf-430	214	2	,	,	PUNCT
gujaf-430	214	3	m.g	m.g	PROPN
gujaf-430	214	4	.	.	PROPN
gujaf-430	214	5	,	,	PUNCT
gujaf-430	214	6	&	&	CCONJ
gujaf-430	214	7	nwakanma	nwakanma	PROPN
gujaf-430	214	8	,	,	PUNCT
gujaf-430	214	9	p.c	p.c	PROPN
gujaf-430	214	10	.	.	PROPN
gujaf-430	214	11	(	(	PUNCT
gujaf-430	214	12	2021	2021	NUM
gujaf-430	214	13	)	)	PUNCT
gujaf-430	214	14	.	.	PUNCT
gujaf-430	215	1	the	the	DET
gujaf-430	215	2	dynamics	dynamic	NOUN
gujaf-430	215	3	of	of	ADP
gujaf-430	215	4	stock	stock	NOUN
gujaf-430	215	5	market	market	NOUN
gujaf-430	215	6	performance	performance	NOUN
gujaf-430	215	7	fundamentals	fundamental	NOUN
gujaf-430	215	8	and	and	CCONJ
gujaf-430	215	9	economic	economic	ADJ
gujaf-430	215	10	growth	growth	NOUN
gujaf-430	215	11	in	in	ADP
gujaf-430	215	12	nigeria	nigeria	PROPN
gujaf-430	215	13	:	:	PUNCT
gujaf-430	215	14	a	a	DET
gujaf-430	215	15	causality	causality	NOUN
gujaf-430	215	16	investigation	investigation	NOUN
gujaf-430	215	17	.	.	PUNCT
gujaf-430	216	1	akinlo	akinlo	PROPN
gujaf-430	216	2	,	,	PUNCT
gujaf-430	216	3	a.	a.	PROPN
gujaf-430	216	4	,	,	PUNCT
gujaf-430	216	5	&	&	CCONJ
gujaf-430	216	6	salami	salami	PROPN
gujaf-430	216	7	,	,	PUNCT
gujaf-430	216	8	r.	r.	PROPN
gujaf-430	216	9	(	(	PUNCT
gujaf-430	216	10	2021	2021	NUM
gujaf-430	216	11	)	)	PUNCT
gujaf-430	216	12	.	.	PUNCT
gujaf-430	217	1	the	the	DET
gujaf-430	217	2	impact	impact	NOUN
gujaf-430	217	3	of	of	ADP
gujaf-430	217	4	policy	policy	NOUN
gujaf-430	217	5	uncertainty	uncertainty	NOUN
gujaf-430	217	6	on	on	ADP
gujaf-430	217	7	stock	stock	NOUN
gujaf-430	217	8	market	market	NOUN
gujaf-430	217	9	performance	performance	NOUN
gujaf-430	217	10	in	in	ADP
gujaf-430	217	11	nigeria	nigeria	PROPN
gujaf-430	217	12	.	.	PUNCT
gujaf-430	218	1	journal	journal	PROPN
gujaf-430	218	2	of	of	ADP
gujaf-430	218	3	economic	economic	ADJ
gujaf-430	218	4	analysis	analysis	NOUN
gujaf-430	218	5	,	,	PUNCT
gujaf-430	218	6	14(4	14(4	NUM
gujaf-430	218	7	)	)	PUNCT
gujaf-430	218	8	,	,	PUNCT
gujaf-430	218	9	72	72	NUM
gujaf-430	218	10	-	-	SYM
gujaf-430	218	11	90	90	NUM
gujaf-430	218	12	.	.	PUNCT
gujaf-430	219	1	gusau	gusau	PROPN
gujaf-430	219	2	journal	journal	PROPN
gujaf-430	219	3	of	of	ADP
gujaf-430	219	4	accounting	accounting	NOUN
gujaf-430	219	5	and	and	CCONJ
gujaf-430	219	6	finance	finance	NOUN
gujaf-430	219	7	,	,	PUNCT
gujaf-430	219	8	vol.6	vol.6	PROPN
gujaf-430	219	9	,	,	PUNCT
gujaf-430	219	10	issue	issue	NOUN
gujaf-430	219	11	2	2	NUM
gujaf-430	219	12	,	,	PUNCT
gujaf-430	219	13	april	april	PROPN
gujaf-430	219	14	,	,	PUNCT
gujaf-430	219	15	2025	2025	NUM
gujaf-430	219	16	293	293	NUM
gujaf-430	219	17	akinlo	akinlo	NOUN
gujaf-430	219	18	,	,	PUNCT
gujaf-430	219	19	a.e	a.e	PROPN
gujaf-430	219	20	.	.	PROPN
gujaf-430	219	21	,	,	PUNCT
gujaf-430	219	22	&	&	CCONJ
gujaf-430	219	23	lawal	lawal	PROPN
gujaf-430	219	24	,	,	PUNCT
gujaf-430	219	25	a.a	a.a	PROPN
gujaf-430	219	26	.	.	PROPN
gujaf-430	219	27	(	(	PUNCT
gujaf-430	219	28	2023	2023	NUM
gujaf-430	219	29	)	)	PUNCT
gujaf-430	219	30	.	.	PUNCT
gujaf-430	220	1	interest	interest	NOUN
gujaf-430	220	2	rate	rate	NOUN
gujaf-430	220	3	and	and	CCONJ
gujaf-430	220	4	stock	stock	NOUN
gujaf-430	220	5	market	market	NOUN
gujaf-430	220	6	performance	performance	NOUN
gujaf-430	220	7	in	in	ADP
gujaf-430	220	8	nigeria	nigeria	PROPN
gujaf-430	220	9	:	:	PUNCT
gujaf-430	220	10	an	an	DET
gujaf-430	220	11	empirical	empirical	ADJ
gujaf-430	220	12	analysis	analysis	NOUN
gujaf-430	220	13	.	.	PUNCT
gujaf-430	221	1	journal	journal	PROPN
gujaf-430	221	2	of	of	ADP
gujaf-430	221	3	economics	economic	NOUN
gujaf-430	221	4	and	and	CCONJ
gujaf-430	221	5	finance	finance	NOUN
gujaf-430	221	6	,	,	PUNCT
gujaf-430	221	7	14(1	14(1	NUM
gujaf-430	221	8	)	)	PUNCT
gujaf-430	221	9	,	,	PUNCT
gujaf-430	221	10	22	22	NUM
gujaf-430	221	11	-	-	SYM
gujaf-430	221	12	32	32	NUM
gujaf-430	221	13	.	.	PUNCT
gujaf-430	222	1	ayodeji	ayodeji	NOUN
gujaf-430	222	2	,	,	PUNCT
gujaf-430	222	3	k.	k.	PROPN
gujaf-430	222	4	(	(	PUNCT
gujaf-430	222	5	2023	2023	NUM
gujaf-430	222	6	)	)	PUNCT
gujaf-430	222	7	.	.	PUNCT
gujaf-430	223	1	productivity	productivity	NOUN
gujaf-430	223	2	and	and	CCONJ
gujaf-430	223	3	economic	economic	ADJ
gujaf-430	223	4	development	development	NOUN
gujaf-430	223	5	:	:	PUNCT
gujaf-430	223	6	a	a	DET
gujaf-430	223	7	critical	critical	ADJ
gujaf-430	223	8	review	review	NOUN
gujaf-430	223	9	.	.	PUNCT
gujaf-430	224	1	african	african	ADJ
gujaf-430	224	2	journal	journal	PROPN
gujaf-430	224	3	of	of	ADP
gujaf-430	224	4	economic	economic	ADJ
gujaf-430	224	5	studies	study	NOUN
gujaf-430	224	6	,	,	PUNCT
gujaf-430	224	7	12(1	12(1	NUM
gujaf-430	224	8	)	)	PUNCT
gujaf-430	224	9	,	,	PUNCT
gujaf-430	224	10	102	102	NUM
gujaf-430	224	11	-	-	SYM
gujaf-430	224	12	118	118	NUM
gujaf-430	224	13	.	.	PUNCT
gujaf-430	225	1	bello	bello	PROPN
gujaf-430	225	2	,	,	PUNCT
gujaf-430	225	3	m.z	m.z	PROPN
gujaf-430	225	4	.	.	PROPN
gujaf-430	225	5	,	,	PUNCT
gujaf-430	225	6	&	&	CCONJ
gujaf-430	225	7	sanusi	sanusi	PROPN
gujaf-430	225	8	,	,	PUNCT
gujaf-430	225	9	k.a	k.a	PROPN
gujaf-430	225	10	.	.	PROPN
gujaf-430	225	11	(	(	PUNCT
gujaf-430	225	12	2023	2023	NUM
gujaf-430	225	13	)	)	PUNCT
gujaf-430	225	14	.	.	PUNCT
gujaf-430	226	1	foreign	foreign	ADJ
gujaf-430	226	2	direct	direct	ADJ
gujaf-430	226	3	investment	investment	NOUN
gujaf-430	226	4	and	and	CCONJ
gujaf-430	226	5	stock	stock	NOUN
gujaf-430	226	6	market	market	NOUN
gujaf-430	226	7	performance	performance	NOUN
gujaf-430	226	8	in	in	ADP
gujaf-430	226	9	nigeria	nigeria	PROPN
gujaf-430	226	10	.	.	PUNCT
gujaf-430	226	11	journal	journal	PROPN
gujaf-430	226	12	of	of	ADP
gujaf-430	226	13	economics	economic	NOUN
gujaf-430	226	14	and	and	CCONJ
gujaf-430	226	15	international	international	ADJ
gujaf-430	226	16	finance	finance	NOUN
gujaf-430	226	17	,	,	PUNCT
gujaf-430	226	18	15(1	15(1	NUM
gujaf-430	226	19	)	)	PUNCT
gujaf-430	226	20	,	,	PUNCT
gujaf-430	226	21	45	45	NUM
gujaf-430	226	22	-	-	SYM
gujaf-430	226	23	55	55	NUM
gujaf-430	226	24	.	.	PUNCT
gujaf-430	227	1	central	central	ADJ
gujaf-430	227	2	bank	bank	PROPN
gujaf-430	227	3	of	of	ADP
gujaf-430	227	4	nigeria	nigeria	PROPN
gujaf-430	227	5	.	.	PUNCT
gujaf-430	228	1	(	(	PUNCT
gujaf-430	228	2	2023	2023	NUM
gujaf-430	228	3	)	)	PUNCT
gujaf-430	228	4	.	.	PUNCT
gujaf-430	229	1	macroeconomic	macroeconomic	ADJ
gujaf-430	229	2	stability	stability	NOUN
gujaf-430	229	3	and	and	CCONJ
gujaf-430	229	4	stock	stock	NOUN
gujaf-430	229	5	market	market	NOUN
gujaf-430	229	6	resilience	resilience	NOUN
gujaf-430	229	7	in	in	ADP
gujaf-430	229	8	nigeria	nigeria	PROPN
gujaf-430	229	9	.	.	PUNCT
gujaf-430	230	1	abuja	abuja	PROPN
gujaf-430	230	2	:	:	PUNCT
gujaf-430	230	3	cbn	cbn	PROPN
gujaf-430	230	4	publications	publication	NOUN
gujaf-430	230	5	.	.	PUNCT
gujaf-430	231	1	chen	chen	PROPN
gujaf-430	231	2	,	,	PUNCT
gujaf-430	231	3	x.	x.	PROPN
gujaf-430	231	4	,	,	PUNCT
gujaf-430	231	5	&	&	CCONJ
gujaf-430	231	6	zhao	zhao	PROPN
gujaf-430	231	7	,	,	PUNCT
gujaf-430	231	8	y.	y.	PROPN
gujaf-430	231	9	(	(	PUNCT
gujaf-430	231	10	2022	2022	NUM
gujaf-430	231	11	)	)	PUNCT
gujaf-430	231	12	.	.	PUNCT
gujaf-430	232	1	macroeconomic	macroeconomic	ADJ
gujaf-430	232	2	attention	attention	NOUN
gujaf-430	232	3	and	and	CCONJ
gujaf-430	232	4	stock	stock	NOUN
gujaf-430	232	5	market	market	NOUN
gujaf-430	232	6	return	return	NOUN
gujaf-430	232	7	predictability	predictability	NOUN
gujaf-430	232	8	.	.	PUNCT
gujaf-430	233	1	journal	journal	NOUN
gujaf-430	233	2	of	of	ADP
gujaf-430	233	3	financial	financial	ADJ
gujaf-430	233	4	markets	market	NOUN
gujaf-430	233	5	,	,	PUNCT
gujaf-430	233	6	58	58	NUM
gujaf-430	233	7	,	,	PUNCT
gujaf-430	233	8	100647	100647	NUM
gujaf-430	233	9	.	.	PUNCT
gujaf-430	234	1	chen	chen	PROPN
gujaf-430	234	2	,	,	PUNCT
gujaf-430	234	3	y.	y.	PROPN
gujaf-430	234	4	,	,	PUNCT
gujaf-430	234	5	&	&	CCONJ
gujaf-430	234	6	li	li	PROPN
gujaf-430	234	7	,	,	PUNCT
gujaf-430	234	8	x.	x.	PROPN
gujaf-430	234	9	(	(	PUNCT
gujaf-430	234	10	2020	2020	NUM
gujaf-430	234	11	)	)	PUNCT
gujaf-430	234	12	.	.	PUNCT
gujaf-430	235	1	economic	economic	ADJ
gujaf-430	235	2	fundamentals	fundamental	NOUN
gujaf-430	235	3	and	and	CCONJ
gujaf-430	235	4	stock	stock	NOUN
gujaf-430	235	5	market	market	NOUN
gujaf-430	235	6	valuation	valuation	NOUN
gujaf-430	235	7	:	:	PUNCT
gujaf-430	235	8	evidence	evidence	NOUN
gujaf-430	235	9	from	from	ADP
gujaf-430	235	10	china	china	PROPN
gujaf-430	235	11	.	.	PUNCT
gujaf-430	236	1	journal	journal	PROPN
gujaf-430	236	2	of	of	ADP
gujaf-430	236	3	asian	asian	ADJ
gujaf-430	236	4	economics	economic	NOUN
gujaf-430	236	5	,	,	PUNCT
gujaf-430	236	6	68	68	NUM
gujaf-430	236	7	,	,	PUNCT
gujaf-430	236	8	101197	101197	NUM
gujaf-430	236	9	.	.	PUNCT
gujaf-430	237	1	damodaran	damodaran	PROPN
gujaf-430	237	2	,	,	PUNCT
gujaf-430	237	3	a.	a.	NOUN
gujaf-430	237	4	(	(	PUNCT
gujaf-430	237	5	2021	2021	NUM
gujaf-430	237	6	)	)	PUNCT
gujaf-430	237	7	.	.	PUNCT
gujaf-430	238	1	investment	investment	NOUN
gujaf-430	238	2	valuation	valuation	NOUN
gujaf-430	238	3	:	:	PUNCT
gujaf-430	238	4	tools	tool	NOUN
gujaf-430	238	5	and	and	CCONJ
gujaf-430	238	6	techniques	technique	NOUN
gujaf-430	238	7	for	for	ADP
gujaf-430	238	8	determining	determine	VERB
gujaf-430	238	9	the	the	DET
gujaf-430	238	10	value	value	NOUN
gujaf-430	238	11	of	of	ADP
gujaf-430	238	12	any	any	DET
gujaf-430	238	13	asset	asset	NOUN
gujaf-430	238	14	(	(	PUNCT
gujaf-430	238	15	3rd	3rd	ADJ
gujaf-430	238	16	ed	ed	NOUN
gujaf-430	238	17	.	.	PUNCT
gujaf-430	238	18	)	)	PUNCT
gujaf-430	238	19	.	.	PUNCT
gujaf-430	239	1	wiley	wiley	PROPN
gujaf-430	239	2	.	.	PUNCT
gujaf-430	239	3	eze	eze	PROPN
gujaf-430	239	4	,	,	PUNCT
gujaf-430	239	5	c.	c.	PROPN
gujaf-430	239	6	,	,	PUNCT
gujaf-430	239	7	&	&	CCONJ
gujaf-430	239	8	akpan	akpan	PROPN
gujaf-430	239	9	,	,	PUNCT
gujaf-430	239	10	u.	u.	PROPN
gujaf-430	239	11	(	(	PUNCT
gujaf-430	239	12	2022	2022	NUM
gujaf-430	239	13	)	)	PUNCT
gujaf-430	239	14	.	.	PUNCT
gujaf-430	240	1	investor	investor	NOUN
gujaf-430	240	2	psychology	psychology	NOUN
gujaf-430	240	3	and	and	CCONJ
gujaf-430	240	4	stock	stock	NOUN
gujaf-430	240	5	market	market	NOUN
gujaf-430	240	6	fluctuations	fluctuation	NOUN
gujaf-430	240	7	in	in	ADP
gujaf-430	240	8	emerging	emerge	VERB
gujaf-430	240	9	economies	economy	NOUN
gujaf-430	240	10	.	.	PUNCT
gujaf-430	241	1	international	international	ADJ
gujaf-430	241	2	journal	journal	PROPN
gujaf-430	241	3	of	of	ADP
gujaf-430	241	4	financial	financial	ADJ
gujaf-430	241	5	markets	market	NOUN
gujaf-430	241	6	,	,	PUNCT
gujaf-430	241	7	17(4	17(4	NUM
gujaf-430	241	8	)	)	PUNCT
gujaf-430	241	9	,	,	PUNCT
gujaf-430	241	10	112	112	NUM
gujaf-430	241	11	-	-	SYM
gujaf-430	241	12	130	130	NUM
gujaf-430	241	13	.	.	PUNCT
gujaf-430	241	14	eze	eze	PROPN
gujaf-430	241	15	,	,	PUNCT
gujaf-430	241	16	o.r	o.r	PROPN
gujaf-430	241	17	.	.	PROPN
gujaf-430	241	18	,	,	PUNCT
gujaf-430	241	19	&	&	CCONJ
gujaf-430	241	20	okoye	okoye	PROPN
gujaf-430	241	21	,	,	PUNCT
gujaf-430	241	22	l.u	l.u	PROPN
gujaf-430	241	23	.	.	PROPN
gujaf-430	241	24	(	(	PUNCT
gujaf-430	241	25	2022	2022	NUM
gujaf-430	241	26	)	)	PUNCT
gujaf-430	241	27	.	.	PUNCT
gujaf-430	242	1	macroeconomic	macroeconomic	ADJ
gujaf-430	242	2	variables	variable	NOUN
gujaf-430	242	3	and	and	CCONJ
gujaf-430	242	4	stock	stock	NOUN
gujaf-430	242	5	market	market	NOUN
gujaf-430	242	6	performance	performance	NOUN
gujaf-430	242	7	in	in	ADP
gujaf-430	242	8	nigeria	nigeria	PROPN
gujaf-430	242	9	:	:	PUNCT
gujaf-430	242	10	evidence	evidence	NOUN
gujaf-430	242	11	from	from	ADP
gujaf-430	242	12	the	the	DET
gujaf-430	242	13	ardl	ardl	NOUN
gujaf-430	242	14	bound	bind	VERB
gujaf-430	242	15	testing	testing	NOUN
gujaf-430	242	16	approach	approach	NOUN
gujaf-430	242	17	.	.	PUNCT
gujaf-430	243	1	journal	journal	NOUN
gujaf-430	243	2	of	of	ADP
gujaf-430	243	3	economics	economic	NOUN
gujaf-430	243	4	and	and	CCONJ
gujaf-430	243	5	sustainable	sustainable	ADJ
gujaf-430	243	6	development	development	NOUN
gujaf-430	243	7	,	,	PUNCT
gujaf-430	243	8	13(5	13(5	NUM
gujaf-430	243	9	)	)	PUNCT
gujaf-430	243	10	,	,	PUNCT
gujaf-430	243	11	45	45	NUM
gujaf-430	243	12	-	-	SYM
gujaf-430	243	13	57	57	NUM
gujaf-430	243	14	.	.	PUNCT
gujaf-430	244	1	ezenduka	ezenduka	PROPN
gujaf-430	244	2	,	,	PUNCT
gujaf-430	244	3	c.	c.	PROPN
gujaf-430	244	4	,	,	PUNCT
gujaf-430	244	5	&	&	CCONJ
gujaf-430	244	6	joseph	joseph	PROPN
gujaf-430	244	7	,	,	PUNCT
gujaf-430	244	8	u.	u.	PROPN
gujaf-430	244	9	(	(	PUNCT
gujaf-430	244	10	2020	2020	NUM
gujaf-430	244	11	)	)	PUNCT
gujaf-430	244	12	.	.	PUNCT
gujaf-430	245	1	stock	stock	NOUN
gujaf-430	245	2	market	market	NOUN
gujaf-430	245	3	performance	performance	NOUN
gujaf-430	245	4	and	and	CCONJ
gujaf-430	245	5	economic	economic	ADJ
gujaf-430	245	6	growth	growth	NOUN
gujaf-430	245	7	in	in	ADP
gujaf-430	245	8	nigeria	nigeria	PROPN
gujaf-430	245	9	(	(	PUNCT
gujaf-430	245	10	1985–2018	1985–2018	NUM
gujaf-430	245	11	)	)	PUNCT
gujaf-430	245	12	.	.	PUNCT
gujaf-430	246	1	fama	fama	PROPN
gujaf-430	246	2	,	,	PUNCT
gujaf-430	246	3	e.	e.	PROPN
gujaf-430	246	4	f.	f.	PROPN
gujaf-430	246	5	(	(	PUNCT
gujaf-430	246	6	1970	1970	NUM
gujaf-430	246	7	)	)	PUNCT
gujaf-430	246	8	.	.	PUNCT
gujaf-430	247	1	efficient	efficient	ADJ
gujaf-430	247	2	capital	capital	NOUN
gujaf-430	247	3	markets	market	NOUN
gujaf-430	247	4	:	:	PUNCT
gujaf-430	247	5	a	a	DET
gujaf-430	247	6	review	review	NOUN
gujaf-430	247	7	of	of	ADP
gujaf-430	247	8	theory	theory	NOUN
gujaf-430	247	9	and	and	CCONJ
gujaf-430	247	10	empirical	empirical	ADJ
gujaf-430	247	11	work	work	NOUN
gujaf-430	247	12	.	.	PUNCT
gujaf-430	248	1	journal	journal	PROPN
gujaf-430	248	2	of	of	ADP
gujaf-430	248	3	finance	finance	NOUN
gujaf-430	248	4	,	,	PUNCT
gujaf-430	248	5	25(2	25(2	NUM
gujaf-430	248	6	)	)	PUNCT
gujaf-430	248	7	,	,	PUNCT
gujaf-430	248	8	383–417	383–417	NUM
gujaf-430	248	9	.	.	PUNCT
gujaf-430	249	1	fama	fama	PROPN
gujaf-430	249	2	,	,	PUNCT
gujaf-430	249	3	e.	e.	PROPN
gujaf-430	249	4	f.	f.	PROPN
gujaf-430	249	5	,	,	PUNCT
gujaf-430	249	6	&	&	CCONJ
gujaf-430	249	7	french	french	PROPN
gujaf-430	249	8	,	,	PUNCT
gujaf-430	249	9	k.	k.	PROPN
gujaf-430	249	10	r.	r.	PROPN
gujaf-430	249	11	(	(	PUNCT
gujaf-430	249	12	2020	2020	NUM
gujaf-430	249	13	)	)	PUNCT
gujaf-430	249	14	.	.	PUNCT
gujaf-430	250	1	market	market	NOUN
gujaf-430	250	2	efficiency	efficiency	NOUN
gujaf-430	250	3	and	and	CCONJ
gujaf-430	250	4	the	the	DET
gujaf-430	250	5	limitations	limitation	NOUN
gujaf-430	250	6	of	of	ADP
gujaf-430	250	7	fundamental	fundamental	ADJ
gujaf-430	250	8	analysis	analysis	NOUN
gujaf-430	250	9	.	.	PUNCT
gujaf-430	251	1	journal	journal	PROPN
gujaf-430	251	2	of	of	ADP
gujaf-430	251	3	finance	finance	NOUN
gujaf-430	251	4	,	,	PUNCT
gujaf-430	251	5	75(1	75(1	NOUN
gujaf-430	251	6	)	)	PUNCT
gujaf-430	251	7	,	,	PUNCT
gujaf-430	251	8	85	85	NUM
gujaf-430	251	9	-	-	SYM
gujaf-430	251	10	112	112	NUM
gujaf-430	251	11	.	.	PUNCT
gujaf-430	252	1	financial	financial	ADJ
gujaf-430	252	2	sector	sector	PROPN
gujaf-430	252	3	development	development	PROPN
gujaf-430	252	4	committee	committee	PROPN
gujaf-430	252	5	.	.	PUNCT
gujaf-430	253	1	(	(	PUNCT
gujaf-430	253	2	2023	2023	NUM
gujaf-430	253	3	)	)	PUNCT
gujaf-430	253	4	.	.	PUNCT
gujaf-430	254	1	enhancing	enhance	VERB
gujaf-430	254	2	transparency	transparency	NOUN
gujaf-430	254	3	and	and	CCONJ
gujaf-430	254	4	efficiency	efficiency	NOUN
gujaf-430	254	5	in	in	ADP
gujaf-430	254	6	nigeria	nigeria	PROPN
gujaf-430	254	7	’s	’s	PART
gujaf-430	254	8	financial	financial	ADJ
gujaf-430	254	9	markets	market	NOUN
gujaf-430	254	10	.	.	PUNCT
gujaf-430	255	1	lagos	lago	NOUN
gujaf-430	255	2	:	:	PUNCT
gujaf-430	255	3	fsdc	fsdc	PROPN
gujaf-430	255	4	.	.	PUNCT
gujaf-430	256	1	international	international	ADJ
gujaf-430	256	2	monetary	monetary	ADJ
gujaf-430	256	3	fund	fund	NOUN
gujaf-430	256	4	.	.	PUNCT
gujaf-430	257	1	(	(	PUNCT
gujaf-430	257	2	2022	2022	NUM
gujaf-430	257	3	)	)	PUNCT
gujaf-430	257	4	.	.	PUNCT
gujaf-430	258	1	macroeconomic	macroeconomic	ADJ
gujaf-430	258	2	stability	stability	NOUN
gujaf-430	258	3	and	and	CCONJ
gujaf-430	258	4	financial	financial	ADJ
gujaf-430	258	5	sustainability	sustainability	NOUN
gujaf-430	258	6	.	.	PUNCT
gujaf-430	259	1	washington	washington	PROPN
gujaf-430	259	2	,	,	PUNCT
gujaf-430	259	3	dc	dc	PROPN
gujaf-430	259	4	:	:	PUNCT
gujaf-430	259	5	imf	imf	PROPN
gujaf-430	259	6	.	.	PUNCT
gujaf-430	260	1	international	international	ADJ
gujaf-430	260	2	monetary	monetary	ADJ
gujaf-430	260	3	fund	fund	NOUN
gujaf-430	260	4	.	.	PUNCT
gujaf-430	261	1	(	(	PUNCT
gujaf-430	261	2	2023	2023	NUM
gujaf-430	261	3	)	)	PUNCT
gujaf-430	261	4	.	.	PUNCT
gujaf-430	262	1	assessing	assess	VERB
gujaf-430	262	2	economic	economic	ADJ
gujaf-430	262	3	indicators	indicator	NOUN
gujaf-430	262	4	for	for	ADP
gujaf-430	262	5	financial	financial	ADJ
gujaf-430	262	6	market	market	NOUN
gujaf-430	262	7	stability	stability	NOUN
gujaf-430	262	8	.	.	PUNCT
gujaf-430	263	1	washington	washington	PROPN
gujaf-430	263	2	,	,	PUNCT
gujaf-430	263	3	dc	dc	PROPN
gujaf-430	263	4	:	:	PUNCT
gujaf-430	263	5	imf	imf	PROPN
gujaf-430	263	6	.	.	PROPN
gujaf-430	263	7	khan	khan	PROPN
gujaf-430	263	8	,	,	PUNCT
gujaf-430	263	9	j.	j.	PROPN
gujaf-430	263	10	,	,	PUNCT
gujaf-430	263	11	&	&	CCONJ
gujaf-430	263	12	khan	khan	PROPN
gujaf-430	263	13	,	,	PUNCT
gujaf-430	263	14	i.	i.	PROPN
gujaf-430	263	15	(	(	PUNCT
gujaf-430	263	16	2021	2021	NUM
gujaf-430	263	17	)	)	PUNCT
gujaf-430	263	18	.	.	PUNCT
gujaf-430	264	1	macroeconomic	macroeconomic	ADJ
gujaf-430	264	2	variables	variable	NOUN
gujaf-430	264	3	and	and	CCONJ
gujaf-430	264	4	their	their	PRON
gujaf-430	264	5	impact	impact	NOUN
gujaf-430	264	6	on	on	ADP
gujaf-430	264	7	stock	stock	NOUN
gujaf-430	264	8	market	market	NOUN
gujaf-430	264	9	performance	performance	NOUN
gujaf-430	264	10	:	:	PUNCT
gujaf-430	264	11	evidence	evidence	NOUN
gujaf-430	264	12	from	from	ADP
gujaf-430	264	13	karachi	karachi	PROPN
gujaf-430	264	14	stock	stock	PROPN
gujaf-430	264	15	exchange	exchange	PROPN
gujaf-430	264	16	.	.	PUNCT
gujaf-430	265	1	kpmg	kpmg	PROPN
gujaf-430	265	2	.	.	PUNCT
gujaf-430	266	1	(	(	PUNCT
gujaf-430	266	2	2023	2023	NUM
gujaf-430	266	3	)	)	PUNCT
gujaf-430	266	4	.	.	PUNCT
gujaf-430	267	1	economic	economic	ADJ
gujaf-430	267	2	trends	trend	NOUN
gujaf-430	267	3	and	and	CCONJ
gujaf-430	267	4	market	market	NOUN
gujaf-430	267	5	outlook	outlook	NOUN
gujaf-430	267	6	for	for	ADP
gujaf-430	267	7	nigeria	nigeria	PROPN
gujaf-430	267	8	2023	2023	NUM
gujaf-430	267	9	.	.	PUNCT
gujaf-430	268	1	lagos	lago	NOUN
gujaf-430	268	2	:	:	PUNCT
gujaf-430	268	3	kpmg	kpmg	PROPN
gujaf-430	268	4	nigeria	nigeria	PROPN
gujaf-430	268	5	.	.	PUNCT
gujaf-430	269	1	li	li	PROPN
gujaf-430	269	2	,	,	PUNCT
gujaf-430	269	3	j.	j.	PROPN
gujaf-430	269	4	,	,	PUNCT
gujaf-430	269	5	&	&	CCONJ
gujaf-430	269	6	chen	chen	PROPN
gujaf-430	269	7	,	,	PUNCT
gujaf-430	269	8	h.	h.	PROPN
gujaf-430	269	9	(	(	PUNCT
gujaf-430	269	10	2022	2022	NUM
gujaf-430	269	11	)	)	PUNCT
gujaf-430	269	12	.	.	PUNCT
gujaf-430	270	1	does	do	AUX
gujaf-430	270	2	the	the	DET
gujaf-430	270	3	stock	stock	NOUN
gujaf-430	270	4	market	market	NOUN
gujaf-430	270	5	affect	affect	VERB
gujaf-430	270	6	the	the	DET
gujaf-430	270	7	real	real	ADJ
gujaf-430	270	8	economy	economy	NOUN
gujaf-430	270	9	?	?	PUNCT
gujaf-430	271	1	an	an	DET
gujaf-430	271	2	empirical	empirical	ADJ
gujaf-430	271	3	analysis	analysis	NOUN
gujaf-430	271	4	of	of	ADP
gujaf-430	271	5	china	china	PROPN
gujaf-430	271	6	’s	’s	PART
gujaf-430	271	7	a	a	DET
gujaf-430	271	8	-	-	PUNCT
gujaf-430	271	9	share	share	NOUN
gujaf-430	271	10	market	market	NOUN
gujaf-430	271	11	.	.	PUNCT
gujaf-430	272	1	gusau	gusau	ADJ
gujaf-430	272	2	journal	journal	PROPN
gujaf-430	272	3	of	of	ADP
gujaf-430	272	4	accounting	accounting	NOUN
gujaf-430	272	5	and	and	CCONJ
gujaf-430	272	6	finance	finance	NOUN
gujaf-430	272	7	,	,	PUNCT
gujaf-430	272	8	vol.6	vol.6	PROPN
gujaf-430	272	9	,	,	PUNCT
gujaf-430	272	10	issue	issue	NOUN
gujaf-430	272	11	2	2	NUM
gujaf-430	272	12	,	,	PUNCT
gujaf-430	272	13	april	april	PROPN
gujaf-430	272	14	,	,	PUNCT
gujaf-430	272	15	2025	2025	NUM
gujaf-430	272	16	294	294	NUM
gujaf-430	272	17	musa	musa	NOUN
gujaf-430	272	18	,	,	PUNCT
gujaf-430	272	19	m.	m.	NOUN
gujaf-430	272	20	,	,	PUNCT
gujaf-430	272	21	&	&	CCONJ
gujaf-430	272	22	li	li	PROPN
gujaf-430	272	23	,	,	PUNCT
gujaf-430	272	24	y.	y.	PROPN
gujaf-430	272	25	(	(	PUNCT
gujaf-430	272	26	2021	2021	NUM
gujaf-430	272	27	)	)	PUNCT
gujaf-430	272	28	.	.	PUNCT
gujaf-430	273	1	economic	economic	ADJ
gujaf-430	273	2	fundamentals	fundamental	NOUN
gujaf-430	273	3	and	and	CCONJ
gujaf-430	273	4	stock	stock	NOUN
gujaf-430	273	5	market	market	NOUN
gujaf-430	273	6	performance	performance	NOUN
gujaf-430	273	7	in	in	ADP
gujaf-430	273	8	emerging	emerge	VERB
gujaf-430	273	9	markets	market	NOUN
gujaf-430	273	10	:	:	PUNCT
gujaf-430	273	11	a	a	DET
gujaf-430	273	12	panel	panel	NOUN
gujaf-430	273	13	data	data	VERB
gujaf-430	273	14	analysis	analysis	NOUN
gujaf-430	273	15	.	.	PUNCT
gujaf-430	274	1	emerging	emerge	VERB
gujaf-430	274	2	markets	market	NOUN
gujaf-430	274	3	review	review	VERB
gujaf-430	274	4	,	,	PUNCT
gujaf-430	274	5	46	46	NUM
gujaf-430	274	6	,	,	PUNCT
gujaf-430	274	7	100746	100746	NUM
gujaf-430	274	8	.	.	PUNCT
gujaf-430	275	1	nigerian	nigerian	ADJ
gujaf-430	275	2	bureau	bureau	PROPN
gujaf-430	275	3	of	of	ADP
gujaf-430	275	4	statistics	statistic	NOUN
gujaf-430	275	5	.	.	PUNCT
gujaf-430	276	1	(	(	PUNCT
gujaf-430	276	2	2022	2022	NUM
gujaf-430	276	3	)	)	PUNCT
gujaf-430	276	4	.	.	PUNCT
gujaf-430	277	1	data	datum	NOUN
gujaf-430	277	2	quality	quality	NOUN
gujaf-430	277	3	challenges	challenge	NOUN
gujaf-430	277	4	in	in	ADP
gujaf-430	277	5	economic	economic	ADJ
gujaf-430	277	6	research	research	NOUN
gujaf-430	277	7	:	:	PUNCT
gujaf-430	277	8	the	the	DET
gujaf-430	277	9	nigerian	nigerian	ADJ
gujaf-430	277	10	experience	experience	NOUN
gujaf-430	277	11	.	.	PUNCT
gujaf-430	278	1	abuja	abuja	PROPN
gujaf-430	278	2	:	:	PUNCT
gujaf-430	279	1	nbs	nbs	PROPN
gujaf-430	279	2	.	.	PUNCT
gujaf-430	280	1	nigerian	nigerian	ADJ
gujaf-430	280	2	stock	stock	PROPN
gujaf-430	280	3	exchange	exchange	PROPN
gujaf-430	280	4	.	.	PUNCT
gujaf-430	281	1	(	(	PUNCT
gujaf-430	281	2	2023	2023	NUM
gujaf-430	281	3	)	)	PUNCT
gujaf-430	281	4	.	.	PUNCT
gujaf-430	282	1	stock	stock	NOUN
gujaf-430	282	2	market	market	NOUN
gujaf-430	282	3	performance	performance	NOUN
gujaf-430	282	4	and	and	CCONJ
gujaf-430	282	5	investment	investment	NOUN
gujaf-430	282	6	opportunities	opportunity	NOUN
gujaf-430	282	7	in	in	ADP
gujaf-430	282	8	nigeria	nigeria	PRON
gujaf-430	282	9	.	.	PUNCT
gujaf-430	283	1	retrieved	retrieve	VERB
gujaf-430	283	2	from	from	ADP
gujaf-430	283	3	https://www.nse.com.ng	https://www.nse.com.ng	PROPN
gujaf-430	283	4	nwosa	nwosa	PROPN
gujaf-430	283	5	,	,	PUNCT
gujaf-430	283	6	p.i	p.i	PROPN
gujaf-430	283	7	.	.	PROPN
gujaf-430	284	1	(	(	PUNCT
gujaf-430	284	2	2021	2021	NUM
gujaf-430	284	3	)	)	PUNCT
gujaf-430	284	4	.	.	PUNCT
gujaf-430	285	1	stock	stock	NOUN
gujaf-430	285	2	market	market	NOUN
gujaf-430	285	3	performance	performance	NOUN
gujaf-430	285	4	and	and	CCONJ
gujaf-430	285	5	economic	economic	ADJ
gujaf-430	285	6	growth	growth	NOUN
gujaf-430	285	7	in	in	ADP
gujaf-430	285	8	nigeria	nigeria	PROPN
gujaf-430	285	9	:	:	PUNCT
gujaf-430	285	10	an	an	DET
gujaf-430	285	11	empirical	empirical	ADJ
gujaf-430	285	12	reassessment	reassessment	NOUN
gujaf-430	285	13	.	.	PUNCT
gujaf-430	286	1	journal	journal	PROPN
gujaf-430	286	2	of	of	ADP
gujaf-430	286	3	economics	economic	NOUN
gujaf-430	286	4	and	and	CCONJ
gujaf-430	286	5	behavioral	behavioral	ADJ
gujaf-430	286	6	studies	study	NOUN
gujaf-430	286	7	,	,	PUNCT
gujaf-430	286	8	13(1	13(1	NUM
gujaf-430	286	9	)	)	PUNCT
gujaf-430	286	10	,	,	PUNCT
gujaf-430	286	11	34	34	NUM
gujaf-430	286	12	-	-	SYM
gujaf-430	286	13	42	42	NUM
gujaf-430	286	14	.	.	PUNCT
gujaf-430	287	1	obi	obi	PROPN
gujaf-430	287	2	,	,	PUNCT
gujaf-430	287	3	c.	c.	PROPN
gujaf-430	287	4	n.	n.	PROPN
gujaf-430	287	5	,	,	PUNCT
gujaf-430	287	6	&	&	CCONJ
gujaf-430	287	7	adebayo	adebayo	PROPN
gujaf-430	287	8	,	,	PUNCT
gujaf-430	287	9	s.	s.	PROPN
gujaf-430	287	10	o.	o.	PROPN
gujaf-430	287	11	(	(	PUNCT
gujaf-430	287	12	2022	2022	NUM
gujaf-430	287	13	)	)	PUNCT
gujaf-430	287	14	.	.	PUNCT
gujaf-430	288	1	stock	stock	NOUN
gujaf-430	288	2	market	market	NOUN
gujaf-430	288	3	reaction	reaction	NOUN
gujaf-430	288	4	to	to	ADP
gujaf-430	288	5	macroeconomic	macroeconomic	ADJ
gujaf-430	288	6	announcements	announcement	NOUN
gujaf-430	288	7	in	in	ADP
gujaf-430	288	8	nigeria	nigeria	PROPN
gujaf-430	288	9	.	.	PUNCT
gujaf-430	289	1	journal	journal	PROPN
gujaf-430	289	2	of	of	ADP
gujaf-430	289	3	finance	finance	NOUN
gujaf-430	289	4	and	and	CCONJ
gujaf-430	289	5	economics	economic	NOUN
gujaf-430	289	6	,	,	PUNCT
gujaf-430	289	7	10(2	10(2	NUM
gujaf-430	289	8	)	)	PUNCT
gujaf-430	289	9	,	,	PUNCT
gujaf-430	289	10	45	45	NUM
gujaf-430	289	11	-	-	SYM
gujaf-430	289	12	59	59	NUM
gujaf-430	289	13	.	.	PUNCT
gujaf-430	290	1	obi	obi	PROPN
gujaf-430	290	2	,	,	PUNCT
gujaf-430	290	3	m.	m.	NOUN
gujaf-430	290	4	,	,	PUNCT
gujaf-430	290	5	&	&	CCONJ
gujaf-430	290	6	adegbite	adegbite	PROPN
gujaf-430	290	7	,	,	PUNCT
gujaf-430	290	8	s.	s.	PROPN
gujaf-430	290	9	(	(	PUNCT
gujaf-430	290	10	2022	2022	NUM
gujaf-430	290	11	)	)	PUNCT
gujaf-430	290	12	.	.	PUNCT
gujaf-430	291	1	exchange	exchange	NOUN
gujaf-430	291	2	rate	rate	NOUN
gujaf-430	291	3	dynamics	dynamic	NOUN
gujaf-430	291	4	and	and	CCONJ
gujaf-430	291	5	economic	economic	ADJ
gujaf-430	291	6	performance	performance	NOUN
gujaf-430	291	7	in	in	ADP
gujaf-430	291	8	subsaharan	subsaharan	PROPN
gujaf-430	291	9	africa	africa	PROPN
gujaf-430	291	10	.	.	PUNCT
gujaf-430	292	1	international	international	ADJ
gujaf-430	292	2	journal	journal	PROPN
gujaf-430	292	3	of	of	ADP
gujaf-430	292	4	finance	finance	PROPN
gujaf-430	292	5	&	&	CCONJ
gujaf-430	292	6	economics	economic	NOUN
gujaf-430	292	7	,	,	PUNCT
gujaf-430	292	8	27(4	27(4	PROPN
gujaf-430	292	9	)	)	PUNCT
gujaf-430	292	10	,	,	PUNCT
gujaf-430	292	11	589	589	NUM
gujaf-430	292	12	-	-	SYM
gujaf-430	292	13	610	610	NUM
gujaf-430	292	14	.	.	PUNCT
gujaf-430	293	1	ogbebor	ogbebor	PROPN
gujaf-430	293	2	,	,	PUNCT
gujaf-430	293	3	p.	p.	NOUN
gujaf-430	293	4	i.	i.	PROPN
gujaf-430	293	5	,	,	PUNCT
gujaf-430	293	6	&	&	CCONJ
gujaf-430	293	7	osho	osho	PROPN
gujaf-430	293	8	,	,	PUNCT
gujaf-430	293	9	a.	a.	PROPN
gujaf-430	293	10	e.	e.	PROPN
gujaf-430	293	11	(	(	PUNCT
gujaf-430	293	12	2021	2021	NUM
gujaf-430	293	13	)	)	PUNCT
gujaf-430	293	14	.	.	PUNCT
gujaf-430	294	1	impact	impact	NOUN
gujaf-430	294	2	of	of	ADP
gujaf-430	294	3	foreign	foreign	ADJ
gujaf-430	294	4	direct	direct	ADJ
gujaf-430	294	5	investment	investment	NOUN
gujaf-430	294	6	on	on	ADP
gujaf-430	294	7	stock	stock	NOUN
gujaf-430	294	8	market	market	NOUN
gujaf-430	294	9	development	development	NOUN
gujaf-430	294	10	in	in	ADP
gujaf-430	294	11	nigeria	nigeria	PROPN
gujaf-430	294	12	.	.	PUNCT
gujaf-430	295	1	journal	journal	PROPN
gujaf-430	295	2	of	of	ADP
gujaf-430	295	3	investment	investment	NOUN
gujaf-430	295	4	and	and	CCONJ
gujaf-430	295	5	management	management	NOUN
gujaf-430	295	6	,	,	PUNCT
gujaf-430	295	7	10(1	10(1	NUM
gujaf-430	295	8	)	)	PUNCT
gujaf-430	295	9	,	,	PUNCT
gujaf-430	295	10	15	15	NUM
gujaf-430	295	11	-	-	SYM
gujaf-430	295	12	28	28	NUM
gujaf-430	295	13	.	.	PUNCT
gujaf-430	296	1	ogunmuyiwa	ogunmuyiwa	PROPN
gujaf-430	296	2	,	,	PUNCT
gujaf-430	296	3	m.s	m.s	PROPN
gujaf-430	296	4	.	.	PROPN
gujaf-430	296	5	,	,	PUNCT
gujaf-430	296	6	&	&	CCONJ
gujaf-430	296	7	ekone	ekone	PROPN
gujaf-430	296	8	,	,	PUNCT
gujaf-430	296	9	a.f	a.f	PROPN
gujaf-430	296	10	.	.	PROPN
gujaf-430	296	11	(	(	PUNCT
gujaf-430	296	12	2023	2023	NUM
gujaf-430	296	13	)	)	PUNCT
gujaf-430	296	14	.	.	PUNCT
gujaf-430	297	1	inflation	inflation	NOUN
gujaf-430	297	2	rate	rate	NOUN
gujaf-430	297	3	and	and	CCONJ
gujaf-430	297	4	stock	stock	NOUN
gujaf-430	297	5	market	market	NOUN
gujaf-430	297	6	performance	performance	NOUN
gujaf-430	297	7	in	in	ADP
gujaf-430	297	8	nigeria	nigeria	PROPN
gujaf-430	297	9	.	.	PUNCT
gujaf-430	298	1	journal	journal	PROPN
gujaf-430	298	2	of	of	ADP
gujaf-430	298	3	finance	finance	NOUN
gujaf-430	298	4	and	and	CCONJ
gujaf-430	298	5	investment	investment	NOUN
gujaf-430	298	6	analysis	analysis	NOUN
gujaf-430	298	7	,	,	PUNCT
gujaf-430	298	8	12(2	12(2	NUM
gujaf-430	298	9	)	)	PUNCT
gujaf-430	298	10	,	,	PUNCT
gujaf-430	298	11	99	99	NUM
gujaf-430	298	12	-	-	SYM
gujaf-430	298	13	110	110	NUM
gujaf-430	298	14	.	.	PUNCT
gujaf-430	299	1	olayemi	olayemi	PROPN
gujaf-430	299	2	,	,	PUNCT
gujaf-430	299	3	t.	t.	PROPN
gujaf-430	299	4	(	(	PUNCT
gujaf-430	299	5	2023	2023	NUM
gujaf-430	299	6	)	)	PUNCT
gujaf-430	299	7	.	.	PUNCT
gujaf-430	300	1	the	the	DET
gujaf-430	300	2	impact	impact	NOUN
gujaf-430	300	3	of	of	ADP
gujaf-430	300	4	inflation	inflation	NOUN
gujaf-430	300	5	on	on	ADP
gujaf-430	300	6	economic	economic	ADJ
gujaf-430	300	7	development	development	NOUN
gujaf-430	300	8	.	.	PUNCT
gujaf-430	301	1	nigerian	nigerian	ADJ
gujaf-430	301	2	economic	economic	PROPN
gujaf-430	301	3	review	review	PROPN
gujaf-430	301	4	,	,	PUNCT
gujaf-430	301	5	14(2	14(2	NUM
gujaf-430	301	6	)	)	PUNCT
gujaf-430	301	7	,	,	PUNCT
gujaf-430	301	8	78	78	NUM
gujaf-430	301	9	-	-	SYM
gujaf-430	301	10	94	94	NUM
gujaf-430	301	11	.	.	PUNCT
gujaf-430	302	1	okonkwo	okonkwo	PROPN
gujaf-430	302	2	,	,	PUNCT
gujaf-430	302	3	j.	j.	PROPN
gujaf-430	302	4	(	(	PUNCT
gujaf-430	302	5	2023	2023	NUM
gujaf-430	302	6	)	)	PUNCT
gujaf-430	302	7	.	.	PUNCT
gujaf-430	303	1	exchange	exchange	NOUN
gujaf-430	303	2	rate	rate	NOUN
gujaf-430	303	3	volatility	volatility	NOUN
gujaf-430	303	4	and	and	CCONJ
gujaf-430	303	5	its	its	PRON
gujaf-430	303	6	implications	implication	NOUN
gujaf-430	303	7	for	for	ADP
gujaf-430	303	8	stock	stock	NOUN
gujaf-430	303	9	market	market	NOUN
gujaf-430	303	10	investment	investment	NOUN
gujaf-430	303	11	.	.	PUNCT
gujaf-430	304	1	nigerian	nigerian	ADJ
gujaf-430	304	2	journal	journal	PROPN
gujaf-430	304	3	of	of	ADP
gujaf-430	304	4	financial	financial	ADJ
gujaf-430	304	5	research	research	NOUN
gujaf-430	304	6	,	,	PUNCT
gujaf-430	304	7	11(1	11(1	NUM
gujaf-430	304	8	)	)	PUNCT
gujaf-430	304	9	,	,	PUNCT
gujaf-430	304	10	78	78	NUM
gujaf-430	304	11	-	-	SYM
gujaf-430	304	12	94	94	NUM
gujaf-430	304	13	.	.	PUNCT
gujaf-430	305	1	oladipo	oladipo	PROPN
gujaf-430	305	2	,	,	PUNCT
gujaf-430	305	3	o.s	o.s	PROPN
gujaf-430	305	4	.	.	PROPN
gujaf-430	305	5	,	,	PUNCT
gujaf-430	305	6	&	&	CCONJ
gujaf-430	305	7	adebayo	adebayo	PROPN
gujaf-430	305	8	,	,	PUNCT
gujaf-430	305	9	a.o	a.o	PROPN
gujaf-430	305	10	.	.	PROPN
gujaf-430	305	11	(	(	PUNCT
gujaf-430	305	12	2023	2023	NUM
gujaf-430	305	13	)	)	PUNCT
gujaf-430	305	14	.	.	PUNCT
gujaf-430	306	1	government	government	NOUN
gujaf-430	306	2	expenditure	expenditure	NOUN
gujaf-430	306	3	and	and	CCONJ
gujaf-430	306	4	stock	stock	NOUN
gujaf-430	306	5	market	market	NOUN
gujaf-430	306	6	performance	performance	NOUN
gujaf-430	306	7	in	in	ADP
gujaf-430	306	8	nigeria	nigeria	PROPN
gujaf-430	306	9	.	.	PUNCT
gujaf-430	307	1	journal	journal	PROPN
gujaf-430	307	2	of	of	ADP
gujaf-430	307	3	economics	economic	NOUN
gujaf-430	307	4	and	and	CCONJ
gujaf-430	307	5	sustainable	sustainable	ADJ
gujaf-430	307	6	development	development	NOUN
gujaf-430	307	7	,	,	PUNCT
gujaf-430	307	8	14(3	14(3	NUM
gujaf-430	307	9	)	)	PUNCT
gujaf-430	307	10	,	,	PUNCT
gujaf-430	307	11	7888	7888	NUM
gujaf-430	307	12	.	.	PUNCT
gujaf-430	308	1	olowofeso	olowofeso	PROPN
gujaf-430	308	2	,	,	PUNCT
gujaf-430	308	3	e.o	e.o	PROPN
gujaf-430	308	4	.	.	PROPN
gujaf-430	308	5	,	,	PUNCT
gujaf-430	308	6	&	&	CCONJ
gujaf-430	308	7	adeleke	adeleke	PROPN
gujaf-430	308	8	,	,	PUNCT
gujaf-430	308	9	a.i	a.i	PROPN
gujaf-430	308	10	.	.	PROPN
gujaf-430	308	11	(	(	PUNCT
gujaf-430	308	12	2022	2022	NUM
gujaf-430	308	13	)	)	PUNCT
gujaf-430	308	14	.	.	PUNCT
gujaf-430	309	1	macroeconomic	macroeconomic	ADJ
gujaf-430	309	2	variables	variable	NOUN
gujaf-430	309	3	and	and	CCONJ
gujaf-430	309	4	stock	stock	NOUN
gujaf-430	309	5	market	market	NOUN
gujaf-430	309	6	returns	return	NOUN
gujaf-430	309	7	in	in	ADP
gujaf-430	309	8	nigeria	nigeria	PROPN
gujaf-430	309	9	:	:	PUNCT
gujaf-430	309	10	a	a	DET
gujaf-430	309	11	sectoral	sectoral	ADJ
gujaf-430	309	12	analysis	analysis	NOUN
gujaf-430	309	13	.	.	PUNCT
gujaf-430	310	1	cbn	cbn	PROPN
gujaf-430	310	2	journal	journal	PROPN
gujaf-430	310	3	of	of	ADP
gujaf-430	310	4	applied	applied	ADJ
gujaf-430	310	5	statistics	statistic	NOUN
gujaf-430	310	6	,	,	PUNCT
gujaf-430	310	7	13(1	13(1	NUM
gujaf-430	310	8	)	)	PUNCT
gujaf-430	310	9	,	,	PUNCT
gujaf-430	310	10	1	1	NUM
gujaf-430	310	11	-	-	SYM
gujaf-430	310	12	22	22	NUM
gujaf-430	310	13	.	.	PUNCT
gujaf-430	311	1	organisation	organisation	NOUN
gujaf-430	311	2	for	for	ADP
gujaf-430	311	3	economic	economic	ADJ
gujaf-430	311	4	co	co	NOUN
gujaf-430	311	5	-	-	NOUN
gujaf-430	311	6	operation	operation	NOUN
gujaf-430	311	7	and	and	CCONJ
gujaf-430	311	8	development	development	NOUN
gujaf-430	311	9	.	.	PUNCT
gujaf-430	312	1	(	(	PUNCT
gujaf-430	312	2	2023	2023	NUM
gujaf-430	312	3	)	)	PUNCT
gujaf-430	312	4	.	.	PUNCT
gujaf-430	313	1	external	external	ADJ
gujaf-430	313	2	shocks	shock	NOUN
gujaf-430	313	3	and	and	CCONJ
gujaf-430	313	4	financial	financial	ADJ
gujaf-430	313	5	market	market	NOUN
gujaf-430	313	6	vulnerabilities	vulnerability	NOUN
gujaf-430	313	7	in	in	ADP
gujaf-430	313	8	developing	develop	VERB
gujaf-430	313	9	economies	economy	NOUN
gujaf-430	313	10	.	.	PUNCT
gujaf-430	314	1	paris	paris	PROPN
gujaf-430	314	2	:	:	PUNCT
gujaf-430	315	1	oecd	oecd	PROPN
gujaf-430	315	2	.	.	PROPN
gujaf-430	315	3	pwc	pwc	PROPN
gujaf-430	315	4	.	.	PUNCT
gujaf-430	315	5	(	(	PUNCT
gujaf-430	315	6	2023	2023	NUM
gujaf-430	315	7	)	)	PUNCT
gujaf-430	315	8	.	.	PUNCT
gujaf-430	316	1	economic	economic	ADJ
gujaf-430	316	2	fundamentals	fundamental	NOUN
gujaf-430	316	3	and	and	CCONJ
gujaf-430	316	4	capital	capital	NOUN
gujaf-430	316	5	market	market	NOUN
gujaf-430	316	6	growth	growth	NOUN
gujaf-430	316	7	in	in	ADP
gujaf-430	316	8	nigeria	nigeria	PROPN
gujaf-430	316	9	.	.	PUNCT
gujaf-430	317	1	lagos	lago	NOUN
gujaf-430	317	2	:	:	PUNCT
gujaf-430	317	3	pwc	pwc	PROPN
gujaf-430	317	4	nigeria	nigeria	PROPN
gujaf-430	317	5	.	.	PUNCT
gujaf-430	318	1	united	united	PROPN
gujaf-430	318	2	nations	nations	PROPN
gujaf-430	318	3	development	development	PROPN
gujaf-430	318	4	programme	programme	PROPN
gujaf-430	318	5	.	.	PUNCT
gujaf-430	319	1	(	(	PUNCT
gujaf-430	319	2	2023	2023	NUM
gujaf-430	319	3	)	)	PUNCT
gujaf-430	319	4	.	.	PUNCT
gujaf-430	320	1	behavioral	behavioral	ADJ
gujaf-430	320	2	finance	finance	NOUN
gujaf-430	320	3	and	and	CCONJ
gujaf-430	320	4	market	market	NOUN
gujaf-430	320	5	efficiency	efficiency	NOUN
gujaf-430	320	6	in	in	ADP
gujaf-430	320	7	africa	africa	PROPN
gujaf-430	320	8	.	.	PUNCT
gujaf-430	321	1	new	new	PROPN
gujaf-430	321	2	york	york	PROPN
gujaf-430	321	3	:	:	PUNCT
gujaf-430	321	4	undp	undp	PROPN
gujaf-430	321	5	.	.	PROPN
gujaf-430	321	6	world	world	PROPN
gujaf-430	321	7	bank	bank	PROPN
gujaf-430	321	8	.	.	PUNCT
gujaf-430	322	1	(	(	PUNCT
gujaf-430	322	2	2024	2024	NUM
gujaf-430	322	3	)	)	PUNCT
gujaf-430	322	4	.	.	PUNCT
gujaf-430	323	1	economic	economic	ADJ
gujaf-430	323	2	stability	stability	NOUN
gujaf-430	323	3	and	and	CCONJ
gujaf-430	323	4	long	long	ADJ
gujaf-430	323	5	-	-	PUNCT
gujaf-430	323	6	term	term	NOUN
gujaf-430	323	7	growth	growth	NOUN
gujaf-430	323	8	in	in	ADP
gujaf-430	323	9	africa	africa	PROPN
gujaf-430	323	10	.	.	PUNCT
gujaf-430	324	1	washington	washington	PROPN
gujaf-430	324	2	,	,	PUNCT
gujaf-430	324	3	dc	dc	PROPN
gujaf-430	324	4	:	:	PUNCT
gujaf-430	324	5	world	world	PROPN
gujaf-430	324	6	bank	bank	PROPN
gujaf-430	324	7	.	.	PUNCT
gujaf-430	325	1	zhang	zhang	PROPN
gujaf-430	325	2	,	,	PUNCT
gujaf-430	325	3	y.	y.	PROPN
gujaf-430	325	4	,	,	PUNCT
gujaf-430	325	5	&	&	CCONJ
gujaf-430	325	6	wang	wang	PROPN
gujaf-430	325	7	,	,	PUNCT
gujaf-430	325	8	s.	s.	PROPN
gujaf-430	325	9	(	(	PUNCT
gujaf-430	325	10	2023	2023	NUM
gujaf-430	325	11	)	)	PUNCT
gujaf-430	325	12	.	.	PUNCT
gujaf-430	326	1	economic	economic	ADJ
gujaf-430	326	2	fundamentals	fundamental	NOUN
gujaf-430	326	3	and	and	CCONJ
gujaf-430	326	4	stock	stock	NOUN
gujaf-430	326	5	market	market	NOUN
gujaf-430	326	6	valuation	valuation	NOUN
gujaf-430	326	7	:	:	PUNCT
gujaf-430	326	8	a	a	DET
gujaf-430	326	9	capebased	capebased	ADJ
gujaf-430	326	10	approach	approach	NOUN
gujaf-430	326	11	.	.	PUNCT