id	sid	tid	token	lemma	pos
cord-323716-ak6zgyh1	1	1	key	key	NN
cord-323716-ak6zgyh1	1	2	:	:	:
cord-323716-ak6zgyh1	2	1	cord-323716-ak6zgyh1	cord-323716-ak6zgyh1	NNP
cord-323716-ak6zgyh1	2	2	authors	author	NNS
cord-323716-ak6zgyh1	2	3	:	:	:
cord-323716-ak6zgyh1	2	4	Lin	Lin	NNP
cord-323716-ak6zgyh1	2	5	,	,	,
cord-323716-ak6zgyh1	2	6	Tsoyu	Tsoyu	NNP
cord-323716-ak6zgyh1	2	7	Calvin	Calvin	NNP
cord-323716-ak6zgyh1	2	8	;	;	:
cord-323716-ak6zgyh1	2	9	Lin	Lin	NNP
cord-323716-ak6zgyh1	2	10	,	,	,
cord-323716-ak6zgyh1	2	11	Zong	Zong	NNP
cord-323716-ak6zgyh1	2	12	-	-	HYPH
cord-323716-ak6zgyh1	2	13	Han	Han	NNP
cord-323716-ak6zgyh1	2	14	title	title	NN
cord-323716-ak6zgyh1	2	15	:	:	:
cord-323716-ak6zgyh1	2	16	Are	be	VBP
cord-323716-ak6zgyh1	2	17	stock	stock	NN
cord-323716-ak6zgyh1	2	18	and	and	CC
cord-323716-ak6zgyh1	2	19	real	real	JJ
cord-323716-ak6zgyh1	2	20	estate	estate	NN
cord-323716-ak6zgyh1	2	21	markets	market	NNS
cord-323716-ak6zgyh1	2	22	integrated	integrate	VBN
cord-323716-ak6zgyh1	2	23	?	?	.
cord-323716-ak6zgyh1	3	1	An	an	DT
cord-323716-ak6zgyh1	3	2	empirical	empirical	JJ
cord-323716-ak6zgyh1	3	3	study	study	NN
cord-323716-ak6zgyh1	3	4	of	of	IN
cord-323716-ak6zgyh1	3	5	six	six	CD
cord-323716-ak6zgyh1	3	6	Asian	asian	JJ
cord-323716-ak6zgyh1	3	7	economies	economy	NNS
cord-323716-ak6zgyh1	3	8	date	date	NN
cord-323716-ak6zgyh1	3	9	:	:	:
cord-323716-ak6zgyh1	3	10	2011	2011	CD
cord-323716-ak6zgyh1	3	11	-	-	SYM
cord-323716-ak6zgyh1	3	12	11	11	CD
cord-323716-ak6zgyh1	3	13	-	-	SYM
cord-323716-ak6zgyh1	3	14	30	30	CD
cord-323716-ak6zgyh1	3	15	journal	journal	NN
cord-323716-ak6zgyh1	3	16	:	:	:
cord-323716-ak6zgyh1	4	1	Pacific	Pacific	NNP
cord-323716-ak6zgyh1	4	2	-	-	HYPH
cord-323716-ak6zgyh1	4	3	Basin	Basin	NNP
cord-323716-ak6zgyh1	4	4	Finance	Finance	NNP
cord-323716-ak6zgyh1	4	5	Journal	Journal	NNP
cord-323716-ak6zgyh1	4	6	DOI	DOI	NNP
cord-323716-ak6zgyh1	4	7	:	:	:
cord-323716-ak6zgyh1	4	8	10.1016	10.1016	CD
cord-323716-ak6zgyh1	4	9	/	/	SYM
cord-323716-ak6zgyh1	4	10	j.pacfin.2011.05.001	j.pacfin.2011.05.001	CD
cord-323716-ak6zgyh1	4	11	sha	sha	NNP
cord-323716-ak6zgyh1	4	12	:	:	:
cord-323716-ak6zgyh1	4	13	60be6b2f04f740d19f083023d2027695664932df	60be6b2f04f740d19f083023d2027695664932df	CD
cord-323716-ak6zgyh1	4	14	doc_id	doc_id	CD
cord-323716-ak6zgyh1	4	15	:	:	:
cord-323716-ak6zgyh1	4	16	323716	323716	CD
cord-323716-ak6zgyh1	4	17	cord_uid	cord_uid	FW
cord-323716-ak6zgyh1	4	18	:	:	:
cord-323716-ak6zgyh1	5	1	ak6zgyh1	ak6zgyh1	NNP
cord-323716-ak6zgyh1	5	2	Abstract	Abstract	NNP
cord-323716-ak6zgyh1	5	3	Rising	rise	VBG
cord-323716-ak6zgyh1	5	4	asset	asset	NN
cord-323716-ak6zgyh1	5	5	prices	price	NNS
cord-323716-ak6zgyh1	5	6	spurred	spur	VBN
cord-323716-ak6zgyh1	5	7	by	by	IN
cord-323716-ak6zgyh1	5	8	Asia	Asia	NNP
cord-323716-ak6zgyh1	5	9	's	's	POS
cord-323716-ak6zgyh1	5	10	emerging	emerge	VBG
cord-323716-ak6zgyh1	5	11	economy	economy	NN
cord-323716-ak6zgyh1	5	12	have	have	VBP
cord-323716-ak6zgyh1	5	13	drawn	draw	VBN
cord-323716-ak6zgyh1	5	14	much	much	JJ
cord-323716-ak6zgyh1	5	15	attention	attention	NN
cord-323716-ak6zgyh1	5	16	recently	recently	RB
cord-323716-ak6zgyh1	5	17	.	.	.
cord-323716-ak6zgyh1	6	1	This	this	DT
cord-323716-ak6zgyh1	6	2	study	study	NN
cord-323716-ak6zgyh1	6	3	examines	examine	VBZ
cord-323716-ak6zgyh1	6	4	one	one	CD
cord-323716-ak6zgyh1	6	5	source	source	NN
cord-323716-ak6zgyh1	6	6	of	of	IN
cord-323716-ak6zgyh1	6	7	growth	growth	NN
cord-323716-ak6zgyh1	6	8	patterns	pattern	NNS
cord-323716-ak6zgyh1	6	9	in	in	IN
cord-323716-ak6zgyh1	6	10	asset	asset	NN
cord-323716-ak6zgyh1	6	11	prices	price	NNS
cord-323716-ak6zgyh1	6	12	by	by	IN
cord-323716-ak6zgyh1	6	13	analyzing	analyze	VBG
cord-323716-ak6zgyh1	6	14	the	the	DT
cord-323716-ak6zgyh1	6	15	integration	integration	NN
cord-323716-ak6zgyh1	6	16	relationship	relationship	NN
cord-323716-ak6zgyh1	6	17	between	between	IN
cord-323716-ak6zgyh1	6	18	stock	stock	NN
cord-323716-ak6zgyh1	6	19	markets	market	NNS
cord-323716-ak6zgyh1	6	20	and	and	CC
cord-323716-ak6zgyh1	6	21	real	real	JJ
cord-323716-ak6zgyh1	6	22	estate	estate	NN
cord-323716-ak6zgyh1	6	23	markets	market	NNS
cord-323716-ak6zgyh1	6	24	in	in	IN
cord-323716-ak6zgyh1	6	25	Asia	Asia	NNP
cord-323716-ak6zgyh1	6	26	.	.	.
cord-323716-ak6zgyh1	7	1	Six	six	CD
cord-323716-ak6zgyh1	7	2	economies	economy	NNS
cord-323716-ak6zgyh1	7	3	are	be	VBP
cord-323716-ak6zgyh1	7	4	selected	select	VBN
cord-323716-ak6zgyh1	7	5	for	for	IN
cord-323716-ak6zgyh1	7	6	empirical	empirical	JJ
cord-323716-ak6zgyh1	7	7	analysis	analysis	NN
cord-323716-ak6zgyh1	7	8	:	:	:
cord-323716-ak6zgyh1	7	9	China	China	NNP
cord-323716-ak6zgyh1	7	10	,	,	,
cord-323716-ak6zgyh1	7	11	Hong	Hong	NNP
cord-323716-ak6zgyh1	7	12	Kong	Kong	NNP
cord-323716-ak6zgyh1	7	13	,	,	,
cord-323716-ak6zgyh1	7	14	Japan	Japan	NNP
cord-323716-ak6zgyh1	7	15	,	,	,
cord-323716-ak6zgyh1	7	16	Singapore	Singapore	NNP
cord-323716-ak6zgyh1	7	17	,	,	,
cord-323716-ak6zgyh1	7	18	South	South	NNP
cord-323716-ak6zgyh1	7	19	Korea	Korea	NNP
cord-323716-ak6zgyh1	7	20	,	,	,
cord-323716-ak6zgyh1	7	21	and	and	CC
cord-323716-ak6zgyh1	7	22	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	7	23	.	.	.
cord-323716-ak6zgyh1	8	1	Results	result	NNS
cord-323716-ak6zgyh1	8	2	show	show	VBP
cord-323716-ak6zgyh1	8	3	that	that	IN
cord-323716-ak6zgyh1	8	4	stock	stock	NN
cord-323716-ak6zgyh1	8	5	markets	market	NNS
cord-323716-ak6zgyh1	8	6	are	be	VBP
cord-323716-ak6zgyh1	8	7	integrated	integrate	VBN
cord-323716-ak6zgyh1	8	8	with	with	IN
cord-323716-ak6zgyh1	8	9	real	real	JJ
cord-323716-ak6zgyh1	8	10	estate	estate	NN
cord-323716-ak6zgyh1	8	11	markets	market	NNS
cord-323716-ak6zgyh1	8	12	in	in	IN
cord-323716-ak6zgyh1	8	13	Japan	Japan	NNP
cord-323716-ak6zgyh1	8	14	,	,	,
cord-323716-ak6zgyh1	8	15	and	and	CC
cord-323716-ak6zgyh1	8	16	partially	partially	RB
cord-323716-ak6zgyh1	8	17	integrated	integrate	VBN
cord-323716-ak6zgyh1	8	18	with	with	IN
cord-323716-ak6zgyh1	8	19	real	real	JJ
cord-323716-ak6zgyh1	8	20	estate	estate	NN
cord-323716-ak6zgyh1	8	21	markets	market	NNS
cord-323716-ak6zgyh1	8	22	in	in	IN
cord-323716-ak6zgyh1	8	23	China	China	NNP
cord-323716-ak6zgyh1	8	24	,	,	,
cord-323716-ak6zgyh1	8	25	Hong	Hong	NNP
cord-323716-ak6zgyh1	8	26	Kong	Kong	NNP
cord-323716-ak6zgyh1	8	27	,	,	,
cord-323716-ak6zgyh1	8	28	and	and	CC
cord-323716-ak6zgyh1	8	29	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	8	30	.	.	.
cord-323716-ak6zgyh1	9	1	This	this	DT
cord-323716-ak6zgyh1	9	2	implies	imply	VBZ
cord-323716-ak6zgyh1	9	3	that	that	IN
cord-323716-ak6zgyh1	9	4	these	these	DT
cord-323716-ak6zgyh1	9	5	two	two	CD
cord-323716-ak6zgyh1	9	6	investment	investment	NN
cord-323716-ak6zgyh1	9	7	vehicles	vehicle	NNS
cord-323716-ak6zgyh1	9	8	are	be	VBP
cord-323716-ak6zgyh1	9	9	substitutable	substitutable	JJ
cord-323716-ak6zgyh1	9	10	in	in	IN
cord-323716-ak6zgyh1	9	11	China	China	NNP
cord-323716-ak6zgyh1	9	12	,	,	,
cord-323716-ak6zgyh1	9	13	Hong	Hong	NNP
cord-323716-ak6zgyh1	9	14	Kong	Kong	NNP
cord-323716-ak6zgyh1	9	15	,	,	,
cord-323716-ak6zgyh1	9	16	Japan	Japan	NNP
cord-323716-ak6zgyh1	9	17	,	,	,
cord-323716-ak6zgyh1	9	18	and	and	CC
cord-323716-ak6zgyh1	9	19	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	9	20	,	,	,
cord-323716-ak6zgyh1	9	21	and	and	CC
cord-323716-ak6zgyh1	9	22	provide	provide	VB
cord-323716-ak6zgyh1	9	23	diversification	diversification	NN
cord-323716-ak6zgyh1	9	24	potential	potential	NN
cord-323716-ak6zgyh1	9	25	for	for	IN
cord-323716-ak6zgyh1	9	26	investment	investment	NN
cord-323716-ak6zgyh1	9	27	portfolios	portfolio	NNS
cord-323716-ak6zgyh1	9	28	in	in	IN
cord-323716-ak6zgyh1	9	29	South	South	NNP
cord-323716-ak6zgyh1	9	30	Korea	Korea	NNP
cord-323716-ak6zgyh1	9	31	and	and	CC
cord-323716-ak6zgyh1	9	32	Singapore	Singapore	NNP
cord-323716-ak6zgyh1	9	33	.	.	.
cord-323716-ak6zgyh1	10	1	Examining	examine	VBG
cord-323716-ak6zgyh1	10	2	the	the	DT
cord-323716-ak6zgyh1	10	3	timing	timing	NN
cord-323716-ak6zgyh1	10	4	of	of	IN
cord-323716-ak6zgyh1	10	5	market	market	NN
cord-323716-ak6zgyh1	10	6	changes	change	NNS
cord-323716-ak6zgyh1	10	7	,	,	,
cord-323716-ak6zgyh1	10	8	we	-PRON-	PRP
cord-323716-ak6zgyh1	10	9	found	find	VBD
cord-323716-ak6zgyh1	10	10	the	the	DT
cord-323716-ak6zgyh1	10	11	real	real	JJ
cord-323716-ak6zgyh1	10	12	estate	estate	NN
cord-323716-ak6zgyh1	10	13	market	market	NN
cord-323716-ak6zgyh1	10	14	leading	lead	VBG
cord-323716-ak6zgyh1	10	15	the	the	DT
cord-323716-ak6zgyh1	10	16	stock	stock	NN
cord-323716-ak6zgyh1	10	17	market	market	NN
cord-323716-ak6zgyh1	10	18	in	in	IN
cord-323716-ak6zgyh1	10	19	some	some	DT
cord-323716-ak6zgyh1	10	20	countries	country	NNS
cord-323716-ak6zgyh1	10	21	,	,	,
cord-323716-ak6zgyh1	10	22	and	and	CC
cord-323716-ak6zgyh1	10	23	the	the	DT
cord-323716-ak6zgyh1	10	24	stock	stock	NN
cord-323716-ak6zgyh1	10	25	market	market	NN
cord-323716-ak6zgyh1	10	26	leading	lead	VBG
cord-323716-ak6zgyh1	10	27	the	the	DT
cord-323716-ak6zgyh1	10	28	real	real	JJ
cord-323716-ak6zgyh1	10	29	estate	estate	NN
cord-323716-ak6zgyh1	10	30	market	market	NN
cord-323716-ak6zgyh1	10	31	in	in	IN
cord-323716-ak6zgyh1	10	32	others	other	NNS
cord-323716-ak6zgyh1	10	33	.	.	.
cord-323716-ak6zgyh1	11	1	We	-PRON-	PRP
cord-323716-ak6zgyh1	11	2	conclude	conclude	VBP
cord-323716-ak6zgyh1	11	3	that	that	IN
cord-323716-ak6zgyh1	11	4	stock	stock	NN
cord-323716-ak6zgyh1	11	5	and	and	CC
cord-323716-ak6zgyh1	11	6	real	real	JJ
cord-323716-ak6zgyh1	11	7	estate	estate	NN
cord-323716-ak6zgyh1	11	8	markets	market	NNS
cord-323716-ak6zgyh1	11	9	show	show	VBP
cord-323716-ak6zgyh1	11	10	a	a	DT
cord-323716-ak6zgyh1	11	11	variety	variety	NN
cord-323716-ak6zgyh1	11	12	of	of	IN
cord-323716-ak6zgyh1	11	13	inter	inter	JJ
cord-323716-ak6zgyh1	11	14	-	-	NNS
cord-323716-ak6zgyh1	11	15	relationships	relationship	NNS
cord-323716-ak6zgyh1	11	16	depending	depend	VBG
cord-323716-ak6zgyh1	11	17	on	on	IN
cord-323716-ak6zgyh1	11	18	economic	economic	JJ
cord-323716-ak6zgyh1	11	19	and	and	CC
cord-323716-ak6zgyh1	11	20	political	political	JJ
cord-323716-ak6zgyh1	11	21	policy	policy	NN
cord-323716-ak6zgyh1	11	22	environments	environment	NNS
cord-323716-ak6zgyh1	11	23	.	.	.
cord-323716-ak6zgyh1	12	1	Real	real	JJ
cord-323716-ak6zgyh1	12	2	estate	estate	NN
cord-323716-ak6zgyh1	12	3	and	and	CC
cord-323716-ak6zgyh1	12	4	stocks	stock	NNS
cord-323716-ak6zgyh1	12	5	are	be	VBP
cord-323716-ak6zgyh1	12	6	important	important	JJ
cord-323716-ak6zgyh1	12	7	assets	asset	NNS
cord-323716-ak6zgyh1	12	8	for	for	IN
cord-323716-ak6zgyh1	12	9	most	most	JJS
cord-323716-ak6zgyh1	12	10	investors	investor	NNS
cord-323716-ak6zgyh1	12	11	.	.	.
cord-323716-ak6zgyh1	13	1	The	the	DT
cord-323716-ak6zgyh1	13	2	liquidity	liquidity	NN
cord-323716-ak6zgyh1	13	3	and	and	CC
cord-323716-ak6zgyh1	13	4	the	the	DT
cord-323716-ak6zgyh1	13	5	relationship	relationship	NN
cord-323716-ak6zgyh1	13	6	of	of	IN
cord-323716-ak6zgyh1	13	7	these	these	DT
cord-323716-ak6zgyh1	13	8	two	two	CD
cord-323716-ak6zgyh1	13	9	assets	asset	NNS
cord-323716-ak6zgyh1	13	10	have	have	VBP
cord-323716-ak6zgyh1	13	11	often	often	RB
cord-323716-ak6zgyh1	13	12	attracted	attract	VBN
cord-323716-ak6zgyh1	13	13	the	the	DT
cord-323716-ak6zgyh1	13	14	attention	attention	NN
cord-323716-ak6zgyh1	13	15	of	of	IN
cord-323716-ak6zgyh1	13	16	both	both	DT
cord-323716-ak6zgyh1	13	17	homebuyers	homebuyer	NNS
cord-323716-ak6zgyh1	13	18	and	and	CC
cord-323716-ak6zgyh1	13	19	investors	investor	NNS
cord-323716-ak6zgyh1	13	20	.	.	.
cord-323716-ak6zgyh1	14	1	Stock	stock	NN
cord-323716-ak6zgyh1	14	2	is	be	VBZ
cord-323716-ak6zgyh1	14	3	the	the	DT
cord-323716-ak6zgyh1	14	4	most	most	RBS
cord-323716-ak6zgyh1	14	5	convenient	convenient	JJ
cord-323716-ak6zgyh1	14	6	form	form	NN
cord-323716-ak6zgyh1	14	7	of	of	IN
cord-323716-ak6zgyh1	14	8	investment	investment	NN
cord-323716-ak6zgyh1	14	9	for	for	IN
cord-323716-ak6zgyh1	14	10	many	many	JJ
cord-323716-ak6zgyh1	14	11	.	.	.
cord-323716-ak6zgyh1	15	1	It	-PRON-	PRP
cord-323716-ak6zgyh1	15	2	offers	offer	VBZ
cord-323716-ak6zgyh1	15	3	relatively	relatively	RB
cord-323716-ak6zgyh1	15	4	high	high	JJ
cord-323716-ak6zgyh1	15	5	liquidity	liquidity	NN
cord-323716-ak6zgyh1	15	6	and	and	CC
cord-323716-ak6zgyh1	15	7	transparency	transparency	NN
cord-323716-ak6zgyh1	15	8	of	of	IN
cord-323716-ak6zgyh1	15	9	transaction	transaction	NN
cord-323716-ak6zgyh1	15	10	information	information	NN
cord-323716-ak6zgyh1	15	11	compared	compare	VBN
cord-323716-ak6zgyh1	15	12	with	with	IN
cord-323716-ak6zgyh1	15	13	other	other	JJ
cord-323716-ak6zgyh1	15	14	investment	investment	NN
cord-323716-ak6zgyh1	15	15	vehicles	vehicle	NNS
cord-323716-ak6zgyh1	15	16	.	.	.
cord-323716-ak6zgyh1	16	1	For	for	IN
cord-323716-ak6zgyh1	16	2	most	most	JJS
cord-323716-ak6zgyh1	16	3	households	household	NNS
cord-323716-ak6zgyh1	16	4	,	,	,
cord-323716-ak6zgyh1	16	5	however	however	RB
cord-323716-ak6zgyh1	16	6	,	,	,
cord-323716-ak6zgyh1	16	7	real	real	JJ
cord-323716-ak6zgyh1	16	8	estate	estate	NN
cord-323716-ak6zgyh1	16	9	is	be	VBZ
cord-323716-ak6zgyh1	16	10	probably	probably	RB
cord-323716-ak6zgyh1	16	11	the	the	DT
cord-323716-ak6zgyh1	16	12	most	most	RBS
cord-323716-ak6zgyh1	16	13	important	important	JJ
cord-323716-ak6zgyh1	16	14	and	and	CC
cord-323716-ak6zgyh1	16	15	expensive	expensive	JJ
cord-323716-ak6zgyh1	16	16	asset	asset	NN
cord-323716-ak6zgyh1	16	17	to	to	TO
cord-323716-ak6zgyh1	16	18	obtain	obtain	VB
cord-323716-ak6zgyh1	16	19	.	.	.
cord-323716-ak6zgyh1	17	1	In	in	IN
cord-323716-ak6zgyh1	17	2	Asia	Asia	NNP
cord-323716-ak6zgyh1	17	3	real	real	JJ
cord-323716-ak6zgyh1	17	4	estate	estate	NN
cord-323716-ak6zgyh1	17	5	is	be	VBZ
cord-323716-ak6zgyh1	17	6	especially	especially	RB
cord-323716-ak6zgyh1	17	7	preferred	prefer	VBN
cord-323716-ak6zgyh1	17	8	,	,	,
cord-323716-ak6zgyh1	17	9	due	due	IN
cord-323716-ak6zgyh1	17	10	to	to	IN
cord-323716-ak6zgyh1	17	11	traditional	traditional	JJ
cord-323716-ak6zgyh1	17	12	values	value	NNS
cord-323716-ak6zgyh1	17	13	and	and	CC
cord-323716-ak6zgyh1	17	14	to	to	IN
cord-323716-ak6zgyh1	17	15	the	the	DT
cord-323716-ak6zgyh1	17	16	region	region	NN
cord-323716-ak6zgyh1	17	17	's	's	POS
cord-323716-ak6zgyh1	17	18	high	high	JJ
cord-323716-ak6zgyh1	17	19	population	population	NN
cord-323716-ak6zgyh1	17	20	density	density	NN
cord-323716-ak6zgyh1	17	21	.	.	.
cord-323716-ak6zgyh1	18	1	Stock	stock	NN
cord-323716-ak6zgyh1	18	2	and	and	CC
cord-323716-ak6zgyh1	18	3	real	real	JJ
cord-323716-ak6zgyh1	18	4	estate	estate	NN
cord-323716-ak6zgyh1	18	5	values	value	NNS
cord-323716-ak6zgyh1	18	6	are	be	VBP
cord-323716-ak6zgyh1	18	7	also	also	RB
cord-323716-ak6zgyh1	18	8	influenced	influence	VBN
cord-323716-ak6zgyh1	18	9	strongly	strongly	RB
cord-323716-ak6zgyh1	18	10	by	by	IN
cord-323716-ak6zgyh1	18	11	economic	economic	JJ
cord-323716-ak6zgyh1	18	12	conditions	condition	NNS
cord-323716-ak6zgyh1	18	13	(	(	-LRB-
cord-323716-ak6zgyh1	18	14	e.g.	e.g.	RB
cord-323716-ak6zgyh1	18	15	,	,	,
cord-323716-ak6zgyh1	18	16	economic	economic	JJ
cord-323716-ak6zgyh1	18	17	growth	growth	NN
cord-323716-ak6zgyh1	18	18	,	,	,
cord-323716-ak6zgyh1	18	19	inflation	inflation	NN
cord-323716-ak6zgyh1	18	20	,	,	,
cord-323716-ak6zgyh1	18	21	interest	interest	NN
cord-323716-ak6zgyh1	18	22	rates	rate	NNS
cord-323716-ak6zgyh1	18	23	,	,	,
cord-323716-ak6zgyh1	18	24	employment	employment	NN
cord-323716-ak6zgyh1	18	25	,	,	,
cord-323716-ak6zgyh1	18	26	financial	financial	JJ
cord-323716-ak6zgyh1	18	27	crisis	crisis	NN
cord-323716-ak6zgyh1	18	28	,	,	,
cord-323716-ak6zgyh1	18	29	and	and	CC
cord-323716-ak6zgyh1	18	30	so	so	RB
cord-323716-ak6zgyh1	18	31	on	on	RB
cord-323716-ak6zgyh1	18	32	)	)	-RRB-
cord-323716-ak6zgyh1	18	33	.	.	.
cord-323716-ak6zgyh1	19	1	For	for	IN
cord-323716-ak6zgyh1	19	2	example	example	NN
cord-323716-ak6zgyh1	19	3	,	,	,
cord-323716-ak6zgyh1	19	4	the	the	DT
cord-323716-ak6zgyh1	19	5	2008	2008	CD
cord-323716-ak6zgyh1	19	6	subprime	subprime	JJ
cord-323716-ak6zgyh1	19	7	mortgage	mortgage	NN
cord-323716-ak6zgyh1	19	8	crisis	crisis	NN
cord-323716-ak6zgyh1	19	9	that	that	WDT
cord-323716-ak6zgyh1	19	10	began	begin	VBD
cord-323716-ak6zgyh1	19	11	in	in	IN
cord-323716-ak6zgyh1	19	12	the	the	DT
cord-323716-ak6zgyh1	19	13	U.S.	U.S.	NNP
cord-323716-ak6zgyh1	19	14	had	have	VBD
cord-323716-ak6zgyh1	19	15	a	a	DT
cord-323716-ak6zgyh1	19	16	significant	significant	JJ
cord-323716-ak6zgyh1	19	17	negative	negative	JJ
cord-323716-ak6zgyh1	19	18	impact	impact	NN
cord-323716-ak6zgyh1	19	19	on	on	IN
cord-323716-ak6zgyh1	19	20	both	both	DT
cord-323716-ak6zgyh1	19	21	stock	stock	NN
cord-323716-ak6zgyh1	19	22	and	and	CC
cord-323716-ak6zgyh1	19	23	real	real	JJ
cord-323716-ak6zgyh1	19	24	estate	estate	NN
cord-323716-ak6zgyh1	19	25	prices	price	NNS
cord-323716-ak6zgyh1	19	26	in	in	IN
cord-323716-ak6zgyh1	19	27	the	the	DT
cord-323716-ak6zgyh1	19	28	six	six	CD
cord-323716-ak6zgyh1	19	29	markets	market	NNS
cord-323716-ak6zgyh1	19	30	surveyed	survey	VBN
cord-323716-ak6zgyh1	19	31	,	,	,
cord-323716-ak6zgyh1	19	32	as	as	IN
cord-323716-ak6zgyh1	19	33	shown	show	VBN
cord-323716-ak6zgyh1	19	34	in	in	IN
cord-323716-ak6zgyh1	19	35	Figs	Figs	NNPS
cord-323716-ak6zgyh1	19	36	.	.	.
cord-323716-ak6zgyh1	20	1	1	1	CD
cord-323716-ak6zgyh1	20	2	and	and	CC
cord-323716-ak6zgyh1	20	3	2	2	CD
cord-323716-ak6zgyh1	20	4	.	.	.
cord-323716-ak6zgyh1	21	1	However	however	RB
cord-323716-ak6zgyh1	21	2	,	,	,
cord-323716-ak6zgyh1	21	3	the	the	DT
cord-323716-ak6zgyh1	21	4	differential	differential	JJ
cord-323716-ak6zgyh1	21	5	effects	effect	NNS
cord-323716-ak6zgyh1	21	6	of	of	IN
cord-323716-ak6zgyh1	21	7	these	these	DT
cord-323716-ak6zgyh1	21	8	conditions	condition	NNS
cord-323716-ak6zgyh1	21	9	on	on	IN
cord-323716-ak6zgyh1	21	10	these	these	DT
cord-323716-ak6zgyh1	21	11	assets	asset	NNS
cord-323716-ak6zgyh1	21	12	have	have	VBP
cord-323716-ak6zgyh1	21	13	repeatedly	repeatedly	RB
cord-323716-ak6zgyh1	21	14	drawn	draw	VBN
cord-323716-ak6zgyh1	21	15	the	the	DT
cord-323716-ak6zgyh1	21	16	attention	attention	NN
cord-323716-ak6zgyh1	21	17	of	of	IN
cord-323716-ak6zgyh1	21	18	investors	investor	NNS
cord-323716-ak6zgyh1	21	19	,	,	,
cord-323716-ak6zgyh1	21	20	households	household	NNS
cord-323716-ak6zgyh1	21	21	,	,	,
cord-323716-ak6zgyh1	21	22	and	and	CC
cord-323716-ak6zgyh1	21	23	scholars	scholar	NNS
cord-323716-ak6zgyh1	21	24	.	.	.
cord-323716-ak6zgyh1	22	1	On	on	IN
cord-323716-ak6zgyh1	22	2	the	the	DT
cord-323716-ak6zgyh1	22	3	one	one	CD
cord-323716-ak6zgyh1	22	4	hand	hand	NN
cord-323716-ak6zgyh1	22	5	,	,	,
cord-323716-ak6zgyh1	22	6	if	if	IN
cord-323716-ak6zgyh1	22	7	there	there	EX
cord-323716-ak6zgyh1	22	8	is	be	VBZ
cord-323716-ak6zgyh1	22	9	an	an	DT
cord-323716-ak6zgyh1	22	10	integrated	integrated	JJ
cord-323716-ak6zgyh1	22	11	relationship	relationship	NN
cord-323716-ak6zgyh1	22	12	between	between	IN
cord-323716-ak6zgyh1	22	13	markets	market	NNS
cord-323716-ak6zgyh1	22	14	for	for	IN
cord-323716-ak6zgyh1	22	15	these	these	DT
cord-323716-ak6zgyh1	22	16	two	two	CD
cord-323716-ak6zgyh1	22	17	assets	asset	NNS
cord-323716-ak6zgyh1	22	18	,	,	,
cord-323716-ak6zgyh1	22	19	this	this	DT
cord-323716-ak6zgyh1	22	20	implies	imply	VBZ
cord-323716-ak6zgyh1	22	21	that	that	IN
cord-323716-ak6zgyh1	22	22	they	-PRON-	PRP
cord-323716-ak6zgyh1	22	23	are	be	VBP
cord-323716-ak6zgyh1	22	24	substitutable	substitutable	JJ
cord-323716-ak6zgyh1	22	25	or	or	CC
cord-323716-ak6zgyh1	22	26	interchangeable	interchangeable	JJ
cord-323716-ak6zgyh1	22	27	.	.	.
cord-323716-ak6zgyh1	23	1	Investors	investor	NNS
cord-323716-ak6zgyh1	23	2	may	may	MD
cord-323716-ak6zgyh1	23	3	be	be	VB
cord-323716-ak6zgyh1	23	4	able	able	JJ
cord-323716-ak6zgyh1	23	5	to	to	TO
cord-323716-ak6zgyh1	23	6	predict	predict	VB
cord-323716-ak6zgyh1	23	7	one	one	CD
cord-323716-ak6zgyh1	23	8	market	market	NN
cord-323716-ak6zgyh1	23	9	through	through	IN
cord-323716-ak6zgyh1	23	10	observing	observe	VBG
cord-323716-ak6zgyh1	23	11	the	the	DT
cord-323716-ak6zgyh1	23	12	other	other	JJ
cord-323716-ak6zgyh1	23	13	's	's	POS
cord-323716-ak6zgyh1	23	14	performance	performance	NN
cord-323716-ak6zgyh1	23	15	.	.	.
cord-323716-ak6zgyh1	24	1	On	on	IN
cord-323716-ak6zgyh1	24	2	the	the	DT
cord-323716-ak6zgyh1	24	3	other	other	JJ
cord-323716-ak6zgyh1	24	4	hand	hand	NN
cord-323716-ak6zgyh1	24	5	,	,	,
cord-323716-ak6zgyh1	24	6	the	the	DT
cord-323716-ak6zgyh1	24	7	stock	stock	NN
cord-323716-ak6zgyh1	24	8	market	market	NN
cord-323716-ak6zgyh1	24	9	may	may	MD
cord-323716-ak6zgyh1	24	10	also	also	RB
cord-323716-ak6zgyh1	24	11	react	react	VB
cord-323716-ak6zgyh1	24	12	independently	independently	RB
cord-323716-ak6zgyh1	24	13	of	of	IN
cord-323716-ak6zgyh1	24	14	real	real	JJ
cord-323716-ak6zgyh1	24	15	estate	estate	NN
cord-323716-ak6zgyh1	24	16	market	market	NN
cord-323716-ak6zgyh1	24	17	due	due	IN
cord-323716-ak6zgyh1	24	18	to	to	IN
cord-323716-ak6zgyh1	24	19	various	various	JJ
cord-323716-ak6zgyh1	24	20	market	market	NN
cord-323716-ak6zgyh1	24	21	conditions	condition	NNS
cord-323716-ak6zgyh1	24	22	or	or	CC
cord-323716-ak6zgyh1	24	23	government	government	NN
cord-323716-ak6zgyh1	24	24	intervention	intervention	NN
cord-323716-ak6zgyh1	24	25	,	,	,
cord-323716-ak6zgyh1	24	26	including	include	VBG
cord-323716-ak6zgyh1	24	27	distortions	distortion	NNS
cord-323716-ak6zgyh1	24	28	in	in	IN
cord-323716-ak6zgyh1	24	29	supply	supply	NN
cord-323716-ak6zgyh1	24	30	or	or	CC
cord-323716-ak6zgyh1	24	31	demand	demand	NN
cord-323716-ak6zgyh1	24	32	,	,	,
cord-323716-ak6zgyh1	24	33	taxation	taxation	NN
cord-323716-ak6zgyh1	24	34	,	,	,
cord-323716-ak6zgyh1	24	35	supply	supply	NN
cord-323716-ak6zgyh1	24	36	or	or	CC
cord-323716-ak6zgyh1	24	37	price	price	NN
cord-323716-ak6zgyh1	24	38	control	control	NN
cord-323716-ak6zgyh1	24	39	,	,	,
cord-323716-ak6zgyh1	24	40	data	datum	NNS
cord-323716-ak6zgyh1	24	41	quality	quality	NN
cord-323716-ak6zgyh1	24	42	,	,	,
cord-323716-ak6zgyh1	24	43	or	or	CC
cord-323716-ak6zgyh1	24	44	other	other	JJ
cord-323716-ak6zgyh1	24	45	transaction	transaction	NN
cord-323716-ak6zgyh1	24	46	costs	cost	NNS
cord-323716-ak6zgyh1	24	47	.	.	.
cord-323716-ak6zgyh1	25	1	If	if	IN
cord-323716-ak6zgyh1	25	2	these	these	DT
cord-323716-ak6zgyh1	25	3	two	two	CD
cord-323716-ak6zgyh1	25	4	markets	market	NNS
cord-323716-ak6zgyh1	25	5	are	be	VBP
cord-323716-ak6zgyh1	25	6	segmented	segmented	JJ
cord-323716-ak6zgyh1	25	7	,	,	,
cord-323716-ak6zgyh1	25	8	investors	investor	NNS
cord-323716-ak6zgyh1	25	9	can	can	MD
cord-323716-ak6zgyh1	25	10	diversify	diversify	VB
cord-323716-ak6zgyh1	25	11	their	-PRON-	PRP$
cord-323716-ak6zgyh1	25	12	portfolios	portfolio	NNS
cord-323716-ak6zgyh1	25	13	by	by	IN
cord-323716-ak6zgyh1	25	14	holding	hold	VBG
cord-323716-ak6zgyh1	25	15	both	both	DT
cord-323716-ak6zgyh1	25	16	types	type	NNS
cord-323716-ak6zgyh1	25	17	of	of	IN
cord-323716-ak6zgyh1	25	18	assets	asset	NNS
cord-323716-ak6zgyh1	25	19	simultaneously	simultaneously	RB
cord-323716-ak6zgyh1	25	20	.	.	.
cord-323716-ak6zgyh1	26	1	Numerous	numerous	JJ
cord-323716-ak6zgyh1	26	2	studies	study	NNS
cord-323716-ak6zgyh1	26	3	have	have	VBP
cord-323716-ak6zgyh1	26	4	explored	explore	VBN
cord-323716-ak6zgyh1	26	5	the	the	DT
cord-323716-ak6zgyh1	26	6	relationship	relationship	NN
cord-323716-ak6zgyh1	26	7	between	between	IN
cord-323716-ak6zgyh1	26	8	the	the	DT
cord-323716-ak6zgyh1	26	9	stock	stock	NN
cord-323716-ak6zgyh1	26	10	market	market	NN
cord-323716-ak6zgyh1	26	11	and	and	CC
cord-323716-ak6zgyh1	26	12	the	the	DT
cord-323716-ak6zgyh1	26	13	real	real	JJ
cord-323716-ak6zgyh1	26	14	estate	estate	NN
cord-323716-ak6zgyh1	26	15	market	market	NN
cord-323716-ak6zgyh1	26	16	in	in	IN
cord-323716-ak6zgyh1	26	17	the	the	DT
cord-323716-ak6zgyh1	26	18	U.S.	U.S.	NNP
cord-323716-ak6zgyh1	26	19	,	,	,
cord-323716-ak6zgyh1	26	20	but	but	CC
cord-323716-ak6zgyh1	26	21	results	result	NNS
cord-323716-ak6zgyh1	26	22	have	have	VBP
cord-323716-ak6zgyh1	26	23	been	be	VBN
cord-323716-ak6zgyh1	26	24	inconsistent	inconsistent	JJ
cord-323716-ak6zgyh1	26	25	,	,	,
cord-323716-ak6zgyh1	26	26	perhaps	perhaps	RB
cord-323716-ak6zgyh1	26	27	due	due	IN
cord-323716-ak6zgyh1	26	28	to	to	IN
cord-323716-ak6zgyh1	26	29	differences	difference	NNS
cord-323716-ak6zgyh1	26	30	in	in	IN
cord-323716-ak6zgyh1	26	31	sampling	sampling	NN
cord-323716-ak6zgyh1	26	32	areas	area	NNS
cord-323716-ak6zgyh1	26	33	,	,	,
cord-323716-ak6zgyh1	26	34	sampling	sampling	NN
cord-323716-ak6zgyh1	26	35	periods	period	NNS
cord-323716-ak6zgyh1	26	36	,	,	,
cord-323716-ak6zgyh1	26	37	data	datum	NNS
cord-323716-ak6zgyh1	26	38	quality	quality	NN
cord-323716-ak6zgyh1	26	39	,	,	,
cord-323716-ak6zgyh1	26	40	or	or	CC
cord-323716-ak6zgyh1	26	41	economic	economic	JJ
cord-323716-ak6zgyh1	26	42	environments	environment	NNS
cord-323716-ak6zgyh1	26	43	(	(	-LRB-
cord-323716-ak6zgyh1	26	44	Ambrose	Ambrose	NNP
cord-323716-ak6zgyh1	26	45	,	,	,
cord-323716-ak6zgyh1	26	46	Ancel	Ancel	NNP
cord-323716-ak6zgyh1	26	47	and	and	CC
cord-323716-ak6zgyh1	26	48	Griffiths	Griffiths	NNP
cord-323716-ak6zgyh1	26	49	,	,	,
cord-323716-ak6zgyh1	26	50	1992	1992	CD
cord-323716-ak6zgyh1	26	51	;	;	:
cord-323716-ak6zgyh1	26	52	Chaudhry	Chaudhry	NNP
cord-323716-ak6zgyh1	26	53	,	,	,
cord-323716-ak6zgyh1	26	54	Myer	Myer	NNP
cord-323716-ak6zgyh1	26	55	,	,	,
cord-323716-ak6zgyh1	26	56	and	and	CC
cord-323716-ak6zgyh1	26	57	Webb	Webb	NNP
cord-323716-ak6zgyh1	26	58	,	,	,
cord-323716-ak6zgyh1	26	59	1999	1999	CD
cord-323716-ak6zgyh1	26	60	;	;	:
cord-323716-ak6zgyh1	26	61	Fraser	Fraser	NNP
cord-323716-ak6zgyh1	26	62	,	,	,
cord-323716-ak6zgyh1	26	63	Leishman	Leishman	NNP
cord-323716-ak6zgyh1	26	64	,	,	,
cord-323716-ak6zgyh1	26	65	and	and	CC
cord-323716-ak6zgyh1	26	66	Tarbert	Tarbert	NNP
cord-323716-ak6zgyh1	26	67	,	,	,
cord-323716-ak6zgyh1	26	68	2002	2002	CD
cord-323716-ak6zgyh1	26	69	;	;	:
cord-323716-ak6zgyh1	26	70	Liow	Liow	NNP
cord-323716-ak6zgyh1	26	71	and	and	CC
cord-323716-ak6zgyh1	26	72	Yang	Yang	NNP
cord-323716-ak6zgyh1	26	73	,	,	,
cord-323716-ak6zgyh1	26	74	2005	2005	CD
cord-323716-ak6zgyh1	26	75	;	;	:
cord-323716-ak6zgyh1	26	76	Ling	Ling	NNP
cord-323716-ak6zgyh1	26	77	and	and	CC
cord-323716-ak6zgyh1	26	78	Naranjo	Naranjo	NNP
cord-323716-ak6zgyh1	26	79	,	,	,
cord-323716-ak6zgyh1	26	80	1999	1999	CD
cord-323716-ak6zgyh1	26	81	;	;	:
cord-323716-ak6zgyh1	26	82	Liu	Liu	NNP
cord-323716-ak6zgyh1	26	83	et	et	NNP
cord-323716-ak6zgyh1	26	84	al	al	NNP
cord-323716-ak6zgyh1	26	85	.	.	NNP
cord-323716-ak6zgyh1	26	86	,	,	,
cord-323716-ak6zgyh1	26	87	1990	1990	CD
cord-323716-ak6zgyh1	26	88	;	;	:
cord-323716-ak6zgyh1	26	89	Okunev	Okunev	NNP
cord-323716-ak6zgyh1	26	90	and	and	CC
cord-323716-ak6zgyh1	26	91	Wilson	Wilson	NNP
cord-323716-ak6zgyh1	26	92	,	,	,
cord-323716-ak6zgyh1	26	93	1997	1997	CD
cord-323716-ak6zgyh1	26	94	;	;	:
cord-323716-ak6zgyh1	26	95	Wilson	Wilson	NNP
cord-323716-ak6zgyh1	26	96	,	,	,
cord-323716-ak6zgyh1	26	97	Okunev	Okunev	NNP
cord-323716-ak6zgyh1	26	98	,	,	,
cord-323716-ak6zgyh1	26	99	and	and	CC
cord-323716-ak6zgyh1	26	100	Ta	Ta	NNP
cord-323716-ak6zgyh1	26	101	,	,	,
cord-323716-ak6zgyh1	26	102	1996	1996	CD
cord-323716-ak6zgyh1	26	103	;	;	:
cord-323716-ak6zgyh1	26	104	Wilson	Wilson	NNP
cord-323716-ak6zgyh1	26	105	and	and	CC
cord-323716-ak6zgyh1	26	106	Okunev	Okunev	NNP
cord-323716-ak6zgyh1	26	107	,	,	,
cord-323716-ak6zgyh1	26	108	1999	1999	CD
cord-323716-ak6zgyh1	26	109	)	)	-RRB-
cord-323716-ak6zgyh1	26	110	.	.	.
cord-323716-ak6zgyh1	27	1	Now	now	RB
cord-323716-ak6zgyh1	27	2	that	that	IN
cord-323716-ak6zgyh1	27	3	the	the	DT
cord-323716-ak6zgyh1	27	4	emerging	emerge	VBG
cord-323716-ak6zgyh1	27	5	Asian	asian	JJ
cord-323716-ak6zgyh1	27	6	stock	stock	NN
cord-323716-ak6zgyh1	27	7	and	and	CC
cord-323716-ak6zgyh1	27	8	real	real	JJ
cord-323716-ak6zgyh1	27	9	estate	estate	NN
cord-323716-ak6zgyh1	27	10	markets	market	NNS
cord-323716-ak6zgyh1	27	11	have	have	VBP
cord-323716-ak6zgyh1	27	12	attracted	attract	VBN
cord-323716-ak6zgyh1	27	13	worldwide	worldwide	JJ
cord-323716-ak6zgyh1	27	14	attention	attention	NN
cord-323716-ak6zgyh1	27	15	,	,	,
cord-323716-ak6zgyh1	27	16	trends	trend	NNS
cord-323716-ak6zgyh1	27	17	in	in	IN
cord-323716-ak6zgyh1	27	18	the	the	DT
cord-323716-ak6zgyh1	27	19	region	region	NN
cord-323716-ak6zgyh1	27	20	are	be	VBP
cord-323716-ak6zgyh1	27	21	extensive	extensive	JJ
cord-323716-ak6zgyh1	27	22	enough	enough	RB
cord-323716-ak6zgyh1	27	23	to	to	TO
cord-323716-ak6zgyh1	27	24	merit	merit	VB
cord-323716-ak6zgyh1	27	25	the	the	DT
cord-323716-ak6zgyh1	27	26	same	same	JJ
cord-323716-ak6zgyh1	27	27	attention	attention	NN
cord-323716-ak6zgyh1	27	28	previously	previously	RB
cord-323716-ak6zgyh1	27	29	reserved	reserve	VBN
cord-323716-ak6zgyh1	27	30	for	for	IN
cord-323716-ak6zgyh1	27	31	the	the	DT
cord-323716-ak6zgyh1	27	32	developed	develop	VBN
cord-323716-ak6zgyh1	27	33	economy	economy	NN
cord-323716-ak6zgyh1	27	34	of	of	IN
cord-323716-ak6zgyh1	27	35	the	the	DT
cord-323716-ak6zgyh1	27	36	U.S.	U.S.	NNP
cord-323716-ak6zgyh1	28	1	This	this	DT
cord-323716-ak6zgyh1	28	2	study	study	NN
cord-323716-ak6zgyh1	28	3	is	be	VBZ
cord-323716-ak6zgyh1	28	4	a	a	DT
cord-323716-ak6zgyh1	28	5	preliminary	preliminary	JJ
cord-323716-ak6zgyh1	28	6	examination	examination	NN
cord-323716-ak6zgyh1	28	7	of	of	IN
cord-323716-ak6zgyh1	28	8	the	the	DT
cord-323716-ak6zgyh1	28	9	relationship	relationship	NN
cord-323716-ak6zgyh1	28	10	between	between	IN
cord-323716-ak6zgyh1	28	11	Asian	asian	JJ
cord-323716-ak6zgyh1	28	12	stock	stock	NN
cord-323716-ak6zgyh1	28	13	markets	market	NNS
cord-323716-ak6zgyh1	28	14	and	and	CC
cord-323716-ak6zgyh1	28	15	real	real	JJ
cord-323716-ak6zgyh1	28	16	estate	estate	NN
cord-323716-ak6zgyh1	28	17	markets	market	NNS
cord-323716-ak6zgyh1	28	18	.	.	.
cord-323716-ak6zgyh1	29	1	It	-PRON-	PRP
cord-323716-ak6zgyh1	29	2	examines	examine	VBZ
cord-323716-ak6zgyh1	29	3	six	six	CD
cord-323716-ak6zgyh1	29	4	Asian	asian	JJ
cord-323716-ak6zgyh1	29	5	economies	economy	NNS
cord-323716-ak6zgyh1	29	6	and	and	CC
cord-323716-ak6zgyh1	29	7	the	the	DT
cord-323716-ak6zgyh1	29	8	relationship	relationship	NN
cord-323716-ak6zgyh1	29	9	between	between	IN
cord-323716-ak6zgyh1	29	10	their	-PRON-	PRP$
cord-323716-ak6zgyh1	29	11	stock	stock	NN
cord-323716-ak6zgyh1	29	12	and	and	CC
cord-323716-ak6zgyh1	29	13	real	real	JJ
cord-323716-ak6zgyh1	29	14	estate	estate	NN
cord-323716-ak6zgyh1	29	15	markets	market	NNS
cord-323716-ak6zgyh1	29	16	.	.	.
cord-323716-ak6zgyh1	30	1	This	this	DT
cord-323716-ak6zgyh1	30	2	is	be	VBZ
cord-323716-ak6zgyh1	30	3	a	a	DT
cord-323716-ak6zgyh1	30	4	timely	timely	JJ
cord-323716-ak6zgyh1	30	5	subject	subject	NN
cord-323716-ak6zgyh1	30	6	for	for	IN
cord-323716-ak6zgyh1	30	7	several	several	JJ
cord-323716-ak6zgyh1	30	8	reasons	reason	NNS
cord-323716-ak6zgyh1	30	9	.	.	.
cord-323716-ak6zgyh1	31	1	First	first	RB
cord-323716-ak6zgyh1	31	2	,	,	,
cord-323716-ak6zgyh1	31	3	stock	stock	NN
cord-323716-ak6zgyh1	31	4	and	and	CC
cord-323716-ak6zgyh1	31	5	real	real	JJ
cord-323716-ak6zgyh1	31	6	estate	estate	NN
cord-323716-ak6zgyh1	31	7	markets	market	NNS
cord-323716-ak6zgyh1	31	8	in	in	IN
cord-323716-ak6zgyh1	31	9	Asia	Asia	NNP
cord-323716-ak6zgyh1	31	10	are	be	VBP
cord-323716-ak6zgyh1	31	11	growing	grow	VBG
cord-323716-ak6zgyh1	31	12	with	with	IN
cord-323716-ak6zgyh1	31	13	Asian	asian	JJ
cord-323716-ak6zgyh1	31	14	economies	economy	NNS
cord-323716-ak6zgyh1	31	15	,	,	,
cord-323716-ak6zgyh1	31	16	especially	especially	RB
cord-323716-ak6zgyh1	31	17	compared	compare	VBN
cord-323716-ak6zgyh1	31	18	with	with	IN
cord-323716-ak6zgyh1	31	19	markets	market	NNS
cord-323716-ak6zgyh1	31	20	in	in	IN
cord-323716-ak6zgyh1	31	21	most	most	JJS
cord-323716-ak6zgyh1	31	22	of	of	IN
cord-323716-ak6zgyh1	31	23	the	the	DT
cord-323716-ak6zgyh1	31	24	developed	develop	VBN
cord-323716-ak6zgyh1	31	25	countries	country	NNS
cord-323716-ak6zgyh1	31	26	like	like	IN
cord-323716-ak6zgyh1	31	27	the	the	DT
cord-323716-ak6zgyh1	31	28	United	United	NNP
cord-323716-ak6zgyh1	31	29	States	States	NNP
cord-323716-ak6zgyh1	31	30	and	and	CC
cord-323716-ak6zgyh1	31	31	most	most	JJS
cord-323716-ak6zgyh1	31	32	of	of	IN
cord-323716-ak6zgyh1	31	33	Europe	Europe	NNP
cord-323716-ak6zgyh1	31	34	.	.	.
cord-323716-ak6zgyh1	32	1	Therefore	therefore	RB
cord-323716-ak6zgyh1	32	2	,	,	,
cord-323716-ak6zgyh1	32	3	the	the	DT
cord-323716-ak6zgyh1	32	4	relationship	relationship	NN
cord-323716-ak6zgyh1	32	5	between	between	IN
cord-323716-ak6zgyh1	32	6	these	these	DT
cord-323716-ak6zgyh1	32	7	two	two	CD
cord-323716-ak6zgyh1	32	8	markets	market	NNS
cord-323716-ak6zgyh1	32	9	is	be	VBZ
cord-323716-ak6zgyh1	32	10	worth	worth	JJ
cord-323716-ak6zgyh1	32	11	examining	examine	VBG
cord-323716-ak6zgyh1	32	12	.	.	.
cord-323716-ak6zgyh1	33	1	Second	second	RB
cord-323716-ak6zgyh1	33	2	,	,	,
cord-323716-ak6zgyh1	33	3	most	most	JJS
cord-323716-ak6zgyh1	33	4	research	research	NN
cord-323716-ak6zgyh1	33	5	on	on	IN
cord-323716-ak6zgyh1	33	6	stock	stock	NN
cord-323716-ak6zgyh1	33	7	and	and	CC
cord-323716-ak6zgyh1	33	8	real	real	JJ
cord-323716-ak6zgyh1	33	9	estate	estate	NN
cord-323716-ak6zgyh1	33	10	markets	market	NNS
cord-323716-ak6zgyh1	33	11	in	in	IN
cord-323716-ak6zgyh1	33	12	the	the	DT
cord-323716-ak6zgyh1	33	13	past	past	NN
cord-323716-ak6zgyh1	33	14	focused	focus	VBN
cord-323716-ak6zgyh1	33	15	on	on	IN
cord-323716-ak6zgyh1	33	16	western	western	JJ
cord-323716-ak6zgyh1	33	17	countries	country	NNS
cord-323716-ak6zgyh1	33	18	.	.	.
cord-323716-ak6zgyh1	34	1	Studies	study	NNS
cord-323716-ak6zgyh1	34	2	or	or	CC
cord-323716-ak6zgyh1	34	3	comparative	comparative	JJ
cord-323716-ak6zgyh1	34	4	research	research	NN
cord-323716-ak6zgyh1	34	5	on	on	IN
cord-323716-ak6zgyh1	34	6	the	the	DT
cord-323716-ak6zgyh1	34	7	Asian	asian	JJ
cord-323716-ak6zgyh1	34	8	region	region	NN
cord-323716-ak6zgyh1	34	9	are	be	VBP
cord-323716-ak6zgyh1	34	10	rare	rare	JJ
cord-323716-ak6zgyh1	34	11	.	.	.
cord-323716-ak6zgyh1	35	1	This	this	DT
cord-323716-ak6zgyh1	35	2	study	study	NN
cord-323716-ak6zgyh1	35	3	fills	fill	VBZ
cord-323716-ak6zgyh1	35	4	this	this	DT
cord-323716-ak6zgyh1	35	5	gap	gap	NN
cord-323716-ak6zgyh1	35	6	.	.	.
cord-323716-ak6zgyh1	36	1	Finally	finally	RB
cord-323716-ak6zgyh1	36	2	,	,	,
cord-323716-ak6zgyh1	36	3	with	with	IN
cord-323716-ak6zgyh1	36	4	the	the	DT
cord-323716-ak6zgyh1	36	5	development	development	NN
cord-323716-ak6zgyh1	36	6	of	of	IN
cord-323716-ak6zgyh1	36	7	the	the	DT
cord-323716-ak6zgyh1	36	8	economy	economy	NN
cord-323716-ak6zgyh1	36	9	in	in	IN
cord-323716-ak6zgyh1	36	10	the	the	DT
cord-323716-ak6zgyh1	36	11	Asian	asian	JJ
cord-323716-ak6zgyh1	36	12	regions	region	NNS
cord-323716-ak6zgyh1	36	13	,	,	,
cord-323716-ak6zgyh1	36	14	the	the	DT
cord-323716-ak6zgyh1	36	15	growth	growth	NN
cord-323716-ak6zgyh1	36	16	of	of	IN
cord-323716-ak6zgyh1	36	17	stock	stock	NN
cord-323716-ak6zgyh1	36	18	markets	market	NNS
cord-323716-ak6zgyh1	36	19	and	and	CC
cord-323716-ak6zgyh1	36	20	real	real	JJ
cord-323716-ak6zgyh1	36	21	estate	estate	NN
cord-323716-ak6zgyh1	36	22	markets	market	NNS
cord-323716-ak6zgyh1	36	23	has	have	VBZ
cord-323716-ak6zgyh1	36	24	attracted	attract	VBN
cord-323716-ak6zgyh1	36	25	significant	significant	JJ
cord-323716-ak6zgyh1	36	26	interest	interest	NN
cord-323716-ak6zgyh1	36	27	from	from	IN
cord-323716-ak6zgyh1	36	28	global	global	JJ
cord-323716-ak6zgyh1	36	29	investors	investor	NNS
cord-323716-ak6zgyh1	36	30	.	.	.
cord-323716-ak6zgyh1	37	1	Therefore	therefore	RB
cord-323716-ak6zgyh1	37	2	,	,	,
cord-323716-ak6zgyh1	37	3	we	-PRON-	PRP
cord-323716-ak6zgyh1	37	4	attempt	attempt	VBP
cord-323716-ak6zgyh1	37	5	to	to	TO
cord-323716-ak6zgyh1	37	6	discover	discover	VB
cord-323716-ak6zgyh1	37	7	any	any	DT
cord-323716-ak6zgyh1	37	8	relationships	relationship	NNS
cord-323716-ak6zgyh1	37	9	and	and	CC
cord-323716-ak6zgyh1	37	10	examine	examine	VB
cord-323716-ak6zgyh1	37	11	what	what	WP
cord-323716-ak6zgyh1	37	12	similarities	similarity	NNS
cord-323716-ak6zgyh1	37	13	the	the	DT
cord-323716-ak6zgyh1	37	14	Asian	asian	JJ
cord-323716-ak6zgyh1	37	15	region	region	NN
cord-323716-ak6zgyh1	37	16	shares	share	NNS
cord-323716-ak6zgyh1	37	17	with	with	IN
cord-323716-ak6zgyh1	37	18	other	other	JJ
cord-323716-ak6zgyh1	37	19	countries	country	NNS
cord-323716-ak6zgyh1	37	20	.	.	.
cord-323716-ak6zgyh1	38	1	Data	datum	NNS
cord-323716-ak6zgyh1	38	2	for	for	IN
cord-323716-ak6zgyh1	38	3	this	this	DT
cord-323716-ak6zgyh1	38	4	study	study	NN
cord-323716-ak6zgyh1	38	5	comes	come	VBZ
cord-323716-ak6zgyh1	38	6	from	from	IN
cord-323716-ak6zgyh1	38	7	six	six	CD
cord-323716-ak6zgyh1	38	8	Asian	asian	JJ
cord-323716-ak6zgyh1	38	9	economies	economy	NNS
cord-323716-ak6zgyh1	38	10	:	:	:
cord-323716-ak6zgyh1	38	11	China	China	NNP
cord-323716-ak6zgyh1	38	12	,	,	,
cord-323716-ak6zgyh1	38	13	Hong	Hong	NNP
cord-323716-ak6zgyh1	38	14	Kong	Kong	NNP
cord-323716-ak6zgyh1	38	15	,	,	,
cord-323716-ak6zgyh1	38	16	Japan	Japan	NNP
cord-323716-ak6zgyh1	38	17	,	,	,
cord-323716-ak6zgyh1	38	18	Singapore	Singapore	NNP
cord-323716-ak6zgyh1	38	19	,	,	,
cord-323716-ak6zgyh1	38	20	South	South	NNP
cord-323716-ak6zgyh1	38	21	Korea	Korea	NNP
cord-323716-ak6zgyh1	38	22	,	,	,
cord-323716-ak6zgyh1	38	23	and	and	CC
cord-323716-ak6zgyh1	38	24	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	38	25	.	.	.
cord-323716-ak6zgyh1	39	1	The	the	DT
cord-323716-ak6zgyh1	39	2	cointegration	cointegration	NN
cord-323716-ak6zgyh1	39	3	test	test	NN
cord-323716-ak6zgyh1	39	4	proposed	propose	VBN
cord-323716-ak6zgyh1	39	5	by	by	IN
cord-323716-ak6zgyh1	39	6	Johansen	Johansen	NNP
cord-323716-ak6zgyh1	39	7	(	(	-LRB-
cord-323716-ak6zgyh1	39	8	1988	1988	CD
cord-323716-ak6zgyh1	39	9	)	)	-RRB-
cord-323716-ak6zgyh1	39	10	and	and	CC
cord-323716-ak6zgyh1	39	11	Johansen	Johansen	NNP
cord-323716-ak6zgyh1	39	12	and	and	CC
cord-323716-ak6zgyh1	39	13	Juselius	Juselius	NNP
cord-323716-ak6zgyh1	39	14	(	(	-LRB-
cord-323716-ak6zgyh1	39	15	1990	1990	CD
cord-323716-ak6zgyh1	39	16	)	)	-RRB-
cord-323716-ak6zgyh1	39	17	is	be	VBZ
cord-323716-ak6zgyh1	39	18	used	use	VBN
cord-323716-ak6zgyh1	39	19	to	to	TO
cord-323716-ak6zgyh1	39	20	examine	examine	VB
cord-323716-ak6zgyh1	39	21	the	the	DT
cord-323716-ak6zgyh1	39	22	relationship	relationship	NN
cord-323716-ak6zgyh1	39	23	between	between	IN
cord-323716-ak6zgyh1	39	24	stock	stock	NN
cord-323716-ak6zgyh1	39	25	markets	market	NNS
cord-323716-ak6zgyh1	39	26	and	and	CC
cord-323716-ak6zgyh1	39	27	real	real	JJ
cord-323716-ak6zgyh1	39	28	estate	estate	NN
cord-323716-ak6zgyh1	39	29	markets	market	NNS
cord-323716-ak6zgyh1	39	30	in	in	IN
cord-323716-ak6zgyh1	39	31	these	these	DT
cord-323716-ak6zgyh1	39	32	economies	economy	NNS
cord-323716-ak6zgyh1	39	33	from	from	IN
cord-323716-ak6zgyh1	39	34	March	March	NNP
cord-323716-ak6zgyh1	39	35	1995	1995	CD
cord-323716-ak6zgyh1	39	36	to	to	IN
cord-323716-ak6zgyh1	39	37	June	June	NNP
cord-323716-ak6zgyh1	39	38	2010	2010	CD
cord-323716-ak6zgyh1	39	39	.	.	.
cord-323716-ak6zgyh1	40	1	If	if	IN
cord-323716-ak6zgyh1	40	2	the	the	DT
cord-323716-ak6zgyh1	40	3	null	null	JJ
cord-323716-ak6zgyh1	40	4	hypothesis	hypothesis	NN
cord-323716-ak6zgyh1	40	5	of	of	IN
cord-323716-ak6zgyh1	40	6	no	no	DT
cord-323716-ak6zgyh1	40	7	cointegration	cointegration	NN
cord-323716-ak6zgyh1	40	8	is	be	VBZ
cord-323716-ak6zgyh1	40	9	rejected	reject	VBN
cord-323716-ak6zgyh1	40	10	,	,	,
cord-323716-ak6zgyh1	40	11	it	-PRON-	PRP
cord-323716-ak6zgyh1	40	12	indicates	indicate	VBZ
cord-323716-ak6zgyh1	40	13	that	that	IN
cord-323716-ak6zgyh1	40	14	these	these	DT
cord-323716-ak6zgyh1	40	15	two	two	CD
cord-323716-ak6zgyh1	40	16	markets	market	NNS
cord-323716-ak6zgyh1	40	17	can	can	MD
cord-323716-ak6zgyh1	40	18	reach	reach	VB
cord-323716-ak6zgyh1	40	19	equilibrium	equilibrium	NN
cord-323716-ak6zgyh1	40	20	in	in	IN
cord-323716-ak6zgyh1	40	21	the	the	DT
cord-323716-ak6zgyh1	40	22	long	long	JJ
cord-323716-ak6zgyh1	40	23	run	run	NN
cord-323716-ak6zgyh1	40	24	,	,	,
cord-323716-ak6zgyh1	40	25	and	and	CC
cord-323716-ak6zgyh1	40	26	implies	imply	VBZ
cord-323716-ak6zgyh1	40	27	that	that	IN
cord-323716-ak6zgyh1	40	28	the	the	DT
cord-323716-ak6zgyh1	40	29	stock	stock	NN
cord-323716-ak6zgyh1	40	30	market	market	NN
cord-323716-ak6zgyh1	40	31	is	be	VBZ
cord-323716-ak6zgyh1	40	32	integrated	integrate	VBN
cord-323716-ak6zgyh1	40	33	with	with	IN
cord-323716-ak6zgyh1	40	34	the	the	DT
cord-323716-ak6zgyh1	40	35	real	real	JJ
cord-323716-ak6zgyh1	40	36	estate	estate	NN
cord-323716-ak6zgyh1	40	37	market	market	NN
cord-323716-ak6zgyh1	40	38	in	in	IN
cord-323716-ak6zgyh1	40	39	these	these	DT
cord-323716-ak6zgyh1	40	40	economies	economy	NNS
cord-323716-ak6zgyh1	40	41	.	.	.
cord-323716-ak6zgyh1	41	1	Therefore	therefore	RB
cord-323716-ak6zgyh1	41	2	,	,	,
cord-323716-ak6zgyh1	41	3	we	-PRON-	PRP
cord-323716-ak6zgyh1	41	4	can	can	MD
cord-323716-ak6zgyh1	41	5	conclude	conclude	VB
cord-323716-ak6zgyh1	41	6	that	that	IN
cord-323716-ak6zgyh1	41	7	these	these	DT
cord-323716-ak6zgyh1	41	8	two	two	CD
cord-323716-ak6zgyh1	41	9	assets	asset	NNS
cord-323716-ak6zgyh1	41	10	are	be	VBP
cord-323716-ak6zgyh1	41	11	good	good	JJ
cord-323716-ak6zgyh1	41	12	substitutes	substitute	NNS
cord-323716-ak6zgyh1	41	13	in	in	IN
cord-323716-ak6zgyh1	41	14	investment	investment	NN
cord-323716-ak6zgyh1	41	15	allocation	allocation	NN
cord-323716-ak6zgyh1	41	16	.	.	.
cord-323716-ak6zgyh1	42	1	Conversely	conversely	RB
cord-323716-ak6zgyh1	42	2	,	,	,
cord-323716-ak6zgyh1	42	3	if	if	IN
cord-323716-ak6zgyh1	42	4	the	the	DT
cord-323716-ak6zgyh1	42	5	null	null	JJ
cord-323716-ak6zgyh1	42	6	hypothesis	hypothesis	NN
cord-323716-ak6zgyh1	42	7	of	of	IN
cord-323716-ak6zgyh1	42	8	no	no	DT
cord-323716-ak6zgyh1	42	9	cointegration	cointegration	NN
cord-323716-ak6zgyh1	42	10	is	be	VBZ
cord-323716-ak6zgyh1	42	11	accepted	accept	VBN
cord-323716-ak6zgyh1	42	12	,	,	,
cord-323716-ak6zgyh1	42	13	segmentation	segmentation	NN
cord-323716-ak6zgyh1	42	14	between	between	IN
cord-323716-ak6zgyh1	42	15	the	the	DT
cord-323716-ak6zgyh1	42	16	stock	stock	NN
cord-323716-ak6zgyh1	42	17	market	market	NN
cord-323716-ak6zgyh1	42	18	and	and	CC
cord-323716-ak6zgyh1	42	19	the	the	DT
cord-323716-ak6zgyh1	42	20	real	real	JJ
cord-323716-ak6zgyh1	42	21	estate	estate	NN
cord-323716-ak6zgyh1	42	22	market	market	NN
cord-323716-ak6zgyh1	42	23	exists	exist	VBZ
cord-323716-ak6zgyh1	42	24	,	,	,
cord-323716-ak6zgyh1	42	25	and	and	CC
cord-323716-ak6zgyh1	42	26	these	these	DT
cord-323716-ak6zgyh1	42	27	two	two	CD
cord-323716-ak6zgyh1	42	28	assets	asset	NNS
cord-323716-ak6zgyh1	42	29	can	can	MD
cord-323716-ak6zgyh1	42	30	be	be	VB
cord-323716-ak6zgyh1	42	31	held	hold	VBN
cord-323716-ak6zgyh1	42	32	in	in	IN
cord-323716-ak6zgyh1	42	33	a	a	DT
cord-323716-ak6zgyh1	42	34	portfolio	portfolio	NN
cord-323716-ak6zgyh1	42	35	for	for	IN
cord-323716-ak6zgyh1	42	36	diversification	diversification	NN
cord-323716-ak6zgyh1	42	37	purpose	purpose	NN
cord-323716-ak6zgyh1	42	38	.	.	.
cord-323716-ak6zgyh1	43	1	If	if	IN
cord-323716-ak6zgyh1	43	2	these	these	DT
cord-323716-ak6zgyh1	43	3	markets	market	NNS
cord-323716-ak6zgyh1	43	4	show	show	VBP
cord-323716-ak6zgyh1	43	5	no	no	DT
cord-323716-ak6zgyh1	43	6	cointegration	cointegration	NN
cord-323716-ak6zgyh1	43	7	,	,	,
cord-323716-ak6zgyh1	43	8	it	-PRON-	PRP
cord-323716-ak6zgyh1	43	9	is	be	VBZ
cord-323716-ak6zgyh1	43	10	still	still	RB
cord-323716-ak6zgyh1	43	11	possible	possible	JJ
cord-323716-ak6zgyh1	43	12	that	that	IN
cord-323716-ak6zgyh1	43	13	that	that	IN
cord-323716-ak6zgyh1	43	14	there	there	EX
cord-323716-ak6zgyh1	43	15	is	be	VBZ
cord-323716-ak6zgyh1	43	16	nonlinear	nonlinear	JJ
cord-323716-ak6zgyh1	43	17	(	(	-LRB-
cord-323716-ak6zgyh1	43	18	or	or	CC
cord-323716-ak6zgyh1	43	19	fractional	fractional	JJ
cord-323716-ak6zgyh1	43	20	)	)	-RRB-
cord-323716-ak6zgyh1	43	21	cointegration	cointegration	NN
cord-323716-ak6zgyh1	43	22	relationship	relationship	NN
cord-323716-ak6zgyh1	43	23	between	between	IN
cord-323716-ak6zgyh1	43	24	the	the	DT
cord-323716-ak6zgyh1	43	25	two	two	CD
cord-323716-ak6zgyh1	43	26	markets	market	NNS
cord-323716-ak6zgyh1	43	27	.	.	.
cord-323716-ak6zgyh1	44	1	We	-PRON-	PRP
cord-323716-ak6zgyh1	44	2	therefore	therefore	RB
cord-323716-ak6zgyh1	44	3	employ	employ	VBP
cord-323716-ak6zgyh1	44	4	the	the	DT
cord-323716-ak6zgyh1	44	5	model	model	NN
cord-323716-ak6zgyh1	44	6	proposed	propose	VBN
cord-323716-ak6zgyh1	44	7	by	by	IN
cord-323716-ak6zgyh1	44	8	Okunev	Okunev	NNP
cord-323716-ak6zgyh1	44	9	and	and	CC
cord-323716-ak6zgyh1	44	10	Wilson	Wilson	NNP
cord-323716-ak6zgyh1	44	11	(	(	-LRB-
cord-323716-ak6zgyh1	44	12	1997	1997	CD
cord-323716-ak6zgyh1	44	13	)	)	-RRB-
cord-323716-ak6zgyh1	44	14	to	to	TO
cord-323716-ak6zgyh1	44	15	examine	examine	VB
cord-323716-ak6zgyh1	44	16	possible	possible	JJ
cord-323716-ak6zgyh1	44	17	fractional	fractional	JJ
cord-323716-ak6zgyh1	44	18	integration	integration	NN
cord-323716-ak6zgyh1	44	19	relationships	relationship	NNS
cord-323716-ak6zgyh1	44	20	.	.	.
cord-323716-ak6zgyh1	45	1	Finally	finally	RB
cord-323716-ak6zgyh1	45	2	,	,	,
cord-323716-ak6zgyh1	45	3	we	-PRON-	PRP
cord-323716-ak6zgyh1	45	4	study	study	VBP
cord-323716-ak6zgyh1	45	5	possible	possible	JJ
cord-323716-ak6zgyh1	45	6	causal	causal	JJ
cord-323716-ak6zgyh1	45	7	relationships	relationship	NNS
cord-323716-ak6zgyh1	45	8	between	between	IN
cord-323716-ak6zgyh1	45	9	stock	stock	NN
cord-323716-ak6zgyh1	45	10	markets	market	NNS
cord-323716-ak6zgyh1	45	11	and	and	CC
cord-323716-ak6zgyh1	45	12	real	real	JJ
cord-323716-ak6zgyh1	45	13	estate	estate	NN
cord-323716-ak6zgyh1	45	14	markets	market	NNS
cord-323716-ak6zgyh1	45	15	.	.	.
cord-323716-ak6zgyh1	46	1	This	this	DT
cord-323716-ak6zgyh1	46	2	paper	paper	NN
cord-323716-ak6zgyh1	46	3	is	be	VBZ
cord-323716-ak6zgyh1	46	4	organized	organize	VBN
cord-323716-ak6zgyh1	46	5	as	as	IN
cord-323716-ak6zgyh1	46	6	follows	follow	VBZ
cord-323716-ak6zgyh1	46	7	:	:	:
cord-323716-ak6zgyh1	47	1	Section	section	NN
cord-323716-ak6zgyh1	47	2	2	2	CD
cord-323716-ak6zgyh1	47	3	discusses	discuss	VBZ
cord-323716-ak6zgyh1	47	4	and	and	CC
cord-323716-ak6zgyh1	47	5	reviews	review	NNS
cord-323716-ak6zgyh1	47	6	theories	theory	NNS
cord-323716-ak6zgyh1	47	7	and	and	CC
cord-323716-ak6zgyh1	47	8	literature	literature	NN
cord-323716-ak6zgyh1	47	9	related	relate	VBN
cord-323716-ak6zgyh1	47	10	to	to	IN
cord-323716-ak6zgyh1	47	11	this	this	DT
cord-323716-ak6zgyh1	47	12	study	study	NN
cord-323716-ak6zgyh1	47	13	.	.	.
cord-323716-ak6zgyh1	48	1	Section	section	NN
cord-323716-ak6zgyh1	48	2	3	3	CD
cord-323716-ak6zgyh1	48	3	describes	describe	VBZ
cord-323716-ak6zgyh1	48	4	the	the	DT
cord-323716-ak6zgyh1	48	5	data	datum	NNS
cord-323716-ak6zgyh1	48	6	and	and	CC
cord-323716-ak6zgyh1	48	7	methodology	methodology	NN
cord-323716-ak6zgyh1	48	8	used	use	VBN
cord-323716-ak6zgyh1	48	9	.	.	.
cord-323716-ak6zgyh1	49	1	Section	section	NN
cord-323716-ak6zgyh1	49	2	4	4	CD
cord-323716-ak6zgyh1	49	3	presents	present	VBZ
cord-323716-ak6zgyh1	49	4	the	the	DT
cord-323716-ak6zgyh1	49	5	empirical	empirical	JJ
cord-323716-ak6zgyh1	49	6	results	result	NNS
cord-323716-ak6zgyh1	49	7	obtained	obtain	VBN
cord-323716-ak6zgyh1	49	8	.	.	.
cord-323716-ak6zgyh1	50	1	Section	section	NN
cord-323716-ak6zgyh1	50	2	5	5	CD
cord-323716-ak6zgyh1	50	3	presents	present	VBZ
cord-323716-ak6zgyh1	50	4	the	the	DT
cord-323716-ak6zgyh1	50	5	study	study	NN
cord-323716-ak6zgyh1	50	6	's	's	POS
cord-323716-ak6zgyh1	50	7	conclusions	conclusion	NNS
cord-323716-ak6zgyh1	50	8	.	.	.
cord-323716-ak6zgyh1	51	1	In	in	IN
cord-323716-ak6zgyh1	51	2	portfolio	portfolio	NN
cord-323716-ak6zgyh1	51	3	management	management	NN
cord-323716-ak6zgyh1	51	4	,	,	,
cord-323716-ak6zgyh1	51	5	it	-PRON-	PRP
cord-323716-ak6zgyh1	51	6	is	be	VBZ
cord-323716-ak6zgyh1	51	7	important	important	JJ
cord-323716-ak6zgyh1	51	8	to	to	TO
cord-323716-ak6zgyh1	51	9	understand	understand	VB
cord-323716-ak6zgyh1	51	10	the	the	DT
cord-323716-ak6zgyh1	51	11	relationship	relationship	NN
cord-323716-ak6zgyh1	51	12	among	among	IN
cord-323716-ak6zgyh1	51	13	assets	asset	NNS
cord-323716-ak6zgyh1	51	14	for	for	IN
cord-323716-ak6zgyh1	51	15	efficient	efficient	JJ
cord-323716-ak6zgyh1	51	16	allocation	allocation	NN
cord-323716-ak6zgyh1	51	17	since	since	IN
cord-323716-ak6zgyh1	51	18	investors	investor	NNS
cord-323716-ak6zgyh1	51	19	are	be	VBP
cord-323716-ak6zgyh1	51	20	concerned	concern	VBN
cord-323716-ak6zgyh1	51	21	with	with	IN
cord-323716-ak6zgyh1	51	22	maximizing	maximize	VBG
cord-323716-ak6zgyh1	51	23	the	the	DT
cord-323716-ak6zgyh1	51	24	value	value	NN
cord-323716-ak6zgyh1	51	25	of	of	IN
cord-323716-ak6zgyh1	51	26	the	the	DT
cord-323716-ak6zgyh1	51	27	portfolio	portfolio	NN
cord-323716-ak6zgyh1	51	28	.	.	.
cord-323716-ak6zgyh1	52	1	According	accord	VBG
cord-323716-ak6zgyh1	52	2	to	to	IN
cord-323716-ak6zgyh1	52	3	the	the	DT
cord-323716-ak6zgyh1	52	4	"	"	``
cord-323716-ak6zgyh1	52	5	life	life	NN
cord-323716-ak6zgyh1	52	6	cycle	cycle	NN
cord-323716-ak6zgyh1	52	7	savings	saving	NNS
cord-323716-ak6zgyh1	52	8	hypothesis	hypothesis	NN
cord-323716-ak6zgyh1	52	9	"	"	''
cord-323716-ak6zgyh1	52	10	,	,	,
cord-323716-ak6zgyh1	52	11	consumers	consumer	NNS
cord-323716-ak6zgyh1	52	12	will	will	MD
cord-323716-ak6zgyh1	52	13	distribute	distribute	VB
cord-323716-ak6zgyh1	52	14	increases	increase	NNS
cord-323716-ak6zgyh1	52	15	in	in	IN
cord-323716-ak6zgyh1	52	16	anticipated	anticipated	JJ
cord-323716-ak6zgyh1	52	17	wealth	wealth	NN
cord-323716-ak6zgyh1	52	18	over	over	IN
cord-323716-ak6zgyh1	52	19	time	time	NN
cord-323716-ak6zgyh1	52	20	based	base	VBN
cord-323716-ak6zgyh1	52	21	upon	upon	IN
cord-323716-ak6zgyh1	52	22	the	the	DT
cord-323716-ak6zgyh1	52	23	marginal	marginal	JJ
cord-323716-ak6zgyh1	52	24	propensity	propensity	NN
cord-323716-ak6zgyh1	52	25	to	to	TO
cord-323716-ak6zgyh1	52	26	consume	consume	VB
cord-323716-ak6zgyh1	52	27	the	the	DT
cord-323716-ak6zgyh1	52	28	wealth	wealth	NN
cord-323716-ak6zgyh1	52	29	,	,	,
cord-323716-ak6zgyh1	52	30	whether	whether	IN
cord-323716-ak6zgyh1	52	31	from	from	IN
cord-323716-ak6zgyh1	52	32	stocks	stock	NNS
cord-323716-ak6zgyh1	52	33	,	,	,
cord-323716-ak6zgyh1	52	34	real	real	JJ
cord-323716-ak6zgyh1	52	35	estate	estate	NN
cord-323716-ak6zgyh1	52	36	,	,	,
cord-323716-ak6zgyh1	52	37	or	or	CC
cord-323716-ak6zgyh1	52	38	any	any	DT
cord-323716-ak6zgyh1	52	39	other	other	JJ
cord-323716-ak6zgyh1	52	40	source	source	NN
cord-323716-ak6zgyh1	52	41	(	(	-LRB-
cord-323716-ak6zgyh1	52	42	Case	case	NN
cord-323716-ak6zgyh1	52	43	,	,	,
cord-323716-ak6zgyh1	52	44	Quigley	Quigley	NNP
cord-323716-ak6zgyh1	52	45	,	,	,
cord-323716-ak6zgyh1	52	46	and	and	CC
cord-323716-ak6zgyh1	52	47	Shiller	Shiller	NNP
cord-323716-ak6zgyh1	52	48	,	,	,
cord-323716-ak6zgyh1	52	49	2001	2001	CD
cord-323716-ak6zgyh1	52	50	)	)	-RRB-
cord-323716-ak6zgyh1	52	51	.	.	.
cord-323716-ak6zgyh1	53	1	Arnott	Arnott	NNP
cord-323716-ak6zgyh1	53	2	and	and	CC
cord-323716-ak6zgyh1	53	3	von	von	NNP
cord-323716-ak6zgyh1	53	4	Germeten	Germeten	NNP
cord-323716-ak6zgyh1	53	5	(	(	-LRB-
cord-323716-ak6zgyh1	53	6	1983	1983	CD
cord-323716-ak6zgyh1	53	7	)	)	-RRB-
cord-323716-ak6zgyh1	53	8	asserted	assert	VBD
cord-323716-ak6zgyh1	53	9	that	that	IN
cord-323716-ak6zgyh1	53	10	the	the	DT
cord-323716-ak6zgyh1	53	11	systematic	systematic	JJ
cord-323716-ak6zgyh1	53	12	asset	asset	NN
cord-323716-ak6zgyh1	53	13	allocation	allocation	NN
cord-323716-ak6zgyh1	53	14	process	process	NN
cord-323716-ak6zgyh1	53	15	involves	involve	VBZ
cord-323716-ak6zgyh1	53	16	the	the	DT
cord-323716-ak6zgyh1	53	17	transformation	transformation	NN
cord-323716-ak6zgyh1	53	18	of	of	IN
cord-323716-ak6zgyh1	53	19	information	information	NN
cord-323716-ak6zgyh1	53	20	into	into	IN
cord-323716-ak6zgyh1	53	21	an	an	DT
cord-323716-ak6zgyh1	53	22	asset	asset	NN
cord-323716-ak6zgyh1	53	23	deployment	deployment	NN
cord-323716-ak6zgyh1	53	24	strategy	strategy	NN
cord-323716-ak6zgyh1	53	25	to	to	TO
cord-323716-ak6zgyh1	53	26	add	add	VB
cord-323716-ak6zgyh1	53	27	value	value	NN
cord-323716-ak6zgyh1	53	28	to	to	IN
cord-323716-ak6zgyh1	53	29	the	the	DT
cord-323716-ak6zgyh1	53	30	portfolio	portfolio	NN
cord-323716-ak6zgyh1	53	31	.	.	.
cord-323716-ak6zgyh1	54	1	One	one	CD
cord-323716-ak6zgyh1	54	2	investment	investment	NN
cord-323716-ak6zgyh1	54	3	tool	tool	NN
cord-323716-ak6zgyh1	54	4	may	may	MD
cord-323716-ak6zgyh1	54	5	yield	yield	VB
cord-323716-ak6zgyh1	54	6	superior	superior	JJ
cord-323716-ak6zgyh1	54	7	results	result	NNS
cord-323716-ak6zgyh1	54	8	,	,	,
cord-323716-ak6zgyh1	54	9	but	but	CC
cord-323716-ak6zgyh1	54	10	it	-PRON-	PRP
cord-323716-ak6zgyh1	54	11	will	will	MD
cord-323716-ak6zgyh1	54	12	not	not	RB
cord-323716-ak6zgyh1	54	13	do	do	VB
cord-323716-ak6zgyh1	54	14	so	so	RB
cord-323716-ak6zgyh1	54	15	consistently	consistently	RB
cord-323716-ak6zgyh1	54	16	,	,	,
cord-323716-ak6zgyh1	54	17	or	or	CC
cord-323716-ak6zgyh1	54	18	at	at	IN
cord-323716-ak6zgyh1	54	19	least	least	JJS
cord-323716-ak6zgyh1	54	20	not	not	RB
cord-323716-ak6zgyh1	54	21	consistently	consistently	RB
cord-323716-ak6zgyh1	54	22	enough	enough	JJ
cord-323716-ak6zgyh1	54	23	to	to	TO
cord-323716-ak6zgyh1	54	24	satisfy	satisfy	VB
cord-323716-ak6zgyh1	54	25	investors	investor	NNS
cord-323716-ak6zgyh1	54	26	.	.	.
cord-323716-ak6zgyh1	55	1	In	in	IN
cord-323716-ak6zgyh1	55	2	a	a	DT
cord-323716-ak6zgyh1	55	3	study	study	NN
cord-323716-ak6zgyh1	55	4	investigating	investigate	VBG
cord-323716-ak6zgyh1	55	5	the	the	DT
cord-323716-ak6zgyh1	55	6	relationship	relationship	NN
cord-323716-ak6zgyh1	55	7	between	between	IN
cord-323716-ak6zgyh1	55	8	commercial	commercial	JJ
cord-323716-ak6zgyh1	55	9	real	real	JJ
cord-323716-ak6zgyh1	55	10	estate	estate	NN
cord-323716-ak6zgyh1	55	11	and	and	CC
cord-323716-ak6zgyh1	55	12	stock	stock	NN
cord-323716-ak6zgyh1	55	13	markets	market	NNS
cord-323716-ak6zgyh1	55	14	,	,	,
cord-323716-ak6zgyh1	55	15	Liu	Liu	NNP
cord-323716-ak6zgyh1	55	16	et	et	NNP
cord-323716-ak6zgyh1	55	17	al	al	NNP
cord-323716-ak6zgyh1	55	18	.	.	.
cord-323716-ak6zgyh1	56	1	(	(	-LRB-
cord-323716-ak6zgyh1	56	2	1990	1990	CD
cord-323716-ak6zgyh1	56	3	)	)	-RRB-
cord-323716-ak6zgyh1	56	4	defined	define	VBD
cord-323716-ak6zgyh1	56	5	"	"	``
cord-323716-ak6zgyh1	56	6	integration	integration	NN
cord-323716-ak6zgyh1	56	7	"	"	''
cord-323716-ak6zgyh1	56	8	and	and	CC
cord-323716-ak6zgyh1	56	9	"	"	``
cord-323716-ak6zgyh1	56	10	segmentation	segmentation	NN
cord-323716-ak6zgyh1	56	11	"	"	''
cord-323716-ak6zgyh1	56	12	as	as	IN
cord-323716-ak6zgyh1	56	13	follows	follow	VBZ
cord-323716-ak6zgyh1	56	14	:	:	:
cord-323716-ak6zgyh1	56	15	"	"	``
cord-323716-ak6zgyh1	56	16	Integration	integration	NN
cord-323716-ak6zgyh1	56	17	"	"	''
cord-323716-ak6zgyh1	56	18	exists	exist	VBZ
cord-323716-ak6zgyh1	56	19	if	if	IN
cord-323716-ak6zgyh1	56	20	the	the	DT
cord-323716-ak6zgyh1	56	21	only	only	JJ
cord-323716-ak6zgyh1	56	22	risk	risk	NN
cord-323716-ak6zgyh1	56	23	priced	price	VBN
cord-323716-ak6zgyh1	56	24	for	for	IN
cord-323716-ak6zgyh1	56	25	both	both	DT
cord-323716-ak6zgyh1	56	26	stock	stock	NN
cord-323716-ak6zgyh1	56	27	and	and	CC
cord-323716-ak6zgyh1	56	28	real	real	JJ
cord-323716-ak6zgyh1	56	29	estate	estate	NN
cord-323716-ak6zgyh1	56	30	is	be	VBZ
cord-323716-ak6zgyh1	56	31	the	the	DT
cord-323716-ak6zgyh1	56	32	systematic	systematic	JJ
cord-323716-ak6zgyh1	56	33	risk	risk	NN
cord-323716-ak6zgyh1	56	34	relative	relative	JJ
cord-323716-ak6zgyh1	56	35	to	to	IN
cord-323716-ak6zgyh1	56	36	the	the	DT
cord-323716-ak6zgyh1	56	37	overall	overall	JJ
cord-323716-ak6zgyh1	56	38	market	market	NN
cord-323716-ak6zgyh1	56	39	.	.	.
cord-323716-ak6zgyh1	57	1	No	no	DT
cord-323716-ak6zgyh1	57	2	additional	additional	JJ
cord-323716-ak6zgyh1	57	3	premium	premium	NN
cord-323716-ak6zgyh1	57	4	is	be	VBZ
cord-323716-ak6zgyh1	57	5	associated	associate	VBN
cord-323716-ak6zgyh1	57	6	with	with	IN
cord-323716-ak6zgyh1	57	7	any	any	DT
cord-323716-ak6zgyh1	57	8	of	of	IN
cord-323716-ak6zgyh1	57	9	the	the	DT
cord-323716-ak6zgyh1	57	10	market	market	NN
cord-323716-ak6zgyh1	57	11	.	.	.
cord-323716-ak6zgyh1	58	1	Investors	investor	NNS
cord-323716-ak6zgyh1	58	2	therefore	therefore	RB
cord-323716-ak6zgyh1	58	3	earn	earn	VBP
cord-323716-ak6zgyh1	58	4	the	the	DT
cord-323716-ak6zgyh1	58	5	same	same	JJ
cord-323716-ak6zgyh1	58	6	risk	risk	NN
cord-323716-ak6zgyh1	58	7	-	-	HYPH
cord-323716-ak6zgyh1	58	8	adjusted	adjust	VBN
cord-323716-ak6zgyh1	58	9	return	return	NN
cord-323716-ak6zgyh1	58	10	on	on	IN
cord-323716-ak6zgyh1	58	11	stock	stock	NN
cord-323716-ak6zgyh1	58	12	and	and	CC
cord-323716-ak6zgyh1	58	13	real	real	JJ
cord-323716-ak6zgyh1	58	14	estate	estate	NN
cord-323716-ak6zgyh1	58	15	.	.	.
cord-323716-ak6zgyh1	59	1	"	"	``
cord-323716-ak6zgyh1	59	2	Segmentation	segmentation	NN
cord-323716-ak6zgyh1	59	3	"	"	''
cord-323716-ak6zgyh1	59	4	arises	arise	VBZ
cord-323716-ak6zgyh1	59	5	if	if	IN
cord-323716-ak6zgyh1	59	6	the	the	DT
cord-323716-ak6zgyh1	59	7	only	only	JJ
cord-323716-ak6zgyh1	59	8	risk	risk	NN
cord-323716-ak6zgyh1	59	9	priced	price	VBN
cord-323716-ak6zgyh1	59	10	for	for	IN
cord-323716-ak6zgyh1	59	11	real	real	JJ
cord-323716-ak6zgyh1	59	12	estate	estate	NN
cord-323716-ak6zgyh1	59	13	is	be	VBZ
cord-323716-ak6zgyh1	59	14	systematic	systematic	JJ
cord-323716-ak6zgyh1	59	15	risk	risk	NN
cord-323716-ak6zgyh1	59	16	relative	relative	JJ
cord-323716-ak6zgyh1	59	17	to	to	IN
cord-323716-ak6zgyh1	59	18	the	the	DT
cord-323716-ak6zgyh1	59	19	real	real	JJ
cord-323716-ak6zgyh1	59	20	estate	estate	NN
cord-323716-ak6zgyh1	59	21	market	market	NN
cord-323716-ak6zgyh1	59	22	.	.	.
cord-323716-ak6zgyh1	60	1	Investors	investor	NNS
cord-323716-ak6zgyh1	60	2	thus	thus	RB
cord-323716-ak6zgyh1	60	3	do	do	VBP
cord-323716-ak6zgyh1	60	4	not	not	RB
cord-323716-ak6zgyh1	60	5	necessarily	necessarily	RB
cord-323716-ak6zgyh1	60	6	earn	earn	VB
cord-323716-ak6zgyh1	60	7	the	the	DT
cord-323716-ak6zgyh1	60	8	same	same	JJ
cord-323716-ak6zgyh1	60	9	expected	expect	VBN
cord-323716-ak6zgyh1	60	10	return	return	NN
cord-323716-ak6zgyh1	60	11	on	on	IN
cord-323716-ak6zgyh1	60	12	real	real	JJ
cord-323716-ak6zgyh1	60	13	estate	estate	NN
cord-323716-ak6zgyh1	60	14	and	and	CC
cord-323716-ak6zgyh1	60	15	stocks	stock	NNS
cord-323716-ak6zgyh1	60	16	.	.	.
cord-323716-ak6zgyh1	61	1	Once	once	IN
cord-323716-ak6zgyh1	61	2	the	the	DT
cord-323716-ak6zgyh1	61	3	integration	integration	NN
cord-323716-ak6zgyh1	61	4	relationship	relationship	NN
cord-323716-ak6zgyh1	61	5	is	be	VBZ
cord-323716-ak6zgyh1	61	6	found	find	VBN
cord-323716-ak6zgyh1	61	7	between	between	IN
cord-323716-ak6zgyh1	61	8	two	two	CD
cord-323716-ak6zgyh1	61	9	investment	investment	NN
cord-323716-ak6zgyh1	61	10	vehicles	vehicle	NNS
cord-323716-ak6zgyh1	61	11	,	,	,
cord-323716-ak6zgyh1	61	12	the	the	DT
cord-323716-ak6zgyh1	61	13	two	two	CD
cord-323716-ak6zgyh1	61	14	assets	asset	NNS
cord-323716-ak6zgyh1	61	15	are	be	VBP
cord-323716-ak6zgyh1	61	16	substitutable	substitutable	JJ
cord-323716-ak6zgyh1	62	1	(	(	-LRB-
cord-323716-ak6zgyh1	62	2	Liow	Liow	NNP
cord-323716-ak6zgyh1	62	3	and	and	CC
cord-323716-ak6zgyh1	62	4	Yang	Yang	NNP
cord-323716-ak6zgyh1	62	5	,	,	,
cord-323716-ak6zgyh1	62	6	2005	2005	CD
cord-323716-ak6zgyh1	62	7	)	)	-RRB-
cord-323716-ak6zgyh1	62	8	.	.	.
cord-323716-ak6zgyh1	63	1	On	on	IN
cord-323716-ak6zgyh1	63	2	the	the	DT
cord-323716-ak6zgyh1	63	3	contrary	contrary	NN
cord-323716-ak6zgyh1	63	4	,	,	,
cord-323716-ak6zgyh1	63	5	if	if	IN
cord-323716-ak6zgyh1	63	6	two	two	CD
cord-323716-ak6zgyh1	63	7	investment	investment	NN
cord-323716-ak6zgyh1	63	8	vehicles	vehicle	NNS
cord-323716-ak6zgyh1	63	9	are	be	VBP
cord-323716-ak6zgyh1	63	10	segmented	segmented	JJ
cord-323716-ak6zgyh1	63	11	,	,	,
cord-323716-ak6zgyh1	63	12	then	then	RB
cord-323716-ak6zgyh1	63	13	these	these	DT
cord-323716-ak6zgyh1	63	14	two	two	CD
cord-323716-ak6zgyh1	63	15	assets	asset	NNS
cord-323716-ak6zgyh1	63	16	may	may	MD
cord-323716-ak6zgyh1	63	17	be	be	VB
cord-323716-ak6zgyh1	63	18	held	hold	VBN
cord-323716-ak6zgyh1	63	19	together	together	RB
cord-323716-ak6zgyh1	63	20	for	for	IN
cord-323716-ak6zgyh1	63	21	the	the	DT
cord-323716-ak6zgyh1	63	22	purpose	purpose	NN
cord-323716-ak6zgyh1	63	23	of	of	IN
cord-323716-ak6zgyh1	63	24	portfolio	portfolio	NN
cord-323716-ak6zgyh1	63	25	diversification	diversification	NN
cord-323716-ak6zgyh1	63	26	.	.	.
cord-323716-ak6zgyh1	64	1	Factors	factor	NNS
cord-323716-ak6zgyh1	64	2	causing	cause	VBG
cord-323716-ak6zgyh1	64	3	the	the	DT
cord-323716-ak6zgyh1	64	4	integration	integration	NN
cord-323716-ak6zgyh1	64	5	or	or	CC
cord-323716-ak6zgyh1	64	6	segmentation	segmentation	NN
cord-323716-ak6zgyh1	64	7	of	of	IN
cord-323716-ak6zgyh1	64	8	assets	asset	NNS
cord-323716-ak6zgyh1	64	9	are	be	VBP
cord-323716-ak6zgyh1	64	10	also	also	RB
cord-323716-ak6zgyh1	64	11	worth	worth	JJ
cord-323716-ak6zgyh1	64	12	exploring	explore	VBG
cord-323716-ak6zgyh1	64	13	.	.	.
cord-323716-ak6zgyh1	65	1	Explanations	explanation	NNS
cord-323716-ak6zgyh1	65	2	for	for	IN
cord-323716-ak6zgyh1	65	3	the	the	DT
cord-323716-ak6zgyh1	65	4	integration	integration	NN
cord-323716-ak6zgyh1	65	5	relationship	relationship	NN
cord-323716-ak6zgyh1	65	6	can	can	MD
cord-323716-ak6zgyh1	65	7	be	be	VB
cord-323716-ak6zgyh1	65	8	illustrated	illustrate	VBN
cord-323716-ak6zgyh1	65	9	by	by	IN
cord-323716-ak6zgyh1	65	10	some	some	DT
cord-323716-ak6zgyh1	65	11	economic	economic	JJ
cord-323716-ak6zgyh1	65	12	rationales	rationale	NNS
cord-323716-ak6zgyh1	65	13	(	(	-LRB-
cord-323716-ak6zgyh1	65	14	e.g.	e.g.	RB
cord-323716-ak6zgyh1	65	15	,	,	,
cord-323716-ak6zgyh1	65	16	the	the	DT
cord-323716-ak6zgyh1	65	17	"	"	``
cord-323716-ak6zgyh1	65	18	substitution	substitution	NN
cord-323716-ak6zgyh1	65	19	effect	effect	NN
cord-323716-ak6zgyh1	65	20	"	"	''
cord-323716-ak6zgyh1	65	21	,	,	,
cord-323716-ak6zgyh1	65	22	the	the	DT
cord-323716-ak6zgyh1	65	23	"	"	``
cord-323716-ak6zgyh1	65	24	flight	flight	NN
cord-323716-ak6zgyh1	65	25	to	to	IN
cord-323716-ak6zgyh1	65	26	quality	quality	NN
cord-323716-ak6zgyh1	65	27	"	"	''
cord-323716-ak6zgyh1	65	28	,	,	,
cord-323716-ak6zgyh1	65	29	the	the	DT
cord-323716-ak6zgyh1	65	30	"	"	``
cord-323716-ak6zgyh1	65	31	wealth	wealth	NN
cord-323716-ak6zgyh1	65	32	effect	effect	NN
cord-323716-ak6zgyh1	65	33	"	"	''
cord-323716-ak6zgyh1	65	34	,	,	,
cord-323716-ak6zgyh1	65	35	business	business	NN
cord-323716-ak6zgyh1	65	36	cycle	cycle	NN
cord-323716-ak6zgyh1	65	37	factors	factor	NNS
cord-323716-ak6zgyh1	65	38	,	,	,
cord-323716-ak6zgyh1	65	39	and	and	CC
cord-323716-ak6zgyh1	65	40	so	so	RB
cord-323716-ak6zgyh1	65	41	on	on	RB
cord-323716-ak6zgyh1	65	42	)	)	-RRB-
cord-323716-ak6zgyh1	65	43	.	.	.
cord-323716-ak6zgyh1	66	1	The	the	DT
cord-323716-ak6zgyh1	66	2	"	"	``
cord-323716-ak6zgyh1	66	3	substitution	substitution	NN
cord-323716-ak6zgyh1	66	4	effect	effect	NN
cord-323716-ak6zgyh1	66	5	"	"	''
cord-323716-ak6zgyh1	66	6	occurs	occur	VBZ
cord-323716-ak6zgyh1	66	7	when	when	WRB
cord-323716-ak6zgyh1	66	8	the	the	DT
cord-323716-ak6zgyh1	66	9	price	price	NN
cord-323716-ak6zgyh1	66	10	of	of	IN
cord-323716-ak6zgyh1	66	11	one	one	CD
cord-323716-ak6zgyh1	66	12	investment	investment	NN
cord-323716-ak6zgyh1	66	13	vehicle	vehicle	NN
cord-323716-ak6zgyh1	66	14	is	be	VBZ
cord-323716-ak6zgyh1	66	15	too	too	RB
cord-323716-ak6zgyh1	66	16	high	high	JJ
cord-323716-ak6zgyh1	66	17	to	to	TO
cord-323716-ak6zgyh1	66	18	make	make	VB
cord-323716-ak6zgyh1	66	19	a	a	DT
cord-323716-ak6zgyh1	66	20	profit	profit	NN
cord-323716-ak6zgyh1	66	21	and	and	CC
cord-323716-ak6zgyh1	66	22	the	the	DT
cord-323716-ak6zgyh1	66	23	investor	investor	NN
cord-323716-ak6zgyh1	66	24	searches	search	NNS
cord-323716-ak6zgyh1	66	25	for	for	IN
cord-323716-ak6zgyh1	66	26	alternative	alternative	JJ
cord-323716-ak6zgyh1	66	27	assets	asset	NNS
cord-323716-ak6zgyh1	66	28	.	.	.
cord-323716-ak6zgyh1	67	1	The	the	DT
cord-323716-ak6zgyh1	67	2	alternatives	alternative	NNS
cord-323716-ak6zgyh1	67	3	may	may	MD
cord-323716-ak6zgyh1	67	4	or	or	CC
cord-323716-ak6zgyh1	67	5	may	may	MD
cord-323716-ak6zgyh1	67	6	not	not	RB
cord-323716-ak6zgyh1	67	7	be	be	VB
cord-323716-ak6zgyh1	67	8	as	as	RB
cord-323716-ak6zgyh1	67	9	efficient	efficient	JJ
cord-323716-ak6zgyh1	67	10	as	as	IN
cord-323716-ak6zgyh1	67	11	the	the	DT
cord-323716-ak6zgyh1	67	12	original	original	JJ
cord-323716-ak6zgyh1	67	13	vehicle	vehicle	NN
cord-323716-ak6zgyh1	67	14	,	,	,
cord-323716-ak6zgyh1	67	15	but	but	CC
cord-323716-ak6zgyh1	67	16	the	the	DT
cord-323716-ak6zgyh1	67	17	investor	investor	NN
cord-323716-ak6zgyh1	67	18	believes	believe	VBZ
cord-323716-ak6zgyh1	67	19	they	-PRON-	PRP
cord-323716-ak6zgyh1	67	20	will	will	MD
cord-323716-ak6zgyh1	67	21	provide	provide	VB
cord-323716-ak6zgyh1	67	22	more	more	JJR
cord-323716-ak6zgyh1	67	23	profit	profit	NN
cord-323716-ak6zgyh1	67	24	than	than	IN
cord-323716-ak6zgyh1	67	25	the	the	DT
cord-323716-ak6zgyh1	67	26	original	original	JJ
cord-323716-ak6zgyh1	67	27	asset	asset	NN
cord-323716-ak6zgyh1	67	28	.	.	.
cord-323716-ak6zgyh1	68	1	In	in	IN
cord-323716-ak6zgyh1	68	2	a	a	DT
cord-323716-ak6zgyh1	68	3	similar	similar	JJ
cord-323716-ak6zgyh1	68	4	vein	vein	NN
cord-323716-ak6zgyh1	68	5	,	,	,
cord-323716-ak6zgyh1	68	6	the	the	DT
cord-323716-ak6zgyh1	68	7	"	"	``
cord-323716-ak6zgyh1	68	8	flight	flight	NN
cord-323716-ak6zgyh1	68	9	to	to	IN
cord-323716-ak6zgyh1	68	10	quality	quality	NN
cord-323716-ak6zgyh1	68	11	"	"	''
cord-323716-ak6zgyh1	68	12	phenomenon	phenomenon	NN
cord-323716-ak6zgyh1	68	13	stimulates	stimulate	VBZ
cord-323716-ak6zgyh1	68	14	investors	investor	NNS
cord-323716-ak6zgyh1	68	15	to	to	TO
cord-323716-ak6zgyh1	68	16	switch	switch	VB
cord-323716-ak6zgyh1	68	17	investment	investment	NN
cord-323716-ak6zgyh1	68	18	vehicles	vehicle	NNS
cord-323716-ak6zgyh1	68	19	or	or	CC
cord-323716-ak6zgyh1	68	20	move	move	VB
cord-323716-ak6zgyh1	68	21	funds	fund	NNS
cord-323716-ak6zgyh1	68	22	to	to	TO
cord-323716-ak6zgyh1	68	23	pursue	pursue	VB
cord-323716-ak6zgyh1	68	24	high	high	JJ
cord-323716-ak6zgyh1	68	25	return	return	NN
cord-323716-ak6zgyh1	68	26	or	or	CC
cord-323716-ak6zgyh1	68	27	risk	risk	NN
cord-323716-ak6zgyh1	68	28	aversion	aversion	NN
cord-323716-ak6zgyh1	68	29	(	(	-LRB-
cord-323716-ak6zgyh1	68	30	Kim	Kim	NNP
cord-323716-ak6zgyh1	68	31	,	,	,
cord-323716-ak6zgyh1	68	32	Moshirian	Moshirian	NNP
cord-323716-ak6zgyh1	68	33	,	,	,
cord-323716-ak6zgyh1	68	34	and	and	CC
cord-323716-ak6zgyh1	68	35	Wu	Wu	NNP
cord-323716-ak6zgyh1	68	36	,	,	,
cord-323716-ak6zgyh1	68	37	2006	2006	CD
cord-323716-ak6zgyh1	68	38	;	;	:
cord-323716-ak6zgyh1	68	39	Bernanke	Bernanke	NNP
cord-323716-ak6zgyh1	68	40	,	,	,
cord-323716-ak6zgyh1	68	41	Gertler	Gertler	NNP
cord-323716-ak6zgyh1	68	42	,	,	,
cord-323716-ak6zgyh1	68	43	and	and	CC
cord-323716-ak6zgyh1	68	44	Gilchrist	Gilchrist	NNP
cord-323716-ak6zgyh1	68	45	,	,	,
cord-323716-ak6zgyh1	68	46	1996	1996	CD
cord-323716-ak6zgyh1	68	47	)	)	-RRB-
cord-323716-ak6zgyh1	68	48	.	.	.
cord-323716-ak6zgyh1	69	1	The	the	DT
cord-323716-ak6zgyh1	69	2	"	"	``
cord-323716-ak6zgyh1	69	3	wealth	wealth	NN
cord-323716-ak6zgyh1	69	4	effect	effect	NN
cord-323716-ak6zgyh1	69	5	"	"	''
cord-323716-ak6zgyh1	69	6	implies	imply	VBZ
cord-323716-ak6zgyh1	69	7	the	the	DT
cord-323716-ak6zgyh1	69	8	causal	causal	JJ
cord-323716-ak6zgyh1	69	9	effect	effect	NN
cord-323716-ak6zgyh1	69	10	of	of	IN
cord-323716-ak6zgyh1	69	11	exogenous	exogenous	JJ
cord-323716-ak6zgyh1	69	12	changes	change	NNS
cord-323716-ak6zgyh1	69	13	in	in	IN
cord-323716-ak6zgyh1	69	14	wealth	wealth	NN
cord-323716-ak6zgyh1	69	15	upon	upon	IN
cord-323716-ak6zgyh1	69	16	consumption	consumption	NN
cord-323716-ak6zgyh1	69	17	behavior	behavior	NN
cord-323716-ak6zgyh1	69	18	(	(	-LRB-
cord-323716-ak6zgyh1	69	19	Case	case	NN
cord-323716-ak6zgyh1	69	20	,	,	,
cord-323716-ak6zgyh1	69	21	Quigley	Quigley	NNP
cord-323716-ak6zgyh1	69	22	,	,	,
cord-323716-ak6zgyh1	69	23	and	and	CC
cord-323716-ak6zgyh1	69	24	Shiller	Shiller	NNP
cord-323716-ak6zgyh1	69	25	,	,	,
cord-323716-ak6zgyh1	69	26	2001	2001	CD
cord-323716-ak6zgyh1	69	27	)	)	-RRB-
cord-323716-ak6zgyh1	69	28	.	.	.
cord-323716-ak6zgyh1	70	1	As	as	IN
cord-323716-ak6zgyh1	70	2	investors	investor	NNS
cord-323716-ak6zgyh1	70	3	sense	sense	VBP
cord-323716-ak6zgyh1	70	4	an	an	DT
cord-323716-ak6zgyh1	70	5	increase	increase	NN
cord-323716-ak6zgyh1	70	6	in	in	IN
cord-323716-ak6zgyh1	70	7	wealth	wealth	NN
cord-323716-ak6zgyh1	70	8	,	,	,
cord-323716-ak6zgyh1	70	9	investments	investment	NNS
cord-323716-ak6zgyh1	70	10	in	in	IN
cord-323716-ak6zgyh1	70	11	various	various	JJ
cord-323716-ak6zgyh1	70	12	assets	asset	NNS
cord-323716-ak6zgyh1	70	13	might	may	MD
cord-323716-ak6zgyh1	70	14	simultaneously	simultaneously	RB
cord-323716-ak6zgyh1	70	15	increase	increase	VB
cord-323716-ak6zgyh1	70	16	.	.	.
cord-323716-ak6zgyh1	71	1	Quan	Quan	NNP
cord-323716-ak6zgyh1	71	2	and	and	CC
cord-323716-ak6zgyh1	71	3	Titman	Titman	NNP
cord-323716-ak6zgyh1	71	4	(	(	-LRB-
cord-323716-ak6zgyh1	71	5	1999	1999	CD
cord-323716-ak6zgyh1	71	6	)	)	-RRB-
cord-323716-ak6zgyh1	71	7	found	find	VBD
cord-323716-ak6zgyh1	71	8	that	that	IN
cord-323716-ak6zgyh1	71	9	the	the	DT
cord-323716-ak6zgyh1	71	10	correlation	correlation	NN
cord-323716-ak6zgyh1	71	11	between	between	IN
cord-323716-ak6zgyh1	71	12	the	the	DT
cord-323716-ak6zgyh1	71	13	returns	return	NNS
cord-323716-ak6zgyh1	71	14	of	of	IN
cord-323716-ak6zgyh1	71	15	stock	stock	NN
cord-323716-ak6zgyh1	71	16	and	and	CC
cord-323716-ak6zgyh1	71	17	real	real	JJ
cord-323716-ak6zgyh1	71	18	estate	estate	NN
cord-323716-ak6zgyh1	71	19	will	will	MD
cord-323716-ak6zgyh1	71	20	increase	increase	VB
cord-323716-ak6zgyh1	71	21	if	if	IN
cord-323716-ak6zgyh1	71	22	"	"	``
cord-323716-ak6zgyh1	71	23	business	business	NN
cord-323716-ak6zgyh1	71	24	cycle	cycle	NN
cord-323716-ak6zgyh1	71	25	"	"	''
cord-323716-ak6zgyh1	71	26	variables	variable	NNS
cord-323716-ak6zgyh1	71	27	simultaneously	simultaneously	RB
cord-323716-ak6zgyh1	71	28	affect	affect	VBP
cord-323716-ak6zgyh1	71	29	corporate	corporate	JJ
cord-323716-ak6zgyh1	71	30	profits	profit	NNS
cord-323716-ak6zgyh1	71	31	and	and	CC
cord-323716-ak6zgyh1	71	32	rents	rent	NNS
cord-323716-ak6zgyh1	71	33	.	.	.
cord-323716-ak6zgyh1	72	1	Moreover	moreover	RB
cord-323716-ak6zgyh1	72	2	,	,	,
cord-323716-ak6zgyh1	72	3	stock	stock	NN
cord-323716-ak6zgyh1	72	4	and	and	CC
cord-323716-ak6zgyh1	72	5	real	real	JJ
cord-323716-ak6zgyh1	72	6	estate	estate	NN
cord-323716-ak6zgyh1	72	7	prices	price	NNS
cord-323716-ak6zgyh1	72	8	will	will	MD
cord-323716-ak6zgyh1	72	9	also	also	RB
cord-323716-ak6zgyh1	72	10	move	move	VB
cord-323716-ak6zgyh1	72	11	together	together	RB
cord-323716-ak6zgyh1	72	12	if	if	IN
cord-323716-ak6zgyh1	72	13	expectations	expectation	NNS
cord-323716-ak6zgyh1	72	14	(	(	-LRB-
cord-323716-ak6zgyh1	72	15	either	either	CC
cord-323716-ak6zgyh1	72	16	rational	rational	JJ
cord-323716-ak6zgyh1	72	17	or	or	CC
cord-323716-ak6zgyh1	72	18	irrational	irrational	JJ
cord-323716-ak6zgyh1	72	19	)	)	-RRB-
cord-323716-ak6zgyh1	72	20	of	of	IN
cord-323716-ak6zgyh1	72	21	future	future	JJ
cord-323716-ak6zgyh1	72	22	profits	profit	NNS
cord-323716-ak6zgyh1	72	23	and	and	CC
cord-323716-ak6zgyh1	72	24	rents	rent	NNS
cord-323716-ak6zgyh1	72	25	move	move	VBP
cord-323716-ak6zgyh1	72	26	together	together	RB
cord-323716-ak6zgyh1	72	27	.	.	.
cord-323716-ak6zgyh1	73	1	These	these	DT
cord-323716-ak6zgyh1	73	2	results	result	NNS
cord-323716-ak6zgyh1	73	3	suggest	suggest	VBP
cord-323716-ak6zgyh1	73	4	that	that	IN
cord-323716-ak6zgyh1	73	5	a	a	DT
cord-323716-ak6zgyh1	73	6	large	large	JJ
cord-323716-ak6zgyh1	73	7	fraction	fraction	NN
cord-323716-ak6zgyh1	73	8	of	of	IN
cord-323716-ak6zgyh1	73	9	the	the	DT
cord-323716-ak6zgyh1	73	10	observed	observed	JJ
cord-323716-ak6zgyh1	73	11	positive	positive	JJ
cord-323716-ak6zgyh1	73	12	correlation	correlation	NN
cord-323716-ak6zgyh1	73	13	is	be	VBZ
cord-323716-ak6zgyh1	73	14	due	due	JJ
cord-323716-ak6zgyh1	73	15	to	to	IN
cord-323716-ak6zgyh1	73	16	economic	economic	JJ
cord-323716-ak6zgyh1	73	17	fundamentals	fundamental	NNS
cord-323716-ak6zgyh1	73	18	that	that	WDT
cord-323716-ak6zgyh1	73	19	affect	affect	VBP
cord-323716-ak6zgyh1	73	20	both	both	DT
cord-323716-ak6zgyh1	73	21	stock	stock	NN
cord-323716-ak6zgyh1	73	22	and	and	CC
cord-323716-ak6zgyh1	73	23	real	real	JJ
cord-323716-ak6zgyh1	73	24	estate	estate	NN
cord-323716-ak6zgyh1	73	25	prices	price	NNS
cord-323716-ak6zgyh1	73	26	.	.	.
cord-323716-ak6zgyh1	74	1	Although	although	IN
cord-323716-ak6zgyh1	74	2	the	the	DT
cord-323716-ak6zgyh1	74	3	cointegration	cointegration	NN
cord-323716-ak6zgyh1	74	4	relationship	relationship	NN
cord-323716-ak6zgyh1	74	5	between	between	IN
cord-323716-ak6zgyh1	74	6	stocks	stock	NNS
cord-323716-ak6zgyh1	74	7	and	and	CC
cord-323716-ak6zgyh1	74	8	real	real	JJ
cord-323716-ak6zgyh1	74	9	estate	estate	NN
cord-323716-ak6zgyh1	74	10	has	have	VBZ
cord-323716-ak6zgyh1	74	11	been	be	VBN
cord-323716-ak6zgyh1	74	12	widely	widely	RB
cord-323716-ak6zgyh1	74	13	discussed	discuss	VBN
cord-323716-ak6zgyh1	74	14	,	,	,
cord-323716-ak6zgyh1	74	15	the	the	DT
cord-323716-ak6zgyh1	74	16	evidence	evidence	NN
cord-323716-ak6zgyh1	74	17	is	be	VBZ
cord-323716-ak6zgyh1	74	18	still	still	RB
cord-323716-ak6zgyh1	74	19	inconclusive	inconclusive	JJ
cord-323716-ak6zgyh1	74	20	.	.	.
cord-323716-ak6zgyh1	75	1	Liu	Liu	NNP
cord-323716-ak6zgyh1	75	2	et	et	NNP
cord-323716-ak6zgyh1	75	3	al	al	NNP
cord-323716-ak6zgyh1	75	4	.	.	.
cord-323716-ak6zgyh1	76	1	(	(	-LRB-
cord-323716-ak6zgyh1	76	2	1990	1990	CD
cord-323716-ak6zgyh1	76	3	)	)	-RRB-
cord-323716-ak6zgyh1	76	4	argued	argue	VBD
cord-323716-ak6zgyh1	76	5	that	that	IN
cord-323716-ak6zgyh1	76	6	if	if	IN
cord-323716-ak6zgyh1	76	7	real	real	JJ
cord-323716-ak6zgyh1	76	8	estate	estate	NN
cord-323716-ak6zgyh1	76	9	is	be	VBZ
cord-323716-ak6zgyh1	76	10	segmented	segment	VBN
cord-323716-ak6zgyh1	76	11	from	from	IN
cord-323716-ak6zgyh1	76	12	other	other	JJ
cord-323716-ak6zgyh1	76	13	assets	asset	NNS
cord-323716-ak6zgyh1	76	14	,	,	,
cord-323716-ak6zgyh1	76	15	its	-PRON-	PRP$
cord-323716-ak6zgyh1	76	16	returns	return	NNS
cord-323716-ak6zgyh1	76	17	should	should	MD
cord-323716-ak6zgyh1	76	18	show	show	VB
cord-323716-ak6zgyh1	76	19	different	different	JJ
cord-323716-ak6zgyh1	76	20	characteristics	characteristic	NNS
cord-323716-ak6zgyh1	76	21	from	from	IN
cord-323716-ak6zgyh1	76	22	those	those	DT
cord-323716-ak6zgyh1	76	23	of	of	IN
cord-323716-ak6zgyh1	76	24	other	other	JJ
cord-323716-ak6zgyh1	76	25	assets	asset	NNS
cord-323716-ak6zgyh1	76	26	.	.	.
cord-323716-ak6zgyh1	77	1	Otherwise	otherwise	RB
cord-323716-ak6zgyh1	77	2	,	,	,
cord-323716-ak6zgyh1	77	3	asset	asset	NN
cord-323716-ak6zgyh1	77	4	returns	return	NNS
cord-323716-ak6zgyh1	77	5	should	should	MD
cord-323716-ak6zgyh1	77	6	show	show	VB
cord-323716-ak6zgyh1	77	7	similar	similar	JJ
cord-323716-ak6zgyh1	77	8	behavior	behavior	NN
cord-323716-ak6zgyh1	77	9	.	.	.
cord-323716-ak6zgyh1	78	1	Their	-PRON-	PRP$
cord-323716-ak6zgyh1	78	2	results	result	NNS
cord-323716-ak6zgyh1	78	3	showed	show	VBD
cord-323716-ak6zgyh1	78	4	that	that	IN
cord-323716-ak6zgyh1	78	5	the	the	DT
cord-323716-ak6zgyh1	78	6	stock	stock	NN
cord-323716-ak6zgyh1	78	7	market	market	NN
cord-323716-ak6zgyh1	78	8	is	be	VBZ
cord-323716-ak6zgyh1	78	9	segmented	segment	VBN
cord-323716-ak6zgyh1	78	10	from	from	IN
cord-323716-ak6zgyh1	78	11	the	the	DT
cord-323716-ak6zgyh1	78	12	real	real	JJ
cord-323716-ak6zgyh1	78	13	estate	estate	NN
cord-323716-ak6zgyh1	78	14	market	market	NN
cord-323716-ak6zgyh1	78	15	when	when	WRB
cord-323716-ak6zgyh1	78	16	"	"	``
cord-323716-ak6zgyh1	78	17	appraisal	appraisal	NN
cord-323716-ak6zgyh1	78	18	-	-	HYPH
cord-323716-ak6zgyh1	78	19	based	base	VBN
cord-323716-ak6zgyh1	78	20	"	"	``
cord-323716-ak6zgyh1	78	21	return	return	NN
cord-323716-ak6zgyh1	78	22	analysis	analysis	NN
cord-323716-ak6zgyh1	78	23	is	be	VBZ
cord-323716-ak6zgyh1	78	24	used	use	VBN
cord-323716-ak6zgyh1	78	25	.	.	.
cord-323716-ak6zgyh1	79	1	However	however	RB
cord-323716-ak6zgyh1	79	2	,	,	,
cord-323716-ak6zgyh1	79	3	they	-PRON-	PRP
cord-323716-ak6zgyh1	79	4	also	also	RB
cord-323716-ak6zgyh1	79	5	obtained	obtain	VBD
cord-323716-ak6zgyh1	79	6	a	a	DT
cord-323716-ak6zgyh1	79	7	contradictory	contradictory	JJ
cord-323716-ak6zgyh1	79	8	result	result	NN
cord-323716-ak6zgyh1	79	9	,	,	,
cord-323716-ak6zgyh1	79	10	that	that	IN
cord-323716-ak6zgyh1	79	11	the	the	DT
cord-323716-ak6zgyh1	79	12	stock	stock	NN
cord-323716-ak6zgyh1	79	13	market	market	NN
cord-323716-ak6zgyh1	79	14	and	and	CC
cord-323716-ak6zgyh1	79	15	the	the	DT
cord-323716-ak6zgyh1	79	16	real	real	JJ
cord-323716-ak6zgyh1	79	17	estate	estate	NN
cord-323716-ak6zgyh1	79	18	market	market	NN
cord-323716-ak6zgyh1	79	19	are	be	VBP
cord-323716-ak6zgyh1	79	20	integrated	integrate	VBN
cord-323716-ak6zgyh1	79	21	,	,	,
cord-323716-ak6zgyh1	79	22	if	if	IN
cord-323716-ak6zgyh1	79	23	equity	equity	NN
cord-323716-ak6zgyh1	79	24	REIT	REIT	NNP
cord-323716-ak6zgyh1	79	25	returns	return	NNS
cord-323716-ak6zgyh1	79	26	are	be	VBP
cord-323716-ak6zgyh1	79	27	employed	employ	VBN
cord-323716-ak6zgyh1	79	28	for	for	IN
cord-323716-ak6zgyh1	79	29	testing	testing	NN
cord-323716-ak6zgyh1	79	30	.	.	.
cord-323716-ak6zgyh1	80	1	Ambrose	Ambrose	NNP
cord-323716-ak6zgyh1	80	2	,	,	,
cord-323716-ak6zgyh1	80	3	Ancel	Ancel	NNP
cord-323716-ak6zgyh1	80	4	,	,	,
cord-323716-ak6zgyh1	80	5	and	and	CC
cord-323716-ak6zgyh1	80	6	Griffiths	Griffiths	NNP
cord-323716-ak6zgyh1	80	7	(	(	-LRB-
cord-323716-ak6zgyh1	80	8	1992	1992	CD
cord-323716-ak6zgyh1	80	9	)	)	-RRB-
cord-323716-ak6zgyh1	80	10	,	,	,
cord-323716-ak6zgyh1	80	11	Wilson	Wilson	NNP
cord-323716-ak6zgyh1	80	12	,	,	,
cord-323716-ak6zgyh1	80	13	Okunev	Okunev	NNP
cord-323716-ak6zgyh1	80	14	,	,	,
cord-323716-ak6zgyh1	80	15	and	and	CC
cord-323716-ak6zgyh1	80	16	Ta	Ta	NNP
cord-323716-ak6zgyh1	80	17	(	(	-LRB-
cord-323716-ak6zgyh1	80	18	1996	1996	CD
cord-323716-ak6zgyh1	80	19	)	)	-RRB-
cord-323716-ak6zgyh1	80	20	,	,	,
cord-323716-ak6zgyh1	80	21	Okunev	Okunev	NNP
cord-323716-ak6zgyh1	80	22	and	and	CC
cord-323716-ak6zgyh1	80	23	Wilson	Wilson	NNP
cord-323716-ak6zgyh1	80	24	(	(	-LRB-
cord-323716-ak6zgyh1	80	25	1997	1997	CD
cord-323716-ak6zgyh1	80	26	)	)	-RRB-
cord-323716-ak6zgyh1	80	27	,	,	,
cord-323716-ak6zgyh1	80	28	Chaudhry	Chaudhry	NNP
cord-323716-ak6zgyh1	80	29	,	,	,
cord-323716-ak6zgyh1	80	30	Myer	Myer	NNP
cord-323716-ak6zgyh1	80	31	,	,	,
cord-323716-ak6zgyh1	80	32	and	and	CC
cord-323716-ak6zgyh1	80	33	Webb	Webb	NNP
cord-323716-ak6zgyh1	80	34	(	(	-LRB-
cord-323716-ak6zgyh1	80	35	1999	1999	CD
cord-323716-ak6zgyh1	80	36	)	)	-RRB-
cord-323716-ak6zgyh1	80	37	,	,	,
cord-323716-ak6zgyh1	80	38	and	and	CC
cord-323716-ak6zgyh1	80	39	Fraser	Fraser	NNP
cord-323716-ak6zgyh1	80	40	,	,	,
cord-323716-ak6zgyh1	80	41	Leishman	Leishman	NNP
cord-323716-ak6zgyh1	80	42	,	,	,
cord-323716-ak6zgyh1	80	43	and	and	CC
cord-323716-ak6zgyh1	80	44	Tarbert	Tarbert	NNP
cord-323716-ak6zgyh1	80	45	(	(	-LRB-
cord-323716-ak6zgyh1	80	46	2002	2002	CD
cord-323716-ak6zgyh1	80	47	)	)	-RRB-
cord-323716-ak6zgyh1	80	48	conducted	conduct	VBD
cord-323716-ak6zgyh1	80	49	similar	similar	JJ
cord-323716-ak6zgyh1	80	50	studies	study	NNS
cord-323716-ak6zgyh1	80	51	but	but	CC
cord-323716-ak6zgyh1	80	52	drew	draw	VBD
cord-323716-ak6zgyh1	80	53	differing	differ	VBG
cord-323716-ak6zgyh1	80	54	conclusions	conclusion	NNS
cord-323716-ak6zgyh1	80	55	.	.	.
cord-323716-ak6zgyh1	81	1	Ambrose	Ambrose	NNP
cord-323716-ak6zgyh1	81	2	,	,	,
cord-323716-ak6zgyh1	81	3	Ancel	Ancel	NNP
cord-323716-ak6zgyh1	81	4	,	,	,
cord-323716-ak6zgyh1	81	5	and	and	CC
cord-323716-ak6zgyh1	81	6	Griffiths	Griffiths	NNP
cord-323716-ak6zgyh1	81	7	(	(	-LRB-
cord-323716-ak6zgyh1	81	8	1992	1992	CD
cord-323716-ak6zgyh1	81	9	)	)	-RRB-
cord-323716-ak6zgyh1	81	10	used	use	VBD
cord-323716-ak6zgyh1	81	11	rescaled	rescale	VBN
cord-323716-ak6zgyh1	81	12	range	range	NN
cord-323716-ak6zgyh1	81	13	analysis	analysis	NN
cord-323716-ak6zgyh1	81	14	,	,	,
cord-323716-ak6zgyh1	81	15	developed	develop	VBN
cord-323716-ak6zgyh1	81	16	in	in	IN
cord-323716-ak6zgyh1	81	17	the	the	DT
cord-323716-ak6zgyh1	81	18	fractal	fractal	JJ
cord-323716-ak6zgyh1	81	19	geometry	geometry	NN
cord-323716-ak6zgyh1	81	20	,	,	,
cord-323716-ak6zgyh1	81	21	to	to	TO
cord-323716-ak6zgyh1	81	22	re	re	VB
cord-323716-ak6zgyh1	81	23	-	-	VB
cord-323716-ak6zgyh1	81	24	examine	examine	VB
cord-323716-ak6zgyh1	81	25	the	the	DT
cord-323716-ak6zgyh1	81	26	segmentation	segmentation	NN
cord-323716-ak6zgyh1	81	27	relationship	relationship	NN
cord-323716-ak6zgyh1	81	28	between	between	IN
cord-323716-ak6zgyh1	81	29	the	the	DT
cord-323716-ak6zgyh1	81	30	stock	stock	NN
cord-323716-ak6zgyh1	81	31	and	and	CC
cord-323716-ak6zgyh1	81	32	real	real	JJ
cord-323716-ak6zgyh1	81	33	estate	estate	NN
cord-323716-ak6zgyh1	81	34	markets	market	NNS
cord-323716-ak6zgyh1	81	35	.	.	.
cord-323716-ak6zgyh1	82	1	Contrary	contrary	JJ
cord-323716-ak6zgyh1	82	2	to	to	IN
cord-323716-ak6zgyh1	82	3	Liu	Liu	NNP
cord-323716-ak6zgyh1	82	4	et	et	NNP
cord-323716-ak6zgyh1	82	5	al	al	NNP
cord-323716-ak6zgyh1	82	6	.	.	.
cord-323716-ak6zgyh1	83	1	(	(	-LRB-
cord-323716-ak6zgyh1	83	2	1990	1990	CD
cord-323716-ak6zgyh1	83	3	)	)	-RRB-
cord-323716-ak6zgyh1	83	4	,	,	,
cord-323716-ak6zgyh1	83	5	they	-PRON-	PRP
cord-323716-ak6zgyh1	83	6	found	find	VBD
cord-323716-ak6zgyh1	83	7	that	that	IN
cord-323716-ak6zgyh1	83	8	segmentation	segmentation	NN
cord-323716-ak6zgyh1	83	9	does	do	VBZ
cord-323716-ak6zgyh1	83	10	not	not	RB
cord-323716-ak6zgyh1	83	11	exist	exist	VB
cord-323716-ak6zgyh1	83	12	between	between	IN
cord-323716-ak6zgyh1	83	13	these	these	DT
cord-323716-ak6zgyh1	83	14	two	two	CD
cord-323716-ak6zgyh1	83	15	markets	market	NNS
cord-323716-ak6zgyh1	83	16	.	.	.
cord-323716-ak6zgyh1	84	1	Okunev	Okunev	NNP
cord-323716-ak6zgyh1	84	2	and	and	CC
cord-323716-ak6zgyh1	84	3	Wilson	Wilson	NNP
cord-323716-ak6zgyh1	84	4	(	(	-LRB-
cord-323716-ak6zgyh1	84	5	1997	1997	CD
cord-323716-ak6zgyh1	84	6	)	)	-RRB-
cord-323716-ak6zgyh1	84	7	provided	provide	VBN
cord-323716-ak6zgyh1	84	8	yet	yet	RB
cord-323716-ak6zgyh1	84	9	another	another	DT
cord-323716-ak6zgyh1	84	10	perspective	perspective	NN
cord-323716-ak6zgyh1	84	11	on	on	IN
cord-323716-ak6zgyh1	84	12	the	the	DT
cord-323716-ak6zgyh1	84	13	relationship	relationship	NN
cord-323716-ak6zgyh1	84	14	between	between	IN
cord-323716-ak6zgyh1	84	15	stock	stock	NN
cord-323716-ak6zgyh1	84	16	and	and	CC
cord-323716-ak6zgyh1	84	17	real	real	JJ
cord-323716-ak6zgyh1	84	18	estate	estate	NN
cord-323716-ak6zgyh1	84	19	markets	market	NNS
cord-323716-ak6zgyh1	84	20	.	.	.
cord-323716-ak6zgyh1	85	1	They	-PRON-	PRP
cord-323716-ak6zgyh1	85	2	argued	argue	VBD
cord-323716-ak6zgyh1	85	3	that	that	IN
cord-323716-ak6zgyh1	85	4	the	the	DT
cord-323716-ak6zgyh1	85	5	integration	integration	NN
cord-323716-ak6zgyh1	85	6	between	between	IN
cord-323716-ak6zgyh1	85	7	these	these	DT
cord-323716-ak6zgyh1	85	8	two	two	CD
cord-323716-ak6zgyh1	85	9	markets	market	NNS
cord-323716-ak6zgyh1	85	10	may	may	MD
cord-323716-ak6zgyh1	85	11	not	not	RB
cord-323716-ak6zgyh1	85	12	be	be	VB
cord-323716-ak6zgyh1	85	13	linear	linear	JJ
cord-323716-ak6zgyh1	85	14	.	.	.
cord-323716-ak6zgyh1	86	1	Thus	thus	RB
cord-323716-ak6zgyh1	86	2	,	,	,
cord-323716-ak6zgyh1	86	3	they	-PRON-	PRP
cord-323716-ak6zgyh1	86	4	proposed	propose	VBD
cord-323716-ak6zgyh1	86	5	a	a	DT
cord-323716-ak6zgyh1	86	6	nonlinear	nonlinear	JJ
cord-323716-ak6zgyh1	86	7	integration	integration	NN
cord-323716-ak6zgyh1	86	8	framework	framework	NN
cord-323716-ak6zgyh1	86	9	to	to	TO
cord-323716-ak6zgyh1	86	10	test	test	VB
cord-323716-ak6zgyh1	86	11	the	the	DT
cord-323716-ak6zgyh1	86	12	relationship	relationship	NN
cord-323716-ak6zgyh1	86	13	between	between	IN
cord-323716-ak6zgyh1	86	14	the	the	DT
cord-323716-ak6zgyh1	86	15	two	two	CD
cord-323716-ak6zgyh1	86	16	markets	market	NNS
cord-323716-ak6zgyh1	86	17	.	.	.
cord-323716-ak6zgyh1	87	1	The	the	DT
cord-323716-ak6zgyh1	87	2	nonlinear	nonlinear	JJ
cord-323716-ak6zgyh1	87	3	test	test	NN
cord-323716-ak6zgyh1	87	4	supported	support	VBD
cord-323716-ak6zgyh1	87	5	their	-PRON-	PRP$
cord-323716-ak6zgyh1	87	6	view	view	NN
cord-323716-ak6zgyh1	87	7	that	that	IN
cord-323716-ak6zgyh1	87	8	the	the	DT
cord-323716-ak6zgyh1	87	9	markets	market	NNS
cord-323716-ak6zgyh1	87	10	are	be	VBP
cord-323716-ak6zgyh1	87	11	fractionally	fractionally	RB
cord-323716-ak6zgyh1	87	12	integrated	integrate	VBN
cord-323716-ak6zgyh1	87	13	.	.	.
cord-323716-ak6zgyh1	88	1	This	this	DT
cord-323716-ak6zgyh1	88	2	result	result	NN
cord-323716-ak6zgyh1	88	3	is	be	VBZ
cord-323716-ak6zgyh1	88	4	quite	quite	RB
cord-323716-ak6zgyh1	88	5	different	different	JJ
cord-323716-ak6zgyh1	88	6	from	from	IN
cord-323716-ak6zgyh1	88	7	previous	previous	JJ
cord-323716-ak6zgyh1	88	8	studies	study	NNS
cord-323716-ak6zgyh1	88	9	.	.	.
cord-323716-ak6zgyh1	89	1	Comparing	compare	VBG
cord-323716-ak6zgyh1	89	2	results	result	NNS
cord-323716-ak6zgyh1	89	3	from	from	IN
cord-323716-ak6zgyh1	89	4	the	the	DT
cord-323716-ak6zgyh1	89	5	United	United	NNP
cord-323716-ak6zgyh1	89	6	States	States	NNP
cord-323716-ak6zgyh1	89	7	,	,	,
cord-323716-ak6zgyh1	89	8	Wilson	Wilson	NNP
cord-323716-ak6zgyh1	89	9	,	,	,
cord-323716-ak6zgyh1	89	10	Okunev	Okunev	NNP
cord-323716-ak6zgyh1	89	11	,	,	,
cord-323716-ak6zgyh1	89	12	and	and	CC
cord-323716-ak6zgyh1	89	13	Ta	Ta	NNP
cord-323716-ak6zgyh1	89	14	(	(	-LRB-
cord-323716-ak6zgyh1	89	15	1996	1996	CD
cord-323716-ak6zgyh1	89	16	)	)	-RRB-
cord-323716-ak6zgyh1	89	17	collected	collect	VBD
cord-323716-ak6zgyh1	89	18	Australian	australian	JJ
cord-323716-ak6zgyh1	89	19	data	datum	NNS
cord-323716-ak6zgyh1	89	20	to	to	TO
cord-323716-ak6zgyh1	89	21	explore	explore	VB
cord-323716-ak6zgyh1	89	22	whether	whether	IN
cord-323716-ak6zgyh1	89	23	real	real	JJ
cord-323716-ak6zgyh1	89	24	estate	estate	NN
cord-323716-ak6zgyh1	89	25	and	and	CC
cord-323716-ak6zgyh1	89	26	equity	equity	NN
cord-323716-ak6zgyh1	89	27	markets	market	NNS
cord-323716-ak6zgyh1	89	28	are	be	VBP
cord-323716-ak6zgyh1	89	29	integrated	integrate	VBN
cord-323716-ak6zgyh1	89	30	.	.	.
cord-323716-ak6zgyh1	90	1	They	-PRON-	PRP
cord-323716-ak6zgyh1	90	2	employed	employ	VBD
cord-323716-ak6zgyh1	90	3	a	a	DT
cord-323716-ak6zgyh1	90	4	multi	multi	JJ
cord-323716-ak6zgyh1	90	5	-	-	JJ
cord-323716-ak6zgyh1	90	6	index	index	JJ
cord-323716-ak6zgyh1	90	7	framework	framework	NN
cord-323716-ak6zgyh1	90	8	of	of	IN
cord-323716-ak6zgyh1	90	9	the	the	DT
cord-323716-ak6zgyh1	90	10	arbitrage	arbitrage	NN
cord-323716-ak6zgyh1	90	11	pricing	pricing	NN
cord-323716-ak6zgyh1	90	12	model	model	NN
cord-323716-ak6zgyh1	90	13	(	(	-LRB-
cord-323716-ak6zgyh1	90	14	APM	APM	NNP
cord-323716-ak6zgyh1	90	15	)	)	-RRB-
cord-323716-ak6zgyh1	90	16	to	to	TO
cord-323716-ak6zgyh1	90	17	test	test	VB
cord-323716-ak6zgyh1	90	18	for	for	IN
cord-323716-ak6zgyh1	90	19	a	a	DT
cord-323716-ak6zgyh1	90	20	co	co	JJ
cord-323716-ak6zgyh1	90	21	-	-	JJ
cord-323716-ak6zgyh1	90	22	integration	integration	JJ
cord-323716-ak6zgyh1	90	23	relationship	relationship	NN
cord-323716-ak6zgyh1	90	24	between	between	IN
cord-323716-ak6zgyh1	90	25	real	real	JJ
cord-323716-ak6zgyh1	90	26	estate	estate	NN
cord-323716-ak6zgyh1	90	27	and	and	CC
cord-323716-ak6zgyh1	90	28	equity	equity	NN
cord-323716-ak6zgyh1	90	29	markets	market	NNS
cord-323716-ak6zgyh1	90	30	.	.	.
cord-323716-ak6zgyh1	91	1	Their	-PRON-	PRP$
cord-323716-ak6zgyh1	91	2	results	result	NNS
cord-323716-ak6zgyh1	91	3	suggested	suggest	VBD
cord-323716-ak6zgyh1	91	4	that	that	IN
cord-323716-ak6zgyh1	91	5	the	the	DT
cord-323716-ak6zgyh1	91	6	cointegration	cointegration	NN
cord-323716-ak6zgyh1	91	7	relationship	relationship	NN
cord-323716-ak6zgyh1	91	8	between	between	IN
cord-323716-ak6zgyh1	91	9	these	these	DT
cord-323716-ak6zgyh1	91	10	two	two	CD
cord-323716-ak6zgyh1	91	11	markets	market	NNS
cord-323716-ak6zgyh1	91	12	is	be	VBZ
cord-323716-ak6zgyh1	91	13	weak	weak	JJ
cord-323716-ak6zgyh1	91	14	in	in	IN
cord-323716-ak6zgyh1	91	15	Australia	Australia	NNP
cord-323716-ak6zgyh1	91	16	.	.	.
cord-323716-ak6zgyh1	92	1	The	the	DT
cord-323716-ak6zgyh1	92	2	quality	quality	NN
cord-323716-ak6zgyh1	92	3	and	and	CC
cord-323716-ak6zgyh1	92	4	characteristics	characteristic	NNS
cord-323716-ak6zgyh1	92	5	of	of	IN
cord-323716-ak6zgyh1	92	6	data	datum	NNS
cord-323716-ak6zgyh1	92	7	may	may	MD
cord-323716-ak6zgyh1	92	8	also	also	RB
cord-323716-ak6zgyh1	92	9	lead	lead	VB
cord-323716-ak6zgyh1	92	10	to	to	IN
cord-323716-ak6zgyh1	92	11	different	different	JJ
cord-323716-ak6zgyh1	92	12	results	result	NNS
cord-323716-ak6zgyh1	92	13	when	when	WRB
cord-323716-ak6zgyh1	92	14	testing	test	VBG
cord-323716-ak6zgyh1	92	15	for	for	IN
cord-323716-ak6zgyh1	92	16	cointegration	cointegration	NN
cord-323716-ak6zgyh1	92	17	.	.	.
cord-323716-ak6zgyh1	93	1	Ling	Ling	NNP
cord-323716-ak6zgyh1	93	2	and	and	CC
cord-323716-ak6zgyh1	93	3	Naranjo	Naranjo	NNP
cord-323716-ak6zgyh1	93	4	(	(	-LRB-
cord-323716-ak6zgyh1	93	5	1999	1999	CD
cord-323716-ak6zgyh1	93	6	)	)	-RRB-
cord-323716-ak6zgyh1	93	7	employed	employ	VBD
cord-323716-ak6zgyh1	93	8	the	the	DT
cord-323716-ak6zgyh1	93	9	multifactor	multifactor	NN
cord-323716-ak6zgyh1	93	10	model	model	NN
cord-323716-ak6zgyh1	93	11	to	to	TO
cord-323716-ak6zgyh1	93	12	explore	explore	VB
cord-323716-ak6zgyh1	93	13	the	the	DT
cord-323716-ak6zgyh1	93	14	integration	integration	NN
cord-323716-ak6zgyh1	93	15	relationship	relationship	NN
cord-323716-ak6zgyh1	93	16	between	between	IN
cord-323716-ak6zgyh1	93	17	the	the	DT
cord-323716-ak6zgyh1	93	18	US	US	NNP
cord-323716-ak6zgyh1	93	19	commercial	commercial	JJ
cord-323716-ak6zgyh1	93	20	real	real	JJ
cord-323716-ak6zgyh1	93	21	estate	estate	NN
cord-323716-ak6zgyh1	93	22	market	market	NN
cord-323716-ak6zgyh1	93	23	(	(	-LRB-
cord-323716-ak6zgyh1	93	24	both	both	DT
cord-323716-ak6zgyh1	93	25	exchange	exchange	NN
cord-323716-ak6zgyh1	93	26	-	-	HYPH
cord-323716-ak6zgyh1	93	27	traded	trade	VBN
cord-323716-ak6zgyh1	93	28	and	and	CC
cord-323716-ak6zgyh1	93	29	non	non	JJ
cord-323716-ak6zgyh1	93	30	-	-	JJ
cord-323716-ak6zgyh1	93	31	exchange	exchange	NN
cord-323716-ak6zgyh1	93	32	-	-	HYPH
cord-323716-ak6zgyh1	93	33	traded	trade	VBN
cord-323716-ak6zgyh1	93	34	)	)	-RRB-
cord-323716-ak6zgyh1	93	35	and	and	CC
cord-323716-ak6zgyh1	93	36	the	the	DT
cord-323716-ak6zgyh1	93	37	stock	stock	NN
cord-323716-ak6zgyh1	93	38	market	market	NN
cord-323716-ak6zgyh1	93	39	.	.	.
cord-323716-ak6zgyh1	94	1	They	-PRON-	PRP
cord-323716-ak6zgyh1	94	2	found	find	VBD
cord-323716-ak6zgyh1	94	3	that	that	IN
cord-323716-ak6zgyh1	94	4	the	the	DT
cord-323716-ak6zgyh1	94	5	market	market	NN
cord-323716-ak6zgyh1	94	6	for	for	IN
cord-323716-ak6zgyh1	94	7	traded	trade	VBN
cord-323716-ak6zgyh1	94	8	real	real	JJ
cord-323716-ak6zgyh1	94	9	estate	estate	NN
cord-323716-ak6zgyh1	94	10	companies	company	NNS
cord-323716-ak6zgyh1	94	11	,	,	,
cord-323716-ak6zgyh1	94	12	including	include	VBG
cord-323716-ak6zgyh1	94	13	REITs	reit	NNS
cord-323716-ak6zgyh1	94	14	,	,	,
cord-323716-ak6zgyh1	94	15	is	be	VBZ
cord-323716-ak6zgyh1	94	16	integrated	integrate	VBN
cord-323716-ak6zgyh1	94	17	with	with	IN
cord-323716-ak6zgyh1	94	18	the	the	DT
cord-323716-ak6zgyh1	94	19	stock	stock	NN
cord-323716-ak6zgyh1	94	20	market	market	NN
cord-323716-ak6zgyh1	94	21	.	.	.
cord-323716-ak6zgyh1	95	1	However	however	RB
cord-323716-ak6zgyh1	95	2	,	,	,
cord-323716-ak6zgyh1	95	3	they	-PRON-	PRP
cord-323716-ak6zgyh1	95	4	also	also	RB
cord-323716-ak6zgyh1	95	5	found	find	VBD
cord-323716-ak6zgyh1	95	6	that	that	IN
cord-323716-ak6zgyh1	95	7	,	,	,
cord-323716-ak6zgyh1	95	8	consistent	consistent	JJ
cord-323716-ak6zgyh1	95	9	with	with	IN
cord-323716-ak6zgyh1	95	10	the	the	DT
cord-323716-ak6zgyh1	95	11	results	result	NNS
cord-323716-ak6zgyh1	95	12	of	of	IN
cord-323716-ak6zgyh1	95	13	Liu	Liu	NNP
cord-323716-ak6zgyh1	95	14	et	et	NNP
cord-323716-ak6zgyh1	95	15	al	al	NNP
cord-323716-ak6zgyh1	95	16	.	.	.
cord-323716-ak6zgyh1	96	1	(	(	-LRB-
cord-323716-ak6zgyh1	96	2	1990	1990	CD
cord-323716-ak6zgyh1	96	3	)	)	-RRB-
cord-323716-ak6zgyh1	96	4	,	,	,
cord-323716-ak6zgyh1	96	5	the	the	DT
cord-323716-ak6zgyh1	96	6	"	"	``
cord-323716-ak6zgyh1	96	7	appraisalbased	appraisalbased	JJ
cord-323716-ak6zgyh1	96	8	"	"	''
cord-323716-ak6zgyh1	96	9	real	real	JJ
cord-323716-ak6zgyh1	96	10	estate	estate	NN
cord-323716-ak6zgyh1	96	11	returns	return	NNS
cord-323716-ak6zgyh1	96	12	failed	fail	VBD
cord-323716-ak6zgyh1	96	13	to	to	TO
cord-323716-ak6zgyh1	96	14	integrate	integrate	VB
cord-323716-ak6zgyh1	96	15	with	with	IN
cord-323716-ak6zgyh1	96	16	the	the	DT
cord-323716-ak6zgyh1	96	17	stock	stock	NN
cord-323716-ak6zgyh1	96	18	market	market	NN
cord-323716-ak6zgyh1	96	19	returns	return	NNS
cord-323716-ak6zgyh1	96	20	,	,	,
cord-323716-ak6zgyh1	96	21	which	which	WDT
cord-323716-ak6zgyh1	96	22	may	may	MD
cord-323716-ak6zgyh1	96	23	indicate	indicate	VB
cord-323716-ak6zgyh1	96	24	that	that	IN
cord-323716-ak6zgyh1	96	25	it	-PRON-	PRP
cord-323716-ak6zgyh1	96	26	is	be	VBZ
cord-323716-ak6zgyh1	96	27	not	not	RB
cord-323716-ak6zgyh1	96	28	an	an	DT
cord-323716-ak6zgyh1	96	29	accurate	accurate	JJ
cord-323716-ak6zgyh1	96	30	proxy	proxy	NN
cord-323716-ak6zgyh1	96	31	for	for	IN
cord-323716-ak6zgyh1	96	32	commercial	commercial	JJ
cord-323716-ak6zgyh1	96	33	real	real	JJ
cord-323716-ak6zgyh1	96	34	estate	estate	NN
cord-323716-ak6zgyh1	96	35	returns	return	NNS
cord-323716-ak6zgyh1	96	36	.	.	.
cord-323716-ak6zgyh1	97	1	Wilson	Wilson	NNP
cord-323716-ak6zgyh1	97	2	and	and	CC
cord-323716-ak6zgyh1	97	3	Okunev	Okunev	NNP
cord-323716-ak6zgyh1	97	4	(	(	-LRB-
cord-323716-ak6zgyh1	97	5	1999	1999	CD
cord-323716-ak6zgyh1	97	6	)	)	-RRB-
cord-323716-ak6zgyh1	97	7	applied	apply	VBD
cord-323716-ak6zgyh1	97	8	the	the	DT
cord-323716-ak6zgyh1	97	9	technique	technique	NN
cord-323716-ak6zgyh1	97	10	of	of	IN
cord-323716-ak6zgyh1	97	11	fractional	fractional	JJ
cord-323716-ak6zgyh1	97	12	co	co	NN
cord-323716-ak6zgyh1	97	13	-	-	NN
cord-323716-ak6zgyh1	97	14	integration	integration	NN
cord-323716-ak6zgyh1	97	15	to	to	TO
cord-323716-ak6zgyh1	97	16	explore	explore	VB
cord-323716-ak6zgyh1	97	17	the	the	DT
cord-323716-ak6zgyh1	97	18	relationship	relationship	NN
cord-323716-ak6zgyh1	97	19	between	between	IN
cord-323716-ak6zgyh1	97	20	stock	stock	NN
cord-323716-ak6zgyh1	97	21	and	and	CC
cord-323716-ak6zgyh1	97	22	real	real	JJ
cord-323716-ak6zgyh1	97	23	estate	estate	NN
cord-323716-ak6zgyh1	97	24	markets	market	NNS
cord-323716-ak6zgyh1	97	25	in	in	IN
cord-323716-ak6zgyh1	97	26	the	the	DT
cord-323716-ak6zgyh1	97	27	United	United	NNP
cord-323716-ak6zgyh1	97	28	States	States	NNP
cord-323716-ak6zgyh1	97	29	,	,	,
cord-323716-ak6zgyh1	97	30	United	United	NNP
cord-323716-ak6zgyh1	97	31	Kingdom	Kingdom	NNP
cord-323716-ak6zgyh1	97	32	,	,	,
cord-323716-ak6zgyh1	97	33	and	and	CC
cord-323716-ak6zgyh1	97	34	Australia	Australia	NNP
cord-323716-ak6zgyh1	97	35	from	from	IN
cord-323716-ak6zgyh1	97	36	1971	1971	CD
cord-323716-ak6zgyh1	97	37	to	to	IN
cord-323716-ak6zgyh1	97	38	1993	1993	CD
cord-323716-ak6zgyh1	97	39	.	.	.
cord-323716-ak6zgyh1	98	1	They	-PRON-	PRP
cord-323716-ak6zgyh1	98	2	found	find	VBD
cord-323716-ak6zgyh1	98	3	that	that	IN
cord-323716-ak6zgyh1	98	4	there	there	EX
cord-323716-ak6zgyh1	98	5	was	be	VBD
cord-323716-ak6zgyh1	98	6	no	no	DT
cord-323716-ak6zgyh1	98	7	long	long	JJ
cord-323716-ak6zgyh1	98	8	-	-	HYPH
cord-323716-ak6zgyh1	98	9	run	run	NN
cord-323716-ak6zgyh1	98	10	relationship	relationship	NN
cord-323716-ak6zgyh1	98	11	between	between	IN
cord-323716-ak6zgyh1	98	12	the	the	DT
cord-323716-ak6zgyh1	98	13	stock	stock	NN
cord-323716-ak6zgyh1	98	14	and	and	CC
cord-323716-ak6zgyh1	98	15	real	real	JJ
cord-323716-ak6zgyh1	98	16	estate	estate	NN
cord-323716-ak6zgyh1	98	17	markets	market	NNS
cord-323716-ak6zgyh1	98	18	in	in	IN
cord-323716-ak6zgyh1	98	19	these	these	DT
cord-323716-ak6zgyh1	98	20	countries	country	NNS
cord-323716-ak6zgyh1	98	21	.	.	.
cord-323716-ak6zgyh1	99	1	They	-PRON-	PRP
cord-323716-ak6zgyh1	99	2	further	further	RB
cord-323716-ak6zgyh1	99	3	argued	argue	VBD
cord-323716-ak6zgyh1	99	4	that	that	IN
cord-323716-ak6zgyh1	99	5	the	the	DT
cord-323716-ak6zgyh1	99	6	stock	stock	NN
cord-323716-ak6zgyh1	99	7	crash	crash	NN
cord-323716-ak6zgyh1	99	8	of	of	IN
cord-323716-ak6zgyh1	99	9	1987	1987	CD
cord-323716-ak6zgyh1	99	10	might	may	MD
cord-323716-ak6zgyh1	99	11	have	have	VB
cord-323716-ak6zgyh1	99	12	incurred	incur	VBN
cord-323716-ak6zgyh1	99	13	the	the	DT
cord-323716-ak6zgyh1	99	14	structural	structural	JJ
cord-323716-ak6zgyh1	99	15	change	change	NN
cord-323716-ak6zgyh1	99	16	,	,	,
cord-323716-ak6zgyh1	99	17	and	and	CC
cord-323716-ak6zgyh1	99	18	they	-PRON-	PRP
cord-323716-ak6zgyh1	99	19	chose	choose	VBD
cord-323716-ak6zgyh1	99	20	that	that	IN
cord-323716-ak6zgyh1	99	21	as	as	IN
cord-323716-ak6zgyh1	99	22	a	a	DT
cord-323716-ak6zgyh1	99	23	breaking	breaking	JJ
cord-323716-ak6zgyh1	99	24	point	point	NN
cord-323716-ak6zgyh1	99	25	of	of	IN
cord-323716-ak6zgyh1	99	26	the	the	DT
cord-323716-ak6zgyh1	99	27	structural	structural	JJ
cord-323716-ak6zgyh1	99	28	change	change	NN
cord-323716-ak6zgyh1	99	29	and	and	CC
cord-323716-ak6zgyh1	99	30	re	re	NNS
cord-323716-ak6zgyh1	99	31	-	-	VBN
cord-323716-ak6zgyh1	99	32	examined	examine	VBD
cord-323716-ak6zgyh1	99	33	the	the	DT
cord-323716-ak6zgyh1	99	34	issue	issue	NN
cord-323716-ak6zgyh1	99	35	.	.	.
cord-323716-ak6zgyh1	100	1	They	-PRON-	PRP
cord-323716-ak6zgyh1	100	2	found	find	VBD
cord-323716-ak6zgyh1	100	3	that	that	IN
cord-323716-ak6zgyh1	100	4	there	there	EX
cord-323716-ak6zgyh1	100	5	was	be	VBD
cord-323716-ak6zgyh1	100	6	a	a	DT
cord-323716-ak6zgyh1	100	7	cointegration	cointegration	NN
cord-323716-ak6zgyh1	100	8	relationship	relationship	NN
cord-323716-ak6zgyh1	100	9	between	between	IN
cord-323716-ak6zgyh1	100	10	the	the	DT
cord-323716-ak6zgyh1	100	11	stock	stock	NN
cord-323716-ak6zgyh1	100	12	and	and	CC
cord-323716-ak6zgyh1	100	13	real	real	JJ
cord-323716-ak6zgyh1	100	14	estate	estate	NN
cord-323716-ak6zgyh1	100	15	markets	market	NNS
cord-323716-ak6zgyh1	100	16	in	in	IN
cord-323716-ak6zgyh1	100	17	the	the	DT
cord-323716-ak6zgyh1	100	18	United	United	NNP
cord-323716-ak6zgyh1	100	19	States	States	NNP
cord-323716-ak6zgyh1	100	20	from	from	IN
cord-323716-ak6zgyh1	100	21	1971	1971	CD
cord-323716-ak6zgyh1	100	22	to	to	IN
cord-323716-ak6zgyh1	100	23	1987	1987	CD
cord-323716-ak6zgyh1	100	24	and	and	CC
cord-323716-ak6zgyh1	100	25	in	in	IN
cord-323716-ak6zgyh1	100	26	the	the	DT
cord-323716-ak6zgyh1	100	27	United	United	NNP
cord-323716-ak6zgyh1	100	28	Kingdom	Kingdom	NNP
cord-323716-ak6zgyh1	100	29	from	from	IN
cord-323716-ak6zgyh1	100	30	1988	1988	CD
cord-323716-ak6zgyh1	100	31	to	to	IN
cord-323716-ak6zgyh1	100	32	1993	1993	CD
cord-323716-ak6zgyh1	100	33	.	.	.
cord-323716-ak6zgyh1	101	1	Quan	Quan	NNP
cord-323716-ak6zgyh1	101	2	and	and	CC
cord-323716-ak6zgyh1	101	3	Titman	Titman	NNP
cord-323716-ak6zgyh1	101	4	(	(	-LRB-
cord-323716-ak6zgyh1	101	5	1999	1999	CD
cord-323716-ak6zgyh1	101	6	)	)	-RRB-
cord-323716-ak6zgyh1	101	7	examined	examine	VBD
cord-323716-ak6zgyh1	101	8	stock	stock	NN
cord-323716-ak6zgyh1	101	9	and	and	CC
cord-323716-ak6zgyh1	101	10	real	real	JJ
cord-323716-ak6zgyh1	101	11	estate	estate	NN
cord-323716-ak6zgyh1	101	12	markets	market	NNS
cord-323716-ak6zgyh1	101	13	in	in	IN
cord-323716-ak6zgyh1	101	14	seventeen	seventeen	CD
cord-323716-ak6zgyh1	101	15	countries	country	NNS
cord-323716-ak6zgyh1	101	16	and	and	CC
cord-323716-ak6zgyh1	101	17	found	find	VBD
cord-323716-ak6zgyh1	101	18	that	that	IN
cord-323716-ak6zgyh1	101	19	the	the	DT
cord-323716-ak6zgyh1	101	20	relationship	relationship	NN
cord-323716-ak6zgyh1	101	21	between	between	IN
cord-323716-ak6zgyh1	101	22	real	real	JJ
cord-323716-ak6zgyh1	101	23	estate	estate	NN
cord-323716-ak6zgyh1	101	24	and	and	CC
cord-323716-ak6zgyh1	101	25	stock	stock	NN
cord-323716-ak6zgyh1	101	26	returns	return	NNS
cord-323716-ak6zgyh1	101	27	is	be	VBZ
cord-323716-ak6zgyh1	101	28	not	not	RB
cord-323716-ak6zgyh1	101	29	statistically	statistically	RB
cord-323716-ak6zgyh1	101	30	significant	significant	JJ
cord-323716-ak6zgyh1	101	31	,	,	,
cord-323716-ak6zgyh1	101	32	except	except	IN
cord-323716-ak6zgyh1	101	33	in	in	IN
cord-323716-ak6zgyh1	101	34	Japan	Japan	NNP
cord-323716-ak6zgyh1	101	35	.	.	.
cord-323716-ak6zgyh1	102	1	In	in	IN
cord-323716-ak6zgyh1	102	2	relation	relation	NN
cord-323716-ak6zgyh1	102	3	to	to	IN
cord-323716-ak6zgyh1	102	4	the	the	DT
cord-323716-ak6zgyh1	102	5	study	study	NN
cord-323716-ak6zgyh1	102	6	of	of	IN
cord-323716-ak6zgyh1	102	7	integration	integration	NN
cord-323716-ak6zgyh1	102	8	or	or	CC
cord-323716-ak6zgyh1	102	9	segmentation	segmentation	NN
cord-323716-ak6zgyh1	102	10	between	between	IN
cord-323716-ak6zgyh1	102	11	the	the	DT
cord-323716-ak6zgyh1	102	12	two	two	CD
cord-323716-ak6zgyh1	102	13	markets	market	NNS
cord-323716-ak6zgyh1	102	14	,	,	,
cord-323716-ak6zgyh1	102	15	the	the	DT
cord-323716-ak6zgyh1	102	16	causality	causality	NN
cord-323716-ak6zgyh1	102	17	relationship	relationship	NN
cord-323716-ak6zgyh1	102	18	is	be	VBZ
cord-323716-ak6zgyh1	102	19	another	another	DT
cord-323716-ak6zgyh1	102	20	interesting	interesting	JJ
cord-323716-ak6zgyh1	102	21	issue	issue	NN
cord-323716-ak6zgyh1	102	22	that	that	WDT
cord-323716-ak6zgyh1	102	23	could	could	MD
cord-323716-ak6zgyh1	102	24	assist	assist	VB
cord-323716-ak6zgyh1	102	25	us	-PRON-	PRP
cord-323716-ak6zgyh1	102	26	in	in	IN
cord-323716-ak6zgyh1	102	27	understanding	understand	VBG
cord-323716-ak6zgyh1	102	28	the	the	DT
cord-323716-ak6zgyh1	102	29	extent	extent	NN
cord-323716-ak6zgyh1	102	30	to	to	TO
cord-323716-ak6zgyh1	102	31	which	which	WDT
cord-323716-ak6zgyh1	102	32	they	-PRON-	PRP
cord-323716-ak6zgyh1	102	33	are	be	VBP
cord-323716-ak6zgyh1	102	34	causally	causally	RB
cord-323716-ak6zgyh1	102	35	related	relate	VBN
cord-323716-ak6zgyh1	102	36	.	.	.
cord-323716-ak6zgyh1	103	1	He	-PRON-	PRP
cord-323716-ak6zgyh1	103	2	and	and	CC
cord-323716-ak6zgyh1	103	3	Webb	Webb	NNP
cord-323716-ak6zgyh1	103	4	(	(	-LRB-
cord-323716-ak6zgyh1	103	5	2000	2000	CD
cord-323716-ak6zgyh1	103	6	)	)	-RRB-
cord-323716-ak6zgyh1	103	7	examined	examine	VBD
cord-323716-ak6zgyh1	103	8	the	the	DT
cord-323716-ak6zgyh1	103	9	causal	causal	JJ
cord-323716-ak6zgyh1	103	10	relationship	relationship	NN
cord-323716-ak6zgyh1	103	11	between	between	IN
cord-323716-ak6zgyh1	103	12	the	the	DT
cord-323716-ak6zgyh1	103	13	residential	residential	JJ
cord-323716-ak6zgyh1	103	14	and	and	CC
cord-323716-ak6zgyh1	103	15	commercial	commercial	JJ
cord-323716-ak6zgyh1	103	16	real	real	JJ
cord-323716-ak6zgyh1	103	17	estate	estate	NN
cord-323716-ak6zgyh1	103	18	markets	market	NNS
cord-323716-ak6zgyh1	103	19	,	,	,
cord-323716-ak6zgyh1	103	20	including	include	VBG
cord-323716-ak6zgyh1	103	21	office	office	NN
cord-323716-ak6zgyh1	103	22	,	,	,
cord-323716-ak6zgyh1	103	23	retail	retail	NN
cord-323716-ak6zgyh1	103	24	,	,	,
cord-323716-ak6zgyh1	103	25	and	and	CC
cord-323716-ak6zgyh1	103	26	industrial	industrial	JJ
cord-323716-ak6zgyh1	103	27	properties	property	NNS
cord-323716-ak6zgyh1	103	28	,	,	,
cord-323716-ak6zgyh1	103	29	in	in	IN
cord-323716-ak6zgyh1	103	30	Hong	Hong	NNP
cord-323716-ak6zgyh1	103	31	Kong	Kong	NNP
cord-323716-ak6zgyh1	103	32	.	.	.
cord-323716-ak6zgyh1	104	1	They	-PRON-	PRP
cord-323716-ak6zgyh1	104	2	found	find	VBD
cord-323716-ak6zgyh1	104	3	that	that	IN
cord-323716-ak6zgyh1	104	4	there	there	EX
cord-323716-ak6zgyh1	104	5	is	be	VBZ
cord-323716-ak6zgyh1	104	6	unidirectional	unidirectional	JJ
cord-323716-ak6zgyh1	104	7	causality	causality	NN
cord-323716-ak6zgyh1	104	8	running	run	VBG
cord-323716-ak6zgyh1	104	9	from	from	IN
cord-323716-ak6zgyh1	104	10	residential	residential	JJ
cord-323716-ak6zgyh1	104	11	property	property	NN
cord-323716-ak6zgyh1	104	12	prices	price	NNS
cord-323716-ak6zgyh1	104	13	/	/	SYM
cord-323716-ak6zgyh1	104	14	rentals	rental	NNS
cord-323716-ak6zgyh1	104	15	to	to	IN
cord-323716-ak6zgyh1	104	16	commercial	commercial	JJ
cord-323716-ak6zgyh1	104	17	properties	property	NNS
cord-323716-ak6zgyh1	104	18	.	.	.
cord-323716-ak6zgyh1	105	1	Similarly	similarly	RB
cord-323716-ak6zgyh1	105	2	,	,	,
cord-323716-ak6zgyh1	105	3	Okunev	Okunev	NNP
cord-323716-ak6zgyh1	105	4	,	,	,
cord-323716-ak6zgyh1	105	5	Wilson	Wilson	NNP
cord-323716-ak6zgyh1	105	6	,	,	,
cord-323716-ak6zgyh1	105	7	and	and	CC
cord-323716-ak6zgyh1	105	8	Zurbruegg	Zurbruegg	NNP
cord-323716-ak6zgyh1	105	9	(	(	-LRB-
cord-323716-ak6zgyh1	105	10	2000	2000	CD
cord-323716-ak6zgyh1	105	11	)	)	-RRB-
cord-323716-ak6zgyh1	105	12	applied	apply	VBD
cord-323716-ak6zgyh1	105	13	both	both	CC
cord-323716-ak6zgyh1	105	14	linear	linear	JJ
cord-323716-ak6zgyh1	105	15	and	and	CC
cord-323716-ak6zgyh1	105	16	nonlinear	nonlinear	JJ
cord-323716-ak6zgyh1	105	17	causality	causality	NN
cord-323716-ak6zgyh1	105	18	approaches	approach	NNS
cord-323716-ak6zgyh1	105	19	to	to	TO
cord-323716-ak6zgyh1	105	20	investigate	investigate	VB
cord-323716-ak6zgyh1	105	21	the	the	DT
cord-323716-ak6zgyh1	105	22	dynamic	dynamic	JJ
cord-323716-ak6zgyh1	105	23	relationship	relationship	NN
cord-323716-ak6zgyh1	105	24	between	between	IN
cord-323716-ak6zgyh1	105	25	real	real	JJ
cord-323716-ak6zgyh1	105	26	estate	estate	NN
cord-323716-ak6zgyh1	105	27	and	and	CC
cord-323716-ak6zgyh1	105	28	the	the	DT
cord-323716-ak6zgyh1	105	29	S&P	S&P	NNP
cord-323716-ak6zgyh1	105	30	500	500	CD
cord-323716-ak6zgyh1	105	31	index	index	NN
cord-323716-ak6zgyh1	105	32	in	in	IN
cord-323716-ak6zgyh1	105	33	the	the	DT
cord-323716-ak6zgyh1	105	34	United	United	NNP
cord-323716-ak6zgyh1	105	35	States	States	NNP
cord-323716-ak6zgyh1	105	36	from	from	IN
cord-323716-ak6zgyh1	105	37	1972	1972	CD
cord-323716-ak6zgyh1	105	38	to	to	IN
cord-323716-ak6zgyh1	105	39	1988	1988	CD
cord-323716-ak6zgyh1	105	40	.	.	.
cord-323716-ak6zgyh1	106	1	They	-PRON-	PRP
cord-323716-ak6zgyh1	106	2	found	find	VBD
cord-323716-ak6zgyh1	106	3	that	that	IN
cord-323716-ak6zgyh1	106	4	the	the	DT
cord-323716-ak6zgyh1	106	5	linear	linear	JJ
cord-323716-ak6zgyh1	106	6	causality	causality	NN
cord-323716-ak6zgyh1	106	7	results	result	NNS
cord-323716-ak6zgyh1	106	8	were	be	VBD
cord-323716-ak6zgyh1	106	9	spurious	spurious	JJ
cord-323716-ak6zgyh1	106	10	,	,	,
cord-323716-ak6zgyh1	106	11	but	but	CC
cord-323716-ak6zgyh1	106	12	that	that	IN
cord-323716-ak6zgyh1	106	13	there	there	EX
cord-323716-ak6zgyh1	106	14	was	be	VBD
cord-323716-ak6zgyh1	106	15	a	a	DT
cord-323716-ak6zgyh1	106	16	strong	strong	JJ
cord-323716-ak6zgyh1	106	17	unidirectional	unidirectional	JJ
cord-323716-ak6zgyh1	106	18	relationship	relationship	NN
cord-323716-ak6zgyh1	106	19	running	run	VBG
cord-323716-ak6zgyh1	106	20	from	from	IN
cord-323716-ak6zgyh1	106	21	the	the	DT
cord-323716-ak6zgyh1	106	22	stock	stock	NN
cord-323716-ak6zgyh1	106	23	market	market	NN
cord-323716-ak6zgyh1	106	24	to	to	IN
cord-323716-ak6zgyh1	106	25	the	the	DT
cord-323716-ak6zgyh1	106	26	real	real	JJ
cord-323716-ak6zgyh1	106	27	estate	estate	NN
cord-323716-ak6zgyh1	106	28	market	market	NN
cord-323716-ak6zgyh1	106	29	.	.	.
cord-323716-ak6zgyh1	107	1	Due	due	IN
cord-323716-ak6zgyh1	107	2	to	to	IN
cord-323716-ak6zgyh1	107	3	rapid	rapid	JJ
cord-323716-ak6zgyh1	107	4	economic	economic	JJ
cord-323716-ak6zgyh1	107	5	growth	growth	NN
cord-323716-ak6zgyh1	107	6	in	in	IN
cord-323716-ak6zgyh1	107	7	Asia	Asia	NNP
cord-323716-ak6zgyh1	107	8	,	,	,
cord-323716-ak6zgyh1	107	9	many	many	JJ
cord-323716-ak6zgyh1	107	10	scholars	scholar	NNS
cord-323716-ak6zgyh1	107	11	have	have	VBP
cord-323716-ak6zgyh1	107	12	attempted	attempt	VBN
cord-323716-ak6zgyh1	107	13	to	to	TO
cord-323716-ak6zgyh1	107	14	analyze	analyze	VB
cord-323716-ak6zgyh1	107	15	asset	asset	NN
cord-323716-ak6zgyh1	107	16	markets	market	NNS
cord-323716-ak6zgyh1	107	17	in	in	IN
cord-323716-ak6zgyh1	107	18	the	the	DT
cord-323716-ak6zgyh1	107	19	region	region	NN
cord-323716-ak6zgyh1	107	20	.	.	.
cord-323716-ak6zgyh1	108	1	For	for	IN
cord-323716-ak6zgyh1	108	2	example	example	NN
cord-323716-ak6zgyh1	108	3	,	,	,
cord-323716-ak6zgyh1	108	4	Phylaktis	Phylaktis	NNP
cord-323716-ak6zgyh1	108	5	(	(	-LRB-
cord-323716-ak6zgyh1	108	6	1997	1997	CD
cord-323716-ak6zgyh1	108	7	)	)	-RRB-
cord-323716-ak6zgyh1	108	8	examined	examine	VBD
cord-323716-ak6zgyh1	108	9	the	the	DT
cord-323716-ak6zgyh1	108	10	extent	extent	NN
cord-323716-ak6zgyh1	108	11	of	of	IN
cord-323716-ak6zgyh1	108	12	integration	integration	NN
cord-323716-ak6zgyh1	108	13	in	in	IN
cord-323716-ak6zgyh1	108	14	the	the	DT
cord-323716-ak6zgyh1	108	15	Pacific	Pacific	NNP
cord-323716-ak6zgyh1	108	16	-	-	HYPH
cord-323716-ak6zgyh1	108	17	Basin	Basin	NNP
cord-323716-ak6zgyh1	108	18	region	region	NN
cord-323716-ak6zgyh1	108	19	by	by	IN
cord-323716-ak6zgyh1	108	20	analyzing	analyze	VBG
cord-323716-ak6zgyh1	108	21	the	the	DT
cord-323716-ak6zgyh1	108	22	co	co	NNS
cord-323716-ak6zgyh1	108	23	-	-	NNS
cord-323716-ak6zgyh1	108	24	movements	movement	NNS
cord-323716-ak6zgyh1	108	25	of	of	IN
cord-323716-ak6zgyh1	108	26	real	real	JJ
cord-323716-ak6zgyh1	108	27	interest	interest	NN
cord-323716-ak6zgyh1	108	28	rates	rate	NNS
cord-323716-ak6zgyh1	108	29	.	.	.
cord-323716-ak6zgyh1	109	1	He	-PRON-	PRP
cord-323716-ak6zgyh1	109	2	found	find	VBD
cord-323716-ak6zgyh1	109	3	that	that	IN
cord-323716-ak6zgyh1	109	4	there	there	EX
cord-323716-ak6zgyh1	109	5	is	be	VBZ
cord-323716-ak6zgyh1	109	6	integration	integration	NN
cord-323716-ak6zgyh1	109	7	of	of	IN
cord-323716-ak6zgyh1	109	8	capital	capital	NN
cord-323716-ak6zgyh1	109	9	markets	market	NNS
cord-323716-ak6zgyh1	109	10	in	in	IN
cord-323716-ak6zgyh1	109	11	Singapore	Singapore	NNP
cord-323716-ak6zgyh1	109	12	,	,	,
cord-323716-ak6zgyh1	109	13	Hong	Hong	NNP
cord-323716-ak6zgyh1	109	14	Kong	Kong	NNP
cord-323716-ak6zgyh1	109	15	,	,	,
cord-323716-ak6zgyh1	109	16	and	and	CC
cord-323716-ak6zgyh1	109	17	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	109	18	.	.	.
cord-323716-ak6zgyh1	110	1	Masih	Masih	NNP
cord-323716-ak6zgyh1	110	2	and	and	CC
cord-323716-ak6zgyh1	110	3	Masih	Masih	NNP
cord-323716-ak6zgyh1	110	4	(	(	-LRB-
cord-323716-ak6zgyh1	110	5	1999	1999	CD
cord-323716-ak6zgyh1	110	6	)	)	-RRB-
cord-323716-ak6zgyh1	110	7	examined	examine	VBD
cord-323716-ak6zgyh1	110	8	the	the	DT
cord-323716-ak6zgyh1	110	9	dynamic	dynamic	JJ
cord-323716-ak6zgyh1	110	10	linkages	linkage	NNS
cord-323716-ak6zgyh1	110	11	among	among	IN
cord-323716-ak6zgyh1	110	12	Asian	asian	JJ
cord-323716-ak6zgyh1	110	13	emerging	emerge	VBG
cord-323716-ak6zgyh1	110	14	stock	stock	NN
cord-323716-ak6zgyh1	110	15	markets	market	NNS
cord-323716-ak6zgyh1	110	16	.	.	.
cord-323716-ak6zgyh1	111	1	They	-PRON-	PRP
cord-323716-ak6zgyh1	111	2	found	find	VBD
cord-323716-ak6zgyh1	111	3	evidence	evidence	NN
cord-323716-ak6zgyh1	111	4	of	of	IN
cord-323716-ak6zgyh1	111	5	co	co	NN
cord-323716-ak6zgyh1	111	6	-	-	NN
cord-323716-ak6zgyh1	111	7	integration	integration	NN
cord-323716-ak6zgyh1	111	8	among	among	IN
cord-323716-ak6zgyh1	111	9	these	these	DT
cord-323716-ak6zgyh1	111	10	markets	market	NNS
cord-323716-ak6zgyh1	111	11	.	.	.
cord-323716-ak6zgyh1	112	1	These	these	DT
cord-323716-ak6zgyh1	112	2	results	result	NNS
cord-323716-ak6zgyh1	112	3	implied	imply	VBD
cord-323716-ak6zgyh1	112	4	that	that	IN
cord-323716-ak6zgyh1	112	5	investors	investor	NNS
cord-323716-ak6zgyh1	112	6	could	could	MD
cord-323716-ak6zgyh1	112	7	take	take	VB
cord-323716-ak6zgyh1	112	8	advantage	advantage	NN
cord-323716-ak6zgyh1	112	9	of	of	IN
cord-323716-ak6zgyh1	112	10	market	market	NN
cord-323716-ak6zgyh1	112	11	inefficiency	inefficiency	NN
cord-323716-ak6zgyh1	112	12	to	to	TO
cord-323716-ak6zgyh1	112	13	engage	engage	VB
cord-323716-ak6zgyh1	112	14	in	in	IN
cord-323716-ak6zgyh1	112	15	arbitrage	arbitrage	NN
cord-323716-ak6zgyh1	112	16	activities	activity	NNS
cord-323716-ak6zgyh1	112	17	.	.	.
cord-323716-ak6zgyh1	113	1	Liow	Liow	NNP
cord-323716-ak6zgyh1	113	2	and	and	CC
cord-323716-ak6zgyh1	113	3	Li	Li	NNP
cord-323716-ak6zgyh1	113	4	(	(	-LRB-
cord-323716-ak6zgyh1	113	5	2006	2006	CD
cord-323716-ak6zgyh1	113	6	)	)	-RRB-
cord-323716-ak6zgyh1	113	7	investigated	investigate	VBD
cord-323716-ak6zgyh1	113	8	whether	whether	IN
cord-323716-ak6zgyh1	113	9	real	real	JJ
cord-323716-ak6zgyh1	113	10	estate	estate	NN
cord-323716-ak6zgyh1	113	11	company	company	NN
cord-323716-ak6zgyh1	113	12	stock	stock	NN
cord-323716-ak6zgyh1	113	13	prices	price	NNS
cord-323716-ak6zgyh1	113	14	deviate	deviate	VBP
cord-323716-ak6zgyh1	113	15	from	from	IN
cord-323716-ak6zgyh1	113	16	their	-PRON-	PRP$
cord-323716-ak6zgyh1	113	17	net	net	JJ
cord-323716-ak6zgyh1	113	18	asset	asset	NN
cord-323716-ak6zgyh1	113	19	values	value	NNS
cord-323716-ak6zgyh1	113	20	(	(	-LRB-
cord-323716-ak6zgyh1	113	21	NAVs	nav	NNS
cord-323716-ak6zgyh1	113	22	)	)	-RRB-
cord-323716-ak6zgyh1	113	23	which	which	WDT
cord-323716-ak6zgyh1	113	24	represent	represent	VBP
cord-323716-ak6zgyh1	113	25	the	the	DT
cord-323716-ak6zgyh1	113	26	underlying	underlying	JJ
cord-323716-ak6zgyh1	113	27	value	value	NN
cord-323716-ak6zgyh1	113	28	of	of	IN
cord-323716-ak6zgyh1	113	29	real	real	JJ
cord-323716-ak6zgyh1	113	30	estate	estate	NN
cord-323716-ak6zgyh1	113	31	assets	asset	NNS
cord-323716-ak6zgyh1	113	32	in	in	IN
cord-323716-ak6zgyh1	113	33	Asian	Asian	NNP
cord-323716-ak6zgyh1	113	34	-	-	HYPH
cord-323716-ak6zgyh1	113	35	Pacific	Pacific	NNP
cord-323716-ak6zgyh1	113	36	securitized	securitize	VBD
cord-323716-ak6zgyh1	113	37	real	real	JJ
cord-323716-ak6zgyh1	113	38	estate	estate	NN
cord-323716-ak6zgyh1	113	39	markets	market	NNS
cord-323716-ak6zgyh1	113	40	.	.	.
cord-323716-ak6zgyh1	114	1	They	-PRON-	PRP
cord-323716-ak6zgyh1	114	2	took	take	VBD
cord-323716-ak6zgyh1	114	3	the	the	DT
cord-323716-ak6zgyh1	114	4	difference	difference	NN
cord-323716-ak6zgyh1	114	5	between	between	IN
cord-323716-ak6zgyh1	114	6	stock	stock	NN
cord-323716-ak6zgyh1	114	7	prices	price	NNS
cord-323716-ak6zgyh1	114	8	and	and	CC
cord-323716-ak6zgyh1	114	9	NAVs	nav	NNS
cord-323716-ak6zgyh1	114	10	and	and	CC
cord-323716-ak6zgyh1	114	11	divided	divide	VBD
cord-323716-ak6zgyh1	114	12	it	-PRON-	PRP
cord-323716-ak6zgyh1	114	13	by	by	IN
cord-323716-ak6zgyh1	114	14	NAV	NAV	NNP
cord-323716-ak6zgyh1	114	15	to	to	TO
cord-323716-ak6zgyh1	114	16	measure	measure	VB
cord-323716-ak6zgyh1	114	17	the	the	DT
cord-323716-ak6zgyh1	114	18	extent	extent	NN
cord-323716-ak6zgyh1	114	19	of	of	IN
cord-323716-ak6zgyh1	114	20	discounts	discount	NNS
cord-323716-ak6zgyh1	114	21	or	or	CC
cord-323716-ak6zgyh1	114	22	premiums	premium	NNS
cord-323716-ak6zgyh1	114	23	of	of	IN
cord-323716-ak6zgyh1	114	24	real	real	JJ
cord-323716-ak6zgyh1	114	25	estate	estate	NN
cord-323716-ak6zgyh1	114	26	stocks	stock	NNS
cord-323716-ak6zgyh1	114	27	(	(	-LRB-
cord-323716-ak6zgyh1	114	28	NAVDISC	NAVDISC	NNP
cord-323716-ak6zgyh1	114	29	)	)	-RRB-
cord-323716-ak6zgyh1	114	30	.	.	.
cord-323716-ak6zgyh1	115	1	They	-PRON-	PRP
cord-323716-ak6zgyh1	115	2	suggest	suggest	VBP
cord-323716-ak6zgyh1	115	3	that	that	IN
cord-323716-ak6zgyh1	115	4	if	if	IN
cord-323716-ak6zgyh1	115	5	there	there	EX
cord-323716-ak6zgyh1	115	6	is	be	VBZ
cord-323716-ak6zgyh1	115	7	a	a	DT
cord-323716-ak6zgyh1	115	8	stable	stable	JJ
cord-323716-ak6zgyh1	115	9	NAVDISC	NAVDISC	NNP
cord-323716-ak6zgyh1	115	10	for	for	IN
cord-323716-ak6zgyh1	115	11	real	real	JJ
cord-323716-ak6zgyh1	115	12	estate	estate	NN
cord-323716-ak6zgyh1	115	13	companies	company	NNS
cord-323716-ak6zgyh1	115	14	in	in	IN
cord-323716-ak6zgyh1	115	15	the	the	DT
cord-323716-ak6zgyh1	115	16	long	long	JJ
cord-323716-ak6zgyh1	115	17	run	run	NN
cord-323716-ak6zgyh1	115	18	,	,	,
cord-323716-ak6zgyh1	115	19	there	there	EX
cord-323716-ak6zgyh1	115	20	should	should	MD
cord-323716-ak6zgyh1	115	21	be	be	VB
cord-323716-ak6zgyh1	115	22	a	a	DT
cord-323716-ak6zgyh1	115	23	long	long	RB
cord-323716-ak6zgyh1	115	24	-	-	HYPH
cord-323716-ak6zgyh1	115	25	run	run	NN
cord-323716-ak6zgyh1	115	26	co	co	NN
cord-323716-ak6zgyh1	115	27	-	-	JJ
cord-323716-ak6zgyh1	115	28	integration	integration	JJ
cord-323716-ak6zgyh1	115	29	relationship	relationship	NN
cord-323716-ak6zgyh1	115	30	between	between	IN
cord-323716-ak6zgyh1	115	31	stock	stock	NN
cord-323716-ak6zgyh1	115	32	prices	price	NNS
cord-323716-ak6zgyh1	115	33	and	and	CC
cord-323716-ak6zgyh1	115	34	NAVs	nav	NNS
cord-323716-ak6zgyh1	115	35	.	.	.
cord-323716-ak6zgyh1	116	1	As	as	IN
cord-323716-ak6zgyh1	116	2	this	this	DT
cord-323716-ak6zgyh1	116	3	review	review	NN
cord-323716-ak6zgyh1	116	4	shows	show	VBZ
cord-323716-ak6zgyh1	116	5	,	,	,
cord-323716-ak6zgyh1	116	6	studies	study	NNS
cord-323716-ak6zgyh1	116	7	of	of	IN
cord-323716-ak6zgyh1	116	8	market	market	NN
cord-323716-ak6zgyh1	116	9	cointegration	cointegration	NN
cord-323716-ak6zgyh1	116	10	have	have	VBP
cord-323716-ak6zgyh1	116	11	given	give	VBN
cord-323716-ak6zgyh1	116	12	diverse	diverse	JJ
cord-323716-ak6zgyh1	116	13	and	and	CC
cord-323716-ak6zgyh1	116	14	inconsistent	inconsistent	JJ
cord-323716-ak6zgyh1	116	15	results	result	NNS
cord-323716-ak6zgyh1	116	16	.	.	.
cord-323716-ak6zgyh1	117	1	This	this	DT
cord-323716-ak6zgyh1	117	2	is	be	VBZ
cord-323716-ak6zgyh1	117	3	partly	partly	RB
cord-323716-ak6zgyh1	117	4	attributable	attributable	JJ
cord-323716-ak6zgyh1	117	5	to	to	IN
cord-323716-ak6zgyh1	117	6	the	the	DT
cord-323716-ak6zgyh1	117	7	different	different	JJ
cord-323716-ak6zgyh1	117	8	time	time	NN
cord-323716-ak6zgyh1	117	9	periods	period	NNS
cord-323716-ak6zgyh1	117	10	examined	examine	VBN
cord-323716-ak6zgyh1	117	11	,	,	,
cord-323716-ak6zgyh1	117	12	quality	quality	NN
cord-323716-ak6zgyh1	117	13	of	of	IN
cord-323716-ak6zgyh1	117	14	data	datum	NNS
cord-323716-ak6zgyh1	117	15	,	,	,
cord-323716-ak6zgyh1	117	16	or	or	CC
cord-323716-ak6zgyh1	117	17	differing	differ	VBG
cord-323716-ak6zgyh1	117	18	economic	economic	JJ
cord-323716-ak6zgyh1	117	19	or	or	CC
cord-323716-ak6zgyh1	117	20	political	political	JJ
cord-323716-ak6zgyh1	117	21	environments	environment	NNS
cord-323716-ak6zgyh1	117	22	.	.	.
cord-323716-ak6zgyh1	118	1	Since	since	IN
cord-323716-ak6zgyh1	118	2	the	the	DT
cord-323716-ak6zgyh1	118	3	causal	causal	JJ
cord-323716-ak6zgyh1	118	4	relationship	relationship	NN
cord-323716-ak6zgyh1	118	5	is	be	VBZ
cord-323716-ak6zgyh1	118	6	concerned	concern	VBN
cord-323716-ak6zgyh1	118	7	with	with	IN
cord-323716-ak6zgyh1	118	8	cointegration	cointegration	NN
cord-323716-ak6zgyh1	118	9	,	,	,
cord-323716-ak6zgyh1	118	10	specific	specific	JJ
cord-323716-ak6zgyh1	118	11	insight	insight	NN
cord-323716-ak6zgyh1	118	12	may	may	MD
cord-323716-ak6zgyh1	118	13	be	be	VB
cord-323716-ak6zgyh1	118	14	provided	provide	VBN
cord-323716-ak6zgyh1	118	15	by	by	IN
cord-323716-ak6zgyh1	118	16	examining	examine	VBG
cord-323716-ak6zgyh1	118	17	the	the	DT
cord-323716-ak6zgyh1	118	18	causal	causal	JJ
cord-323716-ak6zgyh1	118	19	relationship	relationship	NN
cord-323716-ak6zgyh1	118	20	between	between	IN
cord-323716-ak6zgyh1	118	21	stock	stock	NN
cord-323716-ak6zgyh1	118	22	and	and	CC
cord-323716-ak6zgyh1	118	23	real	real	JJ
cord-323716-ak6zgyh1	118	24	estate	estate	NN
cord-323716-ak6zgyh1	118	25	markets	market	NNS
cord-323716-ak6zgyh1	118	26	.	.	.
cord-323716-ak6zgyh1	119	1	Along	along	IN
cord-323716-ak6zgyh1	119	2	with	with	IN
cord-323716-ak6zgyh1	119	3	the	the	DT
cord-323716-ak6zgyh1	119	4	development	development	NN
cord-323716-ak6zgyh1	119	5	of	of	IN
cord-323716-ak6zgyh1	119	6	the	the	DT
cord-323716-ak6zgyh1	119	7	Asian	asian	JJ
cord-323716-ak6zgyh1	119	8	economies	economy	NNS
cord-323716-ak6zgyh1	119	9	and	and	CC
cord-323716-ak6zgyh1	119	10	the	the	DT
cord-323716-ak6zgyh1	119	11	appreciation	appreciation	NN
cord-323716-ak6zgyh1	119	12	of	of	IN
cord-323716-ak6zgyh1	119	13	asset	asset	NN
cord-323716-ak6zgyh1	119	14	prices	price	NNS
cord-323716-ak6zgyh1	119	15	,	,	,
cord-323716-ak6zgyh1	119	16	the	the	DT
cord-323716-ak6zgyh1	119	17	long	long	JJ
cord-323716-ak6zgyh1	119	18	run	run	NN
cord-323716-ak6zgyh1	119	19	and	and	CC
cord-323716-ak6zgyh1	119	20	causal	causal	JJ
cord-323716-ak6zgyh1	119	21	relationship	relationship	NN
cord-323716-ak6zgyh1	119	22	between	between	IN
cord-323716-ak6zgyh1	119	23	the	the	DT
cord-323716-ak6zgyh1	119	24	stock	stock	NN
cord-323716-ak6zgyh1	119	25	and	and	CC
cord-323716-ak6zgyh1	119	26	real	real	JJ
cord-323716-ak6zgyh1	119	27	estate	estate	NN
cord-323716-ak6zgyh1	119	28	markets	market	NNS
cord-323716-ak6zgyh1	119	29	in	in	IN
cord-323716-ak6zgyh1	119	30	this	this	DT
cord-323716-ak6zgyh1	119	31	region	region	NN
cord-323716-ak6zgyh1	119	32	have	have	VBP
cord-323716-ak6zgyh1	119	33	thus	thus	RB
cord-323716-ak6zgyh1	119	34	captured	capture	VBN
cord-323716-ak6zgyh1	119	35	our	-PRON-	PRP$
cord-323716-ak6zgyh1	119	36	attention	attention	NN
cord-323716-ak6zgyh1	119	37	for	for	IN
cord-323716-ak6zgyh1	119	38	further	further	JJ
cord-323716-ak6zgyh1	119	39	empirical	empirical	JJ
cord-323716-ak6zgyh1	119	40	analysis	analysis	NN
cord-323716-ak6zgyh1	119	41	.	.	.
cord-323716-ak6zgyh1	120	1	The	the	DT
cord-323716-ak6zgyh1	120	2	reasons	reason	NNS
cord-323716-ak6zgyh1	120	3	to	to	TO
cord-323716-ak6zgyh1	120	4	choose	choose	VB
cord-323716-ak6zgyh1	120	5	the	the	DT
cord-323716-ak6zgyh1	120	6	economies	economy	NNS
cord-323716-ak6zgyh1	120	7	used	use	VBN
cord-323716-ak6zgyh1	120	8	in	in	IN
cord-323716-ak6zgyh1	120	9	this	this	DT
cord-323716-ak6zgyh1	120	10	study	study	NN
cord-323716-ak6zgyh1	120	11	are	be	VBP
cord-323716-ak6zgyh1	120	12	straightforward	straightforward	JJ
cord-323716-ak6zgyh1	120	13	.	.	.
cord-323716-ak6zgyh1	121	1	First	first	RB
cord-323716-ak6zgyh1	121	2	,	,	,
cord-323716-ak6zgyh1	121	3	Japan	Japan	NNP
cord-323716-ak6zgyh1	121	4	is	be	VBZ
cord-323716-ak6zgyh1	121	5	the	the	DT
cord-323716-ak6zgyh1	121	6	most	most	RBS
cord-323716-ak6zgyh1	121	7	developed	developed	JJ
cord-323716-ak6zgyh1	121	8	country	country	NN
cord-323716-ak6zgyh1	121	9	in	in	IN
cord-323716-ak6zgyh1	121	10	Asia	Asia	NNP
cord-323716-ak6zgyh1	121	11	,	,	,
cord-323716-ak6zgyh1	121	12	and	and	CC
cord-323716-ak6zgyh1	121	13	the	the	DT
cord-323716-ak6zgyh1	121	14	movement	movement	NN
cord-323716-ak6zgyh1	121	15	of	of	IN
cord-323716-ak6zgyh1	121	16	its	-PRON-	PRP$
cord-323716-ak6zgyh1	121	17	stock	stock	NN
cord-323716-ak6zgyh1	121	18	and	and	CC
cord-323716-ak6zgyh1	121	19	real	real	JJ
cord-323716-ak6zgyh1	121	20	estate	estate	NN
cord-323716-ak6zgyh1	121	21	markets	market	NNS
cord-323716-ak6zgyh1	121	22	often	often	RB
cord-323716-ak6zgyh1	121	23	gathers	gather	VBZ
cord-323716-ak6zgyh1	121	24	the	the	DT
cord-323716-ak6zgyh1	121	25	world	world	NN
cord-323716-ak6zgyh1	121	26	's	's	POS
cord-323716-ak6zgyh1	121	27	attention	attention	NN
cord-323716-ak6zgyh1	121	28	.	.	.
cord-323716-ak6zgyh1	122	1	Secondly	secondly	RB
cord-323716-ak6zgyh1	122	2	,	,	,
cord-323716-ak6zgyh1	122	3	the	the	DT
cord-323716-ak6zgyh1	122	4	economic	economic	JJ
cord-323716-ak6zgyh1	122	5	growth	growth	NN
cord-323716-ak6zgyh1	122	6	of	of	IN
cord-323716-ak6zgyh1	122	7	the	the	DT
cord-323716-ak6zgyh1	122	8	so	so	RB
cord-323716-ak6zgyh1	122	9	-	-	HYPH
cord-323716-ak6zgyh1	122	10	called	call	VBN
cord-323716-ak6zgyh1	122	11	"	"	``
cord-323716-ak6zgyh1	122	12	Four	Four	NNP
cord-323716-ak6zgyh1	122	13	Dragons	Dragons	NNPS
cord-323716-ak6zgyh1	122	14	"	"	''
cord-323716-ak6zgyh1	122	15	(	(	-LRB-
cord-323716-ak6zgyh1	122	16	e.g.	e.g.	RB
cord-323716-ak6zgyh1	122	17	,	,	,
cord-323716-ak6zgyh1	122	18	Hong	Hong	NNP
cord-323716-ak6zgyh1	122	19	Kong	Kong	NNP
cord-323716-ak6zgyh1	122	20	,	,	,
cord-323716-ak6zgyh1	122	21	Singapore	Singapore	NNP
cord-323716-ak6zgyh1	122	22	,	,	,
cord-323716-ak6zgyh1	122	23	South	South	NNP
cord-323716-ak6zgyh1	122	24	Korea	Korea	NNP
cord-323716-ak6zgyh1	122	25	,	,	,
cord-323716-ak6zgyh1	122	26	and	and	CC
cord-323716-ak6zgyh1	122	27	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	122	28	)	)	-RRB-
cord-323716-ak6zgyh1	122	29	has	have	VBZ
cord-323716-ak6zgyh1	122	30	greatly	greatly	RB
cord-323716-ak6zgyh1	122	31	expanded	expand	VBN
cord-323716-ak6zgyh1	122	32	their	-PRON-	PRP$
cord-323716-ak6zgyh1	122	33	stock	stock	NN
cord-323716-ak6zgyh1	122	34	markets	market	NNS
cord-323716-ak6zgyh1	122	35	and	and	CC
cord-323716-ak6zgyh1	122	36	real	real	JJ
cord-323716-ak6zgyh1	122	37	estate	estate	NN
cord-323716-ak6zgyh1	122	38	markets	market	NNS
cord-323716-ak6zgyh1	122	39	since	since	IN
cord-323716-ak6zgyh1	122	40	the	the	DT
cord-323716-ak6zgyh1	122	41	1980s	1980s	CD
cord-323716-ak6zgyh1	122	42	.	.	.
cord-323716-ak6zgyh1	123	1	Finally	finally	RB
cord-323716-ak6zgyh1	123	2	,	,	,
cord-323716-ak6zgyh1	123	3	the	the	DT
cord-323716-ak6zgyh1	123	4	rapid	rapid	JJ
cord-323716-ak6zgyh1	123	5	growth	growth	NN
cord-323716-ak6zgyh1	123	6	of	of	IN
cord-323716-ak6zgyh1	123	7	China	China	NNP
cord-323716-ak6zgyh1	123	8	's	's	POS
cord-323716-ak6zgyh1	123	9	economy	economy	NN
cord-323716-ak6zgyh1	123	10	over	over	IN
cord-323716-ak6zgyh1	123	11	the	the	DT
cord-323716-ak6zgyh1	123	12	past	past	JJ
cord-323716-ak6zgyh1	123	13	decade	decade	NN
cord-323716-ak6zgyh1	123	14	has	have	VBZ
cord-323716-ak6zgyh1	123	15	raised	raise	VBN
cord-323716-ak6zgyh1	123	16	asset	asset	NN
cord-323716-ak6zgyh1	123	17	prices	price	NNS
cord-323716-ak6zgyh1	123	18	sharply	sharply	RB
cord-323716-ak6zgyh1	123	19	.	.	.
cord-323716-ak6zgyh1	124	1	This	this	DT
cord-323716-ak6zgyh1	124	2	growth	growth	NN
cord-323716-ak6zgyh1	124	3	gives	give	VBZ
cord-323716-ak6zgyh1	124	4	us	-PRON-	PRP
cord-323716-ak6zgyh1	124	5	more	more	JJR
cord-323716-ak6zgyh1	124	6	data	data	NN
cord-323716-ak6zgyh1	124	7	sets	set	NNS
cord-323716-ak6zgyh1	124	8	we	-PRON-	PRP
cord-323716-ak6zgyh1	124	9	can	can	MD
cord-323716-ak6zgyh1	124	10	use	use	VB
cord-323716-ak6zgyh1	124	11	to	to	TO
cord-323716-ak6zgyh1	124	12	explore	explore	VB
cord-323716-ak6zgyh1	124	13	the	the	DT
cord-323716-ak6zgyh1	124	14	long	long	RB
cord-323716-ak6zgyh1	124	15	-	-	HYPH
cord-323716-ak6zgyh1	124	16	run	run	NN
cord-323716-ak6zgyh1	124	17	relationship	relationship	NN
cord-323716-ak6zgyh1	124	18	between	between	IN
cord-323716-ak6zgyh1	124	19	stock	stock	NN
cord-323716-ak6zgyh1	124	20	markets	market	NNS
cord-323716-ak6zgyh1	124	21	and	and	CC
cord-323716-ak6zgyh1	124	22	real	real	JJ
cord-323716-ak6zgyh1	124	23	estate	estate	NN
cord-323716-ak6zgyh1	124	24	markets	market	NNS
cord-323716-ak6zgyh1	124	25	.	.	.
cord-323716-ak6zgyh1	125	1	The	the	DT
cord-323716-ak6zgyh1	125	2	quarterly	quarterly	JJ
cord-323716-ak6zgyh1	125	3	indices	index	NNS
cord-323716-ak6zgyh1	125	4	of	of	IN
cord-323716-ak6zgyh1	125	5	the	the	DT
cord-323716-ak6zgyh1	125	6	stock	stock	NN
cord-323716-ak6zgyh1	125	7	and	and	CC
cord-323716-ak6zgyh1	125	8	real	real	JJ
cord-323716-ak6zgyh1	125	9	estate	estate	NN
cord-323716-ak6zgyh1	125	10	markets	market	NNS
cord-323716-ak6zgyh1	125	11	from	from	IN
cord-323716-ak6zgyh1	125	12	March	March	NNP
cord-323716-ak6zgyh1	125	13	1995	1995	CD
cord-323716-ak6zgyh1	125	14	to	to	IN
cord-323716-ak6zgyh1	125	15	June	June	NNP
cord-323716-ak6zgyh1	125	16	2010	2010	CD
cord-323716-ak6zgyh1	125	17	were	be	VBD
cord-323716-ak6zgyh1	125	18	collected	collect	VBN
cord-323716-ak6zgyh1	125	19	from	from	IN
cord-323716-ak6zgyh1	125	20	two	two	CD
cord-323716-ak6zgyh1	125	21	sources	source	NNS
cord-323716-ak6zgyh1	125	22	.	.	.
cord-323716-ak6zgyh1	126	1	The	the	DT
cord-323716-ak6zgyh1	126	2	real	real	JJ
cord-323716-ak6zgyh1	126	3	estate	estate	NN
cord-323716-ak6zgyh1	126	4	data	datum	NNS
cord-323716-ak6zgyh1	126	5	from	from	IN
cord-323716-ak6zgyh1	126	6	China	China	NNP
cord-323716-ak6zgyh1	126	7	were	be	VBD
cord-323716-ak6zgyh1	126	8	collected	collect	VBN
cord-323716-ak6zgyh1	126	9	from	from	IN
cord-323716-ak6zgyh1	126	10	National	National	NNP
cord-323716-ak6zgyh1	126	11	Housing	Housing	NNP
cord-323716-ak6zgyh1	126	12	Indices	Indices	NNPS
cord-323716-ak6zgyh1	126	13	,	,	,
cord-323716-ak6zgyh1	126	14	published	publish	VBN
cord-323716-ak6zgyh1	126	15	by	by	IN
cord-323716-ak6zgyh1	126	16	the	the	DT
cord-323716-ak6zgyh1	126	17	National	National	NNP
cord-323716-ak6zgyh1	126	18	Statistical	Statistical	NNP
cord-323716-ak6zgyh1	126	19	Bureau	Bureau	NNP
cord-323716-ak6zgyh1	126	20	.	.	.
cord-323716-ak6zgyh1	127	1	Data	datum	NNS
cord-323716-ak6zgyh1	127	2	from	from	IN
cord-323716-ak6zgyh1	127	3	South	South	NNP
cord-323716-ak6zgyh1	127	4	Korea	Korea	NNP
cord-323716-ak6zgyh1	127	5	were	be	VBD
cord-323716-ak6zgyh1	127	6	collected	collect	VBN
cord-323716-ak6zgyh1	127	7	from	from	IN
cord-323716-ak6zgyh1	127	8	the	the	DT
cord-323716-ak6zgyh1	127	9	national	national	JJ
cord-323716-ak6zgyh1	127	10	average	average	NN
cord-323716-ak6zgyh1	127	11	of	of	IN
cord-323716-ak6zgyh1	127	12	the	the	DT
cord-323716-ak6zgyh1	127	13	land	land	NN
cord-323716-ak6zgyh1	127	14	value	value	NN
cord-323716-ak6zgyh1	127	15	index	index	NN
cord-323716-ak6zgyh1	127	16	published	publish	VBN
cord-323716-ak6zgyh1	127	17	by	by	IN
cord-323716-ak6zgyh1	127	18	the	the	DT
cord-323716-ak6zgyh1	127	19	Ministry	Ministry	NNP
cord-323716-ak6zgyh1	127	20	of	of	IN
cord-323716-ak6zgyh1	127	21	Construction	Construction	NNP
cord-323716-ak6zgyh1	127	22	,	,	,
cord-323716-ak6zgyh1	127	23	and	and	CC
cord-323716-ak6zgyh1	127	24	housing	housing	NN
cord-323716-ak6zgyh1	127	25	price	price	NN
cord-323716-ak6zgyh1	127	26	indices	index	NNS
cord-323716-ak6zgyh1	127	27	were	be	VBD
cord-323716-ak6zgyh1	127	28	obtained	obtain	VBN
cord-323716-ak6zgyh1	127	29	from	from	IN
cord-323716-ak6zgyh1	127	30	the	the	DT
cord-323716-ak6zgyh1	127	31	Korea	Korea	NNP
cord-323716-ak6zgyh1	127	32	Housing	Housing	NNP
cord-323716-ak6zgyh1	127	33	Bank	Bank	NNP
cord-323716-ak6zgyh1	127	34	.	.	.
cord-323716-ak6zgyh1	128	1	Real	real	JJ
cord-323716-ak6zgyh1	128	2	estate	estate	NN
cord-323716-ak6zgyh1	128	3	data	datum	NNS
cord-323716-ak6zgyh1	128	4	from	from	IN
cord-323716-ak6zgyh1	128	5	Japan	Japan	NNP
cord-323716-ak6zgyh1	128	6	uses	use	VBZ
cord-323716-ak6zgyh1	128	7	the	the	DT
cord-323716-ak6zgyh1	128	8	publicly	publicly	RB
cord-323716-ak6zgyh1	128	9	posted	post	VBN
cord-323716-ak6zgyh1	128	10	land	land	NN
cord-323716-ak6zgyh1	128	11	value	value	NN
cord-323716-ak6zgyh1	128	12	indices	index	NNS
cord-323716-ak6zgyh1	128	13	,	,	,
cord-323716-ak6zgyh1	128	14	and	and	CC
cord-323716-ak6zgyh1	128	15	data	datum	NNS
cord-323716-ak6zgyh1	128	16	from	from	IN
cord-323716-ak6zgyh1	128	17	Hong	Hong	NNP
cord-323716-ak6zgyh1	128	18	Kong	Kong	NNP
cord-323716-ak6zgyh1	128	19	and	and	CC
cord-323716-ak6zgyh1	128	20	Singapore	Singapore	NNP
cord-323716-ak6zgyh1	128	21	were	be	VBD
cord-323716-ak6zgyh1	128	22	collected	collect	VBN
cord-323716-ak6zgyh1	128	23	from	from	IN
cord-323716-ak6zgyh1	128	24	the	the	DT
cord-323716-ak6zgyh1	128	25	University	University	NNP
cord-323716-ak6zgyh1	128	26	of	of	IN
cord-323716-ak6zgyh1	128	27	Hong	Hong	NNP
cord-323716-ak6zgyh1	128	28	Kong	Kong	NNP
cord-323716-ak6zgyh1	128	29	Real	Real	NNP
cord-323716-ak6zgyh1	128	30	Estate	Estate	NNP
cord-323716-ak6zgyh1	128	31	Index	Index	NNP
cord-323716-ak6zgyh1	128	32	and	and	CC
cord-323716-ak6zgyh1	128	33	FTSE	FTSE	NNP
cord-323716-ak6zgyh1	128	34	(	(	-LRB-
cord-323716-ak6zgyh1	128	35	Financial	Financial	NNP
cord-323716-ak6zgyh1	128	36	Times	Times	NNP
cord-323716-ak6zgyh1	128	37	Securities	Securities	NNPS
cord-323716-ak6zgyh1	128	38	Exchange	Exchange	NNP
cord-323716-ak6zgyh1	128	39	)	)	-RRB-
cord-323716-ak6zgyh1	128	40	Real	Real	NNP
cord-323716-ak6zgyh1	128	41	Estate	Estate	NNP
cord-323716-ak6zgyh1	128	42	Index	Index	NNP
cord-323716-ak6zgyh1	128	43	,	,	,
cord-323716-ak6zgyh1	128	44	respectively	respectively	RB
cord-323716-ak6zgyh1	128	45	.	.	.
cord-323716-ak6zgyh1	129	1	The	the	DT
cord-323716-ak6zgyh1	129	2	data	datum	NNS
cord-323716-ak6zgyh1	129	3	from	from	IN
cord-323716-ak6zgyh1	129	4	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	129	5	were	be	VBD
cord-323716-ak6zgyh1	129	6	collected	collect	VBN
cord-323716-ak6zgyh1	129	7	from	from	IN
cord-323716-ak6zgyh1	129	8	the	the	DT
cord-323716-ak6zgyh1	129	9	Institute	Institute	NNP
cord-323716-ak6zgyh1	129	10	for	for	IN
cord-323716-ak6zgyh1	129	11	Physical	Physical	NNP
cord-323716-ak6zgyh1	129	12	Planning	Planning	NNP
cord-323716-ak6zgyh1	129	13	and	and	CC
cord-323716-ak6zgyh1	129	14	Information	Information	NNP
cord-323716-ak6zgyh1	129	15	(	(	-LRB-
cord-323716-ak6zgyh1	129	16	IPPI	IPPI	NNP
cord-323716-ak6zgyh1	129	17	)	)	-RRB-
cord-323716-ak6zgyh1	129	18	of	of	IN
cord-323716-ak6zgyh1	129	19	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	129	20	.	.	.
cord-323716-ak6zgyh1	130	1	The	the	DT
cord-323716-ak6zgyh1	130	2	IPPI	IPPI	NNP
cord-323716-ak6zgyh1	130	3	also	also	RB
cord-323716-ak6zgyh1	130	4	compiles	compile	VBZ
cord-323716-ak6zgyh1	130	5	data	datum	NNS
cord-323716-ak6zgyh1	130	6	on	on	IN
cord-323716-ak6zgyh1	130	7	international	international	JJ
cord-323716-ak6zgyh1	130	8	residential	residential	JJ
cord-323716-ak6zgyh1	130	9	prices	price	NNS
cord-323716-ak6zgyh1	130	10	and	and	CC
cord-323716-ak6zgyh1	130	11	rent	rent	VB
cord-323716-ak6zgyh1	130	12	indices	index	NNS
cord-323716-ak6zgyh1	130	13	from	from	IN
cord-323716-ak6zgyh1	130	14	China	China	NNP
cord-323716-ak6zgyh1	130	15	,	,	,
cord-323716-ak6zgyh1	130	16	Hong	Hong	NNP
cord-323716-ak6zgyh1	130	17	Kong	Kong	NNP
cord-323716-ak6zgyh1	130	18	,	,	,
cord-323716-ak6zgyh1	130	19	South	South	NNP
cord-323716-ak6zgyh1	130	20	Korea	Korea	NNP
cord-323716-ak6zgyh1	130	21	,	,	,
cord-323716-ak6zgyh1	130	22	Singapore	Singapore	NNP
cord-323716-ak6zgyh1	130	23	,	,	,
cord-323716-ak6zgyh1	130	24	Japan	Japan	NNP
cord-323716-ak6zgyh1	130	25	,	,	,
cord-323716-ak6zgyh1	130	26	and	and	CC
cord-323716-ak6zgyh1	130	27	the	the	DT
cord-323716-ak6zgyh1	130	28	United	United	NNP
cord-323716-ak6zgyh1	130	29	States	States	NNP
cord-323716-ak6zgyh1	130	30	.	.	.
cord-323716-ak6zgyh1	131	1	Stock	stock	NN
cord-323716-ak6zgyh1	131	2	market	market	NN
cord-323716-ak6zgyh1	131	3	indices	index	NNS
cord-323716-ak6zgyh1	131	4	,	,	,
cord-323716-ak6zgyh1	131	5	including	include	VBG
cord-323716-ak6zgyh1	131	6	the	the	DT
cord-323716-ak6zgyh1	131	7	Shanghai	Shanghai	NNP
cord-323716-ak6zgyh1	131	8	Stock	Stock	NNP
cord-323716-ak6zgyh1	131	9	Exchange	Exchange	NNP
cord-323716-ak6zgyh1	131	10	Composite	Composite	NNP
cord-323716-ak6zgyh1	131	11	Index	Index	NNP
cord-323716-ak6zgyh1	131	12	(	(	-LRB-
cord-323716-ak6zgyh1	131	13	SSEC	SSEC	NNP
cord-323716-ak6zgyh1	131	14	)	)	-RRB-
cord-323716-ak6zgyh1	131	15	,	,	,
cord-323716-ak6zgyh1	131	16	Hong	Hong	NNP
cord-323716-ak6zgyh1	131	17	Kong	Kong	NNP
cord-323716-ak6zgyh1	131	18	's	's	POS
cord-323716-ak6zgyh1	131	19	Hang	Hang	NNP
cord-323716-ak6zgyh1	131	20	Seng	Seng	NNP
cord-323716-ak6zgyh1	131	21	Index	Index	NNP
cord-323716-ak6zgyh1	131	22	(	(	-LRB-
cord-323716-ak6zgyh1	131	23	HHI	HHI	NNP
cord-323716-ak6zgyh1	131	24	)	)	-RRB-
cord-323716-ak6zgyh1	131	25	,	,	,
cord-323716-ak6zgyh1	131	26	Tokyo	Tokyo	NNP
cord-323716-ak6zgyh1	131	27	's	's	POS
cord-323716-ak6zgyh1	131	28	Nikkei	Nikkei	NNP
cord-323716-ak6zgyh1	131	29	225	225	CD
cord-323716-ak6zgyh1	131	30	,	,	,
cord-323716-ak6zgyh1	131	31	the	the	DT
cord-323716-ak6zgyh1	131	32	South	South	NNP
cord-323716-ak6zgyh1	131	33	Korea	Korea	NNP
cord-323716-ak6zgyh1	131	34	Seoul	Seoul	NNP
cord-323716-ak6zgyh1	131	35	Composite	Composite	NNP
cord-323716-ak6zgyh1	131	36	Index	Index	NNP
cord-323716-ak6zgyh1	131	37	(	(	-LRB-
cord-323716-ak6zgyh1	131	38	KOSPI	KOSPI	NNP
cord-323716-ak6zgyh1	131	39	)	)	-RRB-
cord-323716-ak6zgyh1	131	40	,	,	,
cord-323716-ak6zgyh1	131	41	the	the	DT
cord-323716-ak6zgyh1	131	42	Singapore	Singapore	NNP
cord-323716-ak6zgyh1	131	43	Straits	Straits	NNPS
cord-323716-ak6zgyh1	131	44	Time	Time	NNP
cord-323716-ak6zgyh1	131	45	Index	Index	NNP
cord-323716-ak6zgyh1	131	46	(	(	-LRB-
cord-323716-ak6zgyh1	131	47	STI	STI	NNP
cord-323716-ak6zgyh1	131	48	)	)	-RRB-
cord-323716-ak6zgyh1	131	49	,	,	,
cord-323716-ak6zgyh1	131	50	and	and	CC
cord-323716-ak6zgyh1	131	51	the	the	DT
cord-323716-ak6zgyh1	131	52	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	131	53	Weighted	Weighted	NNP
cord-323716-ak6zgyh1	131	54	Stock	Stock	NNP
cord-323716-ak6zgyh1	131	55	Index	Index	NNP
cord-323716-ak6zgyh1	131	56	(	(	-LRB-
cord-323716-ak6zgyh1	131	57	TWSI	TWSI	NNP
cord-323716-ak6zgyh1	131	58	)	)	-RRB-
cord-323716-ak6zgyh1	131	59	,	,	,
cord-323716-ak6zgyh1	131	60	were	be	VBD
cord-323716-ak6zgyh1	131	61	taken	take	VBN
cord-323716-ak6zgyh1	131	62	from	from	IN
cord-323716-ak6zgyh1	131	63	the	the	DT
cord-323716-ak6zgyh1	131	64	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	131	65	Economic	Economic	NNP
cord-323716-ak6zgyh1	131	66	Journal	Journal	NNP
cord-323716-ak6zgyh1	131	67	(	(	-LRB-
cord-323716-ak6zgyh1	131	68	TEJ	TEJ	NNP
cord-323716-ak6zgyh1	131	69	)	)	-RRB-
cord-323716-ak6zgyh1	131	70	database	database	NN
cord-323716-ak6zgyh1	131	71	.	.	.
cord-323716-ak6zgyh1	132	1	The	the	DT
cord-323716-ak6zgyh1	132	2	data	datum	NNS
cord-323716-ak6zgyh1	132	3	collected	collect	VBD
cord-323716-ak6zgyh1	132	4	covers	cover	VBZ
cord-323716-ak6zgyh1	132	5	the	the	DT
cord-323716-ak6zgyh1	132	6	subprime	subprime	JJ
cord-323716-ak6zgyh1	132	7	mortgage	mortgage	NN
cord-323716-ak6zgyh1	132	8	crisis	crisis	NN
cord-323716-ak6zgyh1	132	9	of	of	IN
cord-323716-ak6zgyh1	132	10	2008	2008	CD
cord-323716-ak6zgyh1	132	11	.	.	.
cord-323716-ak6zgyh1	133	1	The	the	DT
cord-323716-ak6zgyh1	133	2	subprime	subprime	JJ
cord-323716-ak6zgyh1	133	3	crisis	crisis	NN
cord-323716-ak6zgyh1	133	4	had	have	VBD
cord-323716-ak6zgyh1	133	5	a	a	DT
cord-323716-ak6zgyh1	133	6	negative	negative	JJ
cord-323716-ak6zgyh1	133	7	impact	impact	NN
cord-323716-ak6zgyh1	133	8	on	on	IN
cord-323716-ak6zgyh1	133	9	all	all	DT
cord-323716-ak6zgyh1	133	10	six	six	CD
cord-323716-ak6zgyh1	133	11	markets	market	NNS
cord-323716-ak6zgyh1	133	12	(	(	-LRB-
cord-323716-ak6zgyh1	133	13	as	as	IN
cord-323716-ak6zgyh1	133	14	shown	show	VBN
cord-323716-ak6zgyh1	133	15	in	in	IN
cord-323716-ak6zgyh1	133	16	Figs	Figs	NNPS
cord-323716-ak6zgyh1	133	17	.	.	.
cord-323716-ak6zgyh1	134	1	1	1	CD
cord-323716-ak6zgyh1	134	2	and	and	CC
cord-323716-ak6zgyh1	134	3	2	2	CD
cord-323716-ak6zgyh1	134	4	)	)	-RRB-
cord-323716-ak6zgyh1	134	5	.	.	.
cord-323716-ak6zgyh1	135	1	Due	due	IN
cord-323716-ak6zgyh1	135	2	to	to	IN
cord-323716-ak6zgyh1	135	3	the	the	DT
cord-323716-ak6zgyh1	135	4	limited	limited	JJ
cord-323716-ak6zgyh1	135	5	data	datum	NNS
cord-323716-ak6zgyh1	135	6	after	after	IN
cord-323716-ak6zgyh1	135	7	the	the	DT
cord-323716-ak6zgyh1	135	8	crisis	crisis	NN
cord-323716-ak6zgyh1	135	9	in	in	IN
cord-323716-ak6zgyh1	135	10	2008	2008	CD
cord-323716-ak6zgyh1	135	11	,	,	,
cord-323716-ak6zgyh1	135	12	however	however	RB
cord-323716-ak6zgyh1	135	13	,	,	,
cord-323716-ak6zgyh1	135	14	we	-PRON-	PRP
cord-323716-ak6zgyh1	135	15	do	do	VBP
cord-323716-ak6zgyh1	135	16	not	not	RB
cord-323716-ak6zgyh1	135	17	attempt	attempt	VB
cord-323716-ak6zgyh1	135	18	to	to	TO
cord-323716-ak6zgyh1	135	19	explore	explore	VB
cord-323716-ak6zgyh1	135	20	the	the	DT
cord-323716-ak6zgyh1	135	21	relationship	relationship	NN
cord-323716-ak6zgyh1	135	22	between	between	IN
cord-323716-ak6zgyh1	135	23	these	these	DT
cord-323716-ak6zgyh1	135	24	two	two	CD
cord-323716-ak6zgyh1	135	25	assets	asset	NNS
cord-323716-ak6zgyh1	135	26	by	by	IN
cord-323716-ak6zgyh1	135	27	breaking	break	VBG
cord-323716-ak6zgyh1	135	28	the	the	DT
cord-323716-ak6zgyh1	135	29	whole	whole	JJ
cord-323716-ak6zgyh1	135	30	period	period	NN
cord-323716-ak6zgyh1	135	31	into	into	IN
cord-323716-ak6zgyh1	135	32	two	two	CD
cord-323716-ak6zgyh1	135	33	intervals	interval	NNS
cord-323716-ak6zgyh1	135	34	.	.	.
cord-323716-ak6zgyh1	136	1	Such	such	JJ
cord-323716-ak6zgyh1	136	2	analysis	analysis	NN
cord-323716-ak6zgyh1	136	3	may	may	MD
cord-323716-ak6zgyh1	136	4	be	be	VB
cord-323716-ak6zgyh1	136	5	conducted	conduct	VBN
cord-323716-ak6zgyh1	136	6	when	when	WRB
cord-323716-ak6zgyh1	136	7	more	more	JJR
cord-323716-ak6zgyh1	136	8	data	data	NN
cord-323716-ak6zgyh1	136	9	accumulates	accumulate	VBZ
cord-323716-ak6zgyh1	136	10	in	in	IN
cord-323716-ak6zgyh1	136	11	the	the	DT
cord-323716-ak6zgyh1	136	12	future	future	NN
cord-323716-ak6zgyh1	136	13	.	.	.
cord-323716-ak6zgyh1	137	1	The	the	DT
cord-323716-ak6zgyh1	137	2	study	study	NN
cord-323716-ak6zgyh1	137	3	began	begin	VBD
cord-323716-ak6zgyh1	137	4	by	by	IN
cord-323716-ak6zgyh1	137	5	first	first	RB
cord-323716-ak6zgyh1	137	6	examining	examine	VBG
cord-323716-ak6zgyh1	137	7	the	the	DT
cord-323716-ak6zgyh1	137	8	stationarity	stationarity	NN
cord-323716-ak6zgyh1	137	9	of	of	IN
cord-323716-ak6zgyh1	137	10	the	the	DT
cord-323716-ak6zgyh1	137	11	time	time	NNP
cord-323716-ak6zgyh1	137	12	series	series	NNP
cord-323716-ak6zgyh1	137	13	data	data	NNP
cord-323716-ak6zgyh1	137	14	.	.	.
cord-323716-ak6zgyh1	138	1	A	a	DT
cord-323716-ak6zgyh1	138	2	series	series	NN
cord-323716-ak6zgyh1	138	3	is	be	VBZ
cord-323716-ak6zgyh1	138	4	non	non	JJ
cord-323716-ak6zgyh1	138	5	-	-	JJ
cord-323716-ak6zgyh1	138	6	stationary	stationary	JJ
cord-323716-ak6zgyh1	138	7	if	if	IN
cord-323716-ak6zgyh1	138	8	it	-PRON-	PRP
cord-323716-ak6zgyh1	138	9	has	have	VBZ
cord-323716-ak6zgyh1	138	10	a	a	DT
cord-323716-ak6zgyh1	138	11	unit	unit	NN
cord-323716-ak6zgyh1	138	12	root	root	NN
cord-323716-ak6zgyh1	138	13	process	process	NN
cord-323716-ak6zgyh1	138	14	.	.	.
cord-323716-ak6zgyh1	139	1	A	a	DT
cord-323716-ak6zgyh1	139	2	non	non	JJ
cord-323716-ak6zgyh1	139	3	-	-	JJ
cord-323716-ak6zgyh1	139	4	stationary	stationary	JJ
cord-323716-ak6zgyh1	139	5	series	series	NN
cord-323716-ak6zgyh1	139	6	may	may	MD
cord-323716-ak6zgyh1	139	7	become	become	VB
cord-323716-ak6zgyh1	139	8	a	a	DT
cord-323716-ak6zgyh1	139	9	stationary	stationary	JJ
cord-323716-ak6zgyh1	139	10	one	one	NN
cord-323716-ak6zgyh1	139	11	by	by	IN
cord-323716-ak6zgyh1	139	12	differentiating	differentiate	VBG
cord-323716-ak6zgyh1	139	13	it	-PRON-	PRP
cord-323716-ak6zgyh1	139	14	"	"	``
cord-323716-ak6zgyh1	139	15	t	t	NNP
cord-323716-ak6zgyh1	139	16	"	"	''
cord-323716-ak6zgyh1	139	17	times	time	NNS
cord-323716-ak6zgyh1	139	18	.	.	.
cord-323716-ak6zgyh1	140	1	Then	then	RB
cord-323716-ak6zgyh1	140	2	the	the	DT
cord-323716-ak6zgyh1	140	3	series	series	NN
cord-323716-ak6zgyh1	140	4	is	be	VBZ
cord-323716-ak6zgyh1	140	5	integrated	integrate	VBN
cord-323716-ak6zgyh1	140	6	to	to	IN
cord-323716-ak6zgyh1	140	7	the	the	DT
cord-323716-ak6zgyh1	140	8	order	order	NN
cord-323716-ak6zgyh1	140	9	of	of	IN
cord-323716-ak6zgyh1	140	10	"	"	``
cord-323716-ak6zgyh1	140	11	t	t	NNP
cord-323716-ak6zgyh1	140	12	"	"	''
cord-323716-ak6zgyh1	140	13	.	.	.
cord-323716-ak6zgyh1	141	1	To	to	TO
cord-323716-ak6zgyh1	141	2	ensure	ensure	VB
cord-323716-ak6zgyh1	141	3	that	that	IN
cord-323716-ak6zgyh1	141	4	the	the	DT
cord-323716-ak6zgyh1	141	5	series	series	NN
cord-323716-ak6zgyh1	141	6	are	be	VBP
cord-323716-ak6zgyh1	141	7	integrated	integrate	VBN
cord-323716-ak6zgyh1	141	8	to	to	IN
cord-323716-ak6zgyh1	141	9	the	the	DT
cord-323716-ak6zgyh1	141	10	same	same	JJ
cord-323716-ak6zgyh1	141	11	degree	degree	NN
cord-323716-ak6zgyh1	141	12	,	,	,
cord-323716-ak6zgyh1	141	13	the	the	DT
cord-323716-ak6zgyh1	141	14	Augmented	Augmented	NNP
cord-323716-ak6zgyh1	141	15	Dickey	Dickey	NNP
cord-323716-ak6zgyh1	141	16	Fuller	Fuller	NNP
cord-323716-ak6zgyh1	141	17	(	(	-LRB-
cord-323716-ak6zgyh1	141	18	ADF	ADF	NNP
cord-323716-ak6zgyh1	141	19	)	)	-RRB-
cord-323716-ak6zgyh1	141	20	and	and	CC
cord-323716-ak6zgyh1	141	21	Phillips	Phillips	NNP
cord-323716-ak6zgyh1	141	22	-	-	HYPH
cord-323716-ak6zgyh1	141	23	Perron	Perron	NNP
cord-323716-ak6zgyh1	141	24	(	(	-LRB-
cord-323716-ak6zgyh1	141	25	PP	PP	NNP
cord-323716-ak6zgyh1	141	26	)	)	-RRB-
cord-323716-ak6zgyh1	141	27	approaches	approach	NNS
cord-323716-ak6zgyh1	141	28	were	be	VBD
cord-323716-ak6zgyh1	141	29	employed	employ	VBN
cord-323716-ak6zgyh1	141	30	for	for	IN
cord-323716-ak6zgyh1	141	31	a	a	DT
cord-323716-ak6zgyh1	141	32	unit	unit	NN
cord-323716-ak6zgyh1	141	33	root	root	NN
cord-323716-ak6zgyh1	141	34	test	test	NN
cord-323716-ak6zgyh1	141	35	.	.	.
cord-323716-ak6zgyh1	142	1	For	for	IN
cord-323716-ak6zgyh1	142	2	robustness	robustness	NN
cord-323716-ak6zgyh1	142	3	,	,	,
cord-323716-ak6zgyh1	142	4	we	-PRON-	PRP
cord-323716-ak6zgyh1	142	5	also	also	RB
cord-323716-ak6zgyh1	142	6	adopted	adopt	VBD
cord-323716-ak6zgyh1	142	7	the	the	DT
cord-323716-ak6zgyh1	142	8	Kwiatkowski	Kwiatkowski	NNP
cord-323716-ak6zgyh1	142	9	,	,	,
cord-323716-ak6zgyh1	142	10	Phillips	Phillips	NNP
cord-323716-ak6zgyh1	142	11	,	,	,
cord-323716-ak6zgyh1	142	12	Schmidt	Schmidt	NNP
cord-323716-ak6zgyh1	142	13	,	,	,
cord-323716-ak6zgyh1	142	14	and	and	CC
cord-323716-ak6zgyh1	142	15	Shin	Shin	NNP
cord-323716-ak6zgyh1	142	16	(	(	-LRB-
cord-323716-ak6zgyh1	142	17	1992	1992	CD
cord-323716-ak6zgyh1	142	18	,	,	,
cord-323716-ak6zgyh1	142	19	KPSS	KPSS	NNP
cord-323716-ak6zgyh1	142	20	)	)	-RRB-
cord-323716-ak6zgyh1	142	21	approach	approach	NN
cord-323716-ak6zgyh1	142	22	.	.	.
cord-323716-ak6zgyh1	143	1	For	for	IN
cord-323716-ak6zgyh1	143	2	each	each	DT
cord-323716-ak6zgyh1	143	3	approach	approach	NN
cord-323716-ak6zgyh1	143	4	,	,	,
cord-323716-ak6zgyh1	143	5	we	-PRON-	PRP
cord-323716-ak6zgyh1	143	6	tested	test	VBD
cord-323716-ak6zgyh1	143	7	unit	unit	NN
cord-323716-ak6zgyh1	143	8	root	root	NN
cord-323716-ak6zgyh1	143	9	with	with	IN
cord-323716-ak6zgyh1	143	10	intercept	intercept	NN
cord-323716-ak6zgyh1	143	11	or	or	CC
cord-323716-ak6zgyh1	143	12	intercept	intercept	VB
cord-323716-ak6zgyh1	143	13	and	and	CC
cord-323716-ak6zgyh1	143	14	trend	trend	VB
cord-323716-ak6zgyh1	143	15	based	base	VBN
cord-323716-ak6zgyh1	143	16	on	on	IN
cord-323716-ak6zgyh1	143	17	the	the	DT
cord-323716-ak6zgyh1	143	18	time	time	NN
cord-323716-ak6zgyh1	143	19	trend	trend	NN
cord-323716-ak6zgyh1	143	20	of	of	IN
cord-323716-ak6zgyh1	143	21	the	the	DT
cord-323716-ak6zgyh1	143	22	series	series	NN
cord-323716-ak6zgyh1	143	23	.	.	.
cord-323716-ak6zgyh1	144	1	The	the	DT
cord-323716-ak6zgyh1	144	2	model	model	NN
cord-323716-ak6zgyh1	144	3	specifications	specification	NNS
cord-323716-ak6zgyh1	144	4	of	of	IN
cord-323716-ak6zgyh1	144	5	these	these	DT
cord-323716-ak6zgyh1	144	6	approaches	approach	NNS
cord-323716-ak6zgyh1	144	7	are	be	VBP
cord-323716-ak6zgyh1	144	8	expressed	express	VBN
cord-323716-ak6zgyh1	144	9	as	as	IN
cord-323716-ak6zgyh1	144	10	follows	follow	VBZ
cord-323716-ak6zgyh1	144	11	:	:	:
cord-323716-ak6zgyh1	144	12	where	where	WRB
cord-323716-ak6zgyh1	144	13	Y	Y	NNP
cord-323716-ak6zgyh1	144	14	t	t	NN
cord-323716-ak6zgyh1	144	15	is	be	VBZ
cord-323716-ak6zgyh1	144	16	the	the	DT
cord-323716-ak6zgyh1	144	17	natural	natural	JJ
cord-323716-ak6zgyh1	144	18	logarithm	logarithm	NN
cord-323716-ak6zgyh1	144	19	of	of	IN
cord-323716-ak6zgyh1	144	20	the	the	DT
cord-323716-ak6zgyh1	144	21	stock	stock	NN
cord-323716-ak6zgyh1	144	22	index	index	NN
cord-323716-ak6zgyh1	144	23	or	or	CC
cord-323716-ak6zgyh1	144	24	real	real	JJ
cord-323716-ak6zgyh1	144	25	estate	estate	NN
cord-323716-ak6zgyh1	144	26	index	index	NN
cord-323716-ak6zgyh1	144	27	,	,	,
cord-323716-ak6zgyh1	144	28	α	α	NN
cord-323716-ak6zgyh1	144	29	is	be	VBZ
cord-323716-ak6zgyh1	144	30	drift	drift	NN
cord-323716-ak6zgyh1	144	31	,	,	,
cord-323716-ak6zgyh1	144	32	β	β	NN
cord-323716-ak6zgyh1	144	33	t	t	NN
cord-323716-ak6zgyh1	144	34	is	be	VBZ
cord-323716-ak6zgyh1	144	35	the	the	DT
cord-323716-ak6zgyh1	144	36	time	time	NN
cord-323716-ak6zgyh1	144	37	trend	trend	NN
cord-323716-ak6zgyh1	144	38	,	,	,
cord-323716-ak6zgyh1	144	39	p	p	NN
cord-323716-ak6zgyh1	144	40	is	be	VBZ
cord-323716-ak6zgyh1	144	41	the	the	DT
cord-323716-ak6zgyh1	144	42	lag	lag	JJ
cord-323716-ak6zgyh1	144	43	term	term	NN
cord-323716-ak6zgyh1	144	44	,	,	,
cord-323716-ak6zgyh1	144	45	and	and	CC
cord-323716-ak6zgyh1	144	46	ε	ε	NNP
cord-323716-ak6zgyh1	144	47	t	t	NNP
cord-323716-ak6zgyh1	144	48	is	be	VBZ
cord-323716-ak6zgyh1	144	49	the	the	DT
cord-323716-ak6zgyh1	144	50	error	error	NN
cord-323716-ak6zgyh1	144	51	term	term	NN
cord-323716-ak6zgyh1	144	52	.	.	.
cord-323716-ak6zgyh1	145	1	The	the	DT
cord-323716-ak6zgyh1	145	2	null	null	JJ
cord-323716-ak6zgyh1	145	3	hypothesis	hypothesis	NN
cord-323716-ak6zgyh1	145	4	of	of	IN
cord-323716-ak6zgyh1	145	5	either	either	CC
cord-323716-ak6zgyh1	145	6	ADF	ADF	NNP
cord-323716-ak6zgyh1	145	7	or	or	CC
cord-323716-ak6zgyh1	145	8	PP	PP	NNP
cord-323716-ak6zgyh1	145	9	method	method	NN
cord-323716-ak6zgyh1	145	10	is	be	VBZ
cord-323716-ak6zgyh1	145	11	that	that	IN
cord-323716-ak6zgyh1	145	12	the	the	DT
cord-323716-ak6zgyh1	145	13	series	series	NN
cord-323716-ak6zgyh1	145	14	has	have	VBZ
cord-323716-ak6zgyh1	145	15	a	a	DT
cord-323716-ak6zgyh1	145	16	unit	unit	NN
cord-323716-ak6zgyh1	145	17	root	root	NN
cord-323716-ak6zgyh1	145	18	process	process	NN
cord-323716-ak6zgyh1	145	19	.	.	.
cord-323716-ak6zgyh1	146	1	If	if	IN
cord-323716-ak6zgyh1	146	2	the	the	DT
cord-323716-ak6zgyh1	146	3	null	null	JJ
cord-323716-ak6zgyh1	146	4	hypothesis	hypothesis	NN
cord-323716-ak6zgyh1	146	5	is	be	VBZ
cord-323716-ak6zgyh1	146	6	rejected	reject	VBN
cord-323716-ak6zgyh1	146	7	,	,	,
cord-323716-ak6zgyh1	146	8	then	then	RB
cord-323716-ak6zgyh1	146	9	the	the	DT
cord-323716-ak6zgyh1	146	10	series	series	NN
cord-323716-ak6zgyh1	146	11	is	be	VBZ
cord-323716-ak6zgyh1	146	12	not	not	RB
cord-323716-ak6zgyh1	146	13	stationary	stationary	JJ
cord-323716-ak6zgyh1	146	14	.	.	.
cord-323716-ak6zgyh1	147	1	Contrary	contrary	JJ
cord-323716-ak6zgyh1	147	2	to	to	IN
cord-323716-ak6zgyh1	147	3	ADF	ADF	NNP
cord-323716-ak6zgyh1	147	4	or	or	CC
cord-323716-ak6zgyh1	147	5	PP	PP	NNP
cord-323716-ak6zgyh1	147	6	,	,	,
cord-323716-ak6zgyh1	147	7	the	the	DT
cord-323716-ak6zgyh1	147	8	null	null	JJ
cord-323716-ak6zgyh1	147	9	hypothesis	hypothesis	NN
cord-323716-ak6zgyh1	147	10	of	of	IN
cord-323716-ak6zgyh1	147	11	KPSS	KPSS	NNP
cord-323716-ak6zgyh1	147	12	method	method	NN
cord-323716-ak6zgyh1	147	13	is	be	VBZ
cord-323716-ak6zgyh1	147	14	stationary	stationary	JJ
cord-323716-ak6zgyh1	147	15	.	.	.
cord-323716-ak6zgyh1	148	1	Therefore	therefore	RB
cord-323716-ak6zgyh1	148	2	,	,	,
cord-323716-ak6zgyh1	148	3	the	the	DT
cord-323716-ak6zgyh1	148	4	series	series	NN
cord-323716-ak6zgyh1	148	5	has	have	VBZ
cord-323716-ak6zgyh1	148	6	a	a	DT
cord-323716-ak6zgyh1	148	7	unit	unit	NN
cord-323716-ak6zgyh1	148	8	root	root	NN
cord-323716-ak6zgyh1	148	9	process	process	NN
cord-323716-ak6zgyh1	148	10	if	if	IN
cord-323716-ak6zgyh1	148	11	the	the	DT
cord-323716-ak6zgyh1	148	12	null	null	JJ
cord-323716-ak6zgyh1	148	13	hypothesis	hypothesis	NN
cord-323716-ak6zgyh1	148	14	is	be	VBZ
cord-323716-ak6zgyh1	148	15	rejected	reject	VBN
cord-323716-ak6zgyh1	148	16	.	.	.
cord-323716-ak6zgyh1	149	1	We	-PRON-	PRP
cord-323716-ak6zgyh1	149	2	then	then	RB
cord-323716-ak6zgyh1	149	3	employed	employ	VBD
cord-323716-ak6zgyh1	149	4	the	the	DT
cord-323716-ak6zgyh1	149	5	Johansen	Johansen	NNP
cord-323716-ak6zgyh1	149	6	(	(	-LRB-
cord-323716-ak6zgyh1	149	7	1988	1988	CD
cord-323716-ak6zgyh1	149	8	)	)	-RRB-
cord-323716-ak6zgyh1	149	9	and	and	CC
cord-323716-ak6zgyh1	149	10	Johansen	Johansen	NNP
cord-323716-ak6zgyh1	149	11	and	and	CC
cord-323716-ak6zgyh1	149	12	Juselius	Juselius	NNP
cord-323716-ak6zgyh1	150	1	(	(	-LRB-
cord-323716-ak6zgyh1	150	2	1990	1990	CD
cord-323716-ak6zgyh1	150	3	)	)	-RRB-
cord-323716-ak6zgyh1	150	4	cointegration	cointegration	NN
cord-323716-ak6zgyh1	150	5	approaches	approach	VBZ
cord-323716-ak6zgyh1	150	6	to	to	TO
cord-323716-ak6zgyh1	150	7	examine	examine	VB
cord-323716-ak6zgyh1	150	8	the	the	DT
cord-323716-ak6zgyh1	150	9	market	market	NN
cord-323716-ak6zgyh1	150	10	integration	integration	NN
cord-323716-ak6zgyh1	150	11	.	.	.
cord-323716-ak6zgyh1	151	1	The	the	DT
cord-323716-ak6zgyh1	151	2	related	related	JJ
cord-323716-ak6zgyh1	151	3	model	model	NN
cord-323716-ak6zgyh1	151	4	specification	specification	NN
cord-323716-ak6zgyh1	151	5	is	be	VBZ
cord-323716-ak6zgyh1	151	6	listed	list	VBN
cord-323716-ak6zgyh1	151	7	as	as	IN
cord-323716-ak6zgyh1	151	8	follows	follow	VBZ
cord-323716-ak6zgyh1	151	9	:	:	:
cord-323716-ak6zgyh1	151	10	where	where	WRB
cord-323716-ak6zgyh1	151	11	ΔY	ΔY	NNP
cord-323716-ak6zgyh1	151	12	t	t	NN
cord-323716-ak6zgyh1	151	13	is	be	VBZ
cord-323716-ak6zgyh1	151	14	the	the	DT
cord-323716-ak6zgyh1	151	15	first	first	JJ
cord-323716-ak6zgyh1	151	16	-	-	HYPH
cord-323716-ak6zgyh1	151	17	difference	difference	NN
cord-323716-ak6zgyh1	151	18	time	time	NN
cord-323716-ak6zgyh1	151	19	series	series	NN
cord-323716-ak6zgyh1	151	20	vector	vector	NN
cord-323716-ak6zgyh1	151	21	,	,	,
cord-323716-ak6zgyh1	151	22	A	a	DT
cord-323716-ak6zgyh1	151	23	0	0	CD
cord-323716-ak6zgyh1	151	24	is	be	VBZ
cord-323716-ak6zgyh1	151	25	the	the	DT
cord-323716-ak6zgyh1	151	26	constant	constant	JJ
cord-323716-ak6zgyh1	151	27	vector	vector	NN
cord-323716-ak6zgyh1	151	28	;	;	:
cord-323716-ak6zgyh1	151	29	,	,	,
cord-323716-ak6zgyh1	151	30	and	and	CC
cord-323716-ak6zgyh1	151	31	ε	ε	NNP
cord-323716-ak6zgyh1	151	32	t	t	NNP
cord-323716-ak6zgyh1	151	33	is	be	VBZ
cord-323716-ak6zgyh1	151	34	the	the	DT
cord-323716-ak6zgyh1	151	35	column	column	NN
cord-323716-ak6zgyh1	151	36	vector	vector	NN
cord-323716-ak6zgyh1	151	37	Gaussian	gaussian	JJ
cord-323716-ak6zgyh1	151	38	noise	noise	NN
cord-323716-ak6zgyh1	151	39	with	with	IN
cord-323716-ak6zgyh1	151	40	zero	zero	CD
cord-323716-ak6zgyh1	151	41	mean	mean	NN
cord-323716-ak6zgyh1	151	42	and	and	CC
cord-323716-ak6zgyh1	151	43	finite	finite	JJ
cord-323716-ak6zgyh1	151	44	variance	variance	NN
cord-323716-ak6zgyh1	151	45	.	.	.
cord-323716-ak6zgyh1	152	1	Johansen	Johansen	NNP
cord-323716-ak6zgyh1	152	2	(	(	-LRB-
cord-323716-ak6zgyh1	152	3	1988	1988	CD
cord-323716-ak6zgyh1	152	4	)	)	-RRB-
cord-323716-ak6zgyh1	152	5	and	and	CC
cord-323716-ak6zgyh1	152	6	Johansen	Johansen	NNP
cord-323716-ak6zgyh1	152	7	and	and	CC
cord-323716-ak6zgyh1	152	8	Juselius	Juselius	NNP
cord-323716-ak6zgyh1	152	9	(	(	-LRB-
cord-323716-ak6zgyh1	152	10	1990	1990	CD
cord-323716-ak6zgyh1	152	11	)	)	-RRB-
cord-323716-ak6zgyh1	152	12	proposed	propose	VBD
cord-323716-ak6zgyh1	152	13	two	two	CD
cord-323716-ak6zgyh1	152	14	likelihood	likelihood	NN
cord-323716-ak6zgyh1	152	15	ratio	ratio	NN
cord-323716-ak6zgyh1	152	16	techniques	technique	NNS
cord-323716-ak6zgyh1	152	17	to	to	TO
cord-323716-ak6zgyh1	152	18	determine	determine	VB
cord-323716-ak6zgyh1	152	19	the	the	DT
cord-323716-ak6zgyh1	152	20	number	number	NN
cord-323716-ak6zgyh1	152	21	of	of	IN
cord-323716-ak6zgyh1	152	22	co	co	JJ
cord-323716-ak6zgyh1	152	23	-	-	NN
cord-323716-ak6zgyh1	152	24	integration	integration	JJ
cord-323716-ak6zgyh1	152	25	vectors	vector	NNS
cord-323716-ak6zgyh1	152	26	.	.	.
cord-323716-ak6zgyh1	153	1	These	these	DT
cord-323716-ak6zgyh1	153	2	techniques	technique	NNS
cord-323716-ak6zgyh1	153	3	are	be	VBP
cord-323716-ak6zgyh1	153	4	trace	trace	NN
cord-323716-ak6zgyh1	153	5	test	test	NN
cord-323716-ak6zgyh1	153	6	and	and	CC
cord-323716-ak6zgyh1	153	7	maximum	maximum	JJ
cord-323716-ak6zgyh1	153	8	eigen	eigen	JJ
cord-323716-ak6zgyh1	153	9	value	value	NN
cord-323716-ak6zgyh1	153	10	test	test	NN
cord-323716-ak6zgyh1	153	11	,	,	,
cord-323716-ak6zgyh1	153	12	which	which	WDT
cord-323716-ak6zgyh1	153	13	are	be	VBP
cord-323716-ak6zgyh1	153	14	expressed	express	VBN
cord-323716-ak6zgyh1	153	15	as	as	IN
cord-323716-ak6zgyh1	153	16	follows	follow	VBZ
cord-323716-ak6zgyh1	153	17	:	:	:
cord-323716-ak6zgyh1	153	18	where	where	WRB
cord-323716-ak6zgyh1	153	19	−	−	NNP
cord-323716-ak6zgyh1	153	20	T	T	NNP
cord-323716-ak6zgyh1	153	21	is	be	VBZ
cord-323716-ak6zgyh1	153	22	the	the	DT
cord-323716-ak6zgyh1	153	23	number	number	NN
cord-323716-ak6zgyh1	153	24	of	of	IN
cord-323716-ak6zgyh1	153	25	observations	observation	NNS
cord-323716-ak6zgyh1	153	26	,	,	,
cord-323716-ak6zgyh1	153	27	λ	λ	NNP
cord-323716-ak6zgyh1	153	28	i	i	PRP
cord-323716-ak6zgyh1	153	29	is	be	VBZ
cord-323716-ak6zgyh1	153	30	the	the	DT
cord-323716-ak6zgyh1	153	31	ith	ith	RB
cord-323716-ak6zgyh1	153	32	largest	large	JJS
cord-323716-ak6zgyh1	153	33	eigen	eigen	JJ
cord-323716-ak6zgyh1	153	34	value	value	NN
cord-323716-ak6zgyh1	153	35	,	,	,
cord-323716-ak6zgyh1	153	36	and	and	CC
cord-323716-ak6zgyh1	153	37	r	r	NN
cord-323716-ak6zgyh1	153	38	is	be	VBZ
cord-323716-ak6zgyh1	153	39	the	the	DT
cord-323716-ak6zgyh1	153	40	number	number	NN
cord-323716-ak6zgyh1	153	41	of	of	IN
cord-323716-ak6zgyh1	153	42	cointegrations	cointegration	NNS
cord-323716-ak6zgyh1	153	43	.	.	.
cord-323716-ak6zgyh1	154	1	The	the	DT
cord-323716-ak6zgyh1	154	2	null	null	JJ
cord-323716-ak6zgyh1	154	3	hypothesis	hypothesis	NN
cord-323716-ak6zgyh1	154	4	of	of	IN
cord-323716-ak6zgyh1	154	5	trace	trace	NN
cord-323716-ak6zgyh1	154	6	test	test	NN
cord-323716-ak6zgyh1	154	7	is	be	VBZ
cord-323716-ak6zgyh1	154	8	that	that	IN
cord-323716-ak6zgyh1	154	9	there	there	EX
cord-323716-ak6zgyh1	154	10	are	be	VBP
cord-323716-ak6zgyh1	154	11	at	at	IN
cord-323716-ak6zgyh1	154	12	most	most	JJS
cord-323716-ak6zgyh1	154	13	r	r	NN
cord-323716-ak6zgyh1	154	14	cointegration	cointegration	NN
cord-323716-ak6zgyh1	154	15	vectors	vector	NNS
cord-323716-ak6zgyh1	154	16	.	.	.
cord-323716-ak6zgyh1	155	1	That	that	RB
cord-323716-ak6zgyh1	155	2	is	is	RB
cord-323716-ak6zgyh1	155	3	,	,	,
cord-323716-ak6zgyh1	155	4	the	the	DT
cord-323716-ak6zgyh1	155	5	number	number	NN
cord-323716-ak6zgyh1	155	6	of	of	IN
cord-323716-ak6zgyh1	155	7	co	co	JJ
cord-323716-ak6zgyh1	155	8	-	-	NN
cord-323716-ak6zgyh1	155	9	integration	integration	JJ
cord-323716-ak6zgyh1	155	10	vectors	vector	NNS
cord-323716-ak6zgyh1	155	11	is	be	VBZ
cord-323716-ak6zgyh1	155	12	less	less	JJR
cord-323716-ak6zgyh1	155	13	than	than	IN
cord-323716-ak6zgyh1	155	14	or	or	CC
cord-323716-ak6zgyh1	155	15	equal	equal	JJ
cord-323716-ak6zgyh1	155	16	to	to	IN
cord-323716-ak6zgyh1	155	17	r.	r.	NNP
cord-323716-ak6zgyh1	156	1	The	the	DT
cord-323716-ak6zgyh1	156	2	null	null	JJ
cord-323716-ak6zgyh1	156	3	hypothesis	hypothesis	NN
cord-323716-ak6zgyh1	156	4	for	for	IN
cord-323716-ak6zgyh1	156	5	maximum	maximum	JJ
cord-323716-ak6zgyh1	156	6	eigen	eigen	JJ
cord-323716-ak6zgyh1	156	7	value	value	NN
cord-323716-ak6zgyh1	156	8	test	test	NN
cord-323716-ak6zgyh1	156	9	is	be	VBZ
cord-323716-ak6zgyh1	156	10	that	that	IN
cord-323716-ak6zgyh1	156	11	there	there	EX
cord-323716-ak6zgyh1	156	12	are	be	VBP
cord-323716-ak6zgyh1	156	13	r	r	LS
cord-323716-ak6zgyh1	156	14	cointegration	cointegration	NN
cord-323716-ak6zgyh1	156	15	vectors	vector	NNS
cord-323716-ak6zgyh1	156	16	.	.	.
cord-323716-ak6zgyh1	157	1	For	for	IN
cord-323716-ak6zgyh1	157	2	both	both	DT
cord-323716-ak6zgyh1	157	3	tests	test	NNS
cord-323716-ak6zgyh1	157	4	,	,	,
cord-323716-ak6zgyh1	157	5	the	the	DT
cord-323716-ak6zgyh1	157	6	alternative	alternative	JJ
cord-323716-ak6zgyh1	157	7	hypothesis	hypothesis	NN
cord-323716-ak6zgyh1	157	8	is	be	VBZ
cord-323716-ak6zgyh1	157	9	that	that	IN
cord-323716-ak6zgyh1	157	10	there	there	EX
cord-323716-ak6zgyh1	157	11	are	be	VBP
cord-323716-ak6zgyh1	157	12	g	g	NN
cord-323716-ak6zgyh1	157	13	N	n	NN
cord-323716-ak6zgyh1	157	14	r	r	NN
cord-323716-ak6zgyh1	157	15	co	co	NN
cord-323716-ak6zgyh1	157	16	-	-	NN
cord-323716-ak6zgyh1	157	17	integration	integration	JJ
cord-323716-ak6zgyh1	157	18	vectors	vector	NNS
cord-323716-ak6zgyh1	157	19	.	.	.
cord-323716-ak6zgyh1	158	1	To	to	TO
cord-323716-ak6zgyh1	158	2	determine	determine	VB
cord-323716-ak6zgyh1	158	3	the	the	DT
cord-323716-ak6zgyh1	158	4	optimal	optimal	NN
cord-323716-ak6zgyh1	158	5	lag	lag	NN
cord-323716-ak6zgyh1	158	6	length	length	NN
cord-323716-ak6zgyh1	158	7	of	of	IN
cord-323716-ak6zgyh1	158	8	the	the	DT
cord-323716-ak6zgyh1	158	9	Johansen	Johansen	NNP
cord-323716-ak6zgyh1	158	10	test	test	NN
cord-323716-ak6zgyh1	158	11	,	,	,
cord-323716-ak6zgyh1	158	12	we	-PRON-	PRP
cord-323716-ak6zgyh1	158	13	began	begin	VBD
cord-323716-ak6zgyh1	158	14	with	with	IN
cord-323716-ak6zgyh1	158	15	eight	eight	CD
cord-323716-ak6zgyh1	158	16	lags	lag	NNS
cord-323716-ak6zgyh1	158	17	of	of	IN
cord-323716-ak6zgyh1	158	18	each	each	DT
cord-323716-ak6zgyh1	158	19	equation	equation	NN
cord-323716-ak6zgyh1	158	20	as	as	IN
cord-323716-ak6zgyh1	158	21	an	an	DT
cord-323716-ak6zgyh1	158	22	unrestricted	unrestricted	JJ
cord-323716-ak6zgyh1	158	23	model	model	NN
cord-323716-ak6zgyh1	158	24	and	and	CC
cord-323716-ak6zgyh1	158	25	estimated	estimate	VBD
cord-323716-ak6zgyh1	158	26	the	the	DT
cord-323716-ak6zgyh1	158	27	variance	variance	NN
cord-323716-ak6zgyh1	158	28	/	/	SYM
cord-323716-ak6zgyh1	158	29	covariance	covariance	NN
cord-323716-ak6zgyh1	158	30	matrix	matrix	NN
cord-323716-ak6zgyh1	158	31	of	of	IN
cord-323716-ak6zgyh1	158	32	residuals	residual	NNS
cord-323716-ak6zgyh1	158	33	.	.	.
cord-323716-ak6zgyh1	159	1	Then	then	RB
cord-323716-ak6zgyh1	159	2	we	-PRON-	PRP
cord-323716-ak6zgyh1	159	3	used	use	VBD
cord-323716-ak6zgyh1	159	4	shorter	short	JJR
cord-323716-ak6zgyh1	159	5	lag	lag	VB
cord-323716-ak6zgyh1	159	6	lengths	length	NNS
cord-323716-ak6zgyh1	159	7	as	as	IN
cord-323716-ak6zgyh1	159	8	a	a	DT
cord-323716-ak6zgyh1	159	9	restricted	restricted	JJ
cord-323716-ak6zgyh1	159	10	model	model	NN
cord-323716-ak6zgyh1	159	11	again	again	RB
cord-323716-ak6zgyh1	159	12	to	to	TO
cord-323716-ak6zgyh1	159	13	estimate	estimate	VB
cord-323716-ak6zgyh1	159	14	the	the	DT
cord-323716-ak6zgyh1	159	15	variance	variance	NN
cord-323716-ak6zgyh1	159	16	/	/	SYM
cord-323716-ak6zgyh1	159	17	covariance	covariance	NN
cord-323716-ak6zgyh1	159	18	matrix	matrix	NN
cord-323716-ak6zgyh1	159	19	of	of	IN
cord-323716-ak6zgyh1	159	20	residuals	residual	NNS
cord-323716-ak6zgyh1	159	21	.	.	.
cord-323716-ak6zgyh1	160	1	Following	follow	VBG
cord-323716-ak6zgyh1	160	2	Sims	sim	NNS
cord-323716-ak6zgyh1	160	3	(	(	-LRB-
cord-323716-ak6zgyh1	160	4	1980	1980	CD
cord-323716-ak6zgyh1	160	5	)	)	-RRB-
cord-323716-ak6zgyh1	160	6	,	,	,
cord-323716-ak6zgyh1	160	7	the	the	DT
cord-323716-ak6zgyh1	160	8	optimal	optimal	NN
cord-323716-ak6zgyh1	160	9	lag	lag	NN
cord-323716-ak6zgyh1	160	10	lengths	length	NNS
cord-323716-ak6zgyh1	160	11	are	be	VBP
cord-323716-ak6zgyh1	160	12	determined	determine	VBN
cord-323716-ak6zgyh1	160	13	by	by	IN
cord-323716-ak6zgyh1	160	14	the	the	DT
cord-323716-ak6zgyh1	160	15	following	following	JJ
cord-323716-ak6zgyh1	160	16	formula	formula	NN
cord-323716-ak6zgyh1	160	17	:	:	:
cord-323716-ak6zgyh1	160	18	where	where	WRB
cord-323716-ak6zgyh1	160	19	Σ	Σ	NNP
cord-323716-ak6zgyh1	160	20	u	u	NNP
cord-323716-ak6zgyh1	160	21	and	and	CC
cord-323716-ak6zgyh1	160	22	Σ	Σ	NNP
cord-323716-ak6zgyh1	160	23	r	r	NNP
cord-323716-ak6zgyh1	160	24	are	be	VBP
cord-323716-ak6zgyh1	160	25	the	the	DT
cord-323716-ak6zgyh1	160	26	variance	variance	NN
cord-323716-ak6zgyh1	160	27	/	/	SYM
cord-323716-ak6zgyh1	160	28	covariance	covariance	NN
cord-323716-ak6zgyh1	160	29	matrices	matrix	NNS
cord-323716-ak6zgyh1	160	30	of	of	IN
cord-323716-ak6zgyh1	160	31	the	the	DT
cord-323716-ak6zgyh1	160	32	unrestricted	unrestricted	JJ
cord-323716-ak6zgyh1	160	33	and	and	CC
cord-323716-ak6zgyh1	160	34	restricted	restrict	VBN
cord-323716-ak6zgyh1	160	35	models	model	NNS
cord-323716-ak6zgyh1	160	36	,	,	,
cord-323716-ak6zgyh1	160	37	respectively	respectively	RB
cord-323716-ak6zgyh1	160	38	.	.	.
cord-323716-ak6zgyh1	161	1	T	T	NNP
cord-323716-ak6zgyh1	161	2	is	be	VBZ
cord-323716-ak6zgyh1	161	3	the	the	DT
cord-323716-ak6zgyh1	161	4	number	number	NN
cord-323716-ak6zgyh1	161	5	of	of	IN
cord-323716-ak6zgyh1	161	6	observations	observation	NNS
cord-323716-ak6zgyh1	161	7	,	,	,
cord-323716-ak6zgyh1	161	8	and	and	CC
cord-323716-ak6zgyh1	161	9	c	c	NN
cord-323716-ak6zgyh1	161	10	is	be	VBZ
cord-323716-ak6zgyh1	161	11	the	the	DT
cord-323716-ak6zgyh1	161	12	number	number	NN
cord-323716-ak6zgyh1	161	13	of	of	IN
cord-323716-ak6zgyh1	161	14	parameters	parameter	NNS
cord-323716-ak6zgyh1	161	15	estimated	estimate	VBN
cord-323716-ak6zgyh1	161	16	in	in	IN
cord-323716-ak6zgyh1	161	17	the	the	DT
cord-323716-ak6zgyh1	161	18	unrestricted	unrestricted	JJ
cord-323716-ak6zgyh1	161	19	model	model	NN
cord-323716-ak6zgyh1	161	20	.	.	.
cord-323716-ak6zgyh1	162	1	Thus	thus	RB
cord-323716-ak6zgyh1	162	2	,	,	,
cord-323716-ak6zgyh1	162	3	the	the	DT
cord-323716-ak6zgyh1	162	4	optimal	optimal	JJ
cord-323716-ak6zgyh1	162	5	lag	lag	NN
cord-323716-ak6zgyh1	162	6	length	length	NN
cord-323716-ak6zgyh1	162	7	is	be	VBZ
cord-323716-ak6zgyh1	162	8	1	1	CD
cord-323716-ak6zgyh1	162	9	in	in	IN
cord-323716-ak6zgyh1	162	10	four	four	CD
cord-323716-ak6zgyh1	162	11	of	of	IN
cord-323716-ak6zgyh1	162	12	six	six	CD
cord-323716-ak6zgyh1	162	13	economies	economy	NNS
cord-323716-ak6zgyh1	162	14	,	,	,
cord-323716-ak6zgyh1	162	15	including	include	VBG
cord-323716-ak6zgyh1	162	16	China	China	NNP
cord-323716-ak6zgyh1	162	17	,	,	,
cord-323716-ak6zgyh1	162	18	Hong	Hong	NNP
cord-323716-ak6zgyh1	162	19	Kong	Kong	NNP
cord-323716-ak6zgyh1	162	20	,	,	,
cord-323716-ak6zgyh1	162	21	Singapore	Singapore	NNP
cord-323716-ak6zgyh1	162	22	,	,	,
cord-323716-ak6zgyh1	162	23	and	and	CC
cord-323716-ak6zgyh1	162	24	South	South	NNP
cord-323716-ak6zgyh1	162	25	Korea	Korea	NNP
cord-323716-ak6zgyh1	162	26	.	.	.
cord-323716-ak6zgyh1	163	1	However	however	RB
cord-323716-ak6zgyh1	163	2	,	,	,
cord-323716-ak6zgyh1	163	3	for	for	IN
cord-323716-ak6zgyh1	163	4	Japan	Japan	NNP
cord-323716-ak6zgyh1	163	5	and	and	CC
cord-323716-ak6zgyh1	163	6	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	163	7	,	,	,
cord-323716-ak6zgyh1	163	8	the	the	DT
cord-323716-ak6zgyh1	163	9	optimal	optimal	NN
cord-323716-ak6zgyh1	163	10	lag	lag	NN
cord-323716-ak6zgyh1	163	11	lengths	length	NNS
cord-323716-ak6zgyh1	163	12	are	be	VBP
cord-323716-ak6zgyh1	163	13	2	2	CD
cord-323716-ak6zgyh1	163	14	.	.	.
cord-323716-ak6zgyh1	164	1	According	accord	VBG
cord-323716-ak6zgyh1	164	2	to	to	IN
cord-323716-ak6zgyh1	164	3	previous	previous	JJ
cord-323716-ak6zgyh1	164	4	studies	study	NNS
cord-323716-ak6zgyh1	164	5	,	,	,
cord-323716-ak6zgyh1	164	6	if	if	IN
cord-323716-ak6zgyh1	164	7	one	one	CD
cord-323716-ak6zgyh1	164	8	market	market	NN
cord-323716-ak6zgyh1	164	9	is	be	VBZ
cord-323716-ak6zgyh1	164	10	not	not	RB
cord-323716-ak6zgyh1	164	11	cointegrated	cointegrate	VBN
cord-323716-ak6zgyh1	164	12	with	with	IN
cord-323716-ak6zgyh1	164	13	the	the	DT
cord-323716-ak6zgyh1	164	14	other	other	JJ
cord-323716-ak6zgyh1	164	15	,	,	,
cord-323716-ak6zgyh1	164	16	then	then	RB
cord-323716-ak6zgyh1	164	17	these	these	DT
cord-323716-ak6zgyh1	164	18	two	two	CD
cord-323716-ak6zgyh1	164	19	markets	market	NNS
cord-323716-ak6zgyh1	164	20	are	be	VBP
cord-323716-ak6zgyh1	164	21	segmented	segmented	JJ
cord-323716-ak6zgyh1	164	22	.	.	.
cord-323716-ak6zgyh1	165	1	However	however	RB
cord-323716-ak6zgyh1	165	2	,	,	,
cord-323716-ak6zgyh1	165	3	Okunev	Okunev	NNP
cord-323716-ak6zgyh1	165	4	and	and	CC
cord-323716-ak6zgyh1	165	5	Wilson	Wilson	NNP
cord-323716-ak6zgyh1	165	6	(	(	-LRB-
cord-323716-ak6zgyh1	165	7	1997	1997	CD
cord-323716-ak6zgyh1	165	8	)	)	-RRB-
cord-323716-ak6zgyh1	165	9	argue	argue	VBP
cord-323716-ak6zgyh1	165	10	that	that	IN
cord-323716-ak6zgyh1	165	11	this	this	DT
cord-323716-ak6zgyh1	165	12	conclusion	conclusion	NN
cord-323716-ak6zgyh1	165	13	is	be	VBZ
cord-323716-ak6zgyh1	165	14	based	base	VBN
cord-323716-ak6zgyh1	165	15	on	on	IN
cord-323716-ak6zgyh1	165	16	the	the	DT
cord-323716-ak6zgyh1	165	17	assumption	assumption	NN
cord-323716-ak6zgyh1	165	18	that	that	IN
cord-323716-ak6zgyh1	165	19	the	the	DT
cord-323716-ak6zgyh1	165	20	series	series	NN
cord-323716-ak6zgyh1	165	21	in	in	IN
cord-323716-ak6zgyh1	165	22	both	both	DT
cord-323716-ak6zgyh1	165	23	markets	market	NNS
cord-323716-ak6zgyh1	165	24	are	be	VBP
cord-323716-ak6zgyh1	165	25	linearly	linearly	RB
cord-323716-ak6zgyh1	165	26	related	relate	VBN
cord-323716-ak6zgyh1	165	27	.	.	.
cord-323716-ak6zgyh1	166	1	It	-PRON-	PRP
cord-323716-ak6zgyh1	166	2	is	be	VBZ
cord-323716-ak6zgyh1	166	3	possible	possible	JJ
cord-323716-ak6zgyh1	166	4	that	that	IN
cord-323716-ak6zgyh1	166	5	the	the	DT
cord-323716-ak6zgyh1	166	6	nonlinearity	nonlinearity	NN
cord-323716-ak6zgyh1	166	7	relationship	relationship	NN
cord-323716-ak6zgyh1	166	8	of	of	IN
cord-323716-ak6zgyh1	166	9	the	the	DT
cord-323716-ak6zgyh1	166	10	series	series	NN
cord-323716-ak6zgyh1	166	11	resulted	result	VBD
cord-323716-ak6zgyh1	166	12	in	in	IN
cord-323716-ak6zgyh1	166	13	rejection	rejection	NN
cord-323716-ak6zgyh1	166	14	of	of	IN
cord-323716-ak6zgyh1	166	15	the	the	DT
cord-323716-ak6zgyh1	166	16	cointegration	cointegration	NN
cord-323716-ak6zgyh1	166	17	test	test	NN
cord-323716-ak6zgyh1	166	18	.	.	.
cord-323716-ak6zgyh1	167	1	Therefore	therefore	RB
cord-323716-ak6zgyh1	167	2	,	,	,
cord-323716-ak6zgyh1	167	3	in	in	IN
cord-323716-ak6zgyh1	167	4	addition	addition	NN
cord-323716-ak6zgyh1	167	5	to	to	IN
cord-323716-ak6zgyh1	167	6	segmentation	segmentation	NN
cord-323716-ak6zgyh1	167	7	and	and	CC
cord-323716-ak6zgyh1	167	8	integration	integration	NN
cord-323716-ak6zgyh1	167	9	,	,	,
cord-323716-ak6zgyh1	167	10	Okunev	Okunev	NNP
cord-323716-ak6zgyh1	167	11	and	and	CC
cord-323716-ak6zgyh1	167	12	Wilson	Wilson	NNP
cord-323716-ak6zgyh1	167	13	(	(	-LRB-
cord-323716-ak6zgyh1	167	14	1997	1997	CD
cord-323716-ak6zgyh1	167	15	)	)	-RRB-
cord-323716-ak6zgyh1	167	16	proposed	propose	VBD
cord-323716-ak6zgyh1	167	17	that	that	IN
cord-323716-ak6zgyh1	167	18	the	the	DT
cord-323716-ak6zgyh1	167	19	degree	degree	NN
cord-323716-ak6zgyh1	167	20	of	of	IN
cord-323716-ak6zgyh1	167	21	market	market	NN
cord-323716-ak6zgyh1	167	22	integration	integration	NN
cord-323716-ak6zgyh1	167	23	might	may	MD
cord-323716-ak6zgyh1	167	24	be	be	VB
cord-323716-ak6zgyh1	167	25	fractional	fractional	JJ
cord-323716-ak6zgyh1	167	26	if	if	IN
cord-323716-ak6zgyh1	167	27	there	there	EX
cord-323716-ak6zgyh1	167	28	is	be	VBZ
cord-323716-ak6zgyh1	167	29	no	no	DT
cord-323716-ak6zgyh1	167	30	cointegration	cointegration	NN
cord-323716-ak6zgyh1	167	31	relationship	relationship	NN
cord-323716-ak6zgyh1	167	32	between	between	IN
cord-323716-ak6zgyh1	167	33	the	the	DT
cord-323716-ak6zgyh1	167	34	two	two	CD
cord-323716-ak6zgyh1	167	35	markets	market	NNS
cord-323716-ak6zgyh1	167	36	.	.	.
cord-323716-ak6zgyh1	168	1	They	-PRON-	PRP
cord-323716-ak6zgyh1	168	2	developed	develop	VBD
cord-323716-ak6zgyh1	168	3	a	a	DT
cord-323716-ak6zgyh1	168	4	nonlinear	nonlinear	JJ
cord-323716-ak6zgyh1	168	5	model	model	NN
cord-323716-ak6zgyh1	168	6	to	to	TO
cord-323716-ak6zgyh1	168	7	measure	measure	VB
cord-323716-ak6zgyh1	168	8	the	the	DT
cord-323716-ak6zgyh1	168	9	degree	degree	NN
cord-323716-ak6zgyh1	168	10	of	of	IN
cord-323716-ak6zgyh1	168	11	market	market	NN
cord-323716-ak6zgyh1	168	12	integration	integration	NN
cord-323716-ak6zgyh1	168	13	.	.	.
cord-323716-ak6zgyh1	169	1	The	the	DT
cord-323716-ak6zgyh1	169	2	nonlinear	nonlinear	JJ
cord-323716-ak6zgyh1	169	3	cointegration	cointegration	NN
cord-323716-ak6zgyh1	169	4	model	model	NN
cord-323716-ak6zgyh1	169	5	is	be	VBZ
cord-323716-ak6zgyh1	169	6	expressed	express	VBN
cord-323716-ak6zgyh1	169	7	as	as	IN
cord-323716-ak6zgyh1	169	8	:	:	:
cord-323716-ak6zgyh1	169	9	log	log	NN
cord-323716-ak6zgyh1	169	10	Rðt	Rðt	NNP
cord-323716-ak6zgyh1	169	11	+	+	SYM
cord-323716-ak6zgyh1	169	12	1Þ	1þ	NN
cord-323716-ak6zgyh1	169	13	RðtÞ	rðtþ	NN
cord-323716-ak6zgyh1	169	14	=	=	NFP
cord-323716-ak6zgyh1	170	1	γ	γ	NN
cord-323716-ak6zgyh1	170	2	0	0	CD
cord-323716-ak6zgyh1	170	3	+	+	SYM
cord-323716-ak6zgyh1	170	4	γ	γ	NN
cord-323716-ak6zgyh1	170	5	1	1	CD
cord-323716-ak6zgyh1	170	6	Sðt	Sðt	NNP
cord-323716-ak6zgyh1	170	7	+	+	SYM
cord-323716-ak6zgyh1	170	8	1Þ	1þ	CD
cord-323716-ak6zgyh1	170	9	SðtÞ	SðtÞ	NNP
cord-323716-ak6zgyh1	170	10	+	+	CC
cord-323716-ak6zgyh1	170	11	γ	γ	NN
cord-323716-ak6zgyh1	170	12	2	2	CD
cord-323716-ak6zgyh1	170	13	SðtÞ	SðtÞ	NNP
cord-323716-ak6zgyh1	170	14	+	+	CC
cord-323716-ak6zgyh1	170	15	γ	γ	NN
cord-323716-ak6zgyh1	170	16	3	3	CD
cord-323716-ak6zgyh1	170	17	logRðtÞ	logRðtÞ	NNP
cord-323716-ak6zgyh1	170	18	+	+	.
cord-323716-ak6zgyh1	171	1	eðtÞ	eðtÞ	NNP
cord-323716-ak6zgyh1	171	2	ð	ð	NNP
cord-323716-ak6zgyh1	171	3	7Þ	7þ	CD
cord-323716-ak6zgyh1	171	4	where	where	WRB
cord-323716-ak6zgyh1	171	5	R(t	R(t	NNP
cord-323716-ak6zgyh1	171	6	)	)	-RRB-
cord-323716-ak6zgyh1	171	7	presents	present	VBZ
cord-323716-ak6zgyh1	171	8	the	the	DT
cord-323716-ak6zgyh1	171	9	value	value	NN
cord-323716-ak6zgyh1	171	10	of	of	IN
cord-323716-ak6zgyh1	171	11	the	the	DT
cord-323716-ak6zgyh1	171	12	real	real	JJ
cord-323716-ak6zgyh1	171	13	estate	estate	NN
cord-323716-ak6zgyh1	171	14	market	market	NN
cord-323716-ak6zgyh1	171	15	index	index	NN
cord-323716-ak6zgyh1	171	16	at	at	IN
cord-323716-ak6zgyh1	171	17	time	time	NN
cord-323716-ak6zgyh1	171	18	t	t	NNP
cord-323716-ak6zgyh1	171	19	,	,	,
cord-323716-ak6zgyh1	171	20	and	and	CC
cord-323716-ak6zgyh1	171	21	S(t	S(t	NNP
cord-323716-ak6zgyh1	171	22	)	)	-RRB-
cord-323716-ak6zgyh1	171	23	stands	stand	VBZ
cord-323716-ak6zgyh1	171	24	for	for	IN
cord-323716-ak6zgyh1	171	25	the	the	DT
cord-323716-ak6zgyh1	171	26	value	value	NN
cord-323716-ak6zgyh1	171	27	of	of	IN
cord-323716-ak6zgyh1	171	28	the	the	DT
cord-323716-ak6zgyh1	171	29	stock	stock	NN
cord-323716-ak6zgyh1	171	30	market	market	NN
cord-323716-ak6zgyh1	171	31	index	index	NN
cord-323716-ak6zgyh1	171	32	.	.	.
cord-323716-ak6zgyh1	172	1	The	the	DT
cord-323716-ak6zgyh1	172	2	coefficient	coefficient	NN
cord-323716-ak6zgyh1	172	3	of	of	IN
cord-323716-ak6zgyh1	172	4	γ	γ	NN
cord-323716-ak6zgyh1	172	5	1	1	CD
cord-323716-ak6zgyh1	172	6	allows	allow	VBZ
cord-323716-ak6zgyh1	172	7	us	-PRON-	PRP
cord-323716-ak6zgyh1	172	8	to	to	TO
cord-323716-ak6zgyh1	172	9	test	test	VB
cord-323716-ak6zgyh1	172	10	whether	whether	IN
cord-323716-ak6zgyh1	172	11	the	the	DT
cord-323716-ak6zgyh1	172	12	market	market	NN
cord-323716-ak6zgyh1	172	13	relationship	relationship	NN
cord-323716-ak6zgyh1	172	14	is	be	VBZ
cord-323716-ak6zgyh1	172	15	segmented	segmented	JJ
cord-323716-ak6zgyh1	172	16	(	(	-LRB-
cord-323716-ak6zgyh1	172	17	γ	γ	NN
cord-323716-ak6zgyh1	172	18	1	1	CD
cord-323716-ak6zgyh1	172	19	=	=	SYM
cord-323716-ak6zgyh1	172	20	0	0	CD
cord-323716-ak6zgyh1	172	21	)	)	-RRB-
cord-323716-ak6zgyh1	172	22	,	,	,
cord-323716-ak6zgyh1	172	23	fractionally	fractionally	RB
cord-323716-ak6zgyh1	172	24	cointegrated	cointegrate	VBN
cord-323716-ak6zgyh1	172	25	(	(	-LRB-
cord-323716-ak6zgyh1	172	26	0	0	NFP
cord-323716-ak6zgyh1	172	27	b	b	NN
cord-323716-ak6zgyh1	172	28	γ	γ	NN
cord-323716-ak6zgyh1	172	29	1	1	CD
cord-323716-ak6zgyh1	172	30	b	b	NN
cord-323716-ak6zgyh1	172	31	1	1	CD
cord-323716-ak6zgyh1	172	32	)	)	-RRB-
cord-323716-ak6zgyh1	172	33	,	,	,
cord-323716-ak6zgyh1	172	34	or	or	CC
cord-323716-ak6zgyh1	172	35	linear	linear	NNP
cord-323716-ak6zgyh1	172	36	(	(	-LRB-
cord-323716-ak6zgyh1	172	37	γ	γ	NN
cord-323716-ak6zgyh1	172	38	1	1	CD
cord-323716-ak6zgyh1	172	39	=	=	SYM
cord-323716-ak6zgyh1	172	40	1	1	CD
cord-323716-ak6zgyh1	172	41	)	)	-RRB-
cord-323716-ak6zgyh1	172	42	.	.	.
cord-323716-ak6zgyh1	173	1	The	the	DT
cord-323716-ak6zgyh1	173	2	coefficient	coefficient	NN
cord-323716-ak6zgyh1	173	3	of	of	IN
cord-323716-ak6zgyh1	173	4	γ	γ	NN
cord-323716-ak6zgyh1	173	5	2	2	CD
cord-323716-ak6zgyh1	173	6	measures	measure	NNS
cord-323716-ak6zgyh1	173	7	the	the	DT
cord-323716-ak6zgyh1	173	8	change	change	NN
cord-323716-ak6zgyh1	173	9	in	in	IN
cord-323716-ak6zgyh1	173	10	the	the	DT
cord-323716-ak6zgyh1	173	11	mean	mean	JJ
cord-323716-ak6zgyh1	173	12	reversion	reversion	NN
cord-323716-ak6zgyh1	173	13	characteristics	characteristic	NNS
cord-323716-ak6zgyh1	173	14	of	of	IN
cord-323716-ak6zgyh1	173	15	the	the	DT
cord-323716-ak6zgyh1	173	16	real	real	JJ
cord-323716-ak6zgyh1	173	17	estate	estate	NN
cord-323716-ak6zgyh1	173	18	market	market	NN
cord-323716-ak6zgyh1	173	19	index	index	NN
cord-323716-ak6zgyh1	173	20	towards	towards	IN
cord-323716-ak6zgyh1	173	21	the	the	DT
cord-323716-ak6zgyh1	173	22	stock	stock	NN
cord-323716-ak6zgyh1	173	23	market	market	NN
cord-323716-ak6zgyh1	173	24	index	index	NN
cord-323716-ak6zgyh1	173	25	.	.	.
cord-323716-ak6zgyh1	174	1	The	the	DT
cord-323716-ak6zgyh1	174	2	coefficient	coefficient	NN
cord-323716-ak6zgyh1	174	3	of	of	IN
cord-323716-ak6zgyh1	174	4	γ	γ	NN
cord-323716-ak6zgyh1	174	5	3	3	CD
cord-323716-ak6zgyh1	174	6	represents	represent	VBZ
cord-323716-ak6zgyh1	174	7	the	the	DT
cord-323716-ak6zgyh1	174	8	speed	speed	NN
cord-323716-ak6zgyh1	174	9	of	of	IN
cord-323716-ak6zgyh1	174	10	adjustment	adjustment	NN
cord-323716-ak6zgyh1	174	11	of	of	IN
cord-323716-ak6zgyh1	174	12	mean	mean	JJ
cord-323716-ak6zgyh1	174	13	reversion	reversion	NN
cord-323716-ak6zgyh1	174	14	towards	towards	IN
cord-323716-ak6zgyh1	174	15	the	the	DT
cord-323716-ak6zgyh1	174	16	stock	stock	NN
cord-323716-ak6zgyh1	174	17	market	market	NN
cord-323716-ak6zgyh1	174	18	.	.	.
cord-323716-ak6zgyh1	175	1	According	accord	VBG
cord-323716-ak6zgyh1	175	2	to	to	IN
cord-323716-ak6zgyh1	175	3	Okunev	Okunev	NNP
cord-323716-ak6zgyh1	175	4	and	and	CC
cord-323716-ak6zgyh1	175	5	Wilson	Wilson	NNP
cord-323716-ak6zgyh1	175	6	(	(	-LRB-
cord-323716-ak6zgyh1	175	7	1997	1997	CD
cord-323716-ak6zgyh1	175	8	)	)	-RRB-
cord-323716-ak6zgyh1	175	9	,	,	,
cord-323716-ak6zgyh1	175	10	if	if	IN
cord-323716-ak6zgyh1	175	11	there	there	EX
cord-323716-ak6zgyh1	175	12	is	be	VBZ
cord-323716-ak6zgyh1	175	13	no	no	DT
cord-323716-ak6zgyh1	175	14	cointegration	cointegration	NN
cord-323716-ak6zgyh1	175	15	relationship	relationship	NN
cord-323716-ak6zgyh1	175	16	between	between	IN
cord-323716-ak6zgyh1	175	17	two	two	CD
cord-323716-ak6zgyh1	175	18	markets	market	NNS
cord-323716-ak6zgyh1	175	19	,	,	,
cord-323716-ak6zgyh1	175	20	then	then	RB
cord-323716-ak6zgyh1	175	21	the	the	DT
cord-323716-ak6zgyh1	175	22	nonlinear	nonlinear	JJ
cord-323716-ak6zgyh1	175	23	cointegration	cointegration	NN
cord-323716-ak6zgyh1	175	24	test	test	NN
cord-323716-ak6zgyh1	175	25	can	can	MD
cord-323716-ak6zgyh1	175	26	still	still	RB
cord-323716-ak6zgyh1	175	27	be	be	VB
cord-323716-ak6zgyh1	175	28	performed	perform	VBN
cord-323716-ak6zgyh1	175	29	.	.	.
cord-323716-ak6zgyh1	176	1	Therefore	therefore	RB
cord-323716-ak6zgyh1	176	2	,	,	,
cord-323716-ak6zgyh1	176	3	if	if	IN
cord-323716-ak6zgyh1	176	4	the	the	DT
cord-323716-ak6zgyh1	176	5	cointegration	cointegration	NN
cord-323716-ak6zgyh1	176	6	relationship	relationship	NN
cord-323716-ak6zgyh1	176	7	between	between	IN
cord-323716-ak6zgyh1	176	8	the	the	DT
cord-323716-ak6zgyh1	176	9	stock	stock	NN
cord-323716-ak6zgyh1	176	10	and	and	CC
cord-323716-ak6zgyh1	176	11	real	real	JJ
cord-323716-ak6zgyh1	176	12	estate	estate	NN
cord-323716-ak6zgyh1	176	13	markets	market	NNS
cord-323716-ak6zgyh1	176	14	is	be	VBZ
cord-323716-ak6zgyh1	176	15	not	not	RB
cord-323716-ak6zgyh1	176	16	observed	observe	VBN
cord-323716-ak6zgyh1	176	17	,	,	,
cord-323716-ak6zgyh1	176	18	nonlinear	nonlinear	JJ
cord-323716-ak6zgyh1	176	19	cointegration	cointegration	NN
cord-323716-ak6zgyh1	176	20	test	test	NN
cord-323716-ak6zgyh1	176	21	can	can	MD
cord-323716-ak6zgyh1	176	22	be	be	VB
cord-323716-ak6zgyh1	176	23	conducted	conduct	VBN
cord-323716-ak6zgyh1	176	24	to	to	TO
cord-323716-ak6zgyh1	176	25	examine	examine	VB
cord-323716-ak6zgyh1	176	26	the	the	DT
cord-323716-ak6zgyh1	176	27	fractional	fractional	JJ
cord-323716-ak6zgyh1	176	28	integration	integration	NN
cord-323716-ak6zgyh1	176	29	.	.	.
cord-323716-ak6zgyh1	177	1	If	if	IN
cord-323716-ak6zgyh1	177	2	there	there	EX
cord-323716-ak6zgyh1	177	3	is	be	VBZ
cord-323716-ak6zgyh1	177	4	fractional	fractional	JJ
cord-323716-ak6zgyh1	177	5	integration	integration	NN
cord-323716-ak6zgyh1	177	6	,	,	,
cord-323716-ak6zgyh1	177	7	then	then	RB
cord-323716-ak6zgyh1	177	8	the	the	DT
cord-323716-ak6zgyh1	177	9	coefficient	coefficient	NN
cord-323716-ak6zgyh1	177	10	of	of	IN
cord-323716-ak6zgyh1	177	11	γ	γ	NN
cord-323716-ak6zgyh1	177	12	1	1	CD
cord-323716-ak6zgyh1	177	13	will	will	MD
cord-323716-ak6zgyh1	177	14	be	be	VB
cord-323716-ak6zgyh1	177	15	significantly	significantly	RB
cord-323716-ak6zgyh1	177	16	different	different	JJ
cord-323716-ak6zgyh1	177	17	from	from	IN
cord-323716-ak6zgyh1	177	18	zero	zero	CD
cord-323716-ak6zgyh1	177	19	and	and	CC
cord-323716-ak6zgyh1	177	20	one	one	CD
cord-323716-ak6zgyh1	177	21	.	.	.
cord-323716-ak6zgyh1	178	1	We	-PRON-	PRP
cord-323716-ak6zgyh1	178	2	performed	perform	VBD
cord-323716-ak6zgyh1	178	3	the	the	DT
cord-323716-ak6zgyh1	178	4	Granger	Granger	NNP
cord-323716-ak6zgyh1	178	5	(	(	-LRB-
cord-323716-ak6zgyh1	178	6	1969	1969	CD
cord-323716-ak6zgyh1	178	7	)	)	-RRB-
cord-323716-ak6zgyh1	178	8	causality	causality	NN
cord-323716-ak6zgyh1	178	9	test	test	NN
cord-323716-ak6zgyh1	178	10	to	to	TO
cord-323716-ak6zgyh1	178	11	examine	examine	VB
cord-323716-ak6zgyh1	178	12	the	the	DT
cord-323716-ak6zgyh1	178	13	causal	causal	JJ
cord-323716-ak6zgyh1	178	14	relationship	relationship	NN
cord-323716-ak6zgyh1	178	15	between	between	IN
cord-323716-ak6zgyh1	178	16	the	the	DT
cord-323716-ak6zgyh1	178	17	stock	stock	NN
cord-323716-ak6zgyh1	178	18	and	and	CC
cord-323716-ak6zgyh1	178	19	real	real	JJ
cord-323716-ak6zgyh1	178	20	estate	estate	NN
cord-323716-ak6zgyh1	178	21	markets	market	NNS
cord-323716-ak6zgyh1	178	22	based	base	VBN
cord-323716-ak6zgyh1	178	23	on	on	IN
cord-323716-ak6zgyh1	178	24	the	the	DT
cord-323716-ak6zgyh1	178	25	bi	bi	JJ
cord-323716-ak6zgyh1	178	26	-	-	JJ
cord-323716-ak6zgyh1	178	27	variate	variate	JJ
cord-323716-ak6zgyh1	178	28	VAR	var	NN
cord-323716-ak6zgyh1	178	29	model	model	NN
cord-323716-ak6zgyh1	178	30	.	.	.
cord-323716-ak6zgyh1	179	1	The	the	DT
cord-323716-ak6zgyh1	179	2	specifications	specification	NNS
cord-323716-ak6zgyh1	179	3	of	of	IN
cord-323716-ak6zgyh1	179	4	the	the	DT
cord-323716-ak6zgyh1	179	5	causality	causality	NN
cord-323716-ak6zgyh1	179	6	test	test	NN
cord-323716-ak6zgyh1	179	7	are	be	VBP
cord-323716-ak6zgyh1	179	8	as	as	IN
cord-323716-ak6zgyh1	179	9	follows	follow	VBZ
cord-323716-ak6zgyh1	179	10	:	:	:
cord-323716-ak6zgyh1	179	11	where	where	WRB
cord-323716-ak6zgyh1	179	12	γ	γ	NN
cord-323716-ak6zgyh1	179	13	1	1	CD
cord-323716-ak6zgyh1	179	14	t	t	NN
cord-323716-ak6zgyh1	179	15	and	and	CC
cord-323716-ak6zgyh1	179	16	γ	γ	NN
cord-323716-ak6zgyh1	179	17	2	2	CD
cord-323716-ak6zgyh1	179	18	t	t	NN
cord-323716-ak6zgyh1	179	19	denote	denote	VBP
cord-323716-ak6zgyh1	179	20	the	the	DT
cord-323716-ak6zgyh1	179	21	natural	natural	JJ
cord-323716-ak6zgyh1	179	22	logarithm	logarithm	NN
cord-323716-ak6zgyh1	179	23	of	of	IN
cord-323716-ak6zgyh1	179	24	stock	stock	NN
cord-323716-ak6zgyh1	179	25	index	index	NN
cord-323716-ak6zgyh1	179	26	and	and	CC
cord-323716-ak6zgyh1	179	27	the	the	DT
cord-323716-ak6zgyh1	179	28	natural	natural	JJ
cord-323716-ak6zgyh1	179	29	logarithm	logarithm	NN
cord-323716-ak6zgyh1	179	30	of	of	IN
cord-323716-ak6zgyh1	179	31	real	real	JJ
cord-323716-ak6zgyh1	179	32	estate	estate	NN
cord-323716-ak6zgyh1	179	33	index	index	NN
cord-323716-ak6zgyh1	179	34	,	,	,
cord-323716-ak6zgyh1	179	35	and	and	CC
cord-323716-ak6zgyh1	179	36	γ	γ	NN
cord-323716-ak6zgyh1	179	37	1	1	CD
cord-323716-ak6zgyh1	179	38	t	t	NN
cord-323716-ak6zgyh1	179	39	and	and	CC
cord-323716-ak6zgyh1	179	40	ε	ε	NNP
cord-323716-ak6zgyh1	179	41	2	2	CD
cord-323716-ak6zgyh1	179	42	t	t	NNP
cord-323716-ak6zgyh1	179	43	are	be	VBP
cord-323716-ak6zgyh1	179	44	assumed	assume	VBN
cord-323716-ak6zgyh1	179	45	to	to	TO
cord-323716-ak6zgyh1	179	46	be	be	VB
cord-323716-ak6zgyh1	179	47	Gaussian	gaussian	JJ
cord-323716-ak6zgyh1	179	48	white	white	JJ
cord-323716-ak6zgyh1	179	49	noise	noise	NN
cord-323716-ak6zgyh1	179	50	with	with	IN
cord-323716-ak6zgyh1	179	51	zero	zero	CD
cord-323716-ak6zgyh1	179	52	mean	mean	NN
cord-323716-ak6zgyh1	179	53	and	and	CC
cord-323716-ak6zgyh1	179	54	a	a	DT
cord-323716-ak6zgyh1	179	55	finite	finite	JJ
cord-323716-ak6zgyh1	179	56	covariance	covariance	NN
cord-323716-ak6zgyh1	179	57	matrix	matrix	NN
cord-323716-ak6zgyh1	179	58	.	.	.
cord-323716-ak6zgyh1	180	1	If	if	IN
cord-323716-ak6zgyh1	180	2	the	the	DT
cord-323716-ak6zgyh1	180	3	null	null	JJ
cord-323716-ak6zgyh1	180	4	hypothesis	hypothesis	NN
cord-323716-ak6zgyh1	180	5	of	of	IN
cord-323716-ak6zgyh1	180	6	the	the	DT
cord-323716-ak6zgyh1	180	7	coefficients	coefficient	NNS
cord-323716-ak6zgyh1	180	8	of	of	IN
cord-323716-ak6zgyh1	180	9	α	α	NNP
cord-323716-ak6zgyh1	180	10	2i	2i	CD
cord-323716-ak6zgyh1	180	11	=	=	SYM
cord-323716-ak6zgyh1	180	12	0	0	CD
cord-323716-ak6zgyh1	180	13	is	be	VBZ
cord-323716-ak6zgyh1	180	14	rejected	reject	VBN
cord-323716-ak6zgyh1	180	15	,	,	,
cord-323716-ak6zgyh1	180	16	it	-PRON-	PRP
cord-323716-ak6zgyh1	180	17	suggests	suggest	VBZ
cord-323716-ak6zgyh1	180	18	that	that	IN
cord-323716-ak6zgyh1	180	19	γ	γ	NN
cord-323716-ak6zgyh1	180	20	2	2	CD
cord-323716-ak6zgyh1	180	21	t	t	NNP
cord-323716-ak6zgyh1	180	22	Granger	Granger	NNP
cord-323716-ak6zgyh1	180	23	-	-	HYPH
cord-323716-ak6zgyh1	180	24	causes	cause	VBZ
cord-323716-ak6zgyh1	180	25	γ	γ	NN
cord-323716-ak6zgyh1	180	26	1	1	CD
cord-323716-ak6zgyh1	180	27	t	t	NN
cord-323716-ak6zgyh1	180	28	.	.	.
cord-323716-ak6zgyh1	181	1	Conversely	conversely	RB
cord-323716-ak6zgyh1	181	2	,	,	,
cord-323716-ak6zgyh1	181	3	if	if	IN
cord-323716-ak6zgyh1	181	4	the	the	DT
cord-323716-ak6zgyh1	181	5	null	null	JJ
cord-323716-ak6zgyh1	181	6	hypothesis	hypothesis	NN
cord-323716-ak6zgyh1	181	7	of	of	IN
cord-323716-ak6zgyh1	181	8	the	the	DT
cord-323716-ak6zgyh1	181	9	coefficients	coefficient	NNS
cord-323716-ak6zgyh1	181	10	of	of	IN
cord-323716-ak6zgyh1	181	11	β	β	NN
cord-323716-ak6zgyh1	181	12	1i	1i	NNP
cord-323716-ak6zgyh1	181	13	=	=	SYM
cord-323716-ak6zgyh1	181	14	0	0	CD
cord-323716-ak6zgyh1	181	15	is	be	VBZ
cord-323716-ak6zgyh1	181	16	rejected	reject	VBN
cord-323716-ak6zgyh1	181	17	,	,	,
cord-323716-ak6zgyh1	181	18	it	-PRON-	PRP
cord-323716-ak6zgyh1	181	19	implies	imply	VBZ
cord-323716-ak6zgyh1	181	20	that	that	IN
cord-323716-ak6zgyh1	181	21	γ	γ	NN
cord-323716-ak6zgyh1	181	22	1	1	CD
cord-323716-ak6zgyh1	181	23	t	t	NNP
cord-323716-ak6zgyh1	181	24	Granger	Granger	NNP
cord-323716-ak6zgyh1	181	25	-	-	HYPH
cord-323716-ak6zgyh1	181	26	causes	cause	VBZ
cord-323716-ak6zgyh1	181	27	γ	γ	NN
cord-323716-ak6zgyh1	181	28	2	2	CD
cord-323716-ak6zgyh1	181	29	t	t	NN
cord-323716-ak6zgyh1	181	30	.	.	.
cord-323716-ak6zgyh1	182	1	However	however	RB
cord-323716-ak6zgyh1	182	2	,	,	,
cord-323716-ak6zgyh1	182	3	if	if	IN
cord-323716-ak6zgyh1	182	4	both	both	DT
cord-323716-ak6zgyh1	182	5	coefficients	coefficient	NNS
cord-323716-ak6zgyh1	182	6	of	of	IN
cord-323716-ak6zgyh1	182	7	α	α	NNP
cord-323716-ak6zgyh1	182	8	2i	2i	CD
cord-323716-ak6zgyh1	182	9	and	and	CC
cord-323716-ak6zgyh1	182	10	β	β	NNP
cord-323716-ak6zgyh1	182	11	1i	1i	CD
cord-323716-ak6zgyh1	182	12	are	be	VBP
cord-323716-ak6zgyh1	182	13	significantly	significantly	RB
cord-323716-ak6zgyh1	182	14	different	different	JJ
cord-323716-ak6zgyh1	182	15	from	from	IN
cord-323716-ak6zgyh1	182	16	zero	zero	CD
cord-323716-ak6zgyh1	182	17	,	,	,
cord-323716-ak6zgyh1	182	18	there	there	EX
cord-323716-ak6zgyh1	182	19	exists	exist	VBZ
cord-323716-ak6zgyh1	182	20	feedback	feedback	NN
cord-323716-ak6zgyh1	182	21	relationship	relationship	NN
cord-323716-ak6zgyh1	182	22	between	between	IN
cord-323716-ak6zgyh1	182	23	γ	γ	NN
cord-323716-ak6zgyh1	182	24	1	1	CD
cord-323716-ak6zgyh1	182	25	t	t	NN
cord-323716-ak6zgyh1	182	26	and	and	CC
cord-323716-ak6zgyh1	182	27	γ	γ	NN
cord-323716-ak6zgyh1	182	28	2	2	CD
cord-323716-ak6zgyh1	182	29	t	t	NN
cord-323716-ak6zgyh1	182	30	.	.	.
cord-323716-ak6zgyh1	183	1	Table	table	NN
cord-323716-ak6zgyh1	183	2	1	1	CD
cord-323716-ak6zgyh1	183	3	shows	show	VBZ
cord-323716-ak6zgyh1	183	4	descriptive	descriptive	JJ
cord-323716-ak6zgyh1	183	5	statistics	statistic	NNS
cord-323716-ak6zgyh1	183	6	for	for	IN
cord-323716-ak6zgyh1	183	7	stock	stock	NN
cord-323716-ak6zgyh1	183	8	returns	return	NNS
cord-323716-ak6zgyh1	183	9	and	and	CC
cord-323716-ak6zgyh1	183	10	real	real	JJ
cord-323716-ak6zgyh1	183	11	estate	estate	NN
cord-323716-ak6zgyh1	183	12	returns	return	NNS
cord-323716-ak6zgyh1	183	13	in	in	IN
cord-323716-ak6zgyh1	183	14	our	-PRON-	PRP$
cord-323716-ak6zgyh1	183	15	six	six	CD
cord-323716-ak6zgyh1	183	16	Asian	asian	JJ
cord-323716-ak6zgyh1	183	17	markets	market	NNS
cord-323716-ak6zgyh1	183	18	.	.	.
cord-323716-ak6zgyh1	184	1	Panel	Panel	NNP
cord-323716-ak6zgyh1	184	2	A	a	DT
cord-323716-ak6zgyh1	184	3	presents	present	VBZ
cord-323716-ak6zgyh1	184	4	stock	stock	NN
cord-323716-ak6zgyh1	184	5	market	market	NN
cord-323716-ak6zgyh1	184	6	returns	return	NNS
cord-323716-ak6zgyh1	184	7	during	during	IN
cord-323716-ak6zgyh1	184	8	the	the	DT
cord-323716-ak6zgyh1	184	9	sample	sample	NN
cord-323716-ak6zgyh1	184	10	period	period	NN
cord-323716-ak6zgyh1	184	11	.	.	.
cord-323716-ak6zgyh1	185	1	Except	except	IN
cord-323716-ak6zgyh1	185	2	for	for	IN
cord-323716-ak6zgyh1	185	3	Japan	Japan	NNP
cord-323716-ak6zgyh1	185	4	,	,	,
cord-323716-ak6zgyh1	185	5	all	all	DT
cord-323716-ak6zgyh1	185	6	of	of	IN
cord-323716-ak6zgyh1	185	7	the	the	DT
cord-323716-ak6zgyh1	185	8	average	average	JJ
cord-323716-ak6zgyh1	185	9	stock	stock	NN
cord-323716-ak6zgyh1	185	10	markets	market	NNS
cord-323716-ak6zgyh1	185	11	returns	return	NNS
cord-323716-ak6zgyh1	185	12	are	be	VBP
cord-323716-ak6zgyh1	185	13	positive	positive	JJ
cord-323716-ak6zgyh1	185	14	,	,	,
cord-323716-ak6zgyh1	185	15	ranging	range	VBG
cord-323716-ak6zgyh1	185	16	from	from	IN
cord-323716-ak6zgyh1	185	17	0.19	0.19	CD
cord-323716-ak6zgyh1	185	18	%	%	NN
cord-323716-ak6zgyh1	185	19	to	to	TO
cord-323716-ak6zgyh1	185	20	2.15	2.15	CD
cord-323716-ak6zgyh1	185	21	%	%	NN
cord-323716-ak6zgyh1	185	22	for	for	IN
cord-323716-ak6zgyh1	185	23	each	each	DT
cord-323716-ak6zgyh1	185	24	year	year	NN
cord-323716-ak6zgyh1	185	25	.	.	.
cord-323716-ak6zgyh1	186	1	We	-PRON-	PRP
cord-323716-ak6zgyh1	186	2	found	find	VBD
cord-323716-ak6zgyh1	186	3	that	that	IN
cord-323716-ak6zgyh1	186	4	the	the	DT
cord-323716-ak6zgyh1	186	5	average	average	JJ
cord-323716-ak6zgyh1	186	6	return	return	NN
cord-323716-ak6zgyh1	186	7	for	for	IN
cord-323716-ak6zgyh1	186	8	China	China	NNP
cord-323716-ak6zgyh1	186	9	is	be	VBZ
cord-323716-ak6zgyh1	186	10	2.15	2.15	CD
cord-323716-ak6zgyh1	186	11	%	%	NN
cord-323716-ak6zgyh1	186	12	,	,	,
cord-323716-ak6zgyh1	186	13	outperforming	outperform	VBG
cord-323716-ak6zgyh1	186	14	other	other	JJ
cord-323716-ak6zgyh1	186	15	markets	market	NNS
cord-323716-ak6zgyh1	186	16	during	during	IN
cord-323716-ak6zgyh1	186	17	the	the	DT
cord-323716-ak6zgyh1	186	18	sample	sample	NN
cord-323716-ak6zgyh1	186	19	period	period	NN
cord-323716-ak6zgyh1	186	20	due	due	IN
cord-323716-ak6zgyh1	186	21	to	to	IN
cord-323716-ak6zgyh1	186	22	China	China	NNP
cord-323716-ak6zgyh1	186	23	's	's	POS
cord-323716-ak6zgyh1	186	24	rapid	rapid	JJ
cord-323716-ak6zgyh1	186	25	growth	growth	NN
cord-323716-ak6zgyh1	186	26	.	.	.
cord-323716-ak6zgyh1	187	1	Stock	stock	NN
cord-323716-ak6zgyh1	187	2	market	market	NN
cord-323716-ak6zgyh1	187	3	returns	return	NNS
cord-323716-ak6zgyh1	187	4	in	in	IN
cord-323716-ak6zgyh1	187	5	South	South	NNP
cord-323716-ak6zgyh1	187	6	Korea	Korea	NNP
cord-323716-ak6zgyh1	187	7	were	be	VBD
cord-323716-ak6zgyh1	187	8	the	the	DT
cord-323716-ak6zgyh1	187	9	most	most	RBS
cord-323716-ak6zgyh1	187	10	volatile	volatile	JJ
cord-323716-ak6zgyh1	187	11	(	(	-LRB-
cord-323716-ak6zgyh1	187	12	with	with	IN
cord-323716-ak6zgyh1	187	13	a	a	DT
cord-323716-ak6zgyh1	187	14	standard	standard	JJ
cord-323716-ak6zgyh1	187	15	deviation	deviation	NN
cord-323716-ak6zgyh1	187	16	of	of	IN
cord-323716-ak6zgyh1	187	17	18.65	18.65	CD
cord-323716-ak6zgyh1	187	18	%	%	NN
cord-323716-ak6zgyh1	187	19	)	)	-RRB-
cord-323716-ak6zgyh1	187	20	.	.	.
cord-323716-ak6zgyh1	188	1	Investors	investor	NNS
cord-323716-ak6zgyh1	188	2	could	could	MD
cord-323716-ak6zgyh1	188	3	gain	gain	VB
cord-323716-ak6zgyh1	188	4	about	about	IN
cord-323716-ak6zgyh1	188	5	59.47	59.47	CD
cord-323716-ak6zgyh1	188	6	%	%	NN
cord-323716-ak6zgyh1	188	7	,	,	,
cord-323716-ak6zgyh1	188	8	but	but	CC
cord-323716-ak6zgyh1	188	9	also	also	RB
cord-323716-ak6zgyh1	188	10	could	could	MD
cord-323716-ak6zgyh1	188	11	lose	lose	VB
cord-323716-ak6zgyh1	188	12	54.21	54.21	CD
cord-323716-ak6zgyh1	188	13	%	%	NN
cord-323716-ak6zgyh1	188	14	in	in	IN
cord-323716-ak6zgyh1	188	15	South	South	NNP
cord-323716-ak6zgyh1	188	16	Korea	Korea	NNP
cord-323716-ak6zgyh1	188	17	.	.	.
cord-323716-ak6zgyh1	189	1	Due	due	IN
cord-323716-ak6zgyh1	189	2	to	to	IN
cord-323716-ak6zgyh1	189	3	the	the	DT
cord-323716-ak6zgyh1	189	4	acute	acute	JJ
cord-323716-ak6zgyh1	189	5	impact	impact	NN
cord-323716-ak6zgyh1	189	6	of	of	IN
cord-323716-ak6zgyh1	189	7	the	the	DT
cord-323716-ak6zgyh1	189	8	Asian	asian	JJ
cord-323716-ak6zgyh1	189	9	financial	financial	JJ
cord-323716-ak6zgyh1	189	10	crisis	crisis	NN
cord-323716-ak6zgyh1	189	11	in	in	IN
cord-323716-ak6zgyh1	189	12	1997	1997	CD
cord-323716-ak6zgyh1	189	13	,	,	,
cord-323716-ak6zgyh1	189	14	both	both	CC
cord-323716-ak6zgyh1	189	15	the	the	DT
cord-323716-ak6zgyh1	189	16	highest	high	JJS
cord-323716-ak6zgyh1	189	17	and	and	CC
cord-323716-ak6zgyh1	189	18	lowest	low	JJS
cord-323716-ak6zgyh1	189	19	returns	return	NNS
cord-323716-ak6zgyh1	189	20	are	be	VBP
cord-323716-ak6zgyh1	189	21	observed	observe	VBN
cord-323716-ak6zgyh1	189	22	in	in	IN
cord-323716-ak6zgyh1	189	23	South	South	NNP
cord-323716-ak6zgyh1	189	24	Korea	Korea	NNP
cord-323716-ak6zgyh1	189	25	.	.	.
cord-323716-ak6zgyh1	190	1	Other	other	JJ
cord-323716-ak6zgyh1	190	2	stock	stock	NN
cord-323716-ak6zgyh1	190	3	markets	market	NNS
cord-323716-ak6zgyh1	190	4	in	in	IN
cord-323716-ak6zgyh1	190	5	Asia	Asia	NNP
cord-323716-ak6zgyh1	190	6	appear	appear	VBP
cord-323716-ak6zgyh1	190	7	relatively	relatively	RB
cord-323716-ak6zgyh1	190	8	stable	stable	JJ
cord-323716-ak6zgyh1	190	9	compared	compare	VBN
cord-323716-ak6zgyh1	190	10	to	to	IN
cord-323716-ak6zgyh1	190	11	South	South	NNP
cord-323716-ak6zgyh1	190	12	Korea	Korea	NNP
cord-323716-ak6zgyh1	190	13	.	.	.
cord-323716-ak6zgyh1	191	1	Panel	panel	NN
cord-323716-ak6zgyh1	191	2	B	B	NNP
cord-323716-ak6zgyh1	191	3	shows	show	VBZ
cord-323716-ak6zgyh1	191	4	Asian	asian	JJ
cord-323716-ak6zgyh1	191	5	real	real	JJ
cord-323716-ak6zgyh1	191	6	estate	estate	NN
cord-323716-ak6zgyh1	191	7	market	market	NN
cord-323716-ak6zgyh1	191	8	returns	return	NNS
cord-323716-ak6zgyh1	191	9	.	.	.
cord-323716-ak6zgyh1	192	1	In	in	IN
cord-323716-ak6zgyh1	192	2	contrast	contrast	NN
cord-323716-ak6zgyh1	192	3	to	to	IN
cord-323716-ak6zgyh1	192	4	stock	stock	NN
cord-323716-ak6zgyh1	192	5	markets	market	NNS
cord-323716-ak6zgyh1	192	6	,	,	,
cord-323716-ak6zgyh1	192	7	Asian	asian	JJ
cord-323716-ak6zgyh1	192	8	real	real	JJ
cord-323716-ak6zgyh1	192	9	estate	estate	NN
cord-323716-ak6zgyh1	192	10	markets	market	NNS
cord-323716-ak6zgyh1	192	11	performed	perform	VBD
cord-323716-ak6zgyh1	192	12	quite	quite	RB
cord-323716-ak6zgyh1	192	13	poorly	poorly	RB
cord-323716-ak6zgyh1	192	14	.	.	.
cord-323716-ak6zgyh1	193	1	Average	average	JJ
cord-323716-ak6zgyh1	193	2	returns	return	NNS
cord-323716-ak6zgyh1	193	3	in	in	IN
cord-323716-ak6zgyh1	193	4	real	real	JJ
cord-323716-ak6zgyh1	193	5	estate	estate	NN
cord-323716-ak6zgyh1	193	6	markets	market	NNS
cord-323716-ak6zgyh1	193	7	ranged	range	VBD
cord-323716-ak6zgyh1	193	8	from	from	IN
cord-323716-ak6zgyh1	193	9	−	−	CD
cord-323716-ak6zgyh1	193	10	2.56	2.56	CD
cord-323716-ak6zgyh1	193	11	%	%	NN
cord-323716-ak6zgyh1	193	12	to	to	TO
cord-323716-ak6zgyh1	193	13	0.74	0.74	CD
cord-323716-ak6zgyh1	193	14	%	%	NN
cord-323716-ak6zgyh1	193	15	.	.	.
cord-323716-ak6zgyh1	194	1	The	the	DT
cord-323716-ak6zgyh1	194	2	highest	high	JJS
cord-323716-ak6zgyh1	194	3	average	average	JJ
cord-323716-ak6zgyh1	194	4	return	return	NN
cord-323716-ak6zgyh1	194	5	was	be	VBD
cord-323716-ak6zgyh1	194	6	in	in	IN
cord-323716-ak6zgyh1	194	7	China	China	NNP
cord-323716-ak6zgyh1	194	8	,	,	,
cord-323716-ak6zgyh1	194	9	at	at	IN
cord-323716-ak6zgyh1	194	10	0.08	0.08	CD
cord-323716-ak6zgyh1	194	11	%	%	NN
cord-323716-ak6zgyh1	194	12	,	,	,
cord-323716-ak6zgyh1	194	13	indicating	indicate	VBG
cord-323716-ak6zgyh1	194	14	the	the	DT
cord-323716-ak6zgyh1	194	15	effects	effect	NNS
cord-323716-ak6zgyh1	194	16	of	of	IN
cord-323716-ak6zgyh1	194	17	a	a	DT
cord-323716-ak6zgyh1	194	18	series	series	NN
cord-323716-ak6zgyh1	194	19	of	of	IN
cord-323716-ak6zgyh1	194	20	reforms	reform	NNS
cord-323716-ak6zgyh1	194	21	and	and	CC
cord-323716-ak6zgyh1	194	22	growth	growth	NN
cord-323716-ak6zgyh1	194	23	on	on	IN
cord-323716-ak6zgyh1	194	24	the	the	DT
cord-323716-ak6zgyh1	194	25	real	real	JJ
cord-323716-ak6zgyh1	194	26	estate	estate	NN
cord-323716-ak6zgyh1	194	27	market	market	NN
cord-323716-ak6zgyh1	194	28	.	.	.
cord-323716-ak6zgyh1	195	1	In	in	IN
cord-323716-ak6zgyh1	195	2	addition	addition	NN
cord-323716-ak6zgyh1	195	3	to	to	IN
cord-323716-ak6zgyh1	195	4	lower	low	JJR
cord-323716-ak6zgyh1	195	5	returns	return	NNS
cord-323716-ak6zgyh1	195	6	,	,	,
cord-323716-ak6zgyh1	195	7	real	real	JJ
cord-323716-ak6zgyh1	195	8	estate	estate	NN
cord-323716-ak6zgyh1	195	9	markets	market	NNS
cord-323716-ak6zgyh1	195	10	in	in	IN
cord-323716-ak6zgyh1	195	11	these	these	DT
cord-323716-ak6zgyh1	195	12	economies	economy	NNS
cord-323716-ak6zgyh1	195	13	generally	generally	RB
cord-323716-ak6zgyh1	195	14	shows	show	VBZ
cord-323716-ak6zgyh1	195	15	less	less	JJR
cord-323716-ak6zgyh1	195	16	variation	variation	NN
cord-323716-ak6zgyh1	195	17	than	than	IN
cord-323716-ak6zgyh1	195	18	stock	stock	NN
cord-323716-ak6zgyh1	195	19	markets	market	NNS
cord-323716-ak6zgyh1	195	20	did	do	VBD
cord-323716-ak6zgyh1	195	21	during	during	IN
cord-323716-ak6zgyh1	195	22	the	the	DT
cord-323716-ak6zgyh1	195	23	1995	1995	CD
cord-323716-ak6zgyh1	195	24	to	to	IN
cord-323716-ak6zgyh1	195	25	2010	2010	CD
cord-323716-ak6zgyh1	195	26	period	period	NN
cord-323716-ak6zgyh1	195	27	.	.	.
cord-323716-ak6zgyh1	196	1	Of	of	IN
cord-323716-ak6zgyh1	196	2	these	these	DT
cord-323716-ak6zgyh1	196	3	six	six	CD
cord-323716-ak6zgyh1	196	4	real	real	JJ
cord-323716-ak6zgyh1	196	5	estate	estate	NN
cord-323716-ak6zgyh1	196	6	markets	market	NNS
cord-323716-ak6zgyh1	196	7	,	,	,
cord-323716-ak6zgyh1	196	8	Hong	Hong	NNP
cord-323716-ak6zgyh1	196	9	Kong	Kong	NNP
cord-323716-ak6zgyh1	196	10	had	have	VBD
cord-323716-ak6zgyh1	196	11	the	the	DT
cord-323716-ak6zgyh1	196	12	largest	large	JJS
cord-323716-ak6zgyh1	196	13	quarterly	quarterly	JJ
cord-323716-ak6zgyh1	196	14	standard	standard	JJ
cord-323716-ak6zgyh1	196	15	deviation	deviation	NN
cord-323716-ak6zgyh1	196	16	(	(	-LRB-
cord-323716-ak6zgyh1	196	17	7.38	7.38	CD
cord-323716-ak6zgyh1	196	18	%	%	NN
cord-323716-ak6zgyh1	196	19	)	)	-RRB-
cord-323716-ak6zgyh1	196	20	,	,	,
cord-323716-ak6zgyh1	196	21	perhaps	perhaps	RB
cord-323716-ak6zgyh1	196	22	due	due	IN
cord-323716-ak6zgyh1	196	23	to	to	IN
cord-323716-ak6zgyh1	196	24	its	-PRON-	PRP$
cord-323716-ak6zgyh1	196	25	handover	handover	NN
cord-323716-ak6zgyh1	196	26	to	to	IN
cord-323716-ak6zgyh1	196	27	China	China	NNP
cord-323716-ak6zgyh1	196	28	in	in	IN
cord-323716-ak6zgyh1	196	29	1997	1997	CD
cord-323716-ak6zgyh1	196	30	,	,	,
cord-323716-ak6zgyh1	196	31	whereas	whereas	IN
cord-323716-ak6zgyh1	196	32	Japan	Japan	NNP
cord-323716-ak6zgyh1	196	33	had	have	VBD
cord-323716-ak6zgyh1	196	34	the	the	DT
cord-323716-ak6zgyh1	196	35	smallest	small	JJS
cord-323716-ak6zgyh1	196	36	variation	variation	NN
cord-323716-ak6zgyh1	196	37	(	(	-LRB-
cord-323716-ak6zgyh1	196	38	1.07	1.07	CD
cord-323716-ak6zgyh1	196	39	%	%	NN
cord-323716-ak6zgyh1	196	40	)	)	-RRB-
cord-323716-ak6zgyh1	196	41	as	as	IN
cord-323716-ak6zgyh1	196	42	a	a	DT
cord-323716-ak6zgyh1	196	43	result	result	NN
cord-323716-ak6zgyh1	196	44	of	of	IN
cord-323716-ak6zgyh1	196	45	the	the	DT
cord-323716-ak6zgyh1	196	46	long	long	JJ
cord-323716-ak6zgyh1	196	47	-	-	HYPH
cord-323716-ak6zgyh1	196	48	term	term	NN
cord-323716-ak6zgyh1	196	49	slump	slump	NN
cord-323716-ak6zgyh1	196	50	in	in	IN
cord-323716-ak6zgyh1	196	51	real	real	JJ
cord-323716-ak6zgyh1	196	52	estate	estate	NN
cord-323716-ak6zgyh1	196	53	.	.	.
cord-323716-ak6zgyh1	197	1	The	the	DT
cord-323716-ak6zgyh1	197	2	standard	standard	JJ
cord-323716-ak6zgyh1	197	3	deviations	deviation	NNS
cord-323716-ak6zgyh1	197	4	for	for	IN
cord-323716-ak6zgyh1	197	5	real	real	JJ
cord-323716-ak6zgyh1	197	6	estate	estate	NN
cord-323716-ak6zgyh1	197	7	market	market	NN
cord-323716-ak6zgyh1	197	8	returns	return	NNS
cord-323716-ak6zgyh1	197	9	were	be	VBD
cord-323716-ak6zgyh1	197	10	all	all	DT
cord-323716-ak6zgyh1	197	11	within	within	IN
cord-323716-ak6zgyh1	197	12	5	5	CD
cord-323716-ak6zgyh1	197	13	%	%	NN
cord-323716-ak6zgyh1	197	14	,	,	,
cord-323716-ak6zgyh1	197	15	except	except	IN
cord-323716-ak6zgyh1	197	16	for	for	IN
cord-323716-ak6zgyh1	197	17	Hong	Hong	NNP
cord-323716-ak6zgyh1	197	18	Kong	Kong	NNP
cord-323716-ak6zgyh1	197	19	and	and	CC
cord-323716-ak6zgyh1	197	20	Singapore	Singapore	NNP
cord-323716-ak6zgyh1	197	21	.	.	.
cord-323716-ak6zgyh1	198	1	This	this	DT
cord-323716-ak6zgyh1	198	2	study	study	NN
cord-323716-ak6zgyh1	198	3	used	use	VBD
cord-323716-ak6zgyh1	198	4	the	the	DT
cord-323716-ak6zgyh1	198	5	Augmented	augment	VBN
cord-323716-ak6zgyh1	198	6	Dickey	Dickey	NNP
cord-323716-ak6zgyh1	198	7	Fuller	Fuller	NNP
cord-323716-ak6zgyh1	198	8	(	(	-LRB-
cord-323716-ak6zgyh1	198	9	ADF	ADF	NNP
cord-323716-ak6zgyh1	198	10	)	)	-RRB-
cord-323716-ak6zgyh1	198	11	test	test	NN
cord-323716-ak6zgyh1	198	12	,	,	,
cord-323716-ak6zgyh1	198	13	the	the	DT
cord-323716-ak6zgyh1	198	14	Phillips	Phillips	NNP
cord-323716-ak6zgyh1	198	15	-	-	HYPH
cord-323716-ak6zgyh1	198	16	Perron	Perron	NNP
cord-323716-ak6zgyh1	198	17	(	(	-LRB-
cord-323716-ak6zgyh1	198	18	PP	PP	NNP
cord-323716-ak6zgyh1	198	19	)	)	-RRB-
cord-323716-ak6zgyh1	198	20	test	test	NN
cord-323716-ak6zgyh1	198	21	,	,	,
cord-323716-ak6zgyh1	198	22	and	and	CC
cord-323716-ak6zgyh1	198	23	the	the	DT
cord-323716-ak6zgyh1	198	24	Kwiatkowski	Kwiatkowski	NNP
cord-323716-ak6zgyh1	198	25	,	,	,
cord-323716-ak6zgyh1	198	26	Phillips	Phillips	NNP
cord-323716-ak6zgyh1	198	27	,	,	,
cord-323716-ak6zgyh1	198	28	Schmidt	Schmidt	NNP
cord-323716-ak6zgyh1	198	29	,	,	,
cord-323716-ak6zgyh1	198	30	and	and	CC
cord-323716-ak6zgyh1	198	31	Shin	Shin	NNP
cord-323716-ak6zgyh1	198	32	(	(	-LRB-
cord-323716-ak6zgyh1	198	33	1992	1992	CD
cord-323716-ak6zgyh1	198	34	,	,	,
cord-323716-ak6zgyh1	198	35	KPSS	KPSS	NNP
cord-323716-ak6zgyh1	198	36	)	)	-RRB-
cord-323716-ak6zgyh1	198	37	test	test	NN
cord-323716-ak6zgyh1	198	38	to	to	TO
cord-323716-ak6zgyh1	198	39	examine	examine	VB
cord-323716-ak6zgyh1	198	40	whether	whether	IN
cord-323716-ak6zgyh1	198	41	the	the	DT
cord-323716-ak6zgyh1	198	42	sample	sample	NN
cord-323716-ak6zgyh1	198	43	stock	stock	NN
cord-323716-ak6zgyh1	198	44	and	and	CC
cord-323716-ak6zgyh1	198	45	real	real	JJ
cord-323716-ak6zgyh1	198	46	estate	estate	NN
cord-323716-ak6zgyh1	198	47	series	series	NN
cord-323716-ak6zgyh1	198	48	were	be	VBD
cord-323716-ak6zgyh1	198	49	stationary	stationary	JJ
cord-323716-ak6zgyh1	198	50	.	.	.
cord-323716-ak6zgyh1	199	1	As	as	IN
cord-323716-ak6zgyh1	199	2	mentioned	mention	VBN
cord-323716-ak6zgyh1	199	3	,	,	,
cord-323716-ak6zgyh1	199	4	we	-PRON-	PRP
cord-323716-ak6zgyh1	199	5	tested	test	VBD
cord-323716-ak6zgyh1	199	6	the	the	DT
cord-323716-ak6zgyh1	199	7	unit	unit	NN
cord-323716-ak6zgyh1	199	8	root	root	NN
cord-323716-ak6zgyh1	199	9	with	with	IN
cord-323716-ak6zgyh1	199	10	either	either	CC
cord-323716-ak6zgyh1	199	11	intercept	intercept	VB
cord-323716-ak6zgyh1	199	12	or	or	CC
cord-323716-ak6zgyh1	199	13	intercept	intercept	VB
cord-323716-ak6zgyh1	199	14	and	and	CC
cord-323716-ak6zgyh1	199	15	trend	trend	VB
cord-323716-ak6zgyh1	199	16	.	.	.
cord-323716-ak6zgyh1	200	1	If	if	IN
cord-323716-ak6zgyh1	200	2	a	a	DT
cord-323716-ak6zgyh1	200	3	series	series	NN
cord-323716-ak6zgyh1	200	4	showed	show	VBD
cord-323716-ak6zgyh1	200	5	a	a	DT
cord-323716-ak6zgyh1	200	6	time	time	NN
cord-323716-ak6zgyh1	200	7	trend	trend	NN
cord-323716-ak6zgyh1	200	8	either	either	CC
cord-323716-ak6zgyh1	200	9	in	in	IN
cord-323716-ak6zgyh1	200	10	Fig	Fig	NNP
cord-323716-ak6zgyh1	200	11	.	.	.
cord-323716-ak6zgyh1	201	1	1	1	LS
cord-323716-ak6zgyh1	201	2	(	(	-LRB-
cord-323716-ak6zgyh1	201	3	stock	stock	NN
cord-323716-ak6zgyh1	201	4	movements	movement	NNS
cord-323716-ak6zgyh1	201	5	)	)	-RRB-
cord-323716-ak6zgyh1	201	6	or	or	CC
cord-323716-ak6zgyh1	201	7	Fig	Fig	NNP
cord-323716-ak6zgyh1	201	8	.	.	.
cord-323716-ak6zgyh1	202	1	2	2	LS
cord-323716-ak6zgyh1	202	2	(	(	-LRB-
cord-323716-ak6zgyh1	202	3	real	real	JJ
cord-323716-ak6zgyh1	202	4	estate	estate	NN
cord-323716-ak6zgyh1	202	5	movements	movement	NNS
cord-323716-ak6zgyh1	202	6	)	)	-RRB-
cord-323716-ak6zgyh1	203	1	,	,	,
cord-323716-ak6zgyh1	203	2	we	-PRON-	PRP
cord-323716-ak6zgyh1	203	3	then	then	RB
cord-323716-ak6zgyh1	203	4	tested	test	VBD
cord-323716-ak6zgyh1	203	5	the	the	DT
cord-323716-ak6zgyh1	203	6	series	series	NN
cord-323716-ak6zgyh1	203	7	with	with	IN
cord-323716-ak6zgyh1	203	8	the	the	DT
cord-323716-ak6zgyh1	203	9	trend	trend	NN
cord-323716-ak6zgyh1	203	10	;	;	:
cord-323716-ak6zgyh1	203	11	otherwise	otherwise	RB
cord-323716-ak6zgyh1	203	12	we	-PRON-	PRP
cord-323716-ak6zgyh1	203	13	adopted	adopt	VBD
cord-323716-ak6zgyh1	203	14	the	the	DT
cord-323716-ak6zgyh1	203	15	method	method	NN
cord-323716-ak6zgyh1	203	16	with	with	IN
cord-323716-ak6zgyh1	203	17	intercept	intercept	NN
cord-323716-ak6zgyh1	203	18	.	.	.
cord-323716-ak6zgyh1	204	1	Stock	stock	NN
cord-323716-ak6zgyh1	204	2	indices	index	NNS
cord-323716-ak6zgyh1	204	3	show	show	VBP
cord-323716-ak6zgyh1	204	4	a	a	DT
cord-323716-ak6zgyh1	204	5	time	time	NN
cord-323716-ak6zgyh1	204	6	trend	trend	NN
cord-323716-ak6zgyh1	204	7	everywhere	everywhere	RB
cord-323716-ak6zgyh1	204	8	except	except	IN
cord-323716-ak6zgyh1	204	9	in	in	IN
cord-323716-ak6zgyh1	204	10	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	204	11	.	.	.
cord-323716-ak6zgyh1	205	1	Real	real	JJ
cord-323716-ak6zgyh1	205	2	estate	estate	NN
cord-323716-ak6zgyh1	205	3	indices	index	NNS
cord-323716-ak6zgyh1	205	4	show	show	VBP
cord-323716-ak6zgyh1	205	5	a	a	DT
cord-323716-ak6zgyh1	205	6	time	time	NN
cord-323716-ak6zgyh1	205	7	trend	trend	NN
cord-323716-ak6zgyh1	205	8	in	in	IN
cord-323716-ak6zgyh1	205	9	Japan	Japan	NNP
cord-323716-ak6zgyh1	205	10	,	,	,
cord-323716-ak6zgyh1	205	11	South	South	NNP
cord-323716-ak6zgyh1	205	12	Korea	Korea	NNP
cord-323716-ak6zgyh1	205	13	,	,	,
cord-323716-ak6zgyh1	205	14	and	and	CC
cord-323716-ak6zgyh1	205	15	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	205	16	.	.	.
cord-323716-ak6zgyh1	206	1	Therefore	therefore	RB
cord-323716-ak6zgyh1	206	2	,	,	,
cord-323716-ak6zgyh1	206	3	these	these	DT
cord-323716-ak6zgyh1	206	4	series	series	NN
cord-323716-ak6zgyh1	206	5	with	with	IN
cord-323716-ak6zgyh1	206	6	a	a	DT
cord-323716-ak6zgyh1	206	7	trend	trend	NN
cord-323716-ak6zgyh1	206	8	were	be	VBD
cord-323716-ak6zgyh1	206	9	tested	test	VBN
cord-323716-ak6zgyh1	206	10	.	.	.
cord-323716-ak6zgyh1	207	1	To	to	TO
cord-323716-ak6zgyh1	207	2	eliminate	eliminate	VB
cord-323716-ak6zgyh1	207	3	series	series	NN
cord-323716-ak6zgyh1	207	4	auto	auto	NN
cord-323716-ak6zgyh1	207	5	-	-	HYPH
cord-323716-ak6zgyh1	207	6	correlation	correlation	NN
cord-323716-ak6zgyh1	207	7	,	,	,
cord-323716-ak6zgyh1	207	8	the	the	DT
cord-323716-ak6zgyh1	207	9	optimal	optimal	NN
cord-323716-ak6zgyh1	207	10	lags	lag	NNS
cord-323716-ak6zgyh1	207	11	were	be	VBD
cord-323716-ak6zgyh1	207	12	selected	select	VBN
cord-323716-ak6zgyh1	207	13	according	accord	VBG
cord-323716-ak6zgyh1	207	14	to	to	IN
cord-323716-ak6zgyh1	207	15	the	the	DT
cord-323716-ak6zgyh1	207	16	minimum	minimum	JJ
cord-323716-ak6zgyh1	207	17	AIC	AIC	NNP
cord-323716-ak6zgyh1	207	18	criteria	criterion	NNS
cord-323716-ak6zgyh1	207	19	.	.	.
cord-323716-ak6zgyh1	208	1	Panel	Panel	NNP
cord-323716-ak6zgyh1	208	2	A	A	NNP
cord-323716-ak6zgyh1	208	3	in	in	IN
cord-323716-ak6zgyh1	208	4	Table	Table	NNP
cord-323716-ak6zgyh1	208	5	2	2	CD
cord-323716-ak6zgyh1	208	6	shows	show	VBZ
cord-323716-ak6zgyh1	208	7	the	the	DT
cord-323716-ak6zgyh1	208	8	results	result	NNS
cord-323716-ak6zgyh1	208	9	of	of	IN
cord-323716-ak6zgyh1	208	10	the	the	DT
cord-323716-ak6zgyh1	208	11	unit	unit	NN
cord-323716-ak6zgyh1	208	12	root	root	NN
cord-323716-ak6zgyh1	208	13	test	test	NN
cord-323716-ak6zgyh1	208	14	for	for	IN
cord-323716-ak6zgyh1	208	15	Asian	asian	JJ
cord-323716-ak6zgyh1	208	16	stock	stock	NN
cord-323716-ak6zgyh1	208	17	markets	market	NNS
cord-323716-ak6zgyh1	208	18	.	.	.
cord-323716-ak6zgyh1	209	1	We	-PRON-	PRP
cord-323716-ak6zgyh1	209	2	found	find	VBD
cord-323716-ak6zgyh1	209	3	that	that	IN
cord-323716-ak6zgyh1	209	4	the	the	DT
cord-323716-ak6zgyh1	209	5	null	null	JJ
cord-323716-ak6zgyh1	209	6	hypotheses	hypothesis	NNS
cord-323716-ak6zgyh1	209	7	of	of	IN
cord-323716-ak6zgyh1	209	8	both	both	CC
cord-323716-ak6zgyh1	209	9	ADF	ADF	NNP
cord-323716-ak6zgyh1	209	10	and	and	CC
cord-323716-ak6zgyh1	209	11	PP	PP	NNP
cord-323716-ak6zgyh1	209	12	tests	test	NNS
cord-323716-ak6zgyh1	209	13	were	be	VBD
cord-323716-ak6zgyh1	209	14	not	not	RB
cord-323716-ak6zgyh1	209	15	rejected	reject	VBN
cord-323716-ak6zgyh1	209	16	,	,	,
cord-323716-ak6zgyh1	209	17	but	but	CC
cord-323716-ak6zgyh1	209	18	the	the	DT
cord-323716-ak6zgyh1	209	19	null	null	JJ
cord-323716-ak6zgyh1	209	20	hypothesis	hypothesis	NN
cord-323716-ak6zgyh1	209	21	of	of	IN
cord-323716-ak6zgyh1	209	22	the	the	DT
cord-323716-ak6zgyh1	209	23	KPSS	KPSS	NNP
cord-323716-ak6zgyh1	209	24	test	test	NN
cord-323716-ak6zgyh1	209	25	was	be	VBD
cord-323716-ak6zgyh1	209	26	rejected	reject	VBN
cord-323716-ak6zgyh1	209	27	,	,	,
cord-323716-ak6zgyh1	209	28	indicating	indicate	VBG
cord-323716-ak6zgyh1	209	29	that	that	IN
cord-323716-ak6zgyh1	209	30	all	all	PDT
cord-323716-ak6zgyh1	209	31	the	the	DT
cord-323716-ak6zgyh1	209	32	stock	stock	NN
cord-323716-ak6zgyh1	209	33	market	market	NN
cord-323716-ak6zgyh1	209	34	indices	index	NNS
cord-323716-ak6zgyh1	209	35	in	in	IN
cord-323716-ak6zgyh1	209	36	our	-PRON-	PRP$
cord-323716-ak6zgyh1	209	37	sample	sample	NN
cord-323716-ak6zgyh1	209	38	are	be	VBP
cord-323716-ak6zgyh1	209	39	non	non	JJ
cord-323716-ak6zgyh1	209	40	-	-	JJ
cord-323716-ak6zgyh1	209	41	stationary	stationary	JJ
cord-323716-ak6zgyh1	209	42	series	series	NN
cord-323716-ak6zgyh1	209	43	.	.	.
cord-323716-ak6zgyh1	210	1	Panel	panel	NN
cord-323716-ak6zgyh1	210	2	B	B	NNP
cord-323716-ak6zgyh1	210	3	shows	show	VBZ
cord-323716-ak6zgyh1	210	4	results	result	NNS
cord-323716-ak6zgyh1	210	5	for	for	IN
cord-323716-ak6zgyh1	210	6	Asian	asian	JJ
cord-323716-ak6zgyh1	210	7	real	real	JJ
cord-323716-ak6zgyh1	210	8	estate	estate	NN
cord-323716-ak6zgyh1	210	9	markets	market	NNS
cord-323716-ak6zgyh1	210	10	.	.	.
cord-323716-ak6zgyh1	211	1	As	as	IN
cord-323716-ak6zgyh1	211	2	in	in	IN
cord-323716-ak6zgyh1	211	3	panel	panel	NN
cord-323716-ak6zgyh1	211	4	A	A	NNP
cord-323716-ak6zgyh1	211	5	,	,	,
cord-323716-ak6zgyh1	211	6	the	the	DT
cord-323716-ak6zgyh1	211	7	results	result	NNS
cord-323716-ak6zgyh1	211	8	of	of	IN
cord-323716-ak6zgyh1	211	9	the	the	DT
cord-323716-ak6zgyh1	211	10	ADF	ADF	NNP
cord-323716-ak6zgyh1	211	11	,	,	,
cord-323716-ak6zgyh1	211	12	PP	PP	NNP
cord-323716-ak6zgyh1	211	13	,	,	,
cord-323716-ak6zgyh1	211	14	and	and	CC
cord-323716-ak6zgyh1	211	15	KPSS	KPSS	NNP
cord-323716-ak6zgyh1	211	16	tests	test	NNS
cord-323716-ak6zgyh1	211	17	indicate	indicate	VBP
cord-323716-ak6zgyh1	211	18	that	that	IN
cord-323716-ak6zgyh1	211	19	all	all	PDT
cord-323716-ak6zgyh1	211	20	the	the	DT
cord-323716-ak6zgyh1	211	21	real	real	JJ
cord-323716-ak6zgyh1	211	22	estate	estate	NN
cord-323716-ak6zgyh1	211	23	indices	index	NNS
cord-323716-ak6zgyh1	211	24	are	be	VBP
cord-323716-ak6zgyh1	211	25	non	non	JJ
cord-323716-ak6zgyh1	211	26	-	-	JJ
cord-323716-ak6zgyh1	211	27	stationary	stationary	JJ
cord-323716-ak6zgyh1	211	28	.	.	.
cord-323716-ak6zgyh1	212	1	However	however	RB
cord-323716-ak6zgyh1	212	2	,	,	,
cord-323716-ak6zgyh1	212	3	although	although	IN
cord-323716-ak6zgyh1	212	4	stock	stock	NN
cord-323716-ak6zgyh1	212	5	and	and	CC
cord-323716-ak6zgyh1	212	6	real	real	JJ
cord-323716-ak6zgyh1	212	7	estate	estate	NN
cord-323716-ak6zgyh1	212	8	markets	market	NNS
cord-323716-ak6zgyh1	212	9	indices	index	NNS
cord-323716-ak6zgyh1	212	10	are	be	VBP
cord-323716-ak6zgyh1	212	11	stationary	stationary	JJ
cord-323716-ak6zgyh1	212	12	before	before	IN
cord-323716-ak6zgyh1	212	13	the	the	DT
cord-323716-ak6zgyh1	212	14	first	first	JJ
cord-323716-ak6zgyh1	212	15	difference	difference	NN
cord-323716-ak6zgyh1	212	16	,	,	,
cord-323716-ak6zgyh1	212	17	it	-PRON-	PRP
cord-323716-ak6zgyh1	212	18	is	be	VBZ
cord-323716-ak6zgyh1	212	19	worth	worth	JJ
cord-323716-ak6zgyh1	212	20	noting	note	VBG
cord-323716-ak6zgyh1	212	21	that	that	IN
cord-323716-ak6zgyh1	212	22	they	-PRON-	PRP
cord-323716-ak6zgyh1	212	23	are	be	VBP
cord-323716-ak6zgyh1	212	24	all	all	RB
cord-323716-ak6zgyh1	212	25	integrated	integrate	VBN
cord-323716-ak6zgyh1	212	26	to	to	IN
cord-323716-ak6zgyh1	212	27	the	the	DT
cord-323716-ak6zgyh1	212	28	same	same	JJ
cord-323716-ak6zgyh1	212	29	degree	degree	NN
cord-323716-ak6zgyh1	212	30	.	.	.
cord-323716-ak6zgyh1	213	1	Table	table	NN
cord-323716-ak6zgyh1	213	2	3	3	CD
cord-323716-ak6zgyh1	213	3	exhibits	exhibit	VBZ
cord-323716-ak6zgyh1	213	4	the	the	DT
cord-323716-ak6zgyh1	213	5	unit	unit	NN
cord-323716-ak6zgyh1	213	6	root	root	NN
cord-323716-ak6zgyh1	213	7	test	test	NN
cord-323716-ak6zgyh1	213	8	for	for	IN
cord-323716-ak6zgyh1	213	9	the	the	DT
cord-323716-ak6zgyh1	213	10	first	first	JJ
cord-323716-ak6zgyh1	213	11	difference	difference	NN
cord-323716-ak6zgyh1	213	12	.	.	.
cord-323716-ak6zgyh1	214	1	All	all	DT
cord-323716-ak6zgyh1	214	2	series	series	NN
cord-323716-ak6zgyh1	214	3	,	,	,
cord-323716-ak6zgyh1	214	4	both	both	DT
cord-323716-ak6zgyh1	214	5	stock	stock	NN
cord-323716-ak6zgyh1	214	6	market	market	NN
cord-323716-ak6zgyh1	214	7	indices	index	NNS
cord-323716-ak6zgyh1	214	8	and	and	CC
cord-323716-ak6zgyh1	214	9	real	real	JJ
cord-323716-ak6zgyh1	214	10	estate	estate	NN
cord-323716-ak6zgyh1	214	11	indices	index	NNS
cord-323716-ak6zgyh1	214	12	,	,	,
cord-323716-ak6zgyh1	214	13	are	be	VBP
cord-323716-ak6zgyh1	214	14	I	-PRON-	PRP
cord-323716-ak6zgyh1	214	15	(	(	-LRB-
cord-323716-ak6zgyh1	214	16	1	1	CD
cord-323716-ak6zgyh1	214	17	)	)	-RRB-
cord-323716-ak6zgyh1	214	18	series	series	NN
cord-323716-ak6zgyh1	214	19	indicating	indicate	VBG
cord-323716-ak6zgyh1	214	20	that	that	IN
cord-323716-ak6zgyh1	214	21	they	-PRON-	PRP
cord-323716-ak6zgyh1	214	22	are	be	VBP
cord-323716-ak6zgyh1	214	23	stationary	stationary	JJ
cord-323716-ak6zgyh1	214	24	after	after	IN
cord-323716-ak6zgyh1	214	25	the	the	DT
cord-323716-ak6zgyh1	214	26	first	first	JJ
cord-323716-ak6zgyh1	214	27	difference	difference	NN
cord-323716-ak6zgyh1	214	28	.	.	.
cord-323716-ak6zgyh1	215	1	Therefore	therefore	RB
cord-323716-ak6zgyh1	215	2	,	,	,
cord-323716-ak6zgyh1	215	3	the	the	DT
cord-323716-ak6zgyh1	215	4	Johansen	Johansen	NNP
cord-323716-ak6zgyh1	215	5	co	co	NN
cord-323716-ak6zgyh1	215	6	-	-	NN
cord-323716-ak6zgyh1	215	7	integration	integration	JJ
cord-323716-ak6zgyh1	215	8	test	test	NN
cord-323716-ak6zgyh1	215	9	could	could	MD
cord-323716-ak6zgyh1	215	10	be	be	VB
cord-323716-ak6zgyh1	215	11	further	further	RB
cord-323716-ak6zgyh1	215	12	conducted	conduct	VBN
cord-323716-ak6zgyh1	215	13	.	.	.
cord-323716-ak6zgyh1	216	1	Table	table	NN
cord-323716-ak6zgyh1	216	2	4	4	CD
cord-323716-ak6zgyh1	216	3	illustrates	illustrate	VBZ
cord-323716-ak6zgyh1	216	4	the	the	DT
cord-323716-ak6zgyh1	216	5	results	result	NNS
cord-323716-ak6zgyh1	216	6	of	of	IN
cord-323716-ak6zgyh1	216	7	the	the	DT
cord-323716-ak6zgyh1	216	8	Johansen	Johansen	NNP
cord-323716-ak6zgyh1	216	9	cointegration	cointegration	NN
cord-323716-ak6zgyh1	216	10	test	test	NN
cord-323716-ak6zgyh1	216	11	,	,	,
cord-323716-ak6zgyh1	216	12	where	where	WRB
cord-323716-ak6zgyh1	216	13	Panel	Panel	NNP
cord-323716-ak6zgyh1	216	14	A	A	NNP
cord-323716-ak6zgyh1	216	15	reports	report	VBZ
cord-323716-ak6zgyh1	216	16	the	the	DT
cord-323716-ak6zgyh1	216	17	trace	trace	NN
cord-323716-ak6zgyh1	216	18	statistics	statistic	NNS
cord-323716-ak6zgyh1	216	19	of	of	IN
cord-323716-ak6zgyh1	216	20	the	the	DT
cord-323716-ak6zgyh1	216	21	cointegration	cointegration	NN
cord-323716-ak6zgyh1	216	22	test	test	NN
cord-323716-ak6zgyh1	216	23	.	.	.
cord-323716-ak6zgyh1	217	1	We	-PRON-	PRP
cord-323716-ak6zgyh1	217	2	find	find	VBP
cord-323716-ak6zgyh1	217	3	that	that	IN
cord-323716-ak6zgyh1	217	4	the	the	DT
cord-323716-ak6zgyh1	217	5	null	null	JJ
cord-323716-ak6zgyh1	217	6	hypothesis	hypothesis	NN
cord-323716-ak6zgyh1	217	7	r	r	NN
cord-323716-ak6zgyh1	217	8	=	=	SYM
cord-323716-ak6zgyh1	217	9	0	0	CD
cord-323716-ak6zgyh1	217	10	is	be	VBZ
cord-323716-ak6zgyh1	217	11	not	not	RB
cord-323716-ak6zgyh1	217	12	rejected	reject	VBN
cord-323716-ak6zgyh1	217	13	in	in	IN
cord-323716-ak6zgyh1	217	14	China	China	NNP
cord-323716-ak6zgyh1	217	15	,	,	,
cord-323716-ak6zgyh1	217	16	Hong	Hong	NNP
cord-323716-ak6zgyh1	217	17	Kong	Kong	NNP
cord-323716-ak6zgyh1	217	18	,	,	,
cord-323716-ak6zgyh1	217	19	South	South	NNP
cord-323716-ak6zgyh1	217	20	Korea	Korea	NNP
cord-323716-ak6zgyh1	217	21	,	,	,
cord-323716-ak6zgyh1	217	22	Singapore	Singapore	NNP
cord-323716-ak6zgyh1	217	23	,	,	,
cord-323716-ak6zgyh1	217	24	and	and	CC
cord-323716-ak6zgyh1	217	25	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	217	26	,	,	,
cord-323716-ak6zgyh1	217	27	but	but	CC
cord-323716-ak6zgyh1	217	28	is	be	VBZ
cord-323716-ak6zgyh1	217	29	rejected	reject	VBN
cord-323716-ak6zgyh1	217	30	in	in	IN
cord-323716-ak6zgyh1	217	31	Japan	Japan	NNP
cord-323716-ak6zgyh1	217	32	.	.	.
cord-323716-ak6zgyh1	218	1	This	this	DT
cord-323716-ak6zgyh1	218	2	indicates	indicate	VBZ
cord-323716-ak6zgyh1	218	3	that	that	IN
cord-323716-ak6zgyh1	218	4	there	there	EX
cord-323716-ak6zgyh1	218	5	is	be	VBZ
cord-323716-ak6zgyh1	218	6	a	a	DT
cord-323716-ak6zgyh1	218	7	cointegration	cointegration	NN
cord-323716-ak6zgyh1	218	8	relationship	relationship	NN
cord-323716-ak6zgyh1	218	9	for	for	IN
cord-323716-ak6zgyh1	218	10	the	the	DT
cord-323716-ak6zgyh1	218	11	stock	stock	NN
cord-323716-ak6zgyh1	218	12	and	and	CC
cord-323716-ak6zgyh1	218	13	real	real	JJ
cord-323716-ak6zgyh1	218	14	estate	estate	NN
cord-323716-ak6zgyh1	218	15	markets	market	NNS
cord-323716-ak6zgyh1	218	16	,	,	,
cord-323716-ak6zgyh1	218	17	and	and	CC
cord-323716-ak6zgyh1	218	18	that	that	IN
cord-323716-ak6zgyh1	218	19	these	these	DT
cord-323716-ak6zgyh1	218	20	two	two	CD
cord-323716-ak6zgyh1	218	21	markets	market	NNS
cord-323716-ak6zgyh1	218	22	will	will	MD
cord-323716-ak6zgyh1	218	23	reach	reach	VB
cord-323716-ak6zgyh1	218	24	equilibrium	equilibrium	NN
cord-323716-ak6zgyh1	218	25	in	in	IN
cord-323716-ak6zgyh1	218	26	the	the	DT
cord-323716-ak6zgyh1	218	27	long	long	JJ
cord-323716-ak6zgyh1	218	28	run	run	NN
cord-323716-ak6zgyh1	218	29	in	in	IN
cord-323716-ak6zgyh1	218	30	Japan	Japan	NNP
cord-323716-ak6zgyh1	218	31	.	.	.
cord-323716-ak6zgyh1	219	1	Other	other	JJ
cord-323716-ak6zgyh1	219	2	economies	economy	NNS
cord-323716-ak6zgyh1	219	3	,	,	,
cord-323716-ak6zgyh1	219	4	such	such	JJ
cord-323716-ak6zgyh1	219	5	as	as	IN
cord-323716-ak6zgyh1	219	6	China	China	NNP
cord-323716-ak6zgyh1	219	7	,	,	,
cord-323716-ak6zgyh1	219	8	Hong	Hong	NNP
cord-323716-ak6zgyh1	219	9	Kong	Kong	NNP
cord-323716-ak6zgyh1	219	10	,	,	,
cord-323716-ak6zgyh1	219	11	South	South	NNP
cord-323716-ak6zgyh1	219	12	Korea	Korea	NNP
cord-323716-ak6zgyh1	219	13	,	,	,
cord-323716-ak6zgyh1	219	14	Singapore	Singapore	NNP
cord-323716-ak6zgyh1	219	15	,	,	,
cord-323716-ak6zgyh1	219	16	and	and	CC
cord-323716-ak6zgyh1	219	17	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	219	18	do	do	VBP
cord-323716-ak6zgyh1	219	19	not	not	RB
cord-323716-ak6zgyh1	219	20	show	show	VB
cord-323716-ak6zgyh1	219	21	a	a	DT
cord-323716-ak6zgyh1	219	22	cointegration	cointegration	NN
cord-323716-ak6zgyh1	219	23	relationship	relationship	NN
cord-323716-ak6zgyh1	219	24	since	since	IN
cord-323716-ak6zgyh1	219	25	the	the	DT
cord-323716-ak6zgyh1	219	26	null	null	JJ
cord-323716-ak6zgyh1	219	27	hypothesis	hypothesis	NN
cord-323716-ak6zgyh1	220	1	r	r	LS
cord-323716-ak6zgyh1	220	2	=	=	SYM
cord-323716-ak6zgyh1	220	3	0	0	NFP
cord-323716-ak6zgyh1	220	4	is	be	VBZ
cord-323716-ak6zgyh1	220	5	not	not	RB
cord-323716-ak6zgyh1	220	6	rejected	reject	VBN
cord-323716-ak6zgyh1	220	7	,	,	,
cord-323716-ak6zgyh1	220	8	indicating	indicate	VBG
cord-323716-ak6zgyh1	220	9	that	that	IN
cord-323716-ak6zgyh1	220	10	the	the	DT
cord-323716-ak6zgyh1	220	11	stock	stock	NN
cord-323716-ak6zgyh1	220	12	market	market	NN
cord-323716-ak6zgyh1	220	13	is	be	VBZ
cord-323716-ak6zgyh1	220	14	segmented	segment	VBN
cord-323716-ak6zgyh1	220	15	from	from	IN
cord-323716-ak6zgyh1	220	16	the	the	DT
cord-323716-ak6zgyh1	220	17	real	real	JJ
cord-323716-ak6zgyh1	220	18	estate	estate	NN
cord-323716-ak6zgyh1	220	19	market	market	NN
cord-323716-ak6zgyh1	220	20	in	in	IN
cord-323716-ak6zgyh1	220	21	these	these	DT
cord-323716-ak6zgyh1	220	22	economies	economy	NNS
cord-323716-ak6zgyh1	220	23	.	.	.
cord-323716-ak6zgyh1	221	1	Panel	panel	NN
cord-323716-ak6zgyh1	221	2	B	B	NNP
cord-323716-ak6zgyh1	221	3	in	in	IN
cord-323716-ak6zgyh1	221	4	Table	Table	NNP
cord-323716-ak6zgyh1	221	5	4	4	CD
cord-323716-ak6zgyh1	221	6	shows	show	VBZ
cord-323716-ak6zgyh1	221	7	the	the	DT
cord-323716-ak6zgyh1	221	8	maximum	maximum	JJ
cord-323716-ak6zgyh1	221	9	eigen	eigen	JJ
cord-323716-ak6zgyh1	221	10	value	value	NN
cord-323716-ak6zgyh1	221	11	statistics	statistic	NNS
cord-323716-ak6zgyh1	221	12	for	for	IN
cord-323716-ak6zgyh1	221	13	the	the	DT
cord-323716-ak6zgyh1	221	14	co	co	NN
cord-323716-ak6zgyh1	221	15	-	-	NN
cord-323716-ak6zgyh1	221	16	integration	integration	JJ
cord-323716-ak6zgyh1	221	17	test	test	NN
cord-323716-ak6zgyh1	221	18	.	.	.
cord-323716-ak6zgyh1	222	1	These	these	DT
cord-323716-ak6zgyh1	222	2	results	result	NNS
cord-323716-ak6zgyh1	222	3	are	be	VBP
cord-323716-ak6zgyh1	222	4	the	the	DT
cord-323716-ak6zgyh1	222	5	same	same	JJ
cord-323716-ak6zgyh1	222	6	as	as	IN
cord-323716-ak6zgyh1	222	7	the	the	DT
cord-323716-ak6zgyh1	222	8	trace	trace	NN
cord-323716-ak6zgyh1	222	9	test	test	NN
cord-323716-ak6zgyh1	222	10	in	in	IN
cord-323716-ak6zgyh1	222	11	panel	panel	NN
cord-323716-ak6zgyh1	222	12	A.	a.	NN
cord-323716-ak6zgyh1	223	1	The	the	DT
cord-323716-ak6zgyh1	223	2	stock	stock	NN
cord-323716-ak6zgyh1	223	3	market	market	NN
cord-323716-ak6zgyh1	223	4	is	be	VBZ
cord-323716-ak6zgyh1	223	5	integrated	integrate	VBN
cord-323716-ak6zgyh1	223	6	with	with	IN
cord-323716-ak6zgyh1	223	7	the	the	DT
cord-323716-ak6zgyh1	223	8	real	real	JJ
cord-323716-ak6zgyh1	223	9	estate	estate	NN
cord-323716-ak6zgyh1	223	10	market	market	NN
cord-323716-ak6zgyh1	223	11	in	in	IN
cord-323716-ak6zgyh1	223	12	Japan	Japan	NNP
cord-323716-ak6zgyh1	223	13	,	,	,
cord-323716-ak6zgyh1	223	14	but	but	CC
cord-323716-ak6zgyh1	223	15	segmented	segment	VBN
cord-323716-ak6zgyh1	223	16	from	from	IN
cord-323716-ak6zgyh1	223	17	the	the	DT
cord-323716-ak6zgyh1	223	18	real	real	JJ
cord-323716-ak6zgyh1	223	19	estate	estate	NN
cord-323716-ak6zgyh1	223	20	market	market	NN
cord-323716-ak6zgyh1	223	21	in	in	IN
cord-323716-ak6zgyh1	223	22	other	other	JJ
cord-323716-ak6zgyh1	223	23	economies	economy	NNS
cord-323716-ak6zgyh1	223	24	.	.	.
cord-323716-ak6zgyh1	224	1	In	in	IN
cord-323716-ak6zgyh1	224	2	Table	Table	NNP
cord-323716-ak6zgyh1	224	3	4	4	CD
cord-323716-ak6zgyh1	224	4	,	,	,
cord-323716-ak6zgyh1	224	5	we	-PRON-	PRP
cord-323716-ak6zgyh1	224	6	found	find	VBD
cord-323716-ak6zgyh1	224	7	that	that	IN
cord-323716-ak6zgyh1	224	8	five	five	CD
cord-323716-ak6zgyh1	224	9	of	of	IN
cord-323716-ak6zgyh1	224	10	the	the	DT
cord-323716-ak6zgyh1	224	11	six	six	CD
cord-323716-ak6zgyh1	224	12	economies	economy	NNS
cord-323716-ak6zgyh1	224	13	(	(	-LRB-
cord-323716-ak6zgyh1	224	14	all	all	DT
cord-323716-ak6zgyh1	224	15	except	except	IN
cord-323716-ak6zgyh1	224	16	for	for	IN
cord-323716-ak6zgyh1	224	17	Japan	Japan	NNP
cord-323716-ak6zgyh1	224	18	)	)	-RRB-
cord-323716-ak6zgyh1	224	19	do	do	VBP
cord-323716-ak6zgyh1	224	20	not	not	RB
cord-323716-ak6zgyh1	224	21	show	show	VB
cord-323716-ak6zgyh1	224	22	a	a	DT
cord-323716-ak6zgyh1	224	23	cointegration	cointegration	NN
cord-323716-ak6zgyh1	224	24	relationship	relationship	NN
cord-323716-ak6zgyh1	224	25	between	between	IN
cord-323716-ak6zgyh1	224	26	stock	stock	NN
cord-323716-ak6zgyh1	224	27	and	and	CC
cord-323716-ak6zgyh1	224	28	real	real	JJ
cord-323716-ak6zgyh1	224	29	estate	estate	NN
cord-323716-ak6zgyh1	224	30	markets	market	NNS
cord-323716-ak6zgyh1	224	31	.	.	.
cord-323716-ak6zgyh1	225	1	This	this	DT
cord-323716-ak6zgyh1	225	2	result	result	NN
cord-323716-ak6zgyh1	225	3	indicates	indicate	VBZ
cord-323716-ak6zgyh1	225	4	that	that	IN
cord-323716-ak6zgyh1	225	5	most	most	JJS
cord-323716-ak6zgyh1	225	6	of	of	IN
cord-323716-ak6zgyh1	225	7	them	-PRON-	PRP
cord-323716-ak6zgyh1	225	8	do	do	VBP
cord-323716-ak6zgyh1	225	9	not	not	RB
cord-323716-ak6zgyh1	225	10	have	have	VB
cord-323716-ak6zgyh1	225	11	a	a	DT
cord-323716-ak6zgyh1	225	12	linear	linear	JJ
cord-323716-ak6zgyh1	225	13	cointegration	cointegration	NN
cord-323716-ak6zgyh1	225	14	relationship	relationship	NN
cord-323716-ak6zgyh1	225	15	.	.	.
cord-323716-ak6zgyh1	226	1	We	-PRON-	PRP
cord-323716-ak6zgyh1	226	2	then	then	RB
cord-323716-ak6zgyh1	226	3	examined	examine	VBD
cord-323716-ak6zgyh1	226	4	whether	whether	IN
cord-323716-ak6zgyh1	226	5	there	there	EX
cord-323716-ak6zgyh1	226	6	exists	exist	VBZ
cord-323716-ak6zgyh1	226	7	a	a	DT
cord-323716-ak6zgyh1	226	8	nonlinear	nonlinear	JJ
cord-323716-ak6zgyh1	226	9	cointegration	cointegration	NN
cord-323716-ak6zgyh1	226	10	relationship	relationship	NN
cord-323716-ak6zgyh1	226	11	,	,	,
cord-323716-ak6zgyh1	226	12	using	use	VBG
cord-323716-ak6zgyh1	226	13	the	the	DT
cord-323716-ak6zgyh1	226	14	Okunev	Okunev	NNP
cord-323716-ak6zgyh1	226	15	and	and	CC
cord-323716-ak6zgyh1	226	16	Wilson	Wilson	NNP
cord-323716-ak6zgyh1	226	17	(	(	-LRB-
cord-323716-ak6zgyh1	226	18	1997	1997	CD
cord-323716-ak6zgyh1	226	19	)	)	-RRB-
cord-323716-ak6zgyh1	226	20	test	test	NN
cord-323716-ak6zgyh1	226	21	.	.	.
cord-323716-ak6zgyh1	227	1	The	the	DT
cord-323716-ak6zgyh1	227	2	results	result	NNS
cord-323716-ak6zgyh1	227	3	are	be	VBP
cord-323716-ak6zgyh1	227	4	shown	show	VBN
cord-323716-ak6zgyh1	227	5	in	in	IN
cord-323716-ak6zgyh1	227	6	Table	Table	NNP
cord-323716-ak6zgyh1	227	7	5	5	CD
cord-323716-ak6zgyh1	227	8	.	.	.
cord-323716-ak6zgyh1	228	1	We	-PRON-	PRP
cord-323716-ak6zgyh1	228	2	found	find	VBD
cord-323716-ak6zgyh1	228	3	that	that	IN
cord-323716-ak6zgyh1	228	4	the	the	DT
cord-323716-ak6zgyh1	228	5	coefficients	coefficient	NNS
cord-323716-ak6zgyh1	228	6	of	of	IN
cord-323716-ak6zgyh1	228	7	γ	γ	NN
cord-323716-ak6zgyh1	228	8	1	1	CD
cord-323716-ak6zgyh1	228	9	in	in	IN
cord-323716-ak6zgyh1	228	10	China	China	NNP
cord-323716-ak6zgyh1	228	11	,	,	,
cord-323716-ak6zgyh1	228	12	Hong	Hong	NNP
cord-323716-ak6zgyh1	228	13	Kong	Kong	NNP
cord-323716-ak6zgyh1	228	14	,	,	,
cord-323716-ak6zgyh1	228	15	and	and	CC
cord-323716-ak6zgyh1	228	16	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	228	17	are	be	VBP
cord-323716-ak6zgyh1	228	18	significantly	significantly	RB
cord-323716-ak6zgyh1	228	19	different	different	JJ
cord-323716-ak6zgyh1	228	20	from	from	IN
cord-323716-ak6zgyh1	228	21	zero	zero	CD
cord-323716-ak6zgyh1	228	22	and	and	CC
cord-323716-ak6zgyh1	228	23	one	one	CD
cord-323716-ak6zgyh1	228	24	,	,	,
cord-323716-ak6zgyh1	228	25	indicating	indicate	VBG
cord-323716-ak6zgyh1	228	26	Table	table	NN
cord-323716-ak6zgyh1	228	27	2	2	CD
cord-323716-ak6zgyh1	229	1	The	the	DT
cord-323716-ak6zgyh1	229	2	unit	unit	NN
cord-323716-ak6zgyh1	229	3	root	root	NN
cord-323716-ak6zgyh1	229	4	test	test	NN
cord-323716-ak6zgyh1	229	5	for	for	IN
cord-323716-ak6zgyh1	229	6	Asian	asian	JJ
cord-323716-ak6zgyh1	229	7	stock	stock	NN
cord-323716-ak6zgyh1	229	8	markets	market	NNS
cord-323716-ak6zgyh1	229	9	and	and	CC
cord-323716-ak6zgyh1	229	10	real	real	JJ
cord-323716-ak6zgyh1	229	11	estate	estate	NN
cord-323716-ak6zgyh1	229	12	market	market	NN
cord-323716-ak6zgyh1	229	13	(	(	-LRB-
cord-323716-ak6zgyh1	229	14	level	level	NN
cord-323716-ak6zgyh1	229	15	,	,	,
cord-323716-ak6zgyh1	229	16	1995Q1	1995q1	CD
cord-323716-ak6zgyh1	229	17	-	-	SYM
cord-323716-ak6zgyh1	229	18	2010Q2	2010q2	CD
cord-323716-ak6zgyh1	229	19	)	)	-RRB-
cord-323716-ak6zgyh1	229	20	.	.	.
cord-323716-ak6zgyh1	230	1	that	that	IN
cord-323716-ak6zgyh1	230	2	the	the	DT
cord-323716-ak6zgyh1	230	3	stock	stock	NN
cord-323716-ak6zgyh1	230	4	market	market	NN
cord-323716-ak6zgyh1	230	5	and	and	CC
cord-323716-ak6zgyh1	230	6	real	real	JJ
cord-323716-ak6zgyh1	230	7	estate	estate	NN
cord-323716-ak6zgyh1	230	8	market	market	NN
cord-323716-ak6zgyh1	230	9	are	be	VBP
cord-323716-ak6zgyh1	230	10	fractionally	fractionally	RB
cord-323716-ak6zgyh1	230	11	integrated	integrate	VBN
cord-323716-ak6zgyh1	230	12	in	in	IN
cord-323716-ak6zgyh1	230	13	China	China	NNP
cord-323716-ak6zgyh1	230	14	,	,	,
cord-323716-ak6zgyh1	230	15	Hong	Hong	NNP
cord-323716-ak6zgyh1	230	16	Kong	Kong	NNP
cord-323716-ak6zgyh1	230	17	,	,	,
cord-323716-ak6zgyh1	230	18	and	and	CC
cord-323716-ak6zgyh1	230	19	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	230	20	.	.	.
cord-323716-ak6zgyh1	231	1	However	however	RB
cord-323716-ak6zgyh1	231	2	,	,	,
cord-323716-ak6zgyh1	231	3	the	the	DT
cord-323716-ak6zgyh1	231	4	coefficients	coefficient	NNS
cord-323716-ak6zgyh1	231	5	of	of	IN
cord-323716-ak6zgyh1	231	6	γ	γ	NN
cord-323716-ak6zgyh1	231	7	1	1	CD
cord-323716-ak6zgyh1	231	8	in	in	IN
cord-323716-ak6zgyh1	231	9	South	South	NNP
cord-323716-ak6zgyh1	231	10	Korea	Korea	NNP
cord-323716-ak6zgyh1	231	11	and	and	CC
cord-323716-ak6zgyh1	231	12	Singapore	Singapore	NNP
cord-323716-ak6zgyh1	231	13	range	range	VBP
cord-323716-ak6zgyh1	231	14	from	from	IN
cord-323716-ak6zgyh1	231	15	zero	zero	CD
cord-323716-ak6zgyh1	231	16	to	to	IN
cord-323716-ak6zgyh1	231	17	one	one	CD
cord-323716-ak6zgyh1	231	18	,	,	,
cord-323716-ak6zgyh1	231	19	showing	show	VBG
cord-323716-ak6zgyh1	231	20	that	that	IN
cord-323716-ak6zgyh1	231	21	the	the	DT
cord-323716-ak6zgyh1	231	22	stock	stock	NN
cord-323716-ak6zgyh1	231	23	market	market	NN
cord-323716-ak6zgyh1	231	24	is	be	VBZ
cord-323716-ak6zgyh1	231	25	segmented	segment	VBN
cord-323716-ak6zgyh1	231	26	from	from	IN
cord-323716-ak6zgyh1	231	27	the	the	DT
cord-323716-ak6zgyh1	231	28	real	real	JJ
cord-323716-ak6zgyh1	231	29	estate	estate	NN
cord-323716-ak6zgyh1	231	30	market	market	NN
cord-323716-ak6zgyh1	231	31	in	in	IN
cord-323716-ak6zgyh1	231	32	these	these	DT
cord-323716-ak6zgyh1	231	33	two	two	CD
cord-323716-ak6zgyh1	231	34	countries	country	NNS
cord-323716-ak6zgyh1	231	35	.	.	.
cord-323716-ak6zgyh1	232	1	To	to	TO
cord-323716-ak6zgyh1	232	2	summarize	summarize	VB
cord-323716-ak6zgyh1	232	3	the	the	DT
cord-323716-ak6zgyh1	232	4	results	result	NNS
cord-323716-ak6zgyh1	232	5	in	in	IN
cord-323716-ak6zgyh1	232	6	Tables	table	NNS
cord-323716-ak6zgyh1	232	7	4	4	CD
cord-323716-ak6zgyh1	232	8	and	and	CC
cord-323716-ak6zgyh1	232	9	5	5	CD
cord-323716-ak6zgyh1	232	10	,	,	,
cord-323716-ak6zgyh1	232	11	we	-PRON-	PRP
cord-323716-ak6zgyh1	232	12	can	can	MD
cord-323716-ak6zgyh1	232	13	conclude	conclude	VB
cord-323716-ak6zgyh1	232	14	that	that	IN
cord-323716-ak6zgyh1	232	15	the	the	DT
cord-323716-ak6zgyh1	232	16	stock	stock	NN
cord-323716-ak6zgyh1	232	17	market	market	NN
cord-323716-ak6zgyh1	232	18	is	be	VBZ
cord-323716-ak6zgyh1	232	19	integrated	integrate	VBN
cord-323716-ak6zgyh1	232	20	with	with	IN
cord-323716-ak6zgyh1	232	21	the	the	DT
cord-323716-ak6zgyh1	232	22	real	real	JJ
cord-323716-ak6zgyh1	232	23	estate	estate	NN
cord-323716-ak6zgyh1	232	24	market	market	NN
cord-323716-ak6zgyh1	232	25	in	in	IN
cord-323716-ak6zgyh1	232	26	Japan	Japan	NNP
cord-323716-ak6zgyh1	232	27	,	,	,
cord-323716-ak6zgyh1	232	28	and	and	CC
cord-323716-ak6zgyh1	232	29	fractionally	fractionally	RB
cord-323716-ak6zgyh1	232	30	integrated	integrate	VBN
cord-323716-ak6zgyh1	232	31	with	with	IN
cord-323716-ak6zgyh1	232	32	the	the	DT
cord-323716-ak6zgyh1	232	33	real	real	JJ
cord-323716-ak6zgyh1	232	34	estate	estate	NN
cord-323716-ak6zgyh1	232	35	market	market	NN
cord-323716-ak6zgyh1	232	36	in	in	IN
cord-323716-ak6zgyh1	232	37	China	China	NNP
cord-323716-ak6zgyh1	232	38	,	,	,
cord-323716-ak6zgyh1	232	39	Hong	Hong	NNP
cord-323716-ak6zgyh1	232	40	Kong	Kong	NNP
cord-323716-ak6zgyh1	232	41	,	,	,
cord-323716-ak6zgyh1	232	42	Table	table	NN
cord-323716-ak6zgyh1	232	43	4	4	CD
cord-323716-ak6zgyh1	232	44	Johansen	Johansen	NNP
cord-323716-ak6zgyh1	232	45	co	co	NN
cord-323716-ak6zgyh1	232	46	-	-	NN
cord-323716-ak6zgyh1	232	47	integration	integration	JJ
cord-323716-ak6zgyh1	232	48	test	test	NN
cord-323716-ak6zgyh1	232	49	in	in	IN
cord-323716-ak6zgyh1	232	50	Asian	asian	JJ
cord-323716-ak6zgyh1	232	51	stock	stock	NN
cord-323716-ak6zgyh1	232	52	markets	market	NNS
cord-323716-ak6zgyh1	232	53	and	and	CC
cord-323716-ak6zgyh1	232	54	real	real	JJ
cord-323716-ak6zgyh1	232	55	estate	estate	NN
cord-323716-ak6zgyh1	232	56	markets	market	NNS
cord-323716-ak6zgyh1	232	57	(	(	-LRB-
cord-323716-ak6zgyh1	232	58	1995Q1	1995q1	CD
cord-323716-ak6zgyh1	232	59	-	-	SYM
cord-323716-ak6zgyh1	232	60	2010Q2	2010q2	CD
cord-323716-ak6zgyh1	232	61	)	)	-RRB-
cord-323716-ak6zgyh1	232	62	.	.	.
cord-323716-ak6zgyh1	233	1	Eigen	Eigen	NNP
cord-323716-ak6zgyh1	233	2	value	value	NN
cord-323716-ak6zgyh1	234	1	Trace	Trace	NNP
cord-323716-ak6zgyh1	234	2	Statistic	Statistic	NNP
cord-323716-ak6zgyh1	234	3	/	/	SYM
cord-323716-ak6zgyh1	234	4	max	max	JJ
cord-323716-ak6zgyh1	234	5	-	-	HYPH
cord-323716-ak6zgyh1	234	6	eigen	eigen	JJ
cord-323716-ak6zgyh1	234	7	statistic	statistic	NN
cord-323716-ak6zgyh1	234	8	Note	note	NN
cord-323716-ak6zgyh1	234	9	:	:	:
cord-323716-ak6zgyh1	235	1	We	-PRON-	PRP
cord-323716-ak6zgyh1	235	2	employ	employ	VBP
cord-323716-ak6zgyh1	235	3	Johansen	Johansen	NNP
cord-323716-ak6zgyh1	235	4	approach	approach	NN
cord-323716-ak6zgyh1	235	5	to	to	TO
cord-323716-ak6zgyh1	235	6	test	test	VB
cord-323716-ak6zgyh1	235	7	whether	whether	IN
cord-323716-ak6zgyh1	235	8	there	there	EX
cord-323716-ak6zgyh1	235	9	is	be	VBZ
cord-323716-ak6zgyh1	235	10	cointegration	cointegration	NN
cord-323716-ak6zgyh1	235	11	relationship	relationship	NN
cord-323716-ak6zgyh1	235	12	between	between	IN
cord-323716-ak6zgyh1	235	13	stock	stock	NN
cord-323716-ak6zgyh1	235	14	and	and	CC
cord-323716-ak6zgyh1	235	15	real	real	JJ
cord-323716-ak6zgyh1	235	16	estate	estate	NN
cord-323716-ak6zgyh1	235	17	markets	market	NNS
cord-323716-ak6zgyh1	235	18	.	.	.
cord-323716-ak6zgyh1	236	1	Two	two	CD
cord-323716-ak6zgyh1	236	2	likelihood	likelihood	NN
cord-323716-ak6zgyh1	236	3	ratio	ratio	NN
cord-323716-ak6zgyh1	236	4	techniques	technique	NNS
cord-323716-ak6zgyh1	236	5	including	include	VBG
cord-323716-ak6zgyh1	236	6	trace	trace	NN
cord-323716-ak6zgyh1	236	7	statistics	statistic	NNS
cord-323716-ak6zgyh1	236	8	and	and	CC
cord-323716-ak6zgyh1	236	9	max	max	NNP
cord-323716-ak6zgyh1	236	10	eigen	eigen	NNP
cord-323716-ak6zgyh1	236	11	value	value	NN
cord-323716-ak6zgyh1	236	12	statistics	statistic	NNS
cord-323716-ak6zgyh1	236	13	are	be	VBP
cord-323716-ak6zgyh1	236	14	employed	employ	VBN
cord-323716-ak6zgyh1	236	15	to	to	TO
cord-323716-ak6zgyh1	236	16	determine	determine	VB
cord-323716-ak6zgyh1	236	17	the	the	DT
cord-323716-ak6zgyh1	236	18	number	number	NN
cord-323716-ak6zgyh1	236	19	of	of	IN
cord-323716-ak6zgyh1	236	20	cointegration	cointegration	NN
cord-323716-ak6zgyh1	236	21	vectors	vector	NNS
cord-323716-ak6zgyh1	236	22	.	.	.
cord-323716-ak6zgyh1	237	1	The	the	DT
cord-323716-ak6zgyh1	237	2	optimal	optimal	JJ
cord-323716-ak6zgyh1	237	3	lags	lag	VBZ
cord-323716-ak6zgyh1	237	4	length	length	NN
cord-323716-ak6zgyh1	237	5	of	of	IN
cord-323716-ak6zgyh1	237	6	Johansen	Johansen	NNP
cord-323716-ak6zgyh1	237	7	test	test	NN
cord-323716-ak6zgyh1	237	8	are	be	VBP
cord-323716-ak6zgyh1	237	9	determined	determine	VBN
cord-323716-ak6zgyh1	237	10	by	by	IN
cord-323716-ak6zgyh1	237	11	the	the	DT
cord-323716-ak6zgyh1	237	12	statistics	statistic	NNS
cord-323716-ak6zgyh1	237	13	proposed	propose	VBN
cord-323716-ak6zgyh1	237	14	by	by	IN
cord-323716-ak6zgyh1	237	15	Sims	sim	NNS
cord-323716-ak6zgyh1	237	16	(	(	-LRB-
cord-323716-ak6zgyh1	237	17	1980	1980	CD
cord-323716-ak6zgyh1	237	18	)	)	-RRB-
cord-323716-ak6zgyh1	237	19	.	.	.
cord-323716-ak6zgyh1	238	1	The	the	DT
cord-323716-ak6zgyh1	238	2	nonlinear	nonlinear	JJ
cord-323716-ak6zgyh1	238	3	cointegration	cointegration	NN
cord-323716-ak6zgyh1	238	4	test	test	NN
cord-323716-ak6zgyh1	238	5	in	in	IN
cord-323716-ak6zgyh1	238	6	Asian	asian	JJ
cord-323716-ak6zgyh1	238	7	stock	stock	NN
cord-323716-ak6zgyh1	238	8	markets	market	NNS
cord-323716-ak6zgyh1	238	9	and	and	CC
cord-323716-ak6zgyh1	238	10	real	real	JJ
cord-323716-ak6zgyh1	238	11	estate	estate	NN
cord-323716-ak6zgyh1	238	12	markets	market	NNS
cord-323716-ak6zgyh1	238	13	(	(	-LRB-
cord-323716-ak6zgyh1	238	14	1995Q1	1995q1	CD
cord-323716-ak6zgyh1	238	15	-	-	SYM
cord-323716-ak6zgyh1	238	16	2010Q2	2010q2	CD
cord-323716-ak6zgyh1	238	17	)	)	-RRB-
cord-323716-ak6zgyh1	238	18	.	.	.
cord-323716-ak6zgyh1	239	1	*	*	NFP
cord-323716-ak6zgyh1	239	2	Presents	present	VBZ
cord-323716-ak6zgyh1	239	3	significance	significance	NN
cord-323716-ak6zgyh1	239	4	at	at	IN
cord-323716-ak6zgyh1	239	5	10	10	CD
cord-323716-ak6zgyh1	239	6	%	%	NN
cord-323716-ak6zgyh1	239	7	;	;	.
cord-323716-ak6zgyh1	240	1	*	*	NFP
cord-323716-ak6zgyh1	240	2	*	*	NFP
cord-323716-ak6zgyh1	240	3	presents	present	VBZ
cord-323716-ak6zgyh1	240	4	significant	significant	JJ
cord-323716-ak6zgyh1	240	5	at	at	IN
cord-323716-ak6zgyh1	240	6	5	5	CD
cord-323716-ak6zgyh1	240	7	%	%	NN
cord-323716-ak6zgyh1	240	8	;	;	.
cord-323716-ak6zgyh1	241	1	*	*	NFP
cord-323716-ak6zgyh1	241	2	*	*	NFP
cord-323716-ak6zgyh1	241	3	*	*	NFP
cord-323716-ak6zgyh1	241	4	presents	present	VBZ
cord-323716-ak6zgyh1	241	5	significance	significance	NN
cord-323716-ak6zgyh1	241	6	at	at	IN
cord-323716-ak6zgyh1	241	7	1	1	CD
cord-323716-ak6zgyh1	241	8	%	%	NN
cord-323716-ak6zgyh1	241	9	.	.	.
cord-323716-ak6zgyh1	242	1	Note	note	VB
cord-323716-ak6zgyh1	242	2	:	:	:
cord-323716-ak6zgyh1	242	3	We	-PRON-	PRP
cord-323716-ak6zgyh1	242	4	perform	perform	VBP
cord-323716-ak6zgyh1	242	5	the	the	DT
cord-323716-ak6zgyh1	242	6	nonlinear	nonlinear	JJ
cord-323716-ak6zgyh1	242	7	cointegration	cointegration	NN
cord-323716-ak6zgyh1	242	8	model	model	NN
cord-323716-ak6zgyh1	242	9	proposed	propose	VBN
cord-323716-ak6zgyh1	242	10	by	by	IN
cord-323716-ak6zgyh1	242	11	Okunev	Okunev	NNP
cord-323716-ak6zgyh1	242	12	and	and	CC
cord-323716-ak6zgyh1	242	13	Wilson	Wilson	NNP
cord-323716-ak6zgyh1	242	14	(	(	-LRB-
cord-323716-ak6zgyh1	242	15	1997	1997	CD
cord-323716-ak6zgyh1	242	16	)	)	-RRB-
cord-323716-ak6zgyh1	242	17	to	to	TO
cord-323716-ak6zgyh1	242	18	examine	examine	VB
cord-323716-ak6zgyh1	242	19	whether	whether	IN
cord-323716-ak6zgyh1	242	20	stock	stock	NN
cord-323716-ak6zgyh1	242	21	and	and	CC
cord-323716-ak6zgyh1	242	22	real	real	JJ
cord-323716-ak6zgyh1	242	23	estate	estate	NN
cord-323716-ak6zgyh1	242	24	markets	market	NNS
cord-323716-ak6zgyh1	242	25	are	be	VBP
cord-323716-ak6zgyh1	242	26	segmented	segment	VBN
cord-323716-ak6zgyh1	242	27	,	,	,
cord-323716-ak6zgyh1	242	28	integrated	integrated	JJ
cord-323716-ak6zgyh1	242	29	,	,	,
cord-323716-ak6zgyh1	242	30	or	or	CC
cord-323716-ak6zgyh1	242	31	fractional	fractional	JJ
cord-323716-ak6zgyh1	242	32	integrated	integrate	VBN
cord-323716-ak6zgyh1	242	33	.	.	.
cord-323716-ak6zgyh1	243	1	The	the	DT
cord-323716-ak6zgyh1	243	2	Okunev	Okunev	NNP
cord-323716-ak6zgyh1	243	3	and	and	CC
cord-323716-ak6zgyh1	243	4	Wilson	Wilson	NNP
cord-323716-ak6zgyh1	243	5	's	's	POS
cord-323716-ak6zgyh1	243	6	model	model	NN
cord-323716-ak6zgyh1	243	7	is	be	VBZ
cord-323716-ak6zgyh1	243	8	specified	specify	VBN
cord-323716-ak6zgyh1	243	9	as	as	IN
cord-323716-ak6zgyh1	243	10	:	:	:
cord-323716-ak6zgyh1	243	11	Þ	Þ	NNP
cord-323716-ak6zgyh1	243	12	,	,	,
cord-323716-ak6zgyh1	243	13	where	where	WRB
cord-323716-ak6zgyh1	243	14	the	the	DT
cord-323716-ak6zgyh1	243	15	coefficient	coefficient	NN
cord-323716-ak6zgyh1	243	16	of	of	IN
cord-323716-ak6zgyh1	243	17	γ	γ	NNP
cord-323716-ak6zgyh1	243	18	1	1	CD
cord-323716-ak6zgyh1	243	19	presents	present	VBZ
cord-323716-ak6zgyh1	243	20	a	a	DT
cord-323716-ak6zgyh1	243	21	nonlinear	nonlinear	JJ
cord-323716-ak6zgyh1	243	22	relationship	relationship	NN
cord-323716-ak6zgyh1	243	23	between	between	IN
cord-323716-ak6zgyh1	243	24	stock	stock	NN
cord-323716-ak6zgyh1	243	25	market	market	NN
cord-323716-ak6zgyh1	243	26	and	and	CC
cord-323716-ak6zgyh1	243	27	real	real	JJ
cord-323716-ak6zgyh1	243	28	estate	estate	NN
cord-323716-ak6zgyh1	243	29	market	market	NN
cord-323716-ak6zgyh1	243	30	,	,	,
cord-323716-ak6zgyh1	243	31	γ	γ	NN
cord-323716-ak6zgyh1	243	32	2	2	CD
cord-323716-ak6zgyh1	243	33	presents	present	VBZ
cord-323716-ak6zgyh1	243	34	the	the	DT
cord-323716-ak6zgyh1	243	35	change	change	NN
cord-323716-ak6zgyh1	243	36	in	in	IN
cord-323716-ak6zgyh1	243	37	the	the	DT
cord-323716-ak6zgyh1	243	38	mean	mean	JJ
cord-323716-ak6zgyh1	243	39	reversion	reversion	NN
cord-323716-ak6zgyh1	243	40	characteristics	characteristic	NNS
cord-323716-ak6zgyh1	243	41	of	of	IN
cord-323716-ak6zgyh1	243	42	the	the	DT
cord-323716-ak6zgyh1	243	43	real	real	JJ
cord-323716-ak6zgyh1	243	44	estate	estate	NN
cord-323716-ak6zgyh1	243	45	index	index	NN
cord-323716-ak6zgyh1	243	46	toward	toward	IN
cord-323716-ak6zgyh1	243	47	the	the	DT
cord-323716-ak6zgyh1	243	48	stock	stock	NN
cord-323716-ak6zgyh1	243	49	index	index	NN
cord-323716-ak6zgyh1	243	50	,	,	,
cord-323716-ak6zgyh1	243	51	and	and	CC
cord-323716-ak6zgyh1	243	52	γ	γ	NN
cord-323716-ak6zgyh1	243	53	3	3	CD
cord-323716-ak6zgyh1	243	54	is	be	VBZ
cord-323716-ak6zgyh1	243	55	the	the	DT
cord-323716-ak6zgyh1	243	56	speed	speed	NN
cord-323716-ak6zgyh1	243	57	of	of	IN
cord-323716-ak6zgyh1	243	58	adjustment	adjustment	NN
cord-323716-ak6zgyh1	243	59	of	of	IN
cord-323716-ak6zgyh1	243	60	mean	mean	JJ
cord-323716-ak6zgyh1	243	61	reversion	reversion	NN
cord-323716-ak6zgyh1	243	62	towards	towards	IN
cord-323716-ak6zgyh1	243	63	stock	stock	NN
cord-323716-ak6zgyh1	243	64	market	market	NN
cord-323716-ak6zgyh1	243	65	.	.	.
cord-323716-ak6zgyh1	244	1	and	and	CC
cord-323716-ak6zgyh1	244	2	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	244	3	.	.	.
cord-323716-ak6zgyh1	245	1	This	this	DT
cord-323716-ak6zgyh1	245	2	implies	imply	VBZ
cord-323716-ak6zgyh1	245	3	that	that	IN
cord-323716-ak6zgyh1	245	4	the	the	DT
cord-323716-ak6zgyh1	245	5	movement	movement	NN
cord-323716-ak6zgyh1	245	6	of	of	IN
cord-323716-ak6zgyh1	245	7	the	the	DT
cord-323716-ak6zgyh1	245	8	prices	price	NNS
cord-323716-ak6zgyh1	245	9	in	in	IN
cord-323716-ak6zgyh1	245	10	one	one	CD
cord-323716-ak6zgyh1	245	11	asset	asset	NN
cord-323716-ak6zgyh1	245	12	might	may	MD
cord-323716-ak6zgyh1	245	13	be	be	VB
cord-323716-ak6zgyh1	245	14	influenced	influence	VBN
cord-323716-ak6zgyh1	245	15	by	by	IN
cord-323716-ak6zgyh1	245	16	the	the	DT
cord-323716-ak6zgyh1	245	17	other	other	JJ
cord-323716-ak6zgyh1	245	18	,	,	,
cord-323716-ak6zgyh1	245	19	and	and	CC
cord-323716-ak6zgyh1	245	20	thus	thus	RB
cord-323716-ak6zgyh1	245	21	both	both	DT
cord-323716-ak6zgyh1	245	22	of	of	IN
cord-323716-ak6zgyh1	245	23	these	these	DT
cord-323716-ak6zgyh1	245	24	assets	asset	NNS
cord-323716-ak6zgyh1	245	25	are	be	VBP
cord-323716-ak6zgyh1	245	26	substitutable	substitutable	JJ
cord-323716-ak6zgyh1	245	27	for	for	IN
cord-323716-ak6zgyh1	245	28	investment	investment	NN
cord-323716-ak6zgyh1	245	29	purposes	purpose	NNS
cord-323716-ak6zgyh1	245	30	.	.	.
cord-323716-ak6zgyh1	246	1	However	however	RB
cord-323716-ak6zgyh1	246	2	,	,	,
cord-323716-ak6zgyh1	246	3	the	the	DT
cord-323716-ak6zgyh1	246	4	stock	stock	NN
cord-323716-ak6zgyh1	246	5	market	market	NN
cord-323716-ak6zgyh1	246	6	and	and	CC
cord-323716-ak6zgyh1	246	7	the	the	DT
cord-323716-ak6zgyh1	246	8	real	real	JJ
cord-323716-ak6zgyh1	246	9	estate	estate	NN
cord-323716-ak6zgyh1	246	10	market	market	NN
cord-323716-ak6zgyh1	246	11	were	be	VBD
cord-323716-ak6zgyh1	246	12	not	not	RB
cord-323716-ak6zgyh1	246	13	integrated	integrate	VBN
cord-323716-ak6zgyh1	246	14	in	in	IN
cord-323716-ak6zgyh1	246	15	South	South	NNP
cord-323716-ak6zgyh1	246	16	Korea	Korea	NNP
cord-323716-ak6zgyh1	246	17	and	and	CC
cord-323716-ak6zgyh1	246	18	Singapore	Singapore	NNP
cord-323716-ak6zgyh1	246	19	.	.	.
cord-323716-ak6zgyh1	247	1	This	this	DT
cord-323716-ak6zgyh1	247	2	suggests	suggest	VBZ
cord-323716-ak6zgyh1	247	3	a	a	DT
cord-323716-ak6zgyh1	247	4	diversification	diversification	NN
cord-323716-ak6zgyh1	247	5	strategy	strategy	NN
cord-323716-ak6zgyh1	247	6	for	for	IN
cord-323716-ak6zgyh1	247	7	investment	investment	NN
cord-323716-ak6zgyh1	247	8	portfolios	portfolio	NNS
cord-323716-ak6zgyh1	247	9	in	in	IN
cord-323716-ak6zgyh1	247	10	these	these	DT
cord-323716-ak6zgyh1	247	11	two	two	CD
cord-323716-ak6zgyh1	247	12	countries	country	NNS
cord-323716-ak6zgyh1	247	13	.	.	.
cord-323716-ak6zgyh1	248	1	We	-PRON-	PRP
cord-323716-ak6zgyh1	248	2	further	further	RB
cord-323716-ak6zgyh1	248	3	conducted	conduct	VBD
cord-323716-ak6zgyh1	248	4	the	the	DT
cord-323716-ak6zgyh1	248	5	Granger	Granger	NNP
cord-323716-ak6zgyh1	248	6	causality	causality	NN
cord-323716-ak6zgyh1	248	7	test	test	NN
cord-323716-ak6zgyh1	248	8	over	over	IN
cord-323716-ak6zgyh1	248	9	the	the	DT
cord-323716-ak6zgyh1	248	10	sample	sample	NN
cord-323716-ak6zgyh1	248	11	period	period	NN
cord-323716-ak6zgyh1	248	12	to	to	TO
cord-323716-ak6zgyh1	248	13	examine	examine	VB
cord-323716-ak6zgyh1	248	14	whether	whether	IN
cord-323716-ak6zgyh1	248	15	a	a	DT
cord-323716-ak6zgyh1	248	16	causality	causality	NN
cord-323716-ak6zgyh1	248	17	relationship	relationship	NN
cord-323716-ak6zgyh1	248	18	exists	exist	VBZ
cord-323716-ak6zgyh1	248	19	between	between	IN
cord-323716-ak6zgyh1	248	20	the	the	DT
cord-323716-ak6zgyh1	248	21	stock	stock	NN
cord-323716-ak6zgyh1	248	22	and	and	CC
cord-323716-ak6zgyh1	248	23	real	real	JJ
cord-323716-ak6zgyh1	248	24	estate	estate	NN
cord-323716-ak6zgyh1	248	25	markets	market	NNS
cord-323716-ak6zgyh1	248	26	.	.	.
cord-323716-ak6zgyh1	249	1	The	the	DT
cord-323716-ak6zgyh1	249	2	results	result	NNS
cord-323716-ak6zgyh1	249	3	of	of	IN
cord-323716-ak6zgyh1	249	4	the	the	DT
cord-323716-ak6zgyh1	249	5	causality	causality	NN
cord-323716-ak6zgyh1	249	6	tests	test	NNS
cord-323716-ak6zgyh1	249	7	are	be	VBP
cord-323716-ak6zgyh1	249	8	illustrated	illustrate	VBN
cord-323716-ak6zgyh1	249	9	in	in	IN
cord-323716-ak6zgyh1	249	10	Table	Table	NNP
cord-323716-ak6zgyh1	249	11	6	6	CD
cord-323716-ak6zgyh1	249	12	.	.	.
cord-323716-ak6zgyh1	250	1	In	in	IN
cord-323716-ak6zgyh1	250	2	this	this	DT
cord-323716-ak6zgyh1	250	3	table	table	NN
cord-323716-ak6zgyh1	250	4	,	,	,
cord-323716-ak6zgyh1	250	5	no	no	DT
cord-323716-ak6zgyh1	250	6	evidence	evidence	NN
cord-323716-ak6zgyh1	250	7	is	be	VBZ
cord-323716-ak6zgyh1	250	8	found	find	VBN
cord-323716-ak6zgyh1	250	9	to	to	TO
cord-323716-ak6zgyh1	250	10	reject	reject	VB
cord-323716-ak6zgyh1	250	11	the	the	DT
cord-323716-ak6zgyh1	250	12	null	null	JJ
cord-323716-ak6zgyh1	250	13	hypothesis	hypothesis	NN
cord-323716-ak6zgyh1	250	14	that	that	IN
cord-323716-ak6zgyh1	250	15	stock	stock	NN
cord-323716-ak6zgyh1	250	16	indices	index	NNS
cord-323716-ak6zgyh1	250	17	are	be	VBP
cord-323716-ak6zgyh1	250	18	unrelated	unrelated	JJ
cord-323716-ak6zgyh1	250	19	to	to	IN
cord-323716-ak6zgyh1	250	20	real	real	JJ
cord-323716-ak6zgyh1	250	21	estate	estate	NN
cord-323716-ak6zgyh1	250	22	indices	index	NNS
cord-323716-ak6zgyh1	250	23	in	in	IN
cord-323716-ak6zgyh1	250	24	all	all	DT
cord-323716-ak6zgyh1	250	25	six	six	CD
cord-323716-ak6zgyh1	250	26	countries	country	NNS
cord-323716-ak6zgyh1	250	27	.	.	.
cord-323716-ak6zgyh1	251	1	Therefore	therefore	RB
cord-323716-ak6zgyh1	251	2	,	,	,
cord-323716-ak6zgyh1	251	3	we	-PRON-	PRP
cord-323716-ak6zgyh1	251	4	did	do	VBD
cord-323716-ak6zgyh1	251	5	not	not	RB
cord-323716-ak6zgyh1	251	6	find	find	VB
cord-323716-ak6zgyh1	251	7	that	that	IN
cord-323716-ak6zgyh1	251	8	the	the	DT
cord-323716-ak6zgyh1	251	9	stock	stock	NN
cord-323716-ak6zgyh1	251	10	market	market	NN
cord-323716-ak6zgyh1	251	11	led	lead	VBD
cord-323716-ak6zgyh1	251	12	the	the	DT
cord-323716-ak6zgyh1	251	13	real	real	JJ
cord-323716-ak6zgyh1	251	14	estate	estate	NN
cord-323716-ak6zgyh1	251	15	market	market	NN
cord-323716-ak6zgyh1	251	16	in	in	IN
cord-323716-ak6zgyh1	251	17	all	all	DT
cord-323716-ak6zgyh1	251	18	economies	economy	NNS
cord-323716-ak6zgyh1	251	19	.	.	.
cord-323716-ak6zgyh1	252	1	However	however	RB
cord-323716-ak6zgyh1	252	2	,	,	,
cord-323716-ak6zgyh1	252	3	the	the	DT
cord-323716-ak6zgyh1	252	4	null	null	JJ
cord-323716-ak6zgyh1	252	5	hypothesis	hypothesis	NN
cord-323716-ak6zgyh1	252	6	that	that	IN
cord-323716-ak6zgyh1	252	7	the	the	DT
cord-323716-ak6zgyh1	252	8	real	real	JJ
cord-323716-ak6zgyh1	252	9	estate	estate	NN
cord-323716-ak6zgyh1	252	10	index	index	NN
cord-323716-ak6zgyh1	252	11	is	be	VBZ
cord-323716-ak6zgyh1	252	12	not	not	RB
cord-323716-ak6zgyh1	252	13	related	relate	VBN
cord-323716-ak6zgyh1	252	14	to	to	IN
cord-323716-ak6zgyh1	252	15	the	the	DT
cord-323716-ak6zgyh1	252	16	stock	stock	NN
cord-323716-ak6zgyh1	252	17	index	index	NN
cord-323716-ak6zgyh1	252	18	was	be	VBD
cord-323716-ak6zgyh1	252	19	rejected	reject	VBN
cord-323716-ak6zgyh1	252	20	for	for	IN
cord-323716-ak6zgyh1	252	21	Singapore	Singapore	NNP
cord-323716-ak6zgyh1	252	22	and	and	CC
cord-323716-ak6zgyh1	252	23	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	252	24	,	,	,
cord-323716-ak6zgyh1	252	25	indicating	indicate	VBG
cord-323716-ak6zgyh1	252	26	that	that	IN
cord-323716-ak6zgyh1	252	27	the	the	DT
cord-323716-ak6zgyh1	252	28	real	real	JJ
cord-323716-ak6zgyh1	252	29	estate	estate	NN
cord-323716-ak6zgyh1	252	30	market	market	NN
cord-323716-ak6zgyh1	252	31	leads	lead	VBZ
cord-323716-ak6zgyh1	252	32	the	the	DT
cord-323716-ak6zgyh1	252	33	stock	stock	NN
cord-323716-ak6zgyh1	252	34	market	market	NN
cord-323716-ak6zgyh1	252	35	in	in	IN
cord-323716-ak6zgyh1	252	36	Singapore	Singapore	NNP
cord-323716-ak6zgyh1	252	37	and	and	CC
cord-323716-ak6zgyh1	252	38	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	252	39	.	.	.
cord-323716-ak6zgyh1	253	1	In	in	IN
cord-323716-ak6zgyh1	253	2	other	other	JJ
cord-323716-ak6zgyh1	253	3	words	word	NNS
cord-323716-ak6zgyh1	253	4	,	,	,
cord-323716-ak6zgyh1	253	5	the	the	DT
cord-323716-ak6zgyh1	253	6	fluctuation	fluctuation	NN
cord-323716-ak6zgyh1	253	7	of	of	IN
cord-323716-ak6zgyh1	253	8	the	the	DT
cord-323716-ak6zgyh1	253	9	real	real	JJ
cord-323716-ak6zgyh1	253	10	estate	estate	NN
cord-323716-ak6zgyh1	253	11	market	market	NN
cord-323716-ak6zgyh1	253	12	may	may	MD
cord-323716-ak6zgyh1	253	13	drive	drive	VB
cord-323716-ak6zgyh1	253	14	stock	stock	NN
cord-323716-ak6zgyh1	253	15	market	market	NN
cord-323716-ak6zgyh1	253	16	price	price	NN
cord-323716-ak6zgyh1	253	17	movement	movement	NN
cord-323716-ak6zgyh1	253	18	in	in	IN
cord-323716-ak6zgyh1	253	19	these	these	DT
cord-323716-ak6zgyh1	253	20	two	two	CD
cord-323716-ak6zgyh1	253	21	countries	country	NNS
cord-323716-ak6zgyh1	253	22	.	.	.
cord-323716-ak6zgyh1	254	1	5.5.2.1	5.5.2.1	LS
cord-323716-ak6zgyh1	254	2	.	.	.
cord-323716-ak6zgyh1	255	1	China	China	NNP
cord-323716-ak6zgyh1	255	2	.	.	.
cord-323716-ak6zgyh1	256	1	China	China	NNP
cord-323716-ak6zgyh1	256	2	's	's	POS
cord-323716-ak6zgyh1	256	3	economic	economic	JJ
cord-323716-ak6zgyh1	256	4	growth	growth	NN
cord-323716-ak6zgyh1	256	5	is	be	VBZ
cord-323716-ak6zgyh1	256	6	a	a	DT
cord-323716-ak6zgyh1	256	7	successful	successful	JJ
cord-323716-ak6zgyh1	256	8	model	model	NN
cord-323716-ak6zgyh1	256	9	for	for	IN
cord-323716-ak6zgyh1	256	10	other	other	JJ
cord-323716-ak6zgyh1	256	11	communist	communist	JJ
cord-323716-ak6zgyh1	256	12	countries	country	NNS
cord-323716-ak6zgyh1	256	13	.	.	.
cord-323716-ak6zgyh1	257	1	Since	since	IN
cord-323716-ak6zgyh1	257	2	the	the	DT
cord-323716-ak6zgyh1	257	3	decision	decision	NN
cord-323716-ak6zgyh1	257	4	to	to	TO
cord-323716-ak6zgyh1	257	5	implement	implement	VB
cord-323716-ak6zgyh1	257	6	a	a	DT
cord-323716-ak6zgyh1	257	7	"	"	``
cord-323716-ak6zgyh1	257	8	planned	planned	JJ
cord-323716-ak6zgyh1	257	9	market	market	NN
cord-323716-ak6zgyh1	257	10	economy	economy	NN
cord-323716-ak6zgyh1	257	11	"	"	''
cord-323716-ak6zgyh1	257	12	three	three	CD
cord-323716-ak6zgyh1	257	13	decades	decade	NNS
cord-323716-ak6zgyh1	257	14	ago	ago	RB
cord-323716-ak6zgyh1	257	15	,	,	,
cord-323716-ak6zgyh1	257	16	China	China	NNP
cord-323716-ak6zgyh1	257	17	's	's	POS
cord-323716-ak6zgyh1	257	18	economy	economy	NN
cord-323716-ak6zgyh1	257	19	has	have	VBZ
cord-323716-ak6zgyh1	257	20	continued	continue	VBN
cord-323716-ak6zgyh1	257	21	to	to	TO
cord-323716-ak6zgyh1	257	22	grow	grow	VB
cord-323716-ak6zgyh1	257	23	despite	despite	IN
cord-323716-ak6zgyh1	257	24	Asia	Asia	NNP
cord-323716-ak6zgyh1	257	25	's	's	POS
cord-323716-ak6zgyh1	257	26	financial	financial	JJ
cord-323716-ak6zgyh1	257	27	downturn	downturn	NN
cord-323716-ak6zgyh1	257	28	in	in	IN
cord-323716-ak6zgyh1	257	29	the	the	DT
cord-323716-ak6zgyh1	257	30	late	late	JJ
cord-323716-ak6zgyh1	257	31	1990s	1990	NNS
cord-323716-ak6zgyh1	257	32	.	.	.
cord-323716-ak6zgyh1	258	1	To	to	TO
cord-323716-ak6zgyh1	258	2	curb	curb	VB
cord-323716-ak6zgyh1	258	3	speculation	speculation	NN
cord-323716-ak6zgyh1	258	4	,	,	,
cord-323716-ak6zgyh1	258	5	the	the	DT
cord-323716-ak6zgyh1	258	6	Chinese	chinese	JJ
cord-323716-ak6zgyh1	258	7	government	government	NN
cord-323716-ak6zgyh1	258	8	adopted	adopt	VBD
cord-323716-ak6zgyh1	258	9	macro	macro	JJ
cord-323716-ak6zgyh1	258	10	-	-	HYPH
cord-323716-ak6zgyh1	258	11	economic	economic	JJ
cord-323716-ak6zgyh1	258	12	controls	control	NNS
cord-323716-ak6zgyh1	258	13	in	in	IN
cord-323716-ak6zgyh1	258	14	the	the	DT
cord-323716-ak6zgyh1	258	15	early	early	JJ
cord-323716-ak6zgyh1	258	16	2000s	2000	NNS
cord-323716-ak6zgyh1	258	17	,	,	,
cord-323716-ak6zgyh1	258	18	causing	cause	VBG
cord-323716-ak6zgyh1	258	19	a	a	DT
cord-323716-ak6zgyh1	258	20	four	four	CD
cord-323716-ak6zgyh1	258	21	-	-	HYPH
cord-323716-ak6zgyh1	258	22	year	year	NN
cord-323716-ak6zgyh1	258	23	decline	decline	NN
cord-323716-ak6zgyh1	258	24	.	.	.
cord-323716-ak6zgyh1	259	1	Since	since	IN
cord-323716-ak6zgyh1	259	2	financial	financial	JJ
cord-323716-ak6zgyh1	259	3	renewal	renewal	NN
cord-323716-ak6zgyh1	259	4	and	and	CC
cord-323716-ak6zgyh1	259	5	two	two	CD
cord-323716-ak6zgyh1	259	6	-	-	HYPH
cord-323716-ak6zgyh1	259	7	digit	digit	NN
cord-323716-ak6zgyh1	259	8	growth	growth	NN
cord-323716-ak6zgyh1	259	9	in	in	IN
cord-323716-ak6zgyh1	259	10	2005	2005	CD
cord-323716-ak6zgyh1	259	11	,	,	,
cord-323716-ak6zgyh1	259	12	the	the	DT
cord-323716-ak6zgyh1	259	13	stock	stock	NN
cord-323716-ak6zgyh1	259	14	market	market	NN
cord-323716-ak6zgyh1	259	15	in	in	IN
cord-323716-ak6zgyh1	259	16	China	China	NNP
cord-323716-ak6zgyh1	259	17	has	have	VBZ
cord-323716-ak6zgyh1	259	18	continued	continue	VBN
cord-323716-ak6zgyh1	259	19	to	to	TO
cord-323716-ak6zgyh1	259	20	climb	climb	VB
cord-323716-ak6zgyh1	259	21	new	new	JJ
cord-323716-ak6zgyh1	259	22	heights	height	NNS
cord-323716-ak6zgyh1	259	23	,	,	,
cord-323716-ak6zgyh1	259	24	as	as	IN
cord-323716-ak6zgyh1	259	25	shown	show	VBN
cord-323716-ak6zgyh1	259	26	in	in	IN
cord-323716-ak6zgyh1	259	27	Fig	Fig	NNP
cord-323716-ak6zgyh1	259	28	.	.	.
cord-323716-ak6zgyh1	259	29	1	1	CD
cord-323716-ak6zgyh1	259	30	(	(	-LRB-
cord-323716-ak6zgyh1	259	31	a	a	NN
cord-323716-ak6zgyh1	259	32	)	)	-RRB-
cord-323716-ak6zgyh1	259	33	.	.	.
cord-323716-ak6zgyh1	260	1	Rapid	rapid	JJ
cord-323716-ak6zgyh1	260	2	economic	economic	JJ
cord-323716-ak6zgyh1	260	3	growth	growth	NN
cord-323716-ak6zgyh1	260	4	in	in	IN
cord-323716-ak6zgyh1	260	5	China	China	NNP
cord-323716-ak6zgyh1	260	6	led	lead	VBD
cord-323716-ak6zgyh1	260	7	to	to	IN
cord-323716-ak6zgyh1	260	8	significant	significant	JJ
cord-323716-ak6zgyh1	260	9	appreciation	appreciation	NN
cord-323716-ak6zgyh1	260	10	of	of	IN
cord-323716-ak6zgyh1	260	11	urban	urban	JJ
cord-323716-ak6zgyh1	260	12	real	real	JJ
cord-323716-ak6zgyh1	260	13	estate	estate	NN
cord-323716-ak6zgyh1	260	14	markets	market	NNS
cord-323716-ak6zgyh1	260	15	in	in	IN
cord-323716-ak6zgyh1	260	16	areas	area	NNS
cord-323716-ak6zgyh1	260	17	such	such	JJ
cord-323716-ak6zgyh1	260	18	as	as	IN
cord-323716-ak6zgyh1	260	19	Beijing	Beijing	NNP
cord-323716-ak6zgyh1	260	20	,	,	,
cord-323716-ak6zgyh1	260	21	Shanghai	Shanghai	NNP
cord-323716-ak6zgyh1	260	22	,	,	,
cord-323716-ak6zgyh1	260	23	and	and	CC
cord-323716-ak6zgyh1	260	24	other	other	JJ
cord-323716-ak6zgyh1	260	25	coastal	coastal	JJ
cord-323716-ak6zgyh1	260	26	cities	city	NNS
cord-323716-ak6zgyh1	260	27	.	.	.
cord-323716-ak6zgyh1	261	1	However	however	RB
cord-323716-ak6zgyh1	261	2	,	,	,
cord-323716-ak6zgyh1	261	3	real	real	JJ
cord-323716-ak6zgyh1	261	4	estate	estate	NN
cord-323716-ak6zgyh1	261	5	in	in	IN
cord-323716-ak6zgyh1	261	6	inland	inland	JJ
cord-323716-ak6zgyh1	261	7	areas	area	NNS
cord-323716-ak6zgyh1	261	8	experienced	experience	VBD
cord-323716-ak6zgyh1	261	9	slower	slow	JJR
cord-323716-ak6zgyh1	261	10	growth	growth	NN
cord-323716-ak6zgyh1	261	11	during	during	IN
cord-323716-ak6zgyh1	261	12	the	the	DT
cord-323716-ak6zgyh1	261	13	sample	sample	NN
cord-323716-ak6zgyh1	261	14	period	period	NN
cord-323716-ak6zgyh1	261	15	,	,	,
cord-323716-ak6zgyh1	261	16	widening	widen	VBG
cord-323716-ak6zgyh1	261	17	the	the	DT
cord-323716-ak6zgyh1	261	18	gap	gap	NN
cord-323716-ak6zgyh1	261	19	between	between	IN
cord-323716-ak6zgyh1	261	20	coast	coast	NN
cord-323716-ak6zgyh1	261	21	and	and	CC
cord-323716-ak6zgyh1	261	22	inland	inland	NN
cord-323716-ak6zgyh1	261	23	.	.	.
cord-323716-ak6zgyh1	262	1	Analysis	analysis	NN
cord-323716-ak6zgyh1	262	2	found	find	VBD
cord-323716-ak6zgyh1	262	3	no	no	DT
cord-323716-ak6zgyh1	262	4	causality	causality	NN
cord-323716-ak6zgyh1	262	5	relationship	relationship	NN
cord-323716-ak6zgyh1	262	6	between	between	IN
cord-323716-ak6zgyh1	262	7	stock	stock	NN
cord-323716-ak6zgyh1	262	8	and	and	CC
cord-323716-ak6zgyh1	262	9	real	real	JJ
cord-323716-ak6zgyh1	262	10	estate	estate	NN
cord-323716-ak6zgyh1	262	11	markets	market	NNS
cord-323716-ak6zgyh1	262	12	in	in	IN
cord-323716-ak6zgyh1	262	13	China	China	NNP
cord-323716-ak6zgyh1	262	14	from	from	IN
cord-323716-ak6zgyh1	262	15	March	March	NNP
cord-323716-ak6zgyh1	262	16	1995	1995	CD
cord-323716-ak6zgyh1	262	17	to	to	IN
cord-323716-ak6zgyh1	262	18	June	June	NNP
cord-323716-ak6zgyh1	262	19	2010	2010	CD
cord-323716-ak6zgyh1	262	20	.	.	.
cord-323716-ak6zgyh1	263	1	There	there	EX
cord-323716-ak6zgyh1	263	2	may	may	MD
cord-323716-ak6zgyh1	263	3	be	be	VB
cord-323716-ak6zgyh1	263	4	several	several	JJ
cord-323716-ak6zgyh1	263	5	reasons	reason	NNS
cord-323716-ak6zgyh1	263	6	for	for	IN
cord-323716-ak6zgyh1	263	7	this	this	DT
cord-323716-ak6zgyh1	263	8	.	.	.
cord-323716-ak6zgyh1	264	1	First	first	RB
cord-323716-ak6zgyh1	264	2	,	,	,
cord-323716-ak6zgyh1	264	3	real	real	JJ
cord-323716-ak6zgyh1	264	4	estate	estate	NN
cord-323716-ak6zgyh1	264	5	markets	market	NNS
cord-323716-ak6zgyh1	264	6	in	in	IN
cord-323716-ak6zgyh1	264	7	China	China	NNP
cord-323716-ak6zgyh1	264	8	include	include	VBP
cord-323716-ak6zgyh1	264	9	many	many	JJ
cord-323716-ak6zgyh1	264	10	regions	region	NNS
cord-323716-ak6zgyh1	264	11	and	and	CC
cord-323716-ak6zgyh1	264	12	cities	city	NNS
cord-323716-ak6zgyh1	264	13	.	.	.
cord-323716-ak6zgyh1	265	1	The	the	DT
cord-323716-ak6zgyh1	265	2	real	real	JJ
cord-323716-ak6zgyh1	265	3	estate	estate	NN
cord-323716-ak6zgyh1	265	4	index	index	NN
cord-323716-ak6zgyh1	265	5	employed	employ	VBN
cord-323716-ak6zgyh1	265	6	in	in	IN
cord-323716-ak6zgyh1	265	7	this	this	DT
cord-323716-ak6zgyh1	265	8	study	study	NN
cord-323716-ak6zgyh1	265	9	may	may	MD
cord-323716-ak6zgyh1	265	10	not	not	RB
cord-323716-ak6zgyh1	265	11	reflect	reflect	VB
cord-323716-ak6zgyh1	265	12	the	the	DT
cord-323716-ak6zgyh1	265	13	trend	trend	NN
cord-323716-ak6zgyh1	265	14	of	of	IN
cord-323716-ak6zgyh1	265	15	one	one	CD
cord-323716-ak6zgyh1	265	16	specific	specific	JJ
cord-323716-ak6zgyh1	265	17	region	region	NN
cord-323716-ak6zgyh1	265	18	or	or	CC
cord-323716-ak6zgyh1	265	19	city	city	NN
cord-323716-ak6zgyh1	265	20	.	.	.
cord-323716-ak6zgyh1	266	1	An	an	DT
cord-323716-ak6zgyh1	266	2	alternative	alternative	JJ
cord-323716-ak6zgyh1	266	3	approach	approach	NN
cord-323716-ak6zgyh1	266	4	to	to	TO
cord-323716-ak6zgyh1	266	5	overcome	overcome	VB
cord-323716-ak6zgyh1	266	6	this	this	DT
cord-323716-ak6zgyh1	266	7	shortcoming	shortcoming	NN
cord-323716-ak6zgyh1	266	8	is	be	VBZ
cord-323716-ak6zgyh1	266	9	to	to	TO
cord-323716-ak6zgyh1	266	10	use	use	VB
cord-323716-ak6zgyh1	266	11	the	the	DT
cord-323716-ak6zgyh1	266	12	index	index	NN
cord-323716-ak6zgyh1	266	13	of	of	IN
cord-323716-ak6zgyh1	266	14	different	different	JJ
cord-323716-ak6zgyh1	266	15	regions	region	NNS
cord-323716-ak6zgyh1	266	16	or	or	CC
cord-323716-ak6zgyh1	266	17	cities	city	NNS
cord-323716-ak6zgyh1	266	18	for	for	IN
cord-323716-ak6zgyh1	266	19	further	further	JJ
cord-323716-ak6zgyh1	266	20	concise	concise	JJ
cord-323716-ak6zgyh1	266	21	conclusions	conclusion	NNS
cord-323716-ak6zgyh1	266	22	.	.	.
cord-323716-ak6zgyh1	267	1	Second	second	RB
cord-323716-ak6zgyh1	267	2	,	,	,
cord-323716-ak6zgyh1	267	3	China	China	NNP
cord-323716-ak6zgyh1	267	4	's	's	POS
cord-323716-ak6zgyh1	267	5	population	population	NN
cord-323716-ak6zgyh1	267	6	of	of	IN
cord-323716-ak6zgyh1	267	7	over	over	IN
cord-323716-ak6zgyh1	267	8	1.2	1.2	CD
cord-323716-ak6zgyh1	267	9	billion	billion	CD
cord-323716-ak6zgyh1	267	10	are	be	VBP
cord-323716-ak6zgyh1	267	11	all	all	DT
cord-323716-ak6zgyh1	267	12	looking	look	VBG
cord-323716-ak6zgyh1	267	13	for	for	IN
cord-323716-ak6zgyh1	267	14	homes	home	NNS
cord-323716-ak6zgyh1	267	15	after	after	IN
cord-323716-ak6zgyh1	267	16	the	the	DT
cord-323716-ak6zgyh1	267	17	end	end	NN
cord-323716-ak6zgyh1	267	18	of	of	IN
cord-323716-ak6zgyh1	267	19	the	the	DT
cord-323716-ak6zgyh1	267	20	public	public	JJ
cord-323716-ak6zgyh1	267	21	ownership	ownership	NN
cord-323716-ak6zgyh1	267	22	system	system	NN
cord-323716-ak6zgyh1	267	23	prevailing	prevail	VBG
cord-323716-ak6zgyh1	267	24	during	during	IN
cord-323716-ak6zgyh1	267	25	the	the	DT
cord-323716-ak6zgyh1	267	26	early	early	JJ
cord-323716-ak6zgyh1	267	27	Communist	communist	JJ
cord-323716-ak6zgyh1	267	28	era	era	NN
cord-323716-ak6zgyh1	267	29	.	.	.
cord-323716-ak6zgyh1	268	1	Real	real	JJ
cord-323716-ak6zgyh1	268	2	state	state	NN
cord-323716-ak6zgyh1	268	3	market	market	NN
cord-323716-ak6zgyh1	268	4	trends	trend	NNS
cord-323716-ak6zgyh1	268	5	and	and	CC
cord-323716-ak6zgyh1	268	6	their	-PRON-	PRP$
cord-323716-ak6zgyh1	268	7	relationship	relationship	NN
cord-323716-ak6zgyh1	268	8	with	with	IN
cord-323716-ak6zgyh1	268	9	other	other	JJ
cord-323716-ak6zgyh1	268	10	markets	market	NNS
cord-323716-ak6zgyh1	268	11	before	before	IN
cord-323716-ak6zgyh1	268	12	there	there	EX
cord-323716-ak6zgyh1	268	13	is	be	VBZ
cord-323716-ak6zgyh1	268	14	equilibrium	equilibrium	NN
cord-323716-ak6zgyh1	268	15	between	between	IN
cord-323716-ak6zgyh1	268	16	supply	supply	NN
cord-323716-ak6zgyh1	268	17	and	and	CC
cord-323716-ak6zgyh1	268	18	demand	demand	NN
cord-323716-ak6zgyh1	268	19	is	be	VBZ
cord-323716-ak6zgyh1	268	20	difficult	difficult	JJ
cord-323716-ak6zgyh1	268	21	to	to	TO
cord-323716-ak6zgyh1	268	22	determine	determine	VB
cord-323716-ak6zgyh1	268	23	.	.	.
cord-323716-ak6zgyh1	269	1	Third	third	RB
cord-323716-ak6zgyh1	269	2	,	,	,
cord-323716-ak6zgyh1	269	3	both	both	CC
cord-323716-ak6zgyh1	269	4	the	the	DT
cord-323716-ak6zgyh1	269	5	stock	stock	NN
cord-323716-ak6zgyh1	269	6	market	market	NN
cord-323716-ak6zgyh1	269	7	and	and	CC
cord-323716-ak6zgyh1	269	8	especially	especially	RB
cord-323716-ak6zgyh1	269	9	the	the	DT
cord-323716-ak6zgyh1	269	10	housing	housing	NN
cord-323716-ak6zgyh1	269	11	market	market	NN
cord-323716-ak6zgyh1	269	12	,	,	,
cord-323716-ak6zgyh1	269	13	are	be	VBP
cord-323716-ak6zgyh1	269	14	profoundly	profoundly	RB
cord-323716-ak6zgyh1	269	15	influenced	influence	VBN
cord-323716-ak6zgyh1	269	16	by	by	IN
cord-323716-ak6zgyh1	269	17	Chinese	chinese	JJ
cord-323716-ak6zgyh1	269	18	government	government	NN
cord-323716-ak6zgyh1	269	19	intervention	intervention	NN
cord-323716-ak6zgyh1	269	20	(	(	-LRB-
cord-323716-ak6zgyh1	269	21	taxation	taxation	NN
cord-323716-ak6zgyh1	269	22	,	,	,
cord-323716-ak6zgyh1	269	23	credit	credit	NN
cord-323716-ak6zgyh1	269	24	control	control	NN
cord-323716-ak6zgyh1	269	25	,	,	,
cord-323716-ak6zgyh1	269	26	construction	construction	NN
cord-323716-ak6zgyh1	269	27	permits	permit	NNS
cord-323716-ak6zgyh1	269	28	and	and	CC
cord-323716-ak6zgyh1	269	29	so	so	RB
cord-323716-ak6zgyh1	269	30	on	on	RB
cord-323716-ak6zgyh1	269	31	)	)	-RRB-
cord-323716-ak6zgyh1	269	32	.	.	.
cord-323716-ak6zgyh1	270	1	These	these	DT
cord-323716-ak6zgyh1	270	2	factors	factor	NNS
cord-323716-ak6zgyh1	270	3	may	may	MD
cord-323716-ak6zgyh1	270	4	contribute	contribute	VB
cord-323716-ak6zgyh1	270	5	to	to	IN
cord-323716-ak6zgyh1	270	6	the	the	DT
cord-323716-ak6zgyh1	270	7	lack	lack	NN
cord-323716-ak6zgyh1	270	8	of	of	IN
cord-323716-ak6zgyh1	270	9	causality	causality	NN
cord-323716-ak6zgyh1	270	10	relationship	relationship	NN
cord-323716-ak6zgyh1	270	11	between	between	IN
cord-323716-ak6zgyh1	270	12	the	the	DT
cord-323716-ak6zgyh1	270	13	stock	stock	NN
cord-323716-ak6zgyh1	270	14	and	and	CC
cord-323716-ak6zgyh1	270	15	real	real	JJ
cord-323716-ak6zgyh1	270	16	estate	estate	NN
cord-323716-ak6zgyh1	270	17	markets	market	NNS
cord-323716-ak6zgyh1	270	18	in	in	IN
cord-323716-ak6zgyh1	270	19	China	China	NNP
cord-323716-ak6zgyh1	270	20	.	.	.
cord-323716-ak6zgyh1	271	1	5.5.2.2	5.5.2.2	CD
cord-323716-ak6zgyh1	271	2	.	.	.
cord-323716-ak6zgyh1	272	1	Hong	Hong	NNP
cord-323716-ak6zgyh1	272	2	Kong	Kong	NNP
cord-323716-ak6zgyh1	272	3	.	.	.
cord-323716-ak6zgyh1	273	1	Hong	Hong	NNP
cord-323716-ak6zgyh1	273	2	Kong	Kong	NNP
cord-323716-ak6zgyh1	273	3	is	be	VBZ
cord-323716-ak6zgyh1	273	4	considered	consider	VBN
cord-323716-ak6zgyh1	273	5	one	one	CD
cord-323716-ak6zgyh1	273	6	of	of	IN
cord-323716-ak6zgyh1	273	7	the	the	DT
cord-323716-ak6zgyh1	273	8	most	most	RBS
cord-323716-ak6zgyh1	273	9	liberal	liberal	JJ
cord-323716-ak6zgyh1	273	10	markets	market	NNS
cord-323716-ak6zgyh1	273	11	in	in	IN
cord-323716-ak6zgyh1	273	12	the	the	DT
cord-323716-ak6zgyh1	273	13	world	world	NN
cord-323716-ak6zgyh1	273	14	.	.	.
cord-323716-ak6zgyh1	274	1	The	the	DT
cord-323716-ak6zgyh1	274	2	Hong	Hong	NNP
cord-323716-ak6zgyh1	274	3	Kong	Kong	NNP
cord-323716-ak6zgyh1	274	4	government	government	NN
cord-323716-ak6zgyh1	274	5	has	have	VBZ
cord-323716-ak6zgyh1	274	6	cultivated	cultivate	VBN
cord-323716-ak6zgyh1	274	7	a	a	DT
cord-323716-ak6zgyh1	274	8	market	market	NN
cord-323716-ak6zgyh1	274	9	economy	economy	NN
cord-323716-ak6zgyh1	274	10	for	for	IN
cord-323716-ak6zgyh1	274	11	almost	almost	RB
cord-323716-ak6zgyh1	274	12	a	a	DT
cord-323716-ak6zgyh1	274	13	century	century	NN
cord-323716-ak6zgyh1	274	14	.	.	.
cord-323716-ak6zgyh1	275	1	However	however	RB
cord-323716-ak6zgyh1	275	2	,	,	,
cord-323716-ak6zgyh1	275	3	its	-PRON-	PRP$
cord-323716-ak6zgyh1	275	4	economy	economy	NN
cord-323716-ak6zgyh1	275	5	is	be	VBZ
cord-323716-ak6zgyh1	275	6	easily	easily	RB
cord-323716-ak6zgyh1	275	7	influenced	influence	VBN
cord-323716-ak6zgyh1	275	8	by	by	IN
cord-323716-ak6zgyh1	275	9	the	the	DT
cord-323716-ak6zgyh1	275	10	political	political	JJ
cord-323716-ak6zgyh1	275	11	environment	environment	NN
cord-323716-ak6zgyh1	275	12	of	of	IN
cord-323716-ak6zgyh1	275	13	the	the	DT
cord-323716-ak6zgyh1	275	14	region	region	NN
cord-323716-ak6zgyh1	275	15	,	,	,
cord-323716-ak6zgyh1	275	16	especially	especially	RB
cord-323716-ak6zgyh1	275	17	the	the	DT
cord-323716-ak6zgyh1	275	18	relationship	relationship	NN
cord-323716-ak6zgyh1	275	19	between	between	IN
cord-323716-ak6zgyh1	275	20	China	China	NNP
cord-323716-ak6zgyh1	275	21	and	and	CC
cord-323716-ak6zgyh1	275	22	the	the	DT
cord-323716-ak6zgyh1	275	23	United	United	NNP
cord-323716-ak6zgyh1	275	24	States	States	NNP
cord-323716-ak6zgyh1	275	25	,	,	,
cord-323716-ak6zgyh1	275	26	and	and	CC
cord-323716-ak6zgyh1	275	27	between	between	IN
cord-323716-ak6zgyh1	275	28	China	China	NNP
cord-323716-ak6zgyh1	275	29	and	and	CC
cord-323716-ak6zgyh1	275	30	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	275	31	.	.	.
cord-323716-ak6zgyh1	276	1	Hong	Hong	NNP
cord-323716-ak6zgyh1	276	2	Kong	Kong	NNP
cord-323716-ak6zgyh1	276	3	's	's	POS
cord-323716-ak6zgyh1	276	4	capital	capital	NN
cord-323716-ak6zgyh1	276	5	fled	flee	VBD
cord-323716-ak6zgyh1	276	6	the	the	DT
cord-323716-ak6zgyh1	276	7	stock	stock	NN
cord-323716-ak6zgyh1	276	8	market	market	NN
cord-323716-ak6zgyh1	276	9	prior	prior	RB
cord-323716-ak6zgyh1	276	10	to	to	IN
cord-323716-ak6zgyh1	276	11	1997	1997	CD
cord-323716-ak6zgyh1	276	12	due	due	IN
cord-323716-ak6zgyh1	276	13	to	to	IN
cord-323716-ak6zgyh1	276	14	the	the	DT
cord-323716-ak6zgyh1	276	15	uncertainty	uncertainty	NN
cord-323716-ak6zgyh1	276	16	involved	involve	VBN
cord-323716-ak6zgyh1	276	17	in	in	IN
cord-323716-ak6zgyh1	276	18	Hong	Hong	NNP
cord-323716-ak6zgyh1	276	19	Kong	Kong	NNP
cord-323716-ak6zgyh1	276	20	's	's	POS
cord-323716-ak6zgyh1	276	21	return	return	NN
cord-323716-ak6zgyh1	276	22	to	to	IN
cord-323716-ak6zgyh1	276	23	China	China	NNP
cord-323716-ak6zgyh1	276	24	and	and	CC
cord-323716-ak6zgyh1	276	25	in	in	IN
cord-323716-ak6zgyh1	276	26	the	the	DT
cord-323716-ak6zgyh1	276	27	aftermath	aftermath	NN
cord-323716-ak6zgyh1	276	28	of	of	IN
cord-323716-ak6zgyh1	276	29	the	the	DT
cord-323716-ak6zgyh1	276	30	Asian	asian	JJ
cord-323716-ak6zgyh1	276	31	financial	financial	JJ
cord-323716-ak6zgyh1	276	32	crisis	crisis	NN
cord-323716-ak6zgyh1	276	33	.	.	.
cord-323716-ak6zgyh1	277	1	The	the	DT
cord-323716-ak6zgyh1	277	2	Hang	Hang	NNP
cord-323716-ak6zgyh1	277	3	Seng	Seng	NNP
cord-323716-ak6zgyh1	277	4	Stock	Stock	NNP
cord-323716-ak6zgyh1	277	5	Index	Index	NNP
cord-323716-ak6zgyh1	277	6	plunged	plunge	VBD
cord-323716-ak6zgyh1	277	7	to	to	IN
cord-323716-ak6zgyh1	277	8	a	a	DT
cord-323716-ak6zgyh1	277	9	historic	historic	JJ
cord-323716-ak6zgyh1	277	10	low	low	NN
cord-323716-ak6zgyh1	277	11	.	.	.
cord-323716-ak6zgyh1	278	1	After	after	IN
cord-323716-ak6zgyh1	278	2	China	China	NNP
cord-323716-ak6zgyh1	278	3	guaranteed	guarantee	VBD
cord-323716-ak6zgyh1	278	4	the	the	DT
cord-323716-ak6zgyh1	278	5	free	free	JJ
cord-323716-ak6zgyh1	278	6	development	development	NN
cord-323716-ak6zgyh1	278	7	of	of	IN
cord-323716-ak6zgyh1	278	8	the	the	DT
cord-323716-ak6zgyh1	278	9	economy	economy	NN
cord-323716-ak6zgyh1	278	10	,	,	,
cord-323716-ak6zgyh1	278	11	Hong	Hong	NNP
cord-323716-ak6zgyh1	278	12	Kong	Kong	NNP
cord-323716-ak6zgyh1	278	13	regained	regain	VBD
cord-323716-ak6zgyh1	278	14	market	market	NN
cord-323716-ak6zgyh1	278	15	momentum	momentum	NN
cord-323716-ak6zgyh1	278	16	.	.	.
cord-323716-ak6zgyh1	279	1	Then	then	RB
cord-323716-ak6zgyh1	279	2	in	in	IN
cord-323716-ak6zgyh1	279	3	2003	2003	CD
cord-323716-ak6zgyh1	279	4	,	,	,
cord-323716-ak6zgyh1	279	5	the	the	DT
cord-323716-ak6zgyh1	279	6	SARS	SARS	NNP
cord-323716-ak6zgyh1	279	7	(	(	-LRB-
cord-323716-ak6zgyh1	279	8	Severe	severe	JJ
cord-323716-ak6zgyh1	279	9	Acute	acute	JJ
cord-323716-ak6zgyh1	279	10	Respiratory	Respiratory	NNP
cord-323716-ak6zgyh1	279	11	Syndrome	Syndrome	NNP
cord-323716-ak6zgyh1	279	12	)	)	-RRB-
cord-323716-ak6zgyh1	279	13	epidemic	epidemic	NN
cord-323716-ak6zgyh1	279	14	ravaged	ravage	VBD
cord-323716-ak6zgyh1	279	15	Hong	Hong	NNP
cord-323716-ak6zgyh1	279	16	Kong	Kong	NNP
cord-323716-ak6zgyh1	279	17	's	's	POS
cord-323716-ak6zgyh1	279	18	stock	stock	NN
cord-323716-ak6zgyh1	279	19	market	market	NN
cord-323716-ak6zgyh1	279	20	.	.	.
cord-323716-ak6zgyh1	280	1	Not	not	RB
cord-323716-ak6zgyh1	280	2	until	until	IN
cord-323716-ak6zgyh1	280	3	Hong	Hong	NNP
cord-323716-ak6zgyh1	280	4	Kong	Kong	NNP
cord-323716-ak6zgyh1	280	5	was	be	VBD
cord-323716-ak6zgyh1	280	6	opened	open	VBN
cord-323716-ak6zgyh1	280	7	to	to	IN
cord-323716-ak6zgyh1	280	8	mainland	mainland	JJ
cord-323716-ak6zgyh1	280	9	Chinese	chinese	JJ
cord-323716-ak6zgyh1	280	10	tourism	tourism	NN
cord-323716-ak6zgyh1	280	11	and	and	CC
cord-323716-ak6zgyh1	280	12	the	the	DT
cord-323716-ak6zgyh1	280	13	signing	signing	NN
cord-323716-ak6zgyh1	280	14	of	of	IN
cord-323716-ak6zgyh1	280	15	the	the	DT
cord-323716-ak6zgyh1	280	16	"	"	``
cord-323716-ak6zgyh1	280	17	Closer	Closer	NNP
cord-323716-ak6zgyh1	280	18	Economic	Economic	NNP
cord-323716-ak6zgyh1	280	19	Partnership	Partnership	NNP
cord-323716-ak6zgyh1	280	20	Arrangement	Arrangement	NNP
cord-323716-ak6zgyh1	280	21	"	"	''
cord-323716-ak6zgyh1	280	22	(	(	-LRB-
cord-323716-ak6zgyh1	280	23	CEPA	CEPA	NNP
cord-323716-ak6zgyh1	280	24	)	)	-RRB-
cord-323716-ak6zgyh1	280	25	did	do	VBD
cord-323716-ak6zgyh1	280	26	stock	stock	NN
cord-323716-ak6zgyh1	280	27	market	market	NN
cord-323716-ak6zgyh1	280	28	momentum	momentum	NN
cord-323716-ak6zgyh1	280	29	in	in	IN
cord-323716-ak6zgyh1	280	30	Hong	Hong	NNP
cord-323716-ak6zgyh1	280	31	Kong	Kong	NNP
cord-323716-ak6zgyh1	280	32	revive	revive	VB
cord-323716-ak6zgyh1	280	33	,	,	,
cord-323716-ak6zgyh1	280	34	as	as	IN
cord-323716-ak6zgyh1	280	35	shown	show	VBN
cord-323716-ak6zgyh1	280	36	in	in	IN
cord-323716-ak6zgyh1	280	37	Fig	Fig	NNP
cord-323716-ak6zgyh1	280	38	.	.	.
cord-323716-ak6zgyh1	280	39	1	1	CD
cord-323716-ak6zgyh1	280	40	(	(	-LRB-
cord-323716-ak6zgyh1	280	41	b	b	NN
cord-323716-ak6zgyh1	280	42	)	)	-RRB-
cord-323716-ak6zgyh1	280	43	.	.	.
cord-323716-ak6zgyh1	281	1	The	the	DT
cord-323716-ak6zgyh1	281	2	decline	decline	NN
cord-323716-ak6zgyh1	281	3	of	of	IN
cord-323716-ak6zgyh1	281	4	Hong	Hong	NNP
cord-323716-ak6zgyh1	281	5	Kong	Kong	NNP
cord-323716-ak6zgyh1	281	6	's	's	POS
cord-323716-ak6zgyh1	281	7	real	real	JJ
cord-323716-ak6zgyh1	281	8	estate	estate	NN
cord-323716-ak6zgyh1	281	9	market	market	NN
cord-323716-ak6zgyh1	281	10	over	over	IN
cord-323716-ak6zgyh1	281	11	the	the	DT
cord-323716-ak6zgyh1	281	12	last	last	JJ
cord-323716-ak6zgyh1	281	13	15	15	CD
cord-323716-ak6zgyh1	281	14	years	year	NNS
cord-323716-ak6zgyh1	281	15	is	be	VBZ
cord-323716-ak6zgyh1	281	16	also	also	RB
cord-323716-ak6zgyh1	281	17	related	relate	VBN
cord-323716-ak6zgyh1	281	18	to	to	IN
cord-323716-ak6zgyh1	281	19	the	the	DT
cord-323716-ak6zgyh1	281	20	larger	large	JJR
cord-323716-ak6zgyh1	281	21	economic	economic	JJ
cord-323716-ak6zgyh1	281	22	and	and	CC
cord-323716-ak6zgyh1	281	23	political	political	JJ
cord-323716-ak6zgyh1	281	24	circumstances	circumstance	NNS
cord-323716-ak6zgyh1	281	25	.	.	.
cord-323716-ak6zgyh1	282	1	Both	both	DT
cord-323716-ak6zgyh1	282	2	markets	market	NNS
cord-323716-ak6zgyh1	282	3	plunged	plunge	VBD
cord-323716-ak6zgyh1	282	4	in	in	IN
cord-323716-ak6zgyh1	282	5	1997	1997	CD
cord-323716-ak6zgyh1	282	6	due	due	IN
cord-323716-ak6zgyh1	282	7	to	to	IN
cord-323716-ak6zgyh1	282	8	Hong	Hong	NNP
cord-323716-ak6zgyh1	282	9	Kong	Kong	NNP
cord-323716-ak6zgyh1	282	10	's	's	POS
cord-323716-ak6zgyh1	282	11	return	return	NN
cord-323716-ak6zgyh1	282	12	to	to	IN
cord-323716-ak6zgyh1	282	13	China	China	NNP
cord-323716-ak6zgyh1	282	14	.	.	.
cord-323716-ak6zgyh1	283	1	The	the	DT
cord-323716-ak6zgyh1	283	2	stock	stock	NN
cord-323716-ak6zgyh1	283	3	market	market	NN
cord-323716-ak6zgyh1	283	4	fluctuated	fluctuate	VBD
cord-323716-ak6zgyh1	283	5	then	then	RB
cord-323716-ak6zgyh1	283	6	rebounded	rebound	VBD
cord-323716-ak6zgyh1	283	7	in	in	IN
cord-323716-ak6zgyh1	283	8	2003	2003	CD
cord-323716-ak6zgyh1	283	9	after	after	IN
cord-323716-ak6zgyh1	283	10	the	the	DT
cord-323716-ak6zgyh1	283	11	end	end	NN
cord-323716-ak6zgyh1	283	12	of	of	IN
cord-323716-ak6zgyh1	283	13	global	global	JJ
cord-323716-ak6zgyh1	283	14	deflation	deflation	NN
cord-323716-ak6zgyh1	283	15	and	and	CC
cord-323716-ak6zgyh1	283	16	SARS	SARS	NNP
cord-323716-ak6zgyh1	283	17	.	.	.
cord-323716-ak6zgyh1	284	1	The	the	DT
cord-323716-ak6zgyh1	284	2	real	real	JJ
cord-323716-ak6zgyh1	284	3	estate	estate	NN
cord-323716-ak6zgyh1	284	4	market	market	NN
cord-323716-ak6zgyh1	284	5	also	also	RB
cord-323716-ak6zgyh1	284	6	recovered	recover	VBD
cord-323716-ak6zgyh1	284	7	in	in	IN
cord-323716-ak6zgyh1	284	8	2003	2003	CD
cord-323716-ak6zgyh1	284	9	,	,	,
cord-323716-ak6zgyh1	284	10	as	as	IN
cord-323716-ak6zgyh1	284	11	shown	show	VBN
cord-323716-ak6zgyh1	284	12	in	in	IN
cord-323716-ak6zgyh1	284	13	Fig	Fig	NNP
cord-323716-ak6zgyh1	284	14	.	.	NNP
cord-323716-ak6zgyh1	284	15	2	2	CD
cord-323716-ak6zgyh1	284	16	 	 	_SP
cord-323716-ak6zgyh1	285	1	Granger	Granger	NNP
cord-323716-ak6zgyh1	285	2	causality	causality	NN
cord-323716-ak6zgyh1	285	3	analysis	analysis	NN
cord-323716-ak6zgyh1	285	4	shows	show	VBZ
cord-323716-ak6zgyh1	285	5	no	no	DT
cord-323716-ak6zgyh1	285	6	causality	causality	NN
cord-323716-ak6zgyh1	285	7	relationship	relationship	NN
cord-323716-ak6zgyh1	285	8	between	between	IN
cord-323716-ak6zgyh1	285	9	the	the	DT
cord-323716-ak6zgyh1	285	10	stock	stock	NN
cord-323716-ak6zgyh1	285	11	and	and	CC
cord-323716-ak6zgyh1	285	12	real	real	JJ
cord-323716-ak6zgyh1	285	13	estate	estate	NN
cord-323716-ak6zgyh1	285	14	market	market	NN
cord-323716-ak6zgyh1	285	15	trends	trend	NNS
cord-323716-ak6zgyh1	285	16	in	in	IN
cord-323716-ak6zgyh1	285	17	Hong	Hong	NNP
cord-323716-ak6zgyh1	285	18	Kong	Kong	NNP
cord-323716-ak6zgyh1	285	19	from	from	IN
cord-323716-ak6zgyh1	285	20	March	March	NNP
cord-323716-ak6zgyh1	285	21	1995	1995	CD
cord-323716-ak6zgyh1	285	22	to	to	IN
cord-323716-ak6zgyh1	285	23	June	June	NNP
cord-323716-ak6zgyh1	285	24	2010	2010	CD
cord-323716-ak6zgyh1	285	25	(	(	-LRB-
cord-323716-ak6zgyh1	285	26	see	see	VB
cord-323716-ak6zgyh1	285	27	Table	Table	NNP
cord-323716-ak6zgyh1	285	28	6	6	CD
cord-323716-ak6zgyh1	285	29	)	)	-RRB-
cord-323716-ak6zgyh1	285	30	.	.	.
cord-323716-ak6zgyh1	286	1	This	this	DT
cord-323716-ak6zgyh1	286	2	is	be	VBZ
cord-323716-ak6zgyh1	286	3	reasonable	reasonable	JJ
cord-323716-ak6zgyh1	286	4	since	since	IN
cord-323716-ak6zgyh1	286	5	Hong	Hong	NNP
cord-323716-ak6zgyh1	286	6	Kong	Kong	NNP
cord-323716-ak6zgyh1	286	7	's	's	POS
cord-323716-ak6zgyh1	286	8	stock	stock	NN
cord-323716-ak6zgyh1	286	9	market	market	NN
cord-323716-ak6zgyh1	286	10	is	be	VBZ
cord-323716-ak6zgyh1	286	11	more	more	RBR
cord-323716-ak6zgyh1	286	12	international	international	JJ
cord-323716-ak6zgyh1	286	13	and	and	CC
cord-323716-ak6zgyh1	286	14	closely	closely	RB
cord-323716-ak6zgyh1	286	15	related	relate	VBN
cord-323716-ak6zgyh1	286	16	with	with	IN
cord-323716-ak6zgyh1	286	17	the	the	DT
cord-323716-ak6zgyh1	286	18	overall	overall	JJ
cord-323716-ak6zgyh1	286	19	economy	economy	NN
cord-323716-ak6zgyh1	286	20	of	of	IN
cord-323716-ak6zgyh1	286	21	Hong	Hong	NNP
cord-323716-ak6zgyh1	286	22	Kong	Kong	NNP
cord-323716-ak6zgyh1	286	23	.	.	.
cord-323716-ak6zgyh1	287	1	In	in	IN
cord-323716-ak6zgyh1	287	2	contrast	contrast	NN
cord-323716-ak6zgyh1	287	3	,	,	,
cord-323716-ak6zgyh1	287	4	Hong	Hong	NNP
cord-323716-ak6zgyh1	287	5	Kong	Kong	NNP
cord-323716-ak6zgyh1	287	6	's	's	POS
cord-323716-ak6zgyh1	287	7	real	real	JJ
cord-323716-ak6zgyh1	287	8	estate	estate	NN
cord-323716-ak6zgyh1	287	9	market	market	NN
cord-323716-ak6zgyh1	287	10	was	be	VBD
cord-323716-ak6zgyh1	287	11	much	much	RB
cord-323716-ak6zgyh1	287	12	more	more	RBR
cord-323716-ak6zgyh1	287	13	intensely	intensely	RB
cord-323716-ak6zgyh1	287	14	influenced	influence	VBN
cord-323716-ak6zgyh1	287	15	by	by	IN
cord-323716-ak6zgyh1	287	16	the	the	DT
cord-323716-ak6zgyh1	287	17	political	political	JJ
cord-323716-ak6zgyh1	287	18	transition	transition	NN
cord-323716-ak6zgyh1	287	19	in	in	IN
cord-323716-ak6zgyh1	287	20	1997	1997	CD
cord-323716-ak6zgyh1	287	21	.	.	.
cord-323716-ak6zgyh1	288	1	Emigration	emigration	NN
cord-323716-ak6zgyh1	288	2	and	and	CC
cord-323716-ak6zgyh1	288	3	loss	loss	NN
cord-323716-ak6zgyh1	288	4	of	of	IN
cord-323716-ak6zgyh1	288	5	confidence	confidence	NN
cord-323716-ak6zgyh1	288	6	in	in	IN
cord-323716-ak6zgyh1	288	7	real	real	JJ
cord-323716-ak6zgyh1	288	8	estate	estate	NN
cord-323716-ak6zgyh1	288	9	did	do	VBD
cord-323716-ak6zgyh1	288	10	not	not	RB
cord-323716-ak6zgyh1	288	11	reverse	reverse	VB
cord-323716-ak6zgyh1	288	12	as	as	RB
cord-323716-ak6zgyh1	288	13	quickly	quickly	RB
cord-323716-ak6zgyh1	288	14	as	as	IN
cord-323716-ak6zgyh1	288	15	recovery	recovery	NN
cord-323716-ak6zgyh1	288	16	in	in	IN
cord-323716-ak6zgyh1	288	17	the	the	DT
cord-323716-ak6zgyh1	288	18	stock	stock	NN
cord-323716-ak6zgyh1	288	19	market	market	NN
cord-323716-ak6zgyh1	288	20	.	.	.
cord-323716-ak6zgyh1	289	1	5.5.2.3	5.5.2.3	CD
cord-323716-ak6zgyh1	289	2	.	.	.
cord-323716-ak6zgyh1	290	1	Japan	Japan	NNP
cord-323716-ak6zgyh1	290	2	.	.	.
cord-323716-ak6zgyh1	291	1	Japan	Japan	NNP
cord-323716-ak6zgyh1	291	2	is	be	VBZ
cord-323716-ak6zgyh1	291	3	the	the	DT
cord-323716-ak6zgyh1	291	4	most	most	RBS
cord-323716-ak6zgyh1	291	5	developed	develop	VBN
cord-323716-ak6zgyh1	291	6	economy	economy	NN
cord-323716-ak6zgyh1	291	7	in	in	IN
cord-323716-ak6zgyh1	291	8	Asia	Asia	NNP
cord-323716-ak6zgyh1	291	9	;	;	:
cord-323716-ak6zgyh1	291	10	it	-PRON-	PRP
cord-323716-ak6zgyh1	291	11	therefore	therefore	RB
cord-323716-ak6zgyh1	291	12	has	have	VBZ
cord-323716-ak6zgyh1	291	13	a	a	DT
cord-323716-ak6zgyh1	291	14	special	special	JJ
cord-323716-ak6zgyh1	291	15	role	role	NN
cord-323716-ak6zgyh1	291	16	as	as	IN
cord-323716-ak6zgyh1	291	17	a	a	DT
cord-323716-ak6zgyh1	291	18	regional	regional	JJ
cord-323716-ak6zgyh1	291	19	leader	leader	NN
cord-323716-ak6zgyh1	291	20	.	.	.
cord-323716-ak6zgyh1	292	1	Rapid	rapid	JJ
cord-323716-ak6zgyh1	292	2	economic	economic	JJ
cord-323716-ak6zgyh1	292	3	growth	growth	NN
cord-323716-ak6zgyh1	292	4	from	from	IN
cord-323716-ak6zgyh1	292	5	the	the	DT
cord-323716-ak6zgyh1	292	6	1970s	1970s	CD
cord-323716-ak6zgyh1	292	7	to	to	IN
cord-323716-ak6zgyh1	292	8	the	the	DT
cord-323716-ak6zgyh1	292	9	1980s	1980	NNS
cord-323716-ak6zgyh1	292	10	in	in	IN
cord-323716-ak6zgyh1	292	11	Japan	Japan	NNP
cord-323716-ak6zgyh1	292	12	caused	cause	VBD
cord-323716-ak6zgyh1	292	13	the	the	DT
cord-323716-ak6zgyh1	292	14	Japanese	japanese	JJ
cord-323716-ak6zgyh1	292	15	Yen	Yen	NNS
cord-323716-ak6zgyh1	292	16	to	to	TO
cord-323716-ak6zgyh1	292	17	appreciate	appreciate	VB
cord-323716-ak6zgyh1	292	18	significantly	significantly	RB
cord-323716-ak6zgyh1	292	19	.	.	.
cord-323716-ak6zgyh1	293	1	This	this	DT
cord-323716-ak6zgyh1	293	2	appreciation	appreciation	NN
cord-323716-ak6zgyh1	293	3	rose	rise	VBD
cord-323716-ak6zgyh1	293	4	sharply	sharply	RB
cord-323716-ak6zgyh1	293	5	in	in	IN
cord-323716-ak6zgyh1	293	6	the	the	DT
cord-323716-ak6zgyh1	293	7	late	late	JJ
cord-323716-ak6zgyh1	293	8	1980s	1980	NNS
cord-323716-ak6zgyh1	293	9	,	,	,
cord-323716-ak6zgyh1	293	10	from	from	IN
cord-323716-ak6zgyh1	293	11	an	an	DT
cord-323716-ak6zgyh1	293	12	exchange	exchange	NN
cord-323716-ak6zgyh1	293	13	rate	rate	NN
cord-323716-ak6zgyh1	293	14	of	of	IN
cord-323716-ak6zgyh1	293	15	242	242	CD
cord-323716-ak6zgyh1	293	16	yen	yen	NN
cord-323716-ak6zgyh1	293	17	to	to	IN
cord-323716-ak6zgyh1	293	18	one	one	CD
cord-323716-ak6zgyh1	293	19	US	US	NNP
cord-323716-ak6zgyh1	293	20	dollar	dollar	NN
cord-323716-ak6zgyh1	293	21	in	in	IN
cord-323716-ak6zgyh1	293	22	1985	1985	CD
cord-323716-ak6zgyh1	293	23	,	,	,
cord-323716-ak6zgyh1	293	24	to	to	IN
cord-323716-ak6zgyh1	293	25	128	128	CD
cord-323716-ak6zgyh1	293	26	yen	yen	NNS
cord-323716-ak6zgyh1	293	27	to	to	IN
cord-323716-ak6zgyh1	293	28	the	the	DT
cord-323716-ak6zgyh1	293	29	dollar	dollar	NN
cord-323716-ak6zgyh1	293	30	in	in	IN
cord-323716-ak6zgyh1	293	31	1988	1988	CD
cord-323716-ak6zgyh1	293	32	.	.	.
cord-323716-ak6zgyh1	294	1	Export	export	NN
cord-323716-ak6zgyh1	294	2	industries	industry	NNS
cord-323716-ak6zgyh1	294	3	were	be	VBD
cord-323716-ak6zgyh1	294	4	severely	severely	RB
cord-323716-ak6zgyh1	294	5	injured	injure	VBN
cord-323716-ak6zgyh1	294	6	by	by	IN
cord-323716-ak6zgyh1	294	7	appreciation	appreciation	NN
cord-323716-ak6zgyh1	294	8	.	.	.
cord-323716-ak6zgyh1	295	1	To	to	TO
cord-323716-ak6zgyh1	295	2	stimulate	stimulate	VB
cord-323716-ak6zgyh1	295	3	investment	investment	NN
cord-323716-ak6zgyh1	295	4	in	in	IN
cord-323716-ak6zgyh1	295	5	the	the	DT
cord-323716-ak6zgyh1	295	6	hope	hope	NN
cord-323716-ak6zgyh1	295	7	of	of	IN
cord-323716-ak6zgyh1	295	8	continuing	continue	VBG
cord-323716-ak6zgyh1	295	9	economic	economic	JJ
cord-323716-ak6zgyh1	295	10	growth	growth	NN
cord-323716-ak6zgyh1	295	11	,	,	,
cord-323716-ak6zgyh1	295	12	the	the	DT
cord-323716-ak6zgyh1	295	13	government	government	NN
cord-323716-ak6zgyh1	295	14	reduced	reduce	VBD
cord-323716-ak6zgyh1	295	15	interest	interest	NN
cord-323716-ak6zgyh1	295	16	rates	rate	NNS
cord-323716-ak6zgyh1	295	17	from	from	IN
cord-323716-ak6zgyh1	295	18	5	5	CD
cord-323716-ak6zgyh1	295	19	%	%	NN
cord-323716-ak6zgyh1	295	20	to	to	IN
cord-323716-ak6zgyh1	295	21	2.5	2.5	CD
cord-323716-ak6zgyh1	295	22	%	%	NN
cord-323716-ak6zgyh1	295	23	in	in	IN
cord-323716-ak6zgyh1	295	24	1986	1986	CD
cord-323716-ak6zgyh1	295	25	,	,	,
cord-323716-ak6zgyh1	295	26	causing	cause	VBG
cord-323716-ak6zgyh1	295	27	a	a	DT
cord-323716-ak6zgyh1	295	28	boom	boom	NN
cord-323716-ak6zgyh1	295	29	in	in	IN
cord-323716-ak6zgyh1	295	30	the	the	DT
cord-323716-ak6zgyh1	295	31	stock	stock	NN
cord-323716-ak6zgyh1	295	32	and	and	CC
cord-323716-ak6zgyh1	295	33	real	real	JJ
cord-323716-ak6zgyh1	295	34	estate	estate	NN
cord-323716-ak6zgyh1	295	35	markets	market	NNS
cord-323716-ak6zgyh1	295	36	.	.	.
cord-323716-ak6zgyh1	296	1	To	to	TO
cord-323716-ak6zgyh1	296	2	control	control	VB
cord-323716-ak6zgyh1	296	3	the	the	DT
cord-323716-ak6zgyh1	296	4	resulting	result	VBG
cord-323716-ak6zgyh1	296	5	rises	rise	NNS
cord-323716-ak6zgyh1	296	6	in	in	IN
cord-323716-ak6zgyh1	296	7	asset	asset	NN
cord-323716-ak6zgyh1	296	8	prices	price	NNS
cord-323716-ak6zgyh1	296	9	and	and	CC
cord-323716-ak6zgyh1	296	10	inflation	inflation	NN
cord-323716-ak6zgyh1	296	11	,	,	,
cord-323716-ak6zgyh1	296	12	Japan	Japan	NNP
cord-323716-ak6zgyh1	296	13	raised	raise	VBD
cord-323716-ak6zgyh1	296	14	interest	interest	NN
cord-323716-ak6zgyh1	296	15	rates	rate	NNS
cord-323716-ak6zgyh1	296	16	in	in	IN
cord-323716-ak6zgyh1	296	17	1990	1990	CD
cord-323716-ak6zgyh1	296	18	,	,	,
cord-323716-ak6zgyh1	296	19	this	this	DT
cord-323716-ak6zgyh1	296	20	time	time	NN
cord-323716-ak6zgyh1	296	21	resulting	result	VBG
cord-323716-ak6zgyh1	296	22	in	in	IN
cord-323716-ak6zgyh1	296	23	long	long	JJ
cord-323716-ak6zgyh1	296	24	-	-	HYPH
cord-323716-ak6zgyh1	296	25	term	term	NN
cord-323716-ak6zgyh1	296	26	economic	economic	JJ
cord-323716-ak6zgyh1	296	27	recession	recession	NN
cord-323716-ak6zgyh1	296	28	.	.	.
cord-323716-ak6zgyh1	297	1	In	in	IN
cord-323716-ak6zgyh1	297	2	order	order	NN
cord-323716-ak6zgyh1	297	3	to	to	TO
cord-323716-ak6zgyh1	297	4	stimulate	stimulate	VB
cord-323716-ak6zgyh1	297	5	investment	investment	NN
cord-323716-ak6zgyh1	297	6	and	and	CC
cord-323716-ak6zgyh1	297	7	the	the	DT
cord-323716-ak6zgyh1	297	8	economy	economy	NN
cord-323716-ak6zgyh1	297	9	,	,	,
cord-323716-ak6zgyh1	297	10	the	the	DT
cord-323716-ak6zgyh1	297	11	Japanese	japanese	JJ
cord-323716-ak6zgyh1	297	12	government	government	NN
cord-323716-ak6zgyh1	297	13	reduced	reduce	VBD
cord-323716-ak6zgyh1	297	14	the	the	DT
cord-323716-ak6zgyh1	297	15	interest	interest	NN
cord-323716-ak6zgyh1	297	16	rates	rate	NNS
cord-323716-ak6zgyh1	297	17	again	again	RB
cord-323716-ak6zgyh1	297	18	and	and	CC
cord-323716-ak6zgyh1	297	19	fell	fall	VBD
cord-323716-ak6zgyh1	297	20	into	into	IN
cord-323716-ak6zgyh1	297	21	a	a	DT
cord-323716-ak6zgyh1	297	22	"	"	``
cord-323716-ak6zgyh1	297	23	liquidity	liquidity	NN
cord-323716-ak6zgyh1	297	24	trap	trap	NN
cord-323716-ak6zgyh1	297	25	"	"	''
cord-323716-ak6zgyh1	297	26	.	.	.
cord-323716-ak6zgyh1	298	1	The	the	DT
cord-323716-ak6zgyh1	298	2	stock	stock	NN
cord-323716-ak6zgyh1	298	3	and	and	CC
cord-323716-ak6zgyh1	298	4	real	real	JJ
cord-323716-ak6zgyh1	298	5	estate	estate	NN
cord-323716-ak6zgyh1	298	6	markets	market	NNS
cord-323716-ak6zgyh1	298	7	in	in	IN
cord-323716-ak6zgyh1	298	8	Japan	Japan	NNP
cord-323716-ak6zgyh1	298	9	were	be	VBD
cord-323716-ak6zgyh1	298	10	significantly	significantly	RB
cord-323716-ak6zgyh1	298	11	affected	affect	VBN
cord-323716-ak6zgyh1	298	12	by	by	IN
cord-323716-ak6zgyh1	298	13	changes	change	NNS
cord-323716-ak6zgyh1	298	14	in	in	IN
cord-323716-ak6zgyh1	298	15	interest	interest	NN
cord-323716-ak6zgyh1	298	16	rates	rate	NNS
cord-323716-ak6zgyh1	298	17	and	and	CC
cord-323716-ak6zgyh1	298	18	the	the	DT
cord-323716-ak6zgyh1	298	19	overall	overall	JJ
cord-323716-ak6zgyh1	298	20	economy	economy	NN
cord-323716-ak6zgyh1	298	21	.	.	.
cord-323716-ak6zgyh1	299	1	The	the	DT
cord-323716-ak6zgyh1	299	2	Granger	Granger	NNP
cord-323716-ak6zgyh1	299	3	test	test	NN
cord-323716-ak6zgyh1	299	4	showed	show	VBD
cord-323716-ak6zgyh1	299	5	no	no	DT
cord-323716-ak6zgyh1	299	6	causality	causality	NN
cord-323716-ak6zgyh1	299	7	relationship	relationship	NN
cord-323716-ak6zgyh1	299	8	between	between	IN
cord-323716-ak6zgyh1	299	9	the	the	DT
cord-323716-ak6zgyh1	299	10	stock	stock	NN
cord-323716-ak6zgyh1	299	11	and	and	CC
cord-323716-ak6zgyh1	299	12	real	real	JJ
cord-323716-ak6zgyh1	299	13	estate	estate	NN
cord-323716-ak6zgyh1	299	14	markets	market	NNS
cord-323716-ak6zgyh1	299	15	from	from	IN
cord-323716-ak6zgyh1	299	16	March	March	NNP
cord-323716-ak6zgyh1	299	17	1995	1995	CD
cord-323716-ak6zgyh1	299	18	to	to	IN
cord-323716-ak6zgyh1	299	19	June	June	NNP
cord-323716-ak6zgyh1	299	20	2010	2010	CD
cord-323716-ak6zgyh1	299	21	in	in	IN
cord-323716-ak6zgyh1	299	22	Japan	Japan	NNP
cord-323716-ak6zgyh1	299	23	.	.	.
cord-323716-ak6zgyh1	300	1	From	from	IN
cord-323716-ak6zgyh1	300	2	Figs	fig	NNS
cord-323716-ak6zgyh1	300	3	.	.	.
cord-323716-ak6zgyh1	301	1	1(c	1(c	LS
cord-323716-ak6zgyh1	301	2	)	)	-RRB-
cord-323716-ak6zgyh1	302	1	and	and	CC
cord-323716-ak6zgyh1	302	2	2(c	2(c	LS
cord-323716-ak6zgyh1	302	3	)	)	-RRB-
cord-323716-ak6zgyh1	303	1	,	,	,
cord-323716-ak6zgyh1	303	2	it	-PRON-	PRP
cord-323716-ak6zgyh1	303	3	is	be	VBZ
cord-323716-ak6zgyh1	303	4	obvious	obvious	JJ
cord-323716-ak6zgyh1	303	5	that	that	IN
cord-323716-ak6zgyh1	303	6	stock	stock	NN
cord-323716-ak6zgyh1	303	7	markets	market	NNS
cord-323716-ak6zgyh1	303	8	in	in	IN
cord-323716-ak6zgyh1	303	9	Japan	Japan	NNP
cord-323716-ak6zgyh1	303	10	fluctuate	fluctuate	VBP
cord-323716-ak6zgyh1	303	11	with	with	IN
cord-323716-ak6zgyh1	303	12	the	the	DT
cord-323716-ak6zgyh1	303	13	overall	overall	JJ
cord-323716-ak6zgyh1	303	14	economy	economy	NN
cord-323716-ak6zgyh1	303	15	.	.	.
cord-323716-ak6zgyh1	304	1	Yet	yet	RB
cord-323716-ak6zgyh1	304	2	the	the	DT
cord-323716-ak6zgyh1	304	3	real	real	JJ
cord-323716-ak6zgyh1	304	4	estate	estate	NN
cord-323716-ak6zgyh1	304	5	market	market	NN
cord-323716-ak6zgyh1	304	6	remained	remain	VBD
cord-323716-ak6zgyh1	304	7	sluggish	sluggish	JJ
cord-323716-ak6zgyh1	304	8	during	during	IN
cord-323716-ak6zgyh1	304	9	the	the	DT
cord-323716-ak6zgyh1	304	10	sample	sample	NN
cord-323716-ak6zgyh1	304	11	period	period	NN
cord-323716-ak6zgyh1	304	12	.	.	.
cord-323716-ak6zgyh1	305	1	This	this	DT
cord-323716-ak6zgyh1	305	2	may	may	MD
cord-323716-ak6zgyh1	305	3	be	be	VB
cord-323716-ak6zgyh1	305	4	due	due	JJ
cord-323716-ak6zgyh1	305	5	to	to	IN
cord-323716-ak6zgyh1	305	6	the	the	DT
cord-323716-ak6zgyh1	305	7	fact	fact	NN
cord-323716-ak6zgyh1	305	8	that	that	IN
cord-323716-ak6zgyh1	305	9	maximum	maximum	JJ
cord-323716-ak6zgyh1	305	10	loan	loan	NN
cord-323716-ak6zgyh1	305	11	-	-	HYPH
cord-323716-ak6zgyh1	305	12	to	to	IN
cord-323716-ak6zgyh1	305	13	-	-	HYPH
cord-323716-ak6zgyh1	305	14	value	value	NN
cord-323716-ak6zgyh1	305	15	(	(	-LRB-
cord-323716-ak6zgyh1	305	16	LTV	LTV	NNP
cord-323716-ak6zgyh1	305	17	)	)	-RRB-
cord-323716-ak6zgyh1	305	18	ratio	ratio	NN
cord-323716-ak6zgyh1	305	19	for	for	IN
cord-323716-ak6zgyh1	305	20	real	real	JJ
cord-323716-ak6zgyh1	305	21	estate	estate	NN
cord-323716-ak6zgyh1	305	22	financing	financing	NN
cord-323716-ak6zgyh1	305	23	in	in	IN
cord-323716-ak6zgyh1	305	24	Japan	Japan	NNP
cord-323716-ak6zgyh1	305	25	could	could	MD
cord-323716-ak6zgyh1	305	26	reach	reach	VB
cord-323716-ak6zgyh1	305	27	120	120	CD
cord-323716-ak6zgyh1	305	28	%	%	NN
cord-323716-ak6zgyh1	305	29	in	in	IN
cord-323716-ak6zgyh1	305	30	the	the	DT
cord-323716-ak6zgyh1	305	31	1980s	1980s	CD
cord-323716-ak6zgyh1	305	32	.	.	.
cord-323716-ak6zgyh1	306	1	The	the	DT
cord-323716-ak6zgyh1	306	2	over	over	RB
cord-323716-ak6zgyh1	306	3	-	-	HYPH
cord-323716-ak6zgyh1	306	4	leveraging	leverage	VBG
cord-323716-ak6zgyh1	306	5	eventually	eventually	RB
cord-323716-ak6zgyh1	306	6	led	lead	VBN
cord-323716-ak6zgyh1	306	7	to	to	IN
cord-323716-ak6zgyh1	306	8	a	a	DT
cord-323716-ak6zgyh1	306	9	long	long	JJ
cord-323716-ak6zgyh1	306	10	-	-	HYPH
cord-323716-ak6zgyh1	306	11	term	term	NN
cord-323716-ak6zgyh1	306	12	recession	recession	NN
cord-323716-ak6zgyh1	306	13	in	in	IN
cord-323716-ak6zgyh1	306	14	its	-PRON-	PRP$
cord-323716-ak6zgyh1	306	15	real	real	JJ
cord-323716-ak6zgyh1	306	16	estate	estate	NN
cord-323716-ak6zgyh1	306	17	market	market	NN
cord-323716-ak6zgyh1	306	18	.	.	.
cord-323716-ak6zgyh1	307	1	This	this	DT
cord-323716-ak6zgyh1	307	2	may	may	MD
cord-323716-ak6zgyh1	307	3	be	be	VB
cord-323716-ak6zgyh1	307	4	one	one	CD
cord-323716-ak6zgyh1	307	5	reason	reason	NN
cord-323716-ak6zgyh1	307	6	no	no	DT
cord-323716-ak6zgyh1	307	7	causality	causality	NN
cord-323716-ak6zgyh1	307	8	relationship	relationship	NN
cord-323716-ak6zgyh1	307	9	was	be	VBD
cord-323716-ak6zgyh1	307	10	found	find	VBN
cord-323716-ak6zgyh1	307	11	between	between	IN
cord-323716-ak6zgyh1	307	12	the	the	DT
cord-323716-ak6zgyh1	307	13	stock	stock	NN
cord-323716-ak6zgyh1	307	14	and	and	CC
cord-323716-ak6zgyh1	307	15	real	real	JJ
cord-323716-ak6zgyh1	307	16	estate	estate	NN
cord-323716-ak6zgyh1	307	17	markets	market	NNS
cord-323716-ak6zgyh1	307	18	in	in	IN
cord-323716-ak6zgyh1	307	19	Japan	Japan	NNP
cord-323716-ak6zgyh1	307	20	.	.	.
cord-323716-ak6zgyh1	308	1	5.5.2.4	5.5.2.4	CD
cord-323716-ak6zgyh1	308	2	.	.	.
cord-323716-ak6zgyh1	309	1	Singapore	Singapore	NNP
cord-323716-ak6zgyh1	309	2	.	.	.
cord-323716-ak6zgyh1	310	1	Asset	asset	NN
cord-323716-ak6zgyh1	310	2	markets	market	NNS
cord-323716-ak6zgyh1	310	3	in	in	IN
cord-323716-ak6zgyh1	310	4	Singapore	Singapore	NNP
cord-323716-ak6zgyh1	310	5	were	be	VBD
cord-323716-ak6zgyh1	310	6	severely	severely	RB
cord-323716-ak6zgyh1	310	7	affected	affect	VBN
cord-323716-ak6zgyh1	310	8	by	by	IN
cord-323716-ak6zgyh1	310	9	the	the	DT
cord-323716-ak6zgyh1	310	10	Asian	asian	JJ
cord-323716-ak6zgyh1	310	11	financial	financial	JJ
cord-323716-ak6zgyh1	310	12	crisis	crisis	NN
cord-323716-ak6zgyh1	310	13	in	in	IN
cord-323716-ak6zgyh1	310	14	1997	1997	CD
cord-323716-ak6zgyh1	310	15	and	and	CC
cord-323716-ak6zgyh1	310	16	the	the	DT
cord-323716-ak6zgyh1	310	17	government	government	NN
cord-323716-ak6zgyh1	310	18	introduced	introduce	VBD
cord-323716-ak6zgyh1	310	19	several	several	JJ
cord-323716-ak6zgyh1	310	20	measures	measure	NNS
cord-323716-ak6zgyh1	310	21	to	to	TO
cord-323716-ak6zgyh1	310	22	stimulate	stimulate	VB
cord-323716-ak6zgyh1	310	23	economic	economic	JJ
cord-323716-ak6zgyh1	310	24	growth	growth	NN
cord-323716-ak6zgyh1	310	25	.	.	.
cord-323716-ak6zgyh1	311	1	Limits	limit	NNS
cord-323716-ak6zgyh1	311	2	on	on	IN
cord-323716-ak6zgyh1	311	3	foreign	foreign	JJ
cord-323716-ak6zgyh1	311	4	investment	investment	NN
cord-323716-ak6zgyh1	311	5	were	be	VBD
cord-323716-ak6zgyh1	311	6	greatly	greatly	RB
cord-323716-ak6zgyh1	311	7	reduced	reduce	VBN
cord-323716-ak6zgyh1	311	8	,	,	,
cord-323716-ak6zgyh1	311	9	and	and	CC
cord-323716-ak6zgyh1	311	10	international	international	JJ
cord-323716-ak6zgyh1	311	11	companies	company	NNS
cord-323716-ak6zgyh1	311	12	were	be	VBD
cord-323716-ak6zgyh1	311	13	encouraged	encourage	VBN
cord-323716-ak6zgyh1	311	14	to	to	TO
cord-323716-ak6zgyh1	311	15	go	go	VB
cord-323716-ak6zgyh1	311	16	public	public	JJ
cord-323716-ak6zgyh1	311	17	in	in	IN
cord-323716-ak6zgyh1	311	18	Singapore	Singapore	NNP
cord-323716-ak6zgyh1	311	19	.	.	.
cord-323716-ak6zgyh1	312	1	These	these	DT
cord-323716-ak6zgyh1	312	2	measures	measure	NNS
cord-323716-ak6zgyh1	312	3	gradually	gradually	RB
cord-323716-ak6zgyh1	312	4	attracted	attract	VBD
cord-323716-ak6zgyh1	312	5	international	international	JJ
cord-323716-ak6zgyh1	312	6	investors	investor	NNS
cord-323716-ak6zgyh1	312	7	,	,	,
cord-323716-ak6zgyh1	312	8	and	and	CC
cord-323716-ak6zgyh1	312	9	stock	stock	NN
cord-323716-ak6zgyh1	312	10	and	and	CC
cord-323716-ak6zgyh1	312	11	real	real	JJ
cord-323716-ak6zgyh1	312	12	estate	estate	NN
cord-323716-ak6zgyh1	312	13	markets	market	NNS
cord-323716-ak6zgyh1	312	14	revived	revive	VBD
cord-323716-ak6zgyh1	312	15	.	.	.
cord-323716-ak6zgyh1	313	1	In	in	IN
cord-323716-ak6zgyh1	313	2	2000	2000	CD
cord-323716-ak6zgyh1	313	3	,	,	,
cord-323716-ak6zgyh1	313	4	the	the	DT
cord-323716-ak6zgyh1	313	5	overall	overall	JJ
cord-323716-ak6zgyh1	313	6	economy	economy	NN
cord-323716-ak6zgyh1	313	7	,	,	,
cord-323716-ak6zgyh1	313	8	including	include	VBG
cord-323716-ak6zgyh1	313	9	the	the	DT
cord-323716-ak6zgyh1	313	10	asset	asset	NN
cord-323716-ak6zgyh1	313	11	markets	market	NNS
cord-323716-ak6zgyh1	313	12	,	,	,
cord-323716-ak6zgyh1	313	13	was	be	VBD
cord-323716-ak6zgyh1	313	14	again	again	RB
cord-323716-ak6zgyh1	313	15	hit	hit	VBN
cord-323716-ak6zgyh1	313	16	by	by	IN
cord-323716-ak6zgyh1	313	17	falls	fall	NNS
cord-323716-ak6zgyh1	313	18	in	in	IN
cord-323716-ak6zgyh1	313	19	stock	stock	NN
cord-323716-ak6zgyh1	313	20	market	market	NN
cord-323716-ak6zgyh1	313	21	values	value	NNS
cord-323716-ak6zgyh1	313	22	of	of	IN
cord-323716-ak6zgyh1	313	23	information	information	NN
cord-323716-ak6zgyh1	313	24	technology	technology	NN
cord-323716-ak6zgyh1	313	25	industry	industry	NN
cord-323716-ak6zgyh1	313	26	(	(	-LRB-
cord-323716-ak6zgyh1	313	27	"	"	``
cord-323716-ak6zgyh1	313	28	dot	dot	NN
cord-323716-ak6zgyh1	313	29	com	com	NN
cord-323716-ak6zgyh1	313	30	"	"	''
cord-323716-ak6zgyh1	313	31	)	)	-RRB-
cord-323716-ak6zgyh1	313	32	.	.	.
cord-323716-ak6zgyh1	314	1	Stock	stock	NN
cord-323716-ak6zgyh1	314	2	and	and	CC
cord-323716-ak6zgyh1	314	3	real	real	JJ
cord-323716-ak6zgyh1	314	4	estate	estate	NN
cord-323716-ak6zgyh1	314	5	markets	market	NNS
cord-323716-ak6zgyh1	314	6	did	do	VBD
cord-323716-ak6zgyh1	314	7	not	not	RB
cord-323716-ak6zgyh1	314	8	pick	pick	VB
cord-323716-ak6zgyh1	314	9	up	up	RP
cord-323716-ak6zgyh1	314	10	until	until	IN
cord-323716-ak6zgyh1	314	11	2003	2003	CD
cord-323716-ak6zgyh1	314	12	,	,	,
cord-323716-ak6zgyh1	314	13	after	after	IN
cord-323716-ak6zgyh1	314	14	the	the	DT
cord-323716-ak6zgyh1	314	15	end	end	NN
cord-323716-ak6zgyh1	314	16	of	of	IN
cord-323716-ak6zgyh1	314	17	worldwide	worldwide	JJ
cord-323716-ak6zgyh1	314	18	deflation	deflation	NN
cord-323716-ak6zgyh1	314	19	[	[	-LRB-
cord-323716-ak6zgyh1	314	20	see	see	VB
cord-323716-ak6zgyh1	314	21	Fig	Fig	NNP
cord-323716-ak6zgyh1	314	22	.	.	.
cord-323716-ak6zgyh1	314	23	1	1	CD
cord-323716-ak6zgyh1	314	24	(	(	-LRB-
cord-323716-ak6zgyh1	314	25	d	d	NN
cord-323716-ak6zgyh1	314	26	)	)	-RRB-
cord-323716-ak6zgyh1	315	1	and	and	CC
cord-323716-ak6zgyh1	315	2	2	2	LS
cord-323716-ak6zgyh1	315	3	(	(	-LRB-
cord-323716-ak6zgyh1	315	4	d	d	NN
cord-323716-ak6zgyh1	315	5	)	)	-RRB-
cord-323716-ak6zgyh1	315	6	]	]	-RRB-
cord-323716-ak6zgyh1	315	7	.	.	.
cord-323716-ak6zgyh1	316	1	Results	result	NNS
cord-323716-ak6zgyh1	316	2	of	of	IN
cord-323716-ak6zgyh1	316	3	the	the	DT
cord-323716-ak6zgyh1	316	4	causality	causality	NN
cord-323716-ak6zgyh1	316	5	test	test	NN
cord-323716-ak6zgyh1	316	6	show	show	VB
cord-323716-ak6zgyh1	316	7	a	a	DT
cord-323716-ak6zgyh1	316	8	uni	uni	JJ
cord-323716-ak6zgyh1	316	9	-	-	HYPH
cord-323716-ak6zgyh1	316	10	directional	directional	JJ
cord-323716-ak6zgyh1	316	11	leading	leading	NN
cord-323716-ak6zgyh1	316	12	effect	effect	NN
cord-323716-ak6zgyh1	316	13	from	from	IN
cord-323716-ak6zgyh1	316	14	the	the	DT
cord-323716-ak6zgyh1	316	15	real	real	JJ
cord-323716-ak6zgyh1	316	16	estate	estate	NN
cord-323716-ak6zgyh1	316	17	to	to	IN
cord-323716-ak6zgyh1	316	18	the	the	DT
cord-323716-ak6zgyh1	316	19	stock	stock	NN
cord-323716-ak6zgyh1	316	20	market	market	NN
cord-323716-ak6zgyh1	316	21	in	in	IN
cord-323716-ak6zgyh1	316	22	Singapore	Singapore	NNP
cord-323716-ak6zgyh1	316	23	(	(	-LRB-
cord-323716-ak6zgyh1	316	24	see	see	UH
cord-323716-ak6zgyh1	316	25	Table	Table	NNP
cord-323716-ak6zgyh1	316	26	6	6	CD
cord-323716-ak6zgyh1	316	27	)	)	-RRB-
cord-323716-ak6zgyh1	316	28	.	.	.
cord-323716-ak6zgyh1	317	1	This	this	DT
cord-323716-ak6zgyh1	317	2	may	may	MD
cord-323716-ak6zgyh1	317	3	be	be	VB
cord-323716-ak6zgyh1	317	4	attributed	attribute	VBN
cord-323716-ak6zgyh1	317	5	to	to	IN
cord-323716-ak6zgyh1	317	6	the	the	DT
cord-323716-ak6zgyh1	317	7	fact	fact	NN
cord-323716-ak6zgyh1	317	8	that	that	IN
cord-323716-ak6zgyh1	317	9	the	the	DT
cord-323716-ak6zgyh1	317	10	land	land	NN
cord-323716-ak6zgyh1	317	11	and	and	CC
cord-323716-ak6zgyh1	317	12	housing	housing	NN
cord-323716-ak6zgyh1	317	13	in	in	IN
cord-323716-ak6zgyh1	317	14	Singapore	Singapore	NNP
cord-323716-ak6zgyh1	317	15	is	be	VBZ
cord-323716-ak6zgyh1	317	16	mostly	mostly	RB
cord-323716-ak6zgyh1	317	17	(	(	-LRB-
cord-323716-ak6zgyh1	317	18	around	around	IN
cord-323716-ak6zgyh1	317	19	80	80	CD
cord-323716-ak6zgyh1	317	20	%	%	NN
cord-323716-ak6zgyh1	317	21	)	)	-RRB-
cord-323716-ak6zgyh1	317	22	owned	own	VBN
cord-323716-ak6zgyh1	317	23	and	and	CC
cord-323716-ak6zgyh1	317	24	controlled	control	VBN
cord-323716-ak6zgyh1	317	25	by	by	IN
cord-323716-ak6zgyh1	317	26	the	the	DT
cord-323716-ak6zgyh1	317	27	government	government	NN
cord-323716-ak6zgyh1	317	28	.	.	.
cord-323716-ak6zgyh1	318	1	The	the	DT
cord-323716-ak6zgyh1	318	2	revival	revival	NN
cord-323716-ak6zgyh1	318	3	of	of	IN
cord-323716-ak6zgyh1	318	4	the	the	DT
cord-323716-ak6zgyh1	318	5	real	real	JJ
cord-323716-ak6zgyh1	318	6	estate	estate	NN
cord-323716-ak6zgyh1	318	7	market	market	NN
cord-323716-ak6zgyh1	318	8	may	may	MD
cord-323716-ak6zgyh1	318	9	serve	serve	VB
cord-323716-ak6zgyh1	318	10	as	as	IN
cord-323716-ak6zgyh1	318	11	a	a	DT
cord-323716-ak6zgyh1	318	12	signal	signal	NN
cord-323716-ak6zgyh1	318	13	for	for	IN
cord-323716-ak6zgyh1	318	14	other	other	JJ
cord-323716-ak6zgyh1	318	15	investment	investment	NN
cord-323716-ak6zgyh1	318	16	vehicles	vehicle	NNS
cord-323716-ak6zgyh1	318	17	and	and	CC
cord-323716-ak6zgyh1	318	18	confidence	confidence	NN
cord-323716-ak6zgyh1	318	19	in	in	IN
cord-323716-ak6zgyh1	318	20	Singapore	Singapore	NNP
cord-323716-ak6zgyh1	318	21	.	.	.
cord-323716-ak6zgyh1	319	1	5.5.2.5	5.5.2.5	NNP
cord-323716-ak6zgyh1	319	2	.	.	.
cord-323716-ak6zgyh1	320	1	South	South	NNP
cord-323716-ak6zgyh1	320	2	Korea	Korea	NNP
cord-323716-ak6zgyh1	320	3	.	.	.
cord-323716-ak6zgyh1	321	1	South	South	NNP
cord-323716-ak6zgyh1	321	2	Korea	Korea	NNP
cord-323716-ak6zgyh1	321	3	is	be	VBZ
cord-323716-ak6zgyh1	321	4	one	one	CD
cord-323716-ak6zgyh1	321	5	of	of	IN
cord-323716-ak6zgyh1	321	6	the	the	DT
cord-323716-ak6zgyh1	321	7	"	"	``
cord-323716-ak6zgyh1	321	8	Four	Four	NNP
cord-323716-ak6zgyh1	321	9	Dragons	Dragons	NNPS
cord-323716-ak6zgyh1	321	10	"	"	''
cord-323716-ak6zgyh1	321	11	of	of	IN
cord-323716-ak6zgyh1	321	12	Asia	Asia	NNP
cord-323716-ak6zgyh1	321	13	.	.	.
cord-323716-ak6zgyh1	322	1	Its	-PRON-	PRP$
cord-323716-ak6zgyh1	322	2	economy	economy	NN
cord-323716-ak6zgyh1	322	3	was	be	VBD
cord-323716-ak6zgyh1	322	4	severely	severely	RB
cord-323716-ak6zgyh1	322	5	affected	affect	VBN
cord-323716-ak6zgyh1	322	6	by	by	IN
cord-323716-ak6zgyh1	322	7	the	the	DT
cord-323716-ak6zgyh1	322	8	Asian	asian	JJ
cord-323716-ak6zgyh1	322	9	financial	financial	JJ
cord-323716-ak6zgyh1	322	10	crisis	crisis	NN
cord-323716-ak6zgyh1	322	11	in	in	IN
cord-323716-ak6zgyh1	322	12	1997	1997	CD
cord-323716-ak6zgyh1	322	13	,	,	,
cord-323716-ak6zgyh1	322	14	with	with	IN
cord-323716-ak6zgyh1	322	15	stock	stock	NN
cord-323716-ak6zgyh1	322	16	and	and	CC
cord-323716-ak6zgyh1	322	17	real	real	JJ
cord-323716-ak6zgyh1	322	18	estate	estate	NN
cord-323716-ak6zgyh1	322	19	markets	market	NNS
cord-323716-ak6zgyh1	322	20	plunging	plunge	VBG
cord-323716-ak6zgyh1	322	21	to	to	IN
cord-323716-ak6zgyh1	322	22	historic	historic	JJ
cord-323716-ak6zgyh1	322	23	lows	low	NNS
cord-323716-ak6zgyh1	322	24	.	.	.
cord-323716-ak6zgyh1	323	1	The	the	DT
cord-323716-ak6zgyh1	323	2	collapse	collapse	NN
cord-323716-ak6zgyh1	323	3	of	of	IN
cord-323716-ak6zgyh1	323	4	the	the	DT
cord-323716-ak6zgyh1	323	5	global	global	JJ
cord-323716-ak6zgyh1	323	6	information	information	NN
cord-323716-ak6zgyh1	323	7	technology	technology	NN
cord-323716-ak6zgyh1	323	8	industry	industry	NN
cord-323716-ak6zgyh1	323	9	in	in	IN
cord-323716-ak6zgyh1	323	10	2000	2000	CD
cord-323716-ak6zgyh1	323	11	and	and	CC
cord-323716-ak6zgyh1	323	12	rising	rise	VBG
cord-323716-ak6zgyh1	323	13	default	default	NN
cord-323716-ak6zgyh1	323	14	levels	level	NNS
cord-323716-ak6zgyh1	323	15	on	on	IN
cord-323716-ak6zgyh1	323	16	credit	credit	NN
cord-323716-ak6zgyh1	323	17	card	card	NN
cord-323716-ak6zgyh1	323	18	debt	debt	NN
cord-323716-ak6zgyh1	323	19	further	further	RB
cord-323716-ak6zgyh1	323	20	affected	affect	VBD
cord-323716-ak6zgyh1	323	21	the	the	DT
cord-323716-ak6zgyh1	323	22	overall	overall	JJ
cord-323716-ak6zgyh1	323	23	economy	economy	NN
cord-323716-ak6zgyh1	323	24	and	and	CC
cord-323716-ak6zgyh1	323	25	asset	asset	NN
cord-323716-ak6zgyh1	323	26	markets	market	NNS
cord-323716-ak6zgyh1	323	27	in	in	IN
cord-323716-ak6zgyh1	323	28	South	South	NNP
cord-323716-ak6zgyh1	323	29	Korea	Korea	NNP
cord-323716-ak6zgyh1	323	30	.	.	.
cord-323716-ak6zgyh1	324	1	Markets	market	NNS
cord-323716-ak6zgyh1	324	2	recovered	recover	VBD
cord-323716-ak6zgyh1	324	3	afterwards	afterwards	RB
cord-323716-ak6zgyh1	324	4	with	with	IN
cord-323716-ak6zgyh1	324	5	the	the	DT
cord-323716-ak6zgyh1	324	6	global	global	JJ
cord-323716-ak6zgyh1	324	7	economy	economy	NN
cord-323716-ak6zgyh1	324	8	.	.	.
cord-323716-ak6zgyh1	325	1	The	the	DT
cord-323716-ak6zgyh1	325	2	government	government	NN
cord-323716-ak6zgyh1	325	3	launched	launch	VBD
cord-323716-ak6zgyh1	325	4	a	a	DT
cord-323716-ak6zgyh1	325	5	series	series	NN
cord-323716-ak6zgyh1	325	6	of	of	IN
cord-323716-ak6zgyh1	325	7	financial	financial	JJ
cord-323716-ak6zgyh1	325	8	reforms	reform	NNS
cord-323716-ak6zgyh1	325	9	with	with	IN
cord-323716-ak6zgyh1	325	10	the	the	DT
cord-323716-ak6zgyh1	325	11	assistance	assistance	NN
cord-323716-ak6zgyh1	325	12	of	of	IN
cord-323716-ak6zgyh1	325	13	the	the	DT
cord-323716-ak6zgyh1	325	14	International	International	NNP
cord-323716-ak6zgyh1	325	15	Monetary	Monetary	NNP
cord-323716-ak6zgyh1	325	16	Fund	Fund	NNP
cord-323716-ak6zgyh1	325	17	(	(	-LRB-
cord-323716-ak6zgyh1	325	18	IMF	IMF	NNP
cord-323716-ak6zgyh1	325	19	)	)	-RRB-
cord-323716-ak6zgyh1	325	20	,	,	,
cord-323716-ak6zgyh1	325	21	but	but	CC
cord-323716-ak6zgyh1	325	22	it	-PRON-	PRP
cord-323716-ak6zgyh1	325	23	was	be	VBD
cord-323716-ak6zgyh1	325	24	only	only	RB
cord-323716-ak6zgyh1	325	25	in	in	IN
cord-323716-ak6zgyh1	325	26	2001	2001	CD
cord-323716-ak6zgyh1	325	27	that	that	IN
cord-323716-ak6zgyh1	325	28	the	the	DT
cord-323716-ak6zgyh1	325	29	economy	economy	NN
cord-323716-ak6zgyh1	325	30	regained	regain	VBD
cord-323716-ak6zgyh1	325	31	momentum	momentum	NN
cord-323716-ak6zgyh1	325	32	and	and	CC
cord-323716-ak6zgyh1	325	33	the	the	DT
cord-323716-ak6zgyh1	325	34	stock	stock	NN
cord-323716-ak6zgyh1	325	35	and	and	CC
cord-323716-ak6zgyh1	325	36	real	real	JJ
cord-323716-ak6zgyh1	325	37	estate	estate	NN
cord-323716-ak6zgyh1	325	38	markets	market	NNS
cord-323716-ak6zgyh1	325	39	began	begin	VBD
cord-323716-ak6zgyh1	325	40	to	to	TO
cord-323716-ak6zgyh1	325	41	recover	recover	VB
cord-323716-ak6zgyh1	325	42	.	.	.
cord-323716-ak6zgyh1	326	1	Trends	trend	NNS
cord-323716-ak6zgyh1	326	2	in	in	IN
cord-323716-ak6zgyh1	326	3	the	the	DT
cord-323716-ak6zgyh1	326	4	stock	stock	NN
cord-323716-ak6zgyh1	326	5	and	and	CC
cord-323716-ak6zgyh1	326	6	real	real	JJ
cord-323716-ak6zgyh1	326	7	estate	estate	NN
cord-323716-ak6zgyh1	326	8	markets	market	NNS
cord-323716-ak6zgyh1	326	9	in	in	IN
cord-323716-ak6zgyh1	326	10	South	South	NNP
cord-323716-ak6zgyh1	326	11	Korea	Korea	NNP
cord-323716-ak6zgyh1	326	12	are	be	VBP
cord-323716-ak6zgyh1	326	13	shown	show	VBN
cord-323716-ak6zgyh1	326	14	in	in	IN
cord-323716-ak6zgyh1	326	15	Figs	Figs	NNPS
cord-323716-ak6zgyh1	326	16	.	.	.
cord-323716-ak6zgyh1	327	1	1	1	LS
cord-323716-ak6zgyh1	328	1	(	(	-LRB-
cord-323716-ak6zgyh1	328	2	e	e	LS
cord-323716-ak6zgyh1	328	3	)	)	-RRB-
cord-323716-ak6zgyh1	328	4	and	and	CC
cord-323716-ak6zgyh1	328	5	2	2	LS
cord-323716-ak6zgyh1	328	6	(	(	-LRB-
cord-323716-ak6zgyh1	328	7	e	e	NN
cord-323716-ak6zgyh1	328	8	)	)	-RRB-
cord-323716-ak6zgyh1	328	9	.	.	.
cord-323716-ak6zgyh1	329	1	The	the	DT
cord-323716-ak6zgyh1	329	2	causality	causality	NN
cord-323716-ak6zgyh1	329	3	results	result	NNS
cord-323716-ak6zgyh1	329	4	are	be	VBP
cord-323716-ak6zgyh1	329	5	reported	report	VBN
cord-323716-ak6zgyh1	329	6	in	in	IN
cord-323716-ak6zgyh1	329	7	Table	Table	NNP
cord-323716-ak6zgyh1	329	8	6	6	CD
cord-323716-ak6zgyh1	329	9	.	.	.
cord-323716-ak6zgyh1	330	1	No	no	DT
cord-323716-ak6zgyh1	330	2	causality	causality	NN
cord-323716-ak6zgyh1	330	3	relationship	relationship	NN
cord-323716-ak6zgyh1	330	4	between	between	IN
cord-323716-ak6zgyh1	330	5	the	the	DT
cord-323716-ak6zgyh1	330	6	stock	stock	NN
cord-323716-ak6zgyh1	330	7	and	and	CC
cord-323716-ak6zgyh1	330	8	real	real	JJ
cord-323716-ak6zgyh1	330	9	estate	estate	NN
cord-323716-ak6zgyh1	330	10	markets	market	NNS
cord-323716-ak6zgyh1	330	11	was	be	VBD
cord-323716-ak6zgyh1	330	12	found	find	VBN
cord-323716-ak6zgyh1	330	13	.	.	.
cord-323716-ak6zgyh1	331	1	This	this	DT
cord-323716-ak6zgyh1	331	2	may	may	MD
cord-323716-ak6zgyh1	331	3	be	be	VB
cord-323716-ak6zgyh1	331	4	explained	explain	VBN
cord-323716-ak6zgyh1	331	5	by	by	IN
cord-323716-ak6zgyh1	331	6	the	the	DT
cord-323716-ak6zgyh1	331	7	fact	fact	NN
cord-323716-ak6zgyh1	331	8	that	that	IN
cord-323716-ak6zgyh1	331	9	the	the	DT
cord-323716-ak6zgyh1	331	10	stock	stock	NN
cord-323716-ak6zgyh1	331	11	and	and	CC
cord-323716-ak6zgyh1	331	12	real	real	JJ
cord-323716-ak6zgyh1	331	13	estate	estate	NN
cord-323716-ak6zgyh1	331	14	markets	market	NNS
cord-323716-ak6zgyh1	331	15	in	in	IN
cord-323716-ak6zgyh1	331	16	South	South	NNP
cord-323716-ak6zgyh1	331	17	Korea	Korea	NNP
cord-323716-ak6zgyh1	331	18	attract	attract	VBP
cord-323716-ak6zgyh1	331	19	sharply	sharply	RB
cord-323716-ak6zgyh1	331	20	differing	differ	VBG
cord-323716-ak6zgyh1	331	21	investors	investor	NNS
cord-323716-ak6zgyh1	331	22	.	.	.
cord-323716-ak6zgyh1	332	1	As	as	IN
cord-323716-ak6zgyh1	332	2	a	a	DT
cord-323716-ak6zgyh1	332	3	result	result	NN
cord-323716-ak6zgyh1	332	4	,	,	,
cord-323716-ak6zgyh1	332	5	neither	neither	CC
cord-323716-ak6zgyh1	332	6	the	the	DT
cord-323716-ak6zgyh1	332	7	stock	stock	NN
cord-323716-ak6zgyh1	332	8	market	market	NN
cord-323716-ak6zgyh1	332	9	nor	nor	CC
cord-323716-ak6zgyh1	332	10	the	the	DT
cord-323716-ak6zgyh1	332	11	real	real	JJ
cord-323716-ak6zgyh1	332	12	estate	estate	NN
cord-323716-ak6zgyh1	332	13	market	market	NN
cord-323716-ak6zgyh1	332	14	can	can	MD
cord-323716-ak6zgyh1	332	15	serve	serve	VB
cord-323716-ak6zgyh1	332	16	as	as	IN
cord-323716-ak6zgyh1	332	17	the	the	DT
cord-323716-ak6zgyh1	332	18	leading	lead	VBG
cord-323716-ak6zgyh1	332	19	indicator	indicator	NN
cord-323716-ak6zgyh1	332	20	for	for	IN
cord-323716-ak6zgyh1	332	21	the	the	DT
cord-323716-ak6zgyh1	332	22	other	other	JJ
cord-323716-ak6zgyh1	332	23	.	.	.
cord-323716-ak6zgyh1	333	1	5.5.2.6	5.5.2.6	CD
cord-323716-ak6zgyh1	333	2	.	.	.
cord-323716-ak6zgyh1	334	1	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	334	2	.	.	.
cord-323716-ak6zgyh1	335	1	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	335	2	experienced	experience	VBD
cord-323716-ak6zgyh1	335	3	a	a	DT
cord-323716-ak6zgyh1	335	4	peak	peak	NN
cord-323716-ak6zgyh1	335	5	in	in	IN
cord-323716-ak6zgyh1	335	6	economic	economic	JJ
cord-323716-ak6zgyh1	335	7	growth	growth	NN
cord-323716-ak6zgyh1	335	8	in	in	IN
cord-323716-ak6zgyh1	335	9	the	the	DT
cord-323716-ak6zgyh1	335	10	1980s	1980s	CD
cord-323716-ak6zgyh1	335	11	.	.	.
cord-323716-ak6zgyh1	336	1	This	this	DT
cord-323716-ak6zgyh1	336	2	led	lead	VBD
cord-323716-ak6zgyh1	336	3	to	to	IN
cord-323716-ak6zgyh1	336	4	a	a	DT
cord-323716-ak6zgyh1	336	5	surge	surge	NN
cord-323716-ak6zgyh1	336	6	in	in	IN
cord-323716-ak6zgyh1	336	7	the	the	DT
cord-323716-ak6zgyh1	336	8	stock	stock	NN
cord-323716-ak6zgyh1	336	9	and	and	CC
cord-323716-ak6zgyh1	336	10	real	real	JJ
cord-323716-ak6zgyh1	336	11	estate	estate	NN
cord-323716-ak6zgyh1	336	12	markets	market	NNS
cord-323716-ak6zgyh1	336	13	.	.	.
cord-323716-ak6zgyh1	337	1	The	the	DT
cord-323716-ak6zgyh1	337	2	stock	stock	NN
cord-323716-ak6zgyh1	337	3	markets	market	NNS
cord-323716-ak6zgyh1	337	4	increased	increase	VBD
cord-323716-ak6zgyh1	337	5	from	from	IN
cord-323716-ak6zgyh1	337	6	a	a	DT
cord-323716-ak6zgyh1	337	7	weighted	weighted	JJ
cord-323716-ak6zgyh1	337	8	index	index	NN
cord-323716-ak6zgyh1	337	9	of	of	IN
cord-323716-ak6zgyh1	337	10	2000	2000	CD
cord-323716-ak6zgyh1	337	11	in	in	IN
cord-323716-ak6zgyh1	337	12	1986	1986	CD
cord-323716-ak6zgyh1	337	13	to	to	IN
cord-323716-ak6zgyh1	337	14	12,000	12,000	CD
cord-323716-ak6zgyh1	337	15	in	in	IN
cord-323716-ak6zgyh1	337	16	1991	1991	CD
cord-323716-ak6zgyh1	337	17	.	.	.
cord-323716-ak6zgyh1	338	1	During	during	IN
cord-323716-ak6zgyh1	338	2	the	the	DT
cord-323716-ak6zgyh1	338	3	same	same	JJ
cord-323716-ak6zgyh1	338	4	period	period	NN
cord-323716-ak6zgyh1	338	5	,	,	,
cord-323716-ak6zgyh1	338	6	the	the	DT
cord-323716-ak6zgyh1	338	7	real	real	JJ
cord-323716-ak6zgyh1	338	8	estate	estate	NN
cord-323716-ak6zgyh1	338	9	market	market	NN
cord-323716-ak6zgyh1	338	10	appreciated	appreciate	VBD
cord-323716-ak6zgyh1	338	11	threefold	threefold	RB
cord-323716-ak6zgyh1	338	12	.	.	.
cord-323716-ak6zgyh1	339	1	In	in	IN
cord-323716-ak6zgyh1	339	2	1997	1997	CD
cord-323716-ak6zgyh1	339	3	,	,	,
cord-323716-ak6zgyh1	339	4	the	the	DT
cord-323716-ak6zgyh1	339	5	stock	stock	NN
cord-323716-ak6zgyh1	339	6	market	market	NN
cord-323716-ak6zgyh1	339	7	in	in	IN
cord-323716-ak6zgyh1	339	8	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	339	9	was	be	VBD
cord-323716-ak6zgyh1	339	10	affected	affect	VBN
cord-323716-ak6zgyh1	339	11	by	by	IN
cord-323716-ak6zgyh1	339	12	the	the	DT
cord-323716-ak6zgyh1	339	13	Asian	asian	JJ
cord-323716-ak6zgyh1	339	14	financial	financial	JJ
cord-323716-ak6zgyh1	339	15	crisis	crisis	NN
cord-323716-ak6zgyh1	339	16	,	,	,
cord-323716-ak6zgyh1	339	17	but	but	CC
cord-323716-ak6zgyh1	339	18	rebounded	rebound	VBD
cord-323716-ak6zgyh1	339	19	within	within	IN
cord-323716-ak6zgyh1	339	20	a	a	DT
cord-323716-ak6zgyh1	339	21	year	year	NN
cord-323716-ak6zgyh1	339	22	.	.	.
cord-323716-ak6zgyh1	340	1	When	when	WRB
cord-323716-ak6zgyh1	340	2	the	the	DT
cord-323716-ak6zgyh1	340	3	U.S.	U.S.	NNP
cord-323716-ak6zgyh1	340	4	information	information	NN
cord-323716-ak6zgyh1	340	5	technology	technology	NN
cord-323716-ak6zgyh1	340	6	industry	industry	NN
cord-323716-ak6zgyh1	340	7	bubble	bubble	NN
cord-323716-ak6zgyh1	340	8	burst	burst	VBD
cord-323716-ak6zgyh1	340	9	in	in	IN
cord-323716-ak6zgyh1	340	10	the	the	DT
cord-323716-ak6zgyh1	340	11	late	late	JJ
cord-323716-ak6zgyh1	340	12	1990s	1990	NNS
cord-323716-ak6zgyh1	340	13	,	,	,
cord-323716-ak6zgyh1	340	14	however	however	RB
cord-323716-ak6zgyh1	340	15	,	,	,
cord-323716-ak6zgyh1	340	16	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	340	17	's	's	POS
cord-323716-ak6zgyh1	340	18	electronics	electronic	NNS
cord-323716-ak6zgyh1	340	19	industry	industry	NN
cord-323716-ak6zgyh1	340	20	was	be	VBD
cord-323716-ak6zgyh1	340	21	hit	hit	VBN
cord-323716-ak6zgyh1	340	22	hard	hard	RB
cord-323716-ak6zgyh1	340	23	.	.	.
cord-323716-ak6zgyh1	341	1	The	the	DT
cord-323716-ak6zgyh1	341	2	bubble	bubble	NN
cord-323716-ak6zgyh1	341	3	's	's	POS
cord-323716-ak6zgyh1	341	4	collapse	collapse	NN
cord-323716-ak6zgyh1	341	5	coincided	coincide	VBD
cord-323716-ak6zgyh1	341	6	with	with	IN
cord-323716-ak6zgyh1	341	7	a	a	DT
cord-323716-ak6zgyh1	341	8	major	major	JJ
cord-323716-ak6zgyh1	341	9	earthquake	earthquake	NN
cord-323716-ak6zgyh1	341	10	in	in	IN
cord-323716-ak6zgyh1	341	11	1999	1999	CD
cord-323716-ak6zgyh1	341	12	,	,	,
cord-323716-ak6zgyh1	341	13	and	and	CC
cord-323716-ak6zgyh1	341	14	as	as	IN
cord-323716-ak6zgyh1	341	15	a	a	DT
cord-323716-ak6zgyh1	341	16	result	result	NN
cord-323716-ak6zgyh1	341	17	stock	stock	NN
cord-323716-ak6zgyh1	341	18	markets	market	NNS
cord-323716-ak6zgyh1	341	19	in	in	IN
cord-323716-ak6zgyh1	341	20	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	341	21	dropped	drop	VBD
cord-323716-ak6zgyh1	341	22	by	by	IN
cord-323716-ak6zgyh1	341	23	approximately	approximately	RB
cord-323716-ak6zgyh1	341	24	3000	3000	CD
cord-323716-ak6zgyh1	341	25	points	point	NNS
cord-323716-ak6zgyh1	341	26	.	.	.
cord-323716-ak6zgyh1	342	1	The	the	DT
cord-323716-ak6zgyh1	342	2	SARS	SARS	NNP
cord-323716-ak6zgyh1	342	3	epidemic	epidemic	NN
cord-323716-ak6zgyh1	342	4	in	in	IN
cord-323716-ak6zgyh1	342	5	2003	2003	CD
cord-323716-ak6zgyh1	342	6	prolonged	prolong	VBD
cord-323716-ak6zgyh1	342	7	the	the	DT
cord-323716-ak6zgyh1	342	8	slump	slump	NN
cord-323716-ak6zgyh1	342	9	in	in	IN
cord-323716-ak6zgyh1	342	10	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	342	11	's	's	POS
cord-323716-ak6zgyh1	342	12	economy	economy	NN
cord-323716-ak6zgyh1	342	13	.	.	.
cord-323716-ak6zgyh1	343	1	In	in	IN
cord-323716-ak6zgyh1	343	2	2004	2004	CD
cord-323716-ak6zgyh1	343	3	,	,	,
cord-323716-ak6zgyh1	343	4	the	the	DT
cord-323716-ak6zgyh1	343	5	stock	stock	NN
cord-323716-ak6zgyh1	343	6	market	market	NN
cord-323716-ak6zgyh1	343	7	in	in	IN
cord-323716-ak6zgyh1	343	8	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	343	9	finally	finally	RB
cord-323716-ak6zgyh1	343	10	regained	regain	VBD
cord-323716-ak6zgyh1	343	11	momentum	momentum	NN
cord-323716-ak6zgyh1	343	12	with	with	IN
cord-323716-ak6zgyh1	343	13	the	the	DT
cord-323716-ak6zgyh1	343	14	end	end	NN
cord-323716-ak6zgyh1	343	15	of	of	IN
cord-323716-ak6zgyh1	343	16	the	the	DT
cord-323716-ak6zgyh1	343	17	worldwide	worldwide	JJ
cord-323716-ak6zgyh1	343	18	deflation	deflation	NN
cord-323716-ak6zgyh1	343	19	and	and	CC
cord-323716-ak6zgyh1	343	20	global	global	JJ
cord-323716-ak6zgyh1	343	21	economic	economic	JJ
cord-323716-ak6zgyh1	343	22	recovery	recovery	NN
cord-323716-ak6zgyh1	343	23	[	[	-LRB-
cord-323716-ak6zgyh1	343	24	see	see	VB
cord-323716-ak6zgyh1	343	25	Fig	Fig	NNP
cord-323716-ak6zgyh1	343	26	.	.	.
cord-323716-ak6zgyh1	343	27	1(e	1(e	CD
cord-323716-ak6zgyh1	343	28	)	)	-RRB-
cord-323716-ak6zgyh1	343	29	]	]	-RRB-
cord-323716-ak6zgyh1	343	30	.	.	.
cord-323716-ak6zgyh1	344	1	The	the	DT
cord-323716-ak6zgyh1	344	2	real	real	JJ
cord-323716-ak6zgyh1	344	3	estate	estate	NN
cord-323716-ak6zgyh1	344	4	market	market	NN
cord-323716-ak6zgyh1	344	5	in	in	IN
cord-323716-ak6zgyh1	344	6	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	344	7	has	have	VBZ
cord-323716-ak6zgyh1	344	8	tended	tend	VBN
cord-323716-ak6zgyh1	344	9	to	to	TO
cord-323716-ak6zgyh1	344	10	move	move	VB
cord-323716-ak6zgyh1	344	11	in	in	IN
cord-323716-ak6zgyh1	344	12	a	a	DT
cord-323716-ak6zgyh1	344	13	pattern	pattern	NN
cord-323716-ak6zgyh1	344	14	similar	similar	JJ
cord-323716-ak6zgyh1	344	15	to	to	IN
cord-323716-ak6zgyh1	344	16	the	the	DT
cord-323716-ak6zgyh1	344	17	stock	stock	NN
cord-323716-ak6zgyh1	344	18	market	market	NN
cord-323716-ak6zgyh1	344	19	for	for	IN
cord-323716-ak6zgyh1	344	20	the	the	DT
cord-323716-ak6zgyh1	344	21	past	past	JJ
cord-323716-ak6zgyh1	344	22	decade	decade	NN
cord-323716-ak6zgyh1	344	23	,	,	,
cord-323716-ak6zgyh1	344	24	as	as	IN
cord-323716-ak6zgyh1	344	25	shown	show	VBN
cord-323716-ak6zgyh1	344	26	in	in	IN
cord-323716-ak6zgyh1	344	27	Fig	Fig	NNP
cord-323716-ak6zgyh1	344	28	.	.	.
cord-323716-ak6zgyh1	344	29	2(e	2(e	CD
cord-323716-ak6zgyh1	344	30	)	)	-RRB-
cord-323716-ak6zgyh1	344	31	.	.	.
cord-323716-ak6zgyh1	345	1	Various	various	JJ
cord-323716-ak6zgyh1	345	2	policies	policy	NNS
cord-323716-ak6zgyh1	345	3	,	,	,
cord-323716-ak6zgyh1	345	4	including	include	VBG
cord-323716-ak6zgyh1	345	5	thousands	thousand	NNS
cord-323716-ak6zgyh1	345	6	of	of	IN
cord-323716-ak6zgyh1	345	7	billions	billion	NNS
cord-323716-ak6zgyh1	345	8	of	of	IN
cord-323716-ak6zgyh1	345	9	NT	NT	NNP
cord-323716-ak6zgyh1	345	10	dollars	dollar	NNS
cord-323716-ak6zgyh1	345	11	in	in	IN
cord-323716-ak6zgyh1	345	12	low	low	JJ
cord-323716-ak6zgyh1	345	13	-	-	HYPH
cord-323716-ak6zgyh1	345	14	rate	rate	NN
cord-323716-ak6zgyh1	345	15	mortgages	mortgage	NNS
cord-323716-ak6zgyh1	345	16	to	to	TO
cord-323716-ak6zgyh1	345	17	encourage	encourage	VB
cord-323716-ak6zgyh1	345	18	real	real	JJ
cord-323716-ak6zgyh1	345	19	estate	estate	NN
cord-323716-ak6zgyh1	345	20	investment	investment	NN
cord-323716-ak6zgyh1	345	21	,	,	,
cord-323716-ak6zgyh1	345	22	were	be	VBD
cord-323716-ak6zgyh1	345	23	announced	announce	VBN
cord-323716-ak6zgyh1	345	24	after	after	IN
cord-323716-ak6zgyh1	345	25	the	the	DT
cord-323716-ak6zgyh1	345	26	Asian	asian	JJ
cord-323716-ak6zgyh1	345	27	financial	financial	JJ
cord-323716-ak6zgyh1	345	28	crisis	crisis	NN
cord-323716-ak6zgyh1	345	29	,	,	,
cord-323716-ak6zgyh1	345	30	but	but	CC
cord-323716-ak6zgyh1	345	31	the	the	DT
cord-323716-ak6zgyh1	345	32	real	real	JJ
cord-323716-ak6zgyh1	345	33	estate	estate	NN
cord-323716-ak6zgyh1	345	34	market	market	NN
cord-323716-ak6zgyh1	345	35	did	do	VBD
cord-323716-ak6zgyh1	345	36	not	not	RB
cord-323716-ak6zgyh1	345	37	pick	pick	VB
cord-323716-ak6zgyh1	345	38	up	up	RP
cord-323716-ak6zgyh1	345	39	until	until	IN
cord-323716-ak6zgyh1	345	40	after	after	IN
cord-323716-ak6zgyh1	345	41	the	the	DT
cord-323716-ak6zgyh1	345	42	SARS	SARS	NNP
cord-323716-ak6zgyh1	345	43	epidemic	epidemic	NN
cord-323716-ak6zgyh1	345	44	of	of	IN
cord-323716-ak6zgyh1	345	45	2003	2003	CD
cord-323716-ak6zgyh1	345	46	.	.	.
cord-323716-ak6zgyh1	346	1	Causality	causality	NN
cord-323716-ak6zgyh1	346	2	test	test	NN
cord-323716-ak6zgyh1	346	3	results	result	NNS
cord-323716-ak6zgyh1	346	4	for	for	IN
cord-323716-ak6zgyh1	346	5	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	346	6	found	find	VBD
cord-323716-ak6zgyh1	346	7	a	a	DT
cord-323716-ak6zgyh1	346	8	uni	uni	JJ
cord-323716-ak6zgyh1	346	9	-	-	HYPH
cord-323716-ak6zgyh1	346	10	directional	directional	JJ
cord-323716-ak6zgyh1	346	11	leading	leading	NN
cord-323716-ak6zgyh1	346	12	effect	effect	NN
cord-323716-ak6zgyh1	346	13	from	from	IN
cord-323716-ak6zgyh1	346	14	the	the	DT
cord-323716-ak6zgyh1	346	15	real	real	JJ
cord-323716-ak6zgyh1	346	16	estate	estate	NN
cord-323716-ak6zgyh1	346	17	to	to	IN
cord-323716-ak6zgyh1	346	18	the	the	DT
cord-323716-ak6zgyh1	346	19	stock	stock	NN
cord-323716-ak6zgyh1	346	20	market	market	NN
cord-323716-ak6zgyh1	346	21	,	,	,
cord-323716-ak6zgyh1	346	22	as	as	IN
cord-323716-ak6zgyh1	346	23	shown	show	VBN
cord-323716-ak6zgyh1	346	24	in	in	IN
cord-323716-ak6zgyh1	346	25	Table	Table	NNP
cord-323716-ak6zgyh1	346	26	6	6	CD
cord-323716-ak6zgyh1	346	27	.	.	.
cord-323716-ak6zgyh1	347	1	There	there	EX
cord-323716-ak6zgyh1	347	2	may	may	MD
cord-323716-ak6zgyh1	347	3	be	be	VB
cord-323716-ak6zgyh1	347	4	several	several	JJ
cord-323716-ak6zgyh1	347	5	reasons	reason	NNS
cord-323716-ak6zgyh1	347	6	for	for	IN
cord-323716-ak6zgyh1	347	7	this	this	DT
cord-323716-ak6zgyh1	347	8	.	.	.
cord-323716-ak6zgyh1	348	1	First	first	RB
cord-323716-ak6zgyh1	348	2	,	,	,
cord-323716-ak6zgyh1	348	3	there	there	EX
cord-323716-ak6zgyh1	348	4	has	have	VBZ
cord-323716-ak6zgyh1	348	5	been	be	VBN
cord-323716-ak6zgyh1	348	6	a	a	DT
cord-323716-ak6zgyh1	348	7	housing	housing	NN
cord-323716-ak6zgyh1	348	8	shortage	shortage	NN
cord-323716-ak6zgyh1	348	9	of	of	IN
cord-323716-ak6zgyh1	348	10	approximately	approximately	RB
cord-323716-ak6zgyh1	348	11	7	7	CD
cord-323716-ak6zgyh1	348	12	%	%	NN
cord-323716-ak6zgyh1	348	13	(	(	-LRB-
cord-323716-ak6zgyh1	348	14	70,000	70,000	CD
cord-323716-ak6zgyh1	348	15	units	unit	NNS
cord-323716-ak6zgyh1	348	16	)	)	-RRB-
cord-323716-ak6zgyh1	348	17	in	in	IN
cord-323716-ak6zgyh1	348	18	Taipei	Taipei	NNP
cord-323716-ak6zgyh1	348	19	city	city	NN
cord-323716-ak6zgyh1	348	20	for	for	IN
cord-323716-ak6zgyh1	348	21	the	the	DT
cord-323716-ak6zgyh1	348	22	past	past	JJ
cord-323716-ak6zgyh1	348	23	decade	decade	NN
cord-323716-ak6zgyh1	348	24	.	.	.
cord-323716-ak6zgyh1	349	1	The	the	DT
cord-323716-ak6zgyh1	349	2	traditional	traditional	JJ
cord-323716-ak6zgyh1	349	3	preference	preference	NN
cord-323716-ak6zgyh1	349	4	for	for	IN
cord-323716-ak6zgyh1	349	5	real	real	JJ
cord-323716-ak6zgyh1	349	6	estate	estate	NN
cord-323716-ak6zgyh1	349	7	investment	investment	NN
cord-323716-ak6zgyh1	349	8	is	be	VBZ
cord-323716-ak6zgyh1	349	9	driven	drive	VBN
cord-323716-ak6zgyh1	349	10	by	by	IN
cord-323716-ak6zgyh1	349	11	the	the	DT
cord-323716-ak6zgyh1	349	12	housing	housing	NN
cord-323716-ak6zgyh1	349	13	shortage	shortage	NN
cord-323716-ak6zgyh1	349	14	,	,	,
cord-323716-ak6zgyh1	349	15	high	high	JJ
cord-323716-ak6zgyh1	349	16	population	population	NN
cord-323716-ak6zgyh1	349	17	density	density	NN
cord-323716-ak6zgyh1	349	18	,	,	,
cord-323716-ak6zgyh1	349	19	and	and	CC
cord-323716-ak6zgyh1	349	20	the	the	DT
cord-323716-ak6zgyh1	349	21	employment	employment	NN
cord-323716-ak6zgyh1	349	22	opportunity	opportunity	NN
cord-323716-ak6zgyh1	349	23	.	.	.
cord-323716-ak6zgyh1	350	1	Second	second	RB
cord-323716-ak6zgyh1	350	2	,	,	,
cord-323716-ak6zgyh1	350	3	metropolitan	metropolitan	JJ
cord-323716-ak6zgyh1	350	4	Taipei	Taipei	NNP
cord-323716-ak6zgyh1	350	5	accounts	account	VBZ
cord-323716-ak6zgyh1	350	6	for	for	IN
cord-323716-ak6zgyh1	350	7	over	over	IN
cord-323716-ak6zgyh1	350	8	1/3	1/3	CD
cord-323716-ak6zgyh1	350	9	of	of	IN
cord-323716-ak6zgyh1	350	10	the	the	DT
cord-323716-ak6zgyh1	350	11	population	population	NN
cord-323716-ak6zgyh1	350	12	in	in	IN
cord-323716-ak6zgyh1	350	13	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	350	14	,	,	,
cord-323716-ak6zgyh1	350	15	and	and	CC
cord-323716-ak6zgyh1	350	16	the	the	DT
cord-323716-ak6zgyh1	350	17	value	value	NN
cord-323716-ak6zgyh1	350	18	of	of	IN
cord-323716-ak6zgyh1	350	19	the	the	DT
cord-323716-ak6zgyh1	350	20	real	real	JJ
cord-323716-ak6zgyh1	350	21	estate	estate	NN
cord-323716-ak6zgyh1	350	22	in	in	IN
cord-323716-ak6zgyh1	350	23	Taipei	Taipei	NNP
cord-323716-ak6zgyh1	350	24	represent	represent	VBP
cord-323716-ak6zgyh1	350	25	a	a	DT
cord-323716-ak6zgyh1	350	26	significant	significant	JJ
cord-323716-ak6zgyh1	350	27	proportion	proportion	NN
cord-323716-ak6zgyh1	350	28	of	of	IN
cord-323716-ak6zgyh1	350	29	the	the	DT
cord-323716-ak6zgyh1	350	30	entire	entire	JJ
cord-323716-ak6zgyh1	350	31	country	country	NN
cord-323716-ak6zgyh1	350	32	.	.	.
cord-323716-ak6zgyh1	351	1	The	the	DT
cord-323716-ak6zgyh1	351	2	combination	combination	NN
cord-323716-ak6zgyh1	351	3	of	of	IN
cord-323716-ak6zgyh1	351	4	these	these	DT
cord-323716-ak6zgyh1	351	5	factors	factor	NNS
cord-323716-ak6zgyh1	351	6	encouraged	encourage	VBD
cord-323716-ak6zgyh1	351	7	the	the	DT
cord-323716-ak6zgyh1	351	8	escalation	escalation	NN
cord-323716-ak6zgyh1	351	9	of	of	IN
cord-323716-ak6zgyh1	351	10	housing	housing	NN
cord-323716-ak6zgyh1	351	11	prices	price	NNS
cord-323716-ak6zgyh1	351	12	in	in	IN
cord-323716-ak6zgyh1	351	13	Taipei	Taipei	NNP
cord-323716-ak6zgyh1	351	14	,	,	,
cord-323716-ak6zgyh1	351	15	leading	lead	VBG
cord-323716-ak6zgyh1	351	16	to	to	IN
cord-323716-ak6zgyh1	351	17	an	an	DT
cord-323716-ak6zgyh1	351	18	annual	annual	JJ
cord-323716-ak6zgyh1	351	19	average	average	JJ
cord-323716-ak6zgyh1	351	20	10	10	CD
cord-323716-ak6zgyh1	351	21	%	%	NN
cord-323716-ak6zgyh1	351	22	appreciation	appreciation	NN
cord-323716-ak6zgyh1	351	23	for	for	IN
cord-323716-ak6zgyh1	351	24	the	the	DT
cord-323716-ak6zgyh1	351	25	past	past	JJ
cord-323716-ak6zgyh1	351	26	decade	decade	NN
cord-323716-ak6zgyh1	351	27	.	.	.
cord-323716-ak6zgyh1	352	1	It	-PRON-	PRP
cord-323716-ak6zgyh1	352	2	is	be	VBZ
cord-323716-ak6zgyh1	352	3	therefore	therefore	RB
cord-323716-ak6zgyh1	352	4	not	not	RB
cord-323716-ak6zgyh1	352	5	surprising	surprising	JJ
cord-323716-ak6zgyh1	352	6	that	that	IN
cord-323716-ak6zgyh1	352	7	real	real	JJ
cord-323716-ak6zgyh1	352	8	estate	estate	NN
cord-323716-ak6zgyh1	352	9	plays	play	VBZ
cord-323716-ak6zgyh1	352	10	a	a	DT
cord-323716-ak6zgyh1	352	11	leading	leading	JJ
cord-323716-ak6zgyh1	352	12	role	role	NN
cord-323716-ak6zgyh1	352	13	for	for	IN
cord-323716-ak6zgyh1	352	14	other	other	JJ
cord-323716-ak6zgyh1	352	15	investment	investment	NN
cord-323716-ak6zgyh1	352	16	vehicles	vehicle	NNS
cord-323716-ak6zgyh1	352	17	in	in	IN
cord-323716-ak6zgyh1	352	18	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	352	19	.	.	.
cord-323716-ak6zgyh1	353	1	All	all	DT
cord-323716-ak6zgyh1	353	2	results	result	NNS
cord-323716-ak6zgyh1	353	3	in	in	IN
cord-323716-ak6zgyh1	353	4	Table	Table	NNP
cord-323716-ak6zgyh1	353	5	6	6	CD
cord-323716-ak6zgyh1	353	6	for	for	IN
cord-323716-ak6zgyh1	353	7	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	353	8	show	show	VBP
cord-323716-ak6zgyh1	353	9	a	a	DT
cord-323716-ak6zgyh1	353	10	uni	uni	JJ
cord-323716-ak6zgyh1	353	11	-	-	HYPH
cord-323716-ak6zgyh1	353	12	directional	directional	JJ
cord-323716-ak6zgyh1	353	13	relationship	relationship	NN
cord-323716-ak6zgyh1	353	14	between	between	IN
cord-323716-ak6zgyh1	353	15	the	the	DT
cord-323716-ak6zgyh1	353	16	stock	stock	NN
cord-323716-ak6zgyh1	353	17	and	and	CC
cord-323716-ak6zgyh1	353	18	real	real	JJ
cord-323716-ak6zgyh1	353	19	estate	estate	NN
cord-323716-ak6zgyh1	353	20	markets	market	NNS
cord-323716-ak6zgyh1	353	21	.	.	.
cord-323716-ak6zgyh1	354	1	In	in	IN
cord-323716-ak6zgyh1	354	2	summary	summary	NN
cord-323716-ak6zgyh1	354	3	,	,	,
cord-323716-ak6zgyh1	354	4	the	the	DT
cord-323716-ak6zgyh1	354	5	null	null	JJ
cord-323716-ak6zgyh1	354	6	hypothesis	hypothesis	NN
cord-323716-ak6zgyh1	354	7	,	,	,
cord-323716-ak6zgyh1	354	8	that	that	IN
cord-323716-ak6zgyh1	354	9	the	the	DT
cord-323716-ak6zgyh1	354	10	real	real	JJ
cord-323716-ak6zgyh1	354	11	estate	estate	NN
cord-323716-ak6zgyh1	354	12	index	index	NN
cord-323716-ak6zgyh1	354	13	is	be	VBZ
cord-323716-ak6zgyh1	354	14	not	not	RB
cord-323716-ak6zgyh1	354	15	influenced	influence	VBN
cord-323716-ak6zgyh1	354	16	by	by	IN
cord-323716-ak6zgyh1	354	17	the	the	DT
cord-323716-ak6zgyh1	354	18	stock	stock	NN
cord-323716-ak6zgyh1	354	19	market	market	NN
cord-323716-ak6zgyh1	354	20	index	index	NN
cord-323716-ak6zgyh1	354	21	,	,	,
cord-323716-ak6zgyh1	354	22	is	be	VBZ
cord-323716-ak6zgyh1	354	23	rejected	reject	VBN
cord-323716-ak6zgyh1	354	24	in	in	IN
cord-323716-ak6zgyh1	354	25	Singapore	Singapore	NNP
cord-323716-ak6zgyh1	354	26	and	and	CC
cord-323716-ak6zgyh1	354	27	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	354	28	over	over	IN
cord-323716-ak6zgyh1	354	29	the	the	DT
cord-323716-ak6zgyh1	354	30	sample	sample	NN
cord-323716-ak6zgyh1	354	31	period	period	NN
cord-323716-ak6zgyh1	354	32	.	.	.
cord-323716-ak6zgyh1	355	1	This	this	DT
cord-323716-ak6zgyh1	355	2	indicates	indicate	VBZ
cord-323716-ak6zgyh1	355	3	that	that	IN
cord-323716-ak6zgyh1	355	4	the	the	DT
cord-323716-ak6zgyh1	355	5	real	real	JJ
cord-323716-ak6zgyh1	355	6	estate	estate	NN
cord-323716-ak6zgyh1	355	7	index	index	NN
cord-323716-ak6zgyh1	355	8	may	may	MD
cord-323716-ak6zgyh1	355	9	be	be	VB
cord-323716-ak6zgyh1	355	10	used	use	VBN
cord-323716-ak6zgyh1	355	11	to	to	TO
cord-323716-ak6zgyh1	355	12	forecast	forecast	VB
cord-323716-ak6zgyh1	355	13	stock	stock	NN
cord-323716-ak6zgyh1	355	14	index	index	NN
cord-323716-ak6zgyh1	355	15	in	in	IN
cord-323716-ak6zgyh1	355	16	these	these	DT
cord-323716-ak6zgyh1	355	17	two	two	CD
cord-323716-ak6zgyh1	355	18	countries	country	NNS
cord-323716-ak6zgyh1	355	19	.	.	.
cord-323716-ak6zgyh1	356	1	In	in	IN
cord-323716-ak6zgyh1	356	2	other	other	JJ
cord-323716-ak6zgyh1	356	3	words	word	NNS
cord-323716-ak6zgyh1	356	4	,	,	,
cord-323716-ak6zgyh1	356	5	the	the	DT
cord-323716-ak6zgyh1	356	6	real	real	JJ
cord-323716-ak6zgyh1	356	7	estate	estate	NN
cord-323716-ak6zgyh1	356	8	market	market	NN
cord-323716-ak6zgyh1	356	9	led	lead	VBD
cord-323716-ak6zgyh1	356	10	the	the	DT
cord-323716-ak6zgyh1	356	11	stock	stock	NN
cord-323716-ak6zgyh1	356	12	market	market	NN
cord-323716-ak6zgyh1	356	13	and	and	CC
cord-323716-ak6zgyh1	356	14	had	have	VBD
cord-323716-ak6zgyh1	356	15	a	a	DT
cord-323716-ak6zgyh1	356	16	significant	significant	JJ
cord-323716-ak6zgyh1	356	17	impact	impact	NN
cord-323716-ak6zgyh1	356	18	on	on	IN
cord-323716-ak6zgyh1	356	19	the	the	DT
cord-323716-ak6zgyh1	356	20	stock	stock	NN
cord-323716-ak6zgyh1	356	21	market	market	NN
cord-323716-ak6zgyh1	356	22	in	in	IN
cord-323716-ak6zgyh1	356	23	both	both	DT
cord-323716-ak6zgyh1	356	24	countries	country	NNS
cord-323716-ak6zgyh1	356	25	,	,	,
cord-323716-ak6zgyh1	356	26	indicating	indicate	VBG
cord-323716-ak6zgyh1	356	27	people	people	NNS
cord-323716-ak6zgyh1	356	28	's	's	POS
cord-323716-ak6zgyh1	356	29	preference	preference	NN
cord-323716-ak6zgyh1	356	30	for	for	IN
cord-323716-ak6zgyh1	356	31	real	real	JJ
cord-323716-ak6zgyh1	356	32	assets	asset	NNS
cord-323716-ak6zgyh1	356	33	and	and	CC
cord-323716-ak6zgyh1	356	34	the	the	DT
cord-323716-ak6zgyh1	356	35	homeownership	homeownership	NN
cord-323716-ak6zgyh1	356	36	.	.	.
cord-323716-ak6zgyh1	357	1	The	the	DT
cord-323716-ak6zgyh1	357	2	swift	swift	JJ
cord-323716-ak6zgyh1	357	3	development	development	NN
cord-323716-ak6zgyh1	357	4	of	of	IN
cord-323716-ak6zgyh1	357	5	Asia	Asia	NNP
cord-323716-ak6zgyh1	357	6	's	's	POS
cord-323716-ak6zgyh1	357	7	economy	economy	NN
cord-323716-ak6zgyh1	357	8	has	have	VBZ
cord-323716-ak6zgyh1	357	9	caused	cause	VBN
cord-323716-ak6zgyh1	357	10	a	a	DT
cord-323716-ak6zgyh1	357	11	significant	significant	JJ
cord-323716-ak6zgyh1	357	12	appreciation	appreciation	NN
cord-323716-ak6zgyh1	357	13	of	of	IN
cord-323716-ak6zgyh1	357	14	the	the	DT
cord-323716-ak6zgyh1	357	15	stock	stock	NN
cord-323716-ak6zgyh1	357	16	and	and	CC
cord-323716-ak6zgyh1	357	17	real	real	JJ
cord-323716-ak6zgyh1	357	18	estate	estate	NN
cord-323716-ak6zgyh1	357	19	markets	market	NNS
cord-323716-ak6zgyh1	357	20	in	in	IN
cord-323716-ak6zgyh1	357	21	the	the	DT
cord-323716-ak6zgyh1	357	22	Asian	asian	JJ
cord-323716-ak6zgyh1	357	23	region	region	NN
cord-323716-ak6zgyh1	357	24	and	and	CC
cord-323716-ak6zgyh1	357	25	gained	gain	VBD
cord-323716-ak6zgyh1	357	26	the	the	DT
cord-323716-ak6zgyh1	357	27	attention	attention	NN
cord-323716-ak6zgyh1	357	28	of	of	IN
cord-323716-ak6zgyh1	357	29	global	global	JJ
cord-323716-ak6zgyh1	357	30	investors	investor	NNS
cord-323716-ak6zgyh1	357	31	.	.	.
cord-323716-ak6zgyh1	358	1	Therefore	therefore	RB
cord-323716-ak6zgyh1	358	2	,	,	,
cord-323716-ak6zgyh1	358	3	we	-PRON-	PRP
cord-323716-ak6zgyh1	358	4	examined	examine	VBD
cord-323716-ak6zgyh1	358	5	the	the	DT
cord-323716-ak6zgyh1	358	6	integration	integration	NN
cord-323716-ak6zgyh1	358	7	relationship	relationship	NN
cord-323716-ak6zgyh1	358	8	between	between	IN
cord-323716-ak6zgyh1	358	9	the	the	DT
cord-323716-ak6zgyh1	358	10	stock	stock	NN
cord-323716-ak6zgyh1	358	11	and	and	CC
cord-323716-ak6zgyh1	358	12	real	real	JJ
cord-323716-ak6zgyh1	358	13	estate	estate	NN
cord-323716-ak6zgyh1	358	14	markets	market	NNS
cord-323716-ak6zgyh1	358	15	in	in	IN
cord-323716-ak6zgyh1	358	16	China	China	NNP
cord-323716-ak6zgyh1	358	17	,	,	,
cord-323716-ak6zgyh1	358	18	Hong	Hong	NNP
cord-323716-ak6zgyh1	358	19	Kong	Kong	NNP
cord-323716-ak6zgyh1	358	20	,	,	,
cord-323716-ak6zgyh1	358	21	Japan	Japan	NNP
cord-323716-ak6zgyh1	358	22	,	,	,
cord-323716-ak6zgyh1	358	23	Singapore	Singapore	NNP
cord-323716-ak6zgyh1	358	24	,	,	,
cord-323716-ak6zgyh1	358	25	South	South	NNP
cord-323716-ak6zgyh1	358	26	Korea	Korea	NNP
cord-323716-ak6zgyh1	358	27	,	,	,
cord-323716-ak6zgyh1	358	28	and	and	CC
cord-323716-ak6zgyh1	358	29	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	358	30	.	.	.
cord-323716-ak6zgyh1	359	1	The	the	DT
cord-323716-ak6zgyh1	359	2	Johansen	Johansen	NNP
cord-323716-ak6zgyh1	359	3	co	co	NN
cord-323716-ak6zgyh1	359	4	-	-	NN
cord-323716-ak6zgyh1	359	5	integration	integration	JJ
cord-323716-ak6zgyh1	359	6	test	test	NN
cord-323716-ak6zgyh1	359	7	was	be	VBD
cord-323716-ak6zgyh1	359	8	applied	apply	VBN
cord-323716-ak6zgyh1	359	9	for	for	IN
cord-323716-ak6zgyh1	359	10	examining	examine	VBG
cord-323716-ak6zgyh1	359	11	this	this	DT
cord-323716-ak6zgyh1	359	12	relationship	relationship	NN
cord-323716-ak6zgyh1	359	13	in	in	IN
cord-323716-ak6zgyh1	359	14	this	this	DT
cord-323716-ak6zgyh1	359	15	study	study	NN
cord-323716-ak6zgyh1	359	16	.	.	.
cord-323716-ak6zgyh1	360	1	For	for	IN
cord-323716-ak6zgyh1	360	2	robustness	robustness	NN
cord-323716-ak6zgyh1	360	3	,	,	,
cord-323716-ak6zgyh1	360	4	we	-PRON-	PRP
cord-323716-ak6zgyh1	360	5	also	also	RB
cord-323716-ak6zgyh1	360	6	applied	apply	VBD
cord-323716-ak6zgyh1	360	7	Okunev	Okunev	NNP
cord-323716-ak6zgyh1	360	8	and	and	CC
cord-323716-ak6zgyh1	360	9	Wilson	Wilson	NNP
cord-323716-ak6zgyh1	360	10	's	's	POS
cord-323716-ak6zgyh1	360	11	(	(	-LRB-
cord-323716-ak6zgyh1	360	12	1997	1997	CD
cord-323716-ak6zgyh1	360	13	)	)	-RRB-
cord-323716-ak6zgyh1	360	14	method	method	NN
cord-323716-ak6zgyh1	360	15	to	to	TO
cord-323716-ak6zgyh1	360	16	examine	examine	VB
cord-323716-ak6zgyh1	360	17	the	the	DT
cord-323716-ak6zgyh1	360	18	fractional	fractional	JJ
cord-323716-ak6zgyh1	360	19	integration	integration	NN
cord-323716-ak6zgyh1	360	20	relationship	relationship	NN
cord-323716-ak6zgyh1	360	21	between	between	IN
cord-323716-ak6zgyh1	360	22	the	the	DT
cord-323716-ak6zgyh1	360	23	stock	stock	NN
cord-323716-ak6zgyh1	360	24	and	and	CC
cord-323716-ak6zgyh1	360	25	real	real	JJ
cord-323716-ak6zgyh1	360	26	estate	estate	NN
cord-323716-ak6zgyh1	360	27	markets	market	NNS
cord-323716-ak6zgyh1	360	28	in	in	IN
cord-323716-ak6zgyh1	360	29	the	the	DT
cord-323716-ak6zgyh1	360	30	absence	absence	NN
cord-323716-ak6zgyh1	360	31	of	of	IN
cord-323716-ak6zgyh1	360	32	cointegration	cointegration	NN
cord-323716-ak6zgyh1	360	33	.	.	.
cord-323716-ak6zgyh1	361	1	We	-PRON-	PRP
cord-323716-ak6zgyh1	361	2	found	find	VBD
cord-323716-ak6zgyh1	361	3	that	that	IN
cord-323716-ak6zgyh1	361	4	the	the	DT
cord-323716-ak6zgyh1	361	5	stock	stock	NN
cord-323716-ak6zgyh1	361	6	market	market	NN
cord-323716-ak6zgyh1	361	7	is	be	VBZ
cord-323716-ak6zgyh1	361	8	integrated	integrate	VBN
cord-323716-ak6zgyh1	361	9	with	with	IN
cord-323716-ak6zgyh1	361	10	the	the	DT
cord-323716-ak6zgyh1	361	11	real	real	JJ
cord-323716-ak6zgyh1	361	12	estate	estate	NN
cord-323716-ak6zgyh1	361	13	market	market	NN
cord-323716-ak6zgyh1	361	14	in	in	IN
cord-323716-ak6zgyh1	361	15	Japan	Japan	NNP
cord-323716-ak6zgyh1	361	16	,	,	,
cord-323716-ak6zgyh1	361	17	but	but	CC
cord-323716-ak6zgyh1	361	18	is	be	VBZ
cord-323716-ak6zgyh1	361	19	fractionally	fractionally	RB
cord-323716-ak6zgyh1	361	20	integrated	integrate	VBN
cord-323716-ak6zgyh1	361	21	with	with	IN
cord-323716-ak6zgyh1	361	22	the	the	DT
cord-323716-ak6zgyh1	361	23	real	real	JJ
cord-323716-ak6zgyh1	361	24	estate	estate	NN
cord-323716-ak6zgyh1	361	25	markets	market	NNS
cord-323716-ak6zgyh1	361	26	in	in	IN
cord-323716-ak6zgyh1	361	27	China	China	NNP
cord-323716-ak6zgyh1	361	28	,	,	,
cord-323716-ak6zgyh1	361	29	Hong	Hong	NNP
cord-323716-ak6zgyh1	361	30	Kong	Kong	NNP
cord-323716-ak6zgyh1	361	31	,	,	,
cord-323716-ak6zgyh1	361	32	and	and	CC
cord-323716-ak6zgyh1	361	33	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	361	34	.	.	.
cord-323716-ak6zgyh1	362	1	However	however	RB
cord-323716-ak6zgyh1	362	2	,	,	,
cord-323716-ak6zgyh1	362	3	the	the	DT
cord-323716-ak6zgyh1	362	4	stock	stock	NN
cord-323716-ak6zgyh1	362	5	market	market	NN
cord-323716-ak6zgyh1	362	6	and	and	CC
cord-323716-ak6zgyh1	362	7	real	real	JJ
cord-323716-ak6zgyh1	362	8	estate	estate	NN
cord-323716-ak6zgyh1	362	9	market	market	NN
cord-323716-ak6zgyh1	362	10	is	be	VBZ
cord-323716-ak6zgyh1	362	11	segmented	segment	VBN
cord-323716-ak6zgyh1	362	12	in	in	IN
cord-323716-ak6zgyh1	362	13	South	South	NNP
cord-323716-ak6zgyh1	362	14	Korea	Korea	NNP
cord-323716-ak6zgyh1	362	15	and	and	CC
cord-323716-ak6zgyh1	362	16	Singapore	Singapore	NNP
cord-323716-ak6zgyh1	362	17	.	.	.
cord-323716-ak6zgyh1	363	1	The	the	DT
cord-323716-ak6zgyh1	363	2	former	former	JJ
cord-323716-ak6zgyh1	363	3	results	result	NNS
cord-323716-ak6zgyh1	363	4	indicate	indicate	VBP
cord-323716-ak6zgyh1	363	5	that	that	IN
cord-323716-ak6zgyh1	363	6	the	the	DT
cord-323716-ak6zgyh1	363	7	stock	stock	NN
cord-323716-ak6zgyh1	363	8	market	market	NN
cord-323716-ak6zgyh1	363	9	and	and	CC
cord-323716-ak6zgyh1	363	10	real	real	JJ
cord-323716-ak6zgyh1	363	11	estate	estate	NN
cord-323716-ak6zgyh1	363	12	market	market	NN
cord-323716-ak6zgyh1	363	13	will	will	MD
cord-323716-ak6zgyh1	363	14	reach	reach	VB
cord-323716-ak6zgyh1	363	15	equilibrium	equilibrium	NN
cord-323716-ak6zgyh1	363	16	in	in	IN
cord-323716-ak6zgyh1	363	17	the	the	DT
cord-323716-ak6zgyh1	363	18	long	long	JJ
cord-323716-ak6zgyh1	363	19	run	run	NN
cord-323716-ak6zgyh1	363	20	,	,	,
cord-323716-ak6zgyh1	363	21	and	and	CC
cord-323716-ak6zgyh1	363	22	these	these	DT
cord-323716-ak6zgyh1	363	23	two	two	CD
cord-323716-ak6zgyh1	363	24	assets	asset	NNS
cord-323716-ak6zgyh1	363	25	may	may	MD
cord-323716-ak6zgyh1	363	26	be	be	VB
cord-323716-ak6zgyh1	363	27	substitutable	substitutable	JJ
cord-323716-ak6zgyh1	363	28	for	for	IN
cord-323716-ak6zgyh1	363	29	investment	investment	NN
cord-323716-ak6zgyh1	363	30	strategy	strategy	NN
cord-323716-ak6zgyh1	363	31	.	.	.
cord-323716-ak6zgyh1	364	1	The	the	DT
cord-323716-ak6zgyh1	364	2	latter	latter	JJ
cord-323716-ak6zgyh1	364	3	implies	imply	VBZ
cord-323716-ak6zgyh1	364	4	that	that	IN
cord-323716-ak6zgyh1	364	5	it	-PRON-	PRP
cord-323716-ak6zgyh1	364	6	provides	provide	VBZ
cord-323716-ak6zgyh1	364	7	a	a	DT
cord-323716-ak6zgyh1	364	8	diversification	diversification	NN
cord-323716-ak6zgyh1	364	9	function	function	NN
cord-323716-ak6zgyh1	364	10	for	for	IN
cord-323716-ak6zgyh1	364	11	portfolio	portfolio	NN
cord-323716-ak6zgyh1	364	12	allocation	allocation	NN
cord-323716-ak6zgyh1	364	13	.	.	.
cord-323716-ak6zgyh1	365	1	As	as	IN
cord-323716-ak6zgyh1	365	2	for	for	IN
cord-323716-ak6zgyh1	365	3	the	the	DT
cord-323716-ak6zgyh1	365	4	causality	causality	NN
cord-323716-ak6zgyh1	365	5	relationship	relationship	NN
cord-323716-ak6zgyh1	365	6	,	,	,
cord-323716-ak6zgyh1	365	7	we	-PRON-	PRP
cord-323716-ak6zgyh1	365	8	found	find	VBD
cord-323716-ak6zgyh1	365	9	that	that	IN
cord-323716-ak6zgyh1	365	10	the	the	DT
cord-323716-ak6zgyh1	365	11	real	real	JJ
cord-323716-ak6zgyh1	365	12	estate	estate	NN
cord-323716-ak6zgyh1	365	13	market	market	NN
cord-323716-ak6zgyh1	365	14	significantly	significantly	RB
cord-323716-ak6zgyh1	365	15	led	lead	VBD
cord-323716-ak6zgyh1	365	16	the	the	DT
cord-323716-ak6zgyh1	365	17	stock	stock	NN
cord-323716-ak6zgyh1	365	18	market	market	NN
cord-323716-ak6zgyh1	365	19	in	in	IN
cord-323716-ak6zgyh1	365	20	Singapore	Singapore	NNP
cord-323716-ak6zgyh1	365	21	and	and	CC
cord-323716-ak6zgyh1	365	22	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	365	23	over	over	IN
cord-323716-ak6zgyh1	365	24	the	the	DT
cord-323716-ak6zgyh1	365	25	entire	entire	JJ
cord-323716-ak6zgyh1	365	26	sample	sample	NN
cord-323716-ak6zgyh1	365	27	period	period	NN
cord-323716-ak6zgyh1	365	28	.	.	.
cord-323716-ak6zgyh1	366	1	This	this	DT
cord-323716-ak6zgyh1	366	2	finding	finding	NN
cord-323716-ak6zgyh1	366	3	indicates	indicate	VBZ
cord-323716-ak6zgyh1	366	4	that	that	IN
cord-323716-ak6zgyh1	366	5	real	real	JJ
cord-323716-ak6zgyh1	366	6	estate	estate	NN
cord-323716-ak6zgyh1	366	7	index	index	NN
cord-323716-ak6zgyh1	366	8	may	may	MD
cord-323716-ak6zgyh1	366	9	be	be	VB
cord-323716-ak6zgyh1	366	10	used	use	VBN
cord-323716-ak6zgyh1	366	11	to	to	TO
cord-323716-ak6zgyh1	366	12	forecast	forecast	VB
cord-323716-ak6zgyh1	366	13	stock	stock	NN
cord-323716-ak6zgyh1	366	14	index	index	NN
cord-323716-ak6zgyh1	366	15	in	in	IN
cord-323716-ak6zgyh1	366	16	these	these	DT
cord-323716-ak6zgyh1	366	17	two	two	CD
cord-323716-ak6zgyh1	366	18	countries	country	NNS
cord-323716-ak6zgyh1	366	19	.	.	.
cord-323716-ak6zgyh1	367	1	Therefore	therefore	RB
cord-323716-ak6zgyh1	367	2	,	,	,
cord-323716-ak6zgyh1	367	3	policy	policy	NN
cord-323716-ak6zgyh1	367	4	makers	maker	NNS
cord-323716-ak6zgyh1	367	5	may	may	MD
cord-323716-ak6zgyh1	367	6	pay	pay	VB
cord-323716-ak6zgyh1	367	7	attention	attention	NN
cord-323716-ak6zgyh1	367	8	to	to	IN
cord-323716-ak6zgyh1	367	9	the	the	DT
cord-323716-ak6zgyh1	367	10	development	development	NN
cord-323716-ak6zgyh1	367	11	of	of	IN
cord-323716-ak6zgyh1	367	12	the	the	DT
cord-323716-ak6zgyh1	367	13	real	real	JJ
cord-323716-ak6zgyh1	367	14	estate	estate	NN
cord-323716-ak6zgyh1	367	15	market	market	NN
cord-323716-ak6zgyh1	367	16	to	to	TO
cord-323716-ak6zgyh1	367	17	prevent	prevent	VB
cord-323716-ak6zgyh1	367	18	volatility	volatility	NN
cord-323716-ak6zgyh1	367	19	in	in	IN
cord-323716-ak6zgyh1	367	20	the	the	DT
cord-323716-ak6zgyh1	367	21	stock	stock	NN
cord-323716-ak6zgyh1	367	22	market	market	NN
cord-323716-ak6zgyh1	367	23	.	.	.
cord-323716-ak6zgyh1	368	1	In	in	IN
cord-323716-ak6zgyh1	368	2	sum	sum	NN
cord-323716-ak6zgyh1	368	3	,	,	,
cord-323716-ak6zgyh1	368	4	we	-PRON-	PRP
cord-323716-ak6zgyh1	368	5	conclude	conclude	VBP
cord-323716-ak6zgyh1	368	6	that	that	IN
cord-323716-ak6zgyh1	368	7	stock	stock	NN
cord-323716-ak6zgyh1	368	8	and	and	CC
cord-323716-ak6zgyh1	368	9	real	real	JJ
cord-323716-ak6zgyh1	368	10	estate	estate	NN
cord-323716-ak6zgyh1	368	11	markets	market	NNS
cord-323716-ak6zgyh1	368	12	may	may	MD
cord-323716-ak6zgyh1	368	13	show	show	VB
cord-323716-ak6zgyh1	368	14	various	various	JJ
cord-323716-ak6zgyh1	368	15	inter	inter	JJ
cord-323716-ak6zgyh1	368	16	-	-	NNS
cord-323716-ak6zgyh1	368	17	relationships	relationship	NNS
cord-323716-ak6zgyh1	368	18	under	under	IN
cord-323716-ak6zgyh1	368	19	different	different	JJ
cord-323716-ak6zgyh1	368	20	economic	economic	JJ
cord-323716-ak6zgyh1	368	21	and	and	CC
cord-323716-ak6zgyh1	368	22	political	political	JJ
cord-323716-ak6zgyh1	368	23	policy	policy	NN
cord-323716-ak6zgyh1	368	24	environments	environment	NNS
cord-323716-ak6zgyh1	368	25	according	accord	VBG
cord-323716-ak6zgyh1	368	26	to	to	IN
cord-323716-ak6zgyh1	368	27	the	the	DT
cord-323716-ak6zgyh1	368	28	empirical	empirical	JJ
cord-323716-ak6zgyh1	368	29	results	result	NNS
cord-323716-ak6zgyh1	368	30	from	from	IN
cord-323716-ak6zgyh1	368	31	these	these	DT
cord-323716-ak6zgyh1	368	32	Asian	asian	JJ
cord-323716-ak6zgyh1	368	33	economies	economy	NNS
cord-323716-ak6zgyh1	368	34	in	in	IN
cord-323716-ak6zgyh1	368	35	this	this	DT
cord-323716-ak6zgyh1	368	36	study	study	NN
cord-323716-ak6zgyh1	368	37	.	.	.
cord-323716-ak6zgyh1	369	1	The	the	DT
cord-323716-ak6zgyh1	369	2	fractal	fractal	JJ
cord-323716-ak6zgyh1	369	3	structure	structure	NN
cord-323716-ak6zgyh1	369	4	of	of	IN
cord-323716-ak6zgyh1	369	5	real	real	JJ
cord-323716-ak6zgyh1	369	6	estate	estate	NN
cord-323716-ak6zgyh1	369	7	investment	investment	NN
cord-323716-ak6zgyh1	369	8	trust	trust	NN
cord-323716-ak6zgyh1	369	9	returns	return	NNS
cord-323716-ak6zgyh1	369	10	:	:	:
cord-323716-ak6zgyh1	369	11	a	a	DT
cord-323716-ak6zgyh1	369	12	search	search	NN
cord-323716-ak6zgyh1	369	13	for	for	IN
cord-323716-ak6zgyh1	369	14	evidence	evidence	NN
cord-323716-ak6zgyh1	369	15	of	of	IN
cord-323716-ak6zgyh1	369	16	market	market	NN
cord-323716-ak6zgyh1	369	17	segmentation	segmentation	NN
cord-323716-ak6zgyh1	369	18	and	and	CC
cord-323716-ak6zgyh1	369	19	nonlinear	nonlinear	JJ
cord-323716-ak6zgyh1	369	20	dependency	dependency	NN
cord-323716-ak6zgyh1	369	21	Systematic	systematic	JJ
cord-323716-ak6zgyh1	369	22	asset	asset	NN
cord-323716-ak6zgyh1	369	23	allocation	allocation	NN
cord-323716-ak6zgyh1	369	24	The	the	DT
cord-323716-ak6zgyh1	369	25	financial	financial	JJ
cord-323716-ak6zgyh1	369	26	accelerator	accelerator	NN
cord-323716-ak6zgyh1	369	27	and	and	CC
cord-323716-ak6zgyh1	369	28	the	the	DT
cord-323716-ak6zgyh1	369	29	flight	flight	NN
cord-323716-ak6zgyh1	369	30	to	to	IN
cord-323716-ak6zgyh1	369	31	quality	quality	NN
cord-323716-ak6zgyh1	370	1	Comparing	compare	VBG
cord-323716-ak6zgyh1	370	2	wealth	wealth	NN
cord-323716-ak6zgyh1	370	3	effects	effect	NNS
cord-323716-ak6zgyh1	370	4	:	:	:
cord-323716-ak6zgyh1	370	5	the	the	DT
cord-323716-ak6zgyh1	370	6	stock	stock	NN
cord-323716-ak6zgyh1	370	7	market	market	NN
cord-323716-ak6zgyh1	370	8	versus	versus	IN
cord-323716-ak6zgyh1	370	9	the	the	DT
cord-323716-ak6zgyh1	370	10	housing	housing	NN
cord-323716-ak6zgyh1	370	11	market	market	NN
cord-323716-ak6zgyh1	370	12	Stationarity	stationarity	NN
cord-323716-ak6zgyh1	370	13	and	and	CC
cord-323716-ak6zgyh1	370	14	co	co	NN
cord-323716-ak6zgyh1	370	15	-	-	NN
cord-323716-ak6zgyh1	370	16	integration	integration	NN
cord-323716-ak6zgyh1	370	17	in	in	IN
cord-323716-ak6zgyh1	370	18	systems	system	NNS
cord-323716-ak6zgyh1	370	19	with	with	IN
cord-323716-ak6zgyh1	370	20	real	real	JJ
cord-323716-ak6zgyh1	370	21	estate	estate	NN
cord-323716-ak6zgyh1	370	22	and	and	CC
cord-323716-ak6zgyh1	370	23	financial	financial	JJ
cord-323716-ak6zgyh1	370	24	assets	asset	NNS
cord-323716-ak6zgyh1	371	1	The	the	DT
cord-323716-ak6zgyh1	371	2	long	long	RB
cord-323716-ak6zgyh1	371	3	-	-	HYPH
cord-323716-ak6zgyh1	371	4	run	run	NN
cord-323716-ak6zgyh1	371	5	diversification	diversification	NN
cord-323716-ak6zgyh1	371	6	attributes	attribute	NNS
cord-323716-ak6zgyh1	371	7	of	of	IN
cord-323716-ak6zgyh1	371	8	commercial	commercial	JJ
cord-323716-ak6zgyh1	371	9	property	property	NN
cord-323716-ak6zgyh1	372	1	Investigating	investigate	VBG
cord-323716-ak6zgyh1	372	2	causal	causal	JJ
cord-323716-ak6zgyh1	372	3	relations	relation	NNS
cord-323716-ak6zgyh1	372	4	by	by	IN
cord-323716-ak6zgyh1	372	5	econometrics	econometrics	NN
cord-323716-ak6zgyh1	372	6	models	model	NNS
cord-323716-ak6zgyh1	372	7	and	and	CC
cord-323716-ak6zgyh1	372	8	cross	cross	JJ
cord-323716-ak6zgyh1	372	9	spectral	spectral	JJ
cord-323716-ak6zgyh1	372	10	methods	method	NNS
cord-323716-ak6zgyh1	372	11	Causality	causality	NN
cord-323716-ak6zgyh1	372	12	in	in	IN
cord-323716-ak6zgyh1	372	13	real	real	JJ
cord-323716-ak6zgyh1	372	14	estate	estate	NN
cord-323716-ak6zgyh1	372	15	markets	market	NNS
cord-323716-ak6zgyh1	372	16	:	:	:
cord-323716-ak6zgyh1	372	17	the	the	DT
cord-323716-ak6zgyh1	372	18	case	case	NN
cord-323716-ak6zgyh1	372	19	of	of	IN
cord-323716-ak6zgyh1	372	20	Hong	Hong	NNP
cord-323716-ak6zgyh1	372	21	Kong	Kong	NNP
cord-323716-ak6zgyh1	372	22	Statistical	Statistical	NNP
cord-323716-ak6zgyh1	372	23	analysis	analysis	NN
cord-323716-ak6zgyh1	372	24	of	of	IN
cord-323716-ak6zgyh1	372	25	co	co	JJ
cord-323716-ak6zgyh1	372	26	-	-	NN
cord-323716-ak6zgyh1	372	27	integration	integration	NN
cord-323716-ak6zgyh1	372	28	vectors	vector	NNS
cord-323716-ak6zgyh1	372	29	Maximum	maximum	JJ
cord-323716-ak6zgyh1	372	30	likelihood	likelihood	NN
cord-323716-ak6zgyh1	372	31	estimation	estimation	NN
cord-323716-ak6zgyh1	372	32	and	and	CC
cord-323716-ak6zgyh1	372	33	inference	inference	NN
cord-323716-ak6zgyh1	372	34	on	on	IN
cord-323716-ak6zgyh1	372	35	co	co	NN
cord-323716-ak6zgyh1	372	36	-	-	NN
cord-323716-ak6zgyh1	372	37	integration	integration	NN
cord-323716-ak6zgyh1	372	38	with	with	IN
cord-323716-ak6zgyh1	372	39	applications	application	NNS
cord-323716-ak6zgyh1	372	40	to	to	IN
cord-323716-ak6zgyh1	372	41	the	the	DT
cord-323716-ak6zgyh1	372	42	demand	demand	NN
cord-323716-ak6zgyh1	372	43	for	for	IN
cord-323716-ak6zgyh1	372	44	money	money	NN
cord-323716-ak6zgyh1	372	45	Evolution	evolution	NN
cord-323716-ak6zgyh1	372	46	of	of	IN
cord-323716-ak6zgyh1	372	47	international	international	JJ
cord-323716-ak6zgyh1	372	48	stock	stock	NN
cord-323716-ak6zgyh1	372	49	and	and	CC
cord-323716-ak6zgyh1	372	50	bond	bond	NN
cord-323716-ak6zgyh1	372	51	market	market	NN
cord-323716-ak6zgyh1	372	52	integration	integration	NN
cord-323716-ak6zgyh1	372	53	:	:	:
cord-323716-ak6zgyh1	372	54	influence	influence	NN
cord-323716-ak6zgyh1	372	55	of	of	IN
cord-323716-ak6zgyh1	372	56	the	the	DT
cord-323716-ak6zgyh1	372	57	European	European	NNP
cord-323716-ak6zgyh1	372	58	Monetary	Monetary	NNP
cord-323716-ak6zgyh1	372	59	Union	Union	NNP
cord-323716-ak6zgyh1	372	60	Testing	Testing	NNP
cord-323716-ak6zgyh1	372	61	the	the	DT
cord-323716-ak6zgyh1	372	62	null	null	JJ
cord-323716-ak6zgyh1	372	63	hypothesis	hypothesis	NN
cord-323716-ak6zgyh1	372	64	of	of	IN
cord-323716-ak6zgyh1	372	65	stationarity	stationarity	NN
cord-323716-ak6zgyh1	372	66	against	against	IN
cord-323716-ak6zgyh1	372	67	the	the	DT
cord-323716-ak6zgyh1	372	68	alternative	alternative	NN
cord-323716-ak6zgyh1	372	69	of	of	IN
cord-323716-ak6zgyh1	372	70	a	a	DT
cord-323716-ak6zgyh1	372	71	unit	unit	NN
cord-323716-ak6zgyh1	372	72	root	root	NN
cord-323716-ak6zgyh1	372	73	:	:	:
cord-323716-ak6zgyh1	372	74	how	how	WRB
cord-323716-ak6zgyh1	372	75	sure	sure	JJ
cord-323716-ak6zgyh1	372	76	are	be	VBP
cord-323716-ak6zgyh1	372	77	we	-PRON-	PRP
cord-323716-ak6zgyh1	372	78	that	that	IN
cord-323716-ak6zgyh1	372	79	economic	economic	JJ
cord-323716-ak6zgyh1	372	80	time	time	NN
cord-323716-ak6zgyh1	372	81	series	series	NNP
cord-323716-ak6zgyh1	372	82	have	have	VBP
cord-323716-ak6zgyh1	372	83	a	a	DT
cord-323716-ak6zgyh1	372	84	unit	unit	NN
cord-323716-ak6zgyh1	372	85	root	root	NN
cord-323716-ak6zgyh1	373	1	The	the	DT
cord-323716-ak6zgyh1	373	2	integration	integration	NN
cord-323716-ak6zgyh1	373	3	of	of	IN
cord-323716-ak6zgyh1	373	4	commercial	commercial	JJ
cord-323716-ak6zgyh1	373	5	real	real	JJ
cord-323716-ak6zgyh1	373	6	estate	estate	NN
cord-323716-ak6zgyh1	373	7	markets	market	NNS
cord-323716-ak6zgyh1	373	8	and	and	CC
cord-323716-ak6zgyh1	373	9	stock	stock	NN
cord-323716-ak6zgyh1	373	10	markets	market	NNS
cord-323716-ak6zgyh1	373	11	Net	net	JJ
cord-323716-ak6zgyh1	373	12	asset	asset	NN
cord-323716-ak6zgyh1	373	13	value	value	NN
cord-323716-ak6zgyh1	373	14	discounts	discount	NNS
cord-323716-ak6zgyh1	373	15	for	for	IN
cord-323716-ak6zgyh1	373	16	Asian	Asian	NNP
cord-323716-ak6zgyh1	373	17	-	-	HYPH
cord-323716-ak6zgyh1	373	18	Pacific	pacific	JJ
cord-323716-ak6zgyh1	373	19	real	real	JJ
cord-323716-ak6zgyh1	373	20	estate	estate	NN
cord-323716-ak6zgyh1	373	21	companies	company	NNS
cord-323716-ak6zgyh1	373	22	:	:	:
cord-323716-ak6zgyh1	373	23	long	long	RB
cord-323716-ak6zgyh1	373	24	-	-	HYPH
cord-323716-ak6zgyh1	373	25	run	run	NN
cord-323716-ak6zgyh1	373	26	relationships	relationship	NNS
cord-323716-ak6zgyh1	373	27	and	and	CC
cord-323716-ak6zgyh1	373	28	short	short	JJ
cord-323716-ak6zgyh1	373	29	-	-	HYPH
cord-323716-ak6zgyh1	373	30	term	term	NN
cord-323716-ak6zgyh1	373	31	dynamics	dynamic	NNS
cord-323716-ak6zgyh1	373	32	Long	long	JJ
cord-323716-ak6zgyh1	373	33	-	-	HYPH
cord-323716-ak6zgyh1	373	34	term	term	NN
cord-323716-ak6zgyh1	373	35	co	co	NNS
cord-323716-ak6zgyh1	373	36	-	-	NNS
cord-323716-ak6zgyh1	373	37	memories	memory	NNS
cord-323716-ak6zgyh1	373	38	and	and	CC
cord-323716-ak6zgyh1	373	39	short	short	JJ
cord-323716-ak6zgyh1	373	40	-	-	HYPH
cord-323716-ak6zgyh1	373	41	run	run	NN
cord-323716-ak6zgyh1	373	42	adjustment	adjustment	NN
cord-323716-ak6zgyh1	373	43	:	:	:
cord-323716-ak6zgyh1	373	44	securitized	securitize	VBD
cord-323716-ak6zgyh1	373	45	real	real	JJ
cord-323716-ak6zgyh1	373	46	estate	estate	NN
cord-323716-ak6zgyh1	373	47	and	and	CC
cord-323716-ak6zgyh1	373	48	stock	stock	NN
cord-323716-ak6zgyh1	373	49	markets	market	NNS
cord-323716-ak6zgyh1	374	1	The	the	DT
cord-323716-ak6zgyh1	374	2	integration	integration	NN
cord-323716-ak6zgyh1	374	3	of	of	IN
cord-323716-ak6zgyh1	374	4	the	the	DT
cord-323716-ak6zgyh1	374	5	real	real	JJ
cord-323716-ak6zgyh1	374	6	estate	estate	NN
cord-323716-ak6zgyh1	374	7	market	market	NN
cord-323716-ak6zgyh1	374	8	and	and	CC
cord-323716-ak6zgyh1	374	9	the	the	DT
cord-323716-ak6zgyh1	374	10	stock	stock	NN
cord-323716-ak6zgyh1	374	11	market	market	NN
cord-323716-ak6zgyh1	374	12	:	:	:
cord-323716-ak6zgyh1	374	13	some	some	DT
cord-323716-ak6zgyh1	374	14	preliminary	preliminary	JJ
cord-323716-ak6zgyh1	374	15	evidence	evidence	NN
cord-323716-ak6zgyh1	374	16	Are	be	VBP
cord-323716-ak6zgyh1	374	17	Asian	asian	JJ
cord-323716-ak6zgyh1	374	18	stock	stock	NN
cord-323716-ak6zgyh1	374	19	market	market	NN
cord-323716-ak6zgyh1	374	20	fluctuations	fluctuation	NNS
cord-323716-ak6zgyh1	374	21	due	due	JJ
cord-323716-ak6zgyh1	374	22	mainly	mainly	RB
cord-323716-ak6zgyh1	374	23	to	to	IN
cord-323716-ak6zgyh1	374	24	intra	intra	JJ
cord-323716-ak6zgyh1	374	25	-	-	JJ
cord-323716-ak6zgyh1	374	26	regional	regional	JJ
cord-323716-ak6zgyh1	374	27	contagion	contagion	NN
cord-323716-ak6zgyh1	374	28	effects	effect	NNS
cord-323716-ak6zgyh1	374	29	?	?	.
cord-323716-ak6zgyh1	375	1	Evidence	evidence	NN
cord-323716-ak6zgyh1	375	2	based	base	VBN
cord-323716-ak6zgyh1	375	3	on	on	IN
cord-323716-ak6zgyh1	375	4	Asian	asian	JJ
cord-323716-ak6zgyh1	375	5	emerging	emerge	VBG
cord-323716-ak6zgyh1	375	6	stock	stock	NN
cord-323716-ak6zgyh1	375	7	markets	market	NNS
cord-323716-ak6zgyh1	375	8	Using	use	VBG
cord-323716-ak6zgyh1	375	9	nonlinear	nonlinear	JJ
cord-323716-ak6zgyh1	375	10	tests	test	NNS
cord-323716-ak6zgyh1	375	11	to	to	TO
cord-323716-ak6zgyh1	375	12	examine	examine	VB
cord-323716-ak6zgyh1	375	13	integration	integration	NN
cord-323716-ak6zgyh1	375	14	between	between	IN
cord-323716-ak6zgyh1	375	15	real	real	JJ
cord-323716-ak6zgyh1	375	16	estate	estate	NN
cord-323716-ak6zgyh1	375	17	and	and	CC
cord-323716-ak6zgyh1	375	18	stock	stock	NN
cord-323716-ak6zgyh1	375	19	markets	market	NNS
cord-323716-ak6zgyh1	376	1	The	the	DT
cord-323716-ak6zgyh1	376	2	causal	causal	JJ
cord-323716-ak6zgyh1	376	3	relationship	relationship	NN
cord-323716-ak6zgyh1	376	4	between	between	IN
cord-323716-ak6zgyh1	376	5	real	real	JJ
cord-323716-ak6zgyh1	376	6	estate	estate	NN
cord-323716-ak6zgyh1	376	7	and	and	CC
cord-323716-ak6zgyh1	376	8	stock	stock	NN
cord-323716-ak6zgyh1	376	9	markets	market	NNS
cord-323716-ak6zgyh1	376	10	Capital	Capital	NNP
cord-323716-ak6zgyh1	376	11	market	market	NN
cord-323716-ak6zgyh1	376	12	integration	integration	NN
cord-323716-ak6zgyh1	376	13	in	in	IN
cord-323716-ak6zgyh1	376	14	the	the	DT
cord-323716-ak6zgyh1	376	15	Pacific	Pacific	NNP
cord-323716-ak6zgyh1	376	16	-	-	HYPH
cord-323716-ak6zgyh1	376	17	Basin	Basin	NNP
cord-323716-ak6zgyh1	376	18	region	region	NN
cord-323716-ak6zgyh1	376	19	:	:	:
cord-323716-ak6zgyh1	376	20	an	an	DT
cord-323716-ak6zgyh1	376	21	analysis	analysis	NN
cord-323716-ak6zgyh1	376	22	of	of	IN
cord-323716-ak6zgyh1	376	23	real	real	JJ
cord-323716-ak6zgyh1	376	24	interest	interest	NN
cord-323716-ak6zgyh1	376	25	rate	rate	NN
cord-323716-ak6zgyh1	376	26	linkages	linkage	NNS
cord-323716-ak6zgyh1	377	1	Do	do	VB
cord-323716-ak6zgyh1	377	2	real	real	JJ
cord-323716-ak6zgyh1	377	3	estate	estate	NN
cord-323716-ak6zgyh1	377	4	prices	price	NNS
cord-323716-ak6zgyh1	377	5	and	and	CC
cord-323716-ak6zgyh1	377	6	stock	stock	NN
cord-323716-ak6zgyh1	377	7	prices	price	NNS
cord-323716-ak6zgyh1	377	8	move	move	VBP
cord-323716-ak6zgyh1	377	9	together	together	RB
cord-323716-ak6zgyh1	377	10	?	?	.
cord-323716-ak6zgyh1	378	1	An	an	DT
cord-323716-ak6zgyh1	378	2	international	international	JJ
cord-323716-ak6zgyh1	378	3	analysis	analysis	NN
cord-323716-ak6zgyh1	378	4	Macroeconomics	macroeconomic	NNS
cord-323716-ak6zgyh1	378	5	and	and	CC
cord-323716-ak6zgyh1	378	6	reality	reality	NN
cord-323716-ak6zgyh1	378	7	Long	long	JJ
cord-323716-ak6zgyh1	378	8	-	-	HYPH
cord-323716-ak6zgyh1	378	9	term	term	NN
cord-323716-ak6zgyh1	378	10	dependencies	dependency	NNS
cord-323716-ak6zgyh1	378	11	and	and	CC
cord-323716-ak6zgyh1	378	12	long	long	JJ
cord-323716-ak6zgyh1	378	13	run	run	NN
cord-323716-ak6zgyh1	378	14	non	non	JJ
cord-323716-ak6zgyh1	378	15	-	-	JJ
cord-323716-ak6zgyh1	378	16	periodic	periodic	JJ
cord-323716-ak6zgyh1	378	17	co	co	NNS
cord-323716-ak6zgyh1	378	18	-	-	NNS
cord-323716-ak6zgyh1	378	19	cycles	cycle	NNS
cord-323716-ak6zgyh1	378	20	:	:	:
cord-323716-ak6zgyh1	378	21	real	real	JJ
cord-323716-ak6zgyh1	378	22	estate	estate	NN
cord-323716-ak6zgyh1	378	23	and	and	CC
cord-323716-ak6zgyh1	378	24	stock	stock	NN
cord-323716-ak6zgyh1	378	25	markets	market	NNS
cord-323716-ak6zgyh1	378	26	Are	be	VBP
cord-323716-ak6zgyh1	378	27	real	real	JJ
cord-323716-ak6zgyh1	378	28	estate	estate	NN
cord-323716-ak6zgyh1	378	29	and	and	CC
cord-323716-ak6zgyh1	378	30	securities	security	NNS
cord-323716-ak6zgyh1	378	31	markets	market	NNS
cord-323716-ak6zgyh1	378	32	integrated	integrate	VBN
cord-323716-ak6zgyh1	378	33	?	?	.
cord-323716-ak6zgyh1	379	1	The	the	DT
cord-323716-ak6zgyh1	379	2	authors	author	NNS
cord-323716-ak6zgyh1	379	3	are	be	VBP
cord-323716-ak6zgyh1	379	4	grateful	grateful	JJ
cord-323716-ak6zgyh1	379	5	for	for	IN
cord-323716-ak6zgyh1	379	6	the	the	DT
cord-323716-ak6zgyh1	379	7	support	support	NN
cord-323716-ak6zgyh1	379	8	from	from	IN
cord-323716-ak6zgyh1	379	9	the	the	DT
cord-323716-ak6zgyh1	379	10	National	National	NNP
cord-323716-ak6zgyh1	379	11	Science	Science	NNP
cord-323716-ak6zgyh1	379	12	Foundation	Foundation	NNP
cord-323716-ak6zgyh1	379	13	(	(	-LRB-
cord-323716-ak6zgyh1	379	14	NSC	NSC	NNP
cord-323716-ak6zgyh1	379	15	99	99	CD
cord-323716-ak6zgyh1	379	16	-	-	HYPH
cord-323716-ak6zgyh1	379	17	2410-H-004	2410-h-004	CD
cord-323716-ak6zgyh1	379	18	-	-	HYPH
cord-323716-ak6zgyh1	379	19	181	181	CD
cord-323716-ak6zgyh1	379	20	)	)	-RRB-
cord-323716-ak6zgyh1	379	21	in	in	IN
cord-323716-ak6zgyh1	379	22	Taiwan	Taiwan	NNP
cord-323716-ak6zgyh1	379	23	,	,	,
cord-323716-ak6zgyh1	379	24	and	and	CC
cord-323716-ak6zgyh1	379	25	the	the	DT
cord-323716-ak6zgyh1	379	26	valuable	valuable	JJ
cord-323716-ak6zgyh1	379	27	comments	comment	NNS
cord-323716-ak6zgyh1	379	28	from	from	IN
cord-323716-ak6zgyh1	379	29	the	the	DT
cord-323716-ak6zgyh1	379	30	editor	editor	NN
cord-323716-ak6zgyh1	379	31	and	and	CC
cord-323716-ak6zgyh1	379	32	the	the	DT
cord-323716-ak6zgyh1	379	33	anonymous	anonymous	JJ
cord-323716-ak6zgyh1	379	34	referee	referee	NN
cord-323716-ak6zgyh1	379	35	.	.	.
cord-323716-ak6zgyh1	379	36	 	 	_SP
cord-323716-ak6zgyh1	380	1	Table	table	NN
cord-323716-ak6zgyh1	380	2	6	6	CD
cord-323716-ak6zgyh1	380	3	Granger	Granger	NNP
cord-323716-ak6zgyh1	380	4	causality	causality	NN
cord-323716-ak6zgyh1	380	5	test	test	NN
cord-323716-ak6zgyh1	380	6	in	in	IN
cord-323716-ak6zgyh1	380	7	Asian	asian	JJ
cord-323716-ak6zgyh1	380	8	stock	stock	NN
cord-323716-ak6zgyh1	380	9	markets	market	NNS
cord-323716-ak6zgyh1	380	10	index	index	NN
cord-323716-ak6zgyh1	380	11	and	and	CC
cord-323716-ak6zgyh1	380	12	real	real	JJ
cord-323716-ak6zgyh1	380	13	estate	estate	NN
cord-323716-ak6zgyh1	380	14	markets	market	NNS
cord-323716-ak6zgyh1	380	15	(	(	-LRB-
cord-323716-ak6zgyh1	380	16	1995Q1	1995q1	CD
cord-323716-ak6zgyh1	380	17	-	-	SYM
cord-323716-ak6zgyh1	380	18	2010Q2	2010q2	CD
cord-323716-ak6zgyh1	380	19	Granger	Granger	NNP
cord-323716-ak6zgyh1	380	20	-	-	HYPH
cord-323716-ak6zgyh1	380	21	causes	cause	VBZ
cord-323716-ak6zgyh1	380	22	y	y	NNP
cord-323716-ak6zgyh1	380	23	1	1	CD
cord-323716-ak6zgyh1	380	24	t	t	NN
cord-323716-ak6zgyh1	380	25	.	.	.
cord-323716-ak6zgyh1	381	1	If	if	IN
cord-323716-ak6zgyh1	381	2	the	the	DT
cord-323716-ak6zgyh1	381	3	null	null	JJ
cord-323716-ak6zgyh1	381	4	hypothesis	hypothesis	NN
cord-323716-ak6zgyh1	381	5	of	of	IN
cord-323716-ak6zgyh1	381	6	coefficients	coefficient	NNS
cord-323716-ak6zgyh1	381	7	of	of	IN
cord-323716-ak6zgyh1	381	8	β	β	NN
cord-323716-ak6zgyh1	381	9	1i	1i	NNP
cord-323716-ak6zgyh1	381	10	=	=	SYM
cord-323716-ak6zgyh1	381	11	0	0	NFP
cord-323716-ak6zgyh1	381	12	is	be	VBZ
cord-323716-ak6zgyh1	381	13	reject	reject	VB
cord-323716-ak6zgyh1	381	14	,	,	,
cord-323716-ak6zgyh1	381	15	it	-PRON-	PRP
cord-323716-ak6zgyh1	381	16	implies	imply	VBZ
cord-323716-ak6zgyh1	381	17	that	that	DT
cord-323716-ak6zgyh1	382	1	y	y	NNP
cord-323716-ak6zgyh1	382	2	1	1	CD
cord-323716-ak6zgyh1	382	3	t	t	NNP
cord-323716-ak6zgyh1	382	4	Granger	Granger	NNP
cord-323716-ak6zgyh1	382	5	-	-	HYPH
cord-323716-ak6zgyh1	382	6	causes	cause	VBZ
cord-323716-ak6zgyh1	382	7	y	y	NNP
cord-323716-ak6zgyh1	382	8	2	2	CD
cord-323716-ak6zgyh1	382	9	t	t	NN
cord-323716-ak6zgyh1	382	10	.	.	.
cord-323716-ak6zgyh1	383	1	If	if	IN
cord-323716-ak6zgyh1	383	2	both	both	DT
cord-323716-ak6zgyh1	383	3	coefficients	coefficient	NNS
cord-323716-ak6zgyh1	383	4	of	of	IN
cord-323716-ak6zgyh1	383	5	α	α	NNP
cord-323716-ak6zgyh1	383	6	2i	2i	CD
cord-323716-ak6zgyh1	383	7	and	and	CC
cord-323716-ak6zgyh1	383	8	β	β	NNP
cord-323716-ak6zgyh1	383	9	1i	1i	CD
cord-323716-ak6zgyh1	383	10	are	be	VBP
cord-323716-ak6zgyh1	383	11	different	different	JJ
cord-323716-ak6zgyh1	383	12	from	from	IN
cord-323716-ak6zgyh1	383	13	zero	zero	CD
cord-323716-ak6zgyh1	383	14	with	with	IN
cord-323716-ak6zgyh1	383	15	significance	significance	NN
cord-323716-ak6zgyh1	383	16	,	,	,
cord-323716-ak6zgyh1	383	17	there	there	EX
cord-323716-ak6zgyh1	383	18	exists	exist	VBZ
cord-323716-ak6zgyh1	383	19	feedback	feedback	NN
cord-323716-ak6zgyh1	383	20	relationship	relationship	NN
cord-323716-ak6zgyh1	383	21	between	between	IN
cord-323716-ak6zgyh1	383	22	y	y	NNP
cord-323716-ak6zgyh1	383	23	1	1	CD
cord-323716-ak6zgyh1	383	24	t	t	NNP
cord-323716-ak6zgyh1	383	25	and	and	CC
cord-323716-ak6zgyh1	383	26	y	y	NNP
cord-323716-ak6zgyh1	383	27	2	2	CD
cord-323716-ak6zgyh1	383	28	t	t	NNP
cord-323716-ak6zgyh1	383	29	.	.	.