id sid tid token lemma pos cord-028636-wxack9zv 1 1 key key NN cord-028636-wxack9zv 1 2 : : : cord-028636-wxack9zv 1 3 cord-028636-wxack9zv cord-028636-wxack9zv . cord-028636-wxack9zv 2 1 authors author NNS cord-028636-wxack9zv 2 2 : : : cord-028636-wxack9zv 2 3 Hachicha Hachicha NNP cord-028636-wxack9zv 2 4 , , , cord-028636-wxack9zv 2 5 A. a. NN cord-028636-wxack9zv 2 6 ; ; : cord-028636-wxack9zv 2 7 Hachicha Hachicha NNP cord-028636-wxack9zv 2 8 , , , cord-028636-wxack9zv 2 9 F. F. NNP cord-028636-wxack9zv 2 10 title title NN cord-028636-wxack9zv 2 11 : : : cord-028636-wxack9zv 2 12 Analysis analysis NN cord-028636-wxack9zv 2 13 of of IN cord-028636-wxack9zv 2 14 the the DT cord-028636-wxack9zv 2 15 bitcoin bitcoin NNP cord-028636-wxack9zv 2 16 stock stock NNP cord-028636-wxack9zv 2 17 market market NN cord-028636-wxack9zv 2 18 indexes index NNS cord-028636-wxack9zv 2 19 using use VBG cord-028636-wxack9zv 2 20 comparative comparative JJ cord-028636-wxack9zv 2 21 study study NN cord-028636-wxack9zv 2 22 of of IN cord-028636-wxack9zv 2 23 two two CD cord-028636-wxack9zv 2 24 models model NNS cord-028636-wxack9zv 2 25 SV SV NNP cord-028636-wxack9zv 2 26 with with IN cord-028636-wxack9zv 2 27 MCMC MCMC NNP cord-028636-wxack9zv 2 28 algorithm algorithm NN cord-028636-wxack9zv 2 29 date date NN cord-028636-wxack9zv 2 30 : : : cord-028636-wxack9zv 2 31 2020 2020 CD cord-028636-wxack9zv 2 32 - - HYPH cord-028636-wxack9zv 2 33 07 07 CD cord-028636-wxack9zv 2 34 - - HYPH cord-028636-wxack9zv 2 35 06 06 CD cord-028636-wxack9zv 2 36 journal journal NN cord-028636-wxack9zv 2 37 : : : cord-028636-wxack9zv 2 38 Rev Rev NNP cord-028636-wxack9zv 2 39 Quant Quant NNP cord-028636-wxack9zv 2 40 Finan Finan NNP cord-028636-wxack9zv 2 41 Acc Acc NNP cord-028636-wxack9zv 2 42 DOI DOI NNP cord-028636-wxack9zv 2 43 : : : cord-028636-wxack9zv 2 44 10.1007 10.1007 CD cord-028636-wxack9zv 2 45 / / SYM cord-028636-wxack9zv 2 46 s11156 s11156 CD cord-028636-wxack9zv 2 47 - - HYPH cord-028636-wxack9zv 2 48 020 020 CD cord-028636-wxack9zv 2 49 - - HYPH cord-028636-wxack9zv 2 50 00905-w 00905-w CD cord-028636-wxack9zv 3 1 sha sha NNP cord-028636-wxack9zv 3 2 : : : cord-028636-wxack9zv 4 1 c19d19512cfa10669f990fd32b903a03881c0469 c19d19512cfa10669f990fd32b903a03881c0469 NNP cord-028636-wxack9zv 4 2 doc_id doc_id CD cord-028636-wxack9zv 4 3 : : : cord-028636-wxack9zv 4 4 28636 28636 CD cord-028636-wxack9zv 4 5 cord_uid cord_uid NNS cord-028636-wxack9zv 4 6 : : : cord-028636-wxack9zv 5 1 wxack9zv wxack9zv NNP cord-028636-wxack9zv 6 1 The the DT cord-028636-wxack9zv 6 2 purpose purpose NN cord-028636-wxack9zv 6 3 of of IN cord-028636-wxack9zv 6 4 this this DT cord-028636-wxack9zv 6 5 article article NN cord-028636-wxack9zv 6 6 is be VBZ cord-028636-wxack9zv 6 7 to to TO cord-028636-wxack9zv 6 8 find find VB cord-028636-wxack9zv 6 9 a a DT cord-028636-wxack9zv 6 10 better well JJR cord-028636-wxack9zv 6 11 technique technique NN cord-028636-wxack9zv 6 12 for for IN cord-028636-wxack9zv 6 13 estimating estimate VBG cord-028636-wxack9zv 6 14 the the DT cord-028636-wxack9zv 6 15 volatility volatility NN cord-028636-wxack9zv 6 16 of of IN cord-028636-wxack9zv 6 17 the the DT cord-028636-wxack9zv 6 18 price price NN cord-028636-wxack9zv 6 19 of of IN cord-028636-wxack9zv 6 20 bitcoin bitcoin NN cord-028636-wxack9zv 6 21 on on IN cord-028636-wxack9zv 6 22 the the DT cord-028636-wxack9zv 6 23 one one CD cord-028636-wxack9zv 6 24 hand hand NN cord-028636-wxack9zv 6 25 and and CC cord-028636-wxack9zv 6 26 to to TO cord-028636-wxack9zv 6 27 check check VB cord-028636-wxack9zv 6 28 if if IN cord-028636-wxack9zv 6 29 this this DT cord-028636-wxack9zv 6 30 special special JJ cord-028636-wxack9zv 6 31 kind kind NN cord-028636-wxack9zv 6 32 of of IN cord-028636-wxack9zv 6 33 asset asset NN cord-028636-wxack9zv 6 34 called call VBN cord-028636-wxack9zv 6 35 cryptocurrency cryptocurrency NN cord-028636-wxack9zv 6 36 behaves behave VBZ cord-028636-wxack9zv 6 37 like like IN cord-028636-wxack9zv 6 38 other other JJ cord-028636-wxack9zv 6 39 stock stock NN cord-028636-wxack9zv 6 40 market market NN cord-028636-wxack9zv 6 41 indices index NNS cord-028636-wxack9zv 6 42 . . . cord-028636-wxack9zv 7 1 We -PRON- PRP cord-028636-wxack9zv 7 2 include include VBP cord-028636-wxack9zv 7 3 five five CD cord-028636-wxack9zv 7 4 stock stock NN cord-028636-wxack9zv 7 5 market market NN cord-028636-wxack9zv 7 6 indexes index NNS cord-028636-wxack9zv 7 7 for for IN cord-028636-wxack9zv 7 8 different different JJ cord-028636-wxack9zv 7 9 countries country NNS cord-028636-wxack9zv 7 10 such such JJ cord-028636-wxack9zv 7 11 as as IN cord-028636-wxack9zv 7 12 Standard Standard NNP cord-028636-wxack9zv 7 13 and and CC cord-028636-wxack9zv 7 14 Poor Poor NNP cord-028636-wxack9zv 7 15 ’s ’s POS cord-028636-wxack9zv 7 16 500 500 CD cord-028636-wxack9zv 7 17 composite composite JJ cord-028636-wxack9zv 7 18 Index Index NNP cord-028636-wxack9zv 7 19 ( ( -LRB- cord-028636-wxack9zv 7 20 S&P S&P NNP cord-028636-wxack9zv 7 21 ) ) -RRB- cord-028636-wxack9zv 7 22 , , , cord-028636-wxack9zv 7 23 Nasdaq Nasdaq NNP cord-028636-wxack9zv 7 24 , , , cord-028636-wxack9zv 7 25 Nikkei Nikkei NNP cord-028636-wxack9zv 7 26 , , , cord-028636-wxack9zv 7 27 Stoxx Stoxx NNP cord-028636-wxack9zv 7 28 , , , cord-028636-wxack9zv 7 29 and and CC cord-028636-wxack9zv 7 30 DowJones dowjone NNS cord-028636-wxack9zv 7 31 . . . cord-028636-wxack9zv 8 1 Using use VBG cord-028636-wxack9zv 8 2 daily daily JJ cord-028636-wxack9zv 8 3 data datum NNS cord-028636-wxack9zv 8 4 over over IN cord-028636-wxack9zv 8 5 the the DT cord-028636-wxack9zv 8 6 period period NN cord-028636-wxack9zv 8 7 2010–2019 2010–2019 CD cord-028636-wxack9zv 8 8 . . . cord-028636-wxack9zv 9 1 We -PRON- PRP cord-028636-wxack9zv 9 2 examine examine VBP cord-028636-wxack9zv 9 3 two two CD cord-028636-wxack9zv 9 4 asymmetric asymmetric JJ cord-028636-wxack9zv 9 5 stochastic stochastic JJ cord-028636-wxack9zv 9 6 volatility volatility NN cord-028636-wxack9zv 9 7 models model NNS cord-028636-wxack9zv 9 8 used use VBN cord-028636-wxack9zv 9 9 to to TO cord-028636-wxack9zv 9 10 describe describe VB cord-028636-wxack9zv 9 11 the the DT cord-028636-wxack9zv 9 12 volatility volatility NN cord-028636-wxack9zv 9 13 dependencies dependency NNS cord-028636-wxack9zv 9 14 found find VBN cord-028636-wxack9zv 9 15 in in IN cord-028636-wxack9zv 9 16 most most JJS cord-028636-wxack9zv 9 17 financial financial JJ cord-028636-wxack9zv 9 18 returns return NNS cord-028636-wxack9zv 9 19 . . . cord-028636-wxack9zv 10 1 Two two CD cord-028636-wxack9zv 10 2 models model NNS cord-028636-wxack9zv 10 3 are be VBP cord-028636-wxack9zv 10 4 compared compare VBN cord-028636-wxack9zv 10 5 , , , cord-028636-wxack9zv 10 6 the the DT cord-028636-wxack9zv 10 7 first first JJ cord-028636-wxack9zv 10 8 is be VBZ cord-028636-wxack9zv 10 9 the the DT cord-028636-wxack9zv 10 10 autoregressive autoregressive JJ cord-028636-wxack9zv 10 11 stochastic stochastic JJ cord-028636-wxack9zv 10 12 volatility volatility NN cord-028636-wxack9zv 10 13 model model NN cord-028636-wxack9zv 10 14 with with IN cord-028636-wxack9zv 10 15 Student Student NNP cord-028636-wxack9zv 10 16 ’s ’s POS cord-028636-wxack9zv 10 17 t t NN cord-028636-wxack9zv 10 18 - - HYPH cord-028636-wxack9zv 10 19 distribution distribution NN cord-028636-wxack9zv 10 20 ( ( -LRB- cord-028636-wxack9zv 10 21 ARSV ARSV NNP cord-028636-wxack9zv 10 22 - - HYPH cord-028636-wxack9zv 10 23 t t NNP cord-028636-wxack9zv 10 24 ) ) -RRB- cord-028636-wxack9zv 10 25 , , , cord-028636-wxack9zv 10 26 and and CC cord-028636-wxack9zv 10 27 the the DT cord-028636-wxack9zv 10 28 second second JJ cord-028636-wxack9zv 10 29 is be VBZ cord-028636-wxack9zv 10 30 the the DT cord-028636-wxack9zv 10 31 basic basic JJ cord-028636-wxack9zv 10 32 SVOL svol NN cord-028636-wxack9zv 10 33 . . . cord-028636-wxack9zv 11 1 To to TO cord-028636-wxack9zv 11 2 estimate estimate VB cord-028636-wxack9zv 11 3 these these DT cord-028636-wxack9zv 11 4 models model NNS cord-028636-wxack9zv 11 5 , , , cord-028636-wxack9zv 11 6 our -PRON- PRP$ cord-028636-wxack9zv 11 7 analysis analysis NN cord-028636-wxack9zv 11 8 is be VBZ cord-028636-wxack9zv 11 9 based base VBN cord-028636-wxack9zv 11 10 on on IN cord-028636-wxack9zv 11 11 the the DT cord-028636-wxack9zv 11 12 Markov Markov NNP cord-028636-wxack9zv 11 13 Chain Chain NNP cord-028636-wxack9zv 11 14 Monte Monte NNP cord-028636-wxack9zv 11 15 - - HYPH cord-028636-wxack9zv 11 16 Carlo Carlo NNP cord-028636-wxack9zv 11 17 method method NN cord-028636-wxack9zv 11 18 . . . cord-028636-wxack9zv 12 1 Therefore therefore RB cord-028636-wxack9zv 12 2 , , , cord-028636-wxack9zv 12 3 the the DT cord-028636-wxack9zv 12 4 technique technique NN cord-028636-wxack9zv 12 5 used use VBN cord-028636-wxack9zv 12 6 is be VBZ cord-028636-wxack9zv 12 7 a a DT cord-028636-wxack9zv 12 8 Metropolis Metropolis NNP cord-028636-wxack9zv 12 9 – – : cord-028636-wxack9zv 12 10 Hastings Hastings NNP cord-028636-wxack9zv 12 11 ( ( -LRB- cord-028636-wxack9zv 12 12 Hastings Hastings NNP cord-028636-wxack9zv 12 13 in in IN cord-028636-wxack9zv 12 14 Biometrika Biometrika NNP cord-028636-wxack9zv 12 15 57:97–109 57:97–109 CD cord-028636-wxack9zv 12 16 , , , cord-028636-wxack9zv 12 17 1970 1970 CD cord-028636-wxack9zv 12 18 ) ) -RRB- cord-028636-wxack9zv 12 19 , , , cord-028636-wxack9zv 12 20 and and CC cord-028636-wxack9zv 12 21 the the DT cord-028636-wxack9zv 12 22 Gibbs Gibbs NNP cord-028636-wxack9zv 12 23 sampler sampler NN cord-028636-wxack9zv 12 24 ( ( -LRB- cord-028636-wxack9zv 12 25 Casella Casella NNP cord-028636-wxack9zv 12 26 and and CC cord-028636-wxack9zv 12 27 George George NNP cord-028636-wxack9zv 12 28 in in IN cord-028636-wxack9zv 12 29 Am Am NNP cord-028636-wxack9zv 12 30 Stat Stat NNP cord-028636-wxack9zv 12 31 46:167–174 46:167–174 CD cord-028636-wxack9zv 12 32 , , , cord-028636-wxack9zv 12 33 1992 1992 CD cord-028636-wxack9zv 12 34 ; ; : cord-028636-wxack9zv 12 35 Gelfand Gelfand NNP cord-028636-wxack9zv 12 36 and and CC cord-028636-wxack9zv 12 37 Smith Smith NNP cord-028636-wxack9zv 12 38 in in IN cord-028636-wxack9zv 12 39 J J NNP cord-028636-wxack9zv 12 40 Am Am NNP cord-028636-wxack9zv 12 41 Stat Stat NNP cord-028636-wxack9zv 12 42 Assoc Assoc NNP cord-028636-wxack9zv 12 43 85:398–409 85:398–409 CD cord-028636-wxack9zv 12 44 , , , cord-028636-wxack9zv 12 45 1990 1990 CD cord-028636-wxack9zv 12 46 ; ; : cord-028636-wxack9zv 12 47 Gilks Gilks NNP cord-028636-wxack9zv 12 48 and and CC cord-028636-wxack9zv 12 49 Wild Wild NNP cord-028636-wxack9zv 12 50 in in IN cord-028636-wxack9zv 12 51 41:337–348 41:337–348 CD cord-028636-wxack9zv 12 52 , , , cord-028636-wxack9zv 12 53 1992 1992 CD cord-028636-wxack9zv 12 54 ) ) -RRB- cord-028636-wxack9zv 12 55 . . . cord-028636-wxack9zv 13 1 Model model NN cord-028636-wxack9zv 13 2 comparisons comparison NNS cord-028636-wxack9zv 13 3 illustrate illustrate VBP cord-028636-wxack9zv 13 4 that that IN cord-028636-wxack9zv 13 5 the the DT cord-028636-wxack9zv 13 6 ARSV ARSV NNP cord-028636-wxack9zv 13 7 - - HYPH cord-028636-wxack9zv 13 8 t t NN cord-028636-wxack9zv 13 9 model model NN cord-028636-wxack9zv 13 10 performs perform VBZ cord-028636-wxack9zv 13 11 better well JJR cord-028636-wxack9zv 13 12 performances performance NNS cord-028636-wxack9zv 13 13 . . . cord-028636-wxack9zv 14 1 We -PRON- PRP cord-028636-wxack9zv 14 2 conclude conclude VBP cord-028636-wxack9zv 14 3 that that IN cord-028636-wxack9zv 14 4 this this DT cord-028636-wxack9zv 14 5 model model NN cord-028636-wxack9zv 14 6 is be VBZ cord-028636-wxack9zv 14 7 better well JJR cord-028636-wxack9zv 14 8 than than IN cord-028636-wxack9zv 14 9 the the DT cord-028636-wxack9zv 14 10 SVOL SVOL NNP cord-028636-wxack9zv 14 11 model model NN cord-028636-wxack9zv 14 12 on on IN cord-028636-wxack9zv 14 13 the the DT cord-028636-wxack9zv 14 14 MSE MSE NNP cord-028636-wxack9zv 14 15 and and CC cord-028636-wxack9zv 14 16 AIC AIC NNP cord-028636-wxack9zv 14 17 function function NN cord-028636-wxack9zv 14 18 . . . cord-028636-wxack9zv 15 1 This this DT cord-028636-wxack9zv 15 2 result result NN cord-028636-wxack9zv 15 3 concerns concern VBZ cord-028636-wxack9zv 15 4 bitcoin bitcoin NN cord-028636-wxack9zv 15 5 as as RB cord-028636-wxack9zv 15 6 well well RB cord-028636-wxack9zv 15 7 as as IN cord-028636-wxack9zv 15 8 the the DT cord-028636-wxack9zv 15 9 other other JJ cord-028636-wxack9zv 15 10 stock stock NN cord-028636-wxack9zv 15 11 market market NN cord-028636-wxack9zv 15 12 indices index NNS cord-028636-wxack9zv 15 13 . . . cord-028636-wxack9zv 16 1 Without without IN cord-028636-wxack9zv 16 2 forgetting forget VBG cord-028636-wxack9zv 16 3 that that IN cord-028636-wxack9zv 16 4 our -PRON- PRP$ cord-028636-wxack9zv 16 5 finding finding NN cord-028636-wxack9zv 16 6 proves prove VBZ cord-028636-wxack9zv 16 7 the the DT cord-028636-wxack9zv 16 8 efficiency efficiency NN cord-028636-wxack9zv 16 9 of of IN cord-028636-wxack9zv 16 10 Markov Markov NNP cord-028636-wxack9zv 16 11 Chain Chain NNP cord-028636-wxack9zv 16 12 for for IN cord-028636-wxack9zv 16 13 our -PRON- PRP$ cord-028636-wxack9zv 16 14 sample sample NN cord-028636-wxack9zv 16 15 and and CC cord-028636-wxack9zv 16 16 the the DT cord-028636-wxack9zv 16 17 convergence convergence NN cord-028636-wxack9zv 16 18 and and CC cord-028636-wxack9zv 16 19 stability stability NN cord-028636-wxack9zv 16 20 for for IN cord-028636-wxack9zv 16 21 all all DT cord-028636-wxack9zv 16 22 parameters parameter NNS cord-028636-wxack9zv 16 23 to to IN cord-028636-wxack9zv 16 24 a a DT cord-028636-wxack9zv 16 25 certain certain JJ cord-028636-wxack9zv 16 26 level level NN cord-028636-wxack9zv 16 27 . . . cord-028636-wxack9zv 17 1 On on IN cord-028636-wxack9zv 17 2 the the DT cord-028636-wxack9zv 17 3 whole whole NN cord-028636-wxack9zv 17 4 , , , cord-028636-wxack9zv 17 5 it -PRON- PRP cord-028636-wxack9zv 17 6 seems seem VBZ cord-028636-wxack9zv 17 7 that that IN cord-028636-wxack9zv 17 8 permanent permanent JJ cord-028636-wxack9zv 17 9 shocks shock NNS cord-028636-wxack9zv 17 10 have have VBP cord-028636-wxack9zv 17 11 an an DT cord-028636-wxack9zv 17 12 effect effect NN cord-028636-wxack9zv 17 13 on on IN cord-028636-wxack9zv 17 14 the the DT cord-028636-wxack9zv 17 15 volatility volatility NN cord-028636-wxack9zv 17 16 of of IN cord-028636-wxack9zv 17 17 the the DT cord-028636-wxack9zv 17 18 price price NN cord-028636-wxack9zv 17 19 of of IN cord-028636-wxack9zv 17 20 the the DT cord-028636-wxack9zv 17 21 bitcoin bitcoin NN cord-028636-wxack9zv 17 22 and and CC cord-028636-wxack9zv 17 23 also also RB cord-028636-wxack9zv 17 24 on on IN cord-028636-wxack9zv 17 25 the the DT cord-028636-wxack9zv 17 26 other other JJ cord-028636-wxack9zv 17 27 stock stock NN cord-028636-wxack9zv 17 28 market market NN cord-028636-wxack9zv 17 29 . . . cord-028636-wxack9zv 18 1 Our -PRON- PRP$ cord-028636-wxack9zv 18 2 results result NNS cord-028636-wxack9zv 18 3 will will MD cord-028636-wxack9zv 18 4 help help VB cord-028636-wxack9zv 18 5 investors investor NNS cord-028636-wxack9zv 18 6 better well RBR cord-028636-wxack9zv 18 7 diversify diversify VB cord-028636-wxack9zv 18 8 their -PRON- PRP$ cord-028636-wxack9zv 18 9 portfolio portfolio NN cord-028636-wxack9zv 18 10 by by IN cord-028636-wxack9zv 18 11 adding add VBG cord-028636-wxack9zv 18 12 this this DT cord-028636-wxack9zv 18 13 cryptocurrency cryptocurrency NN cord-028636-wxack9zv 18 14 . . . cord-028636-wxack9zv 19 1 In in IN cord-028636-wxack9zv 19 2 the the DT cord-028636-wxack9zv 19 3 last last JJ cord-028636-wxack9zv 19 4 decades decade NNS cord-028636-wxack9zv 19 5 , , , cord-028636-wxack9zv 19 6 a a DT cord-028636-wxack9zv 19 7 new new JJ cord-028636-wxack9zv 19 8 type type NN cord-028636-wxack9zv 19 9 of of IN cord-028636-wxack9zv 19 10 currency currency NN cord-028636-wxack9zv 19 11 has have VBZ cord-028636-wxack9zv 19 12 been be VBN cord-028636-wxack9zv 19 13 launched launch VBN cord-028636-wxack9zv 19 14 on on IN cord-028636-wxack9zv 19 15 the the DT cord-028636-wxack9zv 19 16 financial financial JJ cord-028636-wxack9zv 19 17 market market NN cord-028636-wxack9zv 19 18 and and CC cord-028636-wxack9zv 19 19 has have VBZ cord-028636-wxack9zv 19 20 gained gain VBN cord-028636-wxack9zv 19 21 importance importance NN cord-028636-wxack9zv 19 22 . . . cord-028636-wxack9zv 20 1 Bitcoin Bitcoin NNP cord-028636-wxack9zv 20 2 is be VBZ cord-028636-wxack9zv 20 3 a a DT cord-028636-wxack9zv 20 4 special special JJ cord-028636-wxack9zv 20 5 kind kind NN cord-028636-wxack9zv 20 6 of of IN cord-028636-wxack9zv 20 7 asset asset NN cord-028636-wxack9zv 20 8 called call VBN cord-028636-wxack9zv 20 9 cryptocurrency cryptocurrency NN cord-028636-wxack9zv 20 10 . . . cord-028636-wxack9zv 21 1 It -PRON- PRP cord-028636-wxack9zv 21 2 was be VBD cord-028636-wxack9zv 21 3 designed design VBN cord-028636-wxack9zv 21 4 by by IN cord-028636-wxack9zv 21 5 Satoshi Satoshi NNP cord-028636-wxack9zv 21 6 Nakamoto Nakamoto NNP cord-028636-wxack9zv 21 7 ( ( -LRB- cord-028636-wxack9zv 21 8 allegedly allegedly RB cord-028636-wxack9zv 21 9 a a DT cord-028636-wxack9zv 21 10 pseudonym pseudonym NN cord-028636-wxack9zv 21 11 of of IN cord-028636-wxack9zv 21 12 one one CD cord-028636-wxack9zv 21 13 person person NN cord-028636-wxack9zv 21 14 or or CC cord-028636-wxack9zv 21 15 a a DT cord-028636-wxack9zv 21 16 group group NN cord-028636-wxack9zv 21 17 of of IN cord-028636-wxack9zv 21 18 people people NNS cord-028636-wxack9zv 21 19 ) ) -RRB- cord-028636-wxack9zv 21 20 to to TO cord-028636-wxack9zv 21 21 work work VB cord-028636-wxack9zv 21 22 as as IN cord-028636-wxack9zv 21 23 a a DT cord-028636-wxack9zv 21 24 medium medium NN cord-028636-wxack9zv 21 25 of of IN cord-028636-wxack9zv 21 26 exchange exchange NN cord-028636-wxack9zv 21 27 Nakamoto Nakamoto NNP cord-028636-wxack9zv 21 28 ( ( -LRB- cord-028636-wxack9zv 21 29 2009 2009 CD cord-028636-wxack9zv 21 30 ) ) -RRB- cord-028636-wxack9zv 21 31 . . . cord-028636-wxack9zv 22 1 Since since IN cord-028636-wxack9zv 22 2 its -PRON- PRP$ cord-028636-wxack9zv 22 3 introduction introduction NN cord-028636-wxack9zv 22 4 , , , cord-028636-wxack9zv 22 5 it -PRON- PRP cord-028636-wxack9zv 22 6 has have VBZ cord-028636-wxack9zv 22 7 been be VBN cord-028636-wxack9zv 22 8 gaining gain VBG cord-028636-wxack9zv 22 9 more more JJR cord-028636-wxack9zv 22 10 attention attention NN cord-028636-wxack9zv 22 11 from from IN cord-028636-wxack9zv 22 12 the the DT cord-028636-wxack9zv 22 13 media medium NNS cord-028636-wxack9zv 22 14 , , , cord-028636-wxack9zv 22 15 the the DT cord-028636-wxack9zv 22 16 finance finance NN cord-028636-wxack9zv 22 17 industry industry NN cord-028636-wxack9zv 22 18 , , , cord-028636-wxack9zv 22 19 and and CC cord-028636-wxack9zv 22 20 academics academic NNS cord-028636-wxack9zv 22 21 . . . cord-028636-wxack9zv 23 1 Contrary contrary JJ cord-028636-wxack9zv 23 2 to to TO cord-028636-wxack9zv 23 3 ' ' '' cord-028636-wxack9zv 23 4 ' ' `` cord-028636-wxack9zv 23 5 traditional traditional JJ cord-028636-wxack9zv 23 6 ' ' '' cord-028636-wxack9zv 23 7 ' ' '' cord-028636-wxack9zv 23 8 fiat fiat NNP cord-028636-wxack9zv 23 9 currencies currency NNS cord-028636-wxack9zv 23 10 , , , cord-028636-wxack9zv 23 11 bitcoin bitcoin NNP cord-028636-wxack9zv 23 12 does do VBZ cord-028636-wxack9zv 23 13 not not RB cord-028636-wxack9zv 23 14 rely rely VB cord-028636-wxack9zv 23 15 on on IN cord-028636-wxack9zv 23 16 any any DT cord-028636-wxack9zv 23 17 central central JJ cord-028636-wxack9zv 23 18 authority authority NN cord-028636-wxack9zv 23 19 but but CC cord-028636-wxack9zv 23 20 uses use VBZ cord-028636-wxack9zv 23 21 cryptography cryptography NN cord-028636-wxack9zv 23 22 to to TO cord-028636-wxack9zv 23 23 control control VB cord-028636-wxack9zv 23 24 its -PRON- PRP$ cord-028636-wxack9zv 23 25 creation creation NN cord-028636-wxack9zv 23 26 and and CC cord-028636-wxack9zv 23 27 management management NN cord-028636-wxack9zv 23 28 . . . cord-028636-wxack9zv 24 1 Some some DT cord-028636-wxack9zv 24 2 business business NN cord-028636-wxack9zv 24 3 already already RB cord-028636-wxack9zv 24 4 began begin VBD cord-028636-wxack9zv 24 5 accepting accept VBG cord-028636-wxack9zv 24 6 bitcoins bitcoin NNS cord-028636-wxack9zv 24 7 in in IN cord-028636-wxack9zv 24 8 addition addition NN cord-028636-wxack9zv 24 9 to to IN cord-028636-wxack9zv 24 10 national national JJ cord-028636-wxack9zv 24 11 currencies currency NNS cord-028636-wxack9zv 24 12 ( ( -LRB- cord-028636-wxack9zv 24 13 Williamson Williamson NNP cord-028636-wxack9zv 24 14 2018 2018 CD cord-028636-wxack9zv 24 15 ) ) -RRB- cord-028636-wxack9zv 24 16 . . . cord-028636-wxack9zv 25 1 However however RB cord-028636-wxack9zv 25 2 , , , cord-028636-wxack9zv 25 3 the the DT cord-028636-wxack9zv 25 4 legal legal JJ cord-028636-wxack9zv 25 5 status status NN cord-028636-wxack9zv 25 6 of of IN cord-028636-wxack9zv 25 7 bitcoin bitcoin NN cord-028636-wxack9zv 25 8 varies vary VBZ cord-028636-wxack9zv 25 9 substantially substantially RB cord-028636-wxack9zv 25 10 from from IN cord-028636-wxack9zv 25 11 country country NN cord-028636-wxack9zv 25 12 to to IN cord-028636-wxack9zv 25 13 country country NN cord-028636-wxack9zv 25 14 . . . cord-028636-wxack9zv 26 1 There there EX cord-028636-wxack9zv 26 2 are be VBP cord-028636-wxack9zv 26 3 several several JJ cord-028636-wxack9zv 26 4 reasons reason NNS cord-028636-wxack9zv 26 5 for for IN cord-028636-wxack9zv 26 6 this this DT cord-028636-wxack9zv 26 7 interest interest NN cord-028636-wxack9zv 26 8 : : : cord-028636-wxack9zv 27 1 Firstly firstly RB cord-028636-wxack9zv 27 2 , , , cord-028636-wxack9zv 27 3 Japan Japan NNP cord-028636-wxack9zv 27 4 and and CC cord-028636-wxack9zv 27 5 South South NNP cord-028636-wxack9zv 27 6 Korea Korea NNP cord-028636-wxack9zv 27 7 have have VBP cord-028636-wxack9zv 27 8 recognized recognize VBN cord-028636-wxack9zv 27 9 Bitcoin Bitcoin NNP cord-028636-wxack9zv 27 10 as as IN cord-028636-wxack9zv 27 11 a a DT cord-028636-wxack9zv 27 12 legal legal JJ cord-028636-wxack9zv 27 13 method method NN cord-028636-wxack9zv 27 14 of of IN cord-028636-wxack9zv 27 15 payment payment NN cord-028636-wxack9zv 27 16 ( ( -LRB- cord-028636-wxack9zv 27 17 Bloomberg Bloomberg NNP cord-028636-wxack9zv 27 18 2017a 2017a CD cord-028636-wxack9zv 27 19 ; ; : cord-028636-wxack9zv 27 20 Cointelegraph Cointelegraph NNP cord-028636-wxack9zv 27 21 2017 2017 CD cord-028636-wxack9zv 27 22 ) ) -RRB- cord-028636-wxack9zv 27 23 . . . cord-028636-wxack9zv 28 1 Second second RB cord-028636-wxack9zv 28 2 , , , cord-028636-wxack9zv 28 3 some some DT cord-028636-wxack9zv 28 4 central central JJ cord-028636-wxack9zv 28 5 banks bank NNS cord-028636-wxack9zv 28 6 are be VBP cord-028636-wxack9zv 28 7 exploring explore VBG cord-028636-wxack9zv 28 8 the the DT cord-028636-wxack9zv 28 9 use use NN cord-028636-wxack9zv 28 10 of of IN cord-028636-wxack9zv 28 11 cryptocurrencies cryptocurrencie NNS cord-028636-wxack9zv 28 12 ( ( -LRB- cord-028636-wxack9zv 28 13 Bloomberg Bloomberg NNP cord-028636-wxack9zv 28 14 2017b 2017b CD cord-028636-wxack9zv 28 15 ) ) -RRB- cord-028636-wxack9zv 28 16 . . . cord-028636-wxack9zv 29 1 Third third RB cord-028636-wxack9zv 29 2 , , , cord-028636-wxack9zv 29 3 the the DT cord-028636-wxack9zv 29 4 Enterprise Enterprise NNP cord-028636-wxack9zv 29 5 Ethereum Ethereum NNP cord-028636-wxack9zv 29 6 Alliance Alliance NNP cord-028636-wxack9zv 29 7 was be VBD cord-028636-wxack9zv 29 8 created create VBN cord-028636-wxack9zv 29 9 by by IN cord-028636-wxack9zv 29 10 a a DT cord-028636-wxack9zv 29 11 large large JJ cord-028636-wxack9zv 29 12 number number NN cord-028636-wxack9zv 29 13 of of IN cord-028636-wxack9zv 29 14 companies company NNS cord-028636-wxack9zv 29 15 and and CC cord-028636-wxack9zv 29 16 banks bank NNS cord-028636-wxack9zv 29 17 to to TO cord-028636-wxack9zv 29 18 make make VB cord-028636-wxack9zv 29 19 use use NN cord-028636-wxack9zv 29 20 of of IN cord-028636-wxack9zv 29 21 cryptocurrencies cryptocurrencie NNS cord-028636-wxack9zv 29 22 and and CC cord-028636-wxack9zv 29 23 the the DT cord-028636-wxack9zv 29 24 related related JJ cord-028636-wxack9zv 29 25 technology technology NN cord-028636-wxack9zv 29 26 called call VBN cord-028636-wxack9zv 29 27 blockchain blockchain NN cord-028636-wxack9zv 29 28 ( ( -LRB- cord-028636-wxack9zv 29 29 Forbes Forbes NNP cord-028636-wxack9zv 29 30 2017 2017 CD cord-028636-wxack9zv 29 31 ) ) -RRB- cord-028636-wxack9zv 29 32 . . . cord-028636-wxack9zv 30 1 Bitcoin Bitcoin NNP cord-028636-wxack9zv 30 2 ( ( -LRB- cord-028636-wxack9zv 30 3 BTC BTC NNP cord-028636-wxack9zv 30 4 ) ) -RRB- cord-028636-wxack9zv 30 5 is be VBZ cord-028636-wxack9zv 30 6 based base VBN cord-028636-wxack9zv 30 7 on on IN cord-028636-wxack9zv 30 8 decentralisation decentralisation NN cord-028636-wxack9zv 30 9 , , , cord-028636-wxack9zv 30 10 which which WDT cord-028636-wxack9zv 30 11 means mean VBZ cord-028636-wxack9zv 30 12 that that IN cord-028636-wxack9zv 30 13 it -PRON- PRP cord-028636-wxack9zv 30 14 is be VBZ cord-028636-wxack9zv 30 15 controlled control VBN cord-028636-wxack9zv 30 16 and and CC cord-028636-wxack9zv 30 17 owned own VBN cord-028636-wxack9zv 30 18 by by IN cord-028636-wxack9zv 30 19 its -PRON- PRP$ cord-028636-wxack9zv 30 20 users user NNS cord-028636-wxack9zv 30 21 . . . cord-028636-wxack9zv 31 1 This this DT cord-028636-wxack9zv 31 2 decentralization decentralization NN cord-028636-wxack9zv 31 3 is be VBZ cord-028636-wxack9zv 31 4 often often RB cord-028636-wxack9zv 31 5 criticized criticize VBN cord-028636-wxack9zv 31 6 due due IN cord-028636-wxack9zv 31 7 to to IN cord-028636-wxack9zv 31 8 the the DT cord-028636-wxack9zv 31 9 lack lack NN cord-028636-wxack9zv 31 10 of of IN cord-028636-wxack9zv 31 11 control control NN cord-028636-wxack9zv 31 12 over over IN cord-028636-wxack9zv 31 13 the the DT cord-028636-wxack9zv 31 14 whole whole JJ cord-028636-wxack9zv 31 15 system system NN cord-028636-wxack9zv 31 16 . . . cord-028636-wxack9zv 32 1 Despite despite IN cord-028636-wxack9zv 32 2 this this DT cord-028636-wxack9zv 32 3 criticism criticism NN cord-028636-wxack9zv 32 4 , , , cord-028636-wxack9zv 32 5 Bitcoin Bitcoin NNP cord-028636-wxack9zv 32 6 increased increase VBD cord-028636-wxack9zv 32 7 in in IN cord-028636-wxack9zv 32 8 value value NN cord-028636-wxack9zv 32 9 from from IN cord-028636-wxack9zv 32 10 a a DT cord-028636-wxack9zv 32 11 couple couple NN cord-028636-wxack9zv 32 12 of of IN cord-028636-wxack9zv 32 13 cents cent NNS cord-028636-wxack9zv 32 14 in in IN cord-028636-wxack9zv 32 15 the the DT cord-028636-wxack9zv 32 16 beginning beginning NN cord-028636-wxack9zv 32 17 ( ( -LRB- cord-028636-wxack9zv 32 18 2009 2009 CD cord-028636-wxack9zv 32 19 ) ) -RRB- cord-028636-wxack9zv 32 20 to to IN cord-028636-wxack9zv 32 21 about about IN cord-028636-wxack9zv 32 22 20,000 20,000 CD cord-028636-wxack9zv 32 23 US US NNP cord-028636-wxack9zv 32 24 dollars dollar NNS cord-028636-wxack9zv 32 25 at at IN cord-028636-wxack9zv 32 26 the the DT cord-028636-wxack9zv 32 27 end end NN cord-028636-wxack9zv 32 28 of of IN cord-028636-wxack9zv 32 29 2017 2017 CD cord-028636-wxack9zv 32 30 . . . cord-028636-wxack9zv 33 1 In in IN cord-028636-wxack9zv 33 2 China China NNP cord-028636-wxack9zv 33 3 , , , cord-028636-wxack9zv 33 4 cryptocurrency cryptocurrency NN cord-028636-wxack9zv 33 5 trade trade NN cord-028636-wxack9zv 33 6 was be VBD cord-028636-wxack9zv 33 7 banned ban VBN cord-028636-wxack9zv 33 8 in in IN cord-028636-wxack9zv 33 9 October October NNP cord-028636-wxack9zv 33 10 2017 2017 CD cord-028636-wxack9zv 33 11 . . . cord-028636-wxack9zv 34 1 With with IN cord-028636-wxack9zv 34 2 Bitcoin Bitcoin NNP cord-028636-wxack9zv 34 3 's 's POS cord-028636-wxack9zv 34 4 increasing increase VBG cord-028636-wxack9zv 34 5 popularity popularity NN cord-028636-wxack9zv 34 6 , , , cord-028636-wxack9zv 34 7 understanding understand VBG cord-028636-wxack9zv 34 8 how how WRB cord-028636-wxack9zv 34 9 its -PRON- PRP$ cord-028636-wxack9zv 34 10 prices price NNS cord-028636-wxack9zv 34 11 are be VBP cord-028636-wxack9zv 34 12 correlated correlate VBN cord-028636-wxack9zv 34 13 with with IN cord-028636-wxack9zv 34 14 other other JJ cord-028636-wxack9zv 34 15 financial financial JJ cord-028636-wxack9zv 34 16 assets asset NNS cord-028636-wxack9zv 34 17 is be VBZ cord-028636-wxack9zv 34 18 of of IN cord-028636-wxack9zv 34 19 interest interest NN cord-028636-wxack9zv 34 20 to to IN cord-028636-wxack9zv 34 21 investors investor NNS cord-028636-wxack9zv 34 22 , , , cord-028636-wxack9zv 34 23 regulators regulator NNS cord-028636-wxack9zv 34 24 and and CC cord-028636-wxack9zv 34 25 policymakers policymaker NNS cord-028636-wxack9zv 34 26 . . . cord-028636-wxack9zv 35 1 As as IN cord-028636-wxack9zv 35 2 a a DT cord-028636-wxack9zv 35 3 peer peer NN cord-028636-wxack9zv 35 4 - - HYPH cord-028636-wxack9zv 35 5 to to IN cord-028636-wxack9zv 35 6 - - HYPH cord-028636-wxack9zv 35 7 peer peer NN cord-028636-wxack9zv 35 8 crypto crypto JJ cord-028636-wxack9zv 35 9 - - HYPH cord-028636-wxack9zv 35 10 currency currency NN cord-028636-wxack9zv 35 11 , , , cord-028636-wxack9zv 35 12 Bitcoin Bitcoin NNP cord-028636-wxack9zv 35 13 holds hold VBZ cord-028636-wxack9zv 35 14 the the DT cord-028636-wxack9zv 35 15 promise promise NN cord-028636-wxack9zv 35 16 of of IN cord-028636-wxack9zv 35 17 being be VBG cord-028636-wxack9zv 35 18 free free JJ cord-028636-wxack9zv 35 19 from from IN cord-028636-wxack9zv 35 20 central central JJ cord-028636-wxack9zv 35 21 banks bank NNS cord-028636-wxack9zv 35 22 ' ' POS cord-028636-wxack9zv 35 23 and and CC cord-028636-wxack9zv 35 24 governments government NNS cord-028636-wxack9zv 35 25 ' ' POS cord-028636-wxack9zv 35 26 interventions intervention NNS cord-028636-wxack9zv 35 27 . . . cord-028636-wxack9zv 36 1 A a DT cord-028636-wxack9zv 36 2 decade decade NN cord-028636-wxack9zv 36 3 after after IN cord-028636-wxack9zv 36 4 its -PRON- PRP$ cord-028636-wxack9zv 36 5 inception inception NN cord-028636-wxack9zv 36 6 following follow VBG cord-028636-wxack9zv 36 7 Satoshi Satoshi NNP cord-028636-wxack9zv 36 8 Nakamoto Nakamoto NNP cord-028636-wxack9zv 36 9 's 's POS cord-028636-wxack9zv 36 10 ( ( -LRB- cord-028636-wxack9zv 36 11 2008 2008 CD cord-028636-wxack9zv 36 12 ) ) -RRB- cord-028636-wxack9zv 36 13 vision vision NN cord-028636-wxack9zv 36 14 , , , cord-028636-wxack9zv 36 15 its -PRON- PRP$ cord-028636-wxack9zv 36 16 price price NN cord-028636-wxack9zv 36 17 movements movement NNS cord-028636-wxack9zv 36 18 are be VBP cord-028636-wxack9zv 36 19 far far RB cord-028636-wxack9zv 36 20 from from IN cord-028636-wxack9zv 36 21 being be VBG cord-028636-wxack9zv 36 22 tamed tame VBN cord-028636-wxack9zv 36 23 nowadays nowadays RB cord-028636-wxack9zv 36 24 . . . cord-028636-wxack9zv 37 1 This this DT cord-028636-wxack9zv 37 2 study study NN cord-028636-wxack9zv 37 3 contributes contribute VBZ cord-028636-wxack9zv 37 4 to to IN cord-028636-wxack9zv 37 5 the the DT cord-028636-wxack9zv 37 6 existing exist VBG cord-028636-wxack9zv 37 7 literature literature NN cord-028636-wxack9zv 37 8 on on IN cord-028636-wxack9zv 37 9 the the DT cord-028636-wxack9zv 37 10 empirical empirical JJ cord-028636-wxack9zv 37 11 characteristics characteristic NNS cord-028636-wxack9zv 37 12 of of IN cord-028636-wxack9zv 37 13 virtual virtual JJ cord-028636-wxack9zv 37 14 currency currency NN cord-028636-wxack9zv 37 15 allowing allow VBG cord-028636-wxack9zv 37 16 for for IN cord-028636-wxack9zv 37 17 a a DT cord-028636-wxack9zv 37 18 dynamic dynamic JJ cord-028636-wxack9zv 37 19 transition transition NN cord-028636-wxack9zv 37 20 between between IN cord-028636-wxack9zv 37 21 different different JJ cord-028636-wxack9zv 37 22 economic economic JJ cord-028636-wxack9zv 37 23 regimes regime NNS cord-028636-wxack9zv 37 24 and and CC cord-028636-wxack9zv 37 25 considering consider VBG cord-028636-wxack9zv 37 26 various various JJ cord-028636-wxack9zv 37 27 crashes crash NNS cord-028636-wxack9zv 37 28 and and CC cord-028636-wxack9zv 37 29 rallies rally NNS cord-028636-wxack9zv 37 30 over over IN cord-028636-wxack9zv 37 31 the the DT cord-028636-wxack9zv 37 32 business business NN cord-028636-wxack9zv 37 33 cycle cycle NN cord-028636-wxack9zv 37 34 , , , cord-028636-wxack9zv 37 35 that that WDT cord-028636-wxack9zv 37 36 is be VBZ cord-028636-wxack9zv 37 37 captured capture VBN cord-028636-wxack9zv 37 38 by by IN cord-028636-wxack9zv 37 39 jumps jump NNS cord-028636-wxack9zv 37 40 . . . cord-028636-wxack9zv 38 1 Stochastic stochastic JJ cord-028636-wxack9zv 38 2 volatility volatility NN cord-028636-wxack9zv 38 3 ( ( -LRB- cord-028636-wxack9zv 38 4 SV sv NN cord-028636-wxack9zv 38 5 ) ) -RRB- cord-028636-wxack9zv 38 6 models model NNS cord-028636-wxack9zv 38 7 are be VBP cord-028636-wxack9zv 38 8 workhorses workhorse NNS cord-028636-wxack9zv 38 9 for for IN cord-028636-wxack9zv 38 10 the the DT cord-028636-wxack9zv 38 11 modeling modeling NN cord-028636-wxack9zv 38 12 and and CC cord-028636-wxack9zv 38 13 prediction prediction NN cord-028636-wxack9zv 38 14 of of IN cord-028636-wxack9zv 38 15 time time NN cord-028636-wxack9zv 38 16 - - HYPH cord-028636-wxack9zv 38 17 varying vary VBG cord-028636-wxack9zv 38 18 volatility volatility NN cord-028636-wxack9zv 38 19 on on IN cord-028636-wxack9zv 38 20 financial financial JJ cord-028636-wxack9zv 38 21 markets market NNS cord-028636-wxack9zv 38 22 , , , cord-028636-wxack9zv 38 23 and and CC cord-028636-wxack9zv 38 24 are be VBP cord-028636-wxack9zv 38 25 essential essential JJ cord-028636-wxack9zv 38 26 tools tool NNS cord-028636-wxack9zv 38 27 in in IN cord-028636-wxack9zv 38 28 risk risk NN cord-028636-wxack9zv 38 29 management management NN cord-028636-wxack9zv 38 30 , , , cord-028636-wxack9zv 38 31 asset asset NN cord-028636-wxack9zv 38 32 pricing pricing NN cord-028636-wxack9zv 38 33 and and CC cord-028636-wxack9zv 38 34 asset asset NN cord-028636-wxack9zv 38 35 allocation allocation NN cord-028636-wxack9zv 38 36 . . . cord-028636-wxack9zv 39 1 In in IN cord-028636-wxack9zv 39 2 financial financial JJ cord-028636-wxack9zv 39 3 mathematics mathematic NNS cord-028636-wxack9zv 39 4 and and CC cord-028636-wxack9zv 39 5 financial financial JJ cord-028636-wxack9zv 39 6 economics economic NNS cord-028636-wxack9zv 39 7 , , , cord-028636-wxack9zv 39 8 stochastic stochastic JJ cord-028636-wxack9zv 39 9 volatility volatility NN cord-028636-wxack9zv 39 10 is be VBZ cord-028636-wxack9zv 39 11 typically typically RB cord-028636-wxack9zv 39 12 modeled model VBN cord-028636-wxack9zv 39 13 in in IN cord-028636-wxack9zv 39 14 a a DT cord-028636-wxack9zv 39 15 continuous continuous JJ cord-028636-wxack9zv 39 16 - - HYPH cord-028636-wxack9zv 39 17 time time NN cord-028636-wxack9zv 39 18 setting setting NN cord-028636-wxack9zv 39 19 which which WDT cord-028636-wxack9zv 39 20 is be VBZ cord-028636-wxack9zv 39 21 advantageous advantageous JJ cord-028636-wxack9zv 39 22 for for IN cord-028636-wxack9zv 39 23 derivative derivative JJ cord-028636-wxack9zv 39 24 pricing pricing NN cord-028636-wxack9zv 39 25 and and CC cord-028636-wxack9zv 39 26 portfolio portfolio NN cord-028636-wxack9zv 39 27 optimization optimization NN cord-028636-wxack9zv 39 28 . . . cord-028636-wxack9zv 40 1 Nevertheless nevertheless RB cord-028636-wxack9zv 40 2 , , , cord-028636-wxack9zv 40 3 since since IN cord-028636-wxack9zv 40 4 data data NN cord-028636-wxack9zv 40 5 is be VBZ cord-028636-wxack9zv 40 6 typically typically RB cord-028636-wxack9zv 40 7 only only RB cord-028636-wxack9zv 40 8 observable observable JJ cord-028636-wxack9zv 40 9 at at IN cord-028636-wxack9zv 40 10 discrete discrete JJ cord-028636-wxack9zv 40 11 points point NNS cord-028636-wxack9zv 40 12 in in IN cord-028636-wxack9zv 40 13 time time NN cord-028636-wxack9zv 40 14 , , , cord-028636-wxack9zv 40 15 in in IN cord-028636-wxack9zv 40 16 empirical empirical JJ cord-028636-wxack9zv 40 17 applications application NNS cord-028636-wxack9zv 40 18 , , , cord-028636-wxack9zv 40 19 discrete discrete JJ cord-028636-wxack9zv 40 20 - - HYPH cord-028636-wxack9zv 40 21 time time NN cord-028636-wxack9zv 40 22 formulations formulation NNS cord-028636-wxack9zv 40 23 of of IN cord-028636-wxack9zv 40 24 SV sv NN cord-028636-wxack9zv 40 25 models model NNS cord-028636-wxack9zv 40 26 are be VBP cord-028636-wxack9zv 40 27 equally equally RB cord-028636-wxack9zv 40 28 important important JJ cord-028636-wxack9zv 40 29 . . . cord-028636-wxack9zv 41 1 Volatility volatility NN cord-028636-wxack9zv 41 2 plays play VBZ cord-028636-wxack9zv 41 3 an an DT cord-028636-wxack9zv 41 4 important important JJ cord-028636-wxack9zv 41 5 role role NN cord-028636-wxack9zv 41 6 in in IN cord-028636-wxack9zv 41 7 determining determine VBG cord-028636-wxack9zv 41 8 the the DT cord-028636-wxack9zv 41 9 overall overall JJ cord-028636-wxack9zv 41 10 risk risk NN cord-028636-wxack9zv 41 11 of of IN cord-028636-wxack9zv 41 12 a a DT cord-028636-wxack9zv 41 13 portfolio portfolio NN cord-028636-wxack9zv 41 14 and and CC cord-028636-wxack9zv 41 15 identifying identify VBG cord-028636-wxack9zv 41 16 hedging hedge VBG cord-028636-wxack9zv 41 17 strategies strategy NNS cord-028636-wxack9zv 41 18 that that WDT cord-028636-wxack9zv 41 19 make make VBP cord-028636-wxack9zv 41 20 the the DT cord-028636-wxack9zv 41 21 portfolio portfolio NN cord-028636-wxack9zv 41 22 neutral neutral JJ cord-028636-wxack9zv 41 23 concerning concern VBG cord-028636-wxack9zv 41 24 for for IN cord-028636-wxack9zv 41 25 to to IN cord-028636-wxack9zv 41 26 market market NN cord-028636-wxack9zv 41 27 moves move NNS cord-028636-wxack9zv 41 28 . . . cord-028636-wxack9zv 42 1 Moreover moreover RB cord-028636-wxack9zv 42 2 , , , cord-028636-wxack9zv 42 3 volatility volatility NN cord-028636-wxack9zv 42 4 forecasting forecasting NN cord-028636-wxack9zv 42 5 is be VBZ cord-028636-wxack9zv 42 6 also also RB cord-028636-wxack9zv 42 7 crucial crucial JJ cord-028636-wxack9zv 42 8 in in IN cord-028636-wxack9zv 42 9 derivatives derivative NNS cord-028636-wxack9zv 42 10 trading trading NN cord-028636-wxack9zv 42 11 . . . cord-028636-wxack9zv 43 1 Recently recently RB cord-028636-wxack9zv 43 2 , , , cord-028636-wxack9zv 43 3 SV SV NNP cord-028636-wxack9zv 43 4 models model NNS cord-028636-wxack9zv 43 5 allowing allow VBG cord-028636-wxack9zv 43 6 the the DT cord-028636-wxack9zv 43 7 mean mean JJ cord-028636-wxack9zv 43 8 level level NN cord-028636-wxack9zv 43 9 of of IN cord-028636-wxack9zv 43 10 volatility volatility NN cord-028636-wxack9zv 43 11 to to TO cord-028636-wxack9zv 43 12 ' ' `` cord-028636-wxack9zv 43 13 jump jump VB cord-028636-wxack9zv 43 14 ' ' '' cord-028636-wxack9zv 43 15 have have VBP cord-028636-wxack9zv 43 16 been be VBN cord-028636-wxack9zv 43 17 used use VBN cord-028636-wxack9zv 43 18 in in IN cord-028636-wxack9zv 43 19 literature literature NN cord-028636-wxack9zv 43 20 , , , cord-028636-wxack9zv 43 21 see see VB cord-028636-wxack9zv 43 22 Chang Chang NNP cord-028636-wxack9zv 43 23 et et NNP cord-028636-wxack9zv 43 24 al al NNP cord-028636-wxack9zv 43 25 . . . cord-028636-wxack9zv 44 1 ( ( -LRB- cord-028636-wxack9zv 44 2 2007 2007 CD cord-028636-wxack9zv 44 3 ) ) -RRB- cord-028636-wxack9zv 44 4 and and CC cord-028636-wxack9zv 44 5 Chib Chib NNP cord-028636-wxack9zv 44 6 et et FW cord-028636-wxack9zv 44 7 al al NNP cord-028636-wxack9zv 44 8 . . . cord-028636-wxack9zv 45 1 ( ( -LRB- cord-028636-wxack9zv 45 2 2002 2002 CD cord-028636-wxack9zv 45 3 ) ) -RRB- cord-028636-wxack9zv 45 4 . . . cord-028636-wxack9zv 46 1 The the DT cord-028636-wxack9zv 46 2 volatility volatility NN cord-028636-wxack9zv 46 3 of of IN cord-028636-wxack9zv 46 4 financial financial JJ cord-028636-wxack9zv 46 5 markets market NNS cord-028636-wxack9zv 46 6 is be VBZ cord-028636-wxack9zv 46 7 a a DT cord-028636-wxack9zv 46 8 subject subject NN cord-028636-wxack9zv 46 9 of of IN cord-028636-wxack9zv 46 10 constant constant JJ cord-028636-wxack9zv 46 11 analysis analysis NN cord-028636-wxack9zv 46 12 movements movement NNS cord-028636-wxack9zv 46 13 in in IN cord-028636-wxack9zv 46 14 the the DT cord-028636-wxack9zv 46 15 price price NN cord-028636-wxack9zv 46 16 of of IN cord-028636-wxack9zv 46 17 financial financial JJ cord-028636-wxack9zv 46 18 assets asset NNS cord-028636-wxack9zv 46 19 which which WDT cord-028636-wxack9zv 46 20 directly directly RB cord-028636-wxack9zv 46 21 affects affect VBZ cord-028636-wxack9zv 46 22 the the DT cord-028636-wxack9zv 46 23 wealth wealth NN cord-028636-wxack9zv 46 24 of of IN cord-028636-wxack9zv 46 25 individuals individual NNS cord-028636-wxack9zv 46 26 , , , cord-028636-wxack9zv 46 27 companies company NNS cord-028636-wxack9zv 46 28 , , , cord-028636-wxack9zv 46 29 charities charity NNS cord-028636-wxack9zv 46 30 , , , cord-028636-wxack9zv 46 31 and and CC cord-028636-wxack9zv 46 32 other other JJ cord-028636-wxack9zv 46 33 corporate corporate JJ cord-028636-wxack9zv 46 34 bodies body NNS cord-028636-wxack9zv 46 35 . . . cord-028636-wxack9zv 47 1 Determining determine VBG cord-028636-wxack9zv 47 2 whether whether IN cord-028636-wxack9zv 47 3 there there EX cord-028636-wxack9zv 47 4 are be VBP cord-028636-wxack9zv 47 5 any any DT cord-028636-wxack9zv 47 6 patterns pattern NNS cord-028636-wxack9zv 47 7 in in IN cord-028636-wxack9zv 47 8 the the DT cord-028636-wxack9zv 47 9 size size NN cord-028636-wxack9zv 47 10 and and CC cord-028636-wxack9zv 47 11 frequency frequency NN cord-028636-wxack9zv 47 12 of of IN cord-028636-wxack9zv 47 13 such such JJ cord-028636-wxack9zv 47 14 movements movement NNS cord-028636-wxack9zv 47 15 , , , cord-028636-wxack9zv 47 16 or or CC cord-028636-wxack9zv 47 17 their -PRON- PRP$ cord-028636-wxack9zv 47 18 cause cause NN cord-028636-wxack9zv 47 19 and and CC cord-028636-wxack9zv 47 20 effect effect NN cord-028636-wxack9zv 47 21 , , , cord-028636-wxack9zv 47 22 is be VBZ cord-028636-wxack9zv 47 23 critical critical JJ cord-028636-wxack9zv 47 24 in in IN cord-028636-wxack9zv 47 25 devising devise VBG cord-028636-wxack9zv 47 26 strategies strategy NNS cord-028636-wxack9zv 47 27 for for IN cord-028636-wxack9zv 47 28 investments investment NNS cord-028636-wxack9zv 47 29 at at IN cord-028636-wxack9zv 47 30 the the DT cord-028636-wxack9zv 47 31 micro micro JJ cord-028636-wxack9zv 47 32 - - JJ cord-028636-wxack9zv 47 33 level level NN cord-028636-wxack9zv 47 34 and and CC cord-028636-wxack9zv 47 35 monetary monetary JJ cord-028636-wxack9zv 47 36 stability stability NN cord-028636-wxack9zv 47 37 at at IN cord-028636-wxack9zv 47 38 the the DT cord-028636-wxack9zv 47 39 macro macro JJ cord-028636-wxack9zv 47 40 level level NN cord-028636-wxack9zv 47 41 . . . cord-028636-wxack9zv 48 1 Shephard Shephard NNP cord-028636-wxack9zv 48 2 and and CC cord-028636-wxack9zv 48 3 Pitt Pitt NNP cord-028636-wxack9zv 48 4 ( ( -LRB- cord-028636-wxack9zv 48 5 1997 1997 CD cord-028636-wxack9zv 48 6 ) ) -RRB- cord-028636-wxack9zv 48 7 used use VBD cord-028636-wxack9zv 48 8 improved improve VBN cord-028636-wxack9zv 48 9 and and CC cord-028636-wxack9zv 48 10 efficient efficient JJ cord-028636-wxack9zv 48 11 Markov Markov NNP cord-028636-wxack9zv 48 12 Chain Chain NNP cord-028636-wxack9zv 48 13 Monte Monte NNP cord-028636-wxack9zv 48 14 - - HYPH cord-028636-wxack9zv 48 15 Carlo Carlo NNP cord-028636-wxack9zv 48 16 ( ( -LRB- cord-028636-wxack9zv 48 17 MCMC MCMC NNP cord-028636-wxack9zv 48 18 ) ) -RRB- cord-028636-wxack9zv 48 19 methods method NNS cord-028636-wxack9zv 48 20 to to TO cord-028636-wxack9zv 48 21 estimate estimate VB cord-028636-wxack9zv 48 22 the the DT cord-028636-wxack9zv 48 23 volatility volatility NN cord-028636-wxack9zv 48 24 process process NN cord-028636-wxack9zv 48 25 '' '' '' cord-028636-wxack9zv 49 1 in in IN cord-028636-wxack9zv 49 2 block block NN cord-028636-wxack9zv 49 3 ' ' '' cord-028636-wxack9zv 49 4 ' ' '' cord-028636-wxack9zv 49 5 rather rather RB cord-028636-wxack9zv 49 6 than than IN cord-028636-wxack9zv 49 7 one one CD cord-028636-wxack9zv 49 8 point point NN cord-028636-wxack9zv 49 9 of of IN cord-028636-wxack9zv 49 10 time time NN cord-028636-wxack9zv 49 11 such such JJ cord-028636-wxack9zv 49 12 as as IN cord-028636-wxack9zv 49 13 highlighted highlight VBN cord-028636-wxack9zv 49 14 by by IN cord-028636-wxack9zv 49 15 Jacquier Jacquier NNP cord-028636-wxack9zv 49 16 et et NNP cord-028636-wxack9zv 49 17 al al NNP cord-028636-wxack9zv 49 18 . . . cord-028636-wxack9zv 50 1 ( ( -LRB- cord-028636-wxack9zv 50 2 1994 1994 CD cord-028636-wxack9zv 50 3 ) ) -RRB- cord-028636-wxack9zv 50 4 , , , cord-028636-wxack9zv 50 5 for for IN cord-028636-wxack9zv 50 6 a a DT cord-028636-wxack9zv 50 7 simple simple JJ cord-028636-wxack9zv 50 8 SV sv NN cord-028636-wxack9zv 50 9 model model NN cord-028636-wxack9zv 50 10 . . . cord-028636-wxack9zv 51 1 Furthermore furthermore RB cord-028636-wxack9zv 51 2 , , , cord-028636-wxack9zv 51 3 Hsu Hsu NNP cord-028636-wxack9zv 51 4 and and CC cord-028636-wxack9zv 51 5 Chiao Chiao NNP cord-028636-wxack9zv 51 6 ( ( -LRB- cord-028636-wxack9zv 51 7 2010 2010 CD cord-028636-wxack9zv 51 8 ) ) -RRB- cord-028636-wxack9zv 51 9 analyze analyze VB cord-028636-wxack9zv 51 10 the the DT cord-028636-wxack9zv 51 11 time time NN cord-028636-wxack9zv 51 12 patterns pattern NNS cord-028636-wxack9zv 51 13 of of IN cord-028636-wxack9zv 51 14 individual individual JJ cord-028636-wxack9zv 51 15 analyst analyst NN cord-028636-wxack9zv 51 16 's 's POS cord-028636-wxack9zv 51 17 relative relative JJ cord-028636-wxack9zv 51 18 accuracy accuracy NN cord-028636-wxack9zv 51 19 ranking rank VBG cord-028636-wxack9zv 51 20 in in IN cord-028636-wxack9zv 51 21 earnings earning NNS cord-028636-wxack9zv 51 22 forecasts forecast NNS cord-028636-wxack9zv 51 23 using use VBG cord-028636-wxack9zv 51 24 a a DT cord-028636-wxack9zv 51 25 Markov Markov NNP cord-028636-wxack9zv 51 26 Chain Chain NNP cord-028636-wxack9zv 51 27 model model NN cord-028636-wxack9zv 51 28 by by IN cord-028636-wxack9zv 51 29 treating treat VBG cord-028636-wxack9zv 51 30 two two CD cord-028636-wxack9zv 51 31 levels level NNS cord-028636-wxack9zv 51 32 of of IN cord-028636-wxack9zv 51 33 stochastic stochastic JJ cord-028636-wxack9zv 51 34 persistence persistence NN cord-028636-wxack9zv 51 35 . . . cord-028636-wxack9zv 52 1 Least Least JJS cord-028636-wxack9zv 52 2 squares square NNS cord-028636-wxack9zv 52 3 and and CC cord-028636-wxack9zv 52 4 maximum maximum JJ cord-028636-wxack9zv 52 5 likelihood likelihood NN cord-028636-wxack9zv 52 6 techniques technique NNS cord-028636-wxack9zv 52 7 have have VBP cord-028636-wxack9zv 52 8 long long RB cord-028636-wxack9zv 52 9 been be VBN cord-028636-wxack9zv 52 10 used use VBN cord-028636-wxack9zv 52 11 in in IN cord-028636-wxack9zv 52 12 parameter parameter NN cord-028636-wxack9zv 52 13 estimation estimation NN cord-028636-wxack9zv 52 14 problems problem NNS cord-028636-wxack9zv 52 15 . . . cord-028636-wxack9zv 53 1 However however RB cord-028636-wxack9zv 53 2 , , , cord-028636-wxack9zv 53 3 those those DT cord-028636-wxack9zv 53 4 techniques technique NNS cord-028636-wxack9zv 53 5 provide provide VBP cord-028636-wxack9zv 53 6 only only JJ cord-028636-wxack9zv 53 7 point point NN cord-028636-wxack9zv 53 8 estimates estimate NNS cord-028636-wxack9zv 53 9 with with IN cord-028636-wxack9zv 53 10 unknown unknown JJ cord-028636-wxack9zv 53 11 or or CC cord-028636-wxack9zv 53 12 approximate approximate JJ cord-028636-wxack9zv 53 13 uncertainty uncertainty NN cord-028636-wxack9zv 53 14 information information NN cord-028636-wxack9zv 53 15 . . . cord-028636-wxack9zv 54 1 Bayesian bayesian JJ cord-028636-wxack9zv 54 2 inference inference NN cord-028636-wxack9zv 54 3 coupled couple VBN cord-028636-wxack9zv 54 4 with with IN cord-028636-wxack9zv 54 5 the the DT cord-028636-wxack9zv 54 6 Gibbs Gibbs NNP cord-028636-wxack9zv 54 7 Sampler Sampler NNP cord-028636-wxack9zv 54 8 is be VBZ cord-028636-wxack9zv 54 9 an an DT cord-028636-wxack9zv 54 10 approach approach NN cord-028636-wxack9zv 54 11 to to TO cord-028636-wxack9zv 54 12 parameter parameter VB cord-028636-wxack9zv 54 13 estimation estimation NN cord-028636-wxack9zv 54 14 that that WDT cord-028636-wxack9zv 54 15 exploits exploit VBZ cord-028636-wxack9zv 54 16 modern modern JJ cord-028636-wxack9zv 54 17 computing computing NN cord-028636-wxack9zv 54 18 technology technology NN cord-028636-wxack9zv 54 19 . . . cord-028636-wxack9zv 55 1 Kliber Kliber NNP cord-028636-wxack9zv 55 2 et et NNP cord-028636-wxack9zv 55 3 al al NNP cord-028636-wxack9zv 55 4 . . . cord-028636-wxack9zv 56 1 ( ( -LRB- cord-028636-wxack9zv 56 2 2019 2019 CD cord-028636-wxack9zv 56 3 ) ) -RRB- cord-028636-wxack9zv 56 4 apply apply VB cord-028636-wxack9zv 56 5 the the DT cord-028636-wxack9zv 56 6 Stochastic Stochastic NNP cord-028636-wxack9zv 56 7 Volatility Volatility NNP cord-028636-wxack9zv 56 8 Model Model NNP cord-028636-wxack9zv 56 9 with with IN cord-028636-wxack9zv 56 10 the the DT cord-028636-wxack9zv 56 11 Dynamic Dynamic NNP cord-028636-wxack9zv 56 12 Conditional Conditional NNP cord-028636-wxack9zv 56 13 Correlation Correlation NNP cord-028636-wxack9zv 56 14 between between IN cord-028636-wxack9zv 56 15 main main JJ cord-028636-wxack9zv 56 16 stock stock NN cord-028636-wxack9zv 56 17 indices index NNS cord-028636-wxack9zv 56 18 and and CC cord-028636-wxack9zv 56 19 the the DT cord-028636-wxack9zv 56 20 bitcoin bitcoin NN cord-028636-wxack9zv 56 21 price price NN cord-028636-wxack9zv 56 22 in in IN cord-028636-wxack9zv 56 23 the the DT cord-028636-wxack9zv 56 24 US US NNP cord-028636-wxack9zv 56 25 dollar dollar NN cord-028636-wxack9zv 56 26 ( ( -LRB- cord-028636-wxack9zv 56 27 Bitfinex Bitfinex NNP cord-028636-wxack9zv 56 28 exchange exchange NN cord-028636-wxack9zv 56 29 ) ) -RRB- cord-028636-wxack9zv 56 30 . . . cord-028636-wxack9zv 57 1 Baur Baur NNP cord-028636-wxack9zv 57 2 and and CC cord-028636-wxack9zv 57 3 Lucey Lucey NNP cord-028636-wxack9zv 57 4 ( ( -LRB- cord-028636-wxack9zv 57 5 2010 2010 CD cord-028636-wxack9zv 57 6 ) ) -RRB- cord-028636-wxack9zv 57 7 verified verify VBN cord-028636-wxack9zv 57 8 whether whether IN cord-028636-wxack9zv 57 9 gold gold NN cord-028636-wxack9zv 57 10 can can MD cord-028636-wxack9zv 57 11 be be VB cord-028636-wxack9zv 57 12 treated treat VBN cord-028636-wxack9zv 57 13 as as IN cord-028636-wxack9zv 57 14 a a DT cord-028636-wxack9zv 57 15 safe safe JJ cord-028636-wxack9zv 57 16 haven haven NN cord-028636-wxack9zv 57 17 asset asset NN cord-028636-wxack9zv 57 18 , , , cord-028636-wxack9zv 57 19 estimating estimate VBG cord-028636-wxack9zv 57 20 a a DT cord-028636-wxack9zv 57 21 regression regression NN cord-028636-wxack9zv 57 22 model model NN cord-028636-wxack9zv 57 23 for for IN cord-028636-wxack9zv 57 24 the the DT cord-028636-wxack9zv 57 25 returns return NNS cord-028636-wxack9zv 57 26 of of IN cord-028636-wxack9zv 57 27 gold gold NN cord-028636-wxack9zv 57 28 , , , cord-028636-wxack9zv 57 29 where where WRB cord-028636-wxack9zv 57 30 the the DT cord-028636-wxack9zv 57 31 explanatory explanatory JJ cord-028636-wxack9zv 57 32 variables variable NNS cord-028636-wxack9zv 57 33 were be VBD cord-028636-wxack9zv 57 34 the the DT cord-028636-wxack9zv 57 35 returns return NNS cord-028636-wxack9zv 57 36 of of IN cord-028636-wxack9zv 57 37 bonds bond NNS cord-028636-wxack9zv 57 38 and and CC cord-028636-wxack9zv 57 39 stocks stock NNS cord-028636-wxack9zv 57 40 , , , cord-028636-wxack9zv 57 41 as as RB cord-028636-wxack9zv 57 42 well well RB cord-028636-wxack9zv 57 43 as as IN cord-028636-wxack9zv 57 44 the the DT cord-028636-wxack9zv 57 45 bitcoin bitcoin NN cord-028636-wxack9zv 57 46 . . . cord-028636-wxack9zv 58 1 It -PRON- PRP cord-028636-wxack9zv 58 2 was be VBD cord-028636-wxack9zv 58 3 also also RB cord-028636-wxack9zv 58 4 assumed assume VBN cord-028636-wxack9zv 58 5 that that IN cord-028636-wxack9zv 58 6 the the DT cord-028636-wxack9zv 58 7 error error NN cord-028636-wxack9zv 58 8 term term NN cord-028636-wxack9zv 58 9 from from IN cord-028636-wxack9zv 58 10 the the DT cord-028636-wxack9zv 58 11 regression regression NN cord-028636-wxack9zv 58 12 model model NN cord-028636-wxack9zv 58 13 follows follow VBZ cord-028636-wxack9zv 58 14 an an DT cord-028636-wxack9zv 58 15 asymmetric asymmetric JJ cord-028636-wxack9zv 58 16 GARCH garch NN cord-028636-wxack9zv 58 17 model model NN cord-028636-wxack9zv 58 18 . . . cord-028636-wxack9zv 59 1 Together together RB cord-028636-wxack9zv 59 2 with with IN cord-028636-wxack9zv 59 3 the the DT cord-028636-wxack9zv 59 4 development development NN cord-028636-wxack9zv 59 5 of of IN cord-028636-wxack9zv 59 6 the the DT cord-028636-wxack9zv 59 7 market market NN cord-028636-wxack9zv 59 8 of of IN cord-028636-wxack9zv 59 9 cryptocurrencies cryptocurrencie NNS cord-028636-wxack9zv 59 10 , , , cord-028636-wxack9zv 59 11 many many JJ cord-028636-wxack9zv 59 12 researchers researcher NNS cord-028636-wxack9zv 59 13 like like IN cord-028636-wxack9zv 59 14 Smith Smith NNP cord-028636-wxack9zv 59 15 ( ( -LRB- cord-028636-wxack9zv 59 16 2018 2018 CD cord-028636-wxack9zv 59 17 ) ) -RRB- cord-028636-wxack9zv 59 18 and and CC cord-028636-wxack9zv 59 19 Kim Kim NNP cord-028636-wxack9zv 59 20 ( ( -LRB- cord-028636-wxack9zv 59 21 2018 2018 CD cord-028636-wxack9zv 59 22 ) ) -RRB- cord-028636-wxack9zv 59 23 started start VBD cord-028636-wxack9zv 59 24 the the DT cord-028636-wxack9zv 59 25 debate debate NN cord-028636-wxack9zv 59 26 over over IN cord-028636-wxack9zv 59 27 the the DT cord-028636-wxack9zv 59 28 possible possible JJ cord-028636-wxack9zv 59 29 role role NN cord-028636-wxack9zv 59 30 of of IN cord-028636-wxack9zv 59 31 the the DT cord-028636-wxack9zv 59 32 new new JJ cord-028636-wxack9zv 59 33 asset asset NN cord-028636-wxack9zv 59 34 from from IN cord-028636-wxack9zv 59 35 the the DT cord-028636-wxack9zv 59 36 investment investment NN cord-028636-wxack9zv 59 37 perspective perspective NN cord-028636-wxack9zv 59 38 . . . cord-028636-wxack9zv 60 1 One one CD cord-028636-wxack9zv 60 2 of of IN cord-028636-wxack9zv 60 3 the the DT cord-028636-wxack9zv 60 4 research research NN cord-028636-wxack9zv 60 5 hypotheses hypothesis NNS cord-028636-wxack9zv 60 6 assumed assume VBD cord-028636-wxack9zv 60 7 that that IN cord-028636-wxack9zv 60 8 it -PRON- PRP cord-028636-wxack9zv 60 9 can can MD cord-028636-wxack9zv 60 10 be be VB cord-028636-wxack9zv 60 11 treated treat VBN cord-028636-wxack9zv 60 12 as as IN cord-028636-wxack9zv 60 13 an an DT cord-028636-wxack9zv 60 14 alternative alternative JJ cord-028636-wxack9zv 60 15 gold gold NN cord-028636-wxack9zv 60 16 by by IN cord-028636-wxack9zv 60 17 some some DT cord-028636-wxack9zv 60 18 investors investor NNS cord-028636-wxack9zv 60 19 . . . cord-028636-wxack9zv 61 1 As as IN cord-028636-wxack9zv 61 2 noted note VBN cord-028636-wxack9zv 61 3 by by IN cord-028636-wxack9zv 61 4 Pieters Pieters NNPS cord-028636-wxack9zv 61 5 and and CC cord-028636-wxack9zv 61 6 Vivanco Vivanco NNP cord-028636-wxack9zv 61 7 ( ( -LRB- cord-028636-wxack9zv 61 8 2017 2017 CD cord-028636-wxack9zv 61 9 ) ) -RRB- cord-028636-wxack9zv 61 10 , , , cord-028636-wxack9zv 61 11 although although IN cord-028636-wxack9zv 61 12 bitcoin bitcoin NNP cord-028636-wxack9zv 61 13 is be VBZ cord-028636-wxack9zv 61 14 indeed indeed RB cord-028636-wxack9zv 61 15 a a DT cord-028636-wxack9zv 61 16 homogeneous homogeneous JJ cord-028636-wxack9zv 61 17 and and CC cord-028636-wxack9zv 61 18 identical identical JJ cord-028636-wxack9zv 61 19 virtual virtual JJ cord-028636-wxack9zv 61 20 good good NN cord-028636-wxack9zv 61 21 across across IN cord-028636-wxack9zv 61 22 all all DT cord-028636-wxack9zv 61 23 online online JJ cord-028636-wxack9zv 61 24 markets market NNS cord-028636-wxack9zv 61 25 on on IN cord-028636-wxack9zv 61 26 which which WDT cord-028636-wxack9zv 61 27 it -PRON- PRP cord-028636-wxack9zv 61 28 is be VBZ cord-028636-wxack9zv 61 29 traded trade VBN cord-028636-wxack9zv 61 30 , , , cord-028636-wxack9zv 61 31 its -PRON- PRP$ cord-028636-wxack9zv 61 32 prices price NNS cord-028636-wxack9zv 61 33 behave behave VBP cord-028636-wxack9zv 61 34 differently differently RB cord-028636-wxack9zv 61 35 across across IN cord-028636-wxack9zv 61 36 these these DT cord-028636-wxack9zv 61 37 markets market NNS cord-028636-wxack9zv 61 38 . . . cord-028636-wxack9zv 62 1 Matkovskyy Matkovskyy NNP cord-028636-wxack9zv 62 2 ( ( -LRB- cord-028636-wxack9zv 62 3 2019 2019 CD cord-028636-wxack9zv 62 4 ) ) -RRB- cord-028636-wxack9zv 62 5 who who WP cord-028636-wxack9zv 62 6 compared compare VBD cord-028636-wxack9zv 62 7 the the DT cord-028636-wxack9zv 62 8 euro euro NN cord-028636-wxack9zv 62 9 , , , cord-028636-wxack9zv 62 10 U.S. U.S. NNP cord-028636-wxack9zv 62 11 dollar dollar NN cord-028636-wxack9zv 62 12 , , , cord-028636-wxack9zv 62 13 and and CC cord-028636-wxack9zv 62 14 British british JJ cord-028636-wxack9zv 62 15 pound pound NN cord-028636-wxack9zv 62 16 sterling sterling NN cord-028636-wxack9zv 62 17 ( ( -LRB- cord-028636-wxack9zv 62 18 GBP GBP NNP cord-028636-wxack9zv 62 19 ) ) -RRB- cord-028636-wxack9zv 62 20 with with IN cord-028636-wxack9zv 62 21 centralized centralized JJ cord-028636-wxack9zv 62 22 and and CC cord-028636-wxack9zv 62 23 decentralized decentralized JJ cord-028636-wxack9zv 62 24 bitcoin bitcoin NN cord-028636-wxack9zv 62 25 cryptocurrency cryptocurrency NN cord-028636-wxack9zv 62 26 markets market NNS cord-028636-wxack9zv 62 27 in in IN cord-028636-wxack9zv 62 28 terms term NNS cord-028636-wxack9zv 62 29 of of IN cord-028636-wxack9zv 62 30 return return NN cord-028636-wxack9zv 62 31 volatility volatility NN cord-028636-wxack9zv 62 32 and and CC cord-028636-wxack9zv 62 33 interdependency interdependency NN cord-028636-wxack9zv 62 34 . . . cord-028636-wxack9zv 63 1 His -PRON- PRP$ cord-028636-wxack9zv 63 2 results result NNS cord-028636-wxack9zv 63 3 demonstrate demonstrate VBP cord-028636-wxack9zv 63 4 that that IN cord-028636-wxack9zv 63 5 the the DT cord-028636-wxack9zv 63 6 markets market NNS cord-028636-wxack9zv 63 7 differ differ VBP cord-028636-wxack9zv 63 8 for for IN cord-028636-wxack9zv 63 9 instance instance NN cord-028636-wxack9zv 63 10 in in IN cord-028636-wxack9zv 63 11 terms term NNS cord-028636-wxack9zv 63 12 of of IN cord-028636-wxack9zv 63 13 volatility volatility NN cord-028636-wxack9zv 63 14 which which WDT cord-028636-wxack9zv 63 15 tends tend VBZ cord-028636-wxack9zv 63 16 to to TO cord-028636-wxack9zv 63 17 be be VB cord-028636-wxack9zv 63 18 higher high JJR cord-028636-wxack9zv 63 19 in in IN cord-028636-wxack9zv 63 20 the the DT cord-028636-wxack9zv 63 21 decentralized decentralized JJ cord-028636-wxack9zv 63 22 markets market NNS cord-028636-wxack9zv 63 23 . . . cord-028636-wxack9zv 64 1 Centralized centralized JJ cord-028636-wxack9zv 64 2 markets market NNS cord-028636-wxack9zv 64 3 have have VBP cord-028636-wxack9zv 64 4 higher high JJR cord-028636-wxack9zv 64 5 tail tail NN cord-028636-wxack9zv 64 6 dependence dependence NN cord-028636-wxack9zv 64 7 regarding regard VBG cord-028636-wxack9zv 64 8 returns return NNS cord-028636-wxack9zv 64 9 . . . cord-028636-wxack9zv 65 1 Our -PRON- PRP$ cord-028636-wxack9zv 65 2 motivation motivation NN cord-028636-wxack9zv 65 3 for for IN cord-028636-wxack9zv 65 4 the the DT cord-028636-wxack9zv 65 5 research research NN cord-028636-wxack9zv 65 6 was be VBD cord-028636-wxack9zv 65 7 to to TO cord-028636-wxack9zv 65 8 analyze analyze VB cord-028636-wxack9zv 65 9 the the DT cord-028636-wxack9zv 65 10 volatility volatility NN cord-028636-wxack9zv 65 11 of of IN cord-028636-wxack9zv 65 12 bitcoin bitcoin NN cord-028636-wxack9zv 65 13 using use VBG cord-028636-wxack9zv 65 14 MCMC MCMC NNP cord-028636-wxack9zv 65 15 and and CC cord-028636-wxack9zv 65 16 detect detect VB cord-028636-wxack9zv 65 17 if if IN cord-028636-wxack9zv 65 18 the the DT cord-028636-wxack9zv 65 19 bitcoin bitcoin NN cord-028636-wxack9zv 65 20 price price NN cord-028636-wxack9zv 65 21 converges converge VBZ cord-028636-wxack9zv 65 22 and and CC cord-028636-wxack9zv 65 23 tends tend VBZ cord-028636-wxack9zv 65 24 to to IN cord-028636-wxack9zv 65 25 zero zero CD cord-028636-wxack9zv 65 26 like like IN cord-028636-wxack9zv 65 27 the the DT cord-028636-wxack9zv 65 28 other other JJ cord-028636-wxack9zv 65 29 indices index NNS cord-028636-wxack9zv 65 30 . . . cord-028636-wxack9zv 66 1 No no DT cord-028636-wxack9zv 66 2 study study NN cord-028636-wxack9zv 66 3 - - : cord-028636-wxack9zv 66 4 to to IN cord-028636-wxack9zv 66 5 our -PRON- PRP$ cord-028636-wxack9zv 66 6 knowledge knowledge NN cord-028636-wxack9zv 66 7 has have VBZ cord-028636-wxack9zv 66 8 investigated investigate VBN cord-028636-wxack9zv 66 9 in in IN cord-028636-wxack9zv 66 10 stochastic stochastic JJ cord-028636-wxack9zv 66 11 volatility volatility NN cord-028636-wxack9zv 66 12 using use VBG cord-028636-wxack9zv 66 13 Metropolis Metropolis NNP cord-028636-wxack9zv 66 14 Hasting Hasting NNP cord-028636-wxack9zv 66 15 , , , cord-028636-wxack9zv 66 16 then then RB cord-028636-wxack9zv 66 17 assured assure VBD cord-028636-wxack9zv 66 18 comparison comparison NN cord-028636-wxack9zv 66 19 with with IN cord-028636-wxack9zv 66 20 other other JJ cord-028636-wxack9zv 66 21 stock stock NN cord-028636-wxack9zv 66 22 indices index NNS cord-028636-wxack9zv 66 23 for for IN cord-028636-wxack9zv 66 24 the the DT cord-028636-wxack9zv 66 25 different different JJ cord-028636-wxack9zv 66 26 international international JJ cord-028636-wxack9zv 66 27 markets market NNS cord-028636-wxack9zv 66 28 . . . cord-028636-wxack9zv 67 1 This this DT cord-028636-wxack9zv 67 2 paper paper NN cord-028636-wxack9zv 67 3 is be VBZ cord-028636-wxack9zv 67 4 organized organize VBN cord-028636-wxack9zv 67 5 as as IN cord-028636-wxack9zv 67 6 follows follow VBZ cord-028636-wxack9zv 67 7 , , , cord-028636-wxack9zv 67 8 Sect Sect NNP cord-028636-wxack9zv 67 9 . . . cord-028636-wxack9zv 68 1 2 2 LS cord-028636-wxack9zv 68 2 presents present VBZ cord-028636-wxack9zv 68 3 the the DT cord-028636-wxack9zv 68 4 Bayesian bayesian JJ cord-028636-wxack9zv 68 5 approach approach NN cord-028636-wxack9zv 68 6 and and CC cord-028636-wxack9zv 68 7 the the DT cord-028636-wxack9zv 68 8 MCMC MCMC NNP cord-028636-wxack9zv 68 9 algorithms algorithm NNS cord-028636-wxack9zv 68 10 . . . cord-028636-wxack9zv 69 1 The the DT cord-028636-wxack9zv 69 2 SV SV NNP cord-028636-wxack9zv 69 3 model model NN cord-028636-wxack9zv 69 4 is be VBZ cord-028636-wxack9zv 69 5 introduced introduce VBN cord-028636-wxack9zv 69 6 in in IN cord-028636-wxack9zv 69 7 Sect Sect NNP cord-028636-wxack9zv 69 8 . . . cord-028636-wxack9zv 70 1 3 3 LS cord-028636-wxack9zv 70 2 , , , cord-028636-wxack9zv 70 3 whereas whereas IN cord-028636-wxack9zv 70 4 empirical empirical JJ cord-028636-wxack9zv 70 5 illustrations illustration NNS cord-028636-wxack9zv 70 6 are be VBP cord-028636-wxack9zv 70 7 given give VBN cord-028636-wxack9zv 70 8 in in IN cord-028636-wxack9zv 70 9 Sect Sect NNP cord-028636-wxack9zv 70 10 . . . cord-028636-wxack9zv 71 1 4 4 LS cord-028636-wxack9zv 71 2 . . . cord-028636-wxack9zv 72 1 The the DT cord-028636-wxack9zv 72 2 Bayesian bayesian JJ cord-028636-wxack9zv 72 3 approach approach NN cord-028636-wxack9zv 72 4 is be VBZ cord-028636-wxack9zv 72 5 a a DT cord-028636-wxack9zv 72 6 classical classical JJ cord-028636-wxack9zv 72 7 methodology methodology NN cord-028636-wxack9zv 72 8 where where WRB cord-028636-wxack9zv 72 9 we -PRON- PRP cord-028636-wxack9zv 72 10 assume assume VBP cord-028636-wxack9zv 72 11 that that IN cord-028636-wxack9zv 72 12 there there EX cord-028636-wxack9zv 72 13 is be VBZ cord-028636-wxack9zv 72 14 a a DT cord-028636-wxack9zv 72 15 set set NN cord-028636-wxack9zv 72 16 of of IN cord-028636-wxack9zv 72 17 unknown unknown JJ cord-028636-wxack9zv 72 18 parameters parameter NNS cord-028636-wxack9zv 72 19 . . . cord-028636-wxack9zv 73 1 Alternatively alternatively RB cord-028636-wxack9zv 73 2 , , , cord-028636-wxack9zv 73 3 in in IN cord-028636-wxack9zv 73 4 the the DT cord-028636-wxack9zv 73 5 Bayesian bayesian JJ cord-028636-wxack9zv 73 6 approach approach NN cord-028636-wxack9zv 73 7 , , , cord-028636-wxack9zv 73 8 the the DT cord-028636-wxack9zv 73 9 parameters parameter NNS cord-028636-wxack9zv 73 10 are be VBP cord-028636-wxack9zv 73 11 considered consider VBN cord-028636-wxack9zv 73 12 as as IN cord-028636-wxack9zv 73 13 random random JJ cord-028636-wxack9zv 73 14 variables variable NNS cord-028636-wxack9zv 73 15 with with IN cord-028636-wxack9zv 73 16 given give VBN cord-028636-wxack9zv 73 17 prior prior JJ cord-028636-wxack9zv 73 18 distributions distribution NNS cord-028636-wxack9zv 73 19 . . . cord-028636-wxack9zv 74 1 We -PRON- PRP cord-028636-wxack9zv 74 2 then then RB cord-028636-wxack9zv 74 3 use use VBP cord-028636-wxack9zv 74 4 observations observation NNS cord-028636-wxack9zv 74 5 ( ( -LRB- cord-028636-wxack9zv 74 6 the the DT cord-028636-wxack9zv 74 7 likelihood likelihood NN cord-028636-wxack9zv 74 8 ) ) -RRB- cord-028636-wxack9zv 74 9 to to TO cord-028636-wxack9zv 74 10 update update VB cord-028636-wxack9zv 74 11 these these DT cord-028636-wxack9zv 74 12 distributions distribution NNS cord-028636-wxack9zv 74 13 and and CC cord-028636-wxack9zv 74 14 obtain obtain VB cord-028636-wxack9zv 74 15 the the DT cord-028636-wxack9zv 74 16 posterior posterior JJ cord-028636-wxack9zv 74 17 distributions distribution NNS cord-028636-wxack9zv 74 18 . . . cord-028636-wxack9zv 75 1 It -PRON- PRP cord-028636-wxack9zv 75 2 would would MD cord-028636-wxack9zv 75 3 seem seem VB cord-028636-wxack9zv 75 4 that that DT cord-028636-wxack9zv 75 5 to to TO cord-028636-wxack9zv 75 6 be be VB cord-028636-wxack9zv 75 7 subjective subjective JJ cord-028636-wxack9zv 75 8 and and CC cord-028636-wxack9zv 75 9 to to TO cord-028636-wxack9zv 75 10 use use VB cord-028636-wxack9zv 75 11 the the DT cord-028636-wxack9zv 75 12 observations observation NNS cord-028636-wxack9zv 75 13 as as RB cord-028636-wxack9zv 75 14 much much RB cord-028636-wxack9zv 75 15 as as IN cord-028636-wxack9zv 75 16 possible possible JJ cord-028636-wxack9zv 75 17 , , , cord-028636-wxack9zv 75 18 one one PRP cord-028636-wxack9zv 75 19 should should MD cord-028636-wxack9zv 75 20 use use VB cord-028636-wxack9zv 75 21 non non AFX cord-028636-wxack9zv 75 22 normative normative JJ cord-028636-wxack9zv 75 23 priors prior NNS cord-028636-wxack9zv 75 24 . . . cord-028636-wxack9zv 76 1 However however RB cord-028636-wxack9zv 76 2 , , , cord-028636-wxack9zv 76 3 this this DT cord-028636-wxack9zv 76 4 sometimes sometimes RB cord-028636-wxack9zv 76 5 creates create VBZ cord-028636-wxack9zv 76 6 degeneracy degeneracy NN cord-028636-wxack9zv 76 7 issues issue NNS cord-028636-wxack9zv 76 8 and and CC cord-028636-wxack9zv 76 9 one one PRP cord-028636-wxack9zv 76 10 should should MD cord-028636-wxack9zv 76 11 choose choose VB cord-028636-wxack9zv 76 12 a a DT cord-028636-wxack9zv 76 13 different different JJ cord-028636-wxack9zv 76 14 prior prior RB cord-028636-wxack9zv 76 15 for for IN cord-028636-wxack9zv 76 16 this this DT cord-028636-wxack9zv 76 17 reason reason NN cord-028636-wxack9zv 76 18 . . . cord-028636-wxack9zv 77 1 Markov Markov NNP cord-028636-wxack9zv 77 2 Chain Chain NNP cord-028636-wxack9zv 77 3 Monte Monte NNP cord-028636-wxack9zv 77 4 - - HYPH cord-028636-wxack9zv 77 5 Carlo Carlo NNP cord-028636-wxack9zv 77 6 ( ( -LRB- cord-028636-wxack9zv 77 7 MCMC MCMC NNP cord-028636-wxack9zv 77 8 ) ) -RRB- cord-028636-wxack9zv 77 9 includes include VBZ cord-028636-wxack9zv 77 10 the the DT cord-028636-wxack9zv 77 11 Gibbs Gibbs NNP cord-028636-wxack9zv 77 12 Sampler Sampler NNP cord-028636-wxack9zv 77 13 as as RB cord-028636-wxack9zv 77 14 well well RB cord-028636-wxack9zv 77 15 as as IN cord-028636-wxack9zv 77 16 the the DT cord-028636-wxack9zv 77 17 Metropolis Metropolis NNP cord-028636-wxack9zv 77 18 - - HYPH cord-028636-wxack9zv 77 19 Hastings Hastings NNP cord-028636-wxack9zv 77 20 ( ( -LRB- cord-028636-wxack9zv 77 21 MH)algorithm MH)algorithm NNP cord-028636-wxack9zv 77 22 . . . cord-028636-wxack9zv 78 1 P p NN cord-028636-wxack9zv 78 2 ( ( -LRB- cord-028636-wxack9zv 78 3 ∕X ∕X NNP cord-028636-wxack9zv 78 4 ) ) -RRB- cord-028636-wxack9zv 79 1 ∞ ∞ NNP cord-028636-wxack9zv 79 2 P(X∕ P(X∕ NNP cord-028636-wxack9zv 79 3 ) ) -RRB- cord-028636-wxack9zv 80 1 * * NFP cord-028636-wxack9zv 80 2 P p NN cord-028636-wxack9zv 80 3 ( ( -LRB- cord-028636-wxack9zv 80 4 ) ) -RRB- cord-028636-wxack9zv 81 1 The the DT cord-028636-wxack9zv 81 2 Metropolis Metropolis NNP cord-028636-wxack9zv 81 3 - - HYPH cord-028636-wxack9zv 81 4 Hasting Hasting NNP cord-028636-wxack9zv 81 5 is be VBZ cord-028636-wxack9zv 81 6 the the DT cord-028636-wxack9zv 81 7 baseline baseline NN cord-028636-wxack9zv 81 8 for for IN cord-028636-wxack9zv 81 9 MCMC MCMC NNP cord-028636-wxack9zv 81 10 schemes scheme NNS cord-028636-wxack9zv 81 11 that that WDT cord-028636-wxack9zv 81 12 simulate simulate VBP cord-028636-wxack9zv 81 13 a a DT cord-028636-wxack9zv 81 14 Markov Markov NNP cord-028636-wxack9zv 81 15 chain chain NN cord-028636-wxack9zv 81 16 ( ( -LRB- cord-028636-wxack9zv 81 17 t t NN cord-028636-wxack9zv 81 18 ) ) -RRB- cord-028636-wxack9zv 81 19 with with IN cord-028636-wxack9zv 81 20 p p NN cord-028636-wxack9zv 81 21 ( ( -LRB- cord-028636-wxack9zv 81 22 ∕y ∕y NN cord-028636-wxack9zv 81 23 ) ) -RRB- cord-028636-wxack9zv 81 24 as as IN cord-028636-wxack9zv 81 25 the the DT cord-028636-wxack9zv 81 26 stationary stationary JJ cord-028636-wxack9zv 81 27 distribution distribution NN cord-028636-wxack9zv 81 28 of of IN cord-028636-wxack9zv 81 29 a a DT cord-028636-wxack9zv 81 30 parameter parameter NN cord-028636-wxack9zv 81 31 h h NN cord-028636-wxack9zv 81 32 given give VBN cord-028636-wxack9zv 81 33 a a DT cord-028636-wxack9zv 81 34 stock stock NN cord-028636-wxack9zv 81 35 price price NN cord-028636-wxack9zv 81 36 index index NN cord-028636-wxack9zv 81 37 X. X. NNP cord-028636-wxack9zv 82 1 For for IN cord-028636-wxack9zv 82 2 example example NN cord-028636-wxack9zv 82 3 , , , cord-028636-wxack9zv 82 4 we -PRON- PRP cord-028636-wxack9zv 82 5 can can MD cord-028636-wxack9zv 82 6 define define VB cord-028636-wxack9zv 82 7 1 1 CD cord-028636-wxack9zv 82 8 , , , cord-028636-wxack9zv 82 9 2 2 CD cord-028636-wxack9zv 82 10 and and CC cord-028636-wxack9zv 82 11 3 3 CD cord-028636-wxack9zv 82 12 such such JJ cord-028636-wxack9zv 82 13 that that DT cord-028636-wxack9zv 82 14 = = SYM cord-028636-wxack9zv 82 15 1 1 CD cord-028636-wxack9zv 82 16 , , , cord-028636-wxack9zv 82 17 2 2 CD cord-028636-wxack9zv 82 18 , , , cord-028636-wxack9zv 82 19 3 3 CD cord-028636-wxack9zv 82 20 where where WRB cord-028636-wxack9zv 82 21 each each DT cord-028636-wxack9zv 82 22 i i PRP cord-028636-wxack9zv 82 23 can can MD cord-028636-wxack9zv 82 24 be be VB cord-028636-wxack9zv 82 25 scalar scalar JJ cord-028636-wxack9zv 82 26 , , , cord-028636-wxack9zv 82 27 vectors vector NNS cord-028636-wxack9zv 82 28 or or CC cord-028636-wxack9zv 82 29 matrices matrix NNS cord-028636-wxack9zv 82 30 . . . cord-028636-wxack9zv 83 1 Markov Markov NNP cord-028636-wxack9zv 83 2 Chain Chain NNP cord-028636-wxack9zv 83 3 Monte Monte NNP cord-028636-wxack9zv 83 4 - - HYPH cord-028636-wxack9zv 83 5 Carlo Carlo NNP cord-028636-wxack9zv 83 6 algorithms algorithm NNS cord-028636-wxack9zv 83 7 are be VBP cord-028636-wxack9zv 83 8 iterative iterative JJ cord-028636-wxack9zv 83 9 and and CC cord-028636-wxack9zv 83 10 so so RB cord-028636-wxack9zv 83 11 at at IN cord-028636-wxack9zv 83 12 iteration iteration NN cord-028636-wxack9zv 83 13 t t NN cord-028636-wxack9zv 83 14 we -PRON- PRP cord-028636-wxack9zv 83 15 will will MD cord-028636-wxack9zv 83 16 sample sample VB cord-028636-wxack9zv 83 17 in in IN cord-028636-wxack9zv 83 18 turn turn NN cord-028636-wxack9zv 83 19 from from IN cord-028636-wxack9zv 83 20 the the DT cord-028636-wxack9zv 83 21 three three CD cord-028636-wxack9zv 83 22 conditional conditional JJ cord-028636-wxack9zv 83 23 distributions distribution NNS cord-028636-wxack9zv 83 24 . . . cord-028636-wxack9zv 84 1 Firstly firstly RB cord-028636-wxack9zv 84 2 , , , cord-028636-wxack9zv 84 3 we -PRON- PRP cord-028636-wxack9zv 84 4 update update VBP cord-028636-wxack9zv 84 5 i i PRP cord-028636-wxack9zv 85 1 = = NFP cord-028636-wxack9zv 86 1 * * NFP cord-028636-wxack9zv 86 2 i i PRP cord-028636-wxack9zv 86 3 with with IN cord-028636-wxack9zv 86 4 probability probability NN cord-028636-wxack9zv 86 5 min min NN cord-028636-wxack9zv 86 6 1 1 CD cord-028636-wxack9zv 87 1 , , , cord-028636-wxack9zv 87 2 s s NNP cord-028636-wxack9zv 87 3 t t NN cord-028636-wxack9zv 87 4 otherwise otherwise RB cord-028636-wxack9zv 87 5 let let VBD cord-028636-wxack9zv 88 1 ( ( -LRB- cord-028636-wxack9zv 88 2 t t NN cord-028636-wxack9zv 88 3 ) ) -RRB- cord-028636-wxack9zv 88 4 i i NN cord-028636-wxack9zv 88 5 = = NFP cord-028636-wxack9zv 89 1 ( ( -LRB- cord-028636-wxack9zv 89 2 t−1 t−1 NN cord-028636-wxack9zv 89 3 ) ) -RRB- cord-028636-wxack9zv 90 1 i i PRP cord-028636-wxack9zv 91 1 A a DT cord-028636-wxack9zv 91 2 popular popular JJ cord-028636-wxack9zv 91 3 and and CC cord-028636-wxack9zv 91 4 more more RBR cord-028636-wxack9zv 91 5 efficient efficient JJ cord-028636-wxack9zv 91 6 method method NN cord-028636-wxack9zv 91 7 is be VBZ cord-028636-wxack9zv 91 8 the the DT cord-028636-wxack9zv 91 9 acceptance acceptance NN cord-028636-wxack9zv 91 10 - - HYPH cord-028636-wxack9zv 91 11 rejection rejection NN cord-028636-wxack9zv 91 12 ( ( -LRB- cord-028636-wxack9zv 91 13 A A NNP cord-028636-wxack9zv 91 14 - - HYPH cord-028636-wxack9zv 91 15 R r NN cord-028636-wxack9zv 91 16 ) ) -RRB- cord-028636-wxack9zv 91 17 M M NNP cord-028636-wxack9zv 91 18 - - HYPH cord-028636-wxack9zv 91 19 H H NNP cord-028636-wxack9zv 91 20 sampling sampling NN cord-028636-wxack9zv 91 21 method method NN cord-028636-wxack9zv 91 22 which which WDT cord-028636-wxack9zv 91 23 is be VBZ cord-028636-wxack9zv 91 24 available available JJ cord-028636-wxack9zv 91 25 . . . cord-028636-wxack9zv 92 1 Whenever whenever WRB cord-028636-wxack9zv 92 2 the the DT cord-028636-wxack9zv 92 3 target target NN cord-028636-wxack9zv 92 4 densities density NNS cord-028636-wxack9zv 92 5 are be VBP cord-028636-wxack9zv 92 6 bounded bound VBN cord-028636-wxack9zv 92 7 by by IN cord-028636-wxack9zv 92 8 a a DT cord-028636-wxack9zv 92 9 density density NN cord-028636-wxack9zv 92 10 from from IN cord-028636-wxack9zv 92 11 which which WDT cord-028636-wxack9zv 92 12 it -PRON- PRP cord-028636-wxack9zv 92 13 is be VBZ cord-028636-wxack9zv 92 14 easy easy JJ cord-028636-wxack9zv 92 15 to to TO cord-028636-wxack9zv 92 16 sample sample VB cord-028636-wxack9zv 92 17 . . . cord-028636-wxack9zv 93 1 The the DT cord-028636-wxack9zv 93 2 Gibbs Gibbs NNP cord-028636-wxack9zv 93 3 sampler sampler NN cord-028636-wxack9zv 93 4 ( ( -LRB- cord-028636-wxack9zv 93 5 Casella Casella NNP cord-028636-wxack9zv 93 6 and and CC cord-028636-wxack9zv 93 7 George George NNP cord-028636-wxack9zv 93 8 1992 1992 CD cord-028636-wxack9zv 93 9 ; ; : cord-028636-wxack9zv 93 10 Gelfand Gelfand NNP cord-028636-wxack9zv 93 11 and and CC cord-028636-wxack9zv 93 12 Smith Smith NNP cord-028636-wxack9zv 93 13 1990 1990 CD cord-028636-wxack9zv 93 14 ; ; : cord-028636-wxack9zv 93 15 Gilks Gilks NNP cord-028636-wxack9zv 93 16 and and CC cord-028636-wxack9zv 93 17 Wild Wild NNP cord-028636-wxack9zv 93 18 1992 1992 CD cord-028636-wxack9zv 93 19 ) ) -RRB- cord-028636-wxack9zv 93 20 is be VBZ cord-028636-wxack9zv 93 21 the the DT cord-028636-wxack9zv 93 22 special special JJ cord-028636-wxack9zv 93 23 M M NNP cord-028636-wxack9zv 93 24 - - HYPH cord-028636-wxack9zv 93 25 H H NNP cord-028636-wxack9zv 93 26 algorithm algorithm NN cord-028636-wxack9zv 93 27 whereby whereby WRB cord-028636-wxack9zv 93 28 the the DT cord-028636-wxack9zv 93 29 proposal proposal NN cord-028636-wxack9zv 93 30 density density NN cord-028636-wxack9zv 93 31 for for IN cord-028636-wxack9zv 93 32 updating update VBG cord-028636-wxack9zv 93 33 j j NNP cord-028636-wxack9zv 93 34 equals equal VBZ cord-028636-wxack9zv 93 35 the the DT cord-028636-wxack9zv 93 36 full full JJ cord-028636-wxack9zv 93 37 conditional conditional JJ cord-028636-wxack9zv 93 38 p p NN cord-028636-wxack9zv 93 39 ( ( -LRB- cord-028636-wxack9zv 93 40 * * NFP cord-028636-wxack9zv 93 41 j j NNP cord-028636-wxack9zv 93 42 ∕ ∕ NNP cord-028636-wxack9zv 93 43 , , , cord-028636-wxack9zv 93 44 j j NNP cord-028636-wxack9zv 93 45 ) ) -RRB- cord-028636-wxack9zv 93 46 . . . cord-028636-wxack9zv 94 1 So so RB cord-028636-wxack9zv 94 2 that that IN cord-028636-wxack9zv 94 3 proposals proposal NNS cord-028636-wxack9zv 94 4 are be VBP cord-028636-wxack9zv 94 5 accepted accept VBN cord-028636-wxack9zv 94 6 with with IN cord-028636-wxack9zv 94 7 probability probability NN cord-028636-wxack9zv 94 8 1 1 CD cord-028636-wxack9zv 94 9 . . . cord-028636-wxack9zv 95 1 The the DT cord-028636-wxack9zv 95 2 Gibbs Gibbs NNP cord-028636-wxack9zv 95 3 sampler sampler NN cord-028636-wxack9zv 95 4 involves involve VBZ cord-028636-wxack9zv 95 5 parameter parameter NN cord-028636-wxack9zv 95 6 - - HYPH cord-028636-wxack9zv 95 7 by by IN cord-028636-wxack9zv 95 8 - - HYPH cord-028636-wxack9zv 95 9 parameter parameter NN cord-028636-wxack9zv 95 10 or or CC cord-028636-wxack9zv 95 11 block block NN cord-028636-wxack9zv 95 12 - - HYPH cord-028636-wxack9zv 95 13 by by IN cord-028636-wxack9zv 95 14 - - HYPH cord-028636-wxack9zv 95 15 block block NN cord-028636-wxack9zv 95 16 updating updating NN cord-028636-wxack9zv 95 17 , , , cord-028636-wxack9zv 95 18 which which WDT cord-028636-wxack9zv 95 19 when when WRB cord-028636-wxack9zv 95 20 completed complete VBN cord-028636-wxack9zv 95 21 from from IN cord-028636-wxack9zv 95 22 the the DT cord-028636-wxack9zv 95 23 transaction transaction NN cord-028636-wxack9zv 95 24 from from IN cord-028636-wxack9zv 95 25 ( ( -LRB- cord-028636-wxack9zv 95 26 t t NN cord-028636-wxack9zv 95 27 ) ) -RRB- cord-028636-wxack9zv 95 28 to to IN cord-028636-wxack9zv 95 29 ( ( -LRB- cord-028636-wxack9zv 95 30 t+1 t+1 NNP cord-028636-wxack9zv 95 31 ) ) -RRB- cord-028636-wxack9zv 95 32 . . . cord-028636-wxack9zv 96 1 Repeated repeat VBN cord-028636-wxack9zv 96 2 sampling sampling NN cord-028636-wxack9zv 96 3 from from IN cord-028636-wxack9zv 96 4 M M NNP cord-028636-wxack9zv 96 5 - - HYPH cord-028636-wxack9zv 96 6 H H NNP cord-028636-wxack9zv 96 7 samplers sampler NNS cord-028636-wxack9zv 96 8 such such JJ cord-028636-wxack9zv 96 9 as as IN cord-028636-wxack9zv 96 10 the the DT cord-028636-wxack9zv 96 11 Gibbs Gibbs NNP cord-028636-wxack9zv 96 12 samplers sampler NNS cord-028636-wxack9zv 96 13 generates generate VBZ cord-028636-wxack9zv 96 14 an an DT cord-028636-wxack9zv 96 15 autocorrelated autocorrelated JJ cord-028636-wxack9zv 96 16 sequence sequence NN cord-028636-wxack9zv 96 17 of of IN cord-028636-wxack9zv 96 18 numbers number NNS cord-028636-wxack9zv 96 19 that that WDT cord-028636-wxack9zv 96 20 , , , cord-028636-wxack9zv 96 21 subject subject JJ cord-028636-wxack9zv 96 22 to to IN cord-028636-wxack9zv 96 23 regularity regularity NN cord-028636-wxack9zv 96 24 condition condition NN cord-028636-wxack9zv 96 25 ( ( -LRB- cord-028636-wxack9zv 96 26 ergodicity ergodicity NN cord-028636-wxack9zv 96 27 , , , cord-028636-wxack9zv 96 28 etc etc FW cord-028636-wxack9zv 96 29 . . . cord-028636-wxack9zv 96 30 ) ) -RRB- cord-028636-wxack9zv 96 31 , , , cord-028636-wxack9zv 96 32 eventually eventually RB cord-028636-wxack9zv 96 33 ' ' `` cord-028636-wxack9zv 96 34 forgets forget VBZ cord-028636-wxack9zv 96 35 ' ' '' cord-028636-wxack9zv 96 36 the the DT cord-028636-wxack9zv 96 37 starting start VBG cord-028636-wxack9zv 96 38 values value NNS cord-028636-wxack9zv 96 39 0 0 CD cord-028636-wxack9zv 96 40 = = NFP cord-028636-wxack9zv 96 41 ( ( -LRB- cord-028636-wxack9zv 96 42 0 0 NFP cord-028636-wxack9zv 96 43 ) ) -RRB- cord-028636-wxack9zv 96 44 1 1 CD cord-028636-wxack9zv 96 45 , , , cord-028636-wxack9zv 96 46 ( ( -LRB- cord-028636-wxack9zv 96 47 0 0 NFP cord-028636-wxack9zv 96 48 ) ) -RRB- cord-028636-wxack9zv 96 49 2 2 CD cord-028636-wxack9zv 96 50 , , , cord-028636-wxack9zv 96 51 … … NFP cord-028636-wxack9zv 96 52 , , , cord-028636-wxack9zv 96 53 ( ( -LRB- cord-028636-wxack9zv 96 54 0 0 NFP cord-028636-wxack9zv 96 55 ) ) -RRB- cord-028636-wxack9zv 96 56 D d NN cord-028636-wxack9zv 96 57 used use VBD cord-028636-wxack9zv 96 58 to to TO cord-028636-wxack9zv 96 59 initialize initialize VB cord-028636-wxack9zv 96 60 the the DT cord-028636-wxack9zv 96 61 chain chain NN cord-028636-wxack9zv 96 62 , , , cord-028636-wxack9zv 96 63 and and CC cord-028636-wxack9zv 96 64 converges converge VBZ cord-028636-wxack9zv 96 65 to to IN cord-028636-wxack9zv 96 66 a a DT cord-028636-wxack9zv 96 67 stationary stationary JJ cord-028636-wxack9zv 96 68 sampling sampling NN cord-028636-wxack9zv 96 69 distribution distribution NN cord-028636-wxack9zv 96 70 p p NN cord-028636-wxack9zv 96 71 ( ( -LRB- cord-028636-wxack9zv 96 72 ∕y ∕y NN cord-028636-wxack9zv 96 73 ) ) -RRB- cord-028636-wxack9zv 96 74 . . . cord-028636-wxack9zv 97 1 In in IN cord-028636-wxack9zv 97 2 practice practice NN cord-028636-wxack9zv 97 3 , , , cord-028636-wxack9zv 97 4 Gibbs Gibbs NNP cord-028636-wxack9zv 97 5 and and CC cord-028636-wxack9zv 97 6 M M NNP cord-028636-wxack9zv 97 7 - - HYPH cord-028636-wxack9zv 97 8 H H NNP cord-028636-wxack9zv 97 9 algorithms algorithm NNS cord-028636-wxack9zv 97 10 are be VBP cord-028636-wxack9zv 97 11 often often RB cord-028636-wxack9zv 97 12 combined combine VBN cord-028636-wxack9zv 97 13 , , , cord-028636-wxack9zv 97 14 which which WDT cord-028636-wxack9zv 97 15 results result VBZ cord-028636-wxack9zv 97 16 in in IN cord-028636-wxack9zv 97 17 a a DT cord-028636-wxack9zv 97 18 ' ' `` cord-028636-wxack9zv 97 19 ' ' `` cord-028636-wxack9zv 97 20 hybrid hybrid NN cord-028636-wxack9zv 97 21 ' ' '' cord-028636-wxack9zv 97 22 ' ' '' cord-028636-wxack9zv 97 23 MCMC MCMC NNP cord-028636-wxack9zv 97 24 procedure procedure NN cord-028636-wxack9zv 97 25 . . . cord-028636-wxack9zv 98 1 In in IN cord-028636-wxack9zv 98 2 this this DT cord-028636-wxack9zv 98 3 paper paper NN cord-028636-wxack9zv 98 4 , , , cord-028636-wxack9zv 98 5 we -PRON- PRP cord-028636-wxack9zv 98 6 will will MD cord-028636-wxack9zv 98 7 consider consider VB cord-028636-wxack9zv 98 8 the the DT cord-028636-wxack9zv 98 9 p p NN cord-028636-wxack9zv 98 10 - - HYPH cord-028636-wxack9zv 98 11 th th DT cord-028636-wxack9zv 98 12 order order NN cord-028636-wxack9zv 98 13 ARSV ARSV NNP cord-028636-wxack9zv 98 14 - - HYPH cord-028636-wxack9zv 98 15 t t NNP cord-028636-wxack9zv 98 16 model model NN cord-028636-wxack9zv 98 17 , , , cord-028636-wxack9zv 98 18 ARSV(p)-t ARSV(p)-t NNP cord-028636-wxack9zv 98 19 , , , cord-028636-wxack9zv 98 20 as as IN cord-028636-wxack9zv 98 21 follows follow VBZ cord-028636-wxack9zv 98 22 : : : cord-028636-wxack9zv 98 23 where where WRB cord-028636-wxack9zv 98 24 ν ν NNP cord-028636-wxack9zv 98 25 t t NNP cord-028636-wxack9zv 98 26 is be VBZ cord-028636-wxack9zv 98 27 independent independent JJ cord-028636-wxack9zv 98 28 of of IN cord-028636-wxack9zv 98 29 ( ( -LRB- cord-028636-wxack9zv 98 30 ε ε NNP cord-028636-wxack9zv 98 31 t t NNP cord-028636-wxack9zv 98 32 , , , cord-028636-wxack9zv 98 33 η η NNP cord-028636-wxack9zv 98 34 t t NNP cord-028636-wxack9zv 98 35 ) ) -RRB- cord-028636-wxack9zv 98 36 , , , cord-028636-wxack9zv 98 37 and and CC cord-028636-wxack9zv 98 38 v v LS cord-028636-wxack9zv 98 39 t t NN cord-028636-wxack9zv 98 40 is be VBZ cord-028636-wxack9zv 98 41 the the DT cord-028636-wxack9zv 98 42 log log NN cord-028636-wxack9zv 98 43 volatility volatility NN cord-028636-wxack9zv 98 44 which which WDT cord-028636-wxack9zv 98 45 is be VBZ cord-028636-wxack9zv 98 46 assumed assume VBN cord-028636-wxack9zv 98 47 to to TO cord-028636-wxack9zv 98 48 follow follow VB cord-028636-wxack9zv 98 49 a a DT cord-028636-wxack9zv 98 50 stationarity stationarity NN cord-028636-wxack9zv 98 51 AR(p AR(p NNPS cord-028636-wxack9zv 98 52 ) ) -RRB- cord-028636-wxack9zv 98 53 process process VBP cord-028636-wxack9zv 98 54 with with IN cord-028636-wxack9zv 98 55 a a DT cord-028636-wxack9zv 98 56 persistent persistent JJ cord-028636-wxack9zv 98 57 parameter parameter NN cord-028636-wxack9zv 98 58 φ φ NN cord-028636-wxack9zv 98 59 < < XX cord-028636-wxack9zv 98 60 1 1 CD cord-028636-wxack9zv 98 61 . . . cord-028636-wxack9zv 99 1 By by IN cord-028636-wxack9zv 99 2 this this DT cord-028636-wxack9zv 99 3 specification specification NN cord-028636-wxack9zv 99 4 , , , cord-028636-wxack9zv 99 5 the the DT cord-028636-wxack9zv 99 6 conditional conditional JJ cord-028636-wxack9zv 99 7 distribution distribution NN cord-028636-wxack9zv 99 8 , , , cord-028636-wxack9zv 99 9 ξ ξ FW cord-028636-wxack9zv 99 10 t t NN cord-028636-wxack9zv 99 11 , , , cord-028636-wxack9zv 99 12 follows follow VBZ cord-028636-wxack9zv 99 13 the the DT cord-028636-wxack9zv 99 14 standardized standardized JJ cord-028636-wxack9zv 99 15 t t NN cord-028636-wxack9zv 99 16 - - HYPH cord-028636-wxack9zv 99 17 distribution distribution NN cord-028636-wxack9zv 99 18 with with IN cord-028636-wxack9zv 99 19 mean mean JJ cord-028636-wxack9zv 99 20 zero zero CD cord-028636-wxack9zv 99 21 and and CC cord-028636-wxack9zv 99 22 variance variance NN cord-028636-wxack9zv 99 23 one one CD cord-028636-wxack9zv 99 24 . . . cord-028636-wxack9zv 100 1 Since since IN cord-028636-wxack9zv 100 2 κ κ NNP cord-028636-wxack9zv 100 3 t t NNP cord-028636-wxack9zv 100 4 is be VBZ cord-028636-wxack9zv 100 5 independent independent JJ cord-028636-wxack9zv 100 6 of of IN cord-028636-wxack9zv 100 7 ( ( -LRB- cord-028636-wxack9zv 100 8 s s NNP cord-028636-wxack9zv 100 9 t t NN cord-028636-wxack9zv 100 10 , , , cord-028636-wxack9zv 100 11 η η NN cord-028636-wxack9zv 100 12 t t NNP cord-028636-wxack9zv 100 13 ) ) -RRB- cord-028636-wxack9zv 100 14 , , , cord-028636-wxack9zv 100 15 the the DT cord-028636-wxack9zv 100 16 correlation correlation NN cord-028636-wxack9zv 100 17 coefficient coefficient NN cord-028636-wxack9zv 100 18 between between IN cord-028636-wxack9zv 100 19 ξ ξ NNP cord-028636-wxack9zv 100 20 t t NNP cord-028636-wxack9zv 100 21 and and CC cord-028636-wxack9zv 100 22 η η NN cord-028636-wxack9zv 100 23 t t NN cord-028636-wxack9zv 100 24 is be VBZ cord-028636-wxack9zv 100 25 also also RB cord-028636-wxack9zv 100 26 ρ ρ XX cord-028636-wxack9zv 100 27 . . . cord-028636-wxack9zv 101 1 If if IN cord-028636-wxack9zv 101 2 ∼ ∼ NNP cord-028636-wxack9zv 101 3 N(0 N(0 NNP cord-028636-wxack9zv 101 4 , , , cord-028636-wxack9zv 101 5 100 100 CD cord-028636-wxack9zv 101 6 ) ) -RRB- cord-028636-wxack9zv 101 7 , , , cord-028636-wxack9zv 101 8 then then RB cord-028636-wxack9zv 101 9 : : : cord-028636-wxack9zv 101 10 The the DT cord-028636-wxack9zv 101 11 conditional conditional JJ cord-028636-wxack9zv 101 12 posterior posterior JJ cord-028636-wxack9zv 101 13 distribution distribution NN cord-028636-wxack9zv 101 14 of of IN cord-028636-wxack9zv 101 15 the the DT cord-028636-wxack9zv 101 16 volatility volatility NN cord-028636-wxack9zv 101 17 is be VBZ cord-028636-wxack9zv 101 18 given give VBN cord-028636-wxack9zv 101 19 by by IN cord-028636-wxack9zv 101 20 : : : cord-028636-wxack9zv 101 21 The the DT cord-028636-wxack9zv 101 22 representation representation NN cord-028636-wxack9zv 101 23 of of IN cord-028636-wxack9zv 101 24 the the DT cord-028636-wxack9zv 101 25 SV SV NNP cord-028636-wxack9zv 101 26 - - HYPH cord-028636-wxack9zv 101 27 t t NN cord-028636-wxack9zv 101 28 model model NN cord-028636-wxack9zv 101 29 in in IN cord-028636-wxack9zv 101 30 terms term NNS cord-028636-wxack9zv 101 31 of of IN cord-028636-wxack9zv 101 32 a a DT cord-028636-wxack9zv 101 33 scale scale NN cord-028636-wxack9zv 101 34 mixture mixture NN cord-028636-wxack9zv 101 35 is be VBZ cord-028636-wxack9zv 101 36 particularly particularly RB cord-028636-wxack9zv 101 37 useful useful JJ cord-028636-wxack9zv 101 38 in in IN cord-028636-wxack9zv 101 39 a a DT cord-028636-wxack9zv 101 40 MCMC MCMC NNP cord-028636-wxack9zv 101 41 context context NN cord-028636-wxack9zv 101 42 since since IN cord-028636-wxack9zv 101 43 it -PRON- PRP cord-028636-wxack9zv 101 44 allows allow VBZ cord-028636-wxack9zv 101 45 sampling sample VBG cord-028636-wxack9zv 101 46 a a DT cord-028636-wxack9zv 101 47 non non JJ cord-028636-wxack9zv 101 48 - - JJ cord-028636-wxack9zv 101 49 log log JJ cord-028636-wxack9zv 101 50 - - HYPH cord-028636-wxack9zv 101 51 concave concave JJ cord-028636-wxack9zv 101 52 sampling sampling NN cord-028636-wxack9zv 101 53 problems problem NNS cord-028636-wxack9zv 101 54 into into IN cord-028636-wxack9zv 101 55 a a DT cord-028636-wxack9zv 101 56 log log NN cord-028636-wxack9zv 101 57 - - HYPH cord-028636-wxack9zv 101 58 concave concave NN cord-028636-wxack9zv 101 59 one one CD cord-028636-wxack9zv 101 60 . . . cord-028636-wxack9zv 102 1 This this DT cord-028636-wxack9zv 102 2 permits permit VBZ cord-028636-wxack9zv 102 3 sampling sampling NN cord-028636-wxack9zv 102 4 algorithms algorithm NNS cord-028636-wxack9zv 102 5 which which WDT cord-028636-wxack9zv 102 6 guarantee guarantee VBP cord-028636-wxack9zv 102 7 convergence convergence NN cord-028636-wxack9zv 102 8 infinite infinite JJ cord-028636-wxack9zv 102 9 time time NN cord-028636-wxack9zv 102 10 ( ( -LRB- cord-028636-wxack9zv 102 11 see see VB cord-028636-wxack9zv 102 12 Frieze Frieze NNP cord-028636-wxack9zv 102 13 et et FW cord-028636-wxack9zv 102 14 al al NNP cord-028636-wxack9zv 102 15 . . . cord-028636-wxack9zv 102 16 1994 1994 CD cord-028636-wxack9zv 102 17 ) ) -RRB- cord-028636-wxack9zv 102 18 allowing allow VBG cord-028636-wxack9zv 102 19 log log NN cord-028636-wxack9zv 102 20 returns return NNS cord-028636-wxack9zv 102 21 to to TO cord-028636-wxack9zv 102 22 be be VB cord-028636-wxack9zv 102 23 student student NN cord-028636-wxack9zv 102 24 - - HYPH cord-028636-wxack9zv 102 25 t t NN cord-028636-wxack9zv 102 26 - - HYPH cord-028636-wxack9zv 102 27 distributed distribute VBN cord-028636-wxack9zv 102 28 naturally naturally RB cord-028636-wxack9zv 102 29 changes change VBZ cord-028636-wxack9zv 102 30 the the DT cord-028636-wxack9zv 102 31 behavior behavior NN cord-028636-wxack9zv 102 32 of of IN cord-028636-wxack9zv 102 33 the the DT cord-028636-wxack9zv 102 34 stochastic stochastic JJ cord-028636-wxack9zv 102 35 volatility volatility NN cord-028636-wxack9zv 102 36 process process NN cord-028636-wxack9zv 102 37 , , , cord-028636-wxack9zv 102 38 in in IN cord-028636-wxack9zv 102 39 the the DT cord-028636-wxack9zv 102 40 standard standard JJ cord-028636-wxack9zv 102 41 SV SV NNP cord-028636-wxack9zv 102 42 model model NN cord-028636-wxack9zv 102 43 , , , cord-028636-wxack9zv 102 44 a a DT cord-028636-wxack9zv 102 45 large large JJ cord-028636-wxack9zv 102 46 value value NN cord-028636-wxack9zv 102 47 of of IN cord-028636-wxack9zv 102 48 |y |y NN cord-028636-wxack9zv 102 49 t t NN cord-028636-wxack9zv 102 50 | | NNP cord-028636-wxack9zv 102 51 induce induce VB cord-028636-wxack9zv 102 52 large large JJ cord-028636-wxack9zv 102 53 value value NN cord-028636-wxack9zv 102 54 of of IN cord-028636-wxack9zv 102 55 the the DT cord-028636-wxack9zv 102 56 v v NN cord-028636-wxack9zv 102 57 t t NN cord-028636-wxack9zv 102 58 . . . cord-028636-wxack9zv 103 1 Jacquier Jacquier NNP cord-028636-wxack9zv 103 2 et et NNP cord-028636-wxack9zv 103 3 al al NNP cord-028636-wxack9zv 103 4 . . . cord-028636-wxack9zv 104 1 ( ( -LRB- cord-028636-wxack9zv 104 2 1994 1994 CD cord-028636-wxack9zv 104 3 ) ) -RRB- cord-028636-wxack9zv 104 4 , , , cord-028636-wxack9zv 104 5 hereafter hereafter RB cord-028636-wxack9zv 104 6 JPR JPR NNP cord-028636-wxack9zv 104 7 , , , cord-028636-wxack9zv 104 8 introduced introduce VBD cord-028636-wxack9zv 104 9 Markov Markov NNP cord-028636-wxack9zv 104 10 Chain Chain NNP cord-028636-wxack9zv 104 11 technique technique NN cord-028636-wxack9zv 104 12 ( ( -LRB- cord-028636-wxack9zv 104 13 MCMC MCMC NNP cord-028636-wxack9zv 104 14 ) ) -RRB- cord-028636-wxack9zv 104 15 for for IN cord-028636-wxack9zv 104 16 the the DT cord-028636-wxack9zv 104 17 estimation estimation NN cord-028636-wxack9zv 104 18 of of IN cord-028636-wxack9zv 104 19 the the DT cord-028636-wxack9zv 104 20 basic basic JJ cord-028636-wxack9zv 104 21 SVOL SVOL NNP cord-028636-wxack9zv 104 22 model model NN cord-028636-wxack9zv 104 23 with with IN cord-028636-wxack9zv 104 24 normally normally RB cord-028636-wxack9zv 104 25 distributed distribute VBN cord-028636-wxack9zv 104 26 conditional conditional JJ cord-028636-wxack9zv 104 27 errors error NNS cord-028636-wxack9zv 104 28 . . . cord-028636-wxack9zv 105 1 Let let VB cord-028636-wxack9zv 105 2 Θ θ NN cord-028636-wxack9zv 105 3 be be VB cord-028636-wxack9zv 105 4 the the DT cord-028636-wxack9zv 105 5 vectors vector NNS cord-028636-wxack9zv 105 6 of of IN cord-028636-wxack9zv 105 7 parameters parameter NNS cord-028636-wxack9zv 105 8 of of IN cord-028636-wxack9zv 105 9 the the DT cord-028636-wxack9zv 105 10 basic basic JJ cord-028636-wxack9zv 105 11 SVOL(α svol(α NN cord-028636-wxack9zv 105 12 , , , cord-028636-wxack9zv 105 13 δ δ NN cord-028636-wxack9zv 105 14 , , , cord-028636-wxack9zv 105 15 σ σ NN cord-028636-wxack9zv 105 16 v v NNP cord-028636-wxack9zv 105 17 ) ) -RRB- cord-028636-wxack9zv 105 18 , , , cord-028636-wxack9zv 105 19 and and CC cord-028636-wxack9zv 106 1 V v NN cord-028636-wxack9zv 106 2 = = NN cord-028636-wxack9zv 106 3 ( ( -LRB- cord-028636-wxack9zv 106 4 V V NNP cord-028636-wxack9zv 106 5 t t NN cord-028636-wxack9zv 106 6 ) ) -RRB- cord-028636-wxack9zv 106 7 T T NNP cord-028636-wxack9zv 107 1 The the DT cord-028636-wxack9zv 107 2 basic basic JJ cord-028636-wxack9zv 107 3 SVOL SVOL NNP cord-028636-wxack9zv 107 4 specifies specify VBZ cord-028636-wxack9zv 107 5 zero zero CD cord-028636-wxack9zv 107 6 correlation correlation NN cord-028636-wxack9zv 107 7 , , , cord-028636-wxack9zv 107 8 the the DT cord-028636-wxack9zv 107 9 errors error NNS cord-028636-wxack9zv 107 10 of of IN cord-028636-wxack9zv 107 11 the the DT cord-028636-wxack9zv 107 12 mean mean NN cord-028636-wxack9zv 107 13 and and CC cord-028636-wxack9zv 107 14 variance variance NN cord-028636-wxack9zv 107 15 equations equation NNS cord-028636-wxack9zv 107 16 . . . cord-028636-wxack9zv 108 1 Briefly briefly RB cord-028636-wxack9zv 108 2 , , , cord-028636-wxack9zv 108 3 the the DT cord-028636-wxack9zv 108 4 Hammersley Hammersley NNP cord-028636-wxack9zv 108 5 - - HYPH cord-028636-wxack9zv 108 6 Clifford Clifford NNP cord-028636-wxack9zv 108 7 theorem theorem NN cord-028636-wxack9zv 108 8 states state VBZ cord-028636-wxack9zv 108 9 that that IN cord-028636-wxack9zv 108 10 having have VBG cord-028636-wxack9zv 108 11 a a DT cord-028636-wxack9zv 108 12 parameter parameter NN cord-028636-wxack9zv 108 13 - - HYPH cord-028636-wxack9zv 108 14 set set NN cord-028636-wxack9zv 108 15 Θ θ NN cord-028636-wxack9zv 108 16 , , , cord-028636-wxack9zv 108 17 a a DT cord-028636-wxack9zv 108 18 state state NN cord-028636-wxack9zv 108 19 v v NN cord-028636-wxack9zv 108 20 and and CC cord-028636-wxack9zv 108 21 an an DT cord-028636-wxack9zv 108 22 observation observation NN cord-028636-wxack9zv 108 23 y y NNP cord-028636-wxack9zv 108 24 , , , cord-028636-wxack9zv 108 25 we -PRON- PRP cord-028636-wxack9zv 108 26 can can MD cord-028636-wxack9zv 108 27 obtain obtain VB cord-028636-wxack9zv 108 28 the the DT cord-028636-wxack9zv 108 29 joint joint JJ cord-028636-wxack9zv 108 30 distribution distribution NN cord-028636-wxack9zv 108 31 p(Θ p(θ NN cord-028636-wxack9zv 108 32 , , , cord-028636-wxack9zv 108 33 V∕Y v∕y NN cord-028636-wxack9zv 108 34 ) ) -RRB- cord-028636-wxack9zv 108 35 from from IN cord-028636-wxack9zv 108 36 p(Θ p(Θ NNP cord-028636-wxack9zv 108 37 , , , cord-028636-wxack9zv 108 38 V∕Y v∕y NN cord-028636-wxack9zv 108 39 ) ) -RRB- cord-028636-wxack9zv 108 40 and and CC cord-028636-wxack9zv 108 41 p(V∕Θ p(V∕Θ NNP cord-028636-wxack9zv 108 42 , , , cord-028636-wxack9zv 108 43 Y Y NNP cord-028636-wxack9zv 108 44 ) ) -RRB- cord-028636-wxack9zv 108 45 , , , cord-028636-wxack9zv 108 46 under under IN cord-028636-wxack9zv 108 47 some some DT cord-028636-wxack9zv 108 48 mild mild JJ cord-028636-wxack9zv 108 49 regularity regularity NN cord-028636-wxack9zv 108 50 conditions condition NNS cord-028636-wxack9zv 108 51 . . . cord-028636-wxack9zv 109 1 Therefore therefore RB cord-028636-wxack9zv 109 2 by by IN cord-028636-wxack9zv 109 3 applying apply VBG cord-028636-wxack9zv 109 4 the the DT cord-028636-wxack9zv 109 5 theorem theorem NN cord-028636-wxack9zv 109 6 iteratively iteratively RB cord-028636-wxack9zv 109 7 , , , cord-028636-wxack9zv 109 8 we -PRON- PRP cord-028636-wxack9zv 109 9 can can MD cord-028636-wxack9zv 109 10 break break VB cord-028636-wxack9zv 109 11 a a DT cord-028636-wxack9zv 109 12 complicated complicated JJ cord-028636-wxack9zv 109 13 multidimensional multidimensional JJ cord-028636-wxack9zv 109 14 estimation estimation NN cord-028636-wxack9zv 109 15 problem problem NN cord-028636-wxack9zv 109 16 into into IN cord-028636-wxack9zv 109 17 many many JJ cord-028636-wxack9zv 109 18 sample sample NN cord-028636-wxack9zv 109 19 one one CD cord-028636-wxack9zv 109 20 - - HYPH cord-028636-wxack9zv 109 21 dimensional dimensional JJ cord-028636-wxack9zv 109 22 problems problem NNS cord-028636-wxack9zv 109 23 . . . cord-028636-wxack9zv 110 1 Creating create VBG cord-028636-wxack9zv 110 2 a a DT cord-028636-wxack9zv 110 3 Markov Markov NNP cord-028636-wxack9zv 110 4 Chain Chain NNP cord-028636-wxack9zv 110 5 Θ(i)via Θ(i)via NNS cord-028636-wxack9zv 110 6 a a DT cord-028636-wxack9zv 110 7 Monte Monte NNP cord-028636-wxack9zv 110 8 Carlo Carlo NNP cord-028636-wxack9zv 110 9 process process NN cord-028636-wxack9zv 110 10 , , , cord-028636-wxack9zv 110 11 the the DT cord-028636-wxack9zv 110 12 Ergodic Ergodic NNP cord-028636-wxack9zv 110 13 Averaging Averaging NNP cord-028636-wxack9zv 110 14 theorem theorem NN cord-028636-wxack9zv 110 15 states state VBZ cord-028636-wxack9zv 110 16 that that IN cord-028636-wxack9zv 110 17 the the DT cord-028636-wxack9zv 110 18 time time NN cord-028636-wxack9zv 110 19 - - HYPH cord-028636-wxack9zv 110 20 average average NN cord-028636-wxack9zv 110 21 of of IN cord-028636-wxack9zv 110 22 a a DT cord-028636-wxack9zv 110 23 parameter parameter NN cord-028636-wxack9zv 110 24 will will MD cord-028636-wxack9zv 110 25 converge converge VB cord-028636-wxack9zv 110 26 towards towards IN cord-028636-wxack9zv 110 27 its -PRON- PRP$ cord-028636-wxack9zv 110 28 posteriors posterior NNS cord-028636-wxack9zv 110 29 mean mean VBP cord-028636-wxack9zv 110 30 . . . cord-028636-wxack9zv 111 1 The the DT cord-028636-wxack9zv 111 2 formula formula NN cord-028636-wxack9zv 111 3 of of IN cord-028636-wxack9zv 111 4 Bayes Bayes NNP cord-028636-wxack9zv 111 5 factorize factorize VBP cord-028636-wxack9zv 111 6 the the DT cord-028636-wxack9zv 111 7 posterior posterior JJ cord-028636-wxack9zv 111 8 distribution distribution NN cord-028636-wxack9zv 111 9 likelihood likelihood NN cord-028636-wxack9zv 111 10 function function NN cord-028636-wxack9zv 111 11 with with IN cord-028636-wxack9zv 111 12 the the DT cord-028636-wxack9zv 111 13 prior prior JJ cord-028636-wxack9zv 111 14 hypotheses hypothesis NNS cord-028636-wxack9zv 111 15 : : : cord-028636-wxack9zv 111 16 where where WRB cord-028636-wxack9zv 111 17 α α NNP cord-028636-wxack9zv 111 18 is be VBZ cord-028636-wxack9zv 111 19 the the DT cord-028636-wxack9zv 111 20 intercept intercept NN cord-028636-wxack9zv 111 21 , , , cord-028636-wxack9zv 111 22 δ δ . cord-028636-wxack9zv 112 1 the the DT cord-028636-wxack9zv 112 2 volatility volatility NN cord-028636-wxack9zv 112 3 persistence persistence NN cord-028636-wxack9zv 112 4 and and CC cord-028636-wxack9zv 112 5 σ σ NN cord-028636-wxack9zv 112 6 v v NN cord-028636-wxack9zv 112 7 is be VBZ cord-028636-wxack9zv 112 8 the the DT cord-028636-wxack9zv 112 9 standard standard JJ cord-028636-wxack9zv 112 10 deviation deviation NN cord-028636-wxack9zv 112 11 of of IN cord-028636-wxack9zv 112 12 the the DT cord-028636-wxack9zv 112 13 shock shock NN cord-028636-wxack9zv 112 14 to to IN cord-028636-wxack9zv 112 15 logV logV NNP cord-028636-wxack9zv 112 16 t t XX cord-028636-wxack9zv 112 17 . . . cord-028636-wxack9zv 113 1 We -PRON- PRP cord-028636-wxack9zv 113 2 use use VBP cord-028636-wxack9zv 113 3 a a DT cord-028636-wxack9zv 113 4 Normal Normal NNP cord-028636-wxack9zv 113 5 - - HYPH cord-028636-wxack9zv 113 6 Gamma Gamma NNP cord-028636-wxack9zv 113 7 prior prior RB cord-028636-wxack9zv 113 8 , , , cord-028636-wxack9zv 113 9 so so RB cord-028636-wxack9zv 113 10 , , , cord-028636-wxack9zv 113 11 the the DT cord-028636-wxack9zv 113 12 parameter parameter NN cord-028636-wxack9zv 113 13 α α NN cord-028636-wxack9zv 113 14 , , , cord-028636-wxack9zv 113 15 δ δ NN cord-028636-wxack9zv 113 16 ~ ~ NFP cord-028636-wxack9zv 113 17 N N NNP cord-028636-wxack9zv 113 18 and and CC cord-028636-wxack9zv 113 19 σ σ NN cord-028636-wxack9zv 113 20 2 2 CD cord-028636-wxack9zv 113 21 ~ ~ NFP cord-028636-wxack9zv 113 22 Itt Itt NNP cord-028636-wxack9zv 113 23 , , , cord-028636-wxack9zv 113 24 then then RB cord-028636-wxack9zv 113 25 : : : cord-028636-wxack9zv 113 26 And and CC cord-028636-wxack9zv 113 27 for for IN cord-028636-wxack9zv 113 28 v v NN cord-028636-wxack9zv 113 29 , , , cord-028636-wxack9zv 113 30 we -PRON- PRP cord-028636-wxack9zv 113 31 obtain obtain VBP cord-028636-wxack9zv 113 32 : : : cord-028636-wxack9zv 114 1 Bitcoin Bitcoin NNP cord-028636-wxack9zv 114 2 ( ( -LRB- cord-028636-wxack9zv 114 3 BTC BTC NNP cord-028636-wxack9zv 114 4 ) ) -RRB- cord-028636-wxack9zv 114 5 daily daily JJ cord-028636-wxack9zv 114 6 price price NN cord-028636-wxack9zv 114 7 data datum NNS cord-028636-wxack9zv 114 8 from from IN cord-028636-wxack9zv 114 9 January January NNP cord-028636-wxack9zv 114 10 2010 2010 CD cord-028636-wxack9zv 114 11 to to IN cord-028636-wxack9zv 114 12 October October NNP cord-028636-wxack9zv 114 13 2019 2019 CD cord-028636-wxack9zv 114 14 was be VBD cord-028636-wxack9zv 114 15 retrieved retrieve VBN cord-028636-wxack9zv 114 16 from from IN cord-028636-wxack9zv 114 17 the the DT cord-028636-wxack9zv 114 18 Coindesk Coindesk NNP cord-028636-wxack9zv 114 19 Price Price NNP cord-028636-wxack9zv 114 20 Index Index NNP cord-028636-wxack9zv 114 21 ( ( -LRB- cord-028636-wxack9zv 114 22 2017 2017 CD cord-028636-wxack9zv 114 23 ) ) -RRB- cord-028636-wxack9zv 114 24 . . . cord-028636-wxack9zv 115 1 Like like IN cord-028636-wxack9zv 115 2 the the DT cord-028636-wxack9zv 115 3 majority majority NN cord-028636-wxack9zv 115 4 of of IN cord-028636-wxack9zv 115 5 researchers researcher NNS cord-028636-wxack9zv 115 6 , , , cord-028636-wxack9zv 115 7 we -PRON- PRP cord-028636-wxack9zv 115 8 used use VBD cord-028636-wxack9zv 115 9 the the DT cord-028636-wxack9zv 115 10 Coindesk Coindesk NNP cord-028636-wxack9zv 115 11 Price Price NNP cord-028636-wxack9zv 115 12 Index Index NNP cord-028636-wxack9zv 115 13 Dyhrberg Dyhrberg NNP cord-028636-wxack9zv 115 14 ( ( -LRB- cord-028636-wxack9zv 115 15 2016 2016 CD cord-028636-wxack9zv 115 16 ) ) -RRB- cord-028636-wxack9zv 115 17 and and CC cord-028636-wxack9zv 115 18 Bouri Bouri NNP cord-028636-wxack9zv 115 19 et et NNP cord-028636-wxack9zv 115 20 al al NNP cord-028636-wxack9zv 115 21 . . . cord-028636-wxack9zv 116 1 ( ( -LRB- cord-028636-wxack9zv 116 2 2018 2018 CD cord-028636-wxack9zv 116 3 ) ) -RRB- cord-028636-wxack9zv 116 4 . . . cord-028636-wxack9zv 117 1 It -PRON- PRP cord-028636-wxack9zv 117 2 lists list VBZ cord-028636-wxack9zv 117 3 the the DT cord-028636-wxack9zv 117 4 average average JJ cord-028636-wxack9zv 117 5 price price NN cord-028636-wxack9zv 117 6 of of IN cord-028636-wxack9zv 117 7 bitcoin bitcoin NN cord-028636-wxack9zv 117 8 against against IN cord-028636-wxack9zv 117 9 the the DT cord-028636-wxack9zv 117 10 US US NNP cord-028636-wxack9zv 117 11 dollar dollar NN cord-028636-wxack9zv 117 12 from from IN cord-028636-wxack9zv 117 13 leading lead VBG cord-028636-wxack9zv 117 14 trading trading NN cord-028636-wxack9zv 117 15 platforms platform NNS cord-028636-wxack9zv 117 16 from from IN cord-028636-wxack9zv 117 17 around around IN cord-028636-wxack9zv 117 18 the the DT cord-028636-wxack9zv 117 19 globe globe NN cord-028636-wxack9zv 117 20 . . . cord-028636-wxack9zv 118 1 Thus thus RB cord-028636-wxack9zv 118 2 , , , cord-028636-wxack9zv 118 3 the the DT cord-028636-wxack9zv 118 4 movements movement NNS cord-028636-wxack9zv 118 5 of of IN cord-028636-wxack9zv 118 6 the the DT cord-028636-wxack9zv 118 7 index index NN cord-028636-wxack9zv 118 8 are be VBP cord-028636-wxack9zv 118 9 driven drive VBN cord-028636-wxack9zv 118 10 by by IN cord-028636-wxack9zv 118 11 investors investor NNS cord-028636-wxack9zv 118 12 from from IN cord-028636-wxack9zv 118 13 all all RB cord-028636-wxack9zv 118 14 over over IN cord-028636-wxack9zv 118 15 the the DT cord-028636-wxack9zv 118 16 world world NN cord-028636-wxack9zv 118 17 and and CC cord-028636-wxack9zv 118 18 we -PRON- PRP cord-028636-wxack9zv 118 19 can can MD cord-028636-wxack9zv 118 20 not not RB cord-028636-wxack9zv 118 21 indicate indicate VB cord-028636-wxack9zv 118 22 the the DT cord-028636-wxack9zv 118 23 country country NN cord-028636-wxack9zv 118 24 of of IN cord-028636-wxack9zv 118 25 origin origin NN cord-028636-wxack9zv 118 26 . . . cord-028636-wxack9zv 119 1 Five five CD cord-028636-wxack9zv 119 2 indices index NNS cord-028636-wxack9zv 119 3 including include VBG cord-028636-wxack9zv 119 4 S&P S&P NNP cord-028636-wxack9zv 119 5 500 500 CD cord-028636-wxack9zv 119 6 ( ( -LRB- cord-028636-wxack9zv 119 7 GSPC GSPC NNP cord-028636-wxack9zv 119 8 ) ) -RRB- cord-028636-wxack9zv 119 9 , , , cord-028636-wxack9zv 119 10 Nikkei Nikkei NNP cord-028636-wxack9zv 119 11 ( ( -LRB- cord-028636-wxack9zv 119 12 N225 N225 NNP cord-028636-wxack9zv 119 13 ) ) -RRB- cord-028636-wxack9zv 119 14 , , , cord-028636-wxack9zv 119 15 Nasdaq Nasdaq NNP cord-028636-wxack9zv 119 16 , , , cord-028636-wxack9zv 119 17 Down Down NNP cord-028636-wxack9zv 119 18 Jones Jones NNP cord-028636-wxack9zv 119 19 , , , cord-028636-wxack9zv 119 20 and and CC cord-028636-wxack9zv 119 21 Euro Euro NNP cord-028636-wxack9zv 119 22 Index Index NNP cord-028636-wxack9zv 119 23 ( ( -LRB- cord-028636-wxack9zv 119 24 Stoxx Stoxx NNP cord-028636-wxack9zv 119 25 ) ) -RRB- cord-028636-wxack9zv 119 26 are be VBP cord-028636-wxack9zv 119 27 chosen choose VBN cord-028636-wxack9zv 119 28 to to TO cord-028636-wxack9zv 119 29 represent represent VB cord-028636-wxack9zv 119 30 different different JJ cord-028636-wxack9zv 119 31 regions region NNS cord-028636-wxack9zv 119 32 whose whose WP$ cord-028636-wxack9zv 119 33 currencies currency NNS cord-028636-wxack9zv 119 34 top top VBP cord-028636-wxack9zv 119 35 the the DT cord-028636-wxack9zv 119 36 share share NN cord-028636-wxack9zv 119 37 of of IN cord-028636-wxack9zv 119 38 Bitcoin Bitcoin NNP cord-028636-wxack9zv 119 39 trade trade NN cord-028636-wxack9zv 119 40 . . . cord-028636-wxack9zv 120 1 Bitcoin Bitcoin NNP cord-028636-wxack9zv 120 2 trading trading NN cord-028636-wxack9zv 120 3 against against IN cord-028636-wxack9zv 120 4 the the DT cord-028636-wxack9zv 120 5 Chinese Chinese NNP cord-028636-wxack9zv 120 6 Yuan Yuan NNP cord-028636-wxack9zv 120 7 accounted account VBD cord-028636-wxack9zv 120 8 for for IN cord-028636-wxack9zv 120 9 most most JJS cord-028636-wxack9zv 120 10 of of IN cord-028636-wxack9zv 120 11 Bitcoin Bitcoin NNP cord-028636-wxack9zv 120 12 's 's POS cord-028636-wxack9zv 120 13 trading trading NN cord-028636-wxack9zv 120 14 volume volume NN cord-028636-wxack9zv 120 15 until until IN cord-028636-wxack9zv 120 16 China China NNP cord-028636-wxack9zv 120 17 started start VBD cord-028636-wxack9zv 120 18 to to TO cord-028636-wxack9zv 120 19 clamp clamp VB cord-028636-wxack9zv 120 20 down down RP cord-028636-wxack9zv 120 21 on on IN cord-028636-wxack9zv 120 22 digital digital JJ cord-028636-wxack9zv 120 23 currency currency NN cord-028636-wxack9zv 120 24 exchanges exchange NNS cord-028636-wxack9zv 120 25 in in IN cord-028636-wxack9zv 120 26 early early JJ cord-028636-wxack9zv 120 27 2017 2017 CD cord-028636-wxack9zv 120 28 , , , cord-028636-wxack9zv 120 29 eventually eventually RB cord-028636-wxack9zv 120 30 banning ban VBG cord-028636-wxack9zv 120 31 the the DT cord-028636-wxack9zv 120 32 trading trading NN cord-028636-wxack9zv 120 33 of of IN cord-028636-wxack9zv 120 34 Bitcoin Bitcoin NNP cord-028636-wxack9zv 120 35 in in IN cord-028636-wxack9zv 120 36 September September NNP cord-028636-wxack9zv 120 37 of of IN cord-028636-wxack9zv 120 38 2017 2017 CD cord-028636-wxack9zv 120 39 . . . cord-028636-wxack9zv 121 1 Japan Japan NNP cord-028636-wxack9zv 121 2 's 's POS cord-028636-wxack9zv 121 3 Yen yen NN cord-028636-wxack9zv 121 4 then then RB cord-028636-wxack9zv 121 5 took take VBD cord-028636-wxack9zv 121 6 over over RP cord-028636-wxack9zv 121 7 as as IN cord-028636-wxack9zv 121 8 the the DT cord-028636-wxack9zv 121 9 largest large JJS cord-028636-wxack9zv 121 10 trading trading NN cord-028636-wxack9zv 121 11 volume volume NN cord-028636-wxack9zv 121 12 with with IN cord-028636-wxack9zv 121 13 the the DT cord-028636-wxack9zv 121 14 Japanese japanese JJ cord-028636-wxack9zv 121 15 regulators regulator NNS cord-028636-wxack9zv 121 16 adopted adopt VBD cord-028636-wxack9zv 121 17 digital digital JJ cord-028636-wxack9zv 121 18 currency currency NN cord-028636-wxack9zv 121 19 - - HYPH cord-028636-wxack9zv 121 20 friendly friendly JJ cord-028636-wxack9zv 121 21 rules rule NNS cord-028636-wxack9zv 121 22 . . . cord-028636-wxack9zv 122 1 The the DT cord-028636-wxack9zv 122 2 US US NNP cord-028636-wxack9zv 122 3 Dollar Dollar NNP cord-028636-wxack9zv 122 4 and and CC cord-028636-wxack9zv 122 5 Euro Euro NNP cord-028636-wxack9zv 122 6 are be VBP cord-028636-wxack9zv 122 7 also also RB cord-028636-wxack9zv 122 8 among among IN cord-028636-wxack9zv 122 9 the the DT cord-028636-wxack9zv 122 10 top top JJ cord-028636-wxack9zv 122 11 five five CD cord-028636-wxack9zv 122 12 most most RBS cord-028636-wxack9zv 122 13 active active JJ cord-028636-wxack9zv 122 14 Bitcoin Bitcoin NNP cord-028636-wxack9zv 122 15 trading trading NN cord-028636-wxack9zv 122 16 currencies currency NNS cord-028636-wxack9zv 122 17 . . . cord-028636-wxack9zv 123 1 The the DT cord-028636-wxack9zv 123 2 return return NN cord-028636-wxack9zv 123 3 is be VBZ cord-028636-wxack9zv 123 4 defined define VBN cord-028636-wxack9zv 123 5 as as IN cord-028636-wxack9zv 123 6 : : : cord-028636-wxack9zv 123 7 We -PRON- PRP cord-028636-wxack9zv 123 8 used use VBD cord-028636-wxack9zv 123 9 the the DT cord-028636-wxack9zv 123 10 last last JJ cord-028636-wxack9zv 123 11 2350 2350 CD cord-028636-wxack9zv 123 12 observations observation NNS cord-028636-wxack9zv 123 13 for for IN cord-028636-wxack9zv 123 14 all all DT cord-028636-wxack9zv 123 15 indices index NNS cord-028636-wxack9zv 123 16 . . . cord-028636-wxack9zv 124 1 Table table NN cord-028636-wxack9zv 124 2 1 1 CD cord-028636-wxack9zv 124 3 reports report VBZ cord-028636-wxack9zv 124 4 the the DT cord-028636-wxack9zv 124 5 mean mean JJ cord-028636-wxack9zv 124 6 , , , cord-028636-wxack9zv 124 7 standard standard JJ cord-028636-wxack9zv 124 8 deviation deviation NN cord-028636-wxack9zv 124 9 , , , cord-028636-wxack9zv 124 10 median median NN cord-028636-wxack9zv 124 11 , , , cord-028636-wxack9zv 124 12 and and CC cord-028636-wxack9zv 124 13 the the DT cord-028636-wxack9zv 124 14 empirical empirical JJ cord-028636-wxack9zv 124 15 skewness skewness NN cord-028636-wxack9zv 124 16 as as RB cord-028636-wxack9zv 124 17 well well RB cord-028636-wxack9zv 124 18 as as IN cord-028636-wxack9zv 124 19 kurtosis kurtosis NN cord-028636-wxack9zv 124 20 of of IN cord-028636-wxack9zv 124 21 the the DT cord-028636-wxack9zv 124 22 five five CD cord-028636-wxack9zv 124 23 series series NN cord-028636-wxack9zv 124 24 . . . cord-028636-wxack9zv 125 1 Outlines outline VBZ cord-028636-wxack9zv 125 2 the the DT cord-028636-wxack9zv 125 3 summary summary NN cord-028636-wxack9zv 125 4 statistics statistic NNS cord-028636-wxack9zv 125 5 for for IN cord-028636-wxack9zv 125 6 the the DT cord-028636-wxack9zv 125 7 daily daily JJ cord-028636-wxack9zv 125 8 , , , cord-028636-wxack9zv 125 9 data datum NNS cord-028636-wxack9zv 125 10 for for IN cord-028636-wxack9zv 125 11 all all DT cord-028636-wxack9zv 125 12 assets asset NNS cord-028636-wxack9zv 125 13 . . . cord-028636-wxack9zv 126 1 Bitcoin Bitcoin NNP cord-028636-wxack9zv 126 2 's 's POS cord-028636-wxack9zv 126 3 mean mean JJ cord-028636-wxack9zv 126 4 returns return NNS cord-028636-wxack9zv 126 5 are be VBP cord-028636-wxack9zv 126 6 0.805 0.805 CD cord-028636-wxack9zv 126 7 % % NN cord-028636-wxack9zv 126 8 for for IN cord-028636-wxack9zv 126 9 daily daily JJ cord-028636-wxack9zv 126 10 data datum NNS cord-028636-wxack9zv 126 11 . . . cord-028636-wxack9zv 127 1 As as IN cord-028636-wxack9zv 127 2 expected expect VBN cord-028636-wxack9zv 127 3 , , , cord-028636-wxack9zv 127 4 Bitcoin Bitcoin NNP cord-028636-wxack9zv 127 5 returns return NNS cord-028636-wxack9zv 127 6 exhibit exhibit VBP cord-028636-wxack9zv 127 7 much much RB cord-028636-wxack9zv 127 8 higher high JJR cord-028636-wxack9zv 127 9 volatility volatility NN cord-028636-wxack9zv 127 10 than than IN cord-028636-wxack9zv 127 11 the the DT cord-028636-wxack9zv 127 12 stock stock NN cord-028636-wxack9zv 127 13 indices index NNS cord-028636-wxack9zv 127 14 . . . cord-028636-wxack9zv 128 1 Another another DT cord-028636-wxack9zv 128 2 interesting interesting JJ cord-028636-wxack9zv 128 3 statistic statistic NN cord-028636-wxack9zv 128 4 is be VBZ cord-028636-wxack9zv 128 5 the the DT cord-028636-wxack9zv 128 6 skewness skewness NN cord-028636-wxack9zv 128 7 ; ; : cord-028636-wxack9zv 128 8 Bitcoin Bitcoin NNP cord-028636-wxack9zv 128 9 is be VBZ cord-028636-wxack9zv 128 10 the the DT cord-028636-wxack9zv 128 11 one one CD cord-028636-wxack9zv 128 12 with with IN cord-028636-wxack9zv 128 13 negative negative JJ cord-028636-wxack9zv 128 14 skewness skewness NN cord-028636-wxack9zv 128 15 . . . cord-028636-wxack9zv 129 1 This this DT cord-028636-wxack9zv 129 2 indicates indicate VBZ cord-028636-wxack9zv 129 3 that that IN cord-028636-wxack9zv 129 4 the the DT cord-028636-wxack9zv 129 5 tail tail NN cord-028636-wxack9zv 129 6 is be VBZ cord-028636-wxack9zv 129 7 at at IN cord-028636-wxack9zv 129 8 the the DT cord-028636-wxack9zv 129 9 left left JJ cord-028636-wxack9zv 129 10 side side NN cord-028636-wxack9zv 129 11 of of IN cord-028636-wxack9zv 129 12 the the DT cord-028636-wxack9zv 129 13 distribution distribution NN cord-028636-wxack9zv 129 14 , , , cord-028636-wxack9zv 129 15 so so CC cord-028636-wxack9zv 129 16 the the DT cord-028636-wxack9zv 129 17 probability probability NN cord-028636-wxack9zv 129 18 of of IN cord-028636-wxack9zv 129 19 lower low JJR cord-028636-wxack9zv 129 20 values value NNS cord-028636-wxack9zv 129 21 than than IN cord-028636-wxack9zv 129 22 the the DT cord-028636-wxack9zv 129 23 mean mean NN cord-028636-wxack9zv 129 24 is be VBZ cord-028636-wxack9zv 129 25 higher high JJR cord-028636-wxack9zv 129 26 than than IN cord-028636-wxack9zv 129 27 the the DT cord-028636-wxack9zv 129 28 normal normal JJ cord-028636-wxack9zv 129 29 distribution distribution NN cord-028636-wxack9zv 129 30 , , , cord-028636-wxack9zv 129 31 which which WDT cord-028636-wxack9zv 129 32 has have VBZ cord-028636-wxack9zv 129 33 a a DT cord-028636-wxack9zv 129 34 skewness skewness NN cord-028636-wxack9zv 129 35 of of IN cord-028636-wxack9zv 129 36 zero zero CD cord-028636-wxack9zv 129 37 . . . cord-028636-wxack9zv 130 1 With with IN cord-028636-wxack9zv 130 2 a a DT cord-028636-wxack9zv 130 3 positive positive JJ cord-028636-wxack9zv 130 4 skewness skewness NN cord-028636-wxack9zv 130 5 , , , cord-028636-wxack9zv 130 6 this this DT cord-028636-wxack9zv 130 7 is be VBZ cord-028636-wxack9zv 130 8 the the DT cord-028636-wxack9zv 130 9 case case NN cord-028636-wxack9zv 130 10 for for IN cord-028636-wxack9zv 130 11 the the DT cord-028636-wxack9zv 130 12 other other JJ cord-028636-wxack9zv 130 13 indices index NNS cord-028636-wxack9zv 130 14 , , , cord-028636-wxack9zv 130 15 the the DT cord-028636-wxack9zv 130 16 opposite opposite NN cord-028636-wxack9zv 130 17 is be VBZ cord-028636-wxack9zv 130 18 true true JJ cord-028636-wxack9zv 130 19 . . . cord-028636-wxack9zv 131 1 As as IN cord-028636-wxack9zv 131 2 before before RB cord-028636-wxack9zv 131 3 , , , cord-028636-wxack9zv 131 4 Bitcoin Bitcoin NNP cord-028636-wxack9zv 131 5 has have VBZ cord-028636-wxack9zv 131 6 the the DT cord-028636-wxack9zv 131 7 highest high JJS cord-028636-wxack9zv 131 8 volatility volatility NN cord-028636-wxack9zv 131 9 due due IN cord-028636-wxack9zv 131 10 to to IN cord-028636-wxack9zv 131 11 the the DT cord-028636-wxack9zv 131 12 highest high JJS cord-028636-wxack9zv 131 13 kurtosis kurtosis NN cord-028636-wxack9zv 131 14 comparing compare VBG cord-028636-wxack9zv 131 15 to to IN cord-028636-wxack9zv 131 16 the the DT cord-028636-wxack9zv 131 17 other other JJ cord-028636-wxack9zv 131 18 indices index NNS cord-028636-wxack9zv 131 19 . . . cord-028636-wxack9zv 132 1 y y NNP cord-028636-wxack9zv 132 2 t t NNP cord-028636-wxack9zv 132 3 = = SYM cord-028636-wxack9zv 132 4 100 100 CD cord-028636-wxack9zv 133 1 * * NFP cord-028636-wxack9zv 133 2 logS logS . cord-028636-wxack9zv 134 1 t t NNP cord-028636-wxack9zv 134 2 − − NNP cord-028636-wxack9zv 134 3 logS logS : cord-028636-wxack9zv 134 4 t−1 t−1 NN cord-028636-wxack9zv 134 5 . . . cord-028636-wxack9zv 134 6 _SP cord-028636-wxack9zv 135 1 The the DT cord-028636-wxack9zv 135 2 standard standard JJ cord-028636-wxack9zv 135 3 SV sv NN cord-028636-wxack9zv 135 4 model model NN cord-028636-wxack9zv 135 5 is be VBZ cord-028636-wxack9zv 135 6 estimated estimate VBN cord-028636-wxack9zv 135 7 by by IN cord-028636-wxack9zv 135 8 running run VBG cord-028636-wxack9zv 135 9 the the DT cord-028636-wxack9zv 135 10 Gibbs Gibbs NNP cord-028636-wxack9zv 135 11 and and CC cord-028636-wxack9zv 135 12 A A NNP cord-028636-wxack9zv 135 13 - - HYPH cord-028636-wxack9zv 135 14 R R NNP cord-028636-wxack9zv 135 15 M m NN cord-028636-wxack9zv 135 16 - - HYPH cord-028636-wxack9zv 135 17 H H NNP cord-028636-wxack9zv 135 18 algorithm algorithm NN cord-028636-wxack9zv 135 19 based base VBN cord-028636-wxack9zv 135 20 on on IN cord-028636-wxack9zv 135 21 20,000 20,000 CD cord-028636-wxack9zv 135 22 MCMC MCMC NNP cord-028636-wxack9zv 135 23 iterations iteration NNS cord-028636-wxack9zv 135 24 , , , cord-028636-wxack9zv 135 25 where where WRB cord-028636-wxack9zv 135 26 5000 5000 CD cord-028636-wxack9zv 135 27 iterations iteration NNS cord-028636-wxack9zv 135 28 are be VBP cord-028636-wxack9zv 135 29 used use VBN cord-028636-wxack9zv 135 30 as as IN cord-028636-wxack9zv 135 31 a a DT cord-028636-wxack9zv 135 32 burn burn NN cord-028636-wxack9zv 135 33 - - HYPH cord-028636-wxack9zv 135 34 in in RP cord-028636-wxack9zv 135 35 period period NN cord-028636-wxack9zv 135 36 . . . cord-028636-wxack9zv 136 1 Tables table NNS cord-028636-wxack9zv 136 2 2 2 CD cord-028636-wxack9zv 136 3 and and CC cord-028636-wxack9zv 136 4 3 3 CD cord-028636-wxack9zv 136 5 show show VBP cord-028636-wxack9zv 136 6 the the DT cord-028636-wxack9zv 136 7 estimation estimation NN cord-028636-wxack9zv 136 8 results result NNS cord-028636-wxack9zv 136 9 in in IN cord-028636-wxack9zv 136 10 the the DT cord-028636-wxack9zv 136 11 basic basic JJ cord-028636-wxack9zv 136 12 SVOL SVOL NNP cord-028636-wxack9zv 136 13 model model NN cord-028636-wxack9zv 136 14 and and CC cord-028636-wxack9zv 136 15 the the DT cord-028636-wxack9zv 136 16 SV SV NNP cord-028636-wxack9zv 136 17 - - HYPH cord-028636-wxack9zv 136 18 t t NN cord-028636-wxack9zv 136 19 model model NN cord-028636-wxack9zv 136 20 of of IN cord-028636-wxack9zv 136 21 the the DT cord-028636-wxack9zv 136 22 daily daily JJ cord-028636-wxack9zv 136 23 indexes index NNS cord-028636-wxack9zv 136 24 . . . cord-028636-wxack9zv 137 1 α α NNP cord-028636-wxack9zv 137 2 and and CC cord-028636-wxack9zv 137 3 δ δ NN cord-028636-wxack9zv 137 4 are be VBP cord-028636-wxack9zv 137 5 prior prior RB cord-028636-wxack9zv 137 6 independent independent JJ cord-028636-wxack9zv 137 7 . . . cord-028636-wxack9zv 138 1 The the DT cord-028636-wxack9zv 138 2 prior prior JJ cord-028636-wxack9zv 138 3 in in IN cord-028636-wxack9zv 138 4 δ δ NN cord-028636-wxack9zv 138 5 is be VBZ cord-028636-wxack9zv 138 6 essentially essentially RB cord-028636-wxack9zv 138 7 flat flat JJ cord-028636-wxack9zv 138 8 over over RP cord-028636-wxack9zv 138 9 [ [ -LRB- cord-028636-wxack9zv 138 10 0,1 0,1 CD cord-028636-wxack9zv 138 11 ] ] -RRB- cord-028636-wxack9zv 138 12 . . . cord-028636-wxack9zv 139 1 We -PRON- PRP cord-028636-wxack9zv 139 2 impose impose VBP cord-028636-wxack9zv 139 3 stationarity stationarity NN cord-028636-wxack9zv 139 4 for for IN cord-028636-wxack9zv 139 5 log(V log(V NNP cord-028636-wxack9zv 139 6 t t NNP cord-028636-wxack9zv 139 7 ) ) -RRB- cord-028636-wxack9zv 139 8 by by IN cord-028636-wxack9zv 139 9 truncating truncate VBG cord-028636-wxack9zv 139 10 the the DT cord-028636-wxack9zv 139 11 prior prior NN cord-028636-wxack9zv 139 12 of of IN cord-028636-wxack9zv 139 13 δ δ NN cord-028636-wxack9zv 139 14 . . . cord-028636-wxack9zv 140 1 Other other JJ cord-028636-wxack9zv 140 2 priors prior NNS cord-028636-wxack9zv 140 3 for for IN cord-028636-wxack9zv 140 4 δ δ NN cord-028636-wxack9zv 140 5 are be VBP cord-028636-wxack9zv 140 6 possible possible JJ cord-028636-wxack9zv 140 7 . . . cord-028636-wxack9zv 141 1 Geweke Geweke NNP cord-028636-wxack9zv 141 2 ( ( -LRB- cord-028636-wxack9zv 141 3 1994a 1994a CD cord-028636-wxack9zv 141 4 ) ) -RRB- cord-028636-wxack9zv 141 5 proposes propose VBZ cord-028636-wxack9zv 141 6 alternative alternative JJ cord-028636-wxack9zv 141 7 priors prior NNS cord-028636-wxack9zv 141 8 to to TO cord-028636-wxack9zv 141 9 allow allow VB cord-028636-wxack9zv 141 10 the the DT cord-028636-wxack9zv 141 11 formulation formulation NN cord-028636-wxack9zv 141 12 of of IN cord-028636-wxack9zv 141 13 odds odd NNS cord-028636-wxack9zv 141 14 ratios ratio NNS cord-028636-wxack9zv 141 15 for for IN cord-028636-wxack9zv 141 16 non non JJ cord-028636-wxack9zv 141 17 - - JJ cord-028636-wxack9zv 141 18 stationarity stationarity JJ cord-028636-wxack9zv 141 19 . . . cord-028636-wxack9zv 142 1 Wheras Wheras NNP cord-028636-wxack9zv 142 2 Kim Kim NNP cord-028636-wxack9zv 142 3 et et NNP cord-028636-wxack9zv 142 4 al al NNP cord-028636-wxack9zv 142 5 . . . cord-028636-wxack9zv 143 1 ( ( -LRB- cord-028636-wxack9zv 143 2 1998 1998 CD cord-028636-wxack9zv 143 3 ) ) -RRB- cord-028636-wxack9zv 143 4 center center NN cord-028636-wxack9zv 143 5 an an DT cord-028636-wxack9zv 143 6 informative informative JJ cord-028636-wxack9zv 143 7 Beta beta NN cord-028636-wxack9zv 143 8 Prior prior RB cord-028636-wxack9zv 143 9 to to IN cord-028636-wxack9zv 143 10 around around IN cord-028636-wxack9zv 143 11 0.9 0.9 CD cord-028636-wxack9zv 143 12 . . . cord-028636-wxack9zv 144 1 Table table NN cord-028636-wxack9zv 144 2 2 2 CD cord-028636-wxack9zv 144 3 shows show VBZ cord-028636-wxack9zv 144 4 the the DT cord-028636-wxack9zv 144 5 results result NNS cord-028636-wxack9zv 144 6 for for IN cord-028636-wxack9zv 144 7 the the DT cord-028636-wxack9zv 144 8 daily daily JJ cord-028636-wxack9zv 144 9 indexes index NNS cord-028636-wxack9zv 144 10 . . . cord-028636-wxack9zv 145 1 The the DT cord-028636-wxack9zv 145 2 posterior posterior NN cord-028636-wxack9zv 145 3 of of IN cord-028636-wxack9zv 145 4 δ δ NNP cord-028636-wxack9zv 145 5 are be VBP cord-028636-wxack9zv 145 6 higher high JJR cord-028636-wxack9zv 145 7 for for IN cord-028636-wxack9zv 145 8 the the DT cord-028636-wxack9zv 145 9 daily daily JJ cord-028636-wxack9zv 145 10 series series NN cord-028636-wxack9zv 145 11 . . . cord-028636-wxack9zv 146 1 The the DT cord-028636-wxack9zv 146 2 highest high JJS cord-028636-wxack9zv 146 3 mean mean NN cord-028636-wxack9zv 146 4 is be VBZ cord-028636-wxack9zv 146 5 − − CD cord-028636-wxack9zv 146 6 0.1173 0.1173 CD cord-028636-wxack9zv 146 7 , , , cord-028636-wxack9zv 146 8 0.0765 0.0765 CD cord-028636-wxack9zv 146 9 , , , cord-028636-wxack9zv 146 10 − − CD cord-028636-wxack9zv 146 11 0.1945 0.1945 CD cord-028636-wxack9zv 146 12 , , , cord-028636-wxack9zv 146 13 − − CD cord-028636-wxack9zv 146 14 0.1774 0.1774 CD cord-028636-wxack9zv 146 15 , , , cord-028636-wxack9zv 146 16 0.1601 0.1601 CD cord-028636-wxack9zv 146 17 and and CC cord-028636-wxack9zv 146 18 − − CD cord-028636-wxack9zv 146 19 0.1501 0.1501 CD cord-028636-wxack9zv 146 20 . . . cord-028636-wxack9zv 147 1 Well well UH cord-028636-wxack9zv 147 2 , , , cord-028636-wxack9zv 147 3 as as IN cord-028636-wxack9zv 147 4 the the DT cord-028636-wxack9zv 147 5 basic basic JJ cord-028636-wxack9zv 147 6 SVOL SVOL NNP cord-028636-wxack9zv 147 7 , , , cord-028636-wxack9zv 147 8 there there EX cord-028636-wxack9zv 147 9 is be VBZ cord-028636-wxack9zv 147 10 no no DT cord-028636-wxack9zv 147 11 apparent apparent JJ cord-028636-wxack9zv 147 12 evidence evidence NN cord-028636-wxack9zv 147 13 of of IN cord-028636-wxack9zv 147 14 a a DT cord-028636-wxack9zv 147 15 unit unit NN cord-028636-wxack9zv 147 16 of of IN cord-028636-wxack9zv 147 17 volatility volatility NN cord-028636-wxack9zv 147 18 . . . cord-028636-wxack9zv 148 1 There there EX cord-028636-wxack9zv 148 2 are be VBP cord-028636-wxack9zv 148 3 other other JJ cord-028636-wxack9zv 148 4 factors factor NNS cord-028636-wxack9zv 148 5 that that WDT cord-028636-wxack9zv 148 6 can can MD cord-028636-wxack9zv 148 7 deflect deflect VB cord-028636-wxack9zv 148 8 this this DT cord-028636-wxack9zv 148 9 rate rate NN cord-028636-wxack9zv 148 10 such such JJ cord-028636-wxack9zv 148 11 as as IN cord-028636-wxack9zv 148 12 the the DT cord-028636-wxack9zv 148 13 marcoeconomics marcoeconomic NNS cord-028636-wxack9zv 148 14 variable variable JJ cord-028636-wxack9zv 148 15 ( ( -LRB- cord-028636-wxack9zv 148 16 inflation inflation NN cord-028636-wxack9zv 148 17 , , , cord-028636-wxack9zv 148 18 interest interest NN cord-028636-wxack9zv 148 19 rate rate NN cord-028636-wxack9zv 148 20 ) ) -RRB- cord-028636-wxack9zv 148 21 . . . cord-028636-wxack9zv 149 1 The the DT cord-028636-wxack9zv 149 2 Leverage Leverage NNP cord-028636-wxack9zv 149 3 effect effect NN cord-028636-wxack9zv 149 4 is be VBZ cord-028636-wxack9zv 149 5 directly directly RB cord-028636-wxack9zv 149 6 modeled model VBN cord-028636-wxack9zv 149 7 in in IN cord-028636-wxack9zv 149 8 the the DT cord-028636-wxack9zv 149 9 model model NN cord-028636-wxack9zv 149 10 of of IN cord-028636-wxack9zv 149 11 JPR JPR NNP cord-028636-wxack9zv 149 12 ( ( -LRB- cord-028636-wxack9zv 149 13 1994 1994 CD cord-028636-wxack9zv 149 14 , , , cord-028636-wxack9zv 149 15 2004 2004 CD cord-028636-wxack9zv 149 16 ) ) -RRB- cord-028636-wxack9zv 149 17 . . . cord-028636-wxack9zv 150 1 Also also RB cord-028636-wxack9zv 150 2 , , , cord-028636-wxack9zv 150 3 the the DT cord-028636-wxack9zv 150 4 volatility volatility NN cord-028636-wxack9zv 150 5 at at IN cord-028636-wxack9zv 150 6 time time NN cord-028636-wxack9zv 150 7 t t NN cord-028636-wxack9zv 150 8 can can MD cord-028636-wxack9zv 150 9 be be VB cord-028636-wxack9zv 150 10 positively positively RB cord-028636-wxack9zv 150 11 or or CC cord-028636-wxack9zv 150 12 negatively negatively RB cord-028636-wxack9zv 150 13 influenced influence VBN cord-028636-wxack9zv 150 14 by by IN cord-028636-wxack9zv 150 15 the the DT cord-028636-wxack9zv 150 16 volatility volatility NN cord-028636-wxack9zv 150 17 at at IN cord-028636-wxack9zv 150 18 time time NN cord-028636-wxack9zv 150 19 t-1 t-1 NN cord-028636-wxack9zv 150 20 . . . cord-028636-wxack9zv 151 1 Similarly similarly RB cord-028636-wxack9zv 151 2 , , , cord-028636-wxack9zv 151 3 the the DT cord-028636-wxack9zv 151 4 coefficient coefficient NN cord-028636-wxack9zv 151 5 associated associate VBN cord-028636-wxack9zv 151 6 with with IN cord-028636-wxack9zv 151 7 the the DT cord-028636-wxack9zv 151 8 shocks shock NNS cord-028636-wxack9zv 151 9 is be VBZ cord-028636-wxack9zv 151 10 significant significant JJ cord-028636-wxack9zv 151 11 and and CC cord-028636-wxack9zv 151 12 positive positive JJ cord-028636-wxack9zv 151 13 for for IN cord-028636-wxack9zv 151 14 all all PDT cord-028636-wxack9zv 151 15 the the DT cord-028636-wxack9zv 151 16 indices index NNS cord-028636-wxack9zv 151 17 . . . cord-028636-wxack9zv 152 1 Similarly similarly RB cord-028636-wxack9zv 152 2 , , , cord-028636-wxack9zv 152 3 it -PRON- PRP cord-028636-wxack9zv 152 4 is be VBZ cord-028636-wxack9zv 152 5 high high JJ cord-028636-wxack9zv 152 6 in in IN cord-028636-wxack9zv 152 7 the the DT cord-028636-wxack9zv 152 8 majority majority NN cord-028636-wxack9zv 152 9 of of IN cord-028636-wxack9zv 152 10 observations observation NNS cord-028636-wxack9zv 152 11 . . . cord-028636-wxack9zv 153 1 We -PRON- PRP cord-028636-wxack9zv 153 2 deduce deduce VBP cord-028636-wxack9zv 153 3 that that IN cord-028636-wxack9zv 153 4 the the DT cord-028636-wxack9zv 153 5 nature nature NN cord-028636-wxack9zv 153 6 of of IN cord-028636-wxack9zv 153 7 the the DT cord-028636-wxack9zv 153 8 shock shock NN cord-028636-wxack9zv 153 9 can can MD cord-028636-wxack9zv 153 10 have have VB cord-028636-wxack9zv 153 11 a a DT cord-028636-wxack9zv 153 12 remarkable remarkable JJ cord-028636-wxack9zv 153 13 influence influence NN cord-028636-wxack9zv 153 14 on on IN cord-028636-wxack9zv 153 15 volatility volatility NN cord-028636-wxack9zv 153 16 . . . cord-028636-wxack9zv 154 1 This this DT cord-028636-wxack9zv 154 2 will will MD cord-028636-wxack9zv 154 3 generate generate VB cord-028636-wxack9zv 154 4 excessive excessive JJ cord-028636-wxack9zv 154 5 volatility volatility NN cord-028636-wxack9zv 154 6 which which WDT cord-028636-wxack9zv 154 7 is be VBZ cord-028636-wxack9zv 154 8 well well RB cord-028636-wxack9zv 154 9 observed observed JJ cord-028636-wxack9zv 154 10 on on IN cord-028636-wxack9zv 154 11 the the DT cord-028636-wxack9zv 154 12 bitcoin bitcoin NNP cord-028636-wxack9zv 154 13 series series NNP cord-028636-wxack9zv 154 14 . . . cord-028636-wxack9zv 155 1 Without without IN cord-028636-wxack9zv 155 2 neglecting neglect VBG cord-028636-wxack9zv 155 3 the the DT cord-028636-wxack9zv 155 4 other other JJ cord-028636-wxack9zv 155 5 indexes index NNS cord-028636-wxack9zv 155 6 . . . cord-028636-wxack9zv 156 1 Our -PRON- PRP$ cord-028636-wxack9zv 156 2 results result NNS cord-028636-wxack9zv 156 3 are be VBP cord-028636-wxack9zv 156 4 similar similar JJ cord-028636-wxack9zv 156 5 to to IN cord-028636-wxack9zv 156 6 those those DT cord-028636-wxack9zv 156 7 of of IN cord-028636-wxack9zv 156 8 where where WRB cord-028636-wxack9zv 156 9 psychological psychological JJ cord-028636-wxack9zv 156 10 biases bias NNS cord-028636-wxack9zv 156 11 represent represent VBP cord-028636-wxack9zv 156 12 an an DT cord-028636-wxack9zv 156 13 explanatory explanatory JJ cord-028636-wxack9zv 156 14 factor factor NN cord-028636-wxack9zv 156 15 . . . cord-028636-wxack9zv 157 1 Guney Guney NNP cord-028636-wxack9zv 157 2 et et FW cord-028636-wxack9zv 157 3 al al NNP cord-028636-wxack9zv 157 4 . . . cord-028636-wxack9zv 158 1 ( ( -LRB- cord-028636-wxack9zv 158 2 2017 2017 CD cord-028636-wxack9zv 158 3 ) ) -RRB- cord-028636-wxack9zv 158 4 , , , cord-028636-wxack9zv 158 5 Edgars Edgars NNP cord-028636-wxack9zv 158 6 et et NNP cord-028636-wxack9zv 158 7 al al NNP cord-028636-wxack9zv 158 8 . . . cord-028636-wxack9zv 159 1 ( ( -LRB- cord-028636-wxack9zv 159 2 2018 2018 CD cord-028636-wxack9zv 159 3 ) ) -RRB- cord-028636-wxack9zv 159 4 , , , cord-028636-wxack9zv 159 5 Walid Walid NNP cord-028636-wxack9zv 159 6 and and CC cord-028636-wxack9zv 159 7 Ahmed Ahmed NNP cord-028636-wxack9zv 159 8 ( ( -LRB- cord-028636-wxack9zv 159 9 2020 2020 CD cord-028636-wxack9zv 159 10 ) ) -RRB- cord-028636-wxack9zv 159 11 , , , cord-028636-wxack9zv 159 12 Kraaijeveld Kraaijeveld NNP cord-028636-wxack9zv 159 13 and and CC cord-028636-wxack9zv 159 14 De De NNP cord-028636-wxack9zv 159 15 Smedt Smedt NNP cord-028636-wxack9zv 159 16 ( ( -LRB- cord-028636-wxack9zv 159 17 2020 2020 CD cord-028636-wxack9zv 159 18 ) ) -RRB- cord-028636-wxack9zv 159 19 . . . cord-028636-wxack9zv 160 1 Table table NN cord-028636-wxack9zv 160 2 3 3 CD cord-028636-wxack9zv 160 3 explores explore VBZ cord-028636-wxack9zv 160 4 the the DT cord-028636-wxack9zv 160 5 Metropolis Metropolis NNP cord-028636-wxack9zv 160 6 Hasting Hasting NNP cord-028636-wxack9zv 160 7 estimates estimate NNS cord-028636-wxack9zv 160 8 of of IN cord-028636-wxack9zv 160 9 the the DT cord-028636-wxack9zv 160 10 basic basic JJ cord-028636-wxack9zv 160 11 autoregressive autoregressive JJ cord-028636-wxack9zv 160 12 SV sv NN cord-028636-wxack9zv 160 13 - - HYPH cord-028636-wxack9zv 160 14 t t NN cord-028636-wxack9zv 160 15 model model NN cord-028636-wxack9zv 160 16 . . . cord-028636-wxack9zv 161 1 The the DT cord-028636-wxack9zv 161 2 estimates estimate NNS cord-028636-wxack9zv 161 3 of of IN cord-028636-wxack9zv 161 4 φ φ NN cord-028636-wxack9zv 161 5 is be VBZ cord-028636-wxack9zv 161 6 between between IN cord-028636-wxack9zv 161 7 0.2086 0.2086 CD cord-028636-wxack9zv 161 8 and and CC cord-028636-wxack9zv 161 9 0.6711 0.6711 CD cord-028636-wxack9zv 161 10 , , , cord-028636-wxack9zv 161 11 while while IN cord-028636-wxack9zv 161 12 those those DT cord-028636-wxack9zv 161 13 of of IN cord-028636-wxack9zv 161 14 σ σ NNP cord-028636-wxack9zv 161 15 are be VBP cord-028636-wxack9zv 161 16 between between IN cord-028636-wxack9zv 161 17 0 0 CD cord-028636-wxack9zv 161 18 . . . cord-028636-wxack9zv 161 19 013 013 CD cord-028636-wxack9zv 161 20 and and CC cord-028636-wxack9zv 161 21 0 0 CD cord-028636-wxack9zv 161 22 . . . cord-028636-wxack9zv 161 23 075 075 CD cord-028636-wxack9zv 161 24 . . . cord-028636-wxack9zv 162 1 Against against IN cord-028636-wxack9zv 162 2 , , , cord-028636-wxack9zv 162 3 the the DT cord-028636-wxack9zv 162 4 posterior posterior NN cord-028636-wxack9zv 162 5 of of IN cord-028636-wxack9zv 162 6 φ φ NN cord-028636-wxack9zv 162 7 for for IN cord-028636-wxack9zv 162 8 the the DT cord-028636-wxack9zv 162 9 SV SV NNP cord-028636-wxack9zv 162 10 - - HYPH cord-028636-wxack9zv 162 11 t t NN cord-028636-wxack9zv 162 12 model model NN cord-028636-wxack9zv 162 13 is be VBZ cord-028636-wxack9zv 162 14 located locate VBN cord-028636-wxack9zv 162 15 higher higher RBR cord-028636-wxack9zv 162 16 . . . cord-028636-wxack9zv 163 1 This this DT cord-028636-wxack9zv 163 2 result result NN cord-028636-wxack9zv 163 3 confirms confirm VBZ cord-028636-wxack9zv 163 4 the the DT cord-028636-wxack9zv 163 5 typical typical JJ cord-028636-wxack9zv 163 6 persistence persistence NN cord-028636-wxack9zv 163 7 reported report VBN cord-028636-wxack9zv 163 8 in in IN cord-028636-wxack9zv 163 9 the the DT cord-028636-wxack9zv 163 10 GARCH GARCH NNP cord-028636-wxack9zv 163 11 literature literature NN cord-028636-wxack9zv 163 12 . . . cord-028636-wxack9zv 164 1 After after IN cord-028636-wxack9zv 164 2 the the DT cord-028636-wxack9zv 164 3 result result NN cord-028636-wxack9zv 164 4 , , , cord-028636-wxack9zv 164 5 the the DT cord-028636-wxack9zv 164 6 first first JJ cord-028636-wxack9zv 164 7 volatility volatility NN cord-028636-wxack9zv 164 8 factors factor NNS cord-028636-wxack9zv 164 9 have have VBP cord-028636-wxack9zv 164 10 lower low JJR cord-028636-wxack9zv 164 11 persistence persistence NN cord-028636-wxack9zv 164 12 while while IN cord-028636-wxack9zv 164 13 the the DT cord-028636-wxack9zv 164 14 values value NNS cord-028636-wxack9zv 164 15 of of IN cord-028636-wxack9zv 164 16 φ φ NN cord-028636-wxack9zv 164 17 2 2 CD cord-028636-wxack9zv 164 18 indicate indicate VBP cord-028636-wxack9zv 164 19 the the DT cord-028636-wxack9zv 164 20 high high JJ cord-028636-wxack9zv 164 21 persistence persistence NN cord-028636-wxack9zv 164 22 of of IN cord-028636-wxack9zv 164 23 the the DT cord-028636-wxack9zv 164 24 second second JJ cord-028636-wxack9zv 164 25 volatility volatility NN cord-028636-wxack9zv 164 26 factors factor NNS cord-028636-wxack9zv 164 27 . . . cord-028636-wxack9zv 165 1 The the DT cord-028636-wxack9zv 165 2 second second JJ cord-028636-wxack9zv 165 3 factorφ factorφ JJ cord-028636-wxack9zv 165 4 2 2 CD cord-028636-wxack9zv 165 5 plays play VBZ cord-028636-wxack9zv 165 6 an an DT cord-028636-wxack9zv 165 7 important important JJ cord-028636-wxack9zv 165 8 role role NN cord-028636-wxack9zv 165 9 in in IN cord-028636-wxack9zv 165 10 the the DT cord-028636-wxack9zv 165 11 sense sense NN cord-028636-wxack9zv 165 12 that that IN cord-028636-wxack9zv 165 13 it -PRON- PRP cord-028636-wxack9zv 165 14 captures capture VBZ cord-028636-wxack9zv 165 15 extreme extreme JJ cord-028636-wxack9zv 165 16 values value NNS cord-028636-wxack9zv 165 17 , , , cord-028636-wxack9zv 165 18 which which WDT cord-028636-wxack9zv 165 19 may may MD cord-028636-wxack9zv 165 20 produce produce VB cord-028636-wxack9zv 165 21 the the DT cord-028636-wxack9zv 165 22 leverage leverage NN cord-028636-wxack9zv 165 23 effect effect NN cord-028636-wxack9zv 165 24 , , , cord-028636-wxack9zv 165 25 then then RB cord-028636-wxack9zv 165 26 it -PRON- PRP cord-028636-wxack9zv 165 27 can can MD cord-028636-wxack9zv 165 28 be be VB cord-028636-wxack9zv 165 29 considered consider VBN cord-028636-wxack9zv 165 30 conceivable conceivable JJ cord-028636-wxack9zv 165 31 . . . cord-028636-wxack9zv 166 1 The the DT cord-028636-wxack9zv 166 2 estimates estimate NNS cord-028636-wxack9zv 166 3 of of IN cord-028636-wxack9zv 166 4 ρ ρ NNP cord-028636-wxack9zv 166 5 are be VBP cord-028636-wxack9zv 166 6 positive positive JJ cord-028636-wxack9zv 166 7 for for IN cord-028636-wxack9zv 166 8 the the DT cord-028636-wxack9zv 166 9 same same JJ cord-028636-wxack9zv 166 10 cases case NNS cord-028636-wxack9zv 166 11 except except IN cord-028636-wxack9zv 166 12 for for IN cord-028636-wxack9zv 166 13 Down Down NNP cord-028636-wxack9zv 166 14 Jones Jones NNP cord-028636-wxack9zv 166 15 and and CC cord-028636-wxack9zv 166 16 S&P S&P NNP cord-028636-wxack9zv 166 17 when when WRB cord-028636-wxack9zv 166 18 the the DT cord-028636-wxack9zv 166 19 estimates estimate NNS cord-028636-wxack9zv 166 20 is be VBZ cord-028636-wxack9zv 166 21 respectively respectively RB cord-028636-wxack9zv 166 22 − − CD cord-028636-wxack9zv 166 23 0.0226 0.0226 CD cord-028636-wxack9zv 166 24 and and CC cord-028636-wxack9zv 166 25 − − CD cord-028636-wxack9zv 166 26 0.0389 0.0389 CD cord-028636-wxack9zv 166 27 . . . cord-028636-wxack9zv 167 1 Using use VBG cord-028636-wxack9zv 167 2 Metropolis Metropolis NNP cord-028636-wxack9zv 167 3 Hasting Hasting NNP cord-028636-wxack9zv 167 4 for for IN cord-028636-wxack9zv 167 5 each each DT cord-028636-wxack9zv 167 6 data data NN cord-028636-wxack9zv 167 7 set set VBN cord-028636-wxack9zv 167 8 , , , cord-028636-wxack9zv 167 9 the the DT cord-028636-wxack9zv 167 10 innovations innovation NNS cord-028636-wxack9zv 167 11 in in IN cord-028636-wxack9zv 167 12 the the DT cord-028636-wxack9zv 167 13 mean mean NN cord-028636-wxack9zv 167 14 and and CC cord-028636-wxack9zv 167 15 volatility volatility NN cord-028636-wxack9zv 167 16 are be VBP cord-028636-wxack9zv 167 17 negatively negatively RB cord-028636-wxack9zv 167 18 correlated correlate VBN cord-028636-wxack9zv 167 19 . . . cord-028636-wxack9zv 168 1 Negative negative JJ cord-028636-wxack9zv 168 2 correlations correlation NNS cord-028636-wxack9zv 168 3 between between IN cord-028636-wxack9zv 168 4 mean mean NN cord-028636-wxack9zv 168 5 and and CC cord-028636-wxack9zv 168 6 variance variance NN cord-028636-wxack9zv 168 7 errors error NNS cord-028636-wxack9zv 168 8 can can MD cord-028636-wxack9zv 168 9 produce produce VB cord-028636-wxack9zv 168 10 a a DT cord-028636-wxack9zv 168 11 " " `` cord-028636-wxack9zv 168 12 Leverage leverage NN cord-028636-wxack9zv 168 13 " " '' cord-028636-wxack9zv 168 14 effect effect NN cord-028636-wxack9zv 168 15 in in IN cord-028636-wxack9zv 168 16 which which WDT cord-028636-wxack9zv 168 17 negative negative JJ cord-028636-wxack9zv 168 18 ( ( -LRB- cord-028636-wxack9zv 168 19 positive positive JJ cord-028636-wxack9zv 168 20 ) ) -RRB- cord-028636-wxack9zv 168 21 shocks shock NNS cord-028636-wxack9zv 168 22 to to IN cord-028636-wxack9zv 168 23 the the DT cord-028636-wxack9zv 168 24 mean mean NN cord-028636-wxack9zv 168 25 are be VBP cord-028636-wxack9zv 168 26 associated associate VBN cord-028636-wxack9zv 168 27 with with IN cord-028636-wxack9zv 168 28 increases increase NNS cord-028636-wxack9zv 168 29 ( ( -LRB- cord-028636-wxack9zv 168 30 decreases)in decreases)in JJ cord-028636-wxack9zv 168 31 volatility volatility NN cord-028636-wxack9zv 168 32 ( ( -LRB- cord-028636-wxack9zv 168 33 Mbanga Mbanga NNP cord-028636-wxack9zv 168 34 et et NNP cord-028636-wxack9zv 168 35 al al NNP cord-028636-wxack9zv 168 36 . . . cord-028636-wxack9zv 168 37 2018 2018 CD cord-028636-wxack9zv 168 38 ; ; : cord-028636-wxack9zv 168 39 Andersen Andersen NNP cord-028636-wxack9zv 168 40 et et NNP cord-028636-wxack9zv 168 41 al al NNP cord-028636-wxack9zv 168 42 . . NNP cord-028636-wxack9zv 168 43 2003 2003 CD cord-028636-wxack9zv 168 44 ; ; : cord-028636-wxack9zv 168 45 Black black JJ cord-028636-wxack9zv 168 46 1976 1976 CD cord-028636-wxack9zv 168 47 ; ; : cord-028636-wxack9zv 169 1 Caraiani Caraiani NNP cord-028636-wxack9zv 169 2 and and CC cord-028636-wxack9zv 169 3 Calin Calin NNP cord-028636-wxack9zv 169 4 2019 2019 CD cord-028636-wxack9zv 169 5 ; ; : cord-028636-wxack9zv 169 6 Hung Hung NNP cord-028636-wxack9zv 169 7 et et NNP cord-028636-wxack9zv 169 8 al al NNP cord-028636-wxack9zv 169 9 . . NNP cord-028636-wxack9zv 169 10 2020 2020 CD cord-028636-wxack9zv 169 11 ) ) -RRB- cord-028636-wxack9zv 169 12 . . . cord-028636-wxack9zv 170 1 The the DT cord-028636-wxack9zv 170 2 return return NN cord-028636-wxack9zv 170 3 of of IN cord-028636-wxack9zv 170 4 different different JJ cord-028636-wxack9zv 170 5 indexes index NNS cord-028636-wxack9zv 170 6 is be VBZ cord-028636-wxack9zv 170 7 influenced influence VBN cord-028636-wxack9zv 170 8 by by IN cord-028636-wxack9zv 170 9 different different JJ cord-028636-wxack9zv 170 10 crises crisis NNS cord-028636-wxack9zv 170 11 observed observe VBN cord-028636-wxack9zv 170 12 in in IN cord-028636-wxack9zv 170 13 the the DT cord-028636-wxack9zv 170 14 international international JJ cord-028636-wxack9zv 170 15 market market NN cord-028636-wxack9zv 170 16 ( ( -LRB- cord-028636-wxack9zv 170 17 see see VB cord-028636-wxack9zv 170 18 Fig Fig NNP cord-028636-wxack9zv 170 19 . . NNP cord-028636-wxack9zv 170 20 1 1 CD cord-028636-wxack9zv 170 21 ) ) -RRB- cord-028636-wxack9zv 170 22 for for IN cord-028636-wxack9zv 170 23 example example NN cord-028636-wxack9zv 170 24 about about IN cord-028636-wxack9zv 170 25 bitcoin bitcoin NNP cord-028636-wxack9zv 170 26 , , , cord-028636-wxack9zv 170 27 the the DT cord-028636-wxack9zv 170 28 crash crash NN cord-028636-wxack9zv 170 29 of of IN cord-028636-wxack9zv 170 30 April April NNP cord-028636-wxack9zv 170 31 2013 2013 CD cord-028636-wxack9zv 170 32 came come VBD cord-028636-wxack9zv 170 33 after after IN cord-028636-wxack9zv 170 34 Bitcoin Bitcoin NNP cord-028636-wxack9zv 170 35 's 's POS cord-028636-wxack9zv 170 36 first first JJ cord-028636-wxack9zv 170 37 significant significant JJ cord-028636-wxack9zv 170 38 brush brush NN cord-028636-wxack9zv 170 39 with with IN cord-028636-wxack9zv 170 40 the the DT cord-028636-wxack9zv 170 41 mainstream mainstream NN cord-028636-wxack9zv 170 42 . . . cord-028636-wxack9zv 171 1 The the DT cord-028636-wxack9zv 171 2 currency currency NN cord-028636-wxack9zv 171 3 had have VBD cord-028636-wxack9zv 171 4 never never RB cord-028636-wxack9zv 171 5 crossed cross VBN cord-028636-wxack9zv 171 6 $ $ $ cord-028636-wxack9zv 171 7 30 30 CD cord-028636-wxack9zv 171 8 before before IN cord-028636-wxack9zv 171 9 2013 2013 CD cord-028636-wxack9zv 171 10 but but CC cord-028636-wxack9zv 171 11 a a DT cord-028636-wxack9zv 171 12 flood flood NN cord-028636-wxack9zv 171 13 of of IN cord-028636-wxack9zv 171 14 media medium NNS cord-028636-wxack9zv 171 15 coverage coverage NN cord-028636-wxack9zv 171 16 helped help VBD cord-028636-wxack9zv 171 17 drive drive VB cord-028636-wxack9zv 171 18 it -PRON- PRP cord-028636-wxack9zv 171 19 well well RB cord-028636-wxack9zv 171 20 above above IN cord-028636-wxack9zv 171 21 $ $ $ cord-028636-wxack9zv 171 22 200 200 CD cord-028636-wxack9zv 171 23 . . . cord-028636-wxack9zv 172 1 Bitcoin Bitcoin NNP cord-028636-wxack9zv 172 2 spent spend VBD cord-028636-wxack9zv 172 3 most most JJS cord-028636-wxack9zv 172 4 of of IN cord-028636-wxack9zv 172 5 the the DT cord-028636-wxack9zv 172 6 rest rest NN cord-028636-wxack9zv 172 7 of of IN cord-028636-wxack9zv 172 8 2013 2013 CD cord-028636-wxack9zv 172 9 around around IN cord-028636-wxack9zv 172 10 $ $ $ cord-028636-wxack9zv 172 11 120 120 CD cord-028636-wxack9zv 172 12 . . . cord-028636-wxack9zv 173 1 Then then RB cord-028636-wxack9zv 173 2 prices price NNS cord-028636-wxack9zv 173 3 jumped jump VBD cord-028636-wxack9zv 173 4 ten ten CD cord-028636-wxack9zv 173 5 - - RB cord-028636-wxack9zv 173 6 fold fold NN cord-028636-wxack9zv 173 7 in in IN cord-028636-wxack9zv 173 8 the the DT cord-028636-wxack9zv 173 9 fall fall NN cord-028636-wxack9zv 173 10 : : : cord-028636-wxack9zv 173 11 Bitcoin Bitcoin NNP cord-028636-wxack9zv 173 12 hit hit VBD cord-028636-wxack9zv 173 13 a a DT cord-028636-wxack9zv 173 14 high high NN cord-028636-wxack9zv 173 15 of of IN cord-028636-wxack9zv 173 16 $ $ $ cord-028636-wxack9zv 173 17 1150 1150 CD cord-028636-wxack9zv 173 18 in in IN cord-028636-wxack9zv 173 19 late late JJ cord-028636-wxack9zv 173 20 November November NNP cord-028636-wxack9zv 173 21 , , , cord-028636-wxack9zv 173 22 and and CC cord-028636-wxack9zv 173 23 then then RB cord-028636-wxack9zv 173 24 the the DT cord-028636-wxack9zv 173 25 party party NN cord-028636-wxack9zv 173 26 ended end VBD cord-028636-wxack9zv 173 27 abruptly abruptly RB cord-028636-wxack9zv 173 28 , , , cord-028636-wxack9zv 173 29 and and CC cord-028636-wxack9zv 173 30 prices price NNS cord-028636-wxack9zv 173 31 tumbled tumble VBD cord-028636-wxack9zv 173 32 below below IN cord-028636-wxack9zv 173 33 $ $ $ cord-028636-wxack9zv 173 34 500 500 CD cord-028636-wxack9zv 173 35 by by IN cord-028636-wxack9zv 173 36 mid mid NNP cord-028636-wxack9zv 173 37 - - NNP cord-028636-wxack9zv 173 38 December December NNP cord-028636-wxack9zv 173 39 . . . cord-028636-wxack9zv 174 1 It -PRON- PRP cord-028636-wxack9zv 174 2 would would MD cord-028636-wxack9zv 174 3 take take VB cord-028636-wxack9zv 174 4 more more JJR cord-028636-wxack9zv 174 5 than than IN cord-028636-wxack9zv 174 6 four four CD cord-028636-wxack9zv 174 7 years year NNS cord-028636-wxack9zv 174 8 for for IN cord-028636-wxack9zv 174 9 Bitcoin Bitcoin NNP cord-028636-wxack9zv 174 10 to to TO cord-028636-wxack9zv 174 11 reach reach VB cord-028636-wxack9zv 174 12 $ $ $ cord-028636-wxack9zv 174 13 1000 1000 CD cord-028636-wxack9zv 174 14 again again RB cord-028636-wxack9zv 174 15 . . . cord-028636-wxack9zv 175 1 Also also RB cord-028636-wxack9zv 175 2 , , , cord-028636-wxack9zv 175 3 the the DT cord-028636-wxack9zv 175 4 price price NN cord-028636-wxack9zv 175 5 of of IN cord-028636-wxack9zv 175 6 Bitcoin Bitcoin NNP cord-028636-wxack9zv 175 7 had have VBD cord-028636-wxack9zv 175 8 been be VBN cord-028636-wxack9zv 175 9 making make VBG cord-028636-wxack9zv 175 10 significant significant JJ cord-028636-wxack9zv 175 11 gains gain NNS cord-028636-wxack9zv 175 12 after after IN cord-028636-wxack9zv 175 13 2013 2013 CD cord-028636-wxack9zv 175 14 when when WRB cord-028636-wxack9zv 175 15 , , , cord-028636-wxack9zv 175 16 in in IN cord-028636-wxack9zv 175 17 February February NNP cord-028636-wxack9zv 175 18 , , , cord-028636-wxack9zv 175 19 the the DT cord-028636-wxack9zv 175 20 price price NN cord-028636-wxack9zv 175 21 fell fall VBD cord-028636-wxack9zv 175 22 from from IN cord-028636-wxack9zv 175 23 $ $ $ cord-028636-wxack9zv 175 24 867 867 CD cord-028636-wxack9zv 175 25 to to TO cord-028636-wxack9zv 175 26 $ $ $ cord-028636-wxack9zv 175 27 439 439 CD cord-028636-wxack9zv 175 28 ( ( -LRB- cord-028636-wxack9zv 175 29 a a DT cord-028636-wxack9zv 175 30 49 49 CD cord-028636-wxack9zv 175 31 % % NN cord-028636-wxack9zv 175 32 drop drop NN cord-028636-wxack9zv 175 33 ) ) -RRB- cord-028636-wxack9zv 175 34 . . . cord-028636-wxack9zv 176 1 This this DT cord-028636-wxack9zv 176 2 triggered trigger VBD cord-028636-wxack9zv 176 3 a a DT cord-028636-wxack9zv 176 4 doldrums doldrums JJ cord-028636-wxack9zv 176 5 period period NN cord-028636-wxack9zv 176 6 for for IN cord-028636-wxack9zv 176 7 Bitcoin Bitcoin NNP cord-028636-wxack9zv 176 8 that that WDT cord-028636-wxack9zv 176 9 lasted last VBD cord-028636-wxack9zv 176 10 until until IN cord-028636-wxack9zv 176 11 late late JJ cord-028636-wxack9zv 176 12 2016 2016 CD cord-028636-wxack9zv 176 13 . . . cord-028636-wxack9zv 177 1 The the DT cord-028636-wxack9zv 177 2 6 6 CD cord-028636-wxack9zv 177 3 February February NNP cord-028636-wxack9zv 177 4 crash crash NN cord-028636-wxack9zv 177 5 came come VBD cord-028636-wxack9zv 177 6 after after IN cord-028636-wxack9zv 177 7 the the DT cord-028636-wxack9zv 177 8 operator operator NN cord-028636-wxack9zv 177 9 of of IN cord-028636-wxack9zv 177 10 Mt. Mount NNP cord-028636-wxack9zv 177 11 Gox Gox NNP cord-028636-wxack9zv 177 12 - - : cord-028636-wxack9zv 177 13 long long RB cord-028636-wxack9zv 177 14 the the DT cord-028636-wxack9zv 177 15 go go NN cord-028636-wxack9zv 177 16 - - HYPH cord-028636-wxack9zv 177 17 to to IN cord-028636-wxack9zv 177 18 trading trading NN cord-028636-wxack9zv 177 19 place place NN cord-028636-wxack9zv 177 20 for for IN cord-028636-wxack9zv 177 21 longtime longtime JJ cord-028636-wxack9zv 177 22 Bitcoin Bitcoin NNP cord-028636-wxack9zv 177 23 owners owner NNS cord-028636-wxack9zv 177 24 - - , cord-028636-wxack9zv 177 25 announced announce VBD cord-028636-wxack9zv 177 26 the the DT cord-028636-wxack9zv 177 27 exchange exchange NN cord-028636-wxack9zv 177 28 had have VBD cord-028636-wxack9zv 177 29 been be VBN cord-028636-wxack9zv 177 30 hacked hack VBN cord-028636-wxack9zv 177 31 . . . cord-028636-wxack9zv 178 1 On on IN cord-028636-wxack9zv 178 2 February February NNP cord-028636-wxack9zv 178 3 7 7 CD cord-028636-wxack9zv 178 4 , , , cord-028636-wxack9zv 178 5 the the DT cord-028636-wxack9zv 178 6 exchange exchange NN cord-028636-wxack9zv 178 7 halted halt VBD cord-028636-wxack9zv 178 8 withdrawals withdrawal NNS cord-028636-wxack9zv 178 9 and and CC cord-028636-wxack9zv 178 10 later later RB cord-028636-wxack9zv 178 11 revealed reveal VBD cord-028636-wxack9zv 178 12 thieves thief NNS cord-028636-wxack9zv 178 13 had have VBD cord-028636-wxack9zv 178 14 made make VBN cord-028636-wxack9zv 178 15 off off RP cord-028636-wxack9zv 178 16 with with IN cord-028636-wxack9zv 178 17 850,000 850,000 CD cord-028636-wxack9zv 178 18 Bitcoins bitcoin NNS cord-028636-wxack9zv 178 19 ( ( -LRB- cord-028636-wxack9zv 178 20 which which WDT cord-028636-wxack9zv 178 21 would would MD cord-028636-wxack9zv 178 22 be be VB cord-028636-wxack9zv 178 23 worth worth JJ cord-028636-wxack9zv 178 24 around around IN cord-028636-wxack9zv 178 25 $ $ $ cord-028636-wxack9zv 178 26 3.5 3.5 CD cord-028636-wxack9zv 178 27 billion billion CD cord-028636-wxack9zv 178 28 today today NN cord-028636-wxack9zv 178 29 ) ) -RRB- cord-028636-wxack9zv 178 30 . . . cord-028636-wxack9zv 179 1 The the DT cord-028636-wxack9zv 179 2 incident incident NN cord-028636-wxack9zv 179 3 , , , cord-028636-wxack9zv 179 4 which which WDT cord-028636-wxack9zv 179 5 created create VBD cord-028636-wxack9zv 179 6 existential existential JJ cord-028636-wxack9zv 179 7 doubts doubt NNS cord-028636-wxack9zv 179 8 about about IN cord-028636-wxack9zv 179 9 the the DT cord-028636-wxack9zv 179 10 security security NN cord-028636-wxack9zv 179 11 of of IN cord-028636-wxack9zv 179 12 Bitcoin Bitcoin NNP cord-028636-wxack9zv 179 13 and and CC cord-028636-wxack9zv 179 14 undercut undercut JJ cord-028636-wxack9zv 179 15 liquidity liquidity NN cord-028636-wxack9zv 179 16 in in IN cord-028636-wxack9zv 179 17 the the DT cord-028636-wxack9zv 179 18 currency currency NN cord-028636-wxack9zv 179 19 , , , cord-028636-wxack9zv 179 20 likely likely RB cord-028636-wxack9zv 179 21 harmed harm VBD cord-028636-wxack9zv 179 22 the the DT cord-028636-wxack9zv 179 23 currency currency NN cord-028636-wxack9zv 179 24 's 's POS cord-028636-wxack9zv 179 25 value value NN cord-028636-wxack9zv 179 26 for for IN cord-028636-wxack9zv 179 27 years year NNS cord-028636-wxack9zv 179 28 . . . cord-028636-wxack9zv 180 1 Then then RB cord-028636-wxack9zv 180 2 in in IN cord-028636-wxack9zv 180 3 summer summer NN cord-028636-wxack9zv 180 4 2017 2017 CD cord-028636-wxack9zv 180 5 : : : cord-028636-wxack9zv 180 6 In in IN cord-028636-wxack9zv 180 7 early early JJ cord-028636-wxack9zv 180 8 January January NNP cord-028636-wxack9zv 180 9 , , , cord-028636-wxack9zv 180 10 Bitcoin Bitcoin NNP cord-028636-wxack9zv 180 11 broke break VBD cord-028636-wxack9zv 180 12 $ $ $ cord-028636-wxack9zv 180 13 1000 1000 CD cord-028636-wxack9zv 180 14 for for IN cord-028636-wxack9zv 180 15 the the DT cord-028636-wxack9zv 180 16 first first JJ cord-028636-wxack9zv 180 17 time time NN cord-028636-wxack9zv 180 18 in in IN cord-028636-wxack9zv 180 19 years year NNS cord-028636-wxack9zv 180 20 and and CC cord-028636-wxack9zv 180 21 started start VBD cord-028636-wxack9zv 180 22 climbing climb VBG cord-028636-wxack9zv 180 23 like like IN cord-028636-wxack9zv 180 24 crazy crazy JJ cord-028636-wxack9zv 180 25 . . . cord-028636-wxack9zv 181 1 By by IN cord-028636-wxack9zv 181 2 June June NNP cord-028636-wxack9zv 181 3 , , , cord-028636-wxack9zv 181 4 the the DT cord-028636-wxack9zv 181 5 currency currency NN cord-028636-wxack9zv 181 6 nudged nudge VBD cord-028636-wxack9zv 181 7 $ $ $ cord-028636-wxack9zv 181 8 3000-but 3000-but CD cord-028636-wxack9zv 181 9 then then RB cord-028636-wxack9zv 181 10 lurched lurch VBD cord-028636-wxack9zv 181 11 back back RB cord-028636-wxack9zv 181 12 all all DT cord-028636-wxack9zv 181 13 of of IN cord-028636-wxack9zv 181 14 a a RB cord-028636-wxack9zv 181 15 sudden sudden RB cord-028636-wxack9zv 181 16 , , , cord-028636-wxack9zv 181 17 falling fall VBG cord-028636-wxack9zv 181 18 36 36 CD cord-028636-wxack9zv 181 19 % % NN cord-028636-wxack9zv 181 20 to to IN cord-028636-wxack9zv 181 21 $ $ $ cord-028636-wxack9zv 181 22 1869 1869 CD cord-028636-wxack9zv 181 23 by by IN cord-028636-wxack9zv 181 24 mid mid NNP cord-028636-wxack9zv 181 25 - - NNP cord-028636-wxack9zv 181 26 July July NNP cord-028636-wxack9zv 181 27 . . . cord-028636-wxack9zv 182 1 The the DT cord-028636-wxack9zv 182 2 Great Great NNP cord-028636-wxack9zv 182 3 China China NNP cord-028636-wxack9zv 182 4 Chill Chill NNP cord-028636-wxack9zv 182 5 : : : cord-028636-wxack9zv 182 6 After after IN cord-028636-wxack9zv 182 7 fears fear NNS cord-028636-wxack9zv 182 8 over over IN cord-028636-wxack9zv 182 9 the the DT cord-028636-wxack9zv 182 10 fork fork NN cord-028636-wxack9zv 182 11 subsided subside VBD cord-028636-wxack9zv 182 12 , , , cord-028636-wxack9zv 182 13 Bitcoin Bitcoin NNP cord-028636-wxack9zv 182 14 went go VBD cord-028636-wxack9zv 182 15 on on IN cord-028636-wxack9zv 182 16 another another DT cord-028636-wxack9zv 182 17 crazy crazy JJ cord-028636-wxack9zv 182 18 tear tear NN cord-028636-wxack9zv 182 19 : : : cord-028636-wxack9zv 182 20 It -PRON- PRP cord-028636-wxack9zv 182 21 climbed climb VBD cord-028636-wxack9zv 182 22 close close RB cord-028636-wxack9zv 182 23 to to IN cord-028636-wxack9zv 182 24 $ $ $ cord-028636-wxack9zv 182 25 5000 5000 CD cord-028636-wxack9zv 182 26 at at IN cord-028636-wxack9zv 182 27 the the DT cord-028636-wxack9zv 182 28 start start NN cord-028636-wxack9zv 182 29 of of IN cord-028636-wxack9zv 182 30 September September NNP cord-028636-wxack9zv 182 31 before before IN cord-028636-wxack9zv 182 32 plunging plunge VBG cord-028636-wxack9zv 182 33 37 37 CD cord-028636-wxack9zv 182 34 % % NN cord-028636-wxack9zv 182 35 by by IN cord-028636-wxack9zv 182 36 September September NNP cord-028636-wxack9zv 182 37 15 15 CD cord-028636-wxack9zv 182 38 , , , cord-028636-wxack9zv 182 39 shaving shave VBG cord-028636-wxack9zv 182 40 off off RP cord-028636-wxack9zv 182 41 over over IN cord-028636-wxack9zv 182 42 $ $ $ cord-028636-wxack9zv 182 43 30 30 CD cord-028636-wxack9zv 182 44 billion billion CD cord-028636-wxack9zv 182 45 from from IN cord-028636-wxack9zv 182 46 Bitcoin Bitcoin NNP cord-028636-wxack9zv 182 47 's 's POS cord-028636-wxack9zv 182 48 total total JJ cord-028636-wxack9zv 182 49 market market NN cord-028636-wxack9zv 182 50 cap cap NN cord-028636-wxack9zv 182 51 in in IN cord-028636-wxack9zv 182 52 the the DT cord-028636-wxack9zv 182 53 process process NN cord-028636-wxack9zv 182 54 . . . cord-028636-wxack9zv 183 1 Recovery recovery NN cord-028636-wxack9zv 183 2 is be VBZ cord-028636-wxack9zv 183 3 already already RB cord-028636-wxack9zv 183 4 underway underway JJ cord-028636-wxack9zv 183 5 , , , cord-028636-wxack9zv 183 6 though though RB cord-028636-wxack9zv 183 7 , , , cord-028636-wxack9zv 183 8 as as IN cord-028636-wxack9zv 183 9 prices price NNS cord-028636-wxack9zv 183 10 climbed climb VBD cord-028636-wxack9zv 183 11 above above IN cord-028636-wxack9zv 183 12 $ $ $ cord-028636-wxack9zv 183 13 4000 4000 CD cord-028636-wxack9zv 183 14 three three CD cord-028636-wxack9zv 183 15 days day NNS cord-028636-wxack9zv 183 16 later later RB cord-028636-wxack9zv 183 17 . . . cord-028636-wxack9zv 184 1 After after IN cord-028636-wxack9zv 184 2 2017 2017 CD cord-028636-wxack9zv 184 3 was be VBD cord-028636-wxack9zv 184 4 marked mark VBN cord-028636-wxack9zv 184 5 by by IN cord-028636-wxack9zv 184 6 tranquility tranquility NN cord-028636-wxack9zv 184 7 in in IN cord-028636-wxack9zv 184 8 the the DT cord-028636-wxack9zv 184 9 financial financial JJ cord-028636-wxack9zv 184 10 markets market NNS cord-028636-wxack9zv 184 11 , , , cord-028636-wxack9zv 184 12 volatility volatility NN cord-028636-wxack9zv 184 13 finally finally RB cord-028636-wxack9zv 184 14 rebounded rebound VBD cord-028636-wxack9zv 184 15 in in IN cord-028636-wxack9zv 184 16 February February NNP cord-028636-wxack9zv 184 17 and and CC cord-028636-wxack9zv 184 18 , , , cord-028636-wxack9zv 184 19 most most RBS cord-028636-wxack9zv 184 20 recently recently RB cord-028636-wxack9zv 184 21 , , , cord-028636-wxack9zv 184 22 in in IN cord-028636-wxack9zv 184 23 October October NNP cord-028636-wxack9zv 184 24 and and CC cord-028636-wxack9zv 184 25 November November NNP cord-028636-wxack9zv 184 26 2018 2018 CD cord-028636-wxack9zv 184 27 . . . cord-028636-wxack9zv 185 1 Many many JJ cord-028636-wxack9zv 185 2 financial financial JJ cord-028636-wxack9zv 185 3 analysts analyst NNS cord-028636-wxack9zv 185 4 have have VBP cord-028636-wxack9zv 185 5 indicated indicate VBN cord-028636-wxack9zv 185 6 that that IN cord-028636-wxack9zv 185 7 these these DT cord-028636-wxack9zv 185 8 sudden sudden JJ cord-028636-wxack9zv 185 9 increasing increase VBG cord-028636-wxack9zv 185 10 changes change NNS cord-028636-wxack9zv 185 11 may may MD cord-028636-wxack9zv 185 12 be be VB cord-028636-wxack9zv 185 13 related relate VBN cord-028636-wxack9zv 185 14 to to IN cord-028636-wxack9zv 185 15 changes change NNS cord-028636-wxack9zv 185 16 in in IN cord-028636-wxack9zv 185 17 expectations expectation NNS cord-028636-wxack9zv 185 18 of of IN cord-028636-wxack9zv 185 19 the the DT cord-028636-wxack9zv 185 20 pace pace NN cord-028636-wxack9zv 185 21 of of IN cord-028636-wxack9zv 185 22 monetary monetary JJ cord-028636-wxack9zv 185 23 policy policy NN cord-028636-wxack9zv 185 24 normalization normalization NN cord-028636-wxack9zv 185 25 US US NNP cord-028636-wxack9zv 185 26 . . . cord-028636-wxack9zv 186 1 Such such JJ cord-028636-wxack9zv 186 2 increases increase NNS cord-028636-wxack9zv 186 3 would would MD cord-028636-wxack9zv 186 4 typically typically RB cord-028636-wxack9zv 186 5 occur occur VB cord-028636-wxack9zv 186 6 when when WRB cord-028636-wxack9zv 186 7 inflation inflation NN cord-028636-wxack9zv 186 8 and and CC cord-028636-wxack9zv 186 9 employment employment NN cord-028636-wxack9zv 186 10 figures figure NNS cord-028636-wxack9zv 186 11 are be VBP cord-028636-wxack9zv 186 12 released release VBN cord-028636-wxack9zv 186 13 . . . cord-028636-wxack9zv 187 1 More more RBR cord-028636-wxack9zv 187 2 generally generally RB cord-028636-wxack9zv 187 3 , , , cord-028636-wxack9zv 187 4 the the DT cord-028636-wxack9zv 187 5 financial financial JJ cord-028636-wxack9zv 187 6 markets market NNS cord-028636-wxack9zv 187 7 react react VBP cord-028636-wxack9zv 187 8 to to IN cord-028636-wxack9zv 187 9 the the DT cord-028636-wxack9zv 187 10 publication publication NN cord-028636-wxack9zv 187 11 of of IN cord-028636-wxack9zv 187 12 macroeconomic macroeconomic JJ cord-028636-wxack9zv 187 13 data datum NNS cord-028636-wxack9zv 187 14 , , , cord-028636-wxack9zv 187 15 and and CC cord-028636-wxack9zv 187 16 in in IN cord-028636-wxack9zv 187 17 particular particular JJ cord-028636-wxack9zv 187 18 in in IN cord-028636-wxack9zv 187 19 the the DT cord-028636-wxack9zv 187 20 current current JJ cord-028636-wxack9zv 187 21 context context NN cord-028636-wxack9zv 187 22 of of IN cord-028636-wxack9zv 187 23 international international JJ cord-028636-wxack9zv 187 24 trade trade NN cord-028636-wxack9zv 187 25 tensions tension NNS cord-028636-wxack9zv 187 26 . . . cord-028636-wxack9zv 188 1 In in IN cord-028636-wxack9zv 188 2 all all DT cord-028636-wxack9zv 188 3 likelihood likelihood NN cord-028636-wxack9zv 188 4 , , , cord-028636-wxack9zv 188 5 therefore therefore RB cord-028636-wxack9zv 188 6 , , , cord-028636-wxack9zv 188 7 do do VBP cord-028636-wxack9zv 188 8 not not RB cord-028636-wxack9zv 188 9 exclude exclude VB cord-028636-wxack9zv 188 10 those those DT cord-028636-wxack9zv 188 11 specific specific JJ cord-028636-wxack9zv 188 12 events event NNS cord-028636-wxack9zv 188 13 or or CC cord-028636-wxack9zv 188 14 the the DT cord-028636-wxack9zv 188 15 announcement announcement NN cord-028636-wxack9zv 188 16 inducing induce VBG cord-028636-wxack9zv 188 17 new new JJ cord-028636-wxack9zv 188 18 bursts burst NNS cord-028636-wxack9zv 188 19 of of IN cord-028636-wxack9zv 188 20 volatility volatility NN cord-028636-wxack9zv 188 21 . . . cord-028636-wxack9zv 189 1 Wu Wu NNP cord-028636-wxack9zv 189 2 et et NNP cord-028636-wxack9zv 189 3 al al NNP cord-028636-wxack9zv 189 4 . . . cord-028636-wxack9zv 190 1 ( ( -LRB- cord-028636-wxack9zv 190 2 2019 2019 CD cord-028636-wxack9zv 190 3 ) ) -RRB- cord-028636-wxack9zv 190 4 prove prove VB cord-028636-wxack9zv 190 5 the the DT cord-028636-wxack9zv 190 6 importance importance NN cord-028636-wxack9zv 190 7 of of IN cord-028636-wxack9zv 190 8 the the DT cord-028636-wxack9zv 190 9 Economic Economic NNP cord-028636-wxack9zv 190 10 Policy Policy NNP cord-028636-wxack9zv 190 11 Uncertainty Uncertainty NNP cord-028636-wxack9zv 190 12 Index Index NNP cord-028636-wxack9zv 190 13 ( ( -LRB- cord-028636-wxack9zv 190 14 EPU EPU NNP cord-028636-wxack9zv 190 15 ) ) -RRB- cord-028636-wxack9zv 190 16 in in IN cord-028636-wxack9zv 190 17 forecasting forecast VBG cord-028636-wxack9zv 190 18 the the DT cord-028636-wxack9zv 190 19 volatility volatility NN cord-028636-wxack9zv 190 20 of of IN cord-028636-wxack9zv 190 21 Bitcoin Bitcoin NNP cord-028636-wxack9zv 190 22 prices price NNS cord-028636-wxack9zv 190 23 . . . cord-028636-wxack9zv 191 1 More more RBR cord-028636-wxack9zv 191 2 recently recently RB cord-028636-wxack9zv 191 3 , , , cord-028636-wxack9zv 191 4 stock stock NN cord-028636-wxack9zv 191 5 market market NN cord-028636-wxack9zv 191 6 volatility volatility NN cord-028636-wxack9zv 191 7 was be VBD cord-028636-wxack9zv 191 8 relatively relatively RB cord-028636-wxack9zv 191 9 high high JJ cord-028636-wxack9zv 191 10 in in IN cord-028636-wxack9zv 191 11 2015-when 2015-when CD cord-028636-wxack9zv 191 12 the the DT cord-028636-wxack9zv 191 13 fall fall NN cord-028636-wxack9zv 191 14 of of IN cord-028636-wxack9zv 191 15 Chinese chinese JJ cord-028636-wxack9zv 191 16 stock stock NN cord-028636-wxack9zv 191 17 indices index NNS cord-028636-wxack9zv 191 18 spread spread VBD cord-028636-wxack9zv 191 19 to to IN cord-028636-wxack9zv 191 20 the the DT cord-028636-wxack9zv 191 21 United United NNP cord-028636-wxack9zv 191 22 States States NNP cord-028636-wxack9zv 191 23 and and CC cord-028636-wxack9zv 191 24 Europe Europe NNP cord-028636-wxack9zv 191 25 - - : cord-028636-wxack9zv 191 26 and and CC cord-028636-wxack9zv 191 27 when when WRB cord-028636-wxack9zv 191 28 Brexit Brexit NNP cord-028636-wxack9zv 191 29 was be VBD cord-028636-wxack9zv 191 30 voted vote VBN cord-028636-wxack9zv 191 31 in in IN cord-028636-wxack9zv 191 32 mid-2016 mid-2016 NN cord-028636-wxack9zv 191 33 . . . cord-028636-wxack9zv 192 1 Volatility volatility NN cord-028636-wxack9zv 192 2 then then RB cord-028636-wxack9zv 192 3 drastically drastically RB cord-028636-wxack9zv 192 4 decreased decrease VBD cord-028636-wxack9zv 192 5 until until IN cord-028636-wxack9zv 192 6 2018 2018 CD cord-028636-wxack9zv 192 7 , , , cord-028636-wxack9zv 192 8 when when WRB cord-028636-wxack9zv 192 9 two two CD cord-028636-wxack9zv 192 10 corrections correction NNS cord-028636-wxack9zv 192 11 occurred occur VBD cord-028636-wxack9zv 192 12 on on IN cord-028636-wxack9zv 192 13 the the DT cord-028636-wxack9zv 192 14 US US NNP cord-028636-wxack9zv 192 15 and and CC cord-028636-wxack9zv 192 16 European european JJ cord-028636-wxack9zv 192 17 stock stock NN cord-028636-wxack9zv 192 18 markets market NNS cord-028636-wxack9zv 192 19 in in IN cord-028636-wxack9zv 192 20 February February NNP cord-028636-wxack9zv 192 21 and and CC cord-028636-wxack9zv 192 22 October October NNP cord-028636-wxack9zv 192 23 revived revive VBD cord-028636-wxack9zv 192 24 it -PRON- PRP cord-028636-wxack9zv 192 25 . . . cord-028636-wxack9zv 193 1 Recently recently RB cord-028636-wxack9zv 193 2 , , , cord-028636-wxack9zv 193 3 researchers researcher NNS cord-028636-wxack9zv 193 4 have have VBP cord-028636-wxack9zv 193 5 discovered discover VBN cord-028636-wxack9zv 193 6 a a DT cord-028636-wxack9zv 193 7 significant significant JJ cord-028636-wxack9zv 193 8 influence influence NN cord-028636-wxack9zv 193 9 on on IN cord-028636-wxack9zv 193 10 the the DT cord-028636-wxack9zv 193 11 cycle cycle NN cord-028636-wxack9zv 193 12 of of IN cord-028636-wxack9zv 193 13 business business NN cord-028636-wxack9zv 193 14 on on IN cord-028636-wxack9zv 193 15 the the DT cord-028636-wxack9zv 193 16 low low JJ cord-028636-wxack9zv 193 17 - - HYPH cord-028636-wxack9zv 193 18 frequency frequency NN cord-028636-wxack9zv 193 19 component component NN cord-028636-wxack9zv 193 20 of of IN cord-028636-wxack9zv 193 21 volatility volatility NN cord-028636-wxack9zv 193 22 , , , cord-028636-wxack9zv 193 23 while while IN cord-028636-wxack9zv 193 24 the the DT cord-028636-wxack9zv 193 25 abrupt abrupt JJ cord-028636-wxack9zv 193 26 increases increase NNS cord-028636-wxack9zv 193 27 in in IN cord-028636-wxack9zv 193 28 volatility volatility NN cord-028636-wxack9zv 193 29 partly partly RB cord-028636-wxack9zv 193 30 due due JJ cord-028636-wxack9zv 193 31 to to IN cord-028636-wxack9zv 193 32 reversals reversal NNS cord-028636-wxack9zv 193 33 of of IN cord-028636-wxack9zv 193 34 market market NN cord-028636-wxack9zv 193 35 sentiment sentiment NN cord-028636-wxack9zv 193 36 ( ( -LRB- cord-028636-wxack9zv 193 37 Adrian Adrian NNP cord-028636-wxack9zv 193 38 and and CC cord-028636-wxack9zv 193 39 Rosenberg Rosenberg NNP cord-028636-wxack9zv 193 40 2008 2008 CD cord-028636-wxack9zv 193 41 ; ; : cord-028636-wxack9zv 193 42 Engle Engle NNP cord-028636-wxack9zv 193 43 and and CC cord-028636-wxack9zv 193 44 Rangel Rangel NNP cord-028636-wxack9zv 193 45 2008 2008 CD cord-028636-wxack9zv 193 46 ; ; : cord-028636-wxack9zv 193 47 Engle Engle NNP cord-028636-wxack9zv 193 48 et et NNP cord-028636-wxack9zv 193 49 al al NNP cord-028636-wxack9zv 193 50 . . NNP cord-028636-wxack9zv 193 51 2013 2013 CD cord-028636-wxack9zv 193 52 ; ; : cord-028636-wxack9zv 193 53 Corradi Corradi NNP cord-028636-wxack9zv 193 54 et et NNP cord-028636-wxack9zv 193 55 al al NNP cord-028636-wxack9zv 193 56 . . NNP cord-028636-wxack9zv 193 57 2013 2013 CD cord-028636-wxack9zv 193 58 ; ; : cord-028636-wxack9zv 193 59 Chiu Chiu NNP cord-028636-wxack9zv 193 60 et et NNP cord-028636-wxack9zv 193 61 al al NNP cord-028636-wxack9zv 193 62 . . . cord-028636-wxack9zv 193 63 2018 2018 CD cord-028636-wxack9zv 193 64 ; ; : cord-028636-wxack9zv 193 65 Rognone Rognone NNP cord-028636-wxack9zv 193 66 et et NNP cord-028636-wxack9zv 193 67 al al NNP cord-028636-wxack9zv 193 68 . . NNP cord-028636-wxack9zv 193 69 2020 2020 CD cord-028636-wxack9zv 193 70 ; ; : cord-028636-wxack9zv 193 71 Guégan Guégan NNP cord-028636-wxack9zv 193 72 and and CC cord-028636-wxack9zv 193 73 Renault Renault NNP cord-028636-wxack9zv 193 74 2020 2020 CD cord-028636-wxack9zv 193 75 ) ) -RRB- cord-028636-wxack9zv 193 76 . . . cord-028636-wxack9zv 194 1 Developing develop VBG cord-028636-wxack9zv 194 2 in in IN cord-028636-wxack9zv 194 3 concert concert NN cord-028636-wxack9zv 194 4 with with IN cord-028636-wxack9zv 194 5 measures measure NNS cord-028636-wxack9zv 194 6 of of IN cord-028636-wxack9zv 194 7 US US NNP cord-028636-wxack9zv 194 8 volatility volatility NN cord-028636-wxack9zv 194 9 , , , cord-028636-wxack9zv 194 10 the the DT cord-028636-wxack9zv 194 11 volatility volatility NN cord-028636-wxack9zv 194 12 of of IN cord-028636-wxack9zv 194 13 euro euro NNP cord-028636-wxack9zv 194 14 area area NNP cord-028636-wxack9zv 194 15 stock stock NN cord-028636-wxack9zv 194 16 markets market NNS cord-028636-wxack9zv 194 17 began begin VBD cord-028636-wxack9zv 194 18 to to TO cord-028636-wxack9zv 194 19 decrease decrease VB cord-028636-wxack9zv 194 20 after after IN cord-028636-wxack9zv 194 21 the the DT cord-028636-wxack9zv 194 22 Brexit Brexit NNP cord-028636-wxack9zv 194 23 vote vote NN cord-028636-wxack9zv 194 24 held hold VBN cord-028636-wxack9zv 194 25 in in IN cord-028636-wxack9zv 194 26 mid-2016 mid-2016 NN cord-028636-wxack9zv 194 27 . . . cord-028636-wxack9zv 195 1 The the DT cord-028636-wxack9zv 195 2 Stoxx Stoxx NNP cord-028636-wxack9zv 195 3 index index NN cord-028636-wxack9zv 195 4 at at IN cord-028636-wxack9zv 195 5 1 1 CD cord-028636-wxack9zv 195 6 month month NN cord-028636-wxack9zv 195 7 which which WDT cord-028636-wxack9zv 195 8 measures measure VBZ cord-028636-wxack9zv 195 9 the the DT cord-028636-wxack9zv 195 10 implied implied JJ cord-028636-wxack9zv 195 11 volatility volatility NN cord-028636-wxack9zv 195 12 of of IN cord-028636-wxack9zv 195 13 the the DT cord-028636-wxack9zv 195 14 Euro Euro NNP cord-028636-wxack9zv 195 15 Stoxx Stoxx NNP cord-028636-wxack9zv 195 16 50 50 CD cord-028636-wxack9zv 195 17 index index NN cord-028636-wxack9zv 195 18 - - HYPH cord-028636-wxack9zv 195 19 stood stand VBD cord-028636-wxack9zv 195 20 at at IN cord-028636-wxack9zv 195 21 10 10 CD cord-028636-wxack9zv 195 22 % % NN cord-028636-wxack9zv 195 23 at at IN cord-028636-wxack9zv 195 24 the the DT cord-028636-wxack9zv 195 25 end end NN cord-028636-wxack9zv 195 26 of of IN cord-028636-wxack9zv 195 27 2017 2017 CD cord-028636-wxack9zv 195 28 , , , cord-028636-wxack9zv 195 29 i.e. i.e. FW cord-028636-wxack9zv 195 30 a a DT cord-028636-wxack9zv 195 31 level level NN cord-028636-wxack9zv 195 32 comparable comparable JJ cord-028636-wxack9zv 195 33 to to IN cord-028636-wxack9zv 195 34 that that DT cord-028636-wxack9zv 195 35 before before IN cord-028636-wxack9zv 195 36 the the DT cord-028636-wxack9zv 195 37 crisis crisis NN cord-028636-wxack9zv 195 38 . . . cord-028636-wxack9zv 196 1 This this DT cord-028636-wxack9zv 196 2 drop drop NN cord-028636-wxack9zv 196 3 - - HYPH cord-028636-wxack9zv 196 4 in in RP cord-028636-wxack9zv 196 5 volatility volatility NN cord-028636-wxack9zv 196 6 was be VBD cord-028636-wxack9zv 196 7 probably probably RB cord-028636-wxack9zv 196 8 partly partly RB cord-028636-wxack9zv 196 9 due due JJ cord-028636-wxack9zv 196 10 to to IN cord-028636-wxack9zv 196 11 the the DT cord-028636-wxack9zv 196 12 good good JJ cord-028636-wxack9zv 196 13 economic economic JJ cord-028636-wxack9zv 196 14 conditions condition NNS cord-028636-wxack9zv 196 15 of of IN cord-028636-wxack9zv 196 16 the the DT cord-028636-wxack9zv 196 17 moment moment NN cord-028636-wxack9zv 196 18 and and CC cord-028636-wxack9zv 196 19 with with IN cord-028636-wxack9zv 196 20 a a DT cord-028636-wxack9zv 196 21 resolutely resolutely RB cord-028636-wxack9zv 196 22 accommodating accommodating JJ cord-028636-wxack9zv 196 23 orientation orientation NN cord-028636-wxack9zv 196 24 of of IN cord-028636-wxack9zv 196 25 monetary monetary JJ cord-028636-wxack9zv 196 26 policy policy NN cord-028636-wxack9zv 196 27 ( ( -LRB- cord-028636-wxack9zv 196 28 see see VB cord-028636-wxack9zv 196 29 also also RB cord-028636-wxack9zv 196 30 ECB ECB NNP cord-028636-wxack9zv 196 31 2017 2017 CD cord-028636-wxack9zv 196 32 ) ) -RRB- cord-028636-wxack9zv 196 33 . . . cord-028636-wxack9zv 197 1 In in IN cord-028636-wxack9zv 197 2 February February NNP cord-028636-wxack9zv 197 3 2018 2018 CD cord-028636-wxack9zv 197 4 , , , cord-028636-wxack9zv 197 5 however however RB cord-028636-wxack9zv 197 6 , , , cord-028636-wxack9zv 197 7 market market NN cord-028636-wxack9zv 197 8 volatility volatility NN cord-028636-wxack9zv 197 9 suddenly suddenly RB cord-028636-wxack9zv 197 10 increased increase VBD cord-028636-wxack9zv 197 11 after after IN cord-028636-wxack9zv 197 12 the the DT cord-028636-wxack9zv 197 13 release release NN cord-028636-wxack9zv 197 14 of of IN cord-028636-wxack9zv 197 15 relative relative JJ cord-028636-wxack9zv 197 16 figures figure NNS cord-028636-wxack9zv 197 17 inflation inflation NN cord-028636-wxack9zv 197 18 and and CC cord-028636-wxack9zv 197 19 employment employment NN cord-028636-wxack9zv 197 20 in in IN cord-028636-wxack9zv 197 21 the the DT cord-028636-wxack9zv 197 22 United United NNP cord-028636-wxack9zv 197 23 States States NNP cord-028636-wxack9zv 197 24 . . . cord-028636-wxack9zv 198 1 These these DT cord-028636-wxack9zv 198 2 figures figure NNS cord-028636-wxack9zv 198 3 suggested suggest VBD cord-028636-wxack9zv 198 4 that that IN cord-028636-wxack9zv 198 5 the the DT cord-028636-wxack9zv 198 6 Fed Fed NNP cord-028636-wxack9zv 198 7 could could MD cord-028636-wxack9zv 198 8 normalize normalize VB cord-028636-wxack9zv 198 9 its -PRON- PRP$ cord-028636-wxack9zv 198 10 policy policy NN cord-028636-wxack9zv 198 11 faster fast RBR cord-028636-wxack9zv 198 12 than than IN cord-028636-wxack9zv 198 13 expected expect VBN cord-028636-wxack9zv 198 14 , , , cord-028636-wxack9zv 198 15 which which WDT cord-028636-wxack9zv 198 16 caused cause VBD cord-028636-wxack9zv 198 17 the the DT cord-028636-wxack9zv 198 18 stock stock NN cord-028636-wxack9zv 198 19 market market NN cord-028636-wxack9zv 198 20 indices index NNS cord-028636-wxack9zv 198 21 to to TO cord-028636-wxack9zv 198 22 fall fall VB cord-028636-wxack9zv 198 23 . . . cord-028636-wxack9zv 199 1 The the DT cord-028636-wxack9zv 199 2 Stoxx Stoxx NNP cord-028636-wxack9zv 199 3 indices index NNS cord-028636-wxack9zv 199 4 at at IN cord-028636-wxack9zv 199 5 1 1 CD cord-028636-wxack9zv 199 6 month month NN cord-028636-wxack9zv 199 7 jumped jump VBD cord-028636-wxack9zv 199 8 to to IN cord-028636-wxack9zv 199 9 40 40 CD cord-028636-wxack9zv 199 10 and and CC cord-028636-wxack9zv 199 11 30 30 CD cord-028636-wxack9zv 199 12 % % NN cord-028636-wxack9zv 199 13 respectively respectively RB cord-028636-wxack9zv 199 14 . . . cord-028636-wxack9zv 200 1 In in IN cord-028636-wxack9zv 200 2 the the DT cord-028636-wxack9zv 200 3 weeks week NNS cord-028636-wxack9zv 200 4 that that WDT cord-028636-wxack9zv 200 5 followed follow VBD cord-028636-wxack9zv 200 6 , , , cord-028636-wxack9zv 200 7 these these DT cord-028636-wxack9zv 200 8 indices index NNS cord-028636-wxack9zv 200 9 gradually gradually RB cord-028636-wxack9zv 200 10 declined decline VBD cord-028636-wxack9zv 200 11 to to TO cord-028636-wxack9zv 200 12 fall fall VB cord-028636-wxack9zv 200 13 back back RB cord-028636-wxack9zv 200 14 to to IN cord-028636-wxack9zv 200 15 12 12 CD cord-028636-wxack9zv 200 16 % % NN cord-028636-wxack9zv 200 17 in in IN cord-028636-wxack9zv 200 18 May. May NNP cord-028636-wxack9zv 201 1 This this DT cord-028636-wxack9zv 201 2 episode episode NN cord-028636-wxack9zv 201 3 , , , cord-028636-wxack9zv 201 4 therefore therefore RB cord-028636-wxack9zv 201 5 , , , cord-028636-wxack9zv 201 6 seems seem VBZ cord-028636-wxack9zv 201 7 to to TO cord-028636-wxack9zv 201 8 be be VB cord-028636-wxack9zv 201 9 part part NN cord-028636-wxack9zv 201 10 of of IN cord-028636-wxack9zv 201 11 the the DT cord-028636-wxack9zv 201 12 high high JJ cord-028636-wxack9zv 201 13 frequency frequency NN cord-028636-wxack9zv 201 14 component component NN cord-028636-wxack9zv 201 15 of of IN cord-028636-wxack9zv 201 16 volatility volatility NN cord-028636-wxack9zv 201 17 , , , cord-028636-wxack9zv 201 18 that that RB cord-028636-wxack9zv 201 19 is is RB cord-028636-wxack9zv 201 20 , , , cord-028636-wxack9zv 201 21 an an DT cord-028636-wxack9zv 201 22 increase increase NN cord-028636-wxack9zv 201 23 in in IN cord-028636-wxack9zv 201 24 volatility volatility NN cord-028636-wxack9zv 201 25 ( ( -LRB- cord-028636-wxack9zv 201 26 almost almost RB cord-028636-wxack9zv 201 27 ) ) -RRB- cord-028636-wxack9zv 201 28 unpredictable unpredictable JJ cord-028636-wxack9zv 201 29 and and CC cord-028636-wxack9zv 201 30 without without IN cord-028636-wxack9zv 201 31 major major JJ cord-028636-wxack9zv 201 32 consequences consequence NNS cord-028636-wxack9zv 201 33 for for IN cord-028636-wxack9zv 201 34 the the DT cord-028636-wxack9zv 201 35 real real JJ cord-028636-wxack9zv 201 36 economy economy NN cord-028636-wxack9zv 201 37 . . . cord-028636-wxack9zv 202 1 In in IN cord-028636-wxack9zv 202 2 October October NNP cord-028636-wxack9zv 202 3 2018 2018 CD cord-028636-wxack9zv 202 4 , , , cord-028636-wxack9zv 202 5 a a DT cord-028636-wxack9zv 202 6 further further JJ cord-028636-wxack9zv 202 7 correction correction NN cord-028636-wxack9zv 202 8 occurred occur VBD cord-028636-wxack9zv 202 9 on on IN cord-028636-wxack9zv 202 10 the the DT cord-028636-wxack9zv 202 11 stock stock NN cord-028636-wxack9zv 202 12 markets market NNS cord-028636-wxack9zv 202 13 and and CC cord-028636-wxack9zv 202 14 volatility volatility NN cord-028636-wxack9zv 202 15 increased increase VBD cord-028636-wxack9zv 202 16 again again RB cord-028636-wxack9zv 202 17 . . . cord-028636-wxack9zv 203 1 The the DT cord-028636-wxack9zv 203 2 Stoxx Stoxx NNP cord-028636-wxack9zv 203 3 one one CD cord-028636-wxack9zv 203 4 - - HYPH cord-028636-wxack9zv 203 5 month month NN cord-028636-wxack9zv 203 6 indices index NNS cord-028636-wxack9zv 203 7 reached reach VBD cord-028636-wxack9zv 203 8 21 21 CD cord-028636-wxack9zv 203 9 and and CC cord-028636-wxack9zv 203 10 25 25 CD cord-028636-wxack9zv 203 11 % % NN cord-028636-wxack9zv 203 12 . . . cord-028636-wxack9zv 204 1 This this DT cord-028636-wxack9zv 204 2 event event NN cord-028636-wxack9zv 204 3 indicates indicate VBZ cord-028636-wxack9zv 204 4 that that IN cord-028636-wxack9zv 204 5 the the DT cord-028636-wxack9zv 204 6 markets market NNS cord-028636-wxack9zv 204 7 remain remain VBP cord-028636-wxack9zv 204 8 particularly particularly RB cord-028636-wxack9zv 204 9 responsive responsive JJ cord-028636-wxack9zv 204 10 to to IN cord-028636-wxack9zv 204 11 specific specific JJ cord-028636-wxack9zv 204 12 announcements announcement NNS cord-028636-wxack9zv 204 13 in in IN cord-028636-wxack9zv 204 14 the the DT cord-028636-wxack9zv 204 15 context context NN cord-028636-wxack9zv 204 16 of of IN cord-028636-wxack9zv 204 17 a a DT cord-028636-wxack9zv 204 18 rate rate NN cord-028636-wxack9zv 204 19 range range NN cord-028636-wxack9zv 204 20 recovery recovery NN cord-028636-wxack9zv 204 21 Fed Fed NNP cord-028636-wxack9zv 204 22 director director NN cord-028636-wxack9zv 204 23 , , , cord-028636-wxack9zv 204 24 declining decline VBG cord-028636-wxack9zv 204 25 net net JJ cord-028636-wxack9zv 204 26 asset asset NN cord-028636-wxack9zv 204 27 purchases purchase NNS cord-028636-wxack9zv 204 28 by by IN cord-028636-wxack9zv 204 29 the the DT cord-028636-wxack9zv 204 30 ECB ECB NNP cord-028636-wxack9zv 204 31 , , , cord-028636-wxack9zv 204 32 trade trade NN cord-028636-wxack9zv 204 33 and and CC cord-028636-wxack9zv 204 34 political political JJ cord-028636-wxack9zv 204 35 tensions tension NNS cord-028636-wxack9zv 204 36 ( ( -LRB- cord-028636-wxack9zv 204 37 Brexit Brexit NNP cord-028636-wxack9zv 204 38 , , , cord-028636-wxack9zv 204 39 Italy Italy NNP cord-028636-wxack9zv 204 40 ) ) -RRB- cord-028636-wxack9zv 204 41 . . . cord-028636-wxack9zv 205 1 We -PRON- PRP cord-028636-wxack9zv 205 2 deduce deduce VBP cord-028636-wxack9zv 205 3 also also RB cord-028636-wxack9zv 205 4 that that IN cord-028636-wxack9zv 205 5 the the DT cord-028636-wxack9zv 205 6 American american JJ cord-028636-wxack9zv 205 7 market market NN cord-028636-wxack9zv 205 8 is be VBZ cord-028636-wxack9zv 205 9 volatile volatile JJ cord-028636-wxack9zv 205 10 and and CC cord-028636-wxack9zv 205 11 this this DT cord-028636-wxack9zv 205 12 can can MD cord-028636-wxack9zv 205 13 be be VB cord-028636-wxack9zv 205 14 explained explain VBN cord-028636-wxack9zv 205 15 by by IN cord-028636-wxack9zv 205 16 the the DT cord-028636-wxack9zv 205 17 primordial primordial JJ cord-028636-wxack9zv 205 18 role role NN cord-028636-wxack9zv 205 19 of of IN cord-028636-wxack9zv 205 20 investor investor NN cord-028636-wxack9zv 205 21 sentiment sentiment NN cord-028636-wxack9zv 205 22 in in IN cord-028636-wxack9zv 205 23 predicting predict VBG cord-028636-wxack9zv 205 24 the the DT cord-028636-wxack9zv 205 25 achievement achievement NN cord-028636-wxack9zv 205 26 of of IN cord-028636-wxack9zv 205 27 volatility volatility NN cord-028636-wxack9zv 205 28 based base VBN cord-028636-wxack9zv 205 29 on on IN cord-028636-wxack9zv 205 30 the the DT cord-028636-wxack9zv 205 31 ranges range NNS cord-028636-wxack9zv 205 32 of of IN cord-028636-wxack9zv 205 33 the the DT cord-028636-wxack9zv 205 34 S&P S&P NNP cord-028636-wxack9zv 205 35 500 500 CD cord-028636-wxack9zv 205 36 index index NN cord-028636-wxack9zv 205 37 ( ( -LRB- cord-028636-wxack9zv 205 38 Zhang Zhang NNP cord-028636-wxack9zv 205 39 and and CC cord-028636-wxack9zv 205 40 Mo Mo NNP cord-028636-wxack9zv 205 41 2019 2019 CD cord-028636-wxack9zv 205 42 ) ) -RRB- cord-028636-wxack9zv 205 43 . . . cord-028636-wxack9zv 206 1 When when WRB cord-028636-wxack9zv 206 2 the the DT cord-028636-wxack9zv 206 3 new new JJ cord-028636-wxack9zv 206 4 information information NN cord-028636-wxack9zv 206 5 coming come VBG cord-028636-wxack9zv 206 6 into into IN cord-028636-wxack9zv 206 7 the the DT cord-028636-wxack9zv 206 8 market market NN cord-028636-wxack9zv 206 9 , , , cord-028636-wxack9zv 206 10 it -PRON- PRP cord-028636-wxack9zv 206 11 can can MD cord-028636-wxack9zv 206 12 be be VB cord-028636-wxack9zv 206 13 disrupted disrupt VBN cord-028636-wxack9zv 206 14 and and CC cord-028636-wxack9zv 206 15 this this DT cord-028636-wxack9zv 206 16 affects affect VBZ cord-028636-wxack9zv 206 17 the the DT cord-028636-wxack9zv 206 18 anticipation anticipation NN cord-028636-wxack9zv 206 19 of of IN cord-028636-wxack9zv 206 20 shareholders shareholder NNS cord-028636-wxack9zv 206 21 for for IN cord-028636-wxack9zv 206 22 the the DT cord-028636-wxack9zv 206 23 evolution evolution NN cord-028636-wxack9zv 206 24 of of IN cord-028636-wxack9zv 206 25 the the DT cord-028636-wxack9zv 206 26 return return NN cord-028636-wxack9zv 206 27 . . . cord-028636-wxack9zv 207 1 The the DT cord-028636-wxack9zv 207 2 resulting result VBG cord-028636-wxack9zv 207 3 plots plot NNS cord-028636-wxack9zv 207 4 of of IN cord-028636-wxack9zv 207 5 the the DT cord-028636-wxack9zv 207 6 smoothed smooth VBN cord-028636-wxack9zv 207 7 volatilities volatility NNS cord-028636-wxack9zv 207 8 are be VBP cord-028636-wxack9zv 207 9 shown show VBN cord-028636-wxack9zv 207 10 in in IN cord-028636-wxack9zv 207 11 Fig Fig NNP cord-028636-wxack9zv 207 12 . . . cord-028636-wxack9zv 208 1 2 2 LS cord-028636-wxack9zv 208 2 . . . cord-028636-wxack9zv 209 1 We -PRON- PRP cord-028636-wxack9zv 209 2 take take VBP cord-028636-wxack9zv 209 3 our -PRON- PRP$ cord-028636-wxack9zv 209 4 analysis analysis NN cord-028636-wxack9zv 209 5 in in IN cord-028636-wxack9zv 209 6 the the DT cord-028636-wxack9zv 209 7 Bitcoin Bitcoin NNP cord-028636-wxack9zv 209 8 cryptocurrency cryptocurrency NN cord-028636-wxack9zv 209 9 , , , cord-028636-wxack9zv 209 10 but but CC cord-028636-wxack9zv 209 11 the the DT cord-028636-wxack9zv 209 12 other other JJ cord-028636-wxack9zv 209 13 is be VBZ cord-028636-wxack9zv 209 14 reported report VBN cord-028636-wxack9zv 209 15 in in IN cord-028636-wxack9zv 209 16 Appendix Appendix NNP cord-028636-wxack9zv 209 17 1 1 CD cord-028636-wxack9zv 210 1 ( ( -LRB- cord-028636-wxack9zv 210 2 Fig Fig NNP cord-028636-wxack9zv 210 3 . . NNP cord-028636-wxack9zv 210 4 4 4 CD cord-028636-wxack9zv 210 5 ) ) -RRB- cord-028636-wxack9zv 210 6 . . . cord-028636-wxack9zv 211 1 It -PRON- PRP cord-028636-wxack9zv 211 2 is be VBZ cord-028636-wxack9zv 211 3 nicely nicely RB cord-028636-wxack9zv 211 4 illustrated illustrate VBN cord-028636-wxack9zv 211 5 that that IN cord-028636-wxack9zv 211 6 the the DT cord-028636-wxack9zv 211 7 technique technique NN cord-028636-wxack9zv 211 8 of of IN cord-028636-wxack9zv 211 9 MCMC MCMC NNP cord-028636-wxack9zv 211 10 used use VBN cord-028636-wxack9zv 211 11 for for IN cord-028636-wxack9zv 211 12 estimated estimate VBN cord-028636-wxack9zv 211 13 the the DT cord-028636-wxack9zv 211 14 latent latent JJ cord-028636-wxack9zv 211 15 volatility volatility NN cord-028636-wxack9zv 211 16 reveals reveal VBZ cord-028636-wxack9zv 211 17 that that IN cord-028636-wxack9zv 211 18 the the DT cord-028636-wxack9zv 211 19 SV SV NNP cord-028636-wxack9zv 211 20 - - HYPH cord-028636-wxack9zv 211 21 t t NN cord-028636-wxack9zv 211 22 model model NN cord-028636-wxack9zv 211 23 is be VBZ cord-028636-wxack9zv 211 24 more more RBR cord-028636-wxack9zv 211 25 performing perform VBG cord-028636-wxack9zv 211 26 than than IN cord-028636-wxack9zv 211 27 the the DT cord-028636-wxack9zv 211 28 SVOL SVOL NNP cord-028636-wxack9zv 211 29 . . . cord-028636-wxack9zv 212 1 The the DT cord-028636-wxack9zv 212 2 convergence convergence NN cord-028636-wxack9zv 212 3 is be VBZ cord-028636-wxack9zv 212 4 very very RB cord-028636-wxack9zv 212 5 remarkable remarkable JJ cord-028636-wxack9zv 212 6 for for IN cord-028636-wxack9zv 212 7 the the DT cord-028636-wxack9zv 212 8 Nikkei Nikkei NNP cord-028636-wxack9zv 212 9 , , , cord-028636-wxack9zv 212 10 Down Down NNP cord-028636-wxack9zv 212 11 Jones Jones NNP cord-028636-wxack9zv 212 12 , , , cord-028636-wxack9zv 212 13 Stoxx Stoxx NNP cord-028636-wxack9zv 212 14 , , , cord-028636-wxack9zv 212 15 and and CC cord-028636-wxack9zv 212 16 the the DT cord-028636-wxack9zv 212 17 Bitcoin Bitcoin NNP cord-028636-wxack9zv 212 18 indices index NNS cord-028636-wxack9zv 212 19 . . . cord-028636-wxack9zv 213 1 This this DT cord-028636-wxack9zv 213 2 has have VBZ cord-028636-wxack9zv 213 3 proved prove VBN cord-028636-wxack9zv 213 4 that that IN cord-028636-wxack9zv 213 5 the the DT cord-028636-wxack9zv 213 6 algorithm algorithm NN cord-028636-wxack9zv 213 7 used use VBN cord-028636-wxack9zv 213 8 for for IN cord-028636-wxack9zv 213 9 estimated estimate VBN cord-028636-wxack9zv 213 10 volatility volatility NN cord-028636-wxack9zv 213 11 is be VBZ cord-028636-wxack9zv 213 12 a a DT cord-028636-wxack9zv 213 13 good good JJ cord-028636-wxack9zv 213 14 choice choice NN cord-028636-wxack9zv 213 15 . . . cord-028636-wxack9zv 214 1 The the DT cord-028636-wxack9zv 214 2 basic basic JJ cord-028636-wxack9zv 214 3 SVOL SVOL NNP cord-028636-wxack9zv 214 4 model model NN cord-028636-wxack9zv 214 5 mis mis NN cord-028636-wxack9zv 214 6 - - HYPH cord-028636-wxack9zv 214 7 specified specify VBN cord-028636-wxack9zv 214 8 can can MD cord-028636-wxack9zv 214 9 induce induce VB cord-028636-wxack9zv 214 10 substantial substantial JJ cord-028636-wxack9zv 214 11 parameter parameter NN cord-028636-wxack9zv 214 12 bias bias NN cord-028636-wxack9zv 214 13 and and CC cord-028636-wxack9zv 214 14 error error NN cord-028636-wxack9zv 214 15 in in IN cord-028636-wxack9zv 214 16 inference inference NN cord-028636-wxack9zv 214 17 about about IN cord-028636-wxack9zv 214 18 vt vt NNP cord-028636-wxack9zv 214 19 , , , cord-028636-wxack9zv 214 20 Geweke Geweke NNP cord-028636-wxack9zv 214 21 ( ( -LRB- cord-028636-wxack9zv 214 22 1994a 1994a CD cord-028636-wxack9zv 214 23 , , , cord-028636-wxack9zv 214 24 b b LS cord-028636-wxack9zv 214 25 ) ) -RRB- cord-028636-wxack9zv 214 26 showed show VBD cord-028636-wxack9zv 214 27 that that IN cord-028636-wxack9zv 214 28 the the DT cord-028636-wxack9zv 214 29 basic basic JJ cord-028636-wxack9zv 214 30 SVOL SVOL NNP cord-028636-wxack9zv 214 31 has have VBZ cord-028636-wxack9zv 214 32 the the DT cord-028636-wxack9zv 214 33 same same JJ cord-028636-wxack9zv 214 34 problem problem NN cord-028636-wxack9zv 214 35 with with IN cord-028636-wxack9zv 214 36 the the DT cord-028636-wxack9zv 214 37 largest large JJS cord-028636-wxack9zv 214 38 outlier outlier NN cord-028636-wxack9zv 214 39 , , , cord-028636-wxack9zv 214 40 summer summer NN cord-028636-wxack9zv 214 41 2017 2017 CD cord-028636-wxack9zv 214 42 . . . cord-028636-wxack9zv 215 1 The the DT cord-028636-wxack9zv 215 2 vt vt NNP cord-028636-wxack9zv 215 3 for for IN cord-028636-wxack9zv 215 4 the the DT cord-028636-wxack9zv 215 5 model model NN cord-028636-wxack9zv 215 6 SVOL SVOL NNP cord-028636-wxack9zv 215 7 reveals reveal VBZ cord-028636-wxack9zv 215 8 a a DT cord-028636-wxack9zv 215 9 big big JJ cord-028636-wxack9zv 215 10 outlier outlier NN cord-028636-wxack9zv 215 11 on on IN cord-028636-wxack9zv 215 12 period period NN cord-028636-wxack9zv 215 13 crises crisis NNS cord-028636-wxack9zv 215 14 . . . cord-028636-wxack9zv 216 1 The the DT cord-028636-wxack9zv 216 2 corresponding correspond VBG cord-028636-wxack9zv 216 3 plots plot NNS cord-028636-wxack9zv 216 4 of of IN cord-028636-wxack9zv 216 5 innovation innovation NN cord-028636-wxack9zv 216 6 are be VBP cord-028636-wxack9zv 216 7 shown show VBN cord-028636-wxack9zv 216 8 in in IN cord-028636-wxack9zv 216 9 Fig Fig NNP cord-028636-wxack9zv 216 10 . . . cord-028636-wxack9zv 217 1 3 3 CD cord-028636-wxack9zv 217 2 for for IN cord-028636-wxack9zv 217 3 two two CD cord-028636-wxack9zv 217 4 model model NN cord-028636-wxack9zv 217 5 basic basic JJ cord-028636-wxack9zv 217 6 SVOL SVOL NNP cord-028636-wxack9zv 217 7 and and CC cord-028636-wxack9zv 217 8 SV sv NN cord-028636-wxack9zv 217 9 - - HYPH cord-028636-wxack9zv 217 10 t t NN cord-028636-wxack9zv 217 11 model model NN cord-028636-wxack9zv 217 12 for for IN cord-028636-wxack9zv 217 13 Nikkei Nikkei NNP cord-028636-wxack9zv 217 14 indices index NNS cord-028636-wxack9zv 217 15 . . . cord-028636-wxack9zv 218 1 Appendix Appendix NNP cord-028636-wxack9zv 218 2 B B NNP cord-028636-wxack9zv 218 3 ( ( -LRB- cord-028636-wxack9zv 218 4 Fig Fig NNP cord-028636-wxack9zv 218 5 . . . cord-028636-wxack9zv 218 6 5 5 CD cord-028636-wxack9zv 218 7 ) ) -RRB- cord-028636-wxack9zv 218 8 shows show VBZ cord-028636-wxack9zv 218 9 the the DT cord-028636-wxack9zv 218 10 QQ qq NN cord-028636-wxack9zv 218 11 plot plot NN cord-028636-wxack9zv 218 12 for for IN cord-028636-wxack9zv 218 13 the the DT cord-028636-wxack9zv 218 14 other other JJ cord-028636-wxack9zv 218 15 indices index NNS cord-028636-wxack9zv 218 16 respectively respectively RB cord-028636-wxack9zv 218 17 for for IN cord-028636-wxack9zv 218 18 the the DT cord-028636-wxack9zv 218 19 Nasdaq Nasdaq NNP cord-028636-wxack9zv 218 20 , , , cord-028636-wxack9zv 218 21 S&P S&P NNP cord-028636-wxack9zv 218 22 , , , cord-028636-wxack9zv 218 23 the the DT cord-028636-wxack9zv 218 24 Down Down NNP cord-028636-wxack9zv 218 25 Jones Jones NNP cord-028636-wxack9zv 218 26 , , , cord-028636-wxack9zv 218 27 Nikkei Nikkei NNP cord-028636-wxack9zv 218 28 and and CC cord-028636-wxack9zv 218 29 the the DT cord-028636-wxack9zv 218 30 Stoxx Stoxx NNP cord-028636-wxack9zv 218 31 for for IN cord-028636-wxack9zv 218 32 the the DT cord-028636-wxack9zv 218 33 two two CD cord-028636-wxack9zv 218 34 models model NNS cord-028636-wxack9zv 218 35 . . . cord-028636-wxack9zv 219 1 The the DT cord-028636-wxack9zv 219 2 Quantile Quantile NNP cord-028636-wxack9zv 219 3 - - HYPH cord-028636-wxack9zv 219 4 Quantile Quantile NNP cord-028636-wxack9zv 219 5 plot plot NN cord-028636-wxack9zv 219 6 can can MD cord-028636-wxack9zv 219 7 be be VB cord-028636-wxack9zv 219 8 used use VBN cord-028636-wxack9zv 219 9 to to TO cord-028636-wxack9zv 219 10 determine determine VB cord-028636-wxack9zv 219 11 whether whether IN cord-028636-wxack9zv 219 12 two two CD cord-028636-wxack9zv 219 13 data datum NNS cord-028636-wxack9zv 219 14 sets set NNS cord-028636-wxack9zv 219 15 come come VBP cord-028636-wxack9zv 219 16 from from IN cord-028636-wxack9zv 219 17 populations population NNS cord-028636-wxack9zv 219 18 with with IN cord-028636-wxack9zv 219 19 a a DT cord-028636-wxack9zv 219 20 common common JJ cord-028636-wxack9zv 219 21 distribution distribution NN cord-028636-wxack9zv 219 22 . . . cord-028636-wxack9zv 220 1 In in IN cord-028636-wxack9zv 220 2 this this DT cord-028636-wxack9zv 220 3 graphical graphical JJ cord-028636-wxack9zv 220 4 technique technique NN cord-028636-wxack9zv 220 5 , , , cord-028636-wxack9zv 220 6 quantiles quantile NNS cord-028636-wxack9zv 220 7 of of IN cord-028636-wxack9zv 220 8 the the DT cord-028636-wxack9zv 220 9 first first JJ cord-028636-wxack9zv 220 10 data data NN cord-028636-wxack9zv 220 11 set set VBN cord-028636-wxack9zv 220 12 against against IN cord-028636-wxack9zv 220 13 the the DT cord-028636-wxack9zv 220 14 quantiles quantile NNS cord-028636-wxack9zv 220 15 of of IN cord-028636-wxack9zv 220 16 the the DT cord-028636-wxack9zv 220 17 second second JJ cord-028636-wxack9zv 220 18 data datum NNS cord-028636-wxack9zv 220 19 set set VBN cord-028636-wxack9zv 220 20 are be VBP cord-028636-wxack9zv 220 21 plotted plot VBN cord-028636-wxack9zv 220 22 and and CC cord-028636-wxack9zv 220 23 a a DT cord-028636-wxack9zv 220 24 45-degree 45-degree JJ cord-028636-wxack9zv 220 25 reference reference NN cord-028636-wxack9zv 220 26 line line NN cord-028636-wxack9zv 220 27 is be VBZ cord-028636-wxack9zv 220 28 used use VBN cord-028636-wxack9zv 220 29 to to TO cord-028636-wxack9zv 220 30 interpret interpret VB cord-028636-wxack9zv 220 31 . . . cord-028636-wxack9zv 221 1 If if IN cord-028636-wxack9zv 221 2 the the DT cord-028636-wxack9zv 221 3 two two CD cord-028636-wxack9zv 221 4 data datum NNS cord-028636-wxack9zv 221 5 sets set NNS cord-028636-wxack9zv 221 6 come come VBP cord-028636-wxack9zv 221 7 from from IN cord-028636-wxack9zv 221 8 a a DT cord-028636-wxack9zv 221 9 population population NN cord-028636-wxack9zv 221 10 with with IN cord-028636-wxack9zv 221 11 the the DT cord-028636-wxack9zv 221 12 same same JJ cord-028636-wxack9zv 221 13 distribution distribution NN cord-028636-wxack9zv 221 14 the the DT cord-028636-wxack9zv 221 15 points point NNS cord-028636-wxack9zv 221 16 should should MD cord-028636-wxack9zv 221 17 fall fall VB cord-028636-wxack9zv 221 18 approximately approximately RB cord-028636-wxack9zv 221 19 along along IN cord-028636-wxack9zv 221 20 this this DT cord-028636-wxack9zv 221 21 reference reference NN cord-028636-wxack9zv 221 22 line line NN cord-028636-wxack9zv 221 23 . . . cord-028636-wxack9zv 222 1 The the DT cord-028636-wxack9zv 222 2 greater great JJR cord-028636-wxack9zv 222 3 the the DT cord-028636-wxack9zv 222 4 departure departure NN cord-028636-wxack9zv 222 5 from from IN cord-028636-wxack9zv 222 6 this this DT cord-028636-wxack9zv 222 7 reference reference NN cord-028636-wxack9zv 222 8 line line NN cord-028636-wxack9zv 222 9 , , , cord-028636-wxack9zv 222 10 the the DT cord-028636-wxack9zv 222 11 greater great JJR cord-028636-wxack9zv 222 12 the the DT cord-028636-wxack9zv 222 13 evidence evidence NN cord-028636-wxack9zv 222 14 for for IN cord-028636-wxack9zv 222 15 the the DT cord-028636-wxack9zv 222 16 conclusion conclusion NN cord-028636-wxack9zv 222 17 that that IN cord-028636-wxack9zv 222 18 the the DT cord-028636-wxack9zv 222 19 two two CD cord-028636-wxack9zv 222 20 data datum NNS cord-028636-wxack9zv 222 21 sets set NNS cord-028636-wxack9zv 222 22 have have VBP cord-028636-wxack9zv 222 23 come come VBN cord-028636-wxack9zv 222 24 from from IN cord-028636-wxack9zv 222 25 populations population NNS cord-028636-wxack9zv 222 26 with with IN cord-028636-wxack9zv 222 27 different different JJ cord-028636-wxack9zv 222 28 distributions distribution NNS cord-028636-wxack9zv 222 29 . . . cord-028636-wxack9zv 223 1 This this DT cord-028636-wxack9zv 223 2 technique technique NN cord-028636-wxack9zv 223 3 can can MD cord-028636-wxack9zv 223 4 provide provide VB cord-028636-wxack9zv 223 5 an an DT cord-028636-wxack9zv 223 6 assessment assessment NN cord-028636-wxack9zv 223 7 of of IN cord-028636-wxack9zv 223 8 " " `` cord-028636-wxack9zv 223 9 goodness goodness NN cord-028636-wxack9zv 223 10 of of IN cord-028636-wxack9zv 223 11 fit fit NN cord-028636-wxack9zv 223 12 " " '' cord-028636-wxack9zv 223 13 that that WDT cord-028636-wxack9zv 223 14 is be VBZ cord-028636-wxack9zv 223 15 graphical graphical JJ cord-028636-wxack9zv 223 16 and and CC cord-028636-wxack9zv 223 17 a a DT cord-028636-wxack9zv 223 18 more more RBR cord-028636-wxack9zv 223 19 powerful powerful JJ cord-028636-wxack9zv 223 20 approach approach NN cord-028636-wxack9zv 223 21 than than IN cord-028636-wxack9zv 223 22 the the DT cord-028636-wxack9zv 223 23 common common JJ cord-028636-wxack9zv 223 24 technique technique NN cord-028636-wxack9zv 223 25 of of IN cord-028636-wxack9zv 223 26 comparing compare VBG cord-028636-wxack9zv 223 27 histograms histogram NNS cord-028636-wxack9zv 223 28 of of IN cord-028636-wxack9zv 223 29 the the DT cord-028636-wxack9zv 223 30 samples sample NNS cord-028636-wxack9zv 223 31 . . . cord-028636-wxack9zv 224 1 The the DT cord-028636-wxack9zv 224 2 advantages advantage NNS cord-028636-wxack9zv 224 3 of of IN cord-028636-wxack9zv 224 4 Asymmetric asymmetric JJ cord-028636-wxack9zv 224 5 basic basic JJ cord-028636-wxack9zv 224 6 SV sv NN cord-028636-wxack9zv 224 7 are be VBP cord-028636-wxack9zv 224 8 able able JJ cord-028636-wxack9zv 224 9 to to TO cord-028636-wxack9zv 224 10 capture capture VB cord-028636-wxack9zv 224 11 some some DT cord-028636-wxack9zv 224 12 aspects aspect NNS cord-028636-wxack9zv 224 13 of of IN cord-028636-wxack9zv 224 14 the the DT cord-028636-wxack9zv 224 15 financial financial JJ cord-028636-wxack9zv 224 16 market market NN cord-028636-wxack9zv 224 17 and and CC cord-028636-wxack9zv 224 18 the the DT cord-028636-wxack9zv 224 19 main main JJ cord-028636-wxack9zv 224 20 properties property NNS cord-028636-wxack9zv 224 21 of of IN cord-028636-wxack9zv 224 22 their -PRON- PRP$ cord-028636-wxack9zv 224 23 volatility volatility NN cord-028636-wxack9zv 224 24 behavior behavior NN cord-028636-wxack9zv 224 25 ( ( -LRB- cord-028636-wxack9zv 224 26 Danielsson Danielsson NNP cord-028636-wxack9zv 224 27 1994 1994 CD cord-028636-wxack9zv 224 28 ; ; : cord-028636-wxack9zv 225 1 Eraker Eraker NNP cord-028636-wxack9zv 225 2 et et NNP cord-028636-wxack9zv 225 3 al al NNP cord-028636-wxack9zv 225 4 . . NNP cord-028636-wxack9zv 225 5 2003 2003 CD cord-028636-wxack9zv 225 6 ) ) -RRB- cord-028636-wxack9zv 225 7 . . . cord-028636-wxack9zv 226 1 The the DT cord-028636-wxack9zv 226 2 following following JJ cord-028636-wxack9zv 226 3 figure figure NN cord-028636-wxack9zv 226 4 illustrates illustrate VBZ cord-028636-wxack9zv 226 5 the the DT cord-028636-wxack9zv 226 6 Q Q NNP cord-028636-wxack9zv 226 7 - - HYPH cord-028636-wxack9zv 226 8 Q Q NNP cord-028636-wxack9zv 226 9 plot plot NN cord-028636-wxack9zv 226 10 drawn draw VBN cord-028636-wxack9zv 226 11 to to TO cord-028636-wxack9zv 226 12 evaluate evaluate VB cord-028636-wxack9zv 226 13 the the DT cord-028636-wxack9zv 226 14 fitted fit VBN cord-028636-wxack9zv 226 15 Scaled Scaled NNP cord-028636-wxack9zv 226 16 t t NN cord-028636-wxack9zv 226 17 - - HYPH cord-028636-wxack9zv 226 18 distribution distribution NN cord-028636-wxack9zv 226 19 graphically graphically RB cord-028636-wxack9zv 226 20 . . . cord-028636-wxack9zv 227 1 In in IN cord-028636-wxack9zv 227 2 general general JJ cord-028636-wxack9zv 227 3 , , , cord-028636-wxack9zv 227 4 Q Q NNP cord-028636-wxack9zv 227 5 - - HYPH cord-028636-wxack9zv 227 6 Q Q NNP cord-028636-wxack9zv 227 7 plot plot NN cord-028636-wxack9zv 227 8 demonstrates demonstrate VBZ cord-028636-wxack9zv 227 9 linear linear JJ cord-028636-wxack9zv 227 10 patterns pattern NNS cord-028636-wxack9zv 227 11 which which WDT cord-028636-wxack9zv 227 12 confirms confirm VBZ cord-028636-wxack9zv 227 13 that that IN cord-028636-wxack9zv 227 14 the the DT cord-028636-wxack9zv 227 15 two two CD cord-028636-wxack9zv 227 16 distributions distribution NNS cord-028636-wxack9zv 227 17 considered consider VBN cord-028636-wxack9zv 227 18 in in IN cord-028636-wxack9zv 227 19 the the DT cord-028636-wxack9zv 227 20 graph graph NN cord-028636-wxack9zv 227 21 are be VBP cord-028636-wxack9zv 227 22 similar similar JJ cord-028636-wxack9zv 227 23 . . . cord-028636-wxack9zv 228 1 Therefore therefore RB cord-028636-wxack9zv 228 2 , , , cord-028636-wxack9zv 228 3 it -PRON- PRP cord-028636-wxack9zv 228 4 can can MD cord-028636-wxack9zv 228 5 be be VB cord-028636-wxack9zv 228 6 said say VBN cord-028636-wxack9zv 228 7 that that IN cord-028636-wxack9zv 228 8 the the DT cord-028636-wxack9zv 228 9 fitted fit VBN cord-028636-wxack9zv 228 10 Scaled Scaled NNP cord-028636-wxack9zv 228 11 t t NN cord-028636-wxack9zv 228 12 distributions distribution NNS cord-028636-wxack9zv 228 13 with with IN cord-028636-wxack9zv 228 14 respective respective JJ cord-028636-wxack9zv 228 15 parameters parameter NNS cord-028636-wxack9zv 228 16 exhibit exhibit VBP cord-028636-wxack9zv 228 17 a a DT cord-028636-wxack9zv 228 18 good good JJ cord-028636-wxack9zv 228 19 fit fit NN cord-028636-wxack9zv 228 20 for for IN cord-028636-wxack9zv 228 21 the the DT cord-028636-wxack9zv 228 22 return return NN cord-028636-wxack9zv 228 23 distribution distribution NN cord-028636-wxack9zv 228 24 for for IN cord-028636-wxack9zv 228 25 all all DT cord-028636-wxack9zv 228 26 indexes index NNS cord-028636-wxack9zv 228 27 . . . cord-028636-wxack9zv 229 1 The the DT cord-028636-wxack9zv 229 2 algorithm algorithm NN cord-028636-wxack9zv 229 3 used use VBD cord-028636-wxack9zv 229 4 to to TO cord-028636-wxack9zv 229 5 estimate estimate VB cord-028636-wxack9zv 229 6 the the DT cord-028636-wxack9zv 229 7 volatility volatility NN cord-028636-wxack9zv 229 8 using use VBG cord-028636-wxack9zv 229 9 the the DT cord-028636-wxack9zv 229 10 SV SV NNP cord-028636-wxack9zv 229 11 - - HYPH cord-028636-wxack9zv 229 12 t t NN cord-028636-wxack9zv 229 13 model model NN cord-028636-wxack9zv 229 14 ensures ensure VBZ cord-028636-wxack9zv 229 15 much much RB cord-028636-wxack9zv 229 16 higher high JJR cord-028636-wxack9zv 229 17 normality normality NN cord-028636-wxack9zv 229 18 for for IN cord-028636-wxack9zv 229 19 bitcoin bitcoin NN cord-028636-wxack9zv 229 20 than than IN cord-028636-wxack9zv 229 21 the the DT cord-028636-wxack9zv 229 22 SVOL SVOL NNP cord-028636-wxack9zv 229 23 . . . cord-028636-wxack9zv 230 1 Table table NN cord-028636-wxack9zv 230 2 4 4 CD cord-028636-wxack9zv 230 3 documents document NNS cord-028636-wxack9zv 230 4 the the DT cord-028636-wxack9zv 230 5 performance performance NN cord-028636-wxack9zv 230 6 of of IN cord-028636-wxack9zv 230 7 the the DT cord-028636-wxack9zv 230 8 algorithm algorithm NN cord-028636-wxack9zv 230 9 and and CC cord-028636-wxack9zv 230 10 the the DT cord-028636-wxack9zv 230 11 consequence consequence NN cord-028636-wxack9zv 230 12 of of IN cord-028636-wxack9zv 230 13 using use VBG cord-028636-wxack9zv 230 14 the the DT cord-028636-wxack9zv 230 15 wrong wrong JJ cord-028636-wxack9zv 230 16 model model NN cord-028636-wxack9zv 230 17 on on IN cord-028636-wxack9zv 230 18 the the DT cord-028636-wxack9zv 230 19 estimates estimate NNS cord-028636-wxack9zv 230 20 of of IN cord-028636-wxack9zv 230 21 volatility volatility NN cord-028636-wxack9zv 230 22 . . . cord-028636-wxack9zv 231 1 The the DT cord-028636-wxack9zv 231 2 MCMC MCMC NNP cord-028636-wxack9zv 231 3 is be VBZ cord-028636-wxack9zv 231 4 more more RBR cord-028636-wxack9zv 231 5 efficient efficient JJ cord-028636-wxack9zv 231 6 for for IN cord-028636-wxack9zv 231 7 all all DT cord-028636-wxack9zv 231 8 parameters parameter NNS cord-028636-wxack9zv 231 9 used use VBN cord-028636-wxack9zv 231 10 in in IN cord-028636-wxack9zv 231 11 these these DT cord-028636-wxack9zv 231 12 two two CD cord-028636-wxack9zv 231 13 models model NNS cord-028636-wxack9zv 231 14 . . . cord-028636-wxack9zv 232 1 A a DT cord-028636-wxack9zv 232 2 certain certain JJ cord-028636-wxack9zv 232 3 threshold threshold NN cord-028636-wxack9zv 232 4 , , , cord-028636-wxack9zv 232 5 all all DT cord-028636-wxack9zv 232 6 parameters parameter NNS cord-028636-wxack9zv 232 7 are be VBP cord-028636-wxack9zv 232 8 stable stable JJ cord-028636-wxack9zv 232 9 and and CC cord-028636-wxack9zv 232 10 converge converge VB cord-028636-wxack9zv 232 11 to to IN cord-028636-wxack9zv 232 12 a a DT cord-028636-wxack9zv 232 13 certain certain JJ cord-028636-wxack9zv 232 14 level level NN cord-028636-wxack9zv 232 15 . . . cord-028636-wxack9zv 233 1 Appendix Appendix NNP cord-028636-wxack9zv 233 2 C C NNP cord-028636-wxack9zv 233 3 and and CC cord-028636-wxack9zv 233 4 D D NNP cord-028636-wxack9zv 233 5 ( ( -LRB- cord-028636-wxack9zv 233 6 Figs Figs NNPS cord-028636-wxack9zv 233 7 . . . cord-028636-wxack9zv 233 8 6 6 CD cord-028636-wxack9zv 233 9 and and CC cord-028636-wxack9zv 233 10 7 7 CD cord-028636-wxack9zv 233 11 ) ) -RRB- cord-028636-wxack9zv 233 12 show show VBP cord-028636-wxack9zv 233 13 that that IN cord-028636-wxack9zv 233 14 the the DT cord-028636-wxack9zv 233 15 α α NN cord-028636-wxack9zv 233 16 , , , cord-028636-wxack9zv 233 17 δ δ NN cord-028636-wxack9zv 233 18 , , , cord-028636-wxack9zv 233 19 σ σ NNP cord-028636-wxack9zv 233 20 , , , cord-028636-wxack9zv 233 21 φ φ NN cord-028636-wxack9zv 233 22 converge converge VBP cord-028636-wxack9zv 233 23 and and CC cord-028636-wxack9zv 233 24 stabilize stabilize VB cord-028636-wxack9zv 233 25 , , , cord-028636-wxack9zv 233 26 this this DT cord-028636-wxack9zv 233 27 shows show VBZ cord-028636-wxack9zv 233 28 the the DT cord-028636-wxack9zv 233 29 power power NN cord-028636-wxack9zv 233 30 of of IN cord-028636-wxack9zv 233 31 MCMC MCMC NNP cord-028636-wxack9zv 233 32 . . . cord-028636-wxack9zv 234 1 The the DT cord-028636-wxack9zv 234 2 results result NNS cord-028636-wxack9zv 234 3 for for IN cord-028636-wxack9zv 234 4 both both DT cord-028636-wxack9zv 234 5 simulated simulated JJ cord-028636-wxack9zv 234 6 show show NN cord-028636-wxack9zv 234 7 that that IN cord-028636-wxack9zv 234 8 the the DT cord-028636-wxack9zv 234 9 algorithm algorithm NN cord-028636-wxack9zv 234 10 of of IN cord-028636-wxack9zv 234 11 the the DT cord-028636-wxack9zv 234 12 SV SV NNP cord-028636-wxack9zv 234 13 - - HYPH cord-028636-wxack9zv 234 14 t t NN cord-028636-wxack9zv 234 15 model model NN cord-028636-wxack9zv 234 16 is be VBZ cord-028636-wxack9zv 234 17 fast fast JJ cord-028636-wxack9zv 234 18 and and CC cord-028636-wxack9zv 234 19 converges converge VBZ cord-028636-wxack9zv 234 20 rapidly rapidly RB cord-028636-wxack9zv 234 21 with with IN cord-028636-wxack9zv 234 22 acceptable acceptable JJ cord-028636-wxack9zv 234 23 levels level NNS cord-028636-wxack9zv 234 24 of of IN cord-028636-wxack9zv 234 25 numerical numerical JJ cord-028636-wxack9zv 234 26 efficiency efficiency NN cord-028636-wxack9zv 234 27 . . . cord-028636-wxack9zv 235 1 Then then RB cord-028636-wxack9zv 235 2 our -PRON- PRP$ cord-028636-wxack9zv 235 3 sampling sampling NN cord-028636-wxack9zv 235 4 provides provide VBZ cord-028636-wxack9zv 235 5 strong strong JJ cord-028636-wxack9zv 235 6 evidence evidence NN cord-028636-wxack9zv 235 7 of of IN cord-028636-wxack9zv 235 8 convergence convergence NN cord-028636-wxack9zv 235 9 of of IN cord-028636-wxack9zv 235 10 the the DT cord-028636-wxack9zv 235 11 chain chain NN cord-028636-wxack9zv 235 12 . . . cord-028636-wxack9zv 235 13 _SP cord-028636-wxack9zv 236 1 Bitcoin Bitcoin NNP cord-028636-wxack9zv 236 2 is be VBZ cord-028636-wxack9zv 236 3 an an DT cord-028636-wxack9zv 236 4 innovative innovative JJ cord-028636-wxack9zv 236 5 payment payment NN cord-028636-wxack9zv 236 6 network network NN cord-028636-wxack9zv 236 7 and and CC cord-028636-wxack9zv 236 8 a a DT cord-028636-wxack9zv 236 9 new new JJ cord-028636-wxack9zv 236 10 kind kind NN cord-028636-wxack9zv 236 11 of of IN cord-028636-wxack9zv 236 12 money money NN cord-028636-wxack9zv 236 13 , , , cord-028636-wxack9zv 236 14 then then RB cord-028636-wxack9zv 236 15 is be VBZ cord-028636-wxack9zv 236 16 a a DT cord-028636-wxack9zv 236 17 digital digital JJ cord-028636-wxack9zv 236 18 payment payment NN cord-028636-wxack9zv 236 19 currency currency NN cord-028636-wxack9zv 236 20 that that WDT cord-028636-wxack9zv 236 21 utilizes utilize VBZ cord-028636-wxack9zv 236 22 crypto crypto NN cord-028636-wxack9zv 236 23 - - HYPH cord-028636-wxack9zv 236 24 currency currency NN cord-028636-wxack9zv 236 25 and and CC cord-028636-wxack9zv 236 26 peer peer NN cord-028636-wxack9zv 236 27 - - HYPH cord-028636-wxack9zv 236 28 to to IN cord-028636-wxack9zv 236 29 - - HYPH cord-028636-wxack9zv 236 30 peer peer NN cord-028636-wxack9zv 236 31 technology technology NN cord-028636-wxack9zv 236 32 to to TO cord-028636-wxack9zv 236 33 create create VB cord-028636-wxack9zv 236 34 and and CC cord-028636-wxack9zv 236 35 manage manage VB cord-028636-wxack9zv 236 36 monetary monetary JJ cord-028636-wxack9zv 236 37 transactions transaction NNS cord-028636-wxack9zv 236 38 . . . cord-028636-wxack9zv 237 1 We -PRON- PRP cord-028636-wxack9zv 237 2 have have VBP cord-028636-wxack9zv 237 3 applied apply VBN cord-028636-wxack9zv 237 4 these these DT cord-028636-wxack9zv 237 5 MCMC MCMC NNP cord-028636-wxack9zv 237 6 methods method NNS cord-028636-wxack9zv 237 7 to to IN cord-028636-wxack9zv 237 8 the the DT cord-028636-wxack9zv 237 9 study study NN cord-028636-wxack9zv 237 10 of of IN cord-028636-wxack9zv 237 11 various various JJ cord-028636-wxack9zv 237 12 indexes index NNS cord-028636-wxack9zv 237 13 and and CC cord-028636-wxack9zv 237 14 cryptocurrency cryptocurrency NN cord-028636-wxack9zv 237 15 . . . cord-028636-wxack9zv 238 1 The the DT cord-028636-wxack9zv 238 2 ARSV ARSV NNP cord-028636-wxack9zv 238 3 - - HYPH cord-028636-wxack9zv 238 4 t t NN cord-028636-wxack9zv 238 5 models model NNS cord-028636-wxack9zv 238 6 were be VBD cord-028636-wxack9zv 238 7 compared compare VBN cord-028636-wxack9zv 238 8 with with IN cord-028636-wxack9zv 238 9 SVOL SVOL NNP cord-028636-wxack9zv 238 10 models model NNS cord-028636-wxack9zv 238 11 of of IN cord-028636-wxack9zv 238 12 JPR JPR NNP cord-028636-wxack9zv 238 13 ( ( -LRB- cord-028636-wxack9zv 238 14 1994 1994 CD cord-028636-wxack9zv 238 15 ) ) -RRB- cord-028636-wxack9zv 238 16 models model NNS cord-028636-wxack9zv 238 17 using use VBG cord-028636-wxack9zv 238 18 S&P S&P NNP cord-028636-wxack9zv 238 19 , , , cord-028636-wxack9zv 238 20 Down Down NNP cord-028636-wxack9zv 238 21 Jones Jones NNP cord-028636-wxack9zv 238 22 , , , cord-028636-wxack9zv 238 23 Nasdaq Nasdaq NNP cord-028636-wxack9zv 238 24 , , , cord-028636-wxack9zv 238 25 Nikkei Nikkei NNP cord-028636-wxack9zv 238 26 , , , cord-028636-wxack9zv 238 27 and and CC cord-028636-wxack9zv 238 28 the the DT cord-028636-wxack9zv 238 29 STOXX STOXX NNP cord-028636-wxack9zv 238 30 . . . cord-028636-wxack9zv 239 1 We -PRON- PRP cord-028636-wxack9zv 239 2 wanted want VBD cord-028636-wxack9zv 239 3 to to TO cord-028636-wxack9zv 239 4 study study VB cord-028636-wxack9zv 239 5 the the DT cord-028636-wxack9zv 239 6 behavior behavior NN cord-028636-wxack9zv 239 7 of of IN cord-028636-wxack9zv 239 8 this this DT cord-028636-wxack9zv 239 9 cryptocurrency cryptocurrency NN cord-028636-wxack9zv 239 10 , , , cord-028636-wxack9zv 239 11 and and CC cord-028636-wxack9zv 239 12 it -PRON- PRP cord-028636-wxack9zv 239 13 turned turn VBD cord-028636-wxack9zv 239 14 out out RP cord-028636-wxack9zv 239 15 that that IN cord-028636-wxack9zv 239 16 it -PRON- PRP cord-028636-wxack9zv 239 17 behaves behave VBZ cord-028636-wxack9zv 239 18 like like IN cord-028636-wxack9zv 239 19 the the DT cord-028636-wxack9zv 239 20 stock stock NN cord-028636-wxack9zv 239 21 market market NN cord-028636-wxack9zv 239 22 indices index NNS cord-028636-wxack9zv 239 23 of of IN cord-028636-wxack9zv 239 24 the the DT cord-028636-wxack9zv 239 25 different different JJ cord-028636-wxack9zv 239 26 international international JJ cord-028636-wxack9zv 239 27 markets market NNS cord-028636-wxack9zv 239 28 facing face VBG cord-028636-wxack9zv 239 29 different different JJ cord-028636-wxack9zv 239 30 shocks shock NNS cord-028636-wxack9zv 240 1 ( ( -LRB- cord-028636-wxack9zv 240 2 Efe Efe NNP cord-028636-wxack9zv 240 3 Caglar Caglar NNP cord-028636-wxack9zv 240 4 ( ( -LRB- cord-028636-wxack9zv 240 5 2019 2019 CD cord-028636-wxack9zv 240 6 ) ) -RRB- cord-028636-wxack9zv 240 7 ) ) -RRB- cord-028636-wxack9zv 240 8 . . . cord-028636-wxack9zv 241 1 The the DT cord-028636-wxack9zv 241 2 empirical empirical JJ cord-028636-wxack9zv 241 3 results result NNS cord-028636-wxack9zv 241 4 show show VBP cord-028636-wxack9zv 241 5 that that IN cord-028636-wxack9zv 241 6 the the DT cord-028636-wxack9zv 241 7 SV SV NNP cord-028636-wxack9zv 241 8 - - HYPH cord-028636-wxack9zv 241 9 t t NN cord-028636-wxack9zv 241 10 model model NN cord-028636-wxack9zv 241 11 can can MD cord-028636-wxack9zv 241 12 describe describe VB cord-028636-wxack9zv 241 13 extreme extreme JJ cord-028636-wxack9zv 241 14 values value NNS cord-028636-wxack9zv 241 15 to to IN cord-028636-wxack9zv 241 16 a a DT cord-028636-wxack9zv 241 17 certain certain JJ cord-028636-wxack9zv 241 18 extent extent NN cord-028636-wxack9zv 241 19 and and CC cord-028636-wxack9zv 241 20 it -PRON- PRP cord-028636-wxack9zv 241 21 is be VBZ cord-028636-wxack9zv 241 22 more more RBR cord-028636-wxack9zv 241 23 appropriate appropriate JJ cord-028636-wxack9zv 241 24 to to TO cord-028636-wxack9zv 241 25 accommodate accommodate VB cord-028636-wxack9zv 241 26 outlier outlier NN cord-028636-wxack9zv 241 27 . . . cord-028636-wxack9zv 242 1 First first RB cord-028636-wxack9zv 242 2 , , , cord-028636-wxack9zv 242 3 that that IN cord-028636-wxack9zv 242 4 the the DT cord-028636-wxack9zv 242 5 ARSV ARSV NNP cord-028636-wxack9zv 242 6 - - HYPH cord-028636-wxack9zv 242 7 t t NN cord-028636-wxack9zv 242 8 model model NN cord-028636-wxack9zv 242 9 provides provide VBZ cord-028636-wxack9zv 242 10 a a DT cord-028636-wxack9zv 242 11 better well JJR cord-028636-wxack9zv 242 12 fit fit NN cord-028636-wxack9zv 242 13 than than IN cord-028636-wxack9zv 242 14 the the DT cord-028636-wxack9zv 242 15 MFSV MFSV NNP cord-028636-wxack9zv 242 16 model model NN cord-028636-wxack9zv 242 17 and and CC cord-028636-wxack9zv 242 18 second second JJ cord-028636-wxack9zv 242 19 , , , cord-028636-wxack9zv 242 20 the the DT cord-028636-wxack9zv 242 21 positive positive JJ cord-028636-wxack9zv 242 22 and and CC cord-028636-wxack9zv 242 23 negative negative JJ cord-028636-wxack9zv 242 24 shocks shock NNS cord-028636-wxack9zv 242 25 have have VBP cord-028636-wxack9zv 242 26 n't not RB cord-028636-wxack9zv 242 27 the the DT cord-028636-wxack9zv 242 28 same same JJ cord-028636-wxack9zv 242 29 effect effect NN cord-028636-wxack9zv 242 30 in in IN cord-028636-wxack9zv 242 31 volatility volatility NN cord-028636-wxack9zv 242 32 Manabu Manabu NNP cord-028636-wxack9zv 242 33 Asai Asai NNP cord-028636-wxack9zv 242 34 ( ( -LRB- cord-028636-wxack9zv 242 35 2008 2008 CD cord-028636-wxack9zv 242 36 ) ) -RRB- cord-028636-wxack9zv 242 37 . . . cord-028636-wxack9zv 243 1 Our -PRON- PRP$ cord-028636-wxack9zv 243 2 result result NN cord-028636-wxack9zv 243 3 proves prove VBZ cord-028636-wxack9zv 243 4 the the DT cord-028636-wxack9zv 243 5 efficiency efficiency NN cord-028636-wxack9zv 243 6 of of IN cord-028636-wxack9zv 243 7 Markov Markov NNP cord-028636-wxack9zv 243 8 Chain Chain NNP cord-028636-wxack9zv 243 9 for for IN cord-028636-wxack9zv 243 10 our -PRON- PRP$ cord-028636-wxack9zv 243 11 sample sample NN cord-028636-wxack9zv 243 12 and and CC cord-028636-wxack9zv 243 13 the the DT cord-028636-wxack9zv 243 14 convergence convergence NN cord-028636-wxack9zv 243 15 and and CC cord-028636-wxack9zv 243 16 stability stability NN cord-028636-wxack9zv 243 17 for for IN cord-028636-wxack9zv 243 18 all all DT cord-028636-wxack9zv 243 19 parameter parameter NN cord-028636-wxack9zv 243 20 to to IN cord-028636-wxack9zv 243 21 a a DT cord-028636-wxack9zv 243 22 certain certain JJ cord-028636-wxack9zv 243 23 level level NN cord-028636-wxack9zv 243 24 . . . cord-028636-wxack9zv 244 1 Our -PRON- PRP$ cord-028636-wxack9zv 244 2 results result NNS cord-028636-wxack9zv 244 3 are be VBP cord-028636-wxack9zv 244 4 consistent consistent JJ cord-028636-wxack9zv 244 5 with with IN cord-028636-wxack9zv 244 6 the the DT cord-028636-wxack9zv 244 7 work work NN cord-028636-wxack9zv 244 8 of of IN cord-028636-wxack9zv 244 9 Dyhrberg Dyhrberg NNP cord-028636-wxack9zv 244 10 ( ( -LRB- cord-028636-wxack9zv 244 11 2016 2016 CD cord-028636-wxack9zv 244 12 ) ) -RRB- cord-028636-wxack9zv 244 13 and and CC cord-028636-wxack9zv 244 14 contradict contradict VB cord-028636-wxack9zv 244 15 those those DT cord-028636-wxack9zv 244 16 of of IN cord-028636-wxack9zv 244 17 Baur Baur NNP cord-028636-wxack9zv 244 18 et et NNP cord-028636-wxack9zv 244 19 al al NNP cord-028636-wxack9zv 244 20 . . . cord-028636-wxack9zv 245 1 ( ( -LRB- cord-028636-wxack9zv 245 2 2018a 2018a CD cord-028636-wxack9zv 245 3 , , , cord-028636-wxack9zv 245 4 b b LS cord-028636-wxack9zv 245 5 ) ) -RRB- cord-028636-wxack9zv 245 6 claim claim VBP cord-028636-wxack9zv 245 7 that that IN cord-028636-wxack9zv 245 8 bitcoin bitcoin NNP cord-028636-wxack9zv 245 9 has have VBZ cord-028636-wxack9zv 245 10 unique unique JJ cord-028636-wxack9zv 245 11 risk risk NN cord-028636-wxack9zv 245 12 - - HYPH cord-028636-wxack9zv 245 13 return return NN cord-028636-wxack9zv 245 14 characteristics characteristic NNS cord-028636-wxack9zv 245 15 , , , cord-028636-wxack9zv 245 16 follows follow VBZ cord-028636-wxack9zv 245 17 a a DT cord-028636-wxack9zv 245 18 different different JJ cord-028636-wxack9zv 245 19 volatility volatility NN cord-028636-wxack9zv 245 20 process process NN cord-028636-wxack9zv 245 21 when when WRB cord-028636-wxack9zv 245 22 compared compare VBN cord-028636-wxack9zv 245 23 with with IN cord-028636-wxack9zv 245 24 other other JJ cord-028636-wxack9zv 245 25 assets asset NNS cord-028636-wxack9zv 245 26 . . . cord-028636-wxack9zv 246 1 This this DT cord-028636-wxack9zv 246 2 view view NN cord-028636-wxack9zv 246 3 is be VBZ cord-028636-wxack9zv 246 4 endorsed endorse VBN cord-028636-wxack9zv 246 5 by by IN cord-028636-wxack9zv 246 6 many many JJ cord-028636-wxack9zv 246 7 researchers researcher NNS cord-028636-wxack9zv 246 8 , , , cord-028636-wxack9zv 246 9 e.g. e.g. RB cord-028636-wxack9zv 246 10 Glaser Glaser NNP cord-028636-wxack9zv 246 11 et et NNP cord-028636-wxack9zv 246 12 al al NNP cord-028636-wxack9zv 246 13 . . . cord-028636-wxack9zv 247 1 ( ( -LRB- cord-028636-wxack9zv 247 2 2014 2014 CD cord-028636-wxack9zv 247 3 ) ) -RRB- cord-028636-wxack9zv 247 4 and and CC cord-028636-wxack9zv 247 5 Baek Baek NNP cord-028636-wxack9zv 247 6 and and CC cord-028636-wxack9zv 247 7 Elbeck Elbeck NNP cord-028636-wxack9zv 247 8 ( ( -LRB- cord-028636-wxack9zv 247 9 2015a 2015a CD cord-028636-wxack9zv 247 10 , , , cord-028636-wxack9zv 247 11 b b LS cord-028636-wxack9zv 247 12 ) ) -RRB- cord-028636-wxack9zv 247 13 . . . cord-028636-wxack9zv 248 1 To to IN cord-028636-wxack9zv 248 2 our -PRON- PRP$ cord-028636-wxack9zv 248 3 knowledge knowledge NN cord-028636-wxack9zv 248 4 , , , cord-028636-wxack9zv 248 5 no no DT cord-028636-wxack9zv 248 6 paper paper NN cord-028636-wxack9zv 248 7 has have VBZ cord-028636-wxack9zv 248 8 processed process VBN cord-028636-wxack9zv 248 9 bitcoin bitcoin NN cord-028636-wxack9zv 248 10 by by IN cord-028636-wxack9zv 248 11 conducting conduct VBG cord-028636-wxack9zv 248 12 a a DT cord-028636-wxack9zv 248 13 comparative comparative JJ cord-028636-wxack9zv 248 14 study study NN cord-028636-wxack9zv 248 15 using use VBG cord-028636-wxack9zv 248 16 stochastic stochastic JJ cord-028636-wxack9zv 248 17 volatility volatility NN cord-028636-wxack9zv 248 18 models model NNS cord-028636-wxack9zv 248 19 . . . cord-028636-wxack9zv 249 1 Our -PRON- PRP$ cord-028636-wxack9zv 249 2 results result NNS cord-028636-wxack9zv 249 3 prove prove VBP cord-028636-wxack9zv 249 4 that that IN cord-028636-wxack9zv 249 5 this this DT cord-028636-wxack9zv 249 6 cryptocurrency cryptocurrency NN cord-028636-wxack9zv 249 7 does do VBZ cord-028636-wxack9zv 249 8 not not RB cord-028636-wxack9zv 249 9 behave behave VB cord-028636-wxack9zv 249 10 differently differently RB cord-028636-wxack9zv 249 11 from from IN cord-028636-wxack9zv 249 12 stock stock NN cord-028636-wxack9zv 249 13 market market NN cord-028636-wxack9zv 249 14 indices index NNS cord-028636-wxack9zv 249 15 although although IN cord-028636-wxack9zv 249 16 it -PRON- PRP cord-028636-wxack9zv 249 17 is be VBZ cord-028636-wxack9zv 249 18 traded trade VBN cord-028636-wxack9zv 249 19 on on IN cord-028636-wxack9zv 249 20 a a DT cord-028636-wxack9zv 249 21 virtual virtual JJ cord-028636-wxack9zv 249 22 market market NN cord-028636-wxack9zv 249 23 . . . cord-028636-wxack9zv 250 1 Observing observe VBG cord-028636-wxack9zv 250 2 the the DT cord-028636-wxack9zv 250 3 market market NN cord-028636-wxack9zv 250 4 , , , cord-028636-wxack9zv 250 5 several several JJ cord-028636-wxack9zv 250 6 investors investor NNS cord-028636-wxack9zv 250 7 are be VBP cord-028636-wxack9zv 250 8 wary wary JJ cord-028636-wxack9zv 250 9 of of IN cord-028636-wxack9zv 250 10 this this DT cord-028636-wxack9zv 250 11 cryptocurrency cryptocurrency NN cord-028636-wxack9zv 250 12 while while IN cord-028636-wxack9zv 250 13 justifying justify VBG cord-028636-wxack9zv 250 14 themselves -PRON- PRP cord-028636-wxack9zv 250 15 by by IN cord-028636-wxack9zv 250 16 several several JJ cord-028636-wxack9zv 250 17 considerations consideration NNS cord-028636-wxack9zv 250 18 . . . cord-028636-wxack9zv 251 1 Our -PRON- PRP$ cord-028636-wxack9zv 251 2 results result NNS cord-028636-wxack9zv 251 3 will will MD cord-028636-wxack9zv 251 4 help help VB cord-028636-wxack9zv 251 5 investors investor NNS cord-028636-wxack9zv 251 6 better well RBR cord-028636-wxack9zv 251 7 diversify diversify VB cord-028636-wxack9zv 251 8 their -PRON- PRP$ cord-028636-wxack9zv 251 9 portfolio portfolio NN cord-028636-wxack9zv 251 10 by by IN cord-028636-wxack9zv 251 11 adding add VBG cord-028636-wxack9zv 251 12 this this DT cord-028636-wxack9zv 251 13 cryptocurrency cryptocurrency NN cord-028636-wxack9zv 251 14 and and CC cord-028636-wxack9zv 251 15 this this DT cord-028636-wxack9zv 251 16 was be VBD cord-028636-wxack9zv 251 17 clearly clearly RB cord-028636-wxack9zv 251 18 approved approve VBN cord-028636-wxack9zv 251 19 , , , cord-028636-wxack9zv 251 20 especially especially RB cord-028636-wxack9zv 251 21 after after IN cord-028636-wxack9zv 251 22 the the DT cord-028636-wxack9zv 251 23 " " `` cord-028636-wxack9zv 251 24 covid covid NNP cord-028636-wxack9zv 251 25 19 19 CD cord-028636-wxack9zv 251 26 " " '' cord-028636-wxack9zv 251 27 crisis crisis NN cord-028636-wxack9zv 251 28 , , , cord-028636-wxack9zv 251 29 where where WRB cord-028636-wxack9zv 251 30 the the DT cord-028636-wxack9zv 251 31 volume volume NN cord-028636-wxack9zv 251 32 of of IN cord-028636-wxack9zv 251 33 transactions transaction NNS cord-028636-wxack9zv 251 34 has have VBZ cord-028636-wxack9zv 251 35 risen rise VBN cord-028636-wxack9zv 251 36 sharply sharply RB cord-028636-wxack9zv 251 37 in in IN cord-028636-wxack9zv 251 38 this this DT cord-028636-wxack9zv 251 39 type type NN cord-028636-wxack9zv 251 40 of of IN cord-028636-wxack9zv 251 41 market market NN cord-028636-wxack9zv 251 42 . . . cord-028636-wxack9zv 252 1 This this DT cord-028636-wxack9zv 252 2 paper paper NN cord-028636-wxack9zv 252 3 has have VBZ cord-028636-wxack9zv 252 4 made make VBN cord-028636-wxack9zv 252 5 certain certain JJ cord-028636-wxack9zv 252 6 contributions contribution NNS cord-028636-wxack9zv 252 7 , , , cord-028636-wxack9zv 252 8 but but CC cord-028636-wxack9zv 252 9 several several JJ cord-028636-wxack9zv 252 10 extensions extension NNS cord-028636-wxack9zv 252 11 are be VBP cord-028636-wxack9zv 252 12 still still RB cord-028636-wxack9zv 252 13 possible possible JJ cord-028636-wxack9zv 252 14 , , , cord-028636-wxack9zv 252 15 and and CC cord-028636-wxack9zv 252 16 it -PRON- PRP cord-028636-wxack9zv 252 17 can can MD cord-028636-wxack9zv 252 18 find find VB cord-028636-wxack9zv 252 19 the the DT cord-028636-wxack9zv 252 20 best good JJS cord-028636-wxack9zv 252 21 results result NNS cord-028636-wxack9zv 252 22 if if IN cord-028636-wxack9zv 252 23 you -PRON- PRP cord-028636-wxack9zv 252 24 opt opt VBP cord-028636-wxack9zv 252 25 for for IN cord-028636-wxack9zv 252 26 extensions extension NNS cord-028636-wxack9zv 252 27 of of IN cord-028636-wxack9zv 252 28 SVOL SVOL NNP cord-028636-wxack9zv 252 29 like like IN cord-028636-wxack9zv 252 30 the the DT cord-028636-wxack9zv 252 31 model model NN cord-028636-wxack9zv 252 32 of of IN cord-028636-wxack9zv 252 33 Singleton Singleton NNP cord-028636-wxack9zv 252 34 ( ( -LRB- cord-028636-wxack9zv 252 35 2001 2001 CD cord-028636-wxack9zv 252 36 Singleton Singleton NNP cord-028636-wxack9zv 252 37 ( ( -LRB- cord-028636-wxack9zv 252 38 ) ) -RRB- cord-028636-wxack9zv 252 39 , , , cord-028636-wxack9zv 252 40 knight knight NNP cord-028636-wxack9zv 252 41 et et NNP cord-028636-wxack9zv 252 42 al al NNP cord-028636-wxack9zv 252 43 . . . cord-028636-wxack9zv 253 1 ( ( -LRB- cord-028636-wxack9zv 253 2 2002 2002 CD cord-028636-wxack9zv 253 3 and and CC cord-028636-wxack9zv 253 4 others other NNS cord-028636-wxack9zv 253 5 . . . cord-028636-wxack9zv 253 6 _SP cord-028636-wxack9zv 254 1 Stock stock NN cord-028636-wxack9zv 254 2 returns return NNS cord-028636-wxack9zv 254 3 and and CC cord-028636-wxack9zv 254 4 volatility volatility NN cord-028636-wxack9zv 254 5 : : : cord-028636-wxack9zv 255 1 pricing price VBG cord-028636-wxack9zv 255 2 the the DT cord-028636-wxack9zv 255 3 short short JJ cord-028636-wxack9zv 255 4 - - HYPH cord-028636-wxack9zv 255 5 run run NN cord-028636-wxack9zv 255 6 and and CC cord-028636-wxack9zv 255 7 longrun longrun NN cord-028636-wxack9zv 255 8 components component NNS cord-028636-wxack9zv 255 9 of of IN cord-028636-wxack9zv 255 10 market market NN cord-028636-wxack9zv 255 11 risk risk NN cord-028636-wxack9zv 255 12 Is be VBZ cord-028636-wxack9zv 255 13 there there EX cord-028636-wxack9zv 255 14 a a DT cord-028636-wxack9zv 255 15 risk risk NN cord-028636-wxack9zv 255 16 - - HYPH cord-028636-wxack9zv 255 17 return return NN cord-028636-wxack9zv 255 18 trade trade NN cord-028636-wxack9zv 255 19 - - HYPH cord-028636-wxack9zv 255 20 off off NN cord-028636-wxack9zv 255 21 in in IN cord-028636-wxack9zv 255 22 cryptocurrency cryptocurrency NN cord-028636-wxack9zv 255 23 markets market NNS cord-028636-wxack9zv 255 24 ? ? . cord-028636-wxack9zv 256 1 The the DT cord-028636-wxack9zv 256 2 case case NN cord-028636-wxack9zv 256 3 of of IN cord-028636-wxack9zv 256 4 Bitcoin Bitcoin NNP cord-028636-wxack9zv 256 5 Modeling Modeling NNP cord-028636-wxack9zv 256 6 and and CC cord-028636-wxack9zv 256 7 forecasting forecasting NN cord-028636-wxack9zv 256 8 realized realize VBD cord-028636-wxack9zv 256 9 volatility volatility NN cord-028636-wxack9zv 257 1 Autoregressive autoregressive JJ cord-028636-wxack9zv 257 2 stochastic stochastic JJ cord-028636-wxack9zv 257 3 volatility volatility NN cord-028636-wxack9zv 257 4 models model NNS cord-028636-wxack9zv 257 5 with with IN cord-028636-wxack9zv 257 6 heavy heavy JJ cord-028636-wxack9zv 257 7 - - HYPH cord-028636-wxack9zv 257 8 tailed tailed JJ cord-028636-wxack9zv 257 9 distributions distribution NNS cord-028636-wxack9zv 257 10 : : : cord-028636-wxack9zv 257 11 a a DT cord-028636-wxack9zv 257 12 comparison comparison NN cord-028636-wxack9zv 257 13 with with IN cord-028636-wxack9zv 257 14 multifactors multifactor NNS cord-028636-wxack9zv 257 15 volatility volatility NN cord-028636-wxack9zv 257 16 models model NNS cord-028636-wxack9zv 257 17 Bitcoin Bitcoin NNP cord-028636-wxack9zv 257 18 as as IN cord-028636-wxack9zv 257 19 an an DT cord-028636-wxack9zv 257 20 investment investment NN cord-028636-wxack9zv 257 21 or or CC cord-028636-wxack9zv 257 22 speculative speculative JJ cord-028636-wxack9zv 257 23 vehicle vehicle NN cord-028636-wxack9zv 257 24 ? ? . cord-028636-wxack9zv 258 1 A a DT cord-028636-wxack9zv 258 2 first first JJ cord-028636-wxack9zv 258 3 look look NN cord-028636-wxack9zv 258 4 Bitcoins bitcoin NNS cord-028636-wxack9zv 258 5 as as IN cord-028636-wxack9zv 258 6 an an DT cord-028636-wxack9zv 258 7 investment investment NN cord-028636-wxack9zv 258 8 or or CC cord-028636-wxack9zv 258 9 speculative speculative JJ cord-028636-wxack9zv 258 10 vehicle vehicle NN cord-028636-wxack9zv 258 11 ? ? . cord-028636-wxack9zv 259 1 a a DT cord-028636-wxack9zv 259 2 first first JJ cord-028636-wxack9zv 259 3 look look NN cord-028636-wxack9zv 259 4 Is be VBZ cord-028636-wxack9zv 259 5 gold gold NN cord-028636-wxack9zv 259 6 a a DT cord-028636-wxack9zv 259 7 hedge hedge NN cord-028636-wxack9zv 259 8 or or CC cord-028636-wxack9zv 259 9 a a DT cord-028636-wxack9zv 259 10 safe safe JJ cord-028636-wxack9zv 259 11 haven haven NN cord-028636-wxack9zv 259 12 ? ? . cord-028636-wxack9zv 260 1 An an DT cord-028636-wxack9zv 260 2 analysis analysis NN cord-028636-wxack9zv 260 3 of of IN cord-028636-wxack9zv 260 4 stocks stock NNS cord-028636-wxack9zv 260 5 , , , cord-028636-wxack9zv 260 6 bonds bond NNS cord-028636-wxack9zv 260 7 and and CC cord-028636-wxack9zv 260 8 gold gold JJ cord-028636-wxack9zv 260 9 Bitcoin Bitcoin NNP cord-028636-wxack9zv 260 10 gold gold NN cord-028636-wxack9zv 260 11 and and CC cord-028636-wxack9zv 260 12 the the DT cord-028636-wxack9zv 260 13 US US NNP cord-028636-wxack9zv 260 14 dollar dollar NN cord-028636-wxack9zv 260 15 - - : cord-028636-wxack9zv 260 16 a a DT cord-028636-wxack9zv 260 17 replication replication NN cord-028636-wxack9zv 260 18 and and CC cord-028636-wxack9zv 260 19 extension extension NN cord-028636-wxack9zv 260 20 Bitcoin Bitcoin NNP cord-028636-wxack9zv 260 21 , , , cord-028636-wxack9zv 260 22 gold gold NN cord-028636-wxack9zv 260 23 and and CC cord-028636-wxack9zv 260 24 the the DT cord-028636-wxack9zv 260 25 US US NNP cord-028636-wxack9zv 260 26 dollar dollar NN cord-028636-wxack9zv 260 27 - - : cord-028636-wxack9zv 260 28 a a DT cord-028636-wxack9zv 260 29 replication replication NN cord-028636-wxack9zv 260 30 and and CC cord-028636-wxack9zv 260 31 extension extension NN cord-028636-wxack9zv 260 32 Studies study NNS cord-028636-wxack9zv 260 33 of of IN cord-028636-wxack9zv 260 34 stock stock NN cord-028636-wxack9zv 260 35 market market NN cord-028636-wxack9zv 260 36 volatility volatility NN cord-028636-wxack9zv 260 37 changes change VBZ cord-028636-wxack9zv 260 38 Japans japans PRP$ cord-028636-wxack9zv 260 39 BITpoint BITpoint NNP cord-028636-wxack9zv 260 40 to to TO cord-028636-wxack9zv 260 41 add add VB cord-028636-wxack9zv 260 42 bitcoin bitcoin NN cord-028636-wxack9zv 260 43 payments payment NNS cord-028636-wxack9zv 260 44 to to IN cord-028636-wxack9zv 260 45 retail retail JJ cord-028636-wxack9zv 260 46 outlets outlet NNS cord-028636-wxack9zv 261 1 Some some DT cord-028636-wxack9zv 261 2 central central JJ cord-028636-wxack9zv 261 3 banks bank NNS cord-028636-wxack9zv 261 4 are be VBP cord-028636-wxack9zv 261 5 exploring explore VBG cord-028636-wxack9zv 261 6 the the DT cord-028636-wxack9zv 261 7 use use NN cord-028636-wxack9zv 261 8 of of IN cord-028636-wxack9zv 261 9 cryptocurrencies cryptocurrencie NNS cord-028636-wxack9zv 261 10 Spillovers spillover NNS cord-028636-wxack9zv 261 11 between between IN cord-028636-wxack9zv 261 12 bitcoin bitcoin NN cord-028636-wxack9zv 261 13 and and CC cord-028636-wxack9zv 261 14 other other JJ cord-028636-wxack9zv 261 15 assets asset NNS cord-028636-wxack9zv 261 16 during during IN cord-028636-wxack9zv 261 17 bear bear NN cord-028636-wxack9zv 261 18 and and CC cord-028636-wxack9zv 261 19 bull bull NN cord-028636-wxack9zv 261 20 markets market NNS cord-028636-wxack9zv 261 21 Explosive explosive JJ cord-028636-wxack9zv 261 22 behavior behavior NN cord-028636-wxack9zv 261 23 in in IN cord-028636-wxack9zv 261 24 the the DT cord-028636-wxack9zv 261 25 prices price NNS cord-028636-wxack9zv 261 26 of of IN cord-028636-wxack9zv 261 27 Bitcoin Bitcoin NNP cord-028636-wxack9zv 261 28 and and CC cord-028636-wxack9zv 261 29 altcoins altcoin VBZ cord-028636-wxack9zv 261 30 Cagli Cagli NNP cord-028636-wxack9zv 262 1 The the DT cord-028636-wxack9zv 262 2 impact impact NN cord-028636-wxack9zv 262 3 of of IN cord-028636-wxack9zv 262 4 monetary monetary JJ cord-028636-wxack9zv 262 5 policy policy NN cord-028636-wxack9zv 262 6 shocks shock NNS cord-028636-wxack9zv 262 7 on on IN cord-028636-wxack9zv 262 8 stock stock NN cord-028636-wxack9zv 262 9 market market NN cord-028636-wxack9zv 262 10 bubbles bubble NNS cord-028636-wxack9zv 262 11 : : : cord-028636-wxack9zv 262 12 International international JJ cord-028636-wxack9zv 262 13 evidence evidence NN cord-028636-wxack9zv 262 14 Explaining explain VBG cord-028636-wxack9zv 262 15 the the DT cord-028636-wxack9zv 262 16 Gibbs Gibbs NNP cord-028636-wxack9zv 262 17 sampler sampler NN cord-028636-wxack9zv 262 18 The the DT cord-028636-wxack9zv 262 19 jump jump NN cord-028636-wxack9zv 262 20 behavior behavior NN cord-028636-wxack9zv 262 21 of of IN cord-028636-wxack9zv 262 22 foreign foreign JJ cord-028636-wxack9zv 262 23 exchange exchange NN cord-028636-wxack9zv 262 24 market market NN cord-028636-wxack9zv 262 25 : : : cord-028636-wxack9zv 262 26 analysis analysis NN cord-028636-wxack9zv 262 27 of of IN cord-028636-wxack9zv 262 28 ThaiBaht ThaiBaht NNP cord-028636-wxack9zv 262 29 Markov Markov NNP cord-028636-wxack9zv 262 30 Chain Chain NNP cord-028636-wxack9zv 262 31 Monte Monte NNP cord-028636-wxack9zv 262 32 Carlo Carlo NNP cord-028636-wxack9zv 262 33 methods method NNS cord-028636-wxack9zv 262 34 for for IN cord-028636-wxack9zv 262 35 stochastic stochastic JJ cord-028636-wxack9zv 262 36 volatility volatility NN cord-028636-wxack9zv 262 37 models model NNS cord-028636-wxack9zv 262 38 Financial financial JJ cord-028636-wxack9zv 262 39 market market NN cord-028636-wxack9zv 262 40 volatility volatility NN cord-028636-wxack9zv 262 41 , , , cord-028636-wxack9zv 262 42 macroeconomic macroeconomic JJ cord-028636-wxack9zv 262 43 fundamentals fundamental NNS cord-028636-wxack9zv 262 44 and and CC cord-028636-wxack9zv 262 45 investor investor NN cord-028636-wxack9zv 262 46 sentiment sentiment NN cord-028636-wxack9zv 263 1 South South NNP cord-028636-wxack9zv 263 2 Korea Korea NNP cord-028636-wxack9zv 263 3 officially officially RB cord-028636-wxack9zv 263 4 legalizes legalize VBZ cord-028636-wxack9zv 263 5 bitcoin bitcoin NN cord-028636-wxack9zv 263 6 , , , cord-028636-wxack9zv 263 7 huge huge JJ cord-028636-wxack9zv 263 8 market market NN cord-028636-wxack9zv 263 9 for for IN cord-028636-wxack9zv 263 10 traders trader NNS cord-028636-wxack9zv 264 1 Oops oops UH cord-028636-wxack9zv 264 2 , , , cord-028636-wxack9zv 264 3 I -PRON- PRP cord-028636-wxack9zv 264 4 forgot forget VBD cord-028636-wxack9zv 264 5 the the DT cord-028636-wxack9zv 264 6 light light NN cord-028636-wxack9zv 264 7 on on RP cord-028636-wxack9zv 264 8 ! ! . cord-028636-wxack9zv 265 1 The the DT cord-028636-wxack9zv 265 2 cognitive cognitive JJ cord-028636-wxack9zv 265 3 mechanisms mechanism NNS cord-028636-wxack9zv 265 4 supporting support VBG cord-028636-wxack9zv 265 5 the the DT cord-028636-wxack9zv 265 6 execution execution NN cord-028636-wxack9zv 265 7 of of IN cord-028636-wxack9zv 265 8 energy energy NN cord-028636-wxack9zv 265 9 saving saving NN cord-028636-wxack9zv 265 10 behaviors behavior NNS cord-028636-wxack9zv 265 11 Stochastic stochastic JJ cord-028636-wxack9zv 265 12 volatility volatility NN cord-028636-wxack9zv 265 13 in in IN cord-028636-wxack9zv 265 14 asset asset NN cord-028636-wxack9zv 265 15 prices price NNS cord-028636-wxack9zv 265 16 : : : cord-028636-wxack9zv 265 17 estimation estimation NN cord-028636-wxack9zv 265 18 with with IN cord-028636-wxack9zv 265 19 simulated simulated JJ cord-028636-wxack9zv 265 20 maximum maximum JJ cord-028636-wxack9zv 265 21 likelihood likelihood NN cord-028636-wxack9zv 265 22 Bitcoin Bitcoin NNP cord-028636-wxack9zv 265 23 , , , cord-028636-wxack9zv 265 24 gold gold NN cord-028636-wxack9zv 265 25 and and CC cord-028636-wxack9zv 265 26 the the DT cord-028636-wxack9zv 265 27 dollar dollar NN cord-028636-wxack9zv 265 28 - - HYPH cord-028636-wxack9zv 265 29 A a NN cord-028636-wxack9zv 265 30 GARCH garch NN cord-028636-wxack9zv 265 31 volatility volatility NN cord-028636-wxack9zv 265 32 analysis analysis NN cord-028636-wxack9zv 265 33 Herding herding NN cord-028636-wxack9zv 265 34 behaviour behaviour NN cord-028636-wxack9zv 265 35 in in IN cord-028636-wxack9zv 265 36 an an DT cord-028636-wxack9zv 265 37 emerging emerge VBG cord-028636-wxack9zv 265 38 market market NN cord-028636-wxack9zv 265 39 : : : cord-028636-wxack9zv 265 40 evidence evidence NN cord-028636-wxack9zv 265 41 from from IN cord-028636-wxack9zv 265 42 the the DT cord-028636-wxack9zv 265 43 Moscow Moscow NNP cord-028636-wxack9zv 265 44 Exchange Exchange NNP cord-028636-wxack9zv 266 1 The the DT cord-028636-wxack9zv 266 2 spline spline NN cord-028636-wxack9zv 266 3 GARCH garch NN cord-028636-wxack9zv 266 4 model model NN cord-028636-wxack9zv 266 5 for for IN cord-028636-wxack9zv 266 6 low low JJ cord-028636-wxack9zv 266 7 frequency frequency NN cord-028636-wxack9zv 266 8 volatility volatility NN cord-028636-wxack9zv 266 9 and and CC cord-028636-wxack9zv 266 10 its -PRON- PRP$ cord-028636-wxack9zv 266 11 global global JJ cord-028636-wxack9zv 266 12 macroeconomic macroeconomic JJ cord-028636-wxack9zv 266 13 causes cause NNS cord-028636-wxack9zv 266 14 Stock Stock NNP cord-028636-wxack9zv 266 15 market market NN cord-028636-wxack9zv 266 16 volatility volatility NN cord-028636-wxack9zv 266 17 and and CC cord-028636-wxack9zv 266 18 macroeconomic macroeconomic JJ cord-028636-wxack9zv 266 19 fundamentals fundamental NNS cord-028636-wxack9zv 267 1 The the DT cord-028636-wxack9zv 267 2 impact impact NN cord-028636-wxack9zv 267 3 of of IN cord-028636-wxack9zv 267 4 jumps jump NNS cord-028636-wxack9zv 267 5 in in IN cord-028636-wxack9zv 267 6 volatility volatility NN cord-028636-wxack9zv 267 7 and and CC cord-028636-wxack9zv 267 8 returns return NNS cord-028636-wxack9zv 267 9 Sampling Sampling NNP cord-028636-wxack9zv 267 10 from from IN cord-028636-wxack9zv 267 11 log log NN cord-028636-wxack9zv 267 12 - - HYPH cord-028636-wxack9zv 267 13 concave concave NN cord-028636-wxack9zv 267 14 distributions distribution NNS cord-028636-wxack9zv 267 15 Sampling Sampling NNP cord-028636-wxack9zv 267 16 - - HYPH cord-028636-wxack9zv 267 17 based base VBN cord-028636-wxack9zv 267 18 approaches approach NNS cord-028636-wxack9zv 267 19 to to IN cord-028636-wxack9zv 267 20 calculating calculate VBG cord-028636-wxack9zv 267 21 marginal marginal JJ cord-028636-wxack9zv 267 22 densities density NNS cord-028636-wxack9zv 267 23 Priors Priors NNP cord-028636-wxack9zv 267 24 for for IN cord-028636-wxack9zv 267 25 macroeconomic macroeconomic JJ cord-028636-wxack9zv 267 26 time time NN cord-028636-wxack9zv 267 27 series series NN cord-028636-wxack9zv 267 28 and and CC cord-028636-wxack9zv 267 29 their -PRON- PRP$ cord-028636-wxack9zv 267 30 application application NN cord-028636-wxack9zv 267 31 Comment comment NN cord-028636-wxack9zv 267 32 on on IN cord-028636-wxack9zv 267 33 Bayesian Bayesian NNP cord-028636-wxack9zv 267 34 analysis analysis NN cord-028636-wxack9zv 267 35 of of IN cord-028636-wxack9zv 267 36 stochastic stochastic JJ cord-028636-wxack9zv 267 37 volatility volatility NN cord-028636-wxack9zv 267 38 Adaptive adaptive JJ cord-028636-wxack9zv 267 39 rejection rejection NN cord-028636-wxack9zv 267 40 sampling sampling NN cord-028636-wxack9zv 267 41 for for IN cord-028636-wxack9zv 267 42 Gibbs Gibbs NNP cord-028636-wxack9zv 267 43 sampling sampling NN cord-028636-wxack9zv 267 44 Bitcoin Bitcoin NNP cord-028636-wxack9zv 267 45 - - HYPH cord-028636-wxack9zv 267 46 asset asset NN cord-028636-wxack9zv 267 47 or or CC cord-028636-wxack9zv 267 48 currency currency NN cord-028636-wxack9zv 267 49 ? ? . cord-028636-wxack9zv 268 1 Revealing reveal VBG cord-028636-wxack9zv 268 2 users user NNS cord-028636-wxack9zv 268 3 ' ' POS cord-028636-wxack9zv 268 4 hidden hide VBN cord-028636-wxack9zv 268 5 intentions intention NNS cord-028636-wxack9zv 268 6 Does do VBZ cord-028636-wxack9zv 268 7 investor investor NN cord-028636-wxack9zv 268 8 sentiment sentiment NN cord-028636-wxack9zv 268 9 on on IN cord-028636-wxack9zv 268 10 social social JJ cord-028636-wxack9zv 268 11 media medium NNS cord-028636-wxack9zv 268 12 provide provide VB cord-028636-wxack9zv 268 13 robust robust JJ cord-028636-wxack9zv 268 14 information information NN cord-028636-wxack9zv 268 15 for for IN cord-028636-wxack9zv 268 16 Bitcoin Bitcoin NNP cord-028636-wxack9zv 268 17 returns return NNS cord-028636-wxack9zv 268 18 predictability predictability NN cord-028636-wxack9zv 268 19 Monte Monte NNP cord-028636-wxack9zv 268 20 Carlo Carlo NNP cord-028636-wxack9zv 268 21 sampling sampling NN cord-028636-wxack9zv 268 22 methods method NNS cord-028636-wxack9zv 268 23 using use VBG cord-028636-wxack9zv 268 24 Markov Markov NNP cord-028636-wxack9zv 268 25 chains chain NNS cord-028636-wxack9zv 268 26 and and CC cord-028636-wxack9zv 268 27 their -PRON- PRP$ cord-028636-wxack9zv 268 28 applications application NNS cord-028636-wxack9zv 268 29 Relative relative JJ cord-028636-wxack9zv 268 30 accuracy accuracy NN cord-028636-wxack9zv 268 31 of of IN cord-028636-wxack9zv 268 32 analysts analyst NNS cord-028636-wxack9zv 268 33 ' ' POS cord-028636-wxack9zv 268 34 earnings earning NNS cord-028636-wxack9zv 268 35 forecasts forecast NNS cord-028636-wxack9zv 268 36 over over IN cord-028636-wxack9zv 268 37 time time NN cord-028636-wxack9zv 268 38 : : : cord-028636-wxack9zv 268 39 a a DT cord-028636-wxack9zv 268 40 Markov Markov NNP cord-028636-wxack9zv 268 41 chain chain NN cord-028636-wxack9zv 268 42 analysis analysis NN cord-028636-wxack9zv 268 43 Improving improve VBG cord-028636-wxack9zv 268 44 the the DT cord-028636-wxack9zv 268 45 realized realize VBN cord-028636-wxack9zv 268 46 GARCH GARCH NNP cord-028636-wxack9zv 268 47 's 's POS cord-028636-wxack9zv 268 48 volatility volatility NN cord-028636-wxack9zv 268 49 forecast forecast NN cord-028636-wxack9zv 268 50 for for IN cord-028636-wxack9zv 268 51 Bitcoin Bitcoin NNP cord-028636-wxack9zv 268 52 with with IN cord-028636-wxack9zv 268 53 jumprobust jumprobust JJ cord-028636-wxack9zv 268 54 estimators estimator NNS cord-028636-wxack9zv 268 55 Bayesian bayesian JJ cord-028636-wxack9zv 268 56 analysis analysis NN cord-028636-wxack9zv 268 57 of of IN cord-028636-wxack9zv 268 58 stochastic stochastic JJ cord-028636-wxack9zv 268 59 volatility volatility NN cord-028636-wxack9zv 268 60 models model NNS cord-028636-wxack9zv 268 61 ( ( -LRB- cord-028636-wxack9zv 268 62 with with IN cord-028636-wxack9zv 268 63 discussion discussion NN cord-028636-wxack9zv 268 64 ) ) -RRB- cord-028636-wxack9zv 269 1 Bitcoin Bitcoin NNP cord-028636-wxack9zv 269 2 : : : cord-028636-wxack9zv 269 3 the the DT cord-028636-wxack9zv 269 4 new new JJ cord-028636-wxack9zv 269 5 gold gold NN cord-028636-wxack9zv 269 6 ? ? . cord-028636-wxack9zv 270 1 Barron Barron NNP cord-028636-wxack9zv 270 2 's 's POS cord-028636-wxack9zv 270 3 Stochastic stochastic JJ cord-028636-wxack9zv 270 4 volatility volatility NN cord-028636-wxack9zv 270 5 : : : cord-028636-wxack9zv 270 6 likelihood likelihood NN cord-028636-wxack9zv 270 7 inference inference NN cord-028636-wxack9zv 270 8 and and CC cord-028636-wxack9zv 270 9 comparison comparison NN cord-028636-wxack9zv 270 10 with with IN cord-028636-wxack9zv 270 11 ARCH arch NN cord-028636-wxack9zv 270 12 models model NNS cord-028636-wxack9zv 270 13 Bitcoin Bitcoin NNP cord-028636-wxack9zv 270 14 : : : cord-028636-wxack9zv 270 15 safe safe JJ cord-028636-wxack9zv 270 16 haven haven NN cord-028636-wxack9zv 270 17 , , , cord-028636-wxack9zv 270 18 hedge hedge NN cord-028636-wxack9zv 270 19 or or CC cord-028636-wxack9zv 270 20 diversifier diversifier NN cord-028636-wxack9zv 270 21 ? ? . cord-028636-wxack9zv 271 1 Perception perception NN cord-028636-wxack9zv 271 2 of of IN cord-028636-wxack9zv 271 3 bitcoin bitcoin NN cord-028636-wxack9zv 271 4 in in IN cord-028636-wxack9zv 271 5 the the DT cord-028636-wxack9zv 271 6 context context NN cord-028636-wxack9zv 271 7 of of IN cord-028636-wxack9zv 271 8 a a DT cord-028636-wxack9zv 271 9 country country NN cord-028636-wxack9zv 271 10 's 's POS cord-028636-wxack9zv 271 11 economic economic JJ cord-028636-wxack9zv 271 12 situation situation NN cord-028636-wxack9zv 271 13 - - : cord-028636-wxack9zv 271 14 a a DT cord-028636-wxack9zv 271 15 stochastic stochastic JJ cord-028636-wxack9zv 271 16 volatility volatility NN cord-028636-wxack9zv 271 17 approach approach NN cord-028636-wxack9zv 271 18 Estimation estimation NN cord-028636-wxack9zv 271 19 of of IN cord-028636-wxack9zv 271 20 the the DT cord-028636-wxack9zv 271 21 stochastic stochastic JJ cord-028636-wxack9zv 271 22 volatility volatility NN cord-028636-wxack9zv 271 23 model model NN cord-028636-wxack9zv 271 24 by by IN cord-028636-wxack9zv 271 25 the the DT cord-028636-wxack9zv 271 26 empirical empirical JJ cord-028636-wxack9zv 271 27 characteristic characteristic JJ cord-028636-wxack9zv 271 28 function function NN cord-028636-wxack9zv 271 29 method method NN cord-028636-wxack9zv 271 30 The the DT cord-028636-wxack9zv 271 31 predictive predictive JJ cord-028636-wxack9zv 271 32 power power NN cord-028636-wxack9zv 271 33 of of IN cord-028636-wxack9zv 271 34 public public JJ cord-028636-wxack9zv 271 35 Twitter Twitter NNP cord-028636-wxack9zv 271 36 sentiment sentiment NN cord-028636-wxack9zv 271 37 for for IN cord-028636-wxack9zv 271 38 forecasting forecast VBG cord-028636-wxack9zv 271 39 cryptocurrency cryptocurrency NN cord-028636-wxack9zv 271 40 prices price NNS cord-028636-wxack9zv 271 41 Centralized centralized JJ cord-028636-wxack9zv 271 42 and and CC cord-028636-wxack9zv 271 43 decentralized decentralized JJ cord-028636-wxack9zv 271 44 bitcoin bitcoin NN cord-028636-wxack9zv 271 45 markets market NNS cord-028636-wxack9zv 271 46 : : : cord-028636-wxack9zv 271 47 Euro Euro NNP cord-028636-wxack9zv 271 48 vs vs IN cord-028636-wxack9zv 271 49 USD USD NNP cord-028636-wxack9zv 271 50 vs vs IN cord-028636-wxack9zv 271 51 GBP GBP NNP cord-028636-wxack9zv 271 52 Investor Investor NNP cord-028636-wxack9zv 271 53 sentiment sentiment NN cord-028636-wxack9zv 271 54 and and CC cord-028636-wxack9zv 271 55 aggregate aggregate JJ cord-028636-wxack9zv 271 56 stock stock NN cord-028636-wxack9zv 271 57 returns return NNS cord-028636-wxack9zv 271 58 : : : cord-028636-wxack9zv 271 59 the the DT cord-028636-wxack9zv 271 60 role role NN cord-028636-wxack9zv 271 61 of of IN cord-028636-wxack9zv 271 62 investor investor NN cord-028636-wxack9zv 271 63 attention attention NN cord-028636-wxack9zv 272 1 The the DT cord-028636-wxack9zv 272 2 relationship relationship NN cord-028636-wxack9zv 272 3 between between IN cord-028636-wxack9zv 272 4 news news NN cord-028636-wxack9zv 272 5 - - HYPH cord-028636-wxack9zv 272 6 based base VBN cord-028636-wxack9zv 272 7 implied implied JJ cord-028636-wxack9zv 272 8 volatility volatility NN cord-028636-wxack9zv 272 9 and and CC cord-028636-wxack9zv 272 10 volatility volatility NN cord-028636-wxack9zv 272 11 of of IN cord-028636-wxack9zv 272 12 US US NNP cord-028636-wxack9zv 272 13 stock stock NN cord-028636-wxack9zv 272 14 market market NN cord-028636-wxack9zv 272 15 : : : cord-028636-wxack9zv 272 16 what what WP cord-028636-wxack9zv 272 17 can can MD cord-028636-wxack9zv 272 18 we -PRON- PRP cord-028636-wxack9zv 272 19 learn learn VB cord-028636-wxack9zv 272 20 from from IN cord-028636-wxack9zv 272 21 multiscale multiscale JJ cord-028636-wxack9zv 272 22 perspective perspective NN cord-028636-wxack9zv 272 23 ? ? . cord-028636-wxack9zv 273 1 Bitcoin Bitcoin NNP cord-028636-wxack9zv 273 2 : : : cord-028636-wxack9zv 273 3 a a DT cord-028636-wxack9zv 273 4 peer peer NN cord-028636-wxack9zv 273 5 - - HYPH cord-028636-wxack9zv 273 6 to to IN cord-028636-wxack9zv 273 7 - - HYPH cord-028636-wxack9zv 273 8 peer peer NN cord-028636-wxack9zv 273 9 electronic electronic JJ cord-028636-wxack9zv 273 10 cash cash NN cord-028636-wxack9zv 273 11 system system NN cord-028636-wxack9zv 273 12 Financial financial JJ cord-028636-wxack9zv 273 13 regulations regulation NNS cord-028636-wxack9zv 273 14 and and CC cord-028636-wxack9zv 273 15 price price NN cord-028636-wxack9zv 273 16 inconsistencies inconsistency NNS cord-028636-wxack9zv 273 17 across across RB cord-028636-wxack9zv 273 18 . . . cord-028636-wxack9zv 274 1 Bitcoin Bitcoin NNP cord-028636-wxack9zv 274 2 markets market NNS cord-028636-wxack9zv 274 3 News News NNP cord-028636-wxack9zv 274 4 sentiment sentiment NN cord-028636-wxack9zv 274 5 in in IN cord-028636-wxack9zv 274 6 the the DT cord-028636-wxack9zv 274 7 cryptocurrency cryptocurrency NN cord-028636-wxack9zv 274 8 market market NN cord-028636-wxack9zv 274 9 : : : cord-028636-wxack9zv 274 10 an an DT cord-028636-wxack9zv 274 11 empirical empirical JJ cord-028636-wxack9zv 274 12 comparison comparison NN cord-028636-wxack9zv 274 13 with with IN cord-028636-wxack9zv 274 14 Forex Forex NNP cord-028636-wxack9zv 274 15 Likelihood Likelihood NNP cord-028636-wxack9zv 274 16 analysis analysis NN cord-028636-wxack9zv 274 17 of of IN cord-028636-wxack9zv 274 18 non non JJ cord-028636-wxack9zv 274 19 - - JJ cord-028636-wxack9zv 274 20 gaussian gaussian JJ cord-028636-wxack9zv 274 21 measurement measurement NN cord-028636-wxack9zv 274 22 time time NN cord-028636-wxack9zv 274 23 series series NNP cord-028636-wxack9zv 274 24 Estimation Estimation NNP cord-028636-wxack9zv 274 25 of of IN cord-028636-wxack9zv 274 26 affine affine JJ cord-028636-wxack9zv 274 27 asset asset NN cord-028636-wxack9zv 274 28 pricing pricing NN cord-028636-wxack9zv 274 29 models model NNS cord-028636-wxack9zv 274 30 using use VBG cord-028636-wxack9zv 274 31 the the DT cord-028636-wxack9zv 274 32 empirical empirical JJ cord-028636-wxack9zv 274 33 characteristic characteristic JJ cord-028636-wxack9zv 274 34 function function NN cord-028636-wxack9zv 275 1 Bitcoin Bitcoin NNP cord-028636-wxack9zv 275 2 is be VBZ cord-028636-wxack9zv 275 3 the the DT cord-028636-wxack9zv 275 4 New New NNP cord-028636-wxack9zv 275 5 Gold Gold NNP cord-028636-wxack9zv 275 6 , , , cord-028636-wxack9zv 275 7 Bloomberg Bloomberg NNP cord-028636-wxack9zv 275 8 View View NNP cord-028636-wxack9zv 275 9 , , , cord-028636-wxack9zv 275 10 31.01 31.01 CD cord-028636-wxack9zv 275 11 Is be VBZ cord-028636-wxack9zv 275 12 bitcoin bitcoin NNP cord-028636-wxack9zv 275 13 a a DT cord-028636-wxack9zv 275 14 waste waste NN cord-028636-wxack9zv 275 15 of of IN cord-028636-wxack9zv 275 16 resources resource NNS cord-028636-wxack9zv 275 17 ? ? . cord-028636-wxack9zv 276 1 Fed Fed NNP cord-028636-wxack9zv 276 2 . . . cord-028636-wxack9zv 277 1 Reserve Reserve NNP cord-028636-wxack9zv 277 2 Bank Bank NNP cord-028636-wxack9zv 277 3 St St NNP cord-028636-wxack9zv 277 4 Does do VBZ cord-028636-wxack9zv 277 5 gold gold NN cord-028636-wxack9zv 277 6 or or CC cord-028636-wxack9zv 277 7 Bitcoin Bitcoin NNP cord-028636-wxack9zv 277 8 hedge hedge NN cord-028636-wxack9zv 277 9 economic economic JJ cord-028636-wxack9zv 277 10 policy policy NN cord-028636-wxack9zv 277 11 uncertainty uncertainty NN cord-028636-wxack9zv 277 12 ? ? . cord-028636-wxack9zv 278 1 Publisher publisher NN cord-028636-wxack9zv 278 2 's 's POS cord-028636-wxack9zv 278 3 Note Note NNP cord-028636-wxack9zv 278 4 Springer Springer NNP cord-028636-wxack9zv 278 5 Nature Nature NNP cord-028636-wxack9zv 278 6 remains remain VBZ cord-028636-wxack9zv 278 7 neutral neutral JJ cord-028636-wxack9zv 278 8 with with IN cord-028636-wxack9zv 278 9 regard regard NN cord-028636-wxack9zv 278 10 to to IN cord-028636-wxack9zv 278 11 jurisdictional jurisdictional JJ cord-028636-wxack9zv 278 12 claims claim NNS cord-028636-wxack9zv 278 13 in in IN cord-028636-wxack9zv 278 14 published publish VBN cord-028636-wxack9zv 278 15 maps map NNS cord-028636-wxack9zv 278 16 and and CC cord-028636-wxack9zv 278 17 institutional institutional JJ cord-028636-wxack9zv 278 18 affiliations affiliation NNS cord-028636-wxack9zv 278 19 . . .