id	sid	tid	token	lemma	pos
ape-36234	1	1	advances	advance	NOUN
ape-36234	1	2	in	in	ADP
ape-36234	1	3	politics	politic	NOUN
ape-36234	1	4	and	and	CCONJ
ape-36234	1	5	economics	economic	NOUN
ape-36234	1	6	issn	issn	VERB
ape-36234	1	7	2576	2576	NUM
ape-36234	1	8	-	-	SYM
ape-36234	1	9	1382	1382	NUM
ape-36234	1	10	(	(	PUNCT
ape-36234	1	11	print	print	NOUN
ape-36234	1	12	)	)	PUNCT
ape-36234	1	13	issn	issn	PROPN
ape-36234	1	14	2576	2576	NUM
ape-36234	1	15	-	-	SYM
ape-36234	1	16	1390	1390	NUM
ape-36234	1	17	(	(	PUNCT
ape-36234	1	18	online	online	ADJ
ape-36234	1	19	)	)	PUNCT
ape-36234	1	20	vol	vol	NOUN
ape-36234	1	21	.	.	PROPN
ape-36234	2	1	7	7	NUM
ape-36234	2	2	,	,	PUNCT
ape-36234	2	3	no	no	INTJ
ape-36234	2	4	.	.	NOUN
ape-36234	2	5	2	2	NUM
ape-36234	2	6	,	,	PUNCT
ape-36234	2	7	2024	2024	NUM
ape-36234	2	8	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-36234	2	9	1	1	NUM
ape-36234	2	10	original	original	ADJ
ape-36234	2	11	paper	paper	NOUN
ape-36234	2	12	empirical	empirical	ADJ
ape-36234	2	13	research	research	NOUN
ape-36234	2	14	on	on	ADP
ape-36234	2	15	the	the	DET
ape-36234	2	16	impact	impact	NOUN
ape-36234	2	17	of	of	ADP
ape-36234	2	18	open	open	ADJ
ape-36234	2	19	fund	fund	NOUN
ape-36234	2	20	sheep	sheep	NOUN
ape-36234	2	21	behavior	behavior	NOUN
ape-36234	2	22	on	on	ADP
ape-36234	2	23	stock	stock	NOUN
ape-36234	2	24	price	price	NOUN
ape-36234	2	25	volatility	volatility	NOUN
ape-36234	2	26	chaoqun	chaoqun	NOUN
ape-36234	2	27	yu1	yu1	NOUN
ape-36234	2	28	1	1	NUM
ape-36234	2	29	the	the	DET
ape-36234	2	30	han	han	PROPN
ape-36234	2	31	nationality	nationality	PROPN
ape-36234	2	32	,	,	PUNCT
ape-36234	2	33	nanjing	nanjing	PROPN
ape-36234	2	34	audit	audit	PROPN
ape-36234	2	35	university	university	PROPN
ape-36234	2	36	210000	210000	NUM
ape-36234	2	37	,	,	PUNCT
ape-36234	2	38	nanjing	nanjing	PROPN
ape-36234	2	39	,	,	PUNCT
ape-36234	2	40	china	china	PROPN
ape-36234	2	41	received	receive	VERB
ape-36234	2	42	:	:	PUNCT
ape-36234	2	43	november	november	PROPN
ape-36234	2	44	23	23	NUM
ape-36234	2	45	,	,	PUNCT
ape-36234	2	46	2023	2023	NUM
ape-36234	2	47	accepted	accept	VERB
ape-36234	2	48	:	:	PUNCT
ape-36234	2	49	march	march	PROPN
ape-36234	2	50	01	01	NUM
ape-36234	2	51	,	,	PUNCT
ape-36234	2	52	2024	2024	NUM
ape-36234	2	53	online	online	ADV
ape-36234	2	54	published	publish	VERB
ape-36234	2	55	:	:	PUNCT
ape-36234	2	56	march	march	PROPN
ape-36234	2	57	08	08	NUM
ape-36234	2	58	,	,	PUNCT
ape-36234	2	59	2024	2024	NUM
ape-36234	2	60	doi:10.22158	doi:10.22158	NOUN
ape-36234	2	61	/	/	SYM
ape-36234	2	62	ape.v7n2p1	ape.v7n2p1	PROPN
ape-36234	2	63	url	url	NOUN
ape-36234	2	64	:	:	PUNCT
ape-36234	2	65	http://dx.doi.org/10.22158/ape.v7n2p1	http://dx.doi.org/10.22158/ape.v7n2p1	NOUN
ape-36234	2	66	abstract	abstract	NOUN
ape-36234	2	67	in	in	ADP
ape-36234	2	68	the	the	DET
ape-36234	2	69	past	past	NOUN
ape-36234	2	70	,	,	PUNCT
ape-36234	2	71	economic	economic	ADJ
ape-36234	2	72	research	research	NOUN
ape-36234	2	73	took	take	VERB
ape-36234	2	74	the	the	DET
ape-36234	2	75	“	"	PUNCT
ape-36234	2	76	rational	rational	ADJ
ape-36234	2	77	man	man	NOUN
ape-36234	2	78	hypothesis	hypothesis	NOUN
ape-36234	2	79	”	"	PUNCT
ape-36234	2	80	as	as	ADP
ape-36234	2	81	the	the	DET
ape-36234	2	82	premise	premise	NOUN
ape-36234	2	83	,	,	PUNCT
ape-36234	2	84	but	but	CCONJ
ape-36234	2	85	in	in	ADP
ape-36234	2	86	reality	reality	NOUN
ape-36234	2	87	,	,	PUNCT
ape-36234	2	88	this	this	DET
ape-36234	2	89	premise	premise	NOUN
ape-36234	2	90	is	be	AUX
ape-36234	2	91	difficult	difficult	ADJ
ape-36234	2	92	to	to	PART
ape-36234	2	93	hold	hold	VERB
ape-36234	2	94	.	.	PUNCT
ape-36234	3	1	in	in	ADP
ape-36234	3	2	a	a	DET
ape-36234	3	3	large	large	ADJ
ape-36234	3	4	number	number	NOUN
ape-36234	3	5	of	of	ADP
ape-36234	3	6	financial	financial	ADJ
ape-36234	3	7	practices	practice	NOUN
ape-36234	3	8	,	,	PUNCT
ape-36234	3	9	a	a	DET
ape-36234	3	10	large	large	ADJ
ape-36234	3	11	number	number	NOUN
ape-36234	3	12	of	of	ADP
ape-36234	3	13	special	special	ADJ
ape-36234	3	14	phenomena	phenomenon	NOUN
ape-36234	3	15	that	that	PRON
ape-36234	3	16	are	be	AUX
ape-36234	3	17	inconsistent	inconsistent	ADJ
ape-36234	3	18	with	with	ADP
ape-36234	3	19	standard	standard	ADJ
ape-36234	3	20	financial	financial	ADJ
ape-36234	3	21	theory	theory	NOUN
ape-36234	3	22	have	have	AUX
ape-36234	3	23	emerged	emerge	VERB
ape-36234	3	24	.	.	PUNCT
ape-36234	4	1	behavioral	behavioral	ADJ
ape-36234	4	2	finance	finance	NOUN
ape-36234	4	3	is	be	AUX
ape-36234	4	4	premised	premise	VERB
ape-36234	4	5	on	on	ADP
ape-36234	4	6	the	the	DET
ape-36234	4	7	assumption	assumption	NOUN
ape-36234	4	8	of	of	ADP
ape-36234	4	9	irrational	irrational	ADJ
ape-36234	4	10	people	people	NOUN
ape-36234	4	11	,	,	PUNCT
ape-36234	4	12	and	and	CCONJ
ape-36234	4	13	herd	herd	NOUN
ape-36234	4	14	behavior	behavior	NOUN
ape-36234	4	15	is	be	AUX
ape-36234	4	16	a	a	DET
ape-36234	4	17	relatively	relatively	ADV
ape-36234	4	18	special	special	ADJ
ape-36234	4	19	irrational	irrational	ADJ
ape-36234	4	20	behavior	behavior	NOUN
ape-36234	4	21	.	.	PUNCT
ape-36234	5	1	it	it	PRON
ape-36234	5	2	refers	refer	VERB
ape-36234	5	3	to	to	ADP
ape-36234	5	4	the	the	DET
ape-36234	5	5	behavior	behavior	NOUN
ape-36234	5	6	of	of	ADP
ape-36234	5	7	investors	investor	NOUN
ape-36234	5	8	who	who	PRON
ape-36234	5	9	are	be	AUX
ape-36234	5	10	influenced	influence	VERB
ape-36234	5	11	by	by	ADP
ape-36234	5	12	other	other	ADJ
ape-36234	5	13	investors	investor	NOUN
ape-36234	5	14	when	when	SCONJ
ape-36234	5	15	the	the	DET
ape-36234	5	16	information	information	NOUN
ape-36234	5	17	environment	environment	NOUN
ape-36234	5	18	is	be	AUX
ape-36234	5	19	uncertain	uncertain	ADJ
ape-36234	5	20	,	,	PUNCT
ape-36234	5	21	imitate	imitate	VERB
ape-36234	5	22	other	other	ADJ
ape-36234	5	23	people	people	NOUN
ape-36234	5	24	’s	’s	PART
ape-36234	5	25	decisions	decision	NOUN
ape-36234	5	26	,	,	PUNCT
ape-36234	5	27	or	or	CCONJ
ape-36234	5	28	rely	rely	VERB
ape-36234	5	29	too	too	ADV
ape-36234	5	30	much	much	ADV
ape-36234	5	31	on	on	ADP
ape-36234	5	32	public	public	ADJ
ape-36234	5	33	opinion	opinion	NOUN
ape-36234	5	34	without	without	ADP
ape-36234	5	35	considering	consider	VERB
ape-36234	5	36	their	their	PRON
ape-36234	5	37	own	own	ADJ
ape-36234	5	38	information	information	NOUN
ape-36234	5	39	.	.	PUNCT
ape-36234	6	1	sheep	sheep	NOUN
ape-36234	6	2	behavior	behavior	NOUN
ape-36234	6	3	is	be	AUX
ape-36234	6	4	a	a	DET
ape-36234	6	5	related	related	ADJ
ape-36234	6	6	behavior	behavior	NOUN
ape-36234	6	7	involving	involve	VERB
ape-36234	6	8	multiple	multiple	ADJ
ape-36234	6	9	investment	investment	NOUN
ape-36234	6	10	entities	entity	NOUN
ape-36234	6	11	,	,	PUNCT
ape-36234	6	12	which	which	PRON
ape-36234	6	13	has	have	VERB
ape-36234	6	14	a	a	DET
ape-36234	6	15	great	great	ADJ
ape-36234	6	16	impact	impact	NOUN
ape-36234	6	17	on	on	ADP
ape-36234	6	18	the	the	DET
ape-36234	6	19	stability	stability	NOUN
ape-36234	6	20	and	and	CCONJ
ape-36234	6	21	efficiency	efficiency	NOUN
ape-36234	6	22	of	of	ADP
ape-36234	6	23	the	the	DET
ape-36234	6	24	market	market	NOUN
ape-36234	6	25	,	,	PUNCT
ape-36234	6	26	and	and	CCONJ
ape-36234	6	27	is	be	AUX
ape-36234	6	28	also	also	ADV
ape-36234	6	29	closely	closely	ADV
ape-36234	6	30	related	relate	VERB
ape-36234	6	31	to	to	ADP
ape-36234	6	32	the	the	DET
ape-36234	6	33	financial	financial	ADJ
ape-36234	6	34	crisis	crisis	NOUN
ape-36234	6	35	.	.	PUNCT
ape-36234	7	1	therefore	therefore	ADV
ape-36234	7	2	,	,	PUNCT
ape-36234	7	3	herd	herd	NOUN
ape-36234	7	4	behavior	behavior	NOUN
ape-36234	7	5	has	have	AUX
ape-36234	7	6	attracted	attract	VERB
ape-36234	7	7	widespread	widespread	ADJ
ape-36234	7	8	attention	attention	NOUN
ape-36234	7	9	from	from	ADP
ape-36234	7	10	academia	academia	NOUN
ape-36234	7	11	,	,	PUNCT
ape-36234	7	12	investment	investment	NOUN
ape-36234	7	13	and	and	CCONJ
ape-36234	7	14	financial	financial	ADJ
ape-36234	7	15	supervision	supervision	NOUN
ape-36234	7	16	.	.	PUNCT
ape-36234	8	1	the	the	DET
ape-36234	8	2	capital	capital	NOUN
ape-36234	8	3	market	market	NOUN
ape-36234	8	4	started	start	VERB
ape-36234	8	5	late	late	ADV
ape-36234	8	6	.	.	PUNCT
ape-36234	9	1	in	in	ADP
ape-36234	9	2	1990	1990	NUM
ape-36234	9	3	,	,	PUNCT
ape-36234	9	4	the	the	DET
ape-36234	9	5	shanghai	shanghai	PROPN
ape-36234	9	6	stock	stock	PROPN
ape-36234	9	7	exchange	exchange	PROPN
ape-36234	9	8	was	be	AUX
ape-36234	9	9	established	establish	VERB
ape-36234	9	10	,	,	PUNCT
ape-36234	9	11	marking	mark	VERB
ape-36234	9	12	the	the	DET
ape-36234	9	13	birth	birth	NOUN
ape-36234	9	14	of	of	ADP
ape-36234	9	15	china	china	PROPN
ape-36234	9	16	’s	’s	PART
ape-36234	9	17	stock	stock	NOUN
ape-36234	9	18	market	market	NOUN
ape-36234	9	19	,	,	PUNCT
ape-36234	9	20	the	the	DET
ape-36234	9	21	distribution	distribution	NOUN
ape-36234	9	22	of	of	ADP
ape-36234	9	23	market	market	NOUN
ape-36234	9	24	investors	investor	NOUN
ape-36234	9	25	have	have	AUX
ape-36234	9	26	changed	change	VERB
ape-36234	9	27	again	again	ADV
ape-36234	9	28	and	and	CCONJ
ape-36234	9	29	again	again	ADV
ape-36234	9	30	,	,	PUNCT
ape-36234	9	31	unchanged	unchanged	ADJ
ape-36234	9	32	is	be	AUX
ape-36234	9	33	that	that	SCONJ
ape-36234	9	34	the	the	DET
ape-36234	9	35	behavior	behavior	NOUN
ape-36234	9	36	of	of	ADP
ape-36234	9	37	investment	investment	NOUN
ape-36234	9	38	subjects	subject	NOUN
ape-36234	9	39	has	have	VERB
ape-36234	9	40	a	a	DET
ape-36234	9	41	strong	strong	ADJ
ape-36234	9	42	similarity	similarity	NOUN
ape-36234	9	43	,	,	PUNCT
ape-36234	9	44	at	at	ADP
ape-36234	9	45	the	the	DET
ape-36234	9	46	same	same	ADJ
ape-36234	9	47	time	time	NOUN
ape-36234	9	48	,	,	PUNCT
ape-36234	9	49	fund	fund	NOUN
ape-36234	9	50	market	market	NOUN
ape-36234	9	51	has	have	VERB
ape-36234	9	52	persistent	persistent	ADJ
ape-36234	9	53	fluctuations	fluctuation	NOUN
ape-36234	9	54	.	.	PUNCT
ape-36234	10	1	whether	whether	SCONJ
ape-36234	10	2	there	there	PRON
ape-36234	10	3	is	be	VERB
ape-36234	10	4	a	a	DET
ape-36234	10	5	causal	causal	ADJ
ape-36234	10	6	connection	connection	NOUN
ape-36234	10	7	,	,	PUNCT
ape-36234	10	8	this	this	DET
ape-36234	10	9	paper	paper	NOUN
ape-36234	10	10	will	will	AUX
ape-36234	10	11	focus	focus	VERB
ape-36234	10	12	on	on	ADP
ape-36234	10	13	the	the	DET
ape-36234	10	14	development	development	NOUN
ape-36234	10	15	of	of	ADP
ape-36234	10	16	fund	fund	NOUN
ape-36234	10	17	market	market	NOUN
ape-36234	10	18	,	,	PUNCT
ape-36234	10	19	use	use	VERB
ape-36234	10	20	lsv	lsv	PROPN
ape-36234	10	21	model	model	NOUN
ape-36234	10	22	and	and	CCONJ
ape-36234	10	23	var	var	PROPN
ape-36234	10	24	test	test	NOUN
ape-36234	10	25	method	method	NOUN
ape-36234	10	26	to	to	PART
ape-36234	10	27	test	test	VERB
ape-36234	10	28	and	and	CCONJ
ape-36234	10	29	analyze	analyze	VERB
ape-36234	10	30	the	the	DET
ape-36234	10	31	fund	fund	NOUN
ape-36234	10	32	and	and	CCONJ
ape-36234	10	33	stock	stock	NOUN
ape-36234	10	34	trading	trading	NOUN
ape-36234	10	35	data	datum	NOUN
ape-36234	10	36	of	of	ADP
ape-36234	10	37	shanghai	shanghai	PROPN
ape-36234	10	38	and	and	CCONJ
ape-36234	10	39	shenzhen	shenzhen	PROPN
ape-36234	10	40	from	from	ADP
ape-36234	10	41	the	the	DET
ape-36234	10	42	first	first	ADJ
ape-36234	10	43	quarter	quarter	NOUN
ape-36234	10	44	of	of	ADP
ape-36234	10	45	2017	2017	NUM
ape-36234	10	46	to	to	ADP
ape-36234	10	47	the	the	DET
ape-36234	10	48	first	first	ADJ
ape-36234	10	49	quarter	quarter	NOUN
ape-36234	10	50	of	of	ADP
ape-36234	10	51	2022	2022	NUM
ape-36234	10	52	,	,	PUNCT
ape-36234	10	53	and	and	CCONJ
ape-36234	10	54	empirically	empirically	ADV
ape-36234	10	55	study	study	VERB
ape-36234	10	56	whether	whether	SCONJ
ape-36234	10	57	there	there	PRON
ape-36234	10	58	is	be	VERB
ape-36234	10	59	significant	significant	ADJ
ape-36234	10	60	herd	herd	NOUN
ape-36234	10	61	behavior	behavior	NOUN
ape-36234	10	62	in	in	ADP
ape-36234	10	63	open	open	ADJ
ape-36234	10	64	-	-	PUNCT
ape-36234	10	65	end	end	NOUN
ape-36234	10	66	funds	fund	NOUN
ape-36234	10	67	.	.	PUNCT
ape-36234	11	1	on	on	ADP
ape-36234	11	2	this	this	DET
ape-36234	11	3	basis	basis	NOUN
ape-36234	11	4	,	,	PUNCT
ape-36234	11	5	the	the	DET
ape-36234	11	6	impact	impact	NOUN
ape-36234	11	7	of	of	ADP
ape-36234	11	8	stock	stock	NOUN
ape-36234	11	9	investment	investment	NOUN
ape-36234	11	10	herd	herd	NOUN
ape-36234	11	11	behavior	behavior	NOUN
ape-36234	11	12	on	on	ADP
ape-36234	11	13	stock	stock	NOUN
ape-36234	11	14	price	price	NOUN
ape-36234	11	15	volatility	volatility	NOUN
ape-36234	11	16	is	be	AUX
ape-36234	11	17	empirically	empirically	ADV
ape-36234	11	18	studied	study	VERB
ape-36234	11	19	.	.	PUNCT
ape-36234	12	1	finally	finally	ADV
ape-36234	12	2	,	,	PUNCT
ape-36234	12	3	according	accord	VERB
ape-36234	12	4	to	to	ADP
ape-36234	12	5	the	the	DET
ape-36234	12	6	research	research	NOUN
ape-36234	12	7	conclusion	conclusion	NOUN
ape-36234	12	8	,	,	PUNCT
ape-36234	12	9	from	from	ADP
ape-36234	12	10	the	the	DET
ape-36234	12	11	three	three	NUM
ape-36234	12	12	aspects	aspect	NOUN
ape-36234	12	13	of	of	ADP
ape-36234	12	14	investor	investor	NOUN
ape-36234	12	15	investment	investment	NOUN
ape-36234	12	16	rationality	rationality	NOUN
ape-36234	12	17	,	,	PUNCT
ape-36234	12	18	the	the	DET
ape-36234	12	19	effectiveness	effectiveness	NOUN
ape-36234	12	20	of	of	ADP
ape-36234	12	21	capital	capital	NOUN
ape-36234	12	22	market	market	NOUN
ape-36234	12	23	and	and	CCONJ
ape-36234	12	24	the	the	DET
ape-36234	12	25	optimization	optimization	NOUN
ape-36234	12	26	of	of	ADP
ape-36234	12	27	market	market	NOUN
ape-36234	12	28	structure	structure	NOUN
ape-36234	12	29	,	,	PUNCT
ape-36234	12	30	suggestions	suggestion	NOUN
ape-36234	12	31	on	on	ADP
ape-36234	12	32	how	how	SCONJ
ape-36234	12	33	to	to	PART
ape-36234	12	34	reduce	reduce	VERB
ape-36234	12	35	the	the	DET
ape-36234	12	36	impact	impact	NOUN
ape-36234	12	37	of	of	ADP
ape-36234	12	38	the	the	DET
ape-36234	12	39	herd	herd	NOUN
ape-36234	12	40	effect	effect	NOUN
ape-36234	12	41	and	and	CCONJ
ape-36234	12	42	the	the	DET
ape-36234	12	43	healthy	healthy	ADJ
ape-36234	12	44	and	and	CCONJ
ape-36234	12	45	sustainable	sustainable	ADJ
ape-36234	12	46	development	development	NOUN
ape-36234	12	47	in	in	ADP
ape-36234	12	48	the	the	DET
ape-36234	12	49	future	future	NOUN
ape-36234	12	50	.	.	PUNCT
ape-36234	13	1	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-36234	13	2	advances	advance	NOUN
ape-36234	13	3	in	in	ADP
ape-36234	13	4	politics	politic	NOUN
ape-36234	13	5	and	and	CCONJ
ape-36234	13	6	economics	economic	NOUN
ape-36234	13	7	vol	vol	NOUN
ape-36234	13	8	.	.	PUNCT
ape-36234	14	1	7	7	NUM
ape-36234	14	2	,	,	PUNCT
ape-36234	14	3	no	no	INTJ
ape-36234	14	4	.	.	NOUN
ape-36234	14	5	2	2	NUM
ape-36234	14	6	,	,	PUNCT
ape-36234	14	7	2024	2024	NUM
ape-36234	14	8	2	2	NUM
ape-36234	14	9	published	publish	VERB
ape-36234	14	10	by	by	ADP
ape-36234	14	11	scholink	scholink	PROPN
ape-36234	14	12	inc	inc	PROPN
ape-36234	14	13	.	.	PROPN
ape-36234	15	1	keywords	keyword	VERB
ape-36234	15	2	open	open	ADJ
ape-36234	15	3	-	-	PUNCT
ape-36234	15	4	ended	end	VERB
ape-36234	15	5	funds	fund	NOUN
ape-36234	15	6	,	,	PUNCT
ape-36234	15	7	sheep	sheep	NOUN
ape-36234	15	8	behavior	behavior	NOUN
ape-36234	15	9	,	,	PUNCT
ape-36234	15	10	stock	stock	NOUN
ape-36234	15	11	price	price	NOUN
ape-36234	15	12	fluctuation	fluctuation	NOUN
ape-36234	15	13	1	1	NUM
ape-36234	15	14	.	.	PUNCT
ape-36234	16	1	introduction	introduction	NOUN
ape-36234	16	2	1.1	1.1	NUM
ape-36234	16	3	research	research	NOUN
ape-36234	16	4	background	background	NOUN
ape-36234	16	5	in	in	ADP
ape-36234	16	6	recent	recent	ADJ
ape-36234	16	7	years	year	NOUN
ape-36234	16	8	,	,	PUNCT
ape-36234	16	9	china	china	PROPN
ape-36234	16	10	’s	’s	PART
ape-36234	16	11	fund	fund	NOUN
ape-36234	16	12	industry	industry	NOUN
ape-36234	16	13	has	have	AUX
ape-36234	16	14	developed	develop	VERB
ape-36234	16	15	rapidly	rapidly	ADV
ape-36234	16	16	,	,	PUNCT
ape-36234	16	17	and	and	CCONJ
ape-36234	16	18	there	there	PRON
ape-36234	16	19	are	be	VERB
ape-36234	16	20	many	many	ADJ
ape-36234	16	21	phenomena	phenomenon	NOUN
ape-36234	16	22	of	of	ADP
ape-36234	16	23	following	follow	VERB
ape-36234	16	24	the	the	DET
ape-36234	16	25	trend	trend	NOUN
ape-36234	16	26	of	of	ADP
ape-36234	16	27	investment	investment	NOUN
ape-36234	16	28	in	in	ADP
ape-36234	16	29	the	the	DET
ape-36234	16	30	market	market	NOUN
ape-36234	16	31	,	,	PUNCT
ape-36234	16	32	which	which	PRON
ape-36234	16	33	has	have	AUX
ape-36234	16	34	become	become	VERB
ape-36234	16	35	a	a	DET
ape-36234	16	36	huge	huge	ADJ
ape-36234	16	37	stumbling	stumbling	NOUN
ape-36234	16	38	block	block	NOUN
ape-36234	16	39	in	in	ADP
ape-36234	16	40	china	china	PROPN
ape-36234	16	41	’s	’s	PART
ape-36234	16	42	fund	fund	NOUN
ape-36234	16	43	market	market	NOUN
ape-36234	16	44	.	.	PUNCT
ape-36234	17	1	china	china	PROPN
ape-36234	17	2	’s	’s	PART
ape-36234	17	3	regulatory	regulatory	ADJ
ape-36234	17	4	authorities	authority	NOUN
ape-36234	17	5	and	and	CCONJ
ape-36234	17	6	institutional	institutional	ADJ
ape-36234	17	7	investors	investor	NOUN
ape-36234	17	8	pay	pay	VERB
ape-36234	17	9	more	more	ADJ
ape-36234	17	10	and	and	CCONJ
ape-36234	17	11	more	more	ADJ
ape-36234	17	12	attention	attention	NOUN
ape-36234	17	13	to	to	ADP
ape-36234	17	14	the	the	DET
ape-36234	17	15	daily	daily	ADJ
ape-36234	17	16	operation	operation	NOUN
ape-36234	17	17	of	of	ADP
ape-36234	17	18	open	open	ADJ
ape-36234	17	19	-	-	PUNCT
ape-36234	17	20	end	end	NOUN
ape-36234	17	21	funds	fund	NOUN
ape-36234	17	22	.	.	PUNCT
ape-36234	18	1	open	open	ADJ
ape-36234	18	2	-	-	PUNCT
ape-36234	18	3	end	end	NOUN
ape-36234	18	4	fund	fund	NOUN
ape-36234	18	5	,	,	PUNCT
ape-36234	18	6	which	which	PRON
ape-36234	18	7	can	can	AUX
ape-36234	18	8	also	also	ADV
ape-36234	18	9	be	be	AUX
ape-36234	18	10	regarded	regard	VERB
ape-36234	18	11	as	as	ADP
ape-36234	18	12	an	an	DET
ape-36234	18	13	institutional	institutional	ADJ
ape-36234	18	14	investor	investor	NOUN
ape-36234	18	15	,	,	PUNCT
ape-36234	18	16	is	be	AUX
ape-36234	18	17	both	both	PRON
ape-36234	18	18	rational	rational	ADJ
ape-36234	18	19	and	and	CCONJ
ape-36234	18	20	irrational	irrational	ADJ
ape-36234	18	21	,	,	PUNCT
ape-36234	18	22	and	and	CCONJ
ape-36234	18	23	“	"	PUNCT
ape-36234	18	24	herd	herd	NOUN
ape-36234	18	25	behavior	behavior	NOUN
ape-36234	18	26	”	"	PUNCT
ape-36234	18	27	is	be	AUX
ape-36234	18	28	one	one	NUM
ape-36234	18	29	of	of	ADP
ape-36234	18	30	them	they	PRON
ape-36234	18	31	.	.	PUNCT
ape-36234	19	1	at	at	ADP
ape-36234	19	2	present	present	ADJ
ape-36234	19	3	,	,	PUNCT
ape-36234	19	4	institutional	institutional	ADJ
ape-36234	19	5	investors	investor	NOUN
ape-36234	19	6	still	still	ADV
ape-36234	19	7	occupy	occupy	VERB
ape-36234	19	8	the	the	DET
ape-36234	19	9	majority	majority	NOUN
ape-36234	19	10	in	in	ADP
ape-36234	19	11	many	many	ADJ
ape-36234	19	12	markets	market	NOUN
ape-36234	19	13	with	with	ADP
ape-36234	19	14	high	high	ADJ
ape-36234	19	15	level	level	NOUN
ape-36234	19	16	of	of	ADP
ape-36234	19	17	development	development	NOUN
ape-36234	19	18	.	.	PUNCT
ape-36234	20	1	therefore	therefore	ADV
ape-36234	20	2	,	,	PUNCT
ape-36234	20	3	analyze	analyze	VERB
ape-36234	20	4	and	and	CCONJ
ape-36234	20	5	grasp	grasp	VERB
ape-36234	20	6	the	the	DET
ape-36234	20	7	investment	investment	NOUN
ape-36234	20	8	behavior	behavior	NOUN
ape-36234	20	9	of	of	ADP
ape-36234	20	10	institutional	institutional	ADJ
ape-36234	20	11	investors	investor	NOUN
ape-36234	20	12	,	,	PUNCT
ape-36234	20	13	especially	especially	ADV
ape-36234	20	14	the	the	DET
ape-36234	20	15	herd	herd	NOUN
ape-36234	20	16	behavior	behavior	NOUN
ape-36234	20	17	,	,	PUNCT
ape-36234	20	18	is	be	AUX
ape-36234	20	19	very	very	ADV
ape-36234	20	20	conducive	conducive	ADJ
ape-36234	20	21	to	to	ADP
ape-36234	20	22	the	the	DET
ape-36234	20	23	stability	stability	NOUN
ape-36234	20	24	of	of	ADP
ape-36234	20	25	the	the	DET
ape-36234	20	26	financial	financial	ADJ
ape-36234	20	27	market	market	NOUN
ape-36234	20	28	.	.	PUNCT
ape-36234	21	1	measuring	measure	VERB
ape-36234	21	2	the	the	DET
ape-36234	21	3	behavior	behavior	NOUN
ape-36234	21	4	of	of	ADP
ape-36234	21	5	investors	investor	NOUN
ape-36234	21	6	’	’	PART
ape-36234	21	7	herd	herd	NOUN
ape-36234	21	8	behavior	behavior	NOUN
ape-36234	21	9	and	and	CCONJ
ape-36234	21	10	evaluating	evaluate	VERB
ape-36234	21	11	its	its	PRON
ape-36234	21	12	impact	impact	NOUN
ape-36234	21	13	on	on	ADP
ape-36234	21	14	market	market	NOUN
ape-36234	21	15	stability	stability	NOUN
ape-36234	21	16	is	be	AUX
ape-36234	21	17	an	an	DET
ape-36234	21	18	important	important	ADJ
ape-36234	21	19	indicator	indicator	NOUN
ape-36234	21	20	to	to	PART
ape-36234	21	21	evaluate	evaluate	VERB
ape-36234	21	22	the	the	DET
ape-36234	21	23	maturity	maturity	NOUN
ape-36234	21	24	of	of	ADP
ape-36234	21	25	the	the	DET
ape-36234	21	26	market	market	NOUN
ape-36234	21	27	and	and	CCONJ
ape-36234	21	28	its	its	PRON
ape-36234	21	29	institutional	institutional	ADJ
ape-36234	21	30	investors	investor	NOUN
ape-36234	21	31	.	.	PUNCT
ape-36234	22	1	on	on	ADP
ape-36234	22	2	the	the	DET
ape-36234	22	3	basis	basis	NOUN
ape-36234	22	4	of	of	ADP
ape-36234	22	5	the	the	DET
ape-36234	22	6	above	above	ADJ
ape-36234	22	7	understanding	understanding	NOUN
ape-36234	22	8	,	,	PUNCT
ape-36234	22	9	coupled	couple	VERB
ape-36234	22	10	with	with	ADP
ape-36234	22	11	the	the	DET
ape-36234	22	12	summary	summary	NOUN
ape-36234	22	13	of	of	ADP
ape-36234	22	14	the	the	DET
ape-36234	22	15	previous	previous	ADJ
ape-36234	22	16	herd	herd	NOUN
ape-36234	22	17	behavior	behavior	NOUN
ape-36234	22	18	research	research	NOUN
ape-36234	22	19	,	,	PUNCT
ape-36234	22	20	the	the	DET
ape-36234	22	21	econometric	econometric	ADJ
ape-36234	22	22	research	research	NOUN
ape-36234	22	23	model	model	NOUN
ape-36234	22	24	is	be	AUX
ape-36234	22	25	used	use	VERB
ape-36234	22	26	to	to	PART
ape-36234	22	27	study	study	VERB
ape-36234	22	28	whether	whether	SCONJ
ape-36234	22	29	the	the	DET
ape-36234	22	30	herd	herd	ADJ
ape-36234	22	31	behavior	behavior	NOUN
ape-36234	22	32	exists	exist	VERB
ape-36234	22	33	significantly	significantly	ADV
ape-36234	22	34	in	in	ADP
ape-36234	22	35	china	china	PROPN
ape-36234	22	36	’s	’s	PART
ape-36234	22	37	open	open	ADJ
ape-36234	22	38	-	-	PUNCT
ape-36234	22	39	end	end	NOUN
ape-36234	22	40	fund	fund	NOUN
ape-36234	22	41	market	market	NOUN
ape-36234	22	42	,	,	PUNCT
ape-36234	22	43	and	and	CCONJ
ape-36234	22	44	on	on	ADP
ape-36234	22	45	this	this	DET
ape-36234	22	46	basis	basis	NOUN
ape-36234	22	47	,	,	PUNCT
ape-36234	22	48	the	the	DET
ape-36234	22	49	influence	influence	NOUN
ape-36234	22	50	of	of	ADP
ape-36234	22	51	the	the	DET
ape-36234	22	52	herd	herd	ADJ
ape-36234	22	53	behavior	behavior	NOUN
ape-36234	22	54	on	on	ADP
ape-36234	22	55	the	the	DET
ape-36234	22	56	volatility	volatility	NOUN
ape-36234	22	57	of	of	ADP
ape-36234	22	58	the	the	DET
ape-36234	22	59	stock	stock	NOUN
ape-36234	22	60	price	price	NOUN
ape-36234	22	61	is	be	AUX
ape-36234	22	62	empirically	empirically	ADV
ape-36234	22	63	studied	study	VERB
ape-36234	22	64	.	.	PUNCT
ape-36234	23	1	the	the	DET
ape-36234	23	2	results	result	NOUN
ape-36234	23	3	show	show	VERB
ape-36234	23	4	that	that	SCONJ
ape-36234	23	5	in	in	ADP
ape-36234	23	6	china	china	PROPN
ape-36234	23	7	’s	’s	PART
ape-36234	23	8	open	open	PROPN
ape-36234	23	9	fund	fund	NOUN
ape-36234	23	10	market	market	NOUN
ape-36234	23	11	,	,	PUNCT
ape-36234	23	12	the	the	DET
ape-36234	23	13	herd	herd	NOUN
ape-36234	23	14	behavior	behavior	NOUN
ape-36234	23	15	is	be	AUX
ape-36234	23	16	significant	significant	ADJ
ape-36234	23	17	,	,	PUNCT
ape-36234	23	18	and	and	CCONJ
ape-36234	23	19	has	have	VERB
ape-36234	23	20	a	a	DET
ape-36234	23	21	more	more	ADV
ape-36234	23	22	obvious	obvious	ADJ
ape-36234	23	23	impact	impact	NOUN
ape-36234	23	24	on	on	ADP
ape-36234	23	25	the	the	DET
ape-36234	23	26	stock	stock	NOUN
ape-36234	23	27	price	price	NOUN
ape-36234	23	28	fluctuations	fluctuation	NOUN
ape-36234	23	29	.	.	PUNCT
ape-36234	24	1	at	at	ADP
ape-36234	24	2	the	the	DET
ape-36234	24	3	end	end	NOUN
ape-36234	24	4	of	of	ADP
ape-36234	24	5	the	the	DET
ape-36234	24	6	article	article	NOUN
ape-36234	24	7	,	,	PUNCT
ape-36234	24	8	we	we	PRON
ape-36234	24	9	provide	provide	VERB
ape-36234	24	10	corresponding	corresponding	ADJ
ape-36234	24	11	opinions	opinion	NOUN
ape-36234	24	12	and	and	CCONJ
ape-36234	24	13	suggestions	suggestion	NOUN
ape-36234	24	14	for	for	ADP
ape-36234	24	15	maintaining	maintain	VERB
ape-36234	24	16	market	market	NOUN
ape-36234	24	17	stability	stability	NOUN
ape-36234	24	18	and	and	CCONJ
ape-36234	24	19	reducing	reduce	VERB
ape-36234	24	20	fluctuations	fluctuation	NOUN
ape-36234	24	21	.	.	PUNCT
ape-36234	25	1	1.2	1.2	NUM
ape-36234	25	2	research	research	NOUN
ape-36234	25	3	meaning	meaning	NOUN
ape-36234	25	4	from	from	ADP
ape-36234	25	5	the	the	DET
ape-36234	25	6	theoretical	theoretical	ADJ
ape-36234	25	7	perspective	perspective	NOUN
ape-36234	25	8	,	,	PUNCT
ape-36234	25	9	this	this	DET
ape-36234	25	10	paper	paper	NOUN
ape-36234	25	11	measures	measure	VERB
ape-36234	25	12	the	the	DET
ape-36234	25	13	scale	scale	NOUN
ape-36234	25	14	and	and	CCONJ
ape-36234	25	15	degree	degree	NOUN
ape-36234	25	16	of	of	ADP
ape-36234	25	17	“	"	PUNCT
ape-36234	25	18	herd	herd	NOUN
ape-36234	25	19	behavior	behavior	NOUN
ape-36234	25	20	”	"	PUNCT
ape-36234	25	21	in	in	ADP
ape-36234	25	22	the	the	DET
ape-36234	25	23	open	open	ADJ
ape-36234	25	24	-	-	PUNCT
ape-36234	25	25	end	end	NOUN
ape-36234	25	26	fund	fund	NOUN
ape-36234	25	27	industry	industry	NOUN
ape-36234	25	28	,	,	PUNCT
ape-36234	25	29	measures	measure	VERB
ape-36234	25	30	the	the	DET
ape-36234	25	31	“	"	PUNCT
ape-36234	25	32	herd	herd	NOUN
ape-36234	25	33	behavior	behavior	NOUN
ape-36234	25	34	”	"	PUNCT
ape-36234	25	35	of	of	ADP
ape-36234	25	36	open	open	ADJ
ape-36234	25	37	-	-	PUNCT
ape-36234	25	38	end	end	NOUN
ape-36234	25	39	fund	fund	NOUN
ape-36234	25	40	investors	investor	NOUN
ape-36234	25	41	,	,	PUNCT
ape-36234	25	42	and	and	CCONJ
ape-36234	25	43	evaluates	evaluate	VERB
ape-36234	25	44	the	the	DET
ape-36234	25	45	actual	actual	ADJ
ape-36234	25	46	impact	impact	NOUN
ape-36234	25	47	on	on	ADP
ape-36234	25	48	the	the	DET
ape-36234	25	49	trading	trading	NOUN
ape-36234	25	50	behavior	behavior	NOUN
ape-36234	25	51	and	and	CCONJ
ape-36234	25	52	the	the	DET
ape-36234	25	53	stock	stock	NOUN
ape-36234	25	54	market	market	NOUN
ape-36234	25	55	price	price	NOUN
ape-36234	25	56	fluctuation	fluctuation	NOUN
ape-36234	25	57	.	.	PUNCT
ape-36234	26	1	in	in	ADP
ape-36234	26	2	addition	addition	NOUN
ape-36234	26	3	,	,	PUNCT
ape-36234	26	4	with	with	ADP
ape-36234	26	5	the	the	DET
ape-36234	26	6	improvement	improvement	NOUN
ape-36234	26	7	of	of	ADP
ape-36234	26	8	capital	capital	NOUN
ape-36234	26	9	markets	market	NOUN
ape-36234	26	10	and	and	CCONJ
ape-36234	26	11	the	the	DET
ape-36234	26	12	change	change	NOUN
ape-36234	26	13	of	of	ADP
ape-36234	26	14	regulatory	regulatory	ADJ
ape-36234	26	15	policies	policy	NOUN
ape-36234	26	16	,	,	PUNCT
ape-36234	26	17	this	this	DET
ape-36234	26	18	research	research	NOUN
ape-36234	26	19	provides	provide	VERB
ape-36234	26	20	theoretical	theoretical	ADJ
ape-36234	26	21	support	support	NOUN
ape-36234	26	22	for	for	ADP
ape-36234	26	23	future	future	ADJ
ape-36234	26	24	investment	investment	NOUN
ape-36234	26	25	stability	stability	NOUN
ape-36234	26	26	and	and	CCONJ
ape-36234	26	27	trading	trading	NOUN
ape-36234	26	28	policy	policy	NOUN
ape-36234	26	29	formulation	formulation	NOUN
ape-36234	26	30	.	.	PUNCT
ape-36234	27	1	in	in	ADP
ape-36234	27	2	general	general	ADJ
ape-36234	27	3	,	,	PUNCT
ape-36234	27	4	this	this	DET
ape-36234	27	5	article	article	NOUN
ape-36234	27	6	provides	provide	VERB
ape-36234	27	7	an	an	DET
ape-36234	27	8	empirical	empirical	ADJ
ape-36234	27	9	basis	basis	NOUN
ape-36234	27	10	for	for	ADP
ape-36234	27	11	the	the	DET
ape-36234	27	12	evaluation	evaluation	NOUN
ape-36234	27	13	and	and	CCONJ
ape-36234	27	14	supervision	supervision	NOUN
ape-36234	27	15	of	of	ADP
ape-36234	27	16	open	open	ADJ
ape-36234	27	17	-	-	PUNCT
ape-36234	27	18	end	end	NOUN
ape-36234	27	19	funds	fund	NOUN
ape-36234	27	20	,	,	PUNCT
ape-36234	27	21	as	as	ADV
ape-36234	27	22	well	well	ADV
ape-36234	27	23	as	as	ADP
ape-36234	27	24	a	a	DET
ape-36234	27	25	reference	reference	NOUN
ape-36234	27	26	for	for	SCONJ
ape-36234	27	27	investors	investor	NOUN
ape-36234	27	28	to	to	PART
ape-36234	27	29	identify	identify	VERB
ape-36234	27	30	the	the	DET
ape-36234	27	31	ability	ability	NOUN
ape-36234	27	32	of	of	ADP
ape-36234	27	33	investment	investment	NOUN
ape-36234	27	34	managers	manager	NOUN
ape-36234	27	35	and	and	CCONJ
ape-36234	27	36	choose	choose	VERB
ape-36234	27	37	open	open	ADJ
ape-36234	27	38	-	-	PUNCT
ape-36234	27	39	end	end	NOUN
ape-36234	27	40	funds	fund	NOUN
ape-36234	27	41	with	with	ADP
ape-36234	27	42	less	less	ADJ
ape-36234	27	43	risk	risk	NOUN
ape-36234	27	44	.	.	PUNCT
ape-36234	28	1	on	on	ADP
ape-36234	28	2	a	a	DET
ape-36234	28	3	practical	practical	ADJ
ape-36234	28	4	perspective	perspective	NOUN
ape-36234	28	5	,	,	PUNCT
ape-36234	28	6	other	other	ADJ
ape-36234	28	7	market	market	NOUN
ape-36234	28	8	investors	investor	NOUN
ape-36234	28	9	(	(	PUNCT
ape-36234	28	10	such	such	ADJ
ape-36234	28	11	as	as	ADP
ape-36234	28	12	fund	fund	NOUN
ape-36234	28	13	investors	investor	NOUN
ape-36234	28	14	and	and	CCONJ
ape-36234	28	15	retail	retail	ADJ
ape-36234	28	16	investors	investor	NOUN
ape-36234	28	17	)	)	PUNCT
ape-36234	28	18	usually	usually	ADV
ape-36234	28	19	show	show	VERB
ape-36234	28	20	high	high	ADJ
ape-36234	28	21	attention	attention	NOUN
ape-36234	28	22	due	due	ADP
ape-36234	28	23	to	to	ADP
ape-36234	28	24	their	their	PRON
ape-36234	28	25	more	more	ADV
ape-36234	28	26	accurate	accurate	ADJ
ape-36234	28	27	and	and	CCONJ
ape-36234	28	28	professional	professional	ADJ
ape-36234	28	29	investment	investment	NOUN
ape-36234	28	30	information	information	NOUN
ape-36234	28	31	and	and	CCONJ
ape-36234	28	32	larger	large	ADJ
ape-36234	28	33	holdings	holding	NOUN
ape-36234	28	34	and	and	CCONJ
ape-36234	28	35	follow	follow	VERB
ape-36234	28	36	their	their	PRON
ape-36234	28	37	trading	trading	NOUN
ape-36234	28	38	decisions	decision	NOUN
ape-36234	28	39	.	.	PUNCT
ape-36234	29	1	this	this	DET
ape-36234	29	2	paper	paper	NOUN
ape-36234	29	3	studies	study	VERB
ape-36234	29	4	the	the	DET
ape-36234	29	5	impact	impact	NOUN
ape-36234	29	6	of	of	ADP
ape-36234	29	7	the	the	DET
ape-36234	29	8	“	"	PUNCT
ape-36234	29	9	herd	herd	ADJ
ape-36234	29	10	effect	effect	NOUN
ape-36234	29	11	”	"	PUNCT
ape-36234	29	12	of	of	ADP
ape-36234	29	13	institutional	institutional	ADJ
ape-36234	29	14	investors	investor	NOUN
ape-36234	29	15	on	on	ADP
ape-36234	29	16	the	the	DET
ape-36234	29	17	capital	capital	NOUN
ape-36234	29	18	market	market	NOUN
ape-36234	29	19	,	,	PUNCT
ape-36234	29	20	and	and	CCONJ
ape-36234	29	21	provides	provide	VERB
ape-36234	29	22	a	a	DET
ape-36234	29	23	reference	reference	NOUN
ape-36234	29	24	for	for	SCONJ
ape-36234	29	25	investors	investor	NOUN
ape-36234	29	26	to	to	PART
ape-36234	29	27	choose	choose	VERB
ape-36234	29	28	diversified	diversified	ADJ
ape-36234	29	29	open	open	ADJ
ape-36234	29	30	-	-	PUNCT
ape-36234	29	31	ended	end	VERB
ape-36234	29	32	funds	fund	NOUN
ape-36234	29	33	and	and	CCONJ
ape-36234	29	34	evaluate	evaluate	VERB
ape-36234	29	35	the	the	DET
ape-36234	29	36	ability	ability	NOUN
ape-36234	29	37	of	of	ADP
ape-36234	29	38	investment	investment	NOUN
ape-36234	29	39	managers	manager	NOUN
ape-36234	29	40	.	.	PUNCT
ape-36234	30	1	in	in	ADP
ape-36234	30	2	short	short	ADJ
ape-36234	30	3	,	,	PUNCT
ape-36234	30	4	the	the	DET
ape-36234	30	5	article	article	NOUN
ape-36234	30	6	provides	provide	VERB
ape-36234	30	7	advice	advice	NOUN
ape-36234	30	8	on	on	ADP
ape-36234	30	9	market	market	NOUN
ape-36234	30	10	participants	participant	NOUN
ape-36234	30	11	to	to	PART
ape-36234	30	12	make	make	VERB
ape-36234	30	13	their	their	PRON
ape-36234	30	14	investment	investment	NOUN
ape-36234	30	15	decisions	decision	NOUN
ape-36234	30	16	about	about	ADP
ape-36234	30	17	institutional	institutional	ADJ
ape-36234	30	18	investors	investor	NOUN
ape-36234	30	19	‘	'	PUNCT
ape-36234	30	20	behavior	behavior	NOUN
ape-36234	30	21	,	,	PUNCT
ape-36234	30	22	thus	thus	ADV
ape-36234	30	23	helping	help	VERB
ape-36234	30	24	them	they	PRON
ape-36234	30	25	to	to	PART
ape-36234	30	26	better	well	ADV
ape-36234	30	27	understand	understand	VERB
ape-36234	30	28	institutional	institutional	ADJ
ape-36234	30	29	investors	investor	NOUN
ape-36234	30	30	’	’	PART
ape-36234	30	31	behavior	behavior	NOUN
ape-36234	30	32	and	and	CCONJ
ape-36234	30	33	make	make	VERB
ape-36234	30	34	more	more	ADV
ape-36234	30	35	informed	informed	ADJ
ape-36234	30	36	investment	investment	NOUN
ape-36234	30	37	decisions	decision	NOUN
ape-36234	30	38	.	.	PUNCT
ape-36234	31	1	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-36234	31	2	advances	advance	NOUN
ape-36234	31	3	in	in	ADP
ape-36234	31	4	politics	politic	NOUN
ape-36234	31	5	and	and	CCONJ
ape-36234	31	6	economics	economic	NOUN
ape-36234	31	7	vol	vol	NOUN
ape-36234	31	8	.	.	PUNCT
ape-36234	32	1	7	7	NUM
ape-36234	32	2	,	,	PUNCT
ape-36234	32	3	no	no	INTJ
ape-36234	32	4	.	.	NOUN
ape-36234	32	5	2	2	NUM
ape-36234	32	6	,	,	PUNCT
ape-36234	32	7	2024	2024	NUM
ape-36234	32	8	3	3	NUM
ape-36234	32	9	published	publish	VERB
ape-36234	32	10	by	by	ADP
ape-36234	32	11	scholink	scholink	PROPN
ape-36234	32	12	inc	inc	PROPN
ape-36234	32	13	.	.	PROPN
ape-36234	33	1	2	2	NUM
ape-36234	33	2	.	.	X
ape-36234	33	3	theoretical	theoretical	ADJ
ape-36234	33	4	basis	basis	NOUN
ape-36234	33	5	and	and	CCONJ
ape-36234	33	6	literature	literature	NOUN
ape-36234	33	7	review	review	VERB
ape-36234	33	8	2.1	2.1	NUM
ape-36234	33	9	theoretical	theoretical	ADJ
ape-36234	33	10	basis	basis	NOUN
ape-36234	33	11	2.1.1	2.1.1	NUM
ape-36234	33	12	definition	definition	NOUN
ape-36234	33	13	of	of	ADP
ape-36234	33	14	herd	herd	NOUN
ape-36234	33	15	behavior	behavior	NOUN
ape-36234	33	16	herding	herding	NOUN
ape-36234	33	17	behavior	behavior	NOUN
ape-36234	33	18	refers	refer	VERB
ape-36234	33	19	to	to	ADP
ape-36234	33	20	individuals	individual	NOUN
ape-36234	33	21	taking	take	VERB
ape-36234	33	22	behaviors	behavior	NOUN
ape-36234	33	23	similar	similar	ADJ
ape-36234	33	24	to	to	ADP
ape-36234	33	25	most	most	ADJ
ape-36234	33	26	people	people	NOUN
ape-36234	33	27	in	in	ADP
ape-36234	33	28	order	order	NOUN
ape-36234	33	29	to	to	PART
ape-36234	33	30	avoid	avoid	VERB
ape-36234	33	31	risk	risk	NOUN
ape-36234	33	32	,	,	PUNCT
ape-36234	33	33	to	to	PART
ape-36234	33	34	seek	seek	VERB
ape-36234	33	35	to	to	PART
ape-36234	33	36	have	have	VERB
ape-36234	33	37	a	a	DET
ape-36234	33	38	sense	sense	NOUN
ape-36234	33	39	of	of	ADP
ape-36234	33	40	belonging	belong	VERB
ape-36234	33	41	,	,	PUNCT
ape-36234	33	42	or	or	CCONJ
ape-36234	33	43	to	to	PART
ape-36234	33	44	imitate	imitate	VERB
ape-36234	33	45	others	other	NOUN
ape-36234	33	46	in	in	ADP
ape-36234	33	47	uncertain	uncertain	ADJ
ape-36234	33	48	or	or	CCONJ
ape-36234	33	49	emergency	emergency	NOUN
ape-36234	33	50	situations	situation	NOUN
ape-36234	33	51	.	.	PUNCT
ape-36234	34	1	this	this	DET
ape-36234	34	2	behavior	behavior	NOUN
ape-36234	34	3	often	often	ADV
ape-36234	34	4	leads	lead	VERB
ape-36234	34	5	to	to	ADP
ape-36234	34	6	individuals	individual	NOUN
ape-36234	34	7	abandoning	abandon	VERB
ape-36234	34	8	independent	independent	ADJ
ape-36234	34	9	thinking	thinking	NOUN
ape-36234	34	10	and	and	CCONJ
ape-36234	34	11	decision	decision	NOUN
ape-36234	34	12	-	-	PUNCT
ape-36234	34	13	making	making	NOUN
ape-36234	34	14	,	,	PUNCT
ape-36234	34	15	thus	thus	ADV
ape-36234	34	16	forming	form	VERB
ape-36234	34	17	a	a	DET
ape-36234	34	18	similar	similar	ADJ
ape-36234	34	19	“	"	PUNCT
ape-36234	34	20	herd	herd	ADJ
ape-36234	34	21	”	"	PUNCT
ape-36234	34	22	effect	effect	NOUN
ape-36234	34	23	.	.	PUNCT
ape-36234	35	1	herding	herd	VERB
ape-36234	35	2	behavior	behavior	NOUN
ape-36234	35	3	can	can	AUX
ape-36234	35	4	occur	occur	VERB
ape-36234	35	5	in	in	ADP
ape-36234	35	6	a	a	DET
ape-36234	35	7	variety	variety	NOUN
ape-36234	35	8	of	of	ADP
ape-36234	35	9	social	social	ADJ
ape-36234	35	10	and	and	CCONJ
ape-36234	35	11	economic	economic	ADJ
ape-36234	35	12	environments	environment	NOUN
ape-36234	35	13	and	and	CCONJ
ape-36234	35	14	may	may	AUX
ape-36234	35	15	lead	lead	VERB
ape-36234	35	16	to	to	ADP
ape-36234	35	17	negative	negative	ADJ
ape-36234	35	18	consequences	consequence	NOUN
ape-36234	35	19	such	such	ADJ
ape-36234	35	20	as	as	ADP
ape-36234	35	21	collective	collective	ADJ
ape-36234	35	22	collapse	collapse	NOUN
ape-36234	35	23	and	and	CCONJ
ape-36234	35	24	financial	financial	ADJ
ape-36234	35	25	crises	crisis	NOUN
ape-36234	35	26	.	.	PUNCT
ape-36234	36	1	when	when	SCONJ
ape-36234	36	2	individuals	individual	NOUN
ape-36234	36	3	are	be	AUX
ape-36234	36	4	faced	face	VERB
ape-36234	36	5	with	with	ADP
ape-36234	36	6	complex	complex	ADJ
ape-36234	36	7	or	or	CCONJ
ape-36234	36	8	uncertain	uncertain	ADJ
ape-36234	36	9	situations	situation	NOUN
ape-36234	36	10	,	,	PUNCT
ape-36234	36	11	they	they	PRON
ape-36234	36	12	look	look	VERB
ape-36234	36	13	for	for	ADP
ape-36234	36	14	other	other	ADJ
ape-36234	36	15	people	people	NOUN
ape-36234	36	16	’s	’s	PART
ape-36234	36	17	opinions	opinion	NOUN
ape-36234	36	18	,	,	PUNCT
ape-36234	36	19	signals	signal	NOUN
ape-36234	36	20	,	,	PUNCT
ape-36234	36	21	and	and	CCONJ
ape-36234	36	22	behavioral	behavioral	ADJ
ape-36234	36	23	patterns	pattern	NOUN
ape-36234	36	24	to	to	PART
ape-36234	36	25	assist	assist	VERB
ape-36234	36	26	themselves	themselves	PRON
ape-36234	36	27	in	in	ADP
ape-36234	36	28	making	make	VERB
ape-36234	36	29	decisions	decision	NOUN
ape-36234	36	30	.	.	PUNCT
ape-36234	37	1	this	this	DET
ape-36234	37	2	tendency	tendency	NOUN
ape-36234	37	3	may	may	AUX
ape-36234	37	4	lead	lead	VERB
ape-36234	37	5	in	in	ADP
ape-36234	37	6	some	some	DET
ape-36234	37	7	contexts	contexts	NOUN
ape-36234	37	8	to	to	ADP
ape-36234	37	9	a	a	DET
ape-36234	37	10	group	group	NOUN
ape-36234	37	11	of	of	ADP
ape-36234	37	12	people	people	NOUN
ape-36234	37	13	to	to	PART
ape-36234	37	14	act	act	VERB
ape-36234	37	15	like	like	ADP
ape-36234	37	16	a	a	DET
ape-36234	37	17	“	"	PUNCT
ape-36234	37	18	sheep	sheep	NOUN
ape-36234	37	19	”	"	PUNCT
ape-36234	37	20	,	,	PUNCT
ape-36234	37	21	following	follow	VERB
ape-36234	37	22	mainstream	mainstream	NOUN
ape-36234	37	23	views	view	NOUN
ape-36234	37	24	and	and	CCONJ
ape-36234	37	25	actions	action	NOUN
ape-36234	37	26	rather	rather	ADV
ape-36234	37	27	than	than	ADP
ape-36234	37	28	independent	independent	ADJ
ape-36234	37	29	thinking	thinking	NOUN
ape-36234	37	30	.	.	PUNCT
ape-36234	38	1	sheep	sheep	NOUN
ape-36234	38	2	behavior	behavior	NOUN
ape-36234	38	3	may	may	AUX
ape-36234	38	4	occur	occur	VERB
ape-36234	38	5	in	in	ADP
ape-36234	38	6	various	various	ADJ
ape-36234	38	7	situations	situation	NOUN
ape-36234	38	8	,	,	PUNCT
ape-36234	38	9	such	such	ADJ
ape-36234	38	10	as	as	ADP
ape-36234	38	11	the	the	DET
ape-36234	38	12	stock	stock	NOUN
ape-36234	38	13	market	market	NOUN
ape-36234	38	14	,	,	PUNCT
ape-36234	38	15	real	real	ADJ
ape-36234	38	16	estate	estate	NOUN
ape-36234	38	17	market	market	NOUN
ape-36234	38	18	,	,	PUNCT
ape-36234	38	19	public	public	ADJ
ape-36234	38	20	opinion	opinion	NOUN
ape-36234	38	21	influence	influence	NOUN
ape-36234	38	22	on	on	ADP
ape-36234	38	23	social	social	ADJ
ape-36234	38	24	media	medium	NOUN
ape-36234	38	25	,	,	PUNCT
ape-36234	38	26	etc	etc	X
ape-36234	38	27	.	.	X
ape-36234	39	1	a	a	DET
ape-36234	39	2	characteristic	characteristic	ADJ
ape-36234	39	3	feature	feature	NOUN
ape-36234	39	4	of	of	ADP
ape-36234	39	5	herd	herd	NOUN
ape-36234	39	6	behavior	behavior	NOUN
ape-36234	39	7	is	be	AUX
ape-36234	39	8	the	the	DET
ape-36234	39	9	existence	existence	NOUN
ape-36234	39	10	of	of	ADP
ape-36234	39	11	an	an	DET
ape-36234	39	12	asymmetry	asymmetry	NOUN
ape-36234	39	13	in	in	ADP
ape-36234	39	14	information	information	NOUN
ape-36234	39	15	transmission	transmission	NOUN
ape-36234	39	16	.	.	PUNCT
ape-36234	40	1	when	when	SCONJ
ape-36234	40	2	some	some	DET
ape-36234	40	3	messages	message	NOUN
ape-36234	40	4	are	be	AUX
ape-36234	40	5	amplified	amplify	VERB
ape-36234	40	6	or	or	CCONJ
ape-36234	40	7	distorted	distort	VERB
ape-36234	40	8	,	,	PUNCT
ape-36234	40	9	this	this	DET
ape-36234	40	10	information	information	NOUN
ape-36234	40	11	may	may	AUX
ape-36234	40	12	cause	cause	VERB
ape-36234	40	13	more	more	ADJ
ape-36234	40	14	people	people	NOUN
ape-36234	40	15	to	to	PART
ape-36234	40	16	get	get	AUX
ape-36234	40	17	involved	involve	VERB
ape-36234	40	18	in	in	ADP
ape-36234	40	19	the	the	DET
ape-36234	40	20	herd	herd	NOUN
ape-36234	40	21	behavior	behavior	NOUN
ape-36234	40	22	.	.	PUNCT
ape-36234	41	1	in	in	ADP
ape-36234	41	2	addition	addition	NOUN
ape-36234	41	3	,	,	PUNCT
ape-36234	41	4	herd	herd	NOUN
ape-36234	41	5	behavior	behavior	NOUN
ape-36234	41	6	may	may	AUX
ape-36234	41	7	also	also	ADV
ape-36234	41	8	be	be	AUX
ape-36234	41	9	influenced	influence	VERB
ape-36234	41	10	by	by	ADP
ape-36234	41	11	group	group	NOUN
ape-36234	41	12	psychology	psychology	NOUN
ape-36234	41	13	effects	effect	NOUN
ape-36234	41	14	,	,	PUNCT
ape-36234	41	15	such	such	ADJ
ape-36234	41	16	as	as	ADP
ape-36234	41	17	group	group	NOUN
ape-36234	41	18	identity	identity	NOUN
ape-36234	41	19	,	,	PUNCT
ape-36234	41	20	stress	stress	NOUN
ape-36234	41	21	,	,	PUNCT
ape-36234	41	22	competition	competition	NOUN
ape-36234	41	23	,	,	PUNCT
ape-36234	41	24	and	and	CCONJ
ape-36234	41	25	belonging	belong	VERB
ape-36234	41	26	.	.	PUNCT
ape-36234	42	1	although	although	SCONJ
ape-36234	42	2	herding	herding	NOUN
ape-36234	42	3	behavior	behavior	NOUN
ape-36234	42	4	may	may	AUX
ape-36234	42	5	have	have	VERB
ape-36234	42	6	negative	negative	ADJ
ape-36234	42	7	effects	effect	NOUN
ape-36234	42	8	,	,	PUNCT
ape-36234	42	9	it	it	PRON
ape-36234	42	10	also	also	ADV
ape-36234	42	11	has	have	VERB
ape-36234	42	12	its	its	PRON
ape-36234	42	13	positive	positive	ADJ
ape-36234	42	14	effects	effect	NOUN
ape-36234	42	15	.	.	PUNCT
ape-36234	43	1	for	for	ADP
ape-36234	43	2	example	example	NOUN
ape-36234	43	3	,	,	PUNCT
ape-36234	43	4	herd	herd	NOUN
ape-36234	43	5	reference	reference	NOUN
ape-36234	43	6	may	may	AUX
ape-36234	43	7	be	be	AUX
ape-36234	43	8	a	a	DET
ape-36234	43	9	quick	quick	ADJ
ape-36234	43	10	way	way	NOUN
ape-36234	43	11	to	to	PART
ape-36234	43	12	gain	gain	VERB
ape-36234	43	13	information	information	NOUN
ape-36234	43	14	and	and	CCONJ
ape-36234	43	15	skills	skill	NOUN
ape-36234	43	16	for	for	ADP
ape-36234	43	17	those	those	PRON
ape-36234	43	18	with	with	ADP
ape-36234	43	19	little	little	ADJ
ape-36234	43	20	experience	experience	NOUN
ape-36234	43	21	or	or	CCONJ
ape-36234	43	22	knowledge	knowledge	NOUN
ape-36234	43	23	.	.	PUNCT
ape-36234	44	1	in	in	ADP
ape-36234	44	2	some	some	DET
ape-36234	44	3	cases	case	NOUN
ape-36234	44	4	,	,	PUNCT
ape-36234	44	5	herding	herding	NOUN
ape-36234	44	6	behavior	behavior	NOUN
ape-36234	44	7	can	can	AUX
ape-36234	44	8	also	also	ADV
ape-36234	44	9	promote	promote	VERB
ape-36234	44	10	the	the	DET
ape-36234	44	11	formation	formation	NOUN
ape-36234	44	12	of	of	ADP
ape-36234	44	13	social	social	ADJ
ape-36234	44	14	cohesion	cohesion	NOUN
ape-36234	44	15	and	and	CCONJ
ape-36234	44	16	a	a	DET
ape-36234	44	17	spirit	spirit	NOUN
ape-36234	44	18	of	of	ADP
ape-36234	44	19	cooperation	cooperation	NOUN
ape-36234	44	20	.	.	PUNCT
ape-36234	45	1	2.1.2	2.1.2	NUM
ape-36234	45	2	the	the	DET
ape-36234	45	3	type	type	NOUN
ape-36234	45	4	of	of	ADP
ape-36234	45	5	“	"	PUNCT
ape-36234	45	6	herd	herd	ADJ
ape-36234	45	7	behavior	behavior	NOUN
ape-36234	45	8	”	"	PUNCT
ape-36234	45	9	(	(	PUNCT
ape-36234	45	10	1	1	X
ape-36234	45	11	)	)	PUNCT
ape-36234	45	12	rational	rational	ADJ
ape-36234	45	13	herding	herding	NOUN
ape-36234	45	14	behavior	behavior	NOUN
ape-36234	45	15	and	and	CCONJ
ape-36234	45	16	irrational	irrational	ADJ
ape-36234	45	17	herding	herding	NOUN
ape-36234	45	18	behavior	behavior	NOUN
ape-36234	45	19	rational	rational	ADJ
ape-36234	45	20	herd	herd	NOUN
ape-36234	45	21	behavior	behavior	NOUN
ape-36234	45	22	means	mean	VERB
ape-36234	45	23	that	that	SCONJ
ape-36234	45	24	in	in	ADP
ape-36234	45	25	a	a	DET
ape-36234	45	26	market	market	NOUN
ape-36234	45	27	,	,	PUNCT
ape-36234	45	28	many	many	ADJ
ape-36234	45	29	investors	investor	NOUN
ape-36234	45	30	take	take	VERB
ape-36234	45	31	similar	similar	ADJ
ape-36234	45	32	investment	investment	NOUN
ape-36234	45	33	strategies	strategy	NOUN
ape-36234	45	34	or	or	CCONJ
ape-36234	45	35	actions	action	NOUN
ape-36234	45	36	based	base	VERB
ape-36234	45	37	on	on	ADP
ape-36234	45	38	rational	rational	ADJ
ape-36234	45	39	analysis	analysis	NOUN
ape-36234	45	40	and	and	CCONJ
ape-36234	45	41	judgment	judgment	NOUN
ape-36234	45	42	.	.	PUNCT
ape-36234	46	1	this	this	DET
ape-36234	46	2	investment	investment	NOUN
ape-36234	46	3	behavior	behavior	NOUN
ape-36234	46	4	is	be	AUX
ape-36234	46	5	usually	usually	ADV
ape-36234	46	6	based	base	VERB
ape-36234	46	7	on	on	ADP
ape-36234	46	8	the	the	DET
ape-36234	46	9	analysis	analysis	NOUN
ape-36234	46	10	and	and	CCONJ
ape-36234	46	11	evaluation	evaluation	NOUN
ape-36234	46	12	of	of	ADP
ape-36234	46	13	the	the	DET
ape-36234	46	14	market	market	NOUN
ape-36234	46	15	and	and	CCONJ
ape-36234	46	16	company	company	NOUN
ape-36234	46	17	fundamentals	fundamental	NOUN
ape-36234	46	18	,	,	PUNCT
ape-36234	46	19	as	as	ADV
ape-36234	46	20	well	well	ADV
ape-36234	46	21	as	as	ADP
ape-36234	46	22	the	the	DET
ape-36234	46	23	trade	trade	NOUN
ape-36234	46	24	-	-	PUNCT
ape-36234	46	25	offs	off	NOUN
ape-36234	46	26	of	of	ADP
ape-36234	46	27	risk	risk	NOUN
ape-36234	46	28	and	and	CCONJ
ape-36234	46	29	return	return	VERB
ape-36234	46	30	.	.	PUNCT
ape-36234	47	1	in	in	ADP
ape-36234	47	2	this	this	DET
ape-36234	47	3	case	case	NOUN
ape-36234	47	4	,	,	PUNCT
ape-36234	47	5	group	group	NOUN
ape-36234	47	6	behavior	behavior	NOUN
ape-36234	47	7	can	can	AUX
ape-36234	47	8	reflect	reflect	VERB
ape-36234	47	9	the	the	DET
ape-36234	47	10	overall	overall	ADJ
ape-36234	47	11	information	information	NOUN
ape-36234	47	12	and	and	CCONJ
ape-36234	47	13	expectations	expectation	NOUN
ape-36234	47	14	of	of	ADP
ape-36234	47	15	the	the	DET
ape-36234	47	16	market	market	NOUN
ape-36234	47	17	,	,	PUNCT
ape-36234	47	18	and	and	CCONJ
ape-36234	47	19	contribute	contribute	VERB
ape-36234	47	20	to	to	ADP
ape-36234	47	21	price	price	NOUN
ape-36234	47	22	discovery	discovery	NOUN
ape-36234	47	23	and	and	CCONJ
ape-36234	47	24	market	market	NOUN
ape-36234	47	25	effectiveness	effectiveness	NOUN
ape-36234	47	26	.	.	PUNCT
ape-36234	48	1	irrational	irrational	ADJ
ape-36234	48	2	herd	herd	NOUN
ape-36234	48	3	behavior	behavior	NOUN
ape-36234	48	4	is	be	AUX
ape-36234	48	5	also	also	ADV
ape-36234	48	6	common	common	ADJ
ape-36234	48	7	in	in	ADP
ape-36234	48	8	stock	stock	NOUN
ape-36234	48	9	markets	market	NOUN
ape-36234	48	10	,	,	PUNCT
ape-36234	48	11	such	such	ADJ
ape-36234	48	12	as	as	ADP
ape-36234	48	13	when	when	SCONJ
ape-36234	48	14	market	market	NOUN
ape-36234	48	15	sentiment	sentiment	NOUN
ape-36234	48	16	swings	swing	VERB
ape-36234	48	17	,	,	PUNCT
ape-36234	48	18	some	some	DET
ape-36234	48	19	investors	investor	NOUN
ape-36234	48	20	may	may	AUX
ape-36234	48	21	tend	tend	VERB
ape-36234	48	22	to	to	PART
ape-36234	48	23	follow	follow	VERB
ape-36234	48	24	the	the	DET
ape-36234	48	25	market	market	NOUN
ape-36234	48	26	sentiment	sentiment	NOUN
ape-36234	48	27	in	in	ADP
ape-36234	48	28	similar	similar	ADJ
ape-36234	48	29	investment	investment	NOUN
ape-36234	48	30	strategies	strategy	NOUN
ape-36234	48	31	or	or	CCONJ
ape-36234	48	32	actions	action	NOUN
ape-36234	48	33	.	.	PUNCT
ape-36234	49	1	this	this	DET
ape-36234	49	2	behavior	behavior	NOUN
ape-36234	49	3	may	may	AUX
ape-36234	49	4	lead	lead	VERB
ape-36234	49	5	to	to	ADP
ape-36234	49	6	excessive	excessive	ADJ
ape-36234	49	7	buying	buying	NOUN
ape-36234	49	8	or	or	CCONJ
ape-36234	49	9	selling	selling	NOUN
ape-36234	49	10	in	in	ADP
ape-36234	49	11	the	the	DET
ape-36234	49	12	stock	stock	NOUN
ape-36234	49	13	market	market	NOUN
ape-36234	49	14	,	,	PUNCT
ape-36234	49	15	thus	thus	ADV
ape-36234	49	16	affecting	affect	VERB
ape-36234	49	17	stock	stock	NOUN
ape-36234	49	18	prices	price	NOUN
ape-36234	49	19	and	and	CCONJ
ape-36234	49	20	market	market	NOUN
ape-36234	49	21	stability	stability	NOUN
ape-36234	49	22	.	.	PUNCT
ape-36234	50	1	in	in	ADP
ape-36234	50	2	addition	addition	NOUN
ape-36234	50	3	,	,	PUNCT
ape-36234	50	4	some	some	DET
ape-36234	50	5	investors	investor	NOUN
ape-36234	50	6	may	may	AUX
ape-36234	50	7	make	make	VERB
ape-36234	50	8	similar	similar	ADJ
ape-36234	50	9	investment	investment	NOUN
ape-36234	50	10	decisions	decision	NOUN
ape-36234	50	11	influenced	influence	VERB
ape-36234	50	12	by	by	ADP
ape-36234	50	13	irrational	irrational	ADJ
ape-36234	50	14	factors	factor	NOUN
ape-36234	50	15	such	such	ADJ
ape-36234	50	16	as	as	ADP
ape-36234	50	17	rumors	rumor	NOUN
ape-36234	50	18	and	and	CCONJ
ape-36234	50	19	speculation	speculation	NOUN
ape-36234	50	20	,	,	PUNCT
ape-36234	50	21	which	which	PRON
ape-36234	50	22	are	be	AUX
ape-36234	50	23	usually	usually	ADV
ape-36234	50	24	unsustainable	unsustainable	ADJ
ape-36234	50	25	and	and	CCONJ
ape-36234	50	26	risky	risky	ADJ
ape-36234	50	27	.	.	PUNCT
ape-36234	51	1	(	(	PUNCT
ape-36234	51	2	2	2	X
ape-36234	51	3	)	)	PUNCT
ape-36234	51	4	true	true	ADJ
ape-36234	51	5	herd	herd	NOUN
ape-36234	51	6	behavior	behavior	NOUN
ape-36234	51	7	and	and	CCONJ
ape-36234	51	8	false	false	ADJ
ape-36234	51	9	herd	herd	NOUN
ape-36234	51	10	behavior	behavior	NOUN
ape-36234	51	11	in	in	ADP
ape-36234	51	12	the	the	DET
ape-36234	51	13	stock	stock	NOUN
ape-36234	51	14	market	market	NOUN
ape-36234	51	15	,	,	PUNCT
ape-36234	51	16	real	real	ADJ
ape-36234	51	17	herd	herd	NOUN
ape-36234	51	18	behavior	behavior	NOUN
ape-36234	51	19	can	can	AUX
ape-36234	51	20	mean	mean	VERB
ape-36234	51	21	that	that	SCONJ
ape-36234	51	22	stock	stock	NOUN
ape-36234	51	23	investors	investor	NOUN
ape-36234	51	24	adopt	adopt	VERB
ape-36234	51	25	similar	similar	ADJ
ape-36234	51	26	investment	investment	NOUN
ape-36234	51	27	strategies	strategy	NOUN
ape-36234	51	28	or	or	CCONJ
ape-36234	51	29	actions	action	NOUN
ape-36234	51	30	influenced	influence	VERB
ape-36234	51	31	by	by	ADP
ape-36234	51	32	market	market	NOUN
ape-36234	51	33	sentiment	sentiment	NOUN
ape-36234	51	34	and	and	CCONJ
ape-36234	51	35	other	other	ADJ
ape-36234	51	36	investor	investor	NOUN
ape-36234	51	37	behaviors	behavior	NOUN
ape-36234	51	38	.	.	PUNCT
ape-36234	52	1	for	for	ADP
ape-36234	52	2	example	example	NOUN
ape-36234	52	3	,	,	PUNCT
ape-36234	52	4	in	in	ADP
ape-36234	52	5	an	an	DET
ape-36234	52	6	exciting	exciting	ADJ
ape-36234	52	7	rising	rise	VERB
ape-36234	52	8	market	market	NOUN
ape-36234	52	9	,	,	PUNCT
ape-36234	52	10	many	many	ADJ
ape-36234	52	11	investors	investor	NOUN
ape-36234	52	12	may	may	AUX
ape-36234	52	13	follow	follow	VERB
ape-36234	52	14	the	the	DET
ape-36234	52	15	trend	trend	NOUN
ape-36234	52	16	,	,	PUNCT
ape-36234	52	17	causing	cause	VERB
ape-36234	52	18	more	more	ADJ
ape-36234	52	19	people	people	NOUN
ape-36234	52	20	to	to	PART
ape-36234	52	21	follow	follow	VERB
ape-36234	52	22	and	and	CCONJ
ape-36234	52	23	buy	buy	VERB
ape-36234	52	24	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-36234	52	25	advances	advance	NOUN
ape-36234	52	26	in	in	ADP
ape-36234	52	27	politics	politic	NOUN
ape-36234	52	28	and	and	CCONJ
ape-36234	52	29	economics	economic	NOUN
ape-36234	52	30	vol	vol	NOUN
ape-36234	52	31	.	.	PUNCT
ape-36234	53	1	7	7	NUM
ape-36234	53	2	,	,	PUNCT
ape-36234	53	3	no	no	INTJ
ape-36234	53	4	.	.	NOUN
ape-36234	53	5	2	2	NUM
ape-36234	53	6	,	,	PUNCT
ape-36234	53	7	2024	2024	NUM
ape-36234	53	8	4	4	NUM
ape-36234	53	9	published	publish	VERB
ape-36234	53	10	by	by	ADP
ape-36234	53	11	scholink	scholink	PROPN
ape-36234	53	12	inc	inc	PROPN
ape-36234	53	13	.	.	PROPN
ape-36234	53	14	shares	share	NOUN
ape-36234	53	15	,	,	PUNCT
ape-36234	53	16	pushing	push	VERB
ape-36234	53	17	up	up	ADP
ape-36234	53	18	the	the	DET
ape-36234	53	19	stock	stock	NOUN
ape-36234	53	20	price	price	NOUN
ape-36234	53	21	.	.	PUNCT
ape-36234	54	1	false	false	ADJ
ape-36234	54	2	herd	herd	ADJ
ape-36234	54	3	behavior	behavior	NOUN
ape-36234	54	4	in	in	ADP
ape-36234	54	5	the	the	DET
ape-36234	54	6	stock	stock	NOUN
ape-36234	54	7	market	market	NOUN
ape-36234	54	8	usually	usually	ADV
ape-36234	54	9	refers	refer	VERB
ape-36234	54	10	to	to	ADP
ape-36234	54	11	some	some	DET
ape-36234	54	12	bad	bad	ADJ
ape-36234	54	13	speculation	speculation	NOUN
ape-36234	54	14	,	,	PUNCT
ape-36234	54	15	such	such	ADJ
ape-36234	54	16	as	as	ADP
ape-36234	54	17	market	market	NOUN
ape-36234	54	18	manipulation	manipulation	NOUN
ape-36234	54	19	,	,	PUNCT
ape-36234	54	20	insider	insider	NOUN
ape-36234	54	21	trading	trading	NOUN
ape-36234	54	22	,	,	PUNCT
ape-36234	54	23	etc	etc	X
ape-36234	54	24	.	.	X
ape-36234	55	1	these	these	DET
ape-36234	55	2	behaviors	behavior	NOUN
ape-36234	55	3	may	may	AUX
ape-36234	55	4	be	be	AUX
ape-36234	55	5	a	a	DET
ape-36234	55	6	few	few	ADJ
ape-36234	55	7	people	people	NOUN
ape-36234	55	8	or	or	CCONJ
ape-36234	55	9	institutions	institution	NOUN
ape-36234	55	10	through	through	ADP
ape-36234	55	11	false	false	ADJ
ape-36234	55	12	information	information	NOUN
ape-36234	55	13	,	,	PUNCT
ape-36234	55	14	rumors	rumor	NOUN
ape-36234	55	15	and	and	CCONJ
ape-36234	55	16	other	other	ADJ
ape-36234	55	17	means	mean	NOUN
ape-36234	55	18	to	to	PART
ape-36234	55	19	manipulate	manipulate	VERB
ape-36234	55	20	the	the	DET
ape-36234	55	21	stock	stock	NOUN
ape-36234	55	22	price	price	NOUN
ape-36234	55	23	,	,	PUNCT
ape-36234	55	24	guide	guide	VERB
ape-36234	55	25	other	other	ADJ
ape-36234	55	26	investors	investor	NOUN
ape-36234	55	27	to	to	PART
ape-36234	55	28	follow	follow	VERB
ape-36234	55	29	,	,	PUNCT
ape-36234	55	30	and	and	CCONJ
ape-36234	55	31	thus	thus	ADV
ape-36234	55	32	make	make	VERB
ape-36234	55	33	profits	profit	NOUN
ape-36234	55	34	.	.	PUNCT
ape-36234	56	1	this	this	DET
ape-36234	56	2	behavior	behavior	NOUN
ape-36234	56	3	not	not	PART
ape-36234	56	4	only	only	ADV
ape-36234	56	5	violates	violate	VERB
ape-36234	56	6	the	the	DET
ape-36234	56	7	market	market	NOUN
ape-36234	56	8	rules	rule	NOUN
ape-36234	56	9	and	and	CCONJ
ape-36234	56	10	laws	law	NOUN
ape-36234	56	11	,	,	PUNCT
ape-36234	56	12	but	but	CCONJ
ape-36234	56	13	also	also	ADV
ape-36234	56	14	damages	damage	VERB
ape-36234	56	15	the	the	DET
ape-36234	56	16	market	market	NOUN
ape-36234	56	17	fairness	fairness	NOUN
ape-36234	56	18	and	and	CCONJ
ape-36234	56	19	the	the	DET
ape-36234	56	20	interests	interest	NOUN
ape-36234	56	21	of	of	ADP
ape-36234	56	22	investors	investor	NOUN
ape-36234	56	23	.	.	PUNCT
ape-36234	57	1	2.2	2.2	NUM
ape-36234	57	2	literature	literature	NOUN
ape-36234	57	3	review	review	NOUN
ape-36234	57	4	there	there	PRON
ape-36234	57	5	are	be	VERB
ape-36234	57	6	also	also	ADV
ape-36234	57	7	three	three	NUM
ape-36234	57	8	different	different	ADJ
ape-36234	57	9	views	view	NOUN
ape-36234	57	10	on	on	ADP
ape-36234	57	11	whether	whether	SCONJ
ape-36234	57	12	herding	herd	VERB
ape-36234	57	13	behavior	behavior	NOUN
ape-36234	57	14	is	be	AUX
ape-36234	57	15	prevalent	prevalent	ADJ
ape-36234	57	16	in	in	ADP
ape-36234	57	17	the	the	DET
ape-36234	57	18	entire	entire	ADJ
ape-36234	57	19	fund	fund	NOUN
ape-36234	57	20	market	market	NOUN
ape-36234	57	21	and	and	CCONJ
ape-36234	57	22	whether	whether	SCONJ
ape-36234	57	23	herding	herd	VERB
ape-36234	57	24	behavior	behavior	NOUN
ape-36234	57	25	in	in	ADP
ape-36234	57	26	the	the	DET
ape-36234	57	27	fund	fund	NOUN
ape-36234	57	28	market	market	NOUN
ape-36234	57	29	has	have	VERB
ape-36234	57	30	a	a	DET
ape-36234	57	31	substantial	substantial	ADJ
ape-36234	57	32	impact	impact	NOUN
ape-36234	57	33	on	on	ADP
ape-36234	57	34	stock	stock	NOUN
ape-36234	57	35	price	price	NOUN
ape-36234	57	36	fluctuations	fluctuation	NOUN
ape-36234	57	37	the	the	DET
ape-36234	57	38	first	first	ADJ
ape-36234	57	39	view	view	NOUN
ape-36234	57	40	is	be	AUX
ape-36234	57	41	that	that	SCONJ
ape-36234	57	42	herding	herding	NOUN
ape-36234	57	43	behavior	behavior	NOUN
ape-36234	57	44	does	do	AUX
ape-36234	57	45	have	have	VERB
ape-36234	57	46	a	a	DET
ape-36234	57	47	substantial	substantial	ADJ
ape-36234	57	48	impact	impact	NOUN
ape-36234	57	49	on	on	ADP
ape-36234	57	50	stock	stock	NOUN
ape-36234	57	51	price	price	NOUN
ape-36234	57	52	fluctuations	fluctuation	NOUN
ape-36234	57	53	,	,	PUNCT
ape-36234	57	54	which	which	PRON
ape-36234	57	55	is	be	AUX
ape-36234	57	56	the	the	DET
ape-36234	57	57	mainstream	mainstream	ADJ
ape-36234	57	58	view	view	NOUN
ape-36234	57	59	of	of	ADP
ape-36234	57	60	the	the	DET
ape-36234	57	61	academic	academic	ADJ
ape-36234	57	62	world	world	NOUN
ape-36234	57	63	.	.	PUNCT
ape-36234	58	1	wang	wang	PROPN
ape-36234	58	2	and	and	CCONJ
ape-36234	58	3	li	li	PROPN
ape-36234	58	4	took	take	VERB
ape-36234	58	5	the	the	DET
ape-36234	58	6	data	datum	NOUN
ape-36234	58	7	of	of	ADP
ape-36234	58	8	43	43	NUM
ape-36234	58	9	quarters	quarter	NOUN
ape-36234	58	10	from	from	ADP
ape-36234	58	11	the	the	DET
ape-36234	58	12	first	first	ADJ
ape-36234	58	13	quarter	quarter	NOUN
ape-36234	58	14	of	of	ADP
ape-36234	58	15	2008	2008	NUM
ape-36234	58	16	to	to	ADP
ape-36234	58	17	the	the	DET
ape-36234	58	18	third	third	ADJ
ape-36234	58	19	quarter	quarter	NOUN
ape-36234	58	20	of	of	ADP
ape-36234	58	21	2018	2018	NUM
ape-36234	58	22	as	as	ADP
ape-36234	58	23	samples	sample	NOUN
ape-36234	58	24	,	,	PUNCT
ape-36234	58	25	and	and	CCONJ
ape-36234	58	26	divided	divide	VERB
ape-36234	58	27	the	the	DET
ape-36234	58	28	samples	sample	NOUN
ape-36234	58	29	into	into	ADP
ape-36234	58	30	three	three	NUM
ape-36234	58	31	stages	stage	NOUN
ape-36234	58	32	according	accord	VERB
ape-36234	58	33	to	to	ADP
ape-36234	58	34	the	the	DET
ape-36234	58	35	level	level	NOUN
ape-36234	58	36	of	of	ADP
ape-36234	58	37	economic	economic	ADJ
ape-36234	58	38	development	development	NOUN
ape-36234	58	39	:	:	PUNCT
ape-36234	58	40	january	january	PROPN
ape-36234	58	41	2008	2008	NUM
ape-36234	58	42	-	-	SYM
ape-36234	58	43	december	december	PROPN
ape-36234	58	44	2011	2011	NUM
ape-36234	58	45	,	,	PUNCT
ape-36234	58	46	january	january	PROPN
ape-36234	58	47	2012	2012	NUM
ape-36234	58	48	-	-	SYM
ape-36234	58	49	june	june	PROPN
ape-36234	58	50	2016	2016	NUM
ape-36234	58	51	,	,	PUNCT
ape-36234	58	52	and	and	CCONJ
ape-36234	58	53	july	july	PROPN
ape-36234	58	54	2016	2016	NUM
ape-36234	58	55	-	-	PUNCT
ape-36234	58	56	september	september	PROPN
ape-36234	58	57	2018	2018	NUM
ape-36234	58	58	.	.	PUNCT
ape-36234	59	1	through	through	ADP
ape-36234	59	2	lsv	lsv	PROPN
ape-36234	59	3	model	model	PROPN
ape-36234	59	4	and	and	CCONJ
ape-36234	59	5	var	var	PROPN
ape-36234	59	6	model	model	PROPN
ape-36234	59	7	,	,	PUNCT
ape-36234	59	8	the	the	DET
ape-36234	59	9	results	result	NOUN
ape-36234	59	10	show	show	VERB
ape-36234	59	11	that	that	SCONJ
ape-36234	59	12	the	the	DET
ape-36234	59	13	herd	herd	ADJ
ape-36234	59	14	behavior	behavior	NOUN
ape-36234	59	15	of	of	ADP
ape-36234	59	16	the	the	DET
ape-36234	59	17	fund	fund	NOUN
ape-36234	59	18	is	be	AUX
ape-36234	59	19	significant	significant	ADJ
ape-36234	59	20	,	,	PUNCT
ape-36234	59	21	and	and	CCONJ
ape-36234	59	22	the	the	DET
ape-36234	59	23	degree	degree	NOUN
ape-36234	59	24	of	of	ADP
ape-36234	59	25	herd	herd	NOUN
ape-36234	59	26	behavior	behavior	NOUN
ape-36234	59	27	is	be	AUX
ape-36234	59	28	not	not	PART
ape-36234	59	29	reduced	reduce	VERB
ape-36234	59	30	with	with	ADP
ape-36234	59	31	the	the	DET
ape-36234	59	32	increase	increase	NOUN
ape-36234	59	33	of	of	ADP
ape-36234	59	34	the	the	DET
ape-36234	59	35	number	number	NOUN
ape-36234	59	36	of	of	ADP
ape-36234	59	37	funds	fund	NOUN
ape-36234	59	38	in	in	ADP
ape-36234	59	39	our	our	PRON
ape-36234	59	40	country	country	NOUN
ape-36234	59	41	,	,	PUNCT
ape-36234	59	42	and	and	CCONJ
ape-36234	59	43	the	the	DET
ape-36234	59	44	herd	herd	ADJ
ape-36234	59	45	behavior	behavior	NOUN
ape-36234	59	46	directly	directly	ADV
ape-36234	59	47	affects	affect	VERB
ape-36234	59	48	the	the	DET
ape-36234	59	49	stock	stock	NOUN
ape-36234	59	50	price	price	NOUN
ape-36234	59	51	fluctuations	fluctuation	NOUN
ape-36234	59	52	.	.	PUNCT
ape-36234	60	1	liu	liu	PROPN
ape-36234	60	2	(	(	PUNCT
ape-36234	60	3	2018	2018	NUM
ape-36234	60	4	)	)	PUNCT
ape-36234	60	5	used	use	VERB
ape-36234	60	6	the	the	DET
ape-36234	60	7	panel	panel	NOUN
ape-36234	60	8	data	datum	NOUN
ape-36234	60	9	regression	regression	NOUN
ape-36234	60	10	method	method	NOUN
ape-36234	60	11	to	to	PART
ape-36234	60	12	analyze	analyze	VERB
ape-36234	60	13	the	the	DET
ape-36234	60	14	herding	herding	NOUN
ape-36234	60	15	effect	effect	NOUN
ape-36234	60	16	index	index	NOUN
ape-36234	60	17	of	of	ADP
ape-36234	60	18	lsv	lsv	PROPN
ape-36234	60	19	and	and	CCONJ
ape-36234	60	20	media	medium	NOUN
ape-36234	60	21	coverage	coverage	NOUN
ape-36234	60	22	factors	factor	NOUN
ape-36234	60	23	,	,	PUNCT
ape-36234	60	24	and	and	CCONJ
ape-36234	60	25	came	come	VERB
ape-36234	60	26	to	to	ADP
ape-36234	60	27	the	the	DET
ape-36234	60	28	following	follow	VERB
ape-36234	60	29	conclusion	conclusion	NOUN
ape-36234	60	30	:	:	PUNCT
ape-36234	60	31	under	under	ADP
ape-36234	60	32	the	the	DET
ape-36234	60	33	influence	influence	NOUN
ape-36234	60	34	of	of	ADP
ape-36234	60	35	public	public	ADJ
ape-36234	60	36	opinion	opinion	NOUN
ape-36234	60	37	,	,	PUNCT
ape-36234	60	38	institutional	institutional	ADJ
ape-36234	60	39	investors	investor	NOUN
ape-36234	60	40	will	will	AUX
ape-36234	60	41	also	also	ADV
ape-36234	60	42	have	have	VERB
ape-36234	60	43	“	"	PUNCT
ape-36234	60	44	herding	herd	VERB
ape-36234	60	45	behavior	behavior	NOUN
ape-36234	60	46	,	,	PUNCT
ape-36234	60	47	”	"	PUNCT
ape-36234	60	48	which	which	PRON
ape-36234	60	49	will	will	AUX
ape-36234	60	50	have	have	VERB
ape-36234	60	51	an	an	DET
ape-36234	60	52	impact	impact	NOUN
ape-36234	60	53	on	on	ADP
ape-36234	60	54	stock	stock	NOUN
ape-36234	60	55	prices	price	NOUN
ape-36234	60	56	.	.	PUNCT
ape-36234	61	1	gao	gao	PROPN
ape-36234	61	2	,	,	PUNCT
ape-36234	61	3	yang	yang	PROPN
ape-36234	61	4	,	,	PUNCT
ape-36234	61	5	and	and	CCONJ
ape-36234	61	6	ye	ye	PRON
ape-36234	61	7	(	(	PUNCT
ape-36234	61	8	2017	2017	NUM
ape-36234	61	9	)	)	PUNCT
ape-36234	61	10	found	find	VERB
ape-36234	61	11	that	that	SCONJ
ape-36234	61	12	as	as	ADP
ape-36234	61	13	a	a	DET
ape-36234	61	14	result	result	NOUN
ape-36234	61	15	,	,	PUNCT
ape-36234	61	16	the	the	DET
ape-36234	61	17	amount	amount	NOUN
ape-36234	61	18	of	of	ADP
ape-36234	61	19	institutional	institutional	ADJ
ape-36234	61	20	investors	investor	NOUN
ape-36234	61	21	’	'	PUNCT
ape-36234	61	22	holdings	holding	NOUN
ape-36234	61	23	played	play	VERB
ape-36234	61	24	a	a	DET
ape-36234	61	25	significant	significant	ADJ
ape-36234	61	26	role	role	NOUN
ape-36234	61	27	in	in	ADP
ape-36234	61	28	reducing	reduce	VERB
ape-36234	61	29	stock	stock	NOUN
ape-36234	61	30	price	price	NOUN
ape-36234	61	31	boom	boom	NOUN
ape-36234	61	32	and	and	CCONJ
ape-36234	61	33	crash	crash	NOUN
ape-36234	61	34	.	.	PUNCT
ape-36234	62	1	the	the	DET
ape-36234	62	2	second	second	ADJ
ape-36234	62	3	view	view	NOUN
ape-36234	62	4	is	be	AUX
ape-36234	62	5	that	that	SCONJ
ape-36234	62	6	the	the	DET
ape-36234	62	7	open	open	ADJ
ape-36234	62	8	-	-	PUNCT
ape-36234	62	9	end	end	NOUN
ape-36234	62	10	fund	fund	NOUN
ape-36234	62	11	herd	herd	NOUN
ape-36234	62	12	behavior	behavior	NOUN
ape-36234	62	13	will	will	AUX
ape-36234	62	14	not	not	PART
ape-36234	62	15	have	have	VERB
ape-36234	62	16	a	a	DET
ape-36234	62	17	bad	bad	ADJ
ape-36234	62	18	impact	impact	NOUN
ape-36234	62	19	on	on	ADP
ape-36234	62	20	stock	stock	NOUN
ape-36234	62	21	price	price	NOUN
ape-36234	62	22	fluctuations	fluctuation	NOUN
ape-36234	62	23	.	.	PUNCT
ape-36234	63	1	qin	qin	PROPN
ape-36234	63	2	(	(	PUNCT
ape-36234	63	3	2018	2018	NUM
ape-36234	63	4	)	)	PUNCT
ape-36234	63	5	concluded	conclude	VERB
ape-36234	63	6	through	through	ADP
ape-36234	63	7	the	the	DET
ape-36234	63	8	combination	combination	NOUN
ape-36234	63	9	of	of	ADP
ape-36234	63	10	literature	literature	NOUN
ape-36234	63	11	research	research	NOUN
ape-36234	63	12	,	,	PUNCT
ape-36234	63	13	theoretical	theoretical	ADJ
ape-36234	63	14	analysis	analysis	NOUN
ape-36234	63	15	and	and	CCONJ
ape-36234	63	16	empirical	empirical	ADJ
ape-36234	63	17	analysis	analysis	NOUN
ape-36234	63	18	that	that	SCONJ
ape-36234	63	19	institutional	institutional	ADJ
ape-36234	63	20	investors	investor	NOUN
ape-36234	63	21	play	play	VERB
ape-36234	63	22	the	the	DET
ape-36234	63	23	role	role	NOUN
ape-36234	63	24	of	of	ADP
ape-36234	63	25	market	market	NOUN
ape-36234	63	26	stabilizer	stabilizer	NOUN
ape-36234	63	27	and	and	CCONJ
ape-36234	63	28	can	can	AUX
ape-36234	63	29	reduce	reduce	VERB
ape-36234	63	30	the	the	DET
ape-36234	63	31	stock	stock	NOUN
ape-36234	63	32	price	price	NOUN
ape-36234	63	33	fluctuations	fluctuation	NOUN
ape-36234	63	34	of	of	ADP
ape-36234	63	35	gem	gem	NOUN
ape-36234	63	36	.	.	PUNCT
ape-36234	64	1	in	in	ADP
ape-36234	64	2	addition	addition	NOUN
ape-36234	64	3	,	,	PUNCT
ape-36234	64	4	compared	compare	VERB
ape-36234	64	5	with	with	ADP
ape-36234	64	6	buying	buy	VERB
ape-36234	64	7	herd	herd	NOUN
ape-36234	64	8	behavior	behavior	NOUN
ape-36234	64	9	,	,	PUNCT
ape-36234	64	10	selling	sell	VERB
ape-36234	64	11	herd	herd	NOUN
ape-36234	64	12	behavior	behavior	NOUN
ape-36234	64	13	contains	contain	VERB
ape-36234	64	14	more	more	ADJ
ape-36234	64	15	stock	stock	NOUN
ape-36234	64	16	price	price	NOUN
ape-36234	64	17	information	information	NOUN
ape-36234	64	18	,	,	PUNCT
ape-36234	64	19	which	which	PRON
ape-36234	64	20	can	can	AUX
ape-36234	64	21	better	well	ADV
ape-36234	64	22	stabilize	stabilize	VERB
ape-36234	64	23	the	the	DET
ape-36234	64	24	stock	stock	NOUN
ape-36234	64	25	price	price	NOUN
ape-36234	64	26	of	of	ADP
ape-36234	64	27	gem	gem	NOUN
ape-36234	64	28	market	market	NOUN
ape-36234	64	29	.	.	PUNCT
ape-36234	65	1	du	du	PROPN
ape-36234	65	2	and	and	CCONJ
ape-36234	65	3	wang	wang	PROPN
ape-36234	65	4	(	(	PUNCT
ape-36234	65	5	2005	2005	NUM
ape-36234	65	6	)	)	PUNCT
ape-36234	65	7	suggest	suggest	VERB
ape-36234	65	8	that	that	SCONJ
ape-36234	65	9	through	through	ADP
ape-36234	65	10	empirical	empirical	ADJ
ape-36234	65	11	research	research	NOUN
ape-36234	65	12	,	,	PUNCT
ape-36234	65	13	securities	security	NOUN
ape-36234	65	14	investment	investment	NOUN
ape-36234	65	15	fund	fund	NOUN
ape-36234	65	16	herd	herd	NOUN
ape-36234	65	17	behavior	behavior	NOUN
ape-36234	65	18	has	have	VERB
ape-36234	65	19	a	a	DET
ape-36234	65	20	positive	positive	ADJ
ape-36234	65	21	effect	effect	NOUN
ape-36234	65	22	on	on	ADP
ape-36234	65	23	stock	stock	NOUN
ape-36234	65	24	price	price	NOUN
ape-36234	65	25	fluctuations	fluctuation	NOUN
ape-36234	65	26	,	,	PUNCT
ape-36234	65	27	and	and	CCONJ
ape-36234	65	28	the	the	DET
ape-36234	65	29	positive	positive	ADJ
ape-36234	65	30	effect	effect	NOUN
ape-36234	65	31	is	be	AUX
ape-36234	65	32	long	long	ADJ
ape-36234	65	33	-	-	PUNCT
ape-36234	65	34	term	term	NOUN
ape-36234	65	35	,	,	PUNCT
ape-36234	65	36	moderate	moderate	ADJ
ape-36234	65	37	herd	herd	NOUN
ape-36234	65	38	behavior	behavior	NOUN
ape-36234	65	39	can	can	AUX
ape-36234	65	40	accelerate	accelerate	VERB
ape-36234	65	41	the	the	DET
ape-36234	65	42	stock	stock	NOUN
ape-36234	65	43	market	market	NOUN
ape-36234	65	44	for	for	ADP
ape-36234	65	45	the	the	DET
ape-36234	65	46	new	new	ADJ
ape-36234	65	47	information	information	NOUN
ape-36234	65	48	understanding	understanding	NOUN
ape-36234	65	49	and	and	CCONJ
ape-36234	65	50	feedback	feedback	NOUN
ape-36234	65	51	,	,	PUNCT
ape-36234	65	52	makes	make	VERB
ape-36234	65	53	the	the	DET
ape-36234	65	54	share	share	NOUN
ape-36234	65	55	price	price	NOUN
ape-36234	65	56	to	to	PART
ape-36234	65	57	reduce	reduce	VERB
ape-36234	65	58	volatility	volatility	NOUN
ape-36234	65	59	,	,	PUNCT
ape-36234	65	60	faster	fast	ADV
ape-36234	65	61	back	back	ADV
ape-36234	65	62	to	to	PART
ape-36234	65	63	reflect	reflect	VERB
ape-36234	65	64	the	the	DET
ape-36234	65	65	economic	economic	ADJ
ape-36234	65	66	fundamentals	fundamental	NOUN
ape-36234	65	67	.	.	PUNCT
ape-36234	66	1	zhou	zhou	PROPN
ape-36234	66	2	and	and	CCONJ
ape-36234	66	3	peng	peng	PROPN
ape-36234	66	4	(	(	PUNCT
ape-36234	66	5	2007	2007	NUM
ape-36234	66	6	)	)	PUNCT
ape-36234	66	7	using	use	VERB
ape-36234	66	8	the	the	DET
ape-36234	66	9	shanghai	shanghai	PROPN
ape-36234	66	10	index	index	NOUN
ape-36234	66	11	and	and	CCONJ
ape-36234	66	12	the	the	DET
ape-36234	66	13	shenzhen	shenzhen	PROPN
ape-36234	66	14	component	component	PROPN
ape-36234	66	15	index	index	PROPN
ape-36234	66	16	present	present	VERB
ape-36234	66	17	specific	specific	ADJ
ape-36234	66	18	yield	yield	NOUN
ape-36234	66	19	as	as	ADP
ape-36234	66	20	experimental	experimental	ADJ
ape-36234	66	21	sample	sample	NOUN
ape-36234	66	22	analysis	analysis	NOUN
ape-36234	66	23	,	,	PUNCT
ape-36234	66	24	the	the	DET
ape-36234	66	25	results	result	NOUN
ape-36234	66	26	show	show	VERB
ape-36234	66	27	that	that	SCONJ
ape-36234	66	28	when	when	SCONJ
ape-36234	66	29	the	the	DET
ape-36234	66	30	institutional	institutional	ADJ
ape-36234	66	31	investors	investor	NOUN
ape-36234	66	32	began	begin	VERB
ape-36234	66	33	to	to	PART
ape-36234	66	34	develop	develop	VERB
ape-36234	66	35	,	,	PUNCT
ape-36234	66	36	the	the	DET
ape-36234	66	37	market	market	NOUN
ape-36234	66	38	yields	yield	NOUN
ape-36234	66	39	appeared	appear	VERB
ape-36234	66	40	obvious	obvious	ADJ
ape-36234	66	41	volatility	volatility	NOUN
ape-36234	66	42	,	,	PUNCT
ape-36234	66	43	but	but	CCONJ
ape-36234	66	44	the	the	DET
ape-36234	66	45	stability	stability	NOUN
ape-36234	66	46	of	of	ADP
ape-36234	66	47	volatility	volatility	NOUN
ape-36234	66	48	increases	increase	NOUN
ape-36234	66	49	,	,	PUNCT
ape-36234	66	50	so	so	SCONJ
ape-36234	66	51	that	that	SCONJ
ape-36234	66	52	institutional	institutional	ADJ
ape-36234	66	53	investors	investor	NOUN
ape-36234	66	54	can	can	AUX
ape-36234	66	55	stabilize	stabilize	VERB
ape-36234	66	56	the	the	DET
ape-36234	66	57	stock	stock	NOUN
ape-36234	66	58	market	market	NOUN
ape-36234	66	59	.	.	PUNCT
ape-36234	67	1	after	after	ADP
ape-36234	67	2	saying	say	VERB
ape-36234	67	3	the	the	DET
ape-36234	67	4	first	first	ADJ
ape-36234	67	5	two	two	NUM
ape-36234	67	6	views	view	NOUN
ape-36234	67	7	,	,	PUNCT
ape-36234	67	8	it	it	PRON
ape-36234	67	9	is	be	AUX
ape-36234	67	10	clear	clear	ADJ
ape-36234	67	11	that	that	SCONJ
ape-36234	67	12	the	the	DET
ape-36234	67	13	third	third	ADJ
ape-36234	67	14	view	view	NOUN
ape-36234	67	15	that	that	SCONJ
ape-36234	67	16	the	the	DET
ape-36234	67	17	fund	fund	NOUN
ape-36234	67	18	herd	herd	NOUN
ape-36234	67	19	behavior	behavior	NOUN
ape-36234	67	20	and	and	CCONJ
ape-36234	67	21	stock	stock	NOUN
ape-36234	67	22	price	price	NOUN
ape-36234	67	23	fluctuations	fluctuation	NOUN
ape-36234	67	24	have	have	AUX
ape-36234	67	25	no	no	DET
ape-36234	67	26	clear	clear	ADJ
ape-36234	67	27	connection	connection	NOUN
ape-36234	67	28	.	.	PUNCT
ape-36234	68	1	zhang	zhang	PROPN
ape-36234	68	2	,	,	PUNCT
ape-36234	68	3	jiang	jiang	PROPN
ape-36234	68	4	,	,	PUNCT
ape-36234	68	5	and	and	CCONJ
ape-36234	68	6	ni	ni	PROPN
ape-36234	68	7	(	(	PUNCT
ape-36234	68	8	2021	2021	NUM
ape-36234	68	9	)	)	PUNCT
ape-36234	68	10	based	base	VERB
ape-36234	68	11	on	on	ADP
ape-36234	68	12	no	no	DET
ape-36234	68	13	arbitrage	arbitrage	NOUN
ape-36234	68	14	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-36234	68	15	advances	advance	NOUN
ape-36234	68	16	in	in	ADP
ape-36234	68	17	politics	politic	NOUN
ape-36234	68	18	and	and	CCONJ
ape-36234	68	19	economics	economic	NOUN
ape-36234	68	20	vol	vol	NOUN
ape-36234	68	21	.	.	PUNCT
ape-36234	69	1	7	7	NUM
ape-36234	69	2	,	,	PUNCT
ape-36234	69	3	no	no	INTJ
ape-36234	69	4	.	.	NOUN
ape-36234	69	5	2	2	NUM
ape-36234	69	6	,	,	PUNCT
ape-36234	69	7	2024	2024	NUM
ape-36234	69	8	5	5	NUM
ape-36234	69	9	published	publish	VERB
ape-36234	69	10	by	by	ADP
ape-36234	69	11	scholink	scholink	PROPN
ape-36234	69	12	inc	inc	PROPN
ape-36234	69	13	.	.	PROPN
ape-36234	69	14	principle	principle	NOUN
ape-36234	69	15	and	and	CCONJ
ape-36234	69	16	options	option	NOUN
ape-36234	69	17	game	game	NOUN
ape-36234	69	18	method	method	NOUN
ape-36234	69	19	and	and	CCONJ
ape-36234	69	20	the	the	DET
ape-36234	69	21	least	least	ADJ
ape-36234	69	22	square	square	ADJ
ape-36234	69	23	monte	monte	PROPN
ape-36234	69	24	carlo	carlo	PROPN
ape-36234	69	25	method	method	PROPN
ape-36234	69	26	solution	solution	NOUN
ape-36234	69	27	model	model	NOUN
ape-36234	69	28	,	,	PUNCT
ape-36234	69	29	for	for	SCONJ
ape-36234	69	30	the	the	DET
ape-36234	69	31	information	information	NOUN
ape-36234	69	32	is	be	AUX
ape-36234	69	33	incomplete	incomplete	ADJ
ape-36234	69	34	and	and	CCONJ
ape-36234	69	35	asymmetric	asymmetric	ADJ
ape-36234	69	36	market	market	NOUN
ape-36234	69	37	,	,	PUNCT
ape-36234	69	38	under	under	ADP
ape-36234	69	39	the	the	DET
ape-36234	69	40	condition	condition	NOUN
ape-36234	69	41	of	of	ADP
ape-36234	69	42	the	the	DET
ape-36234	69	43	same	same	ADJ
ape-36234	69	44	information	information	NOUN
ape-36234	69	45	asymmetry	asymmetry	NOUN
ape-36234	69	46	,	,	PUNCT
ape-36234	69	47	the	the	DET
ape-36234	69	48	information	information	NOUN
ape-36234	69	49	degree	degree	NOUN
ape-36234	69	50	is	be	AUX
ape-36234	69	51	not	not	PART
ape-36234	69	52	high	high	ADJ
ape-36234	69	53	,	,	PUNCT
ape-36234	69	54	herd	herd	NOUN
ape-36234	69	55	behavior	behavior	NOUN
ape-36234	69	56	can	can	AUX
ape-36234	69	57	suppress	suppress	VERB
ape-36234	69	58	stock	stock	NOUN
ape-36234	69	59	price	price	NOUN
ape-36234	69	60	fluctuations	fluctuation	NOUN
ape-36234	69	61	,	,	PUNCT
ape-36234	69	62	and	and	CCONJ
ape-36234	69	63	when	when	SCONJ
ape-36234	69	64	the	the	DET
ape-36234	69	65	information	information	NOUN
ape-36234	69	66	advantage	advantage	NOUN
ape-36234	69	67	prominent	prominent	NOUN
ape-36234	69	68	will	will	AUX
ape-36234	69	69	enlarge	enlarge	VERB
ape-36234	69	70	share	share	NOUN
ape-36234	69	71	price	price	NOUN
ape-36234	69	72	fluctuations	fluctuation	NOUN
ape-36234	69	73	.	.	PUNCT
ape-36234	70	1	zhang	zhang	PROPN
ape-36234	70	2	,	,	PUNCT
ape-36234	70	3	li	li	PROPN
ape-36234	70	4	through	through	ADP
ape-36234	70	5	research	research	NOUN
ape-36234	70	6	from	from	ADP
ape-36234	70	7	1999	1999	NUM
ape-36234	70	8	to	to	ADP
ape-36234	70	9	2003	2003	NUM
ape-36234	70	10	closed	close	VERB
ape-36234	70	11	-	-	PUNCT
ape-36234	70	12	end	end	NOUN
ape-36234	70	13	fund	fund	NOUN
ape-36234	70	14	investment	investment	NOUN
ape-36234	70	15	data	datum	NOUN
ape-36234	70	16	,	,	PUNCT
ape-36234	70	17	the	the	DET
ape-36234	70	18	results	result	NOUN
ape-36234	70	19	:	:	PUNCT
ape-36234	70	20	closed	close	VERB
ape-36234	70	21	-	-	PUNCT
ape-36234	70	22	end	end	NOUN
ape-36234	70	23	foundation	foundation	NOUN
ape-36234	70	24	through	through	ADP
ape-36234	70	25	positive	positive	ADJ
ape-36234	70	26	feedback	feedback	NOUN
ape-36234	70	27	investment	investment	NOUN
ape-36234	70	28	trading	trading	NOUN
ape-36234	70	29	behavior	behavior	NOUN
ape-36234	70	30	,	,	PUNCT
ape-36234	70	31	this	this	DET
ape-36234	70	32	behavior	behavior	NOUN
ape-36234	70	33	has	have	VERB
ape-36234	70	34	strong	strong	ADJ
ape-36234	70	35	influence	influence	NOUN
ape-36234	70	36	,	,	PUNCT
ape-36234	70	37	will	will	AUX
ape-36234	70	38	bring	bring	VERB
ape-36234	70	39	more	more	ADJ
ape-36234	70	40	serious	serious	ADJ
ape-36234	70	41	herd	herd	NOUN
ape-36234	70	42	behavior	behavior	NOUN
ape-36234	70	43	to	to	ADP
ape-36234	70	44	the	the	DET
ape-36234	70	45	market	market	NOUN
ape-36234	70	46	,	,	PUNCT
ape-36234	70	47	and	and	CCONJ
ape-36234	70	48	the	the	DET
ape-36234	70	49	emergence	emergence	NOUN
ape-36234	70	50	of	of	ADP
ape-36234	70	51	these	these	DET
ape-36234	70	52	phenomena	phenomenon	NOUN
ape-36234	70	53	is	be	AUX
ape-36234	70	54	unfavorable	unfavorable	ADJ
ape-36234	70	55	to	to	ADP
ape-36234	70	56	the	the	DET
ape-36234	70	57	long	long	ADJ
ape-36234	70	58	-	-	PUNCT
ape-36234	70	59	term	term	NOUN
ape-36234	70	60	stability	stability	NOUN
ape-36234	70	61	of	of	ADP
ape-36234	70	62	the	the	DET
ape-36234	70	63	stock	stock	NOUN
ape-36234	70	64	market	market	NOUN
ape-36234	70	65	,	,	PUNCT
ape-36234	70	66	however	however	ADV
ape-36234	70	67	,	,	PUNCT
ape-36234	70	68	the	the	DET
ape-36234	70	69	study	study	NOUN
ape-36234	70	70	also	also	ADV
ape-36234	70	71	shows	show	VERB
ape-36234	70	72	that	that	SCONJ
ape-36234	70	73	in	in	ADP
ape-36234	70	74	the	the	DET
ape-36234	70	75	securities	security	NOUN
ape-36234	70	76	investment	investment	NOUN
ape-36234	70	77	fund	fund	NOUN
ape-36234	70	78	market	market	NOUN
ape-36234	70	79	,	,	PUNCT
ape-36234	70	80	sell	sell	VERB
ape-36234	70	81	sheep	sheep	NOUN
ape-36234	70	82	behavior	behavior	NOUN
ape-36234	70	83	can	can	AUX
ape-36234	70	84	calm	calm	VERB
ape-36234	70	85	stock	stock	NOUN
ape-36234	70	86	price	price	NOUN
ape-36234	70	87	fluctuations	fluctuation	NOUN
ape-36234	70	88	.	.	PUNCT
ape-36234	71	1	3	3	X
ape-36234	71	2	.	.	X
ape-36234	71	3	industry	industry	NOUN
ape-36234	71	4	characteristics	characteristic	NOUN
ape-36234	71	5	and	and	CCONJ
ape-36234	71	6	cause	cause	VERB
ape-36234	71	7	analysis	analysis	NOUN
ape-36234	71	8	3.1	3.1	NUM
ape-36234	71	9	open	open	ADJ
ape-36234	71	10	-	-	PUNCT
ape-36234	71	11	end	end	NOUN
ape-36234	71	12	fund	fund	NOUN
ape-36234	71	13	meaning	meaning	NOUN
ape-36234	71	14	and	and	CCONJ
ape-36234	71	15	characteristics	characteristic	NOUN
ape-36234	71	16	3.1.1	3.1.1	NUM
ape-36234	71	17	implication	implication	NOUN
ape-36234	71	18	open	open	ADJ
ape-36234	71	19	-	-	PUNCT
ape-36234	71	20	end	end	NOUN
ape-36234	71	21	fund	fund	NOUN
ape-36234	71	22	(	(	PUNCT
ape-36234	71	23	open	open	ADJ
ape-36234	71	24	-	-	PUNCT
ape-36234	71	25	end	end	NOUN
ape-36234	71	26	funds	fund	NOUN
ape-36234	71	27	)	)	PUNCT
ape-36234	71	28	,	,	PUNCT
ape-36234	71	29	also	also	ADV
ape-36234	71	30	known	know	VERB
ape-36234	71	31	as	as	ADP
ape-36234	71	32	mutual	mutual	ADJ
ape-36234	71	33	fund	fund	NOUN
ape-36234	71	34	,	,	PUNCT
ape-36234	71	35	refers	refer	VERB
ape-36234	71	36	to	to	ADP
ape-36234	71	37	the	the	DET
ape-36234	71	38	fund	fund	NOUN
ape-36234	71	39	sponsors	sponsor	NOUN
ape-36234	71	40	in	in	ADP
ape-36234	71	41	setting	set	VERB
ape-36234	71	42	up	up	ADP
ape-36234	71	43	fund	fund	NOUN
ape-36234	71	44	,	,	PUNCT
ape-36234	71	45	fund	fund	NOUN
ape-36234	71	46	business	business	NOUN
ape-36234	71	47	unit	unit	NOUN
ape-36234	71	48	or	or	CCONJ
ape-36234	71	49	total	total	ADJ
ape-36234	71	50	size	size	NOUN
ape-36234	71	51	is	be	AUX
ape-36234	71	52	not	not	PART
ape-36234	71	53	fixed	fix	VERB
ape-36234	71	54	,	,	PUNCT
ape-36234	71	55	can	can	AUX
ape-36234	71	56	according	accord	VERB
ape-36234	71	57	to	to	ADP
ape-36234	71	58	the	the	DET
ape-36234	71	59	real	real	ADJ
ape-36234	71	60	-	-	PUNCT
ape-36234	71	61	time	time	NOUN
ape-36234	71	62	investors	investor	NOUN
ape-36234	71	63	,	,	PUNCT
ape-36234	71	64	at	at	ADP
ape-36234	71	65	any	any	DET
ape-36234	71	66	time	time	NOUN
ape-36234	71	67	to	to	PART
ape-36234	71	68	sell	sell	VERB
ape-36234	71	69	investors	investor	NOUN
ape-36234	71	70	fund	fund	NOUN
ape-36234	71	71	units	unit	NOUN
ape-36234	71	72	or	or	CCONJ
ape-36234	71	73	shares	share	NOUN
ape-36234	71	74	,	,	PUNCT
ape-36234	71	75	and	and	CCONJ
ape-36234	71	76	can	can	AUX
ape-36234	71	77	redeem	redeem	VERB
ape-36234	71	78	at	at	ADP
ape-36234	71	79	the	the	DET
ape-36234	71	80	request	request	NOUN
ape-36234	71	81	of	of	ADP
ape-36234	71	82	investors	investor	NOUN
ape-36234	71	83	issued	issue	VERB
ape-36234	71	84	the	the	DET
ape-36234	71	85	fund	fund	NOUN
ape-36234	71	86	units	unit	NOUN
ape-36234	71	87	or	or	CCONJ
ape-36234	71	88	shares	share	NOUN
ape-36234	71	89	of	of	ADP
ape-36234	71	90	a	a	DET
ape-36234	71	91	fund	fund	NOUN
ape-36234	71	92	operation	operation	NOUN
ape-36234	71	93	mode	mode	NOUN
ape-36234	71	94	.	.	PUNCT
ape-36234	72	1	investors	investor	NOUN
ape-36234	72	2	can	can	AUX
ape-36234	72	3	not	not	PART
ape-36234	72	4	only	only	ADV
ape-36234	72	5	increase	increase	VERB
ape-36234	72	6	the	the	DET
ape-36234	72	7	fund	fund	NOUN
ape-36234	72	8	assets	asset	NOUN
ape-36234	72	9	and	and	CCONJ
ape-36234	72	10	size	size	NOUN
ape-36234	72	11	of	of	ADP
ape-36234	72	12	the	the	DET
ape-36234	72	13	fund	fund	NOUN
ape-36234	72	14	through	through	ADP
ape-36234	72	15	the	the	DET
ape-36234	72	16	seller	seller	NOUN
ape-36234	72	17	’s	’s	PART
ape-36234	72	18	institutions	institution	NOUN
ape-36234	72	19	,	,	PUNCT
ape-36234	72	20	but	but	CCONJ
ape-36234	72	21	also	also	ADV
ape-36234	72	22	sell	sell	VERB
ape-36234	72	23	the	the	DET
ape-36234	72	24	fund	fund	NOUN
ape-36234	72	25	shares	share	NOUN
ape-36234	72	26	to	to	PART
ape-36234	72	27	reduce	reduce	VERB
ape-36234	72	28	the	the	DET
ape-36234	72	29	fund	fund	NOUN
ape-36234	72	30	assets	asset	NOUN
ape-36234	72	31	and	and	CCONJ
ape-36234	72	32	size	size	NOUN
ape-36234	72	33	.	.	PUNCT
ape-36234	73	1	3.1.2	3.1.2	NUM
ape-36234	73	2	characteristic	characteristic	ADJ
ape-36234	73	3	(	(	PUNCT
ape-36234	73	4	1	1	NUM
ape-36234	73	5	)	)	PUNCT
ape-36234	73	6	good	good	ADJ
ape-36234	73	7	liquidity	liquidity	NOUN
ape-36234	73	8	:	:	PUNCT
ape-36234	73	9	open	open	ADJ
ape-36234	73	10	-	-	PUNCT
ape-36234	73	11	end	end	NOUN
ape-36234	73	12	funds	fund	NOUN
ape-36234	73	13	can	can	AUX
ape-36234	73	14	be	be	AUX
ape-36234	73	15	bought	buy	VERB
ape-36234	73	16	and	and	CCONJ
ape-36234	73	17	sold	sell	VERB
ape-36234	73	18	directly	directly	ADV
ape-36234	73	19	on	on	ADP
ape-36234	73	20	the	the	DET
ape-36234	73	21	exchange	exchange	NOUN
ape-36234	73	22	,	,	PUNCT
ape-36234	73	23	investors	investor	NOUN
ape-36234	73	24	can	can	AUX
ape-36234	73	25	buy	buy	VERB
ape-36234	73	26	or	or	CCONJ
ape-36234	73	27	redeem	redeem	VERB
ape-36234	73	28	shares	share	NOUN
ape-36234	73	29	at	at	ADP
ape-36234	73	30	any	any	DET
ape-36234	73	31	time	time	NOUN
ape-36234	73	32	,	,	PUNCT
ape-36234	73	33	very	very	ADV
ape-36234	73	34	flexible	flexible	ADJ
ape-36234	73	35	.	.	PUNCT
ape-36234	74	1	(	(	PUNCT
ape-36234	74	2	2	2	X
ape-36234	74	3	)	)	PUNCT
ape-36234	74	4	asset	asset	NOUN
ape-36234	74	5	allocation	allocation	NOUN
ape-36234	74	6	:	:	PUNCT
ape-36234	74	7	open	open	ADJ
ape-36234	74	8	-	-	PUNCT
ape-36234	74	9	end	end	NOUN
ape-36234	74	10	funds	fund	NOUN
ape-36234	74	11	allocate	allocate	VERB
ape-36234	74	12	assets	asset	NOUN
ape-36234	74	13	according	accord	VERB
ape-36234	74	14	to	to	ADP
ape-36234	74	15	the	the	DET
ape-36234	74	16	investment	investment	NOUN
ape-36234	74	17	decisions	decision	NOUN
ape-36234	74	18	of	of	ADP
ape-36234	74	19	fund	fund	NOUN
ape-36234	74	20	managers	manager	NOUN
ape-36234	74	21	to	to	PART
ape-36234	74	22	diversify	diversify	VERB
ape-36234	74	23	risks	risk	NOUN
ape-36234	74	24	and	and	CCONJ
ape-36234	74	25	diversify	diversify	VERB
ape-36234	74	26	investment	investment	NOUN
ape-36234	74	27	varieties	variety	NOUN
ape-36234	74	28	.	.	PUNCT
ape-36234	75	1	(	(	PUNCT
ape-36234	75	2	3	3	X
ape-36234	75	3	)	)	PUNCT
ape-36234	75	4	transparency	transparency	NOUN
ape-36234	75	5	:	:	PUNCT
ape-36234	75	6	open	open	ADJ
ape-36234	75	7	-	-	PUNCT
ape-36234	75	8	end	end	NOUN
ape-36234	75	9	funds	fund	NOUN
ape-36234	75	10	disclose	disclose	VERB
ape-36234	75	11	their	their	PRON
ape-36234	75	12	portfolios	portfolio	NOUN
ape-36234	75	13	and	and	CCONJ
ape-36234	75	14	net	net	ADJ
ape-36234	75	15	worth	worth	NOUN
ape-36234	75	16	,	,	PUNCT
ape-36234	75	17	and	and	CCONJ
ape-36234	75	18	investors	investor	NOUN
ape-36234	75	19	can	can	AUX
ape-36234	75	20	learn	learn	VERB
ape-36234	75	21	about	about	ADP
ape-36234	75	22	their	their	PRON
ape-36234	75	23	holdings	holding	NOUN
ape-36234	75	24	.	.	PUNCT
ape-36234	76	1	(	(	PUNCT
ape-36234	76	2	4	4	X
ape-36234	76	3	)	)	PUNCT
ape-36234	76	4	simple	simple	ADJ
ape-36234	76	5	procedures	procedure	NOUN
ape-36234	76	6	:	:	PUNCT
ape-36234	76	7	investors	investor	NOUN
ape-36234	76	8	only	only	ADV
ape-36234	76	9	need	need	VERB
ape-36234	76	10	to	to	PART
ape-36234	76	11	buy	buy	VERB
ape-36234	76	12	fund	fund	NOUN
ape-36234	76	13	shares	share	NOUN
ape-36234	76	14	to	to	PART
ape-36234	76	15	participate	participate	VERB
ape-36234	76	16	in	in	ADP
ape-36234	76	17	the	the	DET
ape-36234	76	18	investment	investment	NOUN
ape-36234	76	19	of	of	ADP
ape-36234	76	20	the	the	DET
ape-36234	76	21	fund	fund	NOUN
ape-36234	76	22	,	,	PUNCT
ape-36234	76	23	do	do	AUX
ape-36234	76	24	not	not	PART
ape-36234	76	25	need	need	VERB
ape-36234	76	26	to	to	PART
ape-36234	76	27	carry	carry	VERB
ape-36234	76	28	out	out	ADP
ape-36234	76	29	tedious	tedious	ADJ
ape-36234	76	30	investment	investment	NOUN
ape-36234	76	31	management	management	NOUN
ape-36234	76	32	work	work	NOUN
ape-36234	76	33	.	.	PUNCT
ape-36234	77	1	(	(	PUNCT
ape-36234	77	2	5	5	X
ape-36234	77	3	)	)	PUNCT
ape-36234	77	4	risk	risk	NOUN
ape-36234	77	5	control	control	NOUN
ape-36234	77	6	:	:	PUNCT
ape-36234	77	7	fund	fund	NOUN
ape-36234	77	8	companies	company	NOUN
ape-36234	77	9	make	make	VERB
ape-36234	77	10	use	use	NOUN
ape-36234	77	11	of	of	ADP
ape-36234	77	12	their	their	PRON
ape-36234	77	13	professional	professional	ADJ
ape-36234	77	14	and	and	CCONJ
ape-36234	77	15	information	information	NOUN
ape-36234	77	16	advantages	advantage	NOUN
ape-36234	77	17	to	to	PART
ape-36234	77	18	conduct	conduct	VERB
ape-36234	77	19	risk	risk	NOUN
ape-36234	77	20	control	control	NOUN
ape-36234	77	21	and	and	CCONJ
ape-36234	77	22	investment	investment	NOUN
ape-36234	77	23	management	management	NOUN
ape-36234	77	24	of	of	ADP
ape-36234	77	25	funds	fund	NOUN
ape-36234	77	26	,	,	PUNCT
ape-36234	77	27	which	which	PRON
ape-36234	77	28	can	can	AUX
ape-36234	77	29	better	well	ADV
ape-36234	77	30	protect	protect	VERB
ape-36234	77	31	the	the	DET
ape-36234	77	32	interests	interest	NOUN
ape-36234	77	33	of	of	ADP
ape-36234	77	34	investors	investor	NOUN
ape-36234	77	35	and	and	CCONJ
ape-36234	77	36	maximize	maximize	VERB
ape-36234	77	37	the	the	DET
ape-36234	77	38	returns	return	NOUN
ape-36234	77	39	.	.	PUNCT
ape-36234	78	1	3.2	3.2	NUM
ape-36234	78	2	open	open	ADV
ape-36234	78	3	-	-	PUNCT
ape-36234	78	4	ended	end	VERB
ape-36234	78	5	funds	fund	NOUN
ape-36234	78	6	affect	affect	VERB
ape-36234	78	7	the	the	DET
ape-36234	78	8	stock	stock	NOUN
ape-36234	78	9	market	market	NOUN
ape-36234	78	10	volatility	volatility	NOUN
ape-36234	78	11	reasons	reason	NOUN
ape-36234	78	12	china	china	PROPN
ape-36234	78	13	’s	’s	PART
ape-36234	78	14	open	open	ADJ
ape-36234	78	15	-	-	PUNCT
ape-36234	78	16	end	end	NOUN
ape-36234	78	17	stock	stock	NOUN
ape-36234	78	18	funds	fund	NOUN
ape-36234	78	19	mainly	mainly	ADV
ape-36234	78	20	in	in	ADP
ape-36234	78	21	the	the	DET
ape-36234	78	22	secondary	secondary	ADJ
ape-36234	78	23	market	market	NOUN
ape-36234	78	24	to	to	PART
ape-36234	78	25	invest	invest	VERB
ape-36234	78	26	in	in	ADP
ape-36234	78	27	the	the	DET
ape-36234	78	28	stocks	stock	NOUN
ape-36234	78	29	of	of	ADP
ape-36234	78	30	listed	list	VERB
ape-36234	78	31	companies	company	NOUN
ape-36234	78	32	.	.	PUNCT
ape-36234	79	1	as	as	SCONJ
ape-36234	79	2	the	the	DET
ape-36234	79	3	number	number	NOUN
ape-36234	79	4	and	and	CCONJ
ape-36234	79	5	size	size	NOUN
ape-36234	79	6	of	of	ADP
ape-36234	79	7	such	such	ADJ
ape-36234	79	8	funds	fund	NOUN
ape-36234	79	9	continue	continue	VERB
ape-36234	79	10	to	to	PART
ape-36234	79	11	grow	grow	VERB
ape-36234	79	12	,	,	PUNCT
ape-36234	79	13	there	there	PRON
ape-36234	79	14	is	be	VERB
ape-36234	79	15	growing	grow	VERB
ape-36234	79	16	concern	concern	NOUN
ape-36234	79	17	about	about	ADP
ape-36234	79	18	their	their	PRON
ape-36234	79	19	impact	impact	NOUN
ape-36234	79	20	on	on	ADP
ape-36234	79	21	the	the	DET
ape-36234	79	22	stock	stock	NOUN
ape-36234	79	23	market	market	NOUN
ape-36234	79	24	.	.	PUNCT
ape-36234	80	1	research	research	NOUN
ape-36234	80	2	shows	show	VERB
ape-36234	80	3	that	that	SCONJ
ape-36234	80	4	the	the	DET
ape-36234	80	5	position	position	NOUN
ape-36234	80	6	change	change	NOUN
ape-36234	80	7	of	of	ADP
ape-36234	80	8	star	star	NOUN
ape-36234	80	9	fund	fund	NOUN
ape-36234	80	10	will	will	AUX
ape-36234	80	11	affect	affect	VERB
ape-36234	80	12	the	the	DET
ape-36234	80	13	trading	trading	NOUN
ape-36234	80	14	of	of	ADP
ape-36234	80	15	other	other	ADJ
ape-36234	80	16	funds	fund	NOUN
ape-36234	80	17	,	,	PUNCT
ape-36234	80	18	and	and	CCONJ
ape-36234	80	19	the	the	DET
ape-36234	80	20	same	same	ADJ
ape-36234	80	21	direction	direction	NOUN
ape-36234	80	22	is	be	AUX
ape-36234	80	23	high	high	ADJ
ape-36234	80	24	.	.	PUNCT
ape-36234	81	1	this	this	DET
ape-36234	81	2	imitation	imitation	NOUN
ape-36234	81	3	behavior	behavior	NOUN
ape-36234	81	4	may	may	AUX
ape-36234	81	5	lead	lead	VERB
ape-36234	81	6	to	to	ADP
ape-36234	81	7	a	a	DET
ape-36234	81	8	large	large	ADJ
ape-36234	81	9	number	number	NOUN
ape-36234	81	10	of	of	ADP
ape-36234	81	11	stocks	stock	NOUN
ape-36234	81	12	in	in	ADP
ape-36234	81	13	the	the	DET
ape-36234	81	14	same	same	ADJ
ape-36234	81	15	direction	direction	NOUN
ape-36234	81	16	in	in	ADP
ape-36234	81	17	the	the	DET
ape-36234	81	18	market	market	NOUN
ape-36234	81	19	,	,	PUNCT
ape-36234	81	20	which	which	PRON
ape-36234	81	21	has	have	VERB
ape-36234	81	22	an	an	DET
ape-36234	81	23	important	important	ADJ
ape-36234	81	24	impact	impact	NOUN
ape-36234	81	25	on	on	ADP
ape-36234	81	26	the	the	DET
ape-36234	81	27	volatility	volatility	NOUN
ape-36234	81	28	of	of	ADP
ape-36234	81	29	the	the	DET
ape-36234	81	30	stock	stock	NOUN
ape-36234	81	31	market	market	NOUN
ape-36234	81	32	.	.	PUNCT
ape-36234	82	1	therefore	therefore	ADV
ape-36234	82	2	,	,	PUNCT
ape-36234	82	3	whether	whether	SCONJ
ape-36234	82	4	it	it	PRON
ape-36234	82	5	is	be	AUX
ape-36234	82	6	the	the	DET
ape-36234	82	7	same	same	ADJ
ape-36234	82	8	investment	investment	NOUN
ape-36234	82	9	decision	decision	NOUN
ape-36234	82	10	made	make	VERB
ape-36234	82	11	based	base	VERB
ape-36234	82	12	on	on	ADP
ape-36234	82	13	reasonable	reasonable	ADJ
ape-36234	82	14	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-36234	82	15	advances	advance	NOUN
ape-36234	82	16	in	in	ADP
ape-36234	82	17	politics	politic	NOUN
ape-36234	82	18	and	and	CCONJ
ape-36234	82	19	economics	economic	NOUN
ape-36234	82	20	vol	vol	NOUN
ape-36234	82	21	.	.	PUNCT
ape-36234	83	1	7	7	NUM
ape-36234	83	2	,	,	PUNCT
ape-36234	83	3	no	no	INTJ
ape-36234	83	4	.	.	NOUN
ape-36234	83	5	2	2	NUM
ape-36234	83	6	,	,	PUNCT
ape-36234	83	7	2024	2024	NUM
ape-36234	83	8	6	6	NUM
ape-36234	83	9	published	publish	VERB
ape-36234	83	10	by	by	ADP
ape-36234	83	11	scholink	scholink	PROPN
ape-36234	83	12	inc	inc	PROPN
ape-36234	83	13	.	.	PROPN
ape-36234	83	14	information	information	NOUN
ape-36234	83	15	analysis	analysis	NOUN
ape-36234	83	16	or	or	CCONJ
ape-36234	83	17	a	a	DET
ape-36234	83	18	simple	simple	ADJ
ape-36234	83	19	irrational	irrational	ADJ
ape-36234	83	20	imitation	imitation	NOUN
ape-36234	83	21	,	,	PUNCT
ape-36234	83	22	the	the	DET
ape-36234	83	23	imitation	imitation	NOUN
ape-36234	83	24	behavior	behavior	NOUN
ape-36234	83	25	of	of	ADP
ape-36234	83	26	china	china	PROPN
ape-36234	83	27	’s	’s	PART
ape-36234	83	28	open	open	ADJ
ape-36234	83	29	-	-	PUNCT
ape-36234	83	30	end	end	NOUN
ape-36234	83	31	stock	stock	NOUN
ape-36234	83	32	fund	fund	NOUN
ape-36234	83	33	may	may	AUX
ape-36234	83	34	have	have	VERB
ape-36234	83	35	an	an	DET
ape-36234	83	36	impact	impact	NOUN
ape-36234	83	37	on	on	ADP
ape-36234	83	38	the	the	DET
ape-36234	83	39	volatility	volatility	NOUN
ape-36234	83	40	of	of	ADP
ape-36234	83	41	the	the	DET
ape-36234	83	42	stock	stock	NOUN
ape-36234	83	43	market	market	NOUN
ape-36234	83	44	.	.	PUNCT
ape-36234	84	1	in	in	ADP
ape-36234	84	2	addition	addition	NOUN
ape-36234	84	3	,	,	PUNCT
ape-36234	84	4	china	china	PROPN
ape-36234	84	5	’s	’s	PART
ape-36234	84	6	financial	financial	ADJ
ape-36234	84	7	market	market	NOUN
ape-36234	84	8	has	have	AUX
ape-36234	84	9	developed	develop	VERB
ape-36234	84	10	for	for	ADP
ape-36234	84	11	a	a	DET
ape-36234	84	12	short	short	ADJ
ape-36234	84	13	time	time	NOUN
ape-36234	84	14	,	,	PUNCT
ape-36234	84	15	and	and	CCONJ
ape-36234	84	16	compared	compare	VERB
ape-36234	84	17	with	with	ADP
ape-36234	84	18	other	other	ADJ
ape-36234	84	19	developed	develop	VERB
ape-36234	84	20	economies	economy	NOUN
ape-36234	84	21	,	,	PUNCT
ape-36234	84	22	it	it	PRON
ape-36234	84	23	still	still	ADV
ape-36234	84	24	needs	need	VERB
ape-36234	84	25	to	to	PART
ape-36234	84	26	be	be	AUX
ape-36234	84	27	improved	improve	VERB
ape-36234	84	28	.	.	PUNCT
ape-36234	85	1	therefore	therefore	ADV
ape-36234	85	2	,	,	PUNCT
ape-36234	85	3	the	the	DET
ape-36234	85	4	information	information	NOUN
ape-36234	85	5	in	in	ADP
ape-36234	85	6	the	the	DET
ape-36234	85	7	financial	financial	ADJ
ape-36234	85	8	market	market	NOUN
ape-36234	85	9	is	be	AUX
ape-36234	85	10	also	also	ADV
ape-36234	85	11	incomplete	incomplete	ADJ
ape-36234	85	12	,	,	PUNCT
ape-36234	85	13	and	and	CCONJ
ape-36234	85	14	there	there	PRON
ape-36234	85	15	is	be	VERB
ape-36234	85	16	a	a	DET
ape-36234	85	17	certain	certain	ADJ
ape-36234	85	18	degree	degree	NOUN
ape-36234	85	19	of	of	ADP
ape-36234	85	20	information	information	NOUN
ape-36234	85	21	asymmetry	asymmetry	NOUN
ape-36234	85	22	.	.	PUNCT
ape-36234	86	1	as	as	ADP
ape-36234	86	2	a	a	DET
ape-36234	86	3	result	result	NOUN
ape-36234	86	4	,	,	PUNCT
ape-36234	86	5	some	some	DET
ape-36234	86	6	investors	investor	NOUN
ape-36234	86	7	may	may	AUX
ape-36234	86	8	doubt	doubt	VERB
ape-36234	86	9	some	some	PRON
ape-36234	86	10	of	of	ADP
ape-36234	86	11	the	the	DET
ape-36234	86	12	information	information	NOUN
ape-36234	86	13	that	that	PRON
ape-36234	86	14	they	they	PRON
ape-36234	86	15	have	have	VERB
ape-36234	86	16	and	and	CCONJ
ape-36234	86	17	even	even	ADV
ape-36234	86	18	give	give	VERB
ape-36234	86	19	up	up	ADP
ape-36234	86	20	,	,	PUNCT
ape-36234	86	21	and	and	CCONJ
ape-36234	86	22	instead	instead	ADV
ape-36234	86	23	pay	pay	VERB
ape-36234	86	24	attention	attention	NOUN
ape-36234	86	25	to	to	ADP
ape-36234	86	26	and	and	CCONJ
ape-36234	86	27	trust	trust	VERB
ape-36234	86	28	the	the	DET
ape-36234	86	29	information	information	NOUN
ape-36234	86	30	that	that	PRON
ape-36234	86	31	other	other	ADJ
ape-36234	86	32	investors	investor	NOUN
ape-36234	86	33	have	have	VERB
ape-36234	86	34	.	.	PUNCT
ape-36234	87	1	some	some	PRON
ape-36234	87	2	of	of	ADP
ape-36234	87	3	the	the	DET
ape-36234	87	4	most	most	ADV
ape-36234	87	5	watched	watch	VERB
ape-36234	87	6	messages	message	NOUN
ape-36234	87	7	will	will	AUX
ape-36234	87	8	be	be	AUX
ape-36234	87	9	the	the	DET
ape-36234	87	10	market	market	NOUN
ape-36234	87	11	leader	leader	NOUN
ape-36234	87	12	,	,	PUNCT
ape-36234	87	13	and	and	CCONJ
ape-36234	87	14	more	more	ADJ
ape-36234	87	15	and	and	CCONJ
ape-36234	87	16	more	more	ADJ
ape-36234	87	17	investors	investor	NOUN
ape-36234	87	18	will	will	AUX
ape-36234	87	19	believe	believe	VERB
ape-36234	87	20	them	they	PRON
ape-36234	87	21	.	.	PUNCT
ape-36234	88	1	therefore	therefore	ADV
ape-36234	88	2	,	,	PUNCT
ape-36234	88	3	this	this	DET
ape-36234	88	4	“	"	PUNCT
ape-36234	88	5	herd	herd	ADJ
ape-36234	88	6	effect	effect	NOUN
ape-36234	88	7	”	"	PUNCT
ape-36234	88	8	will	will	AUX
ape-36234	88	9	cause	cause	VERB
ape-36234	88	10	the	the	DET
ape-36234	88	11	stock	stock	NOUN
ape-36234	88	12	price	price	NOUN
ape-36234	88	13	to	to	PART
ape-36234	88	14	deviate	deviate	VERB
ape-36234	88	15	from	from	ADP
ape-36234	88	16	its	its	PRON
ape-36234	88	17	fundamental	fundamental	ADJ
ape-36234	88	18	value	value	NOUN
ape-36234	88	19	,	,	PUNCT
ape-36234	88	20	and	and	CCONJ
ape-36234	88	21	the	the	DET
ape-36234	88	22	basic	basic	ADJ
ape-36234	88	23	information	information	NOUN
ape-36234	88	24	of	of	ADP
ape-36234	88	25	listed	list	VERB
ape-36234	88	26	companies	company	NOUN
ape-36234	88	27	will	will	AUX
ape-36234	88	28	affect	affect	VERB
ape-36234	88	29	the	the	DET
ape-36234	88	30	price	price	NOUN
ape-36234	88	31	accordingly	accordingly	ADV
ape-36234	88	32	,	,	PUNCT
ape-36234	88	33	which	which	PRON
ape-36234	88	34	means	mean	VERB
ape-36234	88	35	that	that	SCONJ
ape-36234	88	36	more	more	ADJ
ape-36234	88	37	non	non	ADJ
ape-36234	88	38	-	-	ADJ
ape-36234	88	39	fundamental	fundamental	ADJ
ape-36234	88	40	factors	factor	NOUN
ape-36234	88	41	will	will	AUX
ape-36234	88	42	have	have	VERB
ape-36234	88	43	an	an	DET
ape-36234	88	44	impact	impact	NOUN
ape-36234	88	45	on	on	ADP
ape-36234	88	46	the	the	DET
ape-36234	88	47	stock	stock	NOUN
ape-36234	88	48	price	price	NOUN
ape-36234	88	49	.	.	PUNCT
ape-36234	89	1	as	as	SCONJ
ape-36234	89	2	mentioned	mention	VERB
ape-36234	89	3	above	above	ADV
ape-36234	89	4	,	,	PUNCT
ape-36234	89	5	the	the	DET
ape-36234	89	6	herd	herd	ADJ
ape-36234	89	7	effect	effect	NOUN
ape-36234	89	8	includes	includes	AUX
ape-36234	89	9	not	not	PART
ape-36234	89	10	only	only	ADV
ape-36234	89	11	buying	buy	VERB
ape-36234	89	12	behavior	behavior	NOUN
ape-36234	89	13	,	,	PUNCT
ape-36234	89	14	but	but	CCONJ
ape-36234	89	15	also	also	ADV
ape-36234	89	16	selling	sell	VERB
ape-36234	89	17	behavior	behavior	NOUN
ape-36234	89	18	.	.	PUNCT
ape-36234	90	1	as	as	ADP
ape-36234	90	2	a	a	DET
ape-36234	90	3	result	result	NOUN
ape-36234	90	4	,	,	PUNCT
ape-36234	90	5	investors	investor	NOUN
ape-36234	90	6	may	may	AUX
ape-36234	90	7	trade	trade	VERB
ape-36234	90	8	briefly	briefly	ADV
ape-36234	90	9	,	,	PUNCT
ape-36234	90	10	heavily	heavily	ADV
ape-36234	90	11	and	and	CCONJ
ape-36234	90	12	in	in	ADP
ape-36234	90	13	the	the	DET
ape-36234	90	14	same	same	ADJ
ape-36234	90	15	direction	direction	NOUN
ape-36234	90	16	,	,	PUNCT
ape-36234	90	17	thus	thus	ADV
ape-36234	90	18	causing	cause	VERB
ape-36234	90	19	stock	stock	NOUN
ape-36234	90	20	market	market	NOUN
ape-36234	90	21	turmoil	turmoil	NOUN
ape-36234	90	22	,	,	PUNCT
ape-36234	90	23	and	and	CCONJ
ape-36234	90	24	thus	thus	ADV
ape-36234	90	25	causing	cause	VERB
ape-36234	90	26	a	a	DET
ape-36234	90	27	big	big	ADJ
ape-36234	90	28	disturbance	disturbance	NOUN
ape-36234	90	29	to	to	PART
ape-36234	90	30	price	price	VERB
ape-36234	90	31	volatility	volatility	NOUN
ape-36234	90	32	.	.	PUNCT
ape-36234	91	1	finally	finally	ADV
ape-36234	91	2	,	,	PUNCT
ape-36234	91	3	herd	herd	NOUN
ape-36234	91	4	behavior	behavior	NOUN
ape-36234	91	5	is	be	AUX
ape-36234	91	6	also	also	ADV
ape-36234	91	7	divided	divide	VERB
ape-36234	91	8	into	into	ADP
ape-36234	91	9	rational	rational	ADJ
ape-36234	91	10	herd	herd	NOUN
ape-36234	91	11	behavior	behavior	NOUN
ape-36234	91	12	and	and	CCONJ
ape-36234	91	13	irrational	irrational	ADJ
ape-36234	91	14	herd	herd	NOUN
ape-36234	91	15	behavior	behavior	NOUN
ape-36234	91	16	.	.	PUNCT
ape-36234	92	1	when	when	SCONJ
ape-36234	92	2	irrational	irrational	ADJ
ape-36234	92	3	herd	herd	NOUN
ape-36234	92	4	behavior	behavior	NOUN
ape-36234	92	5	accumulates	accumulate	VERB
ape-36234	92	6	to	to	ADP
ape-36234	92	7	a	a	DET
ape-36234	92	8	certain	certain	ADJ
ape-36234	92	9	extent	extent	NOUN
ape-36234	92	10	,	,	PUNCT
ape-36234	92	11	bubble	bubble	NOUN
ape-36234	92	12	phenomenon	phenomenon	NOUN
ape-36234	92	13	will	will	AUX
ape-36234	92	14	occur	occur	VERB
ape-36234	92	15	.	.	PUNCT
ape-36234	93	1	for	for	ADP
ape-36234	93	2	example	example	NOUN
ape-36234	93	3	,	,	PUNCT
ape-36234	93	4	when	when	SCONJ
ape-36234	93	5	the	the	DET
ape-36234	93	6	stock	stock	NOUN
ape-36234	93	7	market	market	NOUN
ape-36234	93	8	rises	rise	NOUN
ape-36234	93	9	,	,	PUNCT
ape-36234	93	10	institutional	institutional	ADJ
ape-36234	93	11	investors	investor	NOUN
ape-36234	93	12	remain	remain	VERB
ape-36234	93	13	optimistic	optimistic	ADJ
ape-36234	93	14	about	about	ADP
ape-36234	93	15	the	the	DET
ape-36234	93	16	market	market	NOUN
ape-36234	93	17	,	,	PUNCT
ape-36234	93	18	which	which	PRON
ape-36234	93	19	leads	lead	VERB
ape-36234	93	20	to	to	ADP
ape-36234	93	21	mass	mass	ADJ
ape-36234	93	22	buying	buying	NOUN
ape-36234	93	23	in	in	ADP
ape-36234	93	24	the	the	DET
ape-36234	93	25	market	market	NOUN
ape-36234	93	26	.	.	PUNCT
ape-36234	94	1	according	accord	VERB
ape-36234	94	2	to	to	ADP
ape-36234	94	3	the	the	DET
ape-36234	94	4	principle	principle	NOUN
ape-36234	94	5	of	of	ADP
ape-36234	94	6	supply	supply	NOUN
ape-36234	94	7	and	and	CCONJ
ape-36234	94	8	demand	demand	NOUN
ape-36234	94	9	,	,	PUNCT
ape-36234	94	10	it	it	PRON
ape-36234	94	11	will	will	AUX
ape-36234	94	12	lead	lead	VERB
ape-36234	94	13	to	to	ADP
ape-36234	94	14	a	a	DET
ape-36234	94	15	further	further	ADJ
ape-36234	94	16	rise	rise	NOUN
ape-36234	94	17	in	in	ADP
ape-36234	94	18	the	the	DET
ape-36234	94	19	stock	stock	NOUN
ape-36234	94	20	price	price	NOUN
ape-36234	94	21	,	,	PUNCT
ape-36234	94	22	and	and	CCONJ
ape-36234	94	23	will	will	AUX
ape-36234	94	24	burst	burst	VERB
ape-36234	94	25	when	when	SCONJ
ape-36234	94	26	the	the	DET
ape-36234	94	27	bubble	bubble	NOUN
ape-36234	94	28	accumulates	accumulate	VERB
ape-36234	94	29	to	to	ADP
ape-36234	94	30	a	a	DET
ape-36234	94	31	certain	certain	ADJ
ape-36234	94	32	extent	extent	NOUN
ape-36234	94	33	,	,	PUNCT
ape-36234	94	34	thus	thus	ADV
ape-36234	94	35	causing	cause	VERB
ape-36234	94	36	panic	panic	NOUN
ape-36234	94	37	in	in	ADP
ape-36234	94	38	the	the	DET
ape-36234	94	39	market	market	NOUN
ape-36234	94	40	,	,	PUNCT
ape-36234	94	41	and	and	CCONJ
ape-36234	94	42	a	a	DET
ape-36234	94	43	large	large	ADJ
ape-36234	94	44	number	number	NOUN
ape-36234	94	45	of	of	ADP
ape-36234	94	46	investors	investor	NOUN
ape-36234	94	47	will	will	AUX
ape-36234	94	48	sell	sell	VERB
ape-36234	94	49	in	in	ADP
ape-36234	94	50	the	the	DET
ape-36234	94	51	same	same	ADJ
ape-36234	94	52	direction	direction	NOUN
ape-36234	94	53	,	,	PUNCT
ape-36234	94	54	further	far	ADV
ape-36234	94	55	aggravating	aggravate	VERB
ape-36234	94	56	the	the	DET
ape-36234	94	57	turbulence	turbulence	NOUN
ape-36234	94	58	of	of	ADP
ape-36234	94	59	the	the	DET
ape-36234	94	60	stock	stock	NOUN
ape-36234	94	61	market	market	NOUN
ape-36234	94	62	.	.	PUNCT
ape-36234	95	1	4	4	X
ape-36234	95	2	.	.	X
ape-36234	95	3	analysis	analysis	NOUN
ape-36234	95	4	of	of	ADP
ape-36234	95	5	herd	herd	NOUN
ape-36234	95	6	behavior	behavior	NOUN
ape-36234	95	7	existence	existence	NOUN
ape-36234	95	8	4.1	4.1	NUM
ape-36234	95	9	research	research	NOUN
ape-36234	95	10	method	method	NOUN
ape-36234	95	11	in	in	ADP
ape-36234	95	12	order	order	NOUN
ape-36234	95	13	to	to	PART
ape-36234	95	14	test	test	VERB
ape-36234	95	15	whether	whether	SCONJ
ape-36234	95	16	there	there	PRON
ape-36234	95	17	is	be	VERB
ape-36234	95	18	herd	herd	ADJ
ape-36234	95	19	behavior	behavior	NOUN
ape-36234	95	20	in	in	ADP
ape-36234	95	21	the	the	DET
ape-36234	95	22	open	open	ADJ
ape-36234	95	23	-	-	PUNCT
ape-36234	95	24	end	end	NOUN
ape-36234	95	25	fund	fund	NOUN
ape-36234	95	26	market	market	NOUN
ape-36234	95	27	,	,	PUNCT
ape-36234	95	28	the	the	DET
ape-36234	95	29	lsv	lsv	PROPN
ape-36234	95	30	model	model	NOUN
ape-36234	95	31	studied	study	VERB
ape-36234	95	32	by	by	ADP
ape-36234	95	33	lakonishok	lakonishok	NOUN
ape-36234	95	34	(	(	PUNCT
ape-36234	95	35	1992	1992	NUM
ape-36234	95	36	)	)	PUNCT
ape-36234	95	37	was	be	AUX
ape-36234	95	38	selected	select	VERB
ape-36234	95	39	as	as	ADP
ape-36234	95	40	the	the	DET
ape-36234	95	41	measurement	measurement	NOUN
ape-36234	95	42	model	model	NOUN
ape-36234	95	43	of	of	ADP
ape-36234	95	44	herd	herd	NOUN
ape-36234	95	45	behavior	behavior	NOUN
ape-36234	95	46	indicators	indicator	NOUN
ape-36234	95	47	.	.	PUNCT
ape-36234	96	1	the	the	DET
ape-36234	96	2	model	model	NOUN
ape-36234	96	3	measures	measure	VERB
ape-36234	96	4	the	the	DET
ape-36234	96	5	existence	existence	NOUN
ape-36234	96	6	of	of	ADP
ape-36234	96	7	herding	herding	NOUN
ape-36234	96	8	behavior	behavior	NOUN
ape-36234	96	9	by	by	ADP
ape-36234	96	10	measuring	measure	VERB
ape-36234	96	11	whether	whether	SCONJ
ape-36234	96	12	a	a	DET
ape-36234	96	13	securities	security	NOUN
ape-36234	96	14	investment	investment	NOUN
ape-36234	96	15	fund	fund	NOUN
ape-36234	96	16	has	have	VERB
ape-36234	96	17	the	the	DET
ape-36234	96	18	same	same	ADJ
ape-36234	96	19	trading	trading	NOUN
ape-36234	96	20	tendency	tendency	NOUN
ape-36234	96	21	for	for	ADP
ape-36234	96	22	a	a	DET
ape-36234	96	23	stock	stock	NOUN
ape-36234	96	24	as	as	ADP
ape-36234	96	25	a	a	DET
ape-36234	96	26	whole	whole	NOUN
ape-36234	96	27	.	.	PUNCT
ape-36234	97	1	this	this	DET
ape-36234	97	2	model	model	NOUN
ape-36234	97	3	is	be	AUX
ape-36234	97	4	selected	select	VERB
ape-36234	97	5	for	for	ADP
ape-36234	97	6	the	the	DET
ape-36234	97	7	following	follow	VERB
ape-36234	97	8	reasons	reason	NOUN
ape-36234	97	9	:	:	PUNCT
ape-36234	97	10	1	1	X
ape-36234	97	11	.	.	PUNCT
ape-36234	97	12	easy	easy	ADJ
ape-36234	97	13	data	datum	NOUN
ape-36234	97	14	for	for	ADP
ape-36234	97	15	the	the	DET
ape-36234	97	16	lsv	lsv	PROPN
ape-36234	97	17	model.2	model.2	PROPN
ape-36234	97	18	.	.	PUNCT
ape-36234	98	1	the	the	DET
ape-36234	98	2	measurement	measurement	NOUN
ape-36234	98	3	results	result	NOUN
ape-36234	98	4	of	of	ADP
ape-36234	98	5	the	the	DET
ape-36234	98	6	lsv	lsv	PROPN
ape-36234	98	7	model	model	NOUN
ape-36234	98	8	are	be	AUX
ape-36234	98	9	more	more	ADJ
ape-36234	98	10	accurate.3	accurate.3	NOUN
ape-36234	98	11	.	.	PUNCT
ape-36234	99	1	it	it	PRON
ape-36234	99	2	is	be	AUX
ape-36234	99	3	widely	widely	ADV
ape-36234	99	4	used	use	VERB
ape-36234	99	5	,	,	PUNCT
ape-36234	99	6	and	and	CCONJ
ape-36234	99	7	the	the	DET
ape-36234	99	8	research	research	NOUN
ape-36234	99	9	results	result	NOUN
ape-36234	99	10	are	be	AUX
ape-36234	99	11	more	more	ADV
ape-36234	99	12	comparable	comparable	ADJ
ape-36234	99	13	.	.	PUNCT
ape-36234	100	1	the	the	DET
ape-36234	100	2	model	model	NOUN
ape-36234	100	3	formula	formula	NOUN
ape-36234	100	4	is	be	AUX
ape-36234	100	5	：	：	PUNCT
ape-36234	100	6	�	�	PROPN
ape-36234	100	7	�	�	PROPN
ape-36234	100	8	i	i	PRON
ape-36234	100	9	�	�	PROPN
ape-36234	100	10	=|	=|	SYM
ape-36234	100	11	�	�	PROPN
ape-36234	100	12	�	�	PROPN
ape-36234	100	13	�	�	PROPN
ape-36234	100	14	−e	−e	NOUN
ape-36234	100	15	(	(	PUNCT
ape-36234	100	16	�	�	PROPN
ape-36234	100	17	�	�	PROPN
ape-36234	100	18	�	�	PROPN
ape-36234	100	19	)	)	PUNCT
ape-36234	100	20	|	|	ADV
ape-36234	100	21	pit	pit	NOUN
ape-36234	100	22	=	=	NOUN
ape-36234	100	23	bit/(bit+sit	bit/(bit+sit	NOUN
ape-36234	100	24	)	)	PUNCT
ape-36234	100	25	in	in	ADP
ape-36234	100	26	which	which	PRON
ape-36234	100	27	：	：	PUNCT
ape-36234	100	28	�	�	PROPN
ape-36234	100	29	�	�	PROPN
ape-36234	100	30	i	i	PRON
ape-36234	100	31	�	�	PROPN
ape-36234	100	32	:	:	PUNCT
ape-36234	100	33	sheep	sheep	NOUN
ape-36234	100	34	behavior	behavior	NOUN
ape-36234	100	35	degree	degree	NOUN
ape-36234	100	36	index	index	NOUN
ape-36234	100	37	,	,	PUNCT
ape-36234	100	38	namely	namely	ADV
ape-36234	100	39	the	the	DET
ape-36234	100	40	herd	herd	NOUN
ape-36234	100	41	behavior	behavior	NOUN
ape-36234	100	42	degree	degree	NOUN
ape-36234	100	43	of	of	ADP
ape-36234	100	44	stock	stock	NOUN
ape-36234	100	45	i	i	PRON
ape-36234	100	46	in	in	ADP
ape-36234	100	47	period	period	NOUN
ape-36234	100	48	t.	t.	PROPN
ape-36234	100	49	�	�	PROPN
ape-36234	100	50	�	�	PROPN
ape-36234	100	51	�	�	PROPN
ape-36234	100	52	:	:	PUNCT
ape-36234	100	53	the	the	DET
ape-36234	100	54	number	number	NOUN
ape-36234	100	55	of	of	ADP
ape-36234	100	56	funds	fund	NOUN
ape-36234	100	57	buying	buy	VERB
ape-36234	100	58	a	a	DET
ape-36234	100	59	stock	stock	NOUN
ape-36234	100	60	i	i	PRON
ape-36234	100	61	in	in	ADP
ape-36234	100	62	period	period	NOUN
ape-36234	100	63	t	t	NOUN
ape-36234	100	64	is	be	AUX
ape-36234	100	65	a	a	DET
ape-36234	100	66	proportion	proportion	NOUN
ape-36234	100	67	of	of	ADP
ape-36234	100	68	the	the	DET
ape-36234	100	69	total	total	ADJ
ape-36234	100	70	number	number	NOUN
ape-36234	100	71	of	of	ADP
ape-36234	100	72	funds	fund	NOUN
ape-36234	100	73	buying	buy	VERB
ape-36234	100	74	and	and	CCONJ
ape-36234	100	75	selling	sell	VERB
ape-36234	100	76	the	the	DET
ape-36234	100	77	stock	stock	NOUN
ape-36234	100	78	.	.	PUNCT
ape-36234	101	1	bit：all	bit：all	PRON
ape-36234	101	2	funds	fund	NOUN
ape-36234	101	3	bought	buy	VERB
ape-36234	101	4	stocks	stock	NOUN
ape-36234	101	5	i	i	PRON
ape-36234	101	6	during	during	ADP
ape-36234	101	7	period	period	NOUN
ape-36234	101	8	t	t	PROPN
ape-36234	101	9	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-36234	101	10	advances	advance	NOUN
ape-36234	101	11	in	in	ADP
ape-36234	101	12	politics	politic	NOUN
ape-36234	101	13	and	and	CCONJ
ape-36234	101	14	economics	economic	NOUN
ape-36234	101	15	vol	vol	NOUN
ape-36234	101	16	.	.	PUNCT
ape-36234	102	1	7	7	NUM
ape-36234	102	2	,	,	PUNCT
ape-36234	102	3	no	no	INTJ
ape-36234	102	4	.	.	NOUN
ape-36234	102	5	2	2	NUM
ape-36234	102	6	,	,	PUNCT
ape-36234	102	7	2024	2024	NUM
ape-36234	102	8	7	7	NUM
ape-36234	102	9	published	publish	VERB
ape-36234	102	10	by	by	ADP
ape-36234	102	11	scholink	scholink	PROPN
ape-36234	102	12	inc	inc	PROPN
ape-36234	102	13	.	.	PUNCT
ape-36234	103	1	sit：sales	sit：sale	NOUN
ape-36234	103	2	of	of	ADP
ape-36234	103	3	all	all	DET
ape-36234	103	4	funds	fund	NOUN
ape-36234	103	5	to	to	PART
ape-36234	103	6	stock	stock	VERB
ape-36234	103	7	i	i	PRON
ape-36234	103	8	during	during	ADP
ape-36234	103	9	period	period	NOUN
ape-36234	103	10	t	t	PROPN
ape-36234	103	11	�	�	PROPN
ape-36234	103	12	(	(	PUNCT
ape-36234	103	13	�	�	PROPN
ape-36234	103	14	�	�	PROPN
ape-36234	103	15	�	�	PROPN
ape-36234	103	16	)	)	PUNCT
ape-36234	103	17	：	：	PUNCT
ape-36234	103	18	that	that	ADV
ape-36234	103	19	is	be	AUX
ape-36234	103	20	,	,	PUNCT
ape-36234	103	21	the	the	DET
ape-36234	103	22	expected	expect	VERB
ape-36234	103	23	value	value	NOUN
ape-36234	103	24	of	of	ADP
ape-36234	103	25	the	the	DET
ape-36234	103	26	�	�	PROPN
ape-36234	103	27	�	�	PROPN
ape-36234	103	28	�	�	PROPN
ape-36234	103	29	when	when	SCONJ
ape-36234	103	30	the	the	DET
ape-36234	103	31	value	value	NOUN
ape-36234	103	32	of	of	ADP
ape-36234	103	33	�	�	PROPN
ape-36234	103	34	�	�	PROPN
ape-36234	103	35	i	i	PRON
ape-36234	103	36	�	�	PROPN
ape-36234	103	37	is	be	AUX
ape-36234	103	38	0	0	NUM
ape-36234	103	39	,	,	PUNCT
ape-36234	103	40	it	it	PRON
ape-36234	103	41	indicates	indicate	VERB
ape-36234	103	42	that	that	SCONJ
ape-36234	103	43	there	there	PRON
ape-36234	103	44	is	be	VERB
ape-36234	103	45	no	no	DET
ape-36234	103	46	herd	herd	ADJ
ape-36234	103	47	behavior	behavior	NOUN
ape-36234	103	48	for	for	ADP
ape-36234	103	49	the	the	DET
ape-36234	103	50	stocks	stock	NOUN
ape-36234	103	51	in	in	ADP
ape-36234	103	52	the	the	DET
ape-36234	103	53	fund	fund	NOUN
ape-36234	103	54	market	market	NOUN
ape-36234	103	55	within	within	ADP
ape-36234	103	56	the	the	DET
ape-36234	103	57	period	period	NOUN
ape-36234	103	58	t.	t.	NOUN
ape-36234	103	59	conversely	conversely	ADV
ape-36234	103	60	,	,	PUNCT
ape-36234	103	61	when	when	SCONJ
ape-36234	103	62	�	�	PROPN
ape-36234	103	63	�	�	PROPN
ape-36234	103	64	i	i	PRON
ape-36234	103	65	�	�	PROPN
ape-36234	103	66	is	be	AUX
ape-36234	103	67	not	not	PART
ape-36234	103	68	0	0	NUM
ape-36234	103	69	,	,	PUNCT
ape-36234	103	70	there	there	PRON
ape-36234	103	71	is	be	VERB
ape-36234	103	72	herd	herd	ADJ
ape-36234	103	73	behavior	behavior	NOUN
ape-36234	103	74	,	,	PUNCT
ape-36234	103	75	and	and	CCONJ
ape-36234	103	76	higher	high	ADJ
ape-36234	103	77	�	�	PROPN
ape-36234	103	78	�	�	PROPN
ape-36234	103	79	i	i	PRON
ape-36234	103	80	�	�	PROPN
ape-36234	103	81	values	value	NOUN
ape-36234	103	82	indicate	indicate	VERB
ape-36234	103	83	more	more	ADV
ape-36234	103	84	significant	significant	ADJ
ape-36234	103	85	herd	herd	NOUN
ape-36234	103	86	behavior	behavior	NOUN
ape-36234	103	87	.	.	PUNCT
ape-36234	104	1	however	however	ADV
ape-36234	104	2	,	,	PUNCT
ape-36234	104	3	this	this	DET
ape-36234	104	4	method	method	NOUN
ape-36234	104	5	can	can	AUX
ape-36234	104	6	only	only	ADV
ape-36234	104	7	test	test	VERB
ape-36234	104	8	the	the	DET
ape-36234	104	9	existence	existence	NOUN
ape-36234	104	10	of	of	ADP
ape-36234	104	11	herd	herd	NOUN
ape-36234	104	12	behavior	behavior	NOUN
ape-36234	104	13	,	,	PUNCT
ape-36234	104	14	but	but	CCONJ
ape-36234	104	15	can	can	AUX
ape-36234	104	16	not	not	PART
ape-36234	104	17	explain	explain	VERB
ape-36234	104	18	the	the	DET
ape-36234	104	19	direction	direction	NOUN
ape-36234	104	20	of	of	ADP
ape-36234	104	21	herd	herd	NOUN
ape-36234	104	22	behavior	behavior	NOUN
ape-36234	104	23	,	,	PUNCT
ape-36234	104	24	so	so	ADV
ape-36234	104	25	the	the	DET
ape-36234	104	26	herd	herd	NOUN
ape-36234	104	27	behavior	behavior	NOUN
ape-36234	104	28	measure	measure	NOUN
ape-36234	104	29	index	index	NOUN
ape-36234	104	30	needs	need	VERB
ape-36234	104	31	to	to	PART
ape-36234	104	32	be	be	AUX
ape-36234	104	33	corrected	correct	VERB
ape-36234	104	34	.	.	PUNCT
ape-36234	105	1	increase	increase	VERB
ape-36234	105	2	buying	buy	VERB
ape-36234	105	3	flock	flock	NOUN
ape-36234	105	4	behavior	behavior	NOUN
ape-36234	105	5	bhmit	bhmit	NOUN
ape-36234	105	6	and	and	CCONJ
ape-36234	105	7	sell	sell	VERB
ape-36234	105	8	herd	herd	NOUN
ape-36234	105	9	behavior	behavior	NOUN
ape-36234	105	10	shmit	shmit	NOUN
ape-36234	105	11	by	by	ADP
ape-36234	105	12	the	the	DET
ape-36234	105	13	following	follow	VERB
ape-36234	105	14	formula	formula	NOUN
ape-36234	105	15	:	:	PUNCT
ape-36234	105	16	bhmit=|bit	bhmit=|bit	NOUN
ape-36234	105	17	-	-	PUNCT
ape-36234	105	18	e(bit)|	e(bit)|	VERB
ape-36234	105	19	shmit=|sit	shmit=|sit	NOUN
ape-36234	105	20	-	-	PUNCT
ape-36234	105	21	e(sit)|	e(sit)|	NUM
ape-36234	105	22	4.2	4.2	NUM
ape-36234	105	23	data	datum	NOUN
ape-36234	105	24	selection	selection	NOUN
ape-36234	105	25	the	the	DET
ape-36234	105	26	data	datum	NOUN
ape-36234	105	27	period	period	NOUN
ape-36234	105	28	selected	select	VERB
ape-36234	105	29	in	in	ADP
ape-36234	105	30	this	this	DET
ape-36234	105	31	paper	paper	NOUN
ape-36234	105	32	is	be	AUX
ape-36234	105	33	from	from	ADP
ape-36234	105	34	the	the	DET
ape-36234	105	35	first	first	ADJ
ape-36234	105	36	quarter	quarter	NOUN
ape-36234	105	37	of	of	ADP
ape-36234	105	38	2017	2017	NUM
ape-36234	105	39	to	to	ADP
ape-36234	105	40	the	the	DET
ape-36234	105	41	first	first	ADJ
ape-36234	105	42	quarter	quarter	NOUN
ape-36234	105	43	of	of	ADP
ape-36234	105	44	2022	2022	NUM
ape-36234	105	45	.	.	PUNCT
ape-36234	106	1	this	this	DET
ape-36234	106	2	range	range	NOUN
ape-36234	106	3	includes	include	VERB
ape-36234	106	4	both	both	CCONJ
ape-36234	106	5	the	the	DET
ape-36234	106	6	transformation	transformation	NOUN
ape-36234	106	7	of	of	ADP
ape-36234	106	8	the	the	DET
ape-36234	106	9	bull	bull	NOUN
ape-36234	106	10	and	and	CCONJ
ape-36234	106	11	bear	bear	VERB
ape-36234	106	12	market	market	NOUN
ape-36234	106	13	and	and	CCONJ
ape-36234	106	14	the	the	DET
ape-36234	106	15	impact	impact	NOUN
ape-36234	106	16	of	of	ADP
ape-36234	106	17	the	the	DET
ape-36234	106	18	impact	impact	NOUN
ape-36234	106	19	of	of	ADP
ape-36234	106	20	the	the	DET
ape-36234	106	21	epidemic	epidemic	NOUN
ape-36234	106	22	on	on	ADP
ape-36234	106	23	the	the	DET
ape-36234	106	24	stock	stock	NOUN
ape-36234	106	25	market	market	NOUN
ape-36234	106	26	.	.	PUNCT
ape-36234	107	1	investors	investor	NOUN
ape-36234	107	2	are	be	AUX
ape-36234	107	3	not	not	PART
ape-36234	107	4	confident	confident	ADJ
ape-36234	107	5	in	in	ADP
ape-36234	107	6	their	their	PRON
ape-36234	107	7	own	own	ADJ
ape-36234	107	8	information	information	NOUN
ape-36234	107	9	and	and	CCONJ
ape-36234	107	10	are	be	AUX
ape-36234	107	11	easier	easy	ADJ
ape-36234	107	12	to	to	PART
ape-36234	107	13	study	study	VERB
ape-36234	107	14	the	the	DET
ape-36234	107	15	herd	herd	NOUN
ape-36234	107	16	effect	effect	NOUN
ape-36234	107	17	.	.	PUNCT
ape-36234	108	1	the	the	DET
ape-36234	108	2	original	original	ADJ
ape-36234	108	3	data	datum	NOUN
ape-36234	108	4	of	of	ADP
ape-36234	108	5	this	this	DET
ape-36234	108	6	paper	paper	NOUN
ape-36234	108	7	is	be	AUX
ape-36234	108	8	obtained	obtain	VERB
ape-36234	108	9	through	through	ADP
ape-36234	108	10	wind	wind	NOUN
ape-36234	108	11	database	database	NOUN
ape-36234	108	12	and	and	CCONJ
ape-36234	108	13	oriental	oriental	ADJ
ape-36234	108	14	wealth	wealth	NOUN
ape-36234	108	15	network	network	NOUN
ape-36234	108	16	,	,	PUNCT
ape-36234	108	17	and	and	CCONJ
ape-36234	108	18	the	the	DET
ape-36234	108	19	data	datum	NOUN
ape-36234	108	20	of	of	ADP
ape-36234	108	21	the	the	DET
ape-36234	108	22	top	top	ADJ
ape-36234	108	23	10	10	NUM
ape-36234	108	24	stocks	stock	NOUN
ape-36234	108	25	held	hold	VERB
ape-36234	108	26	by	by	ADP
ape-36234	108	27	open	open	ADJ
ape-36234	108	28	-	-	PUNCT
ape-36234	108	29	end	end	NOUN
ape-36234	108	30	equity	equity	NOUN
ape-36234	108	31	funds	fund	NOUN
ape-36234	108	32	are	be	AUX
ape-36234	108	33	collated	collate	VERB
ape-36234	108	34	,	,	PUNCT
ape-36234	108	35	and	and	CCONJ
ape-36234	108	36	the	the	DET
ape-36234	108	37	number	number	NOUN
ape-36234	108	38	of	of	ADP
ape-36234	108	39	stocks	stock	NOUN
ape-36234	108	40	traded	trade	VERB
ape-36234	108	41	is	be	AUX
ape-36234	108	42	reflected	reflect	VERB
ape-36234	108	43	through	through	ADP
ape-36234	108	44	the	the	DET
ape-36234	108	45	changes	change	NOUN
ape-36234	108	46	in	in	ADP
ape-36234	108	47	the	the	DET
ape-36234	108	48	number	number	NOUN
ape-36234	108	49	of	of	ADP
ape-36234	108	50	stocks	stock	NOUN
ape-36234	108	51	.	.	PUNCT
ape-36234	109	1	the	the	DET
ape-36234	109	2	specific	specific	ADJ
ape-36234	109	3	operation	operation	NOUN
ape-36234	109	4	is	be	AUX
ape-36234	109	5	as	as	SCONJ
ape-36234	109	6	follows	follow	VERB
ape-36234	109	7	:	:	PUNCT
ape-36234	109	8	the	the	DET
ape-36234	109	9	author	author	NOUN
ape-36234	109	10	obtains	obtain	VERB
ape-36234	109	11	the	the	DET
ape-36234	109	12	data	datum	NOUN
ape-36234	109	13	of	of	ADP
ape-36234	109	14	the	the	DET
ape-36234	109	15	top	top	ADJ
ape-36234	109	16	ten	ten	NUM
ape-36234	109	17	stocks	stock	NOUN
ape-36234	109	18	of	of	ADP
ape-36234	109	19	the	the	DET
ape-36234	109	20	open	open	ADJ
ape-36234	109	21	-	-	PUNCT
ape-36234	109	22	end	end	NOUN
ape-36234	109	23	fund	fund	NOUN
ape-36234	109	24	from	from	ADP
ape-36234	109	25	the	the	DET
ape-36234	109	26	fund	fund	NOUN
ape-36234	109	27	quarterly	quarterly	ADJ
ape-36234	109	28	report	report	NOUN
ape-36234	109	29	,	,	PUNCT
ape-36234	109	30	compares	compare	VERB
ape-36234	109	31	the	the	DET
ape-36234	109	32	distribution	distribution	NOUN
ape-36234	109	33	of	of	ADP
ape-36234	109	34	stocks	stock	NOUN
ape-36234	109	35	in	in	ADP
ape-36234	109	36	each	each	DET
ape-36234	109	37	quarter	quarter	NOUN
ape-36234	109	38	with	with	ADP
ape-36234	109	39	the	the	DET
ape-36234	109	40	last	last	ADJ
ape-36234	109	41	quarter	quarter	NOUN
ape-36234	109	42	,	,	PUNCT
ape-36234	109	43	and	and	CCONJ
ape-36234	109	44	judges	judge	VERB
ape-36234	109	45	the	the	DET
ape-36234	109	46	buying	buying	NOUN
ape-36234	109	47	and	and	CCONJ
ape-36234	109	48	selling	sell	VERB
ape-36234	109	49	behavior	behavior	NOUN
ape-36234	109	50	through	through	ADP
ape-36234	109	51	the	the	DET
ape-36234	109	52	change	change	NOUN
ape-36234	109	53	of	of	ADP
ape-36234	109	54	shareholding	shareholding	NOUN
ape-36234	109	55	and	and	CCONJ
ape-36234	109	56	the	the	DET
ape-36234	109	57	old	old	ADJ
ape-36234	109	58	and	and	CCONJ
ape-36234	109	59	new	new	ADJ
ape-36234	109	60	stocks	stock	NOUN
ape-36234	109	61	.	.	PUNCT
ape-36234	110	1	4.3	4.3	NUM
ape-36234	110	2	herd	herd	NOUN
ape-36234	110	3	behavior	behavior	NOUN
ape-36234	110	4	measure	measure	NOUN
ape-36234	110	5	results	result	VERB
ape-36234	110	6	computational	computational	ADJ
ape-36234	110	7	formula	formula	NOUN
ape-36234	110	8	：	：	PUNCT
ape-36234	110	9	through	through	ADP
ape-36234	110	10	the	the	DET
ape-36234	110	11	above	above	ADJ
ape-36234	110	12	formulas	formula	NOUN
ape-36234	110	13	,	,	PUNCT
ape-36234	110	14	the	the	DET
ape-36234	110	15	herd	herd	NOUN
ape-36234	110	16	behavior	behavior	NOUN
ape-36234	110	17	degree	degree	NOUN
ape-36234	110	18	of	of	ADP
ape-36234	110	19	each	each	DET
ape-36234	110	20	quarter	quarter	NOUN
ape-36234	110	21	is	be	AUX
ape-36234	110	22	calculated	calculate	VERB
ape-36234	110	23	after	after	ADP
ape-36234	110	24	calculation	calculation	NOUN
ape-36234	110	25	,	,	PUNCT
ape-36234	110	26	the	the	DET
ape-36234	110	27	following	follow	VERB
ape-36234	110	28	measurement	measurement	NOUN
ape-36234	110	29	value	value	NOUN
ape-36234	110	30	of	of	ADP
ape-36234	110	31	chinese	chinese	PROPN
ape-36234	110	32	open	open	ADJ
ape-36234	110	33	fund	fund	NOUN
ape-36234	110	34	sheep	sheep	NOUN
ape-36234	110	35	behavior	behavior	NOUN
ape-36234	110	36	(	(	PUNCT
ape-36234	110	37	shanghai	shanghai	PROPN
ape-36234	110	38	and	and	CCONJ
ape-36234	110	39	shenzhen	shenzhen	PROPN
ape-36234	110	40	main	main	PROPN
ape-36234	110	41	board	board	NOUN
ape-36234	110	42	market	market	NOUN
ape-36234	110	43	)	)	PUNCT
ape-36234	110	44	table	table	NOUN
ape-36234	110	45	3	3	NUM
ape-36234	110	46	-	-	SYM
ape-36234	110	47	1	1	NUM
ape-36234	110	48	table	table	NOUN
ape-36234	110	49	of	of	ADP
ape-36234	110	50	the	the	DET
ape-36234	110	51	first	first	ADJ
ape-36234	110	52	quarter	quarter	NOUN
ape-36234	110	53	of	of	ADP
ape-36234	110	54	2017	2017	NUM
ape-36234	110	55	to	to	ADP
ape-36234	110	56	the	the	DET
ape-36234	110	57	first	first	ADJ
ape-36234	110	58	quarter	quarter	NOUN
ape-36234	110	59	of	of	ADP
ape-36234	110	60	2022	2022	NUM
ape-36234	110	61	hm	hm	INTJ
ape-36234	110	62	bhm	bhm	NOUN
ape-36234	110	63	shm	shm	PROPN
ape-36234	110	64	2017	2017	NUM
ape-36234	110	65	q1	q1	PROPN
ape-36234	110	66	0.3114	0.3114	NUM
ape-36234	110	67	0.1182	0.1182	NUM
ape-36234	110	68	0.2132	0.2132	NUM
ape-36234	110	69	2017	2017	NUM
ape-36234	110	70	q2	q2	NOUN
ape-36234	110	71	0.2794	0.2794	NUM
ape-36234	110	72	0.1376	0.1376	NUM
ape-36234	110	73	0.1668	0.1668	NUM
ape-36234	110	74	2017	2017	NUM
ape-36234	110	75	q3	q3	NOUN
ape-36234	110	76	0.2139	0.2139	NUM
ape-36234	110	77	0.1065	0.1065	NUM
ape-36234	110	78	0.1564	0.1564	NUM
ape-36234	110	79	2017	2017	NUM
ape-36234	110	80	q4	q4	PROPN
ape-36234	110	81	0.1326	0.1326	NUM
ape-36234	110	82	0.2278	0.2278	NUM
ape-36234	110	83	0.1214	0.1214	NUM
ape-36234	110	84	2018	2018	NUM
ape-36234	110	85	q1	q1	PROPN
ape-36234	110	86	0.3118	0.3118	NUM
ape-36234	110	87	0.1562	0.1562	NUM
ape-36234	110	88	0.2254	0.2254	NUM
ape-36234	110	89	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-36234	110	90	advances	advance	NOUN
ape-36234	110	91	in	in	ADP
ape-36234	110	92	politics	politic	NOUN
ape-36234	110	93	and	and	CCONJ
ape-36234	110	94	economics	economic	NOUN
ape-36234	110	95	vol	vol	NOUN
ape-36234	110	96	.	.	PUNCT
ape-36234	111	1	7	7	NUM
ape-36234	111	2	,	,	PUNCT
ape-36234	111	3	no	no	INTJ
ape-36234	111	4	.	.	NOUN
ape-36234	111	5	2	2	NUM
ape-36234	111	6	,	,	PUNCT
ape-36234	111	7	2024	2024	NUM
ape-36234	111	8	8	8	NUM
ape-36234	111	9	published	publish	VERB
ape-36234	111	10	by	by	ADP
ape-36234	111	11	scholink	scholink	PROPN
ape-36234	111	12	inc	inc	PROPN
ape-36234	111	13	.	.	PROPN
ape-36234	111	14	2018	2018	NUM
ape-36234	111	15	q2	q2	NOUN
ape-36234	111	16	0.2785	0.2785	NUM
ape-36234	111	17	0.2761	0.2761	NUM
ape-36234	111	18	0.2802	0.2802	NUM
ape-36234	111	19	2018	2018	NUM
ape-36234	111	20	q3	q3	NOUN
ape-36234	111	21	0.1736	0.1736	NUM
ape-36234	111	22	0.1869	0.1869	NUM
ape-36234	111	23	0.162	0.162	NUM
ape-36234	111	24	2018	2018	NUM
ape-36234	111	25	q4	q4	PROPN
ape-36234	111	26	0.1125	0.1125	NUM
ape-36234	111	27	0.1296	0.1296	NUM
ape-36234	111	28	0.1178	0.1178	NUM
ape-36234	111	29	2019	2019	NUM
ape-36234	111	30	q1	q1	NOUN
ape-36234	111	31	0.1885	0.1885	NUM
ape-36234	111	32	0.2263	0.2263	NUM
ape-36234	111	33	0.2546	0.2546	NUM
ape-36234	111	34	2019	2019	NUM
ape-36234	111	35	q2	q2	NOUN
ape-36234	111	36	0.2602	0.2602	NUM
ape-36234	111	37	0.2657	0.2657	NUM
ape-36234	111	38	0.2319	0.2319	NUM
ape-36234	111	39	2019	2019	NUM
ape-36234	111	40	q3	q3	NOUN
ape-36234	111	41	0.1235	0.1235	NUM
ape-36234	111	42	0.1024	0.1024	NUM
ape-36234	111	43	0.1398	0.1398	NUM
ape-36234	111	44	2019	2019	NUM
ape-36234	111	45	q4	q4	PROPN
ape-36234	111	46	0.1468	0.1468	NUM
ape-36234	111	47	0.0954	0.0954	NUM
ape-36234	111	48	0.1383	0.1383	NUM
ape-36234	111	49	2020	2020	NUM
ape-36234	111	50	q1	q1	PROPN
ape-36234	111	51	0.1542	0.1542	NUM
ape-36234	111	52	0.2385	0.2385	NUM
ape-36234	111	53	0.2432	0.2432	NUM
ape-36234	111	54	2020	2020	NUM
ape-36234	111	55	q2	q2	NOUN
ape-36234	111	56	0.2143	0.2143	NOUN
ape-36234	111	57	0.2228	0.2228	NUM
ape-36234	111	58	0.2065	0.2065	NUM
ape-36234	111	59	2020	2020	NUM
ape-36234	111	60	q3	q3	NOUN
ape-36234	111	61	0.1564	0.1564	NUM
ape-36234	111	62	0.1486	0.1486	NUM
ape-36234	111	63	0.1352	0.1352	NUM
ape-36234	111	64	2020	2020	NUM
ape-36234	111	65	q4	q4	PROPN
ape-36234	111	66	0.1829	0.1829	NUM
ape-36234	111	67	0.1951	0.1951	NUM
ape-36234	111	68	0.1562	0.1562	NUM
ape-36234	111	69	2021	2021	NUM
ape-36234	111	70	q1	q1	VERB
ape-36234	111	71	0.1524	0.1524	NUM
ape-36234	111	72	0.2101	0.2101	NUM
ape-36234	111	73	0.1628	0.1628	NUM
ape-36234	111	74	2021	2021	NUM
ape-36234	111	75	q2	q2	NOUN
ape-36234	111	76	0.1351	0.1351	NUM
ape-36234	111	77	0.1132	0.1132	NUM
ape-36234	111	78	0.1534	0.1534	NUM
ape-36234	111	79	2021	2021	NUM
ape-36234	111	80	q3	q3	NOUN
ape-36234	111	81	0.1003	0.1003	NUM
ape-36234	111	82	0.1094	0.1094	NUM
ape-36234	111	83	0.1061	0.1061	NUM
ape-36234	111	84	2021	2021	NUM
ape-36234	111	85	q4	q4	PROPN
ape-36234	111	86	0.1456	0.1456	NOUN
ape-36234	111	87	0.1227	0.1227	NUM
ape-36234	111	88	0.1163	0.1163	NUM
ape-36234	111	89	2022	2022	NUM
ape-36234	111	90	q1	q1	PROPN
ape-36234	111	91	0.2452	0.2452	NUM
ape-36234	111	92	0.2058	0.2058	NUM
ape-36234	111	93	0.1714	0.1714	NUM
ape-36234	111	94	after	after	ADP
ape-36234	111	95	measuring	measure	VERB
ape-36234	111	96	the	the	DET
ape-36234	111	97	herd	herd	ADJ
ape-36234	111	98	behavior	behavior	NOUN
ape-36234	111	99	in	in	ADP
ape-36234	111	100	the	the	DET
ape-36234	111	101	open	open	ADJ
ape-36234	111	102	-	-	PUNCT
ape-36234	111	103	end	end	NOUN
ape-36234	111	104	fund	fund	NOUN
ape-36234	111	105	market	market	NOUN
ape-36234	111	106	from	from	ADP
ape-36234	111	107	the	the	DET
ape-36234	111	108	first	first	ADJ
ape-36234	111	109	quarter	quarter	NOUN
ape-36234	111	110	of	of	ADP
ape-36234	111	111	2017	2017	NUM
ape-36234	111	112	to	to	ADP
ape-36234	111	113	the	the	DET
ape-36234	111	114	first	first	ADJ
ape-36234	111	115	quarter	quarter	NOUN
ape-36234	111	116	of	of	ADP
ape-36234	111	117	2017	2017	NUM
ape-36234	111	118	to	to	ADP
ape-36234	111	119	the	the	DET
ape-36234	111	120	first	first	ADJ
ape-36234	111	121	quarter	quarter	NOUN
ape-36234	111	122	of	of	ADP
ape-36234	111	123	2022	2022	NUM
ape-36234	111	124	,	,	PUNCT
ape-36234	111	125	it	it	PRON
ape-36234	111	126	was	be	AUX
ape-36234	111	127	found	find	VERB
ape-36234	111	128	that	that	SCONJ
ape-36234	111	129	there	there	PRON
ape-36234	111	130	was	be	VERB
ape-36234	111	131	obvious	obvious	ADJ
ape-36234	111	132	herd	herd	NOUN
ape-36234	111	133	behavior	behavior	NOUN
ape-36234	111	134	in	in	ADP
ape-36234	111	135	every	every	DET
ape-36234	111	136	quarter	quarter	NOUN
ape-36234	111	137	.	.	PUNCT
ape-36234	112	1	among	among	ADP
ape-36234	112	2	them	they	PRON
ape-36234	112	3	,	,	PUNCT
ape-36234	112	4	the	the	DET
ape-36234	112	5	average	average	ADJ
ape-36234	112	6	overall	overall	ADJ
ape-36234	112	7	herd	herd	NOUN
ape-36234	112	8	behavior	behavior	NOUN
ape-36234	112	9	was	be	AUX
ape-36234	112	10	0.1914,0.1712	0.1914,0.1712	NOUN
ape-36234	112	11	,	,	PUNCT
ape-36234	112	12	and	and	CCONJ
ape-36234	112	13	the	the	DET
ape-36234	112	14	average	average	ADJ
ape-36234	112	15	selling	sell	VERB
ape-36234	112	16	herd	herd	NOUN
ape-36234	112	17	behavior	behavior	NOUN
ape-36234	112	18	was	be	AUX
ape-36234	112	19	0.1742	0.1742	NUM
ape-36234	112	20	figure	figure	NOUN
ape-36234	112	21	3	3	NUM
ape-36234	112	22	-	-	SYM
ape-36234	112	23	1	1	NUM
ape-36234	112	24	plot	plot	NOUN
ape-36234	112	25	of	of	ADP
ape-36234	112	26	herd	herd	NOUN
ape-36234	112	27	behavior	behavior	NOUN
ape-36234	112	28	from	from	ADP
ape-36234	112	29	first	first	ADJ
ape-36234	112	30	quarter	quarter	NOUN
ape-36234	112	31	of	of	ADP
ape-36234	112	32	2017	2017	NUM
ape-36234	112	33	to	to	ADP
ape-36234	112	34	first	first	ADJ
ape-36234	112	35	quarter	quarter	NOUN
ape-36234	112	36	of	of	ADP
ape-36234	112	37	2022	2022	NUM
ape-36234	112	38	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-36234	112	39	advances	advance	NOUN
ape-36234	112	40	in	in	ADP
ape-36234	112	41	politics	politic	NOUN
ape-36234	112	42	and	and	CCONJ
ape-36234	112	43	economics	economic	NOUN
ape-36234	112	44	vol	vol	NOUN
ape-36234	112	45	.	.	PUNCT
ape-36234	113	1	7	7	NUM
ape-36234	113	2	,	,	PUNCT
ape-36234	113	3	no	no	INTJ
ape-36234	113	4	.	.	NOUN
ape-36234	113	5	2	2	NUM
ape-36234	113	6	,	,	PUNCT
ape-36234	113	7	2024	2024	NUM
ape-36234	113	8	9	9	NUM
ape-36234	113	9	published	publish	VERB
ape-36234	113	10	by	by	ADP
ape-36234	113	11	scholink	scholink	PROPN
ape-36234	113	12	inc	inc	PROPN
ape-36234	113	13	.	.	PROPN
ape-36234	113	14	combined	combine	VERB
ape-36234	113	15	with	with	ADP
ape-36234	113	16	the	the	DET
ape-36234	113	17	data	datum	NOUN
ape-36234	113	18	in	in	ADP
ape-36234	113	19	the	the	DET
ape-36234	113	20	chart	chart	NOUN
ape-36234	113	21	and	and	CCONJ
ape-36234	113	22	the	the	DET
ape-36234	113	23	table	table	NOUN
ape-36234	113	24	,	,	PUNCT
ape-36234	113	25	it	it	PRON
ape-36234	113	26	can	can	AUX
ape-36234	113	27	be	be	AUX
ape-36234	113	28	seen	see	VERB
ape-36234	113	29	that	that	SCONJ
ape-36234	113	30	the	the	DET
ape-36234	113	31	overall	overall	ADJ
ape-36234	113	32	herd	herd	ADJ
ape-36234	113	33	behavior	behavior	NOUN
ape-36234	113	34	of	of	ADP
ape-36234	113	35	the	the	DET
ape-36234	113	36	open	open	ADJ
ape-36234	113	37	-	-	PUNCT
ape-36234	113	38	end	end	NOUN
ape-36234	113	39	fund	fund	NOUN
ape-36234	113	40	is	be	AUX
ape-36234	113	41	more	more	ADV
ape-36234	113	42	significant	significant	ADJ
ape-36234	113	43	,	,	PUNCT
ape-36234	113	44	among	among	ADP
ape-36234	113	45	which	which	PRON
ape-36234	113	46	the	the	DET
ape-36234	113	47	selling	sell	VERB
ape-36234	113	48	herd	herd	NOUN
ape-36234	113	49	behavior	behavior	NOUN
ape-36234	113	50	is	be	AUX
ape-36234	113	51	stronger	strong	ADJ
ape-36234	113	52	.	.	PUNCT
ape-36234	114	1	5	5	X
ape-36234	114	2	.	.	NOUN
ape-36234	114	3	empirical	empirical	ADJ
ape-36234	114	4	analysis	analysis	NOUN
ape-36234	114	5	of	of	ADP
ape-36234	114	6	the	the	DET
ape-36234	114	7	impact	impact	NOUN
ape-36234	114	8	of	of	ADP
ape-36234	114	9	herd	herd	NOUN
ape-36234	114	10	behavior	behavior	NOUN
ape-36234	114	11	on	on	ADP
ape-36234	114	12	stock	stock	NOUN
ape-36234	114	13	price	price	NOUN
ape-36234	114	14	volatility	volatility	NOUN
ape-36234	114	15	5.1	5.1	NUM
ape-36234	114	16	arrangement	arrangement	NOUN
ape-36234	114	17	and	and	CCONJ
ape-36234	114	18	processing	processing	NOUN
ape-36234	114	19	of	of	ADP
ape-36234	114	20	the	the	DET
ape-36234	114	21	data	datum	NOUN
ape-36234	114	22	this	this	DET
ape-36234	114	23	paper	paper	NOUN
ape-36234	114	24	selects	select	VERB
ape-36234	114	25	the	the	DET
ape-36234	114	26	first	first	ADJ
ape-36234	114	27	quarter	quarter	NOUN
ape-36234	114	28	of	of	ADP
ape-36234	114	29	2017	2017	NUM
ape-36234	114	30	to	to	ADP
ape-36234	114	31	2022	2022	NUM
ape-36234	114	32	data	datum	NOUN
ape-36234	114	33	empirical	empirical	ADJ
ape-36234	114	34	analysis	analysis	NOUN
ape-36234	114	35	,	,	PUNCT
ape-36234	114	36	due	due	ADP
ape-36234	114	37	to	to	ADP
ape-36234	114	38	the	the	DET
ape-36234	114	39	stock	stock	NOUN
ape-36234	114	40	distribution	distribution	NOUN
ape-36234	114	41	from	from	ADP
ape-36234	114	42	the	the	DET
ape-36234	114	43	stock	stock	NOUN
ape-36234	114	44	market	market	NOUN
ape-36234	114	45	,	,	PUNCT
ape-36234	114	46	the	the	DET
ape-36234	114	47	mainland	mainland	NOUN
ape-36234	114	48	main	main	ADJ
ape-36234	114	49	stock	stock	NOUN
ape-36234	114	50	market	market	NOUN
ape-36234	114	51	for	for	ADP
ape-36234	114	52	shanghai	shanghai	PROPN
ape-36234	114	53	and	and	CCONJ
ape-36234	114	54	shenzhen	shenzhen	PROPN
ape-36234	114	55	,	,	PUNCT
ape-36234	114	56	so	so	ADV
ape-36234	114	57	the	the	DET
ape-36234	114	58	selection	selection	NOUN
ape-36234	114	59	of	of	ADP
ape-36234	114	60	explanatory	explanatory	ADJ
ape-36234	114	61	variables	variable	NOUN
ape-36234	114	62	must	must	AUX
ape-36234	114	63	give	give	VERB
ape-36234	114	64	full	full	ADJ
ape-36234	114	65	consideration	consideration	NOUN
ape-36234	114	66	to	to	ADP
ape-36234	114	67	this	this	DET
ape-36234	114	68	important	important	ADJ
ape-36234	114	69	factor	factor	NOUN
ape-36234	114	70	,	,	PUNCT
ape-36234	114	71	considering	consider	VERB
ape-36234	114	72	the	the	DET
ape-36234	114	73	market	market	NOUN
ape-36234	114	74	index	index	NOUN
ape-36234	114	75	,	,	PUNCT
ape-36234	114	76	at	at	ADP
ape-36234	114	77	the	the	DET
ape-36234	114	78	same	same	ADJ
ape-36234	114	79	time	time	NOUN
ape-36234	114	80	include	include	VERB
ape-36234	114	81	shanghai	shanghai	PROPN
ape-36234	114	82	and	and	CCONJ
ape-36234	114	83	shenzhen	shenzhen	PROPN
ape-36234	114	84	stock	stock	NOUN
ape-36234	114	85	market	market	NOUN
ape-36234	114	86	of	of	ADP
ape-36234	114	87	csi	csi	PROPN
ape-36234	114	88	300	300	NUM
ape-36234	114	89	index	index	NOUN
ape-36234	114	90	has	have	AUX
ape-36234	114	91	become	become	VERB
ape-36234	114	92	the	the	DET
ape-36234	114	93	best	good	ADJ
ape-36234	114	94	reference	reference	NOUN
ape-36234	114	95	index	index	NOUN
ape-36234	114	96	.	.	PUNCT
ape-36234	115	1	this	this	DET
ape-36234	115	2	paper	paper	NOUN
ape-36234	115	3	will	will	AUX
ape-36234	115	4	select	select	VERB
ape-36234	115	5	the	the	DET
ape-36234	115	6	quarterly	quarterly	ADJ
ape-36234	115	7	standard	standard	ADJ
ape-36234	115	8	deviation	deviation	NOUN
ape-36234	115	9	of	of	ADP
ape-36234	115	10	the	the	DET
ape-36234	115	11	csi	csi	ADJ
ape-36234	115	12	300	300	NUM
ape-36234	115	13	index	index	NOUN
ape-36234	115	14	to	to	PART
ape-36234	115	15	reflect	reflect	VERB
ape-36234	115	16	the	the	DET
ape-36234	115	17	changes	change	NOUN
ape-36234	115	18	in	in	ADP
ape-36234	115	19	stock	stock	NOUN
ape-36234	115	20	prices	price	NOUN
ape-36234	115	21	.	.	PUNCT
ape-36234	116	1	interpreted	interpret	VERB
ape-36234	116	2	variable	variable	NOUN
ape-36234	116	3	:	:	PUNCT
ape-36234	116	4	standard	standard	ADJ
ape-36234	116	5	deviation	deviation	NOUN
ape-36234	116	6	of	of	ADP
ape-36234	116	7	csi	csi	PROPN
ape-36234	116	8	300	300	NUM
ape-36234	116	9	index	index	NOUN
ape-36234	116	10	,	,	PUNCT
ape-36234	116	11	recorded	record	VERB
ape-36234	116	12	as	as	ADP
ape-36234	116	13	std	std	NOUN
ape-36234	116	14	,	,	PUNCT
ape-36234	116	15	also	also	ADV
ape-36234	116	16	as	as	SCONJ
ape-36234	116	17	y	y	PROPN
ape-36234	116	18	explanatory	explanatory	ADJ
ape-36234	116	19	variable	variable	NOUN
ape-36234	116	20	:	:	PUNCT
ape-36234	116	21	buy	buy	VERB
ape-36234	116	22	flock	flock	NOUN
ape-36234	116	23	behavior	behavior	NOUN
ape-36234	116	24	degree	degree	NOUN
ape-36234	116	25	,	,	PUNCT
ape-36234	116	26	recorded	record	VERB
ape-36234	116	27	as	as	ADP
ape-36234	116	28	bhm	bhm	NOUN
ape-36234	116	29	,	,	PUNCT
ape-36234	116	30	also	also	ADV
ape-36234	116	31	as	as	ADP
ape-36234	116	32	x1，selling	x1，selling	NUM
ape-36234	116	33	sheep	sheep	NOUN
ape-36234	116	34	behavior	behavior	NOUN
ape-36234	116	35	degree	degree	NOUN
ape-36234	116	36	,	,	PUNCT
ape-36234	116	37	recorded	record	VERB
ape-36234	116	38	as	as	ADP
ape-36234	116	39	shm	shm	NOUN
ape-36234	116	40	,	,	PUNCT
ape-36234	116	41	also	also	ADV
ape-36234	116	42	as	as	SCONJ
ape-36234	116	43	x2	x2	PROPN
ape-36234	116	44	5.2	5.2	NUM
ape-36234	116	45	empirical	empirical	ADJ
ape-36234	116	46	analysis	analysis	NOUN
ape-36234	116	47	5.2.1	5.2.1	NUM
ape-36234	116	48	stability	stability	NOUN
ape-36234	116	49	test	test	NOUN
ape-36234	116	50	in	in	ADP
ape-36234	116	51	order	order	NOUN
ape-36234	116	52	to	to	PART
ape-36234	116	53	ensure	ensure	VERB
ape-36234	116	54	the	the	DET
ape-36234	116	55	accuracy	accuracy	NOUN
ape-36234	116	56	of	of	ADP
ape-36234	116	57	the	the	DET
ape-36234	116	58	subsequent	subsequent	ADJ
ape-36234	116	59	studies	study	NOUN
ape-36234	116	60	,	,	PUNCT
ape-36234	116	61	the	the	DET
ape-36234	116	62	above	above	ADJ
ape-36234	116	63	data	datum	NOUN
ape-36234	116	64	are	be	AUX
ape-36234	116	65	required	require	VERB
ape-36234	116	66	to	to	PART
ape-36234	116	67	be	be	AUX
ape-36234	116	68	tested	test	VERB
ape-36234	116	69	for	for	ADP
ape-36234	116	70	smoothness	smoothness	NOUN
ape-36234	116	71	.	.	PUNCT
ape-36234	117	1	comprehensive	comprehensive	ADJ
ape-36234	117	2	consideration	consideration	NOUN
ape-36234	117	3	,	,	PUNCT
ape-36234	117	4	adf	adf	NOUN
ape-36234	117	5	method	method	NOUN
ape-36234	117	6	for	for	ADP
ape-36234	117	7	stability	stability	NOUN
ape-36234	117	8	test	test	NOUN
ape-36234	117	9	.	.	PUNCT
ape-36234	118	1	table	table	NOUN
ape-36234	118	2	4	4	NUM
ape-36234	118	3	-	-	SYM
ape-36234	118	4	1	1	NUM
ape-36234	118	5	results	result	NOUN
ape-36234	118	6	of	of	ADP
ape-36234	118	7	the	the	DET
ape-36234	118	8	adf	adf	NOUN
ape-36234	118	9	test	test	NOUN
ape-36234	118	10	for	for	ADP
ape-36234	118	11	the	the	DET
ape-36234	118	12	variables	variables	PROPN
ape-36234	118	13	variable	variable	ADJ
ape-36234	118	14	adf	adf	PROPN
ape-36234	118	15	value	value	NOUN
ape-36234	118	16	5	5	NUM
ape-36234	118	17	%	%	NOUN
ape-36234	118	18	critical	critical	ADJ
ape-36234	118	19	value	value	NOUN
ape-36234	118	20	p	p	NOUN
ape-36234	118	21	value	value	NOUN
ape-36234	118	22	stabilization	stabilization	NOUN
ape-36234	118	23	results	result	VERB
ape-36234	118	24	std	std	NOUN
ape-36234	118	25	-3.348578	-3.348578	NOUN
ape-36234	118	26	-3.052169	-3.052169	NOUN
ape-36234	119	1	0.0286	0.0286	ADJ
ape-36234	119	2	steady	steady	ADJ
ape-36234	119	3	bhm	bhm	NOUN
ape-36234	119	4	-4.126525	-4.126525	NOUN
ape-36234	119	5	-3.673616	-3.673616	NOUN
ape-36234	119	6	0.0217	0.0217	NUM
ape-36234	119	7	steady	steady	ADJ
ape-36234	119	8	shm	shm	PROPN
ape-36234	119	9	-6.284474	-6.284474	NOUN
ape-36234	119	10	-3.673616	-3.673616	NOUN
ape-36234	120	1	0.0004	0.0004	NUM
ape-36234	120	2	steady	steady	ADJ
ape-36234	120	3	as	as	SCONJ
ape-36234	120	4	can	can	AUX
ape-36234	120	5	be	be	AUX
ape-36234	120	6	seen	see	VERB
ape-36234	120	7	from	from	ADP
ape-36234	120	8	the	the	DET
ape-36234	120	9	data	datum	NOUN
ape-36234	120	10	above	above	ADV
ape-36234	120	11	,	,	PUNCT
ape-36234	120	12	the	the	DET
ape-36234	120	13	p	p	NOUN
ape-36234	120	14	-	-	PUNCT
ape-36234	120	15	values	value	NOUN
ape-36234	120	16	of	of	ADP
ape-36234	120	17	std	std	NOUN
ape-36234	120	18	,	,	PUNCT
ape-36234	120	19	bhm	bhm	NOUN
ape-36234	120	20	and	and	CCONJ
ape-36234	120	21	shm	shm	NOUN
ape-36234	120	22	variables	variable	NOUN
ape-36234	120	23	are	be	AUX
ape-36234	120	24	all	all	ADV
ape-36234	120	25	small	small	ADJ
ape-36234	120	26	,	,	PUNCT
ape-36234	120	27	all	all	PRON
ape-36234	120	28	below	below	ADP
ape-36234	120	29	0.05	0.05	NUM
ape-36234	120	30	,	,	PUNCT
ape-36234	120	31	i.e.	i.e.	X
ape-36234	120	32	,	,	PUNCT
ape-36234	120	33	stationary	stationary	ADJ
ape-36234	120	34	at	at	ADP
ape-36234	120	35	the	the	DET
ape-36234	120	36	5	5	NUM
ape-36234	120	37	%	%	NOUN
ape-36234	120	38	significance	significance	NOUN
ape-36234	120	39	level	level	NOUN
ape-36234	120	40	.	.	PUNCT
ape-36234	121	1	studies	study	NOUN
ape-36234	121	2	can	can	AUX
ape-36234	121	3	therefore	therefore	ADV
ape-36234	121	4	be	be	AUX
ape-36234	121	5	continued	continue	VERB
ape-36234	121	6	.	.	PUNCT
ape-36234	122	1	5.2.2	5.2.2	NUM
ape-36234	122	2	to	to	PART
ape-36234	122	3	develop	develop	VERB
ape-36234	122	4	the	the	DET
ape-36234	122	5	var	var	NOUN
ape-36234	122	6	model	model	NOUN
ape-36234	122	7	since	since	SCONJ
ape-36234	122	8	the	the	DET
ape-36234	122	9	data	data	NOUN
ape-36234	122	10	has	have	AUX
ape-36234	122	11	passed	pass	VERB
ape-36234	122	12	the	the	DET
ape-36234	122	13	stationarity	stationarity	NOUN
ape-36234	122	14	test	test	NOUN
ape-36234	122	15	,	,	PUNCT
ape-36234	122	16	now	now	ADV
ape-36234	122	17	we	we	PRON
ape-36234	122	18	will	will	AUX
ape-36234	122	19	use	use	VERB
ape-36234	122	20	eviews9	eviews9	NOUN
ape-36234	122	21	to	to	PART
ape-36234	122	22	establish	establish	VERB
ape-36234	122	23	a	a	DET
ape-36234	122	24	var	var	NOUN
ape-36234	122	25	model	model	NOUN
ape-36234	122	26	for	for	ADP
ape-36234	122	27	std	std	NOUN
ape-36234	122	28	,	,	PUNCT
ape-36234	122	29	bhm	bhm	NOUN
ape-36234	122	30	and	and	CCONJ
ape-36234	122	31	shm	shm	NOUN
ape-36234	122	32	.	.	PUNCT
ape-36234	123	1	the	the	DET
ape-36234	123	2	determination	determination	NOUN
ape-36234	123	3	of	of	ADP
ape-36234	123	4	the	the	DET
ape-36234	123	5	appropriate	appropriate	ADJ
ape-36234	123	6	lag	lag	NOUN
ape-36234	123	7	order	order	NOUN
ape-36234	123	8	p	p	NOUN
ape-36234	123	9	for	for	ADP
ape-36234	123	10	the	the	DET
ape-36234	123	11	endogenous	endogenous	ADJ
ape-36234	123	12	variable	variable	NOUN
ape-36234	123	13	is	be	AUX
ape-36234	123	14	one	one	NUM
ape-36234	123	15	of	of	ADP
ape-36234	123	16	the	the	DET
ape-36234	123	17	important	important	ADJ
ape-36234	123	18	conditions	condition	NOUN
ape-36234	123	19	for	for	ADP
ape-36234	123	20	establishing	establish	VERB
ape-36234	123	21	the	the	DET
ape-36234	123	22	var	var	NOUN
ape-36234	123	23	model	model	NOUN
ape-36234	123	24	.	.	PUNCT
ape-36234	124	1	if	if	SCONJ
ape-36234	124	2	the	the	DET
ape-36234	124	3	lag	lag	NOUN
ape-36234	124	4	order	order	NOUN
ape-36234	124	5	is	be	AUX
ape-36234	124	6	too	too	ADV
ape-36234	124	7	small	small	ADJ
ape-36234	124	8	,	,	PUNCT
ape-36234	124	9	the	the	DET
ape-36234	124	10	autocorrelation	autocorrelation	NOUN
ape-36234	124	11	of	of	ADP
ape-36234	124	12	the	the	DET
ape-36234	124	13	random	random	ADJ
ape-36234	124	14	disturbance	disturbance	NOUN
ape-36234	124	15	term	term	NOUN
ape-36234	124	16	may	may	AUX
ape-36234	124	17	be	be	AUX
ape-36234	124	18	more	more	ADV
ape-36234	124	19	serious	serious	ADJ
ape-36234	124	20	,	,	PUNCT
ape-36234	124	21	which	which	PRON
ape-36234	124	22	will	will	AUX
ape-36234	124	23	lead	lead	VERB
ape-36234	124	24	to	to	ADP
ape-36234	124	25	the	the	DET
ape-36234	124	26	lack	lack	NOUN
ape-36234	124	27	of	of	ADP
ape-36234	124	28	validity	validity	NOUN
ape-36234	124	29	of	of	ADP
ape-36234	124	30	the	the	DET
ape-36234	124	31	parameter	parameter	NOUN
ape-36234	124	32	estimate	estimate	NOUN
ape-36234	124	33	;	;	PUNCT
ape-36234	124	34	if	if	SCONJ
ape-36234	124	35	the	the	DET
ape-36234	124	36	lag	lag	NOUN
ape-36234	124	37	order	order	NOUN
ape-36234	124	38	is	be	AUX
ape-36234	124	39	too	too	ADV
ape-36234	124	40	large	large	ADJ
ape-36234	124	41	,	,	PUNCT
ape-36234	124	42	more	more	ADJ
ape-36234	124	43	parameters	parameter	NOUN
ape-36234	124	44	will	will	AUX
ape-36234	124	45	be	be	AUX
ape-36234	124	46	estimated	estimate	VERB
ape-36234	124	47	,	,	PUNCT
ape-36234	124	48	and	and	CCONJ
ape-36234	124	49	large	large	ADJ
ape-36234	124	50	estimation	estimation	NOUN
ape-36234	124	51	error	error	NOUN
ape-36234	124	52	will	will	AUX
ape-36234	124	53	be	be	AUX
ape-36234	124	54	generated	generate	VERB
ape-36234	124	55	under	under	ADP
ape-36234	124	56	finite	finite	ADJ
ape-36234	124	57	sample	sample	NOUN
ape-36234	124	58	size	size	NOUN
ape-36234	124	59	.	.	PUNCT
ape-36234	125	1	to	to	PART
ape-36234	125	2	retain	retain	VERB
ape-36234	125	3	more	more	ADJ
ape-36234	125	4	degrees	degree	NOUN
ape-36234	125	5	of	of	ADP
ape-36234	125	6	freedom	freedom	NOUN
ape-36234	125	7	and	and	CCONJ
ape-36234	125	8	make	make	VERB
ape-36234	125	9	the	the	DET
ape-36234	125	10	model	model	NOUN
ape-36234	125	11	fit	fit	VERB
ape-36234	125	12	more	more	ADV
ape-36234	125	13	accurate	accurate	ADJ
ape-36234	125	14	,	,	PUNCT
ape-36234	125	15	we	we	PRON
ape-36234	125	16	chose	choose	VERB
ape-36234	125	17	to	to	PART
ape-36234	125	18	build	build	VERB
ape-36234	125	19	a	a	DET
ape-36234	125	20	var	var	NOUN
ape-36234	125	21	model	model	NOUN
ape-36234	125	22	with	with	ADP
ape-36234	125	23	a	a	DET
ape-36234	125	24	second	second	ADJ
ape-36234	125	25	-	-	PUNCT
ape-36234	125	26	order	order	NOUN
ape-36234	125	27	lag	lag	NOUN
ape-36234	125	28	,	,	PUNCT
ape-36234	125	29	as	as	SCONJ
ape-36234	125	30	shown	show	VERB
ape-36234	125	31	in	in	ADP
ape-36234	125	32	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-36234	125	33	advances	advance	NOUN
ape-36234	125	34	in	in	ADP
ape-36234	125	35	politics	politic	NOUN
ape-36234	125	36	and	and	CCONJ
ape-36234	125	37	economics	economic	NOUN
ape-36234	125	38	vol	vol	NOUN
ape-36234	125	39	.	.	PUNCT
ape-36234	126	1	7	7	NUM
ape-36234	126	2	,	,	PUNCT
ape-36234	126	3	no	no	INTJ
ape-36234	126	4	.	.	NOUN
ape-36234	126	5	2	2	NUM
ape-36234	126	6	,	,	PUNCT
ape-36234	126	7	2024	2024	NUM
ape-36234	126	8	10	10	NUM
ape-36234	126	9	published	publish	VERB
ape-36234	126	10	by	by	ADP
ape-36234	126	11	scholink	scholink	PROPN
ape-36234	126	12	inc	inc	PROPN
ape-36234	126	13	.	.	PROPN
ape-36234	126	14	figure	figure	NOUN
ape-36234	126	15	figure	figure	NOUN
ape-36234	126	16	4	4	NUM
ape-36234	126	17	–	–	SYM
ape-36234	126	18	1	1	NUM
ape-36234	126	19	figure	figure	NOUN
ape-36234	126	20	4	4	NUM
ape-36234	126	21	-	-	SYM
ape-36234	126	22	1	1	NUM
ape-36234	126	23	var	var	NOUN
ape-36234	126	24	model	model	NOUN
ape-36234	126	25	detection	detection	NOUN
ape-36234	126	26	plots	plot	VERB
ape-36234	126	27	in	in	ADP
ape-36234	126	28	figure	figure	NOUN
ape-36234	126	29	as	as	SCONJ
ape-36234	126	30	can	can	AUX
ape-36234	126	31	be	be	AUX
ape-36234	126	32	seen	see	VERB
ape-36234	126	33	from	from	ADP
ape-36234	126	34	figure	figure	NOUN
ape-36234	126	35	figure	figure	NOUN
ape-36234	126	36	4	4	NUM
ape-36234	126	37	-	-	SYM
ape-36234	126	38	1	1	NUM
ape-36234	126	39	,	,	PUNCT
ape-36234	126	40	all	all	DET
ape-36234	126	41	points	point	NOUN
ape-36234	126	42	fall	fall	VERB
ape-36234	126	43	within	within	ADP
ape-36234	126	44	the	the	DET
ape-36234	126	45	unit	unit	NOUN
ape-36234	126	46	circle	circle	NOUN
ape-36234	126	47	and	and	CCONJ
ape-36234	126	48	so	so	ADV
ape-36234	126	49	this	this	DET
ape-36234	126	50	var	var	NOUN
ape-36234	126	51	model	model	NOUN
ape-36234	126	52	is	be	AUX
ape-36234	126	53	stable	stable	ADJ
ape-36234	126	54	.	.	PUNCT
ape-36234	127	1	5.2.3	5.2.3	NUM
ape-36234	127	2	granger	granger	PROPN
ape-36234	127	3	causal	causal	PROPN
ape-36234	127	4	test	test	NOUN
ape-36234	127	5	the	the	DET
ape-36234	127	6	data	datum	NOUN
ape-36234	127	7	selected	select	VERB
ape-36234	127	8	in	in	ADP
ape-36234	127	9	this	this	DET
ape-36234	127	10	paper	paper	NOUN
ape-36234	127	11	is	be	AUX
ape-36234	127	12	the	the	DET
ape-36234	127	13	time	time	NOUN
ape-36234	127	14	series	series	PROPN
ape-36234	127	15	data	data	PROPN
ape-36234	127	16	,	,	PUNCT
ape-36234	127	17	which	which	PRON
ape-36234	127	18	may	may	AUX
ape-36234	127	19	have	have	VERB
ape-36234	127	20	a	a	DET
ape-36234	127	21	strong	strong	ADJ
ape-36234	127	22	correlation	correlation	NOUN
ape-36234	127	23	,	,	PUNCT
ape-36234	127	24	resulting	result	VERB
ape-36234	127	25	in	in	ADP
ape-36234	127	26	the	the	DET
ape-36234	127	27	abnormal	abnormal	ADJ
ape-36234	127	28	statistical	statistical	ADJ
ape-36234	127	29	results	result	NOUN
ape-36234	127	30	of	of	ADP
ape-36234	127	31	the	the	DET
ape-36234	127	32	detection	detection	NOUN
ape-36234	127	33	,	,	PUNCT
ape-36234	127	34	but	but	CCONJ
ape-36234	127	35	in	in	ADP
ape-36234	127	36	fact	fact	NOUN
ape-36234	127	37	,	,	PUNCT
ape-36234	127	38	they	they	PRON
ape-36234	127	39	do	do	AUX
ape-36234	127	40	not	not	PART
ape-36234	127	41	have	have	VERB
ape-36234	127	42	a	a	DET
ape-36234	127	43	real	real	ADJ
ape-36234	127	44	correlation	correlation	NOUN
ape-36234	127	45	.	.	PUNCT
ape-36234	128	1	for	for	ADP
ape-36234	128	2	example	example	NOUN
ape-36234	128	3	,	,	PUNCT
ape-36234	128	4	the	the	DET
ape-36234	128	5	herd	herd	NOUN
ape-36234	128	6	behavior	behavior	NOUN
ape-36234	128	7	will	will	AUX
ape-36234	128	8	affect	affect	VERB
ape-36234	128	9	the	the	DET
ape-36234	128	10	standard	standard	ADJ
ape-36234	128	11	deviation	deviation	NOUN
ape-36234	128	12	of	of	ADP
ape-36234	128	13	the	the	DET
ape-36234	128	14	csi	csi	ADJ
ape-36234	128	15	300	300	NUM
ape-36234	128	16	index	index	NOUN
ape-36234	128	17	,	,	PUNCT
ape-36234	128	18	while	while	SCONJ
ape-36234	128	19	the	the	DET
ape-36234	128	20	standard	standard	ADJ
ape-36234	128	21	deviation	deviation	NOUN
ape-36234	128	22	of	of	ADP
ape-36234	128	23	the	the	DET
ape-36234	128	24	index	index	NOUN
ape-36234	128	25	will	will	AUX
ape-36234	128	26	affect	affect	VERB
ape-36234	128	27	the	the	DET
ape-36234	128	28	investor	investor	NOUN
ape-36234	128	29	psychology	psychology	NOUN
ape-36234	128	30	,	,	PUNCT
ape-36234	128	31	thus	thus	ADV
ape-36234	128	32	affecting	affect	VERB
ape-36234	128	33	the	the	DET
ape-36234	128	34	herd	herd	ADJ
ape-36234	128	35	behavior	behavior	NOUN
ape-36234	128	36	in	in	ADP
ape-36234	128	37	the	the	DET
ape-36234	128	38	next	next	ADJ
ape-36234	128	39	stage	stage	NOUN
ape-36234	128	40	.	.	PUNCT
ape-36234	129	1	therefore	therefore	ADV
ape-36234	129	2	,	,	PUNCT
ape-36234	129	3	the	the	DET
ape-36234	129	4	next	next	ADJ
ape-36234	129	5	granger	granger	PROPN
ape-36234	129	6	causality	causality	NOUN
ape-36234	129	7	test	test	NOUN
ape-36234	129	8	will	will	AUX
ape-36234	129	9	be	be	AUX
ape-36234	129	10	conducted	conduct	VERB
ape-36234	129	11	on	on	ADP
ape-36234	129	12	the	the	DET
ape-36234	129	13	var	var	NOUN
ape-36234	129	14	model	model	NOUN
ape-36234	129	15	to	to	PART
ape-36234	129	16	further	far	ADV
ape-36234	129	17	study	study	VERB
ape-36234	129	18	whether	whether	SCONJ
ape-36234	129	19	the	the	DET
ape-36234	129	20	behavior	behavior	NOUN
ape-36234	129	21	of	of	ADP
ape-36234	129	22	buying	buy	VERB
ape-36234	129	23	and	and	CCONJ
ape-36234	129	24	selling	sell	VERB
ape-36234	129	25	sheep	sheep	NOUN
ape-36234	129	26	directly	directly	ADV
ape-36234	129	27	affects	affect	VERB
ape-36234	129	28	the	the	DET
ape-36234	129	29	fluctuation	fluctuation	NOUN
ape-36234	129	30	of	of	ADP
ape-36234	129	31	the	the	DET
ape-36234	129	32	stock	stock	NOUN
ape-36234	129	33	price	price	NOUN
ape-36234	129	34	.	.	PUNCT
ape-36234	130	1	table	table	NOUN
ape-36234	130	2	4	4	NUM
ape-36234	130	3	-	-	SYM
ape-36234	130	4	2	2	NUM
ape-36234	130	5	results	result	NOUN
ape-36234	130	6	of	of	ADP
ape-36234	130	7	the	the	DET
ape-36234	130	8	granger	granger	PROPN
ape-36234	130	9	causality	causality	PROPN
ape-36234	130	10	test	test	NOUN
ape-36234	130	11	dependent	dependent	ADJ
ape-36234	130	12	variable	variable	NOUN
ape-36234	130	13	:	:	PUNCT
ape-36234	130	14	std	std	NOUN
ape-36234	130	15	excluded	exclude	VERB
ape-36234	130	16	chi	chi	ADJ
ape-36234	130	17	-	-	PUNCT
ape-36234	130	18	sq	sq	ADJ
ape-36234	130	19	df	df	PROPN
ape-36234	130	20	prob	prob	PROPN
ape-36234	130	21	.	.	PUNCT
ape-36234	131	1	bhm	bhm	NOUN
ape-36234	131	2	5.651290	5.651290	NUM
ape-36234	131	3	2	2	NUM
ape-36234	131	4	0.0593	0.0593	NUM
ape-36234	131	5	shm	shm	NOUN
ape-36234	131	6	15.44963	15.44963	NUM
ape-36234	131	7	2	2	NUM
ape-36234	131	8	0.0004	0.0004	NUM
ape-36234	131	9	all	all	DET
ape-36234	131	10	17.02938	17.02938	NUM
ape-36234	131	11	4	4	NUM
ape-36234	131	12	0.0019	0.0019	NUM
ape-36234	131	13	dependent	dependent	ADJ
ape-36234	131	14	variable	variable	NOUN
ape-36234	131	15	:	:	PUNCT
ape-36234	131	16	bhm	bhm	NOUN
ape-36234	131	17	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-36234	131	18	advances	advance	NOUN
ape-36234	131	19	in	in	ADP
ape-36234	131	20	politics	politic	NOUN
ape-36234	131	21	and	and	CCONJ
ape-36234	131	22	economics	economic	NOUN
ape-36234	131	23	vol	vol	NOUN
ape-36234	131	24	.	.	PUNCT
ape-36234	132	1	7	7	NUM
ape-36234	132	2	,	,	PUNCT
ape-36234	132	3	no	no	INTJ
ape-36234	132	4	.	.	NOUN
ape-36234	132	5	2	2	NUM
ape-36234	132	6	,	,	PUNCT
ape-36234	132	7	2024	2024	NUM
ape-36234	132	8	11	11	NUM
ape-36234	132	9	published	publish	VERB
ape-36234	132	10	by	by	ADP
ape-36234	132	11	scholink	scholink	PROPN
ape-36234	132	12	inc	inc	PROPN
ape-36234	132	13	.	.	PROPN
ape-36234	132	14	excluded	exclude	VERB
ape-36234	132	15	chi	chi	ADJ
ape-36234	132	16	-	-	PUNCT
ape-36234	132	17	sq	sq	ADJ
ape-36234	132	18	df	df	PROPN
ape-36234	132	19	prob	prob	NOUN
ape-36234	132	20	.	.	PUNCT
ape-36234	133	1	std	std	VERB
ape-36234	133	2	6.628084	6.628084	NUM
ape-36234	133	3	2	2	NUM
ape-36234	133	4	0.0364	0.0364	NUM
ape-36234	133	5	shm	shm	NOUN
ape-36234	133	6	13.62616	13.62616	NUM
ape-36234	133	7	2	2	NUM
ape-36234	133	8	0.0011	0.0011	NUM
ape-36234	133	9	all	all	DET
ape-36234	133	10	18.33956	18.33956	NUM
ape-36234	133	11	4	4	NUM
ape-36234	133	12	0.0011	0.0011	NUM
ape-36234	133	13	dependent	dependent	ADJ
ape-36234	133	14	variable	variable	NOUN
ape-36234	133	15	:	:	PUNCT
ape-36234	133	16	shm	shm	NOUN
ape-36234	133	17	excluded	exclude	VERB
ape-36234	133	18	chi	chi	ADJ
ape-36234	133	19	-	-	PUNCT
ape-36234	133	20	sq	sq	ADJ
ape-36234	133	21	df	df	PROPN
ape-36234	133	22	prob	prob	NOUN
ape-36234	133	23	.	.	PUNCT
ape-36234	134	1	std	std	VERB
ape-36234	134	2	6.344245	6.344245	NUM
ape-36234	134	3	2	2	NUM
ape-36234	134	4	0.0419	0.0419	NUM
ape-36234	134	5	bhm	bhm	NOUN
ape-36234	134	6	2.881013	2.881013	NUM
ape-36234	134	7	2	2	NUM
ape-36234	134	8	0.2368	0.2368	NUM
ape-36234	134	9	all	all	PRON
ape-36234	135	1	6.960296	6.960296	NUM
ape-36234	135	2	4	4	NUM
ape-36234	135	3	0.1380	0.1380	NUM
ape-36234	135	4	from	from	ADP
ape-36234	135	5	the	the	DET
ape-36234	135	6	test	test	NOUN
ape-36234	135	7	results	result	NOUN
ape-36234	135	8	,	,	PUNCT
ape-36234	135	9	we	we	PRON
ape-36234	135	10	can	can	AUX
ape-36234	135	11	know	know	VERB
ape-36234	135	12	that	that	SCONJ
ape-36234	135	13	buying	buy	VERB
ape-36234	135	14	herd	herd	NOUN
ape-36234	135	15	behavior	behavior	NOUN
ape-36234	135	16	at	at	ADP
ape-36234	135	17	10	10	NUM
ape-36234	135	18	%	%	NOUN
ape-36234	135	19	significance	significance	NOUN
ape-36234	135	20	level	level	NOUN
ape-36234	135	21	will	will	AUX
ape-36234	135	22	have	have	VERB
ape-36234	135	23	an	an	DET
ape-36234	135	24	impact	impact	NOUN
ape-36234	135	25	on	on	ADP
ape-36234	135	26	the	the	DET
ape-36234	135	27	stock	stock	NOUN
ape-36234	135	28	price	price	NOUN
ape-36234	135	29	volatility	volatility	NOUN
ape-36234	135	30	,	,	PUNCT
ape-36234	135	31	while	while	SCONJ
ape-36234	135	32	selling	sell	VERB
ape-36234	135	33	herd	herd	NOUN
ape-36234	135	34	behavior	behavior	NOUN
ape-36234	135	35	at	at	ADP
ape-36234	135	36	5	5	NUM
ape-36234	135	37	%	%	NOUN
ape-36234	135	38	significance	significance	NOUN
ape-36234	135	39	level	level	NOUN
ape-36234	135	40	will	will	AUX
ape-36234	135	41	have	have	VERB
ape-36234	135	42	an	an	DET
ape-36234	135	43	impact	impact	NOUN
ape-36234	135	44	on	on	ADP
ape-36234	135	45	the	the	DET
ape-36234	135	46	stock	stock	NOUN
ape-36234	135	47	price	price	NOUN
ape-36234	135	48	volatility	volatility	NOUN
ape-36234	135	49	,	,	PUNCT
ape-36234	135	50	and	and	CCONJ
ape-36234	135	51	the	the	DET
ape-36234	135	52	stock	stock	NOUN
ape-36234	135	53	price	price	NOUN
ape-36234	135	54	volatility	volatility	NOUN
ape-36234	135	55	will	will	AUX
ape-36234	135	56	in	in	ADP
ape-36234	135	57	turn	turn	NOUN
ape-36234	135	58	affect	affect	VERB
ape-36234	135	59	the	the	DET
ape-36234	135	60	buying	buying	NOUN
ape-36234	135	61	and	and	CCONJ
ape-36234	135	62	selling	sell	VERB
ape-36234	135	63	herd	herd	NOUN
ape-36234	135	64	behavior	behavior	NOUN
ape-36234	135	65	.	.	PUNCT
ape-36234	136	1	thus	thus	ADV
ape-36234	136	2	,	,	PUNCT
ape-36234	136	3	the	the	DET
ape-36234	136	4	herd	herd	NOUN
ape-36234	136	5	behavior	behavior	NOUN
ape-36234	136	6	will	will	AUX
ape-36234	136	7	affect	affect	VERB
ape-36234	136	8	the	the	DET
ape-36234	136	9	stock	stock	NOUN
ape-36234	136	10	price	price	NOUN
ape-36234	136	11	fluctuations	fluctuation	NOUN
ape-36234	136	12	.	.	PUNCT
ape-36234	137	1	5.2.4	5.2.4	NUM
ape-36234	137	2	pulse	pulse	NOUN
ape-36234	137	3	response	response	NOUN
ape-36234	137	4	analysis	analysis	NOUN
ape-36234	137	5	because	because	SCONJ
ape-36234	137	6	the	the	DET
ape-36234	137	7	var	var	NOUN
ape-36234	137	8	model	model	NOUN
ape-36234	137	9	reflects	reflect	VERB
ape-36234	137	10	the	the	DET
ape-36234	137	11	dynamic	dynamic	ADJ
ape-36234	137	12	relationship	relationship	NOUN
ape-36234	137	13	between	between	ADP
ape-36234	137	14	variables	variable	NOUN
ape-36234	137	15	,	,	PUNCT
ape-36234	137	16	so	so	CCONJ
ape-36234	137	17	when	when	SCONJ
ape-36234	137	18	the	the	DET
ape-36234	137	19	var	var	NOUN
ape-36234	137	20	model	model	NOUN
ape-36234	137	21	(	(	PUNCT
ape-36234	137	22	also	also	ADV
ape-36234	137	23	known	know	VERB
ape-36234	137	24	as	as	ADP
ape-36234	137	25	new	new	ADJ
ape-36234	137	26	interest	interest	NOUN
ape-36234	137	27	(	(	PUNCT
ape-36234	137	28	innovation	innovation	NOUN
ape-36234	137	29	)	)	PUNCT
ape-36234	137	30	)	)	PUNCT
ape-36234	137	31	,	,	PUNCT
ape-36234	137	32	will	will	AUX
ape-36234	137	33	inevitably	inevitably	ADV
ape-36234	137	34	affect	affect	VERB
ape-36234	137	35	the	the	DET
ape-36234	137	36	current	current	ADJ
ape-36234	137	37	and	and	CCONJ
ape-36234	137	38	future	future	ADJ
ape-36234	137	39	value	value	NOUN
ape-36234	137	40	of	of	ADP
ape-36234	137	41	all	all	DET
ape-36234	137	42	endogenous	endogenous	ADJ
ape-36234	137	43	variables	variable	NOUN
ape-36234	137	44	in	in	ADP
ape-36234	137	45	the	the	DET
ape-36234	137	46	whole	whole	ADJ
ape-36234	137	47	var	var	NOUN
ape-36234	137	48	system	system	NOUN
ape-36234	137	49	,	,	PUNCT
ape-36234	137	50	the	the	DET
ape-36234	137	51	influence	influence	NOUN
ape-36234	137	52	path	path	NOUN
ape-36234	137	53	and	and	CCONJ
ape-36234	137	54	degree	degree	NOUN
ape-36234	137	55	of	of	ADP
ape-36234	137	56	mathematical	mathematical	ADJ
ape-36234	137	57	method	method	NOUN
ape-36234	137	58	is	be	AUX
ape-36234	137	59	called	call	VERB
ape-36234	137	60	the	the	DET
ape-36234	137	61	pulse	pulse	NOUN
ape-36234	137	62	response	response	NOUN
ape-36234	137	63	function	function	NOUN
ape-36234	137	64	(	(	PUNCT
ape-36234	137	65	impulse	impulse	ADJ
ape-36234	137	66	response	response	NOUN
ape-36234	137	67	function	function	NOUN
ape-36234	137	68	,	,	PUNCT
ape-36234	137	69	irf	irf	PROPN
ape-36234	137	70	)	)	PUNCT
ape-36234	137	71	.	.	PUNCT
ape-36234	138	1	note	note	VERB
ape-36234	138	2	that	that	SCONJ
ape-36234	138	3	this	this	PRON
ape-36234	138	4	is	be	AUX
ape-36234	138	5	a	a	DET
ape-36234	138	6	shock	shock	NOUN
ape-36234	138	7	(	(	PUNCT
ape-36234	138	8	im	im	NOUN
ape-36234	138	9	-	-	PUNCT
ape-36234	138	10	pulse	pulse	NOUN
ape-36234	138	11	)	)	PUNCT
ape-36234	138	12	for	for	ADP
ape-36234	138	13	random	random	ADJ
ape-36234	138	14	disturbance	disturbance	NOUN
ape-36234	138	15	terms	term	NOUN
ape-36234	138	16	,	,	PUNCT
ape-36234	138	17	but	but	CCONJ
ape-36234	138	18	a	a	DET
ape-36234	138	19	feedback	feedback	NOUN
ape-36234	138	20	to	to	ADP
ape-36234	138	21	the	the	DET
ape-36234	138	22	shock	shock	NOUN
ape-36234	138	23	(	(	PUNCT
ape-36234	138	24	response	response	NOUN
ape-36234	138	25	)	)	PUNCT
ape-36234	138	26	for	for	ADP
ape-36234	138	27	endogenous	endogenous	ADJ
ape-36234	138	28	variables	variable	NOUN
ape-36234	138	29	.	.	PUNCT
ape-36234	139	1	the	the	DET
ape-36234	139	2	pulse	pulse	NOUN
ape-36234	139	3	response	response	NOUN
ape-36234	139	4	function	function	NOUN
ape-36234	139	5	is	be	AUX
ape-36234	139	6	used	use	VERB
ape-36234	139	7	to	to	PART
ape-36234	139	8	analyze	analyze	VERB
ape-36234	139	9	the	the	DET
ape-36234	139	10	dynamic	dynamic	ADJ
ape-36234	139	11	influence	influence	NOUN
ape-36234	139	12	of	of	ADP
ape-36234	139	13	the	the	DET
ape-36234	139	14	var	var	NOUN
ape-36234	139	15	model	model	NOUN
ape-36234	139	16	on	on	ADP
ape-36234	139	17	the	the	DET
ape-36234	139	18	system	system	NOUN
ape-36234	139	19	.	.	PUNCT
ape-36234	140	1	figure	figure	VERB
ape-36234	140	2	4	4	NUM
ape-36234	140	3	-	-	SYM
ape-36234	140	4	2	2	NUM
ape-36234	140	5	the	the	DET
ape-36234	140	6	pulse	pulse	NOUN
ape-36234	140	7	response	response	NOUN
ape-36234	140	8	analysis	analysis	NOUN
ape-36234	140	9	plot	plot	NOUN
ape-36234	140	10	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-36234	140	11	advances	advance	NOUN
ape-36234	140	12	in	in	ADP
ape-36234	140	13	politics	politic	NOUN
ape-36234	140	14	and	and	CCONJ
ape-36234	140	15	economics	economic	NOUN
ape-36234	140	16	vol	vol	NOUN
ape-36234	140	17	.	.	PUNCT
ape-36234	141	1	7	7	NUM
ape-36234	141	2	,	,	PUNCT
ape-36234	141	3	no	no	INTJ
ape-36234	141	4	.	.	NOUN
ape-36234	141	5	2	2	NUM
ape-36234	141	6	,	,	PUNCT
ape-36234	141	7	2024	2024	NUM
ape-36234	141	8	12	12	NUM
ape-36234	141	9	published	publish	VERB
ape-36234	141	10	by	by	ADP
ape-36234	141	11	scholink	scholink	PROPN
ape-36234	141	12	inc	inc	PROPN
ape-36234	141	13	.	.	PROPN
ape-36234	141	14	according	accord	VERB
ape-36234	141	15	to	to	PART
ape-36234	141	16	figure	figure	VERB
ape-36234	141	17	4	4	NUM
ape-36234	141	18	-	-	SYM
ape-36234	141	19	2	2	NUM
ape-36234	141	20	,	,	PUNCT
ape-36234	141	21	when	when	SCONJ
ape-36234	141	22	buying	buy	VERB
ape-36234	141	23	flocks	flock	NOUN
ape-36234	141	24	produces	produce	VERB
ape-36234	141	25	a	a	DET
ape-36234	141	26	unit	unit	NOUN
ape-36234	141	27	of	of	ADP
ape-36234	141	28	positive	positive	ADJ
ape-36234	141	29	impact	impact	NOUN
ape-36234	141	30	,	,	PUNCT
ape-36234	141	31	the	the	DET
ape-36234	141	32	stock	stock	NOUN
ape-36234	141	33	market	market	NOUN
ape-36234	141	34	will	will	AUX
ape-36234	141	35	produce	produce	VERB
ape-36234	141	36	a	a	DET
ape-36234	141	37	large	large	ADJ
ape-36234	141	38	fluctuation	fluctuation	NOUN
ape-36234	141	39	for	for	ADP
ape-36234	141	40	a	a	DET
ape-36234	141	41	long	long	ADJ
ape-36234	141	42	time	time	NOUN
ape-36234	141	43	.	.	PUNCT
ape-36234	142	1	when	when	SCONJ
ape-36234	142	2	selling	sell	VERB
ape-36234	142	3	herd	herd	NOUN
ape-36234	142	4	behavior	behavior	NOUN
ape-36234	142	5	has	have	VERB
ape-36234	142	6	a	a	DET
ape-36234	142	7	positive	positive	ADJ
ape-36234	142	8	impact	impact	NOUN
ape-36234	142	9	,	,	PUNCT
ape-36234	142	10	the	the	DET
ape-36234	142	11	volatility	volatility	NOUN
ape-36234	142	12	of	of	ADP
ape-36234	142	13	the	the	DET
ape-36234	142	14	stock	stock	NOUN
ape-36234	142	15	market	market	NOUN
ape-36234	142	16	is	be	AUX
ape-36234	142	17	more	more	ADV
ape-36234	142	18	obvious	obvious	ADJ
ape-36234	142	19	,	,	PUNCT
ape-36234	142	20	which	which	PRON
ape-36234	142	21	makes	make	VERB
ape-36234	142	22	the	the	DET
ape-36234	142	23	stock	stock	NOUN
ape-36234	142	24	market	market	NOUN
ape-36234	142	25	volatility	volatility	NOUN
ape-36234	142	26	more	more	ADV
ape-36234	142	27	violent	violent	ADJ
ape-36234	142	28	,	,	PUNCT
ape-36234	142	29	and	and	CCONJ
ape-36234	142	30	the	the	DET
ape-36234	142	31	volatility	volatility	NOUN
ape-36234	142	32	will	will	AUX
ape-36234	142	33	stabilize	stabilize	VERB
ape-36234	142	34	after	after	ADP
ape-36234	142	35	a	a	DET
ape-36234	142	36	period	period	NOUN
ape-36234	142	37	of	of	ADP
ape-36234	142	38	time	time	NOUN
ape-36234	142	39	.	.	PUNCT
ape-36234	143	1	as	as	ADP
ape-36234	143	2	a	a	DET
ape-36234	143	3	result	result	NOUN
ape-36234	143	4	,	,	PUNCT
ape-36234	143	5	both	both	PRON
ape-36234	143	6	selling	sell	VERB
ape-36234	143	7	and	and	CCONJ
ape-36234	143	8	buying	buying	NOUN
ape-36234	143	9	behavior	behavior	NOUN
ape-36234	143	10	have	have	VERB
ape-36234	143	11	a	a	DET
ape-36234	143	12	positive	positive	ADJ
ape-36234	143	13	impact	impact	NOUN
ape-36234	143	14	will	will	AUX
ape-36234	143	15	have	have	VERB
ape-36234	143	16	an	an	DET
ape-36234	143	17	impact	impact	NOUN
ape-36234	143	18	on	on	ADP
ape-36234	143	19	the	the	DET
ape-36234	143	20	volatility	volatility	NOUN
ape-36234	143	21	of	of	ADP
ape-36234	143	22	stock	stock	NOUN
ape-36234	143	23	prices	price	NOUN
ape-36234	143	24	.	.	PUNCT
ape-36234	144	1	5.2.5	5.2.5	NUM
ape-36234	144	2	variance	variance	NOUN
ape-36234	144	3	decomposition	decomposition	NOUN
ape-36234	144	4	through	through	ADP
ape-36234	144	5	the	the	DET
ape-36234	144	6	analysis	analysis	NOUN
ape-36234	144	7	results	result	NOUN
ape-36234	144	8	of	of	ADP
ape-36234	144	9	the	the	DET
ape-36234	144	10	pulse	pulse	NOUN
ape-36234	144	11	response	response	NOUN
ape-36234	144	12	function	function	NOUN
ape-36234	144	13	,	,	PUNCT
ape-36234	144	14	we	we	PRON
ape-36234	144	15	can	can	AUX
ape-36234	144	16	find	find	VERB
ape-36234	144	17	that	that	SCONJ
ape-36234	144	18	both	both	PRON
ape-36234	144	19	buying	buy	VERB
ape-36234	144	20	and	and	CCONJ
ape-36234	144	21	selling	sell	VERB
ape-36234	144	22	the	the	DET
ape-36234	144	23	herd	herd	NOUN
ape-36234	144	24	behavior	behavior	NOUN
ape-36234	144	25	will	will	AUX
ape-36234	144	26	have	have	VERB
ape-36234	144	27	an	an	DET
ape-36234	144	28	impact	impact	NOUN
ape-36234	144	29	on	on	ADP
ape-36234	144	30	the	the	DET
ape-36234	144	31	fluctuation	fluctuation	NOUN
ape-36234	144	32	of	of	ADP
ape-36234	144	33	the	the	DET
ape-36234	144	34	market	market	NOUN
ape-36234	144	35	stock	stock	NOUN
ape-36234	144	36	price	price	NOUN
ape-36234	144	37	.	.	PUNCT
ape-36234	145	1	however	however	ADV
ape-36234	145	2	,	,	PUNCT
ape-36234	145	3	to	to	PART
ape-36234	145	4	draw	draw	VERB
ape-36234	145	5	more	more	ADV
ape-36234	145	6	precise	precise	ADJ
ape-36234	145	7	conclusions	conclusion	NOUN
ape-36234	145	8	,	,	PUNCT
ape-36234	145	9	we	we	PRON
ape-36234	145	10	need	need	VERB
ape-36234	145	11	to	to	PART
ape-36234	145	12	perform	perform	VERB
ape-36234	145	13	the	the	DET
ape-36234	145	14	variance	variance	NOUN
ape-36234	145	15	decomposition	decomposition	NOUN
ape-36234	145	16	of	of	ADP
ape-36234	145	17	the	the	DET
ape-36234	145	18	var	var	NOUN
ape-36234	145	19	model	model	NOUN
ape-36234	145	20	in	in	ADP
ape-36234	145	21	order	order	NOUN
ape-36234	145	22	to	to	PART
ape-36234	145	23	further	far	ADV
ape-36234	145	24	observe	observe	VERB
ape-36234	145	25	the	the	DET
ape-36234	145	26	extent	extent	NOUN
ape-36234	145	27	to	to	PART
ape-36234	145	28	which	which	PRON
ape-36234	145	29	buying	buy	VERB
ape-36234	145	30	and	and	CCONJ
ape-36234	145	31	selling	sell	VERB
ape-36234	145	32	herd	herd	NOUN
ape-36234	145	33	behavior	behavior	NOUN
ape-36234	145	34	affects	affect	VERB
ape-36234	145	35	stock	stock	NOUN
ape-36234	145	36	price	price	NOUN
ape-36234	145	37	volatility	volatility	NOUN
ape-36234	145	38	.	.	PUNCT
ape-36234	146	1	table	table	NOUN
ape-36234	146	2	4	4	NUM
ape-36234	146	3	-	-	SYM
ape-36234	146	4	3	3	NUM
ape-36234	146	5	the	the	DET
ape-36234	146	6	variance	variance	NOUN
ape-36234	146	7	decomposition	decomposition	NOUN
ape-36234	146	8	results	result	VERB
ape-36234	146	9	variance	variance	NOUN
ape-36234	146	10	decomposition	decomposition	NOUN
ape-36234	146	11	of	of	ADP
ape-36234	146	12	lny	lny	PROPN
ape-36234	146	13	period	period	PROPN
ape-36234	146	14	s.e	s.e	PROPN
ape-36234	146	15	.	.	PROPN
ape-36234	146	16	lny	lny	PROPN
ape-36234	146	17	lnx1	lnx1	PROPN
ape-36234	146	18	lnx2	lnx2	PROPN
ape-36234	146	19	1	1	NUM
ape-36234	146	20	0.365661	0.365661	NUM
ape-36234	146	21	100.0000	100.0000	NUM
ape-36234	146	22	0.000000	0.000000	NUM
ape-36234	146	23	0.000000	0.000000	NUM
ape-36234	146	24	2	2	NUM
ape-36234	146	25	0.436688	0.436688	NUM
ape-36234	146	26	79.68436	79.68436	NUM
ape-36234	146	27	18.95867	18.95867	NUM
ape-36234	146	28	1.356966	1.356966	NUM
ape-36234	146	29	3	3	NUM
ape-36234	146	30	0.484738	0.484738	NUM
ape-36234	146	31	66.50697	66.50697	NUM
ape-36234	146	32	15.43404	15.43404	NUM
ape-36234	146	33	18.05899	18.05899	NUM
ape-36234	146	34	4	4	NUM
ape-36234	146	35	0.491277	0.491277	NUM
ape-36234	146	36	66.27862	66.27862	NUM
ape-36234	146	37	16.13601	16.13601	NUM
ape-36234	146	38	17.58538	17.58538	NUM
ape-36234	146	39	5	5	NUM
ape-36234	146	40	0.531897	0.531897	NUM
ape-36234	146	41	67.86545	67.86545	NUM
ape-36234	146	42	15.96846	15.96846	NUM
ape-36234	146	43	16.16609	16.16609	NUM
ape-36234	146	44	6	6	NUM
ape-36234	146	45	0.537884	0.537884	NUM
ape-36234	146	46	66.37330	66.37330	NUM
ape-36234	146	47	17.70581	17.70581	NUM
ape-36234	146	48	15.92089	15.92089	NUM
ape-36234	146	49	7	7	NUM
ape-36234	146	50	0.545900	0.545900	NUM
ape-36234	146	51	64.84607	64.84607	NUM
ape-36234	146	52	17.61147	17.61147	NUM
ape-36234	146	53	17.54246	17.54246	NUM
ape-36234	146	54	8	8	NUM
ape-36234	146	55	0.550357	0.550357	NUM
ape-36234	146	56	65.16486	65.16486	NUM
ape-36234	146	57	17.34713	17.34713	NUM
ape-36234	146	58	17.48800	17.48800	NUM
ape-36234	146	59	9	9	NUM
ape-36234	146	60	0.556691	0.556691	NUM
ape-36234	146	61	64.94393	64.94393	NUM
ape-36234	146	62	17.79521	17.79521	NUM
ape-36234	146	63	17.26086	17.26086	NUM
ape-36234	146	64	10	10	NUM
ape-36234	146	65	0.558199	0.558199	NUM
ape-36234	146	66	64.77678	64.77678	NUM
ape-36234	146	67	17.76631	17.76631	NUM
ape-36234	146	68	17.45690	17.45690	NUM
ape-36234	146	69	according	accord	VERB
ape-36234	146	70	to	to	ADP
ape-36234	146	71	the	the	DET
ape-36234	146	72	data	datum	NOUN
ape-36234	146	73	in	in	ADP
ape-36234	146	74	the	the	DET
ape-36234	146	75	table	table	NOUN
ape-36234	146	76	,	,	PUNCT
ape-36234	146	77	it	it	PRON
ape-36234	146	78	can	can	AUX
ape-36234	146	79	be	be	AUX
ape-36234	146	80	observed	observe	VERB
ape-36234	146	81	that	that	SCONJ
ape-36234	146	82	in	in	ADP
ape-36234	146	83	the	the	DET
ape-36234	146	84	main	main	ADJ
ape-36234	146	85	board	board	NOUN
ape-36234	146	86	market	market	NOUN
ape-36234	146	87	reflected	reflect	VERB
ape-36234	146	88	by	by	ADP
ape-36234	146	89	the	the	DET
ape-36234	146	90	csi	csi	PROPN
ape-36234	146	91	300	300	NUM
ape-36234	146	92	index	index	NOUN
ape-36234	146	93	,	,	PUNCT
ape-36234	146	94	the	the	DET
ape-36234	146	95	effect	effect	NOUN
ape-36234	146	96	of	of	ADP
ape-36234	146	97	buying	buy	VERB
ape-36234	146	98	herd	herd	NOUN
ape-36234	146	99	behavior	behavior	NOUN
ape-36234	146	100	and	and	CCONJ
ape-36234	146	101	selling	sell	VERB
ape-36234	146	102	herd	herd	NOUN
ape-36234	146	103	behavior	behavior	NOUN
ape-36234	146	104	of	of	ADP
ape-36234	146	105	chinese	chinese	ADJ
ape-36234	146	106	open	open	ADJ
ape-36234	146	107	-	-	PUNCT
ape-36234	146	108	end	end	NOUN
ape-36234	146	109	stock	stock	NOUN
ape-36234	146	110	funds	fund	NOUN
ape-36234	146	111	is	be	AUX
ape-36234	146	112	more	more	ADV
ape-36234	146	113	and	and	CCONJ
ape-36234	146	114	more	more	ADV
ape-36234	146	115	significant	significant	ADJ
ape-36234	146	116	with	with	ADP
ape-36234	146	117	the	the	DET
ape-36234	146	118	passage	passage	NOUN
ape-36234	146	119	of	of	ADP
ape-36234	146	120	time	time	NOUN
ape-36234	146	121	.	.	PUNCT
ape-36234	147	1	among	among	ADP
ape-36234	147	2	them	they	PRON
ape-36234	147	3	,	,	PUNCT
ape-36234	147	4	at	at	ADP
ape-36234	147	5	the	the	DET
ape-36234	147	6	lag	lag	NOUN
ape-36234	147	7	of	of	ADP
ape-36234	147	8	10	10	NUM
ape-36234	147	9	periods	period	NOUN
ape-36234	147	10	,	,	PUNCT
ape-36234	147	11	the	the	DET
ape-36234	147	12	impact	impact	NOUN
ape-36234	147	13	proportion	proportion	NOUN
ape-36234	147	14	of	of	ADP
ape-36234	147	15	buying	buy	VERB
ape-36234	147	16	herd	herd	NOUN
ape-36234	147	17	behavior	behavior	NOUN
ape-36234	147	18	has	have	AUX
ape-36234	147	19	reached	reach	VERB
ape-36234	147	20	17.8	17.8	NUM
ape-36234	147	21	%	%	NOUN
ape-36234	147	22	,	,	PUNCT
ape-36234	147	23	and	and	CCONJ
ape-36234	147	24	the	the	DET
ape-36234	147	25	impact	impact	NOUN
ape-36234	147	26	of	of	ADP
ape-36234	147	27	selling	sell	VERB
ape-36234	147	28	herd	herd	NOUN
ape-36234	147	29	behavior	behavior	NOUN
ape-36234	147	30	is	be	AUX
ape-36234	147	31	as	as	ADV
ape-36234	147	32	high	high	ADJ
ape-36234	147	33	as	as	ADP
ape-36234	147	34	17.5	17.5	NUM
ape-36234	147	35	%	%	NOUN
ape-36234	147	36	.	.	PUNCT
ape-36234	148	1	it	it	PRON
ape-36234	148	2	can	can	AUX
ape-36234	148	3	be	be	AUX
ape-36234	148	4	seen	see	VERB
ape-36234	148	5	that	that	SCONJ
ape-36234	148	6	there	there	PRON
ape-36234	148	7	is	be	VERB
ape-36234	148	8	herd	herd	ADJ
ape-36234	148	9	behavior	behavior	NOUN
ape-36234	148	10	in	in	ADP
ape-36234	148	11	china	china	PROPN
ape-36234	148	12	’s	’s	PART
ape-36234	148	13	open	open	PROPN
ape-36234	148	14	fund	fund	NOUN
ape-36234	148	15	market	market	NOUN
ape-36234	148	16	,	,	PUNCT
ape-36234	148	17	which	which	PRON
ape-36234	148	18	has	have	VERB
ape-36234	148	19	an	an	DET
ape-36234	148	20	impact	impact	NOUN
ape-36234	148	21	on	on	ADP
ape-36234	148	22	the	the	DET
ape-36234	148	23	volatility	volatility	NOUN
ape-36234	148	24	of	of	ADP
ape-36234	148	25	stock	stock	NOUN
ape-36234	148	26	prices	price	NOUN
ape-36234	148	27	.	.	PUNCT
ape-36234	149	1	6	6	X
ape-36234	149	2	.	.	X
ape-36234	149	3	conclusion	conclusion	NOUN
ape-36234	149	4	and	and	CCONJ
ape-36234	149	5	suggestion	suggestion	NOUN
ape-36234	149	6	6.1	6.1	NUM
ape-36234	149	7	research	research	NOUN
ape-36234	149	8	conclusion	conclusion	NOUN
ape-36234	149	9	this	this	DET
ape-36234	149	10	paper	paper	NOUN
ape-36234	149	11	mainly	mainly	ADV
ape-36234	149	12	studies	study	VERB
ape-36234	149	13	the	the	DET
ape-36234	149	14	influence	influence	NOUN
ape-36234	149	15	of	of	ADP
ape-36234	149	16	the	the	DET
ape-36234	149	17	herd	herd	ADJ
ape-36234	149	18	behavior	behavior	NOUN
ape-36234	149	19	of	of	ADP
ape-36234	149	20	open	open	ADJ
ape-36234	149	21	-	-	PUNCT
ape-36234	149	22	end	end	NOUN
ape-36234	149	23	funds	fund	NOUN
ape-36234	149	24	and	and	CCONJ
ape-36234	149	25	the	the	DET
ape-36234	149	26	unreasonable	unreasonable	ADJ
ape-36234	149	27	behavior	behavior	NOUN
ape-36234	149	28	of	of	ADP
ape-36234	149	29	investors	investor	NOUN
ape-36234	149	30	on	on	ADP
ape-36234	149	31	the	the	DET
ape-36234	149	32	volatility	volatility	NOUN
ape-36234	149	33	of	of	ADP
ape-36234	149	34	stock	stock	NOUN
ape-36234	149	35	market	market	NOUN
ape-36234	149	36	.	.	PUNCT
ape-36234	150	1	the	the	DET
ape-36234	150	2	linear	linear	ADJ
ape-36234	150	3	regression	regression	NOUN
ape-36234	150	4	model	model	NOUN
ape-36234	150	5	analyzes	analyze	VERB
ape-36234	150	6	the	the	DET
ape-36234	150	7	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-36234	150	8	advances	advance	VERB
ape-36234	150	9	in	in	ADP
ape-36234	150	10	politics	politic	NOUN
ape-36234	150	11	and	and	CCONJ
ape-36234	150	12	economics	economic	NOUN
ape-36234	150	13	vol	vol	NOUN
ape-36234	150	14	.	.	PUNCT
ape-36234	151	1	7	7	NUM
ape-36234	151	2	,	,	PUNCT
ape-36234	151	3	no	no	INTJ
ape-36234	151	4	.	.	NOUN
ape-36234	151	5	2	2	NUM
ape-36234	151	6	,	,	PUNCT
ape-36234	151	7	2024	2024	NUM
ape-36234	151	8	13	13	NUM
ape-36234	151	9	published	publish	VERB
ape-36234	151	10	by	by	ADP
ape-36234	151	11	scholink	scholink	PROPN
ape-36234	151	12	inc	inc	PROPN
ape-36234	151	13	.	.	PROPN
ape-36234	151	14	specific	specific	ADJ
ape-36234	151	15	influence	influence	NOUN
ape-36234	151	16	of	of	ADP
ape-36234	151	17	herd	herd	NOUN
ape-36234	151	18	behavior	behavior	NOUN
ape-36234	151	19	on	on	ADP
ape-36234	151	20	chinese	chinese	ADJ
ape-36234	151	21	stock	stock	NOUN
ape-36234	151	22	market	market	NOUN
ape-36234	151	23	.	.	PUNCT
ape-36234	152	1	the	the	DET
ape-36234	152	2	conclusion	conclusion	NOUN
ape-36234	152	3	is	be	AUX
ape-36234	152	4	as	as	SCONJ
ape-36234	152	5	follows	follow	VERB
ape-36234	152	6	:	:	PUNCT
ape-36234	152	7	at	at	ADP
ape-36234	152	8	present	present	ADJ
ape-36234	152	9	,	,	PUNCT
ape-36234	152	10	there	there	PRON
ape-36234	152	11	is	be	VERB
ape-36234	152	12	still	still	ADV
ape-36234	152	13	a	a	DET
ape-36234	152	14	large	large	ADJ
ape-36234	152	15	-	-	PUNCT
ape-36234	152	16	scale	scale	NOUN
ape-36234	152	17	herd	herd	NOUN
ape-36234	152	18	behavior	behavior	NOUN
ape-36234	152	19	in	in	ADP
ape-36234	152	20	china	china	PROPN
ape-36234	152	21	’s	’s	PART
ape-36234	152	22	open	open	ADJ
ape-36234	152	23	-	-	PUNCT
ape-36234	152	24	end	end	NOUN
ape-36234	152	25	fund	fund	NOUN
ape-36234	152	26	market	market	NOUN
ape-36234	152	27	.	.	PUNCT
ape-36234	153	1	quantifying	quantify	VERB
ape-36234	153	2	herd	herd	ADJ
ape-36234	153	3	behavior	behavior	NOUN
ape-36234	153	4	through	through	ADP
ape-36234	153	5	stock	stock	NOUN
ape-36234	153	6	trading	trading	NOUN
ape-36234	153	7	volume	volume	NOUN
ape-36234	153	8	,	,	PUNCT
ape-36234	153	9	there	there	PRON
ape-36234	153	10	is	be	VERB
ape-36234	153	11	a	a	DET
ape-36234	153	12	mutual	mutual	ADJ
ape-36234	153	13	restriction	restriction	NOUN
ape-36234	153	14	relationship	relationship	NOUN
ape-36234	153	15	between	between	ADP
ape-36234	153	16	herd	herd	NOUN
ape-36234	153	17	behavior	behavior	NOUN
ape-36234	153	18	and	and	CCONJ
ape-36234	153	19	stock	stock	NOUN
ape-36234	153	20	market	market	NOUN
ape-36234	153	21	fluctuations	fluctuation	NOUN
ape-36234	153	22	.	.	PUNCT
ape-36234	154	1	the	the	DET
ape-36234	154	2	herd	herd	ADJ
ape-36234	154	3	behavior	behavior	NOUN
ape-36234	154	4	of	of	ADP
ape-36234	154	5	investors	investor	NOUN
ape-36234	154	6	will	will	AUX
ape-36234	154	7	cause	cause	VERB
ape-36234	154	8	the	the	DET
ape-36234	154	9	fluctuation	fluctuation	NOUN
ape-36234	154	10	of	of	ADP
ape-36234	154	11	stock	stock	NOUN
ape-36234	154	12	prices	price	NOUN
ape-36234	154	13	,	,	PUNCT
ape-36234	154	14	and	and	CCONJ
ape-36234	154	15	the	the	DET
ape-36234	154	16	influx	influx	NOUN
ape-36234	154	17	of	of	ADP
ape-36234	154	18	more	more	ADJ
ape-36234	154	19	investors	investor	NOUN
ape-36234	154	20	will	will	AUX
ape-36234	154	21	aggravate	aggravate	VERB
ape-36234	154	22	the	the	DET
ape-36234	154	23	consequences	consequence	NOUN
ape-36234	154	24	.	.	PUNCT
ape-36234	155	1	on	on	ADP
ape-36234	155	2	the	the	DET
ape-36234	155	3	contrary	contrary	NOUN
ape-36234	155	4	,	,	PUNCT
ape-36234	155	5	the	the	DET
ape-36234	155	6	fluctuation	fluctuation	NOUN
ape-36234	155	7	of	of	ADP
ape-36234	155	8	stock	stock	NOUN
ape-36234	155	9	price	price	NOUN
ape-36234	155	10	and	and	CCONJ
ape-36234	155	11	the	the	DET
ape-36234	155	12	instability	instability	NOUN
ape-36234	155	13	of	of	ADP
ape-36234	155	14	the	the	DET
ape-36234	155	15	market	market	NOUN
ape-36234	155	16	will	will	AUX
ape-36234	155	17	also	also	ADV
ape-36234	155	18	disrupt	disrupt	VERB
ape-36234	155	19	investors	investor	NOUN
ape-36234	155	20	’	’	PART
ape-36234	155	21	investment	investment	NOUN
ape-36234	155	22	decisions	decision	NOUN
ape-36234	155	23	to	to	ADP
ape-36234	155	24	some	some	DET
ape-36234	155	25	extent	extent	NOUN
ape-36234	155	26	,	,	PUNCT
ape-36234	155	27	making	make	VERB
ape-36234	155	28	investors	investor	NOUN
ape-36234	155	29	unable	unable	ADJ
ape-36234	155	30	to	to	PART
ape-36234	155	31	accurately	accurately	ADV
ape-36234	155	32	grasp	grasp	VERB
ape-36234	155	33	the	the	DET
ape-36234	155	34	relevant	relevant	ADJ
ape-36234	155	35	market	market	NOUN
ape-36234	155	36	information	information	NOUN
ape-36234	155	37	and	and	CCONJ
ape-36234	155	38	produce	produce	VERB
ape-36234	155	39	herd	herd	NOUN
ape-36234	155	40	behavior	behavior	NOUN
ape-36234	155	41	.	.	PUNCT
ape-36234	156	1	normally	normally	ADV
ape-36234	156	2	,	,	PUNCT
ape-36234	156	3	moderate	moderate	ADJ
ape-36234	156	4	herd	herd	NOUN
ape-36234	156	5	behavior	behavior	NOUN
ape-36234	156	6	has	have	VERB
ape-36234	156	7	little	little	ADJ
ape-36234	156	8	impact	impact	NOUN
ape-36234	156	9	on	on	ADP
ape-36234	156	10	the	the	DET
ape-36234	156	11	fundamentals	fundamental	NOUN
ape-36234	156	12	of	of	ADP
ape-36234	156	13	the	the	DET
ape-36234	156	14	stock	stock	NOUN
ape-36234	156	15	market	market	NOUN
ape-36234	156	16	and	and	CCONJ
ape-36234	156	17	the	the	DET
ape-36234	156	18	entire	entire	ADJ
ape-36234	156	19	economy	economy	NOUN
ape-36234	156	20	.	.	PUNCT
ape-36234	157	1	instead	instead	ADV
ape-36234	157	2	,	,	PUNCT
ape-36234	157	3	moderate	moderate	ADJ
ape-36234	157	4	price	price	NOUN
ape-36234	157	5	fluctuations	fluctuation	NOUN
ape-36234	157	6	can	can	AUX
ape-36234	157	7	also	also	ADV
ape-36234	157	8	invigorate	invigorate	VERB
ape-36234	157	9	the	the	DET
ape-36234	157	10	stock	stock	NOUN
ape-36234	157	11	market	market	NOUN
ape-36234	157	12	and	and	CCONJ
ape-36234	157	13	promote	promote	VERB
ape-36234	157	14	its	its	PRON
ape-36234	157	15	development	development	NOUN
ape-36234	157	16	.	.	PUNCT
ape-36234	158	1	however	however	ADV
ape-36234	158	2	,	,	PUNCT
ape-36234	158	3	for	for	ADP
ape-36234	158	4	excessive	excessive	ADJ
ape-36234	158	5	herd	herd	NOUN
ape-36234	158	6	behavior	behavior	NOUN
ape-36234	158	7	,	,	PUNCT
ape-36234	158	8	considering	consider	VERB
ape-36234	158	9	the	the	DET
ape-36234	158	10	large	large	ADJ
ape-36234	158	11	investment	investment	NOUN
ape-36234	158	12	subjects	subject	NOUN
ape-36234	158	13	and	and	CCONJ
ape-36234	158	14	strong	strong	ADJ
ape-36234	158	15	transmission	transmission	NOUN
ape-36234	158	16	,	,	PUNCT
ape-36234	158	17	it	it	PRON
ape-36234	158	18	has	have	VERB
ape-36234	158	19	a	a	DET
ape-36234	158	20	strong	strong	ADJ
ape-36234	158	21	impact	impact	NOUN
ape-36234	158	22	on	on	ADP
ape-36234	158	23	the	the	DET
ape-36234	158	24	economy	economy	NOUN
ape-36234	158	25	and	and	CCONJ
ape-36234	158	26	the	the	DET
ape-36234	158	27	stock	stock	NOUN
ape-36234	158	28	market	market	NOUN
ape-36234	158	29	,	,	PUNCT
ape-36234	158	30	it	it	PRON
ape-36234	158	31	will	will	AUX
ape-36234	158	32	lead	lead	VERB
ape-36234	158	33	to	to	ADP
ape-36234	158	34	the	the	DET
ape-36234	158	35	stock	stock	NOUN
ape-36234	158	36	market	market	NOUN
ape-36234	158	37	shock	shock	NOUN
ape-36234	158	38	,	,	PUNCT
ape-36234	158	39	and	and	CCONJ
ape-36234	158	40	even	even	ADV
ape-36234	158	41	the	the	DET
ape-36234	158	42	financial	financial	ADJ
ape-36234	158	43	crisis	crisis	NOUN
ape-36234	158	44	.	.	PUNCT
ape-36234	159	1	in	in	ADP
ape-36234	159	2	short	short	ADJ
ape-36234	159	3	,	,	PUNCT
ape-36234	159	4	herd	herd	NOUN
ape-36234	159	5	behavior	behavior	NOUN
ape-36234	159	6	affects	affect	VERB
ape-36234	159	7	the	the	DET
ape-36234	159	8	dynamics	dynamic	NOUN
ape-36234	159	9	of	of	ADP
ape-36234	159	10	the	the	DET
ape-36234	159	11	stock	stock	NOUN
ape-36234	159	12	market	market	NOUN
ape-36234	159	13	to	to	ADP
ape-36234	159	14	a	a	DET
ape-36234	159	15	large	large	ADJ
ape-36234	159	16	extent	extent	NOUN
ape-36234	159	17	.	.	PUNCT
ape-36234	160	1	6.2	6.2	NUM
ape-36234	160	2	policy	policy	NOUN
ape-36234	160	3	suggestion	suggestion	NOUN
ape-36234	160	4	6.2.1	6.2.1	NOUN
ape-36234	160	5	publicize	publicize	VERB
ape-36234	160	6	rational	rational	ADJ
ape-36234	160	7	thinking	thinking	NOUN
ape-36234	160	8	and	and	CCONJ
ape-36234	160	9	strengthen	strengthen	VERB
ape-36234	160	10	the	the	DET
ape-36234	160	11	education	education	NOUN
ape-36234	160	12	of	of	ADP
ape-36234	160	13	market	market	NOUN
ape-36234	160	14	participants	participant	NOUN
ape-36234	160	15	open	open	ADJ
ape-36234	160	16	-	-	PUNCT
ape-36234	160	17	end	end	NOUN
ape-36234	160	18	funds	fund	NOUN
ape-36234	160	19	have	have	AUX
ape-36234	160	20	been	be	AUX
ape-36234	160	21	developing	develop	VERB
ape-36234	160	22	in	in	ADP
ape-36234	160	23	china	china	PROPN
ape-36234	160	24	for	for	ADP
ape-36234	160	25	a	a	DET
ape-36234	160	26	short	short	ADJ
ape-36234	160	27	time	time	NOUN
ape-36234	160	28	and	and	CCONJ
ape-36234	160	29	attracted	attract	VERB
ape-36234	160	30	the	the	DET
ape-36234	160	31	attention	attention	NOUN
ape-36234	160	32	of	of	ADP
ape-36234	160	33	the	the	DET
ape-36234	160	34	market	market	NOUN
ape-36234	160	35	,	,	PUNCT
ape-36234	160	36	so	so	SCONJ
ape-36234	160	37	investors	investor	NOUN
ape-36234	160	38	often	often	ADV
ape-36234	160	39	bring	bring	VERB
ape-36234	160	40	the	the	DET
ape-36234	160	41	habit	habit	NOUN
ape-36234	160	42	of	of	ADP
ape-36234	160	43	stock	stock	NOUN
ape-36234	160	44	investment	investment	NOUN
ape-36234	160	45	to	to	ADP
ape-36234	160	46	the	the	DET
ape-36234	160	47	fund	fund	NOUN
ape-36234	160	48	investment	investment	NOUN
ape-36234	160	49	,	,	PUNCT
ape-36234	160	50	such	such	ADJ
ape-36234	160	51	as	as	ADP
ape-36234	160	52	“	"	PUNCT
ape-36234	160	53	chasing	chase	VERB
ape-36234	160	54	the	the	DET
ape-36234	160	55	rise	rise	NOUN
ape-36234	160	56	and	and	CCONJ
ape-36234	160	57	falling	fall	VERB
ape-36234	160	58	”	"	PUNCT
ape-36234	160	59	,	,	PUNCT
ape-36234	160	60	“	"	PUNCT
ape-36234	160	61	frequent	frequent	ADJ
ape-36234	160	62	trading	trading	NOUN
ape-36234	160	63	”	"	PUNCT
ape-36234	160	64	and	and	CCONJ
ape-36234	160	65	relying	rely	VERB
ape-36234	160	66	on	on	ADP
ape-36234	160	67	inside	inside	ADJ
ape-36234	160	68	information	information	NOUN
ape-36234	160	69	.	.	PUNCT
ape-36234	161	1	although	although	SCONJ
ape-36234	161	2	the	the	DET
ape-36234	161	3	fund	fund	NOUN
ape-36234	161	4	is	be	AUX
ape-36234	161	5	a	a	DET
ape-36234	161	6	more	more	ADV
ape-36234	161	7	reliable	reliable	ADJ
ape-36234	161	8	investment	investment	NOUN
ape-36234	161	9	way	way	NOUN
ape-36234	161	10	than	than	ADP
ape-36234	161	11	the	the	DET
ape-36234	161	12	stock	stock	NOUN
ape-36234	161	13	,	,	PUNCT
ape-36234	161	14	we	we	PRON
ape-36234	161	15	need	need	VERB
ape-36234	161	16	to	to	PART
ape-36234	161	17	treat	treat	VERB
ape-36234	161	18	the	the	DET
ape-36234	161	19	unique	unique	ADJ
ape-36234	161	20	investment	investment	NOUN
ape-36234	161	21	way	way	NOUN
ape-36234	161	22	of	of	ADP
ape-36234	161	23	the	the	DET
ape-36234	161	24	fund	fund	NOUN
ape-36234	161	25	with	with	ADP
ape-36234	161	26	a	a	DET
ape-36234	161	27	rational	rational	ADJ
ape-36234	161	28	attitude	attitude	NOUN
ape-36234	161	29	,	,	PUNCT
ape-36234	161	30	realize	realize	VERB
ape-36234	161	31	the	the	DET
ape-36234	161	32	difference	difference	NOUN
ape-36234	161	33	between	between	ADP
ape-36234	161	34	it	it	PRON
ape-36234	161	35	and	and	CCONJ
ape-36234	161	36	other	other	ADJ
ape-36234	161	37	financial	financial	ADJ
ape-36234	161	38	products	product	NOUN
ape-36234	161	39	and	and	CCONJ
ape-36234	161	40	stocks	stock	NOUN
ape-36234	161	41	,	,	PUNCT
ape-36234	161	42	and	and	CCONJ
ape-36234	161	43	understand	understand	VERB
ape-36234	161	44	the	the	DET
ape-36234	161	45	different	different	ADJ
ape-36234	161	46	trading	trading	NOUN
ape-36234	161	47	methods	method	NOUN
ape-36234	161	48	and	and	CCONJ
ape-36234	161	49	risks	risk	NOUN
ape-36234	161	50	.	.	PUNCT
ape-36234	162	1	the	the	DET
ape-36234	162	2	fund	fund	NOUN
ape-36234	162	3	’s	’s	PART
ape-36234	162	4	return	return	NOUN
ape-36234	162	5	will	will	AUX
ape-36234	162	6	be	be	AUX
ape-36234	162	7	proportional	proportional	ADJ
ape-36234	162	8	to	to	ADP
ape-36234	162	9	the	the	DET
ape-36234	162	10	risk	risk	NOUN
ape-36234	162	11	,	,	PUNCT
ape-36234	162	12	because	because	SCONJ
ape-36234	162	13	the	the	PRON
ape-36234	162	14	higher	high	ADJ
ape-36234	162	15	the	the	DET
ape-36234	162	16	expected	expect	VERB
ape-36234	162	17	return	return	NOUN
ape-36234	162	18	,	,	PUNCT
ape-36234	162	19	the	the	PRON
ape-36234	162	20	higher	high	ADJ
ape-36234	162	21	the	the	DET
ape-36234	162	22	risk	risk	NOUN
ape-36234	162	23	.	.	PUNCT
ape-36234	163	1	to	to	PART
ape-36234	163	2	open	open	VERB
ape-36234	163	3	-	-	PUNCT
ape-36234	163	4	end	end	NOUN
ape-36234	163	5	fund	fund	NOUN
ape-36234	163	6	,	,	PUNCT
ape-36234	163	7	investors	investor	NOUN
ape-36234	163	8	can	can	AUX
ape-36234	163	9	apply	apply	VERB
ape-36234	163	10	to	to	PART
ape-36234	163	11	buy	buy	VERB
ape-36234	163	12	and	and	CCONJ
ape-36234	163	13	redeem	redeem	VERB
ape-36234	163	14	funds	fund	NOUN
ape-36234	163	15	at	at	ADP
ape-36234	163	16	any	any	DET
ape-36234	163	17	time	time	NOUN
ape-36234	163	18	.	.	PUNCT
ape-36234	164	1	however	however	ADV
ape-36234	164	2	,	,	PUNCT
ape-36234	164	3	irrational	irrational	ADJ
ape-36234	164	4	investment	investment	NOUN
ape-36234	164	5	methods	method	NOUN
ape-36234	164	6	will	will	AUX
ape-36234	164	7	make	make	VERB
ape-36234	164	8	investors	investor	NOUN
ape-36234	164	9	affected	affect	VERB
ape-36234	164	10	by	by	ADP
ape-36234	164	11	short	short	ADJ
ape-36234	164	12	-	-	PUNCT
ape-36234	164	13	term	term	NOUN
ape-36234	164	14	sentiment	sentiment	NOUN
ape-36234	164	15	,	,	PUNCT
ape-36234	164	16	thus	thus	ADV
ape-36234	164	17	frequent	frequent	ADJ
ape-36234	164	18	trading	trading	NOUN
ape-36234	164	19	,	,	PUNCT
ape-36234	164	20	limiting	limit	VERB
ape-36234	164	21	the	the	DET
ape-36234	164	22	liquidity	liquidity	NOUN
ape-36234	164	23	of	of	ADP
ape-36234	164	24	fund	fund	NOUN
ape-36234	164	25	managers	manager	NOUN
ape-36234	164	26	’	’	PART
ape-36234	164	27	normal	normal	ADJ
ape-36234	164	28	trading	trading	NOUN
ape-36234	164	29	,	,	PUNCT
ape-36234	164	30	and	and	CCONJ
ape-36234	164	31	further	far	ADV
ape-36234	164	32	magnify	magnify	VERB
ape-36234	164	33	market	market	NOUN
ape-36234	164	34	volatility	volatility	NOUN
ape-36234	164	35	.	.	PUNCT
ape-36234	165	1	for	for	ADP
ape-36234	165	2	the	the	DET
ape-36234	165	3	sake	sake	NOUN
ape-36234	165	4	of	of	ADP
ape-36234	165	5	profit	profit	NOUN
ape-36234	165	6	,	,	PUNCT
ape-36234	165	7	some	some	DET
ape-36234	165	8	fund	fund	NOUN
ape-36234	165	9	companies	company	NOUN
ape-36234	165	10	exaggerate	exaggerate	VERB
ape-36234	165	11	the	the	DET
ape-36234	165	12	market	market	NOUN
ape-36234	165	13	conditions	condition	NOUN
ape-36234	165	14	,	,	PUNCT
ape-36234	165	15	establish	establish	VERB
ape-36234	165	16	investors	investor	NOUN
ape-36234	165	17	‘	'	PUNCT
ape-36234	165	18	optimistic	optimistic	ADJ
ape-36234	165	19	attitude	attitude	NOUN
ape-36234	165	20	towards	towards	ADP
ape-36234	165	21	the	the	DET
ape-36234	165	22	market	market	NOUN
ape-36234	165	23	,	,	PUNCT
ape-36234	165	24	and	and	CCONJ
ape-36234	165	25	narrow	narrow	ADJ
ape-36234	165	26	or	or	CCONJ
ape-36234	165	27	cover	cover	VERB
ape-36234	165	28	up	up	ADP
ape-36234	165	29	the	the	DET
ape-36234	165	30	possible	possible	ADJ
ape-36234	165	31	risks	risk	NOUN
ape-36234	165	32	in	in	ADP
ape-36234	165	33	the	the	DET
ape-36234	165	34	transaction	transaction	NOUN
ape-36234	165	35	,	,	PUNCT
ape-36234	165	36	which	which	PRON
ape-36234	165	37	to	to	ADP
ape-36234	165	38	some	some	DET
ape-36234	165	39	extent	extent	NOUN
ape-36234	165	40	aggravates	aggravate	VERB
ape-36234	165	41	investors	investor	NOUN
ape-36234	165	42	’	’	PART
ape-36234	165	43	blind	blind	ADJ
ape-36234	165	44	optimism	optimism	NOUN
ape-36234	165	45	.	.	PUNCT
ape-36234	166	1	6.2.2	6.2.2	NUM
ape-36234	166	2	to	to	PART
ape-36234	166	3	establish	establish	VERB
ape-36234	166	4	a	a	DET
ape-36234	166	5	more	more	ADV
ape-36234	166	6	effective	effective	ADJ
ape-36234	166	7	capital	capital	NOUN
ape-36234	166	8	market	market	NOUN
ape-36234	166	9	investment	investment	NOUN
ape-36234	166	10	environment	environment	NOUN
ape-36234	166	11	(	(	PUNCT
ape-36234	166	12	1	1	X
ape-36234	166	13	)	)	PUNCT
ape-36234	166	14	improve	improve	VERB
ape-36234	166	15	the	the	DET
ape-36234	166	16	capital	capital	NOUN
ape-36234	166	17	market	market	NOUN
ape-36234	166	18	system	system	NOUN
ape-36234	166	19	.	.	PUNCT
ape-36234	167	1	at	at	ADP
ape-36234	167	2	present	present	ADJ
ape-36234	167	3	,	,	PUNCT
ape-36234	167	4	the	the	DET
ape-36234	167	5	system	system	NOUN
ape-36234	167	6	of	of	ADP
ape-36234	167	7	the	the	DET
ape-36234	167	8	domestic	domestic	ADJ
ape-36234	167	9	capital	capital	NOUN
ape-36234	167	10	market	market	NOUN
ape-36234	167	11	is	be	AUX
ape-36234	167	12	still	still	ADV
ape-36234	167	13	not	not	PART
ape-36234	167	14	perfect	perfect	ADJ
ape-36234	167	15	.	.	PUNCT
ape-36234	168	1	for	for	ADP
ape-36234	168	2	example	example	NOUN
ape-36234	168	3	,	,	PUNCT
ape-36234	168	4	there	there	PRON
ape-36234	168	5	is	be	VERB
ape-36234	168	6	a	a	DET
ape-36234	168	7	division	division	NOUN
ape-36234	168	8	problem	problem	NOUN
ape-36234	168	9	in	in	ADP
ape-36234	168	10	the	the	DET
ape-36234	168	11	bond	bond	NOUN
ape-36234	168	12	market	market	NOUN
ape-36234	168	13	,	,	PUNCT
ape-36234	168	14	the	the	DET
ape-36234	168	15	shanghai	shanghai	PROPN
ape-36234	168	16	and	and	CCONJ
ape-36234	168	17	shenzhen	shenzhen	PROPN
ape-36234	168	18	stock	stock	PROPN
ape-36234	168	19	exchanges	exchange	NOUN
ape-36234	168	20	have	have	AUX
ape-36234	168	21	not	not	PART
ape-36234	168	22	been	be	AUX
ape-36234	168	23	connected	connect	VERB
ape-36234	168	24	to	to	ADP
ape-36234	168	25	some	some	DET
ape-36234	168	26	extent	extent	NOUN
ape-36234	168	27	,	,	PUNCT
ape-36234	168	28	and	and	CCONJ
ape-36234	168	29	the	the	DET
ape-36234	168	30	registration	registration	NOUN
ape-36234	168	31	and	and	CCONJ
ape-36234	168	32	clearing	clearing	NOUN
ape-36234	168	33	institutions	institution	NOUN
ape-36234	168	34	are	be	AUX
ape-36234	168	35	also	also	ADV
ape-36234	168	36	independent	independent	ADJ
ape-36234	168	37	.	.	PUNCT
ape-36234	169	1	in	in	ADP
ape-36234	169	2	the	the	DET
ape-36234	169	3	long	long	ADJ
ape-36234	169	4	run	run	NOUN
ape-36234	169	5	,	,	PUNCT
ape-36234	169	6	the	the	DET
ape-36234	169	7	shanghai	shanghai	PROPN
ape-36234	169	8	and	and	CCONJ
ape-36234	169	9	shenzhen	shenzhen	PROPN
ape-36234	169	10	stock	stock	PROPN
ape-36234	169	11	exchanges	exchange	NOUN
ape-36234	169	12	should	should	AUX
ape-36234	169	13	become	become	VERB
ape-36234	169	14	market	market	NOUN
ape-36234	169	15	-	-	PUNCT
ape-36234	169	16	oriented	orient	VERB
ape-36234	169	17	institutions	institution	NOUN
ape-36234	169	18	,	,	PUNCT
ape-36234	169	19	rather	rather	ADV
ape-36234	169	20	than	than	ADP
ape-36234	169	21	the	the	DET
ape-36234	169	22	local	local	ADJ
ape-36234	169	23	offices	office	NOUN
ape-36234	169	24	of	of	ADP
ape-36234	169	25	the	the	DET
ape-36234	169	26	csrc	csrc	NOUN
ape-36234	169	27	.	.	PUNCT
ape-36234	170	1	in	in	ADP
ape-36234	170	2	addition	addition	NOUN
ape-36234	170	3	,	,	PUNCT
ape-36234	170	4	there	there	PRON
ape-36234	170	5	are	be	VERB
ape-36234	170	6	still	still	ADV
ape-36234	170	7	some	some	DET
ape-36234	170	8	institutional	institutional	ADJ
ape-36234	170	9	problems	problem	NOUN
ape-36234	170	10	to	to	PART
ape-36234	170	11	be	be	AUX
ape-36234	170	12	solved	solve	VERB
ape-36234	170	13	at	at	ADP
ape-36234	170	14	present	present	ADJ
ape-36234	170	15	.	.	PUNCT
ape-36234	171	1	for	for	ADP
ape-36234	171	2	example	example	NOUN
ape-36234	171	3	,	,	PUNCT
ape-36234	171	4	if	if	SCONJ
ape-36234	171	5	the	the	DET
ape-36234	171	6	over	over	ADP
ape-36234	171	7	-	-	PUNCT
ape-36234	171	8	the	the	DET
ape-36234	171	9	-	-	PUNCT
ape-36234	171	10	counter	counter	NOUN
ape-36234	171	11	market	market	NOUN
ape-36234	171	12	is	be	AUX
ape-36234	171	13	too	too	ADV
ape-36234	171	14	loose	loose	ADJ
ape-36234	171	15	,	,	PUNCT
ape-36234	171	16	the	the	DET
ape-36234	171	17	registration	registration	NOUN
ape-36234	171	18	system	system	NOUN
ape-36234	171	19	may	may	AUX
ape-36234	171	20	still	still	ADV
ape-36234	171	21	have	have	VERB
ape-36234	171	22	room	room	NOUN
ape-36234	171	23	for	for	ADP
ape-36234	171	24	improvement	improvement	NOUN
ape-36234	171	25	,	,	PUNCT
ape-36234	171	26	and	and	CCONJ
ape-36234	171	27	the	the	DET
ape-36234	171	28	trading	trading	NOUN
ape-36234	171	29	system	system	NOUN
ape-36234	171	30	of	of	ADP
ape-36234	171	31	the	the	DET
ape-36234	171	32	new	new	ADJ
ape-36234	171	33	third	third	ADJ
ape-36234	171	34	board	board	NOUN
ape-36234	171	35	also	also	ADV
ape-36234	171	36	needs	need	VERB
ape-36234	171	37	to	to	PART
ape-36234	171	38	be	be	AUX
ape-36234	171	39	further	far	ADV
ape-36234	171	40	improved	improve	VERB
ape-36234	171	41	and	and	CCONJ
ape-36234	171	42	improved	improve	VERB
ape-36234	171	43	.	.	PUNCT
ape-36234	172	1	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-36234	172	2	advances	advance	NOUN
ape-36234	172	3	in	in	ADP
ape-36234	172	4	politics	politic	NOUN
ape-36234	172	5	and	and	CCONJ
ape-36234	172	6	economics	economic	NOUN
ape-36234	172	7	vol	vol	NOUN
ape-36234	172	8	.	.	PUNCT
ape-36234	173	1	7	7	NUM
ape-36234	173	2	,	,	PUNCT
ape-36234	173	3	no	no	INTJ
ape-36234	173	4	.	.	NOUN
ape-36234	173	5	2	2	NUM
ape-36234	173	6	,	,	PUNCT
ape-36234	173	7	2024	2024	NUM
ape-36234	173	8	14	14	NUM
ape-36234	173	9	published	publish	VERB
ape-36234	173	10	by	by	ADP
ape-36234	173	11	scholink	scholink	PROPN
ape-36234	173	12	inc	inc	PROPN
ape-36234	173	13	.	.	PROPN
ape-36234	174	1	(	(	PUNCT
ape-36234	174	2	2	2	X
ape-36234	174	3	)	)	PUNCT
ape-36234	174	4	reduce	reduce	VERB
ape-36234	174	5	administrative	administrative	ADJ
ape-36234	174	6	intervention	intervention	NOUN
ape-36234	174	7	.	.	PUNCT
ape-36234	175	1	the	the	DET
ape-36234	175	2	relevant	relevant	ADJ
ape-36234	175	3	functional	functional	ADJ
ape-36234	175	4	departments	department	NOUN
ape-36234	175	5	of	of	ADP
ape-36234	175	6	the	the	DET
ape-36234	175	7	state	state	NOUN
ape-36234	175	8	should	should	AUX
ape-36234	175	9	carry	carry	VERB
ape-36234	175	10	out	out	ADP
ape-36234	175	11	the	the	DET
ape-36234	175	12	deepening	deepening	NOUN
ape-36234	175	13	reform	reform	NOUN
ape-36234	175	14	,	,	PUNCT
ape-36234	175	15	minimize	minimize	VERB
ape-36234	175	16	the	the	DET
ape-36234	175	17	administrative	administrative	ADJ
ape-36234	175	18	intervention	intervention	NOUN
ape-36234	175	19	in	in	ADP
ape-36234	175	20	the	the	DET
ape-36234	175	21	operation	operation	NOUN
ape-36234	175	22	of	of	ADP
ape-36234	175	23	the	the	DET
ape-36234	175	24	capital	capital	NOUN
ape-36234	175	25	market	market	NOUN
ape-36234	175	26	,	,	PUNCT
ape-36234	175	27	and	and	CCONJ
ape-36234	175	28	let	let	VERB
ape-36234	175	29	the	the	DET
ape-36234	175	30	capital	capital	NOUN
ape-36234	175	31	market	market	NOUN
ape-36234	175	32	truly	truly	ADV
ape-36234	175	33	operate	operate	VERB
ape-36234	175	34	independently	independently	ADV
ape-36234	175	35	.	.	PUNCT
ape-36234	176	1	for	for	ADP
ape-36234	176	2	example	example	NOUN
ape-36234	176	3	,	,	PUNCT
ape-36234	176	4	in	in	ADP
ape-36234	176	5	the	the	DET
ape-36234	176	6	aspect	aspect	NOUN
ape-36234	176	7	of	of	ADP
ape-36234	176	8	listing	listing	NOUN
ape-36234	176	9	,	,	PUNCT
ape-36234	176	10	the	the	DET
ape-36234	176	11	reform	reform	NOUN
ape-36234	176	12	of	of	ADP
ape-36234	176	13	the	the	DET
ape-36234	176	14	registration	registration	NOUN
ape-36234	176	15	system	system	NOUN
ape-36234	176	16	should	should	AUX
ape-36234	176	17	be	be	AUX
ape-36234	176	18	fully	fully	ADV
ape-36234	176	19	implemented	implement	VERB
ape-36234	176	20	to	to	PART
ape-36234	176	21	let	let	VERB
ape-36234	176	22	the	the	DET
ape-36234	176	23	market	market	NOUN
ape-36234	176	24	play	play	VERB
ape-36234	176	25	a	a	DET
ape-36234	176	26	leading	lead	VERB
ape-36234	176	27	role	role	NOUN
ape-36234	176	28	.	.	PUNCT
ape-36234	177	1	after	after	ADP
ape-36234	177	2	the	the	DET
ape-36234	177	3	listed	list	VERB
ape-36234	177	4	companies	company	NOUN
ape-36234	177	5	,	,	PUNCT
ape-36234	177	6	the	the	DET
ape-36234	177	7	regulatory	regulatory	ADJ
ape-36234	177	8	authorities	authority	NOUN
ape-36234	177	9	should	should	AUX
ape-36234	177	10	not	not	PART
ape-36234	177	11	pay	pay	VERB
ape-36234	177	12	too	too	ADV
ape-36234	177	13	much	much	ADJ
ape-36234	177	14	attention	attention	NOUN
ape-36234	177	15	to	to	ADP
ape-36234	177	16	the	the	DET
ape-36234	177	17	stock	stock	NOUN
ape-36234	177	18	prices	price	NOUN
ape-36234	177	19	or	or	CCONJ
ape-36234	177	20	stock	stock	NOUN
ape-36234	177	21	indexes	index	NOUN
ape-36234	177	22	,	,	PUNCT
ape-36234	177	23	but	but	CCONJ
ape-36234	177	24	should	should	AUX
ape-36234	177	25	pay	pay	VERB
ape-36234	177	26	more	more	ADJ
ape-36234	177	27	attention	attention	NOUN
ape-36234	177	28	to	to	ADP
ape-36234	177	29	whether	whether	SCONJ
ape-36234	177	30	the	the	DET
ape-36234	177	31	behavior	behavior	NOUN
ape-36234	177	32	of	of	ADP
ape-36234	177	33	the	the	DET
ape-36234	177	34	listed	list	VERB
ape-36234	177	35	companies	company	NOUN
ape-36234	177	36	is	be	AUX
ape-36234	177	37	regulated	regulate	VERB
ape-36234	177	38	,	,	PUNCT
ape-36234	177	39	and	and	CCONJ
ape-36234	177	40	whether	whether	SCONJ
ape-36234	177	41	the	the	DET
ape-36234	177	42	investors	investor	NOUN
ape-36234	177	43	and	and	CCONJ
ape-36234	177	44	intermediaries	intermediary	NOUN
ape-36234	177	45	have	have	VERB
ape-36234	177	46	illegal	illegal	ADJ
ape-36234	177	47	behaviors	behavior	NOUN
ape-36234	177	48	.	.	PUNCT
ape-36234	178	1	once	once	SCONJ
ape-36234	178	2	problems	problem	NOUN
ape-36234	178	3	are	be	AUX
ape-36234	178	4	found	find	VERB
ape-36234	178	5	,	,	PUNCT
ape-36234	178	6	they	they	PRON
ape-36234	178	7	should	should	AUX
ape-36234	178	8	be	be	AUX
ape-36234	178	9	strictly	strictly	ADV
ape-36234	178	10	punished	punish	VERB
ape-36234	178	11	.	.	PUNCT
ape-36234	179	1	(	(	PUNCT
ape-36234	179	2	3	3	X
ape-36234	179	3	)	)	PUNCT
ape-36234	179	4	manage	manage	VERB
ape-36234	179	5	the	the	DET
ape-36234	179	6	listed	list	VERB
ape-36234	179	7	companies	company	NOUN
ape-36234	179	8	according	accord	VERB
ape-36234	179	9	to	to	ADP
ape-36234	179	10	law	law	NOUN
ape-36234	179	11	.	.	PUNCT
ape-36234	180	1	listed	list	VERB
ape-36234	180	2	companies	company	NOUN
ape-36234	180	3	,	,	PUNCT
ape-36234	180	4	as	as	SCONJ
ape-36234	180	5	the	the	DET
ape-36234	180	6	strong	strong	ADJ
ape-36234	180	7	subjects	subject	NOUN
ape-36234	180	8	in	in	ADP
ape-36234	180	9	the	the	DET
ape-36234	180	10	capital	capital	NOUN
ape-36234	180	11	market	market	NOUN
ape-36234	180	12	,	,	PUNCT
ape-36234	180	13	especially	especially	ADV
ape-36234	180	14	the	the	DET
ape-36234	180	15	stock	stock	NOUN
ape-36234	180	16	market	market	NOUN
ape-36234	180	17	,	,	PUNCT
ape-36234	180	18	should	should	AUX
ape-36234	180	19	be	be	AUX
ape-36234	180	20	subject	subject	ADJ
ape-36234	180	21	to	to	ADP
ape-36234	180	22	strict	strict	ADJ
ape-36234	180	23	supervision	supervision	NOUN
ape-36234	180	24	.	.	PUNCT
ape-36234	181	1	regulators	regulator	NOUN
ape-36234	181	2	should	should	AUX
ape-36234	181	3	urge	urge	VERB
ape-36234	181	4	the	the	DET
ape-36234	181	5	major	major	ADJ
ape-36234	181	6	shareholders	shareholder	NOUN
ape-36234	181	7	of	of	ADP
ape-36234	181	8	listed	list	VERB
ape-36234	181	9	companies	company	NOUN
ape-36234	181	10	or	or	CCONJ
ape-36234	181	11	brokerage	brokerage	NOUN
ape-36234	181	12	investment	investment	NOUN
ape-36234	181	13	banks	bank	NOUN
ape-36234	181	14	to	to	PART
ape-36234	181	15	operate	operate	VERB
ape-36234	181	16	in	in	ADP
ape-36234	181	17	accordance	accordance	NOUN
ape-36234	181	18	with	with	ADP
ape-36234	181	19	market	market	NOUN
ape-36234	181	20	norms	norm	NOUN
ape-36234	181	21	,	,	PUNCT
ape-36234	181	22	and	and	CCONJ
ape-36234	181	23	constantly	constantly	ADV
ape-36234	181	24	improve	improve	VERB
ape-36234	181	25	and	and	CCONJ
ape-36234	181	26	perfect	perfect	VERB
ape-36234	181	27	relevant	relevant	ADJ
ape-36234	181	28	information	information	NOUN
ape-36234	181	29	disclosure	disclosure	NOUN
ape-36234	181	30	and	and	CCONJ
ape-36234	181	31	other	other	ADJ
ape-36234	181	32	matters	matter	NOUN
ape-36234	181	33	,	,	PUNCT
ape-36234	181	34	so	so	SCONJ
ape-36234	181	35	as	as	SCONJ
ape-36234	181	36	to	to	PART
ape-36234	181	37	be	be	AUX
ape-36234	181	38	responsible	responsible	ADJ
ape-36234	181	39	to	to	ADP
ape-36234	181	40	the	the	DET
ape-36234	181	41	public	public	NOUN
ape-36234	181	42	.	.	PUNCT
ape-36234	182	1	(	(	PUNCT
ape-36234	182	2	4	4	X
ape-36234	182	3	)	)	PUNCT
ape-36234	182	4	protecting	protect	VERB
ape-36234	182	5	the	the	DET
ape-36234	182	6	legitimate	legitimate	ADJ
ape-36234	182	7	rights	right	NOUN
ape-36234	182	8	and	and	CCONJ
ape-36234	182	9	interests	interest	NOUN
ape-36234	182	10	of	of	ADP
ape-36234	182	11	small	small	ADJ
ape-36234	182	12	and	and	CCONJ
ape-36234	182	13	medium	medium	ADJ
ape-36234	182	14	-	-	PUNCT
ape-36234	182	15	sized	sized	ADJ
ape-36234	182	16	investors	investor	NOUN
ape-36234	182	17	.	.	PUNCT
ape-36234	183	1	the	the	DET
ape-36234	183	2	relevant	relevant	ADJ
ape-36234	183	3	functional	functional	ADJ
ape-36234	183	4	departments	department	NOUN
ape-36234	183	5	of	of	ADP
ape-36234	183	6	the	the	DET
ape-36234	183	7	state	state	NOUN
ape-36234	183	8	should	should	AUX
ape-36234	183	9	carry	carry	VERB
ape-36234	183	10	out	out	ADP
ape-36234	183	11	institutional	institutional	ADJ
ape-36234	183	12	innovation	innovation	NOUN
ape-36234	183	13	,	,	PUNCT
ape-36234	183	14	such	such	ADJ
ape-36234	183	15	as	as	ADP
ape-36234	183	16	the	the	DET
ape-36234	183	17	inversion	inversion	NOUN
ape-36234	183	18	of	of	ADP
ape-36234	183	19	the	the	DET
ape-36234	183	20	burden	burden	NOUN
ape-36234	183	21	of	of	ADP
ape-36234	183	22	proof	proof	NOUN
ape-36234	183	23	or	or	CCONJ
ape-36234	183	24	class	class	NOUN
ape-36234	183	25	action	action	NOUN
ape-36234	183	26	litigation	litigation	NOUN
ape-36234	183	27	,	,	PUNCT
ape-36234	183	28	so	so	SCONJ
ape-36234	183	29	that	that	SCONJ
ape-36234	183	30	small	small	ADJ
ape-36234	183	31	and	and	CCONJ
ape-36234	183	32	medium	medium	ADJ
ape-36234	183	33	investors	investor	NOUN
ape-36234	183	34	can	can	AUX
ape-36234	183	35	not	not	PART
ape-36234	183	36	be	be	AUX
ape-36234	183	37	violated	violate	VERB
ape-36234	183	38	by	by	ADP
ape-36234	183	39	illegal	illegal	ADJ
ape-36234	183	40	acts	act	NOUN
ape-36234	183	41	.	.	PUNCT
ape-36234	184	1	these	these	DET
ape-36234	184	2	measures	measure	NOUN
ape-36234	184	3	will	will	AUX
ape-36234	184	4	help	help	VERB
ape-36234	184	5	to	to	PART
ape-36234	184	6	enhance	enhance	VERB
ape-36234	184	7	the	the	DET
ape-36234	184	8	confidence	confidence	NOUN
ape-36234	184	9	of	of	ADP
ape-36234	184	10	small	small	ADJ
ape-36234	184	11	and	and	CCONJ
ape-36234	184	12	medium	medium	ADJ
ape-36234	184	13	-	-	PUNCT
ape-36234	184	14	sized	sized	ADJ
ape-36234	184	15	investors	investor	NOUN
ape-36234	184	16	and	and	CCONJ
ape-36234	184	17	promote	promote	VERB
ape-36234	184	18	the	the	DET
ape-36234	184	19	stable	stable	ADJ
ape-36234	184	20	development	development	NOUN
ape-36234	184	21	of	of	ADP
ape-36234	184	22	the	the	DET
ape-36234	184	23	market	market	NOUN
ape-36234	184	24	.	.	PUNCT
ape-36234	185	1	6.2.3	6.2.3	NUM
ape-36234	185	2	wewill	wewill	ADJ
ape-36234	185	3	optimize	optimize	VERB
ape-36234	185	4	all	all	DET
ape-36234	185	5	factors	factor	NOUN
ape-36234	185	6	and	and	CCONJ
ape-36234	185	7	accelerate	accelerate	VERB
ape-36234	185	8	the	the	DET
ape-36234	185	9	development	development	NOUN
ape-36234	185	10	of	of	ADP
ape-36234	185	11	open	open	ADJ
ape-36234	185	12	-	-	PUNCT
ape-36234	185	13	end	end	NOUN
ape-36234	185	14	funds	fund	NOUN
ape-36234	185	15	(	(	PUNCT
ape-36234	185	16	1	1	X
ape-36234	185	17	)	)	PUNCT
ape-36234	185	18	give	give	VERB
ape-36234	185	19	overall	overall	ADJ
ape-36234	185	20	consideration	consideration	NOUN
ape-36234	185	21	to	to	ADP
ape-36234	185	22	the	the	DET
ape-36234	185	23	quality	quality	NOUN
ape-36234	185	24	and	and	CCONJ
ape-36234	185	25	speed	speed	NOUN
ape-36234	185	26	of	of	ADP
ape-36234	185	27	the	the	DET
ape-36234	185	28	development	development	NOUN
ape-36234	185	29	of	of	ADP
ape-36234	185	30	open	open	ADJ
ape-36234	185	31	-	-	PUNCT
ape-36234	185	32	end	end	NOUN
ape-36234	185	33	funds	fund	NOUN
ape-36234	185	34	,	,	PUNCT
ape-36234	185	35	accelerate	accelerate	VERB
ape-36234	185	36	the	the	DET
ape-36234	185	37	industrialization	industrialization	NOUN
ape-36234	185	38	and	and	CCONJ
ape-36234	185	39	scale	scale	NOUN
ape-36234	185	40	of	of	ADP
ape-36234	185	41	open	open	ADJ
ape-36234	185	42	-	-	PUNCT
ape-36234	185	43	end	end	NOUN
ape-36234	185	44	funds	fund	NOUN
ape-36234	185	45	,	,	PUNCT
ape-36234	185	46	improve	improve	VERB
ape-36234	185	47	the	the	DET
ape-36234	185	48	efficiency	efficiency	NOUN
ape-36234	185	49	of	of	ADP
ape-36234	185	50	scale	scale	NOUN
ape-36234	185	51	,	,	PUNCT
ape-36234	185	52	narrow	narrow	VERB
ape-36234	185	53	the	the	DET
ape-36234	185	54	gap	gap	NOUN
ape-36234	185	55	between	between	ADP
ape-36234	185	56	developed	develop	VERB
ape-36234	185	57	countries	country	NOUN
ape-36234	185	58	,	,	PUNCT
ape-36234	185	59	and	and	CCONJ
ape-36234	185	60	give	give	VERB
ape-36234	185	61	full	full	ADJ
ape-36234	185	62	play	play	NOUN
ape-36234	185	63	to	to	ADP
ape-36234	185	64	the	the	DET
ape-36234	185	65	role	role	NOUN
ape-36234	185	66	of	of	ADP
ape-36234	185	67	the	the	DET
ape-36234	185	68	fund	fund	NOUN
ape-36234	185	69	industry	industry	NOUN
ape-36234	185	70	in	in	ADP
ape-36234	185	71	the	the	DET
ape-36234	185	72	field	field	NOUN
ape-36234	185	73	of	of	ADP
ape-36234	185	74	economic	economic	ADJ
ape-36234	185	75	development	development	NOUN
ape-36234	185	76	.	.	PUNCT
ape-36234	186	1	therefore	therefore	ADV
ape-36234	186	2	,	,	PUNCT
ape-36234	186	3	we	we	PRON
ape-36234	186	4	should	should	AUX
ape-36234	186	5	improve	improve	VERB
ape-36234	186	6	the	the	DET
ape-36234	186	7	fund	fund	NOUN
ape-36234	186	8	market	market	NOUN
ape-36234	186	9	system	system	NOUN
ape-36234	186	10	.	.	PUNCT
ape-36234	187	1	implement	implement	VERB
ape-36234	187	2	policies	policy	NOUN
ape-36234	187	3	such	such	ADJ
ape-36234	187	4	as	as	ADP
ape-36234	187	5	strengthening	strengthen	VERB
ape-36234	187	6	fund	fund	NOUN
ape-36234	187	7	product	product	NOUN
ape-36234	187	8	innovation	innovation	NOUN
ape-36234	187	9	and	and	CCONJ
ape-36234	187	10	broadening	broadening	NOUN
ape-36234	187	11	fund	fund	NOUN
ape-36234	187	12	sales	sale	NOUN
ape-36234	187	13	channels	channel	NOUN
ape-36234	187	14	to	to	PART
ape-36234	187	15	encourage	encourage	VERB
ape-36234	187	16	fund	fund	NOUN
ape-36234	187	17	companies	company	NOUN
ape-36234	187	18	to	to	PART
ape-36234	187	19	increase	increase	VERB
ape-36234	187	20	diversified	diversified	ADJ
ape-36234	187	21	products	product	NOUN
ape-36234	187	22	to	to	PART
ape-36234	187	23	meet	meet	VERB
ape-36234	187	24	the	the	DET
ape-36234	187	25	needs	need	NOUN
ape-36234	187	26	of	of	ADP
ape-36234	187	27	various	various	ADJ
ape-36234	187	28	investors	investor	NOUN
ape-36234	187	29	;	;	PUNCT
ape-36234	187	30	at	at	ADP
ape-36234	187	31	the	the	DET
ape-36234	187	32	same	same	ADJ
ape-36234	187	33	time	time	NOUN
ape-36234	187	34	,	,	PUNCT
ape-36234	187	35	the	the	DET
ape-36234	187	36	fund	fund	NOUN
ape-36234	187	37	market	market	NOUN
ape-36234	187	38	trading	trading	NOUN
ape-36234	187	39	mechanism	mechanism	NOUN
ape-36234	187	40	should	should	AUX
ape-36234	187	41	be	be	AUX
ape-36234	187	42	improved	improve	VERB
ape-36234	187	43	,	,	PUNCT
ape-36234	187	44	and	and	CCONJ
ape-36234	187	45	a	a	DET
ape-36234	187	46	sound	sound	ADJ
ape-36234	187	47	information	information	NOUN
ape-36234	187	48	disclosure	disclosure	NOUN
ape-36234	187	49	and	and	CCONJ
ape-36234	187	50	risk	risk	NOUN
ape-36234	187	51	warning	warning	NOUN
ape-36234	187	52	mechanism	mechanism	NOUN
ape-36234	187	53	should	should	AUX
ape-36234	187	54	be	be	AUX
ape-36234	187	55	established	establish	VERB
ape-36234	187	56	to	to	PART
ape-36234	187	57	improve	improve	VERB
ape-36234	187	58	market	market	NOUN
ape-36234	187	59	transparency	transparency	NOUN
ape-36234	187	60	.	.	PUNCT
ape-36234	188	1	(	(	PUNCT
ape-36234	188	2	2	2	X
ape-36234	188	3	)	)	PUNCT
ape-36234	188	4	improve	improve	VERB
ape-36234	188	5	the	the	DET
ape-36234	188	6	innovation	innovation	NOUN
ape-36234	188	7	ability	ability	NOUN
ape-36234	188	8	of	of	ADP
ape-36234	188	9	open	open	ADJ
ape-36234	188	10	-	-	PUNCT
ape-36234	188	11	end	end	NOUN
ape-36234	188	12	funds	fund	NOUN
ape-36234	188	13	,	,	PUNCT
ape-36234	188	14	improve	improve	VERB
ape-36234	188	15	the	the	DET
ape-36234	188	16	existing	exist	VERB
ape-36234	188	17	fund	fund	NOUN
ape-36234	188	18	operation	operation	NOUN
ape-36234	188	19	mechanism	mechanism	NOUN
ape-36234	188	20	,	,	PUNCT
ape-36234	188	21	and	and	CCONJ
ape-36234	188	22	improve	improve	VERB
ape-36234	188	23	the	the	DET
ape-36234	188	24	operation	operation	NOUN
ape-36234	188	25	efficiency	efficiency	NOUN
ape-36234	188	26	.	.	PUNCT
ape-36234	189	1	product	product	NOUN
ape-36234	189	2	innovation	innovation	NOUN
ape-36234	189	3	:	:	PUNCT
ape-36234	189	4	fund	fund	NOUN
ape-36234	189	5	companies	company	NOUN
ape-36234	189	6	can	can	AUX
ape-36234	189	7	develop	develop	VERB
ape-36234	189	8	new	new	ADJ
ape-36234	189	9	fund	fund	NOUN
ape-36234	189	10	products	product	NOUN
ape-36234	189	11	,	,	PUNCT
ape-36234	189	12	such	such	ADJ
ape-36234	189	13	as	as	ADP
ape-36234	189	14	debt	debt	NOUN
ape-36234	189	15	-	-	PUNCT
ape-36234	189	16	to	to	ADP
ape-36234	189	17	-	-	PUNCT
ape-36234	189	18	equity	equity	NOUN
ape-36234	189	19	swaps	swap	NOUN
ape-36234	189	20	,	,	PUNCT
ape-36234	189	21	money	money	NOUN
ape-36234	189	22	-	-	PUNCT
ape-36234	189	23	market	market	NOUN
ape-36234	189	24	funds	fund	NOUN
ape-36234	189	25	,	,	PUNCT
ape-36234	189	26	reits	reit	NOUN
ape-36234	189	27	,	,	PUNCT
ape-36234	189	28	to	to	PART
ape-36234	189	29	meet	meet	VERB
ape-36234	189	30	the	the	DET
ape-36234	189	31	different	different	ADJ
ape-36234	189	32	needs	need	NOUN
ape-36234	189	33	of	of	ADP
ape-36234	189	34	investors	investor	NOUN
ape-36234	189	35	,	,	PUNCT
ape-36234	189	36	improve	improve	VERB
ape-36234	189	37	the	the	DET
ape-36234	189	38	level	level	NOUN
ape-36234	189	39	of	of	ADP
ape-36234	189	40	market	market	NOUN
ape-36234	189	41	diversification	diversification	NOUN
ape-36234	189	42	;	;	PUNCT
ape-36234	189	43	investment	investment	NOUN
ape-36234	189	44	strategy	strategy	NOUN
ape-36234	189	45	innovation	innovation	NOUN
ape-36234	189	46	:	:	PUNCT
ape-36234	189	47	fund	fund	NOUN
ape-36234	189	48	companies	company	NOUN
ape-36234	189	49	can	can	AUX
ape-36234	189	50	,	,	PUNCT
ape-36234	189	51	by	by	ADP
ape-36234	189	52	introducing	introduce	VERB
ape-36234	189	53	new	new	ADJ
ape-36234	189	54	investment	investment	NOUN
ape-36234	189	55	strategies	strategy	NOUN
ape-36234	189	56	,	,	PUNCT
ape-36234	189	57	such	such	ADJ
ape-36234	189	58	as	as	ADP
ape-36234	189	59	quantitative	quantitative	ADJ
ape-36234	189	60	investment	investment	NOUN
ape-36234	189	61	,	,	PUNCT
ape-36234	189	62	diversification	diversification	NOUN
ape-36234	189	63	investment	investment	NOUN
ape-36234	189	64	and	and	CCONJ
ape-36234	189	65	other	other	ADJ
ape-36234	189	66	ways	way	NOUN
ape-36234	189	67	to	to	PART
ape-36234	189	68	improve	improve	VERB
ape-36234	189	69	the	the	DET
ape-36234	189	70	fund	fund	NOUN
ape-36234	189	71	investment	investment	NOUN
ape-36234	189	72	return	return	NOUN
ape-36234	189	73	rate	rate	NOUN
ape-36234	189	74	and	and	CCONJ
ape-36234	189	75	risk	risk	NOUN
ape-36234	189	76	control	control	NOUN
ape-36234	189	77	level	level	NOUN
ape-36234	189	78	;	;	PUNCT
ape-36234	189	79	technological	technological	ADJ
ape-36234	189	80	innovation	innovation	NOUN
ape-36234	189	81	:	:	PUNCT
ape-36234	189	82	fund	fund	NOUN
ape-36234	189	83	companies	company	NOUN
ape-36234	189	84	can	can	AUX
ape-36234	189	85	improve	improve	VERB
ape-36234	189	86	the	the	DET
ape-36234	189	87	efficiency	efficiency	NOUN
ape-36234	189	88	and	and	CCONJ
ape-36234	189	89	transparency	transparency	NOUN
ape-36234	189	90	of	of	ADP
ape-36234	189	91	fund	fund	NOUN
ape-36234	189	92	management	management	NOUN
ape-36234	189	93	by	by	ADP
ape-36234	189	94	adopting	adopt	VERB
ape-36234	189	95	new	new	ADJ
ape-36234	189	96	technologies	technology	NOUN
ape-36234	189	97	such	such	ADJ
ape-36234	189	98	as	as	ADP
ape-36234	189	99	artificial	artificial	ADJ
ape-36234	189	100	intelligence	intelligence	NOUN
ape-36234	189	101	and	and	CCONJ
ape-36234	189	102	blockchain	blockchain	PROPN
ape-36234	189	103	,	,	PUNCT
ape-36234	189	104	realize	realize	VERB
ape-36234	189	105	the	the	DET
ape-36234	189	106	whole	whole	ADJ
ape-36234	189	107	process	process	NOUN
ape-36234	189	108	of	of	ADP
ape-36234	189	109	fund	fund	NOUN
ape-36234	189	110	management	management	NOUN
ape-36234	189	111	automation	automation	NOUN
ape-36234	189	112	and	and	CCONJ
ape-36234	189	113	information	information	NOUN
ape-36234	189	114	;	;	PUNCT
ape-36234	189	115	channel	channel	NOUN
ape-36234	189	116	innovation	innovation	NOUN
ape-36234	189	117	:	:	PUNCT
ape-36234	189	118	with	with	ADP
ape-36234	189	119	the	the	DET
ape-36234	189	120	rapid	rapid	ADJ
ape-36234	189	121	development	development	NOUN
ape-36234	189	122	of	of	ADP
ape-36234	189	123	the	the	DET
ape-36234	189	124	mobile	mobile	ADJ
ape-36234	189	125	internet	internet	NOUN
ape-36234	189	126	,	,	PUNCT
ape-36234	189	127	fund	fund	NOUN
ape-36234	189	128	companies	company	NOUN
ape-36234	189	129	can	can	AUX
ape-36234	189	130	use	use	VERB
ape-36234	189	131	new	new	ADJ
ape-36234	189	132	channels	channel	NOUN
ape-36234	189	133	such	such	ADJ
ape-36234	189	134	as	as	ADP
ape-36234	189	135	the	the	DET
ape-36234	189	136	internet	internet	NOUN
ape-36234	189	137	and	and	CCONJ
ape-36234	189	138	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-36234	189	139	advances	advance	NOUN
ape-36234	189	140	in	in	ADP
ape-36234	189	141	politics	politic	NOUN
ape-36234	189	142	and	and	CCONJ
ape-36234	189	143	economics	economic	NOUN
ape-36234	189	144	vol	vol	NOUN
ape-36234	189	145	.	.	PUNCT
ape-36234	190	1	7	7	NUM
ape-36234	190	2	,	,	PUNCT
ape-36234	190	3	no	no	INTJ
ape-36234	190	4	.	.	NOUN
ape-36234	190	5	2	2	NUM
ape-36234	190	6	,	,	PUNCT
ape-36234	190	7	2024	2024	NUM
ape-36234	190	8	15	15	NUM
ape-36234	190	9	published	publish	VERB
ape-36234	190	10	by	by	ADP
ape-36234	190	11	scholink	scholink	PROPN
ape-36234	190	12	inc	inc	PROPN
ape-36234	190	13	.	.	PROPN
ape-36234	190	14	mobile	mobile	ADJ
ape-36234	190	15	terminals	terminal	NOUN
ape-36234	190	16	,	,	PUNCT
ape-36234	190	17	and	and	CCONJ
ape-36234	190	18	using	use	VERB
ape-36234	190	19	marketing	marketing	NOUN
ape-36234	190	20	tools	tool	NOUN
ape-36234	190	21	such	such	ADJ
ape-36234	190	22	as	as	ADP
ape-36234	190	23	social	social	ADJ
ape-36234	190	24	media	medium	NOUN
ape-36234	190	25	,	,	PUNCT
ape-36234	190	26	to	to	PART
ape-36234	190	27	attract	attract	VERB
ape-36234	190	28	more	more	ADJ
ape-36234	190	29	young	young	ADJ
ape-36234	190	30	investors	investor	NOUN
ape-36234	190	31	into	into	ADP
ape-36234	190	32	the	the	DET
ape-36234	190	33	fund	fund	NOUN
ape-36234	190	34	market	market	NOUN
ape-36234	190	35	.	.	PUNCT
ape-36234	191	1	(	(	PUNCT
ape-36234	191	2	3	3	X
ape-36234	191	3	)	)	PUNCT
ape-36234	191	4	regulatory	regulatory	ADJ
ape-36234	191	5	agencies	agency	NOUN
ape-36234	191	6	and	and	CCONJ
ape-36234	191	7	organizations	organization	NOUN
ape-36234	191	8	should	should	AUX
ape-36234	191	9	formulate	formulate	VERB
ape-36234	191	10	relevant	relevant	ADJ
ape-36234	191	11	policies	policy	NOUN
ape-36234	191	12	,	,	PUNCT
ape-36234	191	13	actively	actively	ADV
ape-36234	191	14	and	and	CCONJ
ape-36234	191	15	effectively	effectively	ADV
ape-36234	191	16	guide	guide	VERB
ape-36234	191	17	the	the	DET
ape-36234	191	18	psychology	psychology	NOUN
ape-36234	191	19	and	and	CCONJ
ape-36234	191	20	expectations	expectation	NOUN
ape-36234	191	21	of	of	ADP
ape-36234	191	22	fund	fund	NOUN
ape-36234	191	23	investors	investor	NOUN
ape-36234	191	24	,	,	PUNCT
ape-36234	191	25	and	and	CCONJ
ape-36234	191	26	strengthen	strengthen	VERB
ape-36234	191	27	the	the	DET
ape-36234	191	28	risk	risk	NOUN
ape-36234	191	29	awareness	awareness	NOUN
ape-36234	191	30	education	education	NOUN
ape-36234	191	31	of	of	ADP
ape-36234	191	32	investors	investor	NOUN
ape-36234	191	33	.	.	PUNCT
ape-36234	192	1	we	we	PRON
ape-36234	192	2	will	will	AUX
ape-36234	192	3	formulate	formulate	VERB
ape-36234	192	4	more	more	ADV
ape-36234	192	5	perfect	perfect	ADJ
ape-36234	192	6	regulatory	regulatory	ADJ
ape-36234	192	7	systems	system	NOUN
ape-36234	192	8	and	and	CCONJ
ape-36234	192	9	rules	rule	NOUN
ape-36234	192	10	to	to	PART
ape-36234	192	11	refine	refine	VERB
ape-36234	192	12	the	the	DET
ape-36234	192	13	responsibilities	responsibility	NOUN
ape-36234	192	14	and	and	CCONJ
ape-36234	192	15	obligations	obligation	NOUN
ape-36234	192	16	of	of	ADP
ape-36234	192	17	fund	fund	NOUN
ape-36234	192	18	managers	manager	NOUN
ape-36234	192	19	,	,	PUNCT
ape-36234	192	20	fund	fund	NOUN
ape-36234	192	21	custodians	custodian	NOUN
ape-36234	192	22	and	and	CCONJ
ape-36234	192	23	other	other	ADJ
ape-36234	192	24	relevant	relevant	ADJ
ape-36234	192	25	market	market	NOUN
ape-36234	192	26	entities	entity	NOUN
ape-36234	192	27	.	.	PUNCT
ape-36234	193	1	increase	increase	VERB
ape-36234	193	2	the	the	DET
ape-36234	193	3	supervision	supervision	NOUN
ape-36234	193	4	of	of	ADP
ape-36234	193	5	fund	fund	NOUN
ape-36234	193	6	companies	company	NOUN
ape-36234	193	7	,	,	PUNCT
ape-36234	193	8	timely	timely	ADV
ape-36234	193	9	stop	stop	VERB
ape-36234	193	10	and	and	CCONJ
ape-36234	193	11	punish	punish	VERB
ape-36234	193	12	illegal	illegal	ADJ
ape-36234	193	13	business	business	NOUN
ape-36234	193	14	behaviors	behavior	NOUN
ape-36234	193	15	,	,	PUNCT
ape-36234	193	16	and	and	CCONJ
ape-36234	193	17	promote	promote	VERB
ape-36234	193	18	the	the	DET
ape-36234	193	19	legal	legal	ADJ
ape-36234	193	20	and	and	CCONJ
ape-36234	193	21	steady	steady	ADJ
ape-36234	193	22	development	development	NOUN
ape-36234	193	23	of	of	ADP
ape-36234	193	24	the	the	DET
ape-36234	193	25	market	market	NOUN
ape-36234	193	26	;	;	PUNCT
ape-36234	193	27	strengthen	strengthen	VERB
ape-36234	193	28	the	the	DET
ape-36234	193	29	supervision	supervision	NOUN
ape-36234	193	30	of	of	ADP
ape-36234	193	31	information	information	NOUN
ape-36234	193	32	disclosure	disclosure	NOUN
ape-36234	193	33	of	of	ADP
ape-36234	193	34	fund	fund	NOUN
ape-36234	193	35	companies	company	NOUN
ape-36234	193	36	,	,	PUNCT
ape-36234	193	37	require	require	VERB
ape-36234	193	38	fund	fund	NOUN
ape-36234	193	39	companies	company	NOUN
ape-36234	193	40	to	to	PART
ape-36234	193	41	disclose	disclose	VERB
ape-36234	193	42	relevant	relevant	ADJ
ape-36234	193	43	information	information	NOUN
ape-36234	193	44	and	and	CCONJ
ape-36234	193	45	risk	risk	NOUN
ape-36234	193	46	tips	tip	NOUN
ape-36234	193	47	timely	timely	ADV
ape-36234	193	48	,	,	PUNCT
ape-36234	193	49	accurately	accurately	ADV
ape-36234	193	50	and	and	CCONJ
ape-36234	193	51	comprehensively	comprehensively	ADV
ape-36234	193	52	,	,	PUNCT
ape-36234	193	53	guarantee	guarantee	VERB
ape-36234	193	54	investors	investor	NOUN
ape-36234	193	55	’	'	PUNCT
ape-36234	193	56	right	right	NOUN
ape-36234	193	57	to	to	PART
ape-36234	193	58	know	know	VERB
ape-36234	193	59	and	and	CCONJ
ape-36234	193	60	choose	choose	VERB
ape-36234	193	61	;	;	PUNCT
ape-36234	193	62	improve	improve	VERB
ape-36234	193	63	the	the	DET
ape-36234	193	64	market	market	NOUN
ape-36234	193	65	supervision	supervision	NOUN
ape-36234	193	66	means	mean	NOUN
ape-36234	193	67	,	,	PUNCT
ape-36234	193	68	such	such	ADJ
ape-36234	193	69	as	as	ADP
ape-36234	193	70	big	big	ADJ
ape-36234	193	71	data	datum	NOUN
ape-36234	193	72	,	,	PUNCT
ape-36234	193	73	artificial	artificial	ADJ
ape-36234	193	74	intelligence	intelligence	NOUN
ape-36234	193	75	and	and	CCONJ
ape-36234	193	76	other	other	ADJ
ape-36234	193	77	technologies	technology	NOUN
ape-36234	193	78	,	,	PUNCT
ape-36234	193	79	improve	improve	VERB
ape-36234	193	80	the	the	DET
ape-36234	193	81	supervision	supervision	NOUN
ape-36234	193	82	efficiency	efficiency	NOUN
ape-36234	193	83	and	and	CCONJ
ape-36234	193	84	accuracy	accuracy	NOUN
ape-36234	193	85	,	,	PUNCT
ape-36234	193	86	find	find	VERB
ape-36234	193	87	the	the	DET
ape-36234	193	88	market	market	NOUN
ape-36234	193	89	risks	risk	NOUN
ape-36234	193	90	in	in	ADP
ape-36234	193	91	time	time	NOUN
ape-36234	193	92	,	,	PUNCT
ape-36234	193	93	and	and	CCONJ
ape-36234	193	94	intensify	intensify	VERB
ape-36234	193	95	the	the	DET
ape-36234	193	96	crackdown	crackdown	NOUN
ape-36234	193	97	against	against	ADP
ape-36234	193	98	violations	violation	NOUN
ape-36234	193	99	.	.	PUNCT
ape-36234	194	1	references	reference	NOUN
ape-36234	194	2	andrei	andrei	PROPN
ape-36234	194	3	s.	s.	PROPN
ape-36234	194	4	(	(	PUNCT
ape-36234	194	5	2003	2003	NUM
ape-36234	194	6	)	)	PUNCT
ape-36234	194	7	.	.	PUNCT
ape-36234	195	1	inefficient	inefficient	ADJ
ape-36234	195	2	markets	market	NOUN
ape-36234	195	3	:	:	PUNCT
ape-36234	195	4	an	an	DET
ape-36234	195	5	introduction	introduction	NOUN
ape-36234	195	6	to	to	ADP
ape-36234	195	7	behavioral	behavioral	ADJ
ape-36234	195	8	finance	finance	NOUN
ape-36234	195	9	.	.	PUNCT
ape-36234	196	1	translated	translate	VERB
ape-36234	196	2	by	by	ADP
ape-36234	196	3	zhao	zhao	PROPN
ape-36234	196	4	yingjun	yingjun	PROPN
ape-36234	196	5	.	.	PUNCT
ape-36234	197	1	china	china	PROPN
ape-36234	197	2	renmin	renmin	PROPN
ape-36234	197	3	university	university	PROPN
ape-36234	197	4	press	press	NOUN
ape-36234	197	5	,	,	PUNCT
ape-36234	197	6	2003(6	2003(6	NUM
ape-36234	197	7	)	)	PUNCT
ape-36234	197	8	.	.	PUNCT
ape-36234	198	1	cao	cao	PROPN
ape-36234	198	2	,	,	PUNCT
ape-36234	198	3	g.	g.	PROPN
ape-36234	198	4	h.	h.	PROPN
ape-36234	198	5	(	(	PUNCT
ape-36234	198	6	1998	1998	NUM
ape-36234	198	7	)	)	PUNCT
ape-36234	198	8	.	.	PUNCT
ape-36234	199	1	theory	theory	NOUN
ape-36234	199	2	of	of	ADP
ape-36234	199	3	conformity	conformity	NOUN
ape-36234	199	4	behavior	behavior	NOUN
ape-36234	199	5	and	and	CCONJ
ape-36234	199	6	its	its	PRON
ape-36234	199	7	innovation	innovation	NOUN
ape-36234	199	8	.	.	PUNCT
ape-36234	200	1	economic	economic	ADJ
ape-36234	200	2	dynamics	dynamic	NOUN
ape-36234	200	3	,	,	PUNCT
ape-36234	200	4	1998(1	1998(1	NOUN
ape-36234	200	5	)	)	PUNCT
ape-36234	200	6	,	,	PUNCT
ape-36234	200	7	7	7	NUM
ape-36234	200	8	-	-	SYM
ape-36234	200	9	10	10	NUM
ape-36234	200	10	.	.	PUNCT
ape-36234	201	1	deng	deng	PROPN
ape-36234	201	2	,	,	PUNCT
ape-36234	201	3	y.	y.	PROPN
ape-36234	201	4	(	(	PUNCT
ape-36234	201	5	2009	2009	NUM
ape-36234	201	6	)	)	PUNCT
ape-36234	201	7	.	.	PUNCT
ape-36234	202	1	in	in	ADP
ape-36234	202	2	research	research	NOUN
ape-36234	202	3	on	on	ADP
ape-36234	202	4	the	the	DET
ape-36234	202	5	impact	impact	NOUN
ape-36234	202	6	of	of	ADP
ape-36234	202	7	herd	herd	NOUN
ape-36234	202	8	behavior	behavior	NOUN
ape-36234	202	9	in	in	ADP
ape-36234	202	10	stock	stock	NOUN
ape-36234	202	11	investment	investment	NOUN
ape-36234	202	12	on	on	ADP
ape-36234	202	13	stock	stock	NOUN
ape-36234	202	14	price	price	NOUN
ape-36234	202	15	volatility	volatility	NOUN
ape-36234	202	16	(	(	PUNCT
ape-36234	202	17	dissertation	dissertation	NOUN
ape-36234	202	18	)	)	PUNCT
ape-36234	202	19	.	.	PUNCT
ape-36234	203	1	southwest	southwest	PROPN
ape-36234	203	2	jiaotong	jiaotong	PROPN
ape-36234	203	3	university	university	PROPN
ape-36234	203	4	.	.	PUNCT
ape-36234	204	1	fang	fang	PROPN
ape-36234	204	2	,	,	PUNCT
ape-36234	204	3	k.	k.	PROPN
ape-36234	204	4	(	(	PUNCT
ape-36234	204	5	2019	2019	NUM
ape-36234	204	6	)	)	PUNCT
ape-36234	204	7	.	.	PUNCT
ape-36234	205	1	research	research	NOUN
ape-36234	205	2	on	on	ADP
ape-36234	205	3	the	the	DET
ape-36234	205	4	impact	impact	NOUN
ape-36234	205	5	of	of	ADP
ape-36234	205	6	investment	investment	NOUN
ape-36234	205	7	behavior	behavior	NOUN
ape-36234	205	8	of	of	ADP
ape-36234	205	9	china	china	PROPN
ape-36234	205	10	’s	’s	PART
ape-36234	205	11	public	public	ADJ
ape-36234	205	12	funds	fund	NOUN
ape-36234	205	13	on	on	ADP
ape-36234	205	14	stock	stock	NOUN
ape-36234	205	15	market	market	NOUN
ape-36234	205	16	volatility	volatility	NOUN
ape-36234	205	17	.	.	PUNCT
ape-36234	206	1	dissertation	dissertation	NOUN
ape-36234	206	2	.	.	PUNCT
ape-36234	207	1	university	university	NOUN
ape-36234	207	2	of	of	ADP
ape-36234	207	3	international	international	ADJ
ape-36234	207	4	business	business	NOUN
ape-36234	207	5	and	and	CCONJ
ape-36234	207	6	economics	economic	NOUN
ape-36234	207	7	.	.	PUNCT
ape-36234	208	1	gu	gu	PROPN
ape-36234	208	2	,	,	PUNCT
ape-36234	208	3	r.	r.	PROPN
ape-36234	208	4	b.	b.	PROPN
ape-36234	208	5	,	,	PUNCT
ape-36234	208	6	liu	liu	PROPN
ape-36234	208	7	,	,	PUNCT
ape-36234	208	8	h.	h.	PROPN
ape-36234	208	9	f.	f.	PROPN
ape-36234	208	10	,	,	PUNCT
ape-36234	208	11	li	li	PROPN
ape-36234	208	12	,	,	PUNCT
ape-36234	208	13	x.	x.	PROPN
ape-36234	208	14	d.	d.	PROPN
ape-36234	208	15	,	,	PUNCT
ape-36234	208	16	&	&	CCONJ
ape-36234	208	17	li	li	PROPN
ape-36234	208	18	,	,	PUNCT
ape-36234	208	19	l.	l.	PROPN
ape-36234	208	20	(	(	PUNCT
ape-36234	208	21	2015	2015	NUM
ape-36234	208	22	)	)	PUNCT
ape-36234	208	23	.	.	PUNCT
ape-36234	209	1	herd	herd	NOUN
ape-36234	209	2	behavior	behavior	NOUN
ape-36234	209	3	and	and	CCONJ
ape-36234	209	4	volatility	volatility	NOUN
ape-36234	209	5	in	in	ADP
ape-36234	209	6	the	the	DET
ape-36234	209	7	stock	stock	NOUN
ape-36234	209	8	market	market	NOUN
ape-36234	209	9	:	:	PUNCT
ape-36234	209	10	correlation	correlation	NOUN
ape-36234	209	11	and	and	CCONJ
ape-36234	209	12	evolution	evolution	NOUN
ape-36234	209	13	evidence	evidence	NOUN
ape-36234	209	14	from	from	ADP
ape-36234	209	15	the	the	DET
ape-36234	209	16	shenzhen	shenzhen	PROPN
ape-36234	209	17	stock	stock	NOUN
ape-36234	209	18	market	market	NOUN
ape-36234	209	19	.	.	PUNCT
ape-36234	210	1	journal	journal	PROPN
ape-36234	210	2	of	of	ADP
ape-36234	210	3	management	management	NOUN
ape-36234	210	4	sciences	sciences	PROPN
ape-36234	210	5	in	in	ADP
ape-36234	210	6	china	china	PROPN
ape-36234	210	7	,	,	PUNCT
ape-36234	210	8	2015(11	2015(11	NUM
ape-36234	210	9	)	)	PUNCT
ape-36234	210	10	.	.	PUNCT
ape-36234	211	1	li	li	PROPN
ape-36234	211	2	,	,	PUNCT
ape-36234	211	3	t.	t.	PROPN
ape-36234	211	4	,	,	PUNCT
ape-36234	211	5	chen	chen	PROPN
ape-36234	211	6	,	,	PUNCT
ape-36234	211	7	h.	h.	PROPN
ape-36234	211	8	,	,	PUNCT
ape-36234	211	9	liu	liu	PROPN
ape-36234	211	10	,	,	PUNCT
ape-36234	211	11	w.	w.	PROPN
ape-36234	211	12	,	,	PUNCT
ape-36234	211	13	yu	yu	PROPN
ape-36234	211	14	,	,	PUNCT
ape-36234	211	15	g.	g.	PROPN
ape-36234	211	16	,	,	PUNCT
ape-36234	211	17	&	&	CCONJ
ape-36234	211	18	yu	yu	PROPN
ape-36234	211	19	,	,	PUNCT
ape-36234	211	20	y.	y.	PROPN
ape-36234	211	21	t.	t.	PROPN
ape-36234	211	22	(	(	PUNCT
ape-36234	211	23	2023	2023	NUM
ape-36234	211	24	)	)	PUNCT
ape-36234	211	25	.	.	PUNCT
ape-36234	212	1	understanding	understand	VERB
ape-36234	212	2	the	the	DET
ape-36234	212	3	role	role	NOUN
ape-36234	212	4	of	of	ADP
ape-36234	212	5	social	social	ADJ
ape-36234	212	6	media	medium	NOUN
ape-36234	212	7	sentiment	sentiment	NOUN
ape-36234	212	8	in	in	ADP
ape-36234	212	9	identifying	identify	VERB
ape-36234	212	10	irrational	irrational	ADJ
ape-36234	212	11	herding	herd	VERB
ape-36234	212	12	behavior	behavior	NOUN
ape-36234	212	13	in	in	ADP
ape-36234	212	14	the	the	DET
ape-36234	212	15	stock	stock	NOUN
ape-36234	212	16	market	market	NOUN
ape-36234	212	17	.	.	PUNCT
ape-36234	213	1	international	international	ADJ
ape-36234	213	2	review	review	NOUN
ape-36234	213	3	of	of	ADP
ape-36234	213	4	economics	economic	NOUN
ape-36234	213	5	and	and	CCONJ
ape-36234	213	6	finance	finance	NOUN
ape-36234	213	7	,	,	PUNCT
ape-36234	213	8	163	163	NUM
ape-36234	213	9	-	-	SYM
ape-36234	213	10	179	179	NUM
ape-36234	213	11	.	.	PUNCT
ape-36234	214	1	https://doi.org/10.1016/j.iref.2023.04.016	https://doi.org/10.1016/j.iref.2023.04.016	PROPN
ape-36234	214	2	liu	liu	PROPN
ape-36234	214	3	,	,	PUNCT
ape-36234	214	4	t.	t.	PROPN
ape-36234	214	5	d.	d.	PROPN
ape-36234	214	6	,	,	PUNCT
ape-36234	214	7	zheng	zheng	PROPN
ape-36234	214	8	,	,	PUNCT
ape-36234	214	9	d.	d.	PROPN
ape-36234	214	10	z.	z.	PROPN
ape-36234	214	11	,	,	PUNCT
ape-36234	214	12	zheng	zheng	PROPN
ape-36234	214	13	,	,	PUNCT
ape-36234	214	14	s.	s.	PROPN
ape-36234	214	15	y.	y.	PROPN
ape-36234	214	16	,	,	PUNCT
ape-36234	214	17	&	&	CCONJ
ape-36234	214	18	lu	lu	PROPN
ape-36234	214	19	,	,	PUNCT
ape-36234	214	20	y.	y.	PROPN
ape-36234	214	21	(	(	PUNCT
ape-36234	214	22	2023	2023	NUM
ape-36234	214	23	)	)	PUNCT
ape-36234	214	24	.	.	PUNCT
ape-36234	215	1	herding	herd	VERB
ape-36234	215	2	in	in	ADP
ape-36234	215	3	chinese	chinese	ADJ
ape-36234	215	4	stock	stock	NOUN
ape-36234	215	5	markets	market	NOUN
ape-36234	215	6	:	:	PUNCT
ape-36234	215	7	evidence	evidence	NOUN
ape-36234	215	8	from	from	ADP
ape-36234	215	9	the	the	DET
ape-36234	215	10	dual	dual	ADJ
ape-36234	215	11	-	-	PUNCT
ape-36234	215	12	investor	investor	NOUN
ape-36234	215	13	-	-	PUNCT
ape-36234	215	14	group	group	NOUN
ape-36234	215	15	.	.	PUNCT
ape-36234	216	1	pacific	pacific	ADJ
ape-36234	216	2	-	-	PUNCT
ape-36234	216	3	basin	basin	NOUN
ape-36234	216	4	finance	finance	NOUN
ape-36234	216	5	journal	journal	NOUN
ape-36234	216	6	.	.	PUNCT
ape-36234	217	1	https://doi.org/10.1016/j.pacfin.2023.101992	https://doi.org/10.1016/j.pacfin.2023.101992	PROPN
ape-36234	217	2	ma	ma	PROPN
ape-36234	217	3	,	,	PUNCT
ape-36234	217	4	l.	l.	PROPN
ape-36234	217	5	(	(	PUNCT
ape-36234	217	6	2016	2016	NUM
ape-36234	217	7	)	)	PUNCT
ape-36234	217	8	.	.	PUNCT
ape-36234	218	1	empirical	empirical	ADJ
ape-36234	218	2	analysis	analysis	NOUN
ape-36234	218	3	of	of	ADP
ape-36234	218	4	herding	herd	VERB
ape-36234	218	5	effect	effect	NOUN
ape-36234	218	6	in	in	ADP
ape-36234	218	7	china	china	PROPN
ape-36234	218	8	’s	’s	PART
ape-36234	218	9	stock	stock	NOUN
ape-36234	218	10	market	market	NOUN
ape-36234	218	11	.	.	PUNCT
ape-36234	219	1	nankai	nankai	ADJ
ape-36234	219	2	economic	economic	ADJ
ape-36234	219	3	studies	study	NOUN
ape-36234	219	4	,	,	PUNCT
ape-36234	219	5	2016(01	2016(01	NUM
ape-36234	219	6	)	)	PUNCT
ape-36234	219	7	.	.	PUNCT
ape-36234	220	1	mei	mei	PROPN
ape-36234	220	2	,	,	PUNCT
ape-36234	220	3	g.	g.	PROPN
ape-36234	220	4	p.	p.	PROPN
ape-36234	220	5	,	,	PUNCT
ape-36234	220	6	&	&	CCONJ
ape-36234	220	7	nie	nie	PROPN
ape-36234	220	8	,	,	PUNCT
ape-36234	220	9	g.	g.	PROPN
ape-36234	220	10	h.	h.	PROPN
ape-36234	220	11	(	(	PUNCT
ape-36234	220	12	2009	2009	NUM
ape-36234	220	13	)	)	PUNCT
ape-36234	220	14	.	.	PUNCT
ape-36234	221	1	empirical	empirical	ADJ
ape-36234	221	2	analysis	analysis	NOUN
ape-36234	221	3	of	of	ADP
ape-36234	221	4	the	the	DET
ape-36234	221	5	existence	existence	NOUN
ape-36234	221	6	of	of	ADP
ape-36234	221	7	herding	herding	NOUN
ape-36234	221	8	behavior	behavior	NOUN
ape-36234	221	9	in	in	ADP
ape-36234	221	10	china	china	PROPN
ape-36234	221	11	’s	’s	PART
ape-36234	221	12	stock	stock	NOUN
ape-36234	221	13	market	market	NOUN
ape-36234	221	14	.	.	PUNCT
ape-36234	222	1	journal	journal	NOUN
ape-36234	222	2	of	of	ADP
ape-36234	222	3	finance	finance	NOUN
ape-36234	222	4	and	and	CCONJ
ape-36234	222	5	economics	economic	NOUN
ape-36234	222	6	,	,	PUNCT
ape-36234	222	7	2009(9	2009(9	NUM
ape-36234	222	8	)	)	PUNCT
ape-36234	222	9	.	.	PUNCT
ape-36234	223	1	neuman	neuman	NOUN
ape-36234	223	2	,	,	PUNCT
ape-36234	223	3	y.	y.	PROPN
ape-36234	223	4	,	,	PUNCT
ape-36234	223	5	&	&	CCONJ
ape-36234	223	6	cohen	cohen	PROPN
ape-36234	223	7	,	,	PUNCT
ape-36234	223	8	yochai	yochai	PROPN
ape-36234	223	9	.	.	PUNCT
ape-36234	224	1	(	(	PUNCT
ape-36234	224	2	2023	2023	NUM
ape-36234	224	3	)	)	PUNCT
ape-36234	224	4	.	.	PUNCT
ape-36234	225	1	unveiling	unveil	VERB
ape-36234	225	2	herd	herd	NOUN
ape-36234	225	3	behavior	behavior	NOUN
ape-36234	225	4	in	in	ADP
ape-36234	225	5	financial	financial	ADJ
ape-36234	225	6	markets	market	NOUN
ape-36234	225	7	.	.	PUNCT
ape-36234	226	1	journal	journal	NOUN
ape-36234	226	2	of	of	ADP
ape-36234	226	3	www.scholink.org/ojs/index.php/ape	www.scholink.org/ojs/index.php/ape	NOUN
ape-36234	226	4	advances	advance	NOUN
ape-36234	226	5	in	in	ADP
ape-36234	226	6	politics	politic	NOUN
ape-36234	226	7	and	and	CCONJ
ape-36234	226	8	economics	economic	NOUN
ape-36234	226	9	vol	vol	NOUN
ape-36234	226	10	.	.	PUNCT
ape-36234	227	1	7	7	NUM
ape-36234	227	2	,	,	PUNCT
ape-36234	227	3	no	no	INTJ
ape-36234	227	4	.	.	NOUN
ape-36234	227	5	2	2	NUM
ape-36234	227	6	,	,	PUNCT
ape-36234	227	7	2024	2024	NUM
ape-36234	227	8	16	16	NUM
ape-36234	227	9	published	publish	VERB
ape-36234	227	10	by	by	ADP
ape-36234	227	11	scholink	scholink	PROPN
ape-36234	227	12	inc	inc	PROPN
ape-36234	227	13	.	.	PROPN
ape-36234	227	14	statistical	statistical	ADJ
ape-36234	227	15	mechanics	mechanic	NOUN
ape-36234	227	16	:	:	PUNCT
ape-36234	227	17	theory	theory	NOUN
ape-36234	227	18	and	and	CCONJ
ape-36234	227	19	experiment	experiment	NOUN
ape-36234	227	20	,	,	PUNCT
ape-36234	227	21	(	(	PUNCT
ape-36234	227	22	8)	8)	NUM
ape-36234	227	23	,	,	PUNCT
ape-36234	227	24	https://doi.org/10.1088/1742-5468/aceef0	https://doi.org/10.1088/1742-5468/aceef0	X
ape-36234	227	25	phan	phan	PROPN
ape-36234	227	26	,	,	PUNCT
ape-36234	227	27	h.	h.	PROPN
ape-36234	227	28	m.	m.	PROPN
ape-36234	227	29	,	,	PUNCT
ape-36234	227	30	le	le	PROPN
ape-36234	227	31	thi	thi	PROPN
ape-36234	227	32	,	,	PUNCT
ape-36234	227	33	n.	n.	PROPN
ape-36234	227	34	q.	q.	PROPN
ape-36234	227	35	,	,	PUNCT
ape-36234	227	36	dam	dam	PROPN
ape-36234	227	37	,	,	PUNCT
ape-36234	227	38	v.	v.	PROPN
ape-36234	227	39	d.	d.	PROPN
ape-36234	227	40	h.	h.	PROPN
ape-36234	227	41	,	,	PUNCT
ape-36234	227	42	tran	tran	PROPN
ape-36234	227	43	,	,	PUNCT
ape-36234	227	44	m.	m.	PROPN
ape-36234	227	45	s.	s.	PROPN
ape-36234	227	46	,	,	PUNCT
ape-36234	227	47	truong	truong	PROPN
ape-36234	227	48	,	,	PUNCT
ape-36234	227	49	t.	t.	PROPN
ape-36234	227	50	h.	h.	PROPN
ape-36234	227	51	l.	l.	PROPN
ape-36234	227	52	,	,	PUNCT
ape-36234	227	53	&	&	CCONJ
ape-36234	227	54	le	le	PROPN
ape-36234	227	55	,	,	PUNCT
ape-36234	227	56	q.	q.	PROPN
ape-36234	227	57	a.	a.	PROPN
ape-36234	227	58	(	(	PUNCT
ape-36234	227	59	2023	2023	NUM
ape-36234	227	60	)	)	PUNCT
ape-36234	227	61	.	.	PUNCT
ape-36234	228	1	herd	herd	NOUN
ape-36234	228	2	behavior	behavior	NOUN
ape-36234	228	3	in	in	ADP
ape-36234	228	4	vietnam	vietnam	PROPN
ape-36234	228	5	’s	’s	PART
ape-36234	228	6	stock	stock	NOUN
ape-36234	228	7	market	market	NOUN
ape-36234	228	8	:	:	PUNCT
ape-36234	228	9	impacts	impact	NOUN
ape-36234	228	10	of	of	ADP
ape-36234	228	11	covid-19	covid-19	PROPN
ape-36234	228	12	.	.	PUNCT
ape-36234	229	1	cogent	cogent	NOUN
ape-36234	229	2	economics	economic	NOUN
ape-36234	229	3	finance	finance	NOUN
ape-36234	229	4	,	,	PUNCT
ape-36234	229	5	(	(	PUNCT
ape-36234	229	6	2	2	NUM
ape-36234	229	7	)	)	PUNCT
ape-36234	229	8	,	,	PUNCT
ape-36234	229	9	https://doi.org/10.1080/23322039.2023.2266616	https://doi.org/10.1080/23322039.2023.2266616	PROPN
ape-36234	229	10	sun	sun	PROPN
ape-36234	229	11	,	,	PUNCT
ape-36234	229	12	j.	j.	PROPN
ape-36234	229	13	b.	b.	PROPN
ape-36234	229	14	(	(	PUNCT
ape-36234	229	15	2010	2010	NUM
ape-36234	229	16	)	)	PUNCT
ape-36234	229	17	.	.	PUNCT
ape-36234	230	1	research	research	NOUN
ape-36234	230	2	on	on	ADP
ape-36234	230	3	the	the	DET
ape-36234	230	4	impact	impact	NOUN
ape-36234	230	5	of	of	ADP
ape-36234	230	6	china	china	PROPN
ape-36234	230	7	’s	’s	PART
ape-36234	230	8	fund	fund	PROPN
ape-36234	230	9	herding	herding	NOUN
ape-36234	230	10	behavior	behavior	NOUN
ape-36234	230	11	on	on	ADP
ape-36234	230	12	stock	stock	NOUN
ape-36234	230	13	price	price	NOUN
ape-36234	230	14	volatility	volatility	NOUN
ape-36234	230	15	.	.	PUNCT
ape-36234	231	1	(	(	PUNCT
ape-36234	231	2	dissertation	dissertation	NOUN
ape-36234	231	3	)	)	PUNCT
ape-36234	231	4	.	.	PUNCT
ape-36234	232	1	wang	wang	PROPN
ape-36234	232	2	,	,	PUNCT
ape-36234	232	3	l.	l.	PROPN
ape-36234	232	4	,	,	PUNCT
ape-36234	232	5	kong	kong	PROPN
ape-36234	232	6	,	,	PUNCT
ape-36234	232	7	d.	d.	PROPN
ape-36234	232	8	m.	m.	PROPN
ape-36234	232	9	,	,	PUNCT
ape-36234	232	10	&	&	CCONJ
ape-36234	232	11	chen	chen	PROPN
ape-36234	232	12	,	,	PUNCT
ape-36234	232	13	w.	w.	PROPN
ape-36234	232	14	(	(	PUNCT
ape-36234	232	15	2011	2011	NUM
ape-36234	232	16	)	)	PUNCT
ape-36234	232	17	.	.	PUNCT
ape-36234	233	1	herding	herd	VERB
ape-36234	233	2	behavior	behavior	NOUN
ape-36234	233	3	of	of	ADP
ape-36234	233	4	securities	security	NOUN
ape-36234	233	5	investment	investment	NOUN
ape-36234	233	6	funds	fund	NOUN
ape-36234	233	7	and	and	CCONJ
ape-36234	233	8	overreaction	overreaction	NOUN
ape-36234	233	9	in	in	ADP
ape-36234	233	10	the	the	DET
ape-36234	233	11	stock	stock	NOUN
ape-36234	233	12	market	market	NOUN
ape-36234	233	13	.	.	PUNCT
ape-36234	234	1	south	south	PROPN
ape-36234	234	2	china	china	PROPN
ape-36234	234	3	journal	journal	PROPN
ape-36234	234	4	of	of	ADP
ape-36234	234	5	economics	economic	NOUN
ape-36234	234	6	,	,	PUNCT
ape-36234	234	7	2011(03	2011(03	NUM
ape-36234	234	8	)	)	PUNCT
ape-36234	234	9	.	.	PUNCT
ape-36234	235	1	wang	wang	PROPN
ape-36234	235	2	,	,	PUNCT
ape-36234	235	3	m.	m.	PROPN
ape-36234	235	4	w.	w.	PROPN
ape-36234	235	5	(	(	PUNCT
ape-36234	235	6	2019	2019	NUM
ape-36234	235	7	)	)	PUNCT
ape-36234	235	8	.	.	PUNCT
ape-36234	236	1	empirical	empirical	ADJ
ape-36234	236	2	research	research	NOUN
ape-36234	236	3	on	on	ADP
ape-36234	236	4	the	the	DET
ape-36234	236	5	impact	impact	NOUN
ape-36234	236	6	of	of	ADP
ape-36234	236	7	herding	herding	NOUN
ape-36234	236	8	behavior	behavior	NOUN
ape-36234	236	9	of	of	ADP
ape-36234	236	10	china	china	PROPN
ape-36234	236	11	’s	’s	PART
ape-36234	236	12	securities	security	NOUN
ape-36234	236	13	investment	investment	NOUN
ape-36234	236	14	funds	fund	NOUN
ape-36234	236	15	on	on	ADP
ape-36234	236	16	stock	stock	NOUN
ape-36234	236	17	price	price	NOUN
ape-36234	236	18	volatility	volatility	NOUN
ape-36234	236	19	.	.	PUNCT
ape-36234	237	1	dissertation	dissertation	NOUN
ape-36234	237	2	.	.	PUNCT
ape-36234	238	1	shanghai	shanghai	PROPN
ape-36234	238	2	international	international	PROPN
ape-36234	238	3	studies	studies	PROPN
ape-36234	238	4	university	university	PROPN
ape-36234	238	5	.	.	PUNCT
ape-36234	239	1	wang	wang	PROPN
ape-36234	239	2	,	,	PUNCT
ape-36234	239	3	x.	x.	PROPN
ape-36234	239	4	m.	m.	NOUN
ape-36234	239	5	(	(	PUNCT
ape-36234	239	6	2010	2010	NUM
ape-36234	239	7	)	)	PUNCT
ape-36234	239	8	.	.	PUNCT
ape-36234	240	1	empirical	empirical	ADJ
ape-36234	240	2	research	research	NOUN
ape-36234	240	3	on	on	ADP
ape-36234	240	4	herding	herding	NOUN
ape-36234	240	5	behavior	behavior	NOUN
ape-36234	240	6	of	of	ADP
ape-36234	240	7	china	china	PROPN
ape-36234	240	8	’s	’s	PART
ape-36234	240	9	securities	security	NOUN
ape-36234	240	10	investment	investment	NOUN
ape-36234	240	11	funds	fund	NOUN
ape-36234	240	12	.	.	PUNCT
ape-36234	241	1	journal	journal	NOUN
ape-36234	241	2	of	of	ADP
ape-36234	241	3	finance	finance	NOUN
ape-36234	241	4	and	and	CCONJ
ape-36234	241	5	economics	economic	NOUN
ape-36234	241	6	,	,	PUNCT
ape-36234	241	7	2010(5	2010(5	NUM
ape-36234	241	8	)	)	PUNCT
ape-36234	241	9	,	,	PUNCT
ape-36234	241	10	37	37	NUM
ape-36234	241	11	-	-	SYM
ape-36234	241	12	41	41	NUM
ape-36234	241	13	.	.	PUNCT
ape-36234	242	1	wei	wei	PROPN
ape-36234	242	2	,	,	PUNCT
ape-36234	242	3	g.	g.	PROPN
ape-36234	242	4	y.	y.	PROPN
ape-36234	242	5	,	,	PUNCT
ape-36234	242	6	&	&	CCONJ
ape-36234	242	7	du	du	PROPN
ape-36234	242	8	,	,	PUNCT
ape-36234	242	9	h.	h.	PROPN
ape-36234	242	10	w.	w.	PROPN
ape-36234	242	11	(	(	PUNCT
ape-36234	242	12	2009	2009	NUM
ape-36234	242	13	)	)	PUNCT
ape-36234	242	14	.	.	PUNCT
ape-36234	243	1	empirical	empirical	ADJ
ape-36234	243	2	research	research	NOUN
ape-36234	243	3	methods	method	NOUN
ape-36234	243	4	of	of	ADP
ape-36234	243	5	herding	herding	NOUN
ape-36234	243	6	behavior	behavior	NOUN
ape-36234	243	7	.	.	PUNCT
ape-36234	244	1	statistics	statistic	NOUN
ape-36234	244	2	and	and	CCONJ
ape-36234	244	3	decision	decision	NOUN
ape-36234	244	4	,	,	PUNCT
ape-36234	244	5	2009(18	2009(18	NUM
ape-36234	244	6	)	)	PUNCT
ape-36234	244	7	,	,	PUNCT
ape-36234	244	8	159	159	NUM
ape-36234	244	9	-	-	SYM
ape-36234	244	10	160	160	NUM
ape-36234	244	11	.	.	PUNCT
ape-36234	244	12	yang	yang	PROPN
ape-36234	244	13	,	,	PUNCT
ape-36234	244	14	z.	z.	PROPN
ape-36234	244	15	j.	j.	PROPN
ape-36234	244	16	(	(	PUNCT
ape-36234	244	17	2003	2003	NUM
ape-36234	244	18	)	)	PUNCT
ape-36234	244	19	.	.	PUNCT
ape-36234	245	1	in	in	ADP
ape-36234	245	2	research	research	NOUN
ape-36234	245	3	on	on	ADP
ape-36234	245	4	“	"	PUNCT
ape-36234	245	5	herd	herd	NOUN
ape-36234	245	6	behavior	behavior	NOUN
ape-36234	245	7	”	"	PUNCT
ape-36234	245	8	of	of	ADP
ape-36234	245	9	china	china	PROPN
ape-36234	245	10	’s	’s	PART
ape-36234	245	11	securities	security	NOUN
ape-36234	245	12	investment	investment	NOUN
ape-36234	245	13	funds	fund	NOUN
ape-36234	245	14	and	and	CCONJ
ape-36234	245	15	its	its	PRON
ape-36234	245	16	impact	impact	NOUN
ape-36234	245	17	on	on	ADP
ape-36234	245	18	stock	stock	NOUN
ape-36234	245	19	price	price	NOUN
ape-36234	245	20	volatility	volatility	NOUN
ape-36234	245	21	(	(	PUNCT
ape-36234	245	22	dissertation	dissertation	NOUN
ape-36234	245	23	)	)	PUNCT
ape-36234	245	24	.	.	PUNCT
ape-36234	246	1	zhejiang	zhejiang	PROPN
ape-36234	246	2	university	university	PROPN
ape-36234	246	3	.	.	PUNCT
ape-36234	247	1	yao	yao	PROPN
ape-36234	247	2	,	,	PUNCT
ape-36234	247	3	g.	g.	PROPN
ape-36234	247	4	x.	x.	PROPN
ape-36234	247	5	(	(	PUNCT
ape-36234	247	6	2019	2019	NUM
ape-36234	247	7	)	)	PUNCT
ape-36234	247	8	.	.	PUNCT
ape-36234	248	1	in	in	ADP
ape-36234	248	2	the	the	DET
ape-36234	248	3	impact	impact	NOUN
ape-36234	248	4	of	of	ADP
ape-36234	248	5	the	the	DET
ape-36234	248	6	“	"	PUNCT
ape-36234	248	7	double	double	ADJ
ape-36234	248	8	herding	herding	NOUN
ape-36234	248	9	effect	effect	NOUN
ape-36234	248	10	”	"	PUNCT
ape-36234	248	11	of	of	ADP
ape-36234	248	12	institutions	institution	NOUN
ape-36234	248	13	and	and	CCONJ
ape-36234	248	14	individuals	individual	NOUN
ape-36234	248	15	in	in	ADP
ape-36234	248	16	china	china	PROPN
ape-36234	248	17	on	on	ADP
ape-36234	248	18	stock	stock	NOUN
ape-36234	248	19	market	market	NOUN
ape-36234	248	20	volatility	volatility	NOUN
ape-36234	248	21	(	(	PUNCT
ape-36234	248	22	dissertation	dissertation	NOUN
ape-36234	248	23	)	)	PUNCT
ape-36234	248	24	.	.	PUNCT
ape-36234	249	1	southwest	southwest	PROPN
ape-36234	249	2	university	university	PROPN
ape-36234	249	3	of	of	ADP
ape-36234	249	4	finance	finance	NOUN
ape-36234	249	5	and	and	CCONJ
ape-36234	249	6	economics	economic	NOUN
ape-36234	249	7	.	.	PUNCT
ape-36234	250	1	zhang	zhang	PROPN
ape-36234	250	2	,	,	PUNCT
ape-36234	250	3	p.	p.	PROPN
ape-36234	250	4	,	,	PUNCT
ape-36234	250	5	jiang	jiang	PROPN
ape-36234	250	6	,	,	PUNCT
ape-36234	250	7	y.	y.	PROPN
ape-36234	250	8	,	,	PUNCT
ape-36234	250	9	&	&	CCONJ
ape-36234	250	10	ni	ni	PROPN
ape-36234	250	11	,	,	PUNCT
ape-36234	250	12	w.	w.	PROPN
ape-36234	250	13	h.	h.	PROPN
ape-36234	250	14	(	(	PUNCT
ape-36234	250	15	2021	2021	NUM
ape-36234	250	16	)	)	PUNCT
ape-36234	250	17	.	.	PUNCT
ape-36234	251	1	the	the	DET
ape-36234	251	2	relationship	relationship	NOUN
ape-36234	251	3	between	between	ADP
ape-36234	251	4	herd	herd	NOUN
ape-36234	251	5	behavior	behavior	NOUN
ape-36234	251	6	and	and	CCONJ
ape-36234	251	7	stock	stock	NOUN
ape-36234	251	8	price	price	NOUN
ape-36234	251	9	volatility	volatility	NOUN
ape-36234	251	10	:	:	PUNCT
ape-36234	251	11	evidence	evidence	NOUN
ape-36234	251	12	from	from	ADP
ape-36234	251	13	the	the	DET
ape-36234	251	14	theoretical	theoretical	ADJ
ape-36234	251	15	level	level	NOUN
ape-36234	251	16	.	.	PUNCT
ape-36234	252	1	management	management	NOUN
ape-36234	252	2	science	science	NOUN
ape-36234	252	3	,	,	PUNCT
ape-36234	252	4	34(02	34(02	PROPN
ape-36234	252	5	)	)	PUNCT
ape-36234	252	6	,	,	PUNCT
ape-36234	252	7	144	144	NUM
ape-36234	252	8	-	-	SYM
ape-36234	252	9	158	158	NUM
ape-36234	252	10	.	.	PUNCT
ape-36234	253	1	zhang	zhang	PROPN
ape-36234	253	2	,	,	PUNCT
ape-36234	253	3	s.	s.	PROPN
ape-36234	253	4	y.	y.	PROPN
ape-36234	253	5	(	(	PUNCT
ape-36234	253	6	2022	2022	NUM
ape-36234	253	7	)	)	PUNCT
ape-36234	253	8	.	.	PUNCT
ape-36234	254	1	empirical	empirical	ADJ
ape-36234	254	2	research	research	NOUN
ape-36234	254	3	on	on	ADP
ape-36234	254	4	the	the	DET
ape-36234	254	5	impact	impact	NOUN
ape-36234	254	6	of	of	ADP
ape-36234	254	7	“	"	PUNCT
ape-36234	254	8	herd	herd	ADJ
ape-36234	254	9	behavior	behavior	NOUN
ape-36234	254	10	”	"	PUNCT
ape-36234	254	11	of	of	ADP
ape-36234	254	12	public	public	ADJ
ape-36234	254	13	funds	fund	NOUN
ape-36234	254	14	on	on	ADP
ape-36234	254	15	stock	stock	NOUN
ape-36234	254	16	price	price	NOUN
ape-36234	254	17	volatility	volatility	NOUN
ape-36234	254	18	(	(	PUNCT
ape-36234	254	19	dissertation	dissertation	NOUN
ape-36234	254	20	.	.	PUNCT
ape-36234	255	1	advisor	advisor	NOUN
ape-36234	255	2	:	:	PUNCT
ape-36234	255	3	zhang	zhang	PROPN
ape-36234	255	4	jianhua	jianhua	PROPN
ape-36234	255	5	)	)	PUNCT
ape-36234	255	6	.	.	PUNCT
ape-36234	256	1	shanghai	shanghai	PROPN
ape-36234	256	2	international	international	PROPN
ape-36234	256	3	studies	studies	PROPN
ape-36234	256	4	university	university	PROPN
ape-36234	256	5	.	.	PUNCT
ape-36234	257	1	zhou	zhou	PROPN
ape-36234	257	2	,	,	PUNCT
ape-36234	257	3	x.	x.	PROPN
ape-36234	257	4	l.	l.	PROPN
ape-36234	257	5	(	(	PUNCT
ape-36234	257	6	2021	2021	NUM
ape-36234	257	7	)	)	PUNCT
ape-36234	257	8	.	.	PUNCT
ape-36234	258	1	the	the	DET
ape-36234	258	2	impact	impact	NOUN
ape-36234	258	3	of	of	ADP
ape-36234	258	4	herd	herd	NOUN
ape-36234	258	5	behavior	behavior	NOUN
ape-36234	258	6	of	of	ADP
ape-36234	258	7	china	china	PROPN
ape-36234	258	8	’s	’s	PART
ape-36234	258	9	open	open	ADV
ape-36234	258	10	-	-	PUNCT
ape-36234	258	11	ended	end	VERB
ape-36234	258	12	equity	equity	NOUN
ape-36234	258	13	funds	fund	NOUN
ape-36234	258	14	on	on	ADP
ape-36234	258	15	stock	stock	NOUN
ape-36234	258	16	market	market	NOUN
ape-36234	258	17	volatility	volatility	NOUN
ape-36234	258	18	.	.	PUNCT
ape-36234	259	1	dissertation	dissertation	NOUN
ape-36234	259	2	.	.	PUNCT
ape-36234	260	1	henan	henan	PROPN
ape-36234	260	2	university	university	PROPN
ape-36234	260	3	of	of	ADP
ape-36234	260	4	finance	finance	NOUN
ape-36234	260	5	and	and	CCONJ
ape-36234	260	6	economics	economic	NOUN
ape-36234	260	7	.	.	PUNCT
ape-36234	261	1	https://doi.org/10.1109/cis54983.2021.00121	https://doi.org/10.1109/cis54983.2021.00121	PROPN
ape-36234	261	2	1	1	NUM
ape-36234	261	3	.	.	PUNCT
ape-36234	262	1	introduction	introduction	NOUN
ape-36234	262	2	1.1	1.1	NUM
ape-36234	262	3	research	research	NOUN
ape-36234	262	4	background	background	NOUN
ape-36234	262	5	1.2	1.2	NUM
ape-36234	262	6	research	research	NOUN
ape-36234	262	7	meaning	mean	VERB
ape-36234	262	8	2	2	NUM
ape-36234	262	9	.	.	NOUN
ape-36234	262	10	theoretical	theoretical	ADJ
ape-36234	262	11	basis	basis	NOUN
ape-36234	262	12	and	and	CCONJ
ape-36234	262	13	literature	literature	NOUN
ape-36234	262	14	review	review	VERB
ape-36234	262	15	2.1	2.1	NUM
ape-36234	262	16	theoretical	theoretical	ADJ
ape-36234	262	17	basis	basis	NOUN
ape-36234	262	18	2.2	2.2	NUM
ape-36234	262	19	literature	literature	NOUN
ape-36234	262	20	review	review	NOUN
ape-36234	262	21	3	3	X
ape-36234	262	22	.	.	PUNCT
ape-36234	262	23	industry	industry	NOUN
ape-36234	262	24	characteristics	characteristic	NOUN
ape-36234	262	25	and	and	CCONJ
ape-36234	262	26	cause	cause	VERB
ape-36234	262	27	analysis	analysis	NOUN
ape-36234	262	28	3.1	3.1	NUM
ape-36234	262	29	open	open	ADJ
ape-36234	262	30	-	-	PUNCT
ape-36234	262	31	end	end	NOUN
ape-36234	262	32	fund	fund	NOUN
ape-36234	262	33	meaning	meaning	NOUN
ape-36234	262	34	and	and	CCONJ
ape-36234	262	35	characteristics	characteristic	NOUN
ape-36234	262	36	3.2	3.2	NUM
ape-36234	262	37	open	open	ADV
ape-36234	262	38	-	-	PUNCT
ape-36234	262	39	ended	end	VERB
ape-36234	262	40	funds	fund	NOUN
ape-36234	262	41	affect	affect	VERB
ape-36234	262	42	the	the	DET
ape-36234	262	43	stock	stock	NOUN
ape-36234	262	44	market	market	NOUN
ape-36234	262	45	volat	volat	NOUN
ape-36234	262	46	4	4	NUM
ape-36234	262	47	.	.	PUNCT
ape-36234	263	1	analysis	analysis	NOUN
ape-36234	263	2	of	of	ADP
ape-36234	263	3	herd	herd	NOUN
ape-36234	263	4	behavior	behavior	NOUN
ape-36234	263	5	existence	existence	NOUN
ape-36234	263	6	4.1	4.1	NUM
ape-36234	263	7	research	research	NOUN
ape-36234	263	8	method	method	NOUN
ape-36234	263	9	4.2	4.2	NUM
ape-36234	263	10	data	datum	NOUN
ape-36234	263	11	selection	selection	NOUN
ape-36234	263	12	4.3	4.3	NUM
ape-36234	263	13	herd	herd	NOUN
ape-36234	263	14	behavior	behavior	NOUN
ape-36234	263	15	measure	measure	NOUN
ape-36234	263	16	results	result	VERB
ape-36234	263	17	5	5	NUM
ape-36234	263	18	.	.	PUNCT
ape-36234	263	19	empirical	empirical	ADJ
ape-36234	263	20	analysis	analysis	NOUN
ape-36234	263	21	of	of	ADP
ape-36234	263	22	the	the	DET
ape-36234	263	23	impact	impact	NOUN
ape-36234	263	24	of	of	ADP
ape-36234	263	25	herd	herd	NOUN
ape-36234	263	26	behavi	behavi	VERB
ape-36234	263	27	5.1	5.1	NUM
ape-36234	263	28	arrangement	arrangement	NOUN
ape-36234	263	29	and	and	CCONJ
ape-36234	263	30	processing	processing	NOUN
ape-36234	263	31	of	of	ADP
ape-36234	263	32	the	the	DET
ape-36234	263	33	data	datum	NOUN
ape-36234	263	34	5.2	5.2	NUM
ape-36234	263	35	empirical	empirical	ADJ
ape-36234	263	36	analysis	analysis	NOUN
ape-36234	263	37	6	6	NUM
ape-36234	263	38	.	.	PUNCT
ape-36234	263	39	conclusion	conclusion	NOUN
ape-36234	263	40	and	and	CCONJ
ape-36234	263	41	suggestion	suggestion	NOUN
ape-36234	263	42	6.1	6.1	NUM
ape-36234	263	43	research	research	NOUN
ape-36234	263	44	conclusion	conclusion	NOUN
ape-36234	263	45	6.2	6.2	NUM
ape-36234	263	46	policy	policy	NOUN
ape-36234	263	47	suggestion	suggestion	NOUN