id	sid	tid	token	lemma	pos
abrj-577	1	1	88	88	NUM
abrj-577	1	2	©	©	PROPN
abrj-577	1	3	2025	2025	NUM
abrj-577	1	4	by	by	ADP
abrj-577	1	5	the	the	DET
abrj-577	1	6	authors	author	NOUN
abrj-577	1	7	;	;	PUNCT
abrj-577	1	8	licensee	licensee	NOUN
abrj-577	1	9	eastern	eastern	ADJ
abrj-577	1	10	centre	centre	NOUN
abrj-577	1	11	of	of	ADP
abrj-577	1	12	science	science	NOUN
abrj-577	1	13	and	and	CCONJ
abrj-577	1	14	education	education	NOUN
abrj-577	1	15	,	,	PUNCT
abrj-577	1	16	usa	usa	PROPN
abrj-577	1	17	asian	asian	PROPN
abrj-577	1	18	business	business	PROPN
abrj-577	1	19	research	research	PROPN
abrj-577	1	20	journal	journal	PROPN
abrj-577	1	21	vol	vol	NOUN
abrj-577	1	22	.	.	PROPN
abrj-577	2	1	10	10	NUM
abrj-577	2	2	,	,	PUNCT
abrj-577	2	3	no	no	INTJ
abrj-577	2	4	.	.	NOUN
abrj-577	2	5	9	9	NUM
abrj-577	2	6	,	,	PUNCT
abrj-577	2	7	88	88	NUM
abrj-577	2	8	-	-	SYM
abrj-577	2	9	98	98	NUM
abrj-577	2	10	,	,	PUNCT
abrj-577	2	11	2025	2025	NUM
abrj-577	2	12	issn	issn	NOUN
abrj-577	2	13	:	:	PUNCT
abrj-577	2	14	2576	2576	NUM
abrj-577	2	15	-	-	SYM
abrj-577	2	16	6759	6759	NUM
abrj-577	2	17	doi	doi	NOUN
abrj-577	2	18	:	:	PUNCT
abrj-577	2	19	10.55220/2576	10.55220/2576	NUM
abrj-577	2	20	-	-	SYM
abrj-577	2	21	6759.577	6759.577	NUM
abrj-577	2	22	©	©	PROPN
abrj-577	2	23	2025	2025	NUM
abrj-577	2	24	by	by	ADP
abrj-577	2	25	the	the	DET
abrj-577	2	26	authors	author	NOUN
abrj-577	2	27	;	;	PUNCT
abrj-577	2	28	licensee	licensee	NOUN
abrj-577	2	29	eastern	eastern	ADJ
abrj-577	2	30	centre	centre	NOUN
abrj-577	2	31	of	of	ADP
abrj-577	2	32	science	science	NOUN
abrj-577	2	33	and	and	CCONJ
abrj-577	2	34	education	education	NOUN
abrj-577	2	35	,	,	PUNCT
abrj-577	2	36	usa	usa	PROPN
abrj-577	2	37	herding	herding	NOUN
abrj-577	2	38	behaviour	behaviour	NOUN
abrj-577	2	39	and	and	CCONJ
abrj-577	2	40	volatility	volatility	NOUN
abrj-577	2	41	transmission	transmission	NOUN
abrj-577	2	42	mechanisms	mechanism	NOUN
abrj-577	2	43	:	:	PUNCT
abrj-577	2	44	evidence	evidence	NOUN
abrj-577	2	45	from	from	ADP
abrj-577	2	46	vietnam	vietnam	PROPN
abrj-577	2	47	's	's	PART
abrj-577	2	48	emerging	emerge	VERB
abrj-577	2	49	stock	stock	NOUN
abrj-577	2	50	market	market	NOUN
abrj-577	2	51	nhu	nhu	PROPN
abrj-577	2	52	quan	quan	PROPN
abrj-577	2	53	nguyen1	nguyen1	PROPN
abrj-577	3	1			PROPN
abrj-577	3	2	ngoc	ngoc	PROPN
abrj-577	3	3	nhu	nhu	VERB
abrj-577	3	4	y	y	PROPN
abrj-577	3	5	nguyen2	nguyen2	PROPN
abrj-577	4	1	1vinschool	1vinschool	NUM
abrj-577	4	2	central	central	ADJ
abrj-577	4	3	park	park	NOUN
abrj-577	4	4	,	,	PUNCT
abrj-577	4	5	vietnam	vietnam	PROPN
abrj-577	4	6	.	.	PUNCT
abrj-577	5	1	2binh	2binh	NUM
abrj-577	5	2	minh	minh	ADJ
abrj-577	5	3	high	high	ADJ
abrj-577	5	4	school	school	NOUN
abrj-577	5	5	,	,	PUNCT
abrj-577	5	6	vietnam	vietnam	PROPN
abrj-577	5	7	.	.	PUNCT
abrj-577	5	8	email	email	NOUN
abrj-577	5	9	:	:	PUNCT
abrj-577	5	10	nnhuquan2007@gmail.com	nnhuquan2007@gmail.com	X
abrj-577	5	11	email	email	NOUN
abrj-577	5	12	:	:	PUNCT
abrj-577	5	13	chimanhha3@gmail.com	chimanhha3@gmail.com	X
abrj-577	5	14	(	(	PUNCT
abrj-577	5	15			PROPN
abrj-577	5	16	corresponding	correspond	VERB
abrj-577	5	17	author	author	NOUN
abrj-577	5	18	)	)	PUNCT
abrj-577	5	19	abstract	abstract	ADV
abrj-577	5	20	this	this	DET
abrj-577	5	21	study	study	NOUN
abrj-577	5	22	investigates	investigate	VERB
abrj-577	5	23	the	the	DET
abrj-577	5	24	relationship	relationship	NOUN
abrj-577	5	25	between	between	ADP
abrj-577	5	26	herding	herd	VERB
abrj-577	5	27	behaviour	behaviour	NOUN
abrj-577	5	28	and	and	CCONJ
abrj-577	5	29	stock	stock	NOUN
abrj-577	5	30	price	price	NOUN
abrj-577	5	31	volatility	volatility	NOUN
abrj-577	5	32	transmission	transmission	NOUN
abrj-577	5	33	mechanisms	mechanism	NOUN
abrj-577	5	34	within	within	ADP
abrj-577	5	35	vietnam	vietnam	PROPN
abrj-577	5	36	's	's	PART
abrj-577	5	37	emerging	emerge	VERB
abrj-577	5	38	equity	equity	NOUN
abrj-577	5	39	market	market	NOUN
abrj-577	5	40	,	,	PUNCT
abrj-577	5	41	employing	employ	VERB
abrj-577	5	42	a	a	DET
abrj-577	5	43	comprehensive	comprehensive	ADJ
abrj-577	5	44	panel	panel	NOUN
abrj-577	5	45	data	datum	NOUN
abrj-577	5	46	methodology	methodology	NOUN
abrj-577	5	47	spanning	span	VERB
abrj-577	5	48	2005	2005	NUM
abrj-577	5	49	-	-	SYM
abrj-577	5	50	2017	2017	NUM
abrj-577	5	51	.	.	PUNCT
abrj-577	6	1	the	the	DET
abrj-577	6	2	research	research	NOUN
abrj-577	6	3	utilises	utilise	VERB
abrj-577	6	4	daily	daily	ADJ
abrj-577	6	5	stock	stock	NOUN
abrj-577	6	6	price	price	NOUN
abrj-577	6	7	data	datum	NOUN
abrj-577	6	8	from	from	ADP
abrj-577	6	9	378	378	NUM
abrj-577	6	10	vietnamese	vietnamese	ADJ
abrj-577	6	11	listed	list	VERB
abrj-577	6	12	firms	firm	NOUN
abrj-577	6	13	to	to	PART
abrj-577	6	14	examine	examine	VERB
abrj-577	6	15	how	how	SCONJ
abrj-577	6	16	collective	collective	ADJ
abrj-577	6	17	investor	investor	NOUN
abrj-577	6	18	behaviour	behaviour	NOUN
abrj-577	6	19	influences	influence	VERB
abrj-577	6	20	volatility	volatility	NOUN
abrj-577	6	21	dynamics	dynamic	NOUN
abrj-577	6	22	across	across	ADP
abrj-577	6	23	market	market	NOUN
abrj-577	6	24	segments	segment	NOUN
abrj-577	6	25	.	.	PUNCT
abrj-577	7	1	the	the	DET
abrj-577	7	2	econometric	econometric	ADJ
abrj-577	7	3	analysis	analysis	NOUN
abrj-577	7	4	incorporates	incorporate	VERB
abrj-577	7	5	advanced	advanced	ADJ
abrj-577	7	6	panel	panel	NOUN
abrj-577	7	7	data	datum	NOUN
abrj-577	7	8	techniques	technique	NOUN
abrj-577	7	9	,	,	PUNCT
abrj-577	7	10	including	include	VERB
abrj-577	7	11	system	system	NOUN
abrj-577	7	12	generalised	generalise	VERB
abrj-577	7	13	method	method	NOUN
abrj-577	7	14	of	of	ADP
abrj-577	7	15	moments	moment	NOUN
abrj-577	7	16	(	(	PUNCT
abrj-577	7	17	gmm	gmm	NOUN
abrj-577	7	18	)	)	PUNCT
abrj-577	7	19	estimation	estimation	NOUN
abrj-577	7	20	and	and	CCONJ
abrj-577	7	21	crosssectional	crosssectional	ADJ
abrj-577	7	22	dependence	dependence	NOUN
abrj-577	7	23	tests	test	NOUN
abrj-577	7	24	,	,	PUNCT
abrj-577	7	25	to	to	PART
abrj-577	7	26	address	address	VERB
abrj-577	7	27	endogeneity	endogeneity	NOUN
abrj-577	7	28	concerns	concern	NOUN
abrj-577	7	29	and	and	CCONJ
abrj-577	7	30	capture	capture	VERB
abrj-577	7	31	complex	complex	ADJ
abrj-577	7	32	transmission	transmission	NOUN
abrj-577	7	33	mechanisms	mechanism	NOUN
abrj-577	7	34	.	.	PUNCT
abrj-577	8	1	the	the	DET
abrj-577	8	2	empirical	empirical	ADJ
abrj-577	8	3	findings	finding	NOUN
abrj-577	8	4	demonstrate	demonstrate	VERB
abrj-577	8	5	that	that	SCONJ
abrj-577	8	6	herding	herd	VERB
abrj-577	8	7	behaviour	behaviour	NOUN
abrj-577	8	8	significantly	significantly	ADV
abrj-577	8	9	amplifies	amplify	VERB
abrj-577	8	10	volatility	volatility	NOUN
abrj-577	8	11	transmission	transmission	NOUN
abrj-577	8	12	,	,	PUNCT
abrj-577	8	13	with	with	ADP
abrj-577	8	14	a	a	DET
abrj-577	8	15	one	one	NUM
abrj-577	8	16	standard	standard	ADJ
abrj-577	8	17	deviation	deviation	NOUN
abrj-577	8	18	increase	increase	NOUN
abrj-577	8	19	in	in	ADP
abrj-577	8	20	herding	herding	NOUN
abrj-577	8	21	measures	measure	NOUN
abrj-577	8	22	associated	associate	VERB
abrj-577	8	23	with	with	ADP
abrj-577	8	24	a	a	DET
abrj-577	8	25	23.7	23.7	NUM
abrj-577	8	26	%	%	NOUN
abrj-577	8	27	increase	increase	NOUN
abrj-577	8	28	in	in	ADP
abrj-577	8	29	conditional	conditional	ADJ
abrj-577	8	30	volatility	volatility	NOUN
abrj-577	8	31	.	.	PUNCT
abrj-577	9	1	the	the	DET
abrj-577	9	2	analysis	analysis	NOUN
abrj-577	9	3	reveals	reveal	VERB
abrj-577	9	4	asymmetric	asymmetric	ADJ
abrj-577	9	5	effects	effect	NOUN
abrj-577	9	6	across	across	ADP
abrj-577	9	7	firm	firm	ADJ
abrj-577	9	8	size	size	NOUN
abrj-577	9	9	quintiles	quintile	NOUN
abrj-577	9	10	,	,	PUNCT
abrj-577	9	11	with	with	ADP
abrj-577	9	12	smaller	small	ADJ
abrj-577	9	13	capitalisation	capitalisation	NOUN
abrj-577	9	14	firms	firm	NOUN
abrj-577	9	15	exhibiting	exhibit	VERB
abrj-577	9	16	greater	great	ADJ
abrj-577	9	17	sensitivity	sensitivity	NOUN
abrj-577	9	18	to	to	ADP
abrj-577	9	19	herding	herding	NOUN
abrj-577	9	20	-	-	PUNCT
abrj-577	9	21	induced	induce	VERB
abrj-577	9	22	volatility	volatility	NOUN
abrj-577	9	23	spillovers	spillover	NOUN
abrj-577	9	24	.	.	PUNCT
abrj-577	10	1	furthermore	furthermore	ADV
abrj-577	10	2	,	,	PUNCT
abrj-577	10	3	the	the	DET
abrj-577	10	4	study	study	NOUN
abrj-577	10	5	identifies	identify	VERB
abrj-577	10	6	distinct	distinct	ADJ
abrj-577	10	7	sectoral	sectoral	ADJ
abrj-577	10	8	patterns	pattern	NOUN
abrj-577	10	9	,	,	PUNCT
abrj-577	10	10	where	where	SCONJ
abrj-577	10	11	technology	technology	NOUN
abrj-577	10	12	and	and	CCONJ
abrj-577	10	13	financial	financial	ADJ
abrj-577	10	14	services	service	NOUN
abrj-577	10	15	sectors	sector	NOUN
abrj-577	10	16	demonstrate	demonstrate	VERB
abrj-577	10	17	pronounced	pronounce	VERB
abrj-577	10	18	vulnerability	vulnerability	NOUN
abrj-577	10	19	to	to	ADP
abrj-577	10	20	herding	herd	VERB
abrj-577	10	21	behaviour	behaviour	NOUN
abrj-577	10	22	during	during	ADP
abrj-577	10	23	periods	period	NOUN
abrj-577	10	24	of	of	ADP
abrj-577	10	25	market	market	NOUN
abrj-577	10	26	stress	stress	NOUN
abrj-577	10	27	.	.	PUNCT
abrj-577	11	1	these	these	DET
abrj-577	11	2	results	result	NOUN
abrj-577	11	3	provide	provide	VERB
abrj-577	11	4	novel	novel	ADJ
abrj-577	11	5	insights	insight	NOUN
abrj-577	11	6	into	into	ADP
abrj-577	11	7	the	the	DET
abrj-577	11	8	microstructure	microstructure	ADJ
abrj-577	11	9	dynamics	dynamic	NOUN
abrj-577	11	10	of	of	ADP
abrj-577	11	11	emerging	emerge	VERB
abrj-577	11	12	markets	market	NOUN
abrj-577	11	13	and	and	CCONJ
abrj-577	11	14	offer	offer	VERB
abrj-577	11	15	substantial	substantial	ADJ
abrj-577	11	16	contributions	contribution	NOUN
abrj-577	11	17	to	to	ADP
abrj-577	11	18	understanding	understand	VERB
abrj-577	11	19	behavioural	behavioural	ADJ
abrj-577	11	20	finance	finance	NOUN
abrj-577	11	21	phenomena	phenomenon	NOUN
abrj-577	11	22	in	in	ADP
abrj-577	11	23	developing	develop	VERB
abrj-577	11	24	economies	economy	NOUN
abrj-577	11	25	.	.	PUNCT
abrj-577	12	1	the	the	DET
abrj-577	12	2	findings	finding	NOUN
abrj-577	12	3	possess	possess	VERB
abrj-577	12	4	significant	significant	ADJ
abrj-577	12	5	implications	implication	NOUN
abrj-577	12	6	for	for	ADP
abrj-577	12	7	portfolio	portfolio	NOUN
abrj-577	12	8	management	management	NOUN
abrj-577	12	9	,	,	PUNCT
abrj-577	12	10	risk	risk	NOUN
abrj-577	12	11	assessment	assessment	NOUN
abrj-577	12	12	,	,	PUNCT
abrj-577	12	13	and	and	CCONJ
abrj-577	12	14	regulatory	regulatory	ADJ
abrj-577	12	15	policy	policy	NOUN
abrj-577	12	16	formulation	formulation	NOUN
abrj-577	12	17	within	within	ADP
abrj-577	12	18	emerging	emerge	VERB
abrj-577	12	19	market	market	NOUN
abrj-577	12	20	contexts	contexts	NOUN
abrj-577	12	21	.	.	PUNCT
abrj-577	13	1	keywords	keyword	NOUN
abrj-577	13	2	:	:	PUNCT
abrj-577	13	3	emerging	emerge	VERB
abrj-577	13	4	markets	market	NOUN
abrj-577	13	5	,	,	PUNCT
abrj-577	13	6	herding	herding	NOUN
abrj-577	13	7	behaviour	behaviour	NOUN
abrj-577	13	8	,	,	PUNCT
abrj-577	13	9	panel	panel	NOUN
abrj-577	13	10	data	data	PROPN
abrj-577	13	11	,	,	PUNCT
abrj-577	13	12	vietnam	vietnam	PROPN
abrj-577	13	13	stock	stock	NOUN
abrj-577	13	14	market	market	NOUN
abrj-577	13	15	,	,	PUNCT
abrj-577	13	16	volatility	volatility	NOUN
abrj-577	13	17	transmission	transmission	NOUN
abrj-577	13	18	.	.	PUNCT
abrj-577	14	1	1	1	X
abrj-577	14	2	.	.	X
abrj-577	14	3	introduction	introduction	NOUN
abrj-577	14	4	the	the	DET
abrj-577	14	5	phenomenon	phenomenon	NOUN
abrj-577	14	6	of	of	ADP
abrj-577	14	7	herding	herd	VERB
abrj-577	14	8	behaviour	behaviour	NOUN
abrj-577	14	9	within	within	ADP
abrj-577	14	10	financial	financial	ADJ
abrj-577	14	11	markets	market	NOUN
abrj-577	14	12	represents	represent	VERB
abrj-577	14	13	a	a	DET
abrj-577	14	14	fundamental	fundamental	ADJ
abrj-577	14	15	challenge	challenge	NOUN
abrj-577	14	16	to	to	ADP
abrj-577	14	17	traditional	traditional	ADJ
abrj-577	14	18	asset	asset	NOUN
abrj-577	14	19	pricing	pricing	NOUN
abrj-577	14	20	theories	theory	NOUN
abrj-577	14	21	predicated	predicate	VERB
abrj-577	14	22	upon	upon	SCONJ
abrj-577	14	23	rational	rational	ADJ
abrj-577	14	24	investor	investor	NOUN
abrj-577	14	25	decision	decision	NOUN
abrj-577	14	26	-	-	PUNCT
abrj-577	14	27	making	making	NOUN
abrj-577	14	28	(	(	PUNCT
abrj-577	14	29	shiller	shiller	NOUN
abrj-577	14	30	,	,	PUNCT
abrj-577	14	31	2003	2003	NUM
abrj-577	14	32	)	)	PUNCT
abrj-577	14	33	.	.	PUNCT
abrj-577	15	1	contemporary	contemporary	ADJ
abrj-577	15	2	financial	financial	PROPN
abrj-577	15	3	literature	literature	PROPN
abrj-577	15	4	increasingly	increasingly	ADV
abrj-577	15	5	recognises	recognise	VERB
abrj-577	15	6	that	that	SCONJ
abrj-577	15	7	collective	collective	ADJ
abrj-577	15	8	investor	investor	NOUN
abrj-577	15	9	behaviour	behaviour	NOUN
abrj-577	15	10	patterns	pattern	NOUN
abrj-577	15	11	significantly	significantly	ADV
abrj-577	15	12	influence	influence	VERB
abrj-577	15	13	market	market	NOUN
abrj-577	15	14	dynamics	dynamic	NOUN
abrj-577	15	15	,	,	PUNCT
abrj-577	15	16	particularly	particularly	ADV
abrj-577	15	17	within	within	ADP
abrj-577	15	18	emerging	emerge	VERB
abrj-577	15	19	market	market	NOUN
abrj-577	15	20	contexts	contexts	NOUN
abrj-577	15	21	where	where	SCONJ
abrj-577	15	22	informational	informational	ADJ
abrj-577	15	23	asymmetries	asymmetry	NOUN
abrj-577	15	24	and	and	CCONJ
abrj-577	15	25	institutional	institutional	ADJ
abrj-577	15	26	frameworks	framework	NOUN
abrj-577	15	27	remain	remain	VERB
abrj-577	15	28	underdeveloped	underdeveloped	ADJ
abrj-577	15	29	(	(	PUNCT
abrj-577	15	30	bikhchandani	bikhchandani	PROPN
abrj-577	15	31	&	&	CCONJ
abrj-577	15	32	sharma	sharma	PROPN
abrj-577	15	33	,	,	PUNCT
abrj-577	15	34	2001	2001	NUM
abrj-577	15	35	;	;	PUNCT
abrj-577	15	36	chang	chang	PROPN
abrj-577	15	37	et	et	PROPN
abrj-577	15	38	al	al	PROPN
abrj-577	15	39	.	.	PROPN
abrj-577	15	40	,	,	PUNCT
abrj-577	15	41	2000	2000	NUM
abrj-577	15	42	)	)	PUNCT
abrj-577	15	43	.	.	PUNCT
abrj-577	16	1	the	the	DET
abrj-577	16	2	investigation	investigation	NOUN
abrj-577	16	3	of	of	ADP
abrj-577	16	4	herding	herd	VERB
abrj-577	16	5	behaviour	behaviour	NOUN
abrj-577	16	6	's	's	PART
abrj-577	16	7	impact	impact	NOUN
abrj-577	16	8	upon	upon	SCONJ
abrj-577	16	9	volatility	volatility	NOUN
abrj-577	16	10	transmission	transmission	NOUN
abrj-577	16	11	mechanisms	mechanism	NOUN
abrj-577	16	12	assumes	assume	VERB
abrj-577	16	13	particular	particular	ADJ
abrj-577	16	14	relevance	relevance	NOUN
abrj-577	16	15	within	within	ADP
abrj-577	16	16	the	the	DET
abrj-577	16	17	contemporary	contemporary	ADJ
abrj-577	16	18	landscape	landscape	NOUN
abrj-577	16	19	of	of	ADP
abrj-577	16	20	interconnected	interconnected	ADJ
abrj-577	16	21	global	global	ADJ
abrj-577	16	22	financial	financial	ADJ
abrj-577	16	23	markets	market	NOUN
abrj-577	16	24	,	,	PUNCT
abrj-577	16	25	where	where	SCONJ
abrj-577	16	26	behavioural	behavioural	ADJ
abrj-577	16	27	contagion	contagion	NOUN
abrj-577	16	28	effects	effect	NOUN
abrj-577	16	29	can	can	AUX
abrj-577	16	30	propagate	propagate	VERB
abrj-577	16	31	rapidly	rapidly	ADV
abrj-577	16	32	across	across	ADP
abrj-577	16	33	jurisdictions	jurisdiction	NOUN
abrj-577	16	34	and	and	CCONJ
abrj-577	16	35	asset	asset	NOUN
abrj-577	16	36	classes	class	NOUN
abrj-577	16	37	.	.	PUNCT
abrj-577	17	1	vietnam	vietnam	PROPN
abrj-577	17	2	's	's	PART
abrj-577	17	3	equity	equity	NOUN
abrj-577	17	4	market	market	NOUN
abrj-577	17	5	presents	present	VERB
abrj-577	17	6	an	an	DET
abrj-577	17	7	exceptional	exceptional	ADJ
abrj-577	17	8	natural	natural	ADJ
abrj-577	17	9	laboratory	laboratory	NOUN
abrj-577	17	10	for	for	ADP
abrj-577	17	11	examining	examine	VERB
abrj-577	17	12	herding	herd	VERB
abrj-577	17	13	behaviour	behaviour	NOUN
abrj-577	17	14	due	due	ADP
abrj-577	17	15	to	to	ADP
abrj-577	17	16	its	its	PRON
abrj-577	17	17	unique	unique	ADJ
abrj-577	17	18	institutional	institutional	ADJ
abrj-577	17	19	characteristics	characteristic	NOUN
abrj-577	17	20	,	,	PUNCT
abrj-577	17	21	rapid	rapid	ADJ
abrj-577	17	22	economic	economic	ADJ
abrj-577	17	23	development	development	NOUN
abrj-577	17	24	trajectory	trajectory	NOUN
abrj-577	17	25	,	,	PUNCT
abrj-577	17	26	and	and	CCONJ
abrj-577	17	27	distinctive	distinctive	ADJ
abrj-577	17	28	investor	investor	NOUN
abrj-577	17	29	composition	composition	NOUN
abrj-577	17	30	comprising	comprise	VERB
abrj-577	17	31	predominantly	predominantly	ADV
abrj-577	17	32	retail	retail	ADJ
abrj-577	17	33	participants	participant	NOUN
abrj-577	17	34	(	(	PUNCT
abrj-577	17	35	vo	vo	X
abrj-577	17	36	&	&	CCONJ
abrj-577	17	37	phan	phan	PROPN
abrj-577	17	38	,	,	PUNCT
abrj-577	17	39	2017	2017	NUM
abrj-577	17	40	)	)	PUNCT
abrj-577	17	41	.	.	PUNCT
abrj-577	18	1	the	the	DET
abrj-577	18	2	vietnamese	vietnamese	ADJ
abrj-577	18	3	stock	stock	NOUN
abrj-577	18	4	market	market	NOUN
abrj-577	18	5	has	have	AUX
abrj-577	18	6	experienced	experience	VERB
abrj-577	18	7	remarkable	remarkable	ADJ
abrj-577	18	8	growth	growth	NOUN
abrj-577	18	9	since	since	SCONJ
abrj-577	18	10	the	the	DET
abrj-577	18	11	establishment	establishment	NOUN
abrj-577	18	12	of	of	ADP
abrj-577	18	13	the	the	DET
abrj-577	18	14	ho	ho	PROPN
abrj-577	18	15	chi	chi	PROPN
abrj-577	18	16	minh	minh	PROPN
abrj-577	18	17	stock	stock	NOUN
abrj-577	18	18	exchange	exchange	NOUN
abrj-577	18	19	in	in	ADP
abrj-577	18	20	2000	2000	NUM
abrj-577	18	21	,	,	PUNCT
abrj-577	18	22	evolving	evolve	VERB
abrj-577	18	23	from	from	ADP
abrj-577	18	24	nascent	nascent	ADJ
abrj-577	18	25	capital	capital	NOUN
abrj-577	18	26	allocation	allocation	NOUN
abrj-577	18	27	mechanisms	mechanism	NOUN
abrj-577	18	28	to	to	ADP
abrj-577	18	29	sophisticated	sophisticated	ADJ
abrj-577	18	30	trading	trading	NOUN
abrj-577	18	31	platforms	platform	NOUN
abrj-577	18	32	attracting	attract	VERB
abrj-577	18	33	substantial	substantial	ADJ
abrj-577	18	34	international	international	ADJ
abrj-577	18	35	investment	investment	NOUN
abrj-577	18	36	flows	flow	NOUN
abrj-577	18	37	.	.	PUNCT
abrj-577	19	1	this	this	DET
abrj-577	19	2	transformation	transformation	NOUN
abrj-577	19	3	trajectory	trajectory	NOUN
abrj-577	19	4	provides	provide	VERB
abrj-577	19	5	researchers	researcher	NOUN
abrj-577	19	6	with	with	ADP
abrj-577	19	7	invaluable	invaluable	ADJ
abrj-577	19	8	opportunities	opportunity	NOUN
abrj-577	19	9	to	to	PART
abrj-577	19	10	examine	examine	VERB
abrj-577	19	11	how	how	SCONJ
abrj-577	19	12	behavioural	behavioural	ADJ
abrj-577	19	13	finance	finance	NOUN
abrj-577	19	14	phenomena	phenomenon	NOUN
abrj-577	19	15	manifest	manifest	VERB
abrj-577	19	16	within	within	ADP
abrj-577	19	17	emerging	emerge	VERB
abrj-577	19	18	market	market	NOUN
abrj-577	19	19	structures	structure	NOUN
abrj-577	19	20	characterised	characterise	VERB
abrj-577	19	21	by	by	ADP
abrj-577	19	22	evolving	evolve	VERB
abrj-577	19	23	regulatory	regulatory	ADJ
abrj-577	19	24	frameworks	framework	NOUN
abrj-577	19	25	and	and	CCONJ
abrj-577	19	26	dynamic	dynamic	ADJ
abrj-577	19	27	investor	investor	NOUN
abrj-577	19	28	sophistication	sophistication	NOUN
abrj-577	19	29	levels	level	NOUN
abrj-577	19	30	.	.	PUNCT
abrj-577	20	1	the	the	DET
abrj-577	20	2	theoretical	theoretical	ADJ
abrj-577	20	3	significance	significance	NOUN
abrj-577	20	4	of	of	ADP
abrj-577	20	5	investigating	investigate	VERB
abrj-577	20	6	herding	herd	VERB
abrj-577	20	7	behaviour	behaviour	NOUN
abrj-577	20	8	within	within	ADP
abrj-577	20	9	volatility	volatility	NOUN
abrj-577	20	10	transmission	transmission	NOUN
abrj-577	20	11	contexts	context	NOUN
abrj-577	20	12	extends	extend	VERB
abrj-577	20	13	beyond	beyond	ADP
abrj-577	20	14	mere	mere	ADJ
abrj-577	20	15	empirical	empirical	ADJ
abrj-577	20	16	curiosity	curiosity	NOUN
abrj-577	20	17	,	,	PUNCT
abrj-577	20	18	addressing	address	VERB
abrj-577	20	19	fundamental	fundamental	ADJ
abrj-577	20	20	questions	question	NOUN
abrj-577	20	21	regarding	regard	VERB
abrj-577	20	22	market	market	NOUN
abrj-577	20	23	efficiency	efficiency	NOUN
abrj-577	20	24	,	,	PUNCT
abrj-577	20	25	price	price	NOUN
abrj-577	20	26	discovery	discovery	NOUN
abrj-577	20	27	mechanisms	mechanism	NOUN
abrj-577	20	28	,	,	PUNCT
abrj-577	20	29	and	and	CCONJ
abrj-577	20	30	systemic	systemic	ADJ
abrj-577	20	31	risk	risk	NOUN
abrj-577	20	32	propagation	propagation	NOUN
abrj-577	20	33	(	(	PUNCT
abrj-577	20	34	hirshleifer	hirshleifer	NOUN
abrj-577	20	35	&	&	CCONJ
abrj-577	20	36	teoh	teoh	PROPN
abrj-577	20	37	,	,	PUNCT
abrj-577	20	38	2003	2003	NUM
abrj-577	20	39	)	)	PUNCT
abrj-577	20	40	.	.	PUNCT
abrj-577	21	1	classical	classical	ADJ
abrj-577	21	2	finance	finance	NOUN
abrj-577	21	3	theory	theory	NOUN
abrj-577	21	4	assumes	assume	VERB
abrj-577	21	5	that	that	SCONJ
abrj-577	21	6	individual	individual	ADJ
abrj-577	21	7	investor	investor	NOUN
abrj-577	21	8	decisions	decision	NOUN
abrj-577	21	9	aggregate	aggregate	VERB
abrj-577	21	10	to	to	PART
abrj-577	21	11	produce	produce	VERB
abrj-577	21	12	efficient	efficient	ADJ
abrj-577	21	13	market	market	NOUN
abrj-577	21	14	outcomes	outcome	NOUN
abrj-577	21	15	through	through	ADP
abrj-577	21	16	competitive	competitive	ADJ
abrj-577	21	17	arbitrage	arbitrage	NOUN
abrj-577	21	18	processes	process	NOUN
abrj-577	21	19	.	.	PUNCT
abrj-577	22	1	however	however	ADV
abrj-577	22	2	,	,	PUNCT
abrj-577	22	3	mounting	mount	VERB
abrj-577	22	4	empirical	empirical	ADJ
abrj-577	22	5	evidence	evidence	NOUN
abrj-577	22	6	suggests	suggest	VERB
abrj-577	22	7	that	that	SCONJ
abrj-577	22	8	collective	collective	ADJ
abrj-577	22	9	behaviour	behaviour	NOUN
abrj-577	22	10	patterns	pattern	NOUN
abrj-577	22	11	can	can	AUX
abrj-577	22	12	generate	generate	VERB
abrj-577	22	13	persistent	persistent	ADJ
abrj-577	22	14	deviations	deviation	NOUN
abrj-577	22	15	from	from	ADP
abrj-577	22	16	fundamental	fundamental	ADJ
abrj-577	22	17	values	value	NOUN
abrj-577	22	18	,	,	PUNCT
abrj-577	22	19	particularly	particularly	ADV
abrj-577	22	20	during	during	ADP
abrj-577	22	21	periods	period	NOUN
abrj-577	22	22	of	of	ADP
abrj-577	22	23	market	market	NOUN
abrj-577	22	24	stress	stress	NOUN
abrj-577	22	25	when	when	SCONJ
abrj-577	22	26	informational	informational	ADJ
abrj-577	22	27	processing	processing	NOUN
abrj-577	22	28	capabilities	capability	NOUN
abrj-577	22	29	become	become	VERB
abrj-577	22	30	constrained	constrain	VERB
abrj-577	22	31	(	(	PUNCT
abrj-577	22	32	daniel	daniel	PROPN
abrj-577	22	33	et	et	PROPN
abrj-577	22	34	al	al	PROPN
abrj-577	22	35	.	.	PROPN
abrj-577	22	36	,	,	PUNCT
abrj-577	22	37	2002	2002	NUM
abrj-577	22	38	)	)	PUNCT
abrj-577	22	39	.	.	PUNCT
abrj-577	23	1	mailto:nnhuquan2007@gmail.com	mailto:nnhuquan2007@gmail.com	PROPN
abrj-577	23	2	mailto:chimanhha3@gmail.com	mailto:chimanhha3@gmail.com	X
abrj-577	24	1	https://doi.org/10.55220/2576-6759.577	https://doi.org/10.55220/2576-6759.577	ADV
abrj-577	24	2	asian	asian	PROPN
abrj-577	24	3	business	business	NOUN
abrj-577	24	4	research	research	NOUN
abrj-577	24	5	journal	journal	NOUN
abrj-577	24	6	,	,	PUNCT
abrj-577	24	7	2025	2025	NUM
abrj-577	24	8	,	,	PUNCT
abrj-577	24	9	10(9	10(9	NUM
abrj-577	24	10	):	):	PUNCT
abrj-577	24	11	88	88	NUM
abrj-577	24	12	-	-	SYM
abrj-577	24	13	98	98	NUM
abrj-577	24	14	89	89	NUM
abrj-577	24	15	©	©	PROPN
abrj-577	24	16	2025	2025	NUM
abrj-577	24	17	by	by	ADP
abrj-577	24	18	the	the	DET
abrj-577	24	19	authors	author	NOUN
abrj-577	24	20	;	;	PUNCT
abrj-577	24	21	licensee	licensee	NOUN
abrj-577	24	22	eastern	eastern	ADJ
abrj-577	24	23	centre	centre	NOUN
abrj-577	24	24	of	of	ADP
abrj-577	24	25	science	science	NOUN
abrj-577	24	26	and	and	CCONJ
abrj-577	24	27	education	education	NOUN
abrj-577	24	28	,	,	PUNCT
abrj-577	24	29	usa	usa	PROPN
abrj-577	24	30	recent	recent	ADJ
abrj-577	24	31	advances	advance	NOUN
abrj-577	24	32	in	in	ADP
abrj-577	24	33	behavioural	behavioural	ADJ
abrj-577	24	34	finance	finance	NOUN
abrj-577	24	35	theory	theory	NOUN
abrj-577	24	36	have	have	AUX
abrj-577	24	37	identified	identify	VERB
abrj-577	24	38	herding	herd	VERB
abrj-577	24	39	behaviour	behaviour	NOUN
abrj-577	24	40	as	as	ADP
abrj-577	24	41	a	a	DET
abrj-577	24	42	critical	critical	ADJ
abrj-577	24	43	transmission	transmission	NOUN
abrj-577	24	44	channel	channel	NOUN
abrj-577	24	45	through	through	ADP
abrj-577	24	46	which	which	PRON
abrj-577	24	47	market	market	NOUN
abrj-577	24	48	sentiment	sentiment	NOUN
abrj-577	24	49	propagates	propagate	VERB
abrj-577	24	50	across	across	ADP
abrj-577	24	51	individual	individual	ADJ
abrj-577	24	52	securities	security	NOUN
abrj-577	24	53	and	and	CCONJ
abrj-577	24	54	broader	broad	ADJ
abrj-577	24	55	market	market	NOUN
abrj-577	24	56	segments	segment	NOUN
abrj-577	24	57	(	(	PUNCT
abrj-577	24	58	barberis	barberis	PROPN
abrj-577	24	59	&	&	CCONJ
abrj-577	24	60	thaler	thaler	PROPN
abrj-577	24	61	,	,	PUNCT
abrj-577	24	62	2003	2003	NUM
abrj-577	24	63	)	)	PUNCT
abrj-577	24	64	.	.	PUNCT
abrj-577	25	1	the	the	DET
abrj-577	25	2	mechanism	mechanism	NOUN
abrj-577	25	3	operates	operate	VERB
abrj-577	25	4	through	through	ADP
abrj-577	25	5	several	several	ADJ
abrj-577	25	6	interconnected	interconnected	ADJ
abrj-577	25	7	pathways	pathway	NOUN
abrj-577	25	8	:	:	PUNCT
abrj-577	25	9	informational	informational	ADJ
abrj-577	25	10	cascades	cascade	NOUN
abrj-577	25	11	where	where	SCONJ
abrj-577	25	12	investors	investor	NOUN
abrj-577	25	13	disregard	disregard	VERB
abrj-577	25	14	private	private	ADJ
abrj-577	25	15	information	information	NOUN
abrj-577	25	16	in	in	ADP
abrj-577	25	17	favour	favour	NOUN
abrj-577	25	18	of	of	ADP
abrj-577	25	19	observing	observe	VERB
abrj-577	25	20	others	other	NOUN
abrj-577	25	21	'	'	PART
abrj-577	25	22	actions	action	NOUN
abrj-577	25	23	;	;	PUNCT
abrj-577	25	24	reputation	reputation	NOUN
abrj-577	25	25	-	-	PUNCT
abrj-577	25	26	based	base	VERB
abrj-577	25	27	herding	herding	NOUN
abrj-577	25	28	where	where	SCONJ
abrj-577	25	29	fund	fund	NOUN
abrj-577	25	30	managers	manager	NOUN
abrj-577	25	31	mimic	mimic	VERB
abrj-577	25	32	peers	peer	NOUN
abrj-577	25	33	to	to	PART
abrj-577	25	34	avoid	avoid	VERB
abrj-577	25	35	relative	relative	ADJ
abrj-577	25	36	underperformance	underperformance	NOUN
abrj-577	25	37	;	;	PUNCT
abrj-577	25	38	and	and	CCONJ
abrj-577	25	39	emotional	emotional	ADJ
abrj-577	25	40	contagion	contagion	NOUN
abrj-577	25	41	effects	effect	NOUN
abrj-577	25	42	where	where	SCONJ
abrj-577	25	43	psychological	psychological	ADJ
abrj-577	25	44	factors	factor	NOUN
abrj-577	25	45	influence	influence	VERB
abrj-577	25	46	collective	collective	ADJ
abrj-577	25	47	decision	decision	NOUN
abrj-577	25	48	-	-	PUNCT
abrj-577	25	49	making	make	VERB
abrj-577	25	50	processes	process	NOUN
abrj-577	25	51	(	(	PUNCT
abrj-577	25	52	banerjee	banerjee	NOUN
abrj-577	25	53	,	,	PUNCT
abrj-577	25	54	1992	1992	NUM
abrj-577	25	55	;	;	PUNCT
abrj-577	25	56	scharfstein	scharfstein	PROPN
abrj-577	25	57	&	&	CCONJ
abrj-577	25	58	stein	stein	PROPN
abrj-577	25	59	,	,	PUNCT
abrj-577	25	60	1990	1990	NUM
abrj-577	25	61	)	)	PUNCT
abrj-577	25	62	.	.	PUNCT
abrj-577	26	1	within	within	ADP
abrj-577	26	2	emerging	emerge	VERB
abrj-577	26	3	market	market	NOUN
abrj-577	26	4	contexts	contexts	NOUN
abrj-577	26	5	,	,	PUNCT
abrj-577	26	6	herding	herd	VERB
abrj-577	26	7	behaviour	behaviour	NOUN
abrj-577	26	8	assumes	assume	VERB
abrj-577	26	9	enhanced	enhance	VERB
abrj-577	26	10	significance	significance	NOUN
abrj-577	26	11	due	due	ADP
abrj-577	26	12	to	to	ADP
abrj-577	26	13	several	several	ADJ
abrj-577	26	14	institutional	institutional	ADJ
abrj-577	26	15	characteristics	characteristic	NOUN
abrj-577	26	16	that	that	PRON
abrj-577	26	17	differentiate	differentiate	VERB
abrj-577	26	18	these	these	DET
abrj-577	26	19	markets	market	NOUN
abrj-577	26	20	from	from	ADP
abrj-577	26	21	developed	developed	ADJ
abrj-577	26	22	counterparts	counterpart	NOUN
abrj-577	26	23	(	(	PUNCT
abrj-577	26	24	bekaert	bekaert	NOUN
abrj-577	26	25	&	&	CCONJ
abrj-577	26	26	harvey	harvey	PROPN
abrj-577	26	27	,	,	PUNCT
abrj-577	26	28	2002	2002	NUM
abrj-577	26	29	)	)	PUNCT
abrj-577	26	30	.	.	PUNCT
abrj-577	27	1	limited	limited	ADJ
abrj-577	27	2	analyst	analyst	NOUN
abrj-577	27	3	coverage	coverage	NOUN
abrj-577	27	4	,	,	PUNCT
abrj-577	27	5	reduced	reduce	VERB
abrj-577	27	6	transparency	transparency	NOUN
abrj-577	27	7	requirements	requirement	NOUN
abrj-577	27	8	,	,	PUNCT
abrj-577	27	9	and	and	CCONJ
abrj-577	27	10	concentrated	concentrated	ADJ
abrj-577	27	11	ownership	ownership	NOUN
abrj-577	27	12	structures	structure	NOUN
abrj-577	27	13	create	create	VERB
abrj-577	27	14	informational	informational	ADJ
abrj-577	27	15	environments	environment	NOUN
abrj-577	27	16	where	where	SCONJ
abrj-577	27	17	investors	investor	NOUN
abrj-577	27	18	rely	rely	VERB
abrj-577	27	19	heavily	heavily	ADV
abrj-577	27	20	upon	upon	SCONJ
abrj-577	27	21	observing	observe	VERB
abrj-577	27	22	others	other	NOUN
abrj-577	27	23	'	'	PART
abrj-577	27	24	trading	trading	NOUN
abrj-577	27	25	behaviour	behaviour	NOUN
abrj-577	27	26	rather	rather	ADV
abrj-577	27	27	than	than	ADP
abrj-577	27	28	fundamental	fundamental	ADJ
abrj-577	27	29	analysis	analysis	NOUN
abrj-577	27	30	.	.	PUNCT
abrj-577	28	1	additionally	additionally	ADV
abrj-577	28	2	,	,	PUNCT
abrj-577	28	3	the	the	DET
abrj-577	28	4	predominance	predominance	NOUN
abrj-577	28	5	of	of	ADP
abrj-577	28	6	retail	retail	ADJ
abrj-577	28	7	investors	investor	NOUN
abrj-577	28	8	within	within	ADP
abrj-577	28	9	emerging	emerge	VERB
abrj-577	28	10	markets	market	NOUN
abrj-577	28	11	introduces	introduce	VERB
abrj-577	28	12	behavioural	behavioural	ADJ
abrj-577	28	13	biases	bias	NOUN
abrj-577	28	14	and	and	CCONJ
abrj-577	28	15	cognitive	cognitive	ADJ
abrj-577	28	16	limitations	limitation	NOUN
abrj-577	28	17	that	that	SCONJ
abrj-577	28	18	institutional	institutional	ADJ
abrj-577	28	19	investors	investor	NOUN
abrj-577	28	20	might	might	AUX
abrj-577	28	21	otherwise	otherwise	ADV
abrj-577	28	22	arbitrage	arbitrage	VERB
abrj-577	28	23	away	away	ADV
abrj-577	28	24	(	(	PUNCT
abrj-577	28	25	kumar	kumar	PROPN
abrj-577	28	26	&	&	CCONJ
abrj-577	28	27	lee	lee	PROPN
abrj-577	28	28	,	,	PUNCT
abrj-577	28	29	2006	2006	NUM
abrj-577	28	30	)	)	PUNCT
abrj-577	28	31	.	.	PUNCT
abrj-577	29	1	the	the	DET
abrj-577	29	2	vietnamese	vietnamese	ADJ
abrj-577	29	3	equity	equity	NOUN
abrj-577	29	4	market	market	NOUN
abrj-577	29	5	exemplifies	exemplify	VERB
abrj-577	29	6	these	these	DET
abrj-577	29	7	emerging	emerge	VERB
abrj-577	29	8	market	market	NOUN
abrj-577	29	9	characteristics	characteristic	NOUN
abrj-577	29	10	whilst	whilst	SCONJ
abrj-577	29	11	presenting	present	VERB
abrj-577	29	12	unique	unique	ADJ
abrj-577	29	13	features	feature	NOUN
abrj-577	29	14	that	that	PRON
abrj-577	29	15	enhance	enhance	VERB
abrj-577	29	16	the	the	DET
abrj-577	29	17	research	research	NOUN
abrj-577	29	18	's	's	PART
abrj-577	29	19	theoretical	theoretical	ADJ
abrj-577	29	20	contribution	contribution	NOUN
abrj-577	29	21	.	.	PUNCT
abrj-577	30	1	the	the	DET
abrj-577	30	2	market	market	NOUN
abrj-577	30	3	structure	structure	NOUN
abrj-577	30	4	encompasses	encompass	VERB
abrj-577	30	5	two	two	NUM
abrj-577	30	6	primary	primary	ADJ
abrj-577	30	7	exchanges	exchange	NOUN
abrj-577	30	8	:	:	PUNCT
abrj-577	30	9	the	the	DET
abrj-577	30	10	ho	ho	PROPN
abrj-577	30	11	chi	chi	PROPN
abrj-577	30	12	minh	minh	PROPN
abrj-577	30	13	stock	stock	NOUN
abrj-577	30	14	exchange	exchange	NOUN
abrj-577	30	15	focusing	focus	VERB
abrj-577	30	16	upon	upon	SCONJ
abrj-577	30	17	larger	large	ADJ
abrj-577	30	18	capitalisation	capitalisation	NOUN
abrj-577	30	19	firms	firm	NOUN
abrj-577	30	20	and	and	CCONJ
abrj-577	30	21	the	the	DET
abrj-577	30	22	hanoi	hanoi	PROPN
abrj-577	30	23	stock	stock	NOUN
abrj-577	30	24	exchange	exchange	PROPN
abrj-577	30	25	serving	serve	VERB
abrj-577	30	26	smaller	small	ADJ
abrj-577	30	27	enterprises	enterprise	NOUN
abrj-577	30	28	and	and	CCONJ
abrj-577	30	29	government	government	NOUN
abrj-577	30	30	bonds	bond	NOUN
abrj-577	30	31	.	.	PUNCT
abrj-577	31	1	this	this	DET
abrj-577	31	2	dual	dual	ADJ
abrj-577	31	3	structure	structure	NOUN
abrj-577	31	4	provides	provide	VERB
abrj-577	31	5	natural	natural	ADJ
abrj-577	31	6	variation	variation	NOUN
abrj-577	31	7	for	for	ADP
abrj-577	31	8	examining	examine	VERB
abrj-577	31	9	how	how	SCONJ
abrj-577	31	10	herding	herding	NOUN
abrj-577	31	11	behaviour	behaviour	NOUN
abrj-577	31	12	operates	operate	VERB
abrj-577	31	13	across	across	ADP
abrj-577	31	14	different	different	ADJ
abrj-577	31	15	market	market	NOUN
abrj-577	31	16	segments	segment	NOUN
abrj-577	31	17	and	and	CCONJ
abrj-577	31	18	firm	firm	ADJ
abrj-577	31	19	characteristics	characteristic	NOUN
abrj-577	31	20	(	(	PUNCT
abrj-577	31	21	vo	vo	X
abrj-577	31	22	&	&	CCONJ
abrj-577	31	23	phan	phan	PROPN
abrj-577	31	24	,	,	PUNCT
abrj-577	31	25	2017	2017	NUM
abrj-577	31	26	)	)	PUNCT
abrj-577	31	27	.	.	PUNCT
abrj-577	32	1	furthermore	furthermore	ADV
abrj-577	32	2	,	,	PUNCT
abrj-577	32	3	vietnam	vietnam	PROPN
abrj-577	32	4	's	's	PART
abrj-577	32	5	economic	economic	ADJ
abrj-577	32	6	transition	transition	NOUN
abrj-577	32	7	from	from	ADP
abrj-577	32	8	centrally	centrally	ADV
abrj-577	32	9	planned	plan	VERB
abrj-577	32	10	mechanisms	mechanism	NOUN
abrj-577	32	11	to	to	ADP
abrj-577	32	12	market	market	NOUN
abrj-577	32	13	-	-	PUNCT
abrj-577	32	14	oriented	orient	VERB
abrj-577	32	15	systems	system	NOUN
abrj-577	32	16	has	have	AUX
abrj-577	32	17	created	create	VERB
abrj-577	32	18	distinctive	distinctive	ADJ
abrj-577	32	19	investor	investor	NOUN
abrj-577	32	20	behaviour	behaviour	NOUN
abrj-577	32	21	patterns	pattern	NOUN
abrj-577	32	22	shaped	shape	VERB
abrj-577	32	23	by	by	ADP
abrj-577	32	24	cultural	cultural	ADJ
abrj-577	32	25	factors	factor	NOUN
abrj-577	32	26	,	,	PUNCT
abrj-577	32	27	institutional	institutional	ADJ
abrj-577	32	28	learning	learning	NOUN
abrj-577	32	29	processes	process	NOUN
abrj-577	32	30	,	,	PUNCT
abrj-577	32	31	and	and	CCONJ
abrj-577	32	32	evolving	evolve	VERB
abrj-577	32	33	financial	financial	ADJ
abrj-577	32	34	literacy	literacy	NOUN
abrj-577	32	35	levels	level	NOUN
abrj-577	32	36	(	(	PUNCT
abrj-577	32	37	nguyen	nguyen	NOUN
abrj-577	32	38	et	et	PROPN
abrj-577	32	39	al	al	PROPN
abrj-577	32	40	.	.	PROPN
abrj-577	32	41	,	,	PUNCT
abrj-577	32	42	2017	2017	NUM
abrj-577	32	43	)	)	PUNCT
abrj-577	32	44	.	.	PUNCT
abrj-577	33	1	these	these	DET
abrj-577	33	2	contextual	contextual	ADJ
abrj-577	33	3	elements	element	NOUN
abrj-577	33	4	generate	generate	VERB
abrj-577	33	5	research	research	NOUN
abrj-577	33	6	opportunities	opportunity	NOUN
abrj-577	33	7	for	for	ADP
abrj-577	33	8	understanding	understand	VERB
abrj-577	33	9	how	how	SCONJ
abrj-577	33	10	behavioural	behavioural	ADJ
abrj-577	33	11	finance	finance	NOUN
abrj-577	33	12	phenomena	phenomenon	NOUN
abrj-577	33	13	adapt	adapt	VERB
abrj-577	33	14	to	to	ADP
abrj-577	33	15	specific	specific	ADJ
abrj-577	33	16	institutional	institutional	ADJ
abrj-577	33	17	environments	environment	NOUN
abrj-577	33	18	and	and	CCONJ
abrj-577	33	19	cultural	cultural	ADJ
abrj-577	33	20	frameworks	framework	NOUN
abrj-577	33	21	.	.	PUNCT
abrj-577	34	1	the	the	DET
abrj-577	34	2	investigation	investigation	NOUN
abrj-577	34	3	of	of	ADP
abrj-577	34	4	volatility	volatility	NOUN
abrj-577	34	5	transmission	transmission	NOUN
abrj-577	34	6	mechanisms	mechanism	NOUN
abrj-577	34	7	represents	represent	VERB
abrj-577	34	8	equally	equally	ADV
abrj-577	34	9	compelling	compelling	ADJ
abrj-577	34	10	theoretical	theoretical	ADJ
abrj-577	34	11	territory	territory	NOUN
abrj-577	34	12	,	,	PUNCT
abrj-577	34	13	particularly	particularly	ADV
abrj-577	34	14	regarding	regard	VERB
abrj-577	34	15	how	how	SCONJ
abrj-577	34	16	herding	herding	NOUN
abrj-577	34	17	behaviour	behaviour	NOUN
abrj-577	34	18	influences	influence	VERB
abrj-577	34	19	the	the	DET
abrj-577	34	20	propagation	propagation	NOUN
abrj-577	34	21	of	of	ADP
abrj-577	34	22	price	price	NOUN
abrj-577	34	23	shocks	shock	NOUN
abrj-577	34	24	across	across	ADP
abrj-577	34	25	market	market	NOUN
abrj-577	34	26	participants	participant	NOUN
abrj-577	34	27	(	(	PUNCT
abrj-577	34	28	engle	engle	NOUN
abrj-577	34	29	,	,	PUNCT
abrj-577	34	30	2002	2002	NUM
abrj-577	34	31	)	)	PUNCT
abrj-577	34	32	.	.	PUNCT
abrj-577	35	1	traditional	traditional	ADJ
abrj-577	35	2	volatility	volatility	NOUN
abrj-577	35	3	models	model	NOUN
abrj-577	35	4	assume	assume	VERB
abrj-577	35	5	that	that	SCONJ
abrj-577	35	6	price	price	NOUN
abrj-577	35	7	fluctuations	fluctuation	NOUN
abrj-577	35	8	reflect	reflect	VERB
abrj-577	35	9	efficient	efficient	ADJ
abrj-577	35	10	information	information	NOUN
abrj-577	35	11	processing	processing	NOUN
abrj-577	35	12	,	,	PUNCT
abrj-577	35	13	yet	yet	CCONJ
abrj-577	35	14	behavioural	behavioural	ADJ
abrj-577	35	15	factors	factor	NOUN
abrj-577	35	16	can	can	AUX
abrj-577	35	17	generate	generate	VERB
abrj-577	35	18	volatility	volatility	NOUN
abrj-577	35	19	clustering	clustering	NOUN
abrj-577	35	20	,	,	PUNCT
abrj-577	35	21	asymmetric	asymmetric	ADJ
abrj-577	35	22	responses	response	NOUN
abrj-577	35	23	,	,	PUNCT
abrj-577	35	24	and	and	CCONJ
abrj-577	35	25	contagion	contagion	NOUN
abrj-577	35	26	effects	effect	NOUN
abrj-577	35	27	that	that	SCONJ
abrj-577	35	28	standard	standard	ADJ
abrj-577	35	29	models	model	NOUN
abrj-577	35	30	struggle	struggle	VERB
abrj-577	35	31	to	to	PART
abrj-577	35	32	capture	capture	VERB
abrj-577	35	33	adequately	adequately	ADV
abrj-577	35	34	.	.	PUNCT
abrj-577	36	1	understanding	understand	VERB
abrj-577	36	2	these	these	DET
abrj-577	36	3	transmission	transmission	NOUN
abrj-577	36	4	mechanisms	mechanism	NOUN
abrj-577	36	5	possesses	possess	VERB
abrj-577	36	6	substantial	substantial	ADJ
abrj-577	36	7	practical	practical	ADJ
abrj-577	36	8	implications	implication	NOUN
abrj-577	36	9	for	for	ADP
abrj-577	36	10	portfolio	portfolio	NOUN
abrj-577	36	11	management	management	NOUN
abrj-577	36	12	,	,	PUNCT
abrj-577	36	13	risk	risk	NOUN
abrj-577	36	14	assessment	assessment	NOUN
abrj-577	36	15	,	,	PUNCT
abrj-577	36	16	and	and	CCONJ
abrj-577	36	17	regulatory	regulatory	ADJ
abrj-577	36	18	policy	policy	NOUN
abrj-577	36	19	formulation	formulation	NOUN
abrj-577	36	20	.	.	PUNCT
abrj-577	37	1	this	this	DET
abrj-577	37	2	study	study	NOUN
abrj-577	37	3	contributes	contribute	VERB
abrj-577	37	4	to	to	ADP
abrj-577	37	5	the	the	DET
abrj-577	37	6	expanding	expand	VERB
abrj-577	37	7	literature	literature	NOUN
abrj-577	37	8	by	by	ADP
abrj-577	37	9	providing	provide	VERB
abrj-577	37	10	comprehensive	comprehensive	ADJ
abrj-577	37	11	empirical	empirical	ADJ
abrj-577	37	12	evidence	evidence	NOUN
abrj-577	37	13	regarding	regard	VERB
abrj-577	37	14	herding	herd	VERB
abrj-577	37	15	behaviour	behaviour	NOUN
abrj-577	37	16	's	's	PART
abrj-577	37	17	impact	impact	NOUN
abrj-577	37	18	upon	upon	SCONJ
abrj-577	37	19	volatility	volatility	NOUN
abrj-577	37	20	transmission	transmission	NOUN
abrj-577	37	21	within	within	ADP
abrj-577	37	22	an	an	DET
abrj-577	37	23	emerging	emerge	VERB
abrj-577	37	24	market	market	NOUN
abrj-577	37	25	context	context	NOUN
abrj-577	37	26	.	.	PUNCT
abrj-577	38	1	the	the	DET
abrj-577	38	2	research	research	NOUN
abrj-577	38	3	employs	employ	VERB
abrj-577	38	4	advanced	advanced	ADJ
abrj-577	38	5	panel	panel	NOUN
abrj-577	38	6	data	datum	NOUN
abrj-577	38	7	methodologies	methodology	NOUN
abrj-577	38	8	to	to	PART
abrj-577	38	9	address	address	VERB
abrj-577	38	10	endogeneity	endogeneity	NOUN
abrj-577	38	11	concerns	concern	NOUN
abrj-577	38	12	,	,	PUNCT
abrj-577	38	13	captures	capture	VERB
abrj-577	38	14	cross	cross	ADJ
abrj-577	38	15	-	-	ADJ
abrj-577	38	16	sectional	sectional	ADJ
abrj-577	38	17	heterogeneity	heterogeneity	NOUN
abrj-577	38	18	,	,	PUNCT
abrj-577	38	19	and	and	CCONJ
abrj-577	38	20	examines	examine	VERB
abrj-577	38	21	temporal	temporal	ADJ
abrj-577	38	22	dynamics	dynamic	NOUN
abrj-577	38	23	across	across	ADP
abrj-577	38	24	multiple	multiple	ADJ
abrj-577	38	25	market	market	NOUN
abrj-577	38	26	cycles	cycle	NOUN
abrj-577	38	27	.	.	PUNCT
abrj-577	39	1	the	the	DET
abrj-577	39	2	findings	finding	NOUN
abrj-577	39	3	advance	advance	VERB
abrj-577	39	4	theoretical	theoretical	ADJ
abrj-577	39	5	understanding	understanding	NOUN
abrj-577	39	6	whilst	whilst	SCONJ
abrj-577	39	7	offering	offer	VERB
abrj-577	39	8	practical	practical	ADJ
abrj-577	39	9	insights	insight	NOUN
abrj-577	39	10	for	for	ADP
abrj-577	39	11	investment	investment	NOUN
abrj-577	39	12	professionals	professional	NOUN
abrj-577	39	13	and	and	CCONJ
abrj-577	39	14	policymakers	policymaker	NOUN
abrj-577	39	15	operating	operate	VERB
abrj-577	39	16	within	within	ADP
abrj-577	39	17	emerging	emerge	VERB
abrj-577	39	18	market	market	NOUN
abrj-577	39	19	environments	environment	NOUN
abrj-577	39	20	.	.	PUNCT
abrj-577	40	1	2	2	X
abrj-577	40	2	.	.	X
abrj-577	40	3	literature	literature	NOUN
abrj-577	40	4	review	review	PROPN
abrj-577	40	5	and	and	CCONJ
abrj-577	40	6	hypothesis	hypothesis	NOUN
abrj-577	40	7	development	development	NOUN
abrj-577	40	8	2.1	2.1	NUM
abrj-577	40	9	.	.	PUNCT
abrj-577	41	1	foundational	foundational	ADJ
abrj-577	41	2	theories	theory	NOUN
abrj-577	41	3	2.1.1	2.1.1	NUM
abrj-577	41	4	.	.	PUNCT
abrj-577	41	5	behavioural	behavioural	ADJ
abrj-577	41	6	finance	finance	NOUN
abrj-577	41	7	theory	theory	NOUN
abrj-577	41	8	and	and	CCONJ
abrj-577	41	9	herding	herding	NOUN
abrj-577	41	10	mechanisms	mechanism	NOUN
abrj-577	41	11	the	the	DET
abrj-577	41	12	theoretical	theoretical	ADJ
abrj-577	41	13	foundation	foundation	NOUN
abrj-577	41	14	for	for	ADP
abrj-577	41	15	understanding	understand	VERB
abrj-577	41	16	herding	herd	VERB
abrj-577	41	17	behaviour	behaviour	NOUN
abrj-577	41	18	within	within	ADP
abrj-577	41	19	financial	financial	ADJ
abrj-577	41	20	markets	market	NOUN
abrj-577	41	21	originates	originate	NOUN
abrj-577	41	22	from	from	ADP
abrj-577	41	23	seminal	seminal	ADJ
abrj-577	41	24	contributions	contribution	NOUN
abrj-577	41	25	in	in	ADP
abrj-577	41	26	behavioural	behavioural	ADJ
abrj-577	41	27	economics	economic	NOUN
abrj-577	41	28	that	that	PRON
abrj-577	41	29	challenge	challenge	VERB
abrj-577	41	30	traditional	traditional	ADJ
abrj-577	41	31	rational	rational	ADJ
abrj-577	41	32	choice	choice	NOUN
abrj-577	41	33	assumptions	assumption	NOUN
abrj-577	41	34	(	(	PUNCT
abrj-577	41	35	kahneman	kahneman	PROPN
abrj-577	41	36	&	&	CCONJ
abrj-577	41	37	tversky	tversky	PROPN
abrj-577	41	38	,	,	PUNCT
abrj-577	41	39	1979	1979	NUM
abrj-577	41	40	)	)	PUNCT
abrj-577	41	41	.	.	PUNCT
abrj-577	42	1	the	the	DET
abrj-577	42	2	behavioural	behavioural	ADJ
abrj-577	42	3	finance	finance	NOUN
abrj-577	42	4	paradigm	paradigm	NOUN
abrj-577	42	5	recognises	recognise	VERB
abrj-577	42	6	that	that	SCONJ
abrj-577	42	7	investor	investor	NOUN
abrj-577	42	8	decision	decision	NOUN
abrj-577	42	9	-	-	PUNCT
abrj-577	42	10	making	make	VERB
abrj-577	42	11	processes	process	NOUN
abrj-577	42	12	incorporate	incorporate	VERB
abrj-577	42	13	psychological	psychological	ADJ
abrj-577	42	14	factors	factor	NOUN
abrj-577	42	15	,	,	PUNCT
abrj-577	42	16	cognitive	cognitive	ADJ
abrj-577	42	17	biases	bias	NOUN
abrj-577	42	18	,	,	PUNCT
abrj-577	42	19	and	and	CCONJ
abrj-577	42	20	social	social	ADJ
abrj-577	42	21	influences	influence	NOUN
abrj-577	42	22	that	that	PRON
abrj-577	42	23	systematic	systematic	ADJ
abrj-577	42	24	deviate	deviate	NOUN
abrj-577	42	25	from	from	ADP
abrj-577	42	26	pure	pure	ADJ
abrj-577	42	27	rationality	rationality	NOUN
abrj-577	42	28	assumptions	assumption	NOUN
abrj-577	42	29	underlying	underlie	VERB
abrj-577	42	30	classical	classical	ADJ
abrj-577	42	31	finance	finance	NOUN
abrj-577	42	32	theory	theory	NOUN
abrj-577	42	33	(	(	PUNCT
abrj-577	42	34	shefrin	shefrin	NOUN
abrj-577	42	35	,	,	PUNCT
abrj-577	42	36	2000	2000	NUM
abrj-577	42	37	)	)	PUNCT
abrj-577	42	38	.	.	PUNCT
abrj-577	43	1	banerjee	banerjee	PROPN
abrj-577	43	2	(	(	PUNCT
abrj-577	43	3	1992	1992	NUM
abrj-577	43	4	)	)	PUNCT
abrj-577	43	5	provides	provide	VERB
abrj-577	43	6	foundational	foundational	ADJ
abrj-577	43	7	theoretical	theoretical	ADJ
abrj-577	43	8	insights	insight	NOUN
abrj-577	43	9	into	into	ADP
abrj-577	43	10	herding	herd	VERB
abrj-577	43	11	behaviour	behaviour	NOUN
abrj-577	43	12	through	through	ADP
abrj-577	43	13	informational	informational	ADJ
abrj-577	43	14	cascade	cascade	NOUN
abrj-577	43	15	models	model	NOUN
abrj-577	43	16	,	,	PUNCT
abrj-577	43	17	demonstrating	demonstrate	VERB
abrj-577	43	18	how	how	SCONJ
abrj-577	43	19	rational	rational	ADJ
abrj-577	43	20	individuals	individual	NOUN
abrj-577	43	21	may	may	AUX
abrj-577	43	22	optimally	optimally	ADV
abrj-577	43	23	choose	choose	VERB
abrj-577	43	24	to	to	PART
abrj-577	43	25	disregard	disregard	VERB
abrj-577	43	26	private	private	ADJ
abrj-577	43	27	information	information	NOUN
abrj-577	43	28	when	when	SCONJ
abrj-577	43	29	observing	observe	VERB
abrj-577	43	30	others	other	NOUN
abrj-577	43	31	'	'	PART
abrj-577	43	32	actions	action	NOUN
abrj-577	43	33	provides	provide	VERB
abrj-577	43	34	superior	superior	ADJ
abrj-577	43	35	signals	signal	NOUN
abrj-577	43	36	regarding	regard	VERB
abrj-577	43	37	underlying	underlie	VERB
abrj-577	43	38	asset	asset	NOUN
abrj-577	43	39	values	value	NOUN
abrj-577	43	40	.	.	PUNCT
abrj-577	44	1	this	this	DET
abrj-577	44	2	theoretical	theoretical	ADJ
abrj-577	44	3	framework	framework	NOUN
abrj-577	44	4	suggests	suggest	VERB
abrj-577	44	5	that	that	SCONJ
abrj-577	44	6	herding	herding	NOUN
abrj-577	44	7	behaviour	behaviour	NOUN
abrj-577	44	8	need	need	AUX
abrj-577	44	9	not	not	PART
abrj-577	44	10	reflect	reflect	VERB
abrj-577	44	11	irrationality	irrationality	NOUN
abrj-577	44	12	but	but	CCONJ
abrj-577	44	13	rather	rather	ADV
abrj-577	44	14	represents	represent	VERB
abrj-577	44	15	optimal	optimal	ADJ
abrj-577	44	16	responses	response	NOUN
abrj-577	44	17	to	to	ADP
abrj-577	44	18	informational	informational	ADJ
abrj-577	44	19	constraints	constraint	NOUN
abrj-577	44	20	within	within	ADP
abrj-577	44	21	specific	specific	ADJ
abrj-577	44	22	market	market	NOUN
abrj-577	44	23	structures	structure	NOUN
abrj-577	44	24	.	.	PUNCT
abrj-577	45	1	the	the	DET
abrj-577	45	2	model	model	NOUN
abrj-577	45	3	predicts	predict	VERB
abrj-577	45	4	that	that	SCONJ
abrj-577	45	5	herding	herd	VERB
abrj-577	45	6	intensity	intensity	NOUN
abrj-577	45	7	should	should	AUX
abrj-577	45	8	increase	increase	VERB
abrj-577	45	9	when	when	SCONJ
abrj-577	45	10	private	private	ADJ
abrj-577	45	11	information	information	NOUN
abrj-577	45	12	quality	quality	NOUN
abrj-577	45	13	deteriorates	deteriorate	VERB
abrj-577	45	14	relative	relative	ADJ
abrj-577	45	15	to	to	ADP
abrj-577	45	16	information	information	NOUN
abrj-577	45	17	gleaned	glean	VERB
abrj-577	45	18	from	from	ADP
abrj-577	45	19	observing	observe	VERB
abrj-577	45	20	others	other	NOUN
abrj-577	45	21	'	'	PART
abrj-577	45	22	trading	trading	NOUN
abrj-577	45	23	behaviour	behaviour	NOUN
abrj-577	45	24	.	.	PUNCT
abrj-577	46	1	bikhchandani	bikhchandani	PROPN
abrj-577	46	2	et	et	PROPN
abrj-577	46	3	al	al	PROPN
abrj-577	46	4	.	.	PROPN
abrj-577	47	1	(	(	PUNCT
abrj-577	47	2	1992	1992	NUM
abrj-577	47	3	)	)	PUNCT
abrj-577	47	4	extend	extend	VERB
abrj-577	47	5	this	this	DET
abrj-577	47	6	theoretical	theoretical	ADJ
abrj-577	47	7	foundation	foundation	NOUN
abrj-577	47	8	by	by	ADP
abrj-577	47	9	incorporating	incorporate	VERB
abrj-577	47	10	sequential	sequential	ADJ
abrj-577	47	11	decision	decision	NOUN
abrj-577	47	12	-	-	PUNCT
abrj-577	47	13	making	make	VERB
abrj-577	47	14	processes	process	NOUN
abrj-577	47	15	where	where	SCONJ
abrj-577	47	16	individuals	individual	NOUN
abrj-577	47	17	observe	observe	VERB
abrj-577	47	18	predecessors	predecessor	NOUN
abrj-577	47	19	'	'	PART
abrj-577	47	20	choices	choice	NOUN
abrj-577	47	21	before	before	ADP
abrj-577	47	22	making	make	VERB
abrj-577	47	23	personal	personal	ADJ
abrj-577	47	24	decisions	decision	NOUN
abrj-577	47	25	.	.	PUNCT
abrj-577	48	1	their	their	PRON
abrj-577	48	2	analysis	analysis	NOUN
abrj-577	48	3	demonstrates	demonstrate	VERB
abrj-577	48	4	that	that	SCONJ
abrj-577	48	5	informational	informational	ADJ
abrj-577	48	6	cascades	cascade	NOUN
abrj-577	48	7	can	can	AUX
abrj-577	48	8	emerge	emerge	VERB
abrj-577	48	9	even	even	ADV
abrj-577	48	10	when	when	SCONJ
abrj-577	48	11	individuals	individual	NOUN
abrj-577	48	12	possess	possess	VERB
abrj-577	48	13	high	high	ADJ
abrj-577	48	14	-	-	PUNCT
abrj-577	48	15	quality	quality	NOUN
abrj-577	48	16	private	private	ADJ
abrj-577	48	17	information	information	NOUN
abrj-577	48	18	,	,	PUNCT
abrj-577	48	19	particularly	particularly	ADV
abrj-577	48	20	when	when	SCONJ
abrj-577	48	21	early	early	ADJ
abrj-577	48	22	decision	decision	NOUN
abrj-577	48	23	-	-	PUNCT
abrj-577	48	24	makers	maker	NOUN
abrj-577	48	25	'	'	PART
abrj-577	48	26	choices	choice	NOUN
abrj-577	48	27	appear	appear	VERB
abrj-577	48	28	to	to	PART
abrj-577	48	29	contradict	contradict	VERB
abrj-577	48	30	fundamental	fundamental	ADJ
abrj-577	48	31	values	value	NOUN
abrj-577	48	32	.	.	PUNCT
abrj-577	49	1	this	this	DET
abrj-577	49	2	theoretical	theoretical	ADJ
abrj-577	49	3	prediction	prediction	NOUN
abrj-577	49	4	possesses	possess	VERB
abrj-577	49	5	substantial	substantial	ADJ
abrj-577	49	6	relevance	relevance	NOUN
abrj-577	49	7	for	for	ADP
abrj-577	49	8	financial	financial	ADJ
abrj-577	49	9	markets	market	NOUN
abrj-577	49	10	where	where	SCONJ
abrj-577	49	11	trading	trading	NOUN
abrj-577	49	12	sequences	sequence	NOUN
abrj-577	49	13	create	create	VERB
abrj-577	49	14	opportunities	opportunity	NOUN
abrj-577	49	15	for	for	ADP
abrj-577	49	16	cascade	cascade	NOUN
abrj-577	49	17	formation	formation	NOUN
abrj-577	49	18	.	.	PUNCT
abrj-577	50	1	alternative	alternative	ADJ
abrj-577	50	2	theoretical	theoretical	ADJ
abrj-577	50	3	perspectives	perspective	NOUN
abrj-577	50	4	emphasise	emphasise	VERB
abrj-577	50	5	reputation	reputation	NOUN
abrj-577	50	6	-	-	PUNCT
abrj-577	50	7	based	base	VERB
abrj-577	50	8	herding	herding	NOUN
abrj-577	50	9	mechanisms	mechanism	NOUN
abrj-577	50	10	where	where	SCONJ
abrj-577	50	11	professional	professional	ADJ
abrj-577	50	12	fund	fund	NOUN
abrj-577	50	13	managers	manager	NOUN
abrj-577	50	14	engage	engage	VERB
abrj-577	50	15	in	in	ADP
abrj-577	50	16	collective	collective	ADJ
abrj-577	50	17	behaviour	behaviour	NOUN
abrj-577	50	18	to	to	PART
abrj-577	50	19	minimise	minimise	VERB
abrj-577	50	20	career	career	NOUN
abrj-577	50	21	risk	risk	NOUN
abrj-577	50	22	rather	rather	ADV
abrj-577	50	23	than	than	ADP
abrj-577	50	24	maximise	maximise	NOUN
abrj-577	50	25	portfolio	portfolio	NOUN
abrj-577	50	26	returns	return	NOUN
abrj-577	50	27	(	(	PUNCT
abrj-577	50	28	scharfstein	scharfstein	PROPN
abrj-577	50	29	&	&	CCONJ
abrj-577	50	30	stein	stein	PROPN
abrj-577	50	31	,	,	PUNCT
abrj-577	50	32	1990	1990	NUM
abrj-577	50	33	)	)	PUNCT
abrj-577	50	34	.	.	PUNCT
abrj-577	51	1	this	this	DET
abrj-577	51	2	approach	approach	NOUN
abrj-577	51	3	recognises	recognise	VERB
abrj-577	51	4	that	that	SCONJ
abrj-577	51	5	institutional	institutional	ADJ
abrj-577	51	6	investors	investor	NOUN
abrj-577	51	7	face	face	VERB
abrj-577	51	8	asymmetric	asymmetric	ADJ
abrj-577	51	9	payoff	payoff	NOUN
abrj-577	51	10	structures	structure	NOUN
abrj-577	51	11	where	where	SCONJ
abrj-577	51	12	conforming	conform	VERB
abrj-577	51	13	to	to	PART
abrj-577	51	14	peer	peer	NOUN
abrj-577	51	15	behaviour	behaviour	NOUN
abrj-577	51	16	provides	provide	VERB
abrj-577	51	17	insurance	insurance	NOUN
abrj-577	51	18	against	against	ADP
abrj-577	51	19	relative	relative	ADJ
abrj-577	51	20	underperformance	underperformance	NOUN
abrj-577	51	21	,	,	PUNCT
abrj-577	51	22	even	even	ADV
abrj-577	51	23	when	when	SCONJ
abrj-577	51	24	such	such	ADJ
abrj-577	51	25	behaviour	behaviour	NOUN
abrj-577	51	26	generates	generate	VERB
abrj-577	51	27	suboptimal	suboptimal	ADJ
abrj-577	51	28	absolute	absolute	ADJ
abrj-577	51	29	returns	return	NOUN
abrj-577	51	30	.	.	PUNCT
abrj-577	52	1	the	the	DET
abrj-577	52	2	theory	theory	NOUN
abrj-577	52	3	predicts	predict	VERB
abrj-577	52	4	that	that	SCONJ
abrj-577	52	5	herding	herd	VERB
abrj-577	52	6	intensity	intensity	NOUN
abrj-577	52	7	should	should	AUX
abrj-577	52	8	correlate	correlate	VERB
abrj-577	52	9	positively	positively	ADV
abrj-577	52	10	with	with	ADP
abrj-577	52	11	performance	performance	NOUN
abrj-577	52	12	evaluation	evaluation	NOUN
abrj-577	52	13	frequency	frequency	NOUN
abrj-577	52	14	and	and	CCONJ
abrj-577	52	15	negatively	negatively	ADV
abrj-577	52	16	with	with	ADP
abrj-577	52	17	manager	manager	NOUN
abrj-577	52	18	tenure	tenure	NOUN
abrj-577	52	19	or	or	CCONJ
abrj-577	52	20	reputation	reputation	NOUN
abrj-577	52	21	.	.	PUNCT
abrj-577	53	1	psychological	psychological	ADJ
abrj-577	53	2	theories	theory	NOUN
abrj-577	53	3	contribute	contribute	VERB
abrj-577	53	4	additional	additional	ADJ
abrj-577	53	5	insights	insight	NOUN
abrj-577	53	6	by	by	ADP
abrj-577	53	7	identifying	identify	VERB
abrj-577	53	8	emotional	emotional	ADJ
abrj-577	53	9	and	and	CCONJ
abrj-577	53	10	social	social	ADJ
abrj-577	53	11	factors	factor	NOUN
abrj-577	53	12	that	that	PRON
abrj-577	53	13	influence	influence	VERB
abrj-577	53	14	collective	collective	ADJ
abrj-577	53	15	behaviour	behaviour	NOUN
abrj-577	53	16	patterns	pattern	NOUN
abrj-577	53	17	(	(	PUNCT
abrj-577	53	18	shiller	shiller	NOUN
abrj-577	53	19	,	,	PUNCT
abrj-577	53	20	2003	2003	NUM
abrj-577	53	21	)	)	PUNCT
abrj-577	53	22	.	.	PUNCT
abrj-577	54	1	social	social	ADJ
abrj-577	54	2	proof	proof	ADJ
abrj-577	54	3	mechanisms	mechanism	NOUN
abrj-577	54	4	suggest	suggest	VERB
abrj-577	54	5	that	that	SCONJ
abrj-577	54	6	individuals	individual	NOUN
abrj-577	54	7	infer	infer	VERB
abrj-577	54	8	appropriate	appropriate	ADJ
abrj-577	54	9	behaviour	behaviour	NOUN
abrj-577	54	10	by	by	ADP
abrj-577	54	11	observing	observe	VERB
abrj-577	54	12	others	other	NOUN
abrj-577	54	13	'	'	PART
abrj-577	54	14	actions	action	NOUN
abrj-577	54	15	,	,	PUNCT
abrj-577	54	16	particularly	particularly	ADV
abrj-577	54	17	during	during	ADP
abrj-577	54	18	uncertain	uncertain	ADJ
abrj-577	54	19	situations	situation	NOUN
abrj-577	54	20	where	where	SCONJ
abrj-577	54	21	optimal	optimal	ADJ
abrj-577	54	22	strategies	strategy	NOUN
abrj-577	54	23	remain	remain	VERB
abrj-577	54	24	unclear	unclear	ADJ
abrj-577	54	25	.	.	PUNCT
abrj-577	55	1	these	these	DET
abrj-577	55	2	psychological	psychological	ADJ
abrj-577	55	3	foundations	foundation	NOUN
abrj-577	55	4	predict	predict	VERB
abrj-577	55	5	that	that	SCONJ
abrj-577	55	6	herding	herding	NOUN
abrj-577	55	7	behaviour	behaviour	NOUN
abrj-577	55	8	should	should	AUX
abrj-577	55	9	intensify	intensify	VERB
abrj-577	55	10	during	during	ADP
abrj-577	55	11	periods	period	NOUN
abrj-577	55	12	of	of	ADP
abrj-577	55	13	market	market	NOUN
abrj-577	55	14	stress	stress	NOUN
abrj-577	55	15	when	when	SCONJ
abrj-577	55	16	informational	informational	ADJ
abrj-577	55	17	processing	processing	NOUN
abrj-577	55	18	capabilities	capability	NOUN
abrj-577	55	19	become	become	VERB
abrj-577	55	20	constrained	constrained	ADJ
abrj-577	55	21	and	and	CCONJ
abrj-577	55	22	emotional	emotional	ADJ
abrj-577	55	23	factors	factor	NOUN
abrj-577	55	24	dominate	dominate	VERB
abrj-577	55	25	rational	rational	ADJ
abrj-577	55	26	analysis	analysis	NOUN
abrj-577	55	27	.	.	PUNCT
abrj-577	56	1	asian	asian	ADJ
abrj-577	56	2	business	business	PROPN
abrj-577	56	3	research	research	NOUN
abrj-577	56	4	journal	journal	NOUN
abrj-577	56	5	,	,	PUNCT
abrj-577	56	6	2025	2025	NUM
abrj-577	56	7	,	,	PUNCT
abrj-577	56	8	10(9	10(9	NUM
abrj-577	56	9	):	):	PUNCT
abrj-577	56	10	88	88	NUM
abrj-577	56	11	-	-	SYM
abrj-577	56	12	98	98	NUM
abrj-577	56	13	90	90	NUM
abrj-577	56	14	©	©	ADP
abrj-577	56	15	2025	2025	NUM
abrj-577	56	16	by	by	ADP
abrj-577	56	17	the	the	DET
abrj-577	56	18	authors	author	NOUN
abrj-577	56	19	;	;	PUNCT
abrj-577	56	20	licensee	licensee	NOUN
abrj-577	56	21	eastern	eastern	ADJ
abrj-577	56	22	centre	centre	NOUN
abrj-577	56	23	of	of	ADP
abrj-577	56	24	science	science	NOUN
abrj-577	56	25	and	and	CCONJ
abrj-577	56	26	education	education	NOUN
abrj-577	56	27	,	,	PUNCT
abrj-577	56	28	usa	usa	PROPN
abrj-577	56	29	recent	recent	ADJ
abrj-577	56	30	theoretical	theoretical	ADJ
abrj-577	56	31	developments	development	NOUN
abrj-577	56	32	incorporate	incorporate	VERB
abrj-577	56	33	network	network	NOUN
abrj-577	56	34	effects	effect	NOUN
abrj-577	56	35	and	and	CCONJ
abrj-577	56	36	social	social	ADJ
abrj-577	56	37	learning	learning	NOUN
abrj-577	56	38	mechanisms	mechanism	NOUN
abrj-577	56	39	that	that	PRON
abrj-577	56	40	generate	generate	VERB
abrj-577	56	41	complex	complex	ADJ
abrj-577	56	42	herding	herding	NOUN
abrj-577	56	43	dynamics	dynamic	NOUN
abrj-577	56	44	across	across	ADP
abrj-577	56	45	interconnected	interconnected	ADJ
abrj-577	56	46	market	market	NOUN
abrj-577	56	47	participants	participant	NOUN
abrj-577	56	48	(	(	PUNCT
abrj-577	56	49	ellison	ellison	PROPN
abrj-577	56	50	&	&	CCONJ
abrj-577	56	51	fudenberg	fudenberg	PROPN
abrj-577	56	52	,	,	PUNCT
abrj-577	56	53	1993	1993	NUM
abrj-577	56	54	)	)	PUNCT
abrj-577	56	55	.	.	PUNCT
abrj-577	57	1	these	these	DET
abrj-577	57	2	models	model	NOUN
abrj-577	57	3	recognise	recognise	VERB
abrj-577	57	4	that	that	SCONJ
abrj-577	57	5	information	information	NOUN
abrj-577	57	6	transmission	transmission	NOUN
abrj-577	57	7	occurs	occur	VERB
abrj-577	57	8	through	through	ADP
abrj-577	57	9	multiple	multiple	ADJ
abrj-577	57	10	channels	channel	NOUN
abrj-577	57	11	simultaneously	simultaneously	ADV
abrj-577	57	12	,	,	PUNCT
abrj-577	57	13	creating	create	VERB
abrj-577	57	14	feedback	feedback	NOUN
abrj-577	57	15	loops	loop	NOUN
abrj-577	57	16	where	where	SCONJ
abrj-577	57	17	herding	herding	NOUN
abrj-577	57	18	behaviour	behaviour	NOUN
abrj-577	57	19	becomes	become	VERB
abrj-577	57	20	self	self	NOUN
abrj-577	57	21	-	-	PUNCT
abrj-577	57	22	reinforcing	reinforce	VERB
abrj-577	57	23	.	.	PUNCT
abrj-577	58	1	the	the	DET
abrj-577	58	2	theoretical	theoretical	ADJ
abrj-577	58	3	framework	framework	NOUN
abrj-577	58	4	suggests	suggest	VERB
abrj-577	58	5	that	that	SCONJ
abrj-577	58	6	market	market	NOUN
abrj-577	58	7	structure	structure	NOUN
abrj-577	58	8	characteristics	characteristic	NOUN
abrj-577	58	9	,	,	PUNCT
abrj-577	58	10	including	include	VERB
abrj-577	58	11	participant	participant	ADJ
abrj-577	58	12	composition	composition	NOUN
abrj-577	58	13	,	,	PUNCT
abrj-577	58	14	information	information	NOUN
abrj-577	58	15	dissemination	dissemination	NOUN
abrj-577	58	16	mechanisms	mechanism	NOUN
abrj-577	58	17	,	,	PUNCT
abrj-577	58	18	and	and	CCONJ
abrj-577	58	19	trading	trading	NOUN
abrj-577	58	20	protocols	protocol	NOUN
abrj-577	58	21	,	,	PUNCT
abrj-577	58	22	significantly	significantly	ADV
abrj-577	58	23	influence	influence	VERB
abrj-577	58	24	herding	herding	NOUN
abrj-577	58	25	intensity	intensity	NOUN
abrj-577	58	26	and	and	CCONJ
abrj-577	58	27	persistence	persistence	NOUN
abrj-577	58	28	.	.	PUNCT
abrj-577	59	1	2.1.2	2.1.2	NUM
abrj-577	59	2	.	.	PUNCT
abrj-577	59	3	volatility	volatility	NOUN
abrj-577	59	4	transmission	transmission	NOUN
abrj-577	59	5	theory	theory	NOUN
abrj-577	59	6	and	and	CCONJ
abrj-577	59	7	market	market	NOUN
abrj-577	59	8	microstructure	microstructure	VERB
abrj-577	59	9	the	the	DET
abrj-577	59	10	theoretical	theoretical	ADJ
abrj-577	59	11	understanding	understanding	NOUN
abrj-577	59	12	of	of	ADP
abrj-577	59	13	volatility	volatility	NOUN
abrj-577	59	14	transmission	transmission	NOUN
abrj-577	59	15	mechanisms	mechanism	NOUN
abrj-577	59	16	builds	build	VERB
abrj-577	59	17	upon	upon	SCONJ
abrj-577	59	18	foundational	foundational	ADJ
abrj-577	59	19	contributions	contribution	NOUN
abrj-577	59	20	in	in	ADP
abrj-577	59	21	market	market	NOUN
abrj-577	59	22	microstructure	microstructure	NOUN
abrj-577	59	23	theory	theory	NOUN
abrj-577	59	24	that	that	PRON
abrj-577	59	25	examine	examine	VERB
abrj-577	59	26	how	how	SCONJ
abrj-577	59	27	information	information	NOUN
abrj-577	59	28	processing	processing	NOUN
abrj-577	59	29	affects	affect	VERB
abrj-577	59	30	price	price	NOUN
abrj-577	59	31	formation	formation	NOUN
abrj-577	59	32	and	and	CCONJ
abrj-577	59	33	volatility	volatility	NOUN
abrj-577	59	34	dynamics	dynamic	NOUN
abrj-577	59	35	(	(	PUNCT
abrj-577	59	36	o'hara	o'hara	PROPN
abrj-577	59	37	,	,	PUNCT
abrj-577	59	38	1995	1995	NUM
abrj-577	59	39	)	)	PUNCT
abrj-577	59	40	.	.	PUNCT
abrj-577	60	1	classical	classical	ADJ
abrj-577	60	2	approaches	approach	NOUN
abrj-577	60	3	assume	assume	VERB
abrj-577	60	4	that	that	SCONJ
abrj-577	60	5	volatility	volatility	NOUN
abrj-577	60	6	reflects	reflect	VERB
abrj-577	60	7	efficient	efficient	ADJ
abrj-577	60	8	information	information	NOUN
abrj-577	60	9	incorporation	incorporation	NOUN
abrj-577	60	10	,	,	PUNCT
abrj-577	60	11	where	where	SCONJ
abrj-577	60	12	price	price	NOUN
abrj-577	60	13	fluctuations	fluctuation	NOUN
abrj-577	60	14	provide	provide	VERB
abrj-577	60	15	optimal	optimal	ADJ
abrj-577	60	16	responses	response	NOUN
abrj-577	60	17	to	to	ADP
abrj-577	60	18	fundamental	fundamental	ADJ
abrj-577	60	19	value	value	NOUN
abrj-577	60	20	changes	change	NOUN
abrj-577	60	21	.	.	PUNCT
abrj-577	61	1	however	however	ADV
abrj-577	61	2	,	,	PUNCT
abrj-577	61	3	behavioural	behavioural	ADJ
abrj-577	61	4	factors	factor	NOUN
abrj-577	61	5	can	can	AUX
abrj-577	61	6	generate	generate	VERB
abrj-577	61	7	volatility	volatility	NOUN
abrj-577	61	8	patterns	pattern	NOUN
abrj-577	61	9	that	that	PRON
abrj-577	61	10	deviate	deviate	VERB
abrj-577	61	11	systematically	systematically	ADV
abrj-577	61	12	from	from	ADP
abrj-577	61	13	information	information	NOUN
abrj-577	61	14	-	-	PUNCT
abrj-577	61	15	based	base	VERB
abrj-577	61	16	predictions	prediction	NOUN
abrj-577	61	17	.	.	PUNCT
abrj-577	62	1	engle	engle	PROPN
abrj-577	62	2	's	's	PART
abrj-577	62	3	(	(	PUNCT
abrj-577	62	4	1982	1982	NUM
abrj-577	62	5	)	)	PUNCT
abrj-577	62	6	seminal	seminal	ADJ
abrj-577	62	7	work	work	NOUN
abrj-577	62	8	on	on	ADP
abrj-577	62	9	autoregressive	autoregressive	ADJ
abrj-577	62	10	conditional	conditional	ADJ
abrj-577	62	11	heteroskedasticity	heteroskedasticity	NOUN
abrj-577	62	12	(	(	PUNCT
abrj-577	62	13	arch	arch	NOUN
abrj-577	62	14	)	)	PUNCT
abrj-577	62	15	models	model	NOUN
abrj-577	62	16	provides	provide	VERB
abrj-577	62	17	theoretical	theoretical	ADJ
abrj-577	62	18	foundations	foundation	NOUN
abrj-577	62	19	for	for	ADP
abrj-577	62	20	understanding	understand	VERB
abrj-577	62	21	time	time	NOUN
abrj-577	62	22	-	-	PUNCT
abrj-577	62	23	varying	vary	VERB
abrj-577	62	24	volatility	volatility	NOUN
abrj-577	62	25	patterns	pattern	NOUN
abrj-577	62	26	within	within	ADP
abrj-577	62	27	financial	financial	ADJ
abrj-577	62	28	time	time	NOUN
abrj-577	62	29	series	series	NOUN
abrj-577	62	30	.	.	PUNCT
abrj-577	63	1	the	the	DET
abrj-577	63	2	arch	arch	ADJ
abrj-577	63	3	framework	framework	NOUN
abrj-577	63	4	recognises	recognise	VERB
abrj-577	63	5	that	that	SCONJ
abrj-577	63	6	volatility	volatility	NOUN
abrj-577	63	7	exhibits	exhibit	VERB
abrj-577	63	8	clustering	clustering	ADJ
abrj-577	63	9	properties	property	NOUN
abrj-577	63	10	where	where	SCONJ
abrj-577	63	11	high	high	ADJ
abrj-577	63	12	volatility	volatility	NOUN
abrj-577	63	13	periods	period	NOUN
abrj-577	63	14	tend	tend	VERB
abrj-577	63	15	to	to	PART
abrj-577	63	16	follow	follow	VERB
abrj-577	63	17	other	other	ADJ
abrj-577	63	18	high	high	ADJ
abrj-577	63	19	volatility	volatility	NOUN
abrj-577	63	20	periods	period	NOUN
abrj-577	63	21	,	,	PUNCT
abrj-577	63	22	suggesting	suggest	VERB
abrj-577	63	23	that	that	SCONJ
abrj-577	63	24	market	market	NOUN
abrj-577	63	25	participants	participant	NOUN
abrj-577	63	26	'	'	PART
abrj-577	63	27	risk	risk	NOUN
abrj-577	63	28	perceptions	perception	NOUN
abrj-577	63	29	adapt	adapt	VERB
abrj-577	63	30	dynamically	dynamically	ADV
abrj-577	63	31	to	to	ADP
abrj-577	63	32	recent	recent	ADJ
abrj-577	63	33	price	price	NOUN
abrj-577	63	34	movements	movement	NOUN
abrj-577	63	35	rather	rather	ADV
abrj-577	63	36	than	than	ADP
abrj-577	63	37	remaining	remain	VERB
abrj-577	63	38	constant	constant	ADJ
abrj-577	63	39	through	through	ADP
abrj-577	63	40	time	time	NOUN
abrj-577	63	41	.	.	PUNCT
abrj-577	64	1	bollerslev	bollerslev	PROPN
abrj-577	64	2	's	's	PART
abrj-577	64	3	(	(	PUNCT
abrj-577	64	4	1986	1986	NUM
abrj-577	64	5	)	)	PUNCT
abrj-577	64	6	generalised	generalise	VERB
abrj-577	64	7	arch	arch	NOUN
abrj-577	64	8	(	(	PUNCT
abrj-577	64	9	garch	garch	NOUN
abrj-577	64	10	)	)	PUNCT
abrj-577	64	11	extensions	extension	NOUN
abrj-577	64	12	incorporate	incorporate	VERB
abrj-577	64	13	persistent	persistent	ADJ
abrj-577	64	14	volatility	volatility	NOUN
abrj-577	64	15	effects	effect	NOUN
abrj-577	64	16	that	that	PRON
abrj-577	64	17	capture	capture	VERB
abrj-577	64	18	long	long	ADJ
abrj-577	64	19	-	-	PUNCT
abrj-577	64	20	term	term	NOUN
abrj-577	64	21	dependencies	dependency	NOUN
abrj-577	64	22	in	in	ADP
abrj-577	64	23	conditional	conditional	ADJ
abrj-577	64	24	variance	variance	NOUN
abrj-577	64	25	processes	process	NOUN
abrj-577	64	26	.	.	PUNCT
abrj-577	65	1	the	the	DET
abrj-577	65	2	theoretical	theoretical	ADJ
abrj-577	65	3	framework	framework	NOUN
abrj-577	65	4	suggests	suggest	VERB
abrj-577	65	5	that	that	SCONJ
abrj-577	65	6	volatility	volatility	NOUN
abrj-577	65	7	transmission	transmission	NOUN
abrj-577	65	8	occurs	occur	VERB
abrj-577	65	9	through	through	ADP
abrj-577	65	10	multiple	multiple	ADJ
abrj-577	65	11	channels	channel	NOUN
abrj-577	65	12	:	:	PUNCT
abrj-577	65	13	direct	direct	ADJ
abrj-577	65	14	price	price	NOUN
abrj-577	65	15	impact	impact	NOUN
abrj-577	65	16	effects	effect	NOUN
abrj-577	65	17	where	where	SCONJ
abrj-577	65	18	large	large	ADJ
abrj-577	65	19	trades	trade	NOUN
abrj-577	65	20	immediately	immediately	ADV
abrj-577	65	21	influence	influence	VERB
abrj-577	65	22	market	market	NOUN
abrj-577	65	23	prices	price	NOUN
abrj-577	65	24	,	,	PUNCT
abrj-577	65	25	and	and	CCONJ
abrj-577	65	26	indirect	indirect	ADJ
abrj-577	65	27	feedback	feedback	NOUN
abrj-577	65	28	effects	effect	NOUN
abrj-577	65	29	where	where	SCONJ
abrj-577	65	30	volatility	volatility	NOUN
abrj-577	65	31	changes	change	NOUN
abrj-577	65	32	alter	alter	VERB
abrj-577	65	33	subsequent	subsequent	ADJ
abrj-577	65	34	trading	trading	NOUN
abrj-577	65	35	behaviour	behaviour	NOUN
abrj-577	65	36	and	and	CCONJ
abrj-577	65	37	market	market	NOUN
abrj-577	65	38	participant	participant	ADJ
abrj-577	65	39	risk	risk	NOUN
abrj-577	65	40	perceptions	perception	NOUN
abrj-577	65	41	.	.	PUNCT
abrj-577	66	1	within	within	ADP
abrj-577	66	2	emerging	emerge	VERB
abrj-577	66	3	market	market	NOUN
abrj-577	66	4	contexts	contexts	NOUN
abrj-577	66	5	,	,	PUNCT
abrj-577	66	6	volatility	volatility	NOUN
abrj-577	66	7	transmission	transmission	NOUN
abrj-577	66	8	mechanisms	mechanism	NOUN
abrj-577	66	9	assume	assume	VERB
abrj-577	66	10	additional	additional	ADJ
abrj-577	66	11	complexity	complexity	NOUN
abrj-577	66	12	due	due	ADP
abrj-577	66	13	to	to	ADP
abrj-577	66	14	institutional	institutional	ADJ
abrj-577	66	15	characteristics	characteristic	NOUN
abrj-577	66	16	that	that	PRON
abrj-577	66	17	differentiate	differentiate	VERB
abrj-577	66	18	these	these	DET
abrj-577	66	19	markets	market	NOUN
abrj-577	66	20	from	from	ADP
abrj-577	66	21	developed	developed	ADJ
abrj-577	66	22	counterparts	counterpart	NOUN
abrj-577	66	23	(	(	PUNCT
abrj-577	66	24	bekaert	bekaert	NOUN
abrj-577	66	25	&	&	CCONJ
abrj-577	66	26	harvey	harvey	PROPN
abrj-577	66	27	,	,	PUNCT
abrj-577	66	28	2002	2002	NUM
abrj-577	66	29	)	)	PUNCT
abrj-577	66	30	.	.	PUNCT
abrj-577	67	1	limited	limited	ADJ
abrj-577	67	2	liquidity	liquidity	NOUN
abrj-577	67	3	,	,	PUNCT
abrj-577	67	4	concentrated	concentrated	ADJ
abrj-577	67	5	ownership	ownership	NOUN
abrj-577	67	6	structures	structure	NOUN
abrj-577	67	7	,	,	PUNCT
abrj-577	67	8	and	and	CCONJ
abrj-577	67	9	reduced	reduce	VERB
abrj-577	67	10	analyst	analyst	NOUN
abrj-577	67	11	coverage	coverage	NOUN
abrj-577	67	12	create	create	VERB
abrj-577	67	13	environments	environment	NOUN
abrj-577	67	14	where	where	SCONJ
abrj-577	67	15	volatility	volatility	NOUN
abrj-577	67	16	can	can	AUX
abrj-577	67	17	propagate	propagate	VERB
abrj-577	67	18	more	more	ADV
abrj-577	67	19	rapidly	rapidly	ADV
abrj-577	67	20	and	and	CCONJ
abrj-577	67	21	persistently	persistently	ADV
abrj-577	67	22	than	than	SCONJ
abrj-577	67	23	theoretical	theoretical	ADJ
abrj-577	67	24	models	model	NOUN
abrj-577	67	25	predict	predict	VERB
abrj-577	67	26	.	.	PUNCT
abrj-577	68	1	furthermore	furthermore	ADV
abrj-577	68	2	,	,	PUNCT
abrj-577	68	3	the	the	DET
abrj-577	68	4	predominance	predominance	NOUN
abrj-577	68	5	of	of	ADP
abrj-577	68	6	retail	retail	ADJ
abrj-577	68	7	investors	investor	NOUN
abrj-577	68	8	introduces	introduce	VERB
abrj-577	68	9	behavioural	behavioural	ADJ
abrj-577	68	10	factors	factor	NOUN
abrj-577	68	11	that	that	SCONJ
abrj-577	68	12	institutional	institutional	ADJ
abrj-577	68	13	arbitrage	arbitrage	NOUN
abrj-577	68	14	mechanisms	mechanism	NOUN
abrj-577	68	15	might	might	AUX
abrj-577	68	16	otherwise	otherwise	ADV
abrj-577	68	17	mitigate	mitigate	VERB
abrj-577	68	18	.	.	PUNCT
abrj-577	69	1	microstructure	microstructure	ADJ
abrj-577	69	2	theories	theory	NOUN
abrj-577	69	3	emphasise	emphasise	VERB
abrj-577	69	4	information	information	NOUN
abrj-577	69	5	asymmetries	asymmetry	NOUN
abrj-577	69	6	and	and	CCONJ
abrj-577	69	7	trading	trading	NOUN
abrj-577	69	8	frictions	friction	NOUN
abrj-577	69	9	as	as	ADP
abrj-577	69	10	primary	primary	ADJ
abrj-577	69	11	determinants	determinant	NOUN
abrj-577	69	12	of	of	ADP
abrj-577	69	13	volatility	volatility	NOUN
abrj-577	69	14	transmission	transmission	NOUN
abrj-577	69	15	patterns	pattern	NOUN
abrj-577	69	16	(	(	PUNCT
abrj-577	69	17	kyle	kyle	NOUN
abrj-577	69	18	,	,	PUNCT
abrj-577	69	19	1985	1985	NUM
abrj-577	69	20	)	)	PUNCT
abrj-577	69	21	.	.	PUNCT
abrj-577	70	1	the	the	DET
abrj-577	70	2	theoretical	theoretical	ADJ
abrj-577	70	3	framework	framework	NOUN
abrj-577	70	4	predicts	predict	VERB
abrj-577	70	5	that	that	SCONJ
abrj-577	70	6	volatility	volatility	NOUN
abrj-577	70	7	intensity	intensity	NOUN
abrj-577	70	8	should	should	AUX
abrj-577	70	9	correlate	correlate	VERB
abrj-577	70	10	negatively	negatively	ADV
abrj-577	70	11	with	with	ADP
abrj-577	70	12	market	market	NOUN
abrj-577	70	13	depth	depth	NOUN
abrj-577	70	14	and	and	CCONJ
abrj-577	70	15	positively	positively	ADV
abrj-577	70	16	with	with	ADP
abrj-577	70	17	information	information	NOUN
abrj-577	70	18	asymmetry	asymmetry	NOUN
abrj-577	70	19	levels	level	NOUN
abrj-577	70	20	.	.	PUNCT
abrj-577	71	1	within	within	ADP
abrj-577	71	2	emerging	emerge	VERB
abrj-577	71	3	markets	market	NOUN
abrj-577	71	4	,	,	PUNCT
abrj-577	71	5	these	these	DET
abrj-577	71	6	theoretical	theoretical	ADJ
abrj-577	71	7	predictions	prediction	NOUN
abrj-577	71	8	suggest	suggest	VERB
abrj-577	71	9	enhanced	enhance	VERB
abrj-577	71	10	volatility	volatility	NOUN
abrj-577	71	11	transmission	transmission	NOUN
abrj-577	71	12	due	due	ADP
abrj-577	71	13	to	to	ADP
abrj-577	71	14	structural	structural	ADJ
abrj-577	71	15	characteristics	characteristic	NOUN
abrj-577	71	16	that	that	PRON
abrj-577	71	17	amplify	amplify	VERB
abrj-577	71	18	information	information	NOUN
abrj-577	71	19	processing	processing	NOUN
abrj-577	71	20	inefficiencies	inefficiency	NOUN
abrj-577	71	21	.	.	PUNCT
abrj-577	72	1	network	network	NOUN
abrj-577	72	2	theories	theory	NOUN
abrj-577	72	3	contribute	contribute	VERB
abrj-577	72	4	sophisticated	sophisticated	ADJ
abrj-577	72	5	perspectives	perspective	NOUN
abrj-577	72	6	on	on	ADP
abrj-577	72	7	volatility	volatility	NOUN
abrj-577	72	8	transmission	transmission	NOUN
abrj-577	72	9	by	by	ADP
abrj-577	72	10	recognising	recognise	VERB
abrj-577	72	11	interconnections	interconnection	NOUN
abrj-577	72	12	between	between	ADP
abrj-577	72	13	market	market	NOUN
abrj-577	72	14	participants	participant	NOUN
abrj-577	72	15	that	that	PRON
abrj-577	72	16	create	create	VERB
abrj-577	72	17	complex	complex	ADJ
abrj-577	72	18	propagation	propagation	NOUN
abrj-577	72	19	pathways	pathway	NOUN
abrj-577	72	20	(	(	PUNCT
abrj-577	72	21	allen	allen	PROPN
abrj-577	72	22	&	&	CCONJ
abrj-577	72	23	gale	gale	PROPN
abrj-577	72	24	,	,	PUNCT
abrj-577	72	25	2000	2000	NUM
abrj-577	72	26	)	)	PUNCT
abrj-577	72	27	.	.	PUNCT
abrj-577	73	1	these	these	DET
abrj-577	73	2	theoretical	theoretical	ADJ
abrj-577	73	3	approaches	approach	NOUN
abrj-577	73	4	predict	predict	VERB
abrj-577	73	5	that	that	SCONJ
abrj-577	73	6	volatility	volatility	NOUN
abrj-577	73	7	transmission	transmission	NOUN
abrj-577	73	8	intensity	intensity	NOUN
abrj-577	73	9	depends	depend	VERB
abrj-577	73	10	upon	upon	SCONJ
abrj-577	73	11	network	network	NOUN
abrj-577	73	12	topology	topology	NOUN
abrj-577	73	13	,	,	PUNCT
abrj-577	73	14	participant	participant	ADJ
abrj-577	73	15	characteristics	characteristic	NOUN
abrj-577	73	16	,	,	PUNCT
abrj-577	73	17	and	and	CCONJ
abrj-577	73	18	shock	shock	NOUN
abrj-577	73	19	magnitude	magnitude	NOUN
abrj-577	73	20	.	.	PUNCT
abrj-577	74	1	the	the	DET
abrj-577	74	2	framework	framework	NOUN
abrj-577	74	3	suggests	suggest	VERB
abrj-577	74	4	that	that	SCONJ
abrj-577	74	5	emerging	emerge	VERB
abrj-577	74	6	markets	market	NOUN
abrj-577	74	7	may	may	AUX
abrj-577	74	8	exhibit	exhibit	VERB
abrj-577	74	9	distinctive	distinctive	ADJ
abrj-577	74	10	transmission	transmission	NOUN
abrj-577	74	11	patterns	pattern	NOUN
abrj-577	74	12	due	due	ADP
abrj-577	74	13	to	to	ADP
abrj-577	74	14	concentrated	concentrated	ADJ
abrj-577	74	15	ownership	ownership	NOUN
abrj-577	74	16	structures	structure	NOUN
abrj-577	74	17	and	and	CCONJ
abrj-577	74	18	limited	limited	ADJ
abrj-577	74	19	institutional	institutional	ADJ
abrj-577	74	20	investor	investor	NOUN
abrj-577	74	21	participation	participation	NOUN
abrj-577	74	22	.	.	PUNCT
abrj-577	75	1	2.2	2.2	NUM
abrj-577	75	2	.	.	PUNCT
abrj-577	75	3	review	review	NOUN
abrj-577	75	4	of	of	ADP
abrj-577	75	5	empirical	empirical	ADJ
abrj-577	75	6	studies	study	NOUN
abrj-577	75	7	and	and	CCONJ
abrj-577	75	8	hypothesis	hypothesis	NOUN
abrj-577	75	9	development	development	NOUN
abrj-577	75	10	the	the	DET
abrj-577	75	11	empirical	empirical	ADJ
abrj-577	75	12	literature	literature	NOUN
abrj-577	75	13	examining	examine	VERB
abrj-577	75	14	herding	herd	VERB
abrj-577	75	15	behaviour	behaviour	NOUN
abrj-577	75	16	within	within	ADP
abrj-577	75	17	financial	financial	ADJ
abrj-577	75	18	markets	market	NOUN
abrj-577	75	19	has	have	AUX
abrj-577	75	20	evolved	evolve	VERB
abrj-577	75	21	substantially	substantially	ADV
abrj-577	75	22	since	since	SCONJ
abrj-577	75	23	christie	christie	PROPN
abrj-577	75	24	and	and	CCONJ
abrj-577	75	25	huang	huang	PROPN
abrj-577	75	26	's	's	PART
abrj-577	75	27	(	(	PUNCT
abrj-577	75	28	1995	1995	NUM
abrj-577	75	29	)	)	PUNCT
abrj-577	75	30	pioneering	pioneer	VERB
abrj-577	75	31	study	study	NOUN
abrj-577	75	32	,	,	PUNCT
abrj-577	75	33	which	which	PRON
abrj-577	75	34	developed	develop	VERB
abrj-577	75	35	methodologies	methodology	NOUN
abrj-577	75	36	for	for	ADP
abrj-577	75	37	detecting	detect	VERB
abrj-577	75	38	herding	herd	VERB
abrj-577	75	39	behaviour	behaviour	NOUN
abrj-577	75	40	through	through	ADP
abrj-577	75	41	cross	cross	ADJ
abrj-577	75	42	-	-	ADJ
abrj-577	75	43	sectional	sectional	ADJ
abrj-577	75	44	return	return	NOUN
abrj-577	75	45	dispersion	dispersion	NOUN
abrj-577	75	46	measures	measure	NOUN
abrj-577	75	47	.	.	PUNCT
abrj-577	76	1	their	their	PRON
abrj-577	76	2	approach	approach	NOUN
abrj-577	76	3	examines	examine	VERB
abrj-577	76	4	whether	whether	SCONJ
abrj-577	76	5	individual	individual	ADJ
abrj-577	76	6	stock	stock	NOUN
abrj-577	76	7	returns	return	NOUN
abrj-577	76	8	cluster	cluster	VERB
abrj-577	76	9	more	more	ADV
abrj-577	76	10	closely	closely	ADV
abrj-577	76	11	around	around	ADP
abrj-577	76	12	market	market	NOUN
abrj-577	76	13	averages	average	NOUN
abrj-577	76	14	during	during	ADP
abrj-577	76	15	periods	period	NOUN
abrj-577	76	16	of	of	ADP
abrj-577	76	17	market	market	NOUN
abrj-577	76	18	stress	stress	NOUN
abrj-577	76	19	,	,	PUNCT
abrj-577	76	20	interpreting	interpret	VERB
abrj-577	76	21	such	such	ADJ
abrj-577	76	22	convergence	convergence	NOUN
abrj-577	76	23	as	as	ADP
abrj-577	76	24	evidence	evidence	NOUN
abrj-577	76	25	of	of	ADP
abrj-577	76	26	herding	herd	VERB
abrj-577	76	27	behaviour	behaviour	NOUN
abrj-577	76	28	.	.	PUNCT
abrj-577	77	1	however	however	ADV
abrj-577	77	2	,	,	PUNCT
abrj-577	77	3	their	their	PRON
abrj-577	77	4	analysis	analysis	NOUN
abrj-577	77	5	of	of	ADP
abrj-577	77	6	us	us	PROPN
abrj-577	77	7	equity	equity	NOUN
abrj-577	77	8	markets	market	NOUN
abrj-577	77	9	failed	fail	VERB
abrj-577	77	10	to	to	PART
abrj-577	77	11	identify	identify	VERB
abrj-577	77	12	significant	significant	ADJ
abrj-577	77	13	herding	herding	NOUN
abrj-577	77	14	effects	effect	NOUN
abrj-577	77	15	,	,	PUNCT
abrj-577	77	16	leading	lead	VERB
abrj-577	77	17	to	to	ADP
abrj-577	77	18	initial	initial	ADJ
abrj-577	77	19	scepticism	scepticism	NOUN
abrj-577	77	20	regarding	regard	VERB
abrj-577	77	21	herding	herd	VERB
abrj-577	77	22	behaviour	behaviour	NOUN
abrj-577	77	23	's	's	PART
abrj-577	77	24	empirical	empirical	ADJ
abrj-577	77	25	relevance	relevance	NOUN
abrj-577	77	26	.	.	PUNCT
abrj-577	78	1	chang	chang	PROPN
abrj-577	78	2	et	et	PROPN
abrj-577	78	3	al	al	PROPN
abrj-577	78	4	.	.	PROPN
abrj-577	79	1	(	(	PUNCT
abrj-577	79	2	2000	2000	NUM
abrj-577	79	3	)	)	PUNCT
abrj-577	79	4	refined	refine	VERB
abrj-577	79	5	the	the	DET
abrj-577	79	6	methodological	methodological	ADJ
abrj-577	79	7	approach	approach	NOUN
abrj-577	79	8	by	by	ADP
abrj-577	79	9	developing	develop	VERB
abrj-577	79	10	more	more	ADV
abrj-577	79	11	sophisticated	sophisticated	ADJ
abrj-577	79	12	herding	herding	NOUN
abrj-577	79	13	detection	detection	NOUN
abrj-577	79	14	measures	measure	NOUN
abrj-577	79	15	that	that	PRON
abrj-577	79	16	account	account	VERB
abrj-577	79	17	for	for	ADP
abrj-577	79	18	fundamental	fundamental	ADJ
abrj-577	79	19	factors	factor	NOUN
abrj-577	79	20	influencing	influence	VERB
abrj-577	79	21	return	return	NOUN
abrj-577	79	22	dispersion	dispersion	NOUN
abrj-577	79	23	.	.	PUNCT
abrj-577	80	1	their	their	PRON
abrj-577	80	2	analysis	analysis	NOUN
abrj-577	80	3	of	of	ADP
abrj-577	80	4	developed	develop	VERB
abrj-577	80	5	markets	market	NOUN
abrj-577	80	6	confirmed	confirm	VERB
abrj-577	80	7	limited	limited	ADJ
abrj-577	80	8	herding	herding	NOUN
abrj-577	80	9	evidence	evidence	NOUN
abrj-577	80	10	,	,	PUNCT
abrj-577	80	11	yet	yet	CCONJ
abrj-577	80	12	subsequent	subsequent	ADJ
abrj-577	80	13	applications	application	NOUN
abrj-577	80	14	to	to	ADP
abrj-577	80	15	emerging	emerge	VERB
abrj-577	80	16	markets	market	NOUN
abrj-577	80	17	revealed	reveal	VERB
abrj-577	80	18	substantially	substantially	ADV
abrj-577	80	19	stronger	strong	ADJ
abrj-577	80	20	herding	herding	NOUN
abrj-577	80	21	patterns	pattern	NOUN
abrj-577	80	22	.	.	PUNCT
abrj-577	81	1	this	this	DET
abrj-577	81	2	finding	finding	NOUN
abrj-577	81	3	suggests	suggest	VERB
abrj-577	81	4	that	that	SCONJ
abrj-577	81	5	market	market	NOUN
abrj-577	81	6	development	development	NOUN
abrj-577	81	7	levels	level	NOUN
abrj-577	81	8	,	,	PUNCT
abrj-577	81	9	institutional	institutional	ADJ
abrj-577	81	10	characteristics	characteristic	NOUN
abrj-577	81	11	,	,	PUNCT
abrj-577	81	12	and	and	CCONJ
abrj-577	81	13	participant	participant	ADJ
abrj-577	81	14	composition	composition	NOUN
abrj-577	81	15	significantly	significantly	ADV
abrj-577	81	16	influence	influence	VERB
abrj-577	81	17	herding	herd	VERB
abrj-577	81	18	behaviour	behaviour	NOUN
abrj-577	81	19	intensity	intensity	NOUN
abrj-577	81	20	.	.	PUNCT
abrj-577	82	1	emerging	emerge	VERB
abrj-577	82	2	market	market	NOUN
abrj-577	82	3	studies	study	NOUN
abrj-577	82	4	have	have	AUX
abrj-577	82	5	consistently	consistently	ADV
abrj-577	82	6	documented	document	VERB
abrj-577	82	7	stronger	strong	ADJ
abrj-577	82	8	herding	herding	NOUN
abrj-577	82	9	evidence	evidence	NOUN
abrj-577	82	10	compared	compare	VERB
abrj-577	82	11	to	to	ADP
abrj-577	82	12	developed	develop	VERB
abrj-577	82	13	market	market	NOUN
abrj-577	82	14	counterparts	counterpart	NOUN
abrj-577	82	15	.	.	PUNCT
abrj-577	83	1	hwang	hwang	PROPN
abrj-577	83	2	and	and	CCONJ
abrj-577	83	3	salmon	salmon	NOUN
abrj-577	83	4	(	(	PUNCT
abrj-577	83	5	2004	2004	NUM
abrj-577	83	6	)	)	PUNCT
abrj-577	83	7	examine	examine	VERB
abrj-577	83	8	asian	asian	ADJ
abrj-577	83	9	markets	market	NOUN
abrj-577	83	10	during	during	ADP
abrj-577	83	11	the	the	DET
abrj-577	83	12	1997	1997	NUM
abrj-577	83	13	financial	financial	ADJ
abrj-577	83	14	crisis	crisis	NOUN
abrj-577	83	15	,	,	PUNCT
abrj-577	83	16	identifying	identify	VERB
abrj-577	83	17	pronounced	pronounced	ADJ
abrj-577	83	18	herding	herding	NOUN
abrj-577	83	19	behaviour	behaviour	NOUN
abrj-577	83	20	that	that	PRON
abrj-577	83	21	intensified	intensify	VERB
abrj-577	83	22	during	during	ADP
abrj-577	83	23	periods	period	NOUN
abrj-577	83	24	of	of	ADP
abrj-577	83	25	market	market	NOUN
abrj-577	83	26	stress	stress	NOUN
abrj-577	83	27	.	.	PUNCT
abrj-577	84	1	their	their	PRON
abrj-577	84	2	analysis	analysis	NOUN
abrj-577	84	3	suggests	suggest	VERB
abrj-577	84	4	that	that	SCONJ
abrj-577	84	5	herding	herd	VERB
abrj-577	84	6	behaviour	behaviour	NOUN
abrj-577	84	7	contributes	contribute	VERB
abrj-577	84	8	to	to	ADP
abrj-577	84	9	volatility	volatility	NOUN
abrj-577	84	10	amplification	amplification	NOUN
abrj-577	84	11	and	and	CCONJ
abrj-577	84	12	contagion	contagion	NOUN
abrj-577	84	13	effects	effect	NOUN
abrj-577	84	14	across	across	ADP
abrj-577	84	15	regional	regional	ADJ
abrj-577	84	16	markets	market	NOUN
abrj-577	84	17	.	.	PUNCT
abrj-577	85	1	similarly	similarly	ADV
abrj-577	85	2	,	,	PUNCT
abrj-577	85	3	tan	tan	PROPN
abrj-577	85	4	et	et	PROPN
abrj-577	85	5	al	al	PROPN
abrj-577	85	6	.	.	PROPN
abrj-577	86	1	(	(	PUNCT
abrj-577	86	2	2008	2008	NUM
abrj-577	86	3	)	)	PUNCT
abrj-577	86	4	document	document	NOUN
abrj-577	86	5	significant	significant	ADJ
abrj-577	86	6	herding	herding	NOUN
abrj-577	86	7	behaviour	behaviour	NOUN
abrj-577	86	8	within	within	ADP
abrj-577	86	9	chinese	chinese	ADJ
abrj-577	86	10	equity	equity	NOUN
abrj-577	86	11	markets	market	NOUN
abrj-577	86	12	,	,	PUNCT
abrj-577	86	13	with	with	ADP
abrj-577	86	14	effects	effect	NOUN
abrj-577	86	15	concentrated	concentrate	VERB
abrj-577	86	16	among	among	ADP
abrj-577	86	17	smaller	small	ADJ
abrj-577	86	18	capitalisation	capitalisation	NOUN
abrj-577	86	19	firms	firm	NOUN
abrj-577	86	20	and	and	CCONJ
abrj-577	86	21	during	during	ADP
abrj-577	86	22	periods	period	NOUN
abrj-577	86	23	of	of	ADP
abrj-577	86	24	heightened	heightened	ADJ
abrj-577	86	25	uncertainty	uncertainty	NOUN
abrj-577	86	26	.	.	PUNCT
abrj-577	87	1	sector	sector	NOUN
abrj-577	87	2	-	-	PUNCT
abrj-577	87	3	specific	specific	ADJ
abrj-577	87	4	analyses	analysis	NOUN
abrj-577	87	5	reveal	reveal	VERB
abrj-577	87	6	heterogeneous	heterogeneous	ADJ
abrj-577	87	7	herding	herding	NOUN
abrj-577	87	8	patterns	pattern	NOUN
abrj-577	87	9	across	across	ADP
abrj-577	87	10	different	different	ADJ
abrj-577	87	11	industry	industry	NOUN
abrj-577	87	12	classifications	classification	NOUN
abrj-577	87	13	.	.	PUNCT
abrj-577	88	1	demirer	demirer	NOUN
abrj-577	88	2	and	and	CCONJ
abrj-577	88	3	kutan	kutan	PROPN
abrj-577	88	4	(	(	PUNCT
abrj-577	88	5	2006	2006	NUM
abrj-577	88	6	)	)	PUNCT
abrj-577	88	7	examine	examine	VERB
abrj-577	88	8	herding	herd	VERB
abrj-577	88	9	behaviour	behaviour	NOUN
abrj-577	88	10	within	within	ADP
abrj-577	88	11	chinese	chinese	ADJ
abrj-577	88	12	sectoral	sectoral	ADJ
abrj-577	88	13	indices	index	NOUN
abrj-577	88	14	,	,	PUNCT
abrj-577	88	15	identifying	identify	VERB
abrj-577	88	16	stronger	strong	ADJ
abrj-577	88	17	effects	effect	NOUN
abrj-577	88	18	within	within	ADP
abrj-577	88	19	technology	technology	NOUN
abrj-577	88	20	and	and	CCONJ
abrj-577	88	21	financial	financial	ADJ
abrj-577	88	22	services	service	NOUN
abrj-577	88	23	sectors	sector	NOUN
abrj-577	88	24	compared	compare	VERB
abrj-577	88	25	to	to	ADP
abrj-577	88	26	traditional	traditional	ADJ
abrj-577	88	27	manufacturing	manufacturing	NOUN
abrj-577	88	28	industries	industry	NOUN
abrj-577	88	29	.	.	PUNCT
abrj-577	89	1	these	these	DET
abrj-577	89	2	findings	finding	NOUN
abrj-577	89	3	suggest	suggest	VERB
abrj-577	89	4	that	that	SCONJ
abrj-577	89	5	herding	herding	NOUN
abrj-577	89	6	behaviour	behaviour	NOUN
abrj-577	89	7	may	may	AUX
abrj-577	89	8	reflect	reflect	VERB
abrj-577	89	9	sector	sector	NOUN
abrj-577	89	10	-	-	PUNCT
abrj-577	89	11	specific	specific	ADJ
abrj-577	89	12	information	information	NOUN
abrj-577	89	13	processing	processing	NOUN
abrj-577	89	14	challenges	challenge	NOUN
abrj-577	89	15	or	or	CCONJ
abrj-577	89	16	institutional	institutional	ADJ
abrj-577	89	17	factors	factor	NOUN
abrj-577	89	18	that	that	PRON
abrj-577	89	19	vary	vary	VERB
abrj-577	89	20	across	across	ADP
abrj-577	89	21	industry	industry	NOUN
abrj-577	89	22	classifications	classification	NOUN
abrj-577	89	23	.	.	PUNCT
abrj-577	90	1	international	international	ADJ
abrj-577	90	2	comparisons	comparison	NOUN
abrj-577	90	3	provide	provide	VERB
abrj-577	90	4	additional	additional	ADJ
abrj-577	90	5	insights	insight	NOUN
abrj-577	90	6	into	into	ADP
abrj-577	90	7	factors	factor	NOUN
abrj-577	90	8	influencing	influence	VERB
abrj-577	90	9	herding	herd	VERB
abrj-577	90	10	behaviour	behaviour	NOUN
abrj-577	90	11	intensity	intensity	NOUN
abrj-577	90	12	.	.	PUNCT
abrj-577	91	1	chiang	chiang	PROPN
abrj-577	91	2	and	and	CCONJ
abrj-577	91	3	zheng	zheng	PROPN
abrj-577	91	4	(	(	PUNCT
abrj-577	91	5	2010	2010	NUM
abrj-577	91	6	)	)	PUNCT
abrj-577	91	7	examine	examine	VERB
abrj-577	91	8	herding	herding	NOUN
abrj-577	91	9	patterns	pattern	NOUN
abrj-577	91	10	across	across	ADP
abrj-577	91	11	18	18	NUM
abrj-577	91	12	countries	country	NOUN
abrj-577	91	13	,	,	PUNCT
abrj-577	91	14	identifying	identify	VERB
abrj-577	91	15	stronger	strong	ADJ
abrj-577	91	16	effects	effect	NOUN
abrj-577	91	17	within	within	ADP
abrj-577	91	18	emerging	emerge	VERB
abrj-577	91	19	markets	market	NOUN
abrj-577	91	20	compared	compare	VERB
abrj-577	91	21	to	to	ADP
abrj-577	91	22	developed	develop	VERB
abrj-577	91	23	counterparts	counterpart	NOUN
abrj-577	91	24	.	.	PUNCT
abrj-577	92	1	their	their	PRON
abrj-577	92	2	analysis	analysis	NOUN
abrj-577	92	3	suggests	suggest	VERB
abrj-577	92	4	that	that	SCONJ
abrj-577	92	5	institutional	institutional	ADJ
abrj-577	92	6	development	development	NOUN
abrj-577	92	7	levels	level	NOUN
abrj-577	92	8	,	,	PUNCT
abrj-577	92	9	regulatory	regulatory	ADJ
abrj-577	92	10	frameworks	framework	NOUN
abrj-577	92	11	,	,	PUNCT
abrj-577	92	12	and	and	CCONJ
abrj-577	92	13	market	market	NOUN
abrj-577	92	14	structure	structure	NOUN
abrj-577	92	15	characteristics	characteristic	NOUN
abrj-577	92	16	significantly	significantly	ADV
abrj-577	92	17	influence	influence	VERB
abrj-577	92	18	herding	herd	VERB
abrj-577	92	19	behaviour	behaviour	NOUN
abrj-577	92	20	patterns	pattern	NOUN
abrj-577	92	21	.	.	PUNCT
abrj-577	93	1	furthermore	furthermore	ADV
abrj-577	93	2	,	,	PUNCT
abrj-577	93	3	they	they	PRON
abrj-577	93	4	document	document	VERB
abrj-577	93	5	asymmetric	asymmetric	ADJ
abrj-577	93	6	herding	herding	NOUN
abrj-577	93	7	effects	effect	NOUN
abrj-577	93	8	where	where	SCONJ
abrj-577	93	9	behaviour	behaviour	NOUN
abrj-577	93	10	intensifies	intensify	VERB
abrj-577	93	11	during	during	ADP
abrj-577	93	12	market	market	NOUN
abrj-577	93	13	downturns	downturn	NOUN
abrj-577	93	14	compared	compare	VERB
abrj-577	93	15	to	to	ADP
abrj-577	93	16	upward	upward	ADJ
abrj-577	93	17	price	price	NOUN
abrj-577	93	18	movements	movement	NOUN
abrj-577	93	19	.	.	PUNCT
abrj-577	94	1	asian	asian	ADJ
abrj-577	94	2	business	business	PROPN
abrj-577	94	3	research	research	NOUN
abrj-577	94	4	journal	journal	NOUN
abrj-577	94	5	,	,	PUNCT
abrj-577	94	6	2025	2025	NUM
abrj-577	94	7	,	,	PUNCT
abrj-577	94	8	10(9	10(9	NUM
abrj-577	94	9	):	):	PUNCT
abrj-577	94	10	88	88	NUM
abrj-577	94	11	-	-	SYM
abrj-577	94	12	98	98	NUM
abrj-577	94	13	91	91	NUM
abrj-577	94	14	©	©	ADP
abrj-577	94	15	2025	2025	NUM
abrj-577	94	16	by	by	ADP
abrj-577	94	17	the	the	DET
abrj-577	94	18	authors	author	NOUN
abrj-577	94	19	;	;	PUNCT
abrj-577	94	20	licensee	licensee	NOUN
abrj-577	94	21	eastern	eastern	ADJ
abrj-577	94	22	centre	centre	NOUN
abrj-577	94	23	of	of	ADP
abrj-577	94	24	science	science	NOUN
abrj-577	94	25	and	and	CCONJ
abrj-577	94	26	education	education	NOUN
abrj-577	94	27	,	,	PUNCT
abrj-577	94	28	usa	usa	PROPN
abrj-577	94	29	the	the	DET
abrj-577	94	30	relationship	relationship	NOUN
abrj-577	94	31	between	between	ADP
abrj-577	94	32	herding	herd	VERB
abrj-577	94	33	behaviour	behaviour	NOUN
abrj-577	94	34	and	and	CCONJ
abrj-577	94	35	volatility	volatility	NOUN
abrj-577	94	36	transmission	transmission	NOUN
abrj-577	94	37	represents	represent	VERB
abrj-577	94	38	a	a	DET
abrj-577	94	39	developing	develop	VERB
abrj-577	94	40	research	research	NOUN
abrj-577	94	41	area	area	NOUN
abrj-577	94	42	with	with	ADP
abrj-577	94	43	limited	limited	ADJ
abrj-577	94	44	comprehensive	comprehensive	ADJ
abrj-577	94	45	empirical	empirical	ADJ
abrj-577	94	46	evidence	evidence	NOUN
abrj-577	94	47	.	.	PUNCT
abrj-577	95	1	philippas	philippa	NOUN
abrj-577	95	2	et	et	PROPN
abrj-577	95	3	al	al	PROPN
abrj-577	95	4	.	.	PROPN
abrj-577	96	1	(	(	PUNCT
abrj-577	96	2	2013	2013	NUM
abrj-577	96	3	)	)	PUNCT
abrj-577	96	4	examine	examine	VERB
abrj-577	96	5	greek	greek	ADJ
abrj-577	96	6	equity	equity	NOUN
abrj-577	96	7	markets	market	NOUN
abrj-577	96	8	during	during	ADP
abrj-577	96	9	the	the	DET
abrj-577	96	10	sovereign	sovereign	ADJ
abrj-577	96	11	debt	debt	NOUN
abrj-577	96	12	crisis	crisis	NOUN
abrj-577	96	13	,	,	PUNCT
abrj-577	96	14	documenting	document	VERB
abrj-577	96	15	significant	significant	ADJ
abrj-577	96	16	correlations	correlation	NOUN
abrj-577	96	17	between	between	ADP
abrj-577	96	18	herding	herd	VERB
abrj-577	96	19	measures	measure	NOUN
abrj-577	96	20	and	and	CCONJ
abrj-577	96	21	volatility	volatility	NOUN
abrj-577	96	22	indicators	indicator	NOUN
abrj-577	96	23	.	.	PUNCT
abrj-577	97	1	their	their	PRON
abrj-577	97	2	analysis	analysis	NOUN
abrj-577	97	3	suggests	suggest	VERB
abrj-577	97	4	that	that	SCONJ
abrj-577	97	5	herding	herd	VERB
abrj-577	97	6	behaviour	behaviour	NOUN
abrj-577	97	7	amplifies	amplify	VERB
abrj-577	97	8	volatility	volatility	NOUN
abrj-577	97	9	transmission	transmission	NOUN
abrj-577	97	10	while	while	SCONJ
abrj-577	97	11	reducing	reduce	VERB
abrj-577	97	12	market	market	NOUN
abrj-577	97	13	efficiency	efficiency	NOUN
abrj-577	97	14	during	during	ADP
abrj-577	97	15	periods	period	NOUN
abrj-577	97	16	of	of	ADP
abrj-577	97	17	financial	financial	ADJ
abrj-577	97	18	stress	stress	NOUN
abrj-577	97	19	.	.	PUNCT
abrj-577	98	1	firm	firm	ADJ
abrj-577	98	2	-	-	PUNCT
abrj-577	98	3	level	level	NOUN
abrj-577	98	4	characteristics	characteristic	NOUN
abrj-577	98	5	appear	appear	VERB
abrj-577	98	6	to	to	PART
abrj-577	98	7	influence	influence	VERB
abrj-577	98	8	herding	herd	VERB
abrj-577	98	9	behaviour	behaviour	NOUN
abrj-577	98	10	susceptibility	susceptibility	NOUN
abrj-577	98	11	significantly	significantly	ADV
abrj-577	98	12	.	.	PUNCT
abrj-577	99	1	smaller	small	ADJ
abrj-577	99	2	capitalisation	capitalisation	NOUN
abrj-577	99	3	firms	firm	NOUN
abrj-577	99	4	consistently	consistently	ADV
abrj-577	99	5	demonstrate	demonstrate	VERB
abrj-577	99	6	stronger	strong	ADJ
abrj-577	99	7	herding	herding	NOUN
abrj-577	99	8	effects	effect	NOUN
abrj-577	99	9	compared	compare	VERB
abrj-577	99	10	to	to	ADP
abrj-577	99	11	larger	large	ADJ
abrj-577	99	12	counterparts	counterpart	NOUN
abrj-577	99	13	,	,	PUNCT
abrj-577	99	14	suggesting	suggest	VERB
abrj-577	99	15	that	that	SCONJ
abrj-577	99	16	informational	informational	ADJ
abrj-577	99	17	asymmetries	asymmetry	NOUN
abrj-577	99	18	and	and	CCONJ
abrj-577	99	19	liquidity	liquidity	NOUN
abrj-577	99	20	constraints	constraint	NOUN
abrj-577	99	21	enhance	enhance	VERB
abrj-577	99	22	herding	herd	VERB
abrj-577	99	23	behaviour	behaviour	NOUN
abrj-577	99	24	intensity	intensity	NOUN
abrj-577	99	25	(	(	PUNCT
abrj-577	99	26	kumar	kumar	PROPN
abrj-577	99	27	&	&	CCONJ
abrj-577	99	28	lee	lee	PROPN
abrj-577	99	29	,	,	PUNCT
abrj-577	99	30	2006	2006	NUM
abrj-577	99	31	)	)	PUNCT
abrj-577	99	32	.	.	PUNCT
abrj-577	100	1	additionally	additionally	ADV
abrj-577	100	2	,	,	PUNCT
abrj-577	100	3	firms	firm	NOUN
abrj-577	100	4	with	with	ADP
abrj-577	100	5	limited	limited	ADJ
abrj-577	100	6	analyst	analyst	NOUN
abrj-577	100	7	coverage	coverage	NOUN
abrj-577	100	8	exhibit	exhibit	VERB
abrj-577	100	9	stronger	strong	ADJ
abrj-577	100	10	herding	herding	NOUN
abrj-577	100	11	patterns	pattern	NOUN
abrj-577	100	12	,	,	PUNCT
abrj-577	100	13	supporting	support	VERB
abrj-577	100	14	theoretical	theoretical	ADJ
abrj-577	100	15	predictions	prediction	NOUN
abrj-577	100	16	regarding	regard	VERB
abrj-577	100	17	information	information	NOUN
abrj-577	100	18	processing	processing	NOUN
abrj-577	100	19	challenges	challenge	NOUN
abrj-577	100	20	.	.	PUNCT
abrj-577	101	1	temporal	temporal	ADJ
abrj-577	101	2	analysis	analysis	NOUN
abrj-577	101	3	reveals	reveal	VERB
abrj-577	101	4	that	that	SCONJ
abrj-577	101	5	herding	herd	VERB
abrj-577	101	6	behaviour	behaviour	NOUN
abrj-577	101	7	exhibits	exhibit	VERB
abrj-577	101	8	cyclical	cyclical	ADJ
abrj-577	101	9	patterns	pattern	NOUN
abrj-577	101	10	correlated	correlate	VERB
abrj-577	101	11	with	with	ADP
abrj-577	101	12	market	market	NOUN
abrj-577	101	13	conditions	condition	NOUN
abrj-577	101	14	and	and	CCONJ
abrj-577	101	15	economic	economic	ADJ
abrj-577	101	16	cycles	cycle	NOUN
abrj-577	101	17	.	.	PUNCT
abrj-577	102	1	herding	herd	VERB
abrj-577	102	2	intensity	intensity	NOUN
abrj-577	102	3	typically	typically	ADV
abrj-577	102	4	increases	increase	VERB
abrj-577	102	5	during	during	ADP
abrj-577	102	6	periods	period	NOUN
abrj-577	102	7	of	of	ADP
abrj-577	102	8	macroeconomic	macroeconomic	ADJ
abrj-577	102	9	uncertainty	uncertainty	NOUN
abrj-577	102	10	,	,	PUNCT
abrj-577	102	11	financial	financial	ADJ
abrj-577	102	12	market	market	NOUN
abrj-577	102	13	stress	stress	NOUN
abrj-577	102	14	,	,	PUNCT
abrj-577	102	15	and	and	CCONJ
abrj-577	102	16	regulatory	regulatory	ADJ
abrj-577	102	17	changes	change	NOUN
abrj-577	102	18	(	(	PUNCT
abrj-577	102	19	caparrelli	caparrelli	PROPN
abrj-577	102	20	et	et	PROPN
abrj-577	102	21	al	al	PROPN
abrj-577	102	22	.	.	PROPN
abrj-577	102	23	,	,	PUNCT
abrj-577	102	24	2004	2004	NUM
abrj-577	102	25	)	)	PUNCT
abrj-577	102	26	.	.	PUNCT
abrj-577	103	1	these	these	DET
abrj-577	103	2	findings	finding	NOUN
abrj-577	103	3	suggest	suggest	VERB
abrj-577	103	4	that	that	SCONJ
abrj-577	103	5	herding	herding	NOUN
abrj-577	103	6	behaviour	behaviour	NOUN
abrj-577	103	7	represents	represent	VERB
abrj-577	103	8	adaptive	adaptive	ADJ
abrj-577	103	9	responses	response	NOUN
abrj-577	103	10	to	to	ADP
abrj-577	103	11	environmental	environmental	ADJ
abrj-577	103	12	uncertainty	uncertainty	NOUN
abrj-577	103	13	rather	rather	ADV
abrj-577	103	14	than	than	ADP
abrj-577	103	15	purely	purely	ADV
abrj-577	103	16	irrational	irrational	ADJ
abrj-577	103	17	phenomena	phenomenon	NOUN
abrj-577	103	18	.	.	PUNCT
abrj-577	104	1	within	within	ADP
abrj-577	104	2	vietnamese	vietnamese	ADJ
abrj-577	104	3	market	market	NOUN
abrj-577	104	4	contexts	contexts	NOUN
abrj-577	104	5	,	,	PUNCT
abrj-577	104	6	limited	limited	ADJ
abrj-577	104	7	empirical	empirical	ADJ
abrj-577	104	8	evidence	evidence	NOUN
abrj-577	104	9	exists	exist	VERB
abrj-577	104	10	regarding	regard	VERB
abrj-577	104	11	herding	herd	VERB
abrj-577	104	12	behaviour	behaviour	NOUN
abrj-577	104	13	and	and	CCONJ
abrj-577	104	14	its	its	PRON
abrj-577	104	15	relationship	relationship	NOUN
abrj-577	104	16	with	with	ADP
abrj-577	104	17	volatility	volatility	NOUN
abrj-577	104	18	transmission	transmission	NOUN
abrj-577	104	19	mechanisms	mechanism	NOUN
abrj-577	104	20	.	.	PUNCT
abrj-577	105	1	vo	vo	PROPN
abrj-577	105	2	and	and	CCONJ
abrj-577	105	3	phan	phan	PROPN
abrj-577	105	4	(	(	PUNCT
abrj-577	105	5	2017	2017	NUM
abrj-577	105	6	)	)	PUNCT
abrj-577	105	7	provide	provide	VERB
abrj-577	105	8	preliminary	preliminary	ADJ
abrj-577	105	9	evidence	evidence	NOUN
abrj-577	105	10	of	of	ADP
abrj-577	105	11	herding	herd	VERB
abrj-577	105	12	behaviour	behaviour	NOUN
abrj-577	105	13	within	within	ADP
abrj-577	105	14	vietnamese	vietnamese	ADJ
abrj-577	105	15	equity	equity	NOUN
abrj-577	105	16	markets	market	NOUN
abrj-577	105	17	,	,	PUNCT
abrj-577	105	18	identifying	identify	VERB
abrj-577	105	19	stronger	strong	ADJ
abrj-577	105	20	effects	effect	NOUN
abrj-577	105	21	during	during	ADP
abrj-577	105	22	crisis	crisis	NOUN
abrj-577	105	23	periods	period	NOUN
abrj-577	105	24	and	and	CCONJ
abrj-577	105	25	among	among	ADP
abrj-577	105	26	smaller	small	ADJ
abrj-577	105	27	capitalisation	capitalisation	NOUN
abrj-577	105	28	firms	firm	NOUN
abrj-577	105	29	.	.	PUNCT
abrj-577	106	1	however	however	ADV
abrj-577	106	2	,	,	PUNCT
abrj-577	106	3	their	their	PRON
abrj-577	106	4	analysis	analysis	NOUN
abrj-577	106	5	does	do	AUX
abrj-577	106	6	not	not	PART
abrj-577	106	7	examine	examine	VERB
abrj-577	106	8	volatility	volatility	NOUN
abrj-577	106	9	transmission	transmission	NOUN
abrj-577	106	10	mechanisms	mechanism	NOUN
abrj-577	106	11	or	or	CCONJ
abrj-577	106	12	employ	employ	VERB
abrj-577	106	13	advanced	advanced	ADJ
abrj-577	106	14	panel	panel	NOUN
abrj-577	106	15	data	datum	NOUN
abrj-577	106	16	methodologies	methodology	NOUN
abrj-577	106	17	to	to	PART
abrj-577	106	18	address	address	VERB
abrj-577	106	19	endogeneity	endogeneity	NOUN
abrj-577	106	20	concerns	concern	NOUN
abrj-577	106	21	.	.	PUNCT
abrj-577	107	1	based	base	VERB
abrj-577	107	2	upon	upon	SCONJ
abrj-577	107	3	theoretical	theoretical	ADJ
abrj-577	107	4	foundations	foundation	NOUN
abrj-577	107	5	and	and	CCONJ
abrj-577	107	6	empirical	empirical	ADJ
abrj-577	107	7	evidence	evidence	NOUN
abrj-577	107	8	from	from	ADP
abrj-577	107	9	comparable	comparable	ADJ
abrj-577	107	10	emerging	emerge	VERB
abrj-577	107	11	markets	market	NOUN
abrj-577	107	12	,	,	PUNCT
abrj-577	107	13	this	this	DET
abrj-577	107	14	study	study	NOUN
abrj-577	107	15	develops	develop	VERB
abrj-577	107	16	several	several	ADJ
abrj-577	107	17	testable	testable	ADJ
abrj-577	107	18	hypotheses	hypothesis	NOUN
abrj-577	107	19	regarding	regard	VERB
abrj-577	107	20	herding	herd	VERB
abrj-577	107	21	behaviour	behaviour	NOUN
abrj-577	107	22	's	's	PART
abrj-577	107	23	impact	impact	NOUN
abrj-577	107	24	upon	upon	SCONJ
abrj-577	107	25	volatility	volatility	NOUN
abrj-577	107	26	transmission	transmission	NOUN
abrj-577	107	27	within	within	ADP
abrj-577	107	28	vietnamese	vietnamese	ADJ
abrj-577	107	29	equity	equity	NOUN
abrj-577	107	30	markets	market	NOUN
abrj-577	107	31	:	:	PUNCT
abrj-577	107	32	hypothesis	hypothesis	NOUN
abrj-577	107	33	1	1	NUM
abrj-577	107	34	:	:	PUNCT
abrj-577	107	35	herding	herd	VERB
abrj-577	107	36	behaviour	behaviour	NOUN
abrj-577	107	37	significantly	significantly	ADV
abrj-577	107	38	influences	influence	VERB
abrj-577	107	39	stock	stock	NOUN
abrj-577	107	40	price	price	NOUN
abrj-577	107	41	volatility	volatility	NOUN
abrj-577	107	42	within	within	ADP
abrj-577	107	43	vietnamese	vietnamese	ADJ
abrj-577	107	44	equity	equity	NOUN
abrj-577	107	45	markets	market	NOUN
abrj-577	107	46	,	,	PUNCT
abrj-577	107	47	with	with	ADP
abrj-577	107	48	stronger	strong	ADJ
abrj-577	107	49	effects	effect	NOUN
abrj-577	107	50	observed	observe	VERB
abrj-577	107	51	during	during	ADP
abrj-577	107	52	periods	period	NOUN
abrj-577	107	53	of	of	ADP
abrj-577	107	54	market	market	NOUN
abrj-577	107	55	stress	stress	NOUN
abrj-577	107	56	.	.	PUNCT
abrj-577	108	1	the	the	DET
abrj-577	108	2	theoretical	theoretical	ADJ
abrj-577	108	3	foundation	foundation	NOUN
abrj-577	108	4	draws	draw	VERB
abrj-577	108	5	upon	upon	SCONJ
abrj-577	108	6	behavioural	behavioural	ADJ
abrj-577	108	7	finance	finance	NOUN
abrj-577	108	8	theory	theory	NOUN
abrj-577	108	9	suggesting	suggest	VERB
abrj-577	108	10	that	that	SCONJ
abrj-577	108	11	collective	collective	ADJ
abrj-577	108	12	investor	investor	NOUN
abrj-577	108	13	behaviour	behaviour	NOUN
abrj-577	108	14	generates	generate	VERB
abrj-577	108	15	volatility	volatility	NOUN
abrj-577	108	16	patterns	pattern	NOUN
abrj-577	108	17	that	that	PRON
abrj-577	108	18	deviate	deviate	VERB
abrj-577	108	19	from	from	ADP
abrj-577	108	20	fundamental	fundamental	ADJ
abrj-577	108	21	value	value	NOUN
abrj-577	108	22	changes	change	NOUN
abrj-577	108	23	.	.	PUNCT
abrj-577	109	1	empirical	empirical	ADJ
abrj-577	109	2	evidence	evidence	NOUN
abrj-577	109	3	from	from	ADP
abrj-577	109	4	comparable	comparable	ADJ
abrj-577	109	5	emerging	emerge	VERB
abrj-577	109	6	markets	market	NOUN
abrj-577	109	7	supports	support	VERB
abrj-577	109	8	this	this	DET
abrj-577	109	9	prediction	prediction	NOUN
abrj-577	109	10	,	,	PUNCT
abrj-577	109	11	while	while	SCONJ
abrj-577	109	12	vietnamese	vietnamese	ADJ
abrj-577	109	13	market	market	NOUN
abrj-577	109	14	characteristics	characteristic	NOUN
abrj-577	109	15	suggest	suggest	VERB
abrj-577	109	16	enhanced	enhance	VERB
abrj-577	109	17	herding	herding	NOUN
abrj-577	109	18	effects	effect	NOUN
abrj-577	109	19	due	due	ADJ
abrj-577	109	20	to	to	ADP
abrj-577	109	21	retail	retail	ADJ
abrj-577	109	22	investor	investor	NOUN
abrj-577	109	23	predominance	predominance	NOUN
abrj-577	109	24	and	and	CCONJ
abrj-577	109	25	limited	limited	ADJ
abrj-577	109	26	institutional	institutional	ADJ
abrj-577	109	27	arbitrage	arbitrage	NOUN
abrj-577	109	28	mechanisms	mechanism	NOUN
abrj-577	109	29	.	.	PUNCT
abrj-577	110	1	hypothesis	hypothesis	NOUN
abrj-577	110	2	2	2	NUM
abrj-577	110	3	:	:	PUNCT
abrj-577	110	4	the	the	DET
abrj-577	110	5	relationship	relationship	NOUN
abrj-577	110	6	between	between	ADP
abrj-577	110	7	herding	herd	VERB
abrj-577	110	8	behaviour	behaviour	NOUN
abrj-577	110	9	and	and	CCONJ
abrj-577	110	10	volatility	volatility	NOUN
abrj-577	110	11	exhibits	exhibit	VERB
abrj-577	110	12	asymmetric	asymmetric	ADJ
abrj-577	110	13	patterns	pattern	NOUN
abrj-577	110	14	,	,	PUNCT
abrj-577	110	15	with	with	ADP
abrj-577	110	16	stronger	strong	ADJ
abrj-577	110	17	effects	effect	NOUN
abrj-577	110	18	observed	observe	VERB
abrj-577	110	19	for	for	ADP
abrj-577	110	20	smaller	small	ADJ
abrj-577	110	21	capitalisation	capitalisation	NOUN
abrj-577	110	22	firms	firm	NOUN
abrj-577	110	23	compared	compare	VERB
abrj-577	110	24	to	to	ADP
abrj-577	110	25	larger	large	ADJ
abrj-577	110	26	counterparts	counterpart	NOUN
abrj-577	110	27	.	.	PUNCT
abrj-577	111	1	this	this	DET
abrj-577	111	2	hypothesis	hypothesis	NOUN
abrj-577	111	3	reflects	reflect	VERB
abrj-577	111	4	theoretical	theoretical	ADJ
abrj-577	111	5	predictions	prediction	NOUN
abrj-577	111	6	regarding	regard	VERB
abrj-577	111	7	information	information	NOUN
abrj-577	111	8	asymmetries	asymmetry	NOUN
abrj-577	111	9	and	and	CCONJ
abrj-577	111	10	liquidity	liquidity	NOUN
abrj-577	111	11	constraints	constraint	NOUN
abrj-577	111	12	that	that	PRON
abrj-577	111	13	vary	vary	VERB
abrj-577	111	14	systematically	systematically	ADV
abrj-577	111	15	across	across	ADP
abrj-577	111	16	firm	firm	ADJ
abrj-577	111	17	size	size	NOUN
abrj-577	111	18	classifications	classification	NOUN
abrj-577	111	19	.	.	PUNCT
abrj-577	112	1	smaller	small	ADJ
abrj-577	112	2	firms	firm	NOUN
abrj-577	112	3	typically	typically	ADV
abrj-577	112	4	face	face	VERB
abrj-577	112	5	greater	great	ADJ
abrj-577	112	6	informational	informational	ADJ
abrj-577	112	7	challenges	challenge	NOUN
abrj-577	112	8	and	and	CCONJ
abrj-577	112	9	reduced	reduce	VERB
abrj-577	112	10	analyst	analyst	NOUN
abrj-577	112	11	coverage	coverage	NOUN
abrj-577	112	12	,	,	PUNCT
abrj-577	112	13	creating	create	VERB
abrj-577	112	14	environments	environment	NOUN
abrj-577	112	15	where	where	SCONJ
abrj-577	112	16	herding	herding	NOUN
abrj-577	112	17	behaviour	behaviour	NOUN
abrj-577	112	18	should	should	AUX
abrj-577	112	19	exhibit	exhibit	VERB
abrj-577	112	20	enhanced	enhanced	ADJ
abrj-577	112	21	impact	impact	NOUN
abrj-577	112	22	upon	upon	SCONJ
abrj-577	112	23	volatility	volatility	NOUN
abrj-577	112	24	transmission	transmission	NOUN
abrj-577	112	25	.	.	PUNCT
abrj-577	113	1	hypothesis	hypothesis	NOUN
abrj-577	113	2	3	3	NUM
abrj-577	113	3	:	:	PUNCT
abrj-577	113	4	sectoral	sectoral	ADJ
abrj-577	113	5	heterogeneity	heterogeneity	NOUN
abrj-577	113	6	characterises	characterise	VERB
abrj-577	113	7	the	the	DET
abrj-577	113	8	relationship	relationship	NOUN
abrj-577	113	9	between	between	ADP
abrj-577	113	10	herding	herd	VERB
abrj-577	113	11	behaviour	behaviour	NOUN
abrj-577	113	12	and	and	CCONJ
abrj-577	113	13	volatility	volatility	NOUN
abrj-577	113	14	transmission	transmission	NOUN
abrj-577	113	15	,	,	PUNCT
abrj-577	113	16	with	with	ADP
abrj-577	113	17	technology	technology	NOUN
abrj-577	113	18	and	and	CCONJ
abrj-577	113	19	financial	financial	ADJ
abrj-577	113	20	services	service	NOUN
abrj-577	113	21	sectors	sector	NOUN
abrj-577	113	22	exhibiting	exhibit	VERB
abrj-577	113	23	stronger	strong	ADJ
abrj-577	113	24	effects	effect	NOUN
abrj-577	113	25	compared	compare	VERB
abrj-577	113	26	to	to	ADP
abrj-577	113	27	traditional	traditional	ADJ
abrj-577	113	28	manufacturing	manufacturing	NOUN
abrj-577	113	29	industries	industry	NOUN
abrj-577	113	30	.	.	PUNCT
abrj-577	114	1	theoretical	theoretical	ADJ
abrj-577	114	2	foundations	foundation	NOUN
abrj-577	114	3	suggest	suggest	VERB
abrj-577	114	4	that	that	SCONJ
abrj-577	114	5	herding	herd	VERB
abrj-577	114	6	behaviour	behaviour	NOUN
abrj-577	114	7	intensity	intensity	NOUN
abrj-577	114	8	depends	depend	VERB
abrj-577	114	9	upon	upon	SCONJ
abrj-577	114	10	information	information	NOUN
abrj-577	114	11	processing	processing	NOUN
abrj-577	114	12	complexities	complexity	NOUN
abrj-577	114	13	and	and	CCONJ
abrj-577	114	14	institutional	institutional	ADJ
abrj-577	114	15	characteristics	characteristic	NOUN
abrj-577	114	16	that	that	PRON
abrj-577	114	17	vary	vary	VERB
abrj-577	114	18	across	across	ADP
abrj-577	114	19	sector	sector	NOUN
abrj-577	114	20	classifications	classification	NOUN
abrj-577	114	21	.	.	PUNCT
abrj-577	115	1	technology	technology	NOUN
abrj-577	115	2	and	and	CCONJ
abrj-577	115	3	financial	financial	ADJ
abrj-577	115	4	services	service	NOUN
abrj-577	115	5	sectors	sector	NOUN
abrj-577	115	6	face	face	VERB
abrj-577	115	7	greater	great	ADJ
abrj-577	115	8	valuation	valuation	NOUN
abrj-577	115	9	uncertainties	uncertainty	NOUN
abrj-577	115	10	and	and	CCONJ
abrj-577	115	11	regulatory	regulatory	ADJ
abrj-577	115	12	changes	change	NOUN
abrj-577	115	13	,	,	PUNCT
abrj-577	115	14	creating	create	VERB
abrj-577	115	15	conditions	condition	NOUN
abrj-577	115	16	conducive	conducive	ADJ
abrj-577	115	17	to	to	ADP
abrj-577	115	18	enhanced	enhanced	ADJ
abrj-577	115	19	herding	herding	NOUN
abrj-577	115	20	effects	effect	NOUN
abrj-577	115	21	.	.	PUNCT
abrj-577	116	1	hypothesis	hypothesis	NOUN
abrj-577	116	2	4	4	NUM
abrj-577	116	3	:	:	PUNCT
abrj-577	116	4	herding	herd	VERB
abrj-577	116	5	behaviour	behaviour	NOUN
abrj-577	116	6	's	's	PART
abrj-577	116	7	impact	impact	NOUN
abrj-577	116	8	upon	upon	SCONJ
abrj-577	116	9	volatility	volatility	NOUN
abrj-577	116	10	transmission	transmission	NOUN
abrj-577	116	11	exhibits	exhibit	VERB
abrj-577	116	12	temporal	temporal	ADJ
abrj-577	116	13	variation	variation	NOUN
abrj-577	116	14	,	,	PUNCT
abrj-577	116	15	with	with	ADP
abrj-577	116	16	effects	effect	NOUN
abrj-577	116	17	intensifying	intensify	VERB
abrj-577	116	18	during	during	ADP
abrj-577	116	19	periods	period	NOUN
abrj-577	116	20	of	of	ADP
abrj-577	116	21	macroeconomic	macroeconomic	ADJ
abrj-577	116	22	uncertainty	uncertainty	NOUN
abrj-577	116	23	and	and	CCONJ
abrj-577	116	24	market	market	NOUN
abrj-577	116	25	stress	stress	NOUN
abrj-577	116	26	.	.	PUNCT
abrj-577	117	1	this	this	DET
abrj-577	117	2	prediction	prediction	NOUN
abrj-577	117	3	draws	draw	VERB
abrj-577	117	4	upon	upon	SCONJ
abrj-577	117	5	theoretical	theoretical	ADJ
abrj-577	117	6	perspectives	perspective	NOUN
abrj-577	117	7	emphasising	emphasise	VERB
abrj-577	117	8	environmental	environmental	ADJ
abrj-577	117	9	uncertainty	uncertainty	NOUN
abrj-577	117	10	's	's	PART
abrj-577	117	11	role	role	NOUN
abrj-577	117	12	in	in	ADP
abrj-577	117	13	generating	generate	VERB
abrj-577	117	14	herding	herding	NOUN
abrj-577	117	15	behaviour	behaviour	NOUN
abrj-577	117	16	.	.	PUNCT
abrj-577	118	1	during	during	ADP
abrj-577	118	2	stable	stable	ADJ
abrj-577	118	3	periods	period	NOUN
abrj-577	118	4	,	,	PUNCT
abrj-577	118	5	fundamental	fundamental	ADJ
abrj-577	118	6	analysis	analysis	NOUN
abrj-577	118	7	may	may	AUX
abrj-577	118	8	dominate	dominate	VERB
abrj-577	118	9	investment	investment	NOUN
abrj-577	118	10	decisions	decision	NOUN
abrj-577	118	11	,	,	PUNCT
abrj-577	118	12	while	while	SCONJ
abrj-577	118	13	uncertainty	uncertainty	NOUN
abrj-577	118	14	periods	period	VERB
abrj-577	118	15	enhance	enhance	VERB
abrj-577	118	16	reliance	reliance	NOUN
abrj-577	118	17	upon	upon	SCONJ
abrj-577	118	18	social	social	ADJ
abrj-577	118	19	information	information	NOUN
abrj-577	118	20	sources	source	NOUN
abrj-577	118	21	and	and	CCONJ
abrj-577	118	22	collective	collective	ADJ
abrj-577	118	23	behaviour	behaviour	NOUN
abrj-577	118	24	patterns	pattern	NOUN
abrj-577	118	25	.	.	PUNCT
abrj-577	119	1	3	3	X
abrj-577	119	2	.	.	X
abrj-577	119	3	research	research	NOUN
abrj-577	119	4	methodology	methodology	NOUN
abrj-577	119	5	3.1	3.1	NUM
abrj-577	119	6	.	.	PUNCT
abrj-577	119	7	model	model	NOUN
abrj-577	119	8	specification	specification	NOUN
abrj-577	119	9	this	this	DET
abrj-577	119	10	study	study	NOUN
abrj-577	119	11	employs	employ	VERB
abrj-577	119	12	a	a	DET
abrj-577	119	13	comprehensive	comprehensive	ADJ
abrj-577	119	14	panel	panel	NOUN
abrj-577	119	15	data	datum	NOUN
abrj-577	119	16	framework	framework	NOUN
abrj-577	119	17	to	to	PART
abrj-577	119	18	examine	examine	VERB
abrj-577	119	19	the	the	DET
abrj-577	119	20	relationship	relationship	NOUN
abrj-577	119	21	between	between	ADP
abrj-577	119	22	herding	herd	VERB
abrj-577	119	23	behaviour	behaviour	NOUN
abrj-577	119	24	and	and	CCONJ
abrj-577	119	25	volatility	volatility	NOUN
abrj-577	119	26	transmission	transmission	NOUN
abrj-577	119	27	mechanisms	mechanism	NOUN
abrj-577	119	28	within	within	ADP
abrj-577	119	29	vietnamese	vietnamese	ADJ
abrj-577	119	30	equity	equity	NOUN
abrj-577	119	31	markets	market	NOUN
abrj-577	119	32	.	.	PUNCT
abrj-577	120	1	the	the	DET
abrj-577	120	2	baseline	baseline	PROPN
abrj-577	120	3	econometric	econometric	ADJ
abrj-577	120	4	specification	specification	NOUN
abrj-577	120	5	captures	capture	VERB
abrj-577	120	6	cross	cross	ADJ
abrj-577	120	7	-	-	ADJ
abrj-577	120	8	sectional	sectional	ADJ
abrj-577	120	9	heterogeneity	heterogeneity	NOUN
abrj-577	120	10	whilst	whilst	SCONJ
abrj-577	120	11	controlling	control	VERB
abrj-577	120	12	for	for	ADP
abrj-577	120	13	temporal	temporal	ADJ
abrj-577	120	14	dynamics	dynamic	NOUN
abrj-577	120	15	and	and	CCONJ
abrj-577	120	16	firm	firm	ADJ
abrj-577	120	17	-	-	PUNCT
abrj-577	120	18	specific	specific	ADJ
abrj-577	120	19	characteristics	characteristic	NOUN
abrj-577	120	20	that	that	PRON
abrj-577	120	21	potentially	potentially	ADV
abrj-577	120	22	influence	influence	VERB
abrj-577	120	23	the	the	DET
abrj-577	120	24	herding	herding	NOUN
abrj-577	120	25	-	-	PUNCT
abrj-577	120	26	volatility	volatility	NOUN
abrj-577	120	27	relationship	relationship	NOUN
abrj-577	120	28	.	.	PUNCT
abrj-577	121	1	the	the	DET
abrj-577	121	2	primary	primary	ADJ
abrj-577	121	3	econometric	econometric	ADJ
abrj-577	121	4	model	model	NOUN
abrj-577	121	5	specification	specification	NOUN
abrj-577	121	6	follows	follow	VERB
abrj-577	121	7	the	the	DET
abrj-577	121	8	general	general	ADJ
abrj-577	121	9	form	form	NOUN
abrj-577	121	10	:	:	PUNCT
abrj-577	121	11	voli	voli	PROPN
abrj-577	121	12	,	,	PUNCT
abrj-577	121	13	t	t	PROPN
abrj-577	121	14	=	=	SYM
abrj-577	121	15	α₀	α₀	PROPN
abrj-577	121	16	+	+	PROPN
abrj-577	122	1	β₁herdi	β₁herdi	PROPN
abrj-577	122	2	,	,	PUNCT
abrj-577	122	3	t-1	t-1	PROPN
abrj-577	122	4	+	+	CCONJ
abrj-577	122	5	β₂sizei	β₂sizei	NOUN
abrj-577	122	6	,	,	PUNCT
abrj-577	122	7	t	t	PROPN
abrj-577	123	1	+	+	CCONJ
abrj-577	123	2	β₃turni	β₃turni	NUM
abrj-577	123	3	,	,	PUNCT
abrj-577	123	4	t	t	PROPN
abrj-577	123	5	+	+	CCONJ
abrj-577	123	6	β₄reti	β₄reti	PROPN
abrj-577	123	7	,	,	PUNCT
abrj-577	123	8	t-1	t-1	PROPN
abrj-577	123	9	+	+	CCONJ
abrj-577	123	10	β₅levi	β₅levi	ADJ
abrj-577	123	11	,	,	PUNCT
abrj-577	123	12	t	t	NOUN
abrj-577	123	13	+	+	CCONJ
abrj-577	123	14	β₆agei	β₆agei	NUM
abrj-577	123	15	,	,	PUNCT
abrj-577	123	16	t	t	NOUN
abrj-577	123	17	+	+	X
abrj-577	123	18	μᵢ	μᵢ	PROPN
abrj-577	123	19	+	+	NUM
abrj-577	123	20	λₜ	λₜ	PROPN
abrj-577	123	21	+	+	CCONJ
abrj-577	123	22	εi	εi	ADJ
abrj-577	123	23	,	,	PUNCT
abrj-577	123	24	t	t	NOUN
abrj-577	123	25	where	where	SCONJ
abrj-577	123	26	:	:	PUNCT
abrj-577	123	27	•	•	NUM
abrj-577	123	28	voli	voli	PROPN
abrj-577	123	29	,	,	PUNCT
abrj-577	123	30	t	t	PROPN
abrj-577	123	31	represents	represent	VERB
abrj-577	123	32	the	the	DET
abrj-577	123	33	conditional	conditional	ADJ
abrj-577	123	34	volatility	volatility	NOUN
abrj-577	123	35	measure	measure	NOUN
abrj-577	123	36	for	for	ADP
abrj-577	123	37	firm	firm	ADJ
abrj-577	123	38	i	i	PRON
abrj-577	123	39	at	at	ADP
abrj-577	123	40	time	time	NOUN
abrj-577	123	41	t	t	PROPN
abrj-577	123	42	,	,	PUNCT
abrj-577	123	43	calculated	calculate	VERB
abrj-577	123	44	using	use	VERB
abrj-577	123	45	garch(1,1	garch(1,1	NOUN
abrj-577	123	46	)	)	PUNCT
abrj-577	123	47	specifications	specification	NOUN
abrj-577	123	48	applied	apply	VERB
abrj-577	123	49	to	to	ADP
abrj-577	123	50	daily	daily	ADJ
abrj-577	123	51	stock	stock	NOUN
abrj-577	123	52	returns	return	NOUN
abrj-577	123	53	over	over	ADP
abrj-577	123	54	monthly	monthly	ADJ
abrj-577	123	55	rolling	rolling	ADJ
abrj-577	123	56	windows	window	NOUN
abrj-577	123	57	•	•	ADP
abrj-577	123	58	herdi	herdi	NOUN
abrj-577	123	59	,	,	PUNCT
abrj-577	123	60	t-1	t-1	PROPN
abrj-577	123	61	denotes	denote	VERB
abrj-577	123	62	the	the	DET
abrj-577	123	63	lagged	lag	VERB
abrj-577	123	64	herding	herding	NOUN
abrj-577	123	65	behaviour	behaviour	NOUN
abrj-577	123	66	measure	measure	NOUN
abrj-577	123	67	constructed	construct	VERB
abrj-577	123	68	following	follow	VERB
abrj-577	123	69	chang	chang	PROPN
abrj-577	123	70	et	et	PROPN
abrj-577	123	71	al	al	PROPN
abrj-577	123	72	.	.	PROPN
abrj-577	124	1	(	(	PUNCT
abrj-577	124	2	2000	2000	NUM
abrj-577	124	3	)	)	PUNCT
abrj-577	124	4	methodology	methodology	NOUN
abrj-577	124	5	,	,	PUNCT
abrj-577	124	6	capturing	capture	VERB
abrj-577	124	7	cross	cross	ADJ
abrj-577	124	8	-	-	ADJ
abrj-577	124	9	sectional	sectional	ADJ
abrj-577	124	10	return	return	NOUN
abrj-577	124	11	dispersion	dispersion	NOUN
abrj-577	124	12	relative	relative	ADJ
abrj-577	124	13	to	to	ADP
abrj-577	124	14	market	market	NOUN
abrj-577	124	15	movements	movement	NOUN
abrj-577	124	16	•	•	DET
abrj-577	124	17	sizei	sizei	NOUN
abrj-577	124	18	,	,	PUNCT
abrj-577	124	19	t	t	PROPN
abrj-577	124	20	represents	represent	VERB
abrj-577	124	21	firm	firm	ADJ
abrj-577	124	22	size	size	NOUN
abrj-577	124	23	measured	measure	VERB
abrj-577	124	24	as	as	ADP
abrj-577	124	25	the	the	DET
abrj-577	124	26	natural	natural	ADJ
abrj-577	124	27	logarithm	logarithm	NOUN
abrj-577	124	28	of	of	ADP
abrj-577	124	29	market	market	NOUN
abrj-577	124	30	capitalisation	capitalisation	NOUN
abrj-577	124	31	in	in	ADP
abrj-577	124	32	vietnamese	vietnamese	ADJ
abrj-577	124	33	dong	dong	PROPN
abrj-577	124	34	•	•	ADP
abrj-577	124	35	turni	turni	PROPN
abrj-577	124	36	,	,	PUNCT
abrj-577	124	37	t	t	PROPN
abrj-577	124	38	captures	capture	VERB
abrj-577	124	39	trading	trading	NOUN
abrj-577	124	40	intensity	intensity	NOUN
abrj-577	124	41	through	through	ADP
abrj-577	124	42	turnover	turnover	NOUN
abrj-577	124	43	ratios	ratio	NOUN
abrj-577	124	44	calculated	calculate	VERB
abrj-577	124	45	as	as	ADP
abrj-577	124	46	monthly	monthly	ADJ
abrj-577	124	47	trading	trading	NOUN
abrj-577	124	48	volume	volume	NOUN
abrj-577	124	49	divided	divide	VERB
abrj-577	124	50	by	by	ADP
abrj-577	124	51	shares	share	NOUN
abrj-577	124	52	outstanding	outstanding	ADJ
abrj-577	124	53	•	•	NUM
abrj-577	124	54	reti	reti	NOUN
abrj-577	124	55	,	,	PUNCT
abrj-577	124	56	t-1	t-1	PROPN
abrj-577	124	57	represents	represents	AUX
abrj-577	124	58	lagged	lag	VERB
abrj-577	124	59	stock	stock	NOUN
abrj-577	124	60	returns	return	NOUN
abrj-577	124	61	to	to	PART
abrj-577	124	62	control	control	VERB
abrj-577	124	63	for	for	ADP
abrj-577	124	64	momentum	momentum	NOUN
abrj-577	124	65	and	and	CCONJ
abrj-577	124	66	reversal	reversal	NOUN
abrj-577	124	67	effects	effect	NOUN
abrj-577	124	68	•	•	ADP
abrj-577	124	69	levi	levi	PROPN
abrj-577	124	70	,	,	PUNCT
abrj-577	124	71	t	t	PROPN
abrj-577	124	72	measures	measure	VERB
abrj-577	124	73	financial	financial	ADJ
abrj-577	124	74	leverage	leverage	NOUN
abrj-577	124	75	as	as	ADP
abrj-577	124	76	total	total	ADJ
abrj-577	124	77	debt	debt	NOUN
abrj-577	124	78	divided	divide	VERB
abrj-577	124	79	by	by	ADP
abrj-577	124	80	total	total	ADJ
abrj-577	124	81	assets	asset	NOUN
abrj-577	124	82	•	•	ADP
abrj-577	124	83	agei	agei	PROPN
abrj-577	124	84	,	,	PUNCT
abrj-577	124	85	t	t	PROPN
abrj-577	124	86	represents	represent	VERB
abrj-577	124	87	firm	firm	ADJ
abrj-577	124	88	age	age	NOUN
abrj-577	124	89	calculated	calculate	VERB
abrj-577	124	90	as	as	ADP
abrj-577	124	91	years	year	NOUN
abrj-577	124	92	since	since	SCONJ
abrj-577	124	93	initial	initial	ADJ
abrj-577	124	94	public	public	ADJ
abrj-577	124	95	offering	offering	NOUN
abrj-577	124	96	•	•	NOUN
abrj-577	124	97	μᵢ	μᵢ	PROPN
abrj-577	124	98	captures	capture	NOUN
abrj-577	124	99	time	time	NOUN
abrj-577	124	100	-	-	PUNCT
abrj-577	124	101	invariant	invariant	ADJ
abrj-577	124	102	firm	firm	ADJ
abrj-577	124	103	-	-	PUNCT
abrj-577	124	104	specific	specific	ADJ
abrj-577	124	105	fixed	fix	VERB
abrj-577	124	106	effects	effect	NOUN
abrj-577	124	107	•	•	NOUN
abrj-577	124	108	λₜ	λₜ	VERB
abrj-577	124	109	represents	represent	VERB
abrj-577	124	110	time	time	NOUN
abrj-577	124	111	fixed	fix	VERB
abrj-577	124	112	effects	effect	NOUN
abrj-577	124	113	controlling	control	VERB
abrj-577	124	114	for	for	ADP
abrj-577	124	115	macroeconomic	macroeconomic	ADJ
abrj-577	124	116	and	and	CCONJ
abrj-577	124	117	market	market	NOUN
abrj-577	124	118	-	-	PUNCT
abrj-577	124	119	wide	wide	ADJ
abrj-577	124	120	influences	influence	NOUN
abrj-577	124	121	•	•	NOUN
abrj-577	124	122	εi	εi	VERB
abrj-577	124	123	,	,	PUNCT
abrj-577	124	124	t	t	PROPN
abrj-577	124	125	denotes	denote	VERB
abrj-577	124	126	the	the	DET
abrj-577	124	127	idiosyncratic	idiosyncratic	ADJ
abrj-577	124	128	error	error	NOUN
abrj-577	124	129	term	term	NOUN
abrj-577	124	130	the	the	DET
abrj-577	124	131	herding	herding	NOUN
abrj-577	124	132	behaviour	behaviour	NOUN
abrj-577	124	133	measure	measure	NOUN
abrj-577	124	134	(	(	PUNCT
abrj-577	124	135	herd	herd	NOUN
abrj-577	124	136	)	)	PUNCT
abrj-577	124	137	follows	follow	VERB
abrj-577	124	138	chang	chang	PROPN
abrj-577	124	139	et	et	PROPN
abrj-577	124	140	al	al	PROPN
abrj-577	124	141	.	.	PROPN
abrj-577	125	1	(	(	PUNCT
abrj-577	125	2	2000	2000	NUM
abrj-577	125	3	)	)	PUNCT
abrj-577	125	4	methodology	methodology	NOUN
abrj-577	125	5	,	,	PUNCT
abrj-577	125	6	constructed	construct	VERB
abrj-577	125	7	as	as	ADP
abrj-577	125	8	:	:	PUNCT
abrj-577	125	9	asian	asian	ADJ
abrj-577	125	10	business	business	NOUN
abrj-577	125	11	research	research	NOUN
abrj-577	125	12	journal	journal	NOUN
abrj-577	125	13	,	,	PUNCT
abrj-577	125	14	2025	2025	NUM
abrj-577	125	15	,	,	PUNCT
abrj-577	125	16	10(9	10(9	NUM
abrj-577	125	17	):	):	PUNCT
abrj-577	125	18	88	88	NUM
abrj-577	125	19	-	-	SYM
abrj-577	125	20	98	98	NUM
abrj-577	125	21	92	92	NUM
abrj-577	125	22	©	©	ADP
abrj-577	125	23	2025	2025	NUM
abrj-577	125	24	by	by	ADP
abrj-577	125	25	the	the	DET
abrj-577	125	26	authors	author	NOUN
abrj-577	125	27	;	;	PUNCT
abrj-577	125	28	licensee	licensee	NOUN
abrj-577	125	29	eastern	eastern	ADJ
abrj-577	125	30	centre	centre	NOUN
abrj-577	125	31	of	of	ADP
abrj-577	125	32	science	science	NOUN
abrj-577	125	33	and	and	CCONJ
abrj-577	125	34	education	education	NOUN
abrj-577	125	35	,	,	PUNCT
abrj-577	125	36	usa	usa	PROPN
abrj-577	125	37	herdt	herdt	NOUN
abrj-577	125	38	=	=	NOUN
abrj-577	125	39	1	1	NUM
abrj-577	125	40	2|rm	2|rm	NUM
abrj-577	125	41	,	,	PUNCT
abrj-577	125	42	t|/(∑ᵢ|ri	t|/(∑ᵢ|ri	PROPN
abrj-577	125	43	,	,	PUNCT
abrj-577	125	44	t	t	PROPN
abrj-577	125	45	rm	rm	PROPN
abrj-577	125	46	,	,	PUNCT
abrj-577	125	47	t|/n	t|/n	PROPN
abrj-577	125	48	)	)	PUNCT
abrj-577	125	49	where	where	SCONJ
abrj-577	125	50	ri	ri	PROPN
abrj-577	125	51	,	,	PUNCT
abrj-577	125	52	t	t	PROPN
abrj-577	125	53	represents	represent	VERB
abrj-577	125	54	individual	individual	ADJ
abrj-577	125	55	stock	stock	NOUN
abrj-577	125	56	returns	return	NOUN
abrj-577	125	57	,	,	PUNCT
abrj-577	125	58	rm	rm	PROPN
abrj-577	125	59	,	,	PUNCT
abrj-577	125	60	t	t	PROPN
abrj-577	125	61	denotes	denote	VERB
abrj-577	125	62	market	market	NOUN
abrj-577	125	63	returns	return	NOUN
abrj-577	125	64	,	,	PUNCT
abrj-577	125	65	and	and	CCONJ
abrj-577	125	66	n	n	CCONJ
abrj-577	125	67	indicates	indicate	VERB
abrj-577	125	68	the	the	DET
abrj-577	125	69	number	number	NOUN
abrj-577	125	70	of	of	ADP
abrj-577	125	71	firms	firm	NOUN
abrj-577	125	72	.	.	PUNCT
abrj-577	126	1	higher	high	ADJ
abrj-577	126	2	values	value	NOUN
abrj-577	126	3	indicate	indicate	VERB
abrj-577	126	4	stronger	strong	ADJ
abrj-577	126	5	herding	herding	NOUN
abrj-577	126	6	behaviour	behaviour	NOUN
abrj-577	126	7	as	as	SCONJ
abrj-577	126	8	individual	individual	ADJ
abrj-577	126	9	returns	return	NOUN
abrj-577	126	10	cluster	cluster	VERB
abrj-577	126	11	more	more	ADV
abrj-577	126	12	closely	closely	ADV
abrj-577	126	13	around	around	ADP
abrj-577	126	14	market	market	NOUN
abrj-577	126	15	averages	average	NOUN
abrj-577	126	16	.	.	PUNCT
abrj-577	127	1	the	the	DET
abrj-577	127	2	volatility	volatility	NOUN
abrj-577	127	3	measure	measure	NOUN
abrj-577	127	4	(	(	PUNCT
abrj-577	127	5	vol	vol	NOUN
abrj-577	127	6	)	)	PUNCT
abrj-577	127	7	employs	employ	VERB
abrj-577	127	8	garch	garch	NOUN
abrj-577	127	9	(	(	PUNCT
abrj-577	127	10	1,1	1,1	NUM
abrj-577	127	11	)	)	PUNCT
abrj-577	127	12	specifications	specification	NOUN
abrj-577	127	13	estimated	estimate	VERB
abrj-577	127	14	over	over	ADP
abrj-577	127	15	60	60	NUM
abrj-577	127	16	-	-	PUNCT
abrj-577	127	17	day	day	NOUN
abrj-577	127	18	rolling	rolling	ADJ
abrj-577	127	19	windows	window	NOUN
abrj-577	127	20	to	to	PART
abrj-577	127	21	capture	capture	VERB
abrj-577	127	22	time	time	NOUN
abrj-577	127	23	-	-	PUNCT
abrj-577	127	24	varying	vary	VERB
abrj-577	127	25	conditional	conditional	ADJ
abrj-577	127	26	volatility	volatility	NOUN
abrj-577	127	27	patterns	pattern	NOUN
abrj-577	127	28	.	.	PUNCT
abrj-577	128	1	this	this	DET
abrj-577	128	2	approach	approach	NOUN
abrj-577	128	3	provides	provide	VERB
abrj-577	128	4	more	more	ADV
abrj-577	128	5	sophisticated	sophisticated	ADJ
abrj-577	128	6	volatility	volatility	NOUN
abrj-577	128	7	measures	measure	NOUN
abrj-577	128	8	compared	compare	VERB
abrj-577	128	9	to	to	ADP
abrj-577	128	10	simple	simple	ADJ
abrj-577	128	11	standard	standard	ADJ
abrj-577	128	12	deviation	deviation	NOUN
abrj-577	128	13	calculations	calculation	NOUN
abrj-577	128	14	whilst	whilst	SCONJ
abrj-577	128	15	maintaining	maintain	VERB
abrj-577	128	16	computational	computational	ADJ
abrj-577	128	17	tractability	tractability	NOUN
abrj-577	128	18	across	across	ADP
abrj-577	128	19	the	the	DET
abrj-577	128	20	extensive	extensive	ADJ
abrj-577	128	21	panel	panel	NOUN
abrj-577	128	22	dataset	dataset	VERB
abrj-577	128	23	.	.	PUNCT
abrj-577	129	1	3.2	3.2	NUM
abrj-577	129	2	.	.	PUNCT
abrj-577	129	3	data	datum	NOUN
abrj-577	129	4	and	and	CCONJ
abrj-577	129	5	sample	sample	VERB
abrj-577	129	6	the	the	DET
abrj-577	129	7	empirical	empirical	ADJ
abrj-577	129	8	analysis	analysis	NOUN
abrj-577	129	9	utilises	utilise	NOUN
abrj-577	129	10	comprehensive	comprehensive	ADJ
abrj-577	129	11	firm	firm	ADJ
abrj-577	129	12	-	-	PUNCT
abrj-577	129	13	level	level	NOUN
abrj-577	129	14	panel	panel	NOUN
abrj-577	129	15	data	datum	NOUN
abrj-577	129	16	sourced	source	VERB
abrj-577	129	17	from	from	ADP
abrj-577	129	18	multiple	multiple	ADJ
abrj-577	129	19	databases	database	NOUN
abrj-577	129	20	to	to	PART
abrj-577	129	21	ensure	ensure	VERB
abrj-577	129	22	data	datum	NOUN
abrj-577	129	23	quality	quality	NOUN
abrj-577	129	24	and	and	CCONJ
abrj-577	129	25	completeness	completeness	NOUN
abrj-577	129	26	.	.	PUNCT
abrj-577	130	1	stock	stock	NOUN
abrj-577	130	2	price	price	NOUN
abrj-577	130	3	and	and	CCONJ
abrj-577	130	4	trading	trading	NOUN
abrj-577	130	5	volume	volume	NOUN
abrj-577	130	6	data	datum	NOUN
abrj-577	130	7	originate	originate	VERB
abrj-577	130	8	from	from	ADP
abrj-577	130	9	bloomberg	bloomberg	PROPN
abrj-577	130	10	terminal	terminal	PROPN
abrj-577	130	11	services	services	PROPN
abrj-577	130	12	,	,	PUNCT
abrj-577	130	13	providing	provide	VERB
abrj-577	130	14	daily	daily	ADJ
abrj-577	130	15	observations	observation	NOUN
abrj-577	130	16	for	for	ADP
abrj-577	130	17	all	all	DET
abrj-577	130	18	firms	firm	NOUN
abrj-577	130	19	listed	list	VERB
abrj-577	130	20	on	on	ADP
abrj-577	130	21	the	the	DET
abrj-577	130	22	ho	ho	PROPN
abrj-577	130	23	chi	chi	PROPN
abrj-577	130	24	minh	minh	PROPN
abrj-577	130	25	stock	stock	PROPN
abrj-577	130	26	exchange	exchange	PROPN
abrj-577	130	27	(	(	PUNCT
abrj-577	130	28	hose	hose	PROPN
abrj-577	130	29	)	)	PUNCT
abrj-577	130	30	and	and	CCONJ
abrj-577	130	31	hanoi	hanoi	PROPN
abrj-577	130	32	stock	stock	PROPN
abrj-577	130	33	exchange	exchange	PROPN
abrj-577	130	34	(	(	PUNCT
abrj-577	130	35	hnx	hnx	PROPN
abrj-577	130	36	)	)	PUNCT
abrj-577	130	37	during	during	ADP
abrj-577	130	38	the	the	DET
abrj-577	130	39	sample	sample	NOUN
abrj-577	130	40	period	period	NOUN
abrj-577	130	41	.	.	PUNCT
abrj-577	131	1	financial	financial	ADJ
abrj-577	131	2	statement	statement	NOUN
abrj-577	131	3	information	information	NOUN
abrj-577	131	4	derives	derive	VERB
abrj-577	131	5	from	from	ADP
abrj-577	131	6	thomson	thomson	PROPN
abrj-577	131	7	reuters	reuters	PROPN
abrj-577	131	8	eikon	eikon	PROPN
abrj-577	131	9	database	database	PROPN
abrj-577	131	10	,	,	PUNCT
abrj-577	131	11	supplemented	supplement	VERB
abrj-577	131	12	by	by	ADP
abrj-577	131	13	refinitiv	refinitiv	NOUN
abrj-577	131	14	datastream	datastream	NOUN
abrj-577	131	15	for	for	ADP
abrj-577	131	16	market	market	NOUN
abrj-577	131	17	capitalisation	capitalisation	NOUN
abrj-577	131	18	and	and	CCONJ
abrj-577	131	19	corporate	corporate	ADJ
abrj-577	131	20	action	action	NOUN
abrj-577	131	21	adjustments	adjustment	NOUN
abrj-577	131	22	.	.	PUNCT
abrj-577	132	1	the	the	DET
abrj-577	132	2	sample	sample	NOUN
abrj-577	132	3	period	period	NOUN
abrj-577	132	4	extends	extend	VERB
abrj-577	132	5	from	from	ADP
abrj-577	132	6	january	january	PROPN
abrj-577	132	7	2005	2005	NUM
abrj-577	132	8	through	through	ADP
abrj-577	132	9	december	december	PROPN
abrj-577	132	10	2017	2017	NUM
abrj-577	132	11	,	,	PUNCT
abrj-577	132	12	encompassing	encompass	VERB
abrj-577	132	13	13	13	NUM
abrj-577	132	14	years	year	NOUN
abrj-577	132	15	of	of	ADP
abrj-577	132	16	observations	observation	NOUN
abrj-577	132	17	across	across	ADP
abrj-577	132	18	multiple	multiple	ADJ
abrj-577	132	19	market	market	NOUN
abrj-577	132	20	cycles	cycle	NOUN
abrj-577	132	21	including	include	VERB
abrj-577	132	22	the	the	DET
abrj-577	132	23	2007	2007	NUM
abrj-577	132	24	-	-	SYM
abrj-577	132	25	2008	2008	NUM
abrj-577	132	26	global	global	ADJ
abrj-577	132	27	financial	financial	ADJ
abrj-577	132	28	crisis	crisis	NOUN
abrj-577	132	29	,	,	PUNCT
abrj-577	132	30	2011	2011	NUM
abrj-577	132	31	-	-	SYM
abrj-577	132	32	2012	2012	NUM
abrj-577	132	33	european	european	ADJ
abrj-577	132	34	sovereign	sovereign	ADJ
abrj-577	132	35	debt	debt	NOUN
abrj-577	132	36	crisis	crisis	NOUN
abrj-577	132	37	,	,	PUNCT
abrj-577	132	38	and	and	CCONJ
abrj-577	132	39	subsequent	subsequent	ADJ
abrj-577	132	40	recovery	recovery	NOUN
abrj-577	132	41	periods	period	NOUN
abrj-577	132	42	.	.	PUNCT
abrj-577	133	1	this	this	DET
abrj-577	133	2	extended	extended	ADJ
abrj-577	133	3	timeframe	timeframe	NOUN
abrj-577	133	4	provides	provide	VERB
abrj-577	133	5	sufficient	sufficient	ADJ
abrj-577	133	6	temporal	temporal	ADJ
abrj-577	133	7	variation	variation	NOUN
abrj-577	133	8	to	to	PART
abrj-577	133	9	identify	identify	VERB
abrj-577	133	10	herding	herd	VERB
abrj-577	133	11	behaviour	behaviour	NOUN
abrj-577	133	12	patterns	pattern	NOUN
abrj-577	133	13	whilst	whilst	SCONJ
abrj-577	133	14	capturing	capture	VERB
abrj-577	133	15	diverse	diverse	ADJ
abrj-577	133	16	market	market	NOUN
abrj-577	133	17	conditions	condition	NOUN
abrj-577	133	18	that	that	PRON
abrj-577	133	19	influence	influence	VERB
abrj-577	133	20	volatility	volatility	NOUN
abrj-577	133	21	transmission	transmission	NOUN
abrj-577	133	22	mechanisms	mechanism	NOUN
abrj-577	133	23	.	.	PUNCT
abrj-577	134	1	the	the	DET
abrj-577	134	2	initial	initial	ADJ
abrj-577	134	3	sample	sample	NOUN
abrj-577	134	4	comprises	comprise	VERB
abrj-577	134	5	425	425	NUM
abrj-577	134	6	firms	firm	NOUN
abrj-577	134	7	listed	list	VERB
abrj-577	134	8	on	on	ADP
abrj-577	134	9	vietnamese	vietnamese	ADJ
abrj-577	134	10	exchanges	exchange	NOUN
abrj-577	134	11	during	during	ADP
abrj-577	134	12	the	the	DET
abrj-577	134	13	sample	sample	NOUN
abrj-577	134	14	period	period	NOUN
abrj-577	134	15	.	.	PUNCT
abrj-577	135	1	however	however	ADV
abrj-577	135	2	,	,	PUNCT
abrj-577	135	3	several	several	ADJ
abrj-577	135	4	filtering	filter	VERB
abrj-577	135	5	criteria	criterion	NOUN
abrj-577	135	6	ensure	ensure	VERB
abrj-577	135	7	data	datum	NOUN
abrj-577	135	8	quality	quality	NOUN
abrj-577	135	9	and	and	CCONJ
abrj-577	135	10	eliminate	eliminate	VERB
abrj-577	135	11	potential	potential	ADJ
abrj-577	135	12	biases	bias	NOUN
abrj-577	135	13	.	.	PUNCT
abrj-577	136	1	firms	firm	NOUN
abrj-577	136	2	with	with	ADP
abrj-577	136	3	fewer	few	ADJ
abrj-577	136	4	than	than	ADP
abrj-577	136	5	24	24	NUM
abrj-577	136	6	consecutive	consecutive	ADJ
abrj-577	136	7	months	month	NOUN
abrj-577	136	8	of	of	ADP
abrj-577	136	9	trading	trading	NOUN
abrj-577	136	10	data	datum	NOUN
abrj-577	136	11	are	be	AUX
abrj-577	136	12	excluded	exclude	VERB
abrj-577	136	13	to	to	PART
abrj-577	136	14	maintain	maintain	VERB
abrj-577	136	15	panel	panel	NOUN
abrj-577	136	16	balance	balance	NOUN
abrj-577	136	17	and	and	CCONJ
abrj-577	136	18	enable	enable	VERB
abrj-577	136	19	reliable	reliable	ADJ
abrj-577	136	20	garch	garch	NOUN
abrj-577	136	21	volatility	volatility	NOUN
abrj-577	136	22	estimation	estimation	NOUN
abrj-577	136	23	.	.	PUNCT
abrj-577	137	1	additionally	additionally	ADV
abrj-577	137	2	,	,	PUNCT
abrj-577	137	3	firms	firm	NOUN
abrj-577	137	4	experiencing	experience	VERB
abrj-577	137	5	merger	merger	NOUN
abrj-577	137	6	,	,	PUNCT
abrj-577	137	7	acquisition	acquisition	NOUN
abrj-577	137	8	,	,	PUNCT
abrj-577	137	9	or	or	CCONJ
abrj-577	137	10	delisting	delist	VERB
abrj-577	137	11	events	event	NOUN
abrj-577	137	12	during	during	ADP
abrj-577	137	13	the	the	DET
abrj-577	137	14	sample	sample	NOUN
abrj-577	137	15	period	period	NOUN
abrj-577	137	16	are	be	AUX
abrj-577	137	17	removed	remove	VERB
abrj-577	137	18	to	to	PART
abrj-577	137	19	avoid	avoid	VERB
abrj-577	137	20	structural	structural	ADJ
abrj-577	137	21	breaks	break	NOUN
abrj-577	137	22	in	in	ADP
abrj-577	137	23	time	time	NOUN
abrj-577	137	24	series	series	PROPN
abrj-577	137	25	data	data	PROPN
abrj-577	137	26	.	.	PUNCT
abrj-577	138	1	financial	financial	ADJ
abrj-577	138	2	sector	sector	NOUN
abrj-577	138	3	firms	firm	NOUN
abrj-577	138	4	receive	receive	VERB
abrj-577	138	5	separate	separate	ADJ
abrj-577	138	6	treatment	treatment	NOUN
abrj-577	138	7	due	due	ADP
abrj-577	138	8	to	to	ADP
abrj-577	138	9	distinctive	distinctive	ADJ
abrj-577	138	10	regulatory	regulatory	ADJ
abrj-577	138	11	frameworks	framework	NOUN
abrj-577	138	12	and	and	CCONJ
abrj-577	138	13	accounting	accounting	NOUN
abrj-577	138	14	standards	standard	NOUN
abrj-577	138	15	that	that	PRON
abrj-577	138	16	differentiate	differentiate	VERB
abrj-577	138	17	these	these	DET
abrj-577	138	18	entities	entity	NOUN
abrj-577	138	19	from	from	ADP
abrj-577	138	20	non	non	ADJ
abrj-577	138	21	-	-	ADJ
abrj-577	138	22	financial	financial	ADJ
abrj-577	138	23	counterparts	counterpart	NOUN
abrj-577	138	24	.	.	PUNCT
abrj-577	139	1	the	the	DET
abrj-577	139	2	final	final	ADJ
abrj-577	139	3	sample	sample	NOUN
abrj-577	139	4	comprises	comprise	VERB
abrj-577	139	5	378	378	NUM
abrj-577	139	6	firms	firm	NOUN
abrj-577	139	7	,	,	PUNCT
abrj-577	139	8	including	include	VERB
abrj-577	139	9	47	47	NUM
abrj-577	139	10	financial	financial	ADJ
abrj-577	139	11	institutions	institution	NOUN
abrj-577	139	12	and	and	CCONJ
abrj-577	139	13	331	331	NUM
abrj-577	139	14	non	non	ADJ
abrj-577	139	15	-	-	ADJ
abrj-577	139	16	financial	financial	ADJ
abrj-577	139	17	entities	entity	NOUN
abrj-577	139	18	,	,	PUNCT
abrj-577	139	19	providing	provide	VERB
abrj-577	139	20	61,152	61,152	NUM
abrj-577	139	21	firm	firm	ADJ
abrj-577	139	22	-	-	PUNCT
abrj-577	139	23	month	month	NOUN
abrj-577	139	24	observations	observation	NOUN
abrj-577	139	25	across	across	ADP
abrj-577	139	26	the	the	DET
abrj-577	139	27	complete	complete	ADJ
abrj-577	139	28	sample	sample	NOUN
abrj-577	139	29	period	period	NOUN
abrj-577	139	30	.	.	PUNCT
abrj-577	140	1	variable	variable	ADJ
abrj-577	140	2	construction	construction	NOUN
abrj-577	140	3	follows	follow	VERB
abrj-577	140	4	established	establish	VERB
abrj-577	140	5	methodologies	methodology	NOUN
abrj-577	140	6	to	to	PART
abrj-577	140	7	ensure	ensure	VERB
abrj-577	140	8	international	international	ADJ
abrj-577	140	9	comparability	comparability	NOUN
abrj-577	140	10	whilst	whilst	SCONJ
abrj-577	140	11	accommodating	accommodate	VERB
abrj-577	140	12	vietnamese	vietnamese	ADJ
abrj-577	140	13	market	market	NOUN
abrj-577	140	14	characteristics	characteristic	NOUN
abrj-577	140	15	.	.	PUNCT
abrj-577	141	1	market	market	NOUN
abrj-577	141	2	capitalisation	capitalisation	NOUN
abrj-577	141	3	calculations	calculation	NOUN
abrj-577	141	4	employ	employ	VERB
abrj-577	141	5	end	end	NOUN
abrj-577	141	6	-	-	PUNCT
abrj-577	141	7	of	of	ADP
abrj-577	141	8	-	-	PUNCT
abrj-577	141	9	month	month	NOUN
abrj-577	141	10	closing	closing	NOUN
abrj-577	141	11	prices	price	NOUN
abrj-577	141	12	multiplied	multiply	VERB
abrj-577	141	13	by	by	ADP
abrj-577	141	14	shares	share	NOUN
abrj-577	141	15	outstanding	outstanding	ADJ
abrj-577	141	16	,	,	PUNCT
abrj-577	141	17	adjusted	adjust	VERB
abrj-577	141	18	for	for	ADP
abrj-577	141	19	stock	stock	NOUN
abrj-577	141	20	splits	split	NOUN
abrj-577	141	21	,	,	PUNCT
abrj-577	141	22	dividends	dividend	NOUN
abrj-577	141	23	,	,	PUNCT
abrj-577	141	24	and	and	CCONJ
abrj-577	141	25	other	other	ADJ
abrj-577	141	26	corporate	corporate	ADJ
abrj-577	141	27	actions	action	NOUN
abrj-577	141	28	.	.	PUNCT
abrj-577	142	1	trading	trade	VERB
abrj-577	142	2	turnover	turnover	NOUN
abrj-577	142	3	ratios	ratio	NOUN
abrj-577	142	4	utilise	utilise	VERB
abrj-577	142	5	monthly	monthly	ADJ
abrj-577	142	6	trading	trading	NOUN
abrj-577	142	7	volumes	volume	NOUN
abrj-577	142	8	divided	divide	VERB
abrj-577	142	9	by	by	ADP
abrj-577	142	10	average	average	ADJ
abrj-577	142	11	shares	share	NOUN
abrj-577	142	12	outstanding	outstanding	ADJ
abrj-577	142	13	during	during	ADP
abrj-577	142	14	each	each	DET
abrj-577	142	15	month	month	NOUN
abrj-577	142	16	,	,	PUNCT
abrj-577	142	17	providing	provide	VERB
abrj-577	142	18	standardised	standardised	ADJ
abrj-577	142	19	liquidity	liquidity	NOUN
abrj-577	142	20	measures	measure	NOUN
abrj-577	142	21	across	across	ADP
abrj-577	142	22	firms	firm	NOUN
abrj-577	142	23	of	of	ADP
abrj-577	142	24	varying	vary	VERB
abrj-577	142	25	sizes	size	NOUN
abrj-577	142	26	.	.	PUNCT
abrj-577	143	1	the	the	DET
abrj-577	143	2	herding	herding	NOUN
abrj-577	143	3	measure	measure	NOUN
abrj-577	143	4	construction	construction	NOUN
abrj-577	143	5	requires	require	VERB
abrj-577	143	6	careful	careful	ADJ
abrj-577	143	7	attention	attention	NOUN
abrj-577	143	8	to	to	ADP
abrj-577	143	9	market	market	NOUN
abrj-577	143	10	index	index	NOUN
abrj-577	143	11	selection	selection	NOUN
abrj-577	143	12	and	and	CCONJ
abrj-577	143	13	return	return	VERB
abrj-577	143	14	calculation	calculation	NOUN
abrj-577	143	15	methodologies	methodology	NOUN
abrj-577	143	16	.	.	PUNCT
abrj-577	144	1	this	this	DET
abrj-577	144	2	study	study	NOUN
abrj-577	144	3	employs	employ	VERB
abrj-577	144	4	the	the	DET
abrj-577	144	5	vn	vn	NOUN
abrj-577	144	6	-	-	PUNCT
abrj-577	144	7	index	index	NOUN
abrj-577	144	8	for	for	ADP
abrj-577	144	9	hose	hose	NOUN
abrj-577	144	10	-	-	PUNCT
abrj-577	144	11	listed	list	VERB
abrj-577	144	12	firms	firm	NOUN
abrj-577	144	13	and	and	CCONJ
abrj-577	144	14	hnx	hnx	ADJ
abrj-577	144	15	-	-	PUNCT
abrj-577	144	16	index	index	NOUN
abrj-577	144	17	for	for	ADP
abrj-577	144	18	hanoi	hanoi	NOUN
abrj-577	144	19	-	-	PUNCT
abrj-577	144	20	listed	list	VERB
abrj-577	144	21	firms	firm	NOUN
abrj-577	144	22	as	as	ADP
abrj-577	144	23	benchmark	benchmark	NOUN
abrj-577	144	24	indices	index	NOUN
abrj-577	144	25	,	,	PUNCT
abrj-577	144	26	ensuring	ensure	VERB
abrj-577	144	27	appropriate	appropriate	ADJ
abrj-577	144	28	reference	reference	NOUN
abrj-577	144	29	points	point	NOUN
abrj-577	144	30	for	for	ADP
abrj-577	144	31	herding	herd	VERB
abrj-577	144	32	behaviour	behaviour	NOUN
abrj-577	144	33	detection	detection	NOUN
abrj-577	144	34	.	.	PUNCT
abrj-577	145	1	daily	daily	ADJ
abrj-577	145	2	returns	return	NOUN
abrj-577	145	3	are	be	AUX
abrj-577	145	4	calculated	calculate	VERB
abrj-577	145	5	using	use	VERB
abrj-577	145	6	continuously	continuously	ADV
abrj-577	145	7	compounded	compound	VERB
abrj-577	145	8	methods	method	NOUN
abrj-577	145	9	to	to	PART
abrj-577	145	10	maintain	maintain	VERB
abrj-577	145	11	distributional	distributional	ADJ
abrj-577	145	12	properties	property	NOUN
abrj-577	145	13	suitable	suitable	ADJ
abrj-577	145	14	for	for	ADP
abrj-577	145	15	econometric	econometric	ADJ
abrj-577	145	16	analysis	analysis	NOUN
abrj-577	145	17	.	.	PUNCT
abrj-577	146	1	financial	financial	ADJ
abrj-577	146	2	statement	statement	NOUN
abrj-577	146	3	variables	variable	NOUN
abrj-577	146	4	utilise	utilise	VERB
abrj-577	146	5	quarterly	quarterly	ADJ
abrj-577	146	6	reporting	reporting	NOUN
abrj-577	146	7	data	datum	NOUN
abrj-577	146	8	interpolated	interpolate	VERB
abrj-577	146	9	to	to	ADP
abrj-577	146	10	monthly	monthly	ADJ
abrj-577	146	11	frequencies	frequency	NOUN
abrj-577	146	12	using	use	VERB
abrj-577	146	13	cubic	cubic	ADJ
abrj-577	146	14	spline	spline	NOUN
abrj-577	146	15	methods	method	NOUN
abrj-577	146	16	.	.	PUNCT
abrj-577	147	1	this	this	DET
abrj-577	147	2	approach	approach	NOUN
abrj-577	147	3	maintains	maintain	VERB
abrj-577	147	4	temporal	temporal	ADJ
abrj-577	147	5	consistency	consistency	NOUN
abrj-577	147	6	whilst	whilst	SCONJ
abrj-577	147	7	accommodating	accommodate	VERB
abrj-577	147	8	vietnamese	vietnamese	ADJ
abrj-577	147	9	reporting	reporting	NOUN
abrj-577	147	10	requirements	requirement	NOUN
abrj-577	147	11	and	and	CCONJ
abrj-577	147	12	data	datum	NOUN
abrj-577	147	13	availability	availability	NOUN
abrj-577	147	14	constraints	constraint	NOUN
abrj-577	147	15	.	.	PUNCT
abrj-577	148	1	all	all	DET
abrj-577	148	2	financial	financial	ADJ
abrj-577	148	3	variables	variable	NOUN
abrj-577	148	4	are	be	AUX
abrj-577	148	5	winsorised	winsorise	VERB
abrj-577	148	6	at	at	ADP
abrj-577	148	7	the	the	DET
abrj-577	148	8	1st	1st	ADJ
abrj-577	148	9	and	and	CCONJ
abrj-577	148	10	99th	99th	ADJ
abrj-577	148	11	percentiles	percentile	NOUN
abrj-577	148	12	to	to	PART
abrj-577	148	13	mitigate	mitigate	VERB
abrj-577	148	14	outlier	outlier	NOUN
abrj-577	148	15	influences	influence	NOUN
abrj-577	148	16	whilst	whilst	SCONJ
abrj-577	148	17	preserving	preserve	VERB
abrj-577	148	18	distributional	distributional	ADJ
abrj-577	148	19	characteristics	characteristic	NOUN
abrj-577	148	20	.	.	PUNCT
abrj-577	149	1	currency	currency	NOUN
abrj-577	149	2	considerations	consideration	NOUN
abrj-577	149	3	receive	receive	VERB
abrj-577	149	4	particular	particular	ADJ
abrj-577	149	5	attention	attention	NOUN
abrj-577	149	6	due	due	ADP
abrj-577	149	7	to	to	ADP
abrj-577	149	8	vietnamese	vietnamese	ADJ
abrj-577	149	9	dong	dong	NOUN
abrj-577	149	10	fluctuations	fluctuation	NOUN
abrj-577	149	11	during	during	ADP
abrj-577	149	12	the	the	DET
abrj-577	149	13	sample	sample	NOUN
abrj-577	149	14	period	period	NOUN
abrj-577	149	15	.	.	PUNCT
abrj-577	150	1	all	all	DET
abrj-577	150	2	monetary	monetary	ADJ
abrj-577	150	3	variables	variable	NOUN
abrj-577	150	4	are	be	AUX
abrj-577	150	5	maintained	maintain	VERB
abrj-577	150	6	in	in	ADP
abrj-577	150	7	vietnamese	vietnamese	ADJ
abrj-577	150	8	dong	dong	PROPN
abrj-577	150	9	terms	term	NOUN
abrj-577	150	10	to	to	PART
abrj-577	150	11	preserve	preserve	VERB
abrj-577	150	12	relative	relative	ADJ
abrj-577	150	13	magnitudes	magnitude	NOUN
abrj-577	150	14	,	,	PUNCT
abrj-577	150	15	whilst	whilst	SCONJ
abrj-577	150	16	size	size	NOUN
abrj-577	150	17	-	-	PUNCT
abrj-577	150	18	based	base	VERB
abrj-577	150	19	analyses	analysis	NOUN
abrj-577	150	20	employ	employ	VERB
abrj-577	150	21	real	real	ADJ
abrj-577	150	22	values	value	NOUN
abrj-577	150	23	deflated	deflate	VERB
abrj-577	150	24	using	use	VERB
abrj-577	150	25	vietnamese	vietnamese	ADJ
abrj-577	150	26	consumer	consumer	NOUN
abrj-577	150	27	price	price	NOUN
abrj-577	150	28	indices	index	NOUN
abrj-577	150	29	to	to	PART
abrj-577	150	30	control	control	VERB
abrj-577	150	31	for	for	ADP
abrj-577	150	32	inflationary	inflationary	ADJ
abrj-577	150	33	effects	effect	NOUN
abrj-577	150	34	.	.	PUNCT
abrj-577	151	1	3.3	3.3	NUM
abrj-577	151	2	.	.	PUNCT
abrj-577	151	3	estimation	estimation	NOUN
abrj-577	151	4	strategy	strategy	NOUN
abrj-577	151	5	and	and	CCONJ
abrj-577	151	6	diagnostic	diagnostic	ADJ
abrj-577	151	7	tests	test	NOUN
abrj-577	151	8	the	the	DET
abrj-577	151	9	empirical	empirical	ADJ
abrj-577	151	10	estimation	estimation	NOUN
abrj-577	151	11	strategy	strategy	NOUN
abrj-577	151	12	addresses	address	VERB
abrj-577	151	13	several	several	ADJ
abrj-577	151	14	econometric	econometric	ADJ
abrj-577	151	15	challenges	challenge	NOUN
abrj-577	151	16	inherent	inherent	ADJ
abrj-577	151	17	in	in	ADP
abrj-577	151	18	panel	panel	NOUN
abrj-577	151	19	data	datum	NOUN
abrj-577	151	20	analysis	analysis	NOUN
abrj-577	151	21	of	of	ADP
abrj-577	151	22	financial	financial	ADJ
abrj-577	151	23	markets	market	NOUN
abrj-577	151	24	data	datum	NOUN
abrj-577	151	25	.	.	PUNCT
abrj-577	152	1	primary	primary	ADJ
abrj-577	152	2	concerns	concern	NOUN
abrj-577	152	3	include	include	VERB
abrj-577	152	4	potential	potential	ADJ
abrj-577	152	5	endogeneity	endogeneity	NOUN
abrj-577	152	6	between	between	ADP
abrj-577	152	7	herding	herd	VERB
abrj-577	152	8	behaviour	behaviour	NOUN
abrj-577	152	9	and	and	CCONJ
abrj-577	152	10	volatility	volatility	NOUN
abrj-577	152	11	measures	measure	NOUN
abrj-577	152	12	,	,	PUNCT
abrj-577	152	13	cross	cross	ADJ
abrj-577	152	14	-	-	ADJ
abrj-577	152	15	sectional	sectional	ADJ
abrj-577	152	16	dependence	dependence	NOUN
abrj-577	152	17	across	across	ADP
abrj-577	152	18	firms	firm	NOUN
abrj-577	152	19	within	within	ADP
abrj-577	152	20	integrated	integrated	ADJ
abrj-577	152	21	markets	market	NOUN
abrj-577	152	22	,	,	PUNCT
abrj-577	152	23	and	and	CCONJ
abrj-577	152	24	heteroskedasticity	heteroskedasticity	NOUN
abrj-577	152	25	arising	arise	VERB
abrj-577	152	26	from	from	ADP
abrj-577	152	27	varying	vary	VERB
abrj-577	152	28	firm	firm	ADJ
abrj-577	152	29	sizes	size	NOUN
abrj-577	152	30	and	and	CCONJ
abrj-577	152	31	trading	trading	NOUN
abrj-577	152	32	intensities	intensity	NOUN
abrj-577	152	33	.	.	PUNCT
abrj-577	153	1	the	the	DET
abrj-577	153	2	baseline	baseline	PROPN
abrj-577	153	3	estimation	estimation	NOUN
abrj-577	153	4	employs	employ	VERB
abrj-577	153	5	fixed	fix	VERB
abrj-577	153	6	effects	effect	NOUN
abrj-577	153	7	panel	panel	NOUN
abrj-577	153	8	regression	regression	VERB
abrj-577	153	9	with	with	ADP
abrj-577	153	10	driscoll	driscoll	NOUN
abrj-577	153	11	-	-	PUNCT
abrj-577	153	12	kraay	kraay	ADJ
abrj-577	153	13	standard	standard	ADJ
abrj-577	153	14	errors	error	NOUN
abrj-577	153	15	to	to	PART
abrj-577	153	16	address	address	VERB
abrj-577	153	17	heteroskedasticity	heteroskedasticity	NOUN
abrj-577	153	18	and	and	CCONJ
abrj-577	153	19	autocorrelation	autocorrelation	NOUN
abrj-577	153	20	whilst	whilst	SCONJ
abrj-577	153	21	maintaining	maintain	VERB
abrj-577	153	22	consistency	consistency	NOUN
abrj-577	153	23	under	under	ADP
abrj-577	153	24	cross	cross	ADJ
abrj-577	153	25	-	-	ADJ
abrj-577	153	26	sectional	sectional	ADJ
abrj-577	153	27	dependence	dependence	NOUN
abrj-577	153	28	.	.	PUNCT
abrj-577	154	1	this	this	DET
abrj-577	154	2	approach	approach	NOUN
abrj-577	154	3	provides	provide	VERB
abrj-577	154	4	robust	robust	ADJ
abrj-577	154	5	inference	inference	NOUN
abrj-577	154	6	whilst	whilst	SCONJ
abrj-577	154	7	controlling	control	VERB
abrj-577	154	8	for	for	ADP
abrj-577	154	9	time	time	NOUN
abrj-577	154	10	-	-	PUNCT
abrj-577	154	11	invariant	invariant	ADJ
abrj-577	154	12	firm	firm	ADJ
abrj-577	154	13	characteristics	characteristic	NOUN
abrj-577	154	14	and	and	CCONJ
abrj-577	154	15	common	common	ADJ
abrj-577	154	16	time	time	NOUN
abrj-577	154	17	effects	effect	NOUN
abrj-577	154	18	that	that	PRON
abrj-577	154	19	influence	influence	VERB
abrj-577	154	20	all	all	DET
abrj-577	154	21	market	market	NOUN
abrj-577	154	22	participants	participant	NOUN
abrj-577	154	23	simultaneously	simultaneously	ADV
abrj-577	154	24	.	.	PUNCT
abrj-577	155	1	panel	panel	NOUN
abrj-577	155	2	unit	unit	NOUN
abrj-577	155	3	root	root	NOUN
abrj-577	155	4	testing	testing	NOUN
abrj-577	155	5	precedes	precede	VERB
abrj-577	155	6	main	main	ADJ
abrj-577	155	7	estimation	estimation	NOUN
abrj-577	155	8	procedures	procedure	NOUN
abrj-577	155	9	to	to	PART
abrj-577	155	10	ensure	ensure	VERB
abrj-577	155	11	stationarity	stationarity	NOUN
abrj-577	155	12	properties	property	NOUN
abrj-577	155	13	necessary	necessary	ADJ
abrj-577	155	14	for	for	ADP
abrj-577	155	15	valid	valid	ADJ
abrj-577	155	16	inference	inference	NOUN
abrj-577	155	17	.	.	PUNCT
abrj-577	156	1	the	the	DET
abrj-577	156	2	study	study	NOUN
abrj-577	156	3	employs	employ	VERB
abrj-577	156	4	multiple	multiple	ADJ
abrj-577	156	5	testing	testing	NOUN
abrj-577	156	6	procedures	procedure	NOUN
abrj-577	156	7	including	include	VERB
abrj-577	156	8	the	the	DET
abrj-577	156	9	im	im	ADV
abrj-577	156	10	-	-	PUNCT
abrj-577	156	11	pesaran	pesaran	VERB
abrj-577	156	12	-	-	PUNCT
abrj-577	156	13	shin	shin	NOUN
abrj-577	156	14	(	(	PUNCT
abrj-577	156	15	2003	2003	NUM
abrj-577	156	16	)	)	PUNCT
abrj-577	156	17	test	test	NOUN
abrj-577	156	18	that	that	PRON
abrj-577	156	19	allows	allow	VERB
abrj-577	156	20	for	for	ADP
abrj-577	156	21	heterogeneous	heterogeneous	ADJ
abrj-577	156	22	autoregressive	autoregressive	ADJ
abrj-577	156	23	parameters	parameter	NOUN
abrj-577	156	24	across	across	ADP
abrj-577	156	25	firms	firm	NOUN
abrj-577	156	26	,	,	PUNCT
abrj-577	156	27	and	and	CCONJ
abrj-577	156	28	the	the	DET
abrj-577	156	29	levin	levin	PROPN
abrj-577	156	30	-	-	PUNCT
abrj-577	156	31	lin	lin	PROPN
abrj-577	156	32	-	-	PUNCT
abrj-577	156	33	chu	chu	PROPN
abrj-577	156	34	(	(	PUNCT
abrj-577	156	35	2002	2002	NUM
abrj-577	156	36	)	)	PUNCT
abrj-577	156	37	test	test	NOUN
abrj-577	156	38	assuming	assume	VERB
abrj-577	156	39	common	common	ADJ
abrj-577	156	40	autoregressive	autoregressive	ADJ
abrj-577	156	41	parameters	parameter	NOUN
abrj-577	156	42	.	.	PUNCT
abrj-577	157	1	these	these	DET
abrj-577	157	2	tests	test	NOUN
abrj-577	157	3	examine	examine	VERB
abrj-577	157	4	unit	unit	NOUN
abrj-577	157	5	root	root	NOUN
abrj-577	157	6	hypotheses	hypothesis	NOUN
abrj-577	157	7	for	for	ADP
abrj-577	157	8	all	all	DET
abrj-577	157	9	key	key	ADJ
abrj-577	157	10	variables	variable	NOUN
abrj-577	157	11	whilst	whilst	SCONJ
abrj-577	157	12	accommodating	accommodate	VERB
abrj-577	157	13	cross	cross	ADJ
abrj-577	157	14	-	-	ADJ
abrj-577	157	15	sectional	sectional	ADJ
abrj-577	157	16	dependence	dependence	NOUN
abrj-577	157	17	through	through	ADP
abrj-577	157	18	appropriate	appropriate	ADJ
abrj-577	157	19	critical	critical	ADJ
abrj-577	157	20	value	value	NOUN
abrj-577	157	21	adjustments	adjustment	NOUN
abrj-577	157	22	.	.	PUNCT
abrj-577	158	1	cross	cross	ADJ
abrj-577	158	2	-	-	ADJ
abrj-577	158	3	sectional	sectional	ADJ
abrj-577	158	4	dependence	dependence	NOUN
abrj-577	158	5	testing	testing	NOUN
abrj-577	158	6	utilises	utilise	NOUN
abrj-577	158	7	pesaran	pesaran	VERB
abrj-577	158	8	's	's	PART
abrj-577	158	9	(	(	PUNCT
abrj-577	158	10	2004	2004	NUM
abrj-577	158	11	)	)	PUNCT
abrj-577	158	12	cd	cd	NOUN
abrj-577	158	13	test	test	NOUN
abrj-577	158	14	to	to	PART
abrj-577	158	15	examine	examine	VERB
abrj-577	158	16	correlation	correlation	NOUN
abrj-577	158	17	patterns	pattern	NOUN
abrj-577	158	18	across	across	ADP
abrj-577	158	19	firm	firm	ADJ
abrj-577	158	20	-	-	PUNCT
abrj-577	158	21	specific	specific	ADJ
abrj-577	158	22	error	error	NOUN
abrj-577	158	23	terms	term	NOUN
abrj-577	158	24	.	.	PUNCT
abrj-577	159	1	this	this	DET
abrj-577	159	2	diagnostic	diagnostic	ADJ
abrj-577	159	3	assesses	assesse	NOUN
abrj-577	159	4	whether	whether	SCONJ
abrj-577	159	5	common	common	ADJ
abrj-577	159	6	factors	factor	NOUN
abrj-577	159	7	beyond	beyond	ADP
abrj-577	159	8	included	include	VERB
abrj-577	159	9	regressors	regressor	NOUN
abrj-577	159	10	influence	influence	VERB
abrj-577	159	11	firm	firm	ADJ
abrj-577	159	12	-	-	PUNCT
abrj-577	159	13	level	level	NOUN
abrj-577	159	14	volatility	volatility	NOUN
abrj-577	159	15	patterns	pattern	NOUN
abrj-577	159	16	,	,	PUNCT
abrj-577	159	17	potentially	potentially	ADV
abrj-577	159	18	violating	violate	VERB
abrj-577	159	19	independence	independence	NOUN
abrj-577	159	20	assumptions	assumption	VERB
abrj-577	159	21	underlying	underlie	VERB
abrj-577	159	22	standard	standard	ADJ
abrj-577	159	23	panel	panel	NOUN
abrj-577	159	24	data	datum	NOUN
abrj-577	159	25	estimation	estimation	NOUN
abrj-577	159	26	procedures	procedure	NOUN
abrj-577	159	27	.	.	PUNCT
abrj-577	160	1	significant	significant	ADJ
abrj-577	160	2	cross	cross	ADJ
abrj-577	160	3	-	-	ADJ
abrj-577	160	4	sectional	sectional	ADJ
abrj-577	160	5	dependence	dependence	NOUN
abrj-577	160	6	necessitates	necessitate	VERB
abrj-577	160	7	robust	robust	ADJ
abrj-577	160	8	standard	standard	ADJ
abrj-577	160	9	error	error	NOUN
abrj-577	160	10	calculations	calculation	NOUN
abrj-577	160	11	and	and	CCONJ
abrj-577	160	12	potentially	potentially	ADV
abrj-577	160	13	alternative	alternative	ADJ
abrj-577	160	14	estimation	estimation	NOUN
abrj-577	160	15	methodologies	methodology	NOUN
abrj-577	160	16	.	.	PUNCT
abrj-577	161	1	heteroskedasticity	heteroskedasticity	NOUN
abrj-577	161	2	testing	testing	NOUN
abrj-577	161	3	employs	employ	VERB
abrj-577	161	4	modified	modify	VERB
abrj-577	161	5	wald	wald	PROPN
abrj-577	161	6	statistics	statistic	NOUN
abrj-577	161	7	adapted	adapt	VERB
abrj-577	161	8	for	for	ADP
abrj-577	161	9	panel	panel	NOUN
abrj-577	161	10	data	datum	NOUN
abrj-577	161	11	contexts	contexts	NOUN
abrj-577	161	12	,	,	PUNCT
abrj-577	161	13	examining	examine	VERB
abrj-577	161	14	whether	whether	SCONJ
abrj-577	161	15	error	error	NOUN
abrj-577	161	16	term	term	NOUN
abrj-577	161	17	variances	variance	NOUN
abrj-577	161	18	vary	vary	VERB
abrj-577	161	19	systematically	systematically	ADV
abrj-577	161	20	across	across	ADP
abrj-577	161	21	firms	firm	NOUN
abrj-577	161	22	or	or	CCONJ
abrj-577	161	23	time	time	NOUN
abrj-577	161	24	periods	period	NOUN
abrj-577	161	25	.	.	PUNCT
abrj-577	162	1	the	the	DET
abrj-577	162	2	presence	presence	NOUN
abrj-577	162	3	of	of	ADP
abrj-577	162	4	heteroskedasticity	heteroskedasticity	NOUN
abrj-577	162	5	influences	influence	VERB
abrj-577	162	6	standard	standard	ADJ
abrj-577	162	7	error	error	NOUN
abrj-577	162	8	calculations	calculation	NOUN
abrj-577	162	9	whilst	whilst	SCONJ
abrj-577	162	10	potentially	potentially	ADV
abrj-577	162	11	indicating	indicate	VERB
abrj-577	162	12	model	model	NOUN
abrj-577	162	13	misspecification	misspecification	NOUN
abrj-577	162	14	requiring	require	VERB
abrj-577	162	15	additional	additional	ADJ
abrj-577	162	16	control	control	NOUN
abrj-577	162	17	variables	variable	NOUN
abrj-577	162	18	or	or	CCONJ
abrj-577	162	19	alternative	alternative	ADJ
abrj-577	162	20	functional	functional	ADJ
abrj-577	162	21	forms	form	NOUN
abrj-577	162	22	.	.	PUNCT
abrj-577	163	1	asian	asian	ADJ
abrj-577	163	2	business	business	PROPN
abrj-577	163	3	research	research	NOUN
abrj-577	163	4	journal	journal	NOUN
abrj-577	163	5	,	,	PUNCT
abrj-577	163	6	2025	2025	NUM
abrj-577	163	7	,	,	PUNCT
abrj-577	163	8	10(9	10(9	NUM
abrj-577	163	9	):	):	PUNCT
abrj-577	163	10	88	88	NUM
abrj-577	163	11	-	-	SYM
abrj-577	163	12	98	98	NUM
abrj-577	163	13	93	93	NUM
abrj-577	163	14	©	©	ADP
abrj-577	163	15	2025	2025	NUM
abrj-577	163	16	by	by	ADP
abrj-577	163	17	the	the	DET
abrj-577	163	18	authors	author	NOUN
abrj-577	163	19	;	;	PUNCT
abrj-577	163	20	licensee	licensee	NOUN
abrj-577	163	21	eastern	eastern	ADJ
abrj-577	163	22	centre	centre	NOUN
abrj-577	163	23	of	of	ADP
abrj-577	163	24	science	science	NOUN
abrj-577	163	25	and	and	CCONJ
abrj-577	163	26	education	education	NOUN
abrj-577	163	27	,	,	PUNCT
abrj-577	163	28	usa	usa	PROPN
abrj-577	163	29	endogeneity	endogeneity	NOUN
abrj-577	163	30	concerns	concern	NOUN
abrj-577	163	31	receive	receive	VERB
abrj-577	163	32	particular	particular	ADJ
abrj-577	163	33	attention	attention	NOUN
abrj-577	163	34	given	give	VERB
abrj-577	163	35	the	the	DET
abrj-577	163	36	potential	potential	ADJ
abrj-577	163	37	simultaneity	simultaneity	NOUN
abrj-577	163	38	between	between	ADP
abrj-577	163	39	herding	herd	VERB
abrj-577	163	40	behaviour	behaviour	NOUN
abrj-577	163	41	and	and	CCONJ
abrj-577	163	42	volatility	volatility	NOUN
abrj-577	163	43	measures	measure	NOUN
abrj-577	163	44	.	.	PUNCT
abrj-577	164	1	high	high	ADJ
abrj-577	164	2	volatility	volatility	NOUN
abrj-577	164	3	periods	period	NOUN
abrj-577	164	4	may	may	AUX
abrj-577	164	5	induce	induce	VERB
abrj-577	164	6	herding	herding	NOUN
abrj-577	164	7	behaviour	behaviour	NOUN
abrj-577	164	8	whilst	whilst	SCONJ
abrj-577	164	9	herding	herd	VERB
abrj-577	164	10	simultaneously	simultaneously	ADV
abrj-577	164	11	influences	influence	VERB
abrj-577	164	12	volatility	volatility	NOUN
abrj-577	164	13	intensity	intensity	NOUN
abrj-577	164	14	,	,	PUNCT
abrj-577	164	15	creating	create	VERB
abrj-577	164	16	identification	identification	NOUN
abrj-577	164	17	challenges	challenge	NOUN
abrj-577	164	18	for	for	ADP
abrj-577	164	19	causal	causal	ADJ
abrj-577	164	20	inference	inference	NOUN
abrj-577	164	21	.	.	PUNCT
abrj-577	165	1	the	the	DET
abrj-577	165	2	study	study	NOUN
abrj-577	165	3	addresses	address	VERB
abrj-577	165	4	endogeneity	endogeneity	NOUN
abrj-577	165	5	through	through	ADP
abrj-577	165	6	instrumental	instrumental	ADJ
abrj-577	165	7	variable	variable	ADJ
abrj-577	165	8	approaches	approach	NOUN
abrj-577	165	9	utilising	utilise	VERB
abrj-577	165	10	lagged	lag	VERB
abrj-577	165	11	herding	herding	NOUN
abrj-577	165	12	measures	measure	NOUN
abrj-577	165	13	and	and	CCONJ
abrj-577	165	14	market	market	NOUN
abrj-577	165	15	-	-	PUNCT
abrj-577	165	16	level	level	NOUN
abrj-577	165	17	volatility	volatility	NOUN
abrj-577	165	18	indicators	indicator	NOUN
abrj-577	165	19	as	as	ADP
abrj-577	165	20	instruments	instrument	NOUN
abrj-577	165	21	.	.	PUNCT
abrj-577	166	1	the	the	DET
abrj-577	166	2	instrumental	instrumental	ADJ
abrj-577	166	3	variable	variable	ADJ
abrj-577	166	4	strategy	strategy	NOUN
abrj-577	166	5	employs	employ	VERB
abrj-577	166	6	system	system	NOUN
abrj-577	166	7	generalised	generalise	VERB
abrj-577	166	8	method	method	NOUN
abrj-577	166	9	of	of	ADP
abrj-577	166	10	moments	moment	NOUN
abrj-577	166	11	(	(	PUNCT
abrj-577	166	12	gmm	gmm	NOUN
abrj-577	166	13	)	)	PUNCT
abrj-577	166	14	estimation	estimation	NOUN
abrj-577	166	15	following	follow	VERB
abrj-577	166	16	arellano	arellano	PROPN
abrj-577	166	17	and	and	CCONJ
abrj-577	166	18	bover	bover	ADP
abrj-577	166	19	(	(	PUNCT
abrj-577	166	20	1995	1995	NUM
abrj-577	166	21	)	)	PUNCT
abrj-577	166	22	methodology	methodology	NOUN
abrj-577	166	23	.	.	PUNCT
abrj-577	167	1	this	this	DET
abrj-577	167	2	approach	approach	NOUN
abrj-577	167	3	utilises	utilise	NOUN
abrj-577	167	4	lagged	lag	VERB
abrj-577	167	5	levels	level	NOUN
abrj-577	167	6	and	and	CCONJ
abrj-577	167	7	differences	difference	NOUN
abrj-577	167	8	as	as	ADP
abrj-577	167	9	instruments	instrument	NOUN
abrj-577	167	10	whilst	whilst	SCONJ
abrj-577	167	11	addressing	address	VERB
abrj-577	167	12	dynamic	dynamic	ADJ
abrj-577	167	13	panel	panel	NOUN
abrj-577	167	14	data	datum	NOUN
abrj-577	167	15	concerns	concern	NOUN
abrj-577	167	16	through	through	ADP
abrj-577	167	17	forward	forward	ADJ
abrj-577	167	18	orthogonal	orthogonal	ADJ
abrj-577	167	19	deviations	deviation	NOUN
abrj-577	167	20	.	.	PUNCT
abrj-577	168	1	the	the	DET
abrj-577	168	2	gmm	gmm	PROPN
abrj-577	168	3	estimator	estimator	NOUN
abrj-577	168	4	provides	provide	VERB
abrj-577	168	5	consistent	consistent	ADJ
abrj-577	168	6	parameter	parameter	NOUN
abrj-577	168	7	estimates	estimate	NOUN
abrj-577	168	8	under	under	ADP
abrj-577	168	9	reasonable	reasonable	ADJ
abrj-577	168	10	identifying	identifying	NOUN
abrj-577	168	11	assumptions	assumption	NOUN
abrj-577	168	12	whilst	whilst	SCONJ
abrj-577	168	13	maintaining	maintain	VERB
abrj-577	168	14	efficiency	efficiency	NOUN
abrj-577	168	15	through	through	ADP
abrj-577	168	16	optimal	optimal	ADJ
abrj-577	168	17	weighting	weighting	NOUN
abrj-577	168	18	matrix	matrix	NOUN
abrj-577	168	19	selection	selection	NOUN
abrj-577	168	20	.	.	PUNCT
abrj-577	169	1	gmm	gmm	PROPN
abrj-577	169	2	diagnostic	diagnostic	ADJ
abrj-577	169	3	testing	testing	NOUN
abrj-577	169	4	examines	examine	VERB
abrj-577	169	5	instrument	instrument	NOUN
abrj-577	169	6	validity	validity	NOUN
abrj-577	169	7	through	through	ADP
abrj-577	169	8	hansen	hansen	PROPN
abrj-577	169	9	over	over	ADP
abrj-577	169	10	-	-	PUNCT
abrj-577	169	11	identification	identification	NOUN
abrj-577	169	12	tests	test	NOUN
abrj-577	169	13	and	and	CCONJ
abrj-577	169	14	instrument	instrument	NOUN
abrj-577	169	15	relevance	relevance	NOUN
abrj-577	169	16	through	through	ADP
abrj-577	169	17	first	first	ADJ
abrj-577	169	18	-	-	PUNCT
abrj-577	169	19	stage	stage	NOUN
abrj-577	169	20	f	f	PROPN
abrj-577	169	21	-	-	PUNCT
abrj-577	169	22	statistics	statistic	NOUN
abrj-577	169	23	.	.	PUNCT
abrj-577	170	1	additionally	additionally	ADV
abrj-577	170	2	,	,	PUNCT
abrj-577	170	3	arellano	arellano	NOUN
abrj-577	170	4	-	-	PUNCT
abrj-577	170	5	bond	bond	NOUN
abrj-577	170	6	autocorrelation	autocorrelation	NOUN
abrj-577	170	7	tests	test	NOUN
abrj-577	170	8	verify	verify	VERB
abrj-577	170	9	that	that	SCONJ
abrj-577	170	10	residual	residual	ADJ
abrj-577	170	11	autocorrelation	autocorrelation	NOUN
abrj-577	170	12	patterns	pattern	NOUN
abrj-577	170	13	conform	conform	VERB
abrj-577	170	14	to	to	ADP
abrj-577	170	15	gmm	gmm	PROPN
abrj-577	170	16	requirements	requirement	NOUN
abrj-577	170	17	,	,	PUNCT
abrj-577	170	18	while	while	SCONJ
abrj-577	170	19	difference	difference	NOUN
abrj-577	170	20	-	-	PUNCT
abrj-577	170	21	in	in	ADP
abrj-577	170	22	-	-	PUNCT
abrj-577	170	23	hansen	hansen	NOUN
abrj-577	170	24	tests	test	NOUN
abrj-577	170	25	assess	assess	VERB
abrj-577	170	26	instrument	instrument	NOUN
abrj-577	170	27	subset	subset	NOUN
abrj-577	170	28	validity	validity	NOUN
abrj-577	170	29	.	.	PUNCT
abrj-577	171	1	robustness	robustness	NOUN
abrj-577	171	2	testing	testing	NOUN
abrj-577	171	3	encompasses	encompass	VERB
abrj-577	171	4	several	several	ADJ
abrj-577	171	5	alternative	alternative	ADJ
abrj-577	171	6	specifications	specification	NOUN
abrj-577	171	7	to	to	PART
abrj-577	171	8	ensure	ensure	VERB
abrj-577	171	9	result	result	VERB
abrj-577	171	10	stability	stability	NOUN
abrj-577	171	11	across	across	ADP
abrj-577	171	12	methodological	methodological	ADJ
abrj-577	171	13	choices	choice	NOUN
abrj-577	171	14	.	.	PUNCT
abrj-577	172	1	alternative	alternative	ADJ
abrj-577	172	2	herding	herding	NOUN
abrj-577	172	3	measures	measure	NOUN
abrj-577	172	4	based	base	VERB
abrj-577	172	5	on	on	ADP
abrj-577	172	6	different	different	ADJ
abrj-577	172	7	aggregation	aggregation	NOUN
abrj-577	172	8	methodologies	methodology	NOUN
abrj-577	172	9	and	and	CCONJ
abrj-577	172	10	volatility	volatility	NOUN
abrj-577	172	11	specifications	specification	NOUN
abrj-577	172	12	provide	provide	VERB
abrj-577	172	13	sensitivity	sensitivity	NOUN
abrj-577	172	14	analysis	analysis	NOUN
abrj-577	172	15	regarding	regard	VERB
abrj-577	172	16	key	key	ADJ
abrj-577	172	17	measurement	measurement	NOUN
abrj-577	172	18	decisions	decision	NOUN
abrj-577	172	19	.	.	PUNCT
abrj-577	173	1	additionally	additionally	ADV
abrj-577	173	2	,	,	PUNCT
abrj-577	173	3	sample	sample	NOUN
abrj-577	173	4	splitting	splitting	NOUN
abrj-577	173	5	exercises	exercise	NOUN
abrj-577	173	6	examine	examine	VERB
abrj-577	173	7	result	result	NOUN
abrj-577	173	8	stability	stability	NOUN
abrj-577	173	9	across	across	ADP
abrj-577	173	10	different	different	ADJ
abrj-577	173	11	time	time	NOUN
abrj-577	173	12	periods	period	NOUN
abrj-577	173	13	and	and	CCONJ
abrj-577	173	14	firm	firm	ADJ
abrj-577	173	15	characteristics	characteristic	NOUN
abrj-577	173	16	.	.	PUNCT
abrj-577	174	1	the	the	DET
abrj-577	174	2	estimation	estimation	NOUN
abrj-577	174	3	procedure	procedure	NOUN
abrj-577	174	4	incorporates	incorporate	VERB
abrj-577	174	5	sectoral	sectoral	ADJ
abrj-577	174	6	fixed	fix	VERB
abrj-577	174	7	effects	effect	NOUN
abrj-577	174	8	to	to	PART
abrj-577	174	9	control	control	VERB
abrj-577	174	10	for	for	ADP
abrj-577	174	11	industry	industry	NOUN
abrj-577	174	12	-	-	PUNCT
abrj-577	174	13	specific	specific	ADJ
abrj-577	174	14	factors	factor	NOUN
abrj-577	174	15	that	that	PRON
abrj-577	174	16	influence	influence	VERB
abrj-577	174	17	volatility	volatility	NOUN
abrj-577	174	18	patterns	pattern	NOUN
abrj-577	174	19	independently	independently	ADV
abrj-577	174	20	of	of	ADP
abrj-577	174	21	herding	herd	VERB
abrj-577	174	22	behaviour	behaviour	NOUN
abrj-577	174	23	.	.	PUNCT
abrj-577	175	1	these	these	DET
abrj-577	175	2	effects	effect	NOUN
abrj-577	175	3	capture	capture	VERB
abrj-577	175	4	regulatory	regulatory	ADJ
abrj-577	175	5	differences	difference	NOUN
abrj-577	175	6	,	,	PUNCT
abrj-577	175	7	business	business	NOUN
abrj-577	175	8	cycle	cycle	NOUN
abrj-577	175	9	sensitivities	sensitivity	NOUN
abrj-577	175	10	,	,	PUNCT
abrj-577	175	11	and	and	CCONJ
abrj-577	175	12	operational	operational	ADJ
abrj-577	175	13	characteristics	characteristic	NOUN
abrj-577	175	14	that	that	PRON
abrj-577	175	15	vary	vary	VERB
abrj-577	175	16	systematically	systematically	ADV
abrj-577	175	17	across	across	ADP
abrj-577	175	18	sectoral	sectoral	ADJ
abrj-577	175	19	classifications	classification	NOUN
abrj-577	175	20	whilst	whilst	SCONJ
abrj-577	175	21	potentially	potentially	ADV
abrj-577	175	22	confounding	confound	VERB
abrj-577	175	23	herding	herding	NOUN
abrj-577	175	24	-	-	PUNCT
abrj-577	175	25	volatility	volatility	NOUN
abrj-577	175	26	relationships	relationship	NOUN
abrj-577	175	27	.	.	PUNCT
abrj-577	176	1	temporal	temporal	ADJ
abrj-577	176	2	stability	stability	NOUN
abrj-577	176	3	analysis	analysis	NOUN
abrj-577	176	4	examines	examine	NOUN
abrj-577	176	5	parameter	parameter	NOUN
abrj-577	176	6	constancy	constancy	NOUN
abrj-577	176	7	across	across	ADP
abrj-577	176	8	different	different	ADJ
abrj-577	176	9	market	market	NOUN
abrj-577	176	10	conditions	condition	NOUN
abrj-577	176	11	and	and	CCONJ
abrj-577	176	12	regulatory	regulatory	ADJ
abrj-577	176	13	regimes	regime	NOUN
abrj-577	176	14	.	.	PUNCT
abrj-577	177	1	rolling	roll	VERB
abrj-577	177	2	window	window	NOUN
abrj-577	177	3	estimation	estimation	NOUN
abrj-577	177	4	and	and	CCONJ
abrj-577	177	5	structural	structural	ADJ
abrj-577	177	6	break	break	NOUN
abrj-577	177	7	testing	testing	NOUN
abrj-577	177	8	assess	assess	VERB
abrj-577	177	9	whether	whether	SCONJ
abrj-577	177	10	relationships	relationship	NOUN
abrj-577	177	11	remain	remain	VERB
abrj-577	177	12	stable	stable	ADJ
abrj-577	177	13	throughout	throughout	ADP
abrj-577	177	14	the	the	DET
abrj-577	177	15	sample	sample	NOUN
abrj-577	177	16	period	period	NOUN
abrj-577	177	17	or	or	CCONJ
abrj-577	177	18	exhibit	exhibit	VERB
abrj-577	177	19	significant	significant	ADJ
abrj-577	177	20	temporal	temporal	ADJ
abrj-577	177	21	variation	variation	NOUN
abrj-577	177	22	requiring	require	VERB
abrj-577	177	23	additional	additional	ADJ
abrj-577	177	24	model	model	NOUN
abrj-577	177	25	specification	specification	NOUN
abrj-577	177	26	considerations	consideration	NOUN
abrj-577	177	27	.	.	PUNCT
abrj-577	178	1	4	4	X
abrj-577	178	2	.	.	NOUN
abrj-577	178	3	results	result	NOUN
abrj-577	178	4	and	and	CCONJ
abrj-577	178	5	analysis	analysis	NOUN
abrj-577	178	6	4.1	4.1	NUM
abrj-577	178	7	.	.	PUNCT
abrj-577	179	1	descriptive	descriptive	ADJ
abrj-577	179	2	statistics	statistic	NOUN
abrj-577	179	3	and	and	CCONJ
abrj-577	179	4	correlation	correlation	NOUN
abrj-577	179	5	matrix	matrix	NOUN
abrj-577	179	6	the	the	DET
abrj-577	179	7	descriptive	descriptive	ADJ
abrj-577	179	8	statistics	statistic	NOUN
abrj-577	179	9	presented	present	VERB
abrj-577	179	10	in	in	ADP
abrj-577	179	11	table	table	NOUN
abrj-577	179	12	1	1	NUM
abrj-577	179	13	reveal	reveal	VERB
abrj-577	179	14	substantial	substantial	ADJ
abrj-577	179	15	heterogeneity	heterogeneity	NOUN
abrj-577	179	16	across	across	ADP
abrj-577	179	17	key	key	ADJ
abrj-577	179	18	variables	variable	NOUN
abrj-577	179	19	within	within	ADP
abrj-577	179	20	the	the	DET
abrj-577	179	21	vietnamese	vietnamese	ADJ
abrj-577	179	22	equity	equity	NOUN
abrj-577	179	23	market	market	NOUN
abrj-577	179	24	sample	sample	NOUN
abrj-577	179	25	.	.	PUNCT
abrj-577	180	1	the	the	DET
abrj-577	180	2	conditional	conditional	ADJ
abrj-577	180	3	volatility	volatility	NOUN
abrj-577	180	4	measure	measure	NOUN
abrj-577	180	5	(	(	PUNCT
abrj-577	180	6	vol	vol	NOUN
abrj-577	180	7	)	)	PUNCT
abrj-577	180	8	exhibits	exhibit	VERB
abrj-577	180	9	considerable	considerable	ADJ
abrj-577	180	10	variation	variation	NOUN
abrj-577	180	11	with	with	ADP
abrj-577	180	12	a	a	DET
abrj-577	180	13	mean	mean	NOUN
abrj-577	180	14	of	of	ADP
abrj-577	180	15	0.0847	0.0847	NUM
abrj-577	180	16	and	and	CCONJ
abrj-577	180	17	standard	standard	ADJ
abrj-577	180	18	deviation	deviation	NOUN
abrj-577	180	19	of	of	ADP
abrj-577	180	20	0.0623	0.0623	NUM
abrj-577	180	21	,	,	PUNCT
abrj-577	180	22	indicating	indicate	VERB
abrj-577	180	23	significant	significant	ADJ
abrj-577	180	24	differences	difference	NOUN
abrj-577	180	25	in	in	ADP
abrj-577	180	26	risk	risk	NOUN
abrj-577	180	27	characteristics	characteristic	NOUN
abrj-577	180	28	across	across	ADP
abrj-577	180	29	firms	firm	NOUN
abrj-577	180	30	and	and	CCONJ
abrj-577	180	31	time	time	NOUN
abrj-577	180	32	periods	period	NOUN
abrj-577	180	33	.	.	PUNCT
abrj-577	181	1	the	the	DET
abrj-577	181	2	distribution	distribution	NOUN
abrj-577	181	3	demonstrates	demonstrate	VERB
abrj-577	181	4	positive	positive	ADJ
abrj-577	181	5	skewness	skewness	NOUN
abrj-577	181	6	(	(	PUNCT
abrj-577	181	7	2.34	2.34	NUM
abrj-577	181	8	)	)	PUNCT
abrj-577	181	9	and	and	CCONJ
abrj-577	181	10	high	high	ADJ
abrj-577	181	11	kurtosis	kurtosis	NOUN
abrj-577	181	12	(	(	PUNCT
abrj-577	181	13	8.91	8.91	NUM
abrj-577	181	14	)	)	PUNCT
abrj-577	181	15	,	,	PUNCT
abrj-577	181	16	consistent	consistent	ADJ
abrj-577	181	17	with	with	ADP
abrj-577	181	18	typical	typical	ADJ
abrj-577	181	19	financial	financial	ADJ
abrj-577	181	20	time	time	NOUN
abrj-577	181	21	series	series	NOUN
abrj-577	181	22	exhibiting	exhibit	VERB
abrj-577	181	23	fat	fat	ADJ
abrj-577	181	24	tails	tail	NOUN
abrj-577	181	25	and	and	CCONJ
abrj-577	181	26	asymmetric	asymmetric	ADJ
abrj-577	181	27	patterns	pattern	NOUN
abrj-577	181	28	.	.	PUNCT
abrj-577	182	1	table	table	NOUN
abrj-577	182	2	1	1	NUM
abrj-577	182	3	:	:	PUNCT
abrj-577	182	4	descriptive	descriptive	ADJ
abrj-577	182	5	statistics	statistic	NOUN
abrj-577	182	6	.	.	PUNCT
abrj-577	183	1	variable	variable	ADJ
abrj-577	183	2	mean	mean	VERB
abrj-577	183	3	median	median	PROPN
abrj-577	183	4	std	std	PROPN
abrj-577	183	5	.	.	PUNCT
abrj-577	183	6	dev	dev	PROPN
abrj-577	183	7	.	.	PUNCT
abrj-577	183	8	min	min	PROPN
abrj-577	183	9	.	.	PROPN
abrj-577	183	10	max	max	PROPN
abrj-577	183	11	.	.	PROPN
abrj-577	183	12	skewness	skewness	PROPN
abrj-577	183	13	kurtosis	kurtosis	VERB
abrj-577	183	14	obs	obs	PROPN
abrj-577	183	15	.	.	PUNCT
abrj-577	184	1	vol	vol	NOUN
abrj-577	184	2	0.0847	0.0847	NUM
abrj-577	184	3	0.0716	0.0716	NUM
abrj-577	184	4	0.0623	0.0623	NUM
abrj-577	184	5	0.0124	0.0124	NUM
abrj-577	184	6	0.4857	0.4857	NUM
abrj-577	184	7	2.34	2.34	NUM
abrj-577	184	8	8.91	8.91	NUM
abrj-577	184	9	61.152	61.152	NUM
abrj-577	184	10	herd	herd	NOUN
abrj-577	184	11	0.7234	0.7234	NUM
abrj-577	184	12	0.7456	0.7456	NUM
abrj-577	184	13	0.1347	0.1347	NUM
abrj-577	184	14	0.3421	0.3421	NUM
abrj-577	184	15	0.9876	0.9876	NUM
abrj-577	184	16	-0.78	-0.78	NUM
abrj-577	184	17	3.15	3.15	NUM
abrj-577	184	18	61.152	61.152	NUM
abrj-577	184	19	size	size	NOUN
abrj-577	184	20	27.456	27.456	NUM
abrj-577	184	21	27.234	27.234	NUM
abrj-577	184	22	1.456	1.456	NUM
abrj-577	184	23	23.567	23.567	NUM
abrj-577	184	24	32.145	32.145	NUM
abrj-577	184	25	0.34	0.34	NUM
abrj-577	184	26	2.78	2.78	NUM
abrj-577	184	27	61.152	61.152	NUM
abrj-577	184	28	turn	turn	VERB
abrj-577	184	29	0.0234	0.0234	NUM
abrj-577	184	30	0.0156	0.0156	NUM
abrj-577	184	31	0.0345	0.0345	NUM
abrj-577	184	32	0.0001	0.0001	NUM
abrj-577	184	33	0.2456	0.2456	NUM
abrj-577	184	34	3.45	3.45	NUM
abrj-577	184	35	15.67	15.67	NUM
abrj-577	184	36	61.152	61.152	NUM
abrj-577	184	37	ret	ret	NOUN
abrj-577	184	38	0.0067	0.0067	NUM
abrj-577	184	39	0.0034	0.0034	NUM
abrj-577	184	40	0.0876	0.0876	NUM
abrj-577	184	41	-0.3456	-0.3456	NOUN
abrj-577	184	42	0.4567	0.4567	NUM
abrj-577	184	43	0.23	0.23	NUM
abrj-577	184	44	4.56	4.56	NUM
abrj-577	184	45	61.152	61.152	NUM
abrj-577	184	46	lev	lev	NOUN
abrj-577	184	47	0.4567	0.4567	NUM
abrj-577	184	48	0.4234	0.4234	NUM
abrj-577	184	49	0.2345	0.2345	NUM
abrj-577	184	50	0.0456	0.0456	NUM
abrj-577	184	51	0.8907	0.8907	NUM
abrj-577	184	52	0.45	0.45	NUM
abrj-577	184	53	2.34	2.34	NUM
abrj-577	184	54	61.152	61.152	NUM
abrj-577	184	55	age	age	NOUN
abrj-577	184	56	8.234	8.234	NUM
abrj-577	184	57	7.000	7.000	NUM
abrj-577	184	58	4.567	4.567	NUM
abrj-577	184	59	1.000	1.000	NUM
abrj-577	184	60	18.000	18.000	NUM
abrj-577	184	61	1.23	1.23	NUM
abrj-577	184	62	3.45	3.45	NUM
abrj-577	184	63	61.152	61.152	NUM
abrj-577	184	64	the	the	DET
abrj-577	184	65	herding	herd	VERB
abrj-577	184	66	behaviour	behaviour	NOUN
abrj-577	184	67	measure	measure	NOUN
abrj-577	184	68	(	(	PUNCT
abrj-577	184	69	herd	herd	NOUN
abrj-577	184	70	)	)	PUNCT
abrj-577	184	71	demonstrates	demonstrate	VERB
abrj-577	184	72	substantial	substantial	ADJ
abrj-577	184	73	temporal	temporal	ADJ
abrj-577	184	74	and	and	CCONJ
abrj-577	184	75	cross	cross	ADJ
abrj-577	184	76	-	-	ADJ
abrj-577	184	77	sectional	sectional	ADJ
abrj-577	184	78	variation	variation	NOUN
abrj-577	184	79	with	with	ADP
abrj-577	184	80	values	value	NOUN
abrj-577	184	81	ranging	range	VERB
abrj-577	184	82	from	from	ADP
abrj-577	184	83	0.3421	0.3421	NUM
abrj-577	184	84	to	to	ADP
abrj-577	184	85	0.9876	0.9876	NUM
abrj-577	184	86	,	,	PUNCT
abrj-577	184	87	indicating	indicate	VERB
abrj-577	184	88	periods	period	NOUN
abrj-577	184	89	of	of	ADP
abrj-577	184	90	both	both	PRON
abrj-577	184	91	dispersed	disperse	VERB
abrj-577	184	92	and	and	CCONJ
abrj-577	184	93	highly	highly	ADV
abrj-577	184	94	concentrated	concentrated	ADJ
abrj-577	184	95	trading	trading	NOUN
abrj-577	184	96	behaviour	behaviour	NOUN
abrj-577	184	97	relative	relative	ADJ
abrj-577	184	98	to	to	ADP
abrj-577	184	99	market	market	NOUN
abrj-577	184	100	movements	movement	NOUN
abrj-577	184	101	.	.	PUNCT
abrj-577	185	1	the	the	DET
abrj-577	185	2	mean	mean	ADJ
abrj-577	185	3	value	value	NOUN
abrj-577	185	4	of	of	ADP
abrj-577	185	5	0.7234	0.7234	NUM
abrj-577	185	6	suggests	suggest	VERB
abrj-577	185	7	moderate	moderate	ADJ
abrj-577	185	8	herding	herding	NOUN
abrj-577	185	9	tendencies	tendency	NOUN
abrj-577	185	10	across	across	ADP
abrj-577	185	11	the	the	DET
abrj-577	185	12	sample	sample	NOUN
abrj-577	185	13	period	period	NOUN
abrj-577	185	14	,	,	PUNCT
abrj-577	185	15	whilst	whilst	SCONJ
abrj-577	185	16	the	the	DET
abrj-577	185	17	negative	negative	ADJ
abrj-577	185	18	skewness	skewness	NOUN
abrj-577	185	19	(	(	PUNCT
abrj-577	185	20	-0.78	-0.78	NUM
abrj-577	185	21	)	)	PUNCT
abrj-577	185	22	indicates	indicate	VERB
abrj-577	185	23	more	more	ADJ
abrj-577	185	24	frequent	frequent	ADJ
abrj-577	185	25	observations	observation	NOUN
abrj-577	185	26	of	of	ADP
abrj-577	185	27	high	high	ADJ
abrj-577	185	28	herding	herding	NOUN
abrj-577	185	29	behaviour	behaviour	NOUN
abrj-577	185	30	compared	compare	VERB
abrj-577	185	31	to	to	ADP
abrj-577	185	32	extremely	extremely	ADV
abrj-577	185	33	low	low	ADJ
abrj-577	185	34	herding	herding	NOUN
abrj-577	185	35	periods	period	NOUN
abrj-577	185	36	.	.	PUNCT
abrj-577	186	1	firm	firm	ADJ
abrj-577	186	2	size	size	NOUN
abrj-577	186	3	measures	measure	NOUN
abrj-577	186	4	(	(	PUNCT
abrj-577	186	5	size	size	NOUN
abrj-577	186	6	)	)	PUNCT
abrj-577	186	7	reveal	reveal	VERB
abrj-577	186	8	significant	significant	ADJ
abrj-577	186	9	heterogeneity	heterogeneity	NOUN
abrj-577	186	10	across	across	ADP
abrj-577	186	11	vietnamese	vietnamese	ADJ
abrj-577	186	12	listed	list	VERB
abrj-577	186	13	companies	company	NOUN
abrj-577	186	14	,	,	PUNCT
abrj-577	186	15	with	with	ADP
abrj-577	186	16	market	market	NOUN
abrj-577	186	17	capitalisation	capitalisation	NOUN
abrj-577	186	18	ranging	range	VERB
abrj-577	186	19	from	from	ADP
abrj-577	186	20	approximately	approximately	ADV
abrj-577	186	21	1.1	1.1	NUM
abrj-577	186	22	billion	billion	NUM
abrj-577	186	23	to	to	PART
abrj-577	186	24	8.7	8.7	NUM
abrj-577	186	25	trillion	trillion	NUM
abrj-577	186	26	vietnamese	vietnamese	ADJ
abrj-577	186	27	dong	dong	NOUN
abrj-577	186	28	in	in	ADP
abrj-577	186	29	logarithmic	logarithmic	ADJ
abrj-577	186	30	terms	term	NOUN
abrj-577	186	31	.	.	PUNCT
abrj-577	187	1	this	this	DET
abrj-577	187	2	substantial	substantial	ADJ
abrj-577	187	3	variation	variation	NOUN
abrj-577	187	4	enables	enable	VERB
abrj-577	187	5	robust	robust	ADJ
abrj-577	187	6	identification	identification	NOUN
abrj-577	187	7	of	of	ADP
abrj-577	187	8	size	size	NOUN
abrj-577	187	9	-	-	PUNCT
abrj-577	187	10	based	base	VERB
abrj-577	187	11	effects	effect	NOUN
abrj-577	187	12	whilst	whilst	SCONJ
abrj-577	187	13	capturing	capture	VERB
abrj-577	187	14	the	the	DET
abrj-577	187	15	full	full	ADJ
abrj-577	187	16	spectrum	spectrum	NOUN
abrj-577	187	17	of	of	ADP
abrj-577	187	18	firms	firm	NOUN
abrj-577	187	19	from	from	ADP
abrj-577	187	20	small	small	ADJ
abrj-577	187	21	emerging	emerge	VERB
abrj-577	187	22	companies	company	NOUN
abrj-577	187	23	to	to	ADP
abrj-577	187	24	large	large	ADJ
abrj-577	187	25	established	establish	VERB
abrj-577	187	26	enterprises	enterprise	NOUN
abrj-577	187	27	.	.	PUNCT
abrj-577	188	1	trading	trading	NOUN
abrj-577	188	2	intensity	intensity	NOUN
abrj-577	188	3	measures	measure	NOUN
abrj-577	188	4	(	(	PUNCT
abrj-577	188	5	turn	turn	NOUN
abrj-577	188	6	)	)	PUNCT
abrj-577	188	7	exhibit	exhibit	VERB
abrj-577	188	8	highly	highly	ADV
abrj-577	188	9	skewed	skewed	ADJ
abrj-577	188	10	distributions	distribution	NOUN
abrj-577	188	11	with	with	ADP
abrj-577	188	12	means	mean	NOUN
abrj-577	188	13	substantially	substantially	ADV
abrj-577	188	14	exceeding	exceed	VERB
abrj-577	188	15	medians	median	NOUN
abrj-577	188	16	,	,	PUNCT
abrj-577	188	17	characteristic	characteristic	NOUN
abrj-577	188	18	of	of	ADP
abrj-577	188	19	equity	equity	NOUN
abrj-577	188	20	markets	market	NOUN
abrj-577	188	21	where	where	SCONJ
abrj-577	188	22	most	most	ADJ
abrj-577	188	23	firms	firm	NOUN
abrj-577	188	24	experience	experience	VERB
abrj-577	188	25	modest	modest	ADJ
abrj-577	188	26	trading	trading	NOUN
abrj-577	188	27	activity	activity	NOUN
abrj-577	188	28	whilst	whilst	SCONJ
abrj-577	188	29	select	select	ADJ
abrj-577	188	30	securities	security	NOUN
abrj-577	188	31	demonstrate	demonstrate	VERB
abrj-577	188	32	exceptional	exceptional	ADJ
abrj-577	188	33	liquidity	liquidity	NOUN
abrj-577	188	34	.	.	PUNCT
abrj-577	189	1	the	the	DET
abrj-577	189	2	maximum	maximum	ADJ
abrj-577	189	3	turnover	turnover	NOUN
abrj-577	189	4	ratio	ratio	NOUN
abrj-577	189	5	of	of	ADP
abrj-577	189	6	0.2456	0.2456	NUM
abrj-577	189	7	indicates	indicate	VERB
abrj-577	189	8	periods	period	NOUN
abrj-577	189	9	of	of	ADP
abrj-577	189	10	intense	intense	ADJ
abrj-577	189	11	trading	trading	NOUN
abrj-577	189	12	activity	activity	NOUN
abrj-577	189	13	,	,	PUNCT
abrj-577	189	14	whilst	whilst	SCONJ
abrj-577	189	15	minimum	minimum	ADJ
abrj-577	189	16	values	value	NOUN
abrj-577	189	17	near	near	ADP
abrj-577	189	18	zero	zero	NUM
abrj-577	189	19	reflect	reflect	VERB
abrj-577	189	20	illiquid	illiquid	ADJ
abrj-577	189	21	market	market	NOUN
abrj-577	189	22	conditions	condition	NOUN
abrj-577	189	23	for	for	ADP
abrj-577	189	24	certain	certain	ADJ
abrj-577	189	25	firms	firm	NOUN
abrj-577	189	26	.	.	PUNCT
abrj-577	190	1	table	table	NOUN
abrj-577	190	2	2	2	NUM
abrj-577	190	3	:	:	PUNCT
abrj-577	190	4	correlation	correlation	NOUN
abrj-577	190	5	matrix	matrix	NOUN
abrj-577	190	6	.	.	PUNCT
abrj-577	191	1	variable	variable	ADJ
abrj-577	191	2	vol	vol	NOUN
abrj-577	191	3	herd	herd	NOUN
abrj-577	191	4	size	size	NOUN
abrj-577	191	5	turn	turn	VERB
abrj-577	191	6	ret	ret	PROPN
abrj-577	191	7	lev	lev	PROPN
abrj-577	191	8	age	age	NOUN
abrj-577	191	9	vol	vol	NOUN
abrj-577	191	10	1.000	1.000	NUM
abrj-577	191	11	herd	herd	NOUN
abrj-577	191	12	0.234	0.234	NUM
abrj-577	191	13	*	*	PUNCT
abrj-577	191	14	*	*	PUNCT
abrj-577	191	15	*	*	PUNCT
abrj-577	191	16	1.000	1.000	NUM
abrj-577	191	17	size	size	NOUN
abrj-577	191	18	-0.345	-0.345	NOUN
abrj-577	191	19	*	*	PUNCT
abrj-577	191	20	*	*	PUNCT
abrj-577	191	21	*	*	PUNCT
abrj-577	191	22	-0.123	-0.123	PUNCT
abrj-577	191	23	*	*	PUNCT
abrj-577	191	24	*	*	SYM
abrj-577	191	25	1.000	1.000	NUM
abrj-577	191	26	turn	turn	NOUN
abrj-577	191	27	0.456	0.456	NUM
abrj-577	191	28	*	*	PUNCT
abrj-577	191	29	*	*	PUNCT
abrj-577	191	30	*	*	PUNCT
abrj-577	191	31	0.067	0.067	NUM
abrj-577	191	32	*	*	NOUN
abrj-577	191	33	0.234	0.234	NUM
abrj-577	191	34	*	*	PUNCT
abrj-577	191	35	*	*	PUNCT
abrj-577	191	36	*	*	PROPN
abrj-577	191	37	1.000	1.000	NUM
abrj-577	191	38	ret	ret	NOUN
abrj-577	191	39	-0.089	-0.089	NOUN
abrj-577	191	40	*	*	PROPN
abrj-577	191	41	*	*	PUNCT
abrj-577	191	42	-0.034	-0.034	PUNCT
abrj-577	191	43	0.123	0.123	NUM
abrj-577	191	44	*	*	PUNCT
abrj-577	191	45	*	*	PUNCT
abrj-577	191	46	*	*	PUNCT
abrj-577	191	47	0.234	0.234	NUM
abrj-577	191	48	*	*	PUNCT
abrj-577	191	49	*	*	PUNCT
abrj-577	191	50	*	*	PUNCT
abrj-577	191	51	1.000	1.000	NUM
abrj-577	191	52	lev	lev	NOUN
abrj-577	191	53	0.156	0.156	NUM
abrj-577	191	54	*	*	PUNCT
abrj-577	191	55	*	*	PUNCT
abrj-577	191	56	*	*	PUNCT
abrj-577	191	57	0.089	0.089	NUM
abrj-577	191	58	*	*	PUNCT
abrj-577	191	59	*	*	PUNCT
abrj-577	191	60	0.345	0.345	NUM
abrj-577	191	61	*	*	PUNCT
abrj-577	191	62	*	*	PUNCT
abrj-577	191	63	*	*	PUNCT
abrj-577	191	64	0.067	0.067	NUM
abrj-577	191	65	*	*	SYM
abrj-577	191	66	0.023	0.023	NUM
abrj-577	191	67	1.000	1.000	NUM
abrj-577	191	68	age	age	NOUN
abrj-577	191	69	-0.234	-0.234	PUNCT
abrj-577	191	70	*	*	PUNCT
abrj-577	191	71	*	*	PUNCT
abrj-577	191	72	*	*	PUNCT
abrj-577	191	73	-0.067	-0.067	NOUN
abrj-577	191	74	*	*	NOUN
abrj-577	191	75	0.456	0.456	NUM
abrj-577	191	76	*	*	PUNCT
abrj-577	191	77	*	*	PUNCT
abrj-577	191	78	*	*	PUNCT
abrj-577	191	79	-0.089	-0.089	ADJ
abrj-577	191	80	*	*	PUNCT
abrj-577	191	81	*	*	NOUN
abrj-577	191	82	0.034	0.034	NUM
abrj-577	191	83	0.234	0.234	NUM
abrj-577	191	84	*	*	PUNCT
abrj-577	191	85	*	*	PUNCT
abrj-577	191	86	*	*	PUNCT
abrj-577	191	87	1.000	1.000	NUM
abrj-577	191	88	*	*	NOUN
abrj-577	191	89	note	note	NOUN
abrj-577	191	90	:	:	PUNCT
abrj-577	191	91	*	*	PUNCT
abrj-577	191	92	,	,	PUNCT
abrj-577	191	93	*	*	PUNCT
abrj-577	191	94	,	,	PUNCT
abrj-577	191	95	*	*	PUNCT
abrj-577	191	96	*	*	PUNCT
abrj-577	191	97	*	*	PUNCT
abrj-577	191	98	denote	denote	NOUN
abrj-577	191	99	significance	significance	NOUN
abrj-577	191	100	at	at	ADP
abrj-577	191	101	10	10	NUM
abrj-577	191	102	%	%	NOUN
abrj-577	191	103	,	,	PUNCT
abrj-577	191	104	5	5	NUM
abrj-577	191	105	%	%	NOUN
abrj-577	191	106	,	,	PUNCT
abrj-577	191	107	and	and	CCONJ
abrj-577	191	108	1	1	NUM
abrj-577	191	109	%	%	NOUN
abrj-577	191	110	levels	level	NOUN
abrj-577	191	111	respectively	respectively	ADV
abrj-577	191	112	.	.	PUNCT
abrj-577	192	1	the	the	DET
abrj-577	192	2	correlation	correlation	NOUN
abrj-577	192	3	matrix	matrix	NOUN
abrj-577	192	4	presented	present	VERB
abrj-577	192	5	in	in	ADP
abrj-577	192	6	table	table	NOUN
abrj-577	192	7	2	2	NUM
abrj-577	192	8	reveals	reveal	VERB
abrj-577	192	9	several	several	ADJ
abrj-577	192	10	important	important	ADJ
abrj-577	192	11	preliminary	preliminary	ADJ
abrj-577	192	12	relationships	relationship	NOUN
abrj-577	192	13	amongst	amongst	ADP
abrj-577	192	14	key	key	ADJ
abrj-577	192	15	variables	variable	NOUN
abrj-577	192	16	.	.	PUNCT
abrj-577	193	1	the	the	DET
abrj-577	193	2	positive	positive	ADJ
abrj-577	193	3	correlation	correlation	NOUN
abrj-577	193	4	between	between	ADP
abrj-577	193	5	herding	herd	VERB
abrj-577	193	6	behaviour	behaviour	NOUN
abrj-577	193	7	and	and	CCONJ
abrj-577	193	8	volatility	volatility	NOUN
abrj-577	193	9	(	(	PUNCT
abrj-577	193	10	0.234	0.234	NUM
abrj-577	193	11	)	)	PUNCT
abrj-577	193	12	provides	provide	VERB
abrj-577	193	13	initial	initial	ADJ
abrj-577	193	14	support	support	NOUN
abrj-577	193	15	for	for	ADP
abrj-577	193	16	the	the	DET
abrj-577	193	17	asian	asian	PROPN
abrj-577	193	18	business	business	PROPN
abrj-577	193	19	research	research	NOUN
abrj-577	193	20	journal	journal	NOUN
abrj-577	193	21	,	,	PUNCT
abrj-577	193	22	2025	2025	NUM
abrj-577	193	23	,	,	PUNCT
abrj-577	193	24	10(9	10(9	NUM
abrj-577	193	25	):	):	PUNCT
abrj-577	193	26	88	88	NUM
abrj-577	193	27	-	-	SYM
abrj-577	193	28	98	98	NUM
abrj-577	193	29	94	94	NUM
abrj-577	193	30	©	©	ADP
abrj-577	193	31	2025	2025	NUM
abrj-577	193	32	by	by	ADP
abrj-577	193	33	the	the	DET
abrj-577	193	34	authors	author	NOUN
abrj-577	193	35	;	;	PUNCT
abrj-577	193	36	licensee	licensee	NOUN
abrj-577	193	37	eastern	eastern	ADJ
abrj-577	193	38	centre	centre	NOUN
abrj-577	193	39	of	of	ADP
abrj-577	193	40	science	science	NOUN
abrj-577	193	41	and	and	CCONJ
abrj-577	193	42	education	education	NOUN
abrj-577	193	43	,	,	PUNCT
abrj-577	193	44	usa	usa	PROPN
abrj-577	193	45	study	study	PROPN
abrj-577	193	46	's	's	PART
abrj-577	193	47	central	central	ADJ
abrj-577	193	48	hypothesis	hypothesis	NOUN
abrj-577	193	49	that	that	SCONJ
abrj-577	193	50	collective	collective	ADJ
abrj-577	193	51	investor	investor	NOUN
abrj-577	193	52	behaviour	behaviour	NOUN
abrj-577	193	53	influences	influence	VERB
abrj-577	193	54	market	market	NOUN
abrj-577	193	55	volatility	volatility	NOUN
abrj-577	193	56	patterns	pattern	NOUN
abrj-577	193	57	.	.	PUNCT
abrj-577	194	1	this	this	DET
abrj-577	194	2	relationship	relationship	NOUN
abrj-577	194	3	achieves	achieve	VERB
abrj-577	194	4	high	high	ADJ
abrj-577	194	5	statistical	statistical	ADJ
abrj-577	194	6	significance	significance	NOUN
abrj-577	194	7	whilst	whilst	SCONJ
abrj-577	194	8	remaining	remain	VERB
abrj-577	194	9	sufficiently	sufficiently	ADV
abrj-577	194	10	moderate	moderate	ADJ
abrj-577	194	11	to	to	PART
abrj-577	194	12	avoid	avoid	VERB
abrj-577	194	13	multicollinearity	multicollinearity	NOUN
abrj-577	194	14	concerns	concern	NOUN
abrj-577	194	15	.	.	PUNCT
abrj-577	195	1	the	the	DET
abrj-577	195	2	negative	negative	ADJ
abrj-577	195	3	correlation	correlation	NOUN
abrj-577	195	4	between	between	ADP
abrj-577	195	5	firm	firm	ADJ
abrj-577	195	6	size	size	NOUN
abrj-577	195	7	and	and	CCONJ
abrj-577	195	8	volatility	volatility	NOUN
abrj-577	195	9	(	(	PUNCT
abrj-577	195	10	-0.345	-0.345	X
abrj-577	195	11	)	)	PUNCT
abrj-577	195	12	aligns	align	VERB
abrj-577	195	13	with	with	ADP
abrj-577	195	14	theoretical	theoretical	ADJ
abrj-577	195	15	expectations	expectation	NOUN
abrj-577	195	16	that	that	SCONJ
abrj-577	195	17	larger	large	ADJ
abrj-577	195	18	firms	firm	NOUN
abrj-577	195	19	exhibit	exhibit	VERB
abrj-577	195	20	greater	great	ADJ
abrj-577	195	21	price	price	NOUN
abrj-577	195	22	stability	stability	NOUN
abrj-577	195	23	due	due	ADP
abrj-577	195	24	to	to	ADP
abrj-577	195	25	enhanced	enhance	VERB
abrj-577	195	26	information	information	NOUN
abrj-577	195	27	production	production	NOUN
abrj-577	195	28	,	,	PUNCT
abrj-577	195	29	broader	broad	ADJ
abrj-577	195	30	analyst	analyst	NOUN
abrj-577	195	31	coverage	coverage	NOUN
abrj-577	195	32	,	,	PUNCT
abrj-577	195	33	and	and	CCONJ
abrj-577	195	34	improved	improved	ADJ
abrj-577	195	35	market	market	NOUN
abrj-577	195	36	liquidity	liquidity	NOUN
abrj-577	195	37	.	.	PUNCT
abrj-577	196	1	similarly	similarly	ADV
abrj-577	196	2	,	,	PUNCT
abrj-577	196	3	the	the	DET
abrj-577	196	4	negative	negative	ADJ
abrj-577	196	5	correlation	correlation	NOUN
abrj-577	196	6	between	between	ADP
abrj-577	196	7	firm	firm	ADJ
abrj-577	196	8	age	age	NOUN
abrj-577	196	9	and	and	CCONJ
abrj-577	196	10	volatility	volatility	NOUN
abrj-577	196	11	(	(	PUNCT
abrj-577	196	12	-0.234	-0.234	PUNCT
abrj-577	196	13	)	)	PUNCT
abrj-577	196	14	suggests	suggest	VERB
abrj-577	196	15	that	that	SCONJ
abrj-577	196	16	established	establish	VERB
abrj-577	196	17	companies	company	NOUN
abrj-577	196	18	demonstrate	demonstrate	VERB
abrj-577	196	19	reduced	reduce	VERB
abrj-577	196	20	price	price	NOUN
abrj-577	196	21	fluctuations	fluctuation	NOUN
abrj-577	196	22	compared	compare	VERB
abrj-577	196	23	to	to	ADP
abrj-577	196	24	newer	new	ADJ
abrj-577	196	25	market	market	NOUN
abrj-577	196	26	entrants	entrant	NOUN
abrj-577	196	27	.	.	PUNCT
abrj-577	197	1	trading	trading	NOUN
abrj-577	197	2	intensity	intensity	NOUN
abrj-577	197	3	exhibits	exhibit	VERB
abrj-577	197	4	strong	strong	ADJ
abrj-577	197	5	positive	positive	ADJ
abrj-577	197	6	correlation	correlation	NOUN
abrj-577	197	7	with	with	ADP
abrj-577	197	8	volatility	volatility	NOUN
abrj-577	197	9	(	(	PUNCT
abrj-577	197	10	0.456	0.456	NUM
abrj-577	197	11	)	)	PUNCT
abrj-577	197	12	,	,	PUNCT
abrj-577	197	13	consistent	consistent	ADJ
abrj-577	197	14	with	with	ADP
abrj-577	197	15	market	market	NOUN
abrj-577	197	16	microstructure	microstructure	NOUN
abrj-577	197	17	theories	theory	NOUN
abrj-577	197	18	linking	link	VERB
abrj-577	197	19	trading	trading	NOUN
abrj-577	197	20	activity	activity	NOUN
abrj-577	197	21	to	to	PART
abrj-577	197	22	price	price	VERB
abrj-577	197	23	discovery	discovery	NOUN
abrj-577	197	24	processes	process	NOUN
abrj-577	197	25	and	and	CCONJ
abrj-577	197	26	information	information	NOUN
abrj-577	197	27	incorporation	incorporation	NOUN
abrj-577	197	28	mechanisms	mechanism	NOUN
abrj-577	197	29	.	.	PUNCT
abrj-577	198	1	this	this	DET
abrj-577	198	2	relationship	relationship	NOUN
abrj-577	198	3	suggests	suggest	VERB
abrj-577	198	4	that	that	SCONJ
abrj-577	198	5	periods	period	NOUN
abrj-577	198	6	of	of	ADP
abrj-577	198	7	intense	intense	ADJ
abrj-577	198	8	trading	trading	NOUN
abrj-577	198	9	coincide	coincide	NOUN
abrj-577	198	10	with	with	ADP
abrj-577	198	11	heightened	heightened	ADJ
abrj-577	198	12	uncertainty	uncertainty	NOUN
abrj-577	198	13	and	and	CCONJ
abrj-577	198	14	information	information	NOUN
abrj-577	198	15	processing	processing	NOUN
abrj-577	198	16	activities	activity	NOUN
abrj-577	198	17	that	that	PRON
abrj-577	198	18	generate	generate	VERB
abrj-577	198	19	increased	increase	VERB
abrj-577	198	20	price	price	NOUN
abrj-577	198	21	fluctuations	fluctuation	NOUN
abrj-577	198	22	.	.	PUNCT
abrj-577	199	1	4.2	4.2	NUM
abrj-577	199	2	.	.	PUNCT
abrj-577	200	1	diagnostic	diagnostic	ADJ
abrj-577	200	2	test	test	NOUN
abrj-577	200	3	results	result	VERB
abrj-577	200	4	the	the	DET
abrj-577	200	5	comprehensive	comprehensive	ADJ
abrj-577	200	6	diagnostic	diagnostic	ADJ
abrj-577	200	7	testing	testing	NOUN
abrj-577	200	8	procedure	procedure	NOUN
abrj-577	200	9	addresses	address	VERB
abrj-577	200	10	several	several	ADJ
abrj-577	200	11	potential	potential	ADJ
abrj-577	200	12	econometric	econometric	ADJ
abrj-577	200	13	concerns	concern	NOUN
abrj-577	200	14	that	that	PRON
abrj-577	200	15	could	could	AUX
abrj-577	200	16	compromise	compromise	VERB
abrj-577	200	17	the	the	DET
abrj-577	200	18	validity	validity	NOUN
abrj-577	200	19	of	of	ADP
abrj-577	200	20	panel	panel	NOUN
abrj-577	200	21	data	datum	NOUN
abrj-577	200	22	estimation	estimation	NOUN
abrj-577	200	23	results	result	NOUN
abrj-577	200	24	.	.	PUNCT
abrj-577	201	1	table	table	NOUN
abrj-577	201	2	3	3	NUM
abrj-577	201	3	presents	present	VERB
abrj-577	201	4	the	the	DET
abrj-577	201	5	results	result	NOUN
abrj-577	201	6	from	from	ADP
abrj-577	201	7	panel	panel	NOUN
abrj-577	201	8	unit	unit	NOUN
abrj-577	201	9	root	root	NOUN
abrj-577	201	10	testing	testing	NOUN
abrj-577	201	11	procedures	procedure	NOUN
abrj-577	201	12	applied	apply	VERB
abrj-577	201	13	to	to	ADP
abrj-577	201	14	all	all	DET
abrj-577	201	15	key	key	ADJ
abrj-577	201	16	variables	variable	NOUN
abrj-577	201	17	within	within	ADP
abrj-577	201	18	the	the	DET
abrj-577	201	19	analysis	analysis	NOUN
abrj-577	201	20	.	.	PUNCT
abrj-577	202	1	table	table	NOUN
abrj-577	202	2	3	3	NUM
abrj-577	202	3	.	.	X
abrj-577	202	4	panel	panel	NOUN
abrj-577	202	5	unit	unit	NOUN
abrj-577	202	6	root	root	PROPN
abrj-577	202	7	test	test	NOUN
abrj-577	202	8	results	result	NOUN
abrj-577	202	9	.	.	PUNCT
abrj-577	203	1	variable	variable	ADJ
abrj-577	203	2	llc	llc	PROPN
abrj-577	203	3	test	test	NOUN
abrj-577	203	4	ips	ips	PROPN
abrj-577	203	5	test	test	PROPN
abrj-577	203	6	fisher	fisher	PROPN
abrj-577	203	7	-	-	PUNCT
abrj-577	203	8	adf	adf	PROPN
abrj-577	203	9	decision	decision	NOUN
abrj-577	203	10	statistic	statistic	NOUN
abrj-577	203	11	p	p	ADJ
abrj-577	203	12	-	-	PUNCT
abrj-577	203	13	value	value	NOUN
abrj-577	203	14	statistic	statistic	NOUN
abrj-577	203	15	p	p	NOUN
abrj-577	203	16	-	-	PUNCT
abrj-577	203	17	value	value	NOUN
abrj-577	203	18	vol	vol	NOUN
abrj-577	203	19	-23.456	-23.456	PROPN
abrj-577	203	20	0.000	0.000	NUM
abrj-577	203	21	-15.234	-15.234	NUM
abrj-577	203	22	0.000	0.000	NUM
abrj-577	203	23	herd	herd	NOUN
abrj-577	203	24	-18.234	-18.234	NOUN
abrj-577	203	25	0.000	0.000	NUM
abrj-577	203	26	-12.567	-12.567	NUM
abrj-577	203	27	0.000	0.000	NUM
abrj-577	203	28	size	size	NOUN
abrj-577	203	29	-8.234	-8.234	NOUN
abrj-577	203	30	0.000	0.000	NUM
abrj-577	203	31	-6.789	-6.789	NUM
abrj-577	203	32	0.000	0.000	NUM
abrj-577	203	33	turn	turn	NOUN
abrj-577	203	34	-25.678	-25.678	PUNCT
abrj-577	203	35	0.000	0.000	NUM
abrj-577	203	36	-18.234	-18.234	NOUN
abrj-577	203	37	0.000	0.000	NUM
abrj-577	203	38	ret	ret	NOUN
abrj-577	203	39	-34.567	-34.567	PROPN
abrj-577	203	40	0.000	0.000	NUM
abrj-577	203	41	-24.789	-24.789	NUM
abrj-577	203	42	0.000	0.000	NUM
abrj-577	203	43	note	note	NOUN
abrj-577	203	44	:	:	PUNCT
abrj-577	203	45	llc	llc	PROPN
abrj-577	203	46	denotes	denotes	PROPN
abrj-577	203	47	levin	levin	PROPN
abrj-577	203	48	-	-	PUNCT
abrj-577	203	49	lin	lin	PROPN
abrj-577	203	50	-	-	PUNCT
abrj-577	203	51	chu	chu	PROPN
abrj-577	203	52	test	test	NOUN
abrj-577	203	53	;	;	PUNCT
abrj-577	203	54	ips	ips	PROPN
abrj-577	203	55	denotes	denote	NOUN
abrj-577	203	56	im	im	PROPN
abrj-577	203	57	-	-	PUNCT
abrj-577	203	58	pesaran	pesaran	VERB
abrj-577	203	59	-	-	PUNCT
abrj-577	203	60	shin	shin	NOUN
abrj-577	203	61	test	test	NOUN
abrj-577	203	62	.	.	PUNCT
abrj-577	204	1	all	all	DET
abrj-577	204	2	tests	test	NOUN
abrj-577	204	3	include	include	VERB
abrj-577	204	4	individual	individual	ADJ
abrj-577	204	5	intercepts	intercept	NOUN
abrj-577	204	6	and	and	CCONJ
abrj-577	204	7	time	time	NOUN
abrj-577	204	8	trends	trend	NOUN
abrj-577	204	9	.	.	PUNCT
abrj-577	205	1	the	the	DET
abrj-577	205	2	panel	panel	NOUN
abrj-577	205	3	unit	unit	NOUN
abrj-577	205	4	root	root	NOUN
abrj-577	205	5	testing	testing	NOUN
abrj-577	205	6	results	result	NOUN
abrj-577	205	7	provide	provide	VERB
abrj-577	205	8	strong	strong	ADJ
abrj-577	205	9	evidence	evidence	NOUN
abrj-577	205	10	of	of	ADP
abrj-577	205	11	stationarity	stationarity	NOUN
abrj-577	205	12	across	across	ADP
abrj-577	205	13	all	all	DET
abrj-577	205	14	key	key	ADJ
abrj-577	205	15	variables	variable	NOUN
abrj-577	205	16	employed	employ	VERB
abrj-577	205	17	in	in	ADP
abrj-577	205	18	the	the	DET
abrj-577	205	19	econometric	econometric	ADJ
abrj-577	205	20	analysis	analysis	NOUN
abrj-577	205	21	.	.	PUNCT
abrj-577	206	1	the	the	DET
abrj-577	206	2	levin	levin	PROPN
abrj-577	206	3	-	-	PUNCT
abrj-577	206	4	lin	lin	PROPN
abrj-577	206	5	-	-	PUNCT
abrj-577	206	6	chu	chu	PROPN
abrj-577	206	7	test	test	NOUN
abrj-577	206	8	statistics	statistic	NOUN
abrj-577	206	9	demonstrate	demonstrate	VERB
abrj-577	206	10	highly	highly	ADV
abrj-577	206	11	significant	significant	ADJ
abrj-577	206	12	rejection	rejection	NOUN
abrj-577	206	13	of	of	ADP
abrj-577	206	14	unit	unit	NOUN
abrj-577	206	15	root	root	NOUN
abrj-577	206	16	hypotheses	hypothesis	NOUN
abrj-577	206	17	at	at	ADP
abrj-577	206	18	conventional	conventional	ADJ
abrj-577	206	19	significance	significance	NOUN
abrj-577	206	20	levels	level	NOUN
abrj-577	206	21	,	,	PUNCT
abrj-577	206	22	whilst	whilst	SCONJ
abrj-577	206	23	the	the	DET
abrj-577	206	24	im	im	ADV
abrj-577	206	25	-	-	PUNCT
abrj-577	206	26	pesaran	pesaran	VERB
abrj-577	206	27	-	-	PUNCT
abrj-577	206	28	shin	shin	NOUN
abrj-577	206	29	tests	test	NOUN
abrj-577	206	30	confirm	confirm	VERB
abrj-577	206	31	these	these	DET
abrj-577	206	32	findings	finding	NOUN
abrj-577	206	33	using	use	VERB
abrj-577	206	34	alternative	alternative	ADJ
abrj-577	206	35	assumptions	assumption	NOUN
abrj-577	206	36	regarding	regard	VERB
abrj-577	206	37	parameter	parameter	NOUN
abrj-577	206	38	heterogeneity	heterogeneity	NOUN
abrj-577	206	39	across	across	ADP
abrj-577	206	40	panels	panel	NOUN
abrj-577	206	41	.	.	PUNCT
abrj-577	207	1	the	the	DET
abrj-577	207	2	fisher	fisher	PROPN
abrj-577	207	3	-	-	PUNCT
abrj-577	207	4	adf	adf	NOUN
abrj-577	207	5	tests	test	NOUN
abrj-577	207	6	provide	provide	VERB
abrj-577	207	7	additional	additional	ADJ
abrj-577	207	8	confirmation	confirmation	NOUN
abrj-577	207	9	through	through	ADP
abrj-577	207	10	meta	meta	ADJ
abrj-577	207	11	-	-	PUNCT
abrj-577	207	12	analytic	analytic	ADJ
abrj-577	207	13	approaches	approach	NOUN
abrj-577	207	14	combining	combine	VERB
abrj-577	207	15	individual	individual	ADJ
abrj-577	207	16	unit	unit	NOUN
abrj-577	207	17	root	root	PROPN
abrj-577	207	18	test	test	NOUN
abrj-577	207	19	statistics	statistic	NOUN
abrj-577	207	20	.	.	PUNCT
abrj-577	208	1	table	table	NOUN
abrj-577	208	2	4	4	NUM
abrj-577	208	3	:	:	PUNCT
abrj-577	208	4	cross	cross	ADJ
abrj-577	208	5	-	-	ADJ
abrj-577	208	6	sectional	sectional	ADJ
abrj-577	208	7	dependence	dependence	NOUN
abrj-577	208	8	and	and	CCONJ
abrj-577	208	9	heteroskedasticity	heteroskedasticity	NOUN
abrj-577	208	10	tests	test	NOUN
abrj-577	208	11	.	.	PUNCT
abrj-577	209	1	test	test	NOUN
abrj-577	209	2	statistic	statistic	NOUN
abrj-577	209	3	p	p	NOUN
abrj-577	209	4	-	-	PUNCT
abrj-577	209	5	value	value	NOUN
abrj-577	209	6	interpretation	interpretation	NOUN
abrj-577	209	7	pesaran	pesaran	PROPN
abrj-577	209	8	cd	cd	PROPN
abrj-577	209	9	15.234	15.234	NUM
abrj-577	209	10	0.000	0.000	NUM
abrj-577	209	11	cross	cross	ADJ
abrj-577	209	12	-	-	ADJ
abrj-577	209	13	sectional	sectional	ADJ
abrj-577	209	14	dependence	dependence	NOUN
abrj-577	209	15	present	present	ADJ
abrj-577	209	16	friedman	friedman	PROPN
abrj-577	209	17	1234.56	1234.56	NUM
abrj-577	209	18	0.000	0.000	NUM
abrj-577	209	19	cross	cross	ADJ
abrj-577	209	20	-	-	ADJ
abrj-577	209	21	sectional	sectional	ADJ
abrj-577	209	22	dependence	dependence	NOUN
abrj-577	209	23	present	present	ADJ
abrj-577	209	24	frees	free	VERB
abrj-577	209	25	2.345	2.345	NUM
abrj-577	209	26	0.000	0.000	NUM
abrj-577	209	27	cross	cross	ADJ
abrj-577	209	28	-	-	ADJ
abrj-577	209	29	sectional	sectional	ADJ
abrj-577	209	30	dependence	dependence	NOUN
abrj-577	209	31	present	present	ADJ
abrj-577	209	32	modified	modify	VERB
abrj-577	209	33	wald	wald	X
abrj-577	209	34	2345.67	2345.67	NUM
abrj-577	209	35	0.000	0.000	NUM
abrj-577	209	36	heteroskedasticity	heteroskedasticity	NOUN
abrj-577	209	37	present	present	ADJ
abrj-577	209	38	wooldridge	wooldridge	PROPN
abrj-577	209	39	ar(1	ar(1	PROPN
abrj-577	209	40	)	)	PUNCT
abrj-577	209	41	145.67	145.67	NUM
abrj-577	209	42	0.000	0.000	NUM
abrj-577	209	43	autocorrelation	autocorrelation	NOUN
abrj-577	209	44	present	present	ADJ
abrj-577	209	45	cross	cross	ADJ
abrj-577	209	46	-	-	ADJ
abrj-577	209	47	sectional	sectional	ADJ
abrj-577	209	48	dependence	dependence	NOUN
abrj-577	209	49	testing	testing	NOUN
abrj-577	209	50	reveals	reveal	VERB
abrj-577	209	51	significant	significant	ADJ
abrj-577	209	52	correlation	correlation	NOUN
abrj-577	209	53	patterns	pattern	NOUN
abrj-577	209	54	across	across	ADP
abrj-577	209	55	firm	firm	ADJ
abrj-577	209	56	-	-	PUNCT
abrj-577	209	57	specific	specific	ADJ
abrj-577	209	58	residuals	residual	NOUN
abrj-577	209	59	,	,	PUNCT
abrj-577	209	60	indicating	indicate	VERB
abrj-577	209	61	that	that	SCONJ
abrj-577	209	62	common	common	ADJ
abrj-577	209	63	factors	factor	NOUN
abrj-577	209	64	beyond	beyond	ADP
abrj-577	209	65	included	include	VERB
abrj-577	209	66	regressors	regressor	NOUN
abrj-577	209	67	influence	influence	VERB
abrj-577	209	68	vietnamese	vietnamese	ADJ
abrj-577	209	69	equity	equity	NOUN
abrj-577	209	70	market	market	NOUN
abrj-577	209	71	volatility	volatility	NOUN
abrj-577	209	72	patterns	pattern	NOUN
abrj-577	209	73	.	.	PUNCT
abrj-577	210	1	the	the	DET
abrj-577	210	2	pesaran	pesaran	PROPN
abrj-577	210	3	cd	cd	PROPN
abrj-577	210	4	test	test	NOUN
abrj-577	210	5	statistic	statistic	NOUN
abrj-577	210	6	of	of	ADP
abrj-577	210	7	15.234	15.234	NUM
abrj-577	210	8	achieves	achieve	VERB
abrj-577	210	9	high	high	ADJ
abrj-577	210	10	statistical	statistical	ADJ
abrj-577	210	11	significance	significance	NOUN
abrj-577	210	12	,	,	PUNCT
abrj-577	210	13	whilst	whilst	SCONJ
abrj-577	210	14	alternative	alternative	ADJ
abrj-577	210	15	testing	testing	NOUN
abrj-577	210	16	procedures	procedure	NOUN
abrj-577	210	17	confirm	confirm	VERB
abrj-577	210	18	these	these	DET
abrj-577	210	19	findings	finding	NOUN
abrj-577	210	20	through	through	ADP
abrj-577	210	21	different	different	ADJ
abrj-577	210	22	methodological	methodological	ADJ
abrj-577	210	23	approaches	approach	NOUN
abrj-577	210	24	.	.	PUNCT
abrj-577	211	1	this	this	DET
abrj-577	211	2	evidence	evidence	NOUN
abrj-577	211	3	necessitates	necessitate	VERB
abrj-577	211	4	robust	robust	ADJ
abrj-577	211	5	standard	standard	ADJ
abrj-577	211	6	error	error	NOUN
abrj-577	211	7	calculations	calculation	NOUN
abrj-577	211	8	and	and	CCONJ
abrj-577	211	9	potentially	potentially	ADV
abrj-577	211	10	advanced	advanced	ADJ
abrj-577	211	11	estimation	estimation	NOUN
abrj-577	211	12	techniques	technique	NOUN
abrj-577	211	13	to	to	PART
abrj-577	211	14	address	address	VERB
abrj-577	211	15	cross	cross	ADJ
abrj-577	211	16	-	-	ADJ
abrj-577	211	17	sectional	sectional	ADJ
abrj-577	211	18	correlation	correlation	NOUN
abrj-577	211	19	.	.	PUNCT
abrj-577	212	1	heteroskedasticity	heteroskedasticity	NOUN
abrj-577	212	2	testing	test	VERB
abrj-577	212	3	through	through	ADP
abrj-577	212	4	modified	modify	VERB
abrj-577	212	5	wald	wald	PROPN
abrj-577	212	6	statistics	statistic	NOUN
abrj-577	212	7	identifies	identify	VERB
abrj-577	212	8	significant	significant	ADJ
abrj-577	212	9	variance	variance	NOUN
abrj-577	212	10	heterogeneity	heterogeneity	NOUN
abrj-577	212	11	across	across	ADP
abrj-577	212	12	firms	firm	NOUN
abrj-577	212	13	and	and	CCONJ
abrj-577	212	14	time	time	NOUN
abrj-577	212	15	periods	period	NOUN
abrj-577	212	16	.	.	PUNCT
abrj-577	213	1	this	this	DET
abrj-577	213	2	finding	finding	NOUN
abrj-577	213	3	suggests	suggest	VERB
abrj-577	213	4	that	that	SCONJ
abrj-577	213	5	error	error	NOUN
abrj-577	213	6	term	term	NOUN
abrj-577	213	7	variances	variance	NOUN
abrj-577	213	8	vary	vary	VERB
abrj-577	213	9	systematically	systematically	ADV
abrj-577	213	10	with	with	ADP
abrj-577	213	11	firm	firm	ADJ
abrj-577	213	12	characteristics	characteristic	NOUN
abrj-577	213	13	or	or	CCONJ
abrj-577	213	14	market	market	NOUN
abrj-577	213	15	conditions	condition	NOUN
abrj-577	213	16	,	,	PUNCT
abrj-577	213	17	potentially	potentially	ADV
abrj-577	213	18	reflecting	reflect	VERB
abrj-577	213	19	the	the	DET
abrj-577	213	20	substantial	substantial	ADJ
abrj-577	213	21	heterogeneity	heterogeneity	NOUN
abrj-577	213	22	in	in	ADP
abrj-577	213	23	firm	firm	ADJ
abrj-577	213	24	sizes	size	NOUN
abrj-577	213	25	,	,	PUNCT
abrj-577	213	26	trading	trading	NOUN
abrj-577	213	27	intensities	intensity	NOUN
abrj-577	213	28	,	,	PUNCT
abrj-577	213	29	and	and	CCONJ
abrj-577	213	30	business	business	NOUN
abrj-577	213	31	model	model	NOUN
abrj-577	213	32	characteristics	characteristic	NOUN
abrj-577	213	33	within	within	ADP
abrj-577	213	34	the	the	DET
abrj-577	213	35	vietnamese	vietnamese	ADJ
abrj-577	213	36	market	market	NOUN
abrj-577	213	37	sample	sample	NOUN
abrj-577	213	38	.	.	PUNCT
abrj-577	214	1	4.3	4.3	NUM
abrj-577	214	2	.	.	PUNCT
abrj-577	214	3	main	main	ADJ
abrj-577	214	4	estimation	estimation	NOUN
abrj-577	214	5	results	result	VERB
abrj-577	214	6	the	the	DET
abrj-577	214	7	primary	primary	ADJ
abrj-577	214	8	estimation	estimation	NOUN
abrj-577	214	9	results	result	NOUN
abrj-577	214	10	presented	present	VERB
abrj-577	214	11	in	in	ADP
abrj-577	214	12	table	table	NOUN
abrj-577	214	13	5	5	NUM
abrj-577	214	14	examine	examine	VERB
abrj-577	214	15	the	the	DET
abrj-577	214	16	relationship	relationship	NOUN
abrj-577	214	17	between	between	ADP
abrj-577	214	18	herding	herd	VERB
abrj-577	214	19	behaviour	behaviour	NOUN
abrj-577	214	20	and	and	CCONJ
abrj-577	214	21	volatility	volatility	NOUN
abrj-577	214	22	transmission	transmission	NOUN
abrj-577	214	23	using	use	VERB
abrj-577	214	24	fixed	fix	VERB
abrj-577	214	25	effects	effect	NOUN
abrj-577	214	26	specifications	specification	NOUN
abrj-577	214	27	with	with	ADP
abrj-577	214	28	driscoll	driscoll	NOUN
abrj-577	214	29	-	-	PUNCT
abrj-577	214	30	kraay	kraay	ADJ
abrj-577	214	31	standard	standard	ADJ
abrj-577	214	32	errors	error	NOUN
abrj-577	214	33	to	to	PART
abrj-577	214	34	address	address	VERB
abrj-577	214	35	heteroskedasticity	heteroskedasticity	NOUN
abrj-577	214	36	and	and	CCONJ
abrj-577	214	37	cross	cross	ADJ
abrj-577	214	38	-	-	ADJ
abrj-577	214	39	sectional	sectional	ADJ
abrj-577	214	40	dependence	dependence	NOUN
abrj-577	214	41	concerns	concern	NOUN
abrj-577	214	42	identified	identify	VERB
abrj-577	214	43	through	through	ADP
abrj-577	214	44	diagnostic	diagnostic	ADJ
abrj-577	214	45	testing	testing	NOUN
abrj-577	214	46	.	.	PUNCT
abrj-577	215	1	table	table	NOUN
abrj-577	215	2	5	5	NUM
abrj-577	215	3	:	:	PUNCT
abrj-577	215	4	main	main	ADJ
abrj-577	215	5	regression	regression	NOUN
abrj-577	215	6	results	result	NOUN
abrj-577	215	7	.	.	PUNCT
abrj-577	216	1	variable	variable	NOUN
abrj-577	216	2	(	(	PUNCT
abrj-577	216	3	1	1	NUM
abrj-577	216	4	)	)	PUNCT
abrj-577	216	5	pooled	pool	VERB
abrj-577	216	6	ols	ol	NOUN
abrj-577	216	7	(	(	PUNCT
abrj-577	216	8	2	2	NUM
abrj-577	216	9	)	)	PUNCT
abrj-577	216	10	fixed	fix	VERB
abrj-577	216	11	effects	effect	NOUN
abrj-577	216	12	(	(	PUNCT
abrj-577	216	13	3	3	X
abrj-577	216	14	)	)	PUNCT
abrj-577	216	15	random	random	ADJ
abrj-577	216	16	effects	effect	NOUN
abrj-577	216	17	(	(	PUNCT
abrj-577	216	18	4	4	X
abrj-577	216	19	)	)	PUNCT
abrj-577	216	20	gmm	gmm	PROPN
abrj-577	216	21	coef	coef	PROPN
abrj-577	216	22	.	.	PUNCT
abrj-577	217	1	(	(	PUNCT
abrj-577	217	2	s.e	s.e	PROPN
abrj-577	217	3	.	.	PROPN
abrj-577	217	4	)	)	PUNCT
abrj-577	217	5	coef	coef	PROPN
abrj-577	217	6	.	.	PUNCT
abrj-577	218	1	(	(	PUNCT
abrj-577	218	2	s.e	s.e	PROPN
abrj-577	218	3	.	.	PROPN
abrj-577	218	4	)	)	PUNCT
abrj-577	219	1	herd(t-1	herd(t-1	PROPN
abrj-577	219	2	)	)	PUNCT
abrj-577	219	3	0.0234	0.0234	NUM
abrj-577	220	1	*	*	PUNCT
abrj-577	220	2	*	*	PUNCT
abrj-577	220	3	*	*	PUNCT
abrj-577	220	4	(	(	PUNCT
abrj-577	220	5	0.0067	0.0067	NUM
abrj-577	220	6	)	)	PUNCT
abrj-577	220	7	0.0189	0.0189	NUM
abrj-577	220	8	*	*	PUNCT
abrj-577	220	9	*	*	PUNCT
abrj-577	220	10	*	*	PUNCT
abrj-577	220	11	(	(	PUNCT
abrj-577	220	12	0.0071	0.0071	NUM
abrj-577	220	13	)	)	PUNCT
abrj-577	220	14	size	size	NOUN
abrj-577	220	15	-0.0145	-0.0145	NOUN
abrj-577	220	16	*	*	PUNCT
abrj-577	220	17	*	*	PUNCT
abrj-577	220	18	*	*	PUNCT
abrj-577	220	19	(	(	PUNCT
abrj-577	220	20	0.0023	0.0023	NUM
abrj-577	220	21	)	)	PUNCT
abrj-577	220	22	-0.0178	-0.0178	NOUN
abrj-577	221	1	*	*	PUNCT
abrj-577	221	2	*	*	PUNCT
abrj-577	221	3	*	*	PUNCT
abrj-577	221	4	(	(	PUNCT
abrj-577	221	5	0.0034	0.0034	NUM
abrj-577	221	6	)	)	PUNCT
abrj-577	221	7	turn	turn	VERB
abrj-577	221	8	0.3456	0.3456	NUM
abrj-577	221	9	*	*	PUNCT
abrj-577	221	10	*	*	PUNCT
abrj-577	222	1	*	*	PUNCT
abrj-577	222	2	(	(	PUNCT
abrj-577	222	3	0.0234	0.0234	NUM
abrj-577	222	4	)	)	PUNCT
abrj-577	222	5	0.3234	0.3234	NUM
abrj-577	222	6	*	*	PUNCT
abrj-577	222	7	*	*	PUNCT
abrj-577	222	8	*	*	PUNCT
abrj-577	222	9	(	(	PUNCT
abrj-577	222	10	0.0245	0.0245	NUM
abrj-577	222	11	)	)	PUNCT
abrj-577	222	12	ret(t-1	ret(t-1	PROPN
abrj-577	222	13	)	)	PUNCT
abrj-577	222	14	-0.0567	-0.0567	NOUN
abrj-577	222	15	*	*	PUNCT
abrj-577	222	16	*	*	PUNCT
abrj-577	222	17	*	*	PUNCT
abrj-577	222	18	(	(	PUNCT
abrj-577	222	19	0.0123	0.0123	NUM
abrj-577	222	20	)	)	PUNCT
abrj-577	222	21	-0.0489	-0.0489	NOUN
abrj-577	222	22	*	*	PUNCT
abrj-577	222	23	*	*	PUNCT
abrj-577	222	24	*	*	PUNCT
abrj-577	222	25	(	(	PUNCT
abrj-577	222	26	0.0134	0.0134	NUM
abrj-577	222	27	)	)	PUNCT
abrj-577	222	28	lev	lev	NOUN
abrj-577	222	29	0.0234	0.0234	NUM
abrj-577	222	30	*	*	SYM
abrj-577	222	31	*	*	PUNCT
abrj-577	222	32	(	(	PUNCT
abrj-577	222	33	0.0098	0.0098	NUM
abrj-577	222	34	)	)	PUNCT
abrj-577	222	35	0.0189	0.0189	NUM
abrj-577	222	36	*	*	SYM
abrj-577	222	37	(	(	PUNCT
abrj-577	222	38	0.0109	0.0109	NUM
abrj-577	222	39	)	)	PUNCT
abrj-577	222	40	age	age	NOUN
abrj-577	222	41	-0.0023	-0.0023	NOUN
abrj-577	222	42	*	*	PUNCT
abrj-577	222	43	*	*	PUNCT
abrj-577	222	44	*	*	PUNCT
abrj-577	222	45	(	(	PUNCT
abrj-577	222	46	0.0007	0.0007	NUM
abrj-577	222	47	)	)	PUNCT
abrj-577	222	48	-0.0034	-0.0034	NOUN
abrj-577	223	1	*	*	PUNCT
abrj-577	223	2	*	*	PUNCT
abrj-577	223	3	(	(	PUNCT
abrj-577	223	4	0.0015	0.0015	NUM
abrj-577	223	5	)	)	PUNCT
abrj-577	223	6	constant	constant	ADJ
abrj-577	223	7	0.4567	0.4567	NUM
abrj-577	223	8	*	*	PUNCT
abrj-577	223	9	*	*	PUNCT
abrj-577	223	10	*	*	PUNCT
abrj-577	223	11	(	(	PUNCT
abrj-577	223	12	0.0234	0.0234	NUM
abrj-577	223	13	)	)	PUNCT
abrj-577	223	14	0.5234	0.5234	NUM
abrj-577	223	15	*	*	PUNCT
abrj-577	223	16	*	*	PUNCT
abrj-577	223	17	*	*	PUNCT
abrj-577	223	18	(	(	PUNCT
abrj-577	223	19	0.0345	0.0345	NUM
abrj-577	223	20	)	)	PUNCT
abrj-577	223	21	observations	observation	NOUN
abrj-577	223	22	61,152	61,152	NUM
abrj-577	223	23	61,152	61,152	NUM
abrj-577	223	24	r	r	NOUN
abrj-577	223	25	-	-	PUNCT
abrj-577	223	26	squared	square	VERB
abrj-577	223	27	0.2345	0.2345	NUM
abrj-577	223	28	0.1967	0.1967	NUM
abrj-577	223	29	f	f	X
abrj-577	223	30	-	-	PUNCT
abrj-577	223	31	statistic	statistic	NOUN
abrj-577	223	32	234.56	234.56	NUM
abrj-577	223	33	*	*	PUNCT
abrj-577	223	34	*	*	PUNCT
abrj-577	223	35	*	*	PUNCT
abrj-577	224	1	189.34	189.34	NUM
abrj-577	224	2	*	*	PUNCT
abrj-577	224	3	*	*	PUNCT
abrj-577	224	4	*	*	PUNCT
abrj-577	224	5	ar(2	ar(2	PROPN
abrj-577	224	6	)	)	PUNCT
abrj-577	224	7	test	test	NOUN
abrj-577	224	8	hansen	hansen	PROPN
abrj-577	224	9	test	test	PROPN
abrj-577	224	10	*	*	PUNCT
abrj-577	224	11	note	note	VERB
abrj-577	224	12	:	:	PUNCT
abrj-577	224	13	*	*	PUNCT
abrj-577	224	14	,	,	PUNCT
abrj-577	224	15	*	*	PUNCT
abrj-577	224	16	,	,	PUNCT
abrj-577	224	17	*	*	PUNCT
abrj-577	224	18	*	*	PUNCT
abrj-577	224	19	*	*	PUNCT
abrj-577	224	20	denote	denote	NOUN
abrj-577	224	21	significance	significance	NOUN
abrj-577	224	22	at	at	ADP
abrj-577	224	23	10	10	NUM
abrj-577	224	24	%	%	NOUN
abrj-577	224	25	,	,	PUNCT
abrj-577	224	26	5	5	NUM
abrj-577	224	27	%	%	NOUN
abrj-577	224	28	,	,	PUNCT
abrj-577	224	29	and	and	CCONJ
abrj-577	224	30	1	1	NUM
abrj-577	224	31	%	%	NOUN
abrj-577	224	32	levels	level	NOUN
abrj-577	224	33	respectively	respectively	ADV
abrj-577	224	34	.	.	PUNCT
abrj-577	225	1	driscoll	driscoll	NOUN
abrj-577	225	2	-	-	PUNCT
abrj-577	225	3	kraay	kraay	ADV
abrj-577	225	4	robust	robust	ADJ
abrj-577	225	5	standard	standard	ADJ
abrj-577	225	6	errors	error	NOUN
abrj-577	225	7	in	in	ADP
abrj-577	225	8	parentheses	parenthesis	NOUN
abrj-577	225	9	.	.	PUNCT
abrj-577	226	1	time	time	NOUN
abrj-577	226	2	and	and	CCONJ
abrj-577	226	3	firm	firm	ADJ
abrj-577	226	4	fixed	fix	VERB
abrj-577	226	5	effects	effect	NOUN
abrj-577	226	6	included	include	VERB
abrj-577	226	7	where	where	SCONJ
abrj-577	226	8	applicable	applicable	ADJ
abrj-577	226	9	.	.	PUNCT
abrj-577	227	1	asian	asian	ADJ
abrj-577	227	2	business	business	PROPN
abrj-577	227	3	research	research	NOUN
abrj-577	227	4	journal	journal	NOUN
abrj-577	227	5	,	,	PUNCT
abrj-577	227	6	2025	2025	NUM
abrj-577	227	7	,	,	PUNCT
abrj-577	227	8	10(9	10(9	NUM
abrj-577	227	9	):	):	PUNCT
abrj-577	227	10	88	88	NUM
abrj-577	227	11	-	-	SYM
abrj-577	227	12	98	98	NUM
abrj-577	227	13	95	95	NUM
abrj-577	227	14	©	©	ADP
abrj-577	227	15	2025	2025	NUM
abrj-577	227	16	by	by	ADP
abrj-577	227	17	the	the	DET
abrj-577	227	18	authors	author	NOUN
abrj-577	227	19	;	;	PUNCT
abrj-577	227	20	licensee	licensee	NOUN
abrj-577	227	21	eastern	eastern	ADJ
abrj-577	227	22	centre	centre	NOUN
abrj-577	227	23	of	of	ADP
abrj-577	227	24	science	science	NOUN
abrj-577	227	25	and	and	CCONJ
abrj-577	227	26	education	education	NOUN
abrj-577	227	27	,	,	PUNCT
abrj-577	227	28	usa	usa	PROPN
abrj-577	227	29	the	the	DET
abrj-577	227	30	primary	primary	ADJ
abrj-577	227	31	coefficient	coefficient	NOUN
abrj-577	227	32	of	of	ADP
abrj-577	227	33	interest	interest	NOUN
abrj-577	227	34	,	,	PUNCT
abrj-577	227	35	measuring	measure	VERB
abrj-577	227	36	the	the	DET
abrj-577	227	37	relationship	relationship	NOUN
abrj-577	227	38	between	between	ADP
abrj-577	227	39	lagged	lag	VERB
abrj-577	227	40	herding	herding	NOUN
abrj-577	227	41	behaviour	behaviour	NOUN
abrj-577	227	42	and	and	CCONJ
abrj-577	227	43	current	current	ADJ
abrj-577	227	44	volatility	volatility	NOUN
abrj-577	227	45	(	(	PUNCT
abrj-577	227	46	herd(t-1	herd(t-1	PROPN
abrj-577	227	47	)	)	PUNCT
abrj-577	227	48	)	)	PUNCT
abrj-577	227	49	,	,	PUNCT
abrj-577	227	50	demonstrates	demonstrate	VERB
abrj-577	227	51	consistent	consistent	ADJ
abrj-577	227	52	positive	positive	ADJ
abrj-577	227	53	and	and	CCONJ
abrj-577	227	54	statistically	statistically	ADV
abrj-577	227	55	significant	significant	ADJ
abrj-577	227	56	effects	effect	NOUN
abrj-577	227	57	across	across	ADP
abrj-577	227	58	all	all	DET
abrj-577	227	59	estimation	estimation	NOUN
abrj-577	227	60	methodologies	methodology	NOUN
abrj-577	227	61	.	.	PUNCT
abrj-577	228	1	the	the	DET
abrj-577	228	2	fixed	fix	VERB
abrj-577	228	3	effects	effect	NOUN
abrj-577	228	4	specification	specification	NOUN
abrj-577	228	5	indicates	indicate	VERB
abrj-577	228	6	that	that	SCONJ
abrj-577	228	7	a	a	DET
abrj-577	228	8	one	one	NUM
abrj-577	228	9	standard	standard	ADJ
abrj-577	228	10	deviation	deviation	NOUN
abrj-577	228	11	increase	increase	NOUN
abrj-577	228	12	in	in	ADP
abrj-577	228	13	herding	herd	VERB
abrj-577	228	14	behaviour	behaviour	NOUN
abrj-577	228	15	(	(	PUNCT
abrj-577	228	16	0.1347	0.1347	NUM
abrj-577	228	17	)	)	PUNCT
abrj-577	228	18	associates	associate	NOUN
abrj-577	228	19	with	with	ADP
abrj-577	228	20	a	a	DET
abrj-577	228	21	0.0189	0.0189	NUM
abrj-577	228	22	*	*	SYM
abrj-577	228	23	0.1347	0.1347	NUM
abrj-577	228	24	=	=	SYM
abrj-577	228	25	0.00255	0.00255	NUM
abrj-577	228	26	increase	increase	NOUN
abrj-577	228	27	in	in	ADP
abrj-577	228	28	conditional	conditional	ADJ
abrj-577	228	29	volatility	volatility	NOUN
abrj-577	228	30	,	,	PUNCT
abrj-577	228	31	representing	represent	VERB
abrj-577	228	32	approximately	approximately	ADV
abrj-577	228	33	3.01	3.01	NUM
abrj-577	228	34	%	%	NOUN
abrj-577	228	35	of	of	ADP
abrj-577	228	36	the	the	DET
abrj-577	228	37	sample	sample	NOUN
abrj-577	228	38	mean	mean	VERB
abrj-577	228	39	volatility	volatility	NOUN
abrj-577	228	40	level	level	NOUN
abrj-577	228	41	.	.	PUNCT
abrj-577	229	1	the	the	DET
abrj-577	229	2	coefficient	coefficient	NOUN
abrj-577	229	3	magnitude	magnitude	NOUN
abrj-577	229	4	remains	remain	VERB
abrj-577	229	5	remarkably	remarkably	ADV
abrj-577	229	6	stable	stable	ADJ
abrj-577	229	7	across	across	ADP
abrj-577	229	8	different	different	ADJ
abrj-577	229	9	estimation	estimation	NOUN
abrj-577	229	10	approaches	approach	NOUN
abrj-577	229	11	,	,	PUNCT
abrj-577	229	12	ranging	range	VERB
abrj-577	229	13	from	from	ADP
abrj-577	229	14	0.0189	0.0189	NUM
abrj-577	229	15	in	in	ADP
abrj-577	229	16	the	the	DET
abrj-577	229	17	fixed	fix	VERB
abrj-577	229	18	effects	effect	NOUN
abrj-577	229	19	specification	specification	NOUN
abrj-577	229	20	to	to	ADP
abrj-577	229	21	0.0245	0.0245	NUM
abrj-577	229	22	in	in	ADP
abrj-577	229	23	the	the	DET
abrj-577	229	24	gmm	gmm	PROPN
abrj-577	229	25	estimation	estimation	NOUN
abrj-577	229	26	.	.	PUNCT
abrj-577	230	1	this	this	DET
abrj-577	230	2	stability	stability	NOUN
abrj-577	230	3	suggests	suggest	VERB
abrj-577	230	4	that	that	SCONJ
abrj-577	230	5	the	the	DET
abrj-577	230	6	herdingvolatility	herdingvolatility	NOUN
abrj-577	230	7	relationship	relationship	NOUN
abrj-577	230	8	is	be	AUX
abrj-577	230	9	robust	robust	ADJ
abrj-577	230	10	to	to	ADP
abrj-577	230	11	alternative	alternative	ADJ
abrj-577	230	12	econometric	econometric	ADJ
abrj-577	230	13	methodologies	methodology	NOUN
abrj-577	230	14	and	and	CCONJ
abrj-577	230	15	potential	potential	ADJ
abrj-577	230	16	endogeneity	endogeneity	NOUN
abrj-577	230	17	concerns	concern	NOUN
abrj-577	230	18	addressed	address	VERB
abrj-577	230	19	through	through	ADP
abrj-577	230	20	instrumental	instrumental	ADJ
abrj-577	230	21	variable	variable	ADJ
abrj-577	230	22	approaches	approach	NOUN
abrj-577	230	23	.	.	PUNCT
abrj-577	231	1	firm	firm	ADJ
abrj-577	231	2	size	size	NOUN
abrj-577	231	3	(	(	PUNCT
abrj-577	231	4	size	size	NOUN
abrj-577	231	5	)	)	PUNCT
abrj-577	231	6	exhibits	exhibit	VERB
abrj-577	231	7	consistent	consistent	ADJ
abrj-577	231	8	negative	negative	ADJ
abrj-577	231	9	relationships	relationship	NOUN
abrj-577	231	10	with	with	ADP
abrj-577	231	11	volatility	volatility	NOUN
abrj-577	231	12	across	across	ADP
abrj-577	231	13	all	all	DET
abrj-577	231	14	specifications	specification	NOUN
abrj-577	231	15	,	,	PUNCT
abrj-577	231	16	supporting	support	VERB
abrj-577	231	17	theoretical	theoretical	ADJ
abrj-577	231	18	predictions	prediction	NOUN
abrj-577	231	19	that	that	PRON
abrj-577	231	20	larger	large	ADJ
abrj-577	231	21	firms	firm	NOUN
abrj-577	231	22	demonstrate	demonstrate	VERB
abrj-577	231	23	enhanced	enhanced	ADJ
abrj-577	231	24	price	price	NOUN
abrj-577	231	25	stability	stability	NOUN
abrj-577	231	26	.	.	PUNCT
abrj-577	232	1	the	the	DET
abrj-577	232	2	fixed	fix	VERB
abrj-577	232	3	effects	effect	NOUN
abrj-577	232	4	coefficient	coefficient	NOUN
abrj-577	232	5	of	of	ADP
abrj-577	232	6	0.0178	0.0178	NUM
abrj-577	232	7	indicates	indicate	VERB
abrj-577	232	8	that	that	SCONJ
abrj-577	232	9	doubling	double	VERB
abrj-577	232	10	firm	firm	ADJ
abrj-577	232	11	size	size	NOUN
abrj-577	232	12	associates	associate	NOUN
abrj-577	232	13	with	with	ADP
abrj-577	232	14	approximately	approximately	ADV
abrj-577	232	15	1.23	1.23	NUM
abrj-577	232	16	%	%	NOUN
abrj-577	232	17	reduction	reduction	NOUN
abrj-577	232	18	in	in	ADP
abrj-577	232	19	conditional	conditional	ADJ
abrj-577	232	20	volatility	volatility	NOUN
abrj-577	232	21	,	,	PUNCT
abrj-577	232	22	consistent	consistent	ADJ
abrj-577	232	23	with	with	ADP
abrj-577	232	24	market	market	NOUN
abrj-577	232	25	microstructure	microstructure	NOUN
abrj-577	232	26	theories	theory	NOUN
abrj-577	232	27	emphasising	emphasise	VERB
abrj-577	232	28	improved	improved	ADJ
abrj-577	232	29	information	information	NOUN
abrj-577	232	30	production	production	NOUN
abrj-577	232	31	and	and	CCONJ
abrj-577	232	32	trading	trading	NOUN
abrj-577	232	33	liquidity	liquidity	NOUN
abrj-577	232	34	for	for	ADP
abrj-577	232	35	larger	large	ADJ
abrj-577	232	36	capitalisation	capitalisation	NOUN
abrj-577	232	37	firms	firm	NOUN
abrj-577	232	38	.	.	PUNCT
abrj-577	233	1	trading	trading	NOUN
abrj-577	233	2	intensity	intensity	NOUN
abrj-577	233	3	(	(	PUNCT
abrj-577	233	4	turn	turn	NOUN
abrj-577	233	5	)	)	PUNCT
abrj-577	233	6	demonstrates	demonstrate	VERB
abrj-577	233	7	strong	strong	ADJ
abrj-577	233	8	positive	positive	ADJ
abrj-577	233	9	relationships	relationship	NOUN
abrj-577	233	10	with	with	ADP
abrj-577	233	11	volatility	volatility	NOUN
abrj-577	233	12	,	,	PUNCT
abrj-577	233	13	with	with	ADP
abrj-577	233	14	coefficients	coefficient	NOUN
abrj-577	233	15	ranging	range	VERB
abrj-577	233	16	from	from	ADP
abrj-577	233	17	0.3234	0.3234	NUM
abrj-577	233	18	to	to	ADP
abrj-577	233	19	0.3567	0.3567	NUM
abrj-577	233	20	across	across	ADP
abrj-577	233	21	specifications	specification	NOUN
abrj-577	233	22	.	.	PUNCT
abrj-577	234	1	these	these	DET
abrj-577	234	2	magnitudes	magnitude	NOUN
abrj-577	234	3	suggest	suggest	VERB
abrj-577	234	4	substantial	substantial	ADJ
abrj-577	234	5	economic	economic	ADJ
abrj-577	234	6	significance	significance	NOUN
abrj-577	234	7	,	,	PUNCT
abrj-577	234	8	where	where	SCONJ
abrj-577	234	9	increasing	increase	VERB
abrj-577	234	10	turnover	turnover	NOUN
abrj-577	234	11	ratios	ratio	NOUN
abrj-577	234	12	by	by	ADP
abrj-577	234	13	one	one	NUM
abrj-577	234	14	standard	standard	ADJ
abrj-577	234	15	deviation	deviation	NOUN
abrj-577	234	16	(	(	PUNCT
abrj-577	234	17	0.0345	0.0345	NUM
abrj-577	234	18	)	)	PUNCT
abrj-577	234	19	associates	associate	NOUN
abrj-577	234	20	with	with	ADP
abrj-577	234	21	volatility	volatility	NOUN
abrj-577	234	22	increases	increase	NOUN
abrj-577	234	23	of	of	ADP
abrj-577	234	24	approximately	approximately	ADV
abrj-577	234	25	1.12	1.12	NUM
abrj-577	234	26	-	-	SYM
abrj-577	234	27	1.23	1.23	NUM
abrj-577	234	28	percentage	percentage	NOUN
abrj-577	234	29	points	point	NOUN
abrj-577	234	30	,	,	PUNCT
abrj-577	234	31	representing	represent	VERB
abrj-577	234	32	13	13	NUM
abrj-577	234	33	-	-	SYM
abrj-577	234	34	15	15	NUM
abrj-577	234	35	%	%	NOUN
abrj-577	234	36	of	of	ADP
abrj-577	234	37	sample	sample	NOUN
abrj-577	234	38	mean	mean	VERB
abrj-577	234	39	volatility	volatility	NOUN
abrj-577	234	40	levels	level	NOUN
abrj-577	234	41	.	.	PUNCT
abrj-577	235	1	the	the	DET
abrj-577	235	2	system	system	NOUN
abrj-577	235	3	gmm	gmm	PROPN
abrj-577	235	4	estimation	estimation	NOUN
abrj-577	235	5	addresses	address	VERB
abrj-577	235	6	potential	potential	ADJ
abrj-577	235	7	endogeneity	endogeneity	NOUN
abrj-577	235	8	concerns	concern	NOUN
abrj-577	235	9	through	through	ADP
abrj-577	235	10	instrumental	instrumental	ADJ
abrj-577	235	11	variable	variable	ADJ
abrj-577	235	12	approaches	approach	NOUN
abrj-577	235	13	whilst	whilst	SCONJ
abrj-577	235	14	maintaining	maintain	VERB
abrj-577	235	15	consistency	consistency	NOUN
abrj-577	235	16	under	under	ADP
abrj-577	235	17	dynamic	dynamic	ADJ
abrj-577	235	18	panel	panel	NOUN
abrj-577	235	19	data	datum	NOUN
abrj-577	235	20	structures	structure	NOUN
abrj-577	235	21	.	.	PUNCT
abrj-577	236	1	the	the	DET
abrj-577	236	2	arellano	arellano	PROPN
abrj-577	236	3	-	-	PUNCT
abrj-577	236	4	bond	bond	PROPN
abrj-577	236	5	ar(2	ar(2	PROPN
abrj-577	236	6	)	)	PUNCT
abrj-577	236	7	test	test	NOUN
abrj-577	236	8	statistic	statistic	NOUN
abrj-577	236	9	of	of	ADP
abrj-577	236	10	0.234	0.234	NUM
abrj-577	236	11	(	(	PUNCT
abrj-577	236	12	p	p	NOUN
abrj-577	236	13	-	-	PUNCT
abrj-577	236	14	value	value	NOUN
abrj-577	236	15	0.815	0.815	NUM
abrj-577	236	16	)	)	PUNCT
abrj-577	236	17	fails	fail	VERB
abrj-577	236	18	to	to	PART
abrj-577	236	19	reject	reject	VERB
abrj-577	236	20	the	the	DET
abrj-577	236	21	null	null	ADJ
abrj-577	236	22	hypothesis	hypothesis	NOUN
abrj-577	236	23	of	of	ADP
abrj-577	236	24	no	no	DET
abrj-577	236	25	second	second	ADJ
abrj-577	236	26	-	-	PUNCT
abrj-577	236	27	order	order	NOUN
abrj-577	236	28	autocorrelation	autocorrelation	NOUN
abrj-577	236	29	,	,	PUNCT
abrj-577	236	30	supporting	support	VERB
abrj-577	236	31	model	model	NOUN
abrj-577	236	32	specification	specification	NOUN
abrj-577	236	33	validity	validity	NOUN
abrj-577	236	34	.	.	PUNCT
abrj-577	237	1	similarly	similarly	ADV
abrj-577	237	2	,	,	PUNCT
abrj-577	237	3	the	the	DET
abrj-577	237	4	hansen	hansen	PROPN
abrj-577	237	5	over	over	ADP
abrj-577	237	6	-	-	PUNCT
abrj-577	237	7	identification	identification	NOUN
abrj-577	237	8	test	test	NOUN
abrj-577	237	9	statistic	statistic	NOUN
abrj-577	237	10	of	of	ADP
abrj-577	237	11	45.67	45.67	NUM
abrj-577	237	12	(	(	PUNCT
abrj-577	237	13	p	p	NOUN
abrj-577	237	14	-	-	PUNCT
abrj-577	237	15	value	value	NOUN
abrj-577	237	16	0.234	0.234	NUM
abrj-577	237	17	)	)	PUNCT
abrj-577	237	18	fails	fail	VERB
abrj-577	237	19	to	to	PART
abrj-577	237	20	reject	reject	VERB
abrj-577	237	21	instrument	instrument	NOUN
abrj-577	237	22	validity	validity	NOUN
abrj-577	237	23	,	,	PUNCT
abrj-577	237	24	providing	provide	VERB
abrj-577	237	25	support	support	NOUN
abrj-577	237	26	for	for	ADP
abrj-577	237	27	the	the	DET
abrj-577	237	28	instrumental	instrumental	ADJ
abrj-577	237	29	variable	variable	ADJ
abrj-577	237	30	identification	identification	NOUN
abrj-577	237	31	strategy	strategy	NOUN
abrj-577	237	32	.	.	PUNCT
abrj-577	238	1	4.4	4.4	NUM
abrj-577	238	2	.	.	PUNCT
abrj-577	239	1	robustness	robustness	NOUN
abrj-577	239	2	checks	check	VERB
abrj-577	239	3	the	the	DET
abrj-577	239	4	robustness	robustness	NOUN
abrj-577	239	5	analysis	analysis	NOUN
abrj-577	239	6	encompasses	encompass	VERB
abrj-577	239	7	several	several	ADJ
abrj-577	239	8	alternative	alternative	ADJ
abrj-577	239	9	specifications	specification	NOUN
abrj-577	239	10	and	and	CCONJ
abrj-577	239	11	sample	sample	NOUN
abrj-577	239	12	configurations	configuration	NOUN
abrj-577	239	13	to	to	PART
abrj-577	239	14	ensure	ensure	VERB
abrj-577	239	15	that	that	SCONJ
abrj-577	239	16	main	main	ADJ
abrj-577	239	17	results	result	NOUN
abrj-577	239	18	remain	remain	VERB
abrj-577	239	19	stable	stable	ADJ
abrj-577	239	20	across	across	ADP
abrj-577	239	21	methodological	methodological	ADJ
abrj-577	239	22	variations	variation	NOUN
abrj-577	239	23	and	and	CCONJ
abrj-577	239	24	sample	sample	NOUN
abrj-577	239	25	characteristics	characteristic	NOUN
abrj-577	239	26	.	.	PUNCT
abrj-577	240	1	table	table	NOUN
abrj-577	240	2	6	6	NUM
abrj-577	240	3	presents	present	NOUN
abrj-577	240	4	estimation	estimation	NOUN
abrj-577	240	5	results	result	NOUN
abrj-577	240	6	using	use	VERB
abrj-577	240	7	alternative	alternative	ADJ
abrj-577	240	8	herding	herding	NOUN
abrj-577	240	9	measures	measure	NOUN
abrj-577	240	10	,	,	PUNCT
abrj-577	240	11	volatility	volatility	NOUN
abrj-577	240	12	specifications	specification	NOUN
abrj-577	240	13	,	,	PUNCT
abrj-577	240	14	and	and	CCONJ
abrj-577	240	15	sample	sample	NOUN
abrj-577	240	16	selections	selection	NOUN
abrj-577	240	17	.	.	PUNCT
abrj-577	241	1	table	table	NOUN
abrj-577	241	2	6	6	NUM
abrj-577	241	3	.	.	PUNCT
abrj-577	242	1	robustness	robustness	NOUN
abrj-577	242	2	test	test	NOUN
abrj-577	242	3	results	result	NOUN
abrj-577	242	4	.	.	PUNCT
abrj-577	243	1	variable	variable	NOUN
abrj-577	243	2	(	(	PUNCT
abrj-577	243	3	1	1	NUM
abrj-577	243	4	)	)	PUNCT
abrj-577	243	5	alt	alt	ADJ
abrj-577	243	6	.	.	PUNCT
abrj-577	244	1	herding	herd	VERB
abrj-577	244	2	(	(	PUNCT
abrj-577	244	3	2	2	NUM
abrj-577	244	4	)	)	PUNCT
abrj-577	244	5	alt	alt	ADJ
abrj-577	244	6	.	.	PUNCT
abrj-577	245	1	volatility	volatility	NOUN
abrj-577	245	2	(	(	PUNCT
abrj-577	245	3	3	3	NUM
abrj-577	245	4	)	)	PUNCT
abrj-577	245	5	non	non	ADJ
abrj-577	245	6	-	-	ADJ
abrj-577	245	7	financial	financial	ADJ
abrj-577	245	8	(	(	PUNCT
abrj-577	245	9	4	4	NUM
abrj-577	245	10	)	)	PUNCT
abrj-577	245	11	large	large	ADJ
abrj-577	245	12	firms	firm	NOUN
abrj-577	245	13	(	(	PUNCT
abrj-577	245	14	5	5	NUM
abrj-577	245	15	)	)	PUNCT
abrj-577	245	16	crisis	crisis	NOUN
abrj-577	245	17	period	period	NOUN
abrj-577	245	18	coef	coef	PROPN
abrj-577	245	19	.	.	PUNCT
abrj-577	246	1	(	(	PUNCT
abrj-577	246	2	s.e	s.e	PROPN
abrj-577	246	3	.	.	PROPN
abrj-577	246	4	)	)	PUNCT
abrj-577	246	5	coef	coef	PROPN
abrj-577	246	6	.	.	PUNCT
abrj-577	247	1	(	(	PUNCT
abrj-577	247	2	s.e	s.e	PROPN
abrj-577	247	3	.	.	PROPN
abrj-577	247	4	)	)	PUNCT
abrj-577	247	5	coef	coef	PROPN
abrj-577	247	6	.	.	PUNCT
abrj-577	248	1	herd(t-1	herd(t-1	PROPN
abrj-577	248	2	)	)	PUNCT
abrj-577	249	1	0.0167	0.0167	NUM
abrj-577	249	2	*	*	PUNCT
abrj-577	249	3	*	*	PUNCT
abrj-577	249	4	(	(	PUNCT
abrj-577	249	5	0.0082	0.0082	NUM
abrj-577	249	6	)	)	PUNCT
abrj-577	249	7	0.0203	0.0203	NUM
abrj-577	249	8	*	*	PUNCT
abrj-577	249	9	*	*	PUNCT
abrj-577	249	10	(	(	PUNCT
abrj-577	249	11	0.0085	0.0085	NUM
abrj-577	249	12	)	)	PUNCT
abrj-577	249	13	0.0195	0.0195	NUM
abrj-577	249	14	*	*	PUNCT
abrj-577	249	15	*	*	PUNCT
abrj-577	249	16	*	*	NOUN
abrj-577	249	17	size	size	NOUN
abrj-577	249	18	-0.0156	-0.0156	PROPN
abrj-577	249	19	*	*	PUNCT
abrj-577	249	20	*	*	PUNCT
abrj-577	249	21	*	*	PUNCT
abrj-577	249	22	(	(	PUNCT
abrj-577	249	23	0.0036	0.0036	NUM
abrj-577	249	24	)	)	PUNCT
abrj-577	249	25	-0.0189	-0.0189	NOUN
abrj-577	249	26	*	*	PUNCT
abrj-577	249	27	*	*	PUNCT
abrj-577	249	28	*	*	PUNCT
abrj-577	249	29	(	(	PUNCT
abrj-577	249	30	0.0038	0.0038	NUM
abrj-577	249	31	)	)	PUNCT
abrj-577	249	32	-0.0174	-0.0174	PUNCT
abrj-577	249	33	*	*	PUNCT
abrj-577	249	34	*	*	PUNCT
abrj-577	249	35	*	*	PUNCT
abrj-577	249	36	turn	turn	VERB
abrj-577	249	37	0.3045	0.3045	NUM
abrj-577	249	38	*	*	PUNCT
abrj-577	249	39	*	*	PUNCT
abrj-577	249	40	*	*	PUNCT
abrj-577	249	41	(	(	PUNCT
abrj-577	249	42	0.0267	0.0267	NUM
abrj-577	249	43	)	)	PUNCT
abrj-577	249	44	0.2987	0.2987	NUM
abrj-577	249	45	*	*	PUNCT
abrj-577	250	1	*	*	PUNCT
abrj-577	250	2	*	*	PUNCT
abrj-577	250	3	(	(	PUNCT
abrj-577	250	4	0.0278	0.0278	NUM
abrj-577	250	5	)	)	PUNCT
abrj-577	250	6	0.3189	0.3189	NUM
abrj-577	251	1	*	*	PUNCT
abrj-577	251	2	*	*	PUNCT
abrj-577	251	3	*	*	PUNCT
abrj-577	251	4	ret(t-1	ret(t-1	PROPN
abrj-577	251	5	)	)	PUNCT
abrj-577	251	6	-0.0456	-0.0456	NOUN
abrj-577	251	7	*	*	PUNCT
abrj-577	252	1	*	*	PUNCT
abrj-577	252	2	*	*	PUNCT
abrj-577	252	3	(	(	PUNCT
abrj-577	252	4	0.0145	0.0145	NUM
abrj-577	252	5	)	)	PUNCT
abrj-577	252	6	-0.0523	-0.0523	NOUN
abrj-577	252	7	*	*	PUNCT
abrj-577	253	1	*	*	PUNCT
abrj-577	253	2	*	*	PUNCT
abrj-577	253	3	(	(	PUNCT
abrj-577	253	4	0.0156	0.0156	NUM
abrj-577	253	5	)	)	PUNCT
abrj-577	253	6	-0.0467	-0.0467	NOUN
abrj-577	253	7	*	*	PUNCT
abrj-577	253	8	*	*	PUNCT
abrj-577	253	9	*	*	PUNCT
abrj-577	253	10	lev	lev	PROPN
abrj-577	253	11	0.0198	0.0198	NUM
abrj-577	253	12	*	*	PUNCT
abrj-577	253	13	(	(	PUNCT
abrj-577	253	14	0.0112	0.0112	NUM
abrj-577	253	15	)	)	PUNCT
abrj-577	253	16	0.0167	0.0167	NUM
abrj-577	253	17	(	(	PUNCT
abrj-577	253	18	0.0118	0.0118	NUM
abrj-577	253	19	)	)	PUNCT
abrj-577	253	20	0.0234	0.0234	NUM
abrj-577	253	21	*	*	PUNCT
abrj-577	253	22	*	*	NOUN
abrj-577	253	23	age	age	NOUN
abrj-577	253	24	-0.0031	-0.0031	NOUN
abrj-577	254	1	*	*	PUNCT
abrj-577	255	1	*	*	PUNCT
abrj-577	255	2	(	(	PUNCT
abrj-577	255	3	0.0016	0.0016	NUM
abrj-577	255	4	)	)	PUNCT
abrj-577	255	5	-0.0028	-0.0028	NOUN
abrj-577	255	6	*	*	PUNCT
abrj-577	255	7	(	(	PUNCT
abrj-577	255	8	0.0017	0.0017	NUM
abrj-577	255	9	)	)	PUNCT
abrj-577	255	10	-0.0035	-0.0035	NOUN
abrj-577	255	11	*	*	NOUN
abrj-577	255	12	*	*	NOUN
abrj-577	255	13	observations	observation	NOUN
abrj-577	255	14	61,152	61,152	NUM
abrj-577	255	15	61,152	61,152	NUM
abrj-577	255	16	53,067	53,067	NUM
abrj-577	255	17	r	r	NOUN
abrj-577	255	18	-	-	PUNCT
abrj-577	255	19	squared	square	VERB
abrj-577	255	20	0.1897	0.1897	NUM
abrj-577	255	21	0.2134	0.2134	NUM
abrj-577	255	22	0.1934	0.1934	NUM
abrj-577	255	23	f	f	X
abrj-577	255	24	-	-	PUNCT
abrj-577	255	25	statistic	statistic	NOUN
abrj-577	255	26	178.45	178.45	NUM
abrj-577	255	27	*	*	PUNCT
abrj-577	255	28	*	*	PUNCT
abrj-577	255	29	*	*	PUNCT
abrj-577	255	30	201.23	201.23	NUM
abrj-577	255	31	*	*	PUNCT
abrj-577	255	32	*	*	PUNCT
abrj-577	255	33	*	*	PUNCT
abrj-577	255	34	184.67	184.67	NUM
abrj-577	255	35	*	*	PUNCT
abrj-577	255	36	*	*	PUNCT
abrj-577	255	37	*	*	PUNCT
abrj-577	255	38	*	*	PUNCT
abrj-577	255	39	note	note	NOUN
abrj-577	255	40	:	:	PUNCT
abrj-577	255	41	*	*	PUNCT
abrj-577	255	42	,	,	PUNCT
abrj-577	255	43	*	*	PUNCT
abrj-577	255	44	,	,	PUNCT
abrj-577	255	45	*	*	PUNCT
abrj-577	255	46	*	*	PUNCT
abrj-577	255	47	*	*	PUNCT
abrj-577	255	48	denote	denote	NOUN
abrj-577	255	49	significance	significance	NOUN
abrj-577	255	50	at	at	ADP
abrj-577	255	51	10	10	NUM
abrj-577	255	52	%	%	NOUN
abrj-577	255	53	,	,	PUNCT
abrj-577	255	54	5	5	NUM
abrj-577	255	55	%	%	NOUN
abrj-577	255	56	,	,	PUNCT
abrj-577	255	57	and	and	CCONJ
abrj-577	255	58	1	1	NUM
abrj-577	255	59	%	%	NOUN
abrj-577	255	60	levels	level	NOUN
abrj-577	255	61	respectively	respectively	ADV
abrj-577	255	62	.	.	PUNCT
abrj-577	256	1	all	all	DET
abrj-577	256	2	specifications	specification	NOUN
abrj-577	256	3	include	include	VERB
abrj-577	256	4	firm	firm	ADJ
abrj-577	256	5	and	and	CCONJ
abrj-577	256	6	time	time	NOUN
abrj-577	256	7	fixed	fix	VERB
abrj-577	256	8	effects	effect	NOUN
abrj-577	256	9	with	with	ADP
abrj-577	256	10	driscoll	driscoll	NOUN
abrj-577	256	11	-	-	PUNCT
abrj-577	256	12	kraay	kraay	ADV
abrj-577	256	13	robust	robust	ADJ
abrj-577	256	14	standard	standard	ADJ
abrj-577	256	15	errors	error	NOUN
abrj-577	256	16	.	.	PUNCT
abrj-577	257	1	the	the	DET
abrj-577	257	2	alternative	alternative	ADJ
abrj-577	257	3	herding	herding	NOUN
abrj-577	257	4	measure	measure	NOUN
abrj-577	257	5	(	(	PUNCT
abrj-577	257	6	column	column	NOUN
abrj-577	257	7	1	1	NUM
abrj-577	257	8	)	)	PUNCT
abrj-577	257	9	employs	employ	VERB
abrj-577	257	10	different	different	ADJ
abrj-577	257	11	aggregation	aggregation	NOUN
abrj-577	257	12	methodology	methodology	NOUN
abrj-577	257	13	based	base	VERB
abrj-577	257	14	on	on	ADP
abrj-577	257	15	return	return	NOUN
abrj-577	257	16	dispersion	dispersion	NOUN
abrj-577	257	17	around	around	ADP
abrj-577	257	18	market	market	NOUN
abrj-577	257	19	mean	mean	NOUN
abrj-577	257	20	(	(	PUNCT
abrj-577	257	21	ramm	ramm	PROPN
abrj-577	257	22	)	)	PUNCT
abrj-577	257	23	approaches	approach	NOUN
abrj-577	257	24	,	,	PUNCT
abrj-577	257	25	yet	yet	ADV
abrj-577	257	26	produces	produce	VERB
abrj-577	257	27	coefficient	coefficient	NOUN
abrj-577	257	28	estimates	estimate	NOUN
abrj-577	257	29	(	(	PUNCT
abrj-577	257	30	0.0167	0.0167	NUM
abrj-577	257	31	)	)	PUNCT
abrj-577	257	32	that	that	PRON
abrj-577	257	33	remain	remain	VERB
abrj-577	257	34	statistically	statistically	ADV
abrj-577	257	35	significant	significant	ADJ
abrj-577	257	36	and	and	CCONJ
abrj-577	257	37	economically	economically	ADV
abrj-577	257	38	meaningful	meaningful	ADJ
abrj-577	257	39	.	.	PUNCT
abrj-577	258	1	this	this	DET
abrj-577	258	2	finding	finding	NOUN
abrj-577	258	3	suggests	suggest	VERB
abrj-577	258	4	that	that	SCONJ
abrj-577	258	5	results	result	NOUN
abrj-577	258	6	are	be	AUX
abrj-577	258	7	not	not	PART
abrj-577	258	8	sensitive	sensitive	ADJ
abrj-577	258	9	to	to	ADP
abrj-577	258	10	specific	specific	ADJ
abrj-577	258	11	herding	herding	NOUN
abrj-577	258	12	measurement	measurement	NOUN
abrj-577	258	13	techniques	technique	NOUN
abrj-577	258	14	whilst	whilst	SCONJ
abrj-577	258	15	maintaining	maintain	VERB
abrj-577	258	16	theoretical	theoretical	ADJ
abrj-577	258	17	consistency	consistency	NOUN
abrj-577	258	18	across	across	ADP
abrj-577	258	19	methodological	methodological	ADJ
abrj-577	258	20	variations	variation	NOUN
abrj-577	258	21	.	.	PUNCT
abrj-577	259	1	alternative	alternative	ADJ
abrj-577	259	2	volatility	volatility	NOUN
abrj-577	259	3	specifications	specification	NOUN
abrj-577	259	4	(	(	PUNCT
abrj-577	259	5	column	column	NOUN
abrj-577	259	6	2	2	NUM
abrj-577	259	7	)	)	PUNCT
abrj-577	259	8	utilise	utilise	VERB
abrj-577	259	9	exponential	exponential	NOUN
abrj-577	259	10	weighted	weighted	AUX
abrj-577	259	11	moving	move	VERB
abrj-577	259	12	average	average	ADJ
abrj-577	259	13	(	(	PUNCT
abrj-577	259	14	ewma	ewma	NOUN
abrj-577	259	15	)	)	PUNCT
abrj-577	259	16	approaches	approach	NOUN
abrj-577	259	17	rather	rather	ADV
abrj-577	259	18	than	than	ADP
abrj-577	259	19	garch	garch	NOUN
abrj-577	259	20	-	-	PUNCT
abrj-577	259	21	based	base	VERB
abrj-577	259	22	conditional	conditional	ADJ
abrj-577	259	23	volatility	volatility	NOUN
abrj-577	259	24	measures	measure	NOUN
abrj-577	259	25	.	.	PUNCT
abrj-577	260	1	the	the	DET
abrj-577	260	2	coefficient	coefficient	ADJ
abrj-577	260	3	estimate	estimate	NOUN
abrj-577	260	4	of	of	ADP
abrj-577	260	5	0.0203	0.0203	NUM
abrj-577	260	6	demonstrates	demonstrate	VERB
abrj-577	260	7	remarkable	remarkable	ADJ
abrj-577	260	8	similarity	similarity	NOUN
abrj-577	260	9	to	to	PART
abrj-577	260	10	baseline	baseline	VERB
abrj-577	260	11	specifications	specification	NOUN
abrj-577	260	12	,	,	PUNCT
abrj-577	260	13	indicating	indicate	VERB
abrj-577	260	14	that	that	SCONJ
abrj-577	260	15	herding	herding	NOUN
abrj-577	260	16	-	-	PUNCT
abrj-577	260	17	volatility	volatility	NOUN
abrj-577	260	18	relationships	relationship	NOUN
abrj-577	260	19	persist	persist	VERB
abrj-577	260	20	across	across	ADP
abrj-577	260	21	different	different	ADJ
abrj-577	260	22	volatility	volatility	NOUN
abrj-577	260	23	measurement	measurement	NOUN
abrj-577	260	24	methodologies	methodology	NOUN
abrj-577	260	25	.	.	PUNCT
abrj-577	261	1	the	the	DET
abrj-577	261	2	non	non	ADJ
abrj-577	261	3	-	-	ADJ
abrj-577	261	4	financial	financial	ADJ
abrj-577	261	5	sample	sample	NOUN
abrj-577	261	6	analysis	analysis	NOUN
abrj-577	261	7	(	(	PUNCT
abrj-577	261	8	column	column	NOUN
abrj-577	261	9	3	3	NUM
abrj-577	261	10	)	)	PUNCT
abrj-577	261	11	addresses	address	NOUN
abrj-577	261	12	potential	potential	ADJ
abrj-577	261	13	concerns	concern	NOUN
abrj-577	261	14	regarding	regard	VERB
abrj-577	261	15	distinctive	distinctive	ADJ
abrj-577	261	16	regulatory	regulatory	ADJ
abrj-577	261	17	frameworks	framework	NOUN
abrj-577	261	18	and	and	CCONJ
abrj-577	261	19	business	business	NOUN
abrj-577	261	20	model	model	NOUN
abrj-577	261	21	characteristics	characteristic	NOUN
abrj-577	261	22	within	within	ADP
abrj-577	261	23	financial	financial	ADJ
abrj-577	261	24	sector	sector	NOUN
abrj-577	261	25	firms	firm	NOUN
abrj-577	261	26	.	.	PUNCT
abrj-577	262	1	the	the	DET
abrj-577	262	2	coefficient	coefficient	ADJ
abrj-577	262	3	estimate	estimate	NOUN
abrj-577	262	4	of	of	ADP
abrj-577	262	5	0.0195	0.0195	NUM
abrj-577	262	6	closely	closely	ADV
abrj-577	262	7	matches	match	VERB
abrj-577	262	8	baseline	baseline	NOUN
abrj-577	262	9	specifications	specification	NOUN
abrj-577	262	10	whilst	whilst	SCONJ
abrj-577	262	11	achieving	achieve	VERB
abrj-577	262	12	enhanced	enhanced	ADJ
abrj-577	262	13	statistical	statistical	ADJ
abrj-577	262	14	significance	significance	NOUN
abrj-577	262	15	,	,	PUNCT
abrj-577	262	16	suggesting	suggest	VERB
abrj-577	262	17	that	that	SCONJ
abrj-577	262	18	herdingvolatility	herdingvolatility	NOUN
abrj-577	262	19	relationships	relationship	NOUN
abrj-577	262	20	characterise	characterise	VERB
abrj-577	262	21	both	both	CCONJ
abrj-577	262	22	financial	financial	ADJ
abrj-577	262	23	and	and	CCONJ
abrj-577	262	24	non	non	ADJ
abrj-577	262	25	-	-	ADJ
abrj-577	262	26	financial	financial	ADJ
abrj-577	262	27	firms	firm	NOUN
abrj-577	262	28	within	within	ADP
abrj-577	262	29	vietnamese	vietnamese	ADJ
abrj-577	262	30	equity	equity	NOUN
abrj-577	262	31	markets	market	NOUN
abrj-577	262	32	.	.	PUNCT
abrj-577	263	1	large	large	ADJ
abrj-577	263	2	firm	firm	ADJ
abrj-577	263	3	subsample	subsample	ADJ
abrj-577	263	4	analysis	analysis	NOUN
abrj-577	263	5	(	(	PUNCT
abrj-577	263	6	column	column	NOUN
abrj-577	263	7	4	4	NUM
abrj-577	263	8	)	)	PUNCT
abrj-577	263	9	examines	examine	VERB
abrj-577	263	10	whether	whether	SCONJ
abrj-577	263	11	herding	herd	VERB
abrj-577	263	12	effects	effect	NOUN
abrj-577	263	13	concentrate	concentrate	VERB
abrj-577	263	14	among	among	ADP
abrj-577	263	15	smaller	small	ADJ
abrj-577	263	16	capitalisation	capitalisation	NOUN
abrj-577	263	17	firms	firm	NOUN
abrj-577	263	18	or	or	CCONJ
abrj-577	263	19	extend	extend	VERB
abrj-577	263	20	across	across	ADP
abrj-577	263	21	the	the	DET
abrj-577	263	22	full	full	ADJ
abrj-577	263	23	size	size	NOUN
abrj-577	263	24	distribution	distribution	NOUN
abrj-577	263	25	.	.	PUNCT
abrj-577	264	1	the	the	DET
abrj-577	264	2	coefficient	coefficient	ADJ
abrj-577	264	3	estimate	estimate	NOUN
abrj-577	264	4	of	of	ADP
abrj-577	264	5	0.0134	0.0134	NUM
abrj-577	264	6	indicates	indicate	VERB
abrj-577	264	7	that	that	SCONJ
abrj-577	264	8	herding	herd	VERB
abrj-577	264	9	behaviour	behaviour	NOUN
abrj-577	264	10	influences	influence	VERB
abrj-577	264	11	volatility	volatility	NOUN
abrj-577	264	12	even	even	ADV
abrj-577	264	13	among	among	ADP
abrj-577	264	14	larger	large	ADJ
abrj-577	264	15	firms	firm	NOUN
abrj-577	264	16	,	,	PUNCT
abrj-577	264	17	although	although	SCONJ
abrj-577	264	18	with	with	ADP
abrj-577	264	19	reduced	reduce	VERB
abrj-577	264	20	magnitude	magnitude	NOUN
abrj-577	264	21	compared	compare	VERB
abrj-577	264	22	to	to	ADP
abrj-577	264	23	full	full	ADJ
abrj-577	264	24	sample	sample	NOUN
abrj-577	264	25	estimates	estimate	NOUN
abrj-577	264	26	.	.	PUNCT
abrj-577	265	1	this	this	DET
abrj-577	265	2	finding	finding	NOUN
abrj-577	265	3	suggests	suggest	VERB
abrj-577	265	4	that	that	SCONJ
abrj-577	265	5	firm	firm	ADJ
abrj-577	265	6	size	size	NOUN
abrj-577	265	7	moderates	moderate	VERB
abrj-577	265	8	herding	herding	NOUN
abrj-577	265	9	effects	effect	NOUN
abrj-577	265	10	whilst	whilst	SCONJ
abrj-577	265	11	not	not	PART
abrj-577	265	12	eliminating	eliminate	VERB
abrj-577	265	13	the	the	DET
abrj-577	265	14	fundamental	fundamental	ADJ
abrj-577	265	15	relationship	relationship	NOUN
abrj-577	265	16	entirely	entirely	ADV
abrj-577	265	17	.	.	PUNCT
abrj-577	266	1	crisis	crisis	NOUN
abrj-577	266	2	period	period	NOUN
abrj-577	266	3	analysis	analysis	NOUN
abrj-577	266	4	(	(	PUNCT
abrj-577	266	5	column	column	NOUN
abrj-577	266	6	5	5	NUM
abrj-577	266	7	)	)	PUNCT
abrj-577	266	8	focuses	focus	VERB
abrj-577	266	9	upon	upon	SCONJ
abrj-577	266	10	2007	2007	NUM
abrj-577	266	11	-	-	SYM
abrj-577	266	12	2009	2009	NUM
abrj-577	266	13	observations	observation	NOUN
abrj-577	266	14	to	to	PART
abrj-577	266	15	examine	examine	VERB
abrj-577	266	16	whether	whether	SCONJ
abrj-577	266	17	herding	herd	VERB
abrj-577	266	18	-	-	PUNCT
abrj-577	266	19	volatility	volatility	NOUN
abrj-577	266	20	relationships	relationship	NOUN
abrj-577	266	21	intensify	intensify	VERB
abrj-577	266	22	during	during	ADP
abrj-577	266	23	periods	period	NOUN
abrj-577	266	24	of	of	ADP
abrj-577	266	25	market	market	NOUN
abrj-577	266	26	stress	stress	NOUN
abrj-577	266	27	.	.	PUNCT
abrj-577	267	1	the	the	DET
abrj-577	267	2	coefficient	coefficient	ADJ
abrj-577	267	3	estimate	estimate	NOUN
abrj-577	267	4	of	of	ADP
abrj-577	267	5	0.0298	0.0298	NUM
abrj-577	267	6	substantially	substantially	ADV
abrj-577	267	7	exceeds	exceed	VERB
abrj-577	267	8	baseline	baseline	ADJ
abrj-577	267	9	specifications	specification	NOUN
abrj-577	267	10	,	,	PUNCT
abrj-577	267	11	indicating	indicate	VERB
abrj-577	267	12	that	that	SCONJ
abrj-577	267	13	herding	herd	VERB
abrj-577	267	14	behaviour	behaviour	NOUN
abrj-577	267	15	exerts	exert	VERB
abrj-577	267	16	enhanced	enhanced	ADJ
abrj-577	267	17	influence	influence	NOUN
abrj-577	267	18	upon	upon	SCONJ
abrj-577	267	19	volatility	volatility	NOUN
abrj-577	267	20	transmission	transmission	NOUN
abrj-577	267	21	during	during	ADP
abrj-577	267	22	crisis	crisis	NOUN
abrj-577	267	23	periods	period	NOUN
abrj-577	267	24	when	when	SCONJ
abrj-577	267	25	information	information	NOUN
abrj-577	267	26	processing	processing	NOUN
abrj-577	267	27	becomes	become	VERB
abrj-577	267	28	more	more	ADV
abrj-577	267	29	challenging	challenging	ADJ
abrj-577	267	30	and	and	CCONJ
abrj-577	267	31	emotional	emotional	ADJ
abrj-577	267	32	factors	factor	NOUN
abrj-577	267	33	dominate	dominate	VERB
abrj-577	267	34	rational	rational	ADJ
abrj-577	267	35	analysis	analysis	NOUN
abrj-577	267	36	.	.	PUNCT
abrj-577	268	1	additional	additional	ADJ
abrj-577	268	2	robustness	robustness	NOUN
abrj-577	268	3	testing	testing	NOUN
abrj-577	268	4	examines	examine	VERB
abrj-577	268	5	temporal	temporal	ADJ
abrj-577	268	6	stability	stability	NOUN
abrj-577	268	7	through	through	ADP
abrj-577	268	8	rolling	rolling	ADJ
abrj-577	268	9	window	window	NOUN
abrj-577	268	10	estimation	estimation	NOUN
abrj-577	268	11	and	and	CCONJ
abrj-577	268	12	structural	structural	ADJ
abrj-577	268	13	break	break	NOUN
abrj-577	268	14	analysis	analysis	NOUN
abrj-577	268	15	.	.	PUNCT
abrj-577	269	1	the	the	DET
abrj-577	269	2	relationship	relationship	NOUN
abrj-577	269	3	remains	remain	VERB
abrj-577	269	4	statistically	statistically	ADV
abrj-577	269	5	significant	significant	ADJ
abrj-577	269	6	across	across	ADP
abrj-577	269	7	different	different	ADJ
abrj-577	269	8	time	time	NOUN
abrj-577	269	9	periods	period	NOUN
abrj-577	269	10	whilst	whilst	SCONJ
abrj-577	269	11	exhibiting	exhibit	VERB
abrj-577	269	12	some	some	DET
abrj-577	269	13	coefficient	coefficient	NOUN
abrj-577	269	14	variation	variation	NOUN
abrj-577	269	15	that	that	PRON
abrj-577	269	16	correlates	correlate	VERB
abrj-577	269	17	with	with	ADP
abrj-577	269	18	market	market	NOUN
abrj-577	269	19	volatility	volatility	NOUN
abrj-577	269	20	cycles	cycle	NOUN
abrj-577	269	21	and	and	CCONJ
abrj-577	269	22	regulatory	regulatory	ADJ
abrj-577	269	23	changes	change	NOUN
abrj-577	269	24	within	within	ADP
abrj-577	269	25	vietnamese	vietnamese	ADJ
abrj-577	269	26	financial	financial	ADJ
abrj-577	269	27	markets	market	NOUN
abrj-577	269	28	.	.	PUNCT
abrj-577	270	1	asian	asian	ADJ
abrj-577	270	2	business	business	PROPN
abrj-577	270	3	research	research	NOUN
abrj-577	270	4	journal	journal	NOUN
abrj-577	270	5	,	,	PUNCT
abrj-577	270	6	2025	2025	NUM
abrj-577	270	7	,	,	PUNCT
abrj-577	270	8	10(9	10(9	NUM
abrj-577	270	9	):	):	PUNCT
abrj-577	270	10	88	88	NUM
abrj-577	270	11	-	-	SYM
abrj-577	270	12	98	98	NUM
abrj-577	270	13	96	96	NUM
abrj-577	271	1	©	©	ADP
abrj-577	271	2	2025	2025	NUM
abrj-577	271	3	by	by	ADP
abrj-577	271	4	the	the	DET
abrj-577	271	5	authors	author	NOUN
abrj-577	271	6	;	;	PUNCT
abrj-577	271	7	licensee	licensee	NOUN
abrj-577	271	8	eastern	eastern	ADJ
abrj-577	271	9	centre	centre	NOUN
abrj-577	271	10	of	of	ADP
abrj-577	271	11	science	science	NOUN
abrj-577	271	12	and	and	CCONJ
abrj-577	271	13	education	education	NOUN
abrj-577	271	14	,	,	PUNCT
abrj-577	271	15	usa	usa	PROPN
abrj-577	271	16	5	5	NUM
abrj-577	271	17	.	.	PUNCT
abrj-577	271	18	discussion	discussion	NOUN
abrj-577	271	19	and	and	CCONJ
abrj-577	271	20	conclusion	conclusion	NOUN
abrj-577	271	21	5.1	5.1	NUM
abrj-577	271	22	.	.	PUNCT
abrj-577	272	1	discussion	discussion	NOUN
abrj-577	272	2	of	of	ADP
abrj-577	272	3	findings	finding	NOUN
abrj-577	272	4	the	the	DET
abrj-577	272	5	empirical	empirical	ADJ
abrj-577	272	6	analysis	analysis	NOUN
abrj-577	272	7	provides	provide	VERB
abrj-577	272	8	compelling	compelling	ADJ
abrj-577	272	9	evidence	evidence	NOUN
abrj-577	272	10	supporting	support	VERB
abrj-577	272	11	the	the	DET
abrj-577	272	12	central	central	ADJ
abrj-577	272	13	hypothesis	hypothesis	NOUN
abrj-577	272	14	that	that	SCONJ
abrj-577	272	15	herding	herd	VERB
abrj-577	272	16	behaviour	behaviour	NOUN
abrj-577	272	17	significantly	significantly	ADV
abrj-577	272	18	influences	influence	VERB
abrj-577	272	19	volatility	volatility	NOUN
abrj-577	272	20	transmission	transmission	NOUN
abrj-577	272	21	mechanisms	mechanism	NOUN
abrj-577	272	22	within	within	ADP
abrj-577	272	23	vietnamese	vietnamese	ADJ
abrj-577	272	24	equity	equity	NOUN
abrj-577	272	25	markets	market	NOUN
abrj-577	272	26	.	.	PUNCT
abrj-577	273	1	the	the	DET
abrj-577	273	2	consistent	consistent	ADJ
abrj-577	273	3	positive	positive	ADJ
abrj-577	273	4	relationship	relationship	NOUN
abrj-577	273	5	between	between	ADP
abrj-577	273	6	lagged	lag	VERB
abrj-577	273	7	herding	herding	NOUN
abrj-577	273	8	measures	measure	NOUN
abrj-577	273	9	and	and	CCONJ
abrj-577	273	10	current	current	ADJ
abrj-577	273	11	volatility	volatility	NOUN
abrj-577	273	12	levels	level	NOUN
abrj-577	273	13	,	,	PUNCT
abrj-577	273	14	robust	robust	ADJ
abrj-577	273	15	across	across	ADP
abrj-577	273	16	multiple	multiple	ADJ
abrj-577	273	17	econometric	econometric	ADJ
abrj-577	273	18	specifications	specification	NOUN
abrj-577	273	19	and	and	CCONJ
abrj-577	273	20	sample	sample	NOUN
abrj-577	273	21	configurations	configuration	NOUN
abrj-577	273	22	,	,	PUNCT
abrj-577	273	23	demonstrates	demonstrate	VERB
abrj-577	273	24	that	that	SCONJ
abrj-577	273	25	collective	collective	ADJ
abrj-577	273	26	investor	investor	NOUN
abrj-577	273	27	behaviour	behaviour	NOUN
abrj-577	273	28	generates	generate	VERB
abrj-577	273	29	substantial	substantial	ADJ
abrj-577	273	30	impacts	impact	NOUN
abrj-577	273	31	upon	upon	SCONJ
abrj-577	273	32	market	market	NOUN
abrj-577	273	33	risk	risk	NOUN
abrj-577	273	34	characteristics	characteristic	NOUN
abrj-577	273	35	beyond	beyond	ADP
abrj-577	273	36	traditional	traditional	ADJ
abrj-577	273	37	fundamental	fundamental	ADJ
abrj-577	273	38	and	and	CCONJ
abrj-577	273	39	technical	technical	ADJ
abrj-577	273	40	factors	factor	NOUN
abrj-577	273	41	.	.	PUNCT
abrj-577	274	1	the	the	DET
abrj-577	274	2	coefficient	coefficient	NOUN
abrj-577	274	3	magnitude	magnitude	NOUN
abrj-577	274	4	of	of	ADP
abrj-577	274	5	approximately	approximately	ADV
abrj-577	274	6	0.019	0.019	NUM
abrj-577	274	7	-	-	PUNCT
abrj-577	274	8	0.025	0.025	NUM
abrj-577	274	9	across	across	ADP
abrj-577	274	10	main	main	ADJ
abrj-577	274	11	specifications	specification	NOUN
abrj-577	274	12	indicates	indicate	VERB
abrj-577	274	13	economically	economically	ADV
abrj-577	274	14	meaningful	meaningful	ADJ
abrj-577	274	15	effects	effect	NOUN
abrj-577	274	16	where	where	SCONJ
abrj-577	274	17	one	one	NUM
abrj-577	274	18	standard	standard	ADJ
abrj-577	274	19	deviation	deviation	NOUN
abrj-577	274	20	increases	increase	VERB
abrj-577	274	21	in	in	ADP
abrj-577	274	22	herding	herd	VERB
abrj-577	274	23	behaviour	behaviour	NOUN
abrj-577	274	24	associate	associate	NOUN
abrj-577	274	25	with	with	ADP
abrj-577	274	26	3	3	NUM
abrj-577	274	27	-	-	SYM
abrj-577	274	28	4	4	NUM
abrj-577	274	29	%	%	NOUN
abrj-577	274	30	increases	increase	NOUN
abrj-577	274	31	in	in	ADP
abrj-577	274	32	conditional	conditional	ADJ
abrj-577	274	33	volatility	volatility	NOUN
abrj-577	274	34	relative	relative	ADJ
abrj-577	274	35	to	to	ADP
abrj-577	274	36	sample	sample	NOUN
abrj-577	274	37	means	mean	NOUN
abrj-577	274	38	.	.	PUNCT
abrj-577	275	1	these	these	DET
abrj-577	275	2	effect	effect	NOUN
abrj-577	275	3	sizes	size	NOUN
abrj-577	275	4	compare	compare	VERB
abrj-577	275	5	favourably	favourably	ADV
abrj-577	275	6	with	with	ADP
abrj-577	275	7	existing	exist	VERB
abrj-577	275	8	international	international	ADJ
abrj-577	275	9	evidence	evidence	NOUN
abrj-577	275	10	whilst	whilst	SCONJ
abrj-577	275	11	reflecting	reflect	VERB
abrj-577	275	12	vietnamese	vietnamese	ADJ
abrj-577	275	13	market	market	NOUN
abrj-577	275	14	characteristics	characteristic	NOUN
abrj-577	275	15	including	include	VERB
abrj-577	275	16	retail	retail	ADJ
abrj-577	275	17	investor	investor	NOUN
abrj-577	275	18	predominance	predominance	NOUN
abrj-577	275	19	,	,	PUNCT
abrj-577	275	20	limited	limited	ADJ
abrj-577	275	21	institutional	institutional	ADJ
abrj-577	275	22	arbitrage	arbitrage	NOUN
abrj-577	275	23	mechanisms	mechanism	NOUN
abrj-577	275	24	,	,	PUNCT
abrj-577	275	25	and	and	CCONJ
abrj-577	275	26	evolving	evolve	VERB
abrj-577	275	27	regulatory	regulatory	ADJ
abrj-577	275	28	frameworks	framework	NOUN
abrj-577	275	29	that	that	PRON
abrj-577	275	30	potentially	potentially	ADV
abrj-577	275	31	amplify	amplify	VERB
abrj-577	275	32	behavioural	behavioural	ADJ
abrj-577	275	33	effects	effect	NOUN
abrj-577	275	34	.	.	PUNCT
abrj-577	276	1	the	the	DET
abrj-577	276	2	finding	finding	NOUN
abrj-577	276	3	that	that	SCONJ
abrj-577	276	4	herding	herd	VERB
abrj-577	276	5	behaviour	behaviour	NOUN
abrj-577	276	6	's	's	PART
abrj-577	276	7	impact	impact	NOUN
abrj-577	276	8	intensifies	intensifie	NOUN
abrj-577	276	9	during	during	ADP
abrj-577	276	10	crisis	crisis	NOUN
abrj-577	276	11	periods	period	NOUN
abrj-577	276	12	(	(	PUNCT
abrj-577	276	13	coefficient	coefficient	NOUN
abrj-577	276	14	increasing	increase	VERB
abrj-577	276	15	to	to	ADP
abrj-577	276	16	0.0298	0.0298	NUM
abrj-577	276	17	)	)	PUNCT
abrj-577	276	18	provides	provide	VERB
abrj-577	276	19	valuable	valuable	ADJ
abrj-577	276	20	insights	insight	NOUN
abrj-577	276	21	into	into	ADP
abrj-577	276	22	volatility	volatility	NOUN
abrj-577	276	23	transmission	transmission	NOUN
abrj-577	276	24	mechanisms	mechanism	NOUN
abrj-577	276	25	during	during	ADP
abrj-577	276	26	market	market	NOUN
abrj-577	276	27	stress	stress	NOUN
abrj-577	276	28	.	.	PUNCT
abrj-577	277	1	this	this	DET
abrj-577	277	2	result	result	NOUN
abrj-577	277	3	aligns	align	VERB
abrj-577	277	4	with	with	ADP
abrj-577	277	5	theoretical	theoretical	ADJ
abrj-577	277	6	predictions	prediction	NOUN
abrj-577	277	7	that	that	SCONJ
abrj-577	277	8	informational	informational	ADJ
abrj-577	277	9	processing	processing	NOUN
abrj-577	277	10	constraints	constraint	NOUN
abrj-577	277	11	and	and	CCONJ
abrj-577	277	12	emotional	emotional	ADJ
abrj-577	277	13	factors	factor	NOUN
abrj-577	277	14	become	become	VERB
abrj-577	277	15	more	more	ADV
abrj-577	277	16	pronounced	pronounced	ADJ
abrj-577	277	17	during	during	ADP
abrj-577	277	18	uncertain	uncertain	ADJ
abrj-577	277	19	periods	period	NOUN
abrj-577	277	20	,	,	PUNCT
abrj-577	277	21	leading	lead	VERB
abrj-577	277	22	to	to	ADP
abrj-577	277	23	enhanced	enhanced	ADJ
abrj-577	277	24	reliance	reliance	NOUN
abrj-577	277	25	upon	upon	SCONJ
abrj-577	277	26	social	social	ADJ
abrj-577	277	27	information	information	NOUN
abrj-577	277	28	sources	source	NOUN
abrj-577	277	29	and	and	CCONJ
abrj-577	277	30	collective	collective	ADJ
abrj-577	277	31	behaviour	behaviour	NOUN
abrj-577	277	32	patterns	pattern	NOUN
abrj-577	277	33	.	.	PUNCT
abrj-577	278	1	the	the	DET
abrj-577	278	2	crisis	crisis	NOUN
abrj-577	278	3	period	period	NOUN
abrj-577	278	4	amplification	amplification	NOUN
abrj-577	278	5	suggests	suggest	VERB
abrj-577	278	6	that	that	SCONJ
abrj-577	278	7	herding	herd	VERB
abrj-577	278	8	behaviour	behaviour	NOUN
abrj-577	278	9	represents	represent	VERB
abrj-577	278	10	a	a	DET
abrj-577	278	11	crucial	crucial	ADJ
abrj-577	278	12	transmission	transmission	NOUN
abrj-577	278	13	channel	channel	NOUN
abrj-577	278	14	through	through	ADP
abrj-577	278	15	which	which	PRON
abrj-577	278	16	market	market	NOUN
abrj-577	278	17	stress	stress	NOUN
abrj-577	278	18	propagates	propagate	VERB
abrj-577	278	19	across	across	ADP
abrj-577	278	20	individual	individual	ADJ
abrj-577	278	21	securities	security	NOUN
abrj-577	278	22	and	and	CCONJ
abrj-577	278	23	broader	broad	ADJ
abrj-577	278	24	market	market	NOUN
abrj-577	278	25	segments	segment	NOUN
abrj-577	278	26	.	.	PUNCT
abrj-577	279	1	the	the	DET
abrj-577	279	2	asymmetric	asymmetric	ADJ
abrj-577	279	3	effects	effect	NOUN
abrj-577	279	4	across	across	ADP
abrj-577	279	5	firm	firm	ADJ
abrj-577	279	6	size	size	NOUN
abrj-577	279	7	classifications	classification	NOUN
abrj-577	279	8	revealed	reveal	VERB
abrj-577	279	9	through	through	ADP
abrj-577	279	10	subsample	subsample	ADJ
abrj-577	279	11	analysis	analysis	NOUN
abrj-577	279	12	illuminate	illuminate	VERB
abrj-577	279	13	important	important	ADJ
abrj-577	279	14	heterogeneity	heterogeneity	NOUN
abrj-577	279	15	in	in	ADP
abrj-577	279	16	herding	herd	VERB
abrj-577	279	17	susceptibility	susceptibility	NOUN
abrj-577	279	18	.	.	PUNCT
abrj-577	280	1	smaller	small	ADJ
abrj-577	280	2	capitalisation	capitalisation	NOUN
abrj-577	280	3	firms	firm	NOUN
abrj-577	280	4	demonstrate	demonstrate	VERB
abrj-577	280	5	stronger	strong	ADJ
abrj-577	280	6	herding	herding	NOUN
abrj-577	280	7	effects	effect	NOUN
abrj-577	280	8	compared	compare	VERB
abrj-577	280	9	to	to	ADP
abrj-577	280	10	larger	large	ADJ
abrj-577	280	11	counterparts	counterpart	NOUN
abrj-577	280	12	,	,	PUNCT
abrj-577	280	13	consistent	consistent	ADJ
abrj-577	280	14	with	with	ADP
abrj-577	280	15	theoretical	theoretical	ADJ
abrj-577	280	16	predictions	prediction	NOUN
abrj-577	280	17	regarding	regard	VERB
abrj-577	280	18	information	information	NOUN
abrj-577	280	19	asymmetries	asymmetry	NOUN
abrj-577	280	20	,	,	PUNCT
abrj-577	280	21	analyst	analyst	NOUN
abrj-577	280	22	coverage	coverage	NOUN
abrj-577	280	23	limitations	limitation	NOUN
abrj-577	280	24	,	,	PUNCT
abrj-577	280	25	and	and	CCONJ
abrj-577	280	26	liquidity	liquidity	NOUN
abrj-577	280	27	constraints	constraint	NOUN
abrj-577	280	28	that	that	PRON
abrj-577	280	29	characterise	characterise	VERB
abrj-577	280	30	smaller	small	ADJ
abrj-577	280	31	firms	firm	NOUN
abrj-577	280	32	.	.	PUNCT
abrj-577	281	1	however	however	ADV
abrj-577	281	2	,	,	PUNCT
abrj-577	281	3	the	the	DET
abrj-577	281	4	persistence	persistence	NOUN
abrj-577	281	5	of	of	ADP
abrj-577	281	6	significant	significant	ADJ
abrj-577	281	7	herding	herding	NOUN
abrj-577	281	8	effects	effect	NOUN
abrj-577	281	9	even	even	ADV
abrj-577	281	10	among	among	ADP
abrj-577	281	11	larger	large	ADJ
abrj-577	281	12	firms	firm	NOUN
abrj-577	281	13	suggests	suggest	VERB
abrj-577	281	14	that	that	SCONJ
abrj-577	281	15	behavioural	behavioural	ADJ
abrj-577	281	16	factors	factor	NOUN
abrj-577	281	17	influence	influence	VERB
abrj-577	281	18	market	market	NOUN
abrj-577	281	19	dynamics	dynamic	NOUN
abrj-577	281	20	across	across	ADP
abrj-577	281	21	the	the	DET
abrj-577	281	22	complete	complete	ADJ
abrj-577	281	23	size	size	NOUN
abrj-577	281	24	spectrum	spectrum	NOUN
abrj-577	281	25	rather	rather	ADV
abrj-577	281	26	than	than	ADP
abrj-577	281	27	concentrating	concentrate	VERB
abrj-577	281	28	exclusively	exclusively	ADV
abrj-577	281	29	among	among	ADP
abrj-577	281	30	informationally	informationally	ADV
abrj-577	281	31	disadvantaged	disadvantaged	ADJ
abrj-577	281	32	securities	security	NOUN
abrj-577	281	33	.	.	PUNCT
abrj-577	282	1	sectoral	sectoral	ADJ
abrj-577	282	2	analysis	analysis	NOUN
abrj-577	282	3	reveals	reveal	VERB
abrj-577	282	4	distinctive	distinctive	ADJ
abrj-577	282	5	patterns	pattern	NOUN
abrj-577	282	6	where	where	SCONJ
abrj-577	282	7	technology	technology	NOUN
abrj-577	282	8	and	and	CCONJ
abrj-577	282	9	financial	financial	ADJ
abrj-577	282	10	services	service	NOUN
abrj-577	282	11	firms	firm	NOUN
abrj-577	282	12	exhibit	exhibit	VERB
abrj-577	282	13	enhanced	enhance	VERB
abrj-577	282	14	vulnerability	vulnerability	NOUN
abrj-577	282	15	to	to	ADP
abrj-577	282	16	herding	herding	NOUN
abrj-577	282	17	-	-	PUNCT
abrj-577	282	18	induced	induce	VERB
abrj-577	282	19	volatility	volatility	NOUN
abrj-577	282	20	compared	compare	VERB
abrj-577	282	21	to	to	ADP
abrj-577	282	22	traditional	traditional	ADJ
abrj-577	282	23	manufacturing	manufacturing	NOUN
abrj-577	282	24	industries	industry	NOUN
abrj-577	282	25	.	.	PUNCT
abrj-577	283	1	these	these	DET
abrj-577	283	2	findings	finding	NOUN
abrj-577	283	3	align	align	VERB
abrj-577	283	4	with	with	ADP
abrj-577	283	5	theoretical	theoretical	ADJ
abrj-577	283	6	frameworks	framework	NOUN
abrj-577	283	7	emphasising	emphasise	VERB
abrj-577	283	8	information	information	NOUN
abrj-577	283	9	processing	processing	NOUN
abrj-577	283	10	complexities	complexity	NOUN
abrj-577	283	11	and	and	CCONJ
abrj-577	283	12	valuation	valuation	NOUN
abrj-577	283	13	uncertainties	uncertainty	NOUN
abrj-577	283	14	that	that	PRON
abrj-577	283	15	characterise	characterise	VERB
abrj-577	283	16	growth	growth	NOUN
abrj-577	283	17	-	-	PUNCT
abrj-577	283	18	oriented	orient	VERB
abrj-577	283	19	and	and	CCONJ
abrj-577	283	20	knowledge	knowledge	NOUN
abrj-577	283	21	-	-	PUNCT
abrj-577	283	22	intensive	intensive	ADJ
abrj-577	283	23	sectors	sector	NOUN
abrj-577	283	24	.	.	PUNCT
abrj-577	284	1	the	the	DET
abrj-577	284	2	sectoral	sectoral	ADJ
abrj-577	284	3	heterogeneity	heterogeneity	NOUN
abrj-577	284	4	suggests	suggest	VERB
abrj-577	284	5	that	that	SCONJ
abrj-577	284	6	portfolio	portfolio	NOUN
abrj-577	284	7	managers	manager	NOUN
abrj-577	284	8	and	and	CCONJ
abrj-577	284	9	risk	risk	NOUN
abrj-577	284	10	assessment	assessment	NOUN
abrj-577	284	11	professionals	professional	NOUN
abrj-577	284	12	should	should	AUX
abrj-577	284	13	incorporate	incorporate	VERB
abrj-577	284	14	sector	sector	NOUN
abrj-577	284	15	-	-	PUNCT
abrj-577	284	16	specific	specific	ADJ
abrj-577	284	17	behavioural	behavioural	ADJ
abrj-577	284	18	factors	factor	NOUN
abrj-577	284	19	when	when	SCONJ
abrj-577	284	20	evaluating	evaluate	VERB
abrj-577	284	21	vietnamese	vietnamese	ADJ
abrj-577	284	22	equity	equity	NOUN
abrj-577	284	23	market	market	NOUN
abrj-577	284	24	exposures	exposure	NOUN
abrj-577	284	25	.	.	PUNCT
abrj-577	285	1	the	the	DET
abrj-577	285	2	robust	robust	ADJ
abrj-577	285	3	negative	negative	ADJ
abrj-577	285	4	relationship	relationship	NOUN
abrj-577	285	5	between	between	ADP
abrj-577	285	6	firm	firm	ADJ
abrj-577	285	7	size	size	NOUN
abrj-577	285	8	and	and	CCONJ
abrj-577	285	9	volatility	volatility	NOUN
abrj-577	285	10	provides	provide	VERB
abrj-577	285	11	additional	additional	ADJ
abrj-577	285	12	validation	validation	NOUN
abrj-577	285	13	of	of	ADP
abrj-577	285	14	market	market	NOUN
abrj-577	285	15	microstructure	microstructure	NOUN
abrj-577	285	16	theories	theory	NOUN
abrj-577	285	17	whilst	whilst	SCONJ
abrj-577	285	18	highlighting	highlight	VERB
abrj-577	285	19	vietnamese	vietnamese	ADJ
abrj-577	285	20	market	market	NOUN
abrj-577	285	21	characteristics	characteristic	NOUN
abrj-577	285	22	.	.	PUNCT
abrj-577	286	1	the	the	DET
abrj-577	286	2	coefficient	coefficient	NOUN
abrj-577	286	3	magnitude	magnitude	NOUN
abrj-577	286	4	of	of	ADP
abrj-577	286	5	approximately	approximately	ADV
abrj-577	286	6	-0.017	-0.017	NUM
abrj-577	286	7	indicates	indicate	VERB
abrj-577	286	8	substantial	substantial	ADJ
abrj-577	286	9	economic	economic	ADJ
abrj-577	286	10	significance	significance	NOUN
abrj-577	286	11	where	where	SCONJ
abrj-577	286	12	doubling	double	VERB
abrj-577	286	13	firm	firm	ADJ
abrj-577	286	14	size	size	NOUN
abrj-577	286	15	associates	associate	NOUN
abrj-577	286	16	with	with	ADP
abrj-577	286	17	meaningful	meaningful	ADJ
abrj-577	286	18	volatility	volatility	NOUN
abrj-577	286	19	reductions	reduction	NOUN
abrj-577	286	20	.	.	PUNCT
abrj-577	287	1	this	this	DET
abrj-577	287	2	relationship	relationship	NOUN
abrj-577	287	3	suggests	suggest	VERB
abrj-577	287	4	that	that	SCONJ
abrj-577	287	5	size	size	NOUN
abrj-577	287	6	-	-	PUNCT
abrj-577	287	7	based	base	VERB
abrj-577	287	8	investment	investment	NOUN
abrj-577	287	9	strategies	strategy	NOUN
abrj-577	287	10	may	may	AUX
abrj-577	287	11	provide	provide	VERB
abrj-577	287	12	effective	effective	ADJ
abrj-577	287	13	risk	risk	NOUN
abrj-577	287	14	management	management	NOUN
abrj-577	287	15	tools	tool	NOUN
abrj-577	287	16	within	within	ADP
abrj-577	287	17	vietnamese	vietnamese	ADJ
abrj-577	287	18	equity	equity	NOUN
abrj-577	287	19	markets	market	NOUN
abrj-577	287	20	,	,	PUNCT
abrj-577	287	21	particularly	particularly	ADV
abrj-577	287	22	during	during	ADP
abrj-577	287	23	periods	period	NOUN
abrj-577	287	24	of	of	ADP
abrj-577	287	25	heightened	heightened	ADJ
abrj-577	287	26	herding	herding	NOUN
abrj-577	287	27	behaviour	behaviour	NOUN
abrj-577	287	28	.	.	PUNCT
abrj-577	288	1	trading	trading	NOUN
abrj-577	288	2	intensity	intensity	NOUN
abrj-577	288	3	's	's	PART
abrj-577	288	4	strong	strong	ADJ
abrj-577	288	5	positive	positive	ADJ
abrj-577	288	6	correlation	correlation	NOUN
abrj-577	288	7	with	with	ADP
abrj-577	288	8	volatility	volatility	NOUN
abrj-577	288	9	(	(	PUNCT
abrj-577	288	10	coefficients	coefficient	NOUN
abrj-577	288	11	ranging	range	VERB
abrj-577	288	12	0.32	0.32	NUM
abrj-577	288	13	-	-	SYM
abrj-577	288	14	0.38	0.38	NUM
abrj-577	288	15	)	)	PUNCT
abrj-577	288	16	confirms	confirm	VERB
abrj-577	288	17	that	that	SCONJ
abrj-577	288	18	liquidity	liquidity	NOUN
abrj-577	288	19	and	and	CCONJ
abrj-577	288	20	information	information	NOUN
abrj-577	288	21	processing	processing	NOUN
abrj-577	288	22	activities	activity	NOUN
abrj-577	288	23	generate	generate	VERB
abrj-577	288	24	substantial	substantial	ADJ
abrj-577	288	25	price	price	NOUN
abrj-577	288	26	fluctuation	fluctuation	NOUN
abrj-577	288	27	impacts	impact	NOUN
abrj-577	288	28	.	.	PUNCT
abrj-577	289	1	the	the	DET
abrj-577	289	2	relationship	relationship	NOUN
abrj-577	289	3	magnitude	magnitude	NOUN
abrj-577	289	4	suggests	suggest	VERB
abrj-577	289	5	that	that	SCONJ
abrj-577	289	6	periods	period	NOUN
abrj-577	289	7	of	of	ADP
abrj-577	289	8	intense	intense	ADJ
abrj-577	289	9	trading	trading	NOUN
abrj-577	289	10	activity	activity	NOUN
abrj-577	289	11	coincide	coincide	NOUN
abrj-577	289	12	with	with	ADP
abrj-577	289	13	enhanced	enhanced	ADJ
abrj-577	289	14	uncertainty	uncertainty	NOUN
abrj-577	289	15	and	and	CCONJ
abrj-577	289	16	information	information	NOUN
abrj-577	289	17	incorporation	incorporation	NOUN
abrj-577	289	18	processes	process	NOUN
abrj-577	289	19	that	that	PRON
abrj-577	289	20	amplify	amplify	VERB
abrj-577	289	21	volatility	volatility	NOUN
abrj-577	289	22	transmission	transmission	NOUN
abrj-577	289	23	mechanisms	mechanism	NOUN
abrj-577	289	24	.	.	PUNCT
abrj-577	290	1	this	this	DET
abrj-577	290	2	finding	finding	NOUN
abrj-577	290	3	possesses	possess	VERB
abrj-577	290	4	important	important	ADJ
abrj-577	290	5	implications	implication	NOUN
abrj-577	290	6	for	for	ADP
abrj-577	290	7	execution	execution	NOUN
abrj-577	290	8	strategies	strategy	NOUN
abrj-577	290	9	and	and	CCONJ
abrj-577	290	10	market	market	NOUN
abrj-577	290	11	timing	timing	NOUN
abrj-577	290	12	decisions	decision	NOUN
abrj-577	290	13	within	within	ADP
abrj-577	290	14	vietnamese	vietnamese	ADJ
abrj-577	290	15	equity	equity	NOUN
abrj-577	290	16	markets	market	NOUN
abrj-577	290	17	.	.	PUNCT
abrj-577	291	1	the	the	DET
abrj-577	291	2	temporal	temporal	ADJ
abrj-577	291	3	persistence	persistence	NOUN
abrj-577	291	4	of	of	ADP
abrj-577	291	5	herding	herding	NOUN
abrj-577	291	6	effects	effect	NOUN
abrj-577	291	7	,	,	PUNCT
abrj-577	291	8	demonstrated	demonstrate	VERB
abrj-577	291	9	through	through	ADP
abrj-577	291	10	lagged	lag	VERB
abrj-577	291	11	variable	variable	ADJ
abrj-577	291	12	specifications	specification	NOUN
abrj-577	291	13	and	and	CCONJ
abrj-577	291	14	dynamic	dynamic	ADJ
abrj-577	291	15	panel	panel	NOUN
abrj-577	291	16	data	datum	NOUN
abrj-577	291	17	approaches	approach	NOUN
abrj-577	291	18	,	,	PUNCT
abrj-577	291	19	indicates	indicate	VERB
abrj-577	291	20	that	that	SCONJ
abrj-577	291	21	collective	collective	ADJ
abrj-577	291	22	behaviour	behaviour	NOUN
abrj-577	291	23	patterns	pattern	NOUN
abrj-577	291	24	exhibit	exhibit	VERB
abrj-577	291	25	momentum	momentum	NOUN
abrj-577	291	26	characteristics	characteristic	NOUN
abrj-577	291	27	that	that	PRON
abrj-577	291	28	extend	extend	VERB
abrj-577	291	29	beyond	beyond	ADP
abrj-577	291	30	immediate	immediate	ADJ
abrj-577	291	31	time	time	NOUN
abrj-577	291	32	periods	period	NOUN
abrj-577	291	33	.	.	PUNCT
abrj-577	292	1	this	this	DET
abrj-577	292	2	persistence	persistence	NOUN
abrj-577	292	3	suggests	suggest	VERB
abrj-577	292	4	that	that	SCONJ
abrj-577	292	5	herding	herd	VERB
abrj-577	292	6	behaviour	behaviour	NOUN
abrj-577	292	7	creates	create	VERB
abrj-577	292	8	feedback	feedback	NOUN
abrj-577	292	9	loops	loop	NOUN
abrj-577	292	10	where	where	SCONJ
abrj-577	292	11	current	current	ADJ
abrj-577	292	12	collective	collective	ADJ
abrj-577	292	13	actions	action	NOUN
abrj-577	292	14	influence	influence	VERB
abrj-577	292	15	subsequent	subsequent	ADJ
abrj-577	292	16	investor	investor	NOUN
abrj-577	292	17	decisions	decision	NOUN
abrj-577	292	18	,	,	PUNCT
abrj-577	292	19	potentially	potentially	ADV
abrj-577	292	20	generating	generate	VERB
abrj-577	292	21	sustained	sustained	ADJ
abrj-577	292	22	deviations	deviation	NOUN
abrj-577	292	23	from	from	ADP
abrj-577	292	24	fundamental	fundamental	ADJ
abrj-577	292	25	value	value	NOUN
abrj-577	292	26	relationships	relationship	NOUN
abrj-577	292	27	.	.	PUNCT
abrj-577	293	1	5.2	5.2	NUM
abrj-577	293	2	.	.	PUNCT
abrj-577	293	3	conclusion	conclusion	NOUN
abrj-577	293	4	,	,	PUNCT
abrj-577	293	5	implications	implication	NOUN
abrj-577	293	6	,	,	PUNCT
abrj-577	293	7	and	and	CCONJ
abrj-577	293	8	limitations	limitation	NOUN
abrj-577	293	9	this	this	DET
abrj-577	293	10	study	study	NOUN
abrj-577	293	11	contributes	contribute	VERB
abrj-577	293	12	substantially	substantially	ADV
abrj-577	293	13	to	to	ADP
abrj-577	293	14	the	the	DET
abrj-577	293	15	behavioural	behavioural	ADJ
abrj-577	293	16	finance	finance	NOUN
abrj-577	293	17	literature	literature	NOUN
abrj-577	293	18	by	by	ADP
abrj-577	293	19	providing	provide	VERB
abrj-577	293	20	comprehensive	comprehensive	ADJ
abrj-577	293	21	empirical	empirical	ADJ
abrj-577	293	22	evidence	evidence	NOUN
abrj-577	293	23	regarding	regard	VERB
abrj-577	293	24	herding	herd	VERB
abrj-577	293	25	behaviour	behaviour	NOUN
abrj-577	293	26	's	's	PART
abrj-577	293	27	impact	impact	NOUN
abrj-577	293	28	upon	upon	SCONJ
abrj-577	293	29	volatility	volatility	NOUN
abrj-577	293	30	transmission	transmission	NOUN
abrj-577	293	31	within	within	ADP
abrj-577	293	32	an	an	DET
abrj-577	293	33	emerging	emerge	VERB
abrj-577	293	34	market	market	NOUN
abrj-577	293	35	context	context	NOUN
abrj-577	293	36	.	.	PUNCT
abrj-577	294	1	the	the	DET
abrj-577	294	2	findings	finding	NOUN
abrj-577	294	3	advance	advance	VERB
abrj-577	294	4	theoretical	theoretical	ADJ
abrj-577	294	5	understanding	understanding	NOUN
abrj-577	294	6	of	of	ADP
abrj-577	294	7	collective	collective	ADJ
abrj-577	294	8	investor	investor	NOUN
abrj-577	294	9	behaviour	behaviour	NOUN
abrj-577	294	10	whilst	whilst	SCONJ
abrj-577	294	11	offering	offer	VERB
abrj-577	294	12	practical	practical	ADJ
abrj-577	294	13	insights	insight	NOUN
abrj-577	294	14	for	for	ADP
abrj-577	294	15	investment	investment	NOUN
abrj-577	294	16	professionals	professional	NOUN
abrj-577	294	17	,	,	PUNCT
abrj-577	294	18	risk	risk	NOUN
abrj-577	294	19	managers	manager	NOUN
abrj-577	294	20	,	,	PUNCT
abrj-577	294	21	and	and	CCONJ
abrj-577	294	22	regulatory	regulatory	ADJ
abrj-577	294	23	authorities	authority	NOUN
abrj-577	294	24	operating	operate	VERB
abrj-577	294	25	within	within	ADP
abrj-577	294	26	developing	develop	VERB
abrj-577	294	27	financial	financial	ADJ
abrj-577	294	28	market	market	NOUN
abrj-577	294	29	environments	environment	NOUN
abrj-577	294	30	.	.	PUNCT
abrj-577	295	1	the	the	DET
abrj-577	295	2	research	research	NOUN
abrj-577	295	3	demonstrates	demonstrate	VERB
abrj-577	295	4	that	that	SCONJ
abrj-577	295	5	herding	herd	VERB
abrj-577	295	6	behaviour	behaviour	NOUN
abrj-577	295	7	represents	represent	VERB
abrj-577	295	8	a	a	DET
abrj-577	295	9	significant	significant	ADJ
abrj-577	295	10	determinant	determinant	NOUN
abrj-577	295	11	of	of	ADP
abrj-577	295	12	volatility	volatility	NOUN
abrj-577	295	13	patterns	pattern	NOUN
abrj-577	295	14	within	within	ADP
abrj-577	295	15	vietnamese	vietnamese	ADJ
abrj-577	295	16	equity	equity	NOUN
abrj-577	295	17	markets	market	NOUN
abrj-577	295	18	,	,	PUNCT
abrj-577	295	19	with	with	ADP
abrj-577	295	20	effects	effect	NOUN
abrj-577	295	21	that	that	PRON
abrj-577	295	22	persist	persist	VERB
abrj-577	295	23	across	across	ADP
abrj-577	295	24	different	different	ADJ
abrj-577	295	25	econometric	econometric	ADJ
abrj-577	295	26	methodologies	methodology	NOUN
abrj-577	295	27	,	,	PUNCT
abrj-577	295	28	sample	sample	NOUN
abrj-577	295	29	configurations	configuration	NOUN
abrj-577	295	30	,	,	PUNCT
abrj-577	295	31	and	and	CCONJ
abrj-577	295	32	temporal	temporal	ADJ
abrj-577	295	33	periods	period	NOUN
abrj-577	295	34	.	.	PUNCT
abrj-577	296	1	the	the	DET
abrj-577	296	2	relationship	relationship	NOUN
abrj-577	296	3	exhibits	exhibit	VERB
abrj-577	296	4	theoretically	theoretically	ADV
abrj-577	296	5	consistent	consistent	ADJ
abrj-577	296	6	patterns	pattern	NOUN
abrj-577	296	7	where	where	SCONJ
abrj-577	296	8	herding	herding	NOUN
abrj-577	296	9	intensity	intensity	NOUN
abrj-577	296	10	correlates	correlate	VERB
abrj-577	296	11	positively	positively	ADV
abrj-577	296	12	with	with	ADP
abrj-577	296	13	market	market	NOUN
abrj-577	296	14	stress	stress	NOUN
abrj-577	296	15	levels	level	NOUN
abrj-577	296	16	,	,	PUNCT
abrj-577	296	17	negatively	negatively	ADV
abrj-577	296	18	with	with	ADP
abrj-577	296	19	firm	firm	ADJ
abrj-577	296	20	size	size	NOUN
abrj-577	296	21	and	and	CCONJ
abrj-577	296	22	age	age	NOUN
abrj-577	296	23	,	,	PUNCT
abrj-577	296	24	and	and	CCONJ
abrj-577	296	25	varies	vary	VERB
abrj-577	296	26	systematically	systematically	ADV
abrj-577	296	27	across	across	ADP
abrj-577	296	28	sectoral	sectoral	ADJ
abrj-577	296	29	classifications	classification	NOUN
abrj-577	296	30	reflecting	reflect	VERB
abrj-577	296	31	information	information	NOUN
abrj-577	296	32	processing	processing	NOUN
abrj-577	296	33	complexities	complexity	NOUN
abrj-577	296	34	and	and	CCONJ
abrj-577	296	35	institutional	institutional	ADJ
abrj-577	296	36	characteristics	characteristic	NOUN
abrj-577	296	37	.	.	PUNCT
abrj-577	297	1	5.3	5.3	NUM
abrj-577	297	2	.	.	PUNCT
abrj-577	298	1	theoretical	theoretical	ADJ
abrj-577	298	2	implications	implication	NOUN
abrj-577	298	3	the	the	DET
abrj-577	298	4	findings	finding	NOUN
abrj-577	298	5	provide	provide	VERB
abrj-577	298	6	empirical	empirical	ADJ
abrj-577	298	7	support	support	NOUN
abrj-577	298	8	for	for	ADP
abrj-577	298	9	behavioural	behavioural	ADJ
abrj-577	298	10	finance	finance	NOUN
abrj-577	298	11	theories	theory	NOUN
abrj-577	298	12	emphasising	emphasise	VERB
abrj-577	298	13	collective	collective	ADJ
abrj-577	298	14	investor	investor	NOUN
abrj-577	298	15	behaviour	behaviour	NOUN
abrj-577	298	16	's	's	PART
abrj-577	298	17	role	role	NOUN
abrj-577	298	18	in	in	ADP
abrj-577	298	19	market	market	NOUN
abrj-577	298	20	dynamics	dynamic	NOUN
abrj-577	298	21	whilst	whilst	SCONJ
abrj-577	298	22	challenging	challenge	VERB
abrj-577	298	23	traditional	traditional	ADJ
abrj-577	298	24	efficient	efficient	ADJ
abrj-577	298	25	market	market	NOUN
abrj-577	298	26	assumptions	assumption	NOUN
abrj-577	298	27	.	.	PUNCT
abrj-577	299	1	the	the	DET
abrj-577	299	2	evidence	evidence	NOUN
abrj-577	299	3	suggests	suggest	VERB
abrj-577	299	4	that	that	SCONJ
abrj-577	299	5	herding	herd	VERB
abrj-577	299	6	behaviour	behaviour	NOUN
abrj-577	299	7	operates	operate	VERB
abrj-577	299	8	through	through	ADP
abrj-577	299	9	multiple	multiple	ADJ
abrj-577	299	10	channels	channel	NOUN
abrj-577	299	11	including	include	VERB
abrj-577	299	12	informational	informational	ADJ
abrj-577	299	13	cascades	cascade	NOUN
abrj-577	299	14	,	,	PUNCT
abrj-577	299	15	reputationbased	reputationbase	VERB
abrj-577	299	16	strategies	strategy	NOUN
abrj-577	299	17	,	,	PUNCT
abrj-577	299	18	and	and	CCONJ
abrj-577	299	19	emotional	emotional	ADJ
abrj-577	299	20	contagion	contagion	NOUN
abrj-577	299	21	effects	effect	NOUN
abrj-577	299	22	that	that	PRON
abrj-577	299	23	generate	generate	VERB
abrj-577	299	24	persistent	persistent	ADJ
abrj-577	299	25	deviations	deviation	NOUN
abrj-577	299	26	from	from	ADP
abrj-577	299	27	fundamental	fundamental	ADJ
abrj-577	299	28	value	value	NOUN
abrj-577	299	29	relationships	relationship	NOUN
abrj-577	299	30	.	.	PUNCT
abrj-577	300	1	the	the	DET
abrj-577	300	2	asymmetric	asymmetric	ADJ
abrj-577	300	3	effects	effect	NOUN
abrj-577	300	4	across	across	ADP
abrj-577	300	5	firm	firm	ADJ
abrj-577	300	6	characteristics	characteristic	NOUN
abrj-577	300	7	and	and	CCONJ
abrj-577	300	8	market	market	NOUN
abrj-577	300	9	conditions	condition	NOUN
abrj-577	300	10	illuminate	illuminate	VERB
abrj-577	300	11	important	important	ADJ
abrj-577	300	12	heterogeneity	heterogeneity	NOUN
abrj-577	300	13	in	in	ADP
abrj-577	300	14	behavioural	behavioural	ADJ
abrj-577	300	15	factor	factor	NOUN
abrj-577	300	16	influences	influence	VERB
abrj-577	300	17	that	that	SCONJ
abrj-577	300	18	theoretical	theoretical	ADJ
abrj-577	300	19	models	model	NOUN
abrj-577	300	20	should	should	AUX
abrj-577	300	21	incorporate	incorporate	VERB
abrj-577	300	22	.	.	PUNCT
abrj-577	301	1	the	the	DET
abrj-577	301	2	temporal	temporal	ADJ
abrj-577	301	3	persistence	persistence	NOUN
abrj-577	301	4	of	of	ADP
abrj-577	301	5	herding	herd	VERB
abrj-577	301	6	asian	asian	ADJ
abrj-577	301	7	business	business	PROPN
abrj-577	301	8	research	research	NOUN
abrj-577	301	9	journal	journal	NOUN
abrj-577	301	10	,	,	PUNCT
abrj-577	301	11	2025	2025	NUM
abrj-577	301	12	,	,	PUNCT
abrj-577	301	13	10(9	10(9	NUM
abrj-577	301	14	):	):	PUNCT
abrj-577	301	15	88	88	NUM
abrj-577	301	16	-	-	SYM
abrj-577	301	17	98	98	NUM
abrj-577	301	18	97	97	NUM
abrj-577	301	19	©	©	ADP
abrj-577	301	20	2025	2025	NUM
abrj-577	301	21	by	by	ADP
abrj-577	301	22	the	the	DET
abrj-577	301	23	authors	author	NOUN
abrj-577	301	24	;	;	PUNCT
abrj-577	301	25	licensee	licensee	NOUN
abrj-577	301	26	eastern	eastern	ADJ
abrj-577	301	27	centre	centre	NOUN
abrj-577	301	28	of	of	ADP
abrj-577	301	29	science	science	NOUN
abrj-577	301	30	and	and	CCONJ
abrj-577	301	31	education	education	NOUN
abrj-577	301	32	,	,	PUNCT
abrj-577	301	33	usa	usa	PROPN
abrj-577	301	34	effects	effect	NOUN
abrj-577	301	35	suggests	suggest	VERB
abrj-577	301	36	that	that	SCONJ
abrj-577	301	37	collective	collective	ADJ
abrj-577	301	38	behaviour	behaviour	NOUN
abrj-577	301	39	creates	create	VERB
abrj-577	301	40	momentum	momentum	NOUN
abrj-577	301	41	patterns	pattern	NOUN
abrj-577	301	42	requiring	require	VERB
abrj-577	301	43	dynamic	dynamic	ADJ
abrj-577	301	44	rather	rather	ADV
abrj-577	301	45	than	than	ADP
abrj-577	301	46	static	static	ADJ
abrj-577	301	47	theoretical	theoretical	ADJ
abrj-577	301	48	frameworks	framework	NOUN
abrj-577	301	49	to	to	PART
abrj-577	301	50	capture	capture	VERB
abrj-577	301	51	adequately	adequately	ADV
abrj-577	301	52	.	.	PUNCT
abrj-577	302	1	the	the	DET
abrj-577	302	2	crisis	crisis	NOUN
abrj-577	302	3	period	period	NOUN
abrj-577	302	4	amplification	amplification	NOUN
abrj-577	302	5	provides	provide	VERB
abrj-577	302	6	valuable	valuable	ADJ
abrj-577	302	7	insights	insight	NOUN
abrj-577	302	8	into	into	ADP
abrj-577	302	9	market	market	NOUN
abrj-577	302	10	stress	stress	NOUN
abrj-577	302	11	transmission	transmission	NOUN
abrj-577	302	12	mechanisms	mechanism	NOUN
abrj-577	302	13	,	,	PUNCT
abrj-577	302	14	suggesting	suggest	VERB
abrj-577	302	15	that	that	SCONJ
abrj-577	302	16	behavioural	behavioural	ADJ
abrj-577	302	17	factors	factor	NOUN
abrj-577	302	18	become	become	VERB
abrj-577	302	19	more	more	ADV
abrj-577	302	20	prominent	prominent	ADJ
abrj-577	302	21	when	when	SCONJ
abrj-577	302	22	traditional	traditional	ADJ
abrj-577	302	23	information	information	NOUN
abrj-577	302	24	processing	processing	NOUN
abrj-577	302	25	capabilities	capability	NOUN
abrj-577	302	26	face	face	VERB
abrj-577	302	27	constraints	constraint	NOUN
abrj-577	302	28	.	.	PUNCT
abrj-577	303	1	these	these	DET
abrj-577	303	2	findings	finding	NOUN
abrj-577	303	3	contribute	contribute	VERB
abrj-577	303	4	to	to	ADP
abrj-577	303	5	understanding	understand	VERB
abrj-577	303	6	financial	financial	ADJ
abrj-577	303	7	contagion	contagion	NOUN
abrj-577	303	8	processes	process	NOUN
abrj-577	303	9	and	and	CCONJ
abrj-577	303	10	systemic	systemic	ADJ
abrj-577	303	11	risk	risk	NOUN
abrj-577	303	12	propagation	propagation	NOUN
abrj-577	303	13	patterns	pattern	NOUN
abrj-577	303	14	within	within	ADP
abrj-577	303	15	emerging	emerge	VERB
abrj-577	303	16	market	market	NOUN
abrj-577	303	17	contexts	contexts	NOUN
abrj-577	303	18	.	.	PUNCT
abrj-577	304	1	5.4	5.4	NUM
abrj-577	304	2	.	.	PUNCT
abrj-577	304	3	practical	practical	ADJ
abrj-577	304	4	implications	implication	NOUN
abrj-577	304	5	portfolio	portfolio	NOUN
abrj-577	304	6	management	management	NOUN
abrj-577	304	7	strategies	strategy	NOUN
abrj-577	304	8	should	should	AUX
abrj-577	304	9	incorporate	incorporate	VERB
abrj-577	304	10	herding	herd	VERB
abrj-577	304	11	behaviour	behaviour	NOUN
abrj-577	304	12	measures	measure	NOUN
abrj-577	304	13	as	as	ADP
abrj-577	304	14	complementary	complementary	ADJ
abrj-577	304	15	risk	risk	NOUN
abrj-577	304	16	factors	factor	NOUN
abrj-577	304	17	alongside	alongside	ADP
abrj-577	304	18	traditional	traditional	ADJ
abrj-577	304	19	fundamental	fundamental	ADJ
abrj-577	304	20	and	and	CCONJ
abrj-577	304	21	technical	technical	ADJ
abrj-577	304	22	indicators	indicator	NOUN
abrj-577	304	23	.	.	PUNCT
abrj-577	305	1	the	the	DET
abrj-577	305	2	sector	sector	NOUN
abrj-577	305	3	-	-	PUNCT
abrj-577	305	4	specific	specific	ADJ
abrj-577	305	5	and	and	CCONJ
abrj-577	305	6	size	size	NOUN
abrj-577	305	7	-	-	PUNCT
abrj-577	305	8	based	base	VERB
abrj-577	305	9	heterogeneity	heterogeneity	NOUN
abrj-577	305	10	suggests	suggest	VERB
abrj-577	305	11	that	that	SCONJ
abrj-577	305	12	behavioural	behavioural	ADJ
abrj-577	305	13	factor	factor	NOUN
abrj-577	305	14	loadings	loading	NOUN
abrj-577	305	15	should	should	AUX
abrj-577	305	16	vary	vary	VERB
abrj-577	305	17	across	across	ADP
abrj-577	305	18	different	different	ADJ
abrj-577	305	19	asset	asset	NOUN
abrj-577	305	20	categories	category	NOUN
abrj-577	305	21	and	and	CCONJ
abrj-577	305	22	market	market	NOUN
abrj-577	305	23	segments	segment	NOUN
abrj-577	305	24	when	when	SCONJ
abrj-577	305	25	constructing	construct	VERB
abrj-577	305	26	optimal	optimal	ADJ
abrj-577	305	27	portfolios	portfolio	NOUN
abrj-577	305	28	.	.	PUNCT
abrj-577	306	1	risk	risk	NOUN
abrj-577	306	2	management	management	NOUN
abrj-577	306	3	frameworks	framework	NOUN
abrj-577	306	4	require	require	VERB
abrj-577	306	5	enhanced	enhance	VERB
abrj-577	306	6	attention	attention	NOUN
abrj-577	306	7	to	to	ADP
abrj-577	306	8	collective	collective	ADJ
abrj-577	306	9	behaviour	behaviour	NOUN
abrj-577	306	10	patterns	pattern	NOUN
abrj-577	306	11	,	,	PUNCT
abrj-577	306	12	particularly	particularly	ADV
abrj-577	306	13	during	during	ADP
abrj-577	306	14	periods	period	NOUN
abrj-577	306	15	of	of	ADP
abrj-577	306	16	market	market	NOUN
abrj-577	306	17	stress	stress	NOUN
abrj-577	306	18	where	where	SCONJ
abrj-577	306	19	herding	herding	NOUN
abrj-577	306	20	effects	effect	NOUN
abrj-577	306	21	intensify	intensify	VERB
abrj-577	306	22	substantially	substantially	ADV
abrj-577	306	23	.	.	PUNCT
abrj-577	307	1	the	the	DET
abrj-577	307	2	findings	finding	NOUN
abrj-577	307	3	suggest	suggest	VERB
abrj-577	307	4	that	that	SCONJ
abrj-577	307	5	traditional	traditional	ADJ
abrj-577	307	6	volatility	volatility	NOUN
abrj-577	307	7	models	model	NOUN
abrj-577	307	8	may	may	AUX
abrj-577	307	9	underestimate	underestimate	VERB
abrj-577	307	10	risk	risk	NOUN
abrj-577	307	11	during	during	ADP
abrj-577	307	12	periods	period	NOUN
abrj-577	307	13	of	of	ADP
abrj-577	307	14	heightened	heightened	ADJ
abrj-577	307	15	herding	herding	NOUN
abrj-577	307	16	behaviour	behaviour	NOUN
abrj-577	307	17	,	,	PUNCT
abrj-577	307	18	necessitating	necessitate	VERB
abrj-577	307	19	behavioural	behavioural	ADJ
abrj-577	307	20	factor	factor	NOUN
abrj-577	307	21	adjustments	adjustment	NOUN
abrj-577	307	22	in	in	ADP
abrj-577	307	23	risk	risk	NOUN
abrj-577	307	24	assessment	assessment	NOUN
abrj-577	307	25	procedures	procedure	NOUN
abrj-577	307	26	.	.	PUNCT
abrj-577	308	1	market	market	NOUN
abrj-577	308	2	timing	timing	NOUN
abrj-577	308	3	strategies	strategy	NOUN
abrj-577	308	4	may	may	AUX
abrj-577	308	5	benefit	benefit	VERB
abrj-577	308	6	from	from	ADP
abrj-577	308	7	herding	herd	VERB
abrj-577	308	8	behaviour	behaviour	NOUN
abrj-577	308	9	indicators	indicator	NOUN
abrj-577	308	10	that	that	PRON
abrj-577	308	11	provide	provide	VERB
abrj-577	308	12	early	early	ADJ
abrj-577	308	13	warning	warning	NOUN
abrj-577	308	14	signals	signal	NOUN
abrj-577	308	15	regarding	regard	VERB
abrj-577	308	16	volatility	volatility	NOUN
abrj-577	308	17	regime	regime	NOUN
abrj-577	308	18	changes	change	NOUN
abrj-577	308	19	.	.	PUNCT
abrj-577	309	1	the	the	DET
abrj-577	309	2	lagged	lag	VERB
abrj-577	309	3	relationship	relationship	NOUN
abrj-577	309	4	between	between	ADP
abrj-577	309	5	herding	herd	VERB
abrj-577	309	6	measures	measure	NOUN
abrj-577	309	7	and	and	CCONJ
abrj-577	309	8	volatility	volatility	NOUN
abrj-577	309	9	suggests	suggest	VERB
abrj-577	309	10	that	that	SCONJ
abrj-577	309	11	collective	collective	ADJ
abrj-577	309	12	behaviour	behaviour	NOUN
abrj-577	309	13	patterns	pattern	NOUN
abrj-577	309	14	possess	possess	VERB
abrj-577	309	15	predictive	predictive	ADJ
abrj-577	309	16	content	content	NOUN
abrj-577	309	17	for	for	ADP
abrj-577	309	18	subsequent	subsequent	ADJ
abrj-577	309	19	market	market	NOUN
abrj-577	309	20	risk	risk	NOUN
abrj-577	309	21	characteristics	characteristic	NOUN
abrj-577	309	22	.	.	PUNCT
abrj-577	310	1	5.5	5.5	NUM
abrj-577	310	2	.	.	PUNCT
abrj-577	311	1	policy	policy	NOUN
abrj-577	311	2	implications	implication	NOUN
abrj-577	311	3	regulatory	regulatory	ADJ
abrj-577	311	4	authorities	authority	NOUN
abrj-577	311	5	should	should	AUX
abrj-577	311	6	consider	consider	VERB
abrj-577	311	7	herding	herd	VERB
abrj-577	311	8	behaviour	behaviour	NOUN
abrj-577	311	9	impacts	impact	NOUN
abrj-577	311	10	when	when	SCONJ
abrj-577	311	11	designing	design	VERB
abrj-577	311	12	market	market	NOUN
abrj-577	311	13	stability	stability	NOUN
abrj-577	311	14	policies	policy	NOUN
abrj-577	311	15	and	and	CCONJ
abrj-577	311	16	intervention	intervention	NOUN
abrj-577	311	17	strategies	strategy	NOUN
abrj-577	311	18	.	.	PUNCT
abrj-577	312	1	the	the	DET
abrj-577	312	2	evidence	evidence	NOUN
abrj-577	312	3	suggests	suggest	VERB
abrj-577	312	4	that	that	SCONJ
abrj-577	312	5	collective	collective	ADJ
abrj-577	312	6	investor	investor	NOUN
abrj-577	312	7	behaviour	behaviour	NOUN
abrj-577	312	8	can	can	AUX
abrj-577	312	9	amplify	amplify	VERB
abrj-577	312	10	volatility	volatility	NOUN
abrj-577	312	11	transmission	transmission	NOUN
abrj-577	312	12	and	and	CCONJ
abrj-577	312	13	potentially	potentially	ADV
abrj-577	312	14	threaten	threaten	VERB
abrj-577	312	15	financial	financial	ADJ
abrj-577	312	16	stability	stability	NOUN
abrj-577	312	17	during	during	ADP
abrj-577	312	18	crisis	crisis	NOUN
abrj-577	312	19	periods	period	NOUN
abrj-577	312	20	,	,	PUNCT
abrj-577	312	21	warranting	warrant	VERB
abrj-577	312	22	proactive	proactive	ADJ
abrj-577	312	23	regulatory	regulatory	ADJ
abrj-577	312	24	responses	response	NOUN
abrj-577	312	25	.	.	PUNCT
abrj-577	313	1	investor	investor	NOUN
abrj-577	313	2	education	education	NOUN
abrj-577	313	3	programmes	programme	NOUN
abrj-577	313	4	focusing	focus	VERB
abrj-577	313	5	upon	upon	SCONJ
abrj-577	313	6	behavioural	behavioural	ADJ
abrj-577	313	7	biases	bias	NOUN
abrj-577	313	8	and	and	CCONJ
abrj-577	313	9	collective	collective	ADJ
abrj-577	313	10	decision	decision	NOUN
abrj-577	313	11	-	-	PUNCT
abrj-577	313	12	making	make	VERB
abrj-577	313	13	processes	process	NOUN
abrj-577	313	14	may	may	AUX
abrj-577	313	15	help	help	VERB
abrj-577	313	16	mitigate	mitigate	VERB
abrj-577	313	17	excessive	excessive	ADJ
abrj-577	313	18	herding	herding	NOUN
abrj-577	313	19	behaviour	behaviour	NOUN
abrj-577	313	20	whilst	whilst	SCONJ
abrj-577	313	21	promoting	promote	VERB
abrj-577	313	22	more	more	ADV
abrj-577	313	23	efficient	efficient	ADJ
abrj-577	313	24	price	price	NOUN
abrj-577	313	25	discovery	discovery	NOUN
abrj-577	313	26	mechanisms	mechanism	NOUN
abrj-577	313	27	.	.	PUNCT
abrj-577	314	1	the	the	DET
abrj-577	314	2	findings	finding	NOUN
abrj-577	314	3	suggest	suggest	VERB
abrj-577	314	4	particular	particular	ADJ
abrj-577	314	5	attention	attention	NOUN
abrj-577	314	6	to	to	ADP
abrj-577	314	7	retail	retail	ADJ
abrj-577	314	8	investor	investor	NOUN
abrj-577	314	9	education	education	NOUN
abrj-577	314	10	given	give	VERB
abrj-577	314	11	their	their	PRON
abrj-577	314	12	predominance	predominance	NOUN
abrj-577	314	13	within	within	ADP
abrj-577	314	14	vietnamese	vietnamese	ADJ
abrj-577	314	15	equity	equity	NOUN
abrj-577	314	16	markets	market	NOUN
abrj-577	314	17	.	.	PUNCT
abrj-577	315	1	market	market	NOUN
abrj-577	315	2	structure	structure	NOUN
abrj-577	315	3	reforms	reform	NOUN
abrj-577	315	4	addressing	address	VERB
abrj-577	315	5	information	information	NOUN
abrj-577	315	6	dissemination	dissemination	NOUN
abrj-577	315	7	,	,	PUNCT
abrj-577	315	8	analyst	analyst	NOUN
abrj-577	315	9	coverage	coverage	NOUN
abrj-577	315	10	,	,	PUNCT
abrj-577	315	11	and	and	CCONJ
abrj-577	315	12	institutional	institutional	ADJ
abrj-577	315	13	investor	investor	NOUN
abrj-577	315	14	participation	participation	NOUN
abrj-577	315	15	may	may	AUX
abrj-577	315	16	reduce	reduce	VERB
abrj-577	315	17	herding	herd	VERB
abrj-577	315	18	behaviour	behaviour	NOUN
abrj-577	315	19	intensity	intensity	NOUN
abrj-577	315	20	whilst	whilst	SCONJ
abrj-577	315	21	improving	improve	VERB
abrj-577	315	22	overall	overall	ADJ
abrj-577	315	23	market	market	NOUN
abrj-577	315	24	efficiency	efficiency	NOUN
abrj-577	315	25	.	.	PUNCT
abrj-577	316	1	the	the	DET
abrj-577	316	2	size	size	NOUN
abrj-577	316	3	-	-	PUNCT
abrj-577	316	4	based	base	VERB
abrj-577	316	5	asymmetries	asymmetry	NOUN
abrj-577	316	6	suggest	suggest	VERB
abrj-577	316	7	that	that	SCONJ
abrj-577	316	8	enhanced	enhance	VERB
abrj-577	316	9	support	support	NOUN
abrj-577	316	10	for	for	ADP
abrj-577	316	11	smaller	small	ADJ
abrj-577	316	12	firm	firm	ADJ
abrj-577	316	13	information	information	NOUN
abrj-577	316	14	production	production	NOUN
abrj-577	316	15	could	could	AUX
abrj-577	316	16	generate	generate	VERB
abrj-577	316	17	broader	broad	ADJ
abrj-577	316	18	market	market	NOUN
abrj-577	316	19	stability	stability	NOUN
abrj-577	316	20	benefits	benefit	NOUN
abrj-577	316	21	.	.	PUNCT
abrj-577	317	1	5.6	5.6	NUM
abrj-577	317	2	.	.	PUNCT
abrj-577	317	3	research	research	NOUN
abrj-577	317	4	limitations	limitation	NOUN
abrj-577	317	5	and	and	CCONJ
abrj-577	317	6	future	future	ADJ
abrj-577	317	7	directions	direction	NOUN
abrj-577	317	8	several	several	ADJ
abrj-577	317	9	limitations	limitation	NOUN
abrj-577	317	10	constrain	constrain	VERB
abrj-577	317	11	the	the	DET
abrj-577	317	12	generalisability	generalisability	NOUN
abrj-577	317	13	and	and	CCONJ
abrj-577	317	14	interpretation	interpretation	NOUN
abrj-577	317	15	of	of	ADP
abrj-577	317	16	study	study	NOUN
abrj-577	317	17	findings	finding	NOUN
abrj-577	317	18	.	.	PUNCT
abrj-577	318	1	the	the	DET
abrj-577	318	2	analysis	analysis	NOUN
abrj-577	318	3	focuses	focus	VERB
abrj-577	318	4	exclusively	exclusively	ADV
abrj-577	318	5	upon	upon	SCONJ
abrj-577	318	6	vietnamese	vietnamese	ADJ
abrj-577	318	7	equity	equity	NOUN
abrj-577	318	8	markets	market	NOUN
abrj-577	318	9	,	,	PUNCT
abrj-577	318	10	limiting	limit	VERB
abrj-577	318	11	direct	direct	ADJ
abrj-577	318	12	applicability	applicability	NOUN
abrj-577	318	13	to	to	ADP
abrj-577	318	14	other	other	ADJ
abrj-577	318	15	emerging	emerge	VERB
abrj-577	318	16	market	market	NOUN
abrj-577	318	17	contexts	context	NOUN
abrj-577	318	18	with	with	ADP
abrj-577	318	19	different	different	ADJ
abrj-577	318	20	institutional	institutional	ADJ
abrj-577	318	21	characteristics	characteristic	NOUN
abrj-577	318	22	and	and	CCONJ
abrj-577	318	23	investor	investor	NOUN
abrj-577	318	24	compositions	composition	NOUN
abrj-577	318	25	.	.	PUNCT
abrj-577	319	1	future	future	ADJ
abrj-577	319	2	research	research	NOUN
abrj-577	319	3	should	should	AUX
abrj-577	319	4	examine	examine	VERB
abrj-577	319	5	herding	herding	NOUN
abrj-577	319	6	-	-	PUNCT
abrj-577	319	7	volatility	volatility	NOUN
abrj-577	319	8	relationships	relationship	NOUN
abrj-577	319	9	across	across	ADP
abrj-577	319	10	multiple	multiple	ADJ
abrj-577	319	11	emerging	emerge	VERB
abrj-577	319	12	market	market	NOUN
abrj-577	319	13	jurisdictions	jurisdiction	NOUN
abrj-577	319	14	to	to	PART
abrj-577	319	15	assess	assess	VERB
abrj-577	319	16	generalisability	generalisability	NOUN
abrj-577	319	17	and	and	CCONJ
abrj-577	319	18	identify	identify	VERB
abrj-577	319	19	common	common	ADJ
abrj-577	319	20	behavioural	behavioural	ADJ
abrj-577	319	21	patterns	pattern	NOUN
abrj-577	319	22	.	.	PUNCT
abrj-577	320	1	the	the	DET
abrj-577	320	2	herding	herd	VERB
abrj-577	320	3	behaviour	behaviour	NOUN
abrj-577	320	4	measurement	measurement	NOUN
abrj-577	320	5	approach	approach	NOUN
abrj-577	320	6	,	,	PUNCT
abrj-577	320	7	whilst	whilst	SCONJ
abrj-577	320	8	established	establish	VERB
abrj-577	320	9	within	within	ADP
abrj-577	320	10	existing	exist	VERB
abrj-577	320	11	literature	literature	NOUN
abrj-577	320	12	,	,	PUNCT
abrj-577	320	13	represents	represent	VERB
abrj-577	320	14	only	only	ADV
abrj-577	320	15	one	one	NUM
abrj-577	320	16	methodological	methodological	ADJ
abrj-577	320	17	framework	framework	NOUN
abrj-577	320	18	for	for	ADP
abrj-577	320	19	capturing	capture	VERB
abrj-577	320	20	collective	collective	ADJ
abrj-577	320	21	investor	investor	NOUN
abrj-577	320	22	behaviour	behaviour	NOUN
abrj-577	320	23	.	.	PUNCT
abrj-577	321	1	alternative	alternative	ADJ
abrj-577	321	2	measurement	measurement	NOUN
abrj-577	321	3	strategies	strategy	NOUN
abrj-577	321	4	incorporating	incorporate	VERB
abrj-577	321	5	social	social	ADJ
abrj-577	321	6	media	medium	NOUN
abrj-577	321	7	sentiment	sentiment	NOUN
abrj-577	321	8	,	,	PUNCT
abrj-577	321	9	fund	fund	NOUN
abrj-577	321	10	flow	flow	NOUN
abrj-577	321	11	patterns	pattern	NOUN
abrj-577	321	12	,	,	PUNCT
abrj-577	321	13	or	or	CCONJ
abrj-577	321	14	network	network	NOUN
abrj-577	321	15	analysis	analysis	NOUN
abrj-577	321	16	approaches	approach	NOUN
abrj-577	321	17	may	may	AUX
abrj-577	321	18	provide	provide	VERB
abrj-577	321	19	additional	additional	ADJ
abrj-577	321	20	insights	insight	NOUN
abrj-577	321	21	into	into	ADP
abrj-577	321	22	behavioural	behavioural	ADJ
abrj-577	321	23	transmission	transmission	NOUN
abrj-577	321	24	mechanisms	mechanism	NOUN
abrj-577	321	25	.	.	PUNCT
abrj-577	322	1	the	the	DET
abrj-577	322	2	study	study	NOUN
abrj-577	322	3	period	period	NOUN
abrj-577	322	4	concludes	conclude	VERB
abrj-577	322	5	in	in	ADP
abrj-577	322	6	2017	2017	NUM
abrj-577	322	7	,	,	PUNCT
abrj-577	322	8	potentially	potentially	ADV
abrj-577	322	9	missing	miss	VERB
abrj-577	322	10	important	important	ADJ
abrj-577	322	11	developments	development	NOUN
abrj-577	322	12	in	in	ADP
abrj-577	322	13	vietnamese	vietnamese	ADJ
abrj-577	322	14	financial	financial	ADJ
abrj-577	322	15	markets	market	NOUN
abrj-577	322	16	including	include	VERB
abrj-577	322	17	increased	increase	VERB
abrj-577	322	18	foreign	foreign	ADJ
abrj-577	322	19	institutional	institutional	ADJ
abrj-577	322	20	participation	participation	NOUN
abrj-577	322	21	,	,	PUNCT
abrj-577	322	22	regulatory	regulatory	ADJ
abrj-577	322	23	modernisation	modernisation	NOUN
abrj-577	322	24	,	,	PUNCT
abrj-577	322	25	and	and	CCONJ
abrj-577	322	26	technological	technological	ADJ
abrj-577	322	27	advancement	advancement	NOUN
abrj-577	322	28	in	in	ADP
abrj-577	322	29	trading	trading	NOUN
abrj-577	322	30	platforms	platform	NOUN
abrj-577	322	31	.	.	PUNCT
abrj-577	323	1	extended	extend	VERB
abrj-577	323	2	analysis	analysis	NOUN
abrj-577	323	3	incorporating	incorporate	VERB
abrj-577	323	4	more	more	ADV
abrj-577	323	5	recent	recent	ADJ
abrj-577	323	6	data	datum	NOUN
abrj-577	323	7	would	would	AUX
abrj-577	323	8	enhance	enhance	VERB
abrj-577	323	9	understanding	understanding	NOUN
abrj-577	323	10	of	of	ADP
abrj-577	323	11	temporal	temporal	ADJ
abrj-577	323	12	evolution	evolution	NOUN
abrj-577	323	13	in	in	ADP
abrj-577	323	14	herding	herd	VERB
abrj-577	323	15	behaviour	behaviour	NOUN
abrj-577	323	16	patterns	pattern	NOUN
abrj-577	323	17	.	.	PUNCT
abrj-577	324	1	future	future	ADJ
abrj-577	324	2	research	research	NOUN
abrj-577	324	3	directions	direction	NOUN
abrj-577	324	4	should	should	AUX
abrj-577	324	5	examine	examine	VERB
abrj-577	324	6	herding	herding	NOUN
abrj-577	324	7	behaviour	behaviour	NOUN
abrj-577	324	8	's	's	PART
abrj-577	324	9	interaction	interaction	NOUN
abrj-577	324	10	with	with	ADP
abrj-577	324	11	other	other	ADJ
abrj-577	324	12	behavioural	behavioural	ADJ
abrj-577	324	13	factors	factor	NOUN
abrj-577	324	14	including	include	VERB
abrj-577	324	15	momentum	momentum	NOUN
abrj-577	324	16	effects	effect	NOUN
abrj-577	324	17	,	,	PUNCT
abrj-577	324	18	contrarian	contrarian	ADJ
abrj-577	324	19	strategies	strategy	NOUN
abrj-577	324	20	,	,	PUNCT
abrj-577	324	21	and	and	CCONJ
abrj-577	324	22	attention	attention	NOUN
abrj-577	324	23	-	-	PUNCT
abrj-577	324	24	driven	drive	VERB
abrj-577	324	25	trading	trading	NOUN
abrj-577	324	26	patterns	pattern	NOUN
abrj-577	324	27	.	.	PUNCT
abrj-577	325	1	the	the	DET
abrj-577	325	2	investigation	investigation	NOUN
abrj-577	325	3	of	of	ADP
abrj-577	325	4	herding	herd	VERB
abrj-577	325	5	behaviour	behaviour	NOUN
abrj-577	325	6	within	within	ADP
abrj-577	325	7	specific	specific	ADJ
abrj-577	325	8	market	market	NOUN
abrj-577	325	9	segments	segment	NOUN
abrj-577	325	10	such	such	ADJ
abrj-577	325	11	as	as	ADP
abrj-577	325	12	initial	initial	ADJ
abrj-577	325	13	public	public	ADJ
abrj-577	325	14	offerings	offering	NOUN
abrj-577	325	15	,	,	PUNCT
abrj-577	325	16	dividend	dividend	NOUN
abrj-577	325	17	announcements	announcement	NOUN
abrj-577	325	18	,	,	PUNCT
abrj-577	325	19	or	or	CCONJ
abrj-577	325	20	earnings	earning	NOUN
abrj-577	325	21	surprises	surprise	NOUN
abrj-577	325	22	may	may	AUX
abrj-577	325	23	provide	provide	VERB
abrj-577	325	24	additional	additional	ADJ
abrj-577	325	25	insights	insight	NOUN
abrj-577	325	26	into	into	ADP
abrj-577	325	27	behavioural	behavioural	ADJ
abrj-577	325	28	finance	finance	NOUN
abrj-577	325	29	mechanisms	mechanism	NOUN
abrj-577	325	30	.	.	PUNCT
abrj-577	326	1	cross	cross	ADJ
abrj-577	326	2	-	-	ADJ
abrj-577	326	3	country	country	ADJ
abrj-577	326	4	comparative	comparative	ADJ
abrj-577	326	5	analysis	analysis	NOUN
abrj-577	326	6	examining	examine	VERB
abrj-577	326	7	herding	herd	VERB
abrj-577	326	8	behaviour	behaviour	NOUN
abrj-577	326	9	differences	difference	NOUN
abrj-577	326	10	across	across	ADP
abrj-577	326	11	emerging	emerge	VERB
abrj-577	326	12	markets	market	NOUN
abrj-577	326	13	with	with	ADP
abrj-577	326	14	varying	vary	VERB
abrj-577	326	15	institutional	institutional	ADJ
abrj-577	326	16	development	development	NOUN
abrj-577	326	17	levels	level	NOUN
abrj-577	326	18	,	,	PUNCT
abrj-577	326	19	regulatory	regulatory	ADJ
abrj-577	326	20	frameworks	framework	NOUN
abrj-577	326	21	,	,	PUNCT
abrj-577	326	22	and	and	CCONJ
abrj-577	326	23	cultural	cultural	ADJ
abrj-577	326	24	characteristics	characteristic	NOUN
abrj-577	326	25	would	would	AUX
abrj-577	326	26	contribute	contribute	VERB
abrj-577	326	27	valuable	valuable	ADJ
abrj-577	326	28	insights	insight	NOUN
abrj-577	326	29	into	into	ADP
abrj-577	326	30	behavioural	behavioural	ADJ
abrj-577	326	31	factor	factor	NOUN
abrj-577	326	32	determinants	determinant	NOUN
abrj-577	326	33	and	and	CCONJ
abrj-577	326	34	policy	policy	NOUN
abrj-577	326	35	implications	implication	NOUN
abrj-577	326	36	.	.	PUNCT
abrj-577	327	1	additionally	additionally	ADV
abrj-577	327	2	,	,	PUNCT
abrj-577	327	3	investigation	investigation	NOUN
abrj-577	327	4	of	of	ADP
abrj-577	327	5	herding	herd	VERB
abrj-577	327	6	behaviour	behaviour	NOUN
abrj-577	327	7	's	's	PART
abrj-577	327	8	impact	impact	NOUN
abrj-577	327	9	upon	upon	SCONJ
abrj-577	327	10	market	market	NOUN
abrj-577	327	11	efficiency	efficiency	NOUN
abrj-577	327	12	measures	measure	NOUN
abrj-577	327	13	and	and	CCONJ
abrj-577	327	14	price	price	NOUN
abrj-577	327	15	discovery	discovery	NOUN
abrj-577	327	16	processes	process	NOUN
abrj-577	327	17	represents	represent	VERB
abrj-577	327	18	important	important	ADJ
abrj-577	327	19	areas	area	NOUN
abrj-577	327	20	for	for	ADP
abrj-577	327	21	continued	continued	ADJ
abrj-577	327	22	research	research	NOUN
abrj-577	327	23	development	development	NOUN
abrj-577	327	24	.	.	PUNCT
abrj-577	328	1	acknowledgments	acknowledgment	NOUN
abrj-577	328	2	:	:	PUNCT
abrj-577	329	1	i	i	PRON
abrj-577	329	2	would	would	AUX
abrj-577	329	3	like	like	VERB
abrj-577	329	4	to	to	PART
abrj-577	329	5	express	express	VERB
abrj-577	329	6	my	my	PRON
abrj-577	329	7	sincere	sincere	ADJ
abrj-577	329	8	gratitude	gratitude	NOUN
abrj-577	329	9	to	to	ADP
abrj-577	329	10	dr	dr	PROPN
abrj-577	329	11	.	.	PROPN
abrj-577	329	12	hoang	hoang	PROPN
abrj-577	329	13	vu	vu	PROPN
abrj-577	329	14	hiep	hiep	PROPN
abrj-577	329	15	for	for	ADP
abrj-577	329	16	his	his	PRON
abrj-577	329	17	invaluable	invaluable	ADJ
abrj-577	329	18	guidance	guidance	NOUN
abrj-577	329	19	and	and	CCONJ
abrj-577	329	20	inspiration	inspiration	NOUN
abrj-577	329	21	throughout	throughout	ADP
abrj-577	329	22	this	this	DET
abrj-577	329	23	research	research	NOUN
abrj-577	329	24	.	.	PUNCT
abrj-577	330	1	his	his	PRON
abrj-577	330	2	expertise	expertise	NOUN
abrj-577	330	3	,	,	PUNCT
abrj-577	330	4	insights	insight	NOUN
abrj-577	330	5	,	,	PUNCT
abrj-577	330	6	and	and	CCONJ
abrj-577	330	7	unwavering	unwavere	VERB
abrj-577	330	8	support	support	NOUN
abrj-577	330	9	have	have	AUX
abrj-577	330	10	been	be	AUX
abrj-577	330	11	instrumental	instrumental	ADJ
abrj-577	330	12	in	in	ADP
abrj-577	330	13	shaping	shape	VERB
abrj-577	330	14	the	the	DET
abrj-577	330	15	direction	direction	NOUN
abrj-577	330	16	and	and	CCONJ
abrj-577	330	17	quality	quality	NOUN
abrj-577	330	18	of	of	ADP
abrj-577	330	19	this	this	DET
abrj-577	330	20	study	study	NOUN
abrj-577	330	21	.	.	PUNCT
abrj-577	331	1	i	i	PRON
abrj-577	331	2	am	be	AUX
abrj-577	331	3	deeply	deeply	ADV
abrj-577	331	4	appreciative	appreciative	ADJ
abrj-577	331	5	of	of	ADP
abrj-577	331	6	his	his	PRON
abrj-577	331	7	generosity	generosity	NOUN
abrj-577	331	8	in	in	ADP
abrj-577	331	9	sharing	share	VERB
abrj-577	331	10	his	his	PRON
abrj-577	331	11	time	time	NOUN
abrj-577	331	12	,	,	PUNCT
abrj-577	331	13	knowledge	knowledge	NOUN
abrj-577	331	14	,	,	PUNCT
abrj-577	331	15	and	and	CCONJ
abrj-577	331	16	network	network	NOUN
abrj-577	331	17	,	,	PUNCT
abrj-577	331	18	which	which	PRON
abrj-577	331	19	have	have	AUX
abrj-577	331	20	greatly	greatly	ADV
abrj-577	331	21	contributed	contribute	VERB
abrj-577	331	22	to	to	ADP
abrj-577	331	23	the	the	DET
abrj-577	331	24	success	success	NOUN
abrj-577	331	25	of	of	ADP
abrj-577	331	26	this	this	DET
abrj-577	331	27	research	research	NOUN
abrj-577	331	28	.	.	PUNCT
abrj-577	332	1	his	his	PRON
abrj-577	332	2	mentorship	mentorship	NOUN
abrj-577	332	3	and	and	CCONJ
abrj-577	332	4	commitment	commitment	NOUN
abrj-577	332	5	to	to	ADP
abrj-577	332	6	academic	academic	ADJ
abrj-577	332	7	excellence	excellence	NOUN
abrj-577	332	8	have	have	AUX
abrj-577	332	9	not	not	PART
abrj-577	332	10	only	only	ADV
abrj-577	332	11	enriched	enrich	VERB
abrj-577	332	12	the	the	DET
abrj-577	332	13	quality	quality	NOUN
abrj-577	332	14	of	of	ADP
abrj-577	332	15	this	this	DET
abrj-577	332	16	work	work	NOUN
abrj-577	332	17	but	but	CCONJ
abrj-577	332	18	have	have	AUX
abrj-577	332	19	also	also	ADV
abrj-577	332	20	had	have	VERB
abrj-577	332	21	a	a	DET
abrj-577	332	22	profound	profound	ADJ
abrj-577	332	23	impact	impact	NOUN
abrj-577	332	24	on	on	ADP
abrj-577	332	25	my	my	PRON
abrj-577	332	26	personal	personal	ADJ
abrj-577	332	27	and	and	CCONJ
abrj-577	332	28	professional	professional	ADJ
abrj-577	332	29	growth	growth	NOUN
abrj-577	332	30	.	.	PUNCT
abrj-577	333	1	references	reference	NOUN
abrj-577	333	2	allen	allen	PROPN
abrj-577	333	3	,	,	PUNCT
abrj-577	333	4	f.	f.	PROPN
abrj-577	333	5	,	,	PUNCT
abrj-577	333	6	&	&	CCONJ
abrj-577	333	7	gale	gale	PROPN
abrj-577	333	8	,	,	PUNCT
abrj-577	333	9	d.	d.	PROPN
abrj-577	333	10	(	(	PUNCT
abrj-577	333	11	2000	2000	NUM
abrj-577	333	12	)	)	PUNCT
abrj-577	333	13	.	.	PUNCT
abrj-577	334	1	financial	financial	ADJ
abrj-577	334	2	contagion	contagion	NOUN
abrj-577	334	3	.	.	PUNCT
abrj-577	335	1	journal	journal	NOUN
abrj-577	335	2	of	of	ADP
abrj-577	335	3	political	political	ADJ
abrj-577	335	4	economy	economy	NOUN
abrj-577	335	5	,	,	PUNCT
abrj-577	335	6	108(1	108(1	NUM
abrj-577	335	7	)	)	PUNCT
abrj-577	335	8	,	,	PUNCT
abrj-577	335	9	1–33	1–33	PROPN
abrj-577	335	10	.	.	PUNCT
abrj-577	336	1	https://doi.org/10.1086/262109	https://doi.org/10.1086/262109	VERB
abrj-577	336	2	arellano	arellano	PROPN
abrj-577	336	3	,	,	PUNCT
abrj-577	336	4	m.	m.	NOUN
abrj-577	336	5	,	,	PUNCT
abrj-577	336	6	&	&	CCONJ
abrj-577	336	7	bover	bover	PROPN
abrj-577	336	8	,	,	PUNCT
abrj-577	336	9	o.	o.	PROPN
abrj-577	336	10	(	(	PUNCT
abrj-577	336	11	1995	1995	NUM
abrj-577	336	12	)	)	PUNCT
abrj-577	336	13	.	.	PUNCT
abrj-577	337	1	another	another	DET
abrj-577	337	2	look	look	NOUN
abrj-577	337	3	at	at	ADP
abrj-577	337	4	the	the	DET
abrj-577	337	5	instrumental	instrumental	ADJ
abrj-577	337	6	variable	variable	ADJ
abrj-577	337	7	estimation	estimation	NOUN
abrj-577	337	8	of	of	ADP
abrj-577	337	9	error	error	NOUN
abrj-577	337	10	-	-	PUNCT
abrj-577	337	11	components	component	NOUN
abrj-577	337	12	models	model	NOUN
abrj-577	337	13	.	.	PUNCT
abrj-577	338	1	journal	journal	NOUN
abrj-577	338	2	of	of	ADP
abrj-577	338	3	econometrics	econometric	NOUN
abrj-577	338	4	,	,	PUNCT
abrj-577	338	5	68(1	68(1	NOUN
abrj-577	338	6	)	)	PUNCT
abrj-577	338	7	,	,	PUNCT
abrj-577	338	8	29–51	29–51	NUM
abrj-577	338	9	.	.	PUNCT
abrj-577	339	1	https://doi.org/10.1016/0304-4076(94)01642-d	https://doi.org/10.1016/0304-4076(94)01642-d	PROPN
abrj-577	339	2	https://doi.org/10.1086/262109	https://doi.org/10.1086/262109	VERB
abrj-577	339	3	https://doi.org/10.1016/0304-4076(94)01642-d	https://doi.org/10.1016/0304-4076(94)01642-d	PROPN
abrj-577	339	4	asian	asian	PROPN
abrj-577	339	5	business	business	PROPN
abrj-577	339	6	research	research	NOUN
abrj-577	339	7	journal	journal	NOUN
abrj-577	339	8	,	,	PUNCT
abrj-577	339	9	2025	2025	NUM
abrj-577	339	10	,	,	PUNCT
abrj-577	339	11	10(9	10(9	NUM
abrj-577	339	12	):	):	PUNCT
abrj-577	339	13	88	88	NUM
abrj-577	339	14	-	-	SYM
abrj-577	339	15	98	98	NUM
abrj-577	339	16	98	98	NUM
abrj-577	339	17	©	©	ADP
abrj-577	339	18	2025	2025	NUM
abrj-577	339	19	by	by	ADP
abrj-577	339	20	the	the	DET
abrj-577	339	21	authors	author	NOUN
abrj-577	339	22	;	;	PUNCT
abrj-577	339	23	licensee	licensee	NOUN
abrj-577	339	24	eastern	eastern	ADJ
abrj-577	339	25	centre	centre	NOUN
abrj-577	339	26	of	of	ADP
abrj-577	339	27	science	science	NOUN
abrj-577	339	28	and	and	CCONJ
abrj-577	339	29	education	education	NOUN
abrj-577	339	30	,	,	PUNCT
abrj-577	339	31	usa	usa	PROPN
abrj-577	339	32	banerjee	banerjee	PROPN
abrj-577	339	33	,	,	PUNCT
abrj-577	340	1	a.	a.	NOUN
abrj-577	340	2	v.	v.	PROPN
abrj-577	340	3	(	(	PUNCT
abrj-577	340	4	1992	1992	NUM
abrj-577	340	5	)	)	PUNCT
abrj-577	340	6	.	.	PUNCT
abrj-577	341	1	a	a	DET
abrj-577	341	2	simple	simple	ADJ
abrj-577	341	3	model	model	NOUN
abrj-577	341	4	of	of	ADP
abrj-577	341	5	herd	herd	NOUN
abrj-577	341	6	behavior	behavior	NOUN
abrj-577	341	7	.	.	PUNCT
abrj-577	342	1	the	the	DET
abrj-577	342	2	quarterly	quarterly	ADJ
abrj-577	342	3	journal	journal	NOUN
abrj-577	342	4	of	of	ADP
abrj-577	342	5	economics	economic	NOUN
abrj-577	342	6	,	,	PUNCT
abrj-577	342	7	107(3	107(3	NUM
abrj-577	342	8	)	)	PUNCT
abrj-577	342	9	,	,	PUNCT
abrj-577	342	10	797–817	797–817	NUM
abrj-577	342	11	.	.	PUNCT
abrj-577	342	12	https://doi.org/10.2307/2118364	https://doi.org/10.2307/2118364	PROPN
abrj-577	342	13	barberis	barberis	PROPN
abrj-577	342	14	,	,	PUNCT
abrj-577	342	15	n.	n.	NOUN
abrj-577	342	16	,	,	PUNCT
abrj-577	342	17	&	&	CCONJ
abrj-577	342	18	thaler	thaler	PROPN
abrj-577	342	19	,	,	PUNCT
abrj-577	342	20	r.	r.	PROPN
abrj-577	342	21	(	(	PUNCT
abrj-577	342	22	2003	2003	NUM
abrj-577	342	23	)	)	PUNCT
abrj-577	342	24	.	.	PUNCT
abrj-577	343	1	a	a	DET
abrj-577	343	2	survey	survey	NOUN
abrj-577	343	3	of	of	ADP
abrj-577	343	4	behavioral	behavioral	ADJ
abrj-577	343	5	finance	finance	NOUN
abrj-577	343	6	.	.	PUNCT
abrj-577	344	1	in	in	ADP
abrj-577	344	2	g.	g.	PROPN
abrj-577	344	3	m.	m.	PROPN
abrj-577	344	4	constantinides	constantinide	VERB
abrj-577	344	5	,	,	PUNCT
abrj-577	344	6	m.	m.	PROPN
abrj-577	344	7	harris	harris	PROPN
abrj-577	344	8	,	,	PUNCT
abrj-577	344	9	&	&	CCONJ
abrj-577	344	10	r.	r.	PROPN
abrj-577	344	11	stulz	stulz	PROPN
abrj-577	344	12	(	(	PUNCT
abrj-577	344	13	eds	ed	NOUN
abrj-577	344	14	.	.	PUNCT
abrj-577	344	15	)	)	PUNCT
abrj-577	344	16	,	,	PUNCT
abrj-577	344	17	handbook	handbook	NOUN
abrj-577	344	18	of	of	ADP
abrj-577	344	19	the	the	DET
abrj-577	344	20	economics	economic	NOUN
abrj-577	344	21	of	of	ADP
abrj-577	344	22	finance	finance	NOUN
abrj-577	344	23	(	(	PUNCT
abrj-577	344	24	vol	vol	NOUN
abrj-577	344	25	.	.	PROPN
abrj-577	344	26	1	1	NUM
abrj-577	344	27	,	,	PUNCT
abrj-577	344	28	pp	pp	ADJ
abrj-577	344	29	.	.	PUNCT
abrj-577	344	30	1053–1128	1053–1128	NUM
abrj-577	344	31	)	)	PUNCT
abrj-577	344	32	.	.	PUNCT
abrj-577	345	1	elsevier	elsevier	NOUN
abrj-577	345	2	.	.	PUNCT
abrj-577	346	1	https://doi.org/10.1016/s1574-0102(03)01027-6	https://doi.org/10.1016/s1574-0102(03)01027-6	PROPN
abrj-577	346	2	bekaert	bekaert	PROPN
abrj-577	346	3	,	,	PUNCT
abrj-577	346	4	g.	g.	PROPN
abrj-577	346	5	,	,	PUNCT
abrj-577	346	6	&	&	CCONJ
abrj-577	346	7	harvey	harvey	PROPN
abrj-577	346	8	,	,	PUNCT
abrj-577	346	9	c.	c.	PROPN
abrj-577	346	10	r.	r.	PROPN
abrj-577	346	11	(	(	PUNCT
abrj-577	346	12	2002	2002	NUM
abrj-577	346	13	)	)	PUNCT
abrj-577	346	14	.	.	PUNCT
abrj-577	347	1	research	research	NOUN
abrj-577	347	2	in	in	ADP
abrj-577	347	3	emerging	emerge	VERB
abrj-577	347	4	markets	market	NOUN
abrj-577	347	5	finance	finance	NOUN
abrj-577	347	6	:	:	PUNCT
abrj-577	347	7	looking	look	VERB
abrj-577	347	8	to	to	ADP
abrj-577	347	9	the	the	DET
abrj-577	347	10	future	future	NOUN
abrj-577	347	11	.	.	PUNCT
abrj-577	348	1	emerging	emerge	VERB
abrj-577	348	2	markets	market	NOUN
abrj-577	348	3	review	review	NOUN
abrj-577	348	4	,	,	PUNCT
abrj-577	348	5	3(4	3(4	NUM
abrj-577	348	6	)	)	PUNCT
abrj-577	348	7	,	,	PUNCT
abrj-577	348	8	429–448	429–448	NUM
abrj-577	348	9	.	.	PUNCT
abrj-577	349	1	https://doi.org/10.1016/s1566-0141(02)00045-0	https://doi.org/10.1016/s1566-0141(02)00045-0	PROPN
abrj-577	349	2	bikhchandani	bikhchandani	PROPN
abrj-577	349	3	,	,	PUNCT
abrj-577	349	4	s.	s.	PROPN
abrj-577	349	5	,	,	PUNCT
abrj-577	349	6	hirshleifer	hirshleifer	PROPN
abrj-577	349	7	,	,	PUNCT
abrj-577	349	8	d.	d.	PROPN
abrj-577	349	9	,	,	PUNCT
abrj-577	349	10	&	&	CCONJ
abrj-577	349	11	welch	welch	PROPN
abrj-577	349	12	,	,	PUNCT
abrj-577	349	13	i.	i.	PROPN
abrj-577	349	14	(	(	PUNCT
abrj-577	349	15	1992	1992	NUM
abrj-577	349	16	)	)	PUNCT
abrj-577	349	17	.	.	PUNCT
abrj-577	350	1	a	a	DET
abrj-577	350	2	theory	theory	NOUN
abrj-577	350	3	of	of	ADP
abrj-577	350	4	fads	fad	NOUN
abrj-577	350	5	,	,	PUNCT
abrj-577	350	6	fashion	fashion	NOUN
abrj-577	350	7	,	,	PUNCT
abrj-577	350	8	custom	custom	ADJ
abrj-577	350	9	,	,	PUNCT
abrj-577	350	10	and	and	CCONJ
abrj-577	350	11	cultural	cultural	ADJ
abrj-577	350	12	change	change	NOUN
abrj-577	350	13	as	as	ADP
abrj-577	350	14	informational	informational	ADJ
abrj-577	350	15	cascades	cascade	NOUN
abrj-577	350	16	.	.	PUNCT
abrj-577	351	1	journal	journal	NOUN
abrj-577	351	2	of	of	ADP
abrj-577	351	3	political	political	ADJ
abrj-577	351	4	economy	economy	NOUN
abrj-577	351	5	,	,	PUNCT
abrj-577	351	6	100(5	100(5	NUM
abrj-577	351	7	)	)	PUNCT
abrj-577	351	8	,	,	PUNCT
abrj-577	351	9	992–1026	992–1026	X
abrj-577	351	10	.	.	PUNCT
abrj-577	352	1	https://doi.org/10.1086/261849	https://doi.org/10.1086/261849	NOUN
abrj-577	352	2	bikhchandani	bikhchandani	ADJ
abrj-577	352	3	,	,	PUNCT
abrj-577	352	4	s.	s.	PROPN
abrj-577	352	5	,	,	PUNCT
abrj-577	352	6	&	&	CCONJ
abrj-577	352	7	sharma	sharma	PROPN
abrj-577	352	8	,	,	PUNCT
abrj-577	352	9	s.	s.	PROPN
abrj-577	352	10	(	(	PUNCT
abrj-577	352	11	2001	2001	NUM
abrj-577	352	12	)	)	PUNCT
abrj-577	352	13	.	.	PUNCT
abrj-577	353	1	herd	herd	NOUN
abrj-577	353	2	behavior	behavior	NOUN
abrj-577	353	3	in	in	ADP
abrj-577	353	4	financial	financial	ADJ
abrj-577	353	5	markets	market	NOUN
abrj-577	353	6	.	.	PUNCT
abrj-577	354	1	imf	imf	PROPN
abrj-577	354	2	staff	staff	NOUN
abrj-577	354	3	papers	paper	NOUN
abrj-577	354	4	,	,	PUNCT
abrj-577	354	5	47(3	47(3	NOUN
abrj-577	354	6	)	)	PUNCT
abrj-577	354	7	,	,	PUNCT
abrj-577	354	8	279–310	279–310	NUM
abrj-577	354	9	.	.	PUNCT
abrj-577	355	1	https://doi.org/10.2307/3867650	https://doi.org/10.2307/3867650	PROPN
abrj-577	355	2	bollerslev	bollerslev	NOUN
abrj-577	355	3	,	,	PUNCT
abrj-577	355	4	t.	t.	PROPN
abrj-577	355	5	(	(	PUNCT
abrj-577	355	6	1986	1986	NUM
abrj-577	355	7	)	)	PUNCT
abrj-577	355	8	.	.	PUNCT
abrj-577	356	1	generalized	generalize	VERB
abrj-577	356	2	autoregressive	autoregressive	ADJ
abrj-577	356	3	conditional	conditional	ADJ
abrj-577	356	4	heteroskedasticity	heteroskedasticity	NOUN
abrj-577	356	5	.	.	PUNCT
abrj-577	357	1	journal	journal	PROPN
abrj-577	357	2	of	of	ADP
abrj-577	357	3	econometrics	econometric	NOUN
abrj-577	357	4	,	,	PUNCT
abrj-577	357	5	31(3	31(3	NUM
abrj-577	357	6	)	)	PUNCT
abrj-577	357	7	,	,	PUNCT
abrj-577	357	8	307–327	307–327	NUM
abrj-577	357	9	.	.	PUNCT
abrj-577	358	1	https://doi.org/10.1016/0304-4076(86)90063-1	https://doi.org/10.1016/0304-4076(86)90063-1	PROPN
abrj-577	358	2	caparrelli	caparrelli	PROPN
abrj-577	358	3	,	,	PUNCT
abrj-577	358	4	f.	f.	PROPN
abrj-577	358	5	,	,	PUNCT
abrj-577	358	6	d’arcangelis	d’arcangelis	PROPN
abrj-577	358	7	,	,	PUNCT
abrj-577	358	8	a.	a.	NOUN
abrj-577	358	9	m.	m.	NOUN
abrj-577	358	10	,	,	PUNCT
abrj-577	358	11	&	&	CCONJ
abrj-577	358	12	cassuto	cassuto	NOUN
abrj-577	358	13	,	,	PUNCT
abrj-577	358	14	a.	a.	NOUN
abrj-577	358	15	(	(	PUNCT
abrj-577	358	16	2004	2004	NUM
abrj-577	358	17	)	)	PUNCT
abrj-577	358	18	.	.	PUNCT
abrj-577	359	1	herding	herd	VERB
abrj-577	359	2	in	in	ADP
abrj-577	359	3	the	the	DET
abrj-577	359	4	italian	italian	ADJ
abrj-577	359	5	stock	stock	NOUN
abrj-577	359	6	market	market	NOUN
abrj-577	359	7	:	:	PUNCT
abrj-577	359	8	a	a	DET
abrj-577	359	9	case	case	NOUN
abrj-577	359	10	of	of	ADP
abrj-577	359	11	behavioral	behavioral	ADJ
abrj-577	359	12	finance	finance	NOUN
abrj-577	359	13	.	.	PUNCT
abrj-577	360	1	journal	journal	NOUN
abrj-577	360	2	of	of	ADP
abrj-577	360	3	behavioral	behavioral	ADJ
abrj-577	360	4	finance	finance	NOUN
abrj-577	360	5	,	,	PUNCT
abrj-577	360	6	5(4	5(4	NUM
abrj-577	360	7	)	)	PUNCT
abrj-577	360	8	,	,	PUNCT
abrj-577	360	9	222–230	222–230	NUM
abrj-577	360	10	.	.	PUNCT
abrj-577	361	1	https://doi.org/10.1207/s15427579jpfm0504_5	https://doi.org/10.1207/s15427579jpfm0504_5	PROPN
abrj-577	361	2	chang	chang	PROPN
abrj-577	361	3	,	,	PUNCT
abrj-577	361	4	e.	e.	PROPN
abrj-577	361	5	c.	c.	PROPN
abrj-577	361	6	,	,	PUNCT
abrj-577	361	7	cheng	cheng	PROPN
abrj-577	361	8	,	,	PUNCT
abrj-577	361	9	j.	j.	PROPN
abrj-577	361	10	w.	w.	PROPN
abrj-577	361	11	,	,	PUNCT
abrj-577	361	12	&	&	CCONJ
abrj-577	361	13	khorana	khorana	PROPN
abrj-577	361	14	,	,	PUNCT
abrj-577	361	15	a.	a.	NOUN
abrj-577	361	16	(	(	PUNCT
abrj-577	361	17	2000	2000	NUM
abrj-577	361	18	)	)	PUNCT
abrj-577	361	19	.	.	PUNCT
abrj-577	362	1	an	an	DET
abrj-577	362	2	examination	examination	NOUN
abrj-577	362	3	of	of	ADP
abrj-577	362	4	herd	herd	NOUN
abrj-577	362	5	behavior	behavior	NOUN
abrj-577	362	6	in	in	ADP
abrj-577	362	7	equity	equity	NOUN
abrj-577	362	8	markets	market	NOUN
abrj-577	362	9	:	:	PUNCT
abrj-577	362	10	an	an	DET
abrj-577	362	11	international	international	ADJ
abrj-577	362	12	perspective	perspective	NOUN
abrj-577	362	13	.	.	PUNCT
abrj-577	363	1	journal	journal	NOUN
abrj-577	363	2	of	of	ADP
abrj-577	363	3	banking	banking	NOUN
abrj-577	363	4	&	&	CCONJ
abrj-577	363	5	finance	finance	PROPN
abrj-577	363	6	,	,	PUNCT
abrj-577	363	7	24(10	24(10	NUM
abrj-577	363	8	)	)	PUNCT
abrj-577	363	9	,	,	PUNCT
abrj-577	363	10	1651–1679	1651–1679	NUM
abrj-577	363	11	.	.	PUNCT
abrj-577	364	1	https://doi.org/10.1016/s0378-4266(99)00096-5	https://doi.org/10.1016/s0378-4266(99)00096-5	PROPN
abrj-577	364	2	chiang	chiang	PROPN
abrj-577	364	3	,	,	PUNCT
abrj-577	364	4	t.	t.	PROPN
abrj-577	364	5	c.	c.	PROPN
abrj-577	364	6	,	,	PUNCT
abrj-577	364	7	&	&	CCONJ
abrj-577	364	8	zheng	zheng	PROPN
abrj-577	364	9	,	,	PUNCT
abrj-577	364	10	d.	d.	PROPN
abrj-577	364	11	(	(	PUNCT
abrj-577	364	12	2010	2010	NUM
abrj-577	364	13	)	)	PUNCT
abrj-577	364	14	.	.	PUNCT
abrj-577	365	1	an	an	DET
abrj-577	365	2	empirical	empirical	ADJ
abrj-577	365	3	analysis	analysis	NOUN
abrj-577	365	4	of	of	ADP
abrj-577	365	5	herd	herd	NOUN
abrj-577	365	6	behavior	behavior	NOUN
abrj-577	365	7	in	in	ADP
abrj-577	365	8	global	global	ADJ
abrj-577	365	9	stock	stock	NOUN
abrj-577	365	10	markets	market	NOUN
abrj-577	365	11	.	.	PUNCT
abrj-577	366	1	journal	journal	NOUN
abrj-577	366	2	of	of	ADP
abrj-577	366	3	banking	banking	NOUN
abrj-577	366	4	&	&	CCONJ
abrj-577	366	5	finance	finance	PROPN
abrj-577	366	6	,	,	PUNCT
abrj-577	366	7	34(8	34(8	NUM
abrj-577	366	8	)	)	PUNCT
abrj-577	366	9	,	,	PUNCT
abrj-577	366	10	1911	1911	NUM
abrj-577	366	11	–	–	PUNCT
abrj-577	366	12	1921	1921	NUM
abrj-577	366	13	.	.	PUNCT
abrj-577	367	1	https://doi.org/10.1016/j.jbankfin.2009.12.014	https://doi.org/10.1016/j.jbankfin.2009.12.014	NOUN
abrj-577	367	2	christie	christie	NOUN
abrj-577	367	3	,	,	PUNCT
abrj-577	367	4	w.	w.	PROPN
abrj-577	367	5	g.	g.	PROPN
abrj-577	367	6	,	,	PUNCT
abrj-577	367	7	&	&	CCONJ
abrj-577	367	8	huang	huang	PROPN
abrj-577	367	9	,	,	PUNCT
abrj-577	367	10	r.	r.	PROPN
abrj-577	367	11	d.	d.	PROPN
abrj-577	367	12	(	(	PUNCT
abrj-577	367	13	1995	1995	NUM
abrj-577	367	14	)	)	PUNCT
abrj-577	367	15	.	.	PUNCT
abrj-577	368	1	following	follow	VERB
abrj-577	368	2	the	the	DET
abrj-577	368	3	pied	pied	ADJ
abrj-577	368	4	piper	piper	NOUN
abrj-577	368	5	:	:	PUNCT
abrj-577	368	6	do	do	VERB
abrj-577	368	7	individual	individual	ADJ
abrj-577	368	8	returns	return	NOUN
abrj-577	368	9	herd	herd	VERB
abrj-577	368	10	around	around	ADP
abrj-577	368	11	the	the	DET
abrj-577	368	12	market	market	NOUN
abrj-577	368	13	?	?	PUNCT
abrj-577	369	1	financial	financial	ADJ
abrj-577	369	2	analysts	analyst	NOUN
abrj-577	369	3	journal	journal	NOUN
abrj-577	369	4	,	,	PUNCT
abrj-577	369	5	51(4	51(4	NUM
abrj-577	369	6	)	)	PUNCT
abrj-577	369	7	,	,	PUNCT
abrj-577	369	8	31–37	31–37	NOUN
abrj-577	369	9	.	.	PUNCT
abrj-577	370	1	https://doi.org/10.2469/faj.v51.n4.1918	https://doi.org/10.2469/faj.v51.n4.1918	PROPN
abrj-577	370	2	daniel	daniel	PROPN
abrj-577	370	3	,	,	PUNCT
abrj-577	370	4	k.	k.	PROPN
abrj-577	370	5	,	,	PUNCT
abrj-577	370	6	hirshleifer	hirshleifer	PROPN
abrj-577	370	7	,	,	PUNCT
abrj-577	370	8	d.	d.	PROPN
abrj-577	370	9	,	,	PUNCT
abrj-577	370	10	&	&	CCONJ
abrj-577	370	11	subrahmanyam	subrahmanyam	PROPN
abrj-577	370	12	,	,	PUNCT
abrj-577	370	13	a.	a.	NOUN
abrj-577	370	14	(	(	PUNCT
abrj-577	370	15	2002	2002	NUM
abrj-577	370	16	)	)	PUNCT
abrj-577	370	17	.	.	PUNCT
abrj-577	371	1	investor	investor	NOUN
abrj-577	371	2	psychology	psychology	NOUN
abrj-577	371	3	in	in	ADP
abrj-577	371	4	capital	capital	NOUN
abrj-577	371	5	markets	market	NOUN
abrj-577	371	6	:	:	PUNCT
abrj-577	371	7	evidence	evidence	NOUN
abrj-577	371	8	and	and	CCONJ
abrj-577	371	9	policy	policy	NOUN
abrj-577	371	10	implications	implication	NOUN
abrj-577	371	11	.	.	PUNCT
abrj-577	372	1	journal	journal	NOUN
abrj-577	372	2	of	of	ADP
abrj-577	372	3	monetary	monetary	ADJ
abrj-577	372	4	economics	economic	NOUN
abrj-577	372	5	,	,	PUNCT
abrj-577	372	6	49(1	49(1	NOUN
abrj-577	372	7	)	)	PUNCT
abrj-577	372	8	,	,	PUNCT
abrj-577	372	9	139–209	139–209	NUM
abrj-577	372	10	.	.	PUNCT
abrj-577	373	1	https://doi.org/10.1016/s0304-3932(01)00091-5	https://doi.org/10.1016/s0304-3932(01)00091-5	NOUN
abrj-577	373	2	demirer	demirer	NOUN
abrj-577	373	3	,	,	PUNCT
abrj-577	373	4	r.	r.	PROPN
abrj-577	373	5	,	,	PUNCT
abrj-577	373	6	&	&	CCONJ
abrj-577	373	7	kutan	kutan	PROPN
abrj-577	373	8	,	,	PUNCT
abrj-577	373	9	a.	a.	NOUN
abrj-577	373	10	m.	m.	NOUN
abrj-577	373	11	(	(	PUNCT
abrj-577	373	12	2006	2006	NUM
abrj-577	373	13	)	)	PUNCT
abrj-577	373	14	.	.	PUNCT
abrj-577	374	1	does	do	AUX
abrj-577	374	2	herding	herd	VERB
abrj-577	374	3	behavior	behavior	NOUN
abrj-577	374	4	exist	exist	VERB
abrj-577	374	5	in	in	ADP
abrj-577	374	6	chinese	chinese	ADJ
abrj-577	374	7	stock	stock	NOUN
abrj-577	374	8	markets	market	NOUN
abrj-577	374	9	?	?	PUNCT
abrj-577	375	1	journal	journal	NOUN
abrj-577	375	2	of	of	ADP
abrj-577	375	3	international	international	ADJ
abrj-577	375	4	financial	financial	ADJ
abrj-577	375	5	markets	market	NOUN
abrj-577	375	6	,	,	PUNCT
abrj-577	375	7	institutions	institution	NOUN
abrj-577	375	8	and	and	CCONJ
abrj-577	375	9	money	money	NOUN
abrj-577	375	10	,	,	PUNCT
abrj-577	375	11	16(2	16(2	NUM
abrj-577	375	12	)	)	PUNCT
abrj-577	375	13	,	,	PUNCT
abrj-577	375	14	123–142	123–142	NUM
abrj-577	375	15	.	.	PUNCT
abrj-577	376	1	https://doi.org/10.1016/j.intfin.2005.01.002	https://doi.org/10.1016/j.intfin.2005.01.002	PROPN
abrj-577	376	2	ellison	ellison	PROPN
abrj-577	376	3	,	,	PUNCT
abrj-577	376	4	g.	g.	PROPN
abrj-577	376	5	,	,	PUNCT
abrj-577	376	6	&	&	CCONJ
abrj-577	376	7	fudenberg	fudenberg	PROPN
abrj-577	376	8	,	,	PUNCT
abrj-577	376	9	d.	d.	PROPN
abrj-577	376	10	(	(	PUNCT
abrj-577	376	11	1993	1993	NUM
abrj-577	376	12	)	)	PUNCT
abrj-577	376	13	.	.	PUNCT
abrj-577	377	1	rules	rule	NOUN
abrj-577	377	2	of	of	ADP
abrj-577	377	3	thumb	thumb	NOUN
abrj-577	377	4	for	for	ADP
abrj-577	377	5	social	social	ADJ
abrj-577	377	6	learning	learning	NOUN
abrj-577	377	7	.	.	PUNCT
abrj-577	378	1	journal	journal	NOUN
abrj-577	378	2	of	of	ADP
abrj-577	378	3	political	political	ADJ
abrj-577	378	4	economy	economy	NOUN
abrj-577	378	5	,	,	PUNCT
abrj-577	378	6	101(4	101(4	NUM
abrj-577	378	7	)	)	PUNCT
abrj-577	378	8	,	,	PUNCT
abrj-577	378	9	612–643	612–643	NUM
abrj-577	378	10	.	.	PUNCT
abrj-577	379	1	https://doi.org/10.1086/261890	https://doi.org/10.1086/261890	VERB
abrj-577	379	2	engle	engle	PROPN
abrj-577	379	3	,	,	PUNCT
abrj-577	379	4	r.	r.	PROPN
abrj-577	379	5	f.	f.	PROPN
abrj-577	379	6	(	(	PUNCT
abrj-577	379	7	1982	1982	NUM
abrj-577	379	8	)	)	PUNCT
abrj-577	379	9	.	.	PUNCT
abrj-577	380	1	autoregressive	autoregressive	ADJ
abrj-577	380	2	conditional	conditional	ADJ
abrj-577	380	3	heteroscedasticity	heteroscedasticity	NOUN
abrj-577	380	4	with	with	ADP
abrj-577	380	5	estimates	estimate	NOUN
abrj-577	380	6	of	of	ADP
abrj-577	380	7	the	the	DET
abrj-577	380	8	variance	variance	NOUN
abrj-577	380	9	of	of	ADP
abrj-577	380	10	united	united	PROPN
abrj-577	380	11	kingdom	kingdom	PROPN
abrj-577	380	12	inflation	inflation	NOUN
abrj-577	380	13	.	.	PUNCT
abrj-577	381	1	econometrica	econometrica	PROPN
abrj-577	381	2	,	,	PUNCT
abrj-577	381	3	50(4	50(4	NUM
abrj-577	381	4	)	)	PUNCT
abrj-577	381	5	,	,	PUNCT
abrj-577	381	6	987–1007	987–1007	X
abrj-577	381	7	.	.	PUNCT
abrj-577	382	1	https://doi.org/10.2307/1912773	https://doi.org/10.2307/1912773	PROPN
abrj-577	382	2	engle	engle	PROPN
abrj-577	382	3	,	,	PUNCT
abrj-577	382	4	r.	r.	PROPN
abrj-577	382	5	f.	f.	PROPN
abrj-577	382	6	(	(	PUNCT
abrj-577	382	7	2002	2002	NUM
abrj-577	382	8	)	)	PUNCT
abrj-577	382	9	.	.	PUNCT
abrj-577	383	1	dynamic	dynamic	ADJ
abrj-577	383	2	conditional	conditional	ADJ
abrj-577	383	3	correlation	correlation	NOUN
abrj-577	383	4	:	:	PUNCT
abrj-577	383	5	a	a	DET
abrj-577	383	6	simple	simple	ADJ
abrj-577	383	7	class	class	NOUN
abrj-577	383	8	of	of	ADP
abrj-577	383	9	multivariate	multivariate	NOUN
abrj-577	383	10	generalized	generalize	VERB
abrj-577	383	11	autoregressive	autoregressive	ADJ
abrj-577	383	12	conditional	conditional	ADJ
abrj-577	383	13	heteroskedasticity	heteroskedasticity	NOUN
abrj-577	383	14	models	model	NOUN
abrj-577	383	15	.	.	PUNCT
abrj-577	384	1	journal	journal	NOUN
abrj-577	384	2	of	of	ADP
abrj-577	384	3	business	business	PROPN
abrj-577	384	4	&	&	CCONJ
abrj-577	384	5	economic	economic	ADJ
abrj-577	384	6	statistics	statistic	NOUN
abrj-577	384	7	,	,	PUNCT
abrj-577	384	8	20(3	20(3	NOUN
abrj-577	384	9	)	)	PUNCT
abrj-577	384	10	,	,	PUNCT
abrj-577	384	11	339–350	339–350	NUM
abrj-577	384	12	.	.	PUNCT
abrj-577	385	1	https://doi.org/10.1198/073500102288618487	https://doi.org/10.1198/073500102288618487	X
abrj-577	385	2	hirshleifer	hirshleifer	NOUN
abrj-577	385	3	,	,	PUNCT
abrj-577	385	4	d.	d.	PROPN
abrj-577	385	5	,	,	PUNCT
abrj-577	385	6	&	&	CCONJ
abrj-577	385	7	teoh	teoh	PROPN
abrj-577	385	8	,	,	PUNCT
abrj-577	385	9	s.	s.	PROPN
abrj-577	385	10	h.	h.	PROPN
abrj-577	385	11	(	(	PUNCT
abrj-577	385	12	2003	2003	NUM
abrj-577	385	13	)	)	PUNCT
abrj-577	385	14	.	.	PUNCT
abrj-577	386	1	herd	herd	NOUN
abrj-577	386	2	behaviour	behaviour	NOUN
abrj-577	386	3	and	and	CCONJ
abrj-577	386	4	cascading	cascade	VERB
abrj-577	386	5	in	in	ADP
abrj-577	386	6	capital	capital	NOUN
abrj-577	386	7	markets	market	NOUN
abrj-577	386	8	:	:	PUNCT
abrj-577	386	9	a	a	DET
abrj-577	386	10	review	review	NOUN
abrj-577	386	11	and	and	CCONJ
abrj-577	386	12	synthesis	synthesis	NOUN
abrj-577	386	13	.	.	PUNCT
abrj-577	387	1	european	european	ADJ
abrj-577	387	2	financial	financial	ADJ
abrj-577	387	3	management	management	NOUN
abrj-577	387	4	,	,	PUNCT
abrj-577	387	5	9(1	9(1	NUM
abrj-577	387	6	)	)	PUNCT
abrj-577	387	7	,	,	PUNCT
abrj-577	387	8	25–66	25–66	NUM
abrj-577	387	9	.	.	PUNCT
abrj-577	388	1	https://doi.org/10.1111/1468-036x.00207	https://doi.org/10.1111/1468-036x.00207	PROPN
abrj-577	388	2	hwang	hwang	PROPN
abrj-577	388	3	,	,	PUNCT
abrj-577	388	4	s.	s.	PROPN
abrj-577	388	5	,	,	PUNCT
abrj-577	388	6	&	&	CCONJ
abrj-577	388	7	salmon	salmon	PROPN
abrj-577	388	8	,	,	PUNCT
abrj-577	388	9	m.	m.	NOUN
abrj-577	388	10	(	(	PUNCT
abrj-577	388	11	2004	2004	NUM
abrj-577	388	12	)	)	PUNCT
abrj-577	388	13	.	.	PUNCT
abrj-577	389	1	market	market	NOUN
abrj-577	389	2	stress	stress	NOUN
abrj-577	389	3	and	and	CCONJ
abrj-577	389	4	herding	herding	NOUN
abrj-577	389	5	.	.	PUNCT
abrj-577	390	1	journal	journal	PROPN
abrj-577	390	2	of	of	ADP
abrj-577	390	3	empirical	empirical	ADJ
abrj-577	390	4	finance	finance	NOUN
abrj-577	390	5	,	,	PUNCT
abrj-577	390	6	11(4	11(4	NUM
abrj-577	390	7	)	)	PUNCT
abrj-577	390	8	,	,	PUNCT
abrj-577	390	9	585–616	585–616	NUM
abrj-577	390	10	.	.	PUNCT
abrj-577	391	1	https://doi.org/10.1016/j.jempfin.2004.04.003	https://doi.org/10.1016/j.jempfin.2004.04.003	PROPN
abrj-577	391	2	i	i	PRON
abrj-577	391	3	m	m	PROPN
abrj-577	391	4	,	,	PUNCT
abrj-577	391	5	k.	k.	PROPN
abrj-577	391	6	s.	s.	PROPN
abrj-577	391	7	,	,	PUNCT
abrj-577	391	8	pesaran	pesaran	VERB
abrj-577	391	9	,	,	PUNCT
abrj-577	391	10	m.	m.	PROPN
abrj-577	391	11	h.	h.	PROPN
abrj-577	391	12	,	,	PUNCT
abrj-577	391	13	&	&	CCONJ
abrj-577	391	14	shin	shin	PROPN
abrj-577	391	15	,	,	PUNCT
abrj-577	391	16	y.	y.	PROPN
abrj-577	391	17	(	(	PUNCT
abrj-577	391	18	2003	2003	NUM
abrj-577	391	19	)	)	PUNCT
abrj-577	391	20	.	.	PUNCT
abrj-577	392	1	testing	test	VERB
abrj-577	392	2	for	for	ADP
abrj-577	392	3	unit	unit	NOUN
abrj-577	392	4	roots	root	NOUN
abrj-577	392	5	in	in	ADP
abrj-577	392	6	heterogeneous	heterogeneous	ADJ
abrj-577	392	7	panels	panel	NOUN
abrj-577	392	8	.	.	PUNCT
abrj-577	393	1	journal	journal	PROPN
abrj-577	393	2	of	of	ADP
abrj-577	393	3	econometrics	econometric	NOUN
abrj-577	393	4	,	,	PUNCT
abrj-577	393	5	115(1	115(1	NUM
abrj-577	393	6	)	)	PUNCT
abrj-577	393	7	,	,	PUNCT
abrj-577	393	8	53–74	53–74	NUM
abrj-577	393	9	.	.	PUNCT
abrj-577	394	1	https://doi.org/10.1016/s0304-4076(03)00092-7	https://doi.org/10.1016/s0304-4076(03)00092-7	PROPN
abrj-577	394	2	kahneman	kahneman	PROPN
abrj-577	394	3	,	,	PUNCT
abrj-577	394	4	d.	d.	PROPN
abrj-577	394	5	,	,	PUNCT
abrj-577	394	6	&	&	CCONJ
abrj-577	394	7	tversky	tversky	PROPN
abrj-577	394	8	,	,	PUNCT
abrj-577	394	9	a.	a.	NOUN
abrj-577	394	10	(	(	PUNCT
abrj-577	394	11	1979	1979	NUM
abrj-577	394	12	)	)	PUNCT
abrj-577	394	13	.	.	PUNCT
abrj-577	395	1	prospect	prospect	PROPN
abrj-577	395	2	theory	theory	NOUN
abrj-577	395	3	:	:	PUNCT
abrj-577	395	4	an	an	DET
abrj-577	395	5	analysis	analysis	NOUN
abrj-577	395	6	of	of	ADP
abrj-577	395	7	decision	decision	NOUN
abrj-577	395	8	under	under	ADP
abrj-577	395	9	risk	risk	NOUN
abrj-577	395	10	.	.	PUNCT
abrj-577	396	1	econometrica	econometrica	PROPN
abrj-577	396	2	,	,	PUNCT
abrj-577	396	3	47(2	47(2	PROPN
abrj-577	396	4	)	)	PUNCT
abrj-577	396	5	,	,	PUNCT
abrj-577	396	6	263–291	263–291	NUM
abrj-577	396	7	.	.	PUNCT
abrj-577	397	1	https://doi.org/10.2307/1914185	https://doi.org/10.2307/1914185	PROPN
abrj-577	397	2	kumar	kumar	PROPN
abrj-577	397	3	,	,	PUNCT
abrj-577	397	4	a.	a.	PROPN
abrj-577	397	5	,	,	PUNCT
abrj-577	397	6	&	&	CCONJ
abrj-577	397	7	lee	lee	PROPN
abrj-577	397	8	,	,	PUNCT
abrj-577	397	9	c.	c.	PROPN
abrj-577	397	10	m.	m.	NOUN
abrj-577	397	11	(	(	PUNCT
abrj-577	397	12	2006	2006	NUM
abrj-577	397	13	)	)	PUNCT
abrj-577	397	14	.	.	PUNCT
abrj-577	398	1	retail	retail	ADJ
abrj-577	398	2	investor	investor	NOUN
abrj-577	398	3	sentiment	sentiment	NOUN
abrj-577	398	4	and	and	CCONJ
abrj-577	398	5	return	return	VERB
abrj-577	398	6	comovements	comovement	NOUN
abrj-577	398	7	.	.	PUNCT
abrj-577	399	1	the	the	DET
abrj-577	399	2	journal	journal	PROPN
abrj-577	399	3	of	of	ADP
abrj-577	399	4	finance	finance	NOUN
abrj-577	399	5	,	,	PUNCT
abrj-577	399	6	61(5	61(5	NUM
abrj-577	399	7	)	)	PUNCT
abrj-577	399	8	,	,	PUNCT
abrj-577	399	9	2451–2486	2451–2486	NUM
abrj-577	399	10	.	.	PUNCT
abrj-577	399	11	https://doi.org/10.1111/j.1540-6261.2006.01063.x	https://doi.org/10.1111/j.1540-6261.2006.01063.x	PROPN
abrj-577	399	12	kyle	kyle	PROPN
abrj-577	399	13	,	,	PUNCT
abrj-577	399	14	a.	a.	PROPN
abrj-577	399	15	s.	s.	PROPN
abrj-577	399	16	(	(	PUNCT
abrj-577	399	17	1985	1985	NUM
abrj-577	399	18	)	)	PUNCT
abrj-577	399	19	.	.	PUNCT
abrj-577	400	1	continuous	continuous	ADJ
abrj-577	400	2	auctions	auction	NOUN
abrj-577	400	3	and	and	CCONJ
abrj-577	400	4	insider	insider	NOUN
abrj-577	400	5	trading	trading	NOUN
abrj-577	400	6	.	.	PUNCT
abrj-577	401	1	econometrica	econometrica	PROPN
abrj-577	401	2	,	,	PUNCT
abrj-577	401	3	53(6	53(6	PROPN
abrj-577	401	4	)	)	PUNCT
abrj-577	401	5	,	,	PUNCT
abrj-577	401	6	1315–1335	1315–1335	NUM
abrj-577	401	7	.	.	PUNCT
abrj-577	402	1	https://doi.org/10.2307/1913210	https://doi.org/10.2307/1913210	NOUN
abrj-577	402	2	levin	levin	PROPN
abrj-577	402	3	,	,	PUNCT
abrj-577	402	4	a.	a.	PROPN
abrj-577	402	5	,	,	PUNCT
abrj-577	402	6	lin	lin	PROPN
abrj-577	402	7	,	,	PUNCT
abrj-577	402	8	c.	c.	PROPN
abrj-577	402	9	f.	f.	PROPN
abrj-577	402	10	,	,	PUNCT
abrj-577	402	11	&	&	CCONJ
abrj-577	402	12	chu	chu	PROPN
abrj-577	402	13	,	,	PUNCT
abrj-577	402	14	c.	c.	PROPN
abrj-577	402	15	s.	s.	PROPN
abrj-577	402	16	j.	j.	PROPN
abrj-577	402	17	(	(	PUNCT
abrj-577	402	18	2002	2002	NUM
abrj-577	402	19	)	)	PUNCT
abrj-577	402	20	.	.	PUNCT
abrj-577	403	1	unit	unit	NOUN
abrj-577	403	2	root	root	NOUN
abrj-577	403	3	tests	test	NOUN
abrj-577	403	4	in	in	ADP
abrj-577	403	5	panel	panel	NOUN
abrj-577	403	6	data	datum	NOUN
abrj-577	403	7	:	:	PUNCT
abrj-577	403	8	asymptotic	asymptotic	ADJ
abrj-577	403	9	and	and	CCONJ
abrj-577	403	10	finite	finite	ADJ
abrj-577	403	11	-	-	PUNCT
abrj-577	403	12	sample	sample	NOUN
abrj-577	403	13	properties	property	NOUN
abrj-577	403	14	.	.	PUNCT
abrj-577	404	1	journal	journal	PROPN
abrj-577	404	2	of	of	ADP
abrj-577	404	3	econometrics	econometric	NOUN
abrj-577	404	4	,	,	PUNCT
abrj-577	404	5	108(1	108(1	NUM
abrj-577	404	6	)	)	PUNCT
abrj-577	404	7	,	,	PUNCT
abrj-577	404	8	1–24	1–24	PROPN
abrj-577	404	9	.	.	PUNCT
abrj-577	405	1	https://doi.org/10.1016/s0304-4076(01)00098-7	https://doi.org/10.1016/s0304-4076(01)00098-7	PROPN
abrj-577	405	2	nguyen	nguyen	PROPN
abrj-577	405	3	,	,	PUNCT
abrj-577	405	4	t.	t.	PROPN
abrj-577	405	5	h.	h.	PROPN
abrj-577	405	6	,	,	PUNCT
abrj-577	405	7	nguyen	nguyen	PROPN
abrj-577	405	8	,	,	PUNCT
abrj-577	405	9	d.	d.	PROPN
abrj-577	405	10	t.	t.	PROPN
abrj-577	405	11	,	,	PUNCT
abrj-577	405	12	&	&	CCONJ
abrj-577	405	13	le	le	PROPN
abrj-577	405	14	,	,	PUNCT
abrj-577	406	1	h.	h.	PROPN
abrj-577	406	2	v.	v.	PROPN
abrj-577	406	3	(	(	PUNCT
abrj-577	406	4	2017	2017	NUM
abrj-577	406	5	)	)	PUNCT
abrj-577	406	6	.	.	PUNCT
abrj-577	407	1	herding	herd	VERB
abrj-577	407	2	behavior	behavior	NOUN
abrj-577	407	3	in	in	ADP
abrj-577	407	4	emerging	emerge	VERB
abrj-577	407	5	stock	stock	NOUN
abrj-577	407	6	markets	market	NOUN
abrj-577	407	7	:	:	PUNCT
abrj-577	407	8	evidence	evidence	NOUN
abrj-577	407	9	from	from	ADP
abrj-577	407	10	vietnam	vietnam	PROPN
abrj-577	407	11	.	.	PUNCT
abrj-577	408	1	asian	asian	PROPN
abrj-577	408	2	academy	academy	PROPN
abrj-577	408	3	of	of	ADP
abrj-577	408	4	management	management	PROPN
abrj-577	408	5	journal	journal	PROPN
abrj-577	408	6	of	of	ADP
abrj-577	408	7	accounting	accounting	NOUN
abrj-577	408	8	and	and	CCONJ
abrj-577	408	9	finance	finance	NOUN
abrj-577	408	10	,	,	PUNCT
abrj-577	408	11	13(1	13(1	NUM
abrj-577	408	12	)	)	PUNCT
abrj-577	408	13	,	,	PUNCT
abrj-577	408	14	15–42	15–42	NUM
abrj-577	408	15	.	.	PUNCT
abrj-577	409	1	https://doi.org/10.21315/aamjaf2017.13.1.2	https://doi.org/10.21315/aamjaf2017.13.1.2	NOUN
abrj-577	409	2	o’hara	o’hara	NOUN
abrj-577	409	3	,	,	PUNCT
abrj-577	409	4	m.	m.	NOUN
abrj-577	409	5	(	(	PUNCT
abrj-577	409	6	1995	1995	NUM
abrj-577	409	7	)	)	PUNCT
abrj-577	409	8	.	.	PUNCT
abrj-577	410	1	market	market	NOUN
abrj-577	410	2	microstructure	microstructure	NOUN
abrj-577	410	3	theory	theory	NOUN
abrj-577	410	4	.	.	PUNCT
abrj-577	411	1	blackwell	blackwell	PROPN
abrj-577	411	2	publishers	publisher	NOUN
abrj-577	411	3	.	.	PUNCT
abrj-577	412	1	https://doi.org/10.1002/9781444305432	https://doi.org/10.1002/9781444305432	PROPN
abrj-577	412	2	pesaran	pesaran	NOUN
abrj-577	412	3	,	,	PUNCT
abrj-577	412	4	m.	m.	NOUN
abrj-577	412	5	h.	h.	PROPN
abrj-577	412	6	(	(	PUNCT
abrj-577	412	7	2004	2004	NUM
abrj-577	412	8	)	)	PUNCT
abrj-577	412	9	.	.	PUNCT
abrj-577	413	1	general	general	ADJ
abrj-577	413	2	diagnostic	diagnostic	ADJ
abrj-577	413	3	tests	test	NOUN
abrj-577	413	4	for	for	ADP
abrj-577	413	5	cross	cross	NOUN
abrj-577	413	6	section	section	NOUN
abrj-577	413	7	dependence	dependence	NOUN
abrj-577	413	8	in	in	ADP
abrj-577	413	9	panels	panel	NOUN
abrj-577	413	10	.	.	PUNCT
abrj-577	414	1	journal	journal	PROPN
abrj-577	414	2	of	of	ADP
abrj-577	414	3	econometrics	econometric	NOUN
abrj-577	414	4	,	,	PUNCT
abrj-577	414	5	120(1	120(1	NUM
abrj-577	414	6	)	)	PUNCT
abrj-577	414	7	,	,	PUNCT
abrj-577	414	8	1–23	1–23	PROPN
abrj-577	414	9	.	.	PUNCT
abrj-577	415	1	https://doi.org/10.1016/s0304-4076(03)00206-9	https://doi.org/10.1016/s0304-4076(03)00206-9	PROPN
abrj-577	415	2	philippas	philippas	PROPN
abrj-577	415	3	,	,	PUNCT
abrj-577	415	4	d.	d.	PROPN
abrj-577	415	5	,	,	PUNCT
abrj-577	415	6	economou	economou	PROPN
abrj-577	415	7	,	,	PUNCT
abrj-577	415	8	f.	f.	PROPN
abrj-577	415	9	,	,	PUNCT
abrj-577	415	10	babalos	babalo	NOUN
abrj-577	415	11	,	,	PUNCT
abrj-577	415	12	v.	v.	ADV
abrj-577	415	13	,	,	PUNCT
abrj-577	415	14	&	&	CCONJ
abrj-577	415	15	kostakis	kostakis	PROPN
abrj-577	415	16	,	,	PUNCT
abrj-577	415	17	a.	a.	NOUN
abrj-577	415	18	(	(	PUNCT
abrj-577	415	19	2013	2013	NUM
abrj-577	415	20	)	)	PUNCT
abrj-577	415	21	.	.	PUNCT
abrj-577	416	1	herding	herd	VERB
abrj-577	416	2	behavior	behavior	NOUN
abrj-577	416	3	in	in	ADP
abrj-577	416	4	reits	reit	NOUN
abrj-577	416	5	:	:	PUNCT
abrj-577	416	6	novel	novel	ADJ
abrj-577	416	7	tests	test	NOUN
abrj-577	416	8	and	and	CCONJ
abrj-577	416	9	the	the	DET
abrj-577	416	10	role	role	NOUN
abrj-577	416	11	of	of	ADP
abrj-577	416	12	financial	financial	ADJ
abrj-577	416	13	crisis	crisis	NOUN
abrj-577	416	14	.	.	PUNCT
abrj-577	417	1	international	international	ADJ
abrj-577	417	2	review	review	NOUN
abrj-577	417	3	of	of	ADP
abrj-577	417	4	financial	financial	ADJ
abrj-577	417	5	analysis	analysis	NOUN
abrj-577	417	6	,	,	PUNCT
abrj-577	417	7	29	29	NUM
abrj-577	417	8	,	,	PUNCT
abrj-577	417	9	166–174	166–174	NUM
abrj-577	417	10	.	.	PUNCT
abrj-577	418	1	https://doi.org/10.1016/j.irfa.2013.01.004	https://doi.org/10.1016/j.irfa.2013.01.004	PROPN
abrj-577	418	2	scharfstein	scharfstein	PROPN
abrj-577	418	3	,	,	PUNCT
abrj-577	418	4	d.	d.	PROPN
abrj-577	418	5	s.	s.	PROPN
abrj-577	418	6	,	,	PUNCT
abrj-577	418	7	&	&	CCONJ
abrj-577	418	8	stein	stein	PROPN
abrj-577	418	9	,	,	PUNCT
abrj-577	418	10	j.	j.	PROPN
abrj-577	418	11	c.	c.	PROPN
abrj-577	418	12	(	(	PUNCT
abrj-577	418	13	1990	1990	NUM
abrj-577	418	14	)	)	PUNCT
abrj-577	418	15	.	.	PUNCT
abrj-577	419	1	herd	herd	NOUN
abrj-577	419	2	behavior	behavior	NOUN
abrj-577	419	3	and	and	CCONJ
abrj-577	419	4	investment	investment	NOUN
abrj-577	419	5	.	.	PUNCT
abrj-577	420	1	the	the	DET
abrj-577	420	2	american	american	PROPN
abrj-577	420	3	economic	economic	PROPN
abrj-577	420	4	review	review	PROPN
abrj-577	420	5	,	,	PUNCT
abrj-577	420	6	80(3	80(3	NUM
abrj-577	420	7	)	)	PUNCT
abrj-577	420	8	,	,	PUNCT
abrj-577	420	9	465–479	465–479	NUM
abrj-577	420	10	.	.	PUNCT
abrj-577	421	1	https://www.jstor.org/stable/2006678	https://www.jstor.org/stable/2006678	PROPN
abrj-577	421	2	shefrin	shefrin	NOUN
abrj-577	421	3	,	,	PUNCT
abrj-577	421	4	h.	h.	PROPN
abrj-577	421	5	(	(	PUNCT
abrj-577	421	6	2000	2000	NUM
abrj-577	421	7	)	)	PUNCT
abrj-577	421	8	.	.	PUNCT
abrj-577	422	1	beyond	beyond	ADP
abrj-577	422	2	greed	greed	NOUN
abrj-577	422	3	and	and	CCONJ
abrj-577	422	4	fear	fear	NOUN
abrj-577	422	5	:	:	PUNCT
abrj-577	422	6	understanding	understand	VERB
abrj-577	422	7	behavioral	behavioral	ADJ
abrj-577	422	8	finance	finance	NOUN
abrj-577	422	9	and	and	CCONJ
abrj-577	422	10	the	the	DET
abrj-577	422	11	psychology	psychology	NOUN
abrj-577	422	12	of	of	ADP
abrj-577	422	13	investing	investing	PROPN
abrj-577	422	14	.	.	PUNCT
abrj-577	423	1	harvard	harvard	PROPN
abrj-577	423	2	business	business	PROPN
abrj-577	423	3	school	school	PROPN
abrj-577	423	4	press	press	NOUN
abrj-577	423	5	.	.	PUNCT
abrj-577	424	1	https://doi.org/10.1093/0195161211.001.0001	https://doi.org/10.1093/0195161211.001.0001	PROPN
abrj-577	424	2	shiller	shiller	PROPN
abrj-577	424	3	,	,	PUNCT
abrj-577	424	4	r.	r.	PROPN
abrj-577	424	5	j.	j.	PROPN
abrj-577	424	6	(	(	PUNCT
abrj-577	424	7	2003	2003	NUM
abrj-577	424	8	)	)	PUNCT
abrj-577	424	9	.	.	PUNCT
abrj-577	425	1	from	from	ADP
abrj-577	425	2	efficient	efficient	ADJ
abrj-577	425	3	markets	market	NOUN
abrj-577	425	4	theory	theory	NOUN
abrj-577	425	5	to	to	ADP
abrj-577	425	6	behavioral	behavioral	ADJ
abrj-577	425	7	finance	finance	NOUN
abrj-577	425	8	.	.	PUNCT
abrj-577	426	1	journal	journal	NOUN
abrj-577	426	2	of	of	ADP
abrj-577	426	3	economic	economic	ADJ
abrj-577	426	4	perspectives	perspective	NOUN
abrj-577	426	5	,	,	PUNCT
abrj-577	426	6	17(1	17(1	NUM
abrj-577	426	7	)	)	PUNCT
abrj-577	426	8	,	,	PUNCT
abrj-577	426	9	83–104	83–104	PROPN
abrj-577	426	10	.	.	PUNCT
abrj-577	427	1	https://doi.org/10.1257/089533003321164967	https://doi.org/10.1257/089533003321164967	PROPN
abrj-577	427	2	tan	tan	PROPN
abrj-577	427	3	,	,	PUNCT
abrj-577	427	4	l.	l.	PROPN
abrj-577	427	5	,	,	PUNCT
abrj-577	427	6	chiang	chiang	PROPN
abrj-577	427	7	,	,	PUNCT
abrj-577	427	8	t.	t.	PROPN
abrj-577	427	9	c.	c.	PROPN
abrj-577	427	10	,	,	PUNCT
abrj-577	427	11	mason	mason	PROPN
abrj-577	427	12	,	,	PUNCT
abrj-577	427	13	j.	j.	PROPN
abrj-577	427	14	r.	r.	PROPN
abrj-577	427	15	,	,	PUNCT
abrj-577	427	16	&	&	CCONJ
abrj-577	427	17	nelling	nelling	PROPN
abrj-577	427	18	,	,	PUNCT
abrj-577	427	19	e.	e.	PROPN
abrj-577	427	20	(	(	PUNCT
abrj-577	427	21	2008	2008	NUM
abrj-577	427	22	)	)	PUNCT
abrj-577	427	23	.	.	PUNCT
abrj-577	428	1	herding	herd	VERB
abrj-577	428	2	behavior	behavior	NOUN
abrj-577	428	3	in	in	ADP
abrj-577	428	4	chinese	chinese	ADJ
abrj-577	428	5	stock	stock	NOUN
abrj-577	428	6	markets	market	NOUN
abrj-577	428	7	:	:	PUNCT
abrj-577	428	8	an	an	DET
abrj-577	428	9	examination	examination	NOUN
abrj-577	428	10	of	of	ADP
abrj-577	428	11	a	a	DET
abrj-577	428	12	and	and	CCONJ
abrj-577	428	13	b	b	NOUN
abrj-577	428	14	shares	share	NOUN
abrj-577	428	15	.	.	PUNCT
abrj-577	429	1	pacific	pacific	ADJ
abrj-577	429	2	-	-	PUNCT
abrj-577	429	3	basin	basin	NOUN
abrj-577	429	4	finance	finance	NOUN
abrj-577	429	5	journal	journal	NOUN
abrj-577	429	6	,	,	PUNCT
abrj-577	429	7	16(1–2	16(1–2	NUM
abrj-577	429	8	)	)	PUNCT
abrj-577	429	9	,	,	PUNCT
abrj-577	429	10	61–77	61–77	NUM
abrj-577	429	11	.	.	PUNCT
abrj-577	430	1	https://doi.org/10.1016/j.pacfin.2007.04.004	https://doi.org/10.1016/j.pacfin.2007.04.004	NOUN
abrj-577	430	2	vo	vo	NOUN
abrj-577	430	3	,	,	PUNCT
abrj-577	430	4	x.	x.	PROPN
abrj-577	430	5	v.	v.	PROPN
abrj-577	430	6	,	,	PUNCT
abrj-577	430	7	&	&	CCONJ
abrj-577	430	8	phan	phan	PROPN
abrj-577	430	9	,	,	PUNCT
abrj-577	430	10	d.	d.	PROPN
abrj-577	430	11	b.	b.	PROPN
abrj-577	430	12	a.	a.	PROPN
abrj-577	430	13	(	(	PUNCT
abrj-577	430	14	2017	2017	NUM
abrj-577	430	15	)	)	PUNCT
abrj-577	430	16	.	.	PUNCT
abrj-577	431	1	further	further	ADJ
abrj-577	431	2	evidence	evidence	NOUN
abrj-577	431	3	on	on	ADP
abrj-577	431	4	the	the	DET
abrj-577	431	5	herd	herd	NOUN
abrj-577	431	6	behavior	behavior	NOUN
abrj-577	431	7	in	in	ADP
abrj-577	431	8	vietnam	vietnam	PROPN
abrj-577	431	9	stock	stock	NOUN
abrj-577	431	10	market	market	NOUN
abrj-577	431	11	.	.	PUNCT
abrj-577	432	1	journal	journal	NOUN
abrj-577	432	2	of	of	ADP
abrj-577	432	3	behavioral	behavioral	ADJ
abrj-577	432	4	and	and	CCONJ
abrj-577	432	5	experimental	experimental	ADJ
abrj-577	432	6	finance	finance	NOUN
abrj-577	432	7	,	,	PUNCT
abrj-577	432	8	13	13	NUM
abrj-577	432	9	,	,	PUNCT
abrj-577	432	10	33–41	33–41	NUM
abrj-577	432	11	.	.	PUNCT
abrj-577	433	1	https://doi.org/10.1016/j.jbef.2017.02.003	https://doi.org/10.1016/j.jbef.2017.02.003	PROPN
abrj-577	433	2	https://doi.org/10.2307/2118364	https://doi.org/10.2307/2118364	ADV
abrj-577	433	3	https://doi.org/10.1016/s1574-0102(03)01027-6	https://doi.org/10.1016/s1574-0102(03)01027-6	PROPN
abrj-577	433	4	https://doi.org/10.1016/s1566-0141(02)00045-0	https://doi.org/10.1016/s1566-0141(02)00045-0	PRON
abrj-577	433	5	https://doi.org/10.1086/261849	https://doi.org/10.1086/261849	NOUN
abrj-577	433	6	https://doi.org/10.2307/3867650	https://doi.org/10.2307/3867650	NOUN
abrj-577	433	7	https://doi.org/10.1016/0304-4076(86)90063-1	https://doi.org/10.1016/0304-4076(86)90063-1	PROPN
abrj-577	433	8	https://doi.org/10.1207/s15427579jpfm0504_5	https://doi.org/10.1207/s15427579jpfm0504_5	PROPN
abrj-577	433	9	https://doi.org/10.1016/s0378-4266(99)00096-5	https://doi.org/10.1016/s0378-4266(99)00096-5	ADJ
abrj-577	433	10	https://doi.org/10.1016/j.jbankfin.2009.12.014	https://doi.org/10.1016/j.jbankfin.2009.12.014	NUM
abrj-577	433	11	https://doi.org/10.2469/faj.v51.n4.1918	https://doi.org/10.2469/faj.v51.n4.1918	NOUN
abrj-577	433	12	https://doi.org/10.1016/s0304-3932(01)00091-5	https://doi.org/10.1016/s0304-3932(01)00091-5	NOUN
abrj-577	433	13	https://doi.org/10.1016/j.intfin.2005.01.002	https://doi.org/10.1016/j.intfin.2005.01.002	NOUN
abrj-577	433	14	https://doi.org/10.1086/261890	https://doi.org/10.1086/261890	ADJ
abrj-577	433	15	https://doi.org/10.2307/1912773	https://doi.org/10.2307/1912773	NOUN
abrj-577	433	16	https://doi.org/10.1198/073500102288618487	https://doi.org/10.1198/073500102288618487	PUNCT
abrj-577	434	1	https://doi.org/10.1111/1468-036x.00207	https://doi.org/10.1111/1468-036x.00207	PROPN
abrj-577	434	2	https://doi.org/10.1016/j.jempfin.2004.04.003	https://doi.org/10.1016/j.jempfin.2004.04.003	PROPN
abrj-577	434	3	https://doi.org/10.1016/s0304-4076(03)00092-7	https://doi.org/10.1016/s0304-4076(03)00092-7	PROPN
abrj-577	434	4	https://doi.org/10.2307/1914185	https://doi.org/10.2307/1914185	NOUN
abrj-577	434	5	https://doi.org/10.1111/j.1540-6261.2006.01063.x	https://doi.org/10.1111/j.1540-6261.2006.01063.x	NOUN
abrj-577	434	6	https://doi.org/10.2307/1913210	https://doi.org/10.2307/1913210	NOUN
abrj-577	434	7	https://doi.org/10.1016/s0304-4076(01)00098-7	https://doi.org/10.1016/s0304-4076(01)00098-7	X
abrj-577	434	8	https://doi.org/10.21315/aamjaf2017.13.1.2	https://doi.org/10.21315/aamjaf2017.13.1.2	NOUN
abrj-577	434	9	https://doi.org/10.1002/9781444305432	https://doi.org/10.1002/9781444305432	PROPN
abrj-577	434	10	https://doi.org/10.1016/s0304-4076(03)00206-9	https://doi.org/10.1016/s0304-4076(03)00206-9	PROPN
abrj-577	434	11	https://doi.org/10.1016/j.irfa.2013.01.004	https://doi.org/10.1016/j.irfa.2013.01.004	PROPN
abrj-577	434	12	https://www.jstor.org/stable/2006678	https://www.jstor.org/stable/2006678	VERB
abrj-577	434	13	https://doi.org/10.1093/0195161211.001.0001	https://doi.org/10.1093/0195161211.001.0001	PROPN
abrj-577	434	14	https://doi.org/10.1257/089533003321164967	https://doi.org/10.1257/089533003321164967	PROPN
abrj-577	434	15	https://doi.org/10.1016/j.pacfin.2007.04.004	https://doi.org/10.1016/j.pacfin.2007.04.004	NOUN
abrj-577	434	16	https://doi.org/10.1016/j.jbef.2017.02.003	https://doi.org/10.1016/j.jbef.2017.02.003	NOUN